Razor thin SSA spreads to Treasuries tipped to last

Spreads over Treasuries on supranational and agency trades shrank to record low levels this week, with the World Bank raising debt just a hair’s width wide of US government debt. Market watchers reckon the good times for issuers are here to stay for the foreseeable future.

  • By Mike Turner
  • 23 May 2019

The World Bank printed a $4bn three year bond on Tuesday that came at a 2.249% yield — equal to just 5.3bp over Treasuries. This is the tightest priced deal over Treasuries in the SSA market since 2012, according to leads.

“The reception was incredible despite the extremely tight ...

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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%