Würth the wait, €4bn book means pricing screw

The standout transaction of Tuesday’s busy European corporate new issue activity – when the market had a distinctly cooler feel than on Monday – was a €500m deal from an infrequent German issuer, Würth, which attracted a €4bn book.

  • 17 May 2013

Like Thursday’s Robert Bosch deal that drew €6bn of orders, the deal suggested an eagerness among investors to buy impeccable, rare, German credit.

Würth, the leading maker of screws, is rated A/BBB+ (both stable). It had not issued in euros for two years, but trades very tightly and needed ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 173,957.50 760 7.17%
2 Bank of America Merrill Lynch 154,418.14 713 6.36%
3 Citi 136,997.26 734 5.65%
4 Goldman Sachs 109,713.42 475 4.52%
5 Barclays 106,206.79 488 4.38%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,965.54 145 8.68%
2 Barclays 25,184.66 104 7.29%
3 Deutsche Bank 24,247.02 105 7.02%
4 SG Corporate & Investment Banking 20,544.30 110 5.95%
5 HSBC 19,467.45 94 5.64%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 12 Dec 2017
1 JPMorgan 8,469.76 69 4.02%
2 Goldman Sachs 7,816.84 63 3.71%
3 Credit Suisse 6,908.88 70 3.28%
4 Deutsche Bank 6,384.59 62 3.03%
5 BNP Paribas 5,941.97 66 2.82%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 37,132.38 289 10.79%
2 Citi 28,905.88 231 8.40%
3 Bank of America Merrill Lynch 28,820.93 250 8.37%
4 Goldman Sachs 24,953.24 183 7.25%
5 Barclays 23,023.01 153 6.69%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 28,087.32 104 6.41%
2 BNP Paribas 27,948.80 144 6.38%
3 Barclays 27,400.32 128 6.25%
4 HSBC 25,832.31 126 5.90%
5 Citi 23,312.66 103 5.32%