ASIA PACIFIC (EX-JAPAN) LEAGUE TABLE REPORT

Transcription

1 ASIA PACIFIC (EX-JAPAN) LEAGUE TABLE REPORT

2 TABLE OF CONTENTS Page 3-6 Page 7 Page 8 Page 9 Page 10 Page 11 SUMMARY LARGEST 1Q17 DEALS VOLUME BY COUNTRY VOLUME BY USE OF PROCEEDS VOLUME BY INDUSTRY QUARTERLY VOLUME Page LEAGUE TABLES Page 28 Page 29 CRITERIA DISCLAIMER 2

3 LOANS - SUMMARY 1Q17 Asia Pacific syndicated loan volume falls 30.5%, but bankers optimistic on Aussie, emerging markets pipeline deals First-quarter 2016 Asia Pacific loan volume fell 30.5% year-on-year, to USD 49bn from 122 deals*, in the absence of large financings which had boosted 1Q16 volumes. Despite plummeting volumes 1Q16 Asia Pacific loan volume was USD 70.5bn from 155 deals senior loans syndicators at international banks overall remain optimistic on the year ahead, and emphasized solid deal pipelines, rather than a fall in the volume of outbound China M&A deals, which has been a focus of media reports. I think the numbers are not a true reflection of the current market, said Phil Lipton, HSBC s head of loan syndications, Asia Pacific. Obviously volumes are down, but there s been an absence of jumbo deals in the first quarter, which can make a big difference in a relatively small market, and I think we re seeing the effects of a slowdown in activity from around six months ago, which shows up in low volume numbers now. Big ticket loans that closed in 1Q16 included the USD 5bn term loan for China Cinda Asset Management s acquisition of Nanyang Commercial Bank, the AUD 5.9bn term loan backing the acquisition of TransGrid s assets in Australia, and a USD 3.59bn-equivalent one-year bridge loan to fund Thai conglomerate TCC Group s acquisition of a 58.6% stake in Big C Supercenter from French retailer Casino Guichard Perrachon, as reported. By comparison, the largest completed deal in 1Q17 is Tencent Holding s USD 4.65bn five-year club loan, as reported. But an aggregate of USD 8bn in deals for Alibaba Group Holding and its online financial services subsidiary Ant Financial, combined with a potential USD 3.85bn loan to back Cheung Kong Infrastructure s proposed USD 5.5bn-equivalent acquisition of Australia s DUET Group, would make a substantial difference to overall volume. * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD), offshore CNY denominated club and syndicated transactions based on country of risk. 3

4 LOANS - SUMMARY The pipeline is active and we are likely to see deals being closed in April and May, and when they do you ll see the gap on 2016 volumes closing up, said John Corrin, Global Head of Loan Syndications at ANZ. It s likely that over the next three quarters we ll eliminate that gap, and I m confident we ll end the year ahead of 2016 volume numbers. According to Debtwire data*, there is as much as USD 35bn in pipeline deals around the region. Loans banking sources were generally dismissive of the suggestion that a slowdown in outbound China M&A deals was a huge factor in lower volumes, despite a precipitous decline in announced deals in 1Q17. Beijing signaled increased scrutiny on outbound M&A towards the end of 2016, including on deals over USD 10bn, and above USD 1bn in enterprise value if the target is outside the buyer s core area of businesses. Announced outbound China M&A deal volume for 1Q17 plunged 84.5% from the year earlier period, according to Mergermarket data. Volume reached USD 12.7bn from 83 deals, compared to USD 82bn from 96 announced deals in 1Q16, although the 1Q16 total includes ChemChina s announced USD 43bn acquisition of Syngenta. I think this may be more a factor of the vagaries of M&A than a result of new regulations, said a senior loans syndicator at a Chinese bank. There is obviously a slowdown caused by the new regulations, but buyers you re seeing going out into the market from China, they re substantially supported by the Chinese government so a lot of the negative talk is overstated. Sources noted a decent pipeline of M&A transactions round the region, in Hong Kong, Singapore and Australia. You also have to remember that M&A is not a huge factor in Asia loan volumes, typically it would be around 15% of total loan volume, said Corrin. * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD), offshore CNY denominated club and syndicated transactions based on country of risk. 4

