GLOBAL FIXED INCOME - Bloomberg Finance L.P. · 2016. 5. 18. · 1 Global Fixed Income Review Q1 2016 credited Corporate & Financial Bonds volume decreased 7.59% to USD 1.1 Trln while

GLOBALFIXED INCOMELEAGUE TABLES

Q1 2016

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CONTENTS

1. Global market review

2. US market review

3. Canada market review

4. Latin America market review

5. EMEA market review

6. Asia market review

7. Table criteria

DATA SUBMISSIONS AND QUERIES

Contact Phone Email

North America Dean Psomaras +1 609 279 3449 [email protected]

EMEA Benjamin Biset +44 20 3525 7238 [email protected]

Asia Pacific Carissa Chua +65 6231 3665 [email protected]

Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.

LEAG<GO> for a full range of league tables

NIM<GO> for Bloomberg’s new issue monitor

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

Q1 2016

MANAGER RANKINGS

GLOBAL FIXED INCOME

© 2015 Bloomberg Finance L.P. All rights reserved.

1

GlobalFixedIncomeReviewQ12016creditedCorporate&FinancialBondsvolumedecreased7.59%toUSD1.1Trlnwhiledealcountdecreased8.67%to3,686offeringsyear-on-year.CorporateBondsvolumedecreased14.85%year-on-yeartoUSD471.0Blnwhilethedealcountdecreased17.12%to1,307.FinancialBondsvolumedecreased1.12%year-on-yeartoUSD613.0Blnover2,379deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforQ12016with5.58%marketshare.Thebankunderwrote326dealsovertheperiod.CitiandBankofAmericaMerrillLynchrankedsecondandthirdwith5.34%and5.20%marketshare,respectively.

Corporate&FinancialBonds:HighlightsofQ12016

Corporate&FinancialBonds:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

200200

400400

600600

800800

1,0001,000

1,2001,200

USDBln

USDBln

00

1,4001,400

1,0001,000

2,0002,000

3,0003,000

4,0004,000

5,0005,000

Deal C

ount

00

6,0006,000

DealCount Other HighYield

InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 326

Volume(USDMln) 60,536

AvgDealsize(USDMln) 185.7

MarketSummaryNumberofdeals 3,686

Volume(USDMln) 1,083,998


Issuer Industry Volume(USDMln) Date

Anheuser-BuschInBevFinanceInc ConsumerStaples 11,000 01/13/2016






HuaxiaBankCoLtd Financials 3,814 02/29/2016

CooperatieveRabobankUA Financials 3,539 01/08/2016

WesternDigitalCorp Technology 3,350 03/18/2016

Anheuser-BuschInBevSA/NV ConsumerStaples 3,325 03/16/2016

Financials57%

ConsumerStaples7%

ConsumerDiscretionary7%

Industrials6%

Energy5%

Others17%

GlobalCorporateLeveragedFinance:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

200200

USDBln

USDBln

00

400400

CorporateHighYieldBonds

GlobalSponsor-LedLoans

Corporate&FinancialBonds:IndustryBreakdown

Corporate&FinancialBonds:SpreadtoBenchmark

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

200200

400400

600600

Bas

ispoints

Bas

ispoints

00

700700

HighYield

InvestmentGrade

57%

7%

7%

6%

5%

17%

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12016

2

CorporateBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

Count PrevRank PrevMktShare(%) MktShareChg(%)

BankofAmericaMerrillLynch

1 7.22 33,984 194 2 7.14 0.08

JPMorgan 2 7.02 33,053 184 1 8.29 -1.27

Citi 3 6.01 28,305 188 3 6.34 -0.33

DeutscheBank 4 5.31 25,001 131 6 5.06 0.25

Barclays 5 4.75 22,350 128 4 5.97 -1.22

GoldmanSachs 6 4.47 21,062 117 8 4.21 0.26

BNPParibas 7 3.53 16,623 100 11 3.05 0.48

WellsFargo 8 3.05 14,387 93 9 3.64 -0.59

HSBC 9 2.94 13,864 86 7 4.53 -1.59

MizuhoFinancial 10 2.90 13,647 122 14 2.27 0.63

MorganStanley 11 2.70 12,723 107 5 5.13 -2.43

SocieteGenerale 12 2.42 11,382 70 15 1.99 0.43

BancoSantander 13 2.00 9,433 46 30 0.71 1.29

RBCCapitalMarkets 14 1.91 9,015 65 13 2.37 -0.46

MitsubishiUFJFinancial 15 1.78 8,378 59 16 1.89 -0.11

INGGroep 16 1.72 8,087 39 27 0.76 0.96

CreditSuisse 17 1.71 8,043 59 10 3.58 -1.87

SumitomoMitsuiFinancial 18 1.64 7,739 66 21 0.93 0.71

UniCredit 19 1.58 7,447 35 19 1.08 0.50

RBS 20 1.42 6,706 41 12 2.40 -0.98

TOTAL 100% 470,968 1,307 100%

FinancialBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

GoldmanSachs 1 4.84 29,663 112 7 3.80 1.04

Citi 2 4.82 29,567 143 2 4.86 -0.04

HSBC 3 4.62 28,348 139 6 4.02 0.60

JPMorgan 4 4.48 27,483 142 1 5.78 -1.30

MorganStanley 5 4.42 27,095 97 5 4.09 0.33

Barclays 6 3.65 22,389 105 9 3.63 0.02

BankofAmericaMerrillLynch 7 3.65 22,386 121 8 3.71 -0.06

DeutscheBank 8 3.15 19,341 102 3 4.76 -1.61

WellsFargo 9 2.82 17,315 61 15 1.92 0.90

UBS 10 2.77 16,958 92 10 3.59 -0.82

BNPParibas 11 2.41 14,783 70 13 2.03 0.38

CreditAgricoleCIB 12 2.21 13,572 77 11 2.71 -0.50


GuotaiJunanSecuritiesCoLtd 14 1.85 11,326 30 38 0.56 1.29

CreditSuisse 15 1.72 10,556 73 4 4.15 -2.43


Natixis 17 1.55 9,491 42 14 2.02 -0.47

LandesbankBaden-Wuerttemberg

18 1.43 8,796 48 20 1.05 0.38

TDSecurities 19 1.30 7,995 34 27 0.87 0.43

CITICSecuritiesCoLtd 20 1.29 7,917 33 21 0.93 0.36

TOTAL 100% 613,029 2,379 100%

SyndicatedGovernmentBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Barclays 1 10.44 42,921 112 1 9.95 0.49

JPMorgan 2 7.64 31,397 134 5 5.36 2.28

HSBC 3 7.19 29,545 143 2 6.51 0.68

Citi 4 5.78 23,770 100 3 6.11 -0.33

GoldmanSachs 5 5.47 22,489 60 6 4.31 1.16

TDSecurities 6 5.01 20,574 104 9 3.96 1.05

BNPParibas 7 4.93 20,265 56 7 4.01 0.92

BankofAmericaMerrillLynch 8 4.92 20,235 96 8 3.98 0.94

DeutscheBank 9 4.29 17,651 74 4 5.68 -1.39

MorganStanley 10 2.85 11,706 55 12 3.14 -0.29


Nomura 12 2.57 10,569 79 13 2.96 -0.39

UniCredit 13 2.24 9,215 46 10 3.88 -1.64



15 1.93 7,949 32 30 0.72 1.21


Scotiabank 17 1.50 6,175 22 25 1.03 0.47

BMOCapitalMarkets 18 1.47 6,028 23 22 1.21 0.26

RBS 19 1.37 5,623 22 15 2.32 -0.95

WellsFargo 20 1.32 5,439 75 19 1.57 -0.25

TOTAL 100% 411,010 1,276 100%

InternationalBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 7.56 81,246 394 1 7.66 -0.10

Barclays 2 7.48 80,317 303 2 7.39 0.09

Citi 3 6.43 69,119 354 3 6.59 -0.16

HSBC 4 6.39 68,609 322 5 6.02 0.37


GoldmanSachs 6 6.32 67,880 242 7 4.83 1.49

DeutscheBank 7 5.11 54,892 254 4 6.23 -1.12

BNPParibas 8 4.74 50,924 215 10 3.65 1.09

MorganStanley 9 3.41 36,637 131 8 4.62 -1.21



TDSecurities 12 2.29 24,565 94 19 1.31 0.98

WellsFargo 13 2.26 24,267 111 15 2.13 0.13

UniCredit 14 2.14 22,938 130 13 2.37 -0.23

UBS 15 1.82 19,568 102 17 1.96 -0.14

CreditSuisse 16 1.77 18,998 119 9 3.79 -2.02

BancoSantander 17 1.77 18,993 78 20 1.30 0.47


18 1.66 17,838 86 27 0.82 0.84

RBS 19 1.54 16,581 77 14 2.29 -0.75


TOTAL 100% 1,074,341 2,410 100%

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GlobalBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 12.07 49,434 183 1 12.75 -0.68

