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GLOBAL SYNDICATED LOANS REVIEWREUTERS / Gonzalo Fuentes

GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS

Fi t Q t 2015First Quarter 2015

Global Syndicated Loans

Global Loans - Bookrunners (R1) 1

2

2

Leading Underwriters for 2015

Asia Loans - Asian Currency (S3i)

Table of Contents

Global Loans - Mandated Arrangers (R3)

Global Deals Intelligence

Top 10 Global Syndicated Loans

1

1

Global Scorecard 2

Global Loans Rankings - Last Ten Years 3

EMEA Mandated Lead Arrangers (R19) 7

Asia Loans - Bookrunners (S5c)

EMEA Sponsored Loans (P13)

Asia Pacific (Excl. Japan) Syndicated Loans

Asia & Australia Deals Intelligence

Global Debt & Syndicated Loans (DL1) 2

European Leveraged Loans (P10) 8

Top Asia Syndicated Loans

First Quarter 2015

MANAGING UNDERWRITERS

SYNDICATED LOANS REVIEW

9

8

9

9

9

10

11

11

Japan Loans - Mandated Arrangers (S12a)

Thomson Reuters Solutions for the Deal Making Community

10

Syndicated Loans Criteria Summary 13

Regional Contacts

10

14

12

Americas Syndicated Loans

EMEA Syndicated Loans

Japan Syndicated Loans

5

EMEA Deals Intelligence 7

Americas Deals Intelligence 4

US Leveraged Loans - Bookrunners (R11a)

Top Australia Syndicated LoansTop Americas Syndicated Loans 4

6

Australia Loans - Bookrunners (S7)

Australia Loans - Mandated Arrangers (S6a)

Japan Deals Intelligence

Top Japan Syndicated Loans

Japan Loans - Bookrunners (S12b)

Latin America Loans - Mandated Lead Arrangers (R16)

Top EMEA Syndicated Loans 7

US Investment Grade Loans - Bookrunners (R11b)

North America Loans - Bookrunners (R9) 5

5

EMEA Bookrunners (R17) 7

6

Americas Loans - Mandated Arrangers (R8c)

US Loans - Bookrunners (R11) 5

Americas Loans - Bookrunners (R7)

13

Ranking Criteria Summary

11

4

Asia Loans - Mandated Arrangers (S5b) 9

First Quarter 2015

MANAGING UNDERWRITERS

SYNDICATED LOANS REVIEWGlobal Syndicated Lending Totals US$831 billion, down 17% from 2014 I US Loans Account for 50% | Europe Lending Down 9% I Bank of America Merrill Lynch Tops Rankings

Global Syndicated Loans VolumeGlobal Deals Intelligence

US LENDING ACCOUNTS FOR 50% OF ACTIVITYAmericas loans accounted for 55% of global loan volume during the first quarter of 2015, as lending in theregion decreased by 17% from the same period last year. Within the Americas, loan volume in the UnitedStates totaled US$415.5 billion, down 18% compared to the same period last year and representing 50% ofglobal volume. Europe accounted for 22% of global volumes as lending decreased by 9% compared to the firstquarter of 2014. Asia Pacific fundraising saw a year-over-year decrease of 48%, while Japanese lending fell10% compared to the first quarter of 2014.

GLOBAL SYNDICATED LENDING FALLS 17% FROM 2014Global syndicated lending reached US$830.6 billion during the first quarter of 2015, a 17% decrease comparedto the first quarter of 2014 and the slowest three-month period for lending since the third quarter of 2012.Lending activity during the first quarter quarter saw a 36% decrease from the fourth quarter of 2014. Nearly2,100 transactions closed during the quarter, a decrease of 25% compared to the first quarter of 2014.

AQUISITION FINANCING CONTINUES DURING FIRST QUARTERAbbvie secured a US$18.0 billion financing package to fund its US$19.9 billion acquisition of Pharmacyclics,topping the list of syndicated loans closed during first quarter of 2015. Other notable acquisition-related loansincluded AT&T’s US$9.2 billion facility and Dollar Tree’s $9.0 billion loan to fund its purchase of Family DollarStores.

ENERGY & POWER, FINANCIALS & INDUSTRIALS LEAD LENDING0

2,000

4,000

6,000

8,000

10,000

12,000

$0 0

$1.0

$2.0

$3.0

$4.0

$5.0

# of

Issu

es

Pro

ceed

s (U

S$t

)

Q4 Volume (US$t) Q3 Volume (US$t) Q2 Volume (US$t) Q1 Volume (US$t) # of Issues

14.1

0.2▲ TD Securities Inc1.1

23

-36.1% -16.8% ▼

13.0

17.4

0.5 ▲-3.3

9.58.6

13.1 ▼

9.0

-1.7-1.2-1.4-1.8 ▼

4.4

19.518.3

▼

8.5

17.98 ▲

▼

531,780.8Top Twenty Five Total

10.2

12.8 9.53.6

3.9

43.0

7,956.9

25

1.21.1

73.8

24

4.8

22

7,770.6

▼

▲▲

Industrial & Comm Bank ChinaBank of China Ltd

Industry % Change from Last Quarter

BMO Capital Markets 20

▲▲

Industry % Change from Same Period Last Year

2423

Scotiabank25

-17.2%

Bookrunner Total

Societe Generale

722,165.7▲

37

1,819

32

▼▼▼

-0.1

-24.0% -39.9%

-574

-0.2

100.02,470.3

0.7▼

2.01.1

100.0

▲ ▲

2.0▲

26 7,683.7

321.323

360.2

1.1

▼▼▲

3.6

63

1,612.3

▲

0.2

11

0.2

0.5

33 -101.8

57

▲ 65

▲

3.054

3.13.5

40

▼

▼-16

2.2

-35-12

▼-40

▼

18.17

-69

-44.9%

▼

▲0.2 ▲

1.8

▲68.840.3

▲▼▲

▼

0.0

1.6

21.6-▲

▲

0.7

0.6

▲▲

▲

▼0.0

▼

-

-1.9

0.2

0.31.6

1.4

2.8

1.0

2.3

-0.7

23.5

-2.8

-0.2

40.3

72.5 2.9-2.5

-18

0.1

1.20.9

30.0

0.4

0.70.1

65.3

9.8

0.0

4.32.048.4

106.5

2.5 0.9

-38 ▼▼

▲▼

▲▼

▲▲

▼▼

0.1

Share Ch.Fees# of Deals

Global Loans - Bookrunners (R1)

MarketImputed Fees (US$m)

Jan 1 - Mar 31

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2015 Rank Share Ch.Bookrunner Proceeds

2014 Rank Share %

MarketMarket Manager# of MarketMarket Change in

JP Morgan

Wells Fargo & CoCiti

Deutsche Bank

US Bancorp

Sumitomo Mitsui Finl Grp IncMorgan Stanley

Barclays

2 1 56,633.3

Share %Deals

197 ▼-101

Share %249Bank of America Merrill Lynch 1 2 61,687.9 -47 ▼8.5 0.5 ▲ 13.7 7.2 0.1178.6

1.115.9151.5 -0.7

0.413.9 9 ▲ 2.869.96.2 1.7 ▲

6.1290 -27 ▼

10.892.9 3.8

▲

▼Mitsubishi UFJ Financial Group 3 5 44,410.9

5.9 2.0

7.8 -1.3

5 4 36,534.234,298.7

Mizuho Financial Group 4 7 42,750.4184 ▼ 109.710.15.1 0.5 ▲ -29252

▼1.8 -0.5

0.5 ▲▲

4.40.56.04.8 -0.26 3 -42 4.3109 ▼ 106.2▼

8 17 20,083.67 10 24,790.0

2.83.4 ▲ 227 ▼0.2

0.9-14

71.0 2.9 -0.4-0.6▲ 48.5

44.9

5.3 2▲

12.5▼42 2.3 -25 ▼

11 8

HSBC Holdings PLC 9 14 19,660.8

85

2.1

3.810 6 18,702.1 2.618,595.9 ▼2.6

▼

3.2▲ 5.295

80

70

59▼ 39

▲

-10

3-45

4.44.7

55.7▼

60.8

-6633.3

▼▼

918

PNC Financial Services Group 19Credit Suisse

21

Goldman Sachs & Co16

18

12RBS 15BNP Paribas SA

Credit Agricole CIB

RBC Capital Markets13

1514

9,590.1

1711,734.0

8,080.0

9,046.020

10,527.111

8,912.121

13

1.3

1.8

28 10,708.6

12,718.1

18,167.018,069.5

12,669.312

0.4

-1.2-0.22.5

-1.7

0.4-1.0

1.3

1.6 -0.20.7

-1.5

▼

2.5

1.5

1.8▼

1.5▼

-0.991.62.02.7

-1.8 3.7-70 ▼▲ 97

▼

41.9

Current Qtr Market Share

(%)Mkt. Share Chg. from Last Qtr (%)

16.3

▲15.0

▼

Asia-Pacific ex. Japan ex. Australia (S5b)

Market SectorGlobal Loans (R1)Americas Loans (R7)North American Loans (R9)US Loans (R11)US Leveraged Loans (R11a)

Bank of America Merrill LynchBank of America Merrill Lynch

Latin America Loans (R15)

Asia-Pacific ex. Japan ex. Australia (S5c)

Latin America Loans (R16)EMEA Loans (R17)EMEA Leveraged Loans (P10)

Bank of America Merrill Lynch

Industrial & Comm Bank ChinaIndustrial & Comm Bank China

▲Mizuho Financial GroupANZ Banking Group

Leading Underwriters During the First Quarter 2015

Mizuho Financial GroupMizuho Financial GroupJP MorganDeutsche Bank

No. 1 ManagerBank of America Merrill Lynch

US Investment Grade Loans (R11b)

17.2

Japan Loans (S12b)Australian Loans (S7)

Mizuho Financial GroupJapan Loans (S12a)

35.8 ▲


Borrowing in the Energy & Power sector totaled US$182.0 billion during the first quarter of 2015, accounting for22% of global loan activity, up 35% from global lending in the sector during the first quarter of 2014. Healthcareand Consumer Products lending saw the largest year-over-year declines, down of 43% and 41%, respectively.Energy & Power, Industrials and Financials together accounted for 49% of syndicated loan volume during thefirst quarter of 2015, compared to 42% a year ago.

BANK OF AMERICA MERRILL LYNCH TOPS BOOKRUNNER RANKINGSBank of America Merrill Lynch secured the top ranking for global bookrunners, by proceeds, with US$61.7billion from 249 transactions during the first quarter of 2015, an increase of 0.5 market share points comparedto the first quarter of 2014. JP Morgan fell to second place, with US$56.6 billion or 7.8% of overall loanproceeds during the first quarter of 2015, a loss of 1.3 market share points from a year ago.

SYNDICATED LENDING FEES DOWN 40%According to Thomson Reuters/Freeman Consulting, bookrunning fees from global syndicated loans totaledUS$2.5 billion during the first quarter of 2015, a decrease of 40% from last year. Fees from leveraged lendingdecreased 48% compared to a year ago and accounted for 63% of all lending fees during the first quarter of2015.

Bank of America Merrill Lynch 12.9

0$0.02011 2012 2013 2014 2015

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Netherlands

Italy

11,555.2

7,577.46

5

4,127.0

7,710.9

8,710.4

Germany

United Kingdom

3,873.0

France

Luxembourg

Global

▲

Brazil

-0.3

50.8

Sweden

-

Norway4,599.1

Market

19,075.3

Belgium

Eastern Europe1214

-0.4% ▼

5.7

3.2%

14.611.4

-0.42

51,580.7Proceeds

Bank of America Merrill LynchShare Ch.Mandated Arrangers

Market 5,059.3

-65

Western Europe

Switzerland

-104

Market

100.0

52

6,829.3

448,495.3

33,004.6

5

12

Proceeds (US$m)

543,492.6

80

5,648.6

26

2,651.42,065.0

17,404.1

759839

5,567

Fees

▼

-6.6%

Market

-571

-9.3%Industry % Change from Same Period Last Year

2015 Rank

Global Loans - Mandated Arrangers (R3)

Deals # of Deals

Industry Total

# of


1

-9.0%

Market2014 Rank

JP Morgan 2

1,140,493.1

1

49.8

Share % Share %

2,302,064.4

▼

-0.7

# of Deals per MA

-2.2

▼

157.7

4,353.5

Manager

-13.7%

-0.7

8,589.8

▲

0.0

574.7

▼

▼

Europe

Jan 1 - Mar 31

▼ 6.4 6.4

▼

Share % Share Ch.

5.5

mputed Bookrunning Fees (US$m

184.1

3

Spain 33,092.139,521.2

25,488.5

▲Mexico▼

South America

183,001.4

4.0

5.3

▼

-0.7Central America

▼

▼2.6

Region/Nation

First Quarter 2015 | Syndicated Loans | Managing Underwriters

-99 339.4

▼-0.7▼

▼

North America

220.1

7.7

5.3

▲

5.3

4.7 1.3

-92

337.2

Share %

▼ 456.4

▼558.5

# of Deals Fees

454.4

GlobalAmericas

0.6 830,565.5

1/1/2015 - 3/31/2015Share Ch.

