DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Nine Months 2016
REUTERS/ Maxim Zmeyev
High Yield
Emerging Market Debt
Emerging Market Debt - Latin America
All Brazilian Debt (BR1)
Global Debt in Mexican Pesos (MX2)
Domestic Mexican Debt (MX3)
13
13
13
14
Latin America Emerging Market Bonds (L3)
Asia-Pacific Emerging Market Bonds (L4)
12
12
12
12
EMEA Emerging Market Bonds (L2)
Global High Yield Deals Intelligence
Global High Yield Debt (B4)
Global High Yield Debt - US Dollar Denominated (B5)
All International Emerging Market Bonds (L1)
15
15Dim Sum Bonds (AS24a)
15Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)
Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)
15
15
16
17
All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)
All Asian Currencies (ex-Japan, ex-Australia) (AS1)
Samurai Bonds (AP1)
16
16
2
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Debt Capital Markets ReviewTable of Contents
Global Mortgage-Backed Securities (B10)
16
Leading Underwriters for First Nine Months 2016
Global Debt (B1) Australian Debt
Global Debt and Syndicated Loans Islamic Finance (DL2)
5
18
17
US Investment Grade Corporate Debt (F9)
6
Middle East Emerging Market Bonds (L5)
17
Japanese Securitizations (AP2)
20
19
All Federal Credit Agency Debt (H1)
US Debt (F1) 6
US Mortgage-Backed Securities (F11)
US Asset-Backed Securities (F14) Criteria Summary
14
14
Global Asset-Backed Securities (B11) & (B13) 3
Japan Deals Intelligence
Banking Composite of Top Global Debt Bookrunners
6
13
13
US Debt
Global Debt Rankings - Last Ten Years
Global Debt
Global Deals Intelligence
Global Debt, Equity & Equity Related (A1)
Global Debt and Syndicated Loans (DL1)
Global Scorecard
18
US High Yield Corporate Debt (F8)
Japanese Corporate Debt (AP3)
Global Investment Grade Corporate Debt (B7)
All Bonds in Yen (AP5)
EMEA Deals Intelligence 10
10
10
3
https://www.thomsonone.com
Bonds Targeted in Japan (AP4)
Debt Capital Markets Criteria Summary
3
17
1
1
1
2
6
Asia Debt
Asia Deals Intelligence
International Debt
All International Bonds (J1)
All International Securitizations (J10c)
All Bonds in Euros (N1)
Global High Yield Debt - Non-US Dollar Denominated (B6)
10
14
11All Global Green Bonds (GR01)
All International Green Bonds (JG1) 112
Australia Deals Intelligence
All Australian International Bonds (AJ7)
All Australian Debt (ex self-funded) (AJ3a)
Japan Debt
7
3
7
7
4
Banking Composite of Top US Debt Bookrunners 8
IFR Markets Supplement 9
US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a) Thomson Reuters Solutions for the Deal Making
Community
14
Brazilian Domestic Debt (BR2)
Global Debt by Mexican Issuers (MX1)
1
GOVERNMENT & AGENCY OFFERINGS UP 76%; HEALTHCARE & MEDIA LEAD DECLINERS – DCM activityfrom government & agency issuers totaled US$1.5 trillion during the first nine months of 2016, registering an industry-leading increase of 76% compared to year-ago levels. Healthcare and Media activity saw the steepest year-over-yeardeclines, registering decreases of 21% and 10%, respectively. Government & agency and financial offerings accountfor a combined 73% of issuance during the first nine months of 2016, up from 69% a year ago.
US INVESTMENT GRADE CORPORATE DEBT HITS RECORD US$1.1 TRILLION - High grade corporate debtofferings targeted to the US marketplace totaled US$1.1 trillion during the first nine months of 2016, a 9% increasecompared to the first nine months of 2015. This marks the eighth consecutive year-to-date increase for USmarketplace investment grade debt since the asset class registered a 27% decline in 2008.
GLOBAL HIGH YIELD VOLUME DOWN 21% - The volume of global high yield corporate debt reached US$238.7billion during the first nine months of 2016, a 21% decrease compared to the first nine months of 2015 and the slowestfirst nine months for global high yield issuance since the first nine months of 2010. Third quarter issuance totaledUS$84.2 billion, a 23% decrease compared to the second quarter of this year, while number of offerings in the thirdquarter decreased 3% comparead to the previous quarter.
-5.6%Industry % Change from Same Period Last Year
-9.7%Industry % Change from Last Quarter▲
5,961,515.6
-11.9%Industry % Change from Last QuarterIndustry % Change from Same Period Last Year 19.9%
▼3.0
Industry Total 100.0▼
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
▼▼-10.5%
DEBT CAPITAL MARKETS REVIEW
18,599
Global Debt Hits 10-Year High l US Investment Grade Debt Hits Record $1.1 trillion l High Yield Corporate Debt Down 21% YTD
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
▼▲ -2.7%15.1%▼
27,995.0
▲
13,013.9 -4.428,672.0
▼▼
https://www.thomsonone.com
100.0
▲-19.6%
-10.3%
Industry Total100.046.6
▼
44.2
58
2,645,707.5 -9.0
-1.5
10 2.644.4
Goldman Sachs & Co
2.99
9 -1.5156,198.5241,461.1
239,542.39
234,105.6-178▼
▼Morgan Stanley
-0.73.1854.2
8
3.6 ▼Top Ten TotalTop Ten Total
692
+3,088
Deutsche BankWells Fargo & Co 10
▼ 9
133.7-100
Credit Suisse▼
Morgan Stanley289,769.8
81,004.0 Mizuho Financial Group 10
8 240,254.16 77
4.0
4.1-0.2
1,137
-
-106
0
5.3
▼971
4.8
2.3
897 -12 5.2▼
+0.1-0.8
-1.15.3
-2095.2▼-5
-100 ▼
241,709.3▼ 655.7
4.71,062.5
176,208.3 -0.3 873
HSBC Holdings PLC
1,457.1-1.1 ▼ 6.1
4.0 995
▼-0.9 ▼Goldman Sachs & Co 5 6 255,753.3 4.3Barclays 4 3 292,914.4 4.0 -0.2
HSBC Holdings PLC
1,107.0▼
3.8
1,484.3 Deutsche Bank
Barclays
▼
Bank of America Merrill Lynch 3 2 322,492.0 7.14.9 -1.2 ▼ 1,022 5.5
6.5
5.4▼ 7.0-0.5▼
-0.91,2962 4 331,801.7
JP Morgan 1 1 388,833.6
1,325
ProceedsMarketSh (%)
2015 Rank
5.6
Bookrunner
Citi-0.1
# of
1,537▲▲
# of DealsChange in
-0.41,534.2
6.3533,662.8
Share Ch.
▼
Deals▲8.3-0.9 +75
+46+19
MarketBookrunner
2016 Rank
2015 Rank
MarketFees
2,084.6 JP Morgan7.5
Imputed Fees (US$m)
▼
Global Debt, Equity & Equity-related (A1) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket2016
Rank Sh (%)ManagerMarket
Bank of America Merrill Lynch
MarketSh (%) Share Ch.
Wells Fargo & Co
▼-0.15.5 ▼
-1.1
564,780.82
32
Citi
56
1
4
1
297,501.23.6
+0.7
8,100,574.6
307,991.2+4.6
3.4
4.5
1,178.7-90
+0.3
▲
275,353.1
▼
735.2▲
-0.6
7
▼5
34
▼
67▲
▼
1,770.3
▼
3,571,073.1
11.2%
465,375.8
▲▲
4.1+0.3
+4.1
21,687
-11.7%
▲4.01,318.1 ▲4.6
▲+4.31,235.2+4.0▼
2.8 +2.8
-961,202
+117
-95
1,200
1,071▼
9.6%
3.0
▲
▲▲
1,054.7
788.3▼
4.94.1884
1,204+3.9
1,1153.7
2,013▲
▲
Market
+0.5
▲+0.9
5.7 +0.36.6
Global Debt and Syndicated Loans (DL1)
Share Ch.Sh (%)
# of Deals per Bookrunner
Jan 1 - Sep 30
Proceeds
Imputed Fees (US$m)
# of DealsSh (%) DealsMarket
Share Ch.# of Market
Proceeds per Bookrunner (US$m)Manager
FeesMarket
▲ 1,953.4Sh (%)
+88
Change in
9.37.0▲7.39.22,002▲6.8 +6.8
+0.51,668.1 5.8 ▲2,079.9 +7.3
+5.8+0.7
7.31,574361,071.7
▲+42+78
▲▲
5.5+0.3
5.1 4.33.8 1,453
▲ -2206.7 1,134.8
▼
▲
▲▼-29
+295.5
5.6▲▲
46.0 +46.013,146.4+2.62.6+3.73.7
▲100.0+1,898
Global High Yield Corporate Debt- Quarterly
GLOBAL DEBT CAPITAL MARKETS ACTIVITY UP 27% - Overall global debt capital markets activity totaled US$5.5trillion during the first nine months of 2016, a 27% increase compared to the first nine months of 2015 and thestrongest opening nine-month period for global debt capital markets activity since 2007. Third quarter global debtactivity decreased 13% compared to the second quarter of this year.
EMERGING MARKETS CORPORATE DEBT DOWN 23% - Corporate debt from emerging markets issuers totaledUS$192.5 billion during the first nine months of 2016, up 18% from a year ago. Corporate debt issuers from India,Brazil, Mexico and Israel accounted for 51% of first nine months 2016 activity. Issuance from corporations in Russiatotaled US$12.6 billion, an increase of 24% compared to a year ago.
JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - JP Morgan held the top spot for global debt underwritingduring the first nine months of 2016 with proceeds of US$349.3 billion and a decrease of 1.1 market share points. Citimoved into second place with a market share decline of 0.6 points, while Bank of America Merrill Lynch maintainedthird place. Deutsche Bank fell to seventh place from fifth a year ago, registering a loss of 1.6 market share points.
OVERALL DEBT UNDERWRITING FEES DECLINE 9% - According to Thomson Reuters/Freeman Consulting,estimated fees from DCM activity totaled US$18.1 billion during the first nine months of 2016, a decrease of 9% year-on-year.
Global Debt Capital Markets by Asset Class
Global Deals Intelligence
$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2$2.4
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Proceeds (US$t)
Investment Grade Corporate MBS Federal Credit AgencyAgency, Supranational, Sovereign Federal Credit Agency Emerging Market CorporateHigh Yield Corporate
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Proceeds (US$b)
Global High Yield Debt ($b) Number of Offerings
226,322.1
1,255
US Investment Grade (F9)
US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)
2,652,736.6
Global Emerging Markets Corporate Debt (B15)
US Federal Credit Agency Debt (B8)
-21.2%+17.3%
1,468,518.3
US High Yield Corporate Debt (F8)
Global High Yield Corporate Debt (B4)
All Global Debt (B1)
Agency, Sovereign & Supranational Debt (F10)
▼▼
+0.5Global Long-term Debt (B2)
Global Mortgage-backed Securities (B10)
+0.4
▲
Global Investment Grade Corporate Debt (B7)
Global Agency, Sovereign & Supranational Debt (B9) ▼
▼
Global Long-term Debt ex MBS, ABS & Munis (B3)
▲▼-0.1
-0.1+57.3%
0.7
143,833.8971
▼188.6
-0.3
414.0
-0.3
▲
1.1
▼+0.5
-0.5+582
127.2
0.6
▲
+0.5 ▲
▲▲
▼+0.4
+0.30.5
344.8
94.3207.1
100.21.0
- 1.1
-0.11.2
205.6
220.6
▲-0.1-0.2
+512+36
-80
0.71.9
0
+19
▲
127.2
▲▲
182.3
▲0.8
▲▲
117.6
152.42.3
2.3
2,149
410.7
4.73,474,039.1
2.6▲ +69
+93▲▲
1,025
Global Disclosed Fees (A2)
0.7
+2.3%282,761.7
+79.7%2,756
7,492
598558
Wells Fargo & Co
JP Morgan
Bank of America Merrill Lynch 13.2
JP Morgan
817,041.0
14.6
8.4
316,406.7
345,072.5
269,672.5
Leading Underwriters for First Nine Months 2016
Global Asset-backed Securities (B11)
192,461.5
+5.8
-0.4All Bonds in Euro (N1)
Global High Yield Corporate Debt (B4)
JP Morgan
96.4
Global ABS (B11)Global Investment Grade (B7)
7.3
Global Debt inc MBS, ABS & US Tax Munis (B1)
U.S. Federal Credit Agency (H1)Barclays
11
Bank of America Merrill Lynch
US Bonds
Asian G3 Currency Bonds ex JP & Aus (AR2)Asia-Pacific Bonds
HSBC Holdings PLC
Deutsche BankAll International Bonds (J1)
U.S. Debt inc MBS, ABS, & Tax Munis (F1)
+1.0
All International Securitizations (J10c)
▲22.5
U.S. Debt, Equity & Equity-related (E1)
+0.5
11.2
U.S. Investment Grade Corporate Debt (F9)
U.S. Disclosed Fees (E2)
U.S. High Yield Corporate Debt (F8)14.0
U.S. LT Debt inc MBS,ABS &Tax Munis(F2)11.5
Bank of America Merrill LynchJP MorganJP Morgan
12.1
15.3
+5.5U.S. LT Federal Credit Agency Debt (H3) +7.2
-0.4
International Bonds
9.3
-
JP Morgan-5.5U.S. Mortgage-backed Securities (F11)
U.S. Asset-backed Securities (F14)
Nomura
5,219,241.3
301,358.4238,708.34,643,592.7
36911,66312,819 4,101,873.3
134,955.2
219,673.3282,254.2
15,914.1 +2.1%
626
471
+0.5
9,181
5,397
163,492.2 1,075
2,150,862.1
+0.66.88.9
JP Morgan
6922,133
+4.3
Global Short-term Debt (B14)
Current Qtr Market Share
(%)
JP Morgan
Global Bonds
11.2JP Morgan -
Goldman Sachs & CoJP Morgan
▲6.6
All Asian Currencies ex CDs (AS1)
▲0
-0.9 ▼
▲0 3
+0.1
2
2
4
222,762.32,709
4
1
▼
+17.7%
4
2
▲
352,886.3
▲▲
No. 1 Manager
+2.1
JP Morgan
+0.7
412.8
▼
0
Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)
2016 vs. 2015
-7.1%▼-11.7%▼ ▼22.4% ▲
68.0 -6.815,521 +2,844
8.6% ▲
▼12,309.5▼18,123.2 100.0
+52409 2.6
▲+35▲246
1.501.6▼
- 236-0.1
▼
▲306
3.3
425405
-0.5
2.7
77,965.287,714.2
1.4 -0.3
▼601
1.6
▼
1.71.7
1.6 +1.32.0
3.8▲510587
3.9
1.9
-0.2+0.1
-0.7
1.6
▲1.9
1.9+1.4
▲
+5983.3
▼
4.7
▼-0.2▼ 413.0 2.3
1.03.5 -1.2 ▼▼
6.1
735
5.1-42
629.1
-843.5
4.73.8
543538
518
723
-116
+577
+483▼▲
3.5
586730
+19
+3 ▲ 871.9
▼3.2
4.8
▼-0.1+53
801.9
▼3.8 -0.5
▼4.9
▼ 694.0
▼-0.6
▼
-0.44.8
-1.24.4-1.2
857707
5.5
▲▲ 883.3
-150 ▼4.6
6.41,157.3+1207.5
5.6
+18970 6.2860.6-41 ▼570.4
▼
8▼ 6.09242 5.1
4.3 ▼-1.3
▲ -0.6▼349,260.5 ▼1 1
+81 -0.41,305.5JP Morgan
$USm in ProceedsProceeds
Deals
Global ScorecardJan 1 2015 - Sep 30 2015
No.
