QUALIFYINGûLIQUIDITYûSOURCES ûENABLINGûITûTOû
handle stress scenarios. It plans to issue up to
€2.5bn of debt in 2018 via public and private
placements, and also aims to establish a
commercial paper programme by year-end.
)TûISûNOTûTHEûlRSTûTIMEûTHATû%UROCLEARû
Group has issued debt in 2018.
Euroclear Investments (AA–/AA S&P/
&ITCH ûAûNON
OPERATINGûHOLDINGûCOMPANY û
sold a €700m dual-tranche trade in March to
increase the loss-absorbing capacity of its
main subsidiaries, including Euroclear Bank.
Traditional lenders account for most
issuance driven by the Minimum
Requirement for own Funds and Eligible
,IABILITIESû-2%, ûBUTûTHEûRULESûALSOûAPPLYûTOû
entities such as Euroclear Bank to ensure
they can perform critical economic
functions even in a crisis.
%UROCLEARû"ANKSûlNALû-2%,ûREQUIREMENTû
is not yet certain. As such, the EMTN
programme has been structured to enable it
to issue senior non-preferred debt, giving it
MOREûmEXIBILITYûSHOULDûITSûlNALûREQUIREMENTû
BEûHIGHERûTHANûEXPECTED
STERLING
CBA TAPS STERLING MARKETCOMMONWEALTH BANK OF AUSTRALIA (Aa3/AA–/
!!n ûRAISEDûaMûFROMûAûTHREE
YEARûSENIORû
UNSECUREDû2EGû3ûmOATING
RATEûNOTEûISSUE û
priced 45bp wide of three-month Libor.
CBA, Credit Suisse and Nomura were joint
bookrunners on last Wednesday’s trade.
The previous major bank sterling trade
was the Australia and New Zealand Banking
Group’s £275m three-year senior unsecured
FRN on March 14, which priced at three-
month Libor plus 32bp.
"EFOREûTHATû7ESTPACûPRINTEDûAûaMûlVE
YEARûCOVEREDûmOATERûATûBPûOVERû
three-month Libor on January 11.
CBA will consider opportunities to
repurchase outstanding long-term
Australian dollar debt via open-market
purchases or other means, as part of its
balance sheet management. The
repurchases will help reduce CBA’s debt
MATURITYûPROlLE ûLOWERûOVERALLûFUNDINGûCOSTSû
and assist in meeting regulatory changes
and requirements.
4HEûlVEûLINESûTHATû#"!ûWILLûCONSIDERû
repurchasing are the A$2bn October 2018s,
A$1.5bn April 2019s, A$2bn July 2019s,
A$1.75bn October 2019s and A$1.5bn July 2020s.
Under Australian liquidity rules, bonds
are no longer treated as term debt when
maturities fall below 12 months.SWISS FRANCS
BARCLAYS BRINGS BRITISH BANKS BACK
TO SWISSBARCLAYS PLC reopened the Swiss market for
"RITISHûBANKSûAFTERûSIXûYEARSûONû4HURSDAYû
with a debut UK bank senior holdco
benchmark.
Books opened for a minimum SFr150m
lVE
YEARûWITHûANûEXPECTEDûûCOUPONûATû
mid-swaps plus 120bp area.It priced in line with mid-swaps guidance
ANDûWITHûTHEûEXPECTEDûCOUPONûFORûAûSLIGHTLYû
upsized SFr175m, giving a 1.07% yield or
Swiss governments plus 151bp.
That was a “nice outcome in terms of size
and price, especially considering the very
SHORTûFORûTHEû3WISSûMARKET û4 ûSETTLEMENTû
ANDûVERYûLARGEûFORûTHEû3WISSûMARKET ûKû
DENOMSv ûSAIDûONEûLEADûOFlCIAL
It came “slightly inside where Barclays
could do a euro unsecured transaction
today, which is currently the tightest
currency for them on a swapped basis,” said
Stefan Bösl, director, DCM bonds
Switzerland at Commerzbank.
Against compatriots in the Swiss franc,
the bonds came at a fair premium to
Goldman Sachs 0.5% December 2024s at plus
70bp and Credit Agricole 0.625% July 2024s
at plus 87bp.
