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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 JPMorgan 92,027.71 455 5.79%
2 Citi 84,340.05 432 5.31%
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  • Today
1 Barclays 20,742.43 55 8.42%
2 BNP Paribas 16,618.78 95 6.75%
3 SG Corporate & Investment Banking 15,444.68 68 6.27%
4 Deutsche Bank 15,422.56 75 6.26%
5 Bank of America Merrill Lynch 14,210.20 46 5.77%

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For detailed analysis: Dealogic
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  • Today
1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.05%
4 Barclays 3,441.80 22 6.67%
5 Goldman Sachs 3,389.62 26 6.57%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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  • Today
1 Citi 18,847.11 143 9.43%
2 JPMorgan 18,279.02 147 9.15%
3 Goldman Sachs 14,831.56 109 7.42%
4 Bank of America Merrill Lynch 14,255.85 117 7.13%
5 Morgan Stanley 12,912.93 86 6.46%

Bookrunners of European Corporate IG Bonds

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For detailed analysis: Dealogic
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  • Today
1 BNP Paribas 16,729.40 94 5.70%
2 SG Corporate & Investment Banking 15,447.25 71 5.26%
3 Barclays 15,378.47 64 5.24%
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5 Citi 14,679.43 68 5.00%