debt capital markets review - thomson reuters deal making

DEBT CAPITAL MARKETS REVIEWDEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

First Half 2013

2

Australia Deals Intelligence

All Australian Debt (ex self funded) (AJ3a)

9

Global High Yield Debt (B4)

10

10

10

9

9

3

All Bonds in Euros (N1)

High Yield Debt

Global High Yield Deals Intelligence

91

1

1

2

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

Leading Underwriters for Second Quarter 2013

Global Debt (B1)

Global Investment Grade Corporate Debt (B7)

3

14

Global Debt and Syndicated Loans Islamic Finance (DL2)

2

First Half 2013 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global High Yield Debt US Dollar Denominated (B5) 14

13

13

13Dim Sum Bonds (AS24a)

13Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

Australian Debt

13All Asian Currencies (ex-Japan, ex-Australia) (AS1)

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

Thomson Reuters Solutions for the Deal Making Community

All Australian International Bonds (AJ7)

All Australian Debt (ex self-funded) (AJ3a)

Japan Debt

Domestic Mexican Debt (MX3) 12

Global Debt in Mexican Pesos (MX2) 12

11

10

All Brazilian Debt (BR1)

Brazilian Domestic Debt (BR2)

6

Emerging Market Debt

All International Emerging Market Bonds (L1)

EMEA Emerging Market Bonds (L2)

8

7

7

7

4

12

10

Latin America Emerging Market Bonds (L3)

11

16

Bonds Targeted in Japan (AP4)

Banking Composite of Top US Debt Bookrunners

Samurai Bonds (AP1)

All Bonds in Yen (AP5)

3

Global Asset-Backed Securities (B11) & (B13) 3

Global High Yield Debt - Non-US Dollar Denominated (B6)

Japan Deals Intelligence

Banking Composite of Top Global Debt Bookrunners

18

17

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

Debt Capital Markets Criteria Summary

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

12

Asia-Pacific Emerging Market Bonds (L4)

US Investment Grade Corporate Debt (F9)

3

6 11

6

15

US Mortgage-Backed Securities (F11)

Global Debt Rankings - Last Ten Years

US Asset-Backed Securities (F14)

14

5

16

15

11

11


US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

Global Mortgage-Backed Securities (B10)

Global High Yield Debt - US Dollar Denominated (B5) 14

US Debt

Global Debt by Mexican Issuers (MX1)

Emerging Market Debt - Latin America

14

15

Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2)

15

12 Criteria Summary

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

https://www.thomsonone.com

FINANCIALS ACCOUNT FOR 46% OF 2013 DCM ACTIVITY – Debt capital markets activity in the financials sectortotaled US$1.4 trillion during the first half of 2013, accounting for 46% of activity. High tech and healthcare debt capitalmarkets activity saw the strongest year-over-year growth registering increases of 142% and 64% respectively over first

STRONGEST ANNUAL START FOR GLOBAL HIGH YIELD; Q2 VOLUME DOWN 19% - The volume of global highyield corporate debt reached US$241.8 billion during the first half of 2013, a 49% increase compared to first half 2012and the strongest annual start for high yield debt activity since records began in 1980. High yield issuance from issuersin the United States accounted for 62% of first half activity, compared to 73% during the first half of 2012. Issuance fromEuropean issuers more than doubled compared to the same time last year. Second quarter activity totaled US$108.4billion, down 19% compared to first quarter 2013.

GLOBAL ABS UP 10%; CDO/CLO ACTIVITY ACCOUNTS FOR 24% - Global asset-backed securities totaled US$172.8 billion during the first half of 2013, a 10% increase compared the same time last year and the best annual start for globalABS since 2007. Collateralized debt and loan obligations totaled US$42.3 billion during the first half, more than doubleissuance during the first half of 2012. CDO and CLO volume accounts for 24% of ABS this year compared to 10%

Global High Yield Corporate Debt- QuarterlyGLOBAL DEBT CAPITAL MARKETS DECLINES SLIGHTLY IN FIRST HALF - Global debt capital markets activitytotaled US$3.0 trillion during the first half of 2013, a slight decline from 2012 levels and the slowest first half for globaldebt capital markets activity since 2008. Second quarter global debt activity decreased 16% compared to the firstquarter of 2013 and marked the slowest quarter for debt issuance since the second quarter of 2012.

Global Debt Capital Markets by Asset Class

Global Deals Intelligence

First Half 2013

DEBT CAPITAL MARKETS REVIEWFirst Half Global Debt Activity Down 0.5% l Q2 High Yield Falls 19%; ABS Up 10% l JP Morgan Tops Underwriting, Fee Rankings

$2.2$2.4

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

$140

$160

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Offe

rings

Pro

ceed

s ($

bil)

Global High Yield Debt ($bil) Number of Offerings

EMERGING MARKETS CORPORATE DEBT UP 10% - New issuance of corporate debt from emerging markets issuerstotaled US$181.3 billion in the first half of 2013, a 10% increase from the first half of 2012. Activity was led by issuersfrom India, Russia and Brazil which accounted for 48% of all emerging markets corporate debt during the first half.

JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in global investment grade and highyield corporate debt underwriting, JP Morgan took the top spot for first half 2013 debt underwriting with total proceeds of$130.9 billion and an increase of 0.1 market share point. Deutsche Bank moved into the number two spot during the firsthalf of 2013, with 6.8% market share. Based on underwriting fees for the first half of 2013, JP Morgan topped all otherunderwriters with an estimated $995.1 million, or 8.4% of overall fees this year.

DEBT UNDERWRITING FEES UP 11% - According to Thomson Reuters/Freeman Consulting, estimated fees from debtcapital markets activity totaled US$11.8 billion during the first half of 2013, up 11% from the first half of 2012. Fees frominvestment grade debt underwriting totaled US$5.5 billion, or 47% of the overall total, while fees from high yield debttotaled $3.5 billion or 30% of overall DCM fees. High yield underwriting fees increased 34% compared to first half 2012.

markets activity saw the strongest year-over-year growth, registering increases of 142% and 64%, respectively, over firsthalf 2012, while new issues in the financials sector saw year-over-year declines of 10%. Average deal size in the hightech sector led all industries during first half 2013, with the average deal totaling US$697.5 million.

100.0▲

+2.22.2

▼▲

19,788.4

15.2%

▲▲

52.1 +52.1

457 3.6

+4.5▼

-46 ▼ 4.5438.3892.0

3.4 0

-602

+4.9962.7▲

514 4.05.6 ▲

+48 ▲+2.6

4.92.6

-0.3179,644.2

▼-7-61

1,092.3+0.3+513.6 767 +4.6 ▲4.6

3.8

- +49

▲6.0▼ 902.5

238,792.4

682196,382.2 ▲4.2 +0.84.4 0.35.1 +0.2

879▲▲

▲5.66.9▲8.9 +8.9

1,108.31,762.4893 7.0 -60 ▼

DealsShare Ch.

Global Debt and Syndicated Loans (DL1)

Sh (%)Market

# of Deals per Bookrunner

+5.6

Fees# of

+66

Sh (%)

5.3

Jan 1 - Jun 28

Change in Imputed Fees (US$m)

# of DealsMarket

Share Ch.Sh (%)Manager Market

463

▲

▲+0.5

2.2+2.1

▲-19

756 1,638.65.9

5.5▲▼

▲8.3

-4.5%-12.5%

10,298.8

▲725

+5.0▼ 991.5 5.0

+0.2

-59

+5.55.7

2.3510.2724

▲ 3.6

+8.3

▼

▲12,819

-11.3%

▲

Manager 2012 RankShare Ch.

MarketSh (%)Fees Bookrunner

2013 Rank

162,600.6

4

6

3 23

5171,294.3

46

8.5 JP Morgan

Industry % Change from Last Quarter

Bank of America Merrill Lynch

Citi

Deutsche Bank1 1

10

Global Debt, Equity & Equity-related (A1) Jan 1 - Jun 28

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

Proceeds

208,387.2▲

Proceeds per Bookrunner (US$m)Market Market Market

2+0.20 - 1,709.910.7 +42 ▲1069

6.7 0.0 -+13

1,080.3+83-0.76.2

-795

ProceedsMarketSh (%)

Change in 2013 Rank

2012 Rank Sh (%) # of DealsDeals

# ofMarket MarketShare Ch.

JP Morgan 1 1 261,685.6Bookrunner

Deutsche Bank 2 3 222,765.47.8

+0.2Barclays 3 2 205,732.3 8.09.9

▼992

▲

▲▲

+71 1,226.7Barclays

▲▲

04.6928.85.4

▲ ▲6.1 6.1 +0.2

Goldman Sachs & Co+0.6

0 - 896 9.0Goldman Sachs & Co 5 7 198,590.8 5.9Citi 4 4 204,546.0

Morgan Stanley

1,360.9+0.5 ▲ 9.4

5.3

▲ 637+1.4 +152 6.8

-0.2861 8.6731

6.4 Morgan Stanley 57.2 ▲

Credit Suisse

+1.5

+0.8 ▲8HSBC Holdings PLC

6.5+167

+0.39

938.1-0.2+73 2.5

4.7

▲7

186,288.3 5.6+0.4

935

▲

7Bank of America Merrill Lynch

6 177,684.36 57

7.3-0.53.3 ▼

105,756.48

10 155,118.92.8

+0.6BNP Paribas SA

▼

10,845.9

6.5

+3.5

-12.5%

106,300.2▼

▲

3.7134,714.8 131,894.0

▲▲

9

Top Ten Total

122,615.7 -0.64.0HSBC Holdings PLC 98

4.4Credit Suisse 8 ▼ 654BNP Paribas SA 43810 3.1

9▼-0.610

54.1100.0

▲

35.1Industry Total

4.6%

Top Ten Total

▼

▼

100.0

1,437.71,315.4

493.2

-0.1

20,110.5

+131

+86 ▲▼-33

▲

354.9

▲

1.8

▼

1,656,170.4

▲

4,721,544.4Industry Total 100.0 9,998 +2,821

16.6%▲

1,816,932.1

‐14.0% ▼Industry % Change from Last Quarter

+0.254.43,340,584.4

Industry % Change from Same Period Last Year▼▼-6.3% -5.8%

Industry % Change from Same Period Last Year

▲

2.7% 0.8%

102,308.9

▲

$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Pro

ceed

s (U

S$t

)Investment Grade Corporate MBS Agency, Supranational, SovereignFederal Credit Agency ABS High Yield CorporateEmerging Market Corporate

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

All US Debt (F1)

+0.5

-0.7+0.2

1341.10 9 -0 4

▲

+1.1

5.8469-0.1

-29824

8

148,254.7 +0.4

102,205.4

153,737.3

3.4

698

▼3.5

-1.6

2.8

▼

+0.4

-0.6

▲


Market

▼Sh (%) # of Deals Fees

Change in Sh (%)

8.410.6

▼

+0.22.0

-0.6

▲

2.6

▲5.2

▼4.4

RBS

% Change

Global Debt (B1)

Imputed Fees (US$m)

Share Ch.

9

Barclays

Bookrunner

67

Citi

14131212

MarketManager

-0.2995.1

Jan 1 - Jun 28

75,735.6

130,608.1

83,053.6100,195.410

Market# ofMarket

2,585

No.

Global Debt

71,899.0

US Long-term Debt (F2)

67,135.2 618

Deals

US Mortgage-backed Securities (F11)

329173,895.4

8,887.4 322

▼

5,693.3

3,290

▲

5,950

385

+56.1%

264

352555

1,962 2,035

Global Scorecard

$USm

Jan 1 2013 - Jun 28 2013

223,229.6

1,334,848.4972,985.2

$USm

-51.5%968,155.5

10131,707.7

799

8

Bank of America Merrill Lynch▲

-49.0%

▲▲

14

+0.5%+3.9%

Societe Generale

20

▼

▼

▼

13

11

Credit Agricole CIB

580

1,284,893.7

Nomura

▲

▲

431

17

15

25

1116

1.2

UniCreditUBS

18Mizuho Financial Group

▲▲

TD Securities IncNatixis 27 691 1

7

1.852,660.7

57,837.5

21

2019

17

18

159,998.4 5.45

▼

95.06

Goldman Sachs & CoMorgan Stanley

▲

261

HSBC Holdings PLCCredit Suisse

▲198 ▲

BNP Paribas SA+18.2%

Wells Fargo & CoRBC Capital Markets

in ProceedsProceeds

DealsDeals2013 Rank Sh (%)

ProceedsProceeds

MarketNo.# of Deals per Bookrunner

2012 Rank

Jan 1 2012 - Jun 30 2012

Deutsche Bank7.8

Proceeds per Bookrunner (US$m)

6.8

Share Ch.

200,350.46.4

2,568JP Morgan 850

▲ 0▼230,878.8 ▲1 1

2 ▼32

+0.1

188,513.43 662-

593.2-4310.2

8.2+27

▲ 737.7

+0.2-0.35.0▼

▲ 6.0704.8

+159.08.66934 4 175,911.3 6.0

5▲

▲▲5.5▲

+95728

648.5664447

8.2

▲+75 ▲

885.2648.4

+56

▼4.1 -0.7

▲5.5+0.45.5-0.2

▲+0.9

▼

-7.5

3.4

▲+0.806.2

0 - 484.2+58 ▲ 401.5

-51307.2

3.7

311

-28

+31

+32▲▲

2.2

8.7

366

191

5.1

2.43.4

387413

393

270

▼-0.2▼ 299.5 2.52.6 -0.4 ▼4.8-0.6 ▼

▲+34+2

4.9▼

1.8▼

4.52.3

1932,736.2

67,671.1

54,267.7

16

+0.1

1.71.6

34,868.2-0.1

▼49,406.648,072.2 ▼

+33

-0.115

+0.3+0.1

+0.2

▲

2.6▲

176209

1 7

▲

▼211

2.6302

▲-2172 781 7

244,008.2272,131.7673,263.1

3,315457

5,9426,789

2,379,996.9

1,346,442.0241,848.8

523,164.7155,368.0

534 488,003.4

138,633.6

138,664.9

238 117,255.4

148,302.7

148,035.5199,482.8

+7.2%+5.0%

+11.9%335

+25.4%

606

2,824,910.4 2,813,757.6

162,678.4

75,940.2

2,412,086.7

1,381,272.5

▼

+0.4%-1.3%

-2.5%-50.8%

+48.7%

154,351.4

6,745

833

308

414Global Asset-backed Securities (B11)+11.5%

157 662 7

-2.4%1,465 689,777.3381450

397

1,452

+9 6%

2.6

▲▼

▲

306.4▲▲▼

3.6

1.1-5

3.9

+24111.8

296.5

0 7

176.5

84 6

135.992.2

-0.2

0.8

0.9

0

▼

-

-197130.8

1.2

▲

-0.7 ▼

--

▼

▲+0.1

1,007

0

+0.2

2.5

1.2

428.41.5

+55▼

138.6

▼

Global Long-term Debt ex MBS, ABS & Munis (B3)

