Latest Sub-sovereigns news

  • 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
  • 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
  • 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
  • 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
  • Asturias drops PPs, more to come says Moody’s

    Spain’s Principality of Asturias sold a pair of bonds on Wednesday, coming to market for only the fourth time since its debut six months ago, according to Dealogic. A Moody’s report published on Wednesday indicated that more Spanish regions are set to come to market.

    • 12 Jul 2017
  • Cyprus and State of NRW steal the show in euros

    Though this week was expected to be something of a write-off for SSA issuance, thanks to Euromoney’s Global Borrowers & Bond Investors forum, a pair of issuers pulled off well-received transactions.

    • 22 Jun 2017
  • SFiL raises $1bn at three years in dollar debut as State of NRW goes long in euros

    French agency Société de Financement Local (SFiL) raised $1bn with its first ever dollar bond on Wednesday, while the German State of North Rhein-Westphalia pushed out its curve to 2048.

    • 21 Jun 2017

Sub-sovereigns news archive

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%