GLOBAL EQUITY CAPITAL MARKET

Transcription

1 GLOBAL EQUITY CAPITAL MARKET LEAGUE TABLES Q1 216

2 Q1 216 MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS CONTENTS 1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria Bloomberg s global equity offerings database consists of nearly 87, deals (with approximately 43, IPOs and over 43, additional offerings), and coverage of more than 5 financial advisors and 5 legal advisors. LEAG<GO> for a full range of league tables IPO<GO> for Bloomberg s equity offerings product Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Elizabeth Entrup Irina Arefyeva calendar@bloomberg.net calendar@bloomberg.net EMEA Karan Aswani calendar@bloomberg.net Asia Pacific Billy Sun calendar@bloomberg.net 215 Bloomberg Finance L.P. All rights reserved.

3 Global Equity Review Q1 216 credited Global Equity, Equity Linked & Rights volume decreased 56.27% to USD 12.5 Bln while deal count decreased 42.9% to 627 offerings year-on-year. Global Equity IPO volume decreased 65.23% year-onyear to USD 14.1 Bln while the deal count decreased 36.23% to 176. Global Equity Linked volume decreased 41.99% year-on-year to USD 15.8 Bln over 61 deals. JP Morgan ranked as the top Global Equity, Equity Linked & Rights underwriter for Q1 216 with 9.57% market share. The bank underwrote 55 deals over the period. Goldman Sachs and ranked second and third with 9.18% and 7.6% market share, respectively. USD Bln Global Equity, Equity Linked & Rights: Highlights of Q1 216 Top Underwriter JP Morgan Number of deals 55 9,89 Avg size (USD Market Summary Number of deals ,459 Avg size (USD Issuer Industry Date Saipem SpA Energy 3,965 2/11/216 TransCanada Corp Energy 3,399 3/17/216 Molson Coors Brewing Co Consumer Staples 2,585 1/28/216 Baxalta Inc Health Care 2,49 3/16/216 Vodafone Group PLC Communications 2,67 2/19/216 Vodafone Group PLC Communications 2,67 2/19/216 Industrial Securities Co Financials 1,864 1/18/216 China Zheshang Bank Co Financials 1,685 3/21/216 Enbridge Inc Energy 1,673 2/24/216 Pioneer Natural Resources Co Energy 1,615 1/5/216 Global Equity, Equity Linked & Rights: Quarterly Volume Rights Equity-Linked IPO Add'l 1,5 1, 5 dea Global Equity, Equity Linked & Rights: Industry Breakdown 11% 5% 27% 6% 7% 9% 18% 16% Technology 27% Financials 18% Energy 16% Health Care 9% Materials 7% Consumer Discretionary 6% Industrials 5% Others 11% Global Equity, Equity Linked & Rights: Industry Breakdown Industry % Of Total % YOY Change Technology 41, % 188.3% Financials 27, % -67.1% Energy 25, % -2.4% Health Care 13,43 8.6% -61.4% Materials 1, % 13.7% Consumer Discretionary 9, % -65.4% Industrials 7,654 5.% -62.8% Communications 7, % -61.3% Consumer Staples 6, % -6.8% Utilities 3, % -6.4% Global Equity, Equity Linked & Rights: Offering Breakdown Offering Type % Of Total % YOY Change Additional Offerings 65, % -58.2% Equity-Linked 57, % 33.4% Rights Offerings 14,63 9.6% 91.7% IPO 14, % -66.9% Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters 1

4 Global Equity, Equity Linked & Rights Share JP Morgan , Goldman Sachs , , Morgan Stanley , Citi , UBS , RBC Capital Markets , Credit Suisse , Deutsche Bank , Nomura , Barclays , TD Securities , Sinolink Securities Co , BMO Capital Markets , Scotiabank , CIBC , Mizuho Financial , Jefferies , Wells Fargo , Haitong Securities Co , TOTAL 1% 12, % Global Equity Offerings Share Goldman Sachs , JP Morgan , , Morgan Stanley , RBC Capital Markets , UBS , Credit Suisse , Citi , Deutsche Bank , Barclays , TD Securities , BMO Capital Markets , Scotiabank , Wells Fargo , CIBC , Jefferies , Nomura , GF Securities Mizuho Financial Numis TOTAL 1% 79, % Global Equity & Equity Linked Share JP Morgan , Goldman Sachs , , Morgan Stanley , UBS , Citi , RBC Capital Markets , Credit Suisse , Nomura , Deutsche Bank , Barclays , TD Securities , BMO Capital Markets , Scotiabank , CIBC , Mizuho Financial , Wells Fargo , Jefferies , BNP Paribas CITIC Securities Co TOTAL 1% 94, % Global Equity IPO Share Goldman Sachs Morgan Stanley Haitong Securities Co JP Morgan Deutsche Bank Samba Capital Guotai Junan Securities Co CITIC Securities Co Nomura China Construction Bank Mizuho Financial Bank of China China Merchants Bank Agricultural Bank of China Citi RBC Capital Markets GF Securities Carnegie Great Wall Securities TOTAL 1% 14, % 2

