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1st 3Qrts 2012 League – 1st 3Qrts 2012 League Tables – 1st 3Qrts 2012 League
GLOBAL SYNDICATEDLOANS
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Global Syndicated Loans League Tables
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LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO>
1©2012Bloomberg Finance L.P. All rights reserved.
Table of Contents
. Introduction1
U.S. Loans. 2
U.S. Leveraged Loans. 3
Canada Loans. 4
Latin America Loans Mandated Arranger. 5
Latin America Loans Book Runner. 6
EMEA Loans Mandated Arranger. 7
EMEA Loans Book Runner. 8
EMEA High Yield Loans Mandated Arranger. 9
EMEA High Yield Loans Book Runner. 10
EMEA Sponsor-led Lev Loans Mandated
Arranger
. 11
EMEA Sponsor-led Leveraged Loans Book
Runner
. 12
EMEA Investment Grade Loans Mandated
Arranger
. 13
EMEA Investment Grade Loans Book
Runner
. 14
EMEA Islamic Loans Mandated Arranger. 15
EMEA Islamic Loans Book Runner. 16
Western Europe Loans Mandated Arranger. 17
Western Europe Loans Book Runner. 18
Asia ex-Japan Loans Mandated Arranger. 19
Asia ex-Japan Loans Book Runner. 20
Asia-Pac ex-Japan Loans Mandated
Arranger
. 21
Asia-Pac ex-Japan Loans Book Runner. 22
Australia/NZ Loans Mandated Arranger. 23
Australia/NZ Loans Book Runner. 24
Bloomberg 2012 Q3
09/29/2012
EmailFaxPhoneContact
+1-609-279-5187 pbandong1@bloomberg.net+1-646-268-5455Paul BandongAmericas
chowell10@bloomberg.net+44-20-7073-5305+44-20-7330-7326Charlotte HowellEMEA
ikwan1@bloomberg.net+852-2977-4688+852-2977-4638Isabella KwanAsia-Pac
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.
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
Consumer, Non‐Cyclical18%
Financial15%
Industrial14%
Consumer, Cyclical12%
Energy11%
Communication8%
Utilities7%
Basic Materials7%
Technology3%
Government3%
Other2%
In the first three quarters of 2012 total volume for US loans was $994.9 billion, 74.9% of thevolume for the same period in 2011 including refinanced debt. Issuance was 88.9% of the sameperiod in 2011 with 2,122 deals closing in the first three quarters of 2012. US leveraged loan volume for the first three quarters of 2012 was $406.9 billion, a decrease of18.8% from the first three quarters of 2012 including refinanced debt. 1,139 deals were issued in theleveraged loan market during the first three quarters of 2012, 94.8% of the same period in 2011. Volume for the first three quarters of 2012 in EMEA was $515.6 billion, a decrease of 40.1% fromthe first three quarters of 2011. Issuance was 59.9% of the same period in 2011 with 781 deals. 843 syndicated deals were completed in the Asia Pacific ex‐Japan region in the first three quartersof 2012, totaling $232.8 billion. In comparison to the same period in 2011, the total volume droppedby 32.6% from $345.3 billion.
The top three industries globally were Consumer, Non‐cyclical, Financial, and Consumer Cyclicalwhich collectively accounted for 45.6% of total deal activity year to date in 2012. For the first three quarters of 2012, Consumer, Non‐cyclical was the leading industry in the US,followed closely by Financial. The top three industries within the EMEA region were Consumer Non‐Cyclical, Industrial andFinancial. These sectors accounted for 46.3% of total syndicated loan activity during the first threequarters of 2012. The Financial Industry was the largest contributor accounting for 22.8% of syndicated loans in theAsia Pacific ex‐Japan market for this period.
North America (56.8%)
Western Europe (22.4%)
Asia Pacific (15.5%)
Latin America & Caribbean (2.1%)
Eastern Europe (1.5%)
Middle East & Africa (1.7%)
Regional Syndicated Loan Activity
Industry Sector Syndicated Loan Activity
Total Volume by Industry (1st 3Q 2012)
Heat Map: 1st 3Q 2012 Volume by Region
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
Global Syndicated Loans Quarterly Volume
EMEA Syndicated Loans Quarterly Volume
Americas Syndicated Loans Quarterly Volume
APAC Syndicated Loans Quarterly Volume
0
200
400
600
800
1,000
1,200
$0
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$700
Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
Issuance
Volume in USD
(Billion
s)
Volume
Deal Count
0
500
1,000
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2,000
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Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
Issuance
Volume in USD
(Billion
s)
Volume
Deal Count
0
100
200
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800
Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
$0
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Issuance
Volume in USD
(Billions)
Volume
Deal Count
$0
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Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
0
100
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400
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600
Volume in USD
(Billion
s)
Issuance
Volume
Deal Count
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
JP Morgan17%
Bank of America16%
Citi10%
Wells Fargo10%
Barclays5%
Morgan Stanley3%
Credit Suisse3%
RBS3%
Deutsche3%
Goldman3%
Mitsubishi3%
RBC Capital2%
Other22%
INDUSTRY
US Loans 1st 3Q 2012 Notable Highlights
MARKET SHARE
Signing Date Issuer Underwriter Deal Type Value (mln) Maturity 6/6/2012 WAL‐MART STORES INC BAML, BARCS, CITI, JPM, RBS, WFC RCF, LOC $11,841 20132/10/2012 KINDER MORGAN BAML, BARCS, CITI, CS, DB, JPM, MUFG, RBCCM, RBS, UBS, WFC Bridge, TL $11,800 20159/20/2012 JOHNSON & JOHNSON CITI, JPM RCF $10,000 20135/15/2012 DEPOSITORY TRUST COMPANY BAML, BARCS, BOC, JPM RCF $9,330 20133/15/2012 FORD MOTOR COMPANY BAML, BARCS, BNPPAR, CITI, DB, GS, HSBCL, JPM, MS, MUFG, RBCCM,
RBS, SMFGRPRCF $9,000 2015
7/18/2012 ABBVIE INC BAML, BARCS, JPM, MS Bridge $7,500 20138/3/2012 PROCTER & GAMBLE CO/THE CITI, JPM RCF $7,000 20175/21/2012 EATON CORP CITI, MS Bridge $6,750 20136/6/2012 COMCAST CORP CITI, JPM, MS, MUFG, WFC RCF $6,250 2017
$0 $50 $100 $150 $200 $250 $300
Government
Funds
Diversified