-

-0.2

-0.3

US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)

Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)


US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)

US High Yield Corporate Debt (F8)

Global Agency, Sovereign & Supranational Debt (B9)

Global High Yield Corporate Debt (B4)

US Federal Credit Agency Debt (B8)

All Global Debt (B1)0Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

0

2

21,732.40

8,056

Australian Domestic Securitization (AJ5)

0.7

1340.9 -0.4

Deutsche Bank

Australia Bonds

▲Westpac Banking


Consecutive Quarters No. 1

17.631.9

▼

+0.2+0.3 970.70.739

+0.399.225

100.01,590,653.2

22,285.6 0.8

21

1

CITIC

▼▲

▼


Daiwa Securities Group Inc

▼-0.5%

Top Twenty Five TotalIndustry Total

55

+2.6

12

▲

2

▲

1

2

2

▲

▲


24 20,462.1

22 22Commerzbank AG

NatixisStandard Chartered PLC

27,691.121

23

20,296.1

27

+31.9

▲ 1

1+12.0

+5.6

▼

Global Debt Capital Markets % Change by Asset Class

▼

1

-15.9%

19

▲+0.1 ▲

2.9-1.7▼

2,952,864.2

87

53.91.9-0.21.2

▲+3154

▼+17

▲

-5

+71

-2

▲

▼

11,840.1 100.0

10.6% ▲

-54▲6,398.1

-0.7% ▼

54.1 +0.7

2013 vs. 2012

-18.9%▼-8.1%

1,248

6

140,928.3

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)

172,781.7

▼▼

12.2JP Morgan

Mkt. Share Chg. from Last Qtr (%)

JP Morgan

7.710.9

▲-

+5.3

5

12.314.1

4-2.6

-1.8

0 -

▲

4

+2.4

▲

▼

11

5

▼2

20

▲▲

+1.8▼▼

-16.7%

1

Current Qtr Market Share

(%)

▲

169,270.7

Leading Underwriters for Second Quarter 2013

8

11.9

U.S. Debt inc MBS, ABS, & Tax Munis (F1)

2

U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP MorganU.S. Investment Grade Corporate Debt (F9)

+0.8+3.6

International Bonds

Barclays

11.2

▲

U.S. Debt, Equity & Equity-related (E1)

All International Bonds (J1)

U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)

Morgan StanleyU.S. High Yield Corporate Debt (F8)

Citi

U.S. LT Federal Credit Agency Debt (H3)

Global Bonds

U.S. Disclosed Fees (E2)

Global ABS (B11)Global Investment Grade (B7)

US Bonds

JP Morgan

All Bonds in Euro (N1)All International Securitizations (J10c)

Asia-Pacific Bonds

All Asian Currencies ex CDs (AS1)

JP Morgan

JP Morgan

+4.2

Australian Dollar Bonds (AJ3)

Asian G3 Currency Bonds ex JP & Aus (AR2)

-0.7

7.2

-5.0

Global Disclosed Fees (A2)

11.6

Global Debt inc MBS, ABS & US Tax Munis (B1)

U.S. Federal Credit Agency (H1)

Global High Yield Corporate Debt (B4)

12.0

14.4

-0.6-0.5

+7.9+16.2

Citi 15.9

19.034.3

16.8

8.4


9.77.5

-0.6JP Morgan

Barclays

7.5

12

Deutsche BankBank of China Ltd

UniCredit

JP Morgan

JP Morgan

No. 1 Manager

JP Morgan-0.2JP Morgan

4141,358

+1.8

Global Short-term Debt (B14)Global Asset-backed Securities (B11) 157,662.7397 +9.6%

0.82301.1

0.7

0.60.557.1

70.2▲

84.6

-0.20.8

88.8-0.1

0▼

▼

--0

▼▲

-2.5% -2.4%

11.5%

51.0%

9.6% 10.3%

-50.8%-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Investment Grade Corporate

Agency, Supranational,

Sovereign

MBS High Yield Corporate

ABS Emerging Market Corporate

Federal Credit Agency


First Half

Jan 1 - Jun 28

3.0

4.4

-0.13.9

▲

Imputed Fees: Global Investment Grade Corporate Debt

-0.1

▼

▼0

▼162.7

-151.02,520.5

-2.5%Industry % Change from Last Quarter

Industry Total 1,346,442.0

▼ 0.8%-17.8%▼



100.0

-9.3%


-14.9%

-0.1 210-0.2

3.8

▲659,037.2RBS 10 11 38,541.8 ▼2.9

-158.0

5.2

51,478.2-7193 5.8

-216.3

▲ 266

371 11.2174

9.2

▲8.6

0286▼

-

+1.14.8

9 63,207.3 4.765,067.4 -0.9

Deutsche Bank 5 4

Goldman Sachs & Co 7

3 35.15.4

5.1

1 100,604.6Bank of America Merrill Lynch 2

Morgan Stanley 4 7 68,957.772,876.6

5Citi

73,179.87.5

+0.5 9.0+0.3JP Morgan 1

Proceeds

5.4

# of2013 Rank Sh (%)

-0.3

4.2

100.0+0.7

0.8%

▼ +16▼


5,471.8-0.0

▼

▼▲

▲▼

Manager

241.2▼ 223.5 -0.1

+0.7

+0.5

348.5299

▲

# of Deals

+269.0

299.2

▼

272.7

Sh (%)10.2

Change in Share Ch.

-32 ▼-0.5

Jan 1 - Jun 28

Share Ch.



MarketMarket# of Deals per BookrunnerProceeds per Bookrunner (US$m)

2012 Rank

MarketMarketBookrunner

▲Deals

338

Market

▲-16

Imputed Fees (US$m)

▲56,902.8

299

68,221.0 306

▼▲▼

+25

▲

-35

Jan 1 - Jun 28

5.0

HSBC Holdings PLC

48.9

Imputed Fees (US$m)

215.8

Barclays 6 2

+0.9

-0.6+18

8 6+0.7

▼+14

▼

3,315

4.1

Top Ten Total

8 ▼BNP Paribas SA 9

Global Mortgage-Backed Securities (B10)

4.1

▼6.4 ▲

▲

46.22.8

221.4

-0.8

Sh (%)Fees7.0

-0.35.5

Global Debt

▼

Imputed Fees (US$m)

384.5

# of Deals per BookrunnerProceeds per Bookrunner (US$m)

3,13

3.9

3,40

0.2

4,45

0.6

5,28

6.8

5,97

3.1

5,05

7.9

3,96

3.7

4,79

4.5

5,42

7.1

5,47

1.8

3,4723,652 3,659

4,067

2,990

2,559

3,067 3,425 3,290 3,315

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Offe

rings

Fees

(US

$m)

Global Investment Grade Fees (US$m) Number of Offerings

* tie

National Bank of Abu Dhabi 4.2+7.2+1.1

+210.910

Top Ten Total

9

-19.1%

11,021.2 64.9704.2

▲

80.3% ▲

1


▲

-15.7% ▼▼

▼


35.9%

-16.2%

Industry Total

Deutsche Bank 7

Industry Total

-8.8% -19.2%

11.5%

10RBS 4

4

9

52

Morgan Stanley

▲▼

0.2%

Sh (%)

-14.9%

-1 ▼+20

Industry % Change from Same Period Last Year-30.3%

▲

23.94

11

7.0%

▲

16,942.5 100.0 76.846 +336.3

2782.2733.4 4.3

▲

▼

+5.66

▼

-22.4▲

8.7 -3

1.7▼5

5AMMB Holdings Bhd

▲

3.64.6 +1.65.2 -0.3 +6 2.8

14 30.4

2.2

11 886.0▲ 3.1+8-1.7

Malayan Banking Bhd

7 9Citi 8

▼

875.7Emirates NBD PJSC 6 5.2

5.84.4▼ 7 +2 ▲ 3.415.2

3 3 6.51,106.3 ▲

-2.5

2+4.0+1.96.3

12

▼

▲26.1

4.28.64.3

11 +2

4.04 1,074.6

RHB 5 10 988.0Deutsche Bank 4

23.9-2.8▲

▼28.3

▲

Deals

CIMB Group Sdn Bhd

HSBC Holdings PLCStandard Chartered PLC

+113

Proceeds13 28.3

8-2.9

1,344.512

17.9

ManagerMarket

14.9Sh (%)

Proceeds per Bookrunner (US$m)Market

Sh (%)+2

2013 Rank

2012 RankBookrunner

# of

3.2▲▲

6.63.2

0+4.0

- +0.637 12.1 +13

8.78.1 ▲

14,900.1-2.6 ▼

▲

+9▲ 23.424.7

Top Ten Total13

15,135.4

4.9

6

Fees


11,473.36.4 +3.1

# of Deals2,526.3 ▼

47.0100.0

2.2

4.110.07.7

-3

Change in Imputed Fees (US$m)

+2.6

▲

+4.1

Market

2.8

9.9

BookrunnerShare Ch.JP MorganBank of America Merrill Lynch 2 6 26,837.4▲

1

MarketSh (%)

Market

4 28,992.4

Market # of

▲

2013 RankShare Ch.

Market

JP Morgan

+4.4

1Deals # of Deals Fees

▲ 14.4

▲

5

2012 Rank

Imputed Fees (US$m)

Share Ch.

Proceeds per Bookrunner (US$m)2013 Rank

Market

Industry % Change from Last Quarter -8.3%

2

▼

117.5

-0.220.4 7.2▲22.9

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)Market Market

+2.3

Fees

18,123.7

Global Asset-Backed Securities (B11)

▼7.58.3▲

Deals

38

Jan 1 - Jun 28

Market# ofProceeds

+3.6

+2.2 ▲

Sh (%)

12.4Bank of America Merrill Lynch

+2.8

-1.0

Market

Global Asset-Backed Securities ex-CDOs (B13)

Market

▲

6.6

Share Ch.

Citi

Credit Suisse

▲+4.2+8.6+4.0

▼▲ 18.1%

-9.3% ▼


7,496.1

59.1

7,804.0

Market Change in Sh (%)

41

BookrunnerCiti

8.8▼Credit Suisse

BarclaysBank of America Merrill Lynch

Barclays

▲

+39.6

12.922,348.1 57Share Ch.

Top Ten Total

# of Deals per BookrunnerManagerMarket

▲

RBC Capital Markets

Deutsche Bank

+3.1

Top Ten TotalMizuho Financial Group

2

6

48.4

Industry Total

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

▲

Bookrunner

▲

JP Morgan

▲▲

RBS

-21.4%9.6%

172,781.7

▲▼

127,447.1

14,289.5

▲

4 463

2

10

877

3.1

Industry Total

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

9.7 +1.510.7

# of Deals per BookrunnerProceeds per Bookrunner (US$m)2012 Rank Proceeds # of DealsShare Ch.

▲+6+2.7 ▲ 55 12.2+2.3 49 10.9▲

Barclays 3 2 ▼9.6 -1.625,996.7

▼▲ 41.6

10.7+22+448

10.4 +13

▲▲

52.5 10.5-2.6+3.5

▼39.5 7.9▲

Deutsche Bank 4 1 25,660.5 47

+0.15

Wells Fargo & Co8.036

▲

9.4 -2.5 ▼

+0.7

40.4▲8.1 -0.8 +15▲▼3

7.019,676.9 7.5

34.8▲ 37.2

21,923.9Goldman Sachs & Co

19,074.5

6 8 7.2

7.0

▼-1.0-1.0

8.18.4

+0.8 11.853 +18▲

--1.1Citi 7.27 7 19,612.0Credit Suisse 8 5 8.7

+0.1 +130▼ 39

▲ 42 9.3

6.3 -0.731.5-1.924.2 4.9

7.0Nomura 10 4.2Morgan Stanley 9 9 18,984.9

11,524.310▲+0.7 ▲ 33 7.3 +11

272,131.7218,283.5 80.3 -1.3

100.0

--1.9 ▼▼ -2.0

3.1

+69450

15.6023 5.1▼

▼▼

Wells Fargo & Co

100.0365.7

-0.673.4

-22.6% ▼

Sh (%)

8 107 8,451.1

37

▲15.0▼

▲▲▼

Wells Fargo & Co 4.6 +1.0

+350

▼

96.7

16.3% ▲

498.3

-2.5+0.6

53 13.4▲

▲

3 3 17,503.9

10.3

+5.6▼-1.6

10.1 +0.2 ▲

+5.0

-3

1▲ 12.6

10.5

-2.1 47

▲

▼5.6▼

-1.511.8

44.337.5▼

+1 ▲

▼22.9+13

-14▲

36.539 9.8▲▼

2.9

36

9.3 ▲

5.7 +2.14.7 -1.4

4.5 -4.1 33+2.1 ▲ 214.3

▼▲▼-1.9

+5.4+4.2

7.971.3

4.9▲5.3

45.1

62.038.8

9.18.3 -27 ▼

+4

+8560.4

-17 785.9▲73.6 +1.5

397 100.0

-3.2 ▼

▲

26.8-4

+4-0.5

▲

▲

▼

Share Ch.

Imputed Fees (US$m)MarketChange in

9.39.5

Market

26.4

-4.1%

Market

-0.8-3

45-2.7 ▼

14.715.0

-18.7%

Manager

▼

▼

46# of DealsSh (%)

▼

▼

# of

41.9%

Jan 1 - Jun 28

▲

Share Ch.


11.1

Fees Sh (%)

7.4

3

9

5,536.69

Proceeds2012 Rank

Market

11,507.0 8.9 +0.110.4

1

-30.0%

5.0

8.611,095.9

6,487.1

12.7

▼ 35▲▲+4.9

39▲

▲11.4 +5 ▲ 13.4 ▼12.1

4.7 -0.1+0.3

▼9.5 +1

4.3 -4.8+0.84.0

▼3.5

9.29.8▲

-30▲+0.5

12.1 4.3 -4.6

▲74.9 +0.9 ▲ -2.3

-0.4 95 6.0▼

+0.5-2 16.9

▼

69.6196.8100.0-24

▼▼

29▲

37+0.6

114,582.05,113.6

▼ 28

11.6

5

+3.713,428.2

3.6

-7.3%

306

1096,411.3

283.1128,895.4

▼31.0

100.0

▼

▼

6 11 11,095.9

8,015.6

5 9,471.3

Sh (%)

100.0

RBC Capital Markets +0.3

-3.44.812.3


Banking Composite: Global Debt

Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Jun 28 2013


47.3%

39.4%42.3%

46.2%

52.7%

44.3%

52.5%

46.6%

53.4%38.2%

5.2% 5.2% 5.3% 4.8%7.1% 6.2% 5.4% 0.3% 1.5%

7.4%

60%

70%

80%

90%

100%

5.3%3.3%

6.2% 6.7% 7.3%

2.1% 2.7% 2.5% 1.1%

8.1%

18.1%

30.9% 25.6%

19.3%

6.7%

28.3%

18.4%

33.7%

27.0%16.1%

6.1%

4.3%

4.1%

8.6%

6.0%

1.5%

4.2%

8.5%

4.4%

4.0%

1.7%

1.0%3.1%

1.8%

0.9%

0.8%

2.5%

1.3%

4.1%

2.9%

16.4%

15.9%13.5%

12.6%

19.3%

16.7%

14.4%

7.0%

8.5%23.2%

0%

10%

20%

30%

40%

50%

JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch

Goldman Sachs & Co Morgan Stanley HSBC Holdings PLC Credit Suisse BNP Paribas SA

% T

otal

Pro

ceed

s

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS



Global Debt Rankings* - Last Ten Years

1

2

3

4

1

2

3

4

JP Morgan

Deutsche Bank

Barclays

Citi

*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

6

7

8

9

10

5

6

7

8

9

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Ran

k


Goldman Sachs & Co

Morgan Stanley

HSBC Holdings PLC

Credit Suisse

BNP Paribas SA

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g g q y


US Investment Grade debt increased 7.2% compared to the first half of 2012 and ranked as the largest first halfvolume on record. Despite a decline from the first quarter, the second quarter's total volume of US$251.7 billionranked within the top ten quarters on record (tenth), as issuers continued to take advantage of historically low interestrates.

