h4HEYûWILLûGETûSOMEûSIZEûDONE ûANDûFORûTHATû
)ûCOULDûIMAGINEûANYTHINGûFROMûlVEûTOûSEVEN
YEARS û+F7
STYLE vûTHEûlRSTûBANKERûSAID
4HEûTHIRDûBANKERûAGREEDûh4HEYûWILLûPLAYû
VERYûSAFEû!ûlVEûTOûSEVEN
YEARûTENOR ûSTARTINGû
WITHûAûNEW
ISSUEûCONCESSIONûOFûBPû4HEû
NEEDûFORûDURATIONûHASûCHANGED ûTHEûAPPETITEû
ISûLESSûNOWûANDûTHEYûHAVEûDONEûAûLOTûOFûLONG
TERM vûHEûSAID
%&3&ûHASûNOTûDONEûlVE
YEARSûINû û
ALTHOUGHûITûTAPPEDûITSû/CTOBERûSûBYû
õBNûINûANUARYû4HATûCAMEûATûBPûTHROUGHû
SWAPSûANDûWASûBIDûATûLESSûBPûONû&RIDAY û
according to Tradeweb.
%3-ûPRINTEDûAûõBNûULYûûINûULYûATû
LESSûBP ûWHICHûWASûQUOTEDûAûLITTLEûTIGHTERû
ATûLESSûBP
h)ûTHINKûEVERYTHINGûISûOPEN vûSAIDûTHEû
second banker.
%&3&ûLASTûCAMEûTOûMARKETûINûULY ûSELLINGûAû
DUAL
TRANCHEûõBNûû*ULYûûANDûõBNû
û&EBRUARYûûTAPûATûSWAPSûPLUSûBPû
ANDûLESSûBP ûRESPECTIVELY
4HEûLONGERûTRANCHEûWASûBIDûATûBPûONû
&RIDAY ûBUTûTHEû
YEARûHADûWIDENEDûTOûLESSû
BP
(OWEVER ûTHEûSECONDûBANKERûDOESûNOTû
BELIEVEû%&3&ûWILLûEMULATEû+F7 ûANDûWILLû
INSTEADûLOOKûATûTHEûûTOû
YEARûPARTûOFûTHEû
curve.
h4HEYûHAVEûAûSMALLûSIZEûLEFTûTOûDOû
ûõBNû
GOINGûUNTILûYEAR
END ûHEûSAIDûh)ûRECKONûTHEYû
WILLûDOûAûõBNûANDûLEAVEûõBNûFORûLATERûONv
ICO PLANS ROADSHOW AHEAD
OF SOCIAL BOND
INSTITUTO DE CREDITO OFICIAL ûEXPLICITLYû
GUARANTEEDûBYûTHEû+INGDOMûOFû3PAIN ûHASû
mandated Credit Agricole and HSBC to arrange
AûSERIESûOFûMEETINGSûWITHûlXEDûINCOMEû
INVESTORSûINû%UROPEûSTARTINGû-ONDAYû
November 5.
!NûEURO
DENOMINATEDû2EGû3û3OCIALû"ONDû
TRANSACTIONûWITHûANûINTERMEDIATEûMATURITYû
WILLûFOLLOW ûSUBJECTûTOûMARKETûCONDITIONS
)#/ûISûRATEDû"AA!
!
STERLING
NRW.BANK BRINGS STERLING, IFC TAPSNRW.BANK and the INTERNATIONAL FINANCE
CORPORATIONûSAWûAûWINDOWûOFûOPPORTUNITYûINû
THEûSTERLINGûMARKETûLASTû7EDNESDAYû4HEû
FORMERûPRICEDûAûaMûlVE
YEAR ûWHILEûTHEû
latter increased its £350m December 2023
'REENûBONDûBYûaM
Despite sending order book updates
DURINGûTHEûPROCESS û.27"ANKûDIDûNOTûMOVEû
PRICINGûFROMûGUIDANCE ûLAUNCHINGûATûBPû
OVERûTHEûû3EPTEMBERûû'ILT
h.27"ANKûLOOKEDûOKAY vûSAIDûAûBANKERû
AWAYûh)TûLOOKSûCHEAP ûOFFERINGûBP
BPûOFû
CONCESSIONûATûPLUSûBP ûCOMINGûBP
BPû
BACKûOFû'ERMANûPEERSû+F7ûANDû2ENTENBANKû
)TûHASûHISTORICALLYûBEENûBP
BPûBACKv
,EADSûALSOûUSEDû.27"ANKSû*UNEûûTOû
DETERMINEûFAIRûVALUE ûBIDûATûBPûOVERû'ILTSû
LASTû7EDNESDAY ûACCORDINGûTOû4RADEWEB
h.27"ANKûISûAûVERYûmEXIBLEûISSUERû4HEYû
BROUGHTûTHISûTRADEûNOWûBECAUSEûTHEYûWANTû
to target different markets to keep different
INVESTORûBASESûHAPPY vûSAIDûONEûOFûTHEûLEADSû
on NRW.Bank.Barclays ûBank of America Merrill Lynch and
HSBCûWEREûJOINTûLEADûMANAGERS
IFC did not hang around either.
