DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS / Mike Segar First Half 5
First Half 5 Debt Capital Markets Managing Underwriters Debt Capital Markets Review Table of Contents Global Debt International Debt Asia Debt Global Deals Intelligence EMEA Deals Intelligence Asia Deals Intelligence Global Debt, Equity & Equity Related (A) All International Bonds (J) Asian G Currency Bonds (ex-japan, ex-australia) (AR) Global Debt and Syndicated Loans (DL) All International Securitizations (Jc) All Asian Currencies (ex-japan, ex-australia) (AS) Global Scorecard All Bonds in Euros (N) Dim Sum Bonds (ASa) Leading Underwriters for Second Quarter 5 High Yield Debt All Asian Currencies (ex-japan, ex-australia, ex-china) (ASa) Global Debt (B) Global High Yield Deals Intelligence Australian Debt Global Investment Grade Corporate Debt (B7) Global High Yield Debt (B) Australia Deals Intelligence 5 Global Debt and Syndicated Loans Islamic Finance (DL) Global High Yield Debt - US Dollar Denominated (B5) All Australian Debt (ex self-funded) funded) (AJa) 5 Global Mortgage-Backed Securities (B) Global High Yield Debt - Non-US Dollar Denominated (B6) Australian Dollar Non-Securitized Bonds (ex self-funded)(aj6) 5 Global Asset-Backed Securities (B) & (B) Emerging Market Debt All Australian International Bonds (AJ7) 5 Banking Composite of Top Global Debt s All International Emerging Market Bonds (L) Japan Debt Global Debt Rankings - Last Ten Years 5 EMEA Emerging Market Bonds (L) Japan Deals Intelligence 6 US Debt Latin America Emerging Market Bonds (L) All Bonds in Yen (AP5) 6 US Debt (F) 6 Asia-Pacific Emerging Market Bonds (L) Samurai Bonds (AP) 6 US High Yield Corporate Debt (F) 6 Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP) 6 US Investment Grade Corporate Debt (F9) 6 Emerging Market Debt - Latin America Japanese Corporate Debt (AP) 7 All Federal Credit Agency Debt (H) 6 All Brazilian Debt (BR) Bonds Targeted in Japan (AP) 7 US Asset-Backed Securities (F) 7 Brazilian Domestic Debt (BR) Criteria Summary US Mortgage-Backed Securities (F) 7 Global Debt by Mexican Issuers (MX) Debt Capital Markets Criteria Summary US Securitizations ex.cmbs, Agency CMO, CDO & Self-Funded(Fa) Banking Composite of Top US Debt s 7 Global Debt in Mexican Pesos (MX) Domestic Mexican Debt (MX) Thomson Reuters Solutions for the Deal Making Community 9 IFR Markets Supplement 9
First Half 5 DEBT CAPITAL MARKETS REVIEW Global Debt Activity Down % l Record Quarter, Half for US Investment Grade Debt l High Yield Offerings Fall % l Tops Underwriting, Fee Rankings Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS % - Overall global debt capital markets activity totaled US$. trillion during the first half of 5, a % downtick compared to the first half of and the slowest opening sixmonth period for global debt capital markets activity since. Second quarter global debt activity decreased % compared to the first quarter of 5, which marked the slowest second quarter for global debt offerings in five years. US INVESTMENT GRADE CORPORATE DEBT BREAKS ALL-TIME FIRST HALF RECORD - High Grade corporate debt offerings targeted to the US marketplace totaled US$7. billion during the first half of 5, an increase of % compared to a year ago and the strongest six-month period for the asset class since records began in 9. Second quarter activity totaled $55. billion, besting the previous record set during the first quarter of this year by %. Companies based in the United States accounted for 69% of issuance, up from 59% during the first half of. GLOBAL HIGH YIELD VOLUME DOWN % - The volume of global high yield corporate debt reached US$.6 billion during the first half of 5, an % decrease compared to the first half of and the slowest first half for global high yield issuance in two years. Second quarter 5 high yield issuance decreased 7% compared to the record-breaking second quarter of last year (US$6. billion). Global High Yield Corporate Debt- Quarterly Proceeds ($bil) $ $6 $ $ $ $ $6 $ $ $ Global High Yield Debt ($bil) Number of Offerings 7 9 5 5 5 5 Global Debt Capital Markets by Asset Class HEALTHCARE DEBT OFFERINGS DOUBLE Debt capital markets activity in the Healthcare sector totaled US$7.5 billion during the first six months of 5, more than doubling year-ago levels. Technology and Consumer Staples $. activity saw strong year-over-year growth, registering increases of 56% and %, respectively, compared to a year ago. $. Average deal size in the Healthcare sector led all industries this year, with the average deal totaling nearly US$.5 billion. $. Real Estate offerings registered the steepest first half declines, down nearly % compared to first half. $. $.6 EMERGING MARKETS CORPORATE DEBT DOWN % - New corporate debt from emerging markets issuers totaled $. US$.7 billion during the first half of 5, a % decrease from last year. Nearly 5% of all emerging markets $. $. corporate debt during the half was raised by issuers in India, Mexico and Malaysia and the United Arab Emirates. $. Issuance from corporations in Brazil and Russia fell % and 6%, respectively, compared to the first half of. $.6 $. $. $. JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - maintained the top spot for global debt underwriting during the first half of 5, with total proceeds of US$. billion and an increase of.6 market share points. Citi moved to second place from fourth, while fell to third place from second. OVERALL DEBT UNDERWRITING FEES DECLINE % - According to Thomson Reuters/Freeman Consulting, estimated fees from DCM activity totaled US$.9 billion during the first half of 5, a decrease of % year-on-year. Fees from high grade debt totaled US$6. billion (a 5% share), while fees from high yield debt totaled $. billion (a 6% share). High yield fees decreased % compared to a year ago, while global investment grade fees decreased %. Proceeds (US$t) 5 6 7 9 5 Investment Grade Corporate MBS Federal Credit Agency Agency, Supranational, Sovereign ABS High Yield Corporate Emerging Market Corporate 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) 75,579.6 7.9 +.6,5. -9,59.. +.7,69.9 7.9 +.,9. -9,5.. +. Citi 9,6. 6. +. 9.6-6,76. 5.5 -. Bank of America Merrill Lynch,5. 6.9 -.5,6.5 -,57. 7. +7. Bank of America Merrill Lynch 6 9,99. 6. +.5. -7,. 6. +. Citi 75,5. 5.7 +. 977. -,7. 5.6 +5.6 7,76.6 5.9 -. 7 7.6-9 979.. -. 5 9,. 5. +. 6 7. -..6 +.6 Morgan Stanley 5 7 9,7. 5.6 +.7 6.6-6,5. 6.6 +. Deutsche Bank 5,7..5 +. 99 7. -5 95.6 5. +5. Deutsche Bank 6 9,79. 5.5 -. 55. -97,5.. -. Wells Fargo & Co 6 99,95.. -.,7.7 +6 796.7. +. Goldman Sachs & Co 7 5,97.6 5. -. 6 6. -,5. 6.5 +. Morgan Stanley 7,79..9 -. 7 6. -7 9.. +. 9,56.. -. 75 7. -7 5.5. -. 6,5.9. +. 69 7. -7 55..9 +.9 Credit Suisse 9 9,.5. +. 69 6. -5 97.. -. Goldman Sachs & Co 9 7 75,..6 +. 56. -6.. +. Wells Fargo & Co,97.. +. 6 6. +6 75.6. +.5 Credit Suisse 9,9.7. +.5 565. -6 7.6. +.,9,7. 5. +.6,9. 5. +.,7,6..6 +.9 9,6.9 5. +5.,5,969..,96 +,,9.6.,7,..,76 -,7 9,6.7. 9.6% -6.% -7.% 9.% -7.%.5% -.5% -6.% -.5% -.% -.%.5%
