EFSF canters to 2018 finish as euro market ‘tires’

The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end.

  • By Craig McGlashan
  • 06 Nov 2018
Leads Deutsche Bank, Morgan Stanley and Société Générale priced the January 2024 at 13bp through mid-swaps. Tuesday morning’s guidance of minus 12bp area drew sufficient orders to cover the €4bn EFSF had left to fund this year, allowing the spread to be set a basis ...

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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 Citi 5,565.84 10 13.14%
2 JPMorgan 5,515.04 10 13.02%
3 Barclays 5,057.18 6 11.94%
4 HSBC 4,927.86 6 11.63%
5 BNP Paribas 3,164.15 4 7.47%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,508.82 10 12.64%
2 UniCredit 7,740.97 11 11.50%
3 HSBC 5,618.01 6 8.34%
4 BNP Paribas 5,054.90 8 7.51%
5 Bank of America Merrill Lynch 4,801.82 6 7.13%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,694.12 32 11.13%
2 HSBC 12,161.91 22 9.21%
3 Citi 11,855.99 25 8.98%
4 Barclays 11,221.92 21 8.50%
5 Bank of America Merrill Lynch 8,683.75 19 6.58%