ISLAMIC CAPITAL MARKETS

Transcription

1 ISLAMIC CAPITAL MARKETS LEAGUE TABLES Q1 218 Preliminary As of 26 March 218

2 Q1 218 PRELIMINARY AS OF 26 MARCH 218 MANAGER RANKINGS ISLAMIC CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or for a full range of market-specific league table publications 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 Americas EMEA Asia-Pacific Contact Phone Paul Bandong loansleag@bloomberg.net Sami Arafeh europeanloan@bloomberg.net Xin Yu Chen aploans@bloomberg.net 218 Bloomberg Finance L.P. All rights reserved.

3 Prelim Islamic Capital Markets Q1 218 Sukuk & Islamic Financing Sukuk & Islamic Financing: Industry Breakdown 6% 11% Sukuk & Islamic Financing 17% 66% , CIMB , Citi , Standard Chartered Bank , JP Morgan , Dubai Islamic Bank , RHB Sumitomo Mitsui Financial Maybank Credit Agricole CIB Mitsubishi UFJ Financial Group Inc Bank of China Industrial & Comm Bank of China Mizuho Financial Abu Dhabi Islamic Bank AmInvestment Bank Bhd Sharjah Islamic Bank Emirates NBD PJSC First Abu Dhabi Bank PJSC Kenanga Investment Bank Bhd TOTAL 1% 2, % Government 66% Financials 17% Industrials 6% Others 11% Sukuk & Islamic Financing: ings History CIMB Citi Standard Chartered Bank JP Morgan Dubai Islamic Bank This table consists of Islamic financing and Sukuk issuances. This excludes bonds with warrants, credit-linked securities, and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods, and USD 5MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 1

4 Prelim Islamic Capital Markets Q1 218 Global Sukuk Global Sukuk Global Sukuk: Industry Breakdown 9% 8% 8% 48% CIMB , , Dubai Islamic Bank , RHB Citi Standard Chartered Bank Maybank Abu Dhabi Islamic Bank AmInvestment Bank Bhd Sharjah Islamic Bank JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC Kenanga Investment Bank Bhd Kuwait Finance House Bank ABC Noor Bank Sumitomo Mitsui Financial Natixis Gulf International Bank BSC TOTAL 1% 12, % 27% Government 48% Financials 27% Industrials 8% Materials 8% Others 9% Global Sukuk: Manager ings History CIMB Dubai Islamic Bank RHB Citi Standard Chartered Bank This table consists of globally syndicated Sukuk issuances. This excludes bonds with warrants and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods and USD 5MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 2

5 Prelim Islamic Capital Markets Q1 218 International Sukuk International Sukuk: Industry Breakdown 7% International Sukuk 32% 61% , Dubai Islamic Bank , Citi CIMB Standard Chartered Bank Abu Dhabi Islamic Bank Sharjah Islamic Bank JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC Kuwait Finance House Bank ABC Noor Bank Sumitomo Mitsui Financial Natixis Gulf International Bank BSC National Commercial Bank Alkhair International Islamic Bank Bhd Goldman Sachs Deutsche Bank TOTAL 1% 8, % Government 61% Financials 32% Consumer Discretionary 7% International Sukuk: Manager ings History Dubai Islamic Bank Citi CIMB Standard Chartered Bank Abu Dhabi Islamic Bank This table consists of international Sukuk issuances. This excludes bonds with warrants, domestic Sukuk, credit-linked securities and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods and USD 5MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 3

6 Prelim Islamic Capital Markets Q1 218 US Dollar International Sukuk US Dollar International Sukuk: Industry Breakdown 7% US Dollar International Sukuk 32% 61% , Dubai Islamic Bank , Citi CIMB Standard Chartered Bank Abu Dhabi Islamic Bank Sharjah Islamic Bank JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC Kuwait Finance House Bank ABC Noor Bank Sumitomo Mitsui Financial Natixis Gulf International Bank BSC National Commercial Bank Alkhair International Islamic Bank Bhd Goldman Sachs Deutsche Bank TOTAL 1% 8, % Government 61% Financials 32% Consumer Discretionary 7% US Dollar International Sukuk: Manager ings History Dubai Islamic Bank Citi CIMB Standard Chartered Bank Abu Dhabi Islamic Bank This table consists of International Sukuk issuances denominated in USD. This excludes bonds with warrants, Domestic Sukuk, credit-linked securities and structured notes. There is a minimum threshold of 18 months for maturities, call or put periods and USD 5MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 4

7 Prelim Islamic Capital Markets Q1 218 Domestic Sukuk Domestic Sukuk: Industry Breakdown 6% 8% 23% Domestic Sukuk CIMB , RHB Maybank AmInvestment Bank Bhd Kenanga Investment Bank Bhd Affin Hwang Capital Mandiri Sekuritas PT Indo Premier Securities Bahana Securities Danareksa Sekuritas PT Public Bank Berhad Trimegah Securities DBS Group TOTAL 1% 4, % This table consists of domestic Sukuk issuances. This excludes bonds with warrants, reverse convertibles, synthetic convertibles and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods and USD 5MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. 19% 22% 22% Government 23% Industrials 22% Materials 22% Financials 19% Utilities 8% Others 6% Domestic Sukuk: Manager ings History CIMB RHB Maybank AmInvestment Bank Bhd Kenanga Investment Bank Bhd Bloomberg League Table Reports Page 5

