Austerity experiments ratchet corporate credit risk

High grade European corporate credit has barely sniffled even as many of the region’s sovereigns have been laid flat out. The consensus opinion is that credit fundamentals are supporting spreads, especially relative to now-risky sovereign debt. But how long can that last as policy makers across the Continent conduct economic austerity experiments that could ultimately threaten the single currency?

  • 04 May 2010
Corporate credit — of the non-Greek, non-Iberian variety — has been the relative performer as the sovereign debt crisis has developed over recent weeks. The Markit iTraxx Europe index (itself relatively heavy in names from peripheral eurozone countries) has widened, but only from out from the mid 70bps ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 222,090.35 998 8.23%
2 Citi 207,802.09 868 7.70%
3 Bank of America Merrill Lynch 172,151.11 725 6.38%
4 Barclays 162,393.55 662 6.01%
5 HSBC 133,323.28 724 4.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 27,275.91 109 7.92%
2 Credit Agricole CIB 25,517.00 104 7.41%
3 JPMorgan 21,834.93 53 6.34%
4 Bank of America Merrill Lynch 21,222.68 53 6.16%
5 SG Corporate & Investment Banking 16,639.52 78 4.83%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 7,363.27 46 9.58%
2 Morgan Stanley 7,283.40 35 9.48%
3 Goldman Sachs 6,842.44 35 8.90%
4 Citi 5,763.97 41 7.50%
5 UBS 4,691.07 23 6.11%