Top Story
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SSAs reap rewards from ‘treating sterling as core’
The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.
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Snow problem as SSAs break dollar records
One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.
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EFSF and AFD price in strong euro mart as pipeline builds
The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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IDA to add bills to funding mix, non-core currency benchmark or MTNs up next
The International Development Association is preparing a short-term borrowing programme that the issuer told GlobalCapital will be similar in form to the commercial paper offerings of its peers the European Investment Bank and KfW. A second benchmark — likely to be in sterling or a niche currency — or a debut private medium-term note could follow, the borrower added.
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FMO plans inaugural social and Sofr after green debut
The Netherlands Development Finance Company (FMO) is looking to sell its first social bond this year following its inaugural green trade this week. The agency is also keeping a close watch on the Sofr market.
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Fonplata chooses Swissies for its international debut
The international capital market welcomed a new supranational borrower on Monday when Bolivia-based Fonplata issued a debut Sfr150m five year bond via Credit Suisse and UBS.
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Balearic Islands sells largest ever bond in market comeback
Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite the threat of a snap general election in Spain — a prospect that looked increasingly likely as the week neared its end.
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KfW tightens price on Canadian dollar return
KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.
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Netherlands latches onto red hot sovereign demand
The Netherlands became the latest sovereign from the eurozone to receive a record order book in 2019, as it sold a new 10 year benchmark bond through auction on Tuesday.
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Comment
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Uzbekistan: a brief reminder of better times
In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| Province of Quebec | 14-Feb-19 | CAD | |
| KfW | 14-Feb-19 | CAD | |
| State of North Rhine-Westphalia (Land NRW) | 13-Feb-19 | GBP | |
| Export Development Canada (EDC) | 13-Feb-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 | 9,951.14 | 12 | 13.89% |
| 2 | Citi | 7,280.23 | 9 | 10.16% |
| 3 | HSBC | 5,813.76 | 5 | 8.12% |
| 4 | BNP Paribas | 5,802.58 | 8 | 8.10% |
| 5 | Barclays | 5,746.99 | 7 | 8.02% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 25,051.88 | 71 | 8.78% |
| 2 | Barclays | 21,533.79 | 49 | 7.55% |
| 3 | HSBC | 20,527.83 | 55 | 7.20% |
| 4 | Citi | 19,220.14 | 43 | 6.74% |
| 5 | Bank of America Merrill Lynch | 16,931.81 | 46 | 5.94% |
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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 | 9,951.14 | 12 | 13.89% |
| 2 | Citi | 7,280.23 | 9 | 10.16% |
| 3 | HSBC | 5,813.76 | 5 | 8.12% |
| 4 | BNP Paribas | 5,802.58 | 8 | 8.10% |
| 5 | Barclays | 5,746.99 | 7 | 8.02% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 9,140.46 | 20 | 12.14% |
| 2 | JPMorgan | 8,485.94 | 17 | 11.27% |
| 3 | Barclays | 7,215.80 | 13 | 9.59% |
| 4 | Bank of America Merrill Lynch | 5,863.94 | 19 | 7.79% |
| 5 | HSBC | 5,764.61 | 9 | 7.66% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 15,490.59 | 23 | 10.81% |
| 2 | Credit Agricole CIB | 13,234.00 | 19 | 9.24% |
| 3 | HSBC | 11,041.26 | 21 | 7.70% |
| 4 | Goldman Sachs | 10,202.29 | 12 | 7.12% |
| 5 | Barclays | 10,190.11 | 13 | 7.11% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 25,051.88 | 71 | 8.78% |
| 2 | Barclays | 21,533.79 | 49 | 7.55% |
| 3 | HSBC | 20,527.83 | 55 | 7.20% |
| 4 | Citi | 19,220.14 | 43 | 6.74% |
| 5 | Bank of America Merrill Lynch | 16,931.81 | 46 | 5.94% |
