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Ico scores with first syndication of 2018, but BNG ‘a bit softer’

A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.

  • By Burhan Khadbai
  • 19 Nov 2018

Ico priced a no-grow €500m October 2023 Reg S social bond through leads Crédit Agricole, HSBC, JP Morgan and Santander.

The bookrunners sent out initial price thoughts of 13bp area over the 4.4% October 2023 Bono, before opening the books at plus 12p area ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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%