Barclays 2 9.29 38,040 107 2 9.36 -0.07


3 9.22 37,739 160 6 7.96 1.26

Citi 4 8.29 33,941 143 3 8.15 0.14

GoldmanSachs 5 7.32 29,962 101 4 8.14 -0.82

MorganStanley 6 6.33 25,931 71 5 8.08 -1.75

HSBC 7 5.66 23,161 69 9 5.68 -0.02

DeutscheBank 8 5.19 21,228 76 7 6.28 -1.09

WellsFargo 9 4.59 18,771 79 8 5.90 -1.31

TDSecurities 10 4.53 18,529 53 11 3.28 1.25

BNPParibas 11 3.55 14,520 61 13 2.54 1.01



MitsubishiUFJFinancial 14 1.62 6,620 31 18 1.14 0.48

CreditSuisse 15 1.31 5,373 26 10 3.58 -2.27



BancoSantander 18 1.10 4,519 17 21 0.61 0.49

Nomura 19 1.01 4,144 11 17 1.15 -0.14


TOTAL 100% 409,396 411 100%

CorporateHighYieldBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


GuotaiJunanSecuritiesCoLtd

1 9.39 7,601 8 - - -


GoldmanSachs 3 6.89 5,576 28 8 5.18 1.71

JPMorgan 4 5.20 4,209 33 1 7.37 -2.17

Citi 5 5.10 4,131 30 2 7.01 -1.91

CreditSuisse 6 3.60 2,916 21 7 5.76 -2.16

Barclays 7 3.44 2,783 17 6 5.92 -2.48


DeutscheBank 9 3.32 2,687 26 5 6.01 -2.69

UBS 10 3.03 2,453 7 9 3.72 -0.69

WellsFargo 11 2.97 2,405 16 12 2.94 0.03

ChinaSecuritiesCoLtd 12 2.89 2,343 6 - - -

HuataiSecuritiesCoLtd 13 2.38 1,924 3 - - -

CreditAgricoleCIB 14 2.31 1,873 8 15 1.80 0.51

HSBC 15 2.14 1,731 10 13 2.30 -0.16

SunTrustRobinsonHumphrey 16 2.00 1,616 11 16 1.63 0.37

AgriculturalBankofChinaLtd 17 1.65 1,336 3 111 0.02 1.63

MorganStanley 18 1.53 1,238 16 4 6.69 -5.16



TOTAL 100% 80,950 168 100%

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4

USFixedIncomeReviewQ12016creditedUSCorporateBondsvolumedecreased11.09%toUSD413.4Blnwhiledealcountdecreased36.15%to521offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumeincreased0.58%year-on-yeartoUSD367.4Blnwhilethedealcountdecreased32.11%to425.USHighYieldCorporateBondsvolumedecreased56.60%year-on-yeartoUSD41.3Blnover72deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforQ12016with12.02%marketshare.Thebankunderwrote236dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith10.74%and10.15%marketshare,respectively.

USCorporateBonds:HighlightsofQ12016

USDomesticBonds:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

200200

400400

600600

USDBln

USDBln

00

700700

500500

1,0001,000

1,5001,500

00

1,8001,800


InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 236



MarketSummaryNumberofdeals 521










WesternDigitalCorp Technology 3,350 03/18/2016

HSBCHoldingsPLC Financials 3,000 03/01/2016

MorganStanley Financials 3,000 01/22/2016

PetroleosMexicanos Energy 3,000 01/28/2016

Financials42%

ConsumerStaples14%

Technology10%


Energy8%

HealthCare6%

Communications6%

Others7%

USLeveragedFinance:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

200200

400400

USDBln

USDBln

00

500500

USLeveragedLoans

USHighYieldCorporateBonds

USCorporateBonds:IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

200200

400400

600600

Bas

ispoints

Bas

ispoints

00

700700

HighYield

InvestmentGrade

42%

14%10%

9%

8%

6%

6%

7%

Blo

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lobalFixedIn

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Deal C

ount

5

USDomesticBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 11.77 67,063 274 1 11.63 0.14


2 9.57 54,538 285 2 9.52 0.05

Citi 3 9.56 54,432 254 3 9.04 0.52

Barclays 4 8.21 46,756 166 4 8.57 -0.36

GoldmanSachs 5 7.38 42,022 174 6 6.49 0.89

WellsFargo 6 6.21 35,380 219 7 5.99 0.22

MorganStanley 7 5.71 32,519 146 5 7.35 -1.64

DeutscheBank 8 5.48 31,231 132 8 5.82 -0.34

HSBC 9 4.99 28,402 104 9 5.16 -0.17

TDSecurities 10 3.70 21,053 72 13 1.92 1.78

BNPParibas 11 3.19 18,160 84 12 2.20 0.99



CreditSuisse 14 1.57 8,964 56 10 4.59 -3.02


Nomura 16 1.41 8,046 31 18 1.09 0.32

UBS 17 1.07 6,077 34 14 1.79 -0.72

BancoSantander 18 1.04 5,935 21 37 0.17 0.87



TOTAL 100% 569,626 978 100%

USAgencyBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Barclays 1 14.15 16,435 58 1 15.81 -1.66

WellsFargo 2 7.76 9,020 212 2 7.92 -0.16

Citi 3 7.01 8,138 85 10 2.70 4.31

DeutscheBank 4 6.43 7,466 41 7 4.34 2.09

JPMorgan 5 6.28 7,292 67 3 6.71 -0.43

FTNFinancial 6 6.19 7,193 241 6 4.56 1.63

Nomura 7 5.99 6,955 46 4 6.32 -0.33

TDSecurities 8 5.16 5,999 46 8 4.14 1.02

MorganStanley 9 3.41 3,960 137 5 4.81 -1.40

Incapital 10 3.20 3,717 232 11 2.60 0.60


11 2.58 2,999 119 17 2.08 0.50

CantorFitzgerald 12 2.45 2,846 62 20 1.80 0.65

Jefferies 13 2.42 2,811 84 19 2.02 0.40

Stifel 14 2.39 2,772 197 12 2.52 -0.13

ViningSparks 15 2.13 2,473 226 13 2.30 -0.17

GoldmanSachs 16 2.08 2,420 37 16 2.08 0.00

HSBC 17 1.87 2,169 26 9 3.72 -1.85

SunTrustRobinsonHumphrey

18 1.72 1,996 180 21 1.79 -0.07

DaiwaSecurities 19 1.68 1,949 86 18 2.05 -0.37

INTLFCStoneInc 20 1.67 1,936 86 26 1.02 0.65

TOTAL 100% 116,160 1,561 100%

USCorporateBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 12.02 49,685 236 1 12.85 -0.83


2 10.74 44,405 232 2 9.96 0.78

Citi 3 10.15 41,961 210 3 9.80 0.35

GoldmanSachs 4 7.68 31,766 147 7 6.51 1.17

WellsFargo 5 7.24 29,940 144 6 6.59 0.65

Barclays 6 6.03 24,942 126 5 6.70 -0.67

MorganStanley 7 5.95 24,583 118 4 7.54 -1.59

DeutscheBank 8 5.22 21,579 108 9 5.28 -0.06

HSBC 9 4.52 18,697 61 10 4.37 0.15

BNPParibas 10 2.84 11,748 66 16 1.39 1.45




TDSecurities 14 1.84 7,599 38 20 0.85 0.99

CreditSuisse 15 1.84 7,589 50 8 5.49 -3.65

UBS 16 1.41 5,817 32 12 2.31 -0.90

BancoSantander 17 1.35 5,598 20 37 0.15 1.20



USBancorp 20 1.23 5,072 43 18 1.13 0.10

TOTAL 100% 413,430 521 100%

USDollarForeignIssuerBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD


JPMorgan 1 8.90 27,968 106 2 7.87 1.03

HSBC 2 8.71 27,382 87 3 7.52 1.19


3 8.05 25,316 109 5 7.14 0.91

Citi 4 7.92 24,888 108 1 9.41 -1.49

Barclays 5 6.53 20,536 67 6 6.58 -0.05

GoldmanSachs 6 5.60 17,593 51 7 5.93 -0.33

DeutscheBank 7 5.29 16,614 52 4 7.48 -2.19

TDSecurities 8 5.09 16,012 37 13 2.65 2.44

MorganStanley 9 4.66 14,655 50 8 5.69 -1.03

BNPParibas 10 4.06 12,758 43 12 3.02 1.04


WellsFargo 12 1.93 6,064 29 27 0.48 1.45

CreditSuisse 13 1.92 6,035 34 9 5.44 -3.52

UBS 14 1.92 6,023 18 10 3.65 -1.73

Nomura 15 1.70 5,333 21 15 1.51 0.19


BancoSantander 17 1.56 4,910 15 35 0.28 1.28

StandardCharteredBank 18 1.39 4,383 24 14 1.63 -0.24



TOTAL 100% 314,349 523 100%

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USInvestmentGradeCorporateBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 12.26 45,049 205 1 13.94 -1.68


