REVIEWDEBT CAPITAL MARKETS REVIEW · 2010. 10. 11. · JP Morgan ranked second by total proceeds...

DEBT CAPITAL MARKETS REVIEWDEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

First Nine Months 2010

US Corporate Investment Grade Coupon Spreads

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

Japan Debt

Japan Deals Intelligence

2

Global High Yield Deals Intelligence2

Global High Yield Debt (B4)

13

Asia Debt

10

10

10

10

All Australian Securitizations (ex CDOs) (AJ4)

11

11

11

Samurai Bonds (AP1)

1

1

1

9

8

8

7

6

6

3

2

Global High Yield Debt - Non-US Dollar Denominated (B6)

EMEA Emerging Market Bonds (L2)

Latin America Emerging Market Bonds (L3)

Emerging Market Debt

All International Emerging Market Bonds (L1)

All Bonds in Euros (N1)

High Yield Debt

4

Asia Deals Intelligence

3

3

11

12

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence

Japanese Corporate Debt (AP3)

All Asian Currencies (ex-Japan, ex-Australia) (AS1) 13

Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2) 13

Product Offerings

Japanese Securitizations (AP2)

12

All Asian Securitized Bonds (ex-Japan, ex-Australia) (AZ2)

12

Australia Debt

Australia Deals Intelligence

All Australian International Bonds (AJ7)

All Australian Debt (ex self-funded) (AJ3a)

14

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a) 13Banking Composite of Top US Debt Bookrunners

12

13

Asia-Pacific Emerging Market Bonds (L4) 12

Middle East Emerging Market Bonds (L5)

US Investment Grade Corporate Debt (F9)

https://www.thomsonone.com

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans

Global Scorecard

16

Thomson ONE for Investment Banking

15

Bonds Targeted in Japan (AP4) 15

Criteria Summary

Leading Underwriters for Third Quarter 2010

Global Debt (B1)

Global Investment Grade Corporate Debt (B7)

Global Debt and Syndicated Loans Islamic Finance

All Bonds in Yen (AP5) 15

3

US Debt

16

Regional Contacts

All Federal Credit Agency Debt (H1)

US Debt (F1)

6 Debt Capital Markets Criteria Summary

6

14

14

US Mortgage-Backed Securities (F11) & (F13a)

5

US Asset-Backed Securities (F14)

Global Debt Rankings - Last Ten Years

US High Yield Corporate Debt (F8)

Global Asset-Backed Securities (B11) & (B13)

Banking Composite of Top Global Debt Bookrunners

17

First Nine Months 2010 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global Mortgage-Backed Securities (B10)

Global High Yield Debt - US Dollar Denominated (B5)

14

15

15

15

14

Global Debt Underwriting Declines 14% l Record Quarter for Global High Yield Debt, Breaks All-time Annual Record l Barclays Capital Tops Underwriting Rankings

Industry % Change from Last Quarter 21.5% 13.0%-13.8%

100.0

First Nine Months 2010

-7.3%

DEBT CAPITAL MARKETS REVIEW

27,421.8

-6.6%

13,937.4100.0

3.8RBSTop Ten Total 56.0

102,468,098.4

Industry % Change from Same Period Last Year

Industry Total

166,601.8

4,410,527.9

-0.3 572-6.2

-973.910

14,487-4.3

10RBS +0.643.3 +5.3

Industry Total

9

Industry % Change from Last Quarter

Top Ten Total

779 5.4 1,033.8 -0.42.6

818-

5.5

5.6

+1,584

12.3%

4.9+61796

1,354.51,334.2

-137

710.5 -0.951.0

8

189,795.5 +0.5-0.4-67

UBS 111,493.3

+29 3.8Credit Suisse

0 3.6213,237.2

+0.94.6

Credit SuisseCiti 6 4

Goldman Sachs & Co 8 6 203,575.5

210,100.1207,527.9 4.7

-1.84.87 0

650 4.59

-0.8

47

9

225,835.3

12215,037.4

4.3

5.5 4.98

Goldman Sachs & Co

Morgan Stanley 5 7 219,879.8 888Morgan Stanley 6

55.8

7

+137 Citi6.1 1,590.61115 7.7

5.0 -0.36.7 +0.8Deutsche Bank AG 4 5 296,755.6 +238 1,328.7 4.9 -0.5

UBS-0.8-0.4

+41,857.5+0.1 1026 7.1

6.27.8

-0.1Bank of America Merrill Lynch 3 3 314,967.14.1 -0.16.87.1

Barclays Capital 2 2 316,859.2JP Morgan 1 1 342,035.9

2010 Rank

2009 RankBookrunner Proceeds # of DealsShare Ch. Deals

MarketSh (%)

# ofMarketSh (%)

7.2 -0.4JP Morgan 1-2.1 2,104.5 7.71160 -2.6

897

3

8.0 -177

-91,129.8

MarketManagerShare Ch.

MarketSh (%)Fees

Market Change in

Bank of America Merrill Lynch

Barclays Capital 2 2

4

Global Debt, Equity & Equity-related (A1) Jan 1 2010 - Sep 30 2010

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

3.9 +1.63.7 +0.3


2,533,242.8

0.0%-0.2%

5.7

875 4.4+258


12921,807.0 +0.81032

+0.65.71,175.2

SECURITIZATIONS UP 39% FROM SAME PERIOD 2009 - New issuance of asset-backed and mortgage-backed securitizations totaled $132.0 billion and $400.7 billion, respectively, during the first nine months of 2010, with combined issuance up 39% from the same time last year. Global mortgage backed securities are up 66% from the first three quarters of 2009, while total asset backed securities have seen a year-over-year decline of 3%.

BARCLAYS CAPITAL TOPS DEBT LEAGUE TABLES - Bolstered by strength in investment grade debt and international bonds, Barclays Capital took the top spot for the first three quarters of 2010 with total procceds of $305.3 billion and total imputed fees of $801 million. JP Morgan ranked second by total proceeds with $301.4 billion, however total fees for JP Morgan for the first three quarters of 2010 are estimated at $1.15 billion.

2% INCREASE FOR UNDERWRITING FEES - According to Thomson Reuters/Freeman Consulting, estimated fees from debt capital markets transactions totaled US$14.4 billion during the first three quarters of 2010, up 2% from the same period last year. Fees from investment grade debt underwriting totaled US$6.3 billion, or 44% of the overall total,

# of Deals per BookrunnerProceeds per Bookrunner (US$m)

# of Deals

Imputed Fees (US$m)2009 Rank

2010 Rank

1

Jan 1 2010 - Sep 30 2010

# ofShare Ch. Deals

Market

Global Debt and Syndicated Loans

Sh (%)Market Change in

Bookrunner ProceedsMarketSh (%)

5.0 -0.58.0 -0.8342,553.1 5.8 +1.7

MarketFees Share Ch.Sh (%)

Manager Market

332,774.7 5.7 +0.9 9601,652.4

+3816.51,041.44.8 +41

5.7 -66

Deutsche Bank AG 3 5 327,841.4 5.6 -0.7

1140

4.2 +0.2-1.45.5

8.81,126.5+5

5.2 +1125.2 +0.5

208,294.21137

3.6 +0.1-0.6

304,651.1

893 862.14.5+0.1

4.0 +123 +1.0+250 574.3 2.8

805 987.9 4.8

3.06 189,295.8 3.210 173,722.6 3.0 603

616 3.1-89

-0.2772.6 3.7+18

9.2%

52.0 -0.7720.3 3.5 -0.5

10,719.720,654.2

12.8%

5,865,479.7 19,932 +3,682100.0 100.0

-7.1%22.7%

GLOBAL DEBT CAPITAL MARKETS UP 22% FROM SECOND QUARTER- Overall global debt capital markets activity totaled US$1.3 trillion during the third quarter of 2010, a 22% increase from the second quarter when volume reached US$1.0 trillion. Year-to-date activity fell 14% from the the same time last year, despite a 15% increase in the number of global offerings with 11,578 so far this year compared to 10,151 over the first three quarters of 2009.

RECORD QUARTER FOR HIGH YIELD DEBT; BREAKS ALL-TIME ANNUAL RECORD - The volume of global corporate high yield debt reached US$79.3 billion during the third quarter of 2010, the highest volume for quarterly issuance since records began in 1980. Issuance was up 49% from the second quarter which saw total proceeds of $53.2 billion. Year-to-date issuance for global high yield debt has reached the highest levels for any full year on record, with total issuance of $209 billion so far in 2010, up from $111.3 billion for the same period in 2009. Bank of America Merrill Lynch and JP Morgan control a combined 25% of overall high yield underwriting, which generated US$3.7 billion in fees - a 70% increase from the first nine months of 2009.

QUARTERLY INCREASE IN VOLUME ACROSS ALL REGIONS - Debt capital markets activity saw a quarterly increase in all regions during the third quarter of 2010, with Asia Pacific issuers registering the largest increase over second quarter activity (+37%), followed by Americas, Europe and Japan with increases of 21%, 15% and 9%, respectively. Year-to-date issuance has declined across all regions except for Japan which has seen a 3% increase in total volume with $213.2 billion in total proceeds so far this year compared to $206 billion for the same time last year.

Global Deals Intelligence

Global Debt Capital Markets by Asset Class

Global High Yield Corporate Debt- Quarterly

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

$2.4

1Q03 2Q 3Q 4Q

1Q04 2Q 3Q 4Q

1Q05 2Q 3Q 4Q

1Q06 2Q 3Q 4Q

1Q07 2Q 3Q 4Q

1Q08 2Q 3Q 4Q

1Q09 2Q 3Q 4Q

1Q10 2Q 3Q

Pro

ceed

s (U

S$t

)Investment Grade Corporate MBS Agency, Supranational, Sovereign Federal Credit AgencyABS High Yield Corporate Emerging Market Corporate

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

Q1

00 Q2

Q3

Q4

Q1

01 Q2

Q3

Q4

Q1

02 Q2

Q3

Q4

Q1

03 Q2

Q3

Q4

Q1

04 Q2

Q3

Q4

Q1

05 Q2

Q3

Q4

Q1

06 Q2

Q3

Q4

Q1

07 Q2

Q3

Q4

Q1

08 Q2

Q3

Q4

Q1

09 Q2

Q3

Q4

Q1

10 Q2

Q3

Pro

ceed

s ($

bil)

20

40

60

80

100

120

140

160

180

Num

ber o

f Offe

rings

Global High Yield Debt ($bil)Number of Offerings

1

Jan 1 - Sep 30

-0.1-0.2

0-0.5

+0.4

-0.1

-

-

+0.3

-0.7-0.5-0.2

0

-0.8-0.8+0.5+0.2

198.6

71.5116.2

0.91.22.11.0

166.2297.2138.7

0.8

1.1

0.9

1.21.4

173.0

2.82.82.1

397.8401.7295.9156.7

129.8120.9134.7

0.80.461.0+23

-51.0

+5+123+74+32.1

1,688

4,409 1,824,476.9+201.2

2.1

3,731,629.5 6,692 -16.7%

-21.9%-7.5%

No. 1 Manager

Bank of America Merrill LynchJP Morgan

344

12.2

13.37.9

JP Morgan

National Australia Bank

JP MorganAgricultural Bank of China

BNP Paribas SA

RBS

8.3

JP Morgan

14.0

RBS

JP MorganJP Morgan

JP Morgan8.2

10.8

19.8

+9.8

+0.8+0.3+1.112.5

+2.1+0.7

+1.2+1.0

+3.2+4.2

+2.2

17.1

9.9 +2.4

6.7

Australian Dollar Bonds (AJ3)Australian Domestic Securitization (AJ5)

Australia Bonds

All Bonds in Euro (N1)All International Securitizations (J10c)

Asia-Pacific Bonds

All Asian Currencies ex CDs (AS1)Asian G3 Currency Bonds ex JP & Aus (AR2)

Global Debt inc MBS, ABS & US Tax Munis (B1)

U.S. Federal Credit Agency (H1)

Global High Yield Corporate Debt (B4)Global Investment Grade (B7)Global ABS (B11)

US Bonds

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)Global Disclosed Fees (A2)U.S. Debt, Equity & Equity-related (E1)

Global Bonds

U.S. Disclosed Fees (E2)

U.S. High Yield Corporate Debt (F8)

U.S. LT Federal Credit Agency Debt (H3)13.728.5

15.1Bank of America Merrill LynchU.S. Investment Grade Corporate Debt (F9)