5 LOANS - SUMMARY Cause for optimism? Loans sources also noted a substantial slowdown in onshore CNY financings, as the Chinese government has clamped down on lending to avoid overheating in the economy, in particular in the property sector. That onshore tightening could result in a pickup in offshore loan volume through Chinese borrowers. The China pipeline of loans in the market is currently at as much as USD 13bn, according to Debtwire data*. Australia, currently third in the country league tables with USD 6.9bn from 21 deals, has a pipeline of around USD 9bn in loans, the same data shows. Infrastructure M&A deals and sizeable corporate deals in Australia offer bigger tickets for banks, although strong competition means pricing can be tight, said the Chinese loans banker. The economy is mature, and legal protections are strong for foreign participants such as ourselves, he said. M&A opportunities are therefore attractive, but it s competitive, we can easily have 20 banks circling a situation, he added. It s not all about China With high liquidity and a low deal volume, banks have been chasing yield, and see increasing opportunities in Asia s emerging markets. It s not all China, lots of people don t care about China because they play in other spaces, said a second senior loans banker from a Chinese bank. Where we re seeing opportunity is in emerging markets, like Indonesia, Vietnam or even Malaysia. For the right deal, at the right price, demand can be almost overwhelming. * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD), offshore CNY denominated club and syndicated transactions based on country of risk. 5

6 LOANS - SUMMARY Trans Retail Indonesia recently completed a USD 575m secured five-year amortizing loan, with 24 banks joining the seven MLABs, as reported, despite other CT Corp companies receiving covenants waivers and restructuring debt in 2016, as reported. The loan pays a margin of Libor+ 350bps and offered a top-level all-in of L+ 380bps, as reported. The pricing was right, over 3%, and despite the geography and recent history of the credit, lenders were scaled back by around 50%, said the second Chinese loans syndicator. But pricing and structure have to be right for lenders to overcome perceptions of risk, the same source said. Novelis recently successfully refinanced a USD 1.8bn due-2022 US Term Loan B in Asia through a secured commercial bank financing, but the 10 MLABs were left holding around 70% of the facility, as reported. The USD 1.8bn loan for Novelis, owned by Indian conglomerate Aditya Bhirla Group's Hindalco Industries Ltd, features a 5.5-year bullet maturity, and a margin of L+ 185bps for an all-in of L+ 215bps, as reported. by Stephen Aldred 6

7 LOANS - LARGEST 1Q17 DEALS Borrower Tencent Asset Management 4.65 Sun Hung Kai Properties 2.83 Reliance Industries Bhumi Jati Power WestConnex Stage 1 Star Energy Geothermal A.S. Watson Group SPIC Pacific Hydro Telstra K.Wah International Deal Size (USD-eqiv bn)* Tencent Asset Management Sun Hung Kai Properties Reliance Industries Bhumi Jati Power WestConnex Stage 1 Star Energy Geothermal A.S. Watson Group SPIC Pacific Hydro Telstra K.Wah International Country of Risk China Hong Kong India Indonesia Australia Indonesia Hong Kong China Australia Hong Kong Primary UoP GCP Refinancing Refinancing Project Fin. Project Fin. Acquisition GCP Refinancing GCP Refinancing Closing Date 24-Mar Mar Mar Feb Mar Mar Mar Jan-17 1-Feb-17 5-Feb-17 * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 7

8 Hong Kong China Australia Indonesia India Singapore Taiwan New Zealand South Korea PNG Malaysia Thailand Vietnam Volume (USD bn)* # of deals LOANS - VOLUME BY COUNTRY Country of Risk Volume (USD bn) # of deals 12 Volume (LHS) No. of Deals (RHS) 25 Hong Kong China Australia Indonesia India Singapore Taiwan New Zealand South Korea Papua New Guinea Malaysia Thailand Vietnam Total * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 8

9 Refinancing GCP Project Finance M&A Real Estate CAPEX LBO Dividend Recap Aircraft / Ship Fin Volume (USD bn)* # of deals LOANS - VOLUME BY USE OF PROCEEDS Use of Proceeds Volume (USD bn) # of deals Volume (LHS) No. of Deals (RHS) Refinancing General Corporate Purposes (GCP) Project Finance / Infrastructure M&A Real Estate Capital Expenditure LBO Dividend Recap Aircraft / Ship Finance * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 9

10 Industrial G&S Energy Technology Financial Services Real Estate Consumers G&S Transportation Healthcare Basic Materials Services (other) Telecom Government Utilities Volume (USD bn)* # of deals LOANS - VOLUME BY INDUSTRY Industry Volume (USD bn) # of deals Industrial Goods & Services Energy Volume (LHS) No. of Deals (RHS) Technology Financial Services Real Estate Consumers Goods & Services Transportation Healthcare Basic Materials Services (other) Telecommunications Government Utilities * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 10

