GLOBAL FIXED INCOME LEAGUE TABLES Q1 2016

Transcription

1 GLOBAL FIXED INCOME LEAGUE TABLES Q1 216

2 kath Q1 216 MANAGER RANKINGS GLOBAL FIXED INCOME CONTENTS 1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria Bloomberg s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24, unique issuers across more than 13 countries and 1 different currencies. LEAG<GO> for a full range of league tables NIM<GO> for Bloomberg s new issue monitor 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 North America Dean Psomaras newissues@bloomberg.net EMEA Benjamin Biset emeacapmkts@bloomberg.net Asia Pacific Carissa Chua nimap@bloomberg.net 215 Bloomberg Finance L.P. All rights reserved.

3 Global Fixed Income Review Q1 216 credited Corporate & Financial Bonds volume decreased 7.59% to USD 1.1 Trln while deal count decreased 8.67% to 3,686 offerings year-on-year. Corporate Bonds volume decreased 14.85% year-on-year to USD 471. Bln while the deal count decreased 17.12% to 1,37. Financial Bonds volume decreased 1.12% yearon-year to USD 613. Bln over 2,379 deals. JP Morgan ranked as the top Corporate & Financial Bonds underwriter for Q1 216 with 5.58% market share. The bank underwrote 326 deals over the period. Citi and ranked second and third with 5.34% and 5.2% market share, respectively. USD Bln Top Underwriter 1,4 1,2 1, Q1 Q Corporate & Financial Bonds: Highlights of Q1 216 Corporate & Financial Bonds: Quarterly Volume Q1 Q JP Morgan Number of deals 326 6,536 Avg size (USD Market Summary Number of deals 3,686 1,83,998 Avg size (USD Q1 Q Issuer Industry Date Anheuser-Busch InBev Finance Inc Consumer Staples 11, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 11, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 7,5 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 6, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 6, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 4, 1/13/216 Huaxia Bank Co Ltd Financials 3,814 2/29/216 Cooperatieve Rabobank UA Financials 3,539 1/8/216 Western Digital Corp Technology 3,35 3/18/216 Anheuser-Busch InBev SA/NV Consumer Staples 3,325 3/16/216 Q1 Q Other High Yield Investment Grade Q1 Q Q1 Q , 5, 4, 3, 2, 1, Global Corporate Leveraged Finance: Quarterly Volume USD Bln Basis points 4 2 Q1 Q Q1 Q Q1 Q Corporate High Yield Bonds Global Sponsor-Led Loans Q1 Q Q1 Q Financials 57% Consumer Staples 7% Consumer Discretionary 7% Industrials 6% Energy 5% Others 17% Q1 Q Corporate & Financial Bonds: Industry Breakdown 5% 6% 7% 17% 7% Corporate & Financial Bonds: Spread to Benchmark Q1 Q Q1 Q % Q1 Q Q1 Q High Yield Investment Grade Q1 Q Q1 Q Bloomberg Global Fixed Income Q

4 Corporate Bonds Share , JP Morgan , Citi , Deutsche Bank , Barclays , Goldman Sachs , BNP Paribas , Wells Fargo , HSBC , Mizuho Financial , Morgan Stanley , Societe Generale , Banco Santander , RBC Capital Markets , Mitsubishi UFJ Financial , ING Groep , Credit Suisse , Sumitomo Mitsui Financial , UniCredit , RBS , TOTAL 1% 47,968 1,37 1% Syndicated Government Bonds Share Barclays , JP Morgan , HSBC , Citi , Goldman Sachs , TD Securities , BNP Paribas , , Deutsche Bank , Morgan Stanley , Societe Generale , Nomura , UniCredit , Credit Agricole CIB , Landesbank Baden- Wuerttemberg , RBC Capital Markets , Scotiabank , BMO Capital Markets , RBS , Wells Fargo , TOTAL 1% 411,1 1,276 1% Financial Bonds Share Goldman Sachs , Citi , HSBC , JP Morgan , Morgan Stanley , Barclays , , Deutsche Bank , Wells Fargo , UBS , BNP Paribas , Credit Agricole CIB , Societe Generale , Guotai Junan Securities Co Ltd , Credit Suisse , RBC Capital Markets , Natixis , Landesbank Baden- Wuerttemberg , TD Securities , CITIC Securities Co Ltd , TOTAL 1% 613,29 2,379 1% International Bonds Share JP Morgan , Barclays , Citi , HSBC , , Goldman Sachs , Deutsche Bank , BNP Paribas , Morgan Stanley , Societe Generale , Credit Agricole CIB , TD Securities , Wells Fargo , UniCredit , UBS , Credit Suisse , Banco Santander , Landesbank Baden- Wuerttemberg , RBS , RBC Capital Markets , TOTAL 1% 1,74,341 2,41 1% Bloomberg Global Fixed Income Q