+0.9JP Morgan13U.S. LT Debt inc MBS,ABS &Tax Munis(F2)

U.S. Debt inc MBS, ABS, & Tax Munis (F1)

16.6JP Morgan

All International Bonds (J1)

U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)

Barclays Capital

International Bonds

Barclays Capital

Deutsche Bank AG

+1.8+4.5

+9.1-3.6

1

13.9

35.3

1

1

9.3

+11.0

420

240,985.9

Consecutive Quarters No. 1

11

363,759.2

Mkt. Share Chg. from Last Qtr (%)

-3.0%

-36.9%

Current Qtr Market Share

(%)

431,093.5

908

-10.5%

Leading Underwriters for Third Quarter 2010

Global Agency, Sovereign & Supranational Debt (B9)

1,694

-23.2%37,828.2 695 +85.2%

All Global Debt (B1)

Global Investment Grade Corporate Debt (B7)

172,278.0-21.6%

+87.8%

+72.2%

-55.2%

-1.0%-54.2%

+58.4%

3,710,722.3

1,687,100.0278,678.3

3,107,959.6

176

1,409

Global Long-term Debt ex MBS, ABS & Munis (B3)9,776

US Asset-backed Securities (F14)70,050.3

163,102.0

90,410.6

623135

277,587.5

405328,234.6

1,492

US Long-term Straight ex MBS, ABS & Munis (F3)

209,049.6

561,711.5

Global High Yield Corporate Debt (B4)

Agency, Sovereign & Supranational Debt (F10)

US Federal Credit Agency Debt (F7)US High Yield Corporate Debt (F8)

111

1

2

1

+0.81

Global Asset-backed Securities (B11)Global Short-term Debt (B14) 1,796

904,247.8400,668.7132,043.8

1,684477Global Mortgage-backed Securities (B10)

-4.6%

-1.28,068.1 56.1

28.0%

14,404.4 100.0

2.4%

0.526

+1,427

0.70.7 -6

3,903,892.3 100.0

22-3.1-0.2

1.4 -66

1.5+0.1

+0.10

-0.1

5.04.3

-126-6

+158+55

+44+25

-

Top Twenty Five Total 2,210,993.0 56.6

Nomura

22

10 4.14.5 -0.36 -0.8

0585.3515 4.1-69

12 163,700.3-40 650.7

+51+0.84.2 5.2 477.3 3.3 +0.5

-94 -1.0

06.1+45

882.8817.1 5.7 +1.1

+148 734.3 5.1 -0.2863.0 6.0

-5 9 187,640.3 4.8 +0.2

8.6 +2629987.17.3

4 5 276,669.3 +1.2841 +30

8.0 -0.8926 -1137.7 +0.2

801.0 5.6

1,110.1

-0.71,146.5

1 2

1,952

Barclays Capital 814

-14.4%-4.7%

7.8305,264.4Deals

MarketSh (%) # of Deals Fees

Change in ManagerShare Ch.

Market2009 Rank

Market # ofSh (%)

MarketProceeds

8

21

11

18

25

2324

9RBS

Global Debt Capital Markets % Change by Asset Class

Wells Fargo & CoMizuho Financial GroupDZ Bank

Industry Total


+1.2+35.3

14.1%-14.3%21.8%

2382,197 -51.8%

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

Deutsche Bank AG

-0.2

5.5Credit Suisse67Morgan Stanley 7

RBC Capital Markets

1

+66.3%

1

2

TD Securities Inc

891

121314

Citi

7,977

218

BNP Paribas SA

1516

Societe GeneraleCredit Agricole CIB

+9.2

17UniCredit Group

11,578

National Australia Bank 45.6

JP Morgan

+37.5

122207,244.6

234273

353

1

10

11

1

Global Debt

Global Debt (B1)

No.

JP Morgan

JP Morgan12.3

16.1

593

7,465

3,845111,314.3 234

4,146,538.9

444,317.4

117,731.8

877

136,095.3207,629.8

1,432,475.5356,827.8US Federal Credit Agency Debt (B8)

Proceeds

US Taxable Municipal Debt (F15)US Short-term Debt - including MBS, ABS (F16)

Global Long-term Debt (B2)

$USm

203,408.7US Investment Grade (F9)

US Long-term Debt (F2)

US Mortgage-backed Securities (F11)

1,748,643.51,259,948.0

100,027.7

1,472,465.14,1312,058868361

Jan 1 2009 - Sep 30 2009

3,041

ProceedsNo.Jan 1 2010 - Sep 30 2010

Deals Deals

567,294.7

354,008.2

$USm

1,835,269.7 2

2010 RankBookrunner

JP Morgan

4 187,449.4 4.8

78,651.9

4.210

159218

181,786.6

556

602691

-0.2

2433.1

1.9179

2432.7

8.0Bank of America Merrill Lynch

Daiwa Securities Group Inc

Santander

28

499

135

8623,742.522,558.8

13 3

Proceeds per Bookrunner (US$m)

in Proceeds

21

Commerzbank AG

23

2019

Natixis

HSBC Holdings PLC

% Change

Goldman Sachs & CoUBS

1617

811

1314 59,817.4

2418

59,160.72015

38,389.537,397.9

40,004.4

1.61.8

1.51.5

+0.668,871.863,579.4

+0.5-0.7

+0.31.01.0

-0.3

0

7.2

0.60.60.7

1.0

4.7

2.0

0.9

0

3.93.2

-0.9-0.9

7.7-0.5-1.7

Share Ch.

+0.2

-2.1


Market

7.0

153,184.1125,377.9

301,446.5281,835.2

161,681.4163,519.6

581

Jan 1 2010 - Sep 30 2010

Imputed Fees (US$m)

Sh (%)-7

# of Deals per Bookrunner

269

6355.8

4.24924.4

4.82.3

6696.0

3173550.9 +0.3

35,840.836,844.8

82

12127,791.0

1

11

Global Scorecard

All US Debt (F1)

66.3%

91.0%

44.8%

-7.5% -36.9% -21.9% -3.0%

-100%

-50%

0%

50%

100%

InvestmentGrade Corporate

Agency,Supranational,

Sovereign

Federal CreditAgency

MBS ABS High YieldCorporate

Emerging MarketCorporate

2

*tie

8Lloyds Banking Group

RBC Capital Markets

-21.5%-5.4% -19.4%

-30.7% -27.7%

149.1295 +73 245.0 100.0125,643.4 100.0

61.069.1 -16.3

2,528.6BNP Paribas SA 10 9RBC Capital Markets 9 -

32.9%

Top Ten Total 86,812.1 -19.02,502.2 2.0 +0.1 3.1

2.6 +2.5+2.2

5.49 2.2

+63.68.8

6.3-1.0

2.0 +2.0-0.1

2.7 +8-1

82.0

7 20- 4,006.9 63.2 +3.2

3.97 4,875.0 6.8 -3 11.8 -3.1-0.6

-3.0%

357.8 -0.5

+0.6

+0.7

# ofMarket

9.7

9,766.58.3

1 -10.512,241.110,668.0 8.5

44.5%-36.6%

Manager

10.4

Share Ch. Sh (%)Sh (%) # of DealsSh (%)51

Imputed Fees (US$m)MarketChange in

-21.7%-5.7%

Jan 1 2010 - Sep 30 2010

Market Market

Industry Total 132,043.8 100.0181.9

+106 336.8

2.0 +0.6+1.410 2.6

100.054.0 -21.3

344

+1.9 82,528.6+1.7

3.0 +3.013

+6

+82.3

6 1.7

1.9 8.8+10 6.82.0

6.3

-8.0

1.9 +1.84.2 -2.514.27 5,050.0 -1.0 22 6.4

17.6+10 5.2Deutsche Bank AG 6 5 9,766.5 -1.77.411.6 +6 24.2

16.9 5.0 -7.47.2 -1.3

+12 11.839 11.3 -340

11.9RBS 3 6 12,273.0 9.3 +1.8-3.2

41 +3.939.622.2 6.6

-6.6

Change in Manager Market MarketShare Ch.# of Deals Fees Sh (%)

25.3 7.55348

15.4 +1114.0 +20

75.0 -4.0

8.6

3.8

2 11,309.4

Lloyds Banking Group 8 -

-14.0% -4.9%57.4%

984.4 100.0+124Industry Total 400,668.7 477

35.1%

100.0

Industry % Change from Last Quarter -3.4%Industry % Change from Same Period Last Year 66.3%

Top Ten Total 740.242.7+22 4.3 +3.2

79.8 -4.6

6.5 +6

319,500.1+3.4 27 5.74.8

4.8 -1.247.5Citi 9 6 19,772.7Nomura 10 13 19,216.8

4.930

-2.1+3.7

31

+2.17.0

5.0 6.3-3.7 60.0

6.937 7.8 +6

67.8

4.6 +3.245.7+20Credit Suisse 5.87 4 23,416.7Morgan Stanley 8 14 19,975.9

-5.07.1

+2.1-2.76.1

4570.1 -6.1

9.4 +8+77.6 -6.3 7.134

8.4 -5.9 43Goldman Sachs & Co 5 3 30,453.7Deutsche Bank AG 6 8 27,880.3

Barclays Capital 4 2 33,481.4+14 8.7

9.0 +11 8.381.78.8 86.0

83.1 8.4+2.4-1.1+15

429.3 +2.5RBS 3 79.7

37,297.7

17.3 +1.4 57 11.9 +21 155.6+0.3 46 9.6

Bank of America Merrill Lynch 1 1 69,269.9JP Morgan 2 5 38,735.0

4 23

6

-8.05 6 10,454.4

5

4 13,069.4

67.9

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter -29.4%


-15.3

5

Market

12,241.1

4,006.97

9 23-

2,678.2

89,722.8

15.8 +1.2


CitiJP Morgan

Deutsche Bank AGRBS

Credit Suisse

Market MarketSh (%) Share Ch.

Proceeds16,799.7

Sh (%)Market

Deals# of

Share Ch.Market

9.9 +0.3

Sh (%)12.7

11.9 +11

16.3

4.817.6 7.2

17.3 +11

18.3 7.5

9.1

2

2010 Rank

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) # of Deals Fees


9.6Fees

13.3

BookrunnerBank of America Merrill Lynch


-7.6

Deals

35 10.2-1

3.8

Bookrunner

-10.4CitiJP Morgan 4

Credit Suisse

Wells Fargo & Co

Top Ten Total

1 3

2010 Rank

2009 Rank

# of Deals per BookrunnerProceeds per Bookrunner (US$m)

Barclays Capital 2

# of Market

Sh (%)

+0.1-

-0.8

Global Mortgage-Backed Securities (B10)

2010 Rank Sh (%) Share Ch.

2009 Rank

MarketBookrunner Proceeds

-110.0

Barclays Capital1

13,069.4

Market

-3.3

MarketShare Ch.

+0.3

-5.8

-0.5


Global Investment Grade Corporate Debt (B7) Jan 1 2010 - Sep 30 2010

Global Debt

Proceeds per Bookrunner (US$m) Proceeds per Bookrunner (US$m)Imputed Fees (US$m)

Jan 1 2010 - Sep 30 2010


Global Asset-Backed Securities (B11)

Imputed Fees (US$m)

+28

Share Ch.


