DEBT CAPITAL MARKETS REVIEW - Thomson...
Transcript of DEBT CAPITAL MARKETS REVIEW - Thomson...
DEBT CAPITAL MARKETS REVIEWREUTERS / John Schults
DEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS
F ll Y 2014Full Year 2014
13
13Dim Sum Bonds (AS24a)
13Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)
Australian Debt
13
13All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)
2
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Debt Capital Markets ReviewTable of Contents
Global High Yield Debt US Dollar Denominated (B5) 14
Leading Underwriters for Fourth Quarter 2014
Global Debt (B1)
All Asian Currencies (ex-Japan, ex-Australia) (AS1)
14
Global Debt and Syndicated Loans Islamic Finance (DL2)
Global Investment Grade Corporate Debt (B7)
3
Global Debt
Global Deals Intelligence
Global Debt, Equity & Equity Related (A1)
Global Debt and Syndicated Loans (DL1)
Global Scorecard
Asia Debt
Asia Deals Intelligence
International Debt
All International Bonds (J1)
All International Securitizations (J10c)
EMEA Deals Intelligence 91
1
1
2
9
9
3
All Bonds in Euros (N1)
High Yield Debt
Global High Yield Deals Intelligence
9
Global High Yield Debt (B4)
10
10
10
2
Australia Deals Intelligence
All Australian Debt (ex self funded) (AJ3a)
US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a)
Criteria Summary
Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)
Emerging Market Debt - Latin America
14
15
Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2)
15
11
Global Mortgage-Backed Securities (B10)
Global High Yield Debt - US Dollar Denominated (B5) 14
US Mortgage-Backed Securities (F11)
Global Debt Rankings - Last Ten Years
US Asset-Backed Securities (F14)
14
5
16
15
11
Global Debt and Syndicated Loans Islamic Finance (DL2)
US Investment Grade Corporate Debt (F9)
3
6 11
6
15
US Debt
18
17
All Federal Credit Agency Debt (H1)
US Debt (F1) 6
Debt Capital Markets Criteria Summary
US High Yield Corporate Debt (F8)
Japanese Corporate Debt (AP3)
12
Asia-Pacific Emerging Market Bonds (L4)
All Bonds in Yen (AP5)
3
Global Asset-Backed Securities (B11) & (B13) 3
Global High Yield Debt - Non-US Dollar Denominated (B6)
Japan Deals Intelligence
Banking Composite of Top Global Debt Bookrunners
16
Bonds Targeted in Japan (AP4)
Banking Composite of Top US Debt Bookrunners
Samurai Bonds (AP1)
12
10
Latin America Emerging Market Bonds (L3)
11
8
7
7
7
4
6
Emerging Market Debt
All International Emerging Market Bonds (L1)
EMEA Emerging Market Bonds (L2)
Global Debt in Mexican Pesos (MX2) 12
11
10
All Brazilian Debt (BR1)
Brazilian Domestic Debt (BR2)
Thomson Reuters Solutions for the Deal Making Community
All Australian International Bonds (AJ7)
All Australian Debt (ex self-funded) (AJ3a)
Japan Debt
Domestic Mexican Debt (MX3) 12
Global Debt by Mexican Issuers (MX1)
12
https://www.thomsonone.com
Global High Yield Corporate Debt- Quarterly
Global Debt Capital Markets by Asset ClassFINANCIALS ACCOUNT FOR 51% OF DCM ACTIVITY – Debt capital markets activity in the Financials sector totaledUS$2.9 trillion during full year 2014, accounting for 51% of all new issuance this year. Media & Entertainment andFinancials activity saw the strongest year-over-year growth each registering an increase of 10% over a year ago
Global Deals Intelligence
Full Year 2014
DEBT CAPITAL MARKETS REVIEW Global Debt Activity Up 2% l Quarterly High Yield Volume Falls 25% l All-Time Record for US Investment Grade Debt l JP Morgan Tops Underwriting, Fee Rankings
US INVESTMENT GRADE CORPORATE DEBT BREAKS ALL-TIME RECORD - High Grade corporate debt offeringstargeted to the US marketplace totaled US$1.1 trillion during full year 2014, an increase of 9% compared to a year agoand the strongest annual period for the asset class since records began in 1980. Companies based in the United Statesaccounted for 61% of issuance, down from 64% during full year 2013. Issuers based in the United Kingdom, Canadaand Japan each accounted for 4% of US marketplace issuance during full year 2014.
QUARTERLY HIGH YIELD VOLUME FALLS 25% - The volume of global high yield corporate debt reached US$71.9billion during the fourth quarter of 2014, a 23% decline compared to the third quarter of this year and the slowest quarterfor global high yield issuance since the second quarter of 2012 (US$54.8 billion). Full year 2014 high yield issuancetotaled US$441.5 billion, narrowly falling below the all-time annual record set during full year 2013 (US$442.5 billion).
GLOBAL DEBT CAPITAL MARKETS ACTIVITY UP 2% - Overall global debt capital markets activity totaled US$5.7trillion during full year 2014, an uptick of 2% compared to 2013 and the strongest annual period for global debt capitalmarkets activity since 2009. Fourth quarter global debt activity decreased 14% compared to the third quarter of 2014,marking the slowest quarter for global debt offerings since the fourth quarter of 2011
$2.2$2.4
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2006 2007 2008 2009 2010 2011 2012 2013 2014
Pro
ceed
s ($
bil)
Global High Yield Debt ($bil)
Number of Offerings
EMERGING MARKETS CORPORATE DEBT DOWN 11% - New corporate debt from emerging markets issuers totaledUS$348.6 billion during full year 2014, an 11% decrease from last year. 54% of all emerging markets corporate debtduring the year was raised by issuers in Brazil, India, Mexico and Malaysia. Corporate debt from issuers in Russiatotaled US$17.2 billion, down 74% compared to full year 2013.
JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - JP Morgan maintained the top spot for global debt underwritingduring full year 2014, with total proceeds of US$425.2 billion and a decrease of 0.2 market share points. Deutsche Bankmaintained the second position, while Citi moved to third place from fourth. Barclays and Bank of America Merrill Lynchrounded out the top five.
OVERALL DEBT UNDERWRITING FEES UP 3% - According to Thomson Reuters/Freeman Consulting, estimated feesfrom DCM activity totaled US$22.8 billion during full year 2014, an increase of 3% year-on-year. Fees from high gradedebt totaled US$10.8 billion (a 47% share), while fees from high yield debt totaled $5.8 billion (a 25% share). High yieldfees decreased 6% compared to 2013, while global investment grade fees increased 3%.
Financials activity saw the strongest year-over-year growth, each registering an increase of 10% over a year ago.Average deal size in the Healthcare sector led all industries this year, with the average deal totaling US$1.1 billion.
100.0▲
+4.44.41,271
1.8%
6.34.9
▲▲
50.2 +50.2
+4.6▼
-59 ▼ 4.61,791.51,844.0
+387
3.9
+0.3
-11
1,164.6▲
1,519
7.51,7951,781.91,168
4.9 1,691
▲+196 ▲
+4.42.94.4
3.9+2.9
510,451.7
▼-237+9
2,227.2+0.3
2,613687,691.9
▲4.45.2
▼ +58
▲7.1▲
-0.3+0.5
811,470.0
2,025600,325.0 ▼6.1 -0.17.0 +0.1 ▲8.3 +0.6
▲7.310.9▲7.5 +7.5
2,950.3 +7.32,851 11.9 -148 ▼Deals
▲
Global Debt and Syndicated Loans (DL1)
Sh (%)Market
# of Deals per Bookrunner
Jan 1 - Dec 31
Change in Proceeds
Imputed Fees (US$m)
# of Deals Fees# of
-124
Sh (%)
8.4
Share Ch.3,040.2
MarketShare Ch.Sh (%)
Manager Market
▲
▼+0.5
3.3+1.6
3.6
▲+4.4
1,576.67.4
5.5▼▼
-448.3
1,787.6
▲1,987
+5.3▲ 2,151.0 5.3▲-97 +5.5
+3.9
0
▼
20,314.9
1,784
- 5.3
▼1.6%
+4,162▲
23,976
-22.2%
Manager 2013 RankShare Ch.
MarketSh (%)Fees Bookrunner
2014 Rank
376,780.1
4
6
3 32
8481,476.5
45
Imputed Fees (US$m)
7.5 JP Morgan
Industry % Change from Last Quarter
Wells Fargo & Co
Deutsche Bank
Bank of America Merrill Lynch1 1
10
Proceeds per Bookrunner (US$m)Market Market Market
Global Debt, Equity & Equity-related (A1) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
2-0.8-0.3 ▼ 3,297.910.4 -25 ▼2,063 ▼
6.3 +0.1 ▼-103
2,553.1-1-0.46.3
▲1,801
ProceedsMarketSh (%)
Change in 2014 Rank
2013 Rank Sh (%) # of DealsDeals
# ofMarket MarketShare Ch.
JP Morgan 1 1 493,392.9Bookrunner
Citi 2 3 418,909.97.4
-0.3Deutsche Bank 3 2 414,543.8 9.18.7
▼1,733
▲
▼▼
+10Citi
▼▼
-0.15.12,263.35.8
5.8 4.3 -0.3
HSBC Holdings PLC+0.1
1,876.9
▼
-0.3 ▼ 1,521 7.7Bank of America Merrill Lynch 5 6 382,255.9 5.8Barclays 4 4 383,028.8
Goldman Sachs & Co
2,741.5-0.1 ▼ 8.6
5.3
▲ 1,632+0.1 -198 6.2
+0.51,273 6.41,438
8.2
6.3
56.8 ▲
Morgan Stanley
-1.0
-0.5 ▼8Goldman Sachs & Co
▼
2.54.7
Credit Suisse
3,003.2Barclays▼
2,777.31,080.3
+0.1754.0
5.4-0.6
1,702
▼
-7
-0.22,079.6+0.3
▼+75
Morgan Stanley5 351,975.1
6 77
355,269.0
77
Top Ten Total
7.3-0.33.7
325,907.96
9 362,912.73.6
22,427.1
6.3
-2.7
-1.5%
349,279.9104.4
▲
▼
4.2293,045.6 353,260.1
▲▲
9277,584.2 +0.24.4HSBC Holdings PLC 98
3,563,319.5 -1.2
Credit Suisse 8 ▲ 1,249BNP Paribas SA 87210 2.9
9▼-0.410
50.9100.0
▲
49.6Industry Total
4.3%
44,082.2
▲
▲
▲▼
9.6%▲▼Industry % Change from Last Quarter
-105
+9 ▲▲+3
▼▲
1.7
▲
4,859,555.8Top Ten Total100.0 9,776,022.9
-9.0% ▼▲
40,333.0
‐13.1%Industry % Change from Same Period Last Year
▼▼-17.6% -7.7%Industry % Change from Same Period Last Year
19,814
▼
3.0% 0.9%
193,314.3
▲
53.86,629,280.9Industry Total 100.0
$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Pro
ceed
s (U
S$t
)Investment Grade Corporate MBS Agency, Supranational, Sovereign ABS Federal Credit Agency High Yield Corporate Emerging Market Corporate
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables 1
All US Debt (F1)
275
901
+0.1
▼Sh (%) # of Deals Fees Sh (%) Share Ch.
▼
+0.2-0.2
1.2
+0.1
1 2 +0 2-
-0.3
3.2
8759
275,701.7 +0.5
233,220.5
282,250.5
+0.3
▼135,729.4
274,658.6
149,624.4185,983.3
Market
4.8
▲0
1.9
1.8
▲
-0.29.9
-0.3
2.6
2.3
-0.4
7
322,053.8
▼
-0.3
7.910.6 -48
Market
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Imputed Fees (US$m)
-
2.4
▲4.9
▲4.8
6.0
1,361 1,436.8
5.6
Wells Fargo & Co
% Change
Global Debt (B1)
9
Citi
Bookrunner
67
Global Debt
307,370.0
12111213
MarketManager
-0.51,803.5
▼Barclays
4.110
Market# of
Jan 1 - Dec 31
US Long-term Debt (F2)
Global Scorecard
$USm
Jan 1 2014 - Dec 31 2014
4,389
No.
