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Q1 2013 League Tables – Q1 2013 League Tables – Q1 2013 League Tables
GLOBALCAPITALMARKETS
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Table of Contents
. Introduction1
Global Equity, Equity Linked & Rights. 2
Global Equity & Equity Linked. 3
Global Equity Linked. 4
U.S. Equity & Equity Linked. 5
EMEA Equity, Equity Linked & Rights
Offerings
. 6
Asia-Pacific Equity, Equity Linked & Rights. 7
Corporate Bonds (All). 8
International Bonds. 9
Global Bonds. 10
U.S. Bonds. 11
Euromarket Bonds. 12
Asian Local Currency Bonds. 13
U.S. Loans. 14
U.S. Leveraged Loans. 15
EMEA Loans Mandated Arranger. 16
EMEA Loans Book Runner. 17
Asia ex-Japan Loans Mandated Arranger. 18
Asia ex-Japan Loans Book Runner. 19
Bloomberg 2013 Q1
04/02/2013
EmailFaxPhoneContact
+1-609-279-5187 [email protected]+1-646-268-5455Paul BandongAmericas
[email protected]+44-20-77392-6161+44-20-3216-4345Jorge FernandezEMEA
[email protected]+852-2977-2175+852-2977-2125Vivian LeeAsia-Pac (HK)
Asia-Pac (SG) [email protected]+65-6499-2729+65-6499-2629Piyanut Ruangrailak
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.
Global Capital MarketsBloomberg
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Top Ranking Scorecard
1/1/13 - 3/31/13 Mkt Shr Amount Fees Mkt Shr
Equity Top Bank (%) USD (Mln) (%) Issues Rank (%)Global Equity, Equity Linked & Rights Goldman Sachs & Co 13.2 $22,944 2.82 84 2 9.0U.S. Equity & Equity Linked Goldman Sachs & Co 15.0 $9,690 3.01 48 6 9.4EMEA Equity, Equity Linked & Rights Offerings Deutsche Bank AG 15.5 $6,163 1.69 22 2 10.8Asia-Pacific Equity, Equity Linked & Rights Goldman Sachs & Co 16.1 $8,791 2.45 18 4 6.1
DebtCorporate Bonds (All) JP Morgan 7.3 $78,301 0.52 435 1 6.6International Bonds JP Morgan 7.9 $84,066 0.34 378 2 6.8Global Bonds JP Morgan 14.4 $37,698 0.35 117 1 13.7U.S. Bonds JP Morgan 13.5 $76,816 0.41 347 1 12.7Euromarket Bonds HSBC Bank PLC 7.1 $51,848 0.26 306 3 5.6Asia Local Currency Bonds HSBC Bank PLC 9.6 $4,735 0.57 75 1 8.4
Syndicated LoansU.S. Loans JP Morgan 15.3 $62,545 n/a 225 2 15.1U.S. Leverage Loans Bank of America Merrill Lynch 13.6 $36,688 n/a 177 1 13.5EMEA Loans Mandated Arranger BNP Parabas Group 7.6 $13,292 n/a 63 4 5.7EMEA Loans Book Runner Credit Agricole CIB 8.8 $13,800 n/a 25 6 5.6Asia ex-Japan Loans Mandated Arranger State Bank of India 14.8 $7,987 n/a 17 1 7.8Asia ex-Japan Loans Book Runner State Bank of India 23.2 $7,945 n/a 14 11 2.5
20122013
Global Equity, Equity Linked & Rights Review Bloomberg
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© 2013 Bloomberg Finance L.P. All rights reserved.
IPO issuance decreased in a l l regions. The biggest decl ine was reported in As ia where 66 deals priced compared to 101 in the fi rst three months of 2012.
Simultaneously, IPO volume increased in both US and EMEA to $8.75 bln and $5.77 bln, respectively, compared to the same period last year.
Rights offerings in EMEA fel l to the lowest volume figures on record s ince the inception of Bloomberg league tables with a total
of 6 offerings valued at $1.06 bln.
Global Equity, Equity Linked & Rights Quarterly Volume
Notable Highlights
EMEA Equity, Equity Linked & Rights Quarterly Volume
US Equity & Equity Linked Quarterly Volume
APAC Equity, Equity Linked & Rights Quarterly Volume
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Global Fixed Income Review Bloomberg
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© 2013 Bloomberg Finance L.P. All rights reserved.
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Global Bond Quarterly Volume
Notable Highlights
EMEA Corporate Quarterly Volume
US Corporate Bond Quarterly Volume
APAC Corporate Bond Quarterly Volume
* All YTD numbers as of 01/02/2013
Total issuance volume decreased globally for the first quarter of 2013. US Corporate issuance volume totaled $436B for Q1 of 2013, down 5% from the record $459B seen in the first quarter of 2012. EMEA Corporate issuance volume decreased 29% to $503B, the lowest first quarter total on record dating back to 2008.
The total number of deals closed also decreased over this same time period, down 9%. Following the trend seen in issuance volume, EMEA and US Corporates experienced the largest declines in the number of deals closed, down 7% and 24% respectively. The number of APAC Corporate deals increased 2%.
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Global Syndicated Loans Market Review Bloomberg
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© 2013 Bloomberg Finance L.P. All rights reserved.
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Global Syndicated Loans Quarterly Volume
Notable Highlights
EMEA Syndicated Loans Quarterly Volume
Americas Syndicated Loans Quarterly Volume
APAC Syndicated Loans Quarterly Volume
Rosneft OAO received the largest syndicated loan financing in the first quarter of 2013. The total $14.2 billion financing led by a consortium of banks helped Rosneft acquire a
stake in TNK-BP, an oil and gas exploration and production company. Enel SpA received the second largest syndicated loan financing for USD equivalent $12.6 billion to refinance its existing revolver. Alstom SA received the third largest syndicated loan financing for USD equivalent $11.6 billion to increase and extend the maturity on its existing revolver.
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Bloomberg
3©2013Bloomberg Finance L.P. All rights reserved.
