3Q2017 Cover Page.ppt -...

GLOBAL CAPITAL MARKETS REVIEWREUTERS / Ilya Naymushin

GLOBAL CAPITAL MARKETS REVIEWLEGAL ADVISORS

Full Year 2017

11

11

11

Canada All Debt (CAL1) - Manager

Canada Equity & Equity-related (CAL4) - Issuer

Canada Equity & Equity-related (CAL4) - Manager

Japan Capital Markets

Japan Common Stock (JL1) - Issuer

Japan Common Stock (JL2) - Manager

Samurai Bonds (JL5) - Issuer

Samurai Bonds (JL6) - Manager

11

Canada Capital Markets

6

6

6

6

Canada All Debt (CAL1) - Issuer

EMEA Capital Markets

7

7

All International Bonds (AV1) - Issuer

All International Bonds (AV2) - Manager

10

10

Australia International Bonds (BW1) - Issuer

Australia International Bonds (BW2) - Manager

1

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

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

Full Year 2017 | 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

1

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

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

2

2

2

1

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

https://www.thomsonone.com

Sa u a o ds (J 6) a age

Criteria Summary

Ranking Criteria Summary 12

EMEA Equity & Equity-related (AX2) - Manager

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

Thomson Reuters Contact

8

8

7

te at o a o ds ( ) a age

EMEA Equity & Equity-related (AX1) - Issuer

Australia Equity & Equity-related (BY2) - Manager

9

10

10

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

Australia Equity & Equity-related (BY1) - IssuerUS 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

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

2

US Equity & Equity Related (AB2) - Issuer

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

Total combined debt and equity capital markets activity totaled US$7.9 trillion for full year 2017, anincrease of 2.4% in comparison to the capital raised last year.

Allen & Overy was the top overall advisor to issuers across debt and equity in 2017; advising issuers on263 deals totaling US$205.1 billion. Allen & Overy was also the top overall advisor to managers acrossdebt and equity in 2017; advising managers on 975 transactions totaling US$539.5 billion.

Global Straight Debt excluding securitizations totaled US$6.1 trillion in full year 2017, representing a1.5% decrease compared to 2016. The total number of deals executed in 2017 (19,817) increased by3% relative to 2016.

Global equity capital markets activity totaled US$791.5 billion in full year 2017, representing a 19.5%increase from last year. The total number of deals executed in 2017 (5,769) increased by 21.2% relativeto 2016.

Grandall Law Firm took first place among issuer advisors in global equity capital markets during fullyear 2017, with 95 issues totaling US$12.4 billion. Latham & Watkins was the leading global equity andequity-related legal advisor to managers, having advised on a total of 188 transactions with a totalvalue of US$48.9 billion in proceeds raised.

Global follow-on offerings totaled US$509.9 billion during full year 2017, an increase of 13% comparedto a year ago and the strongest anunal period for follow-on offerings since 2015. Follow-on offeringsfrom companies in the Financial sector accounted for 22% of capital raising during 2017, upsignificantly from 12% of overall follow-on offerings a year ago Financials Media and Telecom Baker & McKenzie 20

18

22 154 58,610.9

▲

18

96 16+9

9

16*

-

+0.6+0.2

-7

▲

▼13*

112810

▼-12 ▼-12Clifford Chance

0.5▲

9

170,036.81419 146

▼+25

-5

▲5

0.6 ▲

White & Case LLP

Cleary Gottlieb Steen & Hamilton 9Davis Polk & Wardwell

Mayer Brown LLP

7

▲

-0.2 ▼

0.7

▲3.1

▲052,950.9

+1.0

+0.12.21.293,308.8

+6712

2.3

+0.11.0

+0.1▲ 109,134.6 819

1.4

▲-0.4

11 -0.293,381.8 1.2

▲

106,152.2 ▼1.317,748.5 43 -

700.2

+0.2

59,441.7

1.838

41,392.8

140,733.90.3

▼0.4

+0.2-0.1

▼

+100.522▼

-0.1

00 30▲ -

1766,975.2

36 -

0.8

66 0.1

▲+0.1 ▲0.9

▲

▲+890 0 3

Allen & Overy

+296

▲0.60.6

7▲

+21▲

Sh (%)2016 Rank

5

2 4

Sullivan & Cromwell

Linklaters 3

Issuer Legal Advisor

5 172


GLOBAL CAPITAL MARKETS REVIEW†

Global Debt & Equity Proceeds Up 7% | Equity Proceeds Up 21% | Straight Debt Proceeds Up 3%

Share Ch.Market

-0.1

Market

263

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

▼

12*

1

2017 Rank Deals

# of

0.9

8

42

6

3

Jan 1 - Dec 31

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

2.61Proceeds

+0.9 ▲

Rank# of DealsShare

King & Wood Mallesons

Sidley Austin LLP220

165168

3246 2.06

Change in

+80Latham & Watkins205,067.0

0.7

▼

0.8156,813.3

▲

-7

152

▲

77,423.4234,328.3

241,402.8

3.0+38195

20.9

113

0.6 +25

0.4

0.4

+28

20,294.0

-4 ▼

▲+350.5

13*

4177,443.3+47

0.4

▲139

Morgan Lewis & Bockius

12

Grandall Law Firm

22*

17Kirkland & Ellis 16*Freshfields Bruckhaus Deringer

19Conyers Dill & Pearman

Simpson Thacher & Bartlett 0.4Anderson Mori & Tomotsune

Skadden 0.5119

11

118

15

12*11

11815

98

94

10

0.397

0.4

130

16

+230.3

hare

significantly from 12% of overall follow on offerings a year ago. Financials, Media and Telecomofferings increased a combined 95% compared to full year 2016.

The volume of global high yield corporate debt reached US$432.8 billion during full year 2017, anincrease of 40% compared to the same time last year and the strongest annual period for global highyield issuance in three years. United States high yield issuers accounted for 52% of total issuance,down from 60% a year ago. The United Kingdom, Canada and China each accounted 6% of this year’sissuance.

173,644.4 -0.5▼▼

▲

▼

-0.1

▲

▲+0.2

62

2.5

+0.8

▲

3.8

7-0.4156,782.1 2.0

Market

Jan 1 - Dec 31

Market

-15.0% ▼

Share Ch.▲

▲

Sh (%)539,473.6 6.8 +0.9

+0.5

4.3+0.5

3 +0.5▲

▲

# of Deals

▲▲1

5.1196,458.0

+0.1

+0.8 ▲▲

▲▲

+0.3

* tie

16

▲

Hunton & Williams

15

100.0

▼+0.4 ▲

Baker & McKenzie

Sullivan & Cromwell 9Cahill Gordon & Reindel

20

Linklaters

Manager Legal Advisor

% Change from Last Quarter

2

0.7194

60.7

0.7

Mayer Brown LLP

13Shearman & Sterling LLPSkadden

17

2017 Rank

2016 Rank

% Change from Same Period Last Year

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

Proceeds per Advisor (US$m)

