Investors spy lower SSA returns in 2018

Investors expect to make less money from the SSA bond market in 2018 than this year, but still believe there will be enough opportunities for the sector to “stay interesting” — particularly if the European Central Bank increases its relative share of the asset class, according to a portfolio manager at a major fund house.

  • By Craig McGlashan
  • 29 Nov 2017
Changes to borrowing plans by some issuers over the course of this year led to curve steepening and flattening, which created money making opportunities, he said. While next year’s funding targets look a “bit more defined”, the manager said: “We still expect enough vis-à-vis the other low beta ...

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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%