Top stories

  • Volvo returns to euro public bonds after four years

    Volvo, the Swedish lorry maker, took advantage on Friday of recent upgrades to both its ratings by issuing its first public euro bond since 2014. The decision seemed to pay off: the deal was six times covered, and priced close to or even through fair value.

    • 17 May 2019
  • Eager investors shrug off macro fears, gulp Acea, FCA, Northern

    Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.

    • 16 May 2019
  • Vesteda green debut comes 5bp under curve as UK funds lead €3bn book

    Vesteda, the Dutch housing company, proved there was plenty of hunger for green bonds on Thursday, when its first issue of the kind, a €500m no-grow eight year, hoovered up orders to finish six times oversubscribed.

    • 16 May 2019
  • Russian Railways green bond orders top €1.4bn

    Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.

    • 16 May 2019
  • Thomas Cook bonds collapse on new senior loan, huge writedown

    Thomas Cook bonds traded down more than 12 points on Thursday in heavy volume, as the UK holidays group announced a new first-ranking loan for the winter season, a big goodwill writedown that took its pre-tax loss to £1.4bn, and a big drawdown on its revolving credit facility.

    • 16 May 2019
  • Berry moulds all-dollar bond for RPC buy

    Berry Global, the US plastic packaging maker, will raise bonds to finance its purchase of UK plastics maker RPC Group, it said on Wednesday. The debt raising will feature $3bn of senior secured notes in two tranches. This marks the end of leveraged finance bankers' hopes that the auction of RPC would deliver substantial new money supply to the European market.

    • 16 May 2019
  • Ceske Drahy ends three year bond market absence

    Ceske Drahy, the Czech national railway company, hit screens on Thursday announcing a euro benchmark, returning to the bond market for the first time in three years.

    • 16 May 2019
  • Fidelity prefers Europe for bulk of M&A deal

    Fidelity National Information Services (FIS), the US financial software company, honoured Europe’s bond markets this week with the lion’s share of the debt financing for its takeover of Worldpay, the payments group that began as part of Royal Bank of Scotland, for an enterprise value of $43bn.

    • 16 May 2019
  • KKR pulls off euro debut at small NIP

    KKR, the US private equity firm, issued its first euro bond on a crowded day on Wednesday, competing with four other issuers, but that did not stop it achieving attractive execution.

    • 16 May 2019
  • Dollar market pauses, then decides not to fret about Trump

    The dollar corporate bond market showed its resilience this week as issuance rebounded, despite the US-China trade turmoil. “Trump, Trump, Trump,” was how one syndicate manager explained the reasons for the return of volatility as high grade credit markets see-sawed with the President’s mood swings.

    • 16 May 2019
  • MAF CEO says green format helped pricing

    Majid Al Futtaim (MAF) brought the world’s first benchmark green corporate sukuk to market last week. Chief executive Alain Bejjani said the format had helped the leads price the deal tighter and that they would return to the green market.

    • 16 May 2019
  • Rash of corporate bonds including Philips, Enel win tight pricing

    A flurry of corporate bonds came to the European market on Wednesday, and all found strong receptions, suggesting that demand for investment grade credit remains unabated by the rumblings of US-China trade war and President Trump's aggressive noises against Iran.

    • 15 May 2019
  • BNP hires new chief US credit strategist

    BNP Paribas on Wednesday announced that it has hired a new US chief credit strategist.

    • 15 May 2019
  • Russian Railways fixes maturity for green bond debut

    Russian Railways has told investors that it is focusing on an eight year tenor for its euro green bond, with pricing for the benchmark expected "as early as tomorrow." The deal will be the first international green bond from the country.

    • 15 May 2019
  • Investment grade back on track but levfin feels bumps from Trump

    The looming US-China trade war is stalking European corporate credit markets, though it has not yet made a full-on assault on confidence. Investment grade bond players blamed a quiet start to the week on it, and it seems now to be finally being noticed in high yield land, where opportunistic issues have dried up.

