Sunrise gets €745m to refi loans as buyers seek strong HY names

Sunrise, the Swiss telecoms company, showed how healthy demand is for better-rated high yield bonds with a €745m-equivalent deal on Wednesday — even as weaker borrowers still struggle to sell bonds or have to offer very high coupons.

  • 13 Jul 2012

The Ba3/BB-/BB rated five year deal included a fixed rate Swiss franc tranche with a 5.625% coupon. That contrasts with the 11% and 12% yields at which Stork Technical Services and Klöckner Pentaplast are marketing their single-B and triple-C rated deals.

CVC Capital Partners bought Sunrise for Sfr3.3bn (€2.75bn) ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 4,566.70 21 6.98%
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1 BNP Paribas 2,219.30 7 11.02%
2 UniCredit 1,892.23 6 9.40%
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4 SG Corporate & Investment Banking 1,432.51 5 7.11%
5 ING 1,374.07 4 6.82%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 327.97 2 10.84%
2 JPMorgan 315.65 2 10.43%
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4 Citi 266.00 2 8.79%
5 Bank of America Merrill Lynch 226.61 2 7.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 941.02 8 8.61%
2 JPMorgan 860.42 6 7.87%
3 Citi 822.27 6 7.52%
4 Morgan Stanley 766.25 5 7.01%
5 BNP Paribas 559.52 3 5.12%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 15 Jan 2018
1 BNP Paribas 2,219.30 7 11.30%
2 UniCredit 1,892.23 6 9.63%
3 SG Corporate & Investment Banking 1,432.51 5 7.29%
4 Bank of America Merrill Lynch 1,411.01 4 7.18%
5 ING 1,374.07 4 7.00%