GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS / Aly Song First Quarter
First Quarter Equity Capital Markets Managing Underwriters Equity Capital Markets Review Table of Contents Global Equity Latin America Equity Australia & New Zealand Equity Global Deals Intelligence Latin America Equity & Equity Related (Cf) 8 Australian Equity & Equityrelated (AK) Leading Underwriters for First Quarter Latin America Proceeds by Country & Sector 8 Australian Common Stock (AK) Global Scorecard EMEA Equity New Zealand Common Stock Global Debt, Equity & Equity Related (A) EMEA Deals Intelligence Japan Equity Global Equity & EquityRelated (C) EMEA Equity & Equityrelated (Cd) Japan Equity & EquityRelated (Ce) Global Common Stock (C) EMEA Common Stock (Cc) Japan Common Stock (Cd) Global Convertibles (C) EMEA IPOs (C7c) Japan IPOs (C7d) Global IPOs (C) EMEA Rights Offerings (C8fr) Japan Secondary Offerings (C8d) Global Equity Rankings Last Ten Years EMEA Convertibles (Cd) Japan Convertible Offerings (Ce) US Equity Asia Equity Criteria Summary US Deals Intelligence Asia Equity & EquityRelated, inc Chinese Ashares (Cb) Equity Capital Markets Criteria Summary US Equity & EquityRelated (Ca) Asia Equity & EquityRelated, ex Chinese Ashares (Cba) Regional Contacts US IPOs (C) US Secondary Offerings (C8a) Asia Common Stock, inc Chinese Ashares (Ca) Asia IPOs, inc Chinese Ashares (C7a) Thomson Reuters Solutions for the Deal Making Community 7 US Common Stock (C) Asia Secondary Offerings, inc Chinese Ashares (C8c) US Block Trades Asia Convertibles, inc Chinese Ashares (Cb) US Convertibles (Ca) Banking Composite of Top US Equity s 7
First Quarter EQUITY CAPITAL MARKETS REVIEW Global Equity Capital Markets Up % Over l IPO Activity Falls % l FollowOn Offerings Set First Quarter Record I Goldman Sachs Tops Global ECM l ECM Fees Flat Global Deals Intelligence Global Initial Public Offerings GLOBAL ECM ACTIVITY UP % WITH RECORD FIRST QUARTER Equity capital markets activity totaled US$. billion during the first quarter of, a % increase compared to the first quarter of and the strongest opening period for global equity capital markets issuance since record began in 8. First quarter equity capital markets issuance increased % compared to the fourth quarter of the. FOLLOWON OFFERINGS SET FIRST QUARTER RECORD, UP % FROM Global followon offerings totaled US$77.7 billion during the first quarter of, an increase of % compared to a year ago and the strongest opening period for followon offerings since records began in 8. Offerings from companies in the United States accounted for % of global followon issuance, up from % during first quarter. Followon offerings from banks, oil & gas and pharmaceutical companies accounted for 8% of first quarter capital raising. Proceeds (US$b) $ $ $ $8 $ $ $ Global IPOs (US$bil) US as % of Global IPOs 7 % of Proceeds from US IPOs FALL %; US ISSUERS DOWN %, EUROPE AT YEAR HIGH Initial public offering activity during the first quarter of totaled US$8. billion, a decrease of % from last year and the slowest first quarter for global IPOs in two years. Issuers in China, Spain, the United States and United Kingdom accounted for % of all activity during the first quarter of. UNITED STATES ISSUERS ACCOUNT FOR % Issuers from the United States raised US$8. billion in the global equity capital markets during the first quarter of, up % compared to a year ago. Issuers from China and United Kingdom accounted for % and 7%, respectively, e of overall equity capital markets activity ty during the first quarter of. FIVE SECTORS ACCOUNT FOR TWOTHIRDS OF ACTIVITY Led by Financial issuers (%), the overall volume of equity capital markets activity remained highly concentrated among five main sectors including Energy and Power (%), Healthcare (%) and Industrials (%) and Technology (7%). GOLDMAN SACHS TOPS GLOBAL ECM RANKINGS Goldman Sachs led all equity capital markets underwriters during the first quarter of, with US$. billion in proceeds from 8 issues, despite a loss of.7 market share points compared to a year ago. moved into second place and, which gained. market share points during the first quarter, moved into third place from sixth in overall ECM during the first quarter of. ECM FEES FLAT According to estimates from Thomson Reuters/Freeman Consulting, fees from equity capital markets transactions during the first quarter of totaled US$. billion, on par with levels seen during the first quarter of. Global Equity & EquityRelated Volume by Domicile Region $ 8 Global Equity & EquityRelated Volume Proceeds (US$b) $ Proceeds (US$b) # of Issues $ $ $ $ $ $ $ $ 8,8,,,, 8 # of Issues % % 8% 7% % % % % % % % 7 8 Africa/Middle East/Central Asia Japan AsiaPacific Europe Americas