▼

461,454.6

5

33

12

40

275

69

41

26

20

261

1,000,757.2

18,687.2

1,500.31,395.3

Proceeds (US$m)

857

3

7,359.4

6,135.7

415,490.8United States of America

187,128.4Colombia

5,900.05,900.0

Canada

15,860.4

2,229.9

1/1/2014 - 3/31/2014

Scorecard: Global Syndicated Loans

1,096

6

2312

▼-32.7

-52.6

-17.5

▼▼

-47.4

▲823.7

▼-38.2

349

18

30,739.7

4

3,020.2

55,363.5

49

834.8

31,619.518

27

2,730# of Issues

326

10,522.4

206,152.0

1,133

1,177.5

# of Issues2,051

5

6,273.2

197,441.6

87

557,315.3

1,010

4

506,531.0

2

36,961.5

15

239.8

-46.3

-17.2-17.5

▲

▼

▼

▲

▼

-10.7

▼

▼322.8

▼

293.3

-18.0

▲

▼

▲

▼

75.4 ▲▼▼

95

-57.7

▼108.6

▼

▼-28.6-7.3-9.2

531.6-19.4

-43.4

▲

31

% Chge in Proceeds

-17.0

Change in

-483.1 0.4 ▲

100.0

6.2

BNP Paribas SA 10 10 70,300.7Top Ten Total

1.3 ▲

234-0.847,187.2

1.0

Proceeds per Mandated Arranger US$m)

▲

▲

300▼▼

Wells Fargo & Co 8 8 84,281.7 3.7Goldman Sachs & Co 9 9 82,025.6 3.6

4280.1275.8 3.2

557.7444 8.0 ▼

3.9HSBC Holdings PLC 7 7 95,537.0 4.2 0.4

Deutsche Bank 5Morgan Stanley 6 6 96,209.2 4.2 -0.7

448 8.06.5 -1.3

5 116,984.8 5.1 0.5354 6.4

▲▼

294

▼▼478.7 5.6 -0.5

-37-35

▲

▲ 459 8.2

264

Citi 3

-1.0

-8▼ 499 9.0

Barclays 4 4 127,744.8 5.6 0.0 -▼ ▼

556 10.0 -57 ▼ 6.7-76 ▼ 658.3

# ofMandated Arrangers

0.3 ▲-223 141,966.7 6.2 -0.4

11.4Share %

Bank of America Merrill Lynch 2 2 147,911.2 6.4

Market2014 Rank

JP Morgan 1 1 177,531.4 7.7 0.2 ▲ 632

Market Change in ManagerMarket Market Market

Global Debt & Syndicated Loans (DL1)

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

Share Ch.Proceeds

Proceeds per Mandated Arranger US$m)

Jan 1 - Mar 31

Deals2015 Rank Share %

3,071.4450.0

6Russian Federation

344.4

Turkey

Croatia

26

15,471.5

37

64

Ghana

33,855.3

4,127.6

4,243.9

2,885.4

72,509.7

7,296.6

-1.3

226

14,018.0

25,758.9Middle East

North Asia

Hong Kong

350.0

4,468.7Singapore4,026.2

Indonesia1,832.9

22.9 0.8 0.6

1/30/2015 D k E C

China

-36.5% ▼

Acquisition Fin.

7 500 0

8,464.7

1/21/2015

▼

659

6


7,035.4 12

4

Deutsche Annington-Hotels(5)

83,688.8

200.0Australasia

6

1

6,425.9

Germany

Yalong River Hydropower DvlpUnited States

▲2,473.0

South Africa

150

-6795

22▼

Capital ExpendituresUnited States

3/11/20153/11/2015

Acquisition Fin.

1/13/2015 7,655.2Ball Corp

9,000.0

121

8,265.4

27,301.6

139,601.9

2,854.3

3712

2,639.89,849.324 17

139.313,999.2

-

26

-

104

4.4

3.6 295

143▲

10.631,121.7

19.0▲0.1

1.7

8.02181645

45,331.25.34 3

▲ 14.6

0.71.8

0.0

44,139.5

▲1.8

0.2

3.0

2.7

-0.6-1.3

▼

-0.6

0.3

4.3 -74.2

▼-48

15688

7.6▼

0.2

86▲

▼-1.2

1110.5

51-0.4

-0.1

2.6 -69▲

▼

2.9

▼

104▼

89

5.1

4.4

▼

81

53

2.6

3.92

-19

-72-21

-82

4.3-42

5.1

-14

5.4

2.6

7.3

41

-18

79.70.1

-49▼

2,051

▼▼

-45

64.8

▼

▼-0.2▼

0.1-88

70.4121.5

2.6

▼9 40.5

0.9

0.7

Top Twenty Five Total

0.3-1.4

15

54-251.5

▼

Scotiabank 25 1.3

27

1.2

1.3

Industrial & Comm Bank China

19

25

1.3 0.3

23

100.0-0.90.3

0.210,428.4

830,565.5

▲

▲▲

11

67.4

10,496.6

1.4

▼

23

10,188.8

-17.0%

557,579.2

19

30 54

299

▲

59

149

▼

91

▼▲

4.0

1.3

-32

49.4▲

2.5

78.6▼

1.6

1.3

2.5

1.20.1

2.9

5.5

0.1

▲

13

1415

13 14,658.913,452.9

22,027.6

14,756.412

10

5

9

23,772.1

7

20,613.7

7

25,268.0

30,215.68

4

Mizuho Financial Group 3

20

Industry Total

21

Sumitomo Mitsui Finl Grp Inc

Mitsubishi UFJ Financial Group

6 6Citi

RBC Capital Markets

PNC Financial Services Group

Closing Date

ING

18Credit Agricole CIB17

-35.9%Industry % Change from Same Period Last Year

12

14

Bank of China Ltd 2218

21

Morgan Stanley10,786.011,293.511,455.9

20

11

Societe Generale

Orchid Alliance Holdings Ltd

Top 10 Global Syndicated Loans

12,378.216Credit Suisse

16

AT&T Inc

10,591.1

3/30/2015

3/25/20152/12/2015

10,443.8

3/19/2015

22BMO Capital Markets

Goldman Sachs & Co

Saudi ArabiaEnel SpA

10

US Bancorp

28,515.4

24

-0.136,653.2

3.8

3.4

Target Market

10,222.8

Borrower

Wells Fargo & Co

▼

HSBC Holdings PLC

Deutsche Bank

RBS

Barclays

52 -29

0.0

▼

▼2.4

2.1

-1.9

-2.5

-0.4

0.2

2.5

1.7

0.4 0.0

▲

▼▼

▼57.7

▼ 115.9 1.1

-0.6

3.9

Taiwan

China12.4

▲

▼

102.1

Central Asia

▲1.4

71.6

-0.514.4

-292.7

-50-26

-38

▼

▼

7.0

3.82.0

2.3

2.4

3.54.2

▲

▼

1.4▼

-5

3,245.4

▲

▼

▲

-

▲

Africa/Middle East/Central Asia

▲ Saudi Arabia

Nigeria

46,283.3

Malaysia

IndiaSouth Asia▲

South Korea

Czech Republic

705.0

22,495.8

▲3.5

▼

-0.9

▲▼

▼

0.5

▲

-

100.0

69.0

2.8

23.734.3

0.860.4

1.2

63.5

40.2

38.1 Southeast Asia0.0

75.2

0.3

1.4

40.3

▼0.1

-0.7

0.5110.1112.3

0.4 2,610.9

143.0

3,049.5

4

1

United Arab Emirates

Asia-Pacific (ex Central Asia)

Sub-Saharan Africa

125.4

4,937.1

1,000.03,133.4

12

-2,900.0

8

23,913.037

3

4,937.1

44

5

1,984.7

71

6,981.6

General Corp. Purp.

20

12

Japan 75,617.5

-43.0%

ARAMCO

Primary UOPAbbVie Inc

▼

United States

Italy

3/9/2015 Dollar Tree Inc

* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.

▼▼-24.9%

U it d St t

Japan

Package Amt (US$m)

-19.7%Australia

549.2Philippines8,966.3

New Zealand

Thailand 3

27,717.412,322.9

2,506.2

22

3,236.7

28

645.6

22

29,793.1

52

11,904.654

14,517.0

6,234.0

20,942.9

169

3,339.3

23,826.6

1,500.0

61,564.3

1

1-

495

▼

4

▼

1

3920

-57.2

17.0-13.4

▼▼

-9.6

-82.2

▼

-51.9

174.6-80.1

▲

-69.1

1

5

302

740

59

2

486.1

224.5

-62.5

-41.2

15

124.5

191

80

▲

-48.1

▲

393.0

5

-24.8

▲

-76.7

-24.9

▼

▼

▼

-5.9

-83.4

▼

▼

-51.3

-54.9

-

▼

▼

▼

-10.0

▲

141.8

17.6

-

▲

39.2

-

161.5▲▲

▼

▲

▼

▼

▲

▼

▼

-▼-89.1

United States

▲

1.4

2.5BNP Paribas SA

89

390

-186

1.0

9.1

▼

Jan 1 - Mar 31

10,764.0 Refinancing

▲▲

Acquisition Fin.G l C P

9,999.3

Acquisition Fin.

18,000.011,838.0

Acquisition Fin.General Corp. Purp.

9,155.0

7,658.8

1/30/2015 Duke Energy Corp 7,500.0

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables

United States

https://www.thomsonone.com

General Corp. Purp.2

Global Loans Bookrunner Ranking - Last Ten Years*First Quarter 2015 | Syndicated Loans | Managing Underwriters

1

2

3

4

5

1

2

3

4

5


JP Morgan


Mizuho Financial Group

5

6

7

8

9

10

5

6

7

8

9

10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Ran

k

Wells Fargo & Co

Citi


Morgan Stanley

HSBC Holdings PLC

Deutsche Bank

*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com3

Primary UOP

Top Americas Syndicated LoansClosing Date Target Market

JP Morgan ▼

Package Amt (US$m)

2▼

BNP Paribas SA 15 12

▼Mitsubishi UFJ Financial Group 5 11 21,573.8 4.7

Market2014 Rank

0

176▲

181 21.2 -28

Share%169.0 ▼28.0 -44 9.2Fees Share Ch.

▼ -0.2

Americas Deals Intelligence

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

ManagerChange in


AmericasAmericas Proceeds at US$461 Billion | US Leveraged Lending Down 51% | Latin America Lending Down 4%

Americas Loans - Bookrunners (R7) Jan 1 - Mar 31

MarketMarket2015 Rank

MarketMarket

1 44,837.2

DealsBank of America Merrill Lynch 2 239Bookrunner Proceeds

59,708.1 13.0 0.9Share%Share%

1# of DealsShare Ch.

-2.2▼ 114.89.8 -3.9 20.6 -108 6.3 ▼Wells Fargo & Co 3 3 36,424.1 7.9 0.7 ▲ 0.6 ▲109.5 6.0Citi 4 4 28,134.2 6.1 -0.5 10.6 -39 95.7▼ 90 5.2 0.5 ▲

2.3 ▲ 1.4 ▲48 5.6 -1 ▼ 52.5 2.9Morgan Stanley 6 10 19,429.9 4.2 1.4 4.5 -28▲ 38 3.6 -0.7▼ 66.6 ▼Barclays 7 6 14,674.7 3.2 -1.6 ▼ -0.1 ▼60 7.0 -39 ▼RBC Capital Markets 8 8 12,146.9 2.6 -1.7

92.8 5.16.4 -45 ▼ 65.1▼ 55 3.5 0.0 -

RBS 9 13 12,005.1 2.6 0.5 ▲ 1.2 ▲70 8.2 11 ▲ 49.1 2.7Goldman Sachs & Co 10 7 11,346.0 2.5 -2.2 3.4 -61▼ 29 2.6 -3.0▼ 47.2 ▼US Bancorp 11 21 10,708.6 2.3 1.0 ▲ 1.0 ▲HSBC Holdings PLC 12 18 10,555.5

65 7.6

0.3 ▲2.3 0.6 ▲ 44

40.3 2.25.2 7 ▲ 27.5

11 ▲1.5

0.5 ▲63 7.4-0.4

Credit Suisse 14 9 9,311.9 3.9 -62 ▼ 58.72.0

▼PNC Financial Services Group 13 15 9,590.1 2.1 -16 ▼ 40.3 2.2

1.6 -0.9-0.1▼

▼ 30.0

-1.8 ▼ 33▼24.6 1.3

3.2 -2.6 ▼▼ 31 3.6 -10

BMO Capital Markets 16 17 9,046.02.0 -0.19,186.9

-1.4 ▼2.0 0.3 6.7 -12▲ 57 ▼1.9

TD Securities Inc 18 19 7,770.6Deutsche Bank 17 5 8,560.4 33 3.9

1.7 0.3 ▲ 32-3.5 ▼ 69.8 3.8

3.8 7 ▲ 18.1 1.0-74 ▼

0.1 ▲Scotiabank 19 20 7,683.7 1.7 0.4 ▲ 0.2

1.6 -0.1▲37 4.3 8 ▲ 15.9 0.9

-7.4 0▼ 63 -0.3- 36.4

CIBC World Markets Inc 21 23 6,814.7SunTrust Banks 20 16 7,140.2

0.9 0.11.5 29 3.4

▼2.00.5 ▲ 7.9

▲

8 ▲ 0.42.6 4 ▲ 15.7

0.0▲

35 8 2 026 6,288.8

48 5 6 0 4General Electric Co 23 24 3 620 6 0 8 0 0Mizuho Financial Group 22 1.4 0.7 ▲ 22Jan 1 - Mar 31

Borrower

Overall syndicated lending in the Americas during the first quarter decreased 17.2% from 2014, with proceeds ofUS$461.5 billion from 857 transactions. First-quarter totals fell 41.2% from the fourth quarter of 2014.

