Brexit woes slow sterling HY issuance, but appetite from buyers remains

Sterling high yield issuers have printed less than half the volume of bonds they sold during the same period last year, which many attribute to the uncertainties surrounding the UK’s exit from the European Union. But appetite for sterling risk appears resilient for now.

  • By Victor Jimenez
  • 13 Aug 2018

Sterling high yield bond volumes have reached £3bn ($3.82bn) since January, down from the £7.4bn printed during the same period in 2017, Dealogic data shows. However, the €35bn printed in the euro market during the same period is much closer to last year’s €39bn.

Sterling high yield ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 541.47 4 14.79%
2 Credit Agricole CIB 484.94 3 13.25%
3 SG Corporate & Investment Banking 251.10 3 6.86%
4 Natixis 230.66 3 6.30%
5 HSBC 194.57 2 5.32%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 646.47 4 13.48%
2 Deutsche Bank 449.87 3 9.38%
3 UniCredit 362.37 2 7.55%
3 Intesa Sanpaolo SpA 362.37 2 7.55%
5 BNP Paribas 336.21 2 7.01%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,772.02 25 10.79%
2 JPMorgan 3,173.87 23 9.08%
3 Morgan Stanley 2,616.79 18 7.48%
4 Credit Suisse 2,476.06 16 7.08%
5 Goldman Sachs 2,442.89 18 6.99%