5 Global Bonds Share JP Morgan , Barclays , , Citi , Goldman Sachs , Morgan Stanley , HSBC , Deutsche Bank , Wells Fargo , TD Securities , BNP Paribas , RBC Capital Markets , Mizuho Financial , Mitsubishi UFJ Financial , Credit Suisse , Societe Generale , BMO Capital Markets , Banco Santander , Nomura , Sumitomo Mitsui Financial , TOTAL 1% 49, % Guotai Junan Securities Co Ltd Corporate High Yield Bonds Share , , Goldman Sachs , JP Morgan , Citi , Credit Suisse , Barclays , CITIC Securities Co Ltd , Deutsche Bank , UBS , Wells Fargo , China Securities Co Ltd , Huatai Securities Co Ltd , Credit Agricole CIB , HSBC , SunTrust Robinson Humphrey , Agricultural Bank of China Ltd , Morgan Stanley , Mizuho Financial , Mitsubishi UFJ Financial , TOTAL 1% 8, % Bloomberg Global Fixed Income Q

6 US Fixed Income Review Q1 216 credited US Corporate Bonds volume decreased 11.9% to USD Bln while deal count decreased 36.15% to 521 offerings year-on-year. US Investment Grade Corporate Bonds volume increased.58% yearon-year to USD Bln while the deal count decreased 32.11% to 425. US High Yield Corporate Bonds volume decreased 56.6% year-on-year to USD 41.3 Bln over 72 deals. JP Morgan ranked as the top US Corporate Bonds underwriter for Q1 216 with 12.2% market share. The bank underwrote 236 deals over the period. and Citi ranked second and third with 1.74% and 1.15% market share, respectively. USD Bln Top Underwriter Q1 Q US Corporate Bonds: Highlights of Q1 216 Q1 Q JP Morgan Number of deals ,685 Avg size (USD 21.5 Market Summary Number of deals ,431 Avg size (USD US Domestic Bonds: Quarterly Volume Q1 Q Issuer Industry Date Anheuser-Busch InBev Finance Inc Consumer Staples 11, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 11, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 7,5 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 6, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 6, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 4, 1/13/216 Western Digital Corp Technology 3,35 3/18/216 HSBC Holdings PLC Financials 3, 3/1/216 Morgan Stanley Financials 3, 1/22/216 Petroleos Mexicanos Energy 3, 1/28/216 Q1 Q Other High Yield Investment Grade Q1 Q Q1 Q ,8 1,5 1, 5 USD Bln Basis points 8% 9% 6% % 1% US Leveraged Finance: Quarterly Volume Q1 Q Q1 Q Q1 Q US Leveraged Loans US High Yield Corporate Bonds Q1 Q Q1 Q Financials 42% Consumer Staples 14% Technology 1% Consumer Discretionary 9% Energy 8% Health Care 6% Communications 6% Others 7% Q1 Q US Corporate Bonds: Industry Breakdown US Domestic Bonds: Spread to Benchmark Q1 Q % 14% Q1 Q % Q1 Q Q1 Q High Yield Investment Grade Q1 Q Q1 Q Bloomberg Global Fixed Income Q

