GLOBAL SYNDICATED LOANS REVIEW LEGAL ADVISORS REUTERS / Stefan Wermuth First Half 2015
First Half 2015 LEGAL ADVISORS Global Syndicated Loans Legal Advisor Review Global Syndicated Lending Totals over US$2 Trillion, down from 2014 I US Loans Account for 51%; Japanese Lending Up 2% Global Deals Intelligence GLOBAL SYNDICATED LENDING FALLS FROM 2014 Global syndicated lending during the first half of 2015 reached US$2.2 trillion, a 6.5% decrease compared to the first half of 2014. Moreover, lending activity during the quarter saw a 10% decrease from the previous quarter. During the first half of 2015, 4,905 transactions closed; a decrease of 9% compared to the first half of 2014. US LENDING ACCOUNTS FOR 51% OF ACTIVITY Americas loans accounted for 5 of global loan volume during the first half of 2015, as lending in the region decreased by 2% from the same period last year. In the Americas, loan volume in the United States totaled US$1.1 billion, down 3.6% compared to the same period last year, representing 50.8% of global volumes. EMEA accounted for 25.5% of global volumes as lending decreased by 7.3% compared to the first half of 2014. Asia Pacific fundraising saw a year-over-year increase of insignificant 0.3%, similarly to Japanese lending that went up 1.8% compared to the same period last year. ENERGY & POWER, FINANCIALS AND INDUSTRIALS LEAD LENDING Borrowing in the sector totaled US$419.6 billion during the first half of 2015, accounting for 19.3% of global loan activity. Energy & Power, Financials and Industrials together accounted for 4 of syndicated loan volume during the first half of 2015 compared to 46% a year ago. The top deal remains AbbVie Inc`'s US$18 billion 1 tranche loan, in the sector, followed by another US deal - Wal-Mart Stores of US$17 billion. Global Industry Breakdown 6% 5% 19% 5% 15% Financials Industrials Materials Real Estate High Technology Retail Consumer Products and Services 13% Consumer Staples 8% Media and Entertainment Government and Agencies Global Syndicated Loans Volume Top Global Deals Proceeds (US$b) 5,000 4,000 3,000 2,000 1,000 Q1 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q4 Volume (US$b) Borrower Package Amt Sector Syndication 03/19/15 United States AbbVie Inc 18,000.0 06/03/15 United States Wal-Mart Stores Inc 16,960.0 Retail 05/28/15 Switzerland Glencore PLC 15,250.0 Materials 05/01/15 Netherlands Royal Dutch Shell PLC 15,245.0 05/12/15 United States Depository Trust Co 14,000.0 Financials United States Ford Motor Co 13,426.0 Industrials 06/30/15 United States CVS Health Corp 13,000.0 Retail United States Equinix Inc 12,324.8 High Technology 03/25/15 Japan Orchid Alliance Holdings Ltd 11,838.0 Financials 05/13/15 United States Cheniere Corpus Christi Hldg 11,500.0 04/24/15 United States Mylan NV 11,059.0 02/12/15 Enel SpA 10,764.0 03/26/15 Saudi Arabia ARAMCO 9,999.0 04/01/15 United States Valeant Pharmaceuticals Intl 9,600.0 01/21/15 United States AT&T Inc 9,155.0 03/09/15 United States Dollar Tree Inc 9,000.0 Retail 03/25/15 United Kingdom Hutchison 3G UK Holdings Ltd 8,928.6 03/25/15 United Kingdom Hutchison 3G UK Investments 8,928.6 Financials 03/11/15 China Yalong River Hydropower Dvlp 8,464.7 02/19/15 United States Ball Corp 8,087.0 Materials 0 2009 2010 2011 2012 2013 2014 2015 1
