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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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Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 68,392.21 312 6.08%
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3 Barclays 52,735.49 199 4.69%
4 Citi 52,062.33 303 4.63%
5 Goldman Sachs 49,093.57 183 4.36%

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Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 17,417.83 66 9.96%
2 SG Corporate & Investment Banking 12,387.36 56 7.09%
3 Deutsche Bank 11,505.98 50 6.58%
4 Goldman Sachs 10,070.57 26 5.76%
5 UniCredit 9,827.69 40 5.62%

Bookrunners of European HY Bonds

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1 BNP Paribas 2,908.04 34 7.69%
2 JPMorgan 2,667.48 29 7.05%
3 Credit Suisse 2,342.19 23 6.19%
4 Goldman Sachs 2,130.55 21 5.63%
5 Deutsche Bank 1,993.88 21 5.27%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 12,362.60 98 9.89%
2 Citi 9,045.27 76 7.23%
3 Barclays 8,801.09 64 7.04%
4 Bank of America Merrill Lynch 8,770.59 82 7.01%
5 Goldman Sachs 8,019.67 66 6.41%

Bookrunners of European Corporate IG Bonds

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1 HSBC 17,994.64 70 6.72%
2 Barclays 16,624.98 48 6.21%
3 BNP Paribas 16,416.11 62 6.13%
4 JPMorgan 16,204.87 48 6.05%
5 Citi 14,811.85 58 5.53%