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  • Global Markets Annual Awards Reception

    • 20 Sep 2017
  • Afme lays out wishlist for Brexit transition

    Financial services and capital markets need a transitional period after Brexit, and the Association for Financial Markets in Europe (Afme) has explained how it thinks it should work.

    • 07 Sep 2017
  • Asia’s loan market: overbanked but innovation is stirring

    The Asian loan market hasn’t exactly been a hotbed of inventiveness, but it’s still seen some changes. Domestic markets, particularly China, have become vastly more active, while the balance of power has shifted towards local lenders. All, however, are struggling in a world of low margins and low volumes

    • 16 Jun 2017
  • Asian bonds robust in face of rate hikes after long boom

    It has been a long journey to the deep and diverse Asian bond markets of today, taking in the rise of China, the emergence of local currencies and the region’s maturing dollar market. Now, investors and issuers are looking ahead to further Federal Reserve hikes and preparing for the next challenge

    • 16 Jun 2017
  • Duterte’s US-Russia games cannot hide China’s attractions

    A year into his presidency, Rodrigo Duterte is, geopolitically speaking, impossible to pin down. One day the Philippines’ leader is courting Donald Trump and the US, the next he is on a plane to Moscow to do deals with Vladimir Putin. Meanwhile, in the background is China and its $900bn One Belt One Road project, which could plug a hole in the Philippines’ gaping $150bn infrastructure deficit.

    • 15 Jun 2017
  • Indonesia’s borrowers ready to reap rewards of deeper debt markets

    As one of the fastest growing economies of all the G20 countries, Indonesia is on the up. Having taken some difficult decisions after coming to power in 2015, Joko Widowo’s administration is reaping the rewards with growth accelerating, a budget deficit below 3%, and inflation tamed. The benign economic background has helped the Indonesian government become one of the most sophisticated sovereign borrowers in the international market

    • 15 Jun 2017
  • Elbech brings global view to AIIB treasury

    Søren Elbech, recently appointed treasurer of the Asian Infrastructure Investment Bank, is one of the best known faces in the public sector bond market, having worked in it since 1991

    • 15 Jun 2017
  • CEE pings loudly on China’s economic radar

    Chinese cash may never quite come to dominate the CEE region. But it is here to stay

    • 15 Jun 2017
  • OBOR, Bond Connect to be RMBi breakthroughs, say experts

    The combination of China’s One Belt One Road (OBOR) policy and Bond Connect system will allow the renminbi to be used more widely as an international investment and reserve currency

    • 15 Jun 2017
  • China’s $900bn OBOR project hits security potholes

    China’s hopes of rewriting globalisation in its own image using the One Belt, One Road programme are running into trouble

    • 15 Jun 2017
  • Slowing Semed drags on overall EBRD growth pick-up

    The EBRD has revised up its overall growth outlook from 2016’s weak 1.8% to 2.4% in 2017 and 2.8% in 2018 but the headline numbers mask a wider range of outturns within the different regions it monitors

    • 10 May 2017
  • Calling EM banks: could a green bond help you?

    Emerging market banks make up a tiny share of green bond issuance but this is likely to change in regions such as the CEE as EM banks could end up being the group for which the product makes most sense

    • 10 May 2017
  • Croatian governor insists Agrokor will survive but issues warning

    Crisis-hit Croatian conglomerate Agrokor will not go bust, the country’s central bank governor insisted in an interview with GlobalMarkets as he said the debacle highlighted the risks of firms building up bad balance sheets

    • 10 May 2017
  • Chakrabarti hails Cyprus as blueprint for rescue model

    The EBRD has used its annual meetings in Nicosia to highlight the success of its work in helping turn the host country round from near-collapse to economic revival, but concedes unemployment and NPLs remain concerns

    • 10 May 2017
  • Economies sound alarm on Trump threat to EBRD trade

    Donald Trump may have softened his stance on protectionism but the EBRD and individual countries in its region are concerned that any worsening in trade relations will damage their prospects for growth

    • 10 May 2017
  • Final frontier — will EBRD boldly go into war-torn Syria?

    The inclusion of Tunisia, Morocco, Egypt, and Jordan as countries of operation six years ago shifted the gravity of the EBRD south and has now raised the notion that the bank may take on the once unthinkable challenge of rebuilding Syria once the devastating war there ends

    • 10 May 2017
  • EBRD pushes western Balkan bloc but Kosovo warns of history repeating

    A proposed common market for the western Balkans would create a zone with a combined GDP of $88bn but the idea has encountered scepticism with one putative member, Kosovo, taking to Facebook to voice concerns

    • 10 May 2017
  • CEE in the clear after QE but fears grow for EU weaklings Italy and Greece

    Central and Eastern European economies appear well set to withstand any fall-out caused by the end of European Central Bank’s quantitative easing programme and US Fed rate rises, economists and a central bank governor have told GlobalMarkets.