First Half 5 Debt Capital Markets Managing Underwriters Global Debt Global Scorecard Global Debt (B) Jan 5 - Jun 5 Jan - Jun 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),. 7. +.6.5 -,6..9 +. US Long-term Debt (F),5,.5,7,,., +.% Citi 9,. 6.5 +. 7 9. -6 77. 6.5 +. US Long-term Straight ex MBS, ABS & Munis (F),6,9.7,6,7,.9,66 +6.9% 7,. 6. -. 65.6-75 67. 5. +. US Federal Credit Agency Debt (F7),556. 6 6,95. 67 +.% Bank of America Merrill Lynch 5 75,5. 5.9 +.7 6. - 6. 6.9 +. US High Yield Corporate Debt (F) 76,75.7 5 77,99. -.% Deutsche Bank 5 6,76. 5.6 -.7 7 9. -5 69.9 5. -. US Investment Grade (F9) 7,5.6 59 6,65.5 67 +9.6% Morgan Stanley 6 55,55.6 5. +.6 65.5-6 759.9 6. +.9 Agency, Sovereign & Supranational Debt (F) 6,776. 5 6,7. 6 +.% 7 6,7.. -. 67.9-9.. -. US Mortgage-backed Securities (F),9. 6 7,97. 7 +5.% Goldman Sachs & Co 7,..7 -. 5. -67 65.7 5. - US Asset-backed Securities (F) 55,55.7 7 7,.6-9.% Credit Suisse 9 9,9..9 +. 5 5.9-5 5.. -. US Taxable Municipal Debt (F5),7. 99 6,.7-5.% Wells Fargo & Co,5.. +. 55 7. +77 99.7. +. US Short-term Debt - including MBS, ABS (F6),9.7 77 6,77. +.% BNP Paribas SA 9,99.. -. 99 5. -76..5 -. RBC Capital Markets 7,9.5.5 +. 5. -.5. +. All Global Debt (B) Nomura 7 6,.6. +.. +5.. -. Global Long-term Debt (B),7,5. 6,6,6,99. 7,5 -.% Credit Agricole CIB 5 57,7..9 -. 55. + 7.. -. Global Long-term Debt ex MBS, ABS & Munis (B),9,6. 5,55,,5.7 6, -.% UBS 5 57,..9 +. 5. -95 6.. -. Global High Yield Corporate Debt (B),57.5 75 7,67. 5 -.% Societe Generale 6 5,76.. -.. -6 5.6. -. Global Investment Grade Corporate Debt (B7),5,57.,,6,55.9,9-7.5% TD Securities Inc 7,.9. +. 6. -59.. +. US Federal Credit Agency Debt (B),5. 657 7,7. 9 +6.% Mizuho Financial Group,69.. +.. +6 9..7 +.5 Global Agency, Sovereign & Supranational Debt (B9) 56,975., 79,9.,69 -.% RBS 9 9,99.. -..6-7 59.5. -. Global Mortgage-backed Securities (B) 9,9.,. +7.6% UniCredit 6 5,.. -.6 5. -7 99.. -. Global Asset-backed Securities (B) 9,7. 5,6.6 5 -.% Natixis 9,.6. -. 5. -.. -. Global Short-term Debt (B),76.,76 59,.5,5-6.6% Mitsubishi UFJ Financial Group 7 9,.. +..9 + 6.. +. Global Emerging Markets Corporate Debt (B5),9.5 56 9,76. 67 -.5% Santander,9.7. -..6-95.6. - Standard Chartered PLC 5,5.9.7-9.5-6..6 - Leading Underwriters for Second Quarter 5 Scotiabank 5 6,6.5.7 +. 9. -.. +. Top Twenty Five Total,69,.9 77. +. 6,6.9 77. +. Current Qtr,9,9.5. 7,66 -,97.. Market Share Mkt. Share Chg. Consecutive No. Manager (%) from Last Qtr (%) Quarters No. -.% -9.% -9.7% Market Sector Stocks and Bonds Global Debt, Equity & Equity-related (A) Global Disclosed Fees (A) U.S. Debt, Equity & Equity-related (E) U.S. Disclosed Fees (E) Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B) Global High Yield Corporate Debt (B) Global Investment Grade (B7) Global ABS (B)..7..5...6. +.6 -.5 -. -. +.9 +. +.9 +.9 -.9% Global Debt Capital Markets % Change by Asset Class % % -6.7% 7.6% -.9% H 5 vs. H 6.% US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F) U.S. LT Debt inc MBS,ABS &Tax Munis(F) U.S. Investment Grade Corporate Debt (F9) U.S. High Yield Corporate Debt (F) U.S. Federal Credit Agency (H) U.S. LT Federal Credit Agency Debt (H) U.S. Mortgage-backed Securities (F) U.S. Asset-backed Securities (F) International Bonds All International Bonds (J) All Bonds in Euro (N) All International Securitizations (Jc) Asia-Pacific Bonds Asian G Currency Bonds ex JP & Aus (AR) All Asian Currencies ex CDs (AS) Wells Fargo & Co Wells Fargo & Co Credit Suisse BNP Paribas SA Citi Standard Chartered PLC.6..9..6.9 5. 7 7.9 7. 9..9. -. -. -.5 +.9 +.5 +. +. +.5 -.6 +.7 +9. - 7 +5. % -% -% -% -% Investment Grade Corporate -7.5% Agency, Supranational, Sovereign -.% High Yield Corporate -.% -.% ABS MBS Emerging Market Corporate Federal Credit Agency Australia Bonds Australian Dollar Bonds (AJ) Australian Domestic Securitization (AJ5) ANZ Banking Group Westpac Banking 5.6.7 +7. +. -5% -.5%
First Half 5 Debt Capital Markets Managing Underwriters Global Debt Global Investment Grade Corporate Debt (B7) Imputed Fees: Global Investment Grade Corporate Debt First Half Proceeds per (US$m) # of Deals per Imputed Fees (US$m),96.. +. 66. -9 5.5 9. +. Citi 95,579. 6. +.9 7 9.9-9 7.5 6. +.5 Bank of America Merrill Lynch 9,7. 6. +.6 9. +6 9. 6.6 +.7 Morgan Stanley,7. 5.6 +.9 9. -56 7.7 5. +. Deutsche Bank 5 5 79,5. 5. - 9 9. - 6.9.5 +. 6 7,6. 5. -. 9.9-7.9.6 +. Goldman Sachs & Co 7 7 7,997.6. -. 6 5.6-6.. +. 6 7,7.7. -. 9.6-6 6.. -. BNP Paribas SA 9 9 5,66.. -.5 6.7-6 66.. -. Credit Suisse 7,5.. +. 6 5. - 7.5.9 +. 795,769.9 5.7 +.,6. 5.5 +5.6,5,6..,9-6 5,95.. -7.5% -5.% -.% -.% -.5% -.% Fees (US$m) $7, $6, $5, $, $, $, $, $,65,9,67,5,,5,577,9,9,55,56.7 6,.6 6,. 5,.5,.,6. 5,5. 5,. 6,6.5 5,95. 6 7 9 5 Global Investment Grade Fees (US$m) Number of Offerings,5,,5,,5,,5, 5 Number of Offerings Global Debt and Syndicated Loans Islamic Finance (DL) Global Mortgage-Backed Securities (B) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) CIMB Group Sdn Bhd,976.7. +. 5.5 -..7 +.7,77.. -..6 -. 7.7 +7.7 RHB,69. 7. -. 7 7. +7. 7.7 +7.7 Standard Chartered PLC,. 6. +.6 7.7 -..6 +.6 Dubai Islamic Bank PJSC 5,5. 5.5 -.9 6. +6.7 6.6 +6.6 Malayan Banking Bhd 6,. 5. +.6 5. -. 7. +7. 7 6*,..6 -. 6.5 +. 5.6 +5.6 National Bank of Abu Dhabi,6.6. -. 7. +..6 +.6 Natl Comml Bank Saudi Arabia 9* 6* 999.7. -.9.6 -.. +. Riyadh Bank Ltd 9* - 999.7. - -.6 - -..7 +.7 5,65. 6. -5.6.7 6. +6.,6.. 6 + 56.. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse 7,55.. +. 7 7. +6 69.6. +.7,779. 9. -.7. - 5.6.5 -.7 Morgan Stanley 6,65.. +.7 6.9 +7.. +. Wells Fargo & Co 9,6.9. +.5 9.6 +7 5.7. +.6 Bank of America Merrill Lynch 5 7,9.9 7.9 +.6 55. + 7.7.9 +.6 6 7,759.7 7. -.9 5.6 +. 7.7 +.9 Deutsche Bank 7,97.9 6.5 -. 9.5 -.7 7. -. Goldman Sachs & Co,6. 6. -. 7. - 9.7 5.5 -. Citi 9 5,7.5 5. -.6 9.7-6. 6. +. Mischler Financial Group Inc 7,66.. -. 6.5 -.. -. 7,66. 7.5 +.. 76.7 +7.7 9,9.. + 56.6..7% 5.%.% 7.6% -.%.% -.5%.7% 5.% -.% 5.% -.% Global Asset-Backed Securities (B) Global Asset-Backed Securities ex-cdos (B) Proceeds per (US$m) # of Deals per Imputed Fees (US$m),7.. +. 66. +.6.7 +. Citi,5.. -.5 66. -9 5..9 -. Citi Bank of America Merrill Lynch,5. 7. -.. -9 6.6.9 -.9 Bank of America Merrill Lynch Wells Fargo & Co,9. 6. +. 9.5 + 6.6 7. +.6 5,95.5 6. -..7-6..9 -. RBC Capital Markets Deutsche Bank 6 5,777. 5.9 -. 5 9. - 57. 6. -. Credit Suisse Credit Suisse 7 6,9. 5.5 -. 6. - 7.. -. Deutsche Bank RBC Capital Markets 9 9,6..9 +.6 7. +5 5..7 +. Wells Fargo & Co Morgan Stanley 9 7 9,56.5. -. 6 5.6-6 6.. +.9 Mizuho Financial Group Mizuho Financial Group 6,.. +. 9. +.. +. Credit Agricole CIB,. 66.6 -. 576.7 6.6 -.6,.. 6-95.9. Proceeds per (US$m) # of Deals per Imputed Fees (US$m),.. +.7 6 6.6 +6 7.. +.7 5,97. 9.9 -.9 55 5. - 7.9 6.7 -.6,57.. -.. -7. 5.9 -.,69.9 6.9 -. 7. -.6 6.9 -. 5 5 9,66. 6. +.6 6 9.9 +5. 5.6 +. 6 6 9,. 5.9 +.5.6 + 9.9. +. 7 7,.9 5. - 7. +.6.5 -. 9 7,7..6 +. 9. +5 9.5.7 +.9 9 6,.. +.5 9 7. +..9 +. 5,6.5. - 5.5 +..5 -.7 6,7. 6.7 -.5. 57.9 +. 55,967.9. 6-6.. * tie -.% -.% -.% -7.% -9.% -.% -.% -.% -.6% -.% -.% -.%
