Brexit

 LATEST NEWS   RESULTS DAY REACTION   BEFORE THE VOTE 
  • PTA Bank bags $2.2bn book for five year dollar return

    The Eastern and Southern African Trade and Development Bank (PTA Bank) raised $500m of five year funding at a yield of 5.5% on Tuesday after attracting more than $2.2bn of orders.

    • 08 Mar 2017
  • UK government aims for ‘freest possible trade’ in finance

    The UK government published its plan for Brexit negotiations on Thursday, setting out its aim for the ‘freest possible trade’ in financial services — but with few details on how this might be achieved.

    • 02 Feb 2017
  • EIB wants to keep close UK relationship

    Werner Hoyer, president of the European Investment Bank, expressed on Tuesday his hopes that the bank could keep a strong relationship with the UK after it withdraws from the EU.

    • 25 Jan 2017
  • EU regs can solve UK clearing: Massad

    Wrangles over the future of euro interest rate swap clearing after Brexit were revived this week, with both European Central Bank president Mario Draghi and outgoing US Commodity Futures Trading Commission chair Timothy Massad suggesting that the EU should maintain oversight of the UK market. Meanwhile, two London-based executives argued that the UK should extend its EU exit process to five years to avoid losing swaps business to the US.

    • 11 Jan 2017
  • Brexit: a regulatory triumph?

    The Brexit vote and the election of Donald Trump laid bare the poor predictive power of the massed ranks of financial analysts and traders. But when these political cataclysms hit the screens, nothing broke. Everyone from the IMF down to the lowest financial scribbler has warned that markets are less resilient thanks to regulation — but in the turmoil following these votes, prices moved but institutions stayed solid. Owen Sanderson reports.

    • 01 Jan 2017
  • City of London ‘vanishing from Union’s conversations’, says Brexit committee MEP

    The City of London is "vanishing from the Union’s conversations", according to an MEP from the group of 12 who are scrutinising Brexit negotiations. That suggests preserving London as the financial centre of Europe will not be on the agenda for the EU side in the talks. UK ministers met City representatives this week, but what they offered was "of little use", according to sources at the meeting.

    • 08 Dec 2016
  • Transitional Brexit deal only for implementation, not more talks

    Any transitional arrangement for Brexit, after the end of the two year Article 50 negotiating period, would only give the two sides time for implementation, not for further talks, according to an MEP involved in the EU's negotiating team.

    • 07 Dec 2016
  • London not giving up on RMB dream just yet

    The London RMB hub has been under threat from the Brexit vote, but China seems keen not to jump ship yet. The latest round of meetings have yielded a commitment to launching the long-promised London-Shanghai Stock Connect, the UK Treasury said on November 10.

    • 11 Nov 2016
  • Brexit court challenge: Miller could be joined by four nations, government case will fail

    Gina Miller, the fund management executive who won the court case to give the UK’s Parliament a say on triggering Article 50, said the government has no grounds for its planned appeal to the Supreme Court. Her side could be joined by Scotland, Wales, Northern Ireland and Gibraltar for the appeal hearing.

    • 07 Nov 2016
  • Brexit boost for Virgin AT1 after High Court slaps UK government

    UK challenger bank Virgin Money had a strong result on its return to the sterling market for more additional tier one paper on Thursday, bankers said, after the country’s High Court ruled Parliament must vote on exiting the European Union.

    • 03 Nov 2016
  • Barclays almost doubles cash buffer to protect against Brexit

    Barclays almost doubled the size of its frontline buffers during the summer, covering expected volatility after the UK's June 23 vote to leave the EU, while the bank is now planning its future operations based on the end of passporting. Other UK banks, however, were not so cautious, with their buffers almost flat through the Brexit period.

    • 03 Nov 2016
  • Paris steps up post-Brexit RMB moves

    In the wake of Brexit, the French financial sector is taking steps to make good on the threat of chipping away RMB business away from the City of London, Arnaud de Bresson, managing director at industry organisation Paris Europlace told GlobalRMB.

    • 28 Oct 2016

Brexit archive

Comment

  • May’s Brexit plan: clarity at last

    Ever since Theresa May became UK prime minister in July, markets and commentators have thirsted to know what her strategy would be for the negotiations to leave the European Union. Now we know — and so far, the markets like it.

