NZ swap spreads revert, drive SSA issuance

Improving budgetary conditions in New Zealand and Sweden have spurred wider swap spreads that have been pounced on by sovereign, supranational and agency borrowers taking advantage of new issuance opportunities this week. Meanwhile, Norway’s under-supplied government bond market continued to keep the sector busy.

  • 03 Jun 2011
The New Zealand debt management office said last week that gross bond issuance in the 2011/12 fiscal year would decline by one third to NZ$13.5bn ($11bn). "Bond issuance has peaked with this fiscal year’s NZ$20bn bond programme," said Philip Combes, NZDMO treasurer. "Pre-funding and budget 2011 initiatives have ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,313.87 13 14.29%
2 Citi 7,613.24 10 9.61%
3 HSBC 7,509.50 7 9.48%
4 BNP Paribas 7,165.31 9 9.05%
5 Credit Agricole CIB 6,754.94 7 8.53%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,140.46 20 12.14%
2 JPMorgan 8,485.94 17 11.27%
3 Barclays 7,215.80 13 9.59%
4 Bank of America Merrill Lynch 5,863.94 19 7.79%
5 HSBC 5,764.61 9 7.66%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,561.05 26 11.38%
2 Credit Agricole CIB 14,775.81 20 9.58%
3 HSBC 13,041.21 24 8.45%
4 SG Corporate & Investment Banking 10,788.22 13 6.99%
5 Barclays 10,649.23 15 6.90%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,176.30 77 9.12%
2 HSBC 22,527.79 58 7.56%
3 Barclays 21,992.91 51 7.38%
4 Citi 19,596.92 44 6.58%
5 Credit Agricole CIB 16,946.40 36 5.69%