• Albaraka Turk provides blueprint for Turkish AT1

    Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

    • 22 Feb 2018
  • Belarus prints inside curve after huge rally

    The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.

    • 22 Feb 2018
  • Ukrexim set to print hryvnia Eurobond

    State Export-Import Bank of Ukraine has wrapped up investor meetings for an internationally cleared hryvnia bond with the deal expected to generate plenty of interest.

    • 22 Feb 2018
  • Turkey marches towards Panda debut

    The Republic of Turkey is preparing to issue its first Panda bond by the end of the year, having mandated three banks to handle the deal.

    • 22 Feb 2018
  • They think it's Moldova, it is now: Trans-Oil offering not so slick

    Trans-Oil, a Moldovan agro-industrial firm, failed to generate enough interest in its debut bond offering on Wednesday, becoming the second CEEMEA issuer in as many weeks to fall foul of tougher market conditions.

    • 22 Feb 2018
  • Turkey’s Ziraat bank launches $1bn refi

    Ziraat Bank launched a $1bn loan to refinance a facility signed in April last year, with pricing in line with Turkish peer Akbank’s new loan.

    • 21 Feb 2018
  • Moldova’s Trans-Oil opens with chunky 10% handle

    Moldova’s Trans-Oil opened books on the first ever Eurobond from the country on Wednesday, but the small size is likely to mean it flies under the radar of most investors.

    • 21 Feb 2018
  • Georgia Capital hits the road

    Georgia Capital (formerly BGEO Investments), the Georgian holding company representing the investment business of BGEO Group, is embarking on a roadshow for a five year dollar bond.

    • 21 Feb 2018
  • Military action in Syria weighs on Akbank trade

    A Turkish military strike in Syria on Tuesday hit investor appetite for Akbank’s subordinated tier two offering, with the raid causing several accounts not to come into the book at all, according to a lead manager.

    • 21 Feb 2018
  • Belarus brings bond after stellar 2017 new issue performance

    The Republic of Belarus has released initial price thoughts for a $600m 12 year bond after the country’s last deal, printed in June 2017, climbed 11 points since pricing.

    • 21 Feb 2018
  • Gazprom looks to raise Swiss francs

    Gazprom is looking to enter the Swiss franc market for the fifth time, mandating four banks to arrange meetings for a benchmark bond. After Moody’s upgraded the Russian company to investment grade, the arrangers are particularly confident of Swiss interest.

    • 21 Feb 2018
  • Slovenia opens tender, plans new euro bond

    The Republic of Slovenia is once again in the market with a liability management exercise that will enable it to tidy its debt structure by buying back up to $650m of its outstanding dollar bonds, as it continues its bid to consolidate its outstanding dollar debt into one bond maturing 2024.

    • 20 Feb 2018
  • First Turkish AT1 breaks ground but there's more to do

    Albaraka Turk scored a solid first last week when it issued Turkey’s first Basel III compliant additional tier one bond, but while this marks progress, it will take one of the country’s larger banks to establish a true benchmark.

    • 20 Feb 2018
  • GlobalCapital Bond Awards Poll — vote now!

    We are excited to announce that the GlobalCapital Bond Awards Poll is now open.

    • 20 Feb 2018
  • Akbank looks to guide T2 with 6% handle

    Turkey’s Akbank has the sole attention of EM investors on Tuesday as it looks to price its second Basel III compliant tier two transaction.

    • 20 Feb 2018
  • EN+ restructures leadership as Deripaska set to step down

    Oleg Deripaska is to step down from his role as president of EN+, the Russian aluminium and hydropower company, which floated for $1.5bn in London and Moscow in November, and as president of its affiliate Rusal, as part of a pre-planned organisational change in which he will shift focus to other business interests.

    • 19 Feb 2018
  • MidEast trade finance experts see opportunities in political climate

    A hardening of the US attitude to Iran, tensions with Turkey and the Qatari crisis may be closing some doors for trade in the Middle East but experts are convinced it is opening others, with China's One Belt, One Road initiative pushing countries such as China, India and Russia towards the region.

    • 19 Feb 2018
  • ZSE to bring refi bond

    Slovakia’s largest distribution operator Západoslovenská energetika (ZSE) has named two banks to arrange a new euro deal of a medium maturity.

    • 19 Feb 2018
  • Albaraka Turk brings first Turkish AT1

    Albaraka Turk, the Turkish subsidiary of Bahrain’s Albaraka Banking Group, has issued the first ever additional tier one capital bond from Turkey, doing so in private placement format.