5 Global Equity Linked Share JP Morgan , Nomura , Morgan Stanley , Goldman Sachs , BNP Paribas Citi Mizuho Financial CIBC UBS Scotiabank CITIC Securities Co China International Capital Corp Credit Agricole CIB Deutsche Bank China Investment Corp HSBC Sumitomo Mitsui Financial Dongbu Securities Berenberg TOTAL 1% 15, % 3

6 US Equity Review Q1 216 credited US Equity & Equity Linked volume decreased 59.35% to USD 36.5 Bln while deal count decreased 58.82% to 119 offerings year-on-year. US Equity IPO volume decreased 82.42% year-on-year to USD 1.1 Bln while the deal count decreased 7.59% to 1. US Equity Linked volume decreased 84.14% year-onyear to USD 2.4 Bln over 9 deals. JP Morgan ranked as the top US Equity & Equity Linked underwriter for Q1 216 with 18.5% market share. The bank underwrote 32 deals over the period. Goldman Sachs and ranked second and third with 18.34% and 12.66% market share, respectively. US Equity & Equity Linked: Industry Breakdown 11% 1% 32% 21% 26% Energy 32% Health Care 26% Financials 21% Consumer Staples 1% Others 11% USD Bln Top Underwriter US Equity & Equity Linked: Highlights of Q1 216 JP Morgan Number of deals 32 6,76 Avg size (USD Market Summary Number of deals ,549 Avg size (USD 37.1 Issuer Industry Date Molson Coors Brewing Co Consumer Staples 2,585 1/28/216 Baxalta Inc Health Care 2,49 3/16/216 Pioneer Natural Resources Co Energy 1,615 1/5/216 Devon Energy Corp Energy 1,488 2/17/216 Baxalta Inc Health Care 1,484 1/27/216 Marathon Oil Corp Energy 1,276 2/29/216 Hess Corp Energy 1,121 2/5/216 Zimmer Biomet Holdings Inc Health Care 1,64 2/5/216 Cabot Oil & Gas Corp Energy 1,12 2/22/216 TreeHouse Foods Inc Consumer Staples 863 1/2/216 US Equity & Equity Linked: Quarterly Volume Equity-Linked Add'l IPO U US Equity & Equity Linked: Industry Breakdown Industry % Of Total % YOY Change Energy 11, % -37.6% Health Care 9, % -66.3% Financials 7,78 2.7% -65.9% Consumer Staples 3,78 1.2% 157.8% Technology 1,76 4.6% -78.2% Utilities 1,18 2.7% 34.7% Consumer Discretionary % -89.3% Materials % 5.6% Industrials 66.2% -91.3% US Equity & Equity Linked: Offering Breakdown Offering Type % Of Total % YOY Change Additional Offerings 33, % -51.5% Equity-Linked 2, % -83.6% IPO 1,79 2.9% -82.6% 2 1 Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters 4

7 US Equity & Equity Linked Share JP Morgan , Goldman Sachs , , Credit Suisse , Citi , Morgan Stanley , Barclays , UBS , Wells Fargo , RBC Capital Markets , Deutsche Bank BMO Capital Markets Jefferies KeyBanc Capital Markets SunTrust Robinson Humphrey Mitsubishi UFJ Financial Stifel Cowen & Co Leerink Partners LLC Scotiabank TOTAL 1% 36, % US Equity IPO Share Goldman Sachs Citi Deutsche Bank Morgan Stanley EarlyBirdCapital Inc JP Morgan Jefferies Leerink Partners LLC Chardan Capital Markets LLC Cowen & Co Credit Suisse RBC Capital Markets Canaccord Genuity Joseph Gunnar & Co Rodman & Renshaw Inc TOTAL 1% 1,64 1 1% US Equity Offerings Share JP Morgan , Goldman Sachs , , Credit Suisse , Citi , Barclays , Morgan Stanley , UBS , Wells Fargo , RBC Capital Markets Deutsche Bank BMO Capital Markets Jefferies KeyBanc Capital Markets SunTrust Robinson Humphrey Mitsubishi UFJ Financial Leerink Partners LLC Scotiabank Cowen & Co Stifel TOTAL 1% 34, % US Equity Linked Share JP Morgan Goldman Sachs Citi Morgan Stanley RBC Capital Markets Stifel Cowen & Co Ladenburg Thalmann & Co Aegis Capital Corp TOTAL 1% 2, % 5

