IFR Magazine - October 27, 2018

SSAR

US DOLLARS

JBIC MUDDLES THROUGH US TREASURY
RALLY, EIB FLIES

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execution of JAPAN BANK FOR INTERNATIONAL
COOPERATIONSûDUAL
TRANCHEû53BNûlVE
YEARû
ANDû53BNû
YEARûBONDûALTHOUGHûTHEû
volatility meant the spread on the longer
TRANCHEûCOULDûNOTûBEûTIGHTENED
The government-guaranteed issuer priced
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“Timing is not the best; the market is
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SHAPEûDESPITEûTHEûMARKETûBACKDROPvûSAIDû
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h"OOKSûAREûMOREûSKEWEDûTOWARDSûTHEûlVE
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EXPECTEDû7ITHûTHEûBACKDROPûWHYûWOULDû
you buy 10-year paper if you can get better
RATESûATûTHEûlVE
YEARvûSAIDûAûBANKERûAWAYû
FROMûTHEûDEAL
The lack of tightening on the 10-year
tranche contrasted with JBIC’s previous
FORAYûINûTHEûTENORû)TûMOVEDûTHEûPRICINGûLEVELû
BYûBPûANDûBPûINûITSûTWOûPREVIOUSûVISITS
Leads Goldman SachsûBank of America Merrill
LynchûDaiwa and Nomura started marketing

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PROGRESSEDû4REASURIESûRALLIEDûMEANINGûTHATû

the 10-year was just oversubscribed with a

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The 10-year Treasury yield started at

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Investors’ relatively slow response came

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you can say that the concession is already in

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TWICE AS NICE

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û53BNûNO

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transaction for the year and completes

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ParibasûCitigroup and TD to arrange a series

of one-on-one investor calls that began on

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ITûDIDûONEûINûEACHû53ûDOLLARSûANDûEUROS

The proceeds will be utilised for lending to

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".'SûSUSTAINABILITYûFRAMEWORKûFORûSECTOR

ALBERTA FIVE-YEAR SHOWS SSA

DOLLARS STILL STRONG

The PROVINCE OF ALBERTA proved that investor

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INTERESTûOFûOVERû53BNûFORûITSûlVE

YEARû

'LOBALûBENCHMARK

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That is a little back from bid-side

Tradeweb quotes at the time of pricing of

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4HOSEûALSOûPRINTEDûATûBPûALTHOUGHûAREû

RATEDûSLIGHTLYûLOWERûATû!A!!!



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DOLLARûMARKETûISSUER

BONDS SSAR

EUROPEAN SOVEREIGN BOND AUCTION RESULTS WEEK ENDING OCTOBER 26 2018
Pricing date Issuer Size Coupon (%) Maturity Average Yield (%) Bid-to-cover
Oct 23 2018 Netherlands €1.925bn 0.750 Jul 15 2028 0.555 —
Oct 23 2018 UK (i) £1.1bn 0.125 Aug 19 2028 –0.1716 2.19
Oct 24 2018 Germany €2.42525bn 0.000 Oct 13 2023 –0.180 1.23
Oct 26 2018 Italy €3bn 0.000 Nov 27 2020 1.626 1.82
Oct 26 2018 Italy (i) €996.1m 1.300 May 15 2028 2.340 1.36
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 171 65,376.84 11.5

2 JP Morgan 167 57,682.35 10.1

3 Citigroup 152 52,010.13 9.1

4 Barclays 98 46,778.95 8.2

5 Goldman Sachs 107 43,556.05 7.6

6 Wells Fargo 106 35,418.46 6.2

7 Morgan Stanley 97 29,651.25 5.2

8 HSBC 59 27,672.61 4.9

9 Deutsche Bank 59 26,952.80 4.7

10 RBC 73 25,407.06 4.5

Total 346 569,818.09

Excluding equity-related debt, ABS/MBS.

Source: Refinitiv SDC code: O5

ALL INTERNATIONAL BONDS (ALL CURRENCIES)
BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share
bank or group issues US$(m) (%)

1 JP Morgan 899 240,009.56 7.4
2 Citigroup 844 215,705.65 6.7
3 HSBC 836 193,690.77 6.0
4 Barclays 645 187,229.07 5.8
5 BAML 686 187,022.52 5.8
6 Goldman Sachs 515 160,698.08 5.0
7 Deutsche Bank 625 145,309.31 4.5
8 Morgan Stanley 524 130,267.70 4.0
9 BNP Paribas 551 128,487.08 4.0
10 Credit Suisse 474 107,952.51 3.3
Total 4,860 3,226,227.13
Including Euro, foreign, global issues. Excluding equity-related debt,
US Global ABS/MBS.

Source: Refinitiv SDC code: J1

ALL BONDS IN EUROS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues €(m) (%)

1 BNP Paribas 314 70,360.74 7.1

2 SG 260 60,779.69 6.2

3 HSBC 298 57,504.16 5.8

4 Deutsche Bank 264 54,050.15 5.5

5 Credit Agricole 246 53,757.48 5.5

6 JP Morgan 217 52,584.99 5.3

7 UniCredit 252 49,993.37 5.1

8 Barclays 197 49,372.18 5.0

9 Citigroup 186 41,909.27 4.3

10 Goldman Sachs 139 39,870.79 4.0

Total 1,481 985,277.62

Including Euro-preferreds. Excluding equity-related debt,

US Global ABS/MBS.

Source: Refinitiv SDC code: N1