Stress tests no stress for sovereigns and agencies

One sector that is not worrying about the stress tests is the SSA market. Even if the tests throw up some nasty surprises and a larger than expected number of banks require capital injections, sovereigns or government agencies are unlikely to see their borrowing requirements increase as a result.

  • 23 Jul 2010

It is also unlikely that confidence in individual SSA names will be affected, even if a particular jurisdiction is hit harder than others by a large number of its banks deemed to have failed the test.

Indeed, there are plenty of reports of cynicism surrounding the CEBS bank stress ...

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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 12.25%
2 JPMorgan 23,640.34 56 9.22%
3 HSBC 23,014.61 52 8.98%
4 Bank of America Merrill Lynch 19,900.14 59 7.76%
5 Deutsche Bank 19,121.36 29 7.46%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,037.51 66 7.94%
2 Barclays 25,435.97 46 7.47%
3 UniCredit 25,297.29 63 7.43%
4 HSBC 23,482.89 81 6.89%
5 BNP Paribas 21,831.53 43 6.41%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 59,631.02 334 6.98%
2 Citi 59,108.26 216 6.91%
3 HSBC 56,064.57 206 6.56%
4 Barclays 47,783.66 175 5.59%
5 Deutsche Bank 43,453.85 129 5.08%