Unrated National Express impresses with debut bond

National Express Group reaped an impressive oversubscription for a £350m seven year deal on Thursday, which marked the unrated UK transport company’s first appearance in the bond market. The borrower, which bankers consider an implied triple B minus credit, attracted an order book of £1.8bn.

  • 08 Jan 2010
The deal emerged well inside the pricing levels many syndicate bankers first thought National Express could achieve when it embarked on a roadshow in late December. After a week of positive secondary market performance, the issue was priced at 280bp over Gilts — the tight end of guidance. "Without ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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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 %
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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 %
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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 %
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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 %
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  • 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%