GLOBAL PROJECT FINANCE REVIEW MANAGING UNDERWRITERS First Nine Months 2013
Global Project Finance Up 3% I Americas Volume Up 23% I EMEA Volume Up 22% First Nine Months 2013 MANAGING UNDERWRITERS Global Project Finance Review Global Deals Intelligence Global Project Finance for the first nine months of 2013 was recorded at US$147.5 billion, showing a slight uptick of 3% from the previous period. EMEA was the busiest market, accounting for 44.9% of global market activity. In the third quarter, Americas Project Finance experienced a 40.8% drop in proceeds compared to the second quarter, to just under US$10 billion compared to US$16.9 billion last quarter. Despite the drop off in volume, the strength of the second quarter drove Americas volumes in the first nine months up 22.7% compared with the same period last year. EMEA based projects in the third quarter received just US$16.3 billion of funding split amongst 38 projects, a 33.6% decrease from the US$24.6 billion raised in the second quarter. Year to date EMEA volumes were up 21.6% on the same time last year, with the and sectors accounting for 29.2% and 28.5% of volume, respectively. Asia Pacific and Japan volume reached US$46.3 billion in the first nine months, dropping 23.1% from the comparable period in 2012. The Petrochemical sector showed a 590.3% year-on-year increase, primarily driven by the US$5 billion Nghi Son Refinery project in Vietnam. Project Finance Regional Breakdown Proceeds (US$b) $180 ] $160 $140 $120 $100 $80 $60 $40 $20 $0 2009 2010 2011 2012 2013 EMEA Americas Asia-Pacific & Japan Global - Mandated Arrangers (X2) Global - Bookrunners (X3) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals State Bank of 1 2 11,092.5 7.5 2.3 22 5.6-3 State Bank of 1 1 10,999.5 12.7 5.3 18 7.1-2 Mitsubishi UFJ Financial Group 2 1 8,720.7 5.9-0.1 74 18.7 3 China Development Bank 2 16 7,700.0 8.9 7.5 3 1.2 1 China Development Bank 3 38 7,700.0 5.2 4.5 3 0.8 1 Mitsubishi UFJ Financial Group 3 3 4,997.4 5.8 1.2 34 13.3 12 Sumitomo Mitsui Finl Grp Inc 4 3 6,471.6 4.4 0.5 65 16.4 18 Mizuho Financial Group 4 4 3,188.0 3.7-0.3 20 7.8 5 Mizuho Financial Group 5 4 5,159.8 3.5 0.3 39 9.8 1 Axis Bank Ltd 5 5 2,445.5 2.8-0.9 13 5.1 5 Credit Agricole CIB 6 6 3,389.2 2.3 0.0 43 10.9 11 Societe Generale 6 7 2,375.7 2.8-0.1 10 3.9-5 Barclays 7 64 3,120.9 2.1 1.8 19 4.8 13 Sumitomo Mitsui Finl Grp Inc 7 9 2,269.9 2.6 0.3 19 7.5 9 HSBC Holdings PLC 8 7 2,888.1 2.0-0.2 23 5.8-1 Barclays 8 24 2,205.9 2.6 1.6 9 3.5 6 ING 9 15 2,637.5 1.8 0.3 30 7.6 8 Deutsche Bank 9 40 1,893.7 2.2 1.5 15 5.9 10 Deutsche Bank 10 37 2,541.6 1.7 0.9 26 6.6 17 ING 10 15 1,840.5 2.1 0.7 16 6.3 10 Axis Bank Ltd 11 11 2,445.5 1.7-0.2 13 3.3 4 Goldman Sachs & Co 11 59 1,769.6 2.1 1.9 9 3.5 8 Standard Chartered PLC 12 21 2,344.1 1.6 0.4 22 5.6 13 RBC Capital Markets 12 10 1,767.5 2.0-0.1 11 4.3 5 Societe Generale 13 8 2,322.9 1.6-0.5 24 6.1-4 Credit Agricole CIB 13 6 1,740.5 2.0-1.7 19 7.5 5 RBC Capital Markets 14 16 2,294.2 1.6 0.1 16 4.0 2 Bank of America Merrill Lynch 14-1,688.3 2.0 2.0 4 1.6 4 National Australia Bank 15 17 2,196.9 1.5 0.0 21 5.3 5 BNP Paribas SA 15 18 1,467.4 1.7 0.4 9 3.5 