DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS / Brendan McDermid First Half 204
First Half 204 Debt Capital Markets Managing Underwriters Debt Capital Markets Review Table of Contents Global Debt International Debt Asia Debt Global Deals Intelligence EMEA Deals Intelligence Asia Deals Intelligence 3 Global Debt, Equity & Equity Related (A) All International Bonds (J) Asian G3 Currency Bonds (ex-japan, ex-australia) (AR2) 3 Global Debt and Syndicated Loans (DL) All International Securitizations (J0c) All Asian Currencies (ex-japan, ex-australia) (AS) 3 Global Scorecard 2 All Bonds in Euros (N) Dim Sum Bonds (AS24a) 3 Leading Underwriters for Second Quarter 204 2 High Yield Debt All Asian Currencies (ex-japan, ex-australia, ex-china) (ASa) 3 Global Debt (B) 2 Global High Yield Deals Intelligence 0 Australian Debt Global Investment Grade Corporate Debt (B7) 3 Global High Yield Debt (B4) 0 Australia Deals Intelligence 4 Global Debt and Syndicated Loans Islamic Finance (DL2) 3 Global High Yield Debt - US Dollar Denominated (B5) 0 All Australian Debt (ex self-funded) funded) (AJ3a) 4 Global Mortgage-Backed Securities (B0) 3 Global High Yield Debt - Non-US Dollar Denominated (B6) 0 Australian Dollar Non-Securitized Bonds (ex self-funded)(aj6) 4 Global Asset-Backed Securities (B) & (B3) 3 Emerging Market Debt All Australian International Bonds (AJ7) 4 Banking Composite of Top Global Debt s 4 All International Emerging Market Bonds (L) Japan Debt Global Debt Rankings - Last Ten Years 5 EMEA Emerging Market Bonds (L2) Japan Deals Intelligence 5 US Debt Latin America Emerging Market Bonds (L3) All Bonds in Yen (AP5) 5 US Debt (F) 6 Asia-Pacific Emerging Market Bonds (L4) Samurai Bonds (AP) 5 US High Yield Corporate Debt (F8) 6 Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2) 5 US Investment Grade Corporate Debt (F) 6 Emerging Market Debt - Latin America Japanese Corporate Debt (AP3) 6 All Federal Credit Agency Debt (H) 6 All Brazilian Debt (BR) 2 Bonds Targeted in Japan (AP4) 6 US Asset-Backed Securities (F4) 7 Brazilian Domestic Debt (BR2) 2 Criteria Summary US Mortgage-Backed Securities (F) 7 Global Debt by Mexican Issuers (MX) 2 Debt Capital Markets Criteria Summary 7 US Mortgage-Backed Securities - Federal Credit Agencies (F3a) Banking Composite of Top US Debt s 7 8 Global Debt in Mexican Pesos (MX2) 2 Domestic Mexican Debt (MX3) 2 Thomson Reuters Solutions for the Deal Making Community 8
Global Debt Activity Up 4% l Record Quarter Boosts High Yield l Best Annual Start for US Investment Grade Debt l Tops Underwriting, Fee Rankings Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS ACTIVITY UP 4% - Overall global debt capital markets activity totaled US$3.2 trillion during the first half of 204, an uptick of 4% compared to first half 203 and the strongest six-month start for global debt capital markets activity since 200. Second quarter global debt activity decreased 6.5% compared to the first quarter of 204 but registered an 8% increase compared to the second quarter of last year. BEST START FOR US INVESTMENT GRADE CORPORATE DEBT ON RECORD - High Grade corporate debt offerings targeted to the US marketplace totaled US$64.6 billion during the first half of 204, an increase of 4% compared to a year ago and the strongest start for the asset class since records began in 80. Companies based in the United States accounted for 5% of issuance, down from 64% during first half 203. Issuers based in Australia, Canada and the United Kingdom each accounted for 4% of US marketplace issuance during the first half. ALL-TIME QUARTERLY RECORD FOR GLOBAL HIGH YIELD - The volume of global high yield corporate debt reached US$48.3 billion during the second quarter of 204, an all-time quarterly record and 5% greater than the previous quarterly record set during the first quarter of 203 (US$28.5 billion). High yield issuance from issuers in the U.S., France and the United Kingdom accounted for 63% of first half 204 proceeds, which totaled US$260.5 billion, up % compared to a year ago. OVERALL DEBT UNDERWRITING FEES FLAT - According to Thomson Reuters/Freeman Consulting, estimated fees from DCM activity totaled US$2.3 billion during the first half of 204, an increase of 0.7% year-on-year. Fees from high grade debt underwriting totaled US$5.5 billion (a 45% share), while fees from high yield debt totaled $3.4 billion (a 28% share). High yield underwriting fees increased % compared to the first half of 203, while global investment grade fees declined 5%. Global Debt, Equity & Equity-related (A) Global High Yield Corporate Debt- Quarterly Proceeds ($bil) $60 $40 $20 $00 $80 $60 $40 $20 $0 Global High Yield Debt ($bil) Global Debt Capital Markets by Asset Class FINANCIALS ACCOUNT FOR 48% OF DCM ACTIVITY Debt capital markets activity in the financials sector totaled US$.5 trillion during the first half of 204, accounting for 48% of all new issuance this year. Consumer products and $2.4 media and entertainment activity saw the strongest year-over-year growth, registering increases of 23% and 5%, $2.2 respectively, over a year ago. Average deal size in the telecom sector led all industries this year, with the average deal $2.0 totaling US$. billion. $.8 $.6 EMERGING MARKETS CORPORATE DEBT DOWN 8% - New corporate debt from emerging markets issuers totaled $.4 US$63.2 billion during the first half of 204, an 8% decrease from last year at this time. 52% of all emerging markets $.2 corporate debt during the half was raised by issuers in Brazil, Mexico, India and the United Arab Emirates. Corporate $.0 debt from issuers in Russia totaled US$.2 billion, down 78% compared to the first half of 203. $0.8 $0.6 JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - maintained the top spot for first half 204 debt $0.4 underwriting, with total proceeds of US$236.0 billion and a decrease of 0.3 market share points. and $0.2 maintained the second and third positions, respectively, while HSBC moved from eighth place to fifth. $0.0 First Half 204 DEBT CAPITAL MARKETS REVIEW Number of Offerings 2006 2007 2008 200 200 20 202 203 204 Global Debt and Syndicated Loans (DL) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 27,88. 7.5-0.2 20.6 +23,74. 7.3 -.2 427,447. 8.4 +0.7 633 4.3 +80,738.3 7. +7. 2 2 238,657.6 6.6 0.2 006 0.4-36,265.8 5.3-0. Bank of America Merrill Lynch 2 2 347,74.4 6.8 0.3 27.4-3,623.2 7.3 +7.3 Citi 3 5 226,76.6 6.3 +0.2 05.4-26,385.4 5.8-0.3 Citi 3 4 26,875.0 5.8 0-032.0-26,32.8 5. +5. 4 3 222,6.0 6.2 +0. 843 8.7 +,04.6 4.6 +0. 4 3 27,473.0 5.5 +0.4 02.7-53,5. 5.4 +5.4 Bank of America Merrill Lynch 5 6 20,603.3 5.6-0. 84 8.8 -,463.6 6. -.2 5 5 27,420.8 5.3 +0.2 8 8.0-28,072.7 4. +4. Goldman Sachs & Co 6 4,800.6 5.5-0.6 707 7.3 +26,4.7 6.3-0.4 6 2,447.7 4.2-0.7 60 8.4 +86 642.2 2. +2. Morgan Stanley 7 7 86,328.6 5. -0.2 04.4 +20,570.2 6.6 +0. Goldman Sachs & Co 7 6 5,726.0 3. +0.5 627 5.5-57 45. 4.3 +4.3 8 8 76,737.3 4. +0.8 805 8.4 +38 626. 2.6 +0. Morgan Stanley 8 7 86,02.3 3.7 +0.3 8 7. -45,006.8 4.6 +4.6 Credit Suisse 43,22. 4.0 +0.3 67 7.0 -,066.8 4.5-0.2 Credit Suisse 0 74,86. 3.4-0. 67 5. -3 87. 4.5 +4.5 BNP Paribas SA 0 0,424.5 3. +0. 483 5.0 +33 44.8.8 0 - Wells Fargo & Co 0 8 6,73.8 3.3 +0.5 828 7.3-54 783.4 3.5 +3.5,78,728.3 54.8 +0.2 2,73. 50. -3. 2,56,067.0 50.3 +2.,27.5 50.4 +50.4 3,628,746.2 00.0,635 +,772 23,4.7 00.0 5,084,404.7 00.0,407 -,64 22,8.8 00.0 Proceeds (US$t) 2005 2006 2007 2008 200 200 20 202 203 204 Investment Grade Corporate MBS Agency, Supranational, Sovereign Federal Credit Agency ABS High Yield Corporate Emerging Market Corporate 300 250 200 50 00 50 Number of Offerings 5.5% -8.7% 7.3%.4% 2.% 25.% 5.5% 3.0% -.3% -7.3% 5.7% 7.4%
