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 36,273.83 151 4.71%
5 Deutsche Bank 30,957.30 148 4.02%

Bookrunners of Euro Denominated Corporate IG Bonds

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2 SG Corporate & Investment Banking 9,163.95 33 7.12%
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4 Bank of America Merrill Lynch 8,791.13 27 6.83%
5 BNP Paribas 8,029.09 40 6.24%

Bookrunners of European HY Bonds

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1 JPMorgan 1,571.85 12 9.08%
2 Deutsche Bank 1,337.93 10 7.73%
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4 Goldman Sachs 1,225.64 11 7.08%
5 Citi 1,208.83 11 6.98%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 9,429.53 69 10.49%
2 Citi 8,913.64 63 9.92%
3 Bank of America Merrill Lynch 6,050.36 46 6.73%
4 Goldman Sachs 5,765.16 41 6.41%
5 Morgan Stanley 5,492.04 36 6.11%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 8,515.30 33 5.49%
2 Citi 8,108.21 29 5.22%
3 Barclays 7,869.78 33 5.07%
4 BNP Paribas 7,595.48 38 4.89%
5 Credit Agricole CIB 7,348.67 37 4.73%