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November 02, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for October 2017
October 03, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for September 2017
September 05, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for August 2017
Description
Highlights: • Usually August is a period with low activity on global capital markets and August 2017 was not an exception; • Borrowers from Emerging Markets last month have issued $19.8 bn of new international bonds; • Tap Issue of Colombia with volume of $1.4 bn has become the biggest issue in August 2017 in EM region; • August 2017 EM region breakdown is as follows: Asia 69.7%, Latin America 18.7%, Middle East 8.9%, Africa 2.3% • EM league table leaders in 2017 are Citi ($44.4 bn), HSBC ($44.2 bn), JP Morgan ($40.3 bn), Deutsche Bank ($24.8 bn) and Standard Chartered Bank ($22.1 bn). • DM league table (excl. USA) leaders in 2017 are HSBC ($62.8 bn), JP Morgan ($60.9 bn), Barclays ($60 bn), Bank of America Merrill Lynch ($54.3 bn) and Citi ($52.8 bn). • Legal advisors league table leaders in 2017 are Linklaters (186 deals), Allen & Overy (144 deals), Clifford Chance (135 deals), , Cleary Gottlieb Steen & Hamilton (106 deals) and Davis Polk (62 deals). Contact details: Dmitriy Alekseev, Head of International Projects, tel: +7 (812) 336 9721 *116, d.alekseev@cbonds.info Anna Sadchikova, Head of Developed markets, tel: +7 (812) 336 9721 *137, a.sadchikova@cbonds.info
August 02, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for JULY 2017
Description
Highlights: • In July 2017 EM took a little timeout, pace of issuance on the primary market  was lower than for the same period of 2016, first time since the beginning of the year; • Borrowers from Emerging Markets last month have issued $48.75 bn of new international bonds; • Issue of Pemex, consisting of two tranches with aggregate volume of $5 bn has become the biggest issue in July 2017; • July 2017 EM region breakdown is as follows: Asia - 54.6%, Latin America - 29.06%, Middle East - 5.3%, CIS - 3.94%; • EM league table leaders in 2017 are Citi ($42.6 bn), HSBC ($42 bn), JP Morgan ($38.6 bn), Deutsche Bank ($32.3 bn) and Standard Chartered Bank ($20.7 bn). • DM league table (excl. USA) leaders in 2017 are HSBC ($57 bn), JP Morgan ($57 bn), Barclays ($51 bn), Bank of America Merrill Lynch ($45.7 bn) and Citi($45.6 bn). • Legal advisors league table leaders in 2017 are Linklaters (181 deals), Allen & Overy (141 deals), Clifford Chance (135 deals), , Cleary Gottlieb Steen & Hamilton (102 deals) and Davis Polk (60 deals). Contact details: Dmitriy Alekseev, Head of International Projects, tel: +7 (812) 336 9721 *116, d.alekseev@cbonds.info Anna Sadchikova, Head of Developed markets, tel: +7 (812) 336 9721 *137, a.sadchikova@cbonds.info
July 05, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for JUNE 2017
Description
Highlights: • USA issue statistics is now available in Cbonds Global Monthly Newsletter. • Volume of new EM issues last month has reached $60.49 bn which is 42.5% more than value of June 2016; • Issue of Russia consisting of two tranches with aggregate volume of $3 bn has become the biggest issue in June 2017; • June 2017 EM region breakdown is as follows: Asia - 54.6%, Latin America - 19.1%, CIS - 11.9%, Africa - 7.1%, Eastern Europe - 7.1%. • EM league table leaders in 2017 are Citi ($39 bn), HSBC ($37.5 bn), JP Morgan ($34.2 bn), Deutsche Bank ($20.7 bn) and Standard Chartered Bank ($19.3 bn). • DM league table (excl. USA) leaders in 2017 are HSBC ($51.9 bn), JP Morgan ($50.1 bn), Barclays ($47.1 bn), Citi($40.7 bn) and Bank of America Merrill Lynch ($39.2 bn). • Legal advisors league table leaders in 2017 are Linklaters (144 deals), Clifford Chance (121 deals), Allen & Overy (120 deals), Cleary Gottlieb Steen & Hamilton (80 deals) and Davis Polk (47 deals). Contact details: Dmitriy Alekseev, Head of International Projects, tel: +7 (812) 336 9721 *116, d.alekseev@cbonds.info Anna Sadchikova, Head of Developed markets, tel: +7 (812) 336 9721 *137, a.sadchikova@cbonds.info
June 05, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for May 2017
Description
Highlights • In May 2017 high activity on EM international bond market remained unaltered; • Volume of new issues last month has reached $59.6 bn which is approximately equal to the value of May 2016, however from the beginning of the year volume of new issues 51% higher than for the same period in 2016; • Tap issue of Petrobras consisting of three tranches with agregate volume of $4 bn has become the biggest issue in May; • May 2017 EM region breakdown is as follows: Asia - 46.9%, Latin America - 19.7%, Eastern Europe - 13.5%, Middle East - 12.2%; • EM league table leaders in 2017 are Citi ($33,3 bn), HSBC ($30.5 bn), JP Morgan ($29.4 bn), Deutsche Bank ($19.1 bn) and Standard Chartered Bank ($16.4 bn); • DM league table (excl. USA) leaders in 2017 are HSBC ($43 bn), JP Morgan ($42.7 bn), Barclays ($41.9 bn), Citi ($35.8 bn) and BNP Paribas ($34.7 bn); • Legal advisors league table leaders in 2017 are Linklaters (113 deals), Allen & Overy (97 deals), Clifford Chance (96 deals), Cleary Gottlieb Steen & Hamilton (69 deals) and Davis Polk (38 deals).
