• Secondary pricing table: featuring JFM's Apr '23

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 20 Apr 2018
  • EIB USD1.5bn 2.875% Jun 25 Climate Awareness Bond

    • 19 Apr 2018
  • JFM USD1bn 3.25% Apr 23

    • 19 Apr 2018
  • IDA USD1.5bn 2.75% Apr 23

    • 19 Apr 2018
  • KfW EUR5bn 0.375% Apr 25

    • 19 Apr 2018
  • You can't just recycle if you believe in ESG

    Two pieces of news this week highlight how environmental, social and governance (ESG) investing is conquering the capital markets. But both carry a risk of intellectual laziness.

    • 19 Apr 2018
  • HK green credentials boosted by supra deals

    A pair of supranationals helped bolster Hong Kong’s green bond ambitions with some SRI deals this week.

    • 19 Apr 2018
  • KommuneKredit brings switch to sterling

    KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.

    • 19 Apr 2018
  • KfW breaks record in euro sevens but EFSF tipped for long end

    KfW drew its largest ever benchmark book this week while visiting the seven year tenor, a part of the euro curve that has been red hot for issuers for several weeks and that SSA bankers still has plenty to offer borrowers next week. The European Financial Stability Facility (EFSF) is lining up a deal for next week, although bankers are suggesting it looks at the long end.

    • 19 Apr 2018
  • EIB adds to strong showing for Mexican peso MTNs

    The European Investment Bank (EIB) tapped a five year Mexican peso line on Monday, becoming the latest supranational to access the popular niche currency, in what is by far the strongest start to the year on record for supranational issuance in the currency.

    • 19 Apr 2018
  • IDA: from ‘Who’s that?’ to ‘Who’s Who’

    IDA has existed since 1960, is owned by 173 countries and is a legally independent entity with “the same status, immunities and privileges as IBRD and IFC” — yet in the world of bond financing, it was up until about a month ago effectively an unknown entity.

    • 19 Apr 2018
  • S&P takes on MSCI in ESG ratings as political pressure rises

    S&P Global Ratings is preparing to launch an ESG Evaluation product, competing directly with socially responsible investment (SRI) rating firms such as MSCI and Sustainalytics.

    • 19 Apr 2018
  • IDA delights in dollars with other SDR currencies to come

    Public sector bankers lined up to laud a new SSA borrower this week, as the International Development Association (IDA) surpassed expectations on its bond debut. Now, many are eager to see the its next move, with many anticipating a Washington supranational with greater currency flexibility, writes Craig McGlashan.

    • 19 Apr 2018
  • Ramaphosa rally restores good hope to the Cape

    South Africa is already bearing the fruits of Cyril Ramaphosa’s two month tenure as president. Renewed buoyancy is fuelling business confidence, driving down asset prices, and supporting a strong pipeline of capital markets activity in both debt and equity, write Virginia Furness and Sam Kerr.

    • 19 Apr 2018
  • Norway extends curve on debut syndication

    The Kingdom of Norway sold its first syndication on Thursday, following a two week global roadshow intended to broaden and internationalise the investor base buying government debt from the Scandinavian country.

    • 19 Apr 2018
  • Stoxx targets LDI with indices, laying ground for derivatives

    Stoxx on Thursday announced the launch of indices for the liability driven investment industry, products that are ready suited for derivative contract creation.

    • 19 Apr 2018
  • EBRD shrugs off swap spread tightening to print largest deal

    The European Bank for Reconstruction and Development on Thursday achieved what on-looking bankers called a “fantastic” result as it sold its largest ever deal and matched the lowest spread on a three year dollar benchmark of the year so far — despite tightening swap spreads.

    • 19 Apr 2018
  • Swiss market dealt short pain, long gain by currency slide

    Swiss franc bond market players are conflicted about the substantial slide in the Swiss franc, which has lost about 3.5% of its value against both the euro and dollar in the past two months.

    • 19 Apr 2018
  • KfW takes sevens sweet spot as EFSF tipped to go long

    KfW took home €5bn in the seven year part of the euro curve, which has been red hot for a few weeks, with bankers citing low second quarter supply as particularly supportive of conditions and suggesting there is plenty more interest for further trades in the tenor. The European Financial Stability Facility is lining up a deal for next week — although bankers are suggesting it looks at the long end.

    • 18 Apr 2018
  • SRI flurry as NWB preps deal and EIB comes in sevens

    After several weeks of focusing on conventional bonds in core currencies, SSAs popped back into the socially responsible investments (SRI) market this week. Nederlandse Waterschapsbank (NWB) is laying the ground for an affordable housing bond in euros, while the European Investment Bank found a solid reception for a Climate Awareness Bond that came in rare seven year dollar form.

    • 18 Apr 2018
  • JP Morgan launches ESG versions of EMBI indices

    JP Morgan has announced a new suite of emerging market bond indices that integrate environmental, social and governance (ESG) factors.

