US Treasuries rally after FOMC as Italy preps dollar return

The US Federal Reserve raised its target rate to 125bp-150bp this week in a move investors and analysts widely expected, but there was still a small rally in US Treasury yields as some of the central bank’s projections hinted at what analysts called a “Goldilocks scenario for bonds”. That is likely to be welcomed in the offices of one sovereign issuer, which is planning a return to the dollar market after a long absence.

  • By Craig McGlashan
  • 14 Dec 2017

Italy expects to return to the dollar market in 2018 for the first time in over seven years and could also make an appearance in yen further down the line.

The sovereign has not sold a dollar syndication since September 2010, according to Dealogic, and only has ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,293.97 23 10.03%
2 Barclays 15,041.98 19 9.87%
3 Citi 12,831.69 22 8.42%
4 HSBC 11,347.34 16 7.44%
5 BNP Paribas 9,566.00 13 6.27%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 38,208.62 102 12.27%
2 JPMorgan 28,157.22 75 9.04%
3 HSBC 25,995.51 64 8.35%
4 Bank of America Merrill Lynch 25,330.13 73 8.13%
5 Goldman Sachs 21,282.75 49 6.83%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 34,739.07 88 8.48%
2 Barclays 31,192.90 58 7.61%
3 UniCredit 28,799.89 78 7.03%
4 HSBC 28,228.96 102 6.89%
5 BNP Paribas 26,244.99 62 6.41%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 74,936.43 419 7.14%
2 Citi 71,066.92 259 6.78%
3 HSBC 65,203.97 254 6.22%
4 Barclays 57,795.41 214 5.51%
5 Deutsche Bank 47,371.28 150 4.52%