• EM restructuring — spare us the posturing

    After striking a remarkably swift restructuring deal with creditors, Ecuador’s government deserves praise. But it is unrealistic to expect such smooth discussions elsewhere, as emerging market sovereign defaults inevitably rise.

    09 Jul 2020

  • Lat Am takes spotlight after record Q2 for EM

    Latin America has been taking the spotlight in July after a record-breaking quarter for emerging markets bond issuance, but with US elections looming and all-in yields still very attractive, bankers across the emerging market world say there are plenty of reasons for issuers to continue to flock to markets.

    09 Jul 2020

  • Romania USD 1.3bn 3% Feb 31, USD2bn 4% Feb 51

    09 Jul 2020

  • World Bank chief calls for cancellation of poorests’ debt

    The head of the World Bank has, for the first time, called for parts of the sovereign debts owed by the world’s poorest countries to official bilateral creditors to be cancelled, in the face of the coronavirus’s impact.

    09 Jul 2020

  • Lat Am debt negotiations diverge with Argentina defiant

    Amid warnings about a looming debt crisis in emerging markets, bond investors this week hailed Ecuador as an example to follow in sovereign restructurings, while continuing their showdown with Argentina. Ecuador’s market-friendly philosophy appears to be paying dividends over Argentina’s more confrontational approach, but not every issuer is likely to follow its precedent, writes Oliver West.

    09 Jul 2020

  • LCH SA's repo arm wins first supranational as EIB signs up

    The European Investment Bank (EIB) has become the first supranational institution to join LCH’s French repo clearing service.

    09 Jul 2020

  • CFTC’s name give up rule causes confusion

    A new US Commodity Futures and Trading Commission (CFTC) rule to restrict post-trade name give up on swap execution facilities (SEFs) is causing some confusion in the market as participants work to a tight deadline.

    09 Jul 2020

  • Expedia, Choice Hotels find US bond appetite

    US corporate bond issuers got straight back to business after the July 4 weekend as 11 borrowers raised $10.8bn, though the volume of issuance is tapering off as companies head into earnings blackouts.

    09 Jul 2020

  • Markets look for EU to take the lead on green recovery

    Momentum is growing for the economic recovery from the coronavirus pandemic to have a strong green thrust, as the UK’s mini-Budget and comments by European Central Bank president Christine Lagarde made clear this week. Capital market participants are enthusiastic about the prospect and expect it to further green the markets — but how far the drive goes will ultimately depend on politics, write Mike Turner, Jon Hay and Jasper Cox.

    09 Jul 2020

  • European Commission grants CCP equivalence ahead of Brexit

    The European Commission has given the derivatives clearing market some hope, as it signalled on Thursday that it was going to extend its equivalence agreement with the UK.

    09 Jul 2020

  • Bertrand de Mazières, EIB: 'all of us have to do more in times of crisis'

    Bertrand de Mazières is one of the best known and most respected figures in European debt capital markets. As director general of finance at the European Investment Bank (EIB), he oversees one of Europe’s most important bond issuers, a status not only due to the amount it issues each year, but also its role as a setter of standards and benchmarks for rest of the market — in good times and bad.

    09 Jul 2020

  • Japanese banks bolster TLAC amid blackout

    Japanese duo Mizuho and Nomura both hit the market with new issues on Monday as the primary market re-opened on a positive note following the July 4 holiday weekend.

    09 Jul 2020

  • Imperious JP Morgan shows its crisis credentials

    JP Morgan has extended its lead in European investment banking, scotching accusations of a retreat and dashing hopes of a change in the status quo, writes David Rothnie.

    09 Jul 2020

  • BBVA clears path for green AT1s in FIG first

    BBVA has become the first bank to print a green additional tier one (AT1) deal. When it was issued this week, it proved that the demand for socially responsible investments (SRI) extends to the riskiest of asset classes, meaning other banks are certain to bring out their own versions of the trade, writes David Freitas.

    09 Jul 2020

  • A green troika for Europe

    Conditionality has become a central area of contention as the EU shapes its coronavirus recovery plan. The bloc should focus on the environment, not on fiscal responsibility.

    09 Jul 2020

  • People moves in brief

    New sustainable DCM team at Citi — Deutsche picks Stergiou for new position — SMBC Nikko makes ABS trading hire

    09 Jul 2020

  • EFSF pulls off tight €4bn

    The European Financial Stability Facility kicked off its third quarter funding in style this week as it raised 80% of the total with a well-subscribed five year bond.