Americas Proceeds Reach US$895 Billion Retail & Supermarket and Industries Lead Market First Half 2015 Syndicated Loans Legal Advisors US Legal Advisor Review US Borrower Legal Advisor US Industry Breakdown 2015 Market 2014 Borrower Advisor Rank Proceeds Sh % Rank Davis Polk & Wardwell 1 40,899.0 4.6 11 Skadden Arps Slate Meagher & Flom 2 38,640.8 4.3 9 Simpson Thacher & Bartlett 3 37,459.1 4.2 4 Latham & Watkins 4 32,225.9 3.6 1 Wachtell Lipton Rosen & Katz 5 23,850.0 2.7 23 Kirkland & Ellis 6 19,113.6 2.1 3 Shearman & Sterling 7 18,195.0 2.0 16 Ropes & Gray 8 17,606.0 2.0 2 Cravath Swaine & Moore 9 13,862.5 1.5 12 Vinson & Elkins 10 12,977.9 1.4 6 Top Ten Total 254,829.8 28.5 895,286.0 100.0 # of Market Deals Sh % 14 0.9 18 1.2 29 2.0 51 3.4 4 0.3 33 2.2 10 0.7 34 2.3 13 0.9 23 1.6 1,481 3% 3% 19% 10% 10% 8% Retail & Supermarkets Financial Services General Manufacturing Oil and Gas Technology Utilities US Lenders Legal Advisor 2015 Market Lender Advisor Rank Proceeds Sh % Cahill Gordon & Reindel 1 78,542.8 8.8 Cravath Swaine & Moore 2 76,660.0 8.6 Simpson Thacher & Bartlett 3 72,812.0 8.1 Davis Polk & Wardwell 4 53,164.5 5.9 Shearman & Sterling 5 51,116.9 5.7 McGuireWoods 6 50,934.4 5.7 White & Case 7 27,464.7 3.1 Moore & Van Allen 8 26,133.9 2.9 Latham & Watkins 9 25,520.3 2.9 Weil Gotshal & Manges 10 24,562.0 2.7 Top Ten Total 486,911.4 54.4 895,286.0 100.0 2014 # of Market Rank Deals Sh % 1 92 6.2 9 36 2.4 2 77 5.2 11 24 1.6 8 40 2.7 3 66 4.5 16 16 1.1 4 66 4.5 5 52 3.5 18 10 0.7 1,481 3% 5% 6% 8% REITS Automotive Chemicals, Plastics & Rubber Beverage, Food, and Tobacco Processing Services Business Services Other Top Americas Deals Package Amt Syndication Borrower 03/19/15 United States AbbVie Inc 18,000.0 06/03/15 United States Wal-Mart Stores Inc 16,960.0 05/12/15 United States Depository Trust Co 14,000.0 United States Ford Motor Co 13,426.0 06/30/15 United States CVS Health Corp 13,000.0 United States Equinix Inc 12,324.8 05/13/15 United States Cheniere Corpus Christi Hldg 11,500.0 04/24/15 United States Mylan NV 11,059.0 04/01/15 United States Valeant Pharmaceuticals Intl 9,600.0 01/21/15 United States AT&T Inc 9,155.0 Sector Retail Financials Industrials Retail High Technology Source: Thomson Reuters LPC Tho mso n Re ute rs LPC 2 01 5. The a tta che d co nte nt, includ ing, bu t no t limited to, text, data, report s, and other opinions, im ages, p ho tos, grap hics, g raph s, a nd cha rts (t he C on te nt ), m ay n ot be re distribu ted or co pied. The Content is the property of Th om son Re ut ers LP C, and is prot ecte d b y cop yrig ht and o the r in tellect ua l prope rty law s. Co nt act Thom so n Reute rs LPC at (1) 6 46-22 3-68 90 (New York) o r (44) 207-54 2-752 0 (L on don ) for a dd it iona l info rm a tion. 2
