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Moody’s warns of tougher times for European paper firms

European paper makers face tougher trading conditions despite a recovery in volumes in the European paper and forest products industry in 2011, Moody’s said in a special comment on Tuesday.

  • 23 Sep 2011
"Underlying demand for most paper grades in Europe remains well below pre-crisis levels," said Anke Rindermann, an analyst at Moody’s. "In addition, although capacity cuts have helped to tighten the supply-demand balance, recent price increases pushed through by European producers have not materially improved profitability, in the face ...

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Rank Lead Manager Amount $m No of issues Share %
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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%

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Rank Lead Manager Amount $m No of issues Share %
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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

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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%
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Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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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

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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%