GLOBAL FIXED INCOME - data.bloomberglp.com · Bloomberg Global Fixed Income | FY 2018 Bloomberg...

GLOBAL FIXED INCOME LEAGUE TABLES FY 2018

CONTENTS

1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria

DATA SUBMISSIONS AND QUERIES

Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.

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North America

EMEA

Asia-Pacific

Contact Email Phone

MANAGER RANKINGS

GLOBAL FIXED INCOME

FY 2018

© 2018 Bloomberg Finance L.P. All rights reserved.

Robert Dienst +1 609 279 3691 [email protected]

Dimitris Gogos +44 20 3525 8149 [email protected]

Jennifer Passos +65 6231 3677 [email protected]

Bloomberg GlobalFixedIncome|FY2018

BloombergLeagueTableReports Page1

GlobalFixedIncomeReviewFY2018creditedCorporate&FinancialBondsvolumedecreased5.80%toUSD4.2Trlnwhiledealcountdecreased4.76%to16,252offeringsyear-on-year.CorporateBondsvolumedecreased10.80%year-on-yeartoUSD1.9Trlnwhilethedealcountdecreased8.75%to6,734.FinancialBondsvolumedecreased1.02%year-on-yeartoUSD2.2Trlnover9,342deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforFY2018with5.03%marketshare.Thebankunderwrote1,349dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith4.64%and4.35%marketshare,respectively.

Corporate&FinancialBonds:HighlightsofFY2018

Corporate&FinancialBonds:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

200200

400400

600600

800800

1,0001,000

1,2001,200

USDBln

USDBln

00

1,4001,400

1,0001,000

2,0002,000

3,0003,000

4,0004,000

5,0005,000

6,0006,000DealC

ountDealC

ount

00

6,5006,500

DealCount Other HighYield

InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 1,349

Volume(USDMln) 209,929

AvgDealsize(USDMln) 155.6

MarketSummaryNumberofdeals 16,252

Volume(USDMln) 4,170,042


Issuer Industry Volume(USDMln) Date

CVSHealthCorp HealthCare 9,000 03/06/2018


AgriculturalBankofChinaLtd Financials 6,312 04/27/2018

ChinaConstructionBankCorp Financials 6,257 09/25/2018


BankofChinaLtd Financials 5,851 09/05/2018

BankofChinaLtd Financials 5,806 10/11/2018

ChinaMinshengBankingCorpLtd Financials 5,770 11/22/2018

ChinaConstructionBankCorp Financials 5,746 10/29/2018

PingAnBankCoLtd Financials 5,076 12/18/2018

Financials54%

Industrials10%

ConsumerDiscretionary8%

Utilities6%

Others23%

GlobalCorporateLeveragedFinance:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

