Goldman Sachs tops high yield bond league

GOLDMAN Sachs has moved to top place for the first time since 2002 in the table for issuance of high yield bonds.

The US investment bank has displaced Deutsche Bank – perhaps only temporarily because these positions have a habit of changing quickly – after completing a deal for the leisure group GEO.

Goldman’s other recent deals have included bond issues for Boparan, the chicken producer that has taken over Northern Foods, the clothing group Matalan, the drinks group Pernod Ricard and Phones 4 U.

A record number of high-yield bonds were issued last year, and volumes this year are already surpassing that, according to data from Dealogic. Globally, $354bn (£218.2bn) of high-yield bonds were issued last year, of which $62bn came from European issuers – also a record, according to the data provider.

Bond issuance this year is running at roughly twice the rate of last year, the data suggests.

Goldman has taken pole position with an 11 per cent share since the start of the year. Deutsche Bank is currently claiming 10.7 per cent, according to Bloomberg data, with Credit Suisse having an 8.8 per cent share.