DEBT CAPITAL MARKETS REVIEW

DEBT CAPITAL MARKETS REVIEWREUTERS/Ognen Teofilovski

DEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

Fi t Ni M th 2018First Nine Months 2018

Global High Yield Deals Intelligence

15

15Dim Sum Bonds (AS24a)

15Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

15

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

High Yield 16

12

Australia Deals Intelligence

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

First Nine Months 2018 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

16

Leading Underwriters for First Nine Months 2018

Global Debt (B1)

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

15

Australian Debt

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard 2

Global Debt and Syndicated Loans Islamic Finance (DL2)

Global Investment Grade Corporate Debt (B7)

EMEA Deals Intelligence 10

10

10

3

1

1

1

2

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

All Bonds in Euros (N1) 10

11All Global Green Bonds (GR01)

All International Green Bonds (JG1) 11

3

2

Emerging Market Debt - Latin America

All Brazilian Debt (BR1)

Global High Yield Deals Intelligence

Global High Yield Debt (B4)

Global High Yield Debt - US Dollar Denominated (B5)

Latin America Emerging Market Bonds (L3)

Asia-Pacific Emerging Market Bonds (L4)

13

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

17

Banking Composite of Top Global Debt Bookrunners

US Debt

Global Debt Rankings - Last Ten Years

All International Emerging Market Bonds (L1) 13

Emerging Market Debt

Samurai Bonds (AP1)

16

12

12

17

All Australian International Bonds (AJ7)


16Global Mortgage-Backed Securities (B10)

16

18

17

US Investment Grade Corporate Debt (F9)

6

Middle East Emerging Market Bonds (L5)

13

6

13

19

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

US Mortgage-Backed Securities (F11)

US Asset-Backed Securities (F14) Criteria Summary

14

14

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


18

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

All Bonds in Yen (AP5)

3

Bonds Targeted in Japan (AP4)

Debt Capital Markets Criteria Summary

3

17

6

14

12

13

14

Japan Debt

7

7

7

4

3

5

Japanese Securitizations (AP2)

Japan Deals Intelligence

US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a)

Brazilian Domestic Debt (BR2)

Global Debt by Mexican Issuers (MX1)

Global Asset-Backed Securities (B11) & (B13)12

EMEA Emerging Market Bonds (L2)

Thomson Reuters Solutions for the Deal Making

Banking Composite of Top US Debt Bookrunners 8

IFR Markets Supplement 9

Global Debt in Mexican Pesos (MX2)

https://www.thomsonone.com14 Community 20

ppDomestic Mexican Debt (MX3)

Global Deals Intelligence

Global Debt Capital Markets by Asset Class

Global High Yield Corporate Debt- Quarterly

GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 7% - Overall global debt capital markets activity totaled US$5.3trillion during the first nine months of 2018, a 7% decrease compared to the first nine months of 2017 and the slowestopening nine-month period for global debt capital markets activity since 2015. Third quarter global debt activity decreased16% compared to the second quarter of this year.

DEBT CAPITAL MARKETS REVIEW Global DCM Activity Falls 7% l US Investment Grade Debt Declines for First Time since 2008 l High Yield Corporate Down 26% l DCM Fees Down 12%


US INVESTMENT GRADE CORPORATE DEBT FALLS TO FOUR-YEAR LOW - High grade corporate debt offeringstargeted to the US marketplace totaled US$952.7 billion during the first nine months of 2018, a 13% decrease comparedto 2017. Despite strong gains in the Retail, Industrials and Consumer Staples sectors, the first nine months of 2018 marksthe first year-over-year decline for the asset class since 2008.

GLOBAL HIGH YIELD DOWN 26% - The volume of global high yield corporate debt reached US$231.4 billion during thefirst nine months of 2018, a decline of 26% compared to the first nine months of 2017 and the slowest first nine monthsfor global high yield issuance since 2011. United States high yield issuers accounted for 46% of the total, down from 38%a year ago. China and the United Kingdom each accounted for 8% of global issuance. High yield offerings from Financialissuers accounted for 27% of first nine month activity, up significantly from 20% during the first nine months of 2017.

RETAIL OFFERINGS UP 23%; TECH, MEDIA & TELECOM LEAD DECLINERS – Bolstered by multi-billion bondofferings from CVS Health, Walmart, Starbucks and McDonalds, DCM activity from Retail issuers totaled US$92.0 billionduring the first nine months of 2018 registering an industry-leading increase of 23% compared to year-ago levels $2.4

Proceeds (US$t)

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2009 2010 2011 2012 2013 2014 2015 2016 2017 18

Proceeds (US$b)

Global High Yield Debt ($b) Number of Offerings

▲100.0

39.9 +39.912,103.4+2.92.9887.4-28+2.62.6

3.6 1,003- +188

5.1 1,044.8▲▲

7.91,555320,419.7

▲+67+123

▲▲

6.5

8.91,536.8 5.1 ▲1,844.0 +6.1

+5.1▲6.1▲6.4 +6.4

FeesMarket

▲ 1,949.5Sh (%)Deals

MarketShare Ch.

# of MarketSh (%)

Jan 1 - Sep 28

Market

+0.1

▲

Proceeds per Bookrunner (US$m)Manager

Global Debt and Syndicated Loans (DL1)

Share Ch.

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

0

6.2 +0.46.8

Change in

9.61,759

+134# of Deals

7.3

+2.1

1,1423.5

1,900▲

▲-0.2

+0.4

+0.3

▲▲+104

+218▲

-968

778.1

1,055.2▲

4.55.3

2.9

▲

▲▲

▲7

9▲

4.2

4.9

1,287

+89

+45

838

8951,053

5.8▲3.4

1,094.5 ▲3.6

▲+3.2964.7+3.4

3.2

▲▲

3.1+0.5

+3.1

19,747

-55.0%

1,815.2

▼

3,306,450.1

23.4%

464,382.5

66▼

-

Citi4

Barclays

Goldman Sachs & Co88 240,215.8

3.6 ▲Top Ten Total

213,280.4 ▲-

+0.59 2.8

+3.6

3.2

4.3

948.4+38

+0.1

▼

3.5 +3.5

+535

▲

264,594.93.3

0

7,543,344.9

246,284.0

550,587.22

32

75

1 1515,451.8

272,714.9

Bank of America Merrill Lynch

MarketSh (%) Share Ch.

▼34

▼-0.75.1 ▼

+0.4

-0.23.4 -0.3

Global Debt, Equity & Equity-related (A1) Jan 1 - Sep 28

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket2018

Rank Sh (%)ManagerMarket Market

FeesShare Ch.# of

2,460.5 JP Morgan7.2

Imputed Fees (US$m)

-0

MarketBookrunner

2018 Rank

2017 Rank Proceeds Sh (%)

▼

Deals▼7.4-0.5 -283

-309-368

1,464▼▼

# of DealsChange in

1,761.15.31,132

ProceedsMarketSh (%)

2017 Rank

5.9

Bookrunner

Citi 2 1 345,298.2JP Morgan 1 2 347,784.1 6.0

5.1▼ 7.1-0.7▼

-0.61,391

Bank of America Merrill Lynch 3 3 295,124.5 5.74.4 0 - 916 4.7 1,153.7

▲

3.1

2,062.9 HSBC Holdings PLC

Wells Fargo & Co

▲-0.1

0

+0.8Morgan Stanley 5 5 246,101.4 4.2Barclays 4 6 258,226.3

2,012.9-0.5 ▼ 4.8

3.6 994

▼-0.4 ▼ 1,287-238 ▼

245,802.4- 786.2

4.21,048.2

164,737.5 -0.1 834

-87 5.9▼

7 5.0 ▼-68

6.5-145 6.0

2.3-1164.6

936

748.5▼900

10

7 209,611.93.2

0

▼▼

-0.2Morgan Stanley

-145Deutsche BankWells Fargo & Co

Goldman Sachs & Co 6 4 4.2

9

HSBC Holdings PLC186,830.688

2,455,305.0 -3.1

910 155,788.110

42.1Top Ten Total809

+56

4.1Credit Suisse -

▼

0 1,221.4

100.044.1

▼-0.3

▼

218,518.9BNP Paribas SA+0.3

2.2 10Deutsche Bank2.7

43.9100.0Industry Total

-57.6%-9.2% ▼ ▲

▼-57.7%

34,349.4

▼

+2,335

▲▼▼▼-18.7%

19,691

‐7.1%

▼2.8

▲

100.015,070.6 0

30,452.65,840,571.6

‐16.3%Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Industry Total

-20.1%Industry % Change from Same Period Last Year-12.1%Industry % Change from Last Quarter

▼ 20.1%▼ 13.4%

EMERGING MARKETS CORPORATE DEBT DOWN 29% - Corporate debt from emerging markets issuers totaledUS$182.9 billion during the first nine months of 2018, down 29% compared to last year. Corporate debt issuers fromIndia, Thailand, Mexico and United Arab Emirates accounted for 41% of first nine month 2018 activity. Issuance fromcorporations in the UAE totaled US$16.6 billion, up 20% compared to levels seen during the first nine months of 2017.

CITI TOPS GLOBAL DEBT LEAGUE TABLE – Citi maintained the top spot for global debt underwriting during the firstnine months of 2018 with proceeds of US$310.2 billion and 5.8% share of the market. JP Morgan maintained secondplace with a market share decline of 0.7 points, while Bank of America Merrill Lynch held third place, with 5.0% of themarket.

OVERALL DEBT UNDERWRITING FEES DECREASE 12% - According to estimates, underwriting fees from DCMactivity totaled US$20.2 billion during the first nine months of 2018, a decrease of 12% year-on-year.

during the first nine months of 2018, registering an industry-leading increase of 23% compared to year-ago levels.Technology, Media and Telecom activity saw the steepest year-over-year declines, registering a combined decrease of41%. Financials and Government & Agency issuers accounted for 73% of global debt offerings during the first ninemonths of 2018, up from 71% a year ago.

$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2009 2010 2011 2012 2013 2014 2015 2016 2017 18Agency, Supranational, Sovereign Investment Grade Corporate Federal Credit Agency MBS

Emerging Market Corporate ABS High Yield Corporate

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

1

1.8

Change in # of DealsDeals

MarketProceeds

2.5 ▼-0.1 753

Sh (%)Share Ch.1,141

Sh (%)-354-0.8

Share Ch.


# of

-0.6

0

-0.3

2.9

BNP Paribas SA

▼-0.2

2120

▲-0.210

193,758.2

133,916.1156,138.4

Global Debt (B1)

Proceeds per Bookrunner (US$m)

▼

2.22.5

+0.2

-0.8-0.3

▼

0

# of Deals per Bookrunner

1,105.7

5.37.1

3.73.6

22

2018 Rank

▼ 1,171934

Market

Jan 1 - Sep 28

MarketManagerMarket

▼▼

-0.6

Imputed Fees (US$m)Market

-0.45.5

▼

▼▼

▼56 6

5.0

-0.6

242,968.2264,085.8

3.2

3

8

Deals2017 Rank


Bookrunner Sh (%)$USmNo.

Global Debt

Proceeds

113,991.6 -20.0% 4354

2,409,571.6

212,032.7

2,124,606.8

% Change

All US Debt (F1)

142,480.8

▼1,2841,840,865.64,1223,697

952,664.0

3

Jan 1 2018 - Sep 28 2018

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

-11.8%2,539

US Federal Credit Agency Debt (F7)

16,142.2308,789.3

148,750.3

624

836246785

141,631.7

604

1,500,105.5

US Mortgage-backed Securities (F11)

US Long-term Debt (F2)▼

Barclays

315,712.0Goldman Sachs & Co

931

-18.5%

252,963.3

732

472554 462

-25.5%

886

▼

▼▼

-7.6%-10.8%

-4.4%

-21.5%

+18.8%+2.2%308,850.6

-29.8%1,014

-13.4%

259,855.4

649▲

▲Wells Fargo & CoDeutsche Bank

▲

1,100,236.1▼

Morgan Stanley▼

+1.3%

Credit Agricole CIB

▲

-3.7%

▲

Industrial & Comm Bank China

Societe GeneraleBank of China LtdTD Securities Inc

▼

13

Credit Suisse

16

19

CITIC

RBC Capital Markets

15

▼

Nomura1416

12

14▼

7

HSBC Holdings PLC

Mizuho Financial Group

26

17

93,606.893,271.4

81,507.218

20

15

1817

12

70 151 61.370,213.31 3

1.7

-0.10

+0.1

1.4

89,787.2

73,732.8

21

16,351

▼1,035

551▼

UBS

▼

84,226.882,797.3

196,468.1206,020.2

170,844.49

10132,234.111

85

9

117,680.9

11

13

Deals

Jan 1 2017 - Sep 30 2017

147,001.9

322,152.0

Proceeds

Global Scorecard

No.

Citi$USm in Proceeds

-0.7

Fees310,234.4 ▼1 1

-277 -1.01,067.3

5.7▼

305,113.75.8

654.57▲ 4.97964 4.6

3.9 -+0.1

▼7.3

770.2-194 ▼

6.1▼-67959 6.0

678.0

6.11,231.1-2685.8

-0.24.1824.1-213 ▼

648982

4.0▼

-106 ▼774▼2.7 -0.2

▼3.8

▼ 551.8

▼-0.8

▲

▼3.2

3.4

▼-0.2-102

831.3 -0.74.1+0.1

-98

-16

-49▼▼

3.5-56

4.0

2.24.6

568639

596

740357

2.3 0 -▼

4.8

548

4.7-38

471.8

-126

-773.7

▼

3.4

-0▼ 664.1 3.3

2.4

1.8

1.6+0.1

-

1.5

-0.1

0

▼▲

▼546▲

▼

6482.9

570399

3.5381475

+0 4

2.4-

3 4408,424.9398 017 9

2,819,158.9

2,854

738

451

615

15,930.8

5,076,810.2

310,508.9231,351.74,270,367.3

43112,76514,325 5,495,788.6

1,395,982.8376,692.6756

Global Asset-backed Securities (B11) 804

▼

▼

1.3

+8.4%331 507 2

-16.3%2,529

8,8544.0

4,787,588.8

2.5- -176

+314,882

10,259 ▲1.6

476.9

▲1.0

▼▼

308.8

202.11.9388.8

▼

1.4

+131-23

-49

▲▼

+0.1

+0 31 4283 6275.9

258.71.1

+0.2-164

258.4

1.3

▼

0 -

▲▲

▲858

▼230.4

+0.1

272.6

-0.2

▲

1.4

▲-0.2

▼

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

▲

-0.1-21.0%

1.5

149,876.0

Agency, Sovereign & Supranational Debt (F10)

+0.1Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

+0.1


Global Agency, Sovereign & Supranational Debt (B9)

2,694,266.0US Federal Credit Agency Debt (B8)

+20 1%

1,168,903.5

US High Yield Corporate Debt (F8)

Global High Yield Corporate Debt (B4)

All Global Debt (B1)

118,431.1

967

US Investment Grade (F9)

US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)

56,881.7

Australia Bonds

Australian Domestic Securitization (AJ5) Commonwealth Bank of Australia

1▼

▲

2

1

3

3

▲

▲

▲▲

1

4

6

▲

1+15.532.7

-0.8 ▼▼

8.8

21.7

▲

9.2

Bank of China Ltd

Commonwealth Bank of AustraliaAustralian Dollar Bonds (AJ3)

6

6

Consecutive Quarters No. 1

1

China Construction Bank▼▲

UniCredit23

CITIC

22 55,212.056,046.1

26

24

63,160.770,151.6

1.01.1

1.31.2

23

-4.4Top Twenty Five Total100.0

3,400,057.45,325,927.0

Agricultural Bank of China

2564.0

251.1

Industry % Change from Same Period Last Year

21

Industry Total

5

+1.18.0 +1.6

-7.4%-15.8%

-0.2

-

-13.0%▼

3▲6

1+23.8▲

Industry % Change from Last Quarter

22 19

Global Debt Capital Markets % Change by Asset Class

Bank of Communications Co Ltd

577546

▼▲

-▼ 480

00

+0.43.6

-152461 2.9-0.3

3.4

▼-196▼251

3.01.6

▼12,497.0▼20,192.8 100.0

▼

62.0 -3.916,111 -2,415

-11.5% ▼-16.3%▼-18.5%▼ ▼

2018 vs. 2017

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1) JP Morgan

+1.4

212.3

▲

+2.0

▼

1

1

▲▲

No. 1 Manager

+3.0

398,017.91,830

-29.1%

2

1▲

▲+0.4 2+0.1

▲2

5.7

All Asian Currencies ex CDs (AS1)

