Top story
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Updated: Huawei opts for euros over dollars but stays shorter
Chinese technology equipment company Hauwai dropped a planned dollar tranche on its latest visit to the corporate bond marker and chose to issue its first bond in euros. This did, however, mean the company opted for a five year maturity, rather than the 10 year tenor it had marketed for the dollar bond.
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Wizz Air secures IG rating from Moody's
Eastern European low cost airline Wizz Air has received its first ever credit rating, a likely precursor to a bond issue.
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Shorter Sixt struggles more than LeasePlan
German car leasing company Sixt Leasing had the benefit of meeting more than 30 investors and seeing another car leasing company print a deal before coming to market on Tuesday. However, based on order book size or pricing, this backdrop didn't help much.
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‘No casualties’ in HY despite bulky pipeline, say bankers
More than €3.5bn of high yield bond deals in euros, sterling and dollars were scheduled to close this week. Although some bankers described the pipeline as “crowded”, they expected market digestion to be ‘healthy’ ahead of quieter times.
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Investors leave Leaseplan hanging for high five
On Monday, Dutch car leasing company LeasePlan added a €500m fixed rate bond to its 2018 issuance tally, but found more limited demand than its previous deals.
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$2bn Unibail hybrid not enough to sate investors’ hunger for yield
A four week wait for a new corporate hybrid deal came to an end this week with $2.3bn of supply. The levels of oversubscription, however, showed that plenty of demand still remains as investors clamour for the enhanced yields on offer compared to senior debt.
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Growthpoint eschews euro trade in favor of dollars
South Africa’s Growthpoint has concluded its final investor meetings and is expected to open books on a five year dollar bond on Tuesday. The issuer had been considering both euros and dollars after being forced to postpone a deal in the single currency last year.
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Airport flies but then Aussies lose their shine
A trio of Australian issuers had a mixed response to their corporate bond issuance this week. Sydney Airport was priced with no new issue premium, but compatriot Stockland found itself paying a 20bp premium two days later.
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Grainger benefits from UK property issuance pause
The sterling corporate bond market has been less busy year to date than it was in 2017. However, the property sector has continued to be one of the largest contributors of supply and, on Thursday, Grainger added its name to the list of issuers from the industry.
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Syngenta gets it right second time
Swiss seed company Syngenta enjoyed a bumper order book as it printed a $4.75bn bond six months after abandoning its first attempt.
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Unilever Spreads displays €1bn LBO bond in market for all sizes
After selling €4.6bn of loans in March, Unilever Spreads unveiled the €1bn high yield bond portion of its leveraged buyout funding package on Wednesday. But as well as jumbo deals, other borrowers with smaller offerings are also vying for investor attention.
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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
Latest hybrid news
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European Parliament hoists the green flag
In the three-legged race that is European lawmaking, one of the legs has just made a big stride forward in sustainable finance policy, publishing the most ambitious plan so far.
Latest people & markets news
All Corporate Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 47,440.35 | 214 | 6.52% |
| 2 | Bank of America Merrill Lynch | 41,099.98 | 200 | 5.65% |
| 3 | Citi | 35,604.01 | 206 | 4.89% |
| 4 | Goldman Sachs | 34,960.01 | 128 | 4.81% |
| 5 | Barclays | 33,832.55 | 129 | 4.65% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 10,007.79 | 42 | 6.28% |
| 2 | BNP Paribas | 9,748.86 | 44 | 6.12% |
| 3 | JPMorgan | 9,700.92 | 35 | 6.09% |
| 4 | Deutsche Bank | 9,571.59 | 40 | 6.01% |
| 5 | Goldman Sachs | 9,062.29 | 21 | 5.69% |
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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 | 47,440.35 | 214 | 6.52% |
| 2 | Bank of America Merrill Lynch | 41,099.98 | 200 | 5.65% |
| 3 | Citi | 35,604.01 | 206 | 4.89% |
| 4 | Goldman Sachs | 34,960.01 | 128 | 4.81% |
| 5 | Barclays | 33,832.55 | 129 | 4.65% |
Bookrunners of Euro Denominated Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 10,780.78 | 48 | 9.26% |
| 2 | SG Corporate & Investment Banking | 8,845.66 | 38 | 7.60% |
| 3 | Goldman Sachs | 8,744.69 | 19 | 7.51% |
| 4 | Deutsche Bank | 7,344.85 | 35 | 6.31% |
| 5 | HSBC | 7,279.19 | 42 | 6.26% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 2,239.67 | 23 | 7.93% |
| 2 | BNP Paribas | 2,143.91 | 24 | 7.59% |
| 3 | Goldman Sachs | 1,846.31 | 18 | 6.53% |
| 4 | Credit Suisse | 1,759.77 | 17 | 6.23% |
| 5 | Morgan Stanley | 1,511.02 | 10 | 5.35% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 10,227.77 | 76 | 10.21% |
| 2 | Citi | 6,863.07 | 57 | 6.85% |
| 3 | Bank of America Merrill Lynch | 6,835.41 | 64 | 6.82% |
| 4 | Barclays | 6,719.90 | 48 | 6.71% |
| 5 | Goldman Sachs | 6,171.81 | 49 | 6.16% |
Bookrunners of European Corporate IG Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 10,007.79 | 42 | 6.28% |
| 2 | BNP Paribas | 9,748.86 | 44 | 6.12% |
| 3 | JPMorgan | 9,700.92 | 35 | 6.09% |
| 4 | Deutsche Bank | 9,571.59 | 40 | 6.01% |
| 5 | Goldman Sachs | 9,062.29 | 21 | 5.69% |