    • 17 Jan 2017
  • The City should follow Nissan's lead and speak up

    Nissan has done the UK a favour. By playing hardball about wanting assurances from the UK government about Brexit, it has opened the debate into one where real investments are discussed, and tough choices become apparent. The City should follow its lead.

    • 01 Nov 2016
  • LSE/Deutsche Börse merger vote is only the beginning

    Anyone who thinks that a merger between LSE and Deutsche Börse is odds-on now they have shareholder approval should hold that thought — there is still a very long way to go, with many twists and turns ahead.

    • 02 Aug 2016
  • The periphery’s Brexit blues have vanished

    The immediate post-Brexit result landscape looked like a daunting one for eurozone periphery issuers. But just under a month later, one could argue they have never had it so good.

    • 21 Jul 2016

Brexit archive



UK Special Report



Read full report

 LATEST NEWS   RESULTS DAY REACTION   BEFORE THE VOTE 

Top Stories

  • Capital markets reel as UK shatters EU unity

    Capital markets have been hit by a cataclysm, the worst political shock since 11 September 2001 — though the immediate effects on financial markets may not be as grave as those of the 2008 financial crisis, because the solvency of banks is not in question.

    • 24 Jun 2016
  • Focus turns to periphery pain after UK vote hits home

    The UK may have knocked the eurozone periphery off a cliff as it stumbled on its way out of the European Union on Friday morning. Government bond spreads on Friday echoed those during the eurozone sovereign debt crisis. The gap between Germany and the periphery has opened up like the chasm that has developed between UK voters and the political establishment.

    • 24 Jun 2016

Banking and London

  • Banks reassure staff, but recruiters expect carnage

    Despite the carnage in UK and European bank shares, the bosses of major investment banks have reassured staff that immediate changes won’t follow. But recruitment industry sources predict the opposite, with one headhunter citing client plans to move 37,000 jobs to countries that plan to stay in the European Union.

    • 24 Jun 2016
  • UK begins rush for third place

    Long Europe's financial capital, the UK’s vote to leave the European Union casts doubt over the future of not just the city, but of the country's primacy as a business centre, the state of financial regulation in the country and the fate of Capital Markets Union.

    • 24 Jun 2016

Comment


SSAs

  • Brexit punctures SSA pipeline

    Bund yields seared past their record lows on Friday morning after the UK voted to leave the European Union — but no one on the continent will be celebrating the super cheap funding on offer as ‘Brexit’ blocked next week’s pipeline and ensured the only certainty over the next few days is more uncertainty.

    • 24 Jun 2016

FIG

  • Shock Brexit obliterates remaining certainty in FIG

    European bank debt was thrashed in the wake of the UK's vote to leave the European Union on Friday morning. And though the panic hasn't matched that seen in February, when concerns on AT1 coupon payments triggered a selloff, the worst may be yet to come as markets face unprecedented governmental change.

    • 24 Jun 2016

Securitization

  • ABS market's uphill battle just got steeper with Brexit

    Peripheral ABS spreads blew out in Europe on Friday morning on the back of concerns that the UK's vote to leave the European Union could lead to further political disintegration across the continent. But beyond short term volatility, the result could exacerbate the problems facing the already struggling asset class.

    • 24 Jun 2016

Emerging Markets

  • Selling muted in EM but Brexit threatens stability in CEE

    Emerging market bond bankers called Britain’s decision to leave the EU on Friday "madness" but while the fundamental implications for most EM credit are expected to be limited, bankers are fiercely debating how instability in the European Union will affect eastern Europe.

    • 24 Jun 2016

Syndicated Loans

  • European IG spectrum likely to shrink, EM outlook dour

    The investment grade and emerging market loan markets have had a difficult time already this year, but the outlook has undoubtedly grown bleaker. Britain’s decision to leave the European Union has sent a shockwave through the markets that was simply too large to quickly comprehend.

    • 24 Jun 2016

MTNs

  • Brexit ‘catastrophic’ for euro MTN houses

    The UK’s decision to leave the European Union will have a “catastrophic” effect on MTN dealers specialising in the euro, according to bankers, but flows in dollars and Asian currencies should go some way to compensating.

    • 24 Jun 2016

Swiss francs

Corporate Bonds

  • Corporate bond market searches for answers

    After more than three months of stable and attractive funding conditions, the European corporate bond market has been turned on its head by the UK EU referendum result.