May 03, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for April 2017
Description
Highlights: • EM international bond market continues its rapid growth; • In April 2017 volume of new issues has reached $67.2 bn, $282 bn of new bonds has been issued since the beginning of the year which is 53% more than for the same period in 2016; • Emission of Saudi Arabia sukuk bonds consisting of two tranches of $4.5 bn has become the biggest issue in April and biggest sukuk issue ever; • April 2017 EM region breakdown is as follows: Asia - 50.6%, of new issue volume, Middle East - 21.6%, CIS – 12%, Latin America – 6.6%. • April2017 EM region breakdown is as follows: Asia – 50,6% of new issue volume, Middle East – 21,6%, Latin America – 6,6%, Eastern Europe – 5,3%. • EM league table leaders in 2017 are Citi ($25.4 bn), JP Morgan ($25.4 bn), HSBC ($22.8 bn), Deutsche Bank ($16.7 bn) and Standard Chartered Bank ($13.5 bn). • DM league table (excl. USA) leaders in 2017 are HSBC ($37.6 bn), JP Morgan ($36.8 bn), Barclays ($33.bn), BNP Paribas ($31.2 bn) and Citi($28,3 bn) . • Legal advisors league table leaders in 2017 are Linklaters (105 deals), Allen & Overy (88 deals), Clifford Chance (88 deals), Cleary Gottlieb Steen & Hamilton (55 deals) and Davis Polk (36 deals).
April 04, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for March 2017
Description
Highlights • In March 2017 volume of new issues on Emerging Markets has reached $87bln, the highest amount in recent two years; • Borrowers from emerging markets were rushing to enter market by the reason of rate hike, corporate borrowers have issued $55.5bln of new bonds, sovereign $31.5bln; • Sovereign emission of Kuwait consisting of two tranches 4.5 bln and 3.5 bln USD has become the biggest EM issue in March 2017; • March 2017 EM region breakdown is as follows: Asia – 44% of new issue volume, Middle East – 19%, Latin America – 12%, Eastern Europe – 12%. • EM league table leaders in 2017 are JP Morgan ($21.4 bln), Citi ($18.2 bln), HSBC ($17.6 bln), Deutsche Bank ($11.8 bln) and Standard Chartered Bank ($10.9 bln). • DM league table (excl. USA) leaders in 2017 are HSBC ($33.2 bln), Barclays ($29.67bln), JP Morgan ($28.5 bln), Deutsche Bank ($25,8 bln) and BNP Paribas ($25.2 bln). • Legal advisors league table leaders in 2017 are Linklaters (71 deals), Clifford Chance (58 deals), Allen & Overy (53 deals), Cleary Gottlieb Steen & Hamilton (39 deals) and Davis Polk (29 deals). Contact details: Dmitriy Alekseev, Head of International Projects, tel: +7 (812) 336 9721 *116, d.alekseev@cbonds.info
March 03, 2017
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER: ISSUE STATISTICS AND LEAGUE TABLES for February 2017
Description
• In February 2017 volume of new issues on Emerging Markets has reached $48bn, 44.7% higher than in February 2016; • February has become a continuation of the January\'s bond rush, corporate emitents has issued $39.5bn of new bonds, sovereign $6bn and municipal $2.5bn; • Petroleos Mexicanos has issued the biggest ever EM corporate euro denominated international bond, the issue consisting from 3 tranches with total volume $4.25bn euros; • February 2017 EM region breakdown is as follows: Asia – 49% of new issue volume, Latin America – 23%, Middle East – 11%. 82% of new issues were denominated in USD, 15% - in EUR, other currencies – only 3%. • EM league table leaders in 2017 are JP Morgan ($12.6 bln), Citi ($12.1 bln), HSBC ($10.5 bln), Deutsche Bank ($6.4 bln) and Standard Chartered Bank ($5.3 bln). • DM league table (excl. USA) leaders in 2017 are Barclays ($19.6 bln), JP Morgan ($19.1 bln), HSBC($17.8 bln), Deutsche Bank ($16,5 bln) and Bank of America Merrill Lynch ($15.6 bln). • Legal advisors league table leaders in 2017 are Linklaters (25 deals), Cleary Gottlieb Steen & Hamilton (16 deals), Allen & Overy (16 deals), Clifford Chance (13 deals) and Shearman & Sterling (10 deals).
