• NWB EUR1.25bn 1% Mar 28

    • 22 Feb 2018
  • EAA EUR1bn 0% Feb 21

    • 22 Feb 2018
  • BNG USD2.5bn 2.5% Feb 20

    • 22 Feb 2018
  • KfW EUR1bn 0.375% Mar 23 tap

    • 22 Feb 2018
  • EIB EUR2bn 1.125% Apr 33 tap

    • 22 Feb 2018
  • BNG prints big in strong dollar mart

    Bank Nederlandse Gemeenten this week capitalised on movements in short end dollar rates to print its largest trade in nearly two years. It was the solitary dollar benchmark this week, but with the Chinese New Year holidays out of the way and Asian investors back at their desks, bankers expect supply to pick up next week and for the very short end to still be the place to be.

    • 22 Feb 2018
  • Evidence builds of tighter green bond pricing

    A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

    • 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
  • Higher rates open up new areas of euro curve

    With the return of stability to the euro public sector market, a new wave of borrowing hit this week. Four core European names brought syndications, some of which were able to access unusual or difficult tenors because of the higher rates on offer.

    • 22 Feb 2018
  • KfW and NWB score in euros

    The public sector bond market in euros is in rude health thanks to the return of stability at higher yields. Two borrowers took advantage of the conditions to pull off smooth executions with skinny new issue premiums on Thursday.

    • 22 Feb 2018
  • BNG prints largest dollar deal in two years

    Bank Nederlandse Gemeenten on Wednesday sold its largest bond in nearly two years, as underlying rate dynamics allowed the issuer to offer a juicy spread over US Treasuries and an attractive yield to investors.

    • 21 Feb 2018
  • NWB, KfW line up as EIB and EAA bring home euros

    The euro SSA market is returning to a more aggressive pace of issuance after a slackening in tempo last week. Two borrowers raised a combined €3bn on Wednesday and another pair are set to print on Thursday.

    • 21 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
  • BNG to bring dollar twos amid elevated swap spreads

    Bank Nederlandse Gemeenten will reopen the dollar market for SSAs after a US public holiday on Monday — but is very much keeping to a trend set in the currency last week.

    • 20 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
  • World Bank lands in Swedish kronor for sustainable bond

    The World Bank has raised Skr1.2bn ($150.2m) with a five year sustainable bond, following up a $350m private placement sold to Folksam Group last week.

    • 19 Feb 2018
  • Funding scorecard: supranationals

    This week's scorecard reveals how far progressed supranationals are in their 2018 funding plans as we hit the middle of February.

    • 16 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
  • World Bank SDG bond marks SRI broadening

    The World Bank’s Sustainable Development Goal (SDG) themed bond could mark a sea change as socially responsible investors broaden their focus from environmental issues to the wider universe of sustainable assets, particularly focused on the UN’s SDGs.

    • 15 Feb 2018
  • Kexim plots public dollars, prints Swissie

    Export-Import Bank of Korea (Kexim) is planning a return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target. It also went to the Swiss franc market this week.

    • 15 Feb 2018
  • US yields go high, SSAs go low in curve

    A jump in US Treasury yields following a higher than expected US inflation print could boost long end dollar supply from SSAs said bankers, although investors might be keen for concerns over inflation to die down first. Meanwhile, issuers have been focusing on short dated arbitrage style trades with benchmark issuance limited this week — and likely next week — due to the Chinese New Year holidays.

    • 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
  • World Bank deal heads SDG bond trend

    The World Bank’s Sustainable Development Goal (SDG) themed bond could mark a sea change as socially responsible investors broaden their focus from environmental issues to the wider universe of sustainable assets, particularly focussed on the UN's SDGs.

    • 14 Feb 2018
  • Inflation print raises US rate rise expectations, as Rentenbank doubles dollar deal

    Investor expectations for the number of US Federal Reserve target rate rises this year grew on Wednesday after inflation figures for the country came in higher than most analysts’ expectations. The shift came on the same day that Rentenbank doubled its minimum size on a dollar syndication.

    • 14 Feb 2018
  • SDG themed bonds ‘growing in prominence’

    Bonds targeting the United Nation’s Sustainable Development Goals (SDG) are set to become a bigger part of the socially responsible investment universe, according to one investor.

    • 14 Feb 2018
  • BondMarker results: a trio of euro prints

    The votes are in — read on to find out how deals priced in the week beginning January 29th fared with our voters.

    • 12 Feb 2018
  • Kexim prints in Swiss francs as market proves 'resilient'

    The Export-Import Bank of Korea (Kexim) printed in Swiss francs on Monday. That was a sign, said bankers in Zurich, that the market is more resilient than others in times of broader volatility, and could welcome more emerging market names in the coming months.

    • 12 Feb 2018
  • Kexim eyes dollar bond return

    The Export-Import Bank of Korea (Kexim) is plotting its return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target.

