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 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 %
  • Last updated
  • Today
1 Citi 26,051.28 56 12.96%
2 HSBC 19,540.53 40 9.72%
3 JPMorgan 16,456.57 36 8.19%
4 Deutsche Bank 15,761.17 21 7.84%
5 Bank of America Merrill Lynch 14,209.83 40 7.07%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,357.89 34 9.17%
2 Barclays 18,682.87 27 8.42%
3 HSBC 15,561.43 46 7.01%
4 BNP Paribas 14,769.79 25 6.65%
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 %
  • Last updated
  • Today
1 Citi 44,696.70 137 8.07%
2 JPMorgan 43,780.24 191 7.90%
3 HSBC 40,157.40 132 7.25%
4 Barclays 32,609.35 94 5.88%
5 Deutsche Bank 30,222.31 83 5.45%