HOME  DAILY PAPERS AWARDS / EVENTS VIDEOS 

  • Spotlight on IMF as Lagarde refuses to pull Saudi visit

    Despite a flurry of announcements by business leaders that they were abandoning their visits to a Saudi conference amid claims of the torture and murder of a journalist, IMF boss Christine Lagarde said she would go to Riyadh to “speak my mind”.

    • 13 Oct 2018
  • Colombia fury over lack of Venezuelan refugee aid

    More than a million Venezuelans have crossed the border into Colombia to escape the travails of a failing state amid soaring inflation. Their new hosts are calling on allies to help meet the costs.

    • 13 Oct 2018
  • World Bank urges LatAm countries to tackle state debt

    With 29 out of 32 countries projected to show a negative overall fiscal balance in 2018, the World Bank’s vice-president for Latin America tells GlobalMarkets why it’s time for countries in the region to tackle public debt.

    • 13 Oct 2018
  • ‘Powerful’ Europe pledges wave of finance to clean world’s oceans

    Three European development banks hope to show that the continent is a major global player with a five year project to channel €2bn into long term financing projects to rid the oceans of plastics and clean up wastewater discharge.

    • 13 Oct 2018
  • Europe’s push for greater global influence driving EIB-EBRD tie-up talks

    Moves for a closer alliance between European’s two main development institutions appear to be accelerating, as France exerts diplomatic pressure to boost the continent’s soft power.

    • 13 Oct 2018
  • Uncle Sam’s Belt & Road: US throws down $60bn gauntlet to China

    The creation of a new, larger American international development body is being seen as a direct challenge to China’s use of its Belt and Road Initiative to exert soft power in Africa and Latin America.

    • 13 Oct 2018
  • Turkish banks lean on MDB tools for crucial funding

    Turkish banks that found themselves with hard currency debt and big wholesale funding needs to roll over as the lira slumped this year were able to access funding instruments offered by multilateral development banks.

    • 13 Oct 2018
  • World Bank sparks row over ‘too strict’ labour rules

    The World Bank has published a long-awaited report into the challenges posed by the changing labour market, but its comments on overly tight workplace regulation have sparked anger among NGOs.

    • 13 Oct 2018
  • EMs prep defences against ‘crazy’ Fed

    Emerging markets are in much stronger shape to withstand any volatility created by a US Federal Reserve intent on raising interest rates than they were in previous tightening cycles.

    • 13 Oct 2018
  • Inflation fears are back after 10 year break

    Like the dog that did not bark in the Sherlock Holmes novel Silver Blaze, rising inflation has been overlooked as a risk to emerging markets this week, despite warnings that it could force central banks to raise rates, in the face of record levels of private debt.

    • 13 Oct 2018
  • Out of the Woods

    Seen and heard in the corridors of the Annual Meeting...

    • 13 Oct 2018
  • Companies must learn to collaborate to shelter from climate change

    Helping to mitigate climate change is one thing for companies, but adapting to it is much harder. Sharing costs could be one answer.

    • 13 Oct 2018
  • Debt-laden African states ill-prepared for next crisis

    With six African countries already in debt distress and 15 more not far behind, senior observers tell GlobalMarkets why they are worried a growing foreign currency debt burden could leave many struggling.

    • 13 Oct 2018
  • FINAL WORD: Günther Bräunig

    International co-operation now more important than ever

    • 13 Oct 2018
  • Goldfajn: Fiscal reforms crucial for sustainable recovery

    Brazil’s central bank governor Ilan Goldfajn tells GlobalMarkets he is determined to push through the pension reform that would prevent the fiscal deficit spiralling out of control.

    • 12 Oct 2018
  • Philippines moves to keep growth on track

    The Philippines is one of the fastest-growing economies in the world. But have infrastructure shortfalls, weak tax revenues and tight rules for foreign companies held the country back from even faster growth? Sonny Dominguez, the country’s finance minister, intends to find out.

    • 12 Oct 2018
  • Hob and spoke: the Indonesia start-ups that morphed into an Asian giant

    The Indonesian founders of a social enterprise to help rural women cook and a platform for bike taxis combined their operations to form GoPay, a payments system that has become the largest digital wallet in southeast Asia.

