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New issue premium goes negative for HeidelbergCement

HeidelbergCement, the German cement maker and high yield darling, sold €300m of four year notes on Friday, with a coupon of just 4%. The bond was priced through the issuer’s own secondary curve.

  • 05 Mar 2012

The March 2016 deal, rated Ba1/BB/BB+, attracted an order book of over €1.5bn, enabling the leads to price the notes at par with a 4% coupon. That was in line with guidance that had been tightened. The deal traded tighter on the break.

“The deal went very well,” said ...

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 19,676.26 84 6.77%
2 Barclays 16,641.25 57 5.73%
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1 SG Corporate & Investment Banking 4,066.72 15 6.71%
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3 Commerzbank Group 4,022.30 14 6.63%
4 Citi 3,954.17 16 6.52%
5 Barclays 3,941.54 11 6.50%

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For detailed analysis: Dealogic
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  • Today
1 Citi 646.47 4 13.48%
2 Deutsche Bank 449.87 3 9.38%
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For detailed analysis: Dealogic
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1 Citi 3,716.46 25 11.02%
2 JPMorgan 2,986.37 22 8.86%
3 Morgan Stanley 2,561.24 18 7.60%
4 Credit Suisse 2,420.50 16 7.18%
5 Goldman Sachs 2,387.34 18 7.08%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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  • Today
1 Barclays 4,861.67 14 6.28%
2 Citi 4,852.98 13 6.27%
3 Credit Agricole CIB 4,251.08 17 5.49%
4 Deutsche Bank 4,227.09 12 5.46%
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