Weekly Supply & Flows Update from CreditSights

  • 14 Apr 2002
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The market is clearly suffering from indigestion as it continues to absorb debt on pace to rival last year's record issuance. About $13.4 billion of investment grade debt hit the market in the week ended April 11, bringing the total issuance for the year to $188.7 billion or on-pace for another record year. The oil & gas and utility sectors were very active, with new deals priced for Apache ($400 million 10-years), Duquesne Light ($200 million 10-years), Kerr-McGee ($350 million 3-years), Valero ($750 million each of 10s and 30s and $300 million 5s) and Progress energy ($350 million 5s and $450 million 10s). Meanwhile, the disarray in the telecom sector is affecting even the better names in the sector. AT&T Wireless was forced to increase spreads 30-35 bp over to +300 bp for its $3 billion deal. It remains very much a split market, with untainted BBBs seeing strong demand on the back of economic recovery hopes and any credit with a hint of SEC or accounting troubles going begging.

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  • 14 Apr 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 118,624.20 342 12.90%
2 Bank of America Merrill Lynch 99,769.11 286 10.85%
3 Wells Fargo Securities 87,449.35 261 9.51%
4 JPMorgan 67,955.87 206 7.39%
5 Credit Suisse 50,788.13 152 5.52%