Top story
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NiQuan hits road but Lat Am looking tough
NiQuan Energy Trinidad Limited, the owner of a gas-to-liquids plant in Trinidad & Tobago, began meeting bond investors on Tuesday. But another tough week left Latin America bond bankers down on the chances of new issuance before the end of the year.
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Mexcat bondholders could spurn Amlo’s tender first move
Mexico’s new government acted swiftly to show that it would at least engage with financial markets this week. But investors' reaction to a tender offer for Mexico City airport bonds suggested it was the beginning of a troublesome relationship.
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$2tr EM maturity wall looms as markets worsen
The party looks to be over in emerging market bonds leaving borrowers with one heck of a funding hangover. Years of low rates have prompted a debt splurge from borrowers able to fund at ever lower coupons. But just as dollar rates are on the increase, those credits are racing towards a $2tr maturity wall and the problem of how to refinance it in a market that has presented clear symptoms of risk fatigue this year shows no sign of abating. Lewis McLellan and Francesca Young report.
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Akbank unveils TL3bn recap as economic clouds gather
Akbank, one of the largest banks in Turkey, is preparing a TL3bn ($558m) rights issue amid fears of an increase in non-performing loans as the Turkish economy enters a slowdown.
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First Slovenian green bond hits market
The first green bond from a Slovenian borrower came to market this week. SID Bank will use the proceeds for green mortgages and financing low carbon aircraft.
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Mizuho cuts in DCM and syndicate
Mizuho International, the London securities and investment banking arm of the Japanese banking group, has cut jobs in its capital markets business over the past week, and among those leaving is a senior DCM banker.
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Petrobras eyes deleveraging but Brazilians heard prepping deals
Brazilian government-owned oil company Petrobras has said it is looking to deleverage as part of its new five year business plan. But it will still be a regular borrower in capital markets. Furthermore, though some Latin American debt capital markets bankers say their January pipeline is looking bearer than it usually does at this stage of the year, Brazilian public sector issuers could be the one active area of the market.
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G20 rally short-lived
US president Donald Trump and Chinese general secretary Xi Jinping's agreement to hold a 90 day truce in their trade war was greeted warmly by emerging markets investors eager for good news. But the rally didn’t last long.
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EM investors hope for better next year despite shaky outlook
Investors are turning their attention to 2019, hoping for better returns than 2018 afforded. Despite the US Federal Reserve’s rate hiking ambitions and uncertainty over a US/China trade war, investors are looking forward to next year.
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Mexcat bondholders look to delay tender take-off
Questions over covenants and collateral gave a pause a rally in bonds issued by Mexico City Airport Trust (Mexcat) on Tuesday, with one group of bondholders publicly challenging plans to amend the notes' documentation.
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Turkey needs a bad bank for a good economy
The Turkish government is mulling plans to print asset backed securities against the country's banks' mortgage stock. Some are calling the idea a “bad bank in disguise”. It isn't, but Turkey will need one.
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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Turkey needs a bad bank for a good economy
The Turkish government is mulling plans to print asset backed securities against the country's banks' mortgage stock. Some are calling the idea a “bad bank in disguise”. It isn't, but Turkey will need one.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 51,054.18 | 243 | 9.25% |
| 2 | HSBC | 45,413.95 | 319 | 8.23% |
| 3 | JPMorgan | 35,897.42 | 180 | 6.50% |
| 4 | Standard Chartered Bank | 32,666.64 | 230 | 5.92% |
| 5 | Deutsche Bank | 26,572.36 | 107 | 4.81% |
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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 | 51,054.18 | 243 | 9.25% |
| 2 | HSBC | 45,413.95 | 319 | 8.23% |
| 3 | JPMorgan | 35,897.42 | 180 | 6.50% |
| 4 | Standard Chartered Bank | 32,666.64 | 230 | 5.92% |
| 5 | Deutsche Bank | 26,572.36 | 107 | 4.81% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 13,465.23 | 42 | 17.20% |
| 2 | JPMorgan | 8,653.71 | 36 | 11.05% |
| 3 | HSBC | 8,624.00 | 21 | 11.02% |
| 4 | Deutsche Bank | 6,487.13 | 9 | 8.29% |
| 5 | Bank of America Merrill Lynch | 4,602.16 | 22 | 5.88% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 20,532.59 | 68 | 11.80% |
| 2 | Standard Chartered Bank | 16,852.57 | 68 | 9.69% |
| 3 | JPMorgan | 15,393.82 | 66 | 8.85% |
| 4 | Deutsche Bank | 13,178.93 | 35 | 7.58% |
| 5 | HSBC | 12,764.69 | 58 | 7.34% |
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 | 4,828.44 | 30 | 12.94% |
| 2 | ING | 3,270.62 | 26 | 8.76% |
| 3 | Credit Agricole CIB | 2,380.34 | 10 | 6.38% |
| 4 | SG Corporate & Investment Banking | 2,174.84 | 16 | 5.83% |
| 5 | MUFG | 2,061.27 | 11 | 5.52% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | AXIS Bank | 6,262.97 | 112 | 22.69% |
| 2 | HDFC Bank | 3,031.20 | 67 | 10.98% |
| 3 | Trust Investment Advisors | 2,793.32 | 96 | 10.12% |
| 4 | AK Capital Services Ltd | 1,915.50 | 83 | 6.94% |
| 5 | ICICI Bank | 1,863.14 | 64 | 6.75% |