    09 Jul 2020

  • Corona crisis plunges UK university assets into uncertainty

    UK universities face financial peril. Having been shuttered due to the coronavirus pandemic, some risk going bust, according to the Institute for Fiscal Studies (IFS). Meanwhile, as accommodation operators grant refunds to students who are locked out and locked down, CMBS deals backed by student accommodation may survive, if sufficient numbers return to residences when the next academic year begins. Silas Brown and Tom Brown report.

    09 Jul 2020

  • Superb conditions make dollars top choice for SSAs

    The dollar market has taken over from euros as the funding currency of the moment, with successful deals from KfW, Asian Development Bank, IFC and and Japan Bank for International Cooperation.

    09 Jul 2020

  • First Help Financial debuts in rated ABS with subprime auto deal

    Private subprime auto issuer First Help Financial (FHF) is preparing a $143m securitization backed by retail automobile contracts with subprime borrowers.

    09 Jul 2020

  • Another fresh start at Commerz as leaders call it quits

    Commerzbank’s future strategy is up in the air after it was announced that its chief executive and chairman would be leaving after its “5.0” strategy received a poor welcome.

    09 Jul 2020

  • France EUR3bn 0.1% Mar 36 linker

    09 Jul 2020

  • EFSF EUR4bn 0% Oct 25

    09 Jul 2020

  • KfW USD5bn 0.375% Jul 25

    09 Jul 2020

  • Conditionality battle heats up for EU recovery fund

    A European Union recovery fund proposal is expected to be presented to a summit of European leaders on July 17-18. Its size is to remain unchanged from a proposed €500bn of grants and €250bn of loans, but the EU budget is likely to be slimmed down, according to sources.

    09 Jul 2020

  • HY investors take on tougher credits

    High yield bond issuance is coming thick and fast in Europe, with primary supply not limited to straightforward Covid-proof credits, but also coming from highly levered firms feeling the pinch of the pandemic restrictions.

    09 Jul 2020

  • France foresees no more syndications in 2020

    Following the sale of its third syndication of the year this week — a €3bn inflation-linked bond — France does not expect to bring any more public benchmarks in 2020.

    09 Jul 2020

  • Verisure refi underlines levfin recovery

    Swedish alarm firm Verisure underlined improved leveraged finance conditions when it returned to market for a refinancing. The company was the first European high yield issuer out after the coronavirus crisis, with a tentative floating rate note in April, but its latest refi proved to be a blowout, with a huge size increase and pricing through talk.

    09 Jul 2020

  • Dollar destination reopened as IFC and JBIC pull off strong deals

    The dollar market has taken over from euros as the funding currency of the moment for SSA borrowers, with successful deals from IFC and and Japan Bank for International Cooperation.

    09 Jul 2020

  • Equity investors refocus on ESG goals post-Covid

    As the post-Covid-19 world begins to take shape, equity investors are turning their focus away from rescue capital raises and towards other long-term priorities. At the beginning of the year, increased investor scrutiny of environmental, social and governance (ESG) factors was on the tip of all tongues in Europe’s equity capital markets, and it is now featuring heavily in conversations again.

    09 Jul 2020

  • Baltic telco Bitė boosts size of divi in bond market return

    Bitė, a mobile, broadband and pay-TV firm in the Baltic region, and a portfolio company of Providence Private Equity, priced a dividend recap and refinancing of its whole capital structure this week, funded by a dual-tranche high-yield bond offering. This marks the company’s return to bond markets after nearly five years of financing through loans.

    09 Jul 2020

  • UK corporate bond markets at loggerheads over Sunak stimulus

    UK chancellor of the exchequer Rishi Sunak announced a stimulus package totalling up to £30bn on Wednesday, driving a wedge between some bankers and investors about how big an impact the measures will have on the capital markets.

    09 Jul 2020

  • Hertlein joins BNP Paribas in SSA DCM

    Philip Hertlein, the former head of SSA origination and syndication at LBBW, has joined BNP Paribas’s public sector debt capital markets desk.

    09 Jul 2020

  • Unédic wraps up guaranteed programme with third social bond

    Unédic came to the market for its third social bond on Thursday after making its debut in the format less than two months ago. The deal extends the French agency’s social curve out to 15 years and completes its €10bn explicitly guaranteed funding allowance for 2020.

    09 Jul 2020

  • Commodity broker prints Swissie T2 with stock mart upside

    Marex, a commodity and derivatives broker, has raised tier two capital in the Swiss franc market through a structured note, which it says is the first to combine a tier two host with an embedded structured product — in this case, exposure to the SMI, the Swiss equity market index.

