GLOBAL EQUITY CAPITAL MARKET

Transcription

1 GLOBAL EQUITY CAPITAL MARKET LEAGUE TABLES FY 216

2 FY 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 Irina Arefyeva calendar@bloomberg.net EMEA Karan Aswani calendar@bloomberg.net Asia Pacific Ee Wen Tay calendar@bloomberg.net 216 Bloomberg Finance L.P. All rights reserved.

3 Global Equity Review FY 216 credited Global Equity, Equity Linked & Rights volume decreased 29.33% to USD 554. Bln while deal count decreased 9.56% to 3,88 offerings year-on-year. Global Equity IPO volume decreased 3.24% year-on-year to USD Bln while the deal count decreased 14.65% to 1,113. Global Equity Linked volume decreased 8.53% year-on-year to USD 78.5 Bln over 297 deals. JP Morgan ranked as the top Global Equity, Equity Linked & Rights underwriter for FY 216 with 9.78% market share. The bank underwrote 332 deals over the period. Morgan Stanley and Goldman Sachs ranked second and third with 8.13% and 7.98% market share, respectively. Global Equity, Equity Linked & Rights: Highlights of FY 216 Top Underwriter JP Morgan Number of deals 332 Volume (USD Mln) 54,166 Avg Deal size (USD Mln) Market Summary Number of deals 3,88 Volume (USD Mln) 553,999 Avg Deal size (USD Mln) Issuer Industry Volume (USD Mln) Date Postal Savings Bank of China Co Ltd Financials 7,626 9/21/216 Mandatory Exchangeable Trust Financials 6,6 6/2/216 Innogy SE Energy 5,18 1/6/216 Bayer Capital Corp BV Health Care 4,278 11/16/216 Kyushu Railway Co Consumer Discretionary 4,3 1/17/216 Saipem SpA Energy 3,965 2/11/216 Air Liquide SA Materials 3,634 1/11/216 TransCanada Corp Energy 3,399 3/17/216 ArcelorMittal Materials 3,143 3/3/216 DISH Network Corp Communications 3, 8/3/216 Global Equity, Equity Linked & Rights: Quarterly Volume Deal Count Rights Equity-Linked IPO Global Equity, Equity Linked & Rights: Industry Breakdown 5% 5% 6% 29% 7% 8% 8% 14% 9% 1% Financials 29% Energy 14% Consumer Discretionary 1% Health Care 9% Industrials 8% Materials 8% Technology 7% Communications 6% Utilities 5% Others 5% Global Equity, Equity Linked & Rights: Industry Breakdown Industry Volume (USD Mln) % Of Total % YOY Change Financials 178, % -42.7% Energy 9, % 41.5% Consumer Discretionary 6, % -37.8% Health Care 55,73 8.9% -39.8% Industrials 5, % -28.1% Materials 48, % 21.% Technology 45, % -24.6% Communications 34, % -42.4% Utilities 31, % -6.8% Consumer Staples 3, % 13.1% Add'l ,5 Global Equity, Equity Linked & Rights: Offering Breakdown USD Bln , 5 Deal Count Offering Type Volume (USD Mln) % Of Total % YOY Change Additional Offerings 37, % -3.9% IPO 137, % -3.6% Equity-Linked 14, % -9.7% Rights Offerings 73, % -18.% 5 Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Bloomberg League Table Reports Page 1

4 Global Equity, Equity Linked & Rights Global Equity & Equity Linked JP Morgan , Morgan Stanley , Goldman Sachs , Bank of America Merrill Lynch , Credit Suisse , Citi , Deutsche Bank , UBS , Barclays , RBC Capital Markets , Wells Fargo , Nomura , TD Securities , BMO Capital Markets , BNP Paribas , Jefferies , HSBC , Mizuho Financial , Sumitomo Mitsui Financial , CIBC , TOTAL 1% 553,998 3,88 1% Global Equity Offerings JP Morgan , Morgan Stanley , Goldman Sachs , Bank of America Merrill Lynch , Credit Suisse , Citi , UBS , Barclays , Deutsche Bank , RBC Capital Markets , Wells Fargo , TD Securities , BMO Capital Markets , Nomura , Jefferies , Sumitomo Mitsui Financial , Mizuho Financial , CIBC , Nordea , Macquarie , TOTAL 1% 435,4 3,338 1% JP Morgan , Morgan Stanley , Goldman Sachs , Bank of America Merrill Lynch , Credit Suisse , Citi , Deutsche Bank , UBS , Barclays , RBC Capital Markets , Wells Fargo , Nomura , TD Securities , BMO Capital Markets , Jefferies , BNP Paribas , Mizuho Financial , HSBC , Sumitomo Mitsui Financial , CIBC , TOTAL 1% 513,526 3,635 1% Global Equity IPO JP Morgan , Morgan Stanley , Goldman Sachs , Citi , Deutsche Bank , Credit Suisse , Bank of America Merrill Lynch , UBS , Nomura , CITIC Securities Co Ltd , China Securities Co Ltd , China International Capital Corp , Barclays , Huatai Securities Co Ltd , China Merchants Securities , Bank of China , Sumitomo Mitsui Financial , Haitong Securities Co Ltd , BNP Paribas , Guotai Junan Securities Co Ltd , TOTAL 1% 134,62 1,113 1% Bloomberg League Table Reports Page 2

