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GLOBAL SYNDICATED LOANS REVIEW REUTERS / Toby Melville GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS Fi t Ni M th 2014 First Nine Months 2014
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GLOBAL SYNDICATED LOANS REVIEWREUTERS / Toby Melville
GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS
Fi t Ni M th 2014First Nine Months 2014
9
8
9
9
9
First Nine Months 2014
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEW
Global Debt & Syndicated Loans (DL1) 2
European Leveraged Loans (P10) 8
Top Asia Syndicated Loans
EMEA Sponsored Loans (P13)
Asia Pacific (Excl. Japan) Syndicated Loans
Asia & Australia Deals Intelligence
EMEA Mandated Lead Arrangers (R19) 7
Asia Loans - Bookrunners (S5c)3
Global Scorecard 2
Global Loans Rankings - Last Ten Years
Table of Contents
Global Loans - Mandated Arrangers (R3)
Global Deals Intelligence
Top 10 Global Syndicated Loans
1
1Leading Underwriters for 2014
Asia Loans - Asian Currency (S3i)
Global Syndicated Loans
Global Loans - Bookrunners (R1) 1
2
2
9
13
Ranking Criteria Summary
11
4
Asia Loans - Mandated Arrangers (S5b)
EMEA Bookrunners (R17) 7
6
Americas Loans - Mandated Arrangers (R8c)
US Loans - Bookrunners (R11) 5
Americas Loans - Bookrunners (R7)
Latin America Loans - Mandated Lead Arrangers (R16)
Top EMEA Syndicated Loans 7
US Investment Grade Loans - Bookrunners (R11b)
North America Loans - Bookrunners (R9) 5
5
Top Australia Syndicated LoansTop Americas Syndicated Loans 4
6
Australia Loans - Bookrunners (S7)
Australia Loans - Mandated Arrangers (S6a)
Japan Deals Intelligence
Top Japan Syndicated Loans
Japan Loans - Bookrunners (S12b)
EMEA Deals Intelligence 7
Americas Deals Intelligence 4
US Leveraged Loans - Bookrunners (R11a)
Americas Syndicated Loans
EMEA Syndicated Loans
Japan Syndicated Loans
5
Thomson Reuters Solutions for the Deal Making Community
10
Syndicated Loans Criteria Summary 13
Regional Contacts
10
14
12
10
11
11
Japan Loans - Mandated Arrangers (S12a)
EMEA Bookrunners (R17) 7 Making Community
First Nine Months 2014
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEWGlobal Syndicated Lending Totals US$3.4 trillion, up 9% from 2013 I US Loans Account for 50% | Europe Lending Up 37% I JP Morgan Tops Rankings
Global Syndicated Loans VolumeGlobal Deals Intelligence
US LENDING ACCOUNTS FOR 50% OF ACTIVITYAmericas loans accounted for 56% of global loan volume during the first nine months of 2014, as lending in theregion increased by 4% from the same period last year. Within the Americas, loan volume in the United Statestotaled US$1.7 trillion, up 1% compared to the same period last year and representing 50% of global volume.Europe accounted for 24% of global volumes as lending increased by 37% compared to the first nine months of2013. Asia Pacific fundraising saw a year-over-year increase of 19%, while Japanese lending fell 24%compared to the first nine months of 2013.
GLOBAL SYNDICATED LENDING INCREASES 9% FROM 2013Global syndicated lending during the first nine months of 2014 reached US$3.4 trillion, a 9% increasecompared to the first nine months of 2013 and the best opening period for lending since 2007. Lending activityduring the third quarter saw an 18% decrease from the second quarter of this year. Nearly 7,500 transactionsclosed during the first nine months of 2014, an increase of 4% compared to the first nine months of 2013.
WESTFIELD GROUP, ABBVIE TOP THIRD QUARTER LOANSAustralia's Westfield Group secured a US$23.1 billion financing package to restructure debt topping the list ofsyndicated loans closed during the third quarter, followed by AbbVie Inc's $US23.1 billion loan to finance theUS$55.0 billion purchase of Ireland's Shire PLC, which was announced in June.
ENERGY & POWER, INDUSTRIALS & FINANCIALS LEAD LENDING0
2,000
4,000
6,000
8,000
10,000
12,000
$0 0
$1.0
$2.0
$3.0
$4.0
$5.0
# of
Issu
es
Pro
ceed
s (U
S$t
)
Q4 Volume (US$t) Q3 Volume (US$t) Q2 Volume (US$t) Q1 Volume (US$t) # of Issues
11.1
18.5
0.0▼ Societe Generale1.0
31
16.5
6.8
0.7 ▲10.8
6.77.8
16.8 ▲
-1.4
1.92.02.33.0 ▲
3.7
3.9-2.0
-18.7% ▼
12.0
49.613 ▲
-7.2% ▼
255Top Twenty Five Total
9.1
14.1-0.5
TD Securities Inc22
29,186.0
25
1.11.0
72.6
24
-0.3 ▼
2.9
▲
▲▲
State Bank of IndiaING
Industry % Change from Last Quarter
BMO Capital Markets 20
▼
▲
2,098,139.5
27,705.5
Industry % Change from Same Period Last Year
2423
CIBC World Markets Inc21
8.6%
Bookrunner Total 2,896,801.0▲
1.092
6,525
149
▼▲▲
-5.3
4.1% 12.4%
-0.1
100.014,101.4
0.4▼
1.41.0
100.0
▲ -
1.0▲
25 27,404.4
282.5160
680.3
▼▼▼
3.2
114
9,385.8
▲
-0.2
51
-0.1
0.3
118 111.8
210
▲ 207
▼
3.3216
3.21.7
249
▲
▼-8
3.8
13-3
▲35
▼
116.929
-4
-17.5%
▲
-0.1 ▲
2.3
▲191.5167.5
▲▼▼
▼
0.2
1.2
46.4▲▲
▼
0.1
-0.5
▲▲
▲
▼-0.6
▼
▼
-0.1
0.6
-0.10.7
3.2
1.4
0.6
1.7
-0.1
86.2
-5.9
-0.2
92.8
483.7 3.4-0.3
19
0.2
1.40.3
191.8
1.2
0.80.0
66.8
165.1
0.0
1.92.8388.5
272.2
2.0 0.2
31 ▲▲
▼▼
▲▼
▼▼
▼▲
0.1
Share Ch.Fees# of Deals
Global Loans - Bookrunners (R1)
MarketImputed Fees (US$m)
Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2014 Rank Share Ch.Bookrunner Proceeds
2013 Rank Share %
MarketMarket Manager# of MarketMarket Change in
Bank of America Merrill Lynch
BarclaysMitsubishi UFJ Financial Group
Credit Suisse
Credit Agricole CIB
Deutsche BankMizuho Financial Group
RBS
2 2 265,335.4
Share %Deals
1,017 ▼-51
Share %1,085JP Morgan 1 1 308,839.5 76 ▲10.7 -0.6 ▼ 16.6 7.0 -2.4980.6
-0.37.31,152.6 -0.7
-0.710.9 -33 ▼ 4.0568.75.6 -0.4 ▼
8.2478 -4 ▼
15.6564.7 4.0
▼
▼Citi 3 3 163,207.9
4.8 -1.0
9.2 -0.8
5 5 102,721.0100,165.5
Wells Fargo & Co 4 4 140,082.9369 ▼ 618.55.73.6 -0.6 ▼ -2712
▼4.8 -0.3
0.0 -▼
4.4-0.811.93.5 -0.66 6 -11 2.3774 ▼ 330.6▼
8 7 94,957.37 8 96,464.3
3.33.3 ▼ 393 ▼-0.7
-0.7-1
318.6 2.3 -0.40.3▲ 331.6
677.3
5.0 56▼
6.0▼550 8.4 10 ▲
11 12
BNP Paribas SA 9 13 83,587.0
344
7.7
4.410 11 72,171.0 2.570,474.3 -2.4
▼
3.1▲ 4.9317
294
284
205▼ 502
▲
-29
98-6
4.55.3
239.3▼
283.0
-22448.5
▼▼
915
Scotiabank 19US Bancorp
18
Sumitomo Mitsui Finl Grp Inc16
18
12HSBC Holdings PLC 16RBC Capital Markets
Goldman Sachs & Co
Morgan Stanley13
1514
34,891.3
1753,476.2
29,907.6
31,899.620
35,360.319
30,686.621
10
1.2
2.1
17 43,543.6
62,136.1
70,347.966,243.7
57,344.614
0.5
0.0-0.22.4
-0.7
0.5-0.2
1.1
1.9 -0.30.1
-0.1
-
2.3
1.2
2.0▼
1.5▼
-0.1619.62.42.9
0.0 4.40 -▲ 325
▲
39.1
Current Qtr Market Share
(%)Mkt. Share Chg. from Last Qtr (%)
29.6
▲11.5
▲
China Development BankAsia-Pacific ex. Japan ex. Australia (S5b)
Market SectorGlobal Loans (R1)Americas Loans (R7)North American Loans (R9)US Loans (R11)US Leveraged Loans (R11a)
43.1 ▼
JP MorganJP Morgan
Latin America Loans (R15)
Asia-Pacific ex. Japan ex. Australia (S5c)
Latin America Loans (R16)EMEA Loans (R17)EMEA Leveraged Loans (P10)
JP Morgan
20.3 ▲
Leading Underwriters During the Third Quarter 2014
CitiCitiBNP Paribas SAJP Morgan
No. 1 ManagerJP Morgan
US Investment Grade Loans (R11b)
China Development Bank
Mizuho Financial GroupNational Australia Bank
13.1
Japan Loans (S12b)Australian Loans (S7)
Mizuho Financial GroupJapan Loans (S12a)
JP Morgan
Borrowing in the energy & power sector totaled US$571.1 billion during the first nine months of 2014,accounting for 17% of global loan activity, down from 18% of global lending during the first nine months of 2013.Healthcare and consumer staples lead all sectors for syndicated loans with year-over-year gains of 60% and52%, respectively. Energy & power, industrials and financials together accounted for 43% of syndicated loanvolume during the first nine months of 2014 compared to 45% a year ago.
JP MORGAN TOPS BOOKRUNNER RANKINGSJP Morgan maintained the top ranking for global bookrunners, by proceeds, with US$308.8 billion from 1,085transactions during the first nine months of 2014, a decrease of 0.6 market share points compared to the firstnine months of 2013. Bank of America Merrill Lynch followed, with US$265.3 billion from 1,017 transactions, or9.2% of overall loan proceeds during the first nine months of 2014.
SYNDICATED LENDING FEES UP 12%According to Thomson Reuters/Freeman Consulting, bookrunning fees from global syndicated loans totaledUS$14.1 billion during the first nine months of 2014, an increase of 12% from this time last year. Fees fromleveraged lending increased 12% compared to the first nine months of 2013 and accounted for 74% of alllending fees during the first nine months of 2014.
Bank of America Merrill Lynch 13.9
0$0.02010 2011 2012 2013 2014
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Netherlands
36,354.8
27,713.53218
Spain
Italy1065
53,934.6
50.0
84,244.4
France
United Kingdom
16,513.7
Global
▲
▲
Brazil
1.5
Sweden
▲
Belgium17,036.8
Market
62,777.6
Denmark
Eastern Europe1589
-24.7% ▼
7.0
-19.3%
2265,713.6 16.7
Mandated ArrangersMarket # of
16.3-0.2
ProceedsJP Morgan
Share Ch.27,709.5
65
Western Europe
Norway
-103
Market
100.0
329
23,439.5
117
6,815.9
1,852,535.3
158,589.0
3,554
Proceeds (US$m)
768,074.3
16
13,387.0
79
4,000.217,527
Fees
▼
-25.0%
Market
-636
-3.5%
Industry Total
Industry % Change from Same Period Last Year
2014 Rank
Industry % Change from Last Quarter
1
5.3%
Global Loans - Mandated Arrangers (R3)
DealsMarket2013
Rank
Bank of America Merrill Lynch 2
3,662,154.9
1
49.6
Share % Share %
7,374,145.9
▲
16,028.7
-0.7
# of Deals per MA
3.3
▼
# of Deals1,007.41,180.8
3.7
0.3
31,992.6
▼
▼
Europe
Jan 1 - Sep 30
▲ 6.4 6.4
Manager
▼
Share % Share Ch.
7.5
▼Mexico
-0.3
▲South America
Central America
mputed Bookrunning Fees (US$m
▲Germany 127,144.7
210,561.1
124,737.4
29,627.4
44,037.8Switzerland
1,184.7
7.4
11,663.2
Canada
31
7.1% 268
North America
4.6
5.4
▼
▲0.2
0.4▼
Region/Nation
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
127.1
▲
2.9
5.6 -0.1
0
1,482.5
1,731.4-
▲1,409.7
Share %
2,311.1
▲ 917.9
▼
Proceeds (US$m)GlobalAmericas
1.0 3,364,500.9
1/1/2014 - 9/30/2014Share Ch.