Leveraged lending in the United States totaled US$149 billion from 415 deals, representing a 51% decrease from totalproceeds raised in the first quarter a year ago.

Loans for general purposes dominated the market in the first quarter, accounting for a 46% share, with proceedstotaling US$203.9 billion. Acquisition Financing followed, with 19% of the market.

Lending in Latin America decreased compared with the same period last year, down 3.9% with total proceeds ofUS$11.5 billion.

Estimated bookrunning fees for the Americas yielded a 38.4% lower total in the first quarter of 2015 compared to lastyear, with a total of US$1.8 billion, according to estimates from Thomson Reuters/Freeman Consulting. Fees paid tobookrunners for U.S. leveraged loans decreased 45.4% compared to a year ago, totaling over US$1.3 billion.

9,000.0

Primary UOP

1/21/20153/9/2015

PetSmart Inc3/5/2015

Duke Energy Corp

3/11/2015

Dollar Tree Inc

5,000.0

Acquisition Fin.General Corp. Purp.

3/19/2015Closing Date

1/30/2015 7,500.07,658.8

6,950.0

United States

Jan 1 - Mar 31

United States

Target Market

United StatesAT&T Inc

Ball Corp United States-5.8

1,836.771.5

-

81.33/11/2015

United States

American Honda Finance 7,000.0

US Leveraged Volume

100.0 -276460,037.7Acquisition Fin.

2.2 1.1▼ 0.1 ▲▼

Package Amt (US$m)18,000.0

038 3,591.0

▲0.3

-0.8 ▲ 18

- 35.8 2.0▲0.5

1,308.1

48 5.6

-0.24.58

▼

Leveraged BuyoutUnited States

0.40.0

General Corp. Purp.

100.0

25

General Electric Co 23

20.3

24 3,620.6 0.8 0.0

2,960.025 -301924 2.1United States


Acquisition Fin. National Bank of Canada Fin'l0.6Acquisition Fin.9,155.0 KeyBanc Capital Markets Inc

Industry % Change over Last Quarter

373,109.0

-37.3%Industry % Change over Same Period Last Year

-5.2 ▼

-41.2%

Bookrunner Total 853

▼-24.4% ▼-45.5%

-16.9% -38.4%▼

▼▼▼

2/5/2015 Export/Import FinanUnited States

Working CapitalAmerican Tower Corp

Mexico2/23/2015

PEMEX

Americas Loans by Industry (Proceeds US$m)

Anadarko Petroleum Corp United States1/23/2015Acquisition Fin.

5,250.05,050.0

AbbVie IncBorrower

$92,810.620%

$56,962.212% $43,865.5

9%$41,098.7

9%

$38,779.68%

$34,700.18%

$33,416.27%$31,132.1

7%

$25,642.06%

$23,848.65%

$23,456.65%

$2,686.61%

Energy and Power Financials Industrials Retail

Materials Healthcare Real Estate Consumer Products and Services

Telecommunications High Technology Consumer Staples Media and Entertainment

Government and Agencies

2,136 2,086

1,737

1,107

1,470

2,006

2,259

3,017 2,959

415

0

500

1,000

1,500

2,000

2,500

3,000

$0

$300

$600

$900

$1,200

$1,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# of

Issu

es

Pro

ceed

s (U

S$b

)

Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of Issues


0.51.4

Deutsche Bank

Barclays


RBC Capital Markets

-0.1

▲ US Bancorp

RBS

9.2

North America Loans - Bookrunners (R9)

Share% 1

BookrunnerBank of America Merrill Lynch

# of

15.90.1

Credit SuisseBMO Capital Markets


HSBC Holdings PLC

27.5

Deutsche Bank

BNP Paribas SA10,112.5

1810,507.4

9.2

▲

▲

-7

18,877.7

90.9

162.9

▼12.8

14,941.2

7

116

Citi1.4

1.3

1.5

12RBS 11

7.2US Bancorp

▲73.8

13,365.4

17,322.81.33.2

▲8

24.9115

-1.1

▼0.3 ▲

8.8

-0.1

# of Deals

2.8

▼

▼

-1.3110

62

575 ▼

▼

10.592.8

▼

-11

69.8

-1410.4

9

7

-0.6

▼40▼

▼

86

▲

2.0 -0.342

0.2

36.458.7

11.40.4

BMO Capital Markets

PNC Financial Services Group2.7

0.2

90

16

4.714

13

5.1445

▲2.3

12,525.2

79

10

14

12

15

▼

208

10,591.1

2.1

12,321.02.7

9,643.0

7,863.2

0.6 ▲

▲0.6

▲0.32.3

0.1

0.61.80.6

0.31.4

-0.72.2

9,950.1

9,582.6

40

▼

5.13.7

▲ 6.2

3.9

35

4.7 -68

-656.3

4.1

3.6 -2

16

▲

▼

8

32

10.0▼

▲5354

▲

1.6

0.93.2

1.0

10.5

2.6

4.9

65.1▼

▼-31-20

3.6

▼

49.1▲3.8

24.6▼40.2

▼

47.2

0.0

0.2

▲0.2

-0.0

▼-2.8

0.9

9,715.7Morgan Stanley

24 5,103.0

20

22

1.1

9

SunTrust Banks

▲▲

2.217

Scotiabank 18

CIBC World Markets Inc

19 21

2.1

8,281.6

15.9▲ 0.6

0.9

7.9

14.1

▲ -8.6


0.80.5

▲

1-2.2

10.4 ▼

Proceeds per Mandated Arranger (US$m)Change in

Share%270 31.5 -58 -0.2 ▼1

6.7

Market Market

47,848.12

89

6.4

34,395.8

56

▼-3.030,843.4

-3.0-49

-1.9

3

3.5

18.1

▼

-88

5

1.22.7-1.4

-2.6▲

66.6▼

6

-10▼

▲

Credit Suisse 17

74

29,322.1

12,905.8RBC Capital Markets

15

13

4

0.4

4

2Wells Fargo & Co 3

10

HSBC Holdings PLCBarclaysMitsubishi UFJ Financial Group

JP Morgan3

7.5

5.0

109.5

2.990

213

▼

195

4.1-37

-0.2

▼▲52.4▲

169.2

0.6▲

6.05.2

21

28.0 -4443,991.4 ▼

13.19.8 -106

-0.2

▲8.6

1.0

▲2.1

-0.9

0.52.2

44

▲

31

▼

58,962.32 -4.1

# of Deals per Bookrunner

174

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

Americas

Market

Jan 1 - Mar 31

30.0

-1.6

2.5 -2.30.0

2.2▼▲ 8

▼

Share Ch.

▲6.2

2014 RankDealsProceeds

Jan 1 - Mar 31


Imputed Fees (US$m)

Share Ch.

▼

Proceeds per Bookrunner (US$m)2015 Rank

2014 Rank

Manager

-37▲

40.3

Market

▼

JP MorganWells Fargo & Co

-0.4

Market

22.8

Share%

13.4

▼

Market

-109 114.8

95.7-42

MarketMarketShare%Fees Share Ch.

Change in ManagerProceeds

2015 Rank

# of MarketMandated Arranger

Goldman Sachs & Co 331.7 -2.1

MarketShare%

TD Securities Inc

▼ 0.16,588.1 ▲1.4Societe Generale

21 2239


320.30.5

6,583.11.423

1.1

Regions Bank 25 29 4,318.0

2.123 6,267.3

18▲

BBVA -3▼

10

4

▼-

12

16

TD Securities Inc 18

Citi

▼6Morgan Stanley

27,754.2

Goldman Sachs & Co

10 19,429.9

7 11,346.0

3 3 36,424.1 8.187

0.8 ▲ 181▼4

Share Ch.▲ ▼

21.5 -27 ▼20.7

Deals0.8 236

▼▼-0.4166.4 9.2

Fees# of Deals

0.6 ▲

Share%

109.5 6.1-2.36.3 ▼113.7

0.793.62 ▲

10.3 -35 ▼ ▲465 11 20,965.5 51.1 2.8

6.2 -0.3 5.2

384.7 2.5 ▲4.3 1.4 ▲ 3.7

5.5-0.7 ▼4.5 -28 ▼ 66.61.4 ▲

-0.37 6 14,674.7 3.3 ▼60 7.1 -39 ▼ 92.8 5.18 12,146.9 2.7 -1.7 6.5 -45▼ 55 0.0▼ 65.1 -3.6

9 12 12,005.1 2.7 0.6 1.2 ▲70 8.3 12 ▲ 2.7▼

49.13.4 -60 ▼ 47.229

▲2.6 -3.1 ▼

11 21 10,708.6 2.4 1.1 ▲ 1.0

63

▲65 7.7 11 ▲ 40.3 2.241 1.5 -0.2▲ 26.318 9,659.6 2.2 0.7 4.9

33

▼13 14 9,590.1 2.1 0.3 ▲

9▲0.4 ▲

14 9 9,311.9 2.1 -1.8 ▼ 3.9 -62 ▼ 58.7 3.37.5 -16 ▼ 40.3 2.2

-2.6 ▼15 16 9,046.0 2.0 0.2 ▲ -0.9 ▼57 6.8 -12 ▼ 30.0 1.7

5 8,560.4 1.9 -3.6 3.9 -72▼ 33 3.9 -1.4▼ 69.8 ▼BNP Paribas SA 17 17 8,166.1 1.8 0.1 ▲ 0.2 ▲28 3.3 -7 ▼ 1.2

19 7,770.6 1.7 0.322.1

3.8 7 ▲ 18.1▲ 32 1.0 0.1 ▲Scotiabank 19 20 7,375.4 1.6 0.2 ▲ 0.1 ▲34 4.0 5 ▲ 14.3 0.8SunTrust Banks 20 15 7,140.2 1.6 -0.2 7.5 0▼ 63 2.0 -0.4- 36.4 ▼CIBC World Markets Inc 21 23 6,814.7 1.5 0.5 ▲ 0.0 -29 3.4 8 ▲Mizuho Financial Group 22 26 5,257.1 1.2 0.5

7.9 0.42.1 4 ▲ 14.3▲ 18 0.8 0.1 ▲

General Electric Co 23 24 3,620.6 0.8 0.0 - 0.4 ▲48 5.7 0 - 35.8 2.0National Bank of Canada Fin'l 24 36 3,591.0 0.8 0.5 2.1 8▲ 18 0.3 0.0▲ 4.5 -KeyBanc Capital Markets Inc 25 25 2,960.0 0.7 -0.1 ▼ 0.1 ▲19 2.3 -30 ▼ 20.3 1.1

Americas Loans - Mandated Arrangers (R8c)

▼▲1.3▼▲▲

▼▲

66.6

6.2

Market

1.0

4.00.3

0.5

-0.3

12

-5.1

-4.2 ▼

Market

▲

▲

▼

▼

-3.9

-17.4% ▼

416,901.5

▲

▲

▲

100.0

-

▼

0.4

0.3341,761.8

10.5

0.6

▼23.5

Market

3.8

2.3

▼

0.5

Market

▲

-0.6Share Ch.

