Spain stumbles over funding finish line but bail-out queries press

In what had looked unlikely at certain points this year, Spain managed to hit its 2012 funding target this week, pushing itself over the line with an auction raising just under €4.8bn. But the sale was not a resounding success — Spain’s bonds sold off afterwards and took Italy’s with it — and could pile on yet more pressure on Spain to apply for a bail-out.

  • 09 Nov 2012

The auction on Thursday produced Spain’s worst day of trading in the government bond markets since the Galician elections on October 21. The sovereign’s 10 year yields were up 16bp by Thursday afternoon and Italy’s yields also rose.

"You can argue that Spain’s problems are academic, but Italy’s ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 16,088.76 20 8.73%
2 HSBC 15,210.51 21 8.26%
3 BNP Paribas 13,600.58 19 7.38%
4 Barclays 13,491.76 19 7.32%
5 Goldman Sachs 12,661.40 23 6.87%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 40,045.00 103 11.63%
2 JPMorgan 39,221.51 105 11.39%
3 Bank of America Merrill Lynch 27,965.08 85 8.12%
4 HSBC 26,016.15 67 7.56%
5 Deutsche Bank 23,091.31 54 6.71%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 31,897.22 90 7.68%
2 UniCredit 30,574.73 94 7.36%
3 Goldman Sachs 28,739.59 76 6.92%
4 BNP Paribas 28,348.17 57 6.82%
5 Barclays 26,735.67 65 6.43%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 76,487.85 259 7.33%
2 JPMorgan 75,308.10 436 7.21%
3 HSBC 68,637.67 243 6.57%
4 Bank of America Merrill Lynch 58,095.07 177 5.56%
5 Barclays 53,192.11 171 5.10%