Venezuela downgraded as transition hopes vanish

Last year’s rally in Venezuelan bonds as Hugo Chávez neared the end of his tenure as president looks to have been even more misguided than some in the market had feared. Standard & Poor’s on Monday downgraded the sovereign from B+ to B.

  • By Mark Baker
  • 18 Jun 2013

New president Nicolás Maduro has dashed any hopes of a transition to a more market-friendly economy or better growth environment, with S&P blaming challenges to the implementation of economic policies for the downgrade. The rating agency maintains Venezuela on a negative outlook.

Venezuelan government bonds had rallied towards ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 17,773.39 25 9.05%
2 HSBC 16,094.53 24 8.19%
3 BNP Paribas 14,513.99 21 7.39%
4 Barclays 14,014.48 21 7.13%
5 Goldman Sachs 13,328.33 24 6.78%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 45,626.01 111 11.54%
2 Citi 45,298.31 115 11.46%
3 HSBC 31,954.47 73 8.08%
4 Bank of America Merrill Lynch 31,646.56 91 8.01%
5 Deutsche Bank 25,336.01 60 6.41%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 32,254.14 93 7.35%
2 UniCredit 31,545.41 101 7.19%
3 BNP Paribas 30,965.57 63 7.06%
4 Goldman Sachs 30,813.44 79 7.02%
5 Barclays 28,821.98 69 6.57%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 85,260.76 291 7.41%
2 JPMorgan 83,401.52 474 7.25%
3 HSBC 75,131.79 254 6.53%
4 Bank of America Merrill Lynch 62,436.52 190 5.43%
5 Goldman Sachs 58,162.93 154 5.06%