EDF’s hybrid proves a monster as investors thirst for yield

Electricité de France’s first hybrid capital issue always had the potential to be big. A national champion, still state-owned issuer, with ratings edging into the double-A band, was bound to command attention. And by launching the perpetual bond as a four-tranche deal, EDF sent a very clear signal that it meant business – this deal was going to be big enough to make a difference to its capital ratios.

  • 22 Jan 2013
But EDF and the lead bankers were understandably cautious about setting a specific size target. Guidance that each of the two euro tranches, one in sterling and one in dollars would be benchmark size – which for EDF usually means a billion of that currency – was as ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 118,085.91 526 6.01%
2 Bank of America Merrill Lynch 116,452.88 500 5.92%
3 Citi 95,224.41 500 4.84%
4 Barclays 79,480.05 326 4.04%
5 Goldman Sachs 78,962.08 310 4.02%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 25,490.13 116 8.72%
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3 SG Corporate & Investment Banking 19,456.63 93 6.66%
4 HSBC 16,015.57 89 5.48%
5 UniCredit 15,628.90 72 5.35%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Goldman Sachs 5,260.19 41 7.67%
2 BNP Paribas 4,918.81 57 7.17%
3 Deutsche Bank 4,345.09 43 6.34%
4 JPMorgan 3,806.54 43 5.55%
5 Credit Suisse 3,757.05 40 5.48%

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 10.30%
2 Goldman Sachs 15,830.49 107 8.10%
3 Credit Suisse 13,243.20 94 6.78%
4 Bank of America Merrill Lynch 13,201.57 121 6.75%
5 Citi 12,928.46 108 6.61%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,041.31 115 6.25%
2 Barclays 25,736.30 90 5.74%
3 BNP Paribas 25,394.40 111 5.66%
4 JPMorgan 25,259.22 83 5.63%
5 Citi 24,204.97 95 5.39%