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
  • 23 Aug 2016
1 Barclays 15,126.82 22 10.34%
2 HSBC 12,777.74 17 8.74%
3 Citi 11,827.31 20 8.09%
4 JPMorgan 10,753.73 18 7.35%
5 Goldman Sachs 10,682.41 16 7.31%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Aug 2016
1 JPMorgan 38,029.96 115 11.66%
2 Bank of America Merrill Lynch 32,087.97 92 9.84%
3 Citi 30,826.32 88 9.45%
4 HSBC 25,140.59 68 7.71%
5 Goldman Sachs 22,949.44 54 7.04%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Aug 2016
1 Barclays 30,745.22 71 9.07%
2 UniCredit 26,218.96 96 7.74%
3 HSBC 25,593.40 91 7.55%
4 JPMorgan 22,900.10 68 6.76%
5 Credit Agricole CIB 22,576.15 63 6.66%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Aug 2016
1 JPMorgan 67,687.96 383 7.67%
2 HSBC 61,896.17 243 7.01%
3 Barclays 61,147.01 189 6.93%
4 Citi 56,516.82 188 6.40%
5 Bank of America Merrill Lynch 47,821.19 155 5.42%