Corporate Supply & Flows (MARCH 26)

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  • 31 Mar 2003
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WEEKLY UPDATE

As expected, the commencement of military action has dimmed the pace of activity in the primary market and last week generated the lowest volumes all year. There was just $4 billion of investment-grade issuance over the week and this was notably more biased toward the upper rating categories than we have seen in recent weeks. However, the high yield sector was not shut out and $1.3 billion of junk deals were in the market as well as several convertible issues. Overall, March has seen a better than anticipated performance from the corporate sector. The market has absorbed $44 billion in new supply during the most heightened period of war-related uncertainty and significant volatility in both the equity and treasury markets. Yet against this backdrop spreads have remained stable. Investment grade spreads are five basis points tighter than at the start of the month and high-yield spreads have ground in by 55 basis points.

Analysis by CreditSights, Inc., an independent online credit research platform. Call (212) 340-3888 or visit www.CreditSights.com for more information.

  • 31 Mar 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 29,333.03 101 7.94%
2 JPMorgan 27,208.83 91 7.37%
3 Barclays 23,714.00 55 6.42%
4 Bank of America Merrill Lynch 20,332.10 65 5.50%
5 Goldman Sachs 20,005.21 49 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Mizuho 299.85 1 21.73%
1 ING 299.85 1 21.73%
1 Commerzbank Group 299.85 1 21.73%
1 BNP Paribas 299.85 1 21.73%
5 UBS 60.22 1 4.36%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 23.24%
2 Credit Suisse 1,301.65 4 18.82%
3 UBS 970.80 3 14.04%
4 BNP Paribas 522.35 4 7.55%
5 SG Corporate & Investment Banking 444.17 3 6.42%