GlobalMarkets (formerly known as Emerging Markets) is the newspaper of record at the IMF/World Bank, European Bank for Reconstruction & Development (EBRD), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Inter-American Development Bank (IADB) annual meetings. Click here for more information about GlobalMarkets.
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Colombia’s FDN expects foreign lenders to step up for 4G
The chief executive of Colombian development bank Financiera de Desarrollo Nacional (FDN) says he expects international lenders to provide a larger chunk of funding for the country’s flagship fourth generation (4G) road-building programme as local lenders recover from the Odebrecht scandal.
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Paraguay looks at sovereign wealth fund ahead of Itaipú windfall
Landlocked South American country Paraguay is looking at the possibility of creating a sovereign wealth fund as part of a possible adjustment of its fiscal responsibility law, deputy finance minister Humberto Colman Castillo told GlobalMarkets.
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Sigma prices, Gilex waits in choppy Lat Am
Mexican food producer Sigma Alimentos was the only Latin American borrower to issue internationally this week as bankers said that issuance conditions remained difficult
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Lat Am DCM turns creative despite softer tone
Latin American bond bankers are presenting unusual structures to potential buyers, even as markets remain weak and more straightforward, well-known credits are managing only modestly successful deal execution
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LatAm giants looks to resurrect trade deal from TPP's ashes
After the US withdrew from the Trans-Pacific Partnership and opened up the Nafta agreement, four Pacific Alliance countries are to hold talks to admit four advanced economies in a move that will be seen as a sign that free trade is still on the agenda
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Election season threatens new wave of political unrest in LatAm
Voters in five Latin American countries go the polls over the coming year that could see left-wing candidates win a platform of rejecting the current prescription of orthodox economic policies
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Mexico vs Cat bonds: 1-1
Catastrophe bond pays out for one of two major earthquakes to hit Mexico in September
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Neighbours claim immunity from late-paying Venezuela
As investors keep a close eye on Venezuela’s outstanding debt payments, the country’s neighbours insisted that they would not be affected by a default
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LatAm rushes to launch Cat bond as countries brace for earthquakes
With another earthquake about to hit Latin America, finance ministers from four countries are rushing to launch a World Bank-backed catastrophe bond to ensure that money is paid quickly
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Russia sanctions add to nerves about RBI AT1s
The price for Raiffeisen Bank International (RBI) additional tier one (AT1) bonds has tumbled this week, as investors fret over over incoming US sanctions against Russia.
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Trump dominates IMF meetings for all the wrong reasons
As the world’s finance ministers, central bank governors and investment bankers dispersed from Washington DC at the weekend after the IMF-World Bank annual meetings, a sense of oppression hung over them.
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Rate hikes could hit indebted Asian banks — IMF
Rapid increases in private sector debt across Asia could leave some countries vulnerable as interest rates return to more normal levels, Changyong Rhee, director in the Asia and Pacific department at the International Monetary Fund, has warned.
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Trump’s Iran nuclear decision triggers market shockwaves
US president Donald Trump’s refusal to certify that Iran is compliant with the 2015 nuclear accord will have wide ramifications on everything from global commodities to the US’s already fraught relationship with North Korea, analysts warned on Saturday.
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African countries hope growth will prevent China repayment problems down the track
African countries are moving full steam ahead to develop their economies through Chinese-funded railway infrastructure, hoping faster growth will forestall concerns about the costs and their ability to pay it back.
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Out of the woods
Seen and heard in the corridors of the Annual Meetings
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Fiji ups the temperature at COP 23 with call to action
Fiji has fewer than 1m people and its CO2 output per head is only 8% of US levels. A strange country, perhaps, to preside over the world’s most important process for cutting greenhouse gas emissions. But from another perspective, Fiji is supremely well qualified to tackle climate change — its task as president of COP 23, the global climate negotiations scheduled for November.
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Central Asia urged to use upturn to embark on reform
Economic growth in Central Asia is picking up but experts at the IMF are concerned that leaders are not doing enough to address fiscal deficits
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South Africa central banker warns on political wrangling
Political uncertainty is crimping South Africa’s growth potential, the central bank’s governor has warned, as the finance minister says maintaining its credit rating is a key priority
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Xi Jinping reshapes himself in Mao's image as party holds landmark congress
The twice-in-a-decade summit of China’s National Party Congress next week could see premier Xi Jinping take on Mao’s mantle of party chairman and extend his power yet further.
FEATURES and OPINION
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Dombrovskis wants EU to ‘lead the world’ in green finance
The man in charge of financial services in the EU talks up Capital Markets Union post-Brexit, green finance, fintech and just how difficult it is to push through reforms in the banking sector
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Can European banks ever compete again?
American banks dominate global banking to an unprecedented extent and look set to gain yet more market share as US policymakers mull softer touch regulation. Will European firms ever be able to compete again?
