Triple-A Finland sells itself on credentials rather than yield

The mood toward peripheral sovereigns may have improved recently but the results of the Republic of Finland’s new July 2028 government bond launched on Tuesday proved that investors are more than happy to sacrifice yield to buy a top quality credit.

  • 03 Feb 2012

Finland paid a coupon of 2.75% for its 16.5 year issue, compared with, for example, the Kingdom of Belgium, which priced at 10 year in January at 197bp over swaps with a coupon of 4.25%.

Finland is one of the few Eurozone sovereigns still rated triple-A by all three ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 27 Sep 2016
1 Barclays 16,573.29 25 10.75%
2 HSBC 13,571.24 19 8.80%
3 Citi 12,420.96 21 8.06%
4 JPMorgan 11,260.26 20 7.30%
5 Goldman Sachs 11,188.94 18 7.26%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Sep 2016
1 JPMorgan 44,166.08 145 12.03%
2 Bank of America Merrill Lynch 35,499.19 101 9.67%
3 Citi 35,120.34 106 9.57%
4 HSBC 28,900.41 79 7.87%
5 Goldman Sachs 25,019.12 58 6.82%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Sep 2016
1 Barclays 32,641.50 78 8.97%
2 UniCredit 28,262.86 104 7.76%
3 HSBC 28,056.56 98 7.71%
4 Credit Agricole CIB 24,626.69 69 6.76%
5 JPMorgan 24,044.23 73 6.60%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Sep 2016
1 JPMorgan 70,827.81 399 3.76%
2 HSBC 65,838.69 258 3.49%
3 Barclays 63,715.99 198 3.38%
4 Citi 60,728.54 204 3.22%
5 Bank of America Merrill Lynch 50,964.80 163 2.70%