7 US Domestic Bonds Share JP Morgan , , Citi , Barclays , Goldman Sachs , Wells Fargo , Morgan Stanley , Deutsche Bank , HSBC , TD Securities , BNP Paribas , RBC Capital Markets , Mizuho Financial , Credit Suisse , Mitsubishi UFJ Financial , Nomura , UBS , Banco Santander , Societe Generale , Sumitomo Mitsui Financial , TOTAL 1% 569, % US Corporate Bonds Share JP Morgan , , Citi , Goldman Sachs , Wells Fargo , Barclays , Morgan Stanley , Deutsche Bank , HSBC , BNP Paribas , RBC Capital Markets , Mizuho Financial , Mitsubishi UFJ Financial , TD Securities , Credit Suisse , UBS , Banco Santander , Societe Generale , Sumitomo Mitsui Financial , US Bancorp , TOTAL 1% 413, % US Agency Bonds Share Barclays , Wells Fargo , Citi , Deutsche Bank , JP Morgan , FTN Financial , Nomura , TD Securities , Morgan Stanley , Incapital , , Cantor Fitzgerald , Jefferies , Stifel , Vining Sparks , Goldman Sachs , HSBC , SunTrust Robinson Humphrey , Daiwa Securities , INTL FCStone Inc , TOTAL 1% 116,16 1,561 1% US Dollar Foreign Issuer Bonds Share JP Morgan , HSBC , , Citi , Barclays , Goldman Sachs , Deutsche Bank , TD Securities , Morgan Stanley , BNP Paribas , RBC Capital Markets , Wells Fargo , Credit Suisse , UBS , Nomura , Mitsubishi UFJ Financial , Banco Santander , Standard Chartered Bank , Mizuho Financial , Sumitomo Mitsui Financial , TOTAL 1% 314, % Bloomberg Global Fixed Income Q

8 US Investment Grade Corporate Bonds Share JP Morgan , , Citi , Wells Fargo , Goldman Sachs , Morgan Stanley , Barclays , Deutsche Bank , HSBC , BNP Paribas , RBC Capital Markets , Mizuho Financial , Mitsubishi UFJ Financial , TD Securities , Banco Santander , Societe Generale , Credit Suisse , US Bancorp , UBS , Sumitomo Mitsui Financial , TOTAL 1% 367, % US Dollar Preferreds Share Wells Fargo , , Morgan Stanley , Citi , Goldman Sachs UBS JP Morgan RBC Capital Markets Huntington Investment Co/The BB&T Credit Suisse Deutsche Bank Stifel Raymond James & Associates FBR Capital Markets Corp Davidson & Co Oppenheimer & Co Janney Montgomery Scott LLC Wunderlich Securities Inc Incapital TOTAL 1% 9, % US High Yield Corporate Bonds Share , Goldman Sachs , Citi , JP Morgan , Barclays , Wells Fargo , Credit Suisse , Deutsche Bank , SunTrust Robinson Humphrey , Credit Agricole CIB , Mizuho Financial , Morgan Stanley , HSBC , RBC Capital Markets , Mitsubishi UFJ Financial Jefferies UBS Sumitomo Mitsui Financial Guggenheim Capital Nomura TOTAL 1% 41, % Bloomberg Global Fixed Income Q

9 Canadian Fixed Income Review Q1 216 credited Canadian Corporate Bonds volume decreased 35.45% to CAD 21.1 Bln while deal count decreased 47.76% to 35 offerings year-on-year. Canadian Corporate Bonds - Bonus volume decreased 35.45% year-on-year to CAD 21.1 Bln while the deal count decreased 47.76% to 35. Canadian Government Bonds volume decreased 4.12% year-on-year to CAD 28.3 Bln over 73 deals. RBC Capital Markets ranked as the top Canadian Corporate Bonds underwriter for Q1 216 with 32.75% market share. The bank underwrote 21 deals over the period. TD Securities and BMO Capital Markets ranked second and third with 25.41% and 2.17% market share, respectively. Canadian Corporate Domestic Bonds Volume (CAD Share RBC Capital Markets , TD Securities , BMO Capital Markets , CIBC , Scotiabank , Wells Fargo National Bank Financial Inc Casgrain & Co TOTAL 1% 21, % Canadian Government Bonds Volume (CAD Share National Bank Financial Inc , BMO Capital Markets , CIBC , TD Securities , Scotiabank , RBC Capital Markets , Desjardins Capital Markets HSBC Laurentian Bank of Canada TOTAL 1% 28, % Canadian Corporate Domestic Bonds: Quarterly Volume USD Bln Q1 Q Q1 Q Q1 Q Q1 Q Financials 69% Consumer Discretionary 1% Utilities 6% Industrials 6% Others 9% Q1 Q Amount Canadian Corporate Domestic Bonds: Industry Breakdown 6% 1% 6% 9% 69% Canadian Corporate Domestic Bonds: Manager ings History Market Share (%) RBC Capital Markets TD Securities BMO Capital Markets Q1 Q CIBC Scotiabank Bloomberg Global Fixed Income Q

