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 JPMorgan 44,483.98 215 5.61%
2 Citi 42,089.67 200 5.30%
3 Bank of America Merrill Lynch 40,301.63 198 5.08%
4 Barclays 36,562.85 154 4.61%
5 Deutsche Bank 31,434.19 150 3.96%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,052.82 29 9.24%
2 SG Corporate & Investment Banking 9,231.34 34 7.08%
3 Deutsche Bank 8,994.55 41 6.90%
4 Bank of America Merrill Lynch 8,791.13 27 6.74%
5 BNP Paribas 8,267.11 42 6.34%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 1,686.47 13 9.63%
2 BNP Paribas 1,305.75 15 7.46%
3 Deutsche Bank 1,263.77 9 7.22%
4 Goldman Sachs 1,225.64 11 7.00%
5 Citi 1,134.67 10 6.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,841.58 73 10.52%
2 Citi 9,459.24 67 10.12%
3 Bank of America Merrill Lynch 6,345.97 49 6.79%
4 Goldman Sachs 6,080.77 44 6.50%
5 Morgan Stanley 5,699.31 38 6.09%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 8,582.70 34 5.47%
2 Citi 8,191.99 30 5.22%
3 Barclays 7,869.78 33 5.01%
4 BNP Paribas 7,833.50 40 4.99%
5 JPMorgan 7,498.03 29 4.78%