SSAs reap rewards from ‘treating sterling as core’

The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.

  • By Craig McGlashan
  • 14 Feb 2019
Two weeks into February, this year’s sterling issuance from non-UK SSAs has already reached the highest volume levels ever seen for a quarter. Supply kept coming this week, taking the total to £15.2bn ($19.45bn) — around £3bn below the highest ever half-year period which was set in the ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,550.11 16 13.17%
2 Citi 8,945.86 13 9.39%
3 HSBC 8,757.05 9 9.19%
4 BNP Paribas 7,456.75 9 7.82%
5 Barclays 7,102.70 8 7.45%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,452.65 33 12.37%
2 JPMorgan 13,213.15 27 10.57%
3 Barclays 9,740.96 19 7.79%
4 Deutsche Bank 8,922.05 19 7.14%
5 HSBC 8,299.62 17 6.64%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 21,887.20 35 10.75%
2 Credit Agricole CIB 15,745.14 24 7.73%
3 HSBC 15,725.41 31 7.72%
4 BNP Paribas 14,270.46 23 7.01%
5 Barclays 13,882.61 26 6.82%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 37,805.41 128 8.67%
2 HSBC 30,046.11 89 6.89%
3 Citi 28,948.61 77 6.64%
4 Barclays 28,208.07 79 6.47%
5 Deutsche Bank 21,549.79 54 4.94%