US ABS totaled US$138.6 billion from 238 transactions, representing the largest opening half since 2007 andsurpassing first half 2012 volume by 18.2%. ABS strength was largely attributed to the revival of the CDO market,which accounted for 25% of first half ABS volume and increased 238.3% over CDO volume in the first half of 2012.

US High Yield debt increased 25.4% compared to the first half of 2012 and represented the second largest semi-annual volume on record, exceeded only by the second half of 2012. Fueled by increased demand from investorsseeking a larger yield compared to the record-breaking low coupons in the Investment Grade market, US High Yieldproceeds registered US$173.9 billion from 329 transactions.

According to Thomson Reuters/Freeman Consulting, total estimated fees for US Debt increased 13.7% over the firsthalf of 2012, reaching US$6.9 billion. 39.9

70.666.947.877.1

▼▲

▲

▼

▼-▲▼

46.638.4

-BNP Paribas SA 10 13 16,855.8 3.2 +0.9 ▲ ▼

3.2 046 8.6

12.9 -7-1 +0.672.1 2.8

111 20.83.4 -0.5 ▼ 82.669 ▼

-0.1 ▼150.0 5.923,480.7 4.5 +1 ▲-1.5 ▼

-4.4 -0.4 ▼5.4

▼139.6112.66.3 0 - -5

-0.7 ▼ -3107 20.0118

+1.3230.1▲

0

116 21.7 196.2

22.1 ▼

▲9.0 +1.9 ▲143 26.8 +15

+10 ▲ 7.7

Barclays 6 5 34,201.59.0 +2.36.5

8.3 ▼Goldman Sachs & Co 4 4 48,456.4 9.3

-1.5+1.8 ▲

207▼ 212.2-0.8 ▼ 35.4 -4

RBSWells Fargo & Co

HSBC Holdings PLCCredit Suisse

▲Citi 3 2 55,226.3 10.6

Deutsche Bank

US Deals Intelligence

US Debt (F1) Jan 1 - Jun 28


Morgan Stanley

8

55,765.0

5 6 47,159.0

33,044.8

2 3

2013 Rank

2012 RankBookrunner

MarketSh (%)


US DebtUS Debt Volume Up 4% Overall, Fees Up 14% l US Investment Grade Debt Up 7% l US ABS Up 18%

US Investment Grade Corporate Debt (F9) Jan 1 - Jun 28

▼

Proceeds


▼

11.0 +0.4

Market # of Market Market MarketShare Ch. Deals Sh (%)

189

0.63,278.9

6,584.0

0 5

JP Morgan 1

9 10

12

18,016.3

11 9

7 7

14,611.013,832.611,629.410,210.0

15.0 +1.3 ▲1 78,433.4

8

10.7 0 -

▲

230 43.1Share Ch.

+1 ▲ 322.8 12.6 +0.5 ▲Sh (%)

Change in

▲

-0.5+0.4-0.2

Manager

38.8 +18 ▲ 282.1

Fees# of Deals

2 511 2

111412

131415

2019

17 3,506.2311923Credit Agricole CIB

RBC Capital MarketsUBSMitsubishi UFJ Financial GroupMizuho Financial Group

NomuraUS Bancorp 0.7

Societe Generale

151716

5,905.8

2,691.8

16

180.5

2.82.62.22.01.31.1

-1.8-0.7+0.5-0.7-0.1+0.1

▼

▼▲▼▼

▼▲

+0 2

242626

▼ 51565053

▲4.91.37

911

9.610.59.49.94.54.9

1.72 1

+3+4-4

+3

-160

+7-21-9

+7

▲

▲▲▼

15.411.713 6

1.6

0 5

0.60.5

-0.7-0.3-0.3-1.0

1.81.5

2.82.61.93.0

-0.1+0.3-0.1+0.4

0-0.1

▼

▼▲▼

▼▲

-0.110.9▲

+380 1.5▲+0.1

▼▼▼▼

0.6

-0.1-0.1-0.1

+0.1

0.50.20.30.4

▲

11.64.28.5

15.8

▼-▼▲

0.9

-10-3

+2

1.51.11.3

867

1,086.2 5

----

0.2

000

0.30.30.2

1,718.51,546.21,516.41,120.7

242533

262728Goldman Sachs & Co 5 6 112,703.6 ▲

13.9

2930

Standard Chartered PLCBBVAJefferies LLCBank of New York Mellon CorpPNC Financial Services Group 43

26

Industry % Change from Same Period Last Year 3.9% ▲‐10.2%Industry % Change from Last Quarter ‐16.2% ▼0.7%

100.0-1,216

▲Industry % Change from Same Period Last Year ‐44.6% ▼

1,923 142.5

▼ ‐56.9% ▼▲‐6.0%

100.0

‐38.7%

Industry Total 213,065.0

0.6% ▲

100.0

24.6%

2,596.7 100.0

▼▲77.7 +13.9

6.7 4.754.570.7 +9.8 ▲

-1.7+57▲-169

Top Ten Total 150,467.9▼3.3 -0.3 ▼ 204 10.6

▲First Horizon National Corp 10 10 6,952.9

71TD Securities Inc 3.79 353.9 3.3 ▲

3.6 +3.2+12 ▲

4.5 +4.26.4HSBC Holdings PLC 8 14 8,333.4 3.9 +1.4 ▲

7,758.9

4.9 3.4 -1.27.8

▲2.3 +1.0

5.5Credit Suisse 7 8 9,367.5

75

▲▼4.6 -75 ▼4.4 -0.9 ▼ 89

4.5 -2.7 ▼6.3

+1.19.0

69 3.6 -72 ▼▲

Citi 6 6 9,644.2BNP Paribas SA 5 7 13,815.4 +2.06.5 -0.7

-77 ▼5.1 -44 ▼99▼

-1.7 ▼ 93 4.8 8.4 ▲

+3.2 ▲▲

5.9 +0.6JP Morgan 4 2 15,318.3 7.25.3Deutsche Bank 3 3 17,439.1 -57 ▼ 6.9 4.8 +0.4

9.3 +4.3-51 ▼ 11.1

8.2 +0.4 ▲ 10161 3.2▲ 7.8

▼ 13.2 ▲Barclays 2 1 29,306.2 13.8 +3.0Morgan Stanley 1 5 32,532.0 15.3 +8.1

Fees Sh (%) Share Ch.11.1 -14▲ 213

Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals

All Federal Credit Agency Debt (H1)

2013 Rank

2012 RankBookrunner Proceeds

Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

US High Yield Corporate Debt (F8) Jan 1 - Jun 28


▼▲ ▲

▼‐16.5%

Jan 1 - Jun 28

71.7 -0.2 ▼100.0

4,962.3+17 6,931.52,5851,334,848.4 100.0

77.9 +2.7Industry Total

▲2.9

Top Ten Total 1,039,410.7198 7.7 +54 ▲ 200.9

+0.2Wells Fargo & Co 9 9 65,820.3RBC Capital Markets 10 14 42,577.4

▲4.9 0 -3.2 +1.1 ▲

342+0.1 ▲

▼13.2 +28 6.1

4.9▲ 421.1

-1.5▲ 338.8▲

Credit Suisse 8 7 66,266.9 5.0 -1.0 ▼ +2510.9346 ▲

271 10.513.4 +54

▼Deutsche Bank7.4 +1.1

318434.0 6.3

7.3

+1.5 ▲▲▲+0.7

Morgan Stanley 7 8 98,664.3 7.48.3 -0.3 377 14.6 +40 ▲ +0.3

▲ 503.26 5 110,830.2

▼8.4 +1.7

-3 ▼12.3 +77

425.4Barclays 4 2 116,361.8 8.7 -1.1 ▼ -0.6

▼▲10.8 +0.29.6 +0.7 ▲ 542 21.0

8.6Bank of America Merrill Lynch 3 4 128,304.8

6.1+81 ▲ 747.6

360

11.3 -0.3465 18.0 +31 ▲

▼ 782.2-0.4598.2

▼Citi 2 3 130,390.5 9.8 +0.1 ▲JP Morgan 1

Sh (%) Share Ch.1 167,490.9 21.7 -2- 56112.6 0

Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2013

Rank2012 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager2013 Rank

2012 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

+33 ▲JP Morgan 1 1 21,193.4 12.2 -0.5 ▼ 138 41.9 +16 11.6 0▲ 300.9 -Bank of America Merrill Lynch 2 2 17,848.8 10.3 -1.1 ▼ -0.8 ▼Deutsche Bank 3 4 15,765.1

274.1 10.6▲ 189.7

150 45.632.8 +26 7.3 +0.89.1 +0.7 ▲ 108 ▲

Barclays 4 6 13,556.5 7.8 +0.3 ▲ +0.4 ▲189.6 7.3▲ 197.1

96 29.2 +21 ▲7.6 +0.6 ▲ 88Goldman Sachs & Co 5 8 13,276.4

+0.1 ▲26.7 +27 7.6 +1.2

+30 ▲▲

6.8Wells Fargo & Co 6 7 12,462.6 7.2 +0.1 ▲Citi 7 5 12,140.0

175.9▲ 161.5

106 32.228.0 +8 6.2 -1.67.0 -1.3 ▼ 92 ▼

Credit Suisse 8 3 12,003.7 6.9 -2.7 ▼ -3.0 ▼176.1 6.8▲ 159.9

95 28.9 +7 ▲6.5 -0.3 ▼ 72Morgan Stanley 9 9 11,351.2

+0.1 ▲21.9 +13 6.2 -0.1

+17 ▲▼

19.1RBC Capital Markets 10 10 7,248.9 4.2 +0.3 ▲ 107.31,932.178.8 -3.9 ▼

63

329 +65

▼


4.1136,846.6

523,164.7 100.0

Industry % Change from Last Quarter ‐7.2% ▼ ▼

Industry % Change from Last Quarter ‐8.1% ▼Industry % Change from Same Period Last Year 25.4% ▲

534

Top Ten Total

Industry % Change from Same Period Last Year 7.2% ▲

-21Industry Total

▼

89.3100.0

-0.1 ▼502,081.2 94.6

0.3


‐3.8%

2,211.80.50.4

▲

▼

▼Industry % Change from Last Quarter16.3% ▲‐8.0% ▼ ▼

▲-

‐12.6%

74.5 -2.9

13.7%

‐4.1%

1,994.3

25

1,963.41,781.11,742.551

20

2,511.2

Top Thirty Total

2122

2423Itau Unibanco

SunTrust Banks

ScotiabankBanco do Brasil SA

20

30

232221

Credit Agricole CIB

0.40.40.3

0▼

0+0.2

▼-▲

-0.1-0.2

+0.2

147

111344

2.1

0.72.6

2.40.7

+4

+3+2-5-7

▲▲▼

13.621.36.56.0

0.6

0.30.2

0.50.8

0+0.2

+0.72,565.1

‐14.0%

-▲▼-0.2

2.2%

▲2,285.3

▼▲▲

5.3%

-0.2-0.1+0.20.37.8

15.4▼▼

0.3ANZ Banking Group ▲1.3 +6

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US ABS Collateral Volume Breakout (US$b) Jan 1 - Jun 28 2013

Quarterly Residential ABS, MBS & CDO Volume

▲

691.2

67.2%Industry % Change from Last Quarter ‐17.3% ▼

18.2%▼ ‐32.1%‐15.5%

238 +40-2.9 ▼

Industry Total 138,633.6 100.0 100.0519.337.0 5.4

▼ 75.1▼

Top Ten Total 116,855.4 84.4 -2.4-3.4 ▼

+5.625 10.5 -17 ▼ -0.8

▲RBS 10 6 6,370.1 4.6Morgan Stanley ▲ 59.6 8.6

-0.3 ▼11 7,138.8 5.2 +2.7 ▲ 19 8.0 +9

35.5 5.16.5

36 15.1 +7 ▲-0.5 ▼▲5.8 +1.0 368,015.6

Deutsche Bank 8 7 7,872.2 5.7

▲ -2.3 ▼15.1 +4 ▲ 45.1 ▲+1.6

10,178.5 7.35 ▲ 20.6

-0.9 ▼ 36 15.1 +4

US Asset-Backed Securities (F14) Jan 1 - Jun 28

# of Market Change in MarketSh (%)

Market

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

US Mortgage-Backed Securities (F11)

4753 22.3

Manager2013 Rank

2012 Rank

Jan 1 - Jun 28

# of Deals per Bookrunner Imputed Fees (US$m)

4 20,595.32

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market

Barclays11.9 -1.2 ▼

JP Morgan▲

2 16,467.6

Citi 1Share Ch.

