Top stories

  • IG bond bankers pin hopes on cheap credit as recession fears grow

    Secondary market spread may have widened in the corporate bond market, with an inversion in the US Treasury curve stoking recession fears. However investment grade bond bankers are confident investor appetite in the primary market is not facing existential threat.

    • 15 Aug 2019
  • Default risks accumulate in Brexit-plagued UK market

    UK corporate debt is at an all-time high as the risks posed by a traumatic departure from the EU in October peak. Default risk among UK industrials has deteriorated sharply in recent years while at the same time their EU counterparts have lowered their risk profile. Karoliina Liimatainen reports.

    • 15 Aug 2019
  • Details emerge on ZF blockbuster Schuldschein return

    ZF Friedrichshafen is targeting the end of August to launch its grand return to the Schuldschein market, according to people with knowledge of the situation. The German car parts maker’s €2.2bn issue in November 2014 is the biggest deal the market has ever seen but a bigger deal may be on the way.

    • 14 Aug 2019
  • HY market grapples with tough turnarounds

    With no major new issues in sight, the high yield bond market has been dominated by the news of troubled businesses struggling to come up with credible turnaround plans.

    • 14 Aug 2019
  • Brace for more Burford-style rows if QE ramps up

    Burford Capital, the litigation funder, is under pressure over how it accounts for an obscure type of asset and how it finances its business using debt. In many respects it is a unique case, but it is a debacle fuelled by quantitative easing. With more of that on the way, pushing investors into ever more esoteric asset classes in the quest for yield, there will be plenty more businesses under scrutiny.

    • 13 Aug 2019
  • Gewobag to close SSD with ‘well over €1bn’ bids

    German housing company Gewobag has closed a Schuldschein in the next few days with well over €1bn of orders, in a transaction that could be the largest of this year so far.

    • 13 Aug 2019
  • Thomas Cook nosedive on £150m recap news

    Thomas Cook's shares and bonds fell on Monday after the company disclosed that it is in talks to raise £150m of capital from its creditors and largest shareholder to keep trading over the winter period.

    • 12 Aug 2019
  • Lecta bonds wilt as it tries to secure support

    A Barcelona-headquartered paper company wants to focus on higher-margin specialist papers but it is floundering to find the money needed for a turn-around after the European Union delivered a blow that sent its bonds sliding.

    • 13 Aug 2019
  • Scandi taps flow again after summer break

    Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

    • 13 Aug 2019
  • Corporate bond market preps for negative rates test

    Syndicate bankers in Europe's investment grade corporate bond market are readying themselves a growing number of deals to pay negative yields this September. But how deeply negative and in what part of the curve is up for debate.

    • 12 Aug 2019
  • Burford bonds and shares in muddy water after short seller attack

    Burford Capital’s debt and equity securities rebounded on Thursday, after the firm rebutted claims from short seller Muddy Waters Research that it was "arguably insolvent". The episode brought some rare excitement to the sterling retail bond market, but is perhaps emblematic of its decline over the past few years. Meanwhile, investors appeared undecided over whether Muddy Waters’ claims about the litigation funder were correct.

    • 09 Aug 2019
  • Swissport trims notes, fattens up term loan as HY bond market turns murky

    Swissport, the world’s largest provider of cargo and airport ground services,has increased the loan portion of its debt raise at the expense of bonds amid a volatile August market.

    • 09 Aug 2019
  • IG bonds set for dry spell after latest volitility

    Another issuance dry spell looks likely for investment grade corporate bonds, with plummeting rates — and wider spreads — doing much to deter borrowers.

    • 08 Aug 2019
  • Next clears old lines in summer sale

    Next, the Baa2/BBB (negative) UK retailer broke a dry spell for corporate investment grade issuance on Wednesday when it sold £50m of bonds retained from a new issue done in April.

    • 07 Aug 2019
  • Risk costs snag Commerz as outlook worsens

    Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits.

    • 07 Aug 2019
  • Widening spreads make August IG issuance spree repeat unlikely

    Widening spreads in the investment grade corporate bond market are making the chance of a repeat of last year's heavy issuance in the first week of August look slim.

    • 06 Aug 2019
  • Sirius difficulties: miner “on knife-edge” as crucial bond offering postponed

    UK mining company Sirius Minerals delayed its $500m high yield bond on Tuesday,aiming to try again in September. The clock is ticking on the fertiliser mine project in the Yorkshire Moors. Sirius has until October 30 to entice investors or its whole financing package will collapse.

