Latest News

  • Secondary pricing update: featuring EFSF's 2056 tap

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 21 Jul 2017
  • Hungary aims for Rmb1bn in Panda debut

    The Eastern European sovereign agreed on a Rmb3bn ($445m) Panda programme with onshore authorities and is set to price a first three year deal worth Rmb1bn.

    • 21 Jul 2017
  • GC BondMarker: MuniFin's short dollars get the edge on KfW

    The vote are in and the scores have been counted. The GC BondMarker voters have delivered their verdict on two benchmarks from the week commencing July 10: a €1bn 15 year from KfW and a three year dollar note from Municipality Finance.

    • 20 Jul 2017
  • Sweden USD2.75bn 1.5% Jul 19

    • 20 Jul 2017
  • Alberta USD1.5bn 2.2% Jul 22

    • 20 Jul 2017
  • EFSF EUR3bn 0.875% Jul 27, EFSF EUR1.5bn 2% Feb 56 tap

    • 20 Jul 2017
  • Land NRW USD1.5bn 1.625% Jul 19

    • 20 Jul 2017
  • Premiums ‘thing of the past’ for dollar SSAs

    Public sector issuers are enjoying a rare time in dollars, with a lack of supply and strong demand allowing tightly priced short end deals — leading one syndicate official to respond to a question on pricing concessions with: “New issue what?” But hopes of longer end issuance appear dashed as US yields fall as quickly as expectations that US president Donald Trump will deliver on his pro-growth policies.

    • 20 Jul 2017
  • No commitment to taper from dovish ECB

    The European Central Bank’s Thursday meeting marked a return to traditionally dovish form, putting off any discussion of tapering or adjustment to monetary policy, writes Lewis McLellan.

    • 20 Jul 2017
  • BOAD offers rare IG African 10 year to good reception

    Investors jumped at the chance to buy rare longer dated investment grade African risk on Thursday enabling Banque Ouest Africaine de Développement (BOAD) to raise $850m with a 10 year benchmark on Thursday.

    • 20 Jul 2017
  • EU escapes US MMF reform fate

    The European Union’s rules to improve the resilience of money market funds came into force on Thursday. Investors expecting similar consequences to those which followed the US reform can breathe a sigh of relief.

    • 20 Jul 2017
  • Dovish Draghi keeps mum on tapering

    The European Central Bank stayed true to its course at a governing council meeting on Thursday, producing no changes to its policy statement and striking a dovish tone in the subsequent press conference.

    • 20 Jul 2017
  • ADB taps ultra-long end of Kanga curve

    Asian Development Bank added a A$60m ($47.7m) clip to its 15 year Australian dollar bond on Wednesday, as demand grows for Kangaroo paper beyond 10 years.

    • 20 Jul 2017
  • Alberta plots more dollar visits, outlines CP plans

    The Province of Alberta is planning another two dollar benchmarks during this calendar year, as it attempts to make up lost time after a surprise rating action by S&P earlier in the year. The sub-sovereign also revealed to GlobalCapital its issuance expectations for its new US commercial paper programme.

    • 20 Jul 2017
  • GC BondMarker dollar focus: Contrasting fortunes at the short end

    A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

    • 20 Jul 2017
  • BOAD offers rare IG African 10 year

    Banque Ouest Africaine de Developpement (BOAD) offered investors a rare chance to buy longer dated investment grade African risk with a new 10 year benchmark on Thursday.

    • 20 Jul 2017
  • KfW lands €1bn ahead of ECB meeting

    KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.

    • 19 Jul 2017
  • Alberta scores ‘good outcome’ with first outing since double downgrade

    The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

    • 19 Jul 2017
  • Investors snapping up benchmarks but eyeing central banks

    Investors have rarely been so supportive of public sector borrowing this side of Bastille Day. Issuers are churning out well-received benchmarks, but with a European Central Bank meeting approaching, market participants face a shortened week.

    • 19 Jul 2017
  • Sweden goes tight in dollars as Alberta lines up

    Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

    • 18 Jul 2017
  • EFSF brings 'hugely impressive' long end tap

    The European Financial Stability Facility (EFSF) sold its fifth dual tranche of the year on Tuesday, gaining plaudits as it added €1.5bn to a line that bankers said came under secondary market pressure when launched in February.

    • 18 Jul 2017
  • AIIB wins third triple-A rating, plans next steps to debut

    The Asian Infrastructure Investment Bank (AIIB) on Tuesday completed a clean sweep of triple-A scores from the big three rating agencies, as S&P Global Ratings awarded the supranational its top score. AIIB will now focus on the next steps it must complete before entering the bond markets.

    • 18 Jul 2017
  • British Columbia, Hungary line up Pandas

    British Columbia has hired Bank of China (BOC) for its second Panda deal, GlobalRMB has learned. Meanwhile, Hungary has chosen BOC and HSBC for a long-awaited Panda debut with a prospectus expected on Friday.

    • 18 Jul 2017
  • Sweden and Land NRW bring dollar supply to hungry investors

    A pair of public sector issuers look set to benefit from supply-starved dollar investors, after mandating on Monday for deals at the very short end of the curve.

    • 17 Jul 2017
  • EFSF doubles up again in euros

    The European Financial Stability Facility will on Tuesday fill a gap in the 10 year area of its curve and pour some liquidity into the ultra-long end, after hiring banks on Monday for a dual tranche deal. The supranational will also likely be hoping for a repeat of its last dual tranche trade, which took a hefty €6bn chunk out its €14.5bn funding target for the third quarter.

    • 17 Jul 2017

More SSA news

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 14,891.10 17 9.46%
2 Barclays 12,759.91 17 8.11%
3 HSBC 12,732.87 18 8.09%
4 BNP Paribas 12,133.14 16 7.71%
5 JPMorgan 10,382.02 14 6.60%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 33,810.56 82 12.15%
2 JPMorgan 30,730.06 80 11.05%
3 HSBC 21,125.88 53 7.59%
4 Bank of America Merrill Lynch 20,817.31 63 7.48%
5 Deutsche Bank 19,672.75 44 7.07%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 HSBC 26,261.47 79 7.41%
2 Barclays 25,367.48 60 7.15%
3 BNP Paribas 25,241.18 48 7.12%
4 UniCredit 25,109.75 69 7.08%
5 JPMorgan 25,047.63 70 7.06%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 64,707.03 216 7.61%
2 JPMorgan 64,103.16 349 7.54%
3 HSBC 54,776.10 208 6.44%
4 Barclays 49,173.78 145 5.78%
5 Deutsche Bank 45,614.64 170 5.37%