5
119,237.2
11
208,406.810
10136,363.611
8
Citi6.3
4 279,534.1
107,211.3
7
299,178.0
9
223,418.2236,947.4
Industry % Change from Last Quarter
103,143.5
22 16
+1.596,134.3
▼
2
- 32
Societe Generale
2
1
Global Debt Capital Markets % Change by Asset Class
Mitsubishi UFJ Financial Group
▲26.9%-13.1%
▼
+14.5
07.6 -0.910.5
China Construction Bank
ANZ Banking GroupAustralian Dollar Bonds (AJ3) 24.1
https://www.thomsonone.com
Mkt. Share Chg. from Last Qtr (%) Industry % Change from Same Period Last Year
21
10,544
▲1,087
474▲
13
24
Industrial & Comm Bank China▲
12
Credit Agricole CIB
▲
▲
UBS
Bank of Communications Co Ltd
12
1838
RBC Capital MarketsChina Construction Bank
Bank of China Ltd
20 88,093.8
14104,128.5
89,817.8
104,138.0
91,266.618
15
15
-4.0Industry TotalTop Twenty Five Total
100.03,817,883.75,517,966.6
69.422
TD Securities Inc
UniCredit23 1.414
0.91.020
46,871.2
2,093,873.0
Mizuho Financial Group
▼
56,771.2
51
17
25
Agricultural Bank of China
3916
171956
31
Morgan StanleyWells Fargo & Co
Nomura▲
HSBC Holdings PLC
+25.8%
▲
▲
13
BNP Paribas SA
Goldman Sachs & Co7
▼
▲
217,654.4138,728.2
▼221,786.9
977,427.7▲
+59.8%
+40.3%
-22.5%-0.4%
+14.6%
3
+8.9%
Consecutive Quarters No. 1
1,064
+27.2%+33.7%
+23.3%
671
575
▲
▲▼
+2.3
440322 424
-20.8%
2
2
▲
3
▲
▼
▲-
4
▲
2▲
▲
2
2
1
▲+34.1
169,746.1 1,497
Australian Domestic Securitization (AJ5) National Australia Bank 45.3
Jan 1 2016 - Sep 30 2016
US Mortgage-backed Securities (F11)
US Long-term Debt (F2)▲
Barclays
281,118.8Deutsche Bank
751
509
221,729.6
308,115.9
2,274,499.7
632
948243842
1,821,421.8
Australia Bonds
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)
16,247.7171,959.1
175,238.2
3,550
1,064,841.7
2,719
Deals
-19.5% ▼
+8.6%3
$USmNo. % Change
▼5
2015 Rank
-0.4
Bank of America Merrill Lynch
Bookrunner Sh (%)Market
Proceeds
6
9631,589,831.93,783
309
2.5
9
Credit Suisse
3.8
3
6
▼▼
-1.4
Imputed Fees (US$m)Market
Deals
-0.56.8▲▲
▼
Global Debt
Proceeds Market
Jan 1 - Sep 30
7.3▼ 1,1371,157
310,475.75.4
2.2
FeesChange in
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
-0.6
Global Debt (B1)
4.14.0
42
2016 Rank
1,229.9
7.28.3
▼
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
-0.52.5
+0.5
787952
1.9-
-1.5▼
-0.5
-0.9
+1.5
77,245.9
219,317.3
# ofSh (%) Share Ch.# of Deals
MarketManager
▲Sh (%)Share Ch.
1,296 +131-1.1
-1.6
▲▲
0
136,517.3168,726.1
+1.5
3.1-1.0
▼
All US Debt (F1)
23.3%
79.7%
-20.8% -21.2%
2.3%
17.7%
57.3%
-30%
-10%
10%
30%
50%
70%
90%
Investment GradeCorporate
Agency,Supranational,
Sovereign
High YieldCorporate
ABS MBS Emerging MarketCorporate
Federal CreditAgency
* tie
RBC Capital Markets 13,669.9
12,788.1
8
10▼
▲
Credit Suisse76
43.1
465.5190,381.1
▲7.2
100.0 -51
3469.7
6,651.1
-9.7%
474
▼-10.6%
100.0
100.0
1.7
65.4
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
26.4
59
+2.5
10,563.1 5.6
7
▼
125▲
52+1.5
▼
Deutsche Bank
▲
+1.0▼
-12+1.453 ▼
▲
9.3
+6.5
-11
+1.0
11.26.8▼
310.74.3+4 19.9
31.6
Bank of America Merrill Lynch
11.0▲
▲
▲
▲
▲+1.629.8 6.4 +0.8
▲66.9
▲
▲12.4 +12 ▲ 26.1 5.6 +1.8
▲ 26.3▼
5.6 -0.8
7.5-0.2-0.5
-29.2%
5.8
6.712,665.8
11,015.6
3.5
▼
+1.6
Industry % Change from Last Quarter
10,616.29▲
-3.7-0.1 132,417.4
▼
Jan 1 - Sep 30
Share Ch.
Proceeds per Bookrunner (US$m)2016 Rank
8.5
FeesMarket
# of Deals per Bookrunner
Deals-2
-22.2%
Manager
▲
▼
77# of DealsSh (%)
▼-19.4%
Market
+1.075
8
Top Ten Total70.1
9
▼14
5
Mitsubishi UFJ Financial Group
-41.9%
▼▲
6.1
+0.3
▼
100.0
▼
5.3
▼-13
5.4
61▼
-0.6
3.9 Mizuho Financial Group
+94.7
6.6
+1.1
▲+1.5
5.7
▼
+0.7
8.710.1
0 -
▼
+12
▼▼ -834
11.3 +4
-2.744.1
819.4
11,598.9▲
-134572.469.9 +0.8 ▲
+1.4
100.0
4.7 1256.1-1.4
558
44.531.6▲ 22.4 -13 ▼
▲
8.4
13.411.1
-24
▼
66.0▲ 53.7
+5+9
5.465▼
▲+1.28.1
Sh (%)-
Proceeds
Wells Fargo & Co+1.3
16,227.646.9
2015 Rank
34
14,409.72
Citi 2▲
-16-7
13.7
3
59.8
352,886.3
+1.5▲+0.1▲9.7
Barclays
Industry Total
Industry % Change from Last Quarter
▼▼+0.7 15.2
▲
▲ -0.672
47
80
62
5.7
2
-0.763
▲15,435.2
7
▲
100.0666.9
-2.0
# of Deals per Bookrunner
73.9
▼
Imputed Fees (US$m)
Industry % Change from Same Period Last Year
▼▲
▲
Share Ch.MarketChange in
6.8%
+2.4
-10.3%
4.2
-73 901.2598
38.0-3729 4.883.0 +13.8
100.0
▼-4.4 ▼▲
14,363.8618
291,987.6
+3.840.5+0.622.9 2.5
Barclays 10 2.3Mizuho Financial Group 9 4.54.2 +16
+74.1 ▲+3.2 ▲ 25
▲▲ 48+3.0 8.0▲ 47.6
54.4
▲89.7
▼▲
-1.85.3 ▼6.0
-0.3
70.6
6.1
+0.77.8
▼▼ ▼
-7
▲94.9 10.5▼
▼ +1.210.0
▼11.8+1.2-1.5
24,947.7
10.637,263.1▼
-12-0.8-3
44,897.8 -37▼
1
-39341,910.92 1 14.2
7815.6
# of Deals
▲11.9 +2.812.7
13.0 -5
2016 Rank
Market # of
+1.3 ▲
+4.9
3 3
Proceeds4
-21.2%
222,762.3
▼
6.9
+1.3-1.5
6.1
17,397.3
+0.5
3.4
Bookrunner
▲
JP Morgan
# of
Industry % Change from Same Period Last Year
Manager
▲
84
7
Top Ten Total
4
▲11.312.9 ▼-7
2
101.776
11.2
Market Market
93.5
-23.3%
633,383.5
8
4
Bookrunner27,235.4
2015 Rank
21,975.9
15,816.4Barclays
+0.9Citi
19.9
+314
-2
14.312.2
Sh (%)
4.8
+1.3
Deals
4.2
-685
+3
▲
Change in
MarketFees
▼-0.5
106.6▲ 8512.7▲
Share Ch.
▲
+0.1
Sh (%)+0.5
-2.0
▼
JP Morgan7
15.216.2
55
Sh (%)0
Market
Global Asset-Backed Securities ex-CDOs (B13)
12
Market
24,369.5
# of
9 39 6.520,321.3 5.8
8,025.7
Imputed Fees (US$m)Change in ManagerMarket
Deals Sh (%) Sh (%)Market
Share Ch.Market
9.57.15
5
-10.9%0.0%
▲+1.7
▲
▼5
▲
67
+0.6
+3.1
▼
9.221,374.1
Morgan Stanley
▲
+7.5
-6.7
-0.5
▼
▼
5.5679.4 6.4
Share Ch.
7,492
Market
7.05.8
-0.8265.9
▼
24.2%
▼▼
Market
-5.3
▲+14.2
Imputed Fees (US$m)
21.1 ▼▲
+3.8
100.0▼
▲
▲
Market
6.0%
3.8
Jan 1 - Sep 30
-20
Bank of America Merrill Lynch
▲
2.61.5
+2.6+65.4
NomuraGoldman Sachs & Co
Global Mortgage-Backed Securities (B10)
Manager# of Deals per Bookrunner
45,499.7Wells Fargo & Co▲+13.4
Proceeds per Bookrunner (US$m)2015 Rank
Top Ten Total
Industry % Change from Last Quarter23.3%
100.0
Industry % Change from Same Period Last Year
2,652,736.6
▲
944.7
Wells Fargo & Co 73,326.310
Industry Total1,179,297.6
2.8
Change in # of DealsSh (%)
Market
-1.4%
MarketSh (%) Share Ch.
Global Debt and Syndicated Loans Islamic Finance (DL2)
-3.1%
Deutsche Bank+13▼BNP Paribas SA 9
8 5.0410
-69
+48-34
4.2
▼105,435.5361
4.4 316▼
488694.4
▼
Sh (%)
5.3563.3▼▼
6.6528 +4Deals
Proceeds per Bookrunner (US$m)
Global Debt
MarketMarketBookrunner
Global Investment Grade Corporate Debt (B7)
ManagerChange in # of Deals per Bookrunner Imputed Fees (US$m)
4.4
# of Deals
▼▲
▼
▲+54▲+24
+7 346.5
575.71
▲
▲7.0▼
6.1▼3
3 -0.8
-0.5
▼
-0.4
▲
3.9
45.4
3.3
100.0
3.7
4.5
3.7
Jan 1 - Sep 30
# of Deals per Bookrunner
2.5▲
38.8%
333
+4
14.2
Fees12.6
▲
-3
6.0
7.5
6.4
6.2
-
-2.3
▲
1
Proceeds per Bookrunner (US$m)2016 Rank
2015 Rank Proceeds
Market
6
▲
14
6.2 +3.6 20
1,249.2
-
15▼
-
9
Sh (%)
7
68.8
959.3
67.87.1
13,490.7
-20.8%
5 2,225.1
35.5
+1.6
7.4 -1.6 ▼26.3
3.9
Credit Suisse
Morgan Stanley 10
▼
# of Deals
Deutsche Bank ▲
9.96.1
Proceeds per Bookrunner (US$m)2016 Rank Fees
112.02
▲
79.4
-1.45
6.97.6
7
3
10,563.1118
3
7.338.2
-0.4RBC Capital Markets11.014,299.9 +0.1▼52
44 ▼ 28.4
32.1-11
▼
+4.5
Credit Suisse
+6.4
▼
▲Citi
▲
Proceeds
20,572.2
2.3%
- 13.4
4.5
MarketShare Ch.
-11.3
▼
Bookrunner
-10.8%
17.1
Sh (%)
2.4-
Share Ch.
Global Asset-Backed Securities (B11)
JP Morgan
13.3
▲ 5.1
▲▼
▲
+6.2
+5.1
▼
40.412.81
3,621.8 ▼
1618
1-20
▼
12.9
▼
4
-20
Sh (%)
13.8Sh (%) Share Ch.
▲
2016 Rank
▼
▼-2.1▲
2015 Rank Share Ch.
Jan 1 - Sep 30
Proceeds1
+27
Market
-0.5
# ofFees
MarketMarket
Citi 2
Sh (%)
Bank of America Merrill Lynch
123,935.9
4.1
4
144,121.86.3
5.35.4
JP Morgan
7
124,714.2139,637.3
4.72
107,509.77
Morgan Stanley-0.24.7
165,689.2 -1.5
-1.2
6.6
-0.6 6.5459▼
5HSBC Holdings PLC 5 8Goldman Sachs & Co 6 6Barclays
3.0
-0.6
-0.3491
4.0
▼
373-1.2
▼ 484
▼
▼
# of
-13.4%
-0.6▼
115,965.5
78,962.2
469.1
-7.4▲
10,542.6
-0.5-0.4
-0.8
247▼
6.5
+2,095
4.8 407.8
392.74,783.4
388.6
Malayan Banking Bhd
DealsBookrunner
3.3 +47
Market
▼
2,664.6
271 -2.44,115.5CIMB Group Sdn Bhd2112.13 -5.1
RHB 40
27.6Standard Chartered PLC 3 6
2-3.28.9
Dubai Islamic Bank PJSC7
HSBC Holdings PLC 5 2 1,841.31,706.3
41,402.4
8
AMMB Holdings Bhd 6 ▲Emirates NBD PJSC 18.4▼
-3.15.7 134.7
134
3.54.2 17.1-13.2
76
-76.36.1
▼
29.255
▼
Industry % Change from Last Quarter -16.1% -29.5%
7,651.2156,023.2
-14.1%
Industry TotalTop Ten Total
-9.3%
Mizuho Financial Group9
https://www.thomsonone.com
Imputed Fees: Global Investment Grade Corporate Debt
-0.1
▼▼
60 10.8
Wells Fargo & Co
10
▲
61.1
16.4%
23.7
▼▼
-10.3%
▲
-18.1%
-786.7
29,930.1
Bank of America Merrill Lynch
Industry % Change from Same Period Last Year
▼
-20.2%
Industry Total
Industry % Change from Same Period Last Year▼▼
JP Morgan
Top Ten Total
9
Industry Total
Industry % Change from Last Quarter
1
First Nine Months
Deutsche Bank 2.6+1.2
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Imputed Fees (US$m)
+0.6
Jan 1 - Sep 30
3
7.9 7.4 7.5 6.6 6.5 8.4 8.4 9.1 8.5 10.5
5,237
4,082 4,005 4,786
4,648
4,847 4,940
6,315 5,398
7,492
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
$0
$2
$4
$6
$8
$10
$12
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Num
ber o
f Offe
rings
Fees
(US
$b)
Global Investment Grade Fees (US$b) Number of Offerings
Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Sep 30 2016
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First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Banking Composite: Global Debt
4.2% 4.4% 4.1% 3.5% 3.7% 2.0% 2.7% 6.6%
25.3% 21.4%
18.2% 14.6%
18.2%
15.3% 20.0%
31.1%
22.9%
2.9%
3.4%
3.4%
4.0%
1.5%
2.9%
5.7%
3.8%
0.2%
1.7% 6.9%
4.1%
1.5%
4.2%
1.6% 2.4%
2.1%
0.0%
0.0%
9.3% 10.1%
8.9%
11.4%
12.8%
10.2%
13.4%
5.1%
7.0%
10.5%
52.7%
52.4%
57.5%
59.5%
58.0%
62.5%
58.9%
53.9%
62.9%
71.1%
3.9% 1.5%
3.9% 5.6% 1.7%
5.5% 3.3% 0.8%
11.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JP Morgan Citi Bank of America MerrillLynch
Barclays Deutsche Bank Morgan Stanley HSBC Holdings PLC Goldman Sachs & Co Wells Fargo & Co 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
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First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Global Debt Rankings* - Last Ten Years
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables*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.
1
2
3
4
5
6
7
8
9
10
2007 2008 2009 2010 2013 2014 2015 2016
Ran
k
JP Morgan
Citi
Bank of America Merrill Lynch
Barclays
HSBC Holdings PLC
Goldman Sachs & Co
Deutsche Bank
Morgan Stanley
Wells Fargo & Co
BNP Paribas SA
Proceeds from US Investment Grade Debt issuance in the first nine months of 2016 increased 8.9% compared to thesame period in 2015, to US$1.1 trillion, the highest first nine month volume on record. Financials dominated theprimary market for US Investment Grade Debt issuance, accounting for 50% of the market with US$526.8 billion from405 issues. According to estimates from Thomson Reuters/Freeman Consulting, fees from US Investment Gradetotaled US$5.3 billion, an increase of 9.8% from the same period a year ago.
US High Yield Corporate Debt volume in the first nine months of 2016 decreased 19.5% to US$175.2 billion from theproceeds raised in the comparable period a year ago. Issues from the Healthcare sector accounted for the largestdecrease, declining 182% to US$9.9 billion, followed by Energy & Power and Telecommunications sectors, whichdeclined by 89.3% to US$18.9 billion and 78.2% to US$8.9 billion, respectively.
