FS Italiane shunts green bond into empty market

Ferrovie dello Stato Italiane, Italy's state railway company, launched a €700m seven year green bond into an otherwise empty corporate bond market on Thursday. The Independence Day holiday in the US kept markets quiet this week, and eager investors may be frustrated next week too.

  • By Alex Radford
  • 04 Jul 2019

“It is still a case of everything seems to work," said a corporate bond banker away from the Ferrovie deal. "There’s plenty of cash in hand and oversubscription [on new deals] is strong."

However, she added, new issue premiums had risen since last week, even though “it seems like ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 76,422.10 393 5.63%
2 Citi 70,157.37 377 5.17%
3 Bank of America Merrill Lynch 69,068.02 373 5.09%
4 Barclays 60,956.59 268 4.49%
5 Goldman Sachs 52,037.90 257 3.84%

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 8.71%
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 %
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1 Deutsche Bank 2,970.40 18 7.46%
2 JPMorgan 2,822.43 22 7.09%
3 Citi 2,783.23 20 6.99%
4 BNP Paribas 2,674.33 25 6.72%
5 Goldman Sachs 2,523.29 20 6.34%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 16,336.99 132 10.01%
2 Citi 14,953.44 126 9.16%
3 Bank of America Merrill Lynch 12,173.13 103 7.46%
4 Goldman Sachs 12,028.93 93 7.37%
5 Morgan Stanley 9,577.47 74 5.87%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 15,424.27 88 5.79%
2 SG Corporate & Investment Banking 13,698.52 64 5.14%
3 Barclays 13,517.08 57 5.07%
4 JPMorgan 13,358.35 58 5.01%
5 Citi 13,203.46 60 4.95%