First Half 5 Debt Capital Markets Managing Underwriters Banking Composite: Global Debt Issue Type Composition for the Top Global Debt s 5 %.%.9%.%.% 5.%.%.7% 5.%.5% 9.5% 9% % 5.9% 7% 59.% 55.6% 5.% 5.9% 59.% 5.% 59.% 5.6% 5.6% 6% % Total Proceeds 5% 9.6% %.7%.%.%.5% % 5.% 7.%.%.%.5%.% 6.%.9% 6.% 6.%.%.5%.7% % %.6%.%.%.%.%.%.% 7.7%.9%.% 5.9%.%.%.%.%.%.% 7.9%.%.%.5%.% % 5.7%.6%.9% Citi Bank of America Merrill Lynch 5.7%.9%.%.%.5% Deutsche Bank Morgan Stanley Goldman Sachs & Co Credit Suisse Wells Fargo & Co.% 5.% ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS
First Half 5 Debt Capital Markets Managing Underwriters Global Debt Rankings* - Last Ten Years Citi Bank of America Merrill Lynch 5 Deutsche Bank Rank 6 Morgan Stanley 7 Goldman Sachs & Co 9 Credit Suisse Wells Fargo & Co 6 7 9 5 *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
Highest Semi - Annual Volume on Record for US Investment Grade l Overall US Debt Up 5% l US High Yield Debt Flat First Half 5 Debt Capital Markets Managing Underwriters US Debt US Deals Intelligence US Investment Grade Corporate Debt (F9) US Investment Grade debt increased 9.6% compared to the first half of and ranked as the largest semi-annual volume on record. The US$7 billion raised from 59 issues surpassed the US$6.6 billion raised during the first half of, as issuers continued to take advantage of low interest rates. First half volume was bolstered by March's Actavis Funding, which ranked as the second largest bond issue on record. The US$ billion transaction was used to fund the US$66 billion takeover of Allergan by Actavis. US ABS totaled US$57. billion from 7 transactions, representing an.% decrease from the proceeds raised in the first half of. ABS strength was largely attributed to the auto sector, which totaled US$59.9 billion and accounted for % of ABS volume in the half. According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the US ABS market totaled US$6.6 million, a decrease of.9% from the total fees paid in the first half a year ago. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 95,99..7 +..7-5.. +.6 Bank of America Merrill Lynch 7,77..5 -. 5 9.5 + 7.7 9.6 -. Citi 7,7.7. +. 9 6. +..5 +. Morgan Stanley 6 56,6.. +. 7. -. 7. +. Goldman Sachs & Co 5 5,67. 7.6 -.. - 5.6 6.9 -. Wells Fargo & Co 6,.6 6. +.5 7.5 +. 6. +.7 7 5,.7 6. -.. - 75.9 5. -. Deutsche Bank 7 7,7. 5. -. 9. -6 9.. -.7 Credit Suisse 9 9,7.. +.6 7.9 + 6.5. - 9,.. -. 6.6-5.7. -. UBS Mizuho Financial Group 5 7 7,6. 7,6.6 6,76.6.5.. +. +.5 5 6. 9.. - + + 69.9 9..7... +. +. +...9 +6. -.. 7.5 -. -..9 +. -.5 -. RBS 7,.. -.9 9 5.6-7.9. -.5 Credit Agricole CIB 9 7,7.5. +.. - 9..9 - Scotiabank 6,7. 9.9 +. 7 5 5. +.. +. Sumitomo Mitsui Finl Grp Inc,..6 +. 5.9 +7.7.9 +. TD Securities Inc,67..5 +..5 +6 9.5.9 +. SunTrust Banks 6,576..5 +..6 + 6.9. +. BBVA 7,5..5 +. 9.7 -..5 -. Standard Chartered PLC 5 9,59.. -.. -9 5.5.5 -. Santander 6,.. -..9 -..7 - Lloyds Bank 7,5.. +.. +.9. +. CIMB Group Sdn Bhd -,9.. +..6 + 6.5. +. ANZ Banking Group 9 5,.. -. 9.7 -.. - Bank of New York Mellon Corp 7,7.9. -.9-5..5 - Top Thirty Total 67,9. 9.6 +.,7.9 9. +. 7,5.6. 59 -,.. US High Yield corporate debt volume in the first half of 5 decreased slightly (.%) from the proceeds raised in Mitsubishi UFJ Financial Group +.5 the first half a year ago. The US$76. billion raised represented the third largest semi-annual volume on record, RBC Capital Markets 6,69. - 67 7. BNP Paribas SA 5,9. -.5 9 59. notably including the US$. billion Valeant Pharmaceuticals issue in March (of which US$.5 billion was Societe Generale 6,57.6. +.7 5. +.6 denominated in USD) the second largest High-Yield financing on record. US Bancorp 7 6 7,759.. +. 6.9 5. US Debt (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 7,5.9. -. 56. - 5..5 +.6 Bank of America Merrill Lynch,7.6 9. -.. -5 697.6 9. - Citi,7. 9. -. 5 9. - 65.. -. 5,65.5 7. -. 5 5.7-5 6. 5.7 -. Morgan Stanley 5 7,66.6 7. +.9 5 5. -7 575.7 7.7 +. Goldman Sachs & Co 6 6,997. 6.9 -.5 9. - 5. 7. -. Wells Fargo & Co 7 9 9,56.9 6. +.. +9 9. 6.6 +.7 Deutsche Bank 5 9,7. 6. -..7-9. 5.9 -.6 Credit Suisse 9,9. 5.6 -. 6.6 +6 97. 5. -.7 5,6.7.6 -. 9 6.5-76.. -,,97. 7. -. 5,.7 69.6 -.,7,76.5.,77-7,57.. 9.6%.5%.% 6.%.5%.%.9% 7.%.% 7.7% 5.%.% US High Yield Corporate Debt (F) All Federal Credit Agency Debt (H) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 9,.6. +. 5 5.6-7 5.9. - Bank of America Merrill Lynch 6,7. 9.5 +. 6 5. +7.9. +.5 Deutsche Bank 5 5,6.7. +.9 96. + 96..5 +. Goldman Sachs & Co 7,7.. +.9 96. +6 7. 7.7 +. Citi 5,59.. - 9 6.9 + 6. 7. +. 6,.7 7.5 +. 6. - 5. 6.6 -. Morgan Stanley 7 6,96. 7. -.. + 5.9 6.5 -.6 Credit Suisse,66.9 6. -..5-59. 6. -. Wells Fargo & Co 9 9 9,55.5 5. -. 7. - 6. 5. - RBC Capital Markets 9,6. 5. +. 7. +9. 5. +.7 6,9.5 77. +.5,76.7 7.7 +.6 76,7.7. 5-5,.. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 7,9.5. -..9 +.9 9. +.9 Wells Fargo & Co,7. 9. +.5 9.6 +9. 5. -. Deutsche Bank 5,6.9 7. +.. +5 5. 5.5 - Nomura 5,9. 6. - 6. + 6. 6.5 +.6 5,66. 5.6 -. 9. - 5.5 5.7 -. 6,. 5.5 -. 69. -.. - TD Securities Inc 7 6,56. 5. -.5.6 + 6. 6.5 +. Citi 9,5.6.6 +. 9. +.9 5. -.5 First Horizon National Corp 9 9,6.6. +. 6. +.7. +. Morgan Stanley 7,7..9 -.9 5 7. +7..9 +.,. 6. -. 55.6 57. +6. 5,7..,6 +,6 96.7..% 6.% 6.6% 5.%.% 5.% 56.7% 6.% 6.5% 5.9% 7.%.9% 6