Proceeds from securities backed by commercial mortgage loans (CMBS) were slightly up from the first nine monthsof 2015, increasing 6.6% to US$86.3 billion. According to estimates from Thomson Reuters/Freeman Consulting,CMBS fees totaled US$332.9 million, a decrease of 2% from the same period a year ago.
015.5▼
+112+0.1 1.4▲+0.1
▲▲▼-
0.6
+0.1+0.2-0.2
-0.1
0.50.50.60.3
▲
25.925.029.8
33.5
▲▲▲▲
1.9
+6+9+9
+7
1.91.93.0
161625
3,209.1 16
▲▲▼▲
0.3
+0.2+0.2-0.3
0.40.40.3
4,581.04,521.33,886.53,304.8
272129
28
Wells Fargo & Co 5 5 158,692.9 -13.8
30
BBVALloyds BankBank of New York Mellon CorpANZ Banking GroupPNC Financial Services Group
26272829
30
Industry % Change from Same Period Last Year 8.6% ▲-6.0%Industry % Change from Last Quarter -4.0% ▼-6.2%
100.0+758
▼Industry % Change from Same Period Last Year 44.1% ▲
5,763 344.7
▲ 68.9% ▲▼2.2%
100.0
15.1%
Industry Total 573,778.3
-5.1% ▼
100.0
-21.4%
2,246.5 100.0
▼▲181.1 +3.9
5.1 1.552.766.1 +5.6 ▲
-1.2+250▲
-12Top Ten Total 378,748.8
▼4.2 -0.2 ▼ 87 1.5▲
HSBC Holdings PLC 10 6 24,044.7405Bank of America Merrill Lynch 7.09 11
13.9 35.3 ▲4.5 +1.9
+220 ▲3.9 +1.313.6
First Horizon National Corp 8 9 27,923.5 4.9 +1.0 ▲26,059.8
15.0 4.4 +0.718.8
▲10.2 +4.4
5.5JP Morgan 7 7 29,375.9
801
▼▲4.0 +81 ▲5.1 +0.8 ▲ 229
6.3 -2.2 ▼5.2
-1.117.8
616 10.7 -79 ▼▼
Wells Fargo & Co 6 2 35,962.1Deutsche Bank 5 3 37,014.7 -0.46.5 -1.7
+113 ▲2.6 -24 ▼150▼
+3.2 ▲ 274 4.8 20.6 ▲
0 -▼
6.0 +1.7Citi 4 10 38,813.5 6.83.7TD Securities Inc 3 5 40,214.4 +29 ▲ 17.3 5.0 -0.6
6.0 -0.9+17 ▲ 17.1
7.0 +1.4 ▲ 211159 2.8▲ 5.0
▲ 20.5 ▼Nomura 2 4 48,999.5 8.5 +2.5Barclays 1 1 70,340.7 12.3 -1.1
Fees Sh (%) Share Ch.3.7 +25▼ 215
Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals
All Federal Credit Agency Debt (H1)
2016 Rank
2015 RankBookrunner Proceeds
Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
US High Yield Corporate Debt (F8) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
▼▼ ▼
▼-13.1%
Jan 1 - Sep 30
69.1 -1.6 ▼100.0
6,838.6-233 9,895.73,5502,274,499.7 100.0
72.3 -3.0Industry Total
▼4.8
Top Ten Total 1,643,545.7316 8.9 -96 ▼ 475.3
+0.7HSBC Holdings PLC 9 10 100,972.8Credit Suisse 10 8 98,952.6
▲4.4 +1.2 ▲4.4 -1.6 ▼
242-1.0 ▼
▼6.8 +41 2.8
5.2▲ 277.6
-0.4▼ 516.6▼
Deutsche Bank 8 9 119,370.1 5.3 -0.7 ▼ -56606.5460 ▼
366 10.313.0 -39
▼Goldman Sachs & Co6.1 -1.2
655703.0 7.1
6.7
-1.0 ▼▲▼-0.1
Morgan Stanley 7 7 131,416.3 5.86.7 -0.2 453 12.8 +44 ▲ +0.2
▼ 658.76 6 153,029.5
▲7.0 0
-20 ▼18.5 -78
625.6Barclays 4 4 170,449.9 7.5 -0.8 ▼ +0.5
▲▲10.3 +0.39.8 -0.6 ▼ 750 21.1
9.2Bank of America Merrill Lynch 3 2 223,489.0
6.3+4 ▲ 1,014.0
489
10.6 -0.8681 19.2 +58 ▲
▲ 1,048.9+0.2912.4
▼Citi 2 3 225,925.7 9.9 +0.8 ▲JP Morgan 1
Sh (%) Share Ch.1 261,246.9 21.7 +53▼ 77211.5 -0.1
Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2016
Rank2015 RankBookrunner Proceeds
Market Market
Market MarketMarket Market # of Market Change in Manager2016 Rank
2015 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees
-5 ▼JP Morgan 1 1 16,653.1 9.5 -1.5 ▼ 128 52.7 -12 9.8 -1.7▼ 220.4 ▼Barclays 2 6 16,449.9 9.4 +2.1 ▲ +2.5 ▲Bank of America Merrill Lynch 3 2 16,337.3
216.6 9.6▼ 218.5
102 42.053.1 -21 9.7 +0.59.3 +0.1 ▲ 129 ▲
Goldman Sachs & Co 4 3 15,981.4 9.1 +0.7 ▲ +1.7 ▲199.0 8.9▼ 190.6
103 42.4 -14 ▼9.0 +0.8 ▲ 93Deutsche Bank 5 4 15,747.9
+1.1 ▲38.3 -20 8.5 +0.5
-16 ▼▲
8.5Citi 6 5 15,569.6 8.9 +0.7 ▲Credit Suisse 7 8 12,056.9
189.7▼ 156.7
97 39.934.2 -12 7.0 +0.46.9 +1.0 ▲ 83 ▲
Morgan Stanley 8 7 9,190.1 5.2 -1.5 ▼ -1.1 ▼106.7 4.8▼ 97.7
70 28.8 -26 ▼4.7 -0.5 ▼ 73Wells Fargo & Co 9 9 8,301.6
-0.9 ▼30.0 -23 4.4 -0.5
-31 ▼▼
21.4RBC Capital Markets 10 10 6,487.6 3.7 -1.3 ▼ 87.41,683.375.7 +0.6 ▲
52
243 -66
▼
Industry Total 175,238.2
3.9132,775.4
1,064,841.7 100.0
Industry % Change from Last Quarter 1.8% ▲ ▼
Industry % Change from Last Quarter -33.0% ▼Industry % Change from Same Period Last Year -19.5% ▼
842
Top Ten Total
Industry % Change from Same Period Last Year 8.9% ▲
+91Industry Total
▲
92.2100.0
-1.3 ▼ 4,894.9
60.9
167.2153.2116.7124.1
1,010,597.9 95.1
0.4
-▲
▲
▲
▲▼▲▲
120.085.9
-Mizuho Financial Group 10 14 31,996.8 3.0 +0.8 ▲ ▲
4.2 0114 13.5
14.6 -20+40 +0.4157.3 3.0
102 12.14.8 -0.6 ▼ 224.8123 ▼
+0.2 ▲175.2 3.354,486.1 5.1 +18 ▲+1.1 ▲
▼5.4 +0.1 ▲6.8
▲363.7288.55.8 -0.3 ▼ +6
-0.9 ▼ +34162 19.2227
-0.1372.1▲
-0.4
251 29.8 386.7
27.0 ▲
▼7.0 -0.2 ▼195 23.2 +26
+41 ▲ 7.3
Wells Fargo & Co 6 6 68,025.27.4 -0.86.4
8.8 ▲Morgan Stanley 4 5 80,158.9 7.5
+0.4+0.2 ▲
336▲ 466.1+0.5 ▲ 35.2 +41296
Deutsche BankHSBC Holdings PLC
RBC Capital MarketsCredit Suisse
▲Citi 3 3 107,655.9 10.1
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Barclays
US Deals Intelligence
US Debt (F1) Jan 1 - Sep 30
Bank of America Merrill Lynch
Goldman Sachs & Co
8
110,308.7
5 4 78,568.0
61,493.5
2 2
7
2016 Rank
2015 RankBookrunner
MarketSh (%)
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
US DebtUS IG Highest First Nine Month Volume on Record
US Investment Grade Corporate Debt (F9) Jan 1 - Sep 30
▲
Proceeds
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
▼
10.8 +0.2
Market # of Market Market MarketShare Ch. Deals Sh (%)
12.1%
1.010,742.9
17,698.5
8,001.30.80.8
JP Morgan 1
9 8
12
50,940.3
11 13
7
29,992.527,712.527,263.225,483.6
12.3 -1.0 ▼1 130,793.0
10
10.4 -1.1 ▼
▼
345 41.0
https://www.thomsonone.com
▲
Share Ch.+19 ▲ 577.8 10.9 -1.3 ▼
Sh (%)
+20
▲
▲Industry % Change from Last Quarter-21.2% ▼-20.8% ▼
Change in
▲
▲▲
+0.6+0.5
0
Manager
39.9 +31 ▲ 577.7
Fees# of Deals
-5.3%
75.1 +2.5
-4.0%
15.9%
6,980.1
25
6,205.05,534.65,167.919
22
8,866.4
Top Thirty Total
2122
2423SunTrust Banks
ING
ScotiabankCredit Agricole CIB
91512
131415
2019
17 11,853.8
32
2317252018
Santander
BNP Paribas SAMitsubishi UFJ Financial GroupUBSUS Bancorp
TD Securities IncSumitomo Mitsui Finl Grp Inc 1.1
Societe Generale
111624
15,409.9
9,756.6
16
180.9
2.82.62.62.41.71.5
0.70.60.5
+0.6-1.9+0.7+0.1-0.9+0.3
+0.1▼
+0.3-0.3
▲▲▼
-
-0.2+0.1
▼▲▲▼
▲▲
+0.5
707938
▲ 122848898
▲4.54.9
118
413226414238
14.510.010.511.68.39.4
3.83.1
4.51.3
4.95.0
+5
+23+7+10+7+14+5
+23-14
+27+12
0+10
▲▲▲
▲▲▲
57.341.145.266.632.944.0
1.1
0.6
0.60.8
0.91.3
1.10.8
2.31.6
3.12.92.22.3
+0.3
+0.3+0.2
+0.1
+0.7-0.7+0.5-0.1-0.4-0.2
▼
▲▲▲
▼▼
+0.3
30.0
-0.15,327.5
-9.7%
▲▲▼-0.2
9.8%
▼
-25
▲▲▼
-6.9%
-0.1+0.3-0.40.630.2
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▼▲
0.5RBS ▼1.0
*Excludes financial arms of sovereign states and floating rate issuance.
7
Jan 1 - Sep 30
▼Industry % Change from Last Quarter -8.6% ▼ -15.1% ▼ -19.1% ▼Industry % Change from Same Period Last Year -13.2%
-15 324.0245
-0.4% ▼ -5.8% ▼
71.1100.0
▲Industry Total 135,205.5 100.0
+5.5+0.4 ▲
Top Ten Total 106,525.3 78.9 +0.4 ▲16 6.5 0 - 9.3
230.12.93.6 +1.3 ▲
Societe Generale 10 10 4,971.5 3.7 +0.6 ▲▲ 17 6.9 +4 ▲ 11.8Mitsubishi UFJ Financial Group 9 13 5,217.9 3.9 +1.3
-14 ▼ 20.3 6.3 -1.3 ▼▲
Credit Suisse 8 4 8,991.6 6.7 -2.3 ▼ 46 18.814.3 -4 ▼ 20.7 6.4 +0.1
+2.1 ▲RBC Capital Markets 7 6 9,622.8 7.1 -0.4 ▼ 35
53 21.6 +13 ▲ 21.5 6.67.5 +1.1 ▲
Deutsche Bank 6 8 9,896.7 7.3 +1.1 ▲▲ 52 21.2 +10 ▲ 24.2Wells Fargo & Co 5 7 11,598.9 8.6 +1.8
-8 ▼ 25.3 7.8 +0.7 ▲▲
Bank of America Merrill Lynch 4 5 12,065.4 8.9 -0.1 ▼ 43 17.622.0 -7 ▼ 26.0 8.0 +0.3
+2.6 ▲Citi 3 2 12,619.0 9.3 -1.6 ▼ 54
68 27.8 +15 ▲ 36.8 11.410.6 -1.8 ▼
Barclays 2 3 15,379.0 11.4 +1.7 ▲▼ 67 27.3 0 - 34.2
# of Deals Fees Sh (%) Share Ch.JP Morgan 1 1 16,162.5 12.0 -1.7Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)
# of Market Change in Manager Market MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2016 Rank
2015 Rank
Market Market
Jan 1 - Sep 30US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)
▼Industry % Change from Last Quarter -6.0% ▼ -21.5% ▼
US Asset-Backed Securities excluding Self-Funded and CDOs (F14b)
-27.9% ▼Industry % Change from Same Period Last Year -21.4% ▼ -22.3% ▼ -48.0%
-89 593.6310 100.0▲
Industry Total 160,035.0 100.0423.4 71.4 +0.7
+0.5 ▲Top Ten Total 123,525.1 77.4 +1.5 ▲
17 5.5 +2 ▲ 11.8 2.05.7 +0.1 ▲
Mitsubishi UFJ Financial Group 10 12 5,217.9 3.3 +1.1 ▲▼ 28 9.0 -4 ▼ 33.7Goldman Sachs & Co 9 10 5,474.4 3.4 -0.2
-5 ▼ 28.1 4.7 +1.4 ▲▼
RBC Capital Markets 8 9 10,416.6 6.5 +0.8 ▲ 37 11.917.7 +5 ▲ 29.2 4.9 -0.4
-2.4 ▼Deutsche Bank 7 7 10,696.2 6.7 +0.5 ▲ 55
51 16.5 -20 ▼ 40.8 6.96.8 -1.4 ▼
Credit Suisse 6 4 10,978.3 6.9 -2.0 ▼▼ 46 14.8 -18 ▼ 40.1Bank of America Merrill Lynch 5 3 13,200.8 8.3 -0.6
+12 ▲ 36.8 6.2 +1.6 ▲▲
Barclays 4 6 15,379.0 9.6 +2.2 ▲ 68 21.920.0 +6 ▲ 63.9 10.8 +2.5
-1.1 ▼Wells Fargo & Co 3 5 15,816.4 9.9 +1.9 ▲ 62
72 23.2 -7 ▼ 53.5 9.014.4 -0.1 ▼
JP Morgan 2 2 17,844.0 11.2 -1.1 ▼▼ 69 22.3 -14 ▼ 85.5Citi 1 1 18,501.5 11.6 -1.1
Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2016
Rank2015 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
US Asset-Backed Securities excluding Self-Funded (F14a) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
9Societe Generale 16▲10 11
144,971.5 +0.5
+1.1
US Structured Finance 1-3Q 2016 vs 1-3Q 2015 Jan 1 - Sep 30
▼
▼
100.079.9 -0.5
5,217.9
Industry TotalTop Ten Total 125,387.6
18.65611.6
5.3Mitsubishi UFJ Financial Group
▼
▲3.33.2
-10.0% ▼Industry % Change from Same Period Last Year -4.6%
156,625.6
▲
Industry % Change from Last Quarter
https://www.thomsonone.com
413.8 100.0305.2 73.9 +2.7 ▲
301 -35
▲ 11.8 2.9+0.4- 9.3 2.30
▲+0.217 5.6 ▲
-4+1.1+4
20.7 5.0▲
RBC Capital Markets 8 7 9,622.8 6.1 -0.4 ▼ 35+1.1
▼
-1.7 ▼6.5 +0.9 ▲ +158.2 19.3 -6 ▼
▲ 23.3 5.6Deutsche Bank 7 8 10,224.7Citi 12,893.5
▲▼▼
▲ 33.5 8.1 -0.1▼
6.727.5Wells Fargo & Co 5 6 14,420.7
+0.7
-0.158
9.338.39.2
▲Bank of America Merrill Lynch 4 3 14,938.5 9.5 -1.0 ▼Barclays 10.0
9.0 -1.63 15,621.6
10.7 -1.9 ▼9.2 +2.2
23.3 ▼+1.4 ▲ 71 23.6 +16 ▲ 38.1
37.470
▼
621.2
-47.3%Industry % Change from Last Quarter -5.4% ▼
-22.5%▼ -26.3%-19.8%
322 -102
▼▼
+0.5 ▲Industry Total 171,959.1 100.0 100.0
446.215.1 2.4
▲ 71.7▲
Top Ten Total 134,099.1 78.0 +0.6+0.9 ▲
017 5.3 +2 ▲ +0.6
-Mitsubishi UFJ Financial Group 10 12 5,217.9 3.0Goldman Sachs & Co ▼ 33.7 5.4
-0.5 ▼10 5,474.4 3.2 -0.1 ▼ 28 8.7 -4
29.2 4.76.6
55 17.1 +5 ▲+0.5 ▲▼6.4 -1.8 5110,978.3
Deutsche Bank 8 8 10,696.2 6.2
▼ +1.7 ▲15.8 -20 ▼ 40.8 ▼-2.4
12,541.4 7.35 ▼ 41.8
+0.8 ▲ 40 12.4 -6
US Asset-Backed Securities (F14) Jan 1 - Sep 30
# of Market Change in MarketSh (%)
Market
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
US Mortgage-Backed Securities (F11)
6978 24.2
30,349.5
Bookrunner Proceeds2016 Rank
72 34,242.3
43,021.9
Sh (%)Wells Fargo & Co 1 3
Share Ch.76
Goldman Sachs & Co
Credit Suisse 2
Citi
3
5Morgan Stanley
JP Morgan 4
Market # of Market Change in Manager Market
Manager
14.9 +1.2-7 ▼ 101.7# of Deals
14.7FeesSh (%)
2016 Rank
2015 Rank
▲Sh (%)
Jan 1 - Sep 30
# of Deals per Bookrunner Imputed Fees (US$m)
1 25,043.32
Bookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market
Wells Fargo & Co9.2 +1.9 ▲
Citi▲
6 15,878.9
JP Morgan 1
12.2▲
+1.9 ▲10.8
Share Ch.14.6 +0.2
▼
Market
81+0.4 ▲16.2 +6.4 ▲
▼ 81.0 11.7
2015 Rank
45,499.7
72 14.177 15.1
15.377.6 11.2
Imputed Fees (US$m)
▼6.7 -1.534.2 5.5
Share Ch.Market
▲-2 ▼-1.3 ▼101.9+2.2
14.8-34 ▼
▼-0.8 ▼59.9-0.7
# of Deals
-20 85.8 13.8
Fees Sh (%)Deals Sh (%) Share Ch.▼ 9.6-10
21.4 ▼
5 15,816.4 9.2
10.82 18,501.5
▲ ▲
15.9
Deals
▲69 21.4 +11 ▲ +1.739.7 6.4
+1.4 ▲-1
+647 14.6 -20
-24.1% ▼
19.3
▲
+1.6 ▲57 11.2 -2 ▼ 61.7 8.9
6519.9
-2
Top Ten TotalIndustry Total
91.8 +9.8
Nomura
10Deutsche Bank
12 18,177.7Barclays 9 6
5 20,589.9
4,860.99
-13+2+1.1 ▲
6021.6
Market
6 4
5
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
9.4 -5
19 3.7
7.59.2
3847
48
26
▼ -2.0
▲
5.940.9-6 ▼ 43.5
18.9+8
▼6.3
-2.2 ▼▲
+0.2 ▲2.7 +1.04.6▼
-30-4.6 ▼▼-5.2 5.1 -37
-4.9 ▼-2.8
17.4▼576.0
2.5
-1.8% ▼▼-11.5%
509
8.1 -1.2 ▼
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
US Securitizations
▼
6.5 +3.8
7.3 -0.8
+1.8
6.8
+4.2 ▲
+3.3
+0.4
-2.4
34,916.0 12.4
2016 Rank
2015 RankBookrunner
618,992.4
Imputed Fees (US$m)
66.0 10.6 +2.4 ▲62
▲-10.7% ▼
2.9%
100.0690.883.3
31.4
15.8Sh (%)# of Deals Share Ch.