First Half 204 Debt Capital Markets Managing Underwriters Global Debt Global Scorecard Global Debt (B) Jan 204 - Jun 30 204 Jan 203 - Jun 30 203 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds No. Proceeds No. % Change $USm Deals $USm Deals in Proceeds All US Debt (F) 235,82.8 7.5-0.3 856.8-24 58.7 7.8-0.6 US Long-term Debt (F2),358,66.4 2,50,383,858.0 2,700 -.8% 2 2 20,878.6 6.7-0.2 820.3-52 745.3 6. +0. US Long-term Straight ex MBS, ABS & Munis (F3),028,02.7,550,005,468.8 2,03 +2.2% 3 3 202,743. 6.4 +0. 676.3-4 650.7 5.3 +0.6 US Federal Credit Agency Debt (F7) 62,037. 326 85,00.6 605-27.8% Citi 4 4 5,45. 6.2 +0.3 708.8-2 77.3 6.3 +0. US High Yield Corporate Debt (F8) 76,470.3 26 72,770.6 33 +2.% 5 8 67,257.5 5.3 +0.8 760 0.5 +28 453.4 3.7 +0.3 US Investment Grade (F) 64,638. 562 53,53.8 56 +4.0% Bank of America Merrill Lynch 6 5 65,838.0 5.3-0.2 622 8.6-3 748. 6. -.6 Agency, Sovereign & Supranational Debt (F0) 53,470.5 325 57,802.8 442-2.7% Goldman Sachs & Co 7 6 55,602.3 4. -0.5 475 6.6-6 646.6 5.3-0. US Mortgage-backed Securities (F) 64,27.0 306 235,43.6 44-30.3% Morgan Stanley 8 7 52,480.8 4.8-0.2 675.3-3 722.7 5. +0.4 US Asset-backed Securities (F4) 66,547.7 24 42,75.7 255 +6.5% Credit Suisse 2,06. 3.8 +0.3 472 6.5-6 53.4 4.3 +0. US Taxable Municipal Debt (F5) 6,75.4 228 8,35.0 327-24.8% BNP Paribas SA 0 0 07,035.5 3.4 +0. 443 6. +8 338. 2.8 +0.3 US Short-term Debt - including MBS, ABS (F6) 57,722.0 407 7,77.3 664 -.6% RBS 82,062.6 2.6-0.2 353 4. -3 24.5 2.4-0.2 RBC Capital Markets 2 2 77,46.2 2.5 0-430 5. +27 325. 2.7 +0.2 All Global Debt (B) Wells Fargo & Co 3 3 7,848.7 2.3-0. 357 4. -20 402.5 3.3-0.4 Global Long-term Debt (B2) 3,067,453.8 6,4 2,3,2.4 7,3 +5.3% Societe Generale 4 5 70,026. 2.2 +0.4 245 3.4 +48 205.0.7 +0.6 Global Long-term Debt ex MBS, ABS & Munis (B3) 2,647,485.2 5,570 2,453,650.8 6,27 +7.% Credit Agricole CIB 5 7 65,55.8 2. +0.5 244 3.4 +32 22.8. +0.7 Global High Yield Corporate Debt (B4) 260,485.8 4 238,32.3 462 +.3% UniCredit 6 8 62,40.0 2.0 +0.5 6 2.7 +2 33.. +0.3 Global Investment Grade Corporate Debt (B7),56,26.6 3,242,3,258.5 3,55 +8.4% Nomura 7 4 57,56.8.8-0.2 288 4.0 +8 4.7.2-0.3 US Federal Credit Agency Debt (B8) 68,04.6 362 0,536.0 633-24.8% UBS 8 6 5,760.8.6-0.2 308 4.3-4 265. 2.2-0.5 Global Agency, Sovereign & Supranational Debt (B) 74,5.8,473 680,63.,504 +0.2% Natixis 2 43,056.3.4 +0.5 62 2.2 +25 3.2. +0.4 Global Mortgage-backed Securities (B0) 20,43. 368 284,536.5 483-2.2% TD Securities Inc 20 20 36,0.7.2 +0. 244 3.4 +7 24.7.0 0 - Global Asset-backed Securities (B) 28,537.5 5 473 74,34. 43 +24.% Mizuho Financial Group 2 34,506.2. 0-28 40 4.0-3 44.5 2.2 0 - Global Short-term Debt (B4) 4,332.8 884 47,623.5,325-22.6% Santander 22 28 27,074.7 0. +0.3 07.5 + 05. 0. +0.3 Global Emerging Markets Corporate Debt (B5) 63,240.5 54 8,08.8 833-7.% Banca IMI (Intesa Sanpaolo) 23 25 25,823.0 0.8 +0. 5 0.7 +0.5 0.7 +0.3 Commerzbank AG 24 23 25,368. 0.8 +0. 3.6 +28 78.3 0.6 +0. Leading Underwriters for Second Quarter 204 Standard Chartered PLC 25 22 22,5.4 0.7 0-3 2.7-37 6.2 0.6-0. Top Twenty Five Total,73,034.4 78.3 +0.2 6,575. 76.2-0.4 Current Qtr 3,56,833.0 00.0 7,236 -,306 2,24.8 00.0 Market Share Mkt. Share Chg. Consecutive No. Manager (%) from Last Qtr (%) Quarters No. 3.6% -5.3% 0.7% Market Sector Stocks and Bonds Global Debt, Equity & Equity-related (A) Global Disclosed Fees (A2) U.S. Debt, Equity & Equity-related (E) U.S. Disclosed Fees (E2) Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B) Morgan Stanley Bank of America Merrill Lynch Citi 7.7 8.7.7 0.3 7.7 0.4 7.5 4.4 +0.4 +.2-0.3-0.3 +0.4 +.6 +0.4 +2.4 0 3 8 3-6.5% Global Debt Capital Markets % Change by Asset Class 30% 20% 24.% -0.3% 3.7% 204 vs. 203 US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F) U.S. LT Debt inc MBS,ABS &Tax Munis(F2) U.S. Investment Grade Corporate Debt (F) U.S. High Yield Corporate Debt (F8) U.S. Federal Credit Agency (H) U.S. LT Federal Credit Agency Debt (H3) U.S. Mortgage-backed Securities (F) U.S. Asset-backed Securities (F4) International Bonds All International Bonds (J) All Bonds in Euro (N) All International Securitizations (J0c) Citi 2.0 2.2 3.4.0 7.0 28..8 6.7 8. 8.0. -0. -0. -0.7 +0.5 +.6-0.5 +.6 +0.6 +2.0 +. +. 6 2 3 6 3 0% 0% -0% 8.4% Investment Grade Corporate 0.2% Agency, Supranational, Sovereign.3% High Yield Corporate ABS MBS Emerging Market Corporate Federal Credit Agency Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR2) All Asian Currencies ex CDs (AS) 2.8 5.6-0.8 3-3.2 2-20% -7.% Australia Bonds Australian Dollar Bonds (AJ3) Australian Domestic Securitization (AJ5) National Australia Bank Westpac Banking 7.3 42.7 +7.7 +36.7-30% -2.2% -24.8% 2
First Half 204 Debt Capital Markets Managing Underwriters Global Debt Global Investment Grade Corporate Debt (B7) Imputed Fees: Global Investment Grade Corporate Debt First Half Proceeds per (US$m) # of Deals per Imputed Fees (US$m),003.5 7.3 0-364.2 +8 400.5 7.2 +0.3 2 4 86,80.3 5.7 +0.4 333 0.3 +3 247.2 4.5 +0.3 Bank of America Merrill Lynch 3 2 86,773. 5.7 0-267 8.2-48 32.0 5. -0.6 Citi 4 3 84,5.3 5.6 +0.2 332 0.2 + 285.3 5.2 +0.4 5 7 84,53. 5.6 +0. 305.4 +5 254.8 4.6 +0.7 6 8 83,56.0 5.5 +. 40 2.4 +4 256. 4.6 +0.7 Morgan Stanley 7 5 75,575.2 5.0-0. 343 0.6 +55 30. 5.5-0.2 Goldman Sachs & Co 8 6 74,3. 4. 0-22 6.8 +6 250.3 4.5 0 - BNP Paribas SA 6,374.0 4. +0.3 272 8.4 +50 7.3 3.2 +0.2 Credit Suisse 0 2 46,554. 3. +0. 200 6.2 +50 56.0 2.8 +0.6 76,36.3 52.5 +3.7 2,660.4 48.0 +2.4,56,26.6 00.0 3,242-353 5,536.6 00.0 8.4% -.8% -4.% -6.6% 3.3% -7.0% Fees (US$m) $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $,000 $0 4,064 3,652 3,656 3,442 3,55 3,24 3,242 2,85 3,064 2,552 3,48.6 4,43.4 6,06.6 6,00.8 5,086.3 3,62.2 4,835.2 5,45.6 5,8.4 5,536.6 2005 2006 2007 2008 200 200 20 202 203 204 4,500 4,000 3,500 3,000 2,500 2,000,500,000 500 0 Number of Offerings Global Investment Grade Fees (US$m) Number of Offerings Global Debt and Syndicated Loans Islamic Finance (DL2) Global Mortgage-Backed Securities (B0) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) CIMB Group Sdn Bhd 5 2,22. 3.8-7.3 2 42. +7 5.8 4.3 +4.3 Malayan Banking Bhd 2,54.5 2. -7.7 6 32.7 +4 5. 2.6 +2.6 3,46.8.3 +4.6 6 32.7 +3 2.8 6. +6. AMMB Holdings Bhd 4 3,486..2-0. 0 20.4-3 3.5 8.6 +8.6 Standard Chartered PLC 5 4,53.6 7. +0.8 0 20.4-3 2.4 5. +5. RHB 6 6 06.5 5.6-0.2 22.4-3 2.5 6.2 +6.2 Abu Dhabi Islamic Bank (ADIB) 7 8 8.7 5.0-0. 3 6. -2.5 3.6 +3.6 Citi 8 0 756.7 4.7-0.4 7 4.3 +3.5 3.8 +3.8 Emirates NBD PJSC 7 66.2 4. +.3 7 4.3 -.4 3.5 +3.5 MashreqBank PSC 0-500.0 3. - - 2.0 - -. 0.2 +0.2,65.8 74.0 -. 26.6 65.6 +65.6 6,60.0 00.0 4-40.7 00.0 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2,30.0 0.6-0.4 45 2.2-38.2 0. -0.7 2 3 8,27.7.0-0.6 52 4. -2 38. 0. +.3 3 4 7,202.2 8.5-0. 33.0-8 27. 7.2 +2.4 Credit Suisse 4 7 3,44.0 6.7-0.6 30 8.2-4 20.0 5.3-0.4 Goldman Sachs & Co 5 5 3,0.4 6.6-2.0 32 8.7-6 23.4 6.2-3. Morgan Stanley 6 2,40. 6.4-0.4 28 7.6-8 22.6 6.0-0.3 Bank of America Merrill Lynch 7 2 2,825.7 6.4-3.4 4. -6 27.0 7.2-4. Citi 8 8 2,722.8 6.3-0.8 37 0. -7 20.6 5.5 -.4 Wells Fargo & Co 6,452. 5.7 -.8 38 0.3-8 3.0 8.2 +0.6 Mischler Financial Group Inc 0 -,048. 4.5 +4.5 36.8 +36 3..0 +0. 42,403.7 70.7-6.4 25. 66.8-4.8 20,43. 00.0 368-5 377.2 00.0 -.4% -2.0% -42.3% -2.2% 3.5% 3.0% 4.2% -3.% -23.8% -3.2% -2.0% -2.3% Global Asset-Backed Securities (B) Global Asset-Backed Securities ex-cdos (B3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Citi 28,86.0 3.3 +0.2 70 4.8 +2 20. 0. -4.6 Citi 2 2 22,367.2 0.2-0.4 5 2.5 +5 7.2 6.4 -. Bank of America Merrill Lynch 3 3 2,26.5.7-0.8 6 2. +7 5.6 8.6-4.6 Bank of America Merrill Lynch Credit Suisse 4 5 6,22.3 7.4 +0.3 53.2 + 74.6 6.7 +0.8 5 4 3,486.0 6.2-2.4 52.0 +6 3.7 3.6 -.5 Credit Suisse 6 7 2,4.0 5.7 +0.7 43. +3 64. 5. +.4 RBC Capital Markets Morgan Stanley 7,45.5 5.3 +0.6 3 6.6 +8 8.2 8. -0.4 Wells Fargo & Co 8 8 0,386. 4.8 +0. 40 8.5 +3 6.5 5.6-0.2 RBS RBS 0,725.8 4.5 +0.2 33 7.0 +2 48.7 4.4-0.3 Wells Fargo & Co RBC Capital Markets 0 6,77.5 4.5 -. 32 6.8-6 28.4 2.6-0.2 Morgan Stanley 56,37. 7.6-3.4 63. 62.8 -.5 28,537.5 00.0 473 +60,07.2 00.0 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 2,463. 3.3 +3.2 53 4.8 +6 43.6. +.5 2,65.5 2.2 +0.6 52 4.5 +6 37.4 8.5 +0. 3 4 5,22..5 +0.5 4 3.6 +8 33. 7.5 -.7 4 2 2,2.2 7.6-3.4 4 3.6 +5 24.6 5.6-5.4 5 6,654. 7.2-0.7 44 2.3 +5 24.4 5.5-2.5 6 5,080. 5.6-3. 3 8.6-7 22.0 5.0-3.0 7 7 8,732. 5.4 +0. 36 0.0 0-23.6 5.4 +0.3 8 8 6,830.2 4.2 +0. 27 7.5 +.0 4.3 +0. 6,602.7 4. +0. 3 8.6 +2 22.5 5. +.8 0 5 4,852.0 3.0 +0. 20 5.6 +8 20.4 4.6 +0.6 6,452.3 72. -.7 270.6 6.4-8.2 6,356. 00.0 35 +45 440.6 00.0 * tie 24.% 8.3% 4.5% 2.% 30.2% 4.6% 25.7% -.3% 4.3% 48.6% -8.0% -5.6% 3
