Dollar market runs out of steam for SSAs

Three undersubscribed SSA dollar deals in a week drew many market participants to conclude that issuance in this sector could already be over for the year as a 10bp rally in yields and tightening swap spreads led investors to take a cautious approach towards the primary issues launched this week.

  • 20 Nov 2009

A $1bn two year global bond for the African Development Bank was the only successful transaction while deals for European Investment Bank, Cades and KfW all failed to gain full subscription, with bankers pointing to the EIB seven year trade as the worst.

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 14,544.75 18 10.40%
2 JPMorgan 13,122.11 20 9.38%
3 Citi 12,168.30 20 8.70%
4 HSBC 10,850.10 15 7.76%
5 NatWest Markets 9,080.61 8 6.49%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 34,721.32 92 12.32%
2 JPMorgan 25,730.35 63 9.13%
3 HSBC 24,143.03 57 8.57%
4 Bank of America Merrill Lynch 21,642.93 64 7.68%
5 Deutsche Bank 19,993.80 31 7.09%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 31,770.50 80 8.36%
2 Barclays 27,937.95 51 7.35%
3 HSBC 26,536.90 91 6.98%
4 UniCredit 26,134.28 69 6.87%
5 BNP Paribas 24,736.61 55 6.51%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 68,817.31 384 7.19%
2 Citi 65,940.01 242 6.89%
3 HSBC 60,682.21 228 6.34%
4 Barclays 53,941.18 193 5.63%
5 Deutsche Bank 45,779.29 142 4.78%