▲+0.4+1.716.4

Bank of America Merrill Lynch ▲

Morgan StanleyCiti

▲

-2.2

Global Short-term Debt (B14)

Current Qtr Market Share

(%)

Morgan Stanley

Global Bonds

+0.2

182,861.5 257,956.2 1,222

-0.25.8

Mkt. Share Chg. from Last Qtr (%)

738

International Bonds

12.9

Citi+4.2U.S. Mortgage-backed Securities (F11)

U.S. Asset-backed Securities (F14)

Wells Fargo & Co

15.5

-14.7U.S. LT Federal Credit Agency Debt (H3) +0.8

+0.9

7.7

Citi

2,226

U.S. Debt, Equity & Equity-related (E1)

+0.3

10.4

U.S. Investment Grade Corporate Debt (F9)

U.S. Disclosed Fees (E2)

U.S. LT Debt inc MBS,ABS &Tax Munis(F2)11.1

Bank of America Merrill LynchCiti

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

13+2.7


▼11.5

U.S. High Yield Corporate Debt (F8)13.0

JP Morgan

-1.1

+0.1

US Bonds

Asian G3 Currency Bonds ex JP & Aus (AR2)Asia-Pacific Bonds

HSBC Holdings PLC

BNP Paribas SAAll International Bonds (J1)

7.1

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

U.S. Federal Credit Agency (H1)Wells Fargo & Co

11.1

JP Morgan

All Bonds in Euro (N1)

Global High Yield Corporate Debt (B4)

Citi

11.25.2

Global ABS (B11)Global Investment Grade (B7)

Citi

Wells Fargo & Co17.4

7.9

273,653.1 279,283.2

Leading Underwriters for First Nine Months 2018

Global Asset-backed Securities (B11) 804

JP Morgan

JP Morgan

701

Global Disclosed Fees (A2)

331,507.2 +131

0.80.9

-232

-34

▲

155.0

▼ 1.0

-0.20.8

195.4

166.8

▼+0.1

0

+0.31.4

173.7

283.6

-

▲▼-0.2

▼▲

▼Global Emerging Markets Corporate Debt (B15)

+20.1%-2.0%

-4.4%

-16.3%

-25.5%

20.1%

8.4%

-29.1%

-21.0%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

Investment Grade Corporate

Agency, Supranational,

Sovereign

High Yield Corporate

ABS MBS Emerging Market Corporate

Federal Credit Agency


2

First Nine Months 2018

Jan 1 - Sep 28

▼▼

1038.1

▼

213▼ ▼0

-0.2▼

100,492.4

73,115.1

420.3

-4.5

Goldman Sachs & Co 6 5

-0.2

6.1

273.1

Deutsche BankBNP Paribas SA 9

3.68

Barclays73,651.18

9 2.72.7 316-0.8

-

64

+0.3497

4.34.2

▲ 539▼-0.9113,223.5

4HSBC Holdings PLC

132,999.1

Morgan Stanley 5115,736.9122,822.33

2Bank of America Merrill Lynch

7

3

97,158.97

CitiJP Morgan

139,953.8Sh (%)

# ofFees

MarketMarket

Imputed Fees: Global Investment Grade Corporate Debt

11

Market

4.9-0.2-1.2

Proceeds2 ▲5.2

Change in Share Ch.

▼

2018 Rank

2017 Rank

▼

▼

4,258.6

289.1

-105 -1.0

▲

-13.7%

342

-22.1%

2.4 -34-25

3.85.6 -67

▲+6

-613.4 ▼

423.1

3.9 260.5

-0.4▼

3.6 -462.4▼

3.9

4.2

100.0

2.6

-2.9

+0.43.8

2.5+0.1

Imputed Fees (US$m)

▼

414

▼

▼4.75.4

411.8

38.9

4.6 -0.7

460.5

504.3

▼

5.5▼

489▼481

Jan 1 - Sep 28

Global Debt

Bookrunner


Sh (%)


-79Deals


649.2▼

Sh (%)Market

▼

5.9

-47

566.7-0.6-140

+0.25.24.6

-0.1

3363.7 299

▼ 3.8▼

-0.1-0.7

2.2

-4.4%

100.0


2,694,266.0

▼Industry % Change from Last Quarter

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

Wells Fargo & Co 58,633.810

Industry Total1,027,786.9Top Ten Total

▼

Global Mortgage-Backed Securities (B10)

8,854

-9.4%

-1,405


-11.4%

10,986.4

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

▼

▼

Jan 1 - Sep 28

Imputed Fees (US$m)

-7.2%

▼

Share Ch.Manager

# of DealsMarket

▼

▼

▲-0.3 ▼

Imputed Fees (US$m)

▼-1.0


7.4 6.5 6.5 8.4 8.4 9.4 9.5 11.8 11.8 11.0

3,940

4,6954,598 4,804 4,918

6,721 6,993

9,30610,232

8,854

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$2

$4

$6

$8

$10

$12

$14

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Num

ber o

f Offe

rings

Fees

(US

$b)

Global Investment Grade Fees (US$b) Number of Offerings

* tie

AMMB Holdings Bhd 3.2-

Imputed Fees (US$m)

-0.9

16Top Ten Total

9

Industry Total


1

Proceeds per Bookrunner (US$m)2018 Rank

10

40,539.0


▲

-18.9%

Industry Total

Industry % Change from Same Period Last Year▼▼

▲▼

▲▲1,299.4

27.8

▼

▲▼

119 14.8

Industry % Change from Last Quarter -28.2% -20.9%

11,194.6216,155.6Top Ten Total

13.9%

11

-19.4%


Mitsubishi UFJ Financial Group 10

58.677

▲

Credit Suisse

Deutsche Bank

Industry Total

94

6.04.3 12.5-

8

6RHB 19.4▼

+0.25.6 18Malayan Banking Bhd ▲

2-0.7

2,834.8

JP Morgan7

Dubai Islamic Bank PJSC 5 8 2,452.52,278.4

CIMB Group Holdings Bhd1 +2.7

Citi 4+8

29.2Standard Chartered PLC 3 3

2 -0.13,144.2 ▼+5

21

Market

9.2Sh (%) Share Ch.

4.4

15.0

-

Market

20,882.8

1520

▲

- 4

Bookrunner

-23.1%

Sh (%)

4.7

0

▼

# of DealsDeals

22.2 +7▼

HSBC Holdings PLC

76.68.31

▲

▲

1Share Ch.

7.8

▲38.1%


▲

-0.1

▲

2,858.6

19

25.0

-1.1

8.1

4.0

JP Morgan

Nomura

8.0

6.3

▲

+9

-1

79.1

▲▲

+2

9.310.6

66.5+6

▼

+4.0

Credit Suisse

+5.4

▲

▲Citi

▲

-0.6▲67118 ▼ 55.7-12

6.05.7

6.88.1

7

6

13,361.287

3

3.660.4

Fees

84.22

▼

199.3

-0.55

Sh (%)

4

Proceeds

Wells Fargo & Co ▼

9.6

18.0%

16,388.66

Share Ch.Market

Global Asset-Backed Securities (B11)

14

1620.8

9

Sh (%)

-

58.1

1,374.2

2

▼

18,396.1

73.4

2017 Rank

▼

5.7

23,489.1

-1.6

▼

4.5

4.6

59,091.4

5

1,721.9

12

14

6.1

100.0

18,388.2

7.1

6.1

+1.2

7.0

61,798.3 4.4

1 3,726.8Proceeds

Market

26.4 12.0▲Fees

Change in MarketSh (%)

ManagerMarketProceeds per Bookrunner (US$m)

2018 Rank

2017 Rank Sh (%)

# of# of Deals per Bookrunner

Bookrunner


44,463.9Wells Fargo & Co▲+8.1


2018 Rank

Market

3.25.1

+3.2+53.4

148.572

Market

-35.6%

4.1

Jan 1 - Sep 28

+11

▲+3.4

22.2

▲

5.4

▲

Goldman Sachs & Co

7.4

+4.4

Share Ch.

Market

11.0+7.1

▲

+6.3▲

+4.1

7.1

Imputed Fees (US$m)

9.726,056.3

Morgan Stanley

Market

▲+7.4

7

▼34,331.4

▲4

▼

92

-0.3

-2.0

▲-17.4%

9,284.3

▼ 5882.5 -0.1 ▼

8.4%

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)Market

Share Ch.Market

64 8.519,500.2 4.88

6.4

32-0.1 7.7

# of

16.116.5

73

Sh (%)-2.8

Market

Global Asset-Backed Securities ex-CDOs (B13)

Bank of America Merrill Lynch45

Share Ch.

▲

-2.5

Sh (%)-0.8

MarketFees

60.7▼ 11213.2▼

-1.4

+4-

# of Deals

-

-1.4

▼

▲ +5

-51.4%Industry % Change from Same Period Last Year

Bookrunner160

12.2%-35.7%

# of

Barclays

Citi

71.8100

12.2

Market Market

10.814.9

5.6

▼9.210.9 ▼-2

JP MorganBank of America Merrill Lynch

1

+0.7

24,333.1+4

▼

92

66.5

Top Ten Total

4

0

Change in

▼

Manager

-2.4 ▼3

Deals

5.9

8.47.36

-1.0

89

68

87

77

3.7

3

+0.172

▼

20.1%

398,017.9

▲

4.6

-0.7

4.1

22,567.8

-1.3

2.8-0.8

3 541,730.9

▼

Proceeds21

1

40,683.9

7

# of Deals

▲10.0 +0.510.2 14.8

+17111

-0.7+52

14.7-2.5

29,594.3

8.635,100.8▼

-8-1.2-11

8.1▲

▼ -1.59.0

▼▲

7.8+0.1 ▲

▼7.0

-0.5

55.1 -1.87.1

63.1

▼ ▼ 54.4

▼69.9

▼▼

-0.1

12.2 -13

-45.8+8

▲▼▲ 45.4

+0.121.6+0.332.2 4.1

2.84.2 +1BNP Paribas SA 10 2.3Barclays 9 10,245.5

910

▼▼290,991.5

3.371.4 -9.8

2.8

+24 777.3756

22.0-1325 ▼ ▼▼

▲

Share Ch.MarketChange in

11.9%

-6.9

▲

100.0496.2

-0.2


63.7

▼

Imputed Fees (US$m)


5

14,563.0

17,871.6

-3.2

▼▲-4.1 19.9▼

▲

420,338.0


82

-17.5%

Citi

+0.2

3.3%

Industry Total


-3.6 +0.1Bookrunner

# of

100.0

+0.3

3

5▲▼-3.9

-0.35

3

+0.5 7

Deals

23.2

13.0

-0.9

4.9

20,518.0

2017 Rank

▼

6.9 -0.3Mizuho Financial Group

Sh (%)▼

Proceeds63.3

JP Morgan

13.217,310.3+776▲

-

86.1+13

0

▼5.5

▼-1.8

▲▲ 3.7

4.2

55.7

78.2

▼▲

▲

8.5

+11-16 ▼

5.175.0

▼ 7.2 +3

11.29.6

+13

-13+3

54.4 -13.3 ▼100.0

3.4 585.2-0.5

804

16,277.0▲

+66805.4

▼ -1442

9.0 +6

1,537.8

56.664.6

▲+0.4

6.7

▲

-2.0

7.86.4

-0.8 ▼

▲-73.9

5.6

19.2%

▲▼

6.5

-1.7

100.0

-0.4

▼

+0.490

8

Top Ten Total52.4

9

▼

Mitsubishi UFJ Financial Group▼

-23.5%

Manager

▲

▲

84# of DealsSh (%)

▲▼

2.9

8.9%

Market

Jan 1 - Sep 28

Share Ch.


8.1

FeesMarket



13,663.79

▲

5.4 +0.2

+0.8

▼

2

Credit Suisse0-12.0 160,236.0

▲

1010-

-30.5%

5.9

6.516,368.6

14,814.5

3.5

▼

-0.6▼

▼13.8 +12 ▲ 64.3 6.5 +1.3

66.0▼

▼

▲

▼

▲+0.550.8 5.2 -0.1

+0.8

▼60.2

4.5+5 43.944.8

RBC Capital Markets

▼

-0.5

+15

-0.1

13.44.6▼

590.5

+0.2▲

-12-0.168 ▲

▼

Deutsche Bank

11,180.6 4.4

7

▼

41▼

66-1.6

▼

8.1

70

-3.4

13.0

100.0

3.4

53.4408,424.9

-1.0%

508

▲22.9%

100.0985.0252,046.9

▲9.4

100.0 -5

4863.6

8,882.5

▼

Wells Fargo & Co68

6Barclays

▼45.3

RBC Capital Markets


3

Banking Composite: Global DebtFirst Nine Months 2018 | Debt Capital Markets | Managing Underwriters

Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Sep 28 2018

53.0%

52.5%51.9%

63.1%

51.2%

62.9%

58.2%

56.3%

61.9%

5.5%2.7%

5.1% 5.8%2.8%

6.5% 4.6% 2.7%

13.9%

60%

70%

80%

90%

100%

4.9% 5.3%8.1%

5.8% 6.6%3.5% 3.7%

8.9%

23.2% 23.6%20.9%

13.1%

21.9%

13.7%

19.2%

30.0%

19.5%

2.4%4.5%

2.0%

1.8%

4.8%

3.6%

0.0%

3.7%1.9%

1.0%

0.0%

4.8%

9.4%

10.1% 7.6%

9.2%

14.5%

11.7%

13.0%

6.1%

8.6%

11.4%

60.8%

0%

10%

20%

30%

40%

50%

%

Citi JP Morgan Bank of America Merrill Lynch

Barclays Goldman Sachs & Co Deutsche Bank HSBC Holdings PLC Morgan Stanley Wells Fargo & Co Credit Suisse

% T

otal

Pro

ceed

s

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

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Global Debt Rankings* - Last Ten Years

1

2

3

4

Citi

JP Morgan


Barclays

*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

5

6

7

8

9

10

2009 2010 2011 2012 2015 2016 2017 2018

Ran

k

HSBC Holdings PLC

Morgan Stanley

Goldman Sachs & Co

Deutsche Bank

Wells Fargo & Co

Credit Suisse

https://www.thomsonone.comg ( ) p g g q y

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5

Proceeds from US Investment Grade Debt in the first nine months decreased 13.4% compared to the same period ayear ago, totaling US$952.7 billion from 785 transactions - the fourth lowest first nine month volume since 2008.Corporate bonds with proceeds over US$5 billion totaled US$200 billion with the largest transaction being the US$40billion nine-tranche transaction issued by CVS to finance its acquisition of Aetna - the third largest bond issued onrecord.

US High Yield Corporate Debt volume in the first nine months of 2018 reached US$148.8 billion, a decrease of 29.8%compared to the same period last year. According to estimates, US High Yield fees totaled US$2.3 billion, a decreaseof 29.4% from a year ago.

Proceeds from asset backed securities (ABS) increased 18.8% to US$308.8 billion. MBS issuance reachedUS$315.7 billion, a 2.2% increase year-over-year. Collateralized Loan Obligations (CLOs) and Auto Loans ABS werethe most active sectors, registering US$110.7 billion (up 24.4% from last year) and US$78 billion (up 1% from a yearago) in proceeds respectively.