First Half 5 Debt Capital Markets Managing Underwriters US Securitizations US ABS Collateral Volume Breakout (US$b) 5 US Asset-Backed Securities (F) $7.6 % $.6 5% $9. 5% $59.9 % $.7 % Proceeds per (US$m) # of Deals per Imputed Fees (US$m),7. 5.5 +.7 6. +7.. +. Citi,.. -. 56.5-5 69..6-5.7 Bank of America Merrill Lynch,69.. -..7-9..9-6.5 Wells Fargo & Co 7,9. 7.7 +.5 6. + 6.6.5 +. 5 6,55. 6.7-5. -.7.9 +. Credit Suisse 6,9. 6. -. 5. -6 6.9.6 -. Deutsche Bank 7 5 9,99.9 6. -. 6. -5 7. 5.9 -. RBC Capital Markets 9,7.7 5.6 +.7.7 +6.6.9 -. Morgan Stanley 9,69. 5.5 -.5. -6 6.5. +. Guggenheim Securities LLC,6.. +.. -.6. +.,95. 76. -. 5. 66. -5. 57,.7. 7-6.6. CDO Credit Card Student Loan Auto Other.%.9%.%.9% 6.% 6.5% US Asset-Backed Securities excluding Self-Funded (Fa) US Mortgage-Backed Securities (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m),5.. +. 55.7 + 7.9 9. +. Citi 5,.5.9 -. 5. -9 6.7. -5.6 Wells Fargo & Co 6,9..5 +.5 7. + 66.6.6 +. Bank of America Merrill Lynch,67.6 7. -. 7.6-9 6..7-6. Credit Suisse 5,9. 7. -. 6.5-6 6.9. -. Deutsche Bank 6 5 9,99.9 7. -.5 6. - 6.6 6. -. 7 9,55. 6.7 -.. -.7.7 +. Morgan Stanley 7,69. 6. -.7 9. -6 6.5. +. RBC Capital Markets 9 9 7,757. 5.5 +.7. +6 9..5 -. Guggenheim Securities LLC,6.. +.. -.6. +. 6,767. 75. -. 5. 66. -5.5,.. 5-5 77.. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse 6,5.. +. 6. + 66.9 6. +.6,769.5. -..6 +.6 9.9 -.7 Wells Fargo & Co 7,6.9 9.9 +. 9.6 + 5.7. +. Morgan Stanley 9 6,6. 9. +..5 +5 5..5 +. 5 6,59. 9. -..6 + 5.. +.9 Bank of America Merrill Lynch 6,6.. +.. +6.9. - Goldman Sachs & Co 7 5,6. 7. -.. -. 6.9 -.5 Deutsche Bank,67.7 6.7 -.9. -. 7.5 -. Citi 9 6,56. 6. -.5 5 9.7-9. 7. +.5 Mischler Financial Group Inc 7,66.. -. 6. -.. -. 56,59.5 5. +5. 6.7 6. +7.6,9.. 6 + 9.. 6.6%.% 7.9%.% 7.%.% 5.%.% 7.%.9%.5%.% Quarterly Residential ABS, MBS & CDO Volume US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (Fa) Proceeds (US$b) $6 $5 $ $ $ $ Proceeds (US$b) # of Issues 9 7 6 5 # of Issues Proceeds per (US$m) # of Deals per Imputed Fees (US$m),56.9.5 +. 55 5. + 5.. +.5 Credit Suisse 6,97.. -. 6.6 +5 5.7. -. Citi,5. 9.7 -. 6.6 +.9 6. -. Bank of America Merrill Lynch,. 9.5 -..7-7 7. 7. -. 5 5,.9.7 -. 7 7. -5 9.. - Wells Fargo & Co 6,67. 7. +. 6.6 +9.7 6.7 +.9 RBC Capital Markets 7 6 7,67. 6. -. 9.6 +6 7..7 -.9 Deutsche Bank 7 7,6.6 5.9 -.. - 9.6 5. -. Morgan Stanley 9,96.6. -. 6.6-6.7.9 -.9 Guggenheim Securities LLC,6..9 +.. +. 9. +9.,..5 +.. 77. +.,96.7. +7 67.. $ 5 6 7 9 5 7 5.%.7% Rankings reflect new securitizations criteria implemented September (See back page).% 9.%.%.7%
First Half 5 Debt Capital Markets Managing Underwriters Banking Composite: US DCM DCM Industry Composition (F) 5 DCM Industry Composition (Ex Financials) (F) 5.% % 9%.%.%.%.%.9% 5.% 5.6% 6.% 7.9%.% %.%.9%.%.%.5% 7%.%.%.% 6.% 9.% 5.%.7%.7% 7.5%.% 5.7% 6%.%.% 6.%.% 9.% 5.%.% 5.%.9%.%.%.% 5.5%.%.% 6.5%.9%.%.6%.% %.%.6% 5%.%.6%.%.%.7%.%.7%.6%.%.% 5.5%.%.% 5.9%.6%.5%.%.5% 5.%.%.% 6.%.% 5.%.5%.% 6.%.% %.%.9% 7.%.% 6.%.7%.6% 9.%.6%.5%.%.% 5.9%.5% %.5%.7% 9.%.9%.% 9.% 7.% 6.%.9%.6% % of Industry Proceeds %.% 9.% 9.5%.%.%.% 9.7% 6.5%.%.% % 5.5%.5%.%.5%.5%.% 6.%.7% 9.6% 9.7%.%.% 7.6%.6%.5%.9% %.7%.7% JPM BoA Citi GS MS Barc WF DB HSBC CS.% Proceeds % of Industry % 9% % 7% 6% 5% % % % % %.9% 9.% 7.9%.%.%.9%.% 9.% 5.%.%.7% 6.5%.%.%.% 5.%.% 6.%.9% 7.%.%.9% 5.%.% 6.% 6.%.% 7.%.9% 9.%.%.%.%.5%.%.%.6%.%.9%.7% 9.%.6%.% 6.% 6.7%.6% 6.9% 6.% 9.%.%.%.% 5.%.% 5.7%.5%.6% 9.5% 6.5% 5.%.% 7.% 6.% 9.6%.% 6.7% 9.%.%.6% 7.% 5.%.%.9%.7%.6% 7.7% 9.5%.% 5.% 6.%.5% 7.%.%.%.6%.%.7%.6%.5%.% 7.% 5.6%.%.%.%.5%.%.%.%.%.%.7% 7.5%.5%.6%.%.6%.%.7% 5.%.% 6.% 7.%.%.7%.%.% JPM BoA Citi GS MS Barc WF DB HSBC CS.% 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
IFR Markets US Debt Issuance Surges l New Record for High-Grade Debt IFR Markets Intelligence US HIGH-GRADE: The first half of 5 got off to its fastest pace on record, with Q and Q both setting new all-time highs for issuance. M&A financings and shareholder-friendly moves continued to be key drivers. The surge of supply led to some price sensitivity by late June, though, with borrowers needing to pay a bit more in new issue concessions. HUGE DEALS: Bigger may not always be better, but it remained the order of the day. Eight trades in the first half of the year (six of them in Q) were among the largest corporate bonds on record, including No. (Actavis at US$b) and No. (AT&T at US$7.5b). Top Deals US Investment Grade Debt Transactions 5 Issue Date //5 //5 5/5/5 Issuer Actavis Funding AT&T Abbvie Deal Size (US$m), 7,5 6,7 Total Book Size (US$m) 9, 6, 6, Book to Cover Ratio.x.9x.6x Weighted Average New Issue Concession (bps) 5.5. US HIGH-YIELD: Through the first half of the year, high-yield issuance saw an increase of.6% compared with. Refinancings continued to dominate, but M&A also helped drive issuance, particularly in the corporate sector. Leveraged buyouts, on the other hand, remained low by historical standards. Once the Fed begins its tightening cycle later this year, high-yield issuance is expected to drop off compared to s second half performance of US$bn. /9/5 //5 5/6/5 Microsoft Corp Oracle Shell International Finance,75,,,,7,6.x.x.x.6. US ABS: ABS issuance (ex CLO, ex self-funded) reached US$.7b through the end of the second quarter of 5. Autos represented the lion s share of issuance, accounting for US$5.9b of the total, but off-the-run issuance increasingly continued to grow on the back of strong investor demand. Whole business securitizations, consumer loans, and green energy bonds were firmly on track to exceed last year s totals: Whole business ABS totaled US$5.5b compared to US$.b last year, while US$.76b in consumer loan securitizations were approaching last year s US$5.76b. 6//5 5/6/5 /5/5 //5 Heinz, 5, Qualcomm,75, Merck & Co Inc,,5 ExxonMobil Corp,,.5x.7x.9x.5x -.7 9.7.7.9 US Monthly Investment Grade Debt vs Fund Flows www.ifrmarkets.com Weekly US Investment Grade Debt vs New Issue Concession Level Lipper Flow Change (US$b) 6 6 - - -6 - J F M A M J J A S O N D J F M A M J 5 Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) 6 6 Monthly IG Proceeds (US$b) Proceeds (US$m) 6 55 5 5 5 5 5 5 Proceeds (US$m) Average New Issue Concession // // /7/ // // /7/ // // // /5/ // /9/ /6/ //5 /9/5 /6/5 //5 //5 /6/5 //5 //5 /7/5 /6/5 //5 //5 /7/5 //5 //5 /7/5 //5 5//5 5//5 5/5/5 5//5 5/9/5 6/5/5 6//5 6/9/5 6/6/5 6 6 - - -6 Average New Issue Concession Level US Monthly High Yield Debt vs Fund Flows US Auto ABS Collateral Type (US$m) 5 Lipper Flow Change (US$b) 6 - - -6 Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) J F M A M J J A S O N D J F M A M J 5 5 5 5 5 5 Monthly HY Proceeds (US$b) $,79.6 % $,5. 5% $5,5. % $,59. % $,6. 9% - 5-9 Prime Auto Sub-Prime Auto Auto Leases Near-Prime Auto Floorplan www.ifrmarkets.com
