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We’ve been awarded ‘Best GBP Commercial Paper (CP) Dealer’ by CMDPortal

06 January 2021

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We’re delighted to have been awarded Best GBP CP Dealer by CMDPortal. Our support for customers accessing the Covid Corporate Financing Facility (CCFF) was a significant factor in being awarded this accolade.

The award is given to an institution that is active in the Sterling money markets, in both the domestic, foreign and international segment through Sterling Euro-Commercial Paper (ECP) and Certificate of Deposit (CD) and is best at providing a full service to all types of issuers and investors. This year, specific attention was paid to the Corporate CCFF segment.

At the start of the COVID crisis, many of our corporate customers found themselves with a sudden and significant reduction in income. Our ECP desk, along with our coverage and legal teams and middle office functions quickly mobilised and worked tirelessly with customers, many of whom didn’t have existing ECP programmes, to advise and assist them on the Bank of England’s CCFF asset purchasing programme which would provide them with much needed liquidity in the challenging macroeconomic environment.

Jonathan Ragon-Paxton, who leads our ECP desk said, “We’re delighted to have been awarded Best GBP CP Dealer by CMDPortal in recognition of the support we provide to customers in both good and difficult markets. He added, ”Sitting within Primary Capital Markets, our unique cross-desk integration means we’re in constant dialogue with our colleagues in Capital Markets and across the Corporate Bank, which enables greater visibility of investors and issuer needs. We’re delighted our collaborative approach in supporting our customers has been recognised with this award.”

The Collaborative Market Data (CMD) Portal Awards credit the best performing Dealers, Issuers and Investors over the past 12 months. The winners are decided by a number of avenues including detailed feedback from industry participants, available data and league tables which play an integral role in assessing competitive strengths, an analysis of key deals and performance over the year with factors such as size, depth and growth of specific markets. 

For more information about the CMDPortal awards, please click here. 

Glossary

  • Euro-Commercial Paper (ECP) refers to commercial paper issued by a company denominated in a currency that differs from the domestic currency of the market where the paper is issued.
  • ECP is used by international corporations to raise short-term financing to fund day-to-day operations, with notes maturing on the order of days or weeks.
  • Because borrowers prefer to secure financing with the smallest cost of borrowing possible, ECPs are an ideal source of capital for global institutional investors

A certificate of deposit (CD) is a money market instrument issued by a bank to raise funds from the secondary money market. It is issued for a specific period for a fixed amount of money with a fixed rate of interest.

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