1H2017 Cover Page.ppt - Thomson...

GLOBAL CAPITAL MARKETS REVIEWREUTERS / Andrew Winning

GLOBAL CAPITAL MARKETS REVIEWLEGAL ADVISORS

First Half 2017

2

1

Global Straight Debt Excluding ABS & MBS (G03) - Issuer

1

Global Straight Debt Including ABS & MBS (G02) - Issuer

Global Straight Debt Including ABS & MBS (G02) - Manager

2

2

1

Global Debt, Equity & Equity-related Excluding FCA (G01) - Manager

Quarterly Global Legal Advisor Debt, Equity and Equity-related Chart

First Half 2017 | Global Capital Markets | Legal Advisors

GLOBAL CAPITAL MARKETS REVIEW

Table of Contents

Global Capital Markets

Global Deals Intelligence

Global Debt, Equity & Equity-related Excluding FCA (G01) - Issuer

1

10

10

Australia International Bonds (BW1) - Issuer

Australia International Bonds (BW2) - Manager

EMEA Capital Markets

7

7

All International Bonds (AV1) - Issuer

All International Bonds (AV2) - Manager

Canada Capital Markets

6

6

6

6

Canada All Debt (CAL1) - Issuer

Japan Capital Markets

Japan Common Stock (JL1) - Issuer

Japan Common Stock (JL2) - Manager

Samurai Bonds (JL5) - Issuer

Samurai Bonds (JL6) - Manager

11

11

11

11

Canada All Debt (CAL1) - Manager

Canada Equity & Equity-related (CAL4) - Issuer

Canada Equity & Equity-related (CAL4) - Manager

US Equity & Equity Related (AB2) - Manager

4

4

US Debt, Equity & Equity Related (AB1) - Manager 4

Global Straight Debt Excluding ABS & MBS (G03) - Manager

US Capital Markets

2

US Equity & Equity Related (AB2) - Issuer

12

Thomson Reuters Solutions For the Deal Making Community

13

Global Equity & Equity-related (G08) - Issuer

3

4

7

Global Equity & Equity-related (G08) - Manager

US Debt, Equity & Equity Related (AB1) - Issuer

3

US Straight Debt Including ABS & MBS (AB6) - Manager

US Straight Debt Including ABS & MBS (AB6) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Manager

5

5

5

5

Australia Equity & Equity-related (BY2) - Manager

9

10

10

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) - Manager

Australia Equity & Equity-related (BY1) - Issuer

Thomson Reuters Contact

8

8

7

te at o a o ds ( ) a age

EMEA Equity & Equity-related (AX1) - Issuer

9

Asia Pacific G3 Bonds (BV1) - Issuer

Asia Pacific (Ex Japan) Capital Markets

8

8

Asia Equity & Equity-related (BX1) - Issuer

Asia Equity & Equity-related (BX2) - Manager

Asia Pacific G3 Bonds (BV2) - Manager

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) - Issuer

EMEA Equity & Equity-related (AX2) - Manager

https://www.thomsonone.com

Sa u a o ds (J 6) a age

Criteria Summary

Ranking Criteria Summary 12

-230.343

10

0.345

0.4

57

16 15

10*12

5315

50

Skadden 0.5Grandall Law Firm

King & Wood Mallesons 0.557

11*

Freshfields Bruckhaus Deringer

11*

Sidley Austin LLP

9

17Baker & McKenzie 19Kirkland & Ellis

18*Morgan Lewis & Bockius

▼-110.5

13

1045,356.3+12

0.4

▼61

23

0.6 -14

0.4

0.454

+37

67

▲

105,040.3123,770.2

121,829.4

3.2-284

10.9

97,582.3

0.7

▼

0.874,306.7

▼

4111 1.97

Change in

+39Latham & Watkins-10

+1.0 ▲

Rank# of DealsShare

Anderson Mori & Tomotsune

Cleary Gottlieb Steen & Hamilton101

6976

2

6

16*

Jan 1 - Jun 30

Market# of Deals per Advisor Proceeds per Advisor (US$m)

2.51Proceeds

Global Debt, Equity & Equity-related Ex FCA (G01)

▼

13

1

2017 Rank Deals

# of

1.1

8

46 82


GLOBAL CAPITAL MARKETS REVIEW†

Global Debt & Equity Proceeds Down 6% | Equity Proceeds Up 33% | Straight Debt Proceeds Down 9%

Share Ch.Market

-0.3

Market

141Sh (%)

2016 Rank

5

2 7*

Sullivan & Cromwell

Linklaters 3

Issuer Legal AdvisorAllen & Overy

+243

▲0.60.7

14▼

+3▲

42 0 3

▲0.3▼

▲+12▼

1511,546.8

60 -

0.8

19 0.5

▼+0.1

00 1-0.1▼

25,031.2▲

0.4

-0.1+0.1

▼

-20.814▼

-0.2

-0.10.2-0.2

30,247.7

1.418

31,129.3

53,296.30.6

▼

54,263.5 ▼1.49,112.7 40 ▼

9

0 --5 ▼

-0.122 015,389.0 0.4

+0.2▲ 88,167.4 630

2.3

+1.1

+0.11.12.388,790.9

-185

1.2

+0.72.7

7

▲

-0.8 ▼

0.3

▲3.1

▲+0.111,731.0

-1

▲12

0.5 ▲

Davis Polk & Wardwell

White & Case LLP 9Mayer Brown LLP

Clifford Chance

-9Simpson Thacher & Bartlett

0.5▲

8

42,462.37*4* 64

-

+15

▼

▲14

5110*4*

▼-31 ▼

32+2

20

16*

▲

-0.1+0.4

18*

3 973 918,633.8

▲

25*

43

Conyers Dill & Pearman 20

Total combined debt and equity capital markets activity totaled US$3.9 trillion for the first half 2017, adecrease of 6.1% in comparison to the capital raised in the same period last year.

Allen & Overy was the top overall advisor to issuers across debt and equity in the first half of 2017;advising issuers on 141 deals totaling US$97.6 billion. Allen & Overy was also the top overall advisorto managers across debt and equity in the first half of 2017; advising managers on 490 transactionstotaling US$276.3 billion.

Global Straight Debt excluding securitizations totaled US$3 trillion in the first half of 2017, representinga 11.5% decrease compared to the first half of 2016. The total number of deals executed in the firsthalf of 2017 (8,709) decreased by 11.9% relative to the same period in 2016.

Global equity capital markets activity totaled US$400.4 billion in the first half of 2017, representing a32.7% increase from the same period last year. The total number of deals executed in the first half of2017 (2,759) increased by 30% relative to the first half of 2016.

Latham & Watkins took first place among issuer advisors in global equity capital markets during thefirst half of 2017, with 49 issues totaling US$14.7 billion. Latham & Watkins was also the leading globalequity and equity-related legal advisor to managers, having advised on a total of 92 transactions with atotal value of US$25.1 billion in proceeds raised.

Global follow-on offerings totaled US$273.0 billion during the first half of 2017, an increase of 26%compared to a year ago and the strongest first half for follow-on offerings in two years. Follow-onofferings from companies in the Financial sector accounted for 27% of capital raising during the first

hare

21 ▲▼

0.5Stikeman Elliott 19* 23* 36 0.3 ▲

Quarterly Global Legal-Advisor Debt, Equity and Equity-related

King & Wood Mallesons 19* 45 0.117,862.1

-0.1+0.4

10 36 0.3 -47 4,399.8

Mayer Brown LLP

1918

Cleary Gottlieb Steen & Hamilton

10.4%% Change from Last Quarter-3.7%

† Excludes Federal Credit Agency Issuance

-5.8%▼

▼

12,545Industry Total

-6.1%

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

% Change from Same Period Last Year

-484

▲


75

▼+15

+12

-

3,925,015.1▼

15,537.3

Simpson Thacher & Bartlett

1412

131011*Morgan Lewis & Bockius

Sidley Austin LLP

Skadden

11*

Latham & Watkins

6

100.0

45

0.30.3

73

Davis Polk & Wardwell 3

0.5

4

1

3 52

Allen & Overy

Industry Total

10.4%

15

69

-3

0.6 +180.6 +9

0.5+24

12

+4

16

3839

0.4

681715

18

62▲

29,332.9 17 +0.10.81.6

14 1.1

0.40.5 0

22▲

▼ 1.0 -0.2

+0.277,494.0

20

0.6

▲ 64,023.5

18,635.40

30

1042,084.8

▼

2.014

▲

6

991

81.6

73 0.6 -17▲

40,124.9

0.781+17 ▲

▲

63,709.8

Sullivan & Cromwell

+0.81.51358,900.7

100,490.5 6 2.611

▼

+12

Clifford Chance -25

5126,463.47

96 ▼▼

8

0.8

▼2.03.2

131,674.2

-34-2

84

+74

+1+221.5

2.5+61

▲ 159,753.1▲

▲183

# of Market

42 0.3

Deals

▼

+140

5 7

247,381.21 3.9

315490

103182

1.5

-3.7% ▼

100.0

-6.1%

▲+12-484

60 03,925,015.1

0.1100.0

Change in

12,545

▼

3,973.9

# of Deals per Advisor

▲

25

2017 Rank

2016 Rank


Global Debt, Equity & Equity-related Ex FCA (G01)

Proceeds per Advisor (US$m)

RankProceeds

0.783

40.7

0.8


13White & Case LLPCravath, Swaine & Moore

17

Conyers Dill & Pearman

Cahill Gordon & Reindel 9Shearman & Sterling LLP

20

Linklaters

Manager Legal Advisor

% Change from Last Quarter

2

16

▼

Hogan Lovells

15

100.0

▲+0.3 ▲

* tie

+0.1

-0.1 ▼▲

▲▼

+0.5

3 +0.1▲

▲

# of Deals

▲▲1

6.387,060.2

Share Ch.▲

▲

Sh (%)276,296.4 7.0 +0.3

+1.9

4.1+0.1

-5.8% ▼

Market

Jan 1 - Jun 30

Market

72

2.2

-0.3

▲

3.4

9-0.883,593.1 2.1

78,206.6 -0.1▲▼

▲

▼

+0.5

▲

-+0.2

offerings from companies in the Financial sector accounted for 27% of capital raising during the firsthalf of 2017, up significantly from 13% of overall follow-on offerings a year ago, while media offeringsincreasd nearly five times compared to first half 2016.

