global equity capital markets€¦ · firm rank mkt share(%) volume (usd mln) deal count prev rank...

GLOBAL EQUITYCAPITAL MARKETSLEAGUE TABLESFirst 3Q 2019 Preliminary

As of 23 September 2019

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

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.

MANAGER RANKINGS

GLOBAL EQUITY, EQUITY LINKED & RIGHTS

Contact EmailPhone

First 3Q 2019 PRELIMINARY AS OF 23 SEPTEMBER 2019

North America

EMEA

Asia-Pacific

Dominique Lao

Dimitri Quemard

Zhen Hao Toh

+1 646 324 2849

+44 20 3525 4343

+65 6499 2931

[email protected]

[email protected]

[email protected]

© 2019 Bloomberg Finance L.P. All rights reserved.

Bloomberg PreliminaryGlobalEquity|1st3Q2019

BloombergLeagueTableReports Page1

GlobalEquityReview1st3Q2019creditedGlobalEquity,EquityLinked&Rightsvolumedecreased22.73%toUSD452.0Blnwhiledealcountdecreased20.74%to2,973offeringsyear-on-year.GlobalEquityIPOvolumedecreased26.62%year-on-yeartoUSD116.3Blnwhilethedealcountdecreased26.89%to813.GlobalEquityLinkedvolumeincreased9.57%year-on-yeartoUSD92.0Blnover312deals.MorganStanleyrankedasthetopGlobalEquity,EquityLinked&Rightsunderwriterfor1st3Q2019with9.77%marketshare.Thebankunderwrote273dealsovertheperiod.GoldmanSachsandJPMorganrankedsecondandthirdwith9.53%and8.18%marketshare,respectively.

GlobalEquity,EquityLinked&Rights:Highlightsof1st3Q2019

GlobalEquity,EquityLinked&Rights:QuarterlyVolume

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

100100

200200

300300

USDB

lnUSDB

ln

00

400400

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

2,0002,000

DealCount Add'l IPO Rights

Equity-Linked

TopUnderwriterMorganStanley

Numberofdeals 273

Volume(USDMln) 44,158

AvgDealsize(USDMln) 161.8

MarketSummaryNumberofdeals 2,973



Issuer Industry Volume(USDMln) Date

UberTechnologiesInc Communications 8,100 05/09/2019

ChinaCITICBankCorpLtd Financials 5,964 03/04/2019

HuaxiaBankCoLtd Financials 4,266 01/08/2019

PingAnBankCoLtd Financials 3,837 01/17/2019

VodafoneIdeaLtd Communications 3,586 05/08/2019

BhartiAirtelLtd Communications 3,578 05/29/2019

AstraZenecaPLC HealthCare 3,489 03/29/2019

AvantorInc HealthCare 3,333 05/16/2019

RecruitHoldingsCoLtd ConsumerDiscretionary 3,027 09/10/2019

ChinaThreeGorgesCorp Utilities 2,977 04/04/2019

Financials31%

HealthCare13%

Technology12%

Communications10%

ConsumerDiscretionary9%

Industrials7%

Utilities6%

Others11%

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

Industry Volume(USDMln) %OfTotal %YOYChange

Financials 151,014 31.4% -15.5%

HealthCare 63,562 13.2% -29.0%

Technology 55,639 11.6% -25.9%

Communications 46,877 9.7% 20.1%

ConsumerDiscretionary 44,901 9.3% -41.4%

Industrials 35,646 7.4% -42.6%

Utilities 30,906 6.4% 18.8%

Materials 19,789 4.1% -49.9%

Energy 18,626 3.9% -34.7%

ConsumerStaples 13,663 2.8% -27.6%

GlobalEquity,EquityLinked&Rights:OfferingBreakdown

OfferingType Volume(USDMln) %OfTotal %YOYChange

AdditionalOfferings 235,232 48.9% -24.4%

IPO 117,482 24.4% -28.4%

Equity-Linked 102,901 21.4% 5.7%

RightsOfferings 25,615 5.3% -58.6%

31%

13%

12%

10%

9%

7%

6%

11%



GlobalEquity,EquityLinked&Rights1st3Q2019 1st3Q2018

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

MorganStanley 1 9.770 44,158 273 1 8.898 0.872

GoldmanSachs 2 9.527 43,058 256 2 8.811 0.716

JPMorgan 3 8.175 36,950 297 3 7.761 0.414

BankofAmericaMerrillLynch 4 6.557 29,637 203 5 5.630 0.927

Citi 5 6.403 28,939 233 4 6.979 -0.576

CreditSuisse 6 4.544 20,538 182 6 4.123 0.421

UBS 7 3.263 14,750 112 7 3.652 -0.389

CITICSecurities 8 3.241 14,650 60 12 1.735 1.506

Barclays 9 3.055 13,806 118 9 2.877 0.178

ChinaInternationalCapitalCorp 10 1.809 8,175 47 11 2.053 -0.244

RBCCapitalMarkets 11 1.748 7,901 93 13 1.556 0.192

DeutscheBank 12 1.688 7,629 75 8 3.132 -1.444

Jefferies 13 1.677 7,581 102 14 1.367 0.310

WellsFargo 14 1.557 7,036 75 15 1.365 0.192

ChinaSecurities 15 1.549 6,999 43 10 2.173 -0.624

HSBC 16 1.517 6,856 45 20 0.978 0.539

BNPParibas 17 1.301 5,881 44 18 1.158 0.143

Nomura 18 0.999 4,517 56 19 1.038 -0.039

GuotaiJunanSecurities 19 0.949 4,291 32 17 1.284 -0.335

BankofChina 20 0.919 4,153 18 22 0.786 0.133

TOTAL 100% 451,967 2,973 100%

GlobalEquity&EquityLinked1st3Q2019 1st3Q2018


MorganStanley 1 9.750 42,554 269 2 9.095 0.655

GoldmanSachs 2 9.662 42,170 254 1 9.122 0.540

JPMorgan 3 8.196 35,773 290 3 7.833 0.363


Citi 5 6.605 28,830 231 4 7.253 -0.648

CreditSuisse 6 4.633 20,221 179 6 4.281 0.352

UBS 7 3.377 14,740 111 7 3.375 0.002


Barclays 9 3.163 13,806 118 9 2.737 0.426



DeutscheBank 12 1.670 7,289 74 8 3.145 -1.475

Jefferies 13 1.658 7,238 100 15 1.465 0.193

WellsFargo 14 1.612 7,036 75 14 1.468 0.144


HSBC 16 1.398 6,103 43 23 0.749 0.649

BNPParibas 17 1.277 5,574 40 19 1.049 0.228

Nomura 18 1.035 4,517 56 18 1.073 -0.038


BankofChina 20 0.952 4,153 18 21 0.845 0.107

TOTAL 100% 436,468 2,876 100%

GlobalEquityOfferings1st3Q2019 1st3Q2018


MorganStanley 1 10.247 35,300 224 1 8.941 1.306

GoldmanSachs 2 9.727 33,510 211 2 8.427 1.300

JPMorgan 3 8.070 27,801 235 4 7.317 0.753

Citi 4 6.786 23,379 198 3 7.627 -0.841


CreditSuisse 6 4.294 14,792 151 6 4.352 -0.058

UBS 7 3.631 12,508 102 7 3.402 0.229

Barclays 8 2.997 10,324 92 9 2.730 0.267



Jefferies 11 1.813 6,247 87 15 1.500 0.313

DeutscheBank 12 1.760 6,065 60 8 3.071 -1.311


WellsFargo 14 1.537 5,295 61 17 1.281 0.256


Nomura 16 1.216 4,191 50 18 0.938 0.278

HSBC 17 1.082 3,729 28 24 0.681 0.401

Cowen&Co 18 0.864 2,978 65 22 0.784 0.080

CantorFitzgerald 19 0.846 2,914 36 36 0.440 0.406

BNPParibas 20 0.824 2,837 20 20 0.856 -0.032

TOTAL 100% 344,503 2,564 100%

GlobalEquityIPO1st3Q2019 1st3Q2018


GoldmanSachs 1 5.521 6,423 65 1 6.649 -1.128

MorganStanley 2 5.247 6,104 58 3 5.744 -0.497

JPMorgan 3 4.980 5,793 58 5 5.120 -0.140

Citi 4 4.955 5,764 50 4 5.639 -0.684

BankofAmericaMerrillLynch 5 4.911 5,714 56 2 6.304 -1.393

CreditSuisse 6 4.689 5,455 55 6 4.651 0.038



DeutscheBank 9 3.272 3,806 30 8 4.206 -0.934

Barclays 10 3.170 3,688 33 13 1.384 1.786

UBS 11 2.402 2,794 27 9 3.220 -0.818

Jefferies 12 2.268 2,638 31 21 1.073 1.195

ChinaSecurities 13 2.174 2,529 21 17 1.276 0.898



HSBC 16 1.721 2,002 12 20 1.095 0.626

ChinaMerchantsSecurities 17 1.359 1,581 12 12 1.565 -0.206

HaitongSecurities 18 1.199 1,395 35 19 1.120 0.079

CanaccordGenuity 19 1.105 1,286 18 93 0.143 0.962

GuotaiJunanSecurities 20 1.105 1,286 18 25 0.821 0.284

TOTAL 100% 116,335 813 100%



GlobalEquityLinked1st3Q2019 1st3Q2018


GoldmanSachs 1 9.417 8,660 43 1 12.888 -3.471

JPMorgan 2 8.668 7,972 55 2 10.633 -1.965


MorganStanley 4 7.889 7,255 45 3 9.930 -2.041


Citi 6 5.927 5,451 33 5 5.228 0.699

CreditSuisse 7 5.903 5,429 28 6 3.900 2.003

Barclays 8 3.786 3,481 26 10 2.777 1.009

BNPParibas 9 2.976 2,737 20 12 2.097 0.879

ChinaInternationalCapitalCorp 10 2.814 2,588 4 20 1.037 1.777


BankofChina 12 2.585 2,377 3 23 0.889 1.696

HSBC 13 2.582 2,374 15 19 1.116 1.466

UBS 14 2.426 2,231 9 9 3.230 -0.804

WellsFargo 15 1.893 1,741 14 11 2.481 -0.588


HuataiSecurities 17 1.355 1,246 5 22 0.927 0.428

DeutscheBank 18 1.332 1,225 14 7 3.549 -2.217

RBCCapitalMarkets 19 1.084 996 14 13 1.812 -0.728

Jefferies 20 1.078 991 13 17 1.279 -0.201

TOTAL 100% 91,965 312 100%



USEquityReview1st3Q2019creditedUSEquity&EquityLinkedvolumedecreased9.48%toUSD170.8Blnwhiledealcountdecreased18.81%to613offeringsyear-on-year.USEquityIPOvolumeincreased31.46%year-on-yeartoUSD48.3Blnwhilethedealcountdecreased5.48%to138.USEquityLinkedvolumedecreased3.30%year-on-yeartoUSD37.7Blnover83deals.GoldmanSachsrankedasthetopUSEquity&EquityLinkedunderwriterfor1st3Q2019with14.55%marketshare.Thebankunderwrote164dealsovertheperiod.MorganStanleyandJPMorganrankedsecondandthirdwith10.98%and10.71%marketshare,respectively.