    09 Jul 2020

  • European insurers turn to T2 amid strong conditions

    Insurance companies saw a favourable window of opportunity this week to sell subordinated debt. Assicurazioni Generali, Crédit Agricole Assurances and CCR Re benefited from the supportive backdrop to raise tier two bonds.

    09 Jul 2020

  • Axiom launches long/short HY fund at ‘beginning of the end of the cycle’

    Axiom Alternative Investments has launched a new long/short global high yield fund, following the hire of Gilles Frisch as a portfolio manager last year, targeting the opportunities that will come through at the end of this credit cycle.

    09 Jul 2020

  • BBVA EUR1bn 6% PNC5.5 AT1 green

    09 Jul 2020

  • Rabobank EUR1bn 4.375% PNC2027 AT1

    09 Jul 2020

  • Investor group calls for better covenant transparency after TKE victory

    The European Leveraged Finance Association has called for better transparency in high yield covenant packages, arguing that clarity is crucial for pricing risk. The call comes shortly after one of the largest covenant climb-downs in recent market history, when lead banks on ThyssenKrupp Elevator stripped many of the most controversial terms from the €8bn financing.

    09 Jul 2020

  • AMCO lures broad crowd with dual tranche senior deal

    Italy's AMCO Asset Management capitalised on strong investor demand to launch a dual tranche deal in senior format on Thursday, attracting a wide range of investors, according to one of the lead managers.

    09 Jul 2020

  • CEE corporate supply streams on with Czech Gas Networks

    Emerging market corporate bond supply grew on Thursday, with a strong showing from the Central and Eastern European region added to by Czech Gas Networks.

    09 Jul 2020

  • Covered bond investors brace for squeeze

    Investors’ search for yield in covered bonds is growing more challenging by the day, as the market looks set to become more squeezed than ever because of aggressive central bank buying, soaring redemptions and diminished supply.

    09 Jul 2020

  • Bankinter praised for pricing on AT1

    Bankinter continued the additional tier one (AT1) supply spree on Thursday, becoming the third issuer to launch this type of bond this week and receiving praise for the 6.25% coupon it achieved.

    09 Jul 2020

  • Hansa Biopharma secures $121m for kidney drug

    Hansa Biopharma, the Swedish pharmaceuticals company, raised Skr1.1bn ($121m) through a sale of new shares on Wednesday evening to fund the launch of a new drug for patients undergoing kidney transplants.

    09 Jul 2020

  • Bohai Bank to price $1.8bn HK IPO after June-end rush

    Bohai Bank wrapped up a billion-dollar-plus Hong Kong IPO this week. The issuer, one of China’s last remaining joint-stock commercial banks to go public, rode the tail end of a hot period for the city’s IPO market. Jonathan Breen reports.

    09 Jul 2020

  • EBA finally receives approval for exec director

    François-Louis Michaud was approved as the next executive director of the European Banking Authority on Wednesday. The EBA’s previous choice was rejected by parliamentarians, and this nomination faced scrutiny too over gender balance.

    09 Jul 2020

  • Little hope as EM loan volumes plummet

    Emerging market loan volumes dipped remarkably in the first half of the year as some borrowers retreated from the market entirely, while others tapped other asset classes for funding. To bankers' dismay, syndicated loan volumes are largely expected to remain low, though some show slightly more optimism.

    09 Jul 2020

  • Gordian Knot team plan return with corporate receivables venture

    Nicholas Sossidis and Stephen Partridge-Hicks, the founders of investment manager Gordian Knot and pioneers of structured investment vehicles, are planning the firm’s comeback in the securitization market, with a new venture focused on corporate receivables ready to launch.

    09 Jul 2020

  • Philippine supply surges in dollar bond market

    Philippine issuers are flooding the market with dollar bonds, giving investors an unprecedented selection of deals from the country. There is plenty more to come. Morgan Davis reports.

    09 Jul 2020

  • Studio City scores $1bn as part of debt restructuring

    Studio City Finance restructured its debt portfolio with a $1bn bond sale on Wednesday.

    09 Jul 2020

  • ABC scores $450m in senior deal

    ABC International Holdings raised $450m from a three year bond on Wednesday, thanks in part to backing from the 23 banks that ran its transaction.

