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Turkey needs to fly
The Republic of Turkey has set price guidance on a new bond issue that equates to 60bp back of its curve. That is a big, sour number for Turkey to have to offer investors, but its goal at this point must be to reopen the capital markets for its banks and corporates. To do that, Turkey's new bond needs to perform.
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Turkey on screens for benchmark
Turkey is in the market for a five year dollar benchmark — its first trip to international capital markets since it was plunged into financial crisis by US sanctions earlier this year.
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Mirabaud expands EM debt team
Mirabaud Asset Management has hired a new portfolio manager, adding to its emerging markets fixed income team.
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RenCap picks for senior roles in Egypt and North Africa
Renaissance Capital has appointed Marios Hadjiyiannakis as chairman of the board of directors in Egypt, and Amr Helal as chief executive officer for North Africa.
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Loan banks weigh up possible effects of Saudi diplomatic strain
The loan market is weighing up the consequences of the disappearance and plausible murder of Jamal Khashoggi, a prominent Saudi journalist who had criticised the regime.
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Brazil’s Invepar turns to dollars to solve looming local maturity
Brazilian infrastructure group Invepar will hit the road on Wednesday proposing the sale of a bond guaranteed by its two highest quality assets in order to finance an imposing domestic debt maturity.
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NLB IPO gets under way despite choppy markets
Slovenia will brave volatile markets to privatise Nova Ljubljanska Banka (NLB), the country’s largest bank, before an end of year deadline set by the European Commission.
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Islamic Development Bank goes on road for euro sukuk
Islamic Development Bank has picked banks for a roadshow promoting its debut euro denominated sukuk benchmark — for the second time this year.
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Brunson release solidifies new levels for Turkey
The decision on Friday by the Turkish constitutional court to release the American pastor Andrew Brunson provided a surge of relief for investors in the beleaguered nation, although most of the tightening in debt spreads happened in advance.
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Steinhoff asks for more restructuring time again
Steinhoff has asked its creditors for a one month extension on its multi-billion euro debt restructuring process, with the South African retailer saying on Monday that it needs longer to finalise documentation.
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UK regulators ratchet up pressure on banks over climate change
The Bank of England announced on Monday a consultation on a package of measures to tighten its scrutiny of banks’ and other financial firms’ readiness for climate change. The Bank’s approach is gradualist, but it is signalling clearly that firms must take the financial risks from climate change seriously, and that regulation in this area will be ramped up.
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Comment
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Turkey needs to fly
The Republic of Turkey has set price guidance on a new bond issue that equates to 60bp back of its curve. That is a big, sour number for Turkey to have to offer investors, but its goal at this point must be to reopen the capital markets for its banks and corporates. To do that, Turkey's new bond needs to perform.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 43,775.51 | 206 | 9.37% |
| 2 | HSBC | 39,503.44 | 266 | 8.46% |
| 3 | JPMorgan | 30,594.41 | 156 | 6.55% |
| 4 | Standard Chartered Bank | 26,661.08 | 184 | 5.71% |
| 5 | Deutsche Bank | 23,248.09 | 89 | 4.98% |
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Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 43,775.51 | 206 | 9.37% |
| 2 | HSBC | 39,503.44 | 266 | 8.46% |
| 3 | JPMorgan | 30,594.41 | 156 | 6.55% |
| 4 | Standard Chartered Bank | 26,661.08 | 184 | 5.71% |
| 5 | Deutsche Bank | 23,248.09 | 89 | 4.98% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 12,159.29 | 38 | 17.87% |
| 2 | HSBC | 7,749.23 | 19 | 11.39% |
| 3 | JPMorgan | 6,852.01 | 31 | 10.07% |
| 4 | Deutsche Bank | 5,950.19 | 7 | 8.74% |
| 5 | Bank of America Merrill Lynch | 4,241.86 | 18 | 6.23% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 17,284.85 | 59 | 11.22% |
| 2 | Standard Chartered Bank | 14,736.48 | 61 | 9.56% |
| 3 | JPMorgan | 13,336.18 | 58 | 8.65% |
| 4 | Deutsche Bank | 11,726.59 | 29 | 7.61% |
| 5 | HSBC | 11,633.41 | 53 | 7.55% |
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 | 4,408.94 | 25 | 13.42% |
| 2 | ING | 3,123.12 | 24 | 9.50% |
| 3 | Credit Agricole CIB | 2,397.03 | 10 | 7.29% |
| 4 | MUFG | 1,904.23 | 9 | 5.79% |
| 5 | Credit Suisse | 1,802.80 | 1 | 5.49% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | AXIS Bank | 6,262.97 | 112 | 23.72% |
| 2 | HDFC Bank | 3,031.20 | 67 | 11.48% |
| 3 | Trust Investment Advisors | 2,793.32 | 96 | 10.58% |
| 4 | AK Capital Services Ltd | 1,915.50 | 83 | 7.25% |
| 5 | ICICI Bank | 1,863.14 | 64 | 7.06% |