1 BNP Paribas SA 16 12 2,163.0 1.5-0.3 26 6.6 0 Credit Suisse 16 23 1,402.1 1.6 0.5 7 2.7 4 Bank of America Merrill Lynch Natixis 17 18 124* 36 2,159.0 2,152.7 1.5 1.5 1.4 0.7 9 25 2.3 6.3 7 5 Cassa Depositi e Prestiti JP Morgan 17 18-34 1,249.0 1,204.6 1.4 1.4 1.4 0.6 1 3 0.4 1.2 1 1 Commonwealth Bank of Australia 19 14 1,862.1 1.3-0.3 20 5.1 5 Korea Development Bank 19 2 1,119.3 1.3-4.1 6 2.4-9 CIBC World Markets Inc 20 32 1,818.3 1.2 0.3 14 3.5 5 Standard Chartered PLC 20 27 1,044.8 1.2 0.2 5 2.0 3 Goldman Sachs & Co 21 98 1,793.4 1.2 1.1 11 2.8 10 Natixis 21 22 1,028.8 1.2 0.1 11 4.3-3 ANZ Banking Group 22 24 1,721.2 1.2 0.1 20 5.1 6 National Australia Bank 22 42 996.2 1.2 0.6 4 1.6 2 Korea Development Bank 23 5 1,665.5 1.1-1.5 11 2.8-8 UniCredit 23 20 963.0 1.1-0.1 9 3.5 0 JP Morgan 24 51 1,535.9 1.0 0.5 4 1.0 1 Scotiabank 24 26 875.0 1.0 0.0-2 0.8-4 Credit Suisse 25 33 1,475.1 1.0 0.1 8 2.0 2 RBS 25 49 850.2 1.0 0.7 6 2.4 2 83,671.7 56.9 12.2 59,082.4 68.4 19.2 Total 147,458.9 100.0 396-5 Total 86,520.4 100.0 255-1 % Change over Same Period Last Year % Change over Last Quarter * Tie 3.0% -38.9% -1.2% -3.0% % Change over Same Period Last Year % Change over Last Quarter 11.6% -45.0% -0.4% -11.5% 1
First Nine Months Project Finance Managing Underwriters Global Project Finance Scorecard: Global Project Finance Top Global Project Finance Deals Closing Borrower Package Amt Domicile Sector Region Proceeds No. Proceeds No. % Chge in Date US$m Nation US$m Issues US$m Issues Proceeds 5/28/2013 Sabine Pass Liquefaction LLC 5,900.0 United States Global 147,458.9 396 143,126.1 401 3.0 6/4/2013 Nghi Son Refinery 5,000.0 Vietnam Americas Central America 34,912.9 843.9 87 5 28,452.2 3,952.5 92 14 22.7-78.6 4/30/2013 5/22/2013 Asia Gas Pipeline Tata Steel Odisha Ltd 4,700.0 4,096.9 Kazakhstan South America 5,091.5 15 7,880.4 22-35.4 4/10/2013 EMAL 4,000.0 Utd Arab Em North America 28,925.0 66 16,619.3 56 74.0 6/16/2013 Sadara Chemical Co 3,959.6 Saudi Arabia Caribbean 52.5 1 - - - - 3/27/2013 Gebze-Orhangazi-Izmir Highway 2,800.0 Turkey EMEA 66,249.1 149 54,502.6 165 21.6 1/29/2013 ONGC Petro-additions Ltd 2,785.9 Africa/Middle East/Central Asia 29,875.1 42 14,983.1 24 99.4 6/27/2013 Thameslink Rail 2,462.8 United Kingdom North Africa - - 4,488.8 3 - - 3/25/2013 BreBeMi Toll Road 2,337.4 Italy Sub-Saharan Africa 8,262.3 27 2,202.8 8 275.1 Middle East 13,912.8 12 5,377.5 11 158.7 Central Asia 7,700.0 3 2,914.0 2 164.2 Global Project Finance By Sector (US$m) Europe 36,374.0 107 39,519.5 141-8.0 Eastern Europe 9,232.1 10 6,078.6 13 51.9 Western Europe 27,141.9 97 33,440.9 128-18.8 Asia-Pacific 43,504.5 138 57,843.8 133-24.8 Australasia 12,452.9 31 24,306.2 2 26-48.8 8 3% 2% Southeast Asia 10,379.8 45 11,074.7 19-6.3 North Asia 5,002.9 12 6,142.9 23-18.6 South Asia 15,668.9 50 16,320.0 65-4.0 5% Japan 2,792.5 22 2,327.6 11 20.0 7% 45,389.2 31% Sector Analysis Proceeds Mkt. No. Proceeds Mkt. No. Chg. in Project Finance Sector US$m Sh % Issues US$m Sh % Issues Mkt. Sh 45,389.2 30.8 226 45,949.5 32.1 207-1.3 32,943.8 22.3 43 38,476.6 26.9 42-4.6 27,760.2 18.8 51 33,786.5 23.6 72-4.8 17,010.0 11.5 18 3,196.8 2.2 11 9.3 