11 1Q16 2Q16 3Q16 4Q16 1Q17 Volume (USD bn)* # of deals LOANS - QUARTERLY VOLUME Volume (LHS) No. of Deals (RHS) Month Volume (USD bn) # of deals 1Q Q Q Q Q * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 11

12 ASIA PACIFIC (EX-JAPAN) BOOKRUNNER 1 32 China Construction Bank 2, % 0.70% 2 15 Bank of China 2, % 1.95% 3 2 ANZ 2, % 11.15% 4 2 HSBC 1, % 8.98% 5 2 Mitsubishi UFJ Financial Group 1, % 6.35% 6 9 Citi 1, % 2.11% 7 3 Standard Chartered Bank 1, % 3.20% 8 57 Maybank 1, % 0.09% 9 5 Commonwealth Bank of Australia % 6.11% 10 2 Credit Suisse % 2.51% 11 Mizuho Bank % 3.09% 12 7 Credit Agricole CIB % 1.72% 13 7 Sumitomo Mitsui Banking Corp % 4.11% 14 5 National Australia Bank % 3.78% Westpac Banking Corp % 4.24% 16 3 ING Bank % 2.43% 17 6 BNP Paribas % 1.13% DBS Bank % 3.89% 19 UBS % 20 6 Wing Lung Bank % 2.22% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk. 12

13 ASIA PACIFIC (EX-JAPAN) MANDATED LEAD ARRANGER 1 2 Bank of China 3, % 5.72% 2 1 ANZ 3, % 6.15% 3 3 HSBC 2, % 5.01% 4 8 China Construction Bank 2, % 3.04% 5 Mitsubishi UFJ Financial Group 2, % 5.58% 6 1 Sumitomo Mitsui Banking Corp 2, % 4.85% 7 7 Standard Chartered Bank 2, % 2.40% 8 1 Mizuho Bank 1, % 3.22% 9 10 Oversea-Chinese Banking Corp 1, % 1.80% Citi 1, % 1.41% 11 7 DBS Bank 1, % 5.60% 12 6 United Overseas Bank 1, % 2.01% Industrial and Commercial Bank of China 1, % 5.72% 14 9 Wing Lung Bank % 1.29% 15 1 Credit Agricole CIB % 2.09% 16 8 Commonwealth Bank of Australia % 3.25% 17 2 BNP Paribas % 2.19% 18 8 Westpac Banking Corp % 3.12% Bank of East Asia % 0.57% 20 Nanyang Commercial Bank % * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 13

14 ASIA PACIFIC (EX-JAPAN) M&A BOOKRUNNER 1 China Construction Bank % 2 23 ING Bank % 0.41% 3 18 Standard Chartered Bank % 0.41% 4 10 Credit Suisse % 3.28% 5 CIMB Bank % 6 1 Westpac Banking Corp % 5.22% 7 National Australia Bank % 8= 12 Axis Bank % 0.45% 8= Citi % 8= First Gulf Bank % 8= HDFC Bank % 8= 5 HSBC % 5.22% 8= ICICI Bank % 8= Kotak Mahindra Bank % 8= 7 Mitsubishi UFJ Financial Group % 15.11% 8= Mizuho Bank % 8= State Bank of India % 18 6 United Overseas Bank % 5.22% 19= Bank of Taiwan % 19= Hua Nan Commercial Bank % * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk. 14

15 ASIA PACIFIC (EX-JAPAN) M&A MANDATED LEAD ARRANGER 1 4 China Construction Bank % 5.56% 2 38 ING Bank % 0.08% 3 1 DBS Bank % 6.60% 4 1 Mitsubishi UFJ Financial Group % 8.20% 5 25 Credit Suisse % 0.71% 6= 14 Bangkok Bank % 1.76% 6= 4 Bank of China % 8.25% 6= Bank of the Philippine Islands % 6= BDO Unibank % 6= Rizal Commercial Banking Corp % 6= 12 Sumitomo Mitsui Banking Corp % 1.84% 12 5 Standard Chartered Bank % 1.84% 13 4 HSBC % 3.46% 14= Bank of Taiwan % 14= Hua Nan Commercial Bank % 14= 31 Mega International Commercial Bank % 0.06% 14= 18 Taipei Fubon Commercial Bank % 0.45% 14= Taishin International Bank % CTBC Bank % 0.06% Agricultural Bank of China % 3.51% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 15

