TAIWAN CAPITAL MARKETS LEAGUE TABLES Q1 19 Preliminary As of 22 March 19
The 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 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 http://www.bloomberg.com/ for a full range of market-specific league table publications Q1 19 PRELIMINARY AS OF 22 MARCH 19 MANAGER RANKINGS TAIWAN CAPITAL MARKETS Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Equities Irene Huang +86 21 614 357 apecdr@bloomberg.net Fixed Income Sheng Chiu +886 2 7719 1467 nimap@bloomberg.net Loans Jewel Ho +852 2293 1498 aploans@bloomberg.net 19 Finance L.P. All rights reserved.
Taiwan Bonds: Industry Breakdown Taiwan Bonds 14% Volume (TWD Share CTBC Bank 1 25.527 9, 2 - - 25.527 Yuanta Financial Holding Co 2 22.198 8, 9 3 9.272 12.926 Masterlink Securities 3 9.822 3,54 5 6 3.311 6.511 Taishin Financial Holding Co 4 7.769 2,8 2 - - 7.769 KGI Securities 5 5.549 2, 5 4 4.35 1.244 Taiwan Cooperative Securities Co 5 5.549 2, 5 5 3.974 1.575 Fubon Securities 7 4.717 1,7 4 - - 4.717 Cathay Securities Corp 8 3.885 1,4 1 - - 3.885 Hua Nan Securities 9 3.33 1, 1 2 1.596-7.266 E.Sun Commercial Bank 1 2.775 1, 1 - - 2.775 Jih Sun Securities Co 1 2.775 1, 3 - - 2.775 Mega Financial Holding 12 1.942 7 2 - - 1.942 Fubon Financial Holding 13 1.665 6 2 - - 1.665 Capital Securities Corp 14.832 3 1 8.662.17 President Securities 14.832 3 1 - -.832 First Securities Inc 16.555 1 - -.555 SinoPac Financial Holdings 17.277 1 1 - -.277 TOTAL 1% 36,4 14 1% This table consists of debt securities denominated in Taiwanese Dollars, with market type "Domestic" or "Domestic MTN". This excludes assetbacked securities, bonds with warrants, convertible securities, and credit-linked 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. Financials 86% Government 14% 86% Taiwan Bonds: Manager ings History 45 4 3 1 CTBC Bank Yuanta Financial Holding Co 19 18 17 Masterlink Securities Taishin Financial Holding Co Taiwan Cooperative Securities Co KGI Securities League Table Reports Page 1
Taiwan International Bonds: Industry Breakdown Taiwan International Bonds Volume (USD Share Deutsche Bank 1 25.456 2,255 2 2 1.5 15.46 Credit Agricole CIB 2 23.76 2,1 2 9 4.3 19.46 Standard Chartered Bank 2 23.76 2,1 2 3 9.916 13.79 KGI Securities 4 5.837 517 8 1 11.164-5.327 HSBC 5 5.193 46 3 4 8.218-3.25 BNP Paribas 6 4.459 395 2 11 3.457 1.2 Yuanta Financial Holding Co 7 3.443 35 6 5 7.467-4.24 E.Sun Commercial Bank 8 2.55 226 8 6 7.165-4.615 Cathay United Bank 9 1.829 162 4 7 7.119-5.29 Fubon Financial Holding 1 1.613 143 7 12 3.31-1.418 Mega Financial Holding 11.399 35 2 18 1.855-1.456 Cathay Securities Corp 12.395 35 1 - -.395 Masterlink Securities 12.395 35 1 19 1.728-1.333 Fubon Securities 14.226 1 21.353 -.127 SinoPac Financial Holdings 14.226 1 8 6.472-6.246 Taishin Financial Holding Co 14.226 1 22.55.171 First Commercial Bank 17.169 15 1 - -.169 Bank of Taiwan 18.86 8 1 1 3.485-3.399 Societe Generale 18.86 8 1 13 3.17-2.931 TOTAL 1% 8,858 27 1% 6% 23% 71% Government 71% Financials 23% Communications 6% Taiwan International Bonds: Manager ings History 3 1 Deutsche Bank 19 18 17 Credit Agricole CIB Standard Chartered Bank KGI Securities HSBC BNP Paribas This table consists of debt & preferred securities denominated in non-taiwanese Dollar and listed on the Taipei exchange. This excludes assetbacked securities, bonds with warrants, convertible 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. League Table Reports Page 2
Taiwan International Bonds (TSA): Industry Breakdown Taiwan International Bonds (TSA Disclosed Amounts) Volume (USD Share Deutsche Bank 1 25.456 2,255 2 7 6.736 18.7 Credit Agricole CIB 2 23.76 2,1 2 16 2.38 21.326 Standard Chartered Bank 2 23.76 2,1 2 3 8.31 15.45 KGI Securities 4 5.13 452 8 2 1.734-5.631 Yuanta Financial Holding Co 5 4.8 427 9 4 7.838-3.18 HSBC 6 4.199 372 3 6 6.77-2.571 E.Sun Commercial Bank 7 4.24 356 11 1 12.46-8.436 BNP Paribas 8 2.991 265 2 11 3.541 -.55 Fubon Financial Holding 9 1.756 156 7 12 3.127-1.371 Cathay United Bank 1 1.468 13 6 5 6.93-5.462 Taishin Financial Holding Co 11.711 63 2.683.28 Masterlink Securities 12.621 