DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS. REUTERS / Arnd Wiegmann
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1 DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS / Arnd Wiegmann Full Year 203
2 Full Year 203 Debt Capital Markets Managing Underwriters Debt Capital Markets Review Table of Contents Global Debt International Debt Asia Debt Global Deals Intelligence EMEA Deals Intelligence 9 Asia Deals Intelligence 3 Global Debt, Equity & Equity Related (A) All International Bonds (J) 9 Asian G3 Currency Bonds (ex-japan, ex-australia) (AR2) 3 Global Debt and Syndicated Loans (DL) All International Securitizations (J0c) 9 All Asian Currencies (ex-japan, ex-australia) (AS) 3 Global Scorecard 2 All Bonds in Euros (N) 9 Dim Sum Bonds (AS24a) 3 Leading Underwriters for Fourth Quarter High Yield Debt All Asian Currencies (ex-japan, ex-australia, ex-china) (ASa) 3 Global Debt (B) 2 Global High Yield Deals Intelligence 0 Australian Debt Global Investment Grade Corporate Debt (B7) 3 Global High Yield Debt (B4) 0 Australia Deals Intelligence 4 Global Debt and Syndicated Loans Islamic Finance (DL2) 3 Global High Yield Debt - US Dollar Denominated (B5) 0 All Australian Debt (ex self-funded) funded) (AJ3a) 4 Global Mortgage-Backed Securities (B0) 3 Global High Yield Debt - Non-US Dollar Denominated (B6) 0 Australian Dollar Non-Securitized Bonds (ex self-funded)(aj6) 4 Global Asset-Backed Securities (B) & (B3) 3 Emerging Market Debt All Australian International Bonds (AJ7) 4 Banking Composite of Top Global Debt s 4 All International Emerging Market Bonds (L) Japan Debt Global Debt Rankings - Last Ten Years 5 EMEA Emerging Market Bonds (L2) Japan Deals Intelligence 5 US Debt Latin America Emerging Market Bonds (L3) All Bonds in Yen (AP5) 5 US Debt (F) 6 Asia-Pacific Emerging Market Bonds (L4) Samurai Bonds (AP) 5 US High Yield Corporate Debt (F8) 6 Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2) 5 US Investment Grade Corporate Debt (F9) 6 Emerging Market Debt - Latin America Japanese Corporate Debt (AP3) 6 All Federal Credit Agency Debt (H) 6 All Brazilian Debt (BR) 2 Bonds Targeted in Japan (AP4) 6 US Asset-Backed Securities (F4) 7 Brazilian Domestic Debt (BR2) 2 Criteria Summary US Mortgage-Backed Securities (F) 7 Global Debt by Mexican Issuers (MX) 2 Debt Capital Markets Criteria Summary 7 US Mortgage-Backed Securities - Federal Credit Agencies (F3a) Banking Composite of Top US Debt s 7 8 Global Debt in Mexican Pesos (MX2) 2 Domestic Mexican Debt (MX3) 2 Thomson Reuters Solutions for the Deal Making Community 8
3 Global Debt Activity Down 2% During 203 l High Yield Up 9% l All-Time Record for US Corporate Debt l Tops Underwriting, Fee Rankings Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 2% - Overall global debt capital markets activity totaled US$5.6 trillion during full year 203, a decline of 2% from full year 202 and the slowest annual period for global debt capital markets activity since 20. Fourth quarter global debt activity decreased 2% compared to the third quarter of 203 and marked the slowest quarter for debt issuance since the second quarter of 202. US INVESTMENT GRADE CORPORATE DEBT TOPS US$ TRILLION - Investment grade corporate debt offerings targeting the US marketplace totaled US$.0 trillion during full year 203, narrowly besting last year s total and setting an all-time record for US issuance. Companies based in the United States accounted for 64% of issuance this year, up from 60% during full year 202. Issuers based in Canada accounted for 5% of US marketplace corporate debt, followed by the United Kingdom and Japan with 4% and 3%, respectively. ALL-TIME RECORD GLOBAL HIGH YIELD; SIXTH CONSECUTIVE US$00 BILLION+ QUARTER - The volume of global high yield corporate debt reached US$462.0 billion during full year 203, a 9% increase compared to full year 202 and the strongest annual period for high yield