First Quarter Equity Capital Markets Managing Underwriters Global Equity Capital Markets Leading Underwriters for the First Quarter of Jan Mar Global Scorecard // // // // Current Qtr Mkt. Share Chg. Consecutive Proceeds No. Proceeds No. % Change Market Sector No. Manager Market Sh. (%) from Last Qtr (%) Quarters No. US$m Deals US$m Deals in Proceeds Global Global Equity & EquityRelated (C),87.,7,87.,7.% Global Debt, Equity & EquityRelated (A) 7.8.7 United States (Ca) 8,.8 7 7,8. 7.% Global Disclosed Fees (A)..7 Asia Pacific ex Australia (Cb),8. 7,7. 7.% Global Equity & Equityrelated (C).7. Australia (Cc) 8,.,. 7.% Global Common Stock (C).. EMEA Europe, Middle East & Africa (Cd) 8,8. 7,77. 8.7% Global IPOs (C).8.7 Japan (Ce) 7,.8 7,77. 7.% Global Convertibles (C).. Latin America (Cf).,.8.% Global Common Stock (C),8., 7,7.,7.7% US United States (C) 7,. 7,..7% US Equity & EquityRelated (Ca)..8 Asia Pacific ex Australia (Ca),. 8,. 8.7% US Common Stock (C)..8 Australia (Cb) 8,.,. 8.% US IPOs (C).8.7 EMEA Europe, Middle East & Africa (Cc) 7,.,88. 7.8% US Convertibles (Ca). 8. Japan (Cd),. 8,..7% Latin America (Ce).,.8.% Europe, Middle East & Africa (EMEA) Global IPOs (C) 8,7. 7,8.7.% EMEA Equity & EquityRelated (Cd).. United States (C),8. 7,7..% EMEA Common Stock (Cc). 7. Asia Pacific ex Australia (C7a),8.8,..7% EMEA IPOs (C7c). 7. Australia (C7b)...% EMEA Convertibles (Cd) BNP Paribas SA.. EMEA Europe, Middle East & Africa (C7c),.,..% Japan (C7d),.,. 7.% AsiaPacific ex. Japan ex. Australia Latin America (C7e). AsiaPacific Common Stock (Ca).. Global Secondary Offerings (C8) 77,. 8,77. 8.% AsiaPacific Convertibles (Cb) 7. 8.8 United States (C8a),.,77. 7.% Asia Pacific ex Australia (C8c),.,78.8 7.% Japan Australia (C8b) 7,87.,..% Japan Equity & EquityRelated (Ce).. 8 EMEA Europe, Middle East & Africa (C8f),.,8.8.8% Japan Common Stock (Cd).. Japan (C8d),.,..% Japan IPOs (C7d) 7..7 Latin America (C8e).,77..% Japan Convertibles (Ce). Global Convertible Offerings (C),. 7,7. 88.% United States (Ca),7.,. 7.% Asia Pacific ex Australia (Cb),.8,..% Australia (Cc) 8.8..% EMEA Europe, Middle East & Africa (Cd),.,8. 7.% Japan (Ce),.7,. 8.% Global Debt, Equity & EquityRelated (A) Global Equity & EquityRelated (C) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m),8.8 7.8 +.. + 87. 8. +.,..7.7 8 7. 7 8..8. Barclays,8.. +. 8. +..7 +.7,77. 8. +. 8. + 7. 7.7 +.,8.. +.. +..8 +. 7,7. 7. +.. 8..8 +.7,.7... 7.. +. 7,77. 7.. 7. +...,7..7. 8. 8... 7,. 7.. 8. + 7.. +. 8,.8. +. 8..7..,8...8. 8..8. 7,87....... 7 8,7.... 7... HSBC Holdings PLC 8 7 78,... 7. 7.. +. 8 7,8... 7. 88... 7,7.... 8... Barclays,7.7. +.8.8 7.. +. BNP Paribas SA,7....7.. +. Wells Fargo & Co,.. +.. +.. +. Wells Fargo & Co 7,7.. +. 8.8 +8 8.. +.,.... + 7...7 8,..7 +. 88.8 7.. +. RBC Capital Markets,.. +..8 +.8. +.7 RBC Capital Markets,7.. +.. +..7 +. HSBC Holdings PLC,7...7. +.. +. Credit Agricole CIB,88.8. +..7 +.. +. Jefferies LLC,....7 + 8.7.8. Societe Generale,7....... BNP Paribas SA,.. +. 7. +.. +.,.. +. 8.7 +.7.. Mizuho Financial Group,7.. +. 8. + 78.. +. RBS 7,.8.7..... Macquarie Group 7,.. +..7 +8.. +. TD Securities Inc 8,.7. +..7 7.7. +. Societe Generale 8 8,8.... +.8. +. Mizuho Financial Group,.. +. 7. + 7.. +. CITIC,.7.8.. +.. +. UniCredit 8,.7.. 7. 7..7 +. Cenkos Securities PLC 8,8..8 +.7...8 +.,,. 7. 7,.8 7.8 7,. 7.,.7.8,8,8.., +8,7..,87..,7 +,8...8%.%.%.%.%.7%.%.%.% 7.%.%.%
First Quarter Equity Capital Markets Managing Underwriters Global Equity Capital Markets Global Common Stock (C) Global Convertibles (C) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m),... 8 7....,7.. +.. 7.. +.8 7,. 8. +..7 7.. +.7 Wells Fargo & Co,7..7 +. 8. +.8 7. +.8 7,.7 7. +.7 7.7 +.. +.,8. 8.8 +.. 8..7 +.,. 7.. 8 8. + 8... Barclays,8. 7. +..8.. +.,.8 7.. 8 7.7 +.. +.,778..8.....,8.7.....8.,7..7 +..8..8.7 7 8,8.7...7 8.7..7 7,7.. +.. + 8. 7. +. 8 7,..7. 8. 8 8... 8 7,....7 7...8 Barclays,8.. +.. 7.. +. Mizuho Financial Group 7,.. +..8 +.8.7 +. RBC Capital Markets,.7. +..8..7 +.8 BNP Paribas SA,8.7. +.7... +. Wells Fargo & Co,.. +.. 8.. +.,..8..8.8..7,...7 7. 8... 8... 8.... HSBC Holdings PLC,8.... +8 8.. +. Societe Generale.8.7..... Jefferies LLC,.... 7.7.8 +. RBC Capital Markets 8.. +.. + 7... Macquarie Group,7.. +. 8. +.7. +. 8.8. +.. +.. +. CITIC,.7... +.. +. Jefferies LLC... 7. +...7 Cenkos Securities PLC 7 8,8.. +.8... +.7 UniCredit 7.8...... Everbright Securities Co Ltd 8,7..8 +.8. +.7. +. TD Securities Inc 8.. +..7 +..7 +. Societe Generale 8,.8.8 +.. + 8.. +. Credit Agricole CIB 8......8. BMO Capital Markets,8.8.7. 7. 8.. +. RBS 7.....8. +.,. 7.,. 8.7,7.8. 8. 8.,8.., +,..,.. 7.7..7%.% %.%.7% 8.%.%.% 7.%.7%.%.%.% Global IPOs (C) Global Equity & EquityRelated Imputed Fees # of Deals per Imputed Fees (US$m) Rank Rank Market Proceeds Sh. (%) Market Share Ch. # of Market Deals Sh. (%) Change in # of Deals Manager Market Fees Sh. (%) Market Share Ch.,7.7.8 +.. 8...8,7.8 7. +.....,88.. +...8.8 +.,78..7 +.. 7 8.. +.,88......8. HSBC Holdings PLC 7,8.7.7 +.. +7 7.. +. 7,7...... +. Everbright Securities Co Ltd 8,7.. +..8 +.7. +.,.. +.8. 7.. +. Santander 878.. +..8 +... Barclays 8.... 8... BBVA 77.. +.. +.7.. Berenberg Bank 7.. +..8 + 7..7 +.7 8..7. 7.8 8.7.7. Guosen Securities Co Ltd.. +.. 7.7. +. Jefferies LLC 8.. +...8.. BNP Paribas SA 7 8.. +.. +.8. +.7 Bualuang Securities PCL 8 8.. +..8 +.. +. Investec 7.. +.. +.. +. Chinalion Securities Co Ltd 7.. +.. +.. +.,. 8.8.8.7 8,7..,...%.%.8%.% 7.%.% US$Bil $ $ $8 $7 $ $ $ $ $ $ $ Fees (US$bn) # of Issues,,8,,, 8 7 8, # of Issues
First Quarter Equity Capital Markets Managing Underwriters Global Equity Capital Markets: Ten Years of Rankings Rank 7 8 Barclays 7 8 Wells Fargo & Co Note: League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarterend in each calendar year.
