UK in the news
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SSA secondary pricing update: Brandenburg and EIB trade wider after pricing tight
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 25. The source for secondary trading levels is ICE Data Services.
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UK GBP6.5bn 0.875% Jan 46
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UK raises £6.5bn with first 2021 syndication
The UK Debt Management Office launched a new 25 year line on Tuesday, raising £6.5bn. The DMO also published the minutes of its call with investors and Gilt-edged Market Makers on Monday, revealing strong appetite for inflation-linked products.
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People news in brief
Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent
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UK appoints syndicate for new 25 year Gilt
The UK Debt Management Office has chosen the banks to lead the sale of a new 25 year conventional Gilt via syndication, following support for this maturity by Gilt-edged Market Makers (GEMMs) and investors in a consultation at the end of November.
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UK DMO rebuffs Parliament’s questions over syndication value
The UK Debt Management Office has responded to a letter from the chair of Parliament’s Treasury Select Committee Mel Stride, questioning whether the DMO’s syndications were priced to obtain the best value possible for the taxpayer.
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Negative rates loom for UK unless Brexit Christmas miracle happens
The looming threat of a no deal Brexit, as well as the chaos ensuing from the UK’s new stricter restrictions to combat Covid-19, caused Gilt yields to plunge on Monday morning. Unless EU and UK politicians are able to come to agreement on a trade deal soon, negative rates look almost inevitable.
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Be boldly green, Boris: investors will back you
As Boris Johnson embarks on a green industrial revolution, he has happened upon one of those rare moments when government policy seems completely aligned with investor appetite. The UK must use this capital markets sweet spot to transform its energy infrastructure next year and beyond.
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Brexit breakdown risks UK capital markets chaos
Capital markets professionals are resigned to a no-deal Brexit, after UK prime minister Boris Johnson and EU Commission president Ursula von der Leyen failed to find a way through an impasse in trade negotiations over dinner on Wednesday. Equities are set to suffer the most, and the ability of UK companies hurt by Covid-19 to raise capital is now in serious doubt. Sam Kerr, Lewis McLellan and Mike Turner report.
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UK DMO hiring green structuring advisers
The UK Debt Management Office has put out a request for green structuring advisers for the launch of its first green Gilt.
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Market dismisses MPs’ fears about syndicated Gilt pricing
Bankers and investors are unconcerned by an inquiry by UK members of Parliament into the cost-effectiveness of syndicated Gilt issues.
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MPs scrutinise whether Gilt syndications are cost-effective
The House of Commons' Treasury Select Committee has asked the UK Debt Management Office to answer a series of questions on its bond syndication programme, specifically on the pricing of its bonds and the fees it pays to bookrunners.
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UK DMO chief sets out vision for £30bn green bond curve
Building a UK green government bond market would take a minimum issuance of about £30bn and “some time” for the UK to establish a benchmark size for the market, according to the head of the UK Debt Management Office.
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UK MBA pulls bond for Warrington amid uncertainty following PWLB rate cut
The UK Municipal Bonds Agency on Tuesday withdrew a planned bond sale for Warrington Borough Council as a result of the Public Works Loan Board’s decision last week to cut its lending rate by 100bp. Warrington will have to reconsider what is its best funding option.
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Gilt market calls for long-dated conventional syndication in January
In calls with the UK Debt Management Office on Monday, the majority of Gilt-edged Market Makers (GEMMs) and some Gilt investors called for the UK to launch a new conventional bond maturing in either 2046 or 2051 via syndication next month.
Dealer League Table UK
Rank | Lead Manager | Amount $bn | No of issues | Share % |
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1 | RBC Capital Markets | 6.18 | 4 | 10.48% |
2 | JPMorgan | 5.39 | 3 | 9.14% |
3 | Goldman Sachs | 5.22 | 3 | 8.86% |
3 | Barclays | 5.22 | 3 | 8.86% |
5 | BofA Securities | 5.13 | 3 | 8.70% |
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Bank Profiles
Latest news by market and league table performance
European Sovereign Bonds
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | SG Corporate & Investment Banking | 4.88 | 3 | 16.63% |
2 | HSBC | 3.99 | 3 | 13.59% |
3 | JPMorgan | 3.00 | 3 | 10.22% |
4 | Citi | 2.89 | 2 | 9.85% |
5 | Barclays | 2.33 | 2 | 7.92% |
Dollar Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 7.41 | 12 | 15.37% |
2 | Deutsche Bank | 4.69 | 6 | 9.73% |
3 | JPMorgan | 4.60 | 9 | 9.55% |
4 | BMO Capital Markets | 3.83 | 3 | 7.95% |
5 | BofA Securities | 3.72 | 5 | 7.73% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 8.94 | 15 | 10.68% |
2 | HSBC | 8.30 | 9 | 9.91% |
3 | SG Corporate & Investment Banking | 7.46 | 7 | 8.91% |
4 | UniCredit | 7.12 | 11 | 8.50% |
5 | Citi | 6.84 | 7 | 8.17% |
Bookrunners of Global SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 14.79 | 19 | 9.78% |
2 | JPMorgan | 14.45 | 40 | 9.56% |
3 | HSBC | 12.32 | 18 | 8.15% |
4 | Deutsche Bank | 10.51 | 17 | 6.96% |
5 | SG Corporate & Investment Banking | 9.06 | 9 | 6.00% |