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February 02, 2017
Aricapital Asset Management Local bonds in EM currencies
Description
The Russian ruble and Brazilian real have shown world beating rallies in 2016, both appreciated more than 20% vs USD. After Russian government bonds posted more than 40% in US dollar terms in 2016, new year may bring a return to bleak reality. Given that Russian authorities have started to cope with an overvalued ruble, Mexico and Turkey are in the opposite situation. They are raising interest rates to stop devaluation of national currencies. These two countries can overwhelm Russia as the best local fixed market for foreign investors in 2017.
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 28, 2016
ACRA Мacroeconomic forecast at the business breakfast organized by the Russian Managers Association
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.
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
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 15, 2015
Eurasian Development Bank Activities of multilateral development banks.
Information digest
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).
August 05, 2015
Cbonds EM Cbonds CEE Monthly Newsletter for Local Bonds: Issue Statistics and League Tables, July 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 amount of CEE bond issuance for the first 7 months of 2015 totaled USD 142.23 bln, which exceeds by 2% the amount of the same period last year (USD 139.45 bln).  Along with that, the volume of corporate local borrowings is up by 42.3%, and the bond issuance volume of the issuers from the non-financial sector increased more than threefold. • Almost half of all local issues in the CEE countries were placed by Turkey and Russia with the market share of 26% and 22% respectively. They are followed by Poland (14%) and Hungary (11%). • Following 7 months of 2015, banks and financial institutions still prevail among corporate borrowers, occupying 60% of the market. The non-financial sector is mostly represented by oil and gas companies (18.1%), and also by companies from power (6.2%), transport (4.1%), construction and development  (3.2%) industries. • The leaders of Arrangers’ League Table for local bond issues are Is Yatirim (108 issues, USD 3896 mln) in Turkey, Sberbank CIB (39 issues, USD 2886 mln) in Russia, Halyk Finance (7 issues, USD 1590 mln) in Kazakhstan, mBank (21 issues, USD  730 mln) in Poland. • The largest issue of sovereign local bonds was the 8-yr. Russian inflation-linked bond issue worth of RUR 75 bln (USD 1.3 bln).  The major CEE placement in the corporate sector is the 10-yr. EvrazHolding Finance bonds for RUR 15 bln (USD 254 mln) with the coupon rate of 12.95%.
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, July 2015
Description
• The total issuance of international bonds on the EM market during the first sevenmonths of 2015 declined by 24,6% comparing to same period of the last year. This drop was an issue across all the regions. However, the most significant decay took place in Eastern Europe (-58,5%), CIS (-37,3%) and Latin America (-36%) countries comparing to Asia (-7,1%) and Middle East (-12,5%). • During the last July the total amount of issues placed on the EM market sharply decreased(-15% comparing to June) and comprised $31.3 bln. 52,9% of this placement was due to Asian issuers, 24,2% - to Latin Americas market participants and the rest - 22,9% was to CEEMEA region. • The most remarkable issue was the one of Kazakhstan , which placed $4 billion in bonds through 2 tranches - a record for the state and made the nation the first among developing counties to take advantage of the calming effect following the recolution of the debt crisis in Greece.Kazakhstan had $2.5 billion in 10-year bonds at 285 basis points over U.S. treasuries and $1.5 billion in 30-year notes at 335 basis points over their U.S. equivalent. Initial demand for these securities was around $10 bln. • The leader on the league table of EM arrangers for the first 7 months of the year hasn\'t been changed: Citi reached the top, with more than $28,6bln placed on the market (161 issues). The second came HSBC with approximately $25,3bln placed. And the third was JP Morgan which had placed $22bln. • On the DM bond market the total volume of issues has dropped by 10% comparing to same period of the last year but increased 43% comparing to June, and amounted to $133,7bln. Barclays lost its position and HSBC went the top with $54,9 bln placed. Barclays ascended one step to the second place with its $53 bln, and Deutsche Bank held the third place representing $49,9 bln. • By the end of the first seven months of 2015 the top position on the league table of legal advisors to the arrangers and issuers of international EM bonds was taken by Cleary Gottlieb Steen & Hamilton, which was a legal advisor for 88 issues. The second place was taken by Clifford Chance (75 issues), and third - Allen & Overy (61 issues).