First Half 204 Debt Capital Markets Managing Underwriters Banking Composite: Global Debt Issue Type Composition for the Top Global Debt s 204 00% 4.2% 4.7% 3.% 3.2% 3.7% 3.6% 4.0%.2% 0.% 5.6% 0% 80% 70% 4.3% 44.8% 45.2% 4.2% 56.2% 50.6% 50.4% 50.7% 56.3% 42.7% 60% % Total Proceeds 50% 40% 30% 20% 6.%.% 4.% 6.3% 5.3% 3.8%.6% 3.5%.% 4.0% 2.6% 5.0% 5.6% 0.8% 3.4% 8.0%.6%.8% 2.4% 0.7% 2.2% 7.%.4% 7.5% 3.5% 0.7% 3.7% 24.4% 0.0% 3.4% 8.2% 25.4% 25.% 2.0% 3.3% 22.7% 7.% 3.8% 22.% 7.3% 0% 0% 5.4% 3.3% 4.4% 6.7% 7.0% Citi Bank of America Merrill Lynch.7% 3.5%.3% 2.4% 6.6% Goldman Sachs & Co Morgan Stanley Credit Suisse BNP Paribas SA ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS 4
First Half 204 Debt Capital Markets Managing Underwriters Global Debt Rankings* - Last Ten Years 2 3 4 Citi 5 Rank 6 Bank of America Merrill Lynch 7 Goldman Sachs & Co 8 Morgan Stanley Credit Suisse 0 BNP Paribas SA 2005 2006 2007 2008 200 200 20 202 203 204 *Global Debt League Table (B) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year. 5
Largest Semi-Annual Volume on Record in US Investment Grade and High Yield l Overall US Debt Down 2% First Half 204 Debt Capital Markets Managing Underwriters US Debt US Deals Intelligence US Investment Grade debt increased 4% compared to the first half of 203 and ranked as the largest semi-annual volume on record. The US$64.6 billion raised from 562 issues surpassed the previous record of US$557.5 billion raised during the first half of 2007 despite 444 fewer transactions, as issuers continued to take advantage of low interest rates. Despite the increase in volume, total estimated fees decreased.6% from the fees paid a year ago, according to Thomson Reuters/Freeman Consulting. US ABS totaled US$66.5 billion from 24 transactions, representing the largest semi-annual volume since 2007 and surpassing first half 203 volume by 6.5%. ABS strength was largely attributed to the auto sector, which accounted for 36% of ABS volume in the first half. US High Yield corporate debt volume in the first half increased 2.% over the proceeds raised in the first half a year ago and ranked as the largest first half volume on record. The US$05.2 billion raised on 65 transactions in the second quarter also served as the largest quarterly volume on record, bolstered by the US$0. billion Numericable Group SA issue in April (of which US$7.775 billion was denominated in USD) - the largest High-Yield financing on record. US Debt (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 65,8.3 2.2-0.2 524 24.4-55 72.3 0.7-0.6 Bank of America Merrill Lynch 2 2 2,84..6-0.2 456 2.2-2 647.6.5 -.6 Citi 3 3 28,607.4.5-0. 434 20.2-4 573.0 8.4-0.3 4 4 8,35.7 8.7 0-375 7.4 0-420. 6.2 +0.5 5 5 02,382.2 7.5 -.0 340 5.8-56 455.8 6.7 +0.5 Goldman Sachs & Co 6 6 6,04.8 7. -.4 23 3.6-40 470.0 6. -0.3 Morgan Stanley 7 7 88,60.0 6.5-0.8 34 6.2-0 537. 7.8 +0.2 Credit Suisse 8 76,740.6 5.7 +0.7 260 2. -23 385.2 5.6 +0.6 Wells Fargo & Co 8 6,038.3 5. 0-322 5.0-3 36.0 5.8-0.5 0 3 5,23.8 3.8 +.4 56 7.3 +6 68. 2.5 +0.5,026,76.2 75.7 -.6 4,783.0 70. -.0,358,66.4 00.0 2,50-550 6,847.2 00.0 US Investment Grade Corporate Debt (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 84,64.0 3.8-0. 228 40.6-8 322.7 2. -0. Bank of America Merrill Lynch 2 2 6,88.4.4 +0. 83 32.6-38 277. 0.4-0.6 Citi 3 3 57,040.5.3 -.2 86 33. -3 200.7 7.5-0.5 Goldman Sachs & Co 4 4 48,22.8 7. -. 28 22.8 +8 84.8 6. -0.6 5 7 48,04.3 7.8 +.3 47 26.2 +23 56.8 5. +0.6 Morgan Stanley 6 5 4,848.4 6.8-2. 58 28. +8 203. 7.6 -.6 7 6 40,86.5 6.7 0-3 20. -3 32.4 5.0 +0.5 Wells Fargo & Co 8 8 34,04.7 5.5 +0.7 0.6-6 56.0 5. -0.4 28,568.6 4.7 +.8 75 3.3 + 0.6 3.8 +. Credit Suisse 0 2,4. 3.2 +0.7 64.4 +7 82.8 3. +0.6 RBS RBC Capital Markets BNP Paribas SA Mitsubishi UFJ Financial Group 2 3 4 3 0 5 7,82.2 4,788. 3,230.6,36.2 2. 2.4 2.2. -0.5 +0. -. +0.6 70 6 53 57 2.5 0..4 0. 0 +8 +2 +3-77. 63. 54.5 62.6 2. 2.4 2.0 2.4-0.2 +0.4-0.6 +0.7 UBS US Bancorp 5 6 4 7 7,6. 6,7.2.3.0-0.7 +0.3 50 44 8. 7.8-8 +7 57.6 42. 2.2.6 -.2 +0.2 Mizuho Financial Group 7 6 5,800.0 0. -0.2 23 4. -3 38.4.4-0.2 Credit Agricole CIB 8 20 4,46.0 0.7 +0.2 26 4.6 +5 22.3 0.8 +0.3 Standard Chartered PLC 26 3,4.2 0.6 +0.2 8 3.2 + 2. 0.5 0 - BancodoBrasilSA Brasil 20 23 3,352.7352 06 0.6 +0.2 8 4.4 +4 2.8 05 0.5 +0.3 Jefferies LLC 2 28 3,203.6 0.5 +0.2 3 2.3 +7 5. 0.6 +0.3 Bank of China Ltd 22 34 3,087. 0.5 +0.3 7.2 +4 8.2 0.3 +0.2 Societe Generale 23 2,75. 0.5 0-4 2.5 +5 4.3 0.5 0 - ANZ Banking Group 24 27 2,66.0 0.5 +0.2 2.0 +4.7 0.4 +0.2 Scotiabank 25 2 2,6.6 0.5 +0. 24 4.3 +0 26.6.0 0 - BBVA 26 2 2,784.7 0.5 +0.2 2 2. +6 6.2 0.6 +0.4 SunTrust Banks 27 25 2,670.2 0.4 0-2 3.7 +6 7.8 0.7 +0. Sumitomo Mitsui Finl Grp Inc 28 3 2,50.2 0.4 +0.3 8.4 +5 7.4 0.7 +0.2 Banco Bradesco SA 2 46 2,06.3 0.3 +0.2 7.2 +4 8.4 0.3 +0.2 Santander 30 35,72.0 0.3 +0. 2 2. +6 5.4 0.6 0 - Top Thirty Total 588,043.2 4. -0.8 2,33.3 87.7-0.6 64,638. 00.0 562 + 2,667.2 00.0 4.0% 0.2% 3.5%.3%.6% 8.0%.8% 5.6% 20.4% 0.4% 2.6% 20.7% US High Yield Corporate Debt (F8) All Federal Credit Agency Debt (H) Proceeds per (US$m) # of Deals per Imputed Fees (US$m),0.6 0.8 -.5 30 43. -8 274.2 0.8 -.0 Bank of America Merrill Lynch 2 2 5,2.4 8.7 -.3 8 3. -28 28.8 8.6-2.3 Credit Suisse 3 7 4,05. 8.0 +0. 3 3.4-4 87.8 7.4 +0. Citi 4 8 3,42.7 7. +0.8 88 2.7-4 80.2 7. +0.8 Morgan Stanley 5 3,547.3 7.7 +.0 8 27.4 +8 78.3 7.0 +0.8 6 3 3,463.3 7.6 -.5 2 3. -6 7.0 7.8 +0.5 Goldman Sachs & Co 7 5 3,020.8 7.4-0.2 80 27.0-7 78.2 7.0-0. 8 4 2,687.6 7.2-0.5 85 28.7-7.6 6.8 +0. Wells Fargo & Co 6,444.0 5.4 -.8 86 2. -20 32.6 5.2 -.7 RBC Capital Markets 0 0 7,07.5 4.0-0.2 60 20.3-3.3 3.6-0.3 3,620. 74.7-4.3,80.0 7.3-3. 76,470.3 00.0 26-35 2,540.3 00.0 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2 2,34.2 4.2 +0.6 7 4.4 +2 4.8 5. -2.3 2 3 0,443. 7.0 -.6 6 4.3-38 4.5 5.6 +.0 3 0 0,034.3 6.7 +3.2 8 5. +5 3. 3. +.5 4 4,204. 6.2-0.2 82 5. -7 4.8 5. +.0 Nomura 5 8,62.3 6.0 +2. 4 2.6-2 3.2 4.0 +.5 TD Securities Inc 6 8 7,636.5 5. +.5 88 5.5 +2 3. 3.8 +0.5 Citi 7 6 6,352. 4.3-0.5 50 3. -30 3.3 4. -.8 Wells Fargo & Co 8 20 6,32. 4.2 +3.0 7 0.7 +03 5.4 6.7 +5.3 Goldman Sachs & Co 3 6,223. 4.2 +. 33 2. 0-3.5 4.3 +.0 Morgan Stanley 0 4,7.7 3.3-0. 4 7. -05 2.5 3. -5.3,22. 6.2-0. 38.2 47.3 +2.4 4,386.5 00.0,602-535 80.7 00.0 2.% 47.6% 0.6% 26.0% 3.3% 36.% 25.0% 64.% 45.2% 4.3% 42.6% 45.7% 6
