GLOBAL FIXED INCOME LEAGUE TABLES FY 2017

Transcription

1 GLOBAL FIXED INCOME LEAGUE TABLES FY 217

2 FULL YEAR 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 EMEA Asia Pacific Dean Psomaras Dimitris Gogos Shaili Mehta newissues@bloomberg.net emeacapmkts@bloomberg.net nimap@bloomberg.net 217 Bloomberg Finance L.P. All rights reserved.

3 Global Fixed Income FY 217 Global Fixed Income Review FY 217 credited Corporate & Financial Bonds volume increased 4.56% to USD 4.4 Trln while deal count increased 3.23% to 16,668 offerings year-on-year. Corporate Bonds volume increased 4.5% year-on-year to USD 2.2 Trln while the deal count increased 1.66% to 7,82. Financial Bonds volume increased 4.62% year-on-year to USD 2.2 Trln over 9,586 deals. JP Morgan ranked as the top Corporate & Financial Bonds underwriter for FY 217 with 5.94% market share. The bank underwrote 1,719 deals over the period. Citi and Bank of America Merrill Lynch ranked second and third with 5.43% and 5.41% market share, respectively. Global Corporate Leveraged Finance: Quarterly Volume USD Bln Corporate High Yield Bonds Global Sponsor-Led Loans Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Corporate & Financial Bonds: Highlights of FY 217 Quarters Top Underwriter JP Morgan Number of deals 1,719 Volume (USD Mln) 26,63 Avg Deal size (USD Mln) Market Summary Number of deals 16,668 Volume (USD Mln) 4,384,131 Avg Deal size (USD Mln) 263. Issuer Industry Volume (USD Mln) Date Postal Savings Bank of China Co Ltd Financials 7,25 9/21/217 China CITIC Bank Corp Ltd Financials 7,24 4/1/217 Industrial & Commercial Bank of China Ltd Financials 6,664 11/22/217 Industrial & Commercial Bank of China Ltd Financials 6,643 11/8/217 Agricultural Bank of China Ltd Financials 6,77 1/1/217 AT&T Inc Communications 5, 7/27/217 AT&T Inc Communications 5, 7/27/217 Broadcom Corp / Broadcom Cayman Finance Ltd Technology 4,8 1/11/217 China Evergrande Group Financials 4,68 6/21/217 Bank of China Ltd Financials 4,569 9/21/217 Corporate & Financial Bonds: Industry Breakdown 15% 5% 5% 52% 6% 8% 9% Financials 52% Consumer Discretionary 9% Industrials 8% Utilities 6% Energy 5% Communications 5% Others 15% Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield Investment Grade 1,4 1,2 6, 5, Corporate & Financial Bonds: Spread to Benchmark USD Bln 1, 8 6 4, 3, Deal Count 7 6 High Yield Investment Grade 4 2 2, 1, Basis points 4 2 Q4 Q Q4 Q Q4 Q Quarters Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Q4 Q Q4 Q Q4 Q Bloomberg League Table Reports Page 1