    • 12 Oct 2018
  • Supranationals to copy African Development Bank’s securitization breakthrough

    Private investors are reluctant to co-invest with development banks in poor countries. A potentially exciting alternative is securitization, which allows investors to take slices in whole portfolios and could expand the MDBs’ lending firepower.

    • 12 Oct 2018
  • RMB devaluation to trigger next EM crisis

    In a series of interviews with GlobalMarkets, leading economists explain their worries about emerging market debt and their fears that a devaluation of the renminbi could trigger a crisis.

    • 12 Oct 2018
  • Disaster wake-up call: Indonesia sets the stage for cat bonds

    The terrible earthquake and tsunami that hit Indonesia’s Sulawesi island last month has served as a wake-up call for the country’s Ministry of Finance, which is now looking at issuing catastrophe bonds.

    • 12 Oct 2018
  • Multilateral vision ‘under threat’ like never before

    The heads of development banks and leading economists were united in Bali in criticising the United States for undermining multilateralism intrinsic to the IMF and World Bank annual meeting and called on other major powers to unite to reboot the vision.

    • 12 Oct 2018
  • Hong Kong urged to use green bonds to tackle ‘embarrassing’ conditions

    Hong Kong has to up its game if it wants to meet its ambitions of being a green finance hub in Asia and a gateway to China’s green market for international investors, experts tell GlobalMarkets.

    • 12 Oct 2018
  • Carney, Lagarde warn over fintech as China P2P fears grow

    With concerns mounting over the regulation of the peer-to-peer fintech lending in China that makes up 85% of all such loans globally, Financial Stability Board chair Mark Carney and IMF chief Christine Lagarde have warned of the dangers of light touch regulation.

    • 12 Oct 2018
  • African states seek IMF help as Chinese debts soar

    The volume of IMF programmes in Africa has trebled in the three years to 2017, raising questions about the role China is playing in lending to these frontier states. GlobalMarkets speaks to those on the frontline of this tricky dilemma for the Fund.

    • 12 Oct 2018
  • Supply chain countries braced for hit from Sino-US trade war

    With the focus of the trade war on China and the United States, emerging market ministers and analysts warn that smaller countries caught in the middle are braced for substantial financial losses as a result, that could weaken global growth.

    • 12 Oct 2018
  • Out of the Woods

    Seen and heard in the corridors of the Annual Meeting...

    • 12 Oct 2018
  • IIF warns Argentina bailout needs to be $75bn — not $57bn

    The chief economist at the International Institute of Finance tells GlobalMarkets that the IMF has failed to account for capital outflows in its $57bn rescue plan, which he says needs to be raised to $75bn.

    • 12 Oct 2018
  • FINAL WORD: Sri Mulyani Indrawati

    ASEAN has the spirit of perseverance

    • 12 Oct 2018
  • Fragile state: World Bank poverty target rests on weakest economies

    If the World Bank is to hit Jim Yong Kim’s target to end extreme poverty, it will have to find a solution for the 2 billion people living in fragile states

    • 11 Oct 2018
  • IMF warns on regulation ‘rollback’

    Ten years after the global financial crisis, signs that Western policymakers are rolling back regulations put in place in 2009 are starting to stoke worries in the IMF that it will make the next crash harder to prevent.

    • 11 Oct 2018
  • IFC adds sustainable twist to financing EM corporates

    The IFC has signed a deal to funnel financing to companies in the emerging markets, cutting their borrowing costs by 200bp-300bp — and giving these cost savings a sustainable twist.

    • 11 Oct 2018
  • Definition of impact gets closer as bodies join IMP

    Investors and banks increasingly like to claim they are having a positive “impact” on society or the environment. So far, there is little agreement on what that should mean, or how to compare impacts.

    • 11 Oct 2018
  • US-China trade war to intensify after mid-term elections

    The world should brace for an escalation in the trade war between China and the US following the American mid-term elections, that could see Donald Trump test the strength of Chinese resolution with steeper tariffs, trade experts tell GlobalMarkets.

