MUFG has been ranked the number one bookrunner of corporate hybrid bonds by Dealogic.

During 2017, MUFG has acted as Joint Bookrunner on deals valued at over €10 billion and commanding a 9.7% market share for EMEA issuers in $,€ and Sterling.

Overall volumes were up by c. 30% against 2016 levels with 75% of issuance conducted in euros.

Issuers were dominated by utilities and auto in 2017, with nearly half of market activity coming from these two industries. Hybrid bonds were issued by both investment grade and sub-investment grade issuers.

75% of issuance was conducted in euros, down from 95% in 2016.

Anthony Barklam, Co-Head, Debt Capital Markets - Loans and Bonds, MUFG, said:

“Issuance in 2017 was driven by tightening spreads in the hybrid space, and the market rally continued to attract issuers throughout the year. Investors' ongoing search for yield, issuer call schedules and a need from borrowers to bolster their balance sheet is likely to drive similarly high volumes of issuance into 2018.

“We're delighted at the extent to which we've been able to support our clients over the last 12 months and will be looking to build on this in the market next year."