14.9 +4.6▼

Imputed Fees (US$m)

-3.0 037.8 5.5

▼+3.7 ▲112.0-3.1

# of Deals

-2 52.8 7.6

Fees Sh (%)Deals Sh (%) Share Ch.▲ 16.2+17

19.7 ▼

3 13,286.6 9.6

12.01 16,643.0

▼ ▼▼44 18.5 -1 ▼ -1.894.6 13.7

-231 13.0 +14

20.2% ▲

16.47.4 +3.6 ▲


US Securitizations

-3.1

-5.2

24.3 3.5 -5.5 ▼39

▼▲

9 10,287.7


RBC Capital Markets

Bank of America Merrill Lynch 3

Credit Suisse 6 5Wells Fargo & Co 7 8

9

4$44.1 32%

$13.6 10%

$10.5 8% $45.5

33%

$23.3 17%

CDO Credit Card Student Loan Auto Other

9Nomura 21▲10 10

68,914.3 +0.5

-1.6

▲

▼

100.089.8 +0.2

6.55.5

10,627.8

Industry TotalTop Ten Total 146,888.7

7.0197.0

7.7Wells Fargo & Co

▼

-19

‐14.2% ▼Industry % Change from Same Period Last Year ‐5.2%

163,616.2

▲


199.9 100.0175.2 87.8 +0.3 ▲

272

▼ ▼ 15.0 7.5+1.8- 9.5 4.80

▲+1.020 7.4 ▼

-8-1.6-8

14.1 7.1▲

JP Morgan 8 7 12,036.2 7.4 +0.3 ▲ 19+1.0

▼

+1.7 ▲7.7 +1.8 ▲ +28.7 8.8 +4 ▲

▲ 15.3 7.6Morgan Stanley 7 9 12,660.6Citi 14,212.0

▼▼▲

▲ 20.5 10.3 -2.4▼

8.817.7Goldman Sachs & Co 5 3 16,068.0

-0.5

+1.524

8.216.39.8

▲Credit Suisse 4 4 16,255.0 9.9 -0.2 ▼Bank of America Merrill Lynch 10.6

12.6 +0.73 17,404.0

11.7 -2.4 ▼10.1 +0.1

7.0 ▲+1.5 ▲ 26 9.6 +2 ▲ 20.1

25.219


20,587.6

Bookrunner Proceeds2013 Rank

36 21,007.3

23,666.2

Sh (%)Barclays 1 2

Share Ch.47

Credit Suisse

Bank of America Merrill Lynch 2

Goldman Sachs & Co

3

5Wells Fargo & Co

JP Morgan 4

Market # of Market Change in Manager Market

12.2 -0.6+9 ▲ 37.7# of Deals

10.4FeesSh (%)

▼Sh (%)

9.4▼

+1.4 ▲9.2

Market

49+2.0 ▲11.4 -0.8 ▼

▲ 32.0 8.9

2012 Rank

25,546.2

42 10.938 9.9

10.637.2 10.3

Imputed Fees (US$m)

Share Ch.Market

▼+10 ▲+1.8 ▲38.3-1.3

10.6+18 ▲12.7

Deals

-2.5 ▼+4

▲

+1.3 ▲35 9.1 +15 ▲ 32.2 8.9

2210.3

-1

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

Top Ten TotalIndustry Total

87.7 +0.6

Citi

10RBS

8 17,688.2Morgan Stanley 9 9

7 19,563.3

9,617.911

-5+5-0.9 ▼

288.1

Market

6 8

5

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

13.5 +17

31 8.1

8.810.1

3439

52

28

▲ +0.1

▲

10.236.7-4 ▼ 21.1

31.4+12

▲5.9

+1.7 ▲▲

-2.7 ▼8.7 +1.57.2▲

+8+0.7 ▲▲+2.0 7.3 +10

+1.3 ▲+0.6

18.5▲311.2

‐12.2% ▼▲

Jan 1 - Jun 28

14.9%

385

▲

7.9 +0.3

8.8 +1.08.1

-1.5 ▼

-3.0

-1.5

23,653.0 10.6

2013 Rank

2012 RankBookrunner

618,141.1

Imputed Fees (US$m)

▲‐25.7% ▼14.6%

100.0360.9

5.186.2

26.1

10.8Sh (%)# of Deals Share Ch.

Market

▲+50

MarketMarketSh (%)

0Fees

- 21.5

ManagerChange in Share Ch. Deals

# of

4.37.4

▼▲

‐17.5%

195,961.5


7

11.9% ▲

16,490.7

4

Deutsche Bank51

29 10.7 -1.3 ▼Deutsche Bank 2 1 19,156.3Barclays 1

8

2 19,554.5 12.0

223,229.6 100.0

Sh (%)

▼

Proceeds-0.5 ▼

▼

▼‐8.5% ▼ ‐26.3% ▼‐6.5% ‐15.3%

0

100

200

300

400

500

600

700

800

900

$0

$100

$200

$300

$400

$500

$600

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b)

# of Issues


DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Jun 28 2013DCM Bookrunner Industry Composition (F1) Jan 1 - Jun 28 2013


Banking Composite: US DCM

12.2%

0.0%

7.4% 8.4%

3.3%

1.3%

2.4%5.9%

3.8%

7.3%

4.1%

5.0% 6.3%

5.5% 9.2%

2.8%

3.7%

6.3%

7.2%

6.0%

2.9%

4.3% 4.9%

4.9%6.4%

2.1%

5.5%

3.7%

2.7%

2.8%

4.7%

2.3% 4.5%

3.8%4.8%

2.8%

3.5%2.0%2.2%

1.3%

1.1%

0.5%1.0%

1.6%

7.3%

1.3%

1.2%2.9%

2.6%

2.2%

3.3%1.4%

0.8%

2.7%

3.6%

0.6%

0.9%

4.9%

5.8% 3.4%

6.2%

2.7%2.2%

2.8%

8.0% 0.5%

3.6%

5.8%1.9%2.9%

6.0%3.7% 5.1%

7.9%

0.5%1.6%

6.9%

60%

70%

80%

90%

100%

Pro

ceed

s

4 9%

4.5%

1.0%0.8%

2.7%3.6%0.6%4.9%

5.8%3.4%

2.2%

2.8%8.0%

0.5%

5.8%

2.9% 6.0% 3.7%

5.1%

7.9% 0.5%

1.6%

6 9%

37.0%

42.9% 41.7% 40.4% 39.4%

33.7% 33.9%56.5%

28.1%44.7%

60%

70%

80%

90%

100%

Pro

ceed

s

1.5%4.0%

1.5%1.3%1.8%1.0%

1.0%

5.5%1.0%0.7%

10.6%

12.7%

11.7%10.7%

5.1%6.8%

16.5%

27.2%14.3%

11.5%

12.2%

5.0% 11.7%

9.3% 17.7% 23.1%

9.7%

3.3%

10.4%

5.0% 5.7%

4.6%

6.3%

4.8% 6.1%6.2%

5.8%5.0%

2.3%

3.6%

2.9%

3.6%7.7%

2.4%

0%

10%

20%

30%

40%

50%

JPM Citi BoA Barclays DB GS MS CS WF RBC

% o

f Ind

ustry

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

1.5%4.0%

1.5%1.3%1.8%

1.0%1.0%5.5%

1.0%

0.7%

10.6%

12.7%

11.7% 10.7%5.1% 6.8%

16.5%

27.2%14.3%

11.5%

12.2%5.0% 11.7%

9.3% 17.7%23.1%

9.7%3.3%

12.2%

10.4%

5.0%5.7%

4.6%

6.3%

4.8%

6.1%6.2%

5.8%

0.0%

5.0%

2.3%

3.6%2.9%

3.6%

7.4%

8.4%

3.3%

7.7% 1.3%

2.4%

5.9%

3.8%

7.3%

4.1%

5.0%

6.3%

5.5%9.2%

2.8%

3.7%

6.3%7.2%

6.0%

2.9%

4.3%

4.9%

4.9%6.4%

2.1%5.5%

3.7%2.7%

2.8%

4.7%

2.3% 3.8%

4.8%

2.8%

3.5%

2.0%

2.2%

1.3%

1.1%

0.5%

1.6%7.3% 1.3%

1.2%

2.9%

2.6%

2.2%

3.3%

1.4%

0.9%

5.8%6.2%

2.7%3.6%

1.9%

6.9%

0%

10%

20%

30%

40%

50%

JPM Citi BoA Barclays DB GS MS CS WF RBC

% o

f Ind

ustry

P

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


-4.1%▼ -16.5%‐23.0%Industry % Change from Last Quarter -26.6% ▼

▲

Jan 1 - Jun 28

▼

8,381.5 100.0+2.060.2

▼ 9.1%

3,032 -131

Morgan Stanley 9

‐2.4%

11

1,893,075.11,138,431.7

Industry Total

10 10

▼

84,895.682,150.2

68104,257.1

+1.0▼9.3 -17▲57.8

-0.54.3

▲

▲ 294281

+209.7▼ 243.6

▲▲ 402.5

4,843.5

4.84.5 267.7317 10.5 -35-0.7 ▼

▲▲

+0.3-0.4

▼

512.8

2.9

+1.2-0.2

▲3174.3

▲+4914.8 656.6+42

10.5 +61 6.1360.2

3.2

▲▼

+0.7▼-0.2

7.816.6

5.5 +0.4 ▲ 449502-5.9

▲ 458

0

6.4 6.8

HSBC Holdings PLC 6 5 110,797.3115,992.1

-0.5 ▼

▲15.1

5.6-0.8 ▼ 459 15.1+0.1

▲-0.4

+16 ▲468.4

+0.2 ▲-18 ▼

565.5

7.1 +0.39.2-14 772.4

Market MarketSh (%) Share Ch.

▼627

▲ 603 19.920.7 593.8+16 ▲

▼Deals


International Debt European Borrowing Down By 11% l Telecoms Sector On The Rise l Continued European High Yield Surge

All International Bonds (J1) Jan 1 - Jun 28EMEA Deals Intelligence

# of MarketFeesProceeds

Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner

Sh (%) # of Deals


2012 RankBookrunner

6.1 +2.0

3.3 ▼

100.0

+0.662,955.1RBS

Market Market

+0.58.18.8

+0.4

Sh (%) Share Ch.

▲166,569.9

4

152,414.07.3

8

137,926.2120,474.2

Top Ten Total


JP Morgan 1 1

Barclays 2Citi 4

3Deutsche Bank 2 3

Goldman Sachs & Co 5

BNP Paribas SABank of America Merrill Lynch 7 7

All International Securitizations (J10c)

European international bond issuance fell by 11.1% year on year with proceeds in the first half of 2013 of $1.1 trillionfrom 1,995 deals . Of the underlying industry sectors, financials dropped by 21.9%, materials dipped by 15.1% andindustrials declined by 13.2%. Significant gainers included the telecoms sector (up by 45.4%) and retail (up by28.1%).

Notable international transactions priced in the second quarter of 2013 included the €8 billion offering by EFSF, viaBNP Paribas, Goldman Sachs and HSBC, the largest supranational issue on record. Apple tapped the bond marketwith a $17 billion issue via Deutsche Bank and Goldman Sachs. The deal was the largest non-financial corporatebond offering of all time and was oversubscribed threefold. The previous record was held by Swiss Healthcare firmRoche Holdings for their US$16.3 billion offering in 2009.

European high yield issuance continued to surge, increasing by 128.5% compared to the first half of 2012. Thesecond quarter of 2013 saw a 205.4% increase compared to the second quarter of 2012, representing the secondbusiest second quarter on record, following 2011.

All International Bonds by Issue Type

First HalfEuropean Financial and Corporate Inv Grade By Domicile Nation


JP Morgan 1

Market Market

Bank of America Merrill Lynch8.1 -6.2

33Sh (%)


Sh (%)# of Deals2013 Rank

-0.3 ▼4.5▲ 64.8 -0.2

- 76.4▼

5.3

▼ 95.2 6.6

141▲

+35

+1.0

16.6 72.3 5.0 -05.680.5 +0.4

All Bonds in Euros (N1)

- 137 14.5UniCredit

6.5▲

035,885.036,159.9 6.6

Societe Generale 6 6

4 5Barclays 5 2

162 +38

0164 17.4 +23166

5.579.2 ▲+0.5▲-1.1

+0.66.7 -1.0 ▼ ▼-317.6BNP Paribas SA 3 1 36,608.1

HSBC Holdings PLC 2 7 39,901.6

Share Ch.+0.7

7.3 +1.8 17.1▲▲

Fees Sh (%)116.8▲

Change in

8.240,109.5Share Ch.Proceeds # of Deals

+28Sh (%)

19.3

2012 Rank

1Sh (%)

3

# of

7.3 182▲Deals

Deutsche BankBookrunner

MarketProceeds per Bookrunner (€m)

+2.3Goldman Sachs & Co

Market

100.0

4.04.1

7.2

7,776.62 1

Proceeds14,569.5

RBS 87

3

2Barclays

2012 RankBookrunner

Market# of Market Change in ManagerImputed Fees (US$m)

MarketShare Ch.


-2.0Deals

18.2 -4 ▼+10

+0.77.0

FeesShare Ch.15.1 +3.0

Sh (%)

15.4

▲30

MarketManager Market

28.0

Jan 1 - Jun 28

20.0

▲

▼

Market

7.9+11+7.5+3.2

17.3-6.5

7.3 +10 ▲

Imputed Fees (€m)

286.5

17.0

▼▲15.2 +9

6.2

+0.8

▲-8.8

11.9

7,737.6 +3.8 ▲ 25.5 10.8

▲

258.0▲ 18.6▲

14.7

Citi 4 5 6,932.1

▼7

▲Credit Suisse 6 11 5,523.3

35Deutsche Bank 5 6 6,785.49.7 4.1

+0.7 21.2 +17 ▲▲5.7 ▲

30 5,193.7 5.4 +5.0 12▲▲ 22 13.3 +12

-0.63.9▲24

▲▲7.3 +6.7

3.1

+0.3

4 3,969.2 ▼-7 ▼ 7.3-3.7 13.322▼+2.0

+1.3Wells Fargo & Co 9 15 3,833.1RBC Capital Markets 10 6.9

▲14

14.5 +14

Top Ten Total 65,107.02,786.5 +0.5 ▲ 2.9 ▲

▼12 7.3 0 -

9.2

235.964.667.5

2.9+8.1 ▲

8.4%▼

▲+1.9+30 100.0

152.6165

▲Industry % Change from Last Quarter -13.2% ▼ -14.6%

▲-22.1% ▼

2013 Rank

22.2%

▲6.5 +0.8 ▲ 157

Industry Total

Industry % Change from Same Period Last Year 12.5% ▲

96,564.8

▲ 98▼

35,502.39 29,192.5

5.2 -0.85.3 +0.4

14.9 +9 ▲ -0.6▼10.4 -20

65.3Goldman Sachs & Co 9 13 21,580.5

JP Morgan 7Credit Agricole CIB 8 4 28,811.0

3.9 +1.0▼

▲ 70.2 4.9 +1.9▲ 694.6

7.3 +123.753.0

▲Citi 10 11 19,636.5 3.6

323,386.98.4

▲▲ 79

58.9 +3.9 ▲▼-5 ▼ -0.1+0.1

53.9 +1.2773.7100.01,433.7-35

Industry % Change from Same Period Last Year 0.1% ▲ -3.6% ▼ 22.1% ▲▼ -25.2%

Industry Total 550,339.0 100.0Top Ten Total

▼Industry % Change from Last Quarter -19.7% ▼ -12.1%

945

€ -

€ 100

€ 200

€ 300

€ 400

€ 500

€ 600

€ 700

€ 800

€ 900

€ 1,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2008 2009 2010 2011 2012 2013

Pro

ceed

s (€

b)

ABS & MBS

Emerging Market Corporate

Federal Credit Agency

High Yield Corporate

Agency, Supranational, Sovereign

Investment Grade Corporate

€0

€20

€40

€60

€80

€100

Pro

ceed

s (€

b)

2012 2013


2012 2013

With issuers continuing to take advantage of historically low interest rates, Global High Yield debt set an all-time semi-annual record in the first half of 2013 for both proceeds and number of issues, totaling US$241.8 billion from 457transactions. Second quarter volume decreased 18.8% from the proceeds raised in first quarter. Despite the decline,the US$108.4 billion ranked as the sixth-largest quarterly volume on record; the prior three recorded quarterlyvolumes ranked as the three largest volumes on record.

