Taylor Wimpey cements financial basis with £250m bond

Taylor Wimpey, the UK house builder, managed to get a £250m high yield bond offer away on Thursday afternoon, but the bookrunners admitted that the deteriorating credit environment had forced the issuer to pay up to get the deal done.

  • 26 Nov 2010

The five year deal was priced at par with a 10.375% coupon. The bonds can be called after three years.

"Market sentiment is reflected in the pricing," said one banker involved in the transaction. "It is wider than it would have been normally."

Some bankers reckoned that Taylor Wimpey ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 76,099.75 363 5.92%
2 Bank of America Merrill Lynch 74,654.27 343 5.81%
3 Citi 62,267.71 352 4.84%
4 Barclays 58,729.13 218 4.57%
5 Goldman Sachs 51,105.31 205 3.98%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 18,740.11 80 9.75%
2 SG Corporate & Investment Banking 13,968.96 63 7.27%
3 Deutsche Bank 12,777.94 56 6.65%
4 UniCredit 10,968.94 48 5.71%
5 HSBC 10,482.96 60 5.46%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 3,647.43 42 7.11%
2 Goldman Sachs 3,642.87 28 7.10%
3 JPMorgan 3,391.91 36 6.61%
4 Deutsche Bank 3,153.00 28 6.14%
5 Credit Suisse 2,981.51 28 5.81%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,575.71 111 9.62%
2 Citi 10,815.50 91 7.67%
3 Goldman Sachs 9,536.47 76 6.76%
4 Bank of America Merrill Lynch 9,455.18 88 6.70%
5 Barclays 9,449.01 71 6.70%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 19,622.23 78 6.64%
2 HSBC 18,375.09 79 6.22%
3 Barclays 17,915.82 53 6.07%
4 Citi 15,926.05 64 5.39%
5 JPMorgan 15,860.55 55 5.37%