DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS/Carlos Jasso Full Year 217
Full Year 217 Debt Capital Markets Managing Underwriters Debt Capital Markets Review Table of Contents Global Debt International Debt Asia Debt Global Deals Intelligence 1 EMEA Deals Intelligence 1 Asia Deals Intelligence 15 Global Debt, Equity & Equity Related (A1) 1 All International Bonds (J1) 1 Asian G3 Currency Bonds (ex-japan, ex-australia) (AR2) 15 Global Debt and Syndicated Loans (DL1) 1 All International Securitizations (J1c) 1 All Asian Currencies (ex-japan, ex-australia) (AS1) 15 Global Scorecard 2 All Bonds in Euros (N1) 1 Dim Sum Bonds (AS24a) 15 Leading Underwriters for Full Year 217 2 All Global Green Bonds (GR1) 11 All Asian Currencies (ex-japan, ex-australia, ex-china) (AS1a) 15 Global Debt (B1) 2 All International Green Bonds (JG1) 11 Australian Debt Global Investment Grade Corporate Debt (B7) 3 High Yield Australia Deals Intelligence 16 Global Debt and Syndicated Loans Islamic Finance (DL2) 3 Global High Yield Deals Intelligence 12 All Australian Debt (ex self-funded) (AJ3a) 16 Global Mortgage-Backed Securities (B1) 3 Global High Yield Debt (B4) 12 Australian Dollar Non-Securitized Bonds (ex self-funded)(aj6) 16 Global Asset-Backed Securities (B11) & (B13) 3 Banking Composite of Top Global Debt s Global Debt Rankings - Last Ten Years US Debt US Debt (F1) 6 US High Yield Corporate Debt (F8) US Investment Grade Corporate Debt (F9) All Federal Credit Agency Debt (H1) US Asset-Backed Securities (F14) US Mortgage-Backed Securities (F11) US Securitizations ex.cmbs, Agency CMO, CDO & Self- Funded(F2a) Banking Composite of Top US Debt s 8 IFR Markets Supplement 9 4 5 6 6 6 7 7 7 Global High Yield Debt - US Dollar Denominated (B5) 12 Global High Yield Debt - Non-US Dollar Denominated (B6) 12 Emerging Market Debt All International Emerging Market Bonds (L1) 13 EMEA Emerging Market Bonds (L2) 13 Latin America Emerging Market Bonds (L3) 13 Asia-Pacific Emerging Market Bonds (L4) 13 Middle East Emerging Market Bonds (L5) 13 Emerging Market Debt - Latin America All Brazilian Debt (BR1) 14 Brazilian Domestic Debt (BR2) Global Debt by Mexican Issuers (MX1) 14 14 Global Debt in Mexican Pesos (MX2) 14 Domestic Mexican Debt (MX3) 14 All Australian International Bonds (AJ7) Japan Debt Japan Deals Intelligence All Bonds in Yen (AP5) Samurai Bonds (AP1) Japanese Securitizations (AP2) Japanese Corporate Debt (AP3) Bonds Targeted in Japan (AP4) Criteria Summary Debt Capital Markets Criteria Summary Thomson Reuters Solutions for the Deal Making Community 16 17 17 17 17 18 18 19 2
Full Year 217 Debt Capital Markets Managing Underwriters DEBT CAPITAL MARKETS REVIEW Global Debt Tops US$7 Trillion for Second Year l US Investment Grade Debt Hits Record US$1.4 trillion l High Yield Corporate Debt Up 4% l Fees Increase 14% Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS TOPS US$7 TRILLION FOR SECOND YEAR - Overall global debt capital markets activity totaled US$7.2 trillion during full year 217, a slight decline compared to full year 216 and the second consecutive annual period to surpass US$7 trillion on record. Fourth quarter global debt activity decreased 18% compared to the third quarter of this year, as the number of issues fell 19%. US INVESTMENT GRADE DEBT BREAKS FULL YEAR RECORD FOR SIXTH CONSECUTIVE YEAR - High grade corporate debt offerings targeted to the US marketplace totaled US$1.4 trillion during full year 217, a 5% increase compared to a year ago, and the sixth consecutive year to surpass US$1 trillion and set a new annual record for the asset class. During the fourth quarter of 217, US investment grade corporate debt totaled US$251.1 billion, down 31% compared to the third quarter of the year. GLOBAL HIGH YIELD VOLUME UP 4% - The volume of global high yield corporate debt reached US$432.8 billion during full year 217, an increase of 4% compared to the same time last year and the strongest annual period for global high yield issuance in three years. United States high yield issuers accounted for 52% of total issuance, down from 6% a year ago. The United Kingdom, Canada and China each accounted 6% of this year s issuance. Global High Yield Corporate Debt- Quarterly Proceeds (US$b) $16 $14 $12 $1 $8 $6 $4 $2 $ Global High Yield Debt ($b) Number of Offerings 28 29 21 211 212 213 214 215 216 217 3 25 2 15 1 5 TELECOM OFFERINGS UP 56%; HEALTHCARE, GOVERNMENT & AGENCY LEAD DECLINERS DCM activity from Telecommunications issuers totaled US$173.2 billion during full year 217, registering an industry-leading increase of 56% compared to year-ago levels. Healthcare and Government & Agency activity saw the steepest year-over-year declines, down 28% and 15%, respectively. Government & Agency and Financial offerings accounted for a combined 7% of issuance during full year 217, down from 71% a year ago. EMERGING MARKETS CORPORATE DEBT UP 2% - Corporate debt from emerging markets issuers totaled US$316.6 billion during full year 217, up 2% compared to last year. Corporate debt issuers from India, Brazil, Mexico and Russia accounted for 47% of activity during the year. Issuance from corporations in India totaled US$57.8 billion, an increase of 28% compared to full year 216. CITI TOPS GLOBAL DEBT LEAGUE TABLE - took the top spot for global debt underwriting during full year 217 with proceeds of US$468.9 billion and an increase of 1. market share point. fell to second place with a market share increase of.4 points, while Bank of America Merrill Lynch maintained third place. Barclays and Goldman Sachs rounded out the top five global debt bookrunners, with Goldman Sachs moving into the top five for the first time since records began in 198. OVERALL DEBT UNDERWRITING FEES INCREASE 14% - According to estimates, underwriting fees from DCM activity totaled US$29. billion during full year 217, an increase of 14% compared to full year 216. Global Debt Capital Markets by Asset Class Proceeds (US$t) $2.2 $2. $1.8 $1.6 $1.4 $1.2 $1. $.8 $.6 $.4 $.2 $. 28 29 21 211 212 213 214 215 216 217 Investment Grade Corporate Federal Credit Agency MBS ABS Agency, Supranational, Sovereign Emerging Market Corporate High Yield Corporate Global Debt, Equity & Equity-related (A1) Global Debt and Syndicated Loans (DL1) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 519,33. 6.6 +.4 2,21 7.7 +23 3,419.5 6.9 +.1 1 1 748,73.7 7.2 -.1 2,891 9.2 +211 2,83.8 6.5 +6.5 2 2 58,725.6 6.4 +1. 2,174 7.6 +443 2,683.1 5.4 +.1 Bank of America Merrill Lynch 2 2 71,98.2 6.8 -.3 2,76 8.6 +119 2,512.9 5.8 +5.8 Bank of America Merrill Lynch 3 3 428,51. 5.4 +.2 1,82 6.3 +15 2,531.2 5.1 -.6 3 3 664,112.7 6.4 -.7 2,478 7.9 +416 2,236.9 5.1 +5.1 Morgan Stanley 4 6 364,694.7 4.6 +.5 1,761 6.1 +221 2,727.2 5.5 +.4 Wells Fargo & Co 4 5 422,352.4 4.1 -.3 2,181 6.9 +273 1,491.6 3.4 +3.4 Goldman Sachs & Co 5 5 362,326.3 4.6 +.3 1,392 4.9 +24 2,586.6 5.2 +.3 Barclays 5 4 42,164.8 4. +.2 1,678 5.3 +163 1,513.2 3.5 +3.5 Barclays 6 4 347,913.9 4.4 -.2 1,459 5.1 +139 1,684.7 3.4 -.4 Goldman Sachs & Co 6 8 39,2.4 3.8 -.4 1,344 4.3 +189 1,628.3 3.7 +3.7 HSBC Holdings PLC 7 8 276,754.1 3.5 -.3 1,336 4.7 +51 1,18.9 2.4 +.3 HSBC Holdings PLC 7 6 353,893.6 3.4 +.1 1,647 5.2 +81 1,331.8 3.1 +3.1 8 7 27,529.6 3.4 -.4 1,282 4.5 +23 1,54.9 3. -.4 Morgan Stanley 8 9 344,44.8 3.3 -.3 1,557 4.9 +151 1,452.7 3.3 +3.3 Wells Fargo & Co 9 9 237,344.1 3. - 1,33 4.5 +158 1,189.6 2.4 -.5 9 7 317,442. 3.1 +.4 1,457 4.6 +48 1,243.9 2.9 +2.9 Credit Suisse 1 1 216,95.8 2.7 +.1 1,11 3.9 +181 1,669.7 3.4 - Mizuho Financial Group 1 1 273,58.8 2.6 +.3 1,76 5.4 +128 1,213.1 2.8 +2.8 3,533,7.1 44.6 +1.6 21,177.4 42.7 -.7 4,643,963.4 44.7-1.1 17,428.2 4.1 +4.1 7,917,833.8 1. 28,691 +2,861 49,834.4 1. 1,412,795.4 1. 31,552 +796 43,495.3 1..9% 5.7% 24.5% -.1% 2.6% 15.3% 17.2% -11.7% -7.9% -8.3% -18.6% -7.7% 1
