DOCSLIB.ORG

Debt Capital Markets Update London Stock Exchange Plc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Debt Capital Markets Update London Stock Exchange Plc 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.
Load more

Recommended publications
  • Karl Brunner and UK Monetary Debate
    Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Karl Brunner and U.K. Monetary Debate Edward Nelson 2019-004 Please cite this paper as: Nelson, Edward (2019). \Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2019.004. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Karl Brunner and U.K. Monetary Debate Edward Nelson* Federal Reserve Board November 19, 2018 Abstract Although he was based in the United States, leading monetarist Karl Brunner participated in debates in the United Kingdom on monetary analysis and policy from the 1960s to the 1980s. During the 1960s, his participation in the debates was limited to research papers, but in the 1970s, as monetarism attracted national attention, Brunner made contributions to U.K. media discussions. In the pre-1979 period, he was highly critical of the U.K. authorities’ nonmonetary approach to the analysis and control of inflation—an approach supported by leading U.K. Keynesians. In the early 1980s, Brunner had direct interaction with Prime Minister Margaret Thatcher on issues relating to monetary control and monetary strategy.
    [Show full text]
  • NSP Price List
    Network Service Provider Price List For Network Service Providers providing customer access to London Stock Exchange Group Trading and Information Systems Price List Network Service Providers Effective 01 January 2021 London Stock Exchange plc. Registered in England & Wales No 02075721. Registered office 10 Paternoster Square, London EC4M 7LS. Network Service Provider Price List For Network Service Providers providing customer access to London Stock Exchange Group Trading and Information Systems Service Monthly cost per NSP per client per setup*/GBP London Stock Exchange Interactive Services1 1,995 London Stock Exchange Information Services 2,205 London Stock Exchange Testing Only Services2 645 London Stock Exchange Derivatives Market 260 Turquoise Interactive Services1 330 Turquoise Information Services 441 Borsa Italiana Equities 330 Borsa Italiana IDEM Derivatives 330 EuroTLX 330 Notes: 1Includes Trading, Drop-Copy and Post-Trade Gateways, and CDS. 2This service is included for free when ordered with London Stock Exchange Interactive Services or London Stock Exchange Information Services. If you are interested in taking FixHub services, please contact [email protected] for further information. Please note that all services are subject to a 90-day notice period for cancellation. All new services ordered are subject to a minimum 12-month service term. Orders *The ordering and cancellation of services is only supported by an NSP submitting a valid Technical Information Form to [email protected] For more information, please contact our Technology Business Development team on +44 (0)20 7797 3211 or email [email protected] London Stock Exchange plc. Registered in England & Wales No 02075721. Registered office 10 Paternoster Square, London EC4M 7LS.
    [Show full text]
  • London Stock Exchange Group Response to CCP Resolution Guidance Consultation 2017
    London Stock Exchange Group Response to the Financial Stability Board Consultative Document on “Guidance on Central Counterparty Resolution and Resolution Planning” Introduction LSEG operates today multiple clearing houses. It has majority ownership of the multi-asset global CCP operator, LCH Group (“LCH”). LCH has legal subsidiaries in the UK (LCH Ltd), France (LCH S.A.), and the US (LCH LLC). It is a leading multi-asset class and international clearing house, serving major international exchanges and platforms as well as a range of OTC markets. It clears a broad range of asset classes, including: securities, exchange-traded derivatives, commodities, energy, freight, foreign exchange derivatives, interest rate swaps, credit default swaps and euro, sterling and US dollar denominated bonds and repos. In addition, LSEG operates Cassa di Compensazione e Garanzia S.p.A. ("CC&G"), the Italian clearing house, providing clearing services for a range of European securities as well as exchange traded equity and commodities derivatives. The Group also includes Monte Titoli, a CSD successfully migrated in Target 2 – Securities settlement platform; and globeSettle, the Group’s CSD based in Luxembourg. In this context, LSEG welcomes the opportunity to respond to the Financial Stability Board (“FSB”) Consultative Document on “Guidance on Central Counterparty Resolution and Resolution Planning”. *** 1 Part A. General Remarks While defining the recovery and resolution framework for CCPs, two key objectives should be pursued: (i) preserve the incentives for clearing members to maintain high CCP resilience standards and to actively participate in recovery and (ii) ensure that the recovery and resolution processes are transparent and predictable on order to maximise the chance of success.
