Top Stories
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World Bank’s first SOFR sparks price discussion
The World Bank priced a landmark deal this week as financial markets ween themselves off Libor. But the execution of the $1bn August 2020 bond, the supranational's first with a coupon linked to the Secured Overnight Financing Rate, sparked a debate about the premium the borrower paid. Burhan Khadbai reports.
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Haven assets benefit as Italy and Turkey spark safety rush
Concerns over the upcoming budget from Italy’s populist government — as well as the months’ long economic crisis in Turkey — took its toll on government bond yields in the eurozone periphery this week. But a hunt for safe assets among investors did play into the hands of top tier credits.
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SSA banker leaves Morgan Stanley
A London-based SSA syndicate banker at Morgan Stanley has left the bank a year after joining, GlobalCapital understands.
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World Bank looking ‘closely’ at euros
World Bank is looking to issue more deals in euros in its fiscal year, ahead of large redemptions in the currency.
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BAML SSA banker moves to New York
A London-based SSA syndicate banker at Bank of America Merrill Lynch has moved to New York as part of an internal exchange programme.
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World Bank readies its first blockchain bond
World Bank is preparing to launch a bond on the blockchain — the first ever publicly issued deal to be created, allocated and settled entirely using blockchain technology.
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BNG increases funding target
Bank Nederlandse Gemeenten has increased its total funding requirement for the year as it prepares for the second half of 2018.
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Comment
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Ain’t nothing but a number
Yields on Turkey’s sovereign debt hit 20% this week, stoking fears of a debt crisis. But breaking the purported psychological importance of the 20% ceiling does not add much to the well-established litany of issues facing the country’s economy.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| World Bank (IBRD) | 14-Aug-18 | USD | |
| KfW | 14-Aug-18 | EUR | |
| L-Bank | 08-Feb-18 | GBP | |
| World Bank (IBRD) | 01-Aug-18 | 7.27 | 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 | Barclays | 13,577.78 | 16 | 10.48% |
| 2 | Citi | 12,045.36 | 19 | 9.30% |
| 3 | JPMorgan | 11,945.26 | 17 | 9.22% |
| 4 | HSBC | 10,316.86 | 14 | 7.96% |
| 5 | NatWest Markets | 8,487.83 | 7 | 6.55% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 59,631.02 | 334 | 6.92% |
| 2 | Citi | 59,284.35 | 218 | 6.88% |
| 3 | HSBC | 56,064.57 | 206 | 6.50% |
| 4 | Barclays | 47,788.04 | 175 | 5.54% |
| 5 | Deutsche Bank | 43,643.71 | 131 | 5.06% |
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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 | 13,577.78 | 16 | 10.48% |
| 2 | Citi | 12,045.36 | 19 | 9.30% |
| 3 | JPMorgan | 11,945.26 | 17 | 9.22% |
| 4 | HSBC | 10,316.86 | 14 | 7.96% |
| 5 | NatWest Markets | 8,487.83 | 7 | 6.55% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 31,408.33 | 81 | 12.25% |
| 2 | JPMorgan | 23,640.34 | 56 | 9.22% |
| 3 | HSBC | 23,014.61 | 52 | 8.98% |
| 4 | Bank of America Merrill Lynch | 19,900.14 | 59 | 7.76% |
| 5 | Deutsche Bank | 19,121.36 | 29 | 7.46% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 27,037.51 | 66 | 7.92% |
| 2 | Barclays | 25,435.97 | 46 | 7.45% |
| 3 | UniCredit | 25,297.29 | 63 | 7.41% |
| 4 | HSBC | 23,482.89 | 81 | 6.88% |
| 5 | BNP Paribas | 21,888.86 | 45 | 6.41% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 59,631.02 | 334 | 6.92% |
| 2 | Citi | 59,284.35 | 218 | 6.88% |
| 3 | HSBC | 56,064.57 | 206 | 6.50% |
| 4 | Barclays | 47,788.04 | 175 | 5.54% |
| 5 | Deutsche Bank | 43,643.71 | 131 | 5.06% |