Deals

8.1

# of Deals+0.2

# of MarketMarket

79,753.2 6.64.7 +0.8 291

-7.5-218.3+4 7.516.9 6.9

80,769.4 4.8 -0.4 346 3.5222.1 -0.6

48-2.9

+94

852,727.0

-0.6 301 6.8

3.8


Top Ten Total

Share Ch.16,700.0

-2.423.5

BNP Paribas SA

9

Morgan StanleyHSBC Holdings PLC 6 6Credit Suisse 5

7 10

-1.712.9 -2.5

40 13.6 +12

2010 Rank

MarketProceeds

2009 Rank Sh (%)Bookrunner

13.23922.2+20

38

9.3

34

2009 Rank

Proceeds

1

Global Asset-Backed Securities ex-CDOs (B13)

MarketChange in

-0.85.0

ManagerFees Sh (%)

+19 314.3JP Morgan 1 1 113,285.8 6.7

Bank of America Merrill Lynch 4 4 90,433.9

Barclays Capital 2 2 98,978.73

-0.55.96.9341 7.7 -34 435.2

357Deutsche Bank AG 4.9306.795,479.6 364 8.35.7 0

+0.9 265

3

80,901.05.44.8 6.0 +49

309 7.0 -7

7.8 -38+0.4238.9-0.25.5

3.8349.2

8 7 74,840.2 4.4Citi 9 5 73,572.8RBS 10 8 64,712.4

-0.63.6 -0.7

4.4

301.6 4.8+5

280 6.4227.3

-29 327.7-53243 5.5

Sh (%) Share Ch.Market

100.050.6 -1.1


252.9 4.0-0.8

Market

50.5%

+564 6,316.4

-7.5%

100.02,975.9

1,687,100.0Industry Total

ManagerImputed Fees (US$m)

Global Debt and Syndicated Loans Islamic Finance Jan 1 2010 - Sep 30 2010

4,409


12

17

27.9 +2 +11.49.2

-15.04.5

22.510.1

49.7%

-0.3

Market

5.2

+6.8

-10.5%

47.2 -2.9

+0.1

Share Ch.Market

Deals Sh (%) # of Deals FeesMarket

- - 14.0

14.7%


10.3%

-5.8217

- 2.3 5.1

# of Change in

-6

Sh (%)48.816.3

Bookrunner Proceeds

HSBC Holdings PLC 3 2 773.3

2,607.1857.0

CIMB Group Sdn BhdMalayan Banking Bhd

694.3 7.4

2010 Rank

2009 Rank

8.3AMMB Holdings Bhd 4 3.0 +2.9

-14.1- 1.3-

Oversea-Chinese Banking 5 - 493.1 5.3- - 7 16.3 -- - +3.32 4.7 - - 1.5 3.3

12 416.7 3.0 -1.22.3 0 - 1.31DBS Group Holdings 7 - 370.3 4.0 - -Barclays Capital 6

- -4.5 -3.4

- 42.6 -Standard Chartered PLC 8 6 245.0+3.5

2

1 2.33.6

1.6 3.5- 1.69.3 - -3.1

4.7 2.8 +2.1- 1.24.7 - - -3.01.0 2.1

RHB 9 13 227.92

-209.2

2.4 ---Citi 2.2 -10 4

43-24.2

100.0+8.626.3

44.559.0

-13Top Ten Total

-54.9%

9,338.773.8

100.06,893.9

Industry Total

Jan 1 2010 - Sep 30 2010

Industry % Change from Same Period Last Year-27.8%

Industry % Change from Same Period Last Year18.9%

-23.2%Industry % Change from Last Quarter

Industry Total

Industry % Change from Last Quarter17.9%-49.1%

Global Asset-Backed Securities and CDOs

0

50

100

150

200

250

300

350

400

450

1Q05 2Q 3Q 4Q

1Q06 2Q 3Q 4Q

1Q07 2Q 3Q 4Q

1Q08 2Q 3Q 4Q

1Q09 2Q 3Q 4Q

1Q10 2Q 3Q

Pro

ceed

s ($

b)

Non-CDO ABS ($bil)

Global CDO ($bil)

3


Banking Composite: Global Debt

Issue Type Composition of the Top Global Debt Bookrunners Jan 1 2010 - Sep 30 2010


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Barclays Capital JP Morgan Bank of America MerrillLynch

Deutsche Bank AG Credit Suisse Citi Morgan Stanley UBS Goldman Sachs & Co RBS

% T

otal

Pro

ceed

s

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS

4

* League Table positions reflect consolidation within the banking sector

Global Debt Rankings* - Last Ten Years



0

1

2

3

4

5

6

7

8

9

10

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Ran

k

0

1

2

3

4

5

6

7

8

9

10

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Barclays Capital

JP Morgan


Deutsche Bank AG

Credit Suisse

Citi

Morgan Stanley

UBS

Goldman Sachs & Co

RBS

5

-0.6+0.4+0.4

-

-

-1.2+0.4-0.7-1.1

0

+0.4-0.2+0.4-0.2

0-0.1

-0.2

0.7

0.80.60.70.80.70.4

2.43.92.21.60.40.90.4

0.5

23.218.619.822.819.012.813.419.7

70.3113.564.347.610.724.712.5

-

+4+7

-20

+1-150-91.0

1.11.3

-17-6

-15-4

+2-1

+2

0.52.70.61.81.80.51.61.4

7.113.26.32.4

78

11113

1096

-0.2-0.7

448239153

174

+0.2-0.2

0.3+0.2+0.3

-0.9-0.1-0.5-0.2+0.6

0+0.4

00

SantanderItau Unibanco

SunTrust BanksRBC Capital Markets

0.30.30.30.3

1,895.5

US Bancorp

3.72.61.90.70.60.50.4

Credit Agricole CIBSociete Generale

HSBC Holdings PLCWells Fargo & CoBNP Paribas SAMitsubishi UFJ Financial GroupNomuraScotiabank-Bank of Nova ScotiaJefferies & Co IncMizuho Financial Group

451741

30

192028181614

9121315

1,761.2

2425

1,734.01,646.91,389.343

3,251.22,753.0

2,071.11,896.2

2,071.6

20212223

19

12131415

39.8% -16.8%Industry % Change from Last Quarter -4.2%

Top Ten Total

Industry % Change from Last Quarter 110.6% 77.5%

76.5 -2.3

Change in Manager

37.7 -10 299.2

-4.0%

54.9%

13.0%35.1%

Share Ch.-17 353.2 12.2 +0.9

# of Deals Fees Sh (%)241 38.7


JP Morgan 1 85,592.7 15.2 +2.5

Credit Suisse

Top Twenty Five Total

11

0.40.40.3

2

2,401.4

20,868.514,810.310,758.03,799.5

Share Ch. Deals Sh (%)

166

5.1%

Market MarketMarket Market # of MarketImputed Fees (US$m)


US DebtHighest US High Yield Volume on Record l Bank of America Merrill Lynch Top Bank for US Debt l Record Low Investment Grade Coupons

US Investment Grade Corporate Debt (F9) Jan 1 2010 - Sep 30 2010

Bolstered by the two largest US High-Yield quarterly volumes on record - the third and first quarters, respectively -the first nine months of 2010 have already surpassed all previous annual volume records.

US Investment Grade volume declined 1% compared to the same period of 2009. Third quarter volume increased110.6% compared to the second quarter of 2010, and ranked as the highest quarterly volume since the secondquarter of 2008.

For the sixth consecutive quarter, Financials ranked as the top sector for US Investment Grade debt, accounting for47.5% of third quarter issuance, up from 41.8% of the market during the same period a year ago.

Driven by the increased issuance from the Federal Credit Agency CMO market, the US Mortgage-Backed marketrebounded. Year-to-date volume rose 58.4% compared to proceeds raised in the first nine months of 2009.

Proceeds

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2010 Rank

2009 RankBookrunner Sh (%)


7 7

US Deals Intelligence

US Debt (F1) Jan 1 2010 - Sep 30 2010


Barclays Capital

161718

10.3 -0.8

35.8%

2 1 68,222.5

5 5 43,489.1

Deutsche Bank AG

12.2 -0.5 235Citi 3 3 53,074.6 9.5 -1.4 26.6 -10 9.0 -1.2Morgan Stanley 4 4 48,930.0 8.7 -10

259.6-1.2 135 21.7 213.2 7.4 -0.9

6.3 -1.7Goldman Sachs & Co 6 6 41,150.1 7.3

7.7 -1.8-12+0.1

141 22.6 -4 182.4

132 21.2114 18.3

+1341,005.5 7.3 +1.1 +0.1176.7 6.1 +0.2168.2 5.8

+0.5 93 14.98 8 35,638.0 6.3 +10 +0.6155.6 5.4RBS 9 10 25,947.2 4.6 +0.2 78 133.7 4.6 +0.6

76 12.212.5 -15

-18 -0.7UBS 10 11 23,951.9 4.3 +0.6 103.5 3.6

2,538.2 87.7

-

540,109.3 96.1 -1.0 -5.2Industry Total 561,711.5 100.0 623 100.0

Industry % Change from Same Period Last Year -1.0%

+30 2,899.7

73.8%

Industry % Change from Last Quarter 57.0%Industry % Change from Same Period Last Year 72.2% 65.6%

3,126.5 100.0Industry Total 172,278.0 361 +143148,872.1 2,389.386.6 -4.1

4.3 -0.965 18.0 +9 134.74.6 +2.2

Wells Fargo & Co 10 8 7,956.8 4.6 -1.85.1 +3.4 61 16.9 +48 142.2UBS 9 11 8,716.2

+1.278 21.6 +49 175.5 5.66.6 -0.9

Barclays Capital 8 9 10,607.9 6.2 +2.67.1 -0.5 68 18.8 +31 205.4Morgan Stanley 7 7 12,247.6

-2.689 24.7 +25 208.8 6.77.5 +0.8

Deutsche Bank AG 6 4 13,071.0 7.6 -2.58.1 +0.3 80 22.2 +33 233.2Goldman Sachs & Co 5 6 13,868.8

-1.089 24.7 +31 248.0 7.910.6 +2.4

Citi 4 3 15,278.6 8.9 -2.210.8 +2.4 86 23.8 +37 331.5Credit Suisse 3 5 18,640.5

-3.4142 39.3 +38 335.7 10.712.0 -0.1

JP Morgan 2 2 23,223.0 13.5 -3.514.7 -2.3 174 48.2 +59 374.3Bank of America Merrill Lynch 1 1 25,261.7

Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals FeesMarket Market # of Market Change in Manager Market Market2010

Rank2009 RankBookrunner Proceeds

2010 Rank

2009 RankBookrunner Proceeds Sh (%) Share Ch.

Market Market # of Market Change in Manager

13.1 +0.2

Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees

Bank of America Merrill Lynch 1 2 229,836.0 0.2 +104 989.0JP Morgan 2 1 207,844.9 11.9 -1.9

666912.0 10.6

11.5 -0.4622 0.2 +21

11.5 -0.3 437Barclays Capital 3 4 200,168.4 6.8 -0.9-1.8

0.1 +81 581.5Citi 4 3 145,939.5 8.4 -3.7 456 0.1 733.1 8.6 -2.0

8.2 +1.2+10

0.1 +102 543.8Deutsche Bank AG 5 7 144,072.7Goldman Sachs & Co 6 6 120,780.3 6.9 -1.5

-0.3316 0.1 -3 -0.6419

544.1 6.46.4

Morgan Stanley 7 5 114,339.3 6.5 -2.2 351 6.5 -1.4288 0.1

0.1 +23+1.8631.3Credit Suisse 8 8 103,779.6 5.9 +0.9 +53

554.9

5.3 +1.6 0.1 +30 4.27.4

356.9RBS 9 9 92,841.9 +0.6UBS 10 11 88,974.7 5.1 +1.9

222+0.8247 0.1 +55 327.0

Industry Total

3.8Top Ten Total 1,448,577.3

1,748,643.5 100.082.8 -3.8 6,173.6

+1,090 8,570.34,13172.2 -4.2

100.0

Jan 1 2010 - Sep 30 2010


US High Yield Corporate Debt (F8) Jan 1 2010 - Sep 30 2010


All Federal Credit Agency Debt (H1)

2010 Rank


Market Market # of Market Change in Manager

12.5 +3.1

Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees

UBS 1 4 107,074.9 12.1 +182 96.1Barclays Capital 2 2 106,148.0 12.4 -0.5

72864.9 8.3

12.3 +2.0232 3.9 -1

11.0 +2.7 452Deutsche Bank AG 3 5 94,692.4 9.6 +0.8-2.8

7.5 +178 75.0JP Morgan 4 1 78,910.5 9.2 -4.1 324 5.4 61.1 7.8 -4.0

7.0 +1.5-76

4.4 +39 47.0Citi 5 9 60,234.2Bank of America Merrill Lynch 6 3 48,284.1 5.6 -4.7

+0.5256 4.2 +7266

42.0 5.46.0

5.3 -1.8 283Morgan Stanley 7 6 45,730.0 4.8 -1.4-6.4

4.7 +81 37.6Goldman Sachs & Co 8 7 41,502.8 4.8 -2.0 196 3.3 27.7 3.5 -2.9

4.1 -1.4+40

4.0 +61 34.5Credit Suisse 9 8 34,991.8First Horizon National Corp 10 11 31,873.1 3.7 +0.9

-2.0728 12.1 +99242

46.1 5.94.4

75.6 -6.3Top Ten Total 649,441.8 68.0 -13.2+3.0

532.0100.0Industry Total 859,721.8100.0 782.2

26.3%23.8% -12.8%

Industry % Change from Same Period Last Year -0.7% 26.9%

6,024 100.0+1,277

Industry % Change from Same Period Last Year -4.7%-13.7%Industry % Change from Last Quarter 35.1%