▲
3,226
1,894,075.0
15
1,010
51
84
60
157
26,367.3
5,566.15,123.9
1,099
166
10
3,084,227.53,638
19
9,322.6
39,158.6
1,693,946.3United States of America
822,008.9Peru
12,202.2
101,747.0
1/1/2013 - 9/30/2013
Scorecard: Global Syndicated Loans
3,353
9
9616
▼150.0
-36.0
-29.2
▲▼
77.1
▲125.8
▲37.9
1,007
3259
14,712.2
34,600.9
20
39,599.2
116,644.7
148
13,120.0
84,277.1146
7,198# of Issues
911
9,097.9
598,227.0
3,410
1,056.0
# of Issues7,470
1,811,180.9
17
4,688.2
513,982.6
277
1,827,094.4
3,078
12
1,677,052.5
6
134,128.4
14
88.4
157.6
3.72.3
63
▲
▲
▲
▲
▲
18.2
▲
▲127.6
▲
119.2
1.0
▲
▲
▲
▲
278.8 ▲▲▲
224
185.5
▲25.0
▲
▲80.549.437.4
58.548.0
27.3
▲
36
% Chge in Proceeds
9.1
Change in
-173.4 0.3 ▲
100.0
7.9
Wells Fargo & Co 10 10 246,941.6Top Ten Total
-0.1 ▼
1220-1.0236,301.8
2.9
Proceeds per Mandated Arranger US$m)
▲
▼
1248▼▼
Goldman Sachs & Co 8 8 267,472.5 3.6Credit Suisse 9 9 253,452.3 3.4
890-0.11,482.0 4.6
-905.11191 6.8 ▲
4.4Morgan Stanley 7 7 276,496.7 3.8 0.3
Barclays 5HSBC Holdings PLC 6 6 289,224.4 3.9 -0.5
1566 8.95.2 0.3
5 370,876.2 5.0 0.51393 7.9
▲▲
1244
▼▲1,476.6 4.6 0.1
1641
▼
▲ 1316 7.5
988
Citi 3
0.6
-41▲ 1496 8.5
Deutsche Bank 4 4 383,654.2 5.2 0.6 ▲▼ 1,660.0 ▲
1938 11.1 -211 ▼ 7.2
2013 RankMandated Arrangers
0.4 ▲-373 437,780.6 5.9 0.2
Market
13.2Share %
Bank of America Merrill Lynch 2 2 510,803.1 6.9
Market
JP Morgan 1 1 625,453.3 8.5 0.6# of Deals Fees
▲ 2310 55 ▲ 2,372.8
# of Market Change in Manager Market Market
Global Debt & Syndicated Loans (DL1)
Imputed Fees (US$m)# of Deals per MA
Share Ch.Proceeds
Proceeds per Mandated Arranger US$m)
Jan 1 - Sep 30
Deals2014 Rank Share %
18,957.916,205.9
28
10,481.8
Turkey
Poland
179
17,298.2
155
390
Angola
57,453.7
38,322.1
9,567.4
15,774.7
417,837.8
23,652.7
-0.3
1,186
65,625.7
39,944.5Middle East
North Asia
Hong Kong
2,243.4
38,544.3Singapore13,229.2
Indonesia10,121.8
58.3 0.4
4/30/2014 F d M t C
Germany
7.9% ▲
Refinancing
12 160 0
14,200.0
5/13/2014
▼
1,486
34
Industry % Change from Last Quarter
13,667.7 22
2
Iliad SA
227,663.4
4,660.3Australasia
44
9
9,020.2
France
Bayer AGSwitzerland
▼11,368.2
South Africa
731
27218
133▲
Acquisition Fin.United Kingdom
6/18/20148/29/2014
General Corp. Purp.
8/1/2014 13,000.0Imperial Tobacco Group PLC
15,300.0
2012
2
9,237.8
68,133.1
351,172.4
13,952.5
361310
26,857.549,524.563 70
308.680,070.3
5,483.8
129
12▼
607
3.7
3.2 545
731
-56
▲
3.88.8
7.9117,038.1
15.0Wells Fargo & Co
5918985
159,815.4
422
0.2
-0.12.2
-0.5
128,298.7
748▼
2.1
-0.4
2.9
2.5
-0.80.1
▼
-0.4 ▼-16
5.6 374.7
▲-1▼
278
0.2
352▼
▲0.2
264
▼
4.4 62▼
▲
2.8
3.5
▲
252
330
2.7
3.4-847
9161
87
4.564
8.1
14
96
142
621.8-0.2
▼
7,470
▲▲
196
-0.3
28
410.6
▲
▲0.3▲
Russian Federation
3,200.0
-35
55
▲
▲
▲
1.4
1.9Ghana
-13
Top Twenty Five Total
-0.20.1
15
403
367-0.1
-0.41.7
▼65.92,222,840.1
19
Scotiabank 20 1.1
19
0.9
1.2
22Bank of China Ltd 25
1.2 -0.1
37
100.0-5.0
23
31 32,100.5
3,364,500.9
▼
263
▼▲
▲▲
337
3.5 491.5▼
1.4
▲
23
30,750.4
9.1%
-0.2
0.2
204
658
▼
208
600
-0.4▼
2.4
1.0
13
455.3▼
5.6
699.2
593.3▼
7.3
9.8
333.8
-0.8
0.2
32
▲
▲12.0
1.9
1.2
4.9
0.90.2
2.7
4.8
0.6
▼
39,912.9
159
11 71,436.965,029.6
54,278.3
41,480.3
16Goldman Sachs & Co 16Credit Agricole CIB 17
17 45,617.2
84,306.285,427.0
97,109.7
108,114.08
12
12
10
7
89,279.6
Citi 34 5
3
7
13
24
13
Industry Total
Deutsche Bank
Mitsubishi UFJ Financial Group
6 6
14RBC Capital MarketsCredit Suisse
BMO Capital Markets
Closing Date
AbbVie Inc
Top 10 Global Syndicated Loans
58,099.0
75,363.614
ING18
21
US Bancorp
HSBC Holdings PLC
RBS
Sumitomo Mitsui Finl Grp Inc
Mizuho Financial Group
20
11
Industrial & Comm Bank China
-17.7%Industry % Change from Same Period Last Year
Depository Trust Co
41,366.1
6/27/2014
7/18/20146/4/2014
38,085.7Societe Generale
United StatesWal-Mart Stores Inc
10
Morgan Stanley
101,020.7
24
-0.7125,778.7
3.5
▼
-0.7
7/31/2014
4
18
22Commerzbank AG
3.0
Target Market
31,116.1
Borrower
-0.1
Barclays
▲
▲
2.9
1.4 0.2
3.7
417 -175.4
-0.4
▼
▲
1.0
0.1
0.0
-0.1
▲ 383.2
Taiwan
China218.9
▼
▼
331.5
Central Asia
▼
▲190.7
-0.1
1.2
383.9Africa/Middle East/Central Asia
2.62.1
▼ United Arab Emirates348.7 2.22.4
▼
-0.3
-6
2.6
0.03.64.14.4
▲
-0.60.6
▼
-0.3▲
▲
1.2▲South Korea
Slovak Republic
1,999.0
79,251.8
5,123.7
▼
▲
▼
▼
▼
Malaysia
IndiaSouth Asia▼
-0.3
▼2.9
-
0.1
-
100.0
217.4
3.9
111.087.7
0.7162.9
0.6
64.1
194.6
54.0 Southeast Asia0.0
299.4
-0.1
3.1
404.3
--0.10.0
-0.7649.9565.5
30,561.8
1,198.1
14,114.7
7
21,538.8
Saudi Arabia
Asia-Pacific (ex Central Asia)
Sub-Saharan Africa
185,803.3
2,523.1
51,661.7
5,463.128,472.9
44
25
85,410.0143
6
52,379.7
42
14,966.6
163
91,806.9
Acquisition Fin.
134
60
Japan 173,125.5
-17.7%
Medtronic Inc
Primary UOPWestfield Group
▼
Australia
United States
6/6/2014 Glencore Xstrata PLC
* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.
▼▲3.8%
U it d St t
United States
Package Amt (US$m)
-10.2%Australia
2,874.9Philippines107,073.5
New Zealand
Thailand 7
40,443.672,581.4
12,674.2
128
9,627.0
143
3,663.5
113
65
40,613.6
150
31,412.0186
53,861.2
21,849.7
62,881.3
4125
10,452.6
56,152.7
4,614.9
179,544.3
4
142
1,107
▲
35
▲
15
12839
70.3
8.3-18.5
▲▲
-24.0
27.7
▼
70.5
-38.3-61.9
▼
65.9
2
35
589
1,572
167
8
-35.6
-6.2
22.7
16.9
70
-52.0
256
165
▼
19.0
▼
66.8
47
3.5
▼
-51.4
21.3
▲
▼
▲
-7.2
29.0
▲
-
43.2
6.5
▲
▲
▲
▲
-
▲
-28.2
-38.0
▲
▼
-32.2
108.0
-19.3▼▼
▼
▲
▲
▼
▼
▲
▼
91.1▼-57.7
United States
▼
1.6
2.5BNP Paribas SA
89
1122
▼749
-0.5
10.0
▼
Jan 1 - Sep 30
17,300.0 Refin/Ret Bank Debt
▼▲ 8.0
10.0
Acquisition Fin.R fi /R t B k D bt
16,300.0
Acquisition Fin.
23,107.123,071.5
RestructuringAcquisition Fin.
15,365.0
13,376.7
4/30/2014 Ford Motor Co 12,160.0
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United States
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Refin/Ret Bank Debt
2
Global Loans Ranking - Last Ten Years*First Nine Months 2014 | Syndicated Loans | Managing Underwriters
1
2
3
4
5
1
2
3
4
5
JP Morgan
Bank of America Merrill Lynch
Citi
Wells Fargo & Co
5
6
7
8
9
10
5
6
7
8
9
10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Ran
k
Barclays
Mitsubishi UFJ Financial Group
Deutsche Bank
Mizuho Financial Group
BNP Paribas SA
Credit Suisse
*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.
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Overall Syndicated lending in the Americas during the first nine months of 2014 increased 3.7% from the same periodin 2013, with proceeds reaching US$1.9 trillion from 3,638 transactions.
Leveraged lending in the United States decreased from the first nine months of 2013, totaling US$868.8 billion on2,139 deals, representing an 5% decrease in proceeds.
Loans for General Corporate Purposes led the market for the first nine months of 2014, surpassing Refinancings, withproceeds reaching over US$712.2 billion and accounting for 39% of the market.
Lending in Latin America increased significantly compared with the same period last year, up 147.3% with totalproceeds of US$36.4 billion.
Imputed bookrunning fees for the Americas yielded an 18.3% higher total in the first nine months of 2014 compared tothe same period last year, with a total of US$10.4 billion, according to estimates from Thomson Reuters/FreemanConsulting. Fees paid to Bookrunners for U.S. leveraged loans increased 16.7% compared to the same period lastyear, to a total of over US$8.5 billion.
Borrower
Jan 1 - Sep 30 UBS 22 1.1 -0.1 ▼ 104KeyBanc Capital Markets Inc 23 24 16 018 9 0 9 0 1 0 2
21 21,496.7138 3 8▼ ▲ 96 8 0 9 ▼
5 ▲ 1.72.9 -10 ▼ 212.1
0.1▼2.1 -0.2
1.2 174 4.8▼1.1
0.0 - 177.1SunTrust Banks 21 22 22,134.9PNC Financial Services Group 20 19 26,448.5
▲6.3 10▲ 230 -0.3▲ 117.71.4 0.1
-92 2.5 13 ▲ 49.2 0.50.2 ▲
CIBC World Markets Inc 19 17 27,404.4 1.5 0.1 ▲ 0.0
153.2 1.53.2 12 ▲ 84.5 0.8
23 ▲109 3.01.5 0.1 ▲ 117
0.3 ▲TD Securities Inc 18 18 28,691.0HSBC Holdings PLC 17 20 30,742.9 0.3 ▲
1.7 -0.3 5.8 -3▼ 209 ▼1.6
100 2.8 -10BMO Capital Markets 16 13 31,163.3
1.7 -0.131,522.30.2 ▲ 117
▼75.2 0.71.3 0.0 -
▼
-2 ▼ 191.3 1.9
1.8 -0.3-0.3▼
▼ 187.5
15 ▲ 133.41.8
▼US Bancorp 13 14 35,360.3 1.9 -0.2 ▼249 6.9
-0.2
BNP Paribas SA 14 16 33,894.3 3.2
192.4 1.94.6 5 ▲ 173.3
0 -1.7
0.0 -2.2 0.1 ▲ 168Mitsubishi UFJ Financial Group 12 12 41,658.4
218 6.0▼
RBS 11 11 42,160.5 2.2 -0.2 ▼ 0.2 ▲4.9 -38▼ 176 3.5 -1.1▼ 366.8Goldman Sachs & Co 10 10 43,795.0 2.3 -0.5
-0.4 ▼ 0.5 ▲190 5.2 -3 ▼ 411.2 4.0▼ 246 5.2 -0.7 ▼
Morgan Stanley 9 9 50,319.7 2.7
369.8 3.66.8 -20 ▼ 539.4
280 7.7 18 ▲Credit Suisse 8 8 60,037.5 3.2 -0.3
▼RBC Capital Markets 7 7 67,022.5 3.6 0.0 - -0.5 ▼
7.3 -19▼ 266 5.0 -0.2▼ 521.6Deutsche Bank 6 6 70,468.5 3.7 -0.4-1.5 ▼ -0.6 ▼271 7.5 -39 ▼ 514.1 5.0
502.7▼ 386 4.9 -0.2 ▼564.0 5.4
Citi 4 4 138,190.4 7.3 -0.1 10.6 -6
▼Wells Fargo & Co 3 3 138,412.7 7.3 -1.2 ▼ -1.3 ▼
-1.4▼ 1,081.313.1 -1.3 26.5 -53 10.4-1.0
Share%Share%1
# of DealsShare Ch.
2 246,603.7
DealsJP Morgan 1 1024Bookrunner Proceeds
287,709.8 15.2
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
AmericasAmericas Proceeds Reach US$2 Trillion | US Leveraged Lending Down 5% | Latin America Lending Up 147%
Americas Loans - Bookrunners (R7) Jan 1 - Sep 30
MarketMarket2014 Rank
MarketMarket
Americas Deals Intelligence
# ofImputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
ManagerChange in Share%
848.5 ▼28.2 65 8.2Fees Share Ch.
