Auto finance issuers see green light, but hazard warnings flash

As is becoming traditional in the European corporate bond market, car finance issuers sold the first new issues of the year. The fact the market had to wait just one day was a positive, considering that the backdrop was largely unchanged from the end of 2018, when the market had been difficult to access. However, there were some warning signs other issuers will do well to heed.

  • By Nigel Owen
  • 03 Jan 2019

“If an issuer wants to find negative news to stay sidelined, there are plenty of reasons,” said a syndicate manager in Germany. “But that doesn’t help anyone. We all have a pipeline and so are in an environment where we need to be mindful about the next steps.”

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Aug 2019
1 JPMorgan 92,027.71 455 5.79%
2 Citi 84,340.05 432 5.31%
3 Bank of America Merrill Lynch 82,050.59 418 5.16%
4 Barclays 72,658.86 310 4.57%
5 Goldman Sachs 60,913.24 294 3.83%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 20,742.43 55 8.42%
2 BNP Paribas 16,618.78 95 6.75%
3 SG Corporate & Investment Banking 15,444.68 68 6.27%
4 Deutsche Bank 15,422.56 75 6.26%
5 Bank of America Merrill Lynch 14,210.20 46 5.77%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.05%
4 Barclays 3,441.80 22 6.67%
5 Goldman Sachs 3,389.62 26 6.57%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,847.11 143 9.43%
2 JPMorgan 18,279.02 147 9.15%
3 Goldman Sachs 14,831.56 109 7.42%
4 Bank of America Merrill Lynch 14,255.85 117 7.13%
5 Morgan Stanley 12,912.93 86 6.46%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,729.40 94 5.70%
2 SG Corporate & Investment Banking 15,447.25 71 5.26%
3 Barclays 15,378.47 64 5.24%
4 JPMorgan 15,198.08 67 5.18%
5 Citi 14,679.43 68 5.00%