High times for high grade as SSAs learn to live with tough times

A barnstorming week for supranational and agency borrowers defied dicey conditions in peripheral sovereign markets and looks to have set the precedent for weeks to come, say SSA bankers. Investors have displayed a renewed resilience when considering new bond issues that was absent last year in the face of comparable volatility, write Ralph Sinclair, Jo Richards and Tessa Wilkie.

  • 01 Jun 2012

"The market won’t shut down like it did last year," said an SSA syndicate manager considering the prospect of a spate of holidays next week followed by Greek elections the week after in addition to the already poorly state of Spanish and Italian government debt markets.

Investors have grown ...

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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%