BNG builds 2020 Sfr line but bankers left a little confused

Despite a recent rise in rates that has improved the outlook for SSA new issues, Bank Nederlandse Gemeenten’s Sfr100m tap of its 2.25% 2020 line on Wednesday puzzled bankers. Royal Bank of Scotland and Raiffeisen Bank closed the deal at mid-swaps flat, taking a line originally issued in 2005 to Sfr1.125bn.

  • 08 Apr 2011

"We scratched our heads when we looked at this trade," said a banker away from the deal. "Despite increasing rates, we are still seeing little demand for SSA paper at the long end of the curve and there is little SSA activity in the secondary market."

But a lead ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,032.07 25 9.75%
2 Barclays 15,041.98 19 9.15%
3 Citi 13,795.56 24 8.39%
4 HSBC 12,009.31 18 7.30%
5 BNP Paribas 10,802.75 16 6.57%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 41,726.66 111 12.18%
2 JPMorgan 29,288.84 79 8.55%
3 HSBC 29,166.22 75 8.51%
4 Bank of America Merrill Lynch 27,616.53 81 8.06%
5 Goldman Sachs 24,685.10 55 7.21%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 35,689.78 97 8.01%
2 HSBC 32,612.27 119 7.32%
3 Barclays 31,737.51 60 7.12%
4 UniCredit 30,989.16 83 6.95%
5 BNP Paribas 27,189.65 67 6.10%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 77,915.32 278 6.81%
2 JPMorgan 77,463.24 444 6.77%
3 HSBC 73,307.96 290 6.41%
4 Barclays 59,783.69 230 5.23%
5 Deutsche Bank 52,736.88 166 4.61%