10,229.6 6.9 7 4,021.0 2.8 7 4.1 Leisure & Property 7,197.1 4.9 23 9,181.0 6.4 34-1.5 Water & Sewerage 2,356.2 1.6 8 3,190.6 2.2 10-0.6 Telecommunications 1,948.0 1.3 5 801.5 0.6 1 0.7 Mining 1,338.0 0.9 7 3,750.7 2.6 12-1.7 Waste & Recycling 1,072.2 0.7 6 772.0 0.5 5 0.2 Total 147,458.9 100.0 396 143,126.1 100.0 401 17,010.0 11% 27,760.2 19% 32,943.8 22% Leisure & Property Water & Sewerage Telecommunications Mining Note: 2013 League Tables are based on fully syndicated project finance volume. 2
Year To Date Volume up 23% on 2012 I Q3 Volume Down 41% from Q2 First Nine Months 2013 Project Finance Managing Underwriters Americas Project Finance Scorecard: Americas Project Finance Close Borrower Package Amt Domicile Sector Proceeds No. Proceeds No. % Chge in Date US$(m) Nation Americas North America United States of America US$m 34,912.9 28,925.0 23,838.9 Issues 87 66 49 US$m 28,452.2 16,619.3 14,339.2 Issues 92 56 46 Proceeds 22.7 74.0 66.2 5/28/2013 5/17/2013 5/8/2013 3/29/2013 Sabine Pass Liquefaction LLC Equipower Acquisition Project CCFC Portfolio Refinancing Cernambi Norte MV26 BV 5,900.0 1,305.0 1,200.0 1,170.0 United States United States United States Brazil Canada 5,086.0 17 2,280.1 10 123.1 5/10/2013 La Frontera Generation LLC 1,150.0 United States South America 5,091.5 15 7,880.4 22-35.4 8/30/2013 NorthWest Redwater Partnership 1,138.8 Canada Brazil 1,754.0 2 3,636.5 9-51.8 3/27/2013 Cochrane Coal-Fired 1,000.0 Chile Chile 1,596.0 6 1,788.2 6-10.7 2/25/2013 Pacific Sharav and Meltern 1,000.0 United States Central America 843.9 5 3,952.5 14-78.6 3/13/2013 Star West Generation LLC 850.0 United States Mexico 772.9 4 3,605.5 12-78.6 7/2/2013 Goreway Station Partnership 789.2 Canada Panama 71.0 1 207.0 1-65.7 Caribbean 52.5 1 - - - - Sector Analysis Proceeds Mkt. No. Proceeds Mkt. No. Chg. in Borrower US$m Sh % Issues US$m Sh % Issues Mkt. Sh 19,308.8 55.3 60 14,207.7 49.9 61 5.4 11,476.0 32.9 12 10,565.7 37.1 14-4.2 1,674.5 4.8 6 790.4 2.8 5 2.0 Mining 740.0 2.1 2 1,492.1 5.2 4-3.1 Telecommunications 586.3 1.7 1 - - - - - 550.0 1.6 1 - - - - - Total 34,912.9 100.0 87 28,452.2 100.0 92 Top Americas Deals Americas Project Finance Volume $18 $16 $14 $12 US$(b) # of Issues 60 50 40 Americas Project Finance By Sector (US$m) 740.0, 2% 11,476.0, 33% 586.3, 550.0, 2% 2% 417.3, 1% 5% 160.0, 0% 19,308.8, 55% Mining Telecommunications $10 $8 $6 $4 30 20 10 $2 $0 1Q09 2Q 3Q 4Q 1Q10 2Q 3Q 4Q 1Q11 2Q 3Q 4Q 1Q12 2Q 3Q 4Q 1Q13 2Q 3Q Proceeds (US$b) # of Issues Leisure & Property 3
First Nine Months 2013 Project Finance Managing Underwriters Americas Project Finance Americas - Mandated Arrangers (X4) Americas - Bookrunners (X5) Proceeds per Bookrunner (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Mitsubishi UFJ Financial Group 1 1 2,871.6 8.2-2.8 29 33.3-6 Mitsubishi UFJ Financial Group 1 1 2,724.4 9.0-1.6 23 32.9 10 Barclays 2 31 2,006.8 5.8 5.1 9 10.3 7 Barclays 2 8 2,205.9 7.3 3.3 9 12.9 7 Goldman Sachs & Co 3 34 1,707.6 4.9 4.3 9 10.3 8 Goldman Sachs & Co 3 24 1,769.6 5.8 4.9 9 12.9 8 RBC Capital Markets 4 10 1,604.9 4.6 1.6 11 12.6 3 RBC Capital Markets 4 14 1,587.6 5.2 2.3 10 14.3 7 Bank of America Merrill