2 10.45 38,388 199 3 9.81 0.64

Citi 3 10.20 37,473 183 2 9.91 0.29

WellsFargo 4 7.47 27,430 126 5 6.96 0.51

GoldmanSachs 5 7.31 26,849 121 6 6.66 0.65

MorganStanley 6 6.25 22,953 102 4 7.21 -0.96

Barclays 7 5.99 22,000 107 7 6.46 -0.47

DeutscheBank 8 5.36 19,703 90 10 4.73 0.63

HSBC 9 4.64 17,047 53 9 4.91 -0.27

BNPParibas 10 3.13 11,515 63 16 1.48 1.65




TDSecurities 14 2.07 7,599 38 19 1.04 1.03

BancoSantander 15 1.48 5,431 19 36 0.15 1.33


CreditSuisse 17 1.39 5,118 33 8 5.40 -4.01

USBancorp 18 1.32 4,857 39 18 1.10 0.22

UBS 19 1.32 4,854 23 12 2.62 -1.30


TOTAL 100% 367,375 425 100%

USHighYieldCorporateBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD



1 13.85 5,720 28 1 10.84 3.01

GoldmanSachs 2 12.13 5,008 25 8 6.03 6.10

Citi 3 9.25 3,819 26 2 9.21 0.04

JPMorgan 4 8.72 3,600 29 4 8.75 -0.03

Barclays 5 6.74 2,783 17 5 7.66 -0.92

WellsFargo 6 5.82 2,405 16 10 4.93 0.89

CreditSuisse 7 4.79 1,979 14 7 6.33 -1.54

DeutscheBank 8 4.54 1,876 18 6 7.13 -2.59

SunTrustRobinsonHumphrey

9 3.91 1,616 11 11 2.68 1.23



MorganStanley 12 2.82 1,163 15 3 8.94 -6.12

HSBC 13 2.74 1,132 6 13 2.12 0.62


MitsubishiUFJFinancial 15 2.10 866 4 15 1.86 0.24

Jefferies 16 1.84 759 5 12 2.26 -0.42

UBS 17 1.70 702 4 21 1.01 0.69

SumitomoMitsuiFinancial 18 1.58 653 2 31 0.25 1.33

GuggenheimCapital 19 1.51 625 1 - - -

Nomura 20 1.44 595 4 20 1.01 0.43

TOTAL 100% 41,301 72 100%

USDollarPreferredsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank PrevMktShare(%) MktShareChg(%)

WellsFargo 1 24.50 2,231 19 4 7.19 17.31


2 24.26 2,210 17 2 35.74 -11.48

MorganStanley 3 12.59 1,146 17 3 7.63 4.96

Citi 4 12.37 1,127 3 - - -

GoldmanSachs 5 8.14 742 2 - - -

UBS 6 7.18 654 11 6 4.83 2.35

JPMorgan 7 5.38 490 5 1 35.86 -30.48

RBCCapitalMarkets 8 1.32 120 3 8 0.89 0.43

HuntingtonInvestmentCo/The 9 0.73 67 1 - - -

BB&T 10 0.73 66 1 9 0.54 0.19

CreditSuisse 10 0.73 66 1 - - -

DeutscheBank 10 0.73 66 1 - - -

Stifel 13 0.62 57 2 5 5.71 -5.09

RaymondJames&Associates

14 0.21 19 1 9 0.54 -0.33

FBRCapitalMarketsCorp 15 0.20 18 2 - - -

Davidson&Co 16 0.16 15 1 - - -

Oppenheimer&Co 17 0.04 3 1 - - -

JanneyMontgomeryScottLLC

17 0.04 3 1 7 0.89 -0.85

WunderlichSecuritiesInc 17 0.04 3 1 - - -

Incapital 17 0.04 3 1 - - -

TOTAL 100% 9,108 26 100%

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CanadianFixedIncomeReviewQ12016creditedCanadianCorporateBondsvolumedecreased35.45%toCAD21.1Blnwhiledealcountdecreased47.76%to35offeringsyear-on-year.CanadianCorporateBonds-Bonusvolumedecreased35.45%year-on-yeartoCAD21.1Blnwhilethedealcountdecreased47.76%to35.CanadianGovernmentBondsvolumedecreased4.12%year-on-yeartoCAD28.3Blnover73deals.RBCCapitalMarketsrankedasthetopCanadianCorporateBondsunderwriterforQ12016with32.75%marketshare.Thebankunderwrote21dealsovertheperiod.TDSecuritiesandBMOCapitalMarketsrankedsecondandthirdwith25.41%and20.17%marketshare,respectively.

CanadianCorporateDomesticBonds

Q12016 Q12015

Firm RankMkt

Share(%)Volume(CAD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

RBCCapitalMarkets 1 32.75 6,917 21 1 25.78 6.97

TDSecurities 2 25.41 5,368 15 4 11.79 13.62


CIBC 4 11.84 2,501 10 3 14.26 -2.42

Scotiabank 5 5.50 1,162 8 2 24.45 -18.95


6 1.34 283 2 10 0.70 0.64

WellsFargo 7 1.18 250 1 - - -

NationalBankFinancialInc 7 1.18 250 1 6 6.27 -5.09

Casgrain&Co 9 0.62 132 1 - - -

- - - - - - - -

TOTAL 100% 21,122 35 100%

CanadianGovernmentBonds

Q12016 Q12015

Firm RankMkt

Share(%)Volume(CAD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

NationalBankFinancialInc 1 24.81 7,034 22 3 15.82 8.99


CIBC 3 17.50 4,961 23 2 18.90 -1.40

TDSecurities 4 16.00 4,537 19 4 15.64 0.36

Scotiabank 5 10.42 2,955 7 6 11.25 -0.83


DesjardinsCapitalMarkets 7 1.76 500 1 7 0.29 1.47


8 0.53 150 1 - - -

HSBC 8 0.53 150 1 - - -

LaurentianBankofCanada 10 0.18 50 1 - - -

TOTAL 100% 28,349 73 100%

Financials69%


Utilities6%

Industrials6%

Others9%

CanadianCorporateDomesticBonds:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

1010

2020

3030

USDBln

USDBln

00

4040

2020

4040

6060

8080

00

9090

DealCount Amount

CanadianCorporateDomesticBonds:IndustryBreakdown

69%

10%

6%

6%9%

CanadianCorporateDomesticBonds:ManagerRankingsHistory

RBCCapitalMarkets

TDSecurities

BMOCapitalMarkets

CIBC

Scotiabank

BankofAmericaM

errillLynch

10

20

30

Marke

tSha

re(%

)

0

35

2016 2015 2014

Blo

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lobalFixedIn

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12016

Deal C

ount

8

LatinAmericaFixedIncomeReviewQ12016creditedLatinAmericanBondsvolumedecreased13.86%toUSD30.4Blnwhiledealcountdecreased48.36%to63offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumedecreased56.95%year-on-yeartoUSD4.3Blnwhilethedealcountdecreased28.48%to108.BrazilianDomesticBondsvolumedecreased63.67%year-on-yeartoBRL3.7Blnover19deals.JPMorganrankedasthetopLatinAmericanBondsunderwriterforQ12016with15.41%marketshare.Thebankunderwrote10dealsovertheperiod.BankofAmericaMerrillLynchandHSBCrankedsecondandthirdwith11.02%and10.78%marketshare,respectively.

LatinAmericanBonds

Q12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 15.41 4,679 10 7 7.12 8.29


HSBC 3 10.78 3,274 14 3 10.82 -0.04

BancoBilbaoVizcayaArgentaria

4 10.21 3,101 14 6 7.56 2.65

Citi 5 9.60 2,913 13 4 10.25 -0.65

BancoSantander 6 8.01 2,433 12 8 5.81 2.20

CreditSuisse 7 5.34 1,620 4 9 4.78 0.56

DeutscheBank 8 4.91 1,490 4 5 8.22 -3.31

MorganStanley 9 4.12 1,250 2 2 12.22 -8.10


TOTAL 100% 30,359 63 100%

LatinAmericanLocalCurrencyBonds

Q12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

BradescoBBISA 1 11.05 479 3 2 9.49 1.56

BancoBilbaoVizcayaArgentaria

2 10.35 448 7 3 9.24 1.11

BancoSantander 3 8.30 359 7 1 10.15 -1.85

JPMorgan 4 7.24 314 17 8 4.87 2.37

ActinverCasadeBolsaSAdeCV

5 7.13 309 7 11 3.38 3.75

MizuhoFinancial 6 5.70 247 6 25 0.74 4.96

Citi 7 5.45 236 7 6 7.64 -2.19

BankofAmericaMerrillLynch 8 5.23 226 3 9 4.71 0.52

DaiwaSecurities 9 5.08 220 3 43 0.08 5.00

HSBC 10 3.84 166 7 5 7.64 -3.80

TOTAL 100% 4,330 108 100%

Government54%

Energy24%

Others21%

LatinAmericanBonds:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

2020

4040

6060

USDBln

USDBln

00

8080

100100

200200

300300

00

400400

DealCount Amount

LatinAmericanBonds:IndustryBreakdown

54%

24%

21%

LatinAmericanBonds:ManagerRankingsHistory

JPMorgan

BankofAmericaM

errillLynch

HSBC

BancoBilbaoVizcayaArgentaria Ci

ti

BancoSantander

10

Marke

tSha

re(%

)

0

20

2016 2015 2014

Blo

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12016

Deal C

ount

9

EMEAFixedIncomeReviewQ12016creditedEuropeanCorporate&FinancialBondsvolumedecreased6.19%toEUR354.4Blnwhiledealcountdecreased17.26%to1,194offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumedecreased20.78%year-on-yeartoEUR84.9Blnwhilethedealcountdecreased25.62%to151.WesternEuropeanCorporateHighYieldBondsvolumedecreased76.46%year-on-yeartoEUR7.1Blnover18deals.HSBCrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforQ12016with6.67%marketshare.Thebankunderwrote98dealsovertheperiod.BarclaysandDeutscheBankrankedsecondandthirdwith6.31%and6.01%marketshare,respectively.