2,562,298.9
139,835.8 992
Deals
US Mortgage-backed Securities (F11)
516138,987.7
13,581.3 441
▲
17,081.6
6,337
▲
11,203
672
-20.5%
614
8071,070
3,132 3,666
1,037,728.4
1,900,262.1
$USm
-14.4%1,895,014.4
4,919
10149,460.4
1,051
8
Bank of America Merrill Lynch▼
-6.4%
▲▼
14
+0.3%-1.1%
Societe Generale
20
▲
▼
▼
13
11
UniCredit
819
2,591,742.2
Nomura
▼
▲
629
15
20
1616
1.3
UBSCredit Agricole CIB
18TD Securities Inc
▼▲
1919
15
17
70,863.466 794 521
17
5
▼
6
102,298.5
110,100.3
21
8Morgan StanleyHSBC Holdings PLC
▼
RBC Capital Markets
Goldman Sachs & CoCredit Suisse
▼510 ▲
BNP Paribas SA
RBS
Mizuho Financial GroupNatixis
Proceeds
Deutsche Bank7.46.3
ProceedsDealsDeals
2014 Rank Sh (%)
Proceeds No.# of Deals per Bookrunner
2013 Rank
Jan 1 2013 - Dec 31 2013 Proceeds per Bookrunner (US$m)
in ProceedsMarket
Share Ch.Change in
362,356.56.3358,699.03
1.8
22
4 347,894.6
JP Morgan 1,585▼ -0.5
▼425,199.7 ▼1 1-83▼ 1,475
1,079.7-95
▼ 8.21,2293 6.1
0-0.16.3▼
▼4
6.01,366.8-19.1
▼
▲▲8.5▼
-1921,225 8.2
796.91,3611,274
9.1
▼-8 ▼
1,490.41,356.8
+71
▲4.8 +0.2
▲6.0+0.33.5+0.1
▲+0.2
▲
▼6.5
5.4
▼-1.1-0.24.7
+2 ▲ 1,095.9-93 ▼ 1,226.2
-7798.3
3.4
413
+62
+34
-4▲▼
3.7
5.9
759
395
5.4
2.64.0
763807
622
592
▲+0.2▼ 598.7 2.63.5 -0.3 ▼5.1+0.2 ▲
▼-89+1
4.2▲
5.1
+6
131,039.0
104,817.4
18
-0.2
1.71.5
014 -
00
+0.1
74,062.10
97,635.384,934.9 -
-
4.1-
552318
1 8
▲
▲
2.1505606 ▲
+21+2
422 515 0511,932.9426,357.6
1,190,107.3
6,807750
11,40813,175
4,684,055.3
2,803,834.7441,498.4
311,933.7
327,124.3
585 270,425.3
162,324.3
291,239.5426,302.5 350,103.1
1,129,884.0266,756.4
+8.9%-8.4%
-17.9%743
-6.0%
876
1,077
+15.3%601
5,532,927.9 5,399,373.2
442,494.0
149,707.6
4,529,090.2
2,624,744.8
▼
+2.5%+3.4%
+6.8%-14.9%
-0.2%
176,013.5
12,938
1,094
848
861Global Asset-backed Securities (B11)-16.7%
358 350 1
-1.4%2,837 1,207,418.5874798
969
2,770
+17 9%
2.3
▲▲
▲
520.3▼▲▲
2.6
1.3+12
2.8
+27330.9
356.6
1 0
324.8
220 0▲
197.0480.9
+0.2
2.1
1.5
0
▲
-
+10298.7
0.9
▲
+0.3 ▲
-▲
▲
▼-0.2
1,167
+0 2
+0.1
1.6
1.1
594.21.4
249.5
▼
Global Long-term Debt ex MBS, ABS & Munis (B3)
▲
+0.1
-0.3
Global Agency, Sovereign & Supranational Debt (B9)
US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)
Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)
Global Investment Grade Corporate Debt (B7)
US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)
US High Yield Corporate Debt (F8)
Global High Yield Corporate Debt (B4)
US Federal Credit Agency Debt (B8)
All Global Debt (B1)0Global Long-term Debt (B2)
Global Mortgage-backed Securities (B10)
+0.2
+0.2275
1
43,072.8 0.8
Australian Domestic Securitization (AJ5)
1.2 +0.2
Westpac Banking
Australia Bonds
▲ANZ Banking Group
JP Morgan
Consecutive Quarters No. 1
24.323
▲
+0.1+0.1 2040.70.724
-0.8258.425
100.03,068,018.2
44,539.7 0.8
42,551.230
3
Commerzbank AG
▼▲
▲
Industry % Change from Same Period Last Year
Mitsubishi UFJ Financial Group
▲1.9%
Top Twenty Five TotalIndustry Total
11
+3.2
18
▲
11
▲
▼
Industry % Change from Last Quarter
▲1
▲
▲
2322 26
66,794.521
40,915.3
2324
21
2
▲
Standard Chartered PLC
NatixisSantander
1
+0.7
▲ 5+3.7 1
+7.5
▼
Global Debt Capital Markets % Change by Asset Class
-13.9%
+0.1 ▲1.4▲1.8▲
5,738,735.0
386
76.21.5+0.11.4▲
▲+57224
-6▲
+30
+44
+21
▼
▼
22,819.7 100.0
2.6% ▲
▼12,251.7
-1.5% ▼
76.1 -0.914,939 -222
4Q 2014 vs. 4Q 2013
-12.5%▼-23.6%
1,864
12
249,575.3
Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)
422,515.0
▼▲
12.4JP Morgan
Mkt. Share Chg. from Last Qtr (%)
Bank of America Merrill Lynch
8.58.8
▲▲
+5.9
1
12.916.4
10-0.3
+5.4
+4.4
1
Australian Dollar Bonds (AJ3)
All Bonds in Euro (N1)
+2.1
▲
▲
11
1
▲3
1+2.5
▼▲
-0.5▲▲
-7.2%
1
Current Qtr Market Share
(%)
▲
269,005.4
Leading Underwriters for Fourth Quarter 2014
10.3
10.9
U.S. Debt inc MBS, ABS, & Tax Munis (F1)
1
U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP MorganU.S. Investment Grade Corporate Debt (F9)
+2.2+1.8
International Bonds
Barclays
11.1
▲
U.S. Debt, Equity & Equity-related (E1)
All International Bonds (J1)
U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)
BarclaysU.S. High Yield Corporate Debt (F8)
Citi
U.S. LT Federal Credit Agency Debt (H3)
Global Bonds
U.S. Disclosed Fees (E2)
Global ABS (B11)Global Investment Grade (B7)
US Bonds
All International Securitizations (J10c)
Asia-Pacific Bonds
All Asian Currencies ex CDs (AS1)Asian G3 Currency Bonds ex JP & Aus (AR2)
+3.9
8.5
15.9
+1.6HSBC Holdings PLCHSBC Holdings PLC
Global Disclosed Fees (A2)
11.1
Global Debt inc MBS, ABS & US Tax Munis (B1)
U.S. Federal Credit Agency (H1)
Global High Yield Corporate Debt (B4)
11.4
+3.3+3.2
+10.8+23.0
+15.9
13.0
16.735.6
13.9
10.5
Wells Fargo & Co
JP MorganJP Morgan
10.89.8
+2.8JP Morgan
8.9
12.7JP Morgan
BNP Paribas SA
JP Morgan
JP Morgan
JP MorganJP Morgan
No. 1 Manager
Morgan Stanley+1.9JP Morgan
8612,233
-1.3
Global Short-term Debt (B14)Global Asset-backed Securities (B11) 358,350.1969 +17.9%
0.82042.6
1.0
0.60.6144.1
136.7▼
220.0▲▲
+0.21.1
176.60
+0.2
-
▲▲+0.2
▲▲
▼Global Emerging Markets Corporate Debt (B15) 311,889.1 1,337 348,630.5 1,353 -10.5%
6.8%
-1.4% -0.2%
17.9%
-16.7%
-10.5%
-14.9%
-20%
-10%
0%
10%
20%
Investment Grade Corporate
Agency, Supranational,
Sovereign
High Yield Corporate
ABS MBS Emerging Market Corporate
Federal Credit Agency
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com2
Full Year
Jan 1 - Dec 31
Imputed Fees: Global Investment Grade Corporate Debt
2.9
4.0
04.4
1,436,808.8
0--
318.2▲333.5
5,167.7▲
Industry % Change from Last Quarter
Industry Total
6.8%
2,803,834.7
▲
0 492+0.8
3.8
100.0
10
Global Debt and Syndicated Loans Islamic Finance (DL2)
-8.4%Industry % Change from Same Period Last Year 7.4%
▼
+698.9
8.2
106,407.4
▲ 605
396 5.8
11 +62360 5.3+647.2
94,242.1 ▲3.4
Proceeds per Bookrunner (US$m)
▼
-0.2722▲
▼
+0.3-0.1
5.1145,463.8 +0.9
559
9.3
▲10.6
Barclays 7
2
HSBC Holdings PLC 6 86
Deutsche Bank 4 5Morgan Stanley 5 4
Citi 3159,718.6
7.30
5.6
1 203,905.9
151,272.3157,249.4
5.4
7.7+0.4
3Bank of America Merrill Lynch 2JP Morgan 1
Proceeds
5.7
# of2014 Rank Sh (%)
-0.2
4.6
# of Deals per Bookrunner
10,826.8 100.0
▼
Global Mortgage-Backed Securities (B10)
▲▲
+470
▲
-19▲
+0.6
Manager
437.3▲ 488.2 +0.8
-0.2
0
668.4▲ 5.2618▲
# of Deals
-559.1
476.2
▲
561.9
Sh (%)10.0
Change in Share Ch.
+14 ▲+0.2
Jan 1 - Dec 31
Share Ch.
Global Investment Grade Corporate Debt (B7)
Full Year 2014 | Debt Capital Markets | Managing Underwriters
MarketMarket# of Deals per BookrunnerProceeds per Bookrunner (US$m)
2013 Rank
MarketMarketBookrunner
▲Deals
681
Market
7.5
Imputed Fees (US$m)
Fees
+26
525
145,992.4 630
▼▼-
+3
Jan 1 - Dec 31
Goldman Sachs & Co
51.3
Imputed Fees (US$m)
472.9
▲
▲+2.1
Credit Suisse
8 7-0.4
129,398.4
5.25.2
143,158.54.5+45
▼
-34.1%2.8%
-2.0%
6,807Top Ten Total
9 -BNP Paribas SA 9+0.6
▼
-
▼
▲
-0.34.45.5
Sh (%)
6.2
47.7
▼
▼▼
-0.1
3.1
▲+5
596.2
Global Debt
+0.2
Imputed Fees (US$m)# of Deals per Bookrunner
814.9
Proceeds per Bookrunner (US$m)
6,77
7.5
9,11
3.7
9,95
9.8
8,31
6.8
9,37
5.6
8,48
1.4
8,32
3.7
10,9
33.4
10,5
29.9
10,8
26.8
6,3786,916
6,494
4,888
5,4266,269 5,829 6,391 6,337
6,807
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Num
ber o
f Offe
rings
Fees
(US
$m)
Global Investment Grade Fees (US$m) Number of Offerings
* tie
Emirates NBD PJSC 3.2-1.1+0.5
+410.2 3.2
11
Top Ten Total
9
-16.7%
31,637.6 65.91,520.9
▲
1
Industry % Change from Same Period Last Year
▲
-10.1%
Imputed Fees (US$m)
Share Ch.
-10.4% ▼
-+16
▼▼
▲
Industry % Change from Last Quarter
42.5%
-3.3%
Industry Total
RBC Capital Markets
54
RBS
Morgan Stanley
0
26,658.36.3 +0.4
43,165.5
Industry Total
▲▲
26.4%
Sh (%)
-25.3%
9.3%
Industry % Change from Same Period Last Year9.6%
48,169.8 100.069.4
9.42
12
32.0% -16.7%
114.9128 +31
1,665.5 3.5
-▲13
-
+1▲
1.6▼▲
National Bank of Abu Dhabi
▲
09
6Samba Financial Group 8 1,687.8
10
-4.0 +2.7 +2 5.4
-- 1.9
8 1,984.0▼ 5.6-4+2.34.7
3.51,908.6
Citi 6 4.1AMMB Holdings Bhd
RHB
5 5
7
2,243.7-0.1
312.6▼ 11 +3 ▲ 2.98.64.7
▼
▲24.2
▼▼▲ 20 15.6
33 +12
4.8
31.3 ▲▲Standard Chartered PLC 4 3 3,835.7 28-0.4
-1.95,331.2Malayan Banking Bhd 3 4
2-1.98.94,291.6
8.0
CIMB Group Sdn BhdHSBC Holdings PLC
+1440
Proceeds52 40.6
2 25.81
11.114.9
Sh (%)Market
1 -0.1Bookrunner
7,168.6
Market # of2014 Rank
2013 Rank Deals
Proceeds per Bookrunner (US$m)
8.1▲▲
7.912.9
+13-0.3
▲ -1.683 11.8 0
6.8
-0.8 ▼
-
-1.813.213.6
+3 ▼
▼
57.2
Top Ten Total87
4
9
7
5
10
Global Asset-Backed Securities (B11)
Bookrunner1
2013 Rank
Proceeds per Bookrunner (US$m)2014 Rank
Market # of
Citi
Fees
# of Deals per Bookrunner
Sh (%)▼
MarketSh (%) Share Ch.
16.018.4
+6
7.111.2
6.921.9
Imputed Fees (US$m)Manager
+16.0
Market Change in # of Deals
9.5
BookrunnerShare Ch.
2 6 40,368.7▲1 1 41,860.3JP Morgan▲
+2.6
+7.1+19
100.0
Credit Suisse
60.4
1.6
2.83.1
+2.8
JP Morgan13.1
Industry % Change from Last Quarter 22.6%
-
1Deals # of Deals Fees
▼
Market
2
▲
228.1
-0.544.1 5.742.7
Bank of America Merrill Lynch
Imputed Fees (US$m)Change in ManagerMarket
Deals Sh (%) Sh (%)MarketMarket Market
Fees
▲6.57.3▲
Deals
84 11.9Citi
▼
Sh (%)
Jan 1 - Dec 31
Market
+4.7
▲
+1.6
Global Asset-Backed Securities ex-CDOs (B13)
Share Ch.
▼
+1.7
# of Deals per Bookrunner
Market
▼-8.7%-13.5% ▼
# of Deals per Bookrunner
Sh (%)
▲ ▼
Credit Suisse
▲+11.2
+6.9+4.8
Barclays
▲
+60.4
Deutsche Bank
Citi
14,576.8
140.8
18,382.0
Market Change in Sh (%)
99
-123.3+6
7.3▼Barclays
Credit SuisseBank of America Merrill Lynch
Market
6.3
Proceeds11.749,261.8 127
Share Ch.-0.9 ▲
Market
Top Ten Total
# of Deals per BookrunnerManager
▼9.09.8 ▼-411.4
RBC Capital Markets
+2.7
-2.3▲ 91
Top Ten TotalMizuho Financial Group
2
6
82.9
Industry Total
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
▲
Bookrunner
▲
JP Morgan
▲▲
RBS
-7.4%17.9%
422,515.0
▲▼
286,029.1
34,215.7
▲
4 343
2
7
857
2.7
Industry Total
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Proceeds per Bookrunner (US$m)2013 Rank Proceeds # of DealsShare Ch.
2014 Rank
Market # of
-1.8 93 11.7▼
Deutsche Bank 3 2 ▼8.1 -2.434,584.0
▲▼ 60.9
12.78.1 -1.1 ▼
+0.2 +1
+4+8101
9.0 -19
▲▲
79.6 8.6-0.2+1.9
▼87.6 9.5▲
Barclays 4 3 34,502.3 725
Wells Fargo & Co10.080
▼ -2.1
61.9▲7.26
-7
6.328,595.7 8.9
58.0▼ 82.3
30,672.9+1.38 6.7
6.4
▲0
+1.06.76.6
▲+0.1 11.289 -14▲
▼-0.2 7.9-1.4 -3
-7Goldman Sachs & Co 6.57 5 27,577.1Morgan Stanley 8 9 27,299.5 ▼ 63
▼ 62 7.8
6.911.4 -7 -3.163.4-0.256.9 6.2
6.2 ▼-2.2 ▼ 91Mischler Financial Group Inc 10 3.9Bank of America Merrill Lynch 9 4 26,551.5
16,455.113
426,357.6308,467.1 72.4 -4.5
100.0
▲+2.6 ▲▼ -3.3
0.8
-76798
7.1+5271 8.9▼
▼▼
Wells Fargo & Co
100.0640.6
+0.469.5
-14.8% ▼
Sh (%)
8 109 20,302.5
100
▼10.5▼
▲▲▲
Wells Fargo & Co 4.7 +0.6
+2107
▲
179.3
-3.0% ▼
921.7
-1.0-4.1
112 11.6▲
▼
3 3 36,710.4
10.2
-3.4▼-3.2
8.7 -0.62
▼ 11.010.2
+0.1 106 10.930,935.993.1
175.4▲+18 ▲
▲
+10
▼5.7
▲4.3▲
+0.2
5.6 -0.17.5 -0.1+10
▲163.755 5.7121.1
633.5▼
76
10.3 ▲0
6.5
4.8
-1.9-11.7
2.761.4
2.44.4 -1.1 65-1.7 ▼
52.57.86.7 -4 ▼
+10
1,336.3+108 2,181.7
▼ 59.0-8▼67.9 -4.7
969 100.0
-1.5 ▼
▼
61.9+15
-2
▼
Share Ch.
Imputed Fees (US$m)MarketChange in
7.47.9
▼▼-0.2
Market
57.6
12.5%
Market
+0.7+2
93+0.3 ▲
-7.8%
Manager
▲
▲
96# of DealsSh (%)
▼
▲
-1.4
# of
31.3%
Jan 1 - Dec 31
▲
Share Ch.
Proceeds per Bookrunner (US$m)2014 Rank
11.5
Fees
6.3
8
9
11,704.49
Proceeds2013 Rank
Market
23,422.4
35,583.0
-16.1%
5.8
6.318,805.5
17,228.3
3.110▼
▼
+0.291▼-0.6
8.7
1
7.9▲
-1.7-1.5
12.9
▼ 63▼▲ 5.5
52.9
▼
3.08.1
▼8.9 -6 ▼ 40.2 ▼
11.35.2
7.5 +23.9 -1.6
+0.33.5 23.4▲-5
▲+0.229.6 3.8 -1.6 ▼▼
▼69.0 -2.2 ▼ -11.9
-0.1 176 3.8▼
-1.3-3 29.9
▲
56.4439.5100.0+29
▲ 25.4%▼
53▲
80-0.9
109,091.9
10,319.4▼ 57
12.0
5
+0.925,669.1
4.3%
705204,709.9
779.8296,923.3
▼25.0
100.0
▼
▲
6 6 26,407.1
19,628.8
6 18,670.2
Sh (%)
100.0
Deutsche Bank +0.2
+0.98.08.2
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com3
Banking Composite: Global Debt
Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Dec 31 2014
Full Year 2014 | Debt Capital Markets | Managing Underwriters
53.1%
47.1% 48.7% 49.8%
56.9%52.1%
54.1%
53.4%
58.7% 47.2%
4.8% 5.2% 4.8% 4.3% 4.0% 4.3% 4.4% 0.2%1.2%
7.7%
60%
70%
80%
90%
100%
5.6% 4.3% 5.4% 6.6% 6.4%2.4% 3.1% 1.3% 2.5%
7.6%
14.8%21.2% 19.9% 18.1%
12.8% 19.8%15.9%
26.6%20.6% 12.3%
4.7%
4.8%2.9%
6.4%
4.2%1.9%
2.7%
9.5%
4.8%
2.5%
1.9%
2.4%4.5%
1.0%
0.5%
1.3%
1.1%
1.0%
1.0%
0.1%
15.1%
15.0% 13.9% 13.9%
15.2%
18.2%
18.7%
7.9%
11.2% 22.7%
0%
10%
20%
30%
40%
50%
JP Morgan Deutsche Bank Citi Barclays Bank of America Merrill Lynch
Morgan Stanley HSBC Holdings PLC Goldman Sachs & Co Credit Suisse BNP Paribas SA
% T
otal
Pro
ceed
s
ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables 4
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Global Debt Rankings* - Last Ten Years
1
2
3
4
JP Morgan
Deutsche Bank
Citi
Barclays
Rankings shown are as of the current quarter end in each calendar year.*Global Debt League Table (B1) positions reflect consolidation within the banking sector.