16 ASIA PACIFIC (EX-JAPAN) LEVERAGED BOOKRUNNER 1 Citi % 2 13 Standard Chartered Bank % 1.11% 3 Westpac Banking Corp % 4= 9 ANZ % 3.58% 4= 12 Barclays % 1.11% 4= 3 Credit Suisse % 8.86% 4= Goldman Sachs % 4= JPMorgan % 9 National Australia Bank % 10 United Overseas Bank % * Includes all currencies syndicated loans based on country of risk. 16

17 ASIA PACIFIC (EX-JAPAN) LEVERAGED MANDATED LEAD ARRANGER 1 13 ANZ % 2.01% 2= 22 Barclays % 0.39% 2= 13 Credit Suisse % 1.24% 2= Goldman Sachs % 2= JPMorgan % 6= Citi % 6= Prudential Financial % 6= Shinsei Bank % 9 9 Standard Chartered Bank % 0.39% 10 6 United Overseas Bank % 1.24% 11= 2 Cathay United Bank % 4.78% 11= 8 CTBC Bank % 4.78% 11= 1 E.Sun Commercial Bank % 4.78% 14 Korea Development Bank % 15= HSBC % 15= 6 Investec % 0.39% 15= National Australia Bank % 18= Credit Industriel et Commercial % 18= Metrics Credit Partners % 18= Sumitomo Mitsui Trust Bank % * Includes all currencies club and syndicated loans based on country of risk. 17

18 ASIA (EX-JAPAN) BOOKRUNNER 1 21 China Construction Bank 2, % 1.22% 2 10 Bank of China 2, % 3.36% 3 1 HSBC 1, % 7.14% 4 3 Mitsubishi UFJ Financial Group 1, % 8.84% 5 Standard Chartered Bank 1, % 5.52% 6 5 Citi 1, % 3.65% 7 51 Maybank 1, % 0.15% 8 2 ANZ % 5.13% 9 6 Sumitomo Mitsui Banking Corp % 7.09% 10 2 Mizuho Bank % 4.52% Credit Agricole CIB % 1.12% 12 5 DBS Bank % 4.92% 13 UBS % 14 4 Wing Lung Bank % 3.84% Taishin International Bank % 0.31% 16 2 BNP Paribas % 1.95% CIMB Bank % 0.39% 18 9 Credit Suisse % 4.34% Bank of Taiwan % 0.31% Barclays % 0.51% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk. 18

19 ASIA (EX-JAPAN) MANDATED LEAD ARRANGER 1 1 Bank of China 3, % 6.85% 2 4 HSBC 2, % 4.32% 3 4 China Construction Bank 2, % 4.10% 4 Mitsubishi UFJ Financial Group 2, % 6.27% 5 Sumitomo Mitsui Banking Corp 2, % 5.83% 6 4 Standard Chartered Bank 2, % 3.24% 7 1 Mizuho Bank 1, % 3.99% 8 3 ANZ 1, % 2.90% 9 3 Oversea-Chinese Banking Corp 1, % 2.42% 10 7 DBS Bank 1, % 6.81% 11 6 Citi 1, % 1.91% 12 4 United Overseas Bank 1, % 2.00% Industrial and Commercial Bank of China 1, % 7.12% 14 5 Wing Lung Bank % 1.74% Bank of East Asia % 0.77% 16 Nanyang Commercial Bank % 17 4 BNP Paribas % 2.42% 18 7 Credit Agricole CIB % 1.03% Chong Hing Bank % 0.44% Maybank % 0.53% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 19

20 GREATER CHINA BOOKRUNNER 1 4 Bank of China 1, % 6.35% 2 21 China Construction Bank 1, % 1.15% 3 1 HSBC 1, % 12.63% 4 4 Mitsubishi UFJ Financial Group 1, % 3.79% 5 21 Citi % 0.81% 6 Standard Chartered Bank % 4.75% 7 6 ANZ % 2.21% 8 1 Sumitomo Mitsui Banking Corp % 4.05% 9 Credit Agricole CIB % 10 UBS % 11 8 Wing Lung Bank % 8.48% Taishin International Bank % 0.68% 13 Credit Suisse % Bank of Taiwan % 0.68% 15 5 Mizuho Bank % 3.60% 16 1 Taipei Fubon Commercial Bank % 1.66% 17 1 First Commercial Bank % 1.66% 18 Bank of East Asia % 19 7 Mega International Commercial Bank % 2.47% 20 Chong Hing Bank % * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk. 20

