• SSAs cram in ahead of Ascension Day

    Borrowers in the public sector debt market are still enjoying the afterglow of Emmanuel Macron’s victory in the French election but, with Ascension Day sidelining much of Europe and a UK bank holiday Monday, the pace is expected to slacken.

    • 24 May 2017
  • Belgium goes long in euros, NWB to follow

    The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.

    • 23 May 2017
  • JBIC lines up quadruple tranche as KfW scores $5bn at three years

    KfW launched a three year global on Tuesday, raising $5bn, while Japan Bank for International Cooperation picked banks for a four tranche dollar trade.

    • 23 May 2017
  • KfW out in dollars amid swap spread bounce

    KfW will be the first public sector borrower to test a dollar market where swap spreads have rebounded off the 2017 lows they hit in the middle of last week.

    • 22 May 2017
  • Muddy dollar picture as investors switch to ‘impeachment trade’

    A swirl of allegations surrounding US president Donald Trump this week added a rally in US Treasuries to already tightening dollar swap spread, creating an uncertain environment for public sector issuers considering dollar deals next week.

    • 18 May 2017
  • EIB USD3bn 1.625% Aug 20, EIB USD1.5bn 2.375% May 27 Climate Awareness Bond

    • 18 May 2017
  • EFSF EUR6bn 1.25% May 33

    • 18 May 2017
  • UK GBP5bn 1.75% Jul 57 tap

    • 18 May 2017
  • EFSF surprises with big bite at duration

    The European Financial Stability Facility blindsided investors this week, printing €6bn of 16 year paper despite having completed its second quarter funding requirements, stretching the tolerance of its €10.8bn book in the opinion of some onlookers.

    • 18 May 2017
  • UK praised for book record ahead of election

    The UK drew its largest ever book on Tuesday, taking care of nearly a quarter of its overall syndication programme for the 2017-18 financial year in the process. The deal was particularly impressive given the volatile political backdrop in the UK, said a banker on the trade.

    • 18 May 2017
  • EFSF surprises with jumbo trade

    The European Financial Stability Facility confounded the expectations of syndicate bankers by opting to print €6bn of 16 year paper, despite having completed its second quarter funding programme.

    • 17 May 2017
  • EIB brings dollar 10s back in sight with debut dual trancher

    The European Investment Bank on Wednesday brought the first 10 year dollar benchmark from a triple-A SSA since the first week of the year, and despite tricky conditions found sufficient demand to increase the trade from its initial $1bn target. Adding a touch of novelty, the deal was part of what Dealogic data shows was EIB’s first ever dual tranche dollar benchmark.

    • 17 May 2017
  • SSAs power ahead in buoyant market

    The SSA market has played host to a series of strong deals this week and shows no signs of fatigue, as investors flock to make the most of the glut of supply.

    • 17 May 2017
  • EIB offers conventional/CAB dollar mix amid swap spread wobbles

    The European Investment Bank is set to take a novel approach to green bond issuance, after mandating for a dual tranche dollar deal — of which only one leg is a Climate Awareness Bond. Like Kommuninvest, which printed a four year dollar green bond on Tuesday, the supranational may have to contend with volatile dollar swap spreads.

    • 16 May 2017
  • UK breaks book record as investors hunt 40 year paper

    The UK drew its largest ever book as it printed its biggest syndication in nominal terms in nearly three years on Tuesday — taking care of nearly a quarter of its overall syndication programme for the 2017-18 financial year in the process. Bankers away from the trade suggested some of the rampant demand may be due to investor hunger for 40 year paper.

    • 16 May 2017
  • EFSF in euro wings as France goes big

    The European Financial Stability Facility is lining up a 16 year euro benchmark for Wednesday, following a blow-out €7bn 30 year OAT.

    • 16 May 2017
  • Quebec back in sterling after 20 year absence

    The Province of Quebec will print in sterling for the first time in over 20 years after hiring banks on Monday for a five year deal, joining other Canadian provinces in returning or debuting in the currency in 2017. The trade will come in the same week as the UK sovereign sells the first syndication of its 2017-18 financial year.

    • 15 May 2017
  • Dollar delight as swap spread moves and volatility brushed off

    Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.

    • 11 May 2017
  • SSAs dictate terms in dollars

    Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.

    • 10 May 2017
  • SSAs storm back into dollars

    Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.

    • 09 May 2017
  • UK DMO picks team for 2017-18 opener

    The UK Debt Management Office has picked the lead managers for the first syndication of its 2017-18 financial year, which it has scheduled for the week beginning May 15.

    • 05 May 2017
  • Ontario returns to sterling, printing well-received floater

    Three public sector borrowers hit screens in sterling this week, including a rare floating rate note from the Province of Ontario, which made use of the currency for the first time in six years.

    • 04 May 2017
  • Ontario lands with sterling floater

    The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal.

    • 03 May 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%