• Belgium’s green debut set for next week

    The Kingdom of Belgium’s first green bond will be launched next week following a two week roadshow.

    • 23 Feb 2018
  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed in their 2018 plans as we near the end of February.

    • 23 Feb 2018
  • Indonesia’s landmark green bond wakes up market

    The Government of the Republic of Indonesia raised $1.25bn on Thursday in the first green sukuk from a sovereign, paving the way for more green issuance from Asian countries.

    • 23 Feb 2018
  • Spain EUR6bn 2.7% Oct 48

    • 22 Feb 2018
  • US debt drive to boost SSAs but rock IG market

    The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as “the bad guys” as rising yields help public sector borrowers but hinder corporates in the front end of the dollar curve. Nigel Owen and Craig McGlashan report.

    • 22 Feb 2018
  • Spain stuns in 30s amid Italy election chatter

    Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers.

    • 22 Feb 2018
  • Kenya bags $14bn book as buyside brushes off volatility

    Kenya printed a $2bn dual tranche bond this week from a combined book of $14bn as investors continued to pile into emerging market credits they favour.

    • 22 Feb 2018
  • Italy ‘could make up half’ of ground lost to Spain after election

    Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market friendly result, according to a portfolio manager at a leading investment house.

    • 22 Feb 2018
  • Belarus prints inside curve after huge rally

    The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.

    • 22 Feb 2018
  • Barclays trading assets balloon as bank gets back in the game

    Barclays reported annual results on Thursday, revealing the huge scale of the firm’s trading balance sheet expansion in 2017, as it scales back up in its historical strength of macro trading. But the low volatility last year weighed on returns, and the growth in the trading book has yet to deliver the profits it hopes for.

    • 22 Feb 2018
  • Indonesia sukuk gives fillip to nascent green market

    The Government of the Republic of Indonesia’s green sukuk is a game changer for the region, giving a boost to a green sovereign bond market that has so far had scant issuance globally.

    • 22 Feb 2018
  • Premiums still up for African sovs as Kenya opens books

    Kenya looked to have adopted the same pricing strategy as its African peers on Wednesday, opening books on a dual tranche 2028 and 2048 bond with a chunky concession, much like Egypt and Nigeria last week.

    • 21 Feb 2018
  • Belarus brings bond after stellar 2017 new issue performance

    The Republic of Belarus has released initial price thoughts for a $600m 12 year bond after the country’s last deal, printed in June 2017, climbed 11 points since pricing.

    • 21 Feb 2018
  • Get ready for the public 'to hate the bond market'

    The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury — including this week, when the largest ever T-bill auction took place. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as "the bad guys."

    • 21 Feb 2018
  • Rupiah debt gets entry into bond index

    Indonesian rupiah-denominated debt will be eligible for the Bloomberg Barclays Global Aggregate Bond Index for the first time from June 1.

    • 21 Feb 2018
  • Slovenia opens tender, plans new euro bond

    The Republic of Slovenia is once again in the market with a liability management exercise that will enable it to tidy its debt structure by buying back up to $650m of its outstanding dollar bonds, as it continues its bid to consolidate its outstanding dollar debt into one bond maturing 2024.

    • 20 Feb 2018
  • Spain lands €6bn at 30 years

    Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond.

    • 20 Feb 2018
  • Spain set for long end

    Spain has picked banks for its second deal of the year, looking towards the long end of the curve for the first time since May 2016.

    • 19 Feb 2018
  • BondMarker results: who rode the volatility best?

    The BondMarker voters have spoken — read on to find out their views on the deals priced in the week beginning February 5.

    • 19 Feb 2018
  • NRW shows long end euros open for core as Greece suffers from vol

    The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.

    • 15 Feb 2018
  • Hope returns to SA as Ramaphosa ends Zuma era

    Emerging market investors were optimistic after Cyril Ramaphosa was voted in as president of South Africa on Thursday, following the long awaited resignation of Jacob Zuma, though the administration has its work cut out to revive the country’s anaemic economy.

    • 15 Feb 2018
  • BondMarker: Portugal battles it out with KfW for January honours

    Just one-hundredth of a point separated the two frontrunners for the highest scoring deal on BondMarker in January.

    • 15 Feb 2018
  • Nigeria brings cheap bond, reprices curve

    The Federal Republic of Nigeria has released price guidance for its dual tranche bond that rival syndicate bankers and investors are calling “exceptionally” cheap.

    • 15 Feb 2018
  • Headache for Kenya as Moody’s upsets with one notch downgrade

    Kenya will have its work cut out to reassure investors after Moody’s cut its credit rating by a notch on Tuesday. Rival bankers said the clash is poor planning, but the leads on Kenya’s upcoming roadshow said investors should be doing their own credit work, reopening the debate about the relevance of ratings agencies in emerging markets.