6

Bold: Third quarter issuance

AA7/28/2010 McDonald's Corp 297.9 4.875% 7/15/2040 85 A3 A

80 A1 A6/30/2010 Wal-Mart Stores Inc 738.5 4.875% 7/8/2040 108 Aa2

Northern State Power Minnesota 249.3 4.850% 8/15/2040

A-8/25/2010 Idaho Power Co 99.8 4.850% 8/15/2040 130 A2 A-

4.800% 9/1/2040 130 NR9/1/2040 125 A3 A8/26/2010 Georgia Power Co 495.2 4.750%

A1 A8/12/2010 Johnson & Johnson 538.4 4.500% 9/1/2040 68 Aaa AAA

AAA8/23/2010 San Diego Gas & Electric Co 494.5 4.500% 8/15/2040 88 Aa3

3.500%

BPS Moody's S&PIssue Date Issuer Name Proceeds Coupon

A+Aaa

10/1/2020 90 A3 BBB+9/8/2010 Pacific Gas & Electric Co 547.3 3.500%9/15/2020 100 A3

A8/15/2020 62 A2 A-

BBB8/3/2010 Public Service Electric & Gas 249.4 3.500%

A-3.500% 7/15/2020 55 A33.450% 10/1/2020 80 A2

88 A2 A9/7/2010

Johnson & Johnson3.000%

9/1/2020Final Maturity

A2 A-

Issuer Name Proceeds Coupon BPS Moody's

Aa1 AA

Aa2 AA8/30/2010 Dominion Resources Inc 249.6 2.250% 9/1/2015 90 Baa2 A-

A3 BBB9/8/2010 Hewlett-Packard Co 1098.8 2.125% 9/13/2015 70 A2 A

9/16/2015 82 A3 A-A21/15/2016 72 A

S&P

8/15/2015 38 A1 AAaa

Final Maturity BPS Moody's

8/5/2013

Final Maturity

75706562556053

30

9/13/20139/10/20139/13/20138/12/2013

1.450%1.400%1.375%

2.950%

1249.1499.4998.5

1.375%1.300%1.250%

1498.3499.4998.7999.2

8/2/20101.125%1.000%

Proceeds CouponMicrosoft Corp 998.4

1099.11493.9

0.875%

Royal Bank of CanadaHewlett-Packard CoIBM

Issue Date

All-Time Lowest Coupon Rates 10 Year Maturities: All Ratings

50

A2 A-

1.375%

8/4/2010

9/22/2010

AAAa2Aa3

Aa2 A+

9/7/2010

A2 A-

8/4/2010

6/30/2010

409/27/2013 25 Aaa

8/1/20129/15/20131/15/20149/13/2013

30 Year Maturities: All Ratings

9/8/2010 Total Capital SA 997.5 2.300% 3/15/2016

473.3 2.125% 9/15/2015

Microsoft CorpNorthern State Power Minnesota 249.5 1.950%

France Telecom SA 746.0 2.125%

1.625%

747.7

A2 1.950%

1742.3

495.2

AAA

AAaa AA-

699.8 2.300%90

7/8/2015

90

11/1/2020 95

9/15/2020Allergan Inc 648.0 3.375%

Idaho Power Co 99.5 3.400%10/1/2020

7/28/2010 McDonald's Corp 448.2

9/27/2010 Alabama Power 249.68/25/20108/12/2010 Detroit Edison Co(DTE Energy) 298.8

3.375%

Aa3

80

9/7/2010 International CCE Inc 520.4

Aaa43Aaa10/1/2020

All-Time Lowest Coupon Rates

A3 A 9/7/2010 International CCE Inc

DuPontA1 A+

5 Year Maturities: All Ratings

80

AAA9/25/2015

9/22/2010 Microsoft Corp

9/20/2010

989.1

Wal-Mart Stores Inc

All-Time Lowest Coupon Rates

2.250% 53

83

Coupon

100

AA-

S&P

A+

AAA

A+9/7/2010 Dell Inc

496.8 4.500%

Final Maturity 4.500% 10/1/2040

9/1/2040

9/10/2015

Issue Date

9/7/20109/7/20109/8/20108/9/20102/1/20109/20/20109/29/20109/8/2010

9/22/2010

AAAA3

540.69/22/2010 Microsoft Corp 991.48/12/2010

55

544.2

Moody's S&P ProceedsIssue Date Issuer Name

8/25/2010 SC Johnson & Son Inc

8/25/2010 So Cal Ed

All-Time Lowest Coupon Rates 3 Year Maturities: All Ratings

Canadian Imperial Bk CommerceDell IncUS Bancorp,Minneapolis,MNToyota Motor Credit CorpProcter & Gamble CoGeorgia Power Co

Issuer Name BPS

Record Breaking Low Coupon Rates Average Annual Basis Point Spread: All Ratings


US Corporate Investment Grade Coupon Spreads

Average basis point spreads have tightened considerably from the levels set a year ago. The average spread for allUS investment grade issuance tightened from 317.6bps in 2009 to 169.7bps through the first nine months of 2010.Average basis point spread for five year maturities experienced the greatest amount of tightening, falling from372.2bps in 2009 to 166.4bps for the first three quarters of 2010.


Benchmark Treasury yields tightened considerably over the course of the first nine months of 2010. Issuers havetaken advantage of such incredibly attractive levels, pricing bonds with the lowest coupons on record - all of whichhave priced in the first three quarters of 2010, with a majority of the transactions pricing in the third quarter.

Each maturity of September's four-part US$4.75 billion Microsoft transaction ranked in the top ten for record lowcorporate bond coupon rates. The US$1 billion three-year bond priced as the first sub-1% corporate coupon, at0.875%. The three, five and thirty year ranked as the lowest coupon rate on record for their respective maturities,and the ten-year maturity ranked as second lowest behind Johnson & Johnson's August offering.

0

500

1000

1500

2000

2500

3000

2000 01 02 03 04 05 06 07 08 09 10

# of

Issu

es

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Ave

rage

Bas

is P

oint

Spr

ead

# of Issues Average BPS All Average BPS 3yr Average BPS 5yr Average BPS 10yr Average BPS 30yr

*Excludes financial arms of sovereign states and floating rate issuance.

7

58.4%-6.7% -6.0%47.4%

-17.5% -9.4%57.7%

100.0

+3.5RBS 2 7 30,888.3 10.0 +2.2

1 3 64,740.7 20.9

9

42 11.5Share Ch.

Bank of America Merrill Lynch 143.7 18.5Sh (%)Proceeds Sh (%) Share Ch. Deals # of Deals

+4.7Sh (%)

+14Fees

Market Market

5 9,386.0

# of Market Change in Manager

23.9 13.3 +3.320.5

2010 Rank

2009 RankBookrunner

-4.1

+3.54.85.0

10.4 0


US Securitizations

328,234.6 100.0

Imputed Fees (US$m)

-7.9%

816.8

Jan 1 2010 - Sep 30 2010

48.4%

405 +13281.3

+4.4-4.8

36.6663.3

4.5284,404.9 86.7 -6.3

+23+4.640.3 4.926 6.4 +16

6.2

+3.4

-3.75.6 -1.5

+1.9+3 50.3

45.9+7

6.653.67.7 +2

24 5.9

7.76.7

Market

6 8

1

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

31

5.7 -2.2

6.9 +1.83127

6.67 46

21,483.28 22,647.9

8

15,644.716

Citi

10Nomura

6 18,805.6Morgan Stanley 9 11 16,556.7

8.2 +6

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

58.4%

Top Ten TotalIndustry Total

75.1

-6.1%

3030,263.7

64.17.4 -3.0

-5.839 9.6 +9 64.3 7.9 -1.8

-6.1 36

+8

+833 18.8 +9

44.3%

4 3 11,122.3 12.3-6.036 20.5 -4 15.8 8.8

13.6 +2.8 21.0 11.743Barclays Capital 2 4 12,297.0

Fees Sh (%) Share Ch.11.9 -5.121.4

+0.1

Deals Sh (%) # of Deals

24.4 +1748 27.3 +6

-5.4+1033 8.1

75.9 9.366.9 8.2

39 9.6


32,068.7 9.8Barclays Capital 3 2

2009 Rank

68,009.6

US Mortgage-Backed Securities (F11)

-6.6-1.8

-6.18.8

JP Morgan 27,791.2 8.5Goldman Sachs & Co 4 3 28,821.0

Deutsche Bank AG

Share Ch.17.6 -0.9

Citi12.8 -9.7

Share Ch.

Bank of America Merrill Lynch 1 2 15,925.2

JP Morgan 3 1 11,566.2

MarketBookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market2010

Rank2009 Rank

+2.3

Sh (%)

Jan 1 2010 - Sep 30 2010

# of Deals per Bookrunner Imputed Fees (US$m)Manager

13.678.1 9.68.6 +9

Share Ch.+21 151.4

# of Deals18.5 +1.4

Fees

7 32,576.355359.9 +2.3

20.7 +2.3

MarketMarket Market # of Market Change in Manager Market

3

Bank of America Merrill Lynch 1 1

5 5Deutsche Bank AGCredit Suisse

RBS 2

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Bookrunner Proceeds2010 Rank Deals Sh (%)Sh (%)

Imputed Fees (US$m)

Market# of Market Change in Sh (%)

US Asset-Backed Securities (F14) Jan 1 2010 - Sep 30 2010

RBS 6 6 8,591.7 9.55 16.8 9.4

+1.9-6.4

33 18.8 +5 15.8 8.8 -0.3Credit Suisse 7 7 5,050.0 12.5 -1 14.1 -0.3Wells Fargo & Co 8 13 2,678.2 3.0 +2.6

5.6 0 226.8 3.8

7.813 7.4 +10 +2.2

9 2,063.4 2.3 +0.9 9 5.1 +5BNP Paribas SA 10 8 1,655.2 1.8Morgan Stanley 4.9 2.7 +0.9

6 3.4 0 - +0.5Top Ten Total 80,335.2 88.9 -8.4

+0.1144.9

4.4 2.580.7 -11.1

Industry Total 90,410.6 100.0 100.0176 +54 179.2

-39.5%Industry % Change from Last Quarter -31.4%

-23.2%-17.1%-24.2%

9.7 +2.2-6.7 36 9.9 +10 72.3

Goldman Sachs & Co 4 2 27,423.5 8.8 -7.5Barclays Capital 9.8

8.39.3 -5.9

30 8.2 +5JP Morgan 5 5 23,044.0 -2.8

-6.50 - 55.2 7.1

7.0 +1.87.126

+1.8Credit Suisse 7 4 21,116.1 6.8 -3.9

27Deutsche Bank AG49.5 6.4

6.651.57.4 0 -21,786.029 8.0 +2

+6-3.5

Citi 8 6 17,956.7 5.8 -2.4 23 43.9 5.7 -1.625 6.99 11 16,499.3 5.3

Nomura 10 15 15,644.7 5.0Morgan Stanley

+4.8+3.7 40.1 5.2

+4.536.6 4.7+3.7

Top Ten Total 269,363.0 86.8 -6.3 632.0 81.5 -4.6364310,332.0 100.0Industry Total



775.8 100.0+117

Quarterly Residential ABS, MBS & CDO Volume

24 6.6 +23

6.3+15

US ABS Collateral Breakout Jan 1 2010 - Sep 30 2010

Industry % Change from Same Period Last Year 58.4%$0

$100

$200

$300

$400

$500

$600

1Q03 2Q 3Q 4Q

1Q04 2Q 3Q 4Q

1Q05 2Q 3Q 4Q

1Q06 2Q 3Q 4Q

1Q07 2Q 3Q 4Q

1Q08 2Q 3Q 4Q

1Q09 2Q 3Q 4Q

1Q10 2Q 3Q

Pro

ceed

s (U

S$b

)

0

100

200

300

400

500

600

700

800

900

# of

Issu

es

Proceeds (US$b)

# of Issues

1%9%6%

14%

50%

20%

CDO Real Estate Credit Card Student Loan Auto Other

8


Banking Composite: US DCM


DCM Bookrunner Industry Composition (Excluding Financials) Jan 1 2010 - Sep 30 2010DCM Bookrunner Industry Composition Jan 1 2010 - Sep 30 2010

0%

20%

40%

60%

80%

100%

JPM BoA Barc Citi MS GS DB CS RBS UBS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JPM BoA Barc Citi MS GS DB CS RBS UBS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

Financials

9

*tie

All Bonds in Euros (N1)

All International Securitizations (J10c)

2010 Rank

2009 Rank

# ofMarket Market

+6.5

All International Bonds Monthly Volume

13.1%Industry % Change from Last Quarter 34.1%Industry % Change from Same Period Last Year -17.8% 17.2%

10,173.4 100.0

36.2%6.3%

Industry Total 2,516,739.458.0 -0.4

3,957 +58260.9 -1.3

100.0Top Ten Total 1,533,400.9

453.1 4.55,907.8

373 9.4 -52RBS 10 9 109,747.7 4.4 -0.6 -0.310.4 -34 3.6 -1.24.5 -1.1 411BNP Paribas SA 9 8 112,314.7

384.6 3.8365.8

359 9.1 +105UBS 8 13 121,504.2 4.8 +1.8 +1.010.0 -20 6.3 -0.7643.7Citi 7 4 123,133.5 4.9 -1.8 394

422 10.7 +66 669.8 6.6 +2.3Credit Suisse 6 11 131,181.1348.9

+0.73.4 -1.2

835.0 8.210.8 -54428HSBC Holdings PLC 5 5 136,682.4

4 6 173,632.5 6.9 +0.5 5745.4 -1.1

14.57.0 +0.1

+111716.7

+44+0.8 681 17.2 +170

2 2 212,394.9 -0.4

Fees601.7

8.7 -0.25.9

888.5-0.9

Market MarketSh (%) Share Ch.