Lynch 5-1,532.6 4.4 4.4 4 4.6 4 Bank of America Merrill Lynch 5-1,513.3 5.0 5.0 3 4.3 3 Deutsche Bank 6 16 1,501.4 4.3 2.1 14 16.1 9 Credit Suisse 6 7 1,402.1 4.6 0.2 7 10.0 4 Sumitomo Mitsui Finl Grp Inc 7 3 1,421.5 4.1-0.3 15 17.2-1 Deutsche Bank 7 30 1,306.5 4.3 3.9 10 14.3 8 Credit Suisse 8 11 1,340.1 3.8 0.9 7 8.0 3 JP Morgan 8 17 1,204.6 4.0 1.6 3 4.3 2 JP Morgan 9 22* 1,204.6 3.5 2.2 3 3.4 2 ING 9 16 1,061.9 3.5 1.0 8 11.4 5 Credit Agricole CIB 10 7 1,086.3 3.1-0.4 14 16.1 2 Sumitomo Mitsui Finl Grp Inc 10 6 972.8 3.2-1.2 9 12.9 2 Mizuho Financial Group 11 6 1,032.4 3.0-0.5 7 8.0-8 Scotiabank 11 19 875.0 2.9 1.2 2 2.9-2 Morgan Stanley 12 4 906.0 2.6-1.7 5 5.7 0 - Morgan Stanley 12 4 848.5 2.8-2.4 4 5.7 1 CIBC World Markets Inc 13 14 793.3 2.3 0.0-6 6.9 1 Mizuho Financial Group 13 9 826.3 2.7-0.8 5 7.1-2 ING 14 13 674.2 1.9-0.4 9 10.3 1 Credit Agricole CIB 14 3 709.5 2.3-5.7 8 11.4 2 HSBC Holdings PLC 15 5 664.6 1.9-2.3 5 5.7-1 CIBC World Markets Inc 15 10 619.7 2.0-1.4 4 5.7 0 - Scotiabank 16 17 628.6 1.8-0.3 3 3.4-7 Societe Generale 16 15 577.5 1.9-0.9 4 5.7 2 BBVA 17 2 606.6 1.7-3.2 9 10.3-7 HSBC Holdings PLC 17 2 492.8 1.6-7.4 3 4.3-2 Societe Generale 18 19 553.4 1.6-0.1 5 5.7 2 BBVA 18 12 421.1 1.4-1.8 4 5.7 0 - Standard Chartered PLC 19 22* 523.4 1.5 0.2 4 4.6 3 Grupo Financiero Inbursa SA 19-417.4 1.4 1.4 1 1.4 1 BMO Capital Markets 20 15 512.2 1.5-0.8 4 4.6-1 Standard Chartered PLC 20-367.8 1.2 1.2 2 2.9 2 Santander 21 9 492.9 1.4-1.6 8 9.2-3 Nord/LB 21-365.9 1.2 1.2 6 8.6 6 Natixis 22 71 425.5 1.2 1.0 5 5.7 4 UBS 22-350.8 1.2 1.2 2 2.9 2 Grupo Financiero Inbursa SA 23-417.4 1.2 1.2 1 1.1 1 Natixis 23-308.2 1.0 1.0 4 5.7 4 Industrial Bank of Korea 24* - 415.0 1.2 1.2 1 1.1 1 Wells Fargo & Co 24-298.3 1.0 1.0 2 2.9 2 Korea Exchange Bank 24* - 415.0 1.2 1.2 1 1.1 1 Bayerische Landesbank Giro 25-291.1 1.0 1.0 4 5.7 4 25,337.9 72.7 11.0 23,518.6 77.5 8.2 Total 34,912.9 100.0 87-5 Bookrunner Total 30,333.9 100.0 70 +11 % Change over Same Period Last Year 22.7% -5.4% % Change over Same Period Last Year % Change over Last Quarter -40.8% -13.9% % Change over Last Quarter 63.2% -42.8% 18.6% -18.8% * Tie 4
EMEA Volume up 22% Oil and Gas Projects Accounted for 29% of Funding First Nine Months 2013 Project Finance Managing Underwriters Europe, Middle East & Africa Project Finance Scorecard: EMEA Project Finance Top EMEA Deals Proceeds No. Proceeds No. % Chge in US$m Issues US$m Issues Proceeds EMEA 66,249.1 149 54,502.6 165 21.6 Western Europe 27,141.9 97 33,440.9 128-18.8 United Kingdom 12,134.9 26 10,593.8 28 14.5 Germany 3,276.1 7 4,126.7 7-20.6 Italy 2,912.2 17 3,356.9 14-13.2 Netherlands 2,631.2 5 613.4 3 329.0 Belgium 2,159.1 1 985.7 3 119.0 France 1,967.2 20 8,713.7 37-77.4 Eastern Europe 9,232.2 10 6,078.6 13 51.9 Turkey 5,849.3 3 799.1 5 632.0 Czech Republic 1,797.1 1 - - - - Russian Federation 1,285.0 3 5,031.2 3-74.5 Africa/Middle East/Central Asia 29,875.1 42 14,983.1 24 99.4 Kazakhstan 6,500.0 2 - - - - United Arab Emirates 5,764.0 2 269.0 3 2,042.8 Saudi Arabia 5,759.1 4 3,686.9 5 56.2 Nigeria 2,735.0 5 - - - - Close Borrower Date 4/30/2013 Asia Gas Pipeline 4/10/2013 EMAL 6/16/2013 Sadara