Bonds, deal by deal
Bond issues of $1,000m and more in the last two years where one of these banks ran the book and the prospectus prints the underwriting discount, tranche by tranche. The discount is a share of the principal, split among the underwriters, and it is the one fee in this business that is printed on the cover.
Cheapest0.075%320Bank of America, KfW, 4.000% notes due 2027underwriting discount · 2025-06-18, read 2 Nov 2026
Dearest0.875%321Bank of America, Amgen Inc., 5.650% Senior Notes due 2056underwriting discount · 2026-02-17, read 2 Nov 2026
| Priced | Issuer, notes | Tranche | Discount | Book-runners on this site |
|---|---|---|---|---|
| 2026-09-11 | KfW, 4.50% notes due 2031 | $3,000m319 | 0.125%322 | Goldman Sachs322, JPMorgan Chase323, Morgan Stanley324 |
| 2026-08-13 | Advanced Micro Devices, Inc., 4.600% Senior Notes due 2029 | $1,250m330 | 0.14%325 | Bank of America325, Citigroup326, Goldman Sachs327, JPMorgan Chase328, Morgan Stanley329 |
| 2026-08-13 | Advanced Micro Devices, Inc., 5.000% Senior Notes due 2031 | $1,500m336 | 0.15%331 | Bank of America331, Citigroup332, Goldman Sachs333, JPMorgan Chase334, Morgan Stanley335 |
| 2026-08-13 | Advanced Micro Devices, Inc., 5.250% Senior Notes due 2033 | $1,000m342 | 0.18%337 | Bank of America337, Citigroup338, Goldman Sachs339, JPMorgan Chase340, Morgan Stanley341 |
| 2026-08-13 | Advanced Micro Devices, Inc., 5.500% Senior Notes due 2036 | $1,000m348 | 0.23%343 | Bank of America343, Citigroup344, Goldman Sachs345, JPMorgan Chase346, Morgan Stanley347 |
| 2026-08-06 | Charter Communications Operating, LLC, 6.050% Senior Secured Notes due 2032 | $1,750m354 | 0.634%349 | Bank of America349, Citigroup350, Goldman Sachs351, JPMorgan Chase352, Morgan Stanley353 |
| 2026-08-06 | Charter Communications Operating, LLC, 6.600% Senior Secured Notes due 2034 | $1,000m360 | 0.634%355 | Bank of America355, Citigroup356, Goldman Sachs357, JPMorgan Chase358, Morgan Stanley359 |
| 2026-08-06 | Charter Communications Operating, LLC, 6.950% Senior Secured Notes due 2036 | $1,000m366 | 0.634%361 | Bank of America361, Citigroup362, Goldman Sachs363, JPMorgan Chase364, Morgan Stanley365 |
| 2026-08-06 | Charter Communications Operating, LLC, 7.850% Senior Secured Notes due 2056 | $1,000m372 | 0.634%367 | Bank of America367, Citigroup368, Goldman Sachs369, JPMorgan Chase370, Morgan Stanley371 |
| 2026-07-20 | Netflix, Inc., 5.250% Senior Notes due 2036 | $1,000m374 | 0.4%373 | Morgan Stanley373 |
| 2026-07-10 | KfW, 4.375% notes due 2033 | $3,000m376 | 0.15%375 | Bank of America375 |
| 2026-05-15 | KfW, 4.125% notes due 2031 | $4,000m380 | 0.125%377 | Citigroup377, Deutsche Bank378, JPMorgan Chase379 |
| 2026-05-13 | Ireland, 3.0% green notes due 18 October 2043 (tap) | €2,000m385 | 0.2125%381 | Bank of America381, Citigroup382, Deutsche Bank383, JPMorgan Chase384 |
| 2026-02-17 | Amgen Inc., 4.200% Senior Notes due 2031 | $1,000m391 | 0.35%386 | Bank of America386, Citigroup387, Goldman Sachs388, JPMorgan Chase389, Morgan Stanley390 |
| 2026-02-17 | Amgen Inc., 4.850% Senior Notes due 2036 | $1,750m397 | 0.45%392 | Bank of America392, Citigroup393, Goldman Sachs394, JPMorgan Chase395, Morgan Stanley396 |