Full Year 217 Debt Capital Markets Managing Underwriters Global Debt Global Scorecard Global Debt (B1) All US Debt (F1) US Long-term Debt (F2) US Long-term Straight ex MBS, ABS & Munis (F3) US Federal Credit Agency Debt (F7) US High Yield Corporate Debt (F8) US Investment Grade (F9) Agency, Sovereign & Supranational Debt (F1) US Mortgage-backed Securities (F11) US Asset-backed Securities (F14) US Taxable Municipal Debt (F15) US Short-term Debt - including MBS, ABS (F16) All Global Debt (B1) Global Long-term Debt (B2) Global Long-term Debt ex MBS, ABS & Munis (B3) Global High Yield Corporate Debt (B4) Global Investment Grade Corporate Debt (B7) US Federal Credit Agency Debt (B8) Global Agency, Sovereign & Supranational Debt (B9) Global Mortgage-backed Securities (B1) Global Asset-backed Securities (B11) Global Short-term Debt (B14) Global Emerging Markets Corporate Debt (B15) Leading Underwriters for Full Year 217 Market Sector Stocks and Bonds Global Debt, Equity & Equity-related (A1) Global Disclosed Fees (A2) U.S. Debt, Equity & Equity-related (E1) U.S. Disclosed Fees (E2) Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B1) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B11) No. 1 Manager Morgan Stanley Jan 1 217 - Dec 29 217 Jan 1 216 - Dec 3 216 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds No. Proceeds No. % Change $USm Deals $USm Deals in Proceeds 1 2 468,917.8 6.5 +1. 1,852 7.9 +347 1,65.6 5.7 -.2 3,53,938.4 5,487 2,864,169.6 4,821 +6.6% 2 1 463,73.5 6.4 +.4 1,816 7.8 +146 1,975.4 6.8 +.5 2,287,856. 4,35 2,237,58.4 3,627 +2.3% Bank of America Merrill Lynch 3 3 388,592.5 5.4 +.2 1,519 6.5 +24 1,579.2 5.5 -.6 182,115.5 1,354 268,224.1 1,217-32.1% Barclays 4 4 324,521.5 4.5 -.2 1,275 5.5 +96 1,194.1 4.1 -.2 281,429.8 481 229,64.4 338 +22.9% Goldman Sachs & Co 5 6 36,222.7 4.2 +.2 1,61 4.5 +123 1,331. 4.6-1,35,364.9 393,171.8 421,276.3 1,167 98 837 1,286,72. 395,758.5 382,533.5 1,13 91 72 +4.9% -.7% +1.1% Morgan Stanley HSBC Holdings PLC 6 7 8 7 5 8 31,734.9 27,97.1 248,245.6 4.2 3.7 3.4 +.3 -.3 -.3 1,366 1,283 1,116 5.9 5.5 4.8 +82 +38 +11 1,26.7 981.9 987.3 4.4 3.4 3.4 -.2 +.6 -.5 344,86.1 615 244,127.7 474 +41.2% Wells Fargo & Co 9 9 227,463.8 3.2 +.1 1,186 5.1 +157 858.5 3. -.5 24,894.3 672 22,273.2 63 +11.8% BNP Paribas SA 1 1 193,2.2 2.7 +.2 836 3.6 +95 658.6 2.3 +.2 2,138.4 1,288 2,939.5 1,789 -.4% Credit Suisse 11 11 191,91.8 2.7 +.3 877 3.8 +145 916.4 3.2 - Nomura 12 12 15,262.3 2.1-821 3.5 +122 383.4 1.3 - RBC Capital Markets 13 17 142,756.2 2. +.3 837 3.6 +138 661.4 2.3 +.1 6,883,136.2 5,924,757.6 2,573 18,599 6,841,656.5 6,36,86.4 19,112 17,446 +.6% -1.9% Mizuho Financial Group Societe Generale 14 15 16 22 138,474.3 11,453.3 1.9 1.5 +.1 +.1 976 476 4.2 2. +177 +71 52. 355.3 1.8 1.2 -.3 +.1 432,83.2 771 38,841.3 515 +4.1% Bank of China Ltd 16 13 19,7.8 1.5 -.5 965 4.1-83 416.7 1.4 +.1 3,551,245.9 12,68 3,511,686. 11,739 +1.1% TD Securities Inc 17 2 16,611.7 1.5-649 2.8 +94 366.3 1.3 +.3 19,987.6 1,381 273,569.4 1,25-3.2% Credit Agricole CIB 18 21 15,886. 1.5-558 2.4 +56 353.1 1.2 +.2 1,626,62.1 3,561 1,874,391. 3,839-13.2% UBS 19 23 13,874.4 1.4 +.1 546 2.3 +6 453.8 1.6 -.2 512,123.6 994 484,33.3 856 +5.8% China Construction Bank 2 14 98,738.4 1.4 -.5 974 4.2-67 318.1 1.1-446,255. 981 32,816.8 8 81 +39.1% Industrial & Comm Bank China 21 15 96,34.7 13 1.3 -.6 884 38 3.8-136 331.6 11 1.1-362,96.2 2,86 414,222.8 3,58-12.6% Mitsubishi UFJ Financial Group 22 27 77,398.5 1.1 +.2 411 1.8 +97 394.4 1.4 +.2 332,964.7 1,517 27,126.4 1,54 +23.3% UniCredit 23 25 77,144.9 1.1 +.2 376 1.6 +86 222.2.8 +.1 Bank of Communications Co Ltd 24 19 76,825.5 1.1 -.5 794 3.4-67 265.9.9 - Agricultural Bank of China 25 18 74,486.3 1. -.6 729 3.1-93 235.8.8 -.1 Top Twenty Five Total 4,853,365.7 67.3 +.2 18,671.7 64.6 -.4 Current Qtr 7,213,742.4 1. 23,321 +632 28,999.9 1. Market Share Mkt. Share Chg. Consecutive (%) from Last Qtr (%) Quarters No. 1 +1.6 +.8 +.4-4. US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F1) 11.5 +.1 4 U.S. LT Debt inc MBS,ABS &Tax Munis(F2) 12.8 +2.4 4 U.S. Investment Grade Corporate Debt (F9) 13.1 +2. 4 U.S. High Yield Corporate Debt (F8) 12.1 +1.8 3 U.S. Federal Credit Agency (H1) 13.7 +3.8 1 U.S. LT Federal Credit Agency Debt (H3) Wells Fargo & Co 18.6 +11.4 5 U.S. Mortgage-backed Securities (F11) 14.3 +4.4 3 U.S. Asset-backed Securities (F14) 19.8 +1.9 1 International Bonds All International Bonds (J1) All Bonds in Euro (N1) All International Securitizations (J1c) BNP Paribas SA 7.2 8.3 12.6 11.7 7.3 1.8 5.9 13. 8.7 7.6 12.8 +1.3 -.4 +2.3 +.8 +.4 +1.4 +5.1 5 3 1 1 5 3 5 3 3 3 2 -.2% -18.4% Global Debt Capital Markets % Change by Asset Class 5% 3% 1% -1% 1.1% Investment Grade Corporate Agency, Supranational, Sovereign -13.2% 4.1% 39.1% High Yield Corporate 2.8% -18.7% 5.8% 23.3% 13.6% -22.8% ABS MBS Emerging Market Corporate 217 vs. 216 Federal Credit Agency Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR2) All Asian Currencies ex CDs (AS1) Bank of China Ltd 8.4 +2.5 5.9-1.5 4 3-3% -3.2% Australia Bonds Australian Dollar Bonds (AJ3) Westpac Banking 17.3 Australian Domestic Securitization (AJ5) Commonwealth Bank of Australia 32.4 +4.4 +24.6 1 1-5% 2
Full Year 217 Debt Capital Markets Managing Underwriters Global Debt Global Investment Grade Corporate Debt (B7) Imputed Fees: Global Investment Grade Corporate Debt Full Year Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 28,38.3 5.9 +.2 726 5.7 +71 898.7 6. +.2 Bank of America Merrill Lynch 2 3 184,561. 5.2 +.3 619 4.9 +34 816.1 5.4 -.4 3 2 18,935.2 5.1 -.1 778 6.1 +137 726.1 4.8 -.4 Morgan Stanley 4 4 175,3.9 4.9 +.2 698 5.5 +57 73. 4.9 -.2 Goldman Sachs & Co 5 6 15,512.5 4.2 +.1 43 3.4 +36 618.6 4.1 - HSBC Holdings PLC 6 5 137,57.2 3.9 -.2 674 5.3 +52 565.2 3.8 +.8 Barclays 7 8 123,736.5 3.5-493 3.9 +65 495. 3.3 -.2 8 7 118,4.6 3.3 -.2 457 3.6 +1 417.9 2.8 -.4 BNP Paribas SA 9 9 93,646.2 2.6 -.2 468 3.7 +22 328.7 2.2 -.1 Wells Fargo & Co 1 1 84,53.7 1,456,188.1 2.4 41. -.3 -.2 316 2.5 +3 47.8 6,4.1 2.7 4. -.7-1.4 3,551,245.9 1. 12,68 +941 15,48.7 1. 1.1% 8.% 3.8% -18.9% -25.8% -19.4% Fees (US$b) $16 $14 $12 $1 $8 $6 $4 $2 $ 11,739 12,68 8,998 9,16 6,31 6,233 5,796 6,349 5,44 4,819 8.3 9.4 8.5 8.4 11. 1.6 12.5 12.4 14.5 15. 28 29 21 211 212 213 214 215 216 217 Global Investment Grade Fees (US$b) Number of Offerings 14, 12, 1, 8, 6, 4, 2, Number of Offerings Global Debt and Syndicated Loans Islamic Finance (DL2) Global Mortgage-Backed Securities (B1) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Malayan Banking Bhd 1 2 5,582.6 1.2 -.5 42 33.9 +17 18.7 11.2 +11.2 CIMB Group Holdings Bhd 2 1 5,372. 9.8 +2.2 43 34.7 +9 18.1 1.8 +1.8 HSBC Holdings PLC 3 4 4,831.7 8.8-1.8 21 16.9-6 12. 7.2 +7.2 Standard Chartered PLC 4 3 3,214.7 5.8 +3.1 19 15.3-6 8.4 5. +5. 5 11 2,857.7 5.2-2.3 9 7.3 +1 6. 3.6 +3.6 6 12 2,712.4 4.9-2.6 5 4. +1 5.6 3.3 +3.3 RHB 7 5 2,481.4 4.5 +1.7 24 19.4 +4 8.4 5. +5. AMMB Holdings Bhd 8 6 2,41.3 4.4 +.8 25 2.2 +9 8.8 5.3 +5.3 9 9 2,278.5 4.1 -.3 6 4.8-1 4.7 2.8 +2.8 Dubai Islamic Bank PJSC 1 7 2,43.9 3.7 +.9 12 9.7-5 8.5 5.1 +5.1 33,785.2 61.4 +1.2 99.2 59.3 +59.3 55,18. 1. 124 +13 167.2 1. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Wells Fargo & Co 1 1 58,38.2 11.4-1.9 139 14. +25 9.4 9.7-1.8 Credit Suisse 2 2 57,173.6 11.2-1.2 141 14.2 +16 83.1 8.9-2.7 Bank of America Merrill Lynch 3 3 52,237.3 1.2-1.6 134 13.5-3 9.9 9.7 -.6 4 4 51,93.3 1.1 -.5 129 13. +16 77.4 8.3-1.6 5 5 51,224.2 1. +1.2 14 14.1 +39 8.1 8.6 +1.3 Morgan Stanley 6 6 43,845.3 8.6 +1.4 11 11.1 +22 7.3 7.5 +1.3 Goldman Sachs & Co 7 7 33,564.6 6.6 +.3 76 7.6 +12 54.8 5.9 +.3 Nomura 8 8 22,219.1 4.3-1.1 8 8. +15 3.9 3.3 +.7 BNP Paribas SA 9 13 16,51.5 3.2 +1.6 46 4.6 +16 29.5 3.2 +2. Barclays 1 1 14,821.2 2.9 -.2 43 4.3-9 29. 3.1-2.3 41,879.3 78.5-2. 636.4 68.2-3.4 512,123.6 1. 994 +138 935.8 1. 28.9% 54.6% 11.7%.% 34.3% 52.2% 5.8% 3.5% 16.1% 3.9% -24.% 3.7% Global Asset-Backed Securities (B11) Global Asset-Backed Securities ex-cdos (B13) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 2 76,82.6 17.2 +6.3 25 2.9 +88 268.3 15.3 +.2 1 2 31,318.8 1.3 +2.4 118 17.2 +35 75.5 6.8 +.4 Barclays 2 3 36,127.9 8.1 +1. 131 13.4 +32 148.1 8.4 +1.5 Barclays 2 3 26,54.7 8.6 +.8 17 15.6 +14 93.9 8.5-3 1 3,166.5 6.8-4.8 114 11.6-3 11.6 6.3-2.6 3 1 25,723. 8.5-3.8 14 15.2-1 91.2 8.3-1.4 Bank of America Merrill Lynch 4 4 28,768.7 6.5 -.1 18 11. +26 19.6 6.2 +.4 Bank of America Merrill Lynch 4 4 22,341.9 7.4 +.4 91 13.3 +16 79.1 7.2 +1.1 Wells Fargo & Co 5 5 25,26.7 5.7 -.6 93 9.5 +9 116.1 6.6 - RBC Capital Markets 5 5 2,868.8 6.9 +.3 82 12. +21 67.6 6.1 +.1 RBC Capital Markets 6 7 23,34.9 5.2 -.5 88 9. +24 78.7 4.5 +.6 6 9 16,329. 5.4 -.1 8 11.7 +2 57.6 5.2 +.1 7 8 21,684.2 4.9 -.7 88 9. +1 8.6 4.6 -.8 Mizuho Financial Group 7 6 16,29.1 5.4 -.4 167 24.3 +4 52.4 4.7-1.9 Credit Suisse 8 6 17,682. 4. -1.8 75 7.6-7 78. 4.4-1.5 Wells Fargo & Co 8 8 15,42.5 5.1 -.6 7 1.2-2 57. 5.2 -.1 Mizuho Financial Group 9 9 17,64.9 3.8-1. 169 17.2 +5 55.4 3.2 -.4 Mitsubishi UFJ Financial Group 9 12 13,645.8 4.5 +1.5 72 1.5 +27 42.2 3.8 +.2 Goldman Sachs & Co 1 11 14,515.6 3.3 +.2 65 6.6 +18 66.8 3.8 -.8 Credit Suisse 1 7 12,283.4 4.1-1.7 61 8.9-13 51.5 4.7-1.7 291,36. 65.5-2. 1,112.2 63.3-3.4 2,276. 66.2-1.2 668. 6.5-3.2 446,255. 1. 981 +171 1,757.1 1. 32,875. 1. 686 +19 1,15.3 1. 39.1% 21.1% 42.2% 15.4% 2.8% 7.8% 11.1% 6.4% 11.9% 21.2% 11.5% 2.5% * tie 3
