HONG KONG CAPITAL MARKETS - Bloomberg Finance L.P.

HONG KONG CAPITAL MARKETSLEAGUE TABLESQ1 2020

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Professional Service.

MANAGER RANKINGS

HONG KONG CAPITAL MARKETS

DATA SUBMISSIONS AND QUERIES

Contact EmailPhone

Q1 2020

Equities

Fixed Income

Loans

Irene Huang

Dave Lin

Soomi Oh

+86 21 6104 3057

+852 2974 3196

+65 6231 3428

[email protected]

[email protected]

[email protected]

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Bloomberg HongKongCapitalMarkets|Q12020

BloombergLeagueTableReports Page1

HongKongDollarBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(HKD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 34.571 18,745 43 2 15.698 18.873

MizuhoFinancial 2 14.234 7,718 14 4 7.677 6.557

CreditAgricoleCIB 3 11.178 6,061 17 5 6.203 4.975

Citi 4 6.038 3,274 8 8 4.126 1.912

MitsubishiUFJFinancialGroupInc

5 4.963 2,691 6 11 2.044 2.919

StandardCharteredBank 6 3.227 1,750 4 3 11.201 -7.974

DBSGroup 7 3.068 1,664 5 13 1.593 1.475

DZBank 8 2.398 1,300 2 - - 2.398

CommonwealthBankAustralia 9 2.099 1,138 4 7 4.551 -2.452

BankofChina 10 1.770 960 3 6 4.727 -2.957

BNPParibas 11 1.475 800 4 19 0.819 0.656

AgriculturalBankofChina 12 1.383 750 2 25 0.395 0.988

DeutscheBank 12 1.383 750 3 29 0.356 1.027

JPMorgan 12 1.383 750 2 16 1.043 0.340

NatWestMarkets 15 1.199 650 2 20 0.662 0.537

GuotaiJunanSecurities 16 1.107 600 2 - - 1.107

Scotiabank 16 1.107 600 3 9 4.059 -2.952

XiamenInternationalBank 16 1.107 600 2 - - 1.107

ANZBankingGroup 19 0.922 500 1 10 2.450 -1.528

GoldmanSachs 20 0.778 422 1 31 0.166 0.612

TOTAL 100% 54,222 121 100%

Thistableconsistsofdebt&preferredsecuritiesdenominatedinHongKongDollars.Thisexcludesasset-backedsecurities,bondswithwarrants,andconvertiblesecurities.Thereisaminimumthresholdof12monthsformaturities,callorputperiodsandHKD350MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials72%

Government20%

Others8%

HongKongDollarBonds:ManagerRankingsHistory

HongKongDollarBonds:IndustryBreakdown

72%

20%

8%

HSBC

MizuhoFinancial

CreditAgricoleCIB Ci

ti

MitsubishiUFJFinancialGroupInc

StandardCharteredBank

10

20

30

Marke

tSha

re(%

)

0

35

2020 2019 2018



OffshoreCNYBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(CNY

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 19.848 7,650 13 1 32.693 -12.845

CreditAgricoleCIB 2 11.688 4,505 11 2 25.285 -13.597

SocieteGenerale 3 5.591 2,155 2 - - 5.591

Natixis 4 5.189 2,000 2 - - 5.189

BankofChina 5 4.605 1,775 4 - - 4.605

StandardCharteredBank 6 4.006 1,544 5 3 14.406 -10.400

BNPParibas 7 3.892 1,500 2 5 2.407 1.485

DeutscheBank 8 3.305 1,274 4 13 1.000 2.305

Nomura 9 3.028 1,167 2 - - 3.028

E.SunCommercialBank 10 2.866 1,104 6 - - 2.866

CentralWealthSecuritiesInvestmentLtd

11 2.724 1,050 1 - - 2.724

BofASecurities 12 2.594 1,000 1 - - 2.594

Citi 12 2.594 1,000 1 - - 2.594

FirstAbuDhabiBankPJSC 12 2.594 1,000 1 20 0.556 2.038

GoldmanSachs 12 2.594 1,000 1 - - 2.594

JPMorgan 12 2.594 1,000 1 - - 2.594

LandesbankBaden-Wuerttemberg 12 2.594 1,000 1 - - 2.594

DBSGroup 18 1.946 750 2 14 0.991 0.955

TDSecurities 18 1.946 750 2 12 1.111 0.835

MizuhoFinancial 20 1.720 663 5 7 1.407 0.313

TOTAL 100% 38,543 66 100%

ThistableconsistsofDimSum&FormosasecuritiesdenominatedinChineseRenmimbi.Thisexcludesasset-backedsecurities,bondswithwarrants,creditlinkednotesandconvertiblesecurities.Thereisaminimumthresholdof12monthsformaturities,callorputperiods,andCNY300MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government58%

