Brexit

 LATEST NEWS   RESULTS DAY REACTION   BEFORE THE VOTE 
  • US senators warn on EC CCP plans

    Two US senators have scolded the European Commission's efforts to unilaterally change agreed rules for the oversight of foreign clearing houses in the wake of Brexit, backing the toughening position of Commodity Futures Trading Commission chairman Christopher Giancarlo.

    • 10 Jan 2018
  • Theme for 2018: Banks stumble through Brexit fog to new plans, in London or not

    Banks and other financial firms operate in complex lattices of regulation. But for any firm based in the UK and operating internationally, Brexit means they have no idea what regulations will apply, come March 2019. They cannot afford to do nothing, yet do not know what to plan for. As Nigel Owen reports, the response has been to plan for every scenario, including relocation from London.

    • 03 Jan 2018
  • Brexit could mean end of English law for bonds

    A finer point debated in the Brexit negotiations is whether Britain will also leave a European judicial cooperation scheme. That would mean that English law, under which restructurings and bond prospectus terms and conditions are most often written, would not apply to cross-border contracts.

    • 29 Nov 2017
  • BVI demands euro clearing relocation

    The German Investment Funds Association (BVI) demanded the relocation of euro denominated interest rate swaps clearing from London to the EU 27 on Wednesday, citing regulatory concerns due to Brexit and lower costs for fund companies.

    • 22 Nov 2017
  • Giancarlo ups rhetoric on EU proposals

    The head of the foremost derivatives regulator in the US, Christopher Giancarlo, has issued a warning to European regulators on incoming regulation, condemning “costs and regulatory burdens” to the US economy.

    • 07 Nov 2017
  • Brexit provides push for Capital Markets Union part deux

    EU regulators vowed to push ahead with an EU27 version of the 'Capital Markets Union' as they look at life after Brexit.

    • 18 Oct 2017
  • ECB to take over post-Brexit broker-dealer supervision

    In December, the European Commission will propose that large investment firms conducting “bank-like activities” will be considered credit institutions, and therefore supervised by the European Central Bank’s Single Supervisory Mechanism (SSM). This move would close a major loophole that was expected to be used by capital markets firms relocating London-based markets activities to the EU27 after Brexit.

    • 11 Oct 2017
  • BoE: Brexit poses clearing disruption threat

    Debate on the location of euro clearing flared up again this week as the Bank of England warned of “substantial risk of disruption” for the activity, while the European Commission gave its blessing to more powers for the European Central Bank over central counterparties (CCPs).

    • 03 Oct 2017
  • Commission lays out options for EBA future

    Applications to be the post-Brexit home of the European Banking Authority (EBA) are in and the European Commission (EC) has published a summary of what each country offered, and how it will choose between them.

    • 02 Oct 2017
  • Buy side buoyant despite Brexit

    ABS buyers from the UK and continental Europe are operating as normal, with little concern for the Brexit cliff edge around the corner, according to panellists at the TSI Congress 2017 in Berlin.

    • 28 Sep 2017
  • Single market combat: Commission squares up to Brexiteer lawyer

    A prominent UK lawyer clashed with a senior European commissioner at a conference this week after saying there was a ‘work-around’ for Brexit.

    • 21 Sep 2017
  • MUFG picks Amsterdam for post-Brexit securities business

    Mitsubishi UFJ Financial Group (MUFG) has set up a subsidiary in Amsterdam, giving it an option for its securities business once the UK leaves the EU.

    • 14 Sep 2017

Brexit archive

Comment

  • Old Money: hard-wired for FX

    There’s plenty of arguing about Brexit, but in finance, euro clearing stands out as a particularly bitter regulatory fight. At issue is London’s place as the host of euro trading — and it’s going to go down to the wire.

    • 03 Aug 2017
  • ‘Brexodus’ and the death of suitcase banking

    Banks face a coverage dilemma, as Brexit means the UK’s pre-eminence as a global coverage hub is in question, writes David Rothnie.

    • 13 Jul 2017
  • UK doesn’t have a clue on Brexit

    Financial analysts and investors trying to make sense of what the UK general election result means for the upcoming Brexit negotiations should take a step back and ignore what they read for some time. The British government is clueless on its approach to Europe.

    • 13 Jun 2017
  • UK competition hots up but Brexit, election hits deals

    The rise of Barclays and HSBC in UK investment banking, against a backdrop of falling fees and political uncertainty, puts further pressure on an already crowded market and the squeeze will only get worse, argues David Rothnie.

    • 08 Jun 2017

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 30,363.50 109 7.56%
2 JPMorgan 27,423.07 94 6.82%
3 Goldman Sachs 27,365.68 53 6.81%
4 Barclays 25,009.79 63 6.22%
5 Deutsche Bank 22,679.02 69 5.64%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Mizuho 299.85 1 21.73%
1 ING 299.85 1 21.73%
1 Commerzbank Group 299.85 1 21.73%
1 BNP Paribas 299.85 1 21.73%
5 UBS 60.22 1 4.36%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 22.59%
2 Credit Suisse 1,301.65 4 18.30%
3 UBS 970.80 3 13.65%
4 BNP Paribas 522.35 4 7.34%
5 SG Corporate & Investment Banking 444.17 3 6.24%