Full Year 217 Debt Capital Markets Managing Underwriters Banking Composite: Global Debt Issue Type Composition for the Top Global Debt s Jan 1 - Sep 29 217 1% 4.2% 2.8% 2.6% 5.% 4.3% 6.1% 6.7% 2.9% 13.2% 9% 8% 7% 51.4% 5.9% 5.% 54.3% 55.9% 52.7% 55.3% 57.% 6% 63.% 61.9% % Total Proceeds 5% 7.3% 4% 3% 13.1% 1.4% 4.3% 13.2% 1.2% 2.6% 3.8% 4.9% 1.5% 13.9% 14.3% 1.1% 2.3% 16.3% 2.% 8.% 9.% 2.3%.% 2% 2.6% 1.% 13.8% 1% 21.3% 2.8% 2.% 14.5% 2.8% 1.4% 2.6% 19.3% 28.1% 26.9% 14.7%.8%.% 1.6% % 4.2% 6.9% 7.3% Bank of America Merrill Lynch 8.7% 4.9% 4.5% 1.9% 3.7% Barclays HSBC Holdings PLC Goldman Sachs & Co Morgan Stanley Wells Fargo & Co BNP Paribas SA ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS 4
Full Year 217 Debt Capital Markets Managing Underwriters Global Debt Rankings* - Last Ten Years 1 2 3 Bank of America Merrill Lynch 4 Barclays 5 Goldman Sachs & Co Rank 6 Morgan Stanley 7 HSBC Holdings PLC 8 9 Wells Fargo & Co 1 BNP Paribas SA 28 29 21 211 214 215 216 217 *Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year. 5
Full Year 217 Debt Capital Markets Managing Underwriters US Debt US Total Debt Issuance Up 7% to US$3 trillion US Debt Fees US$14 billion US Deals Intelligence US Investment Grade Corporate Debt (F9) US Investment Grade Debt issuance totaled US$1.3 trillion raised from 1,167 deals, a 4.9% increase compared to the same period last year and the highest volume on record in the High Grade. Energy & Power led all sectors, accounting for 13.2% of the market, followed by Healthcare (8.7%) and Technology (7.8%). Volume was boosted by seven transactions with a principal amount over US$1 billion, including the US$22.5 billion AT&T deal, the third largest deal on record. The proceeds were used to fund the US$117 billion acquisition of Time Warner. According to estimates, fees from US Investment Grade bonds totaled US$6.8 billion, accounting for 53.4% of fees from High Grade bonds globally. US High Yield Corporate Debt volume in 217 reached US$281.4 billion, an increase of 22.9% compared to the same period last year. Issues from Industrials, Materials and Telecommunications drove market activity, increasing 8.7% to $US33.4 billion, 67% to $US41.7 billion and 6% to $US16.4 billion, respectively. According to estimates, fees from US HY bonds totaled US$4.3 billion, an increase of 43.3% from a year ago. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 164,349.7 12.2-51 42.9 +73 745.6 11. +.7 Bank of America Merrill Lynch 2 2 153,743.8 11.4 +.6 46 39.4 +34 691.3 1.2 -.7 3 3 129,712.9 9.6 -.6 418 35.8 +58 543.8 8. -.7 Goldman Sachs & Co 4 5 115,548.2 8.6 +.9 272 23.3 +35 498.6 7.4 +.4 Morgan Stanley 5 4 114,19.3 8.4 +.5 343 29.4 +3 53.9 7.4 - Wells Fargo & Co 6 6 79,557.6 5.9-1. 29 24.9 +2 388. 5.7-1.3 Barclays 7 7 64,998.5 4.8 -.7 29 17.9 +14 32.9 4.5 -.9 8 9 53,654. 4. -.6 153 13.1 +4 211.8 3.1-1. HSBC Holdings PLC 9 8 47,76.4 3.5-1.2 124 1.6 +5 227.7 3.4 +.1 Credit Suisse 1 12 4,161.8 3. +.4 135 11.6 +27 193.6 2.9 -.1 RBC Capital Markets Mizuho Financial Group Mitsubishi UFJ Financial Group 11 12 13 11 1 14 37,925. 37,91.9 35,494.7 2.8 2.8 2.6 +.1 -.3 +.1 16 154 15 13.7 13.2 12.9-16 +8 +23 191.5 196.1 23.5 2.8 2.9 3. -.4 -.2 +.5 UBS 14 2.6 9.7 +21 2.4 +.1 BNP Paribas SA 1.8 9.3-1 1.8 -.3 1.9 +.3 1.1 - Santander Global Corporate Bnk 18 2 13,578.9 1. +.2 4 3.4 +9 63.9.9 +.1 Sumitomo Mitsui Finl Grp Inc 19 17 13,219.3 1. -.1 6 5.1 +1 77.8 1.2 -.1 Societe Generale 2 19 11,977.1 1 9.9-46 39 3.9 +8 56.66 8.8 - SunTrust Banks 21 23 11,6.5.8 +.2 7 6. +16 67.5 1. +.2 Credit Agricole CIB 22 22 1,899.6.8 +.2 61 5.2 +13 49.6.7 +.1 Scotiabank 23 21 9,527.3.7-6 5.1 +8 76.5 1.1 -.2 BBVA 24 26 7,845..6 +.2 3 2.6 +1 44.7.7 +.2 RBS 25 24 5,758..4 -.1 12 1. +1 4.1.6 - PNC Financial Services Group 26 28 5,727.7.4-32 2.7 +6 49.3.7 +.1 Lloyds Bank 27 27 4,916.6.4-17 1.5-2 3.7.5 - Bank of New York Mellon Corp 28 29 3,726.3.3 -.1 18 1.5-1 34.5.5 - BMO Capital Markets 29 31 3,162.8.2-17 1.5 +3 25.7.4 +.1 Jefferies LLC 3 48 3,147.2.2 +.1 27 2.3 +11 21.9.3 +.1 Top Thirty Total 1,271,685.7 94.2 -.7 6,27.2 88.9-2.9 1,35,364.9 1. 1,167 +64 6,775.5 1. Proceeds from Non-Agency Residential Mortgage-Backed Securities totaled US$56.7 billion during full year 217, 15 35,17.3 +1. 113 163.6 15 13 24,44.7 -.7 19 121.6 double the volume last year. According to estimates, fees from RMBS issues totaled US$1 billion, a 7% increase US Bancorp 16 16 19,675.2 1.5 +.1 127 1.9 +23 129.7 from a year ago. TD Securities Inc 17 18 13,628.4 1. +.1 61 5.2 +11 75.2 US Debt (F1) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 343,33.3 11.2 -.1 1167 21.3 +177 1,534.1 1.7 +.6 2 2 342,14.3 11.2 +1.2 1157 21.1 +275 1,282.5 8.9 -.3 Bank of America Merrill Lynch 3 3 286,182.6 9.4 -.5 156 19.2 +78 1,286.4 9. -1.1 Goldman Sachs & Co 4 6 212,749.4 7. +.1 652 11.9 +62 991.1 6.9 -.4 Wells Fargo & Co 5 4 22,263.8 6.6 -.7 998 18.2 +133 847.1 5.9-1. Morgan Stanley 6 7 196,829.9 6.5 +.5 71 12.9 +94 881.9 6.1 -.2 Barclays 7 5 174,252.1 5.7-1.5 653 11.9 +22 84.1 5.6 -.7 Credit Suisse 8 9 135,625.6 4.4 -.1 513 9.3 +81 619.8 4.3 -.7 9 8 121,435.5 4. -1.2 472 8.6-9 519.4 3.6-1.4 HSBC Holdings PLC 1 1 1,69. 3.3 -.9 35 5.6-2 391.3 2.7 -.1 2,115,382.5 69.3-3.2 9,157.7 63.7-5.3 3,53,938.4 1. 5,487 +666 14,367.7 1. 4.9% 5.8% 3.5% 2.4% 1.5% 33.3% 6.6% 14.8% 13.8% 4.% 12.7% 11.7% US High Yield Corporate Debt (F8) All Federal Credit Agency Debt (H1) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 2 34,34.7 12.1 +2.5 241 5.1 +69 485.4 11.2 +1.8 Bank of America Merrill Lynch 2 4 25,24.3 9. +.1 217 45.1 +48 353.1 8.2-1.2 Goldman Sachs & Co 3 1 22,66.7 8.1-1.6 163 33.9 +21 321.6 7.4-2. Barclays 4 3 21,473.3 7.6-1.6 147 3.6 +1 316.4 7.3-2. 5 5 21,124.4 7.5-1. 178 37. +53 292.3 6.8-1. Credit Suisse 6 7 17,951.5 6.4 -.4 142 29.5 +3 264.2 6.1-1.1 Wells Fargo & Co 7 8 16,61.1 5.9 +.5 144 29.9 +4 225.7 5.2 +.5 Morgan Stanley 8 9 15,985.9 5.7 +.5 12 24.9 +3 239.2 5.5 +.4 9 6 13,14. 4.6-3.8 126 26.2 +6 177.6 4.1-3.5 RBC Capital Markets 1 1 12,176.5 4.3 +.2 15 21.8 +29 172.1 4. -.3 2,235.4 71.2-4.6 2,847.6 65.8-8.4 281,429.8 1. 481 +143 4,324.9 1. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Barclays 1 1 56,4.3 12.8 +.6 223 5.4-49 24.4 8.4 +3.8 Nomura 2 2 45,237.7 1.4 +1.7 21 5.1-4 27.4 9.4 +3.6 Wells Fargo & Co 3 5 42,42.8 9.7 +3.4 619 15. -123 25.9 8.9 +3.5 4 6 36,323. 8.3 +2.2 23 4.9-112 23.2 8. +2.1 TD Securities Inc 5 3 31,826. 7.3 +.1 244 5.9-2 2.8 7.2 +1.9 6 7 27,624.5 6.3 +1.1 171 4.1-96 14.2 4.9 +.2 HSBC Holdings PLC 7 1 21,473.5 4.9 +.7 88 2.1-21 6.9 2.4 +.6 Bank of America Merrill Lynch 8 8 21,22.4 4.9 -.1 165 4. -315 9.5 3.3-1.9 Jefferies LLC 9 14 17,79.6 4.1 +1.5 24 4.9-144 6.7 2.3 +.4 Daiwa Securities Group Inc 1 11 11,914.2 2.7 -.8 165 4. -148 5.3 1.8 -.5 311,736. 71.4 +1.4 164.3 56.6 +13.7 436,97.7 1. 4,135-2,91 29.2 1. 22.9% 11.1% 42.3% 25.3% 43.3% 35.6% 41.3% 14.7% 12.2% 5.5% 36.7% 17.6% 6
Full Year 217 Debt Capital Markets Managing Underwriters US Securitizations US Structured Finance 217 vs 216 US Asset-Backed Securities (F14) 12% 1% 8% 6% 4% 2% % -2% -4% 41.2% 1.1% 22.7% 119.9% ABS MBS CMBS RMBS Federal Credit Agencies MBS -9.5% Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 2 68,355.8 19.8 +7.3 18 29.3 +78 231.2 17.3 +1.5 Barclays 2 4 29,28.9 8.5 +.4 17 17.4 +19 112. 8.4 +2.4 3 1 27,774.1 8.1-6. 14 16.9-4 98.9 7.4-2. Wells Fargo & Co 4 3 24,983.8 7.3 -.9 9 14.6 +7 114.8 8.6 -.4 Bank of America Merrill Lynch 5 5 24,665. 7.2 -.3 91 14.8 +24 9.4 6.7 +.3 RBC Capital Markets 6 6 21,529.4 6.2 -.4 72 11.7 +2 7.1 5.2 +.5 7 8 17,498.3 5.1-1.4 71 11.5-8 6.6 4.5-1.1 Credit Suisse 8 7 14,131.8 4.1-2.4 65 1.6-7 62.6 4.7 -.9 Mitsubishi UFJ Financial Group 9 14 11,973.1 3.5 +1.1 44 7.2 +23 36.8 2.8 +.8 Goldman Sachs & Co 1 9 1,842.5 3.1 -.5 51 8.3 +1 5.4 3.8-1.4 251,34.7 72.9-3.1 927.8 69.4 -.3 344,86.1 1. 615 +141 1,34.2 1. 41.2% 12.% 29.7% 47.% 12.1% 14.8% US Asset-Backed Securities excluding Self-Funded (F14a) US Mortgage-Backed Securities (F11) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 56,42.7 17.5 +5.6 168 28.8 +68 219.3 17.3 +1.3 Barclays 2 4 27,288.4 8.5-13 17.7 +16 12.1 8.1 +2.3 3 2 26,224.1 8.2-3.3 12 17.5 +1 95.7 7.6-1.4 Wells Fargo & Co 4 3 23,439.2 7.3-1.5 85 14.6 +2 11. 8. -1. Bank of America Merrill Lynch 5 5 21,565.6 6.7-1. 