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 Bank of America Merrill Lynch 111,920.15 472 6.00%
2 JPMorgan 109,521.31 494 5.87%
3 Citi 87,892.80 469 4.71%
4 Barclays 76,951.08 312 4.12%
5 Goldman Sachs 74,351.23 293 3.98%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 24,290.52 109 8.78%
2 Deutsche Bank 20,556.46 75 7.43%
3 SG Corporate & Investment Banking 19,141.02 90 6.92%
4 UniCredit 15,521.61 71 5.61%
5 HSBC 14,553.77 82 5.26%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,048.40 37 7.53%
2 BNP Paribas 4,834.62 56 7.21%
3 Deutsche Bank 4,245.09 42 6.33%
4 JPMorgan 3,756.57 41 5.60%
5 Credit Suisse 3,672.86 39 5.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,149.85 147 10.24%
2 Goldman Sachs 14,216.06 100 7.60%
3 Credit Suisse 13,243.20 94 7.08%
4 Bank of America Merrill Lynch 12,775.52 117 6.83%
5 Citi 12,347.90 105 6.60%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,998.97 110 6.16%
2 BNP Paribas 24,502.49 106 5.81%
3 Barclays 24,303.18 86 5.76%
4 Deutsche Bank 22,812.36 93 5.41%
5 Citi 21,968.90 89 5.21%