-5.7

2.3 0.5

▼100.0

69.8

US Loans - Bookrunners (R11)

Industry % Change over Same Period Last Year

JP Morgan

2014 Rank

▼

▼

43,591.4

5.3

Change in

▼

69.8

Share%

-2.5 ▼

1,838.81,281.8

Jan 1 - Mar 31

▼-45.6%

-276

▼9.4

Manager

▼

Industry Total

-38.4%

Top Twenty Five Total 359,775.2

-24.4%

857461,454.6

▼-17.2%

100.078.2

▼

Top Twenty Five Total 367,272.4 81.8 -5.2 1,294.2▼ 71.7 -6.0 ▼Bookrunner Total 449,906.0 100.0 842 -253 1,805.9 100.0

▼ -36.1% ▼ -45.2%Industry % Change over Same Period Last Year ▼ -23.1% -37.8%

-41.3%-17.0%

▼

Jan 1 - Mar 31

▼▼

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

Industry % Change over Last Quarter-37.4%Industry % Change over Last Quarter -41.2%

Bookrunner Proceeds# of

Share% Share Ch.2015 Rank

Market

236Fees# of DealsDeals Share%

31.0 166.3-42Bank of America Merrill Lynch 1 2 58,962.3 14.1 1.0173 22.7 -104 ▼ 113.2 6.4

Wells Fargo & Co 3 3 36,202.9 8.7 0.9 -27 ▼ 109.0▲ 179Citi 4 4 27,274.1 6.5 -0.2 0.9 ▲85 11.2 -33 ▼ 93.4 5.3Mitsubishi UFJ Financial Group 5 11 20,965.5 5.0 2.8 6.0 4▲ 46 2.9 1.6▲ 51.0 ▲Morgan Stanley 6 10 19,429.9 4.7 1.6 ▲ -0.8 ▼38 5.0 -28 ▼Barclays 7 6 14,666.8 3.5 -1.8 7.7 -39 ▼ 92.7▼ 59RBS 8 12 12,005.1 2.9 0.7 70 9.2 13 ▲ 49.1 2.8Goldman Sachs & Co 9 7 11,346.0 2.7 -2.5 3.8 -60▼ 29 2.7 -3.3▼ 47.2US Bancorp 10 17 10,708.6 2.6 1.2 65 8.5 11 ▲ 40.3PNC Financial Services Group 11 14 9,590.1 2.3 8.3 -15 ▼ 40.3▲ 63Credit Suisse 12 8 9,311.9 2.2 -2.0 ▼ -2.9 ▼33 4.3 -62 ▼ 58.7 3.3HSBC Holdings PLC 13 18 8,759.6 2.1 0.7 5.1 10▲ 39 1.4 -0.1▲ 25.0

-6

▼Deutsche Bank 14 5 8,560.4 2.1 -3.8 ▼ -1.3BNP Paribas SA 15 16 7,896.1 1.9 0.2 ▼ 22.0▲ 27 1.3

33 4.3 ▼-713.5

RBC Capital Markets 16 9 7,890.1 1.9 -1.5 ▼ 0.2 ▲42 5.5 -35 ▼ 60.1 3.4SunTrust Banks 17 15 7,140.2 1.7 -0.2 8.3 0▼ 63 2.1 -0.4- 36.4 ▼Mizuho Financial Group 18 24 5,257.1 1.3 0.6 ▲ 0.1 ▲18 2.4 5 ▲BMO Capital Markets 19 19 4,698.6 1.1 -0.1

14.0 0.85.0 -14 ▼ 24.538 1.4 -1.0 ▼

General Electric Co 20 21 3,620.6 0.9 0.0 ▲48 6.3 2 ▲ 35.8 2.0TD Securities Inc 21 27 3,335.8 0.8 0.3 1.6 2▲ 12 0.8 0.2▲ 14.3 ▲KeyBanc Capital Markets Inc 22 22 2,960.0 0.7 -0.1 ▼ 0.2 ▲19 2.5 -30 ▼Scotiabank 23 28 2,813.1 0.7 0.2

20.3 1.21.6 2 ▲ 7.012 0.4 0.1 ▲

Rabobank NV 24 42 2,490.4 0.6 0.4▼ 9.1

▲8 1.0 4 ▲ 19.7 1.1 0.5Societe Generale 25 34 2,285.2Top Twenty Five Total ▼

0.5 0.2 ▲-5.1

-11,285.8

100.0-247

1.0▲82.1

873.1

1,763.3

34 5% ▼

Bookrunner Total

I d t % Ch L t Q t 40 4%Industry % Change over Same Period Last Year -24.5% ▼ -36.4%

US Leveraged Loans - Bookrunners (R11a)

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

125 -55

2015 Rank

2014 Rank Proceeds

Market MarketShare% Share Ch.

Manager Market# of Deals

Imputed Fees (US$m)Market

Fees Share% Share Ch.# of Market Change in

Bank of America Merrill Lynch 1 2 19,210.1Deals Share%Bookrunner

▲ ▼-45

9.0 -0.30.7 ▲6.1▼

▼ 119.29.2 2.0

12.9 1.3

18.1▲ 86

30.1

76.3-928.7 -3.380.5Wells Fargo & Co 2 4 13,641.7 20.7

▼JP Morgan 3 1 12,886.7 ▼ 5.8 -2.6▼ 75Citi 4 8 7,095.2 4.8 -0.5 ▼ ▲30 7.2 -37 ▼ 67.1 5.1 1.0Deutsche Bank 5 3 6,835.3 4.6 -2.9 6.0 -60▼ 25 4.8 -0.9▼ 63.1 ▼Barclays 6 5 6,678.3 4.5 -2.1 ▼ 0.0 -34 8.2 -43 ▼Credit Suisse 7 6 6,478.9 4.4 -2.1

81.0 6.15.8 -65 ▼ 55.4▼ 24 4.2 -2.8 ▼

RBC Capital Markets 8 10 4,845.3 3.3 -0.9 ▼ 0.9 ▲27 6.5 -30 ▼ 55.1 4.2US Bancorp 9 19 4,785.1 3.2 2.3 5.8 -3▲ 24 2.4 1.4▼ 31.4 ▲Morgan Stanley 10 9 4,469.9 3.0 -1.3 ▼ -2.2 ▼27 6.5 -33 ▼RBS 11 14 4,134.0 2.8 1.1

38.8 2.99.2 5 ▲ 38.5▲ 38 2.9 1.6 ▲

SunTrust Banks 12 12 3,626.1 2.4 0.0 - -0.5 ▼35 8.4 -12 ▼ 29.1 2.2General Electric Co 13 16 3,493.3 2.3 1.0 11.1 5▲ 46 2.6 0.9▲ 34.6 ▲Goldman Sachs & Co 14 7 3,365.6 2.3 -3.8 ▼ -3.4 ▼19 4.6 -62 ▼PNC Financial Services Group 15 17 3,278.3 2.2 1.2

34.0 2.65.3 -10 ▼ 28.2▲ 22 2.1 0.5 ▲

Mitsubishi UFJ Financial Group 16 25 2,301.0 1.5 0.9 ▲ 0.4 ▲11 2.7 -4 ▼ 14.9 1.1KeyBanc Capital Markets Inc 17 20 1,996.5 1.3 0.4 2.4 -24▲ 10 1.4 0.3▼ 18.9 ▲BMO Capital Markets 18 15 1,891.7 1.3 -0.2 ▼ -1.3 ▼25 6.0 -18 ▼Jefferies LLC 19 13 1,808.1 1.2 -0.7

17.1 1.32.2 -26 ▼ 30.6▼ 9 2.3 -0.7 ▼

Rabobank NV 20 45* 1,750.4 1.2 1.1 ▲ 1.1 ▲5 1.2 3 ▲ 19.0 1.4Macquarie Group 21 27 1,609.6 1.1 0.6

1.2 ▲1.2 -7▲ 5 1.9 0.9▼ 25.6

0.8 -0.2

▲Nomura 22 32 1,449.2 1.0 0.6 ▲ 1.8

3.6 -2 ▼ 11.36 1.4 2 ▲

Credit Agricole CIB 24 28 890.6 0.6

23.8HSBC Holdings PLC 23 18 1,181.8

0.6▼ 15 0.9 -0.4 ▼

▼0.1 ▲ 0.3 ▲9 2.2 -1 ▼ 8.1

BNP Paribas SA 25 23 876.3 0.6 -0.1 11 0.7 0.0▼ 9.3 -2.7 -3Top Twenty Five Total 120,579.0 81.2 -5.5 -3.9 ▼

149,021.0 415100.01,010.9 76.4

-289▼

1,325.8 100.0762

47 3%-45.4%Industry % Change over Same Period Last Year ▼ -41.1% ▼

Bookrunner Total

44 5% ▼ ▼▼▼I d t % Ch L t Q t ▼ 43 5%

-51.0%48 4%

▼▼ -34.5% ▼Industry % Change over Last Quarter -40.4% -47.3%-44.5% ▼ ▼ ▼Industry % Change over Last Quarter ▼ -43.5%-48.4%

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12.1 -4.2

Market

▼

▲

▼

▲ 7.7

-1.96.7

Imputed Fees (US$m)

9.6

Market

-4.1

▲ 0.67.50.9

6.0

0-10

▲1

▼

▲

2

2014 Rank

1

43

5 5

2

Share%

Proceeds per Bookrunner (US$m)

Share Ch.

-1.2

28,145.537,527.5

▼12.2

4

-0.1

10

8

18

▲▼

0.4

1.1

16,809.719,395.8

3.57,715.8

Proceeds

▼

▼

-7.7

5.0

-

▼

▼▼

313 8

0.7

3.4

7.3

22

▼

4

52

Deals101

Share%

87

Market

43.7

17.6

-5

4

6

12-4

915

▼

3

12

35

7▲

12.6 ▼▲6.0

-5▲▲

9.0

-0.5

4.5

-0.3

2.0

3.411.5

5.6

3.7

8.8

8.7

▲

▼

▲

3.1

▲

10.0

0.3

3.2

▼

0.1▲

Americas

-2.2

3.1▲6.5

▲

6.8

0.3▼

Share%

2.5

▲▼

# ofBookrunner

2015 Rank

3 1

14,893.6

1,872.7

7,980.5

Market

0.0

16.3

▲2.7

-0.6

2.2

8.4

Market

▲

-1.0

-0.7

2,832.9

1,716.2

1,929.3

122,588.1

-35

2118

521 22

25 1,315.2

2,089.7

▼249

209 838 8

1,393.117

Mizuho Financial Group 14

1928

Lloyd SecuritiesUBSDeutsche Bank

22

2.0

▲2.0 ▲


1516

13

20

11

▲0.6

91 1▼

▲

7-2.54

0.51

SunTrust Banks

2019BMO Capital Markets

1718

Bank of China Ltd

TD Securities Inc

Societe Generale

Credit Suisse 16

Scotiabank

RBC Capital Markets

3.81.4

1.687 7

1.10.7

0.51.3

0.3

5.51.9

0.7

0.1

1.5

3.3

-0.4

1.7

1.1

-

Share Ch.

▼

▼

34.3

0.4

1.6

-0.7-0.4

41.282

2524.2

2.61

712

27

1

-1850.8

1

27.713.22

12.6

11

31.226.1


▲

▲

-0.7

▲-

▼▲

0.0

-

▲

11

7

US Investment Grade Loans - Bookrunners (R11b)

1

# of Deals

Goldman Sachs & Co

6,668.6 6.013.6

▲

5.0

11.1▲

0

▲9

122.9 ▼7

6.5 10

0.210


7,433.5

2,989.9

5,167.76,569.6

RBS

13

4,451.2

Wells Fargo & CoJP Morgan

BNP Paribas SA12.3

7.1

4.5

▲▲

4,434.625

HSBC Holdings PLC10

1.9

0.6

0.8

0.8

2.9

1.9

0.7

0.9

0.8

1.3

-0.3

▼

▲

▲

0.2

0.3

▲

0.80.7

0.7

0.6

▲▲

▼-0.6

▲

5.0

▼6 ▲

14

8

4

83.2

19,793.1 8.6

▼ Americas Yield Type-0.2

2,553.5 1.1 -1.23.54.0-0.1

Mitsubishi UFJ Financial Group6 15Morgan Stanley

Citi

6Barclays

3

US Bancorp

Change in

Jan 1 - Mar 31

43.4

24.0

Manager


Jan 1 - Mar 31

▲

2

7

5.9

8.0

11.0

7.0

1

▼

▼

1

2.8

▲

2.0

2.2

▲

7

8

17

0.4

2.5

1.23.5

5.91 4

3.5

Top 10 Americas Loans Use of Proceeds (US$m)

-1.3▼

23 0.7

1.3


1,571.5

Fees

0.2

$203,893.246% $85,789.5

19%

$59,279.113%$37,342.1

8%$18,928.64%$16,253.1

4%

$7,693.82%

$7,163.12%

$5,391.51%

$4,633.81%

General Corporate Purposes Acquisition Financing Refinance Bank Debt Refinancing

Working Capital Leveraged Buyout Property Acquisition Capital Expenditures

Export/Import Finance Project Finance

600

700

800

2.0 ▲Santander 23 17 83.3 0.7 ▼6.7 -6 ▼ .1

▲1.71.2 2.8

0.3 -0.6Rabobank NV 21* 27 89.7 0.8 -

▲ING 21* 13 89.7 0.8 -3 ▼ 1.1 2.6

Industry % Change over Same Period Last Year -3.9% ▼


Standard Chartered PLC 13.3 ▼

Full Year

-58.3% ▼

-3 ▼1

2 0

6.7

▼

▼

15

12

2

13.3▼

-71.2%

-21

-1

▲

.6▲

13.3

1.3

1.1

-3

▲

1

0.5-1.6 1

▲▼

0.9 -1.6

-0.0-2.1

0.9 0.9

- 6.7

▲▼

1

▲

1

1

▼

Market

0.3 -0.5

0.01.0

1.0

1.2

1 ▲

313.8

37.4

▲

1.2

▼3.3

Jan 1 - Mar 31

-9.9

2.8 6.6

Share%

▼

Share%33.3

Market

-4895.8

-3.1

21*

15

1,097.5

▲

Latin America Loans - Mandated Lead Arrangers (R16)

Industry % Change over Last Quarter -38.3% ▼

209,838.8

Industry % Change over Same Period Last Year


91.1

▲

-2.6

4.0

3.1

▲

▼

▼

-6.6

Share Ch.