89.7

127.4137.8141.2100.0

▲▲

▲

-

▼▼▼▼

79.284.5

▲Deutsche Bank 10 8 27,992.6 2.9 -1.0 ▼ ▼

3.2 +0.293 11.8

15.3 -13-22 +0.1154.2 3.2

105 13.43.3 +0.4 ▲ 155.0120 ▼

+0.2 ▲183.5 3.847,379.4 5.0 +2 ▲+1.2 ▲

▲5.4 -0.2 ▼6.4

▼311.7263.66.0 +0.2 ▲ -25

+1.8 ▲ -5199 25.4160

-1.4334.6▼

+1.8

249 31.7 330.1

20.4 ▼

▼6.8 -0.5 ▼191 24.3 -26

-32 ▼ 6.7

Barclays 6 7 65,148.57.7 -0.86.8

8.1 ▼Morgan Stanley 4 4 77,013.4 8.1

-0.2-0.7 ▼

326▼ 393.7-0.2 ▼ 36.6 -47287

RBC Capital MarketsHSBC Holdings PLC

Credit SuisseMitsubishi UFJ Financial Group

▼Citi 3 3 91,907.8 9.7

Wells Fargo & Co

US Deals Intelligence

US Debt (F1) Jan 1 - Sep 28

JP Morgan

Goldman Sachs & Co

8

102,002.5

5 5 73,399.6

56,933.2

2 1

6

2018 Rank

2017 RankBookrunner

MarketSh (%)


US DebtUS High Grade Down 13% | US High Yield Volume Down 30%

US Investment Grade Corporate Debt (F9) Jan 1 - Sep 28

▼

Proceeds

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

▼

9.5 -1.9

Market # of Market Market MarketShare Ch. Deals Sh (%)

1.312,000.6

13,959.8

0 7

Bank of America Merrill Lynch 1

9 11

12

31,380.2

11 10

7

23,727.422,675.822,456.819,588.8

12.4 +0.9 ▲2 118,101.8

9

10.7 -1.8 ▼

▼

302 38.5Share Ch.

-63 ▼ 553.3 11.3 +0.9 ▲Sh (%)

-21

Change in

▲

-0.1-0.9-0.1

Manager

41.5 -78 ▼ 463.9

Fees# of Deals

7 073 2

121315

131415

2019

17 13,456.7141924Scotiabank

Mizuho Financial GroupBNP Paribas SATD Securities IncSumitomo Mitsui Finl Grp Inc

UBSUS Bancorp 1.4

Societe Generale

171816

13,705.5

8,056.9

16

180.9

2.52.42.42.11.51.4

-0.5-0.4-0.2+0.2+0.4+0.4

▼

▼▼▲▲

▼▼

+0 1

626084

▼ 9610810884

▲10.77.357

3345

12.213.813.810.77.97.6

4.25 7

-32-6

+3

-9-19-6-3

+16+11

▲

▼▼▼

68.537.851 1

1.8

1 0

1.40.8

1.61.7

2.62.82.92.0

-0.8

0-0.1

-0.3-0.4

0+0.2+0.5+0.5

▲

▼▼▼

▲▲

-0.2

-0.218.6▼

+412-0.2 1.5▼-0.5

▲-▲▼

0.5

+0.10

+0.2

-0.2

0.50.40.30.4

▼

21.821.614.3

23.0

▲▲▲▲

1.5

+6+6+4

-11

2.42.30.6

19185

2,285.6 12

▲▲▲▼

0.2

+0.2+0.1+0.3

0.30.30.3

3,683.93,213.52,570.62,365.4

2910825

37

Barclays 5 7 136,566.6 ▲16.9

30

Standard Chartered PLCBMO Capital MarketsCooperatieve Rabobank UARBSBBVA

26272829

23

Industry % Change from Same Period Last Year ‐11.8% ▼‐19.1%Industry % Change from Last Quarter ‐20.0% ▼‐10.3%

100.0-823

▼Industry % Change from Same Period Last Year ‐20.9% ▼

2,353 170.7

▼ ‐25.0% ▼▼‐1.7%

100.0

‐25.9%

Industry Total 266,347.4

‐35.6% ▼

100.0

‐30.5%

2,311.5 100.0

▼▼97.3 -0.0

4.3 2.557.074.0 +2.6 ▲

-0.1-55▼-18

Top Ten Total 197,379.8▼3.3 -1.7 ▼ 51 2.2

▼HSBC Holdings PLC 10 8 8,671.2

74Bank of America Merrill Lynch 3.19 63.4 5.2 ▲

3.8 -1.6+11 ▲

2.8 -0.94.7Deutsche Bank 8 13 10,301.3 3.9 +1.6 ▲

10,217.1

3.7 2.1 -0.38.6

▼3.1 +1.5

5.0Jefferies LLC 7 9 12,075.0

80

▼▼5.4 -30 ▼4.5 +0.9 ▲ 127

5.1 -2.7 ▼7.1

-2.312.1

111 4.7 -75 ▼▼

TD Securities Inc 6 5 13,564.9Citi 5 3 19,293.1 -1.77.2 -1.9

+35 ▲4.7 -71 ▼110▼

+2.6 ▲ 157 6.7 12.3 ▲

+2.4 ▲▼

7.2 +2.8JP Morgan 4 7 21,285.4 8.05.7Nomura 3 2 24,278.6 -30 ▼ 13.3 7.8 -2.2

9.1 +0.8-88 ▼ 17.5

9.1 -2.0 ▼ 133362 15.4▲ 10.3

▼ 15.6 ▲Wells Fargo & Co 2 4 27,501.4 10.3 +1.6Barclays 1 1 50,191.8 18.8 +5.8

Fees Sh (%) Share Ch.4.8 -73▲ 112

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

All Federal Credit Agency Debt (H1)

2018 Rank

2017 RankBookrunner Proceeds

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

US High Yield Corporate Debt (F8) Jan 1 - Sep 28


▼▼ ▼

▼‐17.7%

Jan 1 - Sep 28

63.0 -3.2 ▼100.0

6,037.5-425 9,603.33,6972,124,606.8 100.0

67.9 -2.8Industry Total

▼4.1

Top Ten Total 1,441,478.7330 8.9 -28 ▼ 388.6

0HSBC Holdings PLC 9 10 80,910.1Deutsche Bank 10 9 80,370.8

-3.8 +0.2 ▲3.8 -0.2 ▼

220+0.5 ▲

▲6.0 -28 2.8

4.7▼ 265.4

+0.4▼ 446.2▼

Credit Suisse 8 8 92,038.9 4.3 -0.3 ▼ -35539.1530 ▼

351 9.514.3 -31

▼Goldman Sachs & Co5.6 -1.1

421633.6 6.6

6.0

-0.6 ▼▼▲+0.1

Morgan Stanley 7 5 131,580.6 6.26.4 -0.8 435 11.8 -84 ▼ -0.6

▼ 574.16 4 135,231.2

-6.4 +0.7

-100 ▼11.4 -83

528.9Wells Fargo & Co 4 6 141,683.4 6.7 +0.4 ▲ 0

▼▼9.0 -0.69.4 -0.4 ▼ 641 17.3

10.1Bank of America Merrill Lynch 3 3 198,978.2

5.5-191 ▼ 866.8

626

8.6 -0.5752 20.3 -146 ▼

▼ 821.6-1.4973.2

▼JP Morgan 2 2 214,122.4 10.1 -1.0 ▼Citi 1

Sh (%) Share Ch.1 229,996.5 19.8 -181▼ 73310.8 -0.8

Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2018

Rank2017 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager2018 Rank

2017 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

-38 ▼JP Morgan 1 1 19,187.9 12.9 +0.1 ▲ 119 48.4 -65 13.5 -0.3▼ 310.9 ▼Goldman Sachs & Co 2 3 12,082.9 8.1 -0.5 ▼ -0.4 ▼Credit Suisse 3 7 11,343.1

188.0 8.1▼ 187.4

88 35.830.1 -26 8.1 +2.47.6 +1.7 ▲ 74 ▲

Barclays 4 4 10,576.6 7.1 -0.9 ▼ -1.6 ▼151.2 6.5▼ 119.0

84 34.1 -32 ▼7.1 +1.3 ▲ 79Wells Fargo & Co 5 8 10,528.6

-2.4 ▼32.1 -35 5.2 +0.5

-75 ▼▲

7.2Bank of America Merrill Lynch 6 2 10,176.8 6.8 -2.4 ▼Deutsche Bank 7 9 9,082.7

166.5▼ 122.9

94 38.228.9 -23 5.3 +1.26.1 +1.4 ▲ 71 ▲

Morgan Stanley 8 6 8,937.7 6.0 -0.1 ▼ -0.6 ▼120.1 5.2▼ 139.6

70 28.5 -22 ▼6.0 -1.1 ▼ 78Citi 9 5 8,873.8

-0.1 ▼31.7 -57 6.0 -0.5

-25 ▼▼

22.8RBC Capital Markets 10 10 6,566.0 4.4 -0.3 ▼ 86.71,592.372.1 -0.8 ▼

56

246 -108

▼

Industry Total 148,750.3

3.8107,356.1

952,664.0 100.0

Industry % Change from Last Quarter ‐19.9% ▼ ▼

Industry % Change from Last Quarter ‐16.1% ▼Industry % Change from Same Period Last Year ‐29.8% ▼

785

Top Ten Total

Industry % Change from Same Period Last Year ‐13.4% ▼

-146Industry Total

▼

89.2100.0

-1.3 ▼ 4,361.6891,405.3 93.8

0.4


‐15.7%

6,896.90.70.7

▼

▼

▲Industry % Change from Last Quarter‐29.4% ▼‐15.0% ▼ ▼

▲▼

‐17.4%

68.9 -1.8

‐14.5%

14.1%

6,392.4

25

6,351.05,790.53,895.028

26

7,073.2

Top Thirty Total

2122

2423PNC Financial Services Group

Santander Corp & Invest Bkg

Credit Agricole CIBSunTrust Banks

20

20

242221

Scotiabank

0.70.70.6

-0.1▼

-0.3+0.1

▲▼▲

-0.1+0.3

+0.1

2219

45384642

5.7

5.42.8

4.85.9

-4

+3-7-8

+16

▲▼▼

51.140.044.353.5

0.8

0.91.1

1.00.8

0+0.1

38.8

-1.34,893.8

‐12.7%

-▲▼-0.1

‐10.8%

▼

+5

▲▼▲

‐16.6%

+0.4-0.1+0.10.524.9

▲▼

0.4Lloyds Bank ▲2.4

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US Asset-Backed Securities excluding Self-Funded (F14a) Jan 1 - Sep 28


US Structured Finance 2018 vs 2017 Jan 1 - Sep 28

▲

1,185.6

19.5%Industry % Change from Last Quarter ‐32.9% ▼

18.8%▼ ‐36.7%‐32.2%

554 +92

▼▲

-12.7 ▼Industry Total 308,789.3 100.0 100.0

683.145.0 3.8

▼ 57.8▼

Top Ten Total 185,112.9 60.1 -14.5-1.0 ▼

-1.539 7.0 -2 ▼ -0.2

▼Goldman Sachs & Co 10 9 8,300.4 2.7Credit Suisse ▼ 44.6 3.8

+0.5 ▲8 8,950.5 2.9 -1.6 ▼ 47 8.5 -2

30.3 2.64.8

38 6.9 +6 ▲+0.4 ▲▼4.7 -1.6 7214,563.0

Mizuho Financial Group 8 12 9,776.7 3.2

▼ -3.4 ▼13.0 +8 ▲ 56.6 ▼-2.1

15,677.3 5.15 ▲ 53.4

-3.0 ▼ 66 11.9 -8

US Asset-Backed Securities (F14) Jan 1 - Sep 28

# of Market Change in MarketSh (%)

Market


US Mortgage-Backed Securities (F11)

88144 26.0

Manager2018 Rank

2017 Rank

Jan 1 - Sep 28

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

1 53,603.82

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market

Deutsche Bank6.4 -1.7 ▼

JP Morgan▼

2 19,693.7

Citi 1Share Ch.

17.4 -4.1▼

Imputed Fees (US$m)

▼4.5 -0.962.9 5.3

▲-3.8 ▼172.1+0.1

# of Deals

+16 86.0 7.3

Fees Sh (%)Deals Sh (%) Share Ch.▲ 14.5+5

15.9 ▲

7 16,059.1 5.2

7.34 22,534.1

▼ ▲▼75 13.5 +3 ▲ -2.265.2 5.5

+1756 10.1 +4

19.9% ▲

12.85.2 -1.1 ▼


US Securitizations

-0.4

-0.4

67.0 5.7 +0.8 ▲715 15,954.3


RBC Capital Markets


Barclays 6 3Wells Fargo & Co 7 6

9

4

18.8% 2.2% 1.5%12.9%

-0.3%-10%

0%

10%

20%

30%

ABS MBS CMBS RMBS Federal Credit Agencies MBS

Jan 1 - Sep 28

▲Industry % Change from Last Quarter ‐9.0% ▼ ‐27.7% ▼ ‐25.0% ▼Industry % Change from Same Period Last Year 32.1%

+42 728.4302

2.2% ▲ 16.2% ▲

69.5100.0

▼Industry Total 177,554.2 100.0

-0.2+2.0 ▲

Top Ten Total 129,950.2 73.3 -0.8 ▼37 12.3 +6 ▲ 44.3

506.06.15.8 -0.4 ▼

Goldman Sachs & Co 10 11 8,152.2 4.6 +1.0 ▲▼ 45 14.9 +4 ▲ 42.4Credit Suisse 9 9 8,256.3 4.7 -0.6

+7 ▲ 28.5 3.9 +0.8 ▲▼

Mizuho Financial Group 8 10 9,756.7 5.5 +1.1 ▲ 37 12.317.2 +7 ▲ 44.4 6.1 -0.8

-0.2 ▼RBC Capital Markets 7 5 13,593.2 7.7 -0.5 ▼ 52

68 22.5 +17 ▲ 47.7 6.68.4 +2.0 ▲

Wells Fargo & Co 6 6 13,663.7 7.7 +0.2 ▲▲ 67 22.2 +17 ▲ 60.8Deutsche Bank 5 7 14,187.3 8.0 +0.6

-1 ▼ 56.9 7.8 -2.8 ▼▼

Barclays 4 1 14,250.9 8.0 -2.3 ▼ 60 19.924.5 +5 ▲ 54.0 7.4 -0.1

-1.3 ▼Citi 3 4 14,397.6 8.1 -0.6 ▼ 74

68 22.5 +8 ▲ 53.1 7.310.1 +0.6 ▲

Bank of America Merrill Lynch 2 3 14,591.7 8.2 -0.6 ▼▲ 80 26.5 +19 ▲ 73.9

# of Deals Fees Sh (%) Share Ch.JP Morgan 1 2 19,100.6 10.8 +0.9Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

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

2018 Rank

2017 Rank

Market Market

Jan 1 - Sep 28US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)

▲Industry % Change from Last Quarter ‐34.8% ▼ ‐33.8% ▼

US Asset-Backed Securities excluding Self-Funded and CDOs (F14b)

‐38.1% ▼Industry % Change from Same Period Last Year 23.6% ▲ 24.0% ▲ 23.7%

+104 1,144.0537 100.0▼

Industry Total 294,188.0 100.0650.8 56.9 -13.4

-0.4 ▼Top Ten Total 171,314.1 58.2 -14.3 ▼

39 7.3 -2 ▼ 45.0 3.93.9 -1.5 ▼

Goldman Sachs & Co 10 9 8,300.4 2.8 -1.3 ▼▼ 47 8.8 0 - 44.6Credit Suisse 9 8 8,950.5 3.0 -1.7

+6 ▲ 28.5 2.5 +0.3 ▲▼

Mizuho Financial Group 8 12 9,776.7 3.3 +0.2 ▲ 38 7.19.9 +4 ▲ 46.2 4.0 -1.1

-3.2 ▼RBC Capital Markets 7 7 14,154.5 4.8 -1.2 ▼ 53

64 11.9 -6 ▼ 57.5 5.04.7 -1.6 ▼

Barclays 6 2 14,377.3 4.9 -3.1 ▼▼ 72 13.4 +12 ▲ 53.5Wells Fargo & Co 5 5 14,563.0 5.0 -1.3

+2 ▲ 57.1 5.0 -2.4 ▼▲

Bank of America Merrill Lynch 4 4 15,669.3 5.3 -2.3 ▼ 72 13.413.2 +17 ▲ 67.0 5.9 +0.7

-0.1 ▼Deutsche Bank 3 6 16,059.1 5.5 -0.6 ▼ 71

87 16.2 +17 ▲ 83.3 7.314.7 -4.1 ▼

JP Morgan 2 3 21,134.1 7.2 -0.6 ▼▼ 138 25.7 +9 ▲ 168.1Citi 1 1 48,329.2 16.4 -2.4

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2018

Rank2017 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.