Proceeds for Non-US Dollar denominated High Yield debt increased 174% over the proceeds raised in the sameperiod a year ago, to US$43.6 billion on 110 issues.

According to Thomson Reuters/Freeman Consulting, estimated fees for Global High Yield Debt rose 33.8% comparedto the same period in 2012, to US$3.5 billion on 149 more transactions priced compared to first half last year.

First half 2013 average spread to benchmark tightened by 155.1 basis points compared to the levels in the first half of2012, to 385.6 basis points, the lowest semi-annual average since the first half of 2007. Average quarterly spreads tobenchmark have steadily tightened for four consecutive quarters.

Average Quarterly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Jun 28


High Yield DebtGlobal High Yield Volume Up 49% l Largest Semi-Annual Total On Record l Non-USD-Denominated High Yield Up 174%

Global High Yield Debt (B4) Jan 1 - Jun 28Global High Yield Deals Intelligence

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2013 Rank


Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.

▲▼ 180 39.4 11.1287.9390.2+52

157▲JP Morgan 1 1 26,886.4 11.1 -0.3 +0.2 ▲

▲Deutsche Bank 2 3 22,338.6 9.2 +0.4 ▲+5638.1 +5234.4 +1.18.2

9.0 -1.0 ▼Bank of America Merrill Lynch 3 2 20,831.2 8.6 -1.4 ▼ ▲ 315.67.3 +0.4 ▲ 121

174Goldman Sachs & Co 4 7 17,637.6

228.9 ▼26.5 263.2 7.5 +1.2

6 16,241.5▲

6.7 -0.5+49 ▲

25.2 +33 ▲6.4 -1.2 ▼

▼Citi 6 5 15,570.6Barclays 5

120

-0.1117 25.6 +25 ▲115

205.5 5.96.5

-1.4 ▼▼Credit Suisse 7 4 15,472.5 6.4 -2.3 ▼ 26.3 +25 ▲ 236.9 6.8 -2.4

5.5 -1.0 ▼ 93Morgan Stanley 8 8 13,356.9 20.4 188.8 5.4 -0.7 ▼5.2 -0.9

+26 ▲23.4 ▼

-0.5 ▼▼ -0.6

66 14.4 +17 ▲ -0.49 12,560.1

RBC Capital Markets 10 11 7,682.79Wells Fargo & Co 107

113.83.25.1+31 ▲ 177.3

▼Top Ten Total 168,578.1 69.6 -7.3 ▼ 2,408.1 68.8

3.3-4.1

457 3,506.9 100.0▼

Industry Total 241,848.8 100.0 +149

▲ 48.4% ▲ 33.8% ▲▼ -18.8% ▼

Industry % Change from Same Period Last Year 48.7%Industry % Change from Last Quarter -18.8% ▼ -11.9%

Monthly High Yield Volume

4.0 -0.1

4.6 -0.75.1 +0.4

6.3 -0.7

-0.8+17

▼ 184.323 ▲ 24.9

19.9 3.5▲

RBS 10 10 1,748.6 16.4 +10 ▲20.9 +2.4

▼+11 ▲Bank of America Merrill Lynch 9 18 1,841.7 4.2 +2.0 ▲

+0.4 ▲ 20 18.2▼

4.2 -0.4▼ 26

Citi 8 11 1,962.0 4.5 24.2Barclays

4.2 +0.3▲ 24.27 4 2,006.0

▲ 2242.224.5 +18 ▲

20.0 +137.3

▲23.6 +16 ▲ 29.0 5.0 -0.1

27HSBC Holdings PLC 6 6 2,241.2

▲Credit Suisse 5 9 2,384.8 5.5 +1.3 ▲ +1.4 ▲Goldman Sachs & Co 4 2 2,762.2 ▼ 28

▲ +1.17.6 +1.025.5 +17 ▲ 43.8

▲29 26.4 +18 ▲ 35.7 6.2BNP Paribas SA 3 5 2,861.4 6.6 +1.4

+0.1 ▲10.1 +2.8 ▲

▲ 63.1 10.9JP Morgan 2 8 3,686.9 ▲ 58.48.5 +4.3 34.5▲ 38

+23+29

-1.3 ▼ 44 40.01 1 4,336.0Share Ch. Deals

10.0

2012 Rank

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market2013

Rank

2013 Rank

Proceeds per Bookrunner (€m)

2012 Rank

JP Morgan 1 1

Bookrunner Proceeds

22,057.2Bank of America Merrill Lynch 2 2 18,402.6

Goldman Sachs & Co 4 8

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Jun 28


Bookrunner Proceeds Sh (%) Share Ch.Change in ManagerMarket Market # of Market

-0.1# of Deals Fees Sh (%) Share Ch.

313.7 11.4+25 ▲ ▼▼12.0 -0.5 41.1148

33.610.0 -1.1 ▼ 282.7 10.3157 43.6 +39 ▲ -0.9 ▼

▲Deutsche Bank 3 4 16,605.5 9.0 +0.5 ▲ +0.87.6 +0.7 ▲ 96

+35 ▲ 204.3 7.412114,004.1

190.7 ▲26.7 205.5 7.5 +1.2

6 13,606.5▲

7.4 -0.1+34 ▲

26.9 +21 ▲7.0 -1.1 ▼

▼Citi 6 5 12,985.5Barclays 5

106

+0.2102 28.3 +18 ▲97

173.6 6.37.0

-1.4 ▼▼Wells Fargo & Co 7 7 12,462.6 6.8 -0.2 ▼ 29.4 +30 ▲ 175.9 6.4 -0.2

6.7 -2.7 ▼ 98Credit Suisse 8 3 12,315.4▲

27.2 181.0 6.6 -3.1+0.19 12,211.2

▼6.6 -0.1

+10 ▲22.8 +23 ▲

3.9 +0.1 ▲▼

RBC Capital Markets 10 11 7,248.9Morgan Stanley 9

+17 ▲ 082

107.3 3.96.3171.8

63 17.5 -77.0 -4.5 ▼ 2,006.5 73.1 -3.4 ▼

Industry Total 184,541.9 100.0 360 +89 2,745.7 100.0

32.8% ▲ 20.8% ▲-13.1% ▼-8.5%

Industry % Change from Same Period Last Year 30.1%

Top Ten Total 141,899.5

▲

Change in

▼Industry % Change from Last Quarter -13.7% ▼

Sh (%) # of DealsDeutsche Bank

MarketSh (%)

▼

Fees Sh (%) Share Ch.Market Manager# of Market

Top Ten Total 25,830.8 59.3 +7.0110 100.0

63.3▲ 365.4 +7.8 ▲Industry Total 43,564.2 100.0 577.8

Industry % Change from Same Period Last Year 174.0% ▲ 150.0% ▲ 117.0% ▲

+66

▼ -35.9% ▼Industry % Change from Last Quarter -32.5% ▼ -19.7%

0

200

400

600

800

1,000

1,200

1,400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2008 2009 2010 2011 2012 2013

Bas

is P

oint

s

Spread to Benchmark

2-Quarter Moving Average (Spread to Benchmark)

*Spreads based on fixed rate issues where spread information is available

0

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$)

# of Issues


10964.6175.1Top Ten Total

100.079,571.3 270.8

% Change from Same Period Last Year

+38

▲

Industry Total55,591.4

2.8-0.9

100.0▲

-2.1 ▼ -1.7-2.6

▲▼▼

+0.9

▲ 17.8

7.7▲

9.2 +2 ▲

22.0▲ 24▼

4.412.0

13.1 4.8

6.6▲

-0.8 ▼5.3 +4.0 ▲

-▲ 14.4

▼6.8

16.3-4.6 ▼

6.018.5

-4.5

+3.7 ▲25

+20 41.4

+4+10

20.5+15 ▲▲7,710.6 9.7▼9.2 -0.7

# of

12.2BNP Paribas SA 2 5Deutsche Bank 3 3 7,334.0

+3.0

Sh (%)Fees Share Ch.Manager

JP Morgan 1 4 9,734.4 36.7

MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

▲▼


-27.2%

1016

-0.6

Imputed Fees (US$m)2013 Rank

2012 Rank

Market MarketChange in Market Market

10.0%

Jan 1 - Jun 28

▲

257,483.5 100.0

-3.4%38.1%

8

▲

+1.2 ▼+0.869.8

▲5.0 ▲

+1.5+2.7

3.84.04.1

+1.1 1413.4

12.8 +4VTB Capital

21

3.26

2,559.8

133,162.5

26.6

▼

3,026.39 14.7 +5

+1756.5

3,293.9

15.3

Goldman Sachs & Co 8 12

# of Deals40

23.922.9

▲▲

+3.2

26▼ 29

▲▲7.6 +2.7

+4.2▲

▲15 13.8 0

% Change from Same Period Last Year 16.6% ▲

11.9 +10

+2.5-1.9

Societe Generale 10

1,230.9

49.2 ▲53.0

▲

Barclays▲

Citi


HSBC Holdings PLC

-1.2▼▼

▲

-0.8▼

+0.2

▼

2.8

4.3

+43

Sh (%)

+2913.3▲

3.334.3

▲4.0

52.0

100.0768.2 62.4

4.2

▲

Top Ten Total 168,860.9Industry Total

-1.2474

▲+63.3 +0.9

4.3 -1.2

63

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

UBS 109.3Goldman Sachs & Co 9 10 8,994.0

8,434.4

Standard Chartered PLC 8 6 10,995.2

65.7

443.5 +0.2 ▲12

▼4.5 +0.3

80

5.1 -1.7+7▲

▲54 11.4 ▲

16.9 +4▼BNP Paribas SA 7 7 11,497.2Barclays 6 5 13,230.5 40.7

▲ 78.7Bank of America Merrill Lynch 5 9 15,172.8+158 12.2

105.2 8.65.9 +2.5 ▲ 84 17.7 +36

1266.4

▲▼

26.6 +37 ▲9.0 -0.1

+1.3+21 110.7

+0.8Citi 3 1 25,255.3Deutsche Bank 4 4 23,120.0

2 3 25,887.1129▼9.8 -3.0

10.1 ▼33.8 +3525.5

▲ 122.2 9.9 -0.9 ▲9.9


Emerging MarketsAll International Emerging Market Debt Up 17% l EMEA Emerging Market Debt Up 41% l Middle East Emerging Market Debt Up 16%

Jan 1 - Jun 28EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Jun 28


▼-20.5% ▼

-0.8

76

% Change from Last Quarter

▲▲27.2

Asia-Pacific Emerging Market Bonds (L4)

▼ 160

Market

122.2

4 1 7,249.7

121 +20


2012 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

9.19 6,333.0

-3.5+4.0

2 5,187.28.0

-7.0

-0.9

# of

HSBC Holdings PLC 1 2 26,274.4 10.2Sh (%)

▼

+0.8

Latin America Emerging Market Bonds (L3)

▲


JP Morgan

9.0

Jan 1 - Jun 28

53.5% ▲ 45.5% ▲-5.4% ▼ 18.4% ▲

40.6%-10.9%

*ti

14 13.9 -1 +0.2▼0.9

8,245.2+1.2-1.7

+21+9

▲

30.5▲

Sh (%)

▼ -826 8.2

MarketMarketShare Ch.

HSBC Holdings PLC 5,551.0 ▼25.7 +7 ▲

20 19.89.18.35 3

6,101.1

12.1

Sh (%)

5.6 -0.7▼

7.97,804.74 4 -0.1 ▼8.4

24.1 +14 ▲ 41.0 7.4 ▲58 +1.6▼

9.5

-1.9 -1.529.8+4.0 ▲ +2.8

9.5

8.0

▲

▲+8 ▲ 12.346.0 44.163Standard Chartered PLC 3 2

▲8.0▲

Citi-0.8 ▼+2.952.42

26.1-5.7 ▼ 34 33.7

29 28.7+1.9 ▲+3

▼+2.5

45.2-0.88.68,475.5 27.867

HSBC Holdings PLC

Deutsche Bank 3 4 6,239.7 9.3Citi 2 1 8,055.6 -0.5 ▼ Deutsche Bank 5

▲+3 35.6 9.535.6▲

Share Ch.13.5 31.7

Deals Sh (%)+1.8 ▲ 32 +26 ▼

Fees Sh (%) Share Ch.-2.3▲

# of Deals12.971.3▼ 12,864.1 13.1 -2.5

DealsSh (%) Share Ch.▼ 109

MarketMarketChange in ManagerBookrunner Sh (%)

Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

ProceedsBookrunner # of Deals FeesMarket Market # of Market

JP Morgan 1 2 8,989.3

ManagerImputed Fees (US$m)

2013 Rank

2012 Rank

7Bank of America Merrill Lynch 4

▲11.5 3.1Morgan Stanley 6 5 3,739.6

5.9+0.9 ▲

1.6 -0.3 ▼3.4+2 ▲

▼15.814.9 -1 ▼158 6 3,006.4 4.5

167 10 3,433.8 ▲

-0.5 ▼Banco do Brasil SA 9 9 2,509.6 3.8-1.5

5.1 +1.3▼Itau Unibanco

Credit Suisse

8 7.9 -3 ▼ 7.5 2.0

69.8Barclays 10 11 2,291.0Top Ten Total 49,917.1

8.9 +13.4 0 - 9

33.7%

209.3+0.8 ▲Industry Total 66,829.6

▲% Change from Same Period Last Year 9.4%

100.0 101 +956.00.9 -0.7

7 8UBS 6Bank of America Merrill Lynch

9

▼▲ 3.5 ▼

-1.6

▲100.0

+1.0374.4

Imputed Fees (US$m)

-1.8 ▼

2013 Rank

2012 Rank

1 1Proceeds

MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner

JP Morgan 5 3

Market # of Market

7,494.8 7.6+3.07,074.0

20.3 -3▲ 577.2

-3.6 ▼9.2 +3.7 ▲

49+32

45.7 8.323.7

▲46 19.1 +17 ▲ 36.9 +2.3Goldman Sachs & Co 8 7 4,505.8

6.76,157.3 ▲6.3 +2.04.5

50.7▲

▲ 24.94.6 +0.2 ▲ +3 +0.1 ▲4.4 -2.6

20 8.3▼ -2.0 ▼30 +2 ▲Barclays 9 6 4,284.8 17.4 3.2

3.3 +1.0 ▲ 26 10.8 +8 2.512.4

▲Top Ten Total 70,197.5 71.4RBS 10 15 3,291.3 +1.4▲ 14.0

98,436.3-1.3 ▼ +3.3 ▲

241 100.072.2398.4

% Change from Same Period Last Year 12.3% ▲

+5

2.1%

Industry Total

▲ -25.4% ▼ -39.4% ▼▲ 38.4% ▲

551.2

Middle East Emerging Market Bonds (L5) Jan 1 - Jun 28

% Change from Last Quarter 40.3% ▲ % Change from Last Quarter

Market

100.0

Imputed Fees (US$m)2013 Rank


Proceeds per Bookrunner (US$m)Market Market # of Market


4 3,359.7

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch. Deals Sh (%)

