Cbonds Global

2022-01-17 18:42:42 Upcoming issue

Issuer: BPER Banca

Issue description: 10.5-year bond

Date: next couple days

Bookrunners and Lead Managers: Barclays, BNP Paribas, Intesa Sanpaolo, Natwest Market, and Santander Open / Comment

2022-01-17 17:09:11 Largest EM issues of Januarу 13-17

Issue | Volume

Romania
NE Property, 2% 20jan2030, EUR 500 mln
Initial issue price (yield): 98.713% (2.18%)
Spread to mid-swaps: 195 bp
The purpose of placing: Refinance
Listing: Irish S.E.
Bookrunner: Citigroup, ING Bank, JP Morgan, Societe Generale, UniCredit
Depository: Clearstream Banking S.A., Euroclear Bank

United Arab Emirates
Sweihan PV Power Company, 3.625% 31jan2049, USD 700,8 mln
Initial issue price (yield): 100% (3.63%)
Spread to US Treasury bonds: 191.4 bp
The purpose of placing: Working Capital
Listing: Irish S.E.
Bookrunner: BNP Paribas, Citigroup, First Abu Dhabi Bank, HSBC, Mitsubishi UFJ Financial Group, SMBC Nikko Capital
Depository: Clearstream Banking S.A., Euroclear Bank

Slovenia
United Group B.V.(-/B/-), 5.25% 1feb2030, EUR 500 mln
Initial issue price (yield): 100% (5.25%)
Listing: The International Stock Exchange (TISE)
Bookrunner: Citigroup, Credit Agricole CIB, Credit Suisse, JP Morgan, KKR, Morgan Stanley
Depository: Clearstream Banking S.A., Euroclear Bank

United Group B.V. (-/B/-), FRN 1feb2029, EUR 480 mln
Initial issue price (yield): 100%
Listing: The International Stock Exchange (TISE)
Bookrunner: Citigroup, Credit Agricole CIB, Credit Suisse, JP Morgan, KKR
Depository: Clearstream Banking S.A., Euroclear Bank Open / Comment

2022-01-17 17:08:32 Largest EM issues of Januarу 13-17

Issue | Volume

China
China Construction Bank (A1/A/A), 2.85% 21jan2032, USD 2 bln
Initial issue price (yield): 99.764%
Spread to US Treasury bonds: 140 bp
The purpose of placing: Basel III Tier 2 Capital
Listing: Hong Kong S.E.
Bookrunner: BNP Paribas, CCB International, CLSA, China International Capital Corporation (CICC), Citigroup, Credit Agricole CIB, Deutsche Bank, HSBC, Standard Chartered Bank
Depository: Clearstream Banking S.A., Euroclear Bank

Asian Infrastructure Investment Bank (AIIB) (Aaa/AAA/AAA), 1.125% 15sep2026, GBP 500 mln
Initial issue price (yield): 99.535% (1.23%)
Listing: Luxembourg S.E.
Bookrunner: Bank of Montreal, BofA Securities, HSBC, Nomura International
Depository: Clearstream Banking S.A., Euroclear Bank

Taixing Zhiguang Environmental Protection Technology, 1.95% 19jan2023, USD 100 mln
Initial issue price (yield): 100% (1.95%)
The purpose of placing: Working Capital, Refinance
Listing: Hong Kong S.E.
Bookrunner: China Zheshang Bank, Dingxin Securities, Donghai Securities, Zhongtai International Securities
Depository: Clearstream Banking S.A., Euroclear Bank

Malaysia
CIMB Bank (A3/A-/-), 2.125% 20jul2027, USD 500 mln
Initial issue price (yield): 100% (2.13%)
Spread to US Treasury bonds: 70 bp
The purpose of placing: General Corporate Purposes, Working Capital, Investment, Refinance
Listing: SGX, Bursa Malaysia (KLSE)
Bookrunner: BofA Securities, CIMB Group, JP Morgan, Standard Chartered Bank
Depository: Clearstream Banking S.A., DTCC, Euroclear Bank

Turkey
Coca-Cola Icecek (B2/-/BBB-), 4.5% 20jan2029, USD 500 mln
Initial issue price (yield): 98.526% (4.75%)
Spread to mid-swaps: 306.2 bp
Bookrunner: BofA Securities, HSBC, JP Morgan, Mitsubishi UFJ Financial Group
Depository: Clearstream Banking S.A., Euroclear Bank

Chile
Compania Cervecerias Unidas (-/-/A-), 3.35% 19jan2032, USD 600 mln
Initial issue price (yield): 99.874% (3.37%)
Spread to US Treasury bonds: 165 bp
Bookrunner: BofA Securities, Citigroup, Goldman Sachs, JP Morgan
Depository: Clearstream Banking S.A., Euroclear Bank

