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GLOBAL FIXED INCOME LEAGUE TABLES FY 2018
CONTENTS
1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria
DATA SUBMISSIONS AND QUERIES
Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.
LEAG<GO> for a full range of league tables
NIM<GO> for Bloomberg’s new issue monitor
Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.
North America
EMEA
Asia-Pacific
Contact Email Phone
MANAGER RANKINGS
GLOBAL FIXED INCOME
FY 2018
© 2018 Bloomberg Finance L.P. All rights reserved.
Robert Dienst +1 609 279 3691 newissues@bloomberg.net
Dimitris Gogos +44 20 3525 8149 emeacapmkts@bloomberg.net
Jennifer Passos +65 6231 3677 nimap@bloomberg.net
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page1
GlobalFixedIncomeReviewFY2018creditedCorporate&FinancialBondsvolumedecreased5.80%toUSD4.2Trlnwhiledealcountdecreased4.76%to16,252offeringsyear-on-year.CorporateBondsvolumedecreased10.80%year-on-yeartoUSD1.9Trlnwhilethedealcountdecreased8.75%to6,734.FinancialBondsvolumedecreased1.02%year-on-yeartoUSD2.2Trlnover9,342deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforFY2018with5.03%marketshare.Thebankunderwrote1,349dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith4.64%and4.35%marketshare,respectively.
Corporate&FinancialBonds:HighlightsofFY2018
Corporate&FinancialBonds:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
200200
400400
600600
800800
1,0001,000
1,2001,200
USDBln
USDBln
00
1,4001,400
1,0001,000
2,0002,000
3,0003,000
4,0004,000
5,0005,000
6,0006,000DealC
ountDealC
ount
00
6,5006,500
DealCount Other HighYield
InvestmentGrade
TopUnderwriterJPMorgan
Numberofdeals 1,349
Volume(USDMln) 209,929
AvgDealsize(USDMln) 155.6
MarketSummaryNumberofdeals 16,252
Volume(USDMln) 4,170,042
AvgDealsize(USDMln) 256.6
Issuer Industry Volume(USDMln) Date
CVSHealthCorp HealthCare 9,000 03/06/2018
CVSHealthCorp HealthCare 8,000 03/06/2018
AgriculturalBankofChinaLtd Financials 6,312 04/27/2018
ChinaConstructionBankCorp Financials 6,257 09/25/2018
CVSHealthCorp HealthCare 6,000 03/06/2018
BankofChinaLtd Financials 5,851 09/05/2018
BankofChinaLtd Financials 5,806 10/11/2018
ChinaMinshengBankingCorpLtd Financials 5,770 11/22/2018
ChinaConstructionBankCorp Financials 5,746 10/29/2018
PingAnBankCoLtd Financials 5,076 12/18/2018
Financials54%
Industrials10%
ConsumerDiscretionary8%
Utilities6%
Others23%
GlobalCorporateLeveragedFinance:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
200200
400400
USDBln
USDBln
00
500500
CorporateHighYieldBonds
GlobalSponsor-LedLoans
Corporate&FinancialBonds:IndustryBreakdown
Corporate&FinancialBonds:SpreadtoBenchmark
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
200200
400400
Basispoints
Basispoints
00
600600
HighYield
InvestmentGrade
54%
10%
8%
6%
23%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page2
CorporateBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 5.892 114,804 835 1 7.362 -1.470
BankofAmericaMerrillLynch 2 5.892 114,799 795 2 6.570 -0.678
Citi 3 4.958 96,600 758 3 5.878 -0.920
Barclays 4 4.284 83,475 584 5 4.592 -0.308
GoldmanSachs 5 3.842 74,853 492 4 4.726 -0.884
MorganStanley 6 3.558 69,318 656 6 4.486 -0.928
HSBC 7 3.306 64,426 524 8 3.310 -0.004
MizuhoFinancial 8 3.162 61,620 638 12 2.860 0.302
BNPParibas 9 3.127 60,922 484 10 2.971 0.156
DeutscheBank 10 3.114 60,676 449 7 4.422 -1.308
WellsFargo 11 2.955 57,584 383 11 2.912 0.043
CreditSuisse 12 2.632 51,279 420 9 3.003 -0.371
MitsubishiUFJFinancialGroupInc 13 2.495 48,610 400 13 2.271 0.224
RBCCapitalMarkets 14 2.368 46,148 377 14 2.229 0.139
SumitomoMitsuiFinancial 15 2.215 43,154 459 17 1.345 0.870
SocieteGenerale 16 1.751 34,112 268 15 1.734 0.017
CreditAgricoleCIB 17 1.380 26,891 238 18 1.270 0.110
BankofChina 18 1.320 25,721 229 28 0.734 0.586
ChinaConstructionBank 19 1.222 23,814 234 23 0.812 0.410
ChinaSecurities 20 1.181 23,021 263 27 0.754 0.427
TOTAL 100% 1,948,494 6,734 100%
FinancialBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 4.575 100,264 650 6 4.062 0.513
JPMorgan 2 4.340 95,126 514 3 4.545 -0.205
Citi 3 3.827 83,885 553 2 4.958 -1.131
MorganStanley 4 3.714 81,390 566 1 5.181 -1.467
GoldmanSachs 5 3.664 80,296 431 4 4.505 -0.841
BankofAmericaMerrillLynch 6 3.599 78,887 399 5 4.152 -0.553
DeutscheBank 7 3.065 67,181 387 9 2.591 0.474
Barclays 8 2.768 60,667 346 8 2.987 -0.219
UBS 9 2.522 55,269 370 7 3.142 -0.620
BNPParibas 10 2.391 52,400 320 11 2.081 0.310
CreditSuisse 11 2.218 48,607 345 10 2.266 -0.048
CreditAgricoleCIB 12 1.848 40,496 320 13 1.819 0.029
WellsFargo 13 1.747 38,279 211 12 1.974 -0.227
BankofChina 14 1.686 36,945 272 18 1.151 0.535
CITICSecurities 15 1.598 35,016 191 15 1.518 0.080
RBCCapitalMarkets 16 1.576 34,547 228 14 1.546 0.030
SocieteGenerale 17 1.448 31,730 202 20 1.116 0.332
LandesbankHessen-ThuringenGirozentrale 18 1.378 30,199 259 16 1.297 0.081
ChinaSecurities 19 1.362 29,855 199 23 0.933 0.429
Industrial&CommBankofChina 20 1.304 28,585 218 17 1.210 0.094
TOTAL 100% 2,191,712 9,342 100%
SyndicatedGovernmentBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 6.885 94,077 445 1 7.853 -0.968
JPMorgan 2 6.465 88,342 568 2 6.876 -0.411
HSBC 3 6.282 85,840 484 3 6.258 0.024
Barclays 4 6.143 83,940 341 4 6.013 0.130
TDSecurities 5 4.768 65,156 457 8 4.228 0.540
DeutscheBank 6 4.583 62,634 336 6 4.623 -0.040
BankofAmericaMerrillLynch 7 4.132 56,463 282 5 4.818 -0.686
GoldmanSachs 8 3.746 51,188 208 7 4.294 -0.548
Nomura 9 3.710 50,701 483 10 3.534 0.176
RBCCapitalMarkets 10 3.144 42,967 250 11 2.426 0.718
BNPParibas 11 2.813 38,434 194 9 3.950 -1.137
MorganStanley 12 2.727 37,259 639 12 2.346 0.381
CreditAgricoleCIB 13 2.404 32,855 245 15 1.988 0.416
SocieteGenerale 14 2.203 30,110 118 14 2.210 -0.007
NatWestMarkets 15 2.151 29,388 155 20 1.366 0.785
UniCredit 16 2.034 27,793 107 13 2.235 -0.201
BMOCapitalMarkets 17 1.718 23,481 102 17 1.573 0.145
WellsFargo 18 1.696 23,178 475 16 1.682 0.014
Commerzbank 19 1.647 22,504 84 21 1.334 0.313
NationalBankFinancialInc 20 1.456 19,898 153 22 1.298 0.158
TOTAL 100% 1,366,505 6,408 100%
InternationalBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 7.248 262,826 1,621 1 8.002 -0.754
HSBC 2 6.285 227,905 1,388 4 5.687 0.598
Citi 3 6.173 223,819 1,408 2 7.113 -0.940
BankofAmericaMerrillLynch 4 5.728 207,701 1,208 3 6.436 -0.708
Barclays 5 5.450 197,614 1,079 5 5.638 -0.188
GoldmanSachs 6 4.813 174,500 887 6 5.617 -0.804
DeutscheBank 7 4.646 168,443 954 7 4.893 -0.247
BNPParibas 8 4.072 147,645 957 9 4.005 0.067
MorganStanley 9 3.644 132,141 832 8 4.143 -0.499
CreditAgricoleCIB 10 2.688 97,463 788 11 2.333 0.355
SocieteGenerale 11 2.556 92,676 577 12 2.273 0.283
CreditSuisse 12 2.426 87,960 650 10 2.521 -0.095
RBCCapitalMarkets 13 2.369 85,884 525 16 1.847 0.522
WellsFargo 14 2.030 73,606 472 13 1.944 0.086
UniCredit 15 1.820 66,010 401 15 1.858 -0.038
MizuhoFinancial 16 1.802 65,351 692 17 1.555 0.247
TDSecurities 17 1.801 65,315 417 18 1.502 0.299
NatWestMarkets 18 1.721 62,405 315 22 1.336 0.385
UBS 19 1.584 57,427 378 14 1.859 -0.275
MitsubishiUFJFinancialGroupInc 20 1.547 56,092 480 20 1.442 0.105
TOTAL 100% 3,625,942 9,940 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page3
GlobalBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 10.739 105,543 479 1 11.716 -0.977
BankofAmericaMerrillLynch 2 10.259 100,830 504 2 10.236 0.023
Citi 3 9.028 88,731 440 3 9.973 -0.945
Barclays 4 7.870 77,346 316 6 6.320 1.550
GoldmanSachs 5 7.528 73,991 307 4 8.638 -1.110
HSBC 6 6.398 62,876 183 9 4.101 2.297
MorganStanley 7 5.897 57,960 292 5 6.814 -0.917
WellsFargo 8 4.850 47,664 270 8 4.384 0.466
DeutscheBank 9 4.040 39,706 188 7 4.671 -0.631
RBCCapitalMarkets 10 4.035 39,657 189 11 3.077 0.958
TDSecurities 11 3.721 36,573 150 10 3.630 0.091
MizuhoFinancial 12 2.670 26,237 189 15 2.110 0.560
CreditSuisse 13 2.225 21,867 157 13 2.186 0.039
MitsubishiUFJFinancialGroupInc 14 2.093 20,575 169 12 2.239 -0.146
BNPParibas 15 1.795 17,641 122 14 2.146 -0.351
Nomura 16 1.632 16,042 34 16 1.991 -0.359
SumitomoMitsuiFinancial 17 1.445 14,199 97 27 0.602 0.843
Scotiabank 18 1.399 13,747 73 19 1.125 0.274
BMOCapitalMarkets 19 1.286 12,641 46 17 1.348 -0.062
USBancorp 20 1.095 10,758 111 18 1.202 -0.107
TOTAL 100% 982,811 1,155 100%
CorporateHighYieldBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
CreditSuisse 1 6.104 23,866 204 5 5.819 0.285
JPMorgan 2 6.013 23,508 225 1 8.160 -2.147
GoldmanSachs 3 5.231 20,452 178 2 6.562 -1.331
Barclays 4 5.201 20,333 165 6 5.692 -0.491
BankofAmericaMerrillLynch 5 4.757 18,600 196 3 6.324 -1.567
DeutscheBank 6 4.703 18,389 191 8 4.732 -0.029
MorganStanley 7 4.638 18,135 178 4 5.970 -1.332
Citi 8 4.463 17,449 163 7 5.462 -0.999
WellsFargo 9 3.760 14,699 118 9 3.321 0.439
HSBC 10 2.801 10,950 144 10 2.821 -0.020
BNPParibas 11 2.515 9,834 119 12 2.041 0.474
RBCCapitalMarkets 12 2.508 9,807 102 11 2.540 -0.032
UBS 13 1.778 6,952 94 13 1.946 -0.168
BankofChina 14 1.546 6,045 46 30 0.658 0.888
HaitongSecurities 15 1.352 5,284 100 19 0.999 0.353
