• SSA market settles into groove after early Le Pen jitters

    Public sector borrowers are raising funds at a strong and steady pace this week, as secondary markets calmed following ructions on Monday after far-right French presidential candidate Marine Le Pen increased her lead in polling for the upcoming election.

    • 12:00 PM
  • Comebacks are king in EM bonds as GCC and Turkey FIs launch

    This week has seen the reopening of sovereign bonds from the Gulf region and Turkish bank debt, with Bahrain and Yapi Kredi both printing successful trades on Tuesday.

    • 12:00 PM
  • Hong Kong extends curve with 10yr sukuk

    The Hong Kong government stretched its Islamic finance benchmark and ambitions on Tuesday, securing a $1bn 10 year deal with the first dollar sovereign sukuk of the year.

    • 09:15 AM
  • Korea Development Bank jumps on FRN bandwagon

    Korea Development Bank has become the latest name from South Korea to join the debt issuance party, sealing a triple-tranche offering with two floating rate tranches, and garnering $4bn of demand across the board.

    • 08:15 AM
  • Belize misses coupon payment after negotiations

    Central American sovereign Belize said on Monday that it had “deferred” payment of a $13m coupon payment due on its 2038 bonds on February 20 as it seeks to persuade bondholders to participate in a debt restructuring.

    • 06:30 AM
  • El Salvador returns to push out debt maturities

    The government El Salvador was able to raise $601m of 12 year bonds on Tuesday despite a recent deterioration in credit quality as investors said the sovereign’s yields were offering sufficient reward for the risk.

    • 05:15 AM
  • French issuers must fund while they can

    In spite of the spread between OATs and Bunds reaching a four year high, two French public sector issuers chose to come to market this week, hoping the market would be stable. It's no longer enough for issuers to sit on their hands waiting for calm — it's about braving possible volatility and funding when you can.

    • 21 Feb 2017
  • Slovenia returns to swap out of expensive dollars with euros

    The Republic of Slovenia will issue new euro debt to finance a buyback of its existing dollar bonds in its second trade of 2017.

    • 21 Feb 2017
  • Spain returns to 15s as conditions calm

    Spain is set to bring its second benchmark of the year after mandating banks on Tuesday, as the country enjoys a spell of stability compared to some of its eurozone peers and a market that appears to be calming after a volatile start to the week.

    • 21 Feb 2017
  • UK brushes off linker demand concerns with record low yield

    The UK Debt Management Office on Tuesday breezed through the final syndication of its financial year, printing at a record low real yield despite a postponed start to opening books and murmurings about falling demand for inflation linked paper.

    • 21 Feb 2017
  • French borrowers shrug off OAT volatility as EFSF grabs €5bn

    French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.

    • 21 Feb 2017
  • Bahrain reopens 2028s and GCC sov issuance for 2017

    Bahrain became on Tuesday the first of the Gulf Co-operation Council (GCC) sovereigns to raise international debt in 2017, and will be hoping to make the most of its early mover advantage ahead of a wall of regional supply to match last year's.

    • 21 Feb 2017
  • Hong Kong moves forward with 10 year sukuk

    The Hong Kong government launched a new 10 year dollar sukuk on Tuesday morning, seizing the opportunity to set a new benchmark after previously only selling five year sukuk.

    • 21 Feb 2017
  • KDB drums up demand for triple trancher

    Asia DCM has seen a steady supply of South Korean issuers so far in 2017, with Korea Development Bank becoming the latest to venture out with dollar-denominated bonds.

    • 21 Feb 2017
  • EFSF making brave second stab at long end

    The European Financial Stability Facility (EFSF) has surprised SSA bankers by returning to the long end with one tranche of a deal it plans to launch on Tuesday.

    • 20 Feb 2017
  • Klaus encounters for the second time at ESM

    The European Stability Mechanism’s board of governors on Monday reappointed ESM managing director Klaus Regling for a second five year term, which will start on October 8.