    • 19 Feb 2018
  • Türk Eximbank seeks $300m loan, outside Akbank

    Türk Eximbank is in the market for a $300m loan to refinance debt and support exporters.

    • 19 Feb 2018
  • CEE loan pipeline heats up with PXFs

    Deal flow in Central and Eastern Europe (CEE) is picking up, according to international loan bankers, with more pre-export finance facilities from Russia and some anticipated event driven transactions in the rest of the region.

    • 15 Feb 2018
  • GTLK pulls deal, blames market volatility

    GTLK, Russia’s state transport leasing company, on Tuesday postponed its dollar Reg S seven year amortising bond, blaming “broader market volatility” for the move. But investors looking at the note said the postponement was more a sign of the buyside becoming more discerning.

    • 14 Feb 2018
  • Turkish IPOs hold fast despite EM outflows

    The two Turkish IPOs priced this year are trading roughly in-line with their listing prices, despite recent outflows from emerging market ECM. But it is too early to judge whether this represents a positive outlook for Turkish ECM this year, according to sources.

    • 13 Feb 2018
  • 'Books covered' for GTLK, final yield unmoved from talk

    GTLK, Russia’s state transport leasing company, is adding to the flurry of Russian bonds printed since the start of this year, but leads have been unable to crunch the final yield tighter from initial price thoughts.

    • 13 Feb 2018
  • Republic of Belarus back for dollar test

    The Republic of Belarus, which issued one of the best performing bonds of 2017, is looking to return with a 10 year dollar benchmark.

    • 13 Feb 2018
  • Yildiz Holding restructures $1bn loan

    Turkish food giant Yıldız Holding has restructured the equivalent of $1bn in short term loans into one long term syndicated loan, as part of its efforts to facilitate its growth plans for this year.

    • 12 Feb 2018
  • Renaissance Capital launches algo unit

    Russian investment bank Renaissance Capital on Monday revealed that it had set up an algorithmic trading unit to take advantage of volatility in financial markets.

    • 12 Feb 2018
  • Nostrum takes out $400m for refi

    Nostrum Oil & Gas, the Kazakh independent oil and gas company listed in London, nipped into a busy bond market on Thursday to raise $400m to complete the refinancing of its bonds due 2019.

    • 09 Feb 2018
  • Duo makes seven from Russia this year, blasts away US Treasury fears

    Credit Bank of Moscow and Domodedovo Airport (DME) brought the total Eurobond tally of Russian issuers this year to seven this week. Those latest two issuers jumped in shortly after Directive 1 sanction fears were quashed by the US Treasury.

    • 08 Feb 2018
  • RusHydro opens Eurorouble bond market to take Rb20bn

    RusHydro, the Russian hydroelectric power generator, issued the first local currency Eurobond of 2018 with a three year note on Thursday. Bond bankers said that internationally cleared local currency bonds would gain increasing traction this year.

    • 08 Feb 2018
  • New frontier in EM as Trans-Oil plans first Moldovan bond

    Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate — and with no outstanding bonds from the sovereign, investors will have a lot of price work to do.

    • 08 Feb 2018
  • First ever Moldovan corporate bond mandated

    Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate, and the first chance investors have had to buy Moldovan risk since 1997.

    • 08 Feb 2018
  • CBM defies UST rise as Russians rush in

    Credit Bank of Moscow printed a $500m five year bond from a book in excess of $1.1bn on Wednesday, quelling fears of EM new issues shutting down in face of US Treasury yield rises. Domodedovo Airport looks next to print in dollars from the country while the State Transport Leasing Company has also mandated for a bond.

    • 08 Feb 2018
  • RusHydro gains momentum in Eurorouble

    RusHydro, the Russian hydroelectric power generator, kicked off local currency Eurobonds for 2018 with a three year note on Thursday. DCM bankers said that internationally cleared local currency bonds will gain increasing traction this year.

    • 08 Feb 2018
  • CBM brings barometer trade

    Rival bankers are keenly watching Credit Bank of Moscow’s trade as a barometer for the market this week. A sell-off in US Treasuries seemed to imply a higher borrowing cost for the issuer, though with price revisions to come, it is too early to say by how much.

    • 07 Feb 2018
  • MLP Care IPO prices, shareholders will make up shortfall

    MLP Care, the Turkish company that owns the Medical Park chain of private hospitals, priced its IPO on Tuesday after extending the bookbuild and slashing the price range.