| 2026-02-17 | Amgen Inc., 5.500% Senior Notes due 2046 | $500m403 | 0.75%398 | Bank of America398, Citigroup399, Goldman Sachs400, JPMorgan Chase401, Morgan Stanley402 |
| 2026-02-17 | Amgen Inc., 5.650% Senior Notes due 2056 | $750m408 | 0.875%321 | Bank of America321, Citigroup404, Goldman Sachs405, JPMorgan Chase406, Morgan Stanley407 |
| 2026-01-29 | AT&T Inc., 4.400% Global Notes due 2031 | $1,500m412 | 0.25%409 | Bank of America409, Goldman Sachs410, Morgan Stanley411 |
| 2026-01-29 | AT&T Inc., 4.750% Global Notes due 2033 | $1,250m416 | 0.3%413 | Bank of America413, Goldman Sachs414, Morgan Stanley415 |
| 2026-01-29 | AT&T Inc., 5.125% Global Notes due 2036 | $1,250m420 | 0.375%417 | Bank of America417, Goldman Sachs418, Morgan Stanley419 |
| 2026-01-29 | AT&T Inc., 5.850% Global Notes due 2046 | $850m424 | 0.55%421 | Bank of America421, Goldman Sachs422, Morgan Stanley423 |
| 2026-01-29 | AT&T Inc., 6.000% Global Notes due 2056 | $1,650m428 | 0.7%425 | Bank of America425, Goldman Sachs426, Morgan Stanley427 |
| 2026-01-16 | KfW, 3.750% notes due 2031 | $5,000m431 | 0.125%429 | Citigroup429, JPMorgan Chase430 |
| 2026-01-14 | Ireland, 3.1% notes due 18 June 2036 | €5,000m435 | 0.175%432 | Bank of America432, Barclays433, JPMorgan Chase434 |
| 2025-09-18 | AT&T Inc., 4.550% Global Notes due 2032 | $1,150m441 | 0.3%436 | Bank of America436, Citigroup437, Goldman Sachs438, JPMorgan Chase439, Morgan Stanley440 |
| 2025-09-18 | AT&T Inc., 4.900% Global Notes due 2035 | $1,250m447 | 0.375%442 | Bank of America442, Citigroup443, Goldman Sachs444, JPMorgan Chase445, Morgan Stanley446 |
| 2025-09-18 | AT&T Inc., 5.550% Global Notes due 2045 | $1,100m453 | 0.55%448 | Bank of America448, Citigroup449, Goldman Sachs450, JPMorgan Chase451, Morgan Stanley452 |
| 2025-09-18 | AT&T Inc., 5.700% Global Notes due 2054 | $1,500m459 | 0.7%454 | Bank of America454, Citigroup455, Goldman Sachs456, JPMorgan Chase457, Morgan Stanley458 |
| 2025-09-12 | KfW, 3.500% notes due 2028 | $3,000m462 | 0.1%460 | Bank of America460, Morgan Stanley461 |
| 2025-09-02 | The Cigna Group, 4.500% Senior Notes due 2030 | $1,000m466 | 0.35%463 | Bank of America463, Citigroup464, Morgan Stanley465 |
| 2025-09-02 | The Cigna Group, 4.875% Senior Notes due 2032 | $1,250m470 | 0.4%467 | Bank of America467, Citigroup468, Morgan Stanley469 |
| 2025-09-02 | The Cigna Group, 5.250% Senior Notes due 2036 | $1,500m474 | 0.45%471 | Bank of America471, Citigroup472, Morgan Stanley473 |
| 2025-09-02 | The Cigna Group, 6.000% Senior Notes due 2056 | $750m478 | 0.875%475 | Bank of America475, Citigroup476, Morgan Stanley477 |
| 2025-08-18 | Marriott International, Inc., 4.200% Series TT Notes due 2027 | $400m483 | 0.25%479 | Bank of America479, Citigroup480, Goldman Sachs481, JPMorgan Chase482 |
| 2025-08-18 | Marriott International, Inc., 4.500% Series UU Notes due 2031 | $500m488 | 0.6%484 | Bank of America484, Citigroup485, Goldman Sachs486, JPMorgan Chase487 |
| 2025-08-18 | Marriott International, Inc., 5.250% Series VV Notes due 2035 | $600m493 | 0.65%489 | Bank of America489, Citigroup490, Goldman Sachs491, JPMorgan Chase492 |
