GLOBAL FIXED INCOME LEAGUE TABLES Q1 2018
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1 GLOBAL FIXED INCOME LEAGUE TABLES Q1 218
2 Q1 218 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 North America EMEA Asia-Pacific Contact Phone Dean Psomaras newissues@bloomberg.net Dimitris Gogos emeacapmkts@bloomberg.net Jennifer Passos nimap@bloomberg.net 218 Bloomberg Finance L.P. All rights reserved.
3 Global Fixed Income Review Q1 218 credited Corporate & Financial Bonds volume decreased 4.4% to USD 1.2 Trln while deal count decreased 4.83% to 3,982 offerings year-on-year. Corporate Bonds volume decreased 8.37% year-on-year to USD Bln while the deal count decreased 3.% to 1,522. Financial Bonds volume decreased.67% year-on-year to USD 64.2 Bln over 2,434 deals. Bank of America Merrill Lynch ranked as the top Corporate & Financial Bonds underwriter for Q1 218 with 5.42% market share. The bank underwrote 356 deals over the period. JP Morgan and Citi ranked second and third with 5.33% and 4.69% market share, respectively. Corporate & Financial Bonds: Highlights of Q1 218 Global Corporate Leveraged Finance: Quarterly Volume USD Bln Q1 Q Q1 Q Q1 Q Quarters Corporate High Yield Bonds Global Sponsor-Led Loans Q1 Q Q1 Q Q1 Q Top Underwriter Bank of America Merrill Lynch Number of deals 356 Volume (USD Mln) 62,721 Avg Deal size (USD Mln) Market Summary Number of deals 3,982 Volume (USD Mln) 1,157,264 Avg Deal size (USD Mln) 29.6 Issuer Industry Volume (USD Mln) Date CVS Health Corp Health Care 9, 3/6/218 CVS Health Corp Health Care 8, 3/6/218 CVS Health Corp Health Care 6, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 BF Argentina SA Financials 3,431 1/24/218 CVS Health Corp Health Care 3, 3/6/218 Morgan Stanley Financials 3, 1/18/218 Bank of America Corp Financials 2,5 2/28/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Corporate & Financial Bonds: Industry Breakdown 18% 5% 6% 56% 7% 8% Financials 56% Industrials 8% Consumer Discretionary 7% Health Care 6% Energy 5% Others 18% Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield Investment Grade 1,4 1,2 6,5 6, Corporate & Financial Bonds: Spread to Benchmark USD Bln 1, , 4, 3, 2, 1, Deal Count Basis points High Yield Investment Grade Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Bloomberg League Table Reports Page 1
4 Corporate Bonds Financial Bonds JP Morgan , Bank of America Merrill Lynch , Barclays , Goldman Sachs , Citi , Wells Fargo , Deutsche Bank , Morgan Stanley , BNP Paribas , HSBC , Mizuho Financial , Credit Suisse , RBC Capital Markets , Mitsubishi UFJ Financial Group Inc , Societe Generale , Sumitomo Mitsui Financial , Credit Agricole CIB , UniCredit , Banco Santander , Toronto Dominion Bank , TOTAL 1% 511,292 1,522 1% Syndicated Government Bonds Citi , Barclays , JP Morgan , HSBC , Bank of America Merrill Lynch , Deutsche Bank , Toronto Dominion Bank , Goldman Sachs , Nomura , BNP Paribas , NatWest Markets , RBC Capital Markets , Societe Generale , Credit Agricole CIB , UniCredit , Morgan Stanley , BMO Capital Markets , Commerzbank , Wells Fargo , Banco Bilbao Vizcaya Argentaria , TOTAL 1% 58,61 1,793 1% Bank of America Merrill Lynch , Citi , HSBC , Goldman Sachs , Morgan Stanley , Deutsche Bank , JP Morgan , Barclays , UBS , BNP Paribas , Credit Suisse , Credit Agricole CIB , Natixis , Societe Generale , Wells Fargo , NatWest Markets , UniCredit , Landesbank Hessen-Thuringen Girozentrale , CITIC Securities Co Ltd , RBC Capital Markets , TOTAL 1% 64,213 2,434 1% International Bonds JP Morgan , Citi , Barclays , HSBC , Bank of America Merrill Lynch , Goldman Sachs , Deutsche Bank , BNP Paribas , Morgan Stanley , Societe Generale , Credit Agricole CIB , Credit Suisse , UniCredit , NatWest Markets , RBC Capital Markets , Wells Fargo , UBS , Toronto Dominion Bank , Natixis , Banco Santander , TOTAL 1% 1,225,515 2,852 1% Bloomberg League Table Reports Page 2
5 Global Bonds Corporate High Yield Bonds Bank of America Merrill Lynch , Citi , JP Morgan , Goldman Sachs , Barclays , Morgan Stanley , HSBC , Wells Fargo , Deutsche Bank , Toronto Dominion Bank , RBC Capital Markets , BNP Paribas , Credit Suisse , Mizuho Financial , BMO Capital Markets , Nomura , Mitsubishi UFJ Financial Group Inc , Sumitomo Mitsui Financial , Societe Generale , US Bancorp , TOTAL 1% 34, % Global Green Bonds - Corporate & Government BNP Paribas , JP Morgan , ING Groep , Credit Agricole CIB , Barclays , SEB , HSBC , Deutsche Bank UniCredit Swedbank Bank of America Merrill Lynch Natixis RBC Capital Markets Toronto Dominion Bank Danske Bank Citi Morgan Stanley Societe Generale Mitsubishi UFJ Financial Group Inc Commerzbank TOTAL 1% 25, % JP Morgan , Credit Suisse , Morgan Stanley , Bank of America Merrill Lynch , Deutsche Bank , Barclays , Citi , Goldman Sachs , Wells Fargo , BNP Paribas , HSBC , RBC Capital Markets , UBS , Societe Generale , Mizuho Financial , ING Groep , Credit Agricole CIB , Mitsubishi UFJ Financial Group Inc , UniCredit , Natixis , TOTAL 1% 125, % Global Sukuk CIMB , RHB , HSBC , Citi , Dubai Islamic Bank , Standard Chartered Bank , AmInvestment Bank Bhd Maybank Abu Dhabi Islamic Bank Sharjah Islamic Bank Gulf International Bank BSC JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC Affin Hwang Capital BNP Paribas Kenanga Investment Bank Bhd Kuwait Finance House National Bank of Bahrain BSC Bank ABC TOTAL 1% 15, % Bloomberg League Table Reports Page 3
6 International Sukuk HSBC , Citi , Dubai Islamic Bank , Standard Chartered Bank , CIMB Abu Dhabi Islamic Bank Sharjah Islamic Bank Gulf International Bank BSC JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC BNP Paribas Kuwait Finance House National Bank of Bahrain BSC Bank ABC Noor Bank Sumitomo Mitsui Financial Natixis National Commercial Bank Alkhair International Islamic Bank Bhd TOTAL 1% 9, % Bloomberg League Table Reports Page 4
7 US Fixed Income Review Q1 218 credited US Corporate Bonds volume decreased 15.65% to USD Bln while deal count decreased 11.98% to 698 offerings year-on-year. US Investment Grade Corporate Bonds volume decreased 13.87% year-on-year to USD Bln while the deal count decreased 14.84% to 55. US High Yield Corporate Bonds volume decreased 29.1% year-on-year to USD 65. Bln over 12 deals. Bank of America Merrill Lynch ranked as the top US Corporate Bonds underwriter for Q1 218 with 11.4% market share. The bank underwrote 268 deals over the period. JP Morgan and Citi ranked second and third with 1.96% and 8.75% market share, respectively. US Corporate Bonds: Highlights of Q1 218 USD Bln US Leveraged Finance: Quarterly Volume Q1 Q Q1 Q Q1 Q Quarters US Leveraged Loans US High Yield Corporate Bonds Q1 Q Q1 Q Q1 Q Top Underwriter Bank of America Merrill Lynch Number of deals 268 Volume (USD Mln) 49,582 Avg Deal