Chemical Co 3/27/2013 Gebze-Orhangazi-Izmir Highway 6/27/2013 Thameslink Rail 3/25/2013 BreBeMi Toll Road 9/11/2013 Bosphorus Bridge and Highway 6/25/2013 Brussels Airport Refinancing 9/17/2013 Perenco Petroleum Ltd 2/28/2013 Stansted Airport Acquisition EMEA Project Finance by Sector $25 Package Amt US$m 4,700.0 4,000.0 3,959.6 2,800.0 2,462.8 2,337.4 2,300.0 2,159.1 1,954.5 1,819.2 Domicile Nation Kazakhstan Utd Arab Em Saudi Arabia Turkey United Kingdom Italy Turkey Belgium United Kingdom United Kingdom Sector Sector Analysis Proceeds Mkt. # of Proceeds Mkt. # of Chg. in Borrower US$m Sh % Deals US$m Sh % Deals Mkt. Sh 19,354.4 29.2 26 11,229.7 20.6 15 8.6 18,888.4 28.5 20 15,797.6 29.0 24-0.5 11,981.0 18.1 66 17,223.6 31.6 94-13.5 10,679.1 16.1 7 2,231.5 4.1 6 12.0 Leisure & Property 2,200.7 3.3 11 2,100.2 3.9 15-0.6 Waste & Recycling 1,026.7 1.6 5 638.3 1.2 3 0.4 Water & Sewerage 835.3 1.3 6 1,164.9 2.1 2-0.8 Mining 598.0 0.9 5 1,498.0 2.8 4-1.9 Total 66,249.1 100.0 149 54,502.5 100.0 165 $20 $15 Proceeds (US$b) $10 $5 January 1, 2012 - September 30, 2012 January 1, 2013 - September 30, 2013 $0 5
First Nine Months 2013 Project Finance Managing Underwriters Europe, Middle East & Africa Project Finance EMEA - Mandated Arrangers (X15) EMEA - Bookrunners (X16) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals China Development Bank 1-7,700.0 11.6 11.6 3 2.0 3 China Development Bank 1-7,700.0 28.0 28.0 3 3.8 3 Mitsubishi UFJ Financial Group 2 3 2,940.0 4.4 0.7 26 17.4 11 Societe Generale 2 1 1,798.2 6.5-1.3 6 7.5-7 Sumitomo Mitsui Finl Grp Inc 3 7 2,900.7 4.4 1.2 32 21.5 17 BNP Paribas SA 3 6 1,376.6 5.0 1.3 7 8.8 1 BNP Paribas SA 4 2 1,891.1 2.9-0.9 22 14.8 2 Cassa Depositi e Prestiti 4-1,249.0 4.5 4.5 1 1.3 1 Mizuho Financial Group 5 20 1,882.9 2.8 1.5 14 9.4 9 UniCredit 5 4 963.0 3.5-0.3 9 11.3 1 HSBC Holdings PLC 6 11 1,742.2 2.6 0.0-14 9.4 2 Credit Agricole CIB 6 2 856.0 3.1-3.2 10 12.5 2 ING 7 10 1,714.2 2.6-0.2 19 12.8 5 ING 7 9 778.6 2.8 0.1 8 10.0 5 Natixis 8 14 1,612.4 2.4 0.4 18 12.1-1 Natixis 8 5 720.6 2.6-1.2 7 8.8-7 Credit Agricole CIB 9 5 1,606.1 2.4-1.0 25 16.8 8 RBS 9 24 712.1 2.6 1.8 4 5.0 1 Societe Generale 10 1 1,566.4 2.4-1.9 17 11.4-7 Standard Chartered PLC 10-677.0 2.5 2.5 3 3.8 3 Standard Chartered PLC 11 32 1,541.3 2.3 1.4 14 9.4 11 Mizuho Financial Group 11-642.9 2.3 2.3 3 3.8 3 UniCredit 12 9 1,402.4 2.1-0.8 20 13.4 0 - Deutsche Bank 12 13 412.3 1.5-0.6 4 5.0 1 Cassa Depositi e Prestiti 13 58 1,285.2 1.9 1.6 2 1.3 1 KfW IPEX-Bank GmbH 13 45 389.4 1.4 1.2 2 2.5 1 RBS 14 16 1,189.8 1.8 0.0-11 7.4-2 Mitsubishi UFJ Financial Group 14 3 346.6 1.3-3.3 3 3.8-1 Barclays 15 52 1,114.2 1.7 1.2 10 6.7 6 Sumitomo Mitsui Finl Grp Inc 15 19 339.4 1.2-0.1 4 5.0 2 KfW IPEX-Bank GmbH 16 12 1,101.3 1.7-0.8 12 8.1-5 Banca IMI (Intesa Sanpaolo) 16 49 296.5 1.1 0.9 2 2.5 1 Standard Bank Group Ltd 17 47 976.9 1.5 1.0 7 4.7 5 Centrobanca 17-278.5 1.0 1.0 2 2.5 2 Deutsche Bank 18 31 836.4 1.3 0.4 9 6.0 5 BMPS 18-272.1 1.0 1.0 1 1.3 1 Turkiye Vakiflar Bankasi TAO 19* - 810.0 1.2 1.2 2 1.3 2 Lloyds Bank 19 10* 249.1 0.9-1.7 2 2.5 0 - Turkiye Is Bankasi AS 19* - 810.0 1.2 1.2 2 1.3 2 Citi 20 20* 