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Merchants Land bags $500m with credit enhancement

China Merchants Land priced its first international bond on Wednesday following the company’s reverse IPO. The deal adds to the increasing number that are accompanied by credit enhancement (see page 1), with ICBC (Asia) offering a standby letter of credit.

  • By Lorraine Cushnie
  • 06 Dec 2013
The unrated borrower sold a $500m five year deal at 260bp over Treasuries, inside initial price indications of high 200bp and at the bottom of the final price guidance of 260bp-270bp. Moody’s has assigned the bond a provisional rating of A2, equal to ICBC (Asia), as the debt ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 Bank of America Merrill Lynch 111,695.68 470 6.04%
2 JPMorgan 107,715.56 487 5.83%
3 Citi 86,838.13 464 4.70%
4 Barclays 76,702.28 310 4.15%
5 Goldman Sachs 73,528.57 289 3.98%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 BNP Paribas 24,034.59 107 8.75%
2 Deutsche Bank 20,330.35 73 7.40%
3 SG Corporate & Investment Banking 19,058.39 89 6.93%
4 UniCredit 15,521.61 71 5.65%
5 HSBC 14,299.09 80 5.20%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 Goldman Sachs 4,861.86 36 7.33%
2 BNP Paribas 4,648.08 55 7.01%
3 Deutsche Bank 4,245.09 42 6.40%
4 JPMorgan 3,756.57 41 5.66%
5 Credit Suisse 3,672.86 39 5.54%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 19,016.51 146 10.22%
2 Goldman Sachs 14,082.73 99 7.57%
3 Credit Suisse 13,243.20 94 7.12%
4 Bank of America Merrill Lynch 12,775.52 117 6.87%
5 Citi 12,347.90 105 6.64%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 25,998.97 110 6.18%
2 BNP Paribas 24,179.70 104 5.75%
3 Barclays 24,153.71 85 5.75%
4 Deutsche Bank 22,544.70 90 5.36%
5 Citi 21,968.90 89 5.23%