Market
▼-66
MarketMarketSh (%)
-20Fees
▼ 65.3
ManagerChange in Share Ch. Deals
3 13,950.8
# of
1.72.6
▲▲
-8.6%
258,079.5
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
7
-0.4% ▼
7,429.2
8
Industry % Change from Same Period Last Year
Bank of America Merrill Lynch14
Bank of America Merrill Lynch
Barclays 3
RBC Capital Markets 6 7Credit Suisse 7 4
80 26.6 -1.2 ▼JP Morgan 2 2 16,771.4Credit Suisse 1
9
8
4
1 20,705.0 13.2
281,118.8 100.0
Sh (%)
▼
Proceeds-0.5 ▼
▼
▼-20.5% ▼ -25.1% ▼-10.4% -14.5%
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
*Excludes financial arms of sovereign states and floating rate issuance.
-22.5%
-0.4%
6.6%
-11.2%
-11.3%
-30%
-20%
-10%
0%
10%
ABS MBS CMBS RMBS Federal Credit AgenciesMBS
8
DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Sep 30DCM Bookrunner Industry Composition (F1) Jan 1 - Sep 30
https://www.thomsonone.com
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Banking Composite: US DCM
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
3.6%
3.0%
1.4% 2.0% 4.8% 5.3% 2.0% 4.1% 1.3% 2.3%
17.8% 14.0% 17.0%
10.3%
24.4%
22.3%
12.1%
17.9%
11.8%
7.4%
24.3% 20.0%
15.8%
21.4%
15.6%
29.6% 25.0%
0.8%
38.3%
3.7%
7.3% 10.7% 10.7%
11.7%
15.1%
20.5% 12.0%
8.0%
10.2%
10.1%
16.1% 10.4%
10.1%
18.5%
9.5% 27.5%
12.4%
21.9%
23.2%
2.7%
6.8% 7.1% 4.0%
9.1% 7.3%
10.6%
6.9%
7.2%
3.6%
4.5%
5.0% 5.7%
3.2% 5.1%
4.8%
6.0%
2.4%
1.8%
4.7%
4.1%
5.7% 6.6%
6.3%
9.2% 11.3%
8.1%
4.0%
2.3% 1.4%
3.4%
3.6% 1.5%
4.2%
0.0%
0.8%
4.0% 2.5% 2.6%
4.9% 4.2%
8.5% 3.2%
8.5%
2.3%
2.1%
4.9% 3.7% 2.7% 5.5% 5.3%
6.1% 3.7%
6.9%
3.5%
2.9%
3.3% 2.2% 3.2% 3.5% 6.8%
4.1% 5.0%
0.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JPM BoA Citi GS WF Barc DB MS HSBC CS
% o
f Ind
ustry
Pro
ceed
s
Consumer Products and Services Energy and Power Government and Agencies
Healthcare High Technology Industrials
Materials Media and Entertainment Real Estate
Retail Consumer Staples Telecommunications
2.2%
1.8%
0.7%
1.2%
2.4%
2.8%
1.0%
2.3% 0.7% 2.5%
11.0% 8.3% 8.8%
6.2%
12.4%
11.7% 6.3%
10.1%
6.9% 7.9%
15.0%
11.8% 8.2%
12.8%
8.0%
15.5%
12.9% 0.5%
22.4%
3.9%
4.5%
6.3% 5.6%
7.0%
7.7% 10.8%
6.2%
4.5%
6.0%
10.8%
9.9%
6.2% 5.3% 11.1%
4.9% 14.5%
6.4%
12.4%
13.6%
2.9%
4.2%
4.2% 2.1%
5.5% 3.7%
5.5%
3.6%
4.1%
2.1%
4.9%
3.1%
3.4%
3.1% 2.5%
3.1%
1.4% 1.9%
2.9%
2.5% 3.0%
4.0%
3.2%
4.8%
5.8%
4.6%
1.4%
4.3% 1.4% 0.7%
0.7%
0.9%
1.7%
1.9%
0.8%
2.4%
0.0%
0.9%
2.5%
1.5% 1.4%
2.9%
2.1%
4.4%
1.6%
4.8%
1.3%
3.1%
2.2% 1.4%
3.3%
2.7%
3.2%
1.9% 3.9%
2.0%
3.1%
2.0%
1.7%
2.1% 2.1%
2.0% 2.8%
0.0%
38.1%
46.3% 36.6%
39.9% 41.2%
54.7%
48.4% 51.7%
41.5%
53.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JPM BoA Citi GS WF Barc DB MS HSBC CS
% o
f Ind
ustry
Pro
ceed
s
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
9
International bond volumes were up 6.6% year on year. Euro denominated bonds were up 4.7% of the underlyingsectors, Telecommunications (+122.6%) and Healthcare (+36.9%) continued to perform robustly compared with theequivalent period last year. Conversely, the Euro currency sectors which recorded a notable decline were Energy andPower (-30.2%) and High Technology (-57.1%).
Teva Pharmaceuticals' multi-currency US$19.2 billion dual offering in July - the largest middle eastern deal on record- was used to finance the company's US$40.5 billion acquisition of Allergan Generics. The seventh-largest Germancorporate deal on record was priced by Siemens, the US$6 billion raised allotted for general corporate purposes anddebt refinancing.
According to figures from Thomson Reuters/Freeman Consulting, the top international fee earner was JP Morgan,with US$1.1 billion accrued from 963 deals, centered on particularly strong activity in the investment grade corporatesector. The top securitization sector fee earner was also JP Morgan, with US$80.1 million earned. In the Euro-denominated sector, Deutsche Bank had a leading earnings figure of €177.1 million.
All International Bonds by Issue Type
Deutsche Bank 7 5
All International Securitizations (J10c)
43
Citi 2 3
HSBC Holdings PLC 5
Morgan Stanley
Industry % Change from Same Period Last Year
JP Morgan 1 1
Barclays 2Bank of America Merrill Lynch
6
235,766.0224,347.0
Top Ten Total
276,187.3
4
246,077.17.4
Market Market
+0.37.78.6
+0.5
Sh (%) Share Ch.
▲
6.3 +0.5
2.9 ▼
100.0
+0.191,861.9Wells Fargo & Co
Proceeds per Bookrunner (US$m)2016 Rank
2015 RankBookrunner Proceeds
Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner
Sh (%) # of DealsDeals
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
International DebtInternational Bond Volumes Up 7% l Euro Telecommunications Activity On Rise l JP Morgan Top Global Fee Earner
All International Bonds (J1) Jan 1 - Sep 30EMEA Deals Intelligence
# of MarketFees
797▲ 963 22.7
18.8 994.1+51 ▲▲
8.1 +0.69.1+108 1,114.7
Market MarketSh (%) Share Ch.
▼▲
-0.4
+26 ▲776.6
+0.4 ▲+4 ▲
996.1+0.4 ▲
▲17.3
6.3-0.2 ▼ 699 16.50 - 735
+0.3
7.0 8.1
Goldman Sachs & Co 6 7 190,299.2201,892.2
12.75.8 -1.0 ▼ 650
538▲5.9 766.9
4.6
▲▲
-0.7▼-1.5
6.0
7436.3
▼-14415.3 732.5+22
17.5 +35 4.4▲▼
+0.3-0.4
▼
535.7
3.8
+0.6+0.3
▲
4.3 569.4459 10.8 -79-0.8 ▼-1311.3
▲ 467.0▲▼ 393.8
7,346.8
3.2-0.2
4.0
▼
▲ 481315
-0.4▼7.4 +16▼59.9
136,727.3128,819.6
88185,808.4
BNP Paribas SA 9
6.6%
10
3,208,066.31,917,786.0
Industry Total
10 11
▲
-0.559.9
▼ -5.5%
4,244 -124
▼
Jan 1 - Sep 30
▼
12,276.0 100.0
‐18.2%Industry % Change from Last Quarter -14.1% ▼-2.8%
▼ -18.2%
Top Ten Total
▼Industry % Change from Last Quarter -41.7% ▼ -38.3%
1,291
▼ -29.5%
Industry Total 905,927.5 100.0
Industry % Change from Same Period Last Year 4.7% ▲ -8.8% ▼ -5.3% ▼
+0.654.3 +0.31,338.3
100.02,465.7-125▲▲0 - +1.1
523,567.612.2
▲▲ 158
57.7 +1.8
10.5 -95.7139.4
▼Citi 10 10 41,751.5 4.6
4.8 +0.6▼
▼ 111.5 4.5 -0.3▲ 1363.9
Goldman Sachs & Co 9 9 43,695.9
JP Morgan 7UniCredit 8 7 46,968.9 17.7 +12 ▲ -0.1
▲15.8 +496.0
▲ 204▲
50,532.78 49,190.3
5.2 +0.35.4 +0.9
Industry Total
Industry % Change from Same Period Last Year -0.7% ▼
197,329.0
2016 Rank
-1.9%
▼5.6 +0.2 ▲ 202
354
▲Industry % Change from Last Quarter -25.9% ▼ -32.7%
▼-28.7% ▼8.7%
▼
▲+2.0-7 100.0
522.0701.1
74.574.84.4
+5.8 ▲4.4 ▲
▲18 5.1 -8 ▼
46.211
8.5 +8
Top Ten Total 147,469.58,638.9 +1.2 ▲
+1.3+2.4
Goldman Sachs & Co 9 10 9,698.4Lloyds Bank 10 30.6
▲1 10,859.4 ▼-6 ▼ 32.1-4.2 15.555▼
▲▼4.6 -0.8
4.6
+1.4▲ 54 15.3 +10
+2.46.6▲30
8 10,970.2 5.6 +1.0 39▲
16,213.447.2 6.7
+0.5 15.3 +5 ▲▲6.4 ▲
3
▼Barclays 6 7 12,610.0
54Wells Fargo & Co 5 5
9.5▼ 56.2▼
67.6
Citi 4 2 16,540.9
▲▲
+2.011.4
18,679.2 +0.7 ▼ 71.4 10.2
▲
69
Imputed Fees (€m)
618.3
17.2
▲▼19.5 -5
9.7
-2.5-6
-1.00
32.3-4.6
11.0 +7 ▲
MarketManager Market
80.1
Jan 1 - Sep 30
19.5
-
▲
Market
8.0-1.28.2
FeesShare Ch.11.5 +2.9
Sh (%)
58.3
▲64
MarketShare Ch.
# of Deals per Bookrunner
+2.7Deals
18.1 +9 ▲+12
Market# of Market Change in ManagerImputed Fees (US$m)
2015 RankBookrunner
3
4Bank of America Merrill Lynch
22,650.3
Deutsche Bank 87
5.5
8.4
20,608.82 6
Proceeds
BNP Paribas SABookrunner
MarketProceeds per Bookrunner (€m)
+0.7Morgan Stanley
Market
100.0
4.9
2015 Rank
1Sh (%)
3
# of
6.7 257▼Deals
▼
Change in
6.560,741.6Share Ch.Proceeds # of Deals
-36Sh (%)
19.9Share Ch.
