• Banks grit teeth for hard Brexit

    In the days following last week’s Conservative Party conference, banks are increasingly facing up to a "hard Brexit", with no concessions to the needs of the financial services industry, regardless of the economic damage it might cause.

    • 13 Oct 2016
  • Theresa May swipes at unconventional monetary policy, UK set to stimulate

    The UK government has lent its voice to the growing current of international opinion that expansive monetary policy has gone far enough, and may even be harming growth. Britain is set to embark on a fiscal stimulus, likely to be welcomed by financial markets.

    • 06 Oct 2016
  • NN: ‘UK not important enough’ to hurt HY

    While some believed Brexit would be a blow to high yield, it is instead a gentle tap on the shoulder, according to Nationale Nederlander Investment Partners, with the market still set to benefit from investors' search for yield.

    • 15 Aug 2016
  • Deutsche Börse passes 75% LSE merger vote

    Support for the London Stock Exchange and Deutsche Börse’s merger plans has solidified among the German exchange’s shareholders, with more than 75% having tendered their shares — crossing the original threshold set by management.

    • 11 Aug 2016
  • LSE/Deutsche Börse prep for reg probe as deal passes threshold

    The London Stock Exchange and Deutsche Börse are gearing up for a protracted examination by European regulators and competition authorities after the German exchange this week narrowly achieved the required votes from its shareholders to approve the planned merger.

    • 28 Jul 2016
  • ‘Blast these meddlesome member states!’: Juncker’s revenge – The Rulebook

    Did Juncker just shut the Barnier door?

    • 28 Jul 2016
  • Derivs exchanges enjoy Brexit boost

    Deutsche Börse and CME Group have both reported double digit revenue growth in the second quarter, helped in part by a spike in derivatives trading volume around the UK’s vote to leave the European Union.

    • 28 Jul 2016
  • Borrowers hide in pipe despite post-Brexit deal surge

    Euro high yield issuance has largely brushed off concerns about the UK's vote to leave the European Union, but despite a surge of deals some corporates are still holding back from the market.

    • 28 Jul 2016
  • UK shrugs off Brexit with big book and record low yield

    Uncertainty over the UK’s future following its vote to leave the European Union and the loss of its last triple-A rating failed to make any dent in demand for the first Gilt syndication since Brexit. Instead, the only real effect was the rock bottom yield at which the sovereign was able to issue.

    • 27 Jul 2016
  • UK breezes through Brexit with syndication

    The Gilt market on Tuesday once again highlighted its immunity to concerns around the UK's vote to leave the EU, as the Debt Management Office conducted a trademark smooth execution with a tap of its 0.125% November 2065 inflation-linked bond.

    • 26 Jul 2016
  • Ineos to inject €1.1bn of single-B bonds into carefree HY

    Petrochemical manufacturer Ineos on Monday launched a €1.1bn-equivalent refinancing deal into a high yield market that has thrown caution to the wind.

    • 25 Jul 2016
  • UK gets first LBO since Brexit with Morrison Utility Services

    HSBC and Société Générale have underwritten a sterling loan for what is, according to two bankers, the first UK leveraged buyout since the country voted to leave the EU almost a month ago.

    • 22 Jul 2016

Brexit archive


Brexit archive

UK Special Report

Read full report


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



  • 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


  • 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


  • 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


  • 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



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


  • 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

  • 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


  • 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
  • 24 Oct 2016
1 JPMorgan 317,793.98 1355 8.72%
2 Citi 301,114.13 1092 8.26%
3 Barclays 259,580.63 846 7.12%
4 Bank of America Merrill Lynch 258,842.43 934 7.10%
5 HSBC 224,273.23 905 6.15%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,854.00 58 6.73%
2 BNP Paribas 31,678.29 142 6.49%
3 UniCredit 31,604.22 138 6.47%
4 HSBC 25,798.87 114 5.29%
5 ING 21,769.65 121 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,633.71 80 10.23%
2 Goldman Sachs 11,731.14 63 8.20%
3 Morgan Stanley 9,435.23 48 6.60%
4 Bank of America Merrill Lynch 9,229.95 42 6.45%
5 UBS 8,781.68 42 6.14%