Financials42%

OffshoreCNYBonds:ManagerRankingsHistory

OffshoreCNYBonds:IndustryBreakdown

58%

42%

HSBC

CreditAgricoleCIB

SocieteGenerale

Natixis

BankofChina


10

20

30

Marke

tSha

re(%

)

0

35

2020 2019 2018



OffshoreChinaBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofChina 1 6.507 3,606 53 4 5.042 1.465

UBS 2 5.425 3,006 26 5 4.216 1.209

CreditSuisse 3 4.892 2,711 33 10 3.337 1.555

HSBC 4 4.304 2,385 45 1 6.512 -2.208

Industrial&CommBankofChina

5 3.894 2,158 38 17 2.528 1.366

StandardCharteredBank 6 3.610 2,001 29 11 3.139 0.471

BofASecurities 7 3.608 1,999 14 27 1.244 2.364

HaitongSecurities 8 3.436 1,904 48 2 6.316 -2.880

ChinaCiticBank 9 3.394 1,881 40 7 3.646 -0.252

GuotaiJunanSecurities 10 3.263 1,808 50 8 3.492 -0.229

BankofCommunications 11 3.043 1,686 39 3 5.840 -2.797

CreditAgricoleCIB 12 2.723 1,509 19 13 3.082 -0.359

DBSGroup 13 2.521 1,397 29 19 2.204 0.317

TFInternational 14 2.493 1,382 9 - - 2.493

Barclays 15 2.456 1,361 24 37 0.626 1.830

ChinaConstructionBank 16 2.373 1,315 37 18 2.369 0.004

ChinaMerchantsBank 17 2.301 1,275 41 16 2.566 -0.265

CITICSecurities 18 2.230 1,236 30 24 1.536 0.694

DeutscheBank 19 2.163 1,199 13 12 3.127 -0.964

Citi 20 2.111 1,170 14 29 1.050 1.061

TOTAL 100% 55,416 137 100%

Thistableconsistsofdebt&preferredsecuritiesissuedbyChineseissuersinallcurrenciesexceptCNY.Thisexcludesasset-backedsecurities,bondswithwarrants,certificatesofdeposit,convertiblesecurities,andcredit-linkednotes.Thereisaminimumthresholdof18monthsformaturitiesandUSD100MMminimumamountissued.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials73%

Industrials13%

Others14%

OffshoreChinaBonds:ManagerRankingsHistory

OffshoreChinaBonds:IndustryBreakdown

73%

13%

14%

BankofChina

UBS

CreditSuisse

HSBC



2

4

6

8

Marke

tSha

re(%

)

0

10

2020 2019 2018



HongKongEquity&RightsOfferings

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MorganStanley 1 39.482 2,770 9 2 16.643 22.839

HSBC 2 9.157 642 7 3 13.127 -3.970

GoldmanSachs 3 6.366 447 4 1 18.157 -11.791

Citi 4 5.010 351 1 14 2.081 2.929

BofASecurities 5 4.286 301 2 36 0.286 4.000

ChinaInternationalCapitalCorp 6 4.096 287 7 8 2.593 1.503

ChinaMerchantsBank 7 3.584 251 8 19 0.842 2.742

UBS 8 2.930 206 3 6 3.274 -0.344

HaitongSecurities 9 2.906 204 12 13 2.134 0.772

Jefferies 10 1.773 124 1 - - 1.773

GuotaiJunanSecurities 11 1.568 110 7 5 5.188 -3.620

CITICSecurities 12 1.384 97 1 16 1.150 0.234

BankofCommunications 13 1.149 81 9 10 2.349 -1.200

ChinaMerchantsSecurities 14 0.820 58 2 15 1.601 -0.781

ChinaConstructionBank 15 0.788 55 3 7 2.598 -1.810

ShanghaiPudongDevelopmentBank

16 0.787 55 5 48 0.187 0.600

GetNiceHoldingsLtd 17 0.648 45 1 - - 0.648

ZhongtaiSecurities 18 0.564 40 4 45 0.188 0.376

ChinaGalaxyFinancialHoldings 19 0.551 39 3 23 0.590 -0.039

SilkRoadInternationalCapitalLtd 20 0.483 34 3 35 0.312 0.171

TOTAL 100% 7,016 80 100%

Thistableconsistsofequity&rightsofferingssyndicatedinHongKong.Thisexcludesself-ledofferings.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials42%