    09 Jul 2020

  • Borregaard latest Norwegian to sign sustainability loan

    Borregaard, the Norwegian paper and chemicals company, has signed sustainability linked credit facilities totalling Nkr1.5bn (€140m), days after compatriot company Klaveness brought the loan structure to the country’s shipping industry.

    09 Jul 2020

  • What a Vision! Loans banker gets curious

    When I was a banker, you only signed a non-disclosure agreement if you had serious interest in joining a deal. Not anymore.

    09 Jul 2020

  • Brown and Mehra to lead new sustainable DCM team at Citi

    Philip Brown and Sanaa Mehra are leading a new unit at Citi, the latest the bank has designed for its sustainable finance business.

    09 Jul 2020

  • Tahoe defaults onshore as liquidity dries up

    Chinese property company Tahoe Group defaulted on an onshore bond this week because of struggles with tight liquidity, limited market access and poor corporate governance. But its shares still ended up soaring amid a mainland-wide rally in stocks. Addison Gong reports.

    09 Jul 2020

  • Zhenro Services, Greentown seal HK listings

    Property managers Zhenro Services Group and Greentown Management, along with developer Ganglong China, all priced IPOs this week, albeit with different responses from the market.

    09 Jul 2020

  • Immofinanz joins equity-linked wave with €120m mando

    Immofinanz, the Austrian commercial real estate company, has raised €356m via the sale of new shares and mandatory convertible bonds to strengthen its balance sheet and take advantage of growth opportunities that the Covid-19 global pandemic has created.

    09 Jul 2020

  • Property names rake in $1.5bn in bonds

    Chinese property companies Kaisa Group Holdings, Yango Group Co and Overseas Chinese Town (Asia) Holdings raised a combined $1.5bn from their bonds on Wednesday.

    09 Jul 2020

  • Huawei: the Schuldschein deal that never was

    Huawei Technologies, sanctioned by the US and now having its participation in the UK's 5G network questioned by the government, looked into raising hundreds of millions of euros in the Schuldschein market two years ago. But concern that buyers would freeze at a groundswell of negative news, whipped up in part from the US, scared the Chinese company off taking the risk. Its increasing isolation in major European countries means it is unlikely to use its capital markets any time soon.

    09 Jul 2020

  • China equities boom hits bond prices onshore

    A big rally in China’s stock market this week ended up hitting bond prices onshore — and sparked worries about the sustainability of the equities rebound.

    09 Jul 2020

  • PTPN seeks consent for debt restructuring

    Indonesia’s Perkebunan Nusantara III (PTPN) is seeking lenders’ go-ahead for a debt restructuring plan, after missing the principal payment on a $390.6m loan at the end of June.

    09 Jul 2020

  • Argentina creditors reject latest proposal but offer to negotiate

    Argentina’s largest bondholders on Wednesday evening dashed hopes that the government’s new improved restructuring offer would achieve mass take-up. But some investors took hope from the tone of the creditors’ statement.

    09 Jul 2020

  • HSBC takes two from Deutsche for SEA equities

    HSBC has hired two bankers from Deutsche Bank in Singapore to boost its equities business in southeast Asia.

    09 Jul 2020

  • El Salvador lower in grey after pushing primary limits

    El Salvador, the highest yielding Latin American sovereign not to have already announced a debt restructuring, sold $1bn of 32 year bonds on Wednesday but at a hefty concession to its inverted curve.

    09 Jul 2020

  • ColTel, EPM notch strong deals in softer market

    Two Colombian companies kept corporate issuance from Latin America ticking with aggressive deals on Wednesday even as bankers reported softer conditions in US investment grade bond markets

    09 Jul 2020

  • ICICI Bank eyes $2bn from rare equity fundraising

    ICICI Bank has got the go-ahead to raise up to Rp150bn ($2bn) in its first tap of the equity capital market in over 13 years.

    09 Jul 2020

  • Affirm breaks into ABS market with first point of sale deal

    Affirm became the first fintech point of sale lender to tap the ABS market on Wednesday, in what sources said was a crucial first step towards defining an optimal, scaleable funding structure for the emergent sector.

    08 Jul 2020

  • VTB gives new jobs to Hutt, Richardson

    Nick Hutt has been appointed chairman of the management board at VTB Bank (Europe), and Mark Richardson will replace him as chief executive of VTB Capital’s UK arm, subject to regulatory approvals.

    08 Jul 2020

  • Trad-X wins more electronic converts with new sign-ups to rates CLOB

    Tradition’s Trad-X dealer-to-client central limit order book has won two more members, as UniCredit and Actiam have joined the electronic rates trading platform.