    [Show full text]
  • The Pound Sterling
    ESSAYS IN INTERNATIONAL FINANCE No. 13, February 1952 THE POUND STERLING ROY F. HARROD INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS AND SOCIAL INSTITUTIONS PRINCETON UNIVERSITY Princeton, New Jersey The present essay is the thirteenth in the series ESSAYS IN INTERNATIONAL FINANCE published by the International Finance Section of the Department of Economics and Social Institutions in Princeton University. The author, R. F. Harrod, is joint editor of the ECONOMIC JOURNAL, Lecturer in economics at Christ Church, Oxford, Fellow of the British Academy, and• Member of the Council of the Royal Economic So- ciety. He served in the Prime Minister's Office dur- ing most of World War II and from 1947 to 1950 was a member of the United Nations Sub-Committee on Employment and Economic Stability. While the Section sponsors the essays in this series, it takes no further responsibility for the opinions therein expressed. The writer's are free to develop their topics as they will and their ideas may or may - • v not be shared by the editorial committee of the Sec- tion or the members of the Department. The Section welcomes the submission of manu- scripts for this series and will assume responsibility for a careful reading of them and for returning to the authors those found unacceptable for publication. GARDNER PATTERSON, Director International Finance Section THE POUND STERLING ROY F. HARROD Christ Church, Oxford I. PRESUPPOSITIONS OF EARLY POLICY S' TERLING was at its heyday before 1914. It was. something ' more than the British currency; it was universally accepted as the most satisfactory medium for international transactions and might be regarded as a world currency, even indeed as the world cur- rency: Its special position waS,no doubt connected with the widespread ramifications of Britain's foreign trade and investment.
    [Show full text]
  • Gladstone and the Bank of England: a Study in Mid-Victorian Finance, 1833-1866
    GLADSTONE AND THE BANK OF ENGLAND: A STUDY IN MID-VICTORIAN FINANCE, 1833-1866 Patricia Caernarv en-Smith, B.A. Thesis Prepared for the Degree of MASTER OF ARTS UNIVERSITY OF NORTH TEXAS May 2007 APPROVED: Denis Paz, Major Professor Adrian Lewis, Committee Member and Chair of the Department of History Laura Stern, Committee Member Sandra L. Terrell, Dean of the Robert B. Toulouse School of Graduate Studies Caernarven-Smith, Patricia. Gladstone and the Bank of England: A Study in Mid- Victorian Finance, 1833-1866. Master of Arts (History), May 2007, 378 pp., 11 tables, bibliography, 275 titles. The topic of this thesis is the confrontations between William Gladstone and the Bank of England. These confrontations have remained a mystery to authors who noted them, but have generally been ignored by others. This thesis demonstrates that Gladstone’s measures taken against the Bank were reasonable, intelligent, and important for the development of nineteenth-century British government finance. To accomplish this task, this thesis refutes the opinions of three twentieth-century authors who have claimed that many of Gladstone’s measures, as well as his reading, were irrational, ridiculous, and impolitic. My primary sources include the Gladstone Diaries, with special attention to a little-used source, Volume 14, the indexes to the Diaries. The day-to-day Diaries and the indexes show how much Gladstone read about financial matters, and suggest that his actions were based to a large extent upon his reading. In addition, I have used Hansard’s Parliamentary Debates and nineteenth-century periodicals and books on banking and finance to understand the political and economic debates of the time.