CreditAgricoleCIB 16 1.344 5,256 62 15 1.443 -0.099
MizuhoFinancial 17 1.332 5,207 62 20 0.996 0.336
SocieteGenerale 18 1.273 4,977 63 16 1.324 -0.051
Jefferies 19 1.245 4,869 36 14 1.830 -0.585
GuotaiJunanSecurities 20 1.196 4,674 83 29 0.706 0.490
TOTAL 100% 390,975 1,130 100%
GlobalGreenBonds-Corporate&GovernmentFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
CreditAgricoleCIB 1 6.405 8,613 52 1 6.889 -0.484
HSBC 2 5.874 7,899 57 2 6.407 -0.533
BNPParibas 3 5.339 7,180 47 3 4.895 0.444
BankofAmericaMerrillLynch 4 5.214 7,012 39 5 4.322 0.892
SEB 5 3.662 4,924 49 9 3.529 0.133
JPMorgan 6 3.536 4,755 29 4 4.785 -1.249
Citi 7 3.456 4,647 32 7 3.744 -0.288
SocieteGenerale 8 3.193 4,293 22 6 3.775 -0.582
Barclays 9 2.782 3,741 22 8 3.715 -0.933
INGGroep 10 2.748 3,695 19 30 0.980 1.768
Natixis 11 2.191 2,947 18 10 2.871 -0.680
GuotaiJunanSecurities 12 2.057 2,766 18 26 1.193 0.864
RBCCapitalMarkets 13 1.928 2,593 18 21 1.517 0.411
BankofChina 14 1.756 2,361 18 32 0.940 0.816
CITICSecurities 15 1.696 2,281 15 12 2.630 -0.934
DeutscheBank 16 1.644 2,211 17 16 1.898 -0.254
UniCredit 17 1.640 2,205 13 25 1.276 0.364
TDSecurities 18 1.634 2,198 19 18 1.643 -0.009
Industrial&CommBankofChina 19 1.596 2,147 21 13 2.128 -0.532
DanskeBank 20 1.562 2,100 22 37 0.674 0.888
TOTAL 100% 134,471 458 100%
GlobalSukukFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
CIMB 1 10.429 4,555 112 2 11.642 -1.213
HSBC 2 9.442 4,124 35 3 8.851 0.591
Maybank 3 9.010 3,935 145 1 13.075 -4.065
RHB 4 7.515 3,282 135 5 5.170 2.345
StandardCharteredBank 5 7.415 3,239 31 4 5.297 2.118
AmInvestmentBankBhd 6 6.986 3,051 109 6 4.880 2.106
Citi 7 5.511 2,407 15 8 4.458 1.053
DubaiIslamicBank 8 4.092 1,787 15 12 3.183 0.909
JPMorgan 9 3.282 1,434 10 7 4.838 -1.556
AffinHwangCapital 10 2.529 1,105 50 16 1.453 1.076
BNPParibas 11 2.500 1,092 5 13 3.124 -0.624
FirstAbuDhabiBankPJSC 12 2.441 1,066 12 11 3.294 -0.853
AbuDhabiIslamicBank 13 2.384 1,041 8 - - 2.384
EmiratesNBDPJSC 14 2.173 949 13 14 2.579 -0.406
GulfInternationalBankBSC 15 1.875 819 4 15 2.182 -0.307
Natixis 16 1.723 752 5 26 0.700 1.023
KenangaInvestmentBankBhd 17 1.648 720 40 25 0.718 0.930
SharjahIslamicBank 18 1.347 588 5 37 0.324 1.023
KuwaitFinanceHouse 19 1.342 586 7 24 0.739 0.603
MizuhoFinancial 20 1.336 583 3 55 0.101 1.235
TOTAL 100% 43,677 416 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page4
InternationalSukukFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 13.544 3,394 20 1 14.354 -0.810
StandardCharteredBank 2 12.667 3,174 29 2 9.789 2.878
Citi 3 9.605 2,407 15 4 8.374 1.231
DubaiIslamicBank 4 7.132 1,787 15 7 5.978 1.154
JPMorgan 5 5.721 1,434 10 3 9.088 -3.367
CIMB 6 5.055 1,267 6 21 0.856 4.199
FirstAbuDhabiBankPJSC 7 4.255 1,066 12 6 6.186 -1.931
AbuDhabiIslamicBank 8 4.155 1,041 8 - - 4.155
EmiratesNBDPJSC 9 3.788 949 13 10 4.845 -1.057
GulfInternationalBankBSC 10 3.267 819 4 11 2.630 0.637
BNPParibas 11 3.116 781 4 8 5.718 -2.602
Natixis 12 3.003 752 5 15 1.315 1.688
SharjahIslamicBank 13 2.348 588 5 23 0.609 1.739
MizuhoFinancial 14 2.328 583 3 35 0.190 2.138
KuwaitFinanceHouse 15 2.215 555 3 16 1.154 1.061
LandesbankBaden-Wuerttemberg 16 1.781 446 3 - - 1.781
SumitomoMitsuiFinancial 17 1.621 406 3 35 0.190 1.431
NoorBank 18 1.347 337 6 13 1.810 -0.463
SambaCapital 19 1.330 333 1 - - 1.330
BedfordRowCapitalAdvisersLtd 20 1.260 316 2 - - 1.260
TOTAL 100% 25,058 43 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page5
USFixedIncomeReviewFY2018creditedUSCorporateBondsvolumedecreased19.12%toUSD1.4Trlnwhiledealcountdecreased19.29%to2,440offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumedecreased12.84%year-on-yeartoUSD1.2Trlnwhilethedealcountdecreased15.69%to1,875.USHighYieldCorporateBondsvolumedecreased42.28%year-on-yeartoUSD180.9Blnover389deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforFY2018with11.14%marketshare.Thebankunderwrote946dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith10.79%and9.24%marketshare,respectively.
USCorporateBonds:HighlightsofFY2018
USDomesticBonds:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
200200
400400
600600
USDBln
USDBln
00
800800
500500
1,0001,000
1,5001,500
DealC
ountDealC
ount
00
1,8001,800
DealCount Other HighYield
InvestmentGrade
TopUnderwriterJPMorgan
Numberofdeals 946
Volume(USDMln) 159,527
AvgDealsize(USDMln) 168.6
MarketSummaryNumberofdeals 2,440
Volume(USDMln) 1,432,013
AvgDealsize(USDMln) 586.9
Issuer Industry Volume(USDMln) Date
CVSHealthCorp HealthCare 9,000 03/06/2018
CVSHealthCorp HealthCare 8,000 03/06/2018
CVSHealthCorp HealthCare 6,000 03/06/2018
CVSHealthCorp HealthCare 5,000 03/06/2018
CVSHealthCorp HealthCare 5,000 03/06/2018
ComcastCorp Communications 4,000 10/02/2018
ComcastCorp Communications 4,000 10/02/2018
CignaCorp HealthCare 3,800 09/06/2018
AT&TInc Communications 3,750 08/16/2018
GoldmanSachsGroupInc/The Financials 3,500 04/18/2018
Financials39%
HealthCare10%
Energy9%
ConsumerDiscretionary8%
Communications7%
ConsumerStaples7%
Utilities7%
Industrials6%
Others7%
USLeveragedFinance:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
200200
400400
USDBln
USDBln
00
600600
USLeveragedLoans
USHighYieldCorporateBonds
USCorporateBonds:IndustryBreakdown
USDomesticBonds:SpreadtoBenchmark
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
200200
400400
Basispoints
Basispoints
00
600600
HighYield
InvestmentGrade
39%
10%9%
8%
7%
7%
7%
6%
7%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page6
USDomesticBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 10.093 194,215 1,110 1 11.062 -0.969
Citi 2 9.685 186,364 1,052 2 10.482 -0.797
BankofAmericaMerrillLynch 3 9.457 181,983 1,043 3 9.258 0.199
GoldmanSachs 4 6.967 134,055 745 4 7.651 -0.684
Barclays 5 6.949 133,712 689 6 5.693 1.256
MorganStanley 6 6.263 120,512 1,131 5 6.567 -0.304
WellsFargo 7 6.007 115,599 1,027 7 5.357 0.650
HSBC 8 5.036 96,909 516 9 4.181 0.855
DeutscheBank 9 3.773 72,601 476 8 4.312 -0.539
RBCCapitalMarkets 10 3.156 60,732 411 11 2.743 0.413
CreditSuisse 11 2.922 56,221 373 10 2.850 0.072
TDSecurities 12 2.800 53,877 371 14 2.231 0.569
MizuhoFinancial 13 2.559 49,242 496 12 2.267 0.292
BNPParibas 14 2.330 44,835 282 13 2.256 0.074
MitsubishiUFJFinancialGroupInc 15 2.254 43,382 345 16 1.890 0.364
Nomura 16 1.630 31,363 252 17 1.672 -0.042
SumitomoMitsuiFinancial 17 1.477 28,422 199 27 0.653 0.824
UBS 18 1.091 21,001 163 15 2.057 -0.966
USBancorp 19 1.034 19,901 190 18 1.013 0.021
StandardCharteredBank 20 0.919 17,680 85 28 0.563 0.356
TOTAL 100% 1,924,254 5,056 100%
USAgencyBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
WellsFargo 1 10.909 26,861 657 2 9.686 1.223
Barclays 2 10.285 25,324 95 1 9.730 0.555
Nomura 3 9.307 22,916 259 4 9.045 0.262
TDSecurities 4 7.523 18,525 187 5 6.751 0.772
Citi 5 7.264 17,886 170 3 9.198 -1.934
JPMorgan 6 5.603 13,795 225 6 5.533 0.070
HSBC 7 4.283 10,547 130 8 3.627 0.656
FTNFinancial 8 3.688 9,081 419 13 2.695 0.993
Jefferies 9 3.501 8,621 206 7 4.043 -0.542
DaiwaSecurities 10 3.319 8,173 216 10 3.221 0.098
MorganStanley 11 3.307 8,143 559 9 3.542 -0.235
INTLFCStoneInc 12 2.744 6,757 325 14 2.653 0.091
MizuhoFinancial 13 2.571 6,330 213 11 2.894 -0.323
DeutscheBank 14 2.361 5,813 118 20 1.462 0.899
Incapital 15 2.189 5,389 411 15 2.587 -0.398
BankofAmericaMerrillLynch 16 2.063 5,081 98 12 2.842 -0.779
LoopCapitalMarketsLLC 17 1.792 4,412 104 19 1.666 0.126
BankofNewYorkMellon 18 1.678 4,132 206 16 2.485 -0.807
Stifel 19 1.577 3,883 275 18 1.780 -0.203
RaymondJames&Associates 20 1.498 3,688 266 24 1.017 0.481
TOTAL 100% 246,227 3,950 100%
USCorporateBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 11.140 159,527 946 1 11.567 -0.427
BankofAmericaMerrillLynch 2 10.788 154,484 911 2 10.381 0.407
Citi 3 9.244 132,380 827 3 9.893 -0.649
GoldmanSachs 4 7.560 108,267 624 4 8.588 -1.028
MorganStanley 5 7.069 101,230 637 5 7.831 -0.762
Barclays 6 6.473 92,698 574 7 5.229 1.244
WellsFargo 7 6.456 92,446 553 6 5.716 0.740
HSBC 8 4.274 61,211 324 10 3.272 1.002
CreditSuisse 9 3.705 53,051 365 9 3.690 0.015
RBCCapitalMarkets 10 3.242 46,429 363 11 3.067 0.175
DeutscheBank 11 3.173 45,445 331 8 4.095 -0.922
MitsubishiUFJFinancialGroupInc 12 2.913 41,710 338 14 2.332 0.581
MizuhoFinancial 13 2.899 41,513 332 13 2.361 0.538
BNPParibas 14 2.548 36,494 256 15 1.976 0.572
SumitomoMitsuiFinancial 15 1.888 27,038 195 19 0.874 1.014
UBS 16 1.417 20,286 157 12 2.658 -1.241
USBancorp 17 1.390 19,901 190 16 1.356 0.034
TDSecurities 18 1.376 19,705 181 17 1.080 0.296
CreditAgricoleCIB 19 1.034 14,807 124 20 0.871 0.163
SocieteGenerale 20 0.887 12,701 113 22 0.838 0.049
TOTAL 100% 1,432,012 2,440 100%
USDollarForeignIssuerBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 9.280 105,975 588 1 9.246 0.034
HSBC 2 7.930 90,561 502 3 7.537 0.393
JPMorgan 3 7.414 84,669 460 2 8.827 -1.413
BankofAmericaMerrillLynch 4 6.559 74,906 408 4 6.579 -0.020
GoldmanSachs 5 6.010 68,636 338 5 5.392 0.618
Barclays 6 5.481 62,592 290 8 4.209 1.272
MorganStanley 7 4.758 54,334 340 7 4.463 0.295