233.3 0.9-0.3 3 3.8 1 Lloyds Bank 21 8 773.1 1.2-1.8 8 5.4-6 RBC Capital Markets 21* 7 179.9 0.7-3.0 1 1.3-1 Investec 22-655.7 1.0 1.0 5 3.4 5 Santander 21* 16* 179.9 0.7-1.2 1 1.3 0 - Citi 23 28 611.8 0.9-0.1 8 5.4 4 Societe Federale de Participat 21* - 179.9 0.7 0.7 1 1.3 1 Rand Merchant Bank 24-609.4 0.9 0.9 7 4.7 7 Nord/LB 24 42 176.1 0.6 0.4 7 8.8 5 Commonwealth Bank of Australia 25 27 579.3 0.9-0.2 6 4.0 3 DNB ASA 25 20* 170.2 0.6-0.6 3 3.8 1 39,852.8 60.1 17.6 21,177.2 77.0 32.9 Total 66,249.1 100.0 149-16 Total 27,505.6 100.0 80-14 % Change over Same Period Last Year 21.6% -9.7% % Change over Same Period Last Year 25.2% -14.9% % Change over Last Quarter -33.7% -20.8% % Change over Last Quarter -50.4% -42.3% * Tie * Tie 6
First Nine Months 2013 Project Finance Managing Underwriters Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan Lowest Since 2009 Up 590% Scorecard: Asia Pacific (inc. Australia & Japan) Proceeds No. Proceeds No. % Chge in US$m Issues US$m Issues Proceeds Asia-Pacific (ex. Japan) 43,504.5 138 57,843.8 133-24.8 Australasia 12,452.9 31 24,306.2 26-48.8 Australia 12,435.2 30 23,924.5 23-48.0 Southeast Asia 10,379.8 45 11,074.7 19-6.3 Vietnam 5,250.0 2 - - - - Singapore 2,291.2 3 7,518.4 4-69.5 North Asia 5,002.9 12 6,142.9 23-18.6 South Korea 2,397.8 10 4,145.8 17-42.2 Macau 1,399.5 1 - - - - Hong Kong South Asia 1,205.6 15,668.9 15,668.9 1 50 50 100.0 16,320.0 16,193.5 1 65 64 1,105.6-4.0-3.2 Japan 2,792.5 22 2,327.6 11 20.0 Top Asia Pacific & Japan Project Finance Deals Closing Borrower Package Amt Domicile Sector Date US$m Nation 6/4/2013 5/22/2013 1/29/2013 6/5/2013 Nghi Son Refinery Tata Steel Odisha Ltd ONGC Petro-additions Ltd Senoko Energy Pte Ltd 5,000.0 4,096.9 2,785.9 2,081.2 Vietnam Singapore 5/31/2013 NSW Ports Finance Co Pty Ltd 1,933.3 Australia 3/21/2013 Stella SICEEP Finance Pty Ltd 1,669.4 Australia Leisure & Property 9/5/2013 SDP Finco Pty Ltd 1,501.4 Australia Water & Sewerage 1/28/2013 Studio City Co Ltd 1,399.5 Macau Leisure & Property 4/28/2013 China Energy Aspiration LNG 1,205.6 Hong Kong 3/25/2013 Hinduja National Corp 1,102.3 Domicile Nation Breakdown Sector Analysis Proceeds Mkt. # of Proceeds Mkt. # of Borrower US$m Sh % Deals US$m Sh % Deals 14,099.4 30.5 100 14,518.2 24.1 52 9,679.6 20.9 6 1,402.3 2.3 5 7,197.3 15.6 25 17,198.5 28.6 43 6,170.9 13.3 10 470.3 0.8 3 Leisure & Property 4,579.1 9.9 8 6,448.5 10.7 16 2,113.5 4.6 5 16,681.2 27.7 13 Water & Sewerage 1,520.9 3.3 2 1,756.8 2.9 5 Total 46,296.9 100.0 160 60,171.4 100.0 144 Chg. in Mkt. Sh 6.4 18.6-13.0 12.5-0.8-23.1 0.4 Proceeds (US$b) $20 $18 $16 $14 $12 $10 $8 $6 $4 January 1, 2012 - September 30, 2012 January 1, 2013 - September 30, 2013 $2 $0 7