    • 20 Feb 2017
  • UK set for final syndication of year

    The UK is set to bring its final syndication of its 2016/17 financial year this week, following on from a strong week for public sector trades in the currency.

    • 20 Feb 2017
  • Ratings agencies out of touch with reality, says Soc Gen

    Last year was a record in terms of number of downgrades of emerging market sovereigns, with another four added this year — Turkey, Mozambique, El Salvador and Costa Rica. But Société Générale on Friday became the latest firm to criticise the ratings agencies for their pessimism.

    • 20 Feb 2017
  • Mongolia preps dollar bond following IMF bailout

    Mongolia has mandated banks for a new dollar deal to be issued in part to fund an exchange offer for the Development Bank of Mongolia’s bonds maturing next month. The announcement comes just after the International Monetary Fund agreed to a $5.5bn bailout for the debt ridden country.

    • 20 Feb 2017
  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed with their funding plans at the halfway point of the first quarter of 2017.

    • 17 Feb 2017
  • Bondmarker results — including Belgium’s dual tranche and EIB’s dollar three year

    The scores have been collated. See how market participants rated Belgium’s €6bnn dual tranche, EFSF’s €1.5bn 26 year, Finland’s €4.5bn note and the two dollar deals from BNG and EIB.

    • 16 Feb 2017
  • Alberta GBP650m 1% Nov 21

    • 16 Feb 2017
  • JBIC USD1.5bn 2.25% Feb 20, USD500m FRN Feb 20

    • 16 Feb 2017
  • KfW EUR5bn 0.625% Feb 27

    • 16 Feb 2017
  • EAA USD 1.625% Feb 19

    • 16 Feb 2017
  • Ever in demand, Turkey locks in $1bn with tap of 2027s

    Turkey made an opportunistic move on Thursday to reopen its recent 10 year bond for another $1bn. The $4.7bn book size showed there is no let-up in demand for Turkish sovereign debt.

    • 16 Feb 2017
  • JBIC opens up dollar threes for Japanese, Yellen turns hawkish

    Japan Bank for International Cooperation (JBIC) made a rare appearance in three year dollars this week, opening the way for its peers to follow. But there is little in the dollar pipe from Japanese or any other SSA issuers — all of which are well funded — after a week when US rate expectations were jolted by comments from Federal Reserve chair Janet Yellen.

    • 16 Feb 2017
  • Sweet spot in 10s as SSA pipeline builds

    Euro issuance looks set to heat up again next week as 10 year plus maturities return to favour after a discouraging start to the year.

    • 16 Feb 2017
  • Alberta's record smashing sterling debut to pave way for others

    The Province of Alberta's first ever sterling bond exceeded the "wildest expectations" of leads and onlookers. The deal demonstrated the strength of the sterling market and is likely to encourage the issuer's peers to follow suit.

    • 16 Feb 2017
  • Tunisia finmin furious with Fitch over ill-timed rating downgrade

    Fitch’s downgrade of Tunisia’s credit rating was based on out-of-date information and negatively impacted the sovereign’s recent Eurobond trade, Lamia Zribi, Tunisia’s finance minister told GlobalCapital.

    • 16 Feb 2017
  • Sovereign supply rumoured in euros

    A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year.

    • 16 Feb 2017
  • Alberta's sterling debut exceeds 'wildest expectations'

    The first ever sterling bond from the Province of Alberta arrived on Thursday, surprising onlookers and participants alike by breaking the size record for a Canadian province sterling deal. The trade's success is expected to give the issuer's peers the confidence to follow suit.

    • 16 Feb 2017
  • Nimble Turkey moves to lock in extra $1bn

    Turkey has made an opportunistic move to reopen its recent 10 year bond with a tap to raise an expected $1bn.

    • 16 Feb 2017
  • Top Republicans step up attacks on Fed policy, Yellen

    Emboldened Congressional Republicans ramped up attacks against the US Federal Reserve on Wednesday, taking aim at the central bank’s role in negotiating international financial rules and its bond purchase programmes. But chair Janet Yellen was defiant, and said the Fed would remain a part of the Basel negotiations.

