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 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 12.25%
2 JPMorgan 23,640.34 56 9.22%
3 HSBC 23,014.61 52 8.98%
4 Bank of America Merrill Lynch 19,900.14 59 7.76%
5 Deutsche Bank 19,121.36 29 7.46%

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 7.92%
2 Barclays 25,435.97 46 7.45%
3 UniCredit 25,297.29 63 7.41%
4 HSBC 23,482.89 81 6.88%
5 BNP Paribas 21,888.86 45 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 6.92%
2 Citi 59,284.35 218 6.88%
3 HSBC 56,064.57 206 6.50%
4 Barclays 47,788.04 175 5.54%
5 Deutsche Bank 43,643.71 131 5.06%