4 Global Fixed Income FY 217 Corporate Bonds Financial Bonds JP Morgan ,118 1, Bank of America Merrill Lynch ,6 1, Citi , Goldman Sachs , Barclays , Morgan Stanley , Deutsche Bank , HSBC , Credit Suisse , BNP Paribas , Wells Fargo , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , RBC Capital Markets , Societe Generale , Banco Santander , Sumitomo Mitsui Financial , Credit Agricole CIB , UBS , TD Securities , TOTAL 1% 2,163,278 7,82 1% Global SSA Bonds Citi , JP Morgan , HSBC , Barclays , Bank of America Merrill Lynch , Deutsche Bank , Goldman Sachs , TD Securities , BNP Paribas , Nomura , RBC Capital Markets , Morgan Stanley , UniCredit , Societe Generale , Credit Agricole CIB , Wells Fargo , BMO Capital Markets , Daiwa Securities , Mizuho Financial , NatWest Markets , TOTAL 1% 1,523,999 6,79 1% Morgan Stanley , Citi , JP Morgan , Goldman Sachs , Bank of America Merrill Lynch , HSBC , UBS , Barclays , Deutsche Bank , Credit Suisse , BNP Paribas , Wells Fargo , Credit Agricole CIB , RBC Capital Markets , CITIC Securities Co Ltd , Landesbank Hessen-Thuringen Girozentrale , Industrial & Comm Bank of China , Bank of China , Mizuho Financial , Societe Generale , TOTAL 1% 2,22,852 9,586 1% International Bonds JP Morgan ,36 2, Citi ,493 1, Bank of America Merrill Lynch ,87 1, HSBC ,724 1, Barclays ,57 1, Goldman Sachs ,749 1, Deutsche Bank ,596 1, Morgan Stanley , BNP Paribas ,698 1, Credit Suisse , Credit Agricole CIB , Societe Generale , Wells Fargo , UniCredit , RBC Capital Markets , UBS , Mizuho Financial , TD Securities , Mitsubishi UFJ Financial Group Inc , Banco Santander , TOTAL 1% 4,55,118 1,289 1% Bloomberg League Table Reports Page 2

5 Global Fixed Income FY 217 Global Bonds Corporate High Yield Bonds JP Morgan , Bank of America Merrill Lynch , Citi , Goldman Sachs , Morgan Stanley , Barclays , Deutsche Bank , Wells Fargo , HSBC , TD Securities , RBC Capital Markets , Mitsubishi UFJ Financial Group Inc , Credit Suisse , BNP Paribas , Mizuho Financial , Nomura , BMO Capital Markets , US Bancorp , Scotiabank , UBS , TOTAL 1% 1,96,13 1,489 1% Global Green Bonds - Corporate & Government Credit Agricole CIB , HSBC , BNP Paribas , JP Morgan , Bank of America Merrill Lynch , Citi , Societe Generale , Barclays , SEB , Natixis , Morgan Stanley , CITIC Securities Co Ltd , China Securities Co Ltd , Goldman Sachs , Deutsche Bank , Industrial & Comm Bank of China , Banco Santander , TD Securities , Nordea , Banco Bilbao Vizcaya Argentaria , TOTAL 1% 111, % JP Morgan , Goldman Sachs , Bank of America Merrill Lynch , Morgan Stanley , Credit Suisse , Barclays , Citi , Deutsche Bank , Wells Fargo , HSBC , RBC Capital Markets , BNP Paribas , UBS , Jefferies , Credit Agricole CIB , Societe Generale , CITIC Securities Co Ltd , BMO Capital Markets , Mizuho Financial , UniCredit , TOTAL 1% 574,529 1,454 1% International Sukuk HSBC , Standard Chartered Bank , JP Morgan , Citi , Deutsche Bank , First Abu Dhabi Bank PJSC , Dubai Islamic Bank , BNP Paribas , National Commercial Bank , Emirates NBD PJSC , Gulf International Bank BSC Mandiri Sekuritas PT Noor Bank Maybank Natixis Kuwait Finance House QInvest LLC Warba Bank alizz Islamic Bank SAOG Bank ABC TOTAL 1% 29, % Bloomberg League Table Reports Page 3