    • 24 Jun 2016

Equity

Derivatives

Leveraged Finance

Asia reaction

  • Asia scrambles in wake of Brexit call error

    Asian markets went to sleep on Thursday confident that the UK would still be part of the European Union the following morning and that business would go back to normal. But the UK’s public defied expectations and voted to leave the EU, forcing Asia bankers to completely rethink their plans.

    • 24 Jun 2016

China

  • RMB resilient as Asia tumbles on Brexit

    The UK’s shock decision to leave the European Union has left most of Asia reeling with the region’s major currencies and stock indices all coming under severe pressure. But if there is one country that can handle the negativity better than the others, it will be China.

    • 24 Jun 2016

 LATEST NEWS   RESULTS DAY REACTION   BEFORE THE VOTE 
  • Asia markets look to shrug off Brexit concerns

    Markets watchers in Asia said they were optimistic, as GlobalCapital Asia went to press on Thursday, that next week would be a return to business as usual, given their widespread expectations that the UK would choose to remain in the European Union. But some warned that, irrespective of the outcome, currency risks could spill over to other asset classes, adversely affecting bonds and equities.

    • 23 Jun 2016
  • Markets go large on UK Remain vote

    Market indicators suggest the UK will vote on Thursday to remain part of the European Union, with riskier assets outperforming safe haven instruments — meaning the public sector bond market could reopen next week.

    • 23 Jun 2016
  • MTNs to follow UK Remain vote?

    MTN dealers are spying opportunities for deals on Friday, should Thursday's vote on the UK's membership of the European Union return a vote for Remain.

    • 23 Jun 2016
  • Don’t blink now: corporate market braces for UK referendum vote

    As UK voters made their way to the polling stations, Europe’s investment grade corporate bond market geared up for a frantic Friday, when the referendum’s results are announced.

    • 23 Jun 2016
  • EU vote could reopen euro clearing fight

    A British vote to leave the European Union could lead to the reopening of a spat between the Bank of England and the European Central Bank over clearing euro-denominated trades. Last year, the UK won a court battle in the European Court of Justice, keeping the right to clear euro-denominated trades outside the eurozone.

    • 23 Jun 2016
  • Opportunistic EM borrowers eye market beyond Brexit

    Emerging market bond bankers are already looking beyond Brexit as super-tight spreads in central and eastern Europe, caused by a Remain-led rally, make issuance levels look attractive.

    • 22 Jun 2016
  • SSA market tipped to reopen as Remain gathers strength

    Hopes are rising that the public sector bond market could spark back into life next week, as the Remain campaign in the UK’s referendum on European Union membership appears to be gaining momentum.

    • 22 Jun 2016
  • Leveraged loans not quelled by Brexit as bonds fall silent

    Stillness reigns in the European corporate bond market, as the UK referendum on its EU membership comes closer. However, the last new issue before Thursday’s poll came as late as Monday, when Christian Dior seized on an optimistic mood in markets to print its well-flagged €350m five year bond.

    • 22 Jun 2016
  • Sterling bonds, CDS indices would widen sharply on Brexit, says Citi

    A vote for the UK to leave the European Union next week could widen the performance rift between sterling and euro bonds and send European credit default swap indices to some of their widest levels this year, Citigroup predicts.

    • 21 Jun 2016

Comment

  • Underestimate Brexit at your peril

    Be under no illusion. A vote by Britain to leave the EU would be a cataclysmic event for the European capital markets. In the worst case scenario — Brexit kicking off a full EU collapse — it could make the horrors of late 2008 look like a picnic.

    • 16 Jun 2016
  • Regulation shows the best and worst of Europe

    Financial regulation, for anyone following it closely, is a microcosm of the weaknesses and the strengths of the European Union. It is at times maddening, confusing, incoherent, and vindictive, but gives the countries of Europe a collective voice far stronger than any individual jurisdiction. And, slowly but surely, it is creating a single market for capital.

    • 21 Jun 2016

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 JPMorgan 5,440.56 17 10.74%
2 Deutsche Bank 4,468.97 23 8.82%
3 UBS 3,742.72 17 7.39%
4 Citi 3,393.89 23 6.70%
5 Goldman Sachs 3,360.93 18 6.63%