Syndicate teams ‘know less than 10 years ago’ says KfW treasurer

The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past.

  • By Owen Sanderson
  • 20 May 2019
Speaking on a panel at the International Capital Market Association’s annual general meeting in Stockholm last week, Frank Czichowski, senior vice-president and treasurer of KfW, said: “A lot of information was shared between syndicates in the past, and as a consequence, syndicates knew a lot about the market. ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,855.48 22 11.53%
2 HSBC 11,564.92 14 8.97%
3 Citi 11,516.11 17 8.94%
4 BNP Paribas 9,658.90 15 7.50%
5 SG Corporate & Investment Banking 9,565.12 12 7.42%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 22,825.14 52 12.69%
2 JPMorgan 19,716.36 48 10.96%
3 Barclays 12,625.49 27 7.02%
4 HSBC 11,868.27 28 6.60%
5 Deutsche Bank 11,082.27 24 6.16%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 30,754.04 60 10.11%
2 HSBC 21,914.95 64 7.20%
3 Credit Agricole CIB 21,079.26 45 6.93%
4 BNP Paribas 20,894.22 43 6.87%
5 Goldman Sachs 18,777.54 34 6.17%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 55,898.32 241 8.17%
2 HSBC 44,170.70 155 6.46%
3 Citi 43,504.97 122 6.36%
4 Barclays 36,671.77 126 5.36%
5 Deutsche Bank 29,979.56 91 4.38%