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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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 17,834.38 72 10.56%
2 Citi 16,648.84 65 9.86%
3 HSBC 14,502.17 79 8.59%
4 Deutsche Bank 10,659.15 37 6.31%
5 Standard Chartered Bank 8,423.03 47 4.99%

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1 Citi 5,687.17 13 16.25%
2 JPMorgan 4,222.60 16 12.06%
3 HSBC 3,485.94 6 9.96%
4 Deutsche Bank 2,957.20 4 8.45%
5 Morgan Stanley 2,629.01 9 7.51%

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1 JPMorgan 7,610.36 27 13.98%
2 Citi 6,685.06 20 12.28%
3 HSBC 4,539.92 22 8.34%
4 Deutsche Bank 3,547.08 9 6.52%
5 Standard Chartered Bank 3,538.08 13 6.50%

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1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
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5 Citi 95.36 35 5.16%

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1 Bank of America Merrill Lynch 390.53 2 13.27%
2 UniCredit 321.12 2 10.91%
3 Raiffeisen Bank International AG 206.29 2 7.01%
3 ING 206.29 2 7.01%
3 Citi 206.29 2 7.01%

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5 Standard Chartered Bank 591.66 6 6.41%