    • 11 Oct 2018
  • Indonesia pledges firm stance against protectionism

    In an exclusive interview with GlobalMarkets, Indonesian finance minister Sri Mulyani Indrawati hails the country’s economic recovery and insists that the southeast Asian nation will not bow to the rising clamour for protectionism.

    • 11 Oct 2018
  • Underperforming India has ‘slipped off’ global stage — Rajan

    India needs to embark on more ambitious reform to avoid being left behind by China, warns former central bank governor Raghuram Rajan in an interview with GlobalMarkets.

    • 11 Oct 2018
  • Out of the Woods

    Seen and heard in the corridors of the Annual Meetings...

    • 11 Oct 2018
  • Only China has money for cat bonds, says Philippines minister

    Amid growing calls for the promotion of catastrophe bonds, a senior Philippines minister has called on China to take the lead, saying that the United States is too heavily indebted to play a leading role.

    • 11 Oct 2018
  • IFC bid to rule out ‘impact washing’

    The International Finance Corporation is publishing nine principles in draft form at the World Bank annual meeting as part of its attempt to set benchmark standards for impact investment and avoid a repeat of ‘green washing’ seen with some ESG bond issues.

    • 11 Oct 2018
  • Blackstone banks on MENA as MDBs scale up Islamic finance

    The MENA region finds itself at the centre of investors’ focus, with Blackstone launching an energy company and two development banks planning to ramp up shariah-compliant infrastructure investment.

    • 11 Oct 2018
  • Kim to use human capital index to put pressure on governments

    World Bank Group president Jim Yong Kim tells GlobalMarkets that he plans to take the new Human Capital Index he launched on Thursday to Davos in the new year, where he will urge CEOs of companies in lagging countries to invest in health and education.

    • 11 Oct 2018
  • World Bank chief urges united action to reverse trade war threat on Africa poverty

    It is in Africa that the World Bank will win or lose its battle against extreme poverty, its CEO Kristalina Georgieva warns, in an exclusive interview in which she calls on rich nations to take action on trade and geopolitical tensions.

    • 11 Oct 2018
  • AfDB securitization opens new route for MDBs to leverage capital

    A synthetic securitization by the AfDB could cleverly expand the development bank’s firepower to promote development — and be copied by other MDBs.

    • 10 Oct 2018
  • Equity markets increasingly wary of trade war escalation

    So far equity markets have ridden out Donald Trump’s trade war. But with tariffs set to capture over half a trillion dollars worth of Chinese exports, it is surely only a matter of time before markets capitulate.

    • 10 Oct 2018
  • Turkey’s crisis presents opportunities as buyers return

    Investors are eyeing up opportunities in Turkey again, following the decision by its central bank to raise interest rates by 625bp in September. But the political risks that prompted the sell-off earlier this year remain.

    • 10 Oct 2018
  • Developing countries set to open up to catastrophe bonds

    Catastrophe bonds and the emerging markets fit well together, with perils in China and Southeast Asia particularly well placed to be covered. Can the insurance-linked securities market take off?

    • 10 Oct 2018
  • FINAL WORD: Steve Keen

    We’ll overcome our debt problems by accident

    • 10 Oct 2018
  • IMF strives to get its multilateral mojo back

    The IMF needs to take steps to bolster its reputation as the guardian of multilateralism, ahead of a possible meltdown in emerging markets that could put the Fund centre stage of any rescue effort.

    • 10 Oct 2018
  • Road to recovery

    Suriname’s minister of finance, Gillmore Hoefdraad, tells GlobalMarkets that the economic recovery is on track and that the government is taking measures to ensure the country is better placed to withstand future shocks.

    • 10 Oct 2018
  • FINAL WORD: Ngozi Okonjo-Iweala

    Development finance institutions are catalysts for a better world

    • 10 Oct 2018
  • Bullish Brazilian markets hail Bolsonaro’s near-victory

    Financial investors have hailed the strong performance of the far right candidate Jair Bolsonaro in the first round of Brazil’s presidential election.

    • 10 Oct 2018
  • Iceland’s crisis ends happily ever after

    No two crises are alike but Iceland’s was unusual in at least three ways. More so than any other crisis — Asian, Tequila, sub-prime — Iceland’s was predictable, profitable and purgative.

