• Property firms lock in funding ahead of holiday weekend

    Three Chinese property companies courted high yield dollar investors on Wednesday, raising a combined $827m.

    • 18 Apr 2019
  • Melco wins big on latest dollar deal

    Melco, the casino operator, played its US investor cards on Wednesday to build a $500m bond sale.

    • 18 Apr 2019
  • Wal-Mart and BMW alone in red hot dollar bond mart

    High grade dollar bond issuance in the US slowed to a trickle this week ahead of the Easter holiday weekend, even though companies are beginning to emerge from earnings blackouts.

    • 17 Apr 2019
  • ECB tiering no panacea for ailing banks, say analysts

    The European Central Bank has indicated that it is looking into how to mitigate the costs that years of negative interest rates have exacted on banks. That has led some in the market to bet that it will introduce tiered interest rates at some point. But analysts are not convinced that tiering deposit rates will help weak lenders — or make any difference at all. Mike Turner reports.

    • 17 Apr 2019
  • Structured MTN issuance falls

    Low market volatility, a fall in Formosa issuance and the introduction of alternative risk free rates have all led to a sharp decline in structured, callable and floating rate MTN issuance, said MTN bankers.

    • 17 Apr 2019
  • People news in brief

    Gaab retires from Deutsche — Bank of America nabs FIG banker from Morgan Stanley — Credit Suisse bumps up IG trading team

    • 17 Apr 2019
  • Lufthansa, VC Trade power move will pay off in Schuldschein digital battle

    German airline Lufthansa took a daring step in mid-March and decided to launch a Schuldschein transaction exclusively via the digital platform VC Trade. It has proved a shrewd move and will likely be game-changing for VC Trade in the battle for digital dominance.

    • 17 Apr 2019
  • Next gets minimal NIP and huge book, despite retail risks

    Despite coming from a tough sector, and having some risks of its own, the UK clothing retailer Next got an order book nine times oversubscribed on Wednesday, on a £250m six year corporate bond issue.

    • 17 Apr 2019
  • Exclusivity pays off as Lufthansa sells SSD

    A bid by VC Trade, an emerging technology platform for the Schuldschein market, to overcome resistance and cement its position in the market appears to have paid off this week, as a deal for Lufthansa executed solely via the platform succeeded handsomely. This could prove a turning point for the use of tech in the Schuldschein sector and perhaps other corporate debt markets. Silas Brown reports.

    • 17 Apr 2019
  • Greece’s Intralot in covenant crisis as earnings disappoint

    Bonds of Intralot, the Greek gambling technology company, fell on Tuesday, after an earnings release that disappointed investors and confirmed that it was in breach of leverage covenants in its revolvers. High yield research firm Lucror Analytics argued that it was now ‘imperative’ for the company to renegotiate these terms.

    • 17 Apr 2019
  • MUFG relocates all European DCM and sales to Paris

    MUFG has relocated 21 staff to Paris, including all its European DCM origination bankers, all its sales people who cover European investors and an MTN banker.

    • 17 Apr 2019
  • Credit Suisse adds to IG sales and trading line-up

    Credit Suisse has made a number of hires from other banks in investment grade trading for its London office, according to an internal memo seen by GlobalCapital.

    • 17 Apr 2019
  • Investors show everlasting love for perpetuals

    SMC Global Power Holdings Corp (SMCGP) sold a rare perpetual bond on Tuesday, proving that investors still like the format and the rarity of a Philippines credit.

    • 17 Apr 2019
  • Less experienced issuers miss good conditions by backloading

    Despite the very attractive conditions in Europe's corporate bond market in recent weeks, some less regular issuers have missed out on them because they were scared off by the rough markets at the beginning of the year.

    • 17 Apr 2019
  • Renowned Vodafone treasurer to leave

    Neil Garrod, group treasury director at Vodafone and one of the best known figures in the European corporate bond market, is understood to be leaving the UK mobile phone group. He is in talks with another company about becoming its finance chief.

    • 16 Apr 2019
  • David Slade to take over UBS's combined DCM and levfin ops in EMEA

    UBS has reorganised its debt capital markets business, following the decision of global head Amir Hoveyda to step down from his role. It will merge leveraged finance and DCM, with David Slade heading the combined group in EMEA.

