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. ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,577.78 16 10.48%
2 Citi 12,045.36 19 9.30%
3 JPMorgan 11,945.26 17 9.22%
4 HSBC 10,316.86 14 7.96%
5 NatWest Markets 8,487.83 7 6.55%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,408.33 81 12.21%
2 JPMorgan 23,640.34 56 9.19%
3 HSBC 23,014.61 52 8.95%
4 Bank of America Merrill Lynch 19,900.14 59 7.74%
5 Deutsche Bank 19,121.36 29 7.43%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,151.82 67 7.93%
2 Barclays 25,435.97 46 7.43%
3 UniCredit 25,297.29 63 7.39%
4 HSBC 23,482.89 81 6.86%
5 BNP Paribas 21,888.86 45 6.39%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 59,786.88 337 6.92%
2 Citi 59,428.77 219 6.87%
3 HSBC 56,064.57 206 6.49%
4 Barclays 48,150.27 177 5.57%
5 Deutsche Bank 43,643.71 131 5.05%