Euro 10 year market softens amid concerns about end of QE

The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year.

  • By Burhan Khadbai
  • 20 Sep 2018
On Tuesday Bpifrance and Joint Laender sold 10 euro benchmarks that failed to ignite the market. Bpifrance sold a €500m 10 year with a spread of 22bp over the OAT curve, with the book on the deal last heard at over €475m. Meanwhile, Joint Laender issued a €1bn ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,102.75 23 11.63%
2 Citi 11,763.38 18 9.06%
3 HSBC 11,564.92 14 8.91%
4 BNP Paribas 9,906.17 16 7.63%
5 SG Corporate & Investment Banking 9,565.12 12 7.37%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 23,461.64 54 12.64%
2 JPMorgan 20,571.04 52 11.08%
3 HSBC 12,824.99 32 6.91%
4 Barclays 12,625.49 27 6.80%
5 Bank of America Merrill Lynch 11,089.04 44 5.97%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 31,436.76 66 10.17%
2 BNP Paribas 22,100.37 48 7.15%
3 HSBC 21,914.95 64 7.09%
4 Credit Agricole CIB 21,079.26 45 6.82%
5 Goldman Sachs 18,835.39 35 6.10%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 57,633.58 256 8.22%
2 HSBC 45,596.34 163 6.50%
3 Citi 44,545.75 126 6.35%
4 Barclays 36,783.87 127 5.24%
5 BNP Paribas 31,141.90 110 4.44%