Basic Materials
Technology
Utilities
Communications
Energy
Industrial
Consumer, Cyclical
Financial
Consumer, Non‐cyclical
Total Volume (USD Billion)
1st 3Q 20121st 3Q 2011
Number of Loans 2,122 Volume (Bln) $994.9
Avg Loan Size (Mln) $463.3
Arranger JP Morgan
Number of Loans 642
Volume (Bln) $173.2
Top Arranger
Summary
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
Bank of America14%
JP Morgan12%
Wells Fargo9%
Credit Suisse7%
Citi6%Barclays
6%
Goldman Sachs5%
Morgan Stanley5%
Deutsche4%
RBC4%
GE Capital3%
Suntrust3%
UBS2%
Keybanc2%
Other19%
INDUSTRY
US Leveraged Loans 1st 3Q 2012 Notable Highlights
MARKET SHARE
$0 $50 $100 $150
Government
Funds
Diversified
Utilities
Basic Materials
Technology
Financial
Communications
Industrial
Energy
Consumer, Cyclical
Consumer, Non‐cyclical
Total Volume (USD Billion)
1st 3Q 2012
1st 3Q 2011
Number of Loans 1,139 Volume (Bln) $406.9
Avg Loan Size (Mln) $357.2
Number of Loans 337
Volume (Bln) $56.9
Summary
Top Arranger
Arranger Bank of America
Signing Date Issuer Underwriter Deal Type Value (mln) Maturity 2/10/2012 KINDER MORGAN BAML, BARCS, CITI, CS, DB, JPM, MUFG, RBCCM, RBS, UBS, WFC Bridge, TL $11,800 20153/15/2012 FORD MOTOR COMPANY BAML, BARCS, BNPPAR, CITI, DB, GS, HSBCL, JPM, MS, MUFG, RBCCM,
RBS, SMFGRPRCF $9,000 2015
5/11/2012 CHESAPEAKE ENERGY CORP GS, JEFGRP Bridge $4,000 20174/5/2012 LAWSON SOFTWARE BAML, BARCS, CS, DB, JPM, KKRCAP, MS, RBCCM RCF, TL $3,647 20187/31/2012 SABINE PASS LIQUEFACTION CACIB, CS, HSBCL, JPM, MS, MUFG, RBCCM, SG TL $3,600 20192/29/2012 LINN ENERGY LLC BNPPAR, RBCCM, WFC RCF $3,500 20173/30/2012 FIDELITY NATIONAL INFORMATI BAML, JPM, WFC RCF, TL $3,250 20173/30/2012 DOLLAR GENERAL CORP CITI, GS, KKRCAP TL $3,180 20173/13/2012 FIRST DATA CORPORATION BAML, CITI, CS, DB, HSBCL, KKRCAP RCF, TL $3,155 2018
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
TD Securities19%
CIBC18%
Scotiabank15%
RBC Capital Markets13%
BMO Capital Markets
9%
National Bank Financial
7%
JP Morgan3%
Citi3%
Bank of America2%
Other11%
INDUSTRY
Canada Loans 1st 3Q 2012 Notable Highlights
MARKET SHARE
$0 $10 $20 $30 $40 $50
Diversified
Technology
Government
Communications
Consumer, Cyclical
Consumer, Non‐cyclical
Financial
Industrial
Utilities
Basic Materials
Energy
Total Volume (USD Billion)
1st 3Q 2012
1st 3Q 2011
Number of Loans 340
Volume (Bln) $140.4
Avg Loan Size (Mln) $413.0
Arranger TD Securities
Number of Loans 75
Volume (Bln) $26.9
Top Arranger
Summary Signing Date Issuer Underwriter Deal Type Value (mln) Maturity 1/4/2012 BARRICK GOLD CORP CITI, JPM, MS, RBCCM RCF $4,000 20176/29/2012 PROVINCE OF QUEBEC CIBC, RBCCM, TDSECS RCF $3,500 20154/16/2012 ALIMENTATION COUCHE‐TARD HSBCL, MUFG, NBF, RABO, SCOTIA, UBS TL $3,200 20156/15/2012 NEXEN INC TDSECS RCF $2,936 20176/15/2012 PENN WEST PETROLEUM LTD BMO, CIBC RCF $2,936 20167/13/2012 BELL CANADA BMO, CIBC RCF, TL $2,465 20151/10/2012 ENBRIDGE INC BMO, CITI, MS, RBCCM, TDSECS RCF $2,250 20158/1/2012 ENBRIDGE INC CIBC, SCOTIA, TDSECS RCF $2,238 20178/1/2012 ENBRIDGE INC CIBC, SCOTIA, TDSECS RCF $1,989 20147/20/2012 ROGERS COMMUNICATIONS SCOTIA, TDSECS RCF $1,975 2017
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
0%
2%
4%
6%
8%
10%
12%
14%
BBVA MitsubishiUFJ
HSBC Bank BancoSantander
Citi
Market S
hare
1st 3Q 2012
1st 3Q 2011
Latin America Loans 1st 3Q 2012 Notable Highlights
INDUSTRY MARKET SHARE
Number of Loans 54
Volume (Bln) $30.4
Avg Loan Size (Mln) $563.0
Arranger BBVA
Number of Loans 14
Volume (Bln) $2.4
Summary
Top Arranger
$0 $5 $10 $15
Diversified
Communications
Financial
Consumer, Cyclical
Utilities
Consumer, Non‐Cyclical
Basic Materials
Energy
Industrial
Total Volume (USD Billion)
2012 1st 3Q
2011 1st 3Q
Signing Date Issuer Mandated Lead Arranger Deal Type Value (mln) Maturity 9/19/2012 CEMEX SAB DE CV BAML, BBVA, BNPPAR, BSSA, CITI, HSBCL, JPM, RBS TL $7,127 20175/17/2012 BRASKEM IDESA SAPI BNCE, BNDES, IADB, IFC, NAFIN, SERVIZ TL $2,300 N/A2/7/2012 GRUPO BIMBO SAB DE CV BAML, BANAMEX, BBVA, BSSA, HSBCL, JPM, MUFG RCF $1,500 2017
6/15/2012 OSX CONSTRUCAO NAVAL SA BNDES, CXECON TL $1,316 20338/1/2012 GUARA NORTE SARL ABN, CACIV, CBA, CMCIC, DBJ, DBNK, ICBKC, ING, MIZUHO, MUFG,
NORDEA, RABO, SMFGRPTL $1,200 2025
5/8/2012 OLEODUCTO BICENTENARIO BANBOG, BANCOL, BANDAV, BANOCC, BBVA, BANCAGR, BNCAVV, CORFIT, POPULA, SUDCOL
TL $1,189 2024
3/28/2012 CERNAMBI SUL MV24 BV MUFG, SMFGRP TL $1,125 20313/8/2012 SIERRA GORDA SCM MIZUHO, MUFG, SMFGRP TL $1,000 2021
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
EMEA Syndicated Loans 1st 3Q 2012 Notable Highlights
0%
1%
2%
3%
4%
5%
6%
7%
RBS DeutscheBank AG
BNPParibasGroup
HSBC BankPLC
SocieteGenerale
Market S
hare
1st 3Q 2010
1st 3Q 2011
1st 3Q 2012
$0 $50 $100 $150
Technology
Diversified
Energy
Utilities
Communications
Government
Consumer, Cyclical
Basic Materials
Financial
Industrial
Consumer, Non‐cyclical
Total Volume (USD Billion)
1st 3Q 2012
1st 3Q 2011
Number of Loans 781
Volume (Bln) $515.6
Avg Loan Size (Mln) $660.1
Arranger RBS
Number of Loans 170
Volume (Bln) $26.3
Summary
Top Arranger
Signing Date Issuer Mandated Lead Arranger Deal Type Value (mln) Maturity 5/16/2012 FONDO PARA LA FINANCIACION BANKIA, BBVA, BCOPOP, BSSA, CAIXA, INSTCR TL $38,149 20176/20/2012 ANHEUSER‐BUSCH INBEV SA NV ANZ, BAML, BARCS, BNPPAR, BSSA, COBA, DB, ING, JPM, MIZUHO,
MUFG, RABO, RBS, SG, SMFGRP, TDSECSTL $14,000 2016
1/27/2012 SCHAEFFLER AG BNPPAR, COBA, DB, HSBCL, JPM, LBBW, RBS, UNICRD TL ,RCF $12,447 20177/24/2012 SNAM SPA BAML, BARCS, BNPPAR, CITI, HSBCL, INTES, JPM, MEDBCA, MIZUHO,
MS, MUFG, SG, SMFGRP, UBS, UNICRDBridge, TL, RCF
$10,855 2017
7/4/2012 NESTLE SA BAML, BARCS, BNPPAR, BSSA, CITI, CS, DB, GS, HSBCL, JPM, MUFG, RBS, SG, UBS
Bridge $8,500 2013
4/25/2012 GLENCORE INTERNATIONAL AG ABN, BAML, BARCS, BNPPAR, CACIB, CITI, ING, RBS, SCB, SG Bridge, RCF $8,030 2015
INDUSTRY MARKET SHARE
Global Syndicated Loan Markets ReviewBloomberg
LMX <GO> LEAG <GO> UNDW<GO> NI LEAG CRL<GO> ©2012 Bloomberg Finance L.P. All rights reserved.
