Corporate Supply & Flows (OCTOBER 31)

  • 03 Nov 2002
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The primary market was more active this week across the full credit quality spectrum with $5.8 billion in investment-grade issuance and $1.5 billion in high-yield deals priced and hitting the marketplace. High-yield volumes received a boost from a deal done this week for Wynn Resorts as part of the financing arrangements for the planned La Reve Casino in Las Vegas. Also issuing was Dex Media East, the proceeds of which are going towards the purchase of the Eastern Directories (yellow pages) business divested earlier this year by Qwest. The triple-B sector also saw a range of deals and there was a notable pick-up in 30-year volume with close to $1.5 billion of long-end deals being launched during the week. Volatility in the Treasury market and the rise in 30-year yields above 5% may have encouraged issuers to lock-in levels while rates where still comparatively low and a dearth of recent 30-year corporate issuance had allowed for some degree of pent-up demand.

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

  • 03 Nov 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,818.31 235 11.57%
2 Bank of America Merrill Lynch 66,338.04 186 9.50%
3 Wells Fargo Securities 56,344.19 164 8.07%
4 JPMorgan 53,381.65 156 7.64%
5 Credit Suisse 44,872.46 115 6.43%