BondMarker: first results of 2018

Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters.

  • By Tessa Wilkie
  • 12 Jan 2018
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Ireland led the charge in euros, with a €4bn May 2028 that drew orders over €14bn. Our voters gave it an average score, across the five deal categories available for voting (timing, structure/maturity, pricing, quality of the investor distribution and performance) of 7.6. It attracted a particularly high average score of 8.2 in the structure/maturity category. It was led by Citi, Danske, Davy, JP Morgan, Morgan Stanley and Nomura.

The other euro print of the week — a €500m January 2028 from Bank Nederlandse Gemeenten that had to be cut from €1bn after failing to attract enough demand — fared less well with voters. The deal scored 4 on average, but in the structure/maturity category it achieved a decent 7. BNP Paribas, Citi, DZ Bank and JP Morgan were leads. 

A trio of Scandinavian borrowers brought deals in dollars that were closely matched in the voting. Sweden just pipped the others to the post with a $3bn February 2023, led by BMO Capital Markets, Goldman Sachs, HSBC and Nordea, that achieved an average of just over 8 (across four categories). 

Kommunalbanken and KommuneKredit scored just under 8 and 7.7 on average with their deals. KBN also plumped for a 2023 maturity and printed $1.5bn while KommuneKredit printed a $1bn three year. 

Bank of America Merrill Lynch, JP Morgan, Nomura and RBC Capital Markets led KBN’s deal, while BMO Capital Markets, BNP Paribas, Daiwa Capital Markets and JP Morgan led KommuneKredit. 

European Investment Bank tapped a 0.875% December 2023 line for £1bn through Deutsche Bank, HSBC, NatWest Markets and RBC Capital Markets. The deal notched up an average score of 7.4, with its highest scores in the timing category. 

1537 deviation

1537 bondmarker deal charts


  • By Tessa Wilkie
  • 12 Jan 2018

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 12.19%
2 JPMorgan 28,322.17 76 8.97%
3 HSBC 26,160.46 65 8.29%
4 Bank of America Merrill Lynch 25,855.13 74 8.19%
5 Goldman Sachs 21,942.20 50 6.95%

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 7.50%
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 75,189.63 423 7.08%
2 Citi 71,343.62 261 6.72%
3 HSBC 65,680.62 258 6.18%
4 Barclays 57,933.89 215 5.45%
5 Deutsche Bank 48,544.86 152 4.57%