Swap spreads add pricing challenges for SSAs despite positive newsflow

A handful of supranationals and agencies are poised to issue next week if the warm fuzzy feeling prevailing in markets remains in place. Only two things can derail the new issue schemers — new obstacles appearing to hinder Europe’s debt crisis recovery and exceptionally tight swap spreads that risk pricing borrowers out of the market, writes Jo Richards.

  • 14 Sep 2012

The week certainly did not lack positive newsflow. Germany’s constitutional court backed the country’s participation in the European Stabilisation Mechanism (ESM), there was a pro-Europe outcome to the Dutch election and Thursday’s FOMC meeting unveiled the prospect of more quantitative easing from the Fed.

That would seem to ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,951.14 12 13.89%
2 Citi 7,280.23 9 10.16%
3 HSBC 5,813.76 5 8.12%
4 BNP Paribas 5,802.58 8 8.10%
5 Barclays 5,746.99 7 8.02%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,140.46 20 12.14%
2 JPMorgan 8,485.94 17 11.27%
3 Barclays 7,215.80 13 9.59%
4 Bank of America Merrill Lynch 5,863.94 19 7.79%
5 HSBC 5,764.61 9 7.66%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,490.59 23 10.83%
2 Credit Agricole CIB 13,234.00 19 9.25%
3 HSBC 11,042.12 21 7.72%
4 Goldman Sachs 10,202.29 12 7.13%
5 Barclays 10,190.11 13 7.12%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 25,014.77 70 8.89%
2 Barclays 21,530.74 48 7.65%
3 HSBC 20,128.70 54 7.15%
4 Citi 19,220.14 43 6.83%
5 Bank of America Merrill Lynch 16,931.81 46 6.02%