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Cbonds has published the rankings of global and regional issuers for 2019

January 15, 2020 | Cbonds

Cbonds has prepared the rankings of global and regional issuers for 2019 based on the results of placements on the domestic and international debt markets in the various sectors of economy.

In 2019 the sovereign issuers placed Eurobonds in the amount of USD 176 billion, staying almost at the same level in terms of the volume of new placements a year earlier, which as per the rankings of Eurobond and bond issuers for 2018 amounted to USD 177 billion. The Kingdom of Saudi Arabia took the first place. The country placed 5 Eurobonds in the amount of USD 13 billion. It is followed by Qatar, which placed 3 issues in the amount of USD 12 billion. Turkey took the third place. The country borrowed USD 11.1 billion by selling 5 bonds.

Top 5 sovereign international bond issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Saudi Arabia 13 386 7.59 5
2 Qatar 12 000 6.80 3
3 Turkey 11 163 6.33 5
4 China 10 427 5.91 7
5 Mexico 8 362 4.74 4

Non-financial institutions sold bonds in the amount of USD 2 128 billion, which is USD 297 billion higher than in 2018 when non-financial sector raised USD 1 831 billion. Almost all of the five leaders were replaced. In 2018, the ranking included CVS Health, AT&T Inc, China Railway Construction Corporation, Comcast, and AB InBev which in total borrowed USD 166 billion, making 9% of all placements. In 2019, the top five were: a global biopharmaceutical company Bristol Myers Squibb (USD 35.8 billion), a biopharmaceutical giant AbbVie (USD 31.5 billion), a multinational information technology company IBM (USD 25.6 billion), a petroleum producer Occidental Petroleum (USD 24.5 billion), a drink holding AB InBev (USD 21.3 billion). The total number of placements of the “Big Five” amounted to USD 139 billion or 6.5% of the total market for new placements of non-financial institutions.

Top 5 worldwide non-financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Bristol Myers Squibb 35 866 1.69 26
2 AbbVie 31 550 1.48 12
3 IBM 25 651 1.21 12
4 Occidental Petroleum 24 491 1.15 31
5 AB InBev 21 360 1.00 9

As well as non-financial sector issuers, companies from financial sector increased its debt financing in comparison with 2018. The financial companies raised USD 2 983 billion during the last year, that is USD 719 billion more than the results of 2018. The five largest issuers in 2019 were the following financial institutions: China Development Bank (USD 266 billion), Agricultural Development Bank of China (ADBC) (USD 149.2 billion), China Exim Bank (USD 112.5 billion), European Investment Bank (USD 54.7 billion) and the IBRD (USD 48.3 billion). Their loans amounted to USD 630.9 billion in total or 21% of the global market which significantly higher than the share of “Big Five” in 2018 equal to 10%.

Top 5 worldwide financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 China Development Bank 266 097 8.92 15
2 Agricultural Development Bank of China (ADBC) 149 253 5.00 11
3 China Exim Bank 112 5223.77 17
4 European Investment Bank (EIB) 54 701 1.83 78
5 IBRD 48 320 1.62 166

The non-financial institutions from the emerging markets increased their new Eurobond placements by USD 57 billion, from USD 270 billion to USD 327 billion. The five largest issuers were Pemex (USD 14.8 billion), Saudi Arabian Oil (USD 12 billion), CK Hutchison Holdings Limited (USD 8.3 billion), Petrobras (USD 7.1 billion) and China Evergrande Group (USD 6.3 billion). Together they sold the bonds in the amount of USD 48.6 billion, making 14.8% share of new placements.

Top 5 EM international bond non-financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Pemex 14 8524.53 4
2 Saudi Arabian Oil 12 000 3.66 5
3 CK Hutchison Holdings Limited 8 384 2.56 10
4 Petrobras 7 115 2.17 3
5 China Evergrande Group 6 300 1.92 8

The financial sector issuers from the emerging markets borrowed USD 214 billion from the Eurobond market, that is 25 billion more than in 2018, when they succeeded to borrow USD 189 billion. Three development and two commercial banks are ranked the highest: Asian Development Bank (USD 20.7 billion), First Abu Dhabi Bank (USD 5 billion), African Development Bank (USD 4.9 billion), Mubadala Development Company (USD 3.5 billion), and Qatar National Bank (USD 3.4 billion), which placed Eurobonds at USD 37.81 billion in total or provided 17.6% of the market for new placements.

Top 5 EM international bond financial sector issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Asian Development Bank 20 795 9.68 49
2 First Abu Dhabi Bank 5 092 2.37 34
3 African Development Bank 4 966 2.31 38
4 Mubadala Development Company 3 500 1.63 3
5 Qatar National Bank 3 457 1.61 25

The total number of Eurobond placements in the CIS countries amounted to USD 31 billion, which is 24% more than the result of 2018. In 2018, the placements amounted to USD 25 billion. In 2019, the largest issuers of Eurobonds were Russia (USD 6.3 billion) which has kept the leading position, RZD (USD 1.6 billion), Naftogaz (USD 1.5 billion), Ukraine (USD 2 billion) and Kazakhstan (USD 1.3 billion). The share of first five issuers in the market volume has increased from 14.1% in 2018 to 39.2% in 2019.

Top 5 CIS international bond issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Russia 6 352 20.4 3
2 RZD 1 607 5.16 5
3 Naftogaz 1 511 4.85 3
4 Ukraine 1 477 4.74 10
5 Kazakhstan 1 259 4.04 2

The total volume of the market of corporate and municipal issuers of Green Bonds amounted to USD 155.3 billion which is more than 3 times higher than in 2018 when the volume of new placements was USD 46.1 billion. KFW has become the new leader and managed to sell 8 issues for a total of USD 9.2 billion. The second place went to Enel with 4 issues for a total of USD 3.9 billion. European Investment Bank (EIB) lost leading position of 2018 and took the third place (7 issues in the amount of USD 3.7 billion), while the fourth and fifth places went to Societe du Grand Paris and SNCF Reseau (each placed 4 issues in the amount of USD 3.5 billion and USD 3.2 billion, respectively.

Top 5 corporate and municipal green bond issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 KFW 9 194 5.92 8
2 Enel 3 898 2.51 4
3 European Investment Bank (EIB) 3 694 2.38 7
4 Societe du Grand Paris 3 508 2.26 4
5 SNCF Reseau 3 228 2.08 4

The issuer rankings take into account Plain Vanilla Bonds issued by the governments, companies and banks. Bonds with a maturity of less than 365 days, CDO, securitization and structured products are excluded from the calculations. The US dollar is the currency of the rankings. All issues in other currencies were converted into US dollars at the rate effective on the bond placement date.


Company: Cbonds Group

Full company name"Cbonds.ru" Ltd
Country of riskRussia
Country of registrationRussia
IndustryInformation and High Technologies

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