KfW dips through swaps as SSA dollar pipeline empties

Only one supranational or agency borrower issued a new dollar benchmark this week and traders do not expect the pace to pick up anytime soon. KfW printed its first sub-Libor benchmark of the year on Tuesday via Credit Suisse, Goldman Sachs and JP Morgan.

  • 01 Apr 2011

Opinions differ as to what is behind the lack of issuance but a number of holidays will make April a slender month for SSA issuance, said traders.

"There’s always something to do," said one head of dollar SSA syndicate. "But it will be difficult for the bigger issuers. ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,951.14 12 13.89%
2 Citi 7,280.23 9 10.16%
3 HSBC 5,813.76 5 8.12%
4 BNP Paribas 5,802.58 8 8.10%
5 Barclays 5,746.99 7 8.02%

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 15,490.59 23 10.81%
2 Credit Agricole CIB 13,234.00 19 9.24%
3 HSBC 11,041.26 21 7.70%
4 Goldman Sachs 10,202.29 12 7.12%
5 Barclays 10,190.11 13 7.11%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 25,051.88 71 8.78%
2 Barclays 21,533.79 49 7.54%
3 HSBC 20,527.83 55 7.19%
4 Citi 19,220.14 43 6.73%
5 Bank of America Merrill Lynch 16,931.81 46 5.93%