Global Eqty/Eql/Rights Issuer Advisers
1/1/13 - 3/31/13
RANK MKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20122013
FIRM
Legal League Tables
Ranked by Volume
Skadden Arps Slate Meagher & Flom 14 1 5.6 3.3 2.3 5 6,720
Sullivan & Cromwell 5 2 5.3 8.3 (3.0) 2 6,281
Linklaters LLP 10 3 4.4 11.1 (6.7) 1 5,241
Simpson Thacher & Bartlett 11 4 4.1 1.4 2.7 12 4,898
Freshfields Bruckhaus Deringer 5 5 3.9 1.8 2.1 11 4,698
Vinson & Elkins LLP 13 6 3.5 2.5 1.0 8 4,143
Mori Hamada & Matsumoto 1 7 3.2 - - - 3,879
Venable LLP 23 8 2.9 1.0 1.9 22 3,408
Grandall Legal Group 2 9 2.7 0.2 2.5 90 3,227
Latham & Watkins LLP 15 10 2.6 3.8 (1.2) 3 3,119
Cleary Gottlieb Steen & Hamilton 5 11 2.3 0.9 1.4 25 2,788
Herbert Smith Freehills 3 12 1.9 0.3 1.6 74 2,226
DLA Piper LLP 5 13 1.8 0.3 1.5 78 2,134
Wilson Sonsini Goodrich & Rosati 6 14 1.8 0.3 1.5 76 2,124
Elvinger Hoss & Prussen 3 15 1.7 - - - 2,064
Jones Day 7 16 1.6 0.3 1.3 75 1,928
Foley & Lardner LLP 6 17 1.6 0.2 1.4 82 1,915
Davis Polk & Wardwell 6 18 1.5 1.9 (0.4) 10 1,831
Blake Cassels & Graydon LLP 4 19 1.5 0.7 0.8 41 1,748
Baker Botts LLP 2 20 1.4 0.7 0.7 36 1,668
TOTAL 100% 100% 433 119,400 97,257
Includes all eligible global equity, equity-linked & rights offering. Volume in USD millions.
1/1/13 - 3/31/13
DEAL
COUNT
MKT
SHARE
RANK
2013
FIRM
Ranked by Deal Count
Venable LLP 23 8 2.9
Latham & Watkins LLP 15 10 2.6
Skadden Arps Slate Meagher & Flom 14 1 5.6
Vinson & Elkins LLP 13 6 3.5
Simpson Thacher & Bartlett 11 4 4.1
Linklaters LLP 10 3 4.4
Conyers Dill & Pearman 9 68 0.3
Wilmer Cutler Pickering Hale & Dorr LLP 8 23 1.3
Cooley LLP 8 33 0.8
Cassels Brock & Blackwell LLP 8 62 0.3
Jones Day 7 16 1.6
Hogan Lovells 7 29 1.0
Goodwin Procter LLP 7 44 0.5
Sutherland Asbill & Brennan LLP 7 59 0.4
Stikeman Elliott 7 89 0.2
Wilson Sonsini Goodrich & Rosati 6 14 1.8
Foley & Lardner LLP 6 17 1.6
Davis Polk & Wardwell 6 18 1.5
Norton Rose LLP 6 46 0.5
Hunton & Williams 6 72 0.3
TOTAL 100% 433
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Global Equity, Equity Linked & Rights
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
9.0 2Goldman Sachs & Co 22,944 2.82 84 1 13.2 4.2
8.2 4Citi 14,153 3.02 95 2 8.2 -
8.2 3Morgan Stanley 14,078 3.43 92 3 8.1 (0.1)
6.3 8UBS 13,512 3.92 78 4 7.8 1.5
6.4 7Bank of America Merrill Lynch 12,076 3.40 95 5 7.0 0.6
9.5 1JP Morgan 11,672 3.77 90 6 6.7 (2.8)
6.6 6Deutsche Bank AG 10,713 3.13 75 7 6.2 (0.4)
4.1 9Barclays 10,473 2.97 74 8 6.0 1.9
7.3 5Credit Suisse 9,259 3.14 78 9 5.3 (2.0)
0.1 72Daiwa Securities Group Inc 3,985 3.83 18 10 2.3 2.2
1.3 14Wells Fargo & Co 2,637 4.03 45 11 1.5 0.2
2.1 10Nomura Holdings Inc 2,550 3.83 22 12 1.5 (0.6)
1.8 12RBC Capital Markets 2,450 3.84 35 13 1.4 (0.4)
0.3 43Mizuho Financial Group Inc 2,258 3.67 11 14 1.3 1.0
1.9 11HSBC Bank PLC 2,194 2.01 16 15 1.3 (0.6)
1.1 16BMO Capital Markets 1,796 4.62 16 16 1.0 (0.1)
0.9 19Jefferies LLC 1,782 4.24 19 17 1.0 0.1
0.1 61Credit Agricole CIB 1,637 1.04 9 18 0.9 0.8
1.5 13Societe Generale 1,626 1.95 7 19 0.9 (0.6)
0.7 24Haitong Securities Co Ltd 1,616 2.50 2 20 0.9 0.2
TOTAL 100% 100% 173,305 7923.36 142,197
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible global equity, equity-linked & rights offering. Volume in USD millions.
Basic Materials 6.25%
Consumer Prod/Svcs 24.99%
Financial 35.17%
Industrial 6.41%
Oil/Gas/Elect 14.76%
Tech/Comm 12.41%
Total: 100.00%
INDUSTRY BREAKDOWN
80,000
120,000
160,000
200,000
240,000
280,000
320,000
360,000
600
700
800
900
1000
1100
1200
1300
1400
1500
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
2©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Global Equity & Equity Linked
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
10.1 1Goldman Sachs & Co 22,944 2.82 84 1 13.5 3.4
9.1 2Citi 14,139 3.02 94 2 8.3 (0.8)
9.1 3Morgan Stanley 14,078 3.43 92 3 8.3 (0.8)
5.9 8UBS 13,379 3.92 77 4 7.9 2.0
6.5 7Bank of America Merrill Lynch 12,062 3.40 94 5 7.1 0.6
8.7 4JP Morgan 11,177 3.77 87 6 6.6 (2.1)
4.6 9Barclays 10,473 2.97 74 7 6.2 1.6
6.6 6Deutsche Bank AG 10,408 3.13 74 8 6.1 (0.5)
7.4 5Credit Suisse 8,853 3.14 77 9 5.2 (2.2)
0.1 65Daiwa Securities Group Inc 3,985 3.83 18 10 2.3 2.2
1.5 12Wells Fargo & Co 2,637 4.03 45 11 1.6 0.1
2.1 10Nomura Holdings Inc 2,550 3.83 22 12 1.5 (0.6)
2.0 11RBC Capital Markets 2,450 3.84 35 13 1.4 (0.6)
0.3 37Mizuho Financial Group Inc 2,258 3.67 11 14 1.3 1.0
1.1 16HSBC Bank PLC 2,018 2.01 15 15 1.2 0.1
1.2 13BMO Capital Markets 1,796 4.62 16 16 1.1 (0.1)
1.1 17Jefferies LLC 1,782 4.24 19 17 1.0 (0.1)
0.1 54Credit Agricole CIB 1,637 1.04 9 18 1.0 0.9
0.8 18Societe Generale 1,626 1.95 7 19 1.0 0.2
0.7 21Haitong Securities Co Ltd 1,616 2.50 2 20 0.9 0.2
TOTAL 100% 100% 170,095 7743.36 126,182
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible equity & equity-linked offerings. Rights offerings are excluded. Excludes Renminbi denominated offers. Volume in USD millions.