EMEA Bonds Down 9% l Major Industry Sector Volumes In Decline l Leads Fee Pool First Half 5 Debt Capital Markets Managing Underwriters International Debt EMEA Deals Intelligence All International Bond volumes in the first half of 5 were down.6% year on year, with EMEA proceeds in particular posting a decrease of 9.%. Among industry sectors, Healthcare showed the most significant annual increment in the first half over the same period a year ago, more than doubling. Conversely, declines were seen in Government and Agencies (-.%), Telecomms (-6.7%) and the Financial sector (-7.%). Notable deals priced by EMEA issuers in the second quarter included two deals focused on the US$ market. Royal Dutch Shell priced a five-tranche US$ billion deal via, HSBC and Morgan Stanley, which was the largest deal in the EMEA Oil and Gas sector on record. Another stand-out transaction was issued by Siemens, which priced a US$7. billion five-tranche deal via bookrunners, Citi, Goldman Sachs, and Deutsche Bank. According to Thomson Reuters and Freeman Consulting, the top fee earner in the international bonds market for the first two quarters was, with US$.7 million accrued from 65 transactions, representing a.6% rise in wallet share. Deutsche Bank led the All Bonds in Euros fees, with 5.9 million earned from 77 deals. All International Bonds (J) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 76,59.. +.7 65.7-75.7 9. +.6 5,9. 7. -. 6 6.6-7 5. 5.7 - Citi 5,5. 7. +. 55. - 65. 6.9 +. Deutsche Bank 7,. 6.9 -.6 5. - 65.6 6.9 -. Bank of America Merrill Lynch 5 7 6,.7 6. +. 6.5 +7 67. 7. +.7 6 5,7. 5.7 -.6 56 7. - 7.7. -. Morgan Stanley 7 5,755. 5. +. 97.6-66.5 6. +.9 Goldman Sachs & Co 6,9.5 5. -. 5. - 57. 5.5 -. BNP Paribas SA 9 9 5,.6. -.. -.7. -.6 Credit Suisse 77,76.9.6 -. 5. -5..7 -.,79,95. 59.9 +. 5,67.9 59.5 +.,,5.9.,9-7 9,6.9..6% 7.% -.7% -.% -5.7% -7.% All International Bonds by Issue Type All International Securitizations (Jc) Proceeds ( b),, 6 - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 9 5 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) Deutsche Bank,6.6. +.6 6. +.7.6 +. Citi,. 9.7 +. 5.7 +6.5 7.9 +.,69.. -..7 -.5 7.5 -. Credit Suisse 5,5. 7. +. 9. +7.. +.9 Bank of America Merrill Lynch 5 9,. 6. -.5 5. +. 7. +.7 Wells Fargo & Co 6 6,. 6. -.9 -.7 9. +.5 7 7,7. 5.6 +..9 +.9 5.7 +.6 Santander 6,9.9.9 +. 7 7. +.. +.9 RBC Capital Markets 9 5,6.9. +.9 9. +5.7. +.6 Morgan Stanley 9 5,6..9-7 7. + 7.. -. 9,.6 6.5 +.7 5. 67. +.,6.. 7 +6.6. 6.%.% -.7% -.5% 5.7% -5.6% European Financial and Corporate Inv Grade By Domicile Nation First Half All Bonds in Euros (N) Proceeds ( b) 6 5 Proceeds per ( m) # of Deals per Imputed Fees ( m) 5,99. 7. +. 7. -5. 6. +.7 BNP Paribas SA,9.5 6.7 -. -57 5. 6. -.,.6 6.7 -. 96. -5.5 6. +.9 Deutsche Bank,. 6.5 -. 77. - 5.9 7. - Credit Agricole CIB 5 7 5,5.9 5.6 +.6 9 5. -9 9.9. - Societe Generale 6 5,76. 5. -.9. -6.7. -. UniCredit 7 6,5.9. -. 7 5.6-77.. -. Citi 9,..5 -.5-9 5. 5. +. 9 6,65.6. -.6 5. -5.7 5. - Goldman Sachs & Co 9,5.. -.7 9. -6.9. -. 5,6. 55. -.,7.9 5. -. 69,9.6. 9-7,7.. -.5% -.7% -5.% -.7% -9.9% -.%
Global Volumes Down % l Record Low Borrowing Rates l Leads US$ Market First Half 5 Debt Capital Markets Managing Underwriters High Yield Debt Global High Yield Deals Intelligence Global High Yield Debt (B) Global High Yield Bond volumes posted a decrease in the first half of 5 compared to the same period a year ago, declining % with 77 fewer transactions priced. Issuance declined despite an average year to date fixed rate coupon of 6.%, the lowest average fixed borrowing rate on record at the half year point. led the global high yield rankings, with a % market share having worked as underwriter on 5 transactions. The firm's regional borrower focus centered on North America (5.6%) and Europe (5.5%). The Non- Dollar space was led by Deutsche Bank, with an.% market share, having worked on more than one in three nondollar high yield deals in 5, with.% of its underwriting activity on behalf of European clients. Prominent second quarter deals included two issues by ZF Freidrichshafen, a two-tranche.5 billion transaction followed by a three-tranche US$.5 billion offering, financing its acquistion of TRW. Fiat Chrysler Automobiles came to market with a US$ billon two-tranche deal. Both the respective US$ deals numbered among the top five largest globally in the first half. Proceeds per (US$m) # of Deals per Imputed Fees (US$m),.. +.7 5.7 -.. - Deutsche Bank,75..6 +..6-9 7.. +. Goldman Sachs & Co 5,7. 7.7 +.7.7 +.5 7. -. Bank of America Merrill Lynch 7,9.5 7.5 +. 9 7. + 5.. +. Citi 5 6,66. 6.9 -. 7.5-9.9 6. -.5 6 6 6,. 6. -..7-9. 6. -.5 Morgan Stanley 7 5,76. 6.5 +. 6.6 -. 6. - Credit Suisse,6. 6. -. 9 9. - 7. 7. -.6 Wells Fargo & Co 9 9 9,767.. +..5-9 9.. +.5 RBC Capital Markets 9,7.5. +. 75 9.9 +.. +.5 65,7. 6. +.,95. 6. +.,799.. 76-77,7.7. -.% -7.% -.% -.% 7.%.9% Average Quarterly Spread to Benchmark* Basis Points 9 Spread to Benchmark -Quarter Moving Average (Spread to Benchmark) 7 6 5 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 9 5 *Spreads based on fixed rate issues where spread information is available Global High Yield Debt - US Dollar Denominated (B5) Proceeds per (US$m) # of Deals per Imputed Fees (US$m),59..9 +.. -7 57.5.7 - Bank of America Merrill Lynch 6,9. 9. +. 9 7. +7 5.9 9. +.6 Deutsche Bank 5 5,9.7.6 +.7 9 5.9-7 99.. +.5 Goldman Sachs & Co 7 5,7.7. +. 99 6. +5.7 7.5 +. Citi 5,6. 7. -.6 95. - 6.7 6. -. 6,5. 7. +. 9. - 57. 6.5 -. Morgan Stanley 7 6,7. 7. -. 7.9 + 55. 6. -.5 Credit Suisse,5. 6. -.9 6.5-65.7 6.9 -. Wells Fargo & Co 9 9 9,65.5 5. - 79.9 -. 5. +. RBC Capital Markets 9,6..9 +.7 7 6. +. 5. +.5 9,5.6 75.5 +.,77.5 7. +.,9.6. 7-5,5.. -.% -6.% -.% 5.% 5.6% 5.5% Monthly High Yield Volume Proceeds (US$b) $7 Proceeds (US$) $6 # of Issues $5 $ $ $ $ $ JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJ 9 5 6 # of Issues Global High Yield Debt - Non-US Dollar Denominated (B6) Proceeds per ( m) # of Deals per Imputed Fees ( m) Deutsche Bank,5.. -.5 5.6-6.9.5 -. 5,669.9 7. +.. - 5.7 7.5 -.7 Goldman Sachs & Co,. 6. -. 6. - 6. 6. -. BNP Paribas SA,. 6. -. 7. - 5. 5.9 -. 5 7,7.9 6. +.9 6.5 + 7. 6. +. Credit Suisse 6 6,.7 5. +. 7. -5 6. 7.6 +. 7,6. 5. -.5 7.9 -.6 5. -. Morgan Stanley,6.. +. 6.9-5.7. +.5 UniCredit 9,9.9. +. 6.9 +5.5.5 +.5 Citi 9,.7. -.6 7. -.. -.5 9,6.6 57.5 +.7 66. 6. -. 5,.7. - 67.. -9.6% -6.% -.% -.9% -9.7% -.%