RankProceeds

27,870

▲

22,154.5

# of Deals per Advisor

▼

18 07,900,590.5

0.3100.0

36

6.9% ▲

100.0

2.4%

▲+8+1,794

5 7

404,198.51 3.5

643975

224377

1.5 ▲411

# of Market

90 0.3

Deals

▲

+312

Change in

4

+155

+37+651.4

2.3+137

▲ 337,807.0▲ ▲

8

0.8

▲2.20.3

300,637.3

-35+30

9

9

▼

+30

Sidley Austin LLP -49

2521,460.77

207 ▼

▲

160,555.0


+0.13.05238,516.7

125,967.0 12 1.6+64

▲127,900.4

0.7184+40 ▲

1.212

▲

5

8205

132.0

175 0.6

15

0.6

▲ 121,069.9

68,442.4+17

30

14137,321.7

▼

0.60.9 +0.2

18▲

▲ 1.6 +0.6

090,717.7

-

65,332.7 16 -0.30.81.5

10 1.7

+63

10

101106

0.5

1361417*

16

135

11

142

-21

0.6 +400.5 +42

0.5+32

8

Allen & Overy

Industry Total

-8.2%

Davis Polk & Wardwell 3

0.5

4

1

3 42

Clifford Chance

Cravath, Swaine & Moore

12

Latham & Watkins

6

100.0

131

0.40.4

155

7,900,590.5▲

44,866.1

Simpson Thacher & Bartlett

1415

1110*10*White & Case LLP


+1,794

▼


175

▲+18

+52

▲

2.4%

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

27,870Industry Total

6.9%

† Excludes Federal Credit Agency Issuance

-15.0%▲

▼% Change from Last Quarter -8.2%


2518

Cleary Gottlieb Steen & Hamilton

10,784.30

-0.117* 89 0.3 +6 44,552.1

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

Freshfields Bruckhaus Deringer 19 19 0.6Baker & McKenzie 20 20* 73 0.3 ▲ 40 ▼

-0.1

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

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 4Q

1Q17 2Q 3Q 4Q

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

1

+2 24,093.7▲0.2▲

Hogan Lovells 20 19 44▲

15

18

1.80.9

▲

+0.3 ▲0.6 ▲

126,593.3

1.10.4

15

2121,835 +922

▲0.3 0 -

+13+0.1 ▲

▲

▲▲

▲

17

7,031,554.4

112,417.3

3.12.18

▲▲

▲

▲+0.30.6

▲

▼▲

100.0

9314

43,767.1▲▲ 74,472.8

+70

115 0.5

17

14 16 116 0.5

92

1623*

+0.165,948.3

13▲▲ 12

10 +0.1

+0.3

▲

+0.51.394,306.6

12-24+38

0.6 0.9

▲

0.612115▼

+0.2

-0.364,540.6 16

1.6

146,973.9+0.8218,854.5+0.3

511

5

Simpson Thacher & Bartlett 7 8

6

120,061.5

71,167.5

50,274.0

78,292.937,800.6

4

3

16 0.9

Shearman & Sterling LLP

1.013* 85

15

Hunton & Williams

11

17

1218Freshfields Bruckhaus Deringer

62

0.40.4 +18

+14Kirkland & Ellis 13Skadden 14 13* 81

▼ 0.2▼

King & Wood Mallesons 11* 17 95 0.4 +36Anderson Mori & Tomotsune 11*

0.5

610Clifford Chance 7

0.4

Cleary Gottlieb Steen & Hamilton 8 15 125

Mayer Brown LLP

095

Davis Polk & Wardwell 9 11

Linklaters

Sullivan & Cromwell 5 4 132Latham & Watkins 4

2Sidley Austin LLP

9

White & Case LLP 5-

▼▲

9146,486.1▲

0.6 +61262,060.6

▲

+27

100.0

156,349.1+46

+3111

0.60.7

9

130

+45+39

13*

0.80.7

7

13* 95

▲▲

0.417 0.41819

▲+0.1

40,604.2

19,476.72.1

+0.2

+0.5+0.6

0.2

+18

364,451.24.0

52

04

+0.6

1.72.2 -0.4

+0.76

3.7

25


Sh (%)▼

Market MarketMarket

1 1 ▲2.7188,238.6 Allen & OveryRank

1Share Ch.Proceeds

2016 Rank

-28,739.8

▲3

1963 +14

+40

6* 86*

2066,425.5

Linklaters

Sidley Austin LLP

+650.6

370.6

Davis Polk & Wardwell

+0.1

19

Industry Total

2

▲▼

Cleary Gottlieb Steen & Hamilton+0.1


131

2.8

7 ▼▲

42

131

153,916.9 51.9

+19

+1

63,160.9-0.3

0.4

1.3

70.52.2

-10

76

132,202.0

▲

▲▲

▲

98112 +29 ▲

-21

+922

▼

+12

16

Cravath, Swaine & Moore 20

0.374Morgan Lewis & Bockius

50Industry Total

-0.120*

Skadden+0.6 Milbank Tweed Hadley & McCloy

0.70.7

0.5 -0.1Mayer Brown LLP

▼

Cravath, Swaine & Moore0.7-0.5

▲▼1.1

47,123.9

20

▲90,502.3

+5 ▲+4558

1019

0.30.367

42*

100.021

0.30.2

Shearman & Sterling LLP 18

21,835

12

1.3▲

17 1018

Simpson Thacher & Bartlett 16

8▲

+14▼▲

-00.424

+0.1

194,555.5▲

1.4

+0.3

+0.296,332.8

▲

92,207.4

4

▼3.1

0.91.9 ▲6

-14

1.1# of Deals

0.8 ▲

3 -0.1-10

1630.7

1+1.1-0.3

+0.80.92

159,511.7

9

157

-16

▲0.6▲

214,971.4132,345.5

▲

232Allen & Overy 1 1 ▼

Change in # ofIssuer Legal Advisor Deals

2017 Rank

Market

GLOBAL DEBT CAPITAL MARKETS†

# of Deals per Advisor# of Deals per AdvisorMarket

Manager Legal Advisor Share

Global Straight Debt Including ABS & MBS (G02)

Proceeds per Advisor (US$m)Change in

Share2016 Rank

Jan 1 - Dec 31 Global Straight Debt Including ABS & MBS (G02)

Rank# of Deals Sh (%)2017 Rank Deals

Jan 1 - Dec 31

48,724.2

11,189.0

7.42

147,150.6282,891.3

0.3

37 2.1

+26

▲

0.8 ▲

161▼-37164

121

▲

167

▲8

11

▲

157

Clifford ChanceCahill Gordon & Reindel

▼

223 1.0

0.8 -42+31179

175

+98

+301 +1.1551

▲ 520,487.1+1402.5 5.2

923▲

+45▲▲3 1.1

4 10

Sullivan & Cromwell 10 9

6

Hunton & Williams

12*12*


2.3

11

+0.6

White & Case LLP

231Latham & Watkins

2

# of

4.2

Market

5

0.8+0.3


100.0

Share Ch.Proceeds

7,031,554.4

20,536.627,076.8

2319* 25 3519* 17 35 0.2 -5

+0.1

▲

Sh (%)

0.3 017 0.5 +0.3 ▲0.2 +15

▼▲

0.2

145,446.6

-16.9% -17.4%

▲

▲4.4%

1482,382.8

MarketChange in

+0.1

8

-+1452

Hogan Lovells

1

10▲

3+91

362,833.52.8

+0.7

▲

4.71.1

+0.8

-

+0.1

0

2

▼▲ 1.1%

3▲

Proceeds

▲

6.0▲

▲

▲

▼


Rank8.0

0.3

4.2

282,891.3

+0.4

+1.2

2.419,476.7

+1.0

12

▲

-

▲

1.9

15

100.019,817


Industry Total

-22.2%-1.5%

-19.6%


▲ +26 65,374.3


-19.6%% Change from Last Quarter -22.2%▲

19

Gibson Dunn & Crutcher +22

▲24,291.9

* tie† Excludes Federal Credit Agency Issuance

3.0%

146,973.9

11*

86,344.9

▲▲

Cleary Gottlieb Steen & HamiltonDavis Polk & Wardwell

5*

7

Clifford Chance 9

8

▼

151

Sh (%)MarketShare

546

Jan 1 - Dec 31

3 7

▼

+1.2

3Rank

0227

▲

Share Ch.843

2.1

Allen & Overy▲ 2193,169.4

Sullivan & Cromwell65

144 57,613.8▲+66214,971.4

▲5*White & Case LLP+28

Anderson Mori & Tomotsune 4King & Wood Mallesons

8

23114

3.2 +1.0

▲

+0.1

▲# of Deals

Global Straight Debt Excluding ABS & MBS (G03)

# of Market2017 Rank Share Ch.Deals

▲ 249▲ 2.0 0

1.2

0.9

4.3

▲

+254

▲

213


+26 4+46

255,200.8

0.8 +18-39 6

5

0.8

0.4▲0.5

0.41.6

3.6▲

+23▲ 1.4

218,854.5

96,612.6

▲

11 -

+0.3

0

7▲

+0.413

2.0▲

+0.3

-0.5+1.1

2.4

153,232.5 2.5 ▼


6+0.9

Cahill Gordon & Reindel0.87

Clifford Chance

4

194

0.7

% Change from Last Quarter▼

9

1

8

120,061.5179

159

+31

129,579.2

▲▼

10

161

6

45

40

7

# of Deals-14

16+1 ▲

+4221

1.01

2017 Rank

1.1

▼

212

0.7

% Change from Last Quarter -16.9%

+630.810Sidley Austin LLP

Allen & Overy

Global Straight Debt Excluding ABS & MBS (G03)

Linklaters

Market

▲


▲

Share Proceeds

Jan 1 - Dec 31


2.9

Latham & Watkins

177,620.6

-17.4%▲ 1.1%

Market

4.4%

# of Deals per AdvisorChange in


2016 Rank

# ofDeals

3

950.596

1060.6

132

1110.6123

+0.6

0131,441.2

11,189.0▼

2.5153,716.9

-11

▲0.5 ▲

95▼

76,470.9

0.4

+45 150,907.7

-16

0.4 ▲

0.50.513

61+6

14

16

0.413

62

131110* 23 0

▲76 -0.2 White & Case LLP

Shearman & Sterling LLPKirkland & Ellis

720.315

Skadden

0.2Shearman & Sterling LLP▲

47,288.4

17

66,917.612 14

17

10*

115,517.3

+25 119,335.8

+22▼ 14-0.5 14

▼12

▲

▼

11

86

0.7

▲Skadden

0.6+38

0.8

89,169.0 1.59

14

Cravath, Swaine & Moore+37

0.5

0.812

▲2.5

105

8*

11113


12

3 157

0.2

16

6 157

▼

+0.2+0.1

+0.2

-

+0.3

21*

100.7130

15

2.2 ▲Sidley Austin LLP 10

1.3

5

+454 ▲

King & Wood Mallesons3.6 -0.24

▲ Davis Polk & Wardwell+0.4

1

28,739.81.1

16+18

67,675.9

▲

+12

15

11

+36

▲0.3

0.80.3 +26

▲


8*Simpson Thacher & Bartlett

▲

▲ Latham & Watkins▼


Linklaters

5

2016 Rank

Market

1.1▲0.7 +0.1 ▲ 49Hunton & Williams

840.4

-0.1

Mayer Brown LLP 39,330.3

49 0.3 ▲

15

18*+11

0.2

+17

▲+0.790,360.3 818

1.1+0.4

▲

11*Simpson Thacher & Bartlett

73-79

Freshfields Bruckhaus Deringer

2022,992.7Freshfields Bruckhaus Deringer

15

28*

50,274.044,987.3 17

37,117.546

+84216 -9

+0.3

18Milbank Tweed Hadley & McCloy18

46170.4▼

15,233.4

-1.5%

100.0

▲0.7


18

▲+575 6,057,830.0

▼3.0%

19,817

▼


▲

▼

6,057,830.0 100.0

▼▲


-3 Mayer Brown LLPAllen & Gledhill 20 1618* 26*

4546

-

0.2 ▼100.0

0.2

+57535 0.3

▼

0.6

+0.1 ▲+20 ▲

1.5

1.0

-

Industry Total

2

+7

1.6

10,224.1

+16

Goodwin Procter LLP 4

34

3100.5


▼

-

▲

+0.9-

-0.91.4

White & Case LLP

+17

Linklaters

49

1.091

+1615 58

3

12,431.7

26,883.3

Sh (%)# of Deals

+31

1

11,400.122,004.7 6

▲

▼

Cooley LLP

1.61.7

Market Change in

Global Equity & Equity-related (G08)

▲Proceeds

-1.3 1

38,583.7

Rank


Jan 1 - Dec 31

-0.5

2.6

▲

▼-0.5

6.2

Market

+0.2 ▲

7,470.1▲

0.6

521,264.6 +0.1

1.3▼▲

0.9

17,117.2

15,724.220,891.5

▲+17

2720

7*

Stikeman Elliott▼19 34

31*28 +14

791,543.8

17

▲

-0.5

▼

▼

▲

-0.2

-0.3 ▼

▼-

5 595

10,822.0

7

226,897.81.0 +3357

7

▲ 17,643.1

▼

▲▲

+2.785


Issuer Legal Advisor2017 Rank

2016 Rank

Proceeds per Advisor (US$m)Market

Share Ch. Manager Legal AdvisorDealsMarket# of

Proceeds2017 Rank

MarketChange in

Jan 1 - Dec 31

Share

▲1

▲3 +17

Global Equity & Equity-related (G08)