debt activity since records began in 980. High yield issuance from issuers in the U.S. accounted for 56% of activity, compared to 72% a year ago. Issuance from European issuers more than doubled compared to full year 202. Global High Yield Corporate Debt- Quarterly Proceeds ($bil) $40 $20 $00 $80 $60 $40 $20 $0 Global High Yield Debt ($bil) Full Year 203 DEBT CAPITAL MARKETS REVIEW Number of Offerings Global Debt Capital Markets by Asset Class FINANCIALS ACCOUNT FOR 47% OF 203 DCM ACTIVITY Debt capital markets activity in the financials sector totaled US$2.6 trillion during full year 203, accounting for 47% of all new issuance this year. Telecom and high $2.4 technology activity saw the strongest year-over-year growth, registering increases of 65% and 52%, respectively, over a $2.2 year ago. Bolstered by the year s record-breaking $49.0 billion offering from Verizon Communications, average deal size $2.0 in the telecom sector led all industries this year, with the average deal totaling US$.2 billion. $.8 $.6 EMERGING MARKETS CORPORATE DEBT DOWN 6% - New corporate debt from emerging markets issuers totaled $.4 US$297.0 billion during full year 203, a 6% decrease from last year at this time. 49% of all emerging markets corporate $.2 debt during the year was raised by issuers in Russia, India and Mexico. $.0 $0.8 JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in global investment grade and high $0.6 yield corporate debt underwriting, took the top spot for full year 203 debt underwriting, with total proceeds of $0.4 US$424.8 billion and a decrease of 0.5 market share points. Deutsche Bank maintained the number two spot during full $0.2 year 203, with 6.8% market share. Based on underwriting fees for full year 203, topped all other $0.0 underwriters with an estimated $.8 billion, or 8.4% of overall fees this year DEBT UNDERWRITING FEES DOWN 2% - According to Thomson Reuters/Freeman Consulting, estimated fees from Investment Grade Corporate MBS Agency, Supranational, Sovereign DCM activity totaled US$2.9 billion during full year 203, a decline of 2% compared to full year 202. Fees from high Federal Credit Agency ABS High Yield Corporate grade debt underwriting totaled US$0.2 billion (47% of the market), while fees from high yield debt totaled $6.4 billion Emerging Market Corporate (29% of overall DCM fees). High yield underwriting fees increased 5% compared to the full year 202. Global Debt, Equity & Equity-related (A) Global Debt and Syndicated Loans (DL) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 490, , , , Deutsche Bank , , Bank of America Merrill Lynch , , , , , , , , Deutsche Bank , , Goldman Sachs & Co , , , , Bank of America Merrill Lynch , , Morgan Stanley , , Morgan Stanley , , Goldman Sachs & Co , , Credit Suisse , , Wells Fargo & Co , , , , , BNP Paribas SA 0 207, BNP Paribas SA 0 308, ,477, , ,820, , ,359, ,264 +6,026 39, ,468, , , Proceeds (US$t) Number of Offerings 0.4% 0.4%.% 5.3% -0.% 23.0% 7.2% 6.0% -3.0% -0.7% 8.2% 0.8%
4 Full Year 203 Debt Capital Markets Managing Underwriters Global Debt Global Scorecard Global Debt (B) Jan Dec Jan Dec Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds No. Proceeds No. % Change $USm Deals $USm Deals in Proceeds All US Debt (F) 424, , US Long-term Debt (F2) 2,544,83. 4,792 2,586, ,77 -.6% Deutsche Bank , , US Long-term Straight ex MBS, ABS & Munis (F3),859, ,578,938, ,050-4.% , , US Federal Credit Agency Debt (F7) 49,090.8, ,205.0, % , , US High Yield Corporate Debt (F8) 335, , % Bank of America Merrill Lynch , , US Investment Grade (F9),06,740.4,030,0,06.8, % Morgan Stanley , , Agency, Sovereign & Supranational Debt (F0) 286, , % Goldman Sachs & Co , , US Mortgage-backed Securities (F) 49, , % , US Asset-backed Securities (F4) 265, , % Credit Suisse , US Taxable Municipal Debt (F5) 6, , % BNP Paribas SA , US Short-term Debt - including MBS, ABS (F6) 45,776.6,30 239,286.2, % RBS 2 53, RBC Capital Markets , All Global Debt (B) Wells Fargo & Co , Global Long-term Debt (B2) 5,335, ,724 5,4, ,5 -.4% Nomura , Global Long-term Debt ex MBS, ABS & Munis (B3) Global High Yield Corporate Debt (B4) 4,477, ,999., ,597, ,765.8, % +8.8% Societe Generale Credit Agricole CIB , , Global Investment Grade Corporate Debt (B7) 2,59,734. 