Top stories

  • Rampant demand as investors hoover up Schaeffler, Scentre, Glencore

    The European corporate bond market’s charmed life continued on Tuesday, as if the intensifying crisis of Brexit was just a dream. Two triple-B issuers and one single-A all found the same deep demand that has greeted every deal for the past few weeks.

    • 19 Mar 2019
  • Rabo hires for coverage of food, drink and farming

    Rabobank has appointed Thomas Levin as a senior coverage banker, joining from Mizuho.

    • 19 Mar 2019
  • Abertis ‘too good to be missed’ as corp bonds stay red hot

    Abertis Infraestructuras, the Spanish toll roads group, launched on Monday the four tranche bond issue it had roadshowed for last week, and found Europe’s corporate bond market as avid for paper as it has been for the last couple of weeks. That enabled it to achieve huge book sizes and at least one negative new issue premium.

    • 18 Mar 2019
  • Telstra cuts through curve as investors relish single-A credit

    Telstra, Australia’s national telecoms company, returned to one of its most important funding markets, euro bonds on Monday, with a smallish benchmark deal that joined the remarkable wave of deals achieving negative new issue premiums.

    • 18 Mar 2019
  • Deutsche’s misfiring CIB a crucial factor in Commerz merger plans

    Deutsche Bank has signalled its commitment to maintaining a “strong capital markets business” after admitting it has begun formal merger talks with smaller rival Commerzbank.

    • 18 Mar 2019
  • NIPs gnawed off as investors scrap for bonds

    New issue premiums have all but vanished from European bond markets, as well as the dollar market for supranationals, sovereigns and agencies, with borrower after borrower ramming pricing down to its curve — and in some cases, way through it. Everyone knows it will end at some point, but for now, investors are offering no resistance — in fact, they are chasing deals tighter. By Jon Hay, Burhan Khadbai, Mike Turner and Tyler Davies

    • 14 Mar 2019
  • Sanofi gets paid to borrow three year money

    The extraordinary conditions in Europe’s investment grade corporate bond market, in which three issuers in succession had printed multi-tranche bonds this week with no new issue premiums, produced a new bizarre result on Wednesday when Sanofi, one of the market’s tightest-trading issuers, took its turn.

    • 13 Mar 2019
  • Taxonomy law in doubt as countries drag feet, conservatives weaken text

    Both the nature and timing of the European Union’s planned Taxonomy of Sustainable Economic Activities are in doubt. Conservative members of the European Parliament this week voted down an ambitious draft of the bill, and some nation states appear reluctant to push the Taxonomy bill through to the statute book before the European elections in May, writes Jon Hay.

    • 14 Mar 2019
  • Rampant corporate bid continues through Brexit maelstrom with Marsh, Incommunities

    The exceptionally strong demand in Europe’s corporate bond market has remained unaffected by the turmoil in the UK’s Parliament, as MPs vote night after night on repeated motions that could determine the country’s future inside or outside Europe. On Thursday, two issuers attracted huge books: Marsh & McLennan Companies, the US insurance and investment services group making its debut in euros, and Incommunities Group, a Leeds-based housing association, in sterling.

    • 14 Mar 2019
  • Lufthansa launches online-only Schuldschein on VC Trade

    Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via online marketplace VC Trade. Participants are watching closely, to see whether investors will be persuaded to move into a digital world.

    • 14 Mar 2019
  • Daimler sells first Kangaroo of 2019

    Regular Kangaroo issuer Daimler came to the market on Thursday with its first Australian dollar issuance of 2019. Through its Australian entity, Mercedes-Benz Australia/Pacific, Daimler sold an A$150m ($106.2m) 2.5% March 2022 unsubordinated bond.

    • 14 Mar 2019
  • Deutsche Tel flattens NIP, then trades tighter

    Deutsche Telekom became the third blue chip company in a row to issue a multitranche bond with no new issue concession on Tuesday, after PepsiCo and McDonald’s had both pulled off the feat the day before.

