Euro sevens and 10s ‘favourable’ for SSA dollar funders

Borrowing conditions in euros are attractive for public sector dollar funders towards the longer part of the curve, according to bankers.

  • By Burhan Khadbai
  • 18 Mar 2019

“Sevens and 10s both work well in euros,” said an SSA DCM banker. “The longer you go, the more favourable it is to issue in euros rather than dollars.”

“Five years used to be cheaper than dollars, but it feels like the arbitrage is coming to play further ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,145.26 17 13.20%
2 Citi 9,541.01 14 9.58%
3 HSBC 8,956.42 10 8.99%
4 BNP Paribas 7,456.75 9 7.49%
5 SG Corporate & Investment Banking 7,166.56 9 7.19%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 16,139.62 36 11.33%
2 JPMorgan 14,079.05 31 9.88%
3 Barclays 10,277.94 21 7.21%
4 HSBC 9,651.51 20 6.78%
5 Deutsche Bank 9,608.67 21 6.75%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,013.12 43 10.22%
2 HSBC 17,211.08 44 7.33%
3 BNP Paribas 16,950.33 29 7.22%
4 Credit Agricole CIB 16,768.27 33 7.14%
5 Barclays 15,192.79 29 6.47%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 41,493.22 161 8.13%
2 HSBC 33,808.37 117 6.63%
3 Citi 31,911.03 89 6.26%
4 Barclays 30,500.85 91 5.98%
5 Deutsche Bank 25,450.03 69 4.99%