First Half 2015 Syndicated Loans Legal Advisors Europe, Middle East & Africa Legal Advisor Review EMEA Lending Reaches US$554 Biillion, down 11% from 2014 l 897 Deals d LL02a EMEA Borrower Legal Advisor LL02b EMEA Lenders Legal Advisor Borrower Advisor Rank Rank Proceeds Share % Share Ch. Rank Deals Share % # of Deals Lender Advisor Rank Rank ProceedsShare % Share Ch. Rank Deals Share % # of Deals Allen & Overy 1 1 28,501.4 5.2-4.1 1 28 3.1-18 Allen & Overy 1 1 84,370.8 15.2-5.1 1 85 9.5-39 Slaughter & May 2 2 28,434.0 5.1 0.2 2* 14 1.6-3 Clifford Chance 2 2 75,333.2 13.6-5.1 2 46 5.1-25 Clifford Chance 3 3 20,355.2 3.7-0.7 2* 14 1.6-5 Linklaters 3 3 19,565.9 3.5 0.3 3 15 1.7-4 Latham & Watkins 4 12 12,079.4 2.2 1.3 4 12 1.3 1 White & Case LLP 4 21 15,502.0 2.8 2.5 5 8 0.9 4 White & Case LLP 5 16 10,975.7 2.0 1.6 7* 4 0.5 1 Milbank Tweed Hadley & McCloy 5 14 7,289.1 1.3 0.8 14* 4 0.5 2 Gianni Origoni Grippo Cappelli & Partners 6* - 3,920.3 0.7 0.7 20* 1 0.1 - - Advokatfirman Torngren Magnell KB 6-5,089.6 0.9 0.9 24* 1 0.1 - - Homburger 6* 17 3,920.3 0.7 0.3 20* 1 0.1 0 - Freshfields Bruckhaus Deringer 7 4 4,832.6 0.9-1.0 14* 4 0.5-1 Wachtell Lipton Rosen & Katz 6* - 3,920.3 0.7 0.7 20* 1 0.1 - - Gide Loyrette Nouel 8 22 3,751.3 0.7 0.4 24* 1 0.1-1 Herbert Smith Freehills 9 8 3,350.2 0.6-0.6 10* 3 0.3 0 - Shearman & Sterling LLP 9 24 3,502.0 0.6 0.4 11* 5 0.6 4 Sullivan & Cromwell 10-2,819.1 0.5 0.5 20* 1 0.1 - - Latham & Watkins 10 5 3,109.7 0.6-1.1 4 11 1.2-1 Weil Gotshal & Manges 11 30 2,358.0 0.4 0.3 6 6 0.7 2 Fried Frank Harris Shriver & Jacobson 11-2,588.4 0.5 0.5 20* 2 0.2 - - Cravath, Swaine & Moore 12 24 2,162.4 0.4 0.2 14* 2 0.2 1 Ashurst 12 19 2,464.8 0.5 0.2 7* 6 0.7 1 Linklaters 13 5 2,158.9 0.4-2.4 5 7 0.8-1 Hogan Lovells 13 8 2,131.3 0.4-0.4 7* 6 0.7 1 Freshfields Bruckhaus Deringer 14 7 1,814.8 0.3-0.9 10* 3 0.3-4 Baker & McKenzie 14 15 1,901.8 0.3-0.2 7* 6 0.7 0 - Kirkland & Ellis 15 26 1,782.1 0.3 0.1 7* 4 0.5 2 Cahill Gordon & Reindel 15 18 1,763.8 0.3-0.1 6 7 0.8 2 Simpson Thacher & Bartlett 16 19 1,771.6 0.3 0.0-10* 3 0.3 0 - Watson Farley & Williams 16-1,512.2 0.3 0.3 7* 6 0.7 - - Jones Day 17-1,731.9 0.3 0.3 10* 3 0.3 - - Dentons 17-1,338.0 0.2 0.2 18* 3 0.3 - - Ropes & Gray 18 6 1,588.1 0.3-1.1 14* 2 0.2-1 DLA Piper LLP 18 11 1,254.4 0.2-0.3 11* 5 0.6-3 Hengeler Mueller 19 4 1,579.5 0.3-3.7 7* 4 0.5-9 Herbert Smith Freehills 19 6 1,238.6 0.2-0.8 20* 2 0.2-3 Macfarlanes 20-1,428.7 0.3 0.3 14* 2 0.2 - - Willkie Farr & Gallagher 20-955.3 0.2 0.2 24* 1 0.1 - - Jennifer Maher Solicitors 21 38 1,234.0 0.2 0.1 20* 1 0.1 0 - Simpson Thacher & Bartlett 21 16 847.7 0.2-0.2 24* 1 0.1-1 Olswang 22-819.1 0.2 0.2 20* 1 0.1 - - Allens 22 13 758.9 0.1-0.4 24* 1 0.1-1 Simmons & Simmons 23 23 749.7 0.1-0.1 20* 1 0.1 0 - Cuatrecasas Goncalves Pereira 23 20 632.0 0.1-0.2 11* 5 0.6 0 - Pinsent Masons 24 37 650.0 0.1 0.0-20* 1 0.1 0 - Mayer Brown LLP 24 12 604.0 0.1-0.4 14* 4 0.5 1 Mourant Ozannes 25-463.2 0.1 0.1 20* 1 0.1 - - Wikborg Rein & Co 25 46 588.6 0.1 0.1 24* 1 0.1 0 - Top Twenty Five Total 140,567.9 25.4-6.7 Top Twenty Five Total 242,926.0 43.8-8.5 553,786.3 100.0 897-8 553,786.3 100.0 897-8 Top EMEA