The volume of global high yield corporate debt reached US$223.3 billion during the first half of 2017,an increase of 44% compared to the first half of 2016 and the strongest opening half for global highyield issuance in two years. United States high yield issuers accounted for 54% of the quarterly total,down from 61% a year ago. China and the United Kingdom accounted for 7% and 6%, respectively.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0

500

1,000

1,500

2,000

2,500

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q 4Q

1Q15 2Q 3Q 4Q

1Q16 2Q 3Q 4Q

1Q17 2Q

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

1

3,491,119.6

Share Ch.Proceeds


100.0

-0.6

117Latham & Watkins

2

# of

4.9

Market

5

0.8

2.3

11

+0.1


10

Morgan Lewis & Bockius 10 7

6*

+21▲▲3 1.2

4

+147 +0.5267

▲ 268,959.8+702.8 6.4

476▲

▲

91 0.9

0.8 +15-2977

73

+27

-

73

▲8

8

▼

70

Clifford Chance▼

71▼-3172

58

10 1.8

-15

▼

0.8

42,656.2

29,249.8

7.72

61,979.2130,426.3

2.1

3

# of Deals Sh (%)2017 Rank Deals

Jan 1 - Jun 30

Change in Share

2016 Rank

Jan 1 - Jun 30 Global Straight Debt Including ABS & MBS (G02)

Rank

# of Deals per AdvisorMarket

Manager Legal Advisor Share

Global Straight Debt Including ABS & MBS (G02)

Proceeds per Advisor (US$m) # of Deals per AdvisorMarket

GLOBAL DEBT CAPITAL MARKETS†

124Allen & Overy 1 1 ▼

Change in # ofIssuer Legal Advisor Deals

2017 Rank

79,961.9

1

64

4

▼0.6▼

59,641.245,223.6

750.7

7+0.3+1.0

+0.80.921.3

# of Deals

0.8 ▲

4 -0.2-13

▲1.7

2.81.3 ▲8

▲3

-0.1

99,715.8▼

0.3

0

+0.18,693.9

▲

113,562.7

6

16

31▲

-6▼▼

▼+0.20.816

Cravath, Swaine & Moore 22

9,645

17

0.3▲

17 29*18*

Shearman & Sterling LLP

18*0.30.329

8

100.023*

0.30.2

16,806.4

13

▼9,438.3

+8 ▲-3427

28

1.1 +0.8Mayer Brown LLP

▲

Skadden1.2-0.4

▼▼0.7

-0.120

Hogan Lovells-0.1 Milbank Tweed Hadley & McCloy

1.10.5

Industry Total

12

Baker & McKenzie 20

0.330Gibson Dunn & Crutcher

23

+18

-1,048

▲

▲

35

37,381.7

▼

▲▼

▲-16

+25

19,037.7-0.4

0.4

3.361

2.9

5 ▼▼

14

57


+0.5

19

Industry Total

2

▼▼

White & Case LLP-0.2

Cravath, Swaine & Moore

7

2+0.798,691.6

Linklaters

Cahill Gordon & Reindel

+150.6

60.6

▲26,190.4

▲3

9113 +35

-1

6 6

2.689,264.0 Allen & OveryRank

1Share Ch.Proceeds

2016 Rank


Sh (%)▼

Market MarketMarket

1 1 ▲

04

+0.2

3.32.1 -0.8

-0.47

3.4

8

0+2.1

0.3

-17

223,458.83.7

24

-0

21,740.8

72,028.21.6

+0.3

0.417 0.41819

0.80.7

14

12* 42

▼▼

King & Wood Mallesons

1213

-9

+134

0.70.7

9

64

118,516.5

▲

0

100.0

74,082.0Anderson Mori & Tomotsune 3

-

▼▼

1254,953.4▲

0.6 +1185,789.7 5

1.11245 0.552 2.5

-23-13

Linklaters

Latham & Watkins 5 14 62Mayer Brown LLP 4

2Cleary Gottlieb Steen & Hamilton

9

Davis Polk & Wardwell 8 10 55

Sullivan & Cromwell

-0.140

Clifford Chance 9 7

Kirkland & Ellis 11

0.5

15*10White & Case LLP 5

0.4

▼

▲ 0.8▼

Freshfields Bruckhaus Deringer 12 15* 39 0.4 +3

0.40.4 -35

-8Sidley Austin LLP 13Simpson Thacher & Bartlett 14* 11 35

4 37

14*

Morgan Lewis & Bockius

17

11

109Skadden

27

40,843.4

39,634.9

23,130.336,859.7

4

11

18 0.6


1.2

+0.8145

Sidley Austin LLP

Sullivan & Cromwell

5

Simpson Thacher & Bartlett 6* 6

3

+0.4

+0.169,823.5 9

1.2

2.0

115,294.1

92,027.2-0.239,933.0

12*+13+18

0.6

▼▲

0.65315▲

▲+0.4+9+9

+0.21.860,981.1

029,244.4

11▲▲ 13

15 +0.217 43 0.5

18

14 16 48 0.5

26

169 34

234,151.4▼

- 12,733.4-45

100.0

▲

▲

▲-

▲

--0.10.1

▲

▲▼

▲

33

3,491,119.6

42,841.4

1.12.66

+0.2 ▲+4 ▲

9,645 -1,048+6 +0.2 ▲

0.6 ▲

36,729.7

0.40.3

15

▼

16

19

1.10.8

▼

McCarthy Tetrault 20 22* 19 +3 9,683.1▲0.2▼

24 0.3 0 -

2.0

▲

Industry Total-0.2 ▼

-10 ▼

0.7 0.3

▼

0.3 ▼100.0

0.3

Sidley Austin LLP 19* 819* 15*

2222

-

▼

▼

-1,17422 0.4

% Change from Last Quarter-11.9%

8,709

▲


3,039,494.7 100.0

▼

-203,039,494.7

▼▼

▼-1,174

0.3▲

11,957.3

-11.5%

100.0

▼0.1


44

-61921 +4

-0.1

16Hogan Lovells17*

1917*229,683.1McCarthy Tetrault

15

25*

19,555.039,492.9 10

10,236.023

13 14Gibson Dunn & Crutcher

30+1829*

26 ▲+0.220,608.1 1627*

0.3

+7

29-4

0.315 1714

16*

0.3

King & Wood Mallesons 3,843.1

26 0.3 ▲

17

18+13

0.1▼1.3 0 - 23Milbank Tweed Hadley & McCloy

340.7

-0.2

▲

▲ Latham & Watkins▼


Linklaters

▼0.3

0.60.3 +3

▲

Skadden

8Sullivan & Cromwell

0.3

+0.2

1.2

▲

39,843.21.4

15-5

9,438.3

▲

Simpson Thacher & Bartlett-

Cravath, Swaine & Moore 10

1

3.7 -0.64

▲ Davis Polk & Wardwell+1.3

Cahill Gordon & Reindel 9

+214 ▲

1.15 69 0.8

18

120.545

7

0.2

16

11 64

▲

+0.1+0.2

-0.4

▼

0

▲2.82.6

43

9

4513

Shearman & Sterling LLP51

11*

6*8,693.9 0.329

31

Sidley Austin LLP+14

1.3

0.88

▲

▼

13

39

0.6

▲

1.9

49,369.0

+6 62,247.2

+12▲ 14King & Wood Mallesons

+0.9 15

-0 White & Case LLP▼ 10

-70.9

32

Mayer Brown LLP

11

16*

40,956.2129

26+3

Skadden 1411*11 9 -0.4

▼11Cleary Gottlieb Steen & Hamilton

20

Freshfields Bruckhaus Deringer 12*Simpson Thacher & Bartlett

10 0.50.4

Kirkland & EllisCravath, Swaine & Moore


▼

0.6 ▼

34

36,859.7

0.4

-15 85,028.8

+4

0.3 ▼

+10

▲

+0.6

+0.232,880.426,190.4

▼

79,761.9

23,130.3

4

390.541

500.6

61

540.757

-8.6%

Market

-9.8%

# of Deals per AdvisorChange in


2016 Rank

# of

▼

86,198.0

-6.2%

Market

▲

Issuer Legal Advisor

▼

Share Proceeds

Jan 1 - Jun 30


2.8


0.7

% Change from Last Quarter 14.4%

+230.712*Latham & Watkins

Allen & Overy

Global Straight Debt Excluding ABS & MBS (G03)

Linklaters

Deals1

2017 Rank

1.3

▲

11721

1.0

-22

# of Deals-12

16-6

▲

▼

92,698.8

▲▼

8

71

12

65

13

6

73

71

+153

1

8

73,750.5

3*

90

0.7

% Change from Last Quarter▼

-0.4+1.0

115,006.3 3.8 ▼


6*+0.6

Clifford Chance0.8

▲

0

+0.1

10▲

+0.413

2.1▲

+0.4

1.0

3.0▲

-12▲ 1.4

92,027.2

31,731.0

▲0.5

12

+4

14

56,665.3

4,151.40.5

▼0.5

0.4

-9 4-32

115,294.1

0.7 +18-12 5

6

0.8▼

91


1.3

0.8

5.2

▲

+135

0

+2.6

54,953.4▲ 117▼ 2.4

2017 Rank Share Ch.Deals

▲# of Deals

Global Straight Debt Excluding ABS & MBS (G03)

# of Market

1177

3.3 +1.0

▲

-0.1113,562.7 1▼3Anderson Mori & Tomotsune

+2

5Sullivan & Cromwell65

62 59,641.2▲+27

23

▲

Share Ch.453

3.1

Allen & Overy▲ 298,658.1 265

Jan 1 - Jun 30

3* 10

▼

+0.8

4Rank

-0.22

62

Sh (%)MarketShare

2016 Rank

Clifford ChanceDavis Polk & Wardwell

6

7

White & Case LLP 9

7

▲▼

8

-45

5

41,013.9

▼▲

-0.1

▲0

17

Baker & McKenzie +9

▲21,398.628 ▲


14.3%% Change from Last Quarter -9.0%* tie† Excludes Federal Credit Agency Issuance

-11.9% -9.0%-11.5% 14.3%

100.08,709


Industry Total

1.6

21

▼

8.3

1.8

3.8

130,426.3

▲

▼


Rank

▲

▲

+0.2

+0.1

▲▼ -8.6%

3▲

Proceeds

-

7.3+0.7

-

2.0

14.4% -6.2%

+0.2

▲

4.3+29

222,730.73.02

1.0

▲ 2

Market

▼

961,979.23

+74

Change in

▼-9.8%

1252,492.6

Market

0.2

0.2 -40.2 +12

▼▲

+0.1

-

+0.4

▲

Sh (%)

0.3 018 0.5 +0.4

Freshfields Bruckhaus DeringerStikeman Elliott

19 17 17 7,817.516,174.5

2320 41* 16 ▲

2

▼

22

18*

10*

Goodwin Procter LLP

Norton Rose Fulbright

Cassels Brock & Blackwell LLP

Stikeman Elliott

13* 9

0.1

0.4

Freshfields Bruckhaus DeringerWhite & Case LLP

129* 10*

22Herbert Smith Freehills

15

▲

▲17

+9

+1218

0.5

4*

-0.30.346

1.4-0.6

18

+2 1,267.2

0.1102 -6,223.5 1.6

1,533.6189.1

2.4

▼▲

-0.44

▲1.5

28,635.3 125,080.9

3

3.3 +34 ▲2

92 -1.7

GLOBAL EQUITY CAPITAL MARKETS

27.2 ▼

▼0.6

▲3.25.9

-1.8

-

-0.3

▼

+0.3 ▲

0

▼

+0.3+2.7

+6

▼

8 2.6+6

5,975.8 +0.4

14

▲

▲23 0.8

0.50.5

0.7

0.6

23

0.7

0.8Baker & McKenzie 9* 4*

Covington & Burling 16

446.4▼

▲

▲0.8

0.9

1913*0.7

211.8

17▲0.8

10*

5* 16

Blake Cassels & Graydon 9* 13*

247*7* 7* 24

▲ 9,511.1-0.10.9 5,355.1▲

+6+12

0.9

+0.7

19

1.8 +1.1

1.3+0.3

6

Norton Rose Fulbright

2.28,850.8 7107

Baker & McKenzie ▼ 4718* 21*20*

0.1

0.8

1.2▲+7▲+11

8,166.7▲ 9+0.2

0.9

+1 ▲ 1,703.6 542,086.1

20561.0

+5

-0.80.5

17▼

Borden Ladner Gervais LLP▼-0.1

-

▼-1.314Appleby

▲Sidley Austin LLP4,645.9

19 0.7 -520*

18*▲

+7

-

0.720

Blake Cassels & Graydon

+640*

20

0.73

Venable LLPSullivan & Cromwell

0.7

8* 19

2114* 13* 0.8

12* 10* 22Davis Polk & Wardwell 14*

0

+9▲

280.8 ▲23* 21

49* 21Goodwin Procter LLP 14* 10* 21

14*

41

2.0+13

0.10.6

0.80.8 ▲

▲

-1

3,649.2

2,403.0

▼-0.2 ▼

410

2.9 -0.5-▼ 554.4

11,607.4+6Handsome Attorneys at Law 12* 4* 22 0.8Skadden

108

Vinson & Elkins LLP13

0Zhong Lun Law Firm 10* 16* 23 0.8 +9 ▲Wilson Sonsini Goodrich & Rosati 10* 30* 23 0.8 +13