First Half 204 Debt Capital Markets Managing Underwriters US Securitizations US ABS Collateral Volume Breakout (US$b) 204 $5.5 32% $27. 7% $8. 5% $5.3 0% $56.7 36% CDO Credit Card Student Loan Auto Other Real Estate $0.8 0% US Asset-Backed Securities (F4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Citi 27,2.3 6.4 +.7 66 22.4 +3 3.6 4.3 -.6 2 3 2,67. 2.7 +0.8 54 8.4 +6 64.7 8. -0.4 Bank of America Merrill Lynch 3 2,63.8.8-0.5 54 8.4 +6 3.2.7-3.0 Credit Suisse 4 5 5,706.2.4 +.8 52 7.7 +4 67.4 8.5 +2.7 5 4,58.3 6. -2.4 43 4.6 +4 30. 3. -0.2 Wells Fargo & Co 6 7 0,386. 6.2 +0.4 40 3.6 +3 6.5 7.7 +. 7 8 0,337.7 6.2 +0.5 38 2. + 55. 6. +. Morgan Stanley 8 0,20.8 6.2 +0.7 28.5 +7 83.7 0.5 +.2 RBC Capital Markets 6 8,30.2 5.0-2.3 26 8.8-6 26.2 3.3 +0.4 RBS 0 0 7,65. 4.3-0. 22 7.5-2 38.0 4.8-0.2 4,82.4 85. +0.6 634.3 7.7 +. 66,547.7 00.0 24 +3 75.2 00.0 6.5% 5.2% 5.3% 5.5% 3.0% 26.5% US Asset-Backed Securities excluding Self-Funded (F4a) US Mortgage-Backed Securities (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Citi 8,78. 2.5 -.2 55 20.2 +5 02.2 3.7-2.4 Bank of America Merrill Lynch 2 2 6,63.8.4 -.5 52. +5 8.. -3.0 Credit Suisse 3 5 5,706.2 0.8 +2.7 52. +4 66..0 +3.4 4 4 5,67.8 0.7 +. 4 8.0 +8 53.5 7.2-0. Wells Fargo & Co 5 7 0,386. 7. +0. 40 4.7 +3 60.6 8. +.4 Morgan Stanley 6 0,20.8 7. +.2 28 0.3 +7 83.7.2 +.6 7 3 0,243.3 7.0-2. 4 5. +2 28. 3.8-0.2 8 8 0,50.2 7.0 +.0 37 3.6 + 52.5 7.0 +. RBC Capital Markets 6 7,30.2 5.0-2.4 24 8.8-7 2.3 2. +0.4 RBS 0 0 7,65. 4. +0.4 22 8. - 32. 4.3-0.5 2,67.4 83.5-0.7 50.0 7. +.7 46,03.6 00.0 272 +2 746.6 00.0 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 4 7,03. 0. +.0 36.8-0 28.3 0.2-0.2 2 2 6,530.5 0. -0.5 43 4. +3 32.2.5 +.0 3 6,40.0 0.0 -.2 30.8-20 23.4 8.4 +2.4 Goldman Sachs & Co 4 5 3,0.4 8.0 -.8 32 0.5-5 22.5 8. -2.5 Credit Suisse 5 7 3,54.2 8.0-0.4 28.2-7.5 6.3-0.6 Bank of America Merrill Lynch 6 3,540.7 7.0-3.5 36.8-5 24.4 8.7-2. Wells Fargo & Co 7 6,452. 7.0-2.0 38 2.4-7 3.0. +0. Citi 8 8,03. 6.7 -.0 34. -6 8. 6.8 -.6 Morgan Stanley,75.0 5. -.3 22 7.2-7.2 6.2 -.0 Mischler Financial Group Inc 0 -,048. 5.5 +5.5 36.8 +36 3..4 +.2 2,3.0 7. -5.2 2.3 78.7-3.3 64,27.0 00.0 306-08 27.0 00.0 8.6%.%.5% 2.5% 5.% 3.2% 30.3% 20.2% 26.% 8.% 28.8% 2.8% Quarterly Residential ABS, MBS & CDO Volume US Mortgage-Backed Securities - Federal Credit Agencies (F3a) Proceeds (US$b) $600 $500 $400 $300 $200 $00 Proceeds (US$b) # of Issues 00 800 700 600 500 400 300 200 00 # of Issues Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 8 2,875.5.4 +4.0 23 0.7 +3 3.6 2.2 +3. 2,5.6 0.6 -. 22 0.2-8 3.8 2.3 +. Goldman Sachs & Co 3 3,88.6 8.8-2.0 20.3-3 3.2.8 -.5 Credit Suisse 4 5,40.6 8.3 -.3 2.8-8 0.4.3 +.3 Mischler Financial Group Inc 5 -,048. 8.0 +8.0 36 6.7 +36 3.2 2.8 +2.5 6 2 8,608. 7.6-4. 8 8.4-2.8 8.8-4.2 Citi 7 6 7,6.7 7. -.6 2.8-4 0.6.5 +0.3 Bonwick Capital Partners LLC 8-7,302. 6.5 +6.5 30 4.0 +30 2.6 2.3 +2.0 Bank of America Merrill Lynch 4 7,234.8 6.4-3.8 22 0.2-4 0.2.2-2.0 Morgan Stanley 0 7 6,808.2 6.0 -.5 6 7.4-4 7.0 6.3 -.2,6. 80.7 +3. 4.4 84.5 +.4 2,770.0 00.0 25-7.7 00.0 $0 0 2 3 4 2 3 4 2 3 4 2 3 4 2 3 4 2 3 4 2 3 4 2 3 4 2 3 4 2 2005 2006 2007 2008 200 200 20 202 203 204 7 34.% 32.7% 24.8% 48.5% 22.3% 55.%
First Half 204 Debt Capital Markets Managing Underwriters Banking Composite: US DCM DCM Industry Composition (F) 204 DCM Industry Composition (Ex Financials) (F) 204 2.5% 2.% 0.8% 3.8% 2.3%.%.%.5%.6% 2.2%.5%.8%.0%.4%.4% 2.% % of Industry Proceeds.% 2.% 2.8%.8% 2.0%.3%.4% 2.2%.3%.% 2.% 3.%.6% 00% 0% 80% 70% 60% 50% 40% 30% 20% 0% 0% 2.2% 36.7% 37.3% 42.% 42.4% 4.0% 3.5% 42.% 4.% 46.8% 45.%.7% 2.% 0.3%.% 3.0% 2.2% 0.4% 2.7% 4.2% 3.% 0.4% 2.5% 8.% 2.%.0% 2.0% 4.% 5.7% 6.8% 2.5%.% 3.4% 8.3% 4.6%.8% 0.7% 4.3%.% 7.8% 7.% 5.0% 4.% 4.6% 5.0% 2.%.3% 5.8% 4.5% 2.8% 2.% 2.% 2.0% 5.6% 7.5% 8.% 8.5% 5.6% 6.5% 7.5% 8.% 2.8% 3.5%.4% 23.5% 8.7% 5.% 7.8% 4.2% 5.0%.3% 6.% 6.6% 3.6% 8.2% 0.6% 0.4% 8.2% 4.3% 8.7% 0.4%.%.3%.8% 4.8%.% 7.7%.5% 0.6% 2.7%.7% 4.0% 4.2% 6.% 0.0%.6% 2.3% 2.8%.5% 4.7% 3.0% JPM BoA Citi GS DB Barc MS CS HSBC WF 2.6% 3.8% 2.5%.7% 3.4% 2.7% 3.6% 2.4% % of Industry Proceeds 00% 0% 80% 70% 60% 50% 40% 30% 20% 0% 0% 5.% 4.7% 3.3% 4.% 3.6% 3.3%.3% 7.8% 7.0% 7.3% 6.8% 0.6% 4.0% 0.7% 4.4% 3.5% 0.5% 2.8%.8% 4.6% 3.0% 3.8% 5.3%.2% 2.% 3.4% 3.2% 2.0%.8% 3.% 3.4% 3.4%.6% 3.6% 2.% 5.% 3.8%.3% 8.0% 7.5% 3.% 2.8% 5.4% 3.6%.2% 3.4% 3.4% 3.2% 3.7% 2.6% 8.7% 8.3% 2.6% 0.0% 7.8% 7.6% 0.6% 4.8%.2% 2.0% 3.6% 0.3% 3.4% 5.5% 2.7% 3.3% 3.% 5.3%.3% 4.0% 6.4% 5.0% 7.% 2.4% 2.8% 37.4% 0.3% 3.5% 5.8% 8.2% 2.7%.5% 4.0%.6% 2.5% 0.6% 8.6% 4.2% 5.0% 23.6% 20.% 20.% 25.4% 8.3% 23.8% 20.% 22.% 28.2% 20.8%.7% 6.5% 7.7% 6.8% 7.% 8.% 5.2% 5.% 2.% 3.0% 2.7% 3.7% 2.4% JPM BoA Citi GS DB Barc MS CS HSBC WF Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications 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 8
European Borrowing Up % l Financials Driving Market l top Fee Earners First Half 204 Debt Capital Markets Managing Underwriters International Debt EMEA Deals Intelligence At US$2.2 trillion in the first half, issuance in the international bonds market increased % over the same period in 203. Within the EMEA region, Europe as a whole rose 8.7%, despite a 2.7% decline in Eastern Europe. Borrowing in the Middle East rose 4.7% compared to H 203, while African issuance fell 7.%. Among the sectors, Financials rose 24.% year on year -- driven by strength in the United Kingdom (+7.5% over first half 203) and Italy (+20.6%) -- and the Government & Agency sector rose.2%. Marked declines were seen within Consumer Staples (down 43.%), Materials (down 2.%), and Healthcare (down 2.3%). According to Thomson Reuters and Freeman Consulting, earned the highest international bond fees in the first half, with US$663.6 million representing a 7.6% share of the total fee pool. led both the All Bonds in Euro fee ranking (with 44. million) and the Corporates in Euros ranking ( 6.7 million). All International Bonds (J) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2 7,682. 7. -0.4 644 20. -22 652.8 7.5 +0.4 2 58,772.2 7.3 -.4 62. -5 663.6 7.6 -.7 3 3 50,58.7 7.0-0.3 4 5.3 +3 503.4 5.8 +0.4 4 6 42,43. 6.6 +0.7 57 8. +52 40. 4.6 +0.3 Citi 5 5 36,726.2 6.3-0. 42 5.4 +7 587.2 6.7 +0.2 Goldman Sachs & Co 6 4 0,53.4 5. -.4 335 0.5-23 462.2 5.3-0.7 Bank of America Merrill Lynch 7 7 00,368. 4.6 -.0 38 2.4-6 47.7 5.5-2.6 BNP Paribas SA 8 8 8,66.2 4.5 0-3 2.2 +67 34. 3.6 +0.4 Morgan Stanley 7,345.8 4.5 0-365.4 +55 45.0 5.7 +0.8 Credit Suisse 0 0 87,532.3 4.0 +0.6 34 0.7 +27 425.6 4. +0.2,255,00.5 57.8-3.3 4,84.7 57.2-2.3 2,73,22.3 00.0 3,200 + 8,750. 00.0.0% 0.3%.3% 4.3% 4.% 23.3% All International Bonds by Issue Type All International Securitizations (J0c) Proceeds ( b),000 00 800 700 600 500 400 300 200 00 - Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 2008 200 200 20 202 203 204 ABS & MBS Emerging Market Corporate Federal Credit Agency High Yield Corporate Agency, Supranational, Sovereign Investment Grade Corporate Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2,36.. -3. 38.4 +4 2.4 8. -2. 2 4 0,48.2.6 +2.0 33 6.8-8 3.6.5 +2.6 Citi 3 5 8,85. 8. +.3 28 4.3 0-23. 7.2 0 - Bank of America Merrill Lynch 4 3 8,235. 7.5-0.3 30 5.3 +4 22.6 6.8-4.0 Wells Fargo & Co 5 8 8,03.4 7.4 +3.4 28 4.3 +3 34. 0.5 +6. Credit Suisse 6 6 7,038.4 6.4 +0.4 26 3.3 +3 4.0 4.2-0.2 RBS 7 6,580.5 6.0 +2.2 23.7 +2.4 5. +3.3 8 2 5,502. 5.0-3.0 26 3.3-4 3.0 3. -3.7 Morgan Stanley 6 4,37.2 4.0 +2.4 3 6.6 +8 22. 6. +3.2 RBC Capital Markets 0 0 3,54. 3.2 +0.3 4 7. +2 5.5.7 -. 74,85.4 68.3 +4.8 27.2 65.5 +4. 0,73.3 00.0 6 + 332.2 00.0 2.8% 0.7%.% -4.0% 30.4% 25.8% European Financial and Corporate Inv Grade By Domicile Nation First Half All Bonds in Euros (N) Proceeds ( b) 20 00 80 60 40 20 0 Proceeds per ( m) # of Deals per Imputed Fees ( m) 4,47.6 7.0-0.4 23 20. +25 44. 7.3-0. 2 2 47,46.7 6.8-0.6 8.7 +30 0.0 5.5 +0.2 BNP Paribas SA 3 3 47,870.0 6.8 +0.2 242 22.8 +74 33.8 6.7 0-4 5 43,622.4 6.2-0.3 76 6.6 +37 5. 5.8 +0.6 Societe Generale 5 4 43,543.6 6. -0.4 87 7.6 +28 4.3 5.8 +0.8 UniCredit 6 6 43,353. 6. +0. 86 7.5 +26 85.6 4.3-0.3 Credit Agricole CIB 7 8 36,33. 5. -0. 52 4.3 +0 2.0 4.6-0.2 8 7 33,644. 4.8-0.6 5 4.2 +5 05.7 5.3-0.4 Goldman Sachs & Co 3,0.4 4.4-0. 5 0.8 +33 2.8 4.7-0.2 Citi 0 0 30,84. 4.4 +0. 3 2.3 +5 6. 4. +.2 407,645.5 57.7 -.3,0. 54. +0.8 708,768.5 00.0,062 +6,87.3 00.0 203 204 27.4% 6.% 34.4% -.8%.5%.7%
