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French firms explore private MTNs to diversify funding from banks

Unrated French companies are interested in sell private placement MTNs to diversify their funding sources, as bank loans are expected to become harder to obtain, medium term note dealers have said.

  • 15 Oct 2012

Debut deals for Bolloré and Rallye in the past fortnight are typical of the new landscape. Even companies with no problem borrowing from banks want to reposition their funding before new capital ratio rules under Basel III start to bite, said dealers.

“A lot of issuers, while not experiencing ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 96,950.75 438 5.87%
2 Bank of America Merrill Lynch 96,339.88 420 5.84%
3 Citi 80,636.38 424 4.89%
4 Barclays 70,395.85 272 4.26%
5 Goldman Sachs 66,323.53 257 4.02%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 21,423.94 96 8.87%
2 Deutsche Bank 18,365.60 68 7.60%
3 SG Corporate & Investment Banking 16,706.78 76 6.92%
4 UniCredit 14,079.93 63 5.83%
5 Credit Agricole CIB 11,841.20 56 4.90%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 4,034.08 48 7.08%
2 Deutsche Bank 3,636.44 36 6.39%
3 Goldman Sachs 3,623.05 30 6.36%
4 JPMorgan 3,537.06 38 6.21%
5 Credit Suisse 3,303.94 34 5.80%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 17,194.51 135 9.92%
2 Credit Suisse 12,843.21 88 7.41%
3 Goldman Sachs 12,130.01 89 7.00%
4 Citi 12,023.66 101 6.94%
5 Bank of America Merrill Lynch 11,966.50 108 6.91%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 22,617.39 93 5.95%
2 BNP Paribas 22,551.58 94 5.93%
3 Barclays 22,073.53 73 5.80%
4 Deutsche Bank 21,008.00 83 5.52%
5 Citi 20,528.49 81 5.40%