Liability management catches on as Casino deals Eu1.5bn

Casino Guichard-Perrachon this week became the latest European corporate to extend the maturity of its debt through an exchange and tender offer as tightening spreads make liability management exercises increasingly attractive.

  • 05 Feb 2010

On Tuesday, the French supermarket company (rated BBB-/BBB-) issued Eu887.75m of seven year paper to complete its liability management exercise, exchanging it for some of its bonds due in 2012 and 2013.

The bond exchange and tender offers, launched on January 26 and led by BNP Paribas, Calyon, ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 17,784.21 75 7.14%
2 Barclays 14,324.58 54 5.75%
3 JPMorgan 13,665.52 61 5.49%
4 Deutsche Bank 13,421.96 54 5.39%
5 Goldman Sachs 12,418.02 52 4.99%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 4,045.97 15 8.02%
2 Citi 3,792.90 15 7.52%
3 Deutsche Bank 3,350.30 14 6.64%
4 Barclays 3,308.76 11 6.56%
5 Credit Agricole CIB 3,046.24 15 6.04%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 397.10 3 12.77%
2 JPMorgan 300.50 3 9.66%
3 Deutsche Bank 200.50 2 6.45%
4 Credit Agricole CIB 193.60 2 6.22%
5 UBS 187.50 2 6.03%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,219.24 22 10.20%
2 JPMorgan 2,544.70 20 8.06%
3 Credit Suisse 2,364.95 15 7.49%
4 Goldman Sachs 2,331.78 17 7.39%
5 Barclays 2,307.33 19 7.31%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Barclays 4,228.88 14 6.60%
2 Citi 4,092.60 11 6.39%
3 SG Corporate & Investment Banking 3,771.05 15 5.89%
4 Deutsche Bank 3,663.73 11 5.72%
5 Bank of America Merrill Lynch 3,179.12 11 4.96%