First Half 5 Debt Capital Markets Managing Underwriters Emerging Markets All International Emerging Market Debt Down % l EMEA Emerging Market Debt Down 57% l Latin America Emerging Market Debt Down 5% All International Emerging Market Bonds (L) EMEA Emerging Market Bonds (L) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m),76.7. +. 6.7-5 7.7 6. +.5 Citi,59.. -. 6 9. -.5 6. -.6 Citi 9,556.6 9. -. 97 7. -5.7 9. -.,6. 9.7 -. 6. -. 5. +. 6,6. 7. -.7 75. -5. 9.9 -.9 Deutsche Bank,7.9 7.9 +.. -9 6. 6. -.5 Deutsche Bank 5,.9 7. -..5-7 5..6 +. Societe Generale 7,99.6 7.9 +.7 9.5-7.7. -.6 Morgan Stanley 5,6. 6.6 +. 56 5.7-5..7 +. BNP Paribas SA 5 5,7.9 7.7 +. 9. -.5 7.6 +.7 Bank of America Merrill Lynch 6 5,9.9 6. +.9 59 6.5-7.7 6. +.5 6 6,56.9 7. +.6 9. -. 5. +. Standard Chartered PLC 7 9,797.7.6 +. 7. - 5.. -. 7,. 6.9 -.6 7 7. -.. -. BNP Paribas SA,5.. -.5 9.7-6.. -. UniCredit 9,6. 5.6 +. 5. -6.. -. 9 6 7,9..5 -. 9.9-6.7. -.9 Morgan Stanley 9,59.5 5. +. 6.6 +..6 -.9 Credit Suisse 9 6,59.. -.. - 5.. -. Erste Group 6,66.. +. 5. -.. -,59. 6. -.5 7. 5.5 +.,75. 7. +..5 5. -5.7,6.. 57 57,.9. 9,.. 7 7.. % Change from Same Period Last Year -.% % Change from Last Quarter -5.% -.9% -.9%.% -7.% % Change from Same Period Last Year % Change from Last Quarter -56.% -5.% -5.% 5.5% -.%.% Latin America Emerging Market Bonds (L) Asia-Pacific Emerging Market Bonds (L) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Bank of America Merrill Lynch 6 6,7.7. +6. 9. -5 9.. +.,.6. -. 9.7-7..9 -. Morgan Stanley 5,7.5. +7.9. -5 6.. +. Citi,6.. -. 55. -9. 7. +.6 5,7.. +.7 6. - 5.6 9.5 -.5 Standard Chartered PLC 5 7,7. 6.6 +. 5.5-7.. -. Deutsche Bank 5 5,7.6. +. 7. -6.5. +.5 7,. 6.6 -.6 7. -5 5.7. -.6 5 5,6.6. -. 6. - 7.5.7 -. Deutsche Bank 5 7,7.5 5.9 -. 55. - 5. 9.5 +.9 Citi 6,6.9 9. -5.7. -5 9.. -.5 Bank of America Merrill Lynch 6 6 6,5. 5. -..7-5 6.9 6.7 +. Credit Suisse 7,9.7 6.6 -.5 6. - 5.9.6 +.9 Morgan Stanley 7 5,..5 +.. - 5.7.7 +. Santander,7.5 6. +.6. -6..9 -. Bank of China Ltd 9,.. -. 9 6.9-6.. -. BBVA 9,7. 5. +.7 7. -.5. +. BNP Paribas SA 9,79.7. -.5. -..6 -.7 5,7.5. +.5. - 6.6 7. -.7 Goldman Sachs & Co,759.7. -.5. -.9.5 +. 5,6. 7. +. 6.6 6. +. 7,. 59. -. 67. 66.6 -.7 5,79.. 5 67 7..,.. 55.. % Change from Same Period Last Year -.5% -5.7%.7% % Change from Same Period Last Year -.6% -6.%.% % Change from Last Quarter -.% -7.7% -.5% % Change from Last Quarter.%.% -9.% Middle East Emerging Market Bonds (L5) All International Emerging Market Bond Volume by Industry (US$b) 5 Proceeds per (US$m) # of Deals per Imputed Fees (US$m),6. 6.6 +. 6. - 7.6 7. -.9 National Bank of Abu Dhabi,.7. +7. 7. +.. -. Morgan Stanley,5.5. +6. 6 6.7 +.. -.7 Standard Chartered PLC 7,6. 7. +.. + 5. 5. -.9 BNP Paribas SA 5.6 6. +.6. -.. -.9 6 6 76. 5.6 +.. -.. -. 7 7.5 5. -.7. -5.. -. Citi 697. 5. -.7 5.9-5 7.7 7. +. Emirates NBD PJSC 9 5 6..6 -. 7 9. -6.. +. Bank Muscat SAOG - 5..7 +.7. +.. +. 9,965. 7. +.6 6. 6.7 -.5,657.. 6 97.. % Change from Same Period Last Year -5.% % Change from Last Quarter -5.% *tie -.7% 69.%.% - -.% $5. % $. $. % $.7 % % $. % $96. 5% $5.6 6% $6. % Financials Government and Agencies Energy and Power Industrials Real Estate Materials High Technology Telecommunications Consumer Staples Healthcare Retail $7.6 % $. 5% $. %
First Half 5 Debt Capital Markets Managing Underwriters Emerging Markets - Latin America Global Brazilian Debt Volume Down % l Fees for Global Brazilian Debt Down % l Domestic Brazilian Debt Down % l Domestic Mexican Debt Up 9% All Global Debt by Brazilian Issuers (BR) Global Brazilian Debt Volume by Sector First Half Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Deutsche Bank 5,. 5.6 +. 6. - 5..6 +7. Itau Unibanco 5,6.6. +5.. -7. 7.6 +5.,..6 +.. -.. +.5 Citi 6 9..6 +5. 5. -..6 +7. Santander 5 7 65.. +.9 6. -6.7 6. -.7 Morgan Stanley 6 6 59.6 7. +6.. -. 6.5 +. Banco Bradesco SA 7 5.7 5. -7. 6. -..7 -. Bank of America Merrill Lynch.9 5. +. 6. -.5 5. +5. Banco do Brasil SA 9 69.. -.6. -.. +.6 Banco del Chubut -.5.9 +.9. +..9 +5. 6,.. +.. 7.5 +6.5,6.9. 5.. Proceeds (US$b) $5 $ $ $ $ Securitized Debt Junk Rated Debt Investment Grade Corporate Agency, Supranational, Sovereign # of Issues 5 66 6 65 7 5 5 9 6 # of Issues % Change from Same Period Last Year -.% -.% -.% % Change from Last Quarter 66.% -7.7%.9% Domestic Brazilian Debt in Reals (BR) $ 6 7 9 5 Global Debt by Mexican Issuers (MX) Proceeds per (R$m) # of Deals per Imputed Fees (US$m) Banco Bradesco SA 7,965. 7.5 +.9. -.6 9. +7.6 SD Indeval SA de CV - 5,..5 +.5.9 +.. +. Itau Unibanco,9..9 +6. 9 6.5 -..9 +. Santander 9,5..6 +5.7 7.7-7.6 6. +.5 Shanghai Pudong Development Bk 5-9.. +..9 +.. +. Pentagono SA DTVM 6.9.5-9..9 -.. -6.5 Citi 7-6.. +..9 +..7 +.7 Banco BTG Pactual SA 5 5..7-5. 6.5 -.. -.9 9 6..6 -.7.9-5.. -. Banco Modal 9 7..5 +.. +.. +.,966.9 9. +7.7 9.. +.,6.9. 5 9.. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Morgan Stanley 9,7.9.7 +.. - 5..7 +.,5.. -.7 5 5. -7 6.. +. Citi 7,95.. +.. - 6.. +. BBVA 5,97..7 +. 6.5 +. 9.6 +. Santander 5,9.9 9. +.9 7. +6.. +7.7 Bank of America Merrill Lynch 6 6,.7.5 +. 6. - 5.. +.9 Deutsche Bank 7,559.9 7. -.7 9. -6. 6. -5.,5.7 7. +.5 6. -.9 5.9 -. Credit Suisse 9,5. 5.6-7. 6. -9..9 -. Goldman Sachs & Co 77.9.6-5.5. -..9 -.,757. 7.6 +.5. 5. +7.,59.. 9.. % Change from Same Period Last Year -.% -6.9% -7.% % Change from Last Quarter -7.7% -66.7% -5.% % Change from Same Period Last Year % Change from Last Quarter -6.% -6.% -.% -5.9% -55.% -57.6% Global Debt in Mexican Pesos (MX) Domestic Mexican Debt (MX) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) BBVA 667.. +6. 5. +. 6. +. BBVA 6. 6.7 +. 65. +5..7 +. Casas de Bolsa Bital, S.A. 7 57.5. +.5.9 +.5 6.9 +. Casas de Bolsa Bital, S.A. 57.5. +.6 6. +.5 5.5 +. Citi 9.6.5 -. 5.7 -.. -. Citi 5. 5. -. 9 5. +.9 5. -.6 SD Indeval SA de CV -.5.5 +.5.6 +..9 +.9 Santander - 9.7. +.. +.7.7 +.7 Santander 5 9.7 9. +.. +.7 7. +7. Corporacion Actinver Sab de CV 5 7.7. +5.9 5. +.6.9 +9. Corporacion Actinver Sab de CV 6.7 7.7 +.7.7 -.6 7. +6. 6.7.5 -. 5. -.. -6. 7 6.6 5. -.. -.. -. Grupo Financiero Banorte-Ixe 7 6 6..9 -.7. -.. -.5 Grupo Financiero Banorte-Ixe 6.. -.9 7. -.. +. Casa de Bolsa Inverlat -..7 +.7. +..9 +.9 TD Securities Inc 9-67.. +. 7. +..5 +.5 Evercore Casa de Bolsa SA 9 -.6.6 +.6 5. +..6 +.6 Morgan Stanley 5..7-7. 7. -.. -6.6 Bank of America Merrill Lynch -.. +. 5. +.. +.,6. 9. +7.7. 9. +.,. 99. +.9 5.9. +.6,5.6. 5..,59.. + 5.9. % Change from Same Period Last Year -.9% % Change from Last Quarter -9.% -5.% -6.% % Change from Same Period Last Year 9.% 5.%.9%.% -6.% % Change from Last Quarter -.% 5.% -6.5%
