IFR Magazine - October 27, 2018

NON-CORE CURRENCIES

VICTORIA THREE-YEAR NETS A$2bn

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the state government funding arm tapped
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IFC PRINTS THREE-YEAR MASALA

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support our investment activities in the near

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RELEASE

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government waived the 5% withholding tax

on coupon payments on offshore rupee

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The central bank has also scrapped a rule

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US DOLLARS

US HIGH-GRADE BOND MARKET SLOWS

AS YEAR-END NEARS

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the pace is unlikely to pick up much in the

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which helped clear the pipeline of deals that

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seen back-to-back goose eggs since the

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“It’s not as attractive today as it was six

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amounts wider this year - and 13 of them at

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bond spread has pushed out 11bp to 122bp

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“It’s not like other periods of negative

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lower issuance to duration risk as the sector

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“There are deteriorating fundamentals

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WHATûBEARûMARKETSûAREûMADEûOFv

ALL 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: N4

ALL INTERNATIONAL US$ BONDS
BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 597 164,469.22 9.5
2 Citigroup 594 155,726.31 9.0
3 BAML 494 137,102.00 7.9
4 Barclays 362 112,654.27 6.5
5 Goldman Sachs 355 106,957.38 6.2
6 HSBC 352 94,232.00 5.5
7 Morgan Stanley 347 92,694.35 5.4
8 Wells Fargo 316 83,481.79 4.8
9 Credit Suisse 309 78,655.23 4.6
10 Deutsche Bank 297 70,432.03 4.1
Total 2,054 1,727,615.43
Including Euro, foreign and global issues. Excluding equity-related debt,
US Global ABS/MBS.

Source: Refinitiv SDC code: O1

ALL SUPRANATIONAL BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE

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

1 UniCredit 13 6,598.08 8.7
2 Credit Agricole 22 6,516.13 8.6
3 Barclays 11 6,071.18 8.0
4 JP Morgan 11 5,913.92 7.8
5 HSBC 15 5,600.43 7.4
6 Commerzbank 16 5,592.06 7.4
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 77 76,058.06
Excluding ABS/MBS.
Source: Refinitiv SDC code: N5

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 18.1

2 DGZ-DekaBank 32 4,374.90 10.0

3 HSBC 31 4,184.25 9.6

4 LBBW 27 3,243.28 7.4

5 Deutsche Bank 22 2,599.92 6.0

6 Nord/LB 23 2,479.78 5.7

7 JP Morgan 17 2,378.65 5.4

8 DZ Bank 18 1,826.52 4.2

9 Credit Agricole 11 1,467.85 3.4

10 BayernLB 13 1,375.82 3.2

Total 123 43,658.42

Excluding ABS/MBS.

Source: Refinitiv SDC code: N7