5 2.6 +0.3▲ 10,471.51.66,374.4 +0.2▲

35Deheng Law Offices 8* 40* 25 0.9 +16 0.8▼

8* 7 25 0.9 +63,037.0▲ -0.5

Grandway Law Offices 7 23* 26 0.9 +14 ▲

1.6 +1.344

2,039.0 502,290.2

0.5 -0.10.66 21* 27 1.0 +14

▲5 23* 29 1.1King & Wood Mallesons 4

-0.9▲ 24

3,580.93,936.3 1.0

29

6

AllBright Law Offices

▲+22

4* 30 1.1

4*

▲Cooley LLP +17

Conyers Dill & Pearman 3 2 42 1.5 +13▼0.92Grandall Law Firm 45 1.6



# of

Latham & Watkins1

2016 Rank

65

MarketSh (%) Share Ch.# of Deals

2.4

▼

▼Manager Legal Advisor

Latham & Watkins 1 +1449▲

1

▲3 +6

Global Equity & Equity-related (G08)

+1

DealsMarket# of

Proceeds2017 RankShare Deals ShareIssuer Legal Advisor

2017 Rank

2016 Rank

Proceeds per Advisor (US$m)Market

Share Ch.MarketChange in

Jan 1 - Jun 30



▲▲

-0.5139

72

▲ 7,316.4

▲

15 305*

12,918.1

7*

372,366.80.9 +1325

▲

-0.1

▼

▼

▲

-0.2

0 -

▲▼

-5

42

1320*

39*

Allen & Overy-18* 6

33*14

41

+2 7,306.5

+3

10,524.7

1,546.619,906.2

▲+7

1.1

0

4,396.3-

0.6

155,752.3 -1.2

0.4▲-

+0.1 ▲

5.0

▲

▼-0.8

6.3

MarketProceeds per Advisor (US$m)

Jan 1 - Jun 30

23,767.3

-0.4 21.8

Market Change in

Global Equity & Equity-related (G08)

▲Proceeds

10,129.26,559.8 12

2Rank Sh (%)# of Deals

+7

1

▲

0.4

14,665.5

7,990.8

1 3

Clifford Chance

+8

Linklaters

23

1.148

+1617* 25

3▼

Cooley LLPSkadden

▼

▼

▼

+1.5▲

-0.12.5

3.7

19

16-2.72.0

Jingtian & Gongcheng 20* 24* 13

Simpson Thacher & Bartlett 4

▲ 1,194.6

-6

1.7

Rank

▲ 5 080 6 1847

White & Case LLP 20* 16* 19 0 7 +5 ▼ Mintz Levin Cohn Ferris Glovsky & Popeo 20* 24* 13-0.30.5 +5

0 -0 5 +5 ▲ 285 6 83 0 1-1 6+637 ▲ 100.0Industry Total 2,759 100.0100.0

% Change from Last Quarter 0.1% ▲ 2.4% ▲

400,430.9

▲ 32.7% ▲ ▲

▲

% Change from Same Period Last Year% Change from Last Quarter 0.1% ▲

30.0% ▲% Change from Same Period Last Year

100.02,759 +637

30.0%

Industry Total


2.4%

400,430.9

▲32.7%

* tie

1.3


▲ 5,080.6 18White & Case LLP 20 16 19 0.7 +5 ▼ Mintz Levin Cohn Ferris Glovsky & Popeo 20 24 13 00.5 +5 ▲ 285.6 83 0.11.6

3

▼+6 ▲ 7,645.919* 25 0.5

18Dechert

▲

1413

43

Industry Total

2.3

10+1265,771.2

8

2.2

3.48

-

▼

▲118,113.4

▼1 7.0 -2.5▼7.0 -2.7291

57,395.7

118,302.8

-343.1 +9

▲

64

+13

3.8

-0.5

12

3.6

8 10 60 2.93.1

2.6

-1.5

79

▲2 75

64 +2

5

7▼

Skadden54▼ 9*

66*

9

Mayer Brown LLP 141312

Allen & Overy54

11 4911

4.6

9*Cleary Gottlieb Steen & Hamilton

6.15.0

4Sidley Austin LLP

▼

5

▲

24

12,558.0

1.2 19,600.3

+9 ▲4,364.9

22.8

42,687.6

22,603.5

8

2.1112.0

+17▲

▼▲

-7

+2

7▼

▼

12

▼

▼Morgan Lewis & Bockius

40

▼

-0.5▼

26 8%

▲+216* 21

19*19,690.8

22

▲+444

Milbank Tweed Hadley & McCloy ▲

Vinson & Elkins LLP 21* 19

16*

46

-5

1,689,139.22,099

1.1 ▲

0.9

+31.0

▲▲

0.96,597.8

-0.10.4

Goodwin Procter LLP

19

White & Case LLPCooley LLP

152216* 24

16*

25*

+0.1

100.0

27+0.4+0.30.5

1.2

+10 ▲+1.4

7,814.640

18

0.1

38 1.831 28,648.7

2,165.7 0

2.1▲

1.1+20 ▲1.5

+14

1527,520.5+16

3.2▲617

▼+0.1

+10

3

988,455.3

+12

54,113.6-0.138,726.9

-1.0

+1.05.2

12

67,661.1 799,537.1 -0.95.9

4

+0.2

3.6▲

▼

▼

72,437.2

1.61.4▲

-2.7

-1.0

▲▲

▼

13 1.7

114.3

▲

▼4.03.9

▼

2.3

-0.2 ▼▲

▲

+20

▲


+2060,759.2

22,763.0

▲

2.6▲

▼6*

-

+1.2

24



US Debt, Equity & Equity Related (AB1)

138 6.6

# of DealsMarket

79,161.5

MarketSh (%)Sh (%) Share Ch.RankSh (%)

MarketDeals

-0.64.7 ▼Manager Legal Advisor

5Proceeds

▲+59166 7.93.5 ▲+1.8

Change in # ofShare Ch.

4Davis Polk & Wardwell 2 1

3


Latham & Watkins 1-3.0

3

US CAPITAL MARKETS REVIEW†

Jan 1 - Jun 30

2017 Rank

2016 Rank

# of Deals per Advisor Proceeds per Advisor (US$m)Market

Rank59,878.7

2.9

# of Deals per Advisor# of

US Debt, Equity & Equity Related (AB1) Jan 1 - Jun 30

Market

52.356

Change in

13.1

+123.5 +26 ▲

-0.5▼

-0.4

78

245

8

486

1,689,139.2

14,760.2

-1.4

▼Cravath, Swaine & Moore

-0.7 Cahill Gordon & Reindel

-0.6

Sullivan & Cromwell▼

▲Linklaters

1.72.5

▲

-0.40.5

▲

+1.8

30

19

▼2.20.9 +0.2 ▲

▼

43▲12,318.4 23

0.3▲30* +11

1.2250

16

1.1

▲


18*+1

+10

1.1

31

22

+2

+4

+14-

▼

1.2

-5

14Paul, Weiss

18*

Industry Total

-1.6

19,929.836 +0.3

1.26,089.8

-0.27,671.6

100.0

30 1.4

22 1.1

15

▲1.4

231.1

2,099

2.4

36,812.3

▲

▼

15 3%

43

▲

0.79

27,986.06

▲22

38▲

1.8 +261.5

-2940,083.2

1.9

MarketDeals

3

1.3

2.3-3

48,142.539,466.8

4*41

66Cleary Gottlieb Steen & Hamilton

2017 Rank

4*

2016 Rank

21

Issuer Legal AdvisorLatham & Watkins 74

59

Sh (%)

Mayer Brown LLP

Skadden

Sullivan & Cromwell64



9

5

▲ 103,685.2

2.7

3.185,036.0▲

▲

Kirkland & Ellis

1214 10 26

152913

1

11Gibson Dunn & Crutcher

White & Case LLP

Vinson & Elkins LLPCravath, Swaine & Moore

11

Morgan Lewis & Bockius12

13

0.7

28* 0.415

Goodwin Procter LLP

▲Cooley LLP

19* +5

Sidley Austin LLP

Wilson Sonsini Goodrich & Rosati

10


9

6

26*

17 24*16

+0.6


4

34.3

# of Deals Proceeds

7+32

+977,293.4

0

-1.7

▲

-0

100.0 +444

26 8%

100.0

-0.7

15 3% ▲

Venable LLP 20 16 21 1.0 +2 ▲ 8,850.8 26 0.5 +0.1 ▲

† Excludes U.S. Federal Credit Agency Issuance

Eversheds Sutherland LLP 19* 33* 7 1.4 +4 +3

# ofDeals

120,116.5

2,189.5

504 100.0

▲ 401.6 57 0.3 +0.1 ▲Dechert

▲

+169

2017 Rank

▲ 100.0120,116.5▲

17* 151.2


+3

▼

1.2 -24* 6

▼-0.4

▲

-▲

9

2.3 -0.91,616.7 18 1.4 +1.4

▲-- 171.9 43 0.1

1.8

Industry Total26.9%

530.9+1

▲


Ellenoff Grossman Schole & Cyruli

2 55


8*

12*

10*

Manager Legal AdvisorMarket

▲% Change from Last Quarter

# of Deals

▼

Jan 1 - Jun 30

Deals Proceeds Rank

▲-4.5

▲

▼

10*

7

▲

11

8

9 ▼

67 1.4 +5

1.8

3.6

1.2

-4.05

24*-5

9

2.2-5.0

+10

▼

+0.9▼-0.1

4,358.9 8

1,399.60.2

▼37

10 3.1

5.5

-1.9

2.0 ▲2.7

0.1 0+1.3

-

▲3.8

+5.24,611.0

▲

▲

* tie

3,205.2▼1.8912*

10*Vinson & Elkins LLP 8*

1.8


100.0

▼

Industry Total

12* 29*▲

▲Gibson Dunn & Crutcher 15

Proskauer Rose LLP

Fried Frank Harris Shriver & Jacobson

14*

Sullivan & Cromwell

6

17*

24*

17*Baker Botts LLP

17* -

▲14 2.8+412+3

2.4

2.2

3.7+11

6

2,767.2 12

▲

21▲ 270.6

▲ 2,165.7

7▲▲ 4,408.6

5.8

9.0

Proceeds1 86 +33

Sh (%)

4+4 7,020.6+0.8+3.5

10,846.5 +1.3

17.1+5

1.8

22,238.7

163+13 ▲

Sh (%)▼

▲▼

10.93

16,802.818.5

Change in Share Ch.

