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  • Italian supermarket prices inside BTPs after Moody's reports on sector

    On Wednesday, Italian supermarket chain, Esselunga, became the first non-utility issuer to sell a benchmark corporate bond since Iliad’s €650m deal on October 5. The company’s debut deal saw one tranche priced at a lower yield than Italian government bonds.

    • 02:00 PM
  • Statnett debut taps into investor positioning

    Norwegian state owned grid operator, Statnett, priced its debut benchmark euro corporate bond on Wednesday, continuing the recent supply of utility issuers selling longer dated new issues.

    • 02:00 PM
  • Wind blows through HY market with roadshow for €7.3bn

    Italian telecoms firm Wind called on the high yield market on Wednesday, as it planned to refinance most of its debt with a dual currency five tranche offering, deploying a 20 bookrunners in the process.

    • 01:45 PM
  • Rivals question Eurotorg spread over sovereign

    Belarusian food retailer Eurotorg tightened price guidance on Wednesday for a $300m-$350m bond to 9.125%-9.25%. Syndicate officials away from the deal said that level was much wider than they expected for the note but a lead manager has launched a staunch defence of pricing.

    • 01:00 PM
  • Noga draws $2.6bn book for debut bond

    Bahrain’s Oil and Gas Holding Company (Noga) had taken books of $2.6bn for its debut 10 year bond on Wednesday, while bankers debated the significance of the spread over the Bahraini sovereign.

    • 01:00 PM
  • Iren and Stedin keep the flow up as utilities hit six

    All four investment grade benchmark corporate bond deals that priced last week were from utilities. On Tuesday, Italian multi-services utility, Iren, and Dutch grid operator, Stedin, took the count to six.

    • 17 Oct 2017
  • CMA CGM jumps on upgrade to refi at coupon below 6%

    French shipping group CMA CGM will launch a sub-benchmark sized bond on Tuesday, a week after S&P Global upgraded the rating of its unsecured note issuance from CCC+ to B-, bringing it into line with Moody's B3 rating.

    • 16 Oct 2017
  • Mercada enjoys clear run at sub-benchmark debut

    Finnish property company, Mercada, was a lone issuer in the corporate bond market on Monday. Its €175m five year deal q was printed while issuers that completed roadshows last week paused.

    • 16 Oct 2017
  • Tesco and Verizon announce dual currency tender offers

    UK grocer Tesco and US telecoms company Verizon both announced tender offers for some of their outstanding bonds in euros and sterling. Tesco is offering to buy up to £700m equivalent, while Verizon will confirm the size of its repurchase once it has sold new euro and sterling bonds.

    • 16 Oct 2017
  • Europcar defies Catalexit with HY deal for Goldcar LBO

    French car hire group Europcar opened the high yield bond primary market on Monday with new debt to fund the acquisition of Spanish peer Goldcar, demonstrating how little investors are worrying about the escalating crisis between Catalonia and Spain over the former's push for independence.

    • 16 Oct 2017
  • Corporate bond week ahead: hot market but where are the issuers?

    Companies that have priced bonds in Europe this week have paid very small new issue premiums, but only four deals have been priced in euros. The sterling market was almost as busy, with three issues. Bankers are, however, working hard to bring deals to market.

    • 13 Oct 2017
  • RTE and WM Housing get good long Friday deals

    Corporate bond deals are often executed on Fridays to give issuers some space in crowded weeks. However, Friday was one the busiest days of this week, with both euro and sterling investors offered long dated deals to consider.

    • 13 Oct 2017
  • Utilities buyers kept busy with run of new issues

    In a busy week for utility company bonds Iren, the Italian electricity and gas distributor, on Tuesday announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.

    • 12 Oct 2017
  • Folli Follie finds success in Swiss francs

    Unrated jewellery company Folli Follie debuted in the Swiss franc bond market on Wednesday, having failed in a previous attempt — a sign that retail buyers are becoming more receptive, market participants said.

    • 12 Oct 2017
  • Innogy gets upgraded, then sells super-tight green bond

    Innogy, the German utility split off from RWE in April 2016, on Wednesday announced it would be holding investor calls about a new benchmark 10 year debut green bond issue. Later in the day, Standard & Poor’s upgraded the issuer to BBB.

    • 12 Oct 2017
  • Aroundtown sterling debut highlights market strength

    The sterling bond market is enjoying a golden age. That was in clear evidence this week when a German-focused property company with very few sterling assets to fund chose to sell its debut deal in the currency. Nigel Owen reports.

    • 12 Oct 2017
  • Tight A2A sub-benchmark highlights how investors are hunting yield

    On Wednesday, A2A became the second Italian utility this week to sell a 10 year new issue. The company achieved the current benchmark low single digit new issue premium for its €300m deal.

    • 11 Oct 2017
  • Hyderabad Airport’s debut dollar bond nears take off

    The operator of Hyberabad’s international airport is planning a visit to the dollar bond market.

    • 10 Oct 2017
  • Noga makes first foray into bonds

    Bahrain’s Oil and Gas Holding Company (Noga) is set to hit the road to market a debut 144A/Reg S dollar denominated benchmark trade with a tenor of up to 10 years, less than two years after the company made its debut in the syndicated loan market.