size (USD Mln) Market Summary 185. Number of deals 698 Volume (USD Mln) 435,99 Avg Deal size (USD Mln) US Domestic Bonds: Quarterly Volume Issuer Industry Volume (USD Mln) Date CVS Health Corp Health Care 9, 3/6/218 CVS Health Corp Health Care 8, 3/6/218 CVS Health Corp Health Care 6, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 CVS Health Corp Health Care 3, 3/6/218 Morgan Stanley Financials 3, 1/18/218 Bank of America Corp Financials 2,5 2/28/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 US Corporate Bonds: Industry Breakdown 6% 5% 5% 6% 41% 6% 7% 1% 13% Financials 41% Health Care 13% Energy 1% Consumer Discretionary 7% Communications 6% Consumer Staples 6% Industrials 5% Utilities 5% Others 6% Deal Count Other High Yield Investment Grade 8 2, US Domestic Bonds: Spread to Benchmark 6 1,5 High Yield Investment Grade USD Bln 4 2 1, 5 Deal Count Basis points Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Bloomberg League Table Reports Page 5
8 US Domestic Bonds US Agency Bonds Bank of America Merrill Lynch , Citi , JP Morgan , Barclays , Goldman Sachs , Morgan Stanley , Wells Fargo , Deutsche Bank , HSBC , Credit Suisse , BNP Paribas , RBC Capital Markets , Toronto Dominion Bank , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , Nomura , Sumitomo Mitsui Financial , BMO Capital Markets , US Bancorp , Societe Generale , TOTAL 1% 621,628 1,368 1% US Corporate Bonds Bank of America Merrill Lynch , JP Morgan , Citi , Goldman Sachs , Morgan Stanley , Barclays , Wells Fargo , Deutsche Bank , Credit Suisse , BNP Paribas , HSBC , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , RBC Capital Markets , Sumitomo Mitsui Financial , US Bancorp , UBS , Toronto Dominion Bank , Societe Generale , Credit Agricole CIB , TOTAL 1% 435, % Wells Fargo , Barclays , Nomura , Citi , Toronto Dominion Bank , Bank of America Merrill Lynch , Jefferies , HSBC , FTN Financial , Morgan Stanley , Mizuho Financial , Daiwa Securities , JP Morgan , Deutsche Bank , Loop Capital Markets LLC , Raymond James & Associates , INTL FCStone Inc , Incapital , Bank of New York Mellon , Vining Sparks TOTAL 1% 7,934 1,68 1% US Dollar Foreign Issuer Bonds Citi , HSBC , Bank of America Merrill Lynch , JP Morgan , Deutsche Bank , Barclays , Goldman Sachs , BNP Paribas , Morgan Stanley , Standard Chartered Bank , Credit Suisse , RBC Capital Markets , Toronto Dominion Bank , BMO Capital Markets , Nomura , Sumitomo Mitsui Financial , Credit Agricole CIB , UBS , Mizuho Financial , VTB Capital , TOTAL 1% 385, % Bloomberg League Table Reports Page 6
9 US Investment Grade Corporate Bonds US High Yield Corporate Bonds Bank of America Merrill Lynch , JP Morgan , Goldman Sachs , Citi , Morgan Stanley , Barclays , Wells Fargo , Deutsche Bank , HSBC , BNP Paribas , Credit Suisse , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , Sumitomo Mitsui Financial , RBC Capital Markets , US Bancorp , Toronto Dominion Bank , UBS , Societe Generale , Credit Agricole CIB , TOTAL 1% 355, % JP Morgan , Credit Suisse , Barclays , Bank of America Merrill Lynch , Wells Fargo , Citi , Deutsche Bank , Goldman Sachs , Morgan Stanley , RBC Capital Markets , BNP Paribas , Societe Generale , BMO Capital Markets , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , HSBC ING Groep Credit Agricole CIB Toronto Dominion Bank Sumitomo Mitsui Financial TOTAL 1% 64, % US Dollar Preferreds Morgan Stanley Bank of America Merrill Lynch UBS Wells Fargo Stifel RBC Capital Markets JP Morgan Citi B Riley & Co Sandler O'Neill & Partners Raymond James & Associates Janney Montgomery Scott LLC BMO Capital Markets Ladenburg Thalmann & Co Credit Suisse Oppenheimer & Co Boenning & Scattergood Inc DA Davidson BB&T William Blair & Co LLC TOTAL 1% 2, % Bloomberg League Table Reports Page 7
