Top Story
-
Green innovation: Dutch classify buyers, Germans mull strippable labels
The green bond market is going through one of its most intense periods, with a wide variety of high profile issuers joining the market. But there are also hints of novelty in the market. The Netherlands and KfW have used systems for classifying green investors, while Germany is considering a radical idea: whether Bunds could be issued with detachable green certificates. Jon Hay reports.
-
Dutch green bond sets new landmarks
The Netherlands this week set a number of precedents in the sovereign green bond market with its highly anticipated debut deal in the format.
-
Razor thin SSA spreads to Treasuries tipped to last
Spreads over Treasuries on supranational and agency trades shrank to record low levels this week, with the World Bank raising debt just a hair’s width wide of US government debt. Market watchers reckon the good times for issuers are here to stay for the foreseeable future.
-
NatWest Markets SSA DCM head set for Brexit relocation
The head of sovereign, supranational and agency (SSA) debt capital markets at NatWest Markets will move to the bank’s Paris office over the summer as part of preparations for the UK’s withdrawal from the European Union, GlobalCapital understands.
-
Final World Bank bond outing due in June
The World Bank is due to return to the bond markets for around $5bn by the end of June, as the issuer seeks to complete its funding programme by the end of its fiscal year.
-
Portugal set for Panda debut
Portugal mandated Bank of China and HSBC on Tuesday to place its first renminbi bonds on the China interbank bond market, as it looks to become the first eurozone sovereign to issue Panda bonds.
-
MTN head joins exodus to Paris
The head of the MTN desk at a major US bank is relocating from London to Paris.
-
SSAs pounce on Norway govvie redemption to raise MTN cash
The recent redemption of a Norwegian government bond has led to an increase in Nordic currency issuance this week, according to one MTN banker. The European Investment Bank and KfW tapped these released funds to raise a combined Nkr1.5bn ($171.2m).
-
Record rate cut signal buoys Kanga bankers
Kanagaroo bond market participants welcomed the prospect of ever lower rates in Australian dollars as four SSA borrowers priced taps over Tuesday and Wednesday.
-
SGP places ‘missing piece of jigsaw’ with 30 year benchmark
Société du Grand Paris (SGP) issued a 30 year bond on Thursday which extends its benchmark curve from 2034 to 2050.
-
CDC goes on road for debut sustainability bond
Caisse des Dépôts et Consignations (CDC) will introduce its new green, social and sustainability bond framework to investors ahead of a debut euro benchmark sustainability bond.
-
NWB launches new social framework
Nederlandse Waterschapsbank has inaugurated its updated social housing bond framework with a €1bn SRI issue. The new framework includes an environmental aspect alongside pre-existing social elements.
-
Andalusia prints first MTNs for six years
The Spanish region of Andalusia has sold three long dated bonds in the last week, marking its return to the MTN market after a six year absence.
-
Syndicate teams ‘know less than 10 years ago’ says KfW treasurer
The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past.
-
GlobalCapital Bond Awards 2019 : the winners
GlobalCapital revealed the winners of its 2019 Bond Awards at its annual Bond Awards Dinner at the Jumeirah Carlton Tower in London on May 22. The complete results are below. GlobalCapital congratulates all the winners and nominees.
Join our SSA LinkedIn group!
Go to GlobalCapital's SSA data pages for the latest information on priced deals, borrower funding progress, league tables and upcoming deals.
Comment
-
Comment: Markets must prepare again for a No Deal Brexit
Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| Netherlands | 21-May-19 | EUR | |
| Société du Grand Paris (SGP) | 23-May-19 | EUR | |
| NRW.Bank | 22-May-19 | USD | |
| KfW | 22-May-19 | 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 | JPMorgan | 13,503.69 | 19 | 12.04% |
| 2 | Citi | 11,025.37 | 16 | 9.83% |
| 3 | HSBC | 10,438.07 | 12 | 9.31% |
| 4 | BNP Paribas | 8,371.12 | 12 | 7.46% |
| 5 | Barclays | 7,970.77 | 10 | 7.11% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 48,456.47 | 210 | 7.93% |
| 2 | HSBC | 41,020.86 | 144 | 6.72% |
| 3 | Citi | 40,186.92 | 114 | 6.58% |
| 4 | Barclays | 35,962.48 | 115 | 5.89% |
| 5 | Deutsche Bank | 29,199.14 | 83 | 4.78% |
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!
Free trial
Latest Issue
Read the magazine on your mobile device
Bank Profiles
Latest news by market and league table performance
European Sovereign Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 13,503.69 | 19 | 12.04% |
| 2 | Citi | 11,025.37 | 16 | 9.83% |
| 3 | HSBC | 10,438.07 | 12 | 9.31% |
| 4 | BNP Paribas | 8,371.12 | 12 | 7.46% |
| 5 | Barclays | 7,970.77 | 10 | 7.11% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 20,625.37 | 46 | 12.46% |
| 2 | JPMorgan | 17,187.80 | 40 | 10.38% |
| 3 | Barclays | 12,294.11 | 26 | 7.43% |
| 4 | HSBC | 10,936.92 | 25 | 6.61% |
| 5 | Deutsche Bank | 10,542.52 | 22 | 6.37% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 27,113.83 | 53 | 10.12% |
| 2 | HSBC | 20,284.07 | 58 | 7.57% |
| 3 | Credit Agricole CIB | 19,324.03 | 40 | 7.21% |
| 4 | BNP Paribas | 18,161.36 | 34 | 6.78% |
| 5 | Barclays | 17,423.19 | 37 | 6.50% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 48,456.47 | 210 | 7.93% |
| 2 | HSBC | 41,020.86 | 144 | 6.72% |
| 3 | Citi | 40,186.92 | 114 | 6.58% |
| 4 | Barclays | 35,962.48 | 115 | 5.89% |
| 5 | Deutsche Bank | 29,199.14 | 83 | 4.78% |