5 Global Equity Linked JP Morgan , Goldman Sachs , Deutsche Bank , Morgan Stanley , Bank of America Merrill Lynch , Citi , BNP Paribas , Nomura , Credit Suisse , HSBC , UBS , Credit Agricole CIB , China International Capital Corp , Mizuho Financial , Barclays , Wells Fargo Societe Generale RBC Capital Markets CITIC Securities Co Ltd Jefferies TOTAL 1% 64, % Bloomberg League Table Reports Page 3

6 US Equity Review FY 216 credited US Equity & Equity Linked volume decreased 21.49% to USD Bln while deal count decreased 15.2% to 741 offerings year-on-year. US Equity IPO volume decreased 42.19% year-on-year to USD 19.3 Bln while the deal count decreased 37.35% to 14. US Equity Linked volume decreased 22.23% year-on-year to USD 26.3 Bln over 76 deals. JP Morgan ranked as the top US Equity & Equity Linked underwriter for FY 216 with 14.5% market share. The bank underwrote 184 deals over the period. Goldman Sachs and Bank of America Merrill Lynch ranked second and third with 13.92% and 9.73% market share, respectively. 1 Top Underwriter US Equity & Equity Linked: Highlights of FY 216 JP Morgan Number of deals 184 Volume (USD Mln) 26,731 Avg Deal size (USD Mln) Market Summary Number of deals 741 Volume (USD Mln) 184,377 Avg Deal size (USD Mln) Issuer Industry Volume (USD Mln) Date DISH Network Corp Communications 3, 8/3/216 Molson Coors Brewing Co Consumer Staples 2,585 1/28/216 Baxalta Inc Health Care 2,49 3/16/216 Tesla Motors Inc Consumer Discretionary 2,3 5/19/216 Anadarko Petroleum Corp Energy 2,29 9/12/216 Walgreens Boots Alliance Inc Consumer Staples 1,668 11/1/216 Pioneer Natural Resources Co Energy 1,615 1/5/216 Southern Co/The Utilities 1,611 8/17/216 Great Plains Energy Inc Utilities 1,6 9/28/216 NextEra Energy Inc Utilities 1,5 8/2/216 US Equity & Equity Linked: Quarterly Volume Deal Count Equity-Linked Add'l IPO 4 US Equity & Equity Linked: Industry Breakdown 6% 6% 25% 6% 6% 8% 8% 21% 14% Energy 25% Financials 21% Health Care 14% Utilities 8% Technology 8% Consumer Staples 6% Materials 6% Consumer Discretionary 6% Others 6% US Equity & Equity Linked: Industry Breakdown Industry Volume (USD Mln) % Of Total % YOY Change Energy 46, % 25.1% Financials 4, % -3.9% Health Care 27, % -5.6% Utilities 14, % 117.7% Technology 14, % -51.2% Consumer Staples 11,83 6.3% 4.9% Materials 11,22 5.9% 58.3% Consumer Discretionary 1,86 5.7% -55.7% Communications 6, % -2.6% Industrials 4, % -1.9% 8 3 US Equity & Equity Linked: Offering Breakdown USD Bln Deal Count Offering Type Volume (USD Mln) % Of Total % YOY Change Additional Offerings 14, % -17.6% Equity-Linked 29, % -22.2% IPO 19, % -41.9% Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Bloomberg League Table Reports Page 4

