We have looked at figures in international bond issuance for the Emerging Markets for the first three quarters of 2018. This report focuses on the Eastern European Emerging Markets and identifies the largest trends and the most interesting dynamics in 2018 so far. We also attempt a year-on-year comparison for a more thorough analysis.
Low rates environment push bond issuance down
Eastern European international bond issuance recorded a sharp 30% drop YoY. In the first days of October we saw Romania’s EUR1.75bn dual-tranche issue, which makes the drop smaller. Almost all of the countries that comprise CMDportal’s Emerging Markets group have seen smaller figures in issuance this year so far compared to 2017. The hawkish stance of central banks in countries, such as Czech Republic, Poland and Romania has kept returns bond returns modest. In fact, issuance in those countries went down by 35%, 17% and 65%, respectively.
Eastern European SSAs cut issuance by 50%
Examining the figures by industry, we notice that the SSA issuance is cut in half YoY. Despite that, we saw some large deals in the market. Croatia printed at the beginning of June a EUR750m, 10-year ticket (read more here), while Poland returned in the Green market with a EUR1bn, 8.5-year bond, which attracted a handful of investors and EUR3.4bn in order books (trade details here). Other deals include Romania’s USD1.2bn and Cyprus’ EUR1.5bn bonds.
Who is the Best Eastern European Bond Dealer?
During October and November, CMDportal will survey market participants for their opinion on who is the Best Dealer in the Eastern Europe. Get involved by submitting your credentials.
Find who won last year's Emerging Market dealer Awards in the CMDportal Awards 2018 on page 22: 2018 CMD Awards.
Check the latest League Table standing for the Eastern European Markets
Eastern European
Market Dealer 01/01/18 - 30/09/18
|
Rank
|
Dealer
|
US$m
|
Market Share
|
1
|
Gazprombank
|
6,489
|
73
|
2
|
Region BC
|
5,126
|
58
|
3
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HSBC
|
4,385
|
45
|
4
|
Sviaz-Bank
|
3,814
|
48
|
5
|
Citigroup Global Markets
|
3,422
|
34
|
© CMD. Self-led exc.
Bonds, Notes and MTNs only.
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Where is this data coming from?
CMDportal is the global bond and money market data utility connecting issuers, dealers and investors. The service aggregates data from a wide range of sources, including issuers, dealers and fund investors recording both who issued, who traded and who bought the instruments.
Can I produce a Debt Capital Market statistical query like this?
Yes you can. CMDportal provides a wide range of tools to analyse bond and money markets. Data Sheet results can be downloaded as an XLS file.