Market commentary

  • 01 May 2003
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Compiled by Holger Kron

Deutsche Bank

Tel: +49 69 9103 4468

The risk is growing that the entire curve starts pricing in a turnaround. As a consequence Czech government bonds should underperform versus Bunds, possibly closing the current negative yield gap eventually.

The GDP growth forecast was officially reduced this week to 2.3% from 3.3%. And on Wednesday the quarterly inflation report of CPI was cut to 0.7% (1.6%) for 2003 and to 2.9% in 2004.

The picture of lower inflation and lower growth, with a substantially higher fiscal deficit alongside (raised also to 6.2% of GDP from 5.9%) was unable to stimulate the market.

The overall focus is now on the release tomorrow (Friday) of the state budget and a special parliamentary session on fiscal reform plans on Saturday. Here might be one key for the direction in the next trading week.

  • 01 May 2003

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%