    • 18 Apr 2018
  • Quick on its feet: Indonesia nabs bond after upgrade

    The Republic of Indonesia sealed an opportunistic dual-currency bond on Tuesday, quickly taking advantage of positive sentiment following a ratings upgrade from Moody’s.

    • 18 Apr 2018
  • ECB ‘may need to extend QE’ after poor data

    Opinion is shifting as to whether the European Central Bank will end quantitative easing this year, with poorer economic data perhaps forcing the rate setter’s hand into extending the programme.

    • 18 Apr 2018
  • S&P to go head to head with MSCI in ESG ratings

    S&P Global Ratings is preparing to launch an ESG Evaluation product, competing directly with socially responsible investment rating firms such as MSCI and Sustainalytics.

    • 17 Apr 2018
  • IDA ‘in line with World Bank’ on dollar benchmark debut, other currencies to follow

    The International Development Association wowed on-looking SSA bankers with its debut bond issue on Tuesday, with some saying it printed in line with sister issuer World Bank (International Bank for Reconstruction and Development). The borrower opted for dollars with its first trade, but is likely to be a regular name in the currencies making up the IMF’s special drawing right basket.

    • 17 Apr 2018
  • KommuneKredit uses sterling switch to hit record size

    KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.

    • 17 Apr 2018
  • KfW adds to seven year euro rush

    KfW is set to follow a trio of euro trades in the seven year part of the euro curve last week with an April 2025 benchmark of its own, after mandating banks on Tuesday. Strong conditions mean the deal should receive a warm welcome, said bankers.

    • 17 Apr 2018
  • EIB goes for rare dollar sevens with CAB trade

    The European Investment Bank is set to plug a gap in its dollar Climate Awareness Bond curve after mandating banks on Tuesday for a June 2025 trade, opting for a rare seven year dollar bond.

    • 17 Apr 2018
  • EMF control must be at the European level

    A paper by the parliamentary group of the CDU/CSU, the leading bloc in Germany’s government, has said that fund distribution from a proposed European Monetary Fund should be controlled by the eurozone’s national parliaments. Such a measure would all but nullify the point of creating the EMF — and be a dire signal for hopes of further eurozone integration.

    • 17 Apr 2018
  • Mizuho parts company with head of FI trading

    Christian Heiberg, Mizuho International's EMEA head of fixed income trading, has left the bank as part of a broader review of the firm's global markets business.

    • 17 Apr 2018
  • New pricing reality for election-bound Turkey

    The Republic of Turkey nipped into the market on Monday afternoon to raise $2bn with an SEC registered bond, just days before presidential and parliamentary elections were called. While one EM investor called the issuing strategy unusual, a rival banker said it was a classic case of Turkish opportunism, adding that the higher yield paid is the reality of the market now.

    • 17 Apr 2018
  • World Bank sells maiden Hong Kong dollar green bond

    The World Bank has raised HK$1bn ($127.39m) from its debut green bond denominated in Hong Kong dollars, making it the first supranational issuer to sell a syndicated green bond in the city.

    • 17 Apr 2018
  • IDA out with debut, offers ‘handful’ of spread over World Bank

    The International Development Association, part of the World Bank Group, is on screens with its debut bond issue. The trade is offering a handful of basis points over seasoned World Bank Group issuer the International Bank for Reconstruction and Development (known as World Bank), according to bankers away from the mandate.

    • 16 Apr 2018
  • Hanover first city to launch green SSD

    Hanover has become the first city to offer a green Schuldschein.

    • 16 Apr 2018
  • BondMarker: featuring EFSF, EIB and KfW

    GlobalCapital presents an overview of some of the SSA bond markets' most frequent issuers’ BondMarker scores in the first quarter of this year.

    • 16 Apr 2018
  • Slowdown expected in Indonesia as elections loom

    Indonesia’s ratings upgrade last week is positive, but came ahead of an expected slowdown in investments into the southeast Asian country ahead of the 2019 general election, say market watchers.

    • 16 Apr 2018
  • Secondary pricing table: featuring Ireland's €4bn 15 year

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 13 Apr 2018
  • Ontario EUR1.5bn 0.625% Apr 25

    • 12 Apr 2018
  • Alberta EUR1.5bn 0.625% Apr 25

    • 12 Apr 2018
  • Portugal EUR3bn 2.25% Apr 34

    • 12 Apr 2018
  • IADB USD4bn 2.625% Apr 21

    • 12 Apr 2018
  • EFSF EUR3bn 0.625% Oct 26

    • 12 Apr 2018
  • BNG EUR1.75bn 0.5% Apr 25

    • 12 Apr 2018
  • Ireland EUR4bn 1.3% May 33

    • 12 Apr 2018
  • EIB plans new bond range to promote finance of Sustainable Development Goals

    The European Investment Bank is preparing a new product: Sustainability Bonds, which will complement its Climate Awareness Bonds.