    • 10 May 2017
  • Russia sweet-talks AIIB as Oreshkin vents fury at EBRD loan ban

    Although EBRD’s decision not lift its ban on new loans to Russia was expected, the country’s reaction was not: its economy minister attacked the bank as a tool of foreign policy and claimed that it finances did not deserve a triple-A rating

    • 10 May 2017
  • Markets nervous ahead of Ukraine CB governor appointment

    Tensions are mounting over the replacement of Valeria Gontareva as Ukraine’s central bank governor with foreign investors and donors favouring Raiffeisen Bank Aval chairman Volodymyr Lavrenchuk

    • 10 May 2017
  • Moldova banking sector clean-up on schedule, says governor

    Moldova’s central bank governor Sergiu Cioclea tells GlobalMarkets that he is preparing to sell stakes in up to three banks by the end of this year, as part of country’s efforts to relaunch its financial sector after 2014’s scandal.

    • 10 May 2017
  • Bond markets offer key to bridge $5tr CEE infrastructure gap

    The EBRD has used techniques such as enhanced liquidity features and political risk insurance to help raise the rating of infrastructure projects and attract capital to help bridge an estimated $1tr shortfall across its region.

    • 09 May 2017
  • CEE urges EU to seize on Macron victory to kickstart reforms

    The CEE greeted the defeat of Marine Le Pen by Emmanuel Macron with relief and as an opportunity for policymakers to seize the opportunity to resolve the structural economic problems that have bedevilled both Old and New Europe

    • 09 May 2017
  • OBOR Serbian cash puts China on collision course with EU

    An investigation by the European Commission into a Chinese-funded rail link between Serbia and Hungary is a sign of concern over China’s focus on the western Balkans as a key link its $900bn One Belt, One Road route for bringing Chinese goods to Europe.

    • 09 May 2017
  • Turkey’s new SWF raises wealth of worries among international investors

    Turkey’s decision to use key state-owned assets to finance a new sovereign wealth fund has raised concerns among foreign investors that it will weaken management of those entities and be used as a political rather than financial tool.

    • 09 May 2017
  • Private sector remedies essential to help refugees, says EBRD

    The EBRD is using a fund of almost €1bn to support its trademark private sector-based initiatives to bring both immediate relief and longer term business opportunities for some of the 3.4m Syrian refugees in its Middle Eastern countries of operation.

    • 09 May 2017
  • EBRD cash for Tajik banks hangs on sector reform

    The government’s recapitalisation of Tajikistan’s two largest banks pulled the sector back from the brink but the EBRD will only invest once it can see evidence of the wholesale reform that the banking industry urgently needs.

    • 09 May 2017
  • Investors doubt Kazakh commitment to state sell-offs

    Since unveiling a privatisation programme two years ago Kazakhstan has sold off 120 mainly small firms but investors are worried plans to dispose of big ticket items such as Air Astana face long delays — or even cancellation.

    • 09 May 2017
  • Mongolia back from the brink after u-turn on ‘catastrophic’ bank law

    A law in Mongolia forcing all large projects to run sales revenues through local banks that was passed in April had threatened to pull the plug on investment by Rio Tinto and an IMF bail-out until the government performed a u-turn just 20 days later

    • 09 May 2017
  • Russian economic revival masks long-term problems

    The Russian economy is expected to see growth accelerate to 2% next year but private sector economists are warning that the upturn only conceals structural weaknesses such as poor demographics, a shrinking labour force, and low productivity levels

    • 09 May 2017
  • EBRD chief squashes talk of further expansion

    EBRD president Suma Chakrabarti tells GlobalMarkets the Bank has an “enormous” job to do across a region that now stretches from the Baltic Sea to North Africa and Mongolia, not least to deal with the Syrian refugee crisis

    • 09 May 2017
  • Hellenic Bank: Technological transformation

    Hellenic Bank is the second largest commercial bank in Cyprus, with market shares of 13% and 7% in deposits and loans respectively. Recapitalised following the crisis, it is now introducing innovative measures to restructure its loan portfolio, rebuild its loan portfolio and enhance operating efficiencies. In this interview with GlobalMarkets, Hellenic Bank’s chairwoman, Irena Georgiadou, outlines the progress that the bank has made since its re-capitalisation and looks forward to the opportunities that are being generated by the economic recovery in Cyprus. Click the link to the right to find out more.