200200

400400

USDBln

USDBln

00

500500

CorporateHighYieldBonds

GlobalSponsor-LedLoans

Corporate&FinancialBonds:IndustryBreakdown

Corporate&FinancialBonds:SpreadtoBenchmark

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

200200

400400

Basispoints

Basispoints

00

600600

HighYield

InvestmentGrade

54%

10%

8%

6%

23%



CorporateBondsFY2018 FY2017

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

JPMorgan 1 5.892 114,804 835 1 7.362 -1.470

BankofAmericaMerrillLynch 2 5.892 114,799 795 2 6.570 -0.678

Citi 3 4.958 96,600 758 3 5.878 -0.920

Barclays 4 4.284 83,475 584 5 4.592 -0.308

GoldmanSachs 5 3.842 74,853 492 4 4.726 -0.884

MorganStanley 6 3.558 69,318 656 6 4.486 -0.928

HSBC 7 3.306 64,426 524 8 3.310 -0.004

MizuhoFinancial 8 3.162 61,620 638 12 2.860 0.302

BNPParibas 9 3.127 60,922 484 10 2.971 0.156

DeutscheBank 10 3.114 60,676 449 7 4.422 -1.308

WellsFargo 11 2.955 57,584 383 11 2.912 0.043

CreditSuisse 12 2.632 51,279 420 9 3.003 -0.371

MitsubishiUFJFinancialGroupInc 13 2.495 48,610 400 13 2.271 0.224

RBCCapitalMarkets 14 2.368 46,148 377 14 2.229 0.139

SumitomoMitsuiFinancial 15 2.215 43,154 459 17 1.345 0.870

SocieteGenerale 16 1.751 34,112 268 15 1.734 0.017

CreditAgricoleCIB 17 1.380 26,891 238 18 1.270 0.110

BankofChina 18 1.320 25,721 229 28 0.734 0.586

ChinaConstructionBank 19 1.222 23,814 234 23 0.812 0.410

ChinaSecurities 20 1.181 23,021 263 27 0.754 0.427

TOTAL 100% 1,948,494 6,734 100%

FinancialBondsFY2018 FY2017


HSBC 1 4.575 100,264 650 6 4.062 0.513

JPMorgan 2 4.340 95,126 514 3 4.545 -0.205

Citi 3 3.827 83,885 553 2 4.958 -1.131

MorganStanley 4 3.714 81,390 566 1 5.181 -1.467

GoldmanSachs 5 3.664 80,296 431 4 4.505 -0.841


DeutscheBank 7 3.065 67,181 387 9 2.591 0.474

Barclays 8 2.768 60,667 346 8 2.987 -0.219

UBS 9 2.522 55,269 370 7 3.142 -0.620

BNPParibas 10 2.391 52,400 320 11 2.081 0.310

CreditSuisse 11 2.218 48,607 345 10 2.266 -0.048


WellsFargo 13 1.747 38,279 211 12 1.974 -0.227

BankofChina 14 1.686 36,945 272 18 1.151 0.535

CITICSecurities 15 1.598 35,016 191 15 1.518 0.080



LandesbankHessen-ThuringenGirozentrale 18 1.378 30,199 259 16 1.297 0.081


Industrial&CommBankofChina 20 1.304 28,585 218 17 1.210 0.094

TOTAL 100% 2,191,712 9,342 100%

SyndicatedGovernmentBondsFY2018 FY2017


Citi 1 6.885 94,077 445 1 7.853 -0.968

JPMorgan 2 6.465 88,342 568 2 6.876 -0.411

HSBC 3 6.282 85,840 484 3 6.258 0.024

Barclays 4 6.143 83,940 341 4 6.013 0.130

TDSecurities 5 4.768 65,156 457 8 4.228 0.540

DeutscheBank 6 4.583 62,634 336 6 4.623 -0.040


GoldmanSachs 8 3.746 51,188 208 7 4.294 -0.548

Nomura 9 3.710 50,701 483 10 3.534 0.176


BNPParibas 11 2.813 38,434 194 9 3.950 -1.137

MorganStanley 12 2.727 37,259 639 12 2.346 0.381


SocieteGenerale 14 2.203 30,110 118 14 2.210 -0.007

NatWestMarkets 15 2.151 29,388 155 20 1.366 0.785

UniCredit 16 2.034 27,793 107 13 2.235 -0.201

BMOCapitalMarkets 17 1.718 23,481 102 17 1.573 0.145

WellsFargo 18 1.696 23,178 475 16 1.682 0.014

Commerzbank 19 1.647 22,504 84 21 1.334 0.313

NationalBankFinancialInc 20 1.456 19,898 153 22 1.298 0.158

TOTAL 100% 1,366,505 6,408 100%

InternationalBondsFY2018 FY2017


JPMorgan 1 7.248 262,826 1,621 1 8.002 -0.754

HSBC 2 6.285 227,905 1,388 4 5.687 0.598

Citi 3 6.173 223,819 1,408 2 7.113 -0.940

BankofAmericaMerrillLynch 4 5.728 207,701 1,208 3 6.436 -0.708

Barclays 5 5.450 197,614 1,079 5 5.638 -0.188

GoldmanSachs 6 4.813 174,500 887 6 5.617 -0.804

DeutscheBank 7 4.646 168,443 954 7 4.893 -0.247

BNPParibas 8 4.072 147,645 957 9 4.005 0.067

MorganStanley 9 3.644 132,141 832 8 4.143 -0.499



CreditSuisse 12 2.426 87,960 650 10 2.521 -0.095


WellsFargo 14 2.030 73,606 472 13 1.944 0.086

UniCredit 15 1.820 66,010 401 15 1.858 -0.038


TDSecurities 17 1.801 65,315 417 18 1.502 0.299

NatWestMarkets 18 1.721 62,405 315 22 1.336 0.385

UBS 19 1.584 57,427 378 14 1.859 -0.275


TOTAL 100% 3,625,942 9,940 100%



GlobalBondsFY2018 FY2017


JPMorgan 1 10.739 105,543 479 1 11.716 -0.977

BankofAmericaMerrillLynch 2 10.259 100,830 504 2 10.236 0.023

Citi 3 9.028 88,731 440 3 9.973 -0.945

Barclays 4 7.870 77,346 316 6 6.320 1.550

GoldmanSachs 5 7.528 73,991 307 4 8.638 -1.110

HSBC 6 6.398 62,876 183 9 4.101 2.297

MorganStanley 7 5.897 57,960 292 5 6.814 -0.917

WellsFargo 8 4.850 47,664 270 8 4.384 0.466

DeutscheBank 9 4.040 39,706 188 7 4.671 -0.631


TDSecurities 11 3.721 36,573 150 10 3.630 0.091


CreditSuisse 13 2.225 21,867 157 13 2.186 0.039

MitsubishiUFJFinancialGroupInc 14 2.093 20,575 169 12 2.239 -0.146

BNPParibas 15 1.795 17,641 122 14 2.146 -0.351

Nomura 16 1.632 16,042 34 16 1.991 -0.359


Scotiabank 18 1.399 13,747 73 19 1.125 0.274

BMOCapitalMarkets 19 1.286 12,641 46 17 1.348 -0.062

USBancorp 20 1.095 10,758 111 18 1.202 -0.107

TOTAL 100% 982,811 1,155 100%

CorporateHighYieldBondsFY2018 FY2017


CreditSuisse 1 6.104 23,866 204 5 5.819 0.285

JPMorgan 2 6.013 23,508 225 1 8.160 -2.147

GoldmanSachs 3 5.231 20,452 178 2 6.562 -1.331

Barclays 4 5.201 20,333 165 6 5.692 -0.491


DeutscheBank 6 4.703 18,389 191 8 4.732 -0.029

MorganStanley 7 4.638 18,135 178 4 5.970 -1.332

Citi 8 4.463 17,449 163 7 5.462 -0.999

WellsFargo 9 3.760 14,699 118 9 3.321 0.439

HSBC 10 2.801 10,950 144 10 2.821 -0.020

BNPParibas 11 2.515 9,834 119 12 2.041 0.474

RBCCapitalMarkets 12 2.508 9,807 102 11 2.540 -0.032

UBS 13 1.778 6,952 94 13 1.946 -0.168

BankofChina 14 1.546 6,045 46 30 0.658 0.888

HaitongSecurities 15 1.352 5,284 100 19 0.999 0.353

CreditAgricoleCIB 16 1.344 5,256 62 15 1.443 -0.099



Jefferies 19 1.245 4,869 36 14 1.830 -0.585

GuotaiJunanSecurities 20 1.196 4,674 83 29 0.706 0.490

TOTAL 100% 390,975 1,130 100%

GlobalGreenBonds-Corporate&GovernmentFY2018 FY2017



HSBC 2 5.874 7,899 57 2 6.407 -0.533

BNPParibas 3 5.339 7,180 47 3 4.895 0.444


SEB 5 3.662 4,924 49 9 3.529 0.133

JPMorgan 6 3.536 4,755 29 4 4.785 -1.249

Citi 7 3.456 4,647 32 7 3.744 -0.288


Barclays 9 2.782 3,741 22 8 3.715 -0.933

INGGroep 10 2.748 3,695 19 30 0.980 1.768

Natixis 11 2.191 2,947 18 10 2.871 -0.680



BankofChina 14 1.756 2,361 18 32 0.940 0.816

CITICSecurities 15 1.696 2,281 15 12 2.630 -0.934

DeutscheBank 16 1.644 2,211 17 16 1.898 -0.254

UniCredit 17 1.640 2,205 13 25 1.276 0.364

TDSecurities 18 1.634 2,198 19 18 1.643 -0.009

Industrial&CommBankofChina 19 1.596 2,147 21 13 2.128 -0.532

DanskeBank 20 1.562 2,100 22 37 0.674 0.888

TOTAL 100% 134,471 458 100%

GlobalSukukFY2018 FY2017


CIMB 1 10.429 4,555 112 2 11.642 -1.213

HSBC 2 9.442 4,124 35 3 8.851 0.591

Maybank 3 9.010 3,935 145 1 13.075 -4.065

RHB 4 7.515 3,282 135 5 5.170 2.345

StandardCharteredBank 5 7.415 3,239 31 4 5.297 2.118

AmInvestmentBankBhd 6 6.986 3,051 109 6 4.880 2.106

Citi 7 5.511 2,407 15 8 4.458 1.053

DubaiIslamicBank 8 4.092 1,787 15 12 3.183 0.909

JPMorgan 9 3.282 1,434 10 7 4.838 -1.556

AffinHwangCapital 10 2.529 1,105 50 16 1.453 1.076

BNPParibas 11 2.500 1,092 5 13 3.124 -0.624

FirstAbuDhabiBankPJSC 12 2.441 1,066 12 11 3.294 -0.853

AbuDhabiIslamicBank 13 2.384 1,041 8 - - 2.384

EmiratesNBDPJSC 14 2.173 949 13 14 2.579 -0.406

GulfInternationalBankBSC 15 1.875 819 4 15 2.182 -0.307

Natixis 16 1.723 752 5 26 0.700 1.023

KenangaInvestmentBankBhd 17 1.648 720 40 25 0.718 0.930

SharjahIslamicBank 18 1.347 588 5 37 0.324 1.023

KuwaitFinanceHouse 19 1.342 586 7 24 0.739 0.603

MizuhoFinancial 20 1.336 583 3 55 0.101 1.235

TOTAL 100% 43,677 416 100%



InternationalSukukFY2018 FY2017


HSBC 1 13.544 3,394 20 1 14.354 -0.810


Citi 3 9.605 2,407 15 4 8.374 1.231

DubaiIslamicBank 4 7.132 1,787 15 7 5.978 1.154

JPMorgan 5 5.721 1,434 10 3 9.088 -3.367

CIMB 6 5.055 1,267 6 21 0.856 4.199


AbuDhabiIslamicBank 8 4.155 1,041 8 - - 4.155

EmiratesNBDPJSC 9 3.788 949 13 10 4.845 -1.057

GulfInternationalBankBSC 10 3.267 819 4 11 2.630 0.637

BNPParibas 11 3.116 781 4 8 5.718 -2.602

Natixis 12 3.003 752 5 15 1.315 1.688

SharjahIslamicBank 13 2.348 588 5 23 0.609 1.739

MizuhoFinancial 14 2.328 583 3 35 0.190 2.138

KuwaitFinanceHouse 15 2.215 555 3 16 1.154 1.061

LandesbankBaden-Wuerttemberg 16 1.781 446 3 - - 1.781

SumitomoMitsuiFinancial 17 1.621 406 3 35 0.190 1.431

NoorBank 18 1.347 337 6 13 1.810 -0.463

SambaCapital 19 1.330 333 1 - - 1.330

BedfordRowCapitalAdvisersLtd 20 1.260 316 2 - - 1.260

TOTAL 100% 25,058 43 100%



USFixedIncomeReviewFY2018creditedUSCorporateBondsvolumedecreased19.12%toUSD1.4Trlnwhiledealcountdecreased19.29%to2,440offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumedecreased12.84%year-on-yeartoUSD1.2Trlnwhilethedealcountdecreased15.69%to1,875.USHighYieldCorporateBondsvolumedecreased42.28%year-on-yeartoUSD180.9Blnover389deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforFY2018with11.14%marketshare.Thebankunderwrote946dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith10.79%and9.24%marketshare,respectively.

