Zurich To Sell Swedish Govvies

  • 18 Nov 2001
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Zurich Scudder Investments, which manages £14 billion in European fixed-income assets, plans to sell off its positions in Swedish government bonds once the five-year spreads versus bunds tightens to about 40 basis points. Last week, the five-year spread versus bunds was about 60 basis points. Zurich Scudder has built up its position in Swedish government debt over the past few months. Sandra Holdsworth, London-based portfolio manager, says the firm has bought the '06 and '08 bonds recently because the currency has stabilized, the curve has not discounted potential interest-rate cuts and inflation is dropping. The firm sold Eurozone government bonds to fund the purchase. Roughly 82% of Zurich Scudder's £30 million Threadneedle European Bond fund is devoted to govvies, 13% of which is Swedish paper.

After selling down its positions in credit over the summer, Holdsworth says the firm has begun buying credit selectively since mid-September when spreads widened, making some bargains in the single-A and triple-B markets. So far, Holdsworth has picked up Halifax Group Euro Finance, a 7.627% undated bond callable in 2011, Telestra 6.375% notes of '11, Vivendi Environment 5.875% notes of '08 and Lafarge Coppee 6.375% notes of '07. She is considering adding some lower-rated telecom names and some auto paper, but says it is too early to make a decision. Roughly 18% of the portfolio is devoted to corporate credits. The fund's duration is 5.6 years and it is benchmarked against the Micropal European Offshore League Table.

  • 18 Nov 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
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2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 BNP Paribas 43,328.12 198 6.63%
2 JPMorgan 42,145.56 84 6.45%
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4 UniCredit 37,616.85 180 5.75%
5 ING 30,163.46 163 4.61%

Bookrunners of all EMEA ECM Issuance

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  • Last updated
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1 Emirates NBD PJSC 408.38 1 31.73%
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5 Morgan Stanley 59.80 1 4.65%