USEquity&EquityLinked:Highlightsof1st3Q2019

USEquity&EquityLinked:QuarterlyVolume

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

2020

4040

6060

8080

USDB

lnUSDB

ln

00

100100

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Add'l IPO Equity-Linked

TopUnderwriterGoldmanSachs

Numberofdeals 164



MarketSummaryNumberofdeals 613




UberTechnologiesInc Communications 8,100 05/09/2019

AvantorInc HealthCare 3,333 05/16/2019

BakerHughesaGECo Energy 2,843 09/11/2019

VICIPropertiesInc Financials 2,472 06/25/2019

LyftInc Communications 2,340 03/28/2019

EdisonInternational Utilities 2,206 07/30/2019

WabtecCorp Industrials 1,860 05/01/2019

TeslaInc ConsumerDiscretionary 1,840 05/02/2019

SouthernCo/The Utilities 1,725 08/14/2019

SouthernCo/The Utilities 1,725 08/13/2019

Financials28%

HealthCare21%

Technology16%

Communications10%

Utilities9%


Others10%

USEquity&EquityLinked:IndustryBreakdown

USEquity&EquityLinked:IndustryBreakdown


Financials 49,039 27.7% 4.3%

HealthCare 37,578 21.2% -6.5%

Technology 27,698 15.6% -16.7%


Utilities 15,730 8.9% -7.8%


Industrials 7,926 4.5% -26.5%

Energy 5,842 3.3% -36.4%


Materials 349 0.2% -89.0%

USEquity&EquityLinked:OfferingBreakdown



IPO 48,465 27.4% 25.8%

Equity-Linked 42,576 24.0% -3.1%

28%

21%16%

10%

9%

6%

10%



USEquity&EquityLinked1st3Q2019 1st3Q2018


GoldmanSachs 1 14.545 24,844 164 2 11.975 2.570

MorganStanley 2 10.984 18,761 136 1 14.073 -3.089

JPMorgan 3 10.712 18,297 175 3 11.369 -0.657


Citi 5 8.505 14,527 111 5 8.047 0.458

Barclays 6 6.286 10,736 89 6 6.278 0.008

CreditSuisse 7 4.918 8,401 87 7 4.967 -0.049

WellsFargo 8 4.020 6,867 71 8 4.070 -0.050

RBCCapitalMarkets 9 3.033 5,180 52 9 3.733 -0.700

Jefferies 10 2.851 4,871 69 11 3.141 -0.290

DeutscheBank 11 2.815 4,809 40 10 3.657 -0.842

Cowen&Co 12 1.820 3,108 60 13 1.719 0.101


HSBC 14 1.162 1,984 7 28 0.295 0.867

UBS 15 1.155 1,973 29 12 2.222 -1.067

Stifel 16 1.125 1,922 42 15 1.210 -0.085

BNPParibas 17 1.086 1,855 11 27 0.313 0.773

EvercorePartnersInc 18 1.051 1,795 28 18 0.820 0.231

SunTrustRobinsonHumphrey 19 0.999 1,707 18 16 1.152 -0.153

SVBLeerinkLLC 20 0.980 1,674 34 - - 0.980

TOTAL 100% 170,808 613 100%

USEquityOfferings1st3Q2019 1st3Q2018


GoldmanSachs 1 15.131 20,139 135 2 10.899 4.232

JPMorgan 2 10.060 13,390 141 3 10.684 -0.624

MorganStanley 3 10.045 13,370 105 1 12.916 -2.871


Citi 5 8.734 11,625 90 4 8.617 0.117

Barclays 6 5.733 7,630 68 6 6.620 -0.887

CreditSuisse 7 4.615 6,142 73 7 5.681 -1.066

WellsFargo 8 3.851 5,126 57 10 3.731 0.120

RBCCapitalMarkets 9 3.294 4,385 43 9 3.890 -0.596

DeutscheBank 10 3.230 4,299 35 8 4.144 -0.914

Jefferies 11 3.046 4,055 58 11 3.321 -0.275

Cowen&Co 12 2.071 2,756 56 13 2.081 -0.010


UBS 14 1.431 1,904 28 12 2.596 -1.165

SVBLeerinkLLC 15 1.258 1,674 34 - - 1.258

EvercorePartnersInc 16 1.244 1,656 25 18 1.037 0.207

Stifel 17 1.219 1,623 39 14 1.403 -0.184

HSBC 18 0.997 1,326 4 26 0.373 0.624

SunTrustRobinsonHumphrey 19 0.963 1,282 13 16 1.290 -0.327

Allen&Co 20 0.935 1,244 6 36 0.239 0.696

TOTAL 100% 133,102 530 100%

USEquityIPO1st3Q2019 1st3Q2018


GoldmanSachs 1 9.213 4,447 42 2 8.616 0.597


Citi 3 7.047 3,401 23 6 6.945 0.102

CreditSuisse 4 6.786 3,275 32 5 7.323 -0.537

JPMorgan 5 6.697 3,233 38 3 8.048 -1.351

DeutscheBank 6 6.379 3,079 19 7 6.130 0.249

MorganStanley 7 6.185 2,985 28 4 7.900 -1.715

Barclays 8 4.995 2,411 22 9 4.475 0.520



Jefferies 11 4.494 2,169 23 10 2.963 1.531

UBS 12 3.255 1,571 15 13 2.112 1.143

Allen&Co 13 2.577 1,244 6 25 0.873 1.704

Cowen&Co 14 2.003 967 16 11 2.470 -0.467

WellsFargo 15 1.903 919 14 14 2.043 -0.140

SunTrustRobinsonHumphrey 16 1.855 895 4 26 0.859 0.996

HSBC 17 1.800 869 2 23 0.902 0.898

Stifel 18 1.732 836 12 21 0.972 0.760

EvercorePartnersInc 19 1.608 776 11 15 1.499 0.109

CanaccordGenuity 20 1.363 658 3 42 0.245 1.118

TOTAL 100% 48,267 138 100%

USEquityLinked1st3Q2019 1st3Q2018



MorganStanley 2 14.296 5,390 31 1 18.443 -4.147

JPMorgan 3 13.013 4,907 34 4 13.957 -0.944

GoldmanSachs 4 12.478 4,705 29 3 16.037 -3.559

Barclays 5 8.237 3,106 21 7 4.985 3.252

Citi 6 7.698 2,903 21 5 5.895 1.803

CreditSuisse 7 5.990 2,258 14 10 2.268 3.722

WellsFargo 8 4.617 1,741 14 6 5.351 -0.734

BNPParibas 9 2.201 830 6 17 0.527 1.674

Jefferies 10 2.164 816 11 9 2.462 -0.298


HSBC 12 1.745 658 3 - - 1.745

DeutscheBank 13 1.351 509 5 11 1.820 -0.469

SunTrustRobinsonHumphrey 14 1.128 425 5 16 0.630 0.498

Scotiabank 15 0.985 371 2 33 0.074 0.911

Cowen&Co 16 0.933 352 4 21 0.353 0.580

Stifel 17 0.793 299 3 19 0.484 0.309

GuggenheimCapital 18 0.691 261 3 25 0.252 0.439

MitsubishiUFJFinancialGroupInc 19 0.559 211 2 33 0.074 0.485

CantorFitzgerald 20 0.540 204 2 23 0.316 0.224

TOTAL 100% 37,705 83 100%



CanadaEquityReview1st3Q2019creditedCanadaEquity,EquityLinked&Preferredvolumedecreased1.01%toCAD22.6Blnwhiledealcountdecreased23.43%to281offeringsyear-on-year.CanadaEquityIPOvolumeincreased31.57%year-on-yeartoCAD2.6Blnwhilethedealcountdecreased27.66%to68.CanadaEquityOfferingsvolumeincreased7.21%year-on-yeartoCAD19.3Blnover252deals.MorganStanleyrankedasthetopCanadaEquity,EquityLinked&Preferredunderwriterfor1st3Q2019with19.57%marketshare.Thebankunderwrote3dealsovertheperiod.CIBCandRBCCapitalMarketsrankedsecondandthirdwith11.91%and11.28%marketshare,respectively.

CanadaEquity,EquityLinked&Preferred

1st3Q2019 1st3Q2018

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

MorganStanley 1 19.572 4,428 3 9 4.281 15.291

CIBC 2 11.911 2,695 31 4 8.756 3.155


BMOCapitalMarkets 4 10.818 2,448 39 2 10.430 0.388


TDSecurities 6 8.400 1,900 22 1 16.513 -8.113

NationalBankFinancialInc 7 3.560 805 19 5 6.311 -2.751

JPMorgan 8 3.184 720 6 22 0.832 2.352

Scotiabank 9 2.199 497 12 7 5.217 -3.018

CreditSuisse 10 1.994 451 2 8 4.729 -2.735

TOTAL 100% 22,624 281 100%

CanadaEquity&EquityLinked

1st3Q2019 1st3Q2018


MorganStanley 1 20.332 4,428 3 9 3.767 16.565

CIBC 2 12.186 2,654 29 3 8.775 3.411

BMOCapitalMarkets 3 11.051 2,407 37 2 11.147 -0.096



TDSecurities 6 8.194 1,785 19 1 16.486 -8.292


JPMorgan 8 2.767 603 5 20 0.915 1.852

Scotiabank 9 2.097 457 10 8 4.305 -2.208

CreditSuisse 10 2.071 451 2 7 5.197 -3.126

TOTAL 100% 21,779 277 100%

Financials36%


HealthCare13%

Utilities8%

Materials8%

Communications7%

Others8%

CanadaEquity,EquityLinked&Preferred:QuarterlyVolume

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

55

1010

1515

CADB

lnCADB

ln

00

2020

5050

100100

150150

DealC

ountDealC

ount

00

180180

DealCount Amount

CanadaEquity,EquityLinked&Preferred:IndustryBreakdown

36%

19%13%

8%

8%

7%

8%

CanadaEquity,EquityLinked&Preferred:ManagerRankingsHistory

Morga

nStan

leyCIBC

RBCCapitalMa

rkets

BMOCapitalMa

rkets

Canaccord

Genuity

TDSecurities

10

20

Marke

tSha

re(%

)

