Top Stories
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Deutsche SSA head resigns to head for Oz
The head of SSA origination and structuring at Deutsche Bank has resigned from the bank’s London operation, GlobalCapital understands.
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EIB to lead the way into post-Libor world
The European Investment Bank has hit screens for the first sterling floating rate benchmark designed for a post-Libor world.
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Supras to step up local currency activity
Supranationals expect to increase the local currency portion of their funding activities over the next few years, thanks to tightening financial conditions in dollars.
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Finnvera to reopen dollar fives
Finnvera is set to bring a deal in what has become a rare tenor in dollars, after mandating banks on Tuesday for a five year Reg S/144A benchmark.
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On a Gilt trip — adaptable DMO stays close to its market
To help celebrate the 20th anniversary of the setting up of the UK Debt Management Office, GlobalCapital gathered together some of the UK Gilt market’s leading traders, investors and bankers, with its CEO Sir Robert Stheeman, to discuss the state of the bond markets, how they have changed since the DMO was established in April 1998 and how the government’s investor base and bond issuance are likely to evolve over the coming years.
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Central banks give SSA investors cause to push on price
The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.
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Comment
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The investor push-back begins
SSA borrowers have long been used to having it their way amid the exceptional monetary easing meted out by central banks since the global financial crisis. But this week could be the moment things started swinging back in favour of investors.
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 | Barclays | 12,417.34 | 15 | 11.10% |
| 2 | JPMorgan | 10,784.81 | 16 | 9.64% |
| 3 | Citi | 9,836.54 | 17 | 8.80% |
| 4 | NatWest Markets | 8,487.83 | 7 | 7.59% |
| 5 | HSBC | 7,788.95 | 12 | 6.97% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 51,471.63 | 276 | 7.31% |
| 2 | Citi | 50,509.60 | 178 | 7.18% |
| 3 | HSBC | 46,065.52 | 168 | 6.54% |
| 4 | Barclays | 40,928.81 | 133 | 5.81% |
| 5 | Deutsche Bank | 37,881.53 | 100 | 5.38% |
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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 | Barclays | 12,417.34 | 15 | 11.10% |
| 2 | JPMorgan | 10,784.81 | 16 | 9.64% |
| 3 | Citi | 9,836.54 | 17 | 8.80% |
| 4 | NatWest Markets | 8,487.83 | 7 | 7.59% |
| 5 | HSBC | 7,788.95 | 12 | 6.97% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 28,650.01 | 73 | 12.43% |
| 2 | HSBC | 22,084.84 | 47 | 9.58% |
| 3 | JPMorgan | 19,145.59 | 51 | 8.31% |
| 4 | Deutsche Bank | 17,915.81 | 27 | 7.77% |
| 5 | Bank of America Merrill Lynch | 16,436.98 | 51 | 7.13% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 24,099.09 | 51 | 8.61% |
| 2 | Barclays | 21,482.86 | 36 | 7.67% |
| 3 | UniCredit | 19,921.86 | 49 | 7.12% |
| 4 | Credit Agricole CIB | 18,862.23 | 49 | 6.74% |
| 5 | HSBC | 18,112.51 | 64 | 6.47% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 51,471.63 | 276 | 7.31% |
| 2 | Citi | 50,509.60 | 178 | 7.18% |
| 3 | HSBC | 46,065.52 | 168 | 6.54% |
| 4 | Barclays | 40,928.81 | 133 | 5.81% |
| 5 | Deutsche Bank | 37,881.53 | 100 | 5.38% |
