Asfinag 20 year falters in market turbulence

Asfinag braved one of the most volatile days of the year to price a €750m 2.75% 20 year transaction on Tuesday, opting to go ahead with the trade to avoid having to raise its €2bn borrowing requirement in one hit after the summer.

  • By Ralph Sinclair
  • 13 Jun 2013


Twenty years is the longest maturity attempted by a European agency this year and the fact that the deal did not reach full subscription and traded down in the aftermarket highlights investor nervousness at the unstable rate picture. 

Bankers not involved with the trade were surprised by the ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
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2 HSBC 15,210.51 21 8.40%
3 Barclays 13,356.41 18 7.38%
4 BNP Paribas 12,627.67 17 6.97%
5 Goldman Sachs 11,688.50 21 6.46%

Dollar Denominated SSA (Excl US Agency)

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1 Citi 39,420.00 102 11.72%
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3 Bank of America Merrill Lynch 27,865.54 84 8.28%
4 HSBC 25,234.90 65 7.50%
5 Deutsche Bank 22,091.31 51 6.57%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 31,814.43 89 7.71%
2 UniCredit 30,218.77 93 7.33%
3 Goldman Sachs 28,577.41 75 6.93%
4 BNP Paribas 28,185.99 56 6.83%
5 SG Corporate & Investment Banking 26,540.51 60 6.44%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 75,862.85 258 7.37%
2 JPMorgan 73,664.97 432 7.15%
3 HSBC 67,773.64 240 6.58%
4 Bank of America Merrill Lynch 57,995.54 176 5.63%
5 Barclays 52,704.16 167 5.12%