+211 +495

MarketSh (%) Share Ch.# of Deals

2.5

▼

▼

+0.7

4


# of

Latham & Watkins2

2016 Rank

2Conyers Dill & Pearman 94 1.6


145Grandall Law Firm

Latham & Watkins 3 2 89 1.5 +15-1.1

Zhong Lun Law Firm

▲+25

15* 67 1.2

3

▲King & Wood Mallesons +2Cooley LLP 4

0▲ 4

8,557.824,467.8 3.1

26

14

6 6 60 1.0 +10▲5 4 63 1.1

▲

2.8 038

5,503.3 426,032.5

0.7 00.8

AllBright Law Offices 7 17* 58 1.0 +240.1

-

9 11* 54 0.9 +161,038.6▲ 0130Handsome Attorneys at Law 8 5 55 1.0 +2

45 0.6 -0.3▲ 5,069.80.32,453.3 +0.1▲

▲Appleby 10 10 51 0.9 +12

7

Grandway Law Offices82

-0.2Baker & McKenzie 11* 7 49 0.9 +2

▲ 21,544.68,671.8+11

Skadden 11* 11* 49 0.9Goodwin Procter LLP

14,653.9

4,610.9

▲+0.1 ▲

242

1.1 +0.1▼

51

3.4+4

2.70.6

0.80.8 ▲

▲

+11

▲17* 41

9 45Vinson & Elkins LLP 15 15* 42

16

13 14 48Simpson Thacher & Bartlett 14

-0.3

+7▲

90.7Norton Rose Fulbright

Industry Total

0.74017* 35* 0.7

+1,009

0.740

Wilson Sonsini Goodrich & Rosati

+1938*

4011*

Davis Polk & Wardwell17*

▼

+12

16*

10,503.9

100.039 0.7

5,769+1 ▲

Mintz Levin Cohn Ferris Glovsky & Popeo+0.431

▲

Sullivan & Cromwell

+0.20.5

17*▲

Sullivan & Cromwell

+7

▲

-0.1

1.9

3,555.517

26,284.8

+6

3.3

0.7

1.3▲+14▲+20

3,944.1▲ 602.922,639.0 5

3

DLA Piper LLP ▲ 6517* 22*20

791,543.8

4.8+0.5

14

▲ 32,276.6+1.91.0 38,290.4▲

+23+11

0.96 4

Baker & McKenzie 9* 11

5212*8 6 51 0.9

3214*0.6

211.3

29▲0.9

7*

Skadden 9* 10

Sidley Austin LLP 14*

19,152.9▲

▼

▲0.7

49 0.9

0.50.5

0.6

0.5

46

0.6

0.8

+11

▲

10 2.2+2

5,449.3 +0.2

16

▲

▲

▼

+0.1

▲

-0.8 ▼

+0.1

▲

-1.6+0.5

6.8 ▼

▲0.9

▲1.44.9

3.3 +39

GLOBAL EQUITY CAPITAL MARKETS

2▲Share


Rank

2188

Deals12

53,573.3 148,946.0

3-1.2

-▲

06

▲0.711

4.12.2 +0.4

0.825 -0.52,287.1 0.3

9,869.85,969.5

0.5

16*

+0.10.346

0.2-0.1

73

+14 2,671.0

Herbert Smith Freehills

14*

▲

▲32

-6

-732

+7Clifford ChanceFreshfields Bruckhaus Deringer

1211 12*

41

2.4

2.0

100.0

Norton Rose Fulbright

Covington & Burling

13 14

Industry Total 5,769 100.0

Allen & Overy

Blake Cassels & Graydon 9

17*

27*

+1,009 ▲ 100.0

▲


* tie

19.5%▼-0.2%


21.2%% Change from Same Period Last Year % Change from Same Period Last Year% Change from Last Quarter 27.0% ▲

21.2% ▲ ▲% Change from Last Quarter 27.0% ▲ -0.2% ▼

▲ 19.5% ▲

3

▼+7 ▲ 42,856.1 16 1.4 -0.2Allen & Overy 20 17* 41 1.0

14 9% ▲

100.0

+0.3

▲

100.0 +822

23 9%

-0.1

+27

-0.3

+0.1


4

144.4

# of Deals Proceeds

1+32

Kirkland & Ellis

White & Case LLP

10*

Hunton & Williams

9

7

10*

16* 1316* 15

1.8

10* 1.515

Goodwin Procter LLP

▲Shearman & Sterling LLP

17* +8



Vinson & Elkins LLPCooley LLP

10*

Gibson Dunn & Crutcher12


2514 31* 61

196213

8

9

5

▲ 186,052.2

2.6

3.085,159.8▲

▼+35

49,190.6

178

112

Sh (%)


Skadden


Sidley Austin LLP


5Mayer Brown LLP

2017 Rank

2

2016 Rank

21

Issuer Legal AdvisorLatham & Watkins

Deals

3

2.0

2.6+25

131,510.8141,971.8

6100

127

▲1.6 +181.6

+1733,892.7

2.1

43

▼

0.940

84,403.18

▲20

70 1.1

10,925.5

▲

▲

14 9%

4,266

63 1.5

42 1.0

545,673.6

-0.254,471.7

100.0

▲1.5

571.1

93,604.815 -0.5

1.3

▲

▲

3.0

+43

14Hogan Lovells

18

Industry Total


19+3

+30

1.3

70

47

+2

+36

+71.459+14

17

1.3

▲

120.3

▲17 +10

13

9

▼0.42.3 +1.6 ▲

▲

+0.8

▼

▲Hunton & Williams

2.72.4

▲

+0.41.7

▼

+0.2

3,130,947.0

72,294.5

-1.1

▼Cravath, Swaine & Moore

-0.4 Sidley Austin LLP

+0.1

Allen & Overy▲

78

12105

4

1096 34.5111

Change in

12.8

+184.2 +63 ▲ 131,184.5

4.2

# of Deals per Advisor# of

US Debt, Equity & Equity Related (AB1) Jan 1 - Dec 31

Market

US CAPITAL MARKETS REVIEW†

Jan 1 - Dec 31

2017 Rank

2016 Rank

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

RankMarket

4Davis Polk & Wardwell 2 2

1


Latham & Watkins 1

3

+122364 8.54.2 ▲+2.1

Change in # ofShare Ch.

+0.55.5 ▲Manager Legal Advisor

4Proceeds

▲Sh (%)Sh (%) Share Ch.RankSh (%)

MarketDeals


US Debt, Equity & Equity Related (AB1)

285 6.7

# of DealsMarket

173,108.4

Market

▲

2.7▲

▼6

▲

+0.2

28


+37

▲


+45189,094.7

55,997.3

4.03.8

▼

3.5

-0.3 ▼▼

▲

-2.0

▲▲

▼

18 1.1

121.2

-

▼

0

6.0▲

▼

▼

37,701.9

3.01.8▲

-0.1

-0.5

+0.24.3

10

126,276.7 7123,342.5 -0.43.9

5

▲+0.8

+28

8

3133,810.6

+14

80,433.2+0.8110,404.7

1193,660.8+9

2.6▲16132.0

▲

1.5+12 ▲1.7

+55

-0.1

11,230.315

35

1.7

74 1.772 35,170.4

52,090.3

+0.1+0.20.4

0.2

+39 ▲ +1.0+11Goodwin Procter LLP

46

Morgan Lewis & BockiusWhite & Case LLP

156416 22

17

14

1.3▲▲

0.937,677.6

+0.21.2 +0.3

▲

15

93

-8

3,130,947.04,266

1.3 ▲57

▲+822

Cooley LLP ▲

Freshfields Bruckhaus Deringer 29* 38▲

+3023* 5419

6,805.51.1

44▲56,487.1 +1.0

▼

23 9%

100.0

17

90

▲

▲

▲

10

▲

▲Mayer Brown LLP

+59

-6

18

62.6

74,007.6

63,735.0

2

2.572.3

-24▲

57

26,989.0

1.4 41,816.3

+11 ▲9,041.8

5.92.7

4Cahill Gordon & Reindel

▼

5

▼▲

-2.3

-0.4

11310 10611

1.6

10Sullivan & Cromwell

▲

▼

-0.4

7

6

Linklaters 141312

Skadden

122 +48

3

7▼

Cleary Gottlieb Steen & Hamilton119▲ 8*

12-1.8

13

3.8

8* 8* 119 2.82.9

2.8

+0.8

188133,297.4

269,747.6

+333.0 +31

▼

129

+44

3.9

▼1 8.6 -0.4▲8.1 +0.42

4.39

▲

▲

▲254,650.4

2.5

6-58117,517.0

8*

2.2

167

▲5 162

▲

1116

86

Industry Total0.5

18Milbank Tweed Hadley & McCloy

20 24+20 ▲ 14,159.8

† Excludes U.S. Federal Credit Agency Issuance

▲ 776.4 58 0.4 +0.4 ▲Mintz Levin Cohn Ferris Glovsky & Popeo 20* 66* 12 1.2 +9

1,844.6 0.8 +0.5 ▲Maples & Calder 19 50* 13 1.3 +8 ▲Sullivan & CromwellMorrison & Foerster 18 15* 15 1.5 +4

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

▲

2.7

1,745.4 35 0.8 -0.2

162.4 -5.3 ▼

▼

4.25.4

14

▲

100.0

▼

+0.534

+213

14.9% ▲▲▲23.9%

9.5%

▼

6,273.5

3.1

-1+16

5,996.6

3,528.4

▲

7

▲

2.2

▼4.0 +3.0

▲

-9.8%

11

+6 ▲ 6,897.0+7

28.0% ▲ 10.7% ▲% Change from Last Quarter 18.2% ▲ -9.8%

26* ▲ 8,882.8 8

+71.6

16


1.65,351.9Sullivan & Cromwell 16* 20* 16 ▲+8

Sidley Austin LLP 16* +9

1.8 -0.7+9 ▲ 5,949.0 13-614 7 18 1.9 3,930.8 17

Fenwick & West LLP 12 18* 20 2.1Gibson Dunn & Crutcher 13 26* 19 2.0

+11 ▲ 2,309.9 28+8

+12 6,208.6 12▲

6,329.5 11▲+14▲ 3,839.9 18

Davis Polk & Wardwell 10*10* 13 21WilmerHale

26* 21 2.2▲

2.22.9

Morgan Lewis & Bockius 9 14 24 2.5 3,057.4+12Simpson Thacher & Bartlett 8 5 32 3.3 ▲+3Venable LLP 7 6 33 3.4 11,286.0▲+8Wilson Sonsini Goodrich & Rosati 5* 8 35 3.6

9 3.6Vinson & Elkins LLP 4 2 41 4.2

23▲▼

7.75.1

1 +1.71.4

-2.0 ▼3.7

-0.9+2.1

▲▼

▲▲

2 1 60

Market

▼▲ 14,121.26.2 21 ▲

9.5%

US Equity & Equity Related (AB2)



2016 Rank

Latham & Watkins8,158.7

62Issuer Legal Advisor

2017 Rank

3

6 4.9 Latham & Watkins


14.9%▼

Share Ch.Sh (%)6.4

+8 ▲ 9+8 -3.1

4.4

+296.4

1214Mintz Levin Cohn Ferris Glovsky & Popeo

6.34.4

43

+3.54

Market

10,920.5

3

Sh (%)

+5+0.3

+1.77

5.9

▲

Cooley LLP 1

3▲

+14

12,955.0+15

413,856.0

Goodwin Procter LLP

▲35Skadden 5*

17,077.9

9,751.0Simpson Thacher & Bartlett 5+0.8 ▲

▲Covington & Burling+0.35

414Skadden 6

5.75

7 3.2

3534

31

-13.9%% Change from Same Period Last Year

# of MarketChange in

▼

55+29Cooley LLP

▲

Vinson & Elkins LLP

1.7

2.8 +1.9

+0.8

+2.1



1.0 Sidley Austin LLP8 ▼

▲1.515

2.79*

-2

-1.7

18.2%

26* 12 1.21.3

28.0% ▲

974


21 ▲9*21

6

10

2


2016 Rank

US Equity & Equity Related (AB2)

▲ -13.9%

+0.6 ▲

+0.4

MarketRank

▼

23.9%

Jan 1 - Dec 31

Change in Share Ch.