10 Canada Fixed Income Review Q1 218 credited Canada Corporate Bonds volume increased 28.25% to CAD 32.1 Bln while deal count increased 2.% to 66 offerings year-on-year. Canada Corporate Bonds - Bonus volume increased 28.25% year-on-year to CAD 32.1 Bln while the deal count increased 2.% to 66. Canada Government Bonds volume decreased 2.68% year-on-year to CAD 2.7 Bln over 77 deals. BMO Capital Markets ranked as the top Canada Corporate Bonds underwriter for Q1 218 with 22.39% market share. The bank underwrote 28 deals over the period. Toronto Dominion Bank and Scotiabank ranked second and third with 19.49% and 16.78% market share, respectively. USD Bln Canada Corporate Bonds: Quarterly Volume Q1 Q Q1 Q Q1 Q Q1 Q Deal Count Q1 Q Amount Q1 Q Deal Count Quarters Canada Corporate Bonds Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BMO Capital Markets , Toronto Dominion Bank , Scotiabank , CIBC , RBC Capital Markets , National Bank Financial Inc , HSBC Laurentian Bank of Canada Morgan Stanley Bank of America Merrill Lynch TOTAL 1% 32,7 66 1% 6% 11% Canada Corporate Bonds: Industry Breakdown 15% 68% Financials 68% Consumer Discretionary 11% Industrials 6% Others 15% 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(%) Toronto Dominion Bank , National Bank Financial Inc , BMO Capital Markets , RBC Capital Markets , Scotiabank , CIBC , HSBC Bank of America Merrill Lynch Desjardins Capital Markets Casgrain & Co TOTAL 1% 2, % Market Share (%) BMO Capital Markets Toronto Dominion Bank Scotiabank CIBC RBC Capital Markets National Bank Financial Inc Bloomberg League Table Reports Page 8
11 Latin America Fixed Income Review 8 Latin American Bonds: Quarterly Volume Deal Count Amount 6 Q1 218 credited Latin American Bonds volume increased 6.3% to USD 53.9 Bln while deal count decreased 7.95% to 139 offerings year-on-year. Latin American Local Currency Bonds volume increased 7.5% year-on-year to USD 17.7 Bln while the deal count decreased 4.2% to 191. Brazilian Domestic Bonds volume increased % year-on-year to BRL 23.2 Bln over 53 deals. Citi ranked as the top Latin American Bonds underwriter for Q1 218 with 17.62% market share. The bank underwrote 34 deals over the period. HSBC and JP Morgan ranked second and third with 11.45% and 1.35% market share, respectively. USD Bln Deal Count Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Latin American Bonds Citi , HSBC , JP Morgan , Deutsche Bank , Banco Itau BBA , Bank of America Merrill Lynch , Banco Santander , Banco Bilbao Vizcaya Argentaria , Banco do Brasil SA , Bradesco BBI SA , TOTAL 1% 53, % 8% 7% 12% Latin American Bonds: Industry Breakdown 14% 41% 18% Government 41% Financials 18% Energy 12% Consumer Staples 8% Utilities 7% Others 14% Latin American Local Currency Bonds Latin American Bonds: Manager Rankings History JP Morgan , Banco Itau BBA , Banco Santander , Banco do Brasil SA , Citi , Banco Bilbao Vizcaya Argentaria , HSBC , Bradesco BBI SA Toronto Dominion Bank Brasil Plural TOTAL 1% 17, % Market Share (%) 1 Citi HSBC JP Morgan Deutsche Bank Banco Itau BBA Bank of America Merrill Lynch Bloomberg League Table Reports Page 9