7 US Equity & Equity Linked US Equity Offerings JP Morgan , Goldman Sachs , Bank of America Merrill Lynch , Morgan Stanley , Barclays , Citi , Credit Suisse , Wells Fargo , Deutsche Bank , RBC Capital Markets , UBS , Jefferies , BMO Capital Markets , SunTrust Robinson Humphrey , Mizuho Financial , Raymond James & Associates , Stifel , KeyBanc Capital Markets , Leerink Partners LLC , Cowen & Co , TOTAL 1% 184, % US Equity IPO Citi , Goldman Sachs , Credit Suisse , Deutsche Bank , JP Morgan , Bank of America Merrill Lynch , Morgan Stanley , Barclays , Wells Fargo RBC Capital Markets Jefferies UBS Evercore Partners Inc BMO Capital Markets Stifel SunTrust Robinson Humphrey Cowen & Co Piper Jaffray & Co KeyBanc Capital Markets Cantor Fitzgerald TOTAL 1% 19, % JP Morgan , Goldman Sachs , Bank of America Merrill Lynch , Morgan Stanley , Barclays , Credit Suisse , Citi , Wells Fargo , Deutsche Bank , RBC Capital Markets , UBS , Jefferies , BMO Capital Markets , SunTrust Robinson Humphrey , KeyBanc Capital Markets , Stifel , Raymond James & Associates , Cowen & Co Leerink Partners LLC Piper Jaffray & Co TOTAL 1% 158, % US Equity Linked Deutsche Bank , Goldman Sachs , JP Morgan , Bank of America Merrill Lynch , Citi , Wells Fargo , Credit Suisse , Morgan Stanley , Mizuho Financial , Barclays RBC Capital Markets Mitsubishi UFJ Financial Group Inc SunTrust Robinson Humphrey BNP Paribas Jefferies Leerink Partners LLC Piper Jaffray & Co Southeastern Securities Inc Raymond James & Associates US Bancorp TOTAL 1% 26, % Bloomberg League Table Reports Page 5

8 Canada Equity Review Canada Equity, Equity Linked & Preferred: Quarterly Volume 2 Deal Count Amount 4 FY 216 credited Canada Equity, Equity Linked & Preferred volume increased 18.99% to CAD 54.5 Bln while deal count increased 28.44% to 42 offerings year-on-year. Canada Equity IPO volume decreased 86.97% year-on-year to CAD Mln while the deal count decreased 54.76% to 19. Canada Equity Offerings volume increased 19.31% year-on-year to CAD 46.3 Bln over 376 deals. TD Securities ranked as the top Canada Equity, Equity Linked & Preferred underwriter for FY 216 with 19.72% market share. The bank underwrote 65 deals over the period. RBC Capital Markets and BMO Capital Markets ranked second and third with 18.39% and 12.98% market share, respectively. CAD Bln Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Deal Count Quarters Canada Equity, Equity Linked & Preferred Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) TD Securities , RBC Capital Markets , BMO Capital Markets , CIBC , Scotiabank , National Bank Financial Inc , JP Morgan , Credit Suisse , Peters & Co Ltd , GMP Securities , TOTAL 1% 54, % Canada Equity, Equity Linked & Preferred: Industry Breakdown 16% 8% 49% 11% 16% Energy 49% Financials 16% Materials 11% Utilities 8% Others 16% Canada Equity & Equity Linked Canada Equity, Equity Linked & Preferred: Manager Rankings History Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) TD Securities , RBC Capital Markets , BMO Capital Markets , CIBC , Scotiabank , National Bank Financial Inc , JP Morgan , Credit Suisse , Peters & Co Ltd , GMP Securities , TOTAL 1% 49, % Market Share (%) TD Securities RBC Capital Markets BMO Capital Markets CIBC Scotiabank National Bank Financial Inc Bloomberg League Table Reports Page 6

9 Canada Equity Offerings Canada Equity IPO Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) TD Securities , RBC Capital Markets , BMO Capital Markets , CIBC , Scotiabank , JP Morgan , Credit Suisse , National Bank Financial Inc , Peters & Co Ltd , GMP Securities , Bank of America Merrill Lynch Cormark Securities Inc Barclays Canaccord Genuity Raymond James & Associates FirstEnergy Capital Corp Macquarie Dundee Corp Citi Morgan Stanley TOTAL 1% 46, % Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) CIBC TD Securities Bank of America Merrill Lynch National Bank Financial Inc AltaCorp Capital BMO Capital Markets Cantor Fitzgerald GMP Securities Mackie Research Capital Corp Canaccord Genuity Pacific International Securities Inc Emerging Equities All Group Financial Services Inc Haywood Securities TOTAL 1% % Canadian Retail Structured Products Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) CIBC RBC Capital Markets Scotiabank National Bank Financial Inc Morgan Stanley BMO Capital Markets TD Securities Wealth Creation Preservation TOTAL 1% % Bloomberg League Table Reports Page 7

