EM investors fear bond ‘euphoria’ driven by ‘wrong reasons’

It has been a sensational couple of weeks in emerging markets, with money flooding in and asset prices climbing ever higher, but the influx of new money is driving down yields further than some investors feel is justified.

  • By Lewis McLellan, Mariam Meskin, Oliver West
  • 03 Jul 2019
“The backdrop is really remarkable just now,” said one emerging markets portfolio manager. “Things are rallying, cash is coming in but we’re struggling to find new and exciting names where we can deploy cash. Most of this week’s deals ended up tightening beyond where we were comfortable and ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,478.46 181 7.67%
2 HSBC 30,010.46 239 7.31%
3 JPMorgan 29,909.24 150 7.29%
4 Standard Chartered Bank 22,030.17 171 5.37%
5 BNP Paribas 16,299.31 89 3.97%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 6,093.75 26 11.44%
2 JPMorgan 5,670.14 25 10.65%
3 Bank of America Merrill Lynch 4,847.42 20 9.10%
4 Santander 4,356.32 21 8.18%
5 Morgan Stanley 3,892.42 13 7.31%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,136.09 54 11.53%
2 Citi 14,241.43 52 10.84%
3 Standard Chartered Bank 10,397.33 47 7.92%
4 BNP Paribas 8,219.15 22 6.26%
5 HSBC 8,162.62 41 6.22%

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 2,002.25 13 12.71%
2 SG Corporate & Investment Banking 1,851.18 13 11.75%
3 ING 1,381.46 11 8.77%
4 Citi 1,094.36 9 6.95%
5 MUFG 1,085.56 8 6.89%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Standard Chartered Bank 2,292.21 18 17.08%
2 HSBC 1,584.44 16 11.81%
3 Barclays 1,272.98 13 9.49%
4 Citi 1,198.68 15 8.93%
5 JPMorgan 1,193.19 14 8.89%