0

25

2019 2018 2017



CanadaEquityOfferings1st3Q2019 1st3Q2018


MorganStanley 1 22.933 4,428 3 8 4.348 18.585

CIBC 2 12.206 2,357 20 3 8.987 3.219



BMOCapitalMarkets 5 9.523 1,839 31 2 10.013 -0.490

TDSecurities 6 8.817 1,702 15 1 16.379 -7.562


CreditSuisse 8 2.336 451 2 5 5.998 -3.662

JPMorgan 9 2.313 447 4 19 1.056 1.257

Scotiabank 10 1.883 364 7 9 4.234 -2.351

Citi 11 1.510 292 2 26 0.608 0.902

CormarkSecuritiesInc 12 1.339 259 16 15 1.667 -0.328

Barclays 13 1.046 202 2 13 2.458 -1.412

GoldmanSachs 14 0.994 192 2 11 3.158 -2.164

GMPSecurities 15 0.976 189 15 10 3.381 -2.405

DesjardinsCapitalMarkets 16 0.896 173 6 24 0.855 0.041

SprottCapitalPartners 17 0.751 145 8 32 0.376 0.375

Jefferies 18 0.669 129 3 36 0.231 0.438

BloomBurton&Co 19 0.660 127 7 29 0.434 0.226

Cowen&Co 20 0.632 122 4 - - 0.632

TOTAL 100% 19,309 252 100%

CanadaEquityIPO1st3Q2019 1st3Q2018



Citi 2 9.211 240 1 9 2.251 6.960

BMOCapitalMarkets 3 4.976 130 2 1 22.312 -17.336

JPMorgan 4 3.532 92 1 - - 3.532

NationalBankFinancialInc 4 3.532 92 1 9 2.251 1.281

Cowen&Co 6 3.079 80 2 - - 3.079

BeaconSecurities 7 2.065 54 1 - - 2.065

CormarkSecuritiesInc 8 1.921 50 1 - - 1.921

CIBC 9 1.732 45 2 2 11.756 -10.024


Jefferies 11 1.635 43 1 - - 1.635

PiperJaffray&Co 11 1.635 43 1 - - 1.635

Barclays 13 1.444 38 1 - - 1.444

ParadigmCapitalInc 14 1.362 35 1 - - 1.362

HaywoodSecuritiesInc/Vancouver 15 0.728 19 20 18 1.548 -0.820

RaymondJames&Associates 16 0.255 7 2 - - 0.255

PacificInternationalSecuritiesInc 17 0.211 5 10 6 4.250 -4.039

GMPSecurities 18 0.195 5 3 27 0.076 0.119

IndustrialAllianceInsurance&Financial 19 0.100 3 2 28 0.061 0.039

MackieResearchCapitalCorp 20 0.096 3 4 19 0.684 -0.588

TOTAL 100% 2,604 68 100%

CanadianRetailStructuredProducts1st3Q2019 1st3Q2018


CIBC 1 23.248 90 14 2 27.018 -3.770


NationalBankFinancialInc 3 15.487 60 13 4 13.636 1.851

Scotiabank 4 14.031 54 11 3 25.236 -11.205

PacificInternationalSecuritiesInc 5 3.966 15 1 - - 3.966

AGP/AllianceGlobalPartnersCorp 6 2.093 8 3 - - 2.093

BMOCapitalMarkets 6 2.093 8 3 5 0.222 1.871


DesjardinsCapitalMarkets 6 2.093 8 3 5 0.222 1.871

IndustrialAllianceInsurance&Financial 6 2.093 8 3 5 0.222 1.871

RaymondJames&Associates 6 2.093 8 3 5 0.222 1.871

TDSecurities 6 2.093 8 3 5 0.222 1.871

GMPSecurities 13 1.578 6 2 5 0.222 1.356

MackieResearchCapitalCorp 13 1.578 6 2 5 0.222 1.356

ManulifeFinancialCorp 13 1.578 6 2 - - 1.578

HaywoodSecuritiesInc/Vancouver 16 1.267 5 1 - - 1.267

Wellington-AltusPvtWealthInc 17 0.311 1 1 - - 0.311

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 387 15 100%



LatinAmericaEquityReview1st3Q2019creditedLatinAmericaEquityOfferingsvolumeincreased34.57%toUSD19.5Blnwhiledealcountincreased12.82%to44offeringsyear-on-year.JPMorganrankedasthetopLatinAmericaEquityOfferingsunderwriterfor1st3Q2019with12.15%marketshare.Thebankunderwrote11dealsovertheperiod.BankofAmericaMerrillLynchandMorganStanleyrankedsecondandthirdwith11.31%and10.94%marketshare,respectively.

LatinAmericaEquityOfferings

1st3Q2019 1st3Q2018


JPMorgan 1 12.147 2,363 11 5 8.620 3.527


MorganStanley 3 10.944 2,129 18 2 11.909 -0.965

BancoItauBBA 4 8.581 1,669 15 8 4.654 3.927

Citi 5 8.100 1,575 10 9 3.975 4.125

BancoBTGPactual 6 7.259 1,412 16 3 9.819 -2.560

UBS 7 5.653 1,099 7 16 1.200 4.453

BradescoBBISA 8 4.978 968 8 6 5.479 -0.501

GoldmanSachs 9 4.826 939 8 1 12.575 -7.749

CaixaEconomicaFederal 10 4.113 800 4 - - 4.113

TOTAL 100% 19,450 44 100%

BrazilEquityOfferings

1st3Q2019 1st3Q2018

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


MorganStanley 2 10.912 6,631 15 1 18.630 -7.718

JPMorgan 3 10.494 6,377 8 7 7.472 3.022

BancoItauBBA 4 9.309 5,657 13 6 8.608 0.701

Citi 5 8.051 4,892 7 10 3.041 5.010

BancoBTGPactual 6 7.161 4,352 14 3 10.644 -3.483

UBS 7 6.303 3,830 6 11 2.376 3.927

BradescoBBISA 8 6.085 3,697 8 4 10.172 -4.087

CaixaEconomicaFederal 9 4.979 3,025 4 - - 4.979

XPInvestimentosCCTVMSA 10 4.717 2,866 6 - - 4.717

TOTAL 100% 60,765 33 100%

Financials26%


Energy20%

Utilities14%

HealthCare10%

Others7%

LatinAmericaEquityOfferings:QuarterlyVolume

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

55

1010

1515

USDB

lnUSDB

ln

00

2020

1010

2020 DealC

ountDealC

ount

00

3030

DealCount Amount

LatinAmericaEquityOfferings:IndustryBreakdown

26%

23%20%

14%

10%

7%

LatinAmericaEquityOfferings:ManagerRankingsHistory

JPMorg

an

BankofAme

ricaM

errillLynch

Morga

nStan

ley

BancoItau

BBA Ci

ti

BancoB

TGPactua

l

5

10

Marke

tSha

re(%

)

0

15

2019 2018 2017



EMEAEquityReview1st3Q2019creditedEMEAEquity,EquityLinked&Rights-Riskvolumedecreased35.28%toUSD80.7Blnwhiledealcountdecreased37.72%to393offeringsyear-on-year.EMEAEquityIPOvolumedecreased48.69%year-on-yeartoUSD16.4Blnwhilethedealcountdecreased53.19%to66.EMEAEquityLinked-Riskvolumeincreased13.88%year-on-yeartoUSD13.7Blnover30deals.JPMorganrankedasthetopEMEAEquity,EquityLinked&Rights-Riskunderwriterfor1st3Q2019with11.67%marketshare.Thebankunderwrote61dealsovertheperiod.MorganStanleyandGoldmanSachsrankedsecondandthirdwith10.82%and8.12%marketshare,respectively.

