Bankers fear 10 year tranche is losing its lustre as US Treasuries soar

Asian bankers are thinking twice about pricing US dollar bonds beyond five years now that yields on 10 year Treasuries are creeping back up from their lowest levels since at least 2000, writes Frances Yoon.

  • 17 May 2013
Yields on the 10 year were at 1.66% on May 1, but have spiked nearly 30bp since then because of speculation that the Federal Reserve might begin unwinding its multi-billion dollar bond buying programme. This, with stronger growth prospects and a burgeoning stock market has pushed yields higher ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 44,108.59 212 5.60%
2 Citi 41,929.67 199 5.33%
3 Bank of America Merrill Lynch 39,961.63 196 5.08%
4 Barclays 36,376.87 152 4.62%
5 Deutsche Bank 31,434.19 150 3.99%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 12,052.82 29 9.32%
2 SG Corporate & Investment Banking 9,231.34 34 7.14%
3 Deutsche Bank 8,994.55 41 6.95%
4 Bank of America Merrill Lynch 8,791.13 27 6.79%
5 BNP Paribas 8,096.49 41 6.26%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 1,686.47 13 9.63%
2 BNP Paribas 1,305.75 15 7.46%
3 Deutsche Bank 1,263.77 9 7.22%
4 Goldman Sachs 1,225.64 11 7.00%
5 Citi 1,134.67 10 6.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 9,636.80 71 10.46%
2 Citi 9,049.24 65 9.82%
3 Bank of America Merrill Lynch 6,185.97 48 6.72%
4 Goldman Sachs 6,080.77 44 6.60%
5 Morgan Stanley 5,699.31 38 6.19%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 SG Corporate & Investment Banking 8,582.70 34 5.51%
2 Citi 8,191.99 30 5.25%
3 Barclays 7,869.78 33 5.05%
4 BNP Paribas 7,662.88 39 4.92%
5 Credit Agricole CIB 7,416.07 38 4.76%