    • 15 May 2019
  • Trade war and Fidelity nudge out corporate issuance

    Trade war concerns and US title insurer Fidelity National Information Service’s eight tranche €6.44bn equivalent deal crowded out issuers from the corporate euro investment grade market on Tuesday, bankers and investors said. But several are hopeful that deal flow could pick up later in the week.

    • 14 May 2019
  • NLMK roadshows as Russian window stays open

    Novolipetsk Steel (NLMK), a Russian steelmaker, is embarking on a roadshow to market a dollar benchmark bond with a five to seven year maturity as issuers and investors brush off the risks of further US sanctions on the country.

    • 14 May 2019
  • Loans, bonds and the line between them

    Thanks to a lawsuit in the US, the question of whether leveraged loans are securities or not appears to be on the table. The challenge points to a gap in the regulation of modern capital markets that needs filling in.

    • 14 May 2019
  • KoRail travels to Switzerland for bond deal

    Korea Railroad Corp turned west on Monday, marketing a six year bond to Swiss investors.

    • 14 May 2019
  • Verisure prints drive-by tap

    Hellman & Friedman portfolio company Verisure announced a tap of its €300m 2023s on Monday morning, adding an extra €200m to the issue to pay back its revolver.

    • 13 May 2019
  • Kames hires head of high yield

    Kames Capital has appointed Thomas Hanson as head of high yield fixed income and Eleanor Price as a high yield analyst.

    • 13 May 2019
  • Baxter picks euros again after long bond gap

    Baxter International, the US medical equipment company, chose the euro market on Friday for its first bond issue of any kind for two years. The €1.5bn deal followed another euro issue in 2017. Not since 2016 has Baxter issued in dollars.

    • 13 May 2019
  • High times in high yield

    A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

    • 10 May 2019
  • KKR, Philips and Vesteda hope euro funds hold their nerve

    The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, was tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test came on Thursday, as five companies finished roadshows and issued. So far the signs are very encouraging - good news for the clutch of companies still on the road.

    • 09 May 2019
  • Bristol-Myers wins bragging rights over IBM

    The US corporate bond market caught fire this week, as two huge M&A financings - $19bn for Bristol-Myers Squibb and $20bn for IBM - were priced on successive days, and met contrasting fortunes.

    • 09 May 2019
  • Ørsted wows green and inflation investors with windfarm bond

    Ørsted, the Danish energy company formerly known as Dong, which is transitioning from oil and gas to renewable energy, launched a highly successful bond issue on Thursday that was the biggest ever sterling green bond, at £900m, and included the biggest fully syndicated note linked to the consumer price index (CPI).

    • 09 May 2019
  • Learning Curve: An index — the cure for Sonia calculation headaches

    As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.

    • 09 May 2019
  • Corporate bond investors ignore trade fears to gobble deal binge

    European corporate bond investors showed they were hungry for paper on Thursday, despite the gloom infecting equity markets this week about the prospect of a restart to the China-US trade war. A flurry of issuers came to the market, hot from roadshows, and got plenty of over-subscription while slashing their spreads by 20bp to 30bp.

    • 09 May 2019
  • Gold Fields prints as SA goes to the polls

    Gold Fields, a South Africa-headquartered mining company, sold its $1bn dual tranche bond on Wednesday at a spread that looked historically tight to comparable issuer, AngloGold. It attracted $3bn of orders despite national elections on the same day.

    • 09 May 2019
  • French bid to widen EU green Taxonomy received well

    The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.

    • 09 May 2019
  • Phalanx of companies ready to issue in softer market

    The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, will be tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test could come on Thursday, since a handful of issuers finished roadshows on Wednesday.

    • 08 May 2019
  • Co-op bond works well as high yield, green angle incidental

    The Co-operative Group, the UK food retailer and provider of funeral, legal and insurance services, launched its first sustainable bond on Wednesday and achieved impressive demand. But that had little to do with its ethical characteristics.

    • 08 May 2019
  • Santander’s head of continental European PP origination departs

    Santander’s head of continental European private placement origination has left the bank after nearly 13 years with the firm, but only the last five months in that role.

    • 08 May 2019
  • Russian Railways to join EM green bond train

    Russian Railways is embarking on a roadshow to market its first green bond, which DCM bankers say is the first international green bond from the country. It it entering the market despite a round of US sanctions seeming to be on the way.

