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 JPMorgan 11,313.87 13 14.29%
2 Citi 7,613.24 10 9.61%
3 HSBC 7,509.50 7 9.48%
4 BNP Paribas 7,165.31 9 9.05%
5 Credit Agricole CIB 6,754.94 7 8.53%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 12,172.38 24 14.18%
2 JPMorgan 9,485.94 18 11.05%
3 Barclays 7,464.36 14 8.69%
4 HSBC 6,884.61 11 8.02%
5 Bank of America Merrill Lynch 5,863.94 19 6.83%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,561.05 26 11.23%
2 Credit Agricole CIB 14,775.81 20 9.45%
3 HSBC 13,041.21 24 8.34%
4 SG Corporate & Investment Banking 10,788.22 13 6.90%
5 Barclays 10,649.23 15 6.81%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 28,944.56 81 9.18%
2 HSBC 23,995.87 61 7.61%
3 Citi 22,976.92 49 7.29%
4 Barclays 22,394.11 54 7.10%
5 Bank of America Merrill Lynch 17,341.69 48 5.50%