    [Show full text]
  • Bank of England List of Banks
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 31 October 2017 (Amendments to the List of Banks since 30 September 2017 can be found on page 5) Banks incorporated in the United Kingdom Abbey National Treasury Services Plc DB UK Bank Limited ABC International Bank Plc Diamond Bank (UK) Plc Access Bank UK Limited, The Duncan Lawrie Limited (Applied to cancel) Adam & Company Plc ADIB (UK) Ltd EFG Private Bank Limited Agricultural Bank of China (UK) Limited Europe Arab Bank plc Ahli United Bank (UK) PLC AIB Group (UK) Plc FBN Bank (UK) Ltd Airdrie Savings Bank FCE Bank Plc Al Rayan Bank PLC FCMB Bank (UK) Limited Aldermore Bank Plc Alliance Trust Savings Limited Gatehouse Bank Plc Alpha Bank London Limited Ghana International Bank Plc ANZ Bank (Europe) Limited Goldman Sachs International Bank Arbuthnot Latham & Co Limited Guaranty Trust Bank (UK) Limited Atom Bank PLC Gulf International Bank (UK) Limited Axis Bank UK Limited Habib Bank Zurich Plc Bank and Clients PLC Habibsons Bank Limited Bank Leumi (UK) plc Hampden & Co Plc Bank Mandiri (Europe) Limited Hampshire Trust Bank Plc Bank Of America Merrill Lynch International Limited Harrods Bank Ltd Bank of Beirut (UK) Ltd Havin Bank Ltd Bank of Ceylon (UK) Ltd HSBC Bank Plc Bank of China (UK) Ltd HSBC Private Bank (UK) Limited Bank of Cyprus UK Limited HSBC Trust Company (UK) Ltd Bank of Ireland (UK) Plc HSBC UK RFB Limited Bank of London and The Middle East plc Bank of New York Mellon (International) Limited, The ICBC (London) plc Bank of Scotland plc ICBC Standard Bank Plc Bank of the Philippine Islands (Europe) PLC ICICI Bank UK Plc Bank Saderat Plc Investec Bank PLC Bank Sepah International Plc Itau BBA International PLC Barclays Bank Plc Barclays Bank UK PLC J.P.
    [Show full text]
  • Big Bang 20 Years On
    Big Bang 20 years on New challenges facing the financial services sector COLLECTED ESSAYS WITH A FOREWORD BY NIGEL LAWSON CENTRE FOR POLICY STUDIES 57 Tufton Street, London SW1P 3QL 2006 THE AUTHORS LORD LAWSON was Chancellor of the Exchequer from 1983 to 1989. MICHAEL SNYDER is Chairman of the City of London’s Policy and Resources Committee. DOUGLAS MCWILLIAMS is chief executive and JONATHAN SAID senior economist from the centre for economics and business research (cebr). ANDREW HILTON is director of the Centre for the Study of Financial Innovation (CSFI). MALCOLM LEVITT is EU Adviser at the City of London Corporation. ALAN YARROW is Chairman of the London Investment Banking Association (LIBA). ANGELA KNIGHT is Chief Executive of the Association of Private Client Investment Managers and Stockbrokers (APCIMS). PETER LINTHWAITE is Chief Executive of the British Venture Capital Association (BCVA). ISBN No. 1 905 389 38 8 Centre for Policy Studies, October 2006 Printed by 4 Print, 138 Molesey Avenue, Surrey CONTENTS Foreword Nigel Lawson 1. The challenges ahead 1 Michael Snyder 2. The importance of the City of London to the UK economy 11 Douglas McWilliams and Jonathan Said 3. All regulation is bad 24 Andrew Hilton 4. The City and the EU 32 Malcolm Levitt 5. The challenges facing investment banking in the UK 42 Alan Yarrow 6. Wealth Management: London a global centre 51 Angela Knight 7. UK Private Equity 59 Peter Linthwaite Appendix: technical issues in calculating employment data in the City The City of London Corporation FOREWORD NIGEL LAWSON THE 20TH ANNIVERSARY of the radical reform of the London Stock Exchange that came to be known as ‘Big Bang’ thoroughly deserves the thoughtful celebration this collection of essays provides.