+0.36.6 -0.3 16.7▼
▲Fees Sh (%)159.4
HSBC Holdings PLC 3 1 59,962.2Barclays 2 2 60,122.6
+0.86.6 -0.6 ▼ ▼-2519.1
6.2152.1 ▼-0.2▼-0.7
216 -20
-28203 15.7 -18247
Societe Generale 6 6
4 5Deutsche Bank 5 4 ▼ 224 17.4Credit Agricole CIB
6.0▲
-0.554,302.756,299.2 6.2
All Bonds in Euros (N1)
-0.2
15.6 111.5 4.5 ▲+0.46.2152.7 +0.8
228▲
-3
▼ 134.0 5.4
-0.9 ▼4.2▼ 104.6 -0.1
▼ 177.1▼
7.2
Sh (%)
# of Deals per Bookrunner
Sh (%)# of Deals2016 Rank
10.4 +2.969
Jan 1 - Sep 30European Financial and Corporate Inv Grade By Domicile Nation
Proceeds per Bookrunner (US$m)
JP Morgan 1
Market Market
Credit Suisse
€ -
€ 200
€ 400
€ 600
€ 800
€ 1,000
€ 1,200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2012 2013 2014 2015 2016
Pro
ceed
s (€
b)
Investment Grade Corporate Agency, Supranational, Sovereign High Yield CorporateFederal Credit Agency Emerging Market Corporate ABS & MBS
€0
€20
€40
€60
€80
€100
€120
Pro
ceed
s (€
b)
2015 2016
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▲
Top Green Bond Issuance by Nation First Nine Months 2016 All International Green Bonds (JG1) (Exc Tax Exempt Munis) Jan 1 - Sep 30
Industry % Change from Last Quarter 39.3% ▲ -5.1% ▼ 66.2%▲
+34
Industry % Change from Same Period Last Year 138.8% ▲ 48.6% ▲ 54.1%
146.1 100.0+5.2 ▲
Industry Total 51,664.2 100.0 104▲ 57.0 39.1
2.1 +2.1 ▲Top Ten Total 25,844.7 50.3 +9.6
▼ 4 3.8 0 - 3.1Huatai Securities Co Ltd 10 - 1,935.9 3.8 -2.1+2 ▲ 5.0 3.5 +0.3 ▲
▲HSBC Holdings PLC 9 2 1,942.6 3.8 -0.4 ▼ 15 14.4
7.7 +4 ▲ 5.1 3.5 +3.3-2.1 ▼
Bank of China Ltd 8 29 2,021.4 3.9 +3.8 ▲ 84 3.8 +2 ▲ 4.1 2.8
3.0 +3.0 ▲Haitong Securities Co Ltd 7 28 2,091.3 4.1 -4.8 ▼
▲ 5 4.8 +7 ▲ 4.3China International Capital Co 6 - 2,124.4 4.1 +3.4+3 ▲ 3.3 2.2 -1.8 ▼
▲SEB 5 5 2,142.8 4.2 +3.6 ▲ 18 17.3
4.8 +5 ▲ 3.3 2.3 +2.3+3.7 ▲
Guotai Junan Securities 4 - 2,205.4 4.3 +4.1 ▲ 520 19.2 +5 ▲ 12.5 8.6
4.2 -1.1 ▼JP Morgan 3 7 3,343.3 6.5 -3.3 ▼
▲ 19 18.3 +5 ▲ 6.2Credit Agricole CIB 2 4 3,362.2 6.5 +4.3+8 ▲ 10.1 6.9 -4.5 ▼
Share Ch.Bank of America Merrill Lynch 1 1 4,675.4 9.1 +1.0 ▲ 24 23.1
MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%)
Market # of Market Change in Manager MarketAccording to figures compiled by Thomson Reuters and The Climate Bonds Initiative, the Green Bonds sectorrecorded continued strong growth in the first three quarters of 2016, with global proceeds up 138.8%. Chineseborrowers continued to dominate issuance, with US$18.7 billion raised, representing a 36.2% market share.
Notable transactions from the third quarter included an A$300 million offering from the Treasury Corporation ofVictoria, the first regional government in Australia to issue a green bond, with proceeds allotted to low carbontransport and renewable energy projects. Paper company Suzano Papel e Celulose issued the second green bondfrom Brazil; the US$500 million offering was aimed at a variety of green certified uses, including sustainable forestryand native animal and plant conservation. The Bank of China posted a four tranche US$2.8 billion transaction tofinance projects including clean transportation and sustainable water management, which was also the first time aChinese financial institution had listed a deal on the Luxembourg stock exchange.
According to estimates provided by Thomson Reuters/Freeman Consulting, the top green bond fee earner globallywas JP Morgan with US$12.5 million, resulting in a 8.6% fee pool share. The leading bank on Chinese transactionswas China Securities with US$4.3 million earned.
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank
2015 Rank
Market
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Green BondsGlobal Green Market Continued Upward Trajectory l Chinese Borrowers Dominate l JP Morgan Top Fee Earners
Green Bonds Deals Intelligence All Global Green Bonds (GR01) (Exc Tax Exempt Munis) Jan 1 - Sep 30
Global Green Bond Industry Composition (US$ Billion) Jan 1 - Sep 30 Global Green Bonds Volume Jan 1 - Sep 30
▲Industry % Change from Last Quarter -9.3% ▼ -25.0% ▼ 30.0% ▲Industry % Change from Same Period Last Year 75.8% ▲ 29.1% ▲ 18.9%
+16 107.671 100.0▼
Industry Total 34,879.4 100.058.3 54.0 -1.6
-0.2 ▼Top Ten Total 22,140.0 63.6 +2.1 ▲
4 5.6 +6 ▲ 1.1 1.05.4 -1.2 ▼
Rabobank NV 10 21 866.6 2.5 +2.1 ▼▲ 7 9.9 +4 ▲ 5.8Deutsche Bank 9 7 1,317.6 3.8 +2.5
+2 ▲ 5.1 4.7 -4.1 ▼▼
Barclays 8 3 1,566.5 4.5 +1.5 ▲ 7 9.915.5 -3 ▼ 4.8 4.4 -3.9
+1.1 ▲Citi 7 10 1,591.8 4.6 -1.2 ▼ 11
11 15.5 -4 ▼ 4.9 4.64.6 +1.3 ▲
BNP Paribas SA 6 11 1,648.6 4.7 -4.3 ▼▲ 14 19.7 +1 ▲ 5.0HSBC Holdings PLC 5 2 1,867.8 5.4 +0.3
+2 ▲ 2.8 2.6 +0.3 ▲▲
SEB 4 8 1,900.2 5.5 +0.8 ▲ 13 18.328.2 +2 ▲ 12.5 11.6 +6.4
+0.7 ▲JP Morgan 3 6 3,343.3 9.6 -3.8 ▼ 20
19 26.8 +6 ▲ 6.2 5.79.4 -2.0 ▼
Credit Agricole CIB 2 4 3,362.2 9.6 +0.6 ▲▲ 24 33.8 +8 ▲ 10.1Bank of America Merrill Lynch 1 1 4,675.4 13.4 +3.6
Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2016
Rank2015 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
-2
0
2
4
6
8
10
12
14
16
18
$0
$2
$4
$6
$8
$10
$12
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S
2014 2015 2016
# of
Issu
es
Pro
ceed
s U
S$b
il
$27.956%
$12.525%
$7.916%
$1.43%
$0.30.6% Financials
Government and Agencies
Energy and Power
High Technology
Real Estate
Industrials
Consumer Staples
$18,678
$5,212
$4,135
$3,855
$2,363
$1,976
$1,976
$1,901
$1,600
$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000
China
United States of America
Luxembourg
Netherlands
Germany
Mexico
Mexico
Spain
Japan
Proceeds US$m
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2014 2015 2016
Global high yield volumes posted a notable decline of 20.8%, with 105 fewer transactions priced in the first threequarters of 2016 compared to the same period last year. The total of US$238.7 million represented the lowestproceeds raised in the first nine months since 2010. Deals of note priced in the third quarter included Schaeffeler’ssix-part US$4 billion offering, the largest post crisis PIK (payment in kind) toggle transaction on record.
Deutsche Bank led the global high yield rankings, with a 9.1% market share, having worked as a bookrunner on 127transactions, with strength in Media & Entertainment. Deutsche Bank was the top bookrunner for non-dollar activity,with a 10.7% market share. Bank of America Merrill Lynch dominated the US Dollar denominated sector (9.4%share), with 86.2% of its total high yield activity priced in US Dollars in the first three quarters.
According to estimates from Thomson Reuters/Freeman Consulting the top fee earner in the global high yield marketwas JP Morgan, with US$269.1 million accrued. In the US Dollar sector, Bank of America Merrill Lynch was the topfee earner with US$236.4 million. For Non-Dollar issuance, Deutsche Bank led the fee ranking, with €51.7 millionearned.
Average Quarterly Spread to Benchmark*
Monthly High Yield Volume
3.8 +0.4
5.3 -1.35.4 -0.1
5.8 -1.4
+0.1+10
▲ 202.518 ▲ 12.9
13.4 2.6▲
Societe Generale 9* 12 1,747.8 19.8 -6 ▼17.8 +1.7
▼-23 ▼Banca IMI (Intesa Sanpaolo) 9* 22 1,747.8 3.8 +2.7 ▲
-2.5 ▼ 22 21.8▼
6.8 -0.8▼ 23
Goldman Sachs & Co 8 2 2,289.7 5.0 34.8HSBC Holdings PLC
6.2 -1.2▼ 31.67 4 2,441.0
▼ 2727.723.8 +2 ▲
26.7 -115.4
▼
https://www.thomsonone.com
22.8 -23 ▼ 24.2 4.7 -1.9
24Credit Suisse 6 7 2,459.1
-Bank of America Merrill Lynch 5 13 2,494.4 5.4 +2.1 ▲ +2.4 ▲JP Morgan 4 3 2,653.7 ▼ 30
▲ +1.27.3 029.7 -16 ▼ 37.6
▲26 25.7 -11 ▼ 38.0 7.4Barclays 3 5 2,749.4 6.0 +0.1
-2.1 ▼8.3 +5.2 ▲
▼ 51.7 10.1Citi 2 11 3,249.3 ▼ 42.67.1 +3.7 20.8▲ 21
-19-1
+2.2 ▲ 33 32.71 1 4,928.7Share Ch. Deals
10.7
2015 Rank
MarketMarket
# of Deals per Bookrunner Imputed Fees (US$m)
# of Deals per Bookrunner Imputed Fees (€m)
Deals Sh (%)Market Market2016
Rank
2016 Rank
Proceeds per Bookrunner (€m)
2015 Rank
Bank of America Merrill Lynch 1 2
Bookrunner Proceeds
17,622.7JP Morgan 2 1 17,432.6
Goldman Sachs & Co 4 3
Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Sep 30
Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m)
Bookrunner Proceeds Sh (%) Share Ch.
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
High Yield DebtGlobal Volumes Continue Year On Year Decline l Non Dollar Activity Down 29% l JP Morgan Leads Global Fee Pool
Global High Yield Debt (B4) Jan 1 - Sep 30Global High Yield Deals Intelligence
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank
2015 RankBookrunner Proceeds
Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
▼▲ 127 34.4 8.5267.3252.8-32
157▲Deutsche Bank 1 2 21,762.5 9.1 +0.9 -0.4 ▼
▲Bank of America Merrill Lynch 2 4 20,424.7 8.6 +0.9 ▼-1443.1 -2842.5 +1.29.0
9.1 -1.3 ▼JP Morgan 3 1 20,404.6 8.6 -1.3 ▼ ▼ 269.18.3 +1.5 ▲ 124
159Barclays 4 6 19,784.3
241.3 ▲33.6 260.3 8.8 +2.1
5 19,404.4▲
8.1 +1.3-15 ▼
30.9 -15 ▼7.9 -0.2 ▼
▲Goldman Sachs & Co 6 3 18,940.1Citi 5
115
+1.9122 33.1 -38 ▼114
240.0 8.18.2
+0.8 ▲▲Credit Suisse 7 8 15,811.7 6.6 +0.7 ▲ 31.2 -16 ▼ 206.4 7.0 +0.2
4.5 -1.7 ▼ 86Morgan Stanley 8 7 10,828.2 23.3 125.2 4.2 -1.4 ▼3.7 -0.2
-32 ▼21.1 ▼
-0.1 ▼▼ -0.4
55 14.9 -18 ▼ +0.19 8,934.5
HSBC Holdings PLC 10 11 6,959.89Wells Fargo & Co 78
78.72.93.4-23 ▼ 101.9
▲Top Ten Total 163,254.8 68.3 +1.8 ▲ 2,043.0 69.0
2.7+2.8
369 2,962.1 100.0▲
Industry Total 238,708.3 100.0 -105
▼ -22.2% ▼ -22.2% ▼▼ -8.7% ▼
Industry % Change from Same Period Last Year -20.8%Industry % Change from Last Quarter -22.9% ▼ -3.3%
Change in ManagerMarket Market # of Market
+0.9# of Deals Fees Sh (%) Share Ch.
236.4 9.9-17 ▼ ▲▲9.4 +0.4 50.0139
37.49.3 -1.4 ▼ 226.9 9.5134 48.2 -13 ▼ -1.7 ▼
▲Barclays 3 6 16,684.9 8.9 +1.8 ▲ +2.28.8 +0.5 ▲ 105
-7 ▼ 217.5 9.110416,359.5
194.5 ▲37.8 200.8 8.4 +1.2
4 16,197.6▲
8.7 +0.6-17 ▼
35.3 -20 ▼8.4 +0.5 ▲
▲Citi 6 5 15,741.1Deutsche Bank 5
93
+0.2100 36.0 -16 ▼98
193.3 8.18.2
+0.9 ▲▲Credit Suisse 7 8 13,061.5 7.0 +1.0 ▲ 33.5 -9 ▼ 171.1 7.2 +0.6
5.0 -1.6 ▼ 71Morgan Stanley 8 7 9,253.0▼
25.5 107.7 4.5 -1.4-0.69 8,551.6
▼4.6 -0.4
-30 ▼26.6 -24 ▼
3.5 -1.2 ▼▼
RBC Capital Markets 10 10 6,487.6Wells Fargo & Co 9
-31 ▼ -0.974
87.4 3.74.197.7
52 18.7 ▼73.6 +0.2 ▲ 1,733.3 72.7 +1.4 ▲
Industry Total 187,057.1 100.0 278 -61 2,386.4 100.0
-18.0% ▼ -20.3% ▼-13.7% ▼10.5%
Industry % Change from Same Period Last Year -18.7%
Top Ten Total 137,392.1
▼
Change in
▲Industry % Change from Last Quarter -25.9% ▼
Sh (%) # of DealsDeutsche Bank
MarketSh (%)
▲
Fees Sh (%) Share Ch.Market Manager# of Market
Top Ten Total 26,760.9 58.3 +5.9101 100.0
61.3▲ 314.5 +4.6 ▲Industry Total 45,985.8 100.0 512.5
Industry % Change from Same Period Last Year -28.7% ▼ -33.1% ▼ -30.2% ▼
-50
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▼ 15.4% ▲Industry % Change from Last Quarter -10.5% ▼ -21.3%
0
100
200
300
400
500
600
700
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2012 2013 2014 2015 2016
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
$70
J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J AS
2011 2012 2013 2014 2015 2016
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$) # of Issues
7765.680.5Top Ten Total
100.055,500.6 122.8
% Change from Same Period Last Year
+15
▲
Industry Total40,089.2
2.8+1.3
100.0▲
-2.2 ▼ -2.2+0.2
▲▲▼
+7.6
▲ 5.3
3.4▼
13.0 +4 ▲
23.4▲ 18▼
2.83.4
5.2 4.3
4.3▼
-7.5 ▼7.1 +4.2 ▲
▼▲ 8.7
▲4.2
9.60 -
7.85.2
+7.8
-0.1 ▼29
+15 22.9
+9+10
13.9+12 ▲▼6,545.5 11.8▲8.4 +8.4
# of
13.2Citi 2 1VTB Capital 3 - 4,678.7
-1.7
Sh (%)Fees Share Ch.Manager
JP Morgan 1 2 7,337.2 39.0
MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)
▲▲
# of Deals per Bookrunner
35.4%
1010
+55.2
Imputed Fees (US$m)2016 Rank
2015 Rank
Market MarketChange in Market Market
17.3%
Jan 1 - Sep 30
▲
378,736.6 100.0
-10.4%44.2%
10
▲
-1.2 ▲+2.272.1
▲2.4 ▼
+0.2-4.5
4.54.65.7
-0.9 152.9
19.5 +7BNP Paribas SA
4
4.35
2,382.9
132,542.9
24.7
▲
2,507.69 13.0 -1
+1355.9
3,185.1
18.6
Societe Generale 8 7
# of Deals30
13.037.7
▲▲
-2.5
10▲ 19
▲▲11.3 +1.1
+8.3▲
▼13 16.9 -2
% Change from Same Period Last Year 39.9% ▲
16.9 +2
-2.9+0.2
Goldman Sachs & Co 10
1,324.8
37.3 ▼41.8
▲
Deutsche Bank▼
HSBC Holdings PLC
Barclays
UniCredit
-1.1▲▲
▼
+1.7▼
-1.8
▼
5.5
3.2
‐420
Sh (%)
-79.3▼
2.872.5
▼2.8
35.2
100.0729.7 55.2
2.7
▲
Top Ten Total 209,488.1Industry Total
-7.5583
▼-12.7 -2.6
3.4 -0.3
54
Imputed Fees (US$m)Change in
DealsMarketMarketManager
Fees# of Deals
# of Deals per Bookrunner
Share Ch.