    • 08 May 2019
  • High yield issuers not bothered by chill in the air

    Softness in risk asset markets has not choked off the flow of new high yield issues in Europe, though there are no investment grade new issues on Wednesday, a French holiday. Virgin Media is holding investor calls today for a new $825m and £300m senior secured issue, rated Ba3/BB-/BB+.

    • 08 May 2019
  • MAF prints green sukuk with zero NIP

    Majid Al Futtaim (MAF), a shopping mall developer based in the Middle East, sold a 10 year green sukuk on Tuesday flat to its outstanding curve.

    • 08 May 2019
  • Co-op’s triply rare green bond for Fairtrade goods

    The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.

    • 07 May 2019
  • Carrefour takes lion's share, SBB gets by

    After a couple of slow weeks for corporate bond issuance in Europe, the pace quickened somewhat on Tuesday, with two €500m no-grow issues. One was from a familiar name - Carrefour, the French supermarket chain - the other from a new one, Samhällsbyggnadsbolaget i Norden, a Swedish residential property company founded only in 2016.

    • 07 May 2019


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Comment

  • Loans, bonds and the line between them

    Thanks to a lawsuit in the US, the question of whether leveraged loans are securities or not appears to be on the table. The challenge points to a gap in the regulation of modern capital markets that needs filling in.

    • 14 May 2019
  • Activists hold key to Europe’s M&A fortunes

    Banks face big decisions over client selection and positioning as Europe’s M&A boom falters, writes David Rothnie

    • 09 May 2019
  • EM bond strategy is fight not flight

    A decade ago any threat of volatility anywhere within the CEEMEA bond markets would shut them down. Not anymore. Nowadays scares barely even shut those parts of the market that they most affect, as this week’s bumper bond crop shows.

    • 09 May 2019
  • It’s time for Asian issuers to remember euro bonds

    With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency.

    • 07 May 2019
  • Recession, what recession?

    Dismal European growth has weighed on rates, forcing buyers down the curve in search of yield and spread. A sharp turnaround feels distant, but a stabilisation has already materialised and investors that piled into long-dated bonds may come to regret it.

    • 02 May 2019

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 53,309.01 260 5.44%
2 JPMorgan 52,801.34 266 5.39%
3 Bank of America Merrill Lynch 49,055.75 248 5.01%
4 Barclays 46,218.62 191 4.72%
5 Deutsche Bank 38,030.40 188 3.88%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,829.57 39 5.56%
2 SG Corporate & Investment Banking 9,247.20 39 5.23%
3 BNP Paribas 8,968.95 50 5.07%
4 Barclays 8,821.97 38 4.99%
5 Deutsche Bank 8,284.69 47 4.68%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 53,309.01 260 5.44%
2 JPMorgan 52,801.34 266 5.39%
3 Bank of America Merrill Lynch 49,055.75 248 5.01%
4 Barclays 46,218.62 191 4.72%
5 Deutsche Bank 38,030.40 188 3.88%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,811.36 35 9.04%
2 Deutsche Bank 9,981.06 50 6.53%
3 SG Corporate & Investment Banking 9,691.46 38 6.34%
4 BNP Paribas 9,682.74 53 6.34%
5 Citi 9,642.83 43 6.31%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,271.07 14 7.96%
2 JPMorgan 2,260.62 16 7.93%
3 BNP Paribas 2,167.79 20 7.60%
4 Citi 1,935.99 15 6.79%
5 Goldman Sachs 1,890.62 15 6.63%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,355.10 94 10.25%
2 Citi 11,234.36 86 9.32%
3 Goldman Sachs 8,483.82 60 7.04%
4 Bank of America Merrill Lynch 8,389.21 68 6.96%
5 Morgan Stanley 7,524.77 55 6.24%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,829.57 39 5.56%
2 SG Corporate & Investment Banking 9,247.20 39 5.23%
3 BNP Paribas 8,968.95 50 5.07%
4 Barclays 8,821.97 38 4.99%
5 Deutsche Bank 8,284.69 47 4.68%