BondMarker: ESM's debut amid dollar frenzy

Last week was a momentous one for dollar borrowing in the SSA market. The European Stability Mechanism made its long awaited debut in dollars, swiftly followed by a pair of rare 10 year transactions. Read on to see how the BondMarker voters rated the deals.

  • By Lewis McLellan
  • 02 Nov 2017
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Conditions in the dollar market were sensational, with borrowers able to pick up funding in tenors from two to 10 years. With such a hot market, it is no surprise that the category with the highest average score across all the deals was timing.

By and large, the deals met with warm receptions, none more so than Asian Development Bank's $1.5bn 10 year. The deal exorcised some unhappy memories of its less successful trip to the 10 year part of the curve in January, drawing the highest score of the week in each category.

ADB was joined at the 10 year maturity by CPPIB Capital, which made its first trip to the dollar long end with its third benchmark in the currency. The issuer's ambition in trying the difficult 10 year maturity was appreciated by the BondMarker voters, who awarded it a nine for structure and maturity. 

Perhaps the most discussed trade of the week, ESM's debut in the dollar market turned heads and put $3bn of five year cash in the supranational's coffers. Once again, the transaction received impressive scores in every category, but was particularly impressive in timing and in quality of the investor book.

The deals at the short end of the dollar curve received respectable scores but were markedly less praised than their counterparts further out in the curve. Sweden raised $2.5bn with a three year transaction while Bank Nederlandse Gemeenten picked up $2bn with a two year deal. BNG's trade in particular was let down by its score for structure/maturity, which was the lowest score awarded this week.

Click here to read the bond comments

Click here to score this week's benchmark from CAF

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  • By Lewis McLellan
  • 02 Nov 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 18,481.15 26 8.94%
2 HSBC 16,094.53 24 7.78%
3 BNP Paribas 15,919.65 22 7.70%
4 Barclays 15,034.43 23 7.27%
5 Goldman Sachs 14,733.99 25 7.12%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,381.13 125 11.93%
2 Citi 51,314.15 130 11.46%
3 HSBC 34,944.78 85 7.81%
4 Bank of America Merrill Lynch 33,966.38 103 7.59%
5 Deutsche Bank 29,250.35 70 6.54%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,435.93 113 7.30%
2 UniCredit 33,423.92 115 7.09%
3 Barclays 32,006.38 77 6.79%
4 Goldman Sachs 31,731.55 86 6.73%
5 BNP Paribas 31,535.13 67 6.69%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 93,406.61 316 7.33%
2 JPMorgan 93,202.80 530 7.31%
3 HSBC 80,762.45 290 6.34%
4 Bank of America Merrill Lynch 66,092.39 212 5.19%
5 Barclays 65,839.57 206 5.17%