Top Stories
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Gilt yield tail spike ‘nothing to worry about’ amid Brexit fallout
An unfortunately timed Gilt auction recorded the highest yield tail — an indicator typically inversely proportional to an auction’s perceived success — in nearly a decade on Thursday, as several UK government ministers resigned over the draft Brexit agreement with the EU. But SSA bankers said that while the tail was “optically” bad, the wider context meant the Gilt sale had been a success.
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UK councils flirt with funding from US PP market
A large UK council has held discussions with a selection of US private placement (US PP) arrangers over the possibility of raising more than £200m in a single issue, according to a senior banker familiar with the situation.
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SSAs ‘could be tempted to pre-fund’ if BTP volatility eases
Public sector borrowers could look to join the European Bank for Reconstruction and Development in pre-funding for 2019 if the market backdrop — such as volatility in the Italian government bond market — improves, said SSA bankers.
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French SSA launches €5bn EMTN programme
A French public sector borrower has appointed four arrangers for its Euro Medium Term Note programme, as it prepares to make its debut in the bond markets.
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FHLBanks jump on Sofr as new RFR bond market grows
The US Federal Home Loan Banks system has become the latest borrower to print bonds linked to Sofr, the planned replacement benchmark for dollar Libor.
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Italy’s complete intransigence takes investors by surprise
The Italian government’s refusal to make any concessions to the European Commission over its budget plans took investors by surprise this week, moving the 10 year BTP/Bund spread to its highest level since early 2013.
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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
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 | 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 | 6.86% |
| 2 | Citi | 76,173.45 | 276 | 6.76% |
| 3 | HSBC | 71,815.20 | 281 | 6.37% |
| 4 | Barclays | 59,526.84 | 228 | 5.28% |
| 5 | Deutsche Bank | 51,842.99 | 164 | 4.60% |
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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 | 11.89% |
| 2 | JPMorgan | 29,288.84 | 79 | 8.71% |
| 3 | HSBC | 28,443.59 | 72 | 8.46% |
| 4 | Bank of America Merrill Lynch | 27,301.17 | 79 | 8.12% |
| 5 | Goldman Sachs | 24,436.35 | 54 | 7.27% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 35,503.26 | 95 | 8.03% |
| 2 | HSBC | 31,898.18 | 113 | 7.22% |
| 3 | Barclays | 31,737.51 | 60 | 7.18% |
| 4 | UniCredit | 30,989.16 | 83 | 7.01% |
| 5 | BNP Paribas | 27,189.65 | 67 | 6.15% |
Bookrunners of Global SSA (Excl US Agency)
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 77,286.41 | 442 | 6.86% |
| 2 | Citi | 76,173.45 | 276 | 6.76% |
| 3 | HSBC | 71,815.20 | 281 | 6.37% |
| 4 | Barclays | 59,526.84 | 228 | 5.28% |
| 5 | Deutsche Bank | 51,842.99 | 164 | 4.60% |
