Brexit

 LATEST NEWS   RESULTS DAY REACTION   BEFORE THE VOTE 
  • UK government lays out plans for City post-Brexit

    The UK government has revealed its position on the future of financial services after the UK leaves the European Union, which falls short of the passporting rights that banks have now but would be stronger than the existing third country equivalence regime in place by the EU.

    • 12 Jul 2018
  • AMF bangs drum on post-Brexit clearing supervision

    French markets regulator, Autorité des marchés financiers, has expressed concerns over the supervision of UK clearing houses after Brexit, suggesting that UK home country supervisors may not focus on the stability of the European Union.

    • 05 Jul 2018
  • TheCityUK pushes for EU-UK derivs agreement

    UK financial services advocacy group TheCityUK on Wednesday called for the continuity of cross-border derivatives contracts to be guaranteed after the UK leaves the EU.

    • 20 Jun 2018
  • Eurex rewards active banks in IRS clearing

    As Brexit uncertainty kicks in, the clearing arm of German derivatives bourse Eurex has rewarded ten market participants, including HSBC and Barclays, for actively clearing interest rate swaps.

    • 13 Jun 2018
  • CMU architect Hill joins UBS

    Lord Jonathan Hill, the former EU commissioner and architect of the Capital Markets Union project, has joined UBS as a senior adviser in its investment banking business.

    • 29 May 2018
  • Europe risks losing its way over Brexit, say bank CEOs

    Bank leaders have warned that Europe's politicians are so distracted by Brexit they might lose focus and strangle Europe’s growing capital markets.

    • 24 May 2018
  • France squares up for Brexit with tough MiFID stance

    In a document recently circulated at EU level, Paris labelled the MiFID II equivalence regime “inappropriate”, and called for a tighter procedure — a clear move to limit UK funds’ access to EU markets after Brexit.

    • 16 May 2018
  • Banks fudge Brexit underwriting dilemma with risk-taker plan

    With Brexit negotiations still fraught with risk, DCM and syndicate managers are already figuring out fixes to make sure that their primary markets business continues to function after the UK leaves the European Union — with the minimum disruption possible for their mainly London-based staff.

    • 10 May 2018
  • ISDA pushes for CCP 'supervisory cooperation'

    The International Swaps and Derivatives Association on Wednesday pushed for “enhanced supervisory cooperation” between clearing houses in the wake of Brexit.

    • 25 Apr 2018
  • MEP Ferber rejects no-action letters

    Prominent German member of the European Parliament, Markus Ferber, has put down suggestions that European regulators should be granted powers to temporarily exempt market participants from regulations.

    • 23 Apr 2018
  • FCA flags clearing, trading competition concerns

    The Financial Conduct Authority on Monday expressed concerns over the potential consolidation of market power in the hands of a few trading and clearing players, saying that a "lack of competition" could result in "higher prices" or a reluctance to invest to meet client needs.

    • 09 Apr 2018
  • Euroclear to shift holding company to Belgium

    Bond clearing house Euroclear intends to move its holding company from the UK to Belgium as it prepares for the “risks” posed by the UK’s departure from the European Union.

    • 07 Mar 2018

Brexit archive

Comment

  • UK Brexit plans for City are unpopular and unlikely

    The UK government’s white paper on Brexit, presented as a way of moving negotiations forward with the EU, disappointed many in the UK financial services industry. However, the increasing likelihood of no Brexit deal at all means that disappointment doesn't matter — the proposals laid out in the white paper are little more than noise.

    • 17 Jul 2018
  • City should start advocating for 'Norway' deal

    The City's various lobby groups should be pushing the UK government to pick one of the real, off-the-shelf options on offer from the EU for Brexit, rather than indulging its fantasies of a bespoke deal.

    • 03 Jul 2018
  • Limited Brexit transition deal just prolongs uncertainty for the City

    Any capital markets professional breathing a sigh of relief over the agreement of Monday's Brexit transition deal between the EU and the UK, should stop to realise that all this agreement does is prolong the uncertainty.

