Top story
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Contour plugs into unabated HY refi stream
Power generation group Contour was in the euro high yield market on Tuesday with a two tranche double-B bond refinancing, with the firm looking to join a raft of other issuers that have refinanced despite spreads leaking wider this year.
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Investors focus on Bank of England as euro pipeline slows to a trickle
After a tough run for issuers, the euro corporate bond market appears to have headed for its summer holiday early this year. The sterling market, however, kept investors busy last week, and the Bank of England’s monetary policy committee meeting in August is being closely watched.
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Schuldschein arrangers vindicated as market bounces back and regains lost ground
The Schuldschein market is back to its active self with over 20 borrowers marketing deals. This is sweet vindication for Schuldschein arrangers, who’ve had to fend off the sceptics that felt the market fell from grace after Carillion and Steinhoff.
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Altice gains levfin redemption after winter fright
French telecoms firm Altice called on the high yield bond and leveraged loan markets with a €4bn cross-border refinancing deal this week, hoping that improved quarterly results would help investors shake off the apprehension they showed for the credit in March.
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Terna prises huge demand for green debut
Italian electricity network operator Terna sold its first green bond on Monday and was rewarded with an order book that was more than 5.5 times oversubscribed.
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Société d’Infrastructure Gazières issues largest Euro PP of 2018
Société d’Infrastructure Gazières, a holding company jointly owned by CNP Assurances and Caisse des Dépôts whose sole asset is a 24.91% minority stake in natural gas network GRTgaz, has issued a €586.4m Euro PP bond.
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Basis swap move provokes sterling action
The sterling corporate bond market has enjoyed its busiest two weeks of 2018 as a number of non-domestic funders decided the move in the cross currency basis swap to a five year high was too good to be ignored.
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Borrowers show up in HY mart as spreads cease widening
The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.
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Honda and Toyota accelerate dollar supply in slow week
Carmakers took advantage of a light calendar and an improving backdrop to reopen the dollar bond market after a week-long supply drought.
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Otto finds demand remains strong for unrated hybrid
Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.
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Aroundtown finds sterling route for all
German property company Aroundtown raised funding in a fifth different currency of 2018 on Wednesday, when it saw an opportunity to issue corporate bonds more cheaply in sterling than in euros.
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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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Comment
Comment
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UK Brexit plans for City are unpopular and unlikely
The UK government’s white paper on Brexit, presented as a way of moving negotiations forward with the EU, disappointed many in the UK financial services industry but the increasing likelihood of no Brexit deal at all, means that the disappointment doesn't matter — the proposals laid out in the white paper are little more than noise.
Latest people & markets news
All Corporate Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 75,347.35 | 359 | 5.93% |
| 2 | Bank of America Merrill Lynch | 74,239.03 | 342 | 5.84% |
| 3 | Citi | 61,954.56 | 351 | 4.87% |
| 4 | Barclays | 58,729.13 | 218 | 4.62% |
| 5 | Goldman Sachs | 50,207.03 | 203 | 3.95% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 18,928.06 | 77 | 6.44% |
| 2 | Barclays | 17,915.82 | 53 | 6.09% |
| 3 | HSBC | 17,859.84 | 77 | 6.07% |
| 4 | Citi | 15,926.05 | 64 | 5.42% |
| 5 | JPMorgan | 15,445.30 | 54 | 5.25% |
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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 | 75,347.35 | 359 | 5.93% |
| 2 | Bank of America Merrill Lynch | 74,239.03 | 342 | 5.84% |
| 3 | Citi | 61,954.56 | 351 | 4.87% |
| 4 | Barclays | 58,729.13 | 218 | 4.62% |
| 5 | Goldman Sachs | 50,207.03 | 203 | 3.95% |
Bookrunners of Euro Denominated Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 18,045.93 | 79 | 9.43% |
| 2 | SG Corporate & Investment Banking | 13,968.96 | 63 | 7.30% |
| 3 | Deutsche Bank | 12,777.94 | 56 | 6.67% |
| 4 | UniCredit | 10,968.94 | 48 | 5.73% |
| 5 | HSBC | 10,482.96 | 60 | 5.48% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 3,647.43 | 42 | 7.27% |
| 2 | JPMorgan | 3,279.22 | 34 | 6.53% |
| 3 | Deutsche Bank | 3,153.00 | 28 | 6.28% |
| 4 | Credit Suisse | 2,939.41 | 27 | 5.86% |
| 5 | Goldman Sachs | 2,892.87 | 27 | 5.76% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 13,575.71 | 111 | 9.62% |
| 2 | Citi | 10,815.50 | 91 | 7.67% |
| 3 | Goldman Sachs | 9,536.47 | 76 | 6.76% |
| 4 | Bank of America Merrill Lynch | 9,455.18 | 88 | 6.70% |
| 5 | Barclays | 9,449.01 | 71 | 6.70% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 18,928.06 | 77 | 6.44% |
| 2 | Barclays | 17,915.82 | 53 | 6.09% |
| 3 | HSBC | 17,859.84 | 77 | 6.07% |
| 4 | Citi | 15,926.05 | 64 | 5.42% |
| 5 | JPMorgan | 15,445.30 | 54 | 5.25% |
