Top story
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M&A: A fantasy panacea for lenders
Loans desks are going to fall woefully short of budget expectations this year, part of that is because management puts so much faith in M&A bolstering volumes. This is folly.
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Adversaries Gazprom and Naftogaz pick same day for new bonds
Russian giant Gazprom and Ukrainian oil and gas firm Naftogaz, who have been locking horns in court, both chose Tuesday to release price guidance for new Eurobonds. The Gazprom deal will be the first public international bond from a Russian issuer since the US sanctions that shook the market in April. The Naftogaz bond is its first since 2009.
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Steinhoff US subsidiary gets High Court nod
Steinhoff’s multi-billion euro equivalent debt restructuring saga took another step forward this week, with the company receiving High Court approval to press on with a scheme of arrangement related to its US subsidiary Mattress Firm.
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CEZ sets spread for short euros
CEZ, a Czech utility company, came to market for four year euros on Tuesday, returning to the currency for its largest deal since 2013.
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Nigeria may triple up dollar return
Nigeria hit screens on Monday afternoon to announce a roadshow for a triple tranche dollar bond, confirming rumours of a planned capital markets return that began circulating last week.
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Mizuho makes Mellor replacement
Mizuho has put in place a replacement for Farris Mellor, director of loan sales, EMEA syndications, who left the bank in August. The hire squashes fears that the bank may have been looking to use Mellor’s departure as an opportunity to reduce the team headcount.
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Colombian Frontera seeks to push payment boundaries
Frontera Energy Corporation, the Canada-listed Colombian oil and gas company, is asking bondholders permission to make payments otherwise forbidden by the terms of its outstanding debt.
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Seychelles blue bond fashioned as ‘template’ for future issues
The Seychelles’ $15m blue bond, issued last month to finance sustainability improvements to its maritime economy, was designed to satisfy all the needs of socially responsible investors and could therefore be used as a template, according to bankers at Standard Chartered who worked on the deal.
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Middle Eastern issuers hit screens for dollars
Emirates NBD is set to return to the dollar market, picking banks for a five year benchmark. The trade will be joined in the market by a dollar bond from UAE-based private healthcare provider.
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Russian Copper Co to close second $250m refi this year
Bankers have confirmed that Russian Copper Company (RCC) is set to close its second five year $250m pre-export credit facility before the end of the year.
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Vale eyes further deleveraging with cash tender
Brazilian mining giant Vale has launched its third public tender offer for outstanding international bonds, seeking to continue to cut its debt by buying back $1bn of notes.
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
-
M&A: A fantasy panacea for lenders
Loans desks are going to fall woefully short of budget expectations this year, part of that is because management puts so much faith in M&A bolstering volumes. This is folly.
Bookrunners of International Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 48,002.20 | 229 | 9.46% |
| 2 | HSBC | 43,242.07 | 291 | 8.52% |
| 3 | JPMorgan | 34,507.54 | 171 | 6.80% |
| 4 | Standard Chartered Bank | 28,292.61 | 202 | 5.58% |
| 5 | Deutsche Bank | 25,039.23 | 97 | 4.93% |
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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 | 48,002.20 | 229 | 9.46% |
| 2 | HSBC | 43,242.07 | 291 | 8.52% |
| 3 | JPMorgan | 34,507.54 | 171 | 6.80% |
| 4 | Standard Chartered Bank | 28,292.61 | 202 | 5.58% |
| 5 | Deutsche Bank | 25,039.23 | 97 | 4.93% |
Bookrunners of LatAm Emerging Market DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 13,465.23 | 42 | 17.96% |
| 2 | HSBC | 8,624.00 | 21 | 11.50% |
| 3 | JPMorgan | 7,888.60 | 35 | 10.52% |
| 4 | Deutsche Bank | 6,487.13 | 9 | 8.65% |
| 5 | Bank of America Merrill Lynch | 4,507.51 | 20 | 6.01% |
Bookrunners of CEEMEA International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 19,041.78 | 65 | 11.42% |
| 2 | Standard Chartered Bank | 15,207.37 | 64 | 9.12% |
| 3 | JPMorgan | 15,111.39 | 63 | 9.06% |
| 4 | Deutsche Bank | 12,722.14 | 33 | 7.63% |
| 5 | HSBC | 12,613.66 | 56 | 7.56% |
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 | 4,631.80 | 28 | 12.96% |
| 2 | ING | 3,270.62 | 26 | 9.15% |
| 3 | Credit Agricole CIB | 2,397.03 | 10 | 6.71% |
| 4 | SG Corporate & Investment Banking | 2,093.15 | 15 | 5.86% |
| 5 | MUFG | 1,979.59 | 10 | 5.54% |
Bookrunners of India DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | AXIS Bank | 6,262.97 | 112 | 23.11% |
| 2 | HDFC Bank | 3,031.20 | 67 | 11.18% |
| 3 | Trust Investment Advisors | 2,793.32 | 96 | 10.31% |
| 4 | AK Capital Services Ltd | 1,915.50 | 83 | 7.07% |
| 5 | ICICI Bank | 1,863.14 | 64 | 6.87% |