Czech Republic
CTP N.V (/BBB-/-)., 0.875% 20jan2026, EUR 700 mln
Initial issue price (yield): 99.738% (0.94%)
Spread to mid-swaps: 95 bp
The purpose of placing: Refinance
Listing: Irish S.E.
Bookrunner: CIT Group, Erste Group, Goldman Sachs, JP Morgan, RBI Group, Societe Generale, UniCredit
Depository: Clearstream Banking S.A., Euroclear Bank

Qatar
Doha Finance (Baa1/-/-), 0.465% 24jan2024, CHF 175 mln
Initial issue price (yield): 100% (0.47%)
Spread to mid-swaps: 93 bp
Listing: SIX
Bookrunner: Credit Suisse, Deutsche Bank

India
Indian Railway Finance Corp (Baa3/BBB-/BBB-), 3.57% 21jan2032, USD 500 mln
Initial issue price (yield): 100% (3.57%)
Spread to US Treasury bonds: 185 bp
Listing: NSE International Exchange, India International Exchange
Bookrunner: BNP Paribas, DBS Bank, HSBC, Mitsubishi UFJ Financial Group, Standard Chartered Bank, State Bank of India
Depository: Clearstream Banking S.A., Euroclear Bank

JSW Infrastructure (Ba2/-/BB+), 4.95% 21jan2029, USD 400 mln
Initial issue price (yield): 100% (4.95%)
The purpose of placing: Capital Expenditures, Refinance
Listing: India International Exchange
Bookrunner: Axis Bank, Barclays, Deutsche Bank, Emirates NBD, Standard Chartered Bank
Depository: Clearstream Banking S.A., DTCC, Euroclear Bank Open / Comment

2022-01-17 16:18:55 ​​ Cbonds has prepared the league tables for investment banks – the arrangers of Turkish bonds for 2021

We are pleased to announce the publication of the league tables for investment banks – the arrangers of placement of domestic corporate bonds in the Turkish market for 2021. Only domestic corporate bonds are represented in the league table. Securitized bonds, structured products, and bonds with a maturity of fewer than 365 days are not taken into account.

In the 2021, the cumulative volume of the registered issues amounted to 2 163 million US dollars.

Akbank is ranked the highest in the main league table with a result of 543 million US dollars and 29 issues. It is followed by Yapi Kredi Yatirim, which arranged 15 issues for a total of 389 million US dollars, and IS Yatirim, which arranged placements of 6 issues for 308 million US dollars.

You can find the full league tables at the following link.

Cbonds expresses its gratitude to the investment banks involved in the validation of deals included in the Cbonds rankings. To all participants of the primary bonds and Eurobonds market, we suggest cooperation that makes our rankings more equitable and reflective of the real market situation. Open / Comment

2022-01-17 16:15:27 ​​ Cbonds has prepared the league tables for investment banks – the arrangers of Thai bonds for 2021

We are pleased to announce the publication of the league tables for investment banks – the arrangers of placement of domestic corporate bonds in the Thai market for 2021. Only domestic corporate bonds are represented in the league table. Securitized bonds, structured products, and bonds with a maturity of fewer than 365 days are not taken into account.

In the 2021, the cumulative volume of the registered issues amounted to 37 550 million US dollars.

Kasikornbank is ranked the highest in the main league table with a result of 5 457 million US dollars and 204 issues. It is followed by Bangkok Bank, which arranged 126 issues for a total of 3 928 million US dollars, and Krung Thai Bank, which arranged the placement of 107 issues for 3 662 million US dollars.

You can find the full league tables at the following link.

Cbonds expresses its gratitude to the investment banks involved in the validation of deals included in the Cbonds rankings. To all participants of the primary bonds and Eurobonds market we offer cooperation, which makes our rankings fairer and more reflective of the real market situation. Open / Comment

2022-01-17 15:48:21 ​​ Cbonds has prepared a bookrunner placement ranking for Belarusian bonds in 2021

*There* were 20 ranking participants, and the total volume of bonds they placed was equivalent to 1.7 billion US dollars.

The overall ranking:

The Development Bank of the Republic of Belarus ranked first with a volume of 654.8 million US dollars and a market share of 38.5%.

The second place is occupied by Belarusbank and its subsidiary ASB BROKER, with the volume of organized bond issues amounting to the equivalent of USD 580.4 million and a market share of 34.1%.

The third line belongs to Bank BelVEB with the equivalent volume of 141.2 million US dollars and a market share of 8.3%. Let us note that the Development Bank and Bank BelVEB only organize their own issues.

