NIPs gnawed off as investors scrap for bonds

New issue premiums have all but vanished from European bond markets, as well as the dollar market for supranationals, sovereigns and agencies, with borrower after borrower ramming pricing down to its curve — and in some cases, way through it. Everyone knows it will end at some point, but for now, investors are offering no resistance — in fact, they are chasing deals tighter. By Jon Hay, Burhan Khadbai, Mike Turner and Tyler Davies

  • By Burhan Khadbai, Jon Hay, Mike Turner, Tyler Davies
  • 14 Mar 2019

Spreads are not yet at their tightest levels ever, but for many issuers they have narrowed back to where they were early last year, before the sell-offs that rocked markets in the second half of 2018.

And in combination with newly depressed government bond yields, after both ...

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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 15,302.55 32 12.53%
2 JPMorgan 12,721.22 26 10.41%
3 Barclays 9,740.96 19 7.97%
4 Deutsche Bank 8,922.05 19 7.30%
5 HSBC 8,050.34 16 6.59%

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 37,279.20 125 8.64%
2 HSBC 29,796.82 88 6.91%
3 Citi 28,747.56 75 6.66%
4 Barclays 27,904.53 77 6.47%
5 Deutsche Bank 21,549.79 54 4.99%