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Cbonds has published the League Tables of global and regional issuers for 2017

January 26, 2018 | Cbonds

Cbonds prepared the League Tables of global and regional issuers for 2017 according to the results of placements on domestic and foreign debt markets in various sectors of the economy. In 2017, the states raised $ 221 billion on the international market, compared with 2016 ( League Tables of global and regional issuers for 2016), the market volume increased by $ 45 billion. The first place in 2017, as well as in 2016, went to Argentina. In 2017, the country placed 13 issues worth $ 39 billion. Saudi Arabia is held the second place; in 2016, it also had the second place. Kingdom placed 5 issues worth $ 22 billion. The third place has changed, Indonesia has replaced Mexico, which dropped to 11th place. Indonesia placed 11 bonds for $ 11 billion. The DM countries began to enter the foreign market less often. In 2017, only Sweden fell into the top 30 of the issuing countries of international bonds, in 2016, besides Sweden, Italy and Finland were present in the League Table. Thus, it can be concluded that countries with emerging markets remain the main borrowers of the international market.

Sovereign international bond issuers

# IssuerVolume, bln USDMarkets share, %Number of issues
1 Argentina 39 17,8513
2 Saudi Arabia 22 9,725
3 Indonesia 11 511

Non-financial corporations from developed and emerging countries raised $ 2,117 billion on domestic and international markets. Compared to the previous year, the volume of placements increased by $ 121 billion (or 6%). The top five for the year almost completely changed, only Apple could not only stay in the top 5 issuers but also rise from the fifth place to the third place. In 2016, he raised $ 25 billion, and in 2017 - $ 36 billion. The first place in 2017 went to Verizon Communications. The company placed 28 issues worth $ 52 billion, which is 2.48% of the total market of non-financial companies. $ 5 billion less, AT&T Inc follows: 25 issues worth $ 47 billion. The fourth place belongs to British American Tobacco (12 issues for $ 21 billion). EM Issuer, Brazilian Petrobras ranked the fifth. The oil and gas company has placed 7 issues with a nominal value of $ 19 billion.

Worldwide non-financial sector issuers

# IssuerVolume, bln USDMarkets share, %Number of issues
1 Verizon Communications 52 2,4828
2 AT&T Inc 47 2,2325
3 Apple 36 1,6930
4 British American Tobacco 21 1,0112
5 Petrobras 19 0,917

Financial sector companies raised $ 2,490 billion on the domestic and foreign debt markets. This is $ 179 billion less than in 2016. The European Investment Bank ranked the first place. It placed 98 issues worth $ 61 billion. In 2016, it was second on the list. Now, Deutsche Bank, which took first place in 2016, became the second in the list of 2017 (67 issues for 59 billion dollars). The European Financial Stability Facility (15 issues for $ 58 billion), Landesbank Hessen-Thüringen (337 issues for $ 46 billion) and Goldman Sachs (44 issues at $ 43 billion) are following them.

Worldwide financial sector issuers

# IssuerVolume, bln USDMarkets share, %Number of issues
1 European Investment Bank 61 2,4498
2 Deutsche Bank 59 2,3667
3 European Financial Stability Facility (EFSF) 58 2,3315
4 Landesbank Hessen-Thueringe (Helaba) 46 1,86337
5 Goldman Sachs 43 1,7244

Non-financial issuers from emerging markets in 2017 raised $ 307 billion in comparison with $ 226 billion in 2016. The growth rate equaled 35%! In the top five: Petrobras, Pemex, China Evergrande Group, China National Chemical Corporation, and Anglo American. In total, they placed $ 51.8 billion. In relative terms, their share in this market equaled 17%.

EM international bond non-financial sector issuers

# IssuerVolume, mln. USDMarkets share, %Number of issues
1 Petrobras 17596 5,735
2 Pemex 10083 3,28 6
3 China Evergrande Group 9124 2,976
4 China National Chemical Corporation 7600 2,486
5 Anglo American 7493 2,447

Banks and financial institutions of the EM sector have borrowed 251 billion dollars. In 2016, the result was significantly smaller than $ 184 billion. The financial sector managed to increase its placements for the year by 67 billion dollars, the growth rate equaled 36%, almost the same as in the non-financial sector of companies from emerging markets. Regional development banks hold the first two places in 2017, as well as in 2016: Asian Development and African Development Bank. Banks from Asia follow them: Postal Savings Bank of China, China Exim Bank, and KEXIM. The top five sold Eurobonds for $ 54.5 billion. In relative terms, their share in this market equaled 21%.%.

EM international bond financial sector issuers

# IssuerVolume, mln. USDMarkets share, %Number of issues
1 Asian Development Bank (ADB) 25212 10,0347
2 African Development Bank 7811 3,1137
3 Postal Savings Bank of China (PSBC) 7250 2,881
4 China Exim Bank 7248 2,889
5 KEXIM 7248 2,8830

By the end of 2017, the total volume of state and corporate sector placements in the CIS region on the international market was $ 44.9 billion. In 2016, the result was significantly smaller: $ 22.2 billion. The growth rate equaled 102%! The first three places remained for the same borrowers as in 2016: Russia ($ 6.9 billion), Gazprom ($ 3.2 billion), and Ukraine ($ 3 billion). KazMunayGas (2.75 billion dollars) took the fourth place, Azerbaijan (2.08 billion dollars) - the fifth. If we compare the absolute size of raised funds by CIS issuers on the international market with Verizon Communications, the largest issuer of Eurobonds in the non-financial sector, we see that the telecommunication company raised $ 7 billion – more than all issuers of the CIS region.

CIS international bond issuers

# IssuerVolume, mln. USDMarkets share, %Number of issues
1 Russia 6905 15,372
2 Gazprom 3206 7,14 4
3 Ukraine 3000 6,68 1
4 KazMunayGas 2750 6,123
5 Azerbaijan 2081 4,636

Summing up, we can conclude that 2017 was a good year for issuers. Especially for issuers from emerging countries.

League Tables of issuers accounted plain vanilla bonds issued by governments, companies, and banks. Bonds with a maturity period of less than 365 days, CDO, securitization and structural products are excluded from the calculations. The League Tables currency is the US dollar. All issues placed in other currencies have been converted into US dollars at the time of placement.

Company: Cbonds Group

Full company nameCbonds Ltd
Country of riskRussia
IndustryInformation and High Technologies


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