Morgan Stanley 1015.6Standard Chartered PLC 9 7 13,012.9
10,073.5
BNP Paribas SA 8 8 13,022.5
55.3
913.4 -1.2 ▼6
▲3.6 +0.9
67
4.1 +0.8+32▲
▼64 11.0 ▲
11.5 -1▼Credit Suisse 7 11 13,469.6Barclays 6 9 15,548.4 37.3
▼ 55.8Deutsche Bank 5 4 17,161.5+1163 10.8
96.8 7.34.5 -2.6 ▼ 71 12.2 -38
1024.2
▲▲
17.5 +26 ▲9.4 +0.8
+0.6+23 124.4
+0.2JP Morgan 3 3 31,438.8Bank of America Merrill Lynch 4 5 26,503.0
2 2 34,068.5124▼8.3 -0.5
9.0 -33.4 +3025.4
▲ 114.6 8.7 -0.8 ▼8.6
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Emerging MarketsAll International Emerging Market Debt Up 40% l EMEA Emerging Market Up 11% l Latin America Emerging Market Debt Up 59%
Jan 1 - Sep 30EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m)
▼8.7% ▲
-1.6
76
% Change from Last Quarter
▲▲21.3
Asia-Pacific Emerging Market Bonds (L4)
▼ 195
Market
114.0
4 6 4,294.0
148 +26
Proceeds per Bookrunner (US$m)2016 Rank
2015 Rank
MarketShare Ch.Bookrunner Proceeds Sh (%)
Market
7.78 3,350.3
-3.2+1.5
3 3,265.06.0
+1.6
0
# of
HSBC Holdings PLC 1 1 35,189.4 9.3Sh (%)
▼
-0.6
Latin America Emerging Market Bonds (L3)
▼
% Change from Last Quarter
Citi
7.0
Jan 1 - Sep 30
24.2% ▲ 42.3% ▲-26.7% ▼ 27.2% ▲
31.4%-5.2%
*ti
20 20.0 +5 +2.5▼7.1
9,216.9-1.4+1.4
+5+4
▼
28.5▲
Sh (%)
▲ +924 8.0
MarketMarketShare Ch.
Santander 7,873.5 ▲24.0 +10 ▲
20 20.08.78.45 9
8,226.4
11.8
Sh (%)
7.3 -0.7▼
5.39,068.84 6 +0.5 ▲5.4
18.0 +19 ▲ 47.5 6.9 ▲61 +2.4▼
5.2
+4.3 -1.330.4-1.9 ▼ -1.5
12.3
8.2
▲
▼0 - 9.532.7 29.261Bank of China Ltd 3 7
▼4.2▲
Bank of America Merrill Lynch+0.4 ▲-1.636.22
18.00 - 30 30.0
27 27.0-6.0 ▼+4
▲+2.8
38.1-0.86.811,611.0 23.379
HSBC Holdings PLC
Bank of America Merrill Lynch 3 1 10,133.1 10.8Citi 2 2 11,107.2 -0.5 ▼ Citi 2
▲+17 51.4 9.552.3▲
Share Ch.13.7 36.0
Deals Sh (%)+1.9 ▲ 36 +2 ▼
Fees Sh (%) Share Ch.-1.2▲
# of Deals9.766.8▼ 17,516.5 10.3 -1.3
DealsSh (%) Share Ch.▼ 129
MarketMarketChange in ManagerBookrunner Sh (%)
Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
ProceedsBookrunner # of Deals FeesMarket Market # of Market
JP Morgan 1 3 12,871.3
ManagerImputed Fees (US$m)
2016 Rank
2015 Rank
4HSBC Holdings PLC 4
▲21.8 3.1Deutsche Bank 6 6 6,903.4
20.4+0.4 ▲
0.9 +0.9 ▲15.7+4 ▲
▲12.018.0 +10 ▲188 7 5,453.7 5.8
127 8 6,893.8 ▲
-6.2 ▼Morgan Stanley 9 5 3,757.8 4.0-0.8
7.3 +2.3▼Credit Suisse
BBVA
16 16.0 +3 ▲ 13.8 1.6
72.1UBS 10 15 3,340.1Top Ten Total 76,560.3
9.0 +73.6 +2.8 ▲ 9
71.3%
273.9+2.2 ▲Industry Total 94,161.3
▲% Change from Same Period Last Year 58.9%
100.0 100 +1464.94.7 +0.4
7 5JP Morgan 6Deutsche Bank
4
▲▲ 6.9 ▲
+0.2
▲100.0
+3.1350.9
Imputed Fees (US$m)
-1.6 ▼
2016 Rank
2015 Rank
1 1Proceeds
MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner
Standard Chartered PLC 5 3
Market # of Market
8,623.6 5.1-2.07,720.5
18.6 -10▼ 514.6
-1.9 ▼6.6 +0.7 ▲
63-12
30.4 4.415.0
▼35 10.3 -41 ▼ 27.4 -3.1Barclays 8 13 5,713.0
4.05,805.2 ▼3.4 -3.22.7
45.7▼
▼ 18.53.4 +0.8 ▲ -2 +0.2 ▲3.2 +1.2
35 10.3▲ +2.7 ▲41 +18 ▲Credit Suisse 9 17 5,465.3 40.4 5.8
3.2 -0.1 ▼ 30 8.8 0 4.212.1
▲Top Ten Total 86,157.9 50.7Goldman Sachs & Co 10 9 5,417.1 +1.2- 28.8
169,726.2-5.7 ▼ -0.2 ▼
339 100.053.7370.9
% Change from Same Period Last Year 9.0% ▲
+5
1.5%
Industry Total
▼ 41.6% ▲ 68.9% ▲▲ 16.2% ▲
691.8
Middle East Emerging Market Bonds (L5) Jan 1 - Sep 30
% Change from Last Quarter -36.2% ▼ % Change from Last Quarter
Market
100.0
Imputed Fees (US$m)2016 Rank
2015 RankBookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market # of Market
# of Deals per Bookrunner
1 5,640.9
MarketSh (%) Share Ch.# of Deals Fees
Change in ManagerShare Ch. Deals Sh (%)
9.3 -9.1 ▼ 25Sh (%)
▼Bank of America Merrill Lynch 2 27 5,186.9 8.5 7.6
8.5 -8.2▲ 14.3+7.9 ▲
36.8 +9
Citi 3 8 5,152.7
1HSBC Holdings PLC
12▲8 11.8 +7 ▲ 12.8 +7.1▲7.8 +3.2▲
+4.9Barclays 4 7 4,551.913.1
+2.517.6 +11
▲17.6 +68.5 +3.8 ▲
7.5 ▲11 16.2 +8 ▲ 12.8 7.7▲11.3 6.8 +5.6▲
-8.93.24 3,684.7Standard Chartered PLC 7 5 3,276.3
3,774.7-0.6+5.2
8▼-1.3 ▼
▲ 1211.8 +4 ▲
Mizuho Financial Group 5 21*6.166.2
JP Morgan
▼ +1.427.9 +9
BNP Paribas SA 8 6 2,989.0195.49 13.2 +4 ▲4.9
2.5▲ 4.15.6-0.8
4 6.0▲ 10.0+5.5
5.9 +4 +6.02 ▲
Credit Suisse 9 - 2,481.3 +4.1 ▲4.1
60,738.0
3.9 +3.9-
100.0▲64.4
+22.9Top Ten Total 39,122.0Sumitomo Mitsui Finl Grp Inc 10 2,383.6 ▲
+15.6
% Change from Last Quarter -1.0% ▼% Change from Same Period Last Year 298.6% ▲
Industry Total
9.4▲
5.4▼
5.5
▲-3.9
9.1
▼
-40.0% ▼ 66.4% ▲▲
167.0
▲
100.068
362.6%
+28
70.0%
61.2▲▲+12.7102.3
▲185.7% ▲ -16.7% ▼ -1.2%58.7% ▲
Jan 1 - Sep 30All International Emerging Market Bond Volume by Industry (US$b)
$162.144%
$120.733%
$37.110%
$20.76%
Financials
Government and Agencies
Energy and Power
Healthcare
Industrials
Real Estate
Materials*tie
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Global Brazilian Debt Volume by Sector First Nine Months
% Change from Last Quarter
Jan 1 - Sep 30
28,491.4 100.0
▼
66
Global Debt by Mexican Issuers (MX1)
-9.0% ▼ -31.3%358.9% ▲
-9.9% ▼% Change from Same Period Last Year 163.1% ▲ 11.9% ▲
Industry Total145.1 94.9
+7 152.8 100.0Top Ten Total 26,677.1
▼94.0 +5.1 ▲ +8.3 ▲
730.67.6 02.2 ▼ 5
-8.9- 5.7 -13.7Citi 10 6 634.8 -6.4 3.7
▼2 3.0 -2 ▼ 4.7 3.1▼ -4.7▲10.6 +5 ▲ 9.27 6.0 +0.5-2.4 ▼
8.9
2.6Morgan Stanley 8 7 857.9 3.0Deutsche Bank 9 3
▲HSBC Holdings PLC 7 10 1,491.7 5.2 +2.6 ▲ -5.4 ▼10 15.2
27.3 -7 ▼ 11.118+5 ▲ 13.5
Itau Unibanco 6 1 2,081.9 7.3 +5.17.3 -10.6 ▼
8 12.4 +6.9+3.4 ▲ ▼7 10.6 +6 ▲ 16.3 10.6 -0.7
▲12.1 +4 ▲ 18.9+9.6 ▲12.8
Bank of America Merrill Lynch 4 8 3,884.2 13.6JP Morgan 5 5 3,646.3
+3.7 ▲ +12.3 ▲+9 ▲ 21.5 14.015.1 +12.3 ▲ 16 ▲
Santander 3 4 3,940.8 13.8▲ 20.7 13.5 +5.2
18 27.3
+1.8 ▲ +2.8Banco do Brasil SA 2 9 4,305.8
15.424.2 +13
Fees▲27 40.9 +14 ▲ 23.5
Sh (%)Manager Market
Share Ch.Banco Bradesco SA 1 2 5,103.1 17.9
Sh (%) # of DealsBookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Market
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Emerging Markets - Latin AmericaDomestic Brazilian Issuance Up 2% | Domestic Mexican Issuance Down 55%
Change in 2016 Rank
2015 Rank
Market
All Global Debt by Brazilian Issuers (BR1) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Domestic Brazilian Debt in Reals (BR2) Jan 1 - Sep 30
0
20
40
60
80
100
120
140
160
180
$0
$10
$20
$30
$40
$50
$60
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
US$(m)
Securitized Debt
Junk Rated Debt
Investment Grade Corporate
Agency, Supranational, Sovereign
# of Issues
▼▼ -49.7% ▼ -61.9% ▼ ▼
▼ -69.1%-18.8%
100.0
-40.3% % Change from Same Period Last Year -54.6%-70.9% ▼ -32.7%
‐18 100.0
▼% Change from Last Quarter
‐257.3▲7.3
-18.8%
3,851.6
▼▼% Change from Same Period Last Year -56.7%▼ -60.0% ▼
37
% Change from Last Quarter
Industry Total+1.291.0
100.0 37
+516.2
3,854.3100.07.4 Industry Total
6 -2.0 ▼+2189.6-0.3 ▼3,506.4
▲90.3+3.17.489.2 +2.6
Imputed Fees (US$m)
▲.3 4.4
88.1
.3
Market Market
+2.4▲ .2
22.0%
-0.2 ▼
# of Deals per Bookrunner
▲ Top Ten Total7
-1▲ Grupo Financiero Banorte-Ixe 10▼
▲4.9 +0.14.0
3.014* 8 21.64.0 +3.2
100.0
217.67 18.9
-7.1
+1.15.8 +0.2
Change in
Casa de Bolsa Finamex SAD de C 103,430.6Top Ten Total
152.3
-48.3%
▲Grupo Financiero Banorte-Ixe 9 191.2 5.0 +0.6 ▲4.9 +0.3 21.6 +2
▼▼▼5.7 -7.3
▼
▲-2.4 ▼+1
Inversora Bursatil SA de CV 9 84.3 -1.6▲5.0 ▼
7 189.6
-
▲ 8 .38 191.2
93.2
-180▼ .3+0.8 -3.9 7 18.9 .43▲ 7 8-118.9.3 3.8220.1 5.7 0
4.73 217.6 ▲-6.6▼ .4
▲0-19 ▼4.7 7 18.9
.6 7.9223.8Casa de Bolsa Inverlat 7 5▼ 75.7 18.9
Manager
--2.1▲ .3 5▲+6
+1 ▼18.95.8 - .6
5.7 7 13.5
18.9
5 220.1 +0.3▲ 5 ▲
Casas de Bolsa Bital, S.A.13.5 0
+1.7 ▲
18.96
-23 ▼
Bank of America Merrill Lynch
Citi
7Casa de Bolsa Inverlat 6 63.7
-7.1
+1.56 223.8 .3 4.3
7
Bank of America Merrill Lynch 5 227.3 5.9 +5.014* ▲-15.0 ▼
▲ +3.7 ▲5.5235.3 6.1 6.3▼
+0.4 7.81.5
Casa de Bolsa Finamex SAD de C▼ 74
3 .9 12.96.1 -13.5 6.2 -13.6 -14.4Casas de Bolsa Bital, S.A. 4 1 ▼ 6 -24234.6 16.2 ▼
Santander ▲ 10 27.011.7 +1.5 ▲ 10 11.7 +1.0+15.9
+2.4▼ .9+14.7 ▲+2 ▲
3 41.4 19.2
12.8▲ 11 29.7
-5 ▼449.7
-12 ▼+1.3 ▲ 21 56.829.7 +2
4 449.7729.5 18.9
27.0 -5 ▲ Santander
-3.6 ▼
▲ Corporacion Actinver Sab de CV 2 91.7 22.8 +4.0 ▲
CitiInversora Bursatil SA de CV 8
▲
3.2 -0.8
▲ 1118.9 +14.9
Sh (%) Share Ch.
9 729.5Corporacion Actinver Sab de CV 2 19.1 +16.0▲ 1.4
# of Deals Fees1 2▲ 21 822.5 21.3
Sh (%)▲ BBVA2 822.5BBVA 1 ▼ 1.7 22.6 +4.756.8 -13
% Change from Last Quarter% Change from Same Period Last Year
Market2016 Rank
20.3% ▲137.7% ▲
Domestic Mexican Debt (MX3)
-11.6%
2016 Rank
2015 Rank Bookrunner Proceeds Sh (%) Share Ch.
2015 Rank
61
Deals Sh (%)
-43.3%
Market# of Deals Fees
21.4 +1.8
# ofSh (%) Share Ch.
Jan 1 - Sep 30
Proceeds per Bookrunner (US$m)
Share Ch.Market
▼
BookrunnerMarket
▲
MarketDealsProceeds
Market MarketSh (%)
# of Market
Global Debt in Mexican Pesos (MX2) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager
153.4%
▼ 72.2Industry TotalTop Ten Total 25,567.5 74.1 -3.1
▼ 5
34,549.8 ‐8
4.3 -1.1
100.0
+2 ▼77.5 +2.8 ▲
▲ 3.0Barclays 9 9 1,699.3 ▼
8.2Deutsche Bank 10 8 1,485.5
▲ 3.113.1 +44.9 -0.4 3 4.9
▼ 82.9 -0.9 ▼+1 ▲ 2.73.3
▼ 4Morgan Stanley 8 4
-11,793.1
6.65.2 -4.3
HSBC Holdings PLC 7 6 2,012.3 5.8 -3.0▼
6.1 -1.9 ▼▼ 4.9 5.3 -4.2▼ 5.7
-7Santander 6 3 2,093.6 6.1 -3.4 ▼ 12Citi 5 2 2,866.0 ▼
19.78.3 -3.7
12.013.1 +6-18 ▼ 9.2 9.9 -4.2 ▼14 23.0
8 12.9 +9.8 ▲▲10
Credit Suisse 4 10Bank of America Merrill Lynch 3 5
▲8.7-2
2,918.816.4
8.5 +4.33,026.1 8.8 -0.3 ▼
+8.4 ▲9.4 -2.0 ▼
▲ 10.6 11.3 +8.6▼
▲▼ 12.3
+613.2 +2.0 ▲
13.1JP Morgan 2 194,446.4 12.9 +0.4
83,226.4 9.3▲ 27 44.3 -10BBVA 1 1
Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2015 Rank
Market Market # of Market2016 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)2016 Rank
2015 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.
