New era for bond pricing as corporates, banks push deeply negative

Europe's bond market reopened for the autumn issuance season this week — but it is a new bond market. The summer's queasy bout of bearishness has pushed government bond yields to unprecedented lows and these are now for the first time being tested as a platform for private sector bond issuance.

  • By Alex Radford, Bill Thornhill, Jon Hay, Tyler Davies
  • 22 Aug 2019

Each segment of the bond market is standing on the precipice of negative yields, wondering what to do — and each has moved in a different way this week.

Banks, when it comes to senior funding, have so far not tried bringing negative yielding issues, for fear of perturbing ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 109,927.46 548 5.97%
2 Citi 99,462.90 510 5.40%
3 Bank of America Merrill Lynch 96,422.40 491 5.24%
4 Barclays 84,649.13 363 4.60%
5 Goldman Sachs 72,819.63 356 3.96%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 25,216.98 68 8.07%
2 BNP Paribas 22,728.81 125 7.28%
3 Deutsche Bank 19,476.33 91 6.24%
4 SG Corporate & Investment Banking 18,780.78 83 6.01%
5 Bank of America Merrill Lynch 18,365.62 60 5.88%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 5,481.64 30 9.16%
2 JPMorgan 4,195.74 34 7.01%
3 Deutsche Bank 4,163.77 26 6.96%
4 Goldman Sachs 4,037.77 30 6.75%
5 Barclays 3,944.19 26 6.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 21,330.12 176 9.55%
2 Citi 20,413.19 159 9.14%
3 Goldman Sachs 16,673.77 129 7.47%
4 Bank of America Merrill Lynch 15,858.61 138 7.10%
5 Morgan Stanley 14,415.14 99 6.46%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Sep 2019
1 BNP Paribas 21,308.48 122 5.93%
2 Barclays 19,922.32 79 5.54%
3 JPMorgan 18,851.59 86 5.24%
4 SG Corporate & Investment Banking 18,623.31 86 5.18%
5 Citi 18,190.86 90 5.06%