February 03, 2017
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistic and League Tables for January 2017
Description
• Emerging markets in a record January bond rush: $70bn of new bonds were issued (103% higher than the year before). • The Trump factor is the main market driver. New issuers were Argentina, Philippines, Petrobras, Egypt, Israel and others. • January 2017 EM region breakdown is as follows: Asia – 43% of new issue volume, CEEMEA – 24%, Latin America – 33%. 85% of new issues were denominated in USD, 13% - in EUR, other currencies – only 2%. • EM league table leaders in 2017 are Citi ($9.9 bln), JP Morgan ($8.3 bln), HSBC ($5.5 bln), Deutsche Bank ($3.9 bln) and Barclays ($2.8 bln). • DM league table (excl. USA) leaders in 2017 are Barclays ($15.4 bln), JP Morgan ($12.6 bln), HSBC ($10.9 bln), BNP Paribas ($10.5 bln) and Deutsche Bank ($10 bln). • Legal advisors league table leaders in 2017 are Cleary Gottlieb Steen & Hamilton (11 deals), Allen & Overy (9 deals), Linklaters (9 deals), Clifford Chance (6 deals) and Shearman & Sterling (5 deals).
January 11, 2017
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistic and League Tables for December 2016
Description
• In December total amount of 2016 EM issues reached $562bn (27% higher than the year before). • Average yield to maturity droped from 5.03% to 4.79% for sovereign EM bonds and from 8.88% to 6.52% for corporate EM bonds (see page 3 for region details). • 2016 EM region breakdown is as follows: Asia – 43% of new issue volume, CEEMEA – 32.5%, Latin America – 24.5%. In 2016 81% of new issues were denominated in USD, 13% - in EUR, other currencies – 6%. • EM league table leaders in 2016 are Citi ($47.7 bln), HSBC ($45.9 bln), JP Morgan ($44.7 bln), Bank of America Merrill Lynch ($32.4 bln) and Deutsche bank ($21.3 bln). • CIS league table leaders in 2016 are VTB Capital ($4.1 bln), JP Morgan ($3.1 bln), Citi ($2.1 bln), ING ($1.3 bln) and UBS ($0.9 bln). • DM league table leaders in 2016 are HSBC ($112.7 bln), Barclays ($88.3 bln), JP Morgan ($85.5 bln), Deutsche Bank ($79.5 bln) and Citigroup ($77.4 bln). • Legal advisors league table leaders in 2016 are Linklaters (249 deals), Clifford Chance (206 deals), Allen & Overy (152 deals), Cleary Gottlieb Steen & Hamilton (142 deals) and King & Wood Mallesons (73 deals).
December 28, 2016
Cbonds EM Cbonds Emerging Markets Bond Covenant Database
Description
Key highlights of the database •Cbonds analyzes prospectuses and other formal legal documents that determine creditor rights •We provide detailed covenant analysis on 2 000+ bonds; 900+ issuers covered •20 types of covenants are covered on each international bond issue •Database allows market professionals to analyze covenant provisions and structures across issues •Full coverage of entire new issuance market and EM international bonds, issued in 2015-2016 •Covenant reports are interactive with links back to the issue documents for easy reference
December 02, 2016
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistic and League Tables for November 2016
Description
• In November total amount of new issues was $25.9bn. Total amount of 2016 new issues reached $523 bln (24% higher than the year before). Investors pulled $1.4bn out of emerging-market bond mutual funds, the first material outflow since February. • No deals in Latin America region after US president elections ($1.23bn of new issues in November in compare with $10.4 bn in October). • November 2016 region breakdown is as follows: Asia – 77% of new issue volume, CEEMEA – 18%, Latin America – 5%. In 2016 81% of new issues were denominated in USD, 14% - in EUR, other currencies – 5%. • EM league table leaders in 11M 2016 are Citi ($44.7 bln), HSBC ($44.3 bln), JP Morgan ($42.7 bln), Bank of America Merrill Lynch ($30.3 bln) and Deutsche bank ($21 bln). • DM league table leaders in 11M 2016 are HSBC ($110.3 bln), Barclays ($85.3 bln), JP Morgan ($85.3 bln), Deutsche Bank ($77.8 bln) and Citigroup ($75.8 bln). • Legal advisors league table leaders in 10M 2016 are Linklaters (232 deals), Clifford Chance (189 deals), Allen & Overy (144 deals), Cleary Gottlieb Steen & Hamilton (132 deals) and King & Wood Mallesons (67 deals).
