Top stories
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Borrowers prefer no deal to bad deal
Corporate and FIG borrowers and buyers have largely given up on primary markets for 2018, having faced choppy conditions this week. But things are not likely to be much calmer when they return in January, meaning a chaotic scrap could ensue as borrowers jostle for the best slots to print deals. Jasper Cox and Nigel Owen report.
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Tritax Big Box signs debut US PP
Tritax Big Box, the London listed industrial real estate investment trust, has sold £400m worth of 10 and 12 year US private placement notes, during the Brexit whirlwind that caused sterling bond markets to falter.
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Dollar borrowers stand down as buyers shut up shop for year
At least three high-grade borrowers in the US bond market stood down on Thursday as supply windows snapped shut and scotched hopes of a final flurry of supply before year end.
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Corp defaults to rise, says Moody’s
Defaults among borrowers with speculative grade ratings are set to dive at the start of next year, but only for a while, Moody’s said in an outlook report for non-financial corporates this week.
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SAP sets new record for December deal with five trancher
German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.
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May’s Brexit deal closes sterling capital markets
The deal agreed by Theresa May, prime minister, for the UK's exit from the European Union has brought issuance of sterling bonds, equity and loans to a juddering halt, which could extend into 2019. Nigel Owen reports.
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OMV leaves plenty of demand for sub
Austrian oil and gas company OMV sold its first senior corporate bonds of 2018 on Monday after it attracted €3.9bn of demand for a pair of €500m notes with five year and 10 year tenors.
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Patience pays off as Stryker hits the target with range of tenors
US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick of tranches it was aiming for with an extra one added for good measure.
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BT leads charge as borrowers tough it out
Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.
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La Poste offers green gift before Deutsche Post makes second delivery
French postal operator La Poste saved the corporate bond market in Europe from registering a blank week when it sold its first green bond last Friday. On Wednesday, Deutsche Post followed its peer’s lead by announcing a deal with the same tenor.
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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.
all corporate bond league tables
Latest high grade news
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UniCredit: you get what you pay for
UniCredit paid a hefty price for hitting the market this week, but it will also stand to reap the rewards.
Latest people & markets news
All Corporate Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 125,350.32 | 549 | 5.93% |
| 2 | Bank of America Merrill Lynch | 122,750.63 | 519 | 5.81% |
| 3 | Citi | 101,738.87 | 533 | 4.81% |
| 4 | Barclays | 84,126.63 | 341 | 3.98% |
| 5 | Goldman Sachs | 83,290.95 | 322 | 3.94% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 28,288.85 | 117 | 5.99% |
| 2 | BNP Paribas | 27,457.09 | 117 | 5.81% |
| 3 | Barclays | 26,271.31 | 92 | 5.56% |
| 4 | JPMorgan | 26,099.31 | 90 | 5.52% |
| 5 | Deutsche Bank | 24,766.67 | 100 | 5.24% |
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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 | 125,350.32 | 549 | 5.93% |
| 2 | Bank of America Merrill Lynch | 122,750.63 | 519 | 5.81% |
| 3 | Citi | 101,738.87 | 533 | 4.81% |
| 4 | Barclays | 84,126.63 | 341 | 3.98% |
| 5 | Goldman Sachs | 83,290.95 | 322 | 3.94% |
Bookrunners of Euro Denominated Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 28,401.19 | 124 | 8.95% |
| 2 | Deutsche Bank | 22,113.09 | 83 | 6.97% |
| 3 | SG Corporate & Investment Banking | 20,911.95 | 99 | 6.59% |
| 4 | UniCredit | 17,032.03 | 79 | 5.37% |
| 5 | HSBC | 16,474.81 | 91 | 5.19% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 5,527.11 | 43 | 7.83% |
| 2 | BNP Paribas | 4,918.81 | 57 | 6.97% |
| 3 | Deutsche Bank | 4,372.15 | 44 | 6.19% |
| 4 | JPMorgan | 3,977.60 | 45 | 5.64% |
| 5 | Credit Suisse | 3,757.05 | 40 | 5.32% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 19,901.51 | 153 | 10.02% |
| 2 | Goldman Sachs | 14,830.49 | 106 | 7.47% |
| 3 | Credit Suisse | 13,745.94 | 98 | 6.92% |
| 4 | Bank of America Merrill Lynch | 13,267.41 | 122 | 6.68% |
| 5 | Morgan Stanley | 12,977.13 | 92 | 6.53% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 28,288.85 | 117 | 5.99% |
| 2 | BNP Paribas | 27,457.09 | 117 | 5.81% |
| 3 | Barclays | 26,271.31 | 92 | 5.56% |
| 4 | JPMorgan | 26,099.31 | 90 | 5.52% |
| 5 | Deutsche Bank | 24,766.67 | 100 | 5.24% |
