Fiat Industrial seeks Eu2.2bn debut as Australian borrowers hunt

Three corporate borrowers are roadshowing euro bonds this week, including newly created Fiat Industrial, adding to the European market’s small pipeline. Bankers are confident, however, that issuance will increase further soon thanks to most companies having released full year results.

  • 28 Feb 2011

Fiat International, which makes trucks and tractors and was spun out of Fiat on January 1, is seeking to issue a debut bond of up to Eu2.2bn after a roadshow that starts on Tuesday.

The borrower, rated Ba1/BB+, has mandated Banca IMI, Barclays Capital, BNP Paribas, Citi, Crédit Agricole, ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 30,641.00 149 5.60%
2 JPMorgan 30,261.62 151 5.53%
3 Barclays 29,332.65 109 5.36%
4 Bank of America Merrill Lynch 29,326.65 141 5.36%
5 Deutsche Bank 24,940.96 113 4.56%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 Barclays 10,392.67 24 10.30%
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3 Deutsche Bank 7,164.21 34 7.10%
4 SG Corporate & Investment Banking 6,134.64 22 6.08%
5 Santander 5,833.12 20 5.78%

Bookrunners of European HY Bonds

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1 Citi 849.80 7 9.30%
2 JPMorgan 703.06 6 7.69%
3 Deutsche Bank 636.38 4 6.97%
4 BNP Paribas 604.64 5 6.62%
5 Goldman Sachs 489.41 4 5.36%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 7,643.05 50 10.93%
2 JPMorgan 6,601.02 49 9.44%
3 Bank of America Merrill Lynch 5,031.63 36 7.19%
4 Goldman Sachs 4,767.07 33 6.81%
5 Credit Suisse 4,456.07 30 6.37%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 6,765.45 25 5.73%
2 JPMorgan 6,113.92 21 5.18%
3 Deutsche Bank 6,075.14 29 5.15%
4 Citi 5,875.57 20 4.98%
5 SG Corporate & Investment Banking 5,755.14 21 4.88%