BondMarker: German election focus

Land NRW hit screens with a five year benchmark this week, as hopes grew that a coalition government at the federal level could be formed in Germany, following weeks of talks. GlobalCapital examines the BondMarker scores for deals in the weeks leading up to Germany’s federal election — held on September 24 — and in its messy aftermath.

  • By Tessa Wilkie
  • 28 Nov 2017
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Land NRW announced a deal on November 27, days ahead of a Christian Democratic Union/Christian Social Union alliance meeting with the Social Democratic Party leader to discuss a potential coalition.

The country’s general election results on September 25 dealt a blow to Germany’s major parties, and politicians have been striving to form a coalition ever since. Talks between the CDU/CSU alliance and the Free Democratic Party broke down in mid-November, raising the possibility that chancellor Angela Merkel would have to call fresh elections before a government could be formed.   

German issuers have printed five deals since September 1 that were rated on BondMarker. Unsurprisingly, the strongest scores belong to KfW’s €5bn 0.5% September 2027, which was priced two weeks before the federal election.

Want to learn more about BondMarker? Go to www.about.globalcapital.com/bondmarker. If you have any queries on BondMarker or would like us to add you to our distribution list, please email Tessa Wilkie, data editor, on tessa.wilkie@globalcapital.com. Remember, voters see results first and will have access to exclusive analysis. 


Germany BondMarker

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  • By Tessa Wilkie
  • 28 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%