BondMarker Q3 focus: agencies battle for top spot in dollars

A Japanese agency has pipped a Nordic one to the post in a tightly-fought race for the top dollar scores on BondMarker in the third quarter. Just 0.2 marks separate the top three scored dollar prints.

  • By Tessa Wilkie
  • 06 Oct 2017
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Development Bank of Japan claimed first and third place in the overall scores for dollar deals in the third quarter. The most popular deal among BondMarker voters in Q3 was an $800m 2.625% September 2027 piece of a dual tranche print that DBJ brought in August.

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The tranche racked up an average tally of 9.2 over the five categories available for voting (pricing, structure/maturity, quality of the investor book, timing, and performance).

The tranche scored particularly highly in the pricing and structure/maturity categories, where voters awarded it 9.3 on average.

The deal was priced on August 23 and was led by Barclays, BNP Paribas, Citi and Daiwa.

The $1bn 2.125% September 2020 tranche of the same deal scored a 9 overall on BondMarker, making it the third most popular deal of the quarter.

Only Municipality Finance stood in the way of DBJ’s dominance of the top two spots of the quarter, with a three year printed a month earlier.

Daiwa, Deutsche Bank, Nomura and TD Securities brought a $1bn 1.875% September 2020 for MuniFin on July 7, that notched up an average score of 9.1 with the BondMarker voters.

That deal attracted particularly high scores of 9.3 in the timing, investor quality and performance categories. One banker away from the deal described it to GlobalCapital as “perfectly timed”.

Through BondMarker, GlobalCapital crowd-sources market participants’ opinions with the aim of providing a quantitative complement to our industry-leading bond comments.

We ask participants to award deals a score out of 10 over the five categories. A deal that the voter considered very poor would merit a score close to zero and one they considered a very impressive print close to 10.

We calculate the average total score for each deal by taking the mean of individual votes over the five categories. Each category takes equal weight.

Deals are available to be voted on for one week after they are priced.  The votes are aggregated and published at the end of that period.

GlobalCapital published BondMarker scores on 23 dollar benchmarks that were priced in the third quarter. Some deal scores were not published due to them not meeting our minimum voting requirements.

  • By Tessa Wilkie
  • 06 Oct 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 12.09%
2 Citi 49,764.15 128 11.27%
3 HSBC 34,695.08 84 7.86%
4 Bank of America Merrill Lynch 33,616.38 101 7.61%
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 33,639.57 107 7.23%
2 UniCredit 32,850.81 112 7.06%
3 Barclays 31,876.57 76 6.85%
4 Goldman Sachs 31,731.55 86 6.82%
5 BNP Paribas 31,052.89 65 6.68%

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 7.40%
2 Citi 91,849.49 314 7.29%
3 HSBC 79,596.61 281 6.32%
4 Bank of America Merrill Lynch 65,275.79 207 5.18%
5 Barclays 65,250.47 203 5.18%