global equity capital market - bloomberg finance · pdf filefirm rank mkt share(%) volume (usd...

GLOBALEQUITY CAPITAL MARKETLEAGUE TABLES

FY 2016

CONTENTS

1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Irina Arefyeva +1 646 324 4663 [email protected]

EMEA Karan Aswani

+44 20 3525 4331 [email protected]

Asia Pacific Ee Wen Tay +65 62313404 [email protected]

Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors and 500 legal advisors.

LEAG<GO> for a full range of league tables

IPO<GO> for Bloomberg’s equity offerings product

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

FY 2016

MANAGER RANKINGS

GLOBAL EQUITY, EQUITY LINKED & RIGHTS

© 2016 Bloomberg Finance L.P. All rights reserved.

Bloomberg GlobalEquity|FY2016

BloombergLeagueTableReports Page1

GlobalEquityReviewFY2016creditedGlobalEquity,EquityLinked&Rightsvolumedecreased29.33%toUSD554.0Blnwhiledealcountdecreased9.56%to3,880offeringsyear-on-year.GlobalEquityIPOvolumedecreased30.24%year-on-yeartoUSD134.6Blnwhilethedealcountdecreased14.65%to1,113.GlobalEquityLinkedvolumedecreased8.53%year-on-yeartoUSD78.5Blnover297deals.JPMorganrankedasthetopGlobalEquity,EquityLinked&RightsunderwriterforFY2016with9.78%marketshare.Thebankunderwrote332dealsovertheperiod.MorganStanleyandGoldmanSachsrankedsecondandthirdwith8.13%and7.98%marketshare,respectively.

GlobalEquity,EquityLinked&Rights:HighlightsofFY2016

GlobalEquity,EquityLinked&Rights:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

5050

100100

150150

200200

250250

USDBln

USDBln

00

300300

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

1

DealCount Rights Equity-Linked IPO

Add'l

TopUnderwriterJPMorgan

Numberofdeals 332

Volume(USDMln) 54,166

AvgDealsize(USDMln) 163.2

MarketSummaryNumberofdeals 3,880



Issuer Industry Volume(USDMln) Date

PostalSavingsBankofChinaCoLtd Financials 7,626 09/21/2016

MandatoryExchangeableTrust Financials 6,600 06/02/2016

InnogySE Energy 5,180 10/06/2016

BayerCapitalCorpBV HealthCare 4,278 11/16/2016

KyushuRailwayCo ConsumerDiscretionary 4,003 10/17/2016

SaipemSpA Energy 3,965 02/11/2016

AirLiquideSA Materials 3,634 10/11/2016

TransCanadaCorp Energy 3,399 03/17/2016

ArcelorMittal Materials 3,143 03/30/2016

DISHNetworkCorp Communications 3,000 08/03/2016

Financials29%

Energy14%

ConsumerDiscretionary10%

HealthCare9%

Industrials8%

Materials8%

Technology7%

Communications6%

Utilities5%

Others5%

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

Industry Volume(USDMln) %OfTotal %YOYChange

Financials 178,677 28.5% -42.7%

Energy 90,235 14.4% 41.5%

ConsumerDiscretionary 60,358 9.6% -37.8%

HealthCare 55,703 8.9% -39.8%

Industrials 50,546 8.1% -28.1%

Materials 48,127 7.7% 21.0%

Technology 45,581 7.3% -24.6%

Communications 34,573 5.5% -42.4%

Utilities 31,742 5.1% -6.8%

ConsumerStaples 30,971 4.9% 13.1%

GlobalEquity,EquityLinked&Rights:OfferingBreakdown

OfferingType Volume(USDMln) %OfTotal %YOYChange

AdditionalOfferings 307,353 49.4% -30.9%

IPO 137,631 22.1% -30.6%

Equity-Linked 104,025 16.7% -9.7%

RightsOfferings 73,138 11.8% -18.0%

29%

14%

10%9%

8%

8%

7%

6%5%

5%



GlobalEquity,EquityLinked&RightsFY2016 FY2015

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 9.777 54,166 332 3 8.422 1.355

MorganStanley 2 8.133 45,058 265 2 8.701 -0.568

GoldmanSachs 3 7.984 44,230 250 1 8.752 -0.768

BankofAmericaMerrillLynch 4 6.148 34,060 231 4 6.726 -0.578

CreditSuisse 5 5.320 29,471 215 7 5.422 -0.102

Citi 6 5.286 29,283 236 6 5.809 -0.523

DeutscheBank 7 4.500 24,928 147 8 4.834 -0.334

UBS 8 3.764 20,855 174 5 6.327 -2.563

Barclays 9 3.650 20,222 151 9 4.215 -0.565

RBCCapitalMarkets 10 2.205 12,214 137 10 1.906 0.299

WellsFargo 11 1.737 9,623 122 13 1.487 0.250

Nomura 12 1.605 8,892 84 11 1.757 -0.152

TDSecurities 13 1.329 7,364 53 26 0.443 0.886

BMOCapitalMarkets 14 1.255 6,952 90 21 0.757 0.498

BNPParibas 15 1.235 6,840 64 16 1.266 -0.031

Jefferies 16 1.208 6,692 103 15 1.271 -0.063

HSBC 17 1.121 6,209 48 12 1.531 -0.410

MizuhoFinancial 18 0.995 5,511 66 17 1.091 -0.096

SumitomoMitsuiFinancial 19 0.793 4,392 53 19 0.931 -0.138

CIBC 20 0.758 4,198 43 30 0.409 0.349

TOTAL 100% 553,998 3,880 100%

GlobalEquity&EquityLinkedFY2016 FY2015


JPMorgan 1 9.965 51,175 317 3 8.044 1.921

MorganStanley 2 8.586 44,091 256 2 8.847 -0.261

GoldmanSachs 3 8.327 42,763 242 1 8.928 -0.601


CreditSuisse 5 5.420 27,835 200 7 5.499 -0.079

Citi 6 5.333 27,385 226 5 6.049 -0.716

DeutscheBank 7 4.667 23,967 142 8 4.968 -0.301

UBS 8 3.753 19,271 158 6 5.948 -2.195

Barclays 9 3.613 18,554 143 9 4.473 -0.860


WellsFargo 11 1.874 9,623 122 12 1.579 0.295

Nomura 12 1.720 8,832 83 11 1.896 -0.176

TDSecurities 13 1.434 7,364 53 26 0.479 0.955


Jefferies 15 1.192 6,121 100 14 1.310 -0.118

BNPParibas 16 1.146 5,883 52 16 1.079 0.067


HSBC 18 0.865 4,444 37 13 1.529 -0.664


CIBC 20 0.817 4,198 43 28 0.447 0.370

TOTAL 100% 513,526 3,635 100%

GlobalEquityOfferingsFY2016 FY2015


JPMorgan 1 9.513 41,380 259 3 7.480 2.033

MorganStanley 2 8.270 35,975 230 2 9.064 -0.794

GoldmanSachs 3 8.259 35,927 212 1 9.680 -1.421

BankofAmericaMerrillLynch 4 6.254 27,204 195 5 6.175 0.079

CreditSuisse 5 5.553 24,157 180 7 5.570 -0.017

Citi 6 5.414 23,552 200 6 6.168 -0.754

UBS 7 4.103 17,850 145 4 6.571 -2.468

Barclays 8 3.933 17,107 133 9 4.195 -0.262

DeutscheBank 9 3.504 15,242 119 8 4.895 -1.391


WellsFargo 11 1.808 7,865 106 14 1.261 0.547

TDSecurities 12 1.647 7,167 47 26 0.487 1.160


Nomura 14 1.363 5,927 72 11 1.711 -0.348

Jefferies 15 1.255 5,460 92 12 1.359 -0.104

SumitomoMitsuiFinancial 16 0.927 4,034 48 17 0.902 0.025

MizuhoFinancial 17 0.866 3,766 57 18 0.825 0.041

CIBC 18 0.823 3,581 34 28 0.475 0.348

Nordea 19 0.724 3,150 30 55 0.271 0.453

Macquarie 20 0.695 3,023 47 15 1.003 -0.308

TOTAL 100% 435,004 3,338 100%

GlobalEquityIPOFY2016 FY2015


JPMorgan 1 6.344 8,540 65 3 5.129 1.215

MorganStanley 2 6.023 8,108 63 1 7.581 -1.558

GoldmanSachs 3 5.044 6,791 58 2 5.568 -0.524

Citi 4 4.677 6,296 65 6 4.605 0.072

DeutscheBank 5 4.104 5,525 48 5 4.641 -0.537

CreditSuisse 6 3.869 5,208 51 8 3.011 0.858


UBS 8 3.299 4,441 35 7 4.573 -1.274

Nomura 9 2.459 3,311 30 11 1.867 0.592

CITICSecuritiesCoLtd 10 1.980 2,665 27 12 1.593 0.387

ChinaSecuritiesCoLtd 11 1.699 2,288 17 31 0.694 1.005

ChinaInternationalCapitalCorp 12 1.557 2,096 20 19 1.028 0.529

Barclays 13 1.465 1,973 31 9 2.801 -1.336

HuataiSecuritiesCoLtd 14 1.413 1,902 9 21 0.971 0.442

ChinaMerchantsSecurities 15 1.323 1,781 23 22 0.949 0.374

BankofChina 16 1.276 1,718 13 40 0.620 0.656


HaitongSecuritiesCoLtd 18 1.187 1,598 28 30 0.700 0.487

BNPParibas 19 1.184 1,593 13 25 0.837 0.347

GuotaiJunanSecuritiesCoLtd 20 1.183 1,592 23 43 0.554 0.629

TOTAL 100% 134,620 1,113 100%



GlobalEquityLinkedFY2016 FY2015


JPMorgan 1 14.069 9,094 52 1 11.856 2.213

GoldmanSachs 2 8.771 5,670 25 10 3.597 5.174

DeutscheBank 3 7.732 4,998 18 2 7.127 0.605

MorganStanley 4 7.064 4,566 23 4 6.657 0.407


Citi 6 5.425 3,507 24 12 2.802 2.623

BNPParibas 7 4.753 3,072 24 8 4.007 0.746

Nomura 8 4.494 2,905 11 7 4.154 0.340

CreditSuisse 9 4.481 2,896 16 6 4.351 0.130

HSBC 10 2.450 1,584 13 9 3.855 -1.405

UBS 11 2.198 1,421 13 18 1.772 0.426

CreditAgricoleCIB 12 1.982 1,281 13 16 2.073 -0.091



Barclays 15 1.638 1,059 8 5 5.687 -4.049

WellsFargo 16 1.532 991 11 13 2.726 -1.194

SocieteGenerale 17 1.516 980 16 15 2.322 -0.806

RBCCapitalMarkets 18 1.401 906 13 14 2.439 -1.038

CITICSecuritiesCoLtd 19 1.096 708 6 22 1.046 0.050

Jefferies 20 1.023 661 8 20 1.226 -0.203

TOTAL 100% 64,642 280 100%



USEquityReviewFY2016creditedUSEquity&EquityLinkedvolumedecreased21.49%toUSD184.4Blnwhiledealcountdecreased15.02%to741offeringsyear-on-year.USEquityIPOvolumedecreased42.19%year-on-yeartoUSD19.3Blnwhilethedealcountdecreased37.35%to104.USEquityLinkedvolumedecreased22.23%year-on-yeartoUSD26.3Blnover76deals.JPMorganrankedasthetopUSEquity&EquityLinkedunderwriterforFY2016with14.50%marketshare.Thebankunderwrote184dealsovertheperiod.GoldmanSachsandBankofAmericaMerrillLynchrankedsecondandthirdwith13.92%and9.73%marketshare,respectively.

