Volvo returns to euro public bonds after four years

Volvo, the Swedish lorry maker, took advantage on Friday of recent upgrades to both its ratings by issuing its first public euro bond since 2014. The decision seemed to pay off: the deal was six times covered, and priced close to or even through fair value.

  • By Alex Radford
  • 17 May 2019

On April 16 S&P Global upgraded Volvo to A-. Moody’s followed last week, bumping up Volvo to A3 on May 10. It cited rising demand for trucks and construction equipment, increased efficiency and profitability and reduced structural costs.

“It was an opportunistic trade, as we wanted to ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 91,308.71 450 5.83%
2 Citi 83,372.35 426 5.32%
3 Bank of America Merrill Lynch 80,651.89 414 5.15%
4 Barclays 72,135.54 307 4.61%
5 Goldman Sachs 59,875.46 292 3.82%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 20,638.21 54 8.44%
2 BNP Paribas 16,514.56 94 6.75%
3 Deutsche Bank 15,422.56 75 6.30%
4 SG Corporate & Investment Banking 15,340.46 67 6.27%
5 Bank of America Merrill Lynch 14,105.99 45 5.77%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.06%
4 Barclays 3,441.80 22 6.68%
5 Goldman Sachs 3,389.62 26 6.58%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 18,847.11 143 9.44%
2 JPMorgan 18,279.02 147 9.16%
3 Goldman Sachs 14,831.56 109 7.43%
4 Bank of America Merrill Lynch 14,255.85 117 7.14%
5 Morgan Stanley 12,912.93 86 6.47%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,573.16 92 5.72%
2 SG Corporate & Investment Banking 15,343.03 70 5.29%
3 Barclays 15,274.25 63 5.27%
4 JPMorgan 15,018.24 65 5.18%
5 Citi 14,456.99 66 4.99%