Top story
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Srpska set to price but may not reach €200m
Republika Srpska, an autonomous entity in Bosnia and Herzegovina, was set to issue a five year Eurobond at 4.75% on Friday, but those on the deal were not certain of reaching the maximum €200m size.
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Coface Poland melds bilateral loans into one syndication
Coface Poland Factoring has signed a €300m-equivalent syndicated loan to partly replace bilateral credit lines, stretching out the average debt maturity for the Polish subsidiary of the French trade insurance company.
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Srpska set to price but may not reach €200m
Republika Srpska, an autonomous entity in Bosnia and Herzegovina, was set to issue a five year Eurobond at 4.75% on Friday, but those on the deal were not certain of reaching the maximum €200m size.
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Chile chances its arm with peso bond in uncertain Lat Am markets
Chile will meet bond investors next week ahead of a proposed local currency issue that will be available to offshore buyers.
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Former defaulter Frontera wins back some hearts and minds
Frontera Energy, the Lat Am-focused Canadian oil and gas company, saw its new international bond trade up in the secondary market on Thursday as EM buyers found several justifications for why the deal had been priced relatively cheaply.
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Saudi index inclusion flings doors open to global investors
The decision by MSCI to reclassify Saudi Arabia as an emerging market and the country's inclusion in its emerging market indices is a game changing moment for the kingdom in its attempts up to foreign investors. With the IPO of Saudi Aramco looming, investors are excited by the prospects these changes promise, writes Sam Kerr.
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Poland’s domestic bond market has some catching up to do
Poland’s domestic bond market is not as big as participants would like it to be. It needs standardised documentation, they say, along with more ratings and the adoption of transparent, fixed rate coupons. Philip Moore reports.
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Positive Poland looks to upgrade outlook
When Standard & Poor’s revised its outlook on Poland to positive in April, it was the latest in a series of welcome surprises. The economy has grown faster than most analysts expected, leading several of them to upgrade their forecasts for growth in 2018. In the capital market, meanwhile, it was Poland, rather than any of the core eurozone economies, that became the first sovereign in the green bond market. What next for Poland’s vibrant economy and capital market? Participants answering this question in the GlobalCapital Poland roundtable, which took place in London in early June, were:
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Poland basks in strong growth but cuts talk clouds outlook
Polish GDP impressed in the first quarter of 2018, growing 5.2% year-on-year, up from the 5.1% estimated, driven by higher consumption and investment in infrastructure co-financed by EU funds. Ukrainian migrants have also boosted GDP. But with proposed cuts to EU funding set to hit Poland hardest — at a cost of 1% of GDP a year from 2021, according to some estimates — the outlook is not so rosy. Virginia Furness reports.
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Poland’s prudence adds to haven claim amid global shocks
The Republic of Poland has proved itself to be one of the most prudent and innovative borrowers in central and eastern Europe, leaving it well placed to navigate increasing volatility in global rates, while some less prepared issuers may run into funding difficulties. Virginia Furness reports.
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HSBC loses MTN banker
An MTNs banker has resigned from HSBC.
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Unusual bond for Republika Srpska makes investors wary
The Republika Srpska region of Bosnia and Herzegovina is seeking to issue a five year bearer bond of up to €200m through Hong Kong-based broker BMI Securities, but investors are cautious that this is not a run of the mill CEE bond issue.
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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FCA’s Aramco rule change is nothing new for UK
The FCA’s decision to modify rules in order to allow sovereign owned companies — such as Saudi Aramco — to achieve a premium listing should be seen as just another chapter in the UK’s cosiness with the House of Saud.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 35,184.98 | 153 | 9.86% |
| 2 | HSBC | 30,454.68 | 184 | 8.53% |
| 3 | JPMorgan | 23,257.01 | 112 | 6.52% |
| 4 | Deutsche Bank | 21,783.20 | 74 | 6.10% |
| 5 | Standard Chartered Bank | 20,714.77 | 129 | 5.80% |
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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 | 35,184.98 | 153 | 9.86% |
| 2 | HSBC | 30,454.68 | 184 | 8.53% |
| 3 | JPMorgan | 23,257.01 | 112 | 6.52% |
| 4 | Deutsche Bank | 21,783.20 | 74 | 6.10% |
| 5 | Standard Chartered Bank | 20,714.77 | 129 | 5.80% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 11,201.60 | 35 | 18.08% |
| 2 | HSBC | 7,419.30 | 18 | 11.98% |
| 3 | JPMorgan | 5,895.88 | 27 | 9.52% |
| 4 | Deutsche Bank | 5,824.56 | 6 | 9.40% |
| 5 | Bank of America Merrill Lynch | 4,148.99 | 17 | 6.70% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 13,914.46 | 43 | 10.83% |
| 2 | Standard Chartered Bank | 12,342.25 | 44 | 9.60% |
| 3 | Deutsche Bank | 11,277.69 | 25 | 8.78% |
| 4 | JPMorgan | 10,992.20 | 43 | 8.55% |
| 5 | HSBC | 9,106.50 | 40 | 7.09% |
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 | 2,068.13 | 11 | 13.77% |
| 2 | Intesa Sanpaolo SpA | 1,287.73 | 4 | 8.58% |
| 3 | Deutsche Bank | 1,082.22 | 9 | 7.21% |
| 4 | Mitsubishi UFJ Financial Group | 1,053.52 | 6 | 7.02% |
| 5 | ING | 832.14 | 8 | 5.54% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | AXIS Bank | 4,710.20 | 79 | 24.60% |
| 2 | HDFC Bank | 2,357.60 | 43 | 12.31% |
| 3 | Trust Investment Advisors | 2,219.06 | 60 | 11.59% |
| 4 | ICICI Bank | 1,447.27 | 49 | 7.56% |
| 5 | Yes Bank Ltd | 1,168.75 | 14 | 6.10% |