    • 15 Feb 2017
  • New name to land in sterling

    The Province of Alberta is set to make its debut in sterling on Thursday, in a move which may pave the way for its peers to follow suit.

    • 15 Feb 2017
  • EFSF likely to aim for big size after sending RFP

    A request for proposals from the European Financial Stability Facility (EFSF) hit screens on Wednesday, with the issuer likely needing to print a larger deal than its last visit to the market.

    • 15 Feb 2017
  • Pemex leads charge in strong EM primary

    Even heavy indications from US Federal Reserve chair Janet Yellen the central bank will raise interest rates at its next meeting were not enough to derail the strong primary market in emerging market bonds.

    • 15 Feb 2017
  • SSA market calms after wild ride

    After a tumultuous week of blowouts and recoveries in European government bond spreads, this week is looking more settled and healthy. However, the feverish pace of issuance has also abated.

    • 15 Feb 2017
  • Cabei set to skip back to Australia

    Central American development bank Cabei is looking to add at least A$25m to its existing Australian dollar bonds due 2026, and may consider a new five year this week.

    • 15 Feb 2017
  • KfW lands 10 year euro whopper

    KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.

    • 14 Feb 2017
  • EAA falls just short in quiet dollar market

    Erste Abwicklungsanstalt (EAA) was shy of full subscription with a short dated dollar benchmark on Tuesday, as issuance in the currency calmed after a rampant start to the year. Japan Bank for International Cooperation was also out with a dollar benchmark on Tuesday — a three year deal with fixed and floating rate tranches — but it had yet to price as GlobalCapital went to press.

    • 14 Feb 2017
  • KfW to come for euros as SSA tempo slows

    KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.

    • 13 Feb 2017
  • JBIC and EAA to open week in dollars

    The Japan Bank for International Cooperation (JBIC) announced on Monday that it will sell a possible dual tranche dollar bond on Tuesday. The deal will share the market with a two year from Erste Abwicklungsanstalt (EAA).

    • 13 Feb 2017
  • Lacklustre Tunisia trade ticks boxes for borrower

    Tunisia returned to euros for the first time since 2005 on Friday but the €800m deal was by no means a blow out and the leads were unable to move pricing as the borrower made a play for new investors.

    • 13 Feb 2017
  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017.

    • 10 Feb 2017
  • Tunisia unable to tighten seven year, sets yield at 5.75%

    Tunisia has set the yield on its seven year euro bond issue on Friday morning at 5.75%, unchanged from initial price thoughts.

    • 10 Feb 2017
  • Indo Exim aims to charm bond investors

    Lembaga Pembiayaan Ekspor Indonesia, otherwise known as Indonesia Eximbank, has announced plans to sell $500m-equivalent bonds in the offshore market this year.

    • 10 Feb 2017
  • A long time in politics

    Forget looking to the periphery for the high beta names in the eurozone, the drivers pushing countries to the outlier positions on the volatility charts are no longer economic but political.

    • 09 Feb 2017
  • Nigeria blows out on bond return to show Africa appetite

    Despite lingering concerns about its foreign exchange rate regime, Nigeria’s return to the bond market drew an impressive $7.8bn book. So insatiable was demand that the deal dragged the whole sub-Saharan Africa market tighter in secondaries paving the way for some much missed supply from the sector, writes Virginia Furness.

    • 09 Feb 2017
  • BNG USD2.25bn 1.5% Feb 19

    • 09 Feb 2017
  • EIB USD3bn 1.75% May 20

    • 09 Feb 2017
  • Rentenbank EUR1.5bn 0.25% Jul 24

    • 09 Feb 2017
  • Belgium EUR3bn 0.5% Oct 24, EUR3bn 2.25% Jun 57

    • 09 Feb 2017
  • Finland EUR3bn 0% Apr 22, EUR1.5bn 1.375% Apr 2047

    • 09 Feb 2017
  • EFSF EUR1.5bn 1.7% Feb 43

    • 09 Feb 2017
  • Madrid EUR1bn 2.146% Apr 27

    • 09 Feb 2017
  • ADB USD3.75bn 2% Feb 22

    • 09 Feb 2017
  • Le Pen threat rattles French FIG and SSAs with OAT shock

    The prospect of a far-right leader becoming president of France rocked government bond markets this week. It led to a rare pulled French agency deal and will cause the country’s banks problems with their own huge funding needs. But as other issuers in eurozone countries facing elections showed, the picture of the risks ahead is complicated. Craig McGlashan reports.

