GLOBAL FIXED INCOME LEAGUE TABLES H1 2017

Transcription

1 GLOBAL FIXED INCOME LEAGUE TABLES H1 217

2 H1 217 MANAGER RANKINGS GLOBAL FIXED INCOME 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 corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24, unique issuers across more than 13 countries and 1 different currencies. LEAG<GO> for a full range of league tables NIM<GO> for Bloomberg s new issue monitor 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 Dean Psomaras newissues@bloomberg.net EMEA Dimitris Gogos emeacapmkts@bloomberg.net Asia Pacific Shaili Mehta nimap@bloomberg.net 217 Bloomberg Finance L.P. All rights reserved.

3 Global Fixed Income Review H1 217 credited Corporate & Financial Bonds volume increased.17% to USD 2.3 Trln while deal count decreased 4.82% to 7,885 offerings year-on-year. Corporate Bonds volume increased.16% year-on-year to USD 1.1 Trln while the deal count increased 1.84% to 3,213. Financial Bonds volume increased.18% year-on-year to USD 1.2 Trln over 4,672 deals. JP Morgan ranked as the top Corporate & Financial Bonds underwriter for H1 217 with 6.26% market share. The bank underwrote 915 deals over the period. Citi and Bank of America Merrill Lynch ranked second and third with 5.59% and 5.58% market share, respectively. Global Corporate Leveraged Finance: Quarterly Volume USD Bln Corporate High Yield Bonds Global Sponsor-Led Loans Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Corporate & Financial Bonds: Highlights of H1 217 Quarters Top Underwriter JP Morgan Number of deals 915 Volume (USD Mln) 141,999 Avg Deal size (USD Mln) Market Summary Number of deals 7,885 Volume (USD Mln) 2,266,875 Avg Deal size (USD Mln) Issuer Industry Volume (USD Mln) Date China CITIC Bank Corp Ltd Financials 7,24 4/1/217 Broadcom Corp / Broadcom Cayman Finance Ltd Technology 4,8 1/11/217 China Evergrande Group Financials 4,68 6/21/217 Huaxia Bank Co Ltd Financials 4,37 5/19/217 China Minsheng Banking Corp Ltd Financials 4,355 3/2/217 Bank of Communications Co Ltd Financials 4,351 4/6/217 Banca Monte dei Paschi di Siena SpA Financials 4,268 3/1/217 China Everbright Bank Co Ltd Financials 4,78 2/27/217 China Everbright Bank Co Ltd Financials 4,76 2/2/217 Microsoft Corp Technology 4, 1/3/217 Corporate & Financial Bonds: Industry Breakdown 25% 53% 6% 7% 9% Financials 53% Consumer Discretionary 9% Industrials 7% Utilities 6% Others 25% Corporate & Financial Bonds: Quarterly Volume 1,4 Deal Count Other High Yield Investment Grade 6, USD Bln 1,2 1, , 4, 3, 2, Deal Count Corporate & Financial Bonds: Spread to Benchmark 7 6 High Yield Investment Grade 2 Q2 Q Q2 Q Q2 Q Quarters Q2 Q Q2 Q Q2 Q , Basis points 4 2 Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Quarters Bloomberg League Table Reports Page 1

4 Corporate Bonds Financial Bonds JP Morgan , Bank of America Merrill Lynch , Citi , Barclays , Deutsche Bank , Morgan Stanley , Goldman Sachs , HSBC , BNP Paribas , Wells Fargo , Mizuho Financial , Credit Suisse , RBC Capital Markets , Mitsubishi UFJ Financial Group Inc , Societe Generale , Credit Agricole CIB , Sumitomo Mitsui Financial , TD Securities , Banco Santander , UBS , TOTAL 1% 1,97,5 3,213 1% Syndicated Government Bonds Citi , JP Morgan , Barclays , HSBC , Bank of America Merrill Lynch , Deutsche Bank , Goldman Sachs , TD Securities , BNP Paribas , Nomura , Morgan Stanley , UniCredit , RBC Capital Markets , Credit Agricole CIB , Societe Generale , BMO Capital Markets , Commerzbank , NatWest Markets , Wells Fargo , Natixis , TOTAL 1% 91,329 3,591 1% Morgan Stanley , JP Morgan , Goldman Sachs , Citi , HSBC , Bank of America Merrill Lynch , UBS , Barclays , Credit Suisse , Deutsche Bank , BNP Paribas , Wells Fargo , Credit Agricole CIB , RBC Capital Markets , Societe Generale , CITIC Securities Co Ltd , Mizuho Financial , Standard Chartered Bank , UniCredit , NatWest Markets , TOTAL 1% 1,169,374 4,672 1% International Bonds JP Morgan ,133 1, Citi , Bank of America Merrill Lynch , HSBC , Barclays , Goldman Sachs , Deutsche Bank , BNP Paribas , Morgan Stanley , Credit Agricole CIB , Societe Generale , Credit Suisse , RBC Capital Markets , UniCredit , UBS , Wells Fargo , TD Securities , NatWest Markets , Commerzbank , Mizuho Financial , TOTAL 1% 2,28,7 5,438 1% Bloomberg League Table Reports Page 2

