Brexit leaves €126bn of MREL in limbo

The European Banking Authority (EBA) has warned banks in Europe that any debt they issue under English law may cease to count towards the minimum requirement for own funds and eligible liabilities (MREL) as soon as the UK leaves the European Union.

  • By Tyler Davies
  • 19 Oct 2017
MREL was designed to make sure that banks have enough debt that can absorb losses and help a bank recapitalise itself if it runs into trouble. To be eligible for the capital standard, debt contracts must recognise the risk that the bonds are cancelled or bailed-in by resolution ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,393.91 58 6.03%
2 UniCredit 9,509.62 74 5.03%
3 BNP Paribas 8,680.07 42 4.59%
4 Commerzbank Group 8,135.97 52 4.30%
5 LBBW 7,972.24 47 4.22%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 101,410.35 412 6.99%
2 Citi 94,153.37 537 6.49%
3 Goldman Sachs 93,150.36 489 6.42%
4 Bank of America Merrill Lynch 88,834.84 369 6.13%
5 JPMorgan 84,337.86 398 5.82%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,367.42 414 11.01%
2 Bank of America Merrill Lynch 71,836.87 313 9.72%
3 Goldman Sachs 71,718.82 411 9.70%
4 Morgan Stanley 70,784.40 302 9.58%
5 JPMorgan 70,596.97 307 9.55%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,605.63 20 6.35%
2 SG Corporate & Investment Banking 5,543.24 22 6.28%
3 BNP Paribas 5,467.55 18 6.20%
4 Credit Agricole CIB 5,313.69 20 6.02%
5 Commerzbank Group 4,949.16 20 5.61%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 9,461.63 27 12.77%
2 HSBC 8,882.01 36 11.99%
3 BNP Paribas 6,278.15 28 8.47%
4 Citi 4,542.03 36 6.13%
5 Credit Suisse 4,325.15 22 5.84%