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1 GLOBAL CAPITAL MARKETS LEAGUE TABLES H1 2016
2 H MANAGER RANKINGS GLOBAL CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Americas Paul Bandong loansleag@bloomberg.net EMEA Dustin Jooste emeacapmkts@bloomberg.net Asia-Pacific Hung Truong aploans@bloomberg.net 2016 Bloomberg Finance L.P. All rights reserved.
3 Global Fixed Income Review Corporate & Financial Bonds: Industry Breakdown 20% Corporate & Financial Bonds 5% 6% 53% Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan , Citi , Bank of America Merrill Lynch , Goldman Sachs , Deutsche Bank , HSBC , Barclays , Morgan Stanley , Wells Fargo , Credit Suisse , BNP Paribas , UBS , RBC Capital Markets , Credit Agricole CIB , Societe Generale , Mizuho Financial , China Securities Co Ltd , Banco Santander , UniCredit , Mitsubishi UFJ Financial , TOTAL 100% 2,216,139 7, % 7% 8% Financials 53% Consumer Discretionary 8% Industrials 7% Consumer Staples 6% Energy 5% Others 20% Corporate & Financial Bonds: Manager Rankings History Market Share (%) JP Morgan Citi Bank of America Merrill Lynch Goldman Sachs Deutsche Bank HSBC Bloomberg League Table Reports Page 1
4 Corporate Bonds Financial Bonds JP Morgan , Bank of America Merrill Lynch , Citi , Deutsche Bank , Barclays , Goldman Sachs , HSBC , Morgan Stanley , BNP Paribas , Wells Fargo , Mizuho Financial , Credit Suisse , RBC Capital Markets , Societe Generale , Mitsubishi UFJ Financial , Banco Santander , UBS , Credit Agricole CIB , UniCredit , ING Groep , TOTAL 100% 1,062,211 2, % Syndicated Government Bonds Barclays , HSBC , JP Morgan , Citi , Goldman Sachs , Bank of America Merrill Lynch , Deutsche Bank , BNP Paribas , TD Securities , Nomura , Morgan Stanley , Credit Agricole CIB , Societe Generale , UniCredit , RBC Capital Markets , Wells Fargo , Scotiabank , RBS , BMO Capital Markets , National Bank Financial Inc , TOTAL 100% 841,246 2, % HSBC , JP Morgan , Citi , Goldman Sachs , Morgan Stanley , Bank of America Merrill Lynch , Deutsche Bank , Barclays , Credit Suisse , Wells Fargo , UBS , Credit Agricole CIB , BNP Paribas , RBC Capital Markets , Societe Generale , Natixis , Guotai Junan Securities Co Ltd , China Securities Co Ltd , CITIC Securities Co Ltd , Landesbank Baden-Wuerttemberg , TOTAL 100% 1,153,927 4, % International Bonds JP Morgan , Barclays , HSBC , Citi , Bank of America Merrill Lynch , Goldman Sachs , Deutsche Bank , BNP Paribas , Morgan Stanley , Credit Agricole CIB , Societe Generale , Credit Suisse , Wells Fargo , UniCredit , UBS , RBC Capital Markets , TD Securities , Banco Santander , Mizuho Financial , RBS , TOTAL 100% 2,194,579 5, % Bloomberg League Table Reports Page 2
5 Corporate High Yield Bonds Global Bonds Bank of America Merrill Lynch , Citi , Goldman Sachs , JP Morgan , Deutsche Bank , Barclays , Credit Suisse , Guotai Junan Securities Co Ltd , Morgan Stanley , Wells Fargo , UBS , CITIC Securities Co Ltd , China Securities Co Ltd , HSBC , RBC Capital Markets , Credit Agricole CIB , BNP Paribas , Industrial & Comm Bank of China , Haitong Securities Co Ltd , ING Groep , TOTAL 100% 214, % JP Morgan , Bank of America Merrill Lynch , Citi , Barclays , Goldman Sachs , HSBC , Morgan Stanley , Deutsche Bank , Wells Fargo , BNP Paribas , TD Securities , RBC Capital Markets , Mizuho Financial , Mitsubishi UFJ Financial , Nomura , Credit Suisse , Scotiabank , BMO Capital Markets , UBS , Societe Generale , TOTAL 100% 750, % Bloomberg League Table Reports Page 3