12.6 +5.1 ▲ 15Sh (%)

▲HSBC Holdings PLC 2 1 2,995.0 11.2 7.8

7.8 +3.0▲ 7.7-3.4 ▼

34.1 +5

Standard Chartered PLC 3 3 2,580.6

1Citi

16▼17 38.6 0 - 7.6 -0.9▼5.1 -0.9▲

-0.2Deutsche Bank 4 2 2,142.35.0

013.6 -2

-36.4 +29.7 +2.0 ▲

8.0 ▼10 22.7 +2 ▲ 8.1 8.3▼2.0 2.0 -8.0▼

+2.14.211 1,362.8National Bank of Abu Dhabi 7 6 1,238.3

1,721.8+2.1-0.8

10▲-1.4 ▼

▼ 622.7 +3 ▲

Barclays 5 55.166.4

Emirates NBD PJSC

▲ +5.118.2 -2

Goldman Sachs & Co 8 13 1,169.784.64 9.1 +3 ▲4.4

3.2▼ 3.26.1+2.2

7 3.3- 3.2-2.0

15.9 0 -2.07 ▲

JP Morgan 9 7 1,124.4 -1.7 ▼4.2

26,716.8

3.8 +1.715

100.0▲70.0

+315.9Top Ten Total 18,705.9RBS 10 1,011.3 ▲

+5.8

% Change from Last Quarter -32.4% ▼% Change from Same Period Last Year 16.2% ▲

Industry Total

6.0▼

4.1▼

4.0

▲-0.3

3.9

▲

-24.0% ▼ -8.2% ▼▲

97.8

▲

100.044

69.8%

+3

7.3%

51.8▼▼-4.150.8

▲-13.0% ▼ -32.5% ▼ 0.2%1.0% ▲

Jan 1 - Jun 28 2013All International Emerging Market Bond Volume by Industry (US$b)

$98.039%

$48.819%

$44.217%

$16.57%

$13.95%

$9.44%

$8.33%

$7.63%

$2.91%$1.61%$1.51%

$0.40%

Financials Government and Agencies Energy and PowerReal Estate Materials IndustrialsTelecommunications Consumer Staples Retail

*tie


High Technology Consumer Products and Services Healthcare

Asian G3 currency (US$, Euro, Yen) debt to date registered another record high volume of US$90.5 billion from 162deals, an 18.3% increase from the last record high total of US$76.5 billion raised in the first half of 2012. The top-three deals issued in the second quarter this year marked the third, fifth and sixth all-time largest Asian G3 bondofferings: CNOOC's US$4 billion guaranteed notes (China), SINOPEC's US$3.5 billion of notes (China), andPertamina(Persero)PT US$3.3 billion of medium-term notes (Indonesia).

Asian currency bond offerings in the first half of 2013 posted an all-time record with US$277.8 billion from 1,986deals, a 21.2% increase in value from the same period last year. Debt in Chinese Yuan, Korean Won and IndianRupee continued to lead the Asian local currency market, capturing 65.1%, 12.8% and 9.5% of total proceeds,respectively. Dimsum Bond volume increased by 19.6% over first half 2012, to CNY109.1 billion from 221 issues.

According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market to date reached US$515.7 million, a 58.5% increase from the total fees paid in the first half of2013. Underwriting fees on Asian local currency bonds (ex. Japan, Australia) in the first half this year registered a16.2% increase compared to the same period last year, to US$834.3 million. ▼45.0%

515.7 100.075.0386.5

58.5%

▼39.6%

▼

▲▲ 20.0%

74.4 -6.6 -4.0162

▲

+27▼Top Ten Total 67,332.8


4.5+1.2 ▲33 20.4 +8 ▲

15.45.0

▼Morgan Stanley 10 8 3,777.9 ▼ 25.54.2 -1.5

▼3.3

20 12.3 24.2▲ 16.8+625 ▼-3.1

4.7-2.9

-0.5 ▼ -0.9+3 ▲Goldman Sachs & Co 8 7 4,994.8Barclays 9 6 4,056.9

+1.3▲ 396.3 ▲24.1 +13 ▲ 33.7 6.56,778.7 7.5 +3.651+3.3 ▲ 31.5 +32 ▲ 9.8

▼+2 ▲ 43.028.4 +11

-3.88.327.2

50.6 ▲▼▲ 40.8 7.9-1.4 ▼ 46 -2.73 7,049.7

57▼▲+0.3

448.58.8 ▲35.2 +21 ▲ 47.2 9.2 +1.4

1 80+19+26

Market

5449.4

Market2013 Rank

Market

Bookrunner


7.7

# of Deals

8,078.8 39.712.6▲

33.3


Asia DebtAsian Debt First Half Volume - Record High l China Debt Picks Up Steam l Asian G3 Investment Grade Q2 Debt - All Time High Quarterly Proceeds

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Jun 28

Market# of

▼

MarketManager

-2.3Sh (%)

Change in

Share Ch.Fees


-2.3 ▼11,183.5

2012 Rank

▲8.9

Sh (%)HSBC Holdings PLC

Jan 1 - Jun 28

Citi

Proceeds

18.3%

52

57,698.77,971.9


Standard Chartered PLC 7.8UBS 6 10

JP Morgan 43Deutsche Bank

Deals Sh (%)

-3.3

12.414 ▲

Share Ch.

+1.165.0

▲+0.3

2

5.5

100.0

All Asian Currencies (ex-Japan ex-Australia) (AS1**)

▼5.1%

Bank of America Merrill Lynch 7 9 5,741.9 +1.6

Asia Pacific Currency Bonds Imputed Fees First Half

t Includes Asian Development Bank issuance

100%

**Includes CDs and CPs

2013 Rank

1 1 35,782.8

Market2012 Rank

▼

4

MarketProceeds per Bookrunner (CNYm)

Industry % Change from Last Quarter 24.4% ▼

HSBC Holdings PLCBookrunner

Industry % Change from Last Quarter 23.5%

7

20.8%

Daewoo Securities Co Ltd

32.8

# of Market

40,202.7

▼

▲

13.0%

216.7

25.6%

+5.4

▼▼

100.035.5

1

Top Ten Total-269

10

2Axis Bank Ltd

CIMB Group Sdn Bhd

▲

97,048.5

Korea Investment Holdings Co

8 10 2,723.9 2.8

3.7▲16 ▼

▲

21.8%

+11.677.0

100.0+3.3 ▲

1.7

967

+0.5

+0.2+9

1.4 -9

▼▲

+6

14

43 4.4

3,918.4 4.0-1

+1.0 ▼

+1.3 25

▲

3,141.93,649.96

▲KTB Securities Co Ltd 14

4.4KB Financial Group IncWoori Invest & Sec Co Ltd 5 7

8

▼1

▲+8▲

5,818.04,530.1

+2.2 2.74.76.0

FeesSh (%)+0.6 ▲-2.0

13.24.8▼

Sh (%)

-2.3 ▼ 11.9+22

+0.2

+1.7 ▲

▲ 17.0

104

164Deals

10.4115

Market MarketMarket Manager

7.3

Market # of# of DealsShare Ch.

▲-54

5.74.9

6.1+13

5.0▲ 10.7

10.7

Share Ch.

▲▼-1.8

7.4 3.4

▲ 4.23.12.0

▲+1.1

4.3-1315

2.6 ▲2.5 ▲+0.2▼

6.7

Jan 1 - Jun 28

# of Deals per Bookrunner Imputed Fees (US$m)Market Change in

24

2,582.5 2.7-0.12,526.1 ▼2.6

▼▼

1.7

41.5

3.8 +0.9

+0.3-1.9

3.2+5.2

▲2.6

+1.7 ▲▲+2.1

26


Hana Financial Group Inc 9 3


12,828.75.0

19,687.0

5

Sh (%)

8,833.8 3.2

2012 Rank

1.9

+2.8


10.811 4,267.9

Proceeds

1

2Sh (%)

13.1% ▼

9,287.3

3 6

Market

Standard Chartered PLC

4

2012 Rank

5,367.4

China Construction Bank

Proceeds

2

Standard Chartered PLC 2

All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1a**)

Industry Total

+0.8China Development BankChina Everbright Bank

6

2013 Rank

277,813.7

78

2510

103621

ProceedsManager

Top Ten Total

Sh (%)

Industrial & Comm Bank ChinaChina Merchants Securities Co

Bookrunner

Jan 1 - Jun 28

+4.8

Change in

35.2

6,860.89

1.95,483.1

HSBC Holdings PLC 7,044.0


100.0

# of Deals per BookrunnerMarket

97,860.8

Imputed Fees (US$m)Market

Dim Sum Bonds (ex self-funded) (AS24a)

2013 Rank

▲ 24.4 +1697 28.013.843.9 ▲+21▲

▲

Share Ch.# of Deals Sh (%)FeesShare Ch. Sh (%)Deals

+6.9-3.4

16.8 +2.2 14.254Standard Chartered PLC 2 2 18,373.0 ▲ 7.0BNP Paribas SA 13.6 +5.13 4 14,871.3 ▲ 49

3.2▲ 7.0

1.6+63.5

▲22.2

Industrial & Comm Bank China 4 8 3,526.7 10 3.2+0.4 ▲▲+3.0+21

+2.34.5 ▲Bank of China Ltd 5 3 2,826.7 5 2.32.6 -8.6 ▼

-3.22.4

3.6+1.4 ▲ 6 2.7

2.22.5▼

-3.4 ▼ 1.1▼ 8

8 -3

-6DBS Group Holdings 6 17 2,577.7

2,412.5Deutsche Bank+3-122.2

-26.61.9▲ 2.8

+1.75.6

▼ 3.9

3.6▼Barclays 8 5 2,369.867

2.2National Australia Bank - 2,200.09

.5Agricultural Bank of China 10 12 2,026.7▲ 1.82.0 4

▼

+3435.4

1.9 +0.4 4+1.1

-2.2

+1.7

Top Ten Total▲

7.1

▲1.879.7

+2.0

4.6 -1.013,789.6

3.3 +1.9

+1.7

Bookrunner

6Bank of China Ltd

18HSBC Holdings PLC 3 1

3CITIC

Agricultural Bank of China

Market # of MarketSh (%)

13.1▲ 3.059▲+2.0

Change in # of DealsShare Ch. Deals

-1.366.692 4.6 +66 ▲

▼▲8.0

37.2+2.4

4.5

MarketSh (%) Share Ch.MarketManager

Fees

+33+34

▲27.0

▲ 46▲ -1.3▼ 261

+31

2.3▼

▲ 43.2 5.2 +3.33.2

▼3.6▼-1.417.5▲

2.1-0.130.4

▼

▲ 30 ▲10 0.5

▼

+21

+27▲

5 8,113.1 2.9 -0.9 45 2.3

▲+0.61.915.727.9▲ 40

8.6 -38

2.0▲

+1.77,610.0 ▲▼

170+27

1.52.0 +0.72.52.7 +0.3

+5.0

3.1

▲3.3

26.0

▲▼▲+1.9

-0.6+5.2

▲+6

▲ 37 1.5▲ 36.4

12.9+28304.4

1.9 ▲

Industry % Change from Same Period Last Year 21.2% ▲ 30.2% ▲ 16.2%

100.0

17.7% ▼▼

834.3+461

▲

1,986

1.1-9.9 ▼71.7

60.0%

▼

+1.41.4+3

.7▲

5.1-0.9

+4


100.0 221

+0.5

2.9% ▼

▲

19.6%

Industry Total Industry Total86,967.2

▲

▲▲

109,144.1

▲14.3%

49.4

▲

100.0

▼▲

4.6%

▲ 9

18.2%

▼

15.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f Ind

ustry

fees

Chinese Yuan Australian Dollar Korean Won Indian Rupee Malaysian RinggitHong Kong Dollar Singapore Dollar Taiwanese Dollar Thai Baht Indonesian RupiahPhilippine Peso Pakistani Rupee Vietnamese Dong

* tie **Includes CDs and CPs


All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Half

ANZ Banking Group 2 1

All Australian Debt (ex self-funded) (AJ3a)


# of

38

Australia Deals Intelligence

39▼

Change in

Australia Debt

-3.6

1.5 -2.3+3

▼

-1 ▼

15

10

28

▲

20.833.3 ▼32.5

▲5.1 +0.7-1.4 ▼

9.8

Jan 1 - Jun 28

-

Market

Jan 1 - Jun 28

21.5%

8.6%

▼▲

100.0+2053,381.6

2.7

13.4

4.3

7

3

5,157.1

-2.40

+1.13.6

89.0 +3.5100.0

1

1,917.1

10.0

5,017.67.7

▲

9

1,592.3 3.0

2,314.4

130.9-1.312

154.647,485.8 ▲

8

Commonwealth Bank of Australia

Westpac Banking

2

UBSJP Morgan 8TD Securities Inc

Industry Total

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)

Macquarie Group 109

Top Ten Total

9.5% ▼ 1.7% ▼▲▲ 20.6%

117

10.5%

6.0▲84.8▼

+6.6+3 ▲ 4.2

14

14-0.9

▼▼3.9

▼ 2.26.0

12.08.5

▲▲ 21.6 14.0

+9

7.9

-6

▲

+1.1

+7.9 ▲+8-4▲

▼12.0 ▼

22+13 ▲ 12.5+4

3318.8

23.9

28.2 +3.8

12.8 10.5 6.8 +2.8

▲▼15.1

8.1-0.8▲

4,094.0National Australia Bank 6

7

13Citi 5

6

5 5,450.0Deutsche Bank 34

9.44

▲12.6

+3.1▼-3.65,338.6

-3.69.7

18.59,881.3Sh (%)Proceeds

10.26,723.4 -5.2

Proceeds per Bookrunner (AU$m)

Bookrunner

Australian Domestic Debt Steadily Increases | Offshore Issuance Dips | Financials - Top Sector

▲Sh (%) Share Ch.Share Ch. # of Deals

ManagerFees

▲ +9.630.1Sh (%)

▲Deals

19.5

MarketImputed Fees (AU$m)# of Deals per BookrunnerAustralian international debt proceeds in the first two quarters of 2013 reached US$42.6 billion from 109 deals, a 17%

drop from the total issuance in the same period of 2012. Bond offerings to date in US Dollars totaled US$21.1 billion,capturing 49.5% of the Australian international debt market - a 23% increase compared to total issuance in the firsthalf of last year.