14.0


# of Deals

▲

Market

-3.421 -2.6

MarketRank

▼

26.8%

Jan 1 - Jun 30

+0.8 ▲

2016 Rank

US Equity & Equity Related (AB2)

▼ -15.0%

2



12 ▲911

4

57

1.2

50.4% ▲

504

-6.2%

42* 6 1.2

28

5 ▼▲

1.680.429*

-4

+0.316

Sidley Austin LLP

1.3

2.8 +2.6

+0.8

+1.4



3.2 Cravath, Swaine & Moore

▲▼

# of MarketChange in

% Change from Same Period Last Year-15.0%

18

25

6

5.06*

12* 3.6

6*224 +10

Goodwin Procter LLP 5+0.2 ▲▼

213Cooley LLP

Skadden▲▼

Covington & Burling+3

8,850.8+11

15,756.9

8,826.2

3,614.3

Vinson & Elkins LLP

+0.5

-0.1

-0.111

7.4

▲

Latham & Watkins 1

7▲▲21

1

Market

7,910.7

2

Sh (%)+8

5.1

18*10*Mintz Levin Cohn Ferris Glovsky & Popeo

4.83.0

24

-3.7Share Ch.Sh (%)

6.4

+5 ▲ 3+14 +4.1

4.8

4 6.6 Latham & Watkins


15.3%▼

US Equity & Equity Related (AB2)



2016 Rank

Cooley LLP8,772.7

32Issuer Legal Advisor

2017 Rank

3

1 ▲

-1.8%

2 7 25

Market

▲▲ 6,089.85.0

1.1

▼+1.1 ▲

7.3

+0.8+2.9

▲▲

+6

6

5

24▲▲

7.46.6

2 -0.8

Wilson Sonsini Goodrich & Rosati 4* 8* 4.2Venable LLP 4* 4* 21 4.2

7,889.1-0Goodwin Procter LLP 6 3 19 3.8

▲+5Simpson Thacher & Bartlett 7* 4* 15 3.0

+9Skadden 7* 8* 15 3.0

2.6▲

2.44.1

Fenwick & West LLP 9 16* 14 2.8 1,329.0Davis Polk & Wardwell 10

11* 33* 12Morgan Lewis & Bockius19* 13 4,975.2 8▲+9

▲ 1,507.3 22+8 ▲ 3,779.3 10+9

+9 3,318.7 12▲Sullivan & Cromwell 11* 19* 12 2.4Fried Frank Harris Shriver & Jacobson 13* 70* 10 2.0

15* 19* 9 1.8Morrison & Foerster 13* 16* 10 2.0 1,520.0 21

-5

1.3 +0.8+5 ▲ 3,223.4 13

1.81,953.6Cravath, Swaine & Moore 17* 53* 8 ▲+6

Ropes & Gray 15* 6 ▼ 1,826.6 18

+51.6

9

% Change from Same Period Last Year% Change from Last Quarter

50.4% ▲ 26.9% ▲

+32,391.5

6,569.4

-6.2% ▼

▲

-14.9%

14

-3 ▼ 3,947.3+7

▲

2.4

▲

64.6

3.3

+8

2.7+5

26.8%-1.8%

▼

▼15.3% ▲

11

▲

+169

1.5 -1.2

-14.9%▼

4.24.4

16

▲

1.6 +1.2 ▲

17* ▲100.0

▲

6 1.2

% Change from Same Period Last Year% Change from Last Quarter

+2.5

Clifford ChanceSidley Austin LLP 17* 33* 8 1.6 +5 4,893.4

▲ 3,746.9

9 4.1 +3.4 ▲

Shearman & Sterling LLP19 1.4

▲+1.6

Baker Botts LLP 19* 13* 7 1.4 +1 2,077.4 15 1.7 -1.7 ▼

Paul, WeissWilmerHale

19* 53* 7 1.4 +519* 11* 7 1.4 0

▲-

1,654.6829.5 35 0.7 -0.4

▲▼

+0.9

4

6 80

1

83

US CAPITAL MARKETS REVIEW†

▼ 92,967.7

59,114.0

▼

-0.7

▲

▲




-2.4

▲

Share Ch.101,500.1

# of Deals▲

+0.3 ▲▲

MarketMarket

US Straight Debt Including ABS & MBS (AB6)

▲

▼

566

3

3 ▼Proceeds

▲

66+14

▲

▼

-7

▼+1.3

+0.2

+0.5

-2.8

-0.2

2

-30

3.56*

▲

-1.5

1

20 18* 12

4*

Cravath, Swaine & MooreSullivan & Cromwell

Allen & Overy

Morgan Lewis & BockiusLinklaters


Cleary Gottlieb Steen & Hamilton 9*

-5

+14

3.43.1

2.99*

255

+17

3.5

46

Willkie Farr & Gallagher

1112

Skadden

6*

20*

7*

-

15Milbank Tweed Hadley & McCloy 16

Hunton & Williams 17*

Latham & Watkins

Mayer Brown LLP

71

8 54

14

4 55

40

Shearman & Sterling LLP10*

+14 ▲2.5▼-3

14

912

▲

+8

▲

+92.3

-134.14.5

-0.6 ▼3.411

5.9

3.6

▼

▼▼3.9

▼▼1 6.8

84,708.4

-3.1

▲4 5.4

64,455.9

+123.1

+16 15

49

27

16

36

26,255.5 14

7,672.7

+0.9

54,113.63.8

0.919

+1.3▲

23 0.5

1.3

+1 -0.524

0Clifford Chance

1916* 1020* ▼

▲

20*0.6

-0.4

5

1.7+2

▲ 25,933.1▲

▲

27,520.5

19,690.8

34,318.3-0.1

12

18

+0.11.8132.2

-1.4

-1.1

1.714,522.8 ▼

▲-

0.8

20*

0.7

3.58

107,266.9

Rank2

61,160.2

9

3

15

10

6.5Sh (%)

22,571.1

7

56,922.8

4.61.4

6

▲

53,448.4

+5

72,437.2

6,425.9

▲+10

4.1

▼

5.0 +26+15

5.2▲

2016 Rank

0 0.4 0

US Straight Debt Including ABS & MBS (AB6)

0.8

99,905.9

2017 Rank

Market

6.4▼▲

-2.81-0.9

▼4.6

▲

3.8

+2.2


▼▼

▼

2.5

72,318.3

-0.2

White & Case LLP

Sidley Austin LLP

-0.9

+0.317*


1,569,022.7

Market# of Deals

83,992.6Proceeds

6▲

3+4

Jan 1 - Jun 30

Sh (%)

1.3

38

0.819 13

2.4

10*49

7*

11

4.1


13

4*

24

Market# ofManager Legal Advisor

13

1.7

Gibson Dunn & Crutcher

Jan 1 - Jun 30

Change in # of Deals per Advisor

0.6

Deals

21

27* 10

13

▲

2 +0.8

+4

▲

Sh (%)Rank

# of Deals per Advisor2016 Rank

2017 Rank

8*

Change in # ofDeals

1Sh (%)

5.439,400.83

4 5* ▲

61 +32

3.42 3.5 +10

Sullivan & Cromwell 3 2 54Mayer Brown LLP 55

46Latham & Watkins +185 10 42 2.6

2.9 +8Davis Polk & Wardwell4 3.3▲ 51,968.1

+4 ▲Simpson Thacher & Bartlett 7 4 33

362.1

Kirkland & Ellis 6 7-7 2.6

-0.9-1.7

▼ 17,710.1540,253.4▼16 1.18

Skadden 9 5* 302.0 -34Sidley Austin LLP 1 32

10 22* 29Gibson Dunn & Crutcher10 2.2

▲ 36,859.71.8 +21▼1.9 -8 33,861.3

Cravath, Swaine & Moore 11* 13 22 ▼8 2.21.4 +4 ▲

+1▼1.4 -7Shearman & Sterling LLP 11* 8* 22 18,779.0

-0.5White & Case LLP 11* 12 22

15▲ 19,699.91.4

13,252.91.1 -5Allen & Overy 14* 15 17 1.1 +1 15,815.3

-2Morgan Lewis & Bockius 14* 11 17 ▼

0.9

0.923

Linklaters 16* 14 15 34,283.810,663.70.9 0

28* 14 ▲Paul, Weiss 16* 16* 15Arnold & Porter 18

Industry Total

28* 13

1,595 100.0 +275 ▲

14,487.2 1919 0.8

29100.0

▲+0.26,597.2

Milbank Tweed Hadley & McCloy +70.9


26,988.1 ▼11 1.7

Market

-0.6

▼+8

+1.8 ▲

▲

▼

1.0+0.1 ▲20

25

0.8+0.7

17

▲ 7,880.2-

-

0.5

2.3

34,858.77 2.4

+0.1-0.6 Dechert 0.4

Share Ch.

▲

-1.4

14 -0.2

2.20.7

▲

▼-1.7 ▼

▼

▼

1.3

Fried Frank Harris Shriver & Jacobson

1.2

▼

9

3,825.6 29 0.2 0 -

+0.3-

▼

Clifford Chance

▲14

Gibson Dunn & Crutcher▼

▼

14.5% ▲

▼

17*

7

15▲ 15,198.7

1.0

▼

▲

39,253.3

32,161.4

▲

▼

17* 6,597.2-+6

16 11

▲ 7,268.01217*

15

12Arnold & Porter 25* 18▼

+6 ▲1.214

1.6 +221

-0.6

00 0.5

+1 ▲ 10,663.7

Milbank Tweed Hadley & McCloyWillkie Farr & Gallagher 12

% Change from Same Period Last Year 20.8% ▲

1.01.0

17*25*

Sidley Austin LLPAllen & Overy 14* 13* 15

1713

+21

-1.0

▲ 36,859.7

13▼

34,716.7+318,779.0

2.6

Linklaters

White & Case LLP 12

33,226.1

1.1

-0.3

Paul, Weiss 14*+0.8

17

-6

+3

151.3

4 1.5

1.3

1.8 ▼

▼Latham & Watkins

0.8

Sullivan & Cromwell


0

Share Ch.

6

2 +0.63 5.5

▲

1.2

0.8

-

-0.6

14 1.2

▼-0.5

▼

▲+0.3

8 2.5

▲1.0

1,325,420.7

34 0.3 +0.216


† Excludes Federal Credit Agency Issuance-21.8%

26 +0.3

10.0%

* tie


▲▼

▲13,501.7

270.6 ▼

Industry Total

25,924.1

▲% Change from Last Quarter -13.3% ▼% Change from Same Period Last Year 17.0%

20-3

▼ 10,629.70 15,146.6-

-19

+8 16,127.8Mayer Brown LLP 11 19 19 1.612 18

Cravath, Swaine & Moore 10 10 211.9 -6Shearman & Sterling LLP 9 6* 22

Kirkland & Ellis 8 9 249

▲ 17,293.42.3 -72.1

Gibson Dunn & Crutcher 6 22 29Skadden

2.57 5 27

Latham & WatkinsSimpson Thacher & Bartlett 5 2* 32 2.8

4 8 42 3.6

+44.64.1

Davis Polk & Wardwell 3 2* 46 4.0 +8+20 ▲

▲▲

Sullivan & Cromwell 1 1 54Cleary Gottlieb Steen & Hamilton

+20

4899,905.9

51,968.172,318.3

4Cahill Gordon & Reindel

3.9 Simpson Thacher & Bartlett

77,999.7

+2.7

-3.0▲2 6*

1 7.5

MarketProceeds

▼Share Ch.

