SSAR
US DOLLARS
EAA AND OEKB GO HEAD TO HEAD
IN DOLLARS
ERSTE ABWICKLUNGSANSTALT and
OESTERREICHISCHE KONTROLLBANK found favour
INûTHEû53ûDOLLARûMARKETûLASTû4UESDAYûWHENû
BOTHûPRICEDû53BNûNO
GROWS
“The US dollar market has been in great
SHAPE vûSAIDûAû$#-ûBANKERûh4HEREûHASûBEENû
much less issuance than redemptions this
YEARûANDûTHISûWILLûSUPPORTûANOTHERûDECENTû
RUNû7EûHAVEûAûTHREE
YEARûANDûAûlVE
YEARûINû
THEûMARKETûnûTHATûISûPERFECT ûNOBODYûISû
INTERRUPTINGûEACHûOTHERv
%!!ûBROUGHTûAûTHREE
YEARû2EGû3û
TRANSACTIONûATûBPûOVERûMID
SWAPSûTHROUGHû
Barclays ûCommerzbank ûCredit Agricole û
Deutsche Bank and HSBC.
4HEûDEALûEXTENDEDûITSûCURVEûBYûONEû
YEARûTOû.OVEMBERûû0RIORûTOûTHAT û
its longest outstanding was a US$1bn
û.OVEMBERûûTHATûWASûBIDûLASTû
4UESDAYûATûBPûOVER ûACCORDINGûTOû4RADEWEBû
prices.
h4HEYûHADûONEûMOREûTRADEûTOûDOûBEFOREû
THEûENDûOFûTHEûYEAR vûSAIDûONEûOFûTHEûLEADSû
h4HEYûUSUALLYûISSUEû53ûDOLLARSûORûEUROSûAND û
ATûTHEûMARGIN ûTHEû53ûDOLLARûMARKETûISûAûBITû
more constructive than euros. In terms of
COST ûTHEREûWASûAûMARGINALûBENElTûFORû
CHOOSINGû53ûDOLLARSv
53ûDOLLARûTRADESûFROMûPEERSû+F7ûANDû
NRW.Bank were among the other
COMPARABLESû+F7ûPRICEDûAû53BNû
û$ECEMBERûûmATûTOûSWAPSûINû
EARLYû/CTOBERûONûBOOKSûINûEXCESSûOFû
53BNû)TûWASûBIDûLASTû4UESDAYûATû
less 0.5bp.
.27"ANKûPRICEDûAû
TIMESûSUBSCRIBEDû
53BNûû/CTOBERûûINûLATEû
3EPTEMBERûATûBPûOVER ûWHICHûHADûSINCEû
tightened to plus 2bp.
/E+" ûINûCONTRAST ûBROUGHTûAûlVE
YEARû
'LOBALûATûBPûOVERûMID
SWAPSûTHROUGHûBank
of America Merrill Lynch ûCitigroup ûGoldman
Sachs and HSBC.
&ORûPRICINGûREFERENCES ûBANKERSûLOOKEDû
ATû/E+"SûOWNûCURVE ûWHICHûWASûALSOû
EXTENDEDûBYûTHEûNEWûISSUEû4HEû!USTRIANû
AGENCYSû53BNûû-ARCHûSû
WEREûBIDûATûBPûOVERûATûTHEûTIMEûOFû
pricing.
SWEDISH EXPORT CREDIT CORPORATION was
ALSOûINûTHEûMARKETûLASTû7EDNESDAY û
WITHûAûCONVENTIONALû53BNûNO
GROWûTHREE
YEARûBONDûTHROUGHûBank of America Merrill
Lynch ûBarclays ûCredit Agricole and Deutsche
Bank.
7ITHûBOOKSûINûEXCESSûOFû53BN ûTHEû
ISSUERûLANDEDûATûBPûOVERûMID
SWAPS ûINûLINEû
with IPTs.
!CCORDINGûTOûONEûOFûTHEûLEADS ûTHEûDEALû
WASûFAIRLYûPRICEDûWHENûCOMPAREDûWITHûOTHERû
TIGHTERû3CANDINAVIANûNAMESûSUCHûASû+".û
ANDû-UNIlN
+". ûFORûEXAMPLE ûPRICEDûAû53BNû
û/CTOBERûûATûBPûOVERûMID
SWAPSû
)TûWASûBIDûATûBPûOVERûLASTû7EDNESDAY û
according to Tradeweb.EUROS
FIELD WIDE OPEN FOR EFSF’S RETURNEUROPEAN FINANCIAL STABILITY FACILITYSûlRSTû
TRANSACTIONûSINCEû*ULYûHASûBANKERSûDIVIDED û
with some believing the supranational will
EMULATEû+F7SûLATESTûEURO ûWHILEûOTHERSûSEEû
the medium to longer end of the curve as a
POSSIBILITY
+F7ûCHOSEûSIZEûOVERûPRICEûLASTû4UESDAY û
OFFERINGûAûBPûCONCESSIONûFORûAûõBNû
November 2023 Global that priced at 20bp
THROUGHûMID
SWAPS
h)ûTHINKûTHEûFACTûTHATû+F7ûWASûAûREALLYû
good transaction in the middle part of the
curve will matter. I wouldn’t be surprised if
%&3&ûDOESûSOMETHINGûSIMILAR vûSAIDûAû
SYNDICATEûBANKER
+F7ûSTARTEDûMARKETINGûATûLESSûBPûAREA û
but pricing was pushed tighter as books
grew in excess of €12bn.
