3Q2016 Cover Page.ppt - Sullivan & Cromwell€¦ · GLOBAL CAPITAL MARKETS REVIEW† Global Debt &...

GLOBAL CAPITAL MARKETS REVIEWREUTERS / Henning Gloystein

GLOBAL CAPITAL MARKETS REVIEWLEGAL ADVISORS

First Nine Months 2016

2

1

Global Straight Debt Excluding ABS & MBS (G03) - Issuer

1

Global Straight Debt Including ABS & MBS (G02) - Issuer

Global Straight Debt Including ABS & MBS (G02) - Manager

2

2

1

Global Debt, Equity & Equity-related Excluding FCA (G01) - Manager

Quarterly Global Legal Advisor Debt, Equity and Equity-related Chart

First Nine Months 2016 | Global Capital Markets | Legal Advisors

GLOBAL CAPITAL MARKETS REVIEW

Table of Contents

Global Capital Markets

Global Deals Intelligence

Global Debt, Equity & Equity-related Excluding FCA (G01) - Issuer

1

10

10

Australia International Bonds (BW1) - Issuer

Australia International Bonds (BW2) - Manager

EMEA Capital Markets

7

7

All International Bonds (AV1) - Issuer

All International Bonds (AV2) - Manager

Canada Capital Markets

6

6

6

6

Canada All Debt (CAL1) - Issuer

Japan Capital Markets

Japan Common Stock (JL1) - Issuer

Japan Common Stock (JL2) - Manager

Samurai Bonds (JL5) - Issuer

Samurai Bonds (JL6) - Manager

11

11

11

11

Canada All Debt (CAL1) - Manager

Canada Equity & Equity-related (CAL4) - Issuer

Canada Equity & Equity-related (CAL4) - Manager

US Equity & Equity Related (AB2) - Manager

4

4

US Debt, Equity & Equity Related (AB1) - Manager 4

Global Straight Debt Excluding ABS & MBS (G03) - Manager

US Capital Markets

2

US Equity & Equity Related (AB2) - Issuer

12

Thomson Reuters Solutions For the Deal Making Community

13

Global Equity & Equity-related (G08) - Issuer

3

4

7

Global Equity & Equity-related (G08) - Manager

US Debt, Equity & Equity Related (AB1) - Issuer

3

US Straight Debt Including ABS & MBS (AB6) - Manager

US Straight Debt Including ABS & MBS (AB6) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Manager

5

5

5

5

Australia Equity & Equity-related (BY2) - Manager

9

10

10

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) - Manager

Australia Equity & Equity-related (BY1) - Issuer

Thomson Reuters Contact

8

8

7

te at o a o ds ( ) a age

EMEA Equity & Equity-related (AX1) - Issuer

9

Asia Pacific G3 Bonds (BV1) - Issuer

Asia Pacific (Ex Japan) Capital Markets

8

8

Asia Equity & Equity-related (BX1) - Issuer

Asia Equity & Equity-related (BX2) - Manager

Asia Pacific G3 Bonds (BV2) - Manager

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) - Issuer

EMEA Equity & Equity-related (AX2) - Manager

https://www.thomsonone.com

Sa u a o ds (J 6) a age

Criteria Summary

Ranking Criteria Summary 12

Total combined debt and equity capital markets activity totaled US$5.9 trillion for the first nine monthsof 2016, an increase of 18.6% in comparison to the capital raised in the same period last year.

Allen & Overy was the top overall advisor to issuers across debt and equity in 2016; advising issuers on194 deals totaling US$153.1 billion. Allen & Overy was also the top overall advisor to managers acrossdebt and equity in 2016; advising managers on 474 transactions totaling US$363.8 billion.

Global Straight Debt excluding securitizations totaled US$4.7 trillion in 2016, representing a 31.2%increase compared to the first nine months of 2015. The total number of deals executed in the first threequarters of 2016 (13,151) increased by 34.1% relative to 2015's first nine month total.

Global equity capital markets activity totaled US$483.5 billion in 2016, representing a 27.5% decreasefrom last year. The total number of deals executed in 2016 (3,313) decreased by 9.5% relative to 2015’s first three quarter total. Latham & Watkins took first place among issuer advisors in global equity capital markets during 2016,with 54 issues totaling US$20.3 billion. Latham & Watkins was also the leading global equity and equity-related legal advisor to managers, having advised on a total of 97 transactions with a total value ofUS$33.5 billion in proceeds raised.

Global follow-on offerings totaled US$339.7 billion during the first nine months of 2016, a decrease of28% compared to a year ago and the slowest first nine months for follow-on offerings since 2012.Follow-on offerings from companies in the oil & gas sector accounted for 13% of capital raising during

-470.352

10

0.360

0.4

8582

11 129

0.5Davis Polk & Wardwell 0.5Skadden

White & Case LLP 0.5

13

Mayer Brown LLP

10*

17Zhong Lun Law Firm 21*Shearman & Sterling LLP

19Cleary Gottlieb Steen & Hamilton

16 15

0 3

75Grandall Law Firm

16

92

▼-700.5

Kirkland & Ellis

12

53

87

3915

0.5 +8

0.3

0.480

-31

▼

42,401.761,724.8

11,297.7

1.1-32108

100.7

153,091.8

0.6

▼

0.6113,778.2

▼

2125 1.95

Change in

-4Linklaters-1

-0.1 ▼

Rank# of DealsShare

Sullivan & Cromwell

Sidley Austin LLP114

9797

3

6*

4

Jan 1 - Sept 30

Market# of Deals per Advisor Proceeds per Advisor (US$m)

2.61Proceeds

Global Debt, Equity & Equity-related Ex FCA (G01)

▼

7

1

2016 Rank Deals

# of

1.1

8

46 99


GLOBAL CAPITAL MARKETS REVIEW†

Global Debt & Equity Proceeds Up 19% | Equity Proceeds Down 28% | Straight Debt Proceeds Up 31%

Share Ch.Market

-0.3

Market

194Sh (%)

2015 Rank

5

2 5

Anderson Mori & Tomotsune

Latham & Watkins 3

Issuer Legal AdvisorAllen & Overy

-1714

▼0.50.6

8▲

-26▼

▼-1019 507▼ 1.4

-0 -0.2

-0 30 1-1.2 ▼

1311,164.5

48 ▼

1.0▼

0.4

0-0.7

▼

+110.91.0

14▼▲

1151,421.1

19,316.2▼

+460,994.2 -0.3

-1.01.40

55,997.6

0.3 -

136,870.5 ▼2.381,608.1 8 ▼

27

▼-18 ▼

-6 ▼-0.6

9 -0.166,286.7 1.1

212,501.24115,223.2-26

89,162.7+40 ▲

6

+0.12.0

-0.70.7

-0.3▼ 38,865.9+1.11

0.7

-0.4 ▼

-0.2 ▼

3.6

▼0.2

▼

70

King & Wood Mallesons

Morgan Lewis & Bockius 9Simpson Thacher & Bartlett

Clifford Chance

6*

25 882

0.5▲

3

35,268.6

-11

▼18

0.5 ▼▲

15

-19 ▼14

731713

▲-17

-3

10*

23*

▲

+0.1-1.2

0.61.5

18

8 307 481,820.5

▼ 40

Baker & McKenzie 20*

hare

▲ 100.0

32 ▲▼

17 0.6 +0.1 ▲Paul, Weiss 20* 32* 50 0.3 +11 ▲ 36,650.9

▼

Blake Cassels & Graydon 20 25* 38 0.2 ▲ 0.2

Quarterly Global Legal-Advisor Debt, Equity and Equity-related

Freshfields Bruckhaus Deringer 19 18 0.48,881.6

-0.2+0.1

Follow on offerings from companies in the oil & gas sector accounted for 13% of capital raising duringthe first nine months of 2016, up significantly from 6% of overall followon offerings a year ago.

High grade corporate debt offerings targeted to the US marketplace totaled US$1.1 trillion during thefirst nine months of 2016, a 9% increase compared to the first nine months of 2015. This marks theeighth consecutive year-to-date increase for US marketplace investment grade debt since the assetclass registered a 27% decline in 2008.

22 42 0.2 -1 22,866.7

Mayer Brown LLP

25*18

Sullivan & Cromwell

-8.5%18.1%

† Excludes Federal Credit Agency Issuance

-12.8%▲

% Change from Last Quarter18.6%

17,952Industry Total

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

% Change from Same Period Last Year

+2,748

▼


99

▼+1

-8

▼

5,869,974.1▲

15,549.1

Sidley Austin LLP

1416

81011Shearman & Sterling LLP

Davis Polk & Wardwell

6

100.0

59

0.20.3

76

Latham & Watkins 3

0.4

Deals

4

1

3 42

-42Allen & Overy

Industry Total

-8.5%

0.3

8

71

-38

0.4 -190.4 0

0.3-54

9

+6

13

4355

0.3

68917

11

60 ▼▼

37,165.6 16 -0.40.61.5

15 0.9

0.31.0 -1.2

23▲

▼ 1.8 -0.2

-1.056,154.3

13

0.6

▼ 88,963.0

61,101.8-51

30

1452,879.2

▼

1.014

-

7

10142

121.7

85 0.5 -13▼

104,735.4

0.7122-37 ▼

▼

102,065.0


-0.91.21270,551.1

88,499.7 11 1.5

4

18

▼

+65

Simpson Thacher & Bartlett +2

1921,643.67

143172 ▼

8

0.9

▲2.50.4

129,423.4

-74+6

6

-109

-28-661.1

1.6-15

▼ 123,731.8▼

▼10

474

+2,748

19

▼228

# of Market

50

18.1% ▲

100.0

18.6%

5 6

211,615.41 2.6

281

0.3

5,869,974.1

0.148 ▼

Proceeds

17,952

▲

8,307.4

# of Deals per Advisor

▼

1.32

2016 Rank

2015 Rank


Global Debt, Equity & Equity-related Ex FCA (G01)

Rank

Clifford Chance

Manager Legal Advisor

% Change from Last Quarter

▲0.8

1275

0.7

0.8

192

Hogan Lovells

15

Cleary Gottlieb Steen & Hamilton

Baker & McKenzie

Morgan Lewis & Bockius 9Cahill Gordon & Reindel

20

Linklaters

White & Case LLP

1213

Cravath, Swaine & MooreSkadden

1716

100.0

* tie

-0.1

▼

+0.1

+0.6 ▲▼

▼▼

-1.3

-0.2

7 -0.7▼

▼

# of Deals

▼-1

3.6225,738.6

Change in Share Ch.

▼

▼

Sh (%)363,834.2 6.2 0

-1.7

2.1

-12.8% ▼

Proceeds per Advisor (US$m)Market

Jan 1 - Sept 30

Market

-1.223

3.9

-0.9

▲

2.2

5-0.9190,913.1 3.3

145,592.1 -1.2▼▼

▼

▼

-0.1

▲

▼

▲

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

0

500

1,000

1,500

2,000

2,500

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q 4Q

1Q15 2Q 3Q 4Q

1Q16 2Q 3Q

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

1

100 05 311 220 9

Share Ch.