First Half 5 Debt Capital Markets Managing Underwriters Asia Debt Asian G Debt Volume Up 5% l Offshore Renminbi Bond Proceeds Drops % l Asian Local Currency Debt Registers Slowest Quarter Since Asia Deals Intelligence Asian G Currency Bonds (ex-japan ex-australia) (AR ) Asian G (US$, Euro, Yen) bond offerings to date totaled US$5.6 billion from 67 deals, a.% increase in proceeds from the first half of. China-domiciled issuers raised US$ billion from 56 transactions to date, capturing.7% of the Asian G market. Capital raising from the Financials and Government & Agencies sectors registered record-high first-half volumes of US$65. billion and US$.5 billion respectively, accounting for 57.5% and 9.% of the proceeds in the first half. Asian currency bond offerings in the first six months of 5 totaled US$5 billion from,999 deals, a 7.7% drop from the total raised in the same period last year. Issuance from the top currencies, Chinese Yuan and Korean Won, registered a 5.% and 7.% decline, respectively, in proceeds from first half volume. Offshore Chinese Yuan bond proceeds in the first half fell significantly, to CNY.5 billion from its record-high first-half proceeds in (CNY9.6 billion). According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G currency bond market totaled US$. million in the first half, a.% decline from total fees paid in the first half of. Underwriting fees on Asian currency bonds (ex. Japan, Australia) to date dropped 5% to US$.9 million from the US$. million earned in the same period last year. Asian Corporate Bonds Imputed Fees (US$m) First Half Proceeds per (US$m) # of Deals per Imputed Fees (US$m),75.6. -. 76 5.5-7. 9. -. Citi,77.5. -. 5. - 6.6.6 -.,. 7.7 -.9 6 7.5-9. 6.9 -.7 Standard Chartered PLC 5 7,5. 6. +. 5.7-5 5.9 6. -. Deutsche Bank 5 6,5. 5.6 -. 6 7.5-9.5 7. -.6 Bank of America Merrill Lynch 6 6 6,. 5.5 -. 5. -. 5. -. Morgan Stanley 7 5,9. 5. +. 9. -.9 5. +.9 Goldman Sachs & Co 7,67.. -.. -5.. -. Bank of China Ltd 9,.6. +..6 +7 7.5. +. Credit Suisse,5.. +.9 9. +.. +. 7,7. 6. -.6 5. 59.9-5. 5,65.5. 67 -.. t Includes Asian Development Bank issuance All Asian Currencies (ex-japan ex-australia) (AS**).% 6.9%.% 7.% 6.9%.9% $, $, $ $6 $ $ $ 6 7 9 5 U.S. Dollar Chinese Yuan All Other Currencies Proceeds per (US$m) # of Deals per Imputed Fees (US$m),9.9 5.6 +. 6. -7.. +.7 Standard Chartered PLC 7 9,6.9. +. 5 7.9-6 6.6. +. CITIC 7,..5 -.. -6.. -.7 Industrial & Comm Bank China 6,76.. -.7. -5 7.9. -.5 Bank of China Ltd 5 5 6,77.7. -.7 9. -55 7.5.7 -.7 KB Financial Group Inc 6 5,9..9 +. 6.6 +57 9.9. +. China Construction Bank 7 5,6.5.9 -.9 6. -59.5. -.6 Daewoo Securities Co Ltd 7,.. +. 95. +9.. +.6 DBS Group Holdings 9,6.. +.. -7..7 +. Korea Investment Holdings Co,.. +. 7.9 +9.. +. 65,769.. -. 9. 9. -5.9,99.9.,999-7.9. **Includes CDs and CPs 7.7% 59.9%.% 9.9%.7% 5.6% Offshore Chinese Yuan Issued & Settled Bonds (ex self-funded) (ASa) Asian G Currency High Yield Bonds (ex-japan ex-australia) Proceeds per (CNYm) # of Deals per Imputed Fees (US$m),9.9.9 -.5. -5 6.6. -.6 Standard Chartered PLC,5..6-5 9. -7 5.. -. BNP Paribas SA,6..9 +6. 5. -5. 9. +.7 DBS Group Holdings 5,6. 5. -.6. -.5. -. Bank of China Ltd 5 5,.. -.. -.. -.9 6,7.. +.. -.9.5 -.9 Credit Agricole CIB 7,6.. +.5. +7.7.9 +. Agricultural Bank of China,5..9 +.5.9 -.9 5. +. Citi 9,..6 +.9 5. +.5. +. Deutsche Bank 7,755.5.6 -. 5. -.. -. 6,75.6 76.6 +.. 6.5 -.,5.6. 77-6.. Proceeds per (US$m) # of Deals per Imputed Fees (US$m),59.6.9 -.. -.9.9 -.7,6.. +.. -.. +. Standard Chartered PLC 6,65. 7.7 +.7 9. +. 9. +. DBS Group Holdings,5.6 7.6 +6.9 5.7 +.. +. Deutsche Bank 5 5 9. 6.6 -..5-5 7.6 5. -.9 Credit Suisse 6 9.5 5.9 +. 5.7 + 9. 6. +.7 UBS 7 79. 5. -.6 9. -.. -. CIMB Group Sdn Bhd - 56.9. +. 5.9 +.. +. CITIC 9 57.7.7 +. 6 7.6 + 6.. +.6 Dubai Islamic Bank PJSC - 5..6 +.6.9 +.7. +. 9,76. 65.6 +5. 9.6 6. +.,9.6. + 5...%.% 56.9% 6.%.%.%.5%.7%.9% 5.% 6.7%.9% * tie **Includes CDs and CPs
Australian Dollar Debt First Half 5 Proceeds Dip l Australian International Bond Issuance Falls % First Half 5 Debt Capital Markets Managing Underwriters Australia Debt Australia Deals Intelligence All Australian Debt (ex self-funded) (AJa) Australian international debt offerings in the first half of 5 totaled US$. billion from 75 deals, an % decline from proceeds raised in the same period last year. The US Dollar remained the top currency, with total proceeds of US$9. billion from deals, while Euro and Australian Dollar denominated debt captured 9.% and.5% of the Australian international debt market, respectively. Australian Dollar bond (excluding self-funded) proceeds to date reached AU$59.5 billion from 59 deals, an.% drop from total proceeds raised in the same period last year. Issuance from the Financials sector totaled AU$5.7 billion from 69 deals, a 9.5% increase from its total raisings in the first half of. According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australian Dollar (excluding self-funded) bonds to date reached AU$.6 million, a 9.% decline from the total of AU$. million earned in the first six months of. Estimated fees from Australian international bond offerings this year registered a.% increase, to US$5. million from the US$7. million earned in the same period last year. Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) National Australia Bank 9,979. 6. +5. 7. - 5.5. +. Westpac Banking 7,75..6 -. 5. +7.5. +. ANZ Banking Group 7,.. +. 9.5 -.5 9. -5.7 Commonwealth Bank of Australia 5 7,65.9.9 +.9 6.6 +.. +.5 Deutsche Bank 5,99. 6.7 -.9 5. -. 5. -. TD Securities Inc 6,7.6 5. -..9-6.. +. Nomura 7,6. 5. +. 6 6. +.. +.5 RBC Capital Markets 9,7.9 5. +.6. +9 5.5.9 +. UBS 9 7,7. 5. -. 7.7 +5 5.. +. Citi 6,7.6. -.5. +5.9.6 -. 5,. 6. +. 5.. +6. 59,6.9. 59-9.6..% 9.7% 9.%.% 9.% 5.% All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Half $7 $6 $5 $ $ $ $ $ 6 7 9 5 Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6) Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) National Australia Bank 6,57.. +.. -.6 7.6 +.6 ANZ Banking Group 5,5.5.7 -.. - 5. 9. -6.6 Westpac Banking,.9. -..7 + 9.9. +.6 Commonwealth Bank of Australia,6.9 9.9 +..6-6.9. +.5 TD Securities Inc 5 6,7.6 7.7 +..6-6..9 +.7 Nomura 6,6. 7. +. 6.7 +. 5. +.9 RBC Capital Markets 7 9,7.9 7. +..5 +9 5.5. +. UBS 5,7. 6. -. 7. +5 5. 9. +.6 Deutsche Bank 9,. 6. -5.6 5 5. - 9. 6. -. Citi 7,..7 -.5 5. +..6 -.6,. 6. -.. 79. +6.,75.. 9 + 6.9..% 7.5%.%.5%.% 5.5% All Australian International Bonds (AJ7) All Australian Securitization (ex-cdos) (AJ) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 5,6.7.7 +..7-7..7 +.6 Deutsche Bank 6,5.9 9.5 +.5 7.7 +6.5 5.6 +. Citi,5.9.6 -.9 7.7 -.6 7. -. UBS 5 9 7,.,. 6. 6. +. +.6..7 - + 7. 7.6.9 5. -. +. ANZ Banking Group National Australia Bank 6 7,5.,6.6 5..9 +. +. 6..7 - - 5. 6.5.5. +. +. Commonwealth Bank of Australia Westpac Banking 9,9.9,57..9. -. +.5 6.. - +5....9 -. -.5 RBS,7.6.9 +. 6. - 5.. +.9,. 66. +9.. 6.6 +.6,.9. 75-5.. Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) National Australia Bank,9.7 5.9 +5. 55. - 7. 6.7 +5. Westpac Banking,75.. -.. +.7 7. -5.9 Commonwealth Bank of Australia,7. 7.9 +7.6 6. +.6 7. +.5 ANZ Banking Group,77.7. +. 7 5. -.5. +. Macquarie Group 5 6,7..5 -.7. -.9. -. Deutsche Bank 6,5. 7.7 +.7 5 5. +.. +.7 7 5 759. 5. -5. 5. -.5 5. -5. Citi 7.. -5. 5. +.. -. RBS 9 9 9.. -.6 5. -.. -. 5,57.. +.6 6. 99.9 +.9 5,57.. - 6...% 5.5%.5% 5.5%.%.% 7.9% -.% -7.%.%.9% -.% 5
