BondMarker: ESM’s second dollar deal falls just short of 7.0 average

The European Stability Mechanism’s second ever dollar benchmark scored an overall average of 6.83 on BondMarker, amid a general trend of lower scores from public sector borrowers.

  • By Craig McGlashan
  • 29 Oct 2018
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ESM’s $3bn two year Reg S/1$$A, the only deal for scoring in the week commencing October 15, took a particular hit on pricing, for which it scored 5.75. It also underperformed in structure/maturity, for which it received 6.25. That was in keeping with comments at the time of pricing, with some on-looking SSA bankers saying the maturity was too short.

The trade scored much higher in timing (7.63), quality of investor distribution (7.38) and performance (7.13).

Bank of America Merrill Lynch, Barclays and Citi were leads.

ESM’s deal is not alone in faring poorly relative to deals in the first half of the year. Trades from some of its peers have also struggled in BondMarker over the last few weeks.

You can have your say on last week’s deals — Alberta’s $2.25bn five year global, EIB’s $3bn five year global and JBIC’s dollar dual tranche — on BondMarker until voting closes at 6pm on Thursday.


181029 SSA bondmarker

  • By Craig McGlashan
  • 29 Oct 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,683.39 29 11.21%
2 Citi 13,595.38 21 8.62%
3 HSBC 12,224.45 15 7.75%
4 Goldman Sachs 11,679.39 21 7.41%
5 BNP Paribas 11,306.61 19 7.17%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 27,620.00 66 12.00%
2 JPMorgan 25,706.32 67 11.17%
3 HSBC 15,299.95 41 6.65%
4 Barclays 15,140.22 37 6.58%
5 Bank of America Merrill Lynch 13,259.81 55 5.76%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 34,469.79 79 9.58%
2 BNP Paribas 24,586.19 58 6.83%
3 Goldman Sachs 23,272.62 49 6.47%
4 UniCredit 22,895.15 64 6.36%
5 Credit Agricole CIB 22,678.60 55 6.30%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 68,686.80 320 8.07%
2 Citi 54,099.33 163 6.35%
3 HSBC 50,127.85 203 5.89%
4 Barclays 42,717.44 159 5.02%
5 Goldman Sachs 36,754.99 106 4.32%