DeutscheBank 8 4.344 49,606 241 6 4.878 -0.534
BNPParibas 9 3.311 37,815 243 9 3.391 -0.080
StandardCharteredBank 10 2.872 32,802 273 12 2.319 0.553
RBCCapitalMarkets 11 2.673 30,519 129 14 2.160 0.513
CreditSuisse 12 2.627 30,000 187 11 2.579 0.048
TDSecurities 13 2.580 29,458 112 13 2.278 0.302
MizuhoFinancial 14 1.850 21,122 218 17 1.433 0.417
CreditAgricoleCIB 15 1.816 20,738 197 16 1.457 0.359
UBS 16 1.774 20,262 167 10 2.925 -1.151
Nomura 17 1.538 17,567 89 15 1.589 -0.051
MitsubishiUFJFinancialGroupInc 18 1.383 15,791 122 20 1.295 0.088
SumitomoMitsuiFinancial 19 1.366 15,603 100 29 0.641 0.725
BMOCapitalMarkets 20 1.247 14,243 71 18 1.391 -0.144
TOTAL 100% 1,141,965 2,555 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page7
USInvestmentGradeCorporateBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BankofAmericaMerrillLynch 1 11.494 141,311 771 2 10.826 0.668
JPMorgan 2 11.472 141,040 780 1 11.886 -0.414
Citi 3 9.626 118,337 702 3 10.382 -0.756
GoldmanSachs 4 7.688 94,521 514 4 8.949 -1.261
MorganStanley 5 7.266 89,332 513 5 8.099 -0.833
WellsFargo 6 6.421 78,937 444 6 5.851 0.570
Barclays 7 6.360 78,192 470 7 4.960 1.400
HSBC 8 4.657 57,248 279 9 3.569 1.088
MizuhoFinancial 9 3.171 38,986 305 13 2.758 0.413
MitsubishiUFJFinancialGroupInc 10 3.157 38,810 301 14 2.619 0.538
RBCCapitalMarkets 11 3.094 38,037 279 11 2.867 0.227
CreditSuisse 12 3.018 37,102 255 10 3.119 -0.101
DeutscheBank 13 2.881 35,419 243 8 4.135 -1.254
BNPParibas 14 2.663 32,737 218 15 2.187 0.476
SumitomoMitsuiFinancial 15 2.072 25,471 175 18 0.979 1.093
USBancorp 16 1.575 19,360 180 16 1.557 0.018
TDSecurities 17 1.486 18,274 159 17 1.197 0.289
UBS 18 1.428 17,554 119 12 2.865 -1.437
CreditAgricoleCIB 19 0.977 12,009 95 21 0.833 0.144
Scotiabank 20 0.802 9,858 107 22 0.732 0.070
TOTAL 100% 1,229,406 1,875 100%
USHighYieldCorporateBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 9.356 16,924 149 1 10.605 -1.249
CreditSuisse 2 8.835 15,980 109 7 6.418 2.417
Barclays 3 8.139 14,723 108 5 7.234 0.905
WellsFargo 4 7.592 13,732 108 8 5.863 1.729
GoldmanSachs 5 7.352 13,299 107 3 8.060 -0.708
BankofAmericaMerrillLynch 6 7.104 12,849 133 2 9.157 -2.053
Citi 7 6.206 11,226 99 4 7.579 -1.373
MorganStanley 8 6.052 10,947 106 6 6.649 -0.597
DeutscheBank 9 5.319 9,621 87 9 4.480 0.839
RBCCapitalMarkets 10 4.652 8,414 83 10 4.198 0.454
Jefferies 11 2.247 4,065 26 11 2.993 -0.746
BMOCapitalMarkets 12 1.655 2,994 30 12 1.752 -0.097
SunTrustRobinsonHumphrey 13 1.603 2,900 31 13 1.669 -0.066
MitsubishiUFJFinancialGroupInc 14 1.601 2,896 37 16 1.356 0.245
HSBC 15 1.575 2,848 36 15 1.617 -0.042
SocieteGenerale 16 1.528 2,764 29 20 0.847 0.681
BNPParibas 17 1.421 2,571 30 17 1.198 0.223
CreditAgricoleCIB 18 1.302 2,356 27 19 1.036 0.266
UBS 19 1.245 2,251 25 14 1.633 -0.388
MizuhoFinancial 20 1.176 2,127 25 21 0.843 0.333
TOTAL 100% 180,882 389 100%
USDollarPreferredsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BankofAmericaMerrillLynch 1 26.483 4,950 36 3 13.768 12.715
MorganStanley 2 16.140 3,017 48 1 21.507 -5.367
WellsFargo 3 15.216 2,844 37 2 14.648 0.568
JPMorgan 4 13.255 2,477 15 7 6.361 6.894
UBS 5 9.432 1,763 31 4 12.951 -3.519
RBCCapitalMarkets 6 6.157 1,151 19 5 7.641 -1.484
Stifel 7 2.931 548 18 6 7.249 -4.318
Citi 8 1.548 289 8 8 2.153 -0.605
LadenburgThalmann&Co 9 1.098 205 14 12 1.193 -0.095
JanneyMontgomeryScottLLC 10 1.040 194 12 15 0.735 0.305
Barclays 11 0.963 180 2 - - 0.963
GoldmanSachs 12 0.860 161 2 18 0.498 0.362
BRiley&Co 13 0.664 124 8 28 0.176 0.488
USBancorp 14 0.615 115 1 - - 0.615
HSBC 15 0.428 80 1 - - 0.428
CreditSuisse 16 0.370 69 3 18 0.498 -0.128
KeyBancCapitalMarkets 17 0.325 61 1 23 0.302 0.023
WilliamBlair&CoLLC 18 0.293 55 4 21 0.320 -0.027
AGP/AllianceGlobalPartnersCorp 19 0.268 50 1 - - 0.268
BB&T 20 0.261 49 6 16 0.615 -0.354
TOTAL 100% 18,690 84 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page8
CanadaFixedIncomeReviewFY2018creditedCanadaCorporateBondsvolumedecreased12.23%toCAD95.9Blnwhiledealcountdecreased11.54%to207offeringsyear-on-year.CanadaCorporateBonds-Bonusvolumedecreased12.23%year-on-yeartoCAD95.9Blnwhilethedealcountdecreased11.54%to207.CanadaGovernmentBondsvolumeincreased3.29%year-on-yeartoCAD108.8Blnover333deals.TDSecuritiesrankedasthetopCanadaCorporateBondsunderwriterforFY2018with22.19%marketshare.Thebankunderwrote89dealsovertheperiod.RBCCapitalMarketsandBMOCapitalMarketsrankedsecondandthirdwith20.04%and17.40%marketshare,respectively.
CanadaCorporateBonds
FY2018 FY2017
Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
TDSecurities 1 22.193 21,277 89 3 17.832 4.361
RBCCapitalMarkets 2 20.035 19,209 110 1 21.093 -1.058
BMOCapitalMarkets 3 17.400 16,682 74 4 16.538 0.862
CIBC 4 16.631 15,945 76 2 18.069 -1.438
Scotiabank 5 11.740 11,255 53 5 12.201 -0.461
HSBC 6 3.960 3,796 22 6 4.200 -0.240
NationalBankFinancialInc 7 3.611 3,462 21 7 3.898 -0.287
LaurentianBankofCanada 8 1.304 1,250 3 10 0.931 0.373
BankofAmericaMerrillLynch 9 1.043 1,000 7 8 2.182 -1.139
DesjardinsCapitalMarkets 10 0.765 733 6 9 1.068 -0.303
TOTAL 100% 95,873 207 100%
CanadaGovernmentBonds
FY2018 FY2017
Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
NationalBankFinancialInc 1 22.982 24,996 127 1 24.120 -1.138
RBCCapitalMarkets 2 19.542 21,255 68 3 18.229 1.313
TDSecurities 3 15.952 17,350 37 2 20.502 -4.550
CIBC 4 14.982 16,295 114 4 14.639 0.343
Scotiabank 5 12.973 14,110 32 6 9.242 3.731
BMOCapitalMarkets 6 12.160 13,226 52 5 11.780 0.380
HSBC 7 0.454 494 4 8 0.386 0.068
DesjardinsCapitalMarkets 8 0.325 353 14 7 0.422 -0.097
BankofAmericaMerrillLynch 9 0.230 250 2 9 0.348 -0.118
Casgrain&Co 10 0.218 238 4 11 0.088 0.130
TOTAL 100% 108,763 333 100%
Financials59%
ConsumerDiscretionary10%
Industrials8%
Utilities7%
Energy6%
Communications5%
Others5%
CanadaCorporateBonds:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
1010
2020
3030
USDBln
USDBln
00
4040
2020
4040
6060
8080
DealC
ountDealC
ount
00
9090
DealCount Amount
CanadaCorporateBonds:IndustryBreakdown
59%
10%
8%
7%
6%5%
5%
CanadaCorporateBonds:ManagerRankingsHistory
TDSecurities
RBCCapitalMarkets
BMOCapitalMarkets
CIBC
Scotiabank
HSBC
10
20
MarketShare(%
)
0
30
2018 2017 2016
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page9
LatinAmericaFixedIncomeReviewFY2018creditedLatinAmericanBondsvolumedecreased28.71%toUSD133.4Blnwhiledealcountdecreased20.49%to652offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumeincreased3.30%year-on-yeartoUSD70.6Blnwhilethedealcountdecreased8.44%to857.BrazilianDomesticBondsvolumeincreased42.83%year-on-yeartoBRL124.5Blnover363deals.CitirankedasthetopLatinAmericanBondsunderwriterforFY2018with11.92%marketshare.Thebankunderwrote74dealsovertheperiod.BancoItauBBAandBancoSantanderrankedsecondandthirdwith9.17%and8.44%marketshare,respectively.
LatinAmericanBonds
FY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 11.922 15,908 74 1 12.037 -0.115
BancoItauBBA 2 9.168 12,233 118 5 7.375 1.793
BancoSantander 3 8.440 11,261 99 2 9.306 -0.866
JPMorgan 4 8.098 10,805 44 3 9.133 -1.035
HSBC 5 7.985 10,654 52 4 9.082 -1.097
BradescoBBISA 6 6.932 9,250 92 8 4.926 2.006
DeutscheBank 7 4.905 6,544 14 9 3.991 0.914
BancoBilbaoVizcayaArgentaria 8 4.884 6,517 64 7 5.649 -0.765
BancodoBrasilSA 9 4.369 5,830 43 13 2.471 1.898
Scotiabank 10 4.236 5,653 56 12 2.658 1.578
TOTAL 100% 133,432 652 100%
LatinAmericanLocalCurrencyBonds
FY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BancoItauBBA 1 15.121 10,678 106 1 12.472 2.649
BradescoBBISA 2 11.845 8,364 83 3 9.501 2.344
BancoSantander 3 8.537 6,028 76 2 11.275 -2.738
JPMorgan 4 7.808 5,513 117 8 4.034 3.774
BancodoBrasilSA 5 6.524 4,607 33 12 2.685 3.839
Scotiabank 6 5.997 4,234 50 7 4.772 1.225
Citi 7 5.693 4,020 54 5 6.270 -0.577
BancoBilbaoVizcayaArgentaria 8 5.454 3,851 61 4 6.950 -1.496
HSBC 9 4.136 2,921 44 6 5.038 -0.902
BancoBTGPactual 10 3.247 2,293 39 9 3.370 -0.123
TOTAL 100% 70,613 857 100%
Government30%
Financials19%
Energy13%
Utilities12%
ConsumerDiscretionary6%
Others20%
LatinAmericanBonds:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
2020
4040
6060
USDBln
USDBln
00
8080
200200
400400 DealC
ountDealC
ount
00
600600
DealCount Amount
LatinAmericanBonds:IndustryBreakdown
30%
19%13%
12%
6%
20%
LatinAmericanBonds:ManagerRankingsHistory
Citi
BancoItauBBA
BancoSantander
JPMorgan
HSBC
BradescoBBISA
5
10
MarketShare(%
)
0
15
2018 2017 2016
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page10
EMEAFixedIncomeReviewFY2018creditedEuropeanCorporate&FinancialBondsvolumedecreased1.06%toEUR1.2Trlnwhiledealcountdecreased1.58%to5,371offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumedecreased20.94%year-on-yeartoEUR271.8Blnwhilethedealcountdecreased18.82%to621.WesternEuropeanCorporateHighYieldBonds-Riskvolumedecreased37.04%year-on-yeartoEUR59.0Blnover182deals.HSBCrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforFY2018with6.35%marketshare.Thebankunderwrote453dealsovertheperiod.DeutscheBankandBarclaysrankedsecondandthirdwith5.41%and4.96%marketshare,respectively.