10 Latin America Equity Review Latin America Equity Offerings: Quarterly Volume 2 Deal Count Amount 3 FY 216 credited Latin America Equity Offerings volume decreased 12.67% to USD 8.8 Bln while deal count decreased 9.68% to 28 offerings year-on-year. Morgan Stanley ranked as the top Latin America Equity Offerings underwriter for FY 216 with 17.15% market share. The bank underwrote 8 deals over the period. JP Morgan and Banco Santander ranked second and third with 14.25% and 11.13% market share, respectively. USD Bln Deal Count Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Latin America Equity Offerings Morgan Stanley , JP Morgan , Banco Santander Bank of America Merrill Lynch Banco BTG Pactual Banco Itau BBA Credit Suisse Bradesco BBI SA GBM Casa de Bolsa Citi TOTAL 1% 8, % Latin America Equity Offerings: Industry Breakdown 6% 8% 31% 9% 19% 27% Utilities 31% Consumer Discretionary 27% Financials 19% Industrials 9% Consumer Staples 8% Others 6% Brazil Equity Offerings Latin America Equity Offerings: Manager Rankings History Firm Rank Mkt Share(%) Volume (BRL Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 2 Banco Itau BBA , Bank of America Merrill Lynch , Banco Santander , Bradesco BBI SA , Banco BTG Pactual Citi Banco do Brasil SA Morgan Stanley HSBC Credit Suisse TOTAL 1% 1, % Market Share (%) 1 Morgan Stanley JP Morgan Banco Santander Bank of America Merrill Lynch Banco BTG Pactual Banco Itau BBA Bloomberg League Table Reports Page 8

11 EMEA Equity Review FY 216 credited EMEA Equity, Equity Linked & Rights - Risk volume decreased 39.48% to USD Bln while deal count decreased 13.78% to 751 offerings year-on-year. EMEA Equity IPO volume decreased 49.79% year-on-year to USD 33.8 Bln while the deal count decreased 4.36% to 133. EMEA Equity Linked - Risk volume increased 8.81% year-on-year to USD 26. Bln over 72 deals. JP Morgan ranked as the top EMEA Equity, Equity Linked & Rights - Risk underwriter for FY 216 with 1.64% market share. The bank underwrote 93 deals over the period. Goldman Sachs and Bank of America Merrill Lynch ranked second and third with 8.47% and 7.18% market share, respectively. EMEA Equity, Equity Linked & Rights - Risk: Highlights of FY 216 EMEA Equity, Equity Linked & Rights - Risk: Largest Deals by Country of FY 216 Issuer Volume (USD Mln) Date Country Air Liquide SA 3,634 1/11/216 France Innogy SE 5,18 1/6/216 Germany Aegean Marine Petroleum Network Inc 15 12/14/216 Greece Saipem SpA 3,965 2/11/216 Italy NN Group NV 1,552 4/14/216 Netherlands Middle East Healthcare Co 471 3/1/216 Saudi Arabia Steinhoff Finance Holding GmbH 1,239 4/14/216 South Africa Banco Popular Espanol SA 2,826 6/11/216 Spain LafargeHolcim Ltd 1,354 2/4/216 Switzerland DXB Entertainments PJSC 457 5/25/216 United Arab Emirates Melrose Industries PLC 2,19 8/24/216 United Kingdom Issuer Industry Volume (USD Mln) Date Innogy SE Energy 5,18 1/6/216 Bayer Capital Corp BV Health Care 4,278 11/16/216 Saipem SpA Energy 3,965 2/11/216 Air Liquide SA Materials 3,634 1/11/216 ArcelorMittal Materials 3,143 3/3/216 DONG Energy A/S Utilities 2,997 6/9/216 Banco Popular Espanol SA Financials 2,826 6/11/216 Nets A/S Technology 2,373 9/23/216 Melrose Industries PLC Financials 2,19 8/24/216 Vodafone Group PLC Communications 2,67 2/19/216 EMEA Equity, Equity Linked & Rights - Risk EMEA Equity, Equity Linked & Rights - Risk: Industry Breakdown Industry Volume (USD Mln) % Of Total % YOY Change Financials 66,38 35.% -39.% Industrials 18,931 1.% -49.2% Consumer Discretionary 18,75 9.9% -48.1% Energy 18,62 9.9% 311.7% Materials 17, % 8.9% Communications 14, % -48.9% Health Care 13,167 7.% -22.9% Consumer Staples 7, % -18.2% Technology 7,536 4.% -26.9% Utilities 5,74 3.%.7% Deal Count Rights Equity-Linked IPO Add'l EMEA Equity, Equity Linked & Rights - Risk: Offering Breakdown USD Bln Deal Count Offering Type Volume (USD Mln) % Of Total % YOY Change Additional Offerings 73, % -43.7% Rights Offerings 48, % 7.6% IPO 34, % -5.% Equity-Linked 31, % 1.6% Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Bloomberg League Table Reports Page 9