5
6
7
8
9
10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Ran
k
Bank of America Merrill Lynch
Morgan Stanley
HSBC Holdings PLC
Goldman Sachs & Co
Credit Suisse
BNP Paribas SA
g q y
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g
5
▲
▲
▲--
▼▲
-0.5+0.3+0.2
0
+0 10
-0.2+0.3-0.3+0.4
2.01.8
2.92.31.92.4
1.7
0 5
0.71.0
39.052.024 1▲
▲▲▲
+9+29+8+34
-7+8+9+10+7+12
4.42 8
12.910.49.79.48.45.87.03.740
4730
906275
▼ 139112104101
▼
▼
▼▼-▲
▲▲
+0 2
-0.5-0.1-0.7
0+0.1-0.2
2.82.12.11.91.71.31.0
Scotiabank
151617
14,715.8
7,102.0
16
180.6
Standard Chartered PLC
BNP Paribas SAMitsubishi UFJ Financial GroupUBSMizuho Financial Group
Credit Agricole CIBUS Bancorp 11,778.3
191824
131214
131415
2019
17
6 022 0
Manager
33.6 -45 ▼ 544.8
Fees# of DealsChange in
▲
+0.2+0.2-0.1
Share Ch.-17 ▼ 650.0 12.3 +0.1 ▲
Sh (%)442 41.013.6 +0.3 ▲1 153,312.0
8
11.0 -0.2 ▼
▼
31,252.023,802.523,619.021,875.9
JP Morgan 1
9 11
12
53,298.9
11 9
7
0.77,307.7
19,528.6
0 5
Share Ch. Deals Sh (%)Market MarketMarket # of Market
Imputed Fees (US$m)
▲
10.3 -0.5
Full Year 2014 | Debt Capital Markets | Managing Underwriters
US DebtRecord Volume for US Investment Grade l Overall US Debt Down 1% l US Asset-Backed Debt Up 15%
US Investment Grade Corporate Debt (F9) Jan 1 - Dec 31
▼
Proceeds
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2014 Rank
2013 RankBookrunner
MarketSh (%)
8
124,450.4
5 5 85,367.1
71,052.7
2 2
7Deutsche Bank
US Deals Intelligence
US Debt (F1) Jan 1 - Dec 31
Bank of America Merrill Lynch
Goldman Sachs & Co
HSBC Holdings PLCWells Fargo & Co
RBSRBC Capital Markets
▼Citi 3 3 104,727.6 9.3
362▼ 404.5-1.7 ▼ 32.0 -33345 7.7 ▼
Morgan Stanley 4 4 89,007.5 7.9-0.7
-1.2 ▼
Barclays 6 6 81,303.47.6 -0.67.2
▼6.6 -0.3 ▼245 22.7 -5
-3 ▼ 7.8 -1.3347.8▼
-0.7
291 27.0 409.7
25.0 ▲6.3 +0.1 ▲ 0
+0.8 ▲ +43213 19.8269 ▼
5.0 +0.4 ▲5.3
-276.5264.3
-0.1 ▼322.9 6.165,096.9 5.8 +12 ▲+0.4 ▲ 227 21.14.7 +1.5 ▲ 205.6139 ▲ +1.1
132 12.312.9 +22
+17 +0.5189.4 3.6▲
Credit Suisse 10 10 45,162.0 4.0 +0.7 ▲ ▲3.9
▼▲
▲
▼
▲▲▲▲
103.597.187.6
154.3120.5101.6124.1
Annual volume for the U.S. Investment Grade market in 2014 eclipsed 2013's all-time high, passing the US$1 trillionmark for the third consecutive year. The US$1.1 trillion raised beat last year's US$1 trillion total as issuers continuedto take advantage of low interest rates ahead of the anticipated rate climb: the 2014 average coupon stood at3.592%, just 11 basis points over 2012's record low average rate.
US ABS totaled US$311.9 billion from 585 transactions, representing the highest annual volume since 2007 andsurpassing the proceeds raised a year ago by 15.3%. ABS strength was largely attributed to the CDO and autosectors, which accounted for 35% and 32% of ABS volume in 2014, respectively. According to estimates fromThomson Reuters/Freeman Consulting, investment banking fees in the US ABS market totaled US$1.6 billion, an18.3% increase from the total fees paid in 2013.
US High Yield corporate debt volume in 2014 decreased 6% from the proceeds raised a year ago but still ranked asthe third largest annual volume on record. The US$107.3 billion raised in the second quarter represented the largestquarterly volume on record, bolstered by the US$10.9 billion Numericable Group SA issue in April (of which US$7.775billion was denominated in USD) - the largest High-Yield financing on record.
▲▲
0.4BBVA ▲2.0 +13
▲▲▲
16.8%
+0.2+0.1+0.40.632.4
17.7
-0.35,269.1
16.7%
▲-▲+0.2
3.8%
▼4,682.1
+0.10
0.3
0.70.7
0.50.7
24.138.437.636.7
▲▲▲
+7
+12+13+12+14
2.8
3.71.1
2.71.9
1222
30292140
+0.2+0.1
+0.2
▲
+0.2+0.2
▲▲▲
0.40.40.4
+0.2Standard Chartered PLC
31
242336Sumitomo Mitsui Finl Grp Inc
20 6,022.0
Top Thirty Total
2122
2423SunTrust Banks
Banco do Brasil SA
Santander
‐13.3%
4,671.0
25
4,603.74,445.14,379.834
22
‐6.1%
73.4 -0.7
‐0.5%
▲
▲▲
‐8.4% ▼‐8.9% ▼
▼
▼Industry % Change from Last Quarter
▲
0.55,348.00.5
0.7%
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
1,081,420.8 94.2
0.4
88.8100.0
+0.1 ▲
Industry % Change from Same Period Last Year 8.9% ▲
+7Industry Total
▲
Industry % Change from Last Quarter ‐8.7% ▼Industry % Change from Same Period Last Year ‐6.0% ▼
1,077
Top Ten Total 235,148.9
1,129,884.0 100.0
Industry % Change from Last Quarter 13.0% ▲ ▼
516 -98
▲
Industry Total 307,370.0
4.0▲ 169.03,102.176.4 -2.1 ▼
108RBC Capital Markets 10 10 13,323.2 4.3 +0.3 +0.1 ▲28.9 -38 5.4 -1.2
-3 ▼▼
20.95.7 -1.2 ▼ 149Wells Fargo & Co 9 8 17,498.3
277.2 6.6▼ 228.6
142 27.5 -18 ▼▼
Barclays 8 9 20,177.6 6.6 0 - +0.5 ▲30.2 -22 7.3 -0.37.7 +0.1 ▲ 156
▲Credit Suisse 7 6 23,772.1
333.2▼ 310.2
142 27.5Goldman Sachs & Co 6 5 24,494.4 8.0 +0.3 +0.6 ▲31.0 -29 6.6 -0.5
-29 ▼▼
7.98.1 +0.2 ▲ 160Citi 5 4 24,863.8
331.9 7.8▼ 277.5
157 30.4 -35 ▼▲
Deutsche Bank 4 3 24,992.9 8.1 -0.5 ▼ +0.4 ▲27.7 0 8.2 +1.68.1 +1.0 ▲ 143Morgan Stanley 3 7 25,012.1
370.0 8.7- 345.0
205 39.7▲
Bank of America Merrill Lynch 2 2 27,124.8 8.8 -1.6 ▼ -2.3 ▼43.6 -31 10.9 +0.4▼ 459.5
-62 ▼JP Morgan 1 1 33,889.7 11.0 -0.7 ▼ 225
Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2014 Rank
2013 RankBookrunner Proceeds
Market Market
Market MarketMarket Market # of Market Change in Manager
2014 Rank
2013 RankBookrunner Proceeds
# of Market Market MarketChange in ManagerSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
1 301,356.1 22.4 -103▼ 98411.8 -0.3 ▼Citi 2 2 244,624.1 9.6 -0.3 ▼JP Morgan 1 10.7 -0.5
830 18.9 -71 ▼▼ 1,382.7
-0.51,077.1 8.3Bank of America Merrill Lynch 3 3 242,106.9
5.7-165 ▼ 1,240.1
694 -0.2
▼▼9.6 -1.39.5 0 - 899 20.5
731.7Barclays 4 4 214,529.5 8.4 -0.2 ▼
6 7 177,661.3
▼7.2 -1.3
+14 ▲14.5 -85
649 14.8 -17 ▼ +0.3▼ 843.0
▲▲+0.1
Goldman Sachs & Co 7 6 177,438.0 6.96.9 -0.5 ▼Morgan Stanley
6.9 0
6361,040.1 8.0
6.5
-0.7 ▼ 554 ▼517 11.8
12.6 -63 -Credit Suisse 8 8 154,546.8 6.0 +0.6 ▲ -10
897.6▲
15.4 +25 6.06.0
▲ 780.1+0.3▼ 776.0
▼5.5 +0.4 ▲3.5 +0.9 ▲
675+0.4 ▲
Wells Fargo & Co 9 9 140,850.4HSBC Holdings PLC 10 12 89,882.6 283 6.4 +10 ▲ 314.6
-0.3
Industry Total▼
2.4Top Ten Total 1,926,611.7
2,562,298.9 100.075.3 -1.4 9,083.0
-530 12,953.14,38970.1 -1.7 ▼
100.0
▼▼ ▼
▼‐5.0%
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
US High Yield Corporate Debt (F8) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
All Federal Credit Agency Debt (H1)
2014 Rank
2013 RankBookrunner Proceeds
Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
4.7 +47▼ 186Barclays 1 1 48,235.5 12.9 -1.86.9
▲ 13.4 ▼Deutsche Bank 2 3 31,643.8 8.5 -0.4
6.5 -1.0 ▼ 185176 4.5▼
-7 ▼ 14.2 7.4 +1.8
7.0 -0.5-25 ▼ 13.2
TD Securities Inc 4 6 22,846.2 6.14.7JP Morgan 3 4 24,257.5
▲ 194 4.9 10.0 ▼
+1.3 ▲▲
5.2 -0.25.7 +1.7
-8 ▼2.6 -8 ▼103▲
+1.1▲
HSBC Holdings PLC 6 8 20,606.7Nomura 5 9 21,188.5 +1.35.0
+1.09.5
159 4.1 +10 ▲5.4 -5.6 ▼ 3045.5 +1.2 ▲
Morgan Stanley 7 2 20,090.4407
▲▼7.7 -26 ▼
▲17,652.7
7.6 4.0 -2.76.1
▼5.6 +3.9
3.2
Wells Fargo & Co 8 18 18,859.9 5.0 +3.6 10.4 10.7 ▲4.7 +1.6
+245 ▲2.8 -3.05.3 ▼
Citi 10 7 13,662.9140Bank of America Merrill Lynch 3.69 11
Top Ten Total 239,044.1▼3.7 -0.7 ▼ 124 3.2
64.0 -0.3 ▼-0.1
-63▲-14 ▼
▲98.4 +2.88.4 4.3
51.4374,238.7
‐20.2% ▼
100.0
‐16.0%
4,235.4 100.0
▼20.9%
100.0
3.2%
Industry Total 3,925 192.3
▲ ‐17.3% ▼
100.0+123
▲Industry % Change from Same Period Last Year ‐10.7% ▼
Industry % Change from Same Period Last Year ‐1.1% ▼‐7.2%Industry % Change from Last Quarter ‐5.7% ▼‐10.8%
35
20
2930
Societe GeneraleJefferies LLCBank of China LtdTD Securities IncANZ Banking Group
262728Deutsche Bank 5 5 183,616.0 ▼
15.84,337.53,707.33,552.03,472.1
254128
00
+0.20.30.30.3
21219
3,122.0 13
--▲-
0.3
▲▲
1.2
+3+7+4
+5
1.91.90.8
0.40.20.6
▲
29.220.610.7
13.7
▲▲
▲▼▲▲
0.3
+0.1-0.1+0.1
+0.1
0.6
+0.132.1▲
+4180 1.7▲+0.1
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com6
9
4
Deutsche Bank 6 6Wells Fargo & Co 7 8
Industry % Change from Same Period Last Year
Barclays
Bank of America Merrill Lynch 3
5 22,187.9
▲▼
153.2 9.5 +2.0 ▲101
-2.7
+0.67.1 -0.6 ▼
Full Year 2014 | Debt Capital Markets | Managing Underwriters
US Securitizations
+1480 13.7 +12
14.7% ▲
17.3▼91 15.6 +1 ▲ -4.6148.8 9.3
16.2 ▼
4 28,619.5 9.2
11.22 34,985.4
▲ ▲
Sh (%)Deals Sh (%) Share Ch.▲ 12.4+21
▼-2.3 ▼199.4-4.1
# of Deals
-6 114.6 7.1
Fees
Imputed Fees (US$m)
▲3.7 +0.2106.0 6.6
Share Ch.14.6 -0.6
▼
Credit Suisse10.2 -0.7 ▼
JP Morgan▼
3 31,932.0
Citi 1 1 45,499.02
Bookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market2014
Rank2013 Rank
Jan 1 - Dec 31
# of Deals per Bookrunner Imputed Fees (US$m)Manager
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
US Mortgage-Backed Securities (F11)†
95117 20.0
# of Market Change in MarketSh (%)
Market
US Asset-Backed Securities (F14)† Jan 1 - Dec 31
21,623.7 6.95 ▲ 60.2
-0.2 ▼ 85 14.5 -2 ▼ +1.0 ▲13.0 +10 ▲ 121.1 ▲+0.619,628.8
Morgan Stanley 8 9 17,494.7 5.6 +0.2 ▲▲6.3 +0.9 76
149.2 9.37.5
47 8.0 +7 ▲ +0.6 ▲7 16,238.7 5.2 -1.3 ▼ 55 9.4 +1 ▲
Goldman Sachs & Co 10 11 12,221.6 3.9RBC Capital Markets ▲ 48.8 3.0 +0.2
42 7.2 +14 ▲ +0.4 ▲Top Ten Total 250,431.3 80.2 -3.4
+1.0 ▲1,185.8
84.5 5.3▼ 73.7 -6.0 ▼
Industry Total 311,933.7 100.0 100.0585 +75
▲
1,608.2
18.3%Industry % Change from Last Quarter ‐15.0% ▼
15.3%▼ ‐17.7%‐12.9%
US ABS Collateral Volume Breakout (US$b) Jan 1 - Dec 31 2014
US Asset-Backed Securities excluding Self-Funded (F14a)† Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
$104.8 35%
$49.0 16%
$14.1 5%
$97.6 32%
$35.9 12%
CDO Credit Card Student Loan Auto Other
†
12.8% ▲‐24.1% ▼ ‐18.6% ▼2.0%
-0.6 ▼▲
1 26,394.1 12.6
350,103.1 100.0
Sh (%)
▼
ProceedsCredit Suisse 1
8
103 25.7 +0.8 ▲JP Morgan 2 3 21,736.6
Barclays23
279,502.6
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
7
‐17.9% ▼
22,719.5
8
Share Ch. Deals# of
4.76.5
-▼
‐31.4%
MarketSh (%)
+5Fees
▲ 69.1
ManagerChange in
13.4Sh (%)# of Deals Share Ch.