6 Global Fixed Income FY 217 US Fixed Income Review FY 217 credited US Corporate Bonds volume increased 1.4% to USD 1.8 Trln while deal count increased 26.42% to 3,5 offerings year-on-year. US Investment Grade Corporate Bonds volume increased 5.52% year-on-year to USD 1.4 Trln while the deal count increased 21.28% to 2,211. US High Yield Corporate Bonds volume increased 31.8% year-on-year to USD Bln over 648 deals. JP Morgan ranked as the top US Corporate Bonds underwriter for FY 217 with 11.52% market share. The bank underwrote 1,264 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with 1.48% and 9.9% market share, respectively. US Corporate Bonds: Highlights of FY 217 USD Bln US Leveraged Finance: Quarterly Volume Q4 Q Q4 Q Q4 Q Quarters US Leveraged Loans US High Yield Corporate Bonds Q4 Q Q4 Q Q4 Q Top Underwriter JP Morgan Number of deals 1,264 Volume (USD Mln) 23,851 Avg Deal size (USD Mln) Market Summary Number of deals 3,5 Volume (USD Mln) 1,77,22 Avg Deal size (USD Mln) 589. Issuer US Domestic Bonds: Quarterly Volume Industry Volume (USD Mln) Date AT&T Inc Communications 5, 7/27/217 AT&T Inc Communications 5, 7/27/217 Broadcom Corp / Broadcom Cayman Finance Ltd Technology 4,8 1/11/217 AT&T Inc Communications 4,5 7/27/217 Microsoft Corp Technology 4, 1/3/217 Wells Fargo & Co Financials 3,75 7/17/217 Wells Fargo & Co Financials 3,75 1/17/217 Broadcom Corp / Broadcom Cayman Finance Ltd Technology 3,5 1/11/217 BAT Capital Corp Consumer Staples 3,5 8/8/217 Amazon.com Inc Consumer Discretionary 3,5 8/15/217 US Corporate Bonds: Industry Breakdown 5% 6% 6% 6% 39% 6% 7% 7% 8% 1% Financials 39% Consumer Discretionary 1% Energy 8% Technology 7% Communications 7% Utilities 6% Consumer Staples 6% Industrials 6% Health Care 6% Others 5% Deal Count Other High Yield 8 Investment Grade 1,8 US Domestic Bonds: Spread to Benchmark 1,5 High Yield 6 7 Investment Grade USD Bln 4 2 1, 5 Deal Count Basis points Q4 Q Q4 Q Q4 Q Quarters Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Q4 Q Q4 Q Q4 Q Bloomberg League Table Reports Page 4

7 Global Fixed Income FY 217 US Domestic Bonds US Agency Bonds JP Morgan ,829 1, Citi ,321 1, Bank of America Merrill Lynch ,93 1, Goldman Sachs , Morgan Stanley ,96 1, Barclays , Wells Fargo ,35 1, Deutsche Bank , HSBC , Credit Suisse , RBC Capital Markets , BNP Paribas , TD Securities , Mizuho Financial , UBS , Mitsubishi UFJ Financial Group Inc , Nomura , US Bancorp , BMO Capital Markets , Jefferies , TOTAL 1% 2,374,272 5,742 1% US Corporate Bonds JP Morgan ,851 1, Bank of America Merrill Lynch ,436 1, Citi ,246 1, Goldman Sachs , Morgan Stanley , Wells Fargo , Barclays , Deutsche Bank , Credit Suisse , HSBC , RBC Capital Markets , UBS , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , BNP Paribas , US Bancorp , TD Securities , Banco Santander , Credit Agricole CIB , Sumitomo Mitsui Financial , TOTAL 1% 1,77,22 3,5 1% Barclays , Wells Fargo , Citi , Nomura , TD Securities , JP Morgan , Jefferies , HSBC , Morgan Stanley , Daiwa Securities , Mizuho Financial , Bank of America Merrill Lynch , FTN Financial , INTL FCStone Inc , Incapital , Bank of New York Mellon , Goldman Sachs , Stifel , Loop Capital Markets LLC , Deutsche Bank , TOTAL 1% 32,516 4,747 1% US Dollar Foreign Issuer Bonds Citi , JP Morgan , HSBC , Bank of America Merrill Lynch , Goldman Sachs , Deutsche Bank , Morgan Stanley , Barclays , BNP Paribas , UBS , Credit Suisse , Standard Chartered Bank , TD Securities , RBC Capital Markets , Nomura , Credit Agricole CIB , Mizuho Financial , BMO Capital Markets , Wells Fargo , Mitsubishi UFJ Financial Group Inc , TOTAL 1% 1,384,49 2,955 1% Bloomberg League Table Reports Page 5

