GC BondMarker results: BNG and EFSF go head to head

The votes have been counted and two of last week's deals go under the GC BondMarker microscope in this week's results: a three year floater from Bank Nederlandse Gemeenten (BNG) and a jumbo dual tranche from the European Financial Stability Facility (EFSF).

  • By Lewis McLellan
  • 13 Jul 2017
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Both deals scored highly with the GC BondMarker voters, impressing on all categories. However, EFSF's €6bn jumbo dual tranche had the edge in most categories. The 31 year tranche surprised everybody by raising €3.5bn, a full €1bn more than the eight year.

Little wonder that the trade received 10s for timing, managing to take advantage of rates driven upwards by an uncharacteristically hawkish ECB president Mario Draghi. Investors took the higher yields as a buying opportunity and piled into the long tranche en masse. With a 10 in structure/maturity and nothing lower than a nine (for pricing), EFSF's long tranche was absolutely the right deal at the right time. 

The shorter tranche was scarcely less highly praised but received a 7.5 for structure and maturity. Click here to see what market participants thought of EFSF's deal.

BNG's scores, which included an 8.5 for pricing, might have looked more impressive in a week with less stiff competition but, up against one of the most impressive deals of the year, it was always going to be tough to stand out. Click here to see what market participants thought of BNG's deal.

Click here to vote on this week's deals, including transactions from Corporación Andina de Fomento, Municipality Finance and KfW.

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  • By Lewis McLellan
  • 13 Jul 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 18,481.15 26 8.95%
2 HSBC 16,094.53 24 7.80%
3 BNP Paribas 15,919.65 22 7.71%
4 Barclays 15,034.43 23 7.28%
5 Goldman Sachs 14,733.99 25 7.14%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,381.13 125 12.08%
2 Citi 49,764.15 128 11.26%
3 HSBC 34,695.08 84 7.85%
4 Bank of America Merrill Lynch 33,716.38 102 7.63%
5 Deutsche Bank 29,250.35 70 6.62%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 33,662.90 109 7.23%
2 UniCredit 32,850.81 112 7.05%
3 Barclays 31,876.57 76 6.84%
4 Goldman Sachs 31,731.55 86 6.81%
5 BNP Paribas 31,052.89 65 6.67%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 93,202.80 530 7.39%
2 Citi 91,849.49 314 7.28%
3 HSBC 79,651.84 284 6.32%
4 Bank of America Merrill Lynch 65,375.79 208 5.18%
5 Barclays 65,250.47 203 5.17%