Top story
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VW ends the year with a bang
After Volkswagen printed the biggest trade in its history the previous week, the company’s International Finance arm sold a six tranche dual-currency deal on Monday. In total, the company raised more than €14bn equivalent in a week.
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SIX calls for registration before launch of Deal Pool
The Swiss Exchange (SIX) is calling on Swiss franc bond investors to register on Deal Pool, a new digital platform due to launch in the next few weeks.
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Volkswagen leads borrowing blitz in US after mid-terms
Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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BMW Finance maintains speed for quarterly return
BMW Finance found no reduction in the demand for its paper, despite its new issue on Thursday being its fourth dual-tranche deal of the year. The company has sold at least €1.75bn during each previous quarter of 2018, and it hit that mark again with its shortest combination of tenors.
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No wrinkles for Allergan as it returns with euro treble
American pharmaceutical company Allergan, best known for its cosmetic drug Botox, returned to Europe on Thursday for a new three tranche corporate bond deal. The €1.7bn transaction fell short of the company’s debut €2.7bn deal, but was a filip for a market that had been silent the previous day due to the US mid-term elections.
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Confusing data picture in the euro HY market
In the high yield bond market, borrowers have returned after a couple of weeks with almost no issuance because of mounting worries over covenant quality. But investors are giving these deals such differing receptions that this week’s picture is hard to read, said market participants.
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Daimler and Temenos return to Swiss francs
Daimler International Finance returned to the Swiss franc bond market on Wednesday, selling Sfr400m worth of four and seven year bonds.
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Investors find comfort with InterContinental’s euro debut
UK hotel group InterContinental’s debut euro deal was the smallest of three new corporate bond deals on Thursday after Wednesday saw no new issuance. While Allergan and BMW sold multi-tranche deals, IHG’s deal had been well flagged and still received due attention from investors.
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Dudgeon restores sterling market confidence
TC Dudgeon Ofto — the owner of the transmission lines from the North Sea Dudgeon Offshore Wind Farm — restored investors’ confidence in the sterling corporate bond market on Tuesday. It was notable, as it was a fundamentally green issuer selling bonds without green bond labels.
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Logicor breaks real estate records with €1.8bn debut deal
On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company 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.
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Comment
Comment
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Talk of Brexit deal for City is wide of the mark
There has been feverish talk over the past few days that the UK and European Union are close to agreeing a deal to determine the future of the continent’s financial services industry, but that talk is premature: real negotiations likely haven’t even started yet.
Latest people & markets news
All Corporate Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 118,085.91 | 526 | 6.01% |
| 2 | Bank of America Merrill Lynch | 116,452.88 | 500 | 5.92% |
| 3 | Citi | 95,224.41 | 500 | 4.84% |
| 4 | Barclays | 79,480.05 | 326 | 4.04% |
| 5 | Goldman Sachs | 78,962.08 | 310 | 4.02% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 28,041.31 | 115 | 6.25% |
| 2 | Barclays | 25,736.30 | 90 | 5.74% |
| 3 | BNP Paribas | 25,394.40 | 111 | 5.66% |
| 4 | JPMorgan | 25,259.22 | 83 | 5.63% |
| 5 | Citi | 24,204.97 | 95 | 5.39% |
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Bank Profiles
Latest news by market and league table performance
All Corporate Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 118,085.91 | 526 | 6.01% |
| 2 | Bank of America Merrill Lynch | 116,452.88 | 500 | 5.92% |
| 3 | Citi | 95,224.41 | 500 | 4.84% |
| 4 | Barclays | 79,480.05 | 326 | 4.04% |
| 5 | Goldman Sachs | 78,962.08 | 310 | 4.02% |
Bookrunners of Euro Denominated Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 25,490.13 | 116 | 8.72% |
| 2 | Deutsche Bank | 20,970.97 | 79 | 7.17% |
| 3 | SG Corporate & Investment Banking | 19,456.63 | 93 | 6.66% |
| 4 | HSBC | 16,015.57 | 89 | 5.48% |
| 5 | UniCredit | 15,628.90 | 72 | 5.35% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 5,260.19 | 41 | 7.67% |
| 2 | BNP Paribas | 4,918.81 | 57 | 7.17% |
| 3 | Deutsche Bank | 4,345.09 | 43 | 6.34% |
| 4 | JPMorgan | 3,806.54 | 43 | 5.55% |
| 5 | Credit Suisse | 3,757.05 | 40 | 5.48% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 20,123.74 | 153 | 10.30% |
| 2 | Goldman Sachs | 15,830.49 | 107 | 8.10% |
| 3 | Credit Suisse | 13,243.20 | 94 | 6.78% |
| 4 | Bank of America Merrill Lynch | 13,201.57 | 121 | 6.75% |
| 5 | Citi | 12,928.46 | 108 | 6.61% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 28,041.31 | 115 | 6.25% |
| 2 | Barclays | 25,736.30 | 90 | 5.74% |
| 3 | BNP Paribas | 25,394.40 | 111 | 5.66% |
| 4 | JPMorgan | 25,259.22 | 83 | 5.63% |
| 5 | Citi | 24,204.97 | 95 | 5.39% |
