Dollar market wide open for SSA issuance

there were more than $10bn of orders for the four dollar denominated supranational, sovereign and agency issues on offer this week, as investors loaded up with SSA dollar assets, having decided that spreads will continue to tighten and rates continue to fall over the summer.

  • 23 Jul 2010

Federal Reserve chairman Ben Bernanke’s testimony on Wednesday that the economic outlook remained "unusually uncertain" confirmed the markets’ view that rates will remain low for a prolonged period and, with 10 year Treasuries yielding under 3%, investors were keen to take the new supply on board.

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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%