The Belarus bookrunner ranking (general, excluding housing) for 2021 is almost identical to the general ranking. The leaders change significantly in the ranking of bookrunners in Belarus (general, excluding housing and private issues) for 2021.

Belarusbank and its subsidiary ASB BROKER excel here with a volume of 87.0 million US dollars and a market share of 24.2%.

The second place belongs to Finup24 with the volume of organized issues at 24.2 million US dollars and a market share of 19.8%.

Belagroprombank closes the top three: 7.6 million US dollars and 6.2%.

Low bond placement activity is observed on the market in the second half of 2021 due to the ban on corporate bond issuance in foreign currencies (with the exception of private placement issues by several banks).

The full version of the ranking is published in the corresponding section. Open / Comment

2022-01-17 14:21:07 Upcoming issue

Issuer: Doha Bank

Issue description: more likely US dollars bond

Date: this year Open / Comment

2022-01-17 14:20:47 Upcoming issue

Issuer: Sociedad de Transmision Austral (STA)

Issue description: 10-year green bond

Date: soon

Bookrunners and Lead Managers: Itau and Scotiabank Open / Comment

2022-01-17 13:51:25 ​​ A new section has been added to the Cbonds website — «Custom Indices»

We are pleased to share with you a significant innovation on the Cbonds website. We have recently integrated new functionality to expand your portfolio's management and PR capabilities. Custom indices are individual solutions designed to aid you in carrying out your work.

What are custom indexes for?
• To measure portfolio performance;
• For use with an index management strategy;
• Optional benchmarking according to specific needs.

Why Cbonds?
• Build an index based on over 600,000 bonds and quotes from 200 exchanges and trading platforms;
• Use flexible index building methods according to individual criteria;
• Limit issuers' shares in the portfolio, update the index structure when rebalancing the portfolio, and transfer data via API or the web service;
• Create price indices and indices on full, effective, and simple profitability, duration, T-spread and G-spread, and volume and quantitative indices;
• Develop custom methodology.

Ability to track changes in index lists over time. Cbonds expands your possibilities! To create your own index, please contact us at database@cbonds.info or go to the custom index page for more information. Open / Comment

2022-01-17 13:20:10 Rating Actions in Foreign Currency on January 14, 2022

S&P Global Ratings:

Affirmed States of Jersey at 'AA-' with a stable outlook.
Affirmed Kuwait at 'A+' with a negative outlook.

revised States of Guernsey's outlook to negative from stable; affirmed at 'AA-'.

Reasons: "The negative outlook primarily reflects risks to Guernsey's position on large liquid assets amid growing spending plans. The outlook revision also reflects the uncertainty associated with any offsetting new revenue-raising measures, such as the imposition of the value-added tax." S&P's press release.

revised Andorra's outlook to positive from stable; affirmed at 'BBB'.

Reasons:"The positive outlook indicates that we expect Andorra's accelerating economic recovery and steady fiscal consolidation to put government debt-to-GDP on a downward trajectory from 2022 onward. This will restore a degree of fiscal flexibility. Contrary to our original expectation, the Andorran regulator's intervention in the case of Banca Privada d'Andorra in 2015 has had no direct impact on the country's public finances." S&P's press release.

Fitch ratings:

revised Andorra's outlook to positive from stable; affirmed at 'BBB+'.

Reasons: "Andorra's public finances have been resilient to the Covid-19 pandemic. The general government recorded a fiscal deficit of 1% of GDP in 2020, which we expect to widen to 3.5% of GDP in 2021, significantly below the 'BBB' rated median at 5.8% in 2020 and 5.0% in 2021 and the eurozone's weighted average of 7.3% and 6.7% of GDP, respectively." Fitch's press release.

revised Greece's outlook to positive from stable; affirmed at 'BB'.

Reasons: "The outlook revision for Greece's ratings reflects the following key rating factors: Strong economic growth momentum and a narrowing fiscal deficit will contribute to a faster-than-expected reduction in public sector debt in the context of low current and expected borrowing costs. Greek banks have made significant progress in improving asset quality, sharply reducing the level of non-performing loans (NPLs) in the banking sector and improving their ability to lend to the real economy." Fitch's press release.

downgraded Ghana to 'B-' from 'B', with a negative outlook.

Reasons: "Ghana's downgraded IDR and negative outlook reflect the sovereign's loss of access to international capital markets in 2H21 following a surge in government debt associated with the pandemic. This comes in the context of uncertainty about the government's ability to stabilize debt and against a backdrop of tighter global financing conditions. In our view, Ghana's ability to implement planned fiscal consolidation efforts may be hampered by greater reliance on domestic debt issuance with higher interest costs in the context of an already exceptionally high interest expense to income ratio". Fitch's press release. Open / Comment