5 Global Bonds Corporate High Yield Bonds JP Morgan , Bank of America Merrill Lynch , Citi , Goldman Sachs , Barclays , Morgan Stanley , Deutsche Bank , HSBC , Wells Fargo , TD Securities , RBC Capital Markets , BNP Paribas , Mitsubishi UFJ Financial Group Inc , Nomura , Mizuho Financial , Credit Suisse , BMO Capital Markets , US Bancorp , Scotiabank , Commerzbank , TOTAL 1% 613, % Global Green Bonds - Corporate & Government Credit Agricole CIB , HSBC , Citi , BNP Paribas , Societe Generale , JP Morgan , Bank of America Merrill Lynch , SEB , Barclays , Natixis , Morgan Stanley , CITIC Securities Co Ltd , Goldman Sachs , Landesbank Baden-Wuerttemberg Agricultural Bank of China Ltd China Securities Co Ltd Industrial & Comm Bank of China Deutsche Bank Sumitomo Mitsui Financial Nordea TOTAL 1% 46, % JP Morgan , Bank of America Merrill Lynch , Barclays , Goldman Sachs , Morgan Stanley , Credit Suisse , Citi , Deutsche Bank , Wells Fargo , HSBC , RBC Capital Markets , UBS , BNP Paribas , CITIC Securities Co Ltd , Jefferies , Societe Generale , Credit Agricole CIB , Haitong Securities Co Ltd , BMO Capital Markets , SunTrust Robinson Humphrey , TOTAL 1% 29, % International Sukuk HSBC , Standard Chartered Bank , Deutsche Bank , Citi , JP Morgan , BNP Paribas , National Commercial Bank , First Abu Dhabi Bank PJSC , Dubai Islamic Bank , Emirates NBD PJSC , Mandiri Sekuritas PT Gulf International Bank BSC Noor Bank QInvest LLC alizz Islamic Bank SAOG Maybank Kuwait Finance House CIMB Goldman Sachs Natixis TOTAL 1% 24, % Bloomberg League Table Reports Page 3

6 US Fixed Income Review H1 217 credited US Corporate Bonds volume increased 7.61% to USD Bln while deal count increased 25.77% to 1,513 offerings year-on-year. US Investment Grade Corporate Bonds volume increased 3.32% year-on-year to USD Bln while the deal count increased 18.94% to 1,124. US High Yield Corporate Bonds volume increased 28.6% year-on-year to USD Bln over 344 deals. JP Morgan ranked as the top US Corporate Bonds underwriter for H1 217 with 11.53% market share. The bank underwrote 648 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with 1.7% and 9.93% market share, respectively. US Corporate Bonds: Highlights of H1 217 USD Bln US Leveraged Finance: Quarterly Volume Q2 Q Q2 Q Q2 Q Quarters US Leveraged Loans US High Yield Corporate Bonds Q2 Q Q2 Q Q2 Q Top Underwriter JP Morgan Number of deals 648 Volume (USD Mln) 19,26 Avg Deal size (USD Mln) Market Summary Number of deals 1,513 Volume (USD Mln) 947,52 Avg Deal size (USD Mln) Issuer Broadcom Corp / Broadcom Cayman Finance Ltd US Domestic Bonds: Quarterly Volume Industry Volume (USD Mln) Date Technology 4,8 1/11/217 Microsoft Corp Technology 4, 1/3/217 Wells Fargo & Co Financials 3,75 1/17/217 Broadcom Corp / Broadcom Cayman Finance Ltd Technology 3,5 1/11/217 Morgan Stanley Financials 3,25 5/16/217 Verizon Communications Inc Communications 3,25 3/13/217 Morgan Stanley Financials 3, 2/14/217 Morgan Stanley Financials 3, 1/17/217 Microsoft Corp Technology 3, 1/3/217 AT&T Inc Communications 3, 1/31/217 US Corporate Bonds: Industry Breakdown 5% 5% 6% 6% 41% 6% 7% 7% 9% 9% Financials 41% Technology 9% Consumer Discretionary 9% Energy 7% Communications 7% Health Care 6% Utilities 6% Materials 6% Industrials 5% Others 5% Deal Count Other High Yield Investment Grade 8 1,8 US Domestic Bonds: Spread to Benchmark USD Bln ,5 1, 5 Deal Count Basis points High Yield Investment Grade Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Quarters Quarters Bloomberg League Table Reports Page 4