10 Latin America Fixed Income Review 8 Latin American Bonds: Quarterly Volume Amount 4 Q1 216 credited Latin American Bonds volume decreased 13.86% to USD 3.4 Bln while deal count decreased 48.36% to 63 offerings year-on-year. Latin American Local Currency Bonds volume decreased 56.95% year-onyear to USD 4.3 Bln while the deal count decreased 28.48% to 18. Brazilian Domestic Bonds volume decreased 63.67% year-on-year to BRL 3.7 Bln over 19 deals. JP Morgan ranked as the top Latin American Bonds underwriter for Q1 216 with 15.41% market share. The bank underwrote 1 deals over the period. and HSBC ranked second and third with 11.2% and 1.78% market share, respectively. USD Bln Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Latin American Bonds Share JP Morgan , , HSBC , Banco Bilbao Vizcaya Argentaria , Citi , Banco Santander , Credit Suisse , Deutsche Bank , Morgan Stanley , Societe Generale , TOTAL 1% 3, % Latin American Local Currency Bonds Share Bradesco BBI SA Banco Bilbao Vizcaya Argentaria Banco Santander JP Morgan Actinver Casa de Bolsa SA de CV Mizuho Financial Citi Daiwa Securities HSBC TOTAL 1% 4, % Market Share (%) 24% Latin American Bonds: Industry Breakdown 21% 54% Government 54% Energy 24% Others 21% Latin American Bonds: Manager ings History 2 1 JP Morgan HSBC Banco Bilbao Vizcaya Argentaria Citi Banco Santander Bloomberg Global Fixed Income Q

11 EMEA Fixed Income Review Q1 216 credited European Corporate & Financial Bonds volume decreased 6.19% to EUR Bln while deal count decreased 17.26% to 1,194 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume decreased 2.78% year-on-year to EUR 84.9 Bln while the deal count decreased 25.62% to 151. Western European Corporate High Yield Bonds volume decreased 76.46% year-on-year to EUR 7.1 Bln over 18 deals. HSBC ranked as the top European Corporate & Financial Bonds underwriter for Q1 216 with 6.67% market share. The bank underwrote 98 deals over the period. Barclays and Deutsche Bank ranked second and third with 6.31% and 6.1% market share, respectively. EUR Bln European Corporate & Financial Bonds: Highlights of Q1 216 Top Underwriter Q1 Q European Corporate & Financial Bonds: Quarterly Volume Q1 Q HSBC Number of deals 98 Volume (EUR 23,633 Avg size (EUR Market Summary Number of deals 1,194 Volume (EUR 354,393 Avg size (EUR Q1 Q Issuer Industry Volume (EUR Date Anheuser-Busch InBev Finance Inc Consumer Staples 11, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 11, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 7,5 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 6, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 6, 1/13/216 Anheuser-Busch InBev Finance Inc Consumer Staples 4, 1/13/216 Cooperatieve Rabobank UA Financials 3,539 1/8/216 Anheuser-Busch InBev SA/NV Consumer Staples 3,325 3/16/216 Anheuser-Busch InBev SA/NV Consumer Staples 3,48 3/16/216 HSBC Holdings PLC Financials 3, 3/1/216 Q1 Q Other High Yield Investment Grade Q1 Q Q1 Q , 2,5 2, 1,5 1, 5 EUR Bln EMEA Leveraged Finance: Quarterly Volume 1 5 Q1 Q Q1 Q EMEA Corporate High Yield Bonds (inc EM) EMEA Sponsor-led Leveraged Loans Q1 Q European Corporate & Financial Bonds: Industry Breakdown Q1 Q Q1 Q Financials 69% Consumer Staples 16% Consumer Discretionary 5% Others 11% European Corporate & Financial Bonds: Spread to Benchmark Basis points 16% 5% % Q1 Q Q1 Q % Q1 Q Q1 Q High Yield Investment Grade Q1 Q Q1 Q Q1 Q Bloomberg Global Fixed Income Q

