U.K. Pension Fund Launches Swap Mandate

The Merchant Navy Officers Pension Fund, a GBP3 billion U.K. scheme, is soon to launch a GBP200 million swap mandate to protect future liabilities.

  • 12 Aug 2005
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The Merchant Navy Officers Pension Fund, a GBP3 billion U.K. scheme, is soon to launch a GBP200 million swap mandate to protect future liabilities. The mandate will protect capital by investing in a pooled interest-rate swaps vehicle, the returns of which match expected payments to members until 2014, said Alick Stevenson, director of investments in Leatherhead, Surrey.

Stevenson said the fund is effectively selling credit, taking the cash and buying a series of set cash flows for the next 10 years. "We didn't feel our risk allocation in the [credit] fund was being rewarded sufficiently, so we reduced our exposure to U.K credit," he said. He declined to name the swap counterparties, the manager of the mandate or the LIBOR spread MNOFPF pays, but said, "the manager handling this has a limited number of swap counterparties to choose from."

  • 12 Aug 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%