Glencore, Telecom Italia shrug off price breaks

After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday.

  • By Alex Radford
  • 09 Apr 2019

Glencore’s ratings are set to move the other way — it has positive outlooks from Moody’s and Standard & Poor’s on its Baa2/BBB+ grades.

Bookrunners ABN Amro, BBVA, BNP Paribas, Deutsche Bank and UBS set initial price thoughts for the €500m no-grow bond at 150bp to 155bp over mid-swaps. ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 78,105.77 401 5.61%
2 Citi 72,525.21 384 5.21%
3 Bank of America Merrill Lynch 69,820.23 378 5.01%
4 Barclays 61,217.46 271 4.39%
5 Goldman Sachs 53,021.48 262 3.81%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 20,165.66 52 8.62%
2 BNP Paribas 16,216.19 93 6.93%
3 SG Corporate & Investment Banking 14,325.15 63 6.13%
4 Bank of America Merrill Lynch 14,105.99 45 6.03%
5 Deutsche Bank 13,279.29 68 5.68%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 4,051.77 21 9.34%
2 Deutsche Bank 2,970.40 18 6.85%
3 JPMorgan 2,822.43 22 6.51%
4 BNP Paribas 2,674.33 25 6.16%
5 Goldman Sachs 2,523.29 20 5.82%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 17,157.53 136 9.87%
2 Citi 16,616.67 131 9.55%
3 Bank of America Merrill Lynch 12,882.26 107 7.41%
4 Goldman Sachs 12,730.92 97 7.32%
5 Morgan Stanley 9,748.90 76 5.61%

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%