    • 08 May 2017
  • Cooperative Central Bank: Preparing for a stock exhange listing

    The Co-operative Central Bank (CCB) of Cyprus was originally founded in 1937 as the central governing body of Cyprus’s 18 affiliated Co-operative Credit Institutions (CCIs), giving the bank unrivalled access to retail customers on the island. Click the link to the right to find out more.

    • 08 May 2017
  • Bank of Cyprus: Shrinking to strenghten

    Bank of Cyprus is comfortably the largest lender in Cyprus, with market shares of 39.7% in loans and 30.8% in deposits as of January 2017. It is also the only Cypriot bank listed on the London Stock Exchange (LSE), making it a natural proxy for the economy. In this interview, Bank of Cyprus’s CEO, John Hourican, shares his views with GlobalMarkets on the recent performance of the bank and on the outlook for the Cypriot financial services industry and economy. Click the link to right to find out more.

    • 08 May 2017
  • Georgia's Macroeconomic Outlook

    Georgia’s diligent work in the past on developing its economy has not been in vain. The real economy has grown at about 5% on average annually since the global financial crisis; that in a period characterised by a major slowdown in growth rates throughout the world. IMF’s longer-term forecasts of Georgia’s future real output growth also stand at about 5%, one of the highest in the region. Click the link to the right to find out more.

    • 08 May 2017
  • Halkbank a leader in SME banking in Turkey

    Net income was up 10.5% in 2016, with equity prof-itability reaching 12.6%. Which factors played defining roles in this strong performance? Was Halkbank able to report similar figures at the start of 2017? Click the link to the right to find out more.

    • 08 May 2017
  • Softer Trump talk fails to diffuse Asian trade conflict fears

    Donald Trump may have dialled down his anti-free trade rhetoric in recent weeks, but Asian business experts warn that even the threat of a trade war with the world’s largest economy would deliver a blow to growth and jobs

    • 04 May 2017
  • China's embrace of green bonds clouded by regulation concerns

    China’s issuance of $33bn of green bonds in 2016 made it world leader with 42% of sales but has raised concerns that the projects it is funding in areas such as coal would not be seen as environmentally friendly by Western-based watchdogs

    • 04 May 2017
  • North Korea-US war would detonate Asia 'ecosystem'

    The president of the Asian Development Bank has used a GlobalMarkets interview to urge the US and North Korea to diffuse the tensions between the two countries that investors warn may have a devastating impact on the entire Asian economic ecosystem

    • 04 May 2017
  • Asia crisis anniversary marked by fresh debt warning

    Twenty years after Southeast Asia was plunged into a devastating financial crisis, senior policymakers at the ADB meetings have voiced concerns over the build-up of dollar-denominated corporate debt

    • 04 May 2017
  • OBOR 2.0: China prepares for May summit with global ambitions

    The One Belt, One Road summit in mid-May will see 28 global leaders converge on Beijing and learn that the Chinese government now sees OBOR as a manifestation of its international ambitions — and of its long-term hopes of redrawing global trade flows and rules in its own image

    • 04 May 2017
  • headline

    standfirst

    • 04 May 2017
  • Trump's $1tr infra plans no problem for Asia investment, says ADB's Nakao

    ADB president tells Global Markets that, despite a vast financing needed for infrastructure development, Asia should not fear US spending plans or rising US rates.

    • 03 May 2017
  • Infrastructure IPO first step to rebuilding India

    Banks are optimistic that a debut domestic IPO by an India infrastructure investment fund will encourage others to raise money to help fill an estimated $1.5tr shortfall

    • 03 May 2017
  • Asia fears US retreat will leave trade world leaderless

    Markets fear that failure of either the United States or China to take on the role of leader on global trade has left export-oriented Asian economies worried about the impact of a lack of leadership on global commerce

    • 03 May 2017
  • Panama eyes $1bn bond to meet 7% economic growth goal

    Panamas finance minister tells Global Markets that his country can hit economic growth of 6%-7% a year as he sets out plans to use a $1bn international bond to improve infrastructure and revitalise sectors that are lagging behind

    • 02 Apr 2017
  • Uncertainty awaits as Ecuador heads to the polls

    The ruling party’s candidate in Ecuador’s presidential election, Lenin Moreno, is ahead in the polls. But analysts believe whoever wins on Sunday will have to deal with a stumbling economy and accusations of fraud

    • 02 Apr 2017
  • Suriname to reboot economic policy ahead of IMF loan review

    Almost a year after needing a $478m loan from the IMF, Suriname is embarking on a broad range of tax and policy changes to boost revenue and get ready for the next boom in commodity prices

