Top story
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Double-A rated Japanese pair could be set to go head to head
Japanese issuers are not frequently seen in the European corporate bond markets, but this week could have two companies going head to head with benchmark euro transactions. Japan Tobacco will sell its first new issues in Europe, while Toyota is better known to investors on the continent.
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DP World guides for quadruple trancher
Dubai headquartered ports authority DP World is guiding the market for a 10 year dollar sukuk, a 30 year 144A/Reg S dollar bond, an eight year 144A/Reg S euro bond and a 12 year sterling bond.
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Honeywell’s spin-off Garrett runs bonds in jumbo week for HY
Garret Motion began to market the euro bond funding for its separation from Honeywell this week, as high yield investors close on some of the largest deals seen so far this year.
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No fear for Vier Gas with 10 year
Germany’s largest gas transmission system operator Vier Gas wasted no time in launching the €500m 10 year corporate bond deal it had marketed to investors the previous week. The demand it received justified that move.
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New name no problem for Covivio
The name Covivio Hotels is new to the corporate bond markets, however the company behind the brand is not. Formerly known as Foncière des Murs, the hotel investment company sold its first bonds under its new name on Monday.
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EM pipeline thronged with deals
Emerging markets are in full swing this week after last week's successful crop of deals. Five borrowers, mostly from the Middle East, are expected on screens for deals this week.
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Ipsos polls mixed response for debut public bond
French polling and market research firm Ipsos issued its first public corporate bond on Friday, following an investor update, but the responses the company received on the call were inconclusive.
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Corp credit liquidity in spotlight as ECB exits
The European Central Bank was confident enough in the state of the European economy to confirm on Thursday that it will cut its monthly bond purchases from €30bn to €15bn from October and that it still expects to close the programme at the end of 2018. While some credit traders welcome the move, others are worried that secondary market liquidity in corporate bonds is already starting to decline, writes Nigel Owen.
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Porsche Salzburg launches SSD with rare fixed and floating difference
Porsche Holding, the car distributor headquartered in Austria, launched a triple tranche Schuldschein on Thursday, which offered tighter margins for floating rate notes — a near novelty in the Schuldschein market, but a novelty that made sense to many market participants.
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AbbVie blows in after Yankee dollar splurge
New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.
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Intersnack banks on SSD flexibility with sterling tranche
German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.
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Saint Gobain receives €7bn of demand for €1bn dual-trancher
French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.
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EUROPEAN CORPORATE BOND PIPELINE
GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.
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CORPORATE BOND PRICED DEALS TABLE 2018
GlobalCapital's list of European corporate bond issues in euros and sterling, with links to stories about the deals.
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Comment
Comment
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10 things that changed in 10 years that had nothing to do with Lehman
Imagining capital markets and investment banking in 2018 without the global financial crisis is a big leap. The chaos and turmoil of 2008 deeply scarred traders, bankers and regulators and defined the intellectual imperatives for the changes that followed — the wholesale revamp of prudential and markets regulation, the bailouts, the reorganisations, the new monetary tools and new ways of seeing the world. But the past 10 years haven’t all been about the crisis.
Latest people & markets news
All Corporate Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 95,253.86 | 434 | 5.85% |
| 2 | Bank of America Merrill Lynch | 94,393.61 | 415 | 5.80% |
| 3 | Citi | 78,956.05 | 419 | 4.85% |
| 4 | Barclays | 68,899.09 | 269 | 4.23% |
| 5 | Goldman Sachs | 65,693.46 | 254 | 4.04% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 22,551.58 | 94 | 6.09% |
| 2 | HSBC | 21,483.83 | 91 | 5.80% |
| 3 | Barclays | 21,278.61 | 72 | 5.75% |
| 4 | Deutsche Bank | 20,213.08 | 82 | 5.46% |
| 5 | Citi | 19,733.56 | 80 | 5.33% |
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Latest news by market and league table performance
All Corporate Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 95,253.86 | 434 | 5.85% |
| 2 | Bank of America Merrill Lynch | 94,393.61 | 415 | 5.80% |
| 3 | Citi | 78,956.05 | 419 | 4.85% |
| 4 | Barclays | 68,899.09 | 269 | 4.23% |
| 5 | Goldman Sachs | 65,693.46 | 254 | 4.04% |
Bookrunners of Euro Denominated Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 21,423.94 | 96 | 8.95% |
| 2 | Deutsche Bank | 18,365.60 | 68 | 7.67% |
| 3 | SG Corporate & Investment Banking | 16,706.78 | 76 | 6.98% |
| 4 | UniCredit | 13,741.30 | 62 | 5.74% |
| 5 | Credit Agricole CIB | 11,502.58 | 55 | 4.80% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 4,034.08 | 48 | 7.15% |
| 2 | Deutsche Bank | 3,636.44 | 36 | 6.44% |
| 3 | Goldman Sachs | 3,623.05 | 30 | 6.42% |
| 4 | JPMorgan | 3,438.62 | 37 | 6.09% |
| 5 | Credit Suisse | 3,205.50 | 33 | 5.68% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 16,977.21 | 134 | 10.01% |
| 2 | Credit Suisse | 12,625.91 | 87 | 7.45% |
| 3 | Citi | 11,806.35 | 100 | 6.96% |
| 4 | Goldman Sachs | 11,663.33 | 87 | 6.88% |
| 5 | Bank of America Merrill Lynch | 11,499.82 | 106 | 6.78% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 22,551.58 | 94 | 6.09% |
| 2 | HSBC | 21,483.83 | 91 | 5.80% |
| 3 | Barclays | 21,278.61 | 72 | 5.75% |
| 4 | Deutsche Bank | 20,213.08 | 82 | 5.46% |
| 5 | Citi | 19,733.56 | 80 | 5.33% |
