Top Stories
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World Bank doubles up for green return
World Bank hit both the euro and dollar markets on Tuesday for its first syndicated green bond in over three years. Onlooking bankers were surprised by the level of demand for the euro tranche given what they claimed was aggressive pricing.
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Flemish Community scoops up SRI demand, BNG lines up
The Flemish Community of Belgium was twice covered for its debut sustainability bond on Monday, following the completion of a pan-European roadshow last week. Meanwhile, Bank Nederlandse Gemeenten has added to the SRI pipeline after mandating banks for its second sustainability trade of the year.
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BondMarker: KfW tops week of strong trades
KfW’s €5bn November 2023 was the standout performer in a week of trades — from Erste Abwicklungsanstalt, Oesterreichische Kontrollbank and Swedish Export Credit Corp — that BondMarker voters rated highly.
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Seychelles blue bond fashioned as ‘template’ for future issues
The Seychelles’ $15m blue bond, issued last month to finance sustainability improvements to its maritime economy, was designed to satisfy all the needs of socially responsible investors and could therefore be used as a template, according to bankers at Standard Chartered who worked on the deal.
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SIX calls for registration before launch of Deal Pool
The Swiss Exchange (SIX) is calling on Swiss franc bond investors to register on Deal Pool, a new digital platform due to launch in the next few weeks.
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EFSF rounds out year with solid trade but euro mart ‘tired’
The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.
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Italy’s leaders are winning the battle Syriza lost
J Paul Getty once said that if you owe the bank $100, that’s your problem. But if you owe the bank $100m, that’s the bank’s problem. Italy’s battle with Europe and the response from the European Central Bank (ECB) suggest the same is true of eurozone membership.
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Comment
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Who are sovereign green bonds advertising to?
The main point of a government issuing green bonds is to communicate a message - just like with other special bond formats. But are these messages reaching the right audience?
Sovereigns
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Bond comments
European Sovereign Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 16,032.07 | 25 | 9.77% |
| 2 | Barclays | 15,041.98 | 19 | 9.17% |
| 3 | Citi | 13,795.56 | 24 | 8.41% |
| 4 | HSBC | 11,845.99 | 17 | 7.22% |
| 5 | BNP Paribas | 10,802.75 | 16 | 6.58% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 77,286.41 | 442 | 6.87% |
| 2 | Citi | 76,173.45 | 276 | 6.77% |
| 3 | HSBC | 71,815.20 | 281 | 6.38% |
| 4 | Barclays | 59,526.84 | 228 | 5.29% |
| 5 | Deutsche Bank | 51,825.04 | 163 | 4.61% |
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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 | 16,032.07 | 25 | 9.77% |
| 2 | Barclays | 15,041.98 | 19 | 9.17% |
| 3 | Citi | 13,795.56 | 24 | 8.41% |
| 4 | HSBC | 11,845.99 | 17 | 7.22% |
| 5 | BNP Paribas | 10,802.75 | 16 | 6.58% |
Dollar Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 39,984.80 | 109 | 11.91% |
| 2 | JPMorgan | 29,288.84 | 79 | 8.72% |
| 3 | HSBC | 28,343.59 | 71 | 8.44% |
| 4 | Bank of America Merrill Lynch | 27,301.17 | 79 | 8.13% |
| 5 | Goldman Sachs | 24,436.35 | 54 | 7.28% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 35,330.71 | 93 | 8.01% |
| 2 | HSBC | 31,785.95 | 112 | 7.21% |
| 3 | Barclays | 31,737.51 | 60 | 7.20% |
| 4 | UniCredit | 30,928.85 | 82 | 7.01% |
| 5 | BNP Paribas | 27,077.42 | 66 | 6.14% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 77,286.41 | 442 | 6.87% |
| 2 | Citi | 76,173.45 | 276 | 6.77% |
| 3 | HSBC | 71,815.20 | 281 | 6.38% |
| 4 | Barclays | 59,526.84 | 228 | 5.29% |
| 5 | Deutsche Bank | 51,825.04 | 163 | 4.61% |
