Brexit bedlam wrecks TSB trade, scares UK markets

The revolt by UK politicians against the draft Brexit agreement reached by prime minister Theresa May forced TSB Bank to pull its covered bond on Thursday, with investors also selling out of positions in other UK banks. The market fallout adds a thorn to the side of other institutions from the country planning to raise financing over the coming weeks, but it may not be enough to completely shut down markets, write Bill Thornhill, Jasper Cox, Tyler Davies, Sam Kerr and Nigel Owen.

  • By Bill Thornhill, Jasper Cox, Nigel Owen, Sam Kerr, Tyler Davies
  • 15 Nov 2018

After marketing its first Sonia-linked five year earlier this week, TSB Bank had planned on launching a covered bond deal on Thursday via joint leads LloydsNatWest MarketsNomura and Sabadell. 

But by midday it had decided to postpone the deal “due to news flow post-announcement”, according to a ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 8,310.39 68 6.26%
2 HSBC 7,890.10 39 5.94%
3 LBBW 7,461.99 41 5.62%
4 Natixis 5,933.30 28 4.47%
5 Barclays 5,557.78 30 4.19%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 42,117.74 211 6.65%
2 Bank of America Merrill Lynch 41,026.62 163 6.48%
3 JPMorgan 36,367.40 177 5.74%
4 HSBC 27,647.03 160 4.36%
5 Morgan Stanley 27,224.67 154 4.30%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 33,860.13 134 11.83%
2 Citi 33,125.84 164 11.58%
3 JPMorgan 29,216.73 136 10.21%
4 Morgan Stanley 19,909.37 108 6.96%
5 Goldman Sachs 17,936.95 177 6.27%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,089.85 19 7.10%
2 Natixis 4,918.89 18 6.86%
3 HSBC 4,323.51 15 6.03%
4 Credit Agricole CIB 4,174.25 17 5.82%
5 UniCredit 4,163.16 19 5.81%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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 Credit Agricole CIB 3,549.81 11 11.28%
2 UBS 3,334.58 12 10.60%
3 Barclays 3,229.69 10 10.26%
4 BNP Paribas 2,554.19 12 8.12%
5 HSBC 1,977.94 14 6.29%