    • 16 Apr 2019
  • Auchan’s second €1bn flies after downgrade

    Auchan, the French supermarket chain, issued its second bond of the year on Tuesday, but the first since Standard & Poor's downgraded it in March to BBB-, leaving it on a negative outlook, after a weaker than expected trading performance in 2018.

    • 16 Apr 2019
  • Capital markets need an Extinction Rebellion

    Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.

    • 16 Apr 2019
  • US investors back Shriram again

    Shriram Transport Finance Co turned to US investors on Monday to help seal a $500m high yield bond, just weeks after selling a $400m Reg S trade.

    • 16 Apr 2019
  • Chinese property firms extend dollar run

    Three Chinese property companies raised a combined $1.625bn from international bond sales on Monday, continuing the flow of high yield paper into the offshore market.

    • 16 Apr 2019
  • S&P goes its own way on ESG ratings

    Enel and NextEra Energy have, on a pilot basis, become the first companies to obtain one of S&P Global’s new ESG Evaluations. The product, launched last week, takes S&P into direct competition with providers of ESG ratings like MSCI and Sustainalytics — and with Moody’s, which a few days after S&P’s launch acquired Vigeo Eiris, the French-based ESG rating firm.

    • 16 Apr 2019
  • Moody's buys Vigeo Eiris in drive for ‘global standard’ on ESG

    Moody’s has acquired a majority stake in Vigeo Eiris, the environmental, social and governance research and ratings provider, as the credit rating agencies move increasingly into the area of ESG investing. The announcement comes just days after S&P Global launched its new ESG Evaluation product.

    • 15 Apr 2019
  • Sika’s €1bn euro debut a blowout amid market calm

    Last week's brief quieter spell for investment grade corporate bond issuance in Europe continued this week, with little appearing on screens. What did appear, however, tantalised many investors. On Monday, Sika, the Swiss chemicals and building materials company, managed to slash its pricing while achieving plenty of oversubscription on its first ever bond issue in euros, as it financed its planned acquisition of Parex Group.

    • 15 Apr 2019
  • SAINTS goes marching into US PP market

    The Scottish American Investment Co (SAINTS), an investment trust managed by Baillie Gifford, has raised £80m of debt in private placements.

    • 15 Apr 2019
  • Yuyao LGFV rounds off busy week for bonds with $100m

    Yuyao Shuncai Investment Holding Co returned to the market for its second dollar bond sale on Friday, raising $100m from the quick trade to cap of a busy week of new issuance.

    • 15 Apr 2019
  • New corporate bond head at Commerzbank as veteran retires

    Peter Schikaneder, head of global corporate bond origination at Commerzbank, has retired. He has been a well known figure in the bond market since the 1990s.

    • 12 Apr 2019
  • Vedanta digs for $1bn dual tranche deal

    Indian metals and mining company Vedanta Resources courted the market on Thursday for its first bond since delisting from the London Stock Exchange late last year. While the delisting raised some questions for investors, the deal ultimately pulled in $1bn for the issuer.

    • 12 Apr 2019
  • Founder Group squeezes price for dollar bond

    Peking University Founder Group Co has raised $300m from an ultra-tight bond.

    • 12 Apr 2019
  • Deutsche Bank hires ex-Barclays Lewellen as corporate DCM head

    Deutsche Bank has hired Mark Lewellen, the former co-head of debt capital markets and risk solutions at Barclays, as head of corporate DCM Europe.

    • 12 Apr 2019
  • Buoyant US bond mart prices in Fed rate cut

    Sentiment in the dollar corporate bond market remained upbeat this week, even after jumbo deals from Broadcom and Saudi Aramco traded softly.

    • 11 Apr 2019
  • Bramson will lose the battle but may win the war

    Activist investor Edward Bramson will be hard-pressed to succeed in his bid to get a seat on the board of Barclays. But his push to get the firm to retreat from investment banking could well find a better reception among weary investors.