89 15.3 +23 82.4 6.5 +.1 RBC Capital Markets 6 8 19,44.5 6. -.2 69 11.8 +2 63.4 5. +.9 7 6 17,498.3 5.4-1.5 71 12.2-8 6.6 4.8-1.1 Credit Suisse 8 7 13,596.1 4.2-2.7 63 1.8-8 6.4 4.8-1. Mitsubishi UFJ Financial Group 9 14 11,973.1 3.7 +1.1 44 7.5 +23 32.7 2.6 +1. Goldman Sachs & Co 1 9 1,842.5 3.4 -.4 51 8.7 +1 5.4 4. -1.4 228,252.5 7.9-3.9 868. 68.7 -.3 321,82.4 1. 583 +124 1,265.6 1. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Wells Fargo & Co 1 1 57,96.7 13.8-2.8 137 16.4 +27 89.7 12.5-2.6 Credit Suisse 2 2 56,45. 13.4-1.6 135 16.1 +19 78.3 1.9-3.5 3 3 5,331.9 12. -.5 124 14.8 +19 72.5 1.1-1.9 4 5 46,318.1 11. +.9 125 14.9 +4 69.2 9.7 +1.4 Bank of America Merrill Lynch 5 4 42,813.9 1.2-2.1 112 13.4-2 68. 9.5-1.8 Morgan Stanley 6 6 36,417.8 8.6 +1. 96 11.5 +21 55.5 7.8 +1.4 Goldman Sachs & Co 7 7 32,197.8 7.6 +.3 74 8.8 +12 49.1 6.9 +.2 Nomura 8 8 2,456.5 4.9-1. 79 9.4 +16 27. 3.8 +1.2 Barclays 9 9 13,715.4 3.3-41 4.9-6 23.2 3.2-2.2 BNP Paribas SA 1 11 13,13.2 3.1 +1.3 34 4.1 +1 18.3 2.6 +1.5 369,666.3 87.9-4.5 55.8 77. -6.3 421,276.3 1. 837 +117 715.5 1. 41.4% 27.% 44.8% 21.2% 18.3% 21.5% 1.1% 3.8% 16.3% 4.7% 23.2% 1.2% US Asset-Backed Securities excluding Self-Funded and CDOs (F14b) US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F2a) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Barclays 1 2 22,431.7 1.7 +.3 92 25.6 +6 78.8 1.2 -.5 2 1 22,122. 1.5-2.2 93 25.8-77.9 1. -1.7 3 4 18,73.3 8.9 +.3 97 26.9 +24 6.7 7.8 +.5 Bank of America Merrill Lynch 4 3 17,71.6 8.1 -.5 78 21.7 +17 61.6 7.9 - RBC Capital Markets 5 7 16,932.4 8.1 +.8 63 17.5 +16 52.3 6.7 - Wells Fargo & Co 6 5 15,197.6 7.2-1. 67 18.6-4 51.7 6.7 -.5 7 6 14,137.3 6.7 -.7 68 18.9-4 48.2 6.2 -.5 Mitsubishi UFJ Financial Group 8 12 11,219.6 5.3 +2. 42 11.7 +21 29.4 3.8 +.7 Credit Suisse 9 8 1,916. 5.2-2.1 57 15.8-8 47.1 6.1 -.5 Mizuho Financial Group 1 9 8,318.4 4. +.2 37 1.3 +15 23.4 3. - 157,49.9 74.7-2.9 531.1 68.4-2.5 21,364.3 1. 36 +14 775.7 1. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse 1 1 27,371. 1.5-2.2 18 22.4 +1 71.2 8.1-6.9 2 2 25,24.7 9.7-1.7 17 22.2 +11 83.3 9.5 -.4 Bank of America Merrill Lynch 3 4 24,127.6 9.2 +.1 15 21.8 +24 73.5 8.4 -.7 Barclays 4 3 23,755.9 9.1 -.4 97 2.1 +5 83.2 9.5 +.5 5 6 23,392.1 9. +1.2 119 24.7 +39 7.3 8. +1.8 Wells Fargo & Co 6 5 21,143.4 8.1 -.9 93 19.3 +5 64.4 7.4 -.7 RBC Capital Markets 7 8 16,932.4 6.5 +.1 63 13.1 +17 52.3 6. +.7 8 7 14,137.3 5.4-1.3 68 14.1-9 48.3 5.5 -.2 Mitsubishi UFJ Financial Group 9 12 11,219.6 4.3 +1.4 42 8.7 +21 29.4 3.4 +1. Goldman Sachs & Co 1 1 1,852.4 4.2 +1. 46 9.5 +1 45.9 5.3 +1.1 198,172.4 76. -2.7 621.8 71.1-3.8 261,46.6 1. 482 +67 874.3 1. 1.1% 4.% 82.7% 3.8% 35.5% 33.6% 27.3% 39.% 16.1% 63.9% 36.9% 38.2% 7
Full Year 217 Debt Capital Markets Managing Underwriters Banking Composite: US DCM DCM Industry Composition (F1) DCM Industry Composition (Ex Financials) (F1) % of Industry Proceeds 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 35.% 3.6% 3.1% 3.5% 2.2% 17% 1.7% 3.9% 5.4% 1.5% 5.4% 14.7% 8.6% 19.% 36.3% 37.4% 43.2% 39.% 39.% 24.6% 71.9% 34.5% 4.2% 2.3% 1.5% 3.9% 3.5% 1.4% 6.8% 2.% 4.5% 3.8% 31% 3.1% 4% 4.% 2.8% 37% 3.7% 2.5% 2.7% 3.2%.8% 2.8% 2.9% 1.9% 5.6% 4.6% 3.% 8.5% 1.6% 5.4% 5.1% 1.9% 3.4% 7.9% 1.5% 3.% 6.1% 1.5% 17.5% 8.3% 5.3% 5.7% 8.7% 3.4% 4.1% 9.4% 23.%.4% 11.6% 9.1% 5.5% 8.4% 14.8% 5.8% 2.4% 3.1% 2.6% 1.% 3.5% 12.% 6.4% 5.4% 1.6% 3.% 3.3% 6.7% 5.6% 1.9% 4.3% 3.1% 2.5%.3% 3.9% 6.5% 5.3% 6.4% 3.7% 13.3% 4.5% 8.5% 7.4% 3.3% 12.5% 2.% 7.8% 7.8% 7.1% 16.4% 25.5% 21.4% 11.% 9.8% JPM BoA GS WF Barc DB MS HSBC CS 1.7% 1.4% Proceeds % of Industry 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1.8% 5.6% 6.3% 7.6% 6.6% 5.5% 11.8% 11.1% 6.3% 2.% 4.8% 9.3% 3.8% 5.6% 1.4% 3.6% 5.4% 5.4% 5.4% 2.3% 4.6% 2.1% 6.% 3.3% 7.7% 7.2% 9.% 2.6% 2.2% 3.5% 3.5% 6.% 4.7% 3.2% 9.1% 9.1% 2.1%.4% 8.% 4.2% 9.3% 4.8% 6.3% 2.6% 7.4% 7.1% 13.4% 8.3% 3.3% 7.1% 8.1% 5.5% 8.1% 11.7% 1.8% 5.4% 5.2% 17.8% 13.3% 16.2% 16.7% 6.3% 28.5% 14.1% 24.4% 27.3% 9.4% 8.3% 9.6% 29.2% 9.2% 1.4% 9.4% 15.5% 7.3% 5.5% 38.9% 13.7% 22.6% 15.1% 4.6%.6% 35.7% 2.8% 18.9% 9.7% 13.2% 14.6% 25.1% 13.2% 1.9% 14.4% 12.6% 16.3% 9.5% 3.6% 3.7% 4.9% 4.% 6.% 5.5% 2.1% JPM BoA GS WF Barc DB MS HSBC CS Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Financials Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Retail Consumer Staples Telecommunications 8
IFR Markets IFR Markets Intelligence US HIGH-GRADE: The US investment-grade primary market saw its seventh consecutive record year of supply in 217, with US$1.4 trillion. That beat last year's tally (US$1.28 trillion) by 4.9%. M&A finance in the bond market - a key driver of large proceeds deals - was lower than in 216, but still there were 1 deals US$1 billion or bigger - the same number as last year. Average high-grade spreads set a post-crisis low this year, and borrowers took advantage to finance acquisitions and stock buybacks, and to refinance older debt. Top trades included AT&T's US$22.5 billion deal in July to help fund its merger with Time Warner - that was the third-largest US corporate bond of all time - and a US$17.3 billion transaction from British American Tobacco in August to help finance its purchase of Reynolds American. While many analysts expect a strong 218, a number see a dip in supply. Tax reforms could lessen the need for corporates to borrow. US HIGH-YIELD: The primary market saw its biggest year of issuance in three years, with more than $28 billion printed as borrowers took advantage of the ongoing low-rates environment. Many corporate finance teams saw no reason to wait: after another hike in December, the Federal Reserve is expected to raise rates three times. Meanwhile a Buy-Side searching for yield was happy to digest the volume, especially when it came to Double B rated paper. The strong demand pushed BB spreads to a new post-crisis low of 198bp over Treasuries in October. Q1 saw more than US$8 billion print, and initial forecasts see the first quarter of 218 as being just as busy. US ABS: The US asset-backed market topped even the most bullish forecasts with more than US$21 billion in supply - the biggest tally since the financial crisis. Consumer ABS, particularly the auto and credit card sectors, saw some very large deals, while debutants in sectors such as equipment and aircraft also had an impact. Container ABS made a comeback after 14 months, and there was also a notable pick-up in whole business securitizations, which saw their best year ever at US$7.4 billion in a mix of refi deals from bankable chains such as Domino's and Wendy's as well as first-timers such as Coinstar. Many analysts expect ABS issuance to be strong again in 218 with US$22 billion of supply forecast www.ifrmarkets.com US Monthly Investment Grade Debt vs Fund Flows Lipper Flow Change (US$b) 16 12 8 4-4 -8-12 -16 JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASOND 214 215 216 217 Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) 18 12 6 Monthly IG Proceeds (US$b) Top Deals US Investment Grade Debt Transactions Issue Date 7/27/217 8/8/217 1/3/217 8/15/217 Issuer AT&T Inc BAT Capital Corp Deal Size (US$m) Microsoft Corp 17, Amazon.com Inc 16, 1/11/217 Broadcom Corp 13,5 Total Book Size (US$m) Book to cover Ratio 22,5 58,5 2.6x 5.6 17,25 34,1 46,8 2.9x 6.3 27,9 2.1x 5/13/217 Verizon Communications 11, 23,2 2.1x 8.5 5/19/217 Qualcomm Inc 11, 37,6 3.4x Wieghted Average New Issue Concession 2x 4.9 37,3 2.2x 1.3 1/31/217 AT&T Inc 1, 28,5 2.9x 7.5 2/2/217 Apple Inc 1, 34,9 3.5x.7 Weekly US Investment Grade Debt vs New Issue Concession Level Proceeds (US$m) 7 6 5 4 3 2 1 1/6/215 3/1/215 4/26/215 6/21/215 8/16/215 1/11/215 Proceeds (US$m) 12/6/215 1/31/216 3/27/216 5/22/216 7/17/216 Average New Issue Concession 9/11/216 11/6/216 1/1/217 2/26/217 4/23/217 6/18/217 8/13/217 1/8/217 12/3/217 7.5 7.2 5 4 3 2 1-1 Average New Issue Concession Level US Monthly High Yield Debt vs Fund Flows US Auto ABS Collateral Type (US$ Billion) 18 Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) 6 $12 12% $3 3% Lipper Flow Change (US$b) 14 1 6 2-2 -6 J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND 214 215 216 217 4 2-2 Monthly HY Proceeds (US$b) $15 15% $23 22% $49 48% -1-4 Prime Auto Sub-Prime Auto Auto Leases Floorplan Auto-Rental 9 www.ifrmarkets.com
