Top story
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Turkish buybacks may not be big, but they are important
Amid the chaos in Turkey, bankers are pitching bond buyback oppportunities to the country's beleaguered banks. Many argue that those that are in a comfortable enough position to take them up should be looked upon favourably by investors. The problem is, those investors might not even notice.
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Market unconvinced by Venezuela’s economic adjustment
Venezuela has adopted a radical approach in its attempt to rein in its out-of-control economy, effectively devaluing its currency by almost 96% and pegging the value to Venezuela’s oil-backed pseudo-cryptocurrency — widely considered a scam.
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Angola rallies 40bp on IMF chat
The Republic of Angola has rallied 40bp after saying on Monday that it has sought financial support from the International Monetary Fund.
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Transnet beseeches banks not to accelerate loan repayments
South Africa’s Transnet is relying on the goodwill of its bank lending groups after an extraordinary auditing process at the infrastructure company triggered a document clause allowing creditors to accelerate loan payment.
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Turkey slapped with double downgrade
Two ratings agencies lowered Turkey’s credit rating on Friday evening, but the beleaguered nation’s asset prices have largely shrugged off the news, despite predictions of a recession.
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Fitch strikes down Ecuador on financing worries
Fitch Ratings has downgraded Ecuador from B to B- on the back of its rapidly rising debt burden, even though the country finally has a finance minister popular with bond investors.
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MTN Nigeria stays local for loan
Telecoms company MTN Nigeria has signed a Nr200bn ($554m) seven year loan from local and international banks, as lenders remain in talks with other borrowers for hard currency transactions from the country.
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SA firm Sabvest gets liquidity boost after share sale
Sabvest, the South African investment holding company, has substantially boosted its liquidity after two investment vehicles sold out of the stock.
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It’s a nexus, not a doom loop
The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.
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Lat Am September plans left in doubt
The drought in Latin American new issuance stretched to six weeks by Thursday, but DCM bankers are now more concerned by prospects for September after contagion from Turkey hit Lat Am assets this week.
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PDVSA 2020s recover as market digests court ruling
Venezuelan state oil company PDVSA saw its 8.5% 2020s drift back upwards this week after taking a hit on the back of a US court ruling that caused some concern about bondholders’ ability to claim their collateral.
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
-
Turkish buybacks may not be big, but they are important
Amid the chaos in Turkey, bankers are pitching bond buyback oppportunities to the country's beleaguered banks. Many argue that those that are in a comfortable enough position to take them up should be looked upon favourably by investors. The problem is, those investors might not even notice.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 37,598.23 | 170 | 9.44% |
| 2 | HSBC | 34,028.88 | 217 | 8.55% |
| 3 | JPMorgan | 26,223.43 | 127 | 6.59% |
| 4 | Standard Chartered Bank | 24,311.57 | 151 | 6.11% |
| 5 | Deutsche Bank | 21,898.85 | 77 | 5.50% |
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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 | 37,598.23 | 170 | 9.44% |
| 2 | HSBC | 34,028.88 | 217 | 8.55% |
| 3 | JPMorgan | 26,223.43 | 127 | 6.59% |
| 4 | Standard Chartered Bank | 24,311.57 | 151 | 6.11% |
| 5 | Deutsche Bank | 21,898.85 | 77 | 5.50% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 11,343.89 | 36 | 17.74% |
| 2 | HSBC | 7,749.23 | 19 | 12.12% |
| 3 | JPMorgan | 6,116.80 | 30 | 9.57% |
| 4 | Deutsche Bank | 5,950.19 | 7 | 9.31% |
| 5 | Bank of America Merrill Lynch | 4,165.66 | 17 | 6.51% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 14,691.58 | 46 | 11.05% |
| 2 | Standard Chartered Bank | 13,765.00 | 47 | 10.35% |
| 3 | JPMorgan | 11,619.88 | 47 | 8.74% |
| 4 | Deutsche Bank | 11,156.18 | 26 | 8.39% |
| 5 | HSBC | 9,244.84 | 41 | 6.95% |
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 | 4,103.45 | 23 | 14.66% |
| 2 | ING | 2,532.09 | 20 | 9.04% |
| 3 | Credit Agricole CIB | 2,151.31 | 8 | 7.68% |
| 4 | MUFG | 1,818.52 | 8 | 6.50% |
| 5 | Credit Suisse | 1,802.80 | 1 | 6.44% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | AXIS Bank | 5,129.62 | 95 | 22.25% |
| 2 | HDFC Bank | 2,824.94 | 59 | 12.25% |
| 3 | Trust Investment Advisors | 2,596.16 | 83 | 11.26% |
| 4 | ICICI Bank | 1,758.86 | 60 | 7.63% |
| 5 | AK Capital Services Ltd | 1,501.06 | 69 | 6.51% |