8 Global Fixed Income FY 217 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 , Deutsche Bank , HSBC , Credit Suisse , RBC Capital Markets , UBS , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , BNP Paribas , US Bancorp , TD Securities , Sumitomo Mitsui Financial , Banco Santander , Societe Generale , TOTAL 1% 1,41,56 2,211 1% JP Morgan , Bank of America Merrill Lynch , Goldman Sachs , Citi , Barclays , Morgan Stanley , Credit Suisse , Wells Fargo , Deutsche Bank , RBC Capital Markets , Jefferies , BMO Capital Markets , SunTrust Robinson Humphrey , UBS , HSBC , Mitsubishi UFJ Financial Group Inc , BNP Paribas , Scotiabank , Credit Agricole CIB , Societe Generale , TOTAL 1% 312, % US Dollar Preferreds Morgan Stanley , Wells Fargo , Bank of America Merrill Lynch , UBS , RBC Capital Markets , Stifel , JP Morgan , Bank of Philippine Islands Citi Raymond James & Associates BMO Capital Markets Ladenburg Thalmann & Co Sandler O'Neill & Partners BDO UNIBANK INC Jefferies Janney Montgomery Scott LLC BB&T FBR Capital Markets Corp Goldman Sachs Credit Suisse TOTAL 1% 21, % Bloomberg League Table Reports Page 6

9 Global Fixed Income FY 217 Canada Fixed Income Review FY 217 credited Canada Corporate Bonds volume increased 22.55% to CAD 19.2 Bln while deal count increased 32.95% to 234 offerings year-on-year. Canada Corporate Bonds - Bonus volume increased 22.55% year-on-year to CAD 19.2 Bln while the deal count increased 32.95% to 234. Canada Government Bonds volume decreased 6.95% year-on-year to CAD 15.3 Bln over 477 deals. RBC Capital Markets ranked as the top Canada Corporate Bonds underwriter for FY 217 with 21.9% market share. The bank underwrote 114 deals over the period. CIBC and TD Securities ranked second and third with 18.7% and 17.83% market share, respectively. USD Bln Canada Corporate Bonds: Quarterly Volume Q4 Q Q4 Q Q4 Q Deal Count Q4 Q Q4 Q Amount Q4 Q Deal Count Quarters Canada Corporate Bonds Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) RBC Capital Markets , CIBC , TD Securities , BMO Capital Markets , Scotiabank , HSBC , National Bank Financial Inc , Bank of America Merrill Lynch , Desjardins Capital Markets , Laurentian Bank of Canada , TOTAL 1% 19, % Canada Corporate Bonds: Industry Breakdown 8% 5% 5% 9% 48% 11% 14% Financials 48% Energy 14% Consumer Discretionary 11% Utilities 9% Communications 5% Consumer Staples 5% Others 8% 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 National Bank Financial Inc , TD Securities , RBC Capital Markets , CIBC , BMO Capital Markets , Scotiabank , Desjardins Capital Markets HSBC Bank of America Merrill Lynch Laurentian Bank of Canada TOTAL 1% 15, % Market Share (%) 2 1 RBC Capital Markets CIBC TD Securities BMO Capital Markets Scotiabank HSBC Bloomberg League Table Reports Page 7

10 Global Fixed Income FY 217 Latin America Fixed Income Review 8 Latin American Bonds: Quarterly Volume Deal Count Amount 4 FY 217 credited Latin American Bonds volume increased 19.91% to USD Bln while deal count increased 46.82% to 762 offerings year-on-year. Latin American Local Currency Bonds volume increased 68.2% year-on-year to USD 64.9 Bln while the deal count increased 46.1% to 881. Brazilian Domestic Bonds volume increased 49.18% year-on-year to BRL 8. Bln over 276 deals. Citi ranked as the top Latin American Bonds underwriter for FY 217 with 11.95% market share. The bank underwrote 112 deals over the period. JP Morgan and HSBC ranked second and third with 9.34% and 9.27% market share, respectively. USD Bln Deal Count Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Latin American Bonds Citi , JP Morgan , HSBC , Banco Santander , Banco Itau BBA , Bank of America Merrill Lynch , Banco Bilbao Vizcaya Argentaria , Bradesco BBI SA , Deutsche Bank , Morgan Stanley , TOTAL 1% 183, % 6% 6% 7% 8% 14% Latin American Bonds: Industry Breakdown 6% 35% 17% Government 35% Financials 17% Energy 14% Utilities 8% Materials 7% Consumer Discretionary 6% Industrials 6% Others 6% Latin American Local Currency Bonds Latin American Bonds: Manager Rankings History Banco Itau BBA , Banco Santander , Bradesco BBI SA , Banco Bilbao Vizcaya Argentaria , Citi , HSBC , Scotiabank , JP Morgan , Bank of America Merrill Lynch , Banco BTG Pactual , TOTAL 1% 64, % Market Share (%) 1 5 Citi JP Morgan HSBC Banco Santander Banco Itau BBA Bank of America Merrill Lynch Bloomberg League Table Reports Page 8