# of Market

621513 13.0 -10

15.7

-1.9


International Debt Sovereign Sector Issuance Solid | Deutsche Bank Top Third Quarter Euro Fee Earners | Continued Restriction of Corporate Activity

All International Bonds (J1) Jan 1 2010 - Sep 30 2010

Change in ManagerImputed Fees (US$m)

12.2 -61

13.4

5.1

-9 106.94.75.4

Proceeds per Bookrunner (US$m)2010 Rank



Sh (%) # of Deals


13.6 95.8 4.9

-1.0101.0

Deals

166

Market Market

-0.68.47.9

5.2 +1.2

-1.2HSBC Holdings PLC

UniCredit Group 6 9

4 3

42,557.85.7 -1.7 148Societe Generale 5 2 44,322.3

+0.5164 13.5 -21 91.647,943.6 6.2

+0.66.7 +0.4 163

168.9Barclays Capital 3 5 51,615.4

Sh (%)

8.6Deutsche Bank AG 2 4 60,005.2 7.8 +0.6 17.7216 +3246 20.2 +2

Manager Market MarketFees Sh (%)162.8 8.3

Share Ch.+0.1

Market # of Market Change in

BNP Paribas SA 1Sh (%)

1 61,872.4 8.0 -0.8Share Ch. Deals

8.5


2010 Rank

2009 Rank

Deutsche Bank AG 3 3 197,963.4JP MorganBarclays Capital 1 1 214,846.5

Bookrunner Proceeds

Jan 1 2010 - Sep 30 2010

Proceeds per Bookrunner (�€m) # of Deals per Bookrunner Imputed Fees (�€m)Market

# of Deals

Market MarketMarket Change in Manager

Jan 1 2010 - Sep 30 2010


# of Deals FeesBookrunner Proceeds Sh (%) Share Ch. Sh (%) Share Ch.17.5 +6.3

Deals Sh (%)20.6 +14 27.8

Lloyds Banking Group 2 8 10,213.6 10.2JP Morgan 1 3 17,577.4 22

9.8 -0.1 18

+1.68 7.5 +7 -1.515.2 8.3

15.3

RBS 3 5 9,786.621

16.8 +12 15.2 8.4 +0.28.8 -8.4Barclays Capital 4 4 8,222.6 8.2 -2.9

7,734.719.6 15.9

7.7 -21.1+14

15.9 +9ABN AMRO Bank 6 - 7,347.1

17Bank of America Merrill Lynch 5 17.3 +7.3 2 1.9 +25.1 -7.2 13 -1.1

11.0 6.16.2 -8.111.3

Deutsche Bank AG 7 2 5,082.95.0 +2.6

+6.112.1 +6 9.6 5.3

Citi 8 10 5,029.9 3.9 +0.7+4.0

14 13.1 7.1

10 - 2,858.93.0 +3.0

+114.7 +5Rabobank NV 9 - 3,031.1

5 4.7 +5 +2.57.3

Top Ten Total 76,884.8 76.72.9 +2.9Societe Generale

68.8

54.5 2.5

4.0

-2.7 -4.0107 181.7 100.0

124.9Industry Total 100,239.4 100.0 +76

181.7%-20.1%-35.7%

245.2%Industry % Change from Same Period Last Year 200.3%Industry % Change from Last Quarter -23.8%

6 39,123.8+0.8

5.1 -0.6+345.5 +1.2

JP Morgan 8 7 34,454.8 4.5 -0.7Credit Agricole CIB 7 174

93.2 4.75.199.914.3 +25 -1.1

117 9.6 -27 -0.5Credit Suisse 9 12 31,181.4 4.0 +1.1 96 74.2 3.8 +0.9

118 9.77.9 +19

-0.1107.3RBS 10 8 30,781.5 4.0 -1.1 -3757.5 -2.8

5.5443,858.2 56.1 -1.71,101.6

100.01,966.3

Industry % Change from Same Period Last Year -22.5% 14.8% -15.5%

EMEA Deals Intelligence

International bond issuance during the first nine months of 2010 reached US$2.5 trillion, a 17.8% decline from thesame period last year. However, there was a 34.1% increase in third quarter issuance over activity during theprevious three months.

According to Thomson Reuters/Freeman Consulting the top Corporate Euros fee paying issuer in the EMEA regionduring the third quarter was Continental with �€49.9 million while the top SSA fee payer in Euros was KfW with �€26.1million. Year-to-date, UK German and French issuers accounted for 44% of the total fees paid by the EMEA region.The top fee earner on �€-denominated deals during the third quarter was Deutsche Bank (�€55.1 million).

The strong performance of the Sovereign sector during the first half of 2010 was further underlined by prominentdeals in the third quarter, including the United Kingdom�’s £6 billion 30-year deal and Spain�’s �€6 billion ten-year issue.Barclays Capital was the lead underwriter of �€ and £-denominated Sovereign debt, with a 9.9% market share.

8.6%

Industry Total 773,554.5 100.0

International Bonds by Issue Type Jan 1 2010-Sep 30 2010

Top Ten Total

Industry % Change from Last Quarter 15.9% 3.4%

1,218 +157

47%

31%

8%7%3%2% 2%

Investment Grade Corporate

Agency, Supranational,Sovereign

High Yield Corporate

Federal Credit Agency

Emerging Market Corporate

MBS

ABS

�€ 0

�€ 50

�€ 100

�€ 150

�€ 200

�€ 250

�€ 300

�€ 350

J08 F M A M J J A S O N D


J10 F M A M J J A S

Pro

ceed

s (�€

b)

0

100

200

300

400

500

600

# of

Issu

es

Proceeds (�€b)

# of Issues

10

*tie0.5%Industry % Change from Last Quarter 4.9% 5.3%

608.5

Industry % Change from Same Period Last Year 212.8% 215.0% 217.6%

100.060.6 -8.4

Industry Total 35,300.1 100.0 +4363368.0Top Ten Total 23,000.7 65.3 -7.9

# of Market Change in MarketSh (%) Fees

Global high yield volume for first nine months of 2010 have surpassed all previous records -- including all previousannual volume totals. The third quarter ranked as the top quarter, followed closely by the proceeds raised in the firstquarter of this year. The 72 transactions priced in March accounted for US$39.3 billion, the highest monthly total onrecord. The US$15.2 billion raised on 28 transactions in the second week of August ranked as weekly records in boththe number of deals priced and proceeds raised.

Average spreads tightened by 182.1 basis points over the first nine months of 2009, to 612.4 basis points.

Global High Yield non-US-dollar-denominated debt climbed from US$11.3 billion in the first three quarters of 2009 toUS$35.3 billion in the same period in 2010, an 212.8% increase.

With 65 transactions priced, Industrials ranked as the top sector for Global High Yield debt.

Industry % Change from Last Quarter 59.9%Industry % Change from Same Period Last Year 73.7%

Top Ten Total 149,860.1

42.4%26.7%67.4% 56.2%

365 +147 3,152.2 100.0-2.3

Industry Total 173,749.4 100.086.2 -4.5 2,406.6 76.5

+2.165 17.8 +9 -0.961

134.7 4.34.5

4.6 -1.8Wells Fargo & Co 10 8 7,956.8UBS 9 11 8,716.2 5.0 +3.3

+4916.7 +48 142.221.4 175.5 5.6 +1.26.1 +2.5 78Barclays Capital 8 9 10,607.918.9 +32 208.3 6.6 -0.9

-2.5Morgan Stanley 7 7 12,414.3 7.1 -0.5 69

+0.891 24.9 +2781

213.2 6.87.5

7.7 -2.4Deutsche Bank AG 6 4 13,321.1Goldman Sachs & Co 5 6 14,066.9 8.1 +0.3

+3122.2 +34 236.724.4 248.0 7.9 -1.08.8 -2.3 89Citi 4 3 15,278.623.6 +37 331.5 10.5 +2.3

-3.2Credit Suisse 3 5 18,640.5 10.7 +2.3 86

174342.2 10.9

11.9144 39.5 +4013.6 -3.4

14.5 -2.5JP Morgan 2 2 23,596.1

Sh (%) Share Ch.47.7 +59 374.3 -0.2

# of Deals FeesBank of America Merrill Lynch 1 1 25,261.7

Change in ManagerMarket Market # of Market Market MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

2009 Rank

34.8%Industry % Change from Same Period Last Year 87.8%Industry % Change from Last Quarter 49.0% 23.8%

100.0

79.5% 70.2%

Industry Total 209,049.6 100.0 +1862,674.3 71.3 -3.3

420 3,760.7Top Ten Total 167,337.1 80.1 -3.7

+1.752 12.4 +26 -0.661

131.5 3.53.9

3.9 0RBS 10 9 8,041.7UBS 9 12 8,871.9 4.2 +2.6

+6214.5 +48 145.722.1 214.5 5.7 +1.36.4 +2.7 93Barclays Capital 8 10 13,277.017.9 +37 232.5 6.2 -0.7

+0.4Morgan Stanley 7 7 13,819.3 6.6 -0.2 75

-2.187 20.7 +39

109257.7 6.9

7.37.5 0Goldman Sachs & Co 6 6 15,649.4

Deutsche Bank AG 5 4 17,132.7 8.2 -2.2+41

26.0 +39 274.724.0 280.7 7.5 -1.28.2 -2.6 101Citi 4 3 17,168.622.9 +43 360.6 9.6 +1.8

-3.3Credit Suisse 3 5 20,497.0 9.8 +1.8 96

156 37.1 +51 378.3 10.110.6 -0.6

JP Morgan 2 1 25,932.9 12.4 -3.2182 43.3 +65 398.1Bank of America Merrill Lynch 1 2 26,946.6 12.9 -2.6

Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.Market Market # of Market Change in Manager

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2010 Rank

2009 RankBookrunner Proceeds


High Yield DebtGlobal High Yield Volume Breaks All-Time Record l Global High Yield Volume Up 87.8% l Spreads Continue To Tighten l Industrials Top Sector

Global High Yield Debt (B4) Jan 1 2010 - Sep 30 2010Global High Yield Deals Intelligence


Global High Yield Debt - US Dollar Denominated (B5) Jan 1 2010 - Sep 30 2010

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 2010 - Sep 30 2010


2010 Rank


MarketShare Ch. Deals Sh (%) # of Deals

Manager MarketMarket

+14+10

Deutsche Bank AG 1 1 3,811.7 -2.5 23 36.58.2 -2.1 28.6

10.818BNP Paribas SA 2 3 2,897.7 47.3

-1.37.8 -1.5

61.5 10.1

Barclays Capital 3 11 2,669.1 7.6 +2.9 +1.419 30.2 +17 39.0 6.4RBS 4 2 2,586.2 18 7.6 -4.728.6 +12 46.2JP Morgan 5 14 2,336.9 6.6 +3.6 +0.818 28.6 +13Citi 6 6 1,890.1

36.0 5.9


19.0 +5 29.1 4.8 +1.223.8 +12

Credit Suisse 7 9 1,856.51512

5.4 -1.732.7

31.4 5.2-4.0 15 23.8Credit Agricole CIB 8 4 1,685.1 4.8 -3.6+11Bank of America Merrill Lynch 9 15 1,684.9 4.8 +2.9 12Goldman Sachs & Co 10 10 1,582.5 12.7 +5

19.0 +108

3.9 +2.023.821.0 3.5 -1.0

Average Monthly Spread to Benchmark*

Monthly High Yield Volume

4.5 -0.5

5.3 +0.25.4 -2.8

7.3 -5.6

0

200

400

600

800

1,000

1,200

1,400




J10 F M A M J J A S

Bas

is P

oint

s

*Spreads based on fixed rate issues where spread information is available

$0

$5

$10

$15

$20

$25

$30

$35

$40



J10 F M A M J J A S

Pro

ceed

s (U

S$b

)

0

10

20

30

40

50

60

70

80

90

# of

Issu

es

Proceeds (US$)# of Issues

11

*tie

All International Emerging Market Bonds by Industry Jan 1 2010 - Sep 30 2010

5279.4 -1.4

+30 276.7 100.0100.0Top Ten Total 35,125.3Industry Total 44,441.9

+8.6-0.5

219.812.8

+4.95.8

4.6

5.3-1.0 7

4.5 -4.5

+10

UBS 9 - 2,192.5HSBC Holdings PLC 8 7 2,592.4

4.9

7.0 +5.3-3.7

RBS 6 15 3,106.9

4.528.7

+728.8154 4,796.3

-7.14,802.5

Credit Suisse 5

Citi 3VTB Capital

30.8

10.8 +0.9

12.5 +0.1 16

28.8

Barclays Capital 1 2 5,565.7

MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Share Ch.