▲ -4.1
Market2013 Rank
3
961▼
698 19.2 -29 ▼
Scotiabank 15 15
▼Barclays 5 5 77,699.5 4.1
Bank of America Merrill Lynch ▼
Package Amt (US$m)
2
Target Market
Top Americas Syndicated LoansClosing Date Primary UOP
AbbVie IncBorrower
7/15/2014Johnson & Johnson
Americas Loans by Industry (Proceeds US$m)
Reynolds American Inc United States9/23/2014Acquisition Fin.
10,000.09,200.0
▼▼9/18/2014 General Corp. Purp.
United StatesAcquisition Fin.
Tyson Foods IncUnited States
▲8.2% ▲-18.6%
6.2% 18.3%▼
▲Industry % Change over Last Quarter
1,596,123.5
-24.4%Industry % Change over Same Period Last Year
-6.8 ▼
-17.9%
Bookrunner Total 3,627
United States
Top Twenty Five Total
Acquisition Fin. General Electric Co0.7Refin/Ret Bank Debt17,300.0 National Bank of Canada Fin'l
24 4.3KeyBanc Capital Markets Inc 23
26.0
24 16,018.9 0.9 -0.1
13,556.628 32
United States Refin/Ret Bank DebtUnited States
-0.2-0.8
Acquisition Fin.
100.0
257,737.9
138 3.8
0.3148.8-33
▲
10,359.8
1.4▼
0.7 ▼ 155▲ 96.8 0.9▼
▼323 13,611.2
Package Amt (US$m)23,071.5
Wal-Mart Stores Inc
15,365.0Depository Trust Co 274
74
1,888,088.6Acquisition Fin.
2.0 0.3▲ 0.1 ▲▼74.8 -11.2
US Leveraged Volume
100.0
▼
84.6
Jan 1 - Sep 30
Target Market
United States
12,160.0
10,490.0
9,000.0
RefinancingRefin/Ret Bank Debt
7/18/2014Closing Date
4/30/2014
Primary UOP
6/4/20146/27/2014
Caterpillar Inc5/27/2014
Ford Motor Co
9/11/2014
Medtronic Inc
Zimmer Holdings Inc
5/13/2014
United States
United StatesUnited States
12,010.0
16,300.0
-0.5
$360,646.719%
$220,684.512% $202,195.5
11%$201,950.0
11%
$139,858.17%
$133,448.17%
$129,516.27%$124,139.6
6%$112,385.4
6%
$111,657.66%
$109,310.36%
$5,268.70%
Energy and Power Financials Healthcare
Industrials Materials Retail
High Technology Consumer Staples Consumer Products and Services
Real Estate Media and Entertainment Telecommunications
Government and Agencies
1,939
2,136 2,086
1,737
1,107
1,470
2,005
2,259
3,010
2,184
0
500
1,000
1,500
2,000
2,500
3,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
Pro
ceed
s (U
S$b
)
Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of Issues
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Americas Loans - Mandated Arrangers (R8c)
25.9 0.373 2.1 31 ▲▼
National Bank of Canada Fin'l 25 28 13,502.2 0.7 0.3 ▲ 0.1 ▲4.4 -33▼ 155 1.5 -0.7▼ 148.8General Electric Co 24 23 13,611.2 0.7 -0.5
-0.1 ▼ -0.1 ▼138 3.9 3 ▲ 96.8 1.0- 104 2.1 -0.2 ▼
KeyBanc Capital Markets Inc 23 24 16,018.9 0.9
177.1 1.72.9 -10 ▼ 212.1
174 4.9 5 ▲UBS 22 20 21,496.7 1.2 0.0
▼SunTrust Banks 21 22 22,134.9 1.2 0.0 - 0.1 ▲
6.5 10▲ 230 1.2 -0.2▲ 117.7PNC Financial Services Group 20 19 26,448.5 1.4 0.10.1 ▲ 0.0 -92 2.6 13 ▲ 49.2 0.5
▲ 94 1.4 0.3 ▲CIBC World Markets Inc 19 17 27,404.4 1.5
84.5 0.82.6 13 ▲ 144.6
117 3.3 12 ▲HSBC Holdings PLC 18 21 28,403.9 1.5 0.3
▼TD Securities Inc 17 18 28,691.0 1.6 0.2 ▲ 0.2 ▲
6▲ 107 1.2 -0.1▲ 117.816 16 30,781.0 1.7 0.1 3.0208 5.8 -4 ▼ 186.4 1.8
-0.2 ▼15 13 31,088.3 1.7 -0.3 ▼ -0.3 ▼
2.8 -9 ▼ 72.4 0.77.0 -2 ▼
14 15 31,182.3 1.7 -0.1 ▼ 98
▼13 14 35,360.3 1.9 0.0 - -0.2 ▼249
-3- 154 1.6 -0.2▼ 166.6191.3 1.9
12 12 38,850.7 2.1 0.0 4.3▲216 6.1 -2 ▼ 191.6 1.9
3.6 -1.0 ▼11 11 41,943.8 2.3 -0.1 ▼ 0.2
▼410.9
4.9 -39 ▼ 366.7175▼ 0.5 ▲188 5.3 -5 ▼ 4.0
-0.6▼ 539.3 ▼5.39 9 50,029.7 2.7 -0.4
369.2 3.68 59,995.8 3.2 -0.3 6.9 -20▼ 245
-0.57 7 67,022.5 3.6 ▼280 7.9 18 ▲5.1
7.6-0.2 ▼7.4 -21 ▼ 521.2-0.6 ▼
2644.2 -1.5 ▼3.8 -0.3 ▼
▼2715 5 77,699.5 514.1 5.0
7.3 -0.1 4.8 -0.2488.3-39 ▼
10.4 -13 ▼
840.4 8.2Fees
-1.2 ▼
Share%
563.5 5.5-1.310.5
15.4 -0.913.2 ▼1,075.2-59 ▼
▼-4.21014Share Ch.
▼ ▲
19.5 -31 ▼26.8
3 3 138,253.9 7.5371
-1.1 ▼ 695▼
-6Deutsche Bank
Morgan StanleyGoldman Sachs & Co
6 70,274.7
10 43,770.0
8
10
4
▲▼
0.0
135,024.4
2.4 -0.4
4
▼
0.72.5 37
▲0.3
0.8
23
Credit Agricole CIB 25 31 14,475.0
3.325 16,188.4
120▼22
National Bank of Canada Fin'l 24 14,973.9 0.8
-0.3
33-0.10.3
KeyBanc Capital Markets Inc
24,782.0
0.9 190UBS
19 2020
0.0SunTrust Banks 1.3 ▲233 6.4 8 ▲ 0.2
# of MarketMandated Arranger
CIBC World Markets Inc 1261.3 0.0
MarketShare%
PNC Financial Services Group
MarketMarketShare%Fees Share Ch.
Change in ManagerProceeds
2014 Rank
Market
29.6
Share%
23.6
▼
Market
-118 1,080.6
558.8-26
175.1
Manager
-34▼
539.4
Market
▲
Bank of America Merrill LynchWells Fargo & Co
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
Imputed Fees (US$m)
Share Ch.
▼
Proceeds per Bookrunner (US$m)2014 Rank
2013 Rank
Jan 1 - Sep 30
DealsProceeds Share Ch.
-10.4
2013 Rank
-0.1
117.5
▼361.9▼190.6
-0.2
-0.21.8
▲▲
-1.2
1.70.6
5.2
0.0
▼
# of Deals per Bookrunner
952
Market
Jan 1 - Sep 30
# of Deals per MA Imputed Fees (US$m)
Americas
-0.1
1.5
245,164.8 ▼
Deals
▲
285,756.9
TD Securities Inc 18
0.21.8
▼
-0.1
-▼
2 -1.2
# of Deals12
313.7 56
▲ 4.85.4
11.3
5.0
498.1
5.0
Bank of America Merrill Lynch0.2
Scotiabank 17
HSBC Holdings PLC
4 3
2
21
1.4
22
1076
▼-0.8
▼-1.2126,414.3121,201.3
0.1 12
16▲
102
300
▼8.4
11
-11
-0.2
-226
▲-9
625,477.4
2
415
6.4
212,993.1
56
-3.61
6.7
Market Market
234,598.2 ▼
Citi 3-1.8
12.4 ▼Share%
JP Morgan 1
Change in Proceeds per Mandated Arranger (US$m)
26.7 0.1▲
1.1
177.1▼ 2.1
3.6
1.7
17
0.0
32678,481.6
7
22,609.0 1.2
71,933.2 -0.4
178
RBC Capital Markets▼
0.3 ▲
8
-
Mitsubishi UFJ Financial Group
15
68,450.6
-0.5
▲
211.8
-
96.8 0.9 ▼
69.2
-1.7
-0.1
0.0
▼
▼
49.2
1.8
0.80.8
152.1▲
0
190.6▼4.0
77.9
58,735.3
▼
▲36
307
0.0
53,515.2
188.1
8.0
0.5
5.4
8.2
5.2▲
14197
▼
--
31
912.8
4.9
3.5
4.4
196
▼
10
2.136,065.0
28,692.0
2.7
32,899.6 0.2
-0.62.3
50,461.9
1.9
-0.8-0.2 ▼
▼-0.1
0.1
0.0
▲
▼
▲
▲
16
45,521.3
18
1931,245.715
21 25,094.7
10
5.414
13
6.12229
1.7
49,271.0
BNP Paribas SA
BMO Capital Markets
16
0.2
134.0160
▲
1.3 0.04.5
1.5 0.3
▼162-
▲
455
-
▼
9.0517.1
▼
-51
410.0
33214
12
11US Bancorp
2.6
-0.1
291-1711.4▼2.4
▼-38
# of Deals
2.8
▲
▼
-0.1276374
-48▼3.8 314
4
513.4▼4.1
-21
-62
7.6
58.66Deutsche Bank
Barclays
Credit Suisse-7
Wells Fargo & Co-1.7
3.5
3.6
12RBS 11
1104 30.3 41
10.3 25 368.7▼
12.5857
844.5
9-0.7
83.1
▼Morgan Stanley
Goldman Sachs & Co40,175.2
1344,045.0
9.1
▼
▼
▼
84.5-0.2
ScotiabankBMO Capital Markets
Barclays
Mitsubishi UFJ Financial Group
Citi
8.2
North America Loans - Bookrunners (R9)
Share% 1
BookrunnerJP Morgan
# of
0.0-1.0-1.2
BNP Paribas SA
RBC Capital Markets
US Bancorp
Credit Suisse
-0.9
▲ RBS
-1.3
-5.0%21 5%
▲▼I d t % Ch L t Q t ▼ 22 8%19 5% ▼ ▼▲
3,229
20 5%16.7%Industry % Change over Same Period Last Year ▼ -1.5% ▼
Bookrunner Total6,651.7 78.1
-33▼
8,519.5 100.0-11.0 ▼
868,801.1 2,139100.0Top Twenty Five Total 733,047.0 84.6 -8.7
53 0.9 -0.1▼ 75.0 ▼2.5 -13Fifth Third Bancorp 25 24 5,208.4 0.6 0.0 -0.3 ▲ 0.4 ▲34 1.6 13 ▲ 85.9 1.0
- 39 0.6 -0.1 ▼Macquarie Group 24 28 5,723.8 0.7
104.0Credit Agricole CIB 23 23 5,844.2
1.21.8 0 - 52.0
42 2.0 -9 ▼0.7 0.0
▼Mitsubishi UFJ Financial Group 22 21 7,445.2 0.9 0.1 ▲ 0.0 -
4.3 0▼ 91 1.0 -0.1- 84.4KeyBanc Capital Markets Inc 21 20 7,765.2 0.9 -0.10.0 - -0.2 ▼44 2.1 -6 ▼ 88.1 1.0
▲ 50 1.2 0.2 ▲BNP Paribas SA 20 19 8,344.1 1.0
93.6 1.12.3 11 ▲ 99.5
103 4.8 -26 ▼HSBC Holdings PLC 19 22 9,457.0 1.1 0.4
▼PNC Financial Services Group 18 18 9,997.8 1.2 -0.1 ▼ -0.4 ▼
5.6 -24▼ 119 1.7 -0.2▼ 141.9BMO Capital Markets 17 16 10,709.4 1.2 -0.5-0.8 ▼ -0.9 ▼132 6.2 -49 ▼ 141.0 1.7
▼ 77 2.3 0.1 ▲General Electric Co 16 11 11,807.1 1.4
160.1 1.93.6 -6 ▼ 197.8
117 5.5 -28 ▼Jefferies LLC 15 17 13,199.0 1.5 -0.1
▲US Bancorp 14 13 15,483.6 1.8 0.0 - -0.1 ▼
5.9 -14- 126 1.9 0.1▼ 162.8SunTrust Banks 13 14 15,604.8 1.8 0.00.0 - 0.3 ▲116 5.4 -2 ▼ 152.0 1.8
▼ 90 2.4 -0.2 ▼RBS 12 15 15,822.8 1.8
285.6 3.44.2 -17 ▼ 204.9
160 7.5 -1 ▼UBS 11 12 17,327.0 2.0 -0.2
▼RBC Capital Markets 10 10 31,001.2 3.6 0.2 ▲ -0.5 ▼
7.5 -36▼ 160 3.9 -1.4▼ 333.1Goldman Sachs & Co 9 8 33,191.4 3.8 -1.10.6 ▲ 0.7 ▲159 7.4 -11 ▼ 370.2 4.3
▼ 195 5.5 -0.2 ▼Morgan Stanley 8 9 35,219.5 4.1
358.9 4.29.1 -38 ▼ 471.5
187 8.7 -52 ▼Barclays 7 7 44,472.2 5.1 -0.7
▼Citi 6 5 44,593.1 5.1 -1.1 ▼ -0.6 ▼
10.2 -17▼ 219 6.0 -0.8▼ 514.4Credit Suisse 5 6 44,603.6 5.1 -0.8▼ -217 10.1 -26 ▼ 490.8 5.8 0.0Deutsche Bank 4 4 50,041.9 5.8 -0.4
▼Wells Fargo & Co 3 3 72,966.9 ▼ 5.5 -1.4▼ 427 -598.4 -1.5639.2JP Morgan 2 2 104,985.7 27.2880.0
12.1 -1.312.9 -1.6
20.0▼ 581
28.0
465.0
▼ ▼-18
10.3 -1.5-4.1 ▼7.5▼
▼
# of Market Change in
Bank of America Merrill Lynch 1 1 112,232.1Deals Share%Bookrunner
Manager Market# of Deals
Imputed Fees (US$m)Market
Fees Share% Share Ch.2014 Rank
2013 Rank Proceeds
Market MarketShare% Share Ch.