USCorporateBonds:HighlightsofFY2018

USDomesticBonds:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

200200

400400

600600

USDBln

USDBln

00

800800

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

1,8001,800


InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 946

Volume(USDMln) 159,527



Volume(USDMln) 1,432,013








ComcastCorp Communications 4,000 10/02/2018

ComcastCorp Communications 4,000 10/02/2018

CignaCorp HealthCare 3,800 09/06/2018

AT&TInc Communications 3,750 08/16/2018

GoldmanSachsGroupInc/The Financials 3,500 04/18/2018

Financials39%

HealthCare10%

Energy9%


Communications7%

ConsumerStaples7%

Utilities7%

Industrials6%

Others7%

USLeveragedFinance:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

200200

400400

USDBln

USDBln

00

600600

USLeveragedLoans

USHighYieldCorporateBonds

USCorporateBonds:IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

200200

400400

Basispoints

Basispoints

00

600600

HighYield

InvestmentGrade

39%

10%9%

8%

7%

7%

7%

6%

7%



USDomesticBondsFY2018 FY2017


JPMorgan 1 10.093 194,215 1,110 1 11.062 -0.969

Citi 2 9.685 186,364 1,052 2 10.482 -0.797

BankofAmericaMerrillLynch 3 9.457 181,983 1,043 3 9.258 0.199

GoldmanSachs 4 6.967 134,055 745 4 7.651 -0.684

Barclays 5 6.949 133,712 689 6 5.693 1.256

MorganStanley 6 6.263 120,512 1,131 5 6.567 -0.304

WellsFargo 7 6.007 115,599 1,027 7 5.357 0.650

HSBC 8 5.036 96,909 516 9 4.181 0.855

DeutscheBank 9 3.773 72,601 476 8 4.312 -0.539


CreditSuisse 11 2.922 56,221 373 10 2.850 0.072

TDSecurities 12 2.800 53,877 371 14 2.231 0.569


BNPParibas 14 2.330 44,835 282 13 2.256 0.074


Nomura 16 1.630 31,363 252 17 1.672 -0.042


UBS 18 1.091 21,001 163 15 2.057 -0.966

USBancorp 19 1.034 19,901 190 18 1.013 0.021


TOTAL 100% 1,924,254 5,056 100%

USAgencyBondsFY2018 FY2017


WellsFargo 1 10.909 26,861 657 2 9.686 1.223

Barclays 2 10.285 25,324 95 1 9.730 0.555

Nomura 3 9.307 22,916 259 4 9.045 0.262

TDSecurities 4 7.523 18,525 187 5 6.751 0.772

Citi 5 7.264 17,886 170 3 9.198 -1.934

JPMorgan 6 5.603 13,795 225 6 5.533 0.070

HSBC 7 4.283 10,547 130 8 3.627 0.656

FTNFinancial 8 3.688 9,081 419 13 2.695 0.993

Jefferies 9 3.501 8,621 206 7 4.043 -0.542

DaiwaSecurities 10 3.319 8,173 216 10 3.221 0.098

MorganStanley 11 3.307 8,143 559 9 3.542 -0.235

INTLFCStoneInc 12 2.744 6,757 325 14 2.653 0.091

MizuhoFinancial 13 2.571 6,330 213 11 2.894 -0.323

DeutscheBank 14 2.361 5,813 118 20 1.462 0.899

Incapital 15 2.189 5,389 411 15 2.587 -0.398


LoopCapitalMarketsLLC 17 1.792 4,412 104 19 1.666 0.126

BankofNewYorkMellon 18 1.678 4,132 206 16 2.485 -0.807

Stifel 19 1.577 3,883 275 18 1.780 -0.203

RaymondJames&Associates 20 1.498 3,688 266 24 1.017 0.481

TOTAL 100% 246,227 3,950 100%

USCorporateBondsFY2018 FY2017


JPMorgan 1 11.140 159,527 946 1 11.567 -0.427


Citi 3 9.244 132,380 827 3 9.893 -0.649

GoldmanSachs 4 7.560 108,267 624 4 8.588 -1.028

MorganStanley 5 7.069 101,230 637 5 7.831 -0.762

Barclays 6 6.473 92,698 574 7 5.229 1.244

WellsFargo 7 6.456 92,446 553 6 5.716 0.740

HSBC 8 4.274 61,211 324 10 3.272 1.002

CreditSuisse 9 3.705 53,051 365 9 3.690 0.015


DeutscheBank 11 3.173 45,445 331 8 4.095 -0.922



BNPParibas 14 2.548 36,494 256 15 1.976 0.572


UBS 16 1.417 20,286 157 12 2.658 -1.241

USBancorp 17 1.390 19,901 190 16 1.356 0.034

TDSecurities 18 1.376 19,705 181 17 1.080 0.296



TOTAL 100% 1,432,012 2,440 100%

USDollarForeignIssuerBondsFY2018 FY2017


Citi 1 9.280 105,975 588 1 9.246 0.034

HSBC 2 7.930 90,561 502 3 7.537 0.393

JPMorgan 3 7.414 84,669 460 2 8.827 -1.413


GoldmanSachs 5 6.010 68,636 338 5 5.392 0.618

Barclays 6 5.481 62,592 290 8 4.209 1.272

MorganStanley 7 4.758 54,334 340 7 4.463 0.295

DeutscheBank 8 4.344 49,606 241 6 4.878 -0.534

BNPParibas 9 3.311 37,815 243 9 3.391 -0.080



CreditSuisse 12 2.627 30,000 187 11 2.579 0.048

TDSecurities 13 2.580 29,458 112 13 2.278 0.302



UBS 16 1.774 20,262 167 10 2.925 -1.151

Nomura 17 1.538 17,567 89 15 1.589 -0.051




TOTAL 100% 1,141,965 2,555 100%



USInvestmentGradeCorporateBondsFY2018 FY2017



JPMorgan 2 11.472 141,040 780 1 11.886 -0.414

Citi 3 9.626 118,337 702 3 10.382 -0.756

GoldmanSachs 4 7.688 94,521 514 4 8.949 -1.261

MorganStanley 5 7.266 89,332 513 5 8.099 -0.833

WellsFargo 6 6.421 78,937 444 6 5.851 0.570

Barclays 7 6.360 78,192 470 7 4.960 1.400

HSBC 8 4.657 57,248 279 9 3.569 1.088




CreditSuisse 12 3.018 37,102 255 10 3.119 -0.101

DeutscheBank 13 2.881 35,419 243 8 4.135 -1.254

BNPParibas 14 2.663 32,737 218 15 2.187 0.476


USBancorp 16 1.575 19,360 180 16 1.557 0.018

TDSecurities 17 1.486 18,274 159 17 1.197 0.289

UBS 18 1.428 17,554 119 12 2.865 -1.437


Scotiabank 20 0.802 9,858 107 22 0.732 0.070

TOTAL 100% 1,229,406 1,875 100%

USHighYieldCorporateBondsFY2018 FY2017


JPMorgan 1 9.356 16,924 149 1 10.605 -1.249

CreditSuisse 2 8.835 15,980 109 7 6.418 2.417

Barclays 3 8.139 14,723 108 5 7.234 0.905

WellsFargo 4 7.592 13,732 108 8 5.863 1.729

GoldmanSachs 5 7.352 13,299 107 3 8.060 -0.708


Citi 7 6.206 11,226 99 4 7.579 -1.373

MorganStanley 8 6.052 10,947 106 6 6.649 -0.597

DeutscheBank 9 5.319 9,621 87 9 4.480 0.839


Jefferies 11 2.247 4,065 26 11 2.993 -0.746


SunTrustRobinsonHumphrey 13 1.603 2,900 31 13 1.669 -0.066


HSBC 15 1.575 2,848 36 15 1.617 -0.042


BNPParibas 17 1.421 2,571 30 17 1.198 0.223


UBS 19 1.245 2,251 25 14 1.633 -0.388


TOTAL 100% 180,882 389 100%

USDollarPreferredsFY2018 FY2017



MorganStanley 2 16.140 3,017 48 1 21.507 -5.367

WellsFargo 3 15.216 2,844 37 2 14.648 0.568

JPMorgan 4 13.255 2,477 15 7 6.361 6.894

UBS 5 9.432 1,763 31 4 12.951 -3.519


Stifel 7 2.931 548 18 6 7.249 -4.318

Citi 8 1.548 289 8 8 2.153 -0.605

LadenburgThalmann&Co 9 1.098 205 14 12 1.193 -0.095

JanneyMontgomeryScottLLC 10 1.040 194 12 15 0.735 0.305

Barclays 11 0.963 180 2 - - 0.963

GoldmanSachs 12 0.860 161 2 18 0.498 0.362

BRiley&Co 13 0.664 124 8 28 0.176 0.488

USBancorp 14 0.615 115 1 - - 0.615

HSBC 15 0.428 80 1 - - 0.428

CreditSuisse 16 0.370 69 3 18 0.498 -0.128

KeyBancCapitalMarkets 17 0.325 61 1 23 0.302 0.023

WilliamBlair&CoLLC 18 0.293 55 4 21 0.320 -0.027

AGP/AllianceGlobalPartnersCorp 19 0.268 50 1 - - 0.268

BB&T 20 0.261 49 6 16 0.615 -0.354

TOTAL 100% 18,690 84 100%



CanadaFixedIncomeReviewFY2018creditedCanadaCorporateBondsvolumedecreased12.23%toCAD95.9Blnwhiledealcountdecreased11.54%to207offeringsyear-on-year.CanadaCorporateBonds-Bonusvolumedecreased12.23%year-on-yeartoCAD95.9Blnwhilethedealcountdecreased11.54%to207.CanadaGovernmentBondsvolumeincreased3.29%year-on-yeartoCAD108.8Blnover333deals.TDSecuritiesrankedasthetopCanadaCorporateBondsunderwriterforFY2018with22.19%marketshare.Thebankunderwrote89dealsovertheperiod.RBCCapitalMarketsandBMOCapitalMarketsrankedsecondandthirdwith20.04%and17.40%marketshare,respectively.

CanadaCorporateBonds

FY2018 FY2017

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

TDSecurities 1 22.193 21,277 89 3 17.832 4.361



CIBC 4 16.631 15,945 76 2 18.069 -1.438

Scotiabank 5 11.740 11,255 53 5 12.201 -0.461

HSBC 6 3.960 3,796 22 6 4.200 -0.240

NationalBankFinancialInc 7 3.611 3,462 21 7 3.898 -0.287

LaurentianBankofCanada 8 1.304 1,250 3 10 0.931 0.373


DesjardinsCapitalMarkets 10 0.765 733 6 9 1.068 -0.303

TOTAL 100% 95,873 207 100%

CanadaGovernmentBonds

FY2018 FY2017

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

NationalBankFinancialInc 1 22.982 24,996 127 1 24.120 -1.138


TDSecurities 3 15.952 17,350 37 2 20.502 -4.550

CIBC 4 14.982 16,295 114 4 14.639 0.343

Scotiabank 5 12.973 14,110 32 6 9.242 3.731


HSBC 7 0.454 494 4 8 0.386 0.068

DesjardinsCapitalMarkets 8 0.325 353 14 7 0.422 -0.097

BankofAmericaMerrillLynch 9 0.230 250 2 9 0.348 -0.118

Casgrain&Co 10 0.218 238 4 11 0.088 0.130

TOTAL 100% 108,763 333 100%

Financials59%


Industrials8%

Utilities7%

Energy6%

Communications5%

Others5%

CanadaCorporateBonds:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

1010

2020

3030

USDBln

USDBln

00

4040

2020

4040

6060

8080

DealC

ountDealC

ount

00

9090

DealCount Amount

CanadaCorporateBonds:IndustryBreakdown

59%

10%

8%

7%

6%5%

5%

CanadaCorporateBonds:ManagerRankingsHistory

TDSecurities

RBCCapitalMarkets

BMOCapitalMarkets

CIBC

Scotiabank

HSBC

10

20

MarketShare(%

)

0

30

2018 2017 2016



LatinAmericaFixedIncomeReviewFY2018creditedLatinAmericanBondsvolumedecreased28.71%toUSD133.4Blnwhiledealcountdecreased20.49%to652offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumeincreased3.30%year-on-yeartoUSD70.6Blnwhilethedealcountdecreased8.44%to857.BrazilianDomesticBondsvolumeincreased42.83%year-on-yeartoBRL124.5Blnover363deals.CitirankedasthetopLatinAmericanBondsunderwriterforFY2018with11.92%marketshare.Thebankunderwrote74dealsovertheperiod.BancoItauBBAandBancoSantanderrankedsecondandthirdwith9.17%and8.44%marketshare,respectively.

LatinAmericanBonds

FY2018 FY2017


Citi 1 11.922 15,908 74 1 12.037 -0.115

BancoItauBBA 2 9.168 12,233 118 5 7.375 1.793

BancoSantander 3 8.440 11,261 99 2 9.306 -0.866

JPMorgan 4 8.098 10,805 44 3 9.133 -1.035

HSBC 5 7.985 10,654 52 4 9.082 -1.097

BradescoBBISA 6 6.932 9,250 92 8 4.926 2.006

DeutscheBank 7 4.905 6,544 14 9 3.991 0.914

BancoBilbaoVizcayaArgentaria 8 4.884 6,517 64 7 5.649 -0.765

BancodoBrasilSA 9 4.369 5,830 43 13 2.471 1.898

Scotiabank 10 4.236 5,653 56 12 2.658 1.578

TOTAL 100% 133,432 652 100%

LatinAmericanLocalCurrencyBonds

FY2018 FY2017


BancoItauBBA 1 15.121 10,678 106 1 12.472 2.649

BradescoBBISA 2 11.845 8,364 83 3 9.501 2.344

BancoSantander 3 8.537 6,028 76 2 11.275 -2.738

JPMorgan 4 7.808 5,513 117 8 4.034 3.774

BancodoBrasilSA 5 6.524 4,607 33 12 2.685 3.839

Scotiabank 6 5.997 4,234 50 7 4.772 1.225

Citi 7 5.693 4,020 54 5 6.270 -0.577


HSBC 9 4.136 2,921 44 6 5.038 -0.902

BancoBTGPactual 10 3.247 2,293 39 9 3.370 -0.123

TOTAL 100% 70,613 857 100%

Government30%

Financials19%

Energy13%

Utilities12%


Others20%

LatinAmericanBonds:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

2020

4040

6060

USDBln

USDBln

00

8080

200200

400400 DealC

ountDealC

ount

00

600600

DealCount Amount

LatinAmericanBonds:IndustryBreakdown

30%

19%13%

12%

6%

20%

LatinAmericanBonds:ManagerRankingsHistory

Citi

BancoItauBBA

BancoSantander

JPMorgan

HSBC

BradescoBBISA

5

10

MarketShare(%

)

0

15

2018 2017 2016



EMEAFixedIncomeReviewFY2018creditedEuropeanCorporate&FinancialBondsvolumedecreased1.06%toEUR1.2Trlnwhiledealcountdecreased1.58%to5,371offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumedecreased20.94%year-on-yeartoEUR271.8Blnwhilethedealcountdecreased18.82%to621.WesternEuropeanCorporateHighYieldBonds-Riskvolumedecreased37.04%year-on-yeartoEUR59.0Blnover182deals.HSBCrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforFY2018with6.35%marketshare.Thebankunderwrote453dealsovertheperiod.DeutscheBankandBarclaysrankedsecondandthirdwith5.41%and4.96%marketshare,respectively.