Basic Materials 6.07%
Consumer Prod/Svcs 25.03%
Financial 35.49%
Industrial 6.35%
Oil/Gas/Elect 14.45%
Tech/Comm 12.61%
Total: 100.00%
INDUSTRY BREAKDOWN
40,000
80,000
120,000
160,000
200,000
240,000
280,000
600
700
800
900
1000
1100
1200
1300
1400
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
3©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Global Equity Linked
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
0.9 18UBS 2,759 n/a 8 1 10.5 9.6
9.1 3Bank of America Merrill Lynch 2,716 2.01 14 2 10.3 1.2
12.4 2Deutsche Bank AG 2,592 1.86 12 3 9.9 (2.5)
14.8 1Goldman Sachs & Co 2,543 2.20 16 4 9.7 (5.1)
8.5 5JP Morgan 2,446 2.22 19 5 9.3 0.8
4.9 8Morgan Stanley 1,625 3.16 8 6 6.2 1.3
- -Haitong Securities Co Ltd 1,609 n/a 1 7 6.1 -
8.9 4Barclays 1,532 2.74 7 8 5.8 (3.1)
6.0 7Citi 1,443 2.28 13 9 5.5 (0.5)
- -BNP Paribas Group 952 n/a 8 10 3.6 -
6.1 6Credit Suisse 798 2.28 7 11 3.0 (3.1)
- -Mediobanca 587 n/a 4 12 2.2 -
- -Credit Agricole CIB 563 n/a 1 13 2.1 -
1.2 14Societe Generale 436 n/a 2 14 1.7 0.5
0.4 34Daiwa Securities Group Inc 286 n/a 3 15 1.1 0.7
0.5 28Commerzbank AG 264 n/a 2 16 1.0 0.5
1.1 16Standard Bank 252 n/a 2 17 1.0 (0.1)
3.6 9Nomura Holdings Inc 235 n/a 3 18 0.9 (2.7)
3.1 10RBC Capital Markets 212 3.33 3 19 0.8 (2.3)
0.7 22Wells Fargo & Co 176 n/a 3 20 0.7 -
TOTAL 100% 100% 26,284 992.39 15,253
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible equity-linked offerings. Rights offerings are excluded. Excludes Renminbi denominated offers. Volume in USD millions.
Basic Materials 17.99%
Consumer Prod/Svcs 18.27%
Financial 36.81%
Industrial 8.57%
Oil/Gas/Elect 9.60%
Tech/Comm 8.76%
Total: 100.00%
INDUSTRY BREAKDOWN
8,000
12,000
16,000
20,000
24,000
28,000
50
60
70
80
90
100
110
120
130
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
4©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
U.S. Equity & Equity Linked
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
9.4 6Goldman Sachs & Co 9,690 3.01 48 1 15.0 5.6
15.6 1Citi 8,408 3.36 65 2 13.0 (2.6)
12.6 2Morgan Stanley 7,520 3.46 55 3 11.6 (1.0)
10.2 4Bank of America Merrill Lynch 7,298 3.62 68 4 11.3 1.1
7.3 7Barclays 6,869 3.15 60 5 10.6 3.3
11.5 3JP Morgan 5,992 3.83 61 6 9.3 (2.2)
9.8 5Credit Suisse 4,019 3.70 43 7 6.2 (3.6)
3.6 10Wells Fargo & Co 2,544 4.00 44 8 3.9 0.3
6.2 8Deutsche Bank AG 2,487 4.08 37 9 3.8 (2.4)
4.2 9UBS 2,253 3.96 30 10 3.5 (0.7)
2.2 11Jefferies LLC 1,669 4.24 18 11 2.6 0.4
1.3 12RBC Capital Markets 1,351 3.85 24 12 2.1 0.8
- -Raymond James Morgan Keegan 722 4.15 12 13 1.1 -
0.1 25Robert W Baird & Co 510 4.42 8 14 0.8 0.7
0.5 15Kohlberg Kravis Roberts & Co 508 1.20 1 15 0.8 0.3
- -Guggenheim Partners 257 3.70 1 16 0.4 -
0.3 18Leerink Swann LLC 244 5.96 6 17 0.4 0.1
0.8 14Stifel 242 3.35 9 18 0.4 (0.4)
0.4 17KeyBanc Capital Markets 212 4.11 4 19 0.3 (0.1)
0.3 19Cowen & Co 208 5.30 6 20 0.3 -
TOTAL 100% 100% 64,637 2453.63 52,920
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible equity & equity-linked offerings from U.S. issuers. Volume in USD millions.
Basic Materials 5.44%
Consumer Prod/Svcs 31.32%
Financial 30.37%
Industrial 3.24%
Oil/Gas/Elect 18.31%
Tech/Comm 11.32%
Total: 100.00%
INDUSTRY BREAKDOWN
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
80
100
120
140
160
180
200
220
240
260
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
5©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Equity, Equity Linked & Rights Offerings
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
10.8 2Deutsche Bank AG 6,163 1.68 22 1 15.5 4.7
5.7 6UBS 4,349 1.95 19 2 10.9 5.2
13.3 1Goldman Sachs & Co 4,240 1.69 17 3 10.6 (2.7)
4.7 8Bank of America Merrill Lynch 2,978 1.01 12 4 7.5 2.8
6.7 5Morgan Stanley 2,757 2.50 10 5 6.9 0.2
2.7 12Barclays 2,741 0.82 6 6 6.9 4.2
3.7 11Citi 2,681 1.95 12 7 6.7 3.0
9.1 4Credit Suisse 2,177 0.82 11 8 5.5 (3.6)
10.7 3JP Morgan 2,128 2.50 16 9 5.3 (5.4)
5.3 7Societe Generale 1,626 1.95 7 10 4.1 (1.2)
- -Credit Agricole CIB 1,187 1.01 3 11 3.0 -
3.9 9BNP Paribas Group 952 n/a 8 12 2.4 (1.5)
2.4 13Mediobanca 692 n/a 5 13 1.7 (0.7)
3.9 10HSBC Bank PLC 691 n/a 5 14 1.7 (2.2)
0.2 36Commerzbank AG 274 1.95 3 15 0.7 0.5
0.4 24Standard Bank 252 n/a 2 16 0.6 0.2
0.4 26ABG Sundal Collier Asa 240 1.43 2 17 0.6 0.2
- -Caixa Banco de Investimento SA 238 n/a 1 18 0.6 -
- -BES Investimento SA 209 n/a 1 19 0.5 -
0.4 27Ipopema Securities SA 209 n/a 1 19 0.5 0.1
TOTAL 100% 100% 39,824 1181.41 40,731
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible equity, equity-linked & rights offerings from European, Middle Eastern and African issuers. Volume in USD millions.