11 Global Fixed Income FY 217 EMEA Fixed Income Review FY 217 credited European Corporate & Financial Bonds volume increased 4.33% to EUR 1.2 Trln while deal count increased 9.67% to 5,264 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume increased 1.67% year-on-year to EUR Bln while the deal count increased 7.63% to 762. HSBC ranked as the top European Corporate & Financial Bonds underwriter for FY 217 with 5.68% market share. The bank underwrote 474 deals over the period. Barclays and Deutsche Bank ranked second and third with 5.39% and 5.3% market share, respectively. European Corporate & Financial Bonds: Highlights of FY 217 European Corporate & Financial Bonds: Industry Breakdown 18% 5% 6% 62% 9% Financials 62% Consumer Discretionary 9% Industrials 6% Utilities 5% Others 18% Top Underwriter HSBC Number of deals 474 Volume (EUR Mln) 67,18 Avg Deal size (EUR Mln) Market Summary Number of deals 5,264 Volume (EUR Mln) 1,18,762 Avg Deal size (EUR Mln) Issuer Industry Volume (EUR Mln) Date Banca Monte dei Paschi di Siena SpA Financials 4,268 3/1/217 BAT Capital Corp Consumer Staples 3,5 8/8/217 HSBC Holdings PLC Financials 3, 5/15/217 Volkswagen International Finance NV Volkswagen International Finance NV Consumer Discretionary Consumer Discretionary 2,695 3/23/217 2,695 3/23/217 BAT Capital Corp Consumer Staples 2,5 8/8/217 BAT Capital Corp Consumer Staples 2,5 8/8/217 HSBC Holdings PLC Financials 2,5 3/6/217 HSBC Holdings PLC Financials 2,5 3/6/217 Reckitt Benckiser Treasury Services PLC Consumer Staples 2,5 6/21/217 European Corporate & Financial Bonds: Spread to Benchmark 8 High Yield Investment Grade 6 European Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield Basis points Investment Grade 2,5 Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q , Quarters EUR Bln ,5 1, Deal Count 1 5 Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Q4 Q Quarters Bloomberg League Table Reports Page 9

12 Global Fixed Income FY 217 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 , Societe Generale , Credit Agricole CIB , Bank of America Merrill Lynch , UniCredit , UBS , Credit Suisse , NatWest Markets , Morgan Stanley , Banco Santander , Commerzbank , Natixis , Intesa Sanpaolo , Landesbank Hessen-Thuringen Girozentrale , TOTAL 1% 1,71,856 6,887 1% Eastern European Bonds VTB Capital , Gazprombank , JP Morgan , Sberbank CIB CJSC , UniCredit , Raiffeisen Bank International Group , Citi , Societe Generale , BNP Paribas , Deutsche Bank , Goldman Sachs , Barclays , ING Groep , Sovcombank ICB JSC , HSBC , Erste Group Bank , Intesa Sanpaolo , Otkritie Financial Corp JSC , Rosselkhozbank OJSC , PKO Bank Polski SA , TOTAL 1% 1, % 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 , UniCredit , Credit Agricole CIB , Bank of America Merrill Lynch , Societe Generale , UBS , NatWest Markets , Credit Suisse , Morgan Stanley , Banco Santander , Commerzbank , Intesa Sanpaolo , Natixis , Landesbank Hessen-Thuringen Girozentrale , TOTAL 1% 1,652,852 6,483 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 , Goldman Sachs , Credit Suisse , BNP Paribas , Deutsche Bank , Barclays , HSBC , Morgan Stanley , Citi , Bank of America Merrill Lynch , Societe Generale , Credit Agricole CIB , UniCredit , ING Groep , NatWest Markets , UBS , Natixis , Intesa Sanpaolo , Banco Santander , Nordea , TOTAL 1% 93, % Bloomberg League Table Reports Page 1