First Nine Months 2013 Project Finance Managing Underwriters Asia Pacific (inc. Australia & Japan) Project Finance Asia Pacific & Japan- Mandated Arrangers (X30) Asia Pacific & Japan- Bookrunners (X28) Proceeds per Mandated Arranger (US$m) # of Deals per Arranger Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Market Market # of Market Change in Market Market # of Market Change in Mandated Arranger Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals Bookrunner Rank Rank Proceeds Sh % Sh Ch. Deals Sh % # of Deals State Bank of 1 1 11,092.5 24.0 11.7 22 13.8-3 State Bank of 1 1 10,999.5 38.4 22.9 18 17.1-2 Mitsubishi UFJ Financial Group 2 2 2,909.2 6.3 0.6 19 11.9-2 Axis Bank Ltd 2 3 2,445.5 8.5 0.8 13 12.4 +5 Axis Bank Ltd 3 6 2,445.5 5.3 0.8 13 8.1 4 Mitsubishi UFJ Financial Group 3 16 1,926.4 6.7 5.1 8 7.6 +3 Mizuho Financial Group 4 4 2,244.5 4.9 0.1 18 11.3 0 - Mizuho Financial Group 4 4 1,718.8 6.0-0.7 12 11.4 +4 Sumitomo Mitsui Finl Grp Inc 5 7 2,149.4 4.6 0.3 18 11.3 2 Korea Development Bank 5 2 1,119.3 3.9-7.2 6 5.7-8 National Australia Bank 6 8 1,775.6 3.8 0.8 17 10.6 3 National Australia Bank 6 18 996.2 3.5 2.2 4 3.8 +2 ANZ Banking Group 7 11 1,545.9 3.3 0.6 18 11.3 4 Sumitomo Mitsui Finl Grp Inc 7 11* 957.8 3.3 1.5 6 5.7 +5 DBS Group Holdings 8 13 1,415.0 3.1 0.6 10 6.3 6 Kasikornbank PCL 8 34 741.9 2.6 2.5 23 21.9 +20 Korea Development Bank 9 3 1,362.1 2.9-2.4 9 5.6-6 Woori Financial Group 9 35 579.4 2.0 1.9 1 1.0 0 - Commonwealth Bank of Australia 10 10 1,282.8 2.8 0.0-14 8.8 2 IDBI Bank Ltd 10 7 558.1 2.0-1.2 4 3.8 0 - Westpac Banking 11 12 1,210.1 2.6 0.0-13 8.1 1 Yes Bank Ltd 11 32 526.9 1.8 1.6 4 3.8 +3 Oversea-Chinese Banking 12 9 837.1 1.8-1.1 7 4.4-1 Sumitomo Mitsui Trust Holdings 12-497.5 1.7 1.7 Industrial & Comm Bank China 13 32 812.4 1.8 1.1 8 5.0 6 ICICI Bank Ltd 13 6 453.0 1.6-2.1 7 6.7 +2 Credit Agricole CIB 14 31 696.8 1.5 0.8 4 2.5 1 KB Financial Group Inc 14-324.0 1.1 1.1 CIBC World Markets Inc 15 33 677.9 15 1.5 09 0.9 5 31 3.1 2 NongHyup Financial Group Inc 15-239.22 08 0.8 08 0.8 2 19 1.9 +2 Kasikornbank PCL 16 61 670.5 1.5 1.4 24 15.0 21 Development Bank of Japan Inc 16 25 205.8 0.7 0.4 1 1.0 0 - IDFC Ltd 17 5 612.7 1.3-3.3 6 3.8-15 ANZ Banking Group 17 9 175.2 0.6-1.5 2 1.9-1 Woori Financial Group 18 64 579.4 1.3 1.3 1 0.6 0 - Deutsche Bank 18* - 174.9 0.6 0.6 IDBI Bank Ltd 19 15 558.1 1.2-1.0 4 2.5-1 UBS 18* - 174.9 0.6 0.6 HSBC Holdings PLC 20 23 481.2 1.0 0.1 4 2.5-2 Industrial & Comm Bank China 18* - 174.9 0.6 0.6 Bank of China Ltd 21 21 479.2 1.0-0.2 4 2.5 0 - Citi 18* - 174.9 0.6 0.6 ICICI Bank Ltd 22 14 453.0 1.0-1.5 7 4.4 1 Credit Agricole CIB 18* - 174.9 0.6 0.6 Malayan Banking Bhd 23 16 409.4 0.9-1.1 3 1.9 0 - Bank of China Ltd 18* 29 174.9 0.6 0.3 1 1.0 0 - Yes Bank Ltd 24 34 334.3 0.7 0.1 3 1.9 1 Bank of America Merrill Lynch 18* - 174.9 0.6 0.6 Development Bank of Japan Inc 25 20 326.8 0.7-0.6 2 1.3-2 Industrial Bank of Korea 25-88.9 0.3 0.3 37,361.4 80.8 10.0 25,777.7 89.7 34.0 Total 46,296.9 100.0 160 16 Total 28,681.0 100.0 105 +2 % Change over Same Period Last Year -23.1% % Change over Last Quarter -43.7% 11.1% 22.0% % Change over Same Period Last Year % Change over Last Quarter -22.4% -43.2% 1.9% 24.1% * Tie 8