Market
▼-71
Market
▲‐24.4% ▼0.8%
100.0715.8
1.078.6
51.7
Imputed Fees (US$m)2014 Rank
2013 RankBookrunner
625,500.4
-1.6
0
32,133.6 9.2
▼
6.5 -0.3
7.8 -1.07.3
+0.3 ▲
‐21.3% ▼▼‐9.6%
672
+0.5 ▲-4.0
7.1▲562.3
▼+52+3.1 ▲
▼-2.6 11.9 -9
▼7.5
-3.1 ▼▼
-0.1 ▼6.6 -0.17.2
▼ -1.8
▼
7.654.3+2 ▲ 54.0
46.9-5
9.1 -1
71 10.6
10.67.7
7152
61
80
Market
6 8
4
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
6 27,308.1
16,455.113
+3+18+1.3 ▲
7818.0
Morgan Stanley
10Mischler Financial Group Inc
9 22,905.0Bank of America Merrill Lynch 9 5
7219.5
+4
Top Ten TotalIndustry Total
79.9 -4.7 ▼
-1.8 ▼89 13.2 -13 ▼ 82.0 11.5 +1.3 ▲
+6
11.5
Deals
▲-20 ▼-2.0 ▼68.9+0.8
9.6-9 ▼54.5 7.6
Imputed Fees (US$m)
Share Ch.Market
▲ 67.2 9.4
2013 Rank
39,283.6
79 11.867 10.0
10.2 77-1.2 ▼11.2 +2.0 ▲
8.3▼
-3.4 ▼8.2
Market
▲Sh (%)
12.6 +2.3+4 ▲ 75.7# of Deals
10.6FeesSh (%)
Market # of Market Change in Manager Market
Citi
JP Morgan 2
Wells Fargo & Co
3
5Goldman Sachs & Co
Deutsche Bank 4
Sh (%)Credit Suisse 1 4
Share Ch.85
28,595.7
Bookrunner Proceeds2014 Rank
71 28,999.1
35,602.5
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
▼-0.1 ▼ 86 21.4 +8 ▲ 48.7
44.581 8.6 -1.83 21,196.7
10.4 -1.7 ▼9.4 -0.2
20.2▼
Barclays 4 2 20,702.0 9.9 -2.4 ▼Bank of America Merrill Lynch 10.1
Citi 5 6 20,023.3-2.0
+1.475
9.348.29.6
▼▲▲
▲ 42.4 8.2 +0.3▲
7.036.3▲▼ 31.2 6.0Deutsche Bank 7 7 14,505.2
Wells Fargo & Co 15,544.8
-
+1.4 ▲6.9 -1.1 ▼ -87.4 18.7 +4
▼RBC Capital Markets 8 5 14,085.0 6.7 -1.8 ▼ 51
-1.3▼-1.1
38 9.5 ▼0
-2.6-929.1 5.6
▼ ▼ 18.6 3.6-0.9▲ 18.3 3.5+8
386.4 74.6 -7.4 ▼401
▼
Industry % Change from Last Quarter
517.4 100.0
▲
+8
‐16.9% ▼Industry % Change from Same Period Last Year 9.5%
209,710.4Industry TotalTop Ten Total 171,194.6
17.26912.7
8.0RBS
Quarterly Residential ABS, MBS & CDO Volume
▼
▲
100.081.7 -6.1
4.23.9
8,816.2 -1.89Morgan Stanley 32▲10 10
98,190.7 +0.7
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2014 Rank
2013 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.
Citi 1 1 32,743.6 11.6 -0.4 ▼ 100 18.2 +19 ▲ 184.6 12.0 -2.6 ▼Credit Suisse 2 4 28,619.5 10.1 +0.7 ▲ 101 18.4 +15 ▲ 151.1 9.8 +2.5 ▲Bank of America Merrill Lynch 3 3 27,832.0 9.9 -1.9 ▼ 88 16.0 0 - 142.1 9.2 -4.9 ▼JP Morgan 4 2 26,636.3 9.4 -2.6 ▼ 87 15.8 -1 ▼ 102.2 6.6 -4.2 ▼Deutsche Bank 5 6 21,436.2 7.6 -0.1 ▼ 84 15.3 -2 ▼ 102.5 6.7 +0.9 ▲Barclays 6 5 19,663.1 7.0 -1.2 ▼ 75 13.6 +9 ▲ 54.4 3.5 +0.2 ▲Wells Fargo & Co 7 8 19,628.8 6.9 +1.0 ▲ 76 13.8 +10 ▲ 119.0 7.7 +0.5 ▲Morgan Stanley 8 9 17,494.7 6.2 +0.4 ▲ 47 8.5 +8 ▲ 149.2 9.7 +0.7 ▲RBC Capital Markets 9 7 15,238.7 5.4 -1.2 ▼ 53 9.6 +2 ▲ 41.4 2.7 +0.3 ▲Goldman Sachs & Co 10 11 12,221.6 4.3 +1.1 ▲ 42 7.6 +14 ▲ 84.5 5.5 +0.4 ▲Top Ten Total 221,514.5 78.4 -4.2 ▼ 1,131.0 73.4 -6.2
100.0▼
Industry Total 282,642.0 100.0 +71 1,539.8550
▼Industry % Change from Same Period Last Year 14.8% ▲ 14.8% ▲ 18.0%
Jan 1 - Dec 31US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)†
Rankings reflect new securitizations criteria implemented September 2014 (See back page)
▲Industry % Change from Last Quarter ‐12.3% ▼ ‐12.9% ▼ ‐16.7%
0
100
200
300
400
500
600
700
800
900
$0
$100
$200
$300
$400
$500
$600
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$b)
# of Issues
†
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
Rankings reflect new securitizations criteria implemented September 2014 (See back page)2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
7
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Banking Composite: US DCM
Jan 1 - Dec 31 2014DCM Bookrunner Industry Composition (F1) Jan 1 - Dec 31 2014 DCM Bookrunner Industry Composition (Ex Financials) (F1)
10 5% 15 5%
7.1%9.9%9.8% 5.5% 10.9%
10.7%
4.6%5.4%
7.4%7.5%
8.9%10.1%
8.9%
7.7%9.7%
11.3%
11.3%3.3%
4.7%
5.8%
6.5% 6.7%6.1%
5.1%3.7%
5.4%
4.2%6.7%
7.6%
6.7%
4.8% 4.3%7.0%
9.3% 7.9%
10.6%
9.9%
4.1%
8.4%
3.3%4.0% 4.1%
0.8% 3.5% 3.3%
4.2%
4.9%
2.8%
6.2%
4.9%
6.0%2.6%
5.1% 5.4%2.5%
7.1%
1.1%
6.5%
9.1%
4.7%
2.7%
4.1%
4.6%
2.2%
4.2%4.0%
1.8%6.3%
4.2%
4.7% 3.0%5.8%
2.5% 3.9% 4.7% 6.7%4.1%
1.9%6.2%
60%
70%
80%
90%
100%
Pro
ceed
s
2.7%
1.8%
3.0%3.6%
3.2%0 6%
4.2%2.9% 1.7%
2.6%
1.3%
2.3%
1.0%4.1%
2.4%
2.9%
1.8%
3 1%
1.4%2.3%
2.4%
3.8%2.3%
1.3%
3.5%
38.4% 39.3%
46.0%43.2% 41.4%
49.1%
42.1% 43.6%
34.5%
42.7%
60%
70%
80%
90%
100%
Pro
ceed
s
2.3% 4.2% 3.3%5.4%
2.3% 2.3% 3.5% 2.8% 1.4%4.7%
19.4%18.7%
24.5%
13.2%15.5%
22.7% 19.6% 21.8%21.9%
26.2%
15.4% 14.7%
18.4%
19.1% 20.4%
19.1%
12.8%
18.1%
30.7%
0.4%
15.2%16.6%
10.5%
16.4% 14.0%
15.5%
9.6%
14.7%
12.2%
5.3% 10.1%
0%
10%
20%
30%
40%
50%
JPM BoA Citi GS DB Barc MS CS HSBC WF
% o
f Ind
ustry
Consumer Products and Services Energy and Power Government and Agencies Healthcare
High Technology Industrials Materials Media and Entertainment
Real Estate Retail Consumer Staples Telecommunications
1.4%
2.5%
1.8% 3.1%
1.3%
1.2%
2.0%
1.6%
0.9%
2.7%
12.0% 11.4% 13.2%7.5% 9.1%
11.5% 11.3% 12.3% 14.3%15.0%
9.5% 8.9%9.9%
10.8% 12.0%9.7% 7.4%
10.2%
20.1%
0.2%
9.4% 10.1% 5.7%9.3% 8.2% 7.9%
5.5%
8.3%
4.7%
7.0%
6.1% 5.9%
3.0%6.2% 6.3%
2.3%
3.0%
3.1%
4.8%
5.8%
4.6% 5.4%
5.5%
5.1% 4.5%
4.9%6.5%
6.4%
2.2%
2.7%
3.5%4.0%
3.6%
3.5% 3.0%
1.9%3.1%
2.3%
4.4%
4.4%
4.2%2.9%
2.3%
4.0% 5.4%
4.0% 6.1%
5.6%
4.8%
2.0%
2.4%
2.2%
0.4%2.0%1.7%2.4%
2.8%
3.5%
1.4%2.9%1.3%4.1%0.6%
5.2%2.2%2.1%
3.1%
0%
10%
20%
30%
40%
50%
JPM BoA Citi GS DB Barc MS CS HSBC WF
% o
f Ind
ustry
P
Consumer Products and Services Energy and Power Government and Agencies Healthcare
High Technology Industrials Materials Media and Entertainment
Real Estate Retail Consumer Staples Telecommunications
Financials
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com8
10.8%▼ -21.9%‐2.4%Industry % Change from Last Quarter -6.6% ▼
▲
Jan 1 - Dec 31
▼
17,425.3 100.0-0.659.6
▲ 13.8%
6,222 +607
BNP Paribas SA 9
15.4%
8
4,040,240.12,405,567.3
Industry Total
10 10
▲
201,098.8172,250.2
98220,411.8
-1.1▲10.3 +65▼58.6
+0.24.3
▼
▼ 708643
+8411.4▲ 925.8
▲▲ 567.7
10,215.1
3.35.0 1,029.0706 11.3 +125+0.2 ▲
▲▲
+0.2+0.1
▲
1,186.9
5.3
-1.1+0.2
▲8194.2
▲+710.5 1,019.5+92
13.2 +19 6.8726.6
5.9
▼▲
+0.2▲+0.5
5.916.2
5.5 -0.3 ▼ 6521008▲5.8
▼ 906
+0.1
6.8 5.3
HSBC Holdings PLC 6 6 235,030.7242,877.7
+0.1 ▲
▲14.6
6.8+0.5 ▲ 1001 16.1-0.4
▼-0.9
+84 ▲1,192.7
-0.3 ▼+148 ▲
931.1
7.1 -0.18.0+111 1,400.2
Market MarketSh (%) Share Ch.
▼1130
▼ 1168 18.818.2 1,235.6-4 ▼
▲Deals
Full Year 2014 | Debt Capital Markets | Managing Underwriters
International Debt International Bonds Up 15.4% l Russian Federation Volumes Fall l JP Morgan Top Fee Earners
All International Bonds (J1) Jan 1 - Dec 31EMEA Deals Intelligence
# of MarketFeesProceeds
Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner
Sh (%) # of Deals
Proceeds per Bookrunner (US$m)2014 Rank
2013 RankBookrunner
6.0 +0.6
4.1 ▲
100.0
-0.7165,211.7Credit Suisse
Market Market
-0.27.47.9
-0.6
Sh (%) Share Ch.
▼320,976.9
4
300,260.66.8
7
274,755.2272,693.7
Top Ten Total
Industry % Change from Same Period Last Year
JP Morgan 1 1
Citi 4Barclays 3
3Deutsche Bank 2 2
Bank of America Merrill Lynch 5
Morgan StanleyGoldman Sachs & Co 7 5
All International Securitizations (J10c)
International bonds proceeds for full year 2014 reached US$4 trillion, registering a 15.4% increase over 2013 andsetting a new market record (surpassing the previous market peak set in 2007). Domicile nations driving the marketincluded the United States (proceeds up 34.1%, with a 30.2 % market share of all international issuance), China(116.2% year-on-year increase), and Switzerland (up 158.2%). Conversely, EMEA decliners included The RussianFederation (down 81.2% from 2013), Norway (down 46.2%), and Sweden (down 19.3%).
Among industry sectors, significant increases in issuance were seen in Healthcare (+117.2% over 2013), Retail(+51.1%), and Media & Entertainment (+32.4%). The only notable sector declines were in Telecommunications,which fell 30.3% from 2013, and Consumer Staples (-25.4%).
According to Thomson Reuters and Freeman Consulting, JP Morgan was the top international bond fee earner, withU$1.4 billion accrued from 1,168 transactions, despite a 0.9 percentage-point decline in the bank’s wallet share fromfull year 2013. IFR Bank Of The Year Morgan Stanley saw a 0.5 percentage point wallet share increase, whereasBank of America Merrill Lynch sustained the largest share decline – down 1.1 share points year on year.
All International Bonds by Issue Type
Full YearEuropean Financial and Corporate Inv Grade By Domicile Nation
Proceeds per Bookrunner (US$m)
JP Morgan 1
Market Market
Citi10.1 +2.1
79Sh (%)
# of Deals per Bookrunner
Sh (%)# of Deals2014 Rank
+0.2 ▲5.4▲ 180.0 +0.1
▲ 164.2▲
5.0
▲ 178.7 5.4
255▼
+1
-0.7
15.6 125.6 3.8 ▼-0.94.2138.5 -0.3
All Bonds in Euros (N1)
▼ 292 15.1Barclays
5.7▼
-0.464,010.468,327.8 6.1
UniCredit 6 6
4 4Societe Generale 5 5
346 -10
+9292 15.1 +37325
7.8259.5 ▼-0.4▼+0.6
-0.26.2 -0.3 ▼ ▲+2616.8HSBC Holdings PLC 3 3 70,302.4
Deutsche Bank 2 2 80,882.5
Share Ch.+0.5
7.2 +0.1 17.9▲▲
Fees Sh (%)234.6▲
Change in
7.183,539.3Share Ch.Proceeds # of Deals
+48Sh (%)
20.6
2013 Rank
1Sh (%)
1
# of
7.4 399▼Deals
BNP Paribas SABookrunner
MarketProceeds per Bookrunner (€m)
-0.2Wells Fargo & Co
Market
100.0
4.85.7
6.7
24,586.52 3
Proceeds27,538.4
RBS 87
3
1Deutsche Bank
2013 RankBookrunner
Market# of Market Change in ManagerImputed Fees (US$m)
MarketShare Ch.