Both are rated slightly better, at Baa2/
BBB+/A+ and A3/BBB+/A respectively, than
the Baa3/BBB/A Barclays trade.
Having been hit hard recently, Deutsche
"ANKûû&EBRUARYûSû"AA"""
! û
were seen at plus 167bp.
The bond was issued off the EMTN Debt
Issuance Programme under English law.ALL FINANCIAL INSTITUTION BONDS IN EUROS
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues €(m) (%)
1 UBS 25 11,534.29 10.8
2 BNP Paribas 41 10,113.91 9.5
3 Deutsche Bank 34 8,001.03 7.5
4 SG 28 7,131.32 6.7
5 HSBC 36 6,331.01 5.9
6 Natixis 14 5,210.43 4.9
7 Credit Agricole 20 4,822.32 4.5
8 JP Morgan 26 4,585.58 4.3
9 Morgan Stanley 20 4,358.18 4.1
10 Barclays 21 3,636.99 3.4
Total 171 106,584.85
Including banks, insurance companies and finance companies. Excluding equity-related and covered bonds. Excluding publicly owned institutions.Source: Thomson Reuters SDC code: N11ALL SUBORDINATED FINANCIAL INSTITUTION
BONDS (ALL CURRENCIES)
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 SG 9 3,106.55 7.0
2 BNP Paribas 15 3,087.74 6.9
3 JP Morgan 16 3,023.05 6.8
4 HSBC 16 2,548.67 5.7
5 BAML 13 2,429.82 5.4
6 UBS 12 2,295.96 5.1
7 Morgan Stanley 13 2,188.93 4.9
8 Citigroup 13 2,134.06 4.8
9 Goldman Sachs 11 2,133.17 4.8
10 Deutsche Bank 11 1,948.36 4.4
Total 64 44,667.58Source: Thomson Reuters SDC code: J3aALL GLOBAL AND EUROMARKET YEN BONDS
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues ¥(m) (%)
1 Nomura 9 56,566.67 19.9
2 Sumitomo Mitsui Finl 5 53,650.03 18.9
3 Mizuho 8 43,766.69 15.4
4 Daiwa Securities 7 23,916.67 8.4
5 MUFG 1 21,833.33 7.7
=5 BAML 1 21,833.33 7.7
7 Barclays 4 11,650.00 4.1
8 HSBC 1 10,000.00 3.5
=8 Goldman Sachs 1 10,000.00 3.5
10 Mitsubishi UFJ MS 2 6,666.67 2.3
Total 18 284,050.05
Excluding equity-related debt. Including preferreds.
Source: Thomson Reuters SDC code: K10
ALL SAMURAI BONDS
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues ¥(m) (%)
1 Mizuho 29 240,055.00 23.5
2 Sumitomo Mitsui Finl 21 219,535.00 21.5
3 Mitsubishi UFJ MS 21 170,055.00 16.6
4 Nomura 22 165,230.00 16.2
5 Daiwa Securities 20 132,980.00 13.0
6 BAML 2 30,000.00 2.9
7 Natixis 6 23,220.00 2.3
8 BNP Paribas 3 16,125.00 1.6
9 Credit Agricole 4 14,500.00 1.4
10 Citigroup 2 10,000.00 1.0
Total 33 1,021,700.00
Excluding equity-related debt.
Source: Thomson Reuters SDC code: K11ALL INTERNATIONAL YEN BONDS
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues ¥(m) (%)
1 Mizuho 37 283,821.69 21.7
2 Sumitomo Mitsui Finl 26 273,185.03 20.9
3 Nomura 31 221,796.67 17.0
4 Mitsubishi UFJ MS 23 176,721.67 13.5
5 Daiwa Securities 27 156,896.67 12.0
6 BAML 3 51,833.33 4.0
7 Natixis 6 23,220.00 1.8
8 MUFG 1 21,833.33 1.7
9 BNP Paribas 3 16,125.00 1.2
10 Credit Agricole 4 14,500.00 1.1
Total 51 1,305,750.05
Including all Euro, foreign and global issues. Excluding equity-related debt.
Source: Thomson Reuters SDC code: K12