Italy’s complete intransigence takes investors by surprise

The Italian government’s refusal to make any concessions to the European Commission over its budget plans took investors by surprise this week, moving the 10 year BTP/Bund spread to its highest level since early 2013.

  • By Craig McGlashan
  • 14 Nov 2018
Few expected Italy to deviate much from its 2019 estimates of a deficit target of 2.4% of GDP and GDP growth of 1.5% — figures rejected by the Commission three weeks ago — but the complete lack of movement as the deadline passed at midnight on Tuesday did ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,575.88 26 9.55%
2 Barclays 15,585.79 20 8.98%
3 Citi 15,428.98 26 8.89%
4 HSBC 12,009.31 18 6.92%
5 BNP Paribas 11,235.58 17 6.48%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 44,086.83 120 12.27%
2 HSBC 30,286.67 79 8.43%
3 JPMorgan 30,191.70 89 8.40%
4 Bank of America Merrill Lynch 28,521.47 88 7.94%
5 Goldman Sachs 26,512.56 61 7.38%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 35,517.09 98 7.61%
2 HSBC 33,384.07 130 7.16%
3 UniCredit 32,836.18 95 7.04%
4 Barclays 32,583.41 65 6.99%
5 BNP Paribas 28,107.64 70 6.03%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,624.46 292 6.76%
2 JPMorgan 79,043.67 461 6.55%
3 HSBC 75,662.85 309 6.27%
4 Barclays 61,856.29 245 5.13%
5 Deutsche Bank 54,387.29 174 4.51%