UK’s funding needs fall but syndication share steady

The UK Debt Management Office (DMO) is forecasting £102.9bn ($143.4bn) of Gilt issuance in 2018/19, a fall of £12.2bn from this financial year, which ends on March 31. But the share of funding to be syndicated is steady — despite some investors over the last few months calling for a reduction in the volume of syndications.

  • By Craig McGlashan
  • 13 Mar 2018

There will be a minimum of £17bn Gilt issuance via syndication in 2018/19, according to the DMO’s remit announcement on Tuesday, equating to 17% of total Gilt volume. 

That compares with a minimum of £21bn at the DMO’s initial plan for 2017/18, which corresponds to a similar share of ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,417.34 15 11.10%
2 JPMorgan 10,784.81 16 9.64%
3 Citi 9,836.54 17 8.80%
4 NatWest Markets 8,487.83 7 7.59%
5 HSBC 7,788.95 12 6.97%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 28,650.01 73 12.43%
2 HSBC 22,084.84 47 9.58%
3 JPMorgan 19,145.59 51 8.31%
4 Deutsche Bank 17,915.81 27 7.77%
5 Bank of America Merrill Lynch 16,436.98 51 7.13%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,223.40 52 8.64%
2 Barclays 21,482.86 36 7.67%
3 UniCredit 19,921.86 49 7.11%
4 Credit Agricole CIB 18,862.23 49 6.73%
5 HSBC 18,112.51 64 6.46%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 51,595.93 277 7.32%
2 Citi 50,678.84 180 7.19%
3 HSBC 46,065.52 168 6.54%
4 Barclays 40,928.81 133 5.81%
5 Deutsche Bank 37,881.53 100 5.37%