European High Yield Volumes Up 47% l Largest Deal On Record Priced In Second Quarter l Top Fee Earner First Half 204 Debt Capital Markets Managing Underwriters High Yield Debt Global High Yield Deals Intelligence Global High Yield borrowing in the first half of 204 was up.3% over H 203, reaching US$260.5 billion. European issuance reached US$07.5 billion, representing an increase of 47.4% over the same period in 203 and setting a new record for first-half High Yield issuance in the region. The average European deal size stood at US$840. million, compared to US$607.8 million in 203. In contrast, Asia volumes declined by 53.3% compared to the same period a year ago. Strong investor demand for yield continued to power the market, resulting in several high yield deals of unprecedented size. Notably, Cable & Telecoms providers Altice and Numericable s combined US$6.5 billion equivalent multicurrency deal used to fund a large portion of the group s acquisition of French mobile operator SFR was the largest high yield issue on record and benefited from a markedly oversubscribed order book. Wind Telecom placed two notable deals in the second quarter, the largest of which raised US$5.5 billion, representing the second largest high yield deal priced so far this year. According to estimates from Thomson Reuters and Freeman consulting, the top fee earner globally in the High Yield sector was, with US$353. million accrued from 6 transactions in the first half of 204. Global High Yield Debt (B4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 25,23..7 -.2 6 40.3-7 353. 0.3-0. 2 2,853. 7.6-2. 35 32.2-26 276.4 8. -0.3 3 6 8,255. 7.0 +0.3 0 26.0-5 22.6 6.7 +0.7 Goldman Sachs & Co 4 4 8,8.5 7.0 +0. 06 25.3-235.0 6. 0 - Citi 5 7 8,3.2 7.0 +0.6 3 27.0-233.8 6.8 +. Morgan Stanley 6 8 7,55.6 6.7 +.2 02 24.3 + 2.4 6.4 +.3 Bank of America Merrill Lynch 7 3 7,440.6 6.7 -.7 33 3.7-36 233.7 6.8-2.2 Credit Suisse 8 5 7,360.6 6.7-0.2 26.5-4 23.6 6.8-0.7 Wells Fargo & Co,52.8 3.7 -.6 87 20.8-20 34.6 3. -. BNP Paribas SA 0 5 8,352.2 3.2 +.2 50. +6 4.7 2.8 +0. 70,02.2 65.3-3.4 2,242.7 65.5 -.2 260,485.8 00.0 4-43 3,430.4 00.0.3% -.3%.4% 32.2% 2.7% 55.4% Average Quarterly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Basis Points 00 800 Spread to Benchmark 700 2-Quarter Moving Average (Spread to Benchmark) 600 500 400 300 200 00 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 200 200 20 202 203 204 *Spreads based on fixed rate issues where spread information is available Proceeds per (US$m) # of Deals per Imputed Fees (US$m),78.5 0.8 -.2 35 43. -3 283.7 0.7 -.0 Bank of America Merrill Lynch 2 2 5,468.5 8.4 -.2 20 38.3-32 220. 8.3-2.2 Citi 3 6 5,405. 8.4 +.4 0 32.3 0-7. 7.5 +.2 Credit Suisse 4 7 4,205. 7.7 +0.8 5 30.4-5 8.5 7.2 +0. 5 3 4,3.2 7.7 -.8 3.6-22 206.0 7.8 +0.3 Morgan Stanley 6 3,827. 7.5 +0. 84 26.8 +2 8. 6. +0.7 Goldman Sachs & Co 7 4 3,330.2 7.2-0.3 84 26.8-82.7 6. -0.2 8 5 2,04.2 7.0-0.3 86 27.5-72.0 6.5 +0.2 Wells Fargo & Co 8,444.0 5. -.7 86 27.5-20 32.6 5.0 -.5 RBC Capital Markets 0 0 7,488. 4. +0. 6.5-2 5.5 3.6-0. 36,00.8 73. -3.3,86. 70.4-2.5 84,060.2 00.0 33-50 2,642.5 00.0 0.% -3.8%.6% 3.2% 20.4% 54.4% Monthly High Yield Volume Proceeds (US$b) $70 $60 $50 $40 $30 $20 $0 $0 Proceeds (US$) # of Issues JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJ 200 200 20 202 203 204 20 00 80 60 40 20 0 # of Issues Global High Yield Debt - Non-US Dollar Denominated (B6) Proceeds per ( m) # of Deals per Imputed Fees ( m) 4,57.7 7.5-2.7 43 36.4-5 5.2 8. -2.3 BNP Paribas SA 2 5 4,024.6 7.2 +.4 37 3.4 + 3.6 6. +.6 3 2 3,47.5 7. -0.2 3 33. +5 5.0 8. -0. 4 6 3,83.6 7.0 +2. 30 25.4 +3 42.0 7.3 +2.2 Goldman Sachs & Co 5 7 3,540.3 6.4 +.5 28 23.7 +5 38. 6.6 +0.2 6 4 3,54.7 5.7-0.2 3 26.3 +5 28.3 4. +0.3 Societe Generale 7 4 2,53.3 5.3 +2.3 24 20.3 +5 25.8 4.5 +. Morgan Stanley 8 8 2,70.7 4. +3.3 23.5 +3 27.8 4. +3.4 Credit Agricole CIB 2,336.6 4.2 +0. 22 8.6-22. 3. +0.5 Credit Suisse 0 3 2,24. 4. -2.7 2 7.8-30.6 5.3-3.5 33,03. 5.4 +4. 356.5 62. +3.4 55,60.2 00.0 8 +6 573.5 00.0 34.7% 5.4% -3.5% 7.0% 7.0% 58.% 0
First Half 204 Debt Capital Markets Managing Underwriters Emerging Markets All International Emerging Market Debt Up % l EMEA Emerging Market Debt Down 23% l Latin America Emerging Market Debt Up 27% All International Emerging Market Bonds (L) 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) 2 30,875.5 0.6 +0.6 7 36.0 +7.2.0 -.0 Citi 2,273.8 4.4 +5.2 2 37.2-3 8.5 6.8-4.6 Citi 2 3 2,78.3 0.2 +0.3 34 27.0-0.7.0-0. 2 8,523.3 3.2 +.7 22 28.2-7 4.4 5.3 +4.2 3 27,605.4.4-0.8 8 23.7-6 22.2. -0. 3 6 5,740.8 8. +2.2 5.2-3 3. 4.8-0.8 4 4 23,782.0 8. -. 8 23.7-6 05.2 8.6 +.3 4 4 5,07. 7. -.3 8 23. - 6.3 6.0-4.5 Bank of America Merrill Lynch 5 5 5,8.3 5.5-0.4 83 6.7-2 78.7 6.4 +2.5 BNP Paribas SA 5 3 4,34.2 6.7-2.5 4. -4 20.5 7.6 +2.7 6 6 4,4.3 4. -0.4 58.7-7 40.7 3.3 -. Societe Generale 6 0 3,5.0 5.5 +2.2 0 2.8-7.7 2.8-2.6 Goldman Sachs & Co 7 4,040.6 4.8 +.2 4. + 4.2 4.0 +0.2 7 5 3,264. 5. -2.4 6 20.5-8 4.4 5.3 +4.0 BNP Paribas SA 8 7 3,33.8 4.6 +0.2 74 4. +20 34.3 2.8-0.8 UniCredit 8 23 3,52.4 4. +3.8 0 2.8 +4 2.2 0.8-3.2 Credit Suisse 2 0,628.7 3.6 +0.8 5 0.3 + 5.3 4.2-0.3 Goldman Sachs & Co 7 3,04. 4.8 +0.6 8 0.3-7.8 6.6 +.5 Morgan Stanley 0,84.0 3.4 +0.3 62 2.5 +5 45.0 3.7 +0.2 Morgan Stanley 0 22 2,057.2 3.2 +2. 5 6.4-4.2.6-0. 0,4. 65. +0.7 748.5 60. -0.8 48,037.8 74.6 +.6 56. 57.6-4.2 22,75.5 00.0 47 425,230. 00.0 64,424.7 00.0 78 50 270.8 00.0 % Change from Same Period Last Year.2% % Change from Last Quarter 2.6% -.2% 53.6% 38.% -27.2% % Change from Same Period Last Year % Change from Last Quarter -23.3% -3.% 45.5% 8.0% 00.0% 8.4% 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) 5 7,724.2 0.6 +2.0 2 24.7 +4 30.2 8. -.5 6,65.5 2.8 0-28 42.7 +8 7.3 2. -2.3 2 6,748.4.2-5.2 24 28.2-5 46.0 2.3-0.8 Citi 2 5,45.2.2 +.5 73 24.3 +5 4.0 7.4 +.6 Citi 3 2 6,646.4. -4.8 25 2.4-35.6.5-0.5 3 4,6.5 7.4-0.6 63 2.0 +2 45.7 8.3-3.6 4 4 6,486.8 8. -0.5 22 25. -2 30.5 8.2 +2.5 4 2,644.5 7.4-2. 65 2.7-6 52.4.5 +2. Credit Suisse 5 7 6,358.2 8.7 +3. 7 20.0 +2 2.8 8.0 +0. Standard Chartered PLC 5 3 7,2.3 6. -2. 67 22.3 +4 44. 8.0-0.8 Bank of America Merrill Lynch 6 3 4,72. 6.8-2.6 8 2.2-5.5 3. +2.8 Bank of America Merrill Lynch 6 7 7,05. 6. 0-4 6.3 +3 36. 6.7 +2.3 Banco do Brasil SA 7 4,737. 6.5 +2.0 2. +2 7.5 2.0 -.6 UBS 7 6 6,702.0 5. -. 58.3 + 50.7.2 +3.7 Goldman Sachs & Co 8 3 4,352.7 5. +3.4 8.4 +3 3.4 0. -.0 8 5,700.7 4.4-0. 33.0 0-7.4 3.2-2.0 Banco Bradesco SA 6 3,264.8 4.5 +2.8 2. + 26.6 7. +.4 Bank of China Ltd 2 5,22.2 4.0 +.0 45 5.0 +8 6.3 3.0-2.2 BNP Paribas SA 0 5 2,68.5 4. +.8 6 7. 0-7.5 4.7-3.0 BNP Paribas SA 0 6 4,.3 3.8 +.7 53 7.7 +3 8.8.6-0.7 54,260.0 74.6 +.6 238.6 63. -0.8 86,374. 66.3-2.6 384.6 6.8 -. 73,242.6 00.0 85 5 374.4 00.0 30,606. 00.0 300 +4 55.2 00.0 % Change from Same Period Last Year 27.3% -8.6% 33.7% % Change from Same Period Last Year 2.6%.5% 38.4% % Change from Last Quarter -26.5% 2.7% -32.5% % Change from Last Quarter 64.3% 38.% -3.4% Middle East Emerging Market Bonds (L5) All International Emerging Market Bond Volume by Industry (US$b) 204 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2 3,56. 5.0 +3.5 5.4 +2 7.6 7.8-0. 2 3 2,458.3 0.3 +0.3 0 3.3-8. 8.3-0.2 3 8 2,24.5.3 +5.0 5 5.6-2 3.2 3.3-2.0 Citi 4 2,54.3. -2.7 0 3.3-5 7.7 7.8 +3.0 Emirates NBD PJSC 5 6,43. 6.3 +. 2 37.5 +2 4. 4.2 +2. 6 5,43. 4.8-0.8 4 2.5-2 2.0 2.0-8.0 Goldman Sachs & Co 7 7,0.5 4.7 +0.3 4 2.5 0-6.0 6. +5. Bank of America Merrill Lynch 8 2 72.0 4. +. 5 5.6 + 3.2 3.2 +2.5 Standard Chartered PLC 4 62.8 4. -5.7 8 25.0-8 5.0 5. -0. National Bank of Abu Dhabi 0 783.5 3.3-0.8 6 8.8-3.2 3.2-0.3 6,860.2 7.0 +2. 50. 5.0 +0.4 23,770.8 00.0 32 3 7.8 00.0 % Change from Same Period Last Year -.7% -28.% 6.8% % Change from Last Quarter 337.7% 200.0% -8.2% *tie $5.6 $0. 2% 0% $4.3 2% $.8 $6. % $.0 2% 0% $2.7 42% $. 3% $.4 4% $6.8 6% $67.8 23% $43.6 5% Financials Government and Agencies Energy and Power Telecommunications Real Estate Industrials High Technology Materials Consumer Staples Media and Entertainment Retail Consumer Products and Services