6,22 2,705, ,40-4.2% UBS 7 87, US Federal Credit Agency Debt (B8) 66,365.9,079 29,648.4, % UniCredit , Global Agency, Sovereign & Supranational Debt (B9),94, ,728,56, , % TD Securities Inc , Global Mortgage-backed Securities (B0) 504, , % Mizuho Financial Group , Global Asset-backed Securities (B) 353, , % Natixis , Global Short-term Debt (B4) 264, ,85 35,25.4 2, % Daiwa Securities Group Inc , Standard Chartered PLC , Commerzbank AG , Leading Underwriters for Fourth Quarter 203 CIBC World Markets Inc , Top Twenty Five Total 3,07, , Current Qtr 5,564, , , Market Share Mkt. Share Chg. Consecutive No. Manager (%) from Last Qtr (%) Quarters No. -2.4% -3.9% -2.3% Market Sector Stocks and Bonds Global Debt, Equity & Equity-related (A) Global Disclosed Fees (A2) U.S. Debt, Equity & Equity-related (E) U.S. Disclosed Fees (E2) Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B) US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F) U.S. LT Debt inc MBS,ABS &Tax Munis(F2) U.S. Investment Grade Corporate Debt (F9) U.S. High Yield Corporate Debt (F8) U.S. Federal Credit Agency (H) U.S. LT Federal Credit Agency Debt (H3) U.S. Mortgage-backed Securities (F) U.S. Asset-backed Securities (F4) International Bonds All International Bonds (J) All Bonds in Euro (N) All International Securitizations (J0c) Credit Suisse BNP Paribas SA Deutsche Bank % Global Debt Capital Markets % Change by Asset Class 20% 0% 0% -0% -20% -30% -4.2% Investment Grade Corporate 3.3% Agency, Supranational, Sovereign 5.% MBS 8.4% High Yield Corporate -8.8% 5.8% ABS -7.% 203 vs % -43.0% Emerging Market Corporate Federal Credit Agency Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR2) All Asian Currencies ex CDs (AS) CDB Securities Co Ltd % Australia Bonds Australian Dollar Bonds (AJ3) Australian Domestic Securitization (AJ5) ANZ Banking Group Westpac Banking % 2
5 Full Year 203 Debt Capital Markets Managing Underwriters Global Debt Global Investment Grade Corporate Debt (B7) Imputed Fees: Global Investment Grade Corporate Debt Full Year Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 79, Bank of America Merrill Lynch , , Morgan Stanley , Deutsche Bank , , Goldman Sachs & Co , , BNP Paribas SA , RBS 0 75, ,278, , ,59, , , % -2.8% -5.9% -5.6% -3.7% -5.6% Fees (US$m) $2,000 $0,000 $8,000 $6,000 $4,000 $2,000 $0 6,327 6,363 6,898 6,482 6,249 6,40 6,22 5,808 4,894 5,432 6,95.9 6, , , , ,39.4 8, , , , Global Investment Grade Fees (US$m) Number of Offerings 8,000 7,000 6,000 5,000 4,000 3,000 2,000,000 0 Number of Offerings Global Debt and Syndicated Loans Islamic Finance (DL2) Global Mortgage-Backed Securities (B0) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) CIMB Group Sdn Bhd 5, , Standard Chartered PLC 3 4 2, Malayan Banking Bhd 4 3 2, AMMB Holdings Bhd 5 7 2, RHB 6 6 2, Deutsche Bank 7 5 2, , Emirates NBD PJSC 9 4, Abu Dhabi Islamic Bank (ADIB) , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 4 58, Deutsche Bank 2 52, , Bank of America Merrill Lynch , Goldman Sachs & Co , Credit Suisse , , Morgan Stanley , Wells Fargo & Co , Nomura 0 0 8, , , % -4.0% 0.7% 5.% 0.8% 00.0% 87.8% 2.7%.6% 7.3% 4.2% 9.3% Global Asset-Backed Securities (B) Global Asset-Backed Securities ex-cdos (B3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 44, , Bank of America Merrill Lynch 3 2 3, Credit Suisse , Bank of America Merrill Lynch , RBC Capital Markets Deutsche Bank , Credit Suisse RBC Capital Markets 7 8 9, Deutsche Bank RBS 8 5 7, RBS Morgan Stanley 9 7, Mizuho Financial Group Wells Fargo & Co 0 0 4, Wells Fargo & Co 255, , , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3, , , , , , , , , , , , * tie 5.8% 5.5% -5.8% 6.7% 24.4% 24.9% -6.3% 9.4% -9.% -4.0% 0.0% 7.7% 3