EuropeanCorporate&FinancialBonds:HighlightsofFY2018

EuropeanCorporate&FinancialBonds:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

100100

200200

300300

400400

EURBln

EURBln

00

500500

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

2,0002,000


InvestmentGrade

TopUnderwriterHSBC

Numberofdeals 453

Volume(EURMln) 75,686

AvgDealsize(EURMln) 167.1


Volume(EURMln) 1,192,087

AvgDealsize(EURMln) 221.9

Issuer Industry Volume(EURMln) Date

BayerUSFinanceIILLC HealthCare 3,016 06/18/2018

UniCreditSpA Financials 2,658 11/27/2018

VodafoneGroupPLC Communications 2,566 05/23/2018

VodafoneGroupPLC Communications 2,566 05/23/2018

HSBCHoldingsPLC Financials 2,548 06/12/2018

BarclaysPLC Financials 2,156 08/07/2018

BayerUSFinanceIILLC HealthCare 2,154 06/18/2018

HSBCHoldingsPLC Financials 2,151 09/05/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,039 03/20/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,039 03/20/2018

Financials62%


Industrials5%

Others23%

EuropeanCorporate&FinancialBonds:IndustryBreakdown

EuropeanCorporate&FinancialBonds:SpreadtoBenchmark

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

200200

400400

600600

Basispoints

Basispoints

00

700700

HighYield

InvestmentGrade

62%10%

5%

23%



EuropeanBondsFY2018 FY2017

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

HSBC 1 6.498 104,008 597 1 5.984 0.514

Barclays 2 5.583 89,359 469 2 5.716 -0.133

DeutscheBank 3 5.032 80,539 511 4 5.071 -0.039

JPMorgan 4 4.821 77,171 499 5 4.562 0.259

BNPParibas 5 4.778 76,478 475 3 5.228 -0.450

Citi 6 3.999 64,002 460 6 4.340 -0.341



GoldmanSachs 9 3.403 54,470 321 7 3.741 -0.338


UniCredit 11 2.952 47,253 383 11 3.389 -0.437

NatWestMarkets 12 2.733 43,745 257 14 2.517 0.216

CreditSuisse 13 2.647 42,363 347 13 2.540 0.107

MorganStanley 14 2.378 38,068 272 15 2.287 0.091

UBS 15 2.201 35,229 268 12 2.659 -0.458

Commerzbank 16 2.089 33,437 262 17 1.796 0.293

Natixis 17 2.018 32,296 264 18 1.716 0.302

BancoSantander 18 1.988 31,823 212 16 2.196 -0.208

LandesbankHessen-ThuringenGirozentrale

19 1.746 27,948 300 20 1.592 0.154

DanskeBank 20 1.674 26,801 363 25 1.198 0.476

TOTAL 100% 1,600,598 6,737 100%

WesternEuropeanBondsFY2018 FY2017


HSBC 1 6.537 102,633 586 1 6.043 0.494

Barclays 2 5.626 88,334 462 2 5.755 -0.129

BNPParibas 3 5.034 79,030 467 3 5.609 -0.575

DeutscheBank 4 4.956 77,803 492 4 5.007 -0.051

JPMorgan 5 4.633 72,738 461 5 4.281 0.352

Citi 6 3.786 59,441 427 6 4.165 -0.379



GoldmanSachs 9 3.410 53,530 315 7 3.697 -0.287

UniCredit 10 3.285 51,573 339 8 3.674 -0.389


NatWestMarkets 12 2.914 45,745 258 13 2.596 0.318

CreditSuisse 13 2.669 41,895 338 14 2.574 0.095

UBS 14 2.512 39,433 258 12 2.644 -0.132

MorganStanley 15 2.404 37,748 266 15 2.332 0.072

Commerzbank 16 2.138 33,565 250 17 1.770 0.368

Natixis 17 2.019 31,702 258 18 1.755 0.264

BancoSantander 18 1.978 31,053 207 16 2.285 -0.307


DanskeBank 20 1.700 26,688 362 25 1.235 0.465

TOTAL 100% 1,569,958 6,429 100%

EasternEuropeanBondsFY2018 FY2017


VTBCapital 1 12.542 9,048 63 1 11.872 0.670

JPMorgan 2 6.338 4,572 33 3 7.682 -1.344

Gazprombank 3 5.736 4,138 51 2 8.492 -2.756

UniCredit 4 5.565 4,015 55 9 3.408 2.157

Citi 5 5.496 3,965 23 6 4.439 1.057

SberbankCIBCJSC 6 5.470 3,946 56 4 7.173 -1.703

ErsteGroupBank 7 5.344 3,855 35 17 2.395 2.949

DeutscheBank 8 4.298 3,100 17 10 3.406 0.892


RaiffeisenBankInternationalGroup 10 3.299 2,380 27 5 4.545 -1.246

REGIONInvestmentCo 11 3.031 2,186 28 24 1.045 1.986

RosselkhozbankOJSC 12 2.801 2,020 19 18 1.588 1.213

INGGroep 13 2.384 1,720 12 13 2.885 -0.501

BNPParibas 14 2.355 1,699 10 8 3.833 -1.478

SovcombankICBJSC 15 2.270 1,638 30 14 2.637 -0.367

HSBC 16 2.267 1,636 11 16 2.400 -0.133

AlfaBank 17 1.830 1,320 17 25 1.013 0.817

Barclays 18 1.724 1,244 7 12 2.971 -1.247

IntesaSanpaolo 19 1.706 1,231 8 15 2.414 -0.708

PKOBankPolskiSA 20 1.695 1,223 10 22 1.350 0.345

TOTAL 100% 72,140 327 100%

WesternEuropeanCorporateHighYieldBonds-RiskFY2018 FY2017


GoldmanSachs 1 8.996 5,307 51 2 7.520 1.476

CreditSuisse 2 7.939 4,684 55 3 6.580 1.359

JPMorgan 3 6.827 4,028 50 1 8.514 -1.687

DeutscheBank 4 6.729 3,970 55 5 6.073 0.656

BNPParibas 5 6.307 3,721 56 4 6.201 0.106

Barclays 6 5.374 3,170 41 6 5.694 -0.320

Citi 7 4.125 2,433 33 9 4.337 -0.212

HSBC 8 4.005 2,362 39 8 5.108 -1.103



MorganStanley 11 3.290 1,941 23 7 5.432 -2.142


UniCredit 13 2.673 1,577 26 13 3.223 -0.550

INGGroep 14 2.512 1,482 24 14 2.877 -0.365

Natixis 15 2.004 1,182 19 17 1.680 0.324

UBS 16 1.695 1,000 16 16 1.937 -0.242

Nordea 17 1.665 982 17 19 1.335 0.330

DanskeBank 18 1.554 917 14 30 0.621 0.933

NatWestMarkets 19 1.511 891 15 15 2.384 -0.873

IntesaSanpaolo 20 1.170 691 11 18 1.616 -0.446

TOTAL 100% 58,993 182 100%



EMEACorporateInvestmentGradeBonds(incEM)FY2018 FY2017


BNPParibas 1 7.930 21,555 173 2 7.746 0.184


DeutscheBank 3 6.064 16,482 105 3 6.616 -0.552

HSBC 4 5.658 15,378 138 4 6.530 -0.872

UniCredit 5 4.660 12,666 95 9 3.898 0.762

Barclays 6 4.615 12,544 106 1 7.794 -3.179


JPMorgan 8 4.039 10,977 96 7 4.401 -0.362


INGGroep 10 3.826 10,398 85 19 1.865 1.961

GoldmanSachs 11 3.581 9,732 48 10 3.791 -0.210

Citi 12 3.496 9,503 99 6 5.078 -1.582


BancoSantander 14 3.169 8,614 70 11 3.540 -0.371

NatWestMarkets 15 2.836 7,707 74 15 2.591 0.245

Commerzbank 16 2.622 7,127 68 16 2.271 0.351


CreditSuisse 18 2.185 5,938 57 17 2.230 -0.045

MorganStanley 19 1.987 5,401 57 18 2.220 -0.233


TOTAL 100% 271,794 621 100%

EMEACorporateHighYieldBonds(incEM)-RiskFY2018 FY2017


GoldmanSachs 1 6.851 5,537 55 2 6.546 0.305

CreditSuisse 2 6.717 5,429 65 5 5.231 1.486

JPMorgan 3 6.396 5,169 65 1 8.499 -2.103

DeutscheBank 4 6.073 4,908 63 4 6.053 0.020

BNPParibas 5 5.962 4,818 71 6 4.956 1.006

Citi 6 5.051 4,082 50 9 4.400 0.651

Barclays 7 4.869 3,935 49 8 4.446 0.423

HSBC 8 4.711 3,807 58 7 4.677 0.034

MorganStanley 9 3.177 2,567 30 3 6.220 -3.043



UniCredit 12 2.815 2,275 35 11 3.352 -0.537


INGGroep 14 2.591 2,094 29 13 2.917 -0.326

Natixis 15 2.261 1,827 25 21 1.293 0.968

UBS 16 1.570 1,269 19 15 2.216 -0.646


DanskeBank 18 1.370 1,107 16 37 0.478 0.892

NatWestMarkets 19 1.356 1,096 17 16 1.834 -0.478

Nordea 20 1.287 1,040 21 22 1.099 0.188

TOTAL 100% 80,818 270 100%

EuroCurrencyBondsFY2018 FY2017


BNPParibas 1 6.229 75,143 463 1 6.587 -0.358

DeutscheBank 2 6.118 73,799 422 4 5.361 0.757

HSBC 3 5.876 70,879 458 3 5.590 0.286


JPMorgan 5 4.891 59,000 352 9 4.562 0.329

Barclays 6 4.700 56,701 294 2 5.754 -1.054