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All aboard for the Europe special Belt route crucial to China’s global ambitions
This article is the fourth and final part of a series on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Road element, and two to the Belt element, of which this piece is the second and focuses on the western part of the overland route
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Vujović reinforces reform agenda as Serbia’s star rises
Following much needed but long delayed reforms, Serbia is turning its economy round and attracting foreign investment at an unprecedented rate. But can the Balkan country keep up the momentum? GlobalMarkets talks to Serbia’s finance minister Dušan Vujović about the next challenges, including fiscal consolidation, trade blocs and EU accession
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Indonesia’s central bank reformer
GlobalMarkets talks to Agus Martowardojo, governor of Bank Indonesia, about making changes to his policy toolkit and whether another rate cut is on the cards
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Mobilising financing is key to tackling climate change
The Final Word, by Emmanuel Macron, President of France
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Despite a turbulent year, Meade stays focused on structural goals
Mexico has battled with market fright over the implications of US policy, Nafta changes and a series of natural disasters. But the country’s finance minister now says advancing with reforms is top priority
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Rebuilding Asia key to success of China’s Belt and Road
This article is the third part in a series of four on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Road element and two to the Belt element, of which this piece is the first and focuses on the Asian part of the overland route
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Espenilla eyes reforms, bond market boost
Nestor Espenilla, the new governor of the Philippines central bank, talks to GlobalMarkets about the country’s infrastructure spending push, the need for a deeper bond market and his long wait for reform
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Green finance and the role of government
By Ma Jun, Chairman of the Green Finance Committee of China Society for Finance and Banking, Co-Chair of G20 Green Finance Study Group and Special Advisor to United Nations Environment on Sustainable Finance
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Trump casts long shadow over IMF’s multilateral ambitions
The Western financial crises saw the IMF ride to the rescue. Now the storms have passed, poorer economies want the fund’s attention but may lack political unity to engineer long term change
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The other America says ‘yes’ to Paris Agreement
Three devastating hurricanes this summer have not changed President Trump’s mind about leaving the Paris Agreement. But the response from US business and municipalities has been remarkable. Many reject Trump’s decision and are determined to carry on regardless, resisting climate change
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Belt and Road to bring vision to China’s blindspot beyond the Malacca Strait
This article is the second part in a series of four on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Belt element, and two to the Road element, of which this piece is the second and focuses on the western part of the maritime route
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Afghanistan’s new battle for economic development
Is Afghanistan finally turning the corner? The desert country, a crossroads between Central and South Asia, has for so long strived for stability and security and found neither
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Jordan: resilience in the face of crises
Imad Najib Fakhoury, Minister of Planning and International Cooperation of Jordan and Chairman of the Board of Governors of the European Bank for Reconstruction and Development.
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Belt and Road to transform Southeast Asia into China’s backyard
This article is the first part in a series of four on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Belt element and two to the Road element, of which this piece is the first and focuses on the Southeast Asian part of the maritime route
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Goldfajn’s great but gradual restoration
Brazil’s central bank governor Ilan Goldfajn says the end of deleveraging may lead to a stronger recovery but that reforms are crucial to sustaining the country’s economic rehabilitation
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Out of its comfort zone: EBRD’s home from home in MENA
GlobalMarkets sits down with the EBRD’s head of Southern & Eastern Mediterranean, Janet Heckman, and finds out why the bank is operating in a region so far removed from its original cultural and operational parameters
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Driving through reforms: Saudi gets behind the wheel
One of the most closed and conservative societies in the world, Saudi is gradually opening its doors to both foreign investment and international ideals. In an exclusive interview with GlobalMarkets, Mohammed Abdullah El-Kuwaiz, chairman of Saudi’s Capital Market Authority, discusses the game-changing implications of emerging market status on the country’s equity markets and the planned IPO of prize asset Aramco
DAILY PAPERS
IMF 2017 - Day 4
IMF 2017 - Day 3
IMF 2017 - Day 2
IMF 2017 - Day 1
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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EIB USD1.5bn 2.875% Jun 25 Climate Awareness Bond
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JFM USD1bn 3.25% Apr 23
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IDA USD1.5bn 2.75% Apr 23
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KfW EUR5bn 0.375% Apr 25
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Bawag EUR300m 5% PNC7 AT1
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KBC Group EUR1bn 4.25% PNC7.5 AT1
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Ontario EUR1.5bn 0.625% Apr 25
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Alberta EUR1.5bn 0.625% Apr 25
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Portugal EUR3bn 2.25% Apr 34
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IADB USD4bn 2.625% Apr 21
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EFSF EUR3bn 0.625% Oct 26
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BNG EUR1.75bn 0.5% Apr 25
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Ireland EUR4bn 1.3% May 33
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ABN Amro EUR750m 0.875% Apr 25 green
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CaixaBank EUR1bn 2.25% Apr 30 tier two
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 133,835.29 | 503 | 7.95% |
| 2 | JPMorgan | 124,028.87 | 511 | 7.37% |
| 3 | Bank of America Merrill Lynch | 113,258.82 | 378 | 6.73% |
| 4 | Barclays | 98,249.99 | 350 | 5.84% |
| 5 | Goldman Sachs | 96,719.92 | 270 | 5.75% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 20,423.32 | 23 | 9.47% |
| 2 | SG Corporate & Investment Banking | 14,215.71 | 38 | 6.59% |
| 3 | Deutsche Bank | 13,118.70 | 35 | 6.08% |
| 4 | Bank of America Merrill Lynch | 12,117.87 | 27 | 5.62% |
| 5 | Citi | 11,366.88 | 31 | 5.27% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 5,907.08 | 27 | 10.49% |
| 2 | JPMorgan | 4,381.89 | 22 | 7.78% |
| 3 | Citi | 4,149.79 | 23 | 7.37% |
| 4 | Deutsche Bank | 4,050.74 | 23 | 7.20% |
| 5 | UBS | 2,626.72 | 9 | 4.67% |