nc ECM volumes up % IPO Volumes down by % Highest Q Blocks volume on record First Quarter Equity Capital Markets Managing Underwriters US Equity Capital Markets US Deals Intelligence First Quarter US Equity & EquityRelated volumes were up % over the same period in, despite a.% decline in the number of deals. According to estimates by Thomson Reuters/Freeman Consulting, fees rose by.8%. The Healthcare sector took almost a third of market share. First quarter year on year proceeds for US IPOs saw a.% downturn the lowest Q volume since, in terms of both value & number of deals. Fees declined by.% from Q, marking the lowest fee volume since, according to Thomson Reuters/Freeman Consulting. First quarter posted the largest number of firstquarter US Block trades on record, with deals. In the equityrelated marketplace, US proceeds rose by.% year on year featuring Actavis' US$. billion deal the largest of the quarter and the third largest convertible on record. US Equity & EquityRelated (Ca) US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil) # of Deals per Imputed Fees (US$m),.. +. 7. +.. +.7 Barclays 8 8,7.. +....8 +. 8,... 8. 8... 7,.8... 8. 8.8 +. 7,... 8.8... 7,..... 8.. Wells Fargo & Co 7,. 7.7 +.. + 7.. +. 8,.7...7 7. 7.. 7,8... 8. 8.7.7. RBC Capital Markets,87... 8...7 +. Mizuho Financial Group,.. +..7 + 7..7 +. Jefferies LLC,..7.. +7...,...8. 8... Cowen & Co 88.7. +.. + 7.. +. Leerink Partners LLC 7 87.. +..8 + 8.. +. KeyBanc Capital Markets Inc 7.. +. 8. + 8..8 +. RBS 7 8.7.8 +.7.7 +.7. +. Piper Jaffray Cos 8 8..7. 7. +8... Stifel/KBW..7. 7.... Macquarie Group 7.. +. 7. +.7. +. 78,..,8. 8. 8,.8. 7,...%.8%.%.%.8%.7% $. 8% $7. % $. 7% $. % $.7 % $. 7% $8. % $.8 % Healthcare Energy and Power Real Estate Financials High Technology Telecommunications Retail Others $.7 8% $.8 % $. 7% IPO FollowOn Convertible US IPOs (C) US IPOs First Quarter # of Deals per Imputed Fees (US$m).8.8 +.. 7.. +7. 87.8. +.8... +. 7.. +.8. 8. 8.. 77.. +. 8.. 7.... +.... +. RBC Capital Markets 77..8.... +.8 Barclays 7 8 77.7.8 +..... Wells Fargo & Co 8.... 7 8... 7.7.7.. 8... 7.8.7. 7. 8.. +.7 Raymond James Financial Inc.. +.7 7... +. Jefferies LLC 7.. +.... +.7 Piper Jaffray Cos 8 8.. +.. 7.. +. 7... 7. 8... Stifel/KBW 87.8.8.7.... Cowen & Co 8..7 +.. 8.7. +. BMO Capital Markets 7* 8.8.8..7...7 SunTrust Banks 7* 8.8.8 +.8.7 +.. +. Sterne Agee & Leach Inc..7 +.7 7. +.. +. Canaccord Genuity..7 +.7.7 +.. +.,.. 7. 87.,8.. 7 7...%.%.% 7.%.% 8.7% Proceeds US$ Billions $. $. $. $. $. $ 7 $. $. 7 $.8 $8. 7 $8. 7 $7. $.7 $.8 $. $.8 7 8 Proceeds # of Issues # of Issues
First Quarter Equity Capital Markets Managing Underwriters US Equity Capital Markets US Secondary Offerings (C8a) US Common Stock (C) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) 8,.. +.. +..8 +.,.. +.. + 8.7. +. 7,.. +.. +... 7,.. +.7 8.... Barclays 7 7,.. +.8. +.. +.8 Barclays 7 7,.. +...7. +. 7,7.,7.,.,... 8...7. +.8. 8.... + + 8.8. 8... 8.. 7..... 7,78.,.7,.,... 8.8.8..8 +.. 7 8...8. 7 + 7..7 7. 8.. 8.. 7.8. +... 8 8,.... 77..7.8 8 8,... 7.7 8... Wells Fargo & Co RBC Capital Markets,.,..8. +...7. +7 + 8....8 +.8 +. Wells Fargo & Co RBC Capital Markets,.,8..8. +.. 7..7 7.... +. +.,7..7.. 8...,....7 8 7... Jefferies LLC Leerink Partners LLC,8. 8..7..7 +... +7 +.8...7. +. Jefferies LLC Cowen & Co,7. 87..7.. +... + +. 7..8. +. +.7 Cowen & Co 7.. +.. + 8.7. +. Leerink Partners LLC 87.. +.. + 8.. +. KeyBanc Capital Markets Inc 7 77.. +. 7. +.. +. KeyBanc Capital Markets Inc 7.. +.7 8. + 7.. +. Mizuho Financial Group.7. +.. + 8.. +. Mizuho Financial Group.7. +.. + 8.. +. Stifel/KBW 7 77..8 +.. + 8.7.8 +. Stifel/KBW 7..8.8 7.7..8. Piper Jaffray Cos 8..7.. +8.7.. Piper Jaffray Cos 8 7.7.8. 8 7. +7..7 +. RBS.7.7 +.7. +..7 +. Raymond James Financial Inc 8.8...... SunTrust Banks.. +..7 +.. +.7 RBS.7. +.. +.. +.,..,7. 8.,8.7.,. 8.,.. +,.. 7,..,.. 7.% 8.%.% % 7.8%.% 8.%.7%.% %.%.% 77% 7.7% 7.% US Block Trades US Convertibles (Ca) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m),8. 7. +.. +.. +.,.. +8.. +.. +. Barclays,8..8 +.. +.. +.7 Wells Fargo & Co,7..8 +. 7. +.8. +.7 7,.. +..7 +8 7..7 +7.,7.8...7...,..8...7 7.8.8,....7..8 +.,. 8.. 8..7 7.. 8,.7. +........ 8. 7...8 Barclays,.8 7. +.... +. 7 8 8... 8....7 Mizuho Financial Group 7 8..7 +.7. +..7 +.7 8 7.. +.... +. 8 7.8.8..7.7. 8. Wells Fargo & Co.8...... BNP Paribas SA.. +.. + 7.. +. 78.. 7.7... 8.7 RBS * 7.. +.... +.7 Piper Jaffray Cos *.. +.. +..7. TD Securities Inc * 7.. +.. + 8.. +. RBC Capital Markets * 7....... Jefferies LLC 7... 8. +..8. Macquarie Group.. +.. +.. +. Piper Jaffray Cos 7...7. +... * 7.. 7..... BMO Capital Markets * 7.. +.. +..8 +. 8*.7....8.. Cowen & Co 8*.7. +.. +... National Securities Corp (US).... +... Top Ten Total 7,78..8 8. 8.8,7.. 8. 8.7 8,.. +..,7.....7% 7.% 8.%.% ** Rankings exclude selffunded proceeds, per Standard Criteria.7%.%.% 8.%.% 7.%.%.%
