DEALS LEAGUE TABLE & CONTENT ENHANCEMENTS

Transcription

1 DEALS LEAGUE TABLE & CONTENT ENHANCEMENTS March 2016

2 Thomson Reuters is pleased to present the comprehensive set of standard League Table sessions for 2016 incorporating a series of new and revised rankings to be made available on applicable Thomson Reuters Deals product offerings on 21 March All of the new and revised rankings available in this product release were created following a series of Roundtables and Criteria Reviews held globally in November and December across all asset classes the foundation of Thomson Reuters bedrock commitment to offer the most relevant and comprehensive set of Deals offerings in full collaboration with the global Dealmaking community. On 21 March 2016, users will have access to: New Standard Sessions, including: Debt Capital Markets: One (1) Pan European Private Placement Ranking, one (1) US Securitizations Ranking, two (2) Green Bond rankings Accessing March 2016 Enhancements In order to access these enhancements, SDC Platinum users must perform an online update on or after 9AM EST on 21 March Please note that the date of the online update file will be marked March 7, The online update can be performed by going to: FOR MORE INFORMATION For more detail regarding the League Table criteria and research methodology, please contact the following members of the Thomson Reuters Deals team: Americas Salvatore Reres EMEA: Ewelina Jarecka Asia Pacific: Kai Soriano-StaCruz Municipals: One (1) Special Tax Counselanking, one (1) corporate not-forprofit bond ranking, one (1) private issuer ranking Several Updated Standard Sessions, including revised Currency Debt Rankings, Asian Syndicated Loan Rankings, Emerging Market Debt Rankings, and Hybrid and Capital Securities Rankings. A high-level summary of all Roundtable & Criteria Review Conclusions, together with a more detailed description of the 2016 Standard League Table rankings and certain product enhancements, is provided on the following pages. 1.Thomson Reuters SDC Platinum 2.Click on Download and install new version Users of other Thomson Reuters Deals Products will be able to see the new enhancements seamlessly beginning 21 March There are no online updates required. Japan: Catherina Guinto-Roldan For online update support, please contact the helpdesk: US: Europe: +44 (0) Hong Kong: Japan:

3 REVIEW OF 2016 CRITERIA CONCLUSIONS Subsequent to the series of Roundtables and Criteria Reviews held globally with the Dealmaking community in November and December 2015, we are pleased to present the following revised League Table eligibility criteria for 2016: INDUSTRY CLASSIFICATION METHODOLOGY CRITERIA CHANGE: Thomson Reuters proprietary TF MACRO and TF MID classification systems (which require a single code), will continue to use SIC codes as the first selection input but will now introduce the following gravitational pull into our classifications: Companies offering technology services will generally be assigned into a High Technology category Thomson Reuters will reserve the right to assign companies exclusively serving one customer segment to that customer segment Thomson Reuters will engage advisors/deal managers from time to time on the appropriate industry designation to use for edge cases, and contributors will continue to be welcome to request an industry classification review for a deal participant at any time Thomson Reuters offers multiple industry classification systems within Eikon, ThomsonONE and SDC Platinum in order to accommodate customized industry screening, reporting, and analysis. CRITERIA CHANGES: SPVs in Eastern European and African Emerging Market Rankings: Now exclude bonds issued via Eastern European and African SPVs from Eastern European and African Emerging Market rankings. Treatment of Transactions with Co-Issuers: In the instance of a transaction with co-issuers from both the corporate and government sectors, Thomson Reuters will award corporate League Table credit in both the All Canadian Debt and Canadian Domestic Corporate Debt rankings. STATUS QUO: No changes to the DCM Emerging Market Nation List. Investment Grade League Table rankings will continue to include eligible $25 preferred securities. EQUITY CAPITAL MARKETS CLARIFICATIONS: Mandatory Exchangeables: The domicile nation of mandatory exchangeable transactions will be set to the domicile nation of the underlying stock, regardless of the guarantor s nation. Retail Tranches: Thomson Reuters will continue to split credit between Retail and Institutional tranches when they are disclosed in official documentation. In the EMEA region, the split will only be calculated when disclosed in absolute terms. Infrastructure Fund Market: Thomson Reuters will classify infrastructure funds similar to the current treatment of J_REITs and will not make a distinction from corporate issuance. STATUS QUO: Thomson Reuters will continue to exclude transactions issued via Special Purpose Acquisition Corporations (SPACs) from standard Canadian League Table rankings. SYNDICATED LOANS CRITERIA CHANGES: EMEA leveraged pricing threshold to be lowered to LIBOR+225 The limit for clubbed deals to be included in syndicated Americas loans tables will be increased to US$150 million (Up from US$100 million). Funding sources which are ultimately held by a single, named institution will not be STATUS QUO: Americas leveraged pricing threshold to remain at LIBOR+175 CLARIFICATIONS Thomson Reuters reserves the right to request the name and/or identification of the target company for transactions submitted with an M&A related use of proceeds. In cases where the borrower wishes the target name to remain confidential, we will require proof of the completed M&A event in order to award credit. Deal tranches that garner commitments exclusively from Export Credit Agencies (ECAs) will not be included in the syndicated loans league tables. MUNICIPAL BONDS CLARIFICATIONS New Special Tax Counsel League Table rankings will allocate full credit to each firm, equal if joint. The borrower s beneficiary s use of proceeds will be applied to all conduit transactions.

