Bleak outlook in bonds but KfW, Spain reap flight to quality harvest

If the bond market was gloomy last week, this week it was in anguish. US agency spreads went off the rails as the market digested a report from Lehman Brothers that Freddie Mac and Fannie Mae could need far more capital than had been anticipated. At the same time, banks came under pressure on concerns about the US economy.

  • 11 Jul 2008

Dollar swap spreads skidded out by 20bp on Tuesday, while Treasuries rallied by more than 10bp.

One seasoned banker covering frequent borrowers said it felt like the market was standing on the edge of a cliff.

Yet in this lurid landscape KfW was able to price a $3bn five year ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 15,385.63 18 9.46%
2 HSBC 13,772.74 20 8.47%
3 Barclays 12,759.91 17 7.84%
4 BNP Paribas 12,627.67 17 7.76%
5 UniCredit 10,414.96 14 6.40%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 35,935.40 91 12.05%
2 JPMorgan 32,405.66 89 10.86%
3 Bank of America Merrill Lynch 23,275.56 73 7.80%
4 HSBC 23,085.62 57 7.74%
5 Deutsche Bank 20,925.41 48 7.01%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 28,279.55 84 7.61%
2 HSBC 27,234.93 81 7.33%
3 BNP Paribas 26,644.13 51 7.17%
4 JPMorgan 25,780.28 74 6.94%
5 Goldman Sachs 25,705.53 67 6.92%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 68,140.98 236 7.48%
2 JPMorgan 66,995.97 392 7.36%
3 HSBC 58,695.84 218 6.45%
4 Bank of America Merrill Lynch 49,593.44 155 5.45%
5 Barclays 49,497.84 151 5.44%