UK in the news

  • UK MBA pulls bond for Warrington amid uncertainty following PWLB rate cut

    The UK Municipal Bonds Agency on Tuesday withdrew a planned bond sale for Warrington Borough Council as a result of the Public Works Loan Board’s decision last week to cut its lending rate by 100bp, meaning Warrington will have to reconsider what is the best funding option for it.

    • 01 Dec 2020
  • Gilt market calls for long-dated conventional syndication in January

    In calls with the UK Debt Management Office on Monday, the majority of Gilt-edged Market Makers (GEMMs) and some Gilt investors called for the UK to launch a new conventional bond maturing in either 2046 or 2051 via syndication next month.

    • 01 Dec 2020
  • Record borrowing but debt sustainability a distant concern for UK

    UK government borrowing is rocketing, with the country intending to borrow £485.5bn in its 2020/21 financial year. This has already pushed up its debt to GDP ratio over 100%, but the announcement of next quarter’s £92bn remit caused scarcely a ripple in the Gilts market on Wednesday. Market participants believe that any problems of debt sustainability or spiralling inflation are too distant a prospect to trouble them, writes Lewis McLellan.

    • 26 Nov 2020
  • UK will not compensate holders of Gilt linkers following RPI reform

    The UK government said that it will not compensate holders of index-linked Gilts following the reform of the Retail Price Index (RPI) measure of inflation, which is expected to be enacted no earlier than 2030.

    • 26 Nov 2020
  • Government reins in UK council borrowing with new PWLB guidelines

    The UK government tightened guidance for local authority borrowing on Wednesday, in a bid to stymie the riskier borrowing-to-invest models certain UK councils have adopted over the past decade.

    • 25 Nov 2020
  • UK piles an extra £92bn on to record borrowing programme

    The UK Debt Management Office provided an update to its funding programme following the Spending Review and the Office for Budget Responsibility’s Economic and Fiscal Outlook on Wednesday.

    • 25 Nov 2020
  • Warrington targeting bond via UK MBA

    The UK Municipal Bonds Agency is set to come to market for its third bond ever — this time, on behalf of Warrington Borough Council.

    • 23 Nov 2020
  • UK’s green plan slammed for lack of funding

    Boris Johnson, UK prime minister, announced on Tuesday night a 10 point plan for the environment, including phasing out petrol cars by 2030. But policy specialists are disappointed that the plan lacks financing commitments and especially that there is no announcement of a national investment bank.

    • 17 Nov 2020
  • Croydon’s insolvency could be just the beginning

    Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding. This must change, or London Borough of Croydon will only be the first council to fall into insolvency.

    • 17 Nov 2020
  • Green Gilts carry risks as well as benefits

    Will Sir Robert Stheeman become the Green Knight?

    • 12 Nov 2020
  • UK’s Gilt and Taxonomy plans spark hopes of green bond surge

    The UK’s announcement that it would begin issuing green Gilts next year is raising hopes that it will inspire more green bond issuance from UK borrowers. But market participants are eager to see how the UK handles setting up a green debt programme and its own green taxonomy. Lewis McLellan and Jon Hay report.

    • 12 Nov 2020
  • UK seeks to regain green edge with Gilts, own Taxonomy, TCFD rule

    The UK will issue its first green Gilts next year, create its own Taxonomy of green activities and oblige large companies and investors to report as recommended by the Task Force on Climate-Related Financial Disclosures by 2025, the chancellor of the exchequer Rishi Sunak said on Monday.

    • 09 Nov 2020
  • BoE boosts QE, Gilts unmoved

    The Bank of England added £150bn to its quantitative easing programme at its monetary policy meeting on Thursday. The move will go a long way to soaking up the additional supply of Gilts.

    • 06 Nov 2020
  • Eppf enters arena as funding avenue for UK councils

    The London Borough of Sutton hit the market on Monday for £100m, opting to print the deal via European Primary Placement Facility (eppf), a digital bond issuance platform based in Luxembourg.

    • 02 Nov 2020
  • Market participants back Green+ Gilt proposal for sustainable Covid-19 recovery

    A group of some of the UK's biggest asset managers, professional bodies and banks are supporting a proposal for an SRI-themed UK sovereign debt product to deliver environmental and social benefits as part of the country’s recovery from the pandemic.

    • 08 Oct 2020

Dealer League Table UK

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 RBC Capital Markets 6.18 4 10.48%
2 JPMorgan 5.39 3 9.14%
3 Goldman Sachs 5.22 3 8.86%
3 Barclays 5.22 3 8.86%
5 BofA Securities 5.13 3 8.70%

European Sovereign Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 42.49 60 10.43%
2 BNP Paribas 35.95 41 8.82%
3 Citi 29.08 41 7.14%
4 BofA Securities 25.35 63 6.22%
5 Barclays 23.24 40 5.70%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 57.53 138 11.26%
2 JPMorgan 45.74 102 8.95%
3 Goldman Sachs 36.90 61 7.22%
4 HSBC 35.58 101 6.96%
5 BofA Securities 33.73 82 6.60%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 75.70 168 8.86%
2 BNP Paribas 70.62 127 8.26%
3 UniCredit 59.43 140 6.95%
4 Credit Agricole CIB 53.73 121 6.29%
5 HSBC 52.51 166 6.14%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 144.37 404 7.53%
2 Citi 121.90 277 6.35%
3 HSBC 106.48 347 5.55%
4 BofA Securities 94.90 253 4.95%
5 BNP Paribas 92.17 201 4.81%