20180103-法国巴黎银行-CEEMEA_expected_new_issuance_6页_380kb

报告摘要

CEEMEA Expected New Issuance Summary

Core Content

This document outlines the expected new issuance activity in the CEEMEA (Central and Eastern Europe, the Middle East, and Africa) region, focusing on the first quarter of 2017 and the potential for primary market activity to resume due to historically tight valuations. It highlights the key issuers and their issuance amounts over the past five years, as well as specific country-related disclosures and legal notices.

Main Points

Primary Market Activity Resumption: The document suggests that primary market activity in CEEMEA may resume, as issuers aim to capitalize on historically tight valuations.
Expected Issuers in January 2017: Traditional issuers in January include Turkey, Slovenia, Poland, and Slovakia.
Qatar and Egypt Issuance Plans: Qatar may issue up to $9 billion, while Egypt is reported to plan a $1.5 billion issuance with a 5–10 year tenor.
GCC Issuance Outlook: The GCC (Gulf Cooperation Council) region is expected to maintain a high issuance volume throughout the year, with all members including Saudi Arabia, UAE, Bahrain, Oman, and Kuwait.
Top Q1 Issuers (2013–2017): The top 15 issuers in the first quarter of the past five years are listed, showing their total issuance amounts and individual years' data.

Key Information

Table 1: Top 15 Q1 Issuers (2013–2017) by Total Issuance

Issuer	2017	2016	2015	2014	2013	Total
TURKEY	4,510	1,485	1,483	3,967	1,471	12,916
POLAND	1,609	3,628	1,062	4,696	1,304	12,300
SLOVAKIA	2,080	1,089	1,757	2,033	2,927	9,886
SLOVENIA	2,712	1,778	1,050	3,475	-	9,016
KUWAIT	7,934	-	-	-	-	7,934
ISRAEL	2,345	1,520	-	2,030	1,980	7,875
GAZPROM	1,804	505	-	1,035	3,650	6,994
HUNGARY	-	-	-	2,967	3,236	6,203
BULGARIA	-	2,174	3,241	-	-	5,415
OMAN	4,974	-	-	-	-	4,974
ROMANIA	-	1,412	-	1,971	1,484	4,867
ISLAMIC DEVELOPMENT BA	477	1,500	1,000	1,500	-	4,477
CROATIA	1,303	-	1,629	-	1,486	4,418
EGYPT	4,000	-	-	-	-	4,000
DUBAI ISLAMIC BANK	1,000	500	1,000	-	1,000	3,500

Table 2: Top 15 Q1 Issuers (2013–2017) by Total Issuance (2017)

Issuer	2017	2016	2015	2014	2013	Total
KUWAIT	7,934	-	-	-	-	7,934
OMAN	4,974	-	-	-	-	4,974
TURKEY	4,510	1,485	1,483	3,967	1,471	12,916
EGYPT	4,000	-	-	-	-	4,000
SLOVENIA	2,712	1,778	1,050	3,475	-	9,016
ISRAEL	2,345	1,520	-	2,030	1,980	7,875
SLOVAKIA	2,080	1,089	1,757	2,033	2,927	9,886
POLAND	1,609	3,628	1,062	4,696	1,304	12,300
FIRST QUANTUM MINERALS	2,200	-	-	-	-	2,200
DUBAI ISLAMIC BANK	1,000	500	1,000	-	1,000	3,500
INVESTMENT CORP DUBAI	996	-	-	-	-	996
NIGERIA	1,517	-	-	-	-	1,517
CROATIA	1,303	-	1,629	-	1,486	4,418
SOUTHERN GAS CORRIDOR	1,075	991	-	-	-	2,066
GAZPROM	1,804	505	-	1,035	3,650	6,994

Legal and Regulatory Information

The document is prepared by Tatiana Tchembarova from the Credit Trading Desk at BNP Paribas London Branch.
It is a marketing communication and not intended for retail clients.
The views expressed are not necessarily those of the BNP Paribas Research Department and may differ.
The document includes regulatory disclaimers for various jurisdictions, emphasizing that it is not an offer to buy or sell any securities and is not intended for certain categories of investors, such as retail clients or non-qualified investors in specific countries.

Conclusion

The document provides an overview of expected issuance activity in CEEMEA, with a focus on the first quarter of 2017. It highlights the potential for increased primary market activity, identifies key issuers, and includes detailed legal notices and disclaimers tailored to different regions.

展开完整摘要