+0.1

4140


2

# of

59

3.1

Market

4

1.0 -0.3

Mayer Brown LLP

Proceeds

5-30

▼▼3 1.0

▲+15

1-41 -0.3229

▼ 355,355.7-961.6 3.5

448

0.8

▼

▲

139 1.0

0.8 +66+1

68

▲

11

Simpson Thacher & Bartlett

Cahill Gordon & Reindel 10 8

6

▼ 80

117116115 -76

▲

0.8 ▼

187,976.5117,838.0

0.2

6-9

242 3.5

94

Jan 1 - Sept 30

20,319.8

101,749.3

6.73


Global Straight Debt Including ABS & MBS (G02)

Rank# of Deals Sh (%)2016 Rank Deals

Proceeds per Advisor (US$m)2015 Rank

Change in Share

2015 Rank

2016 Rank

# of Deals per AdvisorMarket

Manager Legal Advisor Share

Global Straight Debt Including ABS & MBS (G02) Jan 1 - Sept 30


178Allen & Overy 1 1 ▲

Change in # ofIssuer Legal Advisor Deals

5

32,803.4

1250,781.3

16

8795

0.61

0+1.2

-1.283,910.7

Share Ch.Proceeds1.2

# of Deals

0.7 ▼▼

▲+17 195,123.0 3.7

0.80.2

▼

▼41,459.548,307.7

-0.4

102,911.9▲

1.6

-0.2-17

▼-0.1

-37

▲0.5

0.8

49

14

1.010

118,788.1

▼

▲

21

Shearman & Sterling LLP 15*

6▼

-21▼▼

▲-0.3

Industry Total

Allen & Gledhill 32

14 337

18

0.4-

17 91819

0.30.342

21

100 0

26*57,829.6

7

▼20,811.3

+17 ▲-8

1.4 -1.0Skadden

▼

Cleary Gottlieb Steen & Hamilton0.4

+0.121*

Hogan Lovells-0.4 Milbank Tweed Hadley & McCloy

0.21.128


27 0.20.2

11

Hogan Lovells 20*

0.349

15

-36

+3 162

▼

0.84

-0.1▼▼

▼

-1.10.3

0.678

1.92 -0.5 1

9

Industry Total

2

▼▲

Sullivan & Cromwell

8,666.2

Rank

Cravath, Swaine & Moore

7

4-0.739,772.6

Linklaters+3

Sidley Austin LLP

-0.8

-0.3

Morgan Lewis & Bockius

3109

3 -22+3

2.7144,572.8 Allen & Overy 1

Proceeds per Advisor (US$m)

Sh (%)▼

Market

187,434.22.2

-0.1

177,745.7

05

MarketMarket

-1.3

1.3

▼

-1.2-1.8

19 26

▼-0.3

20,340.1

10,269.0

0.317 0.318

0.2

15* 18 47

100.0

32

-28

-41

▼

7

0.50.6

▼

+14

▼

White & Case LLP

-

▼▼

80,454.9-0.1

11

114 0.874

Sidley Austin LLP5

6 19*Clifford Chance 2

▲

▼0.5 -9 ▼

-120.6

410.5 -58

53,040.9 102.2364 0.5

65 1.0-3

-15

Linklaters

Sullivan & Cromwell 5 15 83Anderson Mori & Tomotsune 4

2

White & Case LLP 8 10 67


+0.262

Mayer Brown LLP 9 6

Simpson Thacher & Bartlett 11

0.5

7*10Davis Polk & Wardwell 13*

0.4

▼

▼ 1.9▼

Latham & Watkins 12 7* 60 0.4 -19 ▼▼

0.40.4 -8

-15Kirkland & Ellis 13Skadden 14 13* 52

16 57

15*


11

34

822King & Wood Mallesons

37

66,961.7

9,874.6

51,510.376,115.3

9

16

13 0.9

Shearman & Sterling LLP

1.3

1213

7

89 6


Latham & Watkins

5

Clifford Chance 7 31269,564.4

9

123,859.2

1.73.4 -0.9

-0.6

-1.74

2.3

90,031.1

97,079.0

-240.7

13*15

-16-6

0.4

▼▼

8

1.51.8

1.6

71.8

▼-0.4+11

▼-29

00.736,559.7

-1.493,556.9

+0.245,488.3

16▼▲ 1085,020.6

▲▼ 13

14 17 52 0.40.4

-1.0

5512

12,919.7-39

0.2

15* 10 47 0.3

27*11 46

2344,143.2▼

▲

100.0

▼

▼

0.8

GLOBAL DEBT CAPITAL MARKETS†

-0.9

▲

▼▼

-

▲-0.9

▲

▼

▼▼

▼

150.2 -0.1 ▼

5,311,220.9

-4 ▼

14,337 +3,1620 -0.5 ▼

0.4 ▼

56,921.8

▲

14

18

1.10.9

▼

Paul, Weiss 20* 30 27 0.2 +5 ▲ 27,999.1 18 0.5 +0.1 ▲Freshfields Bruckhaus Deringer 20 24* 25 0.2 +5 14,532.0 21 0.3 0 -

4.1

▼

Industry Total

100.05,311,220.9

-0.7 ▼

0.30.4

0.1+0.2

▲

-2,948.6▲

00.6

0.2 ▼

100.0

0.2

Hogan Lovells 19* 22*19* 17*

2525

▲


Allen & Gledhill▲

▲

+3,34520 0.4

13,151 +3,345

-8 ▼ ▼0.4 19 ▲20

34.1%

-10 42

▼

-1

4,727,305.5


4,727,305.5 100.0

▼

19,403.9

31.2%

100.0

▼▲

29*

19*

▲

0.3▲15+9 27,106.5

20,340.1

▼

9,364.7

22

-1

2224

Gibson Dunn & Crutcher32* +13

34

-0.3

15 -0.928*

-21

2012,588.6Freshfields Bruckhaus Deringer

15

26*

34,582.2

▼1.215 ▲+0.2

57,829.6 9

Shearman & Sterling LLP 13 17*Cleary Gottlieb Steen & Hamilton

48

+16

40+15

0.315Hogan Lovells

38

26

Kirkland & EllisAllen & Gledhill

Freshfields Bruckhaus Deringer 18,101.0

28 0.2 ▼

0.70.2 +15

0.9▼0.2 +0.1 ▲ 31

Milbank Tweed Hadley & McCloy

13

▼0.3

1

▼

▲ King & Wood Mallesons

0.2

-0.5

1.6

▲

64,512.10.4

10-21

27,954.1 0.6

▼

▼▲ 8

Latham & Watkins 7Cahill Gordon & Reindel

▼

1.8 -1.34

▼ Davis Polk & Wardwell+1.1

Clifford Chance▼ 3

-94 ▼

-18-101

1391

0.9 9 797 80 0.6

0.76

20*

12*

0.2

0.21826

18

16

0.2

23*


▼▼

-0.4-0.3

0

▼

Skadden


2.21.0

44

9

5213

Sidley Austin LLP68

12

10

118,788.1 2.53

13

Cleary Gottlieb Steen & Hamilton+11

1.4

1.119

-0.311

0.5109

2.1

41,088.842

0.5

▲14White & Case LLP

-1.1 15

▼-0.5 Sullivan & Cromwell-

16 0.5

49


7

17

20,319.81210

36

11

King & Wood Mallesons 141111 8 -1.4

▼7Cravath, Swaine & Moore-15

1618

75,436.1

0.4

39

▲

▲

14

16

50Sidley Austin LLP 14Skadden

10 0.4

0.3▼

0.4

0.4

-6

101,405.2

-6

50,754.3

▼

0.5 ▼▲+3

▲

+0.3

-0.140,886.424,398.3

▼

48,035.2

2

550.458

600.5

74

620.564

▲▼

25.5%

Market

28.3%

# of Deals per AdvisorChange in


Industry Total 14,337 100.0

136,841.0

-13.9%

Market

▼

Issuer Legal Advisor

▲

Share Proceeds

Jan 1 - Sept 30


2.9

0.6

% Change from Last Quarter -9.7%

-120.78*Sullivan & Cromwell

Allen & Overy

Global Straight Debt Excluding ABS & MBS (G03)

1.3Linklaters

2015 Rank

# ofDeals

1

2016 Rank

-16

2

31

0.8

-43

-

+9-14

# of Deals+6

+3,162

0.312,532.6

8,666.2

▼▼

6

106

12

114

2.0

-0.8

115

926 8

Manager Legal Advisor

▼4

105

0.6


1

53

117


3.3

▼

-0.1

-1.0

84,043.8-1.1-0.7

80,454.9 1.7 ▼

7

55,746.3

-4 ▼

-24

-28

-1.7▲

11

0.3▼

-5

0.3

59▼

+9

▼

0.9

1.81097,079.0

0.6

-30

0.412

-16

14

93,556.9

-71

▼ 1.9172,370.1

-22 8+12

89,031.30.8

1.1

0.9

▼

4.0

7.1Share Ch.

2.6 -2.1123,859.2▼ 54▲ 3.7 0

-2.4

Deals

Global Straight Debt Excluding ABS & MBS (G03)

# of Market

▲

▼# of Deals

▲

▼187,976.5

3

2210,269.0

101,368.7

▼8*Davis Polk & Wardwell

▼


12*

5Clifford Chance65

83 195,123.0▲+17

-0.72 2.1 -0.25

87 35

1680

2016 Rank

223

Share Ch.432

0.23 4

▲

-0.1

2Rank Sh (%)

MarketShare

2015 Rank

Simpson Thacher & BartlettWhite & Case LLP

6

7

Latham & Watkins 9

128 5

85,020.6

▼▲

-0.8

▼+0.1

21

Paul, Weiss +5

▼

* tie† Excludes Federal Credit Agency Issuance


% Change from Last Quarter-9.9%% Change from Last Quarter -14.5%

Industry Total

▲34.1%

-14.5%

31.2%

-9.9%

100.013,151


1.81.2

16

▲

Jan 1 - Sept 30

41,210.5

-0.1

▼

▼

2

RankProceeds

-1.6

-13.9%

▼

▼▲

+0.2

▼


25.5%

-0.4

▼

3.9-0.4

-▼

Allen & Overy

% Change from Same Period Last Year-9.7%

▼

▼

▼

Sh (%)

