Huge demand yields blowouts for GE, Bouygues, Alstom, TVO

The sluggish start to European corporate bond issuance this week was dashed from sight today as GE Capital and three European companies launched hit deals, with substantial tightening in spread guidance. Demand from investors for corporate paper is as hot as it has been at any time since June.

  • 26 Jan 2012

GE Capital’s £625m 7.5 year deal was the largest, but Bouygues, Alstom and Finnish nuclear power generator Teollisuuden Voima all sold benchmark euro bonds.

“The market strength has taken everyone by surprise,” said one syndicate banker. “The Street is very light of inventory so when the market is hot ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 8,256.91 29 8.96%
2 Deutsche Bank 6,112.20 15 6.63%
3 Goldman Sachs 5,554.24 18 6.03%
4 JPMorgan 5,465.22 19 5.93%
5 Barclays 5,207.98 15 5.65%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,337.52 8 7.31%
2 BNP Paribas 1,118.03 6 6.11%
3 Barclays 1,100.14 4 6.01%
4 Commerzbank Group 1,054.99 6 5.77%
5 UniCredit 1,046.44 7 5.72%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 200.50 2 12.59%
1 Deutsche Bank 200.50 2 12.59%
3 UniCredit 113.00 1 7.09%
3 Sumitomo Mitsui Financial Group 113.00 1 7.09%
3 Mediobanca 113.00 1 7.09%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 420.00 3 15.69%
2 TD Securities Inc 304.57 2 11.38%
3 Wells Fargo Securities 250.00 1 9.34%
3 Jefferies LLC 250.00 1 9.34%
3 Goldman Sachs 250.00 1 9.34%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 2,729.81 7 8.29%
2 Barclays 2,499.67 4 7.59%
3 Bank of America Merrill Lynch 2,436.88 6 7.40%
4 JPMorgan 2,303.98 3 7.00%
5 MUFG 2,123.57 3 6.45%