% Change from Last Quarter▲

1,595

▼

100.0


2017 Rank

8380

# of2016 Rank Deals

11 7.1

+7

-562

+17

+8

7

4.76

75448

85

4.1

-0.84

▼

▼▲

1.4

2.8-1.4

-1.8

+2.1

9

Cravath, Swaine & Moore2.4

3.0

▼

▼▲

▲


8 +14

6.4

11 46 4.0

4.0-10

3▲

55-1.8 3

42

2

▼

56.1

+28

5.3

+275

▼+15

6.9▲3 71 ▼

# of Deals


-2.42

-0.4%

4.3▲ 56,922.8 6

1,569,022.7

Market

101,500.1▲ 7.7

MarketProceeds per Advisor (US$m)

▼-15.0%

100.0

Rank

▲

US Straight Debt Excluding ABS & MBS (AB7)

20.8%

Hunton & Williams

% Change from Same Period Last Year-15.0%-0.4%▲

2.1

3.3

Jan 1 - Jun 30

▼

4.6

▼-1.1

+0.2

Sh (%)

-0.4

Skadden

Fried Frank Harris Shriver & Jacobson 17

13

▼

Milbank Tweed Hadley & McCloyWhite & Case LLP

▼

11Sidley Austin LLP

12Allen & Overy

1.3

Industry Total

Linklaters

5▲

-0.6▼


Deals

▼

1715

106

14 13

▲

39,445.6

Sh (%)

4.15.5

953,448.4

72,437.2▲

84,708.4

+1.8

-1.31

4.35

+1.3-1.1

7.8

4

-1.1

756,879.7

-3.07.0

103,756.892,967.7

+8

+7

-153.5

854,798.2+2

123.011

▼10▲▲

-0.4

1.8▼

+1.6

▼46,388.9 -2.8

▼+0.10.3

2.0

1.1▲

1.5 +0.6 ▲▲2117

19,348.6 16

14,522.8--0.50

▲

+21-0.329,319.6▲ 2.2

24,105.6

0.6

3,825.6▲▲

18

▲1,163

41 3.5

2432

11 1.0

▲

▲

-8

02713

+17,461.4

+4

-

90.9


▼

1.71.0

3338

2.82.8

Change in

16

18*

-13.3%

Market

0.8

# of Deals


20

23*

10

14*10

12

29*1212

9

5.9

# of Market

14.5%% Change from Last Quarter

2017 Rank Manager Legal Advisor

2016 Rank Sh (%)

Jan 1 - Jun 30


US Straight Debt Excluding ABS & MBS (AB7)

Sh (%)Change in Market

Rank

-0.118 1.0

10.0% ▲

▼13,775.5

1,325,420.7

16 0.8 -4

▼ -21.8% ▼

▼

+169100.0

17.0%

100.0


Proceeds

O'Melveny & Myers 918*4,422.6

15,165.7Industry Total 1,163 100.0 +169 ▲ 100.0

▼McGuireWoods LLP+9

20* 13* 10 0.9 -5▲Baker & McKenzie 20* 57* 10 0.9

1.1 0▲-

Mayer Brown LLP 20 22 0.4 -0.2 ▼19* 8 0.7 -1 ▼ 5,550.4

5

---

12 0.7 -14 0.6 -

11 0.8 -1.115 0.4 -

▼---

607.6259.4574.9417.4

1 0.4 -11* - 1 0.4 -

1 0.4 -111* - 1 0.4 -

Davis Polk & WardwellLatham & WatkinsSidley Austin LLPSullivan & Cromwell

11* 7*

11* -13 0.6 -1.1

---▼

0.3 -9* 0.8 -11 0.8 0

---▼

222.1593.0607.6456.3

0.40.40.40.4

--0

-1

--

9*8

1111

10*10*10*10*

Latham & WatkinsMcGuireWoods LLPShearman & Sterling LLPStikeman Elliott

▼

100.0Industry Total 245 100.0 -80 ▼75,614.4 100.0

15

Industry Total 245 100.0 ▼

13.0 ▼

2.3

+0.1-3.0

▲

-8.8 ▼▼

-

75,614.4

▲

Burnet Duckworth & Palmer 7* -0.8

-80

80.8 -

0.9720.79*- 606.6

5* 2 0.8 -1- 2

Borden Ladner Gervais LLP 6 5*Davies Ward Phillips & Vineberg LLP 7*

1,055.0Norton Rose Fulbright 4* 5*

▼4 1.6 +1 15 2.0 +2

▲ 9,849.07▲

▼ 1,773.3 51.4 -1.2

McCarthy Tetrault 4* 1 5 2.0 -10▼ 1,628.4 6 2.1 0 -Torys 3 3 7 2.9 -1▲ 3,331.4 3 4.4 -1.1 ▼Osler Hoskin & Harcourt LLP 2 2 12 4.9 +3

4 18 7.4Deals Sh (%)

Canada All Debt (CAL1)

Market

+13Blake Cassels & Graydon 1

Jan 1 - Jun 30

2016 Rank

2017 Rank

MarketRank

# of Deals per Advisor Proceeds per Advisor (C$m)# of


Proceeds2▲ 4.7 +1.7 ▲

# of Deals Sh (%) # of Deals# of

DealsManager Legal AdvisorChange in

# of Deals per AdvisorMarket Market

RankProceeds

Blake Cassels & Graydon

CANADA CAPITAL MARKETS REVIEW

Sh (%) Share Ch.Issuer Legal AdvisorMarket

Share Ch.Sh (%)2016 Rank

2.5% ▲% Change from Last Quarter9.5%

18.2%% Change from Same Period Last Year -24.6% ▼

2017 Rank

▲

Change in

3,526.2

Market

▼

Canada All Debt (CAL1) Jan 1 - Jun 30

9- -

Proceeds per Advisor (C$m)

618.4-1.1 ▼

8 0.90.8 - -

0.8 -1 606.9 10 0.8- 3 1.2 - -

- 684.51.6 --0.3 ▼

4 2.4 -5.5 ▼2.0 +2 ▲ 1,089.8 7 1.4

-2.7 ▼Davies Ward Phillips & Vineberg LLP 4* 4 5 2.0 +1 ▲ 1,759.4

2.5 -2 ▼ 2,217.2 3 2.9▲ 8,967.5 1 11.8 +3.1 ▲▲ 6,361.5 2 8.4 +3.0 ▲7.4 +7

Osler Hoskin & Harcourt LLP 2 3 8 3.3 +21 1 18

2 6

- 4

8* 5* 2

5* 5

Torys 3

Norton Rose Fulbright 4*

Goodmans 7Stikeman Elliott 6

McCarthy Tetrault

8*

-24.6%% Change from Same Period Last Year▲% Change from Last Quarter▲9.5%▼

18.2%▲2.5%

10*

Sullivan & CromwellAllen & OveryDavis Polk & Wardwell

-- 1 0.4 -

7*10*

- 1 0.4 -

---

- 2 0.8 1,841.8294.4574.9

4 2.5 -14 0.4 -12 0.7 -

---

Allen & OveryGibson Dunn & CrutcherBurnet Duckworth & Palmer

8*11*

- 2 0.8 -7* 2 0.8 0- 1 0.4 - 1.8 -

---

514.21,109.61,332.3

-▼-

1365

0.7 -1.5 -0.1

--1.6 ▼

Clark, Wilson 12* - 3 1.4 -Borden Ladner Gervais LLP 12* 10* 3 1.4 -1

-4.0 ▼Skadden 10* 6* 4 1.9 -1 ▼ 273.210* 12* 4 1.9 +1

1.315

- -3,629.8 2 17.8 -8.5

188.2▼

Sh (%)

17

Share Ch.

1,272.431.1

-▲

Goodmans 10* -

-

213 100.0 +59 100.020,205.2▲

-8.5

Baker & McKenzie

2.4

Paul, Weiss- -

79.6

+5Proceeds

1 ▲▲

Industry Total +59213

-11.1%

# of DealsMarketMarket

Proceeds per Advisor (C$m)

6,280.6 +15.4

Jan 1 - Jun 30Canada Equity & Equity-related (CAL4)

Sh (%)10.3Blake Cassels & Graydon

Issuer Legal Advisor2017 Rank

2017 Rank

Market Change in 2016 Rank

# ofDeals Deals

8.9

104

16

221*11*-

6.19*

2.8

13

6 2.8-

Stikeman ElliottCassels Brock & Blackwell LLPBorden Ladner Gervais LLP

6

5

6

2

99*Osler Hoskin & Harcourt LLP

TorysMcCarthy Tetrault

Fasken Martineau DuMoulin LLP

9

1.9 -

2.5

3

5

7*0 -

9* 4.7

-

7.5 -19

4*2.41.9

4.2 +5

7*

12*3

6.30.9 -18-

-1.7190.0

6▲+2

▲

▼

▼ 530.0

2.2 +1.8▲

-

10 2.7

12

-263

▲

+9▲ 2,385.3+6

446.4

-11.8 +6.1 ▲0.4 0

+3.5 ▲-2.3

-505.4

15.7%

5.37

▲

11

▼

% Change from Same Period Last Year -11.1%▲

Davies Ward Phillips & Vineberg LLP 10* +1 ▲ 369.64

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16 0.9

-14.7% ▼38.3%

1.8 +0.5

100.0

181.8 17 0.9

Rank2016 RankManager Legal Advisor

▼ 182.7

Jan 1 - Jun 30

▼Share Ch.

▲▼

# of# of Deals per Advisor

Change in

▼1,063.3

4-4

14

Market

-13.1 ▼-4.1

▼ 489.31.4

20,205.2

0.9

100.0

194.0


-1.4▲+115 1.0 -0.1

▼▼

1,127.3 8 5.714* 4 1.9 +2

Skadden 10* 12* 4 1.9▲

▼Torys 8* 5* 5 2.4 -2Bennett Jones 10*

Paul, Weiss 7 1* 6

11▼2.4 292.1 13

-7 16.7▼ 3,380.2 2 -1.5Burnet Duckworth & Palmer 8* 1* 5 -8

+2.7+4 ▲ 917.7 ▲9 4.610*

0 - 2,640.7 44.29

12 5.6 ▲

▼Osler Hoskin & Harcourt LLP 6 5* 7 3.3 13.3 -0.8 ▼

2.8

1.3 +1.13,066.2 3 15.0

▲+14.8

6.6 6

+8

14

259.6 14

▲+3 ▼Stikeman Elliott 3 14* 13 6.1 ▲

-8.3▲

6.9+5 ▲

Sh (%) Proceeds22.9

MarketSh (%)# of Deals

Proceeds per Advisor (C$m)Market

Canada Equity & Equity-related (CAL4)

1,396.1+11

14,622.1Rank

8.0174

1 3

Norton Rose Fulbright 5 8*Cassels Brock & Blackwell LLP

Blake Cassels & GraydonMcCarthy Tetrault

4

* tie

% Change from Last Quarter15.7%▼▲

38.3% ▲% Change from Last Quarter ▼% Change from Same Period Last Year

-14.7%

Industry Total

2

Miller ThomsonGowling WLGTroutman Sanders LLP

12*12*12*

-8*5*

333

1.41.41.4

--2-4

-▼▼

42.1125.1

53.3

322230

0.20.60.3

-+0.3-0.5

-▲▼

Dentons Canada LLPGowling WLGWildeboer Dellelce LLP

14*14*14*

16*--

333

1.41.41.4

+2--

▲--

559.044.4

121.1

83021

2.80.20.6

-4.8--

▼--

6

100 02 425 355 4

▼▼

Cravath, Swaine & Moore

Sullivan & Cromwell 10 8

▲Shearman & Sterling LLP7

▼


Share Ch.Change in


2016 Rank Deals

MarketMarket

▲

Market

+201.865 +7

5

▲

▲

▼

-134



15

Industry Total

White & Case LLP

Skadden

Sh (%)Manager Legal Advisor

Clifford Chance 5

19

72,121.0

+0.5 ▲ +54 ▲

# of Deals# of

86113

3-41

19

11

13 14

Sidley Austin LLP 8*58

12

8*

14

23.3

-29

Rank

38

6

1.212*

1.8

242

Proceeds

2.3

Sh (%)

9

8.9

56,637.2

216,263.4

▲128,643.0

-1.9

-0.6

▲-0.22.5


All International Bonds† Jan 1 - Jun 30 All International Bonds†

INTERNATIONAL DCM AND EMEA ECM

Jan 1 - Jun 30


DealsMarket Market

1.9

Market Change in Share Ch.