First Half 204 Debt Capital Markets Managing Underwriters Emerging Markets - Latin America Global Brazilian Debt Volume Up 38% l Fees for Global Brazilian Debt Up 24% l Domestic Brazilian Debt Down 2% l Domestic Mexican Debt Down 65% All Global Debt by Brazilian Issuers (BR) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Banco do Brasil SA 6,024.0 5.8 +2.3 2 20.8 +4.8 2.7 +.0 Banco Bradesco SA 2 5,434.6 4.2 +8.7 2 28.7 +5. 2.3 +5.8 3 5 3,8.5 0.2 +.5 4 3. +7.0 2.2 +2. 4 2 3,708..7-2.0 0. +3. 7. -.7 Itau Unibanco 5 4 2,858.3 7.5 -. 30 2.7 +7 3.7 8.8 +0. Citi 6 7 2,455. 6.4 -.3 8 7. +4 7. 5.0 +0.4 Santander 7,83.6 4.8 +.2 4 3. +4.5 6. +4. BNP Paribas SA 8 3,825. 4.8 +3. 3 3.0 0-8.4 5.4-6. Bank of China Ltd -,43.6 3.7 +3.7.0 + 4.2 2.7 +0.3 Credit Agricole CIB 0 6 48.4 2.5 +.5 3 3.0 + 3. 2.0-3.6 30,3. 7.6 +6.8 5.8 74.3 +.6 38,.0 00.0 0 +50 55.8 00.0 % Change from Same Period Last Year 37.% 8.0% 23.7% % Change from Last Quarter -40.3% -3.0% -.3% Domestic Brazilian Debt in Reals (BR2) Global Brazilian Debt Volume by Sector First Half Proceeds (US$b) $40 Securitized Debt 0 20 Junk Rated Debt Agency, Supranational, Sovereign 00 Investment Grade Corporate $30 # of Issues 66 80 65 60 $20 5 60 44 4 36 33 40 $0 24 20 $0 0 2005 2006 2007 2008 200 200 20 202 203 204 Global Debt by Mexican Issuers (MX) # of Issues Proceeds per (R$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Banco Bradesco SA 3 5,755.3 24.3 +.3 8.8-6.0 24.6 +2. Credit Suisse 8 4,08.6 5.0 +0. 25.6 +6 4.2 3.4 +5.0 Banco do Brasil SA 2 4,327.5 8.3-7. 7 6.8-0 4. 6.8-7.8 2 3 3,03.2 4.3-0.5 20. -.7. -. Itau Unibanco 3 2 3,754.5 5. -.7 23 22.8 +5 3.4 3.8-4.8 3 5 3,677.7 3.5 +8.3 20. +5 2.7 2.0 +8.3 Pentagono SA DTVM 4 4 3,035.0 2.8 +2.5 6 5.8 +5 2.3.5 +.2 Goldman Sachs & Co 4 3 2,634.5.6 +6.4 4.3 + 7.8 7.3 +4.5 Banco BTG Pactual SA 5 5,458.5 6.2-0.5 0. +3.3 5.4 -.7 Bank of America Merrill Lynch 5 0 2,86.8 8.0 +4. 8 8.6 +2.2 8.7 +3.3 6 6,37.0 5. +3.8 6 5. +2.2 5.0 +3.3 BBVA 6 2 2,28.5 7.8-7.7 2 27. -6 4. 4.6-0.0 Credit Suisse 7 8 40.0 4.0 +3. 2 2.0 +.6 6.4 +6.3 Citi 7,56.5 7.2-2.4 4 32.6-3 7.6 7.2-6.0 Banco Safra SA 8-835.0 3.5 +3.5 7 6. +7.0 4. +4. 8,52.6 5.6 +.6 5.6 +4 8.4 7. +5.5 Planner Corretora De Valores - 472.5 2.0 +2.0 3 3.0 +3.5 2.2 +2.2 Morgan Stanley 6 78.2 3.6 -. 4.3-2 5.2 4. -2.8 Santander 0 4 405.0.7-5.3 5 5.0-5.4.5-6. BNP Paribas SA 0 2 2.5 3.3-0. 2.3 0 -.6.5-0.5 22,380.3 4.6 +2.4 24.4 00.0-4.0 23,7. 87. +.5 8.3 76.6-4.6 23,678.0 00.0 0 +2 24.4 00.0 27,36.7 00.0 43 7 06.0 00.0 % Change from Same Period Last Year -20.% 2.0% -37.% % Change from Last Quarter -3.4% -25.% 4.2% % Change from Same Period Last Year % Change from Last Quarter 33.3% 0.6% -4.0% 52.% 52.% -0.% Global Debt in Mexican Pesos (MX2) Domestic Mexican Debt (MX3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2 68.2 20.0-0.5 4 4.8-24. 8.0-0.3 3 68.2 2.3 +0.3 4 20.0-2. 23. +. 2 7 465.7 3.5 +.2 4 4.8-6.8 7.8 +8.5 BBVA 2 2 450.7 4.0-7. 8 40.0-6..7-0. BBVA 3 3 450.7 3.0-4. 8 2.6 -.. -.4 3* * 443.0 3.7 +2.2 2 0.0 +.4 7.3 +5. Credit Suisse 4 2 443.0 2.8 +.0 2 7.4 0 -.4 3.4 +2.2 Credit Suisse 3* * 443.0 3.7 +2.2 2 0.0 +.4 7.3 +5. Citi 5 435.7 2.6-8. 8 2.6-7.0. -. Citi 5 435.7 3.5-3.6 8 40.0-5.0 2.7-7.0 Scotiabank 6 228. 6.6 +4.6 3. +.3 3. +2. Scotiabank 6 7 228. 7. +4.3 3 5.0 +.3 4.0 +.2 Casas de Bolsa Bital, S.A. 7-7.7 5.2 +5.2 3. +3.4 3.8 +3.8 Casas de Bolsa Bital, S.A. 7-7.7 5.6 +5.6 3 5.0 +3.4 4. +4. Morgan Stanley 8 6 54.2 4.5-0.3 3.7-4.4 3. -2.8 Morgan Stanley 8-54.2 4.8 +4.8 5.0 +.4 5. +5. Grupo Financiero Banorte-Ixe 4 8.3 2.8-4. 4 4.8-7.2 2.2-0.7 Grupo Financiero Banorte-Ixe 4 8.3 3.0-6. 4 20.0-7.2 2. -5.4 Corporacion Actinver Sab de CV 0 0 4.3 2.7 +0.7 2 7.4 +.0 0.4-0.6 Corporacion Actinver Sab de CV 0 6 4.3 2. 0-2 0.0 +.0 0.5-2.3 3,23.7 3.7 +2.8 0.3 8.6 +8. 3,27.0.6 +.8 8.0 00.0 +8.5 3,455.6 00.0 27 48 0.3 00.0 3,22.5 00.0 20 8 8.0 00.0 % Change from Same Period Last Year -74.0% % Change from Last Quarter 557.6% -64.0% -80.5% % Change from Same Period Last Year -65.% -47.4% -56.3% 00.0% 35.0% % Change from Last Quarter 67.6% 33.3% 800.0% 2
First Half 204 Debt Capital Markets Managing Underwriters Asia Debt Asian International Borrowings - A Record High l Dimsum Bond Exceeds Annual 203 Volume l Asian Local Currency Debt Proceeds Down 23% Asia Deals Intelligence Asian G3 Currency Bonds (ex-japan ex-australia) (AR2 ) Asian G3 (US$, Euro, Yen) debt to date registered its record-high first half volume of US$07.2 billion from 2 deals, a 7.% increase from the total raised in the same period last year. Over half of the issuance was from Financials, with its record-high first six month volume of US$57 billion. This was driven by guaranteed debt offerings from China's Sinopec Group Overseas, Cnooc Nexen and State Grid Overseas - the first, fourth and tenth all-time largest Asian G3 issuances, respectively. Asian currency bond offerings in the first two quarters of 204 totaled US$24.6 billion from,685 deals, a 23% drop from the record-high proceeds of US$278.7 billion raised in the first half of 203. Chinese Yuan-denominated debt totaled US$23. billion from 655 deals, capturing 57.7% of the Asian local currency market, followed by Korean Won and Indian Rupee -denominated bonds. Offshore Chinese Yuan issued and settled bonds reached a record-high volume of CNY24.6 billion from 40 issues, surpassing the full-year 203 total proceeds of CNY86. billion. According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3 currency bond market to date totaled US$34.4 million, a 25.% drop from the total fees paid in the first half of 203. Underwriting fees on Asian currency bonds (ex. Japan, Australia) dropped 2.% to US$635.8 million from the US$805.5 million earned in the same period last year. Asia Pacific Currency Bonds Imputed Fees (US$m) $,200 $,000 $800 $600 $400 $200 $0 Offshore Chinese Yuan issued & settled Bonds (ex self-funded) (AS24a) First Half 2005 2006 2007 2008 200 200 20 202 203 204 Chinese Yuan Australian Dollar Korean Won Singapore Dollar Malaysian Ringgit Thai Baht Indian Rupee Hong Kong Dollar Philippine Peso Taiwanese Dollar Indonesian Rupiah Pakistani Rupee Vietnamese Dong Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 4,253. 3.3 +.0 3 48.4 +3 52.7 3.4 +0. Citi 2 2,350.2 0.6 +.7 67 34. +3 37..6 +2.4 3 4,53.4 8. +0.4 57 2.7 +3 2.8 7.6-0.8 4 3 8,604.8 8.0-0.8 4 25.5-8 30.3 7.7-0.8 Bank of America Merrill Lynch 5 7 6,67.5 6.5 +0.2 43 22.4 +4 23.7 6.0-0.4 Standard Chartered PLC 6 5 6,37.0 5. -. 46 24.0 0-25.2 6.4-0. Goldman Sachs & Co 7 8 5,307.0 5.0-0.6 27 4. +6 6. 4.3-0.3 UBS 8 6 4,603.6 4.3-3.2 38.8-3 2.0 7.4-2. 4,368.2 4. -0.6 23 2.0-5 3.4 3.4 0 - Morgan Stanley 0 0 4,36.2 4.0-0.2 32 6.7 -.0 4.8 0-75,68.8 70.6-4.0 277. 