    08 Jul 2020

  • HY issuance heats up in last weeks before summer

    High yield bond issuance is coming thick and fast in Europe, with new deals for Autodis, Avantor and Diebold Nixdorf announced on Tuesday and Verisure following on Wednesday. Banks have cleared most of their pre-Covid bridge books, and the summer break is nearly here, giving issuers wanting to lock in a refinancing a short window to hit.

    08 Jul 2020

  • Blincoe takes over large corporates and institutions

    Royal Bank of Scotland's structured finance head Andrew Blincoe has become head of large corporates and institutions at RBS Commercial Banking, as well as keeping his existing responsibilities as structured finance head, following the departure of Laura Barlow.

    08 Jul 2020

  • France snags €3bn with linker

    France hit screens with a 15 year inflation-linked bond on Wednesday, raising €3bn with its first syndicated linker since 2018, capitalising on growing demand for inflation-linked products.

    08 Jul 2020

  • Deutsche appoints Stergiou to lead public sector business

    Deutsche Bank has created a new coverage model for its public sector business, which will be headed up by Panos Stergiou, global head of macro coverage.

    08 Jul 2020

  • Sodexo shrugs off US PP furore and fall in revenue with €6.2bn of orders

    Sodexo, the French food service and facilities management firm, saw bumper demand for its €1bn no-grow dual-tranche bond issue on Wednesday, a day after it reported a 30% drop in revenue, and weeks after it shocked the US private placement (PP) market by saying it would repay around $1.6bn of debt early as it could do better in other financing markets.

    08 Jul 2020

  • Conditionality at stake on EU recovery fund

    The EU’s proposed recovery fund is expected to be presented to the summit of European leaders on July 17-18 with the size unchanged from the proposed €500bn of grants and €250bn of loans, although the EU budget is likely to be slimmed down, according to sources.

    08 Jul 2020

  • Mercuria refinancing makes loan bankers hope normality is back

    Mercuria, the Swiss commodity trading company, has signed $1.5bn of revolving credit facilities, prompting lenders on the deal to say the European syndicated loan market is returning to normality after the Covid-19 dash for cash.

    08 Jul 2020

  • Kookmin pays tiny NIP for first euro social

    Kookmin Bank has priced its debut euro covered bond flat to where its higher rated compatriot, Korea Housing Finance Corporation (KHFC) would have been expected to come. The deal was said to have attracted additional demand due to its social theme, spurring hopes that further similar issuance would follow.

    08 Jul 2020

  • CCR Re grabs investor attention on T2 debut

    CCR Re, the French reinsurer, debuted in the bond market with a tier two on Wednesday, executing a strong transaction on the back of intensive investor engagement combined with favourable market conditions.

    08 Jul 2020

  • NEPI nabs green deal, attracts ECB bid

    Central and Eastern European commercial real estate operator NEPI Rockcastle issued a green bond on Tuesday, attracting new investors to its debt.

    08 Jul 2020

  • TwentyFour rolls out Oat Hill deal as ABS market calms

    TwentyFour Asset Management has mandated Santander as arranger for Oat Hill 2, a £485m buy-to-let (BTL) RMBS deal, rolling the portfolio of Oat Hill 1 into the new deal after the coronavirus outbreak left the issuer unable to call it at the first optional redemption date (FORD).

    08 Jul 2020

  • UK regulator revises P2A requirements in Brexit transition

    In a response to feedback from UK financial institutions, the Prudential Regulation Authority has said it will assess the appropriateness of any reduction in Pillar 2A (P2A) requirements so that the buffer provides a fair measure of the risks facing banks as the UK prepares to leave the EU.

    08 Jul 2020

  • Banks talk tough on Cocobod terms

    Ghana Cocoa Board (Cocobod), which is in the market to refinance a one year $1.3bn loan facility signed in September, is facing troubles according to bankers on the deal, contrary to comments recently made by its chief executive.

    08 Jul 2020

  • Gold rush ramps up with third Polymetal block in three months

    Otkritie Bank, the Russian financial services company, sold a 3% stake in gold and silver miner Polymetal on Tuesday night, the third trade in the firm in three months, as investors flock to take advantage of rising gold prices.

    08 Jul 2020

  • Impact investor Durreen Shahnaz: ‘we must go beyond social bonds’

    Durreen Shahnaz is founder and chief executive of Impact Investment Exchange (IIX), which says it created the world's first social stock exchange. She tells GlobalCapital about how we can rebuild a better economy, with the help of capital markets, after coronavirus.

