KfW stands firm amid peripheral rout

Fitch's downgrade of Spain on Friday and the woes of the country’s banks triggered another peripheral sovereign rout this week. All the peripheral eurozone sovereigns widened to pre-bail out levels, putting paid to the plans of those issuers who were looking to follow Nederlandse Waterschapsbank, which issued last week. In all the volatility, a couple of planned dollar deals also appear to have been put on hold — Council of Europe and Swedish Export Credit Corp., for example, had hoped to issue this week. The only issuer brave enough to launch is KfW with a $1bn RegS four year led by Deutsche Bank and Morgan Stanley. Pricing will be in the mid-swaps plus 20bp area. The Province of Ontario is also thought to be contemplating issuance this week. Read EuroWeek on Friday for the market's views of where we go from here

  • 02 Jun 2010

Jo Richards +44 20 7779 7315

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 31,686.78 147 9.89%
2 HSBC 28,689.30 158 8.96%
3 JPMorgan 28,398.18 123 8.87%
4 Deutsche Bank 18,175.84 65 5.67%
5 Standard Chartered Bank 15,878.92 95 4.96%

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1 Citi 7,891.26 23 14.39%
2 JPMorgan 6,469.14 26 11.80%
3 Morgan Stanley 4,879.44 17 8.90%
4 HSBC 4,803.80 12 8.76%
5 Bank of America Merrill Lynch 4,270.90 19 7.79%

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1 JPMorgan 12,475.95 47 12.71%
2 Citi 12,387.42 44 12.62%
3 HSBC 8,280.73 41 8.44%
4 Deutsche Bank 6,905.70 15 7.04%
5 Standard Chartered Bank 5,686.63 26 5.79%

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

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1 Bank of America Merrill Lynch 929.36 4 8.03%
2 ING 872.17 7 7.53%
3 SG Corporate & Investment Banking 839.92 7 7.25%
4 Credit Suisse 832.77 5 7.19%
5 UniCredit 793.78 7 6.85%

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1 AXIS Bank 3,917.94 61 15.95%
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3 ICICI Bank 2,356.13 61 9.59%
4 Standard Chartered Bank 2,261.01 21 9.21%
5 HDFC Bank 1,552.43 41 6.32%