EFSF expected to go short for last hurrah, three years seen the most likely tenor

The European Financial Stability Facility (EFSF) is expected to issue a €3bn-plus three year bond next week to complete its 2012 long term funding programme. Such a deal could produce the borrower’s first benchmark reoffered at sub Libor levels.

  • 16 Nov 2012
The issuer sent out RFPs to its dealers this week asking for ideas. The outcome is expected as early as Friday (November 16) but bankers said on Thursday that three years was the EFSF’s best option, as it has already done deals in five, seven and 10 year ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,822.01 5 13.56%
2 NatWest Markets 3,741.73 3 10.52%
3 Citi 3,544.03 6 9.97%
4 Goldman Sachs 3,231.80 5 9.09%
5 Barclays 2,461.72 2 6.92%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,145.87 7 13.07%
2 Citi 7,659.35 12 12.29%
3 Deutsche Bank 7,559.81 8 12.13%
4 Goldman Sachs 6,147.24 8 9.86%
5 JPMorgan 6,097.01 8 9.78%

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 10.92%
2 JPMorgan 6,925.07 9 10.28%
3 Credit Agricole CIB 6,342.60 7 9.42%
4 Goldman Sachs 5,890.15 6 8.75%
5 Citi 5,011.57 14 7.44%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,413.64 38 9.58%
2 JPMorgan 14,608.06 45 9.08%
3 Goldman Sachs 12,082.56 15 7.51%
4 Deutsche Bank 11,477.72 22 7.13%
5 HSBC 10,810.86 21 6.72%