12 European Bonds Volume (EUR Share Barclays , HSBC , BNP Paribas , Deutsche Bank , Societe Generale , Goldman Sachs , Citi , JP Morgan , , UniCredit , Credit Agricole CIB , Banco Santander , RBS , UBS , Landesbank Baden- Wuerttemberg , Natixis , ING Groep , Credit Suisse , Commerzbank , Morgan Stanley , TOTAL 1% 528,849 1,69 1% Eastern European Bonds Share Citi , UniCredit , JP Morgan , Barclays , BNP Paribas , Erste Group Bank HSBC Societe Generale Deutsche Bank Raiffeisen Bank International Group Gazprombank ING Groep Natixis Credit Agricole CIB Goldman Sachs VTB Capital Vnesheconombank Intesa Sanpaolo Sberbank CIB CJSC UBS TOTAL 1% 14, % Western European Bonds Volume (EUR Share Barclays , HSBC , BNP Paribas , Deutsche Bank , Societe Generale , Goldman Sachs , , Citi , JP Morgan , Credit Agricole CIB , UniCredit , Banco Santander , UBS , RBS , Landesbank Baden- Wuerttemberg , Natixis , ING Groep , Credit Suisse , Commerzbank , Morgan Stanley , TOTAL 1% 518,289 1,562 1% Western European Corporate High Yield Bonds Volume (EUR Share Goldman Sachs Credit Suisse JP Morgan ING Groep Deutsche Bank Societe Generale BNP Paribas Credit Agricole CIB Mitsubishi UFJ Financial HSBC Intesa Sanpaolo RBS Mediobanca Commerzbank Citi UniCredit Banque Internationale A Luxembourg Banco BPI SA SEB TOTAL 1% 7, % Bloomberg Global Fixed Income Q

13 EMEA Corporate Investment Grade Bonds (inc EM) Volume (EUR Share Deutsche Bank , BNP Paribas , , Barclays , Societe Generale , ING Groep , Citi , HSBC , Banco Santander , UniCredit , Goldman Sachs , RBS , Commerzbank , Sumitomo Mitsui Financial , JP Morgan , Credit Suisse , Credit Agricole CIB , UBS , Mitsubishi UFJ Financial , Mizuho Financial , TOTAL 1% 84, % Euro Currency Bonds Volume (EUR Share Barclays , BNP Paribas , HSBC , Societe Generale , Goldman Sachs , Deutsche Bank , Credit Agricole CIB , UniCredit , Landesbank Baden- Wuerttemberg , Citi , , JP Morgan , Natixis , Commerzbank , Banco Santander , ING Groep , UBS , RBS , Erste Group Bank , BayernLB , TOTAL 1% 417,136 1,4 1% EMEA Corporate High Yield Bonds (inc EM) Volume (EUR Share Goldman Sachs Credit Suisse JP Morgan ING Groep Deutsche Bank Societe Generale Credit Agricole CIB BNP Paribas Mitsubishi UFJ Financial RBS HSBC UniCredit Intesa Sanpaolo Citi Mediobanca Commerzbank Gazprombank Sberbank CIB CJSC VTB Capital TOTAL 1% 8, % Euro & Sterling Corporate & Financial Bonds Volume (EUR Share BNP Paribas , Barclays , Deutsche Bank , Societe Generale , HSBC , Goldman Sachs , Credit Agricole CIB , Citi , UBS , UniCredit , Landesbank Baden- Wuerttemberg , , Banco Santander , Natixis , Commerzbank , ING Groep , RBS , Credit Suisse , BayernLB , Erste Group Bank , TOTAL 1% 281, % Bloomberg Global Fixed Income Q

14 Sterling Bonds Volume (GBP Share Barclays , HSBC , RBS , Citi , TD Securities , Nomura , RBC Capital Markets , Lloyds Bank , JP Morgan Deutsche Bank Goldman Sachs Scotiabank Banco Santander Commonwealth Bank Australia Morgan Stanley ANZ Banking Group UBS Westpac Banking National Australia Bank Ltd TOTAL 1% 24, % Swedish Krona Bonds Volume (SEK Share Swedbank , Nordea , SEB , Danske Bank , Svenska Handelsbanken , DNB ASA , RBS , Pareto Securities Pareto Bank ASA ABG Sundal Collier Asa Carnegie TOTAL 1% 52, % Swiss Franc Bonds Volume (CHF Share Credit Suisse , UBS , Schweizerische Kantonalbanken , Raiffeisen Switzerland Zuercher Kantonalbank Deutsche Bank BNP Paribas Commerzbank Aargauische Kantonalbank Basellandchafliche Kantonalbank HSBC Basler Kantonalbank Banque Cantonale de Fribourg Gazprombank Banque Cantonale Vaudoise Kantonalbank Schwyz Goldman Sachs Luzerner Kantonalbank Vontobel Holding AG Graubundner Kantonalbank TOTAL 1% 14, % Sub-Saharan African Currency Bonds Share FirstRand Ltd JP Morgan Barclays Nedbank Ltd Standard Bank of South Africa Daiwa Securities Investec RBC Capital Markets General Electric Capital Corp HSBC Java Capital Deutsche Bank Citi Raiffeisen Bank International Group Sumitomo Mitsui Financial Nomura Nordea Mizuho Financial Danske Bank TOTAL 1% 2, % Bloomberg Global Fixed Income Q

