Volkswagen takes second multi-tranche in tighter market

Europe’s most prolific corporate bond issuer re-entered the market on Monday for its second multi-tranche deal of the year, and issued €2.75bn, slightly more than at its €2.5bn outing in January. The book for Volkswagen Financial Services' three tranche issue was somewhat smaller this time, however.

  • By GlobalCapital
  • 25 Mar 2019

Bookrunners Citigroup, Commerzbank, Lloyds, SEB and Société Générale launched the deal as three benchmark tranches, of three, 5.5 and 8.5 years.

Initial price thoughts were 110bp, 170bp-175bp and 210bp-215bp over mid swaps.

At launch, comparables suggested by one bank included Volkswagen Leasing's €750m April 2022 bond, with the same maturity ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 77,020.66 396 5.61%
2 Citi 70,644.81 379 5.14%
3 Bank of America Merrill Lynch 69,555.46 375 5.06%
4 Barclays 61,172.01 270 4.45%
5 Goldman Sachs 52,444.15 258 3.82%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Barclays 20,165.66 52 8.65%
2 BNP Paribas 16,075.93 92 6.90%
3 SG Corporate & Investment Banking 14,325.15 63 6.15%
4 Bank of America Merrill Lynch 14,105.99 45 6.05%
5 Deutsche Bank 13,139.03 67 5.64%

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%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 15,614.90 90 5.82%
2 SG Corporate & Investment Banking 13,889.15 66 5.18%
3 Barclays 13,651.30 58 5.09%
4 JPMorgan 13,469.46 59 5.02%
5 Citi 13,203.46 60 4.92%