Demand for IG corporate paper floods back but at a price

With €24bn of orders placed for just over €11bn of new corporate bonds this week, the investment grade corporate bond market has reopened for the year with a full-throated roar. The size of demand will give encouragement to other borrowers but they will have noted the higher spreads and new issue premiums required to raise bond funding compared to last year, writes Nigel Owen

  • By Nigel Owen
  • 10 Jan 2019
“This week started with some good deals, which put people on the right road,” said a DCM banker at a French bank. “Orange then did the same, but the size they got done was even more positive. If this continues to hold together we could have a very ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 4,950.16 12 7.36%
2 Citi 4,947.54 18 7.35%
3 JPMorgan 4,873.13 16 7.24%
4 Bank of America Merrill Lynch 3,728.45 14 5.54%
5 Mizuho 3,553.78 11 5.28%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,243.79 7 7.67%
2 BNP Paribas 1,118.03 6 6.89%
3 Barclays 1,100.14 4 6.78%
4 Commerzbank Group 1,054.99 6 6.50%
5 JPMorgan 1,009.92 4 6.23%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 200.50 2 12.59%
1 Deutsche Bank 200.50 2 12.59%
3 UniCredit 113.00 1 7.09%
3 Sumitomo Mitsui Financial Group 113.00 1 7.09%
3 Mediobanca 113.00 1 7.09%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 213.33 2 9.92%
2 UniCredit 130.00 1 6.05%
2 SG Corporate & Investment Banking 130.00 1 6.05%
2 JPMorgan 130.00 1 6.05%
2 Citi 130.00 1 6.05%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 2,636.08 6 8.78%
2 Barclays 2,499.67 4 8.33%
3 JPMorgan 2,303.98 3 7.67%
4 MUFG 2,123.57 3 7.07%
5 Bank of America Merrill Lynch 2,054.92 4 6.84%