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 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 48,143.17 117 11.92%
2 Citi 45,631.49 117 11.30%
3 HSBC 32,619.65 76 8.08%
4 Bank of America Merrill Lynch 31,796.56 92 7.88%
5 Deutsche Bank 26,169.34 61 6.48%

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 7.26%
2 UniCredit 32,161.79 106 7.22%
3 Goldman Sachs 31,301.28 81 7.02%
4 BNP Paribas 30,965.57 63 6.95%
5 Barclays 30,125.25 71 6.76%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 86,363.02 489 7.38%
2 Citi 86,161.20 295 7.36%
3 HSBC 75,912.57 258 6.48%
4 Bank of America Merrill Lynch 62,681.73 193 5.35%
5 Barclays 59,041.67 186 5.04%