Basic Materials 12.20%
Consumer Prod/Svcs 10.50%
Financial 35.47%
Industrial 10.53%
Oil/Gas/Elect 10.19%
Tech/Comm 21.11%
Total: 100.00%
INDUSTRY BREAKDOWN
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
40
60
80
100
120
140
160
180
200
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
6©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asia-Pacific Equity, Equity Linked & Rights
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
6.1 4Goldman Sachs & Co 8,791 2.45 18 1 16.1 10.0
11.3 1UBS 6,910 3.62 29 2 12.7 1.4
0.4 36Daiwa Securities Group Inc 3,985 3.83 18 3 7.3 6.9
6.6 3JP Morgan 3,833 3.78 14 4 7.0 0.4
5.3 5Morgan Stanley 3,431 3.44 22 5 6.3 1.0
5.0 6Citi 2,648 1.99 15 6 4.9 (0.1)
6.9 2Nomura Holdings Inc 2,536 3.83 21 7 4.7 (2.2)
1.1 23Mizuho Financial Group Inc 2,258 3.67 11 8 4.1 3.0
4.1 8Deutsche Bank AG 1,869 4.37 14 9 3.4 (0.7)
3.8 11Credit Suisse 1,814 4.75 15 10 3.3 (0.5)
2.5 14Haitong Securities Co Ltd 1,616 2.50 2 11 3.0 0.5
4.2 7Bank of America Merrill Lynch 1,562 3.99 11 12 2.9 (1.3)
2.9 13HSBC Bank PLC 1,280 2.01 10 13 2.3 (0.6)
4.0 9Sumitomo Mitsui Financial Group Inc 1,137 3.40 11 14 2.1 (1.9)
1.3 20DBS Group Holdings Ltd 1,015 1.95 8 15 1.9 0.6
2.3 15Barclays 806 3.36 7 16 1.5 (0.8)
0.8 26Guotai Junan Securities Co Ltd 643 n/a 4 17 1.2 0.4
0.1 63Kotak Mahindra Bank Ltd 624 n/a 5 18 1.1 1.0
0.9 24Standard Chartered Bank 621 1.06 11 19 1.1 0.2
0.5 31CIMB 492 2.60 3 20 0.9 0.4
TOTAL 100% 100% 54,521 3283.01 37,652
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible equity, equity-linked & rights offerings from Asia Pacific issuers. Volume in USD millions.
Basic Materials 3.48%
Consumer Prod/Svcs 27.77%
Financial 38.43%
Industrial 8.10%
Oil/Gas/Elect 14.51%
Tech/Comm 7.72%
Total: 100.00%
INDUSTRY BREAKDOWN
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
300
400
500
600
700
800
900
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
7©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Corporate Bonds (All)
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
6.6 1JP Morgan 78,301 0.52 435 1 7.3 0.7
5.2 3Bank of America Merrill Lynch 65,419 0.56 588 2 6.1 0.9
5.3 2Citi 62,152 0.48 376 3 5.8 0.5
4.9 5Deutsche Bank AG 59,226 0.42 389 4 5.5 0.6
4.5 7Goldman Sachs & Co 54,125 0.40 260 5 5.0 0.5
5.0 4Barclays 46,972 0.49 343 6 4.4 (0.6)
4.8 6HSBC Bank PLC 46,553 0.33 381 7 4.3 (0.5)
3.8 8Morgan Stanley 43,690 0.50 500 8 4.1 0.3
2.9 11BNP Paribas Group 32,786 0.29 191 9 3.1 0.2
3.3 9Credit Suisse 28,898 0.51 202 10 2.7 (0.6)
3.1 10UBS 23,903 0.72 213 11 2.2 (0.9)
1.9 14RBC Capital Markets 22,804 0.38 148 12 2.1 0.2
2.7 12RBS 22,503 0.54 176 13 2.1 (0.6)
2.0 13Wells Fargo & Co 22,107 0.64 384 14 2.1 0.1
1.7 15Societe Generale 20,498 0.23 115 15 1.9 0.2
1.4 17UniCredit 15,988 0.16 80 16 1.5 0.1
1.6 16Credit Agricole CIB 12,321 0.70 88 17 1.1 (0.5)
0.9 23Natixis 11,124 0.47 46 18 1.0 0.1
0.7 27Standard Chartered Bank 10,412 0.30 110 19 1.0 0.3
1.0 20Nomura Holdings Inc 10,362 0.44 100 20 1.0 -
TOTAL 100% 100% 1,073,850 4,8280.46 1,171,750
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible corporate bonds worldwide. Volume in USD millions.
