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 15,293.97 23 10.03%
2 Barclays 15,041.98 19 9.87%
3 Citi 12,831.69 22 8.42%
4 HSBC 11,347.34 16 7.44%
5 BNP Paribas 9,566.00 13 6.27%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 38,208.62 102 12.27%
2 JPMorgan 28,157.22 75 9.04%
3 HSBC 25,995.51 64 8.35%
4 Bank of America Merrill Lynch 25,330.13 73 8.13%
5 Goldman Sachs 21,282.75 49 6.83%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 34,739.07 88 8.48%
2 Barclays 31,192.90 58 7.61%
3 UniCredit 28,799.89 78 7.03%
4 HSBC 28,228.96 102 6.89%
5 BNP Paribas 26,244.99 62 6.41%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 74,936.43 419 7.14%
2 Citi 71,066.92 259 6.78%
3 HSBC 65,203.97 254 6.22%
4 Barclays 57,795.41 214 5.51%
5 Deutsche Bank 47,371.28 150 4.52%