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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 118,374.89 527 5.99%
2 Bank of America Merrill Lynch 116,579.22 501 5.90%
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5 Barclays 79,687.28 327 4.03%

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  • Today
1 BNP Paribas 26,462.31 118 8.90%
2 Deutsche Bank 21,930.45 80 7.38%
3 SG Corporate & Investment Banking 19,469.33 94 6.55%
4 HSBC 16,015.57 89 5.39%
5 UniCredit 15,855.58 73 5.33%

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For detailed analysis: Dealogic
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  • Today
1 Goldman Sachs 5,404.19 42 7.80%
2 BNP Paribas 4,918.81 57 7.10%
3 Deutsche Bank 4,345.09 43 6.27%
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5 Credit Suisse 3,757.05 40 5.42%

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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1 JPMorgan 20,123.74 153 10.29%
2 Goldman Sachs 15,830.49 107 8.09%
3 Credit Suisse 13,309.03 95 6.80%
4 Bank of America Merrill Lynch 13,267.41 122 6.78%
5 Citi 12,928.46 108 6.61%

Bookrunners of European Corporate IG Bonds

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For detailed analysis: Dealogic
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  • Today
1 HSBC 28,248.54 116 6.20%
2 BNP Paribas 26,572.93 113 5.83%
3 Barclays 25,943.52 91 5.69%
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5 Citi 24,204.97 95 5.31%