7 US Domestic Bonds US Agency Bonds JP Morgan , Citi , Bank of America Merrill Lynch , Goldman Sachs , Morgan Stanley , Barclays , Wells Fargo , HSBC , Deutsche Bank , RBC Capital Markets , Credit Suisse , TD Securities , BNP Paribas , Mizuho Financial , UBS , Nomura , Mitsubishi UFJ Financial Group Inc , BMO Capital Markets , US Bancorp , Credit Agricole CIB , TOTAL 1% 1,278,885 2,858 1% US Corporate Bonds JP Morgan , Bank of America Merrill Lynch , Citi , Goldman Sachs , Morgan Stanley , Wells Fargo , Barclays , HSBC , Deutsche Bank , RBC Capital Markets , Credit Suisse , UBS , BNP Paribas , Mitsubishi UFJ Financial Group Inc , Mizuho Financial , US Bancorp , TD Securities , Credit Agricole CIB , SunTrust Robinson Humphrey , Societe Generale , TOTAL 1% 947,52 1,513 1% Barclays , Nomura , Citi , Wells Fargo , TD Securities , JP Morgan , Jefferies , Morgan Stanley , Daiwa Securities , Bank of America Merrill Lynch , Incapital , INTL FCStone Inc , FTN Financial , Goldman Sachs , Mizuho Financial , Bank of New York Mellon , HSBC , Stifel , Loop Capital Markets LLC , Deutsche Bank , TOTAL 1% 163,455 2,439 1% US Dollar Foreign Issuer Bonds Citi , JP Morgan , HSBC , Bank of America Merrill Lynch , Goldman Sachs , Barclays , Morgan Stanley , Deutsche Bank , BNP Paribas , Credit Suisse , RBC Capital Markets , UBS , TD Securities , Standard Chartered Bank , BMO Capital Markets , Nomura , Wells Fargo , Credit Agricole CIB , Mizuho Financial , Bank of China , TOTAL 1% 76,749 1,55 1% Bloomberg League Table Reports Page 5

8 US Investment Grade Corporate Bonds US High Yield Corporate Bonds JP Morgan , Bank of America Merrill Lynch , Citi , Goldman Sachs , Morgan Stanley , Wells Fargo , Barclays , HSBC , Deutsche Bank , RBC Capital Markets , Credit Suisse , UBS , Mitsubishi UFJ Financial Group Inc , BNP Paribas , Mizuho Financial , US Bancorp , TD Securities , Credit Agricole CIB , Societe Generale , Sumitomo Mitsui Financial , TOTAL 1% 761,383 1,124 1% JP Morgan , Bank of America Merrill Lynch , Citi , Goldman Sachs , Barclays , Morgan Stanley , Credit Suisse , Wells Fargo , RBC Capital Markets , Deutsche Bank , Jefferies , BMO Capital Markets , SunTrust Robinson Humphrey , UBS , HSBC , BNP Paribas , Credit Agricole CIB , Scotiabank , Mitsubishi UFJ Financial Group Inc , Societe Generale , TOTAL 1% 163, % US Dollar Preferreds Morgan Stanley , Wells Fargo , Bank of America Merrill Lynch UBS RBC Capital Markets Stifel JP Morgan BDO Capital & Investment Corp Citi Sandler O'Neill & Partners Goldman Sachs Credit Suisse FBR Capital Markets Corp William Blair & Co LLC BB&T Ladenburg Thalmann & Co Janney Montgomery Scott LLC Raymond James & Associates Jefferies National Bank Financial Inc TOTAL 1% 8, % Bloomberg League Table Reports Page 6