International Bond Volumes Up 7% l Middle Eastern Issuance Record l Top Global Fee Earner Full Year 217 Debt Capital Markets Managing Underwriters International Debt EMEA Deals Intelligence International bond volumes increased by 7.2% during full year 217, reaching US$4.3 trillion, the highest annual total on record. Real Estate recorded the largest year-over-year increase, up 69.5%. Telecommunications and Retail followed, up 67.1% and 39.7% respectively, compared to the same period last year. DCM activity from Middle Eastern issuers totaled US$97.2 billion, marking the largest annual total for the region and an increase of 4.8 % compared to a year ago. The Kingdom of Saudi Arabia priced the largest Sukuk bond on record in April, a US$9 billion dual tranche deal. The previous largest sukuk was Qatar's US$4 billion issuance in 212. Notable deals from European borrowers included an 8 billion transaction from Volkswagen, the largest ever Euro currency deal priced from the automobile sector. The largest transaction from an African issuer in 217 was a US$4 billion Sovereign bond from Egypt. According to estimates, the top international bond fee earner was, with US$1.6 billion accrued from 1,366 deals, driven by strong activity in the Financials sector. The leading fee earner in the All Bonds in Euros market was BNP Paribas, with 252 million accrued from 387 deals. All International Bonds (J1) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 2 355,621.2 8.3 +.4 1,316 2.6 +257 1,41.4 7.1-1. 2 1 354,759.2 8.3 -.1 1,366 21.4 +132 1,649.4 8.4 -.1 Bank of America Merrill Lynch 3 4 29,98.9 6.8 -.1 1,88 17.1 +123 1,31.1 6.6-1.1 Barclays 4 3 257,475.7 6. -1.1 971 15.2 +84 1,62.1 5.4 -.8 Goldman Sachs & Co 5 6 245,416.4 5.7 -.2 796 12.5 +79 1,136.5 5.8 -.6 HSBC Holdings PLC 6 5 232,557.1 5.4 -.8 1,35 16.2 +71 92.3 4.6 +.4 7 7 212,618.4 5. -.6 886 13.9 +51 881.2 4.5-1.1 Morgan Stanley 8 8 197,288.3 4.6-681 1.7 +6 98.6 4.6 -.3 BNP Paribas SA 9 9 171,289.7 4. -.2 73 11.4 +69 67.7 3.1 -.2 Credit Suisse 1 11 132,765.3 3.1 +.3 618 9.7 +115 77.3 3.9 -.3 2,45,7.2 57.2-2.4 1,62.6 54. -5.1 4,297,647.8 1. 6,381 +591 19,79.7 1. 7.2% 1.2% 22.3% 11.9% -3.4% -6.2% All International Bonds by Issue Type All International Securitizations (J1c) Proceeds ( b) 1,2 1, 8 6 4 2 - Investment Grade Corporate Agency, Supranational, Sovereign High Yield Corporate Federal Credit Agency Emerging Market Corporate ABS & MBS Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 21 211 212 213 214 215 216 217 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Bank of America Merrill Lynch 1 2 34,49.9 1.8 +1. 122 2.9 +19 92.5 9.5 +.3 2 1 32,6.2 1.1-1.2 111 19. +8 88.4 9.1-1.8 Credit Suisse 3 3 29,626.8 9.3-111 19. +9 7.2 7.2-3. Wells Fargo & Co 4 4 28,473.6 9. +1. 95 16.2 +9 56. 5.7-2.3 5 5 28,29.9 8.9 +1.2 117 2. +3 7.3 7.2 - Barclays 6 6 24,374.7 7.7 +.7 89 15.2 +6 78.6 8.1 +.2 Goldman Sachs & Co 7 9 16,736.6 5.3 -.1 5 8.5-2 45.5 4.7-2.1 8 7 13,314.5 4.2-1.8 65 11.1-24 46.6 4.8 -.2 Morgan Stanley 9 8 13,274.9 4.2-1.3 51 8.7-12 28.6 2.9-1.9 RBC Capital Markets 1 11 8,678.7 2.7 -.7 37 6.3 +3 35.4 3.6 +1.9 229,159.8 72.2-1.2 612.1 62.8-8.9 317,71.1 1. 585 +42 976.5 1. 11.3% 7.7% 27.2% 29.5% -1.7% 22.9% European Financial and Corporate Inv Grade By Domicile Nation Full Year All Bonds in Euros (N1) 18 15 12 9 6 3 Proceeds ( b) 216 217 Proceeds per ( m) # of Deals per Imputed Fees ( m) BNP Paribas SA 1 1 89,326.8 7.5 +.2 387 21.8 +3 251.8 6.9 +.2 Barclays 2 3 76,281.8 6.4-35 17.1 +36 211.6 5.8 -.3 HSBC Holdings PLC 3 2 72,827.4 6.1 -.4 33 18.5 +1 23.4 5.6 +.5 Societe Generale 4 6 7,474.5 5.9 +.3 311 17.5 +48 185.6 5.1 +.6 5 5 68,826.7 5.8 +.1 334 18.8 +52 23.1 6.4 -.4 UniCredit 6 9 65,115.5 5.5 +.4 344 19.3 +77 167.2 4.6 +.3 Credit Agricole CIB 7 4 63,856.7 5.4 -.7 31 16.9 +45 162.8 4.5 +.4 Goldman Sachs & Co 8 8 61,41.8 5.1-244 13.7 +5 2.2 5.5 +.5 9 7 58,724.7 5. -.4 276 15.5 +16 29. 5.8 -.4 1 1 57,972.2 4.9 +.1 238 13.4 +31 164.3 4.5-1.4 684,448.1 57.6 -.4 1,986. 54.7-1,186,56.4 1. 1,779 +83 3,626.2 1. 6.5% 4.9% 12.5% 3.8% 8.7% 18.1% 1
Global Green Bond Volumes Up 49% l France Prices Largest Green Bond On Record l HSBC Top Fee Earner Full Year 217 Debt Capital Markets Managing Underwriters Green Bonds Green Bonds Deals Intelligence All Global Green Bonds (GR1) (Exc Tax Exempt Munis) According to figures compiled by Thomson Reuters and The Climate Bonds Initiative, total proceeds from global green bonds reached US$13.7 billion in 217, a 48.5% increase compared to the same period last year. The three industry sectors with the largest increases in proceeds were Government & Agencies (74.5%), Energy & Power (69.9%) and Industrials (55.4%). Chinese borrowers led all nations with a 16.2% market share, with French borrowers following closely, capturing 15.7% of the market. Notable European transactions priced in 217 included a 7 billion Sovereign green bond from France, the largest green bond on record, with proceeds earmarked for a number of uses, including pollution control and eco efficiency. KfW priced the largest green bond from the Agency sector in 217, an eight year 2 billion deal with proceeds designated towards renewable energy. The largest Emerging Market green bond of 217 was Mexico City Airport s two part US$4 billion transaction. According to estimates, the leading 217 global green bonds fee earner was HSBC, with US$24.5 million accrued from 5 transactions, and a wallet share of 7.4%. Credit Agricole led the Euro denominated green bonds fee earners with 11.4 million and a wallet share of 9.6% Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Agricole CIB 1 2 8,388.6 8.1 +2.5 49 2. +22 21.9 6.6 +2.2 HSBC Holdings PLC 2 6 7,931.1 7.7 +2.6 5 2.4 +9 24.5 7.4 +1.5 BNP Paribas SA 3 8 5,654.3 5.5 -.9 35 14.3 +1 18. 5.4 +2.9 4 14 5,176.3 5. -5.8 2 8.2-6 12.2 3.7 -.7 5 3 5,118.6 4.9 +1.8 34 13.9 +14 17. 5.1-2.9 Bank of America Merrill Lynch 6 1 5,31.7 4.9 +1.2 29 11.8 +14 12.1 3.7-4. Societe Generale 7 12 4,724.1 4.6 +3.3 21 8.6 +17 8.6 2.6 +.6 Barclays 8 9 4,216.8 4.1-1.4 24 9.8-2 14. 4.2 +1.4 Natixis 9 62 3,592.8 3.5 +1.4 19 7.8 +11 8.2 2.5 +2.1 SEB 1 5 3,135.8 3. +.7 26 1.6 +1 1.6 3.2 +1. 52,97.1 51.3 +5.4 147.1 44.4 +4.1 13,669.8 1. 245 +88 331.1 1. 48.5% 56.1% 56.8% 6.4% 4.9% 2.1% Top Green Bond Issuance by Nation Full Year All International Green Bonds (JG1) (Exc Tax Exempt Munis) Proceeds US$m $ $2, $4, $6, $8, $1, $12, $14, $16, $18, China France $16,575 $16,31 Germany $8,714 United States of America $7,325 Netherlands Spain Luxembourg Sweden Mexico Italy $6, $5,674 $4,785 $4,716 $3,976 $3,396 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Agricole CIB 1 2 8,388.6 9.5 +1.8 49 32.5 +18 21.9 7.9 +2.2 HSBC Holdings PLC 2 4 7,92.7 8.9 +2.2 49 32.5 +8 24.5 8.8 +1.3 BNP Paribas SA 3 6 5,46.1 6.2-2.7 31 2.5 +9 17.5 6.3 +3.1 4 9 5,8.8 5.7-8. 19 12.6-7 11.6 4.2-1.5 5 3 5,23.2 5.7 +1.3 33 21.9 +14 16.4 5.9-4.4 Bank of America Merrill Lynch 6 1 4,817.4 5.4 +.5 27 17.9 +13 1.8 3.9-4.3 Societe Generale 7 8 4,724.1 5.3 +3.8 21 13.9 +17 8.6 3.1 +.5 Barclays 8 7 4,121.3 4.7-2.3 23 15.2-1 13.4 4.9 +1.2 Natixis 9 42 3,592.8 4.1 +.4 19 12.6 +8 8.2 3. +2.5 SEB 1 5 2,45.3 2.8 -.1 15 9.9 +12 8.1 2.9 +.7 51,579.3 58.3-3.1 141. 5.9 +1.3 88,67.3 1. 151 +53 276.9 1. 82.9% 54.1% 69.5% 3.% 21.1% 37.% Global Green Bond Industry Composition (US$ Billion) Full Year Global Green Bonds Volume $19.5 19% 1,12.8 1.% $34.9 34% $42.6 42% Financials Government and Agencies Energy and Power Real Estate Industrials Proceeds US$bil $18 $16 $14 $12 $1 $8 $6 $4 $2 25 2 15 1 5 # of Issues High Technology $ J FM AMJ J ASOND J FMAMJ J ASON D J FMAMJ J ASOND J FMAMJ J ASOND 214 215 216 217 Visit https://www.climatebonds.net/ 11