6 Full Year 203 Debt Capital Markets Managing Underwriters Banking Composite: Global Debt Issue Type Composition for the Top Global Debt s % 5.8% 6.0% 5.2% 4.3%.0% 5.8% 5.7% 5.3% 0.3% 7.% 90% 80% 70% 49.4% 4.4% 45.4% 49.8% 56.2% 47.5% 54.7% 48.9% 50.0% 42.0% 60% % Total Proceeds 50% 5.5% 2.8% 7.2%.5% 8.8% 40% 30% 20% 0% 6.7% 2.3% 4.9% 5.3%.8% 4.6% 4.5% 4.2% 27.2% 22.5% 4.2%.7% 7.6% 6.% 8.5% 5.2% 7.% 0.9% 8.5%.8% 23.6%.0% 4.9% 3.6% 7.2%.3% 8.5% 30.8% 3.2% 4.3% 30.6% 2.8%.5% 3.0% 7.% 0% 5.6% 3.6% 5.3% 6.3% 6.4% Deutsche Bank Bank of America Merrill Lynch.9% 3.0% 2.7% 2.% Morgan Stanley Goldman Sachs & Co Credit Suisse BNP Paribas SA ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS 7.6% 4
7 Full Year 203 Debt Capital Markets Managing Underwriters Global Debt Rankings* - Last Ten Years 2 Deutsche Bank Bank of America Merrill Lynch Rank 6 Morgan Stanley 7 Goldman Sachs & Co 8 9 Credit Suisse 0 BNP Paribas SA *Global Debt League Table (B) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year. 5
8 Full Year 203 Debt Capital Markets Managing Underwriters US Debt Investment Grade Tops US$ Trillion l Record Years for Investment Grade & High Yield l Verizon Prices Largest Bond on Record US Deals Intelligence US Investment Grade Corporate Debt (F9) Annual volume for the U.S. Investment Grade market in 203 narrowly eclipsed 202's all-time high, passing the US$ trillion mark for the second consecutive year. Despite a lower deal count (44 fewer issues comapared to 202), the US$.02 trillion raised beat last year's US$.0 trillion total as issuers continued to take advantage of historic low interest rates ahead of the anticipated rate climb: the 203 average coupon stood at 3.496%, just 0.9 basis points over 202's record low average rate. Verizon Communications priced the largest bond issue on record in September, shattering the previous record held by Apple for its US$7 billion deal in April. Verizon used the US$49 billion transaction to fund its US$30. billion acquisition of the remaining 45% interest in Verizon Wireless from its former joint venture partner Vodafone - the third largest M&A transaction on record. The transaction led to the largest monthly high-grade volume on record. US ABS totaled US$265.2 billion from 496 transactions, representing the largest annual total since 2007 and surpassing 202 volume by 6.9%, largely attributed to the revival of the CDO market (3% of ABS volume) up 75.% over 202 levels. US High Yield debt increased 2.8% compared to 202 and set yet another annual record with proceeds of US$335.2 billion from 68 transactions. US Debt (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3, , , , Bank of America Merrill Lynch , , , Deutsche Bank , Goldman Sachs & Co , Morgan Stanley , Credit Suisse , Wells Fargo & Co , RBS , ,953, , ,544, , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 37, Bank of America Merrill Lynch 2 2 2, , Morgan Stanley , Goldman Sachs & Co , , Deutsche Bank , Wells Fargo & Co , RBS , Credit Suisse 0 33, , BNP Paribas SA RBC Capital Markets Mitsubishi UFJ Financial Group , ,090. 9, UBS Mizuho Financial Group ,92.6 5, US Bancorp 7 6 8, Scotiabank , Credit Agricole CIB 9 2 4, Societe Generale , Nomura , SunTrust Banks , Santander , Standard Chartered PLC , Itau Unibanco , Bank of New York Mellon Corp , Jefferies LLC , TD Securities Inc , BMO Capital Markets , Banco do Brasil SA , Top Thirty Total 973, , ,06, , , % 2.3% 25.4% 2.% 6.8% 32.2%.6% 3.9% 7.4% 8.8% 4.6% 7.6% US High Yield Corporate Debt (F8) All Federal Credit Agency Debt (H) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 38, Bank of America Merrill Lynch , Deutsche Bank , Credit Suisse , , Goldman Sachs & Co , , Morgan Stanley , Wells Fargo & Co , RBC Capital Markets 0 0 3, , , , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 60, Morgan Stanley 2 4 4, Deutsche Bank , , BNP Paribas SA 5 6 2, TD Securities Inc 6 8 8, , , Nomura 9 9 5, Goldman Sachs & Co 0 5, , , ,496-2, % 6.5% 0.7% 2.% 8.0% 8.2% 46.6% 30.5% 37.2% 49.3% 64.7% 40.7% 6