9 Canada Fixed Income Review Canada Corporate Bonds: Quarterly Volume 4 Deal Count Amount 9 H1 217 credited Canada Corporate Bonds volume increased 23.% to CAD 54.3 Bln while deal count increased 33.73% to 111 offerings year-on-year. Canada Corporate Bonds - Bonus volume increased 23.% year-on-year to CAD 54.3 Bln while the deal count increased 33.73% to 111. Canada Government Bonds volume decreased.86% year-on-year to CAD 57.2 Bln over 35 deals. TD Securities ranked as the top Canada Corporate Bonds underwriter for H1 217 with 22.5% market share. The bank underwrote 58 deals over the period. RBC Capital Markets and Scotiabank ranked second and third with 19.22% and 15.47% market share, respectively. USD Bln Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Deal Count Quarters Canada Corporate Bonds Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) TD Securities , RBC Capital Markets , Scotiabank , CIBC , BMO Capital Markets , National Bank Financial Inc , Bank of America Merrill Lynch , HSBC , Morgan Stanley Laurentian Bank of Canada TOTAL 1% 54, % Canada Corporate Bonds: Industry Breakdown 4% 6% 7% 7% 49% 7% 19% Financials 49% Energy 19% Utilities 7% Consumer Staples 7% Consumer Discretionary 7% Communications 6% Others 4% Canada Government Bonds Canada Corporate Bonds: Manager Rankings History Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 3 TD Securities , National Bank Financial Inc , RBC Capital Markets , CIBC , BMO Capital Markets , Scotiabank , HSBC Desjardins Capital Markets Bank of America Merrill Lynch Laurentian Bank of Canada TOTAL 1% 57, % Market Share (%) 2 1 TD Securities RBC Capital Markets Scotiabank CIBC BMO Capital Markets National Bank Financial Inc Bloomberg League Table Reports Page 7

10 Latin America Fixed Income Review 8 Latin American Bonds: Quarterly Volume Deal Count Amount 4 H1 217 credited Latin American Bonds volume increased 4.94% to USD 85.7 Bln while deal count increased 43.96% to 298 offerings year-on-year. Latin American Local Currency Bonds volume increased 69.6% year-on-year to USD 21.8 Bln while the deal count increased 47.6% to 369. Brazilian Domestic Bonds volume increased 52.28% year-on-year to BRL 22.8 Bln over 91 deals. Citi ranked as the top Latin American Bonds underwriter for H1 217 with 15.29% market share. The bank underwrote 5 deals over the period. JP Morgan and HSBC ranked second and third with 1.47% and 9.94% market share, respectively. USD Bln Deal Count Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Quarters Latin American Bonds Citi , JP Morgan , HSBC , Banco Santander , Banco Itau BBA , Morgan Stanley , Bank of America Merrill Lynch , Deutsche Bank , Banco Bilbao Vizcaya Argentaria , Bradesco BBI SA , TOTAL 1% 85, % 5% 6% 7% 1% Latin American Bonds: Industry Breakdown 1% 47% 15% Government 47% Energy 15% Financials 1% Consumer Discretionary 7% Utilities 6% Materials 5% Others 1% Latin American Local Currency Bonds Latin American Bonds: Manager Rankings History Banco Santander , Banco Itau BBA , Banco Bilbao Vizcaya Argentaria , JP Morgan , Bradesco BBI SA , Citi , Scotiabank Morgan Stanley Banco BTG Pactual HSBC TOTAL 1% 21, % Market Share (%) 1 Citi JP Morgan HSBC Banco Santander Banco Itau BBA Morgan Stanley Bloomberg League Table Reports Page 8