EuropeanCorporate&FinancialBonds:HighlightsofFY2018
EuropeanCorporate&FinancialBonds:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
100100
200200
300300
400400
EURBln
EURBln
00
500500
500500
1,0001,000
1,5001,500
DealC
ountDealC
ount
00
2,0002,000
DealCount Other HighYield
InvestmentGrade
TopUnderwriterHSBC
Numberofdeals 453
Volume(EURMln) 75,686
AvgDealsize(EURMln) 167.1
MarketSummaryNumberofdeals 5,371
Volume(EURMln) 1,192,087
AvgDealsize(EURMln) 221.9
Issuer Industry Volume(EURMln) Date
BayerUSFinanceIILLC HealthCare 3,016 06/18/2018
UniCreditSpA Financials 2,658 11/27/2018
VodafoneGroupPLC Communications 2,566 05/23/2018
VodafoneGroupPLC Communications 2,566 05/23/2018
HSBCHoldingsPLC Financials 2,548 06/12/2018
BarclaysPLC Financials 2,156 08/07/2018
BayerUSFinanceIILLC HealthCare 2,154 06/18/2018
HSBCHoldingsPLC Financials 2,151 09/05/2018
Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,039 03/20/2018
Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,039 03/20/2018
Financials62%
ConsumerDiscretionary10%
Industrials5%
Others23%
EuropeanCorporate&FinancialBonds:IndustryBreakdown
EuropeanCorporate&FinancialBonds:SpreadtoBenchmark
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
200200
400400
600600
Basispoints
Basispoints
00
700700
HighYield
InvestmentGrade
62%10%
5%
23%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page11
EuropeanBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 6.498 104,008 597 1 5.984 0.514
Barclays 2 5.583 89,359 469 2 5.716 -0.133
DeutscheBank 3 5.032 80,539 511 4 5.071 -0.039
JPMorgan 4 4.821 77,171 499 5 4.562 0.259
BNPParibas 5 4.778 76,478 475 3 5.228 -0.450
Citi 6 3.999 64,002 460 6 4.340 -0.341
SocieteGenerale 7 3.584 57,359 393 8 3.698 -0.114
CreditAgricoleCIB 8 3.415 54,654 406 10 3.506 -0.091
GoldmanSachs 9 3.403 54,470 321 7 3.741 -0.338
BankofAmericaMerrillLynch 10 3.197 51,175 346 9 3.507 -0.310
UniCredit 11 2.952 47,253 383 11 3.389 -0.437
NatWestMarkets 12 2.733 43,745 257 14 2.517 0.216
CreditSuisse 13 2.647 42,363 347 13 2.540 0.107
MorganStanley 14 2.378 38,068 272 15 2.287 0.091
UBS 15 2.201 35,229 268 12 2.659 -0.458
Commerzbank 16 2.089 33,437 262 17 1.796 0.293
Natixis 17 2.018 32,296 264 18 1.716 0.302
BancoSantander 18 1.988 31,823 212 16 2.196 -0.208
LandesbankHessen-ThuringenGirozentrale
19 1.746 27,948 300 20 1.592 0.154
DanskeBank 20 1.674 26,801 363 25 1.198 0.476
TOTAL 100% 1,600,598 6,737 100%
WesternEuropeanBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 6.537 102,633 586 1 6.043 0.494
Barclays 2 5.626 88,334 462 2 5.755 -0.129
BNPParibas 3 5.034 79,030 467 3 5.609 -0.575
DeutscheBank 4 4.956 77,803 492 4 5.007 -0.051
JPMorgan 5 4.633 72,738 461 5 4.281 0.352
Citi 6 3.786 59,441 427 6 4.165 -0.379
CreditAgricoleCIB 7 3.481 54,654 406 10 3.589 -0.108
SocieteGenerale 8 3.473 54,521 365 11 3.579 -0.106
GoldmanSachs 9 3.410 53,530 315 7 3.697 -0.287
UniCredit 10 3.285 51,573 339 8 3.674 -0.389
BankofAmericaMerrillLynch 11 3.257 51,134 345 9 3.604 -0.347
NatWestMarkets 12 2.914 45,745 258 13 2.596 0.318
CreditSuisse 13 2.669 41,895 338 14 2.574 0.095
UBS 14 2.512 39,433 258 12 2.644 -0.132
MorganStanley 15 2.404 37,748 266 15 2.332 0.072
Commerzbank 16 2.138 33,565 250 17 1.770 0.368
Natixis 17 2.019 31,702 258 18 1.755 0.264
BancoSantander 18 1.978 31,053 207 16 2.285 -0.307
LandesbankHessen-ThuringenGirozentrale 19 1.780 27,948 300 20 1.642 0.138
DanskeBank 20 1.700 26,688 362 25 1.235 0.465
TOTAL 100% 1,569,958 6,429 100%
EasternEuropeanBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
VTBCapital 1 12.542 9,048 63 1 11.872 0.670
JPMorgan 2 6.338 4,572 33 3 7.682 -1.344
Gazprombank 3 5.736 4,138 51 2 8.492 -2.756
UniCredit 4 5.565 4,015 55 9 3.408 2.157
Citi 5 5.496 3,965 23 6 4.439 1.057
SberbankCIBCJSC 6 5.470 3,946 56 4 7.173 -1.703
ErsteGroupBank 7 5.344 3,855 35 17 2.395 2.949
DeutscheBank 8 4.298 3,100 17 10 3.406 0.892
SocieteGenerale 9 3.744 2,701 25 7 4.354 -0.610
RaiffeisenBankInternationalGroup 10 3.299 2,380 27 5 4.545 -1.246
REGIONInvestmentCo 11 3.031 2,186 28 24 1.045 1.986
RosselkhozbankOJSC 12 2.801 2,020 19 18 1.588 1.213
INGGroep 13 2.384 1,720 12 13 2.885 -0.501
BNPParibas 14 2.355 1,699 10 8 3.833 -1.478
SovcombankICBJSC 15 2.270 1,638 30 14 2.637 -0.367
HSBC 16 2.267 1,636 11 16 2.400 -0.133
AlfaBank 17 1.830 1,320 17 25 1.013 0.817
Barclays 18 1.724 1,244 7 12 2.971 -1.247
IntesaSanpaolo 19 1.706 1,231 8 15 2.414 -0.708
PKOBankPolskiSA 20 1.695 1,223 10 22 1.350 0.345
TOTAL 100% 72,140 327 100%
WesternEuropeanCorporateHighYieldBonds-RiskFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
GoldmanSachs 1 8.996 5,307 51 2 7.520 1.476
CreditSuisse 2 7.939 4,684 55 3 6.580 1.359
JPMorgan 3 6.827 4,028 50 1 8.514 -1.687
DeutscheBank 4 6.729 3,970 55 5 6.073 0.656
BNPParibas 5 6.307 3,721 56 4 6.201 0.106
Barclays 6 5.374 3,170 41 6 5.694 -0.320
Citi 7 4.125 2,433 33 9 4.337 -0.212
HSBC 8 4.005 2,362 39 8 5.108 -1.103
CreditAgricoleCIB 9 3.651 2,154 32 11 3.530 0.121
BankofAmericaMerrillLynch 10 3.306 1,950 25 12 3.515 -0.209
MorganStanley 11 3.290 1,941 23 7 5.432 -2.142
SocieteGenerale 12 2.833 1,671 30 10 3.634 -0.801
UniCredit 13 2.673 1,577 26 13 3.223 -0.550
INGGroep 14 2.512 1,482 24 14 2.877 -0.365
Natixis 15 2.004 1,182 19 17 1.680 0.324
UBS 16 1.695 1,000 16 16 1.937 -0.242
Nordea 17 1.665 982 17 19 1.335 0.330
DanskeBank 18 1.554 917 14 30 0.621 0.933
NatWestMarkets 19 1.511 891 15 15 2.384 -0.873
IntesaSanpaolo 20 1.170 691 11 18 1.616 -0.446
TOTAL 100% 58,993 182 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page12
EMEACorporateInvestmentGradeBonds(incEM)FY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BNPParibas 1 7.930 21,555 173 2 7.746 0.184
SocieteGenerale 2 6.461 17,562 130 5 5.300 1.161
DeutscheBank 3 6.064 16,482 105 3 6.616 -0.552
HSBC 4 5.658 15,378 138 4 6.530 -0.872
UniCredit 5 4.660 12,666 95 9 3.898 0.762
Barclays 6 4.615 12,544 106 1 7.794 -3.179
CreditAgricoleCIB 7 4.555 12,379 105 12 3.375 1.180
JPMorgan 8 4.039 10,977 96 7 4.401 -0.362
MitsubishiUFJFinancialGroupInc 9 3.859 10,489 95 13 3.021 0.838
INGGroep 10 3.826 10,398 85 19 1.865 1.961
GoldmanSachs 11 3.581 9,732 48 10 3.791 -0.210
Citi 12 3.496 9,503 99 6 5.078 -1.582
BankofAmericaMerrillLynch 13 3.247 8,826 74 8 3.941 -0.694
BancoSantander 14 3.169 8,614 70 11 3.540 -0.371
NatWestMarkets 15 2.836 7,707 74 15 2.591 0.245
Commerzbank 16 2.622 7,127 68 16 2.271 0.351
RBCCapitalMarkets 17 2.241 6,090 48 23 1.347 0.894
CreditSuisse 18 2.185 5,938 57 17 2.230 -0.045
MorganStanley 19 1.987 5,401 57 18 2.220 -0.233
MizuhoFinancial 20 1.905 5,177 50 14 2.670 -0.765
TOTAL 100% 271,794 621 100%
EMEACorporateHighYieldBonds(incEM)-RiskFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
GoldmanSachs 1 6.851 5,537 55 2 6.546 0.305
CreditSuisse 2 6.717 5,429 65 5 5.231 1.486
JPMorgan 3 6.396 5,169 65 1 8.499 -2.103
DeutscheBank 4 6.073 4,908 63 4 6.053 0.020
BNPParibas 5 5.962 4,818 71 6 4.956 1.006
Citi 6 5.051 4,082 50 9 4.400 0.651
Barclays 7 4.869 3,935 49 8 4.446 0.423
HSBC 8 4.711 3,807 58 7 4.677 0.034
MorganStanley 9 3.177 2,567 30 3 6.220 -3.043
CreditAgricoleCIB 10 3.018 2,439 35 14 2.913 0.105
BankofAmericaMerrillLynch 11 2.820 2,279 29 12 3.120 -0.300
UniCredit 12 2.815 2,275 35 11 3.352 -0.537
SocieteGenerale 13 2.695 2,178 38 10 3.453 -0.758
INGGroep 14 2.591 2,094 29 13 2.917 -0.326
Natixis 15 2.261 1,827 25 21 1.293 0.968
UBS 16 1.570 1,269 19 15 2.216 -0.646
RBCCapitalMarkets 17 1.433 1,158 17 35 0.490 0.943
DanskeBank 18 1.370 1,107 16 37 0.478 0.892
NatWestMarkets 19 1.356 1,096 17 16 1.834 -0.478
Nordea 20 1.287 1,040 21 22 1.099 0.188
TOTAL 100% 80,818 270 100%
EuroCurrencyBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BNPParibas 1 6.229 75,143 463 1 6.587 -0.358
DeutscheBank 2 6.118 73,799 422 4 5.361 0.757
HSBC 3 5.876 70,879 458 3 5.590 0.286
SocieteGenerale 4 5.127 61,841 368 5 4.961 0.166
JPMorgan 5 4.891 59,000 352 9 4.562 0.329
Barclays 6 4.700 56,701 294 2 5.754 -1.054
CreditAgricoleCIB 7 4.692 56,599 373 7 4.640 0.052
UniCredit 8 4.275 51,570 356 6 4.940 -0.665
GoldmanSachs 9 3.754 45,290 229 8 4.631 -0.877
Citi 10 3.537 42,669 297 10 4.138 -0.601
Commerzbank 11 3.357 40,492 269 12 2.682 0.675
BankofAmericaMerrillLynch 12 3.033 36,583 241 11 3.968 -0.935
Natixis 13 2.869 34,609 255 14 2.403 0.466
NatWestMarkets 14 2.634 31,773 159 18 2.031 0.603
LandesbankHessen-ThuringenGirozentrale
15 2.309 27,859 298 17 2.111 0.198
DZBank 16 2.275 27,448 287 22 1.445 0.830
INGGroep 17 2.230 26,902 210 19 1.997 0.233
MorganStanley 18 2.128 25,670 164 13 2.466 -0.338
BancoSantander 19 2.111 25,464 161 15 2.276 -0.165
LandesbankBaden-Wuerttemberg 20 2.098 25,314 274 16 2.163 -0.065
TOTAL 100% 1,206,293 3,775 100%