21 GREATER CHINA MANDATED LEAD ARRANGER 1 1 Bank of China 2, % 10.39% 2 1 China Construction Bank 2, % 6.81% 3 3 HSBC 2, % 4.77% 4 13 Standard Chartered Bank 1, % 1.90% 5 8 ANZ 1, % 2.59% 6 5 Industrial and Commercial Bank of China 1, % 11.30% 7 9 Mizuho Bank 1, % 2.00% 8 3 Mitsubishi UFJ Financial Group 1, % 2.71% 9 24 Citi 1, % 0.57% 10 Wing Lung Bank % 3.19% 11 4 Sumitomo Mitsui Banking Corp % 2.23% Bank of East Asia % 1.25% 13 Nanyang Commercial Bank % Chong Hing Bank % 0.80% 15 1 China Development Bank % 2.51% Bank of Communications % 6.71% DBS Bank % 5.79% 18 6 Oversea-Chinese Banking Corp % 1.13% 19 1 United Overseas Bank % 1.33% Taishin International Bank % 0.36% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 21

22 ASEAN BOOKRUNNER 1 25 Maybank 1, % 0.57% 2 11 China Construction Bank % 2.68% 3 2 Standard Chartered Bank % 7.19% 4 4 DBS Bank % 4.08% 5 5 Mizuho Bank % 2.82% 6 16 CIMB Bank % 1.51% 7 4 ANZ % 8.79% 8 9 Deutsche Bank % 1.88% 9 8 Mitsubishi UFJ Financial Group % 15.83% 10= 20 CTBC Bank % 0.47% 10= 1 Oversea-Chinese Banking Corp % 3.61% Sumitomo Mitsui Banking Corp % 9.58% 13= 9 BNP Paribas % 7.53% 13= 15 Citi % 0.57% 13= Commerzbank % 13= United Overseas Bank % 17= 1 Bank of China % 1.88% 17= 11 HSBC % 5.50% 19= China Minsheng Bank % 19= Qatar National Bank % * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk. 22

23 ASEAN MANDATED LEAD ARRANGER 1 3 Oversea-Chinese Banking Corp % 5.54% 2 Sumitomo Mitsui Banking Corp % 10.59% 3 2 Mitsubishi UFJ Financial Group % 10.98% 4 5 Bank of China % 3.66% 5 3 Mizuho Bank % 5.17% 6 4 United Overseas Bank % 3.54% 7 9 Maybank % 1.50% 8 5 DBS Bank % 10.28% 9 16 China Construction Bank % 0.73% 10= Norinchukin Bank % 10= Sumitomo Mitsui Trust Bank % 12 6 HSBC % 5.28% 13 ANZ % 2.45% CIMB Bank % 0.68% Hong Leong Finance % 0.64% China Minsheng Bank % 0.29% CTBC Bank % 0.51% 18= 6 Bangkok Bank % 2.56% 18= 31 Bank of the Philippine Islands % 0.22% 18= BDO Unibank % * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 23

24 SOUTH ASIA BOOKRUNNER 1 HSBC % 2 6 Standard Chartered Bank % 5.27% 3 Mitsubishi UFJ Financial Group % 10.54% 4 BNP Paribas % 5 10 Barclays % 1.78% 6 National Bank of Abu Dhabi % 7 Bank of China % 8 1 Axis Bank % 6.47% 9 3 ANZ % 6.48% 10= 4 DBS Bank % 2.15% 10= 8 Citi % 10.97% 12 7 Mizuho Bank % 7.56% 13= 2 State Bank of India % 4.54% 13= 4 BofA Merrill Lynch % 4.77% 13= 1 Credit Agricole CIB % 3.91% 13= Export Development Canada % 17= Korea Development Bank % 17= 1 Scotiabank % 1.28% 19= 15 Sumitomo Mitsui Banking Corp % 9.71% 19= 2 United Overseas Bank % 1.28% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk. 24