8 Canada Equity Review Q1 216 credited Canada Equity, Equity Linked & Preferred volume decreased 8.15% to CAD 15.8 Bln while deal count decreased 31.96% to 66 offerings year-on-year. Canada Equity IPO volume decreased 99.19% year-onyear to CAD 6.1 Mln while the deal count decreased 44.44% to 5. Canada Equity Offerings volume decreased 12.15% year-on-year to CAD 13.6 Bln over 57 deals. RBC Capital Markets ranked as the top Canada Equity, Equity Linked & Preferred underwriter for Q1 216 with 27.7% market share. The bank underwrote 16 deals over the period. TD Securities and CIBC ranked second and third with 2.15% and 14.13% market share, respectively. Canada Equity, Equity Linked & Preferred: Quarterly Volume CAD Bln Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Amount Q1 Q Quarters Canada Equity, Equity Linked & Preferred Volume (CAD Share RBC Capital Markets , TD Securities , CIBC , Scotiabank , BMO Capital Markets , Peters & Co National Bank Financial Inc Credit Suisse FirstEnergy Capital Corp Raymond James & Associates TOTAL 1% 15, % Canada Equity & Equity Linked Volume (CAD Share RBC Capital Markets , TD Securities , CIBC , Scotiabank , BMO Capital Markets , Peters & Co Credit Suisse National Bank Financial Inc FirstEnergy Capital Corp Raymond James & Associates TOTAL 1% 14, % Canada Equity, Equity Linked & Preferred: Industry Breakdown 11% 7% 19% 1% 53% Energy 53% Materials 19% Financials 11% Utilities 7% Others 1% Canada Equity, Equity Linked & Preferred: Manager ings History Market Share (%) RBC Capital Markets TD Securities CIBC Scotiabank BMO Capital Markets Peters & Co 6

9 Canada Equity Offerings Volume (CAD Share RBC Capital Markets , TD Securities , CIBC , BMO Capital Markets , Scotiabank , Peters & Co Credit Suisse National Bank Financial Inc FirstEnergy Capital Corp Raymond James & Associates Barclays Macquarie GMP Securities Cormark Securities Inc Dundee Corp Clarus Securities Bloom Burton & Co Canaccord Genuity Paradigm Capital Inc Cantor Fitzgerald TOTAL 1% 13, % Canadian Retail Structured Products Volume (CAD Share Scotiabank National Bank Financial Inc CIBC RBC Capital Markets BMO Capital Markets TOTAL 1% % Canada Equity IPO Volume (CAD Share Richardson GMP Mackie Research Capital Corp Pacific International Securities Inc All Group Financial Services Inc TOTAL 1% 6 5 1% 7

10 Latin America Equity Review Latin America Equity Offerings: Quarterly Volume 2 Amount 3 Q1 216 credited Latin America Equity Offerings volume decreased 76.54% to USD Mln while deal count decreased 75.% to 2 offerings year-on-year. Banco Santander ranked as the top Latin America Equity Offerings underwriter for Q1 216 with 69.76% market share. The bank underwrote 2 deals over the period. Banco BTG Pactual and Evercore Partners Inc ranked second and third with 15.12% and 15.12% market share, respectively. USD Bln Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Latin America Equity Offerings Share Banco Santander Banco BTG Pactual Evercore Partners Inc TOTAL 1% % Latin America Equity Offerings: Industry Breakdown 45% 55% Industrials 55% Consumer Discretionary 45% Latin America Equity Offerings: Manager ings History Market Share (%) Banco Santander Banco BTG Pactual Evercore Partners Inc 8