    • 12 Apr 2018
  • IADB smashes expectations in threes

    SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.

    • 12 Apr 2018
  • Dual success puts end to battle of Gulf giants with $100bn of orders

    Some 10 months after the eruption of the Gulf diplomatic crisis last summer, Saudi Arabia and Qatar have proved that the market is big enough for both of them, printing $11bn and $12bn deals respectively, and garnering a combined book exceeding $100bn.

    • 12 Apr 2018
  • €15bn of new issuance drops in superb week

    Issuers from across the SSA galaxy enjoyed smoothly executed deals all along the euro curve, including one touching down in the currency for the first time.

    • 12 Apr 2018
  • Hawkish Nowotny briefly rattles markets

    Comments from the governor of the Bank of Austria, Ewald Nowotny, unsettled the SSA market on Tuesday before a statement from the European Central Bank (ECB) restored calm.

    • 12 Apr 2018
  • Ireland and Portugal hit homers at 15

    A pair of sovereigns entered the euro market this week, both returning to the long end of the curve for the first time in three years and drawing large books.

    • 12 Apr 2018
  • NIB on hunt for sustainability chief

    The Nordic Investment Bank is looking for someone to head its sustainability and mandate evaluation team, a job the supranational is redefining by moving to its treasury department.

    • 12 Apr 2018
  • 3CIF and Joint Länder close out stellar week in euros

    Two SSA borrowers printed euro benchmarks on Thursday, rounding out one of the strongest weeks of issuance in the currency of the year.

    • 12 Apr 2018
  • IADB blows doors off quiet dollar mart

    The dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supra changed that with a remarkable $4bn deal on Thursday.

    • 12 Apr 2018
  • Qatar off to strong start with $32.5bn book

    The State of Qatar had taken orders of $32.5bn by lunchtime on Thursday, putting to bed any concerns that Saudi Arabia’s $11bn trade would cannibalise demand for its regional rival. In fact the strong performance of Saudi’s paper in the secondary market has helped boost support for Qatar’s trade, according to a banker on the deal.

    • 12 Apr 2018
  • Montenegro nips in for €500m seven year

    Montenegro followed Egypt to the euro bond market this week, offering investors another chance to take on single-B risk in the currency.

    • 12 Apr 2018
  • Sri Lanka gets vote of confidence in $2.5bn deal

    The Democratic Socialist Republic of Sri Lanka grabbed $2.5bn from its largest bond on record on Wednesday, as investors showed their support to a country that has been buffeted by numerous problems recently.

    • 12 Apr 2018
  • Alberta lands big euro debut

    The Province of Alberta printed its first ever euro bond on Wednesday, opting to follow its compatriot Ontario in attacking the sweet spot for investors at seven years.

    • 11 Apr 2018
  • Portugal returns to long end with a bang

    Portugal printed its first new long dated benchmark since September 2014, drawing the week’s largest order book in the public sector bond market for its 15 year deal.

    • 11 Apr 2018
  • Italian risk overdone, Portugal underpriced, says investor

    Despite the political risk surrounding the formation of the Italian government, one asset manager believes its debt is better value than that of some of its peers in the peripheral Europe.

    • 11 Apr 2018
  • Buyers snap up SSA euro flood

    A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.

    • 10 Apr 2018
  • OTFT hits new volume height with second dollar trade

    The Ontario Teachers’ Finance Trust (OTFT) on Tuesday outdid its dollar debut last year for size, as its second ever international trade clocked in at $2bn.

    • 10 Apr 2018
  • Deutsche must remain a European champion in global banking

    Once again, Deutsche Bank is at a crossroads. After a tough few years, it is still strong enough to fight back in global investment banking. New CEO Christian Sewing will decide whether it does. He seems rational and determined, but does he have the stomach for the battle?

    • 10 Apr 2018
  • Egypt takes €6.6bn book with chunky euro spread

    Egypt paid a generous spread to access euros on Monday, during a volatile day for emerging market assets.

    • 10 Apr 2018
  • EDB roadshows tenge Eurobond

    The Eurasian Development Bank has embarked on a roadshow for a three to five year tenge denominated Eurobond.

    • 10 Apr 2018
  • Claws out as Saudi and Qatar go head to head

    Saudi and Qatar look to be printing jumbo bonds this week, but the timing of both in the same few days after so many months of waiting is prompting chatter about which sovereign has caused the traffic jam and whether political machinations are behind it.

    • 10 Apr 2018
  • BondMarker: France edges KfW in quiet week

    The two borrowers that closed out the first quarter with benchmarks have now been examined by the BondMarker voters.