Euro&SterlingCorporate&FinancialBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BNPParibas 1 6.399 59,988 409 1 6.435 -0.036
DeutscheBank 2 6.331 59,351 358 4 5.518 0.813
HSBC 3 6.012 56,366 401 3 5.645 0.367
SocieteGenerale 4 4.473 41,939 288 7 3.908 0.565
Barclays 5 4.248 39,826 285 2 6.112 -1.864
UniCredit 6 4.038 37,857 272 5 4.344 -0.306
CreditAgricoleCIB 7 3.901 36,576 281 6 4.058 -0.157
JPMorgan 8 3.525 33,045 270 8 3.775 -0.250
GoldmanSachs 9 3.292 30,859 194 9 3.461 -0.169
NatWestMarkets 10 2.997 28,097 207 15 2.611 0.386
Natixis 11 2.914 27,317 209 17 2.209 0.705
UBS 12 2.821 26,451 116 21 1.740 1.081
LandesbankHessen-ThuringenGirozentrale 13 2.796 26,212 268 14 2.655 0.141
BankofAmericaMerrillLynch 14 2.656 24,901 176 10 3.322 -0.666
Commerzbank 15 2.548 23,885 198 20 1.975 0.573
Citi 16 2.496 23,404 235 11 3.071 -0.575
BancoSantander 17 2.436 22,836 172 12 2.934 -0.498
INGGroep 18 2.418 22,666 187 19 2.026 0.392
MorganStanley 19 2.136 20,024 151 13 2.837 -0.701
CreditSuisse 20 1.865 17,486 159 16 2.304 -0.439
TOTAL 100% 937,526 3,011 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page13
SterlingBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(GBPMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 13.876 16,662 113 2 13.236 0.640
NatWestMarkets 2 11.982 14,388 109 3 9.093 2.889
Barclays 3 10.709 12,859 92 1 14.278 -3.569
RBCCapitalMarkets 4 8.859 10,638 93 4 6.016 2.843
LloydsBank 5 6.692 8,036 56 5 5.436 1.256
Nomura 6 5.206 6,252 42 15 2.333 2.873
JPMorgan 7 4.760 5,716 32 7 4.319 0.441
TDSecurities 8 4.307 5,171 43 16 1.776 2.531
BankofAmericaMerrillLynch 9 3.872 4,650 35 11 4.092 -0.220
DeutscheBank 10 3.841 4,612 27 6 5.036 -1.195
BancoSantander 11 3.363 4,038 28 10 4.212 -0.849
CreditSuisse 12 2.984 3,584 35 12 3.482 -0.498
Citi 13 2.970 3,566 30 9 4.232 -1.262
GoldmanSachs 14 2.497 2,998 17 13 2.722 -0.225
BNPParibas 15 2.253 2,705 20 14 2.637 -0.384
MorganStanley 16 1.936 2,325 14 8 4.284 -2.348
UBS 17 1.622 1,948 4 17 1.592 0.030
MonsasLtd 18 1.249 1,500 1 - - 1.249
FMSWertmanagement 19 0.999 1,200 1 19 1.208 -0.209
INGGroep 20 0.588 707 7 32 0.214 0.374
TOTAL 100% 120,079 386 100%
SwissFrancBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(CHFMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
CreditSuisse 1 26.076 14,914 152 1 26.294 -0.218
UBS 2 23.214 13,277 134 2 22.768 0.446
SchweizerischeKantonalbanken 3 11.424 6,534 33 3 13.437 -2.013
ZuercherKantonalbank 4 9.691 5,543 62 4 9.420 0.271
RaiffeisenSwitzerland 5 7.598 4,346 48 5 6.530 1.068
BNPParibas 6 3.248 1,858 17 6 4.039 -0.791
DeutscheBank 7 3.190 1,825 17 7 3.556 -0.366
BaslerKantonalbank 8 1.733 991 10 8 1.811 -0.078
HSBC 9 1.630 933 7 9 1.762 -0.132
Commerzbank 10 1.569 898 11 10 1.070 0.499
BasellandchaflicheKantonalbank 11 1.428 817 7 24 0.349 1.079
LuzernerKantonalbank 12 1.180 675 2 13 0.762 0.418
VontobelHoldingAG 13 1.088 622 8 14 0.698 0.390
AargauischeKantonalbank 14 1.049 600 5 11 1.029 0.020
GraubundnerKantonalbank 15 0.874 500 2 - - 0.874
ThurgauerKantonalbank 16 0.717 410 2 17 0.571 0.146
Scotiabank 17 0.415 238 2 - - 0.415
BanqueCantonaledeFribourg 18 0.350 200 1 22 0.476 -0.126
CieFinanciereTraditionSA 19 0.336 192 21 16 0.600 -0.264
Gazprombank 20 0.328 188 1 25 0.238 0.090
TOTAL 100% 57,192 345 100%
SwedishKronaBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(SEKMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Nordea 1 21.510 82,363 176 1 20.908 0.602
DanskeBank 2 20.080 76,887 181 2 20.233 -0.153
SEB 3 18.047 69,101 137 3 17.734 0.313
Swedbank 4 17.056 65,308 137 4 13.004 4.052
SvenskaHandelsbanken 5 10.335 39,572 97 5 10.919 -0.584
DNBASA 6 5.330 20,408 51 6 5.464 -0.134
DeutscheBank 7 1.510 5,783 6 21 0.248 1.262
JPMorgan 8 0.648 2,483 8 10 0.970 -0.322
ABGSundalCollierAsa 9 0.592 2,266 8 7 1.337 -0.745
CreditAgricoleCIB 10 0.575 2,200 9 12 0.770 -0.195
ParetoSecurities 11 0.556 2,130 8 9 1.002 -0.446
TDSecurities 12 0.525 2,010 5 - - 0.525
Citi 13 0.466 1,783 4 18 0.495 -0.029
HSBC 14 0.454 1,740 6 8 1.110 -0.656
GoldmanSachs 15 0.348 1,333 6 15 0.712 -0.364
Nomura 16 0.253 968 6 14 0.727 -0.474
Carnegie 17 0.248 950 5 11 0.907 -0.659
BankofAmericaMerrillLynch 18 0.206 790 3 16 0.687 -0.481
BNPParibas 19 0.152 583 2 19 0.402 -0.250
ArcticSecurities 20 0.148 565 2 17 0.560 -0.412
TOTAL 100% 382,897 668 100%
Sub-SaharaAfricaCurrencyBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
NedbankLtd 1 18.397 1,873 42 3 9.343 9.054
StandardBankofSouthAfrica 2 17.349 1,767 44 1 30.884 -13.535
FirstRandLtd 3 16.454 1,675 54 2 13.927 2.527
AbsaGroupLtd 4 9.744 992 22 - - 9.744
JPMorgan 5 5.558 566 8 11 2.261 3.297
Investec 6 5.232 533 17 7 4.298 0.934
FidelityBankLtd 7 3.388 345 8 10 3.660 -0.272
Barclays 8 3.083 314 8 4 6.114 -3.031
DatabankFinancialServicesLtd 9 2.901 295 8 35 0.041 2.860
ICSecuritiesGhanaLtd 10 2.881 293 7 - - 2.881
FirstRandBank 11 1.592 162 2 - - 1.592
EskomHoldingsLtd 12 1.300 132 3 - - 1.300
BNPParibas 13 0.818 83 5 15 0.959 -0.141
BasisPointsCapital 14 0.809 82 3 - - 0.809
GoldmanSachs 15 0.759 77 4 28 0.260 0.499
TDSecurities 16 0.746 76 3 16 0.753 -0.007
FBNHoldingsPLC 17 0.676 69 1 19 0.449 0.227
LibertyGroupLtd 18 0.659 67 1 - - 0.659
StandardCharteredBank 19 0.640 65 3 9 3.680 -3.040
NatWestMarkets 20 0.605 62 5 - - 0.605
TOTAL 100% 10,182 237 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page14
CEEMEABondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 8.716 20,178 99 2 9.037 -0.321
StandardCharteredBank 2 8.227 19,047 102 5 3.965 4.262
JPMorgan 3 6.668 15,438 90 1 9.450 -2.782
DeutscheBank 4 6.043 13,990 50 7 3.615 2.428
HSBC 5 5.848 13,539 81 3 6.993 -1.145
VTBCapital 6 4.027 9,324 66 4 4.426 -0.399
BNPParibas 7 3.023 6,999 43 6 3.932 -0.909
SocieteGenerale 8 2.693 6,235 48 12 2.411 0.282
GoldmanSachs 9 2.671 6,184 23 8 3.062 -0.391
Barclays 10 2.346 5,431 44 10 2.865 -0.519
BankofAmericaMerrillLynch 11 1.927 4,462 22 15 1.784 0.143
UniCredit 12 1.839 4,256 58 14 1.785 0.054
Gazprombank 13 1.787 4,138 51 9 3.024 -1.237
SberbankCIBCJSC 14 1.684 3,899 55 11 2.554 -0.870
ErsteGroupBank 15 1.645 3,809 34 22 1.027 0.618
MitsubishiUFJFinancialGroupInc 16 1.541 3,567 24 13 1.793 -0.252
SumitomoMitsuiFinancial 17 1.477 3,419 27 56 0.310 1.167
INGGroep 18 1.365 3,159 24 20 1.335 0.030
FirstAbuDhabiBankPJSC 19 1.334 3,087 28 16 1.779 -0.445
CreditSuisse 20 1.315 3,044 21 38 0.554 0.761
TOTAL 100% 231,513 893 100%
MENABonds&SukukFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
StandardCharteredBank 1 16.459 14,239 79 4 5.276 11.183
HSBC 2 9.844 8,516 54 2 13.297 -3.453
Citi 3 8.274 7,158 39 3 10.620 -2.346
JPMorgan 4 6.719 5,813 32 1 15.569 -8.850
DeutscheBank 5 6.241 5,400 15 8 3.892 2.349
BankofAmericaMerrillLynch 6 3.552 3,073 12 11 2.642 0.910
FirstAbuDhabiBankPJSC 7 3.443 2,979 27 5 5.008 -1.565
BNPParibas 8 2.856 2,471 15 6 4.506 -1.650
CreditAgricoleCIB 9 2.790 2,413 16 20 1.089 1.701
Barclays 10 2.574 2,227 18 18 1.570 1.004
MorganStanley 11 2.524 2,183 9 13 2.317 0.207
SumitomoMitsuiFinancial 12 2.352 2,034 14 36 0.388 1.964
MitsubishiUFJFinancialGroupInc 13 2.218 1,919 11 9 3.615 -1.397
GulfInternationalBankBSC 14 2.119 1,833 7 7 4.082 -1.963
CreditSuisse 15 2.069 1,790 8 50 0.121 1.948
GoldmanSachs 16 1.624 1,405 7 10 2.863 -1.239
Industrial&CommBankofChina 17 1.577 1,364 5 26 0.630 0.947
MizuhoFinancial 18 1.520 1,315 18 30 0.458 1.062
BankofChina 19 1.504 1,302 4 - - 1.504
QatarNationalBank 20 1.232 1,065 4 19 1.091 0.141
TOTAL 100% 86,513 228 100%
AfricaBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 13.665 5,983 22 1 14.149 -0.484
StandardCharteredBank 2 11.685 5,116 21 3 9.529 2.156
DeutscheBank 3 8.366 3,663 14 10 3.088 5.278
JPMorgan 4 8.288 3,629 19 4 7.054 1.234
StandardBankofSouthAfrica 5 6.706 2,936 49 2 11.450 -4.744
FirstRandLtd 6 4.978 2,180 57 8 4.234 0.744
NedbankLtd 7 4.495 1,968 39 9 4.140 0.355
BNPParibas 8 4.411 1,931 10 5 6.371 -1.960
AbsaGroupLtd 9 3.609 1,580 25 - - 3.609
GoldmanSachs 10 3.342 1,463 4 23 0.995 2.347
HSBC 11 2.983 1,306 7 11 2.292 0.691
Industrial&CommBankofChina 12 2.950 1,292 4 25 0.837 2.113
SocieteGenerale 13 2.718 1,190 7 21 1.154 1.564
Barclays 14 2.538 1,111 13 7 4.806 -2.268
MorganStanley 15 2.124 930 4 35 0.242 1.882
FirstAbuDhabiBankPJSC 16 1.827 800 3 - - 1.827
BankofAmericaMerrillLynch 17 1.784 781 4 15 1.594 0.190
Natixis 18 1.478 647 5 6 5.975 -4.497
IntesaSanpaolo 19 1.407 616 2 - - 1.407
CreditSuisse 20 0.825 361 3 19 1.208 -0.383
TOTAL 100% 43,784 217 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page15
SpainBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BancoSantander 1 12.626 11,221 48 1 11.066 1.560
BancoBilbaoVizcayaArgentaria 2 10.578 9,401 31 2 10.728 -0.150