USEquity&EquityLinked:HighlightsofFY2016

USEquity&EquityLinked:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

2020

4040

6060

8080

USDBln

USDBln

00

100100

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Equity-Linked Add'l IPO

TopUnderwriterJPMorgan

Numberofdeals 184



MarketSummaryNumberofdeals 741




DISHNetworkCorp Communications 3,000 08/03/2016

MolsonCoorsBrewingCo ConsumerStaples 2,585 01/28/2016

BaxaltaInc HealthCare 2,409 03/16/2016

TeslaMotorsInc ConsumerDiscretionary 2,300 05/19/2016

AnadarkoPetroleumCorp Energy 2,209 09/12/2016

WalgreensBootsAllianceInc ConsumerStaples 1,668 11/01/2016

PioneerNaturalResourcesCo Energy 1,615 01/05/2016

SouthernCo/The Utilities 1,611 08/17/2016

GreatPlainsEnergyInc Utilities 1,600 09/28/2016

NextEraEnergyInc Utilities 1,500 08/02/2016

Energy25%

Financials21%

HealthCare14%

Utilities8%

Technology8%

ConsumerStaples6%

Materials6%


Others6%

USEquity&EquityLinked:IndustryBreakdown

USEquity&EquityLinked:IndustryBreakdown


Energy 46,933 24.8% 25.1%

Financials 40,531 21.4% -30.9%

HealthCare 27,310 14.4% -50.6%

Utilities 14,647 7.7% 117.7%

Technology 14,625 7.7% -51.2%


Materials 11,202 5.9% 58.3%



Industrials 4,914 2.6% -10.9%

USEquity&EquityLinked:OfferingBreakdown



Equity-Linked 29,052 15.4% -22.2%

IPO 19,725 10.4% -41.9%

25%

21%

14%

8%

8%

6%

6%

6%

6%



USEquity&EquityLinkedFY2016 FY2015


JPMorgan 1 14.498 26,731 184 1 12.295 2.203

GoldmanSachs 2 13.921 25,667 134 6 9.143 4.778


MorganStanley 4 8.475 15,626 113 2 9.965 -1.490

Barclays 5 7.875 14,519 99 7 8.569 -0.694

Citi 6 7.699 14,195 104 3 9.758 -2.059

CreditSuisse 7 7.689 14,176 114 4 9.726 -2.037

WellsFargo 8 5.173 9,537 119 9 4.779 0.394

DeutscheBank 9 4.987 9,196 60 8 5.289 -0.302

RBCCapitalMarkets 10 2.630 4,850 75 10 2.802 -0.172

UBS 11 2.027 3,738 44 12 2.073 -0.046

Jefferies 12 1.959 3,611 66 11 2.309 -0.350


SunTrustRobinsonHumphrey 14 1.010 1,863 29 19 0.854 0.156


RaymondJames&Associates 16 0.764 1,408 35 20 0.644 0.120

Stifel 17 0.726 1,338 36 17 0.893 -0.167

KeyBancCapitalMarkets 18 0.705 1,301 26 21 0.568 0.137

LeerinkPartnersLLC 19 0.684 1,261 23 14 1.038 -0.354

Cowen&Co 20 0.575 1,060 34 13 1.225 -0.650

TOTAL 100% 184,376 741 100%

USEquityOfferingsFY2016 FY2015


JPMorgan 1 15.019 23,744 155 1 11.571 3.448

GoldmanSachs 2 13.808 21,830 116 4 9.842 3.966


MorganStanley 4 9.128 14,431 102 5 9.708 -0.580

Barclays 5 8.556 13,526 92 6 8.884 -0.328

CreditSuisse 6 8.193 12,953 104 2 10.466 -2.273

Citi 7 7.718 12,201 91 3 9.928 -2.210

WellsFargo 8 4.920 7,779 103 9 3.911 1.009

DeutscheBank 9 3.372 5,330 51 8 6.047 -2.675


UBS 11 2.282 3,608 42 11 2.382 -0.100

Jefferies 12 2.045 3,234 61 12 2.345 -0.300


SunTrustRobinsonHumphrey 14 0.873 1,380 23 16 0.977 -0.104

KeyBancCapitalMarkets 15 0.823 1,301 26 20 0.622 0.201

Stifel 16 0.773 1,223 35 15 0.993 -0.220

RaymondJames&Associates 17 0.772 1,221 33 19 0.752 0.020

Cowen&Co 18 0.627 992 32 13 1.353 -0.726

LeerinkPartnersLLC 19 0.594 938 21 14 1.179 -0.585

PiperJaffray&Co 20 0.470 742 29 17 0.925 -0.455

TOTAL 100% 158,090 665 100%

USEquityIPOFY2016 FY2015


Citi 1 11.054 2,129 22 1 10.157 0.897

GoldmanSachs 2 9.403 1,811 24 4 8.597 0.806

CreditSuisse 3 8.906 1,716 24 8 5.979 2.927

DeutscheBank 4 8.414 1,621 20 2 9.977 -1.563

JPMorgan 5 8.109 1,562 25 7 6.487 1.622


MorganStanley 7 6.859 1,321 21 5 7.620 -0.761

Barclays 8 5.251 1,011 20 6 6.960 -1.709

WellsFargo 9 4.494 866 15 9 3.740 0.754

RBCCapitalMarkets 10 3.689 711 19 10 3.653 0.036

Jefferies 11 3.337 643 14 11 3.642 -0.305

UBS 12 3.070 591 14 16 1.790 1.280

EvercorePartnersInc 13 1.831 353 3 20 1.004 0.827

BMOCapitalMarkets 14 1.629 314 6 19 1.216 0.413

Stifel 15 1.447 279 9 18 1.458 -0.011

SunTrustRobinsonHumphrey 16 1.200 231 4 13 1.984 -0.784

Cowen&Co 17 1.177 227 8 15 1.864 -0.687

PiperJaffray&Co 18 1.063 205 8 14 1.931 -0.868

KeyBancCapitalMarkets 19 0.910 175 4 33 0.202 0.708

CantorFitzgerald 20 0.779 150 1 12 2.120 -1.341

TOTAL 100% 19,263 104 100%

USEquityLinkedFY2016 FY2015


DeutscheBank 1 14.706 3,866 9 19 0.778 13.928

GoldmanSachs 2 14.599 3,837 18 8 4.981 9.618

JPMorgan 3 11.366 2,988 29 1 16.599 -5.233


Citi 5 7.587 1,994 13 5 8.747 -1.160

WellsFargo 6 6.688 1,758 16 4 9.945 -3.257

CreditSuisse 7 4.654 1,223 10 7 5.324 -0.670

MorganStanley 8 4.547 1,195 11 3 11.496 -6.949


Barclays 10 3.777 993 7 6 6.696 -2.919


MitsubishiUFJFinancialGroupInc 12 2.057 541 5 - - -

SunTrustRobinsonHumphrey 13 1.837 483 6 32 0.119 1.718

BNPParibas 14 1.540 405 4 11 2.127 -0.587

Jefferies 15 1.437 378 5 12 2.096 -0.659

LeerinkPartnersLLC 16 1.227 323 2 29 0.201 1.026

PiperJaffray&Co 17 0.864 227 3 21 0.702 0.162

SoutheasternSecuritiesInc 18 0.761 200 1 - - -

RaymondJames&Associates 19 0.713 188 2 - - -

USBancorp 20 0.675 178 2 15 0.851 -0.176

TOTAL 100% 26,286 76 100%



CanadaEquityReviewFY2016creditedCanadaEquity,EquityLinked&Preferredvolumeincreased18.99%toCAD54.5Blnwhiledealcountincreased28.44%to420offeringsyear-on-year.CanadaEquityIPOvolumedecreased86.97%year-on-yeartoCAD744.2Mlnwhilethedealcountdecreased54.76%to19.CanadaEquityOfferingsvolumeincreased19.31%year-on-yeartoCAD46.3Blnover376deals.TDSecuritiesrankedasthetopCanadaEquity,EquityLinked&PreferredunderwriterforFY2016with19.72%marketshare.Thebankunderwrote65dealsovertheperiod.RBCCapitalMarketsandBMOCapitalMarketsrankedsecondandthirdwith18.39%and12.98%marketshare,respectively.

CanadaEquity,EquityLinked&Preferred

FY2016 FY2015

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

TDSecurities 1 19.717 10,744 65 5 8.844 10.873


BMOCapitalMarkets 3 12.980 7,073 64 2 13.578 -0.598

CIBC 4 11.419 6,222 52 4 9.409 2.010

Scotiabank 5 9.215 5,021 42 3 11.112 -1.897

NationalBankFinancialInc 6 4.911 2,676 51 7 4.867 0.044

JPMorgan 7 4.270 2,327 3 8 3.613 0.657

CreditSuisse 8 4.049 2,206 6 13 1.585 2.464

Peters&CoLtd 9 3.764 2,051 16 17 1.080 2.684

GMPSecurities 10 1.869 1,018 30 10 2.548 -0.679

TOTAL 100% 54,490 420 100%

CanadaEquity&EquityLinked

FY2016 FY2015


TDSecurities 1 19.142 9,440 52 5 8.550 10.592


BMOCapitalMarkets 3 13.121 6,471 58 2 13.463 -0.342

CIBC 4 10.986 5,418 43 4 9.576 1.410

Scotiabank 5 7.529 3,713 29 3 10.073 -2.544

NationalBankFinancialInc 6 5.083 2,507 48 7 4.976 0.107

JPMorgan 7 4.717 2,327 3 8 3.878 0.839

CreditSuisse 8 4.474 2,206 6 13 1.701 2.773

Peters&CoLtd 9 4.159 2,051 16 17 1.159 3.000

GMPSecurities 10 2.065 1,018 30 10 2.735 -0.670

TOTAL 100% 49,318 402 100%

Energy49%

Financials16%

Materials11%

Utilities8%

Others16%

CanadaEquity,EquityLinked&Preferred:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

55

1010

1515

CADBln

CADBln

00

2020

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Amount

CanadaEquity,EquityLinked&Preferred:IndustryBreakdown

49%

16%

11%

8%

16%

CanadaEquity,EquityLinked&Preferred:ManagerRankingsHistory

TDSecurities

RBCCapitalMarkets

BMOCapitalMarkets

CIBC

Scotiabank

NationalBankFinancialInc

10

20

MarketShare(%)