EMEAEquity,EquityLinked&Rights-Risk:Highlightsof1st3Q2019


AstraZenecaPLC HealthCare 3,489 03/29/2019

NexiSpA Financials 2,323 04/12/2019

VodafoneGroupPLC Communications 2,262 03/05/2019

VodafoneGroupPLC Communications 2,262 03/05/2019

InfineonTechnologiesAG Technology 1,734 06/17/2019

AdyenNV Financials 1,693 03/12/2019

NetworkInternationalHoldingsPLC Financials 1,597 04/10/2019

TratonSE Industrials 1,577 06/27/2019

StadlerRailAG Industrials 1,526 04/12/2019

TrainlinePLC Communications 1,389 06/21/2019

EMEAEquity,EquityLinked&Rights-Risk

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

2020

4040

6060

8080

100100

120120

USDB

lnUSDB

ln

00

140140

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Add'l IPO Rights

Equity-Linked

EMEAEquity,EquityLinked&Rights-Risk:LargestDealsbyCountryof1st3Q2019

Issuer Volume(USDMln) Date Country

AlstomSA 1,194 09/12/2019 France

InfineonTechnologiesAG 1,734 06/17/2019 Germany

EnergeanOil&GasPLC 266 07/04/2019 Greece

NexiSpA 2,323 04/12/2019 Italy

AdyenNV 1,693 03/12/2019 Netherlands

ArabianCentresCoLtd 659 05/09/2019 SaudiArabia

AngloAmericanPLC 643 07/26/2019 SouthAfrica

CellnexTelecomSA 1,349 03/27/2019 Spain

StadlerRailAG 1,526 04/12/2019 Switzerland

NetworkInternationalHoldingsPLC 1,597 04/10/2019 UnitedArabEmirates

AstraZenecaPLC 3,489 03/29/2019 UnitedKingdom

EMEAEquity,EquityLinked&Rights-Risk:IndustryBreakdown


Financials 29,336 32.5% -32.4%

Industrials 11,641 12.9% -24.3%


HealthCare 9,765 10.8% -65.6%

Materials 7,773 8.6% -46.5%


Technology 7,259 8.0% 24.8%

Energy 3,040 3.4% -54.1%


Utilities 1,444 1.6% -14.3%

EMEAEquity,EquityLinked&Rights-Risk:OfferingBreakdown



Equity-Linked 17,705 19.6% 31.7%

IPO 16,441 18.2% -52.2%

RightsOfferings 6,844 7.6% -78.3%



EMEAEquity,EquityLinked&Rights-Risk1st3Q2019 1st3Q2018


JPMorgan 1 11.669 9,419 61 1 9.584 2.085

MorganStanley 2 10.815 8,730 44 4 5.565 5.250

GoldmanSachs 3 8.124 6,557 38 2 8.305 -0.181

Citi 4 7.922 6,394 48 3 8.247 -0.325

CreditSuisse 5 6.415 5,178 31 7 4.647 1.768


UBS 7 5.221 4,214 23 5 5.306 -0.085

BNPParibas 8 3.934 3,175 24 11 2.705 1.229

Barclays 9 3.371 2,721 24 9 3.669 -0.298

Jefferies 10 2.620 2,114 23 15 1.541 1.079

HSBC 11 2.257 1,822 15 12 2.120 0.137

JohBerenbergGossler&CoKG 12 2.064 1,666 19 13 2.013 0.051

SocieteGenerale 13 2.022 1,632 13 10 3.093 -1.071

DeutscheBank 14 1.580 1,276 12 6 4.882 -3.302

Carnegie 15 1.425 1,150 32 16 1.464 -0.039

UniCredit 16 1.304 1,052 7 19 1.091 0.213

ABNAmroBankNV 17 1.096 884 7 29 0.668 0.428

CreditAgricoleCIB 18 1.085 876 7 17 1.327 -0.242

Numis 19 1.015 819 8 20 0.979 0.036

SEB 20 0.896 723 13 30 0.663 0.233

TOTAL 100% 80,716 393 100%

EMEAEquity,EquityLinked&Rights-Syndication1st3Q2019 1st3Q2018


JPMorgan 1 12.329 9,382 57 1 9.885 2.444

MorganStanley 2 10.898 8,293 37 4 5.639 5.259

GoldmanSachs 3 7.592 5,777 27 2 8.086 -0.494

Citi 4 7.269 5,531 36 3 7.219 0.050

CreditSuisse 5 7.012 5,336 27 7 4.504 2.508

UBS 6 5.320 4,049 21 5 5.278 0.042


BNPParibas 8 3.901 2,968 23 11 2.654 1.247

Barclays 9 3.301 2,512 19 9 3.543 -0.242

HSBC 10 2.838 2,160 16 13 2.131 0.707

Jefferies 11 2.438 1,855 19 17 1.268 1.170


JohBerenbergGossler&CoKG 13 2.115 1,610 18 12 2.132 -0.017

DeutscheBank 14 1.625 1,237 11 6 5.023 -3.398

Carnegie 15 1.512 1,150 32 15 1.499 0.013

UniCredit 16 1.383 1,052 7 20 1.055 0.328

ABNAmroBankNV 17 1.162 884 7 31 0.684 0.478


Numis 19 1.121 853 9 19 1.096 0.025

Natixis 20 0.899 684 10 62 0.195 0.704

TOTAL 100% 76,096 361 100%

EMEAEquity&EquityLinked-Risk1st3Q2019 1st3Q2018


JPMorgan 1 11.728 8,974 56 1 9.781 1.947

MorganStanley 2 10.250 7,843 41 5 6.211 4.039

Citi 3 8.356 6,394 48 2 8.802 -0.446

GoldmanSachs 4 8.344 6,384 37 3 8.479 -0.135

CreditSuisse 5 6.767 5,178 31 7 5.084 1.683


UBS 7 5.507 4,214 23 4 6.355 -0.848

BNPParibas 8 3.770 2,885 21 10 2.518 1.252

Barclays 9 3.556 2,721 24 11 2.512 1.044

HSBC 10 2.381 1,822 15 21 0.936 1.445

Jefferies 11 2.315 1,771 21 13 1.827 0.488



DeutscheBank 14 1.667 1,276 12 6 5.454 -3.787

Carnegie 15 1.475 1,129 31 14 1.749 -0.274

UniCredit 16 1.375 1,052 7 20 0.952 0.423

ABNAmroBankNV 17 1.156 884 7 27 0.796 0.360

CreditAgricoleCIB 18 1.145 876 7 18 0.957 0.188

Numis 19 1.070 819 8 19 0.956 0.114

SEB 20 0.945 723 13 26 0.797 0.148

TOTAL 100% 76,519 372 100%

EMEAEquity&EquityLinked-Syndication1st3Q2019 1st3Q2018


JPMorgan 1 12.423 8,937 52 1 10.157 2.266

MorganStanley 2 10.295 7,406 34 5 6.324 3.971

GoldmanSachs 3 7.791 5,605 26 2 8.225 -0.434

Citi 4 7.689 5,531 36 3 7.581 0.108

CreditSuisse 5 7.417 5,336 27 7 4.927 2.490

UBS 6 5.628 4,049 21 4 6.355 -0.727


BNPParibas 8 3.722 2,678 20 11 2.452 1.270

Barclays 9 3.492 2,512 19 12 2.329 1.163

HSBC 10 3.002 2,160 16 22 0.916 2.086


Jefferies 12 2.102 1,512 17 14 1.506 0.596


DeutscheBank 14 1.719 1,237 11 6 5.644 -3.925

Carnegie 15 1.569 1,129 31 13 1.800 -0.231

UniCredit 16 1.463 1,052 7 24 0.905 0.558

ABNAmroBankNV 17 1.229 884 7 28 0.819 0.410


Numis 19 1.186 853 9 18 1.097 0.089

Natixis 20 0.867 624 8 55 0.235 0.632

TOTAL 100% 71,941 346 100%



EMEAEquityLinked-Risk1st3Q2019 1st3Q2018


BNPParibas 1 11.878 1,631 11 6 7.268 4.610

JPMorgan 2 11.552 1,586 11 5 10.005 1.547

CreditSuisse 3 10.855 1,491 3 15 1.514 9.341

HSBC 4 9.937 1,365 9 7 5.020 4.917

Citi 5 6.894 947 3 4 10.048 -3.154

SocieteGenerale 6 5.687 781 7 3 10.275 -4.588

MorganStanley 7 5.601 769 5 12 2.356 3.245

UBS 8 5.566 764 3 1 16.135 -10.569

BankofAmericaMerrillLynch 9 5.544 761 4 8 4.435 1.109


Natixis 11 3.669 504 4 13 2.210 1.459

UniCredit 12 2.649 364 2 14 1.640 1.009

DeutscheBank 13 2.282 313 3 2 10.876 -8.594

GoldmanSachs 14 2.146 295 2 9 3.515 -1.369

Barclays 15 1.912 263 4 10 3.329 -1.417

Stifel 16 0.965 133 2 - - 0.965

Nomura 17 0.811 111 1 - - 0.811

MizuhoFinancial 18 0.804 110 1 - - 0.804

BancoSabadell 19 0.639 88 1 - - 0.639

BancoSantander 19 0.639 88 1 - - 0.639

TOTAL 100% 13,734 30 100%

EMEAEquityLinked-Syndication1st3Q2019 1st3Q2018


CreditSuisse 1 12.840 1,791 4 18 1.298 11.542

JPMorgan 2 12.185 1,699 12 3 10.287 1.898

BNPParibas 3 10.213 1,424 10 7 5.228 4.985

HSBC 4 9.785 1,365 9 10 3.767 6.018

UBS 5 6.290 877 4 1 13.835 -7.545

Citi 6 6.115 853 3 6 7.203 -1.088


MorganStanley 8 5.020 700 4 11 3.082 1.938



Natixis 11 3.612 504 4 17 1.358 2.254

Barclays 12 2.693 376 5 14 2.317 0.376

UniCredit 13 2.609 364 2 20 0.869 1.740

DeutscheBank 14 2.247 313 3 2 10.840 -8.593

Nomura 15 1.736 242 3 5 7.976 -6.240

SumitomoMitsuiFinancial 16 1.638 228 2 15 2.213 -0.575

Stifel 17 0.950 133 2 - - 0.950

Jefferies 18 0.829 116 2 25 0.434 0.395

GoldmanSachs 19 0.795 111 2 9 3.996 -3.201

MizuhoFinancial 20 0.792 110 1 12 2.381 -1.589

TOTAL 100% 13,947 35 100%

EMEAEquityIPO1st3Q2019 1st3Q2018


Citi 1 8.996 1,476 12 1 10.939 -1.943

JPMorgan 2 7.954 1,305 10 2 7.676 0.278

Barclays 3 7.290 1,196 9 18 1.213 6.077

MorganStanley 4 6.708 1,101 8 5 5.654 1.054

GoldmanSachs 5 6.493 1,065 12 4 6.118 0.375

BankofAmericaMerrillLynch 6 4.719 774 7 7 4.854 -0.135

CreditSuisse 7 4.505 739 5 9 4.139 0.366

BNPParibas 8 3.858 633 4 8 4.522 -0.664

UBS 9 3.847 631 3 6 4.972 -1.125

HSBC 10 2.431 399 4 38 0.540 1.891

ZuercherKantonalbank 11 2.386 392 2 61 0.260 2.126

Jefferies 12 2.213 363 5 12 1.774 0.439