EuropeanCorporate&FinancialBonds:HighlightsofQ12016

EuropeanCorporate&FinancialBonds:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

100100

200200

300300

400400

500500

EURBln

EURBln

00

600600

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

00

3,0003,000


InvestmentGrade

TopUnderwriterHSBC

Numberofdeals 98

Volume(EURMln) 23,633

AvgDealsize(EURMln) 241.1

MarketSummaryNumberofdeals 1,194

Volume(EURMln) 354,393

AvgDealsize(EURMln) 296.8

Issuer Industry Volume(EURMln) Date







CooperatieveRabobankUA Financials 3,539 01/08/2016



HSBCHoldingsPLC Financials 3,000 03/01/2016

Financials69%

ConsumerStaples16%


Others11%

EMEALeveragedFinance:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

5050

EURBln

EURBln

00

100100

EMEACorporateHighYieldBonds(incEM)

EMEASponsor-ledLeveragedLoans

EuropeanCorporate&FinancialBonds:IndustryBreakdown

EuropeanCorporate&FinancialBonds:SpreadtoBenchmark

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

200200

400400

600600

Bas

ispoints

Bas

ispoints

00

800800

HighYield

InvestmentGrade

69%

16%

5%

11%

Blo

ombe

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lobalFixedIn

come|Q

12016

Deal C

ount

10

EuropeanBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Barclays 1 7.73 40,868 147 1 6.62 1.11

HSBC 2 7.30 38,627 152 3 5.02 2.28

BNPParibas 3 5.90 31,212 124 8 4.30 1.60

DeutscheBank 4 5.36 28,358 139 2 5.73 -0.37


GoldmanSachs 6 4.31 22,789 77 11 3.43 0.88

Citi 7 3.99 21,098 111 5 4.53 -0.54

JPMorgan 8 3.75 19,818 97 9 4.07 -0.32


UniCredit 10 3.38 17,896 122 6 4.52 -1.14


BancoSantander 12 2.73 14,441 66 17 2.14 0.59

RBS 13 2.59 13,681 68 15 2.44 0.15

UBS 14 2.55 13,466 73 12 3.19 -0.64


15 2.50 13,202 79 21 1.48 1.02

Natixis 16 2.45 12,975 66 13 2.87 -0.42

INGGroep 17 2.27 11,998 61 26 1.12 1.15

CreditSuisse 18 1.92 10,132 82 7 4.42 -2.50

Commerzbank 19 1.82 9,609 65 18 2.00 -0.18

MorganStanley 20 1.76 9,299 37 16 2.21 -0.45

TOTAL 100% 528,849 1,609 100%

WesternEuropeanBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Barclays 1 7.68 39,823 143 1 6.64 1.04

HSBC 2 7.32 37,949 147 4 5.01 2.31

BNPParibas 3 6.09 31,578 123 8 4.29 1.80

DeutscheBank 4 5.35 27,744 136 2 5.82 -0.47


GoldmanSachs 6 4.33 22,464 75 11 3.48 0.85


Citi 8 3.76 19,501 101 6 4.38 -0.62

JPMorgan 9 3.59 18,608 92 9 4.10 -0.51


UniCredit 11 3.19 16,551 113 7 4.31 -1.12

BancoSantander 12 2.79 14,441 66 17 2.15 0.64

UBS 13 2.76 14,314 73 12 3.36 -0.60

RBS 14 2.64 13,681 68 15 2.50 0.14


15 2.55 13,202 79 21 1.52 1.03

Natixis 16 2.44 12,641 65 13 2.94 -0.50

INGGroep 17 2.25 11,648 59 27 1.12 1.13

CreditSuisse 18 1.95 10,132 82 5 4.52 -2.57

Commerzbank 19 1.83 9,490 63 18 2.00 -0.17

MorganStanley 20 1.79 9,299 37 16 2.24 -0.45

TOTAL 100% 518,289 1,562 100%

EasternEuropeanBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Citi 1 12.33 1,760 10 3 11.08 1.25

UniCredit 2 10.39 1,485 9 2 14.01 -3.62

JPMorgan 3 9.44 1,349 5 10 2.90 6.54

Barclays 4 8.11 1,158 4 5 6.27 1.84

BNPParibas 5 7.70 1,099 4 7 5.43 2.27

ErsteGroupBank 6 5.39 770 7 4 9.24 -3.85

HSBC 7 5.21 744 5 6 5.76 -0.55

SocieteGenerale 8 5.02 717 10 1 15.69 -10.67

DeutscheBank 9 4.82 688 3 13 2.22 2.60

RaiffeisenBankInternationalGroup

10 3.63 518 5 18 1.41 2.22

Gazprombank 11 2.81 402 4 12 2.23 0.58

INGGroep 12 2.67 381 2 17 1.46 1.21

Natixis 13 2.53 362 1 - - -

CreditAgricoleCIB 14 2.51 359 2 - - -

GoldmanSachs 14 2.51 359 2 16 1.48 1.03

VTBCapital 16 2.08 296 5 9 3.98 -1.90

Vnesheconombank 17 1.93 276 2 29 0.27 1.66

IntesaSanpaolo 18 1.80 257 2 - - -

SberbankCIBCJSC 19 1.28 183 4 20 0.57 0.71

UBS 20 1.18 169 1 23 0.54 0.64

TOTAL 100% 14,282 51 100%

WesternEuropeanCorporateHighYieldBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

GoldmanSachs 1 10.22 730 5 1 8.75 1.47

CreditSuisse 2 9.54 681 6 2 8.67 0.87

JPMorgan 3 8.29 592 4 3 6.96 1.33

INGGroep 4 8.24 589 5 18 2.10 6.14

DeutscheBank 5 8.22 587 7 5 6.46 1.76

SocieteGenerale 6 5.27 376 4 14 2.86 2.41

BNPParibas 7 4.94 353 6 6 6.45 -1.51

CreditAgricoleCIB 8 4.37 312 3 11 3.37 1.00


HSBC 10 3.97 284 3 10 4.33 -0.36

IntesaSanpaolo 11 3.82 273 3 19 1.94 1.88

RBS 12 3.45 246 3 13 3.12 0.33

Mediobanca 13 3.31 237 3 31 0.46 2.85

Commerzbank 14 3.12 223 2 16 2.38 0.74

Citi 15 2.89 207 2 4 6.53 -3.64

UniCredit 16 2.89 206 2 8 4.68 -1.79

BankofAmericaMerrillLynch 17 2.61 187 3 12 3.22 -0.61

BanqueInternationaleALuxembourg

18 1.91 136 1 - - -

BancoBPISA 19 1.05 75 1 - - -

SEB 20 0.93 67 1 - - -

TOTAL 100% 7,142 18 100%

Blo

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12016

11

EMEACorporateInvestmentGradeBonds(incEM)Q12016 Q12015

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal


DeutscheBank 1 8.87 7,529 42 3 7.20 1.67

BNPParibas 2 7.75 6,582 41 4 7.19 0.56


3 7.28 6,184 39 6 5.92 1.36

Barclays 4 6.75 5,735 35 1 9.91 -3.16

SocieteGenerale 5 6.07 5,156 36 5 6.32 -0.25

INGGroep 6 5.06 4,300 24 17 2.29 2.77

Citi 7 4.92 4,176 33 8 4.59 0.33

HSBC 8 4.73 4,013 30 2 7.94 -3.21

BancoSantander 9 4.53 3,850 25 18 2.16 2.37

UniCredit 10 4.46 3,786 22 11 2.97 1.49

GoldmanSachs 11 3.50 2,969 17 20 1.69 1.81

RBS 12 3.37 2,858 24 9 3.73 -0.36

Commerzbank 13 3.30 2,802 12 16 2.33 0.97


JPMorgan 15 2.58 2,190 15 7 4.62 -2.04

CreditSuisse 16 2.37 2,012 13 14 2.65 -0.28


UBS 18 2.24 1,899 13 19 1.97 0.27

MitsubishiUFJFinancial 19 1.77 1,501 15 15 2.59 -0.82


TOTAL 100% 84,920 151 100%

EMEACorporateHighYieldBonds(incEM)Q12016 Q12015

Firm RankMkt

Share(%)Volume(EUR


GoldmanSachs 1 8.67 730 5 2 7.76 0.91

CreditSuisse 2 8.10 681 6 3 7.59 0.51

JPMorgan 3 7.55 636 5 1 8.06 -0.51

INGGroep 4 7.00 589 5 19 1.94 5.06

DeutscheBank 5 6.97 587 7 4 6.60 0.37



BNPParibas 8 4.19 353 6 6 5.96 -1.77


RBS 10 3.45 290 4 13 2.82 0.63

HSBC 11 3.37 284 3 10 4.03 -0.66

UniCredit 12 3.36 283 4 9 4.77 -1.41

IntesaSanpaolo 13 3.24 273 3 20 1.81 1.43

Citi 14 2.98 250 3 5 6.06 -3.08

Mediobanca 15 2.81 237 3 34 0.39 2.42

Commerzbank 16 2.65 223 2 16 2.03 0.62

Gazprombank 17 2.51 212 3 43 0.20 2.31

SberbankCIBCJSC 18 2.42 204 6 52 0.10 2.32

VTBCapital 19 2.23 187 6 46 0.13 2.10


20 2.22 187 3 12 3.52 -1.30

TOTAL 100% 8,413 30 100%

EuroCurrencyBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Barclays 1 6.90 28,769 106 1 6.81 0.09

