Investors pile the bids high but did Tesco sell ’em cheap?

Tesco, the UK supermarket group, chose the morning after the climax of the European Union bailout talks to launch its first bond issue in euros since February 2009, a €750m seven year issue.

  • 28 Oct 2011

The timing was regarded as almost perfect by the leads, while some rivals thought it a baffling mistake. The pricing also divided observers. Some said it was far too generous, while others were sympathetic.

If certainty of execution was the top concern, Tesco certainly achieved that. The A3/A-/A- rated ...

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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 4,897.24 25 6.92%
2 HSBC 4,323.95 26 6.11%
3 Citi 4,027.50 29 5.69%
4 Morgan Stanley 3,888.93 18 5.50%
5 BNP Paribas 3,721.14 15 5.26%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,322.28 8 5.49%
2 UniCredit 1,892.23 6 4.47%
3 Bank of America Merrill Lynch 1,585.30 5 3.75%
4 ING 1,477.05 5 3.49%
5 Mitsubishi UFJ Financial Group 1,455.84 5 3.44%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 327.97 2 10.84%
2 JPMorgan 315.65 2 10.43%
2 Goldman Sachs 315.65 2 10.43%
4 Citi 266.00 2 8.79%
5 Bank of America Merrill Lynch 226.61 2 7.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,186.24 9 8.93%
2 Bank of America Merrill Lynch 1,144.99 10 8.62%
3 Morgan Stanley 1,069.11 7 8.05%
4 JPMorgan 1,064.38 8 8.01%
5 Wells Fargo Securities 882.72 7 6.65%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,322.28 8 5.12%
2 UniCredit 1,892.23 6 4.17%
3 Bank of America Merrill Lynch 1,585.30 5 3.49%
4 ING 1,477.05 5 3.25%
5 Mitsubishi UFJ Financial Group 1,455.84 5 3.21%