UniCredit 8 4.275 51,570 356 6 4.940 -0.665

GoldmanSachs 9 3.754 45,290 229 8 4.631 -0.877

Citi 10 3.537 42,669 297 10 4.138 -0.601

Commerzbank 11 3.357 40,492 269 12 2.682 0.675


Natixis 13 2.869 34,609 255 14 2.403 0.466

NatWestMarkets 14 2.634 31,773 159 18 2.031 0.603

LandesbankHessen-ThuringenGirozentrale

15 2.309 27,859 298 17 2.111 0.198

DZBank 16 2.275 27,448 287 22 1.445 0.830

INGGroep 17 2.230 26,902 210 19 1.997 0.233

MorganStanley 18 2.128 25,670 164 13 2.466 -0.338

BancoSantander 19 2.111 25,464 161 15 2.276 -0.165

LandesbankBaden-Wuerttemberg 20 2.098 25,314 274 16 2.163 -0.065

TOTAL 100% 1,206,293 3,775 100%

Euro&SterlingCorporate&FinancialBondsFY2018 FY2017


BNPParibas 1 6.399 59,988 409 1 6.435 -0.036

DeutscheBank 2 6.331 59,351 358 4 5.518 0.813

HSBC 3 6.012 56,366 401 3 5.645 0.367


Barclays 5 4.248 39,826 285 2 6.112 -1.864

UniCredit 6 4.038 37,857 272 5 4.344 -0.306


JPMorgan 8 3.525 33,045 270 8 3.775 -0.250

GoldmanSachs 9 3.292 30,859 194 9 3.461 -0.169

NatWestMarkets 10 2.997 28,097 207 15 2.611 0.386

Natixis 11 2.914 27,317 209 17 2.209 0.705

UBS 12 2.821 26,451 116 21 1.740 1.081



Commerzbank 15 2.548 23,885 198 20 1.975 0.573

Citi 16 2.496 23,404 235 11 3.071 -0.575

BancoSantander 17 2.436 22,836 172 12 2.934 -0.498

INGGroep 18 2.418 22,666 187 19 2.026 0.392

MorganStanley 19 2.136 20,024 151 13 2.837 -0.701

CreditSuisse 20 1.865 17,486 159 16 2.304 -0.439

TOTAL 100% 937,526 3,011 100%



SterlingBondsFY2018 FY2017

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

HSBC 1 13.876 16,662 113 2 13.236 0.640

NatWestMarkets 2 11.982 14,388 109 3 9.093 2.889

Barclays 3 10.709 12,859 92 1 14.278 -3.569


LloydsBank 5 6.692 8,036 56 5 5.436 1.256

Nomura 6 5.206 6,252 42 15 2.333 2.873

JPMorgan 7 4.760 5,716 32 7 4.319 0.441

TDSecurities 8 4.307 5,171 43 16 1.776 2.531


DeutscheBank 10 3.841 4,612 27 6 5.036 -1.195

BancoSantander 11 3.363 4,038 28 10 4.212 -0.849

CreditSuisse 12 2.984 3,584 35 12 3.482 -0.498

Citi 13 2.970 3,566 30 9 4.232 -1.262

GoldmanSachs 14 2.497 2,998 17 13 2.722 -0.225

BNPParibas 15 2.253 2,705 20 14 2.637 -0.384

MorganStanley 16 1.936 2,325 14 8 4.284 -2.348

UBS 17 1.622 1,948 4 17 1.592 0.030

MonsasLtd 18 1.249 1,500 1 - - 1.249

FMSWertmanagement 19 0.999 1,200 1 19 1.208 -0.209

INGGroep 20 0.588 707 7 32 0.214 0.374

TOTAL 100% 120,079 386 100%

SwissFrancBondsFY2018 FY2017

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

CreditSuisse 1 26.076 14,914 152 1 26.294 -0.218

UBS 2 23.214 13,277 134 2 22.768 0.446

SchweizerischeKantonalbanken 3 11.424 6,534 33 3 13.437 -2.013

ZuercherKantonalbank 4 9.691 5,543 62 4 9.420 0.271

RaiffeisenSwitzerland 5 7.598 4,346 48 5 6.530 1.068

BNPParibas 6 3.248 1,858 17 6 4.039 -0.791

DeutscheBank 7 3.190 1,825 17 7 3.556 -0.366

BaslerKantonalbank 8 1.733 991 10 8 1.811 -0.078

HSBC 9 1.630 933 7 9 1.762 -0.132

Commerzbank 10 1.569 898 11 10 1.070 0.499

BasellandchaflicheKantonalbank 11 1.428 817 7 24 0.349 1.079

LuzernerKantonalbank 12 1.180 675 2 13 0.762 0.418

VontobelHoldingAG 13 1.088 622 8 14 0.698 0.390

AargauischeKantonalbank 14 1.049 600 5 11 1.029 0.020

GraubundnerKantonalbank 15 0.874 500 2 - - 0.874

ThurgauerKantonalbank 16 0.717 410 2 17 0.571 0.146

Scotiabank 17 0.415 238 2 - - 0.415

BanqueCantonaledeFribourg 18 0.350 200 1 22 0.476 -0.126

CieFinanciereTraditionSA 19 0.336 192 21 16 0.600 -0.264

Gazprombank 20 0.328 188 1 25 0.238 0.090

TOTAL 100% 57,192 345 100%

SwedishKronaBondsFY2018 FY2017

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

Nordea 1 21.510 82,363 176 1 20.908 0.602

DanskeBank 2 20.080 76,887 181 2 20.233 -0.153

SEB 3 18.047 69,101 137 3 17.734 0.313

Swedbank 4 17.056 65,308 137 4 13.004 4.052

SvenskaHandelsbanken 5 10.335 39,572 97 5 10.919 -0.584

DNBASA 6 5.330 20,408 51 6 5.464 -0.134

DeutscheBank 7 1.510 5,783 6 21 0.248 1.262

JPMorgan 8 0.648 2,483 8 10 0.970 -0.322

ABGSundalCollierAsa 9 0.592 2,266 8 7 1.337 -0.745


ParetoSecurities 11 0.556 2,130 8 9 1.002 -0.446

TDSecurities 12 0.525 2,010 5 - - 0.525

Citi 13 0.466 1,783 4 18 0.495 -0.029

HSBC 14 0.454 1,740 6 8 1.110 -0.656

GoldmanSachs 15 0.348 1,333 6 15 0.712 -0.364

Nomura 16 0.253 968 6 14 0.727 -0.474

Carnegie 17 0.248 950 5 11 0.907 -0.659


BNPParibas 19 0.152 583 2 19 0.402 -0.250

ArcticSecurities 20 0.148 565 2 17 0.560 -0.412

TOTAL 100% 382,897 668 100%

Sub-SaharaAfricaCurrencyBondsFY2018 FY2017


NedbankLtd 1 18.397 1,873 42 3 9.343 9.054

StandardBankofSouthAfrica 2 17.349 1,767 44 1 30.884 -13.535

FirstRandLtd 3 16.454 1,675 54 2 13.927 2.527

AbsaGroupLtd 4 9.744 992 22 - - 9.744

JPMorgan 5 5.558 566 8 11 2.261 3.297

Investec 6 5.232 533 17 7 4.298 0.934

FidelityBankLtd 7 3.388 345 8 10 3.660 -0.272

Barclays 8 3.083 314 8 4 6.114 -3.031

DatabankFinancialServicesLtd 9 2.901 295 8 35 0.041 2.860

ICSecuritiesGhanaLtd 10 2.881 293 7 - - 2.881

FirstRandBank 11 1.592 162 2 - - 1.592

EskomHoldingsLtd 12 1.300 132 3 - - 1.300

BNPParibas 13 0.818 83 5 15 0.959 -0.141

BasisPointsCapital 14 0.809 82 3 - - 0.809

GoldmanSachs 15 0.759 77 4 28 0.260 0.499

TDSecurities 16 0.746 76 3 16 0.753 -0.007

FBNHoldingsPLC 17 0.676 69 1 19 0.449 0.227

LibertyGroupLtd 18 0.659 67 1 - - 0.659

StandardCharteredBank 19 0.640 65 3 9 3.680 -3.040

NatWestMarkets 20 0.605 62 5 - - 0.605

TOTAL 100% 10,182 237 100%



CEEMEABondsFY2018 FY2017


Citi 1 8.716 20,178 99 2 9.037 -0.321


JPMorgan 3 6.668 15,438 90 1 9.450 -2.782

DeutscheBank 4 6.043 13,990 50 7 3.615 2.428

HSBC 5 5.848 13,539 81 3 6.993 -1.145

VTBCapital 6 4.027 9,324 66 4 4.426 -0.399

BNPParibas 7 3.023 6,999 43 6 3.932 -0.909


GoldmanSachs 9 2.671 6,184 23 8 3.062 -0.391

Barclays 10 2.346 5,431 44 10 2.865 -0.519


UniCredit 12 1.839 4,256 58 14 1.785 0.054

Gazprombank 13 1.787 4,138 51 9 3.024 -1.237

SberbankCIBCJSC 14 1.684 3,899 55 11 2.554 -0.870

ErsteGroupBank 15 1.645 3,809 34 22 1.027 0.618



INGGroep 18 1.365 3,159 24 20 1.335 0.030


CreditSuisse 20 1.315 3,044 21 38 0.554 0.761

TOTAL 100% 231,513 893 100%

MENABonds&SukukFY2018 FY2017



HSBC 2 9.844 8,516 54 2 13.297 -3.453

Citi 3 8.274 7,158 39 3 10.620 -2.346

JPMorgan 4 6.719 5,813 32 1 15.569 -8.850

DeutscheBank 5 6.241 5,400 15 8 3.892 2.349



BNPParibas 8 2.856 2,471 15 6 4.506 -1.650


Barclays 10 2.574 2,227 18 18 1.570 1.004

MorganStanley 11 2.524 2,183 9 13 2.317 0.207



GulfInternationalBankBSC 14 2.119 1,833 7 7 4.082 -1.963

CreditSuisse 15 2.069 1,790 8 50 0.121 1.948

