Italy leak causes BTPs to gap but SSAs sanguine

A leaked draft of a coalition agreement between Five Star and the Northern League, which are in discussions over forming a government in Italy, caused investors to dump Italian debt, blowing BTP yields out by 9bp.

  • By Craig McGlashan, Lewis McLellan
  • 16 May 2018

The document details the two parties’ ambitions to leave the eurozone, petition the European Central Bank to write off €250bn of its holdings of Italian debt and scrap sanctions on Russia.

While the authenticity of the document is not in question, the leaders of the parties claim that it ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,042.98 14 11.16%
2 JPMorgan 10,114.01 13 9.37%
3 Citi 9,037.14 14 8.37%
4 NatWest Markets 8,487.83 7 7.87%
5 HSBC 7,587.14 11 7.03%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 26,776.92 63 12.44%
2 HSBC 20,140.01 43 9.35%
3 JPMorgan 18,140.98 43 8.43%
4 Deutsche Bank 17,160.97 23 7.97%
5 Bank of America Merrill Lynch 15,542.62 47 7.22%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 21,242.89 39 8.52%
2 Barclays 19,533.57 31 7.83%
3 UniCredit 16,899.52 41 6.78%
4 HSBC 16,516.41 51 6.62%
5 BNP Paribas 15,780.06 28 6.33%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 47,163.88 157 7.42%
2 JPMorgan 46,881.95 215 7.38%
3 HSBC 42,258.29 144 6.65%
4 Barclays 36,659.08 110 5.77%
5 Deutsche Bank 34,477.82 91 5.43%