16.9


# of DealsMarket

-0.32

Sh (%)▲

▲▲

12.33

37,278.418.6

▲

1

+6 19,268.4+1.8+1.2

10,411.4 +2.32.99

5+13 4.7

Proceeds1 169 +36

Sh (%)17.4

+2141,067.9

▲6,480.5

4▲▲ 11,921.7

8.73

2.2

5.4+10

13

2,425.1 19

▼

18▲ 1,249.6

Wilson Sonsini Goodrich & Rosati

19 30*

▲28 2.9+1327

+22.8

Cahill Gordon & Reindel

Clifford Chance

30*

Ropes & Gray

11

1718

14 16*▲

▼Fried Frank Harris Shriver & Jacobson 1515 20* 17 1.8Ropes & Gray

11*

26*Ellenoff Grossman Schole & Cyruli 9*

1.6


100.0

▲

Industry Total

* tie

7,319.1▼1.918

▲

▲2.6

+0.85,733.8

▲

12

▲

1.6

0

2.7 ▼3.3

2.8 +2.3-2.7

▼

219.0 64

2,502.30.6

-29

0.1

1.1

-0.716

9*-5

16

1.9-1.9

+12 +0.5

▲

18

16*

18 ▼

1314 1.4 -5

1.9

▲

▲

11*

7

Jan 1 - Dec 31

Deals Proceeds Rank

▲+0.7

▲

▲

# of Deals Manager Legal AdvisorMarket

▲% Change from Last Quarter

2 120


8

11*

9*

Goodwin Procter LLP


5,905.6+9

▼

10.7%

▲ 782.9 38 0.41.0

Industry Total

6 3.4 +2.9

▲▲▲

+0.2

▲+0.2

▲+1.6

▲

+0.338* 10

▲

1.1 +720 211.0


▲▲ 100.0221,132.8

▲ 4,280.2

+213

2017 Rank

8

1.17,467.4

+7

# ofDeals

Proskauer Rose LLP▲

221,117.82,253.6

974 100.0

Hunton & Williams 20* 40* 12 1.2 +6 15 1.9 -0.4 ▼

4

1.3

▼

15 1.50.7

▼

+1.0 ▲

▲

▼

3.0

-0.5

+0.3▲

518

2 4.7

▲

-2.0

135,642.3

Milbank Tweed Hadley & McCloy 1.3

Share Ch.

▼

Market

+0.3

43,659.013 1.8

▼ 30,342.0▼

▲

1.0

▲

19

2.3-0.2

1.9


1.1+1.6 ▲8

▲+13

0 -

▲

-0.5

33100.0

▲+0.114,034.0

McGuireWoods LLP -2

▲

54,807.0 1219 0.915* 30

3,292 100.0 +609Industry Total

22 31 ▲Willkie Farr & Gallagher 17 19 32Hogan Lovells 18 0.9

24Allen & Overy 16 14 41 42,856.1

21,248.61.0 +8+7

Gibson Dunn & Crutcher 15 20* 43 ▲1.3

66,086.01.3 +24Morgan Lewis & Bockius 13* 11 46 1.4 +6 30,835.3

37,536.1

+0.3Cravath, Swaine & Moore 13* 13 46

17▲ 85,971.91.4 +10▲1.5 +37Hunton & Williams 11* 27* 49

Shearman & Sterling LLP 11* 9 49 ▼14 1.51.5 +1 ▲

2.3▲ 53,216.51.6 +14▼2.1 -9 67,325.1

70

10 12 53White & Case LLP7

2.18Simpson Thacher & Bartlett 9 4 68

2.1 +10Skadden 7+22 2.1

-1.3+0.2

▲ 60,151.6961,360.0▲10

Kirkland & Ellis 7 8 8190

2.5Davis Polk & Wardwell 6 5 2.7

16 1.4▼ 40,307.8+21 ▲

102Sidley Austin LLP -335 1 96 2.9

3.1 +57Cleary Gottlieb Steen & HamiltonSullivan & Cromwell 3 2 111Latham & Watkins 1186

4 10 ▲

119 +34

3.42 3.6 +55

3

Change in # ofDeals

1Sh (%) Sh (%)Rank

2016 Rank

2017 Rank

Market# of Deals per Advisor

▲

6 +0.3

58

7*

Sh (%)

1.8

Deals

21

Change in # of Deals per Advisor

Jan 1 - Dec 31

46

5

15

Market# ofManager Legal Advisor

13

2.0

Dechert

4.5


1.416 25

2.3

6104104

6772

10

+10

Jan 1 - Dec 31

# of Deals84,776.4

Proceeds

4▲▲ 117,063.3

17

Mayer Brown LLP

2,909,829.2

129,029.8

+2.4


Industry Total

Cahill Gordon & Reindel

-0.6

+1.3

▼

3.6

-0.7

Sidley Austin LLP

▼▲

▲

4.0▲

-2.01+0.9

▼4.43

2.9

0.9

180,700.3

2017 Rank

Market

US Straight Debt Including ABS & MBS (AB6)

-3 0.5 -0.2

6.2▲

2016 Rank

4.2

▲

5.0 +23-53

5.9▲

▲

125,978.2

+11

36,602.9

37,677.6

▲+31

15

5

4.5Sh (%)

54,383.3

9

232,469.3

1.31.9

7

4.410

235,382.1

Rank4

111,611.4

2

8

▼-

0.80.620

-0.3

-2.1

0.3100.0

10,924.8 -

-0.211

15

02.4123.21.2

+1.0+33▲ 34,837.0▼

▲ 48,410.1

93,287.0+10

2,909,829.2▲0.6

020 ▲

+609

0Fried Frank Harris Shriver & Jacobson

3,292

1928 20

100.0

▲

14 1.7

1.7

-4 +0.216

9,460.5 25

50,308.5

+0.1

+0.6

126,913.63.7

0.424

018

1317

68,511.5

▼▲1 8.1

181,627.3

+0.4

▲3 6.2

123,342.5

-0.4 ▼4.36

4.1

8.0

▼

▼▼3.8

▲

-72.2

+214.54.5

+433.2

+8 ▲2.5▲+18

975Skadden

149

8 107

14

7* 111

83


White & Case LLP 16

Clifford Chance 18

13*

▼

17

122

+7

3.7

85

Vinson & Elkins LLP

1112

Linklaters

6

13*

9*

+32

+62

3.33.2

2.69* 11

19



Mayer Brown LLPHunton & Williams


Cleary Gottlieb Steen & Hamilton ▲

-0.3

2 1651

20 15* 29

4

Allen & Overy

▲+0.5

+9 ▲

147+48

▲

▼

+0.1

-0.1

3.4▲

▲

1148

3

52

+38

7

3

▼

+86

MarketMarket

US Straight Debt Including ABS & MBS (AB6)

▲Proceeds


-

Share Ch.132,040.5

# of Deals▲

+0.9 ▲▲

Latham & Watkins



+0.5

-

▲ 120,280.1

107,518.8

▼

-0.5

▲

4

195

US CAPITAL MARKETS REVIEW†

▲ 9,047.5 24 0.4 0 -Vinson & Elkins LLP 19* 21* 17 0.7 +3Freshfields Bruckhaus Deringer 19* 26 0.3 0

100.0

23 17 0.7 +427 1.2

MarketRankSh (%)

Change in

-1Linklaters 20 15▲ 100.0▼

2,340 100.0 +360


Proceeds

Gibson Dunn & Crutcher 1719*57,687.2

15 0.7 -7

▼ -21.5% ▼

▼

+360100.0

18.3% ▲

▲

10.2% ▲

▼21,929.1

2,392,640.3

-7,886.3-0.918 0.9

Jan 1 - Dec 31


US Straight Debt Excluding ABS & MBS (AB7)

2017 Rank Manager Legal Advisor

2016 Rank Sh (%)

# of Market

15.3%% Change from Last Quarter

2423

40

191212

11

7.6

18

-0.9%

Market

0.9

# of Deals


47

14

10

16

Change in

2.93.2

2.01.7

7677

▲

201.0


+9

+121323

+2434,191.0

-5

▲▲

1521*

▲2,343

78 3.3

4967

26 1.148,969.2▼

▲

+6

▲

+32-0.159,413.0▲ 2.5

40,823.8

1.4

▲

20

24,081.9 17

17,092.1▲

+0.8

1.0 +0.1

93,329.6

+0.3▲

+0.42.10.4

0.7▲

▲

▲11▼▲

+0.2

1.7▼

+1.0

▼+17

+14

-13.9

998,922.0+23

124.010

9.6

3

0

5126,913.6

+0.94.2

228,832.2100,246.4 8

4.14.6

6115,826.6

109,204.1▲

181,627.3

2

5.37

1315

107*

14 16

▲

95,285.8

+0.3▼


Deals

▼

1.8 Cravath, Swaine & Moore12


Skadden

Clifford Chance 17

13

▲

Hunton & WilliamsWhite & Case LLP

▼

11Linklaters

2.1

3.3

Jan 1 - Dec 31

▼

4.6

▲+0.1

-0.6

Sh (%)

-0.1

▲-14.2%7.1%

Milbank Tweed Hadley & McCloy

% Change from Same Period Last Year 22.7%


▼-14.2%

1

Market

130,336.4▲ 5.5

MarketRank

US Straight Debt Excluding ABS & MBS (AB7)

-

# of Deals


+0.94

6.7+23

2017 Rank

# of

7.1%

▲3 156

Sh (%)

1

▲+46

7.04.8

+22

7.99.7▲ 232,469.3

+0.2 6

32

▲4

▼▲ 6.0

▼

Sullivan & Cromwell

8 +24

7.6

7* 101 4.3 -0.4

+1.1▲

▼▲▼

-0.5

+0.3

▲▲

110

1.8

2.7-1.2

-0.6

-2.3

9

7Shearman & Sterling LLP2.3 9107104

55

4.4 +31

+13140

+7

+79Latham & Watkins 185165

4.76

2016 Rank Deals

412

% Change from Last Quarter▲▲

▲Share Ch.Proceeds

▲2 1

4 4.8

Market

114,971.4

121,255.7135,442.3

3Cahill Gordon & Reindel

5.1 Simpson Thacher & Bartlett

180,700.3

+1.0

+3.1▲▲▲

Latham & Watkins 1 4 113Sullivan & Cromwell

+43

111Davis Polk & Wardwell 3 3 89 3.8 +20

3.34 8 85 3.6

+544.84.7 +10

7 6 65

Cleary Gottlieb Steen & HamiltonSidley Austin LLP 5 5 78

43,186.42.8 +142.4

Simpson Thacher & Bartlett 6 2 66Skadden

2.8

+2Shearman & Sterling LLP 9 7 49Kirkland & Ellis 8 9* 57

10 11 46

Gibson Dunn & Crutcher 12

2.1

21,248.6▲+17

+9 85,829.9Cravath, Swaine & Moore 11 9* 45 1.9

% Change from Last Quarter -1.1% ▼% Change from Same Period Last Year 18.2%

▲+9

Industry Total

▲54,807.0

311.3 ▲

Industry Total

9,460.5

10.1%

* tie


▲▲

+0.9



-21.6% ▼

▲

▼+1.6

14 1.7

▲2.3

2,391,740.18 2.4

▲

+0.4

5 3.6

▲-0.5

▲

16

15

+0.9

Share Ch.