0

25

2016 2015 2014



CanadaEquityOfferingsFY2016 FY2015


TDSecurities 1 19.840 9,182 46 5 9.133 10.707



CIBC 4 9.883 4,574 34 3 9.853 0.030

Scotiabank 5 6.564 3,038 26 4 9.204 -2.640

JPMorgan 6 5.027 2,327 3 11 2.388 2.639

CreditSuisse 7 4.767 2,206 6 13 1.871 2.896

NationalBankFinancialInc 8 4.452 2,060 36 7 4.717 -0.265

Peters&CoLtd 9 4.335 2,006 15 17 1.275 3.060

GMPSecurities 10 2.200 1,018 30 9 2.971 -0.771

BankofAmericaMerrillLynch 11 1.782 825 3 28 0.359 1.423

CormarkSecuritiesInc 12 1.057 489 21 15 1.621 -0.564

Barclays 13 0.790 365 2 18 1.115 -0.325

CanaccordGenuity 14 0.689 319 26 8 3.044 -2.355

RaymondJames&Associates 15 0.620 287 12 19 0.911 -0.291

FirstEnergyCapitalCorp 16 0.611 283 3 25 0.475 0.136

Macquarie 17 0.602 279 10 16 1.462 -0.860

DundeeCorp 18 0.593 274 17 21 0.677 -0.084

Citi 19 0.572 265 1 14 1.715 -1.143

MorganStanley 20 0.523 242 2 12 2.270 -1.747

TOTAL 100% 46,279 376 100%

CanadaEquityIPOFY2016 FY2015


CIBC 1 27.244 203 3 4 12.025 15.219

TDSecurities 2 23.740 177 2 1 21.670 2.070


NationalBankFinancialInc 4 9.537 71 2 6 4.439 5.098

AltaCorpCapital 5 8.063 60 1 - - -

BMOCapitalMarkets 6 6.402 48 1 2 19.459 -13.057


GMPSecurities 8 0.699 5 3 15 0.963 -0.264

MackieResearchCapitalCorp 9 0.208 2 3 20 0.020 0.188

CanaccordGenuity 10 0.101 0.75 2 7 3.954 -3.853

PacificInternationalSecuritiesInc 11 0.077 0.57 2 21 0.011 0.066

EmergingEquities 11 0.077 0.57 1 - - -

AllGroupFinancialServicesInc 13 0.059 0.44 1 - - -

HaywoodSecurities 14 0.054 0.40 2 25 0.004 0.050

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 744 19 100%

CanadianRetailStructuredProductsFY2016 FY2015


CIBC 1 28.614 182 19 1 34.075 -5.461


Scotiabank 3 15.466 99 15 3 16.302 -0.836

NationalBankFinancialInc 4 14.226 91 13 4 7.647 6.579

MorganStanley 5 8.653 55 1 - - -

BMOCapitalMarkets 6 6.799 43 5 5 5.847 0.952

TDSecurities 7 3.335 21 2 6 2.030 1.305

WealthCreationPreservation 8 0.051 0.32 1 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 637 26 100%



LatinAmericaEquityReviewFY2016creditedLatinAmericaEquityOfferingsvolumedecreased12.67%toUSD8.8Blnwhiledealcountdecreased9.68%to28offeringsyear-on-year.MorganStanleyrankedasthetopLatinAmericaEquityOfferingsunderwriterforFY2016with17.15%marketshare.Thebankunderwrote8dealsovertheperiod.JPMorganandBancoSantanderrankedsecondandthirdwith14.25%and11.13%marketshare,respectively.

LatinAmericaEquityOfferings

FY2016 FY2015


MorganStanley 1 17.148 1,506 8 10 5.358 11.790

JPMorgan 2 14.253 1,252 4 3 8.708 5.545

BancoSantander 3 11.131 978 9 2 8.954 2.177


BancoBTGPactual 5 7.275 639 7 1 12.483 -5.208

BancoItauBBA 6 7.207 633 6 4 8.316 -1.109

CreditSuisse 7 5.476 481 4 5 7.632 -2.156

BradescoBBISA 8 3.730 328 4 8 5.981 -2.251

GBMCasadeBolsa 9 3.547 312 1 18 0.996 2.551

Citi 10 2.607 229 3 17 1.124 1.483

TOTAL 100% 8,782 28 100%

BrazilEquityOfferings

FY2016 FY2015

Firm Rank MktShare(%) Volume(BRLMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

BancoItauBBA 1 19.873 2,129 6 3 8.617 11.256


BancoSantander 3 14.508 1,554 5 6 7.663 6.845

BradescoBBISA 4 10.592 1,135 4 3 8.617 1.975

BancoBTGPactual 5 7.318 784 3 1 15.734 -8.416

Citi 6 6.913 741 2 - - -

BancodoBrasilSA 7 6.456 692 2 13 1.062 5.394

MorganStanley 8 4.864 521 2 8 6.986 -2.122

HSBC 9 4.045 433 1 8 6.986 -2.941

CreditSuisse 10 3.447 369 2 2 8.835 -5.388

TOTAL 100% 10,712 11 100%

Utilities31%


Financials19%

Industrials9%

ConsumerStaples8%

Others6%

LatinAmericaEquityOfferings:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

55

1010

1515

USDBln

USDBln

00

2020

1010

2020 DealC

ountDealC

ount

00

3030

DealCount Amount

LatinAmericaEquityOfferings:IndustryBreakdown

31%

27%

19%

9%

8%

6%

LatinAmericaEquityOfferings:ManagerRankingsHistory

MorganStanley

JPMorgan

BancoSantander

BankofAmericaMerrillLynch

BancoBTGPactual

BancoItauBBA

10

MarketShare(%)

0

20

2016 2015 2014



EMEAEquityReviewFY2016creditedEMEAEquity,EquityLinked&Rights-Riskvolumedecreased39.48%toUSD153.4Blnwhiledealcountdecreased13.78%to751offeringsyear-on-year.EMEAEquityIPOvolumedecreased49.79%year-on-yeartoUSD33.8Blnwhilethedealcountdecreased40.36%to133.EMEAEquityLinked-Riskvolumeincreased8.81%year-on-yeartoUSD26.0Blnover72deals.JPMorganrankedasthetopEMEAEquity,EquityLinked&Rights-RiskunderwriterforFY2016with10.64%marketshare.Thebankunderwrote93dealsovertheperiod.GoldmanSachsandBankofAmericaMerrillLynchrankedsecondandthirdwith8.47%and7.18%marketshare,respectively.