55 1 18 2.68-1.447 SinoPac Financial Holdings 13.58 45 2 8 6.535-6.27 Mega Financial Holding 14.331 29 2 17 2.323-1.992 Cathay Securities Corp 15.169 15 1 - -.169 First Commercial Bank 15.169 15 1 - -.169 Bank of Taiwan 17.122 11 1 1 3.923-3.81 Fubon Securities 18.113 1 1 13 2.782-2.669 Societe Generale 19.24 2 1 19 1.421-1.397 TOTAL 1% 8,858 27 1% This table consists of debt & preferred securities denominated in non-taiwanese Dollar and listed on the Taipei exchange. This excludes assetbacked securities, bonds with warrants, convertible 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. Government 71% Financials 23% Communications 6% Taiwan International Bonds (TSA): Manager ings History 3 1 Deutsche Bank 23% Credit Agricole CIB 6% Standard Chartered Bank 71% 19 18 17 KGI Securities Yuanta Financial Holding Co HSBC League Table Reports Page 3
Taiwan Equity & Equity Linked: Industry Breakdown Taiwan Equity & Equity Linked Volume (TWD Share Yuanta Financial Holding Co 1 57.87 11,927 8 2 19.726 38.144 KGI Securities 2 17.739 3,656 6 3 1.811 6.928 Fubon Securities 3 6.134 1,264 8 7 4.366 1.768 Grand Fortune Securities Co 4 4.88 1,6 3 4 1.6-5.18 Capital Securities Corp 5 2.444 54 2 - - 2.444 Taiwan Cooperative Securities Co 6 2.426 5 2 - - 2.426 SinoPac Financial Holdings 7 2.411 497 1 8 3.599-1.188 Taishin Financial Holding Co 8 2.365 487 3 1 27.397-25.32 Waterland Securities Co 9 2.295 473 2 - - 2.295 Jih Sun Securities Co 1.7 144 2 14.64.96 Masterlink Securities 11.334 69 1 1 1.971-1.637 Mega Financial Holding 12.311 64 2 6 6.54-6.193 CTBC Financial Holding 13.53 11 1 - -.53 Concord Securities 14.39 8 1 9 3.332-3.293 TOTAL 1%,61 42 1% This table consists of equity & equity-linked securities issued by Taiwanese issuers. This excludes bonds with warrants, credit linked notes, best efforts, local market share sales and self-led offerings. There is a minimum threshold of 12 month minimum call, put & maturity periods. Please see League Table Standards and Guidelines for further details. 8% 7% 8% 9% 68% Technology 68% Financials 9% Materials 8% Consumer Discretionary 7% Others 8% Taiwan Equity & Equity Linked: Manager ings History 6 4 Yuanta Financial Holding Co 19 18 17 KGI Securities Fubon Securities Grand Fortune Securities Co Capital Securities Corp Taiwan Cooperative Securities Co League Table Reports Page 4
Taiwan Equity IPO: Industry Breakdown Taiwan Equity IPO 7% 6% Yuanta Financial Holding Co Volume (TWD Share 1 68.9 4,164 1 - - 68.9 Grand Fortune Securities Co 2 16.427 1,6 3 - - 16.427 SinoPac Financial Holdings 3 8.118 497 1 6 5.764 2.354 Capital Securities Corp 4 2.51 154 1 - - 2.51 Jih Sun Securities Co 5 2.356 144 2 - - 2.356 Taishin Financial Holding Co 6 1.429 87 1 4 13.251-11.822 Fubon Securities 7 1.151 7 1 8 2.284-1.133 TOTAL 1% 6,122 1 1% 87% Technology 87% Consumer Discretionary 7% Others 6% Taiwan Equity IPO: Manager ings History 7 6 4 Yuanta Financial Holding Co 19 18 17 Grand Fortune Securities Co SinoPac Financial Holdings Capital Securities Corp Jih Sun Securities Co Taishin Financial Holding Co This table consists of initial public offerings issued by Taiwanese issuers. This excludes best efforts, local market share sales, rights offerings, and self-led offerings. Please see League Table Standards and Guidelines for further details. League Table Reports Page 5
Taiwan Equity Offerings: Industry Breakdown Yuanta Financial Holding Co Taiwan Equity Offerings Volume (TWD Share 1 54.844 5,627 6 1 25.295 29.549 KGI Securities 2 21.51 2,6 4 3 18.532 2.969 Grand Fortune Securities Co 3 9.82 1,6 3 - - 9.82 SinoPac Financial Holdings 4 4.844 497 1 9 2.135 2.79 Fubon Securities 5 3.55 364 6 7 4.231 -.681 Capital Securities Corp 6 1.498 154 1 - - 1.498 Jih Sun Securities Co 7 1.46 144 2 - - 1.46 Taishin Financial Holding Co 8.853 87 1 5 8.883-8.3 Masterlink Securities 9.671 69 1 6 5.382-4.711 Mega Financial Holding 1.624 64 2 13.179.445 Waterland Securities Co 11.225 23 1 - -.225 CTBC Financial Holding 12.16 11 1 - -.16 Concord Securities 13.78 8 1 4 9.98-9. TOTAL 1% 1,26 3 1% This table consists of equity offerings issued by Taiwanese issuers. This excludes best efforts, local market share sales, rights offerings, and selfled offerings. Please see League Table Standards and Guidelines for further details. 6% 9% 1% 55% 18% Technology 55% Financials 18% Materials 1% Consumer Discretionary 9% Industrials 6% Others 2% Taiwan Equity Offerings: Manager ings History 55 4 Yuanta Financial Holding Co 19 18 17 KGI Securities Grand Fortune Securities Co SinoPac Financial Holdings Fubon Securities Capital Securities Corp League Table Reports Page 6