7

1 -1.92 5.7

▼-0.4

17 1.3

▼

▲Davis Polk & Wardwell

1.4

Sidley Austin LLP

Allen & Overy

+0.5

+20

+21

271.4

18* 1.6

1.4

2.0

0.9

+1.9

Hunton & Williams 14*-0.3

22

2.8Mayer Brown LLPWillkie Farr & Gallagher

33,419.5

-0.1

▼ 65,503.2

13▲

46,389.643,659.0

1.9

9▲

323713

McGuireWoods LLP21

-9

+12

20 43

White & Case LLP

% Change from Same Period Last Year 22.7% ▲

1.21.3

1913*

Hogan Lovells

14* 17▲ 32,130.3 1.3

1810

▼ 39,780.6Allen & Overy -216* 12

-0.2-3 0.6Vinson & Elkins LLP 29+0.218

31

55,901.7

▲

▲

16* +13 ▲1.331

13* 14,034.0▼-2

32

1.8 +24

▼ 30,342.030

11

6▲ 66,086.0

1.3

▲

▲

31,766.1

+21▼

▲

15.3% ▲

▼

▲

Fried Frank Harris Shriver & Jacobson

▲14

Mayer Brown LLP▲

+0.1

5

7 1.3 - -

16 0.2 - -18 0.2 +0.1 ▲

0.2 - -

301.9259.4

1,960.5

0.2 - -14* 12* 1 0.2 0 -

Mayer Brown LLPLatham & WatkinsSimpson Thacher & Bartlett

14* - 1

14* - 1-0.1 ▼15 0 5 - -

- -21* 0.2 - -

399.0227.6227.6806 7

19 0.3

21* 0.21 0.2 -1 ▼13* - 1 0 2 - -

1 0.2 - -13* - 1 0.2 - -

Milbank Tweed Hadley & McCloyLavery de BillyGoodmansSidley Austin LLP

13* -

13* 9

0.0 -

-▲-

164.31,332.3

2.4

20 0.1 -11 0.9 +0.42114* - 1 0.2 -

---

14* - 1 0.2 -14* 12* 1 0.2 0

0.7 -

---

Cassels Brock & Blackwell LLPBurnet Duckworth & PalmerFasken Martineau DuMoulin LLP

1,960.5222.1

1,114.2

9 1.3 -21* 0.2 -10- 1 0.2 -

---

- 1 0.2 -- 1 0.2 -

13*13*13*

Hogan LovellsLatham & WatkinsMayer Brown LLP

--▼

151214

0.4 00.8 0

▲--

628.81,109.61,006.67* 2 0.4 0 0.7 -0.2

10*10*

7* 3 0.7 +17* 2 0.4 0

0.5 +0.1

--▲

GoodmansGibson Dunn & CrutcherDavis Polk & Wardwell

606.6929.9790.2

16 0.4 -12 0.6 -140.4 +1

--▲

- 2 0.4 -- 2 0.4 -

9*9*

10* 29*

Burnet Duckworth & PalmerMcGuireWoods LLPShearman & Sterling LLP

McCarthy Tetrault

9

Torys 3

Norton Rose Fulbright 5

Stikeman Elliott 6*Blake Cassels & Graydon 6*

33

2 9

4 6

8 7* 4

5* 7

7.3 +4Osler Hoskin & Harcourt LLP 2 3 19 4.2 +8

1 1 ▲ 10,885.5 2 7.2 +0.4 ▲▲ 16,438.4 1 10.7 +5.7 ▲

2.0 -3 ▼ 2,781.5 5 1.9 -1.4 ▼Davies Ward Phillips & Vineberg LLP 4 5* 8 1.8 +3 ▲ 3,043.4 4 2.1 -1.9 ▼

1.6 +2 ▲ 2,306.9 6 1.5▼ 3,420.21.3 -3

-0.2 ▼

0.9 +2 1,459.1 10 1.012* 6 1.3 +5 ▲

+0.2 ▲

3 2.20.8 +0.7 ▲

Canada All Debt (CAL1) Jan 1 - Dec 31

13-1.3 ▼

Proceeds per Advisor (C$m)

1,135.6▲

Change in

8,176.9

Market 2017 Rank

Allen & Overy

CANADA CAPITAL MARKETS REVIEW

Sh (%) Share Ch.Issuer Legal AdvisorMarket

Share Ch.Sh (%)2016 Rank

MarketRankProceedsSh (%) # of Deals

# ofDealsManager Legal Advisor

Change in # of Deals per Advisor

MarketProceeds

2▲ 5.4 +2.0 ▲# of Deals


# of

Jan 1 - Dec 31

2016 Rank

2017 Rank

MarketRank

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

3* 32 7.1Deals Sh (%)

Canada All Debt (CAL1)

Market

+17Blake Cassels & Graydon 1Torys 2* 3* 17 3.8 +2 ▲ 5,088.4 5 3.3 +0.7 ▲Osler Hoskin & Harcourt LLP 2* 2 17 3.8 +1 ▲ 4,031.2 6 2.7 -1.8 ▼McCarthy Tetrault 4 1 14 3.1 -10

▲▼ 7,253.6 3

19.3 +11.210 2.2 +5 711 2.4 +7

▲ 2,972.51

Norton Rose Fulbright 6 6*Davies Ward Phillips & Vineberg LLP 7*

29,189.3Borden Ladner Gervais LLP 5 8

-6* 5 1.1 0- 5

81.1 -

1.62,477.34- 5,112.7

151 463 3

Sullivan & Cromwell 7* -3.4 -+0.9+0.5

▲

-3.8 ▼▲

2.0 ▲

4.7

13

452 100 0 -148 ▼Industry Total 100 0

-

1

9*13*13*13*

Stikeman ElliottAllen & OveryDavis Polk & WardwellFreshfields Bruckhaus Deringer

--0

5--

10*

211

-

936.8294.4574.9480.6

0.40.20.20.2

-40.2 -

17 0.4 -

▼--

18 0.3 0

▼---

0.6 -1.420

Sidley Austin LLPSullivan & CromwellBennett JonesCravath, Swaine & Moore

10* -

14* 12*

2 0.4 -10* - 2 0.4 -

1 0.2 014* - 1 0.2 -

----

1,576.11,407.4

310.2182.6

8 1.0 -9 1.0 - -

--

17 0.2 019 0.1 -

- 74.0 32 0.2 - -Wildeboer Dellelce LLP 16* - 4 1.1 -

1,001.281.2

11 0.6 - -24 0.1 - -

- -13* - 1 0.2 - -

White & Case LLPWillkie Farr & Gallagher

13* - 1 0.215 0.5806.713 1 0.2Sidley Austin LLP

12.0 -10.8

▼▲▼

626.448.8

3,629.8

16 2.1 -2.634 0.2 +0.1216* 13* 4 1.1 -1

-▲▼

16* 15* 4 1.1 016* 18* 4 1.1 +2

▲-▼

Dentons Canada LLPGowling WLGPaul, Weiss

+0.334 0.3 -10 4.0 -1.0

141.483.3

1,164.8

30 0.5▼--

- 5 1.4 -15* 5 1.4 0

Miller ThomsonSkadden

15*15*15*

Gowling WLG 14 5 1.4 -1

-9.5+0.8

▼▼

512

-4.3

▼▲▼

251136

0.52.90.1▲

160.8863.7

35.6

1.41.41.1

-6-1+117

554

Burnet Duckworth & PalmerDavies Ward Phillips & Vineberg LLPBennett Jones

14*14*16*

-0.3-1.1+0.2

▼▼▲

222326

0.80.80.7

▲▼-

249.1240.5193.5

1.61.41.4

+2-40

17*12*15*

655

Davies Ward Phillips & Vineberg LLPBorden Ladner Gervais LLPFasken Martineau DuMoulin LLP

13*15*15*

2

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

144.4%

Industry Total

4

* tie% Change from Last Quarter

53.4%▼▲

5.2% ▲

291

1 9

Cassels Brock & Blackwell LLP 5 12*McCarthy Tetrault

Dorsey & Whitney LLPBlake Cassels & Graydon

▼-6.2%▼-17.1%

5,363.0+10

111,080.5Rank

8.0

-24.7%% Change from Same Period Last Year


▼

Market

% Change from Last Quarter▲4.2%

Canada Equity & Equity-related (CAL4)

+17 ▲Sh (%) Proceeds

3.5

MarketSh (%)# of Deals

▼Stikeman Elliott 3 6* 24 6.6 ▲

-15.4▲

17.97.4 1

+1

27

2,401.3 5

▲+4

7.9 -2.33,831.2 3 12.5

▼+7.0

▲Troutman Sanders LLP 6 5 14 3.8 1.4 +0.4 ▲

3.6

4

-3 ▼ 423.9 154.115

19 5.2 ▲+0.7+6 ▲ 350.1 ▲17 1.2

4.8▲ 1,443.2 8 +2.1Osler Hoskin & Harcourt LLP 7* 8 13 0Norton Rose Fulbright 7* 11 13

7-3.6 4,939.7 2

+3

▲

▲Torys 9 6* 11 3.0 -3Dentons Canada LLP 10 27* 8 2.2 +7Burnet Duckworth & Palmer 11* 2 7 1.9 ▼-15

19 1.1 +1.1▼▲

620.0 14 2.0340.1


-4.0 4.2

100.0 30,454.9

Market

-5.1 ▼+6.8

▼ 1,972.316.3

# of# of Deals per Advisor

Change in

▲1,599.6

9+5

19

▼

▲▼

-17.1% ▼% Change from Last Quarter4.2%

-6.2%% Change from Same Period Last Year -24.7% ▼

Jan 1 - Dec 31

▲Share Ch.