Banco Bradesco SA 1 1 16,675.1 44.5 +6.6 ▲ 24 21.8 -11 ▼ 10.6 39.6 +7.0 ▲Itau Unibanco 2 2 6,700.6 17.9 -13.2 ▼ 20 18.2 -31 ▼ 5.6 21.0 -13.5 ▼Banco do Brasil SA 3 4 5,186.6 13.9 +9.0 ▲ 10 9.1 +2 ▲ 4.0 15.1 +9.5 ▲Banco Votorantim 4 10 2,259.8 6.0 +5.0 ▲ 10 9.1 +7 ▲ 1.8 6.8 +5.9 ▲Santander 5 3 2,255.6 6.0 -6.8 ▼ 12 10.9 -9 ▼ 1.7 6.4 -4.5 ▼BNDES 6 - 1,448.6 3.9 +3.9 ▲ 1 0.9 +1 ▲ 1.5 5.7 +5.7 ▲HSBC Holdings PLC 7 5 1,031.8 2.8 -0.8 ▼ 27 24.5 +21 ▲ .5 1.7 -1.7 ▼Banco Safra SA 8 8 950.0 2.5 +1.4 ▲ 4 3.6 +2 ▲ .6 2.2 +0.6 ▲Citi 9 9 270.0 0.7 -0.4 ▼ 1 0.9 -1 ▼ .2 0.7 -1.1 ▼BNP Paribas SA 10 14 230.0 0.6 +0.1 ▲ 4 3.6 +2 ▲ .1 0.2 -0.1 ▼Top Ten Total 37,008.1 98.8 +4.8 ▲ 26.6 100.0 +7.8
100.0▲
Industry Total 37,446.0 100.0 ‐143 26.7110
52.9% ▲% Change from Same Period Last Year -1.5% ▼ -51.0% ▼ 16.1% ▲% Change from Last Quarter 14.6% ▲ -33.3% ▼
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**Includes CDs and CPs
**Includes CDs and CPs
Dim Sum, Panda and Formosa Bonds (ex self-funded)
325.0%
Industry Total
339.2%
569
First Nine Months
18
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Asian Corporate Bonds Imputed Fees (US$m)
▲▲52.8%
100.049 +13
▲Industry % Change from Same Period Last Year 29.8% ▲ 36.1% ▲
+0.114.3
142.2+7.9225.9
▲+43.818.42.65.9
▲▲ 8 3.4▲ 62.9
7.6+516.3 ▲
▲4.0
8.6
▲▲▼-4.4
+1.2
▲
+6.6
▲
9.1▲ 11
4.3 -5.34.44.7 +3.8
34.74.8 -2.7 9 18.4
+3.0738.8 ▲▼ +1 ▲▼
+3
+9▲
+5
22.4
17
▼ 97
9.0
-6.1▼-1.119.9▲
8.8013.7
▲ 9+3
22.4
▲
▲ 11
15▲
▲ 19.3 8.6 +5.5+60 20.4- +2.2
-2.624.0
MarketSh (%) Share Ch.MarketManager
Fees
6.030.6 +8 ▲
MarketSh (%)
▼▲10.6
13.7+2.7
Bookrunner
3HSBC Holdings PLC
14JP Morgan
Change in # of DealsShare Ch. Deals
155
4
Credit Suisse 10.71,177.4
18.4▼ 30.6
7.3
+3.0
7.3Bank of America Merrill Lynch
3 7
6 753.2
3.9681.4
100.09,753.5
Industry % Change from Last Quarter
62.1Top Ten Total
Guotai Junan SecuritiesBarclays
+0.8
10
2319
Proceeds per Bookrunner (US$m)2016 Rank
+4.9
-0.9
7 6,293.0
t Includes Asian Development Bank issuance
3
Credit Suisse 10 14 5,278.7
▲
Industry Total
+2.1DBS Group HoldingsBank of China Ltd
6
2016 Rank
15,718.1
2694.0
9
Bank of China Ltd
All Asian Currencies (ex-Japan ex-Australia) (AS1**)
Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)(AR10)
BookrunnerChina Construction Bank 100,167.4
Goldman Sachs & Co
10.2▲
-0.1
Industrial & Comm Bank China
3.7
100.0
▲0.5%
2015 Rank
7
Citi
Deals
-2.4
5
Sh (%)Bookrunner10.41
Proceeds
3JP Morgan 44 8,406.0
4.7
5.5
7,760.5
22
6
8,920.911,085.8
6
6
1
9
3Bank of America Merrill Lynch
Market
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
Standard Chartered PLC 5.1
11 27,324.3
3
▲2.0
Proceeds
1,145.77.5
1,677.7
7.6
Sh (%)
Proceeds
+0.6
324.8% ▲
Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
1,139.3
1
China Merchants Bank 910
614.1
Deutsche Bank
▲▲+1.4
▼
5.3+2.7+152
9.3 +0.6
26,844.3
7.2
2015 Rank Sh (%)
626,705.2 48.3
Industry % Change from Same Period Last Year
2
UBS 4
▲+3.64.7
+2.9
+0.7
2.1
5
78
15
1,131.9 -0.6
HSBC Holdings PLC
Proceeds per Bookrunner (US$m)
+1.3 ▲17,001.6
2015 Rank
7.0
# of Deals per Bookrunner# of
▼-1.9
Share Ch. Sh (%)
Change in
# of Deals
Market
23.726.7
Fees
-1.4
▼ 47.8
Sh (%)
Market
▲
Imputed Fees (US$m)
11,471.9 +2.465.7 ▼
7.4▼
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Asia DebtAsian G3 Up 8% l Asian Local Currency Totaled US$1.3 trillion l Chinese Yuan – Top Local Currency
Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Sep 30
Asian G3 (US$, Euro, Yen) bond offerings in the first three quarters of 2016 reached US$163.7 billion from 262issues, up 8.3% from the comparable period in 2015 and posting the highest nine months proceeds. China domiciledissuers represented 41.9%, of issuance with US$68.7 billion from 91 deals. The U.S. dollar was the currency ofchoice in the region, accounting for 89.4% of activity, totaling US$146.3 billion from 247 issues.
Asian local currency bond offerings totaled US$1.3 trillion from 6,224 issues, up 248.7% from the proceeds raised ayear ago, marking the highest third quarter volume on record. China-domiciled issuers were still the most active,accounting for 85.6% of the region's activity with total issues reaching US$1 trillion from 2,183 deals, a 603.7%increase from comparable period in 2015. Chinese Yuan-denominated deals totaled to US$1.1 trillion from 3,001transactions, accounting for 86.4% of the Asian local currency market and posting an all time high volume.
According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market totaled US$646.8 million in the first nine months of 2016, an uptick of 17.6% from total feespaid in the same period of 2015. Estimated underwriting fees on Asian local currency bonds (ex. Japan, Australia)reached US$2.9 billion in the first three quarters of 2016, up 257.6% from the comparable period in 2015.
MarketManager
1 110-1
+17
Market
62
2016 Rank
Market
▼18.7 -10 ▼ 32.5 5.0
Share Ch.
6.8 -2.3
20.2 +7+0.97.1
7049
27.7
▲-1+0.9 ▲ 59 -2.9
▼ ▼ 46.1
3.853-0.9 ▼ 9.9 ▲-6 ▼ +0.54.3
▼0▲ 26 3.4
22.5▼▲ 30.1 4.7
2.5▲ 27.6+1633
-14.1 +1 ▲ 21.716.3
Deutsche Bank 9 5 5,960.9 +0.8BNP Paribas SA 8 10 5,993.4
3.6 -2.7-2.5 ▼ -1.1-31 ▼
4.337 12.6
▲ 39.73.2 +0.6 ▲39 17.2 +12 ▲▼
-2.5262
14.96.1
▲
646.8 100.0Top Ten Total 88,172.7
+2.8
Industry Total
▲
163,712.7
8.3%
+23▼▼
9.6%
53.8 -4.7
86.5%▲
55.0355.2
17.6%
Jan 1 - Sep 30
# of Deals per Bookrunner Imputed Fees (US$m)
▲43.0% ▲
Market Change in
https://www.thomsonone.com
63.7+235
3.1 ▲6.5
+0.2
2.8
▼-0.4▲+317+171
107.4
973.5 +7.82,874.6+2,893
3.3
100.033.9
2.2
6,224
▲ 135.33.7▲
▲
Share Ch.
▲▼-0.6
▲
55.93.0
4.2▲ 119.3
85.7
+58995.0 3.3▲
+499+483
Market MarketMarket Manager
7.7
Market # of# of DealsShare Ch.
694Deals
106.6674
Sh (%)
▼+3.9
+4.3 ▲
▲ 11.2
681 10.9+573
FeesSh (%)+578 +0.2 ▲
-0.5108.9
3.7▲3.8
▲
98,845.698,089.7
+4.5 9.17.6
+2.8 ▲ 10.8
89,811.5
41,375.77
3.2
1
85,068.1 6.6
2.3
6.9
30,275.3
Agricultural Bank of ChinaBank of Communications Co Ltd 5 8
6419
10
China Securities Co Ltd
▲
+1.7 193
▲
▲
▼
▲+0.7
+1.6-0.2
406
327
+23.8
▲ 173
+0.5
8 42
+1182.5
1,298,504.0▲
▲▲86.9% 257.6%
-12.1%
▲
5.3%
Market
Bank of China Ltd
Guotai Junan Securities
▲
2
95.7▲
577
28,903.3
CITIC ▲
▲4
2.2
Industry % Change from Last Quarter -19.8% ▼
Top Ten Total
+4.0Industrial Bank Co Ltd
153
248.7%
2.1
100.0
▲
# of
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Chinese Yuan U.S. Dollar All Other Currencies
10
20
30
40
50
60
70
80
90
100
0
3
6
9
12
15
Jan-
14Fe
b-14
Mar
-14
Apr
-14
May
-14
Jun-
14Ju
l-14
Aug
-14
Sep
-14
Oct
-14
Nov
-14
Dec
-14
Jan-
15Fe
b-15
Mar
-15
Apr
-15
May
-15
Jun-
15Ju
l-15
Aug
-15
Sep
-15
Oct
-15
Nov
-15
Dec
-15
Jan-
16Fe
b-16
Mar
-16
Apr
-16
May
-16
Jun-
16Ju
l-16
Aug
-16
Sep
-16
# of
Issu
es
US
$ (m
)
Dim Sum
Panda
Formosa
# of Deals
14
Top Ten Total
MarketAustralian international debt offerings in the first nine months of 2016 totaled US$61.6 billion from 128 issues, anuptick of 6.4% from the same period last year. Activity in the financials sector totaled US$55 billion from 113 deals,up 29.4% from the comparable period a year ago, and accounting for 89.3% of the Australian international debtproceeds.
Australian Dollar bonds (excluding self-funded) proceeds in the first three quarters of 2016 totaled to AU$77.9 billionfrom 265 issues, a 20.4% decrease from the comparable period in 2015, registering the lowest third quarter volumesince 2009. Issues by Government and Agencies captured 46.3% of the AU$ market, totaling AU$36.1 billion from148 deals.
According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from AustralianDollar (excluding self-funded) bonds in the first nine months of 2016 totaled AU$240 million, down 17.5% from thesame period in 2015. Estimated fees from Australian international bond offerings in the first three quarters of 2016totaled US$192.8 million a decrease of 1.5% from fees earned a year ago.
Market2016 Rank
# of Deals per Bookrunner
▲
2015 Rank
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14.9%
26.6 87.8
Market
+5.239.8
▲
-1.3
▲
9.33.4
-0.713
14.4+1.3
▼▲
Industry % Change from Last Quarter 29.6%
148.4+19.0
▼
▲-8
11.110
Industry % Change from Same Period Last Year
▲
+0.2
▲
▲
0National Australia BankCommonwealth Bank of Australia 9Credit Suisse 10
75.7192.861,571.0 100.0
+0.22,435.5
+26▲
128Industry Total
▲
7.0▲4.0 9
▼+1 ▲
▼+0.9 6.3
9.4126.5
5.8 +2.577.0
▼2,582.3
46,560.9-1
6 +0.6
4.23,185.2
▲
+19.8
+0.94.8-18 5-4
▲
5.25.47 9.43,304.2 ▲
Goldman Sachs & Co 6 12 3,764.0 6.1 +2.7ANZ Banking Group
▲▲10.2
12
+4.2Morgan Stanley 5 17 4,381.520.2▲
134.07.7
9.3 -3.1
▼
JP Morgan7.1 +4.8 +6
-13.210.510.916.4 +4
6.7
3 32129 22.7
4 1 5,737.8 ▼9.0
▲ 14 13.0
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
9.7 +1.6
Bookrunner
HSBC Holdings PLC ▲ ▲
Market
25.0
7.5 +6.4
▲
▲+5
+8 17.35,970.8 +3.0
16.6 ▲Share Ch.Share Ch. # of Deals
ManagerFees
Change in Sh (%)
MarketProceeds per Bookrunner (AU$m) Imputed Fees (AU$m)
15.2Proceeds
Australian International Issues Up 6% | Australian Dollar Bonds Volume Lowest Since 2009
Bookrunner
▼-0.78,375.1
+0.2▼
11,801.5
8,882.8Commonwealth Bank of Australia 34
6
Sh (%)
11.410,999.2 14.1
-3.313.7
7
59.39.5
6 7,270.25.6
5
7 4,368.5
-0.1 ▼UBS
7,363.710.8
Deutsche Bank 6.114.67.8 +0.6
2 ▼-2114.7 ▼▲32.8
10.7+0.417.7
+1.1 ▼
▲▲ 11.3
60+3 ▲
▲
▼ 4.7
▲
-3.010.9-0.1
-10-12
+13 -0.4
▼76.9▼
-2.6-20
184.5-1.21.9
-20.4%
10.9▼87.8 +1.0
▼-0.9
-14.9% ▼▲▼ 3.9%
265
Market Market
100.077,860.9
11.6 +7.3▲
DealsChange in # of
Proceeds Share Ch.Sh (%)2015 Rank
-47.1% ▼
All Australian International Bonds (AJ7) Jan 1 - Sep 30
BookrunnerNational Australia Bank
Manager Market Market
1Sh (%)Fees
+7.41 2 8,759.0 14.2 +6.1Sh (%) Share Ch.