GoldmanSachs 16 1.624 1,405 7 10 2.863 -1.239



BankofChina 19 1.504 1,302 4 - - 1.504

QatarNationalBank 20 1.232 1,065 4 19 1.091 0.141

TOTAL 100% 86,513 228 100%

AfricaBondsFY2018 FY2017


Citi 1 13.665 5,983 22 1 14.149 -0.484


DeutscheBank 3 8.366 3,663 14 10 3.088 5.278

JPMorgan 4 8.288 3,629 19 4 7.054 1.234

StandardBankofSouthAfrica 5 6.706 2,936 49 2 11.450 -4.744

FirstRandLtd 6 4.978 2,180 57 8 4.234 0.744

NedbankLtd 7 4.495 1,968 39 9 4.140 0.355

BNPParibas 8 4.411 1,931 10 5 6.371 -1.960

AbsaGroupLtd 9 3.609 1,580 25 - - 3.609

GoldmanSachs 10 3.342 1,463 4 23 0.995 2.347

HSBC 11 2.983 1,306 7 11 2.292 0.691



Barclays 14 2.538 1,111 13 7 4.806 -2.268

MorganStanley 15 2.124 930 4 35 0.242 1.882

FirstAbuDhabiBankPJSC 16 1.827 800 3 - - 1.827

BankofAmericaMerrillLynch 17 1.784 781 4 15 1.594 0.190

Natixis 18 1.478 647 5 6 5.975 -4.497

IntesaSanpaolo 19 1.407 616 2 - - 1.407

CreditSuisse 20 0.825 361 3 19 1.208 -0.383

TOTAL 100% 43,784 217 100%



SpainBondsFY2018 FY2017


BancoSantander 1 12.626 11,221 48 1 11.066 1.560


HSBC 3 8.359 7,429 29 4 6.741 1.618

Barclays 4 8.002 7,112 28 3 7.277 0.725

Citi 5 6.446 5,729 23 5 6.581 -0.135

JPMorgan 6 4.247 3,775 18 11 3.889 0.358

BNPParibas 7 4.188 3,722 21 7 4.949 -0.761


CajaRuraldeNavarra 9 3.376 3,000 1 - - 3.376

GoldmanSachs 10 3.337 2,965 16 9 4.046 -0.709

NatWestMarkets 11 3.299 2,932 14 15 2.072 1.227


LaCaixa 13 2.594 2,305 22 6 5.673 -3.079

UniCredit 14 2.593 2,304 17 16 1.967 0.626

CreditSuisse 15 2.418 2,149 17 17 1.961 0.457

MorganStanley 16 2.204 1,959 10 8 4.113 -1.909

Natixis 17 2.198 1,953 14 18 1.683 0.515

DeutscheBank 18 2.177 1,935 19 19 1.550 0.627


BancoSabadell 20 1.858 1,652 8 14 2.438 -0.580

TOTAL 100% 88,875 171 100%

SpainCorporatesFY2018 FY2017


GoldmanSachs 1 6.502 1,202 8 13 2.597 3.905

BancoSantander 2 6.321 1,169 17 2 7.262 -0.941

Citi 3 6.069 1,122 10 8 5.240 0.829

BNPParibas 4 5.812 1,074 14 10 4.621 1.191

BancoBilbaoVizcayaArgentaria 5 5.187 959 11 3 6.430 -1.243

LaCaixa 6 5.031 930 14 7 5.358 -0.327

Barclays 7 4.665 863 11 4 6.358 -1.693

SocieteGenerale 8 4.333 801 9 5 5.862 -1.529

CreditSuisse 9 4.233 783 7 23 1.648 2.585

UniCredit 10 3.854 713 9 15 2.466 1.388

HSBC 11 3.809 704 8 9 4.954 -1.145

DeutscheBank 12 3.802 703 9 19 1.863 1.939

JPMorgan 13 3.488 645 8 6 5.738 -2.250

CreditAgricoleCIB 14 3.166 585 9 11 3.545 -0.379

NatWestMarkets 15 3.137 580 8 12 3.501 -0.364


IntesaSanpaolo 17 2.760 510 5 20 1.853 0.907

MitsubishiUFJFinancialGroupInc 18 2.701 499 6 17 2.114 0.587

MizuhoFinancial 19 2.393 442 5 14 2.475 -0.082

MorganStanley 20 2.123 393 5 1 8.320 -6.197

TOTAL 100% 18,487 64 100%

SpainFinancialsFY2018 FY2017


BancoSantander 1 14.067 5,149 22 1 11.206 2.861

CajaRuraldeNavarra 2 8.196 3,000 1 - - 8.196


Barclays 4 5.043 1,846 11 3 5.366 -0.323

Natixis 5 4.378 1,603 9 16 3.077 1.301

UniCredit 6 4.348 1,592 8 22 1.770 2.578

Citi 7 4.277 1,566 10 6 4.870 -0.593

HSBC 8 4.143 1,517 10 8 4.596 -0.453

LaCaixa 9 3.756 1,375 8 4 4.917 -1.161

CreditSuisse 10 3.733 1,366 10 11 3.737 -0.004

BancoSabadell 11 3.597 1,317 3 7 4.709 -1.112

UBS 12 3.483 1,275 11 19 2.213 1.270

DeutscheBank 13 3.365 1,232 10 18 2.613 0.752


JPMorgan 15 3.200 1,171 7 13 3.277 -0.077

GoldmanSachs 16 2.996 1,097 7 9 4.529 -1.533



MorganStanley 19 2.459 900 4 14 3.173 -0.714

Nomura 20 2.408 881 6 15 3.127 -0.719

TOTAL 100% 36,604 87 100%

SpainGovernment&AgenciesFY2018 FY2017


BancoBilbaoVizcayaArgentaria 1 17.083 5,771 13 1 16.220 0.863

HSBC 2 15.417 5,208 11 3 10.656 4.761

BancoSantander 3 14.514 4,903 9 2 13.668 0.846

Barclays 4 13.034 4,403 6 4 10.276 2.758

Citi 5 9.004 3,042 3 5 9.644 -0.640

JPMorgan 6 5.797 1,958 3 11 3.288 2.509

BNPParibas 7 5.427 1,833 2 7 6.532 -1.105


NatWestMarkets 9 4.933 1,667 1 12 2.192 2.741


GoldmanSachs 11 1.973 667 1 8 4.515 -2.542

MorganStanley 11 1.973 667 1 12 2.192 -0.219

INGGroep 13 0.592 200 1 22 0.368 0.224

BancoSabadell 14 0.444 150 1 25 0.132 0.312

BancoCooperativo 15 0.298 101 1 21 0.385 -0.087

NorbolsaSociedaddeValoresSA/Spain 16 0.296 100 1 17 0.592 -0.296

Natixis 17 0.102 34 2 22 0.368 -0.266

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 33,783 20 100%



Asiaex-JapanFixedIncomeReviewFY2018creditedAsiaex-JapanG3CurrencyBondsvolumedecreased19.36%toUSD266.0Blnwhiledealcountdecreased4.12%to652offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased9.87%year-on-yeartoUSD204.3Blnwhilethedealcountincreased2.14%to429.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased29.22%year-on-yeartoUSD36.2Blnover138deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforFY2018with7.69%marketshare.Thebankunderwrote255dealsovertheperiod.CitiandBankofChinarankedsecondandthirdwith5.74%and5.10%marketshare,respectively.

Asiaex-JapanG3CurrencyBonds:HighlightsofFY2018


BankofChinaHongKongLtd Financials 3,000 09/11/2018

TencentHoldingsLtd Technology 2,500 01/11/2018

PhilippineGovernmentInternationalBond Government 2,000 01/18/2018

SandsChinaLtd ConsumerDiscretionary 1,900 08/02/2018



CNACHKFinbridgeCoLtd Materials 1,750 03/07/2018

PerusahaanPenerbitSBSNIndonesiaIII Government 1,750 02/22/2018

ChinaGovernmentInternationalBond Government 1,500 10/11/2018

CNACHKFinbridgeCoLtd Materials 1,488 03/07/2018

Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry

Issuer Volume(USDMln) Date Country

TencentHoldingsLtd 2,500 01/11/2018 China

BankofChinaHongKongLtd 3,000 09/11/2018 HongKong

Export-ImportBankofIndia 1,000 01/25/2018 India

PerusahaanPenerbitSBSNIndonesiaIII 1,750 02/22/2018 Indonesia

TNBGlobalVenturesCapitalBhd 750 10/23/2018 Malaysia

PhilippineGovernmentInternationalBond 2,000 01/18/2018 Philippines

TemasekFinancialILtd 1,350 07/25/2018 Singapore

HanwhaLifeInsuranceCoLtd 1,000 04/16/2018 SouthKorea

SriLankaGovernmentInternationalBond 1,250 04/11/2018 SriLanka

BankofTaiwan 470 02/06/2018 Taiwan

BangkokBankPCL/HongKong 600 09/12/2018 Thailand

Financials52%

Government15%

Materials6%

Utilities6%

Industrials5%

Others16%

Asiaex-JapanG3CurrencyBonds:QuarterlyVolume

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

Q42017

Q42017

QuartersQuarters

Q42018

Q42018

5050

USDBln

USDBln

00

100100

200200

DealC

ountDealC

ount

00

400400

DealCount

Other

HighYield

InvestmentGrade

Asiaex-JapanG3CurrencyBonds:IndustryBreakdown

52%

15%

6%

6%

5%

16%

Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory

HSBC Ci

ti

BankofChina

StandardCharteredBank

GoldmanSachs

BankofAmericaMerrillLynch

5

10

MarketShare(%

)

