• SSAs tipped to focus on dollar threes after ‘much needed’ Chinese holiday

    Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers.

    • 31 Jan 2019
  • KBN USD1.25bn 2.75% Feb 24

    • 31 Jan 2019
  • CPPIB Capital EUR1bn 0.875% Feb 29 green bond

    • 31 Jan 2019
  • Austria EUR5bn 0.5% Feb 29

    • 31 Jan 2019
  • Greece EUR2.5bn 3.45% Apr 24

    • 31 Jan 2019
  • NRW.Bank USD1bn FRN Feb 21

    • 31 Jan 2019
  • Big fat Greek bond to spur periphery spree

    Greece’s impressive return to the public bond markets this week has set the perfect backdrop for further syndication in 2019, which bankers say could be a 10 year, a maturity it has not tested since its 2014 post-bailout comeback. The big bid for eurozone periphery debt could also see Greek and Italian banks sell covered bonds in the near future, according to market participants. Burhan Khadbai and Bill Thornhill report.

    • 31 Jan 2019
  • Belgium’s long play, Austria’s tight effort scale new sov heights

    There was another scorching start to the year for eurozone sovereigns this week with yet more records dropping as Belgium took its largest ever number of orders and Austria sold its biggest ever deal from its largest ever book. But it was the nature of the successes — Belgium with a long dated trade and Austria the most expensive 10 year of the year so far — that really caught the eye.

    • 31 Jan 2019
  • SSA SRI gathers steam in advance of record 2019

    Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.

    • 31 Jan 2019
  • Some SSAs ‘avoid dollar vol’, but KBN breezes through and others follow

    Kommunalbanken took advantage of being the sole SSA issuer in dollars on Tuesday as it was more than twice subscribed and tightened pricing on its first dollar benchmark of the year. Concerns over volatility from this week’s US Federal Open Market Committee meeting and non-farm payrolls kept some other issuers on the sidelines, said SSA bankers — although two are braving Wednesday’s market.

    • 29 Jan 2019
  • Greece restarts curve rebuild with ‘well timed’ five year, Cyprus to follow

    Greece’s highly anticipated return to the public bond markets on Tuesday met with a strong reception from investors. With up to €4.5bn more of benchmark bonds to issue in 2019, Greece is expected to return to the markets for a second syndication this year, which bankers say could be in the 10 year part of the curve. Cyprus will look to follow up on Greece’s success after setting out plans to roadshow a euro transaction in February.

    • 29 Jan 2019
  • Austria smashes order record, Belgium grabs €5bn in 30s

    Austria's 10 year syndication on Tuesday received a final order book that was almost twice the size of its previous record volume. Belgium was also in the market with its second OLO of the year, opting this time for a much longer maturity. Both deals were in keeping with eurozone sovereign supply this year, comfortably printing a combined €10bn from over €55bn of orders.

    • 29 Jan 2019
  • No Brexit worries as three eurozone sovereigns hit screens

    Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.

    • 28 Jan 2019
  • UK DMO picks banks for 2041 linker

    The UK Debt Management Office has appointed a four bank syndicate to run the final syndication of its 2018/19 financial year.

    • 25 Jan 2019
  • CEB EUR1bn 0.625% Jan 29

    • 24 Jan 2019
  • FMS-W USD2bn 2.75% Jan 24

    • 24 Jan 2019
  • Land NRW USD1.5bn FRN Jan 21

    • 24 Jan 2019
  • Dollar demand overwhelms as deals tighten but ‘breather’ needed

    It was another sparkling week in dollars for public sector borrowers, with Asian Development Bank the pick of the bunch as it brought the tightest deal of the year so far versus Libor and US Treasuries. More supply is expected for next week, although some SSA bankers feel the market could do with a “breather”.

    • 24 Jan 2019
  • SSA SRI pipe builds after NIB’s new blue bond

    The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.

    • 24 Jan 2019
  • Spain breaks euro book record as SSAs bask in red hot mart

    Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate.

    • 24 Jan 2019
  • Agency steps up after five year dollar clash ends well

    The public sector dollar market on Wednesday showed that it had more than enough depth to cope with a pair of issuers bringing deals in the same maturity with just a basis point of difference in initial price thoughts, as both trades came in size and at tightened pricing. Another agency is set to dip into the demand on Thursday.

    • 23 Jan 2019
  • ADB and FMS-W to clash in five years

    Two SSA borrowers will go head to head in the dollar market on Wednesday, bringing five year benchmarks with only 1bp difference in initial price thoughts.

    • 22 Jan 2019
  • EIB EUR5bn 0.625% Jan 29

    • 17 Jan 2019
  • CPPIB Capital USD2bn 2.75% Jul 21

    • 17 Jan 2019
  • Ontario to make it a Canada quartet in dollars after sovereign prints

    The Province of Ontario will this Friday be the fourth SSA from Canada to visit a very strong dollar market this week, after CPPIB Capital printed on Monday, Alberta on Tuesday and the sovereign made a rare visit on Thursday. Dexia Crédit Local also printed in the currency on Thursday and SSA bankers are confident of more supply next week.

