Citigroup top emerging markets debt underwriter for year to date

• New deal volume totals $239.71 billion for 2013 so far

New York, July 31 - Citigroup remained the top underwriter of emerging markets debt for 2013 so far, according to data compiled by Prospect News.

The bank had previously led the year-to-date league tables for May and June.

Meanwhile, issuance activity recovered significantly after almost halting in June.

Volume for July totaled $21.69 billion, hugely improved from June's $2.96 billion.

But the level was still the second smallest monthly total this year - after June - and not much more than half the $39.56 billion of July 2012. It was also a mere 44% of May's $49.67 billion.

Year-to-date issuance is now $239.71 billion, still a solid 9% ahead of the $219.85 billion at the same stage of last year.

Among the underwriters, JPMorgan was second with $25.68 billion, or 10.7% of the market, about $1.5 billion behind Citi's $27.13 billion, or 11.3% share.

Deutsche Bank was third with $22.59 billion, or 9.4%, and HSBC was fourth at $19.97 billion, or 8.3%.

Barclays rounded out the top five with $14.08 billion, or 5.9% of the total.

For emerging markets bonds offered in the U.S. market, Citigroup again placed first with JPMorgan second.

Year-to-date issuance in the U.S. market is $141.45 billion, 6.4% ahead of the $133.00 billion for the comparable period of 2012.

All major currencies, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	27.127	148	11.32%	1	26.179	113	11.91%
2	JPMorgan	25.677	132	10.71%	3	20.985	88	9.55%
3	Deutsche Bank	22.594	121	9.43%	4	19.738	87	8.98%
4	HSBC	19.974	127	8.33%	2	25.698	114	11.69%
5	Barclays	14.079	71	5.87%	5	13.783	50	6.27%
6	Bank of America	12.869	82	5.37%	9	8.567	50	3.90%
7	Goldman Sachs	10.627	55	4.43%	8	9.609	45	4.37%
8	BNP	10.616	44	4.43%	10	8.077	40	3.67%
9	Standard Chartered	9.390	63	3.92%	6	10.265	57	4.67%
10	Morgan Stanley	7.942	61	3.31%	7	9.882	43	4.49%
	Total	239.707	403	219.845	324
	Average size:	0.595	0.679
All major currencies, July
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.332	13	15.37%	4	3.370	18	8.52%
2	Barclays	2.844	13	13.12%	11	1.032	5	2.61%
3	JPMorgan	2.550	10	11.76%	3	3.725	10	9.42%
4	Deutsche Bank	1.744	9	8.04%	2	4.257	15	10.76%
5	Morgan Stanley	1.390	6	6.41%	6	2.167	8	5.48%
6	Goldman Sachs	1.099	4	5.07%	5	2.277	9	5.76%
7	Banco Santander	0.996	4	4.59%
8	HSBC	0.992	7	4.57%	1	4.570	18	11.55%
9	Credit Suisse	0.870	4	4.01%	18	0.687	2	1.74%
10	BNP	0.792	3	3.65%	16	0.810	3	2.05%
	Total	21.685	33	39.559	52
	Average size:	0.657	0.761
U.S. market, dollar-denominated deals, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	20.168	103	14.26%	1	19.887	77	14.95%
2	JPMorgan	18.752	88	13.26%	2	15.559	57	11.70%
3	Deutsche Bank	14.543	69	10.28%	5	9.372	44	7.05%
4	Barclays	10.334	50	7.31%	4	9.585	33	7.21%
5	HSBC	8.767	47	6.20%	3	13.475	54	10.13%
6	Bank of America	8.465	54	5.98%	8	6.411	34	4.82%
7	Goldman Sachs	7.964	35	5.63%	6	8.124	32	6.11%
8	BNP	6.813	23	4.82%	10	3.920	20	2.95%
9	Morgan Stanley	5.846	37	4.13%	7	7.181	26	5.40%
10	Credit Suisse	4.049	22	2.86%	13	2.830	19	2.13%
	Total	141.452	205	133.002	170
	Average size:	0.690	0.782
U.S. market, dollar-denominated deals, July
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	2.420	11	18.88%	12	0.660	3	2.89%
2	Citigroup	1.890	8	14.74%	2	2.458	13	10.78%
3	JPMorgan	1.729	7	13.49%	1	2.975	7	13.05%
4	Morgan Stanley	1.390	6	10.84%	4	2.167	8	9.51%
5	Banco Santander	0.996	4	7.77%
6	Goldman Sachs	0.916	2	7.14%	3	2.277	9	9.99%
7	Deutsche Bank	0.909	3	7.09%	8	1.232	8	5.41%
8	Standard Chartered	0.331	1	2.58%	11	0.687	4	3.02%
9	Scotia	0.298	2	2.32%	21	0.186	1	0.82%
10	BB	0.282	1	2.20%
10	BNP	0.282	1	2.20%
10	HSBC	0.282	1	2.20%	5	2.029	9	8.90%
10	Itau BBA	0.282	1	2.20%
10	Santander	0.282	1	2.20%
	Total	12.821	19	22.789	30
	Average size:	0.675	0.760
Prospect News Emerging Markets Underwriter Rankings

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 on the 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, Austria, Belgium, Finland, Iceland and Greece.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.