    • 09 Feb 2017
  • Bondmarker results - Ontario and FADE's benchmarks

    See how market participants rated Ontario's $2.5bn five year and FADE's €1bn March 2022 bond.

    • 09 Feb 2017
  • Careful borrowers thrive in euros despite volatility

    While the French presidential race put many eurozone issuers under pressure this week, some found the conditions ideal, locking in low rates while they could.

    • 09 Feb 2017
  • Kenya mandate showdown as PTA loan thorns lenders

    International banks want quick answers from the Kenyan government on the status of its loan from Eastern and Southern African Trade and Development Bank (PTA Bank), which has threatened their bigger syndication for the sovereign just as the mandate is being finalised.

    • 09 Feb 2017
  • Latvia bags first Baltic 30 year sovereign bond

    Latvia became the first Baltic state to issue a 30 year bond as part of a €650m dual tranche transaction this week.

    • 09 Feb 2017
  • Clearstream switch could ease collateral crunch

    Clearstream, one of Europe’s largest settlement platforms, joined the European Central Bank’s Target 2 Securities (T2S) platform last week — a long-awaited move which could ease the collateral crunch facing banks, as well as pave the wave for a switch to new settlement technologies such as blockchain.

    • 09 Feb 2017
  • SSAs lining up sustainability bonds

    The pipeline of environmental and social governance bonds is filling up with European public sector borrowers. Two are set to put on green bond roadshows in the weeks to come while a third is planning its social bond debut this year.

    • 09 Feb 2017
  • ADB dollar record breaker rounds off rocky week for SSAs

    The Asian Development Bank on Thursday hit new heights in benchmark issuance, as it sold its largest ever single tranche deal in a week that has been marked by tricky conditions.

    • 09 Feb 2017
  • Madrid to go social in 2017

    The Autonomous Community of Madrid intends to become the first Spanish region to issue a bond for the socially responsible investment market.

    • 09 Feb 2017
  • Tunisia puts out feelers for Friday in euros

    Tunisia has opted for a two day execution strategy and is collecting indications of interest for its first euro-denominated trade since 2005, with an aim of printing the deal on Friday.

    • 09 Feb 2017
  • Orders stack up for Nigeria 15 year

    Nigeria’s 15 year bondlooked to be going strongly on Thursday, with investors piling $4.5bn of orders into the book by lunchtime.

    • 09 Feb 2017
  • Latvia looks long for dual tranche euro return

    Latvia is on course to become the first Baltic state to tap the 30 year maturity after emerging with pricing on a dual tranche euro deal.

    • 09 Feb 2017
  • Madrid pays up but shows Spanish resilience

    The Autonomous Community of Madrid launched its largest syndication in two years on Wednesday, in spite of difficult conditions in the euro market.

    • 08 Feb 2017
  • Finland follows Belgium for first dual tranche

    Finland launched its first ever dual tranche deal on Wednesday, scoring €3bn with a five year leg and €1.5bn at 30 years. The issue comes on the heels of an immensely popular Belgian barbell printed on Tuesday.

    • 08 Feb 2017
  • BNG breezes through election jitters as ADB prepares dollar fives

    Bank Nederlandse Gemeenten showed that investors in its dollar bonds are not overly concerned about an upcoming Dutch general election, as it priced a bond on Wednesday that was just $250m short of its record size in the currency. More public sector dollar supply is set for Thursday, after Asian Development Bank hired banks for a five year global benchmark.