5.8% ▲ 16.9%
US Leveraged Loans - Bookrunners (R11a)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
599 -95
22 5% ▼
Bookrunner Total
I d t % Ch L t Q t 19 2%Industry % Change over Same Period Last Year
7,645.9100.0177
1.2▼86.2
3877.8
9,843.4▼
0.4 -0.3 ▼-11.0
-22Scotiabank 25 23 8,634.7Top Twenty Five Total
▼ 39.8▼76 2.4 3 ▲ 82.9 0.8 -0.1
56 0.7 0.0 -Fifth Third Bancorp 24 27 8,779.3 0.5 0.1
144.5 1.51.7 9 ▲ 64.1
152 4.7 -36 ▼Credit Agricole CIB 23 25 10,686.0 0.6 0.1
▲General Electric Co 22 18 13,351.9 0.8 -0.5 ▼ -0.8 ▼
2.4 -5▼ 78 2.0 0.1▼ 197.8Jefferies LLC 21 22 13,394.0 0.8 -0.1-0.2 ▼145 4.5 -16 ▼ 148.9 1.5
138 1.0 -0.1 ▼BMO Capital Markets 20 20 14,597.4 0.9 -0.2
211.2 2.24.3 5 ▲ 96.6
102 3.2 -10 ▼KeyBanc Capital Markets Inc 19 21 16,018.9 0.9 -0.1
▲UBS 18 17 21,151.7 1.3 0.0 - -0.1 ▼
5.4 5- 174 1.8 0.2▲ 177.1SunTrust Banks 17 16 22,134.9 1.3 0.0▲86 2.7 10 ▲ 127.4 1.3
-0.3 ▼HSBC Holdings PLC 16 19 26,306.3 1.6 0.3 ▲ 0.1
1.27.1 11 ▲ 116.4▲ 229 1.2
102 3.2 ▲PNC Financial Services Group 15 15 26,378.5 1.6 0.1
▼BNP Paribas SA 14 14 29,660.6 1.8 0.1 ▲ -0.1 ▼
7.7 -2- 249 1.9 -0.2▼ 191.3US Bancorp 13 13 35,360.3 2.1 0.0147 4.6 2 ▲ 158.2 1.6
▼Mitsubishi UFJ Financial Group 12 12 37,312.2 2.2 0.0 - -0.2 ▼
6.3 10 ▲ 302.3- 202RBC Capital Markets 11 11 40,923.8 2.4 0.00.2 ▲214 6.6 -1 ▼RBS 10 10 41,343.8 2.4 -0.2
5.4 -39▼ 174 3.7 -1.0▼ 365.9Goldman Sachs & Co 9 9 43,667.5 2.6 -0.4186 5.8 -6 ▼ 407.8 4.1Morgan Stanley 8 8 49,812.0 2.9 -0.5
7.5 -20 ▼ 536.7▼ 242263 8.1 -19 ▼
Credit Suisse 7 7 59,453.5 3.5 -0.2
▼Deutsche Bank 6 6 69,858.0 4.1 -0.3 ▼ -0.2 ▼
8.3 -38▼ 269 5.2 -0.5▼ 513.3Barclays 5 5 77,345.5 4.6 -1.3-0.3 ▼361 11.2 -18 ▼ 478.5 4.9Citi 4 4 131,606.1 7.8 -0.1
21.4 -32 ▼ 560.7▼ 692Wells Fargo & Co 3 3 137,763.9 8.1 -1.2-1.2 ▼943 29.2 -60 ▼ 1,071.1 10.9
JP Morgan 1 1 281,529.7 16.6 -0.8
2014 Rank
Market
1005Fees# of DealsDeals Share%
31.1 833.9
▼ -24.2%Industry % Change over Last Quarter -17.5%
Bookrunner Proceeds# of
Share% Share Ch.
▼
Jan 1 - Sep 30
▲▲
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Industry % Change over Last Quarter ▼ -24.7% ▼ -19.2%Industry % Change over Same Period Last Year ▲ 7.2% 17.2%
-18.5%5.1%
3,556 238 10,206.7 100.0▼ 75.2 -10.6 ▼
Bookrunner Total 1,855,340.3 100.07,671.6Top Twenty Five Total 1,579,910.3 85.4 -6.280.8
100.0
▲
2283,6381,894,075.0
▲
Industry Total
11.9%
Top Twenty Five Total 1,528,299.9
6.7%▼
US Loans - Bookrunners (R11) Jan 1 - Sep 30
Market
▲▼
▲
7,633.7
Share%
▼100.0
73.910,354.3
-17.9%
▼8.5
Manager
55
4
188.7
115.7
5.5
Change in
242,845.1
Industry % Change over Same Period Last Year 3.7%
2013 Rank
100.0
Bank of America Merrill Lynch
-10.8
3.1 -0.4
-1.2
MarketMarket
▼
-4.3Share Ch.
5.7
0.5
14.3
▼
1,459,915.6
3.9% ▲
1,697,051.3
▼
▼
▼
-6.2
▲
▼
-6.6
-1.1 ▼
Market
▼
-0.3
▼▼
▼
▲
2 2
5.2
1.9▼
515.1▼-0.6▲0.5
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-21.5% ▼Industry % Change over Last Quarter ▼ -22.8%-19.5% ▼ ▼ -20.5%-22.5% ▼Industry % Change over Last Quarter -19.2% ▼
5
3,642.3
Fees
▲
▼
23 0.4
1.1
Top Twenty Five Total
7
Top 10 Americas Loans Use of Proceeds (US$m)
-0.31.1 6.15 2
0.3
0.2
1.7
1.31.6
8.3
2.5
1.5
13.6
11.4
▲
1.7
▼
0.8
3.2
0.2
29
39.0
▲
3.5
1
1
28.0
35.7
21.620.0
186.8
114.9
Manager
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
Jan 1 - Sep 30Jan 1 - Sep 30
Change in
-0.6
RBSBNP Paribas SA
4Barclays
6 6Mitsubishi UFJ Financial Group
Wells Fargo & Co
7
5,592.5 0.8 0.13.72.1▼ ▼ Americas Yield Type
-2.2
3 83,635.7
14,190.2 1.9
11.2
8
8
Citi4
11
▼
▲59
330
# of
2.3
-0.1
▲▼
0.0
▲
▲
0.5
0.7
▲
Morgan Stanley
▼-0.4
0.60.4
-0.29
17,501.3
9,725.4
1.914,310.4
0.4
0.7
▼
-0.3-0.6
-0.5
0.5
▲
0.6
HSBC Holdings PLC25.4
18.3
4.5
▲▲
12,753.220
2.1
1.7
Deutsche Bank
3.6
Bookrunner Proceeds
3,028.125
16,661.012US Bancorp
JP Morgan
▲
▼
0.5Bank of America Merrill Lynch
109
352.2 ▲ 4.6 ▲5.4
▲
11.1
5.5▲
-1
11
7
US Investment Grade Loans - Bookrunners (R11b)
2
# of Deals▲
34.3
▼
▲
0.4
▼▲
▲▼
-0.2▲
Market
22.7
Market
▼
# of Deals per Bookrunner
Share%
10.4
3.0
2953.1
32
84
22.1167
7293.2
5.87▲
Share Ch.
▲
▼
186.1
-0.6
1.0
-0.30.4
-1.1
1.7
0.2
0.5
2.46.6
0.4
16.2-0.1
0.688 6
5.70.2
0.6-0.1
Credit Agricole CIB
Goldman Sachs & Co
Bank of China Ltd
RBC Capital Markets 16
Mizuho Financial Group
SunTrust BanksScotiabank
2019KeyBanc Capital Markets Inc
1718
▲0.4
93 1▼
▲
8-0.217
1.5112.2
▲0.8 ▲
Credit Suisse
1513
13
14
17PNC Financial Services Group 14
1620
UBSBMO Capital MarketsSumitomo Mitsui Finl Grp Inc
22
-2422
697 186 9
3523
18
21 27
25 3,006.1
9,369.4
4,054.4
5,202.0
21
15
6,274.0
28
0.1
▼▼
0.2
-1.40.9
0.1
30
41
3 3
26,697.5
4,240.1
24,428.6
Market
1.3
17,646.5
1 1
2013 Rank
3
▼
8.4
-0.1▼
Share%
1.8
▼
▼
1.5▲
Americas
-0.5
-2.8▼-1.1
0.7
12.2
▼
▲
▲
2.0
▼
19.0
0.1
2.5
5
2
21
▼-135
▼
80
24
12▲
2.6 ▼▲10.6
5,461.2
16,039.3
-0.2
12-4
3426
▲
2.3
3.8
Imputed Fees (US$m)
16.9
1 27.1
3.3▲
3.2
9
9
42.4
4.3260
42
▼
-
-0.3
-4
▲▼
978 0
0.50.1
▼
Deals402-0.7
95
16
86
▼
6
0.8
32,456.164,145.3 8.6 0.0
126,918.3170,208.0
Share%
▲16.9
Proceeds per Bookrunner (US$m)
Share Ch.
43.6
5
10
2014 Rank
5
2
10.5-8
2-9
▼
-0.33.41.2
▼
13
4.0-4
▼
42.433.12
9.5
12.5▲
▲
MarketMarket
1.816.9
▲
-4.9
2.0
▼▲
$712,236.539%
$349,062.819%
$304,481.017%
$285,777.115%
$63,723.43%
$41,150.52%
$33,517.02%
$17,631.01%$14,967.91%
$12,104.21%
General Corporate Purposes Refinance Bank Debt Refinancing Acquisition Financing
Leveraged Buyout Working Capital Project Finance Export/Import Finance
Property Acquisition Recapitalization
600
700
800
‐0.2 ▼1.8 0.9 ‐0.1 ▼
▲5.0 3 ▲
.7 0.411.3 72425
Banco Latin Americano ExportGrupo Aval Acciones y Valores
1610
-24.5%9.8%
749,033.0 100.0
13.5%
Bookrunner Total 1,103.1
▲▼
▲
▼
0.2
Industry % Change over Last Quarter
1.9
▼Top Twenty Five Total90
▲
▼-4.4
Imputed Fees (US$m)
14.4
-4.5 ▼
2.3
3.92.4
54.8%
188.6
▲94.1%
100.0
▲
Industry Total
▲
▼ 816 8 624.4 ▼
1.8 -0.5
23,046.436,389.8 100.0
40
▲
Banco do Brasil SA 1836
Standard Chartered PLC -2.11.7Societe Generale
346.8
577.0
3.71.3-
12
9
10.01.3
11.32.0
15.0
0.7
2.3 0.8 8 ▲▲ 4.410.0
15.0
Scotiabank 15 13 649.8ING 14 15 841.0
▼35 1,019.2
2.5▲17.5 12 ▲ 8.1 4.3
2.82.2
▼ 213.1
Santander 13 11 906.0Natixis 12
12-0.72.8 ▲
0.0-0.1
147.126.3 ▲ 13.3
10 14 1,142.4 17.5 8 ▲Itau Unibanco 11 12 1,129.5Credit Agricole CIB
93.1 1.5
▼ 11▲
3.3
11▼
14
▲
-1.43.3 -1 ▼ 4.6 2.4 -10.4
13.8 4 ▲ 6.2Bank of America Merrill Lynch 9 5 1,191.5BBVA 8 1 1,194.8
4.5 ▲ 25.04.6 ▲120.1
1,380.4HSBC Holdings PLC
51,650.31,673.0
96JP Morgan 7 23
Mizuho Financial Group 6
2
Sumitomo Mitsui Finl Grp Inc 4 33Mitsubishi UFJ Financial Group 21
Citi 24
21.3
2014 Rank
-2.4
▲
1,774.913
Market
▼6.6
Proceeds
2,264.95.2
-9.3
-2.7
0.73.8
17.5
26.317
-0.14.9
2.9
6.2
Share% Share Ch. Deals
7.6
▼ -24.8%▲
7.1▼ 5
▲
-5.2757
▲▼
-0.5▲
▲
4.613.8 9
27.53.8
8.73.2
# of Deals
3 ▲
20▲ 22
14
17 21.3
12
8.8
Market# of Deals per MA
100.0
6.2%
7.4Mandated Arranger
251
2013 Rank
Proceeds per Mandated Arranger (US$m)
▲
# of Manager
5.1
88.6
16.5
0.3 0.0
Americas Imputed Fees
▼
FeesMarket
▼
▼
▲
1.8
67.4 ‐9.4
3.9 2.1
.5
0.2
1.0 0.6
2.4
1.5
1.8
▼
▼
▲
-6.4
Share Ch.
