GLOBAL SYNDICATED LOANS REVIEW LEGAL ADVISORS. REUTERS /Stefan Wermuth

Transcription

1 GLOBAL SYNDICATED LOANS REVIEW LEGAL ADVISORS REUTERS /Stefan Wermuth First Half 2017

2 Proceeds (US$b) FIRST HALF 2017 LEGAL ADVISORS Global Syndicated Loans Legal Advisor Review Global Syndicated Lending Totals US$ 2 Trillion, down 12% I US Loans Account for 5 of Activity I Japan Lending down 6% Global Deals Intelligence GLOBAL SYNDICATED LENDING FALLS 12% IN FIRST HALF OF 2017 Global syndicated lending during the first half of 2017 reached US$2.2 trillion, a 11.8% decrease compared to the first half of During the first half of 2017, 4,855 transactions closed; a decrease of less than 1% compared to the first half of US LENDING ACCOUNTS FOR 5 OF ACTIVITY Americas loans accounted for 63. of global loan volume during the first half of 2017, registering an increase of more than 1 from last year. In the Americas, loan volume in the United States totaled US$1.2 trillion, up 35.3% compared to last year, representing 54. of global volumes. EMEA accounted for 21. of global volumes as lending remained steady compared to the first half of Asia Pacific saw a year-over-year decrease of 11., with Japanese lending down by 5.7%. FINANCIALS, ENERGY & POWER AND CONSUMER STAPLES LEAD LENDING Borrowings in the Energy & Power and sectors totaled respectively US$343.6 billion and US$331.3 billion during the first half of 2017, accounting for 13% of global loan activity each., Energy & Power and together accounted for 42% of syndicated loan volume during the first half of The top deal was the British American Tobacco loan for US$31.8 billion in the sector, followed by the Araven SA loan for US$21.9 billion. Global Industry Breakdown Energy and Power 1 Materials High Technology 6% 1 7% Consumer Products and Services 12% Media and Entertainment 8% Retail 8% Real Estate Telecommunications Government and Agencies Global Syndicated Loans Volume 5,000 Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) 4,000 3,000 2,000 1,000 Top Global Deals Borrower Package Amt Sector Syndication 01/16/17 United Kingdom British American Tobacco PLC 31, /04/17 Araven SA 21,999.1 Materials 03/10/17 United Kingdom Reckitt Benckiser Group PLC 21, /17/17 Atlantia SpA 16, /23/17 United States Becton Dickinson & Co 15, /31/17 United States Wal-Mart Stores Inc 14,250.0 Retail 05/09/17 United States Depository Trust Co 14, /28/17 05/22/17 United States France Ford Motor Co Semyrhamis SA 13, , /16/17 United States Duke Energy Corp 8,000.0 Energy and Power 06/05/17 United States PepsiCo Inc 7, /03/17 Switzerland Glencore PLC 7,335.0 Materials 03/03/17 United States American Honda Finance 7, /11/17 United States Pfizer Inc 7, /27/17 United States Nissan Motor Acceptance Corp 7, /01/17 United States Change Holdings LLC 6,835.0 High Technology 03/30/17 Fiat SpA 6, /04/17 Canada Canadian Natural Resources Ltd 6,546.4 Energy and Power 06/23/17 United States Energy Future Intermediate 6,450.0 Energy and Power 01/31/17 Grifols SA 6,