UniCredit 13 2.156 354 2 17 1.216 0.940

Numis 14 2.093 344 2 35 0.581 1.512

SambaCapital 15 2.064 339 2 29 0.750 1.314

EmiratesNBDPJSC 16 2.023 332 2 - - 2.023

SEB 17 1.928 316 3 20 1.120 0.808

KohlbergKravisRoberts&Co 18 1.693 278 1 - - 1.693

Carnegie 19 1.473 242 4 11 2.276 -0.803

EFG-Hermes 20 1.406 231 3 56 0.298 1.108

TOTAL 100% 16,411 66 100%

EMEAEquityOfferings1st3Q2019 1st3Q2018


JPMorgan 1 11.767 7,388 45 1 9.752 2.015

MorganStanley 2 11.267 7,074 36 4 6.718 4.549

GoldmanSachs 3 9.699 6,090 35 2 9.131 0.568

Citi 4 8.676 5,447 45 3 8.639 0.037

CreditSuisse 5 5.873 3,687 28 5 5.553 0.320


UBS 7 5.494 3,449 20 6 5.071 0.423

Barclays 8 3.915 2,458 20 10 2.405 1.510

Jefferies 9 2.728 1,713 20 13 1.938 0.790


BNPParibas 11 1.996 1,253 10 14 1.894 0.102

Carnegie 12 1.798 1,129 31 12 1.979 -0.181

DeutscheBank 13 1.533 962 9 8 4.742 -3.209


ABNAmroBankNV 15 1.318 828 6 24 0.901 0.417

Numis 16 1.305 819 8 18 1.082 0.223

UniCredit 17 1.097 688 5 25 0.861 0.236

SEB 18 1.042 654 12 23 0.902 0.140

Stifel 19 0.915 574 10 22 0.915 0.000

RBCCapitalMarkets 20 0.860 540 8 29 0.690 0.170

TOTAL 100% 62,785 342 100%



EMEARightsOfferings1st3Q2019 1st3Q2018


MorganStanley 1 21.124 887 3 14 2.359 18.765

JPMorgan 2 10.588 444 5 2 8.607 1.981

Jefferies 3 8.173 343 2 46 0.123 8.050

JohBerenbergGossler&CoKG 4 7.743 325 1 48 0.121 7.622

BNPParibas 5 6.926 291 3 9 3.635 3.291

ZuercherKantonalbank 6 5.298 222 2 - - 5.298

BelfiusBankSA/NV 7 4.659 196 2 31 0.690 3.969

INGGroep 7 4.659 196 2 12 2.483 2.176

KBCGroup 7 4.659 196 2 32 0.662 3.997

DNBASA 10 4.240 178 3 52 0.087 4.153

CaixaBank 11 4.113 173 1 - - 4.113

GoldmanSachs 11 4.113 173 1 4 7.441 -3.328

DanskeBank 13 3.799 159 2 36 0.441 3.358

ArcticSecurities 14 2.780 117 1 59 0.039 2.741

PeelHuntLLP 15 1.692 71 2 33 0.614 1.078

BancoSantander 16 1.546 65 1 7 4.123 -2.577

Natixis 17 1.437 60 2 - - 1.437

Nordea 18 1.019 43 1 60 0.032 0.987

NationalCommercialBank 19 0.635 27 1 - - 0.635

Carnegie 20 0.516 22 1 57 0.051 0.465

TOTAL 100% 4,197 21 100%

WesternEuropeEquity,EquityLinked&Rights1st3Q2019 1st3Q2018

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

MorganStanley 1 11.248 7,080 38 4 6.246 5.002

JPMorgan 2 10.232 6,440 48 1 9.334 0.898

GoldmanSachs 3 7.641 4,809 30 2 8.941 -1.300

Citi 4 7.457 4,694 37 3 8.483 -1.026

CreditSuisse 5 6.745 4,246 26 7 4.978 1.767


UBS 7 5.515 3,471 19 5 5.425 0.090

BNPParibas 8 4.494 2,829 24 11 2.973 1.521

Barclays 9 3.330 2,096 21 9 4.037 -0.707

Jefferies 10 2.841 1,789 20 14 1.691 1.150

HSBC 11 2.450 1,542 14 13 2.280 0.170

JohBerenbergGossler&CoKG 12 2.354 1,482 19 12 2.301 0.053


DeutscheBank 14 1.699 1,070 11 6 5.161 -3.462

Carnegie 15 1.624 1,022 32 15 1.657 -0.033

UniCredit 16 1.486 935 7 19 1.150 0.336


ABNAmroBankNV 18 1.244 783 7 27 0.769 0.475

Numis 19 1.153 726 8 20 1.123 0.030

SEB 20 1.022 643 13 28 0.736 0.286

TOTAL 100% 62,946 327 100%

EasternEuropeEquity,EquityLinked&Rights1st3Q2019 1st3Q2018

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

JPMorgan 1 19.910 797 7 2 6.385 13.525

GoldmanSachs 2 17.154 686 4 3 6.344 10.810

Citi 3 10.791 432 5 6 5.552 5.239

VTBCapital 4 8.439 338 5 5 5.603 2.836

CreditSuisse 5 7.973 319 4 20 2.090 5.883

UBS 6 6.632 265 4 - - 6.632

MorganStanley 7 5.909 236 3 22 2.027 3.882

SberbankCIBCJSC 8 4.327 173 3 17 3.001 1.326

LiberumCapitalLtd 9 4.280 171 1 - - 4.280

BancoSantander 10 2.564 103 2 19 2.347 0.217

Gazprombank 11 2.432 97 2 - - 2.432

RenaissanceCapitalPtyLtd 12 2.345 94 2 - - 2.345

JavaCapital 13 2.246 90 1 - - 2.246

PKOBankPolskiSA 14 1.620 65 1 21 2.057 -0.437

DeutscheBank 15 1.368 55 1 7 5.487 -4.119


Commerzbank 17 0.535 21 1 - - 0.535

Woods&Co 17 0.535 21 1 - - 0.535

- - - - - - - -

- - - - - - - -

TOTAL 100% 4,001 20 100%

AIMEquityOfferings1st3Q2019 1st3Q2018

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

Numis 1 7.823 200 13 3 8.828 -1.005

Jefferies 2 6.730 172 2 25 0.948 5.782

PeelHuntLLP 3 6.306 161 10 16 1.508 4.798

JPMorgan 4 5.968 153 2 - - 5.968

CenkosSecurities 5 5.930 152 15 5 6.920 -0.990

Investec 6 5.339 136 5 7 4.074 1.265

Stifel 7 5.032 129 6 1 11.380 -6.348

MirabaudSecurities 8 4.518 116 4 8 3.605 0.913

GoldmanSachs 9 4.099 105 1 30 0.820 3.279

LiberumCapitalLtd 10 4.061 104 4 2 9.554 -5.493

ShoreCapitalGroupLtd 11 3.681 94 16 17 1.505 2.176

Goodbody 12 2.969 76 3 24 1.135 1.834

FinnCap 13 2.958 76 20 12 2.035 0.923

Davy 14 2.647 68 3 66 0.059 2.588

JohBerenbergGossler&CoKG 15 2.618 67 7 4 7.062 -4.444

RBCCapitalMarkets 16 2.605 67 3 53 0.113 2.492


CantorFitzgerald 18 2.403 61 7 23 1.171 1.232

ArdenPartnersLtd 19 1.762 45 6 22 1.177 0.585

Nplus1SingerLtd 20 1.682 43 5 19 1.389 0.293

TOTAL 100% 2,557 241 100%



AfricaEquity,EquityLinked&Rights1st3Q2019 1st3Q2018


JPMorgan 1 50.183 764 2 3 10.063 40.120

Investec 2 20.325 309 3 2 12.619 7.706

StandardBankofSouthAfrica 3 11.264 171 2 1 18.417 -7.153

JavaCapital 4 10.071 153 3 5 5.262 4.809

EFG-Hermes 5 6.515 99 1 31 0.014 6.501


EightsGroupPtyLtd/The 7 0.459 7 1 - - 0.459

PeelHuntLLP 8 0.206 3 1 - - 0.206

TamesisPartnersLLP 8 0.206 3 1 - - 0.206

ShardCapitalPartnersLLP 10 0.087 1 1 - - 0.087

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,522 14 100%

Sub-SaharaEquity,EquityLinked&Rights1st3Q2019 1st3Q2018


JPMorgan 1 53.253 764 2 3 9.044 44.209

Investec 2 21.569 309 3 2 15.350 6.219

StandardBankofSouthAfrica 3 11.954 171 2 1 19.205 -7.251

JavaCapital 4 10.687 153 3 5 6.401 4.286

PSGGroupLtd 5 0.774 11 1 4 7.866 -7.092


EightsGroupPtyLtd/The 7 0.487 7 1 - - 0.487

PeelHuntLLP 8 0.219 3 1 - - 0.219

TamesisPartnersLLP 8 0.219 3 1 - - 0.219

ShardCapitalPartnersLLP 10 0.113 2 2 - - 0.113

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,434 15 100%

MENAEquity,EquityLinked&Rights1st3Q2019 1st3Q2018


Citi 1 15.522 518 4 7 4.640 10.882

MorganStanley 2 15.293 511 3 - - 15.293

JPMorgan 3 13.320 445 2 1 18.314 -4.994

GoldmanSachs 4 10.173 340 3 4 5.669 4.504

SambaCapital 5 10.145 339 2 9 4.049 6.096

EmiratesNBDPJSC 6 9.944 332 2 5 5.339 4.605

Barclays 7 7.972 266 1 - - 7.972

EFG-Hermes 8 4.943 165 2 2 14.858 -9.915

HSBC 9 2.779 93 1 - - 2.779

NationalCommercialBank 10 2.771 93 2 11 3.221 -0.450

CreditSuisse 11 1.973 66 1 12 2.531 -0.558

Natixis 11 1.973 66 1 - - 1.973

BanqueSaudiFransi 13 1.725 58 1 - - 1.725

KuwaitFinancialCenter 14 0.323 11 1 28 0.196 0.127

BTIGLLC 15 0.229 8 1 - - 0.229

DanskeBank 15 0.229 8 1 23 0.611 -0.382

DNBASA 15 0.229 8 1 6 4.752 -4.523

EvercorePartnersInc 15 0.229 8 1 - - 0.229

FearnleySecuritiesAS 15 0.229 8 1 23 0.611 -0.382

- - - - - - - -

TOTAL 100% 3,339 10 100%



AsiaPacificEquityReview1st3Q2019creditedAPACex-JapanEquity,EquityLinked&Rightsvolumedecreased30.77%toUSD146.7Blnwhiledealcountdecreased15.05%to1,518offeringsyear-on-year.APACex-JapanEquityIPOvolumedecreased39.75%year-on-yeartoUSD44.7Blnwhilethedealcountdecreased25.31%to475.APACex-JapanEquityLinkedvolumeincreased45.48%year-on-yeartoUSD38.2Blnover168deals.CITICSecuritiesrankedasthetopAPACex-JapanEquity,EquityLinked&Rightsunderwriterfor1st3Q2019with9.95%marketshare.Thebankunderwrote59dealsovertheperiod.GoldmanSachsandMorganStanleyrankedsecondandthirdwith6.34%and5.94%marketshare,respectively.