First Quarter Equity Capital Markets Managing Underwriters US Equity Capital Markets Top Ten US Equity & EquityRelated Deals (US$bil) First Quarter $. $. $. $. $. $. $. Actavis PLC Actavis PLC $. $. zens Financial Group Inc $.7 American Tower Corp $. Envision Healthcare Holdings Southwestern Energy Co Microchip Technology Inc Health Care REIT Inc Valeant Pharmaceuticals Intl Voya Financial Inc $.8 $.7 $.7 $. $. $. Issue Date Issuer/Sector US$bil Issue Type s // Actavis PLC $. CVT Mizuho Securities Wells Fargo Barclays group Healthcare // Actavis PLC $. FO Mizuho Securities Wells Fargo Barclays group Healthcare // zens Financial $.7 FO Goldman Sachs group RBS Securities Wells Fargo Financials // American Tower Corp $. FO Goldman Sachs Merrill Lynch, Pierce, Fenner Barclays group Telecommunications // Envision Healthcare $.8 FO Barclays Healthcare // Southwestern Energy $.7 CVT Merrill Lynch, Pierce, Fenner group Wells Fargo BNP Paribas Energy and Power // Microchip Technology $.7 CVT Wells Fargo High Technology // Health Care REIT Inc $. FO Goldman Sachs Barclays Wells Fargo KeyBanc Capital Markets Real Estate /7/ Valeant Pharmaceuticals $. FO Healthcare // Voya Financial $. FO group Merrill Lynch, Pierce, Fenner Financials US Equity & EquityRelated Industry Composition for Top s First Quarter % Total Proceeds % % 8% 7% % % % % % % %.%.%.%.%.%.%.%.7%.%.%.%.%.%.%.%.%.% 8.8%.7%.%.7%.%.%.%.%.7%.%.8%.% 8.%.%.% 8.%.%.%.% 7.%.%.%.%.%.8%.%.%.%.% 8.%.%.%.%.%.%.%.8%.%.%.7% 7.7%.%.%.%.8%.%.7%.% 7.%.%.7%.%.%.%.%.%.% 7.%.8%.% 8.%.8%.7%.8%.%.%.%.%.% 8.%.%.%.% Tl Telecommunications Consumer Staples Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power %.%.% Barclays Bank of America Merrill Lynch.%.%.%.%.%.%.% Wells Fargo & Co RBC Capital Markets Consumer Products and Services 7
First Quarter Equity Capital Markets Managing Underwriters Latin America Equity Capital Markets % Decrease in Volume Fees down 77% Latin America Equity & Equity Related (Cf) Latin America ECM Volume First Quarter # of Deals per Imputed Fees (US$m) Banco BTG Pactual SA 8.7. +.... 7. Santander 8.. +..7 +.. 87..7 +.7. +..8 Itau Unibanco 8..8 +....7 +. Top Five Total.........%.% 7.% 8.%.7% 8.% Proceeds US$ Billions $ $ $8 $ $ $ $ $. $.8 7 $. $. $7. $8.8 7 7 8 Proceeds # of Issues $.7 $.7 $. $. # of Issues Latin America Eq & Eq Related Proceeds (US$Bil) by Country Latin America Eq & Eq Related Proceeds (US$Bil) by Sector $. % $. 7% % $8. % Brazil Mexico $. % $.7 % $. % Telecommunications Real Estate Financials Industrials Retail $.7 % Chile Colombia $. % $.8 % Materials Energy and Power Consumer Products and Services Media and Entertainment Argentina Healthcare 8
EMEA Proceeds Increase 7% l IPO fees down 7% YearonYear l Banco Santander Issue Largest Deal YTD First Quarter Equity Capital Markets Managing Underwriters EMEA Equity Capital Markets EMEA Deals Intelligence EMEA Equity & Equityrelated markets totaled US$8. billion from 7 deals in the first quarter of ; up.7% in proceeds from the same quarter last year. According to Thomson Reuters/Freeman Consulting, fees declined by 7.% year on year and the top banks took 7.% of the wallet. The UK was the leading nation of listing for IPOs, with proceeds of US$. billion from issues. Spain followed closely, raising US$. billion from just IPOs. Aena, recorded the largest EMEA IPO in the first quarter, which at US$.8 billion was the largest Spanish IPO since 7. EMEA Equityrelated volumes increased.% compared to the first quarter of, raising proceeds of US$. billion. Banco Santander's US$8.8 billion offering was the largest EMEA deal to date, and was the third largest bank followon in two years. EMEA Equity & EquityRelated (Cd) EMEA ECM Proceeds Raised by Industry (US$Bil) # of Deals per Imputed Fees (US$m),77.. +. 8. + 77. 8. +.8,78...8. + 8... 8,.. +..7 + 7.7 8. +.8,78. 8... 7. 7. +.7,. 8. +..7..8 +.,8....8 +... 7,.. +.... +. Barclays 8,.. +..7 +.7.7 +. HSBC Holdings PLC,.. +.... +. BNP Paribas SA 8,.. +.. + 7.. +. Societe Generale 8,87.... +.. +. Cenkos Securities PLC,8.. +.... +. 7,8..7.8...7. UniCredit,8.. +. 