July 06, 2015
Cbonds EM Cbonds CEE Monthly Newsletter for Local Bonds: Issue Statistics and League Tables, June 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: • In H1 2015, CEE domestic debt market showed a slight decrease of primary placement volume, which amounted to USD 120 bln as compared the volume of USD 125 bln in the same period last year. In spite of the continuing influence of the Ukrainian conflict and risks regarding Greece’s possible moving out of the EU, sovereign and corporate issuers retain their positions. It's worth noting that corporate local borrowings grew by 39.45% in H1 2015 since the same period 2014. The market share of CEE corporate bonds rose from 22.6% to 32.9%, which demonstrates the activity of the private sector. • Half of all local issues in the CEE countries were placed by Turkey and Russia with the market share of 28% and 22% respectively. They are followed by Poland (14%) and Hungary (10%). The rapid development of the Turkish debt market increases its lead regarding other CEE countries: 358 successful placements were performed in H1, 2015 (which makes a quater of all CEE issues). • Following H1, banks and financial institutions still prevail among corporate borrowers, occupying 58.7% of the market. The non-financial sector is mostly represented by oil and gas companies (22%), and also by companies from power (6.2%), transport (4.2%), construction and development  (3.7%) industries. • The leaders of Arrangers’ League Table for corporate and municipal issues are Is Yatirim (93 issues, USD 3370 mln) in Turkey, Gazprombank (24 issues, USD 2062 mln) in Russia, Halyk Finance (5 issues, USD 1072 mln) in Kazakhstan, mBank (17 issues, USD 482 mln) in Poland. • The largest placements in June were issues of bonds with the floating coupon rate by the Russian company “Russian Railways” worth of RUR 17 bln (USD 306 mln) and of discount bonds by the Turkish Halkbank worth TRY 1 bln (USD 371 mln).
Cbonds EM Cbonds Global Monthly Newsletter Issue Statistics and League Tables, June 2015
Description
• The total issuance of international bonds on the EM market at the first half of 2015 declined by 25% comparing to same period of the last year. This drop was an issue across all the regions. However, the most significant decay took place in CIS (-80%), Eastern Europe (-58%), Latin America (-35%) countries. • During the last June the total amount of issues placed on the EM market barely has changed (2% increase) and comprised $34.5 bln. 60% of this placement was due to Asian issuers, 26% to Latin Americas market participants and the rest 14 % was to CEEMEA region. • 25% of total amount placed in 2015 was related to Chinese issuers. The most remarkable issue was the one of Bank of China, which placed international bonds in 4 different currencies through 10 tranches. The official cause of this issuance is stated the support of China\'s Silk Road initiative. Initial demand for these securities was greater than $4.5 bln. • The leader on the league table of EM arrangers for the first 6 months of the year has again been changed: Citi reached the top, with more than $24bln placed on the market (141 issues). The second came HSBC with approximately $24bln placed. And the third was JP Morgan which had placed $19.1 bln. • On the DM bond market there was summer slackening solitude: the total volume of issues has dropped by 45% comparing to May, and amounted to $60 bln. Barclays is still holding the top position with $45.5 bln placed. HSBC ascended one step to the second place with its $45.5 bln, and Deutsche Bank held the third place representing $19.1 bln. • 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 half of 2015 the top position was taken by Cleary Gottlieb Steen & Hamilton, which was a legal advisor for 82 issues. The second place was taken by Clifford Chance, and third - Allen & Overy.