    • 11 Apr 2019
  • Tired of posting collateral? Take a holiday, say banks to US corporates

    Some big, highly rated US companies have in the last few months begun to negotiate 'holidays' from their credit support annexes - the arrangements with banks that protect both sides when they engage in derivatives transactions.

    • 11 Apr 2019
  • GTLK USD500m 6.125% Apr 25

    • 11 Apr 2019
  • IMF warns on risks to corporate sector debt

    The creditworthiness of corporate borrowers in advanced economies has deteriorated while the volume of debt and financial risk taking has risen, the International Monetary Fund has warned. It also flagged up concerns about the sovereign-bank nexus in the eurozone and about market conditions for low income and frontier countries.

    • 11 Apr 2019
  • People moves in brief

    Diamond hires ex-colleague at Atlas — Salorio leaves DCM head vacancy at Soc Gen — Forese to retire from Citi

    • 11 Apr 2019
  • Yorkshire Water’s green debut pays off with ultra-tight spread

    Hungry for some social purpose, and perhaps a longer maturity, investors hoovered up Yorkshire Water’s first sustainable bond on Thursday. This allowed the UK utility to tighten the pricing to fair value or even tighter.

    • 11 Apr 2019
  • Order inflation takes blame for Aramco bond slide

    Saudi Aramco might have expected a $12bn bond it issued on Tuesday to be hailed as a triumph, coming as it did well inside its sovereign curve after taking orders that at one point reached $100bn. But after pricing, the demand evaporated, the bonds fell below reoffer, and the notion that the European Market Abuse Regulation has ended the practice of order inflation was left in tatters.

    • 11 Apr 2019
  • Issuer calls on peers to stop ‘greed’ during bond executions

    Issuers are showing the same kind of “greed” they did in the run-up to the global financial crisis, according to a fiery call to arms to treat investors better from a European agency funding official.

    • 11 Apr 2019
  • SocGen promotes Salorio to UK global finance head

    Société Générale has appointed Demetrio Salorio, its global head of debt capital markets, as UK head of global finance, replacing Alvaro Huete.

    • 11 Apr 2019
  • New investors buy GTLK’s $500m deal

    GTLK, Russia’s state transport leasing company, printed a $500m six year bond on Wednesday from a book of just over $1.5bn.

    • 11 Apr 2019
  • CPI hybrid buyers blindsided by $1bn lawsuit days after launch

    CPI Property Group, a central and Eastern European specialist, raised €550m from a hybrid bond on Tuesday, but the debt slumped on Wednesday when a US hedge fund with which it has been fighting a legal battle filed a new $1bn lawsuit in New York. David Greenbaum, CPI’s CFO, told GlobalCapital the allegations were ridiculous and had been concocted in a deliberate attempt to disrupt the deal.

    • 11 Apr 2019
  • Investment grade is back! But not for long

    Asian investment grade issuers returned to the market in droves this week, giving some welcome supply to investors who have been overwhelmed by high yield names since the start of the year. But the surge is likely to be short-lived. Addison Gong reports.

    • 11 Apr 2019
  • JSW Steel returns to dollar market after two years

    India’s JSW Steel raised $500m in an opportunistic transaction on Wednesday, marking the company’s first dollar bond in two years.

    • 11 Apr 2019
  • Thames Water adds Corbyn clause to PP docs

    Thames Water’s latest crop of holding company private placement debt issues contains language to protect investors from the effect of a Labour government — and particularly leader Jeremy Corbyn's vow to renationalise the water companies. Debt issued under the new documents features a ‘nationalisation event’ that would make it repayable immediately. Owen Sanderson and Silas Brown report.

    • 10 Apr 2019
  • Despite price sensitivity, Coca-Cola European Partners gets negative NIP

    Corporate bond investors in Europe are showing a bit more willingness this week to say no to ultra-tight pricing, but not in sufficient numbers to prevent issuers getting what they want.

    • 10 Apr 2019
  • Aramco trades weakly despite $92bn book

    Saudi Aramco’s hotly anticipated $12bn bond was priced yesterday with the fanfare investors had expected. Demand for the deal was so large that the sovereign rallied 20bp as the deal printed, but stated final orderbooks of $92bn are being questioned as two investors say only the 30 year tranche is still bid above re-offer. The leads disagree, though, with one saying he saw all the tranches above their pricing levels.

