Top Story
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France smashes long-end records
An SSA borrower smashed another set of records with a long dated bond on Tuesday. France’s hotly anticipated 30 year syndication did not disappoint, raising €7bn with its lowest yield ever for at the maturity.
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Cyprus limits size for 15 year
Cyprus printed a first 15 year benchmark on Tuesday, pushing out its curve and receiving orders of over €8bn. Despite the strong demand, the borrower elected to keep the size of the deal to €1bn, despite leads announcing on Tuesday morning that the size would be up to €1.5bn.
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KfW joins sovereigns in euros
KfW returned to the euro market with a one day tap, joining France and Cyprus in the market and extending the its stellar run of new issues in euros.
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BNG returns in resurgent dollar market
The dollar market for SSA borrowers has bounced back into life after the US holiday on Monday and Chinese New Year. Two borrowers hit screens, with more set to follow, according to bankers.
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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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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 | 11,313.87 | 13 | 14.29% |
| 2 | Citi | 7,613.24 | 10 | 9.61% |
| 3 | HSBC | 7,509.50 | 7 | 9.48% |
| 4 | BNP Paribas | 7,165.31 | 9 | 9.05% |
| 5 | Credit Agricole CIB | 6,754.94 | 7 | 8.53% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 27,176.30 | 77 | 9.12% |
| 2 | HSBC | 22,527.79 | 58 | 7.56% |
| 3 | Barclays | 21,992.91 | 51 | 7.38% |
| 4 | Citi | 19,596.92 | 44 | 6.58% |
| 5 | Credit Agricole CIB | 16,946.40 | 36 | 5.69% |
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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 | 11,313.87 | 13 | 14.29% |
| 2 | Citi | 7,613.24 | 10 | 9.61% |
| 3 | HSBC | 7,509.50 | 7 | 9.48% |
| 4 | BNP Paribas | 7,165.31 | 9 | 9.05% |
| 5 | Credit Agricole CIB | 6,754.94 | 7 | 8.53% |
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 | 17,561.05 | 26 | 11.38% |
| 2 | Credit Agricole CIB | 14,775.81 | 20 | 9.58% |
| 3 | HSBC | 13,041.21 | 24 | 8.45% |
| 4 | SG Corporate & Investment Banking | 10,788.22 | 13 | 6.99% |
| 5 | Barclays | 10,649.23 | 15 | 6.90% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 27,176.30 | 77 | 9.12% |
| 2 | HSBC | 22,527.79 | 58 | 7.56% |
| 3 | Barclays | 21,992.91 | 51 | 7.38% |
| 4 | Citi | 19,596.92 | 44 | 6.58% |
| 5 | Credit Agricole CIB | 16,946.40 | 36 | 5.69% |