    • 15 Feb 2018
  • Fitch sees fiscal test for Mexico

    As investors turn their eyes in earnest to Mexico’s forthcoming presidential elections, Fitch said that the country’s economic and fiscal resilience would be tested this year.

    • 15 Feb 2018
  • Egypt grabs $4bn with hefty book

    The Arab Republic of Egypt printed its $4bn triple tranche bond on Tuesday from a book that peaked at $12.5bn, despite another EM issuer — Russia's GTLK — having to postpone because of market volatility. A rival syndicate banker called the note cheap, but necessarily so.

    • 14 Feb 2018
  • Debt bankers shrug off Macau’s rating upgrade

    Fitch upgraded Macau’s long term foreign currency issuer rating to AA from AA- on Tuesday on the back of strengthened financials, but the boost is unlikely to spur more bond issuance from the region, said bankers.

    • 14 Feb 2018
  • Egypt brings single-B bellwether bond

    The Arab Republic of Egypt is providing the first big test of the resilience of emerging market debt since last week's volatility with a triple tranche dollar bond. Bankers eyeing the trade say the book size, and amount of price revision, will be a real indicator of investor appetite for riskier EM debt now the shine has come off the market.

    • 13 Feb 2018
  • Republic of Belarus back for dollar test

    The Republic of Belarus, which issued one of the best performing bonds of 2017, is looking to return with a 10 year dollar benchmark.

    • 13 Feb 2018
  • Greece 'under pressure' in secondary after ‘difficult week’

    Greece’s return to capital markets last week drew nothing but praise on the day, but its subsequent performance in the secondary market has left something to be desired, said bankers.

    • 12 Feb 2018
  • Kenya to push out international funding to 2048

    Kenya has mandated banks for its first Eurobond since 2014, and is looking to extend its curve by 24 years to join the handful of sub-Saharan African borrowers that have tapped the 30 year part of the curve.

    • 12 Feb 2018
  • Greece EUR3bn 3.375% Feb 25

    • 09 Feb 2018
  • SSAs cheer as investors ignore US equity shock to grab dollar bonds

    The SSA market showed its “resilience” to the horror show in US equities early in the week as a series of borrowers printed strong dollar trades — one with its largest ever book, another with its largest size in years and not one paying up for the privilege. Some bankers suggested they may have benefited from a flight to safety but the general sense was that if the volatility comes back, public sector borrowers need not worry.

    • 08 Feb 2018
  • UK GBP2.75bn 0.125% Aug 48 linker tap

    • 08 Feb 2018
  • Sweden USD3bn 2.375% Feb 21

    • 08 Feb 2018
  • Finland EUR3bn 1.125% Apr 34

    • 08 Feb 2018
  • Belgium’s Green OLO to fund rail transport

    Rail travel will be the centrepiece of the Belgian government’s green bonds, the framework for which was revealed on Thursday morning at meetings in Brussels.

    • 08 Feb 2018
  • UK mulls syndication future after finishing financial year

    The UK Debt Management Office (DMO) this week rounded out its syndication programme for the 2017-18 financial year with another deal that met with acclaim. Unlike several of its last few deals, the UK did not build a record book — but that development may have helped sway a debate over the future of its syndication programme.

    • 08 Feb 2018
  • Steady hands required as Greece and volatility return

    Despite heavy volatility in the equity markets, in fixed income, public sector bond issuers had an excellent week. A cool €10bn hit the market in tenors from five to 15 years and from all parts of the spectrum within the asset class. Lewis McLellan reports.

    • 08 Feb 2018
  • Greece 'worth the wait'

    After being sidelined by volatility in the equity market this week, Greece made it to market on Thursday with a €3bn seven year.

    • 08 Feb 2018
  • Deutsche makes MD and director cuts, blasts Birmingham DCM

    Deutsche Bank plans to put up to 40 bankers at director level and above in its EMEA investment banking division at risk of redundancy, including the bank's co-head of FIG DCM, GlobalCapital understands. Several of those put at risk were based in Birmingham, including the bank’s head of Europe-US private placements.

    • 08 Feb 2018
  • ESM slashes funding target after approving Spain repayment

    The European Stability Mechanism has cut more than 20% from its funding target for 2018 after approving a request from Spain to pay back €5bn of its ESM loan ahead of schedule.

    • 08 Feb 2018
  • Dollars working well for SSAs — but some benefit more from vol than others

    A pair of dollar deals on Wednesday showcased what bankers felt was a theme during a week with a volatile market backdrop, as a top tier name tightened pricing and was comfortably oversubscribed, while a second tier issuer was able to get a deal away but could not move in from price thoughts.

    • 07 Feb 2018
  • US sell-off a ‘buying opportunity’, say investors

    A battering in the US stock market sent ripples through financial markets on Monday and Tuesday but, with stability returning, investors are keen to put money to work while higher yields are available. But one opportunity to do so was snatched away from them on Tuesday.