▲

-4.6

▲2.5

88.6 9.1

1.3 3.1

.2

-2.5

1.4 -0.2

3.3

7.9

0.4 0.4

Americas Imputed Fees - Mandated Arrangers

▼

FeesMarket

▲

▲

▲

7.9

2.8

87.7

1.591

2014 Rank

Proceeds per Mandated Arranger (US$m)

▲

# ofDeals

3.6

Market# of Deals per MA

100.0

16.9%

9.5

-10 ▼

6▲ 2

5

3 20.0

-1

▼

1.3▼

▼

6.926.7 -1

13.32.8

2.92.5

1.2▲ -7

▼

-1.4199

▼▲5.9

▼ -35.5%▼

# of DealsChange in Manager

20.03

3.67.8

2.6

1.2

20.0

7.3

▼

895.8-5

Market

▼5.7

Proceeds

933.37.8 3

2015 Rank

8.1

Share% Share Ch.

2 -9.5

Mandated Arranger

3*BBVA

5

BNP Paribas SA 16

845.886

JP Morgan 5HSBC Holdings PLC 3* 3

Bank of America Merrill Lynch 7 77.3 ▲ 40.0Natixis

758.3843.2 3.4

▼-32.2

Mitsubishi UFJ Financial Group 9* 11 695.8Societe Generale 8 702.2 2 ▲ 2.4 5.6 5.05.1 26.74

20.0 -2 ▼ 1.4▲ 36.0

4▲

3

▲

2.76.16.6

Credit Agricole CIB 11 10 665.5Sumitomo Mitsui Finl Grp Inc

-36.0 2.8 ▲

2.89* 12 695.8 20.0 -1 ▼ 1.4

2-3.94.4 ▼

1.22.5

56.620.0 ▼

-1.6▲ 35.8

Itau Unibanco 13 2 322.8Citi 12 4 509.2

2.8▼33.3 -3 ▼ 2.1 4.9

3.313.3

Banco BTG Pactual SA 14* - 302.8Caixa Economica Federal 14* - 302.8

▼

3.9

2.6 2.6 1 ▲▲ 3.36.7 3.3

1.6▲

1

3

6.7

6.71.0

20.0

ABN AMRO Bank

Scotiabank 0.51.9KfW IPEX-Bank GmbH 17*

111.9-111.9

100.0105.0

Bayerische Landesbank Giro 17*21*

Commerzbank AG 20 -19

100.094.6 23.510,911.2

11,548.6Industry Total

▼

▲ 116 19 220.8 ▲

2.6 2.6

-39.1%

41.9

▼-55.0%

100.0

▼-47.8%

▲

7.9

-6.74.6

7.9

-9

▲

▲0.9

Imputed Fees (US$m)

2.5

2.411

3.1

▼Top Twenty Five Total

▲▲▼

▲

▼

7.9

Industry % Change over Last Quarter

-4.3%

Bookrunner Total 358.3

Banco Latin Americano Export-

28

-35.4%24.3%

230,291.8 100.0

53.0▼

.7 1.76.7 12425

0.536.7

1.7 ▲.5 1.1 0.8 ▲

▲6.7 -4

0

100

200

300

400

500

600

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

2009 2010 2011 2012 2013 2014 2015

Pro

ceed

s (U

S$b

)

Undisclosed (US$b)Highly Leveraged (US$b)Leveraged (US$b)

899 930872

375

532

897954 999

1,133

857

0

300

600

900

1,200

1,500

0

0.5

1

1.5

2

2.5

3

3.5

1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15

# of

Issu

es

Tota

l Im

pute

d Fe

es (U

S$b

)

Total Imputed Fees (US$b) Number of deals

*tie

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y g Q

6

`

EMEA syndicated lending for the first quarter of 2015 reached US$221 billion, essentially flat compared to the sameperiod last year. Borrowers from the Energy and Power sector were the main drivers of EMEA activity, accounting for24% of volume, with borrowers from Industrials and Financials receiving 19% and 12% of loans proceeds, respectively.General Corporate Purposes made up 45% of loan uses in the year-to-date period, followed by Refinancing andRefinancing of Bank Debt, accounting for a combined 26% share.

The target nations with the largest year-on-year gains were Italy (up 532%), Switzerland (up 240%), Qatar (up 156%)and Spain (up 109%). Target nations in decline included Egypt (down 59%), France (down 43%) and Belgium (down33%).

According to Thomson Reuters/Freeman Consulting, first quarter 2015 arranging fees decreased 26% from the sameperiod a year ago. The leading fee earner in the EMEA region was JP Morgan, with US$41.6 million in fees (a 6.3%wallet share).

Jan 1 - Mar 31 2015

Europe, Middle East & AfricaEMEA Borrowing Flat | Italy and Switzerland Targeted Loans Up Significantly | JP Morgan Top EMEA Fee Earner

EMEA Use of Proceeds (US$b) Jan 1 - Mar 31 2015

Top EMEA Syndicated Loans (US$m)


EMEA Deals Intelligence

$10,764.0

$9,999.3

$7,655.2

$5 300 0

Enel SpA

ARAMCO

Deutsche Annington-Hotels(5)

Trafigura Beheer BV

$100.145%

$28.213%

$28.113%

$22.310%

$11.05%

$6.93%

$6.53%

$10.85%

General Corporate Purposes

Refinance Bank Debt

Refinancing

Acquisition Financing

Project Finance

Export/Import Finance

Leveraged Buyout

Working Capital

Capital Expenditures

▼ -32.4%

Bookrunner Total

1,402.925

▼Industry % Change from Last Quarter -30.0%

1.0

348.483.4

5

135,872.1113,105.0Top Twenty Five Total

▲▼

100.0

58CaixaBank SA


▲0.8

Industry % Change from Same Period Last Year -8.0% ▼ ▼-15.5% ▼-27.0%

2.7

-51.1%

▲

▼

▲ 70.8 4.38.7 ▲

-45.8%

-30163

0.5▲72.6

Industry Total

3.5DNB ASA 23 23

29


252.2 8.7100.0

▼1.2

0.9

4.9 -3 ▼2.5▼ 4

81,740.0-0.8

Standard Chartered PLC-0.1

▼-0.31.01.4 ▼

▼4.7

100.0

▲2

1,979.8 0.122 2.7▼▲ 12▲

Nordea 24-0.6DNB ASA 23 19

Bank of America Merrill Lynch 22 1.5 1.17.4 9.5-1Mizuho Financial Group 21 32 2,293.5

18 1,623.8 -61.3

▲Lloyds Bank 20 11 2,328.4 1.7Sumitomo Mitsui Finl Grp Inc 19 -26.1

-1.4 3.1▼2.12.89.6▲13▲ 8.0

-1.90.10.9▼ 3.0

▼14 8.6 -6 ▼ 0.91.7

Standard Chartered PLC 18 24 2,699.4Banca IMI (Intesa Sanpaolo) 17 2.0 1.4 ▲

102.0 0.8 ▲15

26 2,683.2 ▲ 102.0 1.00.0

0.1

1 ▲ 2.9

▲▲9.2 7.57

-2.2 1.60.8

▲6.1

36 2,778.5

Santander

14 ▼Mitsubishi UFJ Financial Group 15 13Barclays 14 7

4.82,849.2

2.9 ▼1.4 -0.58.6 -82.1

3,896.0▲ 15 9.2 4.8BBVA 16 31 1.1 1.46 ▲

13

-0.0

3.521 12.9

0.4 ▲

13.812

3,921.1 ▲3,941.5 ▲

27▼2.92.9 0 -

25 ▲1.5 ▲21 12.9 -4

8.2▼ 12.1

1.8 ▲16.6-1.2 1.6

2.3 1.64.0

▼Natixis 12 16 3,966.4 2.9

3.2 -0.2 ▼ 23ING 11 10 4,296.0 2.5 -1.414.1 -3 ▼ 8.8-0.5 ▼

3.2 -0.73.4

▼Societe Generale 917.2-0.5 ▼UniCredit

6 23 14.14,986.711.710 8 4,499.3 283.3 -5 ▼

3.8 -1.1Commerzbank AG 8 5 5,116.53.7 -0.6 ▼

Citi-0.9 ▼26 16.0 -9 ▼▼

1.17.2

▼ 11.3-11

▲7 12 5,498.52.1

RBS 6 9 5,831.2 4.3▲2.7 0.510.4 04.1

▼

▼ 17.7▼

14.725.25.6

-1.4 ▼42

0.7 ▲0.1 ▲3

2414.2

-2 ▼

JP Morgan 1

BNP Paribas SA 4 2 7,906.0 5.8Credit Agricole CIB 3 34

-2 ▼ 18.2▼-0.520.9

3.1HSBC Holdings PLC 5

Deutsche Bank 2 4 9,217.16.2

-1.041

5.225.81 8,282.7

7,664.4 ▼

# ofShare Ch.

6.1 ▲

Manager

Imputed Fees (US$m)Market

DealsChange in


# of Deals13.5

2015 Rank

2014 Rank

MarketShare % Share %

36.0 10.3Share Ch.

EMEA Mandated Lead Arrangers (R19)

# of Deals per MLA

39

EMEA Bookrunners (R17)

MarketShare %Bookrunner Proceeds Proceeds Share % Share Ch. Deals Share %

2014 RankFees13 12,640.7 5.7 3.5JP Morgan 1

▲6.1 -1.76.8 1.5 ▲


5.1-2

Jan 1 - Mar 31

Proceeds per MLA (US$m)Change in

Jan 1 - Mar 31

16.6▲

Market

Imputed Fees (US$m)

2015 Rank

17 - 9.5

-1 ▼32 19.6▼

▲4.1 -1.3

▼

3.6

4.8

Manager Market MarketMandated Arranger

Market # of Market# of Deals Fees Share % Share Ch.

Market

10.8-4

Market

7

-31.3%

15

22.5

11,702.9 8.6 22 5 ▲0.3

▲52

1.0

0.0

71.3 1.8

13.33.0 0.4

▼

-1 ▼

1.0

4.7▲-

1.4

3.83.1

2.21.7

- 14.6

26.928.8

▲

▼ 4.1-0.8

-0.2▼ 31.1

0.0▲

▼

▼-

0.6 ▲4.3▼

3.4▼

RBS 6

4.8 -0.2

3.7Credit Agricole CIB 5 3 8,135.9

8,099.0

BNP Paribas SA 3

-8

▲1.2

713.7 -0.9 ▼4

62 19.6UniCredit 7

▲-31 ▼

5 7,618.3 3.5

-1.7

0.5-0.8 ▼

▼-0.9

▼

4.032.8 5.0

▲12.3

Deutsche Bank 2 6 10,775.9 4.9▼▼

26.5 4.0 -0.21.041.6 6.3 2.8▲ ▲

HSBC Holdings PLC 26.46

64

16.5 0 -30.797

7 12 8,090.6 3.7▼ 25.1

20.520.3 -28

2 10,611.54 1 10,528.8 4.8 -2.3 ▼ 89 28.2

▲

2.0 0.5 ▲2.6

-12-0.5 ▼-6

63-0.1ING 10

Barclays 8 7 7,945.1 70 22.2

10 7,398.6

-0.3 ▼

19.963

3.4 -1019.9

▼Societe Generale 9

15 5,727.818.0 11Santander 13 17 6,147.5

Commerzbank AG 12Citi 11

4911 6,622.2 429 6,620.3 3.0

▲▲ 57

7.910.2

▲ 13.812.2-0.6

6 ▲

-5▲ 12.4

15.3▲1.5-40.6 ▲ ▼ 10.228 8.9

-0.2 41

0.5

2.30.1

▼

1.8 -0.6

0.6

▼▼

2.8 0.8

22.3

▼ 15.338

2.1

2.02.0

-1.7

1.9 ▲

15.5 -10 ▼▼

2.312.01.2 -0.41.5 -2.2

43 13.6 17 ▲ ▼▲

0.4 ▲1.9▼

11.5

16 8

8.9 1Banca IMI (Intesa Sanpaolo) 20 31 3,756.2 9.8

281.7 0.6Mizuho Financial Group 19 30 3,830.6Natixis 18 14 4,174.6Sumitomo Mitsui Finl Grp Inc 17 22 4,342.4

13.0 -11

4,447.2

▲1.6

1.2 9.46.6 2.0 -1.3 ▼

1.4 -0.32,688.7

220,983.7156,877.5

0

▲

-0.1 ▼631 ▲

1.5 0.7 220.6 ▲

▼-0.2 ▼ ▼

1.2 -0.8-0.0

447.40.31.712

67.6

0.67.0

13.3

1.2

8 ▲ 3.8 ▼

-58

7.3-0.1

-1

100.0

1.2 0.1 ▲2,592.0Top Twenty Five Total

▼-15.5% ▼ -26.3%

316

37 11.7

13.8 2.1

-30

0.3

▼ -39.5%

662.9▲

3.8

Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.

