SSAs cheer as investors ignore US equity shock to grab dollar bonds

The SSA market showed its “resilience” to the horror show in US equities early in the week as a series of borrowers printed strong dollar trades — one with its largest ever book, another with its largest size in years and not one paying up for the privilege. Some bankers suggested they may have benefited from a flight to safety but the general sense was that if the volatility comes back, public sector borrowers need not worry.

  • By Craig McGlashan
  • 08 Feb 2018
Little in the way of issuance is expected next week, with a series of public holidays in several countries probably limiting windows. But if borrowers do come — World Bank has been rumoured for some time — then they are likely to meet with as strong a reception ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,577.78 16 10.48%
2 Citi 12,045.36 19 9.30%
3 JPMorgan 11,945.26 17 9.22%
4 HSBC 10,316.86 14 7.96%
5 NatWest Markets 8,487.83 7 6.55%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,408.33 81 12.26%
2 JPMorgan 23,640.34 56 9.23%
3 HSBC 23,014.61 52 8.99%
4 Bank of America Merrill Lynch 19,800.14 58 7.73%
5 Deutsche Bank 19,121.36 29 7.47%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,037.51 66 7.94%
2 Barclays 25,435.97 46 7.47%
3 UniCredit 25,297.29 63 7.43%
4 HSBC 23,482.89 81 6.89%
5 BNP Paribas 21,831.53 43 6.41%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 59,631.02 334 6.98%
2 Citi 59,108.26 216 6.92%
3 HSBC 56,064.57 206 6.57%
4 Barclays 47,776.30 174 5.60%
5 Deutsche Bank 43,453.85 129 5.09%