▼

+1

183,413.81.7

83,910.7 6

-0.10.217

▼ 2Linklaters

0.2

-0.1

2

0.9

Market

▼

Change in

▲28.3%

1337,646.2

Market

▲

O'Melveny & Myers 20* 32* 20 0.2 +9 ▲ 20,292.1 17 0.4 +0.1

2

-346 ▼ 100.0

21*

17*

10

1611*

Herbert Smith Freehills

Industry Total 3,313 100.0

Clifford Chance

100 0

0.5

▼0.4

10* 8White & Case LLPSkadden


Cahill Gordon & Reindel

13 6*10*

Cooley LLP6*

0.6

0.5 8,508.1▼

15

▼

▼

0.5

17

+0.71.714

1.5-0.2

15

-9 8,044.7

-0.9

1.3▼-21.810 -0.6

8,244.0 1.7

6,472.4

▲1.8

0.7 ▼ 10,377.2▲ ▲

▲+0.3

36,518.3 133,548.7

3

2

253,597.3

▲ +0.1-43 ▼ +0.7

0.9

7.6 ▲

▲2.7

▼0.7

▼

-1.0

▲

+0.2 ▲

-0.2

▼

-1.5+0.1

▼

+2

▲

9 1.8-15

8,478.6 +0.6

45

▲11

19

22

17

22 0.7

0.50.5

▲Baker & McKenzie 10* 25*

Vinson & Elkins LLP 16

1,870.4▼

▲

▼0.7

-1.4

8 13* 27 0.8

20140.6

180.3

00.9

▼4* 9

Allen & Overy 9 13*

2818*29

▲ 4,533.0+0.60.9 11,319.7-

+8

▼5.0

+0.6421

-0.3

6

4.1 +1.9

2.3

Ropes & Gray483 501 4

0.633*

0.73,217.6 4396

Paul, Weiss ▲ 1716* 33*20*

0.2

0.7

0.4▲+5▼-9

3,127.6▲ 44+0.3

0.5

-3 ▼ 4,420.6 337,512.2

67986.7

-22

+0.61.6

17*▼

Stikeman Elliott▼-0.2

-3

▼-0.317

▼

DLA Piper LLP

▼Shearman & Sterling LLP2,053.3

100 0

21 0.6

3 313

+420*

Grandway Law Offices 2216* 27* 0.716*

-346

0.722

Norton Rose Fulbright

+311

22

AllBright Law Offices

Industry Total

0.7

17* 21

13 14 24Appleby 14*

-0.2

+5▲

560.7 ▼33* 22

24* 23Cooley LLP 14* 4 23

16*

25

0.1+3

2.11.1

0.70.7 ▼

▲

-5

2,456.7

5,094.8

▲-0.1 ▼

12137

1.9 +0.5▲▼ 10,213.7

8,961.9-5Vinson & Elkins LLP 12 12* 25 0.8Venable LLP

9

Skadden13

+0.6Goodwin Procter LLP 11 8* 26 0.8 -7 ▼Tian Yuan Law Firm 9* 39* 27 0.8 +11

4 3.0 +0.5▼ 14,626.41.88,617.3 +1.1▲

6Simpson Thacher & Bartlett 8 6* 29 0.9 -10 2.7▲

9* 10 27 0.8 -513,258.5▼ -1.0

Baker & McKenzie 7 12* 33 1.0 +3 ▲

0.1 030

4,630.1 274,559.1

1.0 +0.40.95* 5 34 1.0 -8

▲5* 17* 34 1.0King & Wood Mallesons 4

+1.1▼ 37

11,639.63,963.5 0.8

7

8

Zhong Lun Law Firm

▲+3

6* 37 1.1

3

▼Handsome Attorneys at Law +10

Conyers Dill & Pearman 3 2 42 1.3 -212Grandall Law Firm 50 1.5 2.4 88


2.9Manager Legal Advisor


# of

Latham & Watkins2

2015 Rank

2

MarketSh (%) Share Ch.# of Deals

2.7

▼

▲Latham & Watkins 1 -1354▼

1

▼3 -12

Global Equity & Equity-related (G08)

-71.6

2016 Rank

97

# of


Proceeds2015 Rank


Share Ch.


DealsMarket

Jan 1 - Sept 30

Share Deals ShareIssuer Legal Advisor2016 Rank

GLOBAL EQUITY CAPITAL MARKETS

MarketChange in Proceeds per Advisor (US$m)

0.8

-9

0.9

19,824.7

-13Sidley Austin LLP

7

5

39

▲

13,084.7

▼


23,998.1-23

5 29

34 29

4*

▲

-0.4

▲

▼

▲

+0.3

+0.2 ▲

▲

-7

483,501.4

16▲

-10

18*18

1717*

18*

Freshfields Bruckhaus Deringer▼17*

31

-16 1,433.0

+5

8,678.0

2,604.8

▼

0.6 6,000.8▼

0.5

137,271.9

22

-0.6

8

1.2+1

-6

Jan 1 - Sept 30

2.2

▼

▼-0.4

6.9

Market

+0.2 11.6

Market Change in

Global Equity & Equity-related (G08)

20,265.3▼Proceeds

11,109.0358.0 165

1Rank Sh (%)# of Deals

-2

1

▼

0.9

Goodwin Procter LLP

Rank

4*

▼Blake Cassels & Graydon

+1

Linklaters

26

0.952

▲

▲

▲

+0.2-

-0.42.3

4.2

21

17+0.5

512.4

0.7

100.0

▲

483,501.4

▼ -27.5% ▼% Change from Last Quarter -3.3% ▼ 2.9%

▼▼

% Change from Same Period Last Year% Change from Last Quarter -3.3% ▼

-9.5% ▼% Change from Same Period Last Year

100.03,313 346

-9.5%

Industry Total


2.9% ▲-27.5%

* tie


3

† Excludes U.S. Federal Credit Agency Issuance

2.11.5

+0.4+2.1-1.7

▲▲▼

+5-6

-▲▼

1,988.73,089.82,219.817*

666

1.11.11.1

23 1.5 +0.8 ▲

Hogan LovellsPillsbury Winthrop Shaw Pitt LLP

Ropes & GrayMorgan Lewis & Bockius 17* 25* 7 1.3 -1

-1.220*20*20*

100.0

▼ 2,271.60.3 -0.3 ▼1.4 -0.8

-2.1%

▼

3.84.1

68*

▲

-1

-252

▼

3.0

30

▼

0.2% ▲▼

100.0

-1.7

100.0 -377

-13.1%-4.7%

▼

▼

▲+0.5

148.0

2.5

-5

1.0-4

3,643.9-8

▲

-3.9% ▼

▲

-2.1%

6

-3

▼

0.3

+67,333.2

3,333.8

-32.1% ▼ -29.8% ▼% Change from Last Quarter% Change from Same Period Last Year

Akin, Gump, Strauss, Hauer & Feld 16 13 ▼ 2,034.4 25

-121.3

8 1.5465.6Fenwick & West LLP 17* 25* 7 ▼

1,415.9 34

-6

1.0 -1.1-2 ▼ 1,509.5 3212* 16 9 1.7

Kirkland & Ellis 12* 14 9 1.7

Baker Botts LLP 12* 15 9 1.7Faegre Baker Daniels LLP 12* 85* 9 1.7

-3 ▼ 3,434.5 15-9

+7 4,624.3 11▲

5,540.1 8▲+4▼ 1,298.6 38

Hogan Lovells 1011 9 10WilmerHale

17* 14 2.6▼

1.93.7

Wilson Sonsini Goodrich & Rosati 8* 10* 15 2.8 4,632.1-1Skadden 8* 7 15 2.8 ▼-10Ropes & Gray 7 8 20 3.8 4,300.9▼-1Cooley LLP 6 2 21 4.0Simpson Thacher & Bartlett 5 4 4.1Venable LLP 4 5 24 4.5 -5

9

14

10▲▲

6.32.9

3 -0.53.1

▲+1.5 ▲

6.9

+0.4+2.3

▲▼

-1.6

2* 3 25

Market

▲▼ 5,018.94.7

-1244,523.4

1 ▼

-4.7%

-24▼78

+3.7


12

105.9

# of Deals Proceeds


Paul, Weiss

10


9

5

15*

17 2515* 20*

1.3

26 0.9

Cooley LLP

15*

Allen & Overy

0.8

▲Hogan Lovells


Venable LLP

Vinson & Elkins LLPCleary Gottlieb Steen & Hamilton

11

Goodwin Procter LLP12


1914 17 31

83213

22*

11

-38▼

1+14

▼ 108,968.0

2.6

3.2182,510.6▲

Sh (%)

Mayer Brown LLP

Kirkland & Ellis

Simpson Thacher & Bartlett79

Latham & Watkins

Skadden

9

5

81Sullivan & Cromwell

2016 Rank

2

2015 Rank

21

Issuer Legal AdvisorSidley Austin LLP 89

MarketDeals

3

2.2

2.5-13

73,775.055,825.4

6

▼1.6 -11.5

+1118,320.1

1.7

43

▼

0.95

111,541.99

▼18

40

1220

2* 6

US Equity & Equity Related (AB2)



2015 Rank

Goodwin Procter LLP

21

0.9

59,336.2

▼

1 10.3 Latham & Watkins

▼


0.2%▼

10,213.7

38Share Ch.Sh (%)

7.1

-3 ▼ 2-7 +1.0

4.7

2,504

-163.4

68*Cravath, Swaine & Moore

5.91.6

25

+3.2Issuer Legal Advisor

2016 Rank

5▼▼22

1

Market

Vinson & Elkins LLP

+0.1

+2.4

-1.122

6.0

▼

Latham & Watkins 1 15,321.7

▲▼

Cahill Gordon & Reindel-23

8,961.9-9

48,807.0

9,421.3

2,367.0

-10Sidley Austin LLP 5*-2.1 ▼

▼207


Cooley LLP

28

5*

5.35

4 3.8

3224

34 1.4

26 1.0

29

20

▼1.3

271.0

-25

-0.5

9,284.4

-11.1%

21 -0.72.6

▼

▼

0.4

-9

24White & Case LLP

14

18*

Industry Total


18*-3

-32

1.1

37

26

-17

-4

+11.128-4

6

# of Market

1.1

Change in

▼2,367.0 0.1

18,754.5

+0.527,039.1

100.0▼

11▼28,532.2 13

1.714

28

▼2.70.5 +0.2

▲

5.22.1

▲

-0.1

▼

1.3

▼

-0.1

▲

2,166,518.8

10,513.5

-1.2

▲Cravath, Swaine & Moore

-0.6 Simpson Thacher & Bartlett

+0.5


Sullivan & Cromwell-0.5

78

461

7

626

59

▼2.665

Change in

33.2

-5

4+0.1

3.4

# of

US Debt, Equity & Equity Related (AB1) Jan 1 - Sept 30

Market

3.6 -20

US CAPITAL MARKETS REVIEW†

Jan 1 - Sept 30

2016 Rank

2015 Rank

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

Rank

3Latham & Watkins 2 1

2

Sidley Austin LLP

Davis Polk & Wardwell 1

3

-7184 7.41.6 ▼-1.1

Change in # ofMarket

-0.98.8 ▼Manager Legal Advisor

1Proceeds

MarketSh (%)Sh (%) Share Ch.RankSh (%)

MarketDealsShare Ch.


US Debt, Equity & Equity Related (AB1)

169 6.8

# of DealsMarket

191,587.6▼

Hunton & Williams

0.9

3.1 +2.5

-0.3

+0.3

Skadden


2.3 Mintz Levin Cohn Ferris Glovsky & Pope

15* 8* 7

31

17* ▲▼

1.3715*

1.312

-3.9%

16 ▼8*14

13

45

-2

▼

2

6

-

+0.5

25


▲

Allen & Overy


7

2015 Rank

US Equity & Equity Related (AB2)

▼ -11.1%

-10

▼

▼

2.1▲

▼4.43.8

-0.6 ▼

▲

1.6

-0.2 ▼▼

8.1 +0.1

▲▲

▲

31 0.2

103.6

▲+0.3

2.3▼

▼

▼

77,698.2

1.22.5▲

-1.5

-2.2

+2.34.5

13

94,660.5 689,097.4 +0.64.1

5

▼+0.7

-34

7

1298,156.6

+3

57,616.4-0.434,460.7-26

50,622.2

53,615.5-2

1625,128.3+7

2.7▼9111.8

▼

1.0-23 ▼1.3

41 1.632 5,037.7

20,278.1 0

1.2

-1 ▼-0.2

8,410.8

▼

18

15

0.9

+0.2

100.0

17+0.5+0.20.4Pillsbury Winthrop Shaw Pitt LLP

23

Goodwin Procter LLPMilbank Tweed Hadley & McCloy

152516 23

17

12*

▼17 -170.9

+140.9

▲▲

42*

48

-14

2,166,518.82,504

1.0 ▲24

▼-377

Gibson Dunn & Crutcher ▲

Clifford ChanceVinson & Elkins LLP

20 21-0.3

▲

-13.1%

Jan 1 - Sept 30

▼+528* 23

18*60 -0.2

25,790.321,062.7

▼

Market

-0.421 +2.3

MarketRank

▼

Change in Share Ch.

