Schaeffler shrinks HY universe after IG outing

Schaeffler used its multi-tranche bond issue on Tuesday to retire old paper issued under high yield documentation, marking the full conversion of a former HY market stalwart into investment grade, but shrinking the universe of bonds held by European HY investors further.

  • By Owen Sanderson
  • 20 Mar 2019
S&P was the last of the three major rating agencies to upgrade the automotive supplier to investment grade, in September last year, allowing it to release the security interests under its high yield bond documentation, and to establish a new investment-grade issuance programme from Schaeffler AG, rather than ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.40%
2 JPMorgan 5,589.28 27 6.25%
3 Credit Agricole CIB 5,555.86 31 6.21%
4 Deutsche Bank 5,084.59 30 5.68%
5 BNP Paribas 4,989.41 40 5.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.33%
2 JPMorgan 2,822.43 22 6.97%
3 Citi 2,783.23 20 6.87%
4 BNP Paribas 2,674.33 25 6.60%
5 Goldman Sachs 2,523.29 20 6.23%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,843.24 134 9.96%
2 Citi 15,359.69 127 9.09%
3 Bank of America Merrill Lynch 12,650.81 105 7.48%
4 Goldman Sachs 12,435.18 94 7.36%
5 Morgan Stanley 9,748.90 76 5.77%