13 Global Fixed Income FY 217 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 , Societe Generale , Citi , JP Morgan , Bank of America Merrill Lynch , UniCredit , Goldman Sachs , Banco Santander , Credit Agricole CIB , Mitsubishi UFJ Financial Group Inc , Mizuho Financial , NatWest Markets , Commerzbank , Credit Suisse , Morgan Stanley , ING Groep , Banco Bilbao Vizcaya Argentaria , TOTAL 1% 344, % Euro Currency Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BNP Paribas , Barclays , HSBC , Deutsche Bank , UniCredit , Societe Generale , Credit Agricole CIB , Goldman Sachs , JP Morgan , Citi , Bank of America Merrill Lynch , Commerzbank , Morgan Stanley , Natixis , Landesbank Baden-Wuerttemberg , Banco Santander , Landesbank Hessen-Thuringen Girozentrale , NatWest Markets , ING Groep , Intesa Sanpaolo , TOTAL 1% 1,289,871 3,64 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 , Morgan Stanley , Credit Suisse , BNP Paribas , Deutsche Bank , HSBC , Citi , Barclays , Societe Generale , UniCredit , Bank of America Merrill Lynch , ING Groep , Credit Agricole CIB , UBS , NatWest Markets , VTB Capital , Sberbank CIB CJSC , Gazprombank , Intesa Sanpaolo , TOTAL 1% 119, % 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 , HSBC , Deutsche Bank , UniCredit , Credit Agricole CIB , Societe Generale , JP Morgan , Goldman Sachs , Bank of America Merrill Lynch , Citi , Morgan Stanley , Banco Santander , Landesbank Hessen-Thuringen Girozentrale , NatWest Markets , Credit Suisse , Natixis , Intesa Sanpaolo , ING Groep , Commerzbank , TOTAL 1% 978,41 2,997 1% Bloomberg League Table Reports Page 11

14 Global Fixed Income FY 217 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 , RBC Capital Markets , Lloyds Bank , Deutsche Bank , JP Morgan , Morgan Stanley , Citi , Banco Santander , Bank of America Merrill Lynch , Credit Suisse , Goldman Sachs , BNP Paribas , Nomura , TD Securities , UBS , Scotiabank , FMS Wertmanagement , Mitsubishi UFJ Financial Group Inc , TOTAL 1% 136, % 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 , ABG Sundal Collier Asa , Pareto Securities , HSBC , JP Morgan , Carnegie , Credit Agricole CIB , Barclays , Nomura , Goldman Sachs , Bank of America Merrill Lynch , Arctic Securities , Citi , BNP Paribas , Daiwa Securities , TOTAL 1% 355, % 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 Commerzbank Aargauische Kantonalbank Citi Luzerner Kantonalbank Vontobel Holding AG Cie Financiere Tradition SA Banque Cantonale de Geneve Thurgauer Kantonalbank Banque Cantonale Vaudoise JP Morgan VTB Capital TOTAL 1% 52, % Sub-Sahara Africa Currency Bonds Standard Bank of South Africa , FirstRand Ltd , Nedbank Ltd , Barclays Barclays Africa Group Ltd Strategic African Securities Ltd Investec ABSA Bank Limited Standard Chartered Bank Fidelity Bank Ltd JP Morgan RBC Capital Markets Daiwa Securities TD Securities BNP Paribas Steinhoff Services Ltd Industrial & Comm Bank of China Telkom SA SOC Ltd MCB Registry & Securities Ltd Citi TOTAL 1% 14, % Bloomberg League Table Reports Page 12

