Brussels Airport sells PPs, North Americans dominate

Brussels Airport has issued a €500m US private placement in three tenors in a “blowout transaction”, according to market sources.

  • By Silas Brown
  • 29 May 2019
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Crédit AgricoleMUFG and SMBC arranged the transaction, which they began marketing with a €300m target. The tenors were 15, 20 and 30 years.

“Everyone had a look,” said a source familiar with the transaction, referring to every PP investor. But he said that in the end, those that bought the notes were North American investors. “European institutions I think were invited but my gut is it was priced too tight for them.”

There was a delayed drawdown till next year, said another market source. "It was a very easy sell for the market I think, but you've got to think, this would have been the perfect candidate for Euro PPs." 

The investor added that another example of a European borrower opting for US PPs over Euro PPs is French pharmaceutical firm Ipsen, which is roadshowing a seven to 12 year US PP next week via Bank of America and Crédit Agricole


  • By Silas Brown
  • 29 May 2019

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 77,552.24 398 5.62%
2 Citi 70,717.52 380 5.13%
3 Bank of America Merrill Lynch 69,588.78 376 5.05%
4 Barclays 61,172.01 270 4.44%
5 Goldman Sachs 52,725.73 259 3.82%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 20,165.66 52 8.64%
2 BNP Paribas 16,075.93 92 6.89%
3 SG Corporate & Investment Banking 14,325.15 63 6.14%
4 Bank of America Merrill Lynch 14,105.99 45 6.05%
5 Deutsche Bank 13,139.03 67 5.63%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Deutsche Bank 2,970.40 18 7.27%
2 JPMorgan 2,822.43 22 6.91%
3 Citi 2,783.23 20 6.81%
4 BNP Paribas 2,674.33 25 6.55%
5 Goldman Sachs 2,523.29 20 6.18%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 17,093.24 135 10.06%
2 Citi 15,359.69 127 9.04%
3 Bank of America Merrill Lynch 12,650.81 105 7.45%
4 Goldman Sachs 12,435.18 94 7.32%
5 Morgan Stanley 9,748.90 76 5.74%

Bookrunners of European Corporate IG Bonds

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