APACEquity,EquityLinked&Rights:Highlightsof1st3Q2019


ChinaCITICBankCorpLtd Financials 5,964 03/04/2019

HuaxiaBankCoLtd Financials 4,266 01/08/2019

PingAnBankCoLtd Financials 3,837 01/17/2019

VodafoneIdeaLtd Communications 3,586 05/08/2019

BhartiAirtelLtd Communications 3,578 05/29/2019

RecruitHoldingsCoLtd ConsumerDiscretionary 3,027 09/10/2019

ChinaThreeGorgesCorp Utilities 2,977 04/04/2019

BankofJiangsuCoLtd Financials 2,975 03/14/2019

JapanPostInsuranceCoLtd Financials 2,899 04/15/2019

CGNPowerCoLtd Utilities 1,780 08/09/2019

APACEquity,EquityLinked&Rights:IndustryBreakdown

35%

11%10%

10%

9%

7%

6%

5%

7% Industry Volume(USDMln) %OfTotal %YOYChange

Financials 61,613 35.4% -18.6%

Technology 19,397 11.1% -45.0%

Communications 17,493 10.1% -29.1%


Industrials 15,436 8.9% -51.9%

HealthCare 11,650 6.7% -28.2%

Materials 10,113 5.8% -45.3%

Utilities 9,021 5.2% 95.4%


Energy 5,591 3.2% -53.6%

Asiaex-JapanEquity,EquityLinked&Rights

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

5050

100100

USDB

lnUSDB

ln

00

120120

500500

DealC

ountDealC

ount

00

1,0001,000

DealCount Add'l IPO

Rights

Australia/NewZealandEquity,EQL&Rights

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

1010

USDB

lnUSDB

ln

00

2020

200200

DealC

ountDealC

ount

00

400400

DealCount Add'l IPO

Rights

ChinaEquity,EquityLinked&Rights

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

200200

USDB

lnUSDB

ln

00

400400

200200

DealC

ountDealC

ount

00

400400

DealCount Add'l IPO

Rights

JapanEquity&EquityLinked

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

Q32018

Q32018

QuartersQuarters

Q32019

Q32019

2,0002,000

USDB

lnUSDB

ln00

3,0003,000

5050

DealC

ountDealC

ount

00

9090

DealCount Add'l IPO

Rights



Asiaex-JapanEquity,EquityLinked&Rights1st3Q2019 1st3Q2018



GoldmanSachs 2 6.702 8,991 34 1 6.780 -0.078

MorganStanley 3 6.351 8,519 51 5 6.012 0.339



CreditSuisse 6 3.466 4,649 42 10 3.601 -0.135

Citi 7 3.320 4,453 52 3 6.375 -3.055

UBS 8 3.264 4,379 27 12 2.983 0.281


BankofChina 10 3.074 4,124 17 13 2.342 0.732


JPMorgan 12 2.782 3,732 26 11 2.995 -0.213

ChinaMerchantsSecurities 13 2.162 2,900 19 15 1.755 0.407

HSBC 14 2.124 2,849 21 19 1.306 0.818

HaitongSecurities 15 1.748 2,345 43 14 1.908 -0.160

HuataiSecurities 16 1.719 2,307 19 7 4.030 -2.311

MinshengSecurities 17 1.482 1,988 10 37 0.455 1.027

GuosenSecurities 18 1.298 1,741 15 18 1.439 -0.141

GFSecurities 19 1.270 1,704 19 24 0.822 0.448

KotakMahindraBankLtd 20 1.247 1,673 8 26 0.714 0.533

TOTAL 100% 134,153 1,050 100%

Asiaex-JapanEquity,EQL&Rightsex-CHAShares1st3Q2019 1st3Q2018


MorganStanley 1 11.722 8,108 49 1 9.387 2.335

GoldmanSachs 2 8.981 6,212 28 3 9.138 -0.157

CreditSuisse 3 6.374 4,409 41 5 5.454 0.920


JPMorgan 5 5.396 3,732 26 7 4.578 0.818

Citi 6 5.143 3,557 49 2 9.338 -4.195

HSBC 7 4.120 2,849 21 10 2.088 2.032

UBS 8 3.924 2,714 24 6 4.619 -0.695



AxisBankLtd 11 1.939 1,341 13 22 0.979 0.960

DBSGroup 12 1.874 1,296 22 19 1.242 0.632

ICICI 13 1.867 1,291 10 24 0.873 0.994


CITICSecurities 15 1.401 969 19 12 2.075 -0.674

ChinaMerchantsBank 16 1.307 904 14 14 2.000 -0.693

CIMB 17 1.259 870 10 56 0.243 1.016

BangkokBankPCL 18 1.257 870 7 26 0.815 0.442

BNPParibas 19 1.230 850 9 8 2.331 -1.101

StateBankofIndia 20 1.225 847 3 23 0.916 0.309

TOTAL 100% 69,167 754 100%

Asiaex-JapanEquity&EquityLinked1st3Q2019 1st3Q2018



GoldmanSachs 2 6.674 8,275 33 1 7.041 -0.367


MorganStanley 4 6.293 7,802 50 4 6.363 -0.070


Citi 6 3.578 4,437 51 2 6.622 -3.044

UBS 7 3.532 4,379 27 12 2.943 0.589

CreditSuisse 8 3.526 4,371 40 10 3.643 -0.117


BankofChina 10 3.326 4,124 17 13 2.478 0.848


JPMorgan 12 2.419 2,999 24 11 3.035 -0.616



HSBC 15 1.691 2,097 19 17 1.382 0.309



GFSecurities 18 1.251 1,552 18 24 0.870 0.381

DBSGroup 19 0.989 1,226 19 31 0.533 0.456

DongxingSecurities 20 0.962 1,193 14 29 0.628 0.334

TOTAL 100% 123,989 1,020 100%

Asiaex-JapanEquityLinked1st3Q2019 1st3Q2018



GoldmanSachs 2 9.420 3,503 10 1 12.830 -3.410



BankofChina 5 6.392 2,377 3 10 2.918 3.474

CreditSuisse 6 4.155 1,545 10 3 7.962 -3.807


UBS 8 3.759 1,398 5 18 1.962 1.797

Citi 9 3.676 1,367 7 6 3.452 0.224

JPMorgan 10 3.392 1,262 8 4 6.653 -3.261


MorganStanley 12 2.867 1,066 8 15 2.244 0.623


ChinaMerchantsSecurities 14 1.488 553 4 17 2.037 -0.549

ChinaGalaxyFinancialHoldings 15 1.400 521 1 20 1.815 -0.415

ShenwanHongyuanGroup 16 1.094 407 2 23 1.357 -0.263

GFSecurities 17 1.043 388 5 27 0.902 0.141

MinshengSecurities 18 1.024 381 3 13 2.507 -1.483

GreatWallGlorySecuritiesCoLtd 19 1.001 372 1 - - 1.001

DeutscheBank 20 0.979 364 4 11 2.786 -1.807

TOTAL 100% 37,190 166 100%



Asiaex-JapanEquityLinkedex-ChinaExchanges1st3Q2019 1st3Q2018


CreditSuisse 1 15.656 1,545 10 2 14.668 0.988

GoldmanSachs 2 12.941 1,277 7 1 18.941 -6.000

JPMorgan 3 12.783 1,262 8 3 12.256 0.527


MorganStanley 5 9.218 910 7 8 4.134 5.084

Citi 6 6.317 623 6 4 6.358 -0.041

UBS 7 4.092 404 4 10 3.615 0.477

HSBC 8 3.562 352 3 13 2.500 1.062

KGISecurities 9 3.498 345 9 18 1.149 2.349

BNPParibas 10 2.791 275 3 6 5.055 -2.264

YuantaSecurities 11 2.394 236 4 15 1.387 1.007

CIMB 12 2.364 233 2 17 1.183 1.181

DeutscheBank 13 2.343 231 2 5 5.133 -2.790

DBSGroup 14 1.842 182 2 22 0.369 1.473


Barclays 16 1.145 113 1 - - 1.145

HuataiSecurities 17 0.760 75 1 - - 0.760

CGS-CIMBSecuritiesInternationalPteLtd 18 0.608 60 1 - - 0.608

CTBCFinancialHolding 19 0.492 49 1 - - 0.492

E.SunFinancialHoldingCoLtd 19 0.492 49 1 - - 0.492

TOTAL 100% 9,869 86 100%

Asiaex-JapanEquityOfferings1st3Q2019 1st3Q2018



MorganStanley 2 7.686 7,453 43 2 6.583 1.103


GoldmanSachs 4 5.660 5,488 24 4 5.863 -0.203


CreditSuisse 6 3.202 3,104 32 11 2.940 0.262

Citi 7 3.183 3,086 45 1 6.818 -3.635

UBS 8 3.074 2,981 22 10 3.137 -0.063



HSBC 11 2.576 2,498 18 19 1.298 1.278

JPMorgan 12 2.548 2,471 18 12 2.440 0.108



BankofChina 15 1.801 1,746 14 13 2.254 -0.453


GuosenSecurities 17 1.658 1,608 12 16 1.620 0.038


AxisBankLtd 19 1.383 1,341 13 28 0.705 0.678

GFSecurities 20 1.357 1,316 14 26 0.810 0.547

TOTAL 100% 96,963 884 100%

Asiaex-JapanEquityIPO1st3Q2019 1st3Q2018





MorganStanley 4 3.737 1,645 16 4 4.070 -0.333




CreditSuisse 8 2.838 1,250 15 6 3.635 -0.797

BankofChina 9 2.012 886 12 22 1.378 0.634

DongxingSecurities 10 1.769 779 7 61 0.217 1.552

HuataiSecurities 11 1.756 773 9 9 2.959 -1.203

Citi 12 1.646 725 13 7 3.537 -1.891

GoldmanSachs 13 1.617 712 7 2 6.166 -4.549

GuosenSecurities 14 1.540 678 6 23 1.196 0.344

ChangjiangSecurities 15 1.511 665 5 62 0.210 1.301

BangkokBankPCL 16 1.500 660 4 - - 1.500


JPMorgan 18 1.484 653 5 13 2.624 -1.140

ZhongtaiSecurities 19 1.446 637 9 43 0.397 1.049

HSBC 20 1.346 593 5 20 1.710 -0.364

TOTAL 100% 44,035 451 100%



APACEquity,EquityLinked&Rights1st3Q2019 1st3Q2018



MorganStanley 2 6.718 10,941 70 1 6.862 -0.144

GoldmanSachs 3 6.410 10,439 43 2 6.703 -0.293


UBS 5 4.583 7,463 53 6 4.277 0.306


JPMorgan 7 3.913 6,373 45 8 4.145 -0.232

Citi 8 3.850 6,270 62 3 6.175 -2.325

CreditSuisse 9 3.386 5,515 50 12 3.073 0.313



Nomura 12 2.567 4,180 49 13 2.453 0.114

BankofChina 13 2.532 4,124 17 16 1.899 0.633


HSBC 15 1.750 2,849 21 24 1.059 0.691

MizuhoFinancial 16 1.509 2,458 28 20 1.375 0.134

SumitomoMitsuiFinancial 17 1.483 2,414 38 15 1.965 -0.482




TOTAL 100% 162,861 1,629 100%

APACEquity&EquityLinked1st3Q2019 1st3Q2018



MorganStanley 2 6.743 10,223 69 3 6.454 0.289

GoldmanSachs 3 6.413 9,724 42 1 7.110 -0.697


UBS 5 4.916 7,453 52 10 3.309 1.607


Citi 7 4.063 6,161 60 2 6.602 -2.539

JPMorgan 8 3.720 5,641 43 7 4.218 -0.498

CreditSuisse 9 3.428 5,198 47 12 3.197 0.231



Nomura 12 2.757 4,180 49 13 2.552 0.205

BankofChina 13 2.720 4,124 17 15 2.062 0.658





HSBC 18 1.383 2,097 19 21 1.150 0.233


DaiwaSecurities 20 1.193 1,808 27 17 1.718 -0.525

TOTAL 100% 151,619 1,552 100%

APACEquityOfferings1st3Q2019 1st3Q2018


MorganStanley 1 8.050 9,157 61 2 7.031 1.019


GoldmanSachs 3 5.449 6,198 31 3 6.286 -0.837

UBS 4 5.324 6,055 47 10 3.569 1.755


Citi 6 4.126 4,693 52 1 7.184 -3.058


JPMorgan 8 3.762 4,279 34 8 3.922 -0.160

Nomura 9 3.519 4,003 46 13 2.203 1.316

CreditSuisse 10 3.211 3,653 37 12 2.559 0.652






DaiwaSecurities 16 1.590 1,808 27 19 1.380 0.210

BankofChina 17 1.535 1,746 14 15 1.997 -0.462

HSBC 18 1.534 1,745 16 23 1.150 0.384



TOTAL 100% 113,746 1,381 100%

APACEquityLinked1st3Q2019 1st3Q2018



GoldmanSachs 2 9.311 3,526 11 1 12.309 -2.998



BankofChina 5 6.277 2,377 3 14 2.474 3.803

CreditSuisse 6 4.080 1,545 10 3 7.228 -3.148


Citi 8 3.875 1,467 8 9 2.926 0.949

UBS 9 3.691 1,398 5 21 1.663 2.028

JPMorgan 10 3.596 1,362 9 4 6.085 -2.489



MorganStanley 13 2.816 1,066 8 11 2.813 0.003




GFSecurities 17 1.024 388 5 31 0.765 0.259



DeutscheBank 20 0.962 364 4 8 3.293 -2.331

TOTAL 100% 37,873 171 100%



APACex-JapanEquity,EquityLinked&Rights1st3Q2019 1st3Q2018



GoldmanSachs 2 6.342 9,305 37 3 6.366 -0.024

MorganStanley 3 5.944 8,720 54 1 6.576 -0.632


UBS 5 4.987 7,317 51 7 4.697 0.290


Citi 7 4.132 6,062 59 2 6.558 -2.426

JPMorgan 8 3.850 5,649 44 12 3.176 0.674

CreditSuisse 9 3.579 5,250 49 11 3.400 0.179



BankofChina 12 2.811 4,124 17 14 2.146 0.665


HSBC 14 1.942 2,849 21 20 1.197 0.745





GFSecurities 19 1.161 1,704 19 25 0.754 0.407


TOTAL 100% 146,706 1,518 100%

