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KfW pulls in biggest ever book

The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.

  • By Lewis McLellan
  • 09 Jan 2018

The European Financial Stability Facility has announced that its first deal of the year will be a seven year euro benchmark. Barclays, Crédit Agricole and UniCredit will run the books. The market certainly appears hospitable, if Tuesday’s trades are any indication.

"We’d expect EFSF to print ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Barclays 10,381.54 13 11.25%
2 JPMorgan 10,114.01 13 10.96%
3 Citi 9,037.14 14 9.79%
4 HSBC 7,587.14 11 8.22%
5 NatWest Markets 6,826.39 6 7.40%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Citi 26,051.28 56 12.99%
2 HSBC 19,540.53 40 9.75%
3 JPMorgan 16,310.02 35 8.14%
4 Deutsche Bank 15,761.17 21 7.86%
5 Bank of America Merrill Lynch 14,209.83 40 7.09%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 20,357.89 34 9.18%
2 Barclays 18,682.87 27 8.42%
3 HSBC 15,561.43 46 7.01%
4 BNP Paribas 14,769.79 25 6.66%
5 NatWest Markets 13,389.93 13 6.03%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Citi 44,619.47 132 8.10%
2 JPMorgan 43,291.91 176 7.85%
3 HSBC 40,157.40 132 7.29%
4 Barclays 32,503.80 92 5.90%
5 Deutsche Bank 30,222.31 83 5.48%