8.8 +.. +. Jefferies LLC,.. +..8 7.. +.,.. +.. +.. +. Berenberg Bank 7,8.. +.. +.8. +. Davy 8,7.8. +.. 7.7. +.7 Santander.. +.... +. Nordea 87....... 8,8. 8.7. 7. 8,8.. 7 +...7%.% 7.%.% 7.%.7% $. % $. % $. % $. % $. % $. % $. % $.7 % $7.8 % $.7 % $. 7% $. % Financials Industrials Telecommunications High Technology Energy and Power Media and Entertainment Materials Retail Consumer Staples Consumer Products and Services Healthcare Real Estate EMEA IPOs by Nation of Primary Listing (US$m) Top EMEA Equity and EquityRelated Deals (US$Mil) $7, $, $, $,. $,.7 Banco Santander SA Aena SA Sunrise Commun Grp AG /8/ // // $,. $,8. $8,8. Proceeds (US$m) $, $, $, $, $,. $,. $,. $,7. $78. $. $.8 # of Issues Enel SpA Auto Trader Group Plc Aabar Investments PJSC Telecom Italia SpA // /8/ // // $,8. $,8. $,8. $,.7 $ United Kingdom Spain Switzerland Netherlands France Sweden Germany Italy United States of America Proceeds (US$m) # of Issues London Stock Exchange Grp PLC CRH PLC // // $,7. $,8. BT Group PLC // $,.
First Quarter Equity Capital Markets Managing Underwriters EMEA Equity Capital Markets EMEA Common Stock (Cc) EMEA IPOs (C7c) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) Market Market # of Market Change in Manager Market Market,.. +.7 7.8 + 7. 8. +.,8.. +.8 7. +.. +.,78....8 + 8.. +.,... 8.... 7,.. +.7. +. 7.7 +.,8.8 8. +. 7. + 7.. +.,.8 8.7 +. 7. +.. +. HSBC Holdings PLC,. 8. +. 8. +7.. +.7,.7 8... +8. 7. +.,.8 7. +.7 8. 8.7 8. +.,77.... +...,...7.8 +..8. 7,8..8 +.. +.7.. Santander 7 878.. +.. +.. +. Cenkos Securities PLC 8 7,8.. +....7 +. 8 87.... 8..7. HSBC Holdings PLC,7.. +.. +7.. +. BBVA 77..8 +.8. +.7.. Barclays,.. +.8 8... +. Berenberg Bank 7..7 +.7. + 7.. +. Societe Generale,.. +.. +..7 +. Barclays 8.... 7... BNP Paribas SA 8,..7 +. 8. +.. +. Investec 7.. +.. +.. +. Jefferies LLC,.8....7.7. BNP Paribas SA.. +.. +..8 +.8 7,.......8 Jefferies LLC.....7..7,.. +.. +.. +. ABN AMRO Bank.8. +.. +.. +. Davy,7.8. +.. + 7.7. +. 8....... Berenberg Bank 7 7.. +...8. +. 7.7.7 +.7. + 8.. +. Santander 8.. +.. +.. +. Davy 8 7.. +...8. +.7 UniCredit.. +.. +.. +. Numis.... +...8 Nordea 8 87...7. 8.7..7 Societe Generale.7. +..8 + 7.. +.,78.7 8. 8. 7. 7,8. 8... 7,.. + 8.7.,.. +.. 7.8%.% %.% 7.7% 7%.%.%.%.%.%.% 7.% %.% EMEA Rights Offerings (C8fr) EMEA Convertibles (Cd) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) * 7.. +... 8. +. BNP Paribas SA 8.7. +.7 8.8.. +. Panmure Gordon & Co Ltd * 7.. +.. +. 8. +8. Barclays 77.. +.... +. BNP Paribas SA. 7.. 8..7 8.. 7.7. +. 8.8 +.8. +. Nordea *..7... 7.8. 8. 7. +..... MidCapital 8.. +.. +.. +. Societe Generale.8.7..... FCMB Capital Markets * 8.8. +.. +.8.8 +.8.. +.. +.. +.7 Standard Bank Group Ltd * 8.8. +.. +.8.8 +.8 7.8. +. 8.8 +.. +. Zenith Bank * 8.8. +.. +.8.8 +.8 UniCredit 8* 7.8...... FBN Capital Ltd * 8.8. +.. +.8.8 +.8 8*.8. +.7... +.7 8.8. +.. +. 7. +7. 8*.8......7 Banque Saudi Fransi.7. +.. +.7. +. Credit Agricole CIB 8.....8..8.8. +.. +.. +. HSBC Holdings PLC.8.....7. ABG Sundal Collier.. +.. +..8 +.8 Jefferies LLC 8..8 +.8 8.8 +.8. +. GIB Capital.. +.. +..7 +.7.8. +.. +.. +. Future View Securities Ltd *.. +.. +.. +. Guggenheim Securities LLC * 8.. +.. +.. +. Stanbic Merchant Bank Nigeria *.. +.. +.. +. Cowen & Co * 8.. +.. +.. +. Renaissance Capital Group *.. +.. +.. +. Anoa Capital SA 7.. +.. +.. +.7 Vetiva Capital Management Ltd *.. +.. +.. +. Berenberg Bank 8 7.7..7....7 Greenwich Trust Limited *.. +.. +.. +. Oddo Seydler Bank AG.7.8 +.8 8.8 +.. +. IBTC Chartered Bank Plc *.. +.. +.. +. 8.. +.. +.. +.,. 88.7 7. 87.8,....,.. +.8.,.....% 8.% ** Rankings exclude selffunded proceeds, per Standard Criteria 7.% 8.%.% 8.%.% 88.%.%.7%.%.%
Asia (exjapan, exaustralia) Equity Capital Markets Best Annual Start for Asian FollowOn Offerings l China Financials Equity Registered Record High First Quarter Proceeds First Quarter Equity Capital Markets Managing Underwriters Asia Deal Intelligence Asian ECM first quarter proceeds totaled US$.8 billion, a.% increase from the total raisings in the same period last year. Issuers from the Financials, Industrials and Materials sectors captured.%, 7.% and % of the market, respectively. According to Thomson Reuters/Freeman Consulting, estimated fees earned on Asian Equity & EquityRelated deals in the first three months of totaled US$87.8 million from 7 deals, an 8.% decline from total fees earned in the same period a year ago. Asian FollowOn offerings to date reached US$ billion from deals, a.% increase from the first quarter totals. Asian IPO and Convertible issuances captured.