ELIGIBLEûTOûBUYûNEGATIVE
YIELDINGûPAPER ûSOû
THEYûWEREûABLEûTOûBUYûAGAINv
Morgan Stanley ûSociete Generale and
UniCreditûWEREûJOINTûLEADûMANAGERS
NON-CORE CURRENCIES
BASIS OPENS UP CANADIAN ROUTE FOR
ISSUERS
The EUROPEAN INVESTMENT BANK and WORLD BANK
BOTHûJUMPEDûONûAûFAVOURABLEûSHIFTûINûTHEû
Canadian/US dollar basis swap to bring a
combined C$2bn (US$1.53bn) of bonds last
week.
33!ûISSUERSûHAVEûBEENûEXPLORINGû#ANADIANû
DOLLARSûAGAINûAFTERûEXTENDEDûABSENCESûFROMû
THEûCURRENCYû4HEû)&# ûFORûEXAMPLE ûBROKEûAû
dry spell that had lasted more than 10 years
WHENûITûSOLDûAû#MûlVE
YEARû'LOBALûATû
swaps plus 3bp in early July.
!ûLEADûONûTHEû%)"û#BNûTHREE
YEARûDEALû
said the change in the basis swap has been
THEûDRIVINGûFORCEûBEHINDûTHEûPICK
UPûINû
issuance. The three-year Canadian/US dollar
BASISûTOUCHEDû
BPûATûTHEûENDûOFû ûBUTû
HASûSINCEûTIGHTENEDûTOû
BP ûACCORDINGûTOû
Thomson Reuters data.
h4HEûMOVEMENTûINûTHEûBASISûGAVEûANû
opportunity to bring the EIB back to
#ANADIANûDOLLARS vûSAIDûTHEûLEADûh7EVEû
SEENûAûNUMBERûOFûlVE
YEARûTRADESûVERSUSû
VIRTUALLYûNOTHINGûTHEûYEARûBEFORE ûBUTûTHREE
YEARSûISûEVENûRARERûASûITûHASûBEENûSOûCOSTLYv
The lead had to stretch his mind back to a
three-year deal from KommuneKredit to
lNDûAûCOMPARABLEûDEALûFROMûANû33!ûISSUERû
outside of Canada. KommuneKredit brought
its trade in 2015.
4HEû4RIPLEû!ûRATEDûSUPRANATIONALûDREWû
ORDERSûOFû#BN ûANDûPRICINGûCAMEûATû
SWAPSûLESSûBP ûINûLINEûWITHû)04S
h7EûGOTûAûSTRONGûPLACEMENTûWITHûAûVARIETYû
OFûBANKS ûREALûMONEYûACCOUNTSûANDûCENTRALû
BANKSûINVOLVED ûWHICHûALLOWEDûUSûTOûACHIEVEû
SIZE vûSAIDûTHEûLEAD
"ANKSûTOOKûûOFûTHEûNOTES ûCENTRALûBANKSû
ANDûOFlCIALûINSTITUTIONSû ûASSETûMANAGERSû
ûANDûINSURERSûANDûPENSIONûFUNDSûû"Yû
GEOGRAPHY ûûWENTûTOû%-%! ûûTOû
#ANADA ûûTOû!SIAûANDûûTOûTHEû!MERICAS
BMO ûCIBC ûRBC and Scotiabank were lead
managers.
4HEû7ORLDû"ANKûALSOûRAISEDû#BN û
ALTHOUGHûITûWENTûAûTOUCHûLONGERûWITHûAûlVE
YEARû3USTAINABLEû$EVELOPMENTûBOND
The issuer started marketing the notes at
swaps plus 2bp area.
“Pricing looks good if a tad on the punchy
SIDE vûSAIDûAûBANKERûAWAYûh"UTûSUSTAINABILITYû
ISûAûBIGûFOCUSûFORûLOTSûOFûPEOPLEûANDû)ûEXPECTûAû
LOTûOFûITûTOûBEûPLACEDûDOMESTICALLYv
$OMESTICû#ANADIANûINVESTORSûDIDûINDEEDû
TAKEûTHEûVASTûMAJORITYûOFûTHEûBONDû$EMANDû
REACHEDû#BN ûANDûTHEûSPREADûWASûSETûINû
line with IPTs.
