Not all SRI bonds equal in tricky markets

Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports.

  • By Craig McGlashan
  • 20 Sep 2018

What should have been a simple refinancing of the Inter-American Development Bank's inaugural Education, Youth and Employment bond on Wednesday left the leads holding at least some bonds, with not one book update for the no-grow $500m four year global making its way to screens.

The initial price ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,293.97 23 10.03%
2 Barclays 15,041.98 19 9.87%
3 Citi 12,831.69 22 8.42%
4 HSBC 11,347.34 16 7.44%
5 BNP Paribas 9,566.00 13 6.27%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 37,110.25 100 12.05%
2 JPMorgan 27,982.56 72 9.08%
3 HSBC 25,995.51 64 8.44%
4 Bank of America Merrill Lynch 24,331.42 72 7.90%
5 Goldman Sachs 21,282.75 49 6.91%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 34,727.52 87 8.50%
2 Barclays 31,192.90 58 7.63%
3 UniCredit 28,627.02 77 7.01%
4 HSBC 28,056.09 101 6.87%
5 BNP Paribas 26,072.11 61 6.38%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 74,667.67 407 7.17%
2 Citi 69,968.55 257 6.72%
3 HSBC 65,031.10 253 6.25%
4 Barclays 56,794.13 212 5.46%
5 Deutsche Bank 47,371.28 150 4.55%