11 EMEA Fixed Income Review H1 217 credited European Corporate & Financial Bonds volume increased 5.5% to EUR Bln while deal count increased 8.3% to 2,779 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume increased 14.56% year-on-year to EUR Bln while the deal count increased 16.3% to 428. $TABLE3 volume $VOLUME_CHANGE_DIR3 $VOLUME_CHANGE_PERC3 year-on-year to $VOLUME_CURRENT3 over $DEAL_COUNT_CURRENT3 deals. HSBC ranked as the top European Corporate & Financial Bonds underwriter for H1 217 with 6.38% market share. The bank underwrote 277 deals over the period. Barclays and BNP Paribas ranked second and third with 5.58% and 5.44% market share, respectively. European Corporate & Financial Bonds: Highlights of H1 217 Top Underwriter HSBC Number of deals 277 Volume (EUR Mln) 44,464 Avg Deal size (EUR Mln) 16.5 Market Summary Number of deals 2,779 Volume (EUR Mln) 696,916 Avg Deal size (EUR Mln) 25.8 Issuer Industry Volume (EUR Mln) Date Banca Monte dei Paschi di Siena SpA Financials 4,268 3/1/217 HSBC Holdings PLC Financials 3, 5/15/217 Volkswagen International Finance NV Volkswagen International Finance NV Reckitt Benckiser Treasury Services PLC Reckitt Benckiser Treasury Services PLC Consumer Discretionary Consumer Discretionary 2,695 3/23/217 2,695 3/23/217 Consumer Staples 2,5 6/21/217 Consumer Staples 2,5 6/21/217 HSBC Holdings PLC Financials 2,5 3/6/217 HSBC Holdings PLC Financials 2,5 3/6/217 Volkswagen International Finance NV Consumer Discretionary 2,253 6/7/217 Credit Suisse Group AG Financials 2,25 1/4/217 European Corporate & Financial Bonds: Industry Breakdown 17% 5% 6% 61% 1% Financials 61% Consumer Discretionary 1% Industrials 6% Utilities 5% Others 17% European Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield Investment Grade European Corporate & Financial Bonds: Spread to Benchmark 6 2,5 High Yield 5 2, 8 Investment Grade EUR Bln ,5 1, Deal Count Basis points Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Q2 Q Quarters Q2 Q Q2 Q Q2 Q Quarters Bloomberg League Table Reports Page 9

12 European Bonds Western European Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC , Barclays , BNP Paribas , Deutsche Bank , JP Morgan , Citi , Goldman Sachs , Credit Agricole CIB , Bank of America Merrill Lynch , Societe Generale , UniCredit , UBS , Credit Suisse , NatWest Markets , Morgan Stanley , Commerzbank , Banco Santander , Natixis , Intesa Sanpaolo , ING Groep , TOTAL 1% 1,39,613 3,681 1% Eastern European Bonds VTB Capital , JP Morgan , Gazprombank , Raiffeisen Bank International Group , Societe Generale , Sberbank CIB CJSC , Citi , UniCredit , Deutsche Bank , ING Groep , BNP Paribas , Barclays , HSBC , Goldman Sachs , Erste Group Bank , Sovcombank ICB JSC , Commerzbank UBS Rosselkhozbank OJSC PKO Bank Polski SA TOTAL 1% 54, % Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC , Barclays , BNP Paribas , Deutsche Bank , Citi , JP Morgan , Credit Agricole CIB , Goldman Sachs , Bank of America Merrill Lynch , Societe Generale , UniCredit , Credit Suisse , UBS , NatWest Markets , Morgan Stanley , Commerzbank , Banco Santander , Natixis , Intesa Sanpaolo , Landesbank Baden-Wuerttemberg , TOTAL 1% 1,7,716 3,481 1% Western European Corporate High Yield Bonds - Risk Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan , Barclays , Goldman Sachs , Credit Suisse , Deutsche Bank , Citi , Morgan Stanley , BNP Paribas , HSBC , Bank of America Merrill Lynch , Credit Agricole CIB , Societe Generale , NatWest Markets , UBS , UniCredit , ING Groep Nordea Banco Santander Natixis Lloyds Bank TOTAL 1% 48, % Bloomberg League Table Reports Page 1