# of Deals per Bookrunner
-2.9Deals
20.0 +12 ▲+22
-1.36.7
FeesShare Ch.11.3 -1.7
Sh (%)
53.9
▲83
MarketManager Market
61.1
Jan 1 - Dec 31
19.0
▼
▼
Market
6.5+2+0.4-4.2
57.2+0.4
12.8 +7 ▲
Imputed Fees (€m)
546.8
13.0
▲▲14.2 +17
9.9
+2.1
▲+2.1
7.7
19,667.5 +2.9 ▲ 46.3 5.9
▼
598.1▼ 51.3▲
78.2
Bank of America Merrill Lynch 4 2 16,376.8
▲7
▲Barclays 6 4 15,825.3
64Credit Suisse 5 6 16,318.148.8 6.2
+1.4 15.4 +17 ▲▲6.5 ▲
8 15,619.8 6.4 +2.0 53▲▼ 55 13.3 +2
+1.76.1▲31
▼▲7.2 +2.4
5.5
-0.6
5 13,760.7 ▲+6 ▲ 43.50 13.355-+1.5
-0.4Morgan Stanley 9 11 11,771.4Goldman Sachs & Co 10 41.0
▲9
7.5 +15
Top Ten Total 170,701.59,237.0 -0.1 ▼ 5.2 ▼
▲27 6.5 +8 ▲
48.2
790.167.070.1
3.8+6.6 ▲
62.1%▲
▲+1.0+55 100.0
529.5415
▲Industry % Change from Last Quarter -1.9% ▼ 2.9%
▲-12.3% ▼
2014 Rank
15.3%
▲5.3 -0.5 ▼ 301
Industry Total
Industry % Change from Same Period Last Year 27.9% ▲
243,596.9
▼ 257▼
60,029.07 55,105.0
4.9 -0.24.9 -0.5
13.2 +47 ▲ -0.4▼13.3 -2
188.9Citi 9 12 51,294.5
Credit Agricole CIB 7JP Morgan 8 8 55,071.8
4.6 +1.3▼
▲ 166.3 5.0 +1.1▲ 2325.7
12.0 +755.1167.6
▲Goldman Sachs & Co 10 9 48,768.4 4.3
637,331.19.8
▼▲ 190
56.6 -1.3 ▲▲+25 ▲ +0.7+0.1
54.5 +1.21,803.9100.03,321.0+115
Industry % Change from Same Period Last Year 8.9% ▲ 6.3% ▲ 17.2% ▲▼ -6.2%
Industry Total 1,126,786.8 100.0Top Ten Total
▼Industry % Change from Last Quarter 5.1% ▲ -22.9%
1,935
€ -
€ 100
€ 200
€ 300
€ 400
€ 500
€ 600
€ 700
€ 800
€ 900
€ 1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010 2011 2012 2013 2014
Pro
ceed
s (€
b)
ABS & MBS
Emerging Market Corporate
Federal Credit Agency
High Yield Corporate
Agency, Supranational, Sovereign
Investment Grade Corporate
€0
€30
€60
€90
€120
€150
€180
Pro
ceed
s (€
b)
2013 2014
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com9
▼▼ -24.0% ▼
Industry % Change from Same Period Last Year -0.2%Industry % Change from Last Quarter -24.7% ▼ -33.5%
-98
▼ -11.6% ▼ -6.3%
100.0▼
Industry Total 441,498.4 100.067.73.2
-0.4750 5,794.0
▲Top Ten Total 296,781.9 67.3 -2.5 ▼ 3,914.1
153182.43.2
4.0-36 ▼ 233.69 17,943.7RBC Capital Markets 10 10 14,240.5
9Wells Fargo & Co ▼+0.1 ▲
▼ -1.0113 15.1 -4 ▼ +0.1
23.7 353.4 6.1 +0.3 ▲4.1 -1.1
-25 ▼20.4
6.1 0 - 178Barclays 8 8 26,773.823.5 -2 ▼ 392.0 6.8 +1.0
-2.3 ▼▲Morgan Stanley 7 7 29,909.3 6.8 +0.6 ▲ 176
-0.1230 30.7 -74 ▼210
399.6 6.97.4
6.9 -1.8 ▼-
Bank of America Merrill Lynch 6 2 30,446.0Credit Suisse 5 5 31,397.8
▲7.1 0
-26 ▼28.0 -17 ▼ 426.6 ▼27.1 370.8 6.4 +0.27.2 +0.2 ▲ 203
193Citi 4 6 31,846.9
▲Goldman Sachs & Co 3 4 33,567.1 7.6 +0.4 ▲ ▼ 463.2-44
25.7 -3230.8 +0.58.5
8.0 +0.8
+0.1 ▲▲Deutsche Bank 2 3 36,920.6 8.4 -0.1 ▼
JP Morgan 1 1 43,736.2 9.9 -0.8 ▼▼ 293 39.1 10.4492.8599.7-33
231▼
Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.Market Market # of Market Change in Manager
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2014 Rank
2013 RankBookrunner Proceeds
Full Year 2014 | Debt Capital Markets | Managing Underwriters
High Yield DebtGlobal Volumes Cool In Q4 l European Issuance Thriving l JP Morgan Top Fee Earner
Global High Yield Debt (B4) Jan 1 - Dec 31Global High Yield Deals Intelligence
Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Dec 31
After particularly robust activity in the first three quarters, global high yield market proceeds ended 2014 with a slightdowntick (0.2%) compared to 2013. Overall deal count fell significantly from last year (98 fewer deals in 2014),posting an 11.6% decline. Although the European high yield borrowers’ market set a new annual record (up 21.8%over 2013), high-yield issuance from US and Asian borrowers fell 5.9%, and 48.1% respectively. Issuance in Euroswas up by 25.3%, whereas Sterling fell by 14.1% and US Dollar issuance was down by 4.9% - with nearly 100 fewerUSD-denominated transactions in 2014 than the previous year.
The largest high yield issue on record – the joint US$16.5 billion equivalent multicurrency issue by Altice andNumericable – priced in April.
According to estimates from Freeman Consulting and Thomson Reuters, the top global fee earner was JP Morgan,with US$599.7m accrued from 293 issues. In the Non Dollar space Deutsche Bank was predominant, with aggregatefees of €102.1 million earned from 70 deals.
Average Quarterly Spread to Benchmark*
▼ -73.9% ▼Industry % Change from Last Quarter -68.7% ▼ -61.2%Industry % Change from Same Period Last Year 12.7% ▲ 1.0% ▲ -5.2% ▼
+2+6.2 ▲
Industry Total 86,565.2 100.0 990.3208 100.063.2▲ 626.5Top Ten Total 50,667.9 58.7 +5.7
MarketSh (%)
▲
Fees Sh (%) Share Ch.Market Manager# of Market Change in
▼Industry % Change from Last Quarter -10.0% ▼
Sh (%) # of DealsDeutsche Bank
Industry % Change from Same Period Last Year -4.9%
Top Ten Total 243,342.1
▼ -14.9% ▼ -7.3% ▼-8.4% ▼-22.0%
560 -98 4,450.6 100.0-1.2 ▼
Industry Total 323,986.8 100.0
▲75.2 -2.2 ▼ 3,211.0 72.0
-2 ▼ +0.2149
173.2 3.95.1228.6
109 19.54.2 +0.3 ▲▼
RBC Capital Markets 10 10 13,739.9Wells Fargo & Co 9 8 17,498.3
▲5.4 -1.3
-18 ▼26.6 -38 ▼ ▼25.7 277.7 6.2 +0.3
-1.36.3 -0.1 ▼ 144Barclays 8 9 20,337.1
30.0 -13 ▼ 326.0 7.3 -0.1+0.3 ▲
▼Credit Suisse 7 6 24,855.4 7.7 +0.3 ▲ 168
+1.3149 26.6 -34 ▼154
339.6 7.67.9
7.7 0 -▲
Goldman Sachs & Co 6 5 24,943.1Morgan Stanley 5 7 25,816.3
▲8.0 +0.9
-38 ▼27.5 -1 ▼
26,353.9352.7 ▲
30.7 354.3 8.0 +0.5-0.3
8.1 -0.4 ▼ 172-24 ▼ 303.0 6.8177
-2.3 ▼▼Citi 3 4 26,730.5 8.3 +0.4 ▲
378.0 8.5211 37.7 -66 ▼▼10.9 -0.7 42.7239
31.68.6 -1.6 ▼
+0.2# of Deals Fees Sh (%) Share Ch.
477.9 10.7-30 ▼ ▲
Change in ManagerMarket Market # of Market
Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m)
Bookrunner Proceeds Sh (%) Share Ch.
Bookrunner Proceeds
35,346.4Bank of America Merrill Lynch 2 2 27,721.2
Deutsche Bank 4 3
2014 Rank
2014 Rank
Proceeds per Bookrunner (€m)
2013 Rank
JP Morgan 1 1
MarketMarket
# of Deals per Bookrunner Imputed Fees (US$m)
# of Deals per Bookrunner Imputed Fees (€m)
Deals Sh (%)Market Market
1 1 7,791.3Share Ch. Deals
9.0
2013 Rank
53-5
+7+0.7 ▲ 70 33.7
Goldman Sachs & Co 2 5 6,358.4 ▲ 91.37.4 +2.0 25.5▲+0.7 ▲
9.2 +2.2 ▲▼ 102.1 10.3
JP Morgan 3 2 6,200.6 7.2 -0.3 ▼61 29.3 -4 ▼ 89.8 9.1▼ -0.65.7 +0.826.0 +5 ▲ 56.9
-0.6 ▼ -0.3 ▼BNP Paribas SA 4 4 5,366.1 ▲ 54
Barclays 6 6 4,715.9
▲Credit Suisse 5 3 4,791.9 5.5 7.5
▲22.1 +3 ▲ 41.8 4.2 +0.3
48 73.923.1 -3 ▼20.2 -8
HSBC Holdings PLC5.6 +0.3▼ 55.5
7 7 4,195.9▲ 42
Societe Generale 8 13 3,994.8 4.6 32.1▲
+1.4 ▲ 37 17.8▲
3.2 +0.5▲ 46
+1.7▲+2 ▲
Citi 9 8 3,784.0 4.4 +0.23.3
▲Credit Agricole CIB 10 15 3,469.0 17.3 +2 ▲
16.3
+0.7
+0.60
▲ 365.134 - 50.0
33.1
Monthly High Yield Volume
4.0 +0.9
4.9 +0.35.5 +0.4
6.2
0
100
200
300
400
500
600
700
800
900
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012 2013 2014
Bas
is P
oint
s
Spread to Benchmark
2-Quarter Moving Average (Spread to Benchmark)
*Spreads based on fixed rate issues where spread information is available
0
20
40
60
80
100
120
$0
$10
$20
$30
$40
$50
$60
$70
JFMAMJ JASONDJFMAMJ JASONDJ FMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND
2009 2010 2011 2012 2013 2014
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$)# of Issues
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com10
-32.8%6.8% ▲
-35.2% ▼ 45.5% ▲-44.1% ▼ 18.4%
Jan 1 - Dec 31
▲
+0.3
Latin America Emerging Market Bonds (L3)
▲
% Change from Last Quarter
HSBC Holdings PLC
7.6
-1.0
# of
Citi 1 1 58,703.3 11.1Sh (%)
8.26 6,754.9
-2.0+0.2
4 5,393.76.9
-3.4
Proceeds per Bookrunner (US$m)2014 Rank
2013 Rank
MarketShare Ch.Bookrunner Proceeds Sh (%)
Market
Asia-Pacific Emerging Market Bonds (L4)
▲ 254
Market
111.2
4 1 7,979.8
322 +48
▲-14.5% ▼
+0.9
76
% Change from Last Quarter
▲▼21.1
Proceeds per Bookrunner (US$m)
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Emerging MarketsAll International Emerging Market Debt Up 13% l EMEA Emerging Market Debt Down 33% l Latin America Emerging Market Debt Up 15%
Jan 1 - Dec 31EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Dec 31
▼26.9 +2834.1
▲ 110.7 9.0 -0.1 ▲9.02 2 54,804.7
199▼8.7 -0.210.4
-2.5JP Morgan 3 4 45,913.7Deutsche Bank 4 3 40,006.5 ▼
▼21.0 -32 ▼
9.9 -0.9+1.3
-3 122.2105.2 8.6
5.7 -0.2 ▼ 146 15.5 0198
6.449.2
- 78.7Bank of America Merrill Lynch 5 5 30,234.7-1182 8.7
Standard Chartered PLC 7 8 21,413.1Goldman Sachs & Co 6 9 22,537.9
+42▲▼
171 18.1 ▲10.4 -18▼
▲4.1 +0.3
98
4.3 +0.6
Barclays 8 6 21,048.9
63.3
1303.9 -0.4 ▼10Morgan Stanley 10
13.8BNP Paribas SA 9 7 20,570.418,300.2
Imputed Fees (US$m)Change in
DealsMarketMarketManager
Fees# of Deals
# of Deals per Bookrunner
Share Ch.
▲+303.5 +0.2
4.0 -1.4
115Top Ten Total 333,533.4Industry Total
-2.4944
4.052.0
▲2.8
40.7
100.0749.2 60.9
3.3
▼
▼
4.2
3.7
‐720
Sh (%)
+3212.2▲
-1.9▼▲
▲
-1.2▼
-0.8
▲
BNP Paribas SA▲
Deutsche Bank
Societe Generale
HSBC Holdings PLC+2.5+0.2
Morgan Stanley 10
1,230.9
34.3 ▼45.0
▲18 13.2 -22
% Change from Same Period Last Year 13.2% ▲
12.5 -2+1.9
24▼ 31
▲▼6.8 -4.6
+4.2▼ 15.3
UniCredit 8 23
# of Deals36
17.632.4
▼▼
22.8
▼
3,473.99 8.8 -14
-1355.5
4,983.7 7.712.5 +7
Goldman Sachs & Co
11
2.58
2,463.2
174,036.5 ▼
2.8 ▼-3.2-2.6
3.64.15.1
+3.1 17
38.1%
20
▼
+0.2 ▲+8.270.0
526,756.7 100.0
11.4%10.3%
Jan 1 - Dec 31
▲
Imputed Fees (US$m)2014 Rank
2013 Rank
Market MarketChange in Market Market
▲▼
# of Deals per Bookrunner
-27.2%
712
-1.7
Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) Sh (%)Fees Share Ch.Manager
JP Morgan 1 3 12,522.8 26.5
Market # of
12.8Citi 2 2Barclays 3 5 8,373.4
+2.4 ▲12,447.5 12.7▲8.6 +1.6
+3.1 ▲44
-26 41.4
-22-8
18.5-13 ▼▼
6.013.1
-4.5 ▼4.8
16.3-0.8
+2.7 ▲5.3 +4.0 ▲
▼▼ 14.417.6▲ 24
▼
6.617.8
20.5 7.6
0.8▲ ▲ 2.2
4.2▼
5.1 -6 ▼0 - +1.5
-0.9▼▼▲
-4.268,429.41.6+1.3
100.0▲
97,818.0 270.8
% Change from Same Period Last Year
‐74
▼
Industry Total 13657.6156.1Top Ten Total
100.0
*ti
Jan 1 - Dec 31 2014All International Emerging Market Bond Volume by Industry (US$b)
▲-42.9% ▼ -32.5% ▼ 36.0%4.9% ▲
69.8%
+1
1.5%
51.0▲▲+0.450.1
14.3% ▲ -8.2% ▼▲
97.8
▲
100.069
3.2▼
2.0▲
6.1
▲+2.1
6.0
▼
Industry Total
% Change from Last Quarter 39.7% ▲% Change from Same Period Last Year 4.5% ▲
Top Ten Total 28,503.5Goldman Sachs & Co 10 1,109.5 ▼
-1.867.0-35.8
42,538.9
2.6 -1.09
100.0▼
National Bank of Abu Dhabi 9 10 1,318.6 -0.5 ▼3.1 11 3.2▲ 3.2+5.1
15.9 +1 -0.34 ▼
9 13.0 0 -3.94.2▲ 4.13.2+1.2 ▲ +2.5
21.7 +3Bank of America Merrill Lynch 8 11 1,670.8
154.615.9 +1 ▲
Standard Chartered PLC 5 36.266.4
Barclays2,708.6
+1.5-3.7
11▲+0.9 ▲
▼ 216 2,653.5
Emirates NBD PJSC 7 8 1,951.4
▼5.0 5.1 -0.9▼-8.02.0
▼16 23.2 -2 ▼ 8.1 8.330.4 -5
▼17.4 -37.8 +0.7 ▲
7.33.3 -2.0▼
-0.2Deutsche Bank 4 4 3,102.43.2
-1.7
HSBC Holdings PLC
12▲19 27.5 -4 ▼ 7.7 +3.0▼
7.6-2.2 ▼
49.3 +6
JP Morgan 3 5 3,325.6
1 ▼Citi 2 2 4,031.0 9.5 7.8
7.8 -0.9▲Deals Sh (%)
15.6 +3.0 ▲ 34Sh (%)
1 6,632.1
MarketSh (%) Share Ch.# of Deals Fees
Change in ManagerShare Ch.
