HY bull run lets Orange Switz drive by for aggressive PIK

Orange Switzerland, the mobile phone company bought by Apax Partners from France Télécom at the end of 2011, returned to the market for another high yield bond this week — its most aggressive yet, writes Stefanie Linhardt.

  • 12 Apr 2013
Not only was the €250m bond a payment-in-kind toggle security, where investors can be paid coupons in further indebtedness if the borrower is short of cash. It was also rated CCC+ by Standard & Poor’s and intended to finance a dividend to Apax. And it was launched and ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 84,363.77 404 5.82%
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3 Citi 69,277.23 389 4.78%
4 Barclays 63,132.35 242 4.35%
5 Goldman Sachs 59,388.99 229 4.09%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 18,987.74 82 9.19%
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3 SG Corporate & Investment Banking 14,054.70 64 6.80%
4 UniCredit 12,047.08 52 5.83%
5 HSBC 11,205.29 61 5.42%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 3,863.89 45 7.25%
2 Goldman Sachs 3,593.75 29 6.74%
3 JPMorgan 3,391.91 36 6.37%
4 Deutsche Bank 3,241.44 30 6.08%
5 Credit Suisse 3,119.95 31 5.86%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 15,858.26 127 9.88%
2 Citi 11,539.69 98 7.19%
3 Goldman Sachs 11,025.83 85 6.87%
4 Bank of America Merrill Lynch 10,994.65 101 6.85%
5 Barclays 10,908.60 83 6.79%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 HSBC 20,417.95 85 6.40%
2 BNP Paribas 19,882.59 80 6.24%
3 Barclays 18,647.73 58 5.85%
4 Deutsche Bank 17,562.97 71 5.51%
5 Citi 17,352.89 69 5.44%