BondMarker results: French agencies meet mixed reviews

The scores have been counted and the results are in. The BondMarker voters have delivered their verdict on last week's crop of benchmarks, including a scintillating pair of deals from supranationals. Two deals from French agencies met with drastically different levels of approval from the BondMarker voters, but both fared better than Land NRW.

  • By Lewis McLellan
  • 19 Oct 2017
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The European Investment Bank's $3bn five year benchmark received instant acclaim from all corners when it was priced last week. The supranational drew the largest book for a dollar SSA transaction for the whole year and came within touching distance of the tightest spread for a five year in 2017, but perhaps the secondary market performance drew the most admiration. Within a day of pricing, the bond had tightened around 5bp-6bp and is still trading at 3bp over mid-swaps. The BondMarker voters were certainly impressed, awarding it the highest score of the week for performance.

However, two deals pipped the EIB to the post with higher average scores overall. The European Financial Stability Facility's €3bn six year deal received outstanding grades across the board, but was let down slightly by the quality of its investor book, for which the borrower received just over 8. 

Out in front though, in something of a surprising performance, Dexia Crédit Local outscored the two supranational juggernauts, receiving this week's highest average score.

Somewhat less impressive was a deal from Dexia's compatriot Société de Financement Locale, which received an average score of 7. The Federal State of North Rhine-Westphalia's $1bn three year met with even less approval, achieving an average of 6.


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  • By Lewis McLellan
  • 19 Oct 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 8,631.56 13 12.63%
2 JPMorgan 7,267.09 8 10.64%
3 Barclays 6,912.22 7 10.12%
4 NatWest Markets 5,400.28 4 7.90%
5 HSBC 4,881.02 6 7.14%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,651.00 27 14.15%
2 HSBC 11,973.58 17 10.82%
3 JPMorgan 11,557.79 19 10.45%
4 Bank of America Merrill Lynch 9,047.71 21 8.18%
5 Goldman Sachs 8,869.90 16 8.02%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,618.01 17 9.87%
2 JPMorgan 11,435.68 20 8.29%
3 Citi 11,339.99 28 8.22%
4 NatWest Markets 9,152.73 8 6.63%
5 Credit Agricole CIB 8,464.56 15 6.13%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,306.13 82 9.61%
2 JPMorgan 28,433.28 108 8.73%
3 HSBC 22,935.74 61 7.04%
4 Barclays 20,560.29 40 6.31%
5 Goldman Sachs 17,261.21 27 5.30%