HealthCare30%

ConsumerDiscretionary13%

Others16%

HongKongEquity&RightsOfferings:ManagerRankingsHistory

HongKongEquity&RightsOfferings:IndustryBreakdown

42%

30%

13%

16%

MorganStanley

HSBC

Goldm

anSachs Ci

ti

BofASecurities

ChinaInternationalCapitalCorp

10

20

30

Marke

tSha

re(%

)

0

40

2020 2019 2018



HongKongEquityIPO

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)




GuotaiJunanSecurities 4 5.254 95 6 10 3.626 1.628

MorganStanley 5 4.545 82 1 1 9.894 -5.349





9 3.046 55 5 46 0.429 2.617

GoldmanSachs 10 2.272 41 1 12 3.022 -0.750

UBS 10 2.272 41 1 8 3.679 -1.407

ChinaGalaxyFinancialHoldings 12 2.133 39 3 22 1.357 0.776

IndustrialSecurities 13 1.851 34 4 20 1.537 0.314

GFSecurities 14 1.798 33 2 - - 1.798

ZhongtaiSecurities 15 1.710 31 3 42 0.433 1.277

ChinaMinshengBankingCorp 16 1.675 30 4 - - 1.675

GlamCapitalLtd 17 1.499 27 5 - - 1.499

AMTDGlobalMarketsLtd 18 1.393 25 2 11 3.270 -1.877

GuosenSecurities 19 1.374 25 3 - - 1.374

BankofChina 20 1.327 24 1 16 2.095 -0.768

TOTAL 100% 1,813 37 100%

ThistableconsistsofInitialPublicOfferingssyndicatedinHongKong.Thisexcludesself-ledofferings.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.


Financials18%

HealthCare16%

Industrials12%

Communications11%

Technology7%

Others4%

HongKongEquityIPO:ManagerRankingsHistory

HongKongEquityIPO:IndustryBreakdown

32%

18%16%

12%

11%

7%

4%

ChinaMerchantsBank


HaitongSecurities

GuotaiJunanSecurities

MorganStanley

BankofCommunications

5

10

Marke

tSha

re(%

)

0

15

2020 2019 2018



HongKongEquityOfferings

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MorganStanley 1 40.385 2,770 9 2 16.763 23.622

HSBC 2 9.127 626 6 3 13.222 -4.095

GoldmanSachs 3 6.512 447 4 1 18.288 -11.776

Citi 4 5.124 351 1 14 2.096 3.028

BofASecurities 5 4.384 301 2 35 0.288 4.096



UBS 8 2.997 206 3 6 3.298 -0.301


Jefferies 10 1.813 124 1 - - 1.813

CITICSecurities 11 1.416 97 1 16 1.158 0.258

GuotaiJunanSecurities 12 1.389 95 6 5 5.225 -3.836





16 0.805 55 5 47 0.188 0.617

ChinaGalaxyFinancialHoldings 17 0.564 39 3 23 0.595 -0.031

IndustrialSecurities 18 0.489 34 4 21 0.674 -0.185

CreditSuisse 19 0.477 33 1 4 6.185 -5.708

GFSecurities 20 0.475 33 2 - - 0.475

TOTAL 100% 6,859 71 100%

ThistableconsistsofequityofferingssyndicatedinHongKong.Thisexcludesrightsofferings,andself-ledofferings.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials37%

HealthCare33%


Communications5%

Others12%

HongKongEquityOfferings:ManagerRankingsHistory

HongKongEquityOfferings:IndustryBreakdown

37%

33%

13%

5%

12%

MorganStanley

HSBC

Goldm

anSachs Ci

ti

BofASecurities


10

20

30

40

Marke

tSha

re(%

)

