Spain stuns in 30s amid Italy election chatter

Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers.

  • 22 Feb 2018

Cartoon_1543_SpainThe 10 year BTP/Bono spread was about 55bp on Thursday afternoon — compared with roughly 25bp in mid-December, just before Italy’s political parties agreed March 4 as the election date.

The likely outcome of the Italian election is ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,417.34 15 11.10%
2 JPMorgan 10,784.81 16 9.64%
3 Citi 9,836.54 17 8.80%
4 NatWest Markets 8,487.83 7 7.59%
5 HSBC 7,788.95 12 6.97%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 28,650.01 73 12.43%
2 HSBC 22,084.84 47 9.58%
3 JPMorgan 19,145.59 51 8.31%
4 Deutsche Bank 17,915.81 27 7.77%
5 Bank of America Merrill Lynch 16,436.98 51 7.13%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,223.40 52 8.64%
2 Barclays 21,482.86 36 7.67%
3 UniCredit 19,921.86 49 7.11%
4 Credit Agricole CIB 18,862.23 49 6.73%
5 HSBC 18,112.51 64 6.46%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 51,595.93 277 7.32%
2 Citi 50,678.84 180 7.19%
3 HSBC 46,065.52 168 6.54%
4 Barclays 40,928.81 133 5.81%
5 Deutsche Bank 37,881.53 100 5.37%