Winners and losers in European high yield

It’s a tale of two markets in the non-investment grade space: while some borrowers are riding high, others are falling by the wayside. The European high yield market is continuing to recover but not every transaction has had an easy time of it. A €300m eight year deal for French steelmaker Ascometal was rumoured to be struggling since the end of last week. On Wednesday new talk of a potential pulling of the deal has crossed bankers’ radar, although bookrunners Bank of America Merrill Lynch and Morgan Stanley did not confirm the news.

  • 28 Mar 2012

The €375m bond to take out Spie’s hung bridge is finding a better reception. Global coordinators HSBC, Morgan Stanley and Société Générale and bookrunners BNP Paribas, Crédit Agricole and Deutsche Bank were planning to sell the August 2019 notes on Wednesday. Guidance is in the 11%-11.5% area.

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,363.50 109 7.56%
2 JPMorgan 27,423.07 94 6.82%
3 Goldman Sachs 27,365.68 53 6.81%
4 Barclays 25,009.79 63 6.22%
5 Deutsche Bank 22,679.02 69 5.64%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Mizuho 299.85 1 21.73%
1 ING 299.85 1 21.73%
1 Commerzbank Group 299.85 1 21.73%
1 BNP Paribas 299.85 1 21.73%
5 UBS 60.22 1 4.36%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 22.59%
2 Credit Suisse 1,301.65 4 18.30%
3 UBS 970.80 3 13.65%
4 BNP Paribas 522.35 4 7.34%
5 SG Corporate & Investment Banking 444.17 3 6.24%