EMEAEquity,EquityLinked&Rights-Risk:HighlightsofFY2016


InnogySE Energy 5,180 10/06/2016

BayerCapitalCorpBV HealthCare 4,278 11/16/2016

SaipemSpA Energy 3,965 02/11/2016

AirLiquideSA Materials 3,634 10/11/2016

ArcelorMittal Materials 3,143 03/30/2016

DONGEnergyA/S Utilities 2,997 06/09/2016

BancoPopularEspanolSA Financials 2,826 06/11/2016

NetsA/S Technology 2,373 09/23/2016

MelroseIndustriesPLC Financials 2,190 08/24/2016

VodafoneGroupPLC Communications 2,067 02/19/2016

EMEAEquity,EquityLinked&Rights-Risk

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

2020

4040

6060

8080

100100

120120

USDBln

USDBln

00

140140

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Rights Equity-Linked IPO

Add'l

EMEAEquity,EquityLinked&Rights-Risk:LargestDealsbyCountryofFY2016

Issuer Volume(USDMln) Date Country

AirLiquideSA 3,634 10/11/2016 France

InnogySE 5,180 10/06/2016 Germany

AegeanMarinePetroleumNetworkInc 150 12/14/2016 Greece

SaipemSpA 3,965 02/11/2016 Italy

NNGroupNV 1,552 04/14/2016 Netherlands

MiddleEastHealthcareCo 471 03/01/2016 SaudiArabia

SteinhoffFinanceHoldingGmbH 1,239 04/14/2016 SouthAfrica

BancoPopularEspanolSA 2,826 06/11/2016 Spain

LafargeHolcimLtd 1,354 02/04/2016 Switzerland

DXBEntertainmentsPJSC 457 05/25/2016 UnitedArabEmirates

MelroseIndustriesPLC 2,190 08/24/2016 UnitedKingdom

EMEAEquity,EquityLinked&Rights-Risk:IndustryBreakdown


Financials 66,038 35.0% -39.0%

Industrials 18,931 10.0% -49.2%


Energy 18,602 9.9% 311.7%

Materials 17,459 9.3% 8.9%


HealthCare 13,167 7.0% -22.9%

ConsumerStaples 7,939 4.2% -18.2%

Technology 7,536 4.0% -26.9%

Utilities 5,704 3.0% 0.7%

EMEAEquity,EquityLinked&Rights-Risk:OfferingBreakdown



RightsOfferings 48,513 25.7% 7.6%

IPO 34,510 18.3% -50.0%

Equity-Linked 31,988 17.0% 10.6%



EMEAEquity,EquityLinked&Rights-RiskFY2016 FY2015


JPMorgan 1 10.637 16,319 93 2 9.173 1.464

GoldmanSachs 2 8.471 12,996 71 4 8.799 -0.328


MorganStanley 4 7.056 10,825 56 5 8.544 -1.488

UBS 5 6.825 10,470 56 3 8.983 -2.158

DeutscheBank 6 5.753 8,825 53 6 6.395 -0.642

CreditSuisse 7 5.061 7,764 39 8 3.750 1.311

Citi 8 4.874 7,478 58 7 5.525 -0.651

BNPParibas 9 3.749 5,751 51 10 3.253 0.496

Barclays 10 3.387 5,197 46 9 3.650 -0.263

SocieteGenerale 11 2.509 3,849 43 11 2.870 -0.361

HSBC 12 2.488 3,818 25 12 2.713 -0.225

Nordea 13 2.199 3,374 36 25 0.723 1.476

Jefferies 14 1.876 2,878 32 13 1.394 0.482

Numis 15 1.721 2,641 29 18 0.896 0.825

CreditAgricoleCIB 16 1.542 2,366 21 21 0.812 0.730

Carnegie 17 1.466 2,249 40 19 0.866 0.600

UniCredit 18 1.086 1,666 13 15 1.110 -0.024

Investec 19 1.001 1,536 13 36 0.416 0.585

Mediobanca 20 0.919 1,411 7 20 0.851 0.068

TOTAL 100% 153,410 751 100%

EMEAEquity,EquityLinked&Rights-SyndicationFY2016 FY2015


JPMorgan 1 10.348 15,933 86 1 9.136 1.212

GoldmanSachs 2 8.330 12,825 68 4 8.642 -0.312

MorganStanley 3 7.037 10,835 53 5 8.149 -1.112


UBS 5 6.770 10,424 55 3 8.702 -1.932

DeutscheBank 6 5.693 8,765 51 6 7.711 -2.018

Citi 7 4.904 7,551 53 7 4.834 0.070

CreditSuisse 8 4.893 7,534 35 9 3.600 1.293

BNPParibas 9 3.735 5,751 51 10 3.069 0.666

Barclays 10 3.192 4,914 39 8 4.016 -0.824


HSBC 12 2.479 3,818 25 12 2.473 0.006

Nordea 13 2.191 3,374 36 25 0.743 1.448

Nomura 14 1.762 2,714 11 13 1.661 0.101

Numis 15 1.715 2,641 29 18 0.921 0.794

Jefferies 16 1.601 2,465 25 14 1.326 0.275


Carnegie 18 1.461 2,249 40 20 0.890 0.571

UniCredit 19 1.082 1,666 13 16 1.141 -0.059

Investec 20 0.998 1,536 13 37 0.427 0.571

TOTAL 100% 153,968 735 100%

EMEAEquity&EquityLinked-RiskFY2016 FY2015


JPMorgan 1 10.849 13,954 81 5 7.571 3.278

GoldmanSachs 2 9.062 11,656 64 4 8.924 0.138

MorganStanley 3 7.840 10,084 51 2 9.152 -1.312

UBS 4 7.748 9,965 51 1 9.475 -1.727


DeutscheBank 6 6.222 8,003 49 6 6.715 -0.493

CreditSuisse 7 5.908 7,598 35 9 3.453 2.455

Citi 8 4.833 6,216 52 7 6.178 -1.345

BNPParibas 9 3.845 4,945 41 11 2.824 1.021

Barclays 10 2.744 3,529 38 8 3.826 -1.082

Nordea 11 2.452 3,153 31 25 0.789 1.663


Numis 13 1.995 2,566 26 19 0.896 1.099

HSBC 14 1.834 2,359 17 10 2.833 -0.999

Jefferies 15 1.793 2,306 29 13 1.365 0.428

Carnegie 16 1.629 2,095 39 16 1.002 0.627


JavaCapital 18 1.077 1,385 20 26 0.695 0.382

UniCredit 19 1.052 1,352 12 15 1.095 -0.043

DanskeBank 20 1.044 1,342 10 33 0.471 0.573

TOTAL 100% 128,617 660 100%

EMEAEquity&EquityLinked-SyndicationFY2016 FY2015


JPMorgan 1 10.504 13,568 74 6 7.408 3.096

GoldmanSachs 2 8.891 11,485 61 2 8.758 0.133

MorganStanley 3 7.815 10,094 48 4 8.723 -0.908

UBS 4 7.679 9,919 50 1 9.177 -1.498


DeutscheBank 6 6.149 7,943 47 5 8.284 -2.135

CreditSuisse 7 5.704 7,368 31 9 3.202 2.502

Citi 8 4.868 6,289 47 7 5.396 -0.528

BNPParibas 9 3.828 4,945 41 11 2.598 1.230

Barclays 10 2.513 3,246 31 8 4.268 -1.755

Nordea 11 2.441 3,153 31 24 0.816 1.625


Nomura 13 2.055 2,654 10 13 1.894 0.161

Numis 14 1.986 2,566 26 19 0.927 1.059

HSBC 15 1.826 2,359 17 12 2.559 -0.733

Carnegie 16 1.622 2,095 39 17 1.037 0.585

Jefferies 17 1.466 1,894 22 15 1.286 0.180


JavaCapital 19 1.072 1,385 20 26 0.719 0.353

UniCredit 20 1.047 1,352 12 16 1.133 -0.086

TOTAL 100% 129,173 645 100%



EMEAEquityLinked-RiskFY2016 FY2015


JPMorgan 1 18.469 4,811 18 2 8.511 9.958

BNPParibas 2 10.759 2,802 21 1 10.698 0.061

GoldmanSachs 3 10.067 2,622 10 13 2.746 7.321

MorganStanley 4 9.310 2,425 8 7 5.753 3.557

CreditSuisse 5 8.438 2,198 8 11 4.461 3.977


Citi 7 4.842 1,261 8 10 4.595 0.247


HSBC 9 4.360 1,136 8 4 7.401 -3.041


DeutscheBank 11 3.488 909 8 8 5.376 -1.888

UBS 12 2.291 597 4 12 3.904 -1.613

Barclays 13 1.743 454 3 6 6.200 -4.457

UniCredit 14 1.435 374 2 15 2.009 -0.574

Jefferies 15 1.088 283 3 29 0.435 0.653

Natixis 16 1.018 265 4 14 2.667 -1.649

ABGSundalCollierAsa 17 0.835 217 3 22 1.027 -0.192

JohBerenbergGossler&CoKG 18 0.737 192 2 16 1.746 -1.009

PrivatbankIHAGZuerichAG 19 0.603 157 1 - - -

ParetoSecurities 20 0.467 122 1 - - -

TOTAL 100% 26,046 72 100%

EMEAEquityLinked-SyndicationFY2016 FY2015


JPMorgan 1 16.193 4,811 18 5 6.856 9.337

BNPParibas 2 9.433 2,802 21 3 8.053 1.380

MorganStanley 3 9.270 2,754 10 10 4.698 4.572

GoldmanSachs 4 8.827 2,622 10 15 2.421 6.406

Nomura 5 8.425 2,503 8 4 7.119 1.306

CreditSuisse 6 7.398 2,198 8 13 3.029 4.369


Citi 8 5.605 1,665 11 14 2.453 3.152


HSBC 10 3.823 1,136 8 9 4.713 -0.890


DeutscheBank 12 3.058 909 8 1 14.481 -11.423

MizuhoFinancial 13 2.383 708 5 8 4.794 -2.411

UBS 14 2.009 597 4 12 3.145 -1.136

Barclays 15 1.528 454 3 2 9.347 -7.819

UniCredit 16 1.258 374 2 17 1.618 -0.360

Natixis 17 0.893 265 4 16 2.149 -1.256

JohBerenbergGossler&CoKG 18 0.646 192 2 19 1.407 -0.761

PrivatbankIHAGZuerichAG 19 0.529 157 1 - - -

ABGSundalCollierAsa 20 0.479 142 2 22 0.828 -0.349

TOTAL 100% 29,708 86 100%

EMEAEquityIPOFY2016 FY2015


JPMorgan 1 8.940 3,025 20 2 7.313 1.627

UBS 2 7.485 2,533 8 5 5.807 1.678

DeutscheBank 3 7.378 2,497 13 3 6.591 0.787

GoldmanSachs 4 7.362 2,491 16 6 5.520 1.842

MorganStanley 5 6.402 2,166 13 1 9.140 -2.738


CreditSuisse 7 5.154 1,744 7 9 4.349 0.805

Citi 8 4.702 1,591 15 7 5.009 -0.307

Nordea 9 4.199 1,421 9 32 0.665 3.534

BNPParibas 10 3.319 1,123 7 13 1.981 1.338

DanskeBank 11 3.099 1,049 4 29 0.803 2.296

Barclays 12 2.589 876 9 10 4.194 -1.605

Carnegie 13 2.577 872 15 14 1.943 0.634

SambaCapital 14 1.393 471 1 - - -


Numis 16 1.390 471 4 21 1.312 0.078

ABNAmroBankNV 17 1.286 435 4 23 1.014 0.272

SEB 18 1.285 435 6 12 2.202 -0.917

INGGroep 19 1.248 422 3 27 0.842 0.406

DNBASA 20 1.217 412 5 62 0.140 1.077

TOTAL 100% 33,839 133 100%

EMEAEquityOfferingsFY2016 FY2015


UBS 1 9.134 9,368 47 1 10.166 -1.032

JPMorgan 2 8.914 9,143 63 5 7.455 1.459

GoldmanSachs 3 8.807 9,033 54 2 9.690 -0.883

MorganStanley 4 7.467 7,659 43 3 9.574 -2.107

DeutscheBank 5 6.916 7,094 41 6 6.881 0.035


CreditSuisse 7 5.265 5,400 27 9 3.328 1.937

Citi 8 4.830 4,954 44 7 6.374 -1.544

Nordea 9 3.072 3,150 30 24 0.887 2.185

Barclays 10 2.998 3,075 35 8 3.531 -0.533

Numis 11 2.501 2,566 26 17 1.007 1.494


BNPParibas 13 2.089 2,143 20 12 1.847 0.242

Carnegie 14 2.042 2,095 39 15 1.127 0.915

Jefferies 15 1.972 2,023 26 13 1.480 0.492

JavaCapital 16 1.350 1,385 20 25 0.781 0.569

DanskeBank 17 1.309 1,342 10 30 0.530 0.779

HSBC 18 1.193 1,223 9 11 2.266 -1.073

SEB 19 1.133 1,162 20 20 0.928 0.205

ABGSundalCollierAsa 20 0.981 1,006 31 29 0.559 0.422

TOTAL 100% 102,570 588 100%



EMEARightsOfferingsFY2016 FY2015



JPMorgan 2 9.538 2,365 12 1 18.676 -9.138

Barclays 3 6.728 1,668 8 10 2.609 4.119

HSBC 4 5.884 1,459 8 11 2.002 3.882

GoldmanSachs 5 5.405 1,340 7 3 8.058 -2.653

Citi 6 5.092 1,262 6 13 1.654 3.438

Investec 7 3.824 948 4 56 0.126 3.698

Mediobanca 8 3.537 877 2 41 0.289 3.248

CreditAgricoleCIB 9 3.362 834 5 65 0.039 3.323

DeutscheBank 10 3.318 823 4 8 4.498 -1.180

BNPParibas 11 3.251 806 10 5 5.801 -2.550


MorganStanley 13 2.988 741 5 7 4.934 -1.946

IntesaSanpaolo 14 2.732 677 2 21 0.908 1.824

FirstRandLtd 15 2.605 646 1 - - -

Jefferies 16 2.304 571 3 15 1.565 0.739

Natixis 17 2.196 544 7 16 1.507 0.689

UBS 18 2.037 505 5 4 6.064 -4.027

BancoSantander 19 1.925 477 3 12 1.943 -0.018

SaudiHollandiBank 20 1.882 467 1 43 0.255 1.627

TOTAL 100% 24,793 91 100%

WesternEuropeEquity,EquityLinked&RightsFY2016 FY2015

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 11.056 13,319 81 1 9.873 1.183

GoldmanSachs 2 8.753 10,544 60 4 9.502 -0.749


MorganStanley 4 7.234 8,714 50 5 8.433 -1.199

UBS 5 6.965 8,390 50 2 9.582 -2.617

DeutscheBank 6 6.560 7,903 52 6 6.693 -0.133

CreditSuisse 7 5.798 6,984 38 8 3.783 2.015

BNPParibas 8 4.039 4,866 49 10 3.094 0.945

Citi 9 3.974 4,787 44 7 4.867 -0.893

Barclays 10 3.345 4,030 39 9 3.443 -0.098


Nordea 12 2.512 3,026 36 24 0.825 1.687

HSBC 13 2.344 2,824 20 12 2.125 0.219

Jefferies 14 2.119 2,552 31 13 1.529 0.590

Numis 15 1.967 2,369 29 17 1.014 0.953


Carnegie 17 1.685 2,030 40 19 0.976 0.709

UniCredit 18 1.147 1,381 10 15 1.192 -0.045

Investec 19 1.086 1,309 12 39 0.262 0.824

Mediobanca 20 1.040 1,253 7 20 0.960 0.080

TOTAL 100% 120,461 622 100%

EasternEuropeEquity,EquityLinked&RightsFY2016 FY2015

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

GoldmanSachs 1 16.701 1,067 10 11 2.773 13.928

Citi 2 12.327 787 8 7 4.350 7.977

VTBCapital 3 10.702 684 5 1 18.812 -8.110

JPMorgan 4 10.104 645 7 2 9.345 0.759

SberbankCIBCJSC 5 7.790 498 3 - - -

UBS 6 6.043 386 3 18 1.797 4.246

MorganStanley 7 5.226 334 2 8 3.680 1.546

AtonCapitalGroup 8 4.322 276 4 14 2.071 2.251

UnluMenkulDegerlerAS 9 3.157 202 3 6 5.139 -1.982

JavaCapital 10 2.889 185 2 16 1.919 0.970

BancoSantander 11 2.024 129 4 15 1.925 0.099

BCSFinancialGroup 12 1.844 118 1 - - -

PKOBankPolskiSA 13 1.799 115 2 3 9.045 -7.246

OyakYatirimMenkulDegerlerAS 14 1.460 93 1 - - -

ErsteGroupBank 15 1.328 85 2 36 0.273 1.055

Macquarie 16 1.220 78 1 16 1.919 -0.699

EFGAssetManagementRussia 17 1.147 73 1 - - -

OtkritieFinancialCorpJSC 18 1.064 68 1 13 2.298 -1.234

AkbankTAS 19 0.952 61 1 22 0.985 -0.033

Wood&CoFinancialServicesAS 20 0.946 60 1 4 6.404 -5.458

TOTAL 100% 6,388 47 100%

AIMEquityOfferingsFY2016 FY2015

Firm Rank MktShare(%) Volume(GBPMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MirabaudSecurities 1 21.259 1,091 7 15 1.867 19.392

