SNB sacrifices bonds but fails to control FX

The Swiss bond market stalled this week despite investors’ rush for safe havens as the Swiss National Bank combated what it called the "massively overvalued" franc. But cutting rates and pumping up liquidity failed to cool the currency, which reached new highs on Thursday.

  • 05 Aug 2011
On Wednesday the SNB cut its target range for three month Libor to 0%-0.25% from 0%-0.75%, aiming for a three-month Libor rate "as close to zero as possible". It also looked to reduce banks’ sight deposits to Sfr80bn from Sfr30bn by repurchasing bills and not renewing maturing repo ...

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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 46,791.16 113 11.72%
2 Citi 45,464.82 116 11.39%
3 HSBC 32,120.98 74 8.05%
4 Bank of America Merrill Lynch 31,796.56 92 7.97%
5 Deutsche Bank 25,336.01 60 6.35%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 32,369.73 94 7.29%
2 UniCredit 31,868.36 105 7.18%
3 Goldman Sachs 31,008.65 80 6.99%
4 BNP Paribas 30,965.57 63 6.98%
5 Barclays 30,125.25 71 6.79%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 85,921.52 293 7.39%
2 JPMorgan 84,566.67 476 7.28%
3 HSBC 75,413.89 256 6.49%
4 Bank of America Merrill Lynch 62,586.52 191 5.38%
5 Barclays 59,041.67 186 5.08%