-1

2017 Rank

2016 Rank

# of

12*


Linklaters



▼-1.8

26 0.4

Sh (%) # of Deals Proceeds Rank

+1

Sh (%)

-0.3

1.11.11.5

▲+0.1

+0.1+0.1 ▲

Latham & Watkins

Cahill Gordon & Reindel-0.5 ▼

Hogan Lovells6*

17*

16

322 4.1


-15

+25+25

2.5

6 66

6*

1.9

4

11

6310

9

1.71.4

+1.7

69 3.02.0 ▼

3

7

▲ 5.32

▼

▼▼2.0

3.7 +0.7

-0.4

▲410 -0.8

4.7

-11 ▼

-▼

1.7

114,760.2

61,341.8-12 5

8

-1.7

1341,842.14.4

48,731.5

1.911

3,684.6 3314

44,859.3

-0.1

1.1 ▼+12

-1.2-0.3 ▼

0-0.2

0.226

▼

▼1.912-0.1

▲+0.1▼▼

15

331.01.0

1.2

-0.212,733.4 20

▲ 30,182.7

+0.6▲▲

160.622

0.7+0.4

0.5▲0.6

-0.324▼ 7,167.5

0.8▼

20,435.114,728.7

+12 ▲▼0.3

16,143.1 18

+138

Freshfields Bruckhaus Deringer22*

0.6Stikeman Elliott 19 32* 0.516

15+1.0▼

Mayer Brown LLP

20* 15

3 419

▲37,597.3

1.4 -733,615.1 17

▼

1 13.5461

63

100 0

3

47.1

0.8

▲

9 +220▲

+7

▼

-0.4

▼17

▼10.9264,494.5 -1.0+148 1Allen & Overy 1

1.6

▼

Milbank Tweed Hadley & McCloy 18

20*

▲19 0.6

Cravath, Swaine & Moore 18 18 2312Gibson Dunn & Crutcher 17 23 25 0.7

▼+14 ▲

0.7King & Wood Mallesons 19 17

+5

Kirkland & Ellis 15* 16 270.8 5Skadden 15* 13 27 37,047.3 1.5

-0.40.8 0 - 18,365.0 0.811 -0.5

20 0.5 -0.6 ▼0.8 -19 ▼ 13,085.0Sidley Austin LLP 14 7 2816 1.0Shearman & Sterling LLP 13 11* 29 -0.9 ▼0.9 -5 ▼ 23,427.68 1.615

-1.0 ▼1.0 -3 ▼ 39,643.2▲

Simpson Thacher & Bartlett 12 10 33▲ 26,129.2Freshfields Bruckhaus Deringer 11 11* 37

White & Case LLP 9 3 43

1.1 +3Mayer Brown LLP 10 14 38

7 2.1 +1.1 ▲1.410

50,973.5▼1.3 -22 ▼ 37,193.9

131.1 +8 ▲ 27,691.8

Davis Polk & Wardwell 7* 8 49+21 ▲Latham & Watkins 7* 15 49

1.4 +5 ▲ 73,879.4 6 3.15 3.5 +0.2 ▲1.5 13 ▼ 85,429.2

Anderson Mori & Tomotsune 5* 6 50 8,656.0Clifford Chance 5* 4 50

1.5

Cleary Gottlieb Steen & Hamilton 3 9 744 5 ▼1.6 -6 ▼ 110,320.5Sullivan & Cromwell 55 4.61

▲2.2 +34 ▲ 98,343.6 3 4.1 +0.698,587.3Linklaters 2 2 89 2.6 ▲

Allen & Overy 1 1 117 -1.2 ▼3.4 -12 ▼ 88,083.8 4 3.6

4047

106,336.6

90,177.3

0 - 45,967.8

▼

17* 0.4 -7-6 ▼ 2,819.0 48 0.1 -0.2

▲ 7,541.6Baker & McKenzie 20 25* 17 0.5 +9 30 0.3 +0.2 ▲▲ 100.02,425,355.4 Morgan Lewis & BockiusIndustry Total 3,419 100.0 +138 15 0.4 +7 ▲ 7,881.3 23 0.3 0 -

† Excludes Federal Credit Agency Issuance

1.5 -2.6 ▼12* 5 0.8 +2 ▲ 2,025.9

▲▲

▲▲

219.11,446.6

36 0.216 1.1

5 0.8 +45 0.8 +4

10*10*

Covington & BurlingNorton Rose Fulbright

26*26*▲

▲ 13 1.0 0 10*▼- Latham & Watkins

Clifford ChanceBredin Prat 14*

130.5 +2

51* 50.8

51* 314* 4 0.6

0.814*

100.0

100.02,425,355.4

1912

2

+0.2+1.0

13

▼

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100.0

26

Proceeds

-4

% Change from Same Period Last Year ▲

+115 ▲

-17.8%

▲ 687.9

▲2,828.7

Deals

Jan 1 - Jun 30

MarketSh (%)


Sh (%)# of Deals

1.1 -0.8 ▼

8,385.0+6 12.5+2

▼

Clifford Chance▼

900.7-

▲

8 1.3 ▲+2

Change in

▼

▲

6

Industry Total

6

7 1.10.90.9

▲

1+5

Rank

17,277.8▲

0.7 -6.7

▲

12.4

Market

5

▲▼

+6

# of Market

9 -3

-4.5

▼

17*

-2.7 ▼

Baker & McKenzie


Travers Smith

10

Market

4*8*44 0

11

% Change from Same Period Last Year 21.9%

+115 ▲ 138,309.5

0.2

Hogan Lovells 11* ▲

▲% Change from Last Quarter 18.4%

100.0

▲

Hogan Lovells

32.5%▲ 55.2%

▲ 408.4 35

▲

+1 1,366.71,441.0

0.3 -0.3▲

14 1.0 -0.3

17 +0.70.8

Industry Total 639

Norton Rose Fulbright ▼

Mourant OzannesNCTM

51* 3

1,033.411* 5

+1

12 1.1▲ 310.2

+2+4

-▲ 3,852.7 6 2.8Sullivan & Cromwell 7* 7 6

0.9Setterwalls0.9

Advokatfirman Vinge

+3▲ 1,479.3

7* 14* 6Davis Polk & Wardwell

830.37* 27* 6 0.9 +4

16.00.9 +4

22,094.1 17* 27* ▲6 22 0.6

877 1.1 4

▼▼

1.1-3

Linklaters5* 6

2*5*

2*4

23.6

55.8

Freshfields Bruckhaus DeringerBaker & McKenzie

▼

Market

1.4

▼Share Ch.

5.3-2.3

4*3

▼1.3 2.12,327.5-2 23 1,251.50.6805.1

1.71.49

33

4.2% ▲

+138

6.7%

1

-17.0%% Change from Same Period Last Year-17.8%

Sh (%)Sh (%)Market 2016

RankLinklaters


Rank


Proceeds4,081.82.5 ▲

Change in

4.2% ▲▼


3,419

# of Deals

100.0

13 2.0 +1 ▲ 4,935.0▲ 7,951.114 2.2 +3

6.7%

3.0 -4.5Manager Legal Advisor

EMEA Equity & Equity-related (AX2)

1

+1.46.13.1 +5.91.9

-1.3

▼▲

2+0.6

White & Case LLP

Allen & Overy4*

-3.1 ▼+0.4 ▲+9.5 ▲

-2.0

2017 Rank

6

34

8*

1

7

1220

4*

% Change from Last Quarter -17.0% ▼

Allen & Overy 2 2*

EMEA Equity & Equity-related (AX1)


Deals16 +5White & Case LLP 1 2*

2017 Rank

2016 RankIssuer Legal Advisor

# of

Latham & Watkins 3

Jan 1 - Jun 30

20

▲17,093.4

2

12*

7*

+4

▲

+0.1 ▲▼ 9,561.9

+0.40.7

▲6.9 +1.0

% Change from Last Quarter% Change from Same Period Last Year 21.9% ▲ 55.2%

▲▲

18.4% ▲

* tie

32.5%

138,309.5

Davis Polk & Wardwell 10* 6 5 -3

Industry Total

32

Ashurst

CMS 26*4

274.5▲10*

-1

0.80.2

▼

1,548.8

+0.1

15

5 0.8

24

-4.0

0

1,027.5

0.9

Share Ch.

▼

0.5

▲▼

639 100.0

Cravath, Swaine & MooreENSafrica

+20▲-

14* 0.514* 14* 3 0.514* 51* 3 0.5 +214* - 3 0.5 -

▲-

1,258.42,912.0

284.189.3

+0.279 0.1 -

15 0.9 +0.89 2.1 +1.8


14*14*14*

▲▲▲-

45 0.2

+28* 3 0.5 -1

SelmerSlaughter and May

8* 3 0.5 -1

▲▼▼

51* 3 0.5 324.0869.4

1,069.6

41 0.2 +0.121 0.6 -1.716 0.8 -1.2

▲▼▼

Webber WentzelBar & KarrerCleary Gottlieb Steen & HamiltonRoschierSimmons & SimmonsShearman & Sterling LLP

1516*16*16*16*16*

-16*

-26*107*

4 0.6 -3 0.5 13 0.5 -3 0.5 +23 0.5 -33 0.5 -4

-▲-▲▼▼

1,366.16,096.8

915.1116.1350.1

1,955.2

18 1.0 -7 4.4 +3.423 0.7 -49 0.1 029 0.3 -1.014 1.4 -3.7

-▲--▼▼

7

--▼-

17 0.5 -1.153 0.0 0

15 0.7 06 2.6 -

+1

▲--▲

604.62,307.6

475.221.9

+34 0.4 -

5* 4 0.4 0Milbank Tweed Hadley & McCloyCommerce & Finance Law OfficesD.S. Cheung & Co

36* 4 0.4

16* 3 0.3

-10*10*10*16*

Haiwen & Partners

100 0

10*1,421.7

1.6

100 0

1,440.9+0.4

▼

▲Kanga & Company 15* 17*

91.0

-1

Sidley Austin LLP

16* 0.4

9*

Luthra & Luthra Law Offices +2

Allen & OveryHowse Williams Bowers

Jingtian & Gongcheng4.0 2*1

10

5

Linklaters 2*+7.9

Herbert Smith Freehills

2*

▲

1014

-0.2

+0.3

3.9 +10▲

▲ 3,577.1Rank

4

▲▲

▲ 1,480.5

Manager Legal Advisor2016 Rank Proceeds


# of Deals▼+21

MarketMarket

-2.5Sh (%)


MarketChange in Sh (%)

# ofShare Ch.

Change in Proceeds

Market# ofSh (%)Deals # of Deals

2017 Rank

▲

+0.51

+2 ▲

1.4

4,968.35*

1.1 21010

2.6▲ 5,533.41.7 -0.2

15

▲

-1.9

-+2.4

9

+2.0

19

00.2130* 0.0 0

0.92 6.423 ▲

▼1.5 -2.8

13 187.5

226*0.63110*

2.1 ▲-

820.9

2,403.0

1.41.4

12 ▲1.3

561.0

+7

▼

+11.3

9 1.0 ▼+6 5,696.5▲1.2-1

11

▼

4,070.89

935 ▲

165

1.0

100 0

15.6▼

+232

10*

JunHe LLPBeijing Kangda Law Firm 10*

14 20*20*12*Shu Jin Law Firm

Cyril Amarchand Mangaldas 15*

Handsome Attorneys at Law

Asia Equity & Equity-related (BX1)

1 44Deals

Tian Yuan Law Firm

Appleby

AllBright Law Offices

Far East United Law Firm

23

M.V. Kini & Co

Grandall Law Firm

Grandway Law Offices

Conyers Dill & Pearman


Jan 1 - Jun 30

Issuer Legal Advisor4.7

Deheng Law Offices ▲

3*3* 4

Zhong Lun Law Firm6 2.7

2.5+16

2.92.9

2.33.4

1

0.62.7

11.02,290.2

▼▼

2,039.0+14 ▲-1.2

+9 8613

▲

▲▲

32


2.89,695.527

5+6

+14 +0.4

Market

2 3627

15.6

Sh (%)2016 Rank

2614*

9

7

258

7 6

20 +11554.4

10* 5

-1814*

2.4▲

-335.2▲+7

12*17*9

10* 1312 ▲

Jia Yuan Law Offices

15*

2*

-

+3-1 16

0.0

3,037.0

16*

70

4.6

Paul Hastings LLP

Loeb & Loeb

1,299.2

▼

3

+0.2

+0.1

+0.3

6*0.9

131.1 +6

85Norton Rose Fulbright

2*+4.3

1.4+5

1,337.7249.4

+1.2

1,194.6▲

▲

106.3

2*-2

▲1.116* +81

▲25

-

0.3▼9

47

▲

-0.5

-+1

+3

30▲

+232100 0

5

10*

▲

16*9*

44

10*

Asia Equity & Equity-related (BX2)

Clifford Chance 2*

Rank


Share Ch.

