Verdict delivered on World Bank’s 10 year

The voters have had their say: read on to find how the sole benchmark in the week beginning November 13 — a 10 year dollar deal from World Bank — fared on BondMarker this week, and how its scores compare to a slew of prints in the tenor from public sector issuers this month.

  • By Tessa Wilkie
  • 24 Nov 2017
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World Bank’s deal, which was priced by BarclaysBNP ParibasNomuraand TD Securities on November 14, scored particularly highly in the timing and structure/maturity categories — taking a score of 8.7 in each.

Voters awarded it slightly lower marks in the three other categories available for voting — pricing (7.7), quality of the investor distribution (7.8) and performance (7.3).

World Bank 24 Nov 2017

The Appraise the Leads category took an 8. 

The deal marked the tightest spread to mid-swaps on a 10 year SSA benchmark in dollars this year — at mid-swaps plus 21bp and 19.5bp over the 2.25% November 2027 US Treasury.

“It’s good to do 10 year dollars at this spread to swaps and so tight to Treasuries but, in terms of book size compared to deal size, it’s not super exciting,” a head of SSA syndicate away from the deal told GlobalCapital at the time of pricing. “But I’m sure it’s high quality orders.”

Deviation from average dollar 10y Nov 24 2017

  • By Tessa Wilkie
  • 24 Nov 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,042.98 14 11.16%
2 JPMorgan 10,114.01 13 9.37%
3 Citi 9,037.14 14 8.37%
4 NatWest Markets 8,487.83 7 7.87%
5 HSBC 7,587.14 11 7.03%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 26,776.92 63 12.44%
2 HSBC 20,140.01 43 9.35%
3 JPMorgan 18,140.98 43 8.43%
4 Deutsche Bank 17,160.97 23 7.97%
5 Bank of America Merrill Lynch 15,542.62 47 7.22%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 21,242.89 39 8.56%
2 Barclays 19,533.57 31 7.87%
3 UniCredit 16,899.52 41 6.81%
4 HSBC 16,516.41 51 6.65%
5 BNP Paribas 15,247.52 27 6.14%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 47,163.88 157 7.44%
2 JPMorgan 46,881.95 215 7.40%
3 HSBC 42,134.38 143 6.65%
4 Barclays 36,659.08 110 5.78%
5 Deutsche Bank 34,477.82 91 5.44%