The Washington supranational tapped its
$ECEMBERûû'REENûBONDûBYûaMûATû
BPûOVERû'ILTS ûINCREASINGûITûTOûaM ûVIAû
Citigroup ûNatWest Markets and Standard
Chartered.NON-CORE CURRENCIES
TCORP READIES GREEN
BOND DEBUTNEW SOUTH WALES TREASURY CORP ûRATEDû!AA!!!û
-OODYS30 ûISûMARKETINGûAûDEBUTû
!USTRALIANûDOLLARû'REENûBONDûTHROUGHûJOINTû
lead managers ANZ ûBank of America Merrill
Lynch and NAB.
4REASURYû#ORPûOFû6ICTORIA ûALSOûRATEDû
!AA!!!û-OODYS30 ûBECAMEû!USTRALIASû
lRSTûREGIONALûISSUERûOFû'REENûBONDSûINû*ULYû
ûWITHûAû!Mû53M ûlVE
YEARû
print.
1UEENSLANDû4REASURYû#ORP ûRATEDû!A!! û
-OODYS30 ûFOLLOWEDûINû-ARCHûûWITHû
Aû!MûSEVEN
YEARALL SOVEREIGN BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 Barclays 18 13,017.18 11.3
2 JP Morgan 18 11,544.17 10.0
3 Citigroup 19 10,346.38 9.0
4 BNP Paribas 15 9,182.61 7.9
5 HSBC 12 7,836.83 6.8
6 SG 15 7,549.52 6.5
7 NatWest Markets 7 7,419.18 6.4
8 Goldman Sachs 9 4,996.03 4.3
9 Credit Agricole 8 4,973.49 4.3
10 Santander 5 4,589.15 4.0
Total 44 115,510.11
Excluding ABS/MBS.Source: Refinitiv SDC code: N4ALL INTERNATIONAL US$ BONDS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 607 164,350.37 9.4
2 Citigroup 608 158,005.46 9.0
3 BAML 510 139,738.87 8.0
4 Barclays 372 115,186.09 6.6
5 Goldman Sachs 365 108,584.57 6.2
6 HSBC 363 95,381.43 5.4
7 Morgan Stanley 353 93,539.19 5.3
8 Wells Fargo 324 84,479.51 4.8
9 Credit Suisse 313 79,399.99 4.5
10 Deutsche Bank 300 70,929.15 4.0
Total 2,096 1,754,494.73
Including Euro, foreign and global issues. Excluding equity-related debt,
US Global ABS/MBS.
Source: Refinitiv 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 23 6,615.92 8.7
2 UniCredit 13 6,598.08 8.6
3 Barclays 11 6,071.18 8.0
4 JP Morgan 12 6,013.71 7.9
5 HSBC 15 5,600.43 7.3
6 Commerzbank 16 5,592.06 7.3
7 SG 10 4,292.42 5.6
8 DZ Bank 10 4,257.75 5.6
9 BAML 16 4,244.23 5.6
10 Goldman Sachs 7 4,121.79 5.4
Total 78 76,357.43
Excluding ABS/MBS.
Source: Refinitiv SDC code: N5ALL AGENCY BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 Commerzbank 27 8,953.16 8.9
2 JP Morgan 21 7,979.32 7.9
3 HSBC 31 7,941.85 7.9
4 Credit Agricole 26 7,530.61 7.5
5 Goldman Sachs 14 6,507.79 6.4
6 Citigroup 15 5,736.05 5.7
7 Barclays 19 5,680.79 5.6
8 SG 25 5,651.38 5.6
9 BNP Paribas 22 5,514.82 5.5
10 Deutsche Bank 18 5,039.02 5.0
Total 157 100,994.93
Excluding equity-related debt. Including publicly owned institutions.
Source: Refinitiv 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 39 7,919.83 17.6
2 HSBC 32 4,432.62 9.9
3 DGZ-DekaBank 32 4,374.90 9.7
4 LBBW 27 3,243.28 7.2
5 Nord/LB 24 2,728.15 6.1
6 Deutsche Bank 22 2,599.92 5.8
7 JP Morgan 17 2,378.65 5.3
8 DZ Bank 19 2,074.89 4.6
9 BayernLB 14 1,624.19 3.6
10 Credit Agricole 11 1,467.85 3.3
Total 124 44,900.26
Excluding ABS/MBS.
Source: Refinitiv SDC code: N7