2016 Rank
2015 Rank
10.5 +5.9 ▲ 13▲
22.526.4
RBC Capital Markets 109
32# of Deals
10.2 +3
Top Ten Total
UBS
Bank of America Merrill Lynch 2 7 6,440.613.7
ANZ Banking Group
National Australia BankDeutsche Bank
+12
Nomura
▲
Industry Total
Imputed Fees (US$m)
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)
# of Market
9
Westpac Banking
ANZ Banking Group
4
TD Securities IncCiti 8
240.068,321.5 ▲
29
+10
3.1
+1.9
-1.33.45.4
+0.9
Market# of
ManagerSh (%)
-17.5%-36.4%
▼▼
100.0
Fees+6.9
All Australian Securitization (ex-CDOs) (AJ4)
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2016 Rank
Imputed Fees (AU$m)
Share Ch. Sh (%)▲ 17
Market Market MarketMarket Change in
8.5 30.6# of Deals
68.0-1.8 ▼
# ofProceeds
Market
4,149.8DealsSh (%)
+6.130.91
44.0+0.4
Share Ch.▲-1
-4.7 ▼▲
Commonwealth Bank of AustraliaWestpac Banking 3 3 2,190.6 16.3
2 2,415.3 18.02 0 - 4.6 16.71011
40.0+0.2 ▲-2 ▼ 4.7 16.9
-3.4 ▼ 32.04 4 1,433.6 10.7 87 28.0
ANZ Banking GroupMacquarie Group 5 5 1,071.6 8.0 +0.2 ▲
-3.5 ▼-4 ▼ 2.9 10.3-0.2 ▼+1 ▲ 2.7 9.6
▲ 8.06 8 404.1 3.0 2Deutsche Bank 7 6 343.3 2.6
+0.4 -3.2 ▼-1 ▼ 1.0 3.7▼-4 ▼ .7 2.52 8.0
311.0 2.3 1-1.4▼+1.8
-4.0
2.0 +1.5+2.3 ▲ 4.0
▲+2.0 ▲ 4.0
▲+1 ▲ .5 1.8+1.4 ▲1.92 8.0 +1 ▲ .5
Top Ten Total 12,851.2 95.8 +0.813,421.1 100.0 25 -4 27.8
Market
-36.0%Industry % Change from Last Quarter-41.8% ▼ -13.8%-37.5% ▼
+0.4
MarketProceeds per Bookrunner (AU$m)
ManagerBookrunner Proceeds Sh (%)
2016 Rank
2015 Rank
Jan 1 - Sep 30
MarketSh (%) # of Deals FeesShare Ch. Deals
# of Deals per BookrunnerChange in
Imputed Fees (AU$m)
Sh (%)31.576 17.2 ▲+6.136.9▲+22
Share Ch.▲▲ 30
1 12 6 11.2
10,367.9 15.98.7
▼11.4▼ 24.5▲▲ +0.318.6
-3.8+2.7
- 17.8+312.4
0
12.417.4
10.1-19 21.6
10.8 43 -3▲ ▼-14 ▼ 13.9 6.5 -0.1
9.6
10.8 42
-0.85 2 6,560.6 10.1 30
+1.8
37 15.4Commonwealth Bank of Australia -2.4 ▼Westpac Banking 6 4 ▼6,277.6
7 7TD Securities Inc ▲13
4,368.5 6.7 60+0.5▲
1.76.1 2.8
9 2,649.9 4.110
4,033.7-1.7
3.7
6.2 +2.3
+0.6 ▲57,986.6-2.2
▼▼
29
https://www.thomsonone.com
-14.3% ▼ -36.7%-14.0%
-20.0% ▼▼
+1
100.0
▲+1.9 ▲▲ .5 1.9+2.1
1
▼
65,156.2
Industry % Change from Last Quarter ▼-49.6%7.1% ▲
214.6
Market
241
▼
▼
+13
▲
29
+212
-1012.012.0
5.4
-11 28.6
3.6
▲
4.7
▼24.9
-9
▼
▼
2.713.3
▼
100.0
100.0
Jan 1 - Sep 30
-0.5
▲
▼
2.2
5.8▼
1.5
▼
▼
-3.5 ▼▼-1.4
+0.4-1.0
▲▼▲
Jan 1 - Sep 30
-2.976.6
+0.6
-20 ▼
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
▼
Australia Debt
-2.732.4 ▼31.7
-5 13.5▲
Deals
59▲84 +17
47
22.3
22.614
30
25.7-15
18.6
▼16.6
39
44
▼▼2.7
▼ 3.6
5.86.5
2.4▼
3
Industry Total
9 10
10
8 -
Citi
9
▼
89.12,380.6
Industry % Change from Same Period Last Year
8
10 - 265.5 2.0266.4
1
All Australian Debt (ex self-funded) (AJ3a)
Sh (%)
4
Industry % Change from Same Period Last Year
100.0
Citi
Lloyds Bank
Industry Total
HSBC Holdings PLC
57,057.27,270.2
2,649.9
Australia Deals Intelligence
1National Australia Bank
2,380.68
4,230.0
+2.9-18
▲
▼2
3
5.329
8
10
▲ ▲
Top Ten Total
25.5%
Credit Suisse
-11.7%
▼-1.5%6.4%
-38.8%-30.0%
All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Nine Months
Citi ▲
RBC Capital Markets
37,020.4
Nomura
164.3
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS
15
Japanese Yen denominated bond activity reached JPY17 trillion from 800 deals during the first nine months of 2016,a 30.9% increase compared to the same period last year. According to Thomson Reuters/Freeman Consulting,estimated fees for Yen denominated activity totaled JPY63.6 billion during the first nine months of 2016. Japanese Corporate Bond offerings totaled JPY8.4 trillion from 366 deals during the first nine months of 2016, a62.5% increase compared to a year ago and already surpassing 2015 annual volume of JPY6.8 trillion. Due to BOJ'snegative interest rate policy, longer term corporate bond activity increased for bonds with a final maturity 20-years orgreater. These accounted for 34.7% of market share, with 74 deals compared to an 8.2% share from 19 deals in thesame period last year. Samurai bond proceeds for the first nine months of 2016 totaled JPY945 billion from 27 transactions, a 34.5%decrease from the same period a year ago and the lowest first nine months volume since 2006. Samurai bondactivity during the third quarter decelerated - with six deals worth JPY356.8 billion - a 28.5% decrease from thesecond quarter of 2016.
12.7%
2.2 -260,719.7
587.7▼94.2 +3.6
29.8%
64,222.7
13.9%
809
▲▲
2016 Rank
2015 Rank
16,188,934.7Top Ten Total
Proceeds¥mil
Mitsubishi UFJ Morgan Stanley2,546,819.7
▲40.2%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
100.0
▲▲
32.1%70.1%
Samurai Bonds (AP1)
-0.2
Industry Total +99
Mitsubishi UFJ Financial Group 10▲
18
100.0+3.5
BarclaysTokai Tokyo Financial Holdings 8
8 153,068.1
17,157,775.8
9 ▼10 1.2 -3 ▼ 439.4▼
-0.3 ▼11 158,200.0▼-1.7
0.90.9
351.910 158,761.2 0.9
▼333,206.3 -0.77-0.5
9,766.3▲
635.5
244.3 +75.444
1,106.6▲
+50
Share Ch.491▲
12,700.8▲+94
42.0340▲ ▲+3.719.8▲ 18,571.7
Share Ch.Sh (%)4,768,420.4
Imputed Fees (¥m)Market Market
# of Deals Fees ¥milDeals Sh (%)Manager
# of Deals per Bookrunner# of
Mizuho Financial Group 1 1
Change in Market Market
60.7Sh (%)Market
Goldman Sachs & Co
Daiwa Securities Group Inc 5
7Bank of America Merrill Lynch
Nomura
6
40
2 3,528,764.4Sumitomo Mitsui Finl Grp Inc 3
2 +3.420.64 14.8
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Japan DebtJapanese Yen Denominated Bonds Up 31% l Japanese Corporate Bonds Surpass 2015 Annual Volume l Samurai Bonds Down 35%
All Bonds in Yen (AP5) Jan 1 - Sep 30Japan Deals Intelligence
358,944.5 2.1
-2.32,287,909.3 13.3-2.71,894,840.85
9
▼ +56▲▲
11.039.2
▼-0.1
310 38.3
▼286317
12.13.0 -10
7,785.4
- 15.2 +0.1
1.4 ▼
+8.4
▼35.4 +38
+58
-2.3
27.8
8,211.1
915.2
28.9
▼
-4.9
▲+8.9
▲
-0.3
12.8 ▼
-0.3
0.7▼-0.8▲
▼
▼
▲
1.0
0.994.5
1.7-0.3
Jan 1 - Sep 30
-4 ▼
3
Proceeds per Bookrunner (¥m)
Lead Manager
Jan 1 - Sep 30Samurai Bonds Issuer Domicile Analysis
*tie
Japanese Corporate Debt Volume by Industry (¥ Billion) First Nine Months 2016
▲
-8
32.9%
93.6100.0
-3 ▼
13,122.912,263.3
442.6 3.4
4.4577.0-
Japanese Securitizations (AP2)
▼▼
▼
Market
6,327.8
-3
Imputed Fees (¥mil)Manager
# of Deals per BookrunnerChange in
▲
1.32.3
-41.1%▼
27 2,868.4
11.1 ▼
2,868.4▲ 100.0
-2.2
Sh (%)Fees ¥mil
-4.1 11.0
2.9
# of Deals
3.317
Market
▼-68.4% ▼
-26.1%
-11 ▼
40.0
104.1+1-15
+273.0
-19Sh (%)
63.0
▼-1
Fees ¥milChange in
▼74.1
Market
20
30,000.0 ▲▲▼
5
312,120.0
-3.3▼
▼
18.5
1511.1355.6
Deals
Manager Market
# of
25.3
70.4
# of Market
Sh (%)
63.0 ▼-14
100.0
1.4
Jan 1 - Sep 30
-20
2016 Rank
2015 Rank
Proceeds MarketProceeds per Bookrunner (¥mil)
MarketBookrunner
# of Deals per Bookrunner Imputed Fees (¥mil)
Market
▲
+8.6
▲+0.7
▲+0.5
-0.5
+3.9+2.0
▲+4.6+19.7
Share Ch.
▲
▼
▲
▼2.6
73.7 -4 ▼ 48.2▲ 1,444.6+2
3.6
-2.14.5+1 ▲4.70
▼
+1.8-2.2
▲1,128.6 8.6 +0.8
▼3.5
587.0
-2.0
+3
1.8 -▼9.9
0 -
0
428.2
▲
456.7
+0.2▼
4.02.7
▲
▲-12.6
▲▼-2.3%
+8.2
-0▼
349.0521.8-1
4.17Sumitomo Mitsui Trust Holdings 10 -11.4-
171
3▼
+0.7
-0.4
12
3.5▲
08
4 2.3▲ 5
17.816.0
511.3
4.3
15.5458.2443.3
13.6123.4390.4
¥mil
7.0
126
+0.6
1,779,672.21
2015 Rank
▲▲ 7▲10.2
87
7Mitsubishi UFJ Financial Group
6
Top Ten Total
9
Bank of America Merrill Lynch
Industry % Change from Same Period Last Year
-47.1%
44.011.1
18.5
3
Industry % Change from Last Quarter -28.5%
2Sumitomo Mitsui Finl Grp Inc
▲
▲
▼18.231
+2.2
▼45,450.0
+0.7
4-1.13
5 +1.42
Sh (%)+5.4
163,836.715.017.3
Share Ch.▲
171,720.0223,503.3
¥mil
0
▼
Sh (%)
100.0
3.63.7
Market
+14.1
5.2-2.9
Nomura
▼
Market
23.7Deals # of Deals
Proceeds per Bookrunner (¥mil)
+9.1
▲
Sh (%)
1719
164,906.0
209,375.8
+4.5414,183.4
Share Ch.
▼
17
5
1
-0.1
6
135,050.0
3.2 ▲+4.1
-3.5
14.3
+1.9
4510
21,683.3-0.2
Proceeds
8
-34.5%
1
11
9
▼200,475.8
447,800.0
678
Mizuho Financial Group4.812
9
Societe Generale
93.0 ▲
-4.5% ▼
724.7Sumitomo Mitsui Finl Grp IncMitsubishi UFJ Morgan Stanley 2
100.0
21.7%
5.0
23.1
5
Industry % Change from Last Quarter
3,762,306.23.0
151,000.04.1
-1.6% ▼▲
Industry Total
44.0%
4,044,126.2
Natixis
Top Nine Total
Goldman Sachs & Co
Mitsubishi UFJ Morgan Stanley
Nomura
8
945,000.0945,000.0 100.0
Industry % Change from Same Period Last Year
Credit Agricole CIB
Mizuho Financial Group
Industry Total
Lead Manager
Share Ch.+7.6 ▲
+1.3
▼-3.2
▲▼
-3.7
Daiwa Securities Group Inc 141,636.7
-24
6
2016 Rank
121,478.0
Daiwa Securities Group Inc 4
146,415.09
3
127,000.0Barclays
5 4HSBC Holdings PLC
41
65
29
48
61
4551
70
51
27
0
10
20
30
40
50
60
70
80
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
# of
Issu
es
¥ B
illion
Americas Europe Asia-Pacific (ex Central Asia) Africa/Middle East/Central Asia # of Issues
¥2,69332%
¥2,48730%
¥85310%
¥5216%¥493
6%¥3804%
¥2022%
¥1882%
¥1702%
¥1302%
¥1302%
Industrials
Financials
Energy and Power
Telecommunications
Real Estate
High Technology
Retail
Consumer Products and Services
Materials
Government and Agencies
Healthcare
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¥1572%
Consumer Staples
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
2.2
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
Japan Debt
1.03.05.7
-10328,106.38 +0.2
▼
▼▼
2.0
9-0.7 23
+2.6
76.6%14.4% ▲
95.8
12.6% ▲ 31.2%
▲ ▲+3.1
-0.1100.8
775
▲
95.2+87
59,721.4100.062,577.8
706.7
521.8
635.5439.4
▼
▼44
17
▼1.0
▼0.7
-0.4
-▲ ▼
-0.3-4248,944.57
▼1.0 ▼
Bank of America Merrill Lynch
-0.2-0.5158,761.2
1.59 ▲
-11.3 -2
-0.4 ▼
146.7 8Barclays
+1
1.94.9
-3+9
2.5▼0.7 -0.1-
Mitsubishi UFJ Financial Group
0
▼233.0196.2
0.5
98.436,507.337,071.5
+1.4100.0Industry Total
▲39.9%31.7% ▲
366 +88
192.2%▲
16,540,955.1
0.6-0.2
▲
146,415.0
47.5%
Top Ten Total
37.8%Industry % Change from Same Period Last Year 62.5% ▲
▲
8,380,299.425,616.17
99.40.3 -0.8 ▼
▲
10
8,432,800.6
Industry % Change from Last Quarter 130.7%
-0.0100.0
▼
+4 368.3 ▲-0.4+0.4
4.46.6
▲▲
Tokai Tokyo Financial Holdings 97Citi 0.5
9 44,000.0 0 18 ▲
36.3% ▲
11
15,818,186.4
158,200.00.9
100.0
▲
Industry Total
6
+0.2▼▲
220.30.4
+0.10.61.0
▲
-7.9
Daiwa Securities Group Inc13.7
9Tokai Tokyo Financial Holdings
1010
7
Top Ten Total
239Deals
+6.9 ▲Mizuho Financial Group
Goldman Sachs & Co
Sumitomo Mitsui Finl Grp Inc5,349.2 14.4▼5,679.2
▲▲
▼ 515.3 4
-2.6Nomura
53.0
5,059.6▼▼ 42.3
+36+37
+58▼
194
24 +16
48.9
16155
▲
179▼
# of ManagerShare Ch. Fees ¥mil# of Deals
Market Market
▼▼
12.7
Imputed Fees (¥mil)
▲▲
# of Deals per Bookrunner
▲
Market
+8.7Share Ch.Sh (%)
+87 18,423.3
Jan 1 - Sep 30
+0.2
-5.59,638.5
+3.5
1.7-2.4
20.0
12.47,957.77,780.6
▲▼-0.5
43.1
Change in
29.4▲
1.1
▼+56
1+6.52
3 1,323,797.4 15.7
27.2
4▼-4.2
2,289,467.8
Japanese Corporate Debt (AP3)
26.5
10
Sumitomo Mitsui Finl Grp Inc 4
0.71.1
Daiwa Securities Group Inc 12.25 5Goldman Sachs & Co
Bank of America Merrill Lynch 8 8 59,244.5
660,700.096,167.06
Shinkin Central Bank 7 +0.5
1+6.8
10,205.024.4 ▲
+7.5 ▲9,049.8
-3.1
Deals
Bonds Targeted in Japan (AP4)
33428.4
Market
▲484
▲12,536.2
-0.1+46
39.5 15.4
Sh (%)62.5
2015 Rank
-3.015.1
3,456,231.1-0.4
Proceeds per Bookrunner (¥mil)Market
Sh (%)Proceeds2016
RankShare Ch.27.5 ▲4,704,428.9
20.9+7.7Mizuho Financial Group+3.0
¥milSh (%)2016 Rank
2015 Rank
Proceeds
▲
Lead Manager ¥mil1
2,232,952.4
Market
65.3Share Ch.
Change in
▲
# of Deals per Bookrunner
Sh (%) Lead ManagerMarket
195
# of Deals Fees ¥milMarket
+7+39
▲ 1,081.7▲
▲
513.52,224,588.6
2,497,670.0▲3
3411.51,894,840.8 ▼-3.1
4.4▲2861,029,493.3
40.436.9
53.3+78
313 +53-5.31,218,860.93
14.5 -2.94 ▼ 306
▼
# of
Jan 1 - Sep 30
Proceeds per Bookrunner (¥mil)
Sh (%)MarketMarket Manager
Imputed Fees (¥mil)
▲2Mitsubishi UFJ Morgan Stanley
Nomura 3Mitsubishi UFJ Morgan Stanley +54 22
1
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-
-
-
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-Asia-Pacific
-
-
-
-
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Tel: +44 207 542 4376
E-mail: [email protected]
Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.
Europe
Carina Causon-Israel
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.
Ian Willmott
Tel: +1 646 223 8457
https://www.thomsonone.com
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."
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 September30, 2016.
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.
As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.
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.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2016 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.
E-mail: [email protected]
First Nine Months 2016 | Debt Capital Markets | Managing Underwriters
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.
Evgeniya KolesovaUnited 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:
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FOR STRATEGY AND PLANNING TEAMSFOR INFORMATION PROFESSIONALSSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.
Solution for:• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials, Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)
Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.
Solution for:• Conducting market analysis and identifying trends• Benchmarking your performance and monitoring competitors• Targeting clients by wallet size and banking relationship• Allocating resources more effectively by evaluating and analyzing lost deals
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evaluating and analyzing lost deals
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Thomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information,news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.
Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company
and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.
Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation
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