BNPParibas 2 6.79 28,310 117 6 5.54 1.25

HSBC 3 6.12 25,526 114 5 5.69 0.43


GoldmanSachs 5 5.77 24,088 85 10 3.43 2.34

DeutscheBank 6 5.03 21,002 108 2 6.13 -1.10


UniCredit 8 4.22 17,618 116 4 5.81 -1.59


9 3.86 16,121 84 19 1.71 2.15

Citi 10 3.85 16,062 92 7 4.49 -0.64


JPMorgan 12 3.44 14,365 64 9 3.83 -0.39

Natixis 13 3.05 12,733 65 11 3.42 -0.37

Commerzbank 14 2.81 11,736 66 16 2.39 0.42

BancoSantander 15 2.75 11,487 54 17 2.27 0.48

INGGroep 16 2.27 9,466 50 23 1.38 0.89

UBS 17 2.12 8,833 51 21 1.56 0.56

RBS 18 1.83 7,629 43 15 2.53 -0.70

ErsteGroupBank 19 1.64 6,834 47 36 0.47 1.17

BayernLB 20 1.58 6,586 54 24 1.20 0.38

TOTAL 100% 417,136 1,004 100%

Euro&SterlingCorporate&FinancialBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

BNPParibas 1 6.45 18,143 92 4 5.36 1.09

Barclays 2 6.01 16,927 86 2 5.75 0.26

DeutscheBank 3 5.85 16,454 95 1 6.88 -1.03


HSBC 5 5.31 14,954 88 3 5.49 -0.18

GoldmanSachs 6 5.16 14,529 59 14 2.95 2.21


Citi 8 3.39 9,548 68 8 3.62 -0.23

UBS 9 3.36 9,450 51 18 2.31 1.05

UniCredit 10 3.35 9,438 72 9 3.62 -0.27


11 3.15 8,859 52 21 1.53 1.62


BancoSantander 13 3.12 8,787 53 16 2.91 0.21

Natixis 14 2.90 8,176 37 11 3.37 -0.47

Commerzbank 15 2.90 8,151 47 15 2.94 -0.04

INGGroep 16 2.78 7,811 46 20 1.56 1.22

RBS 17 2.53 7,130 50 17 2.71 -0.18

CreditSuisse 18 1.96 5,509 32 12 3.32 -1.36

BayernLB 19 1.94 5,462 45 23 1.29 0.65

ErsteGroupBank 20 1.93 5,426 43 44 0.33 1.60

TOTAL 100% 281,472 798 100%

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12016

12

SterlingBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(GBP

Mln)Deal

CountPrevRank

PrevMktShare(%) MktShareChg(%)

Barclays 1 18.68 4,600 33 1 10.40 8.28

HSBC 2 16.92 4,167 35 2 9.93 6.99

RBS 3 11.18 2,754 21 3 9.32 1.86

Citi 4 7.37 1,815 12 10 4.59 2.78

TDSecurities 5 6.46 1,592 13 11 3.05 3.41

Nomura 6 6.06 1,492 14 6 6.87 -0.81


LloydsBank 8 5.11 1,258 13 9 5.77 -0.66

JPMorgan 9 4.02 990 10 4 8.16 -4.14

DeutscheBank 10 3.94 969 14 8 5.80 -1.86

GoldmanSachs 11 3.20 788 2 22 0.65 2.55


Scotiabank 13 2.19 540 6 15 1.94 0.25

BancoSantander 14 1.08 267 3 7 5.88 -4.80

CommonwealthBankAustralia

15 0.94 232 3 - - -

MorganStanley 16 0.81 200 2 20 0.94 -0.13

ANZBankingGroup 17 0.64 157 2 - - -

UBS 18 0.59 145 2 13 2.77 -2.18

WestpacBanking 19 0.47 115 2 - - -

NationalAustraliaBankLtd 19 0.47 115 2 19 1.04 -0.57

TOTAL 100% 24,629 88 100%

SwissFrancBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(CHF

Mln)Deal

CountPrevRank


CreditSuisse 1 28.35 4,079 42 1 26.77 1.58

UBS 2 20.74 2,985 32 2 20.59 0.15

SchweizerischeKantonalbanken

3 14.84 2,136 6 4 8.80 6.04

RaiffeisenSwitzerland 4 6.73 969 12 5 7.79 -1.06

ZuercherKantonalbank 5 6.22 895 10 3 12.16 -5.94

DeutscheBank 6 4.98 717 6 7 3.18 1.80

BNPParibas 7 4.29 617 4 19 0.43 3.86

Commerzbank 8 2.41 347 5 - - -

AargauischeKantonalbank 9 1.39 200 2 8 2.11 -0.72

BasellandchaflicheKantonalbank

9 1.39 200 1 14 0.95 0.44

HSBC 11 1.30 188 1 - - -

BaslerKantonalbank 12 1.27 183 4 18 0.71 0.56

BanqueCantonaledeFribourg 13 1.18 170 1 9 2.06 -0.88

Gazprombank 14 1.16 167 1 - - -

BanqueCantonaleVaudoise 15 1.04 150 1 - - -

KantonalbankSchwyz 15 1.04 150 1 17 0.77 0.27

GoldmanSachs 17 0.64 92 1 6 3.22 -2.58

LuzernerKantonalbank 18 0.45 65 1 9 2.06 -1.61

VontobelHoldingAG 19 0.42 60 1 25 0.21 0.21

GraubundnerKantonalbank 20 0.14 20 1 13 1.05 -0.91

TOTAL 100% 14,389 81 100%

SwedishKronaBondsQ12016 Q12015

Firm Rank MktShare(%) Volume(SEKMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Swedbank 1 28.29 14,960 29 1 23.48 4.81

Nordea 2 20.61 10,900 22 2 18.08 2.53

SEB 3 18.28 9,665 21 4 17.81 0.47

DanskeBank 4 11.39 6,025 24 3 18.07 -6.68

SvenskaHandelsbanken 5 11.25 5,950 17 5 13.40 -2.15

DNBASA 6 6.00 3,175 9 6 3.11 2.89

RBS 7 1.89 1,000 1 - - -

ParetoSecurities 8 0.99 525 2 8 0.82 0.17

ParetoBankASA 9 0.52 275 1 - - -

ABGSundalCollierAsa 10 0.47 250 1 7 1.26 -0.79

Carnegie 11 0.28 150 1 15 0.14 0.14

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 52,875 112 100%

Sub-SaharanAfricanCurrencyBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

FirstRandLtd 1 32.38 705 21 3 14.28 18.10

JPMorgan 2 13.67 298 9 6 4.56 9.11

Barclays 3 8.63 188 3 5 11.99 -3.36

NedbankLtd 4 6.73 147 5 4 14.00 -7.27

StandardBankofSouthAfrica 5 6.73 147 4 2 15.80 -9.07


Investec 7 5.01 109 3 8 2.32 2.69


GeneralElectricCapitalCorp 9 2.96 65 1 - - -


HSBC 11 1.80 39 3 10 1.89 -0.09

JavaCapital 12 1.68 37 2 - - -

DeutscheBank 13 1.15 25 1 13 1.06 0.09

Citi 14 1.14 25 1 25 0.06 1.08


15 1.12 24 1 - - -

SumitomoMitsuiFinancial 16 1.05 23 1 - - -

Nomura 17 1.04 23 1 - - -

Nordea 18 1.00 22 1 17 0.52 0.48

MizuhoFinancial 18 1.00 22 1 - - -

DanskeBank 20 0.74 16 1 12 1.56 -0.82

TOTAL 100% 2,177 70 100%

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12016

13

CEEMEABondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Citi 1 12.75 3,808 23 1 9.06 3.69

