Spain back in favour in peripheral about-turn

The growing change in the perception of Spain, its agencies and even its regions was reflected in this week’s issuance, with deals from ICO, Madrid and the sovereign itself all successfully sold despite concerns about the government’s inability to hit its deficit target and the general malaise surrounding the country’s economy.

  • 16 Mar 2012
Instituto de Crédito Oficial (ICO), guaranteed by the kingdom, was first to test the market on Tuesday with a four year transaction. It passed with flying colours, issuing €1.5bn at 55bp over Bonos, €500m more than anticipated, at a spread level it has not achieved since January last ...

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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%