    • 10 Apr 2019
  • Corporate bond investors 'back in jail'

    There is some evidence of investors in the European corporate bond market becoming more price-sensitive this week, with some books shrinking in response to spread tightening. But it is not enough to make hard-pressed investors feel relieved.

    • 10 Apr 2019
  • GTLK hits market with six year benchmark

    GTLK, Russia’s state transport leasing company, is in the market with a Reg S six year dollar bond, returning to the market after pulling a deal in February 2018.

    • 10 Apr 2019
  • CPI gets zero new issue premium on sophomore hybrid

    CPI Property Group returned to the bond market on Tuesday, raising €550m with a hybrid callable in October 2025.

    • 10 Apr 2019
  • 21Vianet prices $300m bond to fund tender

    Chinese internet data centre provider 21Vianet Group raised a $300m note on Tuesday after bondholders agreed to tender over half of an old $300m bond that will become puttable in a few months.

    • 10 Apr 2019
  • Glencore, Telecom Italia shrug off price breaks

    After issuing a £500m seven year bond in March, Glencore repeated the performance, this time in the euro market. It issued a €500m 7.5 year bond that achieved a similar book size and price tightening. Telecom Italia also issued for the second time this year, after losing its Fitch investment grade rating on Friday.

    • 09 Apr 2019
  • Iliad is the latest French firm to offer Schuldschein

    French telecoms company Iliad has launched a €300m Schuldschein, joining a parade of French firms raising debt through the market this year.

    • 09 Apr 2019
  • Reliance Schuldschein ‘considerably exceeds’ initial target

    Arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that demand “considerably exceeds the initial volume” target of €150m. The success of the transaction came as a surprise to some of the arrangers’ competitors, but is considered a good sign for the market.

    • 09 Apr 2019
  • Northleaf hires private credit specialist in London

    Northleaf Capital Partners has hired David Jeyes as a senior credit officer in London for global private credit.

    • 09 Apr 2019
  • Aramco’s orders rocketing, EM investors wincing at price

    Saudi Aramco is making a splash with its bond market debut, gathering a staggering $85bn of orders for a six tranche deal expected to exceed $10bn.

    • 09 Apr 2019
  • China property bond surge brings in more than $3bn

    Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.

    • 09 Apr 2019
  • LG Chem’s first euro and dollar bonds are green blowouts

    LG Chem, the chemical and battery producing arm of South Korean group LG, launched its first euro and dollar bonds this week, after a long sojourn in the won market. All three tranches, which were also green bonds, were heavily oversubscribed.

    • 08 Apr 2019
  • Hot Diageo deal breaks 24yr sterling drought

    Diageo, the UK distiller and brewer, followed its recent habit and issued a multi-tranche bond on Monday — but with a difference. It included sterling notes for the first time since 1995.

    • 08 Apr 2019
  • Greatwell Homes raises sterling PPs, plans 600 new homes

    Greatwell Homes, the UK housing association headquartered in Northamptonshire, has raised £40m private placements (PP).

    • 08 Apr 2019
  • Borealis seeks dollars and euros in Schuldschein market

    Austrian plastics maker Borealis has returned to the Schuldschein market, seeking euros and dollars.

    • 08 Apr 2019
  • CPI looking for euro hybrid

    CPI Property Group hit screens on Monday, announcing a call to promote a new subordinated euro bond.

    • 08 Apr 2019
  • Nomura jobs 'carnage' hits MENA chairman, capital solutions, converts

    The executive chairman of Nomura’s Middle East and North Africa business is among those set to leave the firm as part of a big restructuring. Senior bankers in EMEA capital solutions and convertibles are at risk of redundancy

    • 08 Apr 2019
  • Xinyuan builds sky high coupon as investors swamped

    Xinyuan Real Estate Co priced a $200m bond that came with a 14.2% coupon, as heavy supply continues to weigh on the Chinese high yield real estate bond market with both new issue concessions and secondary performance suffering.

