Top Stories
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IDB Invest mandates for three year dollars
IDB Invest hit screens for a three year dollar deal on Monday, as the pipeline for the currency grew for the final quarter.
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BondMarker: dollar mart outdoes euros
Signs of weakness in the euro market for public sector borrowers were apparent in the latest BondMarker results, as a benchmark deal in the currency received the lowest score of the week.
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AFT to boost short end printing as France’s deficit grows
Agence France Trésor will increase its use of short term debt markets after France’s growing deficit — outlined in a government budget statement on Monday — resulted in a nearly €30bn increase in its financing requirements.
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Funding scorecard: European sovereigns
Find out how far European sovereigns have progressed in their 2018 plans as we near the fourth quarter.
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Not all SRI bonds equal in tricky markets
Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports.
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Supranationals will follow AfDB and securitize to gain lending power
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More supranational banks will use synthetic securitization and other risk transfer techniques, specialists believe, after the African Development Bank’s trailblazing $1bn deal, revealed this week, writes Jon Hay.
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Euro 10 year market softens amid concerns about end of QE
The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year.
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Dollar push-back but bankers relaxed
Public sector borrowers rushed into what is likely to be the last window for dollar issuance for a few weeks, removing some of the price tension they had enjoyed in what had been an undersupplied currency so far this year. That meant pricing correctly involved fine margins — although most deals made it through happily.
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Cyprus’s 10 year blow-out gives Greece ideal backdrop
The environment for the return of Greece to the euro public market was enhanced following a 10 year benchmark by Cyprus this week that broke a number of records.
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Land NRW looks to dollar short end
The State of North Rhine-Westphalia is looking to return to the short end of the dollar market, following a well received 60 year deal this week that was its longest ever euro benchmark.
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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 | 69,066.06 | 385 | 7.17% |
| 2 | Citi | 65,940.01 | 242 | 6.84% |
| 3 | HSBC | 62,024.66 | 232 | 6.44% |
| 4 | Barclays | 53,951.51 | 196 | 5.60% |
| 5 | Deutsche Bank | 45,779.29 | 142 | 4.75% |
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Most Viewed: SSA
- Supranationals will follow AfDB and securitize to gain lending power
- Not all SRI bonds equal in tricky markets
- Breakthrough for supranationals as African Development Bank debuts securitization
- UBS poised for top spot in Swiss francs as work in Canada and Korea pays off
- Banks ready blockhain tokens for debt and equity
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 | 34,822.11 | 93 | 12.14% |
| 2 | JPMorgan | 25,979.10 | 64 | 9.06% |
| 3 | HSBC | 25,138.94 | 58 | 8.76% |
| 4 | Bank of America Merrill Lynch | 21,891.68 | 65 | 7.63% |
| 5 | Deutsche Bank | 19,993.80 | 31 | 6.97% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 33,318.06 | 81 | 8.65% |
| 2 | Barclays | 29,485.51 | 52 | 7.65% |
| 3 | HSBC | 26,753.49 | 93 | 6.94% |
| 4 | UniCredit | 26,134.28 | 69 | 6.78% |
| 5 | BNP Paribas | 24,736.61 | 55 | 6.42% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 69,066.06 | 385 | 7.17% |
| 2 | Citi | 65,940.01 | 242 | 6.84% |
| 3 | HSBC | 62,024.66 | 232 | 6.44% |
| 4 | Barclays | 53,951.51 | 196 | 5.60% |
| 5 | Deutsche Bank | 45,779.29 | 142 | 4.75% |
