‘Too good to be true’ corporate market keeps on believing

Another exceptionally strong week for corporate bond issuance in Europe petered out slightly on Wednesday and Thursday, but the fireworks of the first two days make it clear to all that investors’ thirst for bonds remains exceptional.

  • By Jon Hay
  • 21 Mar 2019

Abertis’s four tranche issue of €2.6bn and £400m on Monday was swamped with about €14.5bn of demand — Schaeffler’s €2.2bn three-parter on Tuesday got €19bn.

It left bankers struggling for words, and struggling to understand the source of the wave. On both those deals investors on the week-long ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,422.10 393 5.63%
2 Citi 70,157.37 377 5.17%
3 Bank of America Merrill Lynch 69,068.02 373 5.09%
4 Barclays 60,956.59 268 4.49%
5 Goldman Sachs 52,037.90 257 3.84%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 20,165.66 52 8.71%
2 BNP Paribas 15,885.30 90 6.86%
3 SG Corporate & Investment Banking 14,134.52 61 6.10%
4 Bank of America Merrill Lynch 14,105.99 45 6.09%
5 Deutsche Bank 13,105.24 66 5.66%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.46%
2 JPMorgan 2,822.43 22 7.09%
3 Citi 2,783.23 20 6.99%
4 BNP Paribas 2,674.33 25 6.72%
5 Goldman Sachs 2,523.29 20 6.34%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,336.99 132 10.01%
2 Citi 14,953.44 126 9.16%
3 Bank of America Merrill Lynch 12,173.13 103 7.46%
4 Goldman Sachs 12,028.93 93 7.37%
5 Morgan Stanley 9,577.47 74 5.87%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 15,424.27 88 5.79%
2 SG Corporate & Investment Banking 13,698.52 64 5.14%
3 Barclays 13,517.08 57 5.07%
4 JPMorgan 13,358.35 58 5.01%
5 Citi 13,203.46 60 4.95%