Spain’s regions seek reform, market access

Talks are set to begin in Spain to reform the financing mechanism for the country’s regions, which could lead some to their return to the primary bond market for the first time in years. But as with seemingly everything in bonds this year, politics could yet scupper the efforts, write Craig McGlashan and Victor Jimenez.

  • By Craig McGlashan, Victor Jimenez
  • 20 Apr 2017
Only a handful of Spanish regions have printed fresh bonds over the last few years, with others reliant on the central government’s Regional Liquidity Fund (FLA). The government introduced the FLA in 2012 at the height of the eurozone sovereign debt crisis. But it has moved from being ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Barclays 8,822.61 13
2 Citi 7,368.99 9
3 BNP Paribas 7,280.82 10
4 HSBC 6,965.75 11
5 JPMorgan 6,400.12 9

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Apr 2017
1 JPMorgan 22,242.25 55 12.48%
2 Citi 19,481.25 49 10.93%
3 Deutsche Bank 14,012.00 31 7.86%
4 HSBC 13,736.18 31 7.71%
5 Barclays 12,029.58 28 6.75%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Barclays 19,895.10 43 9.86%
2 JPMorgan 16,100.70 41 7.98%
3 Bank of America Merrill Lynch 14,715.49 37 7.29%
4 Credit Agricole CIB 13,312.37 36 6.60%
5 HSBC 12,937.56 41 6.41%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Apr 2017
1 JPMorgan 39,067.52 180 8.50%
2 Citi 32,458.25 115 7.06%
3 Barclays 30,658.65 76 6.67%
4 Deutsche Bank 29,302.58 107 6.38%
5 HSBC 28,071.48 101 6.11%