Investors pile into Fiat and Pernod but retreat in secondary

Fiat Industrial and Pernod Ricard sold blowout crossover bonds this week as Europe’s high grade investors continued to pile into high beta, high yielding deals.

  • 11 Mar 2011

Fiat Industrial and Pernod were able to issue their notes with investment grade documentation and without high yield covenants, despite both being rated junk.

"The demand for Pernod and Fiat’s deals demonstrates the chase for yield among investment grade accounts," said Philippe Bradshaw, head of European corporate syndicate ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 65,626.08 334 5.46%
2 Citi 63,129.00 324 5.26%
3 Bank of America Merrill Lynch 60,145.60 318 5.01%
4 Barclays 53,455.07 233 4.45%
5 Morgan Stanley 44,764.71 268 3.73%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 16,156.11 43 8.07%
2 SG Corporate & Investment Banking 13,141.46 53 6.57%
3 BNP Paribas 12,649.28 73 6.32%
4 Deutsche Bank 11,922.97 60 5.96%
5 Citi 11,677.27 53 5.83%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 8.22%
2 Citi 2,605.77 18 7.21%
3 BNP Paribas 2,567.12 24 7.10%
4 JPMorgan 2,522.43 19 6.98%
5 Goldman Sachs 2,128.73 17 5.89%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,300.49 115 9.86%
2 Citi 13,126.25 106 9.05%
3 Bank of America Merrill Lynch 10,825.27 91 7.46%
4 Goldman Sachs 10,521.81 79 7.25%
5 Morgan Stanley 8,720.88 66 6.01%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 12,515.88 54 5.42%
2 BNP Paribas 12,352.71 71 5.35%
3 Citi 12,116.90 53 5.25%
4 JPMorgan 10,853.37 48 4.70%
5 Bank of America Merrill Lynch 10,703.57 44 4.63%