Sterling investors respond positively to change in process

Tuesday’s £250m seven year bond issue from French oil company Total looked like a straightforward small benchmark sterling deal for a regular issuer. However, the marketing process for the deal marked a change from the normal approach and it is something investors are keen to see more of.

  • By Bianca Boorer , Nigel Owen, Victor Jimenez
  • 06 Sep 2017
In July, Vodafone attempted a new approach to marketing a corporate bond deal when it launched a €500m no-grow 10 year deal with a 10bp range and told investors the deal would price within that range. This was in response to investor complaints about how far spreads were ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 164,938.31 718 7.19%
2 Bank of America Merrill Lynch 147,126.56 669 6.41%
3 Citi 129,711.97 691 5.65%
4 Goldman Sachs 105,201.77 447 4.58%
5 Barclays 99,621.62 449 4.34%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,154.37 137 8.85%
2 Barclays 24,473.15 99 7.43%
3 Deutsche Bank 22,163.65 93 6.73%
4 SG Corporate & Investment Banking 20,050.48 104 6.09%
5 HSBC 19,151.76 90 5.81%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,123.00 59 7.43%
2 Goldman Sachs 6,789.41 55 7.08%
3 Deutsche Bank 5,954.72 59 6.21%
4 Credit Suisse 5,809.63 61 6.06%
5 BNP Paribas 5,208.30 57 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,802.85 265 10.75%
2 Citi 26,963.27 215 8.58%
3 Bank of America Merrill Lynch 25,506.35 227 8.11%
4 Goldman Sachs 23,587.99 168 7.50%
5 Barclays 20,408.08 140 6.49%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 26,974.23 134 6.39%
2 Deutsche Bank 26,448.76 95 6.27%
3 Barclays 26,394.12 121 6.26%
4 HSBC 25,650.40 123 6.08%
5 Citi 22,829.99 98 5.41%