Proceeds per Bookrunner (US$m)Market Market # of Market
# of Deals per BookrunnerMarket
100.0
Imputed Fees (US$m)2014 Rank
2013 RankBookrunner Proceeds
Middle East Emerging Market Bonds (L5) Jan 1 - Dec 31
% Change from Last Quarter -35.9% ▼ % Change from Last Quarter ▲ -1.5% ▼ -39.4% ▼▲ 38.4% ▲
551.2
% Change from Same Period Last Year 53.3% ▲
+145
34.0%
Industry Total▲
571 100.074.2409.0
-2.2▲ 16.3
250,049.0-3.8 ▼ +2.7
▼Top Ten Total 159,050.6 63.9Bank of China Ltd 10 10 9,979.5
24.9 4.54.0 +0.5 ▲ 82 14.4 +32 3.0
8.4 -1 ▼Goldman Sachs & Co 9 8 10,627.9+1.0 ▲
4.3 -0.778 13.7
▼ +0.1 ▲48
36.9▲
▲ 25.74.3 +1.3 ▲ +33Morgan Stanley 8 11 10,705.19.211,703.6 ▼4.7 -1.34.7
▲94 16.5 +8 ▲ 50.7 +3.7
-3.6 ▼6.7 +2.3 ▲
101+1
45.7 8.313.7
15,424.0 6.2-0.114,194.5
17.7 +18▼ 785.7
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
JP Morgan 5 3
Market # of MarketImputed Fees (US$m)
-1.6 ▼
2014 Rank
2013 Rank
1 1Proceeds
Market
▼ 17.5 ▼-1.3
▼100.0
-3.5374.4
58.44.7 -3.0
7 6Bank of America Merrill Lynch 6UBS
7
▼
100.0 172 ‐28Industry Total 138,265.9
▲% Change from Same Period Last Year 15.1% 33.7%
217.9+8.2 ▲7.6 -13.7 +0.6 ▲ 13
70.0BNP Paribas SA 10 11 5,109.1Top Ten Total 101,223.4
32 18.6 +12 ▲ 3.4 0.9+1.9
4.9 +1.8▲Banco do Brasil SA
Goldman Sachs & Co
+1.2 ▲Santander 9 12 5,617.1 4.1208 13 6,413.8 4.6167 10 6,787.9 ▲ +6 ▲
▲9.3
11.6 +7 ▲ 11.5-1.0 ▼
3.1 -1.6 ▼5.9
3Bank of America Merrill Lynch 4
▲7.5 2.0Credit Suisse 6 7 7,259.9
Citi 1 1 20,677.6
ManagerImputed Fees (US$m)
2014 Rank
2013 Rank ProceedsBookrunner # of Deals Fees
Market Market # of Market Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
MarketMarketChange in ManagerBookrunner Sh (%)
▼ 29,620.2 11.9 -0.9DealsSh (%) Share Ch.
▼ 232 +52 ▼Fees Sh (%) Share Ch.
-2.3▲# of Deals
12.971.3Share Ch.
15.0 39.5Deals Sh (%)
+1.7 ▲ 68-0.8 ▼ Citi 4
▲+14 46.0 12.330.2▲
HSBC Holdings PLC 3 5 12,651.0 9.2JP Morgan 2 4 14,951.5 +5
▼-1.5
40.6-0.58.821,964.7 22.4128
HSBC Holdings PLC+0.7 ▲ 50 29.1
42 24.4-0.8 ▼▲
9.5▼Standard Chartered PLC
+2.9 ▲+1.641.02
20.3▲
+7 ▲ 9.535.6 52.4116Deutsche Bank 3 27.4
-2.8 +2.529.8-1.9 ▼ +2.8
8.1
8.0
▲
23.8 +37 ▲ 44.1 8.0 ▼136 -0.8▲▲
6.616,388.34 5 -0.9 ▼7.4
5.3 +0.65 2
11,499.5
10.8
Sh (%)
Deutsche Bank 10,256.0 ▼25.0 0 -
32 18.68.37.4 ▼ -9
43 8.2
MarketMarketShare Ch.
30.5▼
Sh (%)
18,442.8+1.0-1.1
+31-2
▲
26 15.1 +1 +0.9▲1.6
$232.245%
$114.622%
$74.514%$20.5
4%$18.94%
$18.74%
$16.03%
$15.53%
$6.41%
$1.90%
$1.90%$1.0
0%
Financials Government and Agencies Energy and PowerTelecommunications Materials Real EstateHigh Technology Industrials Consumer Staples
*tie
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
Media and Entertainment Retail Consumer Products and Services11
Domestic Brazilian Debt in Reals (BR2) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Emerging Markets - Latin AmericaGlobal Brazilian Debt Volume Up 29% l Fees for Global Brazilian Debt Up 9% l Domestic Brazilian Debt Down 5% l Domestic Mexican Debt Down 48%
Change in 2014 Rank
2013 Rank
Market
All Global Debt by Brazilian Issuers (BR1) Jan 1 - Dec 31
Bookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Manager Market
Share Ch.Banco do Brasil SA 1 1 10,272.7 17.4
Sh (%) # of Deals Fees▲39 20.4 0 - 32.7
Sh (%)+4.2 ▲ +4.4
Banco Bradesco SA 2 3 6,933.515.1
23.6 +19 ▲ 27.8 12.8 +4.854 28.3
11.8 +1.9 ▲ 45 ▲Itau Unibanco 3 5 5,758.3 9.8 +0.2 ▲ +0.3 ▲+25 ▲ 21.4 9.9
8.4HSBC Holdings PLC 4 2 4,997.6 8.5JP Morgan 5 4 4,935.4
▼12.0 +9 ▲ 23.4-1.9 ▼▲14 7.3 +4 ▲ 14.0 6.5 +4.2
7.3 -0.26.7 +1.8 ▲
23 10.8 -1.0-1.3 ▼
▲ 12.8Citi 6 10 3,917.3
-1.1 ▼27 14.17.9 +10 ▲ 15.915
+10
9 7
▼Santander 7 11 2,807.4 4.8 +0.6 ▲
+3.2 ▲5.9
4.0BNP Paribas SA 8 13 2,796.5 4.8Banco BTG Pactual SA ▼ +2.0
▼3.1 +2 ▲ 10.76 4.9 -7.1▲22 11.5 -2 ▼ 11.2 5.1
- 6.5 -2.8Bank of America Merrill Lynch 10 6 2,244.3 -3.9 3.02,365.7
4.7 03.8 ▼ 9-3.3
Top Ten Total 47,028.7▼
80.0 +1.5 ▲ +3.5 ▲176.4 81.3+71 217.2 100.0
% Change from Same Period Last Year 28.9% ▲ 59.2% ▲
Industry Total
▼ -16.2%9.3% ▲
-78.8% ▼
58,894.9 100.0
▼
191
Global Debt by Mexican Issuers (MX1)
-62.6%% Change from Last Quarter
Jan 1 - Dec 31
Global Brazilian Debt Volume by Sector Full Year
66
9077
60
91
140
78
108 120
191
0
40
80
120
160
200
$0
$10
$20
$30
$40
$50
$60
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
Pro
ceed
s (U
S$b
)
Securitized DebtJunk Rated DebtInvestment Grade CorporateAgency, Supranational, Sovereign# of Issues
▼% Change from Last Quarter 38.7% ▲ 27.1% ▲ 26.8% ▲% Change from Same Period Last Year -4.7% ▼ 9.6% ▲ -20.2%
+21 52.7240 100.0▼
Industry Total 53,383.5 100.052.7 100.0 -5.0
+2.9 ▲Top Ten Total 49,266.8 92.3 -3.4 ▼
2 0.8 +1 ▲ 1.6 2.92.4 +1.6 ▲
Credit Suisse 10 21 940.0 1.8 +1.7 ▲▲ 8 3.3 +3 ▲ 1.3Banco Safra SA 9 9 1,035.0 1.9 +1.1
-2 ▼ 1.6 3.1 +0.5 ▲▼
Banco Votorantim 8 7 1,573.3 3.0 -0.2 ▼ 8 3.37.5 +3 ▲ 1.7 3.3 -2.9
-0.3 ▼Santander 7 6 1,588.3 3.0 -2.1 ▼ 18
10 4.2 -1 ▼ 1.9 3.65.6 +5.4 ▲
HSBC Holdings PLC 6 5 2,177.0 4.1 -1.3 ▼▲ 19 7.9 +18 ▲ 3.0Pentagono SA DTVM 5 17 3,535.0 6.6 +6.4
+11 ▲ 3.9 7.4 -0.2 ▼▼
Banco BTG Pactual SA 4 4 4,187.9 7.8 +0.2 ▲ 28 11.724.2 +5 ▲ 9.1 17.2 -7.5
-0.8 ▼Itau Unibanco 3 2 9,498.5 17.8 -5.3 ▼ 58
42 17.5 +2 ▲ 9.8 18.726.5 -3.7 ▼
Banco Bradesco SA 2 3 11,050.3 20.7 +0.4 ▲▼ 41 17.1 -12 ▼ 14.0Banco do Brasil SA 1 1 13,681.5 25.6 -4.3
Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2014
Rank2013 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m)2014 Rank
# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2013
RankMarket Market # of Market
Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▲ 16 15.1 -15HSBC Holdings PLC 1 3
7.5Goldman Sachs & Co 2 104,571.1 9.4 +0.4
84,152.2 8.5 ▲▼ 12.9
+27.2 -0.7 ▼
+3.8 ▲10.0 +4.0 ▲
▲ 10.7 6.0 +2.2▲ 17.9+2
3,876.712.3
7.9 +2.14,104.9 8.4 +4.0 ▲ 13
Bank of America Merrill Lynch 4 5Credit Suisse 3 12
▲10.8 -7.1 ▼32 30.2
17 7.2 +0.7 ▲▼ 12.816.0 -1-37 ▼ 19.3Citi 5 1 3,814.5 ▼
26.47.8 -9.9
-4BBVA 6 2 3,800.3 7.8 -1.5 ▼ 28 ▼7.5 +1.1 ▲
▼ 10.3 5.7 -3.6▲ 13.5Deutsche Bank 7 9 3,618.5 7.4 +2.4 ▲ 10
JP Morgan 8 8+2
3,029.39.4
6.2 +1.05.7
▲ 85.6 +1.0 ▲+2 ▲ 10.05.3
10 7 1,606.5
▼ 9.57.5 -13.3 -2.3 6Barclays 9 6 1,628.6 ▼
10.4Santander ▼69.8 -2.3 ▼
▼ 8.1▼ 11
48,819.4 ‐15
3.3 -2.2
100.0
-10Top Ten Total 34,202.6 70.0 -2.2
2.1%
▼ 125.0Industry Total
# of Market
Global Debt in Mexican Pesos (MX2) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager
▲
BookrunnerMarket
▲
MarketDealsProceeds
Market MarketSh (%)
12.9 -0.2
# ofSh (%) Share Ch.
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m)
Share Ch.Market
106
Deals Sh (%)
6.9%
Market# of Deals Fees
Domestic Mexican Debt (MX3)
-12.4%
2014 Rank
2013 Rank Bookrunner Proceeds Sh (%) Share Ch.
2013 Rank
-4
% Change from Last Quarter% Change from Same Period Last Year
Market2014 Rank
-13.2% ▼38.3% ▲
BBVA3 1,834.0BBVA 1 ▼ 4.3 11.0 +2.826.4# of Deals Fees
1 2▼ 23 1,534.6 16.6Sh (%)
▲Sh (%) Share Ch.
2 1,270.2HSBC Holdings PLC 2 7.7 -7.9▼ 3.0
ScotiabankCorporacion Actinver Sab de CV 8
▲
4.5 -0.3
▼ 118.9 -5.9
+0.4 ▲
▼ Grupo Financiero Obsa SA de CV 2 -3.3 17.4 +3.3 ▲
12.6 -27- 1,043.0
1,043.0 11.32.3 +2 ▲ Casas de Bolsa Bital, S.A.
-4 ▼+1.9 ▲ 20 33.31.9 9.8
4.7▲ 2 3.3
+9 ▲959.3+9.8
+4.7▲ 1.9+11.3 ▲+2 ▲
3 -Grupo Financiero Obsa SA de CV ▲ 9 15.07.3 +7.3 ▲ 2 10.4 +10.4-0.2Citi 4 1 ▼ 15 -45964.6 17.2 ▼ ▼ 144
3 2.4 12.86.8 -21.0 6.3 -12.4▼
+6.8 6.242.5
HSBC Holdings PLC-0.2 ▼
▼ -3.1 ▼51.4845.6 9.2 7.51.6 8.5
7
Casas de Bolsa Bital, S.A. 5 662.1 7.2 -5.13 ▼
Inversora Bursatil SA de CV
6Grupo Financiero Banorte-Ixe 6 83.9
+2.8
+6.2- 959.3
+12.8 ▲
17.26
-8 ▼
Corporacion Actinver Sab de CV
23.3
4 907.9 -0.8▲ 9 ▲
Grupo Financiero Banorte-Ixe10.3 +9 -15
-7 ▲10.06.8 ▲ 2.4
6.4 15 15.0
Manager
▲+0.4▼ 1.5 9▼Scotiabank 7 9▲ 115.3 12.6
▲+1+4 ▲4.2 9 15.0
1.3 6.9641.111 759.2 ▲+2.8▲ 1.7 .9 4.7556.1 6.0 +2.8
3.33.6 8 13.3 .621▲ 10 8+211.5
179.1
+7+1.9▲ 1.4+2.2 ▲5.0 ▲5 568.7
▲
▼ 5 1.510 703.4
Citi 9 13.7 +0.5▼▲
▼▲5.6 +5.4
▼
▲+1.7 ▲+2
Santander 9 511.1 5.5 -27.3 ▼4.0 -1.3 5.7 -11Bank of America Merrill Lynch 10
9,532.1Top Ten Total521.8
1.0%
▲
100.0
516.211 18.3
+3.0
+3.37.0 +3.4
Change in
▼5.5 -0.86.5
4.18 4 6.73.7 +0.8▲ Top Ten Total
5-46
▲ Santander 10▲
Market Market
+2.3▼ 1.6
0.8%
-28.0 ▼
# of Deals per Bookrunner Imputed Fees (US$m)
▼1.3 7.0
55.4
1.2
+1.339.367.1 -9.3+1.5 ▲-11506.5+4.1 ▲7,775.6
▼100.0
-46.9
9,231.3100.039.3 Industry Total
6
% Change from Last Quarter
Industry Total+1.884.3
100.0 87
7.7% ▲
6014,221.7
▼▼% Change from Same Period Last Year -39.2%▲ % Change from Last Quarter
‐5319.1▲19.1
13.0%-37.9% % Change from Same Period Last Year -48.4%-54.7% ▼ -26.8%
‐22 100.0
▼50.7% ▲ -4.8% ▼ ▲
▼ -51.8%166.7%
100.0
▼▲
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com12
t Includes Asian Development Bank issuance
Full YearAsia Pacific Currency Bonds Imputed Fees (US$m)
5.1
100.0
All Asian Currencies (ex-Japan ex-Australia) (AS1**)
▲39.6%
Goldman Sachs & Co 7 6 11,880.9 -0.6
4
11.713 ▲
Share Ch.
+1.690.5
▲
8
JP Morgan 43Deutsche Bank
Deals
+1.4
5
Sh (%)Bookrunner
14,734.215,845.6
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
Standard Chartered PLC 6.9Bank of America Merrill Lynch 6 13,613.8
Citi
Proceeds
47.1%
22
Jan 1 - Dec 31
HSBC Holdings PLC
Proceeds per Bookrunner (US$m)
+0.2 ▲24,559.9
2013 Rank
▲10.1
# of Deals per Bookrunner
▼
MarketManager
-1.5Sh (%)
Change in
Share Ch.Fees Sh (%)
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Asia DebtAsian G3 Debt Volume Crosses US$200 Billion Mark l China Registers All-Time Largest Asian G3 Bonds l Asian Local Currency Bond Proceeds Down 3%
Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Dec 31
Imputed Fees (US$m)
9.6
# of Deals
21,133.2 82.410.6▲
31.8
Market# of
1 165+28+43
Market
11844.5
Market2014 Rank
Market
▼24.0 -11 ▼ 75.8 8.9 -0.1
5 14,491.0
89▼▼-1.9
927.07.5
-1.2
▼▲▲ 64.6 7.5-0.3 ▼ 106 +0.8▼+20 ▲ 55.5
28.6 +33-1.96.524.8
6.5 -1.270+0.8 ▲ 18.9 +6 ▲ 5.143.7-1.4▼ 505.7 ▼13.5 +2 ▲ 34.8 4.1
Morgan Stanley 8 10 10,807.8UBS 9 7 8,657.1 -2.1
4.8-2.2
+1.0 ▲ +0.1+23 ▲ ▲5.8
67 18.1 40.8▼ 49.4-667 ▼
Bank of China Ltd 10 11 7,333.3 ▲ 35.23.5 +0.14.1
+1.0 ▲47 12.7 +7 ▲18.1
4.1▼
Top Ten Total 143,056.8Industry Total 210,123.0
-4.8371
▲
+89▼▼
▲▲ 31.6%
68.1 -2.6
17.1%
856.9 100.067.0572.7
13.3%▲4.8% ▲
Asian G3 (US$, Euro, Yen) bond offerings set a new record in 2014 totaling US$210.1 billion from 371 deals andsurpassing the largest prior annual volume of US$142.8 billion recorded in 2013. The top issuer domicile nation,China, posted two of the all-time largest Asian G3 bond issues from Alibaba Group and Bank of China, which raisedcombined proceeds of US$14.5 billion in the fourth quarter of 2014. Issuance from the Financials and Government &Agencies sectors captured 57.7% and 12.8% of total market share, respectively.