    • 06 Feb 2018
  • Digi Communications adds five banks to bridge loan

    Digi Communications’ Hungarian subsidiary has refinanced part of a €200m bridge loan provided by Citigroup and ING in October last year, which was used to fund the acquisition of a subsidiary of fellow Hungarian communications company Invitel.

    • 06 Feb 2018
  • EM resilient in face of global equity sell-off

    The Institute of International Finance (IIF) on Monday reported $4bn of outflows from emerging market bond funds since January 30, but even in the face of a global equity sell-off, the asset class has been largely resilient — for now.

    • 06 Feb 2018
  • Talk is cheap, but no longer effective in hindering Russia

    Last week’s chatter in the bond markets about the US applying a new round of sanctions on Russia served to highlight how little investors feel threatened by this kind of talk. Now the US has to take action to affect Russia.

    • 06 Feb 2018
  • Relief as US Treasury releases Russia sov sanctions report

    The US Treasury has said that Russia’s bond market is too important to global financial stability to sanction under Directive 1, which is the “most positive scenario for Russian financial instruments,” according to analysis by Danske Bank.

    • 05 Feb 2018
  • Enerjisa covered 4.8 times and prices at bottom, MLP covered

    Enerjisa, the Turkish utilities company owned by E.On and Sabanci, has attracted sizeable interest for its IPO, which was covered 4.8 times and priced at the bottom of the range.

    • 02 Feb 2018
  • RusHydro returns to eurorouble market

    RusHydro, the Russian hydroelectric power generator, will meet investors next week for a Eurorouble bond.

    • 02 Feb 2018
  • Unclear future for Russian issuance as US sanctions talk returns

    Some of the wealthiest and most influential businesspeople in the Russian Federation received an expected, but still unpleasant, piece of news on Monday with the publication of a US Treasury Department list that is expected to precede new sanctions, write Sam Kerr and Bianca Boorer.

    • 01 Feb 2018
  • Romania raises €2bn with 0bp-1bp concession

    Romania issued €2bn of new debt with a dual tranche offering on Thursday, taking the largest portion of funds with a new 20 year bond.

    • 01 Feb 2018
  • Russia sov sanctions unlikely, say investors

    Despite the impending US Treasury recommendations on Russian sovereign debt, Russian OFZ’s hit their highest cash price since 2015 this week, suggesting investors are betting heavily that the report will come to nothing.

    • 01 Feb 2018
  • Republic of Poland EUR1bn 1.125% Aug 26

    • 01 Feb 2018
  • Poland builds confidence in green as sovereigns queue

    The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.

    • 01 Feb 2018
  • Russian pair mandate for dollar bonds

    Two Russian issuers forged ahead with plans to issue Eurobonds this week, despite increasing noise around Russian sanctions that threaten to push spreads wider.

    • 01 Feb 2018
  • Books €3bn at last update for Romania

    Republic of Romania offered investors a rare opportunity to buy sovereign debt from central and eastern Europe with a three digit spread on Thursday.

    • 01 Feb 2018
  • Domodedovo Airport adds to Russia supply

    Moscow’s Domodedovo Airport (DME) has named leads for dollar roadshows, potentially adding to the $2bn of supply from Russian issuers so far this year.

    • 01 Feb 2018

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 17,767.41 52 13.75%
2 HSBC 12,609.22 58 9.76%
3 JPMorgan 9,925.38 40 7.68%
4 Standard Chartered Bank 8,217.29 45 6.36%
5 Deutsche Bank 7,715.91 23 5.97%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 6,966.21 15 18.50%
2 HSBC 4,464.24 7 11.86%
3 Deutsche Bank 4,144.09 3 11.01%
4 JPMorgan 3,634.02 11 9.65%
5 Bank of America Merrill Lynch 3,462.62 12 9.20%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,216.33 17 17.39%
2 Standard Chartered Bank 4,724.26 13 11.38%
3 JPMorgan 3,911.33 13 9.43%
4 HSBC 3,876.07 12 9.34%
5 Bank of America Merrill Lynch 2,765.80 5 6.67%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
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 %
  • Last updated
  • Today
1 ING 3,668.64 29 9.01%
2 UniCredit 3,440.98 25 8.45%
3 Sumitomo Mitsui Financial Group 3,156.55 13 7.75%
4 Credit Suisse 2,801.35 8 6.88%
5 SG Corporate & Investment Banking 2,478.18 21 6.09%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 AXIS Bank 761.34 18 14.55%
2 Standard Chartered Bank 435.32 5 8.32%
3 Trust Investment Advisors 415.64 12 7.94%
4 JPMorgan 366.31 3 7.00%
5 Citi 280.89 2 5.37%