The notes were launched with the
intention of raising awareness of the
SIGNIlCANTûANDûLONG
LASTINGûBENElTSûOFû
INVESTINGûINûTHEûHEALTHûANDûNUTRITIONûOFû
WOMEN ûADOLESCENTSûANDûCHILDREN
BMO Capital Markets, Scotiabank and TD
Securities were lead managers for the World
Bank.SMALL KANGAROO MOB!ûTRIOûOFû33!ûSTALWARTSûTAPPEDû+ANGAROOû
LINESûLASTûWEEK ûALTHOUGHûTHEYûRAISEDûJUSTû
!Mû53M ûINûTOTALûBETWEENûTHEM
'ERMANûDEVELOPMENTûBANKûKFW ûRATEDû
!AA!!!!!!û-OODYS303COPE ûANDû
guaranteed by the Federal Republic of
'ERMANY ûLASTû4UESDAYûPRICEDûAû!Mû
INCREASEûOFûITSûû-ARCHûû+ANGAROOû
ISSUE ûBRINGINGûTHEûTOTALûOUTSTANDINGûTOû
!M
The reopening was priced at 100.369 to
YIELDûû4HISûWASûEQUIVALENTûTOûBPû
OVERûTHEû-AYûû!#'"ûANDûBPûOVERû
SEMI
QUARTERLYûASSETûSWAPS ûINûLINEûWITHû
GUIDANCEûOFûBPûAREAûTD Securities was sole
lead manager.
Two more borrowers followed on Friday.
4RIPLEû!ûRATEDûNEDERLANDSE
WATERSCHAPSBANKûPRICEDûAû!MûINCREASEûTOû
ITSûû+ANGAROOûDUEû*ULYû ûBRINGINGû
THEûTOTALûOUTSTANDINGûTOû!M
4HEûREOFFERûPRICEûOFûûGAVEûAûYIELDûOFû
ûSEMI
ANNUALLY ûEQUATINGûTOûAû
REOFFERûLEVELûOFûBPûOVERûSEMI
QUARTERLYû
ASSETûSWAPS ûORûBPûOVERûTHEû-AYûû
!#'"ûHSBC was the sole lead manager.ALL SOVEREIGN BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 Barclays 15 11,552.98 12.0
2 Citigroup 16 9,560.05 9.9
3 JP Morgan 13 9,541.35 9.9
4 BNP Paribas 12 7,660.47 7.9
5 HSBC 11 7,339.59 7.6
6 NatWest Markets 6 6,826.39 7.1
7 SG 11 5,984.29 6.2
8 Santander Global 5 4,589.15 4.8
9 BBVA 3 3,813.65 4.0
10 Goldman Sachs 7 3,723.50 3.9
Total 34 96,391.70
Excluding ABS/MBS.
Source: Thomson Reuters SDC code: N4ALL INTERNATIONAL US$ BONDS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 432 122,308.96 9.8
2 Citigroup 443 120,126.44 9.6
3 BAML 367 96,995.58 7.8
4 Barclays 265 86,273.09 6.9
5 Goldman Sachs 249 76,006.70 6.1
6 HSBC 257 69,049.84 5.5
7 Morgan Stanley 242 64,902.36 5.2
8 Wells Fargo 232 58,737.15 4.7
9 Deutsche Bank 229 53,907.25 4.3
10 Credit Suisse 221 44,189.46 3.5
Total 1,481 1,245,835.19
Including Euro, foreign and global issues. Excluding equity-related debt, US Global ABS/MBS.Source: Thomson Reuters SDC code: O1ALL SUPRANATIONAL BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 Credit Agricole 16 5,952.83 9.6
2 UniCredit 8 5,177.58 8.4
3 Commerzbank 10 5,126.72 8.3
4 Barclays 8 5,099.94 8.2
5 SG 8 4,176.26 6.8
6 HSBC 12 4,069.37 6.6
7 Deutsche Bank 9 3,764.58 6.1
8 JP Morgan 7 3,735.22 6.0
9 DZ Bank 9 3,509.88 5.7
10 Goldman Sachs 6 3,120.03 5.0
Total 53 61,853.75
Excluding ABS/MBS.
Source: Thomson Reuters SDC code: N5ALL AGENCY BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 Credit Agricole 18 6,288.80 9.1
2 JP Morgan 17 6,106.07 8.9
3 Goldman Sachs 11 5,901.87 8.6
4 Commerzbank 14 5,223.00 7.6
5 HSBC 22 5,190.59 7.5
6 Deutsche Bank 14 4,452.45 6.5
7 SG 15 4,054.16 5.9
8 BNP Paribas 11 3,887.74 5.6
9 UniCredit 9 3,784.17 5.5
10 LBBW 9 2,787.38 4.0
Total 93 68,861.78
Excluding equity-related debt. Including publicly owned institutions.
Source: Thomson Reuters SDC code: N6
MUNICIPAL, CITY, STATE, PROVINCE ISSUES IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 UniCredit 31 4,748.13 15.5
2 DGZ-DekaBank 22 3,233.62 10.5
3 HSBC 20 3,227.37 10.5
4 LBBW 20 2,478.32 8.1
5 JP Morgan 10 1,877.02 6.1
6 Nord/LB 17 1,819.31 5.9
7 Deutsche Bank 15 1,810.55 5.9
8 Credit Agricole 6 1,233.27 4.0
9 BBVA 5 950.36 3.1
10 Barclays 7 945.21 3.1
Total 79 30,730.38
Excluding ABS/MBS.
Source: Thomson Reuters SDC code: N7