% and.% of the Asian ECM in the first three months of, respectively. Asia Equity & EquityRelated, inc Chinese Ashares (Cb) # of Deals per Market Market # of Market Change in Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals,....,8. 8. +. 8. +7 8,7.. +..7 7,.,7...7 +. +.8.8. + 8 CITIC,.7.7 +..8 + Everbright Securities Co Ltd 7,7.. +.. + Haitong Securities Co Ltd 8 7,7.8.7..7 + NH Investment & Sec Co Ltd,.. +.. + Guotai Junan Securities,.. +. 7. +,...7 7. Guosen Securities Co Ltd,7....7 China Investment Sec Co Ltd,.. +.. +,.... China Securities Co Ltd,... 8. Kotak Mahindra Bank Ltd 87*,.. +. 7. + Macquarie Group 7 8.. +.. 8 7.... Huatai Securities Co Ltd 88.7. +.. JM Financial Group 8.8. +.. +,8..,8.. 7.% 8.%.8%.8% Imputed Fees (US$m) Manager Market Market Fees Sh. (%) Share Ch......7 +.8 7....7. +...... +.8.7. +..8.... +..7. +.8... 8...8.. +.....7.8... +.... 8....8.... +..8. 87.8. 8.%.8% Asia Equity & EquityRelated Imputed Fees by Domicile Nation (US$m) First Quarter $, $, $, $8 $ $ $ $ 7 8 China India Hong Kong Thailand South Korea Rest of Asia Asia Equity & EquityRelated, ex Chinese Ashares (Cba) Top Asia Equity & EquityRelated Deals (US$m) First Quarter # of Deals per Imputed Fees (US$m),.. +.. +.7 7. +.,. 8. 7.. 8...,. 8. +.8.... 8,.7 7. +.. +.. +.8,77.7. 8....8 NH Investment & Sec Co Ltd,.. +.. +.. +. 7 7,....... 8,.......8 Kotak Mahindra Bank Ltd *,.. +. 7.8 +..7 +. Haitong Securities Co Ltd *,8.7. +.. +.. +. Macquarie Group.. +..8.. +. 8..8..... JM Financial Group 8.8. +.. +.. +. HSBC Holdings PLC 7.8. 7.. 8... CIMB Group Sdn Bhd... 7.8 8.7. +.7 State Bank of India.. +.. +.7. +. Bualuang Securities PCL 7.. +..8 +.. +.7 Kingston Securities Limited China Construction Bank 8 8. 87... +.8... +..8.. +..8 CITIC 8.......,7.8 7...,7.7... Haitong Securities Co Ltd Coal India Ltd GF Securities Co Ltd Industrial Bank Co Ltd Jasmine Broadband Internet Nanjing Huadong Electn Info Orient Sec Co Ltd HDFC Bank Ltd Hyundai Glovis Co Ltd Sinotex Invest&Dvlp Co Ltd // // // // // // // // // /8/ $,. $,8. $,7. $,. $,7.7 $,. $77.8 $,8. $,. $,7. 7.% 8.% 7.%.%.%.%
First Quarter Equity Capital Markets Managing Underwriters Asia (exjapan, exaustralia) Equity Capital Markets Asia Common Stock, inc Chinese Ashares (Ca) Asia IPOs, inc Chinese Ashares (C7a) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m),.. +.7. +... Everbright Securities Co Ltd,7.. +.. +.7. +.,8. 8.8 +. 8. +..7 +.. 8. +7.. + 7..7 +.,7.. +..8 7.. +. 87. 7. +7.. +.. +.,7..7 +.. +..8 +. Guosen Securities Co Ltd.. +.. 7.7..7 CITIC 8,.7.8.. +.. +. Bualuang Securities PCL.. +.. +.. +.7 Everbright Securities Co Ltd,7.. +.. +.7. +. Chinalion Securities Co Ltd 7..8 +.8. +.. +. 7 7,77... 8. 8... CITIC 7 8...8. +.7.7.8 Haitong Securities Co Ltd 8,7.8.7..8 +.8.. China International Capital Co 8.. +.... +. NH Investment & Sec Co Ltd,.. +.. +.. +. China Investment Sec Co Ltd.7. +.. +.. +. Guotai Junan Securities 7,.. +. 7. +.7. +.7 Bank of China Ltd 7...8.... 7,.. +. 7.... Ping An Securities Ltd 8.. +. 7. +7 7..8 +.8 Guosen Securities Co Ltd,7....8 + 8... Haitong Securities Co Ltd 8 7.8..7. +... China Investment Sec Co Ltd 8,.. +.. +.. +. Industrial Securities Co Ltd.7. +.8. +.. +.,....7... GF Securities.... 7.7.8.8 China Securities Co Ltd,... 8..7.. Sinolink Securities Co Ltd 7..7 +.. +.. +. Kotak Mahindra Bank Ltd 8*,.. +. 7. +.. +. Minsheng Securities Co Ltd.7.7.. 7..7. Macquarie Group 7 7.. +..... Soochow Securities Co Ltd 7 7.. +.. +..8 +. 8 7.... 8... HSBC Holdings PLC 8* 7....8... Huatai Securities Co Ltd 88.7. +...8.. 8* 7...7.8.. +. JM Financial Group 8 8.8. +.. +.. +. 8* 7.. +.8.8.. +.,.. 8..7 8,. 7..7.,.. + 8..,8.8. +...7%.% %.%.%.7%.%.%.% 7% 7.%.% 7.%.% Asia Secondary Offerings, inc Chinese Ashares (C8c) Asia Convertibles, inc Chinese Ashares (Cb) # of Deals per Imputed Fees (US$m) # of Deals per Market Market # of Market Change in Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals,.8. +.. +.... 7. +7..,. 8.8 +.. +7.8. +.8.. +8.. 7,88.. +.. +.. +.8 Hong Leong Financial Group Bhd 8.. +.. + CITIC,7.. +.8. +.7. +. Mega Financial Holding Co..8 +.8. +,..8 +.. + 8.. +. CIMB Group Sdn Bhd 7.7. +.. +,77..8. 8...7. Concord Securities Co Ltd.. +.. + NH Investment & Sec Co Ltd 7,.. +.. +.. +. RHB 7.. +.. + Guotai Junan Securities 8,8.. +.. +.. +. Taishin Finl Hldg Co Ltd 8.8. +.. +,7..8 +.. 7..8.8 Haitong Securities Co Ltd,7..8..7 + 7..8.8,8..8..... China Securities Co Ltd,..7 7. 7....7 Kotak Mahindra Bank Ltd *,8..7 +.. + 8.. +. Macquarie Group 8.. +.... +. 8....7... China Investment Sec Co Ltd 8 8.. +.. +.8. +. Huatai Securities Co Ltd 7 7 7..8 +.....7 JM Financial Group 8 8 8.8.7 +..7 +..8 +.8 State Bank of India.. +..7 +.7. +. CIMB Group Sdn Bhd 7.. +.. +.. +. 8,. 7...,.8.,.. +.8.,.8. 7 Imputed Fees (US$m) Manager Market Market Fees Sh. (%) Share Ch..7. +....8..8 7. +.7 +.8 +7..8 7. +7... +... +...7 +.7 8.. 77...%.%.%.%.% 8.8%.%.% 77.7%.% 8.% 8.%