225.5 24 0.8

Rank2016 RankManager Legal Advisor

▼ 3,661.3 4 12.2

144.4% ▲5.2%

1.5 +1.3

100.0

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▲

% Change from Same Period Last Year -23.7%▲

Dorsey & Whitney LLP 10* +5 ▲ 466.59

+0.8 ▲+2.5

-653.0

53.4%

5.37

▲

14

911.1

▲0.8 +0.5 ▲9.9 +5.7

-

9 4.1

10

-323

▲▲ 224.0

1▼-11

▲

▲

▲ 1,305.4

3.0 +2.4▲

8

15*13*

25.62.0 +1.917+23

+11.8627.1

29

32.72.5

3.8 +6

+14+6

3

5*

7-9 ▼

9* 3.8

-

6.9 ▲

TorysGoodmans

Fasken Martineau DuMoulin LLP

9

2.5 -6

2.2

Blake Cassels & GraydonCassels Brock & Blackwell LLPBorden Ladner Gervais LLP

5*

10

13

2

149*Baker & McKenzie

6.09*

3.6

22

11 3.0-

Deals

8.0

144

25

31211

18*

Issuer Legal Advisor2017 Rank

2017 Rank

Market Change in 2016 Rank

# ofDeals


2,246.9 +0.7

Jan 1 - Dec 31Canada Equity & Equity-related (CAL4)

Sh (%)8.5Stikeman Elliott

151,463.3

▲

Market

-148

Market

Industry Total 452 100.0 ▼ 151,463.3 100.0

-23.7%

# of Deals▲

Industry Total +18365

+6Proceeds

6 ▲

2,998.9

100.030,454.9▲

+2.5

Osler Hoskin & Harcourt LLP

6.2

Skadden▲ +0.2

452 100.0 148 ▼

365 100.0 +18

▼▼

Industry Total

McCarthy Tetrault 10* 4

▲

Share Ch.

7,722.27.3

100.0

Sh (%)

8 -0.3 ▼869.1 12 2.8 -5.3

1,279.8▼12* 7* 8 2.2 -1

0.922 +0.2 ▲Troutman Sanders LLP 12* 6 8 2.2 -2 ▼ 270.3Paul, Weiss 11* 3 7 1.9 -13Bennett Jones 13* 20* 6 1.6 +4 ▲

-5.3 ▼

6

Industry Total 6,709 100.0 +61119 0.9 +0.7Hunton & Williams 19* 51* 40 ▲

▲ 100.04,359,955.5▲ 40,588.60.6 +34

+18 ▲ 63,883.7 11 1.5 +1.016 0.5 -15

3 4.3

118125

122,621.5

109,814.6

+35 ▲ 92,894.5

▼

Allen & Overy 1 1 219 -0.6 ▼3.3 -11 ▼ 185,956.2193,154.0Linklaters 2 2 191 2.9 ▲+40

▲1.9 +61 ▲ 159,511.7 4 3.7 +0.8▲1.9 +16 ▲ 93,748.4White & Case LLP 124 2.28

Cleary Gottlieb Steen & Hamilton 3 11 1254 4

Latham & Watkins 5 9 122 111,762.1Sidley Austin LLP 6 5 108

1.814 1.3 +0.1 ▲1.6 5 ▲ 54,876.9

1.6 -12 ▼ 193,746.6 1 4.4Sullivan & Cromwell 7 3 107+19 ▲Davis Polk & Wardwell 8 7 100

▼ 131,861.7151.1 +21 ▲ 54,083.9

5 3.3 -0.4 ▼1.56

145,247.2▲1.5 -3Clifford Chance 9 6 97

1.1 +11Mayer Brown LLP 10 14 75

Anderson Mori & Tomotsune 12 8 70▲ 47,152.6Freshfields Bruckhaus Deringer 11 12 71

39 0.317

0 -1.0 -8 ▼ 10,998.7▲

-1.0 ▼1.0 -3 ▼ 72,609.6Skadden 14 15 63

10 1.7Simpson Thacher & Bartlett 13 10 6812 1.4 -0.6 ▼0.9 +11 ▲ 61,637.0

41,275.5 1.0-0.30.9 +4 ▲ 48,674.0 1.1

18 0Shearman & Sterling LLP 15 13 60

0.9 9Kirkland & Ellis 16 16 59 ▲+14 ▲

0.7Gibson Dunn & Crutcher 19* 24*

+1127King & Wood Mallesons 17 17 57 0.9

▲40 0.6

Cravath, Swaine & Moore 18 18 46

-

Milbank Tweed Hadley & McCloy 18

6,709

▲11.8513,476.2 +0.9+304 1Allen & Overy 1

2.0

▲

9 +1145▲

+39

▼

+0.3

▼16

1 13.4896

134

100.0

6

47.4

0.9

▲88,464.7

0.4 +3818,172.8 17

▲ 42

22+0.2▲

Hunton & Williams

20 35+611

0.7Hogan Lovells 19 18 0.6 +4 -

▼0.523,246.6 19

-0.221▼ 20,369.3

0.9▲

38,404.027,939.0

00.5+0.2

0.9▲

160.6

77

▲▲

160.854

1.8

+0.240,884.6 15

▲ 79,818.8

▲

▲2.112-1.0

▲+0.1▼▼

-0.2

-0.4

1.357

58,483.3 1413

89,171.0

681.21.0

+0.3

8138,489.6+0.3 ▲+0.3

2.8

247,346.1

2.111

+19 ▲

▲▼

3.2

153,702.9

195,893.3-15 9

5 ▲

▼

+0.6

▲64 +0.5

3.5 -1.123

▲

▲5.72.5 -0.2

+0.4

164 0.32.4 ▲

34

11

1457

8

2.01.9


-36

+92+46

3.1

6 159

9

2.3

322 4.4

15

-1.4 ▼

Mayer Brown LLP1713

+1.4

+0.1+0.2 ▲

Latham & Watkins


Sh (%) # of Deals Proceeds Sh (%)

+0.1

1.11.23.0

+47

2017 Rank

2016 Rank

# ofProceeds per Advisor (US$m)


▲+0.1

11

Linklaters

Clifford Chance

Rank

2

2.4

Share Ch.

7 2.6 ▲

INTERNATIONAL DCM AND EMEA ECM

Jan 1 - Dec 31


DealsMarket MarketMarket Change in


All International Bonds† Jan 1 - Dec 31 All International Bonds†

0

+0.4

▼+0.74.5

3.2

Sh (%)

7

8.3

140,510.8

362,550.0275,306.3 6.3

23.3

+23

Rank

96

10

1.8

Sh (%)

+23

Proceeds

▲

12

2.0

495

10

13 14

208221

1513

Sullivan & Cromwell 9131

12

8

1+20Skadden

White & Case LLP

17

14,693.9

+0.9 ▲ +110 ▲

# of Deals# of


King & Wood Mallesons 5

19

15

Industry Total


Cravath, Swaine & Moore 14

Freshfields Bruckhaus Deringer▲

▲

▲

+321.4 ▲+6

▲

Market

+342.2


Share Ch.Change in

# of Deals per Advisor2017 Rank

2016 Rank Deals

MarketMarket

▲▲


Sidley Austin LLP 10 5

▲Cahill Gordon & Reindel7

-

100.04,359,955.5


5,271.71,726.4

9 2.2 -1.5 ▼21 0.7 +0.7 ▲

+2 ▲18* 50* 6 0.5 +5 ▲

Sullivan & CromwellNautaDutilh

18* 18* 6 0.5165.5438.1

107 0.1 +0.1 ▲66 0.2 +0.1 ▲

+5 ▲14* 38* 6 0.5 +3 ▲

NCTMAdvokatfirmaet Thommessen AS

14* 91* 6 0.5

▲▲▼14 1.7 -1.4

18 1.2 +1.123 0.6 +0.5

2,842.71,390.64,107.7

▲▲▼7 0.6 -3

9 0.7 +78 0.7 6

30*30*9*

14*1617

Norton Rose FulbrightSkaddenShearman & Sterling LLP

▲-▲0.4 +0.2

32 0.6 +0.452 0.3 0

1,382.6706.1

1,018.5+4

0.5

410.5

14* 57* 6 0.5 ▲

Hogan LovellsJones Day

+32▲▲

14*14* 26* 6

1,236 100.0

+0.1

879.9

2.1

Share Ch.

▲

0.6

▼▲

11.228,276.6

1.4

▼

11,287.0

-1.1

5

12 1.0 16


Clifford Chance 4*20

3,292.8▼9*

+2

0.9

* tie

-12.8%

243,217.7

Hogan Lovells 11 13 11 +4

Industry Total

+0.2

% Change from Last Quarter% Change from Same Period Last Year 19.1% ▲ 44.4%

▼▲

41.1% ▲

-6

▼

-4.4 ▼▲ 1,735.2

-1.91.2

▲0.7

Allen & Overy 3

Jan 1 - Dec 31

32

▲27,133.0

2

11*

7*

17

1 6

2017 Rank

2016 RankIssuer Legal Advisor

Latham & Watkins 2 2*

EMEA Equity & Equity-related (AX1)


Deals29 +11White & Case LLP

% Change from Last Quarter -0.5% ▼

14

60

6*

1

6*

2346

3

6

+0.3 ▲-1.3 ▼-0.6 ▼-2.6

▲▲

2+0.3

White & Case LLP

Freshfields Bruckhaus Deringer5

+9.7

3.8 -3.0Manager Legal Advisor

EMEA Equity & Equity-related (AX2)

1

9.9%

22 1.8 +2 ▲ 15,542.8▲ 7,833.927 2.2 +7

# of Deals2016 Rank

2.4 ▲

Change in

10.0% ▲▼

Proceeds per Advisor (US$m)# of

Sh (%)Market

Rank


Proceeds9,252.7

Sh (%)Market 2017

Rank

-10.5%10.0% 9.9%

2*

-0.5%

2

12 5,011.33.27,732.415.4

1.2154*▲ 1.9

96.4

63.2

LinklatersSullivan & Cromwell

-1.6 37,333.4+12

Baker & McKenzie5 10*

56*

2*4

3.2

201918 1.5 1

▲▼

1.50

1,686.3 276* 1 ▼18 13

11,756.49 8* 10

Davis Polk & Wardwell7,722.0

8 8* 14 1.10.8Advokatfirman Vinge0.7


+2▲+6

1.5 -3

▲ 1,297.3 33 0.5Norton Rose Fulbright 10* 13* 9366.6

12 8

+3

3 4.8▲ 1,220.5

+3+3

Industry Total 1,236

Slaughter and May ▲

Mayer Brown LLP

38* 6

4.0 +2.4-

16 1.6 0

75 00.2

-12.8%▲ 44.4%

▲ 9,630.4 5

▼

0 3,864.1514.1

% Change from Last Quarter 41.1%

100.0

▲

Latham & Watkins

% Change from Same Period Last Year 19.1%

+198 ▲ 243,217.7

0.5

Setterwalls 10* ▲

▲

1

Market

14*9*36 0

9*

-

0.7Baker & McKenzie

Allen & Overy

▼Share Ch.

