Ukraine stuns market with pre-election cash grab

Ukraine courted controversy this week, turning to the private market to tap its November 2028 bond. The trade caught the attention of investors and bankers, with some saying that JP Morgan had retained the deal and priced it well below the market rate. Lewis McLellan reports.

  • By Lewis McLellan
  • 14 Mar 2019

JP Morgan ran the tap on Wednesday, adding $350m to the November 2028 bond and taking the amount outstanding to $1.6bn. The original bond was issued in November last year.

Several sources away from the deal said the tap was priced at 99.25, considerably cheaper than ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 21,431.49 105 7.64%
2 Citi 20,722.65 116 7.39%
3 HSBC 20,203.48 160 7.20%
4 Standard Chartered Bank 17,112.67 115 6.10%
5 Deutsche Bank 11,837.49 63 4.22%

Bookrunners of LatAm Emerging Market DCM

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3 Citi 2,899.36 14 8.81%
4 Morgan Stanley 2,844.36 8 8.65%
5 Santander 2,639.35 13 8.02%

Bookrunners of CEEMEA International Bonds

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1 JPMorgan 12,303.53 41 12.46%
2 Citi 10,525.61 36 10.66%
3 Standard Chartered Bank 9,665.29 37 9.79%
4 HSBC 6,799.03 30 6.88%
5 Deutsche Bank 5,013.13 10 5.08%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
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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

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2 MUFG 848.66 4 12.74%
3 Industrial & Commercial Bank of China - ICBC 742.79 3 11.15%
4 JPMorgan 369.88 4 5.55%
5 SG Corporate & Investment Banking 293.72 4 4.41%

Bookrunners of India DCM

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3 JPMorgan 1,015.66 11 10.11%
4 Citi 906.15 10 9.02%
5 Barclays 767.96 9 7.65%