    • 09 Apr 2018
  • BNG nips in ahead of swelling euro pipeline

    The euro market is back in gear after a few weeks of slow issuance. Three borrowers have mandated deals for Tuesday’s session but one opted for a one day execution, coming on Monday to get ahead of the rush.

    • 09 Apr 2018
  • Ontario Teachers to return to dollar mart

    A rare name will grace the dollar market on Tuesday, coming ahead the minutes of the Federal Open Markets Committee meeting, expected to be released on Wednesday.

    • 09 Apr 2018
  • BondMarker: Top scoring deals of the quarter revealed

    A sovereign and an agency scored the most popular deals on BondMarker in the first quarter of 2018. The top five deal scores of Q1 2018 were very close — less than a quarter of a point separates first place from fifth.

    • 06 Apr 2018
  • Secondary pricing table: featuring France's €3.5bn linker

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 06 Apr 2018
  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed in their 2018 plans at the end of the first quarter.

    • 05 Apr 2018
  • Fannie edges forward in conquest of green bond market

    Fannie Mae, the world’s biggest green bond issuer, is negotiating with the administrators of the MSCI Bloomberg Barclays Green Bond Index to get more of its green housing loan securitizations included in the benchmark.

    • 05 Apr 2018
  • EIB GBP500m 1.375% Mar 25

    • 05 Apr 2018
  • Investors happy to buy Italy amid coalition talks

    As negotiations over the future of Italy’s government begin in earnest, investors appear to be betting that political risk for the country has been overestimated.

    • 05 Apr 2018
  • SSA Easter holidays ending next week

    The euro and dollar SSA markets are set to return to action next week, having taken something of an extended break following the Easter weekend.

    • 05 Apr 2018
  • MTN market kicks off next week

    The MTN market has suffered from a dearth of supply over the past few weeks, but stabilising rates could restart flows in the product.

    • 05 Apr 2018
  • France grows Green OAT to €10.8bn, billions more expected

    France tapped its Green OAT on Thursday for the third time, raising €1.096bn.

    • 05 Apr 2018
  • Barclays SSA banker jumps ship to BAML

    A director in Barclays’ SSA origination team has quit the bank to join Bank of America Merrill Lynch at the same level.

    • 05 Apr 2018
  • Central banks crowd to climate risk gathering

    The new central banks’ Network for Greening the Financial System will hold its first full scale gathering in Amsterdam on Friday, to begin its work of helping central banks and financial supervisors cope with an issue for which there is no precedent — how to keep the financial system stable when the climate is changing.

    • 04 Apr 2018
  • All about sterling in SSAs

    Sterling seemed to be the only game in town this week. Two SSA issuers printed in the currency on Wednesday, taking advantage of a favourable basis swap.

    • 04 Apr 2018
  • Investors happy to buy Italy amid coalition talks

    As negotiations over the future of Italy’s government begin in earnest, investors appear to be betting that political risk for the country has been overestimated.

    • 04 Apr 2018
  • UK must join the race to the top in green finance

    The UK's political and financial classes are battered and tossed by Brexit. All the more reason why they should keep their sights on what will ultimately be a bigger issue: how to make finance sustainable.

    • 03 Apr 2018
  • EIB hits screens for long dated sterling

    The European Investment Bank will come to market on Wednesday for a seven year sterling note, eschewing the more common tenors of five years and below.

    • 03 Apr 2018
  • Deutsche and BAML fixed EIB prices in 2012, says regulator

    The Japan Fair Trade Commission (JFTC) has closed an investigation into market manipulation by Bank of America Merrill Lynch and Deutsche Bank without taking action, because the five year limit on prosecutions has elapsed.

    • 03 Apr 2018
  • CEEMEA trio quick off the blocks after Easter break

    Three CEEMEA issuers are embarking on roadshows — the Arab Republic of Egypt, Sharjah Islamic Bank and Kazmunaygaz.

    • 03 Apr 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 10,381.54 13 11.25%
2 JPMorgan 10,114.01 13 10.96%
3 Citi 9,037.14 14 9.79%
4 HSBC 7,587.14 11 8.22%
5 NatWest Markets 6,826.39 6 7.40%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 26,051.28 56 12.99%
2 HSBC 19,540.53 40 9.75%
3 JPMorgan 16,310.02 35 8.14%
4 Deutsche Bank 15,761.17 21 7.86%
5 Bank of America Merrill Lynch 14,209.83 40 7.09%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,357.89 34 9.18%
2 Barclays 18,682.87 27 8.42%
3 HSBC 15,561.43 46 7.01%
4 BNP Paribas 14,769.79 25 6.66%
5 NatWest Markets 13,389.93 13 6.03%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 44,619.47 132 8.10%
2 JPMorgan 43,291.91 176 7.85%
3 HSBC 40,157.40 132 7.29%
4 Barclays 32,503.80 92 5.90%
5 Deutsche Bank 30,222.31 83 5.48%