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 121,520.09 531 6.02%
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4 Barclays 82,683.05 332 4.09%
5 Goldman Sachs 81,894.66 314 4.06%

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5 UniCredit 16,300.95 75 5.29%

Bookrunners of European HY Bonds

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1 Goldman Sachs 5,404.19 42 7.76%
2 BNP Paribas 4,918.81 57 7.06%
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4 JPMorgan 3,950.54 44 5.67%
5 Credit Suisse 3,757.05 40 5.39%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 20,123.74 153 10.16%
2 Goldman Sachs 15,830.49 107 7.99%
3 Credit Suisse 13,629.27 97 6.88%
4 Bank of America Merrill Lynch 13,267.41 122 6.70%
5 Citi 13,132.03 109 6.63%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 28,248.54 116 6.15%
2 BNP Paribas 26,642.60 114 5.80%
3 Barclays 25,943.52 91 5.65%
4 JPMorgan 25,634.91 84 5.58%
5 Deutsche Bank 24,198.66 96 5.27%