12 EMEA Equity, Equity Linked & Rights - Risk EMEA Equity, Equity Linked & Rights - Syndication JP Morgan , Goldman Sachs , Bank of America Merrill Lynch , Morgan Stanley , UBS , Deutsche Bank , Credit Suisse , Citi , BNP Paribas , Barclays , Societe Generale , HSBC , Nordea , Jefferies , Numis , Credit Agricole CIB , Carnegie , UniCredit , Investec , Mediobanca , TOTAL 1% 153, % EMEA Equity & Equity Linked - Risk JP Morgan , Goldman Sachs , Morgan Stanley , UBS , Bank of America Merrill Lynch , Deutsche Bank , Credit Suisse , Citi , BNP Paribas , Barclays , Nordea , Societe Generale , Numis , HSBC , Jefferies , Carnegie , Credit Agricole CIB , Java Capital , UniCredit , Danske Bank , TOTAL 1% 128, % JP Morgan , Goldman Sachs , Morgan Stanley , Bank of America Merrill Lynch , UBS , Deutsche Bank , Citi , Credit Suisse , BNP Paribas , Barclays , Societe Generale , HSBC , Nordea , Nomura , Numis , Jefferies , Credit Agricole CIB , Carnegie , UniCredit , Investec , TOTAL 1% 153, % EMEA Equity & Equity Linked - Syndication JP Morgan , Goldman Sachs , Morgan Stanley , UBS , Bank of America Merrill Lynch , Deutsche Bank , Credit Suisse , Citi , BNP Paribas , Barclays , Nordea , Societe Generale , Nomura , Numis , HSBC , Carnegie , Jefferies , Credit Agricole CIB , Java Capital , UniCredit , TOTAL 1% 129, % Bloomberg League Table Reports Page 1

13 EMEA Equity Linked - Risk EMEA Equity Linked - Syndication JP Morgan , BNP Paribas , Goldman Sachs , Morgan Stanley , Credit Suisse , Bank of America Merrill Lynch , Citi , Credit Agricole CIB , HSBC , Societe Generale Deutsche Bank UBS Barclays UniCredit Jefferies Natixis ABG Sundal Collier Asa Joh Berenberg Gossler & Co KG Privatbank IHAG Zuerich AG Pareto Securities TOTAL 1% 26, % EMEA Equity IPO JP Morgan , UBS , Deutsche Bank , Goldman Sachs , Morgan Stanley , Bank of America Merrill Lynch , Credit Suisse , Citi , Nordea , BNP Paribas , Danske Bank , Barclays Carnegie Samba Capital Societe Generale Numis ABN Amro Bank NV SEB ING Groep DNB ASA TOTAL 1% 33, % JP Morgan , BNP Paribas , Morgan Stanley , Goldman Sachs , Nomura , Credit Suisse , Bank of America Merrill Lynch , Citi , Credit Agricole CIB , HSBC , Societe Generale Deutsche Bank Mizuho Financial UBS Barclays UniCredit Natixis Joh Berenberg Gossler & Co KG Privatbank IHAG Zuerich AG ABG Sundal Collier Asa TOTAL 1% 29, % EMEA Equity Offerings UBS , JP Morgan , Goldman Sachs , Morgan Stanley , Deutsche Bank , Bank of America Merrill Lynch , Credit Suisse , Citi , Nordea , Barclays , Numis , Societe Generale , BNP Paribas , Carnegie , Jefferies , Java Capital , Danske Bank , HSBC , SEB , ABG Sundal Collier Asa , TOTAL 1% 12, % Bloomberg League Table Reports Page 11

