Distressed CMC Ravenna stokes HY’s Italian fears

The risk appetite of high yield bond investors in Europe continues to pall, as Italian construction firm Cooperativa Muratori e Cementisti di Ravenna filed for creditor protection this week.

  • By Victor Jimenez
  • 04 Dec 2018

CMC Ravenna opened the path to a debt restructuring under Italian insolvency law at a court in its home city, Ravenna, choosing “the most effective process in order to secure company’s assets and protect, in this way, all the stakeholders”, it said in a statement on Tuesday.

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 19,499.99 93 7.55%
2 JPMorgan 16,490.25 57 6.38%
3 Deutsche Bank 15,791.27 59 6.11%
4 Credit Agricole CIB 14,661.68 71 5.67%
5 Goldman Sachs 14,186.11 61 5.49%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,527.11 43 7.79%
2 BNP Paribas 4,918.81 57 6.94%
3 Deutsche Bank 4,372.15 44 6.17%
4 JPMorgan 4,226.28 46 5.96%
5 Credit Suisse 3,757.05 40 5.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%