Credit frenzy intensifies as issuers carve through curves

The new issue premium, a fixture of Europe’s bond market for the best part of a year, was trampled underfoot this week as deal after deal from corporate and public sector borrowers priced flat to, or even through, issuers’ secondary curves.

  • 16 Mar 2012

Bank Nederlandse Gemeenten launched its biggest ever dollar bond, got its biggest book and priced inside its curve. In euros, KfW and even Spain’s Ico came tighter than secondaries. Asian Development Bank got the tightest seven year print to mid-swaps for an SSA since 2008.

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,417.34 15 11.10%
2 JPMorgan 10,784.81 16 9.64%
3 Citi 9,836.54 17 8.80%
4 NatWest Markets 8,487.83 7 7.59%
5 HSBC 7,788.95 12 6.97%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 28,901.35 74 12.48%
2 HSBC 22,334.06 48 9.64%
3 JPMorgan 19,145.59 51 8.27%
4 Deutsche Bank 17,915.81 27 7.74%
5 Bank of America Merrill Lynch 16,436.98 51 7.10%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,223.40 52 8.63%
2 Barclays 21,482.86 36 7.65%
3 UniCredit 19,921.86 49 7.10%
4 Credit Agricole CIB 18,862.23 49 6.72%
5 HSBC 18,112.51 64 6.45%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 70,491.24 181 9.70%
2 JPMorgan 51,595.93 277 7.10%
3 HSBC 46,450.64 170 6.39%
4 Barclays 40,928.81 133 5.63%
5 Deutsche Bank 37,881.53 100 5.21%