Ireland, Portugal smash order records as SSAs get in before Brexit vote

Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.

  • By Burhan Khadbai
  • 09 Jan 2019

Ireland sold a €4bn May 2029 with a spread of 27bp over mid-swaps, 2bp inside of the initial pricing level, through leads Bank of America Merrill Lynch, BNP Paribas, Citi, Davy, NatWest Markets and Société Générale.

The final book closed at over €18.1bn ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,073.09 4 17.88%
2 JPMorgan 2,073.34 2 12.06%
3 Citi 1,909.99 3 11.11%
4 HSBC 1,742.95 2 10.14%
5 Natixis 1,493.49 1 8.69%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 3,792.03 6 18.05%
2 HSBC 3,617.55 3 17.22%
3 Citi 2,909.53 6 13.85%
4 BNP Paribas 2,665.27 3 12.69%
5 Barclays 2,134.63 2 10.16%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 4,603.00 6 11.00%
2 JPMorgan 4,227.97 7 10.11%
3 HSBC 3,270.10 4 7.82%
4 Bank of America Merrill Lynch 3,252.97 4 7.78%
5 SG Corporate & Investment Banking 3,009.71 3 7.19%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,650.54 23 11.07%
2 HSBC 8,196.10 15 10.49%
3 BNP Paribas 7,326.15 11 9.37%
4 Citi 6,914.94 20 8.85%
5 Barclays 5,282.37 14 6.76%