▲
-2.7
▲1.2
-
-5.0
4.1
93.1
BNP Paribas SA
Industry % Change over Last Quarter -22.3% ▼
697,186.9
Industry % Change over Same Period Last Year ▲
20*43
2,675.6
1,894.2
-3.3
Change in
Latin America Loans - Mandated Lead Arrangers (R16)
▲126
▲
Share%17.5
Market
126.9
▲
9.7
▲3.34.5
6.1
0.8
8.1 4.3
8.1Share%
978.0
Jan 1 - Sep 30
▼
Market
0.6
▲ 10.0
▼▼
9-2.7
63.4 ‐2.6
17 1.0457.5 0.9
19
234.9233.8
0.7
▲▲
1.0 0.0
1.6
▼
8
-0.70.7 3
▲
4
▼
154.2%
6 ▲ 3.5
26
6
14
▲
▲
-
80
63
5
6.3▲
4.0%48.1% ▲
4
▲8
5 4
7.5
First Nine Months
Industry % Change over Same Period Last Year 147.3% ▲
Top Twenty Five Total
Rabobank NV 6.3 ▲ 1.9Wells Fargo & Co 20 37 270.2 0.7 0.2 3 ▲ -Banca IMI (Intesa Sanpaolo) 21 - 253.3 0.7 0.7 3.8 3 ▲ 1.2 0.6 ▲0.6Industrial & Comm Bank China 22 27 238.7 0.7 -0.1 ▲ 1.5 0.8 0.7 ▲Commonwealth Bank of Australia 23 - 237.5 0.7 ▲3.8 3 ▲ 2.5 1.3 1.3
0
100
200
300
400
500
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2009 2010 2011 2012 2013 2014
Pro
ceed
s (U
S$b
)Undisclosed (US$b) Highly Leveraged (US$b) Leveraged (US$b) Near Invst Grade (US$b) Investment Grade (US$b)
2,945 3,027 3,1092,712
1,424
2,171
3,1902,953
3,4103,638
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
1
2
3
4
5
6
7
8
9
10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$b
)
Total Imputed Fees (US$b) Number of Deals
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y g Q*tie
6
`
EMEA syndicated lending for the first nine months of 2014 reached US$879.5 billion, up 29.7% from the same periodlast year. Borrowers from the Industrials sector were the main drivers of EMEA activity, accounting for 17% ofvolume, with borrowers from Energy & Power and Materials receiving 16% and 14% of loans proceeds, respectively.Refinancing of Bank Debt made up 29% of loan proceeds in the year-to-date period, followed by General CorporatePurposes and Refinancing, accounting for 26% and 13%, respectively.
The top target nations in year-on-year activity included Austria (up 510.5%), Republic of Ireland (up 280.6%) andDenmark (up 149.9%) .Target nations in decline included Russian Federation (down 57.7%), Saudi Arabia (down32.2%) and Italy (down 29.2%).
According to Thomson Reuters/Freeman Consulting, arranging fees increased 18.1%. The leading fee earner in theEMEA region was BNP Paribas SA, with US$257.6 million in proceeds.
Jan 1 - Sep 30 2014
Europe, Middle East & AfricaEMEA Borrowing Up By 30% | Austria and Republic of Ireland Targeted Loans Up Significantly | BNP Paribas SA Top EMEA Fee Earner
EMEA Use of Proceeds (US$b) Jan 1 - Sep 30 2014
Top EMEA Syndicated Loans (US$m)
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
EMEA Deals Intelligence
$15,300.0
$14,200.0
$13,376.7
$13 000 0
Glencore Xstrata PLC
Bayer AG
Imperial Tobacco Group PLC
Iliad SA
$253.229%
$233.026%
$113.713%
$101.712%
$39.74%
$15.63%
$50.86%
Refinance Bank Debt
General Corporate Purposes
Refinancing
Acquisition Financing
Project Finance
Leveraged Buyout
Export/Import Finance
Finance Linked Trade
Ship Financing
▼ -15.5%
Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.
Bookrunner Total
6,536.125
▼Industry % Change from Last Quarter -28.7%
1.1
2,610.277.4
8
595,950.1459,448.0Top Twenty Five Total
▲▼
100.0
26SEB
Industry % Change from Last Quarter
▼0.8
Industry % Change from Same Period Last Year 35.7% ▲ ▲8.2% ▲-27.5%
21.4
-22.8%
▲
▼
- 300.0 4.62.5 ▲
25.0%
49648
0.1▲73.2
Industry Total
28.7Goldman Sachs & Co 23 21
33
Industry % Change from Same Period Last Year
1,901.6 2.0100.0
▲1.2
0.3
7.1 13 ▲4.6▼ 30
468,728.7-0.7
Nordea0.3
▲0.11.13.0 ▲
▼78.3
100.0
▲9
9,422.0 0.832 2.8▲▲ 40▲
Standard Chartered PLC 240.1Goldman Sachs & Co 23 21
Credit Suisse 22 1.6 0.86.2 73.913DNB ASA 21 23 9,518.0
16 6,960.1 -141.5
▲Lloyds Bank 20 17 9,768.5 1.6Nordea 19 86.6
-0.3 31.9▼0.41.333.6▲40▲ 6.20.90.31.8▲ 46.2
▼45 6.9 7 ▲ 1.21.6
Morgan Stanley 18 28 11,527.6Mitsubishi UFJ Financial Group 17 2.0 0.3 ▲
231.9 0.9 ▲54
20 11,091.4 ▲ 431.9 0.41.2
1.6
2 ▲ 71.9
▲▲8.3 27.716
▲1.1 -0.22.8
▼3.5
19 11,649.1
Bank of America Merrill Lynch
95 ▲Natixis 15 11Santander 14 18
54.114,607.0
2.5 ▼2.1 0.514.7 312.5
14,795.8▲ 37 5.7 66.1Mizuho Financial Group 16 33 1.8 2.518 ▲
13
▼-0.6
2.153 8.2
-0.9 ▼
45.63
15,948.2 ▲17,337.1 ▲
56▲2.92.7 26 ▲
14 ▼-1.2 ▼80 12.3 10
66.8▲ 53.9
0.5 ▲8.60.9 0.5
2.6 -0.91.8
▲Citi 12 7 19,626.1 3.3
3.5 0.5 ▲ 67JP Morgan 11 12 20,845.9 5.0 1.010.3 16 ▲ 129.5-0.1 ▼
4.2 0.73.2
▲ING 918.1-1.5 ▼Societe Generale
10 112 17.323,122.483.810 4 22,470.6 1173.8 26 ▲
5.73.9 -1.9Deutsche Bank 8 2 23,263.13.9 0.5 ▲
UniCredit-1.1 ▼115 17.7 19 ▲▼
-0.1148.6
▲ 109.123
▼7 8 23,808.5
24,819.4 ▲Barclays 6 13 24,503.3 4.1
▼3.5 -1.917.9 264.0
-
▲ 113.1▲
16.521.94.2
-0.3 ▼103
1.3 ▲0.1 ▲9
10764.7
40 ▲ 103.341
BNP Paribas SA 1
RBS 4 6 25,431.3 4.3HSBC Holdings PLC 3 160
24 ▲ 75.0▼0.324.7
4.0Commerzbank AG 5
Credit Agricole CIB 2 3 28,791.50.7
-0.1142
2.915.95 28,621.3
# ofShare Ch.
0.5 ▲
Manager
Imputed Fees (US$m)Market
DealsChange in
Proceeds per Bookrunner (US$m)
# of Deals28.4
2014 Rank
2013 Rank
MarketShare % Share %
191.4 7.3
# of Deals per MLA
391
EMEA Bookrunners (R17)
MarketShare %Bookrunner Proceeds Proceeds Share % Share Ch. Deals Share %
2013 RankFees
2 48,162.4 5.5 0.7HSBC Holdings PLC 192.9
▲
Market
Imputed Fees (US$m)
2014 Rank
▲4.8 0.34.8 -0.6 ▼
# of Deals per Bookrunner
4.359
Jan 1 - Sep 30
Share Ch.
EMEA Mandated Lead Arrangers (R19)
Manager Market MarketMandated Arranger
Market # of Market# of Deals Fees Share % Share Ch.
Market
Proceeds per MLA (US$m)Change in
Jan 1 - Sep 30
1
20.8
46,255.0 7.8 184 33 ▲0.4
▲373
0.9116 ▲ 90.1
35 ▲122 18.8▲
▲2.5 0.0
▼
3.5
3.6
Market
113
-19.9%
0.8
68.5 1.5
13.13.0 -0.4
▲
35 ▲
0.9
3.6▼▼
0.1
3.24.4
1.42.1
▼ 53.0
151.181.5
▼
▲ 4.00.3
0.5▲ 135.6
-0.7▲
▼
▲▼
0.6 ▲2.2▲
4.1▲
Societe Generale 6
4.2 1.0
3.6Credit Agricole CIB 5 6 33,540.2
31,889.9
Barclays 3
71
▼-0.8
2483.8 0.1 ▲4
199 16.7Deutsche Bank 18
▲82 ▲
11 30,016.4 3.4
0.3
0.4-0.3 ▼
▲0.2
▲
3.5132.8 3.5
▼32.7
BNP Paribas SA 2 1 46,549.1 5.3▲▲
257.6 6.8 0.7-0.4169.2 4.5 0.4▲ ▲
RBS 131.980
259
31.2 84 ▲22.0263
7 3 31,035.8 3.5▲ 120.4
166.621.7 58
10 37,157.04 7 36,400.9 4.1 0.5 ▲ 275 23.0
▲
2.3 0.3 ▲2.3
590.3 ▲51
1350.1JP Morgan 10
Commerzbank AG 8 9 30,635.2 235 19.7
12 27,478.7
0.2 ▲
11.3257
3.1 2521.5
▲ING 9
17 20,140.915.2 37Santander 13 15 21,089.1
UniCredit 12Citi 11
2068 25,935.5 1565 25,801.3 2.9
▲▲ 182
70.888.8
▼ 79.4111.5-0.9
25 ▲
43▲ 87.1
51.7▼2.131-0.6 ▼ ▲ 80.0167 14.0
0.0 96
0.3
1.4-0.5
▼
3.0 -1.7
0.6
▲-
2.4 0.3
153.1
▲ 53.3143
2.1
2.21.8
-0.1
1.7 ▼
17.3 8 ▲▼
1.412.01.9 0.12.4 0.5
166 13.9 42 ▲ ▲▼
0.9 ▲2.3▼
78.9
16 14
3.9 -2Mizuho Financial Group 20 23 12,974.8 7.6
471.5 0.4Morgan Stanley 19 25 13,443.8Sumitomo Mitsui Finl Grp Inc 18 18 14,755.7Natixis 17 13 16,204.5
8.0 11
19,275.6
▲0.6
1.4 86.97.8 1.2 0.0 -
2.3 -0.112,217.8
879,462.6602,923.0
-11
▲
0.2 ▲2691 ▲
1.4 -0.3 990.6 ▲
▲0.0 - ▼
1.3 0.1▲
2,602.01.662.092
69.1
2.08.3
45.1
1.5
21 ▲ 74.2 ▲
58
6.70.1
19
100.0
1.3 0.5 ▲11,208.6Top Twenty Five Total
▲5.1% ▲ 18.1%
1,194
118 9.9
79.5 2.1
16
0.3
▼ -22.5%
3,773.4▲
7.7 0.8
▲
29.7%
SEB 24 24
12,896.3
DNB ASA
▲103
12,514.48.6
1.5 0.3 ▲
▲
BBVA 21 22 1.5▼
19 ▲93▲80
22 19
2511,635.3
Bank of America Merrill LynchLloyds Bank 15 16 19,963.8Mitsubishi UFJ Financial Group 14
$13,000.0
$11,192.8
$10,412.5
Iliad SA
British Sky Bdcstg Grp PLC
Douwe Egberts Nederland BV
Ship Financing
Others
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Scotiabank 24 27 1,690.2 1.2 0.3 ▲ 4 2.2 2 ▲ 12.8 0.9 0.0 -Mitsubishi UFJ Financial Group 25 29 1,054.8 0.7 -0.1 ▼ 5 2.8 2 ▲ 5.0 0.3 0.3 ▼
Share Ch.