Taiwan Borrower Loans (Bookrunner): Industry Breakdown Taiwan Borrower Loans (Bookrunner) Volume (USD Share Mega Financial Holding 1 19.867 1,61 1 1 21.63-1.736 Taiwan Cooperative Financial Holding Co 2 16.286 87 5 3 12.65 3.681 First Commercial Bank 3 14.654 783 7 18.956 13.698 Bank of Taiwan 4 12.494 667 6 2 14.556-2.62 Taiwan Business Bank 5 5.7 34 5 17 1.777 3.923 CTBC Bank 6 4.157 222 3 1 2.374 1.783 Chang Hwa Commercial Bank 7 3.76 198 2 5 5.991-2.285 Taishin Financial Holding Co 8 3.54 187 2 19.862 2.642 Fubon Financial Holding 9 3.3 176 2 8 3.674 -.374 DBS Group 1 3.185 17 1 7 5.524-2.339 E.Sun Commercial Bank 11 2.691 144 1 - - 2.691 Mizuho Financial 11 2.691 144 1 11 2.2.489 Standard Chartered Bank 11 2.691 144 1 - - 2.691 Hua Nan Financial Holdings Co 14 2.27 18 2 6 5.634-3.67 Land Bank of Taiwan 15 1.395 75 2 4 7.381-5.986 Yuanta Financial Holding Co 16.68 32 1.329.279 KGI Bank 17.521 28 1 - -.521 Shin Kong Financial Holding Co 17.521 28 1 - -.521 TOTAL 1% 5,341 22 1% This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC 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. 4% 9% 31% 16% 16% 24% Technology 31% Consumer Discretionary 24% Materials 16% Industrials 16% Financials 9% Others 4% Taiwan Borrower Loans: Bookrunner ings History 3 1 Mega Financial Holding Taiwan Cooperative Financial Holding 19 18 17 First commercial Bank Bank of Taiwan Taiwan Business Bank CTBC Bank League Table Reports Page 7
Taiwan Borrower Loans (Mandated Lead Arranger): Industry Breakdown Taiwan Borrower Loans (Mandated Lead Arranger) Volume (USD Share Land Bank of Taiwan 1 1.295 55 9 4 8.78 1.587 First Commercial Bank 2 9.849 526 9 17 1.911 7.938 Mega Financial Holding 3 9.836 525 8 2 12.183-2.347 Taiwan Cooperative Financial Holding Co 4 9.794 523 8 3 12.68-2.274 Bank of Taiwan 5 7.54 41 6 1 13.396-5.892 Taiwan Business Bank 6 7.296 39 7 1.66 6.23 Hua Nan Financial Holdings Co 7 6.811 364 5 7 6.43.48 Chang Hwa Commercial Bank 8 5.676 33 4 5 7.422-1.746 CTBC Bank 9 4.826 258 4 9 3.163 1.663 Taishin Financial Holding Co 1 4.57 241 3 24.431 4.76 DBS Group 11 4.262 228 2 6 7.174-2.912 Cathay United Bank 12 2.594 139 3 1 2.532.62 Fubon Financial Holding 13 2.536 135 3 8 3.935-1.399 E.Sun Commercial Bank 14 2.8 111 2 - - 2.8 SinoPac Financial Holdings 14 2.8 111 2 19 1.122.958 Agricultural Bank of Taiwan 16 1.812 97 4 23.588 1.224 Yuanta Financial Holding Co 17 1.459 78 2 22.59.869 Union Bank Of Taiwan 18 1.363 73 1 - - 1.363 KGI Bank 19 1.77 58 1 21 1.49.28 Mizuho Financial 19 1.77 58 1 11 2.2-1.125 TOTAL 1% 5,341 22 1% Technology 31% Consumer Discretionary 24% Materials 16% Industrials 16% Financials 9% Others 4% Taiwan Borrower Loans: Mandated Lead Arranger ings History 3 1 16% 16% 9% 4% 24% 31% 19 18 17 This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC 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. Land Bank of Taiwan First Commercial Bank Mega Financial Holding Taiwan cooperative Financial Holding Bank of Taiwan Taiwan Business Bank League Table Reports Page 8
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. L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. 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 Professional Service.
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 $ million Series B, and a $ 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 $ 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 s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>. L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. 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 Professional Service.