12 EMEA Fixed Income Review Q1 218 credited European Corporate & Financial Bonds volume decreased 14.3% to EUR Bln while deal count decreased 12.8% to 1,449 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume decreased 37.1% year-on-year to EUR 71.2 Bln while the deal count decreased 35.11% to 146. $TABLE3 volume $VOLUME_CHANGE_DIR3 $VOLUME_CHANGE_PERC3 year-on-year to $VOLUME_CURRENT3 over $DEAL_COUNT_CURRENT3 deals. Deutsche Bank ranked as the top European Corporate & Financial Bonds underwriter for Q1 218 with 6.18% market share. The bank underwrote 131 deals over the period. HSBC and Barclays ranked second and third with 5.53% and 5.48% market share, respectively. European Corporate & Financial Bonds: Highlights of Q1 218 Top Underwriter Deutsche Bank Number of deals 131 Volume (EUR Mln) 21,432 Avg Deal size (EUR Mln) Market Summary Number of deals 1,449 Volume (EUR Mln) 346,825 Avg Deal size (EUR Mln) Issuer Industry Volume (EUR Mln) Date Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Sanofi Health Care 2,475 3/14/218 AXA SA Financials 2,456 3/21/218 UBS AG/London Financials 2,415 1/4/218 ABN AMRO Bank NV Financials 2,45 1/3/218 Anheuser-Busch InBev SA/NV Consumer Staples 2,384 1/9/218 Dexia Credit Local SA Financials 2,384 1/9/218 HSBC Holdings PLC Financials 2,25 3/19/218 Sanofi Health Care 2,166 3/14/218 European Corporate & Financial Bonds: Industry Breakdown 19% 7% 8% 66% Financials 66% Consumer Discretionary 8% Consumer Staples 7% Others 19% European Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield 5 Investment Grade 2, 4 1,5 European Corporate & Financial Bonds: Spread to Benchmark EUR Bln 3 2 1, Deal Count 7 6 High Yield Investment Grade 1 Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Basis points 4 2 Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Bloomberg League Table Reports Page 1
13 European Bonds Western European Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , HSBC , BNP Paribas , JP Morgan , Deutsche Bank , Citi , Societe Generale , Goldman Sachs , Credit Agricole CIB , NatWest Markets , UniCredit , Bank of America Merrill Lynch , UBS , Natixis , Banco Santander , Credit Suisse , ING Groep , Morgan Stanley , Danske Bank , RBC Capital Markets , TOTAL 1% 528,765 1,98 1% Eastern European Bonds VTB Capital , Gazprombank , Sberbank CIB CJSC , Citi , JP Morgan , Deutsche Bank , UniCredit , Societe Generale , UBS Barclays ING Groep HSBC Erste Group Bank Raiffeisen Bank International Group PKO Bank Polski SA Alfa Bank Goldman Sachs Renaissance Capital Pty Ltd Commerzbank REGION Investment Co TOTAL 1% 27, % Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , HSBC , BNP Paribas , JP Morgan , Deutsche Bank , Citi , Societe Generale , Goldman Sachs , Credit Agricole CIB , NatWest Markets , Bank of America Merrill Lynch , UBS , UniCredit , Natixis , Banco Santander , Intesa Sanpaolo , Credit Suisse , ING Groep , Danske Bank , Morgan Stanley , TOTAL 1% 515,569 1,834 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(%) Credit Suisse , BNP Paribas Goldman Sachs JP Morgan Deutsche Bank Barclays HSBC ING Groep Credit Agricole CIB Natixis Morgan Stanley Citi DNB ASA Danske Bank Nordea UniCredit Lloyds Bank Societe Generale NatWest Markets BrokerCreditService Cyprus Ltd TOTAL 1% 15, % Bloomberg League Table Reports Page 11