9Goldman Sachs & Co 41▼10 9

118,662.1 -0.6

+0.9

▼

▲

100.074.0 -3.2

9,756.7

Industry TotalTop Ten Total 163,479.0

16.36612.8

10.1Mizuho Financial Group

▲

▲4.43.9

‐13.5% ▼Industry % Change from Same Period Last Year 16.2%

220,957.4

▲


808.5 100.0565.4 69.9 -1.1 ▼

405 +59

▲ 28.6 3.5+0.9▲ 46.2 5.7+8

▼-0.637 9.1 ▲

+7+0.7+7

44.4 5.5▼

RBC Capital Markets 8 7 13,593.2 6.2 -0.3 ▼ 52-2.1

▲

+1.2 ▲6.8 -1.5 ▼ +37.0 17.5 +21 ▲

▲ 58.8 7.3Barclays 7 5 15,121.7Deutsche Bank 15,481.6

▼▲▲

▲ 63.8 7.9 +0.8▲

7.762.4Citi 5 6 18,755.7

-1.4

+2.071

7.661.58.5

▼Bank of America Merrill Lynch 4 2 19,132.4 8.7 -1.3 ▼Wells Fargo & Co 8.7

7.3 -2.23 19,180.4

9.2 -4.1 ▼7.4 -0.2

24.4 ▼+0.2 ▲ 92 22.7 +21 ▲ 59.8

59.299


29,092.0

Bookrunner Proceeds2018 Rank

43 32,400.5

41,588.3

Sh (%)Wells Fargo & Co 1 2

Share Ch.100

Goldman Sachs & Co

Credit Suisse 2


3

5Morgan Stanley

Citi 4

Market # of Market Change in Manager Market

16.6 +0.20 - 71.8# of Deals

13.1FeesSh (%)

▲Sh (%)

10.3▲

-1.3 ▼9.2

Market

111-2.1 ▼14.1 +0.1 ▲

▼ 47.6 8.7

2017 Rank

44,463.9

87 14.4104 17.2

13.256.6 10.4

Imputed Fees (US$m)

Share Ch.Market

▲+15 ▲-1.8 ▼59.2+0.8

10.8+9 ▲18.4

Deals

-2.1 ▼-4

▼

-1.4 ▼77 12.7 -11 ▼ 45.7 8.4

9322.2

+17

Top Ten TotalIndustry Total

84.8 -5.3

Nomura

10Deutsche Bank

8 16,678.8Barclays 9 10

6 25,275.6

6,352.611

+9+10+0.4 ▲

9023.0

Market

6 8

4

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

10.6 -7

26 4.3

9.89.3

5956

64

29

▼ -0.1

▼

7.541.2+5 ▲ 39.4

23.1-5

▼7.2

-0.1 ▼▼

-0.2 ▼4.2 -0.13.1▼

00 -▼-0.3 4.8 -1

-0.2 ▼-5.0

12.4-414.1

2.3

‐12.7% ▼▼‐1.8%

604

▼

5.3 -0.1

8.0 -0.67.7

-2.0 ▼

+1.1

-0.1

38,239.6 12.1

2018 Rank

2017 RankBookrunner

624,220.4

Imputed Fees (US$m)

▲‐8.3% ▼3.2%

100.0546.575.7

17.1

10.0Sh (%)# of Deals Share Ch.

Market

▼-11

MarketMarketSh (%)

+27Fees

▲ 80.7

ManagerChange in Share Ch. Deals

# of

2.02.9

▼▼

‐9.0%

267,523.5

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

7

2.2% ▲

9,211.8

7

JP Morgan15

97 24.0 +1.0 ▲Credit Suisse 2 1 20,405.0JP Morgan 1

8

3 23,390.2 10.6

315,712.0 100.0

Sh (%)

▼

Proceeds+1.9 ▲

▲

▲‐20.9% ▼ ‐20.1% ▼17.1% 30.0%


DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Sep 28DCM Bookrunner Industry Composition (F1) Jan 1 - Sep 28


Banking Composite: US DCM

11.1%

2.3% 3.1% 4.7% 5.3%

4.5%9.1%

11.0%

11.8%

10.9% 7.6% 9.4%

6.4%3.3%

2.8%

1.5%

2.8%

1.6%

1.3%

5.1%

3 2%

3.3%

2.0%

2.7%

5.5%

4.3%

6.4%

3.2%

3.7%

4.9%

6.4%

5.7%2.2%

1.8%

1.9%

1.4%

4.0%

2.1%4.7%

15.6%

14.5%

14.8%2.6%

12.6%

27.7%

5.0%

11.0%11.3%

10.8%

6.8%

5.5%

9.3%

3.8%

6.8%

11.1%3.8%

2.7% 5.0% 5.5%3.7%

4.8% 4.7% 4.1% 4.2% 4.2%

60%

70%

80%

90%

100%

Pro

ceed

s

2.2%

8.4%5.5%

6.9%5.7%

3.9%

13.1%

7.5%

4.2%

1 6%

3.0% 2.9%

2.1%

6.6%2.8%

4.6%

44.3%

39.5% 26.6%

21.8%

46.2%

60.9%

47.2%46.2%

36.1%36.7%

60%

70%

80%

90%

100%

Pro

ceed

s

2.5% 1.3% 3.4% 0.8%

14.8%13.4% 12.1% 12.4%

13.4%10.5%

14.4%

22.0%

12.4%

5.2%

23.7%

13.8%13.3% 19.2%

15.1%

11.5%6.1%

23.7% 25.7%

8.5%

11.2%8.4%

15.3%

10.2%

7.3%

15.9%

4.2%

11.3%

6.0% 2.8%

3.9%

2.4%

7.7%

%

6.0% 5.2%

11.0%

3.2%

0%

10%

20%

30%

40%

50%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Consumer Products and Services Energy and Power Government and Agencies Healthcare

High Technology Industrials Materials Media and Entertainment

Real Estate Retail Consumer Staples Telecommunications

8.5% 8.1% 6.4% 7.0% 8.2% 14.7% 9.0%10.9%

8.4%5.8%

13.7%

8.4%7.1%

10.9%9.3% 16.1%

3.8%

16.1% 28.6%

4.9%

6.8%4.5%

8.7%

6.3% 10.2%

10.0%

2.1%

7.7%

12.3%

3.6%1.5%

2.2%

1.9% 3.4% 2.9%

3.8%

3.6%

5.0%

5.3%6.7%

6.7%

6.7%7.2% 4.8%

5.4%

6.4%

7.1%

1.9%1.7%

0.8%

1.6%

1.8%3.2%

1.6%

2.2%

3.3%2.3%

3.6%

2.0%

5.2%

3.1%

3.1%

3.9%

0.9%

2.0%

2.7%

9.4%

7.7% 17.6%

13.7%

6.4%

3.4% 2.4%

3.4%

1.6%

2.9%2.5%

0%

10%

20%

30%

40%

50%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

P

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


Issue Date Issuer Deal Size (US$m) Total Book Size (US$m)

2.32x

20,000

114,600 2.95x

45,400

35,200

3.22x 5.8

3.5x 4.3

US HIGH-GRADE: After recording the quietest July in at least five years, US high-grade issuance volumes ramped upin the next few months and ended with a deal-heavy September - led by a US$20bn 10-part M&A deal from Cigna.Even after recording the third biggest September on record at US$137billion, IG supply for 2018 so far is still roughlyUS$85bn behind last year's record volumes after three quarters. This was partly attributed to the notable absence ofdebt issuance by giant tech borrowers because of tax reform. Q4 faces some headwinds - rising geopolitical risk fromtrade wars, the Fed continuing to normalize its monetary policy with rate hikes as well as potential credit downgrades onthe horizon from recent merger activity and leveraged share buybacks. These headwinds could ensure the pace ofissuance for the year will remain slower than that in 2017. US STRUCTURED FINANCE: US consumer confidence hit at an 18-year high at the end of September, closing outanother big quarter for the ABS market. Issuance is on track to set fresh post-crisis records by year-end in manysectors. Trading also has tightened inside of levels seen 12 months ago. But momentum has been even stronger inhigher-yielding sectors where spreads have come closer to post-crisis tights. US HIGH-YIELD: The high-yield primary market saw a drop in Q3 2018 as issuers were hesitant to come to the marketand investors were cautious to invest in riskier credits. Q3 in 2018 saw $37.56bn in new issuance in 2018, compared toUS$63.45bn in 2017. The 40% drop in issuance is a concern, however, most syndicate desks were anticipating a dropin volume. Looking ahead, October is forecasted to be very busy, and possibly exceeding 2017’s total of US$23.67billion.

6/18/2018

9/6/2018 61,400 2.88x 0.0

16,000 36,300

3/20/2018

2.3

15,000

10,000

6/20/2018

3/6/2018 CVS Health Corp 40,000

Walmart

Halfmoon Parent Inc

Bayer US Finance II LLC

Anheuser Busch

9.1

Book to Cover Ratio

Weighted Average New Issue

Concession (bps)

www ifrmarkets com

IFR Markets

Top Deals US Investment Grade Debt Transactions Jan 1 - Sep 28IFR Markets Intelligence

Vodafone Group PLC 9,500 35,000 3.7x 6.25/23/2018

US Auto ABS Collateral Type (US$ Billion)US Monthly High Yield Debt vs Fund Flows

www.ifrmarkets.comWeekly US Investment Grade Debt vs New Issue Concession Level

Jan 1 - Sep 28

US Monthly Investment Grade Debt vs Fund Flows

$40.2 49%

$24.0 30%

$9.0 11%

$5.0 6%

Prime Auto Sub-Prime Auto Auto Leases Floorplan Auto-Rental-40

-20

0

20

40

60

-10

-6

-2

2

6

10

14

18

J F MA M J J A S ON D J F M A M J J A S ON D J F MA M J J A S ON D J F MA M J J A S ON D J F MA M J J A S

2014 2015 2016 2017 2018Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

HY

Pro

ceed

s (U

S$b

)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

0

60

120

180

-16

-12

-8

-4

0

4

8

12

16

J F MA M J J A S ON D J F MA M J J A S ON D J F MA M J J A S ON D J F MA M J J A S ON D J F MA M J J A S

2014 2015 2016 2017 2018

Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

IG P

roce

eds

(US

$b)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

-10

0

10

20

30

40

50

0

10

20

30

40

50

60

70

9/29

/201

7

11/2

4/20

…

1/19

/201

8

3/16

/201

8

5/11

/201

8

7/6/

2018

8/31

/201

8

Pro

ceed

s (U

S$m

)

Aver

age

New

Issu

e C

once

ssio

n Le

vel

Proceeds (US$m) Average New Issue Concession

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables www.ifrmarkets.com

9

International Bond Volumes recorded a decrease of 14.4% during the first three quarters of 2018, reaching US$2.97trillion. The Retail sector recorded the largest year-over-year increase, up 36%, followed by Industrials, up 4.8%.HSBC recorded the largest rise in market share year-over-year (+0.5 percentage points).

The third quarter saw strong borrowing activity from German issuers, with a 10.7% share of the international bondsmarket. This was driven by issuance from the Auto sector, with notable deals including a €3 billion three-part seniorunsecured benchmark transaction from Daimler in July, and a three tranche €2.5 billion deal from Volkswagen inAugust.

According to estimates, the top international bond fee earner in the first three quarters of 2018 was JP Morgan withUS$1 billion earned from 823 transactions, accounting for an 8% wallet share. JP Morgan was also the leading feeearner in the International Securitisation market with US$72 million accrued from 90 deals and an 8.5% wallet share.BNP Paribas led the All Bonds in Euros fee earners with €204.9 million from 287 deals and a 7.7% wallet share.

All International Bonds by Issue Type

Deutsche Bank 7 7


43

Citi 2 1


Morgan Stanley


JP Morgan 1 2

HSBC Holdings PLC 6Barclays

3

181,570.5176,326.7

Top Ten Total

226,428.6

4

201,497.66.1

Market Market

-0.76.87.6

-1.5

Sh (%) Share Ch.

▼

5.8 -1.3

2.8 ▼

100.0

-0.184,282.9Credit Suisse



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

Sh (%) # of DealsDeals


International DebtInternational Bond Volumes Down 14% l Stong German Borrower Activity l JP Morgan Top Global Fee Earner

All International Bonds (J1) Jan 1 - Sep 28EMEA Deals Intelligence

# of MarketFees

779▼ 823 18.6

17.6 768.5-277 ▼▼

6.1 -1.38.0-282 1,002.3

Market MarketSh (%) Share Ch.

▼▼

-0.8

-179 ▼583.2

-0.1 ▼-48 ▼

717.5-0.1 ▼

▼13.3

4.6+0.5 ▲ 773 17.4-0.1 ▼ 590

-0.9

5.9 5.7

Goldman Sachs & Co 6 5 146,915.9170,477.7

10.54.6 -0.5 ▼ 577

464▼5.0 688.1

4.3

▼▼

+0.2▼-0.8

4.7

6355.5

▲-12513.0 585.0-181

14.3 -237 6.4▼▼

+0.3+0.2

▼

800.1

4.2

-0.9-0.7

▼

4.3 541.4485 10.9 -79-0.6 ▼-7811.3

▼ 525.8▲▼ 429.8

6,641.7

3.4-0.3

4.0

▼

▼ 501428

-4.0▲9.7 -49▼52.9

126,194.1118,121.6

88136,035.6

BNP Paribas SA 9

‐14.4%

9

2,966,439.11,567,851.2

Industry Total

10 10

▼

-5.552.9

▼ -17.0%

4,431 -613

▼

Jan 1 - Sep 28

▼

12,560.1 100.0

‐22.7%Industry % Change from Last Quarter -22.4% ▼-12.2%

▼ -19.6%

Top Ten Total

▼Industry % Change from Last Quarter -13.5% ▼ -4.8%

1,358

▼ -19.1%

Industry Total 919,596.8 100.0

Industry % Change from Same Period Last Year -5.9% ▼ -3.3% ▼ -7.1% ▼

-1.651.4 -3.51,370.8

100.02,656.5-47▼▼-72 ▼ -1.9

493,950.59.1

▼▼ 124

53.8 -4.5

12.4 -213.8101.1

▼Goldman Sachs & Co 10 6 35,953.0 3.9

4.2 -0.8-

▼ 119.8 4.5 -0.4▼ 1694.2

Citi 9 9 38,401.1

Barclays 7UniCredit 8 8 44,949.4 17.4 -18 ▼ 0

▼13.5 -53112.7

▼ 184▼

50,684.22 47,032.3

4.9 -0.45.1 -1.4

Industry Total

Industry % Change from Same Period Last Year 6.4% ▲

241,110.4

2018 Rank

7.5%

▲5.5 +0.2 ▲ 223

447

▲Industry % Change from Last Quarter -25.4% ▼ -26.3%

▲-22.6% ▼21.4%

▼

▼-3.9+31 100.0

498.4849.8

58.962.63.2

-10.2 ▼3.9 -

▲28 6.3 0 -

29.710

8.3 +5

Top Ten Total 150,506.37,608.0 +0.2 ▲

+0.30

Morgan Stanley 9 9 9,460.3RBC Capital Markets 10 32.8

▲7 10,721.8 ▲+7 ▲ 41.4-0.9 9.844▼

▼▲6.4 +1.3

4.9

-2.0▼ 55 12.3 -6

+1.13.5▲37

8 12,763.7 5.3 +0.5 65▲

17,416.751.0 6.0

-1.6 15.9 +2 ▲▼5.5 ▼

5

▼Barclays 6 6 13,258.5

71Wells Fargo & Co 5 4

7.8▼ 47.3▲

69.7

Credit Suisse 4 2 18,241.3

▼▲

-2.38.5

18,747.8 -0.6 ▲ 59.1 7.0

▲

89

Imputed Fees (€m)

844.9

18.8

▼▲19.9 +7

8.2

-0.8+6

+0.3-2.2

54.0+0.3

14.5 +14 ▲

MarketManager Market

72.0

Jan 1 - Sep 28

20.1

▼

▲

Market

5.6-3.07.2

FeesShare Ch.9.6 +0.6

Sh (%)

41.4

▼81

MarketShare Ch.


+0.4Deals

18.1 -14 ▼+16

Market# of Market Change in ManagerImputed Fees (US$m)

2017 RankBookrunner

3


23,064.6

Goldman Sachs & Co 87

4.5

7.6

19,223.62 1

Proceeds

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

-1.6Deutsche Bank

Market

100.0

3.9

2017 Rank

1Sh (%)

1

# of

7.1 287▼Deals

▼

Change in

7.765,274.7Share Ch.Proceeds # of Deals

-5Sh (%)

21.1Share Ch.