Manager# of Deals per Bookrunner Imputed Fees (US$m)

2010 Rank

2009 Rank

Market Market # of Market

% Change from Same Period Last Year

18 15.3 +5 33.5 7.2 0+1.034.1

7.5 -0.7

921.4

Citi 6 4 5,333.8

-0.1+4.3

-3.879.0

23.79

8.6

+1.1

17.3 +917.3 +4

13.5 +3 14.6 -2.94.111.42,725.2 6.1 +1.2 +4

27.09.1

+10.1

-1.110.1 +1.3

12.6-9.4

28.1

10.4

35.7 12.9

+3.79.8 -12.3

MarketChange in Sh (%)Fees

+10 25.2

+8

7 13.5

11

14 26.921.2

+12

% Change from Same Period Last Year 65.8%

15

11

BNP Paribas SA 10 5 1,979.1

86.2%

+1021.2

9

8.6 +0.13 3,557.5 8.0

+3.3 Deutsche Bank AG 7 8

Industry Total

+0.2

130.5%95.7%

Top Ten Total 112,440.5225

5.9647.2 70.4

+17

+110 100.0

# of Deals Share Ch.Sh (%)MarketManagerMarket

# of Deals per Bookrunner Imputed Fees (US$m)2010 Rank

2009 Rank

Market Change in Fees Sh (%)Deals

Market

RBS 10 14 5,333.5

153,105.6 100.0

3.5 +1.673.4

10.253.9

+12

+0.724 10.7

4.3 -3.030.5 3.339.5

7.6 +7Morgan Stanley 9 9 6,464.3 234.2 -0.3Goldman Sachs & Co 8 7 7,114.2 4.7 -1.0 17

+35 6.85.5

62.65.7 +3.4 43 19.1Bank of America Merrill Lynch 7 12 8,790.1Barclays Capital 6 2 11,654.5 7.6 -3.6

79.0 8.6 -2.037 16.4

22.7 +24-4.251.0+15

Citi 5 3 13,374.8 8.7 -2.2 51Credit Suisse 4 5 13,630.3 8.9 44 19.6 +30

7.2 -2.5+4.3

66.3106.8 11.6+1.8

HSBC Holdings PLC 3 4 13,797.2 9.0 -1.9 24.4 +28559.9 +28 84.3-1.7 54JP Morgan 2 1 15,194.9

27.1 +4524.0

73.3 8.0 +2.39.2 -2.8

# of

Deutsche Bank AG 1 6 17,086.7 11.2 +4.6 61


Emerging MarketsAll International Emerging Market Debt Up 65.8% l Deutsche Bank Top Bank for All International Emerging Market Bonds l EMEA Emerging Market Debt Up 130.5%

Jan 1 2010 - Sep 30 2010EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 2010 - Sep 30 2010



27.8 +6 11.6 11.7 -6.77.327

11.32,146.34 1 1022.9

10.549.1HSBC Holdings PLC 5 2 6,877.2

28.8 +279.6 -4.3 +15

Deutsche Bank AG 3 6 2,461.4 12.9 +0.111.411.6 -2.2

Barclays Capital11.516

41.7

Bank of America Merrill Lynch 4 11 6,901.4 9.7 +5.9 +3.73444.4 +12

+12+5.7+3.6

+17+15+3.0

11.159.7

-3.5 32 27.124 20.3

10.2 -0.7-4.3

10.1HSBC Holdings PLC 15 11.512.5

Credit Suisse 3 5 7,705.5 10.851.6 13.62,596.8

12.82 7

+3.4

+3.9JP Morgan 2 1 8,932.5

+27 44.2 9.527.1Share Ch.

2,613.8 13.7 -1.4 41.7 +12Fees Sh (%)

14.2 +8.4 32Deals

15# of Deals# of Deals

Deutsche Bank AG 1 8 10,150.8

Imputed Fees (US$m)Market Market # of Market Market

Sh (%)Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)Manager MarketMarketMarket

Share Ch.Change in Manager

Bookrunner Sh (%)Proceeds Sh (%) Share Ch.2010 Rank

2009 Rank


Bookrunner Proceeds Sh (%)Market


Share Ch.

23.6%

Asia-Pacific Emerging Market Bonds (L4)

10.8

4 6 3,807.2

JP Morgan 2 1

% Change from Last Quarter 67.2% % Change from Last Quarter72.7% 33.0%

7.6

Latin America Emerging Market Bonds (L3) Jan 1 2010 - Sep 30 2010 Jan 1 2010 - Sep 30 2010

FeesMarket Market # of Market Change in

Goldman Sachs & Co 7 7 4,421.5 6.2 -0.4 9 +4-

38.1+0.8

8.2 0 -8 6 3,237.4 4.5 -3.2 16.1 +71922.0 4.7

Itau Unibanco 9 12 3,144.3 4.4 +1.7Santander

+1.318 15.3 +13 28.8 6.2Morgan Stanley 10 10 2,435.4 25.23.4 -0.7 11 9.3 +4 5.4 -2.4Top Ten Total 59,139.8 82.8 +6.2 386.3 82.9

71,304.3+7.4

% Change from Same Period Last Year

466.6100.0 118

101.2% 100.5%% Change from Last Quarter 68.2%

100.0+60

103.4%

Industry Total

+2.5

2010 Rank

2009 Rank

Citi 1 2

-6.3

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Credit Suisse 5 8 1,534.7 8.1UBS 6 3 1,324.8

19.4 +577

+519.4 3.6+12.5

3.7 -9.416.6 16.7

RBS 7 - 1,048.2 5.5 +5.5-7.17.0

+6.26 16.7 +6 6.2 6.2Bank of America Merrill Lynch 8 - 749.5 4.33.9 +3.9 4 11.1 +4 4.4 +4.4Standard Chartered PLC 9 9 628.0 3.3 +0.7 0 -6 16.7 +3 4.0 4.1Morgan Stanley 10 4 602.8 2.43.2 -10.6 4 11.1 +2 2.4 -12.9Top Ten Total 15,706.3 82.5 -3.5 -8.7Industry Total 19,048.2 99.1100.0 36 100.0

82.581.7

% Change from Same Period Last Year 44.0%

0

200.0%164.6%

6.7%% Change from Last Quarter 505.0% 114.3%

Middle East Emerging Market Bonds (L5) Jan 1 2010 - Sep 30 2010



Market Market # of Market Change in Manager Market MarketSh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

Standard Chartered PLC 1 9 1,912.0 9.910.1 +5.2 8 38.1 +2 12.4 +7.3Barclays Capital 2 5 1,905.0 10.0 +1.9 +1.86 28.6 +1 5.9 7.4HSBC Holdings PLC 3 2 1,870.5 - 6.29.8 -1.6 8 38.1 0 7.8 -8.7Deutsche Bank AG 4 6 1,819.0 9.6 +1.8 +5.97 33.3 +3 6.4 8.0Goldman Sachs & Co 5 4 1,661.9 - 5.48.7 -1.5 4 19.0 0 6.7 +1.8Morgan Stanley 6 14* 1,644.4 8.7 +7.5 +2.64 19.0 +3 3.0 3.8JP Morgan 7 7 1,169.2 3.66.2 -0.1 5 23.8 +2 4.5 +0.4BNP Paribas SA 8 3 1,042.9 5.5 -5.4 -4.54 19.0 -4 3.2 4.1RBS 9 8 1,018.3 7.85.4 -0.3 3 14.3 -1 9.8 +2.8Credit Suisse 10 12 832.6 4.4 +1.1 +0.42 9.5 0 - 2.4 3.1Top Ten Total 14,875.8 53.878.4 +8.6 67.6 +9.8Industry Total 19,009.5 100.0 100.021 0

% Change from Last Quarter 68.8%% Change from Same Period Last Year -22.1%

136.4% 201.4%92.3% 9.1%

-12.5%

65.5% 43.4%

2.7%

79.7

33.3% -2.2%

38%32%

8%7%7%3%2%2%1%

Government and Agencies Financials TelecommunicationsEnergy and Power Materials IndustrialsConsumer Staples Healthcare Real Estate

12

t Includes CDs and CPs

* tie t Includes CDs and CPs

Asia G3 Bonds by Currency Proceeds† Jan 1 - Sep 30

Asia (ex Japan, ex-Australia) Bonds by Currency Jan 1 - Sep 30

11.8% 18.4%-9.8% 5.3%

Asian G3 currency bonds (US$, Euro, Yen) reached a record volume of US$60 billion from 152 deals for the first three quarters of 2010, a 26.4% increase over the US$47.5 billion raised in the comparable period last year. The US dollar remains the choice G3 currency in Asia, with total offerings of US$59 billion.

Asian-currency-denominated debt volumes increased by 3.3% to US$273.6 billion this year, from US$264.8 billion raised in the first three quarters of 2009. Chinese yuan bonds captured 45.6% of the market, with US$124.6 billion worth of issuance.

MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner

Market # of Market

6

34

Top Ten Total10

7

64,360.4384.72,002 +230

Industry % Change from Last Quarter -4.8%

100.0

13.0%

148,944.4 100.039.9 +4.6

0 10.343.4 +3.9

4.3 +2686153.6

9 4,120.3 2.89 3 4,483.0 3.0

2.7 +0.213.7 3.6 -1.3

+59-2.0 3.2 -22

+0.8

642.1 +2.12.8

8.159 2.910.821.7

13 4,848.32.24.9 +32

8 - 4,584.9 3.13.3 +1.4 99

+3.1

23 4,983.4 +20 +4.13.4 +2.2 44 5.62.9 -0.583 4.1 +11

-0.3KB Financial Group Inc 5 4 5,245.8 3.5 -0.5 11.2

-3 9.93.112.02.6

3.36,576.0 4.4 +3.1 66 +40 +1.9-54

0 --2.4

5 5,582.3 3.8

1 10,545.832.0 8.3

9.8+614.0

-3.213,390.6

Share Ch.Market

# of Deals Fees Sh (%) Share Ch.Market

1977.1 23.9 6.2

5.0+0.1 100

Market Manager

9.0 -0.3Sh (%)

280Deals

Jan 1 2010 - Sep 30 2010

# of Deals per Bookrunner Imputed Fees (US$m)Market Change in

70.5%54.5%

303.8 100.073.8224.1

Industry % Change from Last Quarter 61.3%Industry % Change from Same Period Last Year 26.4% 97.4%

35.3%

-12.9152 +75100.0

74.0 -11.1Top Ten Total 44,324.3Industry Total 59,983.8

8.3 +5.114 9.2 +6Credit Suisse 10 9 2,706.4 4.5 +0.6 25.36.5

25 16.4 21.0 6.9+4.619.78.6 +5Goldman Sachs & Co 9 10 2,980.9 5.0 +1.2 13

6.4 +0.4 +2.8+127 5 4,170.8

Bank of America Merrill Lynch 8 7 3,860.4-2.5 6.1 -7.322

6.218.714.5 +11 18.4

26 17.1 +9Morgan Stanley 6 3 4,624.3 7.7 -4.6 -3.79.1

+22+0.713.8 +9 27.85 6 4,665.4

19.47.8 +0.8 21

35 -2.523.0 6.43 8

Citi 4 428 18.4 +23 17.4 5.7 -0.832 21.1 +5 9.930.1

Sh (%)2

-5.026.3

Bookrunner1

9.1 -5.6Deutsche Bank AG 2 1 5,448.0-3.8 23.0 +16

Market

35


Asia DebtAsian G3 Debt Proceeds - Record High l Chinese Yuan - Top Currency | Asian Currency Bond - Highest Quarterly Volume

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2)Asia Deals Intelligence Jan 1 2010 - Sep 30 2010


Deals

MarketImputed Fees (US$m)

Market# of

Sh (%)

Market

8.7 -6.8

UBS

JP Morgan

Barclays Capital

HSBC Holdings PLC

10,932.8 4.0


Market # ofSh (%)

Hana Financial Group Inc

DBS Group Holdings

Woori Invest & Sec Co Ltd


Industry Total

Tong Yang Securities Inc

Axis Bank Ltd

Korea Investment Holdings Co

SK Securities Co Ltd

Market

Standard Chartered PLC

2009 Rank

All Asian Securitized Bonds (ex-Japan ex-Australia) (AZ2) Jan 1 2010 - Sep 30 2010

Imputed Fees (US$m)MarketManager

Jan 1 2010 - Sep 30 2010


All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1a†)

# of Deals per Bookrunner Imputed Fees (US$m)2010 Rank

1Sh (%)

HSBC Holdings PLC


2010 Rank # of Deals Fees

Market2009 Rank Share Ch.