November 02, 2016
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for October 2016
Description
Highlights • EM debt remains an attractive investment option. In October total amount of new issues reached $65.3bn. Total amount of 2016 new issues reached $492 bln. • Jan-Oct 2016 region breakdown is as follows: Asia – 40% of new issue volume, CEEMEA – 35%, Latin America – 25%. 82% of new issues were denominated in USD, 13% - in EUR, other currencies – 5%. • Saudi Arabia priced the largest-ever Emerging Markets bond, selling $17.5 billion of debt in the government\'s first international offer while attracting investor orders totaling almost four times that amount. • New hot deals from CIS region: Lukoil-2026, EuroChem-2020, Polyus-2022, Credit Bank of Moscow-2021 and Alfa Bank-perp. (see page 11). • EM league table leaders in 10M 2016 are Citi ($44.4 bln), JP Morgan ($41.6 bln), HSBC ($41.5 bln), Bank of America Merrill Lynch ($29.5 bln) and Deutsche bank ($20.1 bln). • DM league table leaders in 10M 2016 are HSBC ($105.9 bln), Barclays ($82 bln), JP Morgan ($81.6 bln), Deutsche Bank ($74.2 bln) and Citigroup ($72.8 bln). • Legal advisors league table leaders in 10M 2016 are Linklaters (220 deals), Clifford Chance (172 deals), Allen & Overy (142 deals), Cleary Gottlieb Steen & Hamilton (130 deals) and King & Wood Mallesons (63 deals).
October 05, 2016
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER ISSUE STATISTICS AND LEAGUE TABLES for September 2016
Description
• Emerging markets strike back after boring August: $50.5 bln of EM international bonds were placed in September. Total amount of 2016 new issues reached $412 bln (21.5% higher than the year before). • Jan-Sep 2016 region breakdown is as follows: Asia – 52% of new issue volume, CEEMEA – 25%, Latin America – 23%. 81% of new issues were denominated in USD, 13% - in EUR, other currencies – 6%. • New deals from CIS: Russia offered investors $1.25 bn of 4.75% bonds in a tap of the 2026 notes it sold in May. Bonds were priced at 106.75% with the yield of 3.9%. Other deals from CIS: Ukraine issued new eurobonds under US guarantee, Global ports and RZD priced new issues as well. • EM league table leaders in 9M 2016 are Citi ($36.4 bln), JP Morgan ($34.5 bln), HSBC ($34.3 bln), Bank of America Merrill Lynch ($27.8 bln) and Deutsche bank ($17.4 bln). • DM league table leaders in 9M 2016 are HSBC ($97.6 bln), JP Morgan ($76.6 bln), Barclays ($72.9 bln), Deutsche Bank ($67.7 bln) and Citigroup ($63.9 bln). • Legal advisors league table leaders in 9M 2016 are Linklaters (173 deals), Clifford Chance (146 deals), Allen & Overy (99 deals), Cleary Gottlieb Steen & Hamilton (94 deals) and King & Wood Mallesons (47 deals).
September 05, 2016
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER: ISSUE STATISTICS AND LEAGUE TABLES for August 2016
Description
Highlights • In August total amount of new Emerging Market issues dropped to $21.5 bln comparing with $56.9 bln in July. Total amount from January to August 2016 reached $360 bln (13.5% change YoY). • Jan-Aug 2016 region breakdown is as follows: Asia – 59% of new issue volume, CEEMEA – 16%, Latin America – 25%. 81% of new issues were denominated in USD, 14% - in EUR, other currencies – 5%. • EM league table leaders in Jan-Aug 2016 are Citi ($30.3 bln), JP Morgan ($29.9 bln), HSBC ($29.8 bln), Bank of America Merrill Lynch ($25.9 bln) and Deutsche bank ($16.8 bln). • DM league table leaders in Jan-Aug 2016 are HSBC ($85.3 bln), Barclays ($64.7 bln), JP Morgan ($62.8 bln), Deutsche Bank ($56.2 bln) and Citigroup ($51.6 bln). • Legal advisors league table leaders in Jan-Aug 2016 are Linklaters (131 deals), Clifford Chance (117 deals), Allen & Overy (75 deals), Cleary Gottlieb Steen & Hamilton (71 deals) and Shearman & Sterling (36 deals).
August 04, 2016
Cbonds EM CBONDS GLOBAL MONTHLY NEWSLETTER: ISSUE STATISTICS AND LEAGUE TABLES for July 2016
Description
Highlights • In July total amount of new 2016 EM issues reached $315 bln, which is very close to 2015 results ($302 bln for the same period). In previous month issuers placed $36.6 bln of new bonds. Fund managers point to a number of reasons that make emerging markets attractive, like low interest rates in many developed markets, accelerating growth in many emerging economies and a more stable dollar. • New CIS issues: Tengizchevroil, State Transport Leasing Company and BGEO Group printed new bond issues in July. Kazakhstan-based Tengizchevroil jointly-owned by Chevron, ExxonMobil, KazMunayGas and Lukoil, has placed $1 bln 10-year issue at 4.09%. • 2Q 2016 region breakdown is as follows: Asia – 47% of new issue volume, CEEMEA – 32%, Latin America – 21%. 79% of new issues were denominated in USD, 16% - in EUR, other currencies – 5%. • EM league table leaders in Jan-Jul 2016 are JP Morgan ($28.1 bln), Citi ($27.6 bln), HSBC ($26.8 bln), Bank of America Merrill Lynch ($23.2 bln) and Deutsche bank ($15 bln). • DM league table leaders in Jan-Jul 2016 are HSBC ($77 bln), Barclays ($57.7 bln), JP Morgan ($55.3 bln), Deutsche Bank ($53.7 bln) and Goldman Sachs ($46 bln). • Legal advisors league table leaders in Jan-Jul 2016 are Linklaters (131 deals), Clifford Chance (115 deals), Allen & Overy (76 deals), Cleary Gottlieb Steen & Hamilton (71 deals) and Shearman & Sterling (36 deals).