Australia Deal Intelligence First Quarter Equity Capital Markets Managing Underwriters Australia & New Zealand Equity Capital Markets Australian Common Stock Q Proceeds Highest Since l Chevron Stake Sale in Caltex Australia Takes Australian Block Sale to its Record Level Australian ECM proceeds to date reached AU$.8 billion, a 8.% increase from the first quarter industry total. Issuance from Energy & Power, Financials and Media & Entertainment sectors captured.%,.% and.% of Australian ECM, respectively. Total fees earned in Australian ECM this year totaled AU$. million from deals, a.% increase from fees earned in the first three months of, according to estimates by Thomson Reuters/Freeman Consulting. The top fee earning bookrunner,, captured.% of the total wallet share. Australian IPO proceeds totaled AU$. million from transactions to date, a.% decline from the first quarter IPO volume. FollowOn offerings raised AU$. billion from deals, capturing.% of the Australian Equity & Equityrelated capital markets. Australian Equity & EquityRelated (AK) Australian Equity & EquityRelated Imputed Fees by Industry (US$m) First Quarter Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m),7.. +7.7.7..8.,... 8..8. +. Macquarie Group 7.7.8 +.. 8.. +. 7.8......8.. +.. + 8..8 +... +..7 +..7 +.7 7 7.7. +.. +.7. +. Canaccord Genuity 8 7.8..8 7.8 +. 7. +... +.. +.. +. Taylor Collison Ltd... 8. +.. +.7 BBY Ltd.7. +.. +.. +. 8..8 8.7....7 Bell Financial Group Ltd....... ICS Advisory Pty Ltd.. +.. +.. +. MAP Capital Advisors Pty Ltd 8.. +.. +..8 +.8 Morgans Financial Ltd 7... 7. +... Commonwealth Bank of Australia 7 8......7. RFC Ambrian Ltd 8 *....7..8 +. Hartleys Ltd.... +... Viel & Cie Finances 8.. +.. +..7 +.7,....,8.... # of Deals per Imputed Fees (US$m) $ *.. +.... +. First NZ Capital 8.8. +8. 7.7.. +. ###### ###### Goldman $ Sachs & Co ###### $ Top Ten Total. 7.8...8....% 8.% % 7.% $ 8.% 8.%.% $ 7 8 8.%.%.%.%.%.% Financials Energy and Power Media and Entertainment Materials Real Estate All Other Sectors Australian Common Stock (AK) Top Australian Equity & EquityRelated Deals (US$m) First Quarter Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m),7.. +..8..8.,..7 8.8..8. +. Macquarie Group Canaccord Genuity 7 8 7 7.7 7.8...8. 7..8.7... +..7 +. +..7 +.....8 8..8 + + + + 8.. 8......7. 7. 7.7. +.. +. +7. +. +. Taylor Collison Ltd BBY Ltd..7... +. 8 7.. + +....8 +. +. 8..8 8.7.... Bell Financial Group Ltd ICS Advisory Pty Ltd..... +... +..... +. MAP Capital Advisors Pty Ltd 8.. +.. +.. +. Morgans Financial Ltd 7... 7. +... Commonwealth Bank of Australia 8......8. RFC Ambrian Ltd 7 *....8..8 +. Hartleys Ltd 8.... +... Viel & Cie Finances 8.. +.. +..7 +.7 Maxim Group LLC 8.. +.. +.7. +.,78..7 7..8,7.. 7.. Caltex Australia Ltd APA Group Macquarie Group Ltd GPT Group Veda Group Ltd Fairfax Media Ltd Steadfast Group Ltd APN News & Media Ltd Eclipx Group Ltd Tabcorp Holdings Ltd /7/ // // $.8 // $. // $7. // $8. // $. // $. // $. // $8. $,. $,..%.%.%.8% 7.%.8%
Japanese ECM Down 7% IPO Deal Count Up %, Proceeds Down 8% Convertible Bonds Highest Since First Quarter Equity Capital Markets Managing Underwriters Japan Equity Capital Markets Japan Deals Intelligence Japanese Equity and EquityRelated volume totaled US$8. billion from 7 deals in the first quarter of, a 7.% decline from the same period last year. Fees totaled US$8. million, a 7.% decline from the same period in, as estimated by Thomson Reuters/Freeman Consulting. Japanese IPO volume reached US$billion from offerings, with deal count up % yearonyear but proceeds down by 7.%. Equityrelated volume gained market share points at expense of IPO issuance share of overall Japanese ECM activity. Equityrelated activity during the first quarter of saw the highest first quarter volume since, with issuances worth US$. billion in proceeds. LIXIL s US$. million deal was the largest Japanese equityrelated deal and the second largest issue in overall Japanese ECM activity during the first quarter. Japan Equity & EquityRelated (Ce) Japan Equity & EquityRelated Volume by Issue Type First Quarter # of Deals per Imputed Fees (US$m),8.. +... 