INDUSTRY
APAC Loans 1st 3Q 2012 ex‐Japan Notable Highlights
COUNTRY BREAKDOWN
$0 $20 $40 $60 $80 $100
Government
Technology
Communications
Diversified
Basic Materials
Consumer, Non‐cyclical
Energy
Utilities
Consumer, Cyclical
Industrial
Financial
Total Volume (USD Billion)
1st 3Q 2012
1st 3Q 2011
Australia & New Zealand
25%
India14%
China11%
Singapore10%
Korea10%
Hong Kong10%
Taiwan9%
Malaysia6%
Other5%
Signing Date Issuer Mandated Lead Arranger Deal Type Value (mln) Maturity 4/30/2012 AIR INDIA SBI TL, RCF $4,463 20266/25/2012 MARINA BAY SANDS PTE LTD CIMB, DBS, MAYBAN, OVCHBC, SCB, SMFGRP, UOB TL, RCF $3,980 20183/26/2012 MS COMMERCIAL PTE LTD ANZ, DBS, MAYBAN, MUFG, OVCHBC, SMFGRP, UOB TL, RCF $3,977 20176/13/2012 ALIBABA GROUP HOLDING LTD ANZ, BARCS, BKEA, CATHAY, CDIB, CHINAT, CITI, CS, DB, DBS, HSBCL,
ING, INTES, MEGA, MIZUHO, MS, NATIX, TFCB, TFHTL, RCF $3,000 2015
5/23/2012 AUSTRALIA PACIFIC LNG LTD ANZ, BBVA, BOC, CBA, DBS, DNBK, EXDEVC, HSBCL, LLOYDS, MIZUHO, MUFG, NAB, SG, SMFGRP, WESTPC
TL $2,875 2029
6/11/2012 DANA INFRA SDN AMINVB, CIMB, MAYBAN, RHB RCF $2,525 20145/2/2012 NOBLE GROUP LTD ABN, ANZ, BAML, CACIB, CBA, CITI, COBK, DBS, GS, HSBCL, ICBKC, ING,
JPM, KfW, LLOYDS, MUFG, NEDCAP, RABO, RBS, SCB, SG, UOBRCF $2,360 2015
7/31/2012 WYNN MACAU LTD BAML, BMACAU, BNPPAR, BOC, CXGD, DB, DBS, ICBKC, JPM, MS, RBS, SCB, SCOTIA, UBS, UOB
TL, RCF $2,310 2018
Number of Loans 843
Volume (Bln) $232.8
Avg Loan Size (Mln) $276.2
Number of Loans 47
Volume (Bln) $15.6
Arranger State Bank of India
Summary
Top Arranger
Bloomberg
U.S. Loans
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
20.3 1JP Morgan 642 1 17.4 (2.9) 173,203
18.1 2Bank of America Merrill Lynch 648 2 15.7 (2.4) 156,258
9.8 3Citi 291 3 10.3 0.5 102,603
9.3 4Wells Fargo & Co 499 4 9.6 0.3 95,336
4.3 5Barclays 206 5 5.6 1.3 55,219
2.6 10Morgan Stanley 116 6 3.4 0.8 34,281
4.0 6Credit Suisse 158 7 3.2 (0.8) 31,900
3.0 7RBS 154 8 2.9 (0.1) 29,034
2.9 8Deutsche Bank AG 137 9 2.8 (0.1) 27,807
2.4 11Goldman Sachs & Co 119 10 2.7 0.3 26,376
2.1 12Mitsubishi UFJ Financial 132 11 2.6 0.5 26,083
1.2 17RBC Capital Markets 129 12 2.4 1.2 23,863
1.3 15US Bancorp 169 13 1.9 0.6 18,958
2.7 9BNP Paribas Group 73 14 1.8 (0.9) 18,247
1.4 13PNC Bank 165 15 1.8 0.4 17,892
1.4 14SunTrust Robinson Humphrey 134 16 1.6 0.2 16,267
1.0 19KeyBanc Capital Markets 105 17 1.4 0.4 14,010
1.2 16General Electric Capital Corp 140 18 1.2 - 12,208
0.9 20UBS 67 19 1.2 0.3 12,140
0.8 21BMO Capital Markets 99 20 1.0 0.2 10,271
TOTAL 100% 100% 2,122 994,933
Includes all eligible U.S. loans. Volume in USD millions.
1,328,490
Basic Materials 3.62%
Consumer Prod/Svcs 36.56%
Financial 16.36%
Industrial 11.90%
Oil/Gas/Elect 17.96%
Tech/Comm 13.60%
Total: 100.00%
INDUSTRY BREAKDOWN
0
100,000
200,000
300,000
400,000
500,000
600,000
100
200
300
400
500
600
700
800
900
1000
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
2©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
U.S. Leveraged Loans
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
17.2 1Bank of America Merrill Lynch 337 1 14.0 (3.2) 56,919
14.3 2JP Morgan 245 2 12.1 (2.2) 49,110
8.5 3Wells Fargo & Co 232 3 9.3 0.8 37,743
6.9 4Credit Suisse 137 4 6.9 - 27,925
5.6 5Citi 118 5 5.8 0.2 23,498
5.2 6Barclays 119 6 5.7 0.5 23,372
4.7 8Goldman Sachs & Co 101 7 5.0 0.3 20,217
4.6 9Morgan Stanley 84 8 4.6 - 18,538
4.8 7Deutsche Bank AG 100 9 4.3 (0.5) 17,638
2.2 13RBC Capital Markets 95 10 4.2 2.0 17,172
2.7 10General Electric Capital Corp 128 11 2.7 - 10,970
2.3 11SunTrust Robinson Humphrey 92 12 2.6 0.3 10,529
1.8 15UBS 55 13 2.2 0.4 8,793
1.3 18KeyBanc Capital Markets 66 14 2.1 0.8 8,465
2.0 14RBS 56 15 2.0 - 8,031
1.3 17BMO Capital Markets 71 16 2.0 0.7 8,010
1.0 21Jefferies Group Inc 40 17 1.8 0.8 7,194
2.3 12BNP Paribas Group 37 18 1.4 (0.9) 5,816
0.4 26Mitsubishi UFJ Financial 27 19 1.3 0.9 5,391
1.1 20PNC Bank 57 20 1.2 0.1 4,943
TOTAL 100% 100% 1,139 406,901
Includes all eligible U.S. leveraged loans (spread of 225bp or more). Loans must be rated less than investment grade by at least one rating agency or not
rated at all. Volume in USD millions.
500,951
Basic Materials 3.75%
Consumer Prod/Svcs 42.20%
Financial 10.17%
Industrial 11.07%
Oil/Gas/Elect 15.54%
Tech/Comm 17.27%
Total: 100.00%
INDUSTRY BREAKDOWN
0
40,000
80,000
120,000
160,000
200,000
240,000
50
100
150
200
250
300
350
400
450
500
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
3©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Canada Loans
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
18.4 2TD Securities 75 1 19.2 0.8 26,931
14.5 4CIBC 91 2 18.3 3.8 25,728
14.8 3Scotiabank 75 3 15.4 0.6 21,589
20.2 1RBC Capital Markets 62 4 13.0 (7.2) 18,237
8.6 5BMO Capital Markets 54 5 9.0 0.4 12,631
6.1 6National Bank Financial Inc 50 6 6.7 0.6 9,476
2.8 7JP Morgan 22 7 3.3 0.5 4,569
1.4 10Citi 12 8 2.6 1.2 3,636
2.3 9Bank of America Merrill Lynch 17 9 1.6 (0.7) 2,284
0.7 17Desjardins Capital Markets 6 10 1.2 0.5 1,747
0.8 12HSBC Bank PLC 14 11 1.2 0.4 1,687
2.5 8Morgan Stanley 6 12 1.1 (1.4) 1,611
0.9 11UBS 7 13 1.1 0.2 1,475
0.7 15Barclays 7 14 0.8 0.1 1,073
- -Mitsubishi UFJ Financial 5 15 0.6 - 831
0.5 19Goldman Sachs & Co 5 16 0.6 0.1 815
0.3 20Deutsche Bank AG 4 17 0.6 0.3 792
0.6 18ATB Financial 8 18 0.6 - 782
0.8 13Credit Suisse 4 19 0.5 (0.3) 734
- 36Rabobank Nederland 3 20 0.5 0.5 633
TOTAL 100% 100% 340 140,420
Includes all eligible Canadian loans. Table based on Loan Arranger. Volume in USD millions.