Asian currency bond offerings in 2014 totaled US$457 billion, a 2.8% drop from the record-high proceeds of US$470billion raised last year. Chinese Yuan-denominated debt totaled US$245.6 billion from 960 deals, capturing 53.7% ofthe Asian local currency market, followed by Korean Won and Indian Rupee-denominated bonds. Offshore ChineseYuan issued and settled bonds reached a record-high annual industry total of CNY330.6 billion from 599 issues, withICBC's December CNY12 billion debt issue ranked as the second largest Dimsum bond on record.
According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market this year totaled US$856.9 million, a 13.3% increase from total fees paid in 2013. Underwritingfees on Asian currency bonds (ex. Japan, Australia) to date dropped to US$1.2 billion from the US$1.3 billion earnedin 2013.
$2 100
**Includes CDs and CPs
Jan 1 - Dec 31Offshore Chinese Yuan Issued & Settled Bonds (ex self-funded) (AS24a)
Industry Total
‐55.0%
6.0159
▲ 11
44.7%
▼
330,603.8
▲‐37.3%
129.7
▲
100.0
▲▼
58.8%
▼
▲▲
242,169.8Industry Total
+2.6
‐11.4% ▼
▼
76.9%
599
Industry % Change from Same Period Last Year
100.0
▲
-0.33.0+13
4.0▲
5.4-2.0
+1
3,630
2.7-8.2 ▼66.6
‐43.9%
‐42.9% ▼▼
1,191.8+315
▼Industry % Change from Same Period Last Year ‐2.8% ▼ 9.5% ▲ ‐10.1%
100.0459.8
3.2 ▲+13.1
▲+94
▼ 116 1.7▲ 38.7
20.3+16+5.6
2.1
▲3.2
25.3
▲▼▼-0.5
-0.21.82.1 -0.4
2.32.4 +1.2
2.7 +2
4.4▲
+2.211,028.5 ▲▲
97+105
▲+0.51.618.637.8▲ 161
16 11,754.1 2.6 +1.1 146 4.0▲
▼ 64 ▼159 4.4
▼
-6
+83▲
4.8
▲2.3▼-0.239.3▲
3.3+1.426.8
+2.9▲ 32-66
9.1▲
▲ 37.2 3.1 +0.7+4+15
▼57.1
▲ 329▲
MarketSh (%) Share Ch.MarketManager
Fees
▲▲4.7
141.6+1.2
11.9
Change in # of DealsShare Ch. Deals
+5.155.8549 15.1 +92 ▲
Market # of MarketSh (%)
0.9▼ 2.280▲+1.4
Bookrunner
1CITIC
4China International Capital Co 3 17
2HSBC Holdings PLC
Standard Chartered PLC4.2 +2.7
26,755.4
4.1 +0.5
-0.1
-0.8
+0.2
Top Ten Total▲
6.3
▲2.573.3
+0.1
▼
+18586.6
2.0 +1.8 15-6.4
3.5Morgan Stanley 10 32* 6,706.2▲ 1.52.1 9
2372.4
Bank of America Merrill Lynch 9 6,877.493.7▲Deutsche Bank 8 10 7,944.9
+1.36.8▲ 6.4
+4.34.9
▲ 5.3+30Industrial & Comm Bank China 6 5 12,738.2
8,915.0UBS+15+182.7
3.17.0▲
+0.6 ▲ 4.0▲ 21
22 +10+2.2
3.93.5
+1.1 ▲ 29 4.8Bank of China Ltd 5 6 19,720.9 40 6.76.0 +3.4 ▲
▲+2.2+51-1.813.2 ▼BNP Paribas SA 4 3 22,808.4 79 6.6-6.3 ▼
▲ 716.9
▲ 7.28.6-29.3
▼11.9DBS Group Holdings 7.6 +3.23 4 25,270.0
15.0 -3.7 10.8164Standard Chartered PLC 2 2 49,522.6 ▲ 14.1 ▼
Share Ch.# of Deals Sh (%)FeesShare Ch. Sh (%)Deals
-4.5-12.1
▼ 27.4 +48251 17.622.941.9 ▲+78▼
100.0
# of Deals per BookrunnerMarket
157,919.8
Imputed Fees (US$m)Market 2014
RankMarket
-8.8
Change in
34.7
10,696.49
1.99,374.6
HSBC Holdings PLC 15,091.3
Proceeds per Bookrunner (US$m)
ProceedsManager
Top Ten Total
Sh (%)
DBS Group HoldingsKB Financial Group Inc
Bookrunner
Industry % Change from Last Quarter
1010
2496
All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1a**)
Industry Total
-0.2Industrial & Comm Bank ChinaCIMB Group Sdn Bhd
6
2014 Rank
456,954.8
Korea Investment Holdings Co
4
2013 Rank
8,846.5
Korea Investment Holdings Co
Proceeds
2
Bank of China Ltd 3
Market
5.6
18,542.5
3 3
Proceeds
1
1Sh (%)
‐52.5% ▼
5
78
Sh (%)
13,182.2 2.9
2013 Rank
3.1
-2.0 ▼0.9
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
19,183.45.9
28,556.2
Industry % Change from Same Period Last Year
Woori Invest & Sec Co Ltd 9 5
+0.3 ▲▲+0.3
▼
2.0+4.4+32
4.3 +15
42.8
3.4 -0.3
+1.1-0.8
3.3+2.1
▲+0.7
6,613.5 3.1+0.56,367.6 ▲3.0
▲
165
Jan 1 - Dec 31
# of Deals per Bookrunner Imputed Fees (US$m)Market Change in
5.8 ▲6.2 ▼-0.3-
28.517.5+17
51 1.4
2,670
-0.553 4.2
4.8
▲ 13.26.8
20.1
Share Ch.
▼▼-1.5
▲+105
3.74.8
7.8+14
4.4▲ 18.6
20.3
Market MarketMarket Manager
7.1
Market # of# of DealsShare Ch.
296Deals
26.8146▲ 5.5+94
+0.6
0 -
▲ 11.1
159
FeesSh (%)+1.7 ▲+3.1
32.76.4▲
Sh (%)
▲6
▼-40▼
11,754.110,696.4
-0.7 6.05.1
+1.8
4.7Standard Chartered PLCCIMB Group Sdn Bhd 5 4
7
2 9,856.0
7,198.1▲Daewoo Securities Co Ltd 10
8,805.8 4.2
6,999.7
100.044.6+2.0
0-0.9
+123
▲
+0.7 154
187.4+902
▲
▲100.0
51.0%
+171.9
211,370.7
Axis Bank Ltd
8 14
90,295.7
3.3
6
▲▼▲ 90 3.4
KB Financial Group Inc
DBS Group Holdings
▼▼ 115
▲
‐46.9%
421.9
15.2%
+6.2
▼▲
# of Market
1
Top Ten Total
6,913.2▲
Kyobo Life Insurance Co
HSBC Holdings PLCBookrunner
10
2
6.0▲
24.7
Industry % Change from Last Quarter ‐56.6%
7
4
MarketProceeds per Bookrunner (CNYm)
Industry % Change from Last Quarter ‐49.7% ▼9.5%
▼
2014 Rank
1 1 81,666.2
2013 Rank
$0
$300
$600
$900
$1,200
$1,500
$1,800
$2,100
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Chinese Yuan Australian Dollar Korean Won Singapore Dollar Malaysian RinggitThai Baht Indian Rupee Hong Kong Dollar Taiwanese Dollar Philippine PesoIndonesian Rupiah Vietnamese Dong Pakistani Rupee
* tie **Includes CDs and CPs
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com13
Market2013 Rank
-4
Market2014 Rank
-2.1
Market MarketAustralian international debt proceeds to date reached US$89.4 billion from 152 deals, a 5.2% increase fromproceeds raised last year. The US Dollar remained the top currency, with total proceeds of US$43.2 billion from 56deals, a 3.3% decline from the total USD issuance in 2013, followed by issuance in Euros and Australian Dollars,worth US$25.4 billion and US$11 billion from 36 and 35 deals, respectively.
Australian Dollar bond (excluding self-funded) offerings registered a record-high annual volume of AU$127 billion from345 deals, a 5.7% increase from the proceeds raised last year. Issuance from Government & Agencies registeredthe largest annual proceeds on record for the sector, totaling AU$55 billion from 182 deals, with the Commonwealth of Australia's AU$7 billion October domestic bond offering as the largest of the year. Financials remained the top sector,with total borrowings of AU$65.5 billion, capturing 51.6% of the Australian dollar bond market.
According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from AustralianDollar (excluding self-funded) bonds this year reached AU$441.8 million, a marginal increase from the total ofAU$438.2 million earned in the full year of 2013. Estimated fees from Australian international bond offerings this yearregistered a 10.8% decline to US$253 million from the US$283.5 million earned in 2013.
Imputed Fees (AU$m)# of Deals per Bookrunner
Deals12.354.3
Sh (%)▼▼
Sh (%) Share Ch.Share Ch. # of DealsManager
Fees▼ -2.6
Change in
Australian Dollar Debt Total Up 6% l Record High Kangaroo Bond Proceeds l Australian International Bond Volume Up 5%
Proceeds per Bookrunner (AU$m)
Bookrunner14.518,428.0
Sh (%)Proceeds
10.417,502.6 13.8
-0.4▼-0.613,217.0
-1.34 13,251.1Commonwealth Bank of Australia 3
4
7.668.6
Deutsche Bank 610,933.0
7
5Citi 5
7
▲▼62.9
12.0-1.3
9,369.0
▼89
+0.7
8.7 15.3 3.5 -1.6+0.2
▲ 53.2+21
8125.8
20.0
23.5▲
+15
+20
▼+0.2
-0.4 -+6-2▲
▲8.1
▼▲ 25.5 5.8
0
30.3▼-0.4
▲ 25.747
28+0.1
▼▲1.7
▲ 9.3
5.7%
6.4▼78.8▲
-3.2+1
‐28.7% ▼▲▲ 24.1%
345100.0
‐15.8% ▼
JP Morgan 109
Top Ten Total
RBC Capital Markets
Industry Total
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)
11
National Australia Bank
Westpac Banking
3
UBSTD Securities Inc 8
348.2+1.78
441.8108,538.7 ▼
1
5,202.3
10.4
9,619.77.4
▲
9
5,043.7 4.0
5,972.3+1.5+1.7
+0.24.1
85.5 -1.0
4.7
22
1
+67126,959.5
5.8
14.5
0.8%‐44.8%
▲▼
100.0
Jan 1 - Dec 31
Market
▲
Jan 1 - Dec 31
14.2
-0.364.0
▲
0 -
30
67
69
▲
▼
13.619.4 7.7
28.1 ▼22.0
2.1 -0.6+28
▲6.9 +1.1
97▼
Australia DebtFull Year 2014 | Debt Capital Markets | Managing Underwriters
# of
76
Australia Deals Intelligence
ANZ Banking Group
All Australian Debt (ex self-funded) (AJ3a)
2 2
All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) Full Year
49.6 98.2
▼‐17.7%
▲
138.2
-1.910.2
▼
▼▼
▼‐53.0%
+2.357,286.7
Industry % Change from Last Quarter ‐38.5%
▼64.1 +1.1 ▲Top Ten Total
4,385.8 -1.9
4.0 -0.810 6
Goldman Sachs & Co ▼
-454.7 -1.3
253.0
▼
89,427.4 100.0
Industry % Change from Same Period Last Year
▼Deutsche Bank 3,712.4
-39
‐41.2%
Industry Total
▼
12.5▼4.2
‐20.4%
4.3
5.2%
152
19-1.920▼-2.0 13.2National Australia Bank 9 5 3,869.4
17.33.8
-4 ▼-3 ▼ 9.6
+2.923 6.115.315.1 +8-2.39.2 6.8
12UBS 7 ▲4,867.1 ▲10 +1.7
14
Commonwealth Bank of Australia 6 15 5,191.7 5.8 +2.6
8 4
▲
4.9
8.3 ▲3.3 +0.9+3 ▲7.95.4
▲▼▼ 13.1 5.2 -0.4
13.8▼5,249.5 5.9 +2.2 -1
+0.45.518.412.5 -4
Barclays+0.6
3 3
▲ 28HSBC Holdings PLC 5 111920 13.2 4.5
▼11.4 -3.7
Bank of America Merrill Lynch 4 7 5,639.3 6.35,664.3 -1
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
6.3 -2.1
Bookrunner
▲▼ ▼
6.4 -2.2▲
DealsChange in
All Australian International Bonds (AJ7) Jan 1 - Dec 31
Fees22.9 +5.8
BookrunnerMarket Market # of Market
Proceeds Share Ch.Sh (%)2013 Rank
1Westpac Banking
Manager Market Market
11 2 9,885.0 11.1 +1.9Sh (%) Share Ch.
2014 Rank
2013 Rank
Citi ▲22.4Sh (%)
9.9 0 - 30▲
16.334
# of Deals
19.7 +7
Westpac Banking
JP Morgan 2 1 8,822.29.1
ANZ Banking Group
Commonwealth Bank of AustraliaUBS
+12 ▲
Imputed Fees (US$m)
# of Market
MarketMarket Change in
All Australian Securitization (ex-CDOs) (AJ4)
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2014 Rank
Imputed Fees (AU$m)
Share Ch. Deals Sh (%)Manager
Sh (%)Market Market
▼ 10.4 20.6# of Deals Fees
# ofProceeds
Market
5,248.0 -4.2Sh (%)
-7.2 ▼ 14 34.118.0Share Ch.
▼-4+1.8 ▲ 58.52 2 4,543.6 15.5 24
16 39.0National Australia BankANZ Banking Group 3 5 3,984.1 13.6 +3.8 ▲
+2.2 ▲+4 ▲ 8.4 16.7+5.6 ▲+3 ▲ 7.5 14.9
-1.4 ▼ 24.44 3 3,423.9 11.7 1010 24.4
Commonwealth Bank of AustraliaJP Morgan 5 9 3,288.1 11.2 +8.3 ▲
-4.8 ▼0 - 4.1 8.1+6.8 ▲+6 ▲ 4.9 9.7
+0.6 ▲ 26.86 6 2,978.8 10.2 113 7.3
Macquarie GroupCiti 7 4 2,723.0 9.3 -2.5 ▼
+2.8 ▲-1 ▼ 6.9 13.7-6.4 ▼-2 ▼ 2.7 5.3
-0.5 ▼ 22.08 7 1,859.9 6.4 9 6.93 7.3
Deutsche BankRBS 9 8 434.6 1.5 -1.5 ▼-2 ▼ .9 1.8
+0.7 ▲+2 ▲ 3.5
10 - 250.0 0.9 1-1.3▼
Morgan StanleyTop Ten Total 28,734.0 98.3
+0.9 ▲ 2.4
▼
▲+0.5 ▲+1 ▲ .3 0.5+1.9 ▲
-3 50.3 100.0Industry Total 29,244.6 100.0 41
Market
15.0%Industry % Change from Last Quarter0.0% ▼ -6.8%
-11.6% ▼
-3.0
MarketProceeds per Bookrunner (AU$m)
ManagerBookrunner Proceeds Sh (%)
2014 Rank
2013 Rank
MarketSh (%) # of Deals FeesShare Ch. Deals
# of Deals per BookrunnerChange in
Imputed Fees (AU$m)
Sh (%)26.481 14.4 ▼-1.156.8▼-3▼
▼ 621 12 2 13.3
13,672.7 13.711.2
▲12.5▲ 49.1▼- -2.144.0
+1.59,827.1 9.9 71 +14-0.5
- 23.1020.213,251.8
▲-2 ▼ 30.3 7.721.89.1
14.0+18 55.39,369.0 9.4 28
5 3 9,242.0 9.3 670 -
3.2 -0.827 8.8National Australia Bank -1.1 ▼Citi 6 6
▲67 21.8
+2▲8,210.0 8.27,759.8 7.8 5.660+0.3
TD Securities Inc 8 919.57 7Deutsche Bank -0.6
4.2
6.0 +2.0 ▲47
+282.4
7.7 2.0▲▲
▲9 11 5,202.3 5.210
5,972.3
87.04,212.1
+2.2 ▲12
▼‐40.7% ▼ ‐51.1%2.4%
100.0% ▲▼
▲30.1% ▲
Jan 1 - Dec 31
100.0
Industry % Change from Same Period Last Year 7.8% ▲
Industry Total 99,591.586,719.1
Market
307
39+2.5
+0.2
0
+263
+20
▲
15.3 ▲12.7
+4
+1.8
296.08.8
22.0▲ 12.7
9.3
▲
▲
394.5 100.0
2.2
+1.1
Share Ch.