15 CEEMEA Bonds Share Citi , JP Morgan , UniCredit , Barclays , HSBC , BNP Paribas , Deutsche Bank , Societe Generale Goldman Sachs Poalim IBI Underwriting Ltd National Bank of Abu Dhabi Erste Group Bank FirstRand Ltd ING Groep Raiffeisen Bank International Group Credit Agricole CIB Gazprombank Natixis Mitsubishi UFJ Financial TOTAL 1% 29, % African Bonds Share FirstRand Ltd Nedbank Ltd Standard Bank of South Africa Investec Barclays General Electric Capital Corp Credit Agricole CIB KBC Group JP Morgan Citi Erste Group Bank Standard Chartered Bank UniCredit RBS Java Capital TOTAL 1% 1, % MENA Bonds & Sukuk Share National Bank of Abu Dhabi Morgan Stanley HSBC JP Morgan Citi BNP Paribas Emirates NBD PJSC Societe Generale Bank ABC Sharjah Islamic Bank Dubai Islamic Bank Nomura Kamco RBS Gulf Bank KSC Barclays AmInvestment Bank Bhd Bank of Sharjah Commerzbank TOTAL 1% 5, % Sub-Saharan African Bonds Share FirstRand Ltd Nedbank Ltd Standard Bank of South Africa Investec Barclays General Electric Capital Corp Credit Agricole CIB KBC Group JP Morgan Citi Erste Group Bank Standard Chartered Bank UniCredit RBS Java Capital TOTAL 1% 1, % Bloomberg Global Fixed Income Q

16 Asia ex-japan Fixed Income Review Asia ex-japan G3 Currency Bonds: Quarterly Volume Other Q1 216 credited Asia ex-japan G3 Currency Bonds volume decreased 29.95% to USD 34.4 Bln while deal count decreased 2.22% to 71 offerings year-on-year. Asia ex-japan G3 Investment Grade Bonds volume decreased 27.4% year-on-year to USD 3.9 Bln while the deal count decreased 19.44% to 58. Asia ex-japan G3 Corporate High Yield Bonds volume decreased 77.28% year-on-year to USD 1.4 Bln over 4 deals. HSBC ranked as the top Asia ex-japan G3 Currency Bonds underwriter for Q1 216 with 12.52% market share. The bank underwrote 32 deals over the period. Citi and Standard Chartered Bank ranked second and third with 9.1% and 8.7% market share, respectively. USD Bln 7 5 Q1 Q Q1 Q Q1 Q Q1 Q High Yield Investment Grade Q1 Q Q1 Q Asia ex-japan G3 Currency Bonds: Highlights of Q1 216 Issuer Industry Date Philippine Government International Bond Government 2, 2/17/216 Perusahaan Penerbit SBSN Indonesia III Government 1,75 3/21/216 OVPH Ltd Utilities 1,2 2/22/216 China Development Bank Corp Government 1,18 3/14/216 Korea Development Bank/The Government 1, 1/6/216 China Development Bank Corp Government 1, 1/27/216 Bank of China Ltd/Hong Kong Financials 9 2/23/216 Export-Import Bank of Korea Government 826 3/8/216 Danga Capital Bhd Government 75 2/23/216 Perusahaan Penerbit SBSN Indonesia III Government 75 3/21/216 Asia ex-japan G3 Currency Bonds: Largest s by ry Issuer Date ry China Development Bank Corp 1,18 3/14/216 China OVPH Ltd 1,2 2/22/216 Hong Kong ICICI Bank Ltd/Dubai 7 3/14/216 India Perusahaan Penerbit SBSN Indonesia III 1,75 3/21/216 Indonesia Danga Capital Bhd 75 2/23/216 Malaysia Philippine Government International Bond 2, 2/17/216 Philippines Temasek Financial I Ltd 661 2/23/216 Singapore Korea Development Bank/The 1, 1/6/216 South Korea E.SUN Commercial Bank Ltd 24 1/19/216 Taiwan TMB Bank PCL/Cayman Islands 3 3/23/216 Thailand Asia ex-japan G3 Currency Bonds: Industry Breakdown 8% 5% 35% 11% 42% Financials 42% Government 35% Utilities 8% Consumer Discretionary 5% Others 11% Asia ex-japan G3 Currency Bonds: Manager ings History Market Share (%) HSBC Citi Standard Chartered Bank Deutsche Bank JP Morgan Bank of China Bloomberg Global Fixed Income Q