13 EMEA Corporate Investment Grade Bonds (inc EM) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , BNP Paribas , Deutsche Bank , HSBC , Citi , Societe Generale , JP Morgan , Bank of America Merrill Lynch , Goldman Sachs , UniCredit , Credit Agricole CIB , Banco Santander , Commerzbank , NatWest Markets , Morgan Stanley , Mitsubishi UFJ Financial Group Inc , Mizuho Financial , Credit Suisse , Banco Bilbao Vizcaya Argentaria , Natixis , TOTAL 1% 212, % Euro Currency Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BNP Paribas , HSBC , Barclays , Deutsche Bank , JP Morgan , Credit Agricole CIB , Goldman Sachs , Societe Generale , UniCredit , Bank of America Merrill Lynch , Citi , Commerzbank , Morgan Stanley , Natixis , NatWest Markets , Intesa Sanpaolo , Landesbank Baden-Wuerttemberg , Banco Santander , ING Groep , Banco Bilbao Vizcaya Argentaria , TOTAL 1% 813,417 1,934 1% EMEA Corporate High Yield Bonds (inc EM) - Risk Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan , Goldman Sachs , Deutsche Bank , Barclays , Citi , Credit Suisse , Morgan Stanley , HSBC , BNP Paribas , Bank of America Merrill Lynch , Societe Generale , UBS , VTB Capital , Credit Agricole CIB , ING Groep , Gazprombank , UniCredit , NatWest Markets , Sberbank CIB CJSC , Nordea TOTAL 1% 62, % Euro & Sterling Corporate & Financial Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BNP Paribas , Barclays , Deutsche Bank , HSBC , Credit Agricole CIB , Societe Generale , JP Morgan , Bank of America Merrill Lynch , UniCredit , Goldman Sachs , Citi , NatWest Markets , Morgan Stanley , Banco Santander , Commerzbank , Natixis , Intesa Sanpaolo , Credit Suisse , ING Groep , UBS , TOTAL 1% 572,764 1,552 1% Bloomberg League Table Reports Page 11

14 Sterling Bonds Swiss Franc Bonds Firm Rank Mkt Share(%) Volume (GBP Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , HSBC , NatWest Markets , Deutsche Bank , RBC Capital Markets , Bank of America Merrill Lynch , Citi , Lloyds Bank , JP Morgan , Credit Suisse , Banco Santander , Morgan Stanley , TD Securities , Nomura , Goldman Sachs , BNP Paribas , UBS Mitsubishi UFJ Financial Group Inc Commerzbank Credit Agricole CIB TOTAL 1% 71, % Swedish Krona Bonds Firm Rank Mkt Share(%) Volume (SEK Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Nordea , Danske Bank , SEB , Swedbank , Svenska Handelsbanken , DNB ASA , Carnegie , ABG Sundal Collier Asa , HSBC , Pareto Securities , Arctic Securities , JP Morgan , Barclays , Goldman Sachs , Daiwa Securities , Citi , Nomura , Credit Agricole CIB , BNP Paribas Bank of America Merrill Lynch TOTAL 1% 28, % Firm Rank Mkt Share(%) Volume (CHF Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Credit Suisse , UBS , Schweizerische Kantonalbanken , Zuercher Kantonalbank , Raiffeisen Switzerland , BNP Paribas , Deutsche Bank , Basler Kantonalbank HSBC Luzerner Kantonalbank Vontobel Holding AG Aargauische Kantonalbank St Galler Kantonalbank Thurgauer Kantonalbank Commerzbank Cie Financiere Tradition SA Banque Cantonale de Fribourg Banque Cantonale Vaudoise Goldman Sachs Mediobanca TOTAL 1% 3, % Sub-Sahara Africa Currency Bonds Standard Bank of South Africa , Barclays , FirstRand Ltd Strategic African Securities Ltd Investec Nedbank Ltd Daiwa Securities RBC Capital Markets JP Morgan Goldman Sachs Industrial & Comm Bank of China Citi Sasfin Bank BNP Paribas HSBC Nordea TD Securities FBN Holdings PLC Tokai Tokyo Securities Co Ltd Bank of America Merrill Lynch TOTAL 1% 6, % Bloomberg League Table Reports Page 12