9 Full Year 203 Debt Capital Markets Managing Underwriters US Securitizations US ABS Collateral Volume Breakout (US$b) 203 $35.6 3% $8.6 3% $7.9 7% $ % $4.9 6% CDO Credit Card Student Loan Auto Other Real Estate $.8 % US Asset-Backed Securities (F4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 39, , Bank of America Merrill Lynch , Credit Suisse , , Deutsche Bank 6 7 8, RBC Capital Markets 7 8 7, Morgan Stanley 8 0 4, Wells Fargo & Co 9 9 3, RBS 0 6 2, , , , , %.6% 9.5% 29.3% 9.5% 7.5% Quarterly Residential ABS, MBS & CDO Volume US Mortgage-Backed Securities (F) $600 $500 $400 Proceeds (US$b) # of Issues Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Deutsche Bank 49, , , Bank of America Merrill Lynch , Credit Suisse , Goldman Sachs & Co , Wells Fargo & Co , , Morgan Stanley , RBS 0 4, , , Proceeds (US$b) $300 $200 $00 $ # of Issues 5.0% 2.4% 6.7% 2.0% US Mortgage-Backed Securities - Federal Credit Agencies (F3a).6% 37.6% Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Deutsche Bank 37, , Goldman Sachs & Co , Credit Suisse , , Bank of America Merrill Lynch , , Morgan Stanley , Wells Fargo & Co 9 7 5, Nomura 0 9 4, , , % 6.% 22.7% 2.9% 0.9% 6.0% 7
10 Full Year 203 Debt Capital Markets Managing Underwriters Banking Composite: US DCM DCM Industry Composition (F) 203 DCM Industry Composition (Ex Financials) (F) % 00% 8.5% 8.7% 5.9% % of Industry Proceeds.4%.9% 2.4% 2.5% 2.8% 2.3% 2.6%.2%.3% 90% 80% 70% 60% 50% 40% 30% 20% 0% 0% 37.9% 9.9% 4.2% 3.% 4.5% 40.9% 0.4% 3.4% 3.5% 2.8% 4.7% 3.8% 5.5% 6.6% 2.3% 4.0% 0.6%.0% 39.5% 8.6% 4.7% 3.7% 3.4% 4.6% 4.7% 3.6% 5.4% 9.7% 0.2% 5.%.4% 37.5% 5.3% 4.4% 2.6% 5.4% 5.2% 4.6% 2.3% 8.0% 4.9% 0.6% 3.7% 2.6% 3.5% 3.2% 3.% 5.3%.0% 40.4% 5.2% 3.6% 4.2% 4.8% 4.4% 0.% 5.2% 7.3% 34.3% 2.7% 3.7% 3.7% 3.0% 5.8% 5.8% 2.8% 4.4% 0.4% 3.9% 40.3% 8.5% 2.9% 2.9% 3.9% 3.3% 2.8% 7.6%.0% 36.4% 4.% 2.9% 4.0% 3.5% 3.3% 4.3% 3.6% 3.9% 5.8% 27.4% 4.3% 3.3% 4.5% 5.2% 5.2% 3.4% 23.5% 5.0% 2.4%.7% 6.3% 0.8% 0.%.0%.8% 3.0%.6% 4.0% 2.4% 2.6%.2% 2.3%.3%.3%.2%.8% 0.8% 0.6% 2.9% 3.0%.4%.% JPM BoA DB Barc GS MS CS WF HSBC Proceeds % of Industry 90% 80% 70% 60% 50% 40% 30% 20% 0% 0% 6.0% 7.7% 4.2% 7.7% 6.8% 5.7% 4.9% 3.3% 6.% 2.3% 3.8% 4.0% 4.8% 5.6% 5.6% 6.4% 7.6% 7.6%.% 8.9% 7.7% 4.0% 4.5% 6.0% 6.8% 7.2% 9.0% 7.2% 5.6% 8.4% 8.9% 7.0% 8.6% 3.8% 8.2% 9.3% 6.% 22.2% 2.7%.6% 4.2% 3.0% 7.0% 3.% 6.4% 5.7% 4.% 5.0% 4.6% 4.6% 3.6% 2.% 7.0% 2.4% 6.2% 8.6% 5.9% 5.7% 4.9% 6.2% 8.2% 4.4% 8.0% 4.6% 4.4% 2.% 5.5% 5.6% 8.8% 3.8% 73% 7.3% 9.7% 5.% 4.8% 5.4% 4.2% 6.7% 6.5% 7.5% 9.% 6.6% 5.6% 5.7% 4.7% 6.% 34.% 5.8% 7.3% 2.% 25.5% 2.8% 24.9% 2.2% 8.9% 2.2% 8.4% 2.8% 4.8% 4.6% 2.% 2.0%.2% 2.% 3.% 2.2% 0.9% 8.6% 4.5%.% 6.2% 7.2% 7.2% 4.6% 32.3% 20.7%.5% JPM BoA DB Barc GS MS CS WF HSBC 0.% Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Financials 8
11 International Borrowing down 4% l High Tech and Telecomms Sharply Up l Deutsche Bank top Fee Earners Full Year 203 Debt Capital Markets Managing Underwriters International Debt EMEA Deals Intelligence International bond issuance was down 4.2% from 202. Among the underlying sectors, Financials dropped by 4.7% year on year, Government & Agency issuance was relatively static, with a 2.% increase. In the corporate sectors, Telecommunications posted a 75.4% increase and High Technology rose by 55.5%, whereas Healthcare fell 29.%. 