Stifel 2 10.637 546 11 30 0.394 10.243

LiberumCapitalLtd 3 8.927 458 10 5 4.820 4.107

PeelHuntLLP 4 5.893 302 21 4 5.969 -0.076

CenkosSecurities 5 5.413 278 20 1 21.248 -15.835

FinnCap 6 4.483 230 24 17 1.370 3.113

JPMorgan 7 4.221 217 2 11 2.507 1.714

Numis 8 3.929 202 15 3 6.277 -2.348

Investec 9 3.790 194 9 6 4.179 -0.389

ZeusCapital 10 3.709 190 13 2 16.942 -13.233

Nplus1SingerLtd 11 3.048 156 15 14 1.871 1.177

GoldmanSachs 12 2.751 141 1 - - -

PanmureGordon 13 2.148 110 21 7 3.678 -1.530

CanaccordGenuity 14 1.711 88 7 9 3.052 -1.341


SPAngelCorporateFinanceLLP 16 1.527 78 14 27 0.531 0.996

ShoreCapitalGroupLtd 17 1.465 75 17 8 3.122 -1.657

Macquarie 18 1.253 64 3 46 0.167 1.086

BrandonHillCapitalLtd 19 1.224 63 8 40 0.241 0.983

WhitmanHowardLtd 20 1.184 61 2 39 0.245 0.939

TOTAL 100% 5,131 352 100%



AfricaEquity,EquityLinked&RightsFY2016 FY2015


Citi 1 13.516 1,133 5 1 20.498 -6.982

JavaCapital 2 12.327 1,033 14 3 12.540 -0.213

FirstRandLtd 3 9.268 777 2 14 2.659 6.609

MorganStanley 4 9.189 770 4 2 16.851 -7.662

JPMorgan 5 7.477 626 4 7 4.458 3.019

Barclays 6 6.858 575 5 16 1.364 5.494


UBS 8 5.988 502 2 4 7.090 -1.102

HSBC 9 4.228 354 3 11 2.990 1.238

BNPParibas 10 3.702 310 2 - - -

StandardBankofSouthAfrica 11 2.607 218 2 13 2.787 -0.180

AttijariwafaBank 12 2.313 194 1 - - -

EFG-Hermes 13 1.987 166 2 9 3.855 -1.868

Scotiabank 14 1.776 149 1 - - -

LeafCapitalPtyLtd 15 1.182 99 3 - - -

CapitalMarketsBrokersLtd 16 1.088 91 2 - - -

ICSecuritiesGhanaLtd 17 0.924 77 1 - - -

Investec 18 0.922 77 1 5 4.607 -3.685

GoldmanSachs 18 0.922 77 1 8 3.946 -3.024

Industrial&CommBankofChina 20 0.850 71 1 - - -

TOTAL 100% 8,378 53 100%

Sub-SaharaEquity,EquityLinked&RightsFY2016 FY2015


Citi 1 14.174 1,133 5 1 21.393 -7.219

JavaCapital 2 12.927 1,033 14 3 13.824 -0.897

FirstRandLtd 3 9.719 777 2 12 2.931 6.788

MorganStanley 4 9.636 770 4 2 18.576 -8.940

JPMorgan 5 7.841 626 4 8 3.296 4.545

Barclays 6 7.192 575 5 15 1.503 5.689


UBS 8 6.279 502 2 4 7.816 -1.537

HSBC 9 4.434 354 3 8 3.296 1.138

BNPParibas 10 3.882 310 2 - - -

StandardBankofSouthAfrica 11 2.734 218 2 11 3.072 -0.338

Scotiabank 12 1.863 149 1 - - -

LeafCapitalPtyLtd 13 1.240 99 3 - - -

CapitalMarketsBrokersLtd 14 1.141 91 2 - - -

ICSecuritiesGhanaLtd 15 0.968 77 1 - - -

Investec 16 0.966 77 1 5 5.079 -4.113

GoldmanSachs 16 0.966 77 1 13 2.922 -1.956

RMBHoldingsLtd 18 0.891 71 1 17 0.753 0.138

Industrial&CommBankofChina 18 0.891 71 1 - - -

NedbankLtd 18 0.891 71 1 18 0.440 0.451

TOTAL 100% 7,990 49 100%

MENAEquity,EquityLinked&RightsFY2016 FY2015


SambaCapital 1 15.173 471 1 - - -

SaudiHollandiBank 2 15.025 467 1 15 1.823 13.202

EmiratesNBDPJSC 3 13.273 412 2 - - -

HSBC 4 10.371 322 2 1 18.520 -8.149

NationalBankofAbuDhabi 5 8.152 253 2 - - -

RiyadBank 6 7.956 247 2 12 2.344 5.612

ArqaamCapital 7 7.355 228 1 - - -

AttijariwafaBank 8 6.241 194 1 - - -

EFG-Hermes 9 5.360 166 2 3 8.875 -3.515

JPMorgan 10 5.220 162 1 9 2.920 2.300

BanqueSaudiFransi 11 4.098 127 1 16 1.302 2.796

RenaissanceCapitalHoldingsLtd 12 0.918 29 1 - - -

ArabNationalBank 13 0.859 27 1 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 3,105 16 100%



AsiaPacificEquityReviewFY2016creditedAPACex-JapanEquity,EquityLinked&Rightsvolumedecreased31.05%toUSD144.4Blnwhiledealcountdecreased7.47%to1,921offeringsyear-on-year.APACex-JapanEquityIPOvolumedecreased8.86%year-on-yeartoUSD71.8Blnwhilethedealcountdecreased2.22%to750.APACex-JapanEquityLinkedvolumeincreased44.29%year-on-yeartoUSD19.2Blnover105deals.MorganStanleyrankedasthetopAPACex-JapanEquity,EquityLinked&RightsunderwriterforFY2016with8.89%marketshare.Thebankunderwrote63dealsovertheperiod.DeutscheBankandJPMorganrankedsecondandthirdwith4.78%and4.60%marketshare,respectively.