APACex-JapanEquity&EquityLinked1st3Q2019 1st3Q2018



GoldmanSachs 2 6.340 8,589 36 2 6.798 -0.458


MorganStanley 4 5.907 8,003 53 4 6.082 -0.175

UBS 5 5.394 7,307 50 10 3.631 1.763


Citi 7 4.394 5,952 57 1 7.084 -2.690

CreditSuisse 8 3.641 4,933 46 11 3.575 0.066

JPMorgan 9 3.629 4,916 42 12 3.164 0.465


BankofChina 11 3.044 4,124 17 13 2.357 0.687




HSBC 15 1.548 2,097 19 17 1.315 0.233



GFSecurities 18 1.145 1,552 18 24 0.828 0.317

DBSGroup 19 0.905 1,226 19 31 0.507 0.398


TOTAL 100% 135,465 1,441 100%

APACex-JapanEquityOfferings1st3Q2019 1st3Q2018



MorganStanley 2 7.080 6,936 45 2 6.691 0.389

UBS 3 6.031 5,909 45 10 3.899 2.132


GoldmanSachs 5 5.191 5,086 26 4 5.810 -0.619


Citi 7 4.577 4,485 49 1 7.665 -3.088

JPMorgan 8 3.628 3,554 33 12 2.640 0.988

CreditSuisse 9 3.458 3,388 36 11 2.828 0.630




BankofChina 13 1.782 1,746 14 13 2.280 -0.498

HSBC 14 1.781 1,745 16 19 1.313 0.468



Macquarie 17 1.194 1,170 16 35 0.443 0.751

GFSecurities 18 1.188 1,164 13 24 0.819 0.369


DBSGroup 20 1.066 1,044 17 29 0.555 0.511

TOTAL 100% 97,974 1,274 100%

APACex-JapanEquityIPO1st3Q2019 1st3Q2018





MorganStanley 4 3.679 1,645 16 5 3.916 -0.237




CreditSuisse 8 2.794 1,250 15 7 3.498 -0.704

BankofChina 9 1.981 886 12 22 1.326 0.655

GoldmanSachs 10 1.762 788 8 2 5.934 -4.172

DongxingSecurities 11 1.742 779 7 63 0.209 1.533

HuataiSecurities 12 1.729 773 9 10 2.847 -1.118

Citi 13 1.621 725 13 8 3.404 -1.783

GuosenSecurities 14 1.516 678 6 23 1.150 0.366

JPMorgan 15 1.513 677 6 14 2.525 -1.012

ChangjiangSecurities 16 1.488 665 5 64 0.202 1.286

BangkokBankPCL 17 1.477 660 4 - - 1.477


ZhongtaiSecurities 19 1.424 637 9 43 0.382 1.042

HSBC 20 1.326 593 5 20 1.646 -0.320

TOTAL 100% 44,722 475 100%



APACex-JapanEquityLinked1st3Q2019 1st3Q2018



GoldmanSachs 2 9.178 3,503 10 1 12.904 -3.726



BankofChina 5 6.228 2,377 3 11 2.811 3.417

CreditSuisse 6 4.048 1,545 10 3 8.215 -4.167


Citi 8 3.844 1,467 8 7 3.325 0.519

UBS 9 3.662 1,398 5 19 1.890 1.772

JPMorgan 10 3.568 1,362 9 4 6.409 -2.841



MorganStanley 13 2.794 1,066 8 15 2.162 0.632

PingAnInsuranceGroup 14 1.675 639 1 27 0.898 0.777




GFSecurities 18 1.016 388 5 28 0.869 0.147



TOTAL 100% 38,172 168 100%

APACex-JapanEquity,EQL&Rightsex-CHAShrs1st3Q2019 1st3Q2018


MorganStanley 1 10.167 8,308 52 1 9.818 0.349

GoldmanSachs 2 7.986 6,526 31 3 8.209 -0.223

UBS 3 6.916 5,652 48 4 7.021 -0.105

JPMorgan 4 6.912 5,649 44 7 4.653 2.259

Citi 5 6.321 5,166 56 2 9.240 -2.919

CreditSuisse 6 6.130 5,009 48 6 4.913 1.217


HSBC 8 3.487 2,849 21 11 1.823 1.664



Macquarie 11 1.663 1,359 20 10 1.957 -0.294

AxisBankLtd 12 1.641 1,341 13 23 0.855 0.786

DBSGroup 13 1.586 1,296 22 20 1.085 0.501

ICICI 14 1.580 1,291 10 25 0.762 0.818

DeutscheBank 15 1.498 1,224 15 8 2.904 -1.406




CIMB 19 1.065 870 10 60 0.212 0.853

BangkokBankPCL 20 1.064 870 7 27 0.712 0.352

TOTAL 100% 81,720 1,222 100%

Australia/NewZealandMid-MarketEquity&Rights1st3Q2019 1st3Q2018


BellPotterSecuritiesLtd 1 19.013 598 53 3 7.457 11.556

Morgans 2 10.987 345 25 2 7.704 3.283

TaylorCollisonLtd 3 7.076 222 21 7 4.184 2.892

OrdMinnettLtd 4 6.441 203 9 11 2.855 3.586

CommonwealthBankAustralia 5 4.870 153 3 - - 4.870

NationalAustraliaBank 6 4.409 139 4 9 3.789 0.620

CanaccordGenuity 7 4.341 136 16 4 4.608 -0.267

WilsonsCorporateFinanceLtd 8 4.315 136 6 13 2.584 1.731

Macquarie 9 3.251 102 4 1 10.710 -7.459

EurozSecurities 10 3.038 96 13 8 4.032 -0.994

Shaw&PartnersLtd 11 2.869 90 9 21 1.207 1.662

ArgonautLtd 12 2.763 87 11 12 2.665 0.098

PatersonsSecuritiesLtd 13 2.153 68 36 10 2.980 -0.827

HartleysLtd 14 1.891 59 23 6 4.463 -2.572

PACPartnersPtyLtd 15 1.510 47 16 19 1.317 0.193

BridgeStreetCapitalPartnersPtyLtd 16 1.326 42 10 86 0.070 1.256

PetraCapitalPtyLtd 17 1.265 40 7 40 0.471 0.794

CreditSuisse 18 1.244 39 1 15 1.917 -0.673

BlueOceanEquitiesPtyLtd 19 1.137 36 9 25 0.995 0.142

JPMorgan 20 0.930 29 1 5 4.573 -3.643

TOTAL 100% 3,144 399 100%



Australia/NewZealandEquity,EQL&Rights1st3Q2019 1st3Q2018


UBS 1 20.630 2,938 24 1 21.403 -0.773

JPMorgan 2 13.458 1,917 18 6 4.701 8.757

Citi 3 11.292 1,608 7 4 7.787 3.505

Macquarie 4 9.433 1,343 19 2 13.100 -3.667


CreditSuisse 6 4.217 601 7 16 1.083 3.134


DeutscheBank 8 3.164 451 3 5 7.443 -4.279

Morgans 9 3.027 431 27 9 3.291 -0.264

OrdMinnettLtd 10 2.591 369 15 13 1.713 0.878

GoldmanSachs 11 2.202 314 3 14 1.655 0.547


CommonwealthBankAustralia 13 1.817 259 8 27 0.308 1.509


WilsonsCorporateFinanceLtd 15 1.694 241 11 11 1.838 -0.144

MorganStanley 16 1.558 222 4 3 12.378 -10.820


ForsythBarrLtd 18 1.077 153 4 61 0.047 1.030

EurozSecurities 19 0.986 140 15 18 0.819 0.167


TOTAL 100% 14,242 483 100%

Australia/NewZealandEquity&RightsOfferings1st3Q2019 1st3Q2018


UBS 1 21.076 2,938 24 1 22.050 -0.974

JPMorgan 2 13.029 1,816 17 6 4.843 8.186

Citi 3 10.816 1,508 6 4 8.022 2.794

Macquarie 4 9.637 1,343 19 2 13.495 -3.858


CreditSuisse 6 4.308 601 7 26 0.350 3.958

DeutscheBank 7 3.232 451 3 5 6.180 -2.948


Morgans 9 3.093 431 27 9 3.390 -0.297

OrdMinnettLtd 10 2.647 369 15 13 1.765 0.882

GoldmanSachs 11 2.250 314 3 16 0.939 1.311


CommonwealthBankAustralia 13 1.856 259 8 27 0.317 1.539


WilsonsCorporateFinanceLtd 15 1.731 241 11 11 1.894 -0.163

MorganStanley 16 1.591 222 4 3 12.752 -11.161


ForsythBarrLtd 18 1.100 153 4 61 0.048 1.052

EurozSecurities 19 1.007 140 15 17 0.844 0.163


TOTAL 100% 13,941 482 100%

ChinaEquity,EquityLinked&Rights1st3Q2019 1st3Q2018

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




BankofChina 4 5.955 26,396 7 6 5.024 0.931


GoldmanSachs 6 4.237 18,778 6 8 2.795 1.442





GFSecurities 11 2.624 11,629 19 10 2.114 0.510

UBS 12 2.533 11,227 3 39 0.247 2.286



GuoyuanSecurities 15 1.552 6,880 8 25 0.685 0.867

Citi 16 1.360 6,027 3 16 1.413 -0.053

ChangjiangSecurities 17 1.339 5,935 7 18 1.188 0.151

ChinaGalaxyFinancialHoldings 18 1.288 5,709 4 21 0.851 0.437

EssenceSecurities 19 1.269 5,627 11 26 0.608 0.661

ZhongtaiSecurities 20 1.226 5,435 6 20 0.899 0.327

TOTAL 100% 443,225 296 100%

ChinaEquityIPO1st3Q2019 1st3Q2018

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








BankofChina 8 3.129 4,549 3 - - 3.129

ChangjiangSecurities 9 3.092 4,495 5 21 0.878 2.214



GFSecurities 12 2.609 3,792 7 9 3.111 -0.502

ZhongtaiSecurities 13 2.551 3,709 4 - - 2.551

EssenceSecurities 14 2.474 3,596 5 32 0.446 2.028


SoochowSecurities 16 1.768 2,569 2 28 0.467 1.301

TianfengSecurities 17 1.708 2,483 2 - - 1.708

ChinaDevelopmentBank 18 1.442 2,096 1 - - 1.442

ShenwanHongyuanGroup 19 1.259 1,831 2 - - 1.259

GoldmanSachs 20 1.207 1,755 1 11 2.234 -1.027

TOTAL 100% 145,364 124 100%



HongKongEquity&RightsOfferings1st3Q2019 1st3Q2018


MorganStanley 1 12.369 2,364 20 1 13.086 -0.717

GoldmanSachs 2 11.932 2,281 11 4 7.211 4.721


UBS 4 6.657 1,272 13 5 6.222 0.435

HSBC 5 5.310 1,015 9 9 3.289 2.021

HaitongSecurities 6 5.109 976 31 10 3.271 1.838

Citi 7 3.794 725 10 3 7.722 -3.928


GuotaiJunanSecurities 9 3.091 591 13 17 1.818 1.273

ChinaConstructionBank 10 2.861 547 13 11 3.241 -0.380

CITICSecurities 11 2.718 519 10 15 2.439 0.279

CreditSuisse 12 2.699 516 6 21 1.130 1.569

AgriculturalBankofChina 13 2.591 495 17 8 3.354 -0.763

Industrial&CommBankofChina 14 2.366 452 12 13 3.065 -0.699


BankofCommunications 16 1.771 339 12 25 0.824 0.947

AMTDGlobalMarketsLtd 17 1.516 290 11 20 1.383 0.133

BankofChina 18 1.371 262 10 18 1.718 -0.347

EverbrightSecurities 19 1.306 250 8 34 0.316 0.990

BNPParibas 20 1.264 242 3 16 2.021 -0.757

TOTAL 100% 19,114 186 100%

HongKongEquityOfferings1st3Q2019 1st3Q2018


MorganStanley 1 12.569 2,364 20 1 13.363 -0.794

GoldmanSachs 2 12.125 2,281 11 4 7.364 4.761


UBS 4 6.765 1,272 13 5 6.354 0.411

HSBC 5 5.396 1,015 9 9 3.359 2.037

HaitongSecurities 6 4.504 847 30 14 2.784 1.720

Citi 7 3.855 725 10 3 7.886 -4.031


GuotaiJunanSecurities 9 3.141 591 13 20 1.301 1.840

ChinaConstructionBank 10 2.818 530 12 10 3.310 -0.492

CITICSecurities 11 2.762 519 10 15 2.490 0.272

CreditSuisse 12 2.743 516 6 21 1.154 1.589

AgriculturalBankofChina 13 2.633 495 17 8 3.425 -0.792

Industrial&CommBankofChina 14 2.404 452 12 12 3.130 -0.726


BankofCommunications 16 1.800 339 12 25 0.842 0.958

AMTDGlobalMarketsLtd 17 1.541 290 11 19 1.413 0.128

BankofChina 18 1.393 262 10 17 1.755 -0.362

EverbrightSecurities 19 1.327 250 8 33 0.322 1.005

BNPParibas 20 1.285 242 3 16 1.940 -0.655

TOTAL 100% 18,810 174 100%

IndiaEquity&RightsOffering1st3Q2019 1st3Q2018

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


MorganStanley 2 11.730 136,654 7 6 7.770 3.960

KotakMahindraBankLtd 3 10.050 117,081 8 2 10.587 -0.537

AxisBankLtd 4 8.054 93,822 13 3 9.064 -1.010

GoldmanSachs 5 7.995 93,144 6 16 1.620 6.375

ICICI 6 7.763 90,442 10 5 8.058 -0.295

Citi 7 7.328 85,368 15 1 16.723 -9.395

HSBC 8 5.798 67,542 5 27 0.366 5.432

JPMorgan 9 5.540 64,534 3 12 2.634 2.906

StateBankofIndia 10 5.073 59,101 3 4 8.387 -3.314

HDFCBank 11 4.499 52,408 2 8 3.720 0.779

JMFinancialLtd 12 2.306 26,862 9 7 4.907 -2.601

Nomura 13 1.829 21,311 4 22 0.714 1.115

CITICSecurities 14 1.286 14,978 3 14 1.895 -0.609

EdelweissFinancialServicesLtd 15 1.186 13,811 5 9 3.618 -2.432

IIFLHoldingsLtd 16 1.163 13,553 4 11 3.151 -1.988

CreditSuisse 17 0.856 9,968 3 13 2.149 -1.293

YesBank 18 0.811 9,451 4 18 0.881 -0.070