11 EMEA Equity Review Q1 216 credited EMEA Equity, Equity Linked & Rights volume decreased 65.21% to USD 27.8 Bln while deal count decreased 41.42% to 14 offerings year-on-year. EMEA Equity IPO volume decreased 78.42% year-onyear to USD 4.4 Bln while the deal count decreased 63.16% to 21. EMEA Equity Linked volume increased 4.72% year-on-year to USD 6.5 Bln over 12 deals. Morgan Stanley ranked as the top EMEA Equity, Equity Linked & Rights underwriter for Q1 216 with 11.78% market share. The bank underwrote 12 deals over the period. UBS and JP Morgan ranked second and third with 1.33% and 9.12% market share, respectively. EMEA Equity, Equity Linked & Rights - Risk: Largest s by ry of Q1 216 Issuer Date ry Veolia Environnement SA 771 3/8/216 France Grand City Properties SA 496 2/24/216 Germany Saipem SpA 3,965 2/11/216 Italy NN Group NV 1,99 1/5/216 Netherlands Middle East Healthcare Co 471 3/1/216 Saudi Arabia Remgro Jersey GBP 495 3/15/216 South Africa Telefonica Participaciones SAU 651 3/2/216 Spain LafargeHolcim 1,354 2/4/216 Switzerland Vodafone Group PLC 2,67 2/19/216 United Kingdom EMEA Equity, Equity Linked & Rights - Risk: Highlights of Q1 216 Issuer Industry Date Saipem SpA Energy 3,965 2/11/216 Vodafone Group PLC Communications 2,67 2/19/216 Vodafone Group PLC Communications 2,67 2/19/216 LafargeHolcim Materials 1,354 2/4/216 Auto Trader Group PLC Communications 1,188 2/24/216 NN Group NV Financials 1,99 1/5/216 Veolia Environnement SA Utilities 771 3/8/216 TOTAL SA Energy 725 2/16/216 Safran SA Industrials 698 1/5/216 Telefonica Participaciones SAU Communications 651 3/2/216 EUR Bln EMEA Equity, Equity Linked & Rights - Risk Rights Equity-Linked IPO Add'l EMEA Equity, Equity Linked & Rights - Risk: Industry Breakdown Industry % Of Total % YOY Change Financials 8, % -67.4% Communications 6, % -5.1% Energy 6, % 777.1% Materials 5, % 4.9% Consumer Discretionary 2,81 7.4% -78.1% Industrials 2, % -82.9% Consumer Staples 1,77 4.7% -54.4% Health Care 1,5 4.% -47.7% Technology % -49.9% Utilities % -8.3% EMEA Equity, Equity Linked & Rights - Risk: Offering Breakdown Offering Type % Of Total % YOY Change Additional Offerings 13, % -72.6% Equity-Linked 1, % 42.5% Rights Offerings 8, % 118.8% IPO 4, % -78.8% Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters 9

12 EMEA Equity, Equity Linked & Rights - Risk Share Morgan Stanley , UBS , JP Morgan , Deutsche Bank , , Goldman Sachs , Citi , BNP Paribas , Societe Generale Numis Nordea Barclays Jefferies Berenberg Samba Capital Credit Agricole CIB Credit Suisse Peel Hunt LLP Carnegie Intesa Sanpaolo TOTAL 1% 27, % EMEA Equity & Equity Linked - Risk Share Morgan Stanley , UBS , , JP Morgan , Deutsche Bank , Goldman Sachs , Citi , BNP Paribas Societe Generale Numis Nordea Berenberg Barclays Samba Capital Jefferies Credit Agricole CIB Peel Hunt LLP Carnegie Credit Suisse RBC Capital Markets TOTAL 1% 24, % EMEA Equity, Equity Linked & Rights - Syndication Share Morgan Stanley , UBS , JP Morgan , Deutsche Bank , Nomura , , Goldman Sachs , Citi , BNP Paribas , Societe Generale Numis Nordea Mizuho Financial Barclays Jefferies Berenberg Samba Capital Credit Agricole CIB Credit Suisse Peel Hunt LLP TOTAL 1% 3, % EMEA Equity & Equity Linked - Syndication Share Morgan Stanley , UBS , Nomura , , JP Morgan , Deutsche Bank , Goldman Sachs , Citi , BNP Paribas Societe Generale Numis Nordea Mizuho Financial Berenberg Samba Capital Barclays Jefferies Credit Agricole CIB Peel Hunt LLP Carnegie TOTAL 1% 26, % 1