    • 07 Feb 2018
  • Greece ‘wisely’ steers clear of bucking market

    Greece, which on Monday announced its intention to sell a seven year, kept away from markets because of wide swings in European govvie spreads — a decision lauded by bankers away from the transaction. Dimitris Tsakonas, head of funding at the Greece's Public Debt Management Agency, spoke to GlobalCapital.

    • 06 Feb 2018
  • UK wins plaudits for tight range against wobbly backdrop

    The UK Debt Management Office drew praise on Tuesday as it priced the final syndication of its 2017-18 financial year at the tight end of a tiny guidance range. Bankers said that result, coupled with the behaviour of the UK’s outstanding curve over the course of the deal, was particularly impressive given a turbulent backdrop in the wider financial markets.

    • 06 Feb 2018
  • Dollar SSAs give investors shelter amid volatility downpour

    Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.

    • 06 Feb 2018
  • Finland plays safe while Bpifrance goes tight

    A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors.

    • 06 Feb 2018
  • EM resilient in face of global equity sell-off

    The Institute of International Finance (IIF) on Monday reported $4bn of outflows from emerging market bond funds since January 30, but even in the face of a global equity sell-off, the asset class has been largely resilient — for now.

    • 06 Feb 2018
  • Talk is cheap, but no longer effective in hindering Russia

    Last week’s chatter in the bond markets about the US applying a new round of sanctions on Russia served to highlight how little investors feel threatened by this kind of talk. Now the US has to take action to affect Russia.

    • 06 Feb 2018
  • Belgium's green bond roadshow appears on schedule

    The Belgian Debt Agency announced on Monday that it would issue its first green OLO in the near future, after a roadshow that begins on Thursday February 8. This fulfils a plan announced by prime minister Charles Michel at the One Planet Summit in December.

    • 05 Feb 2018
  • Greece’s long-awaited seven year arrives

    Since Greece’s debt exchange operation in November, market participants have been expecting a return either at three years or seven years. Monday’s mandate brought the answer.

    • 05 Feb 2018
  • BondMarker results: sweet spot in 10 years

    The votes are in and the scores have been calculated. Read on to see how deals priced in the week beginning January 22 fared with our voters.

    • 05 Feb 2018
  • Relief as US Treasury releases Russia sov sanctions report

    The US Treasury has said that Russia’s bond market is too important to global financial stability to sanction under Directive 1, which is the “most positive scenario for Russian financial instruments,” according to analysis by Danske Bank.

    • 05 Feb 2018
  • Romania raises €2bn with 0bp-1bp concession

    Romania issued €2bn of new debt with a dual tranche offering on Thursday, taking the largest portion of funds with a new 20 year bond.

    • 01 Feb 2018
  • Yellen bows out with hawkish finale as buy-side eyes flattening

    Fixed income investors expect central bank tightening to lead to a flattening of the yield curve, according to a survey released in the same week as Janet Yellen’s final Federal Open Market Committee meeting as US Federal Reserve chair. The “modestly hawkish” statement from the FOMC likely helped flatten the US Treasury yield curve, said analysts.

    • 01 Feb 2018
  • Republic of Poland EUR1bn 1.125% Aug 26

    • 01 Feb 2018
  • Poland builds confidence in green as sovereigns queue

    The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.

    • 01 Feb 2018
  • Barclays cuts hit EMEA levfin head, ECM vice-chair, other senior bankers

    The round of redundancies at Barclays Investment Bank has hit more senior figures, including the head of EMEA leveraged finance, a vice-chairman in ECM, the COO of EMEA banking, as well as other managing directors across the origination businesses.

    • 01 Feb 2018
  • Books €3bn at last update for Romania

    Republic of Romania offered investors a rare opportunity to buy sovereign debt from central and eastern Europe with a three digit spread on Thursday.

    • 01 Feb 2018
  • Voila! France eyes debut Panda bond

    France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks.

    • 01 Feb 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 8,631.56 13 12.63%
2 JPMorgan 7,267.09 8 10.64%
3 Barclays 6,912.22 7 10.12%
4 NatWest Markets 5,400.28 4 7.90%
5 HSBC 4,881.02 6 7.14%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,651.00 27 14.15%
2 HSBC 11,973.58 17 10.82%
3 JPMorgan 11,557.79 19 10.45%
4 Bank of America Merrill Lynch 9,047.71 21 8.18%
5 Goldman Sachs 8,869.90 16 8.02%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,618.01 17 9.87%
2 JPMorgan 11,435.68 20 8.29%
3 Citi 11,339.99 28 8.22%
4 NatWest Markets 9,152.73 8 6.63%
5 Credit Agricole CIB 8,464.56 15 6.13%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,306.13 82 9.61%
2 JPMorgan 28,433.28 108 8.73%
3 HSBC 22,935.74 61 7.04%
4 Barclays 20,560.29 40 6.31%
5 Goldman Sachs 17,261.21 27 5.30%