Top Story
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Draghi sentences BTP market to capital punishment
The European Central Bank set the alarm bells ringing for a fresh bout of volatility in the Italian government bond market on Thursday as it outlined its strategy for the reinvestments of its maturing bonds under the Public Sector Purchase Programme (PSPP). Burhan Khadbai reports.
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France, Italy and the populist transmission mechanism
France looks set to be in breach of European Union budget rules after president Emmanuel Macron promised a set of concessionary measures in an effort to quell the violent protests of the last few weeks. While, by the absolute letter of the law, France’s breach will not be as bad as Italy’s, such a situation will hardly do much to stem the rise of populism or boost the credibility of the EU.
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ECB’s long-term PSPP reinvestments and low needs buoy SSAs
Lower funding needs and the European Central Bank’s confirmation that reinvestments under its Public Sector Purchase Programme will go on for some time should be supportive for the SSA market in 2019, said funding officials and analysts, even after net buying under PSPP stops at the end of this year.
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Gilts could lose haven status under ‘Corbyn premium’, say investors
UK government bonds have been playing their traditional role as a haven trade for sterling investors amid the Brexit turmoil of the last 2.5 years. But some investors warn that this could change if the Labour Party wins a general election, as a ‘Corbyn premium’ will push up Gilt yields.
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KfW to kick off funding ‘earlier than usual’ in 2019
KfW will look to begin its benchmark funding earlier than normal in the new year, amid expected volatile market conditions.
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Santander adds to MTN team
Santander has picked up an ex-Deutsche Bank private debt banker for its MTN syndicate desk.
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EIB lowers funding in 2019
The European Investment Bank will borrow €10bn less in 2019 compared to this year, despite an increase in bond redemptions next year, the supranational announced on Thursday.
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Belgium targets two OLO benchmarks in 2019
Belgium is planning to issue two new fixed rate OLO benchmarks next year — a 10 year and a long term bond with a minimum maturity of 15 years, the sovereign’s debt agency said on Wednesday.
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Cades eyes €4bn target for 2019 as OAT yields rise
Caisse d’Amortissement de la Dette Sociale will have a slightly higher funding programme in 2019 than 2018, the agency said this week, as French government borrowing costs rose.
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Brexit Armageddon grows more likely
Rising hopes that the UK can escape the nightmare of Brexit are misplaced. A second referendum would carry huge risks, and even if the outcome were Remain, it would leave an unstable Britain with a damaged relationship with the rest of the EU.
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NWB targets ‘at least 25%’ of 2019 funding in SRI
Nederlandse Waterschapsbank plans to issue at least a quarter of its total funding next year with socially responsible bonds, according to a treasury official at the Dutch agency.
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JP Morgan hires SSA trader from NatWest
JP Morgan has picked up a banker from NatWest Markets to trade sterling SSAs.
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Comment
-
France, Italy and the populist transmission mechanism
France looks set to be in breach of European Union budget rules after president Emmanuel Macron promised a set of concessionary measures in an effort to quell the violent protests of the last few weeks. While, by the absolute letter of the law, France’s breach will not be as bad as Italy’s, such a situation will hardly do much to stem the rise of populism or boost the credibility of the EU.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| Italy | 06-Dec-18 | Score now | EUR |
| European Union (EU) | 04-Dec-18 | EUR | |
| Eurofima | 03-Dec-18 | EUR | |
| European Investment Bank (EIB) | 28-Nov-18 | 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 | 16,575.88 | 26 | 9.55% |
| 2 | Barclays | 15,585.79 | 20 | 8.98% |
| 3 | Citi | 15,428.98 | 26 | 8.89% |
| 4 | HSBC | 12,009.31 | 18 | 6.92% |
| 5 | BNP Paribas | 11,235.58 | 17 | 6.48% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 81,624.46 | 292 | 6.76% |
| 2 | JPMorgan | 79,043.67 | 461 | 6.55% |
| 3 | HSBC | 75,662.85 | 309 | 6.27% |
| 4 | Barclays | 61,856.29 | 245 | 5.13% |
| 5 | Deutsche Bank | 54,387.29 | 174 | 4.51% |
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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 | 16,575.88 | 26 | 9.55% |
| 2 | Barclays | 15,585.79 | 20 | 8.98% |
| 3 | Citi | 15,428.98 | 26 | 8.89% |
| 4 | HSBC | 12,009.31 | 18 | 6.92% |
| 5 | BNP Paribas | 11,235.58 | 17 | 6.48% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 44,086.83 | 120 | 12.27% |
| 2 | HSBC | 30,286.67 | 79 | 8.43% |
| 3 | JPMorgan | 30,191.70 | 89 | 8.40% |
| 4 | Bank of America Merrill Lynch | 28,521.47 | 88 | 7.94% |
| 5 | Goldman Sachs | 26,512.56 | 61 | 7.38% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 35,517.09 | 98 | 7.61% |
| 2 | HSBC | 33,384.07 | 130 | 7.16% |
| 3 | UniCredit | 32,836.18 | 95 | 7.04% |
| 4 | Barclays | 32,583.41 | 65 | 6.99% |
| 5 | BNP Paribas | 28,107.64 | 70 | 6.03% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 81,624.46 | 292 | 6.76% |
| 2 | JPMorgan | 79,043.67 | 461 | 6.55% |
| 3 | HSBC | 75,662.85 | 309 | 6.27% |
| 4 | Barclays | 61,856.29 | 245 | 5.13% |
| 5 | Deutsche Bank | 54,387.29 | 174 | 4.51% |