203 was a record-breaking year in the international marketplace - the two largest International non-financial corporate bond offerings of all time (Verizon's US$49 billion issue in September and Apple's US$7 billion issue in April, which eclipsed Roche's 2009 US$6 billion prior record). The largest international corporate hybrid on record (EDF's US$8.2 billion equivalent tri-currency multi-tranche deal); and the largest supranational deal on record (EFSF's 8 billion deal in April). According to Thomson Reuters and Freeman Consulting, Deutsche Bank led all banks as to fees earned in 203 in the All Bonds in Euro market ( million earned), Deutsche Bank also led the Corporate in Euros market ( 28.3 million earned), and the Financials in Euros market ( 29.2 million). All International Bonds (J) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 279, , Deutsche Bank , , , , , Goldman Sachs & Co , , Bank of America Merrill Lynch , , BNP Paribas SA 8 7 7, Morgan Stanley , Credit Suisse , ,057, , ,435, , , % -7.0% -5.0% 6.0%.8% -.8% All International Bonds by Issue Type All International Securitizations (J0c) Proceeds ( b), Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q ABS & MBS Emerging Market Corporate Federal Credit Agency High Yield Corporate Agency, Supranational, Sovereign Investment Grade Corporate Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 24, Deutsche Bank 2 3 4, Bank of America Merrill Lynch 3 7 4, , RBS 5 4 0, Credit Suisse 6 0 0, , Wells Fargo & Co 8 6 8, Goldman Sachs & Co 9 8 7, , , , % 9.5% 32.8%.% 8.7% 40.0% European Financial and Corporate Inv Grade By Domicile Nation Full Year All Bonds in Euros (N) Proceeds ( b) Proceeds per ( m) # of Deals per Imputed Fees ( m) BNP Paribas SA 83, Deutsche Bank , , , Societe Generale , UniCredit , Credit Agricole CIB , , Goldman Sachs & Co 9 43, Natixis , , , ,030, , , % 0.2% 22.7% 2.3% 3.% 20.9% 9
12 Annual Global High Yield Volume Up 9% l EMEA Market Buoyant l Non Dollar Activity Up 07% Full Year 203 Debt Capital Markets Managing Underwriters High Yield Debt Global High Yield Deals Intelligence Global High Yield Debt (B4) Global high yield proceeds surged to another annual record in 203, reaching $462 billion and surpassing the prior record set in 202 by 8.8%. Issuers in EMEA and Asia drove the market, posting respective year-on-year gains of 22.7% and 23.6% whereas borrowing by U.S.-domiciled issuers declined 8.6%. Record-setting coupons continued to power the market in 203: globally, the average coupon for high yield issues stood at 7.%, the lowest ever. Total high yield non-dollar issuance peaked at 83.6 billion for the year -- the highest volume on record -- representing an increase of 07.4% over 202. Euros were the predominant non-dollar currency, totaling.64.3 billion for the full year, up 2.2% over 202 and capturing a 76.9% share of the non-dollar high yield market. Sprint s US$6.5 billion issue in September was the second-largest high yield deal on record, trailing only Energy Future Holdings US$7.5 billion issue in 2007, and contributing to the overall strength of the global high yield Telecommunications sector (up 8.4% from 202). Industrials posted similar year-on-year increases, with a 7.2% uptick from Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 48, Bank of America Merrill Lynch , Deutsche Bank , Credit Suisse , Goldman Sachs & Co , , , Morgan Stanley , Wells Fargo & Co , RBC Capital Markets 0 3, , , , , % 5.6% 4.5% -0.4% 3.6% -0.3% Average Quarterly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Basis Points Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 39, Bank of America Merrill Lynch , Deutsche Bank , Credit Suisse , , Goldman Sachs & Co , Morgan Stanley , , Wells Fargo & Co , RBC Capital Markets 0 3, , , , , *Spreads based on fixed rate issues where spread information is available 4.2% 3.6% -6.7% -5.2% 5.5% -8.4% Monthly High Yield Volume Proceeds (US$b) $70 $60 $50 Proceeds (US$) # of Issues $40 $30 $20 $0 $0 J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND # of Issues Global High Yield Debt - Non-US Dollar Denominated (B6) Proceeds per ( m) # of Deals per Imputed Fees ( m) Deutsche Bank 6, , , BNP Paribas SA 4 5 4, Credit Suisse 5 0 4, Goldman Sachs & Co 6 6 4, , , UniCredit 9 7 3, RBS 0 2, , , , % 76.7% 77.9% 3.5% 40.0% 27.5% 0