Basic Materials 4.20%
Consumer Prod/Svcs 14.78%
Financial 52.10%
Government 1.15%
Industrial 6.04%
Oil/Gas/Elect 12.47%
Tech/Comm 9.26%
Total: 100.00%
INDUSTRY BREAKDOWN
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
4200
4400
4600
4800
5000
5200
5400
5600
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
8©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
International Bonds
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
6.8 2JP Morgan 84,066 0.34 378 1 7.9 1.1
6.7 3Deutsche Bank AG 78,193 0.26 387 2 7.3 0.6
6.8 1Barclays 74,196 0.28 301 3 6.9 0.1
5.6 4HSBC Bank PLC 67,790 0.25 371 4 6.3 0.7
3.9 9Goldman Sachs & Co 64,777 0.29 205 5 6.1 2.2
5.2 5Citi 61,603 0.28 281 6 5.8 0.6
5.0 6BNP Paribas Group 48,631 0.20 239 7 4.5 (0.5)
4.0 7Bank of America Merrill Lynch 43,765 0.40 257 8 4.1 0.1
2.9 12Morgan Stanley 39,589 0.29 153 9 3.7 0.8
2.4 15Societe Generale 35,336 0.22 148 10 3.3 0.9
3.5 10Credit Suisse 33,252 0.33 186 11 3.1 (0.4)
3.0 11RBS 32,656 0.43 182 12 3.1 0.1
2.7 13UniCredit 28,866 0.13 132 13 2.7 -
1.8 17RBC Capital Markets 25,879 0.19 111 14 2.4 0.6
2.7 14Credit Agricole CIB 23,542 0.24 116 15 2.2 (0.5)
4.0 8UBS 21,130 0.47 153 16 2.0 (2.0)
1.9 16Natixis 17,880 0.27 84 17 1.7 (0.2)
1.3 21Commerzbank AG 13,412 0.12 83 18 1.3 -
1.4 20Banco Santander SA 11,513 0.22 68 19 1.1 (0.3)
0.6 33TD Securities 11,065 0.54 109 20 1.0 0.4
TOTAL 100% 100% 1,070,480 3,2520.28 1,341,460
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible international bonds; bonds that can be sold outside their domestic market. Volume in USD millions.
Basic Materials 1.18%
Consumer Prod/Svcs 9.10%
Financial 43.73%
Government 31.29%
Industrial 2.88%
Oil/Gas/Elect 5.72%
Tech/Comm 6.10%
Total: 100.00%
INDUSTRY BREAKDOWN
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
2400
2600
2800
3000
3200
3400
3600
3800
4000
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
9©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Global Bonds
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
13.7 1JP Morgan 37,698 0.35 117 1 14.4 0.7
9.1 4Barclays 28,461 0.33 67 2 10.9 1.8
6.7 6Goldman Sachs & Co 27,189 0.30 76 3 10.4 3.7
10.5 2Citi 25,048 0.28 68 4 9.6 (0.9)
9.4 3Deutsche Bank AG 21,812 0.25 70 5 8.3 (1.1)
8.5 5Bank of America Merrill Lynch 18,106 0.46 78 6 6.9 (1.6)
5.8 7Morgan Stanley 17,732 0.30 49 7 6.8 1.0
2.6 13RBC Capital Markets 12,828 0.19 35 8 4.9 2.3
4.9 10BNP Paribas Group 11,632 0.18 33 9 4.5 (0.4)
5.8 8HSBC Bank PLC 11,139 0.24 41 10 4.3 (1.5)
3.8 12Wells Fargo & Co 8,268 0.49 35 11 3.2 (0.6)
5.5 9Credit Suisse 6,814 0.44 24 12 2.6 (2.9)
0.9 15TD Securities 5,132 0.15 18 13 2.0 1.1
1.7 14RBS 4,751 0.62 32 14 1.8 0.1
4.2 11UBS 3,047 0.47 19 15 1.2 (3.0)
0.4 21BMO Capital Markets 2,516 0.05 4 16 1.0 0.6
0.1 32Nomura Holdings Inc 2,104 0.07 7 17 0.8 0.7
0.3 24Mitsubishi UFJ Financial 1,969 0.48 9 18 0.8 0.5
0.1 37Commerzbank AG 1,811 0.10 1 19 0.7 0.6
0.5 17CIBC 1,724 0.09 5 20 0.7 0.2
TOTAL 100% 100% 261,235 2650.32 288,217
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.
Consumer Prod/Svcs 13.63%
Financial 38.19%
Government 37.57%
Oil/Gas/Elect 3.24%
Tech/Comm 7.36%
Total: 100.00%
INDUSTRY BREAKDOWN
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
80
120
160
200
240
280
320
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
10©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
U.S. Bonds
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
12.7 1JP Morgan 76,816 0.41 347 1 13.5 0.8
9.4 3Bank of America Merrill Lynch 57,227 0.53 553 2 10.1 0.7
9.9 2Citi 56,230 0.41 274 3 9.9 -
8.3 4Barclays 50,132 0.45 228 4 8.8 0.5
7.1 6Goldman Sachs & Co 49,934 0.35 207 5 8.8 1.7
7.7 5Deutsche Bank AG 40,288 0.33 213 6 7.1 (0.6)
5.9 7Morgan Stanley 39,069 0.42 433 7 6.9 1.0
4.1 10Wells Fargo & Co 22,475 0.61 400 8 4.0 (0.1)
4.0 11BNP Paribas Group 20,179 0.20 93 9 3.6 (0.4)
5.3 8Credit Suisse 19,937 0.49 118 10 3.5 (1.8)
4.5 9HSBC Bank PLC 19,607 0.25 120 11 3.5 (1.0)
2.1 14RBC Capital Markets 19,121 0.28 105 12 3.4 1.3
2.8 13RBS 11,813 0.57 99 13 2.1 (0.7)
3.7 12UBS 9,472 0.76 109 14 1.7 (2.0)
0.4 26Nomura Holdings Inc 5,429 0.16 22 15 1.0 0.6
0.8 15Mitsubishi UFJ Financial 4,685 0.51 32 16 0.8 -
0.5 18Jefferies LLC 4,321 0.48 46 17 0.8 0.3
0.2 38TD Securities 3,612 0.17 31 18 0.6 0.4
0.5 20Mizuho Financial Group Inc 3,565 0.39 24 19 0.6 0.1
0.3 30US Bancorp 2,653 0.69 28 20 0.5 0.2
TOTAL 100% 100% 568,294 2,1010.42 629,852
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes U.S. Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD. Volume in USD millions.