+0.4

▼


Linklaters


-0.2 ▼▲

1

5.4-1.63.9

+6Rank

# of Market

23 +5

4.93.71.9 6

▲▲

+6

+6.5

+1.0

0.4 +0.2

Market

-5.5

▲

▲

12

14 1.11.11.0

6*Ashurst

3*3*

Change in

▼▲

CMS▲

2,952.7▲

▲

14 1.1 ▼+4

1

Sh (%)# of Deals

4.6 +0.2 ▲

9,469.2+19 11.6

0

▼

Deals

Jan 1 - Dec 31

MarketSh (%)


% Change from Same Period Last Year ▲

+198 ▲

-10.5%

▲ 1,343.7

-13,120.8

▼

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100.0

25

Proceeds

+6

100.0

104

2

+0.1-0.1

27

13* 90.7

91* 610* 7 0.6

0.717*

Clifford ChanceAdvokatfirmaet Schjodt ANS 14*

130.5 +5

-▲ 64 0.2 +0.2 14*

-▲ Cooley LLP

12*12*

Covington & BurlingTravers Smith

16*7*

10 0.8 +510 0.8 -2

▲▼

▲▼

586.3975.9

36 0.228 0.4

0.4 +0.3 ▲30* 9 0.7 +7 ▲ 1,025.6

7

▲▼▼▲

46 0.2 -7.27 2.2 +1.2

9 1.9 +1.78 2.0 -1.2

+1

▲▲▼▲

4,209.24,443.1

391.24,732.2

+710 0.5 +5

2 10 0.5 -6Latham & WatkinsKing & Wood MallesonsGrandall Law Firm

28* 10 0.5

9* 10 0.5

20*13*13*13*13*

Khaitan & Co

100.0

62,412.1

0.8

100 0

1,841.8-0.8

▼

▲Maples & Calder 16 20*

180.9

-24

Squire Patton Boggs LLP

28* 0.6

5

Luthra & Luthra Law Offices +9

Sidley Austin LLPDavis Polk & Wardwell

Linklaters5.4 41

17

15

Jingtian & Gongcheng 3+0.5

Clifford Chance

1

▲

713

-0.5

+0.3

4.0 +22▼

▲ 11,873.7Rank

2

▲▲

▲ 4,921.8

Manager Legal Advisor2016 Rank Proceeds


# of Deals▼+1

MarketMarket

-3.4Sh (%)


2017 Rank

MarketChange in Sh (%)

# ofShare Ch.

Change in Proceeds

Market# ofSh (%)Deals # of Deals

2017 Rank

▼

+1.43

+2 ▲

1.1

2,642.711*

0.9 141921

2.8▲ 7,659.12.3 +0.6

32

▲

-4.6

▲+0.5

18

+1.0

17

00.094 0.2 +0.1

4.322 1.33 ▲

▲2.0 +1.2

31 74.8

478*2.0168*

1.8 ▼-

9,330.5

5,069.8

1.51.3

23 ▲1.1

4,303.2

+1

▲

+91.3

23 1.1 ▲+13 2,894.7▲1.1+11

23

▼

2,298.822

2 087 ▲

9

0.9

100 0

5,491.4▲

+368

25*

Tian Yuan Law FirmJunHe LLP 17*

13* 30*11*13*Cyril Amarchand Mangaldas

Shu Jin Law Firm 13*

Appleby

Asia Equity & Equity-related (BX1)

1 92Deals

Beijing Kangda Law Firm

Deheng Law Offices

Zhong Lun Law Firm

M.V. Kini & Co

54

Far East United Law Firm

Grandall Law Firm

Handsome Attorneys at Law

Conyers Dill & Pearman

AllBright Law Offices

Jan 1 - Dec 31

Issuer Legal Advisor4.4

King & Wood Mallesons ▼

34 9

Grandway Law Offices5* 2.6

2.6-2

2.92.8

0.58.9

8

0.42.3

2.56,032.5

▲▼

1,038.6+2 ▲+0.8

+16 111

45

▲

▲▲

52


2.65,503.358

5*+24+10 -0.7

Market

2 8360

21.2

Sh (%)2016 Rank

553

9

5

554

7 7*

38 +15930.2

10 14*

+9810

2.3▲

+12334.4▲+4

11*11*17*

11* 2626 ▲

Khaitan & Co

17*

7*

8

+7+1 25

2.5

19,533.5

25*

183

1.1

Paul Hastings LLP

Commerce & Finance Law Offices

4,266.5

▲

27

-0.5

+2.6

+0.1

6*0.8

221.0 +13

165Norton Rose Fulbright

1+2.6

4.1+8

9,426.0407.1

-0.4

9,039.2▲

▲

23.5

4+1

▲0.89* +83

-45

▼

0.2▼1

19

▲

▲0.7

▲+1

+10

15+3

▲

+368100.0

14

11*

▲

669*

1214

11*

Asia Equity & Equity-related (BX2)

Allen & Overy 2

Rank


Share Ch.

0

▲


ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Jan 1 - Dec 31

Shardul Amarchand Mangaldas & Co+5 1,989.2

8*15 +2.242* 0.7 +1314

▲▲

2,087

6*

-2.0

+4 ▲

▼

▲

12 ▲

11

11*

70.7

0.7▲

0.7+1.6▲ 1.8

+0.50.6

0.5 +0.130

-0.5

4.3

1,140.42,550.7

2.4▲-0.20.9

▲

+2.14,853.3 6

5,306.9

1.24,142.2

43,933.2

10▲▼1.9

2.2 ▲

3,086.7136.5

218,842.3Industry Total

+1.0

Industry Total

17*

1.11.1

▲

218 842 3

8 0.4 +7 61 0.1 +0.19 0.4Herbert Smith Freehills

Howse Williams Bowers1718*

▼▲

-3 ▼▲

12 1.4 -1.0

Jia Yuan Law OfficesKanga & CompanyLLinks Law Offices

17* 23* 18

20* 22 17

0.9 +520* 32* 17 0.8 +8 0.0 0

0.8 +3

▲▲▲

7,616.140.4

4,742.8 14 2.2 +0.8

▲-▲

4 3.5 +0.2214

Loeb & LoebS&R Associates

18* 20* 8 0.4 +318* 16* 8 0.4 +2 2.3 +1.5

▲▲

83.94,954.4

-▲

72 0.0 05

1,233.3303.2

25 0.3 -0.1 ▼41 0.1 -0.1 ▼

0 -18* 24* 6 0.8 +3 ▲

Anderson Mori & TomotsuneShimazaki Law Firm

18* 10* 6 0.8419,792.5

39.2% ▲

0.7

Industry Total 721 100.0

▼-0.2

5,266.5 1.3

2.5-3 ▼

13 ▲

14

▼Mayer Brown LLP 13 10 6 0.8 0 - 3,900.0

+0.3

10

155,625.3 126*

11.9

5.0▲

-1.01.3

100.0

2016 Rank

Market

Jan 1 - Dec 31

Issuer Legal Advisor1

▲

1 76

7

12*

6

69,638.0

▲

▲+1.6

+2.7

6

▲

Asia Pacific G3 Bonds (BV2)

2016 Rank

26.9%

2.5

Deals # of Deals

# of Deals per AdvisorChange in 2017

Rank

5

8

# ofSh (%)

100.0

15*

+1.0

▲721+153

21.4%

2,087

▲

▲

▲

100.0

▲

+368

13*

Allen & Gledhill


34*

Linklaters

6

+6

▼

100.0 100.0

+0.5

5

10 1.77

39.2%


# of

▲▲

23

111

+7

6

+5

8

Change in

54.9

2017 Rank

+1.4

1.9 +1.4Shearman & Sterling LLP

▲10*


Latham & Watkins

91.4

Skadden 10*9

▲

▼

+0.8

▲

13

+8 3.4

11,938.5

15

10

Deals

1.41011

+0.19,946.3

4*

Share Ch.

▼

Davis Polk & Wardwell4*

LinklatersAllen & Overy

-2.9

▲Manager Legal Advisor

Market

▲

21.4%6.6%

Rank

0.2%

+35


% Change from Last Quarter▲

32.9%

29,999.0

16.6Sh (%)

▲

Market

7.9

▲

5

1 ▲

3

+1.1-3.2

▼

3,940.4

+0.8

8

▲

4

2

9,531.8

Proceeds

▼

0.9▲20,851.7▲

7.2

▼11

+2.4 0.9

▲

-0.1


* tie

▲

28*King & Wood Mallesons 12

2.518

35

12

▲14

8

7

8


▲912

Haiwen & Partners 1.413*

11*6*

10+7 ▲

21* 5

+153

+7JunHe LLP 1.1

8.0%% Change from Same Period Last Year


-

9.6%

3.2

▲

26.9%% Change from Last Quarter ▲

Cleary Gottlieb Steen & Hamilton+7

1.5

1.7


5

14*

▲

32.9%6.6%

Industry Total

% Change from Last Quarter0.2%

7,137.3

Sh (%)

▲

Proceeds

Asia Pacific G3 Bonds (BV1)

Market

50,069.7

Clifford Chance

Skadden

Rank

-1.7 Shearman & Sterling LLP

▼▲

23Latham & Watkins

2

Sh (%)

+15

8.9

# of Deals

▲▲+5

▲▲

3


Sidley Austin LLP

1

32▲1

3.1+33

35 -445.2

Clifford Chance

75

7▲

14*

10,406.7

33,158.2

▲

4.9

21* +11

1,218.9

182.8

1.9

1.3

93.2

12 1.1▲

JunHe LLP

8

▲▲

2.52.1

9

▲14,241.4

+615

Sullivan & Cromwell 5 2

1.5

30,010.3▲

17

7.2

9

2.3

+2.4

MarketShare Ch.

