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  • Investor reluctance begins to show as yields plummet

    Yields across asset classes plumbed ever lower depths this week but investors were still forced to participate in deals as cash floods into fixed income funds. Now market participants have questioned whether the coming round of likely rate cuts will reveal the limits of investor tolerance. Lewis McLellan, Burhan Khadbai and Bill Thornhill report.

    • 04 Jul 2019

  • Commerz names new heads in DCM reorg

    Commerzbank has appointed a head of public sector origination and syndication, and a head of international banks, as part of a reorganisation of its debt capital markets business, GlobalCapital understands.

    • 03 Jul 2019
  • Changing of Lagarde at ECB heralds the end of the 'econo-wonks'

    The nomination of IMF managing director Christine Lagarde to be the next governor of the European Central Bank prompted market participants to debate the merits of her potential appointment.

    • 03 Jul 2019
  • Sterling SSA market reopens to meet Brexit-fuelled demand

    The European Investment Bank (EIB) and KfW reopened the sterling SSA bond market this week with the first public trades since early June. Demand for the currency has been strong all year round, but supply has wavered as a result of a less attractive cross currency basis swap.

    • 04 Jul 2019
  • UK Green Strategy has everything but a finance plan

    The UK government launched its Green Finance Strategy this week, including a broad range of measures to stimulate awareness of climate change and other environmental problems in financial markets, and ease the flow of capital to green projects. But observers criticised the government for not setting out a plan on how to finance the transition to a zero emissions economy.

    • 04 Jul 2019
  • SSA DCM banker rejoins NatWest Markets

    A public sector debt capital markets banker is returning to NatWest Markets, where she worked between 2010 and 2017, GlobalCapital understands.

    • 04 Jul 2019
  • MuniFin eyes debut social bond in 2020

    Municipality Finance is looking to publish its social bond framework this year ahead of a debut bond in the format, as it looks to extend its offering of socially responsible bonds.

    • 04 Jul 2019
  • Azores set for capital markets return

    The autonomous region of Azores mandated two banks on Thursday for its first visit to the debt capital markets since 2016 and what could be its largest ever bond.

    • 04 Jul 2019
  • EFSF ‘has to go long’ with first outing in Q3

    SSA bankers expect the European Financial Stability Facility (EFSF) to take advantage of a compression in yields to lock in cheap funding at the long end of the curve with its first benchmark of the third quarter.

    • 04 Jul 2019
  • Portugal sets out Q3 funding plans

    Portugal has announced its funding auction plans for the third quarter of the year, with syndicated debt sales also due to be part of the funding mix.

    • 04 Jul 2019
  • KfW enjoys better reception in dollars than euros

    KfW reopened the sovereign, supranational and agency (SSA) dollar market this week, with the borrower finding a far more welcoming reception than its euro outing a day earlier.

    • 03 Jul 2019
  • BNG goes long and low

    Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.

    • 04 Jul 2019
  • Handelsbanken hires new Finnish head of DCM

    Handelsbanken has appointed Juha Mustonen as its new head of debt capital markets for Finland. He will work with Finnish loan and bond clients.

    • 03 Jul 2019
  • RBC’s SSA DCM head moves to syndicate

    RBC Capital Markets’ European SSA DCM head has been appointed to lead the bank’s public sector syndicate team, GlobalCapital understands.

    • 02 Jul 2019

The GlobalCapital View logo   Comment

  • Zelensky must be seen to be on the straight and narrow

    Ukraine’s wildcard new president Volodymyr Zelensky has been making all the market-friendly noises investors could wish to hear, turning the country into a darling of emerging market portfolio managers. But there’s a wasp at the picnic: one oligarch's quest to regain his former bank is threatening the country’s economic future.

    • 17 Sep 2019

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SSA Priced Deals Database

Issuer Trade Date BondMarker average score Currency
Joint Laender 18-Sep-19 EUR
European Investment Bank (EIB) 18-Sep-19 EUR
Nordic Investment Bank (NIB) 18-Sep-19 EUR
Rentenbank 17-Sep-19 USD


European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,683.39 29 10.65%
2 Citi 13,595.38 21 8.19%
3 Goldman Sachs 12,302.04 22 7.41%
4 HSBC 12,224.45 15 7.36%
5 BNP Paribas 11,306.61 19 6.81%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Sep 2019
1 JPMorgan 73,902.18 353 7.85%
2 Citi 58,163.42 183 6.17%
3 HSBC 55,212.00 222 5.86%
4 Barclays 49,593.92 173 5.27%
5 Bank of America Merrill Lynch 42,458.79 153 4.51%

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,683.39 29 10.65%
2 Citi 13,595.38 21 8.19%
3 Goldman Sachs 12,302.04 22 7.41%
4 HSBC 12,224.45 15 7.36%
5 BNP Paribas 11,306.61 19 6.81%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,535.14 75 11.51%
2 JPMorgan 29,107.48 76 10.97%
3 HSBC 18,795.39 47 7.09%
4 Barclays 17,883.71 42 6.74%
5 Bank of America Merrill Lynch 16,273.57 62 6.14%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 35,505.22 82 9.27%
2 BNP Paribas 25,289.20 63 6.60%
3 Credit Agricole CIB 25,128.79 67 6.56%
4 Goldman Sachs 24,003.84 53 6.27%
5 UniCredit 23,929.00 71 6.25%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Sep 2019
1 JPMorgan 73,902.18 353 7.85%
2 Citi 58,163.42 183 6.17%
3 HSBC 55,212.00 222 5.86%
4 Barclays 49,593.92 173 5.27%
5 Bank of America Merrill Lynch 42,458.79 153 4.51%