| 2025-07-23 | Lockheed Martin Corporation, 4.150% Notes due 2028 | $500m498 | 0.25%494 | Bank of America494, Citigroup495, JPMorgan Chase496, Morgan Stanley497 |
| 2025-07-23 | Lockheed Martin Corporation, 4.400% Notes due 2030 | $750m503 | 0.35%499 | Bank of America499, Citigroup500, JPMorgan Chase501, Morgan Stanley502 |
| 2025-07-23 | Lockheed Martin Corporation, 5.000% Notes due 2035 | $750m508 | 0.45%504 | Bank of America504, Citigroup505, JPMorgan Chase506, Morgan Stanley507 |
| 2025-06-18 | KfW, 4.000% notes due 2027 | $3,000m509 | 0.075%320 | Bank of America320 |
| 2025-06-17 | UnitedHealth Group, 4.400% notes due 2028, 4.650% notes due 2031, 5.300% notes due 2035 and 5.950% notes due 2055 | $3,000m510 | Not stated | none named |
| 2025-06-05 | Target Corporation, 4.350% notes due 2028 and 5.250% notes due 2036 | $1,000m511 | Not stated | none named |
| 2025-05-28 | AT&T Inc., 4.700% global notes due 2030, 5.375% global notes due 2035 and 6.050% global notes due 2056 | $3,500m512 | Not stated | none named |
| 2025-05-19 | QUALCOMM Incorporated, 4.500% notes due 2030, 4.750% notes due 2032 and 5.000% notes due 2035 | $1,500m513 | Not stated | none named |
| 2025-05-06 | Starbucks Corporation, 4.500% Senior Notes due 2028 | $750m517 | 0.25%514 | Bank of America514, Citigroup515, Morgan Stanley516 |
| 2025-05-06 | Starbucks Corporation, 4.800% Senior Notes due 2030 | $500m521 | 0.35%518 | Bank of America518, Citigroup519, Morgan Stanley520 |
| 2025-05-06 | Starbucks Corporation, 5.400% Senior Notes due 2035 | $500m525 | 0.45%522 | Bank of America522, Citigroup523, Morgan Stanley524 |
| 2025-05-05 | Apple Inc., 4.000% notes due 2028, 4.200% notes due 2030, 4.500% notes due 2032 and 4.750% notes due 2035 | $4,500m526 | Not stated | none named |
| 2025-05-05 | Automatic Data Processing, Inc., 4.750% senior notes due 2032 | $1,000m529 | 0.4%527 | BNP Paribas527, Deutsche Bank528 |
| 2025-04-30 | KfW, 3.750% notes due 2030 | $5,000m532 | 0.125%530 | BNP Paribas530, JPMorgan Chase531 |
| 2025-04-28 | Philip Morris International Inc., floating rate notes due 2028 | $400m534 | 0.2%533 | Barclays533 |
| 2025-04-28 | Philip Morris International Inc., 4.125% notes due 2028 | $750m536 | 0.2%535 | Barclays535 |
| 2025-04-28 | Philip Morris International Inc., 4.375% notes due 2030 | $750m538 | 0.3%537 | Barclays537 |
| 2025-04-28 | Philip Morris International Inc., 4.875% notes due 2035 | $600m540 | 0.45%539 | Barclays539 |
| 2025-04-28 | Alphabet Inc., 4.000% notes due 2030, 4.500% notes due 2035, 5.250% notes due 2055 and 5.300% notes due 2065 | $5,000m541 | Not stated | none named |
| 2025-03-20 | Target Corporation, 5.000% notes due 2035 | $1,000m544 | 0.45%542 | Barclays542, Deutsche Bank543 |
| 2025-03-06 | KfW, 3.875% notes due 2028 | $3,000m546 | 0.1%545 | Citigroup545 |
| 2025-03-04 | 3M Company, 4.800% Notes due 2030 | $550m552 | 0.25%547 | Bank of America547, Citigroup548, Goldman Sachs549, JPMorgan Chase550, Morgan Stanley551 |
| 2025-03-04 | 3M Company, 5.150% Notes due 2035 | $550m558 | 0.4%553 | Bank of America553, Citigroup554, Goldman Sachs555, JPMorgan Chase556, Morgan Stanley557 |
| 2025-02-24 | Marriott International, Inc., 5.100% Series RR Notes due 2032 | $500m562 | 0.625%559 | Bank of America559, Citigroup560, JPMorgan Chase561 |