Japanese Debt Down % l Samurai Bonds Decline 7% l Corporate Debt Down % First Half 5 Debt Capital Markets Managing Underwriters Japan Debt Japan Deals Intelligence All Bonds in Yen (AP5) For the first six months of 5, yen-denominated bond activity totaled JPY9 trillion from 6 deals, a.6% decrease from the comparable period in. According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds during the first six months of 5 reached JPY5. billion, a % increase compared to the same period last year. Samurai Bond volume for the first two quarters of 5 recorded a steep decline of 7.%, to JPY9.5 billion in proceeds from deals, compared to the same period last year. Rabobank s two Samurai bond issues on May 5, with a combined value of JPY6.5 billion, were the largest Samurai bond deals issued during the first half of 5. Japanese Corporate Debt activity for the first six months of 5 decreased by.9% from the same period last year totaling JPY.7 trillion from deals. Despite the decline in the overall corporate debt activity, the retail and high technology sectors registered notable increase in activity, registering year-on-year increases of.% and 5.7%, respectively. Proceeds per ( m) # of Deals per Imputed Fees ( m) Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group,6,7.6. -. 6 5.6-6,99.7 9.5 -.9 Mitsubishi UFJ Morgan Stanley,57,95.6 7.5 -.5.7-7 6,5.9 6.9 -. Nomura,77,96. 5. -. 6. - 6,67..7 +. Daiwa Securities Group Inc 5,6,6.. +. 6 5. -7 5,. 5. +. Sumitomo Mitsui Finl Grp Inc 5,6,.7.9 -. 6 5.9-5,6.. -.6 Sumitomo Mitsui Trust Holdings 6 9,5.. +. 9.9 + 57..5 +. Mitsubishi UFJ Financial Group 7 9 5,69.. +.. + 75.9. +. Goldman Sachs & Co 7 55,.9. +.. -9 7.5. +.6 Bank of America Merrill Lynch 9 6 7,6.. +.. - 67..7 - Tokai Tokyo Financial Holdings,669.,6,5.7.5 9. +.5 -. 7. +5 6.,5.. 9.7 +. -.,99,7.. 6-9 5,6.. -.6% -6.%.% 9.%.7% -.% Samurai Bonds Issuer Domicile Analysis First Half Samurai Bonds (AP) Billion,6,,, 6 5 6 5 5 6 7 9 5 Asia-Pacific (ex Central Asia) Europe Americas # of Issues 6 5 # of Issues Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mitsubishi UFJ Morgan Stanley,..6 +. 7. - 576.9. -. Nomura 5 6,5.7. +7. 7. + 559.. +.7 Sumitomo Mitsui Finl Grp Inc 79,65.7 9. +. 66.7-7 5. 9. +.6 Daiwa Securities Group Inc,..7-6. 6 5. - 5.. -6. Mizuho Financial Group 5 6,59.7. -7. 6.7-69.. -. Bank of America Merrill Lynch 6 7,75.. +. 5 6.7-9.9. +. 7 7,..9 +.. - 5..7 -. Credit Agricole CIB -,6.7.5 +.5 6. +6 7.9.7 +.7 Societe Generale 9,5..6 +.. - 6.. +. 9,.. -. 6.7 + 7..7 -. 95,. 9. +.,56.6 96. - 9,5.. -,6.. -7.%.% *tie -.%.% -.9% 6.% Japanese Corporate Debt Volume by Industry ( Billion) Japanese Securitizations (AP). % 9. % 5. % 95. 6% 57. %. 5% 5. 6% 7.5 6%. 6% 57. 6% 5. 6%. % Industrials Financials Telecommunications High Technology Energy and Power Retail Real Estate Consumer Products and Services Materials Consumer Staples Media and Entertainment Healthcare 6 Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group 59,66. 9. -.6 9 7. +,6.6.5 -.7 Sumitomo Mitsui Trust Holdings 5 9,5. 9. +.5 9 7. + 57. 9. +. Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc 5 7,55.,7. 6,. 9. 9.. -.9 +.7 -.7 6.5.. + - - 5. 5.5 55. 9.. 9.6 -. +5. -. Mitsubishi UFJ Financial Group 6 6 7,56.5 6. -. 9. - 59. 7.9 +. Nomura 7 5,. 5.7-7.. - 5.6 5.9 -.9 Bank of America Merrill Lynch 7,7.. +.. +..9 +.9 9-6,5.. +..6 +.6. +.9 ORIX Corp 5,..5 +..6 + 77.. +.6,957,6. 95.7 +. 5,5. 95. +.,7,5.6. 5,.7. 6.%.%.% 7.9% -.% 5.%
First Half 5 Debt Capital Markets Managing Underwriters Japan Debt Japanese Corporate Debt (AP) Bonds Targeted in Japan (AP) Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mitsubishi UFJ Morgan Stanley Nomura 75,. 769,...9 -. +. 9 5. 5. -9 -,.,9... -. +. Mizuho Financial Group Mitsubishi UFJ Morgan Stanley,6,5.6,57,6. 9.. -.6 -. 5.. - - 6,9. 5,95.. 7. -. -.6 Mizuho Financial Group 69,9..7-6. 9 5. -,99.9 9. -. Nomura,77,96. 6.5 -. 6 6. - 6,67. 9. +.5 Sumitomo Mitsui Finl Grp Inc 6,76.5 7. +. 95 5.5-5,7. 5. +.6 Daiwa Securities Group Inc 5,5,66..9 +. 6 6. - 5,9. 5.7 +. Daiwa Securities Group Inc 5 5 67,9.9 7. +. 5 7. -,6.7 7. +.6 Sumitomo Mitsui Finl Grp Inc 5,9,5.7.7 -. 66 7. - 5,5.9. +. Goldman Sachs & Co 6 6 6,.9.7 +.5 6. - 9.5.9 - Sumitomo Mitsui Trust Holdings 6 9,5..7 +. 9. + 57..6 +. Citi 7 7 9,5.. +. 6. + 7.5.7 +. Bank of America Merrill Lynch 7 6 7,5.5. - 9. - 59.7.5 -. Bank of America Merrill Lynch 9,9..9 +. 7.9 + 7.. -. Tokai Tokyo Financial Holdings,669..6 +.6 7.6 +5 6.. +. Tokai Tokyo Financial Holdings 9,.. +..7-7.6. -. Goldman Sachs & Co 9 7,.9.6 -..9-5.. -. Shinkin Central Bank,9.. -.5 7.9-5 9.. -.6 Mitsubishi UFJ Financial Group 9 7,56.5.5 +..7-59.. +.,66,. 99. -.,5. 96. -.6 7,96,6.7 95. -.,5.7 9.5 -.,67,.. -9,99.5.,55,77.. 9 -,9.. -.9% -.%.%.% 5.% -7.% -.%.% -5.% 9.% 5.% -.% 7
First Half 5 Debt Capital Markets Managing Underwriters Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact: United States Salvatore Reres Tel: + 66 55 E-mail: salvatore.reres@thomsonreuters.com Europe Ian Willmott Tel: + 7 5 76 E-mail: ian.willmott@thomsonreuters.com Asia-Pacific Michelle Abuzo Tel: +6 5 7 E-mail: michelle.abuzo@thomsonreuters.com Japan Aki Sato Tel: + 6 E-mail: aki.sato@thomsonreuters.com - Database coverage includes all US public, Euro public and Rule a fee-eligible global debt transactions (including Global bonds, Euro/a transactions, Yankee Bonds, Eurobonds, Foreign Bonds and preferred stock) as well as MBS, ABS & Taxable Munis. - Transactions must be received within 5 business days of pricing for league table accreditation. (Rule a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. - All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:am EDT on June, 5. - Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. - Long-term league tables exclude deals with a minimum life of less than.5 years (or months), except for Asian local currency denominated bonds and all securitized tranches, which require a minimum life of more than 6 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option. - US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/a bond and preferred stock transactions. Global bond league tables include domestic, foreign, Global, Euromarket and Euro/a bond and preferred stock transactions issued in any currency. - Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicate members. League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: () Mitsubishi UFJ Morgan Stanley Securities and () Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley." As concluded following our DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with Japanese Fiscal Year - 5 after April st,. Please note that the Samurai Bonds ranking (AP) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each" allocation basis. - - - Following our mid-year League Table Inquiry, all US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. 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