US PP agents braced for price move as vol bites

US private placement agents are preparing bids for transactions with higher yield targets than much of last year. But as borrowers are forced to offer chunky new issue concessions to lure public bond investors into primary markets, US PP agents are confident that pricing in their market is still enticing for issuers.

  • By Silas Brown
  • 07 Jan 2019

A UK utility company is considering selling US private placement notes in the next few weeks, according to one agent. But the price it should expect will be higher than three to six months ago.

“In the second half of 2018 UK utilities would expect pricing between 110bp-120bp over ...

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All Corporate Bonds

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4 Barclays 72,658.86 310 4.57%
5 Goldman Sachs 60,913.24 294 3.83%

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5 Bank of America Merrill Lynch 14,210.20 46 5.77%

Bookrunners of European HY Bonds

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1 Citi 4,728.01 24 9.17%
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5 Goldman Sachs 3,389.62 26 6.57%

Bookrunners of Dollar Denominated HY Bonds

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1 Citi 18,847.11 143 9.43%
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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 %
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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%