25 SOUTH ASIA MANDATED LEAD ARRANGER 1 HSBC % 2 8 Standard Chartered Bank % 3.48% 3 2 Mitsubishi UFJ Financial Group % 9.01% 4 14 BNP Paribas % 1.36% 5 7 DBS Bank % 2.63% 6 Bank of China % 7 3 Citi % 9.01% 8 National Bank of Abu Dhabi % 9 6 Sumitomo Mitsui Banking Corp % 9.32% 10 9 Barclays % 1.29% 11 9 Mizuho Bank % 9.56% 12 6 Axis Bank % 7.18% 13 Korea Development Bank % 14= 3 Scotiabank % 2.01% 14= 6 United Overseas Bank % 0.99% 16 9 ANZ % 5.33% 17 4 Westpac Banking Corp % 2.36% 18 UCO Bank % State Bank of India % 5.29% BofA Merrill Lynch % 4.20% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 25

26 AUSTRALASIA BOOKRUNNER 1 ANZ 1, % 19.44% 2 Commonwealth Bank of Australia % 14.53% 3 Credit Suisse % 4 1 National Australia Bank % 8.99% 5 1 Westpac Banking Corp % 9.57% 6 ING Bank % 4.67% 7 Citi % 8= 2 Credit Agricole CIB % 2.56% 8= 7 Natixis % 2.48% 10= Bank of China % 10= BNP Paribas % 10= 1 Mitsubishi UFJ Financial Group % 2.93% 10= 7 Mizuho Bank % 1.11% 14= 11 HSBC % 11.50% 14= 2 United Overseas Bank % 2.48% 16= Barclays % 16= Goldman Sachs % 16= 8 JPMorgan % 3.59% 19 Societe Generale CIB % * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk. 26

27 AUSTRALASIA MANDATED LEAD ARRANGER 1 ANZ 1, % 2 8 Commonwealth Bank of Australia % 3.48% 3 2 National Australia Bank % 9.01% 4 14 Westpac Banking Corp % 1.36% 5 7 Bank of China % 2.63% 6 Credit Suisse % 7 3 ING Bank % 9.01% 8 Sumitomo Mitsui Banking Corp % 9 6 Mitsubishi UFJ Financial Group % 9.32% 10 9 Intesa Sanpaolo % 1.29% 11 9 Natixis % 9.56% 12 6 Societe Generale CIB % 7.18% 13 Industrial and Commercial Bank of China % 14 3 HSBC % 2.01% 15= 6 Credit Agricole CIB % 0.99% 15= 9 Korea Development Bank % 5.33% 17 4 Clean Energy Finance Corp % 2.36% 18 Citi % 19= 11 Barclays % 5.29% 19= 11 JPMorgan % 4.20% * Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk. 27

28 CRITERIA Debtwire volume and league tables cover primary loan transactions for companies whose operating risk is in Asia-Pacific ex-japan. Only transactions denominated in G3 currencies, HKD, SGD, AUD, NZD, GBP, CAD, and CNH (offshore CNY) are included, unless otherwise specified. Loans volume and league tables include syndicated and club transactions and exclude bilaterals. Full league table credit will be awarded to a single Bookrunner/Mandated Lead Arranger, or pro rata (equal) league table credit to each Bookrunner/Mandated Lead Arranger if there is more than one in a syndicate. Deals in which no Bookrunner title has been awarded will not be eligible for Bookrunner league table credit. Deals where there are no second tier syndication (below Mandated Lead Arranger) will not be eligible for Bookrunner credit despite titles awarded. Self- arranged and clubbed deals will be excluded from Bookrunner league table credit. No Bookrunner credit will be awarded to Coordinators of club deals. The Coordinators will be credited at the same level as the other Mandated Lead Arrangers. For our full criteria and all other queries, please us at asialoansdata@debtwire.com. 28

29 DISCLAIMER We have obtained the information provided in this report in good faith from publicly available data as well as Debtwire data and intelligence, which we consider to be reliable. This information is not intended to provide tax, legal or investment advice. You should seek independent tax, legal and/or investment advice before acting on information obtained from this report. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report, and not for any delays in updating the information. We make no representations or warranties in regard to the contents of and materials provided in this report and exclude all representations, conditions, and warranties, express or implied arising by operation of law or otherwise, to the fullest extent permitted by law. We shall not be liable under any circumstances for any trading, investment, or other losses which may be incurred as a result of use of or reliance on information provided by this report. All such liability is excluded to the fullest extent permitted by law. Any opinions expressed herein are statements of our judgment at the date of publication and are subject to change without notice. Reproduction without written permission is prohibited. 29