    • 19 Mar 2018
  • CFTC’s anger at Europe should surprise no one

    A top US derivatives regulator on Wednesday went into battle against his European counterparts over their new proposal that will increase the stringency of the EU’s oversight of foreign clearing houses.

    • 15 Mar 2018

Brexit archive



UK Special Report



Read full report

 LATEST NEWS   RESULTS DAY REACTION   BEFORE THE VOTE 

Top Stories

  • Capital markets reel as UK shatters EU unity

    Capital markets have been hit by a cataclysm, the worst political shock since 11 September 2001 — though the immediate effects on financial markets may not be as grave as those of the 2008 financial crisis, because the solvency of banks is not in question.

    • 24 Jun 2016
  • Focus turns to periphery pain after UK vote hits home

    The UK may have knocked the eurozone periphery off a cliff as it stumbled on its way out of the European Union on Friday morning. Government bond spreads on Friday echoed those during the eurozone sovereign debt crisis. The gap between Germany and the periphery has opened up like the chasm that has developed between UK voters and the political establishment.

    • 24 Jun 2016

Banking and London

  • Banks reassure staff, but recruiters expect carnage

    Despite the carnage in UK and European bank shares, the bosses of major investment banks have reassured staff that immediate changes won’t follow. But recruitment industry sources predict the opposite, with one headhunter citing client plans to move 37,000 jobs to countries that plan to stay in the European Union.

    • 24 Jun 2016
  • UK begins rush for third place

    Long Europe's financial capital, the UK’s vote to leave the European Union casts doubt over the future of not just the city, but of the country's primacy as a business centre, the state of financial regulation in the country and the fate of Capital Markets Union.

    • 24 Jun 2016

Comment


SSAs

  • Brexit punctures SSA pipeline

    Bund yields seared past their record lows on Friday morning after the UK voted to leave the European Union — but no one on the continent will be celebrating the super cheap funding on offer as ‘Brexit’ blocked next week’s pipeline and ensured the only certainty over the next few days is more uncertainty.

    • 24 Jun 2016

FIG

  • Shock Brexit obliterates remaining certainty in FIG

    European bank debt was thrashed in the wake of the UK's vote to leave the European Union on Friday morning. And though the panic hasn't matched that seen in February, when concerns on AT1 coupon payments triggered a selloff, the worst may be yet to come as markets face unprecedented governmental change.

    • 24 Jun 2016

Securitization

  • ABS market's uphill battle just got steeper with Brexit

    Peripheral ABS spreads blew out in Europe on Friday morning on the back of concerns that the UK's vote to leave the European Union could lead to further political disintegration across the continent. But beyond short term volatility, the result could exacerbate the problems facing the already struggling asset class.

    • 24 Jun 2016

Emerging Markets

  • Selling muted in EM but Brexit threatens stability in CEE

    Emerging market bond bankers called Britain’s decision to leave the EU on Friday "madness" but while the fundamental implications for most EM credit are expected to be limited, bankers are fiercely debating how instability in the European Union will affect eastern Europe.

    • 24 Jun 2016

Syndicated Loans

  • European IG spectrum likely to shrink, EM outlook dour

    The investment grade and emerging market loan markets have had a difficult time already this year, but the outlook has undoubtedly grown bleaker. Britain’s decision to leave the European Union has sent a shockwave through the markets that was simply too large to quickly comprehend.

    • 24 Jun 2016

MTNs

  • 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.

    • 24 Jun 2016

Swiss francs

Corporate Bonds

  • Corporate bond market searches for answers

    After more than three months of stable and attractive funding conditions, the European corporate bond market has been turned on its head by the UK EU referendum result.

    • 24 Jun 2016

Equity

Derivatives

Leveraged Finance

Asia reaction

  • Asia scrambles in wake of Brexit call error

    Asian markets went to sleep on Thursday confident that the UK would still be part of the European Union the following morning and that business would go back to normal. But the UK’s public defied expectations and voted to leave the EU, forcing Asia bankers to completely rethink their plans.

    • 24 Jun 2016

China

  • RMB resilient as Asia tumbles on Brexit

    The UK’s shock decision to leave the European Union has left most of Asia reeling with the region’s major currencies and stock indices all coming under severe pressure. But if there is one country that can handle the negativity better than the others, it will be China.