APACEquity,EquityLinked&Rights:HighlightsofFY2016


PostalSavingsBankofChinaCoLtd Financials 7,626 09/21/2016

MandatoryExchangeableTrust Financials 6,600 06/02/2016

KyushuRailwayCo ConsumerDiscretionary 4,003 10/17/2016

RecruitHoldingsCoLtd ConsumerDiscretionary 2,259 09/12/2016

SamsungBiologicsCoLtd HealthCare 1,961 10/28/2016

ChinaResourcesPharmaceuticalGroupLtd HealthCare 1,941 10/21/2016

ChinaZheshangBankCoLtd Financials 1,938 03/21/2016

IndustrialSecuritiesCoLtd Financials 1,864 01/18/2016

BankofShanghaiCoLtd Financials 1,587 10/11/2016

ZTOExpressCaymanInc Industrials 1,406 10/26/2016

APACEquity,EquityLinked&Rights:IndustryBreakdown

33%

14%12%

11%

8%

7%

7%

10%


Financials 65,917 32.8% -51.7%


Industrials 23,452 11.7% -1.1%

Technology 22,073 11.0% 13.5%

Materials 15,501 7.7% 18.1%

HealthCare 13,397 6.7% -27.2%

Communications 13,092 6.5% 7.8%


Energy 5,830 2.9% -61.6%

Utilities 4,929 2.5% -69.3%

Asiaex-JapanEquity,EquityLinked&Rights

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

5050

USDBln

USDBln

00

8080

500500

DealC

ountDealC

ount

00

800800

DealCount Rights IPO

Add'l

Australia/NewZealandEquity,EQL&Rights

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

1010

USDBln

USDBln

00

2020

200200

DealC

ountDealC

ount

00

400400


Add'l

ChinaEquity,EquityLinked&Rights

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

USDBln

USDBln

00

400400

200200

DealC

ountDealC

ount

00

400400


Add'l

JapanEquity&EquityLinked

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

1,0001,000

USDBln

USDBln

00

1,8001,800

5050

100100

DealC

ountDealC

ount

00

120120


Add'l



Asiaex-JapanEquity,EquityLinked&RightsFY2016 FY2015


MorganStanley 1 9.434 11,770 51 2 6.658 2.776

DeutscheBank 2 4.620 5,764 30 11 1.959 2.661

Citi 3 3.990 4,978 47 7 3.165 0.825

JPMorgan 4 3.924 4,896 32 5 4.547 -0.623

CITICSecuritiesCoLtd 5 3.299 4,116 40 6 4.243 -0.944

GoldmanSachs 6 2.847 3,552 27 1 8.123 -5.276


CreditSuisse 8 2.683 3,348 35 4 4.597 -1.914

HaitongSecuritiesCoLtd 9 2.359 2,943 44 9 2.369 -0.010


UBS 11 2.306 2,877 32 3 6.269 -3.963

BankofChina 12 2.257 2,816 21 24 1.218 1.039

SinolinkSecuritiesCoLtd 13 2.040 2,545 10 53 0.438 1.602




ChinaMerchantsBank 17 1.746 2,178 20 16 1.522 0.224

ChinaMerchantsSecurities 18 1.591 1,985 27 14 1.755 -0.164

GFSecurities 19 1.527 1,905 24 30 0.935 0.592

HSBC 20 1.494 1,864 18 10 2.209 -0.715

TOTAL 100% 124,764 1,382 100%

Asiaex-JapanEquity,EQL&Rightsex-CHASharesFY2016 FY2015


MorganStanley 1 12.413 11,382 47 1 8.380 4.033

DeutscheBank 2 6.024 5,524 26 10 2.181 3.843

JPMorgan 3 5.092 4,669 30 4 5.649 -0.557

Citi 4 5.043 4,624 39 6 3.874 1.169

GoldmanSachs 5 3.350 3,071 22 2 7.710 -4.360

CreditSuisse 6 3.292 3,018 33 5 5.006 -1.714

UBS 7 2.962 2,716 30 3 5.680 -2.718




HSBC 11 2.033 1,864 18 8 2.794 -0.761

BankofChina 12 1.646 1,509 17 21 1.309 0.337

DBSGroup 13 1.576 1,445 19 26 1.014 0.562

ChinaConstructionBank 14 1.566 1,436 17 13 2.063 -0.497

ChinaInternationalCapitalCorp 15 1.552 1,423 12 11 2.176 -0.624

NHInvestment&SecuritiesCoLtd 16 1.539 1,412 17 16 1.723 -0.184

AgriculturalBankofChinaLtd 17 1.422 1,304 15 19 1.399 0.023

CIMB 18 1.263 1,158 28 22 1.281 -0.018

KoreaInvestment&SecuritiesCo 19 1.251 1,147 16 44 0.434 0.817


TOTAL 100% 91,692 1,104 100%

Asiaex-JapanEquity&EquityLinkedFY2016 FY2015


MorganStanley 1 10.203 11,684 50 2 7.114 3.089

DeutscheBank 2 4.913 5,626 29 11 2.106 2.807

JPMorgan 3 4.275 4,896 32 6 4.284 -0.009

Citi 4 4.206 4,816 45 7 3.089 1.117


GoldmanSachs 6 2.991 3,425 26 1 8.538 -5.547


CreditSuisse 8 2.651 3,036 33 4 4.564 -1.913


UBS 10 2.455 2,811 31 3 6.475 -4.020





BankofChina 15 1.888 2,162 20 23 1.284 0.604


GFSecurities 17 1.663 1,905 24 27 0.971 0.692


HSBC 19 1.361 1,558 15 10 2.181 -0.820

ShenwanHongyuanGroupCoLtd 20 1.317 1,508 18 50 0.427 0.890

TOTAL 100% 114,512 1,289 100%

Asiaex-JapanEquityLinkedFY2016 FY2015


MorganStanley 1 21.823 4,191 5 14 1.849 19.974

DeutscheBank 2 20.575 3,951 6 23 1.211 19.364

JPMorgan 3 10.400 1,997 11 1 16.303 -5.903


CITICSecuritiesCoLtd 5 3.688 708 6 4 5.339 -1.651

UBS 6 3.617 695 7 22 1.232 2.385

YuantaSecuritiesCoLtd 7 2.619 503 5 18 1.607 1.012

HaitongSecuritiesCoLtd 8 2.351 451 5 7 4.127 -1.776

GoldmanSachs 9 1.960 376 2 11 2.792 -0.832

BankofAmericaMerrillLynch 10 1.544 297 4 12 2.567 -1.023

HSBC 11 1.450 278 4 3 6.676 -5.226

Citi 12 1.424 273 3 10 2.927 -1.503

ChinaInvestmentCorp 13 1.395 268 1 - - -

CreditSuisse 14 1.332 256 2 2 10.839 -9.507

CIMB 15 1.328 255 2 16 1.701 -0.373

HuataiSecuritiesCoLtd 16 1.316 253 3 15 1.815 -0.499

KGISecuritiesCoLtd 17 1.283 246 12 6 4.839 -3.556

GuotaiJunanSecuritiesCoLtd 18 1.197 230 2 8 3.040 -1.843

ChinaInvestmentSecuritiesCoLtd 19 1.015 195 2 - - -

ChinaSecuritiesCoLtd 20 0.932 179 2 9 2.980 -2.048

TOTAL 100% 19,204 105 100%



Asiaex-JapanEquityLinkedex-ChinaExchangesFY2016 FY2015


DeutscheBank 1 24.775 3,951 6 - - -

MorganStanley 2 24.375 3,888 3 9 2.801 21.574

JPMorgan 3 12.523 1,997 11 1 23.115 -10.592

ChinaInternationalCapitalCorp 4 5.647 901 4 16 1.750 3.897

UBS 5 4.355 695 7 15 1.867 2.488



HSBC 8 1.746 278 4 2 10.113 -8.367

HaitongSecuritiesCoLtd 9 1.703 272 4 - - -

CIMB 10 1.599 255 2 10 2.577 -0.978

GoldmanSachs 11 1.571 251 1 5 4.230 -2.659


Citi 13 1.327 212 2 4 4.434 -3.107

DongbuSecurities 14 1.085 173 1 - - -

BankofChina 15 0.982 157 2 13 2.287 -1.305

FubonSecuritiesCo 16 0.927 148 7 8 3.231 -2.304

CreditSuisse 17 0.815 130 1 6 3.935 -3.120

DaiwaSecurities 18 0.752 120 1 - - -

Stifel 19 0.690 110 1 - - -

RizalCommercialBankingCorp 20 0.678 108 1 - - -

TOTAL 100% 15,948 94 100%

Asiaex-JapanEquityOfferingsFY2016 FY2015



GuosenSecuritiesCoLtd 2 4.374 11,487 52 16 1.525 2.849

GFSecurities 3 4.152 10,904 62 17 1.512 2.640


GuotaiJunanSecuritiesCoLtd 5 3.953 10,382 67 5 4.171 -0.218

MorganStanley 6 3.895 10,231 51 4 4.878 -0.983


DeutscheBank 8 3.578 9,397 43 10 2.910 0.668



Citi 11 2.692 7,070 59 14 2.146 0.546

GoldmanSachs 12 2.477 6,506 29 2 5.410 -2.933

SouthwestSecuritiesCoLtd 13 2.389 6,275 25 9 3.000 -0.611



EssenceSecuritiesCoLtd 16 1.913 5,023 32 31 0.784 1.129


ChinaInvestmentCorp 18 1.435 3,769 20 33 0.781 0.654

CreditSuisse 19 1.417 3,722 36 11 2.642 -1.225

GuangzhouSecurities 20 1.401 3,681 12 82 0.166 1.235

TOTAL 100% 262,640 1,840 100%

Asiaex-JapanEquityIPOFY2016 FY2015




Citi 3 3.441 2,295 24 13 2.035 1.406


BankofChina 5 3.008 2,005 18 16 1.863 1.145



JPMorgan 8 2.859 1,906 15 33 1.253 1.606


MorganStanley 10 2.561 1,708 17 1 5.418 -2.857


CreditSuisse 12 2.471 1,648 17 30 1.341 1.130


GFSecurities 14 2.021 1,348 23 23 1.708 0.313



GoldmanSachs 17 1.921 1,281 9 7 2.897 -0.976


AgriculturalBankofChinaLtd 19 1.722 1,148 12 18 1.850 -0.128

HengtaiSecuritiesCoLtd 20 1.701 1,134 9 - - -

TOTAL 100% 66,682 674 100%



APACEquity,EquityLinked&RightsFY2016 FY2015


MorganStanley 1 9.900 16,875 85 2 8.741 1.159

Nomura 2 4.991 8,507 77 5 4.420 0.571

JPMorgan 3 4.735 8,072 48 4 4.836 -0.101

DeutscheBank 4 4.052 6,907 34 12 2.489 1.563

Citi 5 4.006 6,829 64 8 3.190 0.816

UBS 6 3.924 6,688 74 3 8.476 -4.552

CreditSuisse 7 3.171 5,405 53 7 3.315 -0.144

GoldmanSachs 8 3.112 5,305 44 1 9.316 -6.204




Macquarie 12 2.138 3,645 47 6 3.785 -1.647





BankofChina 17 1.652 2,816 21 28 0.807 0.845




TOTAL 100% 170,460 2,108 100%

APACEquity&EquityLinkedFY2016 FY2015


MorganStanley 1 10.769 16,648 81 2 8.594 2.175

Nomura 2 5.503 8,507 77 4 4.993 0.510

JPMorgan 3 4.817 7,446 45 5 4.888 -0.071

DeutscheBank 4 4.379 6,769 33 10 2.547 1.832

Citi 5 4.006 6,193 60 9 2.926 1.080

UBS 6 3.629 5,610 63 3 7.480 -3.851

GoldmanSachs 7 3.349 5,178 43 1 9.877 -6.528



CreditSuisse 10 2.545 3,934 42 6 3.359 -0.814





Macquarie 15 1.614 2,496 36 13 2.411 -0.797




BankofChina 19 1.399 2,162 20 27 0.898 0.501

DaiwaSecurities 20 1.381 2,135 39 12 2.470 -1.089

TOTAL 100% 154,593 1,942 100%

APACEquityOfferingsFY2016 FY2015


MorganStanley 1 9.284 12,153 74 2 9.010 0.274

Nomura 2 4.314 5,647 68 4 4.315 -0.001

Citi 3 4.290 5,616 55 7 3.041 1.249

JPMorgan 4 4.162 5,449 34 5 4.271 -0.109

UBS 5 3.755 4,915 56 3 8.176 -4.421

GoldmanSachs 6 3.668 4,801 41 1 10.617 -6.949


CreditSuisse 8 2.810 3,678 40 8 3.009 -0.199




DeutscheBank 12 2.152 2,818 27 11 2.482 -0.330


Macquarie 14 1.907 2,496 36 9 2.661 -0.754




BankofChina 18 1.532 2,005 18 27 0.893 0.639



TOTAL 100% 130,905 1,820 100%

APACEquityLinkedFY2016 FY2015


MorganStanley 1 18.976 4,495 7 6 4.582 14.394

DeutscheBank 2 16.681 3,951 6 10 3.174 13.507

Nomura 3 12.072 2,860 9 1 11.528 0.544

JPMorgan 4 8.432 1,997 11 2 10.835 -2.403



MizuhoFinancial 7 2.989 708 5 3 8.564 -5.575

UBS 8 2.932 695 7 27 0.765 2.167

Citi 9 2.437 577 5 18 1.817 0.620



GoldmanSachs 12 1.589 376 2 13 2.746 -1.157

SumitomoMitsuiFinancial 13 1.298 308 3 5 5.893 -4.595


HSBC 15 1.176 278 4 7 4.143 -2.967


CreditSuisse 17 1.080 256 2 4 6.727 -5.647

CIMB 18 1.077 255 2 21 1.056 0.021



TOTAL 100% 23,687 122 100%



APACex-JapanEquity,EquityLinked&RightsFY2016 FY2015


MorganStanley 1 8.894 12,846 63 3 7.072 1.822

DeutscheBank 2 4.782 6,907 34 10 2.761 2.021

JPMorgan 3 4.604 6,649 41 5 4.350 0.254

UBS 4 4.462 6,445 69 2 9.481 -5.019