0

45

2020 2019 2018



HongKong/MacauLoans(Bookrunner)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

ChinaMerchantsBank 1 15.520 2,355 7 19 2.191 13.329

BankofChina 2 10.701 1,624 9 3 5.967 4.734

HSBC 3 8.967 1,361 12 1 10.020 -1.053

StandardCharteredBank 4 6.094 925 6 2 9.384 -3.290


5 5.560 844 5 33 0.702 4.858

ChinaConstructionBank 6 5.333 809 6 17 2.446 2.887

DBSGroup 7 5.144 781 4 6 4.449 0.695

MizuhoFinancial 8 4.767 723 5 4 5.179 -0.412

Industrial&CommBankofChina 9 4.642 704 5 7 3.571 1.071

BankofCommunications 10 3.277 497 3 16 2.587 0.690

SumitomoMitsuiFinancial 11 3.269 496 3 12 2.998 0.271

JPMorgan 12 2.030 308 3 23 1.823 0.207

AgriculturalBankofChina 13 1.832 278 2 15 2.620 -0.788

BankofEastAsia 14 1.706 259 2 25 1.715 -0.009

ChinaMinshengBankingCorp 15 1.365 207 2 27 1.548 -0.183

DeutscheBank 15 1.365 207 2 5 4.650 -3.285

ChinaCindaAssetManagement 17 1.359 206 2 21 1.829 -0.470

BofASecurities 18 1.214 184 2 23 1.823 -0.609

Citi 18 1.214 184 2 9 3.008 -1.794

GoldmanSachs 18 1.214 184 2 - - 1.214

TOTAL 100% 15,176 27 100%

ThistableconsistsofloanswithamarketofsyndicationasHongKongorMacau.Thisexcludesbilateralloans.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials68%

ConsumerStaples8%

Materials6%

Communications6%

Others12%

HongKong/MacauLoans:BookrunnerRankingsHistory

HongKong/MacauLoans(Bookrunner):IndustryBreakdown

68%

8%

6%

6%

12%

ChinaMerchantsBank

BankofChina

HSBC



ChinaConstructionBank

5

10

15

Marke

tSha

re(%

)

0

20

2020 2019 2018



HongKong/MacauLoans(MandatedLeadArranger)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 8.819 1,810 24 3 6.763 2.056

BankofChina 2 7.854 1,612 14 1 7.938 -0.084

DBSGroup 3 6.010 1,233 10 2 6.928 -0.918



5 4.840 993 12 19 1.818 3.022

ChinaConstructionBank 6 4.284 879 12 14 2.571 1.713

Industrial&CommBankofChina 7 4.004 822 7 4 5.904 -1.900

MizuhoFinancial 8 3.775 775 9 8 4.164 -0.389

StandardCharteredBank 9 3.762 772 10 7 4.276 -0.514


Oversea-ChineseBankingCorp 11 3.346 687 7 13 2.600 0.746

BofASecurities 12 3.076 631 5 32 0.733 2.343

ChinaMinshengBankingCorp 13 2.913 598 6 10 3.273 -0.360

ChinaEverbrightBank 14 2.344 481 6 40 0.480 1.864

ChongHingBank 15 2.202 452 6 22 1.456 0.746

ChinaCiticBank 16 2.184 448 6 36 0.726 1.458


SumitomoMitsuiFinancial 18 2.081 427 4 12 2.786 -0.705


Scotiabank 20 1.730 355 2 - - 1.730

TOTAL 100% 20,524 41 100%

ThistableconsistsofloanswithamarketofsyndicationasHongKongorMacau.Thisexcludesbilateralloans.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials68%

ConsumerStaples8%

Materials6%

Communications6%

Others12%

HongKong/MacauLoans:MandatedLeadArrangerRankingsHistory

HongKong/MacauLoans(MandatedLeadArranger):IndustryBreakdown

68%

8%

6%

6%

12%

HSBC

BankofChina

DBSGroup

ChinaMerchantsBank


ChinaConstructionBank

2

4

6

8

Marke

tSha

re(%

)

0

10

2020 2019 2018



HongKongBorrowerLoans(Bookrunner)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(HKD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


