High yield open again after Fresenius, but only for BB credits

The European high yield market is open again, after double-B rated Fresenius Medical Care priced €684m equivalent of bonds in euros and dollars on Thursday.

  • 09 Sep 2011

The German provider of kidney dialysis products and services attracted an order book of several billion euros, which should bode well for other companies wanting to issue high yield bonds. Yet bankers and investors agree that Fresenius is a special case.

"Fresenius is a very unique issuer so no ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 5,647.81 35 5.99%
2 Morgan Stanley 5,361.15 32 5.69%
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4 HSBC 4,900.29 32 5.20%
5 BNP Paribas 4,712.84 24 5.00%

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1 BNP Paribas 2,424.26 9 10.57%
2 UniCredit 1,892.23 6 8.25%
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4 Mitsubishi UFJ Financial Group 1,577.41 6 6.88%
5 ING 1,477.05 5 6.44%

Bookrunners of European HY Bonds

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1 BNP Paribas 472.73 3 8.70%
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1 Citi 1,942.03 15 9.59%
2 Bank of America Merrill Lynch 1,559.21 15 7.70%
3 Wells Fargo Securities 1,535.51 14 7.58%
4 JPMorgan 1,388.05 13 6.85%
5 Morgan Stanley 1,381.20 11 6.82%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 2,459.18 9 9.92%
2 UniCredit 1,892.23 6 7.63%
3 Bank of America Merrill Lynch 1,585.30 5 6.39%
4 Mitsubishi UFJ Financial Group 1,577.41 6 6.36%
5 ING 1,477.05 5 5.96%