+1.06.2 +0.3 17.5▲

▲Fees Sh (%)204.9

HSBC Holdings PLC 3 3 52,958.2Societe Generale 2 4 56,634.5

-0.35.8 -0.6 ▼ ▼+1220.0

4.9131.3 ▼-0.3--0.7

237 0

-11245 18.0 -17271

Credit Agricole CIB 6 7

4 5JP Morgan 5 10 ▲ 203 14.9Deutsche Bank

5.5▼

+0.550,748.951,314.2 5.6

All Bonds in Euros (N1)

-0.4

16.4 120.4 4.5 ▲+0.15.2138.4 -0.9

236▼

+2

▲ 132.6 5.0

0 -6.1▼ 163.2 -0.4

▼ 146.4▼

5.5

Sh (%)


Sh (%)# of Deals2018 Rank

8.0 -4.190

First Nine MonthsEuropean Financial and Corporate Inv Grade By Domicile Nation


JP Morgan 1

Market Market

Citi

€ -

€ 200

€ 400

€ 600

€ 800

€ 1,000

€ 1,200

€ 1,400

Q1 Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2010 2011 2012 2013 2014 2015 2016 2017 2018

Pro

ceed

s (€

b)

Investment Grade Corporate Agency, Supranational, Sovereign High Yield Corporate

Federal Credit Agency Emerging Market Corporate ABS & MBS

€0

€25

€50

€75

€100

€125

€150Proceeds (€b)

2017 2018


▼

Top Green Bond Issuance by Nation First Nine Months All International Green Bonds (JG1) (Exc Tax Exempt Munis) Jan 1 - Sep 28

Industry % Change from Last Quarter ‐51.6% ▼ -26.7% ▼ -60.1%

▼

▲Industry % Change from Same Period Last Year 5.0% ▲ 24.0% ▲ 20.9%

102.1 38.2 -4.0-0.8 ▼

Top Ten Total 37,296.0 44.9 -2.7 ▼12 5.3 +7▲ ▲ 5.9 2.2

2.3 +1.0 ▲Societe Generale 11 7 2,444.8 2.9 +0.2

▲ 10 4.4 +7 ▲ 6.2ING 10 32 2,468.9 3.0 +1.4-2 ▼ 8.2 3.1 +0.4 ▲

▼SEB 9 10 2,763.1 3.3 -1.8 ▼ 24 10.6

5.3 +5 ▲ 8.2 3.1 -0.8-1.3 ▼

Barclays 8 9 2,897.4 3.5 +2.3 ▲ 1216 7.0 +6 ▲ 12.1 4.5

2.6 -0.7 ▼JP Morgan 7 4 3,703.3 4.5 +0.1 ▲

▼ 15 6.6 -2 ▼ 6.9Natixis 6 8 3,900.5 4.7 -0.3-15 ▼ 10.7 4.0 -1.5 ▼

▼Citi 5 3 4,082.7 4.9 -1.4 ▼ 21 9.3

14.1 -1 ▼ 11.9 4.5 -2.5+1.4 ▲

HSBC Holdings PLC 4 1 4,530.4 5.5 +0.6 ▲ 3220 8.8 0 - 16.2 6.0

5.9 +0.8 ▲Bank of America Merrill Lynch 3 6 4,997.9 6.0 -1.9 ▼

▼ 28 12.3 -5 ▼ 15.8BNP Paribas SA 2 5 5,507.0 6.6 -1.9-3 ▼ 12.7 4.8 -0.6 ▼

Share Ch.Credit Agricole CIB 1 2 5,566.7 6.7 +0.8 ▲ 27 11.9

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

Market # of Market Change in Manager MarketAccording to figures compiled by Thomson Reuters and The Climate Bonds Initiative, total proceeds from globalgreen bonds reached US$83 billion in the first three quarters of 2018, a 5% increase compared to the same periodlast year. The sectors with the largest increases in year-on-year proceeds were Industrials (+226.6%), Real Estate(+128.7%) and Government and Agencies (+6%). China was the leading first half issuer nation with a market shareof 12.5%, followed by France, capturing 11.6% of the market.

Notable European transactions priced in the third quarter included a debut green bond from Terna proceeds from the€750m five year deal will include funding towards renewable energy projects, energy efficiency and biodiversity.Deutsche Hypo priced a €500 million six year Green Pfanbrief, which followed up its debut Green covered bond in2017.

According to estimates, the leading global green bonds fee earner in the first three quarters of 2018 was Bank ofAmerica Merrill Lynch, with US$16.2 million accrued from 20 transactions, and a wallet share of 6%. BNP Paribas ledthe Euro denominated green bonds fee earners with €10.4 million and a wallet share of 10.7%

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2018 Rank

2017 Rank

Market


Green BondsGlobal Green Bond Volumes Up 5% l Strong Government & Agency Sector Activity l BAML Top Fee Earner

Green Bonds Deals Intelligence All Global Green Bonds (GR01) (Exc Tax Exempt Munis) Jan 1 - Sep 28

Industry Total 83,042.3 100.0 100.0227 +44 267.7

Global Green Bond Industry Composition (US$ Billion) First Nine Months Global Green Bonds Volume Jan 1 - Sep 28

▲Industry % Change from Last Quarter -52.4% ▼ -37.3% ▼ -66.0% ▼Industry % Change from Same Period Last Year 5.2% ▲ 20.4% ▲ 25.9%

+22 215.1130 100.0▼

Industry Total 68,967.4 100.097.4 45.4 -10.5

-1.2 ▼Top Ten Total 37,081.9 53.9 -6.2 ▼

12 9.2 -1 ▼ 5.9 2.72.9 +1.2 ▲

Societe Generale 10 7 2,444.8 3.5 -0.4 ▲▲ 10 7.7 +7 ▲ 6.2ING 9 26 2,468.9 3.6 +1.6

-2 ▼ 10.0 4.6 -0.6 ▼▼

Bank of America Merrill Lynch 8 6 2,561.0 3.7 -2.2 ▼ 18 13.88.5 +5 ▲ 7.4 3.5 -1.2

-1.8 ▼Barclays 7 9 2,798.2 4.1 +2.8 ▲ 11

15 11.5 -4 ▼ 11.3 5.33.2 -1.1 ▼

JP Morgan 6 4 3,516.4 5.1 -2.3 ▼▼ 15 11.5 -2 ▼ 6.9Natixis 5 8 3,900.5 5.7 -0.4

-14 ▼ 10.7 5.0 -1.8 ▼▼

Citi 4 3 4,082.7 5.9 -1.6 ▼ 21 16.224.6 -1 ▼ 11.7 5.5 -3.5

+0.5 ▲HSBC Holdings PLC 3 1 4,447.6 6.5 +0.8 ▲ 32

26 20.0 +1 ▲ 14.8 6.95.8 -1.0 ▼

BNP Paribas SA 2 5 5,377.9 7.8 -2.1 ▼▼ 27 20.8 -4 ▼ 12.5Credit Agricole CIB 1 2 5,483.9 8.0 -2.4


Rank2017 Rank



0

5

10

15

20

25

30

35

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

J FM AM J J A S O N D J F MAM J J A S ON D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S

2014 2015 2016 2017 2018

# of

Issu

es

Pro

ceed

s U

S$b

il

$31.538%

$31.438%

$11.614%

$4.55%

Government and Agencies

Financials

Energy and Power

Real Estate

Industrials

Materials

$10,391$9,610

$6,857$6,211

$6,078$4,564

$4,394$3,592

$3,513$3,303

$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000

ChinaFrance

United States of AmericaBelgium

LuxembourgSpain

SwedenGermany

ItalyNorway

Proceeds US$m

Visit https://www.climatebonds.net/ https://www.thomsonone.com

2014 2015 2016 2017 2018

11

Global High Yield Volumes reached US$231.4 billion during the first nine months of 2018, a 25.5% decreasecompared to the same period last year and the lowest first nine months total since 2010. The Consumer Staplessector saw the largest year-over-year decrease, down 90.2%. Retail and Industrials followed, down 60.9% and 50.9%, respectively. Both US Dollar and Non Dollar issuance saw substantial year-on-year decreases, down 30% and 16.5%,respectively.

The largest High Yield bond deal of the first nine months of 2018 was the US$4.25 billion equivalent four trancheoffering priced by Financial & Risk Holdings - Refintiv, part of an overall US$13.5 billion financing package fundingthe acquisition of a 55% stake in Thomson Reuters Financial & Risk Division by Blackstone. This was the largestbuyout financing since the 2008 financial crisis. BMC Software, via Banff Merger Sub Inc, also priced a US$1.825billion - equivalent senior unsecured two tranche offering to back part of its acquisition by KKR.

According to estimates, the leading Global High Yield fee earner was JP Morgan, with US$365.5 million earned from153 transactions and an 11% wallet share. JP Morgan also captured the largest wallet share in the US Dollar market(11.8%). Deutsche Bank led the Non Dollar market with US$49 million accrued from 42 deals, an 8.5% wallet share.

Average Quarterly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Sep 28


High Yield DebtGlobal Volumes down 26% l Financial & Risk Holdings - Refintiv Bond Part Of Largest Buyout Since 2008 l JP Morgan Leads Global Fee Rankings

Global High Yield Debt (B4) Jan 1 - Sep 28Global High Yield Deals Intelligence

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2018 Rank


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

▼▼ 153 35.5 11.0262.0365.5-85

120▲JP Morgan 1 1 23,986.6 10.4 -0.8 -1.1 ▼

▲Credit Suisse 2 5 15,995.9 6.9 +0.6 ▼-3226.7 -5227.8 +0.97.9

7.0 -0.8 ▼Goldman Sachs & Co 3 2 15,591.1 6.7 -1.2 ▼ ▼ 232.16.5 +0.8 ▲ 124

115Deutsche Bank 4 8 15,027.2

218.8 ▼28.8 195.4 5.9 +0.8

3 13,901.9▲

6.0 -1.4-31 ▼

29.0 -78 ▼5.9 -1.3 ▼

▼Barclays 6 4 13,543.4Bank of America Merrill Lynch 5

104

-1.3104 24.1 -46 ▼125

191.4 5.86.6

-1.3 ▼▼Citi 7 6 12,335.1 5.3 -0.7 ▼ 24.1 -60 ▼ 173.7 5.2 -0.4

4.9 -0.9 ▼ 90Morgan Stanley 8 7 11,402.7 20.9 145.8 4.4 -1.2 ▼4.9 +0.7

-36 ▼19.7 ▲

-0.4 ▼▲ +0.2

60 13.9 -30 ▼ -0.49 11,290.6

RBC Capital Markets 10 10 6,959.89Wells Fargo & Co 85

88.03.03.8-33 ▼ 127.1

▼Top Ten Total 140,034.3 60.5 -4.6 ▼ 1,999.8 60.3

2.7-4.6

431 3,321.7 100.0▼

Industry Total 231,351.7 100.0 -120

▼ -21.8% ▼ -26.1% ▼▼ -26.9% ▼

Industry % Change from Same Period Last Year -25.5%Industry % Change from Last Quarter -29.0% ▼ -35.0%

700

Monthly High Yield Volume

3.4 +0.7

5.1 +0.75.2 +0.5

5.5 -1.3

+0.7-4

▲ 196.030 ▼ 34.2

17.3 3.0▲

Credit Agricole CIB 10 15 1,744.2 15.4 +1 ▲24.4 +0.1

▼-11 ▼Barclays 9 5 2,558.6 5.0 -1.3 ▼

-2.5 ▼ 29 23.6▲

5.1 -2.5▲ 33

Goldman Sachs & Co 8 3 2,570.9 5.0 29.4HSBC Holdings PLC

6.2 +1.5▼ 35.47 10 2,646.1

▲ 2626.922.0 0 -

21.1 -34.7

▲26.8 -1 ▼ 29.0 5.0 +1.0

27Bank of America Merrill Lynch 6 7 2,673.3

▼Citi 5 8 2,724.8 5.3 +0.7 ▲ +0.4 ▲Credit Suisse 4 4 2,837.0 ▼ 36

▲ +2.76.5 -1.429.3 -6 ▼ 37.5

▲44 35.8 +12 ▲ 39.1 6.8BNP Paribas SA 3 9 3,408.8 6.6 +2.1

-1.0 ▼7.9 -0.9 ▼

▼ 49.0 8.5JP Morgan 2 2 3,804.0 ▼ 45.57.4 -1.8 33.3▼ 41

-5-9

-1.2 ▼ 42 34.11 1 4,251.4Share Ch. Deals

8.2

2017 Rank

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market2018

Rank

2018 Rank

Proceeds per Bookrunner (€m)

2017 Rank

JP Morgan 1 1

Bookrunner Proceeds

19,399.3Credit Suisse 2 6 12,589.0

Bank of America Merrill Lynch 4 2

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Sep 28


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

-1.0# of Deals Fees Sh (%) Share Ch.

310.8 11.8-71 ▼ ▼▼11.5 -0.3 37.8121

28.87.4 +1.2 ▲ 217.0 8.292 28.8 -21 ▼ +1.4 ▲

▼Goldman Sachs & Co 3 3 12,497.6 7.4 -0.6 ▼ -0.46.3 -1.9 ▼ 105

-41 ▼ 196.8 7.59210,694.0

119.0 ▲32.8 176.6 6.7 -2.0

8 10,528.6▼

6.2 +1.2-74 ▼

24.7 -35 ▼6.2 -1.2 ▼

▲Barclays 6 4 10,501.6Wells Fargo & Co 5

90

+0.383 25.9 -37 ▼79

150.7 5.74.5

-1.7 ▼▲Deutsche Bank 7 9 9,928.4 5.9 +1.3 ▲ 28.1 -20 ▼ 136.7 5.2 +1.1

5.6 -0.5 ▼ 79Morgan Stanley 8 7 9,416.5▼

24.7 127.6 4.9 -0.8-0.55 9,122.7

▼5.4 -1.0

-28 ▼25.6 -59 ▼

3.7 -0.4 ▼▼

RBC Capital Markets 10 10 6,254.2Citi 9

-27 ▼ -0.682

79.9 3.05.4142.0

55 17.2 ▼65.6 -2.2 ▼ 1,657.1 62.9 -4.2 ▼

Industry Total 169,366.6 100.0 320 -101 2,632.6 100.0

-24.0% ▼ -28.4% ▼-24.0% ▼-40.7%

Industry % Change from Same Period Last Year -30.0%

Top Ten Total 110,931.9

▼

Change in

▼Industry % Change from Last Quarter -25.1% ▼

Sh (%) # of DealsDeutsche Bank

MarketSh (%)

▲

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

Top Ten Total 29,219.1 56.7 -3.4123 100.0

59.7▼ 343.3 +0.6 ▲Industry Total 51,604.0 100.0 574.5

Industry % Change from Same Period Last Year -16.5% ▼ -10.9% ▼ -21.9% ▼

-15

▼ -35.3% ▼Industry % Change from Last Quarter -36.4% ▼ -17.8%

0

100

200

300

400

500

600

700

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2010 2011 2012 2013 2014 2015 2016 2017 2018

Bas

is P

oint

s

Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark)

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

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJAS

2012 2013 2014 2015 2016 2017 2018

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$) # of Issues


-18.4%-68.3% ▼

-27.0% ▼ -20.9% ▼-59.5% ▼ -54.0%

Jan 1 - Sep 28

▼

-1.2

Latin America Emerging Market Bonds (L3)

▼

% Change from Last Quarter

HSBC Holdings PLC

5.2

-0.8

# of

Citi 1 1 42,396.7 9.5Sh (%)

6.76 4,431.6

+1.9+0.4

9 4,074.35.8

-0.4


2017 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

Asia-Pacific Emerging Market Bonds (L4)

▼ 190

Market

128.1

4 4 5,157.7

241 -34

▼-26.1% ▼

-0.1

76


▼▼15.6



Emerging MarketsAll International Emerging Market Debt Down 19% l Latin America Emerging Market Debt Down 38%