    • 08 Apr 2019
  • UBS DCM head Hoveyda to step down

    Amir Hoveyda, UBS’s global head of debt capital markets, is stepping down from his job at the firm.

    • 05 Apr 2019
  • Vinci builds dollar curve

    French construction company Vinci took advantage of a lull in supply and favourable financing conditions to make its long-awaited dollar market debut.

    • 04 Apr 2019
  • People moves in brief: April 5, 2019

    SG hires UK global markets head — Former financials bankers look to create bond platform — Credit Suisse hires for securitization sales

    • 04 Apr 2019
  • Aramco bids top $15bn, though funds puzzled as money not for Sabic

    Indications of interest for Saudi Aramco’s planned bond issue were understood to have topped $15bn on Thursday morning in London, with three days left of the roadshow still to run. Contrary to press reports, investors have been told on the roadshow that the cash raised will not be used directly to fund the acquisition of Saudi Basic Industries Corp, as that is not expected to take place for another six to 12 months, writes Francesca Young.

    • 04 Apr 2019
  • Otto's unusual green bond finds only lukewarm demand

    Otto, the family-owned German online and catalogue retailer, brought its first sustainable bond issue on Thursday. But despite it offering an interesting new flavour to green bond investors, the deal's sale appeared to produce an underwhelming result.

    • 04 Apr 2019
  • ERG’s debut green, Norsk Hydro two parter win keen bid

    Two renewable energy companies achieved successful euro bond issues on Thursday. Norsk Hydro, the Norwegian aluminium and renewable energy firm, and ERG, the Italian wind energy group, issuing in green format, both tightened their prices and finished with plenty of over-subscription in their books.

    • 04 Apr 2019
  • Cautious carbon firm seizes chance to cover convert payment

    SGL Carbon issued a €250m senior secured five year on Wednesday, allowing the carbon and graphite materials firm to repay a convertible maturing next year. Despite the issuer’s chequered past, the deal saw huge demand — but the company’s decision to lock in funding now suggests tough times ahead.

    • 04 Apr 2019
  • Yield and duration in hot demand, but also short, cashy paper

    Demand in the European corporate bond market may not be quite as blindly all-encompassing as it was a fortnight ago, when almost every deal was coming with no new issue premium or through the curve. But investors’ urge to buy paper is still very strong. With government bond yields depressed, buyers are eagerly grabbing longer and riskier bonds to get some yield. Perhaps surprisingly, they are also piling into the opposite: short-dated notes from high quality issuers.

    • 04 Apr 2019
  • Loans in Brief (PP) 04/04/2019

    • 04 Apr 2019
  • Saudi Aramco: size doesn’t matter

    It is clear that Saudi Aramco does not need the cash from the bond it looks set to raise next week. With that being the case, investors and bankers should bet on the lower end of any stated size range, and other Saudi issuers should be hoping that tight pricing is the priority

    • 04 Apr 2019
  • Madrid pilots green Schuldschein via BBVA blockchain technology

    The Autonomous Community of Madrid has participated in a ‘proof of concept’ Schuldschein transaction on blockchain with BBVA. The loan is also sustainability-linked.

    • 04 Apr 2019
  • Diversity reigns in Swissies as Q2 kicks off

    It has been a lively start to the second quarter of the year in Swiss franc bonds, marked by geographical diversity in the international sector and a welcome appearance from an industrial borrower in the domestic market.

    • 04 Apr 2019
  • Market balks at Future Land’s dollar bond

    Future Land Development Holdings’ new dollar bond crashed in the secondary market on Thursday, following an aggressively priced deal the day before. Rival bankers questioned both Future Land's pricing and the timing.

    • 04 Apr 2019
  • Tencent stretches curve with increased $6bn bond sale

    Tencent Holdings this week sold the largest dollar bond by an Asian issuer in more than a year, offering a five tranche deal that spanned five to 30 year maturities. In doing so, it also managed to achieve one of the flattest 10-30 year curves for a technology company new issue, writes Addison Gong.

    • 04 Apr 2019
  • MMC closes on new notes as part of tender offer

    Mongolian Mining Corp raised $440m with a new 2024 bond this week, in a sale that ran in tandem with a tender offer for the coking coal producer’s two existing dollar bonds.

