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Cbonds publishes the rankings of global and regional issuers for the first half of 2018

July 04, 2018 | Cbonds

Cbonds prepared the League Tables of global and regional issuers for the first half of 2018 according to the results of placements on domestic and foreign debt markets in various sectors of the economy.

During 6 months, sovereign issuers borrowed 128 billion dollars compared to the first half of 2017 (Issuers` League Tables of international and domestic bonds, 1H 2018), the market volume decreased by 11 billion dollars. The first place was taken by Qatar; a year ago, the country did not place international bonds and was absent in the ranking. This year, on April 12th, 2018, the emirate placed 3 dollar issues for 12 billion dollars. The second place was taken by Saudi Arabia. Two days before the issuance of Qatar's international bonds, the Kingdom of Saudi Arabia placed 3 dollar issues for 11 billion dollars. The third place is taken by the DM's representative: Sweden. The country borrowed 10.9 billion dollars in the form of three tranches.

Top 5 sovereign international bond issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Qatar 12 000 9.3 3
2 Saudi Arabia 11 000 8.5 3
3 Sweden 10 907 8.4 3
4 Argentina 9 000 6.98 4
5 Oman 6 500 5 3

Non-financial companies from developed and emerging countries borrowed 966 billion dollars in domestic and international markets. Compared to the 1st half of 2017, the amount of placements decreased by 70 billion dollars (or by 7%). The top five companies were almost completely replaced. In the 1st half of 2017, the top five consisted of US companies only: Verizon, AT&T, Apple, Microsoft, and Volkswagen. In the first half of 2018, the top five were: CVS Health, Bayer, Walmart, Amazon.com, and Pemex. The objectives of issuing bonds of the first three bonds were financing of M&A transactions. The funds of the American company of the health sector CVS Health were required for the acquisition of the insurance company Aetna, the German drug manufacturer Bayer acquires the biotechnological giant Monsanto, and the American retailer Walmart invests in the Indian online retailer Flipkart. In total, the top five companies borrowed 108.8 billion dollars or 11% of the market placements of non-financial issuers.

Top 5 worldwide non-financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 CVS Health 40 000 4.1 9
2 Bayer 20 789 2.15 12
3 Walmart 16 250 1.68 9
4 Amazon.com 16 050 1.66 7
5 Pemex 15 958 1.65 7

Financial sector companies raised 1,216 billion dollars in the bond markets. This is 11 billion dollars less than in 2017. The European Investment Bank is holding the first place. It placed the 61st issue worth 41 billion dollars. The second place is taken by Deutsche Bank (33 issues for 30 billion dollars), and the third place is taken by Bank of America (11 issues for 26 billion dollars), which took the second place in the 1st half of 2017. These companies are followed by Landesbank Hessen-Thueringen (203 issues for 23 billion dollars) and the EFSF (7 issues for 23 billion dollars).

Top 5 worldwide financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 European Investment Bank 41 399 3.4 61
2 Deutsche Bank 30 369 2.5 33
3 Bank of America Corp 26 831 2.2 11
4 Landesbank Hessen-Thueringen (Helaba) 23 797 1.96 203
5 EFSF 23 213 1.91 7

Non-financial issuers from emerging markets in the 1st half of 2018 raised 154 billion dollars in comparison to 151 billion dollars in the 1st half of 2017. The market volume has not virtually changed. The top five are Pemex, Teva Pharmaceutical Industries, China National Chemical Corporation, Tencent Holdings, and Center Holdings. Five companies sold bonds worth 39.5 billion dollars.

Top 5 EM international bond non-financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Pemex 15 958 10.3 10
2 Teva Pharmaceutical Industries 8 949 5.78 4
3 China National Chemical Corporation 6 439 4.16 6
4 Tencent Holdings 5 000 3.2 4
5 Center Holdings 3 329 2.1 1

Financial issuers from emerging markets in the 1st half of 2018 raised 118 billion dollars or 20 billion dollars less than in the 1st half of 2017. The first five places were shared between: Asian Development Bank, Qatar National Bank, Itau Unibanco Nassau Branch, African Development Bank, and KEXIM. The total share of banks was 26.4%.

Top 5 EM international bond financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Asian Development Bank 12 801 10.7 24
2 Qatar National Bank 5 542 4.67 18
3 Itau Unibanco Nassau Branch 5 018 4.23 3
4 African Development Bank 4 171 3.5 15
5 Kexim 3 864 3.2 17

The total volume of state and corporate sector placements in the CIS region in the international market was 16 billion dollars. In the 1st half of 2017, the results were much better: 26 billion dollars. The first five places: Russia (4 billion dollars), KazMunayGaz (3.2 billion dollars), Gazprom (1.7 billion dollars), Metinvest (1.35 billion dollars), and Polus (0.75 billion dollars).

Top 5 CIS international bond issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Russia 4 000 24.1 2
2 KazMunayGaz 11 000 8.5 3
3 Gazprom 1 722 10.4 2
4 Metinvest 1 350 8.1 2
5 Polyus 750 4,5 2

The total volume of the corporate and municipal green bond issuers market was 19 billion dollars. The European Investment Bank took the first place. The bank sold 8 issues for 4.4 billion USD. The second place is Nederlandse Waterschapsbank with 3 issues totaling 2.4 billion dollars. The following places for issuers: Enel, African Development Bank, SpareBank 1 Boligkreditt, each placed one issue for the amount of: 1.49 billion dollars, 1.47 billion dollars, and 1.2 billion dollars, respectively.

Top 5 corporate and municipal green bond issuers)
# Issuer Volume, mln. USD Markets share, % Number of issues
1 European Investment Bank 4 478 23 8
2 Nederlandse Waterschapsbank 2 4101 12.3 3
3 Enel 1 491 7.66 3
4 African Development Bank 1 475 7.5 1
5 SpareBank 1 Boligkreditt 1 230 6.3 1

In June 2018, Cbonds changed the classification of the sector of central banks. Previously, they were designated as the corporate sector, the banking industry. Now they are classified as issuers of the sovereign sector. This change has had an impact on the formation and volume of the market for financial and sovereign issuers.
League Tables of issuers take into account plain vanilla bonds issued by governments, companies, and banks. Bonds with a maturity period of less than 367 days, non-marketable securities, CDO, securitization and structural products are excluded from the calculations. The League Tables currency is the US dollar. All issues placed in other currencies were converted into US dollars at the time of placement.

Disclaimer: The information contained in this press statement and issuers’ league table does not constitute investment advice in any form and Cbonds does not act as an investment adviser.


Company: Cbonds Group

Full company nameCbonds Ltd
Country of riskRussia
IndustryInformation and High Technologies

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