70.6-2.8 07,74.2 00.0 2 +25 34.4 00.0 t Includes Asian Development Bank issuance All Asian Currencies (ex-japan ex-australia) (AS**) 7.% 5.0% 25.% 62.4% 37.0% 30.2% 23.0% 8.0% 2.% 4.% 8.7% 8.4% **Includes CDs and CPs Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 5,72.6 7.3 +2.7 34 8.6 +52 28.6 4.5 +0. Standard Chartered PLC 2 5,553. 5.4 +2.2 20. +30 22.2 3.5 +.3 CITIC Group Corp 3 0,640.8 5.0 -.7 34 2.0-6 48.7 7.7-0.2 DBS Group Holdings 4 4 6,40.4 2. +2.2 6 5.7 +66 5.5 2.4 +.5 Bank of China Ltd 5 2 6,0.6 2. -2. 48 2.8-2 22.7 3.6-0.4 Korea Investment Holdings Co 6 5,330.0 2.5 +.2 4 2.4 +7 2.2. +.2 KB Financial Group Inc 7 6 5,038.2 2.4 +0. 45 2.7 + 8.2.3 +0.4 Industrial & Comm Bank China 8 7 4,476. 2. -0.7 2.7 -.0.4 -.4 China International Capital Co 20 4,256.4 2.0 +0.7 5 0. +6 7.4 2.7 +. Bank of Communications Co Ltd 0 23 4,22.7 2.0 +0. 2.2 +5 0.8.7 +0. 73,505.5 34.5 +6.3 5.3 30.7 +4.5 24,648.2 00.0,685-37 635.8 00.0 All Asian Currencies (ex-japan ex-australia ex-china) (ASa**) Proceeds per (CNYm) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 58,053. 27. -5.7 65 4. +68 5. 20.7-6.8 6,22.6 6. -0. 4 4.5-6 3.5 7.2 +0.8 Standard Chartered PLC 2 2 40,80.7.0 +2. 26 3.4 +72.3 5.5 +.8 Korea Investment Holdings Co 2 6 5,330.0 5. +2.3 4 4.0 +7 2.2 6.5 +3.5 DBS Group Holdings 3 6 8,243. 8.5 +6. 4 2.2 +43 4. 6.6 +2.0 KB Financial Group Inc 3 4 5,038.2 5.6 +.4 45 4.4 + 8.2 4.4 +0.5 BNP Paribas SA 4 3 4,788.5 6. -7.5 47.7-5 5.4 7.4-0. Standard Chartered PLC 4 2 4,623. 5. -0.7 74 7.2-42.2 4. -0. Bank of China Ltd 5 5 2,326.2 5.7 +3. 24 6.0 + 3. 5.4 +.2 CIMB Group Sdn Bhd 5 3,85.2 4.3 +.6 45 4.4 + 8. 4.3 +0.7 6 7 6,46.5 3.0 +0.8 6 4.0 +8 3.3 4.5-2. Kyobo Life Insurance Co 6 2 3,7.4 3.5 +.2 25 2.4 +6 2.7.4-0.3 Morgan Stanley 7 40 5,836.2 2.7 +2.6 2 3.0 + 3.3 4.5 +4.4 DBS Group Holdings 7 20 3,66.0 3.5 +. 47 4.6 +23 0.7 5.7 +3.6 Industrial & Comm Bank China 8 4 5,762.8 2.7-0.5 7 4.2 +7 2.3 3.2 +0.5 Woori Invest & Sec Co Ltd 8 5 3,58.7 3.5-0.4 20. +6 8.6 4.6 -.0 UBS 20 4,447.0 2. +.3 3 3.2 +0 3.3 4.5 +3.0 Hana Financial Group Inc 8 3,28. 3.5 +0.5.8 + 3.7 2.0-0.6 0 8 3,65.8.7-0.5 7.7 -..4-0.4 Daewoo Securities Co Ltd 0 0 2,343.4 2.6-0. 44 4.3 +28 4. 2.6 +0.6 70,452.5 7.4 +.8 53. 73.7 +3.5 40,02.7 44.4 +7.6 8.8 43.6 +7.7 24,556.7 00.0 40 +78 73.0 00.0 0,68.7 00.0,030 +5 88.6 00.0 6.% 7.8% 22.% 0.3% 0.5% 34.6% 37.0% 35.6% 5.5% 3.5% * tie **Includes CDs and CPs 3.5%.8%
First Half 204 Debt Capital Markets Managing Underwriters Australian Dollar First Half 204 Debt Proceeds - Record High l Australian International Bond - Highest First Half Volume Since 2007 Australia Debt Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a) Australian international debt proceeds reached US$52.4 billion from 4 deals in the first two quarters of 204, a 24.5% increase from proceeds raised in the same period last year. The US Dollar remained the top currency, with total proceeds of US$26.3 billion from 32 deals, a 22.3% increase from the total USD issuance in the first six months of 203, followed by issuance in Euros and Australian dollar, worth US$2.2 billion and US$7. billion from and 27 deals, respectively. Australian dollar bond (excluding self-funded) offerings to date registered a record-high first half volume of AU$62.8 billion from 0 deals, a 0.3% increase from proceeds raised in the same period last year. Top borrowers from the Government and Agencies sector raised AU$30.6 billion total proceeds from 2 deals, registering the largest six month volume since 200, and capturing 48.8% of the Australian dollar market. According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australian dollar (excluding self-funded) bonds to date reached AU$222.3 million, a 6.5% increase from the total of AU$208.7 million earned in the first half of 203. Estimated fees from Australian international bond offerings this year marginally increased to US$4.7 million from the US$3. million earned in the first six months of last year. Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) Westpac Banking,065.3 4.4-3.3 32 6.8-7 25.2.3-4.3 ANZ Banking Group 2 2 7,40.3.4-0. 46 24.2 +5 3.4 4. +.4 3 3 6,655.8 0.6 +0.3 4 25.8 +4 4.0 6.3-2.7 National Australia Bank 4 5 6,500.4 0.4 +. 44 23.2 +4 2.7 3.4 +.4 Commonwealth Bank of Australia 5 4 4,47.8 7. -2.3 34 7. + 8.2 8.2-2.2 Citi 6 6 4,5. 7.8 -.4 3 6.8-3. 4. -.4 UBS 7 7 3,5.7 6.2 -.7 5.8-5 3.4 6.0-0.6 TD Securities Inc 8 3,83.6 6. +2.7 43 22.6 +2 4.2. +0.8 RBC Capital Markets 2,2. 4.8 +2.8 23 2. +2 3.7.7 +.0 Nomura 0 3 2,682.0 4.3 +2.8 23 2. +3 6.7 3.0 +0.7 52,628. 83. +0. 55.6 70.0-5. 62,780.6 00.0 0 +6 222.3 00.0 0.3% 57.0% 6.5% 22.3% 7.0% 2.% All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) $70 $60 $50 $40 $30 $20 $0 First Half Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6) Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) Westpac Banking 2 6,278.6 2.3-2.3 28 6.2 0 -.7.7-4. 2 5 6,0.2 2.0 +2.5 45 26.0 +5 3. 6.5-2. ANZ Banking Group 3 5,656.4. -3.6 3 22.5 + 28.8 4.3 +0.3 National Australia Bank 4 7 4,4.3 8.8 +0.2 32 8.5 +0 26. 2. +0.7 UBS 5 4 3,5.7 7.7-2.5 6.4-5 3.4 6.6-0.8 TD Securities Inc 6 3,83.6 7.5 +3.2 43 24. +2 4.2 2. +0.8 Citi 7 6 3,765. 7.4 -.2 2 6. -2 8. 4.0-0.6 Commonwealth Bank of Australia 8 3 3,508.7 6. -3.3 2 6.8 +6 6.6 8.2-2.0 RBC Capital Markets 0 2,2. 5. +3.4 23 3.3 +2 3.7. +. Nomura 0 2 2,682.0 5.3 +3.3 23 3.3 +3 6.7 3.3 +0.8 43,2.5 84. -0.3 40.4 6.5-5. 50,0.3 00.0 73 +52 202.3 00.0 $0 2005 2006 2007 2008 200 200 20 202 203 204 Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS 4.8% 2.4% 6.6% 8.%.6% 34.% All Australian International Bonds (AJ7) All Australian Securitization (ex-cdos) (AJ4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Citi 6,468.4 2.3 +2. 2 22.3 + 5.4 0.8 +8.4 2 5,50.8 0.5 +6.2 7 8. + 0.4 7.4 +. 3 3 3,36. 6.4 -.2.6-4 5.4 3.8-2.2 Commonwealth Bank of Australia 4 6 3,086.0 5. +3.7 7 7.4 +5 5.6 4.0 +.7 Bank of America Merrill Lynch 5 6 2,53.7 5.6-0.8 8 8.5-8 7.4 5.2 -.7 6 2 2,54. 4.8-3.3 0 0.6-2 8.0 5.7-0.8 ANZ Banking Group 7 7 2,44.0 4.8-0.8 2 2.8 +4 4.6 3.3 0 - UBS National Australia Bank 8 2 5 2,443. 2,436.5 4.7 4.7 +0.6 -.8 2 2 2.8 2.8 +4-8.4 6. 5. 4. +2.4 -.4 0 0 2,434.0 4.6 +0.2 0 0.6-8 4.7 3.3-3.8 33,7.3 64.3 +5.7 76.8 54.3 +4.5 52,402.2 00.0 4-4.7 00.0 Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) Westpac Banking 2,858.6 2. -5. 4 2. -7 5.6 24.5 -.8 National Australia Bank 2 2 2,473.0 8.3 +4.0 3 68.4 +4 4.3 8. +2.6 ANZ Banking Group 3 8,638. 2. +8.2 7 36.8 +4 2.8 2.3 +.5 Commonwealth Bank of Australia 4 6,43.2 0.6 +. 5 26.3 +3.6 7. -2. 5 7,3.4 0.3 +5.6 6 3.6 +3 2.6.3 +6.6 Macquarie Group 6 3,28.6.5-2. 5 26.3-2 2.6.6 -.2 Citi 7 5,50.0 8.5 -.7 5.3 -.0 4.6-6.0 8 4 556.6 4. -7.8 4 2. -. 3.8-6.6 RBS 267. 2.0 0-2 0.5 0 -.6 2.6 +0.4 Morgan Stanley 0-250.0.8 +.8 5.3 +.3. +. 3,306.4 8.3 +2.4 22.3 7.8 +.7 3,55.2 00.0-2 22.7 00.0 24.5% 6.8%.3% 24.3% 40.7% 26.5% -0.% -.5% 4.2% 7.4% -4.0% 4.5% 4
