Top story
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Latvia to wind up second bank in two years after ECB decision
The European Central Bank said on Thursday that AS PNB Banka was "failing or likely to fail", marking the second time in as many years that a Latvian bank has been declared insolvent.
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Argentina primaries stun EM as brutal sell-off poses investors dilemma
A surprise result in last Sunday's primary elections in Argentina triggered hefty losses for emerging market investors this week. Many feared another sovereign default as Argentina assets, and its currency, took an absolute kicking. But by Thursday, writes Oliver West, some felt that bruised and battered investors could be missing out on a chance to snap up cheap assets.
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Polish mortgage law has ‘significant adverse effects’
A draft Polish law, requiring the written consent of property owners to transfer mortgages, would have “significant adverse effects on Polish banks’ funding” said the European Central Bank, with respect to the covered bond and securitization markets. However, a legal expert said there would be no direct impact on covered bonds.
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Avianca eyes exchange to unlock shareholder funds
Colombian airline Avianca is offering bondholders the chance to swap unsecured bonds at par for new secured debt as it looks to stave off a looming maturity and clinch $250m of shareholder funding. The airline’s CFO said on Thursday that he felt positive the exchange would go ahead in its existing form.
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Funds fear carnage but EM bankers say Sept will still be busy
EM investors have had a gut wrenching week as a barrage of bad news — some within the emerging markets and some external to them — chipped away or in some cases annihilated their year’s returns so far. But though some fund managers said that they now fear a further widespread sell-off in EM assets similar to the second half of 2018, syndicate bankers said that there is a queue of issuers ready, waiting and expecting to be able to tap the international bond markets imminently.
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EM outflows surprisingly ok, actually
Emerging market fund managers have been steeling themselves for disastrous outflow data as geopolitical events shook the asset class and EM currencies. But numbers from EFPR Global suggest the exodus has been somewhat benign, with even one day of inflows.
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Avianca exchange offers brand name as collateral
Colombian airline Avianca is offering bondholders the chance to swap unsecured bonds at par for new secured debt as it looks to stave off a looming maturity and clinch $250m of shareholder funding.
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DTEK bonds slide on corruption accusations
Ukrainian energy company DTEK is struggling to halt a slide in its bond trading since the National Anti-Corruption Bureau of Ukraine (NABU) issued notices of suspicion to six individuals — two of whom are DTEK employees — involved in a coal pricing controversy. The bonds have lost around five points in the space of a week.
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GNB bonds drift lower as Moody’s warns on Paraguay exposure
Bonds issued by Colombian financial holding company Gilex and its subsidiaries widened on Tuesday as the lender’s proposed acquisition of BBVA’s Paraguayan bank triggered a downgrade review from Moody’s.
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EM in a spin as Macri, macro and imports rock markets
US President Donald Trump’s delay to some tariffs on Chinese imports helped to soothe the nerves in emerging market bonds on Tuesday, but the fledgling optimism was soon stamped on by disappointing German data.
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Shareholders back Omnia’s R2bn rights offer
Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.
Go to GlobalCapital's Emerging Markets data pages for the latest information on priced deals, league tables and our proprietary database of Islamic Finance deals.
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Comment
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Lenders: get with the times or get out
The syndicated loan market is undergoing a transformation. Borrowers are growing in sophistication and artificial intelligence is creeping into the syndication process. It's time lenders faced a reality check: get with the programme, or get gone.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 35,453.86 | 201 | 7.77% |
| 2 | JPMorgan | 33,385.61 | 167 | 7.31% |
| 3 | HSBC | 33,050.94 | 271 | 7.24% |
| 4 | Standard Chartered Bank | 24,799.02 | 198 | 5.43% |
| 5 | BNP Paribas | 17,722.61 | 95 | 3.88% |
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Bank Profiles
Latest news by market and league table performance
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 35,453.86 | 201 | 7.77% |
| 2 | JPMorgan | 33,385.61 | 167 | 7.31% |
| 3 | HSBC | 33,050.94 | 271 | 7.24% |
| 4 | Standard Chartered Bank | 24,799.02 | 198 | 5.43% |
| 5 | BNP Paribas | 17,722.61 | 95 | 3.88% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 8,173.59 | 31 | 11.87% |
| 2 | JPMorgan | 7,261.96 | 30 | 10.55% |
| 3 | Bank of America Merrill Lynch | 4,900.45 | 21 | 7.12% |
| 4 | Santander | 4,850.26 | 26 | 7.04% |
| 5 | Morgan Stanley | 4,698.95 | 17 | 6.82% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 16,214.73 | 59 | 11.76% |
| 2 | Citi | 15,044.20 | 56 | 10.91% |
| 3 | Standard Chartered Bank | 10,967.36 | 55 | 7.95% |
| 4 | HSBC | 8,619.65 | 46 | 6.25% |
| 5 | BNP Paribas | 8,469.15 | 23 | 6.14% |
EMEA M&A Revenue
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 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 % |
|---|---|---|---|---|
| 1 | UniCredit | 2,082.81 | 13 | 12.04% |
| 2 | SG Corporate & Investment Banking | 1,851.18 | 13 | 10.70% |
| 3 | ING | 1,599.84 | 14 | 9.25% |
| 4 | Citi | 1,187.74 | 11 | 6.87% |
| 5 | MUFG | 1,085.56 | 8 | 6.28% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Standard Chartered Bank | 2,621.45 | 21 | 16.73% |
| 2 | HSBC | 1,713.74 | 17 | 10.94% |
| 3 | Barclays | 1,602.23 | 16 | 10.23% |
| 4 | Citi | 1,398.63 | 17 | 8.93% |
| 5 | JPMorgan | 1,393.13 | 16 | 8.89% |
