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Quickfire Cemex scraps euro tranche as it prints $800m

Mexican cement maker Cemex issued $800m (Eu567m) of senior secured floating rate notes at 525bp above Libor on Tuesday evening, in one of the first drive-by high yield deals since Japan’s earthquake. Demand for the dollar portion of the note was such that the borrower decided against issuing a euro tranche.

  • 30 Mar 2011

The September 2015 bond, launched on Tuesday morning and expected to be rated B/B+, priced at 99.001 with a coupon of Libor plus 500bp.

The yield came at the tight end of guidance of 525bp-537.5bp and inside whispers in the 550bp area.

Cemex had initially planned to issue euro ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 125,755.02 549 5.86%
2 Bank of America Merrill Lynch 124,444.29 528 5.80%
3 Citi 102,522.76 538 4.78%
4 Barclays 83,950.26 342 3.91%
5 Goldman Sachs 83,598.93 327 3.90%

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Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 BNP Paribas 28,066.59 123 8.88%
2 Deutsche Bank 22,255.37 84 7.04%
3 SG Corporate & Investment Banking 20,558.20 98 6.50%
4 UniCredit 17,012.87 79 5.38%
5 HSBC 16,282.49 91 5.15%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 Goldman Sachs 5,527.11 43 7.80%
2 BNP Paribas 4,918.81 57 6.94%
3 Deutsche Bank 4,372.15 44 6.17%
4 JPMorgan 4,226.28 46 5.96%
5 Credit Suisse 3,757.05 40 5.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 27,454.25 115 5.81%
2 BNP Paribas 27,238.89 117 5.76%
3 JPMorgan 26,076.85 89 5.52%
4 Barclays 25,936.71 91 5.49%
5 Deutsche Bank 24,766.67 100 5.24%