Change in Manager

Sh (%) Share Ch.Proceeds


8.1

2009 Rank

All Asian Currencies (ex-Japan ex-Australia) (AS1†)

5 4

Bookrunner Proceeds1 2

2009 Rank

20HSBC Holdings PLC

2010 Rank

2

-1.7

5,569.7 9.3

Market

4,871.45,427.0 9.1 +4.1

7.0

Proceeds

Change in Share Ch.

2

# of Deals

Hana Financial Group Inc

Industry Total

11,010.5

6,576.09

4

Bookrunner Proceeds2010 Rank

Agricultural Bank of China


1

36

Korea Development Bank 1 2 782.4 8.9Sh (%)FeesSh (%) Share Ch. Sh (%)Deals

8-4.6 1.1

611.9 17.4 +2 1.211 +2 -4.0

9.3 +6.48.4 +7.2

23.99.6

12.2+6.7KB Financial Group Inc 2 10

10.65Hyundai Securities Co Ltd 3 18 535.26.97.8 -12.7

+215.2 -6710.9 1.4 +9.4

Tong Yang Securities Inc 5 4 489.7Daewoo Securities Co Ltd 4 1 499.4 -13.6

.7

.911 23.9 -4

Shinhan Financial Group Ltd 6 16 407.5 6.4 +5.17.7 +0.3

+1.96.1

5.4+5.4-2.0

13.0 0 - .94 8.7 .86 7.0

Woori Invest & Sec Co Ltd 7 7 369.7 5.8 +1.63

9 21 287.45.2 -9.4

-16.5 -9

E Trade Korea Co Ltd +5.2.6Standard Chartered PLC 8 3 334.6 -9.6

3.44.5 +3.9

+0.5Barclays Capital 10 9 216.1 2 +1.7 5.7.4 3.4

5.04 8.7 +2

-0.48.7 68.346 +1

Top Ten Total 4,533.9 71.0 -1.4

-2.3% 2.2% -3.1%

6,398.7 100.0

-33.3%

12.7100.0


Industry Total

Industry % Change from Last Quarter -32.8% -25.0%

+0.54.3

Share Ch. DealsStandard Chartered PLC

Industrial & Comm Bank China

Bookrunner515

13,892.6 5.1 +0.4

ManagerFees

Market # of MarketSh (%)

Change in MarketSh (%) Share Ch.Market

+2.734.4

# of Deals4.0

39.822

4.6+0.3286 12.5 +11

+22 4.6+3.0 1.2

+6Bank Communications (Shanghai) 3 8 11,122.5 +14.1 +0.6

1.4

12,659.71.0 35.3

4.0 -4.3 33

284.1 -0.1

32.7 3.8 -4.7-51

CITIC 6 3 9,455.5 3.5 -1.9202-1.3 8.8

-1.027 1.2 -4 32.9 3.8-1.124.5 2.8

China International Capital Co 7 2 9,426.6 3.5 -2.0 17 28.0 -0.317 0.7

0.7 -6-1.5-4 3.127.2Bank of China Ltd 8 6 7,408.7 2.7 -1.5

3.2

2.4 +1.7 12.0 1.4Tong Yang Securities Inc 10 12 5,582.3 2.0

2.9 +40 +0.9+0.2 100 4.4 -3

661.1 -0.2

35.9 -5.1 -5.0276.79.9

Top Ten Total 98,067.2 31.9273,579.3 100.0 2,287 871.8+273 100.0

Industry % Change from Same Period Last Year 3.3% 13.6% 20.8%43.5%24.9% -5.5%

$0$10$20$30$40$50$60

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010t Includes ADB issuance

Pro

ceed

s (U

S$b

)

EURO US$ JpY

$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130

Chinese Yuan

Korean Won

Indian Rupee

Singapore Dollar

Hong Kong Dollar

Malaysian Ringgit

Taiwanese Dollar

Thai Baht

Indonesian Rupiah

Philippine Peso

Pakistani Rupee

Proceeds (US$b)

January 1, 2009 - September 30, 2009


13

*tie

Australian International Bonds by Currency Jan 1 - Sep 30

All Australia Dollar Debt (ex Self-Funded) by Industry Jan 1 2010 - Sep 30 2010


Australia DebtAustralian Domestic Debt Rises l Australian Securitization Volume Up 64.2% | Australian International Issuance Drops

Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a)

7.4

+1.4+19

Jan 1 2010 - Sep 30 2010

19.3

-3.6


59.3% 49.5%-3.4%

+109 119.6 100.0

Industry % Change from Last Quarter22.2% 43.7%62.8%


Industry Total-1.5

67,658.3 100.0 125+0.6 86.361,349.1 90.7Top Ten Total 103.2

4 3.22,564.3 3.8 +1.1-3.9-3 5.9 5.0

-3 2.1 1.7 -1.1JP MorganHSBC Holdings PLC 10 12

-4.3 8.09 5 3,652.3 5.4 10+2.2+8 7.0 5.9+0.3+8 10.9 9.1

12 9.6National Australia BankDeutsche Bank AG 8 8 4,119.6 6.1 +0.8

-3.2 13.67 4 5,019.1 7.4 17+3.0+17 6.5 5.4-1.6+18 8.1 6.7

30 24.0RBC Capital MarketsTD Securities Inc 6 9 5,614.9 8.3 +3.2

+1.8 28.05 6 6,957.0 10.3 35-3.6+1 13.1 10.9-7.4+9 12.6 10.6

30 24.0UBSCommonwealth Bank of Australia 4 2 7,230.9 10.7 -3.1

-4.2 25.63 1 7,515.7 11.1 32+14 19.3 16.234 27.2 +7.8

ANZ Banking Group +18 17.7 14.8389,412.9 13.9Westpac Banking

+2.8+2.42 7 9,262.4 13.7 +6.11 3

# of Deals Fees Sh (%)30.4

MarketShare Ch.Sh (%) Share Ch. Deals Sh (%)

Change in Manager MarketMarket # of Market2010 Rank


MarketProceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m)

Australian dollar Non-Securitized Bonds (ex-self-funded) (AJ6) Jan 1 2010 - Sep 30 2010

236.1%64.2%

Industry % Change from Last Quarter65.1% 43.8%

247.0% 80.0%

Industry Total


+7 28.9 100.014,541.1 100.0 23+3.728.7 99.6+1.2+1 .3 1.2JP Morgan

Top Ten Total 14,459.9 99.4 +3.6+1.2 4.39* - 166.7 1.2 1

+1.2+1 .3 1.2+1.6+2 1.1 3.7

1 4.3Credit SuisseLloyds Banking Group 9* - 166.7 1.2 +1.2

+1.6 13.08 9 534.6 3.7 3-4.50 - 1.8 6.3-3.3+1 1.6 5.6

2 8.7ANZ Banking GroupRBS 7 4 583.7 4.0 -6.8

-3.4 17.46 6 803.3 5.5 4+0.2+3 1.8 6.2-1.2+2 4.6 15.9

4 17.4Macquarie GroupCommonwealth Bank of Australia 5 7 922.0 6.3 +3.7

-6.5 21.74 1 2,315.8 15.9 5+5.4+5 5.9 20.5-0.8+1 4.7 16.1

9 39.1National Australia BankDeutsche Bank AG 3 5 2,674.1 18.4 +8.1

0 34.82 2 2,869.6 19.7 8Westpac Banking

# of Deals Fees+3.9

Sh (%)+4.5 10 43.51 3 3,423.4 23.5

Share Ch.+4 6.6 22.9

Bookrunner Proceeds

Imputed Fees (AU$m)

Share Ch. Deals Sh (%)Manager

Sh (%)Market Market # of

Jan 1 2010 - Sep 30 2010

Market MarketMarket Change in

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m)

100.0+45

4.6%73.8%

4.2

12.9

6.3

8.8

6.0

13.0

+2.51388.4

-0.32,934.3

147.9100.0 148

RBS 10

81,801.3

12

7

JP Morgan 9

+2.3+5 8.9

113.6

+1.7

Industry Total

Deutsche Bank AG

12.0Sh (%)

10.4 +2.2 23

Deals Sh (%)14.1-3

16.3 -8HSBC Holdings PLC 2 5 4,741.9 7.9

Share Ch.1 2 5,504.6 12.0 +1.2 13

# of Deals FeesSh (%) Share Ch.JP Morgan 9.2

2010 Rank


Manager Market MarketMarket Market # of Market Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)


All Australian International Bonds (AJ7) Jan 1 2010 - Sep 30 2010

2010 Rank

2009 Rank


130.6

83.0% 62.5%Industry % Change from Same Period Last Year 27.5% 43.7%

Top Ten Total 72,379.0 88.6 +1.18.8

6 3,819.0 4.7 -3.6 -220.3 6.5 +2.34.414.2 +3.7

+2.5 +17

+932

30

+18+13

35218 6,793.6 8.3

23.68.5 +1.2+2.3

8.1 5.5 -1.812.6 8.6 -7.2

RBC Capital Markets 6 7 6,957.0

10.421.6

9.5 -2.49.2 -4.0

25 16.9 +9UBS 5 1 7,515.7National Australia Bank 4 3 7,789.1

23.0 -3.415.4

10.0+4 14.7+0.6

28.4Commonwealth Bank of Australia 3 2 8,053.4 9.9 -2.4 34

+1.412.5

TD Securities Inc 8 9 5,614.9 6.9

ANZ Banking Group 2 4 10,216.215.5 +6.4 44 17.5

42

Sh (%) Share Ch.# of Deals Fees25.9 +7.829.7 +18

Market # of Market MarketMarket Change in Sh (%) Share Ch. Deals Sh (%)Bookrunner Proceeds

Westpac Banking 1 5 12,685.8

2010 Rank

2009 Rank

Manager# of Deals per Bookrunner Imputed Fees (AU$m)Proceeds per Bookrunner (AU$m)

Market

6.7 +0.87.7 -3.7 7Goldman Sachs & Co 3 1 3,498.0 -7.4

Citi 4 4 3,310.8 7.2 -1.9 6.42.0

15 10.6 -12.35.0 -97.5

Bank of America Merrill Lynch 5 3 2,976.2 6.5 -3.4 13 9.2 -3-2.1

5.7 4.9 -5.814.9 9.1 7.8 +6.2+126.3 +4.5 21BNP Paribas SA 6 18 2,862.2

8 6 2,414.9Deutsche Bank AG 7Barclays Capital

7 2,524.4 +7.610 11.95.5 +0.2 7.1 -7 14.0

RBC Capital Markets 9 14 1,811.5 4.0 +1.25.3 -2.1 3.3

7.1 -2 5.7 4.8 +1.9-4.2

1012 8.5

3.914 9.9 -9

3.8 +0.4RBS 10 11 1,748.0 -1 4.1 3.5

100.0Top Ten Total 31,392.5Industry Total 100.0117.2

+1.163.3 -0.274.3

-39.2%

45,735.8

Industry % Change from Same Period Last Year -33.8% -20.3%Industry % Change from Last Quarter 234.6% 73.3% 470.5%

Australian dollar bond (excluding self-funded) offerings to date totaled AU$81.8 billion from 148 deals, a 27.5% increase over the AU$64.2 billion raised in the first three quarters of 2009. Domestic proceeds of AU$67.7 billion accounted for 82.7% of the Australian dollar bond market.