13 EMEA Equity Linked - Risk Share Morgan Stanley , JP Morgan , BNP Paribas Goldman Sachs Citi Credit Agricole CIB Deutsche Bank Berenberg UBS HSBC Natixis Societe Generale Daewoo Securities Co Egoz Issuing and Finances Israel Discount Bank Cybele Holdings Inbar Issuing & Finance Poalim IBI Underwriting Alpha Beta Issuances TOTAL 1% 6, % EMEA Equity IPO Share JP Morgan Samba Capital Goldman Sachs Deutsche Bank Morgan Stanley RBC Capital Markets Carnegie Numis Nordea Barclays Macquarie Stifel Peel Hunt LLP EFG-Hermes Riyad Bank BNP Paribas SEB Moelis & Co Berenberg TOTAL 1% 4, % EMEA Equity Linked - Syndication Share Nomura , Morgan Stanley , JP Morgan , BNP Paribas Mizuho Financial Goldman Sachs Citi Credit Agricole CIB Deutsche Bank Berenberg UBS HSBC Natixis Societe Generale Daewoo Securities Co Egoz Issuing and Finances Poalim IBI Underwriting Alpha Beta Issuances Cybele Holdings TOTAL 1% 9, % EMEA Equity Offerings Share UBS , , Morgan Stanley , Deutsche Bank , Goldman Sachs , JP Morgan Citi Numis Nordea Societe Generale Barclays Samba Capital Jefferies Peel Hunt LLP Carnegie Berenberg Credit Suisse RBC Capital Markets SEB KBC Group TOTAL 1% 17, % 11

14 EMEA Rights Offerings Share Deutsche Bank JP Morgan Mediobanca Citi Goldman Sachs UniCredit Intesa Sanpaolo HSBC Panmure Gordon Barclays Jefferies Credit Agricole CIB Natixis Credit Suisse Societe Generale BNP Paribas Investec Zeus Capital Oddo Pinatton DNB ASA TOTAL 1% 3, % Eastern Europe Equity, Equity Linked & Rights Volume (EUR Share Unlu Menkul Degerler AS Goldman Sachs Dom Inwestycyjny Investors Deniz Yatirim FMI Finasta AB TOTAL 1% % Western Europe Equity, Equity Linked & Rights Volume (EUR Share UBS , Morgan Stanley , JP Morgan , Deutsche Bank , , Goldman Sachs , Citi , BNP Paribas Societe Generale Numis Nordea Barclays Jefferies Berenberg Credit Agricole CIB Credit Suisse Peel Hunt LLP Carnegie Intesa Sanpaolo Mediobanca TOTAL 1% 22, % AIM Equity Offerings Volume (GBP Share Stifel Goldman Sachs Peel Hunt LLP Liberum Capital Zeus Capital Cenkos Securities Nplus1 Singer JP Morgan FinnCap Investec Shore Capital Group Numis Panmure Gordon Banca Popolare di Vicenza N RBC Capital Markets Davy Northland Capital Partners Cantor Fitzgerald Cornhill Asset Management LTD TOTAL 1% % 12

15 Africa Equity, Equity Linked & Rights Share Morgan Stanley EFG-Hermes Java Capital Leaf Capital Pty Canaccord Genuity GMP Securities DBF Capital Partners TOTAL 1% 1, % MENA Equity, Equity Linked & Rights Share Samba Capital EFG-Hermes Riyad Bank TOTAL 1% % Sub-Sahara Equity, Equity Linked & Rights Share Morgan Stanley Java Capital Leaf Capital Pty Canaccord Genuity GMP Securities DBF Capital Partners TOTAL 1% % 13

