Sterling hybrid investor upbeat amid Brexit uncertainty

Market conditions have been shaky at times this year, and UK institutions in particular are under pressure as the country negotiates its departure form the EU. But Peter Doherty, managing partner and chief investment officer of Tideway Investment Partners, remains bullish on sterling hybrid debt.

  • By Jasper Cox
  • 19 Sep 2018

In Tideway’s offices in Victoria, London, Doherty told GlobalCapital he was bullish on the valuations of sterling hybrid debt.

It is a busy time for this particular slice of the market, with some institutions seeing sterling-denominated deals as strategically important for their future plans.

On Tuesday, Prudential 

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 13,951.26 77 5.56%
2 UniCredit 12,833.25 94 5.11%
3 Natixis 11,652.77 67 4.64%
4 UBS 11,388.66 61 4.54%
5 LBBW 11,285.83 74 4.50%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 87,198.51 364 6.19%
2 Citi 78,914.26 425 5.60%
3 Bank of America Merrill Lynch 78,244.27 325 5.56%
4 Goldman Sachs 72,613.81 636 5.16%
5 Morgan Stanley 72,232.78 414 5.13%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 70,551.16 252 11.08%
2 Bank of America Merrill Lynch 64,880.35 272 10.19%
3 Citi 61,732.00 323 9.70%
4 Morgan Stanley 54,578.23 314 8.57%
5 Goldman Sachs 54,299.46 565 8.53%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 8,357.33 33 7.02%
2 Commerzbank Group 6,550.39 26 5.51%
3 Deutsche Bank 6,535.71 22 5.49%
4 UniCredit 6,513.66 27 5.47%
5 LBBW 6,441.23 28 5.41%

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 7,765.93 22 11.94%
2 BNP Paribas 5,338.58 23 8.21%
3 Barclays 5,124.61 20 7.88%
4 Credit Suisse 4,520.44 16 6.95%
5 UBS 3,976.00 19 6.11%