▼
▼
-0.7 ▼▲+0.5
-2.0
▲▼▼
-4.075.2
+0.2
+20 ▲
Industry % Change from Same Period Last Year
100.0
Industry % Change from Last Quarter
‐10.8%▼
▲ ▼▼
Top Ten Total
RBC Capital MarketsNomura
4 53 4
‐11.3%
$0
$20
$40
$60
$80
$100
$120
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com14
Samurai Bonds Issuer Domicile Analysis Full Year
4
Proceeds per Bookrunner (¥m)
Lead Manager
-6 ▼▼
▲
1.2
1.093.3
1.30
Jan 1 - Dec 31
14.8 ▲
-0.2
1.1▲+0.4▲
▼
22.9
10,596.4
908.1
25.5
-
+0.3
▲+5.7
▼
-0.7
16.7 -4.7
1.3 ▼
+1.9
▼34.1 +46
+8
-0.8
388 35.0
▼377403
15.43.3 -4
11,074.9
▼
57
▲ +70▲▲
14.536.4
▲-0.1312,348.3 1.7
+0.52,824,889.1 15.4+0.72,652,768.0
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Japan DebtSamurai Bonds Activity Breaks Record l European Samurai Issuers Activity Highest On Record l Japanese Yen Activity Up 3%
All Bonds in Yen (AP5) Jan 1 - Dec 31Japan Deals Intelligence
-2.13 3,106,483.9
Nomura 32 -0.316.9
2 16.5
Market
Goldman Sachs & Co
Daiwa Securities Group Inc 5
7Bank of America Merrill Lynch
Sumitomo Mitsui Finl Grp Inc
6
4
# of Deals per Bookrunner# of
Mizuho Financial Group 1 1
Change in Market Market
51.5Sh (%)Sh (%)
4,206,653.4
Imputed Fees (¥m)Market Market
# of Deals Fees ¥milDeals Sh (%)Manager
▲+0.215.0▲ 18,345.8
Share Ch.
+10
Share Ch.570▲
10,787.1▲+37
37.9419▼11,976.9▲
872.9
373.8 -194.550
903.0▼421.68 228,798.9 1.3
▼286,323.5 -0.860 -
+0.4 ▲13 210,156.0▲+0.4
1.21.1
▲12 1.1 +4 ▲ 768.0
100.0+0.6
Sumitomo Mitsui Trust HoldingsTokai Tokyo Financial Holdings 8
15 198,772.1
18,336,109.0
9
Samurai Bonds (AP1)
+0.3
Industry Total +41
Mitsubishi UFJ Financial Group 10▲
27
▼-6.0%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
100.0
▲▼
3.1%6.9%
2014 Rank
2013 Rank
17,048,741.7Top Ten Total
Proceeds¥mil
Mitsubishi UFJ Morgan Stanley3,021,548.5
▲
93.1 +0.5
11.3%
71,850.6
3.8%
1,107
▲
2.4 +866,938.2
705.1▲
-9.3%
Overall Japanese Yen denominated bond issuance during 2014 recorded a 3.1% increase compared to 2013,yielding JPY18.3 trillion from 1,107 deals. According to Thomson Reuters/Freeman Consulting, estimated fees forYen denominated bond activity totaled JPY71.9 billion during 2014, a 11.3% increase from last year. Samurai Bond proceeds reached JPY2.5 trillion from 91 deals in 2014, recording more than a 52.7% increasecompared to 2013 and the strongest annual Samurai proceeds on record. Samurai bonds activity was driven byEuropean issuers, with volume nearly doubling compared to last year, recording a total of JPY1.8 trillion in Samuraiissuance, capturing more than 70% of the market and the highest total proceeds on record for European issuers.Samurai issuance during the fourth quarter increased 75.9% compared to the previous quarter, yielding a total ofJPY721.2 billion in proceeds. Japanese corporate bond offerings in 2014 reached JPY8.5 trillion from 465 deals, a slight decline in proceeds but a4% increase in deal count compared to 2013. Corporate bond activity was primarily driven by the Financial sector,which captured about 25% of the market, followed by the Industrials sector, which held a 13% market share.
*tie
5 1JP Morgan
2
2014 Rank
41,863.9
Nomura 4
101,390.99
3
92,332.1Goldman Sachs & Co
Mizuho Financial Group 383,255.0
+16
7.7 +37
Share Ch.+4.9 ▲
+1.7
▼+3.7
▲▲
-0.7
2,538,400.02,382,083.3 93.9
Industry % Change from Same Period Last Year
Deutsche Bank
Mizuho Financial Group
Industry Total
Lead Manager
BNP Paribas SABarclays
Top Ten Total
Mitsubishi UFJ Financial Group
Sumitomo Mitsui Finl Grp Inc
Sumitomo Mitsui Trust Holdings
8
▲▲
Industry Total
3.9%
3,213,450.4
190,031.26.2
29.1%
6.5
132.9
5
Industry % Change from Last Quarter
2,899,855.81.3
100.0
-17.6%
90.4 ▼
1.2% ▲
1,334.1Daiwa Securities Group IncSumitomo Mitsui Finl Grp Inc 2
678
Nomura2.9
10
5
13*
Bank of America Merrill Lynch
1
8
9
▲210,156.0
364,756.0
+2.4
469
37,750.0
56,900.0+1.4
Proceeds
-
52.7%
2
1
-3.3
12
371,273.3
2.4 ▲-7.4
-0.4
14.6
Sh (%)
4842
198,772.1
302,251.4
-0.9342,101.7
Share Ch.
▼
70
Mitsubishi UFJ Morgan Stanley
▲
Market
21.7Deals # of Deals
Proceeds per Bookrunner (¥mil)
10+3.6
-
-1.2
▲
Sh (%)
100.0
3.25.9
Market
-2.9
9.4+1.9
Sh (%)+5.8
394,883.315.115.6
Share Ch.▲
406,151.7550,535.0
¥mil
4+5.73
4 06
▲
▼
▼16.032
+0.3
▼73,600.0
+2.2
21.3%
32.911.4
2.2
3
Industry % Change from Last Quarter 75.9%
2Mitsubishi UFJ Morgan Stanley
▲
75
7Bank of America Merrill Lynch
6
Top Ten Total
8
Daiwa Securities Group Inc
Industry % Change from Same Period Last Year
▼ 15▼10.7
¥mil
3.2
176
-0.9
1,056,200.51
2013 Rank
▼
15.515.5
1,009.5
2.0
16.91,014.61,105.4
16.4127.9
1,072.0
+1.4
8
4.9▲
+48
10 4.0▲ 27
3Shinsei Bank 10 +0.6▼
247
6▲
-2.0
-2
1.2
42.1%
-2.6
▲+1.3▼
260.6289.0
+0.8
▲▲
▼
705.1
-1.0▲
2.72.5
▲
▼-1.8
+8
2.4 ▼▼1.6
+5 ▲
-3
530.9
▼
+2.5+2.0
▼1,168.7 11.0 -0.6
▲6.6
844.1 -0.18.0+2 ▲3.2+1
71.3 -9 ▼ 33.1- 1,055.80
2.4
▼-1.4-4.3
Share Ch.
▼
▲
▼
▼▲
1.3
▼
+5.2
▲
-0.2
+1.3
▼-1.2
+1.2
-5.2-0.3
Market
# of Deals per Bookrunner Imputed Fees (¥mil)2014 Rank
2013 Rank
Proceeds MarketProceeds per Bookrunner (¥mil)
MarketBookrunner
Market
Sh (%)
52.7 ▲+25
100.0
1.9
Jan 1 - Dec 31
+15
Deals
Manager Market
# of
20.4
46.2
# of
847,500.0
-1.5▲
▲
8.8
456.66
49.5
Change in
▲54.9
Market
50
60,235.0 ▼▼▼
8-8-3
-283.7
+33Sh (%)
76.9
▲+2
Fees ¥mil
Market
▲26.3% ▲
54.0%
0 -
121.6
154.9
-2.0
Sh (%)Fees ¥mil
▲6.1 10.0
10.9
# of Deals
5.04
6,135.4▲ 100.0
1.92.2
+0.4
125.6%▲
91 6,534.5
8.8 ▲111.7
▲
Market
3,510.2
+6
Imputed Fees (¥mil)Manager
# of Deals per BookrunnerChange in
▲
7.2768.0
▲
▲
1.7
Japanese Securitizations (AP2)
1.5
▼▲
87.9100.0
+1 ▲
10,615.99,320.2
187.8 1.8
▼
+3
7.4%
Japanese Corporate Debt Volume by Industry (¥ Billion) Jan 1 - Dec 31
47
21
5865
39
63
80
6675
91
0
20
40
60
80
100
0
600
1,200
1,800
2,400
3,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
¥ B
illion
Americas Europe Africa/Middle East/Central Asia Asia-Pacific (ex Central Asia) # of Issues
¥2,177.026%
¥2,157.625%
¥1,130.013%
¥1,021.012%¥513.6
6%¥480.0
6%
¥425.05%
¥272.03%
¥220.03%
¥85.01%
Financials
Industrials
Telecommunications
Energy and Power
Real Estate
Consumer Products and Services
Materials
Consumer Staples
High Technology
Retail
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables15
▲3Mitsubishi UFJ Morgan Stanley
Mitsubishi UFJ Morgan Stanley 3Nomura 0 22
1
# of
Jan 1 - Dec 31
Proceeds per Bookrunner (¥mil)
Sh (%)MarketMarket Manager
Imputed Fees (¥mil)
+70+0.81,437,072.63
16.9 +0.72 ▼ 386
▲1,259,530.6
37.035.3
48.4+38
395 ▲4
3714.72,652,768.0 ▲+0.6
3.5▲377
-4+50
▼ 908.1▼
▲
515.52,787,245.1
3,006,548.5-
# of Deals per Bookrunner
Sh (%) Lead ManagerMarket
225
# of Deals Fees ¥milMarket
54.2Share Ch.
Change in 2014 Rank
2013 Rank
Proceeds
▼
Lead Manager ¥mil1
1,647,793.6
MarketShare Ch.
28.9 ▲4,191,020.117.2
+1.9Mizuho Financial Group-0.6
¥milSh (%)Market
Sh (%)Proceeds2014
Rank2013 Rank
+0.916.7
3,104,850.6-2.0
Proceeds per Bookrunner (¥mil)
Sh (%)52.9
▲10,785.5
-5.0+10
36.1 16.9418
23.3
Market
▼566
Deals
Bonds Targeted in Japan (AP4)
+0.3
1-9.2
12,191.919.2 ▼
+10.9 ▲8,092.6
-1.2
Shinkin Central Bank 8 9 53,953.8
683,900.085,870.76
Bank of America Merrill Lynch 7 8
Sumitomo Mitsui Finl Grp Inc 4
1.01.0
Daiwa Securities Group Inc 14.85 5Goldman Sachs & Co
4▲+0.1
2,220,484.0
Japanese Corporate Debt (AP3)
19.42
-4.113 1,616,013.0 19.0
26.1
▼▼-0.8
39.1
Change in
25.9▲
1.3
▼+10
-0.3
+0.811,932.2
-0.1
1.3-0.7
15.3
15.79,943.0
11,074.9
▲
Market
+5.7Share Ch.Sh (%)
+36 18,309.2
Jan 1 - Dec 31
# of Deals per Bookrunner
▲▼
14.1
Imputed Fees (¥mil)
▲▼
Market Market
▲
# of ManagerShare Ch. Fees ¥mil# of Deals
15 +5
50.1
18182
▲
23351.6
7,269.7▼▼ 39.1
+250
+17▲
2406,024.0
-▲
▼ 514.3 4
-2.8Sumitomo Mitsui Finl Grp Inc
252Deals
+5.7 ▲Mizuho Financial Group
Bank of America Merrill Lynch
Nomura6,576.0 15.6▲
+0.8
Daiwa Securities Group Inc17.2
9Tokai Tokyo Financial Holdings
1410
7
Top Ten Total
201.50.5
-0.40.50.6
▲
Industry Total
6
-0.3-▼
4.6% ▲
12
16,978,831.1
210,156.01.1
100.0
▲
Citi 911Tokai Tokyo Financial Holdings 0.6
7 53,500.0 -0.4 7 ▼
-2 242.7 ▼-0.5+0.1
3.93.2
▼▲
▼
10
8,511,172.5
Industry % Change from Last Quarter -33.4%
+0.5100.0
▲8,490,697.732,579.410
99.80.4 -0.2 ▼
Top Ten Total
-20.6%Industry % Change from Same Period Last Year -1.7% ▼
▼ -4.9%▲
18,023,505.0
0.30
▼
198,772.1
-4.6%
Industry Total
▼16.0%4.0% ▲
465 +1897.741,205.0
42,251.6-0.3
100.0
-0.6 0▼
Mitsubishi UFJ Financial Group
-0.1
▼137.7251.5
0.6-2
2.41.5
-6-6
4.722 ▼
+81.1 +4
+0.4 ▲
217.4 8Sumitomo Mitsui Trust Holdings
286,323.56▼
1.2 ▲
Goldman Sachs & Co
+0.4-0.1228,798.9
1.6▼1.2
▲1.1
+0.3
▼▼ ▲
-0.1-6903.0
705.1
872.9768.0
▲
▼50
27
▲
93.8+49
66,201.9100.070,611.1
▲+0.1
+0.3121.0
1,069+0.4
7.6%-7.5% ▼
94.3
4.8% ▲ 14.6%
▲
312,348.37 -0.2▼
▲▼
1.7
8-0.9 42
1.33.94.7
-19
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
2.5
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Japan Debt
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables16
-
-
-
-
-
-
-
Full Year 2014 | Debt Capital Markets | Managing Underwriters
Ranking Criteria Summary
Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.
Salvatore ReresUnited States
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: Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all
Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rankineligible and are not included in league tables for the current calendar year.
All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EST on December 31,2014.
Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to theUS dollar equivalent at the time of announcement.
Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.
Imputed fees are calculated using Freeman Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed Deal fees are on a gross basis before all expenses Each
Ian WillmottTel: +44 207 542 4376
Europe
Asia-Pacific
E-mail: [email protected]
Tel: +813 6441 1120Aki Sato
US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.
Tel: +1 646 223 8455
Tel: +632 858 7201Michelle Abuzo
E-mail: [email protected]
E-mail: [email protected]
E-mail: aki sato@thomsonreuters com
Japan
-
-
-
-
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."
As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.
Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicate members.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be 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 content provider. 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 extent permitted 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 to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2014 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.
E-mail: [email protected]
https://www.thomsonone.com17
© 2014 Thomson Reuters. 1006243 03/14.Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.
FOR INFORMATION PROFESSIONALSSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.
Solution for:• Market Analysis & Trends (Geography, Sector,
Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis,
Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials,
Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor
Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)
FOR INVESTMENT BANKERSThomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information, news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.
Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company 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 comparable
deal screening• On-brand pitch book creation
FOR STRATEGY AND PLANNING TEAMSThomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.
Solution for:• Conducting market analysis and
identifying trends• Benchmarking your performance and
monitoring competitors• Targeting clients by wallet size and
banking relationship• Allocating resources more effectively by
evaluating and analyzing lost deals
Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products
To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:
Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]
Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.
Go to: dmi.thomsonreuters.com/dealsintelligence
Thomson Reuters Solutions for the Deal Making Community
18