Latest Sub-sovereigns news

  • Dollars up to speed as SSAs break records

    Dollar SSA issuance picked up in earnest this week after a slower than usual start to the year, with a rich variety of borrowers printing deals, some in record size or with record books. Conditions are such that SSA bankers are confident supply will keep coming and demand stay high for the next few weeks — cheering news for one sovereign issuer looking to make a comeback in the currency.

    • 17 Jan 2019
  • Sterling SSAs brush off Brexit vote as more deals line up

    A record start to the SSA sterling market came to a halt early this week, with borrowers avoiding prints as the UK Parliament delivered a historically large defeat to the government over its planned withdrawal agreement with the European Union. But once the big risk of the event was out the way, supply picked up — although with Brexit’s direction as uncertain as ever, further blocks to issuance are likely.

    • 17 Jan 2019
  • Where’s the bear? IG bond markets charge into 2019

    High grade bond markets have made a flying start to the year, defying the expectations of a bear market in fixed income following the end of the European Central Bank’s asset purchase programme and tightening of monetary policy in the US. Instead of the expected cautious tone, investors have been fuelling record order books, big deals and strong performance in the secondary markets, write Burhan Khadbai and Nigel Owen.

    • 17 Jan 2019
  • Ontario to make it a Canada quartet in dollars after sovereign prints

    The Province of Ontario will this Friday be the fourth SSA from Canada to visit a very strong dollar market this week, after CPPIB Capital printed on Monday, Alberta on Tuesday and the sovereign made a rare visit on Thursday. Dexia Crédit Local also printed in the currency on Thursday and SSA bankers are confident of more supply next week.

    • 17 Jan 2019
  • SSAs find size in dollars as supply tipped to run

    Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.

    • 15 Jan 2019
  • Obituary: John Lee-Tin Jr — Shining brightest

    Cultured, guitar-playing capital markets banker who was widely seen as the best SSA originator in the business died on December 26. He was 48 and had been suffering from cancer.

    • 10 Jan 2019
  • Ireland, Portugal smash order records as SSAs get in before Brexit vote

    Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.

    • 09 Jan 2019
  • 2018 bond deals of the year: SSAs

    In the last year that sovereigns, supranationals and agencies could enjoy the effects of the European Central Bank’s quantitative easing programme — but still had to cope with the Fed pushing up rates — GlobalCapital’s SSA team used its editorial judgement, with inspiration from GC’s world-famous bond comments and patented BondMarker app, to pick what it felt were the top trades of the year. The team strove to find deals that were not just the biggest — it looked for trades that set pricing markers, were innovative and brave or that made an impression in other ways. GC presents the winners here. Congratulations to the issuers and banks involved.

    • 17 Dec 2018
  • GlobalCapital Asia capital markets awards 2018: Bonds

    In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.

    • 11 Dec 2018
  • Atlanta and Baltimore prep pay-for-results green bonds

    The US cities of Atlanta and Baltimore are preparing to issue innovative impact bonds to finance construction of new green infrastructure, such as parks, to soak up floodwater. The deals will pay investors extra if the infrastructure performs better than expected.

    • 28 Nov 2018

Sub-sovereigns news archive

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,065.52 3 14.97%
2 Citi 3,902.17 4 14.37%
3 HSBC 3,735.13 3 13.76%
4 BNP Paribas 3,073.09 4 11.32%
5 Barclays 2,241.64 2 8.26%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 5,565.84 10 14.09%
2 JPMorgan 5,515.04 10 13.96%
3 Barclays 4,957.18 5 12.55%
4 HSBC 4,303.49 5 10.89%
5 BNP Paribas 3,164.15 4 8.01%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,508.82 10 12.85%
2 UniCredit 6,939.32 10 10.48%
3 HSBC 5,618.01 6 8.48%
4 BNP Paribas 5,054.90 8 7.63%
5 Bank of America Merrill Lynch 4,801.82 6 7.25%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,694.12 32 11.71%
2 Citi 11,855.99 25 9.45%
3 HSBC 11,229.95 19 8.95%
4 Barclays 10,953.98 19 8.73%
5 BNP Paribas 8,319.48 16 6.63%