17 Asia ex-japan Issuer G3 Currency Bonds Share HSBC , Citi , Standard Chartered Bank , Deutsche Bank , JP Morgan , Bank of China , Credit Suisse , , Barclays , Credit Agricole CIB CIMB ANZ Banking Group Morgan Stanley UBS Bank of Communications BNP Paribas Industrial & Comm Bank of China Societe Generale DBS Group CITIC Securities Co Ltd TOTAL 1% 34, % Asia ex-japan Bonds Share Guotai Junan Securities Co Ltd , China Securities Co Ltd , CITIC Securities Co Ltd , Bank of China , China Construction Bank , Agricultural Bank of China Ltd , Industrial & Comm Bank of China , Haitong Securities Co Ltd , China International Capital Corp , Industrial Bank Co Ltd , Bank of Communications , Citi , HSBC , Huatai Securities Co Ltd , Shanghai Pudong Development Bank Co Ltd , GF Securities , JP Morgan , China Development Bank , Ping An Insurance Group Co , China Merchants Securities , TOTAL 1% 275,393 1,552 1% APAC ex-japan Issuer G3 Currency Bonds Share Citi , HSBC , Standard Chartered Bank , Deutsche Bank , JP Morgan , , Morgan Stanley , Bank of China , Credit Suisse , ANZ Banking Group , National Australia Bank Ltd , Credit Agricole CIB , UBS , Barclays , BNP Paribas , Commonwealth Bank Australia , RBC Capital Markets CIMB TD Securities Bank of Communications TOTAL 1% 53,6 16 1% APAC ex-japan Bonds Share Guotai Junan Securities Co Ltd , China Securities Co Ltd , CITIC Securities Co Ltd , Bank of China , Citi , China Construction Bank , Agricultural Bank of China Ltd , Industrial & Comm Bank of China , ANZ Banking Group , Haitong Securities Co Ltd , China International Capital Corp , Industrial Bank Co Ltd , HSBC , Bank of Communications , JP Morgan , UBS , Huatai Securities Co Ltd , Westpac Banking , Shanghai Pudong Development Bank Co Ltd , GF Securities , TOTAL 1% 319,126 1,73 1% Bloomberg Global Fixed Income Q

18 Asia ex-japan Issuer G3 Investment Grade Bonds Share HSBC , Citi , Standard Chartered Bank , Deutsche Bank , JP Morgan , Bank of China , , Barclays , Credit Agricole CIB CIMB ANZ Banking Group Credit Suisse Morgan Stanley UBS Bank of Communications BNP Paribas Societe Generale Industrial & Comm Bank of China CITIC Securities Co Ltd Dubai Islamic Bank TOTAL 1% 3,9 58 1% ASEAN Local Currency Bonds Share Maybank , DBS Group , Krung Thai Bank , CIMB , United Overseas Bank RHB AmInvestment Bank Bhd Bank of Ayudhya PCL Siam Commercial Bank PCL Indo Premier Securities Kasikornbank PCL Tisco Bank PCL Public Bank Berhad Danareksa Sekuritas PT Oversea-Chinese Banking Corp Bangkok Bank PCL Standard Chartered Bank ANZ Banking Group Deutsche Bank Industrial & Comm Bank of China TOTAL 1% 11, % Asia ex-japan Issuer G3 Corporate High Yield Bonds Share Standard Chartered Bank Credit Suisse HSBC Haitong Securities Co Ltd Guotai Junan Securities Co Ltd DBS Group China Construction Bank China Merchants Securities TOTAL 1% 1,4 4 1% Australian/New Zealand International Bonds Share Citi , HSBC , National Australia Bank Ltd , , Commonwealth Bank Australia , Morgan Stanley , RBC Capital Markets JP Morgan UBS ANZ Banking Group Nomura TD Securities Deutsche Bank Wells Fargo BNP Paribas Credit Suisse Macquarie Goldman Sachs Credit Agricole CIB Daiwa Securities TOTAL 1% 22, % Bloomberg Global Fixed Income Q