    • 10 Oct 2017
  • Snam plays it again with 10 year but has to settle for 2bp NIC

    Italian gas utility Snam repeated the new issue-and-tender strategy it used in 2016 as it printed its third ever 10 year bond on Tuesday. The company was not able to replicate the zero new issue premium it achieved 12 months ago, but did still price at a very tight spread.

    • 10 Oct 2017
  • Iren to go green with tender

    On Tuesday, Iren, the electricity and gas distributor, announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.

    • 10 Oct 2017
  • Statnett to debut in euros as RWE announces buy-back results

    On Monday, Statnett, the Norwegian state electricity grid company, mandated banks for its debut benchmark bond issue in euros. This followed German power utility RWE announcing the results of its recent tender offer on Friday.

    • 09 Oct 2017
  • Columbus Day squeezes corporate bond issuance into four days

    Issuers and syndicates in the corporate bond market are lining deals up for a four day week this week. The Columbus Day holiday in the US shouldn’t necessarily mean no deals in the European market, but a mixed tone to the secondary market means participants are erring on the side of caution.

    • 09 Oct 2017
  • Eurotorg preps Belarusian first course

    Food retailer Eurotorg met investors this week to market the first ever international bond from a Belarusian corporate, but bankers were sceptical about whether there will be an influx of issuance from the former soviet state.

    • 09 Oct 2017
  • Corporate bond week ahead: Columbus to affect supply, not Catexit

    After effectively a three day week this week, due to the German Unity Day holiday, syndicate desks are expecting the corporate bond market to operate for at least four days next week, after the Columbus Day holiday in the US. Some syndicate managers are saying the days off have come at a good time.

    • 06 Oct 2017
  • Disney shows Maple is no Mickey Mouse market

    Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Wednesday. Maple bonds, a suburb of niche currency markets for years, is becoming a hotbed for blue chips in search of diversification, writes Silas Brown.

    • 05 Oct 2017
  • Cofiroute pays low tariff for 10 year on first outing of 2017

    On Wednesday, French toll road operator Cofiroute paid a low single digit new issue premium for its first corporate bond deal in over a year. The 10 year deal found favour with its faithful French investor base.

    • 05 Oct 2017
  • German investors chase yield with unrated BayWa hybrid

    The few hybrid deals that have been printed in 2017 have seen overwhelming demand amid the current low rate environment. A €300m deal from German agriculture servicing company BayWa on Wednesday was no different, even if some of the bond’s features were more unusual.

    • 05 Oct 2017
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The GlobalCapital View logo   Comment

Comment

  • Investors stay with corporate credit despite extreme tightness

    Seven of the eight benchmark investment grade corporate bonds to have been priced in euros in the last fortnight have been from utilities. And longer dated utility bonds were also among the best performers in the third quarter.

    • 11:15 AM
  • Corporate bond buyers scan horizon for fundamental risks

    The corporate bond market has endured many disruptive headlines in recent years, but it has remained resilient, thanks to investors sticking to considering credit fundamentals as the most important factor when evaluating their strategies.

    • 11 Oct 2017
  • Green by words rather than action?

    Last Friday saw GlobalCapital launch our new twice-weekly email round-up of SRI and green finance news. Everywhere you turn in the bond markets, every bank or investor you speak to, it doesn’t take long before green bonds are mentioned.

    • 28 Sep 2017

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 142,092.90 622 7.06%
2 Bank of America Merrill Lynch 126,485.14 579 6.29%
3 Citi 113,573.09 601 5.65%
4 Goldman Sachs 93,896.79 395 4.67%
5 Barclays 89,036.16 395 4.43%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 23,833.79 81 6.48%
2 HSBC 23,751.92 108 6.46%
3 Barclays 23,497.73 103 6.39%
4 BNP Paribas 23,234.24 113 6.32%
5 Citi 20,118.07 85 5.47%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 142,092.90 622 7.06%
2 Bank of America Merrill Lynch 126,485.14 579 6.29%
3 Citi 113,573.09 601 5.65%
4 Goldman Sachs 93,896.79 395 4.67%
5 Barclays 89,036.16 395 4.43%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 24,789.49 114 8.93%
2 Barclays 21,105.51 82 7.60%
3 Deutsche Bank 18,530.93 78 6.68%
4 HSBC 16,938.83 77 6.10%
5 SG Corporate & Investment Banking 15,665.73 86 5.64%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,988.32 51 7.80%
2 Goldman Sachs 5,669.99 45 7.38%
3 Deutsche Bank 5,126.35 52 6.68%
4 Credit Suisse 4,633.16 52 6.03%
5 Barclays 4,263.74 37 5.55%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29,820.93 232 10.58%
2 Citi 23,746.29 188 8.42%
3 Bank of America Merrill Lynch 22,954.16 203 8.14%
4 Goldman Sachs 20,887.87 148 7.41%
5 Barclays 19,256.47 129 6.83%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 23,833.79 81 6.48%
2 HSBC 23,751.92 108 6.46%
3 Barclays 23,497.73 103 6.39%
4 BNP Paribas 23,234.24 113 6.32%
5 Citi 20,118.07 85 5.47%