UK PP investors fear losing ground as Brexit uncertainty looms

UK investors that buy US private placements often struggle to compete with North American investors on price, but their disadvantage could be made worse by Brexit, if, as expected, sterling bond spreads widen.

  • By Silas Brown
  • 28 Nov 2018

“UK investors will want to see big new issue premiums, plus an illiquidity premium, as it’s a private placement,” said a US PP agent in London.

The US PP market is known for its comparative stability compared with public markets, and many market participants are expecting there to ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 127,517.35 541 5.90%
2 JPMorgan 126,998.43 554 5.88%
3 Citi 102,522.76 538 4.75%
4 Barclays 84,276.72 344 3.90%
5 Goldman Sachs 83,509.37 327 3.87%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 28,066.59 123 8.86%
2 Deutsche Bank 22,255.37 84 7.03%
3 SG Corporate & Investment Banking 20,558.20 98 6.49%
4 UniCredit 17,012.87 79 5.37%
5 HSBC 16,282.49 91 5.14%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,527.11 43 7.79%
2 BNP Paribas 4,918.81 57 6.94%
3 Deutsche Bank 4,372.15 44 6.17%
4 JPMorgan 4,226.28 46 5.96%
5 Credit Suisse 3,757.05 40 5.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 27,454.25 115 5.77%
2 BNP Paribas 27,238.89 117 5.72%
3 JPMorgan 26,285.83 90 5.52%
4 Barclays 26,233.60 92 5.51%
5 Deutsche Bank 24,766.67 100 5.20%