Sovereign downgrades could drag down corporate ratings – S&P

Sovereign debt problems in the euro zone could weaken corporate credit quality in peripheral countries, Standard & Poor’s warned on Monday.

  • 19 Jul 2011

As EuroWeek reported on Friday July 15, the accumulation of rating downgrades of Greece, Portugal and Ireland to speculative grade in recent weeks could hurt the high yield market more broadly, as these downgrades could also trigger rating actions on related companies.

In its research paper, S&P said that ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 8,976.35 32 9.29%
2 Deutsche Bank 6,236.78 17 6.45%
3 Goldman Sachs 5,678.83 20 5.87%
4 JPMorgan 5,589.80 21 5.78%
5 Barclays 5,368.96 18 5.55%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 1,932.38 9 9.73%
2 BNP Paribas 1,279.50 7 6.44%
3 UniCredit 1,207.91 8 6.08%
4 Bank of America Merrill Lynch 1,125.97 7 5.67%
5 Barclays 1,100.14 4 5.54%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 200.50 2 12.59%
1 Deutsche Bank 200.50 2 12.59%
3 UniCredit 113.00 1 7.09%
3 Sumitomo Mitsui Financial Group 113.00 1 7.09%
3 Mediobanca 113.00 1 7.09%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 544.58 5 11.06%
2 JPMorgan 482.08 5 9.79%
3 Wells Fargo Securities 374.58 3 7.61%
3 Goldman Sachs 374.58 3 7.61%
5 SunTrust Robinson Humphrey Inc 366.66 4 7.45%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 3,324.67 8 9.89%
2 Barclays 2,536.07 5 7.54%
3 Bank of America Merrill Lynch 2,436.88 6 7.25%
4 JPMorgan 2,303.98 3 6.85%
5 MUFG 2,123.57 3 6.31%