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Emerging Markets

EM Bond Awards 2021 – the winners

GC Bond Awards 2021 575x375

GlobalCapital is pleased to uncover the winners of this year’s Emerging Market Bond Awards, which celebrate the top issuers, arrangers, investors and service providers in the capital markets.

This year’s Awards reflect performance in the nine months between July 2020 and March 2021, which have been an exceptionally active period for those in the market.

Sovereigns and companies alike stormed into markets, with record-breaking levels of debt being raised across emerging markets, as issuers sought to defend themselves against the impacts of the pandemic.

Some went above and beyond, entering relatively untapped markets for the first time, with interest in ESG-linked financing growing despite the troubling times.

Banks were on hand to support their clients, with some bankers in particular impressing market participants.

The winners of the GlobalCapital Bond Awards are determined by a poll.

The issuers, bankers and institutions that have most impressed market participants have been selected in their respective categories.

As the impacts of the pandemic continue to preclude us from meeting in person, this year we announced our results in a virtual ceremony, which is available to view here:

Thank you very much for voting in our poll, and congratulations to the winners listed below:


Emerging Market Bond Awards


Most Impressive Bank for CEE Bonds

BNP Paribas

2 JP Morgan

3 Citigroup


Most Impressive Bank for Russian, CIS and former CIS Bonds

JP Morgan

2 VTB Capital

3 Citigroup


Most Impressive Bank for Middle Eastern Bonds

Standard Chartered

2 JP Morgan

3 Citigroup



Most Impressive Bank for African Bonds

Standard Chartered

2 JP Morgan

3 BNP Paribas


Most Impressive Bank for Latin American Bonds

JP Morgan

2 Bank of America

3 Citigroup


Most Impressive Local Bank for Middle Eastern Bonds

First Abu Dhabi Bank

2 Emirates NBD

3 Qatar National Bank


Most Impressive Local Bank for African Bonds

Rand Merchant Bank

2 Standard Bank

3 Absa


Most Impressive Investment Bank for CEEMEA Green/SRI Capital Markets

BNP Paribas

2 JP Morgan

3 UniCredit




Most Impressive Emerging Market Origination Banker

Kirill Kondrashin, JP Morgan

2 Baiju Ganatra, BNP Paribas

3 Samad Sirohey, Citigroup


Most Impressive Emerging Market Syndicate Banker

Alex Karolev, JP Morgan

2 Nick Darrant, Citigroup

3 Matt Doherty, BNP Paribas


Rising Star Emerging Market Bond Banker

Boris Vladislavlev, JP Morgan

2 Ali Siddiqui, BNP Paribas

3 Borys Matiash, BNP Paribas




Most Impressive Emerging Market Issuer

Saudi Arabia

2 Morocco

3 Turkey


Most Impressive CEE Issuer


2 Slovenia

3 Hungary


Most Impressive Russian, CIS and former CIS Issuer


2 Ukraine


Most Impressive Middle East Sovereign Issuer

Saudi Arabia

2 Abu Dhabi

3 Qatar


Most Impressive Middle East Bank Issuer

First Abu Dhabi Bank

2 Qatar National Bank

3 Emirates NBD


Most Impressive Middle East Corporate Issuer


2 Saudi Aramco

3= Dubai Aerospace Enterprise, DP World


Most Impressive Sukuk Issuer outside Asia

Islamic Development Bank

2= Dubai, Sharjah

3 Saudi Arabia


Most Impressive African Issuer


2 Egypt

3 Benin


Most Impressive CEEMEA Green/SRI Bond Issuer


2= Etihad Airways, Qatar National Bank


Most Impressive Latin American Sovereign Issuer


2 Chile

3 Peru


Most Impressive Latin American Bank Issuer

Itaú Unibanco

2 BBVA Bancomer


Most Impressive Latin American Green/SRI Debt Issuer


2 Suzano


Most Impressive Emerging Market Debut Issuer

Galaxy Pipeline Assets

2 Mercado Libre

3 Istanbul




Most Impressive CEE Funding Official

Mustafa Turan, Turkey

2 Yuriy Butsa, Ukraine

3= Diana Popescu, Romania; Marjan Divjak, Slovenia


Most Impressive Middle East Funding Official

Rula AlQadi, First Abu Dhabi Bank

2 Ioannis Karadimitris, Abu Dhabi

3 Fahad Al-Saif, Saudi Arabia


Most Impressive African Funding Official

Abdelhakim Jouahri, Morocco

2 Romuald Wadagni, Benin




Best Rating Agency for Emerging Market Bonds


2 Fitch Ratings

3 S&P Global


Best Law Firm for Emerging Market Bonds

Allen & Overy

2 Clifford Chance

3 Linklaters

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