+0.2

▼


ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Jan 1 - Jun 30

Shardul Amarchand Mangaldas & Co- 46.2

6*5 +2.836* 0.5 +45

▲▲

935

6*

-4.1

- -

▲

▲

4 ▲

8

-

40.5

0.4-

0.5+2.1▲ 2.1

+2.60.4

1.3 +0.812

1.5

1,141.33,063.7

2.9▲-0.1

▼

-+1.01,083.3 13

2,541.0

3.584.3

41,832.9

39▲-0.1

1.2 ▲

400.91,042.9

88 490 4Industry Total

0

Industry Total

15*

1.01.6

▲

88 490 4

3 0.3 0 14 1.2 -0.33 0.3Khaitan & Co

JunHe LLP16*16*

▲-

+1 ▲▼

18 0.5 +0.2

Maples & CalderCFN LawyersHunan Qiyuan Law Firm

15* 20* 9

20* 17* 8

1.0 +420* - 8 0.9 - 0.1 -

0.9 +2

▲-▲

1,168.386.2

594.0 30 0.7 0

▲--

20 1.3 +1.2104

Grandall Law FirmP C Woo & CoS&R Associates

16* 36* 3

16* 36* 3

0.3 +216* - 3 0.3 - 0.0 -

0.3 +2

▲-▲

2,459.924.3

2,038.6 7 2.3 +1.9

▲-▲

5 2.8 +2.851

211,345.742.1%

▼

1.0

Industry Total 314

100.0

100.0

▲+0.3

4,642.8 2.2

2.1-1 ▼

7 ▲

13

▼Baker & McKenzie 13* 14* 3 1.0 +2 ▲ 1,173.3

+2.0

11

143,387.4 97

10.4

1.0▼

-1.11.6

100.0

2016 Rank

Market

Jan 1 - Jun 30

Issuer Legal Advisor1

▲

1 33

7*

-

5*

28,801.7

▲

▲+0.6

+2.0

10

▲

Asia Pacific G3 Bonds (BV2)

2016 Rank

29.8%

4.1

Deals # of Deals

# of Deals per AdvisorChange in 2017

Rank

3*

7*

# ofSh (%)

100.0

20*

-0.4

▲314

+72


33.0%

935

▼

▲

▲

100.0

▼

+232

13

Allen & Gledhill


20*

Linklaters

6*

+2

▼

100.0 100.0

-0.2

2

9* 1.08

42.1%


# of

▼▲

8

35

+1

7

-

6

Change in

44.8

+232100.0 ▲935

2017 Rank

-4.3

1.2 +1.2Milbank Tweed Hadley & McCloy

▲9*

Baker & McKenzie

Clifford Chance

9*1.9

Shearman & Sterling LLP 9*5

▲

▼

-

▲

15

+4 2.8

14,377.0

7

6

Deals

1.966

+1.94,438.7

5

Share Ch.

▲

Davis Polk & Wardwell4

LinklatersAllen & Overy

+0.8

▼Manager Legal Advisor

Market

▲

33.0%-6.6%

Rank

3.4%

+9


% Change from Last Quarter▲

-11.3%

11,738.0

13.6Sh (%)

▲

Market

4.8

▼

88,490.4

5

1 ▲

3

+1.2-5.8

▼

1,604.2

-1.1

4

▼

6

2

12,365.8

Proceeds

▼

0.8▲2,091.8▲

5.6

▼11*

+3.8 0.6

▲

-0.9


* tie

▲

5*Freshfields Bruckhaus Deringer 12

2.68

11

6

▼6

8

2

4

Latham & Watkins

-9*14

Haiwen & Partners 1.39*

14*9*

4-1 ▼

- 3

29.8%

+72

+3JunHe LLP 1.3

-2.5%% Change from Same Period Last Year

--

-15.6%

2.6

▼

% Change from Last Quarter ▼

Cleary Gottlieb Steen & Hamilton+5

1.3

1.9


5

Industry Total

-11.3%-6.6%

Industry Total

% Change from Last Quarter3.4%

2,006.1

Sh (%)

▲

Proceeds

Asia Pacific G3 Bonds (BV1)

Market

21,957.3

Sullivan & Cromwell


Rank

-1.4 Cleary Gottlieb Steen & Hamilton

▲▼

8JunHe LLP

12

Sh (%)

+2

10.2

# of Deals

▲▼-4

▲▲

3


Sidley Austin LLP

1

2*2*▼1

2.4+21

15 -352.4

Clifford Chance

32

13*

6*▼

15*

4,389.4

10,053.8

▲

3.5

9* +4

76.8

0.9

1.6

14*2.6

11* 1.3▼

Skadden

5*

▼▲

2.22.2

9

▲5,934.1

+513

Mayer Brown LLP 5* 9*

1.9

2,892.9▼

7

1.4

9*

5.9

+2.9

MarketShare Ch.

Jan 1 - Jun 30

▲ 5,154.8

▲2

11.2+11

+0.610.2

326▲

-0.65.3

1311,183.9 -1.0

7* +611

+816

10.5

3.5-3 ▼3.2

Allen & Overy +53*2 5.1Latham & Watkins 3

▲

+5

Industry Total

1,893.1+5

-2,487.0 ▲

--

4

▲2.1

▲17

▲

-0.6

Fangda PartnersJia Yuan Law OfficesMilbank Tweed Hadley & McCloy

2.2+7

1.9

4 2 10 5,048.12.6

4

20*

-3+58

2,734.08,552.5

% Change from Last Quarter -15.6%-2.5%

211,345.7

▲Anderson Mori & TomotsuneDavis Polk & Wardwell

+0.1

9.7-6.5

▲

20,498.6


11


88,490.4

Deheng Law OfficesAZB & PartnersAnderson Mori & Tomotsune

▲

31,615.4

3,253.2 1.5

15.0

-0.2

17 0.50.6 -

15* - 2 0.6 -

---

698.6875.0987.6 -

---

19 0.3 -18 0.4 -

15* - 2 0.6 -15* -

15* 14* 2 0.6 +1

0.6 -0.5 -

--

12 0.8 -

▲

1,699.81,097.0

299.0

--▼24 0.1 -0.1

15

Commerce & Finance Law OfficesShimazaki Law FirmSkadden

14*14*14*14*14*

2+2

9* 3 1.0 09* 3 1.0 015*

15* 3 1.0 +1

3 1.0 +120* 3 1.0 ▲

▲

952.84,288.51,020.3

71.94,954.1

▲

-0.4

0.5 -0.110 2.0 +1.216 0.5 0

▼▲-▼▼

28 0.0 -0.18 2.3

Mayer Brown LLP 15* 8 2 0.6 -2 ▼ 400.0 20 0.2 -2.9 ▼

8

+94 ▲ 100.0

- 698.6 -

100.0+94100.0 ▲

8

15 0.4

-12.1%

-▲

+0.5

-1.0-3.314.4

19,264.8

-4

2016 Rank

Linklaters


8*

JunHe LLP

2017 Rank

11*

5*

+4.6▲

-0.6▲

6

3 1.1

3

▲

-3.3

Share Ch.12.0

Jan 1 - Jun 30

▼

-

Share Ch.

▲

170,985.4

-0.6

▼

* tie

Industry Total

1.1

+1.0



Sh (%)

+1.22.7

▲

1-6.7▲

- -

1,893.1

JunHe LLP

59.8%

▼

▼

4,389.4-0.2

55.6%

▼Cleary Gottlieb Steen & Hamilton

▲12* 5*

+1

8*

-

3 11.3

5 6.5

Change in Sh (%)

ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Market

2

1 ▲


-7.1

Rank

+1.4

▼

▲+0.2

-1,149.4

3

2 1143.4

4*4*

1Sh (%)

2017 Rank

72.7

5*

4* 5*4*

10*15*

-15*

12*1.5

10*

-5*

170,985.4

1.1 -4,288.5

12

100.0

0

Shearman & Sterling LLP8*

Proceeds

2.31.9

Sh (%)

▲


Market2016 Rank


1# of Deals

24,578.82.6▲

64 3.0

▼ 3-4

+4

▼10

5,154.8

▲9

+6

11

1.5

Mayer Brown LLP

Allen & Gledhill



4

Milbank Tweed Hadley & McCloy

Baker & McKenzie 3

Industry Total

% Change from Same Period Last Year 55.6%

263

0.8%▲▲ -12.1%

2.5

▲59.8%

2,419.0

4,438.7 7

14 0.7

8,552.51.4

2.65.02

5,934.113

▲

▲20,498.6

Deals▲

10

263

+3.9▲

▲-

+3+52.3

4

66

-

▲

2,722.9▲

2.37

2.72.7 +5 ▲

3,996.17

+4

▲

97

31,615.4

4,498.13,253.2

12.6

2.7

+13

1 +104.2

Linklaters

Clifford Chance

33

2

▼-1.9 -2.8

MarketMarket# of# of Deals per Advisor Proceeds per Advisor (US$m)

Latham & Watkins

ProceedsMarket

18.5Issuer Legal Advisor Deals

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4)

MarketChange in

+8

32

# of

+21

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3)

Allen & Overy

Rank


4# of Deals

3021 12.2

11.429

1.6Allen & Overy

3

12*

▼11.0▼Clifford Chance

Cleary Gottlieb Steen & Hamilton 5* 5 ▲4 5.314 -3

8*

3

2

3.08

7

+2

2.7

3.0

+12

Jan 1 - Jun 30

+32.3

811*

8* 5

+7

+2

3.5 ▼

+2.3▲

9-1.1

7

1.9

-

- 8Skadden

Latham & WatkinsShearman & Sterling LLP

Deheng Law Offices11*

Haiwen & Partners11*

▼7.212,365.8 4

10+1.7

▼7 2.6

1.011

-1.4▲ 1,656.1▲

▲0.8% ▲% Change from Last Quarter

▼

▼▲

+5 1,604.2-5.4

▲1.5

▼

11,188.0

0.91.2

64,642.88+5 2,091.8▲

+11.1 +1

12* 312*

1,020.34,954.1

▲▲3

Commerce & Finance Law OfficesSkadden

12*12*

1.10.8

▼▼

15 0.6 -0.25 2.9 -0.8

Simpson Thacher & BartlettAZB & PartnersJia Yuan Law OfficesMilbank Tweed Hadley & McCloy

13*13*13* +1

6 3 1.1 -2- 2 0.8 -

2

1,887.4875.0

1,097.0299.0

-- 2 0.8 -

11* 0.2 -4.8

9 1.1 -0.314 0.5 +0.2

▼▲-▼

13 0.6 -20

Mayer Brown LLP 13* 7 2 0.8 -1 ▼ 400.0 16 0.2 -0.9 ▼


9

18*

+24.82▼

9* 2 0.7 -111* 2 0.7 0

2 0.7 +1 ▲

Market

- 3 1.0 -- 2 0.7 -

Share Ch.