    • 04 Apr 2019
  • Hyderabad Airport compromises on bond return

    GMR Hyderabad International Airport sold its second dollar bond this week with both the size of the transaction and the pricing falling below expectations.

    • 04 Apr 2019
  • Aramco IOIs huge at over $15bn mid-roadshow

    Indications of interest for Saudi Aramco’s bond are understood to have hit over $15bn, with the roadshow not finishing until Monday April 8.

    • 04 Apr 2019
  • Xinjiang LGFV secures funds for refi

    Xinjiang Transportation Construction Investment Holding Co, a local government financing vehicle (LGFV), priced a modest $160m on Wednesday to refinance an upcoming maturity.

    • 04 Apr 2019
  • PSA, Terna ultra-tight, Voest gets bijou book

    Four new corporate bonds hit the market on Wednesday. In a change from recent days, all the deals were of moderate size and single tranched. Terna, the Italian grid operator, and Banque PSA France were typical in launching €500m no-grow deals. Book sizes diverged strongly, with those two issuers getting heavy oversubscription, while Aroundtown and Voestalpine had much less.

    • 03 Apr 2019
  • F&C raises US PP debt

    Foreign & Colonial (F&C) Investment Trust has sold a £150m equivalent US private placement, in euros and sterling, to a range of institutional investors from the UK and United States.

    • 03 Apr 2019
  • Corporate bull run squeezes both ends of the curve

    The strength of demand in Europe's corporate bond market this week is showing itself in avid appetite for longer term and higher risk bonds, as investors hunt out yield against a background of low rates. But, somewhat surprisingly, there is also a rampant bid for short term, high quality paper.

    • 03 Apr 2019
  • Investors on tenterhooks for Aramco deal as banks wait for clarity

    Saudi Aramco’s jumbo M&A deal has a stranglehold on emerging markets debt investors’ attention and is dominating their schedules.

    • 03 Apr 2019
  • G4S to sell US PP, testing appetite for support services

    G4S, the UK security and outsourcing firm, is set to enter the US private placement market in the coming weeks, GlobalCapital understands. The deal will test market appetite for UK support services companies, after the sector has been hit by repeated blows.

    • 03 Apr 2019
  • Genting scoops $1bn for new Vegas resort

    Resorts World Las Vegas (RWLV), a subsidiary of Malaysia’s Genting Berhad, priced a larger-than-expected $1bn bond on Tuesday, at a level that was more aggressive than market participants had anticipated.

    • 03 Apr 2019
  • Ghattas gets Apac financing and solutions co-head job at Deutsche

    Deutsche Bank has promoted Haitham Ghattas to co-head of its financing and solutions group in Asia Pacific, following Jake Gearhart’s relocation to the US.

    • 03 Apr 2019
  • Steel maker Jisco shows its mettle to make long-waited debut

    China’s Jiuquan Iron & Steel (Group) Co, or Jisco for short, was able to find enough demand on Tuesday to cover its first international bond — a deal months in the making — raising $300m.

    • 03 Apr 2019
  • ABB's big floater soaks up deep demand at the short end

    ABB, the Swiss-Swedish machinery maker, issued an unusual bond on Tuesday: an 18 month floating rate note that grew as large as €1bn.

    • 02 Apr 2019
  • Verizon’s euro visit comes far through dollars

    The strength of demand in Europe's credit markets was amply demonstrated on Tuesday when Verizon, the US telecoms company, returned for the first time since 2017 with two tranches of euro bonds and one in sterling.

    • 02 Apr 2019
  • Elis taps into yield-hungry market with €500m double-B

    Elis, the French workwear and laundry group, took advantage of a corporate bond market eager for yieldy paper on Tuesday by issuing a €500m five year high yield bond that found a friendly reception.

    • 02 Apr 2019
  • Pub owner Young’s serves up US PPs

    Young and Co’s Brewery, the owner and operator of roughly 220 pubs in London and the south east of England, has entered the US private placement market.

    • 02 Apr 2019
  • TransOil scores with second attempt to open up Moldovan market

    TransOil, a Moldovan agricultural exporter, on Monday launched the first ever international bond from the country, completing the deal successfully after a failed attempt last year.

