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Debt Capital Markets Update London Stock Exchange Plc

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Debt Capital Markets Update London Stock Exchange plc Q2 2019 Contents 1. Trends in Global Debt Capital Markets 2. Key DCM transactions listed in London 3. Focus on… ❖ Prospectus Directive (PDIII) ❖ Sovereigns, Supranationals, Green and Sustainability ❖ Where Can You Find Us… Q3 and Q4 ❖ Your LSEG team Trends in Global Debt Capital Markets: Q2 2019 Global Macro Dynamics In Q2 2019, Global Debt Capital Markets largely followed trends set in Q1 The US Treasury curve has shifted downwards, as central banks turn Key Events Calendar: Aug to Oct 2019 dovish and markets price in the expectations of rate cut(s) 3.1 Date Event Date Event 2.9 1 Aug Interest Rate 19 Sep Interest Rate 2.7 2 Aug Unemployment 14 Oct Export/Import 2.5 8 Aug Export/Import 15 Oct CPI 2.3 Yield Yield % 2.1 13 Aug Unemployment 16 Oct CPI 1.9 14 Aug Industrial 18 Oct Industrial 1.7 6 Sep Unemployment 24 Oct Monetary Policy 1.5 12 Sep CPI 30 Oct FOMC 1M 2M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y 12 Sep Monetary Policy 31 Oct GDP Yield @ 31st Dec 18 Yield @ 31st Mar 19 Yield @ 30th Jun 19 Global DCM issuance down 14% 1H19 vs 1H18 by volume Q2 global issuance has been weaker vs Q2 18 outside Asia Annual Supply by Quarter Comparison of Q2 Supply 12 3.5 0.05 0.05 0.04 0.03 0.04 3.0 0.05 10 0.36 0.37 0.33 0.04 2.5 0.40 0.03 8 0.39 0.40 0.31 2.0 0.84 0.85 6 0.84 0.40 1.5 3.15 3.03 2.96 0.70 4 2.46 1.46 1.0 1.34 1.29 Volume Volume ($ trillion) 3.20 3.16 Volume ($ trillion) 0.98 2 3.02 2.80 0.5 0 0.0 2016 2017 2018 2019 2016Q2 2017Q2 2018Q2 2019Q2 Q1 Q2 Q3 Q4 North America Europe Asia Pacific Japan MEA Latam & Carribean Source: Dealogic, July 2019 4 Q2 2019 Debt Listings By Exchange — 217 bonds were issued on London Stock Exchange during Q2 2019; $113bn in debt capital raised. 120 were syndicated deals raising $100bn London Stock Exchange bonds: 2015 to 2019YTD1 Bonds/ Capital Raised across select exchanges Q2 18 vs. Q2 192 1,200 250 600 1,068 535 990 525 1,000 500 500 897 902 200 800 400 150 326 600 300 217 466 100 224 153 BondsNo. Of No. Bonds IssuedNo. Bonds 400 200 Capital Raised($bn)Capital 139 50 200 100 0 0 0 2015 2016 2017 2018 2019YTD LUX LSE DUB SGX Captail Raised ($bn) 2Q18 2Q19 1 Bloomberg, as of 30th June, 2019 2 th Dealogic, as of 30 June, 2019 5 Note: Based on individual tranches issued. Duplicates for 144A and RegS are consolidated. Structured Products are excluded Global issuers pick London for first-time issuances and products in H1 2019 Debut Issuances and Debut Products H1 2019* Debut Issuances H1 2019* 14 51 14 50 12 40 34 10 7 30 8 20 6 20 4 4 10 2 0 0 H1 2019 H1 2019 Dublin Luxembourg LSE Dublin Luxembourg LSE Selected Debut Products Selected Debut Issuers Chile’s inaugural Hong Kong’s first Debut £350mn Uzbekistan’s debut Saudi Aramco’s debut Inaugural $325mn HY green bonds green bond raising sustainability bond $1bn international $12bn international bond from ADES ($1.42bn, €861mn) $1bn sovereign bond bond June 2019 May 2019 April 2019 Feb 2019 April 2019 April 2019 ISM Main Market Main Market Main Market Main Market ISM Co-Operative Group’s Debut £1bn Sonia- Debut £600mn Sonia- AIIB’s debut $2.5bn KIFB’s debut INR Home Group’s debut debut £300mn Linked Bond Linked Bond global bond 21.5bn Masala bond £350mn bond sustainability bond April 2019 June 2019 April 2019 May 2019 April 2019 March 2019 Main Market Main Market Main Market Main Market ISM Main Market Source: Dealogic as on 30th June 2019 *Includes tranches of bond transactions from from debut issuers 6 DCM Highlights: Q2 2019 7 Key Q2 Issuances A diverse range of issuers and products EUR 1.25bn, 0.38% 7Y EUR 1.75bn, 0.00%, 5Y EUR 650m, 0.00%, 2Y EUR 600m, 0.13%, 5Y EUR 700m, 1.00% 8Y EUR 110m, 1.25%, 20Y EUR 1.0bn, 0.38% 10Y EUR 1.5bn, 0.38%, 5Y EUR 500m, 0.25%, 5Y GBP 500m, 1.75, 8Y CNY 1.0bn, 3.23%, 3Y EUR 600m, 1.63%, 12Y Dim Sum Bond April 2019 April 2019 April 2019 April 2019 April 2019 May 2019 May 2019 Main Market Main Market Main Market Main Market ISM Main Market Main Market EUR 1.1bn, 1.23%, 12Y EUR 1.25bn, 0.81%, 7Y EUR 1.0bn, 1.63%, 12Y Corporates + + FIG Corporates EUR 1.1bn, 0.83%, 9Y EUR 1.25bn, 1.38%, 11Y GBP 1.25bn, 1.24% 5Y EUR 1.0bn, 0.38%, 5Y USD 400m, 5.95%, 10Y EUR 750m, 2.50%, 20Y GBP 400m, 2.50%, 6Y May 2019 May 2019 May 2019 