h)TûWASûVERY ûVERYûCHEAP ûSOûNOûWONDERûITû
SOLDûLIKEûFRESHûBREAD vûSAIDûAûSECONDû
SYNDICATEûBANKER ûADDINGûTHATûITûNEEDEDûTOû
BEûATTRACTIVEûGIVENûHOWûMUCHû+F7ûHADû
ALREADYûRAISEDûINûEUROS
h4HISûYEARûINûEUROS ûTHEYûHAVEûDONEûTWOû
YEARS ûTWOûSEVEN
YEARS ûTWOûlVE
YEARS ûSOû
ITûISûPROBABLYûTHEûBIGGESTûYEARûEVERûINûTERMSû
OFûBENCHMARKSûFORû+F7 ûWHICHûCANûEXPLAINû
THEûUNDERPERFORMANCE vûHEûSAIDûh4HISûISûNOTû
THEûCASEûFORû%&3&v
4HEûlRSTûBANKERûANDûAûTHIRDûBOTHû
THINKûTHISûWILLûBEû%&3&SûLASTûFORAY û
COMPLETINGûTHEûõBNûITûHASûLEFTûTOûFUNDûFORû
THEûYEARBONDS SSAREUROPEAN SOVEREIGN BOND AUCTION RESULTS WEEK ENDING OCTOBER 31 2018
Pricing date Issuer Size Coupon (%) Maturity Average Yield (%) Bid-to-cover
Oct 30 2018 Italy €2bn 2.45 Oct 1 2023 2.58 1.48
Oct 30 2018 Italy (FRN) €1bn 0.141 Sep 15 2025 2.32 1.67
Oct 30 2018 Italy €2.5bn 2.80 Dec 1 2028 3.36 1.49
Source: IFR
ALL US DOLLAR FIXED-RATE GLOBALS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 178 66,610.09 11.5
2 JP Morgan 174 59,052.34 10.2
3 Citigroup 156 52,682.46 9.1
4 Barclays 103 48,322.44 8.3
5 Goldman Sachs 111 44,108.06 7.6
6 Wells Fargo 110 35,902.81 6.2
7 Morgan Stanley 101 30,303.55 5.2
8 HSBC 61 28,021.94 4.8
9 Deutsche Bank 60 27,202.45 4.7
10 RBC 74 25,562.88 4.4
Total 358 580,517.54
Excluding equity-related debt, ABS/MBS.Source: Refinitiv SDC code: O5ALL INTERNATIONAL BONDS (ALL CURRENCIES)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 913 240,511.63 7.3
2 Citigroup 866 220,899.46 6.7
3 HSBC 858 198,173.89 6.1
4 BAML 706 190,675.66 5.8
5 Barclays 658 190,205.22 5.8
6 Goldman Sachs 526 162,514.34 5.0
7 Deutsche Bank 632 146,299.41 4.5
8 Morgan Stanley 534 132,109.02 4.0
9 BNP Paribas 569 131,433.81 4.0
10 Credit Suisse 479 108,793.01 3.3
Total 4,936 3,274,267.63
Including Euro, foreign, global issues. Excluding equity-related debt,
US Global ABS/MBS.
Source: Refinitiv SDC code: J1ALL BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 BNP Paribas 319 71,223.69 7.1
2 SG 264 61,442.41 6.1
3 HSBC 306 60,164.00 6.0
4 Deutsche Bank 268 54,484.86 5.4
5 Credit Agricole 249 54,186.44 5.4
6 JP Morgan 221 53,153.60 5.3
7 UniCredit 253 50,167.52 5.0
8 Barclays 199 49,609.72 5.0
9 Citigroup 189 43,810.56 4.4
10 Goldman Sachs 140 40,037.46 4.0
Total 1,499 1,000,916.70
Including Euro-preferreds. Excluding equity-related debt,
US Global ABS/MBS.
Source: Refinitiv SDC code: N1