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 JPMorgan 15,293.97 23 9.68%
2 Barclays 15,041.98 19 9.52%
3 Citi 12,831.69 22 8.12%
4 HSBC 11,347.34 16 7.18%
5 BNP Paribas 9,566.00 13 6.05%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 38,458.62 103 12.21%
2 JPMorgan 28,322.17 76 8.99%
3 HSBC 26,160.46 65 8.30%
4 Bank of America Merrill Lynch 25,330.13 73 8.04%
5 Goldman Sachs 21,942.20 50 6.96%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 34,785.31 89 8.33%
2 Barclays 31,331.38 59 7.51%
3 UniCredit 30,652.04 80 7.34%
4 HSBC 28,482.56 104 6.82%
5 BNP Paribas 26,256.57 63 6.29%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 75,004.61 421 7.08%
2 Citi 71,316.92 260 6.73%
3 HSBC 65,457.57 256 6.17%
4 Barclays 57,933.89 215 5.47%
5 Deutsche Bank 48,544.86 152 4.58%