3 US Proceeds Reach US$1 Trillion l Technology, Financial Services and Utilities Lead Market First Half 2017 Syndicated Loans Legal Advisors US Legal Advisor Review US Borrower Legal Advisor US Industry Breakdown 2017 Market 2017R # of Market Borrower Advisor Rank Proceeds Sh % ank Deals Sh % Kirkland & Ellis 1 87, Simpson Thacher & Bartlett 2 83, Davis Polk & Wardwell 3 72, Latham & Watkins 4 37, Ropes & Gray 5 37, Weil Gotshal & Manges 6 28, Jones Day 7 26, Cravath Swaine & Moore 8 25, Skadden Arps Slate Meagher & Flom 9 21, Fried Frank Harris Shriver & Jacobson 10 19, Top Ten Total 440, ,223, ,799 3% 3% 21% Technology Financial Services Utilities REITS Telecommunications General Manufacturing US Lender Legal Advisor 2017 Market 2017R # of Market Lender Advisor Rank Proceeds Sh % ank Deals Sh % Cahill Gordon & Reindel 1 199, Davis Polk & Wardwell 2 94, Cravath Swaine & Moore 3 84, Simpson Thacher & Bartlett 4 75, Shearman & Sterling 5 71, Latham & Watkins 6 70, Weil Gotshal & Manges 7 51, McGuireWoods 8 45, Moore & Van Allen P 9 41, White & Case 10 23, Top Ten Total 756, ,223, ,799 8% Media Retail & Supermarkets Business Services Wholesale Chemicals, Plastics & Rubber Oil and Gas Beverage, Food, and Tobacco Processing Other Top Americas Deals Syndication Borrower 03/01/17 03/03/17 United States United States Change Holdings LLC American Honda Finance 03/16/17 United States Duke Energy Corp 05/04/17 Canada Canadian Natural Resources Ltd 04/23/17 United States Becton Dickinson & Co 04/28/17 United States Ford Motor Co 05/09/17 United States Depository Trust Co 05/11/17 United States Pfizer Inc 05/31/17 United States Wal-Mart Stores Inc 06/05/17 United States PepsiCo Inc Package Amt 6, , , , , , , , , ,500.0 Sector High Technology Energy and Power Energy and Power Retail Source: Thomson Reuters LPC Thomson Reuters LPC The attached content, including, but not limited to, text, data, reports, and other opinions, images, photos, graphics, graphs, and charts (the Content ), may not be redistributed or copied. The Content is the property of Thomson Reuters LPC, and is protected by copyright and other intellectual property laws. Contact Thomson Reuters LPC at (1) (New York) or (44) (London) for additional information.

4 First Half 2017 Syndicated Loans Legal Advisors Europe, Middle East & Africa Legal Advisor Review EMEA Lending Reaches US$482 Billion, down 2% l 708 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 Proceeds Share % Share Ch. Rank Deals Share % # of Deals King & Wood Mallesons , * Allen & Overy , Sullivan & Cromwell , * Clifford Chance , Ropes & Gray 3 8 6, * Ashurst , White & Case LLP 4 9 6, * Latham & Watkins , Allen & Overy 5 1 5, Milbank Tweed Hadley & McCloy , Linklaters 6 4 4, * Uria Menendez , Latham & Watkins 7 2 4, * Cahill Gordon & Reindel , Kirkland & Ellis , Baker & McKenzie , Clifford Chance 9 3 2, Dentons , Simpson Thacher & Bartlett , * White & Case LLP , Hengeler Mueller , * Linklaters , Weil Gotshal & Manges , * Hogan Lovells , Slaughter and May * Shearman & Sterling LLP , Cravath, Swaine & Moore * Weil Gotshal & Manges , Messrs Skaden, Arps, Slate, Meagher & F * Watson Farley & Williams LLP , Hogan Lovells Norton Rose Fulbright , Ashurst * Noerr LLP Gedik & Eraksoy * Freshfields Bruckhaus Deringer Jones Day * Gomez Acebo & Pombo Herbert Smith Freehills * Gide Loyrette Nouel Cuatrecasas * Cuatrecasas Morais Leitao,Galvao Teles,Soares da Silv * Herbert Smith Freehills Arnold & Porter * Jones Day 23* * Travers Smith * Loyens & Loeff 23* * DLA Piper LLP * Garrigues Top Twenty Five Total 76, Top Twenty Five Total 196, , , Top EMEA Deals Syndication 01/16/17 United Kingdom 02/15/17 Switzerland 01/31/17 03/10/17 United Kingdom 03/30/17 05/17/17 05/03/17 Switzerland 05/22/17 France 05/31/17 Mozambique 06/04/17 Borrower British American Tobacco PLC Lonza Group AG Grifols SA Reckitt Benckiser Group PLC Fiat SpA Atlantia SpA Glencore PLC Semyrhamis SA Eni E Africa-Coral S FLNG DMCC Araven SA Nation Analysis Package Amt Proceeds Mkt. No. Sector Syndication Share % Issues 31, , , , ,674.5 United Kingdom France Germany Netherlands 113, , , , , , , ,335.0 Materials Switzerland 20, ,073.1 Sweden 18, ,625.0 Energy and Power Turkey 11, ,999.1 Materials 481,