    • 12 Feb 2018
  • Fannie Mae’s surge makes green MBS a big market

    Fannie Mae has quietly become a powerhouse in green securitization. In 2017 it issued $27.6bn of green mortgage-backed securities, dwarfing all other issuance ever.

    • 11 Feb 2018
  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress Europe's supranational and agency borrowers have made in their funding programmes.

    • 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
  • EIB USD4bn 2.375% May 21

    • 08 Feb 2018
  • BNG USD1.5bn 2.5% Feb 21

    • 08 Feb 2018
  • EFSF EUR3bn 0.95% Feb 28

    • 08 Feb 2018
  • Bpifrance EUR1bn 0.25% Feb 23

    • 08 Feb 2018
  • CAF EUR1bn 1.125% Feb 25

    • 08 Feb 2018
  • CEB USD1bn 2.625% Feb 23

    • 08 Feb 2018
  • Quality euro SSAs thrive amid returning vol

    The euro SSA market reacted with commendable calmness to the Dow Jones’s worst day in six years on Monday but moves in the secondary market on Thursday showed that “vol isn’t dead”, according to one head of SSA DCM.

    • 08 Feb 2018
  • Long-end interest strong for Aussie dollars

    Rates in Australian dollars are compelling compared to most currencies, which has aided long-end demand and allowed for a bumper outing by a supranational this week.

    • 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
  • Bumper week for MTNs in Asian currencies

    Issuance of Indian rupee MTNs is at record levels this year, with dealers citing higher yields and a stable exchange rate for the flows. Elsewhere in the market, Malaysian ringgit has made an appearance for the first time this year.

    • 08 Feb 2018
  • Shaken but not deterred: Lat Am quake cover drives largest World Bank cat bond

    The World Bank has priced $1.36bn of catastrophe bonds to provide earthquake protection to Mexico, Chile, Colombia and Peru, despite bondholders losing their principal on Mexico’s last cat bond after a quake in September.

    • 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
  • EFSF gets big book for no-grow

    The European Financial Stability Facility (EFSF) gathered a €14bn book on Wednesday, easily covering its €3bn no-grow deal. The no-grow language, plus the pick-up to OATs it offered, likely helped demand, said bankers.

    • 07 Feb 2018
  • CEB ready for social spring, NRW preps sustainability

    The Council of Europe Development Bank (CEB) is planning to bring its second ever social inclusion bond in the spring, and has outlined to GlobalCapital the expected currency and tenor. The State of North Rhine-Westphalia also looks set to bring an SRI bond, after mandating banks on Wednesday for a roadshow.

    • 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
  • CAF cuts cool figure in euros to beat volatility

    Bankers observing South American development bank CAF’s return to euro markets on Tuesday suggested that the multilateral had done well to push through equity market volatility with its largest ever euro deal.

    • 07 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
  • The HLEG’s report: L’union fait la force

    In the week Belgium announces its first green bond roadshow, the national motto (Eendracht maakt macht in Dutch) aptly captures the real importance of the European Commission’s new roadmap on sustainable finance, which lays out a panoply of actions Europe could take to green its financial system. That is: unity makes strength.

    • 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
  • World Bank sells joint largest Aussie in six years

    Rates in Australian dollars are compelling compared to most currencies, which has aided long-end interest and allowed for a bumper outing by a supranational.

    • 06 Feb 2018
  • CAF set to price euro benchmark

    South American development bank Corporación Andina de Fomento (CAF) is due to price its first benchmark of 2018 after announcing initial price thoughts for a euro-denominated seven year.

    • 06 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
  • Three hit screens in buoyant dollar mart

    Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.

    • 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
  • Funding scorecard: French agencies

    This week's scorecard looks at the funding progress of French agencies as we move into February.

    • 02 Feb 2018
  • HLEG pushes stricter EU green bond label

    The European Commission's High Level Expert Group on Sustainable Finance has put a high priority on green bonds, proposing a new EU standard, to be put in place this year, which could be more stringent than current market practice.

    • 01 Feb 2018
  • FADE EUR1.5bn 0.5% Mar 23

    • 01 Feb 2018
  • SFIL EUR1bn 0.75% Feb 26

    • 01 Feb 2018
  • EU EUR2.4bn 0.5% Apr 25

    • 01 Feb 2018
  • Euro breather as market readies for Feb

    While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.

    • 01 Feb 2018
  • EU law to steer markets to green future

    Europe’s financial system turned a corner this week, as the European Commission declared it would introduce legislation to redirect markets towards sustainability and equip them to face the threat of climate change, writes Jon Hay.

    • 01 Feb 2018
  • KfW seeks green currency diversity

    KfW is taking steps to diversify its green bond issuance away from euros and dollars. Taking advantage of strong demand for sustainable investment in Sweden, it sold its largest ever green Swedish krona bond.

    • 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%