HSBC 3 8.359 7,429 29 4 6.741 1.618
Barclays 4 8.002 7,112 28 3 7.277 0.725
Citi 5 6.446 5,729 23 5 6.581 -0.135
JPMorgan 6 4.247 3,775 18 11 3.889 0.358
BNPParibas 7 4.188 3,722 21 7 4.949 -0.761
SocieteGenerale 8 4.077 3,624 18 10 3.950 0.127
CajaRuraldeNavarra 9 3.376 3,000 1 - - 3.376
GoldmanSachs 10 3.337 2,965 16 9 4.046 -0.709
NatWestMarkets 11 3.299 2,932 14 15 2.072 1.227
CreditAgricoleCIB 12 3.143 2,794 21 12 3.525 -0.382
LaCaixa 13 2.594 2,305 22 6 5.673 -3.079
UniCredit 14 2.593 2,304 17 16 1.967 0.626
CreditSuisse 15 2.418 2,149 17 17 1.961 0.457
MorganStanley 16 2.204 1,959 10 8 4.113 -1.909
Natixis 17 2.198 1,953 14 18 1.683 0.515
DeutscheBank 18 2.177 1,935 19 19 1.550 0.627
BankofAmericaMerrillLynch 19 1.917 1,704 13 13 2.442 -0.525
BancoSabadell 20 1.858 1,652 8 14 2.438 -0.580
TOTAL 100% 88,875 171 100%
SpainCorporatesFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
GoldmanSachs 1 6.502 1,202 8 13 2.597 3.905
BancoSantander 2 6.321 1,169 17 2 7.262 -0.941
Citi 3 6.069 1,122 10 8 5.240 0.829
BNPParibas 4 5.812 1,074 14 10 4.621 1.191
BancoBilbaoVizcayaArgentaria 5 5.187 959 11 3 6.430 -1.243
LaCaixa 6 5.031 930 14 7 5.358 -0.327
Barclays 7 4.665 863 11 4 6.358 -1.693
SocieteGenerale 8 4.333 801 9 5 5.862 -1.529
CreditSuisse 9 4.233 783 7 23 1.648 2.585
UniCredit 10 3.854 713 9 15 2.466 1.388
HSBC 11 3.809 704 8 9 4.954 -1.145
DeutscheBank 12 3.802 703 9 19 1.863 1.939
JPMorgan 13 3.488 645 8 6 5.738 -2.250
CreditAgricoleCIB 14 3.166 585 9 11 3.545 -0.379
NatWestMarkets 15 3.137 580 8 12 3.501 -0.364
BankofAmericaMerrillLynch 16 2.857 528 7 22 1.681 1.176
IntesaSanpaolo 17 2.760 510 5 20 1.853 0.907
MitsubishiUFJFinancialGroupInc 18 2.701 499 6 17 2.114 0.587
MizuhoFinancial 19 2.393 442 5 14 2.475 -0.082
MorganStanley 20 2.123 393 5 1 8.320 -6.197
TOTAL 100% 18,487 64 100%
SpainFinancialsFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BancoSantander 1 14.067 5,149 22 1 11.206 2.861
CajaRuraldeNavarra 2 8.196 3,000 1 - - 8.196
BancoBilbaoVizcayaArgentaria 3 7.296 2,671 7 2 8.792 -1.496
Barclays 4 5.043 1,846 11 3 5.366 -0.323
Natixis 5 4.378 1,603 9 16 3.077 1.301
UniCredit 6 4.348 1,592 8 22 1.770 2.578
Citi 7 4.277 1,566 10 6 4.870 -0.593
HSBC 8 4.143 1,517 10 8 4.596 -0.453
LaCaixa 9 3.756 1,375 8 4 4.917 -1.161
CreditSuisse 10 3.733 1,366 10 11 3.737 -0.004
BancoSabadell 11 3.597 1,317 3 7 4.709 -1.112
UBS 12 3.483 1,275 11 19 2.213 1.270
DeutscheBank 13 3.365 1,232 10 18 2.613 0.752
BankofAmericaMerrillLynch 14 3.211 1,176 6 5 4.901 -1.690
JPMorgan 15 3.200 1,171 7 13 3.277 -0.077
GoldmanSachs 16 2.996 1,097 7 9 4.529 -1.533
SocieteGenerale 17 2.749 1,006 6 17 2.888 -0.139
CreditAgricoleCIB 18 2.586 947 7 12 3.487 -0.901
MorganStanley 19 2.459 900 4 14 3.173 -0.714
Nomura 20 2.408 881 6 15 3.127 -0.719
TOTAL 100% 36,604 87 100%
SpainGovernment&AgenciesFY2018 FY2017
Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BancoBilbaoVizcayaArgentaria 1 17.083 5,771 13 1 16.220 0.863
HSBC 2 15.417 5,208 11 3 10.656 4.761
BancoSantander 3 14.514 4,903 9 2 13.668 0.846
Barclays 4 13.034 4,403 6 4 10.276 2.758
Citi 5 9.004 3,042 3 5 9.644 -0.640
JPMorgan 6 5.797 1,958 3 11 3.288 2.509
BNPParibas 7 5.427 1,833 2 7 6.532 -1.105
SocieteGenerale 8 5.377 1,817 3 9 3.849 1.528
NatWestMarkets 9 4.933 1,667 1 12 2.192 2.741
CreditAgricoleCIB 10 3.735 1,262 5 10 3.556 0.179
GoldmanSachs 11 1.973 667 1 8 4.515 -2.542
MorganStanley 11 1.973 667 1 12 2.192 -0.219
INGGroep 13 0.592 200 1 22 0.368 0.224
BancoSabadell 14 0.444 150 1 25 0.132 0.312
BancoCooperativo 15 0.298 101 1 21 0.385 -0.087
NorbolsaSociedaddeValoresSA/Spain 16 0.296 100 1 17 0.592 -0.296
Natixis 17 0.102 34 2 22 0.368 -0.266
- - - - - - - -
- - - - - - - -
- - - - - - - -
TOTAL 100% 33,783 20 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page16
Asiaex-JapanFixedIncomeReviewFY2018creditedAsiaex-JapanG3CurrencyBondsvolumedecreased19.36%toUSD266.0Blnwhiledealcountdecreased4.12%to652offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased9.87%year-on-yeartoUSD204.3Blnwhilethedealcountincreased2.14%to429.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased29.22%year-on-yeartoUSD36.2Blnover138deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforFY2018with7.69%marketshare.Thebankunderwrote255dealsovertheperiod.CitiandBankofChinarankedsecondandthirdwith5.74%and5.10%marketshare,respectively.
Asiaex-JapanG3CurrencyBonds:HighlightsofFY2018
Issuer Industry Volume(USDMln) Date
BankofChinaHongKongLtd Financials 3,000 09/11/2018
TencentHoldingsLtd Technology 2,500 01/11/2018
PhilippineGovernmentInternationalBond Government 2,000 01/18/2018
SandsChinaLtd ConsumerDiscretionary 1,900 08/02/2018
SandsChinaLtd ConsumerDiscretionary 1,800 08/02/2018
SandsChinaLtd ConsumerDiscretionary 1,800 08/02/2018
CNACHKFinbridgeCoLtd Materials 1,750 03/07/2018
PerusahaanPenerbitSBSNIndonesiaIII Government 1,750 02/22/2018
ChinaGovernmentInternationalBond Government 1,500 10/11/2018
CNACHKFinbridgeCoLtd Materials 1,488 03/07/2018
Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry
Issuer Volume(USDMln) Date Country
TencentHoldingsLtd 2,500 01/11/2018 China
BankofChinaHongKongLtd 3,000 09/11/2018 HongKong
Export-ImportBankofIndia 1,000 01/25/2018 India
PerusahaanPenerbitSBSNIndonesiaIII 1,750 02/22/2018 Indonesia
TNBGlobalVenturesCapitalBhd 750 10/23/2018 Malaysia
PhilippineGovernmentInternationalBond 2,000 01/18/2018 Philippines
TemasekFinancialILtd 1,350 07/25/2018 Singapore
HanwhaLifeInsuranceCoLtd 1,000 04/16/2018 SouthKorea
SriLankaGovernmentInternationalBond 1,250 04/11/2018 SriLanka
BankofTaiwan 470 02/06/2018 Taiwan
BangkokBankPCL/HongKong 600 09/12/2018 Thailand
Financials52%
Government15%
Materials6%
Utilities6%
Industrials5%
Others16%
Asiaex-JapanG3CurrencyBonds:QuarterlyVolume
Q42013
Q42013
Q42014
Q42014
Q42015
Q42015
Q42016
Q42016
Q42017
Q42017
QuartersQuarters
Q42018
Q42018
5050
USDBln
USDBln
00
100100
200200
DealC
ountDealC
ount
00
400400
DealCount
Other
HighYield
InvestmentGrade
Asiaex-JapanG3CurrencyBonds:IndustryBreakdown
52%
15%
6%
6%
5%
16%
Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory
HSBC Ci
ti
BankofChina
StandardCharteredBank
GoldmanSachs
BankofAmericaMerrillLynch
5
10
MarketShare(%
)
0
15
2018 2017 2016
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page17
Asiaex-JapanIssuerG3CurrencyBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 7.692 20,458 255 1 7.770 -0.078
Citi 2 5.737 15,259 155 2 6.632 -0.895
BankofChina 3 5.101 13,566 214 4 5.226 -0.125
StandardCharteredBank 4 4.555 12,114 163 3 5.725 -1.170
GoldmanSachs 5 3.681 9,789 78 7 3.306 0.375
BankofAmericaMerrillLynch 6 3.313 8,810 97 9 3.244 0.069
BNPParibas 7 3.192 8,489 107 10 3.044 0.148
JPMorgan 8 2.941 7,822 80 6 3.827 -0.886
MorganStanley 9 2.719 7,231 87 8 3.280 -0.561
CreditAgricoleCIB 10 2.705 7,195 86 19 1.969 0.736
DeutscheBank 11 2.566 6,825 81 5 4.135 -1.569
DBSGroup 12 2.449 6,513 101 14 2.879 -0.430
UBS 13 2.448 6,510 92 13 2.907 -0.459
Industrial&CommBankofChina 14 2.336 6,212 132 11 3.016 -0.680
CreditSuisse 15 2.334 6,207 67 12 2.933 -0.599
HaitongSecurities 16 2.310 6,144 120 16 2.287 0.023
BankofCommunications 17 2.278 6,058 103 18 1.975 0.303
MizuhoFinancial 18 2.250 5,984 95 22 1.395 0.855
Barclays 19 2.070 5,505 52 17 2.019 0.051
GuotaiJunanSecurities 20 1.937 5,152 116 25 1.167 0.770
TOTAL 100% 265,952 652 100%
APACex-JapanIssuerG3CurrencyBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 7.672 24,541 279 1 7.928 -0.256
Citi 2 6.408 20,497 186 2 7.435 -1.027
BankofChina 3 4.241 13,566 214 6 4.230 0.011
GoldmanSachs 4 4.206 13,455 92 9 3.368 0.838
JPMorgan 5 4.005 12,811 110 3 5.492 -1.487
BNPParibas 6 3.812 12,195 124 10 3.072 0.740
BankofAmericaMerrillLynch 7 3.812 12,194 119 5 4.289 -0.477
StandardCharteredBank 8 3.787 12,114 163 4 4.633 -0.846
MorganStanley 9 2.941 9,407 100 7 4.035 -1.094
DeutscheBank 10 2.796 8,943 91 8 3.846 -1.050
UBS 11 2.590 8,285 100 11 2.832 -0.242
CreditSuisse 12 2.566 8,207 80 12 2.721 -0.155
CreditAgricoleCIB 13 2.291 7,328 87 19 1.742 0.549
MizuhoFinancial 14 2.060 6,589 99 21 1.385 0.675
DBSGroup 15 2.036 6,513 101 14 2.371 -0.335
Barclays 16 1.983 6,342 57 17 2.029 -0.046
Industrial&CommBankofChina 17 1.942 6,212 132 13 2.440 -0.498
HaitongSecurities 18 1.921 6,144 120 18 1.892 0.029
BankofCommunications 19 1.894 6,058 103 20 1.598 0.296
ANZBankingGroup 20 1.841 5,890 65 15 2.189 -0.348
TOTAL 100% 319,877 746 100%
Asiaex-JapanG3InvestmentGradeBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 8.510 17,389 205 1 8.389 0.121
Citi 2 6.669 13,628 137 2 7.784 -1.115
BankofChina 3 5.160 10,545 162 4 5.110 0.050
StandardCharteredBank 4 4.467 9,128 126 3 5.948 -1.481
GoldmanSachs 5 3.994 8,162 63 5 3.923 0.071