Australian international debt in the first nine months of 2010 registered a 33.8% decrease, to US$45.7 billion.

141 -3668.7 -1.4

43.3%

0.6%

0.3%

0.2%52.6%

2.0%

0.9%

Government and Agencies

Financials

Energy and Power

Real Estate

Industrials

Consumer Products and Services

Healthcare

$0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 $55

U.S. Dollar

EURO

Japanese Yen

Swiss Franc

Australian Dollar

Canadian Dollar

British Pound

Hong Kong Dollar

Singapore Dollar

Proceeds (US$b)



14

*tie

Corporate Bond Issuance Top Five Industries Jan 1 - Sep 30

The volume of Yen denominated bonds decreased to 13.7 trillion in the first nine months of 2010, down 18.2%from the same period in 2009.

Despite the decline of activity in most of the Japanese tables, Samurai totaled 1.3 trillion, a 24.7% increase fromthe same period last year. Most notable were European issuers, accounting for 62.3% of the total proceeds in themarket.

+0.5 2.9 +90.9

12.8% -15.4%8.2% 8.2%

1796.8

582 +66+7.0 39,509.1

100.042,210.193.6 +12.6

525.3

858.1

419.9

2.0

1.01.2

+0.6

+0.2210,931.8

13 167,022.7+1.22.2 +12

+113

3.1

1.32.41.0

+86

2.91.6

100.0

+1.0376,670.2

+22 25,214.495.6

14+0.9Credit Suisse 8

1.1 +1.1

100.0

9

Industry % Change from Same Period Last Year -25.6% -23.3%-0.6%Industry % Change from Last Quarter -13.7%

6,919,710.5Industry Total

7.5%

317

-1.7%

Barclays Capital 10 0

100.0

0+13.699.86,898,710.5 +4.4

0.9

12,200.0 0.2 -0.1 0.60.6

0.30.3

60

1

7 13,500.0 0.230.3

10Bank of America Merrill Lynch 9

28 -Top Ten Total

100.4+2

6

+0.17+0.8 Barclays Capital

143,916.71.1

12,456,299.9

23+0.1Bank of America Merrill Lynch

911

15.5

0.8

0.4

0.4+1

+60+2

117,958.8

16.8

24,070.9-

270.1107.0

Citi


Top Ten TotalIndustry Total

3.3%-12.5%

12,852,343.6


25.6

0.9197.0231.2

-230.3-- 18.5

# ofMarket MarketMarket2010 Rank

2009 Rank

ProceedsBookrunner ¥mil

5,669.8

18.9

Mizuho Financial Group

Goldman Sachs & Co

NomuraMitsubishi UFJ Morgan Stanley

26.8-3923.0

+1.1-

+0.5+16.4

6

# of DealsChange in

15.6%

Sh (%)Fees ¥mil Share Ch.Market

Bookrunner

3

-2-0.3 2

Sh (%)Share Ch.+3.2 96

Deals

140.0% 2.4%-26.5%-23.6%Industry % Change from Same Period Last Year -20.0%


2.490.1 +17.9

100.04,733.7

1 1.8 +1 123.7 +2.12 +1.5101.2+2

-17 5,252.4

+0.6+1.5

55+14.6

3.6+0.337,300.0

78,345.6 4.92.3

10.988,700.0 -0.65.67.3

UBS 10 - 1.823,500.0

100.0 Industry TotalIndustry Total 3,299.099.0

47

11.4

Top Ten Total

122,200.0Bank of America Merrill Lynch 8

-42,408.3

1,316,099.9

Citi152,075.0

29,766.7-8

Barclays Capital

9

6 67

12.8+6.5+9.2

MarketChange in Manager

34.0

13,683,875.1 626

11.6 +11.6

MarketProceeds# of MarketImputed Fees (¥mil)

Jan 1 2010 - Sep 30 2010


Japanese Securitizations (AP2)

-23.1%

43,501.6 100.0

3.5%

Proceeds per Bookrunner (¥mil) Proceeds per Bookrunner (¥mil)

5.1%Industry % Change from Same Period Last Year -18.2%

Samurai Bonds (AP1) Jan 1 2010 - Sep 30 2010

5.6%

94.4 +11.9+0.23.0 2.1

40,151.1 92.4

2010 Rank

2009 Rank

Proceeds Market# of Deals per Bookrunner Imputed Fees (¥mil)

Market MarketBookrunner

12,918,636.6Top Ten Total

-3.6%Industry % Change from Last Quarter

Industry Total

899.1+4

+33

Bank of America Merrill Lynch 107 1.1 +2 442.0 1.0 +0.3Credit Suisse 9

+0.8+1.2

12 215,910.5

1910 172,158.815 211,222.7

8 1.6 19220,989.0 +0.2+1 526.1 +0.7

303.0 +102.415

+880

5,574.9 +12.412.8+6 1,326.9 3.1

636.1

152 -1524.314.24.8

29 1,376,353.0 10.1 89+1.0376,670.2

+11 9,035.915.86,863.0 -1.9

7,800.6

7,046.5

--+2.520.8

Imputed Fees (¥m)Market Market

# of Deals Fees ¥mil Share Ch.Sh (%)Manager

# of Deals per Bookrunner# of2010

Rank2009 Rank

Proceeds¥mil

Change in Market Market

28.1Sh (%)Market

20.0Deals

--

Barclays Capital

1

Citi

Sumitomo Mitsui Finl Grp Inc 5

7Goldman Sachs & Co 6

Daiwa Securities Group Inc

8

6

32.3Mizuho Financial Group-5.6

4 2,714,749.2Nomura 3

+2.62,742,574.7

22,547,828.92,340,179.6

1 -

34

100.0+6.8

17.1 -3.4

1.6

0

+10.02.8

26.4


Japan DebtAll Bonds in Yen Down 18.2% l Samurai Favored by European issuers l Mitsubishi UFJ Morgan Stanley #1 Bookrunner

All Bonds in Yen (AP5) Jan 1 2010 - Sep 30 2010Japan Deals Intelligence

Mitsubishi UFJ Morgan Stanley202

Sh (%)176-

Share Ch.

+3.714.1Share Ch.Sh (%)

Market# of ManagerMarket

16.2 -2.9

+0.61.5-

1.2

Sh (%)

17.9

18.6

Market

19.8-

Change in Market

-16165

¥mil2009 Rank

2010 Rank

3 9.1 0422,400.01 26.4 5+10.811.0

Fees ¥milDeals

10.9 --

6740.6577.4

# of Deals

327,400.0 -1,084.3 20.6+5.6

-- -

5 -89.1+3.4

11.6607.1 -6.8

540.74336.2+1

+33 5.5

1.8348.7

+4.4

+1 273.8-2

16

5.26.6

10.36.4

+3.1

+1.6+9.4-0.1


30.1

+0.7

510.3

-

1.2

+20 9,014.7

1.9

Market

+1.5

Market

21.4

20.1

21.310.6

Imputed Fees (¥mil)

2.686.3

+8.8

# of Deals

-Mizuho Financial Group460.4

-16.714.0

549.5

Sh (%)Deals

-220.5

4 21 38.2

Share Ch.Sh (%)

Mitsubishi UFJ Morgan Stanley 236.2 --

447.5+5.65.6

9.3

13.6

307.4

185.6

+9.3224.0 6.8

261720 +742.6

+1155.3

+5

6+4

164

+48.5

10

3

1,329,600.0

Industry % Change from Same Period Last Year 24.7%

5

Proceeds per Bookrunner (¥mil)

10+15.61,080,220.6- 15.6-13.6

2

3.7123.5

-0.4

20,000.0+0.228,750.0

79.0


67.9%

1,166,666.7-1.1 85

73

Japanese Corporate Debt (AP3)

Industry % Change from Last Quarter 213.2%

Citi 70.9Deutsche Bank AG 8 11 17,500.0

+0.3+0.2

Sh (%)

Jan 1 2010 - Sep 30 2010

Manager# of Change in

Bonds Targeted in Japan (AP4)

Fees ¥mil# of Deals Sh (%) Share Ch.

# of Deals per BookrunnerMarket

9.5% 7.1%

Market Market

Jan 1 2010 - Sep 30 2010

Proceeds

Mizuho Financial GroupMitsubishi UFJ Morgan StanleyDaiwa Securities Group Inc

227,575.0 17.1 Nomura

+1.8

¥mil

192,433.3

Sh (%)-1.9

217,208.3

Share Ch.

-14.5

Bookrunner

1.51.3

1 2Fees ¥mil Sh (%)

664.2

Proceeds per Bookrunner (¥m)

Bookrunner

140,000.0

-

-

14.11

-26.5 -19

18.47,758.4-1.5

-6,706.9

+2.9 201

224,991.0

Deals

211,000.08.8

-16.813.2Daiwa Securities Group Inc

Sumitomo Trust & Banking

-

45

5

34.52,709,749.2175

+3.7 8

+4.2

-0.8Deutsche Bank AGSumitomo Mitsui Finl Grp Inc

Shinsei Bank

7

+22.82.4 +2.4

Top Ten Total94.8

3

¥milMarket

138

1,563,296.6

6Goldman Sachs & Co

-10

Sh (%)21.1

0.6

1,598,244.7 100.0

1.5

Share Ch.

21.1

2009 Rank

2 2,709,241.41 4

- - -

-3.6154149

-7.3

4 +2

2010 Rank

ManagerProceeds per Bookrunner (¥mil)

8,900.09

-24,260.0

Mitsubishi UFJ Morgan Stanley18.74 1,369,587.4

- -1,493,404.9 21.6 - 81Daiwa Securities Group Inc 3 18.619.8 -3 4,707.0 1-1.6

Tokai Tokyo Financial Holdings 6

Nomura 4Sumitomo Mitsui Finl Grp Inc 5

-0.9+3.2

6+23.1

2

9.2

1 3Sh (%)

1,696,880.9 24.5

100.0

2.2

Credit Suisse

-3.1-

316.3

5 --3.3

-

43

4,224.0

3,127.4

3,897.7

153,700.0Nomura 155,233.3 11.74

Share Ch.+1.9

-0.1

--3.4

+10

8.5+5

Mizuho Financial Group

BNP Paribas SA3.2

+19

12.8 +6

Imputed Fees (¥mil)

155.2%

-4,666.722.5

1 16.9 -3.8

+0.9 30 5.2 +8 1,318.089

25.6 +3 6,832.3+881,376,353.0

Daiwa Securities Group Inc 2,251,146.3Sumitomo Mitsui Finl Grp Inc

4+10.6

321 10.7

17.52,393,309.8

UBS

5-0.4

97.9

5,565.2 13.2 +12.816.2 -2.515.9

15.3

JPY 0.0JPY 0.5JPY 1.0JPY 1.5JPY 2.0JPY 2.5JPY 3.0JPY 3.5

Financials Industrials Energy and Power High Technology Real Estate

Pro

ceed

s (¥

t)

Jan 1, 2009 - September 30, 2009

Jan 1, 2010 - September 30, 2010

15

-

-

-

-

-

-

-

-

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

Tel: +1 646 223 8455

Tel: +632 858 7201

Japan

Michelle Abuzo

E-mail: [email protected]


Tel: +813 5218 6591Catherina Guinto-Roldan


Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.


League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley.

Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agencytransactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are notincluded in league tables for the current calendar year.

All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EST on September30, 2010.

Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted tothe US dollar equivalent at the time of announcement.

Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.

Salvatore ReresUnited States

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

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated 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 allocated to syndicated members.



Ian WillmottTel: +44 207 542 4376

Europe

Asia-Pacific

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for anyerrors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracyor completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does notprovide 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. ThomsonReuters 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.

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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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REVIEWDEBT CAPITAL MARKETS REVIEW · 2010. 10. 11. · JP Morgan ranked second by total proceeds...

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