6 Global Equity Review Global Equity, Equity Linked & Rights Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan , Morgan Stanley , Goldman Sachs , Citi , Bank of America Merrill Lynch , Credit Suisse , Deutsche Bank , UBS , Barclays , RBC Capital Markets , TD Securities , Nomura , BNP Paribas , BMO Capital Markets , Wells Fargo , CIBC , Jefferies , Scotiabank , Mizuho Financial , HSBC , TOTAL 100% 252,801 1, % Global Equity, Equity Linked & Rights: Industry Breakdown Financials 28% Energy 16% Consumer Discretionary 10% Health Care 8% Technology 8% Industrials 8% Materials 7% Utilities 5% Others 9% Global Equity, Equity Linked & Rights: Manager Rankings History Market Share (%) % 7% 8% 5% 8% 9% 10% 28% 16% This table consists of equity, equity-linked & rights offerings issued globally. This excludes bonds with warrants, closed-end fund or investment trust issuers, credit linked notes, qualified investor placements (QIP), reverse convertibles and self-led transactions. The thresholds include 12 month minimum call, put & maturity periods. Please see League Table Standards and Guidelines for further details. 0 JP Morgan Morgan Stanley Goldman Sachs Citi Bank of America Merrill Lynch Credit Suisse Bloomberg League Table Reports Page 4
7 Global Equity & Equity Linked Global Equity Offerings JP Morgan , Morgan Stanley , Goldman Sachs , Citi , Bank of America Merrill Lynch , Credit Suisse , Deutsche Bank , UBS , Barclays , RBC Capital Markets , TD Securities , Nomura , BMO Capital Markets , Wells Fargo , BNP Paribas , CIBC , Scotiabank , Jefferies , Mizuho Financial , HSBC , TOTAL 100% 232,824 1, % Global Equity IPO Morgan Stanley , JP Morgan , Citi , Goldman Sachs , Deutsche Bank , Bank of America Merrill Lynch , Credit Suisse , UBS , Barclays , Bank of China Nordea Macquarie Haitong Securities Co Ltd CITIC Securities Co Ltd Huatai Securities Co Ltd Nomura Mizuho Financial Carnegie China Securities Co Ltd Jefferies TOTAL 100% 46, % JP Morgan , Goldman Sachs , Morgan Stanley , Citi , Bank of America Merrill Lynch , Credit Suisse , UBS , Barclays , Deutsche Bank , RBC Capital Markets , TD Securities , BMO Capital Markets , Wells Fargo , CIBC , Jefferies , Scotiabank , Numis , Nomura , Nordea , HSBC , TOTAL 100% 194,039 1, % Global Equity Linked Morgan Stanley , JP Morgan , Deutsche Bank , Goldman Sachs , Nomura , BNP Paribas , Citi , Bank of America Merrill Lynch , Mizuho Financial Credit Agricole CIB HSBC UBS Credit Suisse RBC Capital Markets Barclays Societe Generale CIBC Scotiabank CITIC Securities Co Ltd China International Capital Corp TOTAL 100% 38, % Bloomberg League Table Reports Page 5
8 Global Loans Review Global Loans: Industry Breakdown 5% Global Loans Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan , Bank of America Merrill Lynch , Citi , Wells Fargo , Barclays , Deutsche Bank , Mitsubishi UFJ Financial , HSBC , BNP Paribas , RBC Capital Markets , Goldman Sachs , Morgan Stanley , Bank of China , Credit Suisse , Mizuho Financial , BMO Capital Markets , TD Securities , Sumitomo Mitsui Financial , Credit Agricole CIB , US Bancorp , TOTAL 100% 1,503,299 2, % Market Share (%) 6% 6% 6% 8% 9% 22% 16% 11% 10% Financials 22% Consumer Discretionary 16% Industrials 11% Health Care 10% Energy 9% Materials 8% Consumer Staples 6% Utilities 6% Technology 6% Communications 5% Others 1% Global Loans: Bookrunner Rankings History This table consists of loans syndicated globally. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. 0 JP Morgan Bank of America Merrill Lynch Citi Wells Fargo Barclays Deutsche Bank Bloomberg League Table Reports Page 6
