Brexit ‘catastrophic’ for euro MTN houses

The UK’s decision to leave the European Union will have a “catastrophic” effect on MTN dealers specialising in the euro, according to bankers, but flows in dollars and Asian currencies should go some way to compensating.

  • By Lewis McLellan
  • 24 Jun 2016

“Investors are shocked,” said a German MTN banker. “The projects we were working on are now on hold as the buyside flocks to safe havens.”

While volatility in euros will mute that market for weeks, said bankers, the move in the euro/dollar basis swap will make dollars an ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,065.52 3 14.97%
2 Citi 3,902.17 4 14.37%
3 HSBC 3,735.13 3 13.76%
4 BNP Paribas 3,073.09 4 11.32%
5 Barclays 2,241.64 2 8.26%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 5,565.84 10 13.11%
2 JPMorgan 5,515.04 10 12.99%
3 Barclays 5,057.18 6 11.91%
4 HSBC 4,927.86 6 11.61%
5 BNP Paribas 3,164.15 4 7.45%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,508.82 10 12.64%
2 UniCredit 7,740.97 11 11.50%
3 HSBC 5,618.01 6 8.34%
4 BNP Paribas 5,054.90 8 7.51%
5 Bank of America Merrill Lynch 4,801.82 6 7.13%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,694.12 32 11.13%
2 HSBC 12,161.91 22 9.21%
3 Citi 11,855.99 25 8.98%
4 Barclays 11,221.92 21 8.50%
5 Bank of America Merrill Lynch 8,683.75 19 6.58%