▼

0.4%

Goldman Sachs & Co 24 16

3,670.1

Bank of China Ltd

▲31

3,303.89.8

1.7 0.6 ▲

▲

Bank of America Merrill Lynch 21 19 1.7▲

-1 ▼21▼23

22 37

252,600.8

Lloyds BankBBVA 15 21 4,508.9Mitsubishi UFJ Financial Group 14

$5,300.0

$5,197.1

$3,935.0

Trafigura Beheer BV

Borealis Swedish Elecity

Vodafone Group PLC


Others


Danske Bank 24 - 200.3 1.0 1.0 ▲ 1 2.9 1 ▲ 1.3 0.7 0.5 ▲Top Twenty Five Total 17,736.4 88.3 11.5 ▲ 136.1 79.5 9.9 ▲

Share Ch.

6.91,328.13 6

Share %

Market2014 Rank

2015 Rank Deals

Market

Bookrunner

European Leveraged Loans (P10)

Europe, Middle East & AfricaFirst Quarter 2015 | Syndicated Loans | Managing Underwriters


Jan 1 - Mar 31

Proceeds

EMEA Quarterly Syndicated Loan Volume

Share % # of Deals

Credit Agricole CIB 21 5 2,532.4 ▲

Share Ch.

# of Deals per BookrunnerMarket

Fees Share %

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

12.8Deutsche Bank

34.3121.1 ▲-2.4

6.74

▼2.71

▼

▲

9.6 5.69 25.7 23 1,369.16.6 31.4 ▲0.1-211 ▼ 6.210.6

Manager

▲3.4 -1.9▲ 5.7

▲

▲

0.31HSBC Holdings PLC

RBS-5.8 0.0▲ 11,080.17 5.4 0.3

11.422.9

1.56.2 4.2 ▲8JP Morgan

4.5

▲ 83.01 970.5

7 19 942.2Natixis

4 16 1,232.4

6.1

10.0-5.2

▲

5 ▲BNP Paribas SA 6

4.73.8 2.3

22.96 17.1 28

5.0

6.6

▼9.3

Goldman Sachs & Co 9 2 706.1 ▼-3

7 ▼6

20.03.6 -6.3

11.4▲ ▲2

▲1.7

-2.55.4

21 754.2

3.2 4

▲ 4.2

-1.0

-1.1-0.4

3.8

2.92.7

4.57.78.8

-3 -3.3

▼ 9 25.7▲ 3.6

0 -4.9

Barclays

ING 12 2.9 423 575.1 1.4

-0

▲

8 654.24.611.4

▼

641.9 ▼

5.1

▼▼UniCredit 10

Societe Generale 113.3

-2▼17.10.0

0.3 ▲

Nomura 15 4 528.714 536.0 4

2.8 5 14.311.42.7

▲▲

Credit Suisse 13 10 555.8Citi 14

2.7 -3.7 4 11.4

185392.0 1.1 ▲ 14.3 1

21.830

0.02.0

- 3 ▼ 6.6▲

42 513.1 2.6

29

Banca IMI (Intesa Sanpaolo)40* 441.4

16Santander 17 2.2 1.6

▲Instituto de Credito Oficial 21* - 365.3Morgan Stanley 20 11 383.9

8.6-5.7

-1

4.22.3▲

12RBC Capital Markets 19

2.2

11.4 ▲

426.2Bank of America Merrill Lynch

Mizuho Financial Group 23 - 1.2▲ 1

242.1

-014 11.4

3.40.0

0.42.9 11.8-0.4 ▼

1.81.9

365.3 2.91.21.8 1.4 -1

▲ 2 5.7Bankia 21* 40*

▲

▼▲

0.4.7

▲▲

▲0.0

▲-

▼

EMEA Syndicated Loans by Industry (US$b) Jan 1 - Mar 31 20153.6

.7

6.1

3.8

0.4

2.2

▼

▲

-

-0.63.2

2▼

6.9

2.00.51.92.44.0

2.440.93.9

3

▲

▲▲

-

▲-1 5.5

0.60.1 0.2

4.1-1 ▼

2.12.47.4 4.4

▼

9

Energy and Power

223276

249 264 265

341315

362

379

464

418

400300

390

315355

355 387 395424

374

519501

460

316

0

100

200

300

400

500

600

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

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

2009 2010 2011 2012 2013 2014 15

# of

Issu

es

EMEA Proceeds (US$m)Number of deals

Pro

ceed

s (U

S$m

)

Morgan Stanley 25 15 48.2 0.7 -1.4 ▼ 1 5.3 -2 ▼ 1.0 1.0 -0.6 ▼Top Twenty Five Total 6,547.2 89.3 - - 87.3 84.5 5.8 ▲

19,860.2 100.0 35 -25 170.9 100.0Bookrunner Total

▼Industry % Change from Same Period Last Year

1.0

10.52.5

▼0.1

▲

5.31-2.2

1.1-

0.8▲-5.31.1

15.86.221.1 6.00 -

4.34.7

▲ -310.52▲▲

▲

▼

4.5-3 ▼

1 ▲ 3.84.03

▲ ▼

▼4.9 4.8

-1.1

4.9 ▼-5.115.8

--35.3

5.31

2.4

15.82

2.3

▼1

▲

-25.311

1.8▼

▼

-1.42.3

▲ 0.5

1.8

▲2.5 2.5 1.0 ▲

6.1

2.4

5.9

1.51.4 1.4

0

5.6

▲

1.1▼ 0.2

2.5

▲

▼1.7 ▲

▲

▲

1

▲

5.3 -1

5.3

1

-3 ▼

2.3

0.31.1

1.51.5

.8

1 ▲1 5.3

1

-1.4

-5

3.2

2.32.3

▼1.8

2.9 2.9

▼ 5.1

26110.2

JP Morgan 15 6 158.5 2.2 2.2

3.48

RBS 14

Nordea 16* -

-4.1

3.3

121.6

▲210.5-3 ▼

▲ 210.5 -1

18

-0.9

-53.7%

.10.51.0

Banca IMI (Intesa Sanpaolo) 22▲

1

1

DNB ASA 16* - 131.9 1.8 1.8

4 110.2 1.5Bank of IrelandNomura 19*

162.5

1.7

31 81.321 98.8

Rabobank NV 19* 19*Credit Mutuel SA

RBC Capital Markets 8 17 281.4

10 76.1 1.0 ▼76.1

▲

▲ 1Santander 23* 5.3Lloyds Bank 23*

▼Industry % Change from Last Quarter -50.8% ▼ -20.8% ▼ -53.6% ▼

-59.0%▼ ▼-67.2%

BNP Paribas SA 9

131.9

13 209.8Bank of America Merrill Lynch 11*

14

Mizuho Financial GroupCredit Suisse 10

3.3 3.3

24 186.3ING

3.5

2.5

1.8

248.011* - 242.1 3.3

3.4

12 242.13.3

Goldman Sachs & Co 526.34.5 ▲

1 330.5 4.5

4.2 4.27 309.5

4.5 ▲

▲ 3HSBC Holdings PLC 6 9 330.0 54.5UniCredit 7

3

6.5

Bookrunner1,701.1Deutsche Bank 1

Barclays 2 18 370.2 21.1▲5 23.2

▲ 55.1 ▲

26.34.9

Industry % Change from Last Quarter -16.7%-26.1%


Share %Proceeds

▼

Change in Market Market

Proceeds per Bookrunner (US$m)Market

Share %# of2015

Rank

Bookrunner Total

4 1.15.62.3

3 330.64.9

EMEA Sponsored Loans (P13)

4.5Natixis 3 11 361.6Credit Agricole CIB

-41.7%

▲1 ▲ 5.36.3

Jan 1 - Mar 31

Imputed Fees (US$m)

▲

▲

ManagerShare %

▲

▲

-46.4%

▲

▼5.1 -3.62.1

▼

4.9

▼

EMEA Imputed Fees Jan 1 - Mar 31

4.8

7,328.6 100.0 19 -22 103.3 100.0

▼

▲

3.8

-2.92.7

0.5

23.2

-0.9

▲

2.42.6

▲

▼

5 26.3

▼▼ -49.1%

-5

Market Market# of Deals

6.6Fees

1 ▲ 5.05.74.5 ▲ 3 15.8 -2 ▼

15.8 ▼

2

2 259.2

5.3-1 ▼ 2.2-5

3.5

-2.3

33.8 ▲ 43.8

▲

3 15.8


-42.0% ▼

5.1

2014 Rank Share Ch.

▲Deals

0.14

Share Ch.6.8▼

434

504

344

223

265

379

300

354373

316

0

100

200

300

400

500

600

$0

$1,000

$2,000

$3,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# of

Issu

es

Tota

l Im

pute

d Fe

es (U

S$m

)

Total Imputed Fees (US$m)Number of Deals

$70.032%

$34.115%$23.4

11%

$17.78%

$14.47%

$13.36%

$10.55%

$9.34%

$8.84%

$7.03%

$6.93% Industrials

Financials

Media and Entertainment

Telecommunications

Retail

Materials

High Technology

Consumer Products and Services

Healthcare

Consumer Staples

Real Estate


Axis Bank LtdFubon Financial Holding Co Ltd

Sumitomo Mitsui Finl Grp Inc 1023 676.9 3.0▼1.4 -2.00.12.2

-6 ▼ ▼3.1-0.8

▲1.4 1.1 ▲ ▲

▼ -2 0.31.8 1.0-4

0.9

5.05

▼53.8

▼5

▼

1.321

Chang Hwa Commercial Bank 22

▼-4▲

16

8

Oversea-Chinese Banking 19▲

679.2

2.3741.3

3.11.5 -1.2

5.03.1

1.6

48

8

▲1.9 -3 ▼ 2.4 ▼

13

1.220 33 768.9-1.4

2.83

▼ 4.78.10.6

1.6 -0.1

840.11.0

800.8838.5 -1 1.4

1.4▲

ANZ Banking Group 17 28 1.718 37

▲CTBC Financial Holding Co Ltd 1.7

▲▲

▲ 3.39▲ 12

1 0.47.5 0.33.5 2.1-4 ▼5.6 2.0

1.81.8 1.0

0.4Bank of Taiwan 15Mega Financial Holding Co 16 32 900.9

-3 ▼ 3.90

▲ 9

▲▲

7 ▲

60.2

- 3.11.6

▲2.3 1.61.6Deutsche Bank

5.621 907.11.9 1.014 31

▲ 125.2924.6

-6▲ 4.3

7.5

BNP Paribas SA 3.3 1.4

Taiwan Cooperative Bank 13 26 930.13.7 1.23.7

0.71.92.2

▼-0.1 ▼

2.712 953.9 -2 ▼1.9Korea Development Bank 12

▼ 5.5

▼2.03.4

7-1.53.9

5.611

11 14 1,040.2 ▲6.8 -6 6.6 ▼4.3 -2▲

1,157.4 2.4 -0.5 ▼0.32.1

-0.55.6 0.15.2

-1 ▼▼

02.8 ▲DBS Group Holdings 9 19

HSBC Holdings PLC 10 7

▲1,360.1

9Mitsubishi UFJ Financial Group 8 20 1,370.891.4

3.1-0.4 2.1

State Bank of India

-2.8 1.4 ▲14Standard Chartered PLC 7 5 1,441.1 3.4

▼6 1-92.9

▼1,804.8 4.3 -34▼

78.7

1.33.7 -17.9China Development Bank 5 4 2,263.9 -0.8

2,349.84.6

Mizuho Financial Group 42 4,937.3

2.5 10.69.9

▲ 174 2.5▼

1 3China Construction Bank 2 11

4.810.0

9Bank of China Ltd 3

11.4 9.316

▲▲

52.8


MarketShare %

19.420.5 -33# of Deals Share %Bookrunner Proceeds

5,626.68,464.4 17.2 ▲10.4 ▲11.6 8.3

▲▼

▼3.5 -0.7▲4.9▲▲

8.2

-1.82.2

▼-4.3 ▼

▼

0.71.4

-39

▼ 3.8 2.3-71

▼ 5.817.3-4 ▼

333.1

Share Ch.

10.3 7.8

Fees2014 Rank

MarketManagerDeals

# of MarketShare % Share Ch.

Market Change in 2015 Rank


Asia (ex-Japan)Slow Start to Asian Syndicated Loans l Yalong River Hydropower - Largest Dea for Asia in Q1 | Australia - Lowest Since 2010

Asia Loans - Bookrunners (All Currencies) (S5c) Jan 1 - Mar 31Asia & Australia Deals IntelligenceSyndicated lending in Asia (ex Australia) during the first quarter of 2015 declined sharply from the same period in 2014,down 46.4% with proceeds reaching US$63.9 billion from 200 deals. This was the slowest first quarter start since 2012across the region, with significant growth seen only in High Technology, which posted an increase of 87.2%, totalingUS$4.4 billion from 9 deals.