9 Global Loans (Bookrunner) Global Loans (Mandated Lead Arranger) JP Morgan , Bank of America Merrill Lynch , Citi , Wells Fargo , Barclays , Deutsche Bank , Mitsubishi UFJ Financial , HSBC , BNP Paribas , RBC Capital Markets , Goldman Sachs , Morgan Stanley , Bank of China , Credit Suisse , Mizuho Financial , BMO Capital Markets , TD Securities , Sumitomo Mitsui Financial , Credit Agricole CIB , US Bancorp , TOTAL 100% 1,503,299 2, % Global Sponsor-Led Loans (Bookrunner) Bank of America Merrill Lynch , Credit Suisse , Barclays , Goldman Sachs , Citi , Deutsche Bank , Morgan Stanley , JP Morgan , BNP Paribas , RBC Capital Markets , Wells Fargo , UBS , Jefferies , Antares Capital LP , HSBC , BMO Capital Markets , Macquarie , Nomura , UniCredit , Credit Agricole CIB , TOTAL 100% 172, % JP Morgan , Bank of America Merrill Lynch , Citi , Wells Fargo , Mitsubishi UFJ Financial , Deutsche Bank , Barclays , HSBC , Bank of China , BNP Paribas , Mizuho Financial , RBC Capital Markets , Goldman Sachs , Morgan Stanley , Credit Suisse , Sumitomo Mitsui Financial , BMO Capital Markets , Credit Agricole CIB , TD Securities , Scotiabank , TOTAL 100% 1,662,953 3, % Global Sponsor-Led Loans (Mandated Lead Arranger) Bank of America Merrill Lynch , Credit Suisse , Barclays , Goldman Sachs , Deutsche Bank , Citi , Morgan Stanley , JP Morgan , UBS , Wells Fargo , Jefferies , RBC Capital Markets , Antares Capital LP , HSBC , BNP Paribas , BMO Capital Markets , Macquarie , ING Groep , Nomura , Mizuho Financial , TOTAL 100% 177, % Bloomberg League Table Reports Page 7
10 Global Bridge Loans (Bookrunner) Global Bridge Loans (Mandated Lead Arranger) Barclays , Bank of America Merrill Lynch , Morgan Stanley , Citi , Deutsche Bank , Goldman Sachs , HSBC , UniCredit , Rabobank , Credit Suisse , JP Morgan , TD Securities , Wells Fargo , RBC Capital Markets , Mitsubishi UFJ Financial , Credit Agricole CIB BNP Paribas Natixis Societe Generale CIBC TOTAL 100% 82, % Bank of America Merrill Lynch , Deutsche Bank , Citi , Goldman Sachs , JP Morgan , Mitsubishi UFJ Financial , RBC Capital Markets , HSBC , Banco Santander , Bank of China , Commerzbank , Credit Suisse , Mizuho Financial , TD Securities , BNP Paribas , Barclays , Sumitomo Mitsui Financial , Wells Fargo , UniCredit , Rabobank , TOTAL 100% 93, % Bloomberg League Table Reports Page 8
11 League Tables Criteria General Guidelines Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation. Fixed Income All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Note: criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. New money portions of exchange offers are eligible for credit. Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: criteria may vary for some local and/or regional tables. Equities-Linked Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-ipo convertible instruments, certain lower hierarch titles, i.e. Jr Bookrunner. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.
12 League Tables Criteria Equities Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table. Loans Includes executed syndicated loans transactions. Full credit is awarded to the sole bank satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender s option and not as a result of events already built into the original credit agreement. Credit is awarded to following structural changes only: three months or more maturity extensions, incremental basis for increased in deal size, reduction in pricing, full release of security. Exclusions: Bilateral transactions, Transactions with a maturity of less than three months. This three month period is defined as the difference between the signing date and the maturity date calculated using a 30 day month, Loans withdrawn prior to signing, Amended/Restated (A/R) securitizations, and receivable or guarantee facilities. The full version of Bloomberg s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.
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