    • 17 Jan 2019
  • Super-rare name comes to red hot dollar market

    The super-hot dollar bond market is set to welcome a pair of SSAs on Thursday — including a rare name in the currency — after a mid-week lull in issuance.

    • 16 Jan 2019
  • Italy and EIB soak up huge euro demand ahead of Brexit vote

    Italy and the European Investment received combined orders of over €50bn in the euro public sector market on Tuesday before what could be an even more uncertain period in Europe, with the UK parliament set to vote on prime minister Theresa May’s Brexit withdrawal agreement later in the evening.

    • 15 Jan 2019
  • CPPIB finds good demand as three more SSAs hit screens for dollars

    CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday.

    • 14 Jan 2019
  • CEB GBP600m 1.125% Mar 22

    • 10 Jan 2019
  • Alberta EUR1.25bn 0.625% Jan 26

    • 10 Jan 2019
  • Ireland EUR4bn 1.1% May 29

    • 10 Jan 2019
  • KfW EUR5bn 0.75% Jan 29

    • 10 Jan 2019
  • IFC GBP500m FRN Jan 22

    • 10 Jan 2019
  • Ireland eyes debut benchmark linker, Portugal set for Panda launch

    Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme.

    • 10 Jan 2019
  • IADB to add to record sterling start after CEB hits new high, FMS-W prints second

    Sterling issuance from non-UK public sector borrowers has made by far its strongest ever start to a calendar year, with borrowers and bankers citing liquidity-laden investors and a crucial parliamentary vote on Brexit next week as factors behind the rush. Council of Europe Development Bank (CEB) and FMS Wertmanagement added to the feast on Thursday, while Inter-American Development Bank will bring yet another trade this Friday.

    • 10 Jan 2019
  • Ireland, Portugal smash order records as SSAs get in before Brexit vote

    Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.

    • 09 Jan 2019
  • Belgium, KfW find strong demand in 10s as euro pipeline fills

    Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.

    • 08 Jan 2019
  • IFC matches own sterling record with Sonia debut

    The International Finance Corp sold its joint biggest sterling bond by volume with its debut Sonia-linked bond on Tuesday, adding to the flurry of trades in the format since the start of the year. But the Sonia rush is “not over yet”, according to a banker at one of the leads, with a few more on the horizon before the UK parliament votes on Theresa May's Brexit deal next week.

    • 08 Jan 2019
  • FMS wraps up debut Sonia before midday, IFC to follow

    FMS Wertmanagement was quick to execute its inaugural Sonia-linked bond on Monday amid strong sterling floater demand. That hunger is showing no signs of abating, with International Finance Corporation looking to follow with its own debut Sonia bond on Tuesday.

    • 07 Jan 2019
  • EFSF restarts euro SSA market, Belgium and KfW set for 10s

    The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve.

    • 07 Jan 2019
  • KfW GBP1.25bn 1.125% Dec 21

    • 03 Jan 2019
  • EBRD ups size in euros after coming ahead of pack

    The European Bank for Reconstruction and Development on Thursday nipped in front of an expected glut of euro supply next week and was rewarded as it increased a green bond from its original size target and tightened pricing.

    • 03 Jan 2019
  • EIB and KfW get sterling start to 2019, ADB, BNG and SEK on screens

    The European Investment Bank and KfW comfortably raised a combined £2.25bn on Thursday after receiving whopping investor demand for benchmark trades. This Friday is set to add to the sterling glut, with deals from the Asian Development Bank, Bank Nederlandse Gemeenten and Swedish Export Credit Corporation.

    • 03 Jan 2019
  • EBRD EUR600m 0% Jan 24 green bond

    • 03 Jan 2019
  • KfW and EIB to kick off sterling SSA in 2019

    KfW and the European Investment Bank mandated banks on Wednesday for the first sterling SSA deals of the year. Public sector borrowers are looking to pile into the sterling market before the crunch vote by the UK Parliament on Theresa May’s Brexit deal in mid-January, with deals expected in both Sonia-linked and fixed rate formats.

    • 02 Jan 2019

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 531.50 2061 9.13%
2 Citi 448.37 1700 7.70%
3 BofA Securities 442.73 1722 7.60%
4 Barclays 317.40 1298 5.45%
5 Goldman Sachs 310.57 1118 5.33%

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 JPMorgan 15.76 106 9.17%
2 Morgan Stanley 15.71 67 9.14%
3 Goldman Sachs 14.87 82 8.65%
4 Citi 12.56 72 7.30%
5 BofA Securities 11.86 62 6.90%