Euroweek Poll: Welcome to the bottom of the IG market

Pricing in the European investment grade market has hit its nadir, and the margins on offer are expected to rise from September, according to a EuroWeek survey of market participants.

  • 16 Aug 2011

Some 61% of those polled thought the 35bp margin on offer on a €5bn loan last month for Germany’s Volkswagen would mark the bottom of the market.

In absolute terms, the pricing on a €3bn refinancing from chemicals firm BASF — which is expected to sign this week ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 79,222.71 230 11.49%
2 Bank of America Merrill Lynch 65,088.22 185 9.44%
3 Wells Fargo Securities 55,825.35 161 8.10%
4 JPMorgan 52,873.25 155 7.67%
5 Credit Suisse 44,197.08 113 6.41%