BankofChina 2 12.559 8,027 7 12 3.675 8.884


DBSGroup 4 7.292 4,661 3 3 6.208 1.084

MizuhoFinancial 5 6.606 4,222 3 6 5.354 1.252

BankofCommunications 6 6.059 3,873 3 12 3.675 2.384

Industrial&CommBankofChina 6 6.059 3,873 3 8 4.499 1.560

SumitomoMitsuiFinancial 8 5.148 3,291 2 5 5.383 -0.235

HSBC 9 4.126 2,637 4 1 9.351 -5.225

ChinaConstructionBank 10 3.248 2,076 2 18 2.308 0.940


10 3.248 2,076 2 24 1.368 1.880

BofASecurities 12 2.240 1,431 2 - - 2.240

Citi 12 2.240 1,431 2 18 2.308 -0.068

GoldmanSachs 12 2.240 1,431 2 - - 2.240

JPMorgan 12 2.240 1,431 2 - - 2.240

ChongHingBank 16 1.887 1,206 2 12 3.675 -1.788

SamsungSecuritiesCoLtd 17 1.862 1,190 1 - - 1.862



ChinaCiticBank 18 1.104 706 1 - - 1.104

TOTAL 100% 63,919 11 100%

ThistableconsistsofloanswithborrowersthathaveacountryofriskasHongKongandwithamarketofsyndicationintheAPACregion.Thisexcludesbilateralloans.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials75%

Communications11%

Industrials6%

Utilities6%

Others3%

HongKongBorrowerLoans:BookrunnerRankingsHistory

HongKongBorrowerLoans(Bookrunner):IndustryBreakdown

75%

11%

6%

6% 3%

ChinaMerchantsBank

BankofChina


DBSGroup

MizuhoFinancial



5

10

15

Marke

tSha

re(%

)

0

20

2020 2019 2018



HongKongBorrowerLoans(MandatedLeadArranger)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(HKD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofChina 1 10.003 8,808 10 5 5.033 4.970

HSBC 2 8.273 7,285 12 1 6.978 1.295

DBSGroup 3 6.830 6,015 6 2 6.844 -0.014

Industrial&CommBankofChina 4 6.052 5,329 5 7 4.855 1.197


BankofCommunications 6 4.819 4,244 7 9 4.487 0.332

BofASecurities 7 4.687 4,127 4 - - 4.687

Oversea-ChineseBankingCorp 8 4.302 3,788 4 4 5.105 -0.803


9 3.951 3,480 5 18 2.667 1.284


MizuhoFinancial 11 3.518 3,098 3 3 5.888 -2.370

SumitomoMitsuiFinancial 12 3.130 2,756 3 6 4.899 -1.769

Scotiabank 13 3.128 2,755 2 - - 3.128

ChongHingBank 14 3.010 2,650 4 15 3.105 -0.095

ChinaConstructionBank 15 2.823 2,486 5 14 3.226 -0.403

ChinaCiticBank 16 2.192 1,930 4 35 0.294 1.898

ChinaEverbrightBank 17 2.027 1,785 3 - - 2.027

MorganStanley 18 1.962 1,728 1 - - 1.962

ChinaMinshengBankingCorp 19 1.781 1,568 2 26 1.294 0.487

SamsungSecuritiesCoLtd 20 1.351 1,190 1 - - 1.351

TOTAL 100% 88,060 20 100%

ThistableconsistsofloanswithborrowersthathaveacountryofriskasHongKongandwithamarketofsyndicationintheAPACregion.Thisexcludesbilateralloans.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials75%

Communications11%

Industrials6%

Utilities6%

Others3%

HongKongBorrowerLoans:MandatedLeadArrangerRankingsHistory

HongKongBorrowerLoans(MandatedLeadArranger):IndustryBreakdown

75%

11%

6%

6% 3%

BankofChina

HSBC

DBSGroup


ChinaMerchantsBank


5

10

Marke

tSha

re(%

)

0

15

2020 2019 2018

Bloomberg – 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 sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identifiedbased on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. 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. Self-led transactions are included. New money portions of exchange offers are eligible for credit.

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.

Equities-Linked

Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bondswith attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.

Equities

Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.

Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg – 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.

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended orrestated securitizations, receivable and guarantee facilities.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence ofreported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

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

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HONG KONG CAPITAL MARKETS - Bloomberg Finance L.P.

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