Top story
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AfDB, IFC explore new risk-sharing territory
The African Development Bank’s $500m portfolio credit insurance deal, to be announced on Monday October 22, is one of the first of its kind, but is very likely to be followed by further such transactions, as experience in this area grows and other development finance institutions explore the potential benefits.
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AfDB finds London's insurers a deep pool for risk transfer
The African Development Bank is set to announce on Monday afternoon the other risk transfer transaction it has been working on, in parallel with the ground-breaking $1bn securitization it closed in September. Like that, this portfolio credit insurance transaction could serve as a model for other supranationals.
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TEB maintains resilient refi season for Turkish banks
Türk Ekonomi Bankası (TEB) has signed a $530m-equivalent loan, as lenders predict Turkish banks to continue a strong refinancing season, despite the country's economic and political troubles.
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Three LatAm firms manage to issue, Cochrane and CMI wait
Three Latin American companies managed to raise dollar bonds on Thursday in the face of challenging market conditions, but of the five that completed roadshows on Wednesday, one was left evaluating feedback, having announced guidance, and the other had not appeared.
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Lat Am new deal rush yields mixed results
Panama came from nowhere to lead a slew of Latin American credits marching to raise bond funding on Thursday, but the weight of supply coupled with a tricky trading session meant that results were as up and down as the recent market conditions.
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Colombia’s TGI trades tighter after reaching for refi
Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, ventured into bond markets six months after an initial roadshow on Wednesday with a new 10 year dollar bond.
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Investors hop along with CAF Kangaroo
South American multilateral lender CAF (Corporación Andina del Fomento) opened its first new line in Australian dollars for over a year on Thursday with a new five year benchmark.
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Pemex trades up after long-awaited return
Mexican state oil company Pemex returned to bond markets on Tuesday after weeks of speculation to find a wide open market and easily clinch a $2bn long 10 year broadly praised by bankers.
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Issuers forced to press pause on quirkier deals
Aegon decided against coming to the market for its restricted tier one bond this week, after investors looked unlikely to agree with the coupon it wanted. And on Wednesday, ProCredit Holding pulled a trade after announcing initial price thoughts. Negative headlines continue to hurt issuers.
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Tunisia hits road for five year euros
The Republic of Tunisia hit screens on Thursday, announcing a roadshow to promote a euro benchmark — the nation’s first since February 2017.
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Loans in Brief - October 18, 2018
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
Latin America
Comment
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Turkey needs to fly
The Republic of Turkey has set price guidance on a new bond issue that equates to 60bp back of its curve. That is a big, sour number for Turkey to have to offer investors, but its goal at this point must be to reopen the capital markets for its banks and corporates. To do that, Turkey's new bond needs to perform.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 44,729.57 | 212 | 9.33% |
| 2 | HSBC | 41,394.01 | 276 | 8.64% |
| 3 | JPMorgan | 31,756.79 | 160 | 6.63% |
| 4 | Standard Chartered Bank | 27,312.31 | 190 | 5.70% |
| 5 | Deutsche Bank | 24,616.33 | 93 | 5.14% |
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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 | 44,729.57 | 212 | 9.33% |
| 2 | HSBC | 41,394.01 | 276 | 8.64% |
| 3 | JPMorgan | 31,756.79 | 160 | 6.63% |
| 4 | Standard Chartered Bank | 27,312.31 | 190 | 5.70% |
| 5 | Deutsche Bank | 24,616.33 | 93 | 5.14% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 12,606.94 | 40 | 17.31% |
| 2 | HSBC | 8,624.00 | 21 | 11.84% |
| 3 | JPMorgan | 7,849.43 | 34 | 10.78% |
| 4 | Deutsche Bank | 6,464.32 | 8 | 8.88% |
| 5 | Bank of America Merrill Lynch | 4,241.86 | 18 | 5.82% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 17,309.35 | 60 | 11.07% |
| 2 | Standard Chartered Bank | 14,748.03 | 62 | 9.43% |
| 3 | JPMorgan | 13,336.18 | 58 | 8.53% |
| 4 | Deutsche Bank | 12,469.15 | 31 | 7.97% |
| 5 | HSBC | 11,633.41 | 53 | 7.44% |
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 | 4,408.94 | 25 | 13.42% |
| 2 | ING | 3,123.12 | 24 | 9.50% |
| 3 | Credit Agricole CIB | 2,397.03 | 10 | 7.29% |
| 4 | MUFG | 1,904.23 | 9 | 5.79% |
| 5 | Credit Suisse | 1,802.80 | 1 | 5.49% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | AXIS Bank | 6,262.97 | 112 | 23.72% |
| 2 | HDFC Bank | 3,031.20 | 67 | 11.48% |
| 3 | Trust Investment Advisors | 2,793.32 | 96 | 10.58% |
| 4 | AK Capital Services Ltd | 1,915.50 | 83 | 7.25% |
| 5 | ICICI Bank | 1,863.14 | 64 | 7.06% |