16 Asia Pacific Equity Review Asia ex-japan Equity, Equity Linked & Rights Rights IPO Add'l Q1 216 credited APAC ex-japan Equity, Equity Linked & Rights volume decreased 55.12% to USD 2.2 Bln while deal count decreased 39.95% to 26 offerings year-on-year. APAC ex-japan Equity IPO volume decreased 59.95% year-on-year to USD 7. Bln while the deal count decreased 3.52% to 17. APAC ex-japan Equity Linked volume increased 4.47% year-on-year to USD 3.1 Bln over 28 deals. Sinolink Securities Co ranked as the top APAC ex-japan Equity, Equity Linked & Rights underwriter for Q1 216 with 9.54% market share. The bank underwrote 2 deals over the period. Morgan Stanley and Haitong Securities Co ranked second and third with 5.79% and 4.91% market share, respectively. APAC Equity, Equity Linked & Rights: Highlights of Q1 216 Issuer Industry Date Industrial Securities Co Financials 1,864 1/18/216 China Zheshang Bank Co Financials 1,685 3/21/216 Bank of Tianjin Co Financials 949 3/21/216 LaSalle Logiport REIT Financials 94 2/4/216 Suzuki Motor Corp Consumer Discretionary 881 3/7/216 Suzuki Motor Corp Consumer Discretionary 881 3/7/216 NTPC Utilities 734 2/24/216 Pacific Securities Co /The/China Financials 654 2/2/216 Guangzhou Automobile Group Co Consumer Discretionary 629 1/5/216 CRRC Corp Industrials 6 1/25/216 9% 8% 16% 1% APAC Equity, Equity Linked & Rights: Industry Breakdown 59% Industry % Of Total % YOY Change Technology 38, % 924.4% Financials 1, % -66.9% Consumer Discretionary 5, % -21.8% Industrials 4, % -21.% Health Care 1,86 2.8% 6.% Materials 1, % -3.8% Utilities 1,5 1.6% -71.4% Energy 68.9% -92.7% Communications 454.7% -85.% Consumer Staples 433.7% -64.6% USD Bln USD Bln USD Bln USD Bln 8 5 Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Australia/New Zealand Equity, EQL & Rights ,8 1, Q1 Q Q1 Q Q1 Q Q1 Q Quarters Rights IPO Add'l Q1 Q Q1 Q Q1 Q China Equity, Equity Linked & Rights Q1 Q Q1 Q Quarters Rights IPO Add'l Q1 Q Q1 Q Japan Equity & Equity Linked Rights IPO Add'l Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters 14

17 Asia ex-japan Equity, Equity Linked & Rights Share Sinolink Securities Co , Morgan Stanley , Haitong Securities Co Bank of China CITIC Securities Co Citi GF Securities China Merchants Bank Credit Suisse Goldman Sachs Guotai Junan Securities Co China International Capital Corp JP Morgan China Construction Bank Deutsche Bank Guosen Securities Co Industrial Securities Co ICICI Agricultural Bank of China TOTAL 1% 19, % Asia ex-japan Equity & Equity Linked Share CITIC Securities Co Citi GF Securities Credit Suisse Morgan Stanley Goldman Sachs Haitong Securities Co Guotai Junan Securities Co China Construction Bank Guosen Securities Co China International Capital Corp ICICI Bank of China China Merchants Bank Agricultural Bank of China China Investment Corp Deutsche Bank State Bank of India Great Wall Securities TOTAL 1% 13, % Asia ex-japan Equity, EQL & Rights ex-ch A Shares Share Morgan Stanley , Haitong Securities Co China Merchants Bank Citi GF Securities Credit Suisse Goldman Sachs JP Morgan China International Capital Corp China Construction Bank Deutsche Bank CITIC Securities Co Guotai Junan Securities Co ICICI Bank of China Agricultural Bank of China UBS State Bank of India Edelweiss Financial Services TOTAL 1% 13, % Asia ex-japan Equity Linked CITIC Securities Co China International Capital Corp Share JP Morgan China Investment Corp UBS Dongbu Securities Guangzhou Securities Goldman Sachs Credit Suisse Morgan Stanley Guosen Securities Co HSBC CMB International Securities Deutsche Bank Industrial Securities Co China Investment Securities Co Concord Securities Horizon Securities Co CTBC Financial Holding Co TOTAL 1% 3, % 15

18 Asia ex-japan Equity Linked ex-china Exchanges Share JP Morgan China International Capital Corp UBS Dongbu Securities HSBC CMB International Securities Deutsche Bank Concord Securities Horizon Securities Co CTBC Financial Holding Co Sinopac Securities Corp KGI Securities Co Taishin Financial Holding Co Cathay Securities Co Hua Nan Commercial Bank President Securities Yuanta Securities Co Waterland Securities Co TOTAL 1% 1, % Asia ex-japan Equity IPO Share Haitong Securities Co Guotai Junan Securities Co China Construction Bank CITIC Securities Co Bank of China China Merchants Bank Agricultural Bank of China Goldman Sachs GF Securities Great Wall Securities Guosen Securities Co China International Capital Corp China Merchants Securities Essence Securities Co Huarong Securities Co Daishin Securities CIMB Daewoo Securities Co Northeast Securities Co Crosby TOTAL 1% 6, % Asia ex-japan Equity Offerings Share GF Securities , Guotai Junan Securities Co , CITIC Securities Co , Huatai Securities Co , China International Capital Corp , Haitong Securities Co , Southwest Securities Co , Sinolink Securities Co , Guosen Securities Co , China Securities Co , Morgan Stanley , Citi , Industrial Securities Co , Deutsche Bank , Guangzhou Securities Bank of China Minsheng Securities Co China Merchants Bank Goldman Sachs Avic Securities Co TOTAL 1% 52, % 16