July 06, 2016
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, June 2016
Description
• In June total amount of new Emerging Market issues dropped to $35 bln in compare with $57 bln in May. Total amount from January to July reached $267 bln. EM Primary market is still active: US Federal Reserve will likely postpone the rate hike after Brexit. • 2Q 2016 region breakdown is as follows: Asia – 44% of new issue volume, CEEMEA – 27%, Latin America – 29%. 79% of new issues were denominated in USD, 16% - in EUR, other currencies – 5%. • EM league table leaders in 2Q 2016 are JP Morgan ($25.1 bln), HSBC ($23.4 bln), Citi ($23.1 bln), Bank of America Merrill Lynch ($19.9 bln) and Deutsche bank ($13 bln). • Steelmakers Evraz and NMLK and shipping group Sovcomflot issued international bonds of nearly $2bn in total in June. Other Russian groups are planning to issue bonds in the coming months. • Total amount of new DM issues in June was $60 bln and it is the lowest volume since December, 2015. DM league table leaders in 2Q 2016 are: HSBC ($71.4 bln), Barclays ($54.7 bln), Deutsche Bank ($48.3 bln), JP Morgan ($46.5 bln), BNP Paribas ($41.1 bln).
June 02, 2016
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, May 2016
Description
• In May total amount of new EM issues was $54 bln, less than in April ($66.2 bln), but still quite good result. Amount of sovereign bonds issued in 2016 reached $72bln, 30% higher than in the same period of 2015. • China\'s finance ministry issued in May a three billion yuan (£312 m) international bond, its first ever outside China or Hong Kong. The bond, set to be listed on the London Stock Exchange, was managed by HSBC and China\'s finance ministry. • Russia sold USD 1.75 bln 10-year Eurobonds at a yield of 4.75%. That compares with the initial guidance of 4.65% to 4.90%. As reported, the main buyers of the eurobonds were investors from UK. • 2016 region breakdown is as follows: Asia – 41% of new issue volume, CEEMEA – 35%, Latin America – 24%. 80% of new issues were denominated in USD, 17% - in EUR, other currencies – only 3%. • The leader on the EM international league table is JP Morgan. The bank placed $22.4 bln of new money (95 issues). The second is Citi with $20.75 bln and the third is HSBC with $20.7 bln. In Legal advisers’ League Table for EM international bonds in January-May the places are as follows: the leader is Linklaters, Clifford Chance is the second, Cleary Gottlieb Steen & Hamiltons took the third position. • Total volume of DM new issues (excluding USA) in May was $149 bln. HSBC is holding the top position with $66.9 bln placed, Barclays is the second with its $48.3 bln and Deutsche Bank held the third place representing $40.7 bln.
May 06, 2016
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, April 2016
Description
Highlights • In April total amount of new EM issues reached $63.5 bln, the highest result since July 2014. Argentina came back to the market with $16.5 bln issue (26% of total amount placed in April). With orders reaching $69bn, the Latin American country sealed the largest ever bond issue from an Emerging Market. • The leading borrowers are still Asian ones: they placed 40.3% of the overall volume. 30.4% of the volume was placed by CEEMEA region, and 29.3% - by Latin America region. CIS region is still not active in compare with other regions, in April issuers printed only $2.2 bln of new issues. • The leader on the league table of EM arrangers for the first 4 months of the year is JP Morgan with more than $17.7 bln placed on the market (71 issues). The second came Citi with approximately $16.9 bln placed. And the third was HSBC which had placed $16.1 bln. • On the DM bond market the total volume of issues has dropped by 13% comparing to March, and amounted to $224 bln. HSBC is still holding the top position with $69 bln placed. Barclays ascended one step to the second place with its $54.7 bln, and Deutsche Bank held the third place representing $53.4 bln. • In Legal advisers’ League Table for EM international bonds in January-April the places are as follows: the leader is Clifford Chance, Linklaters is the second, Cleary Gottlieb Steen & Hamiltons took the third position.
