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 14,544.75 18 10.40%
2 JPMorgan 13,122.11 20 9.38%
3 Citi 12,168.30 20 8.70%
4 HSBC 10,850.10 15 7.76%
5 NatWest Markets 9,080.61 8 6.49%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 34,311.36 90 12.26%
2 JPMorgan 25,730.35 63 9.20%
3 HSBC 23,733.08 55 8.48%
4 Bank of America Merrill Lynch 21,395.48 63 7.65%
5 Deutsche Bank 19,993.80 31 7.15%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 31,770.50 80 8.38%
2 Barclays 27,937.95 51 7.37%
3 HSBC 26,536.90 91 7.00%
4 UniCredit 26,134.28 69 6.89%
5 BNP Paribas 24,736.61 55 6.52%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 67,204.78 382 7.08%
2 Citi 65,429.26 239 6.90%
3 HSBC 60,207.28 225 6.35%
4 Barclays 52,392.60 191 5.52%
5 Deutsche Bank 45,523.05 141 4.80%