217 Volumes Up 4% l Tesla Issues High Yield Market Debut Bonds l Tops Global Fee Rankings Full Year 217 Debt Capital Markets Managing Underwriters High Yield Debt Global High Yield Deals Intelligence Global High Yield Debt (B4) Global High Yield volumes reached US$432.8 billion in 217, a 4.1% increase compared to the same period last year. This year saw 256 more deals priced compared to 216. Non Dollar issuance rose 73.6.% in 217, with Euro denominated issuance up 64.3%. led the Global High Yield rankings, with a market share of 1.7% from 324 deals, driven by strong Telecommunications and Materials sector activity. Notable deals priced in 217 included European High Yield Market debut transactions from Netflix, with a 1.3 billion ten year bond and subsequent US$1.6 billion eleven year deal, both raising proceeds towards funding original programme content. Tesla priced its first non convertible bond, a US$1.8 billion transaction, the proceeds of which were to be used to finance the development of the new Tesla model 3. The largest High Yield deal of 217 was Wind Tre s US$8.6 billion dual currency offering: the combined Euro tranches of 5.6 billion were the largest recorded Euro currency proceeds on record for a High Yield transaction. According to estimates, the leading global High Yield fee earner was with US$619.5 million in proceeds and a 1.2% wallet share. also captured the largest wallet shares in both the US Dollar market (1.5%) and the Non Dollar market (9.1%). Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 46,485.5 1.7 +2. 324 42. +111 619.5 1.2 +1.4 Goldman Sachs & Co 2 3 32,935.1 7.6 -.9 232 3.1 +6 433.6 7.2-1.6 Bank of America Merrill Lynch 3 5 31,144.1 7.2 -.8 266 34.5 +66 415.4 6.9-1.6 Barclays 4 4 28,912.6 6.7-1.5 197 25.6 +29 387.9 6.4-1.9 Credit Suisse 5 7 27,989.6 6.5 -.1 215 27.9 +6 47.1 6.7 -.5 6 6 26,667.6 6.2-1.6 219 28.4 +72 339.8 5.6-1.7 7 2 23,489.9 5.4-3.2 22 26.2 +32 297.4 4.9-3.1 Morgan Stanley 8 8 23,232. 5.4 +.9 169 21.9 +58 321.3 5.3 +.7 Wells Fargo & Co 9 9 17,32.9 4. -.2 148 19.2 +39 235.4 3.9 +.2 RBC Capital Markets 1 1 13,392.9 3.1 -.1 118 15.3 +37 185.6 3.1 -.3 271,57.2 62.8-5.5 3,643. 6.2-8.4 432,83.2 1. 771 +256 6,63.8 1. 4.1% 49.7% 52.3% 18.6% 27.5% 18.6% Average Quarterly Spread to Benchmark* Basis Points 7 6 Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark) 5 4 3 2 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 21 211 212 213 214 215 216 217 *Spreads based on fixed rate issues where spread information is available Global High Yield Debt - US Dollar Denominated (B5) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 35,71. 11.2 +1.9 25 43.9 +71 56.9 1.5 +1.4 Bank of America Merrill Lynch 2 3 26,36.9 8.2 -.6 229 4.2 +51 364.4 7.5-1.8 Goldman Sachs & Co 3 2 23,679.2 7.5-1.7 17 29.9 +26 332.5 6.9-2.1 Barclays 4 4 22,278.5 7. -1.8 15 26.4 +9 322.8 6.7-2.1 5 5 22,2.8 6.9-1.1 187 32.9 +59 299.8 6.2-1.3 Credit Suisse 6 7 2,611.3 6.5 -.5 157 27.6 +31 31.6 6.4 -.9 Morgan Stanley 7 9 17,994.9 5.7 +.8 137 24.1 +44 264.4 5.5 +.7 Wells Fargo & Co 8 8 16,61.1 5.2 +.1 144 25.3 +4 225.7 4.7 +.3 9 6 15,27.2 4.8-3.2 143 25.1 +17 23.3 4.2-3.1 RBC Capital Markets 1 1 12,289. 3.9-16 18.6 +3 174.8 3.6 -.5 212,482.9 66.9-6.1 3,5.2 62.2-9.4 317,895.5 1. 569 +176 4,829.8 1. 3.6% 44.8% 5.5% 3.2% 17.2% 11.% Monthly High Yield Volume $7 $6 $5 Proceeds (US$b) Proceeds (US$) # of Issues $4 $3 $2 $1 $ JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASOND 212 213 214 215 216 217 12 1 8 6 4 2 # of Issues Global High Yield Debt - Non-US Dollar Denominated (B6) Proceeds per ( m) # of Deals per Imputed Fees ( m) 1 3 9,5.5 9.4 +3.2 8 37.4 +4 99.6 9.1 +1.5 Goldman Sachs & Co 2 4 8,159.6 8. +2.1 69 32.2 +35 89.1 8.2-3 1 7,315.7 7.2-3.8 63 29.4 +15 84. 7.7-2.8 Credit Suisse 4 6 6,533.5 6.4 +1.2 64 29.9 +29 85.5 7.8 +1.2 Barclays 5 5 5,883.7 5.8 -.1 52 24.3 +17 57.8 5.3 -.9 BNP Paribas SA 6 9 5,529.1 5.4 +.8 58 27.1 +19 56.1 5.1 +.5 HSBC Holdings PLC 7 7 5,28. 5.1 +.2 56 26.2 +27 54.2 5. +.6 Morgan Stanley 8 13 4,663.8 4.6 +1.5 35 16.4 +13 5.9 4.7 +1.1 Bank of America Merrill Lynch 9 8 4,547.6 4.5 -.3 42 19.6 +13 45.5 4.2 -.9 1 2 4,148.3 4.1-2.6 37 17.3 +1 35.7 3.3-3.4 61,489.8 6.5 +2.2 658.4 6.4-3.1 11,562.4 1. 214 +77 1,91.2 1. 73.6% 56.2% 57.7% 63.9% 52.4% 46.3% 12
All International Emerging Market Debt Up 38% l EMEA Emerging Market Debt Up 59% Full Year 217 Debt Capital Markets Managing Underwriters Emerging Markets All International Emerging Market Bonds (L1) EMEA Emerging Market Bonds (L2) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 2 68,267.4 9.6 +.5 34 27.3 +19 232.5 7. -1.7 1 3 15,47. 13.7 +1.8 6 4. +24 43.7 11.8 +.8 HSBC Holdings PLC 2 1 63,46. 8.9 -.4 351 31.5 +92 251. 7.6 -.3 2 1 12,63.8 1.8-2.9 53 35.3 +14 4. 1.8-4.6 3 3 58,892.4 8.3 +.2 244 21.9 +81 226.4 6.8-1.1 BNP Paribas SA 3 7 7,495.5 6.7 +2.2 23 15.3 +7 21.4 5.8 +2.9 4 5 32,365.4 4.5-138 12.4 +46 115. 3.5 -.9 VTB Capital 4 11 7,18.3 6.3 +2.5 23 15.3 +14 27.4 7.4 +3.3 Standard Chartered PLC 5 8 3,6.9 4.3 +.7 23 18.2 +73 123.6 3.7 +.6 HSBC Holdings PLC 5 2 6,279.7 5.6-6.3 33 22. +7 19.3 5.2-1. Bank of America Merrill Lynch 6 4 27,366.8 3.8-2.5 146 13.1 +16 126.5 3.8-2.7 Goldman Sachs & Co 6 8 5,422.5 4.8 +.5 21 14. +7 14.2 3.8 +.9 BNP Paribas SA 7 6 26,56.2 3.7 -.2 133 11.9 +34 99.4 3. +.2 7 5 5,369.3 4.8-1.1 2 13.3 +2 12.6 3.4 -.7 Goldman Sachs & Co 8 11 23,746.6 3.3 +.4 1 9. +34 97.6 2.9-1. Standard Chartered PLC 8 13 4,85.9 4.3 +2.8 19 12.7 +11 13.4 3.6 +.6 Morgan Stanley 9 1 2,388.9 2.9-98 8.8 +2 16.2 3.2 +.2 Barclays 9 4 4,593.7 4.1-1.8 18 12. +1 15.4 4.2 +.6 Barclays 1 7 19,45.6 2.7 -.9 11 9.1 +17 83.4 2.5 -.4 Societe Generale 1 9 3,487.7 3.1-1.1 24 16. +4 9.6 2.6-1.9 37,541.2 52. -2.2 1,461.6 44. +44. 72,33.4 64.2-3.4 217. 58.6 +.9 712,643.6 1. 1,115 714 3,327.2 1. 112,246.5 1. 15 +37 371.1 1. % Change from Same Period Last Year 38.1% % Change from Last Quarter -2.8% 29.1% -3.% 8.9% -11.4% % Change from Same Period Last Year % Change from Last Quarter 58.8% 32.7% 15.6% -28.5% -18.2% -9.9% Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market Bonds (L4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 2 19,961.2 13.6 +1.4 59 32.4 +22 76. 12.3 -.5 HSBC Holdings PLC 1 1 28,727.9 8.1-1.3 242 34.5 +68 152.5 7.1-1.3 2 1 18,7.3 12.2 -.6 63 34.6 +21 7.6 8.1 -.8 2 2 22,219.3 6.2 -.4 159 22.6 +55 9.3 4.2-1.3 HSBC Holdings PLC 3 5 14,956. 1.2 +2.4 45 24.7 +15 48. 9.5-1.5 Standard Chartered PLC 3 3 19,346.9 5.4 -.1 153 21.8 +58 88. 4.1 -.2 Bank of America Merrill Lynch 4 3 12,159.1 8.3-2.3 5 27.5 +16 49.8 8.2 +2.8 Bank of China Ltd 4 4 18,125.9 5.1 +.1 152 21.7 +61 114.7 5.3 +1. Santander Global Corporate Bnk 5 4 11,19.3 7.5 -.7 41 22.5 +17 41.8 1.6 +1.6 5 12 14,974.8 4.2 +1.3 95 13.5 +5 68.5 3.2-1.5 Morgan Stanley 6 9 7,895.5 5.4 +1.3 31 17. +13 25.7 8. +.2 6 6 14,274.5 4. - 98 14. +32 8.4 3.7-1.3 7 7 7,832.5 5.3 -.8 17 9.3-4 25.9.9 +2.5 Goldman Sachs & Co 7 8 12,156.7 3.4 +.1 65 9.3 +23 69.7 3.2-1.2 BBVA 8 6 6,415.9 4.4-2.9 15 8.2-1 2.6 2. +.4 BNP Paribas SA 8 9 11,215.9 3.2 +.1 88 12.5 +29 6.8 2.8 +.3 Itau Unibanco 9 16 5,644. 3.8 +2.6 26 14.3 +15 21. 4.7 -.3 UBS 9 1 1,478. 2.9 -.1 99 14.1 +32 7.6 3.3-1. Credit Suisse 1 8 4,643.2 3.2-2.4 25 13.7 +3 17.7 3.1 +.9 DBS Group Holdings 1 14 1,339.1 2.9 +.1 17 15.2 +46 73.5 3.4 +.1 18,534. 64.2-3.4 397.1 58.4 +5.3 161,859. 45.4 -.2 869. 4.3-6.4 147,26.2 1. 182 +18 557.1 1. 356,283.6 1. 72 +169 2,154.9 1. % Change from Same Period Last Year 2.9% 37.9% 18.1% % Change from Same Period Last Year 5.7% 31.7% 118.3% % Change from Last Quarter 1.% 279.2% -13.5% % Change from Last Quarter 3.5% -8.2% -11.8% Middle East Emerging Market Bonds (L5) All International Emerging Market Bond Volume by Industry (US$b) Jan 1 - Jun 3 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 3 14,24.4 15.1 +7.3 29 37.2 +15 32.4 14. +9.3 HSBC Holdings PLC 2 1 13,868.9 14.8 +5.3 37 47.4 +6 33.1 14.3 +5.5 3 2 1,52.7 1.7 +1.4 24 3.8 +6 21.3 9.2 +.6 Standard Chartered PLC 4 1 5,312.6 5.7 +1.2 24 3.8 +2 13.5 5.8 +3.2 Gulf International Bank 5-4,15.9 4.4 +4.4 5 6.4 +5 9.3 4. +4. 6 6 3,855.5 4.1-1.3 5 6.4-3 7.7 3.3 +.9 Goldman Sachs & Co 7 14 3,427.6 3.7 +1.1 5 6.4 +3 7.4 3.2 +1.8 Bank of America Merrill Lynch 8 4 3,149.3 3.4-2.5 5 6.4-3 6.7 2.9-3.3 BNP Paribas SA 9 5 3,51.8 3.3-2.6 8 1.3-3 5.9 2.5-3.1 Barclays 1 7 2,941.7 3.1-2.1 1 12.8-2 7.5 3.3-2.6 64,15.4 68.3 +12.2 144.8 62.5 +16.3 93,796.9 1. 78 9 231.5 1. Financials Government and Agencies Energy and Power Real Estate Industrials Materials High Technology Consumer Staples Media and Entertainment $79.3 11% $35.5 5% $23.4 $28.2 3% 4% $28.5 3% $291.4 42% % Change from Same Period Last Year 7.% % Change from Last Quarter -22.5% *tie -1.3% 15.9% -17.6% -13.5% Consumer Products and Services Retail 13