Basic Materials 4.34%
Consumer Prod/Svcs 15.03%
Financial 34.94%
Government 23.68%
Industrial 3.34%
Oil/Gas/Elect 8.82%
Tech/Comm 9.86%
Total: 100.00%
INDUSTRY BREAKDOWN
320,000
360,000
400,000
440,000
480,000
520,000
560,000
600,000
640,000
2100
2200
2300
2400
2500
2600
2700
2800
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
11©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Euromarket Bonds
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
5.6 3HSBC Bank PLC 51,848 0.26 306 1 7.1 1.5
6.0 2Deutsche Bank AG 49,101 0.30 276 2 6.7 0.7
6.2 1Barclays 41,697 0.18 211 3 5.7 (0.5)
5.0 4BNP Paribas Group 35,532 0.22 194 4 4.9 (0.1)
3.3 10Societe Generale 34,003 0.20 139 5 4.7 1.4
4.2 5JP Morgan 33,400 0.30 202 6 4.6 0.4
2.9 12Goldman Sachs & Co 33,191 0.23 114 7 4.6 1.7
3.8 7UniCredit 28,641 0.13 130 8 3.9 0.1
3.3 11Citi 27,826 0.24 160 9 3.8 0.5
3.5 9RBS 26,357 0.20 139 10 3.6 0.1
2.9 13Credit Suisse 24,027 0.26 148 11 3.3 0.4
3.7 8Credit Agricole CIB 22,787 0.18 111 12 3.1 (0.6)
1.9 18Morgan Stanley 19,249 0.26 95 13 2.6 0.7
2.2 16Bank of America Merrill Lynch 19,175 0.16 142 14 2.6 0.4
2.6 14Natixis 17,880 0.27 84 15 2.5 (0.1)
4.1 6UBS 17,277 0.48 126 16 2.4 (1.7)
1.4 23RBC Capital Markets 11,390 0.17 67 17 1.6 0.2
1.8 19Commerzbank AG 11,364 0.17 80 18 1.6 (0.2)
2.3 15DZ Bank AG 10,345 0.05 135 19 1.4 (0.9)
1.6 20Banco Santander SA 10,165 0.09 55 20 1.4 (0.2)
TOTAL 100% 100% 728,666 2,8400.23 952,424
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible Euromarket bonds. Volume in USD millions.
Basic Materials 1.00%
Consumer Prod/Svcs 6.96%
Financial 46.77%
Government 31.10%
Industrial 3.27%
Oil/Gas/Elect 5.67%
Tech/Comm 5.22%
Total: 100.00%
INDUSTRY BREAKDOWN
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
2000
2200
2400
2600
2800
3000
3200
3400
3600
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
12©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asian Local Currency Bonds
1/1/13 - 3/31/13
FIRM
USD (Mln)
RANKMKT
SHARE
DEAL
COUNT
VOLUMEMKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
20122013
Underwriter League Tables
8.4 1HSBC Bank PLC 4,735 0.57 137 1 9.6 1.2
7.4 2Standard Chartered Bank 3,608 0.15 75 2 7.3 (0.1)
3.2 8Axis Bank Ltd 2,985 n/a 104 3 6.1 2.9
3.5 5KB Investment & Securities Co Ltd 1,960 0.27 31 4 4.0 0.5
2.1 14CIMB 1,646 0.06 78 5 3.3 1.2
3.3 7Korea Investment & Securities Co 1,627 0.27 24 6 3.3 -
3.6 4Woori Investment & Securities Co Ltd 1,537 0.28 22 7 3.1 (0.5)
1.4 21Trust Investment Advisors Pvt Ltd 1,357 n/a 83 8 2.8 1.4
2.7 10ICICI 1,168 n/a 51 9 2.4 (0.3)
2.2 13Siam Commercial Bank PCL 1,152 n/a 10 10 2.3 0.1
1.8 17Deutsche Bank AG 1,082 n/a 22 11 2.2 0.4
1.0 31Krung Thai Bank 989 n/a 11 12 2.0 1.0
4.9 3DBS Group Holdings Ltd 945 0.50 13 13 1.9 (3.0)
2.9 9Maybank 876 0.44 85 14 1.8 (1.1)
1.1 28Bangkok Bank PCL 816 0.02 12 15 1.7 0.6
1.2 24AmInvestment Bank Bhd 711 n/a 33 16 1.4 0.2
0.5 47Darashaw & Co 682 n/a 35 17 1.4 0.9
1.3 23RHB 682 n/a 32 18 1.4 0.1
1.8 18Barclays 672 n/a 20 19 1.4 (0.4)
0.9 32National Australia Bank Ltd 664 n/a 15 20 1.3 0.4
TOTAL 100% 100% 49,305 7370.31 64,444
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*
Includes all eligible bonds denominated in SGD, MYR, HKD, KRW, TWD, INR, THB, IDR, VND and PHP. Excludes issues that are callable or puttable
and mature in less than 12 months. Volume in USD millions.
Basic Materials 3.92%
Consumer Prod/Svcs 12.10%
Financial 50.18%
Government 7.77%
Industrial 8.26%
Oil/Gas/Elect 12.81%
Tech/Comm 4.97%
Total: 100.00%
INDUSTRY BREAKDOWN
36,000
40,000
44,000
48,000
52,000
56,000
60,000
64,000
68,000
600
640
680
720
760
800
840
880
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
13©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
U.S. Loans
1/1/13 - 3/31/13
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20122013
Underwriter League Tables
15.1 2JP Morgan 225 1 15.3 0.2 62,545
16.1 1Bank of America Merrill Lynch 252 2 14.3 (1.8) 58,210
8.6 3Citi 117 3 7.9 (0.7) 32,222
8.2 4Wells Fargo & Co 157 4 7.0 (1.2) 28,623
5.3 5Barclays 112 5 5.9 0.6 24,135
3.5 10Credit Suisse 92 6 5.6 2.1 23,022
3.5 9Deutsche Bank AG 92 7 5.3 1.8 21,473
2.5 12Goldman Sachs & Co 89 8 5.1 2.6 20,833
3.8 7Morgan Stanley 85 9 5.0 1.2 20,383
2.6 11RBC Capital Markets 71 10 3.3 0.7 13,445
3.6 8Mitsubishi UFJ Financial 38 11 2.5 (1.1) 10,047
1.2 19UBS 57 12 2.4 1.2 9,599
4.0 6RBS 50 13 2.2 (1.8) 8,958
1.9 13BNP Paribas Group 19 14 1.6 (0.3) 6,679
0.6 26Jefferies LLC 33 15 1.4 0.8 5,784
1.8 16US Bancorp 43 16 1.4 (0.4) 5,661
1.2 18General Electric Capital Corp 42 17 1.3 0.1 5,453
1.5 17KeyBanc Capital Markets 41 18 1.3 (0.2) 5,410
1.9 14SunTrust Robinson Humphrey 45 19 1.3 (0.6) 5,156
0.8 22Mizuho Financial Group Inc 18 20 1.2 0.4 4,876
TOTAL 100% 100% 715 408,306
Includes all eligible U.S. loans. Volume in USD millions.
