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 46,136.20 206 6.50%
2 Bank of America Merrill Lynch 39,794.87 194 5.60%
3 Goldman Sachs 34,213.68 122 4.82%
4 Citi 34,103.62 199 4.80%
5 Barclays 32,581.37 126 4.59%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 10,811.46 48 9.55%
2 SG Corporate & Investment Banking 8,602.81 37 7.60%
3 Goldman Sachs 8,556.64 17 7.56%
4 HSBC 7,086.73 40 6.26%
5 UniCredit 7,055.47 28 6.24%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 2,096.27 21 8.11%
2 BNP Paribas 2,008.60 22 7.77%
3 Goldman Sachs 1,760.56 17 6.81%
4 Credit Suisse 1,569.64 15 6.07%
5 Morgan Stanley 1,511.02 10 5.85%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 9,679.77 73 9.90%
2 Citi 6,785.07 56 6.94%
3 Bank of America Merrill Lynch 6,757.41 63 6.91%
4 Barclays 6,374.90 47 6.52%
5 Credit Suisse 6,011.71 44 6.15%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 9,779.54 44 6.23%
2 JPMorgan 9,700.92 35 6.18%
3 Citi 9,615.13 40 6.12%
4 Deutsche Bank 9,025.53 37 5.75%
5 Goldman Sachs 8,943.16 20 5.70%