14 EMEA Corporate Investment Grade Bonds (inc EM) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BNP Paribas , Goldman Sachs , Societe Generale , UniCredit , HSBC , Credit Agricole CIB , JP Morgan , Barclays , Deutsche Bank , ING Groep , Mitsubishi UFJ Financial Group Inc , Banco Santander , Citi , RBC Capital Markets , NatWest Markets , Bank of America Merrill Lynch , Natixis , Gazprombank , Morgan Stanley , Mizuho Financial , TOTAL 1% 71, % Euro Currency Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , BNP Paribas , HSBC , Deutsche Bank , Societe Generale , UniCredit , JP Morgan , Credit Agricole CIB , Goldman Sachs , Citi , NatWest Markets , Natixis , Commerzbank , Banco Santander , Bank of America Merrill Lynch , ING Groep , UBS , Landesbank Baden-Wuerttemberg , Morgan Stanley , Landesbank Hessen-Thuringen Girozentrale , TOTAL 1% 49,343 1,62 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(%) Credit Suisse , BNP Paribas , JP Morgan , HSBC , Citi , Goldman Sachs , Barclays , Morgan Stanley Deutsche Bank ING Groep Societe Generale UniCredit UBS NatWest Markets Natixis Mizuho Financial Credit Agricole CIB Bank of America Merrill Lynch RBC Capital Markets DNB ASA TOTAL 1% 27, % Euro & Sterling Corporate & Financial Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Deutsche Bank , BNP Paribas , HSBC , Barclays , Societe Generale , UBS , Goldman Sachs , UniCredit , Credit Agricole CIB , Natixis , Intesa Sanpaolo , NatWest Markets , JP Morgan , Citi , Banco Santander , Landesbank Hessen-Thuringen Girozentrale , ING Groep , Bank of America Merrill Lynch , Credit Suisse , Morgan Stanley , TOTAL 1% 285, % Bloomberg League Table Reports Page 12
15 Sterling Bonds Swiss Franc Bonds Firm Rank Mkt Share(%) Volume (GBP Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC , NatWest Markets , Barclays , RBC Capital Markets , Lloyds Bank , Nomura , JP Morgan , Bank of America Merrill Lynch , Toronto Dominion Bank , Banco Santander , FMS Wertmanagement , Deutsche Bank , UBS , Credit Suisse , Citi Goldman Sachs BNP Paribas Scotiabank Mitsubishi UFJ Financial Group Inc Societe Generale TOTAL 1% 37, % Swedish Krona Bonds Firm Rank Mkt Share(%) Volume (SEK Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Danske Bank , Nordea , SEB , Swedbank , Svenska Handelsbanken , DNB ASA , Toronto Dominion Bank , JP Morgan , Credit Agricole CIB HSBC ABG Sundal Collier Asa Deutsche Bank BNP Paribas Citi Nomura Daiwa Securities Goldman Sachs Bank of America Merrill Lynch JOOL Markets AS ING Groep TOTAL 1% 12, % 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 , Deutsche Bank BNP Paribas Basellandchafliche Kantonalbank Luzerner Kantonalbank Basler Kantonalbank Commerzbank Thurgauer Kantonalbank Aargauische Kantonalbank Banque Cantonale de Fribourg Graubundner Kantonalbank VTB Capital Gazprombank Renaissance Capital Pty Ltd HSBC Berner Kantonalbank TOTAL 1% 17, % Sub-Sahara Africa Currency Bonds Standard Bank of South Africa Nedbank Ltd FirstRand Ltd Barclays Fidelity Bank Ltd Databank Financial Services Ltd IC Securities Ghana Ltd Investec Barclays Africa Group Ltd Toronto Dominion Bank Societe Generale Goldman Sachs JP Morgan BNP Paribas Credit Agricole CIB Daiwa Securities Mitsubishi UFJ Financial Group Inc SBG Securities Ghana Ltd TOTAL 1% 2, % Bloomberg League Table Reports Page 13