    • 14 Mar 2019
  • Investors guzzle flat Pepsi and McD nuggets

    PepsiCo took one of its rare sips at the euro bond market on Monday, and was rewarded with two bonds, seen as priced flat to and through its curve.

    • 14 Mar 2019
  • Qatar blamed for soaking up foreign demand in dollars

    Dollar borrowers continued to enjoy decent spreads this week but syndicates complained of indigestion as foreign investors scuttled to the sidelines.

    • 14 Mar 2019
  • High yield investors thirsty for deals gulp Sappi and Faurecia

    European high yield investors are as eager to buy bonds as their investment grade counterparts — the difference is, while IG issuers have been pouring paper into the market, high yield has been in a drought. But that is at last starting to break.

    • 14 Mar 2019
  • Kosmos and PFF Arena line up rare deals

    Kosmos Energy on Thursday announced a new seven year Reg S/144A dollar bond, callable in 2022.

    • 14 Mar 2019
  • Investors force REC to pay up for bond waiver

    Investors have challenged REC’s proposed waiver to a change of control clause, forcing the borrower to pay up more to get the consent it needed.

    • 14 Mar 2019
  • Commercial banks tighten grip on international Schuldscheine

    Commercial banks have been flexing their muscles in the Schuldschein market, with three international deals being marketed without a Landesbank in sight.

    • 14 Mar 2019
  • Credit market sails close to Brexit rocks without a care

    Corporate debt markets are behaving as if Brexit didn’t exist. Issuers are swimming in demand that astonishes seasoned observers — and market participants, though they may be scratching their heads in puzzlement at the UK’s erratic career, are unanimous that business can go full steam ahead.

    • 13 Mar 2019
  • Cemex returns in euros

    Cemex is back in the bond market after a year and a half’s absence, opening books on a senior secured bond in euros.

    • 12 Mar 2019
  • Abertis and Schaeffler roadshow big triple-B deals

    Two multi-tranche triple-B euro bond offerings are on the way, from European countries, each with an unusual credit history. Abertis Infraestructuras is roadshowing all this week to refinance the bridge loan from its takeover by Atlantia and ACS, while Schaeffler is bringing its first bond as an investment grade issuer.

    • 11 Mar 2019



All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 29,905.36 142 5.76%
2 JPMorgan 29,298.88 144 5.65%
3 Barclays 28,947.43 106 5.58%
4 Bank of America Merrill Lynch 28,642.89 136 5.52%
5 Deutsche Bank 24,308.16 108 4.68%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,504.27 23 5.81%
2 JPMorgan 5,936.55 20 5.30%
3 SG Corporate & Investment Banking 5,755.14 21 5.14%
4 Citi 5,698.20 19 5.09%
5 Deutsche Bank 5,631.78 26 5.03%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 29,905.36 142 5.76%
2 JPMorgan 29,298.88 144 5.65%
3 Barclays 28,947.43 106 5.58%
4 Bank of America Merrill Lynch 28,642.89 136 5.52%
5 Deutsche Bank 24,308.16 108 4.68%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 10,296.75 23 10.68%
2 Bank of America Merrill Lynch 7,861.19 21 8.15%
3 Deutsche Bank 6,720.85 31 6.97%
4 SG Corporate & Investment Banking 6,134.64 22 6.36%
5 Santander 5,655.75 19 5.87%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 799.80 6 9.13%
2 Deutsche Bank 710.75 5 8.11%
3 JPMorgan 703.06 6 8.02%
4 BNP Paribas 554.64 4 6.33%
5 Goldman Sachs 489.41 4 5.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,171.24 46 11.03%
2 JPMorgan 6,006.43 44 9.24%
3 Bank of America Merrill Lynch 4,911.63 35 7.55%
4 Goldman Sachs 4,632.90 32 7.13%
5 Credit Suisse 4,261.07 28 6.55%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,504.27 23 5.81%
2 JPMorgan 5,936.55 20 5.30%
3 SG Corporate & Investment Banking 5,755.14 21 5.14%
4 Citi 5,698.20 19 5.09%
5 Deutsche Bank 5,631.78 26 5.03%