Citi 5 4.417 6,379 60 7 3.619 0.798

CreditSuisse 6 3.742 5,405 53 6 4.000 -0.258

GoldmanSachs 7 2.974 4,295 36 1 9.747 -6.773


Macquarie 9 2.524 3,645 47 4 4.541 -2.017





BankofChina 14 1.950 2,816 21 25 0.973 0.977






GFSecurities 20 1.319 1,905 24 31 0.747 0.572

TOTAL 100% 144,426 1,921 100%

APACex-JapanEquity&EquityLinkedFY2016 FY2015


MorganStanley 1 9.816 12,619 59 3 6.610 3.206

DeutscheBank 2 5.265 6,769 33 9 2.879 2.386

JPMorgan 3 4.685 6,023 38 4 4.334 0.351

Citi 4 4.467 5,743 56 7 3.364 1.103

UBS 5 4.174 5,366 58 2 8.412 -4.238

GoldmanSachs 6 3.242 4,168 35 1 10.515 -7.273

CreditSuisse 7 3.060 3,934 42 5 4.168 -1.108





Macquarie 12 1.941 2,496 36 8 2.961 -1.020




BankofChina 16 1.682 2,162 20 24 1.114 0.568


GFSecurities 18 1.482 1,905 24 28 0.842 0.640


HSBC 20 1.212 1,558 15 12 1.892 -0.680

TOTAL 100% 128,559 1,755 100%

APACex-JapanEquityOfferingsFY2016 FY2015


MorganStanley 1 7.707 8,428 54 3 6.995 0.712

Citi 2 5.001 5,469 53 6 3.405 1.596

UBS 3 4.272 4,671 51 2 8.989 -4.717

JPMorgan 4 3.681 4,026 27 7 3.317 0.364

GoldmanSachs 5 3.468 3,792 33 1 11.140 -7.672

CreditSuisse 6 3.364 3,678 40 5 3.655 -0.291


DeutscheBank 8 2.577 2,818 27 9 3.015 -0.438



Macquarie 11 2.282 2,496 36 8 3.199 -0.917



BankofChina 14 1.834 2,005 18 24 1.085 0.749



GFSecurities 17 1.742 1,905 24 28 0.910 0.832




TOTAL 100% 109,354 1,650 100%

APACex-JapanEquityIPOFY2016 FY2015



JPMorgan 2 3.758 2,697 18 27 1.365 2.393

Citi 3 3.459 2,483 26 10 2.490 0.969



BankofChina 6 2.794 2,005 18 19 1.719 1.075

MorganStanley 7 2.783 1,997 20 2 5.243 -2.460


CreditSuisse 9 2.719 1,952 21 28 1.364 1.355


GoldmanSachs 11 2.635 1,891 15 4 3.719 -1.084



DeutscheBank 14 2.142 1,537 17 13 2.038 0.104


UBS 16 1.990 1,428 14 1 5.261 -3.271

GFSecurities 17 1.878 1,348 23 24 1.575 0.303




TOTAL 100% 71,772 750 100%



APACex-JapanEquityLinkedFY2016 FY2015


MorganStanley 1 21.823 4,191 5 14 1.803 20.020

DeutscheBank 2 20.575 3,951 6 23 1.181 19.394

JPMorgan 3 10.400 1,997 11 1 17.028 -6.628



UBS 6 3.617 695 7 22 1.202 2.415



GoldmanSachs 9 1.960 376 2 12 2.723 -0.763


HSBC 11 1.450 278 4 3 6.511 -5.061

Citi 12 1.424 273 3 11 2.855 -1.431


CreditSuisse 14 1.332 256 2 2 10.572 -9.240

CIMB 15 1.328 255 2 16 1.659 -0.331



GuotaiJunanSecuritiesCoLtd 18 1.197 230 2 9 2.965 -1.768

ChinaInvestmentSecuritiesCoLtd 19 1.015 195 2 - - -

ChinaSecuritiesCoLtd 20 0.932 179 2 10 2.906 -1.974

TOTAL 100% 19,204 105 100%

APACex-JapanEquity,EQL&Rightsex-CHAShrsFY2016 FY2015


MorganStanley 1 11.187 12,457 59 3 8.461 2.726

DeutscheBank 2 5.987 6,666 30 9 3.091 2.896

JPMorgan 3 5.768 6,422 39 5 5.147 0.621

UBS 4 5.643 6,283 67 2 9.679 -4.036

Citi 5 5.410 6,025 52 6 4.248 1.162

CreditSuisse 6 4.558 5,076 51 7 4.190 0.368

GoldmanSachs 7 3.426 3,815 31 1 9.760 -6.334

Macquarie 8 3.273 3,645 47 4 5.453 -2.180




HSBC 12 1.674 1,864 18 11 2.119 -0.445

BankofChina 13 1.355 1,509 17 22 0.993 0.362

DBSGroup 14 1.297 1,445 19 26 0.769 0.528



NHInvestment&SecuritiesCoLtd 17 1.268 1,412 17 17 1.307 -0.039


CIMB 19 1.040 1,158 28 23 0.971 0.069

KoreaInvestment&SecuritiesCo 20 1.030 1,147 16 44 0.329 0.701

TOTAL 100% 111,354 1,643 100%



Australia/NewZealandEquity,EQL&RightsFY2016 FY2015


UBS 1 17.790 3,568 37 1 22.124 -4.334

Macquarie 2 16.008 3,210 38 2 19.273 -3.265

CreditSuisse 3 10.259 2,057 18 9 1.619 8.640

JPMorgan 4 8.742 1,753 9 8 3.549 5.193

Citi 5 6.984 1,401 13 7 5.395 1.589

DeutscheBank 6 5.697 1,143 4 6 5.918 -0.221

MorganStanley 7 4.847 972 12 4 8.673 -3.826

Morgans 8 4.415 885 38 10 1.089 3.326

GoldmanSachs 9 3.707 743 9 3 16.116 -12.409


BellPotterSecuritiesLimited 11 2.095 420 34 11 1.013 1.082

CanaccordGenuity 12 1.897 381 24 21 0.254 1.643

TaylorCollisonLtd 13 1.484 298 26 25 0.228 1.256

EurozSecurities 14 1.035 208 20 31 0.170 0.865

OrdMinnettLtd 15 1.032 207 11 24 0.236 0.796

Moelis&Co 16 0.922 185 8 29 0.192 0.730


HartleysLtd 18 0.791 159 35 26 0.217 0.574

ForsythBarrLtd 19 0.710 142 2 20 0.268 0.442

FirstNZCapitalLtd 20 0.655 131 3 30 0.183 0.472

TOTAL 100% 20,054 545 100%

Australia/NewZealandEquity&RightsOfferingsFY2016 FY2015


UBS 1 17.800 3,568 37 1 22.300 -4.500

Macquarie 2 16.017 3,210 38 2 19.426 -3.409

CreditSuisse 3 10.265 2,057 18 9 1.632 8.633

JPMorgan 4 8.747 1,753 9 8 3.220 5.527

Citi 5 6.988 1,401 13 7 5.438 1.550

DeutscheBank 6 5.701 1,143 4 6 5.966 -0.265

MorganStanley 7 4.850 972 12 4 8.742 -3.892

Morgans 8 4.418 885 38 10 1.098 3.320

GoldmanSachs 9 3.709 743 9 3 16.244 -12.535


BellPotterSecuritiesLimited 11 2.096 420 34 11 1.021 1.075

CanaccordGenuity 12 1.898 381 24 21 0.256 1.642

TaylorCollisonLtd 13 1.484 298 26 25 0.230 1.254

EurozSecurities 14 1.036 208 20 31 0.172 0.864

OrdMinnettLtd 15 1.033 207 11 24 0.238 0.795

Moelis&Co 16 0.923 185 8 29 0.194 0.729


HartleysLtd 18 0.791 159 35 26 0.219 0.572

ForsythBarrLtd 19 0.710 142 2 20 0.270 0.440

FirstNZCapitalLtd 20 0.655 131 3 30 0.185 0.470

TOTAL 100% 20,043 542 100%

ChinaEquity,EquityLinked&RightsFY2016 FY2015

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)


GuosenSecuritiesCoLtd 2 6.091 76,940 52 12 2.768 3.323

GFSecurities 3 5.281 66,702 54 14 2.265 3.016

ChinaSecuritiesCoLtd 4 5.225 65,998 56 4 5.513 -0.288

GuotaiJunanSecuritiesCoLtd 5 5.045 63,727 39 2 7.379 -2.334




DeutscheBank 9 4.093 51,694 23 9 3.433 0.660

SouthwestSecuritiesCoLtd 10 3.225 40,735 21 3 5.598 -2.373





GoldmanSachs 15 1.999 25,246 9 11 2.841 -0.842

GuangzhouSecurities 16 1.972 24,911 12 54 0.315 1.657

ChinaInvestmentCorp 17 1.938 24,480 16 22 1.270 0.668

IndustrialSecuritiesCoLtd 18 1.653 20,877 19 18 1.627 0.026

MorganStanley 19 1.607 20,293 9 26 1.088 0.519

Citi 20 1.431 18,070 23 41 0.501 0.930

TOTAL 100% 1,263,140 833 100%

ChinaEquityIPOFY2016 FY2015

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)



CITICSecuritiesCoLtd 3 7.434 11,902 19 6 6.337 1.097



HengtaiSecuritiesCoLtd 6 4.723 7,563 9 - - -


GuosenSecuritiesCoLtd 8 4.426 7,086 13 5 6.342 -1.916

GFSecurities 9 4.424 7,084 16 12 3.002 1.422



ChinaDevelopmentBank 12 3.194 5,113 7 - - -

SinolinkSecuritiesCoLtd 13 2.843 4,551 8 14 2.859 -0.016

BankofChina 14 2.497 3,999 2 22 1.218 1.279

ChinalinSecuritiesCoLtd 15 2.417 3,870 8 9 3.911 -1.494

ChuancaiSecuritiesCoLtd 16 2.189 3,505 2 - - -

ChinaInvestmentCorp 17 1.753 2,807 5 10 3.849 -2.096

IndustrialSecuritiesCoLtd 18 1.603 2,566 6 20 1.470 0.133

HuaxiSecuritiesCoLtd 19 1.492 2,389 3 46 0.173 1.319

GreatWallSecurities 20 1.333 2,135 5 - - -

TOTAL 100% 160,111 248 100%



HongKongEquity&RightsOfferingsFY2016 FY2015


MorganStanley 1 11.213 4,306 22 1 10.635 0.578



GoldmanSachs 4 5.364 2,060 10 3 6.120 -0.756

ChinaConstructionBank 5 3.722 1,429 15 9 3.515 0.207

BankofChina 6 3.355 1,289 14 17 2.064 1.291




ChinaSecuritiesCoLtd 10 2.451 941 7 16 2.078 0.373

GuotaiJunanSecuritiesCoLtd 11 2.404 923 29 24 1.426 0.978


KingstonFinancialGroupLtd 13 2.271 872 47 13 2.650 -0.379

GFSecurities 14 2.208 848 8 25 1.096 1.112

BankofCommunications 15 2.135 820 12 19 1.665 0.470

Industrial&CommBankofChina 16 2.059 791 9 21 1.610 0.449

ChinaInternationalCapitalCorp 17 1.989 764 7 7 3.667 -1.678

UBS 18 1.989 764 9 2 6.782 -4.793

HSBC 19 1.739 668 6 11 3.070 -1.331

JPMorgan 20 1.657 636 6 8 3.599 -1.942

TOTAL 100% 38,402 401 100%

HongKongEquityOfferingsFY2016 FY2015


MorganStanley 1 12.121 4,306 22 1 11.284 0.837

GoldmanSachs 2 5.798 2,060 10 3 6.494 -0.696



ChinaConstructionBank 5 4.023 1,429 15 8 3.729 0.294

BankofChina 6 3.627 1,289 14 15 2.133 1.494




ChinaSecuritiesCoLtd 10 2.650 941 7 18 1.974 0.676


GuotaiJunanSecuritiesCoLtd 12 2.446 869 27 24 1.402 1.044

GFSecurities 13 2.387 848 8 25 1.087 1.300

BankofCommunications 14 2.308 820 12 19 1.767 0.541

Industrial&CommBankofChina 15 2.226 791 9 21 1.708 0.518

ChinaInternationalCapitalCorp 16 2.150 764 7 6 3.890 -1.740

UBS 17 2.150 764 9 2 7.196 -5.046

JPMorgan 18 1.791 636 6 7 3.734 -1.943

Citi 19 1.756 624 4 12 2.752 -0.996

DeutscheBank 20 1.747 621 7 22 1.668 0.079

TOTAL 100% 35,524 349 100%

IndiaEquity&RightsOfferingFY2016 FY2015

Firm Rank MktShare(%) Volume(INRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Citi 1 18.524 109,498 14 3 9.817 8.707

ICICI 2 12.384 73,200 19 12 2.320 10.064

EdelweissFinancialServicesLtd 3 8.091 47,828 10 14 2.045 6.046

MorganStanley 4 5.935 35,080 5 10 2.503 3.432

KotakMahindraBankLtd 5 5.747 33,969 11 2 9.916 -4.169

StateBankofIndia 6 5.631 33,285 10 6 5.458 0.173

AxisBankLtd 7 5.007 29,599 9 7 5.186 -0.179

JMFinancialLtd 8 4.210 24,888 8 4 8.875 -4.665

HSBC 9 3.479 20,564 3 19 1.031 2.448

DeutscheBank 10 3.425 20,244 3 8 4.599 -1.174

IDFCBankLtd 11 3.379 19,974 7 20 0.873 2.506

IIFLSecuritiesPteLtd 12 3.231 19,099 9 28 0.193 3.038

UBS 13 3.140 18,560 4 16 1.485 1.655


MotilalOswalInvestmentAdvisors 15 2.031 12,007 6 22 0.461 1.570


FortuneFinancialServicesIndiaLtd 17 1.455 8,601 5 30 0.187 1.268

JPMorgan 18 1.270 7,504 2 11 2.428 -1.158

Nomura 19 1.239 7,321 1 13 2.144 -0.905

YesBank 20 1.140 6,739 4 25 0.393 0.747

TOTAL 100% 591,108 136 100%

IndonesiaEquity&RightsOfferingFY2016 FY2015

Firm Rank MktShare(%) Volume(IDRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MandiriSekuritasPT 1 22.460 7,632,717 8 2 13.036 9.424

