Despite price sensitivity, Coca-Cola European Partners gets negative NIP

Corporate bond investors in Europe are showing a bit more willingness this week to say no to ultra-tight pricing, but not in sufficient numbers to prevent issuers getting what they want.

  • By Alex Radford
  • 10 Apr 2019

The order books for deals for Glencore, Telecom Italia and Coca-Cola European Partners all shrank in response to the final terms on Tuesday. 

But it hardly mattered. One of the leads on Telecom Italia's €1bn six year bond said its 2.875% yield had incorporated a new issue premium of ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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%