14 EMEA Rights Offerings Western Europe Equity, Equity Linked & Rights Bank of America Merrill Lynch , JP Morgan , Barclays , HSBC , Goldman Sachs , Citi , Investec Mediobanca Credit Agricole CIB Deutsche Bank BNP Paribas Societe Generale Morgan Stanley Intesa Sanpaolo FirstRand Ltd Jefferies Natixis UBS Banco Santander Saudi Hollandi Bank TOTAL 1% 24, % Eastern Europe Equity, Equity Linked & Rights Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs , Citi VTB Capital JP Morgan Sberbank CIB CJSC UBS Morgan Stanley Aton Capital Group Unlu Menkul Degerler AS Java Capital Banco Santander BCS Financial Group PKO Bank Polski SA Oyak Yatirim Menkul Degerler AS Erste Group Bank Macquarie EFG Asset Management Russia Otkritie Financial Corp JSC Akbank TAS Wood & Co Financial Services AS TOTAL 1% 6, % Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan , Goldman Sachs , Bank of America Merrill Lynch , Morgan Stanley , UBS , Deutsche Bank , Credit Suisse , BNP Paribas , Citi , Barclays , Societe Generale , Nordea , HSBC , Jefferies , Numis , Credit Agricole CIB , Carnegie , UniCredit , Investec , Mediobanca , TOTAL 1% 12, % AIM Equity Offerings Firm Rank Mkt Share(%) Volume (GBP Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Mirabaud Securities , Stifel Liberum Capital Ltd Peel Hunt LLP Cenkos Securities FinnCap JP Morgan Numis Investec Zeus Capital Nplus1 Singer Ltd Goldman Sachs Panmure Gordon Canaccord Genuity Cantor Fitzgerald SP Angel Corporate Finance LLP Shore Capital Group Ltd Macquarie Brandon Hill Capital Ltd Whitman Howard Ltd TOTAL 1% 5, % Bloomberg League Table Reports Page 12

15 Africa Equity, Equity Linked & Rights Sub-Sahara Equity, Equity Linked & Rights Citi , Java Capital , FirstRand Ltd Morgan Stanley JP Morgan Barclays Bank of America Merrill Lynch UBS HSBC BNP Paribas Standard Bank of South Africa Attijariwafa Bank EFG-Hermes Scotiabank Leaf Capital Pty Ltd Capital Markets Brokers Ltd IC Securities Ghana Ltd Investec Goldman Sachs Industrial & Comm Bank of China TOTAL 1% 8, % Citi , Java Capital , FirstRand Ltd Morgan Stanley JP Morgan Barclays Bank of America Merrill Lynch UBS HSBC BNP Paribas Standard Bank of South Africa Scotiabank Leaf Capital Pty Ltd Capital Markets Brokers Ltd IC Securities Ghana Ltd Investec Goldman Sachs RMB Holdings Ltd Industrial & Comm Bank of China Nedbank Ltd TOTAL 1% 7, % MENA Equity, Equity Linked & Rights Samba Capital Saudi Hollandi Bank Emirates NBD PJSC HSBC National Bank of Abu Dhabi Riyad Bank Arqaam Capital Attijariwafa Bank EFG-Hermes JP Morgan Banque Saudi Fransi Renaissance Capital Holdings Ltd Arab National Bank TOTAL 1% 3, % Bloomberg League Table Reports Page 13

