100 days of QE: ECB has created a 'wasteland'

Summer may be in full flow but there is little sunny about public sector borrowers’ opinion of the effect of eurozone quantitative easing — with one worried about it creating a euro market “wasteland”. Tessa Wilkie and Craig McGlashan report.

  • By Craig McGlashan, Tessa Wilkie
  • 30 Jul 2015

Despite the yield and spread compression that comes hand in hand with QE, after 100 working days of the programme being in place many funding officials wish that, from a capital markets perspective, the ECB had never started.

GlobalCapital polled a selection of funding officials at eurozone ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 16,088.76 20 8.58%
2 HSBC 15,210.51 21 8.11%
3 BNP Paribas 13,600.58 19 7.25%
4 Barclays 13,491.76 19 7.19%
5 Goldman Sachs 12,661.40 23 6.75%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 40,395.00 104 11.55%
2 JPMorgan 39,421.51 106 11.27%
3 Bank of America Merrill Lynch 28,165.08 86 8.06%
4 HSBC 26,016.15 67 7.44%
5 Deutsche Bank 23,191.31 55 6.63%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 31,962.39 92 7.69%
2 UniCredit 30,615.95 95 7.36%
3 Goldman Sachs 28,739.59 76 6.91%
4 BNP Paribas 28,348.17 57 6.82%
5 Barclays 26,617.69 64 6.40%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 77,028.94 262 7.30%
2 JPMorgan 75,557.48 438 7.16%
3 HSBC 68,702.85 245 6.51%
4 Bank of America Merrill Lynch 58,336.30 179 5.53%
5 Barclays 53,257.86 172 5.05%