CreditSuisse 2 20.132 6,841,762 5 3 11.482 8.650

BahanaSecurities 3 10.378 3,527,013 5 7 4.823 5.555

UBS 4 8.364 2,842,323 3 1 15.244 -6.880

DanareksaSekuritasPT 5 7.683 2,611,139 4 11 3.169 4.514

IndoPremierSecurities 6 4.898 1,664,429 3 8 4.152 0.746

Citi 7 4.453 1,513,320 2 4 10.358 -5.905

BankNegaraIndonesia(Persero)TbkPT 8 3.801 1,291,697 1 16 0.745 3.056

SinarmasSecuritiesPT 9 3.163 1,075,000 2 21 0.491 2.672

DeutscheBank 10 2.959 1,005,508 1 19 0.702 2.257

SucorinvestCentralGani 11 2.705 919,383 5 16 0.745 1.960

MorganStanley 12 1.913 650,000 1 9 3.599 -1.686

CIMB 13 1.182 401,667 1 13 1.353 -0.171

RHB 14 0.993 337,330 1 15 0.989 0.004

DBSGroup 14 0.993 337,330 1 16 0.745 0.248

DanatamaMakmurPT 16 0.948 322,000 1 - - -

CakraIntiUtamaPT 17 0.884 300,579 1 - - -


JasaUtamaCapitalPT 19 0.546 185,400 1 - - -

TrimegahSecurities 20 0.485 164,837 2 - - -

TOTAL 100% 33,983,925 31 100%



JapanEquity&EquityLinked(FiscalYear)FY2016 FY2015

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Nomura 1 24.468 500,574 43 2 15.263 9.205


MorganStanley 3 15.999 327,305 17 1 18.616 -2.617



JPMorgan 6 6.979 142,775 5 6 8.821 -1.842

GoldmanSachs 7 4.832 98,850 7 7 8.463 -3.631


Citi 9 2.008 41,070 3 9 1.358 0.650

UBS 10 0.820 16,766 3 8 3.911 -3.091

SBIHoldingsInc/Japan 11 0.737 15,077 11 12 0.191 0.546

IchiyoshiSecuritiesCoLtd 12 0.106 2,171 1 11 0.356 -0.250

TokaiTokyoSecuritiesCoLtd 13 0.075 1,536 3 14 0.018 0.057

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 2,045,804 131 100%

JapanEquityOfferings(FiscalYear)FY2016 FY2015


Nomura 1 22.535 421,241 38 2 15.097 7.438


MorganStanley 3 15.726 293,972 15 1 19.370 -3.644



JPMorgan 6 7.638 142,775 5 6 10.173 -2.535

GoldmanSachs 7 5.288 98,850 7 7 9.556 -4.268


UBS 9 0.897 16,766 3 8 4.510 -3.613


Citi 11 0.414 7,737 1 9 1.566 -1.152

IchiyoshiSecuritiesCoLtd 12 0.116 2,171 1 11 0.411 -0.295


- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,869,304 123 100%

JapanEquityIPO(FiscalYear)FY2016 FY2015


Nomura 1 25.628 255,163 19 2 15.391 10.237

MorganStanley 2 20.350 202,613 6 1 15.733 4.617


JPMorgan 4 13.822 137,617 3 6 12.162 1.660



GoldmanSachs 7 5.988 59,617 3 5 12.394 -6.406



- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 995,631 68 100%

KoreaEquityOfferingsFY2016 FY2015

Firm Rank MktShare(%) Volume(KRWMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

NHInvestment&SecuritiesCoLtd 1 12.786 1,541,203 16 1 27.522 -14.736

Citi 2 12.159 1,465,603 9 4 7.348 4.811

CreditSuisse 3 11.507 1,387,044 6 6 5.961 5.546

KoreaInvestment&SecuritiesCo 4 10.772 1,298,498 15 5 6.918 3.854

MiraeAssetDaewooCoLtd 5 10.246 1,235,081 10 3 9.157 1.089

JPMorgan 6 8.141 981,332 6 8 3.477 4.664

SamsungSecuritiesCoLtd 7 5.115 616,591 10 7 3.621 1.494

BankofAmericaMerrillLynch 8 4.715 568,284 2 - - -

MorganStanley 9 3.713 447,526 4 2 12.370 -8.657

DaishinSecurities 10 3.425 412,846 6 11 2.307 1.118

GoldmanSachs 11 2.860 344,787 2 23 0.466 2.394

HanwhaInvestment&SecuritiesCoLtd 12 2.512 302,743 3 16 1.163 1.349

KBInvestment&SecuritiesCoLtd 13 2.185 263,344 9 9 3.257 -1.072

ShinhanFinancialGroupCoLtd 14 1.751 211,012 5 17 1.148 0.603

ShinyoungSecuritiesCoLtd 15 1.669 201,141 2 25 0.304 1.365

HSBC 16 1.246 150,141 1 - - -

KiwoomSecuritiesCoLtd 17 0.995 119,977 7 13 1.411 -0.416

HanaFinancialGroupInc 18 0.918 110,606 5 12 2.259 -1.341

Macquarie 19 0.774 93,313 2 28 0.240 0.534

EugeneInvestment&SecuritiesCoLtd 20 0.561 67,628 1 31 0.228 0.333

TOTAL 100% 12,053,854 113 100%



MalaysiaEquity&RightsOfferingFY2016 FY2015

Firm Rank MktShare(%) Volume(MYRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Maybank 1 33.383 4,269 11 2 14.947 18.436

CIMB 2 20.730 2,651 17 1 23.839 -3.109

DeutscheBank 3 7.230 925 2 13 1.926 5.304

RHB 4 7.086 906 24 3 14.057 -6.971

MorganStanley 5 6.058 775 1 13 1.926 4.132

AmInvestmentBankBhd 6 5.120 655 12 6 4.253 0.867

AffinHwangCapital 7 4.862 622 5 7 3.583 1.279

Macquarie 8 4.585 586 1 - - -

M&ASecuritiesSdnBhd 9 2.259 289 13 17 1.017 1.242

MIDFAmanahInvestmentBankBhd 10 2.015 258 5 18 0.774 1.241

HongLeongInvestmentBankBhd 11 1.950 249 5 10 2.983 -1.033

TASecuritiesHoldingsBhd 12 1.141 146 13 19 0.602 0.539

KAFInvestmentBankBhd 13 0.875 112 7 21 0.167 0.708

KenangaInvestmentBankBhd 14 0.871 111 10 11 2.569 -1.698

CreditSuisse 15 0.525 67 1 4 8.756 -8.231

MercurySecuritiesSdnBhd 16 0.469 60 3 - - -

PublicBankBerhad 17 0.290 37 2 8 3.510 -3.220

AllianceBankMalaysiaBhd 18 0.177 23 1 20 0.563 -0.386

ApexSecurities 19 0.155 20 1 - - -

AstraminaAdvisorySdnBhd 20 0.138 18 1 - - -

TOTAL 100% 12,788 109 100%

SingaporeEquity&RightsOfferingFY2016 FY2015


DBSGroup 1 26.752 1,045 13 1 38.517 -11.765

Citi 2 9.118 356 4 6 3.657 5.461

HSBC 3 8.793 343 3 5 4.768 4.025

ChinaInternationalCapitalCorp 4 8.187 320 3 - - -

MorganStanley 5 7.589 296 3 9 3.083 4.506

GoldmanSachs 6 6.578 257 2 - - -

CreditSuisse 7 4.597 180 2 2 7.567 -2.970

UnitedOverseasBank 8 4.583 179 3 12 3.041 1.542

Oversea-ChineseBankingCorp 9 3.500 137 1 13 2.514 0.986

DeutscheBank 10 3.090 121 1 - - -

Maybank 11 2.529 99 2 14 1.909 0.620

RHB 12 2.251 88 2 18 1.383 0.868

INGGroep 13 2.216 87 1 - - -

SocieteGenerale 13 2.216 87 1 - - -

UBS 15 1.686 66 1 4 4.889 -3.203

BankofChina 16 1.633 64 1 - - -

BNPParibas 17 1.507 59 1 - - -

CIMB 18 0.934 36 4 17 1.479 -0.545

UOBKayHianPvtLtd 19 0.895 35 6 19 1.270 -0.375

SACCapitalPrivateLtd 20 0.394 15 3 24 0.261 0.133

TOTAL 100% 3,905 38 100%

TaiwanEquity&EquityLinkedFY2016 FY2015

Firm Rank MktShare(%) Volume(TWDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

YuantaSecuritiesCoLtd 1 20.358 16,170 15 3 12.573 7.785

KGISecuritiesCoLtd 2 19.188 15,241 25 1 19.928 -0.740

CTBCFinancialHoldingCoLtd 3 7.592 6,030 9 9 3.342 4.250

FubonSecuritiesCo 4 6.852 5,442 14 2 13.955 -7.103

BankTaiwanSecurities 5 5.429 4,312 4 20 0.521 4.908

TaishinFinancialHoldingCoLtd 6 5.025 3,991 17 12 2.562 2.463

UBS 7 3.676 2,920 1 8 3.810 -0.134

Nomura 8 3.670 2,915 1 - - -

SinopacSecuritiesCorp 9 3.355 2,665 10 6 4.407 -1.052

CathaySecuritiesCoLtd 10 3.158 2,509 10 11 3.286 -0.128

MasterlinkSecurities 11 2.955 2,347 10 4 9.796 -6.841

ConcordSecurities 12 2.828 2,246 4 16 1.938 0.890

HorizonSecuritiesCoLtd 13 2.692 2,138 2 19 0.548 2.144

CapitalSecuritiesCorp 14 2.307 1,833 5 14 2.450 -0.143

GrandFortuneSecuritiesCo 15 2.064 1,639 5 5 4.765 -2.701

GoldmanSachs 16 1.960 1,556 2 7 4.260 -2.300

LandBankofTaiwan 17 1.889 1,500 2 22 0.380 1.509

MegaSecuritiesCoLtd 18 1.877 1,491 7 10 3.296 -1.419

HuaNanCommercialBank 19 0.927 736 10 21 0.399 0.528

FirstSecuritiesInc 20 0.881 700 1 18 1.260 -0.379

TOTAL 100% 79,427 164 100%

ThailandEquity&RightsOfferingFY2016 FY2015

Firm Rank MktShare(%) Volume(THBMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

KasikornbankPCL 1 22.487 13,584 4 6 4.471 18.016

BangkokBankPCL 2 17.920 10,825 5 1 22.955 -5.035

SiamCommercialBankPCL 3 11.842 7,154 3 3 16.365 -4.523

FinansiaSyrusSecuritiesPCL 4 6.571 3,970 5 17 0.743 5.828

PhatraSecuritiesPCL 5 5.463 3,300 1 13 1.246 4.217

CIMB 6 3.757 2,270 1 15 1.038 2.719

CreditSuisse 6 3.757 2,270 1 9 2.112 1.645

QuantGroupCoLtd 6 3.757 2,270 1 - - -

ThanachartCapitalPCL 6 3.757 2,270 1 23 0.201 3.556

FinansaSecuritiesLtd 10 3.256 1,967 1 7 3.191 0.065

TiscoBankPCL 10 3.256 1,967 1 - - -

TiscoSecuritiesCoLtd 12 2.756 1,665 2 10 1.945 0.811

KGISecuritiesCoLtd 13 2.084 1,259 2 19 0.577 1.507

Nomura 14 1.960 1,184 4 11 1.424 0.536

CITICSecuritiesCoLtd 15 1.774 1,071 1 - - -

DeutscheBank 15 1.774 1,071 1 - - -

Maybank 17 1.271 768 2 5 5.212 -3.941

PhillipSecuritiesPteLtd 18 0.877 530 2 21 0.440 0.437

MorganStanley 19 0.549 331 1 2 17.114 -16.565

TrinitySecuritiesCoLtd 20 0.439 265 1 22 0.247 0.192

TOTAL 100% 60,409 31 100%

Bloomberg Equity & Equity Linked - League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines Credit is based on the total amount of the offering sold to the public, including exercised over-allotment. Full credit is awarded to sole book-running manager or split equally among joint book-running managers.

Equities

Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.

Equities-Linked

Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner.

The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.

global equity capital market - bloomberg finance · pdf filefirm rank mkt share(%) volume (usd...

Documents