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  • Market players back triple-C pipeline, despite BMC pull

    Bankers and investors in the European high yield market are sounding a message of confidence to potential issuers of bonds with triple-C ratings, after BMC cancelled one such deal last week.

    • 12 Dec 2017
  • Milan’s Inter Media may score last HY debut of the year

    Inter Media and Communication, the operator of FC Milan’s broadcast and sponsorship business, was out with its first high yield bond offering on Monday. Debutants have increased their presence in the market since June.

    • 11 Dec 2017
  • French and German supply keeps market strong to the end

    After a slow first two days of the week, some participants were calling the end of a successful 2017 for corporate bond issuance. However five new deals were priced in the next two days as French and German issuers in particular benefited from investor desire to keep buying.

    • 07 Dec 2017
  • Investors embrace last-gasp dollar dash

    Investors have given a festive welcome to issuers looking to wrap up their funding plans ahead of November’s jobs report and the final US Federal Reserve meeting of 2017.

    • 07 Dec 2017
  • Toyota becomes latest issuer to return to Eurodollars

    A number of bond traders will do well to remember the last time the Eurodollar market was deemed to be hot. But with four deals in in as many weeks, traders under 30 are having to learn about this market again. This week it was the turn of Toyota to rejoin a market it once frequently used.

    • 07 Dec 2017
  • VW Bank back with a bang

    Volkswagen Bank GmbH sold sold its first bond for more than three years this week. The banking services subsidiary of German car manufacturer Volkswagen printed a €2bn triple-tranche deal on Wednesday.

    • 07 Dec 2017
  • Growthpoint shelves deal, adds to SA woes

    South African property investment company Growthpoint postponed a euro denominated five year note on Wednesday suggesting that even high quality credits from the country will struggle to do deals as investors turn increasingly negative on it.

    • 07 Dec 2017
  • Steinhoff woe brings angst to 100 lenders in its Schuldschein

    The Austrian subsidiary of Steinhoff issued roughly €650m of Schuldscheine in July 2015 — and, as its shares plunged on Wednesday, over 100 Schuldschein lenders were stuck with little ability to sell the debt. With no majority voting allowed in the Schuldschein market, some question whether the product's lean documentation can cope in headier times.

    • 07 Dec 2017
  • OMV hits record size as corporate demand stays strong

    Austrian oil and gas company OMV discovered on Thursday that investors are far from finished with the investment grade corporate bond market in 2017. The strength of demand for its new nine year deal resulted in the company printing its largest ever bond.

    • 07 Dec 2017
  • Perstorp prints high yield subs with rare 10% coupon

    Euro high yield bond buyers caught sight of a rare two digit coupon this week. Perstorp, the Swedish speciality chemicals group, priced its subordinated note with a 10% coupon.

    • 07 Dec 2017
  • CK Infrastructure finally follows its investments

    Hong Kong-based infrastructure company CK Infrastructure sold its first euro corporate bond issue on Tuesday, despite having owned a variety of utilities and infrastructure companies across Europe for more than seven years. The response was solid if not overwhelming.

    • 05 Dec 2017
  • China General Nuclear fires up conventional/green combo

    China General Nuclear Power Corp (CGNPC) raised around $1.5bn from a dual currency, triple-tranche transaction on Monday, which included a green bond. The issuer’s ambition to raise funds at the long end of the curve meant it offered a juicy pick-up on the five-to-10 year dollar curve compared to other A-rated state-owned names.

    • 05 Dec 2017
  • Picard out with big refi as lower rated issuers dominate HY

    The euro high yield pipeline unveiled a battery of deals this week, six of them with ratings below double-B. The largest came from French frozen food retailer Picard Surgelés, which will refinance over €1bn of existing debt and pay a dividend to its private equity sponsors.

    • 07 Dec 2017
  • EPPF’s first issue a ‘revolution’ for DCM

    The European Private Placement Facility (EPPF) has completed its first bond issue, which those involved say is the start of a “revolution” in debt capital markets.

    • 04 Dec 2017
  • Celanese makes solo run with sub-benchmark

    Friday’s sharp turnaround in US sentiment left some European corporate bond players unsure as to how their market might open on Monday. But the tone turned out to be positive and US chemicals company Celanese Corp was ready to take advantage.

    • 04 Dec 2017
  • Oxford sets new star in sterling firmament with £750m 100 year

    The sterling bond market was stretched in new directions on Friday when the University of Oxford issued its first bond. It chose a 100 year maturity, much longer than the longest Gilt, and at Aaa is rated higher than the UK government.

    • 01 Dec 2017
  • Tank & Rast pulls in €600m of Roadster funding

    German service station operator Tank & Rast used its Roadster Finance entity to sell a dual tranche secured corporate bond on Friday. The deal raised €600m to help refinance a secured loan.

    • 01 Dec 2017
  • Dollar market set for quiet run-in after record year

    Bankers are calling for a quieter December after the dollar market smashed the all-time issuance record with more than a month to spare as borrowers front-loaded to make way for a jumbo offering from Chinese e-commerce giant Alibaba.

    • 30 Nov 2017
  • Italian railway operator steams into green bonds

    Italian state-owned railway operator Ferrovie dello Stato Italiane sold its first green bond on Thursday.