15 CEEMEA Bonds MENA Bonds & Sukuk Citi , JP Morgan , HSBC , VTB Capital , Deutsche Bank , Standard Chartered Bank , BNP Paribas , Barclays , Societe Generale , Gazprombank , Raiffeisen Bank International Group , Natixis , Goldman Sachs , UniCredit , Sberbank CIB CJSC , Bank of America Merrill Lynch , ING Groep , Standard Bank of South Africa , First Abu Dhabi Bank PJSC , Qatar National Bank , TOTAL 1% 154, % JP Morgan , Citi , HSBC , Standard Chartered Bank , BNP Paribas , Deutsche Bank , Natixis , First Abu Dhabi Bank PJSC , National Commercial Bank , NBK Capital , Barclays , Emirates NBD PJSC , Qatar National Bank , Credit Agricole CIB Dubai Islamic Bank Byblos Bank Societe Generale de Banque au Liban Societe Generale Industrial & Comm Bank of China Bank Muscat TOTAL 1% 55, % Africa Bonds Citi , JP Morgan , Natixis , Standard Bank of South Africa , BNP Paribas , Standard Chartered Bank , Barclays , Qatar National Bank , FirstRand Ltd Societe Generale Strategic African Securities Ltd Investec Nedbank Ltd Bank of America Merrill Lynch RBC Capital Markets Credit Suisse Deutsche Bank Commerzbank Goldman Sachs ING Groep TOTAL 1% 27, % Bloomberg League Table Reports Page 13

16 Spain Bonds Spain Corporates Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria , Banco Santander , HSBC , Barclays , Citi , La Caixa , Goldman Sachs , BNP Paribas , Societe Generale , Morgan Stanley , JP Morgan , Credit Agricole CIB , NatWest Markets , Credit Suisse , Bank of America Merrill Lynch , Deutsche Bank , UniCredit , Natixis , Banco Sabadell , Cajamar TOTAL 1% 76, % Spain Financials Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs , Banco Santander , HSBC , Banco Bilbao Vizcaya Argentaria , Credit Suisse , Barclays , Bank of America Merrill Lynch , Credit Agricole CIB , La Caixa , Societe Generale Cajamar Natixis UniCredit Deutsche Bank BNP Paribas Banco Sabadell JP Morgan UBS Wells Fargo Citi TOTAL 1% 25, % Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi , Morgan Stanley , Banco Bilbao Vizcaya Argentaria , Societe Generale , Banco Santander , HSBC , La Caixa , NatWest Markets Barclays BNP Paribas JP Morgan Mizuho Financial Goldman Sachs Mediobanca Deutsche Bank Credit Suisse UniCredit Banco Sabadell Intesa Sanpaolo Mitsubishi UFJ Financial Group Inc TOTAL 1% 16, % Spain Government & Agencies Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria , Banco Santander , Barclays , HSBC , Citi , La Caixa , BNP Paribas , Goldman Sachs , JP Morgan , Societe Generale , Credit Agricole CIB Morgan Stanley NatWest Markets Norbolsa Bankia CECABANK SA Nomura Beka Finance SV SA Abanca Corporacion Bancaria SA Natixis TOTAL 1% 34, % Bloomberg League Table Reports Page 14

