Techem’s €735m debut blows out, book 10 times covered

Techem, a German company that provides energy billing and energy management services, produced the highlight deal of the week in Europe’s high yield market. Making its bond debut, Techem raised €735m in a deal that was 10 times subscribed on Tuesday.

  • 21 Sep 2012

"I can see how it attracted a lot of interest," said a high yield investor in London. "They have long contracts and a stable, boring business. High yield investors like boring businesses with stable cash flow."

Techem sold a €410m seven year non-call three senior secured tranche to yield ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Morgan Stanley 6,725.43 38 5.92%
2 Bank of America Merrill Lynch 5,845.88 38 5.15%
3 Citi 5,616.32 43 4.94%
4 HSBC 5,284.41 37 4.65%
5 BNP Paribas 5,219.36 29 4.59%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 2,658.29 11 10.89%
2 UniCredit 1,973.31 7 8.09%
3 Bank of America Merrill Lynch 1,666.37 6 6.83%
4 SG Corporate & Investment Banking 1,585.47 6 6.50%
5 Mitsubishi UFJ Financial Group 1,577.41 6 6.46%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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  • Today
1 Goldman Sachs 553.99 4 8.64%
2 Credit Suisse 511.12 5 7.97%
3 BNP Paribas 472.73 3 7.37%
4 Barclays 413.98 4 6.46%
5 JPMorgan 409.23 3 6.38%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 2,178.82 15 9.04%
2 Citi 2,162.31 17 8.97%
3 Morgan Stanley 2,088.85 13 8.66%
4 Bank of America Merrill Lynch 1,613.71 16 6.69%
5 Deutsche Bank 1,550.60 9 6.43%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,612.14 10 10.04%
2 UniCredit 1,892.23 6 7.28%
3 SG Corporate & Investment Banking 1,585.47 6 6.10%
4 Bank of America Merrill Lynch 1,585.30 5 6.10%
5 Mitsubishi UFJ Financial Group 1,577.41 6 6.07%