By Shobha Prabhu-Naik.
Bloomberg, the global financial data provider, has published its League Table reports for the third quarter of 2018 showing that the global corporate and financial sector bond volume has decreased by 3.73 percent to 3.3 trillion US dollars. The deal count has also seen a decrease of just over 4 percent to 12,343 offerings year on year.
The report, which names market leaders across a broad range of deal types including loans, bonds, municipals, equity, and M&A transactions for the quarter showed that US corporate bond volume also decreased by 13.86 per cent to 1.2 trillion dollars while the deal count decreased 12.23 percent to 2,031 offerings year-on-year. Markets in general were more muted during the third quarter with lower trading volumes in the summer months.
The league table displayed contrasting results from European corporate and financial bonds which actually increased by half a per cent to 968.8 billion euros. However, the deal count did also decrease by just over 1.04 per cent to 4,189 offering year on year. Canada was the only region where the corporate bonds volume increased 3.49 per cent to 85.9 billion Canadian dollars and the deal count also increased 2.98 per cent to 173 offerings year-on-year.
Bloomberg tables rank the top arrangers, book-runners and advisors from around the globe and are published on the first business day of each quarter. Data is collected from sources such as company prospectuses, term sheets, company filings, exchange notifications and contributions from banks and law firms.
JP Morgan was ranked as the top corporate & financial bonds underwriter for this quarter with a 5.24 percent market share whilst HSBC came top out of the European corporate and financial bonds underwriters with a 6.76 per cent market share. The banks underwrote 1,109 and 383 deals over the period respectively. Bank of America Merrill Lynch and Citi ranked second and third globally with Barclays and BNP Paribas coming behind HSBC in Europe.
For US corporate bonds, Bank of America Merrill Lynch ranked as the underwriter for the first third quarter of 2018 with an 11.03% market share. The bank underwrote 776 deals over the period. JP Morgan and Citi ranked second and third with 11.02% and 9.57% market share, respectively.
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