It may seem counterintuitive, but since the UK voted to leave the EU, sterling debt capital markets (DCM) have taken off. As issuance has ballooned, HSBC has been the most active manager. In the first 10 weeks following the vote, HSBC was bookrunner on 19 sterling bonds (across all categories) worth £3.37bn ($4.92bn), according to Bloomberg, followed by Barclays on 12 issues worth £3.11bn. This was a welcome burst of activity compared with what had gone before.
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