A CY53 billion (US$8.5 billion equivalent) CAPEX loan for Yalong River Hydropower was the largest deal completed inthe first quarter. The loan was closed in March with ICBC and China Construction Bank as joint Bookrunners andMandated Arrangers. Australian syndicated lending in the first quarter of 2015 reached US$7 billion from 20 deals, a 51.9% drop from thesame period in 2014. Acquisition Financing (up 41.2% at US$881 million) showed the only positive growth in a sluggishfirst quarter, the lowest since 2010. The club deal SDP Finco Pty Ltd's A$1.7 billion (US$1.3 equivalent) was the largestdeal completed in the period, with 9 Mandated Arrangers.

According to Thomson Reuters/Freeman Consulting, estimated fees from Asian syndicated lending totaled US$155.7million in the first quarter of 2015, down 47.8% from the comparable period in 2014. In Australia, estimated fees wereUS$60 million, declining 3.9% from the first quarter of 2014.

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

Jan 1 - Mar 31 2015Top Asia Syndicated Loans (Ex Japan, Ex Australia)

$8,464.7

$2,321.3

Yalong River Hydropower Dvlp

Henderson Land Dvlp Co Ltd

Bookrunner

30 4% ▼ 39 9%-41.3%Industry % Change from Same Period Last Year ▼

I d t % Ch f L t Q t 37 2%

70.1

▼

-4523.7

-39.1%

16,400.7 79.3 ▲

▼

6420,750.1 100.0

▼

100.0109.7

-47.3% ▼ ▼

12.1 ▲

▼I d t % Ch f L t Q t 49 7% ▼ 42 4% 48 9%▼Industry % Change from Same Period Last Year -46.4% ▼ -54.1%

Industry Total

-47.8%▼

78.5 11.063,543.449,787.4

100.071.1

219.4 100.0155.7

-236

0.2 ▲2.2▲

1.0

200

4.59674.49.2

▼▲

1.1 ▲ -100.6Chang Hwa Commercial Bank 25 53Top Twenty Five Total

▼1.1▼ 3.9 ▲1.8

1.9 -1.3▼ 4.2-4-7

Bank of Taiwan 24 29 678.3ANZ Banking Group 23

0.21.1 -0.6

▲ 10 5.01.1▼ 15 7.5

▲1.1 -0.8 ▼ 5 2.5 ▼ 0.8 0.31.8Axis Bank Ltd1.6-13 ▼ 3.5

22 13 699.61.2

-3▲0.435 736.7 ▲16 0.38.0

Fubon Financial Holding Co Ltd1

19 45 824.71.3 0.5 ▲ 5.511 ▼2.1 0.9▲ -0.2

▲- 4.0 1.820 36 805.8

1.3 1.0140.7 ▲ 7.0 01.0 ▲2.25 ▲

7.5 1.1 ▲0.6

-7-0.8

1.312

7.50.8 ▲▼-0.4

15

-1.83.116 874.7

16 11 875.9 7▼1.4BNP Paribas SA 1.4

▼1.4-14 ▼6.0 3.43.5

▼

▲8.0 -6 ▼ 0.3

1.32.7 1.2

2.210.5 4.8Taiwan Cooperative Bank 14 1,012.0CTBC Financial Holding Co Ltd 15 39 960.3 1.5 0.8 -2 ▼▲ 21

12 15 1,230.980.113

0.1 ▲1.71.6 1.0 ▲

▲1.9 7 ▼

16▼ 4.1

▲1.9 ▲-4 1.2

3.5 -0.44.4 2.0-8 ▼4.0

1,355.0▼

8.0 -16 ▼ 7.6 ▼8.5 -13

-1.2 ▼ 3.5 -1.02.1172.4 -2.216

0.2 ▲1,537.310 9Standard Chartered PLC -1.0▼▼

▼27

-2.72.2 1.0

4.1 1.913.5 3.0-14 ▼

▼6.5

8 1 1,804.8 2.8 -36 ▼-12.0 7▲

6.4▼ 7.8 0.4

-2.03.6-7

3.5

▲2.24.2 14.033

6-0.5

1.1▲▲

3.0 -7 ▼ 4.7▼-10 ▼

2.5

16.5

-35.6%

Proceeds per Mandated Arranger (US$m) # of Deals per Arranger

1.1

49,228.7

Land Bank of Taiwan-0.4 ▼

▼ 11.5 5.30.8

Industry % Change from Same Period Last Year -39.7%

-181100.042,836.6

4325 18

▼-37.7%

529.6

Top Twenty Five Total528.3

24

Bookrunner Total

Credit Agricole CIB

161 167.5

▼▼

▼-52.9% ▼

-38.6%

2.0▼2.5▲

100.015.9

▲▼1.2

75.9 ▲13.34

2.21.1

▲87.1

8-0.6

127.2-3

0.75.0 20.7 ▲ 1.3

Imputed Fees (US$m)

Jan 1 - Mar 31

2.5

11

China Development Bank

State Bank of India

5

17

Mega Financial Holding Co

8


Korea Development BankOversea-Chinese Banking

HSBC Holdings PLC10

Sumitomo Mitsui Finl Grp Inc 6

18

9

5

Industry % Change from Last Quarter -46.6%

Asia Loans - Mandated Arrangers (All Currencies) (S5b)

Change in MarketShare % # of Deals

9,518.9 46

2,664.3

44

18

6

▲

4

15.0

2,717.4

▼-0.3

▼

1,069.9

17

China Construction Bank 2

United Overseas Bank Ltd

DBS Group Holdings1,598.8


48

7

14

21ING

Land Bank of Taiwan

Manager

844.7

2,988.5

9.4

4

▲

MarketShare Ch.Fees Share %

Market

23.0Share %

8.4

3.4

10.020▼

973

5,953.9Bank of China Ltd

2015 Rank

21

3 5,829.9

# ofMarketMandated Arranger

2014 Rank


MarketProceeds DealsShare Ch.

692.7

1,838.0 2.9

▲

2.8 ▲ 264.3

30

0.7 ▲

-63 ▼

-2

-19▼

4.715.0

6.19.2

13.0

▲6.04.5 18.4 5.5 ▲

20.5 9.3▼ 8.4

▼-41 3.6 -1.17.9

2.7 ▲

▲

▼

▲

▼

▲

▼

3.03.0 -1.6

2.5▼

7.2▲

Imputed Fees (US$m)

-0.9

▼4.9 2.4 ▲2.3

4.9

Share Ch.

4.4 0.5

2.2 -1.3 ▼4.8 2.9

2.8 0.81.8

5.8 -0.8

Mizuho Financial Group 1 3China Development Bank 2

1 1,115.2 5.4

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

- 1,600.0 7.7

Bank of Taiwan

HSBC Holdings PLC 5

10.4

2015 Rank

Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)

7.7 ▲ 1 1.65.1

Market MarketManager

7.8Proceeds Share %

2,147.4

2014 Rank # of Deals Fees

Market Change in

Jan 1 - Mar 31

Share %Share Ch. Share %Market

-

Market # ofDeals

▲ 15 23.4 01 ▲ 3.3

Standard Chartered PLC 3 2 1,398.8 6.7 0.0 - 13 20.3 -7 ▼ 3.3Mitsubishi UFJ Financial Group 4 12 1,168.3 5.6 2.3 ▲ 7 10.9 -2 ▼

-1.4 ▼ 10 15.6 -7 ▼ 6.4BNP Paribas SA 6 6 997.9 4.8 0.6 ▲ 6 9.4 -3 ▼ 5.4DBS Group Holdings 7 10 951.0 4.6 1.2 ▲ 6 9.4 -4 ▼ 2.6Deutsche Bank 8 19 924.6 4.5 2.4 ▲ 7 10.9 0 - 5.2Oversea-Chinese Banking 9 8 800.8 3.9 0.2 ▲ 3 4.7 -2 ▼ 2.4ANZ Banking Group 10 17 797.9 3.9 1.3 ▲ 8 12.5 0 - 3.1Credit Agricole CIB 11 11 528.3 2.6 -0.8 ▼ 4 6.3 -3 ▼ 2.0 -0.5

12 21 527.5 2.5 1.0 ▲ 4 6.3 -2 ▼ 2.4 2.2 1.6 ▲Sumitomo Mitsui Finl Grp Inc 13 4 474.4 2.3 -3.0 ▼ 3 4.7 -8 ▼ 4.6 4.2 -1.8Fubon Financial Holding Co Ltd 14 24 469.6 2.3 1.0 ▲ 5 7.8 -3 ▼ 3.0 2.7 1.4 ▲Mega Financial Holding Co 15 29 458.5 2.2 1.1 ▲ 6 9.4 -5 ▼ 2.1 1.9 0.1 ▲

▲ .7ABN AMRO Bank 16 49 445.2 2.2 2.0ING 17 46 437.5 2.1 1.8

18 13

0.7 0.3 ▲

▲

▲ 2 3.1 1▲ 2 3.1▼

▲Bank of China Ltd 0.44.3 3.9

▲

▲416.4 2.0 -1.3 3 4.7

2 ▲ 2.2 2.0 1.6

1.01.11▼-3

0.2

▼National Bank of Abu Dhabi 19 - 382.9 1.9 1.9 ▲ 2 3.1

63.81.6CTBC Financial Holding Co Ltd 20 30 358.5 1.7 0.6 9.4 -2

Bookrunner Total

▲ 6Top Twenty Total

▲3.3 3.0

$2,320.9

$2,236.8

$2,168.7

$1,747.5

$1,600.0

$1,500.0

$1,290.2

Wuxi Metro Group Co Ltd

SapuraKencana TMC Sdn Bhd

Innolux Corp

Pertamina(Persero)PT

China Star OptoElectns Tech

Formosa Group (Cayman) Ltd

Sun Hung Kai Ppty(Finl Svcs)

-30.4% ▼ -39.9%Industry % Change from Last Quarter -37.2% ▼ ▼ ▼Industry % Change from Last Quarter

https://www.thomsonone.com

-49.7% ▼ -42.4% -48.9%▼

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables9

------

▲

▼ -43.8% ▼ -41.0%

68.6 20.17.0Bookrunner Total 10.2 100.0100.0

▲Top Ten Total 2,643.3 100.0 -

▼4 ▲ 2 .4 0.7▲118.95.9

4.2▲12.6 140.0

5

.4 -1.3▼ -4.7▼-15.9

Commonwealth Bank of Australia 7* 333.4 2

35.815.0National Australia Bank

397.8

10.83461.4 194.4

Deals Share % Share Ch.Fees947.4

31 2 14.2 ▲

Share Ch.2015 Rank

4.6- 219.3 15.5 2.8

Market # of MarketShare %

Change in

9

Jan 1 - Mar 31

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

Share %

Australia Loans - Bookrunners (All Currencies) (S7)

Market

ANZ Banking Group

▼-66.1% ▼

▲Mizuho Financial Group 9 216.4 1.3 2 ▼

HSBC Holdings PLC 5.5 3.5 4.1320.7

Mitsubishi UFJ Financial Group 5 619.2 4.8 ▲

7 4.6220.5

5

2.08

8 ▲▲

-48.7%

3.2 2.4

8.9

3.186.6

7 8.84

2

-3.9%

7.159.9

3

ANZ Banking Group 1

▲4 4 765.2 1.1 ▲ 0.5

912.3 13.1 -2.6

-0.2

8▼

19.8

Market

▼

15.1

-17 ▼129 71.5

9.1-10 10.5

3.1▼▼ 1.7

-5.318.2

▲

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

6,032.0100.0

6.3

▲

▲

-42.3%

MarketMarket MarketShare %Proceeds

▼

▼-18

Industry Total 100.0

▼

-19

▼Industry % Change from Last Quarter -87.2% ▼ -69.0% ▼ -79.0%

-63.4%

42.9

Market

24.6 ▲



Share %# of Deals Share % Deals

▲

17.7 ▲

0.5

▼

2.4

13.65.3

4.6

84.7

4.04.2

1.6.9

- 2.50

50.8-2

16.0-2

2 ▲

Fees99.0

23.0

55.0 -5

10.9

11.0

▲

14.365.5

2

66.7

▼

▲

4.4-2

1 ▲2.8

6,981.6

▲

▼Industry % Change from Last Quarter -81.2%

997.33

3.1

1

1.5-1

1

-

Westpac Banking3.7 ▲

▼ 1

7

National Australia Bank

# of DealsChange in

Share Ch.Manager Market

2 -8.3

# of

Australia Loans - Mandated Arrangers (All Currencies) (S6a) Jan 1 - Mar 31

▼1,380.0

Mandated Arranger Share Ch.2014 Rank

Manager Market 2015 Rank

8.12.5-3 3.1

8.20-3

27.5▼

2

44.5

15.5▲

2▲


10


Commonwealth Bank of Australia

381.1

20

▲

▼

▼2.3

0.8

Sumitomo Mitsui Finl Grp Inc5*

HSBC Holdings PLC

-1.03.1

Top Ten Total

-51.9%

6.0▲

0158.95*

15*

6

Top Australia Syndicated Loans

2,643.3

2.2

Jan 1 - Mar 31 2015

.36

17.5

2014 Rank Proceeds

Asia (ex-Japan) & Australia

Bookrunner

2 1

▲- 158.9

5 283.5


10.7

-7

6.0 6.0 ▲ 1 66.7 1 ▲

CIBC World Markets Inc

Asian Loans by Maturity Date

9

▼ ▼

.3 2.8 1.2 ▲Westpac Banking 7 3 140.9 5.3 -14.7 ▼ 1 58.9 -8 ▼ .2 2.3 -18.1 ▼

.2Mitsubishi UFJ Financial Group 8 9 91.1 3.4 2.0 ▲1.1Investec 9 10* 67.8 2.6 1.4