    08 Jul 2020

  • Delivery Hero returns with €1.5bn convert

    Delivery Hero, the German online food ordering marketplace, has returned to the equity-linked market six months after its debut to issue a jumbo €1.5bn dual-tranche convertible bond to fund M&A opportunities.

    08 Jul 2020

  • Funding scorecard: supranationals

    This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the start of July.

    08 Jul 2020

  • New Zealand names banks for 2041 syndication

    The New Zealand treasury has appointed the banks to lead the syndication of a May 2041 nominal bond, which is expected to take place next week.

    08 Jul 2020

  • TCL benefits from SBLC for $300m debut

    TCL Technology Group Co sold its maiden dollar bond on Tuesday, getting a 10 times oversubscribed book at its peak thanks to a standby letter of credit (SBLC) from Bank of China.

    08 Jul 2020

  • China bonds: transparency push a clear win

    The Shanghai Clearing House’s decision to give bond issuers insight into the holders of their debt is a smart move. China has enough regulation; what it lacks is information.

    08 Jul 2020

  • Greentown uses bond to slash refi risks

    Greentown China Holdings netted $300m from a bond on Tuesday to pay off notes that are due this year.

    08 Jul 2020

  • ICTSI wades into market for second dollar bond of the summer

    International Container Terminal Services (ICTSI), a Philippine port company, made a quick return to the debt market on Tuesday, selling a $300m perpetual bond just weeks after securing a $400m trade.

    08 Jul 2020

  • BoCom Leasing takes $800m from fixed, FRN combo

    Bank of Communications Financial Leasing Co priced a $800m dual-tranche deal on Tuesday. While it initially wanted to sell just a floating rate note, it added a fixed rate portion too due to investor interest.

    08 Jul 2020

  • Metrobank returns to dollars after 14 years

    Metropolitan Bank & Trust Co followed fellow Philippine bank BDO Unibank offshore this week, raising $500m on Tuesday.

    08 Jul 2020

  • Bohai Bank to price billion-dollar-plus HK IPO low

    China Bohai Bank is set to price its Hong Kong IPO around the bottom of the marketed range on Thursday to net HK$13.7bn ($1.77bn), according to a source close to the deal.

    08 Jul 2020

  • BMW sails through market volatility, seals second ABS

    BMW Automotive Finance bagged Rmb8bn ($1.14bn) from a three tranche auto loan ABS transaction on Tuesday. The deal was priced tightly despite difficult market conditions in China.

    08 Jul 2020

  • CP Indo tests interest for $308m refi

    Charoen Pokphand Indonesia is gauging appetite among a select few existing lenders for a new $307.9m-equivalent dual-currency loan.

    08 Jul 2020

  • CMS readies $2.1bn rights issues

    China Merchants Securities is planning to tap the Mainland and Hong Kong markets for a pair of rights issues that will raise a combined Rmb14.99bn ($2.13bn).

    08 Jul 2020

  • Peter Gleysteen on the future of CLOs after coronavirus

    Peter Gleysteen is a 40-year veteran of the leveraged lending market and the CEO and founder of AGL Credit Management, which recently priced the largest CLO since the coronavirus pandemic began. He spoke with GlobalCapital about the future of the CLO market and how it is facing up to the challenges of the Covid-19 crisis.

    08 Jul 2020

  • Ecuador sets example for EM restructurings, says creditor group

    As private creditors continue to resist calls to participate in coordinated debt relief efforts, a group of Ecuador’s bondholders appeared to be insisting that another path was possible as they said the South American sovereign had set a positive precedent for other EM sovereign debt restructurings likely to follow in the Covid-19 era.

    08 Jul 2020

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 458.16 1248 10.49%
2 BofA Securities 404.82 1091 9.27%
3 Citi 285.94 1040 6.55%
4 Deutsche Bank 275.79 617 6.32%
5 Credit Suisse 212.50 447 4.87%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 58.11 111 14.71%
2 Credit Agricole CIB 27.10 86 6.86%
3 Santander 24.06 74 6.09%
4 UniCredit 19.12 80 4.84%
5 Deutsche Bank 19.11 64 4.84%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5.66 31 14.43%
2 Credit Suisse 4.91 19 12.52%
3 BofA Securities 3.69 22 9.43%
4 JPMorgan 2.99 21 7.64%
5 Morgan Stanley 2.78 10 7.09%