ESM eases, Portugal does exchange

The European Stability Mechanism has softened the eligibility criteria for its precautionary credit lines, under a eurozone reform package sealed by the European Union on Tuesday.

  • By Burhan Khadbai
  • 06 Dec 2018

The ESM has two credit lines, the precautionary conditioned credit line (PCCL), which is for countries with a sound economic situation, and the enhanced conditions credit line (ECCL), which is for countries with some structural weakness. Neither line has ever been used.

The eligibility criteria for the PCCL ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,503.69 19 12.05%
2 Citi 11,025.37 16 9.84%
3 HSBC 10,438.07 12 9.31%
4 BNP Paribas 8,371.12 12 7.47%
5 Barclays 7,970.77 10 7.11%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 19,445.86 45 11.85%
2 JPMorgan 17,028.13 38 10.38%
3 Barclays 12,294.11 26 7.49%
4 HSBC 10,936.92 25 6.67%
5 Deutsche Bank 10,542.52 22 6.43%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 26,837.08 52 10.13%
2 HSBC 19,545.39 55 7.37%
3 Credit Agricole CIB 19,047.28 39 7.19%
4 BNP Paribas 18,161.36 34 6.85%
5 Barclays 17,311.25 36 6.53%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 47,893.64 205 7.93%
2 HSBC 39,754.93 139 6.58%
3 Citi 39,007.41 113 6.46%
4 Barclays 35,828.56 113 5.93%
5 Deutsche Bank 29,087.56 82 4.81%