| 2025-02-24 | Marriott International, Inc., 5.500% Series SS Notes due 2037 | $1,500m566 | 0.675%563 | Bank of America563, Citigroup564, JPMorgan Chase565 |
| 2025-02-24 | Chevron U.S.A. Inc., 4.405% notes due 2027, floating rate notes due 2027, 4.475% notes due 2028, floating rate notes due 2028, 4.687% notes due 2030, 4.819% notes due 2032 and 4.980% notes due 2035 | $5,500m567 | Not stated | none named |
| 2025-02-18 | AbbVie Inc., 4.650% senior notes due 2028, 4.875% senior notes due 2030, 5.200% senior notes due 2035 and 5.600% senior notes due 2055 | $4,000m568 | Not stated | none named |
| 2025-02-04 | Altria Group, Inc., 4.875% notes due 2028 | $500m570 | 0.45%569 | Deutsche Bank569 |
| 2025-02-04 | Altria Group, Inc., 5.625% notes due 2035 | $500m572 | 0.65%571 | Deutsche Bank571 |
| 2025-01-16 | Ireland, 3.15% notes due 18 October 2055 | €3,000m577 | 0.25%573 | Deutsche Bank573, Goldman Sachs574, HSBC575, JPMorgan Chase576 |
| 2025-01-16 | KfW, 4.625% notes due 2030 | $3,000m582 | 0.125%578 | Barclays578, HSBC579, JPMorgan Chase580, Morgan Stanley581 |
| 2025-01-13 | Deere & Company, 5.450% notes due 2035 and 5.700% notes due 2055 | $2,000m583 | Not stated | none named |
| 2025-01-06 | The Williams Companies, Inc., 5.600% senior notes due 2035 and 6.000% senior notes due 2055 | $1,500m584 | Not stated | none named |
| 2024-11-18 | EOG Resources, Inc., 5.650% senior notes due 2054 | $1,000m586 | 0.875%585 | Barclays585 |
70 tranches from prospectus supplements filed with the SEC and from European final terms, read 1 and 2 November 2026, a sample of the window and not a census. Every issue here was $1,000m or more in total; the tranche sizes are as the cover prints them. European final terms often print no commission at all; where they print a single fee for the issue it sits in the source line rather than against a bank. The table as a file: bonds.csv.
Discounts as printed, to the decimal the cover gives and no further.
The Panel Six firms I deal with. Terms as discussed with me.
| Firm | Indicative fee | Retainer | Minimum |
|---|---|---|---|
| Harrowgate Lennox A lobby people photograph, and a pitch team of eleven who rarely see it. | IPO 3.84% to 4.69%P1 | £53,250 a month, creditedP1 | £1.35bn deal sizeP1 |
| Thornleigh Aubert A long tradition of never quite saying no. | Discretionary 0.64% to 0.37% by tierP2 | None stated. The relationship is the retainer.P2 | CHF 9mP2 |
| Lockridge Hartwell American to the core and billing in quarter hours, including the quarter hour spent reading this. | IPO 6.77% to 7.22%P3 | $92,750 a month, not creditedP3 | $1.85bn deal sizeP3 |
| Dunmore & Rook Proudly independent, right up to the fee letter. | M&A 1.81% success feeP4 | £34,250 a month, credited against the success feeP4 | £150m deal sizeP4 |
| Marchbank Private A royal warrant, a brass plate and a door with the minimum on it. | Discretionary 0.56% to 0.26% by tierP5 | Account fee £110 a monthP5 | £9mP5 |
| Linnet The challenger, with a chatbot called Ned who is always available and occasionally right. | 0.29% platform fee, funds extraP6 | None. Ned does not charge for his time.P6 | £400,000P6 |