Domestic Brazilian Issuance Up 5% Domestic Mexican Issuance Up 28% Full Year 217 Debt Capital Markets Managing Underwriters Emerging Markets - Latin America All Global Debt by Brazilian Issuers (BR1) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Itau Unibanco 1 6 6,68.8 16.3 +8. 41 45.6 +9 22.7 14.7 +7.2 Banco Bradesco SA 2 1 5,217.2 12.7-1.6 3 33.3-9 19. 12.3-6.1 Santander Global Corporate Bnk 3 3 5,75.5 12.4 -.1 28 31.1 +6 18. 11.7-2.1 4 1 3,392.3 8.3 +6.4 14 15.6 +8 12.6 8.2 +4.7 Banco do Brasil SA 5 2 2,899. 7.1-9. 2 22.2-4 12.3 8. -5.9 Morgan Stanley 6 8 2,467.5 6. +3.5 11 12.2 +4 1. 6.5 +.1 HSBC Holdings PLC 7 7 2,324.8 5.7 +1.4 8 8.9-2 7.5 4.9-1.4 Bank of America Merrill Lynch 8 4 2,254.2 5.5-5.7 15 16.7 +7 8.1 5.3-4.1 9 5 2,51.6 5. -5.7 14 15.6 +6 9.8 6.4-2.5 1 9 1,369.1 3.3 +1.2 4 4.4 +2 4.9 3.2 +1.7 33,732. 82.3-1.6 124.9 81.2-8.4 41,16.2 1. 9 26 154.1 1. % Change from Same Period Last Year 18.4% -22.4% -4.7% % Change from Last Quarter 51.%.% 32.4% Global Brazilian Debt Volume by Sector First Nine Months 217 US$(m) Securitized Debt $7 28 $6 $5 Junk Rated Debt Investment Grade Corporate Agency, Supranational, Sovereign 24 2 # of Issues $4 16 $3 12 $2 8 $1 4 $ 28 29 21 211 212 213 214 215 216 217 Domestic Brazilian Debt in Reals (BR2) Global Debt by Mexican Issuers (MX1) Proceeds per (R$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Itau Unibanco 1 2 19,22.7 28. +11.6 72 35.8 +29 14.5 27.5 +9.1 HSBC Holdings PLC 1 8 4,91.4 13.7 +8.7 9 8.7 +3 15.3 13.4 +5.2 Banco Bradesco SA 2 1 18,878.4 27.5-2.3 54 26.9 +12 14.9 28.1-16.7 2 4 4,456.4 12.5 +2.9 9 8.7-13.6 11.8 -.3 Santander Global Corporate Bnk 3 4 9,321.7 13.6 +5.6 25 12.4 +5 7.3 13.7 +5.5 BBVA 3 2 4,386.7 12.3 +1.2 46 44.2 +11 14.2 12.3 +1.5 Banco BTG Pactual SA 4 9 6,554.2 9.6 +8.3 17 8.5 +12 5.5 1.5 +9.5 Santander Global Corporate Bnk 4 6 3,253.9 9.1 +2. 28 26.9 +7 11. 9.6 +3.6 5 1 3,432. 5. +4.2 5 2.5 +2 2.4 4.5 +3.8 5 1 3,198.8 8.9-2.4 35 33.7 +16 1.9 9.5-3.2 Banco do Brasil SA 6 3 2,99.4 4.4-1.1 1 5. -8 2.3 4.4-11. 6 1 2,165.9 6.1 +2.8 2 1.9-3 4.7 4.1 +.8 XP Investimentos 7 18 1,894.5 2.8 +2.7 14 7. +12 1.3 2.5 +2.4 BNP Paribas SA 7 11 1,873.7 5.2 +2.1 4 3.8 +2 5. 4.3 +2.6 Banco Votorantim 8 5 1,785.3 2.6-1.4 7 3.5-7 1.3 2.4-2. Barclays 8 9 1,831.9 5.1 +1.3 6 5.8 +3 4. 3.5 +.4 Arab Banking Corporation 9 13 1,557.3 2.3 +2.1 12 6. +9 1. 1.9 +1.8 Morgan Stanley 9 5 1,69.2 4.5-2.7 7 6.7-4 5.2 4.6-1.1 Banco J Safra SA 1-1,497.2 2.2 +2.2 2 1. +2 1.3 2.4 +2.4 Credit Agricole CIB 1 16* 1,119.2 3.1 +1.7 1 1. - 3.6 3.1 +1.2 67,113.7 98. +4.9 51.8 1. +4.8 28,86.1 8.5 +17.6 87.5 76.2 +1.7 68,666.1 1. 21 52 52.9 1. 35,778.2 1. 14 +26 114.8 1. % Change from Same Period Last Year 5.% -51.% 15.3% % Change from Last Quarter 6.6% -33.3% 8.1% % Change from Same Period Last Year % Change from Last Quarter -2.8% -35.6% 33.3% 95.2% -17.9% -47.6% Global Debt in Mexican Pesos (MX2) Domestic Mexican Debt (MX3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) BBVA 1 1 1,861.2 22. +1.5 41 32.8 +13 4.9 11.4-8.7 BBVA 1 1 1,861.2 27.2 +7.8 41 53.9 +13 4.9 27.6 +8.7 2 6 1,452.1 17.1 +1.8 3 24. +21 5.1 11.8 +6.8 2 7 1,325.8 19.4 +13.4 27 35.5 +18 3.4 19.1 +14.3 Santander Global Corporate Bnk 3 2 1,61.3 12.5 +.2 25 2. +9 2.8 6.4-6.1 Santander Global Corporate Bnk 3 2 1,61.3 15.5 +.7 25 32.9 +8 2.8 15.6 -.4 Casas de Bolsa Bital, S.A. 4 5 711. 8.4 +1.9 22 17.6 +13 1.8 4.1-2.3 Casas de Bolsa Bital, S.A. 4 6 711. 1.4 +4.2 22 28.9 +12 1.8 9.9 +3.9 Casa de Bolsa Inverlat 5 8 514.8 6.1 +.7 15 12. +7 1.5 3.4 - Casa de Bolsa Inverlat 5 8 514.8 7.5 +2.4 15 19.7 +7 1.5 8.2 +5. 6 12 476.8 5.6 +3.1 12 9.6 +7 9.2 21.2 +18.7 Corporacion Actinver Sab de CV 6 3 376. 5.5-5.8 15 19.7 +2.9 4.8-9.7 Corporacion Actinver Sab de CV 7 3 376. 4.4-7.5 15 12. +2.9 2. -13.4 Grupo Financiero Banorte-Ixe 7 1 374.4 5.5 +1.1 1 13.2-1.1 6.4 +2.2 Grupo Financiero Banorte-Ixe 8 1 374.4 4.4 -.3 1 8. - 1.1 2.7-1.8 Inversora Bursatil SA de CV 8 9 17.3 1.6-3.5 4 5.3-5.2 1.4-2.1 TD Securities Inc 9 14 239.3 2.8 +1.1 7 5.6 +3 3.3 7.7 +6.8 Multivalores SA de CV 9 15 92.3 1.4 -.1 2 2.6 -.2 1. +.1 Mizuho Financial Group 1-198.1 2.3 +2.3 3 2.4 +3 2.4 5.5 +5.5 Casa de Bolsa Finamex SAD de C 1 5 82.7 1.2-5.5 3 3.9-8.2.9-4.2 7,264.7 85.6 +13.8 43.1 76.2 +5.5 6,56.6 95.2 +14.7 17.8 94.9 +17.8 8,476.9 1. 125 +67 43.1 1. 6,831.4 1. 76 +27 17.8 1. % Change from Same Period Last Year 67.1% % Change from Last Quarter 22.3% 115.5% 326.7% % Change from Same Period Last Year 27.9% 55.1% 66.4% 65.2% 25.% % Change from Last Quarter 16.6% 1.% -1.9% 14
Asian G3 - Highest on Record l Asian Local Currency Down 25% China-Domiciled Issuers - Most Active Full Year 217 Debt Capital Markets Managing Underwriters Asia Debt Asia Deals Intelligence Asian G3 Currency Bonds (ex-japan ex-australia) (AR2 ) Full year 217 Asian G3 (US$, Euro, Yen) bond issuance recorded 52.2% increase year-over-year, with overall market proceeds totaling US$332.7 billion from 557 issues. 217 saw a second consecutive year of a highest annual volume on record for the region, with deal count up 35.9% from a year ago. US$-denominated issues accounted for 92.7%, totaling US$313.7 billion from 551 issues, up 57% from the previous year. China-domiciled issuers accounted for 5.4% of the Asian G3 market, up 76.9% from 216, with total proceeds of US$167.5 billion from 234 deals. Asian local currency bond offerings in 217 totaled US$1.4 trillion from 1,248 transactions, marking a 25% decline from 216. China-domiciled issuers led activity in 217, with total issuance at US$1.1 trillion from 4,26 deals. The Financials sector reached US$525.7 billion from 4,897 issues, up 8.2% year-over-year. According to estimates, fees in the Asian G3 currency bond market reached US$1.8 billion in 217, up 17.7% from 216. Estimated underwriting fees on Asian local currency bonds (ex. Japan, Australia) amounted to US$5.1 billion in 217, down 11.3% compared to a year ago. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) HSBC Holdings PLC 1 1 27,198.3 8.2 +.2 211 25.9 +52 136.8 7.4-1.6 2 2 22,983.9 6.9 -.3 144 24.8 +51 83.5 4.5 -.3 Standard Chartered PLC 3 4 18,289.6 5.5 +.3 138 26.2 +66 78.9 4.3 -.5 Bank of China Ltd 4 6 17,128.9 5.2 -.6 146 15.6 +21 15.1 5.7 +1.1 5 5 14,515. 4.4 +.9 87 14.9 +4 69.4 3.8-1.9 6 8 13,992.8 4.2 +.6 83 11. +26 59. 3.2-2.1 Goldman Sachs & Co 7 9 12,527.7 3.8-2.9 61 12.6-5 61.4 3.3 -.3 Bank of America Merrill Lynch 8 3 11,441.6 3.4 -.3 7 14. +25 45.6 2.5-4.2 BNP Paribas SA 9 7 11,76. 3.3-78 11. +11 47.2 2.6 - Morgan Stanley 1 11 9,57.8 2.9 -.4 61 16.2 +25 6.6 3.3 +.7 158,724.6 47.8-2.5 747.5 4.6-9.1 332,745.7 1. 557 +147 1,838.5 1. t Includes Asian Development Bank issuance 52.2% 8.3% 35.9% 17.7% 7.4% 5.7% Asian Corporate Bonds Imputed Fees (US$m) Full Year 217 All Asian Currencies (ex-japan ex-australia) (AS1**) $5, $4, $3, $2, $1, $ 27 28 29 21 211 212 213 214 215 216 217 Chinese Yuan U.S. Dollar All Other Currencies Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Bank of China Ltd 1 2 9,891.3 6.4 -.4 814 7.9-151 31.9 5.9 +1.1 China Construction Bank 2 1 9,872.2 6.4 -.5 896 8.7-12 283.7 5.5 +1. Industrial & Comm Bank China 3 3 85,368. 6. -.8 778 7.6-165 267.9 5.2 +.8 Bank of Communications Co Ltd 4 5 71,569.6 5.1 -.7 747 7.3-77 241.7 4.7 +.7 Agricultural Bank of China 5 4 71,373.2 5. -1.1 696 6.8-96 22.3 4.3 +.4 CITIC 6 6 62,518.7 4.4 +.8 459 4.5-21 255.5 5. +.9 Industrial Bank Co Ltd 7 7 44,379.6 3.1 -.2 519 5.1-95 151.4 3. +.2 CSC Financial Co Ltd 8 147 36,346.1 2.6 +2.5 296 2.9 +282 152.3 3. +2.8 China Merchants Bank 9 1 32,831.2 2.3 +.2 417 4.1-55 126.9 2.5 +.4 Shanghai Pudong Development Bk 1 11 29,64. 615,753.9 2.1 43.4 +.2 +. 382 3.7-27 118.8 2,12.4 2.3 41.4 +.3 +8.6 1,414,871.4 1. 1,248 +125 5,136.9 1. 25.% 1.2% 11.3% 46.7% 38.5% 45.9% **Includes CDs and CPs Dim Sum, Panda and Formosa Bonds (ex self-funded) Asian G3 Currency High Yield Bonds (ex-japan ex-australia)(ar1) US$ (m) 8 6 4 2 Dim Sum Panda Formosa # of Deals 1 75 5 25 # of Issues Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Haitong Securities Co Ltd 1 12 3,831. 9.4 +6. 35 31.8 +24 6.1 11.7 +8.2 Credit Suisse 2 1 3,341.7 8.2-1.1 24 21.8 +4 48.4 9.4 +.1 HSBC Holdings PLC 3 5 2,552.4 6.2 -.2 33 3. +13 33.9 6.6 +1.5 CITIC 4 17 2,123.7 5.2 +3.3 1 9.1 +6 34.2 6.6 +5.4 5 4 1,923.6 4.7-1.8 26 23.6 +11 16.8 3.3-6.4 Morgan Stanley 6 21 1,895.2 4.6 +3.4 17 15.5 +13 22.4 4.3 +2.6 7 11 1,877.8 4.6 +.4 21 19.1 +1 12. 2.3-1.8 Standard Chartered PLC 8 9 1,716.1 4.2 -.2 17 15.5 +5 16.8 3.3-1.4 9 6 1,627.5 4. -2.2 18 16.4 +6 14.8 2.9-3.6 Guotai Junan Securities 1 8 1,446.4 3.5-1. 24 21.8 +5 23.2 4.5 -.5 22,335.4 54.6 +6.6 282.6 54.9 +4.1 4,98.6 1. 11 +38 515.7 1. Jan-15 Feb-15 F Mar-15 Apr-15 May-15 Jun-15 Jul-15 M Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 A S Jan-16 Feb-16 F Mar-16 Apr-16 May-16 Jun-16 Jul-16 M Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 A S Jan-17 Feb-17 F Mar-17 Apr-17 May-17 Jun-17 Jul-17 M Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 A S 81.7% 52.8% 63.6% 8.2% 14.3% 6.4% **Includes CDs and CPs 15
