Rates markets start to rock from pricing pushback

It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.

  • By Bill Thornhill, Lewis McLellan
  • 18 Jan 2018

“Investors are talking their own book,” said an SSA syndicate official. “They’re playing the fact that the ECB will stop buying and it means they have a stronger hand than they did this time last year.”

The ECB’s Estonian representative Ardo Hansson said on Monday that he believed ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 8,388.79 12 12.37%
2 JPMorgan 7,267.09 8 10.71%
3 Barclays 6,912.22 7 10.19%
4 NatWest Markets 5,400.28 4 7.96%
5 HSBC 4,881.02 6 7.19%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 14,200.88 23 13.86%
2 HSBC 11,373.58 16 11.10%
3 JPMorgan 11,057.79 18 10.79%
4 Goldman Sachs 8,869.90 16 8.66%
5 Deutsche Bank 8,634.69 12 8.43%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,986.81 15 9.77%
2 Citi 11,339.99 28 8.53%
3 JPMorgan 11,003.56 18 8.28%
4 NatWest Markets 8,769.53 7 6.60%
5 Credit Agricole CIB 8,464.56 15 6.37%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 29,661.81 76 9.59%
2 JPMorgan 27,002.33 89 8.73%
3 HSBC 21,383.07 55 6.91%
4 Barclays 19,141.31 36 6.19%
5 Goldman Sachs 17,261.21 27 5.58%