Top story
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ECM looks beyond SA for Africa IPO opportunities
Equity investors and bankers are hoping African deals will bolster emerging market issuance figures this year, but a change in fortunes for South Africa could mean deals will have to come from other countries on the continent.
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Covered bonds lift off as demand soars
A €5bn wall of demand chased a trio covered bonds issued on Monday by Société Générale, PKO Bank Hipoteczny and Deutsche Pfandbriefbank and showed that, after a shaky start to 2019, the market has now found form.
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Qatar offers Lebanon lifeline
Qatar plans to buy $500m of Lebanese government bonds, providing the beleaguered country with a a reprieve from its bond market woes.
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Slim EM M&A pipeline threatens to dash loans bankers' hopes
Loans bankers and analysts agree that corporate mergers and acquisitions are the keys to the growth of their business, but the pipeline for the year ahead in emerging markets is far from promising.
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Mexican lender to provide post-sovereign HY test
Non-bank lender Crédito Real will show how far investor appetite for Mexican risk stretches as it looks to become the first sub-investment grade borrower from the country to issue in international bond markets in nine months.
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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.
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 | 10.35% |
| 2 | Citi | 3,698.70 | 16 | 10.33% |
| 3 | HSBC | 3,542.82 | 17 | 9.90% |
| 4 | BNP Paribas | 3,011.10 | 6 | 8.41% |
| 5 | Barclays | 2,042.22 | 4 | 5.70% |
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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 | 10.35% |
| 2 | Citi | 3,698.70 | 16 | 10.33% |
| 3 | HSBC | 3,542.82 | 17 | 9.90% |
| 4 | BNP Paribas | 3,011.10 | 6 | 8.41% |
| 5 | Barclays | 2,042.22 | 4 | 5.70% |
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 | 16.01% |
| 2 | JPMorgan | 2,290.37 | 4 | 13.52% |
| 3 | Citi | 2,279.79 | 4 | 13.46% |
| 4 | HSBC | 1,984.90 | 5 | 11.72% |
| 5 | Saudi National Commercial Bank | 1,604.15 | 2 | 9.47% |
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 | 13.40% |
| 2 | ING | 3,270.62 | 26 | 7.98% |
| 3 | Credit Agricole CIB | 2,586.69 | 11 | 6.31% |
| 4 | SG Corporate & Investment Banking | 2,315.39 | 17 | 5.65% |
| 5 | MUFG | 2,167.80 | 12 | 5.29% |
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% |