Jan 1 - Sep 28EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Sep 28

▼24.9 -5131.5

▼ 127.6 7.0 -0.2 ▼7.02 2 36,242.6

119▼6.0 -2.98.2

+1.0JP Morgan 3 3 26,788.9Standard Chartered PLC 4 5 23,026.8 ▲

▼20.3 -1 ▼

5.0 -2.4+0.6

-84 91.678.9 4.3

4.8 0 - 86 11.3 -26155

3.664.8

▼ 66.0Deutsche Bank 5 4 21,494.10108 14.1

Bank of America Merrill Lynch 7 7 14,518.5BNP Paribas SA 6 6 16,455.2

-34▼▼

80 10.5 ▼7.3 -24▼

▼3.3 -0.4

56

3.7 -0.3

Goldman Sachs & Co 8 8 14,121.0

49.7

713.0 -0.2 ▼10Barclays 10

9.3Morgan Stanley 9 9 13,393.012,459.5

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

▼-132.8 -0.1

3.2 -0.3

62Top Ten Total 220,896.3Industry Total

-4.5764

3.563.8

▼2.8

59.5

100.0780.0 42.6

3.2

-

▼

3.5

2.7

‐754

Sh (%)

-218.1▼

+0.2▼▲

▼

-0.3▲

-0.8

▲

Standard Chartered PLC▼

VTB Capital

BNP Paribas SA

HSBC Holdings PLC-0.3+0.3

Barclays 10

1,835.5

50.7 ▼49.0

▼10 11.2 -9

% Change from Same Period Last Year -18.9% ▼

16.9 -8-3.5

18▼ 11

▼▼11.7 -0.1

-0.3▼ 12.6

Societe Generale 8 10

# of Deals36

20.238.2

▼▲

12.4

▲

2,709.99 7.9 -14

-1255.3

3,256.7 11.319.1 -7

Goldman Sachs & Co

3

2.85

2,149.8

152,953.5 ▲

4.8 ▼+0.5-2.3

3.53.84.2

+0.5 17

-27.2%

8

▼

-0.4 ▼+0.164.5

444,449.5 100.0

-45.6%-9.4%

Jan 1 - Sep 28

▼

Imputed Fees (US$m)2018 Rank

2017 Rank

Market MarketChange in Market Market

▼▼


-39.8%

67

+42.6

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

Citi 1 1 10,430.2 40.4

Market # of

13.6JP Morgan 2 2Deutsche Bank 3 7 6,204.6

-0.1 ▼8,255.4 10.7▲8.1 +3.6

+0.5 ▲34

-18 29.6

-10+3

27.4-13 ▼▲

6.713.7

-0.4 ▼5.8

15.8+2.6

+2.0 ▲3.8 -0.6 ▼

▼▼ 8.918.0▲ 16

▲

2.55.8

12.0 5.1

3.4▲ ▼ 8.0

14.1▼

6.7 -8 ▼-2.0 ▼ -1.1

+1.0▲▲▼

+1.349,623.76.0-0.8

100.0▲

76,923.3 235.3

% Change from Same Period Last Year

‐33

▼

Industry Total 8962.4146.6Top Ten Total

100.0

*ti

Jan 1 - Sep 28All International Emerging Market Bond Volume by Industry (US$b)

▼755.6% ▲ -73.4% ▼ -29.4%-41.7% ▼

7.1%

+27

44.3%

62.8▲▲+11.4117.9

-4.0% ▼ -46.2% ▼▲

187.8

▲

100.088

5.2▲

10.9▲

3.2

▲+2.8

5.9

▲

Industry Total

% Change from Last Quarter -60.6% ▼% Change from Same Period Last Year -2.5% ▼

Top Ten Total 44,928.4Sumitomo Mitsui Finl Grp Inc 10 1,940.6 ▲

+7.363.4+24.5

70,802.4

2.7 +2.337

100.0▲

Al Khaliji Commercial Bank 9 - 2,082.8 +2.9 ▲2.9 2 3.4▲ 6.4+2.9

2.3 +2 +3.44 ▲

11 12.5 +4 ▲3.03.0▲ 5.72.8+1.7 ▲ +1.6

8.0 +5Credit Agricole CIB 8 17 2,141.0

73.618.2 +6 ▲

Deutsche Bank 5 65.466.0

Barclays4,220.9

+1.4+0.6

16▲+3.3 ▲

▲ 88 3,814.5

Credit Suisse 7 42 2,571.4

▲11.6 6.2 +1.7▲+1.55.8

▼16 18.2 -7 ▼ 10.1 5.49.1 +2

▼27.3 +510.0 +0.5 ▲

6.59.4 +1.4▲

-7.1JP Morgan 4 1 4,604.217.6

-8.0

Standard Chartered PLC

24▼35 39.8 +6 ▲ 17.7 -4.0▲

26.8-3.9 ▼

48.9 +23

Citi 3 3 7,073.2

1 ▲HSBC Holdings PLC 2 2 7,123.7 10.1 9.4

14.2 +7.2▲Deals Sh (%)

13.2 +6.5 ▲ 43Sh (%)

4 9,356.1

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch.

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

# of Deals per BookrunnerMarket

100.0

Imputed Fees (US$m)2018 Rank


Middle East Emerging Market Bonds (L5) Jan 1 - Sep 28

% Change from Last Quarter -72.1% ▼ % Change from Last Quarter ▼ -16.7% ▼ -32.9% ▼▼ -24.8% ▼

1,215.3

% Change from Same Period Last Year -14.3% ▼

‐17

-3.2%

Industry Total▼

509 100.040.9497.5

-0.7▼ 39.2

227,379.9-0.4 ▼ -2.1

▼Top Ten Total 98,289.8 43.2UBS 10 8 6,605.8

54.5 4.52.9 -0.4 ▼ 74 14.5 -2 3.2

10.2 -6 ▼Credit Suisse 9 13 6,846.3+0.6 ▲

3.0 +0.243 8.4

▲ -0.8 ▼52

39.3▲

▼ 47.63.4 +0.2 ▲ -3Goldman Sachs & Co 8 10 7,731.03.27,784.3 ▲3.4 +0.43.9

▲53 10.4 -9 ▼ 39.4 +0.2

-0.7 ▼3.2 +0.4 ▲

101+5

39.6 3.314.3

9,447.4 4.2+0.48,474.5

19.8 -13▲ 733.7


Standard Chartered PLC 5 3

Market # of MarketImputed Fees (US$m)

-1.2 ▼

2018 Rank

2017 Rank

1 1Proceeds

Market

▼ 5.7 ▼+0.4

▲100.0

+7.8204.7

58.43.1 -0.3

7 11BNP Paribas SA 6Bank of America Merrill Lynch

9

▲

100.0 77 ‐43Industry Total 70,682.8

▼% Change from Same Period Last Year -37.7% -50.4%

144.2+0.1 ▲16.9 -53.2 +0.1 ▲ 13

64.5Itau Unibanco 10 10 2,254.0Top Ten Total 52,284.0

4 5.2 -10 ▼ 7.2 4.7+1.1

4.6 -2.6▲BNP Paribas SA

Santander Corp & Invest Bkg

-1.3 ▼BBVA 9 7 2,811.4 4.0108 9 3,012.6 4.3147 5 3,278.8 ▼ -17 ▼

▼18.213.0 -1 ▼ 9.9

+8.0 ▲2.0 -3.0 ▼

11.7

8Deutsche Bank 4

▲17.4 0.9Bank of America Merrill Lynch 6 4 4,492.5

Citi 1 1 11,933.4

ManagerImputed Fees (US$m)

2018 Rank

2017 Rank ProceedsBookrunner # of Deals Fees

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

MarketMarketChange in ManagerBookrunner Sh (%)

▼ 18,227.2 8.0 -0.6DealsSh (%) Share Ch.

▼ 175 -12 ▼Fees Sh (%) Share Ch.

-0.5▼# of Deals

7.186.4Share Ch.

16.9 42.9Deals Sh (%)

+1.8 ▲ 33-0.8 ▼ Citi 2

▼-10 31.5 12.324.4▼

HSBC Holdings PLC 3 3 6,200.9 8.8JP Morgan 2 2 7,771.7 -23

▼-1.5

34.4-0.55.612,795.3 18.996

HSBC Holdings PLC-3.0 ▼ 26 33.8

14 18.2-3.0 ▼-

5.3▲Morgan Stanley

0 -048.12

24.2▲

-21 ▼ 9.515.1 64.4123Bank of China Ltd 3 44.0

+0.3 +0.211.4+3.1 ▲ +2.5

8.1

8.2

▼

10.6 -4 ▼ 39.0 3.2 ▼54 -0.6▼▲

4.29,495.54 12 +1.2 ▲4.8

6.4 -1.65 6

5,872.6

11.0

Sh (%)

Morgan Stanley 4,656.1 ▼9.1 -6 ▼

12 15.68.36.6 ▲ -15

7 1.6

MarketMarketShare Ch.

9.9▼

Sh (%)

10,882.5-0.3-0.3

-28+11

▼

18 23.4 -14 +2.8▼8.0

$173.440%

$135.331%

$41.810%

$26.46%

$20.25%

$10.02%Financials


Energy and Power

Real Estate

Industrials

Materials

High Technology

Media and Entertainment

Healthcare

Consumer Staples*tie

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Domestic Brazilian Debt in Reals (BR2) Jan 1 - Sep 28

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


Emerging Markets - Latin AmericaDomestic Brazilian Issuance Up 141% | Domestic Mexican Issuance Down 6%

Change in 2018 Rank

2017 Rank

Market

All Global Debt by Brazilian Issuers (BR1) Jan 1 - Sep 28

Bookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Manager Market

Share Ch.Citi 1 4 1,636.2 10.8

Sh (%) # of Deals Fees▼9 24.3 0 - 4.7

Sh (%)+1.9 ▲ -4.5

Itau Unibanco 2 2 1,482.98.9

37.8 -17 ▼ 4.2 8.1 -0.515 40.5

9.8 -5.1 ▼ 14 ▼Banco Bradesco SA 3 1 1,386.3 9.1 -6.5 ▼ -5.1 ▼-13 ▼ 5.2 10.0

6.3Goldman Sachs & Co 4 - 1,012.3 6.7Morgan Stanley 5 7 960.4

▲2.7 +1 ▲ 3.5+6.7 ▲▲7 18.9 -1 ▼ 3.7 7.1 +6.7

4.5 +3.75.8 -1.6 ▼

1 6.7 +0.5-0.9 ▼

▲ 2.7HSBC Holdings PLC 6 6 876.8

-1.8 ▼3 8.18.1 -3 ▼ 2.43

+1

9 27

▲BNP Paribas SA 7 12 826.1 5.4 +3.7 ▲

-1.1 ▼5.2

4.2JP Morgan 8 8 654.3 4.3Arab Banking Corporation ▲ -1.1

▲13.5 -5 ▼ 2.15 4.1 +4.3▼2 5.4 -1 ▼ 2.3 4.4

▼ 2.1 -3.2Bank of America Merrill Lynch 10 9 604.1 -1.1 3.9631.3

16.2 -34.0 ▼ 6+4.1

Top Ten Total 10,070.7▼

66.0 +0.1 ▲ -1.0 ▼32.9 62.9‐43 52.2 100.0

% Change from Same Period Last Year -47.9% ▼ -53.8% ▼

Industry Total

▼ -61.5%-51.1% ▼-55.7% ▼

15,194.0 100.0

▼

37

Global Debt by Mexican Issuers (MX1)

-40.8%% Change from Last Quarter

Jan 1 - Sep 28

Global Brazilian Debt Volume by Sector First Nine Months 2018

0

20

40

60

80

100

120

140

160

180

$0

$10

$20

$30

$40

$50

$60

$70

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

US$(m)Securitized Debt Junk Rated Debt

Investment Grade Corporate Agency, Supranational, Sovereign

# of Issues

▲% Change from Last Quarter -13.7% ▼ -33.3% ▼ -17.2% ▼% Change from Same Period Last Year 141.0% ▲ -51.0% ▼ 120.1%

+7 75.7260 100.0▲

Industry Total 107,461.3 100.074.4 100.0 +5.3

-5.3 ▼Top Ten Total 105,477.1 98.1 +4.8 ▲

2 0.8 -3 ▼ 1.2 1.61.1 -2.6 ▼

Citi 10 4 1,200.0 1.1 -6.6 ▼▼ 8 3.1 +1 ▲ .8Banco Votorantim 9 6 1,285.0 1.2 -2.8

-3 ▼ 1.0 1.3 -1.9 ▼▲

XP Investimentos 8 7 1,545.1 1.4 -2.1 ▼ 9 3.50.4 +1 ▲ 3.5 4.6 +4.6

-2.5 ▼Goldman Sachs & Co 7 - 3,370.0 3.1 +3.1 ▲ 1

16 6.2 +7 ▲ 2.9 3.88.8 +7.4 ▲

Banco BTG Pactual SA 6 5 4,054.8 3.8 -1.8 ▼▲ 10 3.8 +2 ▲ 6.7Arab Banking Corporation 5 11 7,128.0 6.6 +4.9

+13 ▲ 6.4 8.5 +5.2 ▲▼

Banco do Brasil SA 4 9 8,359.3 7.8 +4.5 ▲ 21 8.113.5 +16 ▲ 6.9 9.2 -7.6

+5.7 ▲Santander Corp & Invest Bkg 3 3 12,001.4 11.2 -4.5 ▼ 35

69 26.5 +40 ▲ 21.8 28.730.7 +2.3 ▲

Banco Bradesco SA 2 2 33,119.1 30.8 +8.2 ▲▲ 85 32.7 +34 ▲ 23.2Itau Unibanco 1 1 33,414.4 31.1 +1.9


Rank2017 Rank


Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m)2018 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2017

RankMarket Market # of Market

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▲ 19 36.5 -9Citi 1 5

34.6Santander Corp & Invest Bkg 2 43,487.1 13.6 +4.2

183,011.5 11.7 ▲▼ 14.4

+315.7 +6.8 ▲

+1.6 ▲7.4 -7.0 ▼

▲ 10.8 11.8 +1.0▼ 6.8-17

2,508.728.8

9.8 +8.12,777.6 10.8 -3.2 ▼ 15

Bank of America Merrill Lynch 4 12BBVA 3 1

▲8.6 -4.3 ▼7 13.5

5 11.1 +9.2 ▲▲ 10.29.6 +2+1 ▲ 7.9JP Morgan 5 2 1,922.4 ▼

9.67.5 -6.5

+2BNP Paribas SA 6 7 1,770.4 6.9 +1.0 ▲ 5 ▲6.0 +6.0 ▲

▲ 6.4 7.0 +2.3▲ 5.5Sumitomo Mitsui Finl Grp Inc 7 - 1,591.3 6.2 +6.2 ▲ 6

Credit Suisse 8 11+6

1,067.111.5

4.2 +1.01.9

▲ 42.7 -2.6 ▼-1 ▼ 2.54.1

9* - 926.9

▼ 3.87.7 -13.6 -4.2 1Deutsche Bank 9* 6 926.9 ▼

1.9Societe Generale ▲77.1 +14.7 ▲

▲ 2.5▲ 1

25,664.8 ‐12

3.6 +3.6

100.0

+1Top Ten Total 19,989.9 77.9 +11.8

-88.4%

▲ 70.8Industry Total

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Sep 28

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

▼

BookrunnerMarket

▼

MarketDealsProceeds

Market MarketSh (%)

15.6 -5.0

# ofSh (%) Share Ch.

Jan 1 - Sep 28


Share Ch.Market

52

Deals Sh (%)

-89.5%

Market# of Deals Fees

Domestic Mexican Debt (MX3)

-18.8%

2018 Rank

2017 Rank Bookrunner Proceeds Sh (%) Share Ch.

2017 Rank

-14

% Change from Last Quarter% Change from Same Period Last Year

Market2018 Rank

-7.0% ▼-84.1% ▼

Citi2 687.7Citi 1 ▼ 2.0 14.2 -2.819.7# of Deals Fees

1 2▼ 12 1,397.4 31.1Sh (%)

▼Sh (%) Share Ch.

