SSA market bounces back as investors reduce risk

Investors, skittish about the trajectory of monetary policy, are reducing their exposure to risks, according to Heartwood Investment Management. The move coincides with the return of public sector borrowers to capital markets, catering to pent-up demand from undersupplied investors.

  • By Lewis McLellan
  • 23 Aug 2017

“Central banks are likely to continue on (or begin) their journey of normalising monetary policy, which we believe is a scenario that financial markets are not yet fully pricing,” said Graham Bishop, investment director at Heartwood Investment Management in a research note.

Bishop believes that the prevailing ...

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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%