Top Stories
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World Bank readies test of investor resistance in dollar market
Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.
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Land NRW shows ultra-long demand with ‘crucial 2% yield’
The State of North Rhine-Westphalia won strong demand on Wednesday for its longest ever trade, allowing it to print a size almost double its target.
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Investors soak up ‘recent surge’ in SSA SRI supply
Public sector borrowers were able to tighten pricing and achieve well oversubscribed books for socially responsible investment bonds on Tuesday, as investors took advantage of the flood of issuance in the sector. The momentum is likely to continue with more deals expected over the coming weeks, according to SSA bankers.
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Cyprus offers ‘fair price’ and wins bumper demand
Cyprus won huge demand for its return to the 10 year part of euro curve on Tuesday, with the final book almost four times covered. The deal should set a good backdrop for Greece to come to the market in the same maturity — as long as it pays up a sizeable concession, according to SSA bankers.
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CDP brings back Italian supply amid SRI burst
Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.
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CPPIB and Dexia enjoy luxurious dollar market
The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
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IFC appoints deputy treasurer
The International Finance Corp has promoted internally to appoint a deputy treasurer based in London.
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HSBC picks DCM stalwart to co-head securities services
HSBC Securities Services has appointed two global co-heads — one of them a well-known figure in the debt capital markets.
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Breakthrough for supra ABS as AfDB debuts
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The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.
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Comment
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UBS and World Bank team up for green-washed equity linker
World Bank has sold a new equity-linked bond. The twist is that the return is correlated to the performance of a sustainability index — but that doesn’t make it any greener.
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 | 14,544.75 | 18 | 10.40% |
| 2 | JPMorgan | 13,122.11 | 20 | 9.38% |
| 3 | Citi | 12,168.30 | 20 | 8.70% |
| 4 | HSBC | 10,850.10 | 15 | 7.76% |
| 5 | NatWest Markets | 9,080.61 | 8 | 6.49% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 67,204.78 | 382 | 7.05% |
| 2 | Citi | 65,839.22 | 241 | 6.91% |
| 3 | HSBC | 60,617.24 | 227 | 6.36% |
| 4 | Barclays | 52,392.60 | 191 | 5.50% |
| 5 | Deutsche Bank | 45,779.29 | 142 | 4.80% |
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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 | 14,544.75 | 18 | 10.40% |
| 2 | JPMorgan | 13,122.11 | 20 | 9.38% |
| 3 | Citi | 12,168.30 | 20 | 8.70% |
| 4 | HSBC | 10,850.10 | 15 | 7.76% |
| 5 | NatWest Markets | 9,080.61 | 8 | 6.49% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 34,721.32 | 92 | 12.32% |
| 2 | JPMorgan | 25,730.35 | 63 | 9.13% |
| 3 | HSBC | 24,143.03 | 57 | 8.57% |
| 4 | Bank of America Merrill Lynch | 21,642.93 | 64 | 7.68% |
| 5 | Deutsche Bank | 19,993.80 | 31 | 7.09% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 31,770.50 | 80 | 8.36% |
| 2 | Barclays | 27,937.95 | 51 | 7.35% |
| 3 | HSBC | 26,536.90 | 91 | 6.98% |
| 4 | UniCredit | 26,134.28 | 69 | 6.87% |
| 5 | BNP Paribas | 24,736.61 | 55 | 6.51% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 67,204.78 | 382 | 7.05% |
| 2 | Citi | 65,839.22 | 241 | 6.91% |
| 3 | HSBC | 60,617.24 | 227 | 6.36% |
| 4 | Barclays | 52,392.60 | 191 | 5.50% |
| 5 | Deutsche Bank | 45,779.29 | 142 | 4.80% |
