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 Citi 18,605.78 27 8.83%
2 HSBC 16,094.53 24 7.64%
3 Barclays 15,995.15 26 7.59%
4 BNP Paribas 15,919.65 22 7.55%
5 Goldman Sachs 14,733.99 25 6.99%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,463.63 126 11.61%
2 Citi 52,833.87 135 11.48%
3 HSBC 35,719.21 90 7.76%
4 Bank of America Merrill Lynch 34,298.88 106 7.45%
5 Deutsche Bank 31,212.00 75 6.78%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 34,793.50 122 7.22%
2 HSBC 34,778.70 117 7.22%
3 Barclays 33,100.55 82 6.87%
4 Goldman Sachs 31,906.26 88 6.62%
5 BNP Paribas 31,647.57 69 6.57%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 96,179.86 335 7.29%
2 JPMorgan 94,013.25 550 7.13%
3 HSBC 82,198.94 302 6.23%
4 Barclays 67,551.66 221 5.12%
5 Bank of America Merrill Lynch 66,801.88 220 5.07%