    • 24 Jun 2016

 LATEST NEWS   RESULTS DAY REACTION   BEFORE THE VOTE 
  • Asia markets look to shrug off Brexit concerns

    Markets watchers in Asia said they were optimistic, as GlobalCapital Asia went to press on Thursday, that next week would be a return to business as usual, given their widespread expectations that the UK would choose to remain in the European Union. But some warned that, irrespective of the outcome, currency risks could spill over to other asset classes, adversely affecting bonds and equities.

    • 23 Jun 2016
  • Markets go large on UK Remain vote

    Market indicators suggest the UK will vote on Thursday to remain part of the European Union, with riskier assets outperforming safe haven instruments — meaning the public sector bond market could reopen next week.

    • 23 Jun 2016
  • MTNs to follow UK Remain vote?

    MTN dealers are spying opportunities for deals on Friday, should Thursday's vote on the UK's membership of the European Union return a vote for Remain.

    • 23 Jun 2016
  • Don’t blink now: corporate market braces for UK referendum vote

    As UK voters made their way to the polling stations, Europe’s investment grade corporate bond market geared up for a frantic Friday, when the referendum’s results are announced.

    • 23 Jun 2016
  • EU vote could reopen euro clearing fight

    A British vote to leave the European Union could lead to the reopening of a spat between the Bank of England and the European Central Bank over clearing euro-denominated trades. Last year, the UK won a court battle in the European Court of Justice, keeping the right to clear euro-denominated trades outside the eurozone.

    • 23 Jun 2016
  • Opportunistic EM borrowers eye market beyond Brexit

    Emerging market bond bankers are already looking beyond Brexit as super-tight spreads in central and eastern Europe, caused by a Remain-led rally, make issuance levels look attractive.

    • 22 Jun 2016
  • SSA market tipped to reopen as Remain gathers strength

    Hopes are rising that the public sector bond market could spark back into life next week, as the Remain campaign in the UK’s referendum on European Union membership appears to be gaining momentum.

    • 22 Jun 2016
  • Leveraged loans not quelled by Brexit as bonds fall silent

    Stillness reigns in the European corporate bond market, as the UK referendum on its EU membership comes closer. However, the last new issue before Thursday’s poll came as late as Monday, when Christian Dior seized on an optimistic mood in markets to print its well-flagged €350m five year bond.

    • 22 Jun 2016
  • Sterling bonds, CDS indices would widen sharply on Brexit, says Citi

    A vote for the UK to leave the European Union next week could widen the performance rift between sterling and euro bonds and send European credit default swap indices to some of their widest levels this year, Citigroup predicts.

    • 21 Jun 2016

Comment

  • Underestimate Brexit at your peril

    Be under no illusion. A vote by Britain to leave the EU would be a cataclysmic event for the European capital markets. In the worst case scenario — Brexit kicking off a full EU collapse — it could make the horrors of late 2008 look like a picnic.

    • 16 Jun 2016
  • Regulation shows the best and worst of Europe

    Financial regulation, for anyone following it closely, is a microcosm of the weaknesses and the strengths of the European Union. It is at times maddening, confusing, incoherent, and vindictive, but gives the countries of Europe a collective voice far stronger than any individual jurisdiction. And, slowly but surely, it is creating a single market for capital.

    • 21 Jun 2016

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 222,769.95 834 8.17%
2 JPMorgan 209,525.62 905 7.69%
3 Bank of America Merrill Lynch 200,206.86 651 7.35%
4 Barclays 171,115.08 604 6.28%
5 HSBC 150,238.06 692 5.51%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29,830.94 52 6.92%
2 BNP Paribas 28,159.68 110 6.53%
3 Credit Agricole CIB 22,424.47 104 5.20%
4 UniCredit 22,060.45 102 5.12%
5 SG Corporate & Investment Banking 21,979.64 84 5.10%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 9,517.23 44 8.70%
2 JPMorgan 9,409.35 41 8.60%
3 Citi 7,643.16 42 6.98%
4 UBS 5,984.12 21 5.47%
5 Deutsche Bank 5,145.17 32 4.70%