Italy, Portugal go large as Cannata bows out

Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.

  • By Craig McGlashan, Lewis McLellan
  • 11 Jan 2018

Cannata, who retires on February 1, went out on a high. Italy launched the longest dated SSA syndication of the year so far, selling €9bn of September 2038 paper.

“This bond equalled our largest ever syndication for size, a €9bn 30 year issued at the beginning ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,577.78 16 10.48%
2 Citi 12,045.36 19 9.30%
3 JPMorgan 11,945.26 17 9.22%
4 HSBC 10,316.86 14 7.96%
5 NatWest Markets 8,487.83 7 6.55%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,397.90 76 12.19%
2 JPMorgan 23,142.72 55 9.28%
3 HSBC 22,678.54 51 9.09%
4 Deutsche Bank 19,371.31 29 7.77%
5 Bank of America Merrill Lynch 19,305.57 55 7.74%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 26,932.95 62 8.19%
2 Barclays 25,202.39 44 7.66%
3 HSBC 23,409.02 79 7.12%
4 UniCredit 23,330.71 59 7.09%
5 BNP Paribas 21,558.84 41 6.55%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 58,719.26 309 7.20%
2 Citi 56,898.32 195 6.97%
3 HSBC 55,466.70 199 6.80%
4 Barclays 46,182.34 156 5.66%
5 Deutsche Bank 42,629.21 119 5.22%