JPMorgan 2 8.01 2,392 16 4 5.01 3.00

UniCredit 3 6.67 1,991 12 8 4.43 2.24

Barclays 4 6.20 1,850 10 3 5.08 1.12

HSBC 5 5.82 1,739 16 2 6.02 -0.20

BNPParibas 6 5.13 1,532 8 6 4.90 0.23

DeutscheBank 7 4.65 1,388 6 7 4.78 -0.13

SocieteGenerale 8 2.95 880 13 5 5.00 -2.05

GoldmanSachs 9 2.94 878 5 19 1.66 1.28

PoalimIBIUnderwritingLtd 10 2.91 869 16 34 0.75 2.16

NationalBankofAbuDhabi 11 2.90 866 7 14 1.99 0.91

ErsteGroupBank 12 2.74 819 8 10 3.06 -0.32

FirstRandLtd 13 2.36 705 21 16 1.83 0.53


INGGroep 15 2.06 614 4 18 1.71 0.35


16 1.73 518 5 44 0.43 1.30


Gazprombank 18 1.35 402 4 36 0.69 0.66

Natixis 19 1.21 362 1 31 0.89 0.32

MitsubishiUFJFinancial 20 1.06 317 4 - - -

TOTAL 100% 29,860 177 100%

MENABonds&SukukQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD


NationalBankofAbuDhabi 1 15.66 866 7 3 7.81 7.85

MorganStanley 2 12.65 700 4 31 0.09 12.56

HSBC 3 10.05 556 8 2 13.41 -3.36

JPMorgan 4 5.85 324 7 4 6.77 -0.92

Citi 5 4.91 272 4 1 15.60 -10.69

BNPParibas 6 4.43 245 3 13 2.59 1.84

EmiratesNBDPJSC 7 4.07 225 4 10 3.89 0.18


BankABC 9 3.46 191 3 - - -

SharjahIslamicBank 10 2.80 155 2 21 1.15 1.65

DubaiIslamicBank 10 2.80 155 2 14 1.73 1.07

Nomura 12 2.52 139 6 16 1.47 1.05

Kamco 13 2.01 111 2 - - -

RBS 13 2.01 111 2 - - -

GulfBankKSC 13 2.01 111 2 - - -

Barclays 16 1.86 103 2 17 1.38 0.48

AmInvestmentBankBhd 17 1.53 85 1 - - -

BankofSharjah 18 1.51 83 1 - - -

Commerzbank 18 1.51 83 1 27 0.46 1.05


20 1.39 77 3 22 0.90 0.49

TOTAL 100% 5,533 63 100%

AfricanBondsQ12016 Q12015

Firm RankMkt

Share(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

FirstRandLtd 1 41.79 705 21 3 11.46 30.33

NedbankLtd 2 8.69 147 5 7 6.61 2.08

StandardBankofSouthAfrica

3 8.69 147 4 2 12.20 -3.51

Investec 4 6.46 109 3 13 1.09 5.37

Barclays 5 5.31 90 2 8 5.67 -0.36

GeneralElectricCapitalCorp

6 3.83 65 1 - - -


KBCGroup 7 2.88 49 1 14 0.68 2.20

JPMorgan 7 2.88 49 1 9 4.50 -1.62

Citi 7 2.88 49 1 6 8.31 -5.43

ErsteGroupBank 7 2.88 49 1 14 0.68 2.20

StandardCharteredBank 7 2.88 49 1 14 0.68 2.20

UniCredit 7 2.88 49 1 14 0.68 2.20

RBS 7 2.88 49 1 14 0.68 2.20

JavaCapital 15 2.17 37 2 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,686 37 100%

Sub-SaharanAfricanBondsQ12016 Q12015

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

FirstRandLtd 1 41.79 705 21 3 12.95 28.84

NedbankLtd 2 8.69 147 5 6 7.47 1.22

StandardBankofSouthAfrica 3 8.69 147 4 2 13.78 -5.09

Investec 4 6.46 109 3 11 1.24 5.22

Barclays 5 5.31 90 2 7 6.40 -1.09

GeneralElectricCapitalCorp 6 3.83 65 1 - - -


KBCGroup 7 2.88 49 1 12 0.77 2.11

JPMorgan 7 2.88 49 1 12 0.77 2.11

Citi 7 2.88 49 1 8 5.08 -2.20

ErsteGroupBank 7 2.88 49 1 12 0.77 2.11


UniCredit 7 2.88 49 1 12 0.77 2.11

RBS 7 2.88 49 1 12 0.77 2.11

JavaCapital 15 2.17 37 2 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,686 37 100%

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Asiaex-JapanFixedIncomeReviewQ12016creditedAsiaex-JapanG3CurrencyBondsvolumedecreased29.95%toUSD34.4Blnwhiledealcountdecreased20.22%to71offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased27.40%year-on-yeartoUSD30.9Blnwhilethedealcountdecreased19.44%to58.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased77.28%year-on-yeartoUSD1.4Blnover4deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforQ12016with12.52%marketshare.Thebankunderwrote32dealsovertheperiod.CitiandStandardCharteredBankrankedsecondandthirdwith9.01%and8.70%marketshare,respectively.

Asiaex-JapanG3CurrencyBonds:HighlightsofQ12016


PhilippineGovernmentInternationalBond Government 2,000 02/17/2016

PerusahaanPenerbitSBSNIndonesiaIII Government 1,750 03/21/2016

OVPHLtd Utilities 1,200 02/22/2016

ChinaDevelopmentBankCorp Government 1,108 03/14/2016

KoreaDevelopmentBank/The Government 1,000 01/06/2016

ChinaDevelopmentBankCorp Government 1,000 01/27/2016

BankofChinaLtd/HongKong Financials 900 02/23/2016

Export-ImportBankofKorea Government 826 03/08/2016

DangaCapitalBhd Government 750 02/23/2016

PerusahaanPenerbitSBSNIndonesiaIII Government 750 03/21/2016

Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry

Issuer Volume(USDMln) Date Country

ChinaDevelopmentBankCorp 1,108 03/14/2016 China

OVPHLtd 1,200 02/22/2016 HongKong

ICICIBankLtd/Dubai 700 03/14/2016 India

PerusahaanPenerbitSBSNIndonesiaIII 1,750 03/21/2016 Indonesia

DangaCapitalBhd 750 02/23/2016 Malaysia

PhilippineGovernmentInternationalBond 2,000 02/17/2016 Philippines

TemasekFinancialILtd 661 02/23/2016 Singapore

KoreaDevelopmentBank/The 1,000 01/06/2016 SouthKorea

E.SUNCommercialBankLtd 240 01/19/2016 Taiwan

TMBBankPCL/CaymanIslands 300 03/23/2016 Thailand

Financials42%

Government35%

Utilities8%


Others11%

Asiaex-JapanG3CurrencyBonds:QuarterlyVolume

Q12012

Q12012

Q12013

Q12013

Q12014

Q12014

Q12015

Q12015

QuartersQuarters

Q12011

Q12011

Q12016

Q12016

5050

USDBln

USDBln

00

7070

100100

00

140140

DealCount

Other

HighYield

InvestmentGrade

Asiaex-JapanG3CurrencyBonds:IndustryBreakdown

42%

35%

8%

5%

11%

Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory

HSBC Ci

ti

StandardCharteredBank

DeutscheBank

JPMorgan

BankofChina

5

10

Marke

tSha

re(%

)

0

15

2016 2015 2014

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Deal C

ount

15

Asiaex-JapanIssuerG3CurrencyBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 12.52 4,309 32 1 13.18 -0.66

Citi 2 9.01 3,102 22 2 8.84 0.17

StandardCharteredBank 3 8.70 2,996 16 4 7.00 1.70

DeutscheBank 4 6.47 2,226 12 3 8.40 -1.93

JPMorgan 5 5.91 2,034 15 5 6.44 -0.53

BankofChina 6 4.64 1,596 10 10 3.15 1.49

CreditSuisse 7 4.41 1,519 11 9 3.17 1.24


Barclays 9 3.31 1,141 10 11 3.03 0.28


CIMB 11 2.66 917 4 23 1.19 1.47

ANZBankingGroup 12 2.53 872 10 14 2.36 0.17

MorganStanley 13 2.20 757 7 6 5.64 -3.44

UBS 14 2.19 754 9 19 1.36 0.83

BankofCommunications 15 2.04 700 6 18 1.44 0.60

BNPParibas 16 1.84 632 7 13 2.56 -0.72

Industrial&CommBankofChina

17 1.78 614 5 8 3.94 -2.16


DBSGroup 19 1.46 504 4 26 1.06 0.40

CITICSecuritiesCoLtd 20 1.45 500 2 22 1.26 0.19

TOTAL 100% 34,420 71 100%

APACex-JapanIssuerG3CurrencyBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


