Top Story
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Where’s the bear? IG bond markets charge into 2019
High grade bond markets have made a flying start to the year, defying the expectations of a bear market in fixed income following the end of the European Central Bank’s asset purchase programme and tightening of monetary policy in the US. Instead of the expected cautious tone, investors have been fuelling record order books, big deals and strong performance in the secondary markets, write Burhan Khadbai and Nigel Owen.
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Gilt linkers cheapen after Lords committee takes aim at RPI
Index-linked Gilts took a hit on Thursday after a House of Lords committee concluded that the UK government should correct an “error” in the Retail Prices Index calculation — a tweak that would cause “material detriment” to bondholders.
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Dollars up to speed as SSAs break records
Dollar SSA issuance picked up in earnest this week after a slower than usual start to the year, with a rich variety of borrowers printing deals, some in record size or with record books. Conditions are such that SSA bankers are confident supply will keep coming and demand stay high for the next few weeks — cheering news for one sovereign issuer looking to make a comeback in the currency.
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Climate activists boo Larry Fink’s CEO letter
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Larry Fink, chief executive of BlackRock, became one of the most namechecked people in the responsible investing movement in 2018 when he affirmed that “Companies must benefit all of their stakeholders, including shareholders, employees, customers and the communities in which they operate.”
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Sterling SSAs brush off Brexit vote as more deals line up
A record start to the SSA sterling market came to a halt early this week, with borrowers avoiding prints as the UK Parliament delivered a historically large defeat to the government over its planned withdrawal agreement with the European Union. But once the big risk of the event was out the way, supply picked up — although with Brexit’s direction as uncertain as ever, further blocks to issuance are likely.
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Domestics dominate Swissies but Alberta breaks the ice
Given the uncertainty created by Tuesday’s Brexit vote, the issuance frontloaded into the Swiss franc market at the start of the week was dominated by domestic borrowers.
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AFD ups benchmark sizes, looks to MTNs
Agence Française de Développement (AFD) this week sold its largest ever benchmark as it tackled an increased funding programme that will grow further in the next few years. That means the issuer will look to bring big trades again — as well as potentially growing its presence in the privately placed MTN market.
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When a bad deal leads to no deal, no one wins
Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.
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EDC to go on road for euro debut amid scorching conditions
Export Development Canada will head out for a roadshow next month for its first benchmark in euros, taking advantage of the attractive market conditions for issuing in the currency for dollar funders. More deals could follow from debut and rare issuers in euros, with several borrowers looking “closely” at the cross-currency basis swap, according to bankers.
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SNCF Réseau plans €2.5bn of green bonds in 2019
SNCF Réseau will aim to boost its volume of green bonds this year in public and private markets, after cutting short its funding last year as a result of potential French railway reforms that became a reality at the end of 2018.
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Ivanka Trump and the World Bank — a blessing in disguise?
Ivanka Trump, a US businesswoman better known as the daughter of US president Donald Trump, is set to help out in the search for a new World Bank president. While she is probably the least qualified person ever to have assisted in the process of appointing such an important position, the tempering influence she may have on her father’s disdain for multilateralism could be a blessing — at least the best we can hope for in these politically insane times.
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Comment
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When a bad deal leads to no deal, no one wins
Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| State of Berlin (Land Berlin) | 17-Jan-19 | EUR | |
| European Investment Bank (EIB) | 17-Jan-19 | GBP | |
| Dexia Crédit Local | 17-Jan-19 | USD | |
| Canada | 17-Jan-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 | 4,065.52 | 3 | 14.97% |
| 2 | Citi | 3,902.17 | 4 | 14.37% |
| 3 | HSBC | 3,735.13 | 3 | 13.76% |
| 4 | BNP Paribas | 3,073.09 | 4 | 11.32% |
| 5 | Barclays | 2,241.64 | 2 | 8.26% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 14,694.12 | 32 | 11.13% |
| 2 | HSBC | 12,161.91 | 22 | 9.21% |
| 3 | Citi | 11,855.99 | 25 | 8.98% |
| 4 | Barclays | 11,221.92 | 21 | 8.50% |
| 5 | Bank of America Merrill Lynch | 8,683.75 | 19 | 6.58% |
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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 | 4,065.52 | 3 | 14.97% |
| 2 | Citi | 3,902.17 | 4 | 14.37% |
| 3 | HSBC | 3,735.13 | 3 | 13.76% |
| 4 | BNP Paribas | 3,073.09 | 4 | 11.32% |
| 5 | Barclays | 2,241.64 | 2 | 8.26% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 5,565.84 | 10 | 13.14% |
| 2 | JPMorgan | 5,515.04 | 10 | 13.02% |
| 3 | Barclays | 5,057.18 | 6 | 11.94% |
| 4 | HSBC | 4,927.86 | 6 | 11.63% |
| 5 | BNP Paribas | 3,164.15 | 4 | 7.47% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 8,508.82 | 10 | 12.64% |
| 2 | UniCredit | 7,740.97 | 11 | 11.50% |
| 3 | HSBC | 5,618.01 | 6 | 8.34% |
| 4 | BNP Paribas | 5,054.90 | 8 | 7.51% |
| 5 | Bank of America Merrill Lynch | 4,801.82 | 6 | 7.13% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 14,694.12 | 32 | 11.13% |
| 2 | HSBC | 12,161.91 | 22 | 9.21% |
| 3 | Citi | 11,855.99 | 25 | 8.98% |
| 4 | Barclays | 11,221.92 | 21 | 8.50% |
| 5 | Bank of America Merrill Lynch | 8,683.75 | 19 | 6.58% |