MonarchNetworthCapitalLtd 19 0.712 8,293 3 43 0.075 0.637

DeutscheBank 20 0.649 7,560 2 - - 0.649

TOTAL 100% 1,164,975 97 100%

IndonesiaEquity&RightsOffering1st3Q2019 1st3Q2018

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

SinarmasSecuritiesPT 1 30.861 5,045,047 4 19 0.960 29.901

IndoPremierSecurities 2 11.681 1,909,526 2 6 5.373 6.308

MorganStanley 3 10.511 1,718,200 2 8 3.995 6.516

UOBKayHianPvtLtd 4 9.285 1,517,924 9 7 4.315 4.970

CreditSuisse 5 6.446 1,053,826 1 14 1.870 4.576

DeutscheBank 5 6.446 1,053,826 1 - - 6.446

UBS 5 6.446 1,053,826 1 - - 6.446

NHKorindoSekuritasIndonesiaPT 8 4.124 674,114 4 13 2.193 1.931

KresnaSekuritasPT 9 2.067 337,950 3 25 0.588 1.479

MiraeAssetDaewooCoLtd 10 1.816 296,905 2 24 0.640 1.176

ErdikhaElitSekuritasPT 11 1.560 255,000 2 28 0.466 1.094

JasaUtamaCapitalPT 12 1.260 206,000 1 26 0.539 0.721

BuanaCapitalPT 13 1.071 175,000 1 - - 1.071

BahanaSekuritasPT 14 1.057 172,791 2 - - 1.057

DanatamaMakmurPT 15 0.953 155,800 2 9 3.892 -2.939

MNCSecuritiesTbkPT 16 0.770 125,814 1 18 0.992 -0.222

RHB 17 0.592 96,791 1 - - 0.592

DongxingSecurities 18 0.581 94,916 1 - - 0.581

ShinhanFinancialGroupCoLtd 19 0.465 76,000 1 - - 0.465

LotusAndalanSekuritasPT 20 0.424 69,240 2 20 0.933 -0.509

TOTAL 100% 16,347,403 39 100%



MalaysiaEquity&RightsOffering1st3Q2019 1st3Q2018

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

CIMB 1 32.676 2,566 6 6 7.189 25.487

JPMorgan 2 21.320 1,674 3 7 7.044 14.276

Maybank 3 10.648 836 9 1 17.518 -6.870

RHB 4 9.243 726 11 2 16.988 -7.745

AmInvestmentBankBhd 5 8.080 634 10 5 7.211 0.869

HongLeongFinancialGroupBhd 6 4.640 364 3 19 0.115 4.525

UOBKayHianPvtLtd 7 2.737 215 15 9 4.898 -2.161

CreditSuisse 8 2.627 206 1 - - 2.627

M&ASecuritiesSdnBhd 9 2.221 174 12 10 3.798 -1.577

TASecuritiesHoldingsBhd 10 1.771 139 12 11 2.534 -0.763

AllianceBankMalaysiaBhd 11 0.930 73 1 12 2.218 -1.288

KenangaInvestmentBankBhd 12 0.904 71 9 4 8.284 -7.380

MercurySecuritiesSdnBhd 13 0.655 51 10 14 1.271 -0.616

KAFInvestmentBankBhd 14 0.399 31 4 17 0.223 0.176

ApexSecurities 15 0.240 19 1 - - 0.240

MalaccaSecuritiesSdnBhd 15 0.240 19 1 - - 0.240

AstraminaAdvisorySdnBhd 17 0.143 11 2 - - 0.143

Inter-PacificSecurities 17 0.143 11 2 16 0.278 -0.135

WyncorpAdvisorySdnBhd 19 0.133 10 1 - - 0.133

DWAAdvisorySdnBhd 20 0.080 6 1 18 0.128 -0.048

TOTAL 100% 7,852 104 100%

SingaporeEquity&RightsOffering1st3Q2019 1st3Q2018


DBSGroup 1 27.733 1,153 18 2 25.448 2.285

CreditSuisse 2 10.560 439 6 10 1.824 8.736

UBS 3 9.372 390 4 11 1.558 7.814

Citi 4 8.659 360 7 1 28.666 -20.007

Oversea-ChineseBankingCorp 5 7.049 293 4 - - 7.049


UnitedOverseasBank 7 4.860 202 4 - - 4.860

BNPParibas 8 4.814 200 3 - - 4.814

HSBC 9 4.316 179 3 6 3.935 0.381

JPMorgan 10 3.704 154 3 4 6.219 -2.515

Maybank 11 2.557 106 2 9 1.899 0.658

ChinaInternationalCapitalCorp 12 2.453 102 1 12 1.243 1.210

DeutscheBank 13 2.268 94 1 - - 2.268

Jefferies 13 2.268 94 1 - - 2.268

RHB 15 0.935 39 2 - - 0.935


CIMB 17 0.346 14 2 20 0.090 0.256

PrimePartnersCorporateFinancePteLtd 18 0.336 14 2 18 0.358 -0.022

BankofChina 19 0.172 7 1 12 1.243 -1.071

HaitongSecurities 19 0.172 7 1 12 1.243 -1.071

TOTAL 100% 4,158 29 100%

TaiwanEquity&EquityLinked1st3Q2019 1st3Q2018

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

YuantaSecurities 1 35.139 15,680 18 1 18.173 16.966

KGISecurities 2 24.635 10,993 18 5 9.767 14.868

TaishinFinancialHoldingCoLtd 3 7.641 3,410 11 4 13.395 -5.754

GrandFortuneSecuritiesCo 4 5.520 2,463 6 6 4.976 0.544

MasterlinkSecurities 5 3.986 1,779 7 16 0.997 2.989

CTBCFinancialHolding 6 3.661 1,634 3 23 0.019 3.642

E.SunFinancialHoldingCoLtd 7 3.362 1,500 1 24 0.012 3.350

FubonSecurities 8 2.833 1,264 8 2 17.160 -14.327

TaiwanCooperativeSecuritiesCoLtd 9 2.704 1,207 4 15 1.107 1.597

MegaFinancialHolding 10 2.383 1,063 8 8 2.931 -0.548

SinoPacFinancialHoldings 11 2.206 984 5 7 3.463 -1.257

CapitalSecuritiesCorp 12 1.850 825 4 13 1.471 0.379

PresidentSecurities 13 1.755 783 4 18 0.538 1.217

WaterlandSecuritiesCoLtd 14 1.141 509 3 9 2.272 -1.131

FirstSecuritiesInc 15 0.547 244 2 12 1.729 -1.182

JihSunSecuritiesCoLtd 16 0.323 144 2 19 0.537 -0.214

CathaySecuritiesCorp 17 0.196 88 1 14 1.422 -1.226

BankTaiwanSecurities 18 0.083 37 1 - - 0.083

ConcordSecurities 19 0.018 8 1 11 1.901 -1.883

TaichungCommercialBank 20 0.017 8 1 - - 0.017

TOTAL 100% 44,623 108 100%

ThailandEquity&RightsOffering1st3Q2019 1st3Q2018

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

BangkokBankPCL 1 24.134 26,826 7 1 25.114 -0.980

CreditSuisse 2 18.814 20,913 3 3 17.700 1.114

KasikornbankPCL 3 13.304 14,789 3 - - 13.304

PhatraSecuritiesPCL 4 12.427 13,814 2 6 8.539 3.888

SiamCommercialBankPCL 5 12.181 13,539 2 2 19.046 -6.865

MorganStanley 6 7.026 7,809 1 5 10.853 -3.827

KrungThaiBank 7 6.610 7,348 2 4 10.937 -4.327

DBSGroup 8 2.941 3,269 1 - - 2.941

AsiaPlusSecurities 9 0.661 735 1 - - 0.661

GloblexSecuritiesCoLtd 10 0.441 490 1 - - 0.441

CountryGroupSecuritiesPCL 11 0.376 418 1 - - 0.376

PhillipSecuritiesPteLtd 12 0.331 368 2 - - 0.331

S14AdvisoryCoLtd 13 0.245 272 1 - - 0.245

KingsfordSecuritiesPCL 14 0.243 270 1 - - 0.243

AECSecuritiesPCL 15 0.138 153 1 11 0.541 -0.403

TrinitySecuritiesCoLtd 16 0.130 144 1 - - 0.130

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 111,156 25 100%



SouthKoreaEquityOfferings1st3Q2019 1st3Q2018

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

NHInvestment&SecuritiesCoLtd 1 16.496 553,375 10 4 7.650 8.846

UBS 2 11.645 390,650 1 7 3.717 7.928

DaishinSecurities 3 11.371 381,470 4 3 12.868 -1.497

MiraeAssetDaewooCoLtd 4 9.667 324,312 7 9 3.499 6.168

KoreaInvestment&SecuritiesCo 5 9.230 309,631 12 8 3.581 5.649

BNPParibas 6 7.711 258,690 1 - - 7.711

GoldmanSachs 7 5.051 169,443 1 2 18.889 -13.838

Citi 8 4.817 161,607 2 1 25.351 -20.534

KiwoomSecuritiesCoLtd 9 4.632 155,400 4 13 1.235 3.397

HanaFinancialGroupInc 10 4.391 147,320 4 18 0.436 3.955

SamsungSecuritiesCoLtd 11 3.373 113,167 3 15 0.468 2.905

BankofAmericaMerrillLynch 12 2.883 96,726 1 - - 2.883

ShinhanFinancialGroupCoLtd 13 2.531 84,922 4 11 2.229 0.302

KBFinancialGroupInc 14 2.103 70,546 6 12 2.087 0.016

EugeneInvestment&SecuritiesCoLtd 15 0.875 29,348 4 17 0.465 0.410

ShinyoungSecuritiesCoLtd 16 0.718 24,075 2 14 0.489 0.229

EBESTInvestment&SecuritiesCoLtd 17 0.642 21,537 2 22 0.229 0.413

IndustrialBankofKorea 18 0.463 15,537 1 20 0.382 0.081

KyoboSecurities 19 0.261 8,742 1 24 0.103 0.158

YuantaSecurities 20 0.244 8,200 1 21 0.302 -0.058

TOTAL 100% 3,354,698 67 100%

JapanEquityOfferings(FiscalYear)1st3Q2019 1st3Q2018

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


Nomura 2 15.811 203,046 23 3 14.168 1.643

MorganStanley 3 15.611 200,481 12 6 10.388 5.223



GoldmanSachs 6 8.975 115,252 4 4 13.495 -4.520


JPMorgan 8 6.319 81,148 1 1 17.318 -10.999

Citi 9 1.733 22,260 3 9 1.681 0.052

NHInvestment&SecuritiesCoLtd 10 1.296 16,642 1 - - 1.296

SBIHoldingsInc/Japan 11 0.616 7,910 4 10 1.131 -0.515

IchiyoshiSecuritiesCoLtd 12 0.107 1,380 1 - - 0.107

HSSecuritiesCoLtd 13 0.074 951 2 - - 0.074

TokaiTokyoSecuritiesCoLtd 14 0.069 886 1 14 0.113 -0.044

AizawaSecuritiesCoLtd 15 0.011 139 1 - - 0.011

OkasanSecuritiesGroupInc 16 0.006 81 1 15 0.082 -0.076

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,284,192 63 100%

JapanEquityIPO(FiscalYear)1st3Q2019 1st3Q2018


Nomura 1 37.480 49,006 5 1 28.980 8.500

SumitomoMitsuiFinancial 2 19.656 25,702 5 2 18.406 1.250

DaiwaSecurities 3 17.679 23,116 6 3 16.337 1.342


MizuhoFinancial 5 7.772 10,163 3 5 12.160 -4.388




TokaiTokyoSecuritiesCoLtd 9 0.677 886 1 9 0.352 0.325

MorganStanley 10 0.647 846 1 4 15.688 -15.041


- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 130,754 29 100%

JapanEquity&EquityLinked(FiscalYear)1st3Q2019 1st3Q2018



Nomura 2 16.404 217,546 25 1 17.414 -1.010

MorganStanley 3 15.117 200,481 12 6 10.333 4.784

SumitomoMitsuiFinancial 4 15.065 199,787 23 3 14.333 0.732


GoldmanSachs 6 8.879 117,752 5 5 12.280 -3.401


JPMorgan 8 6.119 81,148 1 2 15.560 -9.441

Citi 9 1.679 22,260 3 9 1.443 0.236





TokaiTokyoSecuritiesCoLtd 14 0.067 886 1 14 0.097 -0.030


OkasanSecuritiesGroupInc 16 0.006 81 1 15 0.071 -0.065

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,326,192 67 100%

Bloomberg – 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. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self-led transactions are included. New money portions of exchange offers are eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.

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 call, provisional call and provisional put are exempted 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, certain lower hierarchy titles, i.e. Jr Bookrunner.

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 hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg – League Tables Criteria

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of collateral.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities, loan pacts, and standalone guarantee facilities/letters of credit.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

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

LEAG<GO>.

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.

global equity capital markets€¦ · firm rank mkt share(%) volume (usd mln) deal count prev rank...

Documents