First Nine Months Project Finance Managing Underwriters Project Finance Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: - Database coverage includes all loan transactions that have reached General close between January 1, 2012 and September 30, 2013 of which Thomson Reuters has been made aware. All current data and previous year's data is as of 9:00am EDT on October 16, 2013. - League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with a maturity of less than 90 days from financial close. -Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. Americas Stephen Case - All league tables are based on deal proceeds unless otherwise specified. Tel: +1 646-223-8424 E-mail: stephen.case@thomsonreuters.com - Regional league tables are based on Domicile Nation. Europe - Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the Stephen Sotere Angelides surviving/parent firm Tel: +44 207 542 1991 E-mail: stephen.angelides@thomsonreuters.com - Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be givien to the surviving/parent firm Asia Pacific: Carina Causon - Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing. Tel: +632 858 7221 E-mail: carina.causon@thomsonreuters.com - All league table volumes and rankings are based on general close date instead. Japan Ai Hashimoto Tel: +813 6441 1155 E-mail: ai.hashimoto@thomsonreuters.com While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 2013 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. relevant third party. Any third party name or mark herein belongs to the 9
Thomson Reuters Solutions for the Deal Making Community FOR INVESTMENT BANKERS ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions. SOLUTION FOR Managing Client Relationships Deal Origination New Issues Pre-Marketing / Roadshows FOR JUNIOR BANKERS Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office. You can also access our key content sets easily to support your analysis. SOLUTION FOR Financial Modeling Customized League Tables Simple Deals screening Valuation analysis and comparable deal screening Full integration into Microsoft Office for on-brand pitch book creation FOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCH SDC Platinum is the world s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more. SOLUTION FOR Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.) Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity) Pitch Creation (Firm Credentials, Representative Acquirors) M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener) Negotiation (T&C Benchmarking) FOR STRATEGY AND PLANNING TEAMS Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities all within a tool built into your workflow in Excel, saving you valuable time and giving you a competitive edge. SOLUTION FOR Conducting market analysis and identifying trends Benchmarking your performance and monitoring competitors Targeting clients by wallet size and banking relationship Allocating resources more effectively by evaluating and analyzing lost deals Send us a sales enquiry at: financial.thomsonreuters.com/sales Read more about our products at: financial.thomsonreuters.com/products To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: Web: http://financial.thomsonreuters.com/ondemand Email: trondemand@thomsonreuters.com Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox. Go to online.thomsonreuters.com/dealsintelligence Microsoft, Office, Word, Excel and Point are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Copyright 2013 Thomson Reuters. All rights reserved. 10