Citi 1 12.27 6,506 38 2 10.09 2.18

HSBC 2 10.30 5,458 37 1 11.78 -1.48


DeutscheBank 4 5.59 2,963 16 4 7.20 -1.61

JPMorgan 5 5.34 2,829 21 3 7.25 -1.91


MorganStanley 7 3.82 2,023 14 5 5.10 -1.28

BankofChina 8 3.01 1,596 10 16 2.15 0.86

CreditSuisse 9 2.86 1,519 11 8 3.43 -0.57

ANZBankingGroup 10 2.83 1,499 13 11 3.06 -0.23

NationalAustraliaBankLtd 11 2.72 1,443 7 17 2.09 0.63


UBS 13 2.63 1,395 12 15 2.49 0.14

Barclays 14 2.33 1,233 11 9 3.36 -1.03

BNPParibas 15 2.26 1,196 10 12 2.97 -0.71


16 2.03 1,078 5 28 0.78 1.25


CIMB 18 1.73 917 4 27 0.81 0.92

TDSecurities 19 1.51 800 2 - - -


TOTAL 100% 53,006 106 100%

Asiaex-JapanBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)


ChinaSecuritiesCoLtd 2 4.78 13,170 73 38 0.81 3.97


BankofChina 4 3.71 10,217 63 4 3.61 0.10

ChinaConstructionBank 5 3.12 8,605 61 3 3.99 -0.87


Industrial&CommBankofChina 7 2.89 7,952 51 1 5.29 -2.40

HaitongSecuritiesCoLtd 8 2.82 7,768 39 21 1.35 1.47

ChinaInternationalCapitalCorp 9 2.77 7,637 41 15 1.89 0.88

IndustrialBankCoLtd 10 2.69 7,406 46 11 2.34 0.35

BankofCommunications 11 2.07 5,706 34 10 2.49 -0.42

Citi 12 1.89 5,200 44 6 2.98 -1.09

HSBC 13 1.86 5,131 49 2 4.67 -2.81

HuataiSecuritiesCoLtd 14 1.81 4,992 19 29 1.03 0.78

ShanghaiPudongDevelopmentBankCoLtd

15 1.66 4,566 54 25 1.14 0.52

GFSecurities 16 1.59 4,384 24 39 0.79 0.80

JPMorgan 17 1.54 4,231 22 16 1.81 -0.27

ChinaDevelopmentBank 18 1.53 4,217 34 19 1.45 0.08

PingAnInsuranceGroupCo 19 1.51 4,168 25 36 0.87 0.64

ChinaMerchantsSecurities 20 1.48 4,082 32 17 1.49 -0.01

TOTAL 100% 275,393 1,552 100%

APACex-JapanBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)


ChinaSecuritiesCoLtd 2 4.13 13,170 73 43 0.65 3.48


BankofChina 4 3.20 10,217 63 6 2.94 0.26

Citi 5 3.07 9,802 67 3 3.78 -0.71

ChinaConstructionBank 6 2.72 8,679 63 5 3.28 -0.56


Industrial&CommBankofChina 8 2.49 7,952 51 2 4.32 -1.83

ANZBankingGroup 9 2.47 7,888 42 14 2.10 0.37

HaitongSecuritiesCoLtd 10 2.43 7,768 39 28 1.09 1.34

ChinaInternationalCapitalCorp 11 2.39 7,637 41 22 1.53 0.86

IndustrialBankCoLtd 12 2.32 7,406 46 17 1.90 0.42

HSBC 13 2.30 7,335 72 1 4.91 -2.61

BankofCommunications 14 1.79 5,706 34 16 2.02 -0.23

JPMorgan 15 1.75 5,590 41 8 2.53 -0.78

UBS 16 1.73 5,514 37 13 2.16 -0.43

HuataiSecuritiesCoLtd 17 1.56 4,992 19 35 0.83 0.73

WestpacBanking 18 1.45 4,632 18 11 2.31 -0.86

ShanghaiPudongDevelopmentBankCoLtd

19 1.43 4,566 54 32 0.93 0.50

GFSecurities 20 1.37 4,384 24 44 0.64 0.73

TOTAL 100% 319,126 1,730 100%

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Asiaex-JapanIssuerG3InvestmentGradeBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 13.09 4,046 30 1 13.56 -0.47

Citi 2 10.04 3,102 22 2 9.49 0.55


DeutscheBank 4 6.80 2,101 11 3 8.24 -1.44

JPMorgan 5 5.93 1,834 12 6 5.79 0.14

BankofChina 6 4.92 1,521 8 10 3.17 1.75


Barclays 8 3.29 1,016 9 9 3.34 -0.05


CIMB 10 2.97 917 4 21 1.31 1.66


CreditSuisse 12 2.71 836 6 14 1.93 0.78

MorganStanley 13 2.45 757 7 7 5.77 -3.32

UBS 14 2.30 712 7 28 0.75 1.55


BNPParibas 16 2.05 632 7 11 2.67 -0.62



18 1.95 602 4 8 4.55 -2.60

CITICSecuritiesCoLtd 19 1.62 500 2 29 0.68 0.94

DubaiIslamicBank 19 1.62 500 2 - - -

TOTAL 100% 30,900 58 100%

Asiaex-JapanIssuerG3CorporateHighYieldBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal



CreditSuisse 2 19.81 277 2 1 11.90 7.91

HSBC 3 14.29 200 1 5 8.09 6.20

HaitongSecuritiesCoLtd 4 12.30 172 1 20 0.57 11.73

GuotaiJunanSecuritiesCoLtd

5 4.76 67 1 - - -

DBSGroup 5 4.76 67 1 22 0.44 4.32

ChinaConstructionBank 5 4.76 67 1 - - -

ChinaMerchantsSecurities 8 3.60 50 1 11 3.25 0.35

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,400 4 100%

ASEANLocalCurrencyBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Maybank 1 13.68 1,620 32 6 6.71 6.97

DBSGroup 2 11.26 1,334 21 9 4.00 7.26

KrungThaiBank 3 10.22 1,210 25 12 2.53 7.69

CIMB 4 9.15 1,084 41 1 13.19 -4.04

UnitedOverseasBank 5 5.61 665 15 8 4.45 1.16

RHB 6 5.52 654 31 4 7.59 -2.07

AmInvestmentBankBhd 7 4.31 510 9 2 9.83 -5.52

BankofAyudhyaPCL 8 3.82 452 8 10 3.75 0.07

SiamCommercialBankPCL 9 2.54 300 12 18 1.41 1.13

IndoPremierSecurities 10 2.17 256 19 14 1.77 0.40

KasikornbankPCL 11 2.16 256 11 16 1.51 0.65

TiscoBankPCL 12 2.16 255 2 - - -

PublicBankBerhad 13 2.15 255 12 38 0.25 1.90

DanareksaSekuritasPT 14 1.69 200 14 41 0.17 1.52

Oversea-ChineseBankingCorp 15 1.65 196 5 5 7.30 -5.65

BangkokBankPCL 16 1.55 183 9 19 1.32 0.23

StandardCharteredBank 17 1.49 177 7 7 6.22 -4.73


DeutscheBank 18 1.48 175 1 26 0.66 0.82


18 1.48 175 1 - - -

TOTAL 100% 11,845 195 100%

Australian/NewZealandInternationalBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


Citi 1 15.30 3,449 17 1 10.97 4.33

HSBC 2 8.03 1,810 11 2 9.60 -1.57

NationalAustraliaBankLtd 3 7.12 1,606 9 4 6.89 0.23



5 6.25 1,409 8 16 2.18 4.07

MorganStanley 6 5.62 1,267 7 14 3.32 2.30


JPMorgan 8 4.27 962 8 3 8.10 -3.83

UBS 9 4.17 939 5 6 5.21 -1.04

ANZBankingGroup 10 3.79 854 5 8 4.47 -0.68

Nomura 11 3.73 842 5 27 0.56 3.17

TDSecurities 12 3.55 800 2 31 0.33 3.22

DeutscheBank 13 3.47 781 5 10 4.25 -0.78

WellsFargo 14 2.77 625 5 17 1.67 1.10

BNPParibas 15 2.70 609 4 9 4.42 -1.72

CreditSuisse 16 2.70 608 3 7 5.12 -2.42

Macquarie 17 2.63 593 5 20 1.23 1.40

GoldmanSachs 18 2.57 578 5 13 3.54 -0.97



TOTAL 100% 22,537 50 100%

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AustralianKangarooBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(AUD

Mln)Deal

CountPrevRank


TDSecurities 1 23.39 1,693 22 2 16.51 6.88

Nomura 2 15.11 1,093 13 3 13.88 1.23

DeutscheBank 3 11.24 813 11 4 13.84 -2.60

JPMorgan 4 9.04 654 10 8 4.87 4.17



6 6.59 477 6 7 4.93 1.66

RBCCapitalMarkets 7 6.24 452 8 1 17.48 -11.24

HSBC 8 5.30 383 5 9 4.80 0.50

WestpacBanking 9 4.86 352 4 12 1.87 2.99

NationalAustraliaBankLtd 10 2.21 160 2 11 1.97 0.24

Citi 11 2.07 150 2 5 7.43 -5.36



UBS 14 1.50 108 1 10 2.75 -1.25

Scotiabank 15 0.35 25 1 14 1.12 -0.77

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 7,235 56 100%

KoreanIssuerInternationalBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(USD


