Baxter picks euros again after long bond gap

Baxter International, the US medical equipment company, chose the euro market on Friday for its first bond issue of any kind for two years. The €1.5bn deal followed another euro issue in 2017. Not since 2016 has Baxter issued in dollars.

  • By Alex Radford
  • 13 May 2019

The Baa1/A-/A- rated issuer chose Bank of America Merrill Lynch, Barclays, Citigroup and UBS to lead its five and 10 year issues on Friday May 10.

Baxter's last deal had been a €600m eight year, maturing in May 2025.
Initial price thoughts were 70bp and 110bp over mid-swaps. By guidance ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,422.10 393 5.65%
2 Citi 69,820.62 374 5.16%
3 Bank of America Merrill Lynch 68,977.76 371 5.10%
4 Barclays 60,886.09 267 4.50%
5 Goldman Sachs 51,728.88 254 3.82%

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 8.71%
2 BNP Paribas 15,885.30 90 6.86%
3 SG Corporate & Investment Banking 14,134.52 61 6.10%
4 Bank of America Merrill Lynch 14,105.99 45 6.09%
5 Deutsche Bank 13,105.24 66 5.66%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.52%
2 Citi 2,783.23 20 7.04%
3 JPMorgan 2,762.43 21 6.99%
4 BNP Paribas 2,674.33 25 6.77%
5 Goldman Sachs 2,523.29 20 6.39%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,336.99 132 10.02%
2 Citi 14,877.45 125 9.13%
3 Bank of America Merrill Lynch 12,173.13 103 7.47%
4 Goldman Sachs 12,028.93 93 7.38%
5 Morgan Stanley 9,577.47 74 5.87%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 15,424.27 88 5.81%
2 SG Corporate & Investment Banking 13,698.52 64 5.16%
3 Barclays 13,517.08 57 5.09%
4 JPMorgan 13,358.35 58 5.03%
5 Citi 13,042.23 59 4.91%