    • 06 Aug 2019
  • Prospect for new IG bonds bleak, despite Daimler splurge

    Investors hoping for new investment grade corporate bonds this week may be disappointed, as widening spreads and falling equities make the market less tempting for issuers.

    • 05 Aug 2019
  • Ferrari debuts in the US private placement market

    Luxury sports car company Ferrari has sold €300m of US private placement notes, according to an SEC filing on Friday. Its debut offering is one of only a handful of transactions from the auto sector to reach the market.

    • 05 Aug 2019
  • Tate & Lyle sells US PPs

    Ingredients group Tate & Lyle has priced a $200m US private placement, in order to refinance a sterling bond set to expire in November.

    • 05 Aug 2019


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  • Brace for more Burford-style rows if QE ramps up

    Burford Capital, the litigation funder, is under pressure over how it accounts for an obscure type of asset and how it finances its business using debt. In many respects it is a unique case, but it is a debacle fuelled by quantitative easing. With more of that on the way, pushing investors into ever more esoteric asset classes in the quest for yield, there will be plenty more businesses under scrutiny.

    • 13 Aug 2019
  • Latest sanctions do little to block Russia from bond market

    Russia was slapped with sanctions this week that stop US financial institutions from participating in primary issuance from the sovereign. So far, so terrifying as – eek!— Russia’s main artery of finance has been cut. Only it hasn’t been, not really. Don’t be too surprised if the Russia sovereign comes out soon with an international bond to prove it.

    • 06 Aug 2019
  • Blinded by the white knights?

    There is a limit to what central banks can do to stop people in capital markets from reacting to their fears.

    • 08 Aug 2019
  • Green deals will have the greatest impact on the Schuldschein market this year

    Green Schuldscheine have been a peripheral feature of the market for the past three years but this seems to be changing, with a billion plus transaction from Porsche and a sustainability linked note from Durr stirring investors into a frenzy. This green turn could have more of an impact for short term market growth than the odd non-European borrower tapping the market.

    • 06 Aug 2019
  • Sell junk while you can

    Riskier credits are missing their window to print bonds. Rates are plumbing ever lower and investors are forced to seek out yield ever further along the credit spectrum. It won’t last forever, but now is the time for ambitious deals.

    • 01 Aug 2019
  • The next war will be fought with helicopters

    Populism and economic change are melting down old idols. When the next crisis comes, new fiscal and monetary tools will be used — including helicopter money.

    • 30 Jul 2019
  • Boris: big on development, bigger on borrowing

    Boris Johnson, the UK's new prime minister, has spent most of his first week in power making life difficult for his new chancellor. Announcing big investments in transport infrastructure, health and social care in his first speech on the steps of 10 Downing Street, Johnson is already racking up the bills.

    • 25 Jul 2019

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 91,192.05 449 5.83%
2 Citi 83,372.35 426 5.33%
3 Bank of America Merrill Lynch 80,651.89 414 5.15%
4 Barclays 72,018.88 306 4.60%
5 Goldman Sachs 59,875.46 292 3.83%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,573.16 92 5.72%
2 SG Corporate & Investment Banking 15,343.03 70 5.29%
3 Barclays 15,274.25 63 5.27%
4 JPMorgan 15,018.24 65 5.18%
5 Citi 14,456.99 66 4.99%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 91,192.05 449 5.83%
2 Citi 83,372.35 426 5.33%
3 Bank of America Merrill Lynch 80,651.89 414 5.15%
4 Barclays 72,018.88 306 4.60%
5 Goldman Sachs 59,875.46 292 3.83%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 20,638.21 54 8.44%
2 BNP Paribas 16,514.56 94 6.75%
3 Deutsche Bank 15,422.56 75 6.30%
4 SG Corporate & Investment Banking 15,340.46 67 6.27%
5 Bank of America Merrill Lynch 14,105.99 45 5.77%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.06%
4 Barclays 3,441.80 22 6.68%
5 Goldman Sachs 3,389.62 26 6.58%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,847.11 143 9.46%
2 JPMorgan 18,162.36 146 9.11%
3 Goldman Sachs 14,831.56 109 7.44%
4 Bank of America Merrill Lynch 14,255.85 117 7.15%
5 Morgan Stanley 12,912.93 86 6.48%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,573.16 92 5.72%
2 SG Corporate & Investment Banking 15,343.03 70 5.29%
3 Barclays 15,274.25 63 5.27%
4 JPMorgan 15,018.24 65 5.18%
5 Citi 14,456.99 66 4.99%