13 Full Year 203 Debt Capital Markets Managing Underwriters Emerging Markets All International Emerging Market Debt Up Slightly l EMEA Emerging Market Debt Up 4% l Latin America Emerging Market Debt Up % All International Emerging Market Bonds (L) EMEA Emerging Market Bonds (L2) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Deutsche Bank 4 45, Deutsche Bank 4 6, , , , , , BNP Paribas SA 4 7 0, Bank of America Merrill Lynch , , , , BNP Paribas SA 7 0 9, VTB Capital 7 3 7, Standard Chartered PLC 8 6 7, Goldman Sachs & Co 8 5, Goldman Sachs & Co 9 7 7, Bank of America Merrill Lynch 9 4 4, Morgan Stanley 0 8 4, Gazprombank 0 8 4, , , , , , % Change from Same Period Last Year 0.9% % Change from Last Quarter 6.9%.2% 25.6% 38.% -27.2% % Change from Same Period Last Year % Change from Last Quarter 4.0% 8.4% 45.5% 28.5% 5.6% 8.4% Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market Bonds (L4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 4, , , Deutsche Bank 2 5 3, Bank of America Merrill Lynch 3 5 3, , Deutsche Bank 4 4 3, , , Standard Chartered PLC 5 3 2, Morgan Stanley 6 6 8, UBS 6 8 0, Credit Suisse 7 9 5, Bank of America Merrill Lynch 7 9 9, , Goldman Sachs & Co 8 6 8, Goldman Sachs & Co 9 7 4, , Itau Unibanco 0 4, Bank of China Ltd 0 2 5, , , , , % Change from Same Period Last Year.3% -2.7% 33.7% % Change from Same Period Last Year.7% 2.6% 38.4% % Change from Last Quarter -26.7% -7.5% -32.5% % Change from Last Quarter 23.% 2.7% -39.4% Middle East Emerging Market Bonds (L5) All International Emerging Market Bond Volume by Industry (US$b) 203 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 4, , Standard Chartered PLC 3 2 4, Deutsche Bank 4 3 3, , , RBS 7 0, Emirates NBD PJSC 8, Goldman Sachs & Co 9 5, National Bank of Abu Dhabi 0 4, , , % Change from Same Period Last Year -9.3% -6.3% 69.8% % Change from Last Quarter 79.6% 240.0% -8.2% *tie $.6 0% $4. % $3.8 % $2.8 % $ % $2.9 3% $6.6 4% $8.3 4% $22.6 5% $97.5 2% $24.9 5% $75.2 6% Financials Government and Agencies Energy and Power Real Estate Materials Industrials Telecommunications Consumer Staples High Technology Retail Media and Entertainment Consumer Products and Services
14 Full Year 203 Debt Capital Markets Managing Underwriters Emerging Markets - Latin America Global Brazilian Debt Volume Down 24% l Fees for Global Brazilian Debt Down 22% l Domestic Brazilian Debt Down 42% l Domestic Mexican Debt Up 46% All Global Debt by Brazilian Issuers (BR) Global Brazilian Debt Volume by Sector First Nine Months Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Banco do Brasil SA 2 5, , Itau Unibanco 3 4, , Bank of America Merrill Lynch 5 2 3, Morgan Stanley 6 0 3, Banco Bradesco SA 7 7 3, Banco BTG Pactual SA 8 9 2, , Deutsche Bank 0 8 2, , , Proceeds (US$b) $00 $80 $60 $40 $20 69 Securitized Debt Junk Rated Debt Investment Grade Corporate Agency, Supranational, Sovereign # of Issues # of Issues % Change from Same Period Last Year -24.3% -3.9% -22.0% % Change from Last Quarter -56.5% -44.4% -68.2% Domestic Brazilian Debt in Reals (BR2) $ Global Debt by Mexican Issuers (MX) Proceeds per (R$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Banco do Brasil SA 3 3, , Itau Unibanco 2 2, BBVA 2 3 5, Banco Bradesco SA 3 8, , Banco BTG Pactual SA 4 6 3, Morgan Stanley 4 5 3, , Bank of America Merrill Lynch 5 8 3, Santander 6 4 2, , Banco Votorantim 7 8, Santander 7 7 3, Morgan Stanley , Banco do Nordeste do Brasil SA Deutsche Bank 9 4 2, Banco Safra SA Goldman Sachs & Co 0 6 2, , , , , % Change from Same Period Last Year -42.% -5.4% -44.7% % Change from Last Quarter -72.9% -60.0% -69.7% % Change from Same Period Last Year % Change from Last Quarter 42.6% -50.7% 3.3% -39.5% 27.4% -55.0% Global Debt in Mexican Pesos (MX2) Domestic Mexican Debt (MX3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 6, , , , BBVA 3 2 3, BBVA 3 2 2, Grupo Financiero Banorte-Ixe 4 4, Grupo Financiero Banorte-Ixe 4 5, Santander 5 5, Santander 5 4, Value Casa de Bolsa, S.A Value Casa de Bolsa, S.A Bank of America Merrill Lynch Bank of America Merrill Lynch Corporacion Actinver Sab de CV Corporacion Actinver Sab de CV Deutsche Bank Scotiabank Morgan Stanley Grupo Financiero Inbursa SA , , , , % Change from Same Period Last Year 63.9% % Change from Last Quarter -44.5% 63.% 77.4% % Change from Same Period Last Year 45.6% 3.9% 24.9% -46.3% -96.0% % Change from Last Quarter -42.4% -30.8% -96.% 2