16 Asia Pacific Equity Review Asia ex-japan Equity, Equity Linked & Rights Deal Count Rights IPO Add'l FY 216 credited APAC ex-japan Equity, Equity Linked & Rights volume decreased 31.5% to USD Bln while deal count decreased 7.47% to 1,921 offerings year-on-year. APAC ex-japan Equity IPO volume decreased 8.86% year-on-year to USD 71.8 Bln while the deal count decreased 2.22% to 75. APAC ex-japan Equity Linked volume increased 44.29% year-on-year to USD 19.2 Bln over 15 deals. Morgan Stanley ranked as the top APAC ex-japan Equity, Equity Linked & Rights underwriter for FY 216 with 8.89% market share. The bank underwrote 63 deals over the period. Deutsche Bank and JP Morgan ranked second and third with 4.78% and 4.6% market share, respectively. USD Bln 8 5 Q4 Q Q4 Q Q4 Q Quarters Q4 Q Q4 Q Q4 Q Deal Count APAC Equity, Equity Linked & Rights: Highlights of FY 216 Australia/New Zealand Equity, EQL & Rights Deal Count Rights IPO Issuer Industry Volume (USD Mln) Date Add'l Postal Savings Bank of China Co Ltd Financials 7,626 9/21/ Mandatory Exchangeable Trust Financials 6,6 6/2/216 Kyushu Railway Co Consumer Discretionary 4,3 1/17/216 Recruit Holdings Co Ltd Consumer Discretionary 2,259 9/12/216 Samsung Biologics Co Ltd Health Care 1,961 1/28/216 China Resources Pharmaceutical Group Ltd Health Care 1,941 1/21/216 China Zheshang Bank Co Ltd Financials 1,938 3/21/216 Industrial Securities Co Ltd Financials 1,864 1/18/216 Bank of Shanghai Co Ltd Financials 1,587 1/11/216 ZTO Express Cayman Inc Industrials 1,46 1/26/216 USD Bln 1 Q4 Q Q4 Q Q4 Q Quarters Q4 Q Q4 Q Q4 Q China Equity, Equity Linked & Rights 2 Deal Count APAC Equity, Equity Linked & Rights: Industry Breakdown 4 Deal Count Rights IPO Add'l 4 7% 7% 8% 11% 1% 12% 14% 33% Industry Volume (USD Mln) % Of Total % YOY Change Financials 65, % -51.7% Consumer Discretionary 27, % -15.9% Industrials 23, % -1.1% Technology 22,73 11.% 13.5% Materials 15,51 7.7% 18.1% Health Care 13, % -27.2% Communications 13,92 6.5% 7.8% Consumer Staples 9, % 1.1% Energy 5,83 2.9% -61.6% Utilities 4, % -69.3% USD Bln 2 Q4 Q Q4 Q Q4 Q Quarters Q4 Q Q4 Q Japan Equity & Equity Linked Deal Count Rights IPO Q4 Q Deal Count 1,8 Add'l 12 1 USD Bln 1, 5 Deal Count Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Bloomberg League Table Reports Page 14

17 Asia ex-japan Equity, Equity Linked & Rights Asia ex-japan Equity, EQL & Rights ex-ch A Shares Morgan Stanley , Deutsche Bank , Citi , JP Morgan , CITIC Securities Co Ltd , Goldman Sachs , China International Capital Corp , Credit Suisse , Haitong Securities Co Ltd , China Securities Co Ltd , UBS , Bank of China , Sinolink Securities Co Ltd , Guotai Junan Securities Co Ltd , Huatai Securities Co Ltd , Bank of America Merrill Lynch , China Merchants Bank , China Merchants Securities , GF Securities , HSBC , TOTAL 1% 124,764 1,382 1% Asia ex-japan Equity & Equity Linked Morgan Stanley , Deutsche Bank , JP Morgan , Citi , CITIC Securities Co Ltd , Goldman Sachs , China International Capital Corp , Credit Suisse , China Securities Co Ltd , UBS , Huatai Securities Co Ltd , Haitong Securities Co Ltd , Bank of America Merrill Lynch , Guotai Junan Securities Co Ltd , Bank of China , China Merchants Securities , GF Securities , China Merchants Bank , HSBC , Shenwan Hongyuan Group Co Ltd , TOTAL 1% 114,512 1,289 1% Morgan Stanley , Deutsche Bank , JP Morgan , Citi , Goldman Sachs , Credit Suisse , UBS , Haitong Securities Co Ltd , Bank of America Merrill Lynch , China Merchants Bank , HSBC , Bank of China , DBS Group , China Construction Bank , China International Capital Corp , NH Investment & Securities Co Ltd , Agricultural Bank of China Ltd , CIMB , Korea Investment & Securities Co , CITIC Securities Co Ltd , TOTAL 1% 91,692 1,14 1% Asia ex-japan Equity Linked Morgan Stanley , Deutsche Bank , JP Morgan , China International Capital Corp , CITIC Securities Co Ltd UBS Yuanta Securities Co Ltd Haitong Securities Co Ltd Goldman Sachs Bank of America Merrill Lynch HSBC Citi China Investment Corp Credit Suisse CIMB Huatai Securities Co Ltd KGI Securities Co Ltd Guotai Junan Securities Co Ltd China Investment Securities Co Ltd China Securities Co Ltd TOTAL 1% 19, % Bloomberg League Table Reports Page 15