346,519
Basic Materials 5.97%
Consumer Prod/Svcs 34.81%
Financial 17.73%
Industrial 10.17%
Oil/Gas/Elect 13.52%
Tech/Comm 17.80%
Total: 100.00%
INDUSTRY BREAKDOWN
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
300
400
500
600
700
800
900
1000
1100
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
U.S. Leveraged Loans
1/1/13 - 3/31/13
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20122013
Underwriter League Tables
13.5 1Bank of America Merrill Lynch 177 1 13.6 0.1 36,688
12.3 2JP Morgan 132 2 11.6 (0.7) 31,257
6.0 5Credit Suisse 86 3 8.0 2.0 21,649
4.9 8Barclays 97 4 7.9 3.0 21,272
5.2 7Deutsche Bank AG 86 5 7.7 2.5 20,713
4.2 9Goldman Sachs & Co 83 6 7.3 3.1 19,815
5.9 6Morgan Stanley 78 7 7.1 1.2 19,054
6.4 4Citi 75 8 6.6 0.2 17,898
7.5 3Wells Fargo & Co 86 9 5.3 (2.2) 14,323
3.8 10RBC Capital Markets 60 10 4.2 0.4 11,351
1.9 15UBS 54 11 3.5 1.6 9,316
1.3 21Jefferies LLC 33 12 2.1 0.8 5,784
2.3 13General Electric Capital Corp 39 13 1.9 (0.4) 5,190
3.1 11SunTrust Robinson Humphrey 39 14 1.5 (1.6) 4,142
1.5 18BMO Capital Markets 33 15 1.2 (0.3) 3,370
2.2 14KeyBanc Capital Markets 28 16 1.2 (1.0) 3,179
2.6 12RBS 23 17 0.9 (1.7) 2,335
1.1 22PNC Bank 19 18 0.7 (0.4) 1,854
1.7 17Mitsubishi UFJ Financial 9 19 0.6 (1.1) 1,617
0.5 28Credit Agricole CIB 7 20 0.5 - 1,470
TOTAL 100% 100% 507 269,975
Includes all eligible U.S. leveraged loans (spread of 225bp or more). Loans must be rated less than investment grade by at least one rating agency or not
rated at all. Volume in USD millions.
158,878
Basic Materials 5.79%
Consumer Prod/Svcs 42.99%
Financial 11.55%
Industrial 10.40%
Oil/Gas/Elect 6.26%
Tech/Comm 23.01%
Total: 100.00%
INDUSTRY BREAKDOWN
40,000
80,000
120,000
160,000
200,000
240,000
280,000
200
250
300
350
400
450
500
550
600
650
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
EMEA Loans Mandated Arranger
1/1/13 - 3/31/13
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20122013
Underwriter League Tables
5.8 4BNP Paribas Group 64 1 7.5 1.7 13,443
6.4 1Deutsche Bank AG 50 2 5.6 (0.8) 9,978
4.8 5Credit Agricole CIB 40 3 5.4 0.6 9,568
6.0 3HSBC Bank PLC 55 4 5.1 (0.9) 9,018
3.4 8UniCredit 47 5 4.6 1.2 8,267
3.1 10Societe Generale 52 6 4.3 1.2 7,702
6.3 2RBS 44 7 4.0 (2.3) 7,163
3.4 7JP Morgan 30 8 3.6 0.2 6,463
1.5 17Natixis 29 9 3.5 2.0 6,299
2.6 12Citi 30 10 3.2 0.6 5,636
1.9 14ING Groep NV 40 11 3.1 1.2 5,561
3.3 9Barclays 31 12 3.0 (0.3) 5,399
1.5 16Bank of America Merrill Lynch 24 13 2.7 1.2 4,870
2.2 13Mitsubishi UFJ Financial 23 14 2.3 0.1 4,091
3.7 6Commerzbank AG 34 15 2.2 (1.5) 3,940
0.6 41Credit Mutuel-CIC 17 16 2.1 1.5 3,690
1.1 26Banco Santander SA 20 17 1.6 0.5 2,787
1.2 22Credit Suisse 13 18 1.6 0.4 2,786
1.4 19Sumitomo Mitsui Financial Group Inc 17 19 1.5 0.1 2,634
1.2 24Banco Bilbao Vizcaya Argentaria 23 20 1.5 0.3 2,619
TOTAL 100% 186 178,085
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
142,868
Basic Materials 6.91%
Consumer Prod/Svcs 20.11%
Financial 20.32%
Industrial 8.96%
Oil/Gas/Elect 31.72%
Tech/Comm 11.98%
Total: 100.00%
INDUSTRY BREAKDOWN
©2013Bloomberg Finance L.P. All rights reserved.