19 Australian Kangaroo Bonds Volume (AUD Share TD Securities , Nomura , Deutsche Bank JP Morgan ANZ Banking Group Commonwealth Bank Australia RBC Capital Markets HSBC Westpac Banking National Australia Bank Ltd Citi Mizuho Financial Daiwa Securities UBS Scotiabank TOTAL 1% 7, % Singapore Dollar Bonds Volume (SGD Share DBS Group , Oversea-Chinese Banking Corp Deutsche Bank HSBC United Overseas Bank Industrial & Comm Bank of China ANZ Banking Group CIMB Standard Chartered Bank Mizuho Financial JP Morgan TOTAL 1% 5, % Korean Issuer International Bonds Share HSBC Citi Credit Agricole CIB Societe Generale ANZ Banking Group Barclays UBS JP Morgan Credit Suisse Morgan Stanley BNP Paribas Standard Chartered Bank Mizuho Financial Commerzbank Korea Development Bank Sumitomo Mitsui Financial Deutsche Bank DBS Group Westpac Banking TOTAL 1% 8, % Japanese Yen Bonds Volume (JPY Share Morgan Stanley ,25, Mizuho Financial , Nomura , Daiwa Securities , Sumitomo Mitsui Financial , Citi , , JP Morgan , HSBC , Goldman Sachs , Mitsubishi UFJ Financial , BNP Paribas , Barclays , Shinkin Central Bank , Tokai Tokyo Securities Co Ltd , SBI Holdings Inc/Japan , Okasan Securities Group Inc , Aozora Bank Ltd , Credit Suisse , DBS Group , TOTAL 1% 2,789, % Bloomberg Global Fixed Income Q

20 Hong Kong Dollar Bonds Volume (HKD Share Bank of Communications , HSBC , Citi , Standard Chartered Bank , China Construction Bank , Credit Agricole CIB , ANZ Banking Group , Bank of China , Goldman Sachs , Barclays , Scotiabank , Societe Generale , , DBS Group , BNP Paribas , Mizuho Financial National Australia Bank Ltd JP Morgan Mitsubishi UFJ Financial Haitong Securities Co Ltd TOTAL 1% 87, % Uridashi Bonds (Manager) Share Nomura , Mitsubishi UFJ Financial , Mizuho Financial Sumitomo Mitsui Financial Daiwa Securities Morgan Stanley HSBC BNP Paribas Tokai Tokyo Securities Co Ltd JP Morgan Credit Agricole CIB Deutsche Bank SBI Holdings Inc/Japan Credit Suisse Barclays Citi Shinsei Bank Ltd TOTAL 1% 5, % Offshore CNY Bonds Volume (CNY Share HSBC , Credit Agricole CIB , BNP Paribas , DBS Group , Barclays Scotiabank Nomura Standard Chartered Bank Societe Generale ANZ Banking Group UBS Goldman Sachs Haitong Securities Co Ltd JP Morgan Oversea-Chinese Banking Corp Commerzbank Mizuho Financial Natixis TOTAL 1% 17, % Uridashi Bonds (Uridashi Agent) Share Morgan Stanley , Nomura , Sumitomo Mitsui Financial Daiwa Securities Mizuho Financial Tokai Tokyo Securities Co Ltd Okasan Securities Group Inc SBI Holdings Inc/Japan Iwai Cosmo Holdings Inc Aozora Bank Ltd Mito Securities Co Ltd Chugoku Bank Ltd Hachijuni Bank Ltd ANDO Securities Co Ltd Shinsei Bank Ltd Musashi Securities Co Imamura Securities Co HS Securities Co Ltd Chiba Bank Ltd Akatsuki Securities Inc TOTAL 1% 6, % Bloomberg Global Fixed Income Q