18 Asia ex-japan Equity Linked ex-china Exchanges Deutsche Bank , Morgan Stanley , JP Morgan , China International Capital Corp UBS Yuanta Securities Co Ltd Bank of America Merrill Lynch HSBC Haitong Securities Co Ltd CIMB Goldman Sachs KGI Securities Co Ltd Citi Dongbu Securities Bank of China Fubon Securities Co Credit Suisse Daiwa Securities Stifel Rizal Commercial Banking Corp TOTAL 1% 15, % Asia ex-japan Equity Offerings CITIC Securities Co Ltd , Guosen Securities Co Ltd , GF Securities , China Securities Co Ltd , Guotai Junan Securities Co Ltd , Morgan Stanley , Haitong Securities Co Ltd , Deutsche Bank , Huatai Securities Co Ltd , China International Capital Corp , Citi , Goldman Sachs , Southwest Securities Co Ltd , China Merchants Securities , Sinolink Securities Co Ltd , Essence Securities Co Ltd , Shenwan Hongyuan Group Co Ltd , China Investment Corp , Credit Suisse , Guangzhou Securities , TOTAL 1% 262,64 1,84 1% Asia ex-japan Equity IPO CITIC Securities Co Ltd , China Securities Co Ltd , Citi , China International Capital Corp , Bank of China , Huatai Securities Co Ltd , China Merchants Securities , JP Morgan , Guotai Junan Securities Co Ltd , Morgan Stanley , Haitong Securities Co Ltd , Credit Suisse , Shenwan Hongyuan Group Co Ltd , GF Securities , China Construction Bank , China Merchants Bank , Goldman Sachs , Essence Securities Co Ltd , Agricultural Bank of China Ltd , Hengtai Securities Co Ltd , TOTAL 1% 66, % Bloomberg League Table Reports Page 16

19 APAC Equity, Equity Linked & Rights APAC Equity & Equity Linked Morgan Stanley , Nomura , JP Morgan , Deutsche Bank , Citi , UBS , Credit Suisse , Goldman Sachs , Sumitomo Mitsui Financial , CITIC Securities Co Ltd , Mizuho Financial , Macquarie , Bank of America Merrill Lynch , China International Capital Corp , Haitong Securities Co Ltd , China Securities Co Ltd , Bank of China , Sinolink Securities Co Ltd , Guotai Junan Securities Co Ltd , Huatai Securities Co Ltd , TOTAL 1% 17,46 2,18 1% APAC Equity Offerings Morgan Stanley , Nomura , Citi , JP Morgan , UBS , Goldman Sachs , Sumitomo Mitsui Financial , Credit Suisse , Mizuho Financial , Bank of America Merrill Lynch , CITIC Securities Co Ltd , Deutsche Bank , China Securities Co Ltd , Macquarie , China International Capital Corp , Huatai Securities Co Ltd , Daiwa Securities , Bank of China , China Merchants Securities , Guotai Junan Securities Co Ltd , TOTAL 1% 13,95 1,82 1% Morgan Stanley , Nomura , JP Morgan , Deutsche Bank , Citi , UBS , Goldman Sachs , Sumitomo Mitsui Financial , Mizuho Financial , Credit Suisse , CITIC Securities Co Ltd , Bank of America Merrill Lynch , China International Capital Corp , China Securities Co Ltd , Macquarie , Huatai Securities Co Ltd , Haitong Securities Co Ltd , Guotai Junan Securities Co Ltd , Bank of China , Daiwa Securities , TOTAL 1% 154,593 1,942 1% APAC Equity Linked Morgan Stanley , Deutsche Bank , Nomura , JP Morgan , China International Capital Corp , CITIC Securities Co Ltd Mizuho Financial UBS Citi Yuanta Securities Co Ltd Haitong Securities Co Ltd Goldman Sachs Sumitomo Mitsui Financial Bank of America Merrill Lynch HSBC China Investment Corp Credit Suisse CIMB Huatai Securities Co Ltd KGI Securities Co Ltd TOTAL 1% 23, % Bloomberg League Table Reports Page 17