    • 10 Oct 2018
  • China’s corporate debt levels, trade tensions drive up fear factor for global economy

    China’s determination to maintain high levels of growth risks a build-up in debt that could cause a macroeconomic shock unless it takes action to reduce its vulnerabilities. Leading analysts lay out their views in interviews with GlobalMarkets.

    • 10 Oct 2018
  • Infrastructure needs unfilled despite big promises

    The infrastructure asset class is not clearly understood or standardised; money is attracted to high value projects such as energy and telecoms but less to basic needs such as water and roads; and low income countries tend to fail one-size-fits-all assessments by investors.

    • 10 Oct 2018
  • Untapped potential

    South America’s smallest nation is rich in economic potential, with impressive natural resources, an investor-friendly government, and a well-educated population.

    • 10 Oct 2018
  • IFC in new push to build local capital markets

    Countries should build domestic capital markets that enable borrowers to issue loans in their own currencies rather than the face the risk of a spike in interest rates in dollar debts, the head of the International Financial Corp has told GlobalMarkets.

    • 10 Oct 2018
  • Governments must back bank efforts to end dirty financing

    Pledges by leading banks to pull back from financing ‘dirty’ projects such as coal will be meaningless unless governments step in with regulations to prevent other investors taking their place, a senior banker has told GlobalMarkets.

    • 10 Oct 2018
  • Book Review: Clearing up the crash

    ‘Crashed’ finally gives the last 10 years of financial crises the coherent narrative they deserve. Crashed: How a Decade of Financial Crises Changed the World By Adam Tooze Allen Lane, £30

    • 10 Oct 2018
  • Staatsolie eyes capital markets amid new era

    Suriname’s oil company could be on the verge of an exciting discovery that will be likely to bring a first venture into international capital markets. Work to ensure the company is prepared for this brave new world is well under way.

    • 10 Oct 2018
  • Storm Florence blows a hole in US flood insurance numbers

    Catastrophe bondholders barely felt the flooding unleashed by storm Florence in the Carolinas, highlighting the lack of market exposure to US flood risk.

    • 10 Oct 2018
  • Out of the Woods

    Seen and heard in the corridors of the Annual Meetings...

    • 10 Oct 2018
  • Oil optimism high as gold gives economy sparkle

    The stellar performance of Suriname’s gold sector continues, while the potential of offshore oil remains huge despite a couple of early dry wells. A market-friendly government is key to unlocking the country’s natural resource potential.

    • 10 Oct 2018
  • Suriname searching for sustainability after recovery

    A strong policy reaction to a harsh commodity shock in 2015 has put Suriname on the road to recovery. But the government still faces challenges in making the recovery sustainable and reducing vulnerability to the commodity cycle.

    • 10 Oct 2018
  • ‘IMF is losing relevance’ as future crises prompt funding fears

    Fear of another emerging markets crash has raised concerns that the IMF will not have enough resource to fight a fresh crisis.

    • 10 Oct 2018
  • Pakistan’s latest IMF bailout faces tricky China debt hurdle

    Pakistan is heading for its 13th bailout since 1947. But this one could be its most complicated due to the presence of China and its vast investments in the South Asian state.

    • 10 Oct 2018
  • Confident Kazakhstan’s ambitions for Central Asia’s central role

    Kazakhstan is in a good spot. It has the support of the West and is benefiting enormously from China’s Belt & Road Initiative. It’s even becoming, in relative terms, a diplomatic power in its own right —­ the Geneva of Central Asia.

    • 10 Oct 2018
  • Astana is Born: A new financial centre in Central Asia

    The challenge of maximizing finance for development is largely one of co-ordination.

    • 10 Oct 2018
  • Dollar under threat: US exit from global stage could trigger $800bn reserve crash sale

    With the US showing increasing signs of pulling away from multilateralism, lessons from history show that disenchanted allies could dump their dollar reserves, triggering a sell-off of reserves that could push long-term US interest rates up by 80 basis points.

    • 10 Oct 2018
  • London Connect throws up more questions than answers

    The London-Shanghai Stock Connect, slated to launch by the end of the year, has the capital market’s undivided attention given its vast potential. But bankers and industry associations want more clarity on the operational aspects of the link.