15 Global Fixed Income FY 217 CEEMEA Bonds MENA Bonds & Sukuk JP Morgan , Citi , HSBC , VTB Capital , Standard Chartered Bank , BNP Paribas , Deutsche Bank , Goldman Sachs , Gazprombank , Barclays , Sberbank CIB CJSC , UniCredit , Societe Generale , First Abu Dhabi Bank PJSC , Bank of America Merrill Lynch , Raiffeisen Bank International Group , Mitsubishi UFJ Financial Group Inc , Standard Bank of South Africa , Gulf International Bank BSC , ING Groep , TOTAL 1% 275,847 1,9 1% JP Morgan , HSBC , Citi , Standard Chartered Bank , First Abu Dhabi Bank PJSC , BNP Paribas , Gulf International Bank BSC , Deutsche Bank , Mitsubishi UFJ Financial Group Inc , Goldman Sachs , Bank of America Merrill Lynch , Natixis , Morgan Stanley , National Commercial Bank , Emirates NBD PJSC , Barclays , NBK Capital , Qatar National Bank , Credit Agricole CIB , Dubai Islamic Bank , TOTAL 1% 98, % Africa Bonds Citi , Standard Bank of South Africa , Standard Chartered Bank , JP Morgan , Natixis , BNP Paribas , FirstRand Ltd , Barclays , Nedbank Ltd , Deutsche Bank , Qatar National Bank , HSBC Strategic African Securities Ltd Investec Barclays Africa Group Ltd Bank of America Merrill Lynch Fidelity Bank Ltd Societe Generale RBC Capital Markets Credit Suisse TOTAL 1% 41, % Bloomberg League Table Reports Page 13

16 Global Fixed Income FY 217 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 , La Caixa , BNP Paribas , Morgan Stanley , Goldman Sachs , Societe Generale , JP Morgan , Credit Agricole CIB , Bank of America Merrill Lynch , Banco Sabadell , UniCredit , NatWest Markets , Credit Suisse , Natixis , Deutsche Bank , Nomura , TOTAL 1% 17, % Spain Financials Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Santander , Barclays , Bank of America Merrill Lynch , Citi , La Caixa , HSBC , Goldman Sachs , Banco Bilbao Vizcaya Argentaria , Banco Sabadell , BNP Paribas , Credit Suisse , Credit Agricole CIB , JP Morgan , Morgan Stanley , Nomura , Natixis , Societe Generale , Deutsche Bank , Banco Popular Espanol SA UBS TOTAL 1% 41, % Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley , Banco Santander , Banco Bilbao Vizcaya Argentaria , Barclays , Societe Generale , La Caixa , JP Morgan , Citi , HSBC , BNP Paribas , Credit Agricole CIB , NatWest Markets UniCredit Goldman Sachs Mizuho Financial ING Groep Mediobanca Deutsche Bank Intesa Sanpaolo Credit Suisse TOTAL 1% 27, % 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 , HSBC , Barclays , Citi , La Caixa , BNP Paribas , Goldman Sachs , Societe Generale , Credit Agricole CIB , JP Morgan , Morgan Stanley NatWest Markets UniCredit Bankia CECABANK SA Norbolsa Nomura Beka Finance SV SA Abanca Corporacion Bancaria SA TOTAL 1% 37, % Bloomberg League Table Reports Page 14