Australian dollar bond (excluding self-funded) offerings to date totaled AU$53.4 billion from 117 deals, a 10.5%increase from the total in the first six months of 2012 and a 9.5% decline from last quarter's total. Financialsremained the top sector, accounting for 50.3% of the market, followed closely by Government & Agencies, with a45.2% market share.

According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australiandollar (excluding self-funded) bonds this year reached AU$154.6 million, a 21.5% drop from total fees of AU$196.6million earned in the first half of 2012. Estimated fees from Australian international bond offerings to date registereda 5.7% decline, to US$159.1 million from US$168.8 million earned in the same period last year.

+5.1

Market Market2013 Rank

Market2012 Rank

+11

100.0


Top Ten TotalRBC Capital MarketsTD Securities Inc

5.7%

▼▼ 16.0% ▲

+4.783.2

-1.0

+2 ▲ -2.0

+3.2

▼▼▲

-1.6

Share Ch.

▲

▲

-2.4 ▼▼

▼

131.7 100.0

1.1109.5

1.4

19.3▲ 7.7

2.2

▲

▼+2.4

+88

-6

▲

14.3 ▼11.2

+5

Market

98

11+0.4

+7.1

-4.9+1.3

40,807.4

▼12.6% ▲

Jan 1 - Jun 28

100.0

Industry % Change from Same Period Last Year 3.3% ▼

Industry Total

▲4.0% ▼ 24.7%28.8%

0.0% ▲▲

36,642.8 89.81,109.8

+0.4 ▲11

-2.2 ▼▲

▲9 7 1,917.1 4.710

-0.9

2.7

4.7 +0.1 ▲14

+21.7

5.3 4.01,922.23,507.0 8.6 14.720-4.5

JP Morgan 8 820.47 3National Australia Bank ▼

8 8.2

+7▲ 5.8 +1.513 13.3Deutsche Bank +2.1 ▲Citi 6 12 3,753.9 9.2

4 2 4,021.9 9.9 205 6 3,808.2 9.3 28

▼+4 ▲ 12.5 9.528.620.4

7.4+10 9.8

3 5 4,094.0 10.0 14 -4-3.5

▲ 14.315.3

▲6.0▼ 7.9▼-1 ▼ -2.120.136.7

▲▼ 36

1 42 1 15.3

6,281.8 15.46,226.9

Sh (%)27.627 17.7 ▲+8.723.3▲+2

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)Market

Proceeds per Bookrunner (AU$m)Manager

Bookrunner Proceeds Sh (%)2013 Rank

2012 Rank

Market

-56.1%Industry % Change from Last Quarter107.5% ▲ 100.0%

-41.7% ▼

+3.4

Industry Total 13,489.5 100.0 20


+10 24.6 100.0

▲80.9%

▼+1.9 ▲+1 ▲ .5 1.9-1.0 ▼

INGTop Ten Total 13,146.7 97.7

+1.8 ▲ 5.010 - 237.5 1.8 1-26.2 ▼0 - .6 2.4-6.3 ▼0 - .7 3.0

2 10.0ANZ Banking GroupRBS 9 1 279.2 2.1 -27.8 ▼

-6.4 ▼ 15.08 4 534.2 4.0 3-2.0 ▼+2 ▲ 1.2 5.0+7.4 ▲0 - 2.6 10.7

3 15.0Commonwealth Bank of AustraliaJP Morgan 7 8 647.1 4.8 +1.0 ▲

+4.8 ▲ 10.06 7 1,316.7 9.8 2+11.4 ▲+2 ▲ 2.8 11.4+5.3 ▲+3 ▲ 2.7 11.1

2 10.0Deutsche BankCiti 5 - 1,403.2 10.4 +10.4 ▲

+6.1 ▲ 25.04 6 1,641.9 12.2 5-4.8 ▼+3 ▲ 2.5 10.2+4.4 ▲+5 ▲ 3.4 13.7

8 40.0Macquarie GroupNational Australia Bank 3 3 1,645.4 12.2 -1.6 ▼

+4.2 ▲ 35.02 5 1,707.2 12.7 7+7.9

Sh (%)+6.4 ▲ 11 55.027.7

Share Ch.▲+9 ▲ 6.9 28.2

# of Deals Fees# of

ProceedsMarket

3,734.3Deals Sh (%)

ManagerSh (%)

Market Market MarketMarket Change in

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2013 Rank

Imputed Fees (AU$m)

Share Ch.▼

Imputed Fees (US$m)

# of Market

Deutsche Bank 2 2 3,528.82.5

Westpac Banking

UBSCommonwealth Bank of Australia

+210# of Deals

11.9 +1

ANZ Banking Group

Citi ▲9.2Sh (%)

8.3 +0.9 ▲ 13▲

13.51 3 3,948.5 9.3 +2.5

Sh (%) Share Ch.2013 Rank

2012 Rank Proceeds Share Ch.Sh (%)

2012 Rank

2Westpac Banking

Manager Market Market

1Fees

4.0 -2.3Bookrunner

Market Market # of Market

8.5 +2.2▲

DealsChange in

All Australian International Bonds (AJ7) Jan 1 - Jun 28

▲▲ ▼3,287.4 -3


7.7 +1.3

Bookrunner

10.7 +3.2Goldman Sachs & Co 4 16 2,978.9 7.0

13 11.9 6.7▲

Barclays+4.5

3 5

▲ 17Bank of America Merrill Lynch 5 69

2,814.9 6.6 +0.9 +7+3.95.3

15.68.3 +7 ▲

▲▲ 11.9 7.5 +3.88.4▲

▲

5.0

5.8 ▲3.6 +0.7+3 ▲11.05.5 +1.3

9

National Australia Bank 6 11 2,436.7 5.7 +1.8

8 20 +1.88.3 3.3

12ANZ Banking Group 7 ▲2,351.8 ▲10 -3.78 2.33.77.3 +1

5.34.5

+4 ▲+6 ▲ 7.2

RBC Capital Markets ▲

1,943.6▲+2.2 9.2BNP Paribas SA 9 17 1,991.3 4.7

17.0%

109

9-4.310

51.8 +9.7159.1+15

10 1

Industry Total

▼

8.3▼4.6

▼

▼

42,581.6 100.0


▼JP Morgan

+2.8

7.6 -3.1-5

27.0%

64.4 +13.9 ▲Top Ten Total

2,113.8

31.2%

-1.127,395.7


▲

▼

▲▲

▲

▼

82.5

+3.212.0

▲1.4%

23.9 97.6

0

10

20

30

40

50

60

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Pro

ceed

s (A

U$b

)

Investment Grade Corporate Agency, Supranational, Sovereign MBS ABS Federal Credit Agency


All Brazilian Debt Volume by Sector First Half


Jan 1 - Jun 28

28,542.9 100.0

▲

50

Global Debt by Mexican Issuers (MX1)

81.4% ▲ 27.3%-22.4% ▼19.1% ▲

% Change from Same Period Last Year -11.0% ▼ -24.2% ▼

Industry Total102.8 78.9

‐16 130.8 100.0Top Ten Total 24,075.9

▲84.3 +8.0 ▲ +12.7 ▲

1,567.18.0 -23.6 ▲ 4

+0.5▼ 6.1 +1.5Credit Suisse 10 12 1,035.6 +0.9 4.7

▲13 26.0 -1 ▼ 8.8 6.7▲ +2.5▲6.0 -6 ▼ 4.93 3.8 +1.5-0.9 ▼

11.1

5.5Citi 8 5 1,746.5 6.1Banco Bradesco SA 9 8

▲Banco BTG Pactual SA 7 11 1,903.1 6.7 +2.8 ▲ +1.4 ▲14 28.0

12.0 -10 ▼ 12.06+6 ▲ 14.5

HSBC Holdings PLC 6 4 2,357.9 9.2 +1.78.3 -0.4 ▼

12 8.5 -5.2+4.0 ▲ ▲6 12.0 -3 ▼ 8.5 6.5 +1.7

▼24.0 -12 ▼ 11.1-7.4 ▼8.3

Itau Unibanco 4 1 2,542.7 8.9Bank of America Merrill Lynch 5 10 2,380.7

+2.7 ▲ -0.5 ▼0 - 8.7 6.711.3 +2.2 ▲ 7 ▲

Morgan Stanley 3 6 2,720.1 9.5▼ 10.9 8.4 +5.2

8 16.0

+3.6 ▲ +2.9JP Morgan 2 3 3,236.1

13.314.0 -3

Fees▲16 32.0 0 - 17.3

Sh (%)Manager Market

Share Ch.Banco do Brasil SA 1 2 4,586.1 16.1

Sh (%) # of DealsBookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Market


Emerging Markets - Latin AmericaAll Brazilian Debt Volume Down 11% l Fees for All Brazilian Debt Down 22% l Domestic Brazilian Debt Down 7% l Domestic Mexican Debt Down 4%

Change in 2013 Rank

2012 Rank

Market

All Brazilian Debt (BR1) Jan 1 - Jun 28


Brazilian Domestic Debt (BR2) Jan 1 - Jun 28

34 3633

4441

24

6659

66

50

0

10

20

30

40

50

60

70

$0

$5

$10

$15

$20

$25

$30

$35

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Securitized DebtJunk Rated DebtInvestment Grade CorporateAgency, Supranational, Sovereign# of Issues

▼ 4 11.1 0 - 4.6Bank of America Merrill Lynch 10* 8 470.6 3.1 -2.1

▲▼ -28.1% ▼ -28.6% ▼ ▼

▼ -12.1%-21.5%

100.0

87.1% % Change from Same Period Last Year -4.1%115.1% ▼ -17.2%

‐5 100.0

▼% Change from Last Quarter

+2711.6▲11.6

-14.3%

8,195.1

▲▲% Change from Same Period Last Year 63.8%▲ -18.8% ▼

24


Industry Total+8.898.1

100.0 58

-15.2

4,944.1100.029.9 Industry Total

3 -2.6 ▼-2117.4+8.0 ▲4,847.4

▼98.9-4.829.981.2 -1.1

Imputed Fees (US$m)

▼.2 1.3

72.5

.2

Market Market

-3.4▼ .7

-8.8%

+1.3 ▲


▼ Top Ten Total5

+3▼ Bank of America Merrill Lynch 10▲

▼2.4 -2.61.3

2.24 1 4.22.8 -3.9

100.0

136.83 12.5

+3.4

-1.94.6 -3.2

Change in

Santander 106,644.7Top Ten Total

225.9

1.9%

▼Credit Suisse 9 121.1 2.5 +2.5 ▲2.9 +2.9 3.4 +2

▲▲▲2.8 +2.8

▼

▼+3.4 ▲+1

Finamex International SA de CV 9 -2.1 +2.1▲3.2 ▲

- 239.5

▲

▲ 2 .613 259.2

65.5

+1+1.3▲ .5+2.3 ▲1.7 1 4.2 .4-▲ 2 7*+13.4.4 3.4136.8 2.8 +2.8

3.4- 304.0 ▲+3.1▲ .9

▼-2+2 ▲3.1 1 4.2

.7 5.7225.9Deutsche Bank 7* -▲ 23.7 3.4

Manager

▼+9.7▲ 2.9 3▲+1

+9 ▲8.35.4 ▲ 1.1

5.3 9 12.5

29.2

- 430.4 +5.3▲ 7 ▲

Grupo Financiero Banorte-Ixe12.1 +3

-4.4 ▼

15.56

+3 ▲

Santander

Credit Suisse

2Deutsche Bank 6 49.7

+3.7

+1.36 442.1 .5 4.4

7

Grupo Financiero Banorte-Ixe 5 259.2 5.2 +4.312 ▲+7.1 ▲

▲ +4.0 ▲51.1442.1 8.9 9.8▲

+1.6 3.862.7

Scotiabank▲ 74

3 2.3 20.05.5 +5.5 9.1 +9.1 +5.2Nomura 4 - ▲ 5 +5453.3 8.6 ▲

HSBC Holdings PLC ▼ 8 33.315.9 -3.7 ▼ 18 16.8 -2.2+6.9

-5.5▲ 5.3+2.8 ▲-6 ▼

3 32.6 22.5

17.7▲ 9 37.5

0 -830.4

-6 ▼-3.6 ▼ 12 50.022.4 -4

2 1,305.91,191.8 24.1

31.0 +10 ▼ HSBC Holdings PLC

+1.4 ▲

▼ BBVA 2 23.1 27.1 -9.2 ▼

Morgan StanleyScotiabank 8

▼

5.0 +0.4

▼ 1318.2 -13.9

Sh (%) Share Ch.

1 1,488.6Citi 2 11.3 -21.8▼ 3.4

# of Deals Fees1 1▼ 11 1,385.9 28.0

Sh (%)▼ Citi3 1,495.8BBVA 1 ▼ 3.5 11.8 -0.719.0 -2

% Change from Last Quarter% Change from Same Period Last Year

Market2013 Rank

-15.5% ▼-8.9% ▼

Domestic Mexican Debt (MX3)

-21.7%

2013 Rank

2012 Rank Bookrunner Proceeds Sh (%) Share Ch.

2012 Rank

36

Deals Sh (%)

-10.5%

Market# of Deals Fees

18.3 -0.9

# ofSh (%) Share Ch.

Jan 1 - Jun 28


Share Ch.Market

▼

BookrunnerMarket

▼

MarketDealsProceeds

Market MarketSh (%)

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Jun 28

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager

-29.0%

▲ 54.5Industry TotalTop Ten Total 13,518.7 84.8 +4.4

▼ 3

15,402.8 ‐10

3.1 -4.2

100.0

0 ▲

76.3 -1.3 ▼

- 3.37.0 +3.6 ▲

Goldman Sachs & Co 9 12* 530.9 ▲8.3Morgan Stanley 10* 5 470.6

- 1.42.8 03.5 +2.0 2 5.6

▲ 12.0 +0.9 ▲0 - 1.32.1

▲ 1BNP Paribas SA 8 14

0694.4

2.84.5 +3.1

Barclays 7 10 822.1 5.3 +2.1▼

2.5 -0.7 ▼▲ 6.3 9.6 -2.1- 1.6

+1Credit Suisse 6 9 845.4 5.5 +1.1 ▲ 5Deutsche Bank 5 6 933.8 ▼

13.96.1 -0.4

3.45.6 -2+1 ▲ 2.0 3.1 -3.4 ▼3 8.3

2 5.2 -2.0 ▼▼11

JP Morgan 4 7HSBC Holdings PLC 3 2

▲5.8+1

1,520.230.6

9.9 +4.51,821.3 11.8 -3.7 ▼

+6.4 ▲8.9 -3.8 ▼

▼ 8.3 12.7 +5.3▲

▲▼ 16.5

-525.2 +2.7 ▲

36.1BBVA 2 32,956.7 19.2 -4.4

132,452.7 15.9▼ 17 47.2 -8Citi 1 1

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2012 Rank

Market Market # of Market2013 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market

Proceeds per Bookrunner (US$m)Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)2013 Rank

2012 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.

