Rampant corporate bid continues through Brexit maelstrom with Marsh, Incommunities

The exceptionally strong demand in Europe’s corporate bond market has remained unaffected by the turmoil in the UK’s Parliament, as MPs vote night after night on repeated motions that could determine the country’s future inside or outside Europe. On Thursday, two issuers attracted huge books: Marsh & McLennan Companies, the US insurance and investment services group making its debut in euros, and Incommunities Group, a Leeds-based housing association, in sterling.

  • By Jon Hay
  • 14 Mar 2019

“Even though there are plenty of things to be worried about, the technicals are so super-strong,” said a banker on MMC’s deal.

The issuer, rated Baa1/A-, both with negative outlooks, owns insurance broker Marsh, risk adviser Guy Carpenter, and consultancies Mercer and Oliver Wyman. It was bringing the ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,641.00 149 5.64%
2 JPMorgan 30,261.62 151 5.57%
3 Barclays 29,332.65 109 5.40%
4 Bank of America Merrill Lynch 29,326.65 141 5.40%
5 Deutsche Bank 24,917.96 112 4.59%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 10,392.67 24 10.38%
2 Bank of America Merrill Lynch 8,134.48 23 8.12%
3 Deutsche Bank 7,164.21 34 7.15%
4 SG Corporate & Investment Banking 6,134.64 22 6.13%
5 Santander 5,833.12 20 5.82%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 849.80 7 9.43%
2 JPMorgan 703.06 6 7.80%
3 Deutsche Bank 636.38 4 7.06%
4 BNP Paribas 604.64 5 6.71%
5 Goldman Sachs 489.41 4 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,543.36 49 10.94%
2 JPMorgan 6,501.33 48 9.43%
3 Bank of America Merrill Lynch 5,031.63 36 7.30%
4 Goldman Sachs 4,632.90 32 6.72%
5 Credit Suisse 4,456.07 30 6.46%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,765.45 25 5.78%
2 JPMorgan 6,113.92 21 5.22%
3 Deutsche Bank 6,075.14 29 5.19%
4 Citi 5,875.57 20 5.02%
5 SG Corporate & Investment Banking 5,755.14 21 4.91%