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  • Corporate bond week ahead: To Jackson Hole and beyond

    While the European markets surprised no one in registering a blank week in terms of new corporate bond issuance, the US market pushed the upper end of expectations, going beyond $25bn. A lower total is expected next week, but the Federal Reserve symposium in Jackson Hole will mean there is still plenty to watch.

    • 18 Aug 2017
  • Race for first European blockchain bond nears finish line

    A new platform expects to host the first European bonds to be issued on a blockchain in September.

    • 17 Aug 2017
  • Shock Etihad withdrawal leaves bondholders hanging

    Investors missed a strategic warning from Etihad earlier this year when the company removed the CEO in charge of its $4bn expansion strategy, and were blindsided this week when its partner airline Air Berlin filed for bankruptcy, write Virginia Furness and Aidan Gregory.

    • 17 Aug 2017
  • Amazon jumbo to mark zenith of M&A prints

    Amazon priced the third jumbo M&A financing bond issue in a month in the US corporate bond market on Tuesday. The $16bn seven tranche package was the fourth-largest new issue of 2017, but the summer of 2017 could signal the high point of M&A related issuance for some time, writes Nigel Owen.

    • 17 Aug 2017
  • Trinseo bags savings with new financial structure in dollars

    US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.

    • 16 Aug 2017
  • Taqa targets October Eurobond return

    Abu Dhabi’s national energy company Taqa is looking to issue a new bond to refinance $500m of debt due in October.

    • 15 Aug 2017
  • Places for People A$ debut builds solid foundation

    Places for People priced its debut Australian dollar transaction on August 10. The $150m five year deal was also the first by a social housing provider in Australia.

    • 14 Aug 2017
  • BAT totals $21bn with transatlantic debty dozen

    British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.

    • 10 Aug 2017
  • Variety is the spice of dollars as deals deals keep on coming

    The US investment grade corporate bond enjoyed a huge week of issuance as nine borrowers printed deals on Monday before British American Tobacco delivered $17.25bn on its own on Tuesday and plenty more came on Wednesday and Thursday. Bankers predict another heavy week to follow before supply slows for the traditional summer break.

    • 10 Aug 2017
  • Cerro del Aguila draws crowd for dollars

    Peruvian power generator Cerro del Aguila attracted more than $3bn of orders for its inaugural Eurobond on Wednesday.

    • 10 Aug 2017
  • Codelco buy-back nearly maxed out by early bird deadline

    Investor interest in the second leg of Chilean copper miner Codelco’s tender offer has been strong, with almost $1bn of bonds tendered by the early bird deadline.

    • 08 Aug 2017
  • Teva bonds drop further

    Israeli pharma company Teva’s bonds plunged further on Monday after “one acquisition too far” saw ratings downgrades combined with concerns that the company will breach its debt covenants, prompting investors to dump holdings.

    • 07 Aug 2017
  • Verizon prints largest Kangaroo of 2017 on debut

    Verizon Communications launched its first Australian dollar bond on Thursday. The four tranche deal is the largest corporate bond in the currency this year, raising A$2.2bn ($1.75bn) when it was priced on Friday.

    • 04 Aug 2017
  • Retail bond market reverses down trend

    LendInvest, a UK short term property loan platform, issued a £50m five year bond this week, taking new listings on London Stock Exchange’s Order book for Retail Bonds (ORB) to more than 2016s total — its first year-on-year growth since 2012.

    • 04 Aug 2017
  • Investors power up Paiton Energy’s $2bn bond

    Indonesian power producer Paiton Energy added a hefty $2bn to its coffers on Thursday, selling a dual-tranche bond that won over investors because of its diversity benefits and secured structure.

    • 04 Aug 2017


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Comment

  • How wrong can a rating agency be?

    You are looking to buy an item on Amazon. The first two reviews could not be more contrasting. One is a glowing five star rating. The other is a one star hatchet job. Which do you believe? This was akin to the situation facing investors considering Amazon’s new bond on Tuesday, with Moody’s opinion of the company four notches lower than that of S&P.

    • 17 Aug 2017
  • Amazon sale gives investors last hurrah before Jackson Hole

    Amazon’s seven tranche $16bn new issue on Tuesday gave US investors one final jumbo transaction before an anticipated two week summer break starts next week.

    • 16 Aug 2017

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 113,683.46 478 7.19%
2 Bank of America Merrill Lynch 103,037.55 448 6.52%
3 Citi 88,830.56 451 5.62%
4 Goldman Sachs 75,629.23 305 4.78%
5 Barclays 72,617.35 312 4.59%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 20,529.33 63 6.93%
2 HSBC 19,637.33 84 6.63%
3 BNP Paribas 19,346.82 88 6.53%
4 Barclays 19,276.49 80 6.51%
5 Citi 17,718.43 69 5.98%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 113,683.46 478 7.19%
2 Bank of America Merrill Lynch 103,037.55 448 6.52%
3 Citi 88,830.56 451 5.62%
4 Goldman Sachs 75,629.23 305 4.78%
5 Barclays 72,617.35 312 4.59%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 20,196.33 86 8.95%
2 Barclays 17,722.23 65 7.85%
3 Deutsche Bank 15,688.73 60 6.95%
4 HSBC 13,777.20 59 6.10%
5 SG Corporate & Investment Banking 12,521.92 64 5.55%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,994.70 40 8.04%
2 Goldman Sachs 4,312.69 35 6.95%
3 Deutsche Bank 4,249.17 39 6.84%
4 Barclays 3,956.08 33 6.37%
5 Citi 3,884.06 28 6.26%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,067.99 186 10.79%
2 Citi 19,404.77 149 8.70%
3 Bank of America Merrill Lynch 17,997.02 158 8.07%
4 Goldman Sachs 17,038.94 119 7.64%
5 Barclays 15,537.71 103 6.97%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 20,529.33 63 6.93%
2 HSBC 19,637.33 84 6.63%
3 BNP Paribas 19,346.82 88 6.53%
4 Barclays 19,276.49 80 6.51%
5 Citi 17,718.43 69 5.98%