ESM picks dollars to wrap up 2018 funding

The European Stability Mechanism mandated banks on Monday for its second ever dollar benchmark, following the launch of its dollar programme last year. The supranational will likely issue a size of $3bn to complete its funding needs for the year, according to SSA bankers.

  • By Burhan Khadbai
  • 15 Oct 2018

Leads Bank of America Merrill Lynch, Barclays and Citi sent out initial price thoughts of mid-swaps plus 1bp area for the October 2020 Reg S/144A transaction. The deal is expected to be priced on Tuesday.

“The market is happy as it’s a rare chance to ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,065.52 3 14.97%
2 Citi 3,902.17 4 14.37%
3 HSBC 3,735.13 3 13.76%
4 BNP Paribas 3,073.09 4 11.32%
5 Barclays 2,241.64 2 8.26%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,727.82 8 15.90%
2 Citi 4,570.65 7 15.37%
3 Barclays 4,294.63 4 14.44%
4 HSBC 3,617.55 3 12.17%
5 BNP Paribas 3,164.15 4 10.64%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,944.50 9 12.89%
2 UniCredit 6,881.29 9 11.17%
3 HSBC 5,554.84 5 9.01%
4 Bank of America Merrill Lynch 4,801.82 6 7.79%
5 Citi 4,678.34 6 7.59%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,302.87 27 12.33%
2 Citi 10,860.80 22 10.07%
3 HSBC 10,480.84 16 9.72%
4 Barclays 9,727.11 17 9.02%
5 BNP Paribas 7,845.59 13 7.27%