May 2019 May 2019 May 2019 May 2019 Main Market Main Market Main Market Main Market Main Market Main Market Main Market USD 1.5bn, 7.55%, 11Y EUR 1.25bn, 6.38%, 12Y USD 1.0bn, 2.50%, 5Y USD 500mn, 6.35%, 5Y USD 1.4bn, 3.50%, 31Y USD 1.5bn, 2.84%, 5Y USD 2.5bn, 2.25%, 5Y USD 2.1bn, 2.25%, 10Y Green Bond Green Bond Supranational Supranational Supranational Sovereigns & & Sovereigns April 2019 May 2019 June 2019 June 2019 April 2019 May 2019 June 2019 Supranationals Main Market Main market ISM ISM Main Market Main Market Main Market GBP 350m, 2.75%, 22Y EUR 750m, 0.90%, 8Y EUR 500m, 0.25%, 5Y GBP 300m, 5.13%, 5Y GBP 600mn, 1.33%, 4Y GBP 1.25bn, 1.24%, 5Y GBP 1bn, 1.18%, 3Y SONIA Green Bond Green Bond Green Bond Green Bond SONIA Linked SONIA Linked SONIA Linked April 2019 May 2019 May 2019 May 2019 April 2019 May 2019 June 2019 Green Bonds & & Bonds Green Main Market Main Market Main Market Main Market Main Market Main Market Main Market 8 Sovereign Transactions Q2 saw key issuances from Africa, Asia, Europe and South America April 2019 May 2019 May 2019 May 2019 Egypt Cyprus Kenya Hong Kong The sovereign returned to market Cyprus took advantage of the interest Hong Long issued its first once again this year raising EUR2bn. rates environment by issuing a Euro This is the second Kenyan international Green bond, joining a Initial price guidance for the six year denominated bond with 5 year and 30 international bond transaction to list growing number of Asian sovereigns tranche was 5.125% and 6.875% for year tranches, the later of which on London Stock Exchange since that are accessing sustainable the 12 year before launching at being the longest bond sold by the 2018. financing to fund projects to protect 4.75% and 6.375% respectively. sovereign. the environment. EUR750m (4.750%, 6yr) EUR500m (0.625%, 5.5yrs) USD900m (7.000%, 8yrs) USD1,000m (2.500%, 5yr) EUR1.25bn (6.375%, 12yr) EUR750m (2.750%, 30yrs) USD1,200m (8.000%, 13yrs) June 2019 June 2019 June 2019 June 2019 Iceland Chile Serbia Sri Lanka “This issue is a confirmation on the Chile became the first American Following its successful trade in recognition and trust of the strides sovereign to issue a Green bond and Tapped the markets for the first time March, Sri Lanka returned to market Iceland… Treasury has never issued the second sovereign issuer after the in 6 years, This issuance was once again raising USD2bn through a at more favourable rates.“ Netherlands to receive certification Serbia’s first EUR dominated bond. dual tranche offering Bjarni Benediktsson, Minister of Finance from the Climate Bonds Initiative EUR861m (0.832%, 11yrs) USD500m (6.350%, 5yrs) EUR500m (0.100%, 5yrs) EUR1,000m (1.500%, 10yr) USD1,400m (3.500%, 31yrs) USD1,500m (7.550%, 11yrs) 9 SONIA-linked Floaters Continue to Grow Non-UK banks have begun to raise funds through SONIA issuances £17.5bn 17 64% Of total capital Capital Raised Issuers raised is on LSE on LSE plc First covered SONIA First covered SONIA First covered SONIA plc issuance, £600m (4Y) issuance, £1,250m (5Y) issuance, £1,000m (3Y) with Barclays With 60% of 79% of which raising £1.75bn issuances by has been raised from 2 issuances volume in Issuer Name Issue Date Amount Issued (£m) Tenor Industry in 2019 in Q2 2019 London Toronto-Dominion Bank 24/6/2019 1,000 3 Financials Lloyds Bank 16/5/2019 1,250 5 Financials Barclays Bank UK 15/5/2019 500 4 Financials SONIA Bond Issuance on LSE Barclays Bank UK 15/5/2019 1,250 5 Financials Royal Bank of Canada 25/4/2019 300 1 Financials 4.5 8 Leeds Building Society 9/4/2019 600 4 Financials 4 7 Virgin Money 28/3/2019 500 5 Financials 3.5 6 Skipton Building Society 27/3/2019 600 5 Financials 3 National Westminster Bank 22/3/2019 750 4 Financials 5 Coventry Building Society 19/3/2019 100 5 Financials 2.5 4 EBRD 28/2/2019 950 5 Supranational 2 TSB Bank /United Kingdom 15/2/2019 750 5 Financials 3 1.5 Santander UK 12/2/2019 1,000 5 Financials 2 1 Deals of No. Australia & New Zealand Banking 24/1/2019 750 3 Financials 0.5 1 Royal Bank of Canada 24/1/2019 400 1 Financials Tota Capital Raised (£bn) Raised Capital Tota EBRD 18/1/2019 550 3 Supranational 0 0 Sept Oct Nov Dec Jan Feb Mar Apr May June International Finance Corp 18/1/2019 500 3 Supranational 2018 2019 Commonwealth Bank of Australia 17/1/2019 260 1 Financials Lloyds Bank 14/1/2019 750 3 Financials Tota Capital Raised ($bn) No.
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