FIG secured supply surge to follow end of TFS

UK bank treasurers, facing Brexit uncertainty, incoming ring-fencing rules and the struggle to meet regulatory funding ratios now have another hurdle to consider: the refinancing of debt drawn under the Bank of England's Term Funding Scheme (TFS). Bill Thornhill looks at what will fill the finding gap.

  • By Bill Thornhill
  • 08 Mar 2018

Approximately £115bn of four year funding was borrowed under the TFS, which was implemented in August 2016. The scheme came in response to the UK’s referendum decision to leave Europe and ended on February 28. Come what may, it will leave a funding hole.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,539.81 48 5.68%
2 UniCredit 8,310.71 49 5.53%
3 LBBW 7,986.15 46 5.31%
4 Natixis 7,841.57 37 5.22%
5 Credit Suisse 7,360.16 38 4.90%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 52,522.18 187 6.77%
2 JPMorgan 50,853.66 203 6.55%
3 Citi 46,974.49 240 6.05%
4 Goldman Sachs 43,300.85 334 5.58%
5 Morgan Stanley 42,142.90 222 5.43%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 43,104.00 156 11.10%
2 JPMorgan 42,492.21 146 10.94%
3 Citi 38,799.99 191 9.99%
4 Goldman Sachs 35,240.41 299 9.07%
5 Morgan Stanley 33,002.22 177 8.50%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,263.92 23 8.06%
2 UniCredit 5,364.43 20 6.90%
3 LBBW 4,811.97 20 6.19%
4 SG Corporate & Investment Banking 4,208.56 18 5.42%
5 Deutsche Bank 4,163.44 13 5.36%

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 HSBC 4,729.28 11 12.78%
2 UBS 3,374.07 13 9.12%
3 BNP Paribas 2,704.23 11 7.31%
4 Credit Agricole CIB 2,458.47 6 6.64%
5 SG Corporate & Investment Banking 2,263.58 10 6.12%