17 Asia ex-japan Fixed Income Review Asia ex-japan G3 Currency Bonds: Quarterly Volume Deal Count Other H1 217 credited Asia ex-japan G3 Currency Bonds volume increased 79.81% to USD Bln while deal count increased 75.42% to 314 offerings year-on-year. Asia ex-japan G3 Investment Grade Bonds volume increased 41.3% year-on-year to USD 11.9 Bln while the deal count increased 3.99% to 186. Asia ex-japan G3 Corporate High Yield Bonds volume increased % year-on-year to USD 28.6 Bln over 71 deals. HSBC ranked as the top Asia ex-japan G3 Currency Bonds underwriter for H1 217 with 9.35% market share. The bank underwrote 142 deals over the period. Standard Chartered Bank and Citi ranked second and third with 6.67% and 6.38% market share, respectively. USD Bln 9 5 Q2 Q Q2 Q Q2 Q Q2 Q High Yield Investment Grade Q2 Q Q2 Q Deal Count Quarters Asia ex-japan G3 Currency Bonds: Highlights of H1 217 Issuer Industry Volume (USD Mln) Date China Evergrande Group Financials 4,68 6/21/217 State Grid Overseas Investment 216 Ltd Utilities 2,35 4/26/217 China Zheshang Bank Co Ltd Financials 2,175 3/22/217 Kaisa Group Holdings Ltd Financials 2,12 6/22/217 Perusahaan Penerbit SBSN Indonesia III Government 2, 3/22/217 CNAC HK Synbridge Co Ltd Materials 2, 5/3/217 Philippine Government International Bond Government 2, 1/18/217 China Development Bank Corp/Hong Kong Government 1,65 1/17/217 Huarong Finance 217 Co Ltd Financials 1,5 1/18/217 Radiant Access Ltd Financials 1,5 5/11/217 Asia ex-japan G3 Currency Bonds: Industry Breakdown 13% 5% 5% 7% 52% 17% Financials 52% Government 17% Utilities 7% Energy 5% Materials 5% Others 13% Asia ex-japan G3 Currency Bonds: Largest Deals by Country Issuer Volume (USD Mln) Date Country China Evergrande Group 4,68 6/21/217 China Radiant Access Ltd 1,5 5/11/217 Hong Kong Vedanta Resources PLC 1, 1/24/217 India Perusahaan Penerbit SBSN Indonesia III 2, 3/22/217 Indonesia Gohl Capital Ltd 1, 1/17/217 Malaysia Philippine Government International Bond 2, 1/18/217 Philippines DBS Bank Ltd 795 1/16/217 Singapore Korea International Bond 1, 1/12/217 South Korea Sri Lanka Government International Bond 1,5 5/4/217 Sri Lanka Bank of Taiwan 5 3/21/217 Taiwan Siam Commercial Bank PCL/Cayman Islands 4 1/23/217 Thailand Asia ex-japan G3 Currency Bonds: Manager Rankings History Market Share (%) HSBC Standard Chartered Bank Citi Bank of China JP Morgan Deutsche Bank Bloomberg League Table Reports Page 15

18 Asia ex-japan Issuer G3 Currency Bonds APAC ex-japan Issuer G3 Currency Bonds HSBC , Standard Chartered Bank , Citi , Bank of China , JP Morgan , Deutsche Bank , Credit Suisse , Morgan Stanley , UBS , Bank of America Merrill Lynch , Haitong Securities Co Ltd , DBS Group , Goldman Sachs , Industrial & Comm Bank of China , China Construction Bank , BNP Paribas , Bank of Communications , China Citic Bank , ANZ Banking Group , Credit Agricole CIB , TOTAL 1% 161, % Asia ex-japan G3 Investment Grade Bonds HSBC , Standard Chartered Bank , Citi , Bank of China , JP Morgan , Deutsche Bank , Morgan Stanley , Bank of America Merrill Lynch , UBS , Industrial & Comm Bank of China , Goldman Sachs , China Construction Bank , Bank of Communications , BNP Paribas , Mizuho Financial , Credit Agricole CIB , ANZ Banking Group , DBS Group , Mitsubishi UFJ Financial Group Inc , Credit Suisse , TOTAL 1% 11, % HSBC , Citi , JP Morgan , Standard Chartered Bank , Morgan Stanley , Bank of America Merrill Lynch , Bank of China , Deutsche Bank , Credit Suisse , UBS , Goldman Sachs , BNP Paribas , Haitong Securities Co Ltd , ANZ Banking Group , DBS Group , Industrial & Comm Bank of China , China Construction Bank , Bank of Communications , Mizuho Financial , Barclays , TOTAL 1% 24, % Asia ex-japan G3 Corporate High Yield Bonds Haitong Securities Co Ltd , Credit Suisse , China Citic Bank , HSBC , JP Morgan , Morgan Stanley , Citi , Deutsche Bank , China Merchants Securities , Standard Chartered Bank , Barclays Guotai Junan Securities Co Ltd UBS Goldman Sachs DBS Group Bank of America Merrill Lynch AMTD Asset Management Ltd Bank of China BNP Paribas ANZ Banking Group TOTAL 1% 28, % Bloomberg League Table Reports Page 16