Deals Nation Analysis Syndication Borrower 05/28/15 Switzerland Glencore PLC 05/01/15 Netherlands Royal Dutch Shell PLC 02/12/15 Enel SpA 03/26/15 Saudi Arabia ARAMCO 03/25/15 United Kingdom Hutchison 3G UK Holdings Ltd 03/25/15 United Kingdom Hutchison 3G UK Investments 01/13/15 Germany Deutsche Annington Immobilien Pirelli & C SpA Luxembourg ArcelorMittal SA 03/10/15 United Kingdom BT Group PLC Package Amt 15,250.0 15,245.0 10,764.0 9,999.0 8,928.6 8,928.6 7,655.2 7,628.5 6,000.0 5,420.2 Sector Materials Financials Real Estate Industrials Materials Proceeds Mkt. No. Syndication Share % Issues United Kingdom 120,542.3 21.8 192 Germany 53,514.1 9.7 98 Netherlands 48,120.8 8.7 50 France 47,354.7 8.6 83 Spain 43,973.9 7.9 102 40,884.9 7.4 68 Switzerland 29,858.8 5.4 13 Turkey 25,656.7 4.6 30 Saudi Arabia 17,087.1 3.1 9 553,786.3 897 3
Japan and China Account for over 50% of Loan Volume in Region l 1,049 Deals d First Half 2015 Syndicated Loans Legal Advisors Asia Pacific (inc. Japan & Australia) Legal Advisor Review LL04a Asia Pacific & Japan Borrower Advisor LL04b Asia Pacific & Japan Lenders Advisor Borrower Advisor Rank Rank Proceeds Share % Share Ch. Rank Deals Share % # of Deals Borrower Advisor Rank Rank ProceedsShare % Share Ch. Rank Deals Share % # of Deals Herbert Smith Freehills 1 2 10,638.5 2.8 0.3 1 9 0.5-3 Allens 1 2 14,463.8 3.8 0.8 3 16 1.7-5 Allens 2 6 4,066.0 1.1 0.1 2* 6 0.3-3 Allen & Overy 2 1 10,356.2 2.8-1.1 5 2 1.3-3 Mayne Wetherell 3 21 3,044.7 0.8 0.7 5 5 0.3 4 Baker & McKenzie 3 3 8,683.1 2.3-0.2 1 7 1.2-5 King & Wood Mallesons 4 1 2,924.2 0.8-1.9 2* 6 0.3-14 Clifford Chance 4 4 8,294.4 2.2 0.4 4 2 1.0-3 Norton Rose Fulbright 5 27* 2,559.6 0.7 0.7 2* 6 0.3 5 Minter Ellison 5 11 4,811.8 1.3 0.5 7* 4 0.9 0 - Watson Farley & Williams 6-2,236.8 0.6 0.6 14* 1 0.2 - - King & Wood Mallesons 6 6 4,154.6 1.1-0.3 11 2 0.6-9 Clifford Chance 7 19 2,197.0 0.6 0.5 7* 3 0.2 0 - Allen & Gledhill 7 8 3,937.3 1.0-0.1 14* 5 0.5-3 Rajah & Tann LLP 8 27* 1,715.4 0.5 0.5 14* 1 0.2 0 - Herbert Smith Freehills 8 7 2,818.5 0.8-0.4 9* 4 0.5-5 Slaughter & May 9-1,500.0 0.4 0.4-1 0.1 - - White & Case LLP 9 9 2,601.5 0.7-0.3 13 1 0.5-5 Ashurst 10 8 1,436.6 0.4-0.2 7* 3 0.1-2 Norton Rose Fulbright 10 5 2,506.2 0.7-0.8 12 2 0.5-5 WongPartnership LLP 11 14 1,360.2 0.4 0.2 14* 1 0.1-2 Gilbert + Tobin 11 28 2,376.0 0.6 0.3 25* 1 0.4-1 Baker & McKenzie 12 7 1,032.8 0.3-0.5 14* 1 0.1-4 WongPartnership LLP 12 10 2,194.1 0.6-0.3 14* 2 0.3-2 Simpson Grierson 13 12 978.7 0.3 0.0-9* 2 0.1-1 AY Commercial Law Offices 13-2,144.7 0.6 0.6 20* 7 0.3 - - Clayton Utz 14 10 868.5 0.2-0.2 6 4 0.1 0 - J Sagar Associates 14 18 1,936.2 0.5 0.0-14* 2 0.2 2 Allen & Overy 15 11 805.0 0.2-0.1 9* 2 0.1 0 - Lee & Ko 15 24 1,790.9 0.5 0.2 20* 3 0.2-2 DLA Piper LLP 16-756.4 0.2 0.2 14* 1 0.1 - - Ashurst 16 13 1,759.4 0.5-0.1 6 3 0.2 5 Bell Gully 17 22 698.8 0.2 0.1-2 0.1 1 Latham & Watkins 17 23 1,747.5 0.5 0.1 40* 1 0.2-3 Top Twenty Five Total 38,819.2 10.5 1.4 Vincible Law Office 18 35 1,708.1 0.5 0.3 7* 4 0.2 4 376,835.5 100.0 1,049-188 Nishimura & Asahi 19 58* 