    • 02 Apr 2019
  • Kaisa, Jingrui nab funds in post-earnings bond rush

    Chinese real estate companies Kaisa Group Holdings, Jingrui Holdings and China SCE Group Holdings came to the market on Monday after announcing strong financial results for 2018 last week, raising $900m between them.

    • 02 Apr 2019
  • Lafarge rewarded for two year wait with hybrid blowout

    Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.

    • 01 Apr 2019
  • Otto’s unusual green bond for supply chain gets cool reception

    Otto, the family-owned German online and catalogue retailer, brought its first sustainable bond issue on Thursday. But despite it offering an interesting new flavour to green bond investors, the deal's sale produced an underwhelming result.

    • 01 Apr 2019
  • Toyota wins deep neg yield as funds go short

    Following European bond issues by Volkswagen Financial Services, Volvo Car and RCI Banque last week, another car company entered the market on Monday. Toyota Finance Australia issued a two and five year bond that showed the market was very much open for business and full of demand.

    • 01 Apr 2019
  • Neopost joins French parade in Schuldschein market

    Neopost, the French postal equipment maker, is marketing a dual currency Schuldschein, becoming the latest in a run of French firms to enter the market.

    • 01 Apr 2019
  • Man Group appoints new head of European private debt

    Man Group has plucked an investment director from GAM to head up its European private debt business, and lead Man GPM's commercial and real estate debt team.

    • 01 Apr 2019
  • Aramco releases prospectus, gets A1/A+ ratings

    Saudi Aramco has published a bond programme prospectus and received its first credit ratings as it goes on the road to promote its first international capital markets transaction, which is expected to come to market this week.

    • 01 Apr 2019
  • Erdogan clings on but loses city footholds

    Turkey’s ruling party AK was victorious in Sunday’s local elections, although polling poorly in major cities — a result that investors think will hasten economic reform.

    • 01 Apr 2019
  • Livin Housing sells US PPs as HAs find nest in PP market

    Livin Housing, a housing association operating in County Durham in the northeast of England, has raised £65m in the US private placement (US PP) market. It joins other smaller housing associations finding a funding nest in private placements in the past few years.

    • 01 Apr 2019
  • Investors, bankers call for wider China bond roadshows

    Chinese issuers have become too focused on Hong Kong when marketing their dollar bonds, panelists at Euromoney's China Debt Capital Markets Summit said last week.

    • 01 Apr 2019
  • UK resets date for Brexit Bond launch

    The UK’s new Brexit Bond Management Office is still preparing to issue its first notes, originally scheduled for last Friday. The Brexit-themed Gilts are sized at £36.4bn, equivalent to £350m a week over their two year maturity.

    • 01 Apr 2019

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 42,922.69 206 5.57%
2 Citi 41,586.42 196 5.40%
3 Bank of America Merrill Lynch 39,478.72 192 5.12%
4 Barclays 36,273.83 151 4.71%
5 Deutsche Bank 30,957.30 148 4.02%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,052.82 29 9.36%
2 SG Corporate & Investment Banking 9,163.95 33 7.12%
3 Deutsche Bank 8,910.77 40 6.92%
4 Bank of America Merrill Lynch 8,791.13 27 6.83%
5 BNP Paribas 8,029.09 40 6.24%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 1,571.85 12 9.08%
2 Deutsche Bank 1,337.93 10 7.73%
3 BNP Paribas 1,305.75 15 7.54%
4 Goldman Sachs 1,225.64 11 7.08%
5 Citi 1,208.83 11 6.98%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,429.53 69 10.49%
2 Citi 8,913.64 63 9.92%
3 Bank of America Merrill Lynch 6,050.36 46 6.73%
4 Goldman Sachs 5,765.16 41 6.41%
5 Morgan Stanley 5,492.04 36 6.11%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 8,515.30 33 5.49%
2 Citi 8,108.21 29 5.22%
3 Barclays 7,869.78 33 5.07%
4 BNP Paribas 7,595.48 38 4.89%
5 Credit Agricole CIB 7,348.67 37 4.73%