Goldman, Barclays Lead Arranging of Muted Europe Bond Deals
(Bloomberg) -- Banking giants Goldman Sachs Group Inc. and Barclays Plc are stealing a march on their debt-arranging rivals, each bringing a hat-trick of deals to Europe's limping primary market this week.
The lenders are joint bookrunners on a 1 billion-euro ($1.1 billion) offering from German development bank KfW on Wednesday, with Barclays also helping to arrange sales from German state Lower Saxony and Canada's Bank of Montreal due to price today, according to people familiar with the matter who asked not to be named as they're not authorized to speak publicly. Goldman also helped bring Germany's 4 billion-euro tap offering to market on Tuesday, alongside a deal from state-guaranteed Rentenbank.
Debt sales globally have slumped as issuers largely opt to sit out the volatility engulfing markets following Russia's invasion of Ukraine. Europe's marketwide volume has reached just 8.5 billion euros this week, the lowest of the year so far, Bloomberg data show, as only higher-rated credits brave the market.
A Goldman Sachs spokesman declined to comment when contacted by Bloomberg News. A Barclays spokesman wasn't immediately available for comment when contacted by telephone.
Germany's Deutsche Bank AG leads the European bonds deal-arranging table for 2022, with an 8.3% share of the year's European syndicated issuance, Bloomberg league table data shows. Barclays is in fourth spot and Goldman Sachs in ninth place.
©2022 Bloomberg L.P.
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