Emerging market issuance totals $21.8 billion for 2008
By Aaron Hochman-Zimmerman
New York, April 30 - Citigroup charged ahead in the rankings of emerging markets bond underwriters to knock former leader Credit Suisse back to third place as it priced six deals worth $1.1 billion, according to data compiled by Prospect News.
HSBC maintained its position in second place as it priced four deals in April worth $498 million.
For the month of April, ABN Amro led the way with nine deals worth $1.2 billion, but only moved up to ninth place year to date.
In total, April saw 20 deals worth $8.6 billion compared to $9 billion over 25 deals in April of 2007.
Year to date, 47 deals have been priced worth $21.8 billion, compared to $57 billion in 131 deals through the end of the second month of 2007.
Citigroup won the issuance title for 2007 with 78 deals worth $19.1 billion.
Year to date, all major currencies
2007 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 2.423 | 11 | 11.07% | 2 | 7.371 | 33 | 12.92%
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| 2 | HSBC | 2.271 | 10 | 10.37% | 11 | 2.374 | 13 | 4.16%
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| 3 | Credit Suisse | 2.064 | 8 | 9.43% | 3 | 5.749 | 22 | 10.08%
|
| 4 | Deutsche Bank | 1.769 | 7 | 8.08% | 1 | 8.780 | 36 | 15.39%
|
| 5 | UBS | 1.660 | 11 | 7.58% | 4 | 5.498 | 25 | 9.64%
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| 6 | JPMorgan | 1.607 | 8 | 7.34% | 5 | 4.679 | 23 | 8.20%
|
| 7 | Merrill Lynch | 1.364 | 4 | 6.23% | 7 | 3.390 | 18 | 5.94%
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| 8 | Morgan Stanley | 1.333 | 4 | 6.09% | 8 | 2.882 | 12 | 5.05%
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| 9 | ABN | 1.301 | 10 | 5.94% | 10 | 2.615 | 14 | 4.58%
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| 10 | Barclays | 1.014 | 5 | 4.63% | 6 | 3.398 | 19 | 5.96%
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| Total | 21.895 | 47 | 57.043 | 131 |
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| Average size: | 0.466 | 0.435 |
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| Year to date, U.S. market, dollar-denominated deals |
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| | | | | 2007 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 2.132 | 8 | 12.28% | 2 | 3.792 | 13 | 15.31%
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| 2 | HSBC | 1.972 | 7 | 11.36% | 13 | 0.379 | 1 | 1.53%
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| 3 | Credit Suisse | 1.888 | 6 | 10.88% | 1 | 4.418 | 17 | 17.84%
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| 4 | Deutsche Bank | 1.769 | 7 | 10.19% | 4 | 2.700 | 11 | 10.90%
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| 5 | Merrill Lynch | 1.364 | 4 | 7.85% | 5 | 2.179 | 10 | 8.80%
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| 6 | Morgan Stanley | 1.333 | 4 | 7.68% | 6 | 2.153 | 9 | 8.69%
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| 7 | UBS | 1.096 | 6 | 6.31% | 8 | 1.168 | 4 | 4.72%
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| 8 | JPMorgan | 0.962 | 3 | 5.54% | 3 | 2.940 | 12 | 11.87%
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| 9 | Barclays | 0.915 | 4 | 5.27% | 9 | 1.093 | 5 | 4.42%
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| 10 | ABN | 0.725 | 5 | 4.17% | 7 | 1.281 | 7 | 5.17%
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| Total | 17.360 | 24 | 24.765 | 56 |
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| Average size: | 0.723 | 0.442 |
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| April, all major currencies |
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| | | | | 2007 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | ABN | 1.251 | 9 | 14.51% | 8 | 0.412 | 3 | 4.54%
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| 2 | UBS | 1.202 | 7 | 13.95% | 6 | 0.480 | 4 | 5.28%
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| 3 | Citigroup | 1.191 | 6 | 13.83% | 1 | 1.682 | 7 | 18.51%
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| 4 | Morgan Stanley | 0.750 | 2 | 8.70% | 10 | 0.365 | 3 | 4.01%
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| 5 | JPMorgan | 0.746 | 4 | 8.65% | 5 | 0.525 | 3 | 5.78%
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| 6 | Calyon | 0.650 | 4 | 7.54% | 20 | 0.091 | 1 | 1.00%
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| 7 | Deutsche Bank | 0.575 | 4 | 6.67% | 2 | 1.616 | 10 | 17.78%
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| 8 | BNP Paribas | 0.550 | 3 | 6.39% | 13 | 0.216 | 2 | 2.37%
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| 9 | HSBC | 0.498 | 4 | 5.78% | 11 | 0.357 | 3 | 3.93%
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| 10 | Merrill Lynch | 0.298 | 1 | 3.46% | 3 | 0.855 | 5 | 9.41%
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| Total | 8.618 | 20 | 9.088 | 25 |
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| Average size: | 0.431 | 0.364 |
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| April, U.S. market, dollar-denominated deals |
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| | | | | 2007 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 1.075 | 5 | 16.81% | 3 | 0.494 | 2 | 12.08%
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| 2 | UBS | 0.897 | 5 | 14.04% | 11 | 0.147 | 1 | 3.60%
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| 3 | Morgan Stanley | 0.750 | 2 | 11.73% | 6 | 0.265 | 2 | 6.47%
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| 4 | ABN | 0.725 | 5 | 11.34% | 7 | 0.200 | 1 | 4.89%
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| 5 | Calyon | 0.650 | 4 | 10.17% |
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| 6 | Deutsche Bank | 0.575 | 4 | 9.00% | 1 | 0.887 | 5 | 21.69%
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| 7 | Merrill Lynch | 0.298 | 1 | 4.67% | 2 | 0.765 | 4 | 18.68%
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| 8 | Barclays | 0.250 | 2 | 3.91% | 5 | 0.287 | 2 | 7.03%
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| 8 | BNP Paribas | 0.250 | 2 | 3.91% |
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| 8 | HSBC | 0.250 | 2 | 3.91% |
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| Total | 6.393 | 10 | 4.092 | 11 |
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| Average size: | 0.639 | 0.372 |
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| Prospect News Emerging Markets Underwriter Rankings
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Criteria
• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.
• Offerings are included in the time period in which they price (or settle if pricing date not available).
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.
• Each tranche is counted as a separate deal.
• Units made up of a bond and a warrant are included; other units are excluded.
• Best efforts and non-underwritten deals are excluded.
• Non-dollar deals are converted to dollars at the rate shown in Federal Reserve's H.10 release on day of pricing.
• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Belgium, Iceland and Greece.
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