    [Show full text]
  • Your Financial Events. Anytime. Anywhere
    Your financial events. Anytime. Anywhere. Issuer Services lsegissuerservices.com Live corporate presentations, events and meetings Spark Live offers a unique opportunity to place your content on a trusted website with millions of visitors, so you can maximise the reach of every event in your corporate calendar. With Spark Live, you can offer live and on demand access to your financial results, capital markets days, analyst updates, AGMs and all the important moments in your corporate calendar. Our unique platform lets you integrate your broadcasts into your fully branded London Stock Exchange profile page and open your events to our network of millions. Embed your broadcasts simultaneously into your existing Investor Relations channels to maximise your reach. – Reach millions of investors: through your profile on our trusted portal, your broadcasts are made available to millions of visitors at londonstockexchange.com – Tell your story: enhance your profile page with branding, social media feeds, research and event calendars to support your corporate marketing strategy. – Maximise your content views: investors can view your events in real time or catch up on demand. Wherever and whenever works for them. – Build powerful communications: use our tools to add investor Q&As, slide synching, speaker bios, presentation downloads, transcripts and more. – Broadcast worldwide: broadcast your financial results, capital markets days or analyst updates from any location to increase the reach of every event. Drive visibility, liquidity and demand through
    [Show full text]
  • Bank of England List of Banks- October 2020
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 1st October 2020 (Amendments to the List of Banks since 31st August 2020 can be found below) Banks incorporated in the United Kingdom ABC International Bank Plc DB UK Bank Limited Access Bank UK Limited, The Distribution Finance Capital Limited Ahli United Bank (UK) PLC AIB Group (UK) Plc EFG Private Bank Limited Al Rayan Bank PLC Europe Arab Bank plc Aldermore Bank Plc Alliance Trust Savings Limited (Applied to Cancel) FBN Bank (UK) Ltd Allica Bank Ltd FCE Bank Plc Alpha Bank London Limited FCMB Bank (UK) Limited Arbuthnot Latham & Co Limited Atom Bank PLC Gatehouse Bank Plc Axis Bank UK Limited Ghana International Bank Plc GH Bank Limited Bank and Clients PLC Goldman Sachs International Bank Bank Leumi (UK) plc Guaranty Trust Bank (UK) Limited Bank Mandiri (Europe) Limited Gulf International Bank (UK) Limited Bank Of Baroda (UK) Limited Bank of Beirut (UK) Ltd Habib Bank Zurich Plc Bank of Ceylon (UK) Ltd Hampden & Co Plc Bank of China (UK) Ltd Hampshire Trust Bank Plc Bank of Ireland (UK) Plc Handelsbanken PLC Bank of London and The Middle East plc Havin Bank Ltd Bank of New York Mellon (International) Limited, The HBL Bank UK Limited Bank of Scotland plc HSBC Bank Plc Bank of the Philippine Islands (Europe) PLC HSBC Private Bank (UK) Limited Bank Saderat Plc HSBC Trust Company (UK) Ltd Bank Sepah International Plc HSBC UK Bank Plc Barclays Bank Plc Barclays Bank UK PLC ICBC (London) plc BFC Bank Limited ICBC Standard Bank Plc Bira Bank Limited ICICI Bank UK Plc BMCE Bank International plc Investec Bank PLC British Arab Commercial Bank Plc Itau BBA International PLC Brown Shipley & Co Limited JN Bank UK Ltd C Hoare & Co J.P.
