Cote d'Ivoire lines up euros as market deepens for African issuers

The pipeline for euro-denominated African bonds is beginning to bulge, with Cote d’Ivoire announcing plans to follow Senegal to the market this week and Tunisia and Egypt preparing their own deals. But, as Virginia Furness reports, while large euro books show there is strong appetite for speculative grade supply, and is opening up a new funding channel for EM borrowers, the cost of funding in the currency versus dollars is unlikely to improve.

  • By Virginia Furness
  • 08 Mar 2018

Euro issuance from non-European emerging market borrowers remains a niche market with €35.4bn of bonds issued in the whole of 2017 (compared with $535.2bn in dollars last year), but extraordinarily low funding rates in euros have encouraged more speculative grade names from accessing that market. 

Côte d’Ivoire became ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 51,278.67 247 9.21%
2 HSBC 46,501.00 331 8.35%
3 JPMorgan 35,609.78 179 6.39%
4 Standard Chartered Bank 32,680.85 231 5.87%
5 Deutsche Bank 26,714.64 108 4.80%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 13,465.23 42 17.19%
2 JPMorgan 8,653.71 36 11.05%
3 HSBC 8,633.77 22 11.02%
4 Deutsche Bank 6,487.13 9 8.28%
5 Bank of America Merrill Lynch 4,602.16 22 5.87%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 20,532.59 68 11.75%
2 Standard Chartered Bank 16,852.57 68 9.64%
3 JPMorgan 15,393.82 66 8.81%
4 Deutsche Bank 13,178.93 35 7.54%
5 HSBC 12,764.69 58 7.31%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 4,968.68 31 13.21%
2 ING 3,270.62 26 8.70%
3 Credit Agricole CIB 2,380.34 10 6.33%
4 SG Corporate & Investment Banking 2,315.08 17 6.16%
5 MUFG 2,061.27 11 5.48%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 AXIS Bank 6,262.97 112 22.51%
2 HDFC Bank 3,031.20 67 10.90%
3 Trust Investment Advisors 2,793.32 96 10.04%
4 AK Capital Services Ltd 1,915.50 83 6.89%
5 ICICI Bank 1,863.14 64 6.70%