15 Asian G3 Bond Volume - All Time High l Asian Local Currency Debt Dips l Asian G3 High Yield Corporate Debt Surges Full Year 203 Debt Capital Markets Managing Underwriters Asia Debt Asia Deals Intelligence Asian G3 Currency Bonds (ex-japan ex-australia) (AR2 ) Asian G3 currency (US$, Euro, Yen) debt for 203 registered a record-high volume of US$42.8 billion from 285 deals, a 6.5% increase from last year's volume of US$34. billion. Issuance in the fourth quarter reached US$28. billion representing an increase of 8.2% over the US$23.8 billion raised in the third quarter. China remained the top borrower nation, capturing 28.9% of the Asian G3 bond market, followed by Hong Kong and South Korea. Asian currency bond volume reached US$463.6 billion from 3,279 deals in 203, a marginal decline from 202 debt issuance of US$465.2 billion from 2,886 transactions. Chinese Yuan denominated debt totaled US$276.6 billion from,543 deals, capturing 59.7% of the Asian local currency market. Offshore Chinese Yuan issued and settled bond volume increased by 24.% over the total raised in 202, to CNY86.9 billion from 44 issues. According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3 currency bond market reached US$746.2 million, a 2.7% increase from the total fees paid in 202. Underwriting fees on Asian local currency bonds (ex. Japan, Australia) totaled US$.3 billion, representing a 7.5% decline compared to the US$.4 billion paid a year ago. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 6, Deutsche Bank 2 4 3, , , Standard Chartered PLC 5 5 0, Goldman Sachs & Co 6 6 8, UBS 7 0 8, Bank of America Merrill Lynch ,22.3 7, Morgan Stanley 0 8 5, , , t Includes Asian Development Bank issuance 6.5% 2.6% 2.7% 8.2% 26.9% 34.6% Asia Pacific Currency Bonds Imputed Fees % of Industry fees 00% 90% 80% 70% 60% 50% 40% 30% 20% 0% 0% Full Year Chinese Yuan Australian Dollar Korean Won Malaysian Ringgit Indian Rupee Thai Baht Singapore Dollar Taiwanese Dollar Hong Kong Dollar Indonesian Rupiah Philippine Peso Vietnamese Dong Pakistani Rupee All Asian Currencies (ex-japan ex-australia) (AS**) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) CITIC Group Corp 27, , Bank of China Ltd 3 6 7, Standard Chartered PLC 4 4 6, China Construction Bank 5 5 2, Industrial & Comm Bank China 6 7, Agricultural Bank of China 7 4, CDB Securities Co Ltd 8 2 0, KB Financial Group Inc , CIMB Group Sdn Bhd 0 9 9, , , , , % 3.6% -7.5% -0.4% -20.7% 2.9% **Includes CDs and CPs Offshore Chinese Yuan issued & settled Bonds (ex self-funded) (AS24a) All Asian Currencies (ex-japan ex-australia ex-china) (ASa**) Proceeds per (CNYm) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 62, , Standard Chartered PLC , Standard Chartered PLC 2 0, BNP Paribas SA , KB Financial Group Inc 3 0 9, DBS Group Holdings 4 9 8, CIMB Group Sdn Bhd 4 3 9, Industrial & Comm Bank China 5 8 5, Woori Invest & Sec Co Ltd 5 9 7, Bank of China Ltd 6 4 4, Korea Investment Holdings Co 6 6 7, , Axis Bank Ltd 7 5 6, CTBC Financial Holding Co Ltd 8-4, Hana Financial Group Inc 8 7 5, Bank of America Merrill Lynch 9 8 3, Daewoo Securities Co Ltd 9 3 4, Deutsche Bank 0 5 3, Kyobo Life Insurance Co 0 4 4, , , , , , % 24.7% -0.6%.2% 9.5% 8.2% * tie **Includes CDs and CPs -2.6% 29.5% -26.0% -7.3% -3.0% 29.5% 3
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