7.29,499.93 3
Share %
Market2013 Rank
2014 Rank Deals
Market
Bookrunner
European Leveraged Loans (P10)
Europe, Middle East & AfricaFirst Nine Months 2014 | Syndicated Loans | Managing Underwriters
Proceeds per Bookrunner (US$m)
Jan 1 - Sep 30
Proceeds
EMEA Quarterly Syndicated Loan Volume
Fees Share %
Market# of Market Change in Imputed Fees (US$m)
102.5 7.043 23.8 102 10,204.5-2.5 24.9 ▲0.3645 ▲ 8.6126.9
Manager
Share % # of Deals
BNP Paribas SA 21 1 10,232.3 ▼
Share Ch.
# of Deals per BookrunnerMarket
-6.1 0.8▲ 89.8
▲
▲
0.03JP Morgan
7.2Deutsche Bank
15.5280.3 ▲0.4
6.730
▲4.07
▲
▲
Morgan Stanley 6 13 6,266.97 7 5,646.4HSBC Holdings PLC
4 12 9,217.3
62.1
72.71.8 ▲ 15 8.3 1.03.3
Credit Agricole CIB▲5.0 1.0▲ 86,688.08 4.7 0.5
16.6
▲ 4.20 -
16.04.4
1.36.5 3.7 ▲29Goldman Sachs & Co
59.4
▼ 34-0.5 -
5 ▲
Credit Suisse84.0
3.7 1.418.8
29 16.0 98
46.5
67.5
▲48.9
Nomura 9 16 5,172.9 ▲3
20 ▲20
11.03.7 1.2
13.3▲ ▲5
▲0.0
4
19 5,215.3
3.5 27
▲ 1.6
1.8
0.92.4
4.6
3.23.9
3.652.566.0
9
Societe Generale 12 3.4 2420 4,838.5 1.2
▲3
▲
14 5,009.157.614.9
-
4,969.6 -
4.5
▼▲ING 10
UniCredit 113.5
0▲11.00.9
-2.4 ▼
0.0
Bank of America Merrill Lynch 15 5 4,549.89 4,590.0 23
3.4 20 11.012.73.2
▼▼
RBS 13 6 4,776.5Barclays 14
3.2 -1.5 11
18162,543.6 -0.6 ▼ 8.8 0
11-0.431
-1.11.8
▼ 13 ▼ 16.1-
17 3,852.0 2.7
18
Natixis15 2,977.9
16Nordea 17 2.1 32.3
▼UBS 21 11 2,392.8Santander 20 32 2,527.4
7.2▲6.1
-1
33.80.3▼
10Commerzbank AG 19
1.9
12.7 ▲
2,648.4Citi
Lloyds Bank 23 21 -0.7- 10
1,797.1
▲5119 5.0
-1.20.4
1.66.1 -5-1.11.2 ▲
1.71.8
1,819.4 5.51.31.3 0.0 4
▼ 9 5.0DNB ASA 22 26
-
▼▼
1.518.7
▼▲
▼0.2
▼▲
▼
EMEA Syndicated Loans by Industry (US$b) Jan 1 - Sep 30 20141.4
22.8
20.5
18.1
1.3
1.2
▲
▼
2.72.1
0▲
26.4
0.10.31.70.21.8
2.3232.21.1
6.1
▼
▼▼
▲
▲-8 30.6
-0.6-1.2 -0.9
50.92 ▲
0.13.534.4 2.3
▼
▲
$29 0Industrials
315
223
276249
264 265
341315
362
379
464
418400
300
390
315
355355 387 396
418
360
463
371
0
100
200
300
400
500
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011 2012 2013 2014
# of
Issu
es
EMEA Proceeds (US$m)Number of deals
Proc
eeds
(US$
m)
Mizuho Financial Group 25 40 561.6 0.7 0.5 ▲ 3 2.6 1 ▲ 11.7 1.2 0.0 -Top Twenty Five Total 69,297.3 86.8 -2.2 ▼ 837.7 83.4 1.1 ▲
p117,435.6 82.9 0.3 ▲ 1,157.0 78.8 -1.2 ▼
Bookrunner Total 141,836.5 100.0 181 32 1,467.7 100.0
▼Industry % Change from Same Period Last Year
-1.5
15.53.1
▲0.5
▲
1.720.8
0.817
1.5▼-4.30.8
13.8
Top Twenty Five Total
▲ 31.441.211.2 4.12 ▲
4.73.9
▲ 35.26▲▲
▲
▲
47.15 ▲
3 ▲ 2.726.717
▲ ▲
▲46.5 4.6
0.9
39.6 -3.1 ▼1.716.4
▲-26.0
3.44
29.5
14.718
0.0
▲8
-
26.077
18.2▼
▲
-0.6-1.8
▲ 010.8
1.8
▼10.6 1.1 0.8 ▲
34.8
21.7
3.5
1.20.8 0.8
3
1.5
▼
0.8▼ -0.9
1.4
▼
▼1.8 ▲
-
▲
0
▼
3.4 -3
6.9
5
2 ▲
2.3
0.78.3
1.21.3
14.8
0 -11 9.5
-1
-0.5
1
2.6
2.22.9
▲2.4
3.4 3.4
18
15958.1
Nordea 15 20 2,099.2 2.6 2.6
3.54
HSBC Holdings PLC 14
Barclays 16 14
0.5
26.3
1,456.0
-010.30 -
▲ 1211.2 3
17.2%
5.41.10.8
Bank of Ireland 22▲
-5
4
UBS 17 9 1,870.7 2.3 -1.6
13 1,040.8 1.3Lloyds BankCommerzbank AG 19
2114.2
1.8
28 620.221 671.9
DNB ASA 20 27RBS
Nomura 8 8 3,712.0
- 597.6 0.8 ▲611.9
▲
▼ 7RBC Capital Markets 23 6.0Landesbank Baden-Wurttemberg 24
▲Industry % Change from Last Quarter 5.3% ▲ -7.5% ▼ -6.1% ▼
15.3%▲ ▲20.7%
Credit Suisse 9
1,913.9
13 2,732.0ING 12
23
Societe GeneraleUniCredit 10
3.4 3.4
5 2,466.4Natixis
3.8
3.1
0.0
2,826.611 22 2,754.8 3.5
3.5
18 2,743.33.5
Goldman Sachs & Co 59.55.7 ▲
6 4,754.8 6.0
4.7 4.712 3,738.5
6.0 ▲
▲ 16Bank of America Merrill Lynch 6 7 4,564.0 115.7Credit Agricole CIB 7
19
78.7
Bookrunner7,071.3JP Morgan 1
BNP Paribas SA 2 2 6,332.5 22.4▲3 8.9
▲ 297.9 ▲
25.07.5
Industry % Change from Last Quarter -25.4%-40.2%
# of Deals per Bookrunner
Share %Proceeds
▼
Change in Market Market
Proceeds per Bookrunner (US$m)Market
Share %# of2014
Rank
Bookrunner Total
4 1.43.70.3
10 4,803.67.5
EMEA Sponsored Loans (P13)
6.0Deutsche Bank 3 1 5,946.8Morgan Stanley
21.5%
▲5 ▲ 0.47.8
Jan 1 - Sep 30
Imputed Fees (US$m)
▲
▼
ManagerShare %
▲
▼
-29.2%
-
▼5.4 0.63.4
▲
3.1
▲
EMEA Imputed Fees Jan 1- Sep 30
79,790.6 100.0 116 17 1,004.9 100.0
▼
▼
-1.1
1.041.0
-1.3
8.9
0.3
▲
-1.14.1
▲
▲
9.8
17 14.7
▼▲ 16.7%
-2
Market Market# of Deals
6.7Fees
6 ▲ 98.137.46.0 ▲ 10 8.6 3 ▲
16.4 ▲
13
16 3,010.4
54.1-2 ▼ 33.77
3.8
-1.9
194.7 ▲ 134.7
▲
16 13.8
Industry % Change from Same Period Last Year
32.2% ▲
7.9
2013 Rank Share Ch.
▲Deals
1.026
Share Ch.67.6▼
1,233
1,419
1,625
1,105
748
921
1,259
1,0041,136
1,194
0
200
400
600
800
1000
1200
1400
1600
1800
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$m
)
Total Imputed Fees (US$m)Number of Deals
$150.817%
$136.316%
$121.914%$95.6
11%
$77.49%
$62.67%
$56.36%
$48.35%
$43.35%
$31.94%
$29.03% Energy and Power
Materials
Financials
Consumer Staples
Telecommunications
Media and Entertainment
Retail
Consumer Products and Services
Healthcare
Real Estate
High Technology
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8
Deutsche BankTaiwan Cooperative Bank
Agricultural Bank of China 1123 2,451.9 0.8▼1.2 -0.20.22.3
-1 ▼ ▼1.6-1.0
▼1.2 0.7 ▲ ▲
▼ 2 -1.56.2 1.20
0.4
3.812
▲274.6
-2
▲
0.521
Siam Commercial Bank PLC 22
▲10▲
33
16
Malayan Banking Bhd 19▼
2,539.8
0.92,596.4
0.31.2 -0.6
6.13.6
1.3
37
46
▼1.5 4 ▲ 11.4 ▲
25
-0.120 29 2,670.01.5
1.011
▲ 5.13.3-0.8
1.4 0.6
2,989.20.5
2,812.12,929.1 9 -0.4
2.3▲
Axis Bank Ltd 17 12 1.418 27
▼BNP Paribas SA 1.4
▼▲
▼ 6.612▲ 21
-16 -1.52.8 1.412.2 2.46 ▲1.6 1.3
1.51.4 0.4
0.6Oversea-Chinese Banking 15United Overseas Bank Ltd 16 25 3,003.8
-2 ▼ 11.35
▲ 14
▲▼
31 ▼
470.8
▲ 1.22.3
▲2.3 1.3-0.3Mitsubishi UFJ Financial Group
1.928 3,044.31.8 -0.114 14
▼ 165.83,661.2
4▼ 4.1
2.1
Sumitomo Mitsui Finl Grp Inc 1.5 -0.1
China Construction Bank 13 6 3,749.16.2 -1.06.2
-2.21.81.2
▲-0.1 ▼
11.613 3,861.9 -2 ▼1.9Bank of Taiwan 12
▲ 7.5
▼1.99.3
28-1.01.1
6.134
11 18 4,104.6 ▼4.5 9 5.4 ▼3.7 8▲
4,675.5 2.2 0.4 ▲0.62.0
-0.36.4 -0.812.5
11 ▲▲
162.4 -Mizuho Financial Group 9 8
ANZ Banking Group 10 17
▼4,983.2
48HSBC Holdings PLC 8 9 5,416.7460.0
2.50.9 4.0
DBS Group Holdings
▲2.6 0.2 ▲27Korea Development Bank 7 15 5,741.9 19.8
▲6 1002.8
▲5,866.5 5.3 10▲
403.6
3.02.8 0.6Standard Chartered PLC 5 5 6,537.3 -1.0
13,489.63.1
Bank of China Ltd 43 17,610.0
-3.9 12.23.9
▼ 9258 7.7▼
1 1Industrial & Comm Bank China 2 4
6.58.4
2China Development Bank 3
10.8 3.629
▲▼
142-0.6
State Bank of India
MarketShare %
46.49.0 13# of Deals Share %Bookrunner Proceeds
22,602.330,686.6 14.7 ▲4.0 ▼9.3 -2.1
▲▲
▲7.9 4.8▼5.7▼▼
28.8
1.814.9
--0.1 ▼
▲
-2.0-0.4
6
▼ 12.9 2.6-1-19
▲ 39.831.5103 ▲
6818.9
Share Ch.
6.3 2.9
Fees2013 Rank
MarketManagerDeals
# of MarketShare % Share Ch.
Market Change in 2014 Rank
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
Asia (ex-Japan)Asian Loans Up 8% l MMG Ltd's Acquisition Loan - Largest Deal l Australian Real Estate's Five-Fold Increase
Asia Loans - Bookrunners (All Currencies) (S5c) Jan 1 - Sep 30Asia & Australia Deals IntelligenceAsian syndicated lending in the first nine months of 2014 grew 7.8% and reached US$310.8 billion from 1,007 deals.China was the most active market, with total deals closed at US$79.3 billion from 390 transactions, despite falling 7.3%from the same period the previous year.
MMG Ltd's US$7 billion loan was the largest deal completed in the first three quarters. The Acquisition Finance facilitywas used to back the purchase of Glencore Extrata's copper mine in Peru by a Chinese consortium made up of MMGLtd, Guoxin International Investment Corp and CITIC Metal. China Development Bank and ICBC were co-MandatedArrangers and Bookrunners in the transaction.