▲ 1.837.8 0 - 0.3▲ 1 28.9 0 -

110.9 3.9 ▲ RBC Capital Markets


*tie

1000

1200

1400

250.00

300.00 Proceeds (US$b) # of Issues

$1,293.9

$815.1

$813 4

SDP Finco Pty Ltd

ConnectEast Finance Pty Ltd

I f h Fi Pt Ltd

Asian Loans by Currency (%)Jan 1 - Mar 31 2015 First QuarterAustralian Loans Proceeds by Industry (US$m)

$30,364.933%

$18,099.720%

$10,863.612%

$8,324.3 9%

$7,330.38%

$4,641.85%

Financials

Industrials

Media and Entertainment

Energy and Power

Real Estate

Consumer Staples

51.3% 55.8% 68.3% 84.3% 78.6% 70.0% 66.0% 69.2% 61.8% 63.1%

48.7%44.2%

31.7%

15.7%21.4%

30.0%34.0%

30.8%

38.2% 36.9%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Local Currency G3

$249.9 $218.5 $199.4 $189.1 $157.10

200

400

600

800

1000

-

50.00

100.00

150.00

200.00

2015 2016 2017 2018 2019

# of

Issu

es

Pro

ceed

s (U

S$b

)$813.4

$575.2

$563.6

$388.7

$384.9

$317.8

$273.2

Infrashore Finance Pty Ltd

Hills Motorway Management Ltd

Consolidated Press(Finance)

LS NewCo Pty Ltd

Laing O Rourke Au Pty Ltd

AGL Energy Ltd

Metcash Ltd


Local Currency G3

10

Japanese syndicated lending during the first three months of 2015 was down 9.6% compared to the same period in 2014, with proceedsreaching US$75.6 billion from 659 deals. Japanese loans accounted for 9.1% of global loan volume during the period.

Borrowings in the Financials sector drove the Japanese syndicated loans market, accounting for 26.2% of activity, with proceedsreaching US$19.8 billion. Industrials and Materials followed with proceeds reaching US$11.8 billion and US$7.1 billion, respectively. Thetop three sectors accounted for about 51.3% of Japanese syndicated lending activity during the first quarter of 2015.

Non-Japanese borrowers' involvement on Japanese deals decreased compared to the same period last year, registering US$1.3 billionin proceeds from 9 deals.

0.0

0.0

Bank of Kyoto Ltd 11.319

-15

Norinchukin Bank17

0.011.9- ▲0.2

▲-1 1

1-

0.0

1

2

0.210.0

10.0 ▲

▲0.2 1▼0.2 -422

0.0

-1.30.00.0

-20.0

0.0▼-

▼▲2

-20.00.3-

1

-0.3

0.2-0.1

0.10.1

122.9 --4▼

▲

▼-1

0.2

-1-0.20.3

▼▼

▼112 0.3 ▲

▼

1.7

1

-2611

1

1.7▼ -9▼

▼-2.5 0.2

810 1.6▼

-1.5

137.9 0.1

-0.8

▲-2 ▼0.8

▼▼ 1.7

20.00.20.2

1

-1.3

0.8

34.2 -1911

655.4 ▲0.9

218▼23.7

Aozora Bank Ltd

7

56

Fukuoka Financial Group Inc8

Sumitomo Mitsui Trust Holdings555.0

# of Deals per BookrunnerMarket

1.7 -2.0 ▼-1# of Deals

-1.9200

Jan 1 - Mar 31

3

Market Market

Japan Loans - Bookrunners (S12b)

Deals31,659.4

Proceeds per Bookrunner (US$m)2014 Rank

2015 Rank

Mitsubishi UFJ Financial Group 34

Bookrunner

Development Bank of Japan Inc 4

Mizuho Financial Group2

Share %▲

367.4

26.2

444.5

Share Ch.Proceeds

1,246.1

43.019,274.6

9.9

# of

20431.4 ▲

▼-5▼ 32.0

Shoko Chukin Bank 1314

1Sumitomo Mitsui Finl Grp Inc

12

5 16

15

BNP Paribas SA 12

0.5

12Nishi-Nippon City Bank Ltd

20*Shinsei Bank 10

Resona Holdings Inc9


JapanJapanese Syndicated Lending down 10% | Financials Lead Industry | Non Japanese Borrowers Activity down 47%

7 0.6Citi

17,479.33

Sh %Change in

-0.111 104.813

0.0

8

6

34.022

108.7

19.6


2,774.3

3/19/2015

Sumitomo Corp

Working Capital

Toshiba Corp

2,497.21,175.4

Senshu Ikeda Holdings Inc

-

19.7

14.9

Gunma Bank

18

15.3Bank of YokohamaAshikaga Bank Ltd

-

3/30/2015 998.9Lotte Co Ltd

1,090.83/19/20153/26/2015 Hokuetsu Bank Ltd 20 -

Japan Deals Intelligence

Package Amt (US$m)Borrower

Jan 1 - Mar 31 2015

General Corp. Purp.Primary UOP

16

Working Capital

1,076.3Working Capital

Orchid Alliance Holdings Ltd3/25/2015 11,838.0

Idemitsu Kosan Co LtdToshiba Corp

Working Capital

Top Ten DealsClosing Date

1,159.1

3/19/2015

1,159.1Rakuten Card Co Ltd

2/24/20153/31/20153/27/2015

Working CapitalWorking Capital

Orient Corp

Working CapitalMarubeni Corp

7.5 0.0 0.0 - 2 0.3 2 ▲Bank of Iwate Ltd 21 - 4.2 0.0 0.0 - 1 0.2 1 ▲

Japan Loans Proceeds by Industry (US$m) Jan 1 - Mar 31 2015

Overall Japan Loans Volume

p pSG Holdings Co Ltd 840.72/19/2015 Oper Fund / Cash Res

637100.0100.0

-85

Industry % Change from Same Period Last Year -8.9% ▼ -11.8% ▼Industry % Change from Last Quarter 84.2% ▲ 109.5% ▲

▼-0.773,710.0Top Twenty Five Total73,710.0Bookrunner Total

2,051

1,658 1,6611,686

1,826 1,870

1,992

659

0

500

1,000

1,500

2,000

2,500

$0

$50

$100

$150

$200

$250

$300

$350

2008 2009 2010 2011 2012 2013 2014 2015

# of

Issu

es

Pro

ceed

s (U

S$b

)

Q4 Proceeds (US$b) Q3 Proceeds (US$b)

Q2 Proceeds (US$b) Q1 Proceeds (US$b)

# of Issues

$19,833.526.2%

$11,849.015.7%

$7,110.49.4%

$6,962.39.2%

$6,229.88.2%

$5,393.87.1%

$5,074.56.7%

$3,524.24.7%

$390.90.5%

Financials Industrials Consumer Staples

Materials Energy and Power High Technology

Real Estate Retail Consumer Products and Services

Healthcare Media and Entertainment Government and Agencies

Telecommunications

.

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com

2008 2009 2010 2011 2012 2013 2014 2015 Telecommunications

11

2122

0.10.20.2

-

0.0

0.03

Mitsubishi UFJ Financial GroupSumitomo Mitsui Trust Holdings

6

0.03

-0.0

Development Bank of Japan Inc-1.0

Resona Holdings IncAozora Bank Ltd

-1.8

4

70.8

3Sumitomo Mitsui Finl Grp Inc 2

5

-2.0

4 1,108.11.6

0.1

3

Mandated Arranger1

1,170.5

-1.1Mizuho Financial Group

2015 Rank

9.4

Jan 1 - Mar 31

2 ▼▲

0


213

# of# of Deals

Market

Japan

-


Japan Loan Volume - Non-Japanese Borrowers

Share Ch.

Japan Loans - Mandated Arrangers (S12a)

Market

31,707.6Proceeds

20,479.9

2014 Rank

0.0

0.1

Share %

1.5

16,925.65

-0.1

0.6

▲

0.4 -0.3

-1.3

0.3

-0.1

▼▼

0.0▼

9

7

▼

41.927.122.4

1

697.2

# of Deals per MA

Sh %Market

32.3

▼14

34.6 -▼

▲

237

Deals

▼

8

0.2

1.7

0

▲

228

Change in

36.0 -230 ▼4.6▼-20

▲

277.5

-2.2 ▼

443.6 -0.9

171.1 0.2212.8

17

0.4

0.9

6

0.1 ▲3 0.5 -20.5 ▲0.2

-21

11

3

▼

1

0.3

▼

14

10.2

1

2.1

2.1 -28-30.2 -21

1 ▲

0.30.3

-120.5 ▲

▲

▼

▲1-

0.53

0-41

3

▼

▼-2-

-45▲▼

2

-22

▲

0.21- 1 0.2

0 10.30 2▼21 6 425

24 27.50 0 1

0.00.0Hokuetsu Bank Ltd

20

15.3-

11.3

Senshu Ikeda Holdings IncAshikaga Bank LtdBank of Kyoto Ltd

Bank of Yokohama19.7

0

▼8*8*

0.2

-

21

0.0

-

Shinsei Bank

0.0Norinchukin Bank

-▼

82.40.1

0.0

108.7▼

0.0

17 -

14

0.025

34.0

13

23-

21.1

0.00.0

104.8

28.00.0

0.08

Sapporo Hokuyo Holdings Inc

1615

Fukuoka Financial Group Inc 23*12

BNP Paribas SA19

-

15

18

-0.2

0.0

13Gunma Bank

26.8

--

Shinkin Central Bank-

Citi

Shoko Chukin Bank 19 22.9

16

Nishi-Nippon City Bank Ltd

Hokuhoku Financial Group Inc

Credit Agricole CIB10

0.211

144.31812

277.5Hiroshima Bank Ltd

2

1

1▼

▲

▼14

4

6

4

9

3

6

8

10

12

6

13

6

10

4

11

3

10

6

20

4

9

5

10

15

20

25

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

# of

Issu

es

Pro

ceed

s (U

S$

m)

Proceeds (US$m)

No. of Deals

Jan 1 - Mar 31 2015

▼

▼-81

-0.1

-10.9%-9.6%

98.00.2▼

Top Twenty Five Total21 6.425

74,104.6Industry Total

-0.7


0.0 1 -0

Japan Loan Volume by Maturity Date

Shinkin Central Bank

Japan Loans - Top 10 Uses of Proceeds (US$m)

*tie

Industry % Change from Last Quarter 84.1% ▲ 111.2% ▲

75,617.5 100.0

▼

659

32

3 3 3

0$0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2009 2010 2011 2012 2013 2014 15

198.0 139.2 124.8 97.1 66.2 42.8 29.7 22.3 91.8

1585

11021024

783

626

365296

213

1064

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$50

$100

$150

$200

$250

2015 2016 2017 2018 2019 2020 2021 2022 2023 & Beyond

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds(US$b)

# of Issues

$115,506.8 56%

$28,711.9 14%

$18,753.0 9%

$14,140.1 7%

$8,202.1 4% Working Capital

General Corporate Purposes


Future Acquisitions

Refinancing

Operating Fund/Cash Reserve

Property Acquisition

Refinance Bank Debt

Construction


.



12

-

-

-

-

-

-

Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.

Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current andprevious year's data is as of 12:00pm EDT on March 31, 2015.

Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be giviento the surviving/parent firm.

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm

All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.

Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.


Ranking Criteria Summary

E-mail: [email protected]

JapanMegumi KonoTel: +813 6441 1155

E-mail: [email protected]

Europe

If you would like to participate in the submission process, receive quarterly press releases, orhave questions about league table criteriaplease contact:

AmericasSalvatore ReresTel: +1 646 223-8455

Ewelina JareckaTel: +44 207 542 2246E-mail: [email protected]

Asia-PacificCarina Causon-IsraelTel: +632 858 7221E-mail: [email protected]

-

-

-

-

-

- Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most comprehensive and accurate view of the syndicated loans market available.

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".

Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process.

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocatedto syndicated members.

Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liablefor any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express orimplied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carryout a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products,including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2015 Thomson Reuters. All rights reserved.

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

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