Synthetic bond flow? Don’t hold your breath

Debt bankers tried their best last year to drum up demand for synthetic currency bonds, but after the lacklustre performance of a few early deals combined with a big spike in investor caution, the market quickly fizzled out. Is there greater hope for the synthetic currency market this year? There is reason to think not. It might just be even worse.

  • 27 Jan 2012
The idea behind a synthetic currency bond is simple enough and can make a lot of sense for both issuers and investors. Issuers sell a bond denominated in one currency — usually dollars — but link both coupon and redemption amounts to the performance of that currency against ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 121,520.09 531 6.02%
2 Bank of America Merrill Lynch 120,082.12 506 5.95%
3 Citi 97,477.74 509 4.83%
4 Barclays 82,683.05 332 4.09%
5 Goldman Sachs 81,894.66 314 4.06%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,590.77 120 8.95%
2 Deutsche Bank 21,930.45 80 7.11%
3 SG Corporate & Investment Banking 19,469.33 94 6.31%
4 HSBC 17,074.35 90 5.54%
5 UniCredit 16,300.95 75 5.29%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,404.19 42 7.76%
2 BNP Paribas 4,918.81 57 7.06%
3 Deutsche Bank 4,345.09 43 6.24%
4 JPMorgan 3,950.54 44 5.67%
5 Credit Suisse 3,757.05 40 5.39%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,123.74 153 10.16%
2 Goldman Sachs 15,830.49 107 7.99%
3 Credit Suisse 13,629.27 97 6.88%
4 Bank of America Merrill Lynch 13,267.41 122 6.70%
5 Citi 13,132.03 109 6.63%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,248.54 116 6.15%
2 BNP Paribas 26,642.60 114 5.80%
3 Barclays 25,943.52 91 5.65%
4 JPMorgan 25,634.91 84 5.58%
5 Deutsche Bank 24,198.66 96 5.27%