SSP returns to US PP mart with scant Brexit premium

SSP, the UK food and drinks retail operator, has sold US private placements (US PP) via Barclays and Bank of America. Pricing was similar to its PP debut last year, market participants said, which is a sign that, for the right UK credit, the market remains stable amid the Brexit storm.

  • By Silas Brown
  • 21 Mar 2019

According to two market participants, SSP raised roughly $250m-equivalent in dollars and sterling across seven to 15 year maturities, which was priced this week.

“There was no Brexit premium of any kind,” said a US PP player familiar with the deal, pointing to a negligible difference in pricing between ...

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 42,922.69 206 5.57%
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3 Bank of America Merrill Lynch 39,478.72 192 5.12%
4 Barclays 36,273.83 151 4.71%
5 Deutsche Bank 30,957.30 148 4.02%

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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%

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5 Citi 1,208.83 11 6.98%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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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%