    • 30 Nov 2017
  • Johnson Controls taps into year end defensive play

    Irish headquartered US energy technology company Johnson Controls sold the shortest corporate bond deal of the week on Tuesday, tapping into the pool of investor money looking for a safe option into the end of the year.

    • 30 Nov 2017
  • Telefonica hits Spanish hybrid sweetspot

    On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.

    • 30 Nov 2017
  • Bulgarian Eurohold pulls off €70m rollover bond

    Bulgarian insurer Eurohold sold a €70m five year bond on Thursday, rolling many investors from an old bond into this new one.

    • 30 Nov 2017
  • Nestlé issues short sterling while BMW returns to Eurodollar

    Swiss food and drinks company Nestlé tapped a fourth currency market in three months on Tuesday when it printed a £500m 3.5 year bond ahead of a sterling redemption.

    • 28 Nov 2017
  • Curve on display in euro IG market as investors opt for shorts

    The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.

    • 28 Nov 2017
  • Severn Trent extends stream of sterling

    UK water utility Severn Trent sold a £250m five year corporate bond on Monday, building upon the positive tone in the sterling market from the previous week.

    • 27 Nov 2017
  • Action! Pinewood Studios debuts

    Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.

    • 27 Nov 2017
  • Ford floats into euros as Prosegur Cash secures debut deal

    Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.

    • 27 Nov 2017
  • Borrowers frontload ahead of Thanksgiving

    The high-grade US bond market is set for a much-needed breather over the Thanksgiving holiday as deal indigestion makes way for Turkey-induced dyspepsia.

    • 23 Nov 2017
  • IG property deals still finding large demand

    Property has been one of the most favoured sectors in the corporate bond market in 2017 and this week saw three more deals. Germany’s TLG Immobilien and Spain’s Inmobiliaria Colonial added €1.2bn to the year’s supply in euros, while UK student accommodation provider Liberty Living sold a £500m ($665.3m) deal.

    • 23 Nov 2017
  • McDonald’s serves skinny premiums

    American fast food chain operator McDonald’s on Tuesday sold the sixth reverse Yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.

    • 23 Nov 2017
  • HIT pays for ratings doubts

    French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.

    • 23 Nov 2017
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Comment

  • Asian green bonds: more catching up needed

    Asia’s green financing market has made great strides since issuance started to pick up two years ago, with 2017 seeing more regulators and issuers giving the asset class a push. But for all its impressive feats, the region’s green market is yet to come of age.

    • 12 Dec 2017
  • Steinhoff a disaster for South Africa

    Investors may be quick to pass off Steinhoff’s collapse as an idiosyncratic corporate event, but the fall of one of South Africa’s biggest companies is a severe blow to a country struggling to cling on to its image.

    • 07 Dec 2017
  • Everyone is incentivised to fix corporate bond liquidity

    A European Commission study has confirmed what every corporate bond market participant already knew was true — the market has a liquidity problem. Everyone is responsible, the EC says, but no one has any incentive to fix the problem. They need to pull together to improve liquidity while there is time.

    • 28 Nov 2017
  • Plenty of shopping days left till Christmas

    Once US Thanksgiving has passed, investment grade corporate bond bankers normally look to execute their last deals of the year before spending their days deciding what to buy their nearest and dearest for Christmas.

    • 23 Nov 2017

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 173,957.50 760 7.17%
2 Bank of America Merrill Lynch 154,418.14 713 6.36%
3 Citi 136,997.26 734 5.65%
4 Goldman Sachs 109,713.42 475 4.52%
5 Barclays 106,206.79 488 4.38%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 28,102.94 134 6.35%
2 Deutsche Bank 28,087.32 104 6.34%
3 BNP Paribas 27,948.80 144 6.31%
4 HSBC 25,944.81 127 5.86%
5 Citi 23,312.66 103 5.26%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 173,957.50 760 7.17%
2 Bank of America Merrill Lynch 154,418.14 713 6.36%
3 Citi 136,997.26 734 5.65%
4 Goldman Sachs 109,713.42 475 4.52%
5 Barclays 106,206.79 488 4.38%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,965.54 145 8.65%
2 Barclays 25,510.29 106 7.36%
3 Deutsche Bank 24,247.02 105 7.00%
4 SG Corporate & Investment Banking 21,192.48 112 6.12%
5 HSBC 19,467.45 94 5.62%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,469.76 69 4.02%
2 Goldman Sachs 7,816.84 63 3.71%
3 Credit Suisse 6,908.88 70 3.28%
4 Deutsche Bank 6,384.59 62 3.03%
5 BNP Paribas 5,941.97 66 2.82%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 37,132.38 289 10.79%
2 Citi 28,905.88 231 8.40%
3 Bank of America Merrill Lynch 28,820.93 250 8.37%
4 Goldman Sachs 24,953.24 183 7.25%
5 Barclays 23,023.01 153 6.69%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 28,102.94 134 6.35%
2 Deutsche Bank 28,087.32 104 6.34%
3 BNP Paribas 27,948.80 144 6.31%
4 HSBC 25,944.81 127 5.86%
5 Citi 23,312.66 103 5.26%