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UK government can find direction by being determined on defence and green growth
Nine banks chosen to run £1.5bn borrowing programme
‘Notably better’ spread cements sovereign’s standing, thanks to triple-A rating and solid fiscal position
All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
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Morgan Stanley more than doubled its revenue from fixed income sales and trading in the fourth quarter of last year, completing a stellar set of earnings for US banks in that business after a year in which they appear to have cemented their dominance in Europe. -
Italy and Belgium were the latest eurozone sovereigns to build their largest ever order books for syndicated bonds on Wednesday, with the former coming close to breaking the record demand from a eurozone issuer set by Spain on Tuesday.
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Fixed income, currencies and commodities trading (FICC) has been the clear area of strength in US bank results so far when compared with the fourth quarter of 2018, particularly in rates and mortgages. Underwriting fees have also come in high, but advisory earnings have suffered.
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A combination of factors are driving colossal demand for new issues in the public sector bond market, with Spain setting a new landmark on Tuesday with the largest ever order book in the eurozone.
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JP Morgan, Citi and Wells Fargo kicked off the fourth quarter earnings season for investment banks on Tuesday, showing momentum in underwriting revenues and fixed income trading, while advisory fees and equities trading stumbled.
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Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.