1,619.9 0.4 0.4 2 3 0.2 21 Linklaters 20 20 1,549.2 0.4 0.0-25* 2 0.2-4 Slaughter & May 21 14 1,284.4 0.3-0.3 25* 2 0.2-1 Amarchand Mangaldas 22 16 1,137.3 0.3-0.2 20* 1 0.2-4 Russin & Vecchi 23 58* 1,062.3 0.3 0.3 25* 1 0.2-1 Chen & Associates Attorneys at Law 24 26 1,054.0 0.3 0.0-9* 3 0.2-2 Bell Gully 25 25 907.5 0.2-0.1 14* 2 0.1-1 Top Twenty Five Total 86,898.9 23.2-0.3 376,835.5 100.0 1,049-188 Top Asia Pacific & Japan Deals Syndication Borrower 03/25/15 Japan Orchid Alliance Holdings Ltd 03/11/15 China Yalong River Hydropower Dvlp 01/07/15 Hong Kong Cheung Kong (Hldg) Ltd- Ppty Hong Kong Cheung Kong (Hldg) Ltd- Ppty 06/11/15 Australia Federation Centres Finance 06/30/15 Japan JX Holdings Inc 04/17/15 Japan Asahi Kasei Corp 06/09/15 Macau MGM Grand Paradise SA Nation Analysis Package Amt Proceeds Mkt. No. Sector Syndication Share % Issues 11,838.0 Financials Japan 120,433.5 31.9 1,036 8,464.7 China 69,750.0 18.5 226 7,092.5 Real Estate Hong Kong 49,729.5 13.2 90 5,161.1 Real Estate Australia 35,927.6 9.5 75 3,951.5 Real Estate India 21,947.3 5.8 85 3,513.5 Singapore 20,883.0 5.5 46 3,333.0 Materials Taiwan 19,387.7 5.1 92 3,018.3 Media and Entertainment South Korea 8,261.7 2.2 41 Malaysia 6,702.2 376,835.5 1.8 17 1,049 4
First Half 2015 Syndicated Loans Legal Advisors Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: - Database coverage includes all loan transactions that have reached general close by the submission deadline and of which Thomson Reuters has been made aware. All current data and previous year's data is as of 9:00 am EDT on July 31, 2015. - Full credit is given to the borrower s legal counsel and top tier manager s legal counsel. In cases of consolidation, credit will be given to the surviving/parent firm. Americas Monica Rahimi Tel: +1 646-223-8436 E-mail: monica.rahimi@thomsonreuters.com - Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. For the purpose of the legal loans review T+10 late submissions will be included in advisor totals Europe Ewelina Jarecka Tel: +44 207 542 2246 E-mail: ewelina.jarecka@thomsonreuters.com - All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market. Rankings based on number of deals are available on product Asia Pacific / Japan: Carina Causon Tel: +632 858 7221 E-mail: carina.causon@thomsonreuters.com - Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of the financial closing. - League tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, change in deal size, change to bookrunner, mandated arranger and/ or tier 1 agent, guarantor or collateral release, change in borrowing base criteria. - Thomson Reuters Legal Advisor loans data is compiled in conjunction with Thomson Reuters Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and Thomson Reuters LPC offer the most comprehensive and accurate view of the syndicated loans market available. 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. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 2015 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 5
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