UK retail troubles throw high yield investors into a spin

Europe’s junk bond investors were given a sharp reminder of the risks inherent in the market this week as deals from UK retailers widened amid concerns about their business outlooks. Electricals retailer Dixons issued a profit warning, while Matalan, a low cost clothing chain, was downgraded.

  • 01 Apr 2011

Despite this, bankers said that new issues are still on the way. Goldman Sachs sent out save-the-date invitations to investors for a meeting on Friday with a sterling issuer, without disclosing the company’s name. Investors said, however, it was a high yield borrower from the retail sector.

"Conservative deals ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 JPMorgan 99,566.90 454 5.86%
2 Bank of America Merrill Lynch 99,003.09 435 5.83%
3 Citi 84,614.01 445 4.98%
4 Barclays 72,949.56 288 4.29%
5 Goldman Sachs 67,513.91 265 3.97%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 BNP Paribas 21,922.23 100 8.75%
2 Deutsche Bank 18,365.60 68 7.33%
3 SG Corporate & Investment Banking 17,313.06 81 6.91%
4 UniCredit 14,560.49 67 5.81%
5 HSBC 12,711.09 71 5.07%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 4,293.59 52 7.15%
2 Deutsche Bank 3,871.16 39 6.45%
3 Goldman Sachs 3,757.37 32 6.26%
4 JPMorgan 3,631.57 40 6.05%
5 Credit Suisse 3,406.43 36 5.67%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,476.08 137 9.95%
2 Credit Suisse 12,936.58 90 7.36%
3 Goldman Sachs 12,429.32 91 7.07%
4 Citi 12,061.47 102 6.87%
5 Bank of America Merrill Lynch 12,022.06 109 6.84%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 24,095.98 100 6.17%
2 BNP Paribas 22,633.04 97 5.79%
3 Barclays 22,506.00 76 5.76%
4 Citi 21,179.37 84 5.42%
5 Deutsche Bank 21,068.78 84 5.39%