Ontario shows issuers at risk from footloose investors

The manner in which syndication is becoming an increasingly fraught method of raising money for SSA borrowers was highlighted this week by the bookbuilding process for a five year global bond from the Province of Ontario.

  • 16 Sep 2011
EuroWeek understands that one of the SSA market’s largest investors withdrew a substantial order minutes before the book closed, leaving the $2bn deal undersubscribed. Additional demand came in to take up the slack and the transaction was ultimately oversubscribed at $2.2bn but it made for a very nervous ...

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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 28,650.01 73 12.44%
2 HSBC 22,084.84 47 9.59%
3 JPMorgan 18,953.14 49 8.23%
4 Deutsche Bank 17,915.81 27 7.78%
5 Bank of America Merrill Lynch 16,436.98 51 7.14%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 23,958.28 49 8.62%
2 Barclays 21,482.86 36 7.73%
3 Credit Agricole CIB 18,862.23 49 6.79%
4 UniCredit 18,150.64 48 6.53%
5 HSBC 18,112.51 64 6.52%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 50,878.64 251 7.26%
2 Citi 50,509.60 178 7.21%
3 HSBC 46,065.52 168 6.57%
4 Barclays 40,928.81 133 5.84%
5 Deutsche Bank 37,881.53 100 5.40%