FIG investors can find Brexit bargains amid UK rout

Widening spreads for UK financial firms have opened up attractive opportunities for investors comfortable with the underlying resilience of the sector. Despite the risks that Brexit and competition from new sources pose, there were no failures in the Bank of England's stress test last week.

  • By Jasper Cox
  • 05 Dec 2018

Spreads on UK FIG bonds have widened this year, both as a result of the wider market and fears surrounding Brexit.

One six year non-call five senior bond issued by Lloyds Banking Group at 47bp over mid-swaps in January is now trading around  200bp over.

And since prime minister Theresa May ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 8,193.67 66 6.37%
2 HSBC 7,294.00 37 5.67%
3 LBBW 6,988.86 39 5.43%
4 Natixis 5,933.30 28 4.61%
5 Barclays 5,557.78 30 4.32%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 41,780.75 203 6.88%
2 Bank of America Merrill Lynch 40,512.92 158 6.67%
3 JPMorgan 36,010.73 172 5.93%
4 Morgan Stanley 26,989.09 150 4.44%
5 HSBC 25,650.79 149 4.22%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 33,656.19 131 12.14%
2 Citi 32,900.44 157 11.86%
3 JPMorgan 29,082.99 133 10.49%
4 Morgan Stanley 19,896.07 106 7.17%
5 Goldman Sachs 17,708.90 174 6.39%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,918.89 18 7.00%
2 LBBW 4,741.33 18 6.74%
3 Credit Agricole CIB 4,174.25 17 5.94%
4 UniCredit 4,163.16 19 5.92%
5 HSBC 3,974.99 14 5.65%

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 Credit Agricole CIB 3,425.91 10 11.21%
2 UBS 3,334.58 12 10.91%
3 Barclays 3,229.69 10 10.57%
4 BNP Paribas 2,554.19 12 8.36%
5 HSBC 1,877.94 13 6.15%