0

15

2018 2017 2016



Asiaex-JapanIssuerG3CurrencyBondsFY2018 FY2017


HSBC 1 7.692 20,458 255 1 7.770 -0.078

Citi 2 5.737 15,259 155 2 6.632 -0.895

BankofChina 3 5.101 13,566 214 4 5.226 -0.125

StandardCharteredBank 4 4.555 12,114 163 3 5.725 -1.170

GoldmanSachs 5 3.681 9,789 78 7 3.306 0.375


BNPParibas 7 3.192 8,489 107 10 3.044 0.148

JPMorgan 8 2.941 7,822 80 6 3.827 -0.886

MorganStanley 9 2.719 7,231 87 8 3.280 -0.561


DeutscheBank 11 2.566 6,825 81 5 4.135 -1.569

DBSGroup 12 2.449 6,513 101 14 2.879 -0.430

UBS 13 2.448 6,510 92 13 2.907 -0.459


CreditSuisse 15 2.334 6,207 67 12 2.933 -0.599


BankofCommunications 17 2.278 6,058 103 18 1.975 0.303


Barclays 19 2.070 5,505 52 17 2.019 0.051


TOTAL 100% 265,952 652 100%

APACex-JapanIssuerG3CurrencyBondsFY2018 FY2017


HSBC 1 7.672 24,541 279 1 7.928 -0.256

Citi 2 6.408 20,497 186 2 7.435 -1.027

BankofChina 3 4.241 13,566 214 6 4.230 0.011

GoldmanSachs 4 4.206 13,455 92 9 3.368 0.838

JPMorgan 5 4.005 12,811 110 3 5.492 -1.487

BNPParibas 6 3.812 12,195 124 10 3.072 0.740



MorganStanley 9 2.941 9,407 100 7 4.035 -1.094

DeutscheBank 10 2.796 8,943 91 8 3.846 -1.050

UBS 11 2.590 8,285 100 11 2.832 -0.242

CreditSuisse 12 2.566 8,207 80 12 2.721 -0.155



DBSGroup 15 2.036 6,513 101 14 2.371 -0.335

Barclays 16 1.983 6,342 57 17 2.029 -0.046




ANZBankingGroup 20 1.841 5,890 65 15 2.189 -0.348

TOTAL 100% 319,877 746 100%

Asiaex-JapanG3InvestmentGradeBondsFY2018 FY2017


HSBC 1 8.510 17,389 205 1 8.389 0.121

Citi 2 6.669 13,628 137 2 7.784 -1.115

BankofChina 3 5.160 10,545 162 4 5.110 0.050


GoldmanSachs 5 3.994 8,162 63 5 3.923 0.071


BNPParibas 7 3.799 7,764 90 9 3.749 0.050


JPMorgan 9 2.993 6,116 64 8 3.756 -0.763



MorganStanley 12 2.707 5,532 59 10 3.349 -0.642


DBSGroup 14 2.413 4,930 69 16 2.238 0.175

DeutscheBank 15 2.352 4,807 49 7 3.784 -1.432

Barclays 16 2.164 4,423 41 17 2.144 0.020

UBS 17 2.018 4,123 48 13 2.820 -0.802


ChinaConstructionBank 19 1.736 3,547 77 11 3.232 -1.496


TOTAL 100% 204,343 429 100%

Asiaex-JapanG3CorporateHighYieldBondsFY2018 FY2017



CreditSuisse 2 6.877 2,489 31 2 8.082 -1.205


ChinaCiticBank 4 5.593 2,024 31 3 6.022 -0.429

UBS 5 5.118 1,852 36 16 2.583 2.535

HSBC 6 5.067 1,834 35 4 5.634 -0.567

ChinaEverbrightBank 7 4.421 1,600 27 32 0.577 3.844

DeutscheBank 8 4.052 1,467 29 5 5.185 -1.133


MorganStanley 10 3.791 1,372 21 6 4.758 -0.967

BankofChina 11 3.077 1,114 23 13 2.950 0.127

IndustrialSecurities 12 2.779 1,006 28 42 0.388 2.391

OrientSecurities 13 2.680 970 22 37 0.405 2.275

GoldmanSachs 14 2.560 926 10 11 3.046 -0.486

JPMorgan 15 2.249 814 11 8 4.362 -2.113

CITICSecurities 16 2.145 776 12 22 1.072 1.073

Barclays 17 2.003 725 5 14 2.765 -0.762

ChinaMerchantsBank 18 1.959 709 17 30 0.709 1.250


VTBCapital 20 1.500 543 10 33 0.567 0.933

TOTAL 100% 36,189 138 100%



APACUSD&EURCurrencyBondsFY2018 FY2017


Citi 1 7.261 28,559 226 1 8.111 -0.850

HSBC 2 6.717 26,419 291 3 6.906 -0.189

JPMorgan 3 5.305 20,865 149 2 6.984 -1.679


GoldmanSachs 5 5.071 19,944 120 5 4.980 0.091

MorganStanley 6 4.376 17,212 133 6 4.527 -0.151

BNPParibas 7 3.812 14,994 140 10 3.062 0.750

BankofChina 8 3.422 13,460 211 8 3.539 -0.117



Barclays 11 2.603 10,239 76 11 2.530 0.073

DeutscheBank 12 2.596 10,210 99 9 3.514 -0.918



UBS 15 2.217 8,720 103 12 2.483 -0.266

CreditSuisse 16 2.087 8,207 80 13 2.409 -0.322


DBSGroup 18 1.721 6,769 103 16 1.984 -0.263


HaitongSecurities 20 1.562 6,144 120 21 1.583 -0.021

TOTAL 100% 393,321 841 100%

AsiaBondsFY2018 FY2017


BankofChina 1 4.589 64,682 506 3 3.123 1.466





MorganStanley 6 2.882 40,628 546 1 3.957 -1.075


AgriculturalBankofChina 8 2.373 33,442 253 17 1.839 0.534

HSBC 9 2.332 32,867 404 9 2.570 -0.238


Citi 11 2.260 31,850 285 4 3.076 -0.816

ChinaMerchantsBank 12 2.232 31,456 307 23 1.533 0.699

ChinaInternationalCapitalCorp 13 2.224 31,349 234 13 2.026 0.198

Nomura 14 2.195 30,935 525 11 2.411 -0.216

IndustrialBank 15 2.136 30,108 326 20 1.645 0.491


GuotaiJunanSecurities 17 1.802 25,398 290 10 2.437 -0.635


ShanghaiPudongDevelopmentBank 19 1.754 24,722 281 24 1.505 0.249

DaiwaSecurities 20 1.746 24,614 491 15 1.947 -0.201

TOTAL 100% 1,409,539 7,583 100%

Asiaex-JapanBondsFY2018 FY2017


BankofChina 1 5.397 64,637 504 2 3.755 1.642





AgriculturalBankofChina 6 2.792 33,442 253 11 2.210 0.582

ChinaMerchantsBank 7 2.626 31,456 307 15 1.843 0.783

ChinaInternationalCapitalCorp 8 2.617 31,349 234 9 2.435 0.182

HSBC 9 2.529 30,290 386 7 2.891 -0.362

IndustrialBank 10 2.514 30,108 326 13 1.978 0.536


GuotaiJunanSecurities 12 2.121 25,398 290 6 2.930 -0.809


ShanghaiPudongDevelopmentBank 14 2.062 24,697 280 16 1.809 0.253

ChinaDevelopmentBank 15 1.914 22,929 165 21 1.468 0.446

ChinaMerchantsSecurities 16 1.914 22,923 141 14 1.849 0.065

Citi 17 1.896 22,713 231 8 2.753 -0.857

ChinaCiticBank 18 1.734 20,768 261 17 1.623 0.111

ChinaMinshengBankingCorp 19 1.632 19,547 249 27 1.185 0.447


TOTAL 100% 1,197,714 6,519 100%

ASEANLocalCurrencyBondsFY2018 FY2017


CIMB 1 10.100 7,776 260 1 13.997 -3.897

DBSGroup 2 8.104 6,239 136 3 7.354 0.750

Maybank 3 6.277 4,833 204 2 9.302 -3.025

AmInvestmentBankBhd 4 6.124 4,715 135 6 4.666 1.458

KasikornbankPCL 5 6.005 4,623 135 8 4.395 1.610

RHB 6 5.079 3,910 175 5 4.708 0.371

BankofAyudhyaPCL 7 4.777 3,678 63 11 4.032 0.745

Oversea-ChineseBankingCorp 8 4.437 3,416 75 7 4.528 -0.091


UnitedOverseasBank 10 4.182 3,220 80 12 2.589 1.593

SiamCommercialBankPCL 11 4.167 3,209 72 10 4.089 0.078

BangkokBankPCL 12 3.862 2,973 101 9 4.339 -0.477

KrungThaiBank 13 3.678 2,832 87 4 5.089 -1.411

HSBC 14 3.077 2,369 34 14 2.221 0.856

ThanachartCapitalPCL 15 1.885 1,452 31 31 0.674 1.211

PhatraSecuritiesPCL 16 1.856 1,429 42 22 0.988 0.868

AffinHwangCapital 17 1.560 1,201 53 20 1.329 0.231

ChinaBankingCorp 18 1.521 1,171 22 25 0.889 0.632

IndoPremierSecurities 19 1.473 1,134 149 16 1.815 -0.342

MandiriSekuritasPT 20 1.312 1,010 136 17 1.737 -0.425

TOTAL 100% 76,992 1,185 100%



Australia/NewZealandInternationalBondsFY2018 FY2017


Citi 1 8.736 5,238 31 2 10.352 -1.616

JPMorgan 2 8.598 5,155 31 1 11.457 -2.859

HSBC 3 8.572 5,139 27 3 9.246 -0.674

BNPParibas 4 6.712 4,024 20 14 3.037 3.675

GoldmanSachs 5 6.318 3,788 15 13 3.141 3.177


WestpacBanking 7 5.472 3,281 17 12 3.240 2.232

CommonwealthBankAustralia 8 4.550 2,728 15 11 3.690 0.860

CreditSuisse 9 4.493 2,694 20 16 2.388 2.105

NationalAustraliaBank 10 4.056 2,432 14 7 4.773 -0.717

UBS 11 4.017 2,408 13 9 3.805 0.212


DeutscheBank 13 3.891 2,333 11 15 2.389 1.502

MorganStanley 14 3.799 2,278 14 5 6.427 -2.628


Nomura 16 2.393 1,435 7 18 1.951 0.442

TDSecurities 17 2.208 1,324 7 19 1.840 0.368

SumitomoMitsuiFinancial 18 1.654 992 8 21 0.923 0.731

Barclays 19 1.397 838 5 17 2.077 -0.680

MizuhoFinancial 20 1.202 721 5 20 1.224 -0.022

TOTAL 100% 59,956 120 100%

AustraliaKangarooBondsFY2018 FY2017

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

TDSecurities 1 19.947 6,199 83 1 15.916 4.031

Nomura 2 10.542 3,276 46 3 11.797 -1.255



DeutscheBank 5 7.194 2,236 31 2 12.284 -5.090


CommonwealthBankAustralia 7 6.193 1,925 24 13 2.317 3.876

JPMorgan 8 5.489 1,706 17 6 8.543 -3.054

NationalAustraliaBank 9 5.190 1,613 21 7 4.960 0.230

UBS 10 4.170 1,296 11 14 2.246 1.924

WestpacBanking 11 3.047 947 14 11 2.721 0.326