19 APAC Equity, Equity Linked & Rights Share Nomura , Morgan Stanley , Sinolink Securities Co , Mizuho Financial , Haitong Securities Co Bank of China Credit Suisse Citi CITIC Securities Co GF Securities China Merchants Bank Goldman Sachs Guotai Junan Securities Co China International Capital Corp Sumitomo Mitsui Financial JP Morgan UBS China Construction Bank Deutsche Bank TOTAL 1% 26, % APAC Equity Offerings Share Morgan Stanley , Nomura Citi GF Securities Credit Suisse Mizuho Financial Goldman Sachs Haitong Securities Co Guotai Junan Securities Co CITIC Securities Co China Construction Bank Sumitomo Mitsui Financial Daiwa Securities ICICI Bank of China China Merchants Bank Agricultural Bank of China Deutsche Bank State Bank of India TOTAL 1% 16, % APAC Equity & Equity Linked Share Nomura , Morgan Stanley , Mizuho Financial , Credit Suisse Citi CITIC Securities Co GF Securities Goldman Sachs China International Capital Corp Haitong Securities Co Sumitomo Mitsui Financial JP Morgan Guotai Junan Securities Co UBS China Construction Bank Deutsche Bank Guosen Securities Co Daiwa Securities ICICI TOTAL 1% 22, % APAC Equity Linked Share Nomura , Mizuho Financial CITIC Securities Co China International Capital Corp JP Morgan China Investment Corp UBS Sumitomo Mitsui Financial Dongbu Securities Guangzhou Securities Goldman Sachs Credit Suisse Morgan Stanley Guosen Securities Co CMB International Securities HSBC Deutsche Bank Industrial Securities Co China Investment Securities Co TOTAL 1% 5, % 17

20 APAC ex-japan Equity, Equity Linked & Rights Share Sinolink Securities Co , Morgan Stanley , Haitong Securities Co Bank of China Credit Suisse CITIC Securities Co Citi GF Securities China Merchants Bank Goldman Sachs Guotai Junan Securities Co China International Capital Corp JP Morgan China Construction Bank Deutsche Bank Guosen Securities Co Industrial Securities Co UBS ICICI TOTAL 1% 2, % APAC ex-japan Equity Offerings Share Morgan Stanley , Citi GF Securities Credit Suisse Goldman Sachs Haitong Securities Co Guotai Junan Securities Co CITIC Securities Co China Construction Bank ICICI Bank of China China Merchants Bank Agricultural Bank of China Deutsche Bank State Bank of India Great Wall Securities Edelweiss Financial Services Guosen Securities Co China International Capital Corp TOTAL 1% 13, % APAC ex-japan Equity & Equity Linked Share Morgan Stanley , Credit Suisse CITIC Securities Co Citi GF Securities Goldman Sachs China International Capital Corp Haitong Securities Co Guotai Junan Securities Co JP Morgan China Construction Bank Deutsche Bank Guosen Securities Co UBS ICICI Bank of China China Merchants Bank Agricultural Bank of China China Investment Corp TOTAL 1% 16, % APAC ex-japan Equity IPO Share Haitong Securities Co Guotai Junan Securities Co China Construction Bank CITIC Securities Co Bank of China China Merchants Bank Agricultural Bank of China Goldman Sachs GF Securities Great Wall Securities Guosen Securities Co China International Capital Corp China Merchants Securities Essence Securities Co Huarong Securities Co Daishin Securities CIMB Daewoo Securities Co Northeast Securities Co Crosby TOTAL 1% 6, % 18