128,324
Basic Materials 9.87%
Consumer Prod/Svcs 16.10%
Financial 9.25%
Government 2.84%
Industrial 9.29%
Oil/Gas/Elect 42.76%
Tech/Comm 9.87%
Total: 100.00%
INDUSTRY BREAKDOWN
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
20
40
60
80
100
120
140
160
180
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
4©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Latin America Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
4.6 8Banco Bilbao Vizcaya Argentaria 14 1 7.8 3.2 2,360
6.6 2Mitsubishi UFJ Financial 15 2 7.5 0.9 2,292
3.9 13HSBC Bank PLC 11 3 6.4 2.5 1,947
4.6 7Banco Santander SA 10 4 6.2 1.6 1,881
12.4 1Citi 9 5 5.3 (7.1) 1,608
5.3 5Sumitomo Mitsui Financial Group Inc 8 6 4.9 (0.4) 1,504
3.0 15JP Morgan 6 7 4.8 1.8 1,447
- -Banco Nacional de Desen Economico e Soci 2 8 4.5 - 1,358
1.9 17BNP Paribas Group 4 9 4.0 2.1 1,205
4.4 10Bank of America Merrill Lynch 2 10 3.6 (0.8) 1,105
4.1 12ING Groep NV 10 11 3.0 (1.1) 923
1.2 20RBS 1 12 2.9 1.7 891
6.2 3Banco Itau BBA SA 6 13 2.7 (3.5) 831
4.7 6Mizuho Financial Group Inc 7 14 2.5 (2.2) 761
- -Caixa Economica Federal 1 15 2.2 - 658
- -Servizi Assicurativi del Commercio Ester 1 16 2.0 - 600
1.7 18Scotiabank 8 17 1.5 (0.2) 468
4.3 11Credit Agricole CIB 6 18 1.5 (2.8) 453
- -International Finance Corp 2 19 1.3 - 390
1.1 22Bradesco BBI SA 2 20 1.2 0.1 365
TOTAL 100% 100% 54 30,401 25,742
Basic Materials 16.96%
Consumer Prod/Svcs 18.06%
Financial 3.24%
Industrial 37.65%
Oil/Gas/Elect 22.67%
Tech/Comm 1.41%
Total: 100.00%
INDUSTRY BREAKDOWN
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
8
10
12
14
16
18
20
22
24
26
2011
Q1 20
11
Q2 20
11
Q3 20
11
Q4 20
12
Q1 20
12
Q2 20
12
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
5©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Latin America Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
- -International Finance Corp 2 1 10.2 - 1,810
- -Inter-American Development Bank 1 2 8.7 - 1,550
8.5 1HSBC Bank PLC 10 3 8.5 - 1,516
6.9 4Mitsubishi UFJ Financial 9 4 8.3 1.4 1,473
7.1 3Mizuho Financial Group Inc 6 5 6.2 (0.9) 1,111
6.1 7Citi 11 6 5.5 (0.6) 987
7.6 2Banco Santander SA 8 7 5.2 (2.4) 928
5.2 10Banco Itau BBA SA 6 8 4.7 (0.5) 831
2.8 15Sumitomo Mitsui Financial Group Inc 3 9 4.4 1.6 783
4.5 12ING Groep NV 6 10 3.8 (0.7) 684
5.4 9Banco Bilbao Vizcaya Argentaria 6 11 3.6 (1.8) 643
6.6 6Credit Agricole CIB 5 12 3.1 (3.5) 553
1.8 17BNP Paribas Group 2 13 2.6 0.8 459
4.9 11Bank of America Merrill Lynch 1 14 2.2 (2.7) 400
- -Morgan Stanley 2 15 2.0 - 354
2.7 16Standard Chartered PLC 4 16 1.9 (0.8) 336
0.1 35Bradesco BBI SA 1 17 1.9 1.8 331
6.8 5JP Morgan 3 18 1.8 (5.0) 324
0.8 21WestLB AG 2 19 1.8 1.0 317
0.2 28Rabobank Nederland 1 20 1.7 1.5 300
TOTAL 100% 100% 46 17,791 23,204
Basic Materials 34.33%
Consumer Prod/Svcs 20.65%
Financial 7.17%
Industrial 15.66%
Oil/Gas/Elect 19.78%
Tech/Comm 2.41%
Total: 100.00%
INDUSTRY BREAKDOWN
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
10
12
14
16
18
20
2011
Q1 20
11
Q2 20
11
Q3 20
11
Q4 20
12
Q1 20
12
Q2 20
12
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
6©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
4.6 3RBS 170 1 5.1 0.5 26,277
4.5 4Deutsche Bank AG 142 2 4.8 0.3 24,639
6.2 1BNP Paribas Group 184 3 4.7 (1.5) 24,320
4.4 5HSBC Bank PLC 196 4 4.7 0.3 24,181
3.9 6Societe Generale 137 5 3.8 (0.1) 19,666
3.1 12JP Morgan 100 6 3.4 0.3 17,677
4.7 2Credit Agricole CIB 115 7 3.4 (1.3) 17,646
3.5 8Barclays 136 8 3.3 (0.2) 17,272
3.4 9Citi 118 9 3.1 (0.3) 15,870
3.2 10UniCredit 129 10 3.1 (0.1) 15,819
3.2 11Commerzbank AG 130 11 2.8 (0.4) 14,469
2.0 19Banco Santander SA 72 12 2.7 0.7 14,096
3.5 7ING Groep NV 127 13 2.6 (0.9) 13,637
1.6 20Banco Bilbao Vizcaya Argentaria 80 14 2.5 0.9 12,834
2.0 18Lloyds TSB Corporate Markets 115 15 2.3 0.3 11,856
2.1 15Mitsubishi UFJ Financial 77 16 2.3 0.2 11,747
2.6 13Bank of America Merrill Lynch 69 17 2.0 (0.6) 10,563
0.5 41La Caixa 50 18 1.8 1.3 9,507
2.4 14Natixis 79 19 1.7 (0.7) 8,642
1.3 26Mizuho Financial Group Inc 59 20 1.6 0.3 8,393
TOTAL 100% 100% 781 515,610
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
860,234
Basic Materials 9.42%
Consumer Prod/Svcs 27.98%
Financial 16.08%
Government 7.94%
Industrial 14.83%
Oil/Gas/Elect 13.89%
Tech/Comm 9.86%
Total: 100.00%
INDUSTRY BREAKDOWN
80,000
120,000
160,000
200,000
240,000
280,000
320,000
160
200
240
280
320
360
400
440
480
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
7©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
5.0 5Deutsche Bank AG 106 1 6.5 1.5 27,885
7.9 1BNP Paribas Group 129 2 5.6 (2.3) 24,149
4.8 6RBS 91 3 4.8 - 20,888
3.0 14JP Morgan 69 4 4.7 1.7 20,084
4.4 7Citi 83 5 4.2 (0.2) 18,043
6.1 2Credit Agricole CIB 76 6 4.1 (2.0) 17,780
5.5 3Societe Generale 77 7 4.1 (1.4) 17,639
5.1 4HSBC Bank PLC 96 8 3.8 (1.3) 16,324
3.5 11UniCredit 83 9 3.6 0.1 15,383
1.6 20Banco Santander SA 44 10 3.5 1.9 15,199
4.0 8Barclays 73 11 3.4 (0.6) 14,618
3.7 9Commerzbank AG 95 12 3.2 (0.5) 13,893
1.5 21Banco Bilbao Vizcaya Argentaria 48 13 3.2 1.7 13,790
3.7 10ING Groep NV 75 14 2.8 (0.9) 12,052
3.1 13Bank of America Merrill Lynch 46 15 2.6 (0.5) 11,352
0.4 40La Caixa 27 16 2.3 1.9 10,081
0.2 50Bankia SA 18 17 2.2 2.0 9,325
2.1 15Lloyds TSB Corporate Markets 54 18 2.0 (0.1) 8,702
2.1 16Mitsubishi UFJ Financial 45 19 2.0 (0.1) 8,523
0.1 67Instituto de Credito Oficial 6 20 1.9 1.8 8,120
TOTAL 100% 100% 536 430,809
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
724,969
Basic Materials 11.22%
Consumer Prod/Svcs 30.41%
Financial 14.36%
Government 9.10%
Industrial 12.59%
Oil/Gas/Elect 11.73%
Tech/Comm 10.59%
Total: 100.00%
INDUSTRY BREAKDOWN
80,000
120,000
160,000
200,000
240,000
280,000
120
160
200
240
280
320
360
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
8©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA High Yield Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
7.4 1Deutsche Bank AG 30 1 9.4 2.0 7,371
2.7 12RBS 29 2 8.2 5.5 6,438
3.6 6JP Morgan 25 3 5.4 1.8 4,213
6.3 2BNP Paribas Group 28 4 4.9 (1.4) 3,860
3.2 9Goldman Sachs & Co 20 5 4.9 1.7 3,836
3.4 8HSBC Bank PLC 30 6 4.6 1.2 3,648
0.8 32Nomura Holdings Inc 10 7 4.4 3.6 3,471
5.0 4UniCredit 18 8 4.2 (0.8) 3,273
2.3 15Commerzbank AG 14 9 3.2 0.9 2,547
2.6 13Barclays 24 10 2.7 0.1 2,128
1.5 20Lloyds TSB Corporate Markets 25 11 2.4 0.9 1,914
4.1 5Credit Agricole CIB 14 12 2.4 (1.7) 1,905
0.4 51Landesbank Baden-Wuerttemberg 3 13 2.4 2.0 1,868
2.0 18Credit Suisse 15 14 2.3 0.3 1,789
5.4 3Morgan Stanley 13 15 2.2 (3.2) 1,739
2.3 16Citi 19 16 2.2 (0.1) 1,710
3.4 7ING Groep NV 24 17 2.2 (1.2) 1,690
2.2 17Natixis 13 18 2.0 (0.2) 1,533
3.0 10Societe Generale 18 19 1.9 (1.1) 1,523
2.5 14Bank of America Merrill Lynch 13 20 1.9 (0.6) 1,471
TOTAL 100% 100% 138 78,514
Includes all eligible European, Middle Eastern and African High Yield loans (spread of 300bp or more). Loans must be rated less than investment grade
by at least one rating agency or not rated at all. Volume in USD millions.