BankofAmericaMerrillLynch 6 3.993 8,160 83 6 3.911 0.082
BNPParibas 7 3.799 7,764 90 9 3.749 0.050
CreditAgricoleCIB 8 3.394 6,936 81 14 2.590 0.804
JPMorgan 9 2.993 6,116 64 8 3.756 -0.763
Industrial&CommBankofChina 10 2.757 5,635 118 12 3.189 -0.432
BankofCommunications 11 2.755 5,629 89 15 2.415 0.340
MorganStanley 12 2.707 5,532 59 10 3.349 -0.642
MizuhoFinancial 13 2.703 5,524 84 18 1.927 0.776
DBSGroup 14 2.413 4,930 69 16 2.238 0.175
DeutscheBank 15 2.352 4,807 49 7 3.784 -1.432
Barclays 16 2.164 4,423 41 17 2.144 0.020
UBS 17 2.018 4,123 48 13 2.820 -0.802
MitsubishiUFJFinancialGroupInc 18 1.785 3,647 42 21 1.651 0.134
ChinaConstructionBank 19 1.736 3,547 77 11 3.232 -1.496
ANZBankingGroup 20 1.617 3,305 47 19 1.921 -0.304
TOTAL 100% 204,343 429 100%
Asiaex-JapanG3CorporateHighYieldBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HaitongSecurities 1 9.942 3,598 70 1 9.289 0.653
CreditSuisse 2 6.877 2,489 31 2 8.082 -1.205
GuotaiJunanSecurities 3 6.507 2,355 57 12 3.046 3.461
ChinaCiticBank 4 5.593 2,024 31 3 6.022 -0.429
UBS 5 5.118 1,852 36 16 2.583 2.535
HSBC 6 5.067 1,834 35 4 5.634 -0.567
ChinaEverbrightBank 7 4.421 1,600 27 32 0.577 3.844
DeutscheBank 8 4.052 1,467 29 5 5.185 -1.133
StandardCharteredBank 9 3.984 1,442 23 9 4.300 -0.316
MorganStanley 10 3.791 1,372 21 6 4.758 -0.967
BankofChina 11 3.077 1,114 23 13 2.950 0.127
IndustrialSecurities 12 2.779 1,006 28 42 0.388 2.391
OrientSecurities 13 2.680 970 22 37 0.405 2.275
GoldmanSachs 14 2.560 926 10 11 3.046 -0.486
JPMorgan 15 2.249 814 11 8 4.362 -2.113
CITICSecurities 16 2.145 776 12 22 1.072 1.073
Barclays 17 2.003 725 5 14 2.765 -0.762
ChinaMerchantsBank 18 1.959 709 17 30 0.709 1.250
BankofAmericaMerrillLynch 19 1.796 650 14 17 1.926 -0.130
VTBCapital 20 1.500 543 10 33 0.567 0.933
TOTAL 100% 36,189 138 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page18
APACUSD&EURCurrencyBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 7.261 28,559 226 1 8.111 -0.850
HSBC 2 6.717 26,419 291 3 6.906 -0.189
JPMorgan 3 5.305 20,865 149 2 6.984 -1.679
BankofAmericaMerrillLynch 4 5.262 20,697 162 4 5.330 -0.068
GoldmanSachs 5 5.071 19,944 120 5 4.980 0.091
MorganStanley 6 4.376 17,212 133 6 4.527 -0.151
BNPParibas 7 3.812 14,994 140 10 3.062 0.750
BankofChina 8 3.422 13,460 211 8 3.539 -0.117
StandardCharteredBank 9 3.145 12,370 165 7 3.877 -0.732
MizuhoFinancial 10 2.950 11,602 124 14 2.072 0.878
Barclays 11 2.603 10,239 76 11 2.530 0.073
DeutscheBank 12 2.596 10,210 99 9 3.514 -0.918
MitsubishiUFJFinancialGroupInc 13 2.355 9,263 69 20 1.602 0.753
SumitomoMitsuiFinancial 14 2.313 9,099 54 25 1.094 1.219
UBS 15 2.217 8,720 103 12 2.483 -0.266
CreditSuisse 16 2.087 8,207 80 13 2.409 -0.322
CreditAgricoleCIB 17 2.025 7,965 91 19 1.774 0.251
DBSGroup 18 1.721 6,769 103 16 1.984 -0.263
Industrial&CommBankofChina 19 1.579 6,212 132 15 2.042 -0.463
HaitongSecurities 20 1.562 6,144 120 21 1.583 -0.021
TOTAL 100% 393,321 841 100%
AsiaBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BankofChina 1 4.589 64,682 506 3 3.123 1.466
CITICSecurities 2 4.281 60,347 386 2 3.256 1.025
ChinaSecurities 3 3.751 52,877 462 7 2.798 0.953
Industrial&CommBankofChina 4 3.437 48,446 377 5 3.055 0.382
MizuhoFinancial 5 3.023 42,613 675 6 2.898 0.125
MorganStanley 6 2.882 40,628 546 1 3.957 -1.075
ChinaConstructionBank 7 2.808 39,582 396 8 2.608 0.200
AgriculturalBankofChina 8 2.373 33,442 253 17 1.839 0.534
HSBC 9 2.332 32,867 404 9 2.570 -0.238
SumitomoMitsuiFinancial 10 2.275 32,072 506 12 2.165 0.110
Citi 11 2.260 31,850 285 4 3.076 -0.816
ChinaMerchantsBank 12 2.232 31,456 307 23 1.533 0.699
ChinaInternationalCapitalCorp 13 2.224 31,349 234 13 2.026 0.198
Nomura 14 2.195 30,935 525 11 2.411 -0.216
IndustrialBank 15 2.136 30,108 326 20 1.645 0.491
HaitongSecurities 16 2.021 28,489 342 16 1.919 0.102
GuotaiJunanSecurities 17 1.802 25,398 290 10 2.437 -0.635
BankofCommunications 18 1.788 25,203 275 29 1.262 0.526
ShanghaiPudongDevelopmentBank 19 1.754 24,722 281 24 1.505 0.249
DaiwaSecurities 20 1.746 24,614 491 15 1.947 -0.201
TOTAL 100% 1,409,539 7,583 100%
Asiaex-JapanBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BankofChina 1 5.397 64,637 504 2 3.755 1.642
CITICSecurities 2 5.037 60,328 385 1 3.914 1.123
ChinaSecurities 3 4.415 52,877 462 4 3.363 1.052
Industrial&CommBankofChina 4 4.041 48,400 375 3 3.672 0.369
ChinaConstructionBank 5 3.305 39,582 396 5 3.135 0.170
AgriculturalBankofChina 6 2.792 33,442 253 11 2.210 0.582
ChinaMerchantsBank 7 2.626 31,456 307 15 1.843 0.783
ChinaInternationalCapitalCorp 8 2.617 31,349 234 9 2.435 0.182
HSBC 9 2.529 30,290 386 7 2.891 -0.362
IndustrialBank 10 2.514 30,108 326 13 1.978 0.536
HaitongSecurities 11 2.379 28,489 342 10 2.307 0.072
GuotaiJunanSecurities 12 2.121 25,398 290 6 2.930 -0.809
BankofCommunications 13 2.104 25,203 275 19 1.518 0.586
ShanghaiPudongDevelopmentBank 14 2.062 24,697 280 16 1.809 0.253
ChinaDevelopmentBank 15 1.914 22,929 165 21 1.468 0.446
ChinaMerchantsSecurities 16 1.914 22,923 141 14 1.849 0.065
Citi 17 1.896 22,713 231 8 2.753 -0.857
ChinaCiticBank 18 1.734 20,768 261 17 1.623 0.111
ChinaMinshengBankingCorp 19 1.632 19,547 249 27 1.185 0.447
StandardCharteredBank 20 1.602 19,185 280 12 2.154 -0.552
TOTAL 100% 1,197,714 6,519 100%
ASEANLocalCurrencyBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
CIMB 1 10.100 7,776 260 1 13.997 -3.897
DBSGroup 2 8.104 6,239 136 3 7.354 0.750
Maybank 3 6.277 4,833 204 2 9.302 -3.025
AmInvestmentBankBhd 4 6.124 4,715 135 6 4.666 1.458
KasikornbankPCL 5 6.005 4,623 135 8 4.395 1.610
RHB 6 5.079 3,910 175 5 4.708 0.371
BankofAyudhyaPCL 7 4.777 3,678 63 11 4.032 0.745
Oversea-ChineseBankingCorp 8 4.437 3,416 75 7 4.528 -0.091
StandardCharteredBank 9 4.298 3,309 54 13 2.300 1.998
UnitedOverseasBank 10 4.182 3,220 80 12 2.589 1.593
SiamCommercialBankPCL 11 4.167 3,209 72 10 4.089 0.078
BangkokBankPCL 12 3.862 2,973 101 9 4.339 -0.477
KrungThaiBank 13 3.678 2,832 87 4 5.089 -1.411
HSBC 14 3.077 2,369 34 14 2.221 0.856
ThanachartCapitalPCL 15 1.885 1,452 31 31 0.674 1.211
PhatraSecuritiesPCL 16 1.856 1,429 42 22 0.988 0.868
AffinHwangCapital 17 1.560 1,201 53 20 1.329 0.231
ChinaBankingCorp 18 1.521 1,171 22 25 0.889 0.632
IndoPremierSecurities 19 1.473 1,134 149 16 1.815 -0.342
MandiriSekuritasPT 20 1.312 1,010 136 17 1.737 -0.425
TOTAL 100% 76,992 1,185 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page19
Australia/NewZealandInternationalBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 8.736 5,238 31 2 10.352 -1.616
JPMorgan 2 8.598 5,155 31 1 11.457 -2.859
HSBC 3 8.572 5,139 27 3 9.246 -0.674
BNPParibas 4 6.712 4,024 20 14 3.037 3.675
GoldmanSachs 5 6.318 3,788 15 13 3.141 3.177
BankofAmericaMerrillLynch 6 5.643 3,384 22 4 7.965 -2.322
WestpacBanking 7 5.472 3,281 17 12 3.240 2.232
CommonwealthBankAustralia 8 4.550 2,728 15 11 3.690 0.860
CreditSuisse 9 4.493 2,694 20 16 2.388 2.105
NationalAustraliaBank 10 4.056 2,432 14 7 4.773 -0.717
UBS 11 4.017 2,408 13 9 3.805 0.212
ANZBankingGroup 12 3.954 2,371 14 8 4.050 -0.096
DeutscheBank 13 3.891 2,333 11 15 2.389 1.502
MorganStanley 14 3.799 2,278 14 5 6.427 -2.628
RBCCapitalMarkets 15 3.204 1,921 12 6 5.112 -1.908
Nomura 16 2.393 1,435 7 18 1.951 0.442
TDSecurities 17 2.208 1,324 7 19 1.840 0.368
SumitomoMitsuiFinancial 18 1.654 992 8 21 0.923 0.731
Barclays 19 1.397 838 5 17 2.077 -0.680
MizuhoFinancial 20 1.202 721 5 20 1.224 -0.022
TOTAL 100% 59,956 120 100%
AustraliaKangarooBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(AUDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
TDSecurities 1 19.947 6,199 83 1 15.916 4.031
Nomura 2 10.542 3,276 46 3 11.797 -1.255
RBCCapitalMarkets 3 9.927 3,085 47 5 11.386 -1.459
ANZBankingGroup 4 8.672 2,695 30 4 11.761 -3.089
DeutscheBank 5 7.194 2,236 31 2 12.284 -5.090
MizuhoFinancial 6 6.872 2,136 23 8 4.012 2.860
CommonwealthBankAustralia 7 6.193 1,925 24 13 2.317 3.876
JPMorgan 8 5.489 1,706 17 6 8.543 -3.054
NationalAustraliaBank 9 5.190 1,613 21 7 4.960 0.230
UBS 10 4.170 1,296 11 14 2.246 1.924
WestpacBanking 11 3.047 947 14 11 2.721 0.326
DaiwaSecurities 12 2.553 793 12 9 3.072 -0.519
Citi 13 2.381 740 11 12 2.541 -0.160
HSBC 14 2.333 725 8 10 2.938 -0.605
BMOCapitalMarkets 15 1.247 388 3 18 0.468 0.779
BankofAmericaMerrillLynch 16 1.207 375 4 20 0.146 1.061
BNPParibas 17 0.967 300 4 - - 0.967
DBSGroup 18 0.603 188 1 17 0.526 0.077
Natixis 19 0.599 186 2 - - 0.599
GoldmanSachs 20 0.287 89 3 15 1.413 -1.126
TOTAL 100% 31,076 203 100%
SouthKoreaInternationalBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 12.838 4,489 48 2 8.568 4.270
Citi 2 8.892 3,109 32 1 11.709 -2.817
CreditAgricoleCIB 3 8.519 2,979 30 4 7.135 1.384
BNPParibas 4 8.420 2,944 27 5 7.092 1.328
