Signs of issuers stirring to high yield charms

The mystery of the European high yield paradox grew this week as investors began tucking into €4.5bn of new bonds amid all-time low yields. Yet they face a puzzlingly thin deal pipeline for the second half of the year. But dormant borrowers are starting to wake up to the joys of primary, said bankers and lawyers.

  • By Victor Jimenez
  • 15 Jun 2017

“We are reaching the point at which it looks wrong for a high yield corporate in Europe not to benefit from these great conditions in the market,” said one leveraged finance banker in London.

Those great conditions have manifested in average euro and sterling yields being 280bp ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 JPMorgan 13,737.58 53 6.79%
2 BNP Paribas 13,423.05 69 6.63%
3 Goldman Sachs 11,651.64 43 5.76%
4 Deutsche Bank 10,773.25 59 5.32%
5 Bank of America Merrill Lynch 10,450.47 41 5.16%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 JPMorgan 5,262.65 41 8.27%
2 Goldman Sachs 4,580.64 36 7.20%
3 Deutsche Bank 4,249.17 39 6.67%
4 Barclays 3,956.08 33 6.21%
5 Credit Suisse 3,928.87 43 6.17%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 JPMorgan 24,048.19 185 10.98%
2 Citi 19,193.03 146 8.76%
3 Bank of America Merrill Lynch 17,906.11 157 8.17%
4 Goldman Sachs 15,915.08 114 7.27%
5 Barclays 15,416.88 101 7.04%