KBN offers rare positive spread opportunity at short end

Investors lapped up a rare chance to buy triple-A rated fixed rate paper in size at the short end of the dollar curve on Wednesday when Kommunalbanken (KBN) brought a two year deal. Demand was rampant enough for the borrower to price through guidance in larger size than had been planned.

  • 05 Apr 2013

The result should prove encouraging to issuers able to offer a positive spread over mid-swaps although few were likely to follow KBN’s lead, bankers said, with most of the agency’s peers keener on achieving longer duration.

It was no surprise to see 73% of the $1.5bn Reg S/144A deal ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 Barclays 7,850.85 11 9.64%
2 BNP Paribas 7,280.82 10 8.94%
3 JPMorgan 6,400.12 9 7.86%
4 Citi 6,397.23 7 7.85%
5 HSBC 5,782.53 9 7.10%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 70,638.94 233 5.64%
2 Citi 64,455.74 181 5.14%
3 Bank of America Merrill Lynch 52,697.88 159 4.20%
4 HSBC 50,839.31 131 4.06%
5 Goldman Sachs 40,980.07 92 3.27%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Barclays 16,566.61 33 9.78%
2 JPMorgan 14,128.94 27 8.34%
3 Bank of America Merrill Lynch 12,288.23 26 7.26%
4 Credit Agricole CIB 11,879.83 26 7.02%
5 HSBC 11,124.72 31 6.57%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 JPMorgan 38,272.69 159
2 Citi 31,489.91 112
3 Barclays 29,902.18 73
4 HSBC 27,124.22 95
5 Deutsche Bank 26,280.34 101