April 05, 2016
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, March 2016
Description
Highlights • In March the volume of international bond primary placements by Emerging Markets issuers increased by 76% as compared with the previous month and amounted to $40.7 bln. Total amount for 3 months is $96 bln ($133 bln in the first 3 months of 2015). The share of Mexico here is 17.2%, Philippines –11.7%, China – 10.6%. • The leader of League Table for EM international bonds is JP Morgan, which placed $10.6 bln for 3 months of 2016, Citigroup is in the second line with the result of $10.3 bln, HSBC occupies the third position ($9.5 bln). The first line in Arrangers’ League Table for Developed Market international bonds is taken by HSBC ($37 bln), the second place – by Barclays ($28.6 bln), Deutsche Bank occupies the third place ($21.3 bln). In Legal advisers’ League Table for EM international bonds in January-March the places are as follows: the leader is Cleary Gottlieb Steen & Hamiltons, Clifford Chance is the second, Linklaters took the third position. • Cbonds Group is happy to announce the return to London with annual bond conference! One week before the Cbonds Emerging Markets Bond Conference (April 14-15, London) – hurry to register! Cbonds Emerging Markets Bond Conference is an updated Cbonds conference, which was held in London from 2010 to 2013. The Conference will join representatives of leading investment banks, management, investment and consulting companies, specializing not only in Russia and CIS, but also in the Central and Eastern Europe. More details: http://www.cbonds-congress.com/events/325/?l=2
March 03, 2016
Cbonds EM Cbonds Global Monthly Newsletter: Issue Statistics and League Tables, February 2016
Description
• The volume of international bond placements by Emerging Market issuers in Jan -Feb 2016 decreased by 40%, as compared to the same period of the previous year, which is the continuation of the last year’s trend of primary market slackening. In total, $51.7 bln of international bonds were placed. • The leading borrowers are still Asian ones: they placed 51.5% of the overall volume, 31% of the volume was placed by Latin American region, 8.6% - by Eastern Europe region, 3.9% - by Africa region, and 3% - by Middle East region. • The leader in Arrangers’ League table for Emerging Market international bonds is HSBC ($5.7 bln), JP Morgan ranked second ($4.7 bln), Citigroup is on the third position ($4.5 bln). The first line in Arrangers’ League Table for Developed Market international bonds is taken by Barclays ($18.0 bln), the second place – by HSBC ($15.5 bln), and JP Morgan occupies the third place ($13.0 bln). In Legal advisers’ League Table for EM international bonds in January the places are as follows: the leader is Linklaters , Clifford Chance is the second, Allen & Overy took the third position. • Cbonds Group is happy to announce the return to London with annual bond conference! Save the date in your schedule: April 14-15, 2016. Cbonds Emerging Markets Bond Conference is an updated Cbonds conference, which was held in London from 2010 to 2013. The Conference will join representatives of leading investment banks, management, investment and consulting companies, specializing not only in Russia and CIS, but also in the Central and Eastern Europe. More details: http://www.cbonds-congress.com/events/325/?l=2
February 18, 2016
Cbonds EM Emerging Europe M&A Report 2015/16 by A Euromoney Institutional Investor company
February 04, 2016
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, January 2016
Description
• The volume of international bond placements by Emerging Market issuers in January 2016 decreased by 45%, as compared to the same month of the previous year, which is the continuation of the last year’s trend of primary market slackening. In total, $29 bln of international bonds were placed. • The leading borrowers are still Asian ones: they placed 54% of the overall volume. 37% of the volume was placed by Latin American region, and only 9% - by CEEMEA region. • In the CIS and Africa there were no new issues in January. • The leader in Arrangers’ League table for Emerging Market international bonds is Bank of America Merrill Lynch ($3.6 bln), JP Morgan ranked second ($3.1 bln), HSBC is in the third position ($3.1 bln). The first line in Arrangers’ League Table for Developed Market international bonds is taken by Barclays ($17.2 bln), the second place – by JP Morgan ($9.8 bln), and Deutsche Bank occupies the third place ($9.7 bln). In Legal advisers’ League Table for EM international bonds in January the places are as follows: the leader is Clifford Chance, Allen & Overy is the second, Linklaters took the third position. • Cbonds Group is happy to announce the return to London with annual bond conference! Save the date in your schedule: April 14-15, 2016. Cbonds Emerging Markets Bond Conference is an updated Cbonds conference, which was held in London from 2010 to 2013. The Conference will join representatives of leading investment banks, management, investment and consulting companies, specializing not only in Russia and CIS, but also in the Central and Eastern Europe. More details: http://www.cbonds-congress.com/events/325/?l=2
January 14, 2016
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, December 2015
Description