160,679
Basic Materials 7.38%
Consumer Prod/Svcs 52.49%
Financial 5.30%
Industrial 17.69%
Oil/Gas/Elect 3.27%
Tech/Comm 13.86%
Total: 100.00%
INDUSTRY BREAKDOWN
0
10,000
20,000
30,000
40,000
50,000
60,000
20
40
60
80
100
120
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
9©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA High Yield Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
8.8 1Deutsche Bank AG 26 1 11.2 2.4 7,933
0.9 23Nomura Holdings Inc 10 2 8.4 7.5 5,943
3.6 10JP Morgan 21 3 7.2 3.6 5,114
2.0 18RBS 12 4 6.1 4.1 4,327
6.9 2BNP Paribas Group 20 5 5.6 (1.3) 4,005
3.9 7Goldman Sachs & Co 16 6 5.4 1.5 3,799
3.9 8HSBC Bank PLC 17 7 4.7 0.8 3,348
6.0 4UniCredit 12 8 4.3 (1.7) 3,081
3.8 9Barclays 16 9 3.1 (0.7) 2,220
1.5 19Commerzbank AG 9 10 3.0 1.5 2,127
3.2 15Credit Suisse 13 11 2.7 (0.5) 1,912
2.8 16Citi 15 12 2.5 (0.3) 1,749
6.3 3Morgan Stanley 10 13 2.3 (4.0) 1,631
2.5 17UBS 11 14 2.2 (0.3) 1,591
3.4 13Bank of America Merrill Lynch 10 15 2.2 (1.2) 1,560
0.5 36Landesbank Baden-Wuerttemberg 1 16 2.2 1.7 1,556
5.1 5Credit Agricole CIB 7 17 2.1 (3.0) 1,494
1.2 21Lloyds TSB Corporate Markets 9 18 2.0 0.8 1,448
3.5 12ING Groep NV 13 19 1.7 (1.8) 1,238
4.5 6Societe Generale 11 20 1.6 (2.9) 1,144
TOTAL 100% 100% 101 70,966
Includes all eligible European, Middle Eastern and African High Yield loans (spread of 300bp or more). Loans must be rated less than investment grade
by at least one rating agency or not rated at all. Volume in USD millions.
140,989
Basic Materials 9.49%
Consumer Prod/Svcs 55.81%
Financial 4.27%
Industrial 12.16%
Oil/Gas/Elect 2.93%
Tech/Comm 15.34%
Total: 100.00%
INDUSTRY BREAKDOWN
0
10,000
20,000
30,000
40,000
50,000
60,000
10
20
30
40
50
60
70
80
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
10©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Sponsor-led Lev Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
2.7 14RBS 15 1 10.4 7.7 3,791
1.2 22Nomura Holdings Inc 9 2 9.2 8.0 3,377
4.0 8Goldman Sachs & Co 8 3 6.1 2.1 2,246
1.7 18Lloyds TSB Corporate Markets 22 4 4.9 3.2 1,801
9.0 1Deutsche Bank AG 12 5 4.7 (4.3) 1,710
4.6 6Credit Agricole CIB 10 6 4.3 (0.3) 1,578
4.3 7JP Morgan 11 7 3.8 (0.5) 1,375
3.4 11HSBC Bank PLC 17 8 3.6 0.2 1,306
1.8 16Natixis 9 9 3.6 1.8 1,299
5.8 3UniCredit 13 10 3.2 (2.6) 1,160
3.1 12UBS 8 11 3.1 - 1,149
1.8 17Barclays 7 12 2.9 1.1 1,063
1.0 26Credit Suisse 8 13 2.9 1.9 1,060
6.9 2Morgan Stanley 6 14 2.9 (4.0) 1,054
- -Jefferies Group Inc 4 15 2.9 - 1,048
5.8 4BNP Paribas Group 13 16 2.6 (3.2) 938
0.8 30Citi 11 17 2.4 1.6 877
0.9 27RBC Capital Markets 5 18 2.1 1.2 778
3.9 9ING Groep NV 12 19 2.1 (1.8) 756
2.6 15Commerzbank AG 9 20 1.8 (0.8) 645
TOTAL 100% 100% 75 36,567
Includes all eligible sponsor-led leveraged loans where the loan purpose is an acquisition, LBO, MBO or Recapitalization and the initial spread is 250
basis points or more above the applicable benchmark. Volume in USD millions.
70,151
Consumer Prod/Svcs 62.61%
Financial 7.56%
Industrial 10.09%
Oil/Gas/Elect 2.54%
Tech/Comm 17.20%
Total: 100.00%
INDUSTRY BREAKDOWN
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
0
5
10
15
20
25
30
35
40
45
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
11©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Sponsor-led Leveraged Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
2.4 16Nomura Holdings Inc 9 1 18.8 16.4 5,850
4.6 8Goldman Sachs & Co 8 2 7.5 2.9 2,320
2.5 15RBS 4 3 6.3 3.8 1,957
11.0 1Deutsche Bank AG 11 4 5.4 (5.6) 1,680
2.2 18Lloyds TSB Corporate Markets 8 5 4.6 2.4 1,418
5.6 6Credit Agricole CIB 6 6 4.3 (1.3) 1,348
2.6 14JP Morgan 9 7 4.1 1.5 1,276
4.5 9UBS 8 8 3.7 (0.8) 1,149
6.5 4BNP Paribas Group 9 9 3.6 (2.9) 1,130
7.3 3Morgan Stanley 6 10 3.5 (3.8) 1,098
3.5 12Barclays 5 11 3.4 (0.1) 1,058
7.4 2UniCredit 8 12 3.3 (4.1) 1,028
2.1 20Credit Suisse 7 13 3.3 1.2 1,022
- -Jefferies Group Inc 3 14 3.1 - 955
3.6 11HSBC Bank PLC 9 15 2.9 (0.7) 901
1.0 24Citi 9 16 2.9 1.9 891
3.9 10ING Groep NV 7 17 2.1 (1.8) 654
1.1 23RBC Capital Markets 3 18 1.9 0.8 582
2.3 17Bank of America Merrill Lynch 2 19 1.5 (0.8) 455
2.1 19Commerzbank AG 5 20 1.4 (0.7) 433
TOTAL 100% 100% 52 31,103
Includes all eligible sponsor-led leveraged loans where the loan purpose is an acquisition, LBO, MBO or Recapitalization and the initial spread is 250
basis points or more above the applicable benchmark. Volume in USD millions.
55,033
Consumer Prod/Svcs 69.47%
Financial 3.75%
Industrial 5.84%
Oil/Gas/Elect 1.67%
Tech/Comm 19.27%
Total: 100.00%
INDUSTRY BREAKDOWN
0
4,000
8,000
12,000
16,000
20,000
24,000
0
5
10
15
20
25
30
35
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
12©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Investment Grade Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
2.9 13Banco Santander SA 16 1 5.3 2.4 9,730
4.2 8Barclays 37 2 4.8 0.6 8,873
6.2 1BNP Paribas Group 34 3 4.6 (1.6) 8,551
1.8 21Banco Bilbao Vizcaya Argentaria 12 4 4.5 2.7 8,282
5.3 3Citi 42 5 4.5 (0.8) 8,241
4.8 6HSBC Bank PLC 43 6 4.4 (0.4) 8,147
5.6 2RBS 39 7 4.4 (1.2) 8,141
4.8 5Societe Generale 33 8 3.9 (0.9) 7,239
5.1 4Deutsche Bank AG 29 9 3.9 (1.2) 7,201
0.2 49La Caixa 4 10 3.7 3.5 6,890
- 80Banco Popular Espanol SA 4 11 3.6 3.6 6,727
- -Bankia SA 2 12 3.5 - 6,561
- -Instituto de Credito Oficial 2 12 3.5 - 6,561
4.5 7JP Morgan 32 14 3.4 (1.1) 6,323
3.3 11Bank of America Merrill Lynch 26 15 3.4 0.1 6,223
3.4 10Mitsubishi UFJ Financial 35 16 3.3 (0.1) 6,062
3.8 9Credit Agricole CIB 22 17 2.3 (1.5) 4,345
2.3 16Mizuho Financial Group Inc 24 18 2.3 - 4,201
2.2 19Sumitomo Mitsui Financial Group Inc 20 19 2.3 0.1 4,168
2.3 17UniCredit 22 20 2.1 (0.2) 3,808
TOTAL 100% 100% 84 184,911
Includes all eligible EMEA Investment Grade loans where the initial spread is less than 350 basis points above the applicable benchmark. Volume in USD
millions.
