Long-awaited ESM dollar debut hits screens alongside 10 year dollar mandates

The European Stability Mechanism is finally set to come to market to sell its first ever dollar bond, lining up for a transaction on Tuesday alongside two SSAs looking to access the rare 10 year dollar tenor.

  • By Lewis McLellan
  • 23 Oct 2017

Citi, Deutsche Bank and JP Morgan will act as leads for the ESM's $3bn no-grow five year Reg S/144A benchmark. Initial price thoughts were set at 12bp area over mid-swaps. 

European Investment Bank’s $3bn five year from October 11 was the main pricing reference, according to a head of ...

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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 12.09%
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%