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120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
320,000
160
200
240
280
320
360
400
440
480
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
Bloomberg
EMEA Loans Book Runner
1/1/13 - 3/31/13
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20122013
Underwriter League Tables
5.6 6Credit Agricole CIB 25 1 8.8 3.2 13,800
6.1 2BNP Paribas Group 41 2 8.3 2.2 12,952
7.9 1Deutsche Bank AG 29 3 5.8 (2.1) 9,037
1.9 15Natixis 20 4 5.4 3.5 8,501
3.0 12Societe Generale 32 5 5.0 2.0 7,891
5.6 5RBS 29 6 4.3 (1.3) 6,668
5.9 3JP Morgan 24 7 4.2 (1.7) 6,646
3.8 9UniCredit 28 8 4.2 0.4 6,627
2.2 13Mitsubishi UFJ Financial 17 9 4.2 2.0 6,560
1.9 14ING Groep NV 27 10 3.7 1.8 5,713
1.5 20Bank of America Merrill Lynch 19 11 3.4 1.9 5,387
5.2 7HSBC Bank PLC 31 12 3.4 (1.8) 5,251
3.5 11Barclays 18 13 2.9 (0.6) 4,471
5.6 4Commerzbank AG 25 14 2.8 (2.8) 4,328
3.7 10Citi 15 15 2.3 (1.4) 3,667
0.9 31Sumitomo Mitsui Financial Group Inc 12 16 1.9 1.0 2,942
1.0 28Mizuho Financial Group Inc 8 17 1.7 0.7 2,638
0.4 44Intesa Sanpaolo SpA 8 18 1.4 1.0 2,243
1.8 18Goldman Sachs & Co 8 19 1.4 (0.4) 2,150
1.9 16Banco Bilbao Vizcaya Argentaria 12 20 1.2 (0.7) 1,931
TOTAL 100% 100% 135 156,409
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
115,330
Basic Materials 7.35%
Consumer Prod/Svcs 18.90%
Financial 19.41%
Industrial 7.43%
Oil/Gas/Elect 34.34%
Tech/Comm 12.57%
Total: 100.00%
INDUSTRY BREAKDOWN
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
120
160
200
240
280
320
360
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
2©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asia ex-Japan Loans Mandated Arranger
1/1/13 - 3/31/13
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20122013
Underwriter League Tables
7.8 1State Bank of India 17 1 14.8 7.0 7,987
6.2 3Bank of China 29 2 5.9 (0.3) 3,205
2.3 15DBS Group Holdings Ltd 24 3 3.7 1.4 2,001
3.0 9HSBC Bank PLC 23 4 3.7 0.7 1,989
2.0 17Standard Chartered Bank 20 5 3.1 1.1 1,663
0.2 66Deutsche Bank AG 15 6 2.8 2.6 1,493
1.9 18ANZ Banking Group 17 7 2.6 0.7 1,407
3.1 7Oversea-Chinese Banking Corp 15 8 2.4 (0.7) 1,285
2.5 12United Overseas Bank 9 9 2.3 (0.2) 1,218
0.9 30Industrial & Comm Bank of China 9 10 2.1 1.2 1,108
2.4 13Mizuho Financial Group Inc 16 11 2.0 (0.4) 1,094
4.3 4Sumitomo Mitsui Financial Group Inc 17 12 2.0 (2.3) 1,084
2.2 16ICICI 2 13 2.0 (0.2) 1,052
1.3 21Citi 8 14 2.0 0.7 1,052
2.6 11Maybank 7 15 1.9 (0.7) 1,041
0.8 33Hana Financial Group Inc 8 16 1.9 1.1 1,000
1.0 27Bank of Taiwan 18 17 1.8 0.8 967
4.2 5Mitsubishi UFJ Financial 16 18 1.6 (2.6) 845
1.2 23Taishin Financial Holding Co Ltd 11 19 1.5 0.3 789
0.1 75Bank of America Merrill Lynch 7 20 1.4 1.3 748
TOTAL 100% 100% 194 53,914
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
58,017
Basic Materials 8.54%
Consumer Prod/Svcs 8.99%
Financial 26.46%
Industrial 19.22%
Oil/Gas/Elect 32.31%
Tech/Comm 4.49%
Total: 100.00%
INDUSTRY BREAKDOWN
50,000
55,000
60,000
65,000
70,000
75,000
80,000
85,000
90,000
95,000
180
200
220
240
260
280
300
320
340
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
18©2013Bloomberg Finance L.P. All rights reserved.
LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>
Bloomberg
Asia ex-Japan Loans Book Runner
1/1/13 - 3/31/13
FIRM RANKMKT
SHARE
DEAL
COUNT
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
VOLUME
USD (Mln)
20122013
Underwriter League Tables
2.5 11State Bank of India 14 1 23.2 20.7 7,945
3.5 7Standard Chartered Bank 13 2 6.2 2.7 2,134
12.9 1Bank of China 14 3 5.3 (7.6) 1,817
0.7 33ANZ Banking Group 7 4 3.4 2.7 1,179
2.2 12Bank of Taiwan 16 5 3.2 1.0 1,094
1.4 23ICICI 2 6 3.1 1.7 1,052
0.5 39Hana Financial Group Inc 8 7 2.9 2.4 1,000
6.0 3Axis Bank Ltd 7 8 2.9 (3.1) 990
0.3 53Siam Commercial Bank PCL 2 9 2.6 2.3 902
1.0 29Deutsche Bank AG 10 10 2.6 1.6 899
0.9 31DBS Group Holdings Ltd 7 11 2.6 1.7 878
2.7 9HSBC Bank PLC 11 12 2.4 (0.3) 806
1.8 19Taishin Financial Holding Co Ltd 10 13 2.2 0.4 753
1.9 18Mizuho Financial Group Inc 7 14 1.9 - 666
1.3 26Mega Financial Holding Co Ltd 16 15 1.9 0.6 659
0.9 30BNP Paribas Group 8 16 1.8 0.9 625
5.1 5Woori Finance Holdings Co Ltd 2 17 1.5 (3.6) 526
2.1 14Sumitomo Mitsui Financial Group Inc 6 18 1.5 (0.6) 524
0.3 49Yes Bank 7 19 1.3 1.0 433
2.0 15Land Bank of Taiwan 8 20 1.3 (0.7) 431
TOTAL 100% 100% 150 34,182
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
31,916
Basic Materials 11.61%
Consumer Prod/Svcs 10.08%
Financial 19.98%
Industrial 22.41%
Oil/Gas/Elect 30.70%
Tech/Comm 5.22%
Total: 100.00%
INDUSTRY BREAKDOWN
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
70,000
120
140
160
180
200
220
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
QUARTERLY VOLUME
USD (Mln) / #Deals
19©2013Bloomberg Finance L.P. All rights reserved.
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Bloomberg League 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.
Credit is based on the total amount of the offering sold to the public. Full credit is awarded to sole book-running manager or split equally among joint book-running managers. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/inc.
Fixed Income 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. Note: criteria may vary for some local and/or regional tables.
U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar 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 will be eligible for credit.
Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under US$50 mln. Note: criteria may vary for some local and/or regional tables.
Equities- Linked Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.
Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarch titles, i.e. Jr Bookrunner.
Equities Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.
Loans Includes executed syndicated loans transactions. Full credit is awarded to the sole bank satisfying the highest of the titles. Credit will be awarded equally among multiple banks that share the highest agent/manager title. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded to following structural changes only: 90 day or more maturity extensions, incremental basis for increased in deal size, reduction in pricing, full release of security.
Exclusions: Bilateral transactions, guaranteed deals (including but not limited to Letter of Guarantee, Performance Bond, CP Guarantee or Bank Guarantee), deals with a maturity of less than 90 days (limit of one amended maturity per loan ,per year), cancelled or withdrawn transactions that are not executed prior to deal’s cancellation or withdrawal.
Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional: {IDOC 2016701<GO>}: Equity {IDOC 2027097<GO>}: Equity Linked {IDOC 2061504<GO>}: Structured Notes {IDOC 2016703<GO>}: Fixed Income {IDOC 2065648<GO>}: Syndicated Loans {IDOC 2027014<GO>}: Legal Adviser Fixed Income {IDOC 2021549<GO>}: Legal Adviser Equity
