Top Stories
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Spain’s regions return to markets
The Autonomous Community of Andalusia this week became the first Spanish region to return to the capital markets while still under the central government’s Regional Liquidity Fund.
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JP Morgan closes in on euro SSA crown as HSBC drops down
JP Morgan has risen to the top of Dealogic’s euro denominated SSA (excluding US agencies) bookrunner league table to keep it within touching distance of taking the reins from HSBC at the end of the year.
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Investors snap up safe dollars but benchmarks tipped for comeback
Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.
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Investors pour into KfW green as NRW.Bank preps
A three times subscribed deal by KfW this week showed that there is plenty of green demand for issuers looking to print in the format in the remainder of the year, as a fellow German agency moved forward with plans to bring a trade.
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BNG ‘looks closely’ at Kangaroo market
Bank Nederlandse Gemeenten (BNG) is keeping a close tab on the Kangaroo bond market, following the sale of a curve-extending euro bond this week that is likely to complete the issuer’s benchmark funding for 2018.
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Italy swaps out debt but yields rise again
Italy replaced €3.8bn of a short dated BTP Italia with longer dated conventional BTPs on Thursday, but against a backdrop where its bond yields were once again on an upward trajectory.
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Comment
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China sovereign bond: a blessing in disguise?
China may have returned to the dollar bond market at a difficult point last week, but the sovereign still has a way to go before its notes become a real benchmark for the country’s debt issuers.
SSA Priced Deals Database
| Issuer | Trade Date | BondMarker average score | Currency |
|---|---|---|---|
|
|
|||
| State of Lower Saxony (Land Lower Saxony) | 18-Oct-18 | EUR | |
| Municipality Finance (MuniFin) | 18-Oct-18 | USD | |
| NRW.Bank | 17-Oct-18 | USD | |
| KfW | 17-Oct-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 | JPMorgan | 15,293.97 | 23 | 9.68% |
| 2 | Barclays | 15,041.98 | 19 | 9.52% |
| 3 | Citi | 12,831.69 | 22 | 8.12% |
| 4 | HSBC | 11,347.34 | 16 | 7.18% |
| 5 | BNP Paribas | 9,566.00 | 13 | 6.05% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 75,189.63 | 423 | 7.08% |
| 2 | Citi | 71,343.62 | 261 | 6.72% |
| 3 | HSBC | 65,680.62 | 258 | 6.18% |
| 4 | Barclays | 57,933.89 | 215 | 5.45% |
| 5 | Deutsche Bank | 48,544.86 | 152 | 4.57% |
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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 | 15,293.97 | 23 | 9.68% |
| 2 | Barclays | 15,041.98 | 19 | 9.52% |
| 3 | Citi | 12,831.69 | 22 | 8.12% |
| 4 | HSBC | 11,347.34 | 16 | 7.18% |
| 5 | BNP Paribas | 9,566.00 | 13 | 6.05% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 38,458.62 | 103 | 12.19% |
| 2 | JPMorgan | 28,322.17 | 76 | 8.97% |
| 3 | HSBC | 26,160.46 | 65 | 8.29% |
| 4 | Bank of America Merrill Lynch | 25,855.13 | 74 | 8.19% |
| 5 | Goldman Sachs | 21,942.20 | 50 | 6.95% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 34,785.31 | 89 | 8.33% |
| 2 | Barclays | 31,331.38 | 59 | 7.50% |
| 3 | UniCredit | 30,652.04 | 80 | 7.34% |
| 4 | HSBC | 28,482.56 | 104 | 6.82% |
| 5 | BNP Paribas | 26,256.57 | 63 | 6.29% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 75,189.63 | 423 | 7.08% |
| 2 | Citi | 71,343.62 | 261 | 6.72% |
| 3 | HSBC | 65,680.62 | 258 | 6.18% |
| 4 | Barclays | 57,933.89 | 215 | 5.45% |
| 5 | Deutsche Bank | 48,544.86 | 152 | 4.57% |