8 Prelim Islamic Capital Markets Q1 218 GCC Sukuk GCC Sukuk: Industry Breakdown 16% GCC Sukuk 26% 58% Standard Chartered Bank Dubai Islamic Bank Sharjah Islamic Bank First Abu Dhabi Bank PJSC Kuwait Finance House Citi JP Morgan National Commercial Bank Bank ABC Noor Bank Emirates NBD PJSC Nomura Alkhair International Islamic Bank Bhd Goldman Sachs Deutsche Bank Abu Dhabi Islamic Bank BNP Paribas TOTAL 1% 3, % Financials 58% Government 26% Consumer Discretionary 16% GCC Sukuk: Manager ings History Standard Chartered Bank Dubai Islamic Bank Sharjah Islamic Bank First Abu Dhabi Bank PJSC Kuwait Finance House This table consists of Sukuk issuances by issuers from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. This excludes bonds with warrants and credit-linked securities. There is a minimum threshold of 18 months for maturities, call or put periods and USD 5MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 6

9 Prelim Islamic Capital Markets Q1 218 Malaysian Ringgit Sukuk Malaysian Ringgit Islamic Sukuk: Industry Breakdown 4% 16% 26% Malaysian Ringgit Islamic Sukuk Volume (MYR CIMB , Maybank , RHB , AmInvestment Bank Bhd , Kenanga Investment Bank Bhd , Affin Hwang Capital Public Bank Berhad TOTAL 1% 2, % This table consists of Sukuk issuances denominated in Malaysian Ringgit. This excludes bonds with warrants. There is a minimum threshold of 12 months for maturities, call or put periods, and USD 5MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. 17% Utilities 26% Materials 19% Industrials 18% Government 17% Financials 16% Others 4% 18% Malaysian Ringgit Islamic Sukuk: Manager ings History CIMB Maybank 19% RHB AmInvestment Bank Bhd Kenanga Investment Bank Bhd Bloomberg League Table Reports Page 7

10 Prelim Islamic Capital Markets Q1 218 EMEA Islamic Financing: Bookrunner EMEA Islamic Financing: Industry Breakdown 4% EMEA Islamic Financing (Bookrunner) Credit Agricole CIB Mitsubishi UFJ Financial Group Inc Bank of China Industrial & Comm Bank of China JP Morgan Sumitomo Mitsui Financial Citi Standard Chartered Bank Mizuho Financial TOTAL 1% 7,65 1 1% Government 96% Others 4% 96% EMEA Islamic Financing: Bookrunner ings History Credit Agricole CIB Mitsubishi UFJ Financial Group Inc Bank of China Industrial & Comm Bank of China JP Morgan Sumitomo Mitsui Financial Citi Standard Chartered Bank Mizuho Financial This table consists of Islamic financing with a market of syndication in the EMEA region. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 8

11 Prelim Islamic Capital Markets Q1 218 EMEA Islamic Financing: Mandated Lead Arranger EMEA Islamic Financing: Industry Breakdown 4% EMEA Islamic Financing (Mandated Lead Arranger) Credit Agricole CIB Mitsubishi UFJ Financial Group Inc Bank of China Industrial & Comm Bank of China JP Morgan Goldman Sachs Sumitomo Mitsui Financial Citi Standard Chartered Bank BNP Paribas Mizuho Financial TOTAL 1% 7,65 1 1% Government 96% Others 4% 96% EMEA Islamic Financing: Mandated Lead Arranger ings History Standard Chartered Bank Credit Agricole CIB Mitsubishi UFJ Financial Group Inc Bank of China Industrial & Comm Bank of China JP Morgan Goldman Sachs Sumitomo Mitsui Financial Citi BNP Paribas Mizuho Financial This table consists of Islamic financing with a market of syndication in the EMEA region. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 9

12 Prelim Islamic Capital Markets Q1 218 EMEA Islamic Financing: Administrative Agent EMEA Islamic Financing: Industry Breakdown 4% EMEA Islamic Financing (Administrative Agent) Mizuho Financial , Abu Dhabi Islamic Bank TOTAL 1% 7, % Government 96% Others 4% EMEA Islamic Financing: Administrative Agent ings History 1 Mizuho Financial 96% Abu Dhabi Islamic Bank This table consists of Islamic financing with a market of syndication in the EMEA region. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 1

13 League Tables Criteria General Guidelines Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation. Fixed Income All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 1% to the 144A tranche and % to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 1% to the REG S tranche and % to the 144A tranche. Selfled transactions are included. New money portions of exchange offers are eligible for credit. Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 5 million. Note: Criteria may vary for some local and/or regional tables. Equities-Linked Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-ipo convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner. Equities Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

14 League Tables Criteria Loans Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 1% at the lender s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security. Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities. US Municipals Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 1% will be assigned to the bookrunner. Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date. All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. Tax-exempt is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified. Each table is provided in three formats. Economic Credit displays rankings based on true economic credit allocations of applicable deals. Left Lead assigns 1% credit to the bookrunner and % to all other syndicate participants. displays rankings based on deal quantity rather than aggregate economic credit amounts. A deal refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $5 million issuance is split into three series- a $1 million Series A, a $2 million Series B, and a $2 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one deal worth $3 million, and Bank 2 would have one deal worth $2 million. Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility. The full version of Bloomberg s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.