NRW reopens 20 year euros as ‘stars align’

The State of North Rhine-Westphalia on Thursday brought the first 20 year euro benchmark of the year from a core eurozone issuer, for which leads said the “stars aligned”. A sell-off in rates, core SSAs stability in the face of wider market volatility and a healthy spread over OATs all helped the deal, they said.

  • By Craig McGlashan
  • 15 Feb 2018

Leads Bank of America Merrill Lynch, Deutsche Bank, JP Morgan and NordLB priced the €1bn February 2038 at 3bp over mid-swaps, at the tight end of guidance of 4bp area. The final book was just above €2bn, including €300m from the leads.

“We didn’t ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 7,394.14 11 11.95%
2 JPMorgan 7,267.09 8 11.75%
3 Barclays 5,917.57 6 9.56%
4 NatWest Markets 5,400.28 4 8.73%
5 HSBC 3,886.37 5 6.28%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 14,200.88 23 13.91%
2 HSBC 11,373.58 16 11.14%
3 JPMorgan 11,057.79 18 10.83%
4 Goldman Sachs 8,869.90 16 8.69%
5 Deutsche Bank 8,634.69 12 8.46%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 11,752.52 14 9.64%
2 JPMorgan 11,003.56 18 9.03%
3 Citi 10,105.71 27 8.29%
4 NatWest Markets 8,769.53 7 7.20%
5 Goldman Sachs 8,330.41 10 6.83%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 28,231.16 72 9.54%
2 JPMorgan 27,002.33 89 9.12%
3 HSBC 19,993.21 53 6.76%
4 Barclays 17,769.72 34 6.00%
5 Goldman Sachs 17,261.21 27 5.83%