7. +. Sumitomo Mitsui Finl Grp Inc,.. +.8. +.. +. Mizuho Financial Group 87.. +.. +.. +.8 Mitsubishi UFJ. 8..8.8. 8.. Daiwa Securities Group Inc. 7.8 +.. +.7 8.7 +. 7.. +.8.7.7. +. 7 7....7.. +. 8 8.8..... +..8.8..7...7 SBI Holdings Inc.. +.. +.. +. Tokai Tokyo Financial Holdings.7. +..7 +.8. +. Okasan Securities Group Inc.7....7.. Top Fifteen Total 8,. 7,.8 7.%.%.. 7 +7 8. 8..% 7.%.%.%.. Proceeds (US$billions) 7 7 7 8 8 # of Issues IPO FollowOn Convertible # of Issues Japan Common Stock (Cd) Top Japan Equity & EquityRelated Deals (US$m) First Quarter # of Deals per Imputed Fees (US$m),88.. +.8 8. 8.. +. Sumitomo Mitsui Finl Grp Inc,8.. +.8 8. +.. +8. Mitsubishi UFJ 7..7..... Mizuho Financial Group. 8. +..7 +.. +. Daiwa Securities Group Inc. 8.8 +.. +.. +. 7.. +.... +.8 7.8...... SBI Holdings Inc 8.. +.. +.. +. Tokai Tokyo Financial Holdings.7. +.. +.8. +. Okasan Securities Group Inc.7...7.7.. Electric Power Development LIXIL Group Corp LIXIL Group Corp Kenedix Retail REIT Corp Chugoku Electric Power Co Inc Chugoku Electric Power Co Inc // // // // // // $. $. $8. $. $. $,. Nippon Reit Investment Corp // $7. Top Fifteen Total,.8,..7%.%.8. 8.%.7% +.....%.% Yamaguchi Financial Group Inc Japan Real Estate Investment Laox Co Ltd // // // $7. $8. $.
First Quarter Equity Capital Markets Managing Underwriters Japan Equity Capital Markets Japan IPOs (C7d) Japan Equity & EquityRelated Proceeds by Industry (US$Mil) First Quarter Market Market Rank Rank Proceeds Sh. (%) Share Ch. 78.8 7. +. Sumitomo Mitsui Finl Grp Inc 7. 7. +. * 8.. +. Daiwa Securities Group Inc.. +. SBI Holdings Inc.. +. Mizuho Financial Group 8.7.. Tokai Tokyo Financial Holdings 7..7 +.7 Okasan Securities Group Inc 8.7. +. # of Deals per Imputed Fees (US$m) # of Market Change in Manager Market Market Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch. 7... +. 8. +.. +.... +.. +.. +.. +. 7.8 +7... 7... +.. +.. +..8 +. $,7 % $,8 % Real Estate Energy and Power Consumer Products and Services Industrials Financials $, % Retail High Technology Top Fifteen Total,.,... +..7 7.. $8 % $7 % $ % $ 8% $77 % Materials Consumer Staples 7.%.%.7% 7.%.% 7.% $ % Healthcare Telecommunications Japan Secondary Offerings (C8d) Media and Entertainment Rank Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Mizuho Financial Group Daiwa Securities Group Inc 7 Tokai Tokyo Financial Holdings 8 # of Deals per Imputed Fees (US$m) Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch.,.. +...7..,.. +.. 7.. +. 7...8.8..... +.. +.7. +..7 8. +.. + 8.. +.8.8.7.. +... 8 8.....8.... +..... Japan IPO Quarterly Volume and Deal Count 8 8 7 Top Fifteen Total,.,..%.% Japan Convertible Offerings (Ce).. 7.%.% # of Deals per Imputed Fees (US$m),.. +. 7.7 + 7. 8.. Mizuho Financial Group Daiwa Securities Group Inc. 7. 88. 7... +7.....7. +.7..7..8. +...7.8. +..7 +.. +. Mitsubishi UFJ 8..8..7... Sumitomo Mitsui Finl Grp Inc 7....7.8.7. Top Seven Total,.7. 7.8 8.,.7. + 7.. 7...%.%.. Proceeds (US$billions) 8 8 7 8 Q Q Q Q # of Issues 7 # of Issues 8.%.% 8.%.%.%.%
First Quarter Equity Capital Markets Managing Underwriters Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact: Americas Salvatore Reres Tel: + 8 Email: salvatore.reres@thomsonreuters.com EMEA Rebecca Cox Tel: +.7..77 Email: rebecca.cox@thomsonreuters.com AsiaPacific Michelle Abuzo Tel: +.88.7 Email: michelle.abuzo@thomsonreuters.com Japan Aki Sato Tel: +8.. Email: aki.sato@thomsonreuters.com All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters databases as of :am EDT on March,. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Transactions must be received within business days of pricing. (Rule a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equityrelated transactions. This includes IPOs, followon offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds. Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. Convertible Bonds with a minimum life of less than days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of pricing. League table volumes for Mitsubishi UFJ Financial Group and, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: () Mitsubishi UFJ Securities and () MUFG Securities. Credit for the newly established joint ventures rolls up to. For Japanese involvement league tables will be represented as "Mitsubishi UFJ. 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. Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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