Land NRW shows there’s life in the long end yet

A German sub-sovereign astonished the SSA market this week, selling a 50 year benchmark to show that, despite the expectations of rising rates in euros, some investors at least are still happy to put money into assets at the ultra-long end. Lewis McLellan reports.

  • By Lewis McLellan
  • 05 Jul 2018
The State of North Rhine-Westphalia raised €1.25bn with its first trip to the 50 year point of the curve. The German borrower timed its long end debut nicely. Last week, news broke that the European Central Bank is ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 14,544.75 18 10.40%
2 JPMorgan 13,122.11 20 9.38%
3 Citi 12,168.30 20 8.70%
4 HSBC 10,850.10 15 7.76%
5 NatWest Markets 9,080.61 8 6.49%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 34,822.11 93 12.31%
2 JPMorgan 25,979.10 64 9.18%
3 HSBC 24,143.03 57 8.53%
4 Bank of America Merrill Lynch 21,891.68 65 7.74%
5 Deutsche Bank 19,993.80 31 7.07%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,318.06 81 8.66%
2 Barclays 29,485.51 52 7.66%
3 HSBC 26,536.90 91 6.90%
4 UniCredit 26,134.28 69 6.79%
5 BNP Paribas 24,736.61 55 6.43%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 68,817.31 384 7.19%
2 Citi 65,940.01 242 6.89%
3 HSBC 60,682.21 228 6.34%
4 Barclays 53,941.18 193 5.63%
5 Deutsche Bank 45,779.29 142 4.78%