5 First Half 2017 Syndicated Loans Legal Advisors Asia Pacific (inc. Japan & Australia) Legal Advisor Review Japan, China and Hong Kong Account for 6 of Loan Volume in Region l 1,757 Deals d 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 Lender Advisor Rank Rank Proceeds Share % Share Ch. Rank Deals Share % # of Deals Allens 1 4 6, * Clifford Chance 1 1 7, * Nishimura & Asahi , * Allens 2 4 7, King & Wood Mallesons 3 1 2, * White & Case LLP , * Clifford Chance , * Latham & Watkins , * WongPartnership LLP , * Hogan Lovells , * Ashurst 6 5 1, * Linklaters 6 3 4, * Herbert Smith Freehills , Allen & Gledhill , * Davis Polk & Wardwell 8 2 1, * Mayer Brown LLP , * Minter Ellison , Baker & McKenzie 9 2 4, Corrs Chambers Westgarth * Ashurst , Bell Gully * Allen & Overy , Chapman Tripp * Herbert Smith Freehills , Latham & Watkins * King & Wood Mallesons , * Gadens Lawyers * Norton Rose Fulbright , * Rajah & Tann LLP * AZB & Partners 15-1, * DLA Piper LLP * Cyril Amarchand Mangaldas , * Baker & McKenzie * Link Legal India Law Services 17-1, * Clayton Utz * Minter Ellison , * Reed Smith LLP * Buddle Findlay , * PwC Legal LLP * WongPartnership LLP , * Gilbert + Tobin * KPMG * Wright & Cooney * Walkers * Auyeung Hencent & Day Lawyers * Rajah & Tann LLP * Arnold Bloch Leibler * Milbank Tweed Hadley & McCloy * ACCRA * JunHe LLP * Top Twenty Five Total 29, Top Twenty Five Total 76, , , , , *tie Top Asia Pacific & Japan Deals Package Amt Syndication Borrower Sector 03/24/17 Hong Kong Tencent Asset Mgmt Ltd 4, /07/17 Hong Kong Alibaba.com Ltd 5,150.0 High Technology 05/01/17 Hong Kong Ant Financial Services Group 3, /23/17 Japan CK Holdings 3, /01/17 Japan USJ Co Ltd 4,023.9 Media and Entertainment 06/07/17 Australia Network Finance Co Pty Ltd 4, /25/17 China Huadian Jinsha Hydropower 3,888.1 Energy and Power 05/25/17 China Shanghai Metro Line 15 Dvlp 3, /30/17 Japan JXTG Holdings Inc 4,005.5 Energy and Power 06/22/17 Hong Kong CT Brilliant Invest Hldg Ltd 3,385.3 Nation Analysis Proceeds Mkt. No. Syndication Share % Issues Japan 119, ,029 Hong Kong 55, China 45, Australia 33, India 31, Singapore 16, Indonesia 11, Taiwan 8, Malaysia 3, , ,757

6 First Half 2017 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 EST on July 28, 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 Robert Aydin Tel: +1 (646) robert.aydin@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 Alex Lembcke Tel: alex.lembcke@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: 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 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.