15.4


# of Deals

-23 ▼

Sh (%)▲

▼▲

13.03

22,923.518.1

+1.5+3.7

3,616.2 -0.4

16.4-6

7.7

26,809.5

311

6.5

2.4

Proceeds1 87 -39

Sh (%)

40 9,593.5▼ 11,354.4

20-▼ 1,398.5 0.9-17

9

3,451.5 12

▼

8▼ 8,434.6 5

-11

▼

▼

▼17 3.2-316-3

2.6

532

Baker Botts LLP

7


15*

31*73*

Industry Total

14 14▲

▼Morrison & Foerster 15*

Covington & Burling

100.0

1.3


Kirkland & Ellis

15* 31*

-32.1% ▼

Andrews Kurth LLP

31*

3.0

13

22*

1.5

* tie

574.0▼2.111

-

▼3.2

-0.24,802.2

171415

1.3

+0.7

4.9 ▲0.4

0.1 0+2.0-0.1 ▼

-4.8▼-1.4

6,101.0 7

5,464.15.7

▲4.1

3.7

2.2+2.0

13

8*-6

8

2.6

▲

14

20*

10 ▼

77 1.3 -11

1.9

-0.7

Sh (%)▼

▼

10*

42

▼

-23

Jan 1 - Sept 30

Deals Proceeds Rank

▼

▼+1.4

▲

▼

8

▲

-0.4

35,349.3

▲▼

-22

-10

▼

22

13.1

45,040.9

47,996.0

7

2.422.4

28

19,922.1

1.2 56,919.7

# of Deals

-1 ▼37,382.9

2.1

10Skadden

5.08.4

4Cahill Gordon & Reindel

▲

5

▼

▼

▼LinklatersMorgan Lewis & Bockius 14

1312

Cleary Gottlieb Steen & Hamilton53

▼

Mayer Brown LLP55▲ 8*

7

14

49

124

▼4 94

62 -15

5

96

+0.3

8

3.8

8* 11 55 2.22.5

2.2

-1.2

147174,810.9

111,874.4

-392.8 -13

▲

71

-61

5.0

▼4 5.2 -0.4▼5.6 -0.73

8

▼

▼

▼122,227.8

11 2.0

2+982,978.4

12*

1.9

7

Manager Legal AdvisorMarket

▼

1815

46

▼

2 69


8*

12

2016 Rank

Vinson & Elkins LLP 8*

Industry Total

10*


Goodwin Procter LLP

Ellenoff Grossman Schole & Cyruli

489.7+1

▼

# ofDeals


0

▼-29.8%

0.6-7



▼-▲ 47.4 56 0.0

148,509.2

▼ 827.8

1,229.3 22 0.8 -1.9 ▼

10

2.3 +1.6

▼-4.0

▼

015* 6

▲

1.3 +120* 271.1

▼ 100.0148,509.2Industry Total 532 100.0 -252

1.018*

Hunton & Williams

Sichenzia Ross & Friedman, LLP

20*20*

0.8 -1422 21 0.8 -6

▼▼

26,568.710,544.0

14 1.2 -1.320 0.5 -0.2

▼▼

4

http://banker.thomsonib.com/�

▼ 9,708.4 26 0.5 -0.5 ▼Vinson & Elkins LLP 20* 18* 12 0.6 -14

▼ 9,708.4 25 0.6 -0.6 ▼Vinson & Elkins LLP 19* 13 12 0.8 -14


Industry Total 1,501 100.0 +39 ▲ 100.014 820*

100.0-0.40.5


Proceeds

+0.62.8

▲

15 1.31.2

▲

+0.4

▲0.6 ▼

+0.5+0.6

2.6

57,565.020 0.8

0.2Hunton & Williams 1319 15 0.9 -10

32 0

▼ -11.9% ▼

+0.117 0.9▲

9.6%

3,069.7▲-Fried Frank Harris Shriver & Jacobson 20* 29* 8 0.5 +2

▼ 16,260.6

Rank

▲13

▼

Sh (%)Change in

1.3-0.3 ▼14

1.0

2213,214.4

1.3

Market

-1.22.7

Market

▲

-3▼

-0.2 ▼

▼

▼▼

+0.1


43,625.1 ▼9 2.2

0.70.7

Jan 1 - Sept 30


19

100.0

▼-0.918,606.7

US Straight Debt Excluding ABS & MBS (AB7)

-8

2016 Rank Manager Legal Advisor

▼

11,828.0 23

2015 Rank Sh (%)

Hogan Lovells 18* 24* 14

1,972

# of

100.0 -125Industry Total

29*18

19

161312

11

5.6

18

-2.0%

Market

0.9

# of Deals


19

24*

10

16*

20 14 ▼Willkie Farr & Gallagher 17 24* 15Gibson Dunn & Crutcher 18* 0.7

16Linklaters 16 22 19 25,319.5

23,626.10.8 -2-1

White & Case LLP 15 11 23 ▼ 26,436.01.2 -21Paul, Weiss 14 21 25 1.3 +4 26,602.2

▲-0.3 ▼

10 1.955,398.0

+0.5Allen & Overy 13 17 26

6▼ 37,382.91.3 -2▼1.4 -6Cravath, Swaine & Moore 12 13* 27

Cleary Gottlieb Steen & Hamilton 11 7* 30 ▼5 2.91.5 -27 ▼

8 2.3- 16,048.61.7 0▲2.0 +11 46,972.4

4 40

10 13* 33Morgan Lewis & Bockius

12 1.58*Shearman & Sterling LLP 8* 16 40

2.0 -22Latham & Watkins2.4 -12 3.2

-0.7-1.2

▼ 29,201.8464,353.7▼

5 10 53

Skadden 7 6 4752

-1 2 5.5▼ 110,330.1-9 ▼

Mayer Brown LLP 3 2 61Simpson Thacher & Bartlett

Kirkland & Ellis 6 5

59Davis Polk & Wardwell

3.1 -113.0 +4

3.8 +17

3

Sullivan & Cromwell1.7

174,733.87*

4 9 ▲

85 -16 ▼2

2016 Rank

1

Change in # ofDeals

174 ▲

Share Ch.Sh (%)Rank

# of Deals per Advisor2015 Rank

5.0

Change in

▼

11 -1.21

1.31.3

3945

2.42.6

19

Change in # of Deals per Advisor

Sh (%)

Market

Jan 1 - Sept 30

▼

19

5

28*

141.2


3.9


▲

1,770,178.7+39100.0

2.7% ▲

18

Market

O'Melveny & Myers

# ofManager Legal Advisor

13

1.3

Pillsbury Winthrop Shaw Pitt LLP

Deals

12

12

▲1,501

46 3.1

2536

18 1.2

▲

+8

-122320

+719,618.7

+10

▲

7,751.6

▼

▼

+0.5+10

▲

+3+0.938,889.5▲ 2.2

20,278.1

5,321.0

1.1▲

1613

24,542.2 14

25,540.1▲ +0.10.3

0.4

1.4▲

1.4 +0.5 ▲▲

-0.1

-1.9

1.2▲

+0.1

▼76,966.5 +0.4

▼

53,615.5+7

123.011

▲

-0.5

486,225.9

-1.84.5

+10

+7

-144.4

109

▼

+2.4

-0.38

4.95

+0.886,877.6

4.4

Sh (%)

Sh (%)

3.7

▼

0.9

3.04.8

684,065.1

84,424.2

Jan 1 - Sept 30

22*14*

108

14* 19*

▼

52,797.0

-3.0


Deals

Sidley Austin LLP

▼

2,018,009.6

Market# of Deals Proceeds

Allen & Overy

5

15

4▲

16*

-1.6▼

US Straight Debt Excluding ABS & MBS (AB7)

▼


Industry Total

Latham & Watkins+0.6


▼▼

-1.2

-1.8

5

▲

4.3

Sullivan & CromwellCleary Gottlieb Steen & Hamilton

▲

8.7

100,161.1

+3.8

1.7

Market

+5

2.6▲▼

-0.17+1.9

▼

3.1

Skadden

Pillsbury Winthrop Shaw Pitt LLP 16*

13

▼

Gibson Dunn & CrutcherMilbank Tweed Hadley & McCloy

▼

11

1.0

▼1.0

-6.0%

-77

▼100.0

-5.0%

1

+101.0

1.7

3.0

Jan 1 - Sept 30

▼

3.7

▼-1.2

0

▲

0.6

51,492.2

2016 Rank

34,035.1

US Straight Debt Including ABS & MBS (AB6)

-21 0.9 -0.7

-11.8%

O'Melveny & Myers

2015 Rank


1.2

4.3

1.0

2.7

▲

163,456.5

5.6Sh (%)

53,972.5

7

168,664.1

3.82.7

85,064.9

25,038.5

5

13

77,514.3

Rank3

2,018,009.6

Sh (%)

▲0.328

19,618.7

Rank

▼

-2.2

-0.1

0.4


▼-11.8%

100.0

▲

▲

10+0.8

15

16

-1.32.21243,289.0

24,542.2+7- 20,278.1▼

2.1

+7

25

-24

-1250.7

5,321.0

-0.7

▲▲ +0.1

8.9▲ 158,080.8

14200.928*

▼

# of Deals


-1.41

▼70

3

77 77,514.380,311.6

5.1 -287

24.8

-1.8 5

32

2

▲

4

-

▼

▼▲

▲


-3▲

4.9

93.2

2.6-0.9

-1.3

+0.6

3

9

Cravath, Swaine & Moore1.6

3.5

2 6.2 +0.24

▲

▼

49 3.3

5.3

87

4.76

65655

+16-20

6.380

7.7

-10

+3

1+1.9


2016 Rank

11594

# of2015 Rank Deals

Market

168,664.1▼-1 9.5

16* 18+9


Hogan Lovells

▼

1,972

18*

▼

33*

▲

14 1.3

1.2

-15

▼Share Ch.

-1.518

MarketProceeds

7,751.6 22

25,540.1

412.0

19

+2.49*51 -25

2.3

0 17

▲▼8 3.8

98,156.6

-1.3

▲4 4.9

86,877.6

-0.6 ▼8.12

4.3

8.4

▼

▼▼4.2

▼5.8 -1

+19

6.4▼▲

3

▼

-10

9*

6

-31 ▼2.1▲+8


Skadden

102

7* 55

14

9* 55

42

Allen & Overy

▲

Gibson Dunn & Crutcher 16*

Clifford Chance 18*

2 51 9.9

Market

174,733.8

18,924.8110,330.1

17Latham & Watkins

1.1 Cahill Gordon & Reindel

99,816.9

+0.1

+4.0▲-▲

Sullivan & Cromwell 1 1* 74Simpson Thacher & Bartlett

+16

57Davis Polk & Wardwell 3 4 53 3.5 0

3.04 10 46 3.1

+174.93.8

38

Sidley Austin LLPSkadden 5 1* 45

28,628.77Shearman & Sterling LLP 6 14* 39

Latham & Watkins2.6

7 3Kirkland & Ellis 8 7 34

10▼ 29,899.5

2.5 -172.3

-4Cravath, Swaine & Moore 10 9 271.9 -12Cleary Gottlieb Steen & Hamilton 9 8

-2 36,576.2Allen & Overy 11 11* 25

▼ 25,319.5-9 23,689.9▼-1

14 1.31.2 +5 ▲ 6,247.3 35

-2

0.8

▲% Change from Last Quarter -2.0% ▼% Change from Same Period Last Year 2.7%

Mayer Brown LLP 19* 16* ▼ 16,600.6

▼

-0.3

11,828.0

180.8 ▲

* tie


▲▼


3.5%

1.5

-10

-11.9%

0.9

21 -1.20.7

1,770,178.7

8 2.1

Share Ch.

