EW View: Italian and Iberian corporates are back, and not a moment too soon

The last two weeks have marked a turning point for the peripheral eurozone’s corporate borrowers. Investors are more willing than at any stage since the Greek crisis to judge them on their standalone merits. Of course, a hot European corporate bond market helps.

  • 25 Jan 2011

Spain, Italy and Portgual’s corporate borrowers have had a good two weeks. Ever since their respective sovereigns managed to carry out bond auctions, their spreads have been tightening and investors’ sentiment towards them improving.

The first sign of this was the response to last Tuesday’s Eu1bn five year deal ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 118,374.89 527 6.00%
2 Bank of America Merrill Lynch 116,579.22 501 5.91%
3 Citi 95,226.12 501 4.83%
4 Goldman Sachs 80,416.88 312 4.08%
5 Barclays 79,480.05 326 4.03%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 26,462.31 118 8.90%
2 Deutsche Bank 21,930.45 80 7.38%
3 SG Corporate & Investment Banking 19,469.33 94 6.55%
4 HSBC 16,015.57 89 5.39%
5 UniCredit 15,855.58 73 5.33%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,404.19 42 7.80%
2 BNP Paribas 4,918.81 57 7.10%
3 Deutsche Bank 4,345.09 43 6.27%
4 JPMorgan 3,950.54 44 5.70%
5 Credit Suisse 3,757.05 40 5.42%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,123.74 153 10.30%
2 Goldman Sachs 15,830.49 107 8.10%
3 Credit Suisse 13,243.20 94 6.78%
4 Bank of America Merrill Lynch 13,201.57 121 6.75%
5 Citi 12,928.46 108 6.61%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,041.31 115 6.16%
2 BNP Paribas 26,572.93 113 5.84%
3 Barclays 25,736.30 90 5.65%
4 JPMorgan 25,259.22 83 5.55%
5 Citi 24,204.97 95 5.32%