June 04, 2015
Cbonds Group Cbonds CEE Monthly Newsletter for Local Bonds: Issue Statistics and League Tables, May 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 domestic CEE bond issuance for the first 5 months of 2015 amounted to $102.51 bln, as compared to $105.55 bln the year before. The total monthly issue volume remains stable for the last 3 month:  May, April and May 2015 and it amounted to more than $17bn. • The most active issuers in Jan - May 2015 were Turkish (27%), Russian (23%), Polish (14%) and Hungarian (10%) ones.  The share of the Turkish issuers  rose by 2 p.p.: from 25% to 27%.  • About 2/3 of the overall issue volume accrues to the government sector, another one third - to the corporate sector, and only 0.7% of the issues - to the municipal sector. • About 55% of corporate issues were placed by banks and other financial institutions, 26.2% were issued by gas and oil companies, 5.1% - by power entities,  4.4% by construction and development ones and 4.1% by transport companies. • The leaders of Arrangers' league table for corporate and municipal bonds are IS Yatirim (83 issues for $ 2 924 mln) in Turkey, Gazprombank (14 issues for $ 1 523 mln) in Russia, Halyk Finance (3 issues for $ 745 mln) in Kazakhstan, mBank (15 issuers for $ 419 mln) in Poland. • The largest corporate CEE bond issues following May are two 35-yr. issues of Russian Federal Grid Company of Unified Energy System (JSC FGC UES) worth RUB 20 bn each, or $ 382 mln.
Cbonds EM Cbonds CEE Monthly Newsletter for Local Bonds: Issue Statistics and League Tables, May 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 domestic CEE bond issuance for the first 5 months of 2015 amounted to $102.51 bln, as compared to $105.55 bln the year before. The total monthly issue volume remains stable for the last 3 month:  May, April and May 2015 and it amounted to more than $17bn. • The most active issuers in Jan - May 2015 were Turkish (27%), Russian (23%), Polish (14%) and Hungarian (10%) ones.  The share of the Turkish issuers  rose by 2 p.p.: from 25% to 27%.  • About 2/3 of the overall issue volume accrues to the government sector, another one third - to the corporate sector, and only 0.7% of the issues - to the municipal sector. • About 55% of corporate issues were placed by banks and other financial institutions, 26.2% were issued by gas and oil companies, 5.1% - by power entities,  4.4% by construction and development ones and 4.1% by transport companies. • The leaders of Arrangers' league table for corporate and municipal bonds are IS Yatirim (83 issues for $ 2 924 mln) in Turkey, Gazprombank (14 issues for $ 1 523 mln) in Russia, Halyk Finance (3 issues for $ 745 mln) in Kazakhstan, mBank (15 issuers for $ 419 mln) in Poland. • The largest corporate CEE bond issues following May are two 35-yr. issues of Russian Federal Grid Company of Unified Energy System (JSC FGC UES) worth RUB 20 bn each, or $ 382 mln.
June 01, 2015
Alfa Bank Russian Economic Spotlight, June: Back to Exchange Rate Targeting?
May 25, 2015
Alfa Bank Macro Insights 4M15: Confusing on Both Real Sector and Banking Sides
May 07, 2015
Cbonds Group Cbonds CEE Monthly Newsletter: Issues Statistics and League Tables, April 2015
Description
Cbonds has prepared the monthly report: CBONDS CEE MONTHLY NEWSLETTER: ISSUES STATISTICS AND LEAGUE TABLES for April 2015. 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. April 2015 highlights: • The domestic CEE bond issuance for the first 4 months of 2015 amounted to $84.85 bln, as compared to $85.08 bln the year before. The total issue volume worth $17.03 bln for April is the lowest monthly level in 2015. • About 2/3 of the overall issue volume accrues to the government sector, another one third - to the corporate sector, and only 0.14% of the issues - to the municipal sector. • The most active issuers fur Jan - Apr 2015 were Turkish (25%), Russian (23%), Polish (16%) and Hungarian (10%) ones. About 55% of corporate issues were placed by banks and other financial institutions, 32.5% were issued by gas and oil companies, 12.6% - by issuers from other industries.  • The leaders of Arrangers' league table for corporate and municipal bonds are IS Yatirim (58 issues for $ 2 063 mln) in Turkey, FC Otkritie Bank (26 issues for $ 890 mln) in Russia, Halyk Finance (2 issues for $ 491 mln) in Kazakhstan, mBank (12 issuers for $ 356 mln) in Poland. • The largest corporate CEE bond issue following April is the 27-yr.worth RUB 21.7 bn, or $ 420 mln issue of Russian highways building company AVTODOR.
