Weekly Supply & Flows Update

  • 23 Sep 2001
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In the week following the attack on the World Trade Center and the Pentagon, the SEC relaxed rules allowing companies to buy back their equity. As a result, most of the capital markets activity has been short-dated debt by higher-rated entities looking to take advantage of the massive steepening of the yield curve to fund stock buybacks. First out of the shoots was a two-tranche bought deal from A2/A Disney. The 2-year and 3-year offerings (each $500 million) priced with eye-catching coupons of 3.9% and 4.5%, respectively. GE Capital also came to market with a $2 billion 1-year floater. We expect to see this trend continue near-term. Overall, the average weighted maturity of debt issued was under 5 years for the first time this year and weighted average credit quality remained at AA/AA-.

For additional information, please visit www.CreditSights.com or call 212-340-3840 to speak to a CreditSights representative.

  • 23 Sep 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 28,736.25 82 9.49%
2 JPMorgan 26,609.28 77 8.79%
3 Barclays 19,197.35 50 6.34%
4 HSBC 18,884.90 60 6.24%
5 BNP Paribas 18,849.94 38 6.23%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 5.00 1 100.00%
Subtotal 5.00 1 100.00%
Total 5.00 1 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 114.77 1 17.50%
1 BNP Paribas 114.77 1 17.50%
3 Commerzbank Group 65.85 2 10.04%
4 Oakley Advisory Ltd 64.52 1 9.84%
4 Barclays 64.52 1 9.84%