Top story
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New debt chief sells Mexico as market-friendly after bond blow-out
Mexico’s new head of public credit, Gabriel Yorio, has told GlobalCapital investors were receptive to the government’s messages, after it received hefty demand for its first bond issue since Andrés Manuel López Obrador took office as president on December 1.
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Bondholders accept Digicel swap but challenges linger
Caribbean telecoms group Digicel has finally wrapped up a distressed debt exchange to avoid a potential default next year, after extended negotiations with bondholders. But Fitch warned on Monday that the move has “undermined” the group’s position with creditors.
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Uruguay reaps benefits of reopening Lat Am
Uruguay said that the government had covered nearly all of its debt maturities for 2019 after the sovereign became the first issuer from Latin America to tap international bond markets this year.
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Voto Cimentos plots bond buy-back
Brazilian building materials company Votorantim Cimentos is looking to buy back up to $650m of outstanding bonds using funds that its parent company is set to receive from the sale of its stake in pulp and paper company Fibria.
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Lat Am storms into life as Mexico, Uruguay fetch big books
Latin American bond bankers were urging issuers to head to market on Thursday after Mexico and Uruguay emphatically showed there was strong appetite for new paper.
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Road to repo beckons for Ghana after TRS trade
Ghanaian banks’ avenues for dollar funding could be set to grow, after one of the country’s financial institutions entered into a total return swap with Société Générale that soothed over bottlenecks in its repo markets.
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Turk Eximbank USD500m 8.25% Jan 24
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Dubai Islamic Bank USD750m 6.25% PNC6 AT1
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Barclays cuts across syndicate, LM, RSG, MTNs and advisory
Barclays has made cuts across its debt capital markets business, with staff put at risk including several long serving bankers who have been with the firm for over a decade.
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FAB USD850m 3.875% Jan 24
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CEE borrowers eyeing new formats
Emerging market corporate borrowers have little in the way of funding needs and, where they do expect to issue, are eyeing new formats to diversify rather than issuing more Eurobonds.
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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Asia
CEE
Middle East
Africa
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Comment
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Mexcat: where tender intentions mean more than turbulent discussions
Bondholders were never going to be satisfied with Mexico’s new government after it cancelled the airport project in which they’d invested $6bn. But though the issuer’s tender offer and consent solicitation is unlikely to be the administration’s last squabble with markets, it is still a good sign.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 3,705.23 | 12 | 10.65% |
| 2 | Citi | 3,698.70 | 16 | 10.63% |
| 3 | HSBC | 3,448.17 | 16 | 9.91% |
| 4 | BNP Paribas | 2,961.10 | 5 | 8.51% |
| 5 | Barclays | 2,042.22 | 4 | 5.87% |
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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 | JPMorgan | 3,705.23 | 12 | 10.65% |
| 2 | Citi | 3,698.70 | 16 | 10.63% |
| 3 | HSBC | 3,448.17 | 16 | 9.91% |
| 4 | BNP Paribas | 2,961.10 | 5 | 8.51% |
| 5 | Barclays | 2,042.22 | 4 | 5.87% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 662.55 | 1 | 20.53% |
| 1 | Barclays | 662.55 | 1 | 20.53% |
| 1 | Bank of America Merrill Lynch | 662.55 | 1 | 20.53% |
| 4 | Scotiabank | 413.44 | 1 | 12.81% |
| 4 | JPMorgan | 413.44 | 1 | 12.81% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 2,712.17 | 3 | 16.56% |
| 2 | JPMorgan | 2,290.37 | 4 | 13.99% |
| 3 | Citi | 2,279.79 | 4 | 13.92% |
| 4 | HSBC | 1,890.25 | 4 | 11.54% |
| 5 | Saudi National Commercial Bank | 1,604.15 | 2 | 9.80% |
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 | 5,496.41 | 35 | 13.64% |
| 2 | ING | 3,270.62 | 26 | 8.11% |
| 3 | Credit Agricole CIB | 2,586.69 | 11 | 6.42% |
| 4 | SG Corporate & Investment Banking | 2,315.39 | 17 | 5.74% |
| 5 | MUFG | 2,167.80 | 12 | 5.38% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | State Bank of India | 413.47 | 3 | 15.63% |
| 1 | Standard Chartered Bank | 413.47 | 3 | 15.63% |
| 1 | Citi | 413.47 | 3 | 15.63% |
| 4 | DBS | 263.05 | 2 | 9.94% |
| 5 | Barclays | 233.66 | 2 | 8.83% |