283,223
Basic Materials 12.53%
Consumer Prod/Svcs 20.14%
Financial 14.72%
Government 21.25%
Industrial 6.56%
Oil/Gas/Elect 14.66%
Tech/Comm 10.13%
Total: 100.00%
INDUSTRY BREAKDOWN
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
20
25
30
35
40
45
50
55
60
65
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
13©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Investment Grade Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
6.6 3Citi 30 1 6.3 (0.3) 11,151
3.0 14Banco Santander SA 13 2 6.3 3.3 11,135
4.6 7Deutsche Bank AG 21 3 5.5 0.9 9,692
7.8 1BNP Paribas Group 27 4 5.4 (2.4) 9,443
1.9 17Banco Bilbao Vizcaya Argentaria 8 5 5.3 3.4 9,248
0.2 43La Caixa 3 6 4.6 4.4 8,097
4.6 8Barclays 26 7 4.5 (0.1) 7,992
- -Instituto de Credito Oficial 2 8 4.5 - 7,879
5.9 5RBS 29 9 4.4 (1.5) 7,792
- -Bankia SA 1 10 4.3 - 7,630
3.9 10Bank of America Merrill Lynch 19 11 4.2 0.3 7,412
6.7 2Societe Generale 23 12 4.1 (2.6) 7,255
4.1 9JP Morgan 22 13 3.9 (0.2) 6,840
6.3 4HSBC Bank PLC 26 14 3.7 (2.6) 6,534
1.6 20Morgan Stanley 8 15 3.3 1.7 5,762
3.9 11Mitsubishi UFJ Financial 23 16 2.9 (1.0) 5,106
1.7 19UniCredit 18 17 2.3 0.6 4,073
3.0 15ING Groep NV 13 18 2.2 (0.8) 3,802
5.4 6Credit Agricole CIB 16 19 2.1 (3.3) 3,749
3.5 13Commerzbank AG 13 20 1.9 (1.6) 3,344
TOTAL 100% 100% 65 175,871
Includes all eligible EMEA Investment Grade loans where the initial spread is less than 350 basis points above the applicable benchmark. Volume in USD
millions.
267,813
Basic Materials 13.00%
Consumer Prod/Svcs 20.59%
Financial 13.59%
Government 21.85%
Industrial 6.51%
Oil/Gas/Elect 13.80%
Tech/Comm 10.65%
Total: 100.00%
INDUSTRY BREAKDOWN
0
20,000
40,000
60,000
80,000
100,000
120,000
15
20
25
30
35
40
45
50
55
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
14©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Islamic Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
10.5 1HSBC Bank PLC 9 1 18.3 7.8 2,089
3.9 8Banque Saudi Fransi 6 2 10.3 6.4 1,167
0.4 39Al-Rajhi Banking & Investment Corp 5 3 10.1 9.7 1,150
2.2 17Kingdom of Saudi Arabia 5 4 8.5 6.3 972
3.0 13Riyad Bank 4 5 8.1 5.1 927
9.7 2Samba Capital 4 6 7.3 (2.4) 833
- -Saudi Hollandi Bank 3 7 6.9 - 784
4.7 6Noor Islamic Bank 5 8 4.5 (0.2) 512
4.5 7Arab National Bank 1 9 3.4 (1.1) 393
7.5 3Emirates NBD PJSC 3 10 3.4 (4.1) 387
- -Alinma Bank 2 11 3.0 - 339
- -Bank Al-Jazira 2 11 3.0 - 339
3.3 11Arab Banking Corp 3 13 2.0 (1.3) 229
5.0 5Standard Chartered PLC 3 13 2.0 (3.0) 229
- -Bank Albilad 1 15 1.7 - 190
2.7 14Dubai Islamic Bank 1 16 1.5 (1.2) 171
3.8 10Citi 2 17 1.5 (2.3) 166
3.2 12National Bank of Abu Dhabi 2 18 0.9 (2.3) 103
1.1 24Deutsche Bank AG 1 19 0.8 (0.3) 91
- -Al Hilal Bank 1 20 0.7 - 76
TOTAL 100% 100% 17 11,386
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
6,037
Basic Materials 11.76%
Consumer Prod/Svcs 1.41%
Financial 29.87%
Government 8.26%
Industrial 10.34%
Oil/Gas/Elect 14.95%
Tech/Comm 23.42%
Total: 100.00%
INDUSTRY BREAKDOWN
0
1,000
2,000
3,000
4,000
5,000
6,000
0
2
4
6
8
10
12
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
15©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Islamic Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
4.2 9Noor Islamic Bank 5 1 24.8 20.6 512
19.4 1Emirates NBD PJSC 3 2 18.7 (0.7) 387
5.6 8Arab Banking Corp 3 3 11.1 5.5 229
8.9 4Standard Chartered PLC 3 3 11.1 2.2 229
1.8 12Dubai Islamic Bank 1 5 8.3 6.5 171
2.0 11National Bank of Abu Dhabi 2 6 6.8 4.8 140
7.8 5HSBC Bank PLC 1 7 4.2 (3.6) 87
- -Al Hilal Bank 1 8 3.7 - 76
- -Bank Islam Brunei Darussalam 1 8 3.7 - 76
16.3 2Citi 1 10 3.6 (12.7) 75
- -Qinvest Investment Banking 1 11 2.4 - 50
- -Barwa Bank 1 12 1.8 - 37
TOTAL 100% 100% 8 2,068
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
3,907
Financial 100.00%
Total: 100.00%
INDUSTRY BREAKDOWN
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1
2
3
4
5
6
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
16©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Western Europe Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
4.8 3RBS 160 1 5.6 0.8 25,092
4.8 4Deutsche Bank AG 128 2 5.3 0.5 23,512
6.2 1BNP Paribas Group 158 3 4.8 (1.4) 21,355
4.6 5HSBC Bank PLC 162 4 4.4 (0.2) 19,777
4.1 6Societe Generale 113 5 3.9 (0.2) 17,630
5.0 2Credit Agricole CIB 107 6 3.7 (1.3) 16,673
3.2 11JP Morgan 86 7 3.7 0.5 16,422
3.7 7Barclays 116 8 3.4 (0.3) 15,275
3.0 12UniCredit 109 9 3.2 0.2 14,448
2.3 16Banco Santander SA 72 10 3.1 0.8 14,096
3.2 9Commerzbank AG 112 11 3.0 (0.2) 13,318
1.8 20Banco Bilbao Vizcaya Argentaria 79 12 2.9 1.1 12,770
3.2 10Citi 84 13 2.8 (0.4) 12,657
2.4 15Lloyds TSB Corporate Markets 113 14 2.6 0.2 11,713
3.3 8ING Groep NV 94 15 2.5 (0.8) 11,183
1.9 19Mitsubishi UFJ Financial 56 16 2.2 0.3 9,978
2.8 13Bank of America Merrill Lynch 59 17 2.2 (0.6) 9,780
0.6 41La Caixa 50 18 2.1 1.5 9,507
0.4 45Bankia SA 24 19 1.8 1.4 8,030
2.4 14Natixis 69 20 1.8 (0.6) 7,869
TOTAL 100% 100% 642 447,610 730,492
Basic Materials 9.45%
Consumer Prod/Svcs 30.77%
Financial 13.68%
Government 8.56%
Industrial 16.31%
Oil/Gas/Elect 11.61%
Tech/Comm 9.63%
Total: 100.00%
INDUSTRY BREAKDOWN
80,000
120,000
160,000
200,000
240,000
280,000
160
200
240
280
320
360
400
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
17©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Western Europe Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
5.1 5Deutsche Bank AG 101 1 6.8 1.7 27,258
7.9 1BNP Paribas Group 114 2 5.4 (2.5) 21,578
4.9 6RBS 86 3 5.0 0.1 20,001
3.1 14JP Morgan 66 4 4.9 1.8 19,582
6.2 2Credit Agricole CIB 72 5 4.3 (1.9) 17,147
5.7 3Societe Generale 69 6 4.0 (1.7) 15,851
4.0 8Citi 65 7 4.0 - 15,841
1.9 18Banco Santander SA 44 8 3.8 1.9 15,199
5.4 4HSBC Bank PLC 86 9 3.7 (1.7) 14,947
3.3 13UniCredit 72 10 3.5 0.2 14,094
1.8 20Banco Bilbao Vizcaya Argentaria 48 11 3.5 1.7 13,790
4.0 7Commerzbank AG 88 12 3.4 (0.6) 13,583
3.9 9Barclays 67 13 3.4 (0.5) 13,506
3.7 11ING Groep NV 61 14 2.8 (0.9) 11,255
3.4 12Bank of America Merrill Lynch 41 15 2.7 (0.7) 10,669
0.4 39La Caixa 27 16 2.5 2.1 10,081
0.2 45Bankia SA 18 17 2.3 2.1 9,325