+0.6

13

9.6%

▲-2.2

▼19

46

▲

+0.6 ▲

0


7

1314

39

1.4

Sidley Austin LLP

Linklaters

▼

22*

6

▼

16*

▲Simpson Thacher & Bartlett

-2856

-10

2.8

Clifford Chance

11

Cahill Gordon & Reindel

Mayer Brown LLP 9

-10

1

20* 13* 12

4

Shearman & Sterling LLPCravath, Swaine & Moore

Linklaters

Cleary Gottlieb Steen & HamiltonSullivan & Cromwell

4.25.2

53,615.5

2

-22

2.87*

▼▲

▼

582

3

1.7

12

6

10

3 77-9

+7 76,966.5 9

2.82.6

2.311

-0.4 ▼

0

0

+0.4

+0.3

-0.3

▲+0.5


1524

1.2Morgan Lewis & Bockius 14*

18*

1.71.8

28

-

13

Willkie Farr & Gallagher

Paul, Weiss 12

23,626.1

1.3

+0.7

61,904.1-12

-7

+16

-0.5

▲ 46,216.4

9▼

55,398.0 6▼

18* 24LinklatersWhite & Case LLP 14* 11* 18

19

Hogan LovellsClifford Chance 12

% Change from Same Period Last Year -6.0% ▼

0.80.9

19*21*

1.31.6 +4

12

12

0

-0.7-11 1.1

1816 21*

14Gibson Dunn & Crutcher 16* 22▼

-8 ▼1.0

0.4-0.1

▲

▲

▼11▲ 26,557.2

56,885.8

▼

14* 18,606.7▼-3

17*▼ 13,214.4

-0.3

1 ▼

1417*0.9

▼

-5.0%

▼-

▼

Market

US Straight Debt Including ABS & MBS (AB6)

▼

+6



-1.1Proceeds Share Ch.112,634.4

# of Deals

▲

▼

▼

Market

Sidley Austin LLP

45

1127

US CAPITAL MARKETS REVIEW†

-

▼

▼ 86,225.9

34,103.4

3.5% ▲

▲

+0.8

▲

0.4 ▼

▼

-

Hogan Lovells

▲15

Clifford Chance

Industry Total-17 ▼ 7,019.8Mayer Brown LLP 21

2 115

4

5


▲▲▼

10813

0.6 +0.31.1 +0.60.2 -0.2

-▲▼

571.81,120.8

229.2

012* 2 0.5 +18* 1 0.2 -1

7*7*11*

8* 2 0.5

0.7 0

▲--

GoodmansGibson Dunn & CrutcherBennett Jones

1,207.8190.9767.6

7 1.2 +0.415 0.2 -810* 1 0.2 0

▼--

7* 2 0.5 -2- 1 0.2 -

8*10*10*

Stikeman ElliottApplebyKirkland & Ellis

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

-9.4%

Industry Total

2

* tie

% Change from Last Quarter-39.8%▲▼

24.1% ▲

2*1 9*

Torys 5* 5McCarthy Tetrault

Paul, WeissBlake Cassels & Graydon

4

-6.4%▼-30.9%

9,088.3-1

26,625.3Rank Sh (%)# of Deals

29.9▲+3

▼

Market

Canada Equity & Equity-related (CAL4)

▲15.2%% Change from Same Period Last Year

Proceeds per Advisor (C$m)

▼

MarketShare Ch.

2015 Rank

# ofDeals

+10 ▲Sh (%) Proceeds

21.8


▲Burnet Duckworth & Palmer 3 1 15 6.1 ▼

7.318+15.6

13 5.3 -

6.9 1

0

17▼

3,560.8 4 12.0 +9.41,859.4 9 6.1

▲-2.2

▼Troutman Sanders LLP 5* 14 11 4.5 1.0 -0.3 ▼

4.1

4

+5 ▲ 315.8 164.511 +1.00 - 3,772.1 ▲3 12.7

11.5- 3,444.8 5 -1.3Goodmans 8 11* 9 +2Osler Hoskin & Harcourt LLP 7 6* 10

10▲3.6 452.0 14

0

-

▼Stikeman Elliott 9 2* 8 3.2 -6Norton Rose Fulbright 10 11* 7 2.8 0Cassels Brock & Blackwell LLP 11* 6* 5 2.0 ▼-5

11 3.1 -2.9▼▼

109.1 22 0.4948.3


-5.4

McCarthy Tetrault

0.2

100.0

Osler Hoskin & Harcourt LLP 3

Davies Ward Phillips & Vineberg LLP 5

Borden Ladner Gervais LLP 7*Norton Rose Fulbright 6

16

2 8

- 3

7* - 2

8* 4

3.6 -8Torys 2 5 9 2.0 +2

1 1 ▼ 6,817.3 1 6.6 -1.6 ▼▲ 3,569.7 4 3.5 +0.9 ▲

1.8 -10 ▼ 6,507.3 2 6.4 -4.1 ▼Blake Cassels & Graydon 4 3 5 1.1 -5 ▼ 1,546.9 5 1.5 -0.2 ▼

0.9 +2 ▲ 5,588.4 3 5.3- 1,238.90.7 -

+4.6 ▲

0.5 - 1,297.9 6 1.3- 2 0.5 - -

- -

7 1.20.1 - -

Canada All Debt (CAL1) Jan 1 - Sept 30

15- -

Proceeds per Advisor (C$m)

147.7-

30,110.8

Market

Change in

9,055.6

-2.1 ▼-0.4

Market

▼ 1,620.21.5

# of# of Deals per Advisor

Change in

▲2,558.0

6+1

9

2016 Rank

▼

▼▲

-30.9% ▼% Change from Last Quarter-4.6%-6.4%

% Change from Same Period Last Year 15.2% ▲


CANADA CAPITAL MARKETS REVIEW

Sh (%) Share Ch.Issuer Legal AdvisorMarket

Share Ch.Sh (%)2015 Rank

MarketRankProceedsSh (%) # of Deals

# ofDealsManager Legal Advisor

Change in # of Deals per Advisor

Market

Jan 1 - Sept 30

Proceeds

▲

2▲ 8.8 +2.7 ▲# of Deals

1,944.7 8 6.513603.3 2.0


Rank2015 RankManager Legal Advisor

▲ 78.0 24 0.3

# of

-9.4% ▼

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24.1%

5.0 -11.8

100.0▲

% Change from Same Period Last Year 10.0%▲

Osler Hoskin & Harcourt LLP 9* -6 ▼ 1,509.5

-3.0 ▼+0.3

+3.55,032.2

-39.8%

8.55

▼

▲12.6 +10.4 ▲0.9 +0.4

2-2

10

▼154

▲

▼

▼

▲ 207.6

4.0 -1.4▼

▲

16 0.7

6.52.9 -3.011+3

-20.1874.0

7▼-12

5

-2▲ 3,835.9+5

1,199.4

2.42.4

3.6 +4

8

5.3 ▲18

9

3

5*

70 -Skadden

Borden Ladner Gervais LLP

Norton Rose Fulbright

9*

2.0 +2

16.6

Stikeman ElliottTorysMcCarthy Tetrault

5*

6

8

2

911*Burnet Duckworth & Palmer

4.13*

3.2

10

7 2.86*

Deals

7.3

94

13

302116*

3*

13*

11*

3.6

Issuer Legal Advisor2016 Rank

2016 Rank

Market Change in Proceeds per Advisor (C$m)

4,759.7 +6.4

Jan 1 - Sept 30Canada Equity & Equity-related (CAL4)

Sh (%)12.2Blake Cassels & Graydon

Canada All Debt (CAL1) Jan 1 - Sept 30

2015 Rank

2016 Rank

MarketRank

# of Deals per Advisor Proceeds per Advisor (C$m)

McCarthy Tetrault 1 3* 16 3.6Deals Sh (%)

Market

+3Osler Hoskin & Harcourt LLP 2 1 13 2.9 -9 ▼ 4,783.5 3 4.7 +0.4 ▲Torys 3 2 10 2.2 -4 ▼ 2,054.5 6 2.0 -1.3 ▼Blake Cassels & Graydon 4 3* 6 1.3 -7

-▼ 2,462.5 4

2.1 +0.33 0.7 -1 95 1.1 0

▼ 608.25

Davies Ward Phillips & Vineberg LLP 6* 7*Borden Ladner Gervais LLP 6*

2,280.0Norton Rose Fulbright 5 6

▼5 3 0.7 -510* 2

10.5 +1

10.811,090.711▲ 422.7

103,723.1

▼

Market

Goodmans 8* +0.20.4

+59

Market

▲-7.7-0.8

▼

0 -▲

0.6 ▼

2.4

Industry Total 447 100.0 ▲ 103,723.1 100.0

-4.6%

10.0%

# of Deals▲

Industry Total +48247

14* 10

+8Proceeds

3 ▲

272.2

100.030,110.8▲

Goodmans

+5.8

Troutman Sanders LLP

5.4

447 100.0 +59 ▲

247 100.0 +48

▲▲

Industry Total

Baker & McKenzie 11* 17*

▼

Share Ch.

1,896.515.8

100.0

Sh (%)

20 0 -635.5 12 2.1 +1.3

44.4▲Davies Ward Phillips & Vineberg LLP 11* 13* 5 2.0 +1

0.3 -0.3 ▼Dorsey & Whitney LLP 11* 26* 5 2.0 +41.6 -2 ▼ 140.4 17

▲ 102.4 18

Paul, Weiss 14*0.5

13* 4 1.6 0 - 6,289.44

1 21.2 +17.5 ▲-6.2 ▼

Gowling WLG 11* 28* 5 2.0 +4

-6 ▼Skadden 11* 19* 5 2.0 +2

- 78.8

▲ +5.6 ▲Borden Ladner Gervais LLP 14* 6* 4 1.6Dorsey & Whitney LLP 14* 16* 4 1.6 0 23 0.3 -0.5 ▼

-0.5 ▼

+0.2 ▲

10*10*10*10*

DentonsMorgan Lewis & BockiusOslerShearman & Sterling LLP

10*10*

--

1111

0.20.20.20.2

00--

----

216.0387.6378.6530.3

14 0.2 +0.112* 0.4 012* 0.4 -10 0.6 -

▲---

Burnet Duckworth & PalmerClifford ChanceLinklatersLatham & Watkins

11* - 1 0.2 -11* 12* 1 0.2 011* - 1 0.2 -11* - 1 0.2 -

----

762.2436.5356.3191.7

9 0.7 -11 0.4 -0.2

-▼--

12 0.3 -14 0.2 -

6

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Industry Total 4,582 100.0 -14619 0.6 -0.6 ▼

▼ 100.03,191,080.1Hogan Lovells 20 24 20 0.4 -3

739 100.0

-12 ▼ 18,101.0 21 0.6 -0.4▼ 19,290.1

16

+3.7

+1.0

788.1

3.3

Share Ch.

