Top Story
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AFD cuts lone figure as SSAs adjust to negative yield environment
Agence Francaise de Developpement (AFD) was the only public sector borrower to mandate banks for a new benchmark bond on Monday, as squeezed yields cause issuers to hold off from the primary market.
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Dollar SSA primary shuts down on secondary swing
Syndicate bankers on London’s sovereign, supranational and agency desks are looking at an empty dollar pipeline for the week, as issuers are happy to bide their time amid spreads jumping wider.
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Rabo SSA banker rejoins UBS
A syndicate banker at Rabobank focusing on sovereigns, supranational and agencies (SSAs) has left after just six months to return to UBS, where he worked between 2015 and 2017.
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Wagner leaves Barclays
Rainer Wagner is leaving Barclays, six months after it was announced he would be taking on an more responsibilities at the bank.
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Peru set to receive $60m cat bond payout
The calculation agent for a catastrophe bond issued by Peru and the World Bank has determined that the South American country will receive $60m from the notes after an earthquake struck last month, according to a source close to the deal.
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Funding scorecard: European sovereigns
This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes so far this year.
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Europe preps for negative yield creep after fresh QE hints
Bond yields were in free-fall this week after the world’s two major central banks suggested they might ease their monetary policies further to prevent an economic downturn. With masses of global debt now yielding below 0%, some corporate and financial borrowers are standing on the brink of having to issue shorter term paper at negative rates.
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ECB: EDDI will be a ‘game changer’ for euro bond market
European Central Bank president Mario Draghi on Tuesday may have set the course for primary bond markets in the near term but his organisation is at the heart of a project that could reshape them forever. The ECB spoke exclusively this week to Burhan Khadbai about the European Distribution of Debt Instruments (EDDI) project and what it means for the future of capital markets.
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Central bank hands hover over easing switch
A big week of central bank signalling has left analysts scrabbling to work out when and by how much the US Federal Reserve will cut rates this year, after Wednesday’s Federal Open Market Committee meeting opened the door for as much as a 50bp cut in July.
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Comment
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Bragging rights available: first ESG-linked bond
Bond-market alpha types may find it galling when the fusty old loan market can teach them an innovative new structure. And yet, that may be about to happen.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| Kommunalbanken (KBN) | 12-Jun-19 | USD | |
| World Bank (IBRD) | 14-Jun-19 | EUR | |
| European Investment Bank (EIB) | 13-Jun-19 | EUR | |
| Iceland | 13-Jun-19 | EUR |
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 | 15,102.75 | 23 | 11.63% |
| 2 | Citi | 11,763.38 | 18 | 9.06% |
| 3 | HSBC | 11,564.92 | 14 | 8.91% |
| 4 | BNP Paribas | 9,906.17 | 16 | 7.63% |
| 5 | SG Corporate & Investment Banking | 9,565.12 | 12 | 7.37% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 57,633.58 | 256 | 8.22% |
| 2 | HSBC | 45,596.34 | 163 | 6.50% |
| 3 | Citi | 44,545.75 | 126 | 6.35% |
| 4 | Barclays | 36,783.87 | 127 | 5.24% |
| 5 | BNP Paribas | 31,141.90 | 110 | 4.44% |
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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 | 15,102.75 | 23 | 11.63% |
| 2 | Citi | 11,763.38 | 18 | 9.06% |
| 3 | HSBC | 11,564.92 | 14 | 8.91% |
| 4 | BNP Paribas | 9,906.17 | 16 | 7.63% |
| 5 | SG Corporate & Investment Banking | 9,565.12 | 12 | 7.37% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 23,461.64 | 54 | 12.64% |
| 2 | JPMorgan | 20,571.04 | 52 | 11.08% |
| 3 | HSBC | 12,824.99 | 32 | 6.91% |
| 4 | Barclays | 12,625.49 | 27 | 6.80% |
| 5 | Bank of America Merrill Lynch | 11,089.04 | 44 | 5.97% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 31,436.76 | 66 | 10.17% |
| 2 | BNP Paribas | 22,100.37 | 48 | 7.15% |
| 3 | HSBC | 21,914.95 | 64 | 7.09% |
| 4 | Credit Agricole CIB | 21,079.26 | 45 | 6.82% |
| 5 | Goldman Sachs | 18,835.39 | 35 | 6.10% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 57,633.58 | 256 | 8.22% |
| 2 | HSBC | 45,596.34 | 163 | 6.50% |
| 3 | Citi | 44,545.75 | 126 | 6.35% |
| 4 | Barclays | 36,783.87 | 127 | 5.24% |
| 5 | BNP Paribas | 31,141.90 | 110 | 4.44% |
