EM issuers bet against optimism

In the CEEMEA bond market several early dollar refinancing operations are underway. Investors should beware. This frenzy of activity is not just delight at the super low yields on offer. It also indicates that borrowers believe the only way for their yields is up.

  • By Francesca Young
  • 12 Sep 2019

IHS Nigeria printed on Tuesday to finance a tender offer of its $800m 2021s. Bank of Sharjah followed suit on Wednesday with a refinancing of its $500m 3.374% 2020 bonds. Armenia this week announced a tender for its 2020s and a new issue.

This quarter is expected to ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 298,323.65 1341 8.59%
2 Citi 269,047.62 1134 7.75%
3 Bank of America Merrill Lynch 232,961.57 951 6.71%
4 Barclays 214,961.76 865 6.19%
5 Goldman Sachs 169,802.27 706 4.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 34,547.72 148 7.51%
2 Credit Agricole CIB 33,319.19 143 7.25%
3 JPMorgan 25,404.62 68 5.52%
4 Bank of America Merrill Lynch 23,368.44 65 5.08%
5 SG Corporate & Investment Banking 22,509.71 104 4.89%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,273.59 56 10.30%
2 Morgan Stanley 8,122.33 40 9.02%
3 Goldman Sachs 7,738.32 41 8.60%
4 Citi 6,426.54 47 7.14%
5 UBS 4,913.18 26 5.46%