Triple-A bonds for EM a reality after Miga guarantee

The first ever bond backed by the World Bank’s Multilateral Investment Guarantee Agency (Miga) has aroused keen interest across developing economies after shaving hundreds of basis points off pricing for Hungary’s Export-Import Bank, writes Steven Gilmore.

  • By Steven Gilmore
  • 27 Sep 2013

The structure gave the 5.5 year debt a triple-A rating, though its novelty and complexity meant that it still took two months to close.

“Since Miga started looking at how to use this type of insurance in the capital markets we’ve received a lot of interest from arranging ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 9,101.19 25 13.65%
2 HSBC 8,154.12 28 12.23%
3 Deutsche Bank 7,109.78 16 10.66%
4 JPMorgan 5,097.35 16 7.65%
5 Standard Chartered Bank 3,055.20 19 4.58%

Bookrunners of LatAm Emerging Market DCM

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1 Citi 4,285.53 5 9.12%
2 Deutsche Bank 3,977.43 2 8.46%
3 HSBC 3,768.59 4 8.02%
4 JPMorgan 2,812.07 8 5.98%
5 Bank of America Merrill Lynch 1,803.06 7 3.84%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,402.03 8 20.98%
2 HSBC 2,253.75 3 13.90%
3 Deutsche Bank 1,703.96 4 10.51%
4 Standard Chartered Bank 1,518.77 3 9.37%
5 JPMorgan 1,507.04 3 9.29%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
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  • 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%

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1 ING 3,668.64 29 9.07%
2 UniCredit 3,440.98 25 8.50%
3 Sumitomo Mitsui Financial Group 3,156.55 13 7.80%
4 Credit Suisse 2,801.35 8 6.92%
5 SG Corporate & Investment Banking 2,478.18 21 6.12%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
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  • 22 Jan 2018
1 Standard Chartered Bank 126.67 2 3.90%
2 Sumitomo Mitsui Financial Group 81.25 1 2.50%
2 SG Corporate & Investment Banking 81.25 1 2.50%
2 Morgan Stanley 81.25 1 2.50%
2 JPMorgan 81.25 1 2.50%