Top Stories
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Italy drives rates rollercoaster as SSA knuckles whiten
The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.
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Dollars ‘to make comeback’ but geopolitics still a worry
SSA bankers expect the dollar market to be back in action next week after a fairly subdued few days, with widening swap spreads and tricky conditions in euros likely to buoy issuance. But they did warn that geopolitical ructions are still causing surprises and messing up plans — with the latest example coming on Thursday afternoon.
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FMO and World Bank in local currency debuts
The Netherlands Development Finance Company (FMO) has added another product to its local currency offering after selling its first ever note linked to the Tanzanian shilling. The deal came in the same week that World Bank debuted in Peruvian soles.
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World Bank pandemic bond in focus after disease outbreaks
The World Bank’s pandemic bond, launched last June, was innovative in its coverage and objectives. Therefore the recent potential trigger events after outbreaks of Lassa Fever in Nigeria and of Ebola in the Democratic Republic of Congo offer valuable new insight into how the product functions.
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EU told to go slow on tricky green finance Taxonomy
The European Commission adopted its first Sustainable Finance package on Thursday — draft laws that will begin to implement its strategy. The proposals have been changed at the request of an internal EC committee, to make them more workable, especially when it comes to the planned Taxonomy of green and sustainable activities.
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SBBS rule change proposed, market shrugs
The European Commission has formally proposed a change in rules to allow sovereign bond-backed securities (SBBS) the same regulatory treatment as eurozone sovereign bonds. But the plan to introduce SBBS is still receiving an, at best, lukewarm reception from market participants.
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Comment
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Don't feign surprise when you miss the obvious
Sometimes, investors get hit by political events that come out of nowhere. Other times, they walk straight into an oncoming freight train, even though it's blowing its horn at top volume.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| Tokyo Metropolitan Government | 24-May-18 | USD | |
| KfW | 24-May-18 | EUR | |
| Dexia Crédit Local | 24-May-18 | EUR | |
| Unédic | 23-May-18 | 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 | 12,042.98 | 14 | 11.09% |
| 2 | JPMorgan | 10,337.24 | 14 | 9.52% |
| 3 | Citi | 9,260.37 | 15 | 8.53% |
| 4 | NatWest Markets | 8,487.83 | 7 | 7.82% |
| 5 | HSBC | 7,587.14 | 11 | 6.99% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 48,779.09 | 221 | 7.54% |
| 2 | Citi | 48,311.77 | 163 | 7.47% |
| 3 | HSBC | 42,458.91 | 147 | 6.57% |
| 4 | Barclays | 38,146.39 | 117 | 5.90% |
| 5 | Deutsche Bank | 34,770.24 | 92 | 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 | 12,042.98 | 14 | 11.09% |
| 2 | JPMorgan | 10,337.24 | 14 | 9.52% |
| 3 | Citi | 9,260.37 | 15 | 8.53% |
| 4 | NatWest Markets | 8,487.83 | 7 | 7.82% |
| 5 | HSBC | 7,587.14 | 11 | 6.99% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 27,251.43 | 66 | 12.49% |
| 2 | HSBC | 20,140.01 | 43 | 9.23% |
| 3 | JPMorgan | 18,703.30 | 46 | 8.57% |
| 4 | Deutsche Bank | 17,160.97 | 23 | 7.87% |
| 5 | Bank of America Merrill Lynch | 15,557.62 | 48 | 7.13% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 22,577.73 | 42 | 8.83% |
| 2 | Barclays | 20,703.19 | 33 | 8.10% |
| 3 | UniCredit | 16,899.52 | 41 | 6.61% |
| 4 | HSBC | 16,717.03 | 54 | 6.54% |
| 5 | BNP Paribas | 16,072.48 | 29 | 6.29% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 48,779.09 | 221 | 7.54% |
| 2 | Citi | 48,311.77 | 163 | 7.47% |
| 3 | HSBC | 42,458.91 | 147 | 6.57% |
| 4 | Barclays | 38,146.39 | 117 | 5.90% |
| 5 | Deutsche Bank | 34,770.24 | 92 | 5.38% |