First Half 204 Debt Capital Markets Managing Underwriters Japan Debt Yen Denominated Bond Activity Slightly Down l Samurai Bond Activity More Than Doubles l Corporate Debt Down 5% Japan Deals Intelligence Yen denominated debt proceeds reached JPY.3 trillion during the first half of 204, a marginal decline from the same period in 203. Despite the decline in deal value, deal count increased to 552 deals, recording the second highest deal count in the last 0 years, following 2007 s record first half of 50 deals. According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds during the first six months of 204 reached JPY32.2 billion, a 4.6% decline compared to the same period last year. Japanese Corporate Bond activity was down 5.% during the first two quarters of 204, recording a total of JPY4.2 trillion in proceeds, compared to the JPY4. trillion recorded during the same period in 203. Deal count increased by 0%. Decline in deal value was mainly due to a decline in the number of high-valued corporate bonds deals; only four deals over JPY00 billion were priced during the half including Soft Bank s JPY300 billion retail bond deal, the largest Japanese debt deal through June 30. Samurai bond volume reached JPY.4 trillion from 50 deals, more than double the JPY62. billion recorded during the first half of 203. The value and number of Samurai deals recorded in the first half were the second highest proceeds and the highest deal count for the comparable period within the last ten years. European issuers continued to dominate the Samurai market with 60% market share. The five bonds issued by worth JPY25 billion and Renault s two issues worth JPY50 billion led European Samurai activity. Samurai Bonds Issuer Domicile Analysis First Half All Bonds in Yen (AP5) 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 2,07,464.6 22.8 +.4 285 5.6 +27 7,237.3 22.5 +3.3 Mitsubishi UFJ Morgan Stanley 2 3,62,38.2 8.3 +.8 205 37. 0-5,4.3 6.8 +3.8 Nomura 3 2,527,057.0 6.5-4.4 84 33.3-4 5,63.6 7.7-7.8 Sumitomo Mitsui Finl Grp Inc 4 4,460,420.4 5.8 0-202 36.6 +37 5,055.5 5.7 +.5 Daiwa Securities Group Inc 5 5,23,720.0 3.3-0. 8 32.8 +38 4,524.6 4. -3. Bank of America Merrill Lynch 6 6 8,882.2 2. +0.3 2 3.8 +2 500..6 +0.3 Sumitomo Mitsui Trust Holdings 7 3 64,00.8.8 +.2.6 +5 60.5. +.4 Goldman Sachs & Co Tokai Tokyo Financial Holdings 8 55,448.,028.4.7.0 +0.5 +0. 23 4.2 3.4 +8-2 48. 343..6. +0.6 +0.2 Mitsubishi UFJ Financial Group 0 2 77,58. 8,67,02.6 0.8 4. +0.6 +.4 2.0 +4 275.7 30,57.6 0. 3. +0.7 +0.,254,7.5 00.0 552 +3 32,82.0 00.0-0.7% 7.6% -4.6% 4.7% 7.3% 5.0% Samurai Bonds (AP) Billion,600 46 50 44,400,200 35 33 30,000 24 800 600 5 400 8 200 0 2005 2006 2007 2008 200 200 20 202 203 204 Americas Europe Africa/Middle East/Central Asia Asia-Pacific (ex Central Asia) # of Issues 50 45 40 35 30 25 20 5 0 5 0 # of Issues 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 6 283,875.0.8 +8. 27 54.0 +2 808.4 2.6 +. Daiwa Securities Group Inc 2 4 283,74.7.8 +6.6 36 72.0 +20 744.8. +6.2 Sumitomo Mitsui Finl Grp Inc 3 3 23,34.7 6.7 +. 27 54.0 +0 5.5 6.0-0.3 Mitsubishi UFJ Morgan Stanley 4 5 230,766.7 6. +4.4 2 42.0 +6 624.5 6.7 +3. Nomura 5 2 87,300.0 3. -3.5 8 36.0-7 482.6 2. -4.3 6 57,600.0 4.0-6. 5 0.0-5 87. 2.4-0.4 Bank of America Merrill Lynch 7 7 50,075.0 3.5 +0.3 7 4.0 0-0.2 2. -0. 8 3,250.0 2.2 +.0 5 0.0 +3 80. 2. +0.3 8 23,750.0.7 -.2 2 4.0 0-72.. -.4 Societe Generale 0-8,000.0.3 +.3 5 0.0 +5 42.2. +.,405,700. 8.2 +3.6 3,65.3 00.0 +3.3,432,750.0 00.0 50 +5 3,740.6 00.0 27.5% 3.8% *tie 42.% 50.0% 22.5% 37.4% Japanese Corporate Debt Volume by Industry ( Billion) Japanese Securitizations (AP2) 65.0 20.0 2% 3%,7. 28% 70.0 4% 220.0 5% 238.0 6%,056.0 25% 280.0 7% 300.0 7% 565.0 3% Industrials Financials Energy and Power Telecommunications Materials Real Estate Consumer Products and Services High Technology Consumer Staples Retail 5 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 547,8.6 33.0-6.2 86 68.8-3,800. 33.2-8.0 Nomura 2 2 208,633.0 2.6 -. 5 4.0 + 578.6 0.7-0.7 Mitsubishi UFJ Morgan Stanley 3 4 3,64.7.7 +2.7 7 5.6 + 560.7 0.3 +.8 Sumitomo Mitsui Finl Grp Inc 4 3 8,87..4 +0. 5 4.0 + 626.3.5 +0.4 Sumitomo Mitsui Trust Holdings 5 7 64,00.8. +6.4 7.2 +5 60.5.2 +7.2 Mitsubishi UFJ Financial Group 6 3 77,58. 4.7 +3.7 8.8 +4 275.7 5. +4.0 Daiwa Securities Group Inc 7 6 6,268.0 4.2 0-4 3.2 +2 200. 3.7 +0. Bank of America Merrill Lynch 8 5 56,84.8 3.4-2.5 2.6-6.5 3.0-2.2 Shinsei Bank 4,863. 2.5 +.2 3 2.4 + 76.3 3.3 +.6 Credit Suisse 0 0 2,78.6.8-0.6 0.8 0-7.2.8-0.4,57,705.6 5.2 +3.7 5,087.6 3.8 +3.8,662,563.6 00.0 25 + 5,428.3 00.0.7% 0.8% 5.2% -24.7% -26.4% -30.2%
First Half 204 Debt Capital Markets Managing Underwriters Japan Debt Japanese Corporate Debt (AP3) Bonds Targeted in Japan (AP4) Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group 2,04,73. 25. +5.8 32 57.4 +38 3,88.6 23.5 +7.7 Mizuho Financial Group 2,02,464.6 23. +.4 284 53.2 +2 7,230.7 23.0 +3.7 Mitsubishi UFJ Morgan Stanley 2 4 8,767.0 2.5 +4.7 2 52.6 + 3,58.8 8.6 +6.8 Mitsubishi UFJ Morgan Stanley 2 3,62,38.2 8.6 +.6 205 38.4 + 5,4.3 7.2 +3.6 Nomura 3 777,746.8 8.6-7. 06 46. -5 3,666.8 2.6 -.0 Nomura 3 2,57,057.0 6.7-4.3 83 34.3-3 5,662.0 8.0-8.3 Sumitomo Mitsui Finl Grp Inc 4 3 664,00.5 5. -2.0 0 47.8 +7 2,4.6 4.2 +0.8 Sumitomo Mitsui Finl Grp Inc 4 4,42,76.4 5.7 0-8 37. +37 4,565.3 4.5 +.5 Daiwa Securities Group Inc 5 5 66,7.3 4.7 -.8 6 4.7 +4 2,854.2 6.8-5.6 Daiwa Securities Group Inc 5 5,23,720.0 3.5-0. 8 33. +40 4,524.6 4.4-3.6 Goldman Sachs & Co 6 7 48,37.4.2 +0.4 3. +4 44.7 0. +0.4 Bank of America Merrill Lynch 6 6 8,882.2 2. +0.2 2 3. +2 500..6 +0.3 Citi 7 6 43,000.0.0-0. 4.7 -. 0.6 +0. Sumitomo Mitsui Trust Holdings 7 3 64,00.8.8 +.2.7 +5 60.5. +.3 Shinkin Central Bank 8 8 34,620.5 0.8 0-2 5.2-2 37.7 0.8 +0.2 Goldman Sachs & Co 8 8 55,448..7 +0.4 23 4.3 +8 48..6 +0.6 Bank of America Merrill Lynch 0 30,000.0 0.7 +0.4 5 2.2 +3 78.2 0.5 +0.3 Tokai Tokyo Financial Holdings 0,028.4.0 +0. 3.6-2 343.. +0.2 Tokai Tokyo Financial Holdings 0 3,857. 0.3-0. 4.7-2 7.6 0.6 +0.2 Mitsubishi UFJ Financial Group 0 20 77,58. 0. +0.7 2. +4 275.7 0. +0.7 4,77,886.5.8 +0.2 6,646. 8. -0. 8,650,848.6 5. +.2 2,62.2 4.2-0.0 4,85,086.5 00.0 230 +2 7,007.7 00.0,0,863.5 00.0 534 +47 3,44. 00.0-5.% 0.0% -28.4% 87.4% 34.7% 38.8%.0% 44.%.7% -2.6% 8.0% 66.6% 6
First Half 204 Debt 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: United States Salvatore Reres Tel: + 646 223 8455 E-mail: salvatore.reres@thomsonreuters.com Europe Ian Willmott Tel: +44 207 542 4376 E-mail: ian.willmott@thomsonreuters.com - Database coverage includes all US public, Euro public and Rule 44a fee-eligible global debt transactions (including Global bonds, Euro/44a transactions, Yankee Bonds, Eurobonds, Foreign Bonds and preferred stock) as well as MBS, ABS & Taxable Munis. - Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 44a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 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. - All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of :00am EDT on June 30, 204. - Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. Asia-Pacific Michelle Abuzo Tel: +632 858 720 E-mail: michelle.abuzo@thomsonreuters.com Japan Aki Sato Tel: +83 644 20 E-mail: aki.sato@thomsonreuters.com - Long-term league tables exclude deals with a minimum life of less than.5 years (or 8 months), except for Asian local currency denominated bonds and all securitized tranches, which require a minimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option. - US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/44a bond and preferred stock transactions. Global bond league tables include domestic, foreign, Global, Euromarket and Euro/44a bond and preferred stock transactions issued in any currency. - Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which 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 Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicate members. - League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: () Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley." - As concluded following our 204 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with Japanese Fiscal Year 204-205 after April st, 204. Please note that the Samurai Bonds ranking (AP) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each" allocation basis. 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. 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