Australian syndicated loans were up 70.5%, valued at US$91.8 billion from 134 deals, posting the highest third quartervolume on record. The Real Estate sector completed loans at US$30.4 billion from 17 deals, rising almost five-fold from the comparable period last year. The 7-tranche A$24.9 billion Restructuring loan of Westfield Group was the largestdeal for the quarter and was the prime mover of the Real Estate sector.
According to Thomson Reuters/Freeman Consulting, estimated fees for Asian syndicated deals totaled US$798.1million in the first nine months of 2014, down 39% from the same period last year. In Australia, estimated fees wereUS$340.8 million, up 25.9% from the first nine months of 2013.
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market
Jan 1 - Sep 30 2014Top Asia Syndicated Loans (Ex Japan, Ex Australia)
$6,957.0
$5,488.9
MMG Ltd
SapuraKencana TMC Sdn Bhd
Bookrunner
7 5% ▼ 49 7%1.1%Industry % Change from Same Period Last Year ▲
I d t % Ch f L t Q t 7 5%
162.9
▲
37.5
22.5%
70,249.7 72.1 ▲
▲
27997,367.4 100.0
▲
100.0258.0
-53.4% ▼ ▼
11.1 ▲
▼I d t % Ch f L t Q t 23 2% ▼ 33 7% 15 1%▼Industry % Change from Same Period Last Year 7.8% ▲ 7.1%
Industry Total
-39.0%▲
72.6 3.3310,764.3225,152.2
100.066.9
798.1 100.0533.0
67
0.2 ▲7.2▲
0.9
1,007
1.1113,055.92.1
▼▲
1.0 ▲ -10.6JP Morgan 25 53Top Twenty Five Total
▼-0.7▼ 5.2 ▼0.7
0.8 -0.7▼ 6.5-3-5
Mega Financial Holding Co 24 23 3,081.6Bank of Taiwan 23
-0.11.0 -0.1
▼ 63 6.31.0▼ 54 5.4
▼1.0 -0.2 ▼ 43 4.3 ▲ 0.6 -0.55.0CITIC0.9-6 ▼ 6.8
22 20 3,201.51.0
18▲0.232 3,239.2 -23 0.02.3
Citi11
19 19 3,412.21.1 -0.7 ▼ 3.434 ▼5.5 0.7▲ -0.2
▼▼ 7.4 0.920 16 3,376.4
1.1 -0.831-0.4 ▼ 3.1 -92.0 ▲15.910 ▲
12.0 0.2 ▲0.9
180.2
1.454
3.50.4 ▲▲0.5
35
-0.513.728 4,308.2
16 21 4,470.0 39▲1.4BNP Paribas SA 1.4
▼1.72 ▲5.4 1.53.9
▲
▲5.3 -1 ▼ -1.7
0.919.2 2.4
2.74.0 21.2United Overseas Bank Ltd 14 5,924.1Korea Development Bank 15 17 5,439.6 1.8 0.2 -3 ▼▲ 40
12 8 6,952.946-0.213
-0.8 ▼1.91.9 -0.9 ▼
▼2.2 50 ▲
53▼ 16.8
▼2.1 ▲-18 0.4
5.0 0.715.7 2.027 ▲4.6
7,238.1▲
9.1 11 ▲ 17.8 ▼8.2 9
-0.3 ▼ 2.2 -0.12.3832.4 0.192
0.5 ▲7,373.010 15ANZ Banking Group 0.9▲▲
▲85
-3.324.0 3.0
16.4 2.18.4 2.79 ▲
▼21.1
8 5 8,639.9 2.8 -2 ▼-1.3 94▼
4.8▲ 22.5 -0.2
-0.62.820
9.3
▲6.13.7 38.0115
1360.1
1.8▲▲
13.5 41 ▲ 49.0▼-7 ▼
1.2
11.4
-32.4%
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger
1.1
209,020.0
Credit Suisse0.2 ▲
▼ 48.6 6.11.1
Industry % Change from Same Period Last Year 4.4%
25100.0162,800.9
4225 30
▼-44.1%
2,411.5
Top Twenty Five Total2,366.4
24
Bookrunner Total
ICICI Bank Ltd
753 501.5
▲▼
▼3.4% ▲
3.8%
11.4▼1.2▲
100.04.8
▲▲2.3
66.7 ▲4.19
5.81.2
▲78.1
131.7
333.1-3
0.21.7 90.7 ▲ 1.2
Imputed Fees (US$m)
Jan 1 - Sep 30
2.5
11
HSBC Holdings PLC
DBS Group Holdings
5
17
Bank of America Merrill Lynch
14
Bank of China Ltd
Oversea-Chinese BankingChina Construction Bank
Standard Chartered PLC11
Mizuho Financial Group 10
12
9
7
Industry % Change from Last Quarter -21.0%
Asia Loans - Mandated Arrangers (All Currencies) (S5b)
Change in MarketShare % # of Deals
30,614.5 74
11,346.4
9
18
6
▲
4
9.9
13,246.7
▼0.6
▲
5,979.0
22
Industrial & Comm Bank China 2
Deutsche Bank
Mitsubishi UFJ Financial Group7,873.0
Sumitomo Mitsui Finl Grp Inc
25
7
1
21Agricultural Bank of China
Malayan Banking Bhd
Manager
4,258.2
19,909.2
9.1
6
▼
MarketShare Ch.Fees Share %
Market
7.3Share %
2.6
-0.3
9.899▲
23743
28,186.7China Development Bank
2014 Rank
21
3 21,406.2
# ofMarketMandated Arranger
2013 Rank
State Bank of India
MarketProceeds DealsShare Ch.
3,111.0
9,508.7 3.1
▲
-2.3 ▼ 1494.3
43
0.7 ▲
7 ▲
-12
165▲
6.44.3
3.26.9
14.8
▼-2.123.5 44.9 2.9 ▲
47.6 6.0▲ 5.6
▲8 5.6 3.345.0
-1.8 ▼
▲
▼
▲
▼
▲
▲
5.74.8 -0.4
1.0▼
4.3▲
Imputed Fees (US$m)
-0.1
▲2.1 -1.2 ▼3.4
12.3
Share Ch.
4.8 3.2
2.2 -0.2 ▼2.7 0.3
3.3 2.54.7
3.2 1.3
Standard Chartered PLC 1 1DBS Group Holdings 2
9 4,711.3 4.8
Proceeds per Bookrunner (US$m) # of Deals per Arranger
3 5,712.4 5.9
Oversea-Chinese Banking
State Bank of India 5
6.0
2014 Rank
Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)
0.4 ▲ 37 13.3-2.5
Market MarketManager
11.2Proceeds Share %
5,858.3
2013 Rank # of Deals Fees
Market Change in
Jan 1 - Sep 30
Share %Share Ch. Share %Market
▲
Market # ofDeals
▼ 52 18.6 67 ▲ 14.6
HSBC Holdings PLC 3 4 5,261.8 5.4 0.0 - 46 16.5 17 ▲ 12.2Industrial & Comm Bank China 4 26 4,899.5 5.0 3.9 ▲ 10 3.6 2 ▲
0.8 ▲ 18 6.5 3 ▲ 8.4ANZ Banking Group 6 7 4,675.5 4.8 0.4 ▲ 34 12.2 10 ▲ 5.4Mizuho Financial Group 7 2 4,579.0 4.7 -0.9 ▼ 41 14.7 14 ▲ 8.7Sumitomo Mitsui Finl Grp Inc 8 10 4,019.5 4.1 0.6 ▲ 26 9.3 8 ▲ 6.9Mitsubishi UFJ Financial Group 9 6 3,624.7 3.7 -0.8 ▼ 30 10.8 7 ▲ 5.8China Development Bank 10 37 3,541.0 3.6 2.9 ▲ 2 0.7 -2 ▼ 8.5United Overseas Bank Ltd 11 14 2,969.1 3.1 1.0 ▲ 21 7.5 8 ▲ 12.1 3.5
12 16 2,928.2 3.0 1.1 ▲ 13 4.7 -2 ▼ 11.2 4.3 3.3 ▲BNP Paribas SA 13 13 2,908.2 3.0 0.7 ▲ 25 9.0 9 ▲ 5.1 2.0 -0.2Deutsche Bank 14 8 2,596.4 2.7 -1.7 ▼ 27 9.7 2 ▲ 6.2 2.4 -1.9 ▼Credit Suisse 15 24 2,411.5 2.5 1.3 ▲ 13 4.7 9 ▲ 5.8 2.3 0.6 ▲
▲ 4.0RBS 16 15 2,300.4 2.4 0.5Bank of China Ltd 17 5 2,067.6 2.1 -2.5
18 35
1.5 -0.5 ▼
▲
▲ 24 8.6 11▼ 16 5.7▲
▼Credit Agricole CIB 0.42.5 1.0
▼
▲1,879.3 1.9 1.1 15 5.4
4 ▲ 9.7 3.7 3.0
3.59.1-3▲9
-0.2
-Malayan Banking Bhd 19 28 1,839.2 1.9 0.9 ▲ 9 3.2
63.1-1.5Mega Financial Holding Co 20 22 1,466.8 1.5 0.3 6.8 0
Bookrunner Total
▲ 19Top Twenty Total
▼3.2 1.2
$4,954.3
$4,771.6
$4,717.4
$4,386.4
$4,085.6
$3,788.0
$3,200.0
Oversea-Chinese Bkg Corp Ltd
HongKong Electric Co Ltd
Ministry of Economy & Public
Venetian Macau US Finance Co
Marina Bay Sands Pte
Tata Steel Ltd
COFCO(Hong Kong)Ltd
-7.5% ▼ 49.7%Industry % Change from Last Quarter 7.5% ▲ ▲ ▼Industry % Change from Last Quarter
https://www.thomsonone.com
-23.2% ▼ -33.7% -15.1%▼
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------
▲
▲ 23.9% ▲ -12.3%
73.7 18.186.0Bookrunner Total 116.8 100.0100.0
▲Top Ten Total 31,495.6 100.0 1.1
▲4 ▼ 17 18.0 4.3▲24.2-1.0
19.0▲18.3 32.1
29
22.1 7.6▲ 0.8▲4.0
Westpac Banking 3 5,770.6 26
22.415.4National Australia Bank
39.3
3.336,458.9 36.0
Deals Share % Share Ch.Fees7,066.7
221 1 -3.6 ▼
Share Ch.2014 Rank
0.69 1,649.6 1.3 8.7
Market # of MarketShare %
Change in
9
Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Share %
Australia Loans - Bookrunners (All Currencies) (S7)
Market
ANZ Banking Group
▲-45.2% ▼
▲Citi 12 1,339.1 -0.4 11 ▲
Mitsubishi UFJ Financial Group 2.7 -0.4 4.02,269.7
HSBC Holdings PLC 11 2,713.6 0.9 ▲
7 2.51,882.8
5
-1.37
8 ▲▼
4.7%
2.1 0.5
3.0
1.560.0
66 12.125
11
25.9%
-9.8340.8
3
ANZ Banking Group 1
▲4 3 9,639.1 -2.3 ▼ 1.3
10,329.9 11.3 -1.8
-3.9
76▼
12.9
Market
▼
13.9
13 ▲9570 8.7
47.28 12.3
-0.5▲▲ 3.1
-0.414.1
▲
# of Deals per Arranger Imputed Fees (US$m)
54,843.1100.0
41.8
▲
▼
2.5%
MarketMarket MarketShare %Proceeds
▲
▼16
Industry Total 100.0
▲
6
▲Industry % Change from Last Quarter -11.0% ▼ -36.0% ▼ 24.7%
33.7%
20.2
Market
5.3 ▲
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
Proceeds per Mandated Arranger (US$m)
Share %# of Deals Share % Deals
▼
3.9 ▲
-0.8
▲
11.8
3.641.2
2.6
68.7
3.51.7
0.93.1
▲ 5.84
233.65
1.6-4
6 ▲
Fees9.6
1.9
7.8 10
48.1
10.5
▼
11.78.4
1
8.1
▲
▲
23.65
8 ▲3.7
91,806.9
▼
▼Industry % Change from Last Quarter 29.9%
10,731.32
-0.4
5
18.08
10
▲
Westpac Banking15.4 ▲
▲ 4
5
National Australia Bank
# of DealsChange in
Share Ch.Manager Market
2 -0.7
# of
Australia Loans - Mandated Arrangers (All Currencies) (S6a) Jan 1 - Sep 30
▼11,834.1
Mandated Arranger Share Ch.2013 Rank
Manager Market 2014 Rank
12.313.6▲25 -0.2
0.9109
2.0▲
17
2.2
1.1▼
18▼
HSBC Holdings PLC
10
Industry % Change from Same Period Last Year
Commonwealth Bank of Australia
2,453.9
134
▲
▼
▼0.4
0.1
Sumitomo Mitsui Finl Grp Inc6
Commonwealth Bank of Australia
-0.51.8
Top Ten Total
70.5%
4.6▼
41,462.85
14
10
Top Australia Syndicated Loans
31,495.6
2.5
Jan 1 - Sep 30 2014
4.36
20.5
2013 Rank Proceeds
Asia (ex-Japan) & Australia
Bookrunner
2 2
▲8 888.6
4 4,345.7
Mitsubishi UFJ Financial Group
13.8
11
2.8 0.3 ▲ 5 4.9 4 ▲
Credit Agricole CIB
Asian Loans by Maturity Date
57
▲ ▲
1.9 1.6 -0.9 ▼Citi 7 7 732.1 2.3 -0.6 ▼ 3 4.0 1 ▲ 1.2 1.1 -1.6 ▼
.8RBS 8 15 582.2 1.9 1.1 ▲1.3Mizuho Financial Group 9 11 569.2 1.8 0.0
▲ 0.73.3 -1 ▼ 0.2
▼- 3 3.2 1 ▲
Sumitomo Mitsui Finl Grp Inc 10 6 540.6 1.7
1
31.1 -1.4 ▼ Mizuho Financial Group
-2.1
Industry % Change from Same Period Last Year
▼
*tie
-0.23.0 0 - 4.6 3.9
1000
1200
200.00
250.00 Proceeds (US$b)
# of Issues
$23,107.1
$7,145.1
$2 050 0
Westfield Group
Roy Hill Holdings Pty Ltd
Vi E H ldi Pt Ltd
Asian Loans by Currency (%)Jan 1 - Sep 30 2014 First Nine MonthsAustralian Loans Proceeds by Industry (US$m)
$30,364.933%
$18,099.720% $10,863.6
12%
$8,324.3 9%
$7,330.38%$4,641.8
5%$2,973.53%
$2,867.83%
$2,393.73%
2031.8, 2%1529.2, 2%
202.4, 0%
Real Estate
Financials
Industrials
Materials
Energy and Power
Media and Entertainment
Telecommunications
Healthcare
Consumer Products and Services
Consumer Staples
High Technology
Government and Agencies
55.2% 46.6% 49.6% 53.7% 57.2% 75.6% 72.2% 59.6% 65.8% 57.6%
44.8%
53.4%50.4%
46.3%42.8%
24.4%27.8%
40.4%34.2%
42.4%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Local Currency G3
$168.1 $225.6 $233.5 $202.9 $171.9 $175.30
200
400
600
800
-
50.00
100.00
150.00
2014 2015 2016 2017 2018 2019
# of
Issu
es
Pro
ceed
s (U
S$b
)$2,050.0
$1,880.6
$1,779.2
$1,411.2
$1,384.7
$1,269.3
$1,203.6
Viva Energy Holding Pty Ltd
American Express Credit Corp
Sun Group Finance Pty Ltd
Telstra Corp Ltd
NRT Finance Pty Ltd
ISPT Pty Ltd
Healthscope Ltd
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g Local Currency G3
10
1 0.1 1 ▲0.3 ‐2 ▼
Shiga Bank Ltd 22 - 58.6 0.0 0.0 -
0 -Hiroshima Bank Ltd 21 17 70.3 0.0 -0.1 ▼ 5
80.3 0.1 0.0 - 1 0.1
6/27/20142/24/20143/31/2014
Working CapitalWorking Capital
Working CapitalSumitomo Corp
NEC CorpAcquisition Fin.