▲

100.0

9*9*

K&L GatesBennett & CoMinter EllisonMcCullough RobertsonKing & Wood MallesonsThomson Geer

% Change from Last Quarter ▲% Change from Same Period Last Year

112.9%-6.8%

9,454.0


-21

% Change from Same Period Last Year▲

▼26.3%

100.0

Industry Total 288 -21 100.0▼ 9,454.0

288

100.0

2.1

Sh (%)

1.7 544.9-4

# of Deals Sh (%)

1.4

▲▼

Market

▼ -9.5%

▼

Baker & McKenzie

1▲

3.5 ▲5.8

Australia Equity & Equity-related (BY1)

2+2▼


ProceedsMarket

▼

Industry Total

3

790.82.4Gilbert + Tobin 11 5 -7.6

Proceeds per Advisor (AU$m)

2 5 1.766* ▲

9*

4* 3 1.0 -2

Deals

Steinepreis Paganin1

# of DealsChange in

7

# of Market

-4

Market# of Deals per Advisor

Market

AUSTRALIA CAPITAL MARKETS REVIEW

Issuer Legal Advisor Sh (%)

26.6

Proceeds

12

2017 Rank

2

2016 Rank Rank

-3 ▼ 2.84

112.9% ▲

4.2

-9.5%

-

262.7

Jan 1 - Jun 30

266.2

8.40.3 +0.2

0.40.21.12.8

-3.2

0.7

26.3%-6.8% ▼ ▼

2 ▼Sh (%)

▼-

Baker & McKenzie

9*

DLA Piper LLPBellanhouse LegalClayton UtzHerbert Smith Freehills

+5 2,816.4 1

Proceeds per Advisor (AU$m)

Rank

Jan 1 - Jun 30

9*

11* 3 1.0 +1

5*

6* 3 1.0 -1

2016 Rank

41.714.9

103.5


29.8

Change in

Australia Equity & Equity-related (BY2)

2017 Rank

3*Deals

10Herbert Smith Freehills

# ofManager Legal Advisor

Gilbert + TobinClayton UtzAllen & Overy

4

Share Ch.

+0.2+0.1-0.7

▼

-10.1

-2.2

-5.4

1.4 0

- 2 0.7 -

45*5*5*

6* 4 -▼▲▼--

19.0

539.624.0

101665

963.625.7

3 5.7 +3.5

15 0.2 -29 0.0 -

▼--▼

14 0.3 -

13 0.3 -0.1▲-

345*

Loeb & Loeb 5*

▲▲▼

-35 2 0.7 -23* 1 0.4 -4

22.4 +0.3

290.2226.1439.6

▼▼▼

▼▲-3 4.7 0

4 3.1 -21.45

- 1 0.4 - - 8.1 6 0.1 - -

1

4▲3

-1.5

100.0-66 ▼ 100.0

3

▼


608.4 --

0.4

67

▼-49.6%

550.0

▼

Industry Total

-


1.2

46,217.4

-48.1%

* tie

% Change from Last Quarter -44.2%

Clifford Chance

▼

100.0


Industry Total

7* -King & Wood Mallesons 5* - 3 -Baker & McKenzie

7.56.0 0

▲

4.54.5 +2

152.7+2.8

▲0

-▲

0.3-

-

6.4

MarketMarket

1.9

▼-2.2

2.9

-4.0%

6

1,337.6

-4.0%% Change from Same Period Last Year

1.35 --

- --

46,217.4

873.3

Deals2016 Rank

# of

2

Sidley Austin LLP 1+4.7 ▲

1Share Ch. # of Deals

▲Issuer Legal Advisor # of DealsSh (%)

Jan 1 - Jun 30

Sh (%)Change in


ProceedsMarket

223.5

Market

Jan 1 - Jun 30

RankProceeds10,864.8

▼2,947.23.0

Share Ch.1

7

13Manager Legal Advisor

6

2017 Rank

-44.2%

22

Australia International Bonds (BW2)

# of Deals per Advisor# of Change in 2016

Rank Deals▼


-

-6.2Sh (%)Sh (%)

9.0-1

-

19.4

-49.6%

▼

▼▼ -48.1%

▲

▼▼

67 100.0 -66 ▼

▼Simpson Thacher & BartlettSullivan & Cromwell

3*1,101.4 +0.8-0.4

Anderson Mori & TomotsuneSullivan & Cromwell

9Baker & McKenzie+3Linklaters

▲2.4

Allen & Overy

532

5* 4

213,080.6

Rank

-6 110.514.0

▼ 28.37

Market

Shimazaki Law Firm 48*3

5*

21

1 9

Australia International Bonds (BW1)

▲13.4


Market

+1 +1.46,464.4


Mayer Brown LLP 7* 8* 1 1.5 0 -0.2- 8170.0

1.5 -3Clifford ChanceHerbert Smith FreehillsFangda Partners -

Anderson Mori & TomotsuneAllen & Overy

3*5*

987.61,625.1

-▼

- 2 3.0 -3 1

6 2.1 -3 3.5 +1.8

TMI AssociatesZhong Lun Law Firm

7* - 1 1.57* 8* 1 1.5

-0

--

96.9209.0

10 0.2 -7 0.5 -0.3

-▼

Skadden

5* 5* 1 1.55* 5* 1 1.55* 1 1.55* - 1 1.55* 4 1 1.55* - 1 1.5

00--

-1-

▲▲--▼-

550.0299.8209.0

1,500.0995.0350.0

8 1.210 0.711 0.54 3.35 2.29 0.8

+0.7-0.4

--

-0.9-

▲▼--▼-

10

* tie * tie

▲

38.8

▼ -47.8% ▼% Change from Same Period Last Year

964.89.0 ▼

▲

5*6.1

Industry Total

Rank

+19

+52

2016 Rank Sh (%)Proceeds

10.46.34

▲ 153.4%

# of Deals

Nishimura & Asahi 3

▲

Proceeds per Advisor (US$m)MarketMarket

▲ 1Manager Legal Advisor

▲3,645.7

1,662.1Share Ch.

+5.63

▲1,000.8Nagashima Ohno & Tsunematsu▼ 2.9

6▼

1

-16.8

22.9 +18.9▲

7.8

+2

Jan 1 - Jun 30Samurai Bonds (JL6)

5.91

5* 4▲▲

8 +3 3

2017 Rank


Deals Sh (%)Change in # of Market

Anderson Mori & Tomotsune1 2,634.7Share Ch.Deals # of Deals

10.8

2017 Rank

MarketRankSh (%) Sh (%)

3 -0.97.8+3+4 ▲8

15,921.0

39.0 -3.2▲

5

▲ 100.0

7

+1.2

-33.1%


Japan Common Stock (JL1) Jan 1 - Jun 30

JAPAN CAPITAL MARKETS REVIEW

2016 Rank Proceeds

Proceeds per Advisor (US$m)Change in

Jan 1 - Jun 30Japan Common Stock (JL2)

Mori Hamada & Matsumoto

# of Deals per AdvisorMarket# of

Issuer Legal AdvisorMarket

216.6 +11.6

Anderson Mori & Tomotsune+84 11

9 1,433.2▲Nishimura & Asahi 3*

-1.3

15,921.0


2

102 100.0 ▲

153.4%▼▲22.9%

-33.1%

100.0

% Change from Same Period Last Year 22.9%-47.8% ▼% Change from Last Quarter

Samurai Bonds (JL5)

Industry Total 102 100.0 +19

Jan 1 - Jun 30

424.4

8 1.2

0 - 6,208.2 1Nagashima Ohno & Tsunematsu 3* 1 8 7.8 ▼2.7 -0.4 ▼Sullivan & Cromwell 5* 5* 2 2.0 +1

▼ 597.7 6 3.8 -20.1Davis Polk & Wardwell 4* 2* 2 2.04* 4 2 2.0 0

-1

Skadden 6*

5.5 -0.5 ▼▼

- 881.3 5Simpson Thacher & Bartlett

405.1 7-6* 2* 1 1.0 -2 ▼ 273.4

2.5 +2.5 ▲1.7 -9.5 ▼

H M chan & Co

--

7* -1 1.0

1 1.07*

8Simpson Thacher & BartlettBaker & McKenzie - 1 1.0 -

2 22.4 +22.45* - 2 2.07* -

Davis Polk & Wardwell 1 1.0 ---

3,568.2189.3607.9

19.3

----

6 3.8 +3.89 0.1 +0.1

6*

Sullivan & CromwellSoga Law OfficeNorton Rose Fulbright

▲▲▲▲

Mori Hamada & Matsumoto

0- 1 1.0 -

6*6*

- 1 1.0 -

---

5* 1 1.0 3,171.419.319.3

2 19.9 +16.99* 0.1 +0.19* 0.1 +0.1

▲▲▲

* tie * tie


10.4 +10.4 ▲- 2 6.9 - - 987.6

- 104.8 6 1.1 +1.1 ▲King & Wood Mallesons 5* - 1 3.5 -

▲6,132.3 3,368.8

2 9Nagashima Ohno & Tsunematsu +3.21*▼1

# of Market Change in

1Deals

31.0Anderson Mori & Tomotsune 1Sh (%) Manager Legal AdvisorShare Ch.

1 20Issuer Legal Advisor

69.0 +3

# of Deals per Advisor Proceeds per Advisor (US$m)2017 Rank

2016 Rank

# of MarketMarketDeals Sh (%)

# of Deals per AdvisorMarket

64.3# of Deals

▲

2016 Rank

2017 Rank

-1

Change in Proceeds

+8

-7.3Sh (%)

9-12.4Proceeds

29

2Nishimura & Asahi 1*

▲ 0.9%


▲

31.06.9 - -

100.0

% Change from Last Quarter 23.1%

3*Anderson Mori & Tomotsune 3*

Sh (%)

76.1%

▲ 2,216.6 2+4▼ 1

Rank

3

% Change from Same Period Last Year 38.1% ▲

Industry Total

Share Ch.


35.3

9,544.2▲

MarketMarket# of Deals

▲

100.0

23.2▼

▲

9,544.2

76.1%

2

Industry Total

23.1% ▲▲% Change from Same Period Last Year 38.1%

▲ 0.9%

Nagashima Ohno & Tsunematsu

Rank

- 4

▲ 100.0

13.8

29 100.0 +8

-

-3.5 -

- 1,521.8 ▲16.0 +16.0Clifford Chance 9.5 +9.5 - 2Baker & McKenzie

3 - 3 10.3 -4 - 2 6.9

--

902.5987.6

43

873.3 4 9.2 +9.2 ▲10.4 +10.4

▲▲

Baker & McKenzie

- 607.3 5Cleary Gottlieb Steen & Hamilton 5* - 1 6.4 +6.4 ▲

11

-

-

-

-

-

-


Ranking Criteria Summary

Time periods for league tables will be based upon pricing/launch date.

All current data and previous year's data is as of 9:00am EST on July 14, 2017. Full credit is given to the issuer’s legal counsel andmanager’s legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions peradvisor. Rankings based on proceeds are available on product.

Tel: +632 459 1566E-mail: [email protected]

J

United States

Ian Willmott

If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:

High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moody’s rating equal to or less than Ba1. Securitiesnot rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates ofDeposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a highyield rating from the other) are excluded Non-convertible preferred stock transactions are included

Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactionsthat mature or are callable/putable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agencytransactions (US Only), exchange offers, and offerings by closed-end funds/trusts.

Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market.

Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium TermNotes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programsare tracked but are not eligible for league table credit.

Salvatore ReresTel: +1 646 223 8455E-mail: [email protected]

Europe

E-mail: [email protected]: +44 (0) 207 542 4376

Asia-PacificCarina Causon-Israel

-

-

-

-


Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, maples andself-funded issuance. League tables are denominated in Canadian dollars.

Federal Credit Agency issuance is excluded in all regional and global league table rankings.

E-mail: [email protected]

Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retailstructured products, self-funded issuance. League Tables are denominated in Canadian dollars.

JapanAki Sato

E-mail: [email protected]

Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts,home equity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage andAsset-backed Securities letter dated January 1, 2006.

yield rating from the other) are excluded. Non-convertible preferred stock transactions are included.

Tel: +1 416 687 7577

Tel: +813 6441 1120

CanadaGavin Penny

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 partycontent providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party contentprovider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extentpermitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting toinvestment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has notundertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2017 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 thirdparty.

12

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To purchase individual Thomson reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

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Go to: dmi.thomsonreuters.com/dealsintelligence

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and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation

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