-

3.7

▲▲

0.4

▲

5,254.1

-0.7

6

29* 0.3 +5

6 0.8 18


Baker & McKenzie 25*5

542.0▲10*

-6

0.8

* tie

-36.0%

124,446.6

Latham & Watkins 10* 7* 6 -5

Industry Total

+1.8

% Change from Last Quarter% Change from Same Period Last Year -9.4% ▼ -34.4%

▼▼

-26.6% ▼

+3

▲

+0.3 ▲▼ 6,251.4

+0.40.5

▲5.0

# of

Linklaters 2*

Jan 1 - Sep 30

15

▼17,840.9

2

4

5*

1 5

2016 Rank

2015 RankIssuer Legal Advisor

Allen & Overy 2* 4

EMEA Equity & Equity-related (AX1)


Deals16 +3Latham & Watkins

2 4.5

4752

91,494.0

88,288.9

-33 ▼ 46,143.2

▼

Allen & Overy 1 1 167 0 -3.6 0 - 144,924.6102,744.0Linklaters 2 3 106 2.3 ▲

▲1.6 +12 ▲ 192,326.3 1 6.0 +2.5▼1.5 -55 ▼ 83,707.3Clifford Chance 70 2.66

Sullivan & Cromwell 3 8* 754 2

White & Case LLP 5 5* 66 53,236.0Davis Polk & Wardwell 6 10 63

1.43 3.7 +0.5 ▲1.4 1 ▲ 118,388.1

0 -1.3 -3 ▼ 8,345.5 31 0.3Anderson Mori & Tomotsune 7 8* 60-30 ▼Sidley Austin LLP 8 4 59

▲ 99,080.5111.0 +13 ▲ 50,152.6

15 0.9 -0.7 ▼1.35

29,152.2▲1.2 +1Simpson Thacher & Bartlett 9 12 54

1.0 -23Shearman & Sterling LLP 10 18* 47

Skadden 12 11 44▼ 33,842.0Latham & Watkins 11 7 45

8 2.013

-1.1 ▼1.0 -14 ▼ 62,773.2▼

-0.9 ▼0.9 -32 ▼ 76,115.3Kirkland & Ellis 13* 14* 42

7 2.4Cleary Gottlieb Steen & Hamilton 13* 5* 4212 1.1 -0.8 ▼0.9 -6 ▼ 35,464.3

28,743.6 0.9-0.40.8 -13 ▼ 7,991.4 0.3

16King & Wood Mallesons 15 13 37

0.8 100.6

Mayer Brown LLP 16 16 35 ▼

26 0.6Freshfields Bruckhaus Deringer 19 17

9Cravath, Swaine & Moore 17 18* 27

3

% Change from Last Quarter -15.4% ▼

▲25 0.6

Paul, Weiss 18 28

▼

2016 Rank

8

36

7*

1

7*

1620

43

White & Case LLP

Clifford Chance5

-0.6 ▼-6.6 ▼-1.4

+2.35.52.7 -4.32.2

+0.9

▲▼

2-0.4

O'Melveny & Myers

-0.1 ▼

3.2 -0.4Manager Legal Advisor

EMEA Equity & Equity-related (AX2)

Freshfields Bruckhaus Deringer 18

▲10.9

4.5%

348,708.8 +1.6-34 1Allen & Overy 1

0.9

14 1.9 -5 ▼ 7,695.3▼ 7,381.114 1.9 -2

▼

17 +424▼

-16

▲

+0.5

▼33

1 9.3427

78

100.0

7

44.7

-7 ▼ 21

▼27,723.8

1.8 +1157,085.6+6

15

2.2 ▲

Change in

-3.1% ▲▼


4,582

# of DealsSh (%)Market 2015

RankLinklaters


Rank

-19.4%

Sh (%)


+2.2

23

23-0.2▲

Hogan Lovells

20▼

Industry Total

1

1

0.5Milbank Tweed Hadley & McCloy 19 16 0.5

-15.4%% Change from Same Period Last Year -3.1% ▼

-7 ▼▲0.6

19,010.4 16

-146

4.5%

17 0.4

+0.317▲ 17,818.5

0.5▲

14,501.812,654.7

-▲

160.629

0.60

0.6▼

20-0.1

0.734

0.90.7

1.7

-0.119,307.2 15

▼

▲2.610-0.9

▼-0.3

▼ 53,416.1▲▼

+0.6-0.8 ▼-1.4+0.4

1.238,591.2 1412

83,921.2

+0.5

1.5

-27 ▼1.4 -6

+5

173,207.0

79,554.9

-371.0 ▲

-0.3

789,302.52.9

89,165.5

611

8 -0.75.4

▼▲

2.813

3

▼

▼▼2.8

2.8 -0.2

-1.6

▼

-1.5

111 0.32.4 ▲

3

23

▼

Cleary Gottlieb Steen & Hamilton 14

103

8

2.0

4Davis Polk & Wardwell

+11

▼181,677.4

-72-8

2.4

1,832.69.1

4.97,746.5

-2

▼

1.4107*▲1.9 6.111,349.8

+1 17 4,076.5

# of Market

12 +1+7.7 ▲

Market

1.6

▼Share Ch.

2

Proceeds3,958.5

36.2

75.9

White & Case LLPBaker & McKenzieFreshfields Bruckhaus Deringer

5* 8*2*5*

8*2*

5.1

141111 1.5 -6

▲▼

1.5+4

2.90.8 -11

3,612.5 87 2* ▼6 46,350.18* 6* 5 0.7 -6

Shearman & Sterling LLP0.7


-2▼ 1,359.8

8* 11* 5Clifford Chance

▲▼ 4,870.2 5 3.9Sullivan & Cromwell 8* 11* 5

0.7

11* 45* 4

-2

18 1.1▼ 2,676.5

+2-10.5

+1.9 ▲

Industry Total 739

Covington & Burling

11*11*

▲

▼

2.5 +0.80.1 +0.1

▲

37 0.3 -0.1

-36.0%▼ -34.4%

▲ 85.7 83

▼% Change from Last Quarter -26.6%

100.0

▼

32

Freshfields Bruckhaus Deringer

4 3.2

+0.7

% Change from Same Period Last Year -9.4%

-77 ▼ 124,446.6

2.2

Cleary Gottlieb Steen & Hamilton 11* ▼

15

641.1

12

9

17*11

1

Market

-0.3+0.2 ▲

Clifford Chance

Sh (%)

+1.1

1.11.63.1

▼

Sidley Austin LLP

▼-1.3

10 1.7

Sh (%) # of Deals Proceeds Rank

+2

2016 Rank

2015 Rank

# of

13


Linklaters




DealsMarket Market

2.3

Market Change in Share Ch.

-8

13* ▲

-5


All International Bonds† Jan 1 - Sep 30 All International Bonds†

INTERNATIONAL DCM AND EMEA ECM

Jan 1 - Sep 30

5* 9 1.2 ▼+315*

Market

-0.3

-0.7

0.6 0

▼-0.82.5

5.72

4

Proceeds

3.9

Sh (%)

5

5.9

123,347.2

186,945.522.8

+4

Rank

45

9

1.010

1.7

217

33

11

89

Skadden

White & Case LLP

42


6

13 17*

▼

4

▼

▲

+16

▲

2

16

-1

8,893.3

+0.4 ▲ -98 ▼

# of Deals# of

112130

Sh (%)Manager Legal Advisor

7

8 1.11.11.0

King & Wood Mallesons 5

21*

65

Cahill Gordon & Reindel 9


Allen & Overy

8

Mayer Brown LLP

Travers Smith 61.5

-0.1

▼▲

15

93 -199

Change in

▼

9

-6▼

14.36.2

▲

Ashurst▼

657.6▲

▼

Rank+0.2

Sh (%)# of Deals

4.2 -0.2 ▼

6,839.0-12

▼

Market

Deals

Jan 1 - Sep 30

MarketSh (%)


-221.9


Share Ch.Change in


2015 Rank Deals

MarketMarket

▼▼

Sullivan & Cromwell

Shearman & Sterling LLP 10 12

▼Latham & Watkins7

▼

% Change from Same Period Last Year ▼

-77 ▼

-19.4%

▲ 4,591.5

▼7,583.4

▼

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100.0

7

Proceeds

+111

100.0

100.03,191,080.1

83

1

+0.8-0.3

3,139.417* 40.5

45* 46* 4 0.5 -7DLA Piper LLP

Gowling WLGMannheimer Swartling AdvokatbyraNautaDutilhSlaughter and May

11*

11*

11*0.5 +2

37* 4 0.5 +117* 4 0.5 -125* 4 0.5 0

420.8207.1

1,230.12,361.32,018.3

▼▲▲▼-

49 0.2 +0.219 1.0 +0.7

▲12 1.9 -0.514 1.6 +0.7

14*14*

▼▲▲▼

10*13

Simmons & SimmonsHogan Lovells

17*9

6 0.8 +25 0.7 -4

▲▼

▲▼

1,189.9581.4

10 1.017 0.5

DLA Piper LLPGoodwin Procter LLP

13* 4 0.5 -210* 4 0.5 -3

▼▼

414.7249.7

20 0.3 -0.227 0.2 -0.3

▼▼

7






8 1.9 +0.9

▲▼▲

15 0.9 +0.322 0.2 -0.2

▲-▼

2,098.0382.0

4,461.90.5 0

15* 17* 2 0.5 -1

154,276.1

Sullivan & CromwellAllen & GledhillHaiwen & Partners

▼

28,880.8

5,886.7 2.5

12.5

1.00

1.0


5

+2.1

▲

21,743.8


-

9.4

3

28*5,717.4

858.0

% Change from Last Quarter 5.2%34.5%

231,775.9

1.79

3* 5*

+1+5

Mayer Brown LLP-1,589.1 ▼

3.1

9 ▲

-

Industry Total

2,796.1

12 18,913.42.3

+1 ▲3.1

Allen & Overy +142 4.4Clifford Chance 3* 2 -712

+417

8.3▲

+0.26.0

1314,008.4 -2.8

▼ 9,906.2

▲3*

9.3+1

-2.07.3

254

-6.8

MarketShare Ch.

Jan 1 - Sept 30

▲

3.1Allen & Gledhill 5 16*

1.0

4,945.5▲

4

2.1

9*3

▲▲

1.81.3

16

▼967.8

+26

▲

-1.8-0.4

-6

-8

71.5

1.2

1.0-

13*

6*▼

15*

2,366.1

17,907.4

-

4.9

21* +2

▼1

8.2-3

21 +424.3

Sidley Austin LLP

28

9*

5



1

3

1.8

Proceeds

▲

Sh (%)

-7

6.5

# of Deals

▼▼

Latham & Watkins

Latham & Watkins

Rank

+0.3 Cleary Gottlieb Steen & Hamilton

▼▲

8Simpson Thacher & Bartlett

7

4,547.9

1.0

Sh (%)

▼

Proceeds

Asia Pacific G3 Bonds (BV1)

Market

20,945.3

0.5 Industry Total

34.2%24.8%

+1.2

Industry Total

16*

% Change from Last Quarter-14.6%

% Change from Last Quarter ▲

Anderson Mori & Tomotsune-6

2.5

1.0

Skadden

22


+121*

5.2%

2.1

▲

8* 1.023

0.6

▲

▼

21.4%

+68

▲

34.5%

+2 ▲

21* 3


▲8*19

Shearman & Sterling LLP 1.08

7-

4

1.87

19

4

▼4

8*

10

4-1.4


* tie

▲

28*▼

▼

8*

-3.2-0.2 0.8

0.9▼2,602.3-

Market

2,102.0

▲▼

3

7,091.4 -2.0-2.4

▲

-2.5

6

▼

511.77.7

▼

▲

154,276.1

1

4

▼34.2%

27,087.7

▼

2

▼

▼-0.8

1.4 ▲0

+0.52,130.3 9

907.7

1.31,277.3

181,797.9

9.0Sh (%)

Market

-

-10.2%24.8%

Rank

-14.6%

17

+0.9▲ 1.2

-2.9

7.0

537.22,035.5

0.6▲

2

-

5 ▲

12

18*

8*0.5

0.5▲

Share Ch.

▲

▼

Clifford Chance4

LinklatersAllen & Overy

▲Manager Legal Advisor

5

4

Deals

1.044

+0.31,843.5 0.8

5

▼

▲

+0.3

▼

11

-3 0.4

3,386.0

White & Case LLP 9*0

0.8

9* 71.0

Freshfields Bruckhaus Deringer 9*4

+0.4+2.2

0.7 -3.6J Sagar Associates

3

▲

Mayer Brown LLP 0.8

9*

▲▲

1,177

2016 Rank

6*

+1.5

+1 ▲

-3.6Sidley Austin LLP

-4 4,641.8

8*7 +0.48* 0.6 +1

+3.9

▼


ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Jan 1 - Sept 30Asia Equity & Equity-related (BX2)

Herbert Smith Freehills 2*

Rank


Share Ch.