Cbonds EM Cbonds CEE Monthly Newsletter: Issues Statistics and League Tables, April 2015
Description
Cbonds has prepared the monthly report: CBONDS CEE MONTHLY NEWSLETTER: ISSUES STATISTICS AND LEAGUE TABLES for April 2015. 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. April 2015 highlights: • The domestic CEE bond issuance for the first 4 months of 2015 amounted to $84.85 bln, as compared to $85.08 bln the year before. The total issue volume worth $17.03 bln for April is the lowest monthly level in 2015. • About 2/3 of the overall issue volume accrues to the government sector, another one third - to the corporate sector, and only 0.14% of the issues - to the municipal sector. • The most active issuers fur Jan - Apr 2015 were Turkish (25%), Russian (23%), Polish (16%) and Hungarian (10%) ones. About 55% of corporate issues were placed by banks and other financial institutions, 32.5% were issued by gas and oil companies, 12.6% - by issuers from other industries.  • The leaders of Arrangers' league table for corporate and municipal bonds are IS Yatirim (58 issues for $ 2 063 mln) in Turkey, FC Otkritie Bank (26 issues for $ 890 mln) in Russia, Halyk Finance (2 issues for $ 491 mln) in Kazakhstan, mBank (12 issuers for $ 356 mln) in Poland. • The largest corporate CEE bond issue following April is the 27-yr.worth RUB 21.7 bn, or $ 420 mln issue of Russian highways building company AVTODOR.
May 01, 2015
Baker McKenzie Doing Business in Russia
April 30, 2015
Probusinessbank Ежедневный комментарий по рынку облигаций от 30 апреля 2015 г.
Description
Вчера на российском рынке облигаций, несмотря на низкую торговую активность перед праздничными днями, преобладали покупатели. Кривая доходности ОФЗ опустилась вниз в рамках 20-30бп (в среднем), при этом, наибольший рост цен отмечен на коротком участке до 2-х лет. Схожее движение показали ставки по валютным и процентным свопам, однако преимущественно на отрезке от 1-го года. Мы считаем, что главным фактором позитивных настроений на рынке рублевого государственного долга выступил удачный аукцион Минфина, на котором наблюдался высокий спрос. В сегменте еврооблигаций первого эшелона сохранялся интерес к банковским и нефтегазовым выпускам, в то время как бумаги оставшихся отраслей изменились незначительно. Мы по-прежнему считаем, что на рынке преобладали денежные потоки резидентов, так как иностранные игроки ожидали макроэкономических новостей и комментарии ФРС по экономической ситуации в стране. В результате, первая оценка ВВП за 1кв оказалась хуже прогнозов: 0,2%. Инвесторы резко отреагировали на информацию: кривая казначейских ценных бумаг поднялась на 4-5бп, европейские суверенные инструменты фиксированной доходностью выросли на 7-15бп. Интересно отметить, что слабые статистические данные в США не повлияли на движение отечественных валютных облигаций, в отличие от внешних долговых активов стран EM.  По всей видимостью, это связанно с тем, что доля российских держателей евробондов увеличилась, благодаря операциям валютное РЕПО. Таким образом, это ограничивает колебания цен от различных макроэкономических шоков (в первую очередь западных).  Сегодня инвесторы будут ожидать решения Центрального банка по вопросу монетарной политики, поэтому активность торговых операций в локальных бумагах суверенного и корпоративного долга будет преобладать во второй половине дня. В утренние часы кривая ОФЗ изменилась незначительно, однако спрос на банковские еврооблигации, номинированных в рублях и долларах, сохраняется.
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