4 MERGERS & ACQUISITIONS CRITERIA CHANGES: Conditional/Regulatory-Related Advisory Roles: In the event that an advisor is engaged to perform a League-Table-eligible role only in the context of a specific external event, Thomson Reuters will require the claiming advisor to provide additional proof (client letter or updated Engagement Letter) that the service provided was indeed performed in order to be awarded League Table credit. STATUS QUO Asset Acquisitions Non-Operational Assets: Thomson Reuters will continue to apply its longstanding rule of tracking changes in economic ownership at the ultimate parent level in going business concerns/operational companies and assets, and, specific to asset portfolio acquisitions involving a mix of operational and non-operational assets, Thomson Reuters will continue to apply its general rule of valuing the transaction based on the purchase consideration paid for the operational assets: however, Thomson Reuters will reserve the right to apply the right to apply a more aggressive approach in assigning value across mixed asset portfolios when information is available. Engagement Letter / Client Letter Expiration: Thomson Reuters will not institute an expiration term for Engagement Letters. Thomson Reuters will continue to reserve the right to require additional information on a case-by-case basis. League Table Credit to Advisors to Investor Groups, Consortia & Joint Ventures: Thomson Reuters will continue to apply Criteria Point 5.3 when awarding credit to advisors to an Investor Group or Consortium. Thomson Reuters will continue to review all publicly available information related to a given transaction and reserve the right to use its discretion on a case by case basis. Minority Squeeze Outs: Thomson Reuters will not automatically award credit on mandatory squeeze-out transactions to advisors that advised on the prior deal. Cross Border Criteria: Thomson Reuters will continue to use its current definition of cross border for all quarterly League Table Reviews and data analysis provided to the media, on the basis that a higher weighting should be applied to target domicile expertise than fund flows to the ultimate seller. Please contact your regional representative to request a complete set of criteria documentation for NEW / REVISED LEAGUE TABLE RANKINGS NEW LEAGUE TABLE SESSIONS US Asset-Backed Securities excluding Self-Funded and CDOs (1 Session): A new League Table ranking designed to measure bookrunning Leadership in the Asset-Backed securitizations market (ABS), excluding self-funded and Collateralized Debt Obligations. (SDC code F14b) Green Bond Rankings (2 sessions): New rankings designed to highlight securities designated for Green projects excluding refinancings. (SDC codes GR01r, JG1r) Pan European Private Placement Ranking (1 Session1) New rankings designed to measure the Pan European Private Placements (SDC code JOEPP) MUNICIPALS Special Tax Counsel Ranking (1 Session): New League Table ranking designed to highlight deal leadership of Special Tax Counsel advisors. (SDC code AT55) Corporate Not for Profit Ranking (1 Session): New ranking designed to measure bonds issued by Not-for- Profit corporate entities. (SDC code AT50) Private Issuers Ranking (1Session): New ranking designed to measure bonds issued by Private Issuers. (SDC code AT44) Please refer to the Appendix for a complete listing of new and updated League Table Ranking Sessions.

5 DETAILS OF CONTENT ENHANCEMENTS MUNICIPALS: Special Tax Counsel SDC Platinum users can now create League Table rankings covering Municipal Bonds where Special Tax Counsel advisors (legal counsel hired to examine sophisticated tax laws that may apply to certain revenue bonds) are involved, in accordance to standard Thomson Reuters Municipal League Table criteria. Users can access these rankings by selecting Special Tax Counsel from the Type of League Table drop down. Domestic Bond Expansion ThomsonONE.com and SDC Platinum clients will now have the ability to screen for, report on, and create League Table rankings covering an expanded collection domestic bond offerings from 12 markets; using the market area Domestic designation in combination with issuer domicile or target market set equal to the following: China Denmark France Iceland Spain Switzerland South Korea Finland Germany Norway Sweden United Kingdom Users will have access to over 7,500 domestic market transactions dating from April The expanded domestic market coverage will include short term securities that will not be eligible for standard league table rankings. designation in combination with issuer domicile or target market set equal to the following: China South Korea Denmark Finland France Germany Iceland Norway Spain Sweden Switzerland United Kingdom China South Korea Denmark Finland France Germany Iceland Norway Spain Sweden Switzerland United Kingdom Users will have access to over 7,500 domestic market transactions dating from April The expanded domestic market coverage will include short term securities that will not be eligible for standard league table rankings. Domestic Bond Expansion ThomsonONE.com and SDC Platinum clients will now have the ability to screen for, report on, and create League Table rankings covering domestic bond offerings from the markets: Users will have access to over 7,500 domestic market transactions dating from April The expanded domestic market coverage will include short term securities that will not be eligible for standard league table rankings.

6 Appendix A: New League Tables Asset Class Thomson Reuters Code/Ranking Product Debt Capital Markets F14b US Asset-Backed Securities ex Self-Funded, ex CDOs T1/SDC GR01r All Green Bonds ex Refinancings T1/SDC JG1r All International Green Bonds ex Refinancings T1/SDC JOEPP Pan European Private Placements T1/SDC Municipals AT44 US Municipal Private Issuers SDC AT50 US Corporate Not for Profit Debt SDC AT55 US Municipal Special Tax Counsel SDC Appendix B: Asset Class Revised Standard Rankings for 2016 Code/Ranking Change to 2015 Standard Product Canadian Equity ((L)) Emerging Markets Bonds Exclusion of Eastern European and African SPVs SDC L2 All International Eastern European & African EM Bonds Exclusion of Eastern European and African SPVs T1/SDC Q01 All International EMEA Issuers Amended Nation List T1/SDC B19a Global Preferred, Hybrid and Capital Securities Corporate Issuers Inclusion of Credit Institutions T1/SDC J19a All Intl Preferred, Hybrid and Capital Securities-Corporate Issuers Inclusion of Credit Institutions T1/SDC financial.thomsonreuters.com/sdc-platinum-update