HSBC 1 10.37 836 9 5 8.66 1.71

Citi 2 10.25 827 10 4 9.07 1.18


3 9.14 738 7 3 9.75 -0.61




Barclays 7 5.20 420 5 2 9.83 -4.63

UBS 8 4.86 392 4 18 1.34 3.52

JPMorgan 9 4.82 389 5 7 6.08 -1.26

CreditSuisse 10 4.37 353 3 12 2.91 1.46

MorganStanley 11 4.34 350 4 13 2.42 1.92

BNPParibas 12 3.82 308 3 - - -



Commerzbank 15 2.58 208 2 20 0.85 1.73

KoreaDevelopmentBank 16 2.32 188 2 - - -

SumitomoMitsuiFinancial 17 2.07 167 2 13 2.42 -0.35

DeutscheBank 18 2.05 165 1 1 11.44 -9.39

DBSGroup 19 1.55 125 1 - - -

WestpacBanking 20 0.95 76 1 - - -

TOTAL 100% 8,064 27 100%

SingaporeDollarBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(SGD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

DBSGroup 1 50.02 2,819 21 1 33.60 16.42

Oversea-ChineseBankingCorp 2 10.82 610 6 2 32.37 -21.55

DeutscheBank 3 7.54 425 2 7 2.07 5.47

HSBC 4 5.99 338 4 4 7.26 -1.27

UnitedOverseasBank 5 5.80 327 6 3 8.00 -2.20


6 5.32 300 2 - - -

ANZBankingGroup 7 4.44 250 1 5 6.21 -1.77

CIMB 8 4.33 244 3 11 1.21 3.12



JPMorgan 11 1.10 62 3 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 5,635 36 100%

JapaneseYenBondsQ12016 Q12015

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MorganStanley 1 36.76 1,025,500 63 2 18.33 18.43


Nomura 3 12.88 359,383 64 4 14.12 -1.24

DaiwaSecurities 4 11.59 323,159 54 3 17.97 -6.38

SumitomoMitsuiFinancial 5 11.45 319,458 53 1 18.90 -7.45

Citi 6 2.45 68,375 5 7 2.67 -0.22


JPMorgan 8 1.33 37,000 5 20 0.11 1.22

HSBC 9 1.22 34,000 3 11 0.88 0.34

GoldmanSachs 10 1.11 30,833 4 9 2.50 -1.39

MitsubishiUFJFinancial 11 0.79 22,016 3 - - -

BNPParibas 12 0.76 21,100 3 17 0.28 0.48

Barclays 13 0.72 20,000 1 13 0.71 0.01

ShinkinCentralBank 14 0.69 19,250 6 10 0.93 -0.24

TokaiTokyoSecuritiesCoLtd 15 0.64 17,833 6 19 0.18 0.46

SBIHoldingsInc/Japan 16 0.36 10,000 2 - - -

OkasanSecuritiesGroupInc 17 0.30 8,333 2 14 0.36 -0.06

AozoraBankLtd 18 0.13 3,750 1 - - -

CreditSuisse 19 0.12 3,333 1 12 0.76 -0.64

DBSGroup 20 0.12 3,300 1 16 0.31 -0.19

TOTAL 100% 2,789,460 156 100%

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HongKongDollarBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(HKD

Mln)Deal

CountPrevRank PrevMktShare(%) MktShareChg(%)

BankofCommunications 1 28.69 25,000 10 19 0.79 27.90

HSBC 2 15.47 13,481 47 1 24.84 -9.37

Citi 3 8.84 7,705 22 6 5.40 3.44

StandardCharteredBank 4 7.50 6,540 22 4 7.56 -0.06

ChinaConstructionBank 5 6.40 5,578 4 15 1.30 5.10


ANZBankingGroup 7 3.54 3,088 11 7 4.45 -0.91

BankofChina 8 3.44 3,000 2 10 2.87 0.57

GoldmanSachs 9 2.63 2,288 5 11 2.60 0.03

Barclays 10 2.43 2,116 9 8 4.27 -1.84

Scotiabank 11 2.39 2,086 9 20 0.47 1.92

SocieteGenerale 12 2.26 1,970 7 9 3.29 -1.03


13 1.52 1,322 3 - - -

DBSGroup 14 1.42 1,235 3 5 7.05 -5.63

BNPParibas 15 1.16 1,011 2 12 1.80 -0.64

MizuhoFinancial 16 1.10 960 3 28 0.12 0.98

NationalAustraliaBankLtd 17 1.08 940 4 3 10.31 -9.23

JPMorgan 18 0.73 638 1 - - -

MitsubishiUFJFinancial 19 0.71 620 2 - - -

HaitongSecuritiesCoLtd 20 0.57 500 1 - - -

TOTAL 100% 87,148 197 100%

OffshoreCNYBondsQ12016 Q12015

Firm RankMkt

Share(%)Volume(CNY

Mln)Deal

CountPrevRank


HSBC 1 26.65 4,607 19 1 19.89 6.76


BNPParibas 3 13.19 2,280 6 2 13.48 -0.29

DBSGroup 4 6.94 1,200 4 7 3.48 3.46

Barclays 5 3.78 653 5 5 4.60 -0.82

Scotiabank 6 3.49 604 3 23 1.21 2.28

Nomura 7 3.36 580 3 17 1.48 1.88




UBS 11 2.07 357 3 21 1.24 0.83

GoldmanSachs 12 1.50 260 2 30 0.41 1.09

HaitongSecuritiesCoLtd 13 1.39 240 2 - - -

JPMorgan 14 1.24 215 2 20 1.30 -0.06

Oversea-ChineseBankingCorp

15 0.87 150 1 - - -

Commerzbank 16 0.78 135 1 42 0.12 0.66


Natixis 18 0.20 34 1 33 0.36 -0.16

- - - - - - - -

- - - - - - - -

TOTAL 100% 17,287 83 100%

UridashiBonds(Manager)Q12016 Q12015

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


Nomura 1 22.96 1,316 10 6 6.59 16.37


MizuhoFinancial 3 13.10 751 10 1 21.14 -8.04

SumitomoMitsuiFinancial 4 11.53 661 12 2 18.00 -6.47

DaiwaSecurities 5 7.84 449 10 5 10.48 -2.64

MorganStanley 6 5.53 317 8 4 13.65 -8.12

HSBC 7 3.68 211 26 9 2.34 1.34

BNPParibas 8 3.64 209 27 11 1.81 1.83

TokaiTokyoSecuritiesCoLtd

9 2.33 134 12 10 1.91 0.42

JPMorgan 10 2.16 123 13 14 1.01 1.15


DeutscheBank 12 1.62 93 5 7 3.01 -1.39

SBIHoldingsInc/Japan 13 1.54 89 2 - - -

CreditSuisse 14 1.34 77 14 8 2.61 -1.27

Barclays 15 1.23 71 8 13 1.32 -0.09

Citi 16 0.56 32 8 15 0.30 0.26

ShinseiBankLtd 17 0.04 2 1 17 0.09 -0.05

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 5,729 193 100%

UridashiBonds(UridashiAgent)Q12016 Q12015

Firm RankMkt

Share(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MorganStanley 1 23.06 1,454 22 1 26.34 -3.28

Nomura 2 19.73 1,244 7 8 3.47 16.26

SumitomoMitsuiFinancial 3 13.72 865 22 3 13.15 0.57

DaiwaSecurities 4 10.50 662 15 4 10.68 -0.18

MizuhoFinancial 5 7.22 455 7 2 15.39 -8.17

TokaiTokyoSecuritiesCoLtd

6 7.05 445 34 5 9.96 -2.91

OkasanSecuritiesGroupInc 7 5.40 341 43 6 4.14 1.26

SBIHoldingsInc/Japan 8 3.40 214 17 7 3.82 -0.42

IwaiCosmoHoldingsInc 9 1.96 123 10 10 1.74 0.22

AozoraBankLtd 10 1.13 71 9 9 2.30 -1.17

MitoSecuritiesCoLtd 11 0.92 58 5 16 0.42 0.50

ChugokuBankLtd 12 0.72 45 7 11 1.37 -0.65

HachijuniBankLtd 13 0.71 45 2 12 0.97 -0.26

ANDOSecuritiesCoLtd 14 0.60 38 3 28 0.19 0.41

ShinseiBankLtd 15 0.53 34 5 14 0.55 -0.02

MusashiSecuritiesCo 16 0.41 26 2 23 0.28 0.13

ImamuraSecuritiesCo 17 0.32 20 2 15 0.44 -0.12

HSSecuritiesCoLtd 18 0.31 20 5 34 0.09 0.22

ChibaBankLtd 19 0.26 16 2 20 0.34 -0.08

AkatsukiSecuritiesInc 20 0.21 13 4 21 0.32 -0.11

TOTAL 100% 6,304 256 100%

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Bloomberg Fixed Income - League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party.

Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.

Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading.

All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables.

USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.

New money portions of exchange offers are eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant investment grade table.

Exclusions

Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: criteria may vary for some local and/or regional tables.

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

Documents

GLOBAL FIXED INCOME - Bloomberg Finance L.P. · 2016. 5. 18. · 1 Global Fixed Income Review Q1 2016 credited Corporate & Financial Bonds volume decreased 7.59% to USD 1.1 Trln while