Finland, KfW battle as yields depress investors

Big books do not always tell the whole story. Despite many investors flush with cash from redemptions and coupon flows, some are beginning to balk at the low absolute level of yields and the tight spreads being commanded by the market’s top credits, preferring to venture down the credit curve or buy longer maturities where better returns are on offer.

  • 17 Sep 2010
This was evident in the deals issued this week by the Republic of Finland and KfW where demand from fund managers, insurance companies and pension funds was lower than anticipated.Finland usually attracts huge books for its syndicated transactions but its new five year RFGB, which carried a coupon ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
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3 Barclays 2,583.19 4 5.59%
4 Citi 1,961.84 2 4.25%
5 BNP Paribas 1,498.16 1 3.24%

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1 Goldman Sachs 3,533.69 6 12.02%
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3 HSBC 3,118.62 6 10.60%
4 Citi 3,063.28 6 10.42%
5 TD Securities Inc 2,869.30 6 9.76%

Bookrunners of Euro Denominated SSA (Excl US Agency)

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4 LBBW 2,024.41 4 11.57%
5 Barclays 1,213.11 3 6.93%

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4 HSBC 11,755.65 26 8.02%
5 Bank of America Merrill Lynch 9,593.97 21 6.54%