    • 02 Apr 2017
  • Colombia's 4G programme unscathed by Odebrecht, says FDN

    Development bank FDN is optimistic that Colombia’s flagship 4G road-building programme will emerge unscathed from the Odebrecht corruption scandal as the lender looks to play a more active role in the financing of the projects

    • 02 Apr 2017
  • Mexico hails potential rewards from 'Nafta 2.0' upgrade

    Mexico's finance minister and deputy central bank governor have taken a positive stance on a renegotiation of Nafta in interviews with Global Markets, but analysts believe the trade row with the US only masks deeper-seated structural problems

    • 02 Apr 2017
  • Markets sanguine on Argentine debt as Tierra del Fuego preps bond

    Argentina's second smallest province is lining up a bond issue that will bring the total issued by public sector entities over the last year to $40bn. Investors remain calm about the rising debt stock, just as long as the government kicks on with fiscal consolidation

    • 02 Apr 2017
  • LatAm leaders rally round Paraguay as protests wreak havoc in capital

    Financial leaders gathered in Paraguay for the IDB annual meeting threw their weight behind the host government, whose plans to allow President Horacio Cartes to run for a second five-year term triggered violent protests on Friday night

    • 01 Apr 2017
  • BNDES reform to open Brazil’s credit market

    Brazil has unveiled a radical reform of the credit offered by its development bank BNDES. Planning minister Dyogo Oliveira tells Global Markets that the ambition is to securitize BNDES’ financing and so deepen credit markets

    • 01 Apr 2017
  • FINAL WORD: Dyogo Henrique de Oliveira

    Reforms agenda pushes Brazil back on track

    • 01 Apr 2017
  • Colombia set to reap rewards for post-slump discipline

    Strong fiscal and monetary medicine appear to have turned around Colombia's economy after the slump in oil prices saw its revenues collapse and external deficit soar

    • 01 Apr 2017
  • World Bank pushes for LatAm regional trade in face of US protectionism

    The World Bank's Latin America chief tells Global Markets the region must embrace trade and integration in the face of US protectionism, while the Institute of International Finance warns of a double whammy for emerging markets if US rates rise

    • 01 Apr 2017
  • Peru eyes silver lining to destructive rain clouds

    Responding to the worst rainfalls in 20 years will be the first major test of Peru's president, Pedro Pablo Kuczynski, who won power eight months ago. The central bank has lowered forecasts for growth and the public finances but analysts believe that the government's stimulus package could reap rewards

    • 01 Apr 2017
  • Guyana hits the jackpot after 'game changing' $40bn oil windfall

    The tiny economy of Guyana is set be an oil producer by 2020 following the discovery of 2.3bn barrels of crude that could pump $40bn into a country of just 730,000 people. Finance minister Winston Jordan tells Global Markets it will handle the windfall wisely

    • 01 Apr 2017
  • IDB's Moreno upbeat on a return to growth for LatAm

    A return to growth by Brazil and Argentina in 2017 will underpin a rebound for the wider regional economy, the president of the Inter-American Development Bank tells Global Markets ahead of the launch of its annual meeting

    • 31 Mar 2017
  • Germany overtakes China in race to build ocean-to-ocean link

    A German-led plan to build a 2,300-mile railroad across Latin America is pulling ahead of Chinese proposals for a canal or an alternative train line through the Amazon. Formal negotiations could begin in April

    • 31 Mar 2017
  • Paraguay hopes $500m bond will unlock investment grade status

    Paraguay's economy is growing at 4% a year and the government has succeeded in raising $500m at 4.7%. Finance minister Santiago Peña tells Global Markets why he believes an investment grade rating is around the corner

    • 31 Mar 2017
  • Cypriot economy surprises on the upside

    The durability of the economic platform that Cyprus has built since the financial crisis suggests that sustainable growth is well within its grasp, says finance minister Harris Georgiades.

    • 22 Feb 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 315,127.01 1180 8.93%
2 JPMorgan 287,462.46 1311 8.15%
3 Bank of America Merrill Lynch 283,091.16 983 8.02%
4 Goldman Sachs 215,276.84 707 6.10%
5 Barclays 206,805.33 799 5.86%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 31,971.88 102 6.82%
2 HSBC 31,420.91 141 6.70%
3 Bank of America Merrill Lynch 28,468.55 82 6.07%
4 BNP Paribas 24,740.49 136 5.28%
5 SG Corporate & Investment Banking 22,195.55 122 4.73%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,040.76 69 8.23%
2 Morgan Stanley 15,028.69 75 7.71%
3 UBS 14,195.29 55 7.28%
4 Citi 13,827.82 85 7.09%
5 Goldman Sachs 12,113.98 67 6.21%