DaiwaSecurities 12 2.553 793 12 9 3.072 -0.519

Citi 13 2.381 740 11 12 2.541 -0.160

HSBC 14 2.333 725 8 10 2.938 -0.605

BMOCapitalMarkets 15 1.247 388 3 18 0.468 0.779


BNPParibas 17 0.967 300 4 - - 0.967

DBSGroup 18 0.603 188 1 17 0.526 0.077

Natixis 19 0.599 186 2 - - 0.599

GoldmanSachs 20 0.287 89 3 15 1.413 -1.126

TOTAL 100% 31,076 203 100%

SouthKoreaInternationalBondsFY2018 FY2017


HSBC 1 12.838 4,489 48 2 8.568 4.270

Citi 2 8.892 3,109 32 1 11.709 -2.817


BNPParibas 4 8.420 2,944 27 5 7.092 1.328

UBS 5 8.070 2,822 18 8 5.536 2.534



JPMorgan 8 5.867 2,052 25 7 5.734 0.133



Nomura 11 2.760 965 7 9 4.645 -1.885

KoreaDevelopmentBank 12 2.741 958 10 15 1.828 0.913

ANZBankingGroup 13 2.674 935 7 14 1.924 0.750

INGGroep 14 2.100 734 6 17 1.516 0.584

MorganStanley 15 2.078 727 7 19 1.294 0.784

DaiwaSecurities 16 2.013 704 7 18 1.441 0.572

CreditSuisse 17 1.845 645 6 25 0.914 0.931

Commerzbank 18 1.649 577 7 16 1.720 -0.071

DeutscheBank 19 1.611 563 3 13 2.121 -0.510

TDSecurities 20 1.119 391 5 21 1.057 0.062

TOTAL 100% 34,968 165 100%

JapaneseYenBondsFY2018 FY2017

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

MizuhoFinancial 1 22.073 3,784,025 571 1 21.367 0.706

Nomura 2 18.630 3,193,812 520 3 17.561 1.069

SumitomoMitsuiFinancial 3 18.333 3,142,840 519 4 17.212 1.121

MorganStanley 4 15.573 2,669,743 429 2 20.229 -4.656

DaiwaSecurities 5 15.402 2,640,370 488 5 14.383 1.019

ShinkinCentralBank 6 1.327 227,483 45 7 1.409 -0.082

JPMorgan 7 1.243 213,097 16 16 0.272 0.971

GoldmanSachs 8 0.981 168,231 25 6 1.457 -0.476


SBIHoldingsInc/Japan 10 0.707 121,283 10 12 0.546 0.161

TokaiTokyoSecuritiesCoLtd 11 0.639 109,583 32 10 0.736 -0.097

BNPParibas 12 0.561 96,133 14 18 0.196 0.365

OkasanSecuritiesGroupInc 13 0.427 73,250 22 14 0.326 0.101


Citi 15 0.425 72,833 14 11 0.623 -0.198


HSBC 17 0.321 55,000 5 15 0.276 0.045

Natixis 18 0.306 52,520 13 17 0.239 0.067

Barclays 19 0.275 47,170 8 26 0.036 0.239


TOTAL 100% 17,143,274 1,022 100%



HongKongDollarBondsFY2018 FY2017

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

HSBC 1 22.560 67,716 156 1 22.972 -0.412





Citi 6 5.618 16,864 46 3 8.692 -3.074

Scotiabank 7 4.676 14,037 46 9 3.085 1.591

BankofChina 8 3.686 11,064 19 8 3.696 -0.010


UBS 10 2.445 7,340 12 28 0.444 2.001

ANZBankingGroup 11 1.885 5,657 17 14 1.828 0.057


CommonwealthBankAustralia 13 1.530 4,594 16 5 5.083 -3.553

JPMorgan 14 1.487 4,462 8 23 0.865 0.622

BNPParibas 15 1.438 4,317 19 25 0.717 0.721

DBSGroup 16 1.032 3,097 7 13 2.046 -1.014

DaiwaSecurities 17 0.988 2,965 8 21 0.986 0.002

Nomura 18 0.873 2,621 14 10 2.914 -2.041

Barclays 19 0.872 2,617 12 16 1.349 -0.477

LusoInternationalBankingLtd 20 0.656 1,970 5 - - 0.656

TOTAL 100% 300,165 636 100%

SingaporeBondsFY2018 FY2017

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

DBSGroup 1 41.927 7,593 38 1 38.391 3.536

Oversea-ChineseBankingCorp 2 20.986 3,801 25 2 25.388 -4.402

UnitedOverseasBank 3 16.777 3,038 18 4 8.941 7.836


HSBC 5 5.430 983 9 5 8.320 -2.890

CreditSuisse 6 2.462 446 3 6 2.326 0.136

CIMB 7 1.705 309 3 8 1.365 0.340

Maybank 8 1.546 280 2 14 0.199 1.347

HLBank/Singapore 9 0.387 70 1 - - 0.387

HaitongSecurities 10 0.092 17 1 - - 0.092

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 18,110 60 100%

OffshoreCNYBondsFY2018 FY2017

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

HSBC 1 23.282 29,698 89 1 28.234 -4.952



BNPParibas 4 3.393 4,329 16 5 4.234 -0.841

ANZBankingGroup 5 3.280 4,184 12 31 0.251 3.029

DBSGroup 6 3.136 4,000 11 9 2.934 0.202

Scotiabank 7 2.889 3,685 15 8 3.028 -0.139

BankofChina 8 2.863 3,652 13 12 1.702 1.161


Citi 10 2.310 2,947 9 18 1.005 1.305


JPMorgan 12 1.943 2,479 11 10 2.328 -0.385

KGISecurities 13 1.629 2,078 4 27 0.377 1.252

PingAnInsuranceGroup 14 1.490 1,900 1 - - 1.490

GoldmanSachs 15 1.313 1,675 3 24 0.440 0.873

DeutscheBank 16 1.047 1,335 6 15 1.297 -0.250

TDSecurities 17 0.931 1,187 7 21 0.754 0.177

Nomura 18 0.893 1,139 6 4 5.315 -4.422

NatWestMarkets 19 0.811 1,035 4 - - 0.811

Barclays 20 0.745 950 3 7 3.587 -2.842

TOTAL 100% 127,559 358 100%

OffshoreChinaBondsFY2018 FY2017


BankofChina 1 6.652 11,075 200 1 7.504 -0.852

HSBC 2 5.974 9,946 170 2 6.003 -0.029





GoldmanSachs 7 3.513 5,849 61 10 3.230 0.283

ChinaCiticBank 8 2.934 4,884 96 14 2.633 0.301


CreditSuisse 10 2.698 4,491 53 9 3.250 -0.552

JPMorgan 11 2.582 4,298 51 12 2.922 -0.340

IndustrialBank 12 2.508 4,176 84 29 1.303 1.205

ChinaEverbrightBank 13 2.496 4,155 96 33 0.929 1.567

UBS 14 2.430 4,046 68 16 2.574 -0.144

ChinaConstructionBank 15 2.420 4,029 94 6 3.704 -1.284


BNPParibas 17 2.311 3,847 66 18 2.344 -0.033

MorganStanley 18 2.248 3,743 64 5 3.915 -1.667

Citi 19 2.217 3,691 70 7 3.699 -1.482


TOTAL 100% 166,492 447 100%



UridashiBonds(Manager)FY2018 FY2017


Nomura 1 20.969 3,140 63 2 17.009 3.960




BNPParibas 5 6.720 1,006 113 6 5.159 1.561

DaiwaSecurities 6 5.040 755 30 7 4.719 0.321

HSBC 7 4.872 730 96 5 6.742 -1.870

CreditSuisse 8 2.962 443 59 8 4.066 -1.104

TokaiTokyoSecuritiesCoLtd 9 2.396 359 43 9 3.881 -1.485


SBIHoldingsInc/Japan 11 1.534 230 22 12 0.928 0.606

MorganStanley 12 1.495 224 26 11 2.120 -0.625

Natixis 13 0.540 81 7 14 0.862 -0.322

Barclays 14 0.518 78 21 15 0.514 0.004

SocieteGenerale 15 0.361 54 5 18 0.175 0.186

DeutscheBank 16 0.211 32 13 13 0.863 -0.652

ShinseiBankLtd 17 0.203 30 5 20 0.088 0.115

JPMorgan 18 0.097 15 2 17 0.225 -0.128

GoldmanSachs 19 0.021 3 2 16 0.509 -0.488

- - - - - - - -

TOTAL 100% 14,974 645 100%

UridashiBonds(UridashiAgent)FY2018 FY2017


ChugokuBankLtd 1 23.280 6,947 51 15 1.802 21.478

SumitomoMitsuiFinancial 2 8.832 2,635 36 2 11.142 -2.310

TokaiTokyoSecuritiesCoLtd 3 8.686 2,592 208 4 9.112 -0.426

Nomura 4 8.112 2,421 40 5 8.557 -0.445


MorganStanley 6 5.385 1,607 110 1 15.009 -9.624

HyakugoSecurities 7 4.762 1,421 90 9 3.281 1.481

OkasanSecuritiesGroupInc 8 4.411 1,316 149 7 4.409 0.002

DaiwaSecurities 9 3.605 1,076 53 6 5.010 -1.405

HachijuniBankLtd 10 2.909 868 46 8 3.954 -1.045

SBIHoldingsInc/Japan 11 2.271 678 113 14 2.064 0.207

77BankLtd 12 2.143 640 62 10 2.851 -0.708

IyoBank 13 2.093 624 62 17 1.729 0.364

ShizuginTMSecuritiesCo 14 2.050 612 44 11 2.683 -0.633

JoyoBankLtd 15 1.619 483 37 21 0.856 0.763

HiroginSecuritiesCoLtd 16 1.550 463 53 19 1.236 0.314

DaishiSecuritiesCoLtd 17 1.522 454 51 13 2.271 -0.749

KyoginSecuritiesCoLtd 18 1.284 383 40 18 1.336 -0.052

AozoraBankLtd 19 1.238 369 37 12 2.486 -1.248

GunginSecuritiesCoLtd 20 1.056 315 36 22 0.836 0.220

TOTAL 100% 29,840 1,143 100%

Bloomberg Fixed Income - League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines

Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party.

Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.

Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading.

All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables.

USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.

New money portions of exchange offers are eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant high yield table.

Self-led transactions are included.

Exclusions

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

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

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