Top Story
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ECB tiering no panacea for ailing banks, say analysts
The European Central Bank has indicated that it is looking into how to mitigate the costs that years of negative interest rates have exacted on banks. That has led some in the market to bet that it will introduce tiered interest rates at some point. But analysts are not convinced that tiering deposit rates will help weak lenders — or make any difference at all. Mike Turner reports.
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Greek govvie rally spurs ‘ideal window’ for issue
Greek government bond yields rallied to near record levels this week after it emerged that a deal was imminent for Greece to repay a portion of its outstanding loans to the International Monetary Fund. Burhan Khadbai reports.
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Structured MTN issuance falls
Low market volatility, a fall in Formosa issuance and the introduction of alternative risk free rates have all led to a sharp decline in structured, callable and floating rate MTN issuance, said MTN bankers.
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New issue premiums return to SSA dollars
KfW and SFIL printed $4.25bn of debt on Tuesday, with both deals looking as if they paid a few basis points over fair value. That marks a return to new issue premiums in the dollar market for sovereigns, supranationals and agencies.
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Ontario sets spread early for three year
The Province of Ontario’s three year dollar benchmark this week sparked criticism from onlooking bankers after the spread was set a day before pricing. However, a head of SSA DCM at one of the leads replied that it was the “honourable” thing to do after the deal received more demand than expected.
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SFIL and Caffil plot debut green bonds
Société de Financement Local (SFIL) is preparing a green bond framework ahead of a debut trade for the development bank and its subsidiary, Caisse Française de Financement Local (Caffil).
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Malpass urged to distance himself from ‘anti-liberal’ Trump agenda
Former senior executives at the World Bank have warned incoming president David Malpass that he must use his first 100 days to make clear to staff he is prepared to distance himself from the agenda of Donald Trump.
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MUFG relocates all European DCM and sales to Paris
MUFG has relocated 21 staff to Paris, including all its European DCM origination bankers, all its sales people who cover European investors and an MTN banker.
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IsDB eyeing $1.5bn for five year sukuk
Islamic Development Bank is expected to raise $1.5bn with a five year sukuk on Wednesday.
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BBVA picks up Santander vet for liability management
BBVA has hired a former MTN banker at Santander as a director in its liability management team.
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Capital markets need an Extinction Rebellion
Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.
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S&P goes its own way on ESG ratings
Enel and NextEra Energy have, on a pilot basis, become the first companies to obtain one of S&P Global’s new ESG Evaluations. The product, launched last week, takes S&P into direct competition with providers of ESG ratings like MSCI and Sustainalytics — and with Moody’s, which a few days after S&P’s launch acquired Vigeo Eiris, the French-based ESG rating firm.
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Moody's buys Vigeo Eiris in drive for ‘global standard’ on ESG
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Moody’s has acquired a majority stake in Vigeo Eiris, the environmental, social and governance research and ratings provider, as the credit rating agencies move increasingly into the area of ESG investing. The announcement comes just days after S&P Global launched its new ESG Evaluation product.
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Comment
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Turkey should solve its problems without the IMF
The calls have started to emerge for Turkey to turn to the IMF. Turkish president Recep Tayyip Erdoğan has always been dead set against the idea — and perhaps that’s for the best.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| Province of Ontario | 17-Apr-19 | USD | |
| State of Hesse (Land Hessen) | 15-Apr-19 | EUR | |
| KfW | 16-Apr-19 | USD | |
| Société de Financement Local (SFIL) | 16-Apr-19 | USD |
Sovereigns
Supranationals and agencies
Sub-sovereigns
MTNs and CP
People and markets
Bond comments
European Sovereign Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 13,145.26 | 17 | 13.20% |
| 2 | Citi | 9,541.01 | 14 | 9.58% |
| 3 | HSBC | 8,956.42 | 10 | 8.99% |
| 4 | BNP Paribas | 7,456.75 | 9 | 7.49% |
| 5 | SG Corporate & Investment Banking | 7,166.56 | 9 | 7.19% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 41,493.22 | 161 | 8.13% |
| 2 | HSBC | 33,808.37 | 117 | 6.63% |
| 3 | Citi | 31,911.03 | 89 | 6.26% |
| 4 | Barclays | 30,500.85 | 91 | 5.98% |
| 5 | Deutsche Bank | 25,450.03 | 69 | 4.99% |
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Bank Profiles
Latest news by market and league table performance
European Sovereign Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 13,145.26 | 17 | 13.20% |
| 2 | Citi | 9,541.01 | 14 | 9.58% |
| 3 | HSBC | 8,956.42 | 10 | 8.99% |
| 4 | BNP Paribas | 7,456.75 | 9 | 7.49% |
| 5 | SG Corporate & Investment Banking | 7,166.56 | 9 | 7.19% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 16,139.62 | 36 | 11.33% |
| 2 | JPMorgan | 14,079.05 | 31 | 9.88% |
| 3 | Barclays | 10,277.94 | 21 | 7.21% |
| 4 | HSBC | 9,651.51 | 20 | 6.78% |
| 5 | Deutsche Bank | 9,608.67 | 21 | 6.75% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 24,013.12 | 43 | 10.22% |
| 2 | HSBC | 17,211.08 | 44 | 7.33% |
| 3 | BNP Paribas | 16,950.33 | 29 | 7.22% |
| 4 | Credit Agricole CIB | 16,768.27 | 33 | 7.14% |
| 5 | Barclays | 15,192.79 | 29 | 6.47% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 41,493.22 | 161 | 8.13% |
| 2 | HSBC | 33,808.37 | 117 | 6.63% |
| 3 | Citi | 31,911.03 | 89 | 6.26% |
| 4 | Barclays | 30,500.85 | 91 | 5.98% |
| 5 | Deutsche Bank | 25,450.03 | 69 | 4.99% |
