Sovereigns align after French and Belgian benchmarks

Kingdom of Belgium and Agence Française de Developpement enjoyed strong demand for five year euro benchmarks this week, but new issue premia of 3bp-4bp apiece showed that the merry days of January are long gone for euro issuers. Nonetheless a pair of oversubscribed deals bodes well for a bevy of sovereign issuers that are eyeing up euros for next week and beyond.

  • 22 Feb 2013

Ireland’s debt management office is rumoured to be considering a 10 year deal next week — and investors are thought to be receptive, provided, of course that Europe’s capital markets aren’t roiled by the results of Italian governmental elections at the weekend.

"The market is there for them but ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,293.97 23 9.92%
2 Barclays 15,041.98 19 9.76%
3 Citi 12,831.69 22 8.32%
4 HSBC 11,347.34 16 7.36%
5 BNP Paribas 9,566.00 13 6.20%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 38,458.62 103 12.25%
2 JPMorgan 28,157.22 75 8.97%
3 HSBC 25,995.51 64 8.28%
4 Bank of America Merrill Lynch 25,330.13 73 8.07%
5 Goldman Sachs 21,942.20 50 6.99%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 34,785.31 89 8.43%
2 Barclays 31,331.38 59 7.60%
3 UniCredit 29,183.75 79 7.08%
4 HSBC 28,367.45 103 6.88%
5 BNP Paribas 26,256.57 63 6.37%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 75,004.61 421 7.11%
2 Citi 71,316.92 260 6.76%
3 HSBC 65,342.45 255 6.20%
4 Barclays 57,933.89 215 5.49%
5 Deutsche Bank 48,030.72 151 4.56%