Top story
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Equity investors look to EM as slowdown fears persist
Asset managers are looking to the emerging markets as a hedge against a slowdown in the US and Europe.
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GEMS to raise $1.85bn debt package, readies for CVC acquisition
Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.
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Harmony goes digging for $400m refi
Harmony Gold, a South African gold mining company, is in the market to raise $400m to refinance existing debt. The deal is being led by domestic lenders Absa Bank and Nedbank, according to bankers.
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Panama’s new government notches largest ever deal
Just 16 days after Laurentino Cortizo took office as president, Panama tapped the bond market for its largest ever deal. The government said it needed to raise funds to make overdue payments.
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Intercorp pencils in dual currency trade
Peruvian holding company Intercorp Peru is looking to tap bond investors for dollar and nuevo sol denominated funding as it seeks to refinance existing bonds and invest in its subsidiaries.
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Mexico’s Docuformas clinches index-eligible five year
Mexican leasing company Docuformas offered a double-digit yield on its return to bond markets but was able to issue twice the amount of its last deal, offering its first index-eligible bond in the process.
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Resurgent Impala Platinum offers CB investors early conversion to cut debt
Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer to convert its outstanding 3.25% $250m June 2022 convertible bonds into equity, after a massive rally in its share price over the last year.
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Emerging market assets display 'incredible' resilience despite macro threats
Global growth is flagging and two of the core markets in EM are facing sanctions from the US, but bond prices have been buoyed by a tide of inflows and loose monetary policy.
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Oman's Octal raises $625m for expansion
Oman-based Octal, a leading producer of plastic packaging, has raised loans to the value of $625m from a range of local and international lenders
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Petrobras still short of $3bn bond buy-back target
Petrobras will buy back $1.79bn of dollar bonds to go with the $639m-equivalent it spent repurchasing sterling and euro notes last week, but the Brazilian state-owned oil giant’s debt buy-back looks set to fall below the $3bn target on this occasion.
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EuroChem goes inside curve with rouble bond
Eurochem, a fertiliser company registered in Switzerland, hit screens last week for a pair of rouble-denominated bonds, raising a combined Rb20bn at a level inside its curve.
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.
People & Markets
Asia
CEE
Middle East
Africa
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Comment
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Autocrats are challenging central bank independence, perhaps rightly
Central bank independence is under threat. When politicians attempt to take control of monetary policy for their own ends, markets tend to panic, but it may be time to acknowledge that monetary policy is inherently political.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 31,659.17 | 183 | 7.67% |
| 2 | HSBC | 30,565.31 | 243 | 7.40% |
| 3 | JPMorgan | 29,990.43 | 151 | 7.26% |
| 4 | Standard Chartered Bank | 22,344.04 | 173 | 5.41% |
| 5 | BNP Paribas | 16,299.31 | 89 | 3.95% |
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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 | 31,659.17 | 183 | 7.67% |
| 2 | HSBC | 30,565.31 | 243 | 7.40% |
| 3 | JPMorgan | 29,990.43 | 151 | 7.26% |
| 4 | Standard Chartered Bank | 22,344.04 | 173 | 5.41% |
| 5 | BNP Paribas | 16,299.31 | 89 | 3.95% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 6,093.75 | 26 | 11.31% |
| 2 | JPMorgan | 5,670.14 | 25 | 10.53% |
| 3 | Bank of America Merrill Lynch | 4,847.42 | 20 | 9.00% |
| 4 | Santander | 4,356.32 | 21 | 8.09% |
| 5 | Morgan Stanley | 4,199.92 | 14 | 7.80% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 15,136.09 | 54 | 11.53% |
| 2 | Citi | 14,241.43 | 52 | 10.84% |
| 3 | Standard Chartered Bank | 10,397.33 | 47 | 7.92% |
| 4 | BNP Paribas | 8,219.15 | 22 | 6.26% |
| 5 | HSBC | 8,162.62 | 41 | 6.22% |
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 | 2,002.25 | 13 | 12.71% |
| 2 | SG Corporate & Investment Banking | 1,851.18 | 13 | 11.75% |
| 3 | ING | 1,381.46 | 11 | 8.77% |
| 4 | Citi | 1,094.36 | 9 | 6.95% |
| 5 | MUFG | 1,085.56 | 8 | 6.89% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Standard Chartered Bank | 2,373.40 | 19 | 16.87% |
| 2 | HSBC | 1,584.44 | 16 | 11.26% |
| 3 | Barclays | 1,354.17 | 14 | 9.63% |
| 4 | Citi | 1,279.88 | 16 | 9.10% |
| 5 | JPMorgan | 1,274.38 | 15 | 9.06% |