• Following the results of 2015, the issue volume of Emerging Market international bonds fell by 25% ($425 mln in 2015 vs. $564 mln in 2014). 53% of the volume was provided by borrowers from Asian Region, 27% - by CEEMEA Region, and 20% - by Latin America. Among the main factors affecting the placement volume, the following ones can be distinguished: the expectations of decrease in FRS interest rate, geopolitical tension in CEEMEA Region, the slowdown in the economic growth of China. The traditional lull was observed in December: $13.3 mln of bonds placed in the primary market is the lowest result of the year. • HSBC became the leader of the League Table for EM international bonds (Plain Vanilla) for 2015, as it did a year before. The bank placed bonds for a total of $39.6 bln (255 issues) during 12 months. Citigroup was close to the leader with the placement volume of $38.4 bln. JP Morgan ranked third with $30 bln of placed bonds. Deutsche Bank and Bank of America Merrill Lynch took the fourth and the fifth places respectively ($24.6 bln and $24.4 bln). • The issuers of developed markets (excl. the USA) placed international bonds for $1251 bln in 2015. The TOP 3 in Investment Banks League Table for DM international bonds (Plain Vanilla) is as follows: Barclays ($80.2 bln), HSBC ($77.3 bln), and JP Morgan ($76.1 bln). • Cbonds Group is happy to announce the return to London with annual bond conference! Save the date in your schedule: April 14-15, 2016. Cbonds Emerging Markets Bond Conference is an updated Cbonds conference, which was held in London from 2010 to 2013. The Conference will join representatives of leading investment banks, management, investment and consulting companies, specializing not only in Russia and CIS, but also in the Central and Eastern Europe. More details: http://www.cbonds-congress.com/events/325/?l=2
December 10, 2015
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, November 2015
Description
• In November the volume of international bond primary placements by Emerging Markets issuers increased by 79% as compared with the previous month and amounted to $45.7 bln. Along with that, cash outflow from Emerging Markets bonds continued in November and amounted to $0.6 bln. Fast growth of expectations on the FRS’s rate increase additionally encouraged the outflow. • High volumes of new bonds placements in the CIS region can be explained by the major restructuring of Ukrainian government bonds, which resulted in new issues for just under $15 bln. Actually, international bond issue of Alfa Bank worth $500 mln is the only one in the region. The arrangers were Barclays, UBS and Alfa Bank. • Asian issuers are active again after the disastrous October, when only $7.7 bln was placed. In November, the volume increased considerably and amounted to $18.9 bln. Issuers from Latin America placed international bonds for $3.6 bln, from Africa - $3.2 bln, from Middle East – $3.3 bln, from Eastern Europe – $1 bln. • The leader of League Table for EM international bonds is HSBC, which placed $38.1 bln for 11 months of 2015, Citigroup is in the second line with the result of $36.9 bln, JP Morgan occupies the third position ($29 bln). Thus, HSBC and Citi will compete for the first place in December. • The issuers of developed markets placed $91.3 in November. The first place in Investment Banks League Table for DM (excl. the USA) is taken by Barclays, JP Morgan ranked second, and HSBC is in the third place. • Cbonds Group is happy to announce the return to London with annual bond conference! Save the date in your schedule: April 14-15, 2016. Cbonds Emerging Markets Bond Conference is an updated Cbonds conference, which was held in London from 2010 to 2013. The Conference will join representatives of leading investment banks, management, investment and consulting companies, specializing not only in Russia and CIS, but also in the Central and Eastern Europe. More details: http://www.cbonds-congress.com/events/325/?l=2
November 10, 2015
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, October 2015
Description
Highlights • October didn’t bring a new wave of placements to the EM international bond primary market: issuers placed international bonds for only $25.5 bln, which is 2 times less then in the previous year. The total amount of placements in 2015 fell by 28%. • The issue volume from Asian issuers is less than ones from CEEMEA for the first time since 2015: $7.7 bln vs. $13.4 bln. Latin America issuers placed international bonds only for $4.4 bln. • In a breakdown by currency, issues in US dollar amounted to 74.4%, in Euro –17%, in Chinese yuan –3.3%, Singapore dollar –1%, and others (4.2%). • The first place in Investment banks’ league table following the results of 10 months of 2015 is taken by HSBC, which placed for $35.1 bln (10.5% of the market), the second position belongs to Citi with placements for $34.1 bln. JP Morgan is in the third place with $27.8 bln. The most active investment bank of October was HSBC, which participated in issues (including sovereign ones) of Lithuania, Uruguay and Sri Lanka. • The results of Legal advisers’ league table for 10 month 2015 are as follows: Clifford Chance is in the top position. According to Cbonds, the company provided legal support on 110 EM Plain Vanilla international bonds. Linklaters ranked second (103 deals), the third place is taken by Cleary Gottlieb Steen & Hamilton. • The situation in the primary debt market of developed countries is more positive; the issue volume amounted to $108 bln, which is by 31% more than a year before. The places in Investment banks’ league table for DM international bonds (excl. the USA) are as follows: Barclays is in the first place ($73.8 bln), HSBC is in the second position($71.7 bln), JP Morgan occupies the third line ($69.1 bln) • On the 17th of November Sergey Lyalin, PhD, founder and CEO of Cbonds, will make an introduction to Cbonds League Tables, show League Table Builder`s functionality and main features, describe methodology and advantages of Cbonds rankings. For participation please register by the link: https://my.webinar.ru/event/621553. Participation is free of charge.
