Corporates take advantage of relentless rally

Credit’s rally continues to astonish. When the iTraxx Europe Main index broke down through 90bp on October 15, it had not closed below 90bp for years. The rally already felt extreme. On Monday and Tuesday it closed at a staggering 69bp.

  • By Jon Hay
  • 08 Jan 2014

The move has not been lost on corporate issuers. Volkswagen, Europe’s biggest, was first off the mark on Tuesday with a €1.25bn 10 year at just 63bp over mid-swaps.

Bigger deals are coming. Enel is set to launch round two of its €5bn hybrid capital programme with a ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%