Germany’s K+S a safe choice for investors after Monday’s crop widens

After yesterday’s wild party in the European corporate bond market, today was strewn with wreckage. Several of yesterday’s eight deals were trading wide of reoffer and some investors complained that they had been over-allocated bonds.

  • 12 Jun 2012

Outside the small-scale Finnish market, where Nokian Tyres raised €150m, the only issuer in euros today was just the right kind of borrower – German fertiliser group K+S.

The Baa2/BBB+ rated company had everything going for it – solid ratings, German origins, and a rare and relatively cycle-proof business ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 173,212.52 757 7.19%
2 Bank of America Merrill Lynch 153,345.47 707 6.36%
3 Citi 136,722.26 732 5.67%
4 Goldman Sachs 109,140.99 471 4.53%
5 Barclays 104,758.42 476 4.35%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,965.54 145 4.34%
2 Barclays 25,142.41 103 3.64%
3 Deutsche Bank 24,205.95 104 3.51%
4 SG Corporate & Investment Banking 20,544.30 110 2.98%
5 HSBC 19,467.45 94 2.82%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,469.76 69 4.02%
2 Goldman Sachs 7,816.84 63 3.71%
3 Credit Suisse 6,908.88 70 3.28%
4 Deutsche Bank 6,384.59 62 3.03%
5 BNP Paribas 5,941.97 66 2.82%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 36,665.71 285 10.74%
2 Citi 28,630.88 229 8.39%
3 Bank of America Merrill Lynch 28,305.35 246 8.29%
4 Goldman Sachs 24,712.66 181 7.24%
5 Barclays 22,906.34 151 6.71%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 28,046.25 103 6.40%
2 BNP Paribas 27,948.80 144 6.38%
3 Barclays 27,259.57 126 6.22%
4 HSBC 25,832.31 126 5.90%
5 Citi 23,312.66 103 5.32%