October 07, 2015
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, September 2015
Description
• The expectations for traditional activity rise in September were not justified this year, the Emerging Market issuers showed the second lowest placement volume in 2015.In total, international bonds worth USD 20.5 bln, or 49 issues, were placed in the Emerging Market, which is more than the half less as compared to the same period last year: USD 53.9 bln or 131 issues. • The total volume of EM placements for Q1-3 2015 amounted to USD 315.5 bln, which is 28% less than in 2014. • The breakdown by regions in September is as follows: Asia –58%, Latin America –24%, CEEMEA –18%. According to the quarter results, the Asian issuers’ contribution exceeds 50% -USD 173 bln. • Citigroup with USD 29.8 bln tops Investment banks league table in the EM region for Q1-3, the second line is taken by HSBC (USD 29.4 bln), JP Morgan is in the third place (USD 24.8 bln). HSBC is in the lead in Asia, Bank of America Merrill Lynch is in the first place in Latin America, and in CEEMEA the first position belongs to Citigroup. • There weren’t any placements yet by the CIS issuers, new issues were placed only by Oschadbank but within the restructuring program of its own bonds. • Developed Markets showed better results than the Emerging ones: DM issuers placed bonds for USD 113.2 bln, which, however, is 39% less than a year earlier. HSBC tops Investment banks league table (USD 67.2 bln), the second line is occupied by Barclays (USD 66.7 bln), Deutsche Bank (USD 65.3 bln) is in the third place.
September 04, 2015
Cbonds EM Cbonds CEE Monthly Newsletter for Local Bonds: Issue Statistics and League Tables, August 2015
Description
The report covers data on local bond markets of Central and Eeastern Europe including CIS countries (Russia, Ukraine, Kazakhstan, Belarus, Azerbaijan, etc.) as well as other CEE countries (Poland, Turkey and others). Broken down by country, each section contains volume and quantity of new domestic bond issues, arranger\'s league tables, top corporate domestic bond issues. Highlights: • The number of bond issues by CEE countries for the first 8 months of 2015 amounted to 2069, which is 2.1% less as compared to the same period last year (2113). The volume of corporate and municipal borrowings increased by 33.8% and 25.8% respectively, and the volume of new issues in the non-financial sector tripled. • Turkey surpassed CEE countries in the new domestic bond issues. It holds the market share of 27%. Russia comes second with the share of 19% of new issues. They are followed by Poland (14%), Hungary 12%), Czech Republic (5%). • The placements by financial institutions amounted to 61.1% of the volume of new corporate bond issues for 8 months. Oil and gas industry is in the second line with 16.6% of new placements. The third is the power industry (5.8%). Other sectors occupy 16.5% of new placements. • The main domestic arrangers of placements in August 2015 remained the same ones as in the previous month: Is Yatirim (139 issues, USD 4434 mln) in Turkey, Sberbank CIB (41 issues, USD 2953 mln) in Russia, Halyk Finance (8 issues, USD 1678 mln) in Kazakhstan, mBank (21 issues, USD  730 mln) in Poland. • The three largest corporate domestic issues in August 2015 were 6-yr. bonds of Polish Cyfrowy Polsat worth 1 PLN bln (USD 265 mln), 10-yr. bonds of Kazakhstani ForteBank worth of KZT 50 bln  (USD 207 mln) and zero-coupon bonds of Turkish Garanti Bank totaling TRY 603 mln (USD 206 mln). The largest new domestic bond issue in the government sector was a 2-yr. Turkish sukuk for TRY 1801 mln (USD 616 mln).
Cbonds EM Cbonds EM: Cbonds Global Monthly Newsletter Issue Statistics and League Tables, August 2015
Description
• In August, the primary international bond market underwent a lull, traditional for this month. As a result, issuers placed international bonds for only USD 8.2 bln, which is almost 4 times less than in July. The share of Asian borrowers here is 70%, of Latin America issuers –22%, CEEMEA issuers –8%. Issuers from Eastern Europe, Africa, and the CIS didn’t place a single international bond in August. • The leader on the league table of EM arrangers for the first 8 months of the year is Citi reached the top, with more than $29 bln placed on the market (164 issues). The second came HSBC with approximately $26 bln placed. And the third was JP Morgan which had placed $23 bln. • The situation in the DM bond market is slightly worse in comparison with the previous summer: the total volume of new issues for the three subsequent months is 229 bln vs. 251 bln. However, there are signs of improvement judging from the overall higher volumes for both July (32% more) and August (52% more) of the year 2015. There are no moves in the top-3 IBs in the rank. Barclays is still the first $48 bln placed, HSBC follows it with the result of $45.5 bln, and then goes Deutsche Bank which accounts for $45 bln of new issues having been placed in 2015 so far. • New League Table of legal advisors to the arrangers and issuers of international EM bonds was added to Cbonds Monthly Global Newsletter (p.3). By the end of the first 8 month of 2015 the top position was taken by Cleary Gottlieb Steen & Hamilton, which was a legal advisor for 88 issues. The second place was taken by Clifford Chance, and third -Allen & Overy.
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