Land NRW grabs €4.75bn in dual-tranche blowout

The State of North Rhine Westphalia sold an unusually large amount of debt in the SSA market on Wednesday through a dual tranche offering, with one of the bonds coming with a sustainable label.

  • By Burhan Khadbai
  • 06 Mar 2019

Leads DekaBank, DZ Bank, HSBC, ING, Nomura and Société Générale priced a €2.5bn seven year conventional March 2026 — Land NRW’s largest ever single issue — and a €2.25bn 15 year sustainable March 2034.

The seven year was priced with a spread ...

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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 13.20%
2 Citi 8,945.86 13 9.41%
3 HSBC 8,757.05 9 9.21%
4 BNP Paribas 7,456.75 9 7.84%
5 Barclays 7,102.70 8 7.47%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,452.65 33 12.47%
2 JPMorgan 13,213.15 27 10.66%
3 Barclays 9,740.96 19 7.86%
4 Deutsche Bank 8,922.05 19 7.20%
5 HSBC 8,050.34 16 6.50%

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 10.80%
2 Credit Agricole CIB 15,745.14 24 7.77%
3 HSBC 15,725.41 31 7.76%
4 BNP Paribas 14,270.46 23 7.04%
5 Goldman Sachs 13,711.51 17 6.77%

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 8.72%
2 HSBC 29,796.82 88 6.87%
3 Citi 28,897.65 76 6.67%
4 Barclays 27,904.53 77 6.44%
5 Deutsche Bank 21,549.79 54 4.97%