2.4 15Lloyds TSB Corporate Markets 54 18 2.2 (0.2) 8,702
0.1 59Instituto de Credito Oficial 6 19 2.0 1.9 8,120
2.1 16Morgan Stanley 20 20 1.9 (0.2) 7,749
TOTAL 100% 100% 460 398,853 627,450
Basic Materials 11.04%
Consumer Prod/Svcs 32.28%
Financial 12.38%
Government 9.61%
Industrial 13.40%
Oil/Gas/Elect 11.06%
Tech/Comm 10.25%
Total: 100.00%
INDUSTRY BREAKDOWN
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
100
120
140
160
180
200
220
240
260
280
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
18©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asia ex-Japan Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
12.3 1State Bank of India 47 1 8.8 (3.5) 15,612
6.0 2Bank of China 84 2 4.7 (1.3) 8,382
4.6 3HSBC Bank PLC 90 3 3.6 (1.0) 6,472
4.0 4Standard Chartered PLC 89 4 3.6 (0.4) 6,381
3.7 5Sumitomo Mitsui Financial Group Inc 71 5 3.4 (0.3) 6,072
2.7 7DBS Group Holdings Ltd 67 6 3.3 0.6 5,948
1.3 18Maybank 36 7 3.3 2.0 5,884
1.6 16Korea Development Bank 44 8 3.2 1.6 5,714
0.8 37KB Financial Group 30 9 3.2 2.4 5,622
2.4 10Oversea-Chinese Banking Corp 48 10 3.2 0.8 5,616
2.6 8Mitsubishi UFJ Financial 56 11 2.6 - 4,580
2.1 12United Overseas Bank 48 12 2.5 0.4 4,465
3.2 6Axis Bank Ltd 19 13 2.1 (1.1) 3,683
2.2 11Mizuho Financial Group Inc 58 14 2.0 (0.2) 3,487
0.8 39Bank of Taiwan 54 15 1.9 1.1 3,404
1.8 15ANZ Banking Group 43 16 1.8 - 3,228
2.6 9IDBI Bank Ltd 13 17 1.8 (0.8) 3,147
0.7 42China Development Bank 10 18 1.7 1.0 3,060
0.8 34CIMB 22 19 1.5 0.7 2,748
1.4 17Mega Financial Holding Co Ltd 47 20 1.4 - 2,476
TOTAL 100% 100% 695 177,716
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
261,486
Basic Materials 8.92%
Consumer Prod/Svcs 17.36%
Financial 29.99%
Industrial 19.13%
Oil/Gas/Elect 16.83%
Tech/Comm 7.76%
Total: 100.00%
INDUSTRY BREAKDOWN
30,000
40,000
50,000
60,000
70,000
80,000
90,000
80
120
160
200
240
280
320
360
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
19©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asia ex-Japan Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
13.1 1State Bank of India 21 1 9.3 (3.8) 10,646
6.4 2Bank of China 30 2 5.5 (0.9) 6,228
4.7 3HSBC Bank PLC 43 3 4.7 - 5,394
4.2 5Standard Chartered PLC 45 4 4.5 0.3 5,098
0.4 54KB Financial Group 16 5 4.3 3.9 4,958
1.5 17Korea Development Bank 22 6 4.0 2.5 4,579
1.3 23Bank of Taiwan 47 7 3.7 2.4 4,221
3.5 6Axis Bank Ltd 18 8 3.3 (0.2) 3,727
2.8 9Sumitomo Mitsui Financial Group Inc 23 9 2.8 - 3,206
3.1 7DBS Group Holdings Ltd 28 10 2.7 (0.4) 3,035
4.4 4IDBI Bank Ltd 11 11 2.7 (1.7) 3,033
0.5 43Woori Finance Holdings Co Ltd 10 12 2.0 1.5 2,325
1.9 14Taiwan Cooperative Bank 45 13 1.9 - 2,197
2.3 13Mega Financial Holding Co Ltd 32 14 1.9 (0.4) 2,192
1.4 21Oversea-Chinese Banking Corp 13 15 1.8 0.4 2,073
1.1 27United Overseas Bank 17 16 1.7 0.6 1,949
1.7 16Mizuho Financial Group Inc 26 17 1.7 - 1,931
0.9 32China Development Bank 4 18 1.6 0.7 1,801
0.8 37Shinhan Financial Group Co Ltd 11 19 1.5 0.7 1,755
2.3 12ANZ Banking Group 20 20 1.5 (0.8) 1,736
TOTAL 100% 100% 421 114,123
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
178,116
Basic Materials 9.63%
Consumer Prod/Svcs 19.32%
Financial 31.78%
Industrial 19.28%
Oil/Gas/Elect 10.61%
Tech/Comm 9.38%
Total: 100.00%
INDUSTRY BREAKDOWN
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
60
80
100
120
140
160
180
200
220
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
20©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asia-Pac ex-Japan Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
9.3 1State Bank of India 47 1 6.7 (2.6) 15,612
5.6 2ANZ Banking Group 138 2 6.0 0.4 14,066
4.8 3Bank of China 88 3 3.9 (0.9) 9,022
4.5 4National Australia Bank Ltd 74 4 3.7 (0.8) 8,585
4.2 5HSBC Bank PLC 112 5 3.6 (0.6) 8,415
3.5 6Westpac Banking 81 6 3.6 0.1 8,345
3.5 7Sumitomo Mitsui Financial Group Inc 85 7 3.4 (0.1) 7,918
3.4 8Commonwealth Bank Australia 68 8 3.2 (0.2) 7,506
2.4 10Mitsubishi UFJ Financial 75 9 3.0 0.6 6,950
3.1 9Standard Chartered PLC 93 10 2.9 (0.2) 6,728
2.3 12DBS Group Holdings Ltd 68 11 2.6 0.3 6,140
1.9 16Oversea-Chinese Banking Corp 52 12 2.6 0.7 6,003
1.0 25Maybank 36 13 2.5 1.5 5,884
1.3 20Korea Development Bank 44 14 2.5 1.2 5,714
0.6 44KB Financial Group 30 15 2.4 1.8 5,622
1.9 15Mizuho Financial Group Inc 75 16 2.3 0.4 5,451
1.7 17United Overseas Bank 49 17 1.9 0.2 4,535
2.4 11Axis Bank Ltd 19 18 1.6 (0.8) 3,683
0.6 45Bank of Taiwan 55 19 1.5 0.9 3,456
0.7 35China Development Bank 11 20 1.4 0.7 3,228
TOTAL 100% 100% 843 232,819
Includes all eligible loans from Asia Pacific excluding Japan. Volume in USD millions.
345,289
Basic Materials 8.20%
Consumer Prod/Svcs 19.02%
Financial 28.23%
Industrial 18.96%
Oil/Gas/Elect 17.88%
Tech/Comm 7.70%
Total: 100.00%
INDUSTRY BREAKDOWN
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
120
160
200
240
280
320
360
400
440
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
21©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asia-Pac ex-Japan Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
10.7 1State Bank of India 21 1 8.4 (2.3) 10,646
5.5 3Bank of China 32 2 5.2 (0.3) 6,571
4.1 5HSBC Bank PLC 44 3 4.3 0.2 5,418
6.8 2ANZ Banking Group 36 4 4.2 (2.6) 5,411
3.6 7Standard Chartered PLC 45 5 4.0 0.4 5,098
0.3 58KB Financial Group 16 6 3.9 3.6 4,958
1.4 20Korea Development Bank 22 7 3.6 2.2 4,579
1.1 27Bank of Taiwan 47 8 3.3 2.2 4,221
4.7 4National Australia Bank Ltd 14 9 3.1 (1.6) 3,944
2.9 8Axis Bank Ltd 18 10 2.9 - 3,727
2.6 10Sumitomo Mitsui Financial Group Inc 23 11 2.5 (0.1) 3,206
2.9 9DBS Group Holdings Ltd 28 12 2.4 (0.5) 3,035
3.6 6IDBI Bank Ltd 11 13 2.4 (1.2) 3,033
0.4 51Woori Finance Holdings Co Ltd 10 14 1.8 1.4 2,325
1.5 19Mizuho Financial Group Inc 28 15 1.8 0.3 2,242
1.5 18Taiwan Cooperative Bank 45 16 1.7 0.2 2,197
1.9 15Mega Financial Holding Co Ltd 32 17 1.7 (0.2) 2,192
2.2 13Westpac Banking 15 18 1.7 (0.5) 2,157
2.5 12Citi 20 19 1.7 (0.8) 2,129
1.1 24Oversea-Chinese Banking Corp 13 20 1.6 0.5 2,073
TOTAL 100% 100% 456 127,336
Includes all eligible loans from Asia Pacific excluding Japan. Volume in USD millions.