17 Global Fixed Income FY 217 Asia ex-japan Fixed Income Review Asia ex-japan G3 Currency Bonds: Quarterly Volume Deal Count Other FY 217 credited Asia ex-japan G3 Currency Bonds volume increased 61.86% to USD Bln while deal count increased 49.56% to 673 offerings year-on-year. Asia ex-japan G3 Investment Grade Bonds volume increased 46.65% year-on-year to USD Bln while the deal count increased 39.46% to 417. Asia ex-japan G3 Corporate High Yield Bonds volume increased % year-on-year to USD 48.2 Bln over 136 deals. HSBC ranked as the top Asia ex-japan G3 Currency Bonds underwriter for FY 217 with 7.84% market share. The bank underwrote 275 deals over the period. Citi and Standard Chartered Bank ranked second and third with 6.69% and 5.77% market share, respectively. USD Bln 1 5 Q4 Q Q4 Q Q4 Q Q4 Q High Yield Investment Grade Q4 Q Q4 Q Deal Count Quarters Asia ex-japan G3 Currency Bonds: Highlights of FY 217 Issuer Industry Volume (USD Mln) Date Postal Savings Bank of China Co Ltd Financials 7,25 9/21/217 China Evergrande Group Financials 4,68 6/21/217 Alibaba Group Holding Ltd Consumer Discretionary 2,55 11/29/217 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 Philippine Government International Bond Government 2, 1/18/217 CNAC HK Finbridge Co Ltd Materials 2, 12/15/217 Perusahaan Penerbit SBSN Indonesia III Government 2, 3/22/217 CNAC HK Synbridge Co Ltd Materials 2, 5/3/217 Asia ex-japan G3 Currency Bonds: Industry Breakdown 1% 5% 5% 6% 51% 7% 16% Financials 51% Government 16% Utilities 7% Consumer Discretionary 6% Materials 5% Energy 5% Others 1% Asia ex-japan G3 Currency Bonds: Largest Deals by Country Issuer Volume (USD Mln) Date Country Postal Savings Bank of China Co Ltd 7,25 9/21/217 China Radiant Access Ltd 1,5 5/11/217 Hong Kong Vedanta Resources PLC 1, 8/3/217 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 Export-Import Bank of Korea 1, 1/24/217 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 5 11/9/217 Thailand Asia ex-japan G3 Currency Bonds: Manager Rankings History Market Share (%) HSBC Citi Standard Chartered Bank Bank of China Deutsche Bank JP Morgan Bloomberg League Table Reports Page 15

18 Global Fixed Income FY 217 Asia ex-japan Issuer G3 Currency Bonds APAC ex-japan Issuer G3 Currency Bonds HSBC , Citi , Standard Chartered Bank , Bank of China , Deutsche Bank , JP Morgan , Goldman Sachs , Morgan Stanley , Bank of America Merrill Lynch , BNP Paribas , UBS , Industrial & Comm Bank of China , DBS Group , Credit Suisse , China Construction Bank , Haitong Securities Co Ltd , Barclays , Credit Agricole CIB , Bank of Communications , ANZ Banking Group , TOTAL 1% 327, % Asia ex-japan G3 Investment Grade Bonds HSBC , Citi , Standard Chartered Bank , Bank of China , Bank of America Merrill Lynch , Goldman Sachs , Deutsche Bank , JP Morgan , BNP Paribas , Morgan Stanley , China Construction Bank , Industrial & Comm Bank of China , UBS , Credit Agricole CIB , Bank of Communications , DBS Group , Barclays , Mizuho Financial , ANZ Banking Group , Credit Suisse , TOTAL 1% 226, % HSBC , Citi , JP Morgan , Standard Chartered Bank , Bank of America Merrill Lynch , Bank of China , Morgan Stanley , Deutsche Bank , Goldman Sachs , BNP Paribas , UBS , Credit Suisse , DBS Group , Industrial & Comm Bank of China , ANZ Banking Group , China Construction Bank , Barclays , Credit Agricole CIB , Haitong Securities Co Ltd , Bank of Communications , TOTAL 1% 44, % Asia ex-japan G3 Corporate High Yield Bonds Haitong Securities Co Ltd , Credit Suisse , HSBC , Deutsche Bank , Morgan Stanley , Citi , China Citic Bank , Standard Chartered Bank , JP Morgan , DBS Group , Guotai Junan Securities Co Ltd , Bank of China , Barclays , China Merchants Securities , Goldman Sachs , UBS , Bank of America Merrill Lynch Industrial & Comm Bank of China ANZ Banking Group BNP Paribas TOTAL 1% 48, % Bloomberg League Table Reports Page 16