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 9,951.14 12 13.89%
2 Citi 7,280.23 9 10.16%
3 HSBC 5,813.76 5 8.12%
4 BNP Paribas 5,802.58 8 8.10%
5 Barclays 5,746.99 7 8.02%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,140.46 20 12.14%
2 JPMorgan 8,485.94 17 11.27%
3 Barclays 7,215.80 13 9.59%
4 Bank of America Merrill Lynch 5,863.94 19 7.79%
5 HSBC 5,764.61 9 7.66%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,490.59 23 10.81%
2 Credit Agricole CIB 13,234.00 19 9.24%
3 HSBC 11,041.26 21 7.70%
4 Goldman Sachs 10,202.29 12 7.12%
5 Barclays 10,190.11 13 7.11%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 25,051.88 71 8.78%
2 Barclays 21,533.79 49 7.54%
3 HSBC 20,527.83 55 7.19%
4 Citi 19,220.14 43 6.73%
5 Bank of America Merrill Lynch 16,931.81 46 5.93%