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
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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 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 27,601.20 65 12.20%
2 JPMorgan 23,640.27 62 10.45%
3 HSBC 15,299.95 41 6.76%
4 Barclays 14,674.18 35 6.49%
5 Bank of America Merrill Lynch 13,041.02 52 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 9.62%
2 BNP Paribas 24,586.19 58 6.86%
3 Goldman Sachs 23,131.08 48 6.46%
4 UniCredit 22,716.29 62 6.34%
5 Credit Agricole CIB 22,678.60 55 6.33%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 66,444.24 311 7.89%
2 Citi 53,734.73 157 6.38%
3 HSBC 50,102.61 202 5.95%
4 Barclays 42,195.95 156 5.01%
5 Goldman Sachs 36,147.41 103 4.29%