3 563.9Santander Corp & Invest Bkg 2 9.0 -1.8▼ 1.3

Corporacion Actinver Sab de CVRBC Capital Markets 8

▲

2.7 +2.7

▲ 1212.8 +0.8

+0.6 ▲

▼ Credit Suisse 2 164.8 35.3 +12.3 ▲

19.7 -11 542.0

750.0 16.719.7 -16 ▼ Santander Corp & Invest Bkg

-11 ▼+6.7 ▲ 12 40.02.9 21.1

10.1▲ 1 3.3

-1 ▼563.9+21.0

-11.1▼ 1.5+16.5 ▲0 -

3 3BBVA ▼ 12 40.012.3 -11.9 ▼ 12 12.5 -2.8-18.7Casas de Bolsa Bital, S.A. 4 4 ▲ 12 -1540.4 19.7 ▲ ▼ 124

3 1.3 9.512.3 +5.1 10.2 +4.3▼

+2.5 6.011.5

Casas de Bolsa Bital, S.A.-19.9 ▼

▼ +2.2 ▲51.5542.0 12.1 10.61.5 10.7

7

JP Morgan 5 540.4 12.0 +2.84 ▲

Casa de Bolsa Inverlat

12Inversora Bursatil SA de CV 6 194.5

+3.9

-3.06 395.4

-6.1 ▼

11.56

-16 ▼

Inversora Bursatil SA de CV

40.0

32 283.6 +6.4▲ 7 ▼

BBVA11.5 -4 -1

+6 ▲40.09.0 ▼ .9

6.4 7 23.3

Manager

▲+4.5▲ .6 7▲Corporacion Actinver Sab de CV 7 7▲ 55.1 8.2

▲+6-2 ▲3.9 5 16.7

.6 4.7283.611 224.6 ▼+3.2▼ .6 .6 4.1224.6 5.0 +3.5

1.82.5 3 10.0 .35▲ 7 8+211.5

91.6

-7+1.8▲ .4+2.8 ▲3.6 ▼8 123.7

▲

▼ 3 1.215 158.5

Grupo Financiero Banorte-Ixe 9 68.1 +1.7▼▼

▼▼2.3 -6.1

▼

▲+3.1 ▲-2

TD Securities Inc 9 55.5 1.2 -3.6 ▼2.8 -0.7 4.9 -3Casa de Bolsa Inverlat 10

3,623.0Top Ten Total103.5

-93.1%

▼

100.0

103.52 6.7

-6.9

+4.76.3 +6.3

Change in

-0.4 -1.11.3

1.75 1 3.32.4 -4.2▼ Top Ten Total

8-4

▼ Evercore Casa de Bolsa SA 10▲

Market Market

-4.3▼ .3

3.0%

-4.7 ▼


▼.1 0.8

70.2

.2

-7.514.482.3 -0.3-1.5 ▼016.1+4.2 ▲4,476.8

▼100.0

-74.9

4,500.0100.014.4 Industry Total

3


Industry Total+3.599.6

100.0 61

-88.2% ▼

304,411.3

▼▼% Change from Same Period Last Year -27.4%▼ % Change from Last Quarter

‐2613.7▲13.7

-93.3%-29.9% % Change from Same Period Last Year -5.7%-22.2% ▼ -36.2%

‐17 100.0

▲-90.5% ▼ -85.7% ▼ ▼

▼ 7.0%-88.9%

100.0

▼▼


38.2413.4

‐21.3%

Jan 1 - Sep 28

▲0.0% ▼‐2.9%

45.9 -1.8

‐16.1%▼ ▼

208,475.1

‐15.9%

-12▼▼Top Ten Total 95,300.3

+0.2

Industry Total

▼

-1.4400

12.81.6

▲

1,082.8 100.0

▼ 16.73.1 -2.0 ▲51 12.8 -17 ▼3.2 -1.6

-1.3 ▼ -0.2-32 ▼2.3

58 9.8 29.5JP Morgan 9 6 6,581.5 +1.1BNP Paribas SA 8 8 6,768.3 2.7

▲ 25.0+1139

▼14.5 -4 ▼ 34.8▼

-1.1▼ 83 3.2

14.3▲- 42.5 3.9

▼ 20.8 ▲-20 ▼ +1.14.548.944

▲0+0.9 ▲ 57 +1.0

▲ -11.0 0

+0.15.658

115 60.828.8

Jan 1 - Sep 28

Sh (%)

+8 ▲ 39.7 3.7

MarketManager

▲+0.4


Asia DebtAsian G3 and Asian Local Currency - Second Highest Third Quarter on Record | Japanese Yen Up 199%

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence

Asian G3 (US$, Euro, Yen) bond volume during the first nine months of 2018 totaled US$208.5 billion raised from400 issues, a 15.9% decrease from year ago figures and the second highest third quarter volume on record. AsianG3 High Yield debt totaled US$28.6 billion from 93 deals, down 15% from same period last year in terms of proceedsbut up 6.9% in deal count. Japanese Yen issuance grew 198.9% from the first nine months of 2017, to reach US$4.8billion from 20 issues.

Asian local currency bond offerings reached US$1.1 trillion from 6,960 deals in the first nine months of 2018, down3.8% from the same period last year, recording the second highest third quarter to date. Financials issuance grew2.6% from year ago figures, accounting for 36.9% of the market with US$417 billion from 3,228 deals. InvestmentGrade Corporate debt amounted to US$773 billion with 6,374 issues, up 5.1% from year ago figures.

According to estimates, fees in the Asian G3 currency bond market totaled US$1.1 billion in the first nine months of2018, a 21.3% decrease from a year ago. Estimated underwriting fees on Asian local currency bonds (ex. Japan,Australia) reached US$3.8 billion in the first nine months of 2018, down 7.8% from same period last year.

1 157

Market

Share Ch.

Market

▼

Imputed Fees (US$m)

11,644.6 -0.374.5 ▼

3.8▲14.5

Fees

+0.6

▲ 41.0

Deals

+2.1 +9-21

91

# of Deals per Bookrunner# of

▼-0.2

Share Ch. Sh (%)

Change in

# of Deals

Market

22.8


-1.0 ▼16,947.1

2017 Rank

5.0

3.8-1.7

HSBC Holdings PLC

3Citi


Bank of America Merrill Lynch 4.54.8

Goldman Sachs & Co

122

10,057.610,496.4

2

65

9

Sh (%)Bookrunner8.11

Proceeds

4Bank of China Ltd

5.6

2018 Rank

Market

▼-1.0

3.3

100.0

▼‐11.9%

7

Morgan Stanley

6.9

47 9,315.6

4.59,297.8

Credit Agricole CIB 10

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

3 7,810.1

t Includes Asian Development Bank issuance

Standard Chartered PLC

17 6,381.3

▼

-0.3

First Nine MonthsAsian Corporate Bonds Imputed Fees (US$b)

**Includes CDs and CPs

240

‐3.8%

2.0

100.0

▼

# of

▼4

3.0

Industry % Change from Last Quarter ‐11.9% ▼

Top Ten Total

-0.5Bank of Communications Co Ltd

10

CITIC

Industrial Bank Co Ltd

▼

+0.2

China Construction BankAgricultural Bank of China 5

▲

▲CSC Financial Co Ltd

2

75.2▼

427

33,504.5

China Minsheng Banking Corp ▼ 3.4

-0.8

-0.3

1,130,960.4 3,837.4▼ ▲

▼▼

2.0

‐17.7% ‐7.8%‐23.5% ‐8.4%

▼

-1.2

447

271

-0.1

▼ 328

-0.3

+1.4 3486

104

1

74.7

3

54,343.5 4.8

3.6

5.4

40,130.3

5

67,648.265,498.9

7.65.8

-0.1 ▼ 7.2

FeesSh (%)-172

244.2▼

+0.4 ▲-0.1

241.85.3▼6.3

Sh (%)

▼-0.1

+1.6 ▲

▼ 7.5

476 6.8-164

524Deals

204.4502

Market MarketMarket Manager

6.4

Market # of# of DealsShare Ch.

163.6

+89179.3 4.7▼

-162-222

▼

Share Ch.

▼▼-0.1

▼

155.94.3

6.4▲

▼▼

8 7

6,960 -1,496 100.043.1

▼

Market

105.4

+0.6

2.5

▲ 182.02.8

-100

+119

Market Change in

94.1-63

5.0 ▲6.4


15

Deutsche Bank

Morgan StanleyGoldman Sachs & Co

1,394.3 +1.76

5990.3

▼+2.14.7

+0.2

+2.4

22,786.5

4.9

2017 Rank Sh (%)

498,411.6 44.2


2

Bank of China Ltd

▼

3.9-0.4-114

6.1 -0.2

-0.7

4.7

1,645.9

8

1,523.5

1

955.6

11

1,692.3

5

789

28,743.8

Jan 1 - Sep 28


9

1

▼

6.21,991.9

6.0

Sh (%)

Proceeds

2.5

60,533.4

53,176.7▼

4.1

Proceeds

-1.0 ▼▲+1.5

-0.9▼-194

Market

3 6Industrial & Comm Bank China

2017 Rank

72,045.8

9

532

Industry Total

2018 Rank

Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)(AR10)

Bookrunner

China Merchants Bank

Bookrunner

2Bank of China Ltd

10

310


+0.2

-4.3

Top Ten Total

HSBC Holdings PLCUBS

+1.148.3

‐15.0%

980.1

13,779.73.4

28,558.9

5.9Credit Suisse

3 9

6 1,283.1

1

4

Haitong Securities Co Ltd 7.01,765.4

41.9▲ 26.9

5.3

-3.74CITIC

2Guotai Junan Securities

Change in # of DealsShare Ch. Deals

39 41.9 +10 ▲

MarketSh (%)

▼▼8.8

24.1-1.1-1.3

36.9

MarketSh (%) Share Ch.MarketManager

Fees

5.7▲

- 31.2 7.4 -7.328.6▲ +2.7▲ 39 6.8

+18

23.7

▲

▼ 22

25

0+22

▼4.5▲+0.319.3▼

4.6-1.019.0

▲

-2

-2▲

+2

25.8

19

▼ 1425

4.5 -0.3 23 24.7-2.21,203.2 ▼

▼ 0 -▲

21.4▼ 24

3.4 -1.93.54.2 -2.0

20.4

▼5.1

13.3

▼▲▼-0.8

+2.9

▲

-7.1▲ 8 4.3▼ 54.2

17.9+18.6 ▲

419.2

▲+23.215.13.816.0

▼

100.0

+0.726.9

227.7-6.6

▼ 6.9% ▲

Industry Total 100.0 +693

Industry % Change from Same Period Last Year▼

‐3.3%▼ ▼

▼Industry % Change from Last Quarter ‐58.6% ‐52.1%

Dim Sum, Panda and Formosa Bonds (ex self-funded)

‐55.0%

$0

$1

$2

$3

$4

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

US

$ (b

)

Chinese Yuan U.S. Dollar All other currencies

20

40

60

80

100

0

2

4

6

8

J M M J S N J M M J S N J M M J S N J M M J S N J M M J S

2014 2015 2016 2017 2018

# of

Issu

es

US

$ (b

)

Dim Sum Panda Formosa # of Deals

**Includes CDs and CPs

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2014 2015 2016 2017 2018

15

7

+1.7-13

▼2

7.2443,584.5

Australia Deals Intelligence

1Commonwealth Bank of Australia

3,584.010

4,871.6RBC Capital Markets

3Sh (%)

20

53▲4

▲▲4.3

▼ 15.6

22.613.4

7.1▲

24.2

▼14.7

67

4127

76 -8

57

19.1

▼

+0.833.7▼-3224.1

▲27.3

-2 10.712.6

Jan 1 - Sep 28

4.9


▲

Australia Debt

Jan 1 - Sep 28

5.3%14.2%

▲▲

100.0

Market# of

+2.7+0.6

+0.33.54.8

278100.0

▲+0.8▲Citi 8

316.285,208.4 ▼

39

-46

3.511

Westpac Banking

National Australia Bank

2

9

1

TD Securities Inc


Nomura 10

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

54.2% 16.2% ▲▼▼ ‐14.2%

▲

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

102,554.4

‐12.6%

14.0▲83.2 -0.9 ▼79.3

▲-1.8

-6250.5

+1.64.1▼ 12.8

▲

+2.215.8+0.5

-5+2+3 +4.024.1

-1.7 ▼

▲▲ 9.7

67+1 ▲

▼

▼▼27.4

11.6-4.120.5

36.8-16

-1.6 ▼UBS

8,166.99.7

Deutsche Bank 7.624.17.7 +2.3

7

57.98.0

6 8,140.56.6

5

8 6,741.6

ANZ Banking Group 34

6

Sh (%)

11.613,350.0 13.0

-4.88.7-5.19,903.7

+2.7▼

14,993.4

11,872.2

▲

Australian International Debt Drops 31% | World Bank's AU$110 million Kangaroo Bond - First Bondi Issue

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

14.6Proceeds Share Ch.Share Ch. # of Deals

ManagerFees

Change in Sh (%)

▼

MarketAustralian international debt offerings in the first nine months of 2018 totaled US$44 billion from 90 issues, a 30.7%drop from the comparable period in 2017. Activity in the third quarter slowed to 19 issues amounting to US$8.1 billion, down 45.8% from the second quarter. Financials sector borrowings reached US$38.2 billion from 77 deals, capturing86.8% of the market, despite a 22.9% decrease from year ago figures. Australian Dollar bonds (excluding self-funded) volume totaled AU$102.6 billion during the first nine months of 2018from 278 deals, down 12.6% from year ago figures. A notable deal priced in the third quarter was World Bank’sAU$110 million Kangaroo bond, the first Blockchain Operated New Debt Instrument (or Bondi) issue. Financialsaccounted for 53.8% of market activity, with AU$55.1 billion from 111 deals, slipping 4.1% from same period lastyear. According to estimates, fees earned from Australian international bond offerings in the first nine months of 2018totaled U$187.9 million, down 25.9% from fees earned during the same period last year. Estimated fees fromAustralian Dollar (excluding self-funded) bonds reached AU$316.2 million, up 5.3% compared to a year ago.

All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Nine Months

Bookrunner+1.9 ▼

Market

-1.839.9

▲

-5.7

2017 Rank


Market2018 Rank


DealsMarket

$140

10


Citi ▼

Nomura

5

13

Macquarie Group

9

Deutsche Bank

8,140.5

RBC Capital Markets

‐9.7%

Top Ten Total

‐30.7%


9

Industry Total

10

‐34.5%▼‐45.8%

Citi


▼ ▼

4


100.0

JP Morgan

▼

3

8

9,099.9

Industry Total

HSBC Holdings PLC

6

▼

84.43,584.0

9,490.2

436.6 2.0499.59 9

7

8 8

-2.579.6

+0.1

-6 ▼ ▲+1.7

+4.4-3.1

▲▼

▲ ▲8.1▼

-1.4

▼

▼

4.6

▼ 21.4

▼

+2.2 ▲

14.6+1

▼

▲

7.6

‐21.7%

222.9

▲

▼

100.0

-517.815.8

7.3

12.8

▲

▼

▼

-8+3 22.6

15.239

Market

81,774.5

Industry % Change from Last Quarter ▲91.0%‐13.3% ▼

247100.0

▼+0.3

1.93.1 -1

+207 100.0

.8 2.1-6.9

2

280.3

Jan 1 - Sep 28

19.0% ▲ 24.0%11.2%

‐8.3% ▼▼

+1

-2.1 ▼68,877.5+0.2

▲▲

444.4

5.413.0 4.6▲

4.4 +0.9

▼18

6,580.0 8.1 36-1.54,559.3 5.6 +0.4

67 27.1Westpac Banking -4.4 ▼TD Securities Inc 6 8 ▲6,741.6 8.2

10.0 27

+3.15 2 7,151.5 8.8 43

+2.0 ▲+1 ▲ 24.2 8.7 +2.311.1 55 0

▲▲ 22.3+1.6

17.410.9

9.8▲ 37+1.3

8.2-6 22.9

▼10.8- 30.2▼▼ -0.127.6

-2.2

Share Ch.1 12 3 11.6

9,946.0 12.2-715.0

24.761 11.8 ▼-6.433.0▼-26Sh (%) # of Deals FeesShare Ch. Deals Sh (%)