    [Show full text]
  • Marek Grabowski Director of Audit Policy Financial Reporting Council 5Th Floor, Aldwych House 71 – 91 Aldwych London WC2B 4HN
    Marek Grabowski Director of Audit Policy Financial Reporting Council 5th Floor, Aldwych House 71 – 91 Aldwych London WC2B 4HN 1 May 2013 By email: [email protected] Dear Marek Implementing the Recommendations of the Sharman Panel: Revised Guidance on Going Concern and revised International Standards on Auditing (UK & Ireland) (‘the draft guidance’) Introductory remarks Chartered Accountants Ireland (‘the Institute’) is pleased to respond to the above consultation. In framing our response, both in terms of general comments and in answering the specific questions in the Consultation, we have had regard to the particular circumstance of Chartered Accountants Ireland which has significant membership both in the United Kingdom and in Ireland. We are also grateful to staff of the Financial Reporting Council (‘FRC’) who took the time to visit Dublin recently to meet with various Irish stakeholders to discuss both these proposals and other FRC proposals for amending ISA 700 (UK & Ireland) ‘The Auditor’s Report on Financial Statements’. This meeting has been helpful to us in finalising our comments, as has the public meeting held by the FRC in London on 25th April. The Institute has previously expressed its support for a key aim of the Sharman Inquiry, namely to address questions that have been previously raised about the ‘quality of information provided on companies financial health and their ability to withstand economic and financial stresses in the short, medium, and longer term’. In our comments on the original Sharman Inquiry ‘call for evidence’ the Institute expressed the view that enhanced disclosures of an entity’s financial risks would be of benefit to stakeholders in assessing the sustainability of an entity.
    [Show full text]
  • Inside the Bank of England Opens in a New Window
    Inside the Bank of England Inside the Bank of England 1 The Bank’s mission The Bank of England is the central bank of the United Kingdom. Sometimes known as ‘the Old Lady of Threadneedle Street’, the Bank was founded in 1694 during a period of economic turbulence, in order to ‘promote the publick good and benefitt of our people’ by acting as the Government’s banker and debt manager. The Bank Charter Although the Bank’s role and responsibilities The Bank Charter was sealed on 27 July 1694, have evolved and expanded since its foundation, and the Bank opened for business shortly after. its mission today remains true to its original purpose: to promote the good of the people of the William III By Henry Cheere United Kingdom by maintaining monetary and William III was the monarch at the time of the financial stability. Bank’s founding in 1694. This statue was In 2013, a new legal framework governing the commissioned by the Bank and unveiled in its new Bank of England conferred greater statutory premises in Threadneedle Street on 1 January 1735. duties on the Bank than at any time in its history. Originally established as a privately owned The Bank needs to be understood, credible and institution, the Bank was nationalised on trusted so that its policies are effective. The Bank 1 March 1946, but retained its broad – but is therefore committed to being transparent, largely informal – public service mission. independent and accountable to stakeholders. 2 Bank of England The Bank today The Bank’s mission to maintain monetary and financial stability is overseen, in the first instance, by the Bank’s Governors.
    [Show full text]
  • Decision Notice Relates Has Been Discontinued and No Further Action Will Be Taken
    Following the decision of the Upper Tribunal on 6 July 2021, the action to which this Decision Notice relates has been discontinued and no further action will be taken. DECISION NOTICE To: Mr Stuart Malcolm Forsyth Individual Reference Number: SMF01029 30 September 2019 1. ACTION 1.1. For the reasons given in this Notice, the PRA has decided to: (1) make an order, pursuant to section 56 of the Act, prohibiting Stuart Malcolm Forsyth from performing any function in relation to any regulated activity carried on by a PRA-authorised person or an exempt person in relation to any PRA-regulated activity carried on by that person; and (2) impose, pursuant to section 66 of the Act, a financial penalty of £76,180 on Mr Forsyth. 2. SUMMARY OF REASONS 2.1. The PRA has decided to take the action set out in paragraph 1.1 because, for the reasons set out below, it considers that Mr Forsyth’s conduct demonstrates a serious lack of integrity in breach of Statement of Principle 1 (Integrity) of the Statements of Principle of Approved Persons and Individual Conduct Standard 1 (Integrity) of the PRA’s Insurance Conduct Standards. The PRA has concluded that Mr Forsyth is therefore not fit and proper to perform any function in relation to any PRA-regulated activity carried on by a PRA-authorised person, or by a person who is an exempt person in relation to any PRA-regulated activity carried on by that person. 2.2. Mr Forsyth became the CEO of a mutual insurance firm, SBMIA, in September 2000.
    [Show full text]