Full Year 217 Debt Capital Markets Managing Underwriters Australia Debt Australian International Debt Up 8% Australian Dollar Bonds Up 42% Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a) Australian international debt offerings in 217 reached US$8.3 billion from 135 issues, an increase of 8.4% yearover-year. Investment Grade issues accounted for 86% of market activity, totaling US$69 billion from 127 deals, down 2.6% from a year ago. The Financials sector led issuance, totaling US$63.4 billion from 115 deals, accounting for 79% of the market, despite decreasing 5.3% compared to a year ago. Australian Dollar bonds (excluding self-funded) in 217 reached to AU$146.7 billion from 44 deals, up 42.2% from 216. Agency, Supranational and Sovereign issues totaled AU$61.7 billion from 223 deals, up 25.5% from a year ago and accounting for 42% of market activity. Australian-domiciled issuers registered total issues of AU$92.3 billion with 137 transactions, up 36.9% from a year ago. According to estimates, fees earned from Australian international bond offerings in 217 totaled US$351.1 million, up 53% from fees earned in 216. Estimated fees from Australian Dollar (excluding self-funded) bonds reached AU$749.3 million, up 162.7% year-over-year. ANZ Banking Group Westpac Banking Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) 1 1 23,142.2 15.8-1. 122 3.2 +16 11.2 14.7-2.3 2 4 2,778.9 14.2 +3.1 93 23. +33 79.9 1.7-2.4 National Australia Bank 3 3 18,381.9 12.5 +.7 16 26.2 +28 7.6 9.4-4.2 Commonwealth Bank of Australia 4 2 16,238.1 11.1-2.6 69 17.1 +8 61.9 8.3-4.7 5 5 13,781.5 9.4 -.5 65 16.1 +9 74.3 9.9 +3.5 UBS 6 6 9,67.1 6.2-2.9 36 8.9-53.7 7.2 -.4 7 7 6,58.3 4.5-1.4 24 5.9 +5 36.6 4.9 +.8 TD Securities Inc 8 8 5,759.9 3.9 -.8 76 18.8 +5 53.3 7.1 +5. Macquarie Group 9 12 4,645.9 3.2 +1.7 19 4.7 +1 9.2 1.2 -.5 Nomura 1 9 4,562.9 3.1-57 14.1 +21 42.4 5.7 +3.7 122,938.7 83.9-3.7 592.1 79.1-1.5 146,715.6 1. 44 +63 749.3 1. 42.2% 18.5% 31.8% 23.8% 162.7% 33.3% All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) Full Year 217 Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6) $12 $1 $8 $6 $4 $2 $ 28 29 21 211 212 213 214 215 216 217 Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) ANZ Banking Group 1 1 19,48.2 17.6 +1. 17 3.6 +12 12.9 15.1-1.8 Westpac Banking 2 5 14,272.3 13. +2.8 62 17.7 +18 67.3 9.9-3. National Australia Bank 3 6 1,881.3 9.9 +1.7 68 19.4 +16 58. 8.5-3. 4 2 1,293.7 9.4-2.2 5 14.3-1 67.5 9.9 +3.1 Commonwealth Bank of Australia 5 4 1,146.1 9.2-1.7 52 14.9 +8 53.3 7.8-3.7 UBS 6 3 9,67.1 8.2-3.3 36 1.3-53.7 7.9-1. 7 7 6,167.3 5.6-1.6 21 6. +3 35.5 5.2 +.5 TD Securities Inc 8 8 5,759.9 5.2 -.7 76 21.7 +5 53.3 7.8 +5.3 Nomura 9 9 4,562.9 4.1 +.2 57 16.3 +21 42.4 6.2 +3.9 RBC Capital Markets 1 1 4,43. 4. +.6 58 16.6 +23 4.6 5.9 +4.1 94,961.8 86.2-3.2 574.5 84.2 +4.4 11,92.7 1. 35 +311 683.9 1. 34.5% 15.5% 182.% 39.2% 27.% 35.1% All Australian International Bonds (AJ7) All Australian Securitization (ex-cdos) (AJ4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 1 1 8,963.5 11.2-1.5 27 2. -8 34.7 9.9-2.6 2 3 8,636.5 1.8 +.7 27 2. -1 42.2 12. +1.4 HSBC Holdings PLC 3 2 6,655.2 8.3-1.9 35 25.9-5 32.7 9.3 +.7 Bank of America Merrill Lynch 4 4 6,238.2 7.8-1.4 21 15.6 +7 22.7 6.5-4.1 Morgan Stanley 5 5 5,638.5 7. -.1 21 15.6-1 26.5 7.5 +.7 UBS 6 1 4,262.5 5.3 +1.5 12 8.9-16.1 4.6 +.1 Westpac Banking 7 19 3,69.4 4.6 +3.4 1 7.4 +5 12.3 3.5 +2.3 RBC Capital Markets 8 13 3,56.8 4.4 +1.8 13 9.6 +6 12.2 3.5 +1.3 ANZ Banking Group 9 7 3,16.8 3.9-1.2 6 4.4-7 1.8 3.1 -.3 National Australia Bank 1 8 3,75.7 3.8-1.3 14 1.4-1 9.6 2.7-1.8 53,828.1 67.1 +. 219.8 62.6-2.3 8,296.7 1. 135-27 351.1 1. Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) National Australia Bank 1 1 7,985.1 21. -4.9 39 7.9 +12 13.4 19.8-6. Westpac Banking 2 4 6,75.1 17.8 +3.5 31 56.4 +14 12.9 19.1 +4.4 Commonwealth Bank of Australia 3 2 6,238.1 16.4-7.2 17 3.9-1 8.8 13.1-8.1 Macquarie Group 4 5 4,446.1 11.7 +4.8 18 32.7 +9 8.3 12.3 +3. ANZ Banking Group 5 3 3,734. 9.8-6.6 15 27.3 +4 7.3 1.8-5.3 6 6 3,568.3 9.4 +6. 15 27.3 +1 7. 1.3 +6.9 7 7 816.9 2.2 -.3 5 9.1 +2 1.7 2.5 -.4 Mitsubishi UFJ Financial Group 8 12 669.8 1.8 +.7 3 5.5 +2 1. 1.5 +.4 Bank of America Merrill Lynch 9-5. 1.3 +1.3 2 3.6 +2 1.7 2.5 +2.5 1 326 436.5 1.2 -.3 2 3.6 -.7 1. -.4 35,144.9 92.5-3. 62.8 85.4-3. 37,981.7 1. 55 +16 67.5 1. 8.4% 16.7% 53.% 7.8% 19.4% 7.% 69.8% 41.% -13.1% -6.3% 47.7% -16.9% 16
2nd Highest Japanese Yen Denominated Bond Volume l Japanese Corporate Bonds Up 1% l Samurai Bonds Up 11% Full Year 217 Debt Capital Markets Managing Underwriters Japan Debt Japan Deals Intelligence All Bonds in Yen (AP5) Yen-denominated bond activity during full year 217 totaled JPY23 trillion from 1,231 deals, an increase of 5.4% compared to a year ago. This was the second highest yen-denominated volume total on record, behind the JPY25.3 trillion recorded in 27. According to estimates, underwriting fees from Yen-denominated activity totaled JPY85.8 billion in 217, a 5.4% increase compared to full year 216. Japanese Corporate Bond offerings totaled JPY11.6 trillion from 61 transactions during full year 217, a 9.6% increase from the proceeds raised a year ago. The Industrials sector led market activity, raising JPY3.2 trillion from 177 deals, followed by Financials, with JPY3.1 trillion from 83 deals. Samurai Bond volume during full year 217 totaled JPY1.4 trillion from 41 transactions, representing an 11.4% increase over the JPY1.3 trillion raised a year ago. Samurai market activity increased significantly during the fourth quarter of 217, with 11 issuances worth JPY314.8 billion compared to the JPY1 billion from a single issuance recorded during the third quarter this year. Proceeds per ( m) # of Deals per Imputed Fees ( m) Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group 1 1 5,415,686.7 23.5-3. 71 57.7 +44 19,611.4 22.9-4.4 Mitsubishi UFJ Morgan Stanley 2 2 4,323,632.6 18.8-1.8 563 45.7 +112 15,17.6 17.6-3. Sumitomo Mitsui Finl Grp Inc 3 3 3,784,224.7 16.4 +1.8 561 45.6 +134 13,265.8 15.5 +.7 Nomura 4 4 3,686,618.2 16. +1.7 561 45.6 +11 14,743. 17.2 +3.2 Daiwa Securities Group Inc 5 5 3,166,666.7 13.7 +1.6 515 41.8 +18 11,93.2 13.9 +1.3 Sumitomo Mitsui Trust Holdings 6 1 456,779.1 2. +1.1 9.7 +2 1,521.8 1.8 +1. Goldman Sachs & Co 7 6 353,631.9 1.5 -.4 47 3.8 +3 1,16.8 1.4 -.3 Mitsubishi UFJ Financial Group 8 9 314,276.8 1.4 +.4 3 2.4 +5 1,19.8 1.3 +.4 Bank of America Merrill Lynch 9 7 39,529.8 1.3 -.3 17 1.4-8 1,237.9 1.4 +.2 Tokai Tokyo Financial Holdings 1 8 197,728..9 -.1 58 4.7-7 89.2 1. -.1 22,8,774.5 95.5 +1. 8,578.5 94. -1. 23,61,262.8 1. 1,231 +13 85,845.3 1. 5.4% 11.8% 5.4% -2.1% 1.% -4.8% Samurai Bonds Issuer Domicile Analysis Billion 3, 2,5 8 95 8 75 66 65 2, 63 1,5 39 38 41 1, 5 28 29 21 211 212 213 214 215 216 217 Asia-Pacific (ex Central Asia) Europe Americas Africa/Middle East/Central Asia # of Issues 1 9 8 7 6 5 4 3 2 1 # of Issues Samurai Bonds (AP1) 11.4% 348.% *tie Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group 1 4 371,76. 26.5 +9.3 35 85.4 +11 1,17.8 26.7 +1.5 Sumitomo Mitsui Finl Grp Inc 2 2 286,676.7 2.5 +1.1 31 75.6 +1 831.3 2. -.8 Nomura 3 1 244,76.7 17.5-2.8 24 58.5-3 682.9 16.4-3.2 Mitsubishi UFJ Morgan Stanley 4 5 26,83.3 14.8-1.6 23 56.1-3 66.3 15.9 -.8 Daiwa Securities Group Inc 5 3 183,81. 13.1-4.6 26 63.4-2 543.6 13.1-4.5 Natixis 6 9 4,16. 2.9 +1.9 7 17.1 +4 119.9 2.9 +1.8 Credit Agricole CIB 7 8 33,983.3 2.4 +.7 5 12.2-1.2 2.4 +.5 Societe Generale 8 7 16,. 1.1-1.3 2 4.9-3 56.5 1.4-1.4 9-8,766.7.6 +.6 3 7.3 +3 28.4.7 +.7 BNP Paribas SA 1-8,433.3.6 +.6 2 4.9 +2 26.7.6 +.6 Top Nine Total 1,41,1. 1. +3.9 4,157.5 1. +3.4 1,41,1. 1. 41 +3 4,157.6 1. 7.9% 1.% 1.% 2676.6% Japanese Corporate Debt Volume by Industry ( Billion) Full Year 217 Japanese Securitizations (AP2) 3,26 28% 235 27 2% 2% 42 4% 518 4% 52 4% 559 5% 3,79 27% 562 5% 66 6% 1,469 13% Industrials Financials Energy and Power Government and Agencies Consumer Staples Materials Telecommunications Real Estate High Technology Consumer Products and Services Retail Healthcare Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group 1 1 1,635,395.7 34.3-6.3 15 64.9-13 4,63.6 35. -9.6 Sumitomo Mitsui Finl Grp Inc 2 2 613,778.3 12.9 +1.7 24 1.4 +13 1,331.5 1.1-1.5 Mitsubishi UFJ Morgan Stanley 3 3 564,241.8 11.8 +3. 17 7.4 +4 1,378.1 1.4 +2.9 Sumitomo Mitsui Trust Holdings 4 8 456,779.1 9.6 +5.9 9 3.9 +2 1,521.8 11.5 +7.3 Daiwa Securities Group Inc 5 5 352,25.6 7.4 +.2 1 4.3-1 891.8 6.7 +.4 Nomura 6 4 21,786. 4.4-3. 6 2.6-3 591.2 4.5-2. Mitsubishi UFJ Financial Group 7 9 26,43.4 4.3 +.7 24 1.4 +1 626.2 4.7 +.7 Bank of America Merrill Lynch 8 7 195,65.3 4.1 -.1 4 1.7-1 525.3 4. +.3 Goldman Sachs & Co 9 6 17,198.4 3.6 -.6 8 3.5 +2 53.5 3.8 +.2 Shinsei Bank 1 1 17,971.9 2.3 -.6 3 1.3-2 352. 2.7 +.1 4,513,95.5 94.7 +.9 12,352. 93.4-1.2 4,765,4.4 1. 231 +13 13,231.4 1. -7.7% 6.% -2.% -8.9% -19.4% -4.6% 17