Corporate bond market preps for negative rates test

Syndicate bankers in Europe's investment grade corporate bond market are readying themselves a growing number of deals to pay negative yields this September. But how deeply negative and in what part of the curve is up for debate.

  • By Silas Brown
  • 12 Aug 2019

In the quiet month of August, when lucky Europeans head off on holiday, those remaining at their desks have been left to wonder what will happen when markets begin to stir again in the autumn.

“The question I’m asking myself is how deeply negative one can sell,” said ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92,027.71 455 5.78%
2 Citi 84,450.96 433 5.30%
3 Bank of America Merrill Lynch 82,050.59 418 5.15%
4 Barclays 72,658.86 310 4.56%
5 Goldman Sachs 60,943.77 295 3.83%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 20,742.43 55 8.42%
2 BNP Paribas 16,618.78 95 6.74%
3 SG Corporate & Investment Banking 15,444.68 68 6.27%
4 Deutsche Bank 15,425.41 75 6.26%
5 Bank of America Merrill Lynch 14,210.20 46 5.77%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.05%
4 Barclays 3,441.80 22 6.67%
5 Goldman Sachs 3,389.62 26 6.57%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,847.11 143 9.43%
2 JPMorgan 18,279.02 147 9.15%
3 Goldman Sachs 14,831.56 109 7.42%
4 Bank of America Merrill Lynch 14,255.85 117 7.13%
5 Morgan Stanley 12,912.93 86 6.46%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,729.40 94 5.69%
2 SG Corporate & Investment Banking 15,447.25 71 5.26%
3 Barclays 15,378.47 64 5.23%
4 JPMorgan 15,198.08 67 5.17%
5 Citi 14,790.34 69 5.03%