218,061
Basic Materials 10.20%
Consumer Prod/Svcs 19.01%
Financial 30.68%
Industrial 20.05%
Oil/Gas/Elect 10.83%
Tech/Comm 9.22%
Total: 100.00%
INDUSTRY BREAKDOWN
30,000
40,000
50,000
60,000
70,000
80,000
90,000
80
100
120
140
160
180
200
220
240
260
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
22©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Australia/NZ Loans Mandated Arranger
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
17.6 2ANZ Banking Group 95 1 19.8 2.2 10,839
17.8 1National Australia Bank Ltd 70 2 15.2 (2.6) 8,340
13.4 4Westpac Banking 75 3 14.6 1.2 7,988
13.5 3Commonwealth Bank Australia 58 4 12.6 (0.9) 6,884
1.8 9Mitsubishi UFJ Financial 19 5 4.3 2.5 2,370
1.2 15Mizuho Financial Group Inc 17 6 3.6 2.4 1,963
3.0 5HSBC Bank PLC 22 7 3.5 0.5 1,943
2.8 6Sumitomo Mitsui Financial Group Inc 14 8 3.4 0.6 1,846
1.7 10Lloyds TSB Corporate Markets 10 9 1.7 - 940
0.9 20Bank of China 4 10 1.2 0.3 640
1.6 11JP Morgan 4 11 1.2 (0.4) 637
1.9 8Bank of America Merrill Lynch 7 12 1.1 (0.8) 621
2.8 7Citi 4 13 1.1 (1.7) 613
1.1 16Credit Agricole CIB 7 14 1.1 - 591
0.2 45RBC Capital Markets 3 15 0.8 0.6 452
0.2 40Barclays 8 16 0.7 0.5 406
0.1 49Export Development Canada 3 17 0.7 0.6 394
0.3 36Oversea-Chinese Banking Corp 4 18 0.7 0.4 387
- -Sumitomo Mitsui Trust Holdings Inc 2 19 0.7 - 368
0.4 29Standard Chartered PLC 4 20 0.6 0.2 346
TOTAL 100% 100% 146 54,787
Includes all eligible syndicated loans in Australia and New Zealand. Includes both domestic & foreign currencies. Volume in USD millions.
83,499
Basic Materials 5.79%
Consumer Prod/Svcs 24.21%
Financial 22.30%
Government 1.48%
Industrial 17.65%
Oil/Gas/Elect 21.12%
Tech/Comm 7.43%
Total: 100.00%
INDUSTRY BREAKDOWN
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
20
30
40
50
60
70
80
90
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
23©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Australia/NZ Loans Book Runner
1/1/12 - 9/30/12
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20112012
Underwriter League Tables
24.4 2National Australia Bank Ltd 12 1 29.1 4.7 3,682
27.0 1ANZ Banking Group 16 2 29.0 2.0 3,675
11.5 3Westpac Banking 12 3 14.5 3.0 1,835
9.5 4Commonwealth Bank Australia 6 4 9.2 (0.3) 1,164
1.4 10JP Morgan 2 5 4.0 2.6 503
0.7 21Citi 1 6 3.9 3.2 491
1.3 11Bank of China 2 7 2.7 1.4 343
0.4 29Mizuho Financial Group Inc 2 8 2.4 2.0 310
1.1 13RBC Capital Markets 1 9 2.0 0.9 247
0.9 15China Development Bank 1 10 1.3 0.4 168
- -Lloyds TSB Corporate Markets 1 11 0.6 - 82
- -General Electric Capital Corp 1 12 0.3 - 40
- -Investec PLC 1 12 0.3 - 40
1.8 9HSBC Bank PLC 1 14 0.2 (1.6) 24
0.8 20Bank of America Merrill Lynch 1 15 0.1 (0.7) 17
0.4 27Barclays 1 15 0.1 (0.3) 17
- -Wells Fargo & Co 1 15 0.1 - 17
1.1 13TD Securities 1 18 0.1 (1.0) 10
TOTAL 100% 100% 34 12,666
Includes all eligible syndicated loans in Australia and New Zealand. Includes both domestic & foreign currencies. Volume in USD millions.
39,699
Basic Materials 15.08%
Consumer Prod/Svcs 15.87%
Financial 20.14%
Government 6.42%
Industrial 22.30%
Oil/Gas/Elect 12.60%
Tech/Comm 7.58%
Total: 100.00%
INDUSTRY BREAKDOWN
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
0
5
10
15
20
25
30
35
40
45
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
QUARTERLY VOLUME
USD (Mln) / #Deals
24©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg Syndicated Loans - League Criteria
General Guidelines To be awarded credit within Bloomberg’s League tables, Bloomberg must be notified of the following information for all executed syndicated loan transactions: borrower's name, parent company, agent, country of origin, industry, facility amount, tranche amount(s), tranche type(s), purpose, syndicate list with titles, currency, capital structure rank, executed/funding date, maturity date and/or tenor. Credit is awarded as of the credit agreement’s execution date, regardless of subsequent events related to the transaction, with the exception of Asia-Pacific transactions that are signed in senior syndication (documentation required); credit is awarded ONLY on this date. NOTE: Any Asia-Pacific transactions signed in senior syndication and had already been credited in or prior to 2011, would not be eligible for credit in 2012. Regional and local tables are based upon the principal borrower’s country of incorporation, with the exception of Bloomberg’s Asia-Pacific and Latin American tables, which are based upon the principal borrower’s country of risk.
Note: Any change to the final facility size or participant list will be retroactively credited on the execution date for the EMEA region.
Amendments / Amended and Restated Agreements 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 is extended for a period of 90 days or more. A limitation of one amended maturity update is allowed per loan, per year. • Credit is allocated on incremental basis for increases in deal size. • Reduction in pricing. • Full release of security.
Note: For Bloomberg’s Asia-Pacific ex-Japan tables, full credit is awarded to loans with a material change in financial covenants as a result of deteriorating credit quality. Eligible Roles and Credit Allocation Full credit is awarded to the sole bank satisfying the highest of the titles as detailed below. Credit will be awarded equally among multiple banks that share the highest title. There is no limit on the number of arranger or bookrunner titles on any syndicated loan. Multiple arrangers or bookrunners under the same parent are considered as one bank.
Note: U.S./Canada underwriter tables are driven by the bookrunner(s). If there is no bookrunner(s) title given on a deal, all league credit is then awarded to the bank(s) holding the highest arranger title.
Bookrunner Tables - Hierarchy • Asia-Pacific: bookrunner. Minimum of three participants are required for the bookrunner title to be awarded. • EMEA/Latin America: bookrunner. • U.S./Canada: bookrunner, joint book runner, book manager, joint book manager.
Arranger Tables - Hierarchy • Asia-Pacific/Latin America: mandated lead arranger, mandated arranger. • EMEA: mandated lead arranger. • U.S./Canada: lead arranger, co-lead arranger, arranger, co-arranger.
Agent Tables • Asia-Pacific/EMEA/Latin America: Full credit awarded to sole bank satisfying the title of facility agent.
Bloomberg Syndicated Loans - League Criteria
• U.S./Canada: Equal credit allocated among banks given the title(s); administrative agent, co-administrative agent, syndication agent, co-syndication agent, document agent, co-document agent.
Japan Tables A new loan deemed substantially similar to the refinanced loan having the same purpose will only be credited once per year.
Asia-Pacific ex-Japan FRN’s, Club Transactions and Self Arranged Transactions defined as FRN’s, club and self-arranged are eligible for Mandated Lead Arranger credit only. Table Types Investment Grade: All eligible transactions with investment grade ratings from each of the rating agencies (i.e. a rating of Aaa to Baa3 by Moody’s and AAA to BBB- by S&P). Leverage US: 1) The borrower's senior debt has a non-investment grade rating by one or more rating agency (i.e. rating of Ba1 and below by Moody’s or BB+ and below by S&P), and the spread at close on the deal is greater than or equal to 225 basis points above LIBOR, or 2) the loan is not rated and the spread at close is greater than or equal to 225 basis points above LIBOR. High Yield EMEA: 1) The borrower's senior debt has no rating or a non-investment grade rating by one or more rating agencies (i.e. rating of Ba1 or lower by Moody's or BB+ or lower by S&P), or 2) the purpose of the loan is defined as a management buyout (MBO) or leveraged buyout (LBO), or 3) spread is greater than or equal to 300 basis points. Sponsor-led: Eligible deals with LBO financing are sponsor-led and are eligible for the Bloomberg’s EMEA Sponsor-Led Leveraged Loans tables. Exclusions
• Bilateral transactions. • Loan guarantees, including but not limited to Letter of Guarantee, Performance Bond, CP Guarantee or Bank Guarantee. • Transactions with a maturity of less than 90 days. • Cancelled or withdrawn transactions that are not executed prior to the deal’s cancellation or withdrawal.
Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
{IDOC 2065648 <GO>}: Syndicated Loans {IDOC 2061504 <GO>}: Structured Note {IDOC 2016703 <GO>}: Fixed Income {IDOC 2016701 <GO>}: Equity {IDOC 2027097 <GO>}: Equity Linked {IDOC 2027014 <GO>}: Legal Adviser Fixed Income {IDOC 2021549 <GO>}: Legal Adviser Equity
Bloomberg L.P. Syndicated Loans League Tables represent transactions that are executed and for which Bloomberg has been notified. 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. Accuracy Claims & Inquiries: All League Table participants have the right to examine the accuracy of League Table data as published on the Bloomberg Professional Service. All accuracy claims and inquiries must be submitted in writing and with adequate explanation and documentation. Bloomberg will investigate all accuracy claims and inquiries in a timely manner, but cannot assure completion of its investigation by the respective League Table deadline.