Bankers foresee pick-up in mid-May after sporadic period

The balance of supply and demand in Europe’s corporate bond market has favoured issuers this year, leading to a remarkable tightening of spreads, and is set to stay that way for two more weeks, bankers believe, as issuance will be intermittent.

  • By Alex Radford, Jon Hay
  • 24 Apr 2019

The combination of company blackouts and Easter holidays have kept issuance low in the investment grade corporate bond market recently, although conditions remain attractive for issuers. Since the beginning of last week only Sika, Auchan, Next, Wendel and Tesco have issued IG bonds.

“I don’t think that’s anything to ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 54,441.15 272 5.42%
2 Citi 54,133.78 267 5.39%
3 Bank of America Merrill Lynch 50,995.02 256 5.08%
4 Barclays 47,764.00 195 4.75%
5 Deutsche Bank 38,371.19 190 3.82%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 14,831.20 37 9.18%
2 SG Corporate & Investment Banking 11,124.69 41 6.88%
3 Deutsche Bank 10,204.94 51 6.31%
4 Bank of America Merrill Lynch 10,069.16 30 6.23%
5 BNP Paribas 9,682.74 53 5.99%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,336.07 15 8.07%
2 JPMorgan 2,260.62 16 7.81%
3 BNP Paribas 2,167.79 20 7.49%
4 Citi 1,935.99 15 6.69%
5 Goldman Sachs 1,890.62 15 6.53%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,395.10 95 10.16%
2 Citi 11,358.11 88 9.31%
3 Bank of America Merrill Lynch 8,530.25 71 6.99%
4 Goldman Sachs 8,483.82 60 6.95%
5 Morgan Stanley 7,524.77 55 6.17%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 10,680.43 42 5.76%
2 Citi 10,190.79 41 5.50%
3 Barclays 9,097.64 39 4.91%
4 BNP Paribas 8,968.95 50 4.84%
5 Deutsche Bank 8,508.56 48 4.59%