Baring To Add Euro Sovereigns

Baring Asset Management is looking to buy European government bonds instead of U.S. and Japanese govvies. Marino Valensise, head of fixed income in London, points out that he receives essentially the same yield from European and U.S. government bonds.

  • 05 Mar 2004
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Marino Valensise
Baring Asset Management is looking to buy European government bonds instead of U.S. and Japanese govvies. Marino Valensise, head of fixed income in London, points out that he receives essentially the same yield from European and U.S. government bonds. But, the European economic zone is not expected to grow as much as the U.S., making inflation less of a risk. Furthermore, he notes "the Bank of Japan cannot continue to act as buyer of last resort of U.S. Treasuries indefinitely." He says this is unsustainable and predicts that spreads on Treasuries will widen. The firm runs £5.5 billion in global sovereign debt and a total of £10 billion in fixed income.

Elsewhere among government securities, Valensise plans to buy local-currency emerging market debt, especially Polish sovereigns. He says these are attractive because they performed poorly in the second half of last year and the zloty is cheap--meaning the firm does not have to hedge its position. Valensise also favors Hungarian bonds, which he deems a high-beta version of Polish bonds. He mentions that he may also add some South African government bonds, which still offer a bit of upside despite the recent rally. On the flip side, he will wait for a pullback in Turkish bills. Hard-currency denominated emerging market bonds, on the other hand, are a danger-zone, Valensise warns. He says dollar-denominated Brazilian bonds, for example, are likely to drastically underperform on the back of any tightening by the Federal Reserve.

  • 05 Mar 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Jun 2017
1 Citi 206,449.53 755 8.84%
2 JPMorgan 192,919.68 823 8.26%
3 Bank of America Merrill Lynch 175,174.46 602 7.50%
4 Barclays 144,195.77 526 6.17%
5 Goldman Sachs 139,497.22 445 5.97%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2017
1 Deutsche Bank 23,530.61 67 7.96%
2 HSBC 20,994.25 74 7.11%
3 Bank of America Merrill Lynch 20,490.14 49 6.93%
4 Credit Agricole CIB 15,076.29 72 5.10%
5 BNP Paribas 14,834.05 81 5.02%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2017
1 JPMorgan 10,673.78 46 8.06%
2 Citi 9,632.20 60 7.28%
3 Goldman Sachs 9,310.79 46 7.03%
4 UBS 9,230.61 36 6.97%
5 Morgan Stanley 8,508.94 46 6.43%