Banco do Brasil SA 1 3 11,259.0 37.5 +24.5 ▲ 25 27.2 +13 ▲ 14.3 37.7 +25.2 ▲Itau Unibanco 2 2 8,252.0 27.5 -0.1 ▼ 18 19.6 -11 ▼ 9.9 26.3 -8.8 ▼Banco Bradesco SA 3 1 4,113.0 13.7 -15.3 ▼ 18 19.6 -21 ▼ 5.1 13.4 -9.7 ▼Banco BTG Pactual SA 4 4 2,005.3 6.7 -4.1 ▼ 8 8.7 -2 ▼ 2.7 7.3 -2.2 ▼Santander 5 6 1,989.4 6.6 +2.2 ▲ 9 9.8 +1 ▲ 3.2 8.5 +4.2 ▲Morgan Stanley 6 10 570.0 1.9 +0.5 ▲ 1 1.1 0 - .8 2.1 +0.4 ▲HSBC Holdings PLC 7 5 500.0 1.7 -3.7 ▼ 2 2.2 -4 ▼ .5 1.4 -4.3 ▼Banco Votorantim 8 7 386.0 1.3 -1.1 ▼ 3 3.3 -3 ▼ .2 0.6 -2.0 ▼Banco do Nordeste do Brasil SA 9 - 380.0 1.3 +1.3 ▲ 1 1.1 +1 ▲ .5 1.4 +1.4 ▲Arab Banking Corporation 10 16 185.0 0.6 +0.4 ▲ 3 3.3 +1 ▲ .2 0.5 +0.3 ▲Top Ten Total 29,639.7 98.8 +4.6 ▲ 37.8 100.0 +4.5

100.0▲

Industry Total 29,989.8 100.0 ‐8 37.892

0.5% ▲% Change from Same Period Last Year -7.2% ▼ -8.0% ▼ -16.7% ▼% Change from Last Quarter 24.0% ▲ 78.8% ▲


Samurai Bonds Issuer Domicile Analysis First Half

5

Proceeds per Bookrunner (¥m)

Bookrunner

+3 ▲▼

▲

0.6

1.093.5

0.90

Jan 1 - Jun 28

13.0 ▲

-2.1

0.6-0▲

▲

24.0

4,787.2

317.0

19.6

-

+1.9

▼-0.3

▼

-0.3

13.2 -7.1

0.9 ▼

+5.0

-15.1 -5

+1

+4.0

134 25.9

▼7891

17.62.7 0

6,492.0

▼

46

▲ +35▼▲

12.417.6

▼-1.6165,275.0 1.8

+5.21,283,246.9 13.7-0.61,160,668.4


Japan DebtJapanese Debt Activity Down 3% l Samurai Bonds Lowest Since 2007 l Corporate Debt Up 24%

All Bonds in Yen (AP5) Jan 1 - Jun 28Japan Deals Intelligence

-5.02 2,201,958.7

Mitsubishi UFJ Morgan Stanley 32 +0.723.6

1 18.5

Market

Tokai Tokyo Financial Holdings

Daiwa Securities Group Inc 5

7JP Morgan

Sumitomo Mitsui Finl Grp Inc

6

4

# of Deals per Bookrunner# of

Mizuho Financial Group 1 3

Change in Market Market

40.5Sh (%)Sh (%)

2,242,415.5

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

▲+8.426.1▲ 7,235.7

Share Ch.

+7

Share Ch.210▲

9,614.2▲+6

25.3131▲4,870.1▲

226.1

142.7 -51.26

320.4▼140.712 62,813.2 0.7

▼63,243.1 -0.310+0.1 ▲-0.4 ▼11 59,500.0

▲+0.10.60.6

▼10 1.9 -1 ▼ 229.3

100.0+3.2

CitiSumitomo Mitsui Trust Holdings 8

15 57,500.0

9,340,492.5

9

Samurai Bonds (AP1)

-0.6

Industry Total -7

Barclays 10▲

10

▲59.7%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▼▲

-2.8%46.8%

2013 Rank

2012 Rank

9,025,916.9Top Ten Total

Proceeds¥mil

Nomura1,729,296.1

▼

96.6 +3.9

15.0%

36,850.3

-1.3%

518

▲

1.9 +334,457.8

365.8▲

46.7%

For the first half of 2013, yen-denominated bond activity totaled ¥9.3 trillion from 518 deals, a 2.8% decrease from the comparable period in 2012 and the slowest first half volume since 2011. According to Thomson Reuters/FreemanConsulting, estimated fees for Japanese bonds reached a total of ¥36.9 billion, up 15% compared to the same periodlast year.

Samurai Bond volume for the first two quarters of 2013 recorded a total of ¥657 billion in proceeds, a 46.1% decreasecompared to the US$1.2 trillion of proceeds earned from the same period last year and the lowest first half volumesince 2010. Asia Pacific issuances declined by 80.1% while Americas and European issuances went down by 56.2%and 11.8%, respectively, compared to the same period in 2012.

Japanese corporate bond activities were on the rise during this period, partially offsetting the weaker overallJapanese Debt market environment. Proceeds increased by 23.8% to ¥4.9 trillion from 209 deals compared to thesame period last year. SoftBank’s US$4 billion retail bond is the largest Japanese corporate deal to date.

*tie

5 5Mizuho Financial Group

1

2013 Rank

9,200.0

Mitsubishi UFJ Morgan Stanley 4

14,990.09

5

11,500.0ORIX Corp

Daiwa Securities Group Inc 83,175.0

+4

13.5 +55

Share Ch.-6.9 ▼

-0.6

▼+7.8

▼▲

-0.6

657,000.0649,500.0 99.0


HSBC Holdings PLC

Mizuho Financial Group

Industry Total

Bookrunner

Credit Agricole CIBCiti

Top Ten Total

Shinsei Bank


Sumitomo Mitsui Trust Holdings

8

▼▼

Industry Total

-10.2%

1,638,853.6

16,900.01.3

-0.9%

3.8

-0.7

5


1,610,494.50.6

100.0

-18.8%

98.3 ▲

-0.8% ▼

257.9JP MorganNomura 2

678

Mitsubishi UFJ Morgan Stanley10.5

10

2

8


1

7

9

▲62,813.2

257,800.0

-1.2

367

16,325.0

18,300.00

Proceeds

-

-46.1%

2

2

+1.8

6

73,750.0

3.1 ▼-8.0

-7.7

11.2

Sh (%)

1716

20,800.0

234,250.0

-11.6250,400.0

Share Ch.

▼

12


▲

Market

23.4Deals # of Deals

Proceeds per Bookrunner (¥mil)

-+3.6

▼

+0.5

▲

Sh (%)

100.0

0.91.0

Market

+21.0

14.3+0.8

Sh (%)+5.2

93,200.012.714.2

Share Ch.▲

104,625.0153,775.0

¥mil

4+6.63

4 -3.36

▲

▼

▼15.931

-1.2

▲68,725.0

+2.8

12.1%

44.715.7

5.4

3


2Nomura

▲

-8

7Mitsubishi UFJ Financial Group

6

Top Ten Total

13

UniCredit


▼ 2▲15.3

¥mil

2.4

98

+11.4

731,841.31

2012 Rank

▲

16.916.0

298.7

12.4

13.6282.9240.2

13.4220.1237.8

+1.0

3

4.8-

+35

1 0.8▼ 2

1Goldman Sachs & Co 10 +0.6▲

125

1▲

+14.7

0

0.8

-2.5%

+1.2

▲+1.3▼

40.352.5

-1.6

▼▼

▲

88.2

+0.6▼

1.00.8

▼

▲-0.1

0

0.8 --4.8

+1 ▲

0

67.6

▼

-1.4+0.8

▲572.7 11.1 +3.5

▲1.7

436.4 -10.08.5-1 ▼4.0+1

78.4 0 - 41.2- 585.40

2.8

▼-0.2+8.3

Share Ch.

▼

▲

▲

▲▲

3.1

▲

+0.6

▲

+2.4

+3.1

▼+2.8

+0.5

-6.0-1.9

Market

# of Deals per Bookrunner Imputed Fees (¥mil)2013 Rank

2012 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

Market

Sh (%)

45.9 ▲+10

100.0

3.2

Jan 1 - Jun 28

+6

Deals

Manager Market

# of

14.6

43.2

# of

617,500.0

-2.8▲

-

18.9

1540.51540.5

Change in

▲67.6

Market

25

20,125.0 ▼▼▲

7-8

+6

-354.9

+4Sh (%)

32.4

▲+2

Fees ¥mil

Market

▲540.0% ▲

-41.2%

+1 ▲

57.5

50.1

-0.1

Sh (%)Fees ¥mil

▲1.6 11.3

1.6

# of Deals

1.36

1,742.8▲ 98.4

2.72.8

+2.5

587.9%▼

37 1,772.8

16.2 ▲42.7

▼

Market

2,126.6

+1

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

4.4226.1

▲

▲

2.4

Japanese Securitizations (AP2)

2.5

▼▲

83.5100.0

+1 ▲

5,161.64,309.8

114.0 2.2

▼

-1

-10.3%

Japanese Corporate Debt Volume by Industry (¥ Billion) Jan 1 - Jun 28

18 19

8

30

46

15

24

44

33 37

0

10

20

30

40

50

0

300

600

900

1,200

1,500

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

¥ B

illion

Americas Europe Africa/Middle East/Central Asia Asia-Pacific (ex Central Asia) # of Issues

¥1,092.022%

¥1,070.022%

¥930.019%

¥675.014%¥318.6

6%¥207.0

4%¥195.0

4%¥190.0

4%

¥110 0¥90 0¥40 0¥10 0

IndustrialsFinancialsTelecommunicationsEnergy and PowerHigh TechnologyReal EstateConsumer Products and ServicesMaterialsRetailConsumer StaplesMedia and EntertainmentHealthcare


¥110.02%

¥90.02%

¥40.01%

¥10.00%

*tie

▲2Nomura

Mitsubishi UFJ Morgan Stanley 3Mizuho Financial Group +8 22

3

# of

Jan 1 - Jun 28


Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

+33+1.8765,833.33

15.5 +5.21 ▼ 134

▲703,315.3

17.615.7

26.8+7

86 ▲5

1212.81,154,168.4 ▼-0.6

2.4▼77

+4-4

▼ 286.5▲

▲

413.61,233,156.9

1,729,296.1▲


Sh (%) BookrunnerMarket

56

# of Deals Fees ¥milMarket

32.1Share Ch.

Change in 2013 Rank

2012 Rank

Proceeds

▼

Bookrunner ¥mil1

1,017,155.3

MarketShare Ch.

32.6 ▲2,193,779.523.8

+4.6Mizuho Financial Group-0.2

¥milSh (%)Market

Sh (%)Proceeds2013

Rank2012 Rank

+4.919.1

2,151,958.7-5.3


Sh (%)41.8

▲9,464.9

-8.6+10

27.3 13.5129

24.2

Market

▼205

Deals

Bonds Targeted in Japan (AP4)

-0.4

1-4.1

7,752.715.8 ▼

+13.4 ▲3,762.8

+4.4

Goldman Sachs & Co 8 6 12,500.0

815,000.026,500.06

Bank of America Merrill Lynch 7 7

Daiwa Securities Group Inc 4

0.30.5

Sumitomo Mitsui Finl Grp Inc 14.35 5Citi

4▼-7.9

1,453,750.0

Japanese Corporate Debt (AP3)

20.62

-0.431 919,482.0 18.7

29.5

▼▼-0.5

26.3

Change in

19.2▲

0.9

▼+5

-1.6

+2.84,870.1

+9.4

0.8+4.2

26.3

18.04,679.96,484.6

▲

Market

-2.3Share Ch.Sh (%)

+5 6,927.1

Jan 1 - Jun 28


▲▲

13.0

Imputed Fees (¥mil)

▼▲

Market Market

▼

# of ManagerShare Ch. Fees ¥mil# of Deals

1 -4

13.9

240

▼

2927.3

3,174.0▼▲ 19.1

-12+19

+2▲

575,317.4

▲▼

▲ 522.4 4

+2.4Sumitomo Mitsui Finl Grp Inc

67Deals

+4.2 ▲Nomura

JP Morgan

Mitsubishi UFJ Morgan Stanley2,800.7 11.8▲

-12.2

Daiwa Securities Group Inc13.4

9Sumitomo Mitsui Trust Holdings

710

7

Top Ten Total

42.10.5

-1.00.20.5

▼

Industry Total

6

-0.8▼▲

1.1% ▲

10

8,832,649.2

49,500.00.5

100.0

▲

Tokai Tokyo Financial Holdings 91Barclays 0.2

9 12,000.0 -0.4 3 -

0 111.3 ▼-0.1-0.7

1.00.5

-▼

▲

10

4,927,536.0


-0.0100.0

▼4,927,536.02,000.010

99.90.0 -0.2 ▼

Top Ten Total

64.6%Industry % Change from Same Period Last Year 23.8% ▲

▲ 49.1%▲

9,054,766.5

0.4-0.1

▲

40,958.3

60.9%

Industry Total

▲68.8%10.0% ▲

209 +1997.823,216.4

23,769.6+0.8

100.0

▼0.3 -1.0▼


-1.3

▼104.438.7

0.2-3

0.51.4

-10

0.51 ▼

-81.8 0

-0.8 ▼

112.3 8Citi

63,243.19▲

0.6 ▼

Tokai Tokyo Financial Holdings

-0.2+0.162,813.2

0.7▼0.6

▼0.6

-0.7

▼▼ ▼

-0.1+3320.4

477.1

226.1215.4

▼

▼6

10

▲

94.2+5

33,952.1100.036,015.8

▲+2.1

-0.591.3

490+1.4

48.8%51.3% ▲

97.7

1.0% ▲ 26.4%

▲

153,775.06 -0.8▼

-▲

1.7

11-0.3 14

0.72.91.2

-5


2.0


Japan Debt


-

-

-

-

-

-

-

Salvatore ReresUnited States

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:

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

E-mail: [email protected]


Ian WillmottTel: +44 207 542 4376

Europe

Asia-Pacific


Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.

Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and allFederal 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 rankineligible 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 9:00am EDT on June 28, 2013.

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 theUS dollar equivalent at the time of announcement.

Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum 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.

E-mail: aki sato@thomsonreuters com


Tel: +813 6441 1120Aki Sato

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

Tel: +1 646 223 8455

Tel: +632 858 7201

Japan

Michelle Abuzo

-

-

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. Eachunderwriter 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 areallocated 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: (1)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 tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."


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 anyerrors, 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 accuracyor completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does notprovide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. ThomsonReuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2013 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.


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