Spanish €10bn deal opens door for Italian blowout

Spain’s stunning syndication on Wednesday has sparked debate through the SSA market about its wider meaning for the borrower and its eurozone periphery peers. While nobody doubted the sovereign’s achievement in selling a €10bn 10 year deal in a week where its yields touched 2006 levels, bankers wondered variously whether it was a freak occurrence, a sign that investors had lost their minds, or a good omen for Italy, which is expected to bring its own syndication in coming weeks.

  • By Craig McGlashan
  • 24 Jan 2014
The monstrous deal, which attracted nearly €40bn of orders, had some eager senior SSA bankers talking about a firm end to Spain’s funding woes even if the level of demand in the bond market did not reflect macroeconomic reality, with investors’ desire for yield seemingly blind to Spain’s ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,124.57 4 12.86%
2 Citi 3,544.03 6 11.05%
3 NatWest Markets 3,044.30 2 9.49%
4 Goldman Sachs 2,534.37 4 7.90%
5 Barclays 2,461.72 2 7.68%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,644.11 6 14.34%
2 Citi 6,191.70 7 11.61%
3 Goldman Sachs 6,147.24 8 11.53%
4 Deutsche Bank 6,126.48 5 11.49%
5 JPMorgan 4,598.48 6 8.63%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 7,351.66 8 11.87%
2 Credit Agricole CIB 6,342.60 7 10.24%
3 JPMorgan 6,071.58 8 9.80%
4 Goldman Sachs 5,036.65 5 8.13%
5 Citi 5,011.57 14 8.09%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,994.79 37 9.01%
2 Citi 11,939.79 30 8.97%
3 Goldman Sachs 11,183.90 13 8.40%
4 Barclays 10,192.94 14 7.66%
5 HSBC 9,741.93 13 7.32%