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)Market

Proceeds per Bookrunner (AU$m)Manager# of Market

Bookrunner Proceeds Sh (%)2018 Rank

2017 Rank

MarketMarket

‐27.8%Industry % Change from Last Quarter‐20.7% ▼ ‐20.0%

▼‐11.4%

-5.7 ▼

22,337.1 100.0 32 -8-2.5

1

39.4Top Eight Total 20,626.4 92.3

+1.2 ▲ 6.3

▲+2 ▲ 2.1 5.3

▲▲+0.6 ▲2.2 +0.6

+1.9 ▲ 12.5▲ ▼ .8

829.1 3.7 4+1.0▲+2.0

+2.2 ▲-1 ▼ 1.1 2.72 6.3-6.6 ▼-8 ▼ 2.4 6.1

Citi 7 7 944.8 4.2-7.8 ▼ 21.96 3 1,335.3 6.0 7

-3.0 ▼-5 ▼ 2.8 7.0-2.4 ▼-6 ▼ 3.8 9.6

5 15.6ANZ Banking GroupDeutsche Bank 5 6 1,646.0 7.4 -2.3 ▼

-2.1 ▼ 18.84 4 1,926.2 8.6 6-8.9 ▼-10 ▼ 4.7 12.0

+5 ▲ 6.3 16.11614

50.0Westpac Banking 3 2 2,917.0 13.1

5 3,886.5 17.4227.81

43.8-6.9

Share Ch.▲-9

+7.0 ▲▼

+6.3 ▲

# ofProceeds

Market

6,205.4DealsSh (%)

+3.7 21

Market Market MarketMarket Change in

10.2 26.0# of Deals

65.6 +3.8

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2018 Rank

Imputed Fees (AU$m)

Share Ch. Sh (%)▲

ManagerSh (%)Fees

2 3 3,897.67.7

ANZ Banking Group

National Australia BankUBS

-6 ▼Commonwealth Bank of Australia

# of Deals

25.6 0

Commonwealth Bank of Australia

14.5 National Australia Bank11.1 +0.2

Imputed Fees (US$m)

114Fees

-1.98.9 +0.9 ▲ 23

▲Bookrunner

-

Share Ch.2018 Rank

7 4

10

Manager Market Market# ofSh (%)Proceeds Share Ch.Sh (%)

2017 Rank

3,584.5

DealsChange in Market

Sh (%)


All Australian International Bonds (AJ7) Jan 1 - Sep 28

3,181.8

Market

1116.2

‐14.3%▼

12.25.6▼

12

Market

15.64,881.5

-5.98.6

-11 18.0▼+0.5 ▲

▼-2 4.0 -3.3

JP Morgan ▼3 1

1 2

2017 Rank

HSBC Holdings PLC


Bookrunner

49.6

▲ 7 4.9913 2,755.3 ▲

7.2 -3.9BNP Paribas SA +2.8

5.8 +0.9 -1+1.13.0

7.810.0 -1

2.66.3

▼7.5

-4▼


▼▼13.3

8-0.9

-0.3Westpac Banking 5 8 2,556.9Morgan Stanley 6 4 2,451.0 5.6

7 8.92,361.2 ▼6 -0.65.15.4

124.9

2,233.8▲▲

+0.7+6

▼+2.9

-4▲

▼

8 17

72,172.1 10

4.228,327.9

UBS 10 1,836.7

Industry Total64.5

100.0

-1.8 7.8

▼

▼

▲90

Credit Suisse

▼

▲▲Commonwealth Bank of Australia 9

-15

4.27.9

+0.7

Industry % Change from Last Quarter ‐6.8%

187.9-5.9

‐25.9%

▼

-1.1

▲

7.17.5

9.5

+2.411

35.0 76.843,999.3

Top Ten Total 105.3 56.1

13.314.1

5.1 +1.011.1

+1.13.8

5

▲+2

▲▼

$0

$20

$40

$60

$80

$100

$120

$140

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Agency, Supranational, Sovereign Investment Grade Corporate MBS

ABS Emerging Market Corporate Federal Credit Agency

High Yield Corporate

AU

$(b)


Samurai Bonds Issuer Domicile Analysis Jan 1 - Sep 28

5

Proceeds per Bookrunner (¥m)

Lead Manager

-14 ▼▲

▼

1.8

1.092.8

2.1+0.3

Jan 1 - Sep 28

16.4 ▲

+0.9

1.5-0▼

▼

23.5

10,223.6

1,500.5

22.7

▲

+2.6

▼-1.4

▼

+0.8

16.3 -1.5

2.4 ▲

-0.8

▲36.0 -95

+25

-4.6

428 46.7

▲330414

12.11.3 +6

7,554.9

▲

26

▲ +30▼▲

12.845.1

▼+1.8602,831.2 3.6

+1.12,518,822.8 14.8-5.22,168,675.6


Japan DebtJapanese Yen Denominated Bonds Down 3% l Corporate Debt Down 17% l Samurai Bonds Up 64%

All Bonds in Yen (AP5) Jan 1 - Sep 28Japan Deals Intelligence

+1.14 2,935,745.1

Nomura 32 +1.317.3

3 17.2

Market

Mitsubishi UFJ Financial Group

Mitsubishi UFJ Morgan Stanley 5

7Sumitomo Mitsui Trust Holdings

Daiwa Securities Group Inc

6

4

# of Deals per Bookrunner# of

Mizuho Financial Group 1 1

Change in Market Market

59.3Sh (%)Sh (%)

3,997,043.2

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

▲+1.816.5▲ 14,178.9

Share Ch.

+8

Share Ch.544▼

10,313.2▲+14

46.9430▲10,162.5▲

1,142.7

122.0 -42.826

1,316.3▼181.77 268,781.3 1.6

▲295,260.4 +0.18-0.1 ▼

0 -9 246,070.1-0

1.50.8

▼14 1.5 +1 ▲ 941.9

100.0-0.7

Bank of America Merrill LynchGoldman Sachs & Co 8

10 141,949.2

17,000,411.5

9

Samurai Bonds (AP1)

-0.1

Industry Total -8

Tokai Tokyo Financial Holdings 10▼

40

▼-0.9%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▼▲

-2.5%-12.6%

2018 Rank

2017 Rank

16,098,815.7Top Ten Total

Proceeds¥mil

Sumitomo Mitsui Finl Grp Inc2,923,636.8

▼

94.8 -1.2

-4.2%

62,395.3

-0.9%

917

▼

4.4 -157,985.4

650.9▼

2.1%

Yen denominated bond activity for the first nine months of 2018 totaled JPY17 trillion from 917 deals, down 2.5%compared to the same period a year ago. Samurai Bonds recorded an increase of 63.8% in volume and partiallyoffsetting the decline of 16.9% in Corporate debt.

Japanese corporate debt totaled JPY7.3 trillion from 420 transactions during the first nine months of 2018, a 16.9%decrease compared to the proceeds raised during the first nine months of 2017. The Industrials sector led themarket, totaling JPY 1.8 trillion from 120 transactions, followed by the Financials sector, totaling JPY1.5 trillion with 63transactions.

Samurai Bond volume in the first nine months of 2018 registered JPY1.8 trillion from 52 transactions, representing a63.8% increase in volume and a 73.3% increase in number of deals compared to a year ago, and recorded thesecond highest volume in the last ten years. Transactions from HSBC Holdings with three deals worth JPY160 billionfueled Samurai market this quarter, followed by three issues by the Philippine government worth JPY154.2 billion.

*tie

10.5%

5 4Natixis

4

2018 Rank

Nomura 4

164,930.29

2

145,004.9Bank of America Merrill Lynch

222,052.9

5

Daiwa Securities Group Inc 253,945.0

+22

9.6 +55

Share Ch.-3.5 ▼

+1.9

▼-2.8

▲▼

-1.1

1,779,900.01,749,275.0 98.5


HSBC Holdings PLC


Industry Total

Lead Manager

CitiBarclays

Top Ten Total


Sumitomo Mitsui Finl Grp Inc


8

▲▲

Industry Total 3,994,699.3

6.6

16.1%

139,970.0

7.3

123.6


3,806,100.23.5

100.0

5.8%

95.2 ▲

-4.4% ▼

965.2Mizuho Financial GroupSumitomo Mitsui Finl Grp Inc 2

678

Nomura2.7

10

6

-

Bank of America Merrill Lynch2.3

1

-

9

▼292,823.2

602,831.2

657

17,333.3

40,000.0+1.7

Proceeds

-

63.8%

1.73

1

+0.6

10

249,490.0

2.6 ▲-1.0

+4.5

14.0

Sh (%)

3733

265,427.1

410,530.8

+6.3464,463.4

Share Ch.

▲

43

Mitsubishi UFJ Morgan Stanley

▲

Market

22.0Deals # of Deals

Proceeds per Bookrunner (¥mil)

-+3.8

▲

▼

Sh (%)

100.0

4.15.6

Market

-6.3

10.3-0.7+1.8

Sh (%)-2.3

304,540.014.317.1

Share Ch.▼

370,020.0390,640.0

¥mil

4-1.13

5 +2.93

▲

▼

▼20.812

+2.6

▲47,120.0

+2.3

73.3%

27.515.1

5.8

3

Industry % Change from Last Quarter -6.5%

2Sumitomo Mitsui Trust Holdings

▲

39

7Goldman Sachs & Co

6

Top Ten Total

8

Mitsubishi UFJ Morgan Stanley


▲ 12▼11.6

¥mil

12.1

109

-2.0

1,098,066.51

2017 Rank

▼

22.317.3

1,050.2

3.0

13.4813.3633.4

14.0142.9661.7

-3.7

21

5.8▼

+110

6 3.5▲ 16

Norinchukin Bank 10 +2.0▼

173

3▲

+2.1

-0.5-1

2.9+1.9

▼-4.1▲

390.7464.1

5 +0.4

▲▼

▲

1,041.1

-0.7▲

4.03.3

▲

▼+0.4

-3

1.7 -▼2.9

-6 ▼

0

489.5

▲

+3.7+0.6

▼1,194.2 10.2 -0.5

▲8.9

1,169.5 +4.110.0+4 ▲5.8+1

63.0 -7 ▼ 29.4▲ 1,500.5+6

2.6

▲+3.2-5.2

Share Ch.

▲

▼

▼

▲▲

1.9

▲

+3.8

▲

+1.2

+1.9

▼+2.5

+1.9

-0.8+2.6

Market

# of Deals per Bookrunner Imputed Fees (¥mil)2018 Rank

2017 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

Market

Sh (%)

71.2 ▲+16

100.0

1.9

Jan 1 - Sep 28

+8

Deals

Manager Market

# of

20.5

63.5

# of

229,520.0

-2.9▼

▲

5.8

3221.21161.5

Change in

▲69.2

Market

36

46,666.7 ▲▲▲

3+4+15

+389.4

+18Sh (%)

82.7

▲+3

Fees ¥mil

Market

▲-17.4% ▼

48.0%

+15 ▲

91.1

122.5

+0.7

Sh (%)Fees ¥mil

▲6.9 12.8

9.2

# of Deals

4.25

4,626.6▲ 98.1

3.8 ▲57.0

▲

Market

3,446.5

+2

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

7.8911.1

▲

▲

1.2

-15.3%

4,714.7

Japanese Securitizations (AP2)

1.0

▲▼

+1.0

▲

52

92.9100.0

+2 ▲

11,715.610,872.9

265.7 2.3

▲

-8

17.4%-4.3%

Japanese Corporate Debt Volume by Industry (¥ Billion) First Nine Months 2018

29

48

61

4551

70

51

2730

52

0

10

20

30

40

50

60

70

80

0

500

1,000

1,500

2,000

2,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

# of

Issu

es

¥ B

illion

Europe Americas Asia-Pacific (ex Central Asia) # of Issues

¥1,84125%

¥1,48020%

¥1,18616%

¥5237%¥523

7%¥4807%

¥3655%

¥3655%

¥2674%

¥2293%

Industrials

Financials

Energy and Power

Materials

Real Estate

Telecommunications


Retail

Consumer Staples

Consumer Products and Services

High Technology

Media and Entertainment

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

y g

https://www.thomsonone.com

17

▲3Sumitomo Mitsui Finl Grp Inc1

Market

272Deals

Sumitomo Mitsui Finl Grp Inc 3Nomura -24 22

▲59.5 -8250

# of

Jan 1 - Sep 28


Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

+24+2.91,332,958.13

18.2 +5.44 ▲ 417

▲1,077,040.5

46.237.1

58.8-2

406 ▲5

1213.02,133,642.2 ▼-5.1

1.4▼326

+7-93

▲ 1,500.5▲

▼

215.22,486,906.1

2,812,403.4▼


Sh (%)Market

247

# of Deals Fees ¥mil▼64.8

Share Ch.Change in 2018

Rank2017 Rank

Proceeds

▼

Lead Manager ¥mil1

1,429,225.7

MarketShare Ch.

24.1 ▼3,903,243.217.4

-1.2Mizuho Financial Group+1.0

¥milSh (%)Market

Sh (%)Proceeds2018

Rank2017 Rank

+1.017.2

2,845,728.4+1.2


Sh (%)60.6

Lead Manager

▲9,811.6

-0.2+3

47.5 16.8422

23.8

Market

▲532

Deals

Bonds Targeted in Japan (AP4)

+0.2

1-2.5

7,420.018.2 ▼

-0.4 ▼5,597.2

-5.9

Tokai Tokyo Financial Holdings 8 9 36,422.2

655,000.770,900.06

SBI Holdings Inc 7 8

Daiwa Securities Group Inc 4

0.81.0

Mitsubishi UFJ Morgan Stanley 14.75 2Shinkin Central Bank

5▲+2.2

1,894,962.1

Japanese Corporate Debt (AP3)

19.51

-0.434 1,342,502.4 18.3

25.8 +1.2

▲▲+0.9

48.1

Change in

23.7▲

1.8

▼+27

+1.0

+2.49,803.5

+1.4

2.6-4.7

16.8

12.410,035.07,200.4

▲

Market

-1.1Share Ch.Sh (%)

+7 13,801.3

Jan 1 - Sep 28


▲▼

17.2

Imputed Fees (¥mil)

▼▲

Market Market# of ManagerShare Ch. Fees ¥mil# of Deals

5 +2

59.8

20187

▲

251▼▲

4,291.6▲▼ 44.5

+13-79

▲▼ 5

21.1 4-4.4



Sumitomo Mitsui Trust Holdings

Nomura5,282.8 17.1▲

+1.9

Mitsubishi UFJ Morgan Stanley13.96,484.9

9Goldman Sachs & Co

1010

7


560.50.9

+0.11.80.8

▲▲

+0.36

-0.3▲▲

-1.9% ▼

9

15,657,148.9

214,236.80.9

100.0

▼

Goldman Sachs & Co 95Aozora Bank Ltd 0.2

7 21,951.2 -0.5 7 ▼

-10 233.3+0.1 4.81.2

▼▲

▲

10

7,337,594.1

Industry % Change from Last Quarter -4.4%

-0.1100.0

▼7,279,441.818,478.912

99.40.3 +0.1 ▲

Top Ten Total

8.7%Industry % Change from Same Period Last Year -16.9% ▼

▼ -23.7%▼

16,403,551.2

0.3+0.1

▼

141,949.2

-3.2%

Industry Total

▼-16.3%-6.5% ▼

420 -2998.430,269.4

30,812.9+0.3

100.0

-0.5 0▼

Tokai Tokyo Financial Holdings

+0.1

-76.951.9

0.3-2

1.21.7

0-9

4.318 ▼

-11.4 +4

+0.1 ▲

270.3 8Bank of America Merrill Lynch

8-

1.3 ▲


+0.30250,781.3

1.6▲1.4

-1.0

0

▲▼ ▲

+0.1-141,041.1

650.9

785.5596.9

▼

▲24

40

▼

94.8-13

55,226.7100.058,317.6

▼-0.0

+0.2121.1

878-0.3

-18.0%0.3% ▲

95.6

-1.5% ▼ -3.6%

▼

6 +1.8▼

▲▼

3.7

7+0.6 16265,427.1

1.51.82.7

-3


4.6


Japan Debt

602,831.2


-

-

-

-

-

-Asia-Pacific

Aki Sato

Tel: +1 646 223 8455

E mail: carina causon@thomsonreuters com

E-mail: [email protected]

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:

Tel: +632 459 1566

Japan


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.

Salvatore ReresUnited States

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.

Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isll t d it h f d l f i th Th R t ll ti th d l b d th b f d it d i th d l d th i l N f ll t d t l d l

Tel: +813 6441 1120E-mail: [email protected]

Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and allFederal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rankineligible and are not included 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 Sept 28 2018.

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 to theUS 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 is defined as the difference between the settlement date and the earliest maturity date or first call/put option.

Tel: +44 207 542 4376


Europe

Carina Causon-Israel

Ian Willmott

-

-

-

-


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 any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2018 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to non-lead loansyndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting in partnership with Thomson Reuters.

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."

As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.

Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.


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DEBT CAPITAL MARKETS REVIEW