UBS 5 8.070 2,822 18 8 5.536 2.534
SocieteGenerale 6 7.313 2,557 28 11 4.038 3.275
BankofAmericaMerrillLynch 7 7.168 2,506 23 3 7.931 -0.763
JPMorgan 8 5.867 2,052 25 7 5.734 0.133
StandardCharteredBank 9 3.970 1,388 15 6 7.005 -3.035
MizuhoFinancial 10 3.839 1,343 16 23 0.962 2.877
Nomura 11 2.760 965 7 9 4.645 -1.885
KoreaDevelopmentBank 12 2.741 958 10 15 1.828 0.913
ANZBankingGroup 13 2.674 935 7 14 1.924 0.750
INGGroep 14 2.100 734 6 17 1.516 0.584
MorganStanley 15 2.078 727 7 19 1.294 0.784
DaiwaSecurities 16 2.013 704 7 18 1.441 0.572
CreditSuisse 17 1.845 645 6 25 0.914 0.931
Commerzbank 18 1.649 577 7 16 1.720 -0.071
DeutscheBank 19 1.611 563 3 13 2.121 -0.510
TDSecurities 20 1.119 391 5 21 1.057 0.062
TOTAL 100% 34,968 165 100%
JapaneseYenBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
MizuhoFinancial 1 22.073 3,784,025 571 1 21.367 0.706
Nomura 2 18.630 3,193,812 520 3 17.561 1.069
SumitomoMitsuiFinancial 3 18.333 3,142,840 519 4 17.212 1.121
MorganStanley 4 15.573 2,669,743 429 2 20.229 -4.656
DaiwaSecurities 5 15.402 2,640,370 488 5 14.383 1.019
ShinkinCentralBank 6 1.327 227,483 45 7 1.409 -0.082
JPMorgan 7 1.243 213,097 16 16 0.272 0.971
GoldmanSachs 8 0.981 168,231 25 6 1.457 -0.476
BankofAmericaMerrillLynch 9 0.760 130,333 16 8 1.048 -0.288
SBIHoldingsInc/Japan 10 0.707 121,283 10 12 0.546 0.161
TokaiTokyoSecuritiesCoLtd 11 0.639 109,583 32 10 0.736 -0.097
BNPParibas 12 0.561 96,133 14 18 0.196 0.365
OkasanSecuritiesGroupInc 13 0.427 73,250 22 14 0.326 0.101
MitsubishiUFJFinancialGroupInc 14 0.427 73,187 16 9 0.818 -0.391
Citi 15 0.425 72,833 14 11 0.623 -0.198
SocieteGenerale 16 0.343 58,800 12 21 0.116 0.227
HSBC 17 0.321 55,000 5 15 0.276 0.045
Natixis 18 0.306 52,520 13 17 0.239 0.067
Barclays 19 0.275 47,170 8 26 0.036 0.239
CreditAgricoleCIB 20 0.221 37,883 10 13 0.449 -0.228
TOTAL 100% 17,143,274 1,022 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page20
HongKongDollarBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(HKDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 22.560 67,716 156 1 22.972 -0.412
BankofCommunications 2 14.450 43,375 31 24 0.816 13.634
StandardCharteredBank 3 12.039 36,137 81 2 13.858 -1.819
MizuhoFinancial 4 7.399 22,208 52 6 4.538 2.861
CreditAgricoleCIB 5 6.784 20,365 58 4 5.626 1.158
Citi 6 5.618 16,864 46 3 8.692 -3.074
Scotiabank 7 4.676 14,037 46 9 3.085 1.591
BankofChina 8 3.686 11,064 19 8 3.696 -0.010
SocieteGenerale 9 3.481 10,450 24 11 2.448 1.033
UBS 10 2.445 7,340 12 28 0.444 2.001
ANZBankingGroup 11 1.885 5,657 17 14 1.828 0.057
Industrial&CommBankofChina 12 1.882 5,650 3 18 1.277 0.605
CommonwealthBankAustralia 13 1.530 4,594 16 5 5.083 -3.553
JPMorgan 14 1.487 4,462 8 23 0.865 0.622
BNPParibas 15 1.438 4,317 19 25 0.717 0.721
DBSGroup 16 1.032 3,097 7 13 2.046 -1.014
DaiwaSecurities 17 0.988 2,965 8 21 0.986 0.002
Nomura 18 0.873 2,621 14 10 2.914 -2.041
Barclays 19 0.872 2,617 12 16 1.349 -0.477
LusoInternationalBankingLtd 20 0.656 1,970 5 - - 0.656
TOTAL 100% 300,165 636 100%
SingaporeBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(SGDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
DBSGroup 1 41.927 7,593 38 1 38.391 3.536
Oversea-ChineseBankingCorp 2 20.986 3,801 25 2 25.388 -4.402
UnitedOverseasBank 3 16.777 3,038 18 4 8.941 7.836
StandardCharteredBank 4 8.690 1,574 8 3 8.951 -0.261
HSBC 5 5.430 983 9 5 8.320 -2.890
CreditSuisse 6 2.462 446 3 6 2.326 0.136
CIMB 7 1.705 309 3 8 1.365 0.340
Maybank 8 1.546 280 2 14 0.199 1.347
HLBank/Singapore 9 0.387 70 1 - - 0.387
HaitongSecurities 10 0.092 17 1 - - 0.092
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
TOTAL 100% 18,110 60 100%
OffshoreCNYBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 23.282 29,698 89 1 28.234 -4.952
StandardCharteredBank 2 19.492 24,864 63 3 12.789 6.703
CreditAgricoleCIB 3 13.432 17,134 74 2 15.389 -1.957
BNPParibas 4 3.393 4,329 16 5 4.234 -0.841
ANZBankingGroup 5 3.280 4,184 12 31 0.251 3.029
DBSGroup 6 3.136 4,000 11 9 2.934 0.202
Scotiabank 7 2.889 3,685 15 8 3.028 -0.139
BankofChina 8 2.863 3,652 13 12 1.702 1.161
SocieteGenerale 9 2.861 3,650 6 13 1.445 1.416
Citi 10 2.310 2,947 9 18 1.005 1.305
MizuhoFinancial 11 2.038 2,600 14 6 3.720 -1.682
JPMorgan 12 1.943 2,479 11 10 2.328 -0.385
KGISecurities 13 1.629 2,078 4 27 0.377 1.252
PingAnInsuranceGroup 14 1.490 1,900 1 - - 1.490
GoldmanSachs 15 1.313 1,675 3 24 0.440 0.873
DeutscheBank 16 1.047 1,335 6 15 1.297 -0.250
TDSecurities 17 0.931 1,187 7 21 0.754 0.177
Nomura 18 0.893 1,139 6 4 5.315 -4.422
NatWestMarkets 19 0.811 1,035 4 - - 0.811
Barclays 20 0.745 950 3 7 3.587 -2.842
TOTAL 100% 127,559 358 100%
OffshoreChinaBondsFY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BankofChina 1 6.652 11,075 200 1 7.504 -0.852
HSBC 2 5.974 9,946 170 2 6.003 -0.029
BankofCommunications 3 3.733 6,216 101 11 2.965 0.768
HaitongSecurities 4 3.669 6,109 119 8 3.595 0.074
Industrial&CommBankofChina 5 3.650 6,077 128 4 4.060 -0.410
StandardCharteredBank 6 3.643 6,065 113 3 4.384 -0.741
GoldmanSachs 7 3.513 5,849 61 10 3.230 0.283
ChinaCiticBank 8 2.934 4,884 96 14 2.633 0.301
GuotaiJunanSecurities 9 2.797 4,657 113 21 1.728 1.069
CreditSuisse 10 2.698 4,491 53 9 3.250 -0.552
JPMorgan 11 2.582 4,298 51 12 2.922 -0.340
IndustrialBank 12 2.508 4,176 84 29 1.303 1.205
ChinaEverbrightBank 13 2.496 4,155 96 33 0.929 1.567
UBS 14 2.430 4,046 68 16 2.574 -0.144
ChinaConstructionBank 15 2.420 4,029 94 6 3.704 -1.284
MizuhoFinancial 16 2.349 3,911 72 30 1.136 1.213
BNPParibas 17 2.311 3,847 66 18 2.344 -0.033
MorganStanley 18 2.248 3,743 64 5 3.915 -1.667
Citi 19 2.217 3,691 70 7 3.699 -1.482
CreditAgricoleCIB 20 2.140 3,563 53 22 1.702 0.438
TOTAL 100% 166,492 447 100%
Bloomberg GlobalFixedIncome|FY2018
BloombergLeagueTableReports Page21
UridashiBonds(Manager)FY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Nomura 1 20.969 3,140 63 2 17.009 3.960
SumitomoMitsuiFinancial 2 19.500 2,920 42 1 17.068 2.432
MizuhoFinancial 3 16.733 2,506 51 4 15.887 0.846
MitsubishiUFJFinancialGroupInc 4 14.117 2,114 27 3 16.352 -2.235
BNPParibas 5 6.720 1,006 113 6 5.159 1.561
DaiwaSecurities 6 5.040 755 30 7 4.719 0.321
HSBC 7 4.872 730 96 5 6.742 -1.870
CreditSuisse 8 2.962 443 59 8 4.066 -1.104
TokaiTokyoSecuritiesCoLtd 9 2.396 359 43 9 3.881 -1.485
CreditAgricoleCIB 10 1.711 256 36 10 2.652 -0.941
SBIHoldingsInc/Japan 11 1.534 230 22 12 0.928 0.606
MorganStanley 12 1.495 224 26 11 2.120 -0.625
Natixis 13 0.540 81 7 14 0.862 -0.322
Barclays 14 0.518 78 21 15 0.514 0.004
SocieteGenerale 15 0.361 54 5 18 0.175 0.186
DeutscheBank 16 0.211 32 13 13 0.863 -0.652
ShinseiBankLtd 17 0.203 30 5 20 0.088 0.115
JPMorgan 18 0.097 15 2 17 0.225 -0.128
GoldmanSachs 19 0.021 3 2 16 0.509 -0.488
- - - - - - - -
TOTAL 100% 14,974 645 100%
UridashiBonds(UridashiAgent)FY2018 FY2017
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
ChugokuBankLtd 1 23.280 6,947 51 15 1.802 21.478
SumitomoMitsuiFinancial 2 8.832 2,635 36 2 11.142 -2.310
TokaiTokyoSecuritiesCoLtd 3 8.686 2,592 208 4 9.112 -0.426
Nomura 4 8.112 2,421 40 5 8.557 -0.445
MizuhoFinancial 5 6.840 2,041 48 3 10.763 -3.923
MorganStanley 6 5.385 1,607 110 1 15.009 -9.624
HyakugoSecurities 7 4.762 1,421 90 9 3.281 1.481
OkasanSecuritiesGroupInc 8 4.411 1,316 149 7 4.409 0.002
DaiwaSecurities 9 3.605 1,076 53 6 5.010 -1.405
HachijuniBankLtd 10 2.909 868 46 8 3.954 -1.045
SBIHoldingsInc/Japan 11 2.271 678 113 14 2.064 0.207
77BankLtd 12 2.143 640 62 10 2.851 -0.708
IyoBank 13 2.093 624 62 17 1.729 0.364
ShizuginTMSecuritiesCo 14 2.050 612 44 11 2.683 -0.633
JoyoBankLtd 15 1.619 483 37 21 0.856 0.763
HiroginSecuritiesCoLtd 16 1.550 463 53 19 1.236 0.314
DaishiSecuritiesCoLtd 17 1.522 454 51 13 2.271 -0.749
KyoginSecuritiesCoLtd 18 1.284 383 40 18 1.336 -0.052
AozoraBankLtd 19 1.238 369 37 12 2.486 -1.248
GunginSecuritiesCoLtd 20 1.056 315 36 22 0.836 0.220
TOTAL 100% 29,840 1,143 100%
Bloomberg Fixed Income - League Tables Criteria
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.
General Guidelines
Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party.
Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.
Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading.
All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables.
USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.
New money portions of exchange offers are eligible for credit.
Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant high yield table.
Self-led transactions are included.
Exclusions
Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: criteria may vary for some local and/or regional tables.
The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.
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