BondMarker: Rentenbank’s dollar deal outdoes EFSF in euros

A dollar benchmark from Rentenbank scored comfortably higher than a euro trade from the European Financial Stability Facility in the latest BondMarker results. That is in keeping with a few weeks where the dollar market has been far more resilient than a wobbly euro sector.

  • By Craig McGlashan
  • 19 Nov 2018
Email a colleague
Request a PDF

Rentenbank’s $1.25bn November 2023, priced on November 6, scored an overall average of 7.83, with voters particularly impressed in the structure/maturity category, which took 8.17.

“It feels like investors are less worried about a steepening of the curve and are more expecting a flattening, so that means they’re interested in a five year as opposed to a short end trade,” said an on-looking SSA banker at the time.

The deal’s lowest score came in the timing category, although it still took a decent 7.33.

1582 ssa bondmarker results

“I was slightly surprised they brought their sole dollar benchmark of the year this week [commencing November 5] given it’s the mid-terms and there’s a Federal Open Market Committee meeting, but it didn’t seem to make a blind bit of difference,” said a second on-looking banker at the time.

Rentenbank’s high score is in keeping with a dollar market that has been resilient in the face of potential headwinds.

By contrast, several factors — from the end of eurozone quantitative easing to the fallout between Italy and the European Commission over the former’s budget plans — have led to tricky conditions and spread widening in euros.

That took its toll on the BondMarker score for EFSF’s €4bn January 2024, also priced on November 6, which took a low rating of 5.17 for performance and 5.67 for quality of the investor book. That helped drag down the overall average to 6.50.

“EFSF’s deal was fine and had a decent book, it just shows that the euro market is a bit weaker — a couple of months ago EFSF would have got a €10bn book with this,” said an on-looking SSA banker at the time of pricing. The deal took orders of nearly €6bn.

  • By Craig McGlashan
  • 19 Nov 2018

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 44,056.07 119 12.31%
2 HSBC 30,286.67 79 8.46%
3 JPMorgan 30,034.04 86 8.39%
4 Bank of America Merrill Lynch 28,240.51 84 7.89%
5 Goldman Sachs 26,424.73 60 7.38%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 35,494.64 97 7.67%
2 HSBC 33,049.47 129 7.15%
3 UniCredit 32,836.18 95 7.10%
4 Barclays 32,248.82 64 6.97%
5 BNP Paribas 27,773.05 69 6.00%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,546.47 289 6.84%
2 JPMorgan 78,905.10 458 6.62%
3 HSBC 75,168.38 307 6.30%
4 Barclays 61,509.86 242 5.16%
5 Deutsche Bank 54,387.29 174 4.56%