21 APAC ex-japan Equity Linked CITIC Securities Co China International Capital Corp Share JP Morgan China Investment Corp UBS Dongbu Securities Guangzhou Securities Goldman Sachs Credit Suisse Morgan Stanley Guosen Securities Co HSBC CMB International Securities Deutsche Bank Industrial Securities Co China Investment Securities Co Concord Securities Horizon Securities Co CTBC Financial Holding Co TOTAL 1% 3, % APAC ex-japan Equity, EQL & Rights ex-ch A Shrs Share Morgan Stanley , Haitong Securities Co China Merchants Bank Citi Credit Suisse GF Securities Goldman Sachs JP Morgan China International Capital Corp China Construction Bank Deutsche Bank CITIC Securities Co Guotai Junan Securities Co UBS ICICI Bank of China Agricultural Bank of China State Bank of India Edelweiss Financial Services TOTAL 1% 13, % 19

22 Australia/New Zealand Equity, EQL & Rights Share Credit Suisse Macquarie Bell Potter Securities Limited Morgans UBS Canaccord Genuity Taylor Collison BW Equities Pty GMP Securities Ord Minnett Gleneagle Securities Aust Pty Sanlam Private Wealth Pty State One Equities Gulf Energy International Hartleys Alto Capital Sanston Securities Australia Pty Merchant Group Pty Beaumont Cornish HK Securities Pty TOTAL 1% % China Equity, Equity Linked & Rights Volume (CNY Share CITIC Securities Co , Guotai Junan Securities Co , GF Securities , Huatai Securities Co , China International Capital Corp , Southwest Securities Co , Guosen Securities Co , Sinolink Securities Co , China Securities Co , Haitong Securities Co , Industrial Securities Co , Guangzhou Securities , Minsheng Securities Co , Deutsche Bank , Avic Securities Co , Bank of China , Everbright Securities Co , China Merchants Securities , Morgan Stanley , Shenwan Hongyuan Group Co , TOTAL 1% 275, % Australia/New Zealand Equity & Rights Offerings Share Credit Suisse Macquarie Bell Potter Securities Limited Morgans UBS Canaccord Genuity Taylor Collison BW Equities Pty GMP Securities Ord Minnett Gleneagle Securities Aust Pty Sanlam Private Wealth Pty State One Equities Gulf Energy International Hartleys Alto Capital Sanston Securities Australia Pty Merchant Group Pty Beaumont Cornish HK Securities Pty TOTAL 1% % China Equity IPO Volume (CNY Share Great Wall Securities , Guosen Securities Co , Essence Securities Co , Guotai Junan Securities Co , GF Securities , China Merchants Securities , Northeast Securities Co CITIC Securities Co Tianfeng Securities Co Dongguan Securities Sinolink Securities Co Citi Everbright Securities Co Hengtai Securities Co Zhongtai Securities Co Sunrise Capital Corp/Japan Nanjing Securities Co TOTAL 1% 12, % 2

23 Hong Kong Equity & Rights Offerings Share Haitong Securities Co , China Merchants Bank GF Securities China Construction Bank Goldman Sachs Guotai Junan Securities Co Bank of China Agricultural Bank of China CITIC Securities Co Morgan Stanley China International Capital Corp Huarong Securities Co Kingston Financial Group Crosby AMTD Asset Management Industrial Securities Co Macquarie Black Marble Securities Industrial & Comm Bank of China KCG Securities Asia TOTAL 1% 6, % India Equity & Rights Offering Volume (INR Share Citi , ICICI , State Bank of India , Edelweiss Financial Services , Deutsche Bank , Kotak Mahindra Bank , IIFL Securities Pte , IDFC Capital , JP Morgan , Jefferies , JM Financial , Credit Suisse , HDFC Bank , Yes Bank , Goldman Sachs , Fortune Financial Services India Sarthi Capital Advisors Pvt Aryaman Financial Services Choice International Quintessence Enterprises Pvt TOTAL 1% 119, % Hong Kong Equity Offerings Share GF Securities Haitong Securities Co China Construction Bank Goldman Sachs Bank of China China Merchants Bank Agricultural Bank of China Guotai Junan Securities Co CITIC Securities Co Morgan Stanley China International Capital Corp Huarong Securities Co Kingston Financial Group Crosby AMTD Asset Management Industrial Securities Co Macquarie Industrial & Comm Bank of China KCG Securities Asia China Merchants Securities TOTAL 1% 4, % Indonesia Equity & Rights Offering Volume (IDR Share Trimegah Securities , Lautandhana Securindo PT , Erdikha Elit Sekuritas PT , Binaartha Parama PT , TOTAL 1% 142,84 3 1% 21