$120.9bn: international EM issuance in 2016 YTD

International Emerging Market debt issuance totals $120.9bn (262 deals) in 2016 YTD, the lowest since 2010 YTD ($101.9bn), is down 19% from the same time last year ($148.8bn) and down from the peak of $193.2bn in 2014 YTD.

The average spread to benchmark for International EM debt is 181bps in 2016 YTD, down 11bps from last YTD (192bps) and is the second lowest on record behind 1995 YTD (68bps).

20%: fall in Latin American issuance

International Latin American & Caribbean debt issuance totals $29.9bn (32 deals) in 2016 YTD, the lowest YTD volume since 2010 ($29.6bn) and is down 20% from last YTD ($37.3bn).

Latin American & Caribbean issuers account for 25% of international EM issuance in 2016 YTD, on par with the 25% share in 2015 YTD.

$15.0bn: Sovereign bond expected from Argentina

The Republic of Argentina is expected to raise $15bn on Tuesday April 19. At $15bn the deal would be the largest EM debt sale on record, ahead of Petrobras’ $11.0 corporate bond sale in May 2013, and Argentina’s first sovereign bond since October 2001. The deal is expected to consist of ten year (8%), three year (6.75%), five year (7.5%), and 30 year (8.85%) tranches, and be led by bookrunners BBVA, Citi, Deutsche Bank, HSBC, JPMorgan, Santander, and UBS.

$315m: revenue lowest since 2009

International EM DCM revenue totals $315m in 2016 YTD, down 32% from last YTD ($466m) and is the slowest start to a year since 2009 YTD ($132m).

Citi tops international EM debt ranking

Citi tops the International EM debt ranking in 2016 YTD with a 10.3% market share. HSBC and JPMorgan complete the top three with 10.1% and 9.4%, respectively