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Agency France Trésor publishes the third yearly league table of the SVTs (primary dealers in the French debt) most active on the primary market.
The ranking on the league table is based on the average participation of each establishment in all the BTF, BTAN and OAT auctions as well as in the buybacks. This average is weighted by duration; it excludes the syndicated operation on the July 2032 OAT€I as regards both the issuance and the exchange of July 2029 OATis. As a result, the average weighted market shares are reckoned from a total equivalent to EUR107bn of 10-year bonds. AFT recalls that the activity on the primary market is only one of the manifold aspects of SVT activity. Moreover, the differences of market shares are in many cases very thin.
The ranking of establishments with a market share exceeding the arithmetic average of 4.76% (i.e. 100% divided by 21 SVTs) is, in decreasing order:
- Crédit Agricole Indosuez,
- BNP Paribas,
- Crédit Lyonnais,
- JP Morgan,
- Dresdner Bank,
- Société Générale,
- Lehman Brothers,