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Cbonds has published the league tables of global and regional issuers for the first quarter of 2018

April 05, 2018 | Cbonds

Cbonds has prepared the league tables of global and regional issuers for the 1st quarter of 2018 according to the results of placements in domestic and foreign bond markets in various sectors of the economy.

In the 1st quarter, states attracted 78.9 billion dollars in the international market compared to the 1st quarter of 2017 (League Tables of Eurobond and Bond Issuers, 1st quarter of 2017), and the market volume increased by 11 billion dollars. The first place unexpectedly took Sweden, which was at the 13th place last year. It should be noted that DM countries rarely use foreign markets for borrowing. Sweden is the only DM country in the top 30. This year, the Kingdom of Sweden placed 3 issues worth 10.9 billion dollars. The second place is held by Argentina. This Latin American country placed 3 issues worth 9 billion dollars. The third place is held by Oman; investors purchased 3 issues for a total amount of 6.5 billion.

Sovereign international bond issuers
# Issuer Volume, bln USD Markets share, % Number of issues
1 Sweden 10.9 13.8 3
2 Argentina 9 11.3 3
3 Oman 6.5 8.2 3

Non-financial companies from developed and emerging countries borrowed 423 billion dollars in domestic and international markets. Compared to the 1st quarter of 2017, the amount of placements decreased by 95 billion dollars (or by 18%). The top five companies were almost completely replaced. In the 1st quarter of 2017, the top five consisted of US companies only: Verizon, Microsoft, Broadcom, AT&T, and Apple. In the 1st quarter of 2018, companies from different countries hit the top five. The American company called CVS Health took the first place. The company placed 9 issues worth 40 billion dollars, which is 9.4% of the total market of non-financial companies! The French company Sanofi follows it: 6 issues worth 9.8 billion dollars. The American company Broadcom took the third place (5 issues for 2 billion dollars). The Chinese China National Chemical Corporation took the fourth place. The company placed 6 issues with a nominal value of 6.4 billion dollars. The Belgian AB InBev is the last company in the top five. It placed 4 issues worth 6 billion dollars.

Worldwide non-financial sector issuers
# Issuer Volume, bln USD Markets share, % Number of issues
1 CVS Health 40 9.4 9
2 Sanofi 9.8 2,3 6
3 Broadcom 9.2 2.1 5
4 China National Chemical Corporation 6.4 1.5 6
5 AB InBev 6 1.4 4

Financial sector companies raised 682 billion dollars in the bond markets. This is 4 billion more than in the 1st quarter of 2017. The European Investment Bank preserves the first place. It placed 47 issues worth 30 billion dollars. The second place is taken by the European Financial Stability Facility (5 issues for 17 billion dollars), and the third place is taken by Deutsche Bank (14 issues for 13 billion dollars), which took the second place in the 1st quarter of 2017. These companies are followed by Landesbank Hessen-Thueringen (94 issues for 12 billion dollars) and Bank of America (6 issues for 11 billion dollars).

Worldwide financial sector issuers
# Issuer Volume, bln USD Markets share, % Number of issues
1 European Investment Bank 30.5 4.4 47
2 European Financial Stability Facility (EFSF) 17.6 2.5 5
3 Deutsche Bank 13 1.9 14
4 Landesbank Hessen-Thueringe (Helaba) 12.6 1.8 94
5 Bank of America 11.2 1.6 6

Non-financial issuers from emerging markets in 2018 raised 79 billion dollars in comparison to 60 billion dollars in the 1st quarter of 2017. The growth of the market was 31%! The following companies hit the top four: China National Chemical Corporation, Pemex, Tencent Holdings, and Teva Pharmaceutical Industries. Two companies – Petrobras and Tsinghua Unigroup, took the fifth place. In relative terms, the share of the six largest borrowers was 32%.

EM international bond non-financial sector issuers
# Issuer Volume, bln USD Markets share, % Number of issues
1 China National Chemical Corporation 6.4 8 6
2 Pemex 5.5 6.9 5
3 Tencent Holdings 5 6.3 4
4 Teva Pharmaceutical Industries 4.4 5.6 4
5-6 Petrobras 2 2.5 1
5-6 Tsinghua Unigroup 2 2.5 3

Financial institutions of the EM sector borrowed 68 billion dollars. This is 9 billion dollars less than in the 1st quarter of 2017. The first and third places were taken by the development banks: Asian Development and African Development Bank. The second place is taken by Qatar National Bank, the fourth and fifth place – by China Cinda Holdings Company and Bank of China (Hong Kong), respectively. The share of the top five in the Eurobond Market of EM financial companies was 31.5%.

EM international bond financial sector issuers
# Issuer Volume, bln USD Markets share, % Number of issues
1 Asian Development Bank 10.8 15 13
2 Qatar National Bank 3.5 5.1 12
3 African Development Bank 2.6 3.8 8
4 China Cinda Holdings Company 2.5 3.6 4
5 Bank of China (Hong Kong) 2.25 3.2 3

The total volume of state and corporate sector placements in the CIS region in the international market was 11.2 billion dollars. In the 1st quarter of 2017, the results were slightly worse: 10.1 billion dollars. The top five places were distributed as follows: Russia (4 billion dollars), Gazprom (1.7 billion dollars), Polyus (0.75 billion dollars), Belarus (0.6 billion dollars), and Mironivsky Hliboproduct (0.55 billion dollars).

CIS international bond issuers
# Issuer Volume, mln. USD Markets share, % Number of issues
1 Russia 4000 35 2
2 Gazprom 1722 15.3 2
3 Polyus 750 6.6 2
4 Belarus 600 5.33 1
5 Myronivsky Hliboproduct 550 4.8 1

League Tables of issuers accounted plain vanilla bonds issued by governments, companies, and banks. Bonds with a maturity period of less than 366 days, CDO, securitization and structural products are excluded from the calculations. The League Tables currency is the US dollar. All issues placed in other currencies have been converted into US dollars at the time of placement.


Company: Cbonds Group

Full company nameCbonds Ltd
Country of riskRussia
IndustryInformation and High Technologies

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