Bond buyers optimistic on Italy, playing short on core

Investors are upbeat about the prospects for Italian government bonds, believing that “market forces” will act as buffers to the effects of exuberant populist government policy. The sovereign should be supported at the long end during an auction this week, said some But in the core of the eurozone core, some investors are looking to keep things short.

  • By Craig McGlashan
  • 11 Jul 2018

Fidelity added Italian government debt exposure during the second quarter, according to a note from Andrea Iannelli, an investment director at the firm.

“While the risk of early Italian elections is likely underestimated by markets, fiscal deterioration is largely in the price of BTPs,” he said.

Italy is ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,313.87 13 14.29%
2 Citi 7,613.24 10 9.61%
3 HSBC 7,509.50 7 9.48%
4 BNP Paribas 7,165.31 9 9.05%
5 Credit Agricole CIB 6,754.94 7 8.53%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 12,172.38 24 14.18%
2 JPMorgan 9,485.94 18 11.05%
3 Barclays 7,464.36 14 8.69%
4 HSBC 6,884.61 11 8.02%
5 Bank of America Merrill Lynch 5,863.94 19 6.83%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,561.05 26 11.38%
2 Credit Agricole CIB 14,775.81 20 9.57%
3 HSBC 13,041.21 24 8.45%
4 SG Corporate & Investment Banking 10,788.22 13 6.99%
5 Barclays 10,649.23 15 6.90%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 28,792.95 80 9.21%
2 HSBC 23,647.79 60 7.56%
3 Citi 22,628.84 48 7.24%
4 Barclays 22,241.46 52 7.11%
5 Bank of America Merrill Lynch 16,988.39 47 5.43%