    • 08 Oct 2018
  • Head to Head with Standard Bank CIB boss Kenny Fihla: betting big on Africa

    Africa has been having a rough ride in the capital markets in 2018 — credit spreads are up and local currencies have taken a beating. But Kenny Fihla, chief executive of Standard Bank CIB, says opportunities abound for banks, risks can be mitigated and the continent is only getting more attractive for Asian investors. He spoke to GlobalCapital’s emerging markets editor Francesca Young and people and markets reporter Nell Mackenzie.

    • 11 Jul 2018
  • MTN EM heat cools thanks to higher rates

    Doubts over the future of MTN issuance in emerging markets currencies have emerged after geopolitical events caused the Turkish lira to hit record lows against the dollar and the 10 year US Treasury yield hit 3%.

    • 10 May 2018
  • EBRD's sub-Saharan ambitions reveal appetite for expansion

    Not content with pushing into North Africa, the EBRD has set its sights further south in a move that could see it potentially lend an extra €2.5bn-€3bn a year without needing to raise additional capital - taking total annual lending to over €12bn

    • 08 May 2018
  • New socially-aware bond index feeds funds' need to spot shabby dealing

    JP Morgan's launch of an environmentally and socially conscious version of its EMBI index is well timed as fund managers realise that dodgy morals can lead to shabby financial statements

    • 08 May 2018
  • Trump sanctions hit Russia where it hurts

    After riding out waves of sanctions imposed on Russia by the US, investors received a nasty shock in April when Donald Trump unveiled a series of measure targeting individuals that could have long-lasting impacts on Russia firms' ability to access Western debt markets

    • 08 May 2018
  • Fast social and economic change rings in a new era for Uzbekistan

    After decades in the economic wilderness, Uzbekistan wants to reintegrate itself into the global value chain. A Eurobond is on the way and regional integration has become a key priority

    • 08 May 2018
  • Russia sanctions add to nerves about RBI AT1s

    The price for Raiffeisen Bank International (RBI) additional tier one (AT1) bonds has tumbled this week, as investors fret over over incoming US sanctions against Russia.

    • 11 Apr 2018
  • Colombia’s FDN expects foreign lenders to step up for 4G

    The chief executive of Colombian development bank Financiera de Desarrollo Nacional (FDN) says he expects international lenders to provide a larger chunk of funding for the country’s flagship fourth generation (4G) road-building programme as local lenders recover from the Odebrecht scandal.

    • 25 Mar 2018
  • Paraguay looks at sovereign wealth fund ahead of Itaipú windfall

    Landlocked South American country Paraguay is looking at the possibility of creating a sovereign wealth fund as part of a possible adjustment of its fiscal responsibility law, deputy finance minister Humberto Colman Castillo told GlobalMarkets.

    • 24 Mar 2018
  • Sigma prices, Gilex waits in choppy Lat Am

    Mexican food producer Sigma Alimentos was the only Latin American borrower to issue internationally this week as bankers said that issuance conditions remained difficult

    • 23 Mar 2018
  • Lat Am DCM turns creative despite softer tone

    Latin American bond bankers are presenting unusual structures to potential buyers, even as markets remain weak and more straightforward, well-known credits are managing only modestly successful deal execution

    • 23 Mar 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 302,654.45 1175 8.04%
2 JPMorgan 295,926.30 1292 7.86%
3 Bank of America Merrill Lynch 277,651.59 935 7.38%
4 Barclays 229,979.10 854 6.11%
5 Goldman Sachs 205,171.65 674 5.45%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 43,227.81 174 7.06%
2 JPMorgan 38,825.76 78 6.34%
3 Credit Agricole CIB 33,071.14 158 5.40%
4 UniCredit 32,366.25 145 5.29%
5 SG Corporate & Investment Banking 31,330.98 120 5.12%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,024.03 55 8.96%
2 Goldman Sachs 12,162.67 59 8.37%
3 Citi 9,451.48 53 6.50%
4 Morgan Stanley 8,054.41 48 5.54%
5 UBS 7,829.15 30 5.38%