French Ipsen debuts in US PP market

French pharmaceutical firm Ipsen is holding a roadshow for possible US private placement notes this week, according to market sources.

  • By Silas Brown
  • 03 Jun 2019
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Bank of America and Crédit Agricole are arranging the prospective transaction, which will most likely have tranches ranging from seven to 12 years. Investors invited are European and North American institutional investors. 

But Ipsen isn’t the only mainland European borrower to enter the US PP market.

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

Crédit Agricole, MUFG and SMBC arranged that 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."

  • By Silas Brown
  • 03 Jun 2019

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 172,528.37 447 11.43%
2 Bank of America Merrill Lynch 160,693.38 492 10.65%
3 Citi 96,418.79 281 6.39%
4 Wells Fargo Securities 85,095.68 309 5.64%
5 Mizuho 71,291.03 326 4.72%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 First Abu Dhabi Bank 2,481.46 9 9.72%
2 Standard Chartered Bank 2,311.00 7 9.05%
3 Citi 1,786.67 6 7.00%
4 Sumitomo Mitsui Financial Group 1,489.50 4 5.83%
5 MUFG 1,349.82 5 5.29%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,388.55 35 7.45%
2 Credit Agricole CIB 5,167.13 26 7.14%
3 Deutsche Bank 5,163.07 27 7.14%
4 Goldman Sachs 4,132.89 22 5.71%
5 JPMorgan 4,083.96 19 5.65%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 17,156.20 81 7.00%
2 Credit Agricole CIB 14,626.10 73 5.97%
3 Bank of America Merrill Lynch 13,982.20 42 5.71%
4 UniCredit 11,996.19 65 4.90%
5 SG Corporate & Investment Banking 11,443.33 58 4.67%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%