16 CEEMEA Bonds MENA Bonds & Sukuk Citi , Standard Chartered Bank , VTB Capital , HSBC , JP Morgan , Deutsche Bank , Bank of America Merrill Lynch , Societe Generale , BNP Paribas , Gazprombank , Sumitomo Mitsui Financial , Sberbank CIB CJSC , Barclays , First Abu Dhabi Bank PJSC , Morgan Stanley , Credit Suisse , UniCredit , Standard Bank of South Africa , Goldman Sachs , ING Groep , TOTAL 1% 86,5 26 1% Standard Chartered Bank , HSBC , Bank of America Merrill Lynch , JP Morgan , Citi , First Abu Dhabi Bank PJSC , Sumitomo Mitsui Financial , Morgan Stanley ANZ Banking Group SinoPac Financial Holdings Co Ltd Credit Suisse Dubai Islamic Bank BNP Paribas Sharjah Islamic Bank Credit Agricole CIB Nomura Mizuho Financial Kuwait Finance House Emirates NBD PJSC Gulf International Bank BSC TOTAL 1% 26, % Africa Bonds Citi , Standard Chartered Bank , JP Morgan , Standard Bank of South Africa , BNP Paribas , Societe Generale , Deutsche Bank Morgan Stanley HSBC First Abu Dhabi Bank PJSC Natixis FirstRand Ltd Nedbank Ltd Credit Agricole CIB ING Groep Barclays Africa Group Ltd Credit Suisse Barclays IC Securities Ghana Ltd Fidelity Bank Ltd TOTAL 1% 18, % Bloomberg League Table Reports Page 14
17 Spain Bonds Spain Corporates Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Santander , Banco Bilbao Vizcaya Argentaria , Barclays , HSBC , Citi , NatWest Markets , Societe Generale , La Caixa , BNP Paribas , UBS Natixis Deutsche Bank UniCredit Goldman Sachs Bank of America Merrill Lynch ING Groep Morgan Stanley Credit Suisse Commerzbank Mizuho Financial TOTAL 1% 38, % Spain Financials Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Santander , UBS Barclays Natixis La Caixa Morgan Stanley Societe Generale HSBC UniCredit BNP Paribas Deutsche Bank Citi Goldman Sachs Banco Bilbao Vizcaya Argentaria Credit Suisse Commerzbank Bank of America Merrill Lynch Mediobanca Nomura ING Groep TOTAL 1% 11, % Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi BNP Paribas Barclays Banco Bilbao Vizcaya Argentaria HSBC La Caixa Mizuho Financial Bank of America Merrill Lynch Intesa Sanpaolo Deutsche Bank Goldman Sachs NatWest Markets Mitsubishi UFJ Financial Group Inc Sumitomo Mitsui Financial UniCredit Societe Generale Banco Santander Lloyds Bank Credit Agricole CIB ING Groep TOTAL 1% 8, % Spain Government & Agencies Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria , HSBC , Banco Santander , Citi , Barclays , NatWest Markets , Societe Generale , ING Groep Banco Cooperativo Natixis TOTAL 1% 19, % Bloomberg League Table Reports Page 15
18 Asia ex-japan Fixed Income Review Asia ex-japan G3 Currency Bonds: Quarterly Volume Deal Count Other Q1 218 credited Asia ex-japan G3 Currency Bonds volume decreased 1.5% to USD 74.8 Bln while deal count increased 1.76% to 175 offerings year-on-year. Asia ex-japan G3 Investment Grade Bonds volume decreased 4.38% year-on-year to USD 54.5 Bln while the deal count increased 17.58% to 17. Asia ex-japan G3 Corporate High Yield Bonds volume decreased 14.76% year-on-year to USD 11.6 Bln over 42 deals. HSBC ranked as the top Asia ex-japan G3 Currency Bonds underwriter for Q1 218 with 7.6% market share. The bank underwrote 68 deals over the period. Bank of China and Citi ranked second and third with 5.81% and 5.28% market share, respectively. USD Bln 1 5 Q1 Q Q1 Q Q1 Q Q1 Q High Yield Investment Grade Q1 Q Q1 Q Deal Count Quarters