US HY funds turn fussy and push off dividend-seekers like Univar

Risk appetite has declined in the US high yield market, and investors are seeking deals with stronger covenant protection and larger new issue premiums. More aggressive transactions are facing headwinds, especially those intended to let shareholders take dividends from the borrower.

  • 25 May 2012
"The quality of supply is very marginal and the market has gotten a bit choppy, so many deals have been pulled," said Keith Bachman, head of US and global high yield at Aberdeen Asset Management, "either from a lack of demand or issuers not agreeing to the height ...

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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%