Top Ten DealsClosing Date
2,269.22,150.0
Working Capital
JX Holdings Inc6/30/2014 4,245.0
Marubeni Corp UBS 20 18
Japan Deals Intelligence
Package Amt (US$m)Borrower
Jan 1 - Sep 30 2014
Working CapitalPrimary UOP 16
7/7/2014
14
Deutsche Bank
Goldman Sachs & Co
21
290.3
160.0
Nomura
18
168.9
3,453.1
6/27/2014
Itochu Corp
Mizkan Holdings Co Ltd
3,220.52,906.4
11
328.515
851.2
183.7
0.1
0.3
508.512
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
JapanJapanese Syndicated Lending Down 24% | Industrials Leads Industry | Non Japanese Borrower Activity up 59%
7 1.3Sumitomo Mitsui Trust Holdings 6
1.4
Japanese syndicated lending declined 24% for the first nine months of 2014 compared to the same period last year, with a total ofUS$173.1 billion in proceeds from 1,486 deals, down from US$214.7 billion during the first nine months of 2013.
Borrowings in the Industrials sector continued to lead Japanese loans market, accounting for 18.9% of overall loans activity, registeringUS$32.3 billion in proceeds rom 309 deals during the first nine months of 2014.
Working Capital remained the primary driver for Japanese syndicated loans activity. Total amount of working capital borrowed wasUS$92.1 billion during the first nine months of 2014, representing 55.9% of the total Japanese loan activity.
Non-Japanese borrowers' involvement on Japanese deals increased 59% in the first nine months of 2014, compared to the sameperiod last year, registering US$5.3 billion in proceeds from 35 deals. Europe is the most active borrowers' region by proceeds, with 20deals worth US$2.5 billion.
0.2
5
77 Bank Ltd 13
0.9
12BNP Paribas SA 11Credit Agricole CIB 10
19Nishi-Nippon City Bank LtdShinkin Central Bank
14
17
Shinsei Bank 13
1Mitsubishi UFJ Financial Group
40,516.2
12
5 4
3
Sh %Change in
1.4
# of
51728.2 ▼
▼‐41▼
Share %▲
1,463.9
25.3
2,127.6
Share Ch.Proceeds
3,695.5
38.742,308.2
2013 Rank
2014 Rank
Sumitomo Mitsui Finl Grp Inc 38
Bookrunner
Development Bank of Japan Inc 4
Mizuho Financial Group2
Jan 1 - Sep 30
‐19
Market Market
Japan Loans - Bookrunners (S12b)
Deals64,655.8
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
2.2 1.0 ▼‐5
# of Deals
-0.8411
Bank of Yokohama
1.9
9
Citi
10
79
Aozora Bank Ltd8
Resona Holdings Inc
35.528.1 ‐29
203,466.6 ▼2.1
410▼24.3
3,101.50.4
6-1.70.70.5
38
0.21,086.1
-0.1
▼‐5 ▼
-0.5
▼▲
▲0.5 2.6
‐35 0.3▲
‐2858
4
4.0▲ 6▲
▲▼
▼4823 1.6 ▲
▼
3.3
5‐1
▲
▲
-2
0.1
‐4▼0.30.4
1
-0.1
0.50.0
0.30.2
7304.7 ▲ ▲▲1
20.10.1▲0.2
0.10.10.1
-10.2
0.1▲▲
-▲0.2 3▼0.2 ‐1
0
0▼
0.1
3
1
0.12-1.7
30.0
0.1136.36 -0.1
-▲1 00.1
0.1
Fukuoka Financial Group Inc 98.219
-15
Top Twenty Five Total167,015.6Bookrunner Total
--0.4165,809.61 ▲Hokuhoku Financial Group Inc 25 25 47.6 0.0 0.0
Shizuoka Bank Ltd 24 - 49.0 0.0 0.0
Industry % Change from Same Period Last Year -26.3% ▼ -6.7% ▼Industry % Change from Last Quarter 42.6% ▲ 161.5% ▲
-104
- 4 0.3 ‐2 ▼- 1 0.1 1 ▲
Shoko Chukin Bank 23 20 52.1 0.0 0.0g
1,458100.0
- 2 0.199.3Working Capital
Yugen Kaisha Tokyo Prime Stage
1,740.7
q
8/18/2014
3/24/2014
,Mitsubishi Heavy Industries
1,858.4Working Capital
6/20/2014 1,763.6Toshiba Corp
2,059.36/11/2014
Overall Japan Loans Volume
RefinancingSoftBank Corp
Refinancing
g
Japan Loans Proceeds by Industry (US$m) Jan 1 - Sep 30 2014
2,028
2,290
2,1282,051
1,658 1,661 1,686
1,826 1,870
1,486
0
500
1,000
1,500
2,000
2,500
$0
$50
$100
$150
$200
$250
$300
$350
# of
Issu
es
Pro
ceed
s (U
S$b
)
Q4 Proceeds (US$b)
Q3 Proceeds (US$b)
Q2 Proceeds (US$b)
Q1 Proceeds (US$b)
# of Issues
$32,334.818.9%
$22,532.113.2%
$20,242.811.9%
$19,218.311.3%
$17,539.010.3%
$16,532.49.7%
$13,146.47.7%
$7,811.74.6%
Industrials Energy and Power
Financials Materials
High Technology Consumer Staples
Real Estate Consumer Products and Services
Retail Media and Entertainment
.
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Healthcare Government and Agencies
11
▲
▼
0
4
52▲
BNP Paribas SA
Credit Agricole CIB10
0.311
469.68
131,351.3
Aozora Bank Ltd
-
Bank of Yokohama
Hokuhoku Financial Group Inc 19 152.6
16
Hiroshima Bank Ltd
23*20
Barclays
77 Bank Ltd-
29
15
18
0.0
0.1
17Shinkin Central Bank
160.0
Goldman Sachs & Co
1415
Nomura 1812
22*23*
137.4
0.10.1
302.9
168.90.1
0.116
403.6▼
0.0
17 -
14
0.119
173.3
13
0.1
▲
Shinsei Bank
0.1Nishi-Nippon City Bank Ltd
▲-
290.30.2
0.0
▲1
▼89
0.3
▲
116
Sapporo Hokuyo Holdings Inc
20
131.310
131.3
Deutsche BankTaishin International BankING
Tokyo Star Bank136.3
24 2113.40 1 1
0.00.1103 925* 0 1
0.10 1▲
1 0.1-
0.11▲
-0
▼‐2
▼▼
‐1
-31
-0-
0.23
102
‐1
-
0 -
0.10.2
‐2
0
0.2 ▲▼
-
6
10.4
‐6
4.6
1.5
4
‐43.5
5
‐1
0.6
0.5
25 1.7
‐309
8
▼
▲
0
0.70.2 -1 0.1
4
0.4481.1 0.31,145.2
6
0.9
1.4
▲2.2
-0.7
12
▼
1,473.1
-0.1 ▼
2,189.9 0.4
‐18Deals
Change in
30.2260 ▲4.0▼‐21
▼
▼22
37.7 ▼
-▲
69
▼
449560
# of Deals per MA
Sh %Market
29.7
-0.9-
7
11
▼
35.225.625.6
1
2,498.0
0.0
1.3
▼
0.8 -0.8
0.0
0.7
-0.1
▲▲
Proceeds
44,321.6
2013 Rank
0.1
0.2
Share %
2.2
44,280.14
Japan
▼
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
Japan Loan Volume - Non-Japanese Borrowers
Share Ch.
Japan Loans - Mandated Arrangers (S12a)
Market
60,847.9
Jan 1 - Sep 30
2 ▼▲
‐32
Proceeds per Mandated Arranger (US$m)
441
# of# of Deals
Market
-0.8
3
Mandated Arranger1
3,862.3
-0.5Mizuho Financial Group
2014 Rank
1.1
3Mitsubishi UFJ Financial Group 2
5
1.1
5 3,838.1
0.3
Development Bank of Japan Inc-0.4
Resona Holdings IncCiti
0.2
4
7
0.13
Sumitomo Mitsui Finl Grp IncSumitomo Mitsui Trust Holdings
6
0.13
▲
2122*
0.20.10.1
▲
0.2
14
4
6
4
9
3
6
8
10
12
6
13
3
6
10
4
3
11
3
10
6
19
2
4
6
8
10
12
14
16
18
20
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
# of
Issu
es
Pro
ceed
s (U
S$
m)
Proceeds (US$m)
No. of Deals
▲
173,125.5 100.0
▼
1,486
*tie
Industry % Change from Last Quarter 48.1% ▲ 157.3%
Japan Loan Volume by Maturity Date
Barclays
Japan Loans - Top 10 Uses of Proceeds (US$m)
▲1-0.4
Industry % Change from Same Period Last Year
0.1 1Top Twenty Five Total
- 103.925*169,163.4
Industry Total
0.1
-5.5%-24.0%
97.70.1▲
▼
▼-86
Jan 1 - Sep 30 2014
23
0
2
$0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2010 2011 2012 2013 2014
53.5 198.0 139.2 124.8 97.1 66.2 42.8 29.7 22.3 78.9
489
1585
1102
1024
783
626
365296
213
914
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
$0
$50
$100
$150
$200
$250
2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 & Beyond
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds(US$b)
# of Issues
$92,097.2 55.9%
$23,254.3 14.1%
$12,265.7 7.4%
$12,202.6 7.4%
Working Capital
General Corporate Purposes
Operating Fund/Cash Reserve
Refinancing
Capital Expenditures
Acquisition Financing
Property Acquisition
Leveraged Buyout
Refinance Bank Debt
Construction
.
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-
-
-
-
-
-
Ewelina JareckaTel: +44 207 542 2246E-mail: [email protected]
Asia-PacificCarina Causon-IsraelTel: +632 858 7221E-mail: [email protected]
Europe
If you would like to participate in the submission process, receive quarterly press releases, orhave questions about league table criteriaplease contact:
AmericasSalvatore ReresTel: +1 646 223-8455
First Nine Months 2014 | Syndicated Loans | Managing Underwriters
Ranking Criteria Summary
E-mail: [email protected]
JapanMegumi KonoTel: +813 6441 1155
E-mail: [email protected]
Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.
Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current andprevious year's data is as of 12:00pm EDT on September 30, 2014.
Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be giviento the surviving/parent firm.
Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm
All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
-
-
-
-
-
-
Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.
Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocatedto syndicated members.
Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most comprehensive and accurate view of the syndicated loans market available.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".
Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liablefor any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express orimplied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carryout a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products,including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 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.
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