Gener hybrid outperforms after netting strong book

AES Gener’s junior subordinated hybrid exercised the brains of both syndicate bankers and investors on Monday as they struggled to find appropriate comps. But a hefty book and impressive aftermarket performance left no doubt over appetite for LatAm paper.

  • By Oliver West
  • 21 Mar 2019

At least 50bp of tightening from initial price thoughts to the launch level suggested that even the leads had not been entirely sure of how investors would interpret Gener’s proposed hybrid junior subordinated non-call five notes maturing in 2079.

“There are basically no appropriate comps in terms of LatAm ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 19,986.59 103 7.97%
2 HSBC 18,998.25 148 7.57%
3 JPMorgan 18,589.64 89 7.41%
4 Standard Chartered Bank 16,316.66 103 6.50%
5 Deutsche Bank 11,500.06 60 4.58%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 3,412.89 11 11.86%
2 JPMorgan 2,926.36 10 10.17%
3 Citi 2,873.13 13 9.98%
4 Morgan Stanley 2,678.21 7 9.31%
5 Santander 2,241.90 11 7.79%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 10,430.55 31 11.69%
2 JPMorgan 10,384.27 32 11.63%
3 Standard Chartered Bank 9,331.24 32 10.45%
4 HSBC 6,479.00 27 7.26%
5 Deutsche Bank 4,875.44 9 5.46%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 789.37 4 14.28%
2 MUFG 780.58 3 14.12%
3 Industrial & Commercial Bank of China - ICBC 742.79 3 13.44%
4 JPMorgan 301.80 3 5.46%
5 SG Corporate & Investment Banking 225.64 3 4.08%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Standard Chartered Bank 1,783.30 14 17.76%
2 HSBC 1,156.32 12 11.51%
3 JPMorgan 1,015.66 11 10.11%
4 Citi 906.15 10 9.02%
5 Barclays 767.96 9 7.65%