0.5

0

▲▼

--2


0.4

-134100.0

+5

110

▼

Change in

3*5.4

36

-10

2

0

3.0


# of

▼0.6

76

2

8*

6*

-4

▼

▲1

▼

7.2▲2

6

▲▲

4-3

▲0.918* +63 ▼

+2.71.90

10,865.911,165.8

+2.3

2,880.9- 83.2

Clifford Chance6*

0.8

130.9 +6

95King & Wood Mallesons

8*

89

0.0

Grandall Law Firm


2,183.1

▲

224*

+0.8

+0.4

+1.2

JunHe LLP

16*

11

4

0+4 39

1.9

8,606.8

50*

4,433.3-012*

1318*

11 1413

+33,127.6

10 7*

+58*7*

1.9▲

3412

8*

4

263

7 10

+3 -0.1

Market

2 3835

13.1

Sh (%)2015 Rank

▼▲

15


2.9358.034

4*+10

-

4,559.1-8 ▲+3.0

+5 5249

▲

3.02.9

3.05.6

69

2.00.3

0.210,938.0

▲

Tian Yuan Law Firm ▲

34* 5

Appleby6 2.2

2.0+10

Deheng Law Offices

Grandall Law Firm

Zhong Lun Law Firm

Conyers Dill & Pearman

Handsome Attorneys at Law

Jan 1 - Sept 30

Issuer Legal Advisor4.3

AllBright Law Offices

Asia Equity & Equity-related (BX1)

1 50Deals

Cyril Amarchand Mangaldas

Grandway Law Offices


Far East United Law Firm

23


21*

Linklaters

12* 7*612*Jingtian & Gongcheng

M.V. Kini & Co 12* -

13*

Sidley Austin LLP

LLinks Law OfficesDacheng Law Offices 25*

▲

▼

17

▼

1.0

100.0

2,977.1▲

▲

-134

3,461.9▼1.1-

13

-10.2%

▲

7.512

1,177

▲+21.1

13 1.1 --6

22

2,569.4

512.4

1.41.2

13 ▼1.1

3,217.6

-8

▼-217 206.6

228*2.1148*

1.9

20 ▲▼1.4 -0.3

▲

+0.5

22

00.110 2.9 +0.4

-

1.7

▲

100.0


+0.9

100.0

16* 0.83 -1

+68▲

# ofSh (%) # of Deals

# of Deals per AdvisorChange in 2016

Rank

13*

Deals

21* 00.8

12

21.4%

0.4

11 2.2

▲

19

▼

▲

+1.1

▲-

51111

7.1▲ 5,003.61.4 -0.9

2016 Rank

▲

+0.84

+5 ▲

1.1

4,761.613*

0.9

Change in Proceeds

Market# ofSh (%)Deals # of DealsSh (%)


MarketChange in Sh (%)

# ofShare Ch. Manager Legal Advisor

2015 Rank Proceeds


# of Deals▲+4

MarketMarket

+2.6

0

11,639.6Rank

1

▲-

▼ 2,138.82

▲

224

0

+0.3

3.2 -18▼

▲

6

11*

Jingtian & Gongcheng7.5 1*1

10

7

Linklaters 2*

6

Asia Pacific G3 Bonds (BV2)

5

0.4 +0.3246

11*

Squire Patton Boggs LLP

18*

▼

0.4

5*

Fangda Partners +1

Commerce & Finance Law OfficesAllen & Overy

2015 Rank


20,899.3

-

▲+1.0

-2.4

10

100.0Skadden

386

▼▼

3 -6

▼

▲

1 32

7



16*

6 12*

8

Sullivan & Cromwell

Issuer Legal Advisor1

-Hairun Law Firm 16* 15*

121.0

+425*838.6

1.9

100.0

2015 Rank

Market

2,865.8

Jan 1 - Sept 30

-1.1▲

-3.62.0

1.1▼

-2.5

9.0

120.4

16.0%

13*Cleary Gottlieb Steen & Hamilton 1.9

-0.5

-0.8

7

13* 8- 1,400.0

16944.3 189*

▼Milbank Tweed Hadley & McCloy 13* 9* 3 0.8 -4 ▼ 1,912.1▼-2.1

2,935.3 1.3

1.0-3 ▼

9 ▼

14

100.0

100.0Industry Total 386

821

4,389.5

231,775.9

16.0%

-2.24,040.7

▲

0.8

19*

Commerce & Finance Law OfficesBeijing Kangda Law FirmT & C Law Firm

+115* 11 0.9 -1

19*19*

46* 11 0.9 +7

▲▼▲

21* 11 0.9 3,298.31,318.82,439.1

13 2.1 +0.828 0.9 +0.221 1.6 +1.4

▲▲▲

13*13*13*13*

Freshfields Bruckhaus DeringerJunHe LLPGlobal Law OfficeS&R Associates

13* 4 0.3

13* 4 0.3

-118* 4 0.3 050* 4 0.3 +3

-0.7

-1

▼-▲▼

3,544.21,321.3

854.71,465.6

0.6 +0.613 1.0 +0.4

7 2.3 -1.715 0.9

Zhong Lun Law Firm 13* 28* 3 0.8 +1 1,885.6 15 0.8 +0.1 ▲

▼▼▲▲

20

8


▼-

▲▼▲▼▲▼

25 0.1 -1.823 0.2 -

8 1.5 +1.210 1.3 -0.1

6 2.7 +1.817 0.5 -0.8

13 1.2 +0.120 0.2 -0.5

-

2,049.3382.0

4,461.9757.9

2,500.02,130.6

200.0298.4

-

▼▼14* 1 0.4 -3

0.4

- 1 0.4 -

19* 1 0.4 -114* 1 -3

16* 2 0.7 -116* 2 0.7 -1

25* 3 1.1 +219* 2 0.7 0

16*16*

Mayer Brown LLPAllen & GledhillHaiwen & PartnersSidley Austin LLPBaker & McKenzieCommerce & Finance Law OfficesJ Sagar AssociatesJia Yuan Law Offices

10*13*13*13*16*16*

-▼----

-0

22 0.4 -18 0.9 0

11 1.7

24 0.4

-20 0.5 -1.621 0.5

2,747.1800.0793.9593.0697.2

1,485.624* 2 0.7 0

-▼----

24* 2 0.7 0- 2 0.7 -

210* 2

- 2 -

14*14*

Deheng Law OfficesCommerce & Finance Law OfficesLuthra & Luthra Law OfficesMayer Brown LLPWongPartnership LLPZhong Lun Law Firm

14*14*14*14*

0.7 -0.7 -50.7

-

▼0

1.1

▲

6

1.41.3

72,685.312-6 2,102.0

▲▲

-4 2,366.1-5.3

-

17,907.4

▲

▲

10*

50.0% ▲

9-1.8▼ 944.3


▼16

-▼

11 1.30.6

7,091.4 5▼

4.3Simpson Thacher & Bartlett

7*

▼

▲ 7*Skadden

Latham & WatkinsShearman & Sterling LLP


▼1.0 ▼

+1.3▲

7*+0.61.7

-1.4

7-2

1.4

611*

11* 4-

+6

2.5

Jan 1 - Sept 30

7

4

-7

1.46

2

4

2.1

▼Davis Polk & WardwellCleary Gottlieb Steen & Hamilton 5 5 ▼

4 6.819 -88.2 ▼23

2.6Latham & Watkins

7*

3

Rank


1# of Deals

262

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3)

Allen & Overy-3

33

# of

01 11.7

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4)

Market

Clifford Chance


ProceedsMarketMarket# of


16.5 ▼+2.5

Allen & Gledhill

30

13*

Issuer Legal Advisor Deals1 +5

4.3Linklaters

122 -63.23

-6

▲

98

27,505.8

4,945.55,395.5

10.7

1.4

0

4,387.3▼

1.44

2.91.8 -9 ▼

3,386.05

▲0

+1+21.4

3

44


Cravath, Swaine & Moore 10*

281

+4.6▲17,669.6

Deals-

▲

1,589.110

▲

4,389.5

5,717.4 3

19 0.8

1,743.52.6

3.41.115

▲

2.4

▲▲ 1.3%50.0%

Shearman & Sterling LLP 3

Industry Total

% Change from Same Period Last Year 10.6%

281

7

1.1

Sidley Austin LLP

Allen & Overy


Skadden

3

J Sagar Associates

52 6.0

+1

▲4

9,906.2

-9

-1.112.519,986.0

Change in

1# of Deals

20,850.63.0▼

-7.1

MarketManager Legal Advisor

2016 Rank


Market

100.0

-1

White & Case LLP7*

Proceeds

2.03.2

Sh (%)

▼1.110*

8.7%

05*

166,385.1

1.1 -4,040.7

6

7*

7* 46

17*10*

24*

13*24*

-

▲

+5

4*4*

1Sh (%)

2016 Rank

2015 Rank

2

82.9

10*

-6

16

▼1,400.0

Rank

-2.7

▲

▲+0.4

Linklaters

-4.0


▲ 3

Change in Sh (%)

ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

2 12.0

3 10.8



▼10* 13*

2,796.1

Freshfields Bruckhaus Deringer

8.7%

▼

▼

2,102.3-4.1

10.6%

▼

10*Cleary Gottlieb Steen & Hamilton

Sh (%)

-1.71.6

▼

1+0.7▼


▼

+0.2

▲

* tie

166,385.1Industry Total

1.1

-2.1

▼

-0.6

-

-2.8

Share Ch.10.6

Jan 1 - Sept 30

Market

4

3 1.1

3

+0.4▲

-4.6-

8* -4

-2.1

-2.3

Share Ch.

3

4

3

9.3

2015 Rank

Clifford Chance

14 1.2 -3.8

▲

1.3%

▼▼▼

▼

100.0+27100.0

▼ 1,912.1

8

+27 ▲ 100.0

9


▼-▼

6 0.7 -9 0.3 -4.8

10* 0.3 -10* 0.3 -4.2

4 2.8 +0.85 0.7 -

2,098.0524.1209.9209.9500.0245.0

▲--▼-▼

- 1 0.6 -3 1 0.6 -4

- 1 0.6 -6* 1 0.6 -1

6* 3 1.7 +1- 1 0.6 -

5*

Sullivan & CromwellHerbert Smith FreehillsLee & LeeHogan LovellsCravath, Swaine & MooreClifford Chance

3*5*

0.70.7 -0.7 -0.5

▼▼-▼-

8*7

2.0 -0.40.1 -2.80.3 -0.4 -2.4

▼▼

4151413

1,499.438.7

209.9265.0490.0490.0- 1 0.6 -

0.6 -

11* 1 0.6 0

11* 1 0.6 0- 1

4 1 0.6 -4- 1 0.6 -

9*9*9*

Sidley Austin LLPKing & Wood MallesonsHomburgerMayer Brown LLPLee & LeeHogan LovellsRussell McVeagh

--

6*9*9*9*

5* 2 1.1 -1

▲▼▲--▼

10 0.2 -11 0.1 -

8 0.5 -4 5.6 -11.7

6 2.6 +1.67 0.6 -

3 6.9 +3.45 3.4 -10.2

--

1,317.3646.4495.2113.8102.5

1,079.028.511.6

▼▲▲--▼

- 1 0.2 -- 1 0.2 -

- 2 0.4 -4* 2 0.4 -1

4* 5 1.1 +2- 2 0.4 -

1* 8 1.7 -34* 5 1.1 +2

Allen & OveryClayton UtzHWL Ebsworth LawyersSidley Austin LLPK&L GatesKemp Strang Lawyers

-▲▼-

34*4*6*6*6*

33 0.0 0

▲▲-▲--▲

5 5.8 +3.77 2.5 -0.8

0.7 +0.514 0.7 -5.416 0.7 0

28 0.1 024 0.1 0

15.0

131.01,112.1

472.17.6

122313

15

23* 2 0.4 +1

▲▲-▼▼-

6* 3 0.6 -34* 2 0.4 -5

3*56*6*

15* 8 1.7 +6-5.1

Share Ch.