    • 08 Feb 2017
  • Plenty in the EM pipe but little in primary

    Emerging market bankers are busy on the road as mandates start to ramp up but this week all eyes will be on Nigeria, which wraps up investor meetings on Wednesday.

    • 08 Feb 2017
  • Mixed fortunes for SSAs in volatile public market

    Political volatility in France has buffeted the euro market this week, leaving some public sector issuers floundering as government yield curves spiked. Other issuers have had no such troubles though, thriving amid the turmoil.

    • 08 Feb 2017
  • Large range for Nigeria pricing feedback

    Nigeria impressed on its roadshow this week but concerns about the country’s FX regime have resulted in a wide range of feedback for pricing from investors.

    • 08 Feb 2017
  • Le Pen draws first capital markets blood

    The rise of populism in Europe has claimed its first capital markets victims. Brace yourself for more.

    • 07 Feb 2017
  • Belgium shows sovereign strength, Finland to follow

    Belgium defied turmoil afflicting European government bond spreads this week, pulling in big books for a dual tranche euro benchmark. The sovereign's success may have emboldened Finland to follow suit with its own barbell transaction.

    • 07 Feb 2017
  • Selling student loans: Gilty parties

    The UK government’s decision to sell off part of its student loan portfolio is unlikely to deliver value for taxpayers. If it’s short of cash, it has a highly functional capital market ready to provide it — at better rates than the student loan deal could ever match.

    • 07 Feb 2017
  • Election worries hit AFD, as BNG lines up and EIB powers through

    Two public sector borrowers had very contrasting fortunes with no-grow three year dollar bond issues on a volatile Tuesday.

    • 07 Feb 2017
  • IFC wows with Kanga fives, as Kexim loyalty pays off

    The International Finance Corporation received over A$1bn ($761.8m) of orders for a 5.5 year Kangaroo bond on Tuesday –– a size all hoped for, but few expected.

    • 07 Feb 2017
  • AFD pulls three year dollar deal

    Agence Française de Développement (AFD) has pulled a three year dollar deal that was expected to be priced today.

    • 07 Feb 2017
  • Hong Kong preps for new dollar sukuk

    The Hong Kong government is eyeing the week of February 20 to issue a new dollar sukuk, providing further momentum to Islamic financing since making its debut in the market more than two years ago.

    • 07 Feb 2017
  • EFSF suffers but Renten thrives amid govvie sell-off

    The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.

    • 06 Feb 2017
  • IFC ups minimum size for Kanga fives

    The International Finance Corporation is set to price a 5.5 year Kangaroo bond on Tuesday — but has already increased the minimum size of the deal by A$200m ($152.8m) in response to a wide range of interest.

    • 06 Feb 2017
  • EIB and AFD out in dollars after Asian holiday slowdown

    The public sector dollar market looks set to pick up the pace of a record breaking January after last week’s slowdown in issuance, with two borrowers on screen for Tuesday business at press time on Monday and more issuance expected later in the week.

    • 06 Feb 2017
  • UK DMO picks next spot for next syndication as MuniFin prints

    The UK Debt Management Office has opted to reopen an index linked Gilt maturing in 2065 for its sixth and final syndication of the 2016/17 financial year. Meanwhile, Municipality Finance opened sterling issuance for the week with a December 2020 issue.

    • 06 Feb 2017
  • Climate impacts are here, get ready for 3C warming, warns Cicero

    Cicero, the climate research institute at Oslo University, has produced a report to help investors work out where they face risks from climate change, with red, orange and yellow flags for the severity and immediacy of threats.

    • 03 Feb 2017
  • High hopes as EU starts green finance push

    Green finance leaders are hoping the European Union will come up with concrete initiatives to help the market, after its new official body on the subject met for the first time last week.

    • 02 Feb 2017
  • Le Pen is flightier than the Tories

    The Conservative UK government may be undermining London’s status as Europe’s pre-eminent financial hub with its seeming determination for a clean/hard/sharp/solid Brexit, but potentially more momentous events across the Channel could soon see financiers flocking in the other direction.