Asia ex-japan G3 Currency Bonds: Highlights of Q1 218 Issuer Industry Volume (USD Mln) Date Tencent Holdings Ltd Technology 2,5 1/11/218 Philippine Government International Bond Government 2, 1/18/218 CNAC HK Finbridge Co Ltd Materials 1,75 3/7/218 Perusahaan Penerbit SBSN Indonesia III Government 1,75 2/22/218 CNAC HK Finbridge Co Ltd Materials 1,488 3/7/218 CNAC HK Finbridge Co Ltd Materials 1,3 3/7/218 Perusahaan Penerbit SBSN Indonesia III Government 1,25 2/22/218 China Cinda Finance 217 I Ltd Financials 1,2 2/1/218 Bank of China Ltd/Hong Kong Financials 1, 3/1/218 Bank of China Ltd/Hong Kong Financials 1, 3/1/218 Asia ex-japan G3 Currency Bonds: Industry Breakdown 16% 11% 49% 12% 13% Financials 49% Technology 13% Materials 12% Government 11% Others 16% Asia ex-japan G3 Currency Bonds: Largest Deals by Country Issuer Volume (USD Mln) Date Country Tencent Holdings Ltd 2,5 1/11/218 China China Cinda Finance 217 I Ltd 1,2 2/1/218 Hong Kong Export-Import Bank of India 1, 1/25/218 India Perusahaan Penerbit SBSN Indonesia III 1,75 2/22/218 Indonesia Malayan Banking Bhd 15 3/8/218 Malaysia Philippine Government International Bond 2, 1/18/218 Philippines Puma International Financing SA 75 1/9/218 Singapore Korea Development Bank/The 5 3/5/218 South Korea Mega International Commercial Bank Co Ltd 33 2/8/218 Taiwan Kasikornbank PCL/Hong Kong 4 1/9/218 Thailand Asia ex-japan G3 Currency Bonds: Manager Rankings History Market Share (%) HSBC Bank of China Citi Standard Chartered Bank BNP Paribas Credit Suisse Bloomberg League Table Reports Page 16
19 Asia ex-japan Issuer G3 Currency Bonds APAC ex-japan Issuer G3 Currency Bonds HSBC , Bank of China , Citi , Standard Chartered Bank , BNP Paribas , Credit Suisse , Bank of America Merrill Lynch , Morgan Stanley , Deutsche Bank , UBS , Mitsubishi UFJ Financial Group Inc , China Citic Bank , JP Morgan , Barclays , Industrial & Comm Bank of China , Goldman Sachs , Credit Agricole CIB , Bank of Communications , Haitong Securities Co Ltd , DBS Group , TOTAL 1% 74, % Asia ex-japan G3 Investment Grade Bonds HSBC , Citi , Bank of China , BNP Paribas , Standard Chartered Bank , Bank of America Merrill Lynch , Deutsche Bank , JP Morgan , Mitsubishi UFJ Financial Group Inc , Morgan Stanley , Industrial & Comm Bank of China , Barclays , Credit Agricole CIB , Bank of Communications , Goldman Sachs , Credit Suisse , UBS , Mizuho Financial , China Citic Bank , Societe Generale TOTAL 1% 54, % HSBC , Citi , Goldman Sachs , Bank of China , Credit Suisse , BNP Paribas , JP Morgan , Bank of America Merrill Lynch , Morgan Stanley , Standard Chartered Bank , Deutsche Bank , UBS , Barclays , Mitsubishi UFJ Financial Group Inc , China Citic Bank , Commonwealth Bank Australia , ANZ Banking Group , Industrial & Comm Bank of China , Credit Agricole CIB , Westpac Banking , TOTAL 1% 96, % Asia ex-japan G3 Corporate High Yield Bonds Haitong Securities Co Ltd Morgan Stanley Guotai Junan Securities Bank of China UBS China Citic Bank Credit Suisse HSBC Bank of America Merrill Lynch VTB Capital CITIC Securities Co Ltd Deutsche Bank Standard Chartered Bank Orient Securities Co Ltd Citi DBS Group BNP Paribas Mandiri Sekuritas PT ING Groep Societe Generale TOTAL 1% 11, % Bloomberg League Table Reports Page 17
GLOBAL FIXED INCOME LEAGUE TABLES. Q Preliminary As of 26 March 2018
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