+1.1+8.2

-

▼

+0.7

2016 Rank

Gilbert + Tobin

# ofManager Legal Advisor

9*9*

Herbert Smith FreehillsAshurst

Jan 1 - Sept 30


7.9

Change in

Australia Equity & Equity-related (BY2)

6*

12* 7 1.5 +4

2015 Rank

226.01,703.6

11.8

9*

- 5 1.1 -

7,858.5


Rank Sh (%)

Proceeds per Advisor (AU$m)

+2 1,526.9 2

9*

AshurstGilbert + TobinBellanhouse LegalSidley Austin LLP

3Deals

10+2.5 Baker & McKenzie

Jan 1 - Sept 30

4 ▲

+210

Australia International Bonds (BW1)

▲5.5


Shimazaki Law Firm 3*35*

5

2

Sh (%)

5.510.7

-

-15.7%9.0% ▲ ▼

▼▲

-2.922.1

6.00.3 -

1.28.90.16.6

21.8134.6135.2

-52.8%

0

▼▼▲

1,270.4

1011*

2,245.6

13

2

1

11.5% ▲

16,334.0▼2.3

11.7

Allen & Overy

43*1*

5* 3*1,673.1 -4.0+0.1

LinklatersSullivan & Cromwell

11Allen & Overy+1Linklaters

-0.4


-0.8

▼

▲▲

182 100.0 +58 ▲

▲

-

▼

▲-

Sh (%)

2.2+1

-4

10.4

46.8%

+5.1

-5 ▼

Sh (%)

Issuer Legal Advisor Sh (%)

64.8

Proceeds

19

2016 Rank

2

2015 Rank Rank

2

Market# of Deals per Advisor

Market

AUSTRALIA CAPITAL MARKETS REVIEW

# of DealsChange in

12

# of Market

+4DLA Piper LLP

1Deals

11*

6* 5 1.1 -1

1 8 1.79

Proceeds per Advisor (AU$m)

3*

1,152.32.6Baker & McKenzie 3


1* 9 +6.6

2

▼

Australia International Bonds (BW2)

# of Deals per Advisor# of Change in 2015

Rank Deals▲

7

19Manager Legal Advisor

4

2016 Rank

-21.0%

5*

Market

- -

Proceeds

2-▲


Australia Equity & Equity-related (BY1)

Herbert Smith Freehills

1-

▲

Share Ch.1

▲

Market

▲ -52.8%

▲

2.1 ▲13.1

Sh (%)

1.9 2,524.0-2

# of Deals

100.0

1.9

▼3,205.11.7

Industry Total

234.1

Market

470

Jan 1 - Sept 30

Rank

4

Industry Total 470 +39 100.0▲ 19,234.9


11.5%9.0%

19,234.9


+39

% Change from Same Period Last Year▼

▼-15.7%

100.0


Sh (%)

▼

Jan 1 - Sept 30

Sh (%)Change in


ProceedsMarketMarket

Proceeds25,180.4

RankMarket

1Share Ch. # of DealsIssuer Legal Advisor # of Deals

430.1

Deals2015 Rank

# of

3

Sidley Austin LLP 1

-12.3 ▼▼

73,785.4

1.1

17.1%

12

835.0

17.1%


11*11*14*14*

Steinepreis PaganinGTP & AssociatesMcCullough RobertsonAllensArnold Bloch LeiblerMinter Ellison

-0.94.3

MarketMarket

0.6

▲

▲--1.251.1

1.7 -4324.7 0.4▲

+1

▼

▼

+5.5 ▲

-1.2

Share Ch.

▲0

▲

1.1888.6

2.22.2 +1

▲

3Herbert Smith Freehills 6* 11* 2 ▲Anderson Mori & Tomotsune

* tie

% Change from Last Quarter -21.0%

Baker & McKenzie

▼

100.0


Industry Total

6* 5*

▲

-1 311.4

▲

Industry Total---

▼ ▼

▼% Change from Last Quarter 20.7%

5*5*

182

▲46.8%

73,785.4

20.7%

100.0

Clayton UtzGRT Lawyers

2 5 1.1 -610* 4 0.9 0

Market

▼

0.4

6

100.0

+58 ▲ 100.0

-- 500.0

8*

4 0.9 -3 ▼

2

4▼

9 3 0.6 -223* 3 0.6 +2

4*

+6.61

10


* tie* tie

* tie* tie

▲4,157.5 2,800.3

3 5Nagashima Ohno & Tsunematsu +4.42▼1

▲

2015 Rank

1Rank

# of Market Change in

2Deals

40.7Anderson Mori & Tomotsune 1Sh (%) Manager Legal AdvisorShare Ch.

1 17Issuer Legal Advisor

# of Deals per Advisor Proceeds per Advisor (US$m)2016 Rank

2015 Rank

# of MarketMarket Change in

63.0 -16Deals Sh (%)


46.8# of Deals

▼ 1

2016 Rank

+2

▼

36.3

▲22.2% ▲

% Change from Same Period Last Year▼

-21.7

Industry Total

Rank Sh (%)Proceeds45.1

▼ -29.5%

# of Deals

Davis Polk & Wardwell 3*

-43

Proceeds per Advisor (US$m)MarketMarket

▲1,500.8-3

6,476.12

2015 Rank Share Ch.

-15.36.1▼▼

1▼878.2

3,124.7Mori Hamada & Matsumoto

▲8.8

▼▼5

2.44

▲

4

+20.6

10.4 +10.4-

10.2

-

Proceeds

Jan 1 - Sept 30

-24

Samurai Bonds (JL6)

+18.9Sh (%)

11

3.21

2* 5▲▼

13 +5 11Manager Legal Advisor

2016 Rank


Deals Sh (%)Change in # of Market

Anderson Mori & Tomotsune1 3,652.8Share Ch.Deals # of Deals

11.8

2016 Rank

MarketRankSh (%) Sh (%)

3* +15.06.3-6+2 ▲8

14,372.2

12.8 -2.7-

2

▼ 100.0

7*

▲

204.5%

-8.4Proceeds

27

2Nishimura & Asahi


Japan Common Stock (JL1) Jan 1 - Sept 30

JAPAN CAPITAL MARKETS REVIEW

2015 Rank Proceeds

Proceeds per Advisor (US$m)Change in

Jan 1 - Sept 30Japan Common Stock (JL2)

Nagashima Ohno & Tsunematsu

# of Deals per AdvisorMarket# of

Issuer Legal AdvisorMarket

2* 225.4 -4.2

Anderson Mori & Tomotsune-11 15

8 1,260.4


Mori Hamada & Matsumoto 2*

▼ -25.4%

-4.4

14,372.2



▼-24.7%

▼ 1,082.6 3-118.511.1 -7 ▼

100.0


31.5

8,893.8▼ 100.0

12.2▲

Sh (%)MarketMarket

-29.5%

▼% Change from Same Period Last Year -47.1% ▼

Industry Total

Share Ch.

▼

# of Deals

-25.3%204.5%

127 100.0 ▼ 100.0

% Change from Same Period Last Year -25.3%

▼

8,893.8

-24.7%

22.2% ▲% Change from Last Quarter

-68.4%-68.4%

Samurai Bonds (JL5)

▼

▼% Change from Same Period Last Year -47.1%

▼ -25.4%

Clifford Chance 2*

Industry Total 127 100.0 -43

Rank

Jan 1 - Sept 30

2 4

▼ 100.0

14.8

Industry Total 27 100.0 -24

-4 ▼ 2,221.1 ▼25.0 -1.1

172.80 - 1,845.6 3Nishimura & Asahi 4 3* 6 4.7 ▼

1.2 +1.2 ▲Maples & Calder 5* - 1 0.8 -▼ 2,757.1 2 19.2 -5.8Sullivan & Cromwell 3* 5 3 2.4

3* 6 3 2.4 0-2

Nagashima Ohno & Tsunematsu 6*

11.7 -0.6 ▼▼

- 1,682.3 3Simpson Thacher & Bartlett6* 7* 2 1.6 +1 ▲

4 2 1.6 -4 379.1 7▼ 2.6 -1.3 ▼4.6 +3.6 ▲664.6 6Lee and Li

Commerce & Finance Law OfficesMorgan Lewis & BockiusMorrison & Foerster

--

5* 7*

Cleary Gottlieb Steen & HamiltonSimpson Thacher & Bartlett

5* - 1 0.85* - 1 0.8

1 0.8 05* 7* 1 0.8 05* - 1 0.8 -5* 5 1 0.8 -3

-----▼

172.8172.8157.9900.4

1,306.8172.8

7* 1.2 +1.27* 1.2 +1.211 1.1 +0.36 6.3 +5.0

▼4 9.1 +9.17* 1.2 -23.1

8*

Jingtian & GongchengNishimura & AsahiPaul Hastings LLP

▲▲▲▲▲


-- 1 0.8 -

8*8*

7* 1 0.8 0

---

- 1 0.8 172.8251.7172.8

9* 1.2 +1.28 1.8 +1.89* 1.2 +1.0

▲▲▲

Shimazaki Law Firm 14.2 +7.6 1 3Nagashima Ohno & Tsunematsu

2* 3 4 14.8 -14 - 1 3.7

3-▼-

1,262.1490.0

34

1,781.6 2 20.0 -5.6 ▼5.5 +5.5

▲▲


11

-

-

-

-

-

-Asia-PacificCarina Causon-Israel

Salvatore ReresTel: +1 646 223 8455E-mail: [email protected]

Europe

E-mail: [email protected]: +44 (0) 207 542 4376

United States

Ian Willmott

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

High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moody’s rating equal to or less than Ba1. Securitiesnot rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates ofDeposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a highyield rating from the other) are excluded Non-convertible preferred stock transactions are included

Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactionsthat mature or are callable/putable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agencytransactions (US Only), exchange offers, and offerings by closed-end funds/trusts.

Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market.

Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium TermNotes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programsare tracked but are not eligible for league table credit.

Ranking Criteria Summary

Time periods for league tables will be based upon pricing/launch date.

All current data and previous year's data is as of 10:30am EDT on October 14, 2016 . Full credit is given to the issuer’s legal counsel andmanager’s legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor.Rankings based on proceeds are available on product.

Tel: +632 459 1566E-mail: [email protected]

J


-

-

-

-

Tel: +1 416 687 7577

Tel: +813 6441 1120

CanadaGavin Penny

Aki Sato

E-mail: [email protected]

Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts, homeequity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and Asset-backed Securities letter dated January 1, 2006.

yield rating from the other) are excluded. Non convertible preferred stock transactions are included.

Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retailstructured products, self-funded issuance. League Tables are denominated in Canadian dollars.

Japan


Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, maples andself-funded issuance. League tables are denominated in Canadian dollars.

Federal Credit Agency issuance is excluded in all regional and global league table rankings.

E-mail: [email protected]

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third partycontent providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party contentprovider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extentpermitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting toinvestment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has notundertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2016 Thomson Reuters. All rights reserved.

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

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