Patience pays off as Stryker hits the target with range of tenors

US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick of tranches it was aiming for with an extra one added for good measure.

  • By Nigel Owen
  • 29 Nov 2018

Stryker, rated Baa1/A, had met with investors from November 13 and would have planned to launch its deal as soon as it could after the well-flagged Takeda six tranche deal which priced on the Thursday of that week.

However, with a global market sell-off the following week, ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 18,065.90 76 7.04%
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4 Deutsche Bank 13,703.65 55 5.34%
5 Goldman Sachs 12,468.02 53 4.86%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 SG Corporate & Investment Banking 4,045.97 15 8.01%
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4 Barclays 3,308.76 11 6.55%
5 Credit Agricole CIB 3,046.24 15 6.03%

Bookrunners of European HY Bonds

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5 UBS 187.50 2 6.03%

Bookrunners of Dollar Denominated HY Bonds

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1 Citi 3,219.24 22 10.20%
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3 Credit Suisse 2,364.95 15 7.49%
4 Goldman Sachs 2,331.78 17 7.39%
5 Barclays 2,307.33 19 7.31%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 4,228.88 14 6.59%
2 Citi 4,092.60 11 6.38%
3 SG Corporate & Investment Banking 3,771.05 15 5.88%
4 Deutsche Bank 3,663.73 11 5.71%
5 Bank of America Merrill Lynch 3,179.12 11 4.95%