Corporate bonds boom in Europe — investors fear shrinking premiums

In a heady week for the European corporate bond market, investors gobbled up Eu6.5bn of issuance in just three days. All deals were oversubscribed, priced at the tight end or inside guidance and, apart from one transaction, tightened by several basis points in the aftermarket.

  • 16 May 2008

The question on everyone’s lips is how long this eager demand will last. Some investors are already complaining that the market’s attractions are waning as new issue premiums shrink.

The head of corporate bonds at an asset manager in Paris commented that the market was

moving too ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,388.23 146 5.73%
2 JPMorgan 30,137.58 150 5.68%
3 Barclays 29,208.61 108 5.50%
4 Bank of America Merrill Lynch 29,202.61 140 5.50%
5 Deutsche Bank 24,917.96 112 4.70%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 10,392.67 24 10.41%
2 Bank of America Merrill Lynch 8,134.48 23 8.14%
3 Deutsche Bank 7,164.21 34 7.17%
4 SG Corporate & Investment Banking 6,134.64 22 6.14%
5 Santander 5,833.12 20 5.84%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 799.80 6 9.45%
2 JPMorgan 703.06 6 8.31%
3 Deutsche Bank 636.38 4 7.52%
4 BNP Paribas 554.64 4 6.55%
5 Goldman Sachs 489.41 4 5.78%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,208.64 47 10.79%
2 JPMorgan 6,501.33 48 9.73%
3 Bank of America Merrill Lynch 5,031.63 36 7.53%
4 Goldman Sachs 4,632.90 32 6.93%
5 Credit Suisse 4,381.07 29 6.56%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,765.45 25 5.82%
2 JPMorgan 6,113.92 21 5.26%
3 Deutsche Bank 6,075.14 29 5.22%
4 Citi 5,875.57 20 5.05%
5 SG Corporate & Investment Banking 5,755.14 21 4.95%