    • 02 Feb 2017
  • Funding scorecard: Nordic agencies

    This week's funding scorecard looks at the progress Nordic agencies have made in their funding for the year.

    • 02 Feb 2017
  • FADE EUR1bn 0.625% Mar 22

    • 02 Feb 2017
  • Ontario USD2.5bn 2.4% Feb 22

    • 02 Feb 2017
  • Call for Green Bond Principles to clarify eligible assets

    The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.

    • 02 Feb 2017
  • SSA, covered borrowers left to sweat over French election

    The race for the French presidency has put pressure on the country’s government bonds (OATs), prompting price moves which could have far-reaching consequences for both covered bond issuers and public sector borrowers. Lewis McLellan reports.

    • 02 Feb 2017
  • Dollars still red hot for SSAs as EIB and KfW tipped to come

    SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia.

    • 02 Feb 2017
  • Tunisia, Nigeria to end African sov drought with euros and dollars

    Two African sovereigns are lining up issue fresh debt in 2017, hoping to emulate the success that Egypt enjoyed last week with its $4bn blowout.

    • 02 Feb 2017
  • CDC to hit road for debut green bond

    French agency Caisse des Dépôts et Consignations is set to follow its sovereign by bringing a debut green bond syndication in 2017, after hiring banks on Thursday to run a roadshow for the potential trade.

    • 02 Feb 2017
  • Flight to safe MMFs expected in risky 2017

    With hotly contested elections approaching in France, the Netherlands and Germany, 2017 is expected to be rife with political risk. So skittish investors, wary of committing funds for long periods, will pump cash into money market funds, says a Moody’s report.

    • 02 Feb 2017
  • African sov supply resumes as Nigeria goes on tour

    The long drought in Sub-Saharan African bond issuance could end as early as next week after Nigeria set dates for a four day international roadshow.

    • 02 Feb 2017
  • ADB makes muted return to euros

    Asian Development Bank's first euro syndication in three years enjoyed only tepid success on Wednesday, as observers wondered if the 20 year trade was fully subscribed.

    • 01 Feb 2017
  • Ontario shows depth of dollars for those who dare

    The Province of Ontario sold a five year global bond on Wednesday, shattering the silence in public sector dollar markets with a $2.5bn trade.

    • 01 Feb 2017
  • Natixis names new head of public sector DCM

    Shortly after naming a new head of global DCM, Natixis has expanded the role of its head of emerging market DCM to encompass SSAs, amid other changes at the bank.

    • 01 Feb 2017
  • Rare SSA issuers spy window after January frenzy

    The frenetic pace of January’s SSA issuance may have abated but some issuers are still making the most of supportive conditions to pull off good deals.

    • 01 Feb 2017
  • Tunisia picks three for unsupported euro return

    Tunisia has picked three banks for a euro-denominated benchmark transaction which looks set to be only its second deal without a guarantee since 2007.

    • 01 Feb 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 BNP Paribas 6,788.00 7 11.42%
2 Citi 5,615.05 5 9.45%
3 Barclays 5,241.21 6 8.82%
4 JPMorgan 4,721.55 6 7.95%
5 Credit Agricole CIB 4,123.38 4 6.94%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 JPMorgan 12,597.39 31 12.90%
2 Citi 9,941.91 26 10.18%
3 TD Securities Inc 9,024.40 19 9.24%
4 Barclays 7,484.30 17 7.67%
5 HSBC 7,065.11 17 7.24%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Barclays 11,777.24 22 9.21%
2 Bank of America Merrill Lynch 11,045.46 20 8.64%
3 JPMorgan 10,143.02 20 7.94%
4 BNP Paribas 9,536.48 13 7.46%
5 HSBC 8,941.45 23 7.00%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Feb 2017
1 JPMorgan 25,870.57 109 9.22%
2 Citi 22,784.33 74 8.12%
3 Barclays 20,630.07 48 7.35%
4 HSBC 19,213.33 61 6.85%
5 Bank of America Merrill Lynch 17,150.63 45 6.11%