Jan 1 - Dec 31

▲ 21,911.0

▲2

15.4+30

-1.010.4

643▲

+1.85.1

1421,417.9 +1.3

3 +933

+3254

10.5

4.6+13 ▲3.6

Sidley Austin LLP +3542 7.5Allen & Overy 3

▼

+6

Industry Total

7,745.6+97,853.2 ▲

▲▲

8

▲2.4

▲21 ▲

▲

+0.1

King & Wood MallesonsSullivan & Cromwell

2.4+11

1.9

4 6 26 12,792.63.5

8

15*

+5-425

6,210.610,447.3

% Change from Last Quarter 9.6%8.0%

419,792.5

▲Milbank Tweed Hadley & McCloyMayer Brown LLP

+2.0

10.3-4.1

▲

43,347.7


10


218,842.3

Anderson Mori & TomotsuneFangda PartnersMilbank Tweed Hadley & McCloy

▲

67,607.2

8,462.0 2.0

16.1

+0.5

16 0.70.7 -

14* 11* 5 0.7 0

▲--

+47,076.22,849.0 -0.2

▲-▼

21 0.3 +0.211 1.7 -

17* 15* 4 0.6 +117* 15* 0.6 +1

2.2 +1.5▲▲

20 0.3 09

1,298.89,413.0

-▲

Commerce & Finance Law OfficesFreshfields Bruckhaus Deringer

13*13*16*16* 4-5

12* 8 1.1 +315* 8 1.1 +410* 7 1.0 +17 7 1.0 ▼

2,060.62,892.93,258.93,630.0

▲

0.5 +0.119 0.7 +0.418 0.8 +0.2

▲▲▼17 0.9 -0.9

8

+166 ▲ 100.0

▼ 4,125.3 -0.2

15

1012 1.2

▲▲

+1.9

-2.7-2.112.7

45,499.2

▼


11*


2017 Rank

20*

6*

1

-0.6▲

+0.3▲

12

7 1.2

7

▲

-1.2

Share Ch.18.5

Jan 1 - Dec 31

▼

+0.1

Share Ch.

▼ +0.1

1.2

-0.1

JunHe LLP

Sh (%)

-1.46.1

▼

3+1.5▲

6 -3

7,353.2

Skadden▲

▼

10,406.7+2.9

▼Cleary Gottlieb Steen & Hamilton

▲13* 9

+7

8*

10*

2 13.4

4 8.7

ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Market

1

4 ▲

1

2016 Rank


Linklaters

-4.9

Rank

+0.2

▲

▲+0.3

▲2,060.6

3

2 5034.4

54

1Sh (%)

2017 Rank

193.7

6

7 86 5

11*13*

13*10*

11*1.3

10

+328*

340,276.2

1.3 ▲3,258.9

7

100.0

+1

▲

Shearman & Sterling LLP8*

Proceeds

3.23.4

Sh (%)


Market2016 Rank


# of Deals

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

Rank

# of Deals per AdvisorChange in

43,347.73.8▲

42 5.8

▲ 3Allen & Overy

+13

+9

▲5

19,732.3

▲6

+35

9

1.5

Allen & Gledhill

Clifford Chance

Commerce & Finance Law Offices

8


Milbank Tweed Hadley & McCloy 8

Industry Total 598

1.0

10,447.3

7,745.6 10

18 0.6

9,000.23.1

2.32.68

14,241.411

▲

▲62,825.8

Deals▲

10

+6.0▲

▲+6

+5+51.7

9

1010

▲

▲

8,462.0▲

1.715

3.23.0 +7 ▲

11,018.418

+8

▲

2622

66,615.3

12,792.611,388.5

12.4

2.5

+43

1 +328.4

Linklaters

Latham & Watkins

74

4

▲+0.8 +0.8

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

Sidley Austin LLP

ProceedsMarket

19.6Issuer Legal Advisor Deals

MarketChange in

+33

101

# of

+31

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

# of Deals

7021 16.9

11.7

Sh (%)

64

2.5Allen & Overy

2▼10.7

▼Clifford ChanceShearman & Sterling LLP 5 7 ▲

4 5.734 -2

8

3

2

2.823

17

+15

2.8

3.9

+28

Jan 1 - Dec 31

+72.0

175

9* 12

+6

+6

4.2 ▲

+0.9▼

8*+1.52.2

6*

2.0

▲

▲ 8*Skadden

Latham & WatkinsJunHe LLP

Simpson Thacher & Bartlett12

Haiwen & Partners11

▼2.89,531.8 7

13+2.2

▼6 3.1

0.98

-1.5▲ 3,090.4▲

▲

+11 7,137.3-5.3

▲1.7

▲

29,449.0

2.11.3

520,851.711+10 4,441.5▲

+41.0 -2

19* 77

2,722.93,315.0

▲▼6

Mayer Brown LLPFreshfields Bruckhaus Deringer

13*15

1.20.5

▲▼

17 0.8 +0.514 1.0 -0.9

Milbank Tweed Hadley & McCloyFangda PartnersKing & Wood MallesonsAnderson Mori & Tomotsune

13*13*15* +2

11* 5 0.8 +1- 4 0.7 -

3

2,849.06,867.21,298.8

231.4

-13* 4 0.7 +120* 0.1 -0.2

14 0.8 -4.210 2.0 +1.1

▼▲▼▼

18 0.4 -2.037

Deheng Law Offices 15* - 3 0.5 - - 698.6 22 0.2 - -16*16*16*16*16*

Herbert Smith FreehillsJingtian & GongchengKing & Wood MallesonsJ Sagar AssociatesPaul Hastings LLP

28* 4 0.7 +3- 4 0.7 -

23* 4 0.7 +213* 4 0.7 019* 4 0.7 +1

▲-▲-▲

1,346.64,240.83,187.71,531.11,405.9

22 0.4 -0.613 1.3 -16 0.9 +0.220 0.5 -0.821 0.4 +0.2

15*20*20*20*

▼-▲▼▲

Jia Yuan Law OfficesJingtian & GongchengSidley Austin LLPAllen & GledhillCahill Gordon & ReindelAZB & Partners

15*15*

20* 3 0.5 +220* 3 0.5 +213* 3 0.5 017* 2 0.3 0

- 2 0.3 -- 2 0 3 -

▲▲----

1,397.02,789.11,046.1

194.5482.6875 0

17 0.4 -15 0.8 -2.719 0.3 -1.038 0.1 -0.630 0.1 -21 0 3 0

-▼▼▼--

- -16 0.5 - -

-1.0 ▼24 0.2 -1.5 ▼

400.0548.8550.7

1,696.5

31 0.1

23 0.22 0.3 +1 ▲20* - 2 0.3 - -

2 0.3 -3 ▼20* - 2 0.3 - -

Mayer Brown LLPPaul Hastings LLPZhong Lun Law FirmWhite & Case LLP

20* 9*

20* 20*

100.0+166100.0 ▲

11.4%

340,276.2

▲

* tie

Industry Total

% Change from Same Period Last Year 53.1%38.4%


% Change from Last Quarter% Change from Same Period Last Year 38.4%

13.4%▲▲ 11.4%

▲53.1%

598


▲13.4% ▲% Change from Last Quarter ▲

▲

2020*

AZB & PartnersFreshfields Bruckhaus Deringer

- 2 0.3 -- 2 0.3 -

--

875.0996.1

21 0.3 020 0.3 -0.4

-▼

9

- -4 5.4 - -

- -10 0.1 - -

89.325.0

8.11,694.8

9 0.3

13 0.01 0.1 - -8* - 1 0.1 - -

1 0.1 - -8* - 1 0.1 - -

Hogan LovellsHopgoodGanimLoeb & LoebThomson Geer

8* -

8* -

12*

+6.51▼

12* 7 1.0 +312* 6 0.8 +2

7 1.0 +3 ▲

Market

5 7 1.0 -26 7 1.0 -1

Share Ch.

▲

100.0

12*12*

AshurstClayton UtzMcCullough RobertsonKing & Wood MallesonsAllen & OveryMinter Ellison

8*

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

66.8%5.7%

31,296.5


+39

% Change from Same Period Last Year▲

▲55.6%

100.0

Industry Total 722 +39 100.0▲ 31,296.5

722

100.0

1.9

Sh (%)

2.5 3,549.6-4

# of Deals Sh (%)

2.1

▲▼

Market

▲ 8.6%

▲

Baker & McKenzie

1▲

2.8 ▲11.3

Australia Equity & Equity-related (BY1)

2+3▲


ProceedsMarket

▼

Industry Total

3

1,922.33.2Gilbert + Tobin 11 18 -7.7

Proceeds per Advisor (AU$m)

2 13 1.8144 ▲

8*

28* 8 1.1 +7

Deals

DLA Piper LLP1

# of DealsChange in

23

# of Market

+6

Market# of Deals per Advisor

Market

AUSTRALIA CAPITAL MARKETS REVIEW

Issuer Legal Advisor Sh (%)

233.8

Proceeds

15

2017 Rank

2

2016 Rank Rank

-3 ▼ 2.37

66.8% ▲

259.4

39.1

316.0

8.6%

▲

330.0

Jan 1 - Dec 31

730.3

6.10.8 +0.5

10.50.10.1

00

1.1

-3.3

0.8

55.6%5.7% ▲ ▲

3 ▼Sh (%)

▲▲

Gilbert + Tobin

8*

Herbert Smith FreehillsBellanhouse LegalSteinepreis PaganinHWL Ebsworth Lawyers

+10 3,523.6 2

Proceeds per Advisor (AU$m)

Rank

Jan 1 - Dec 31

8*

7* 9 1.3 +27* 10 1.4 +3

2016 Rank

3,299.944.0

Share Ch.

-11.9


11.3

Change in

Australia Equity & Equity-related (BY2)

2017 Rank

3Deals

20Herbert Smith Freehills

# ofManager Legal Advisor

Baker & McKenzieAllen & OveryClayton Utz

15

▲

+1.1

-2.5

+0.3

1.5 -4

12* 6 0.8 +2

4567

3 11 ▼▲▲▲▼▼

1,191.11,875.1

1252710

14234.33,209.8

5

12 1.0 +0.213 0.8 -2.1 ▼

▲

4 6.0 +2.1

2 10.3 +6.33.8 +0.5

34*4*

King & Wood Mallesons 6

▼--

+24* 7 1.0 -24* 7 1.0 -2

22.2 -0.6

2,301.9680.2

1,030.4

▲▼▼

▲▼▼6 3.3 -6.6

3 7.4 +1.28

- 4 0.6 - - 1,267.7 5 4.1 - -

14*14*14*17

HopgoodGanimK&L GatesTalbot Sayer LawyersGRT Lawyers

- 4 0.6 -28* 4 0.6 +312* 4 0.6 018* 3 0.4 +1

-▲-▲

147.526.3

111.044.1

16 0.5 -31 0.1 019 0.4 -0.224 0.1 +0.1

▼▲

8*

AshurstBorden Ladner Gervais LLPBlake Cassels & Graydon

--

▲▲

▲▲

-3- 1 0.1 -

78*

- 1 0.1 -

▼--

6* 3 0.4 812.912.419.3

7 2.6 +0.112 0.0 -11 0.1 -

▲--

209.01,500.0

14 0.3 - -6 1.8 +1.5 ▲

- -9* 7* 1 0.7 0 ▲

Fangda PartnersSimpson Thacher & Bartlett

9* - 1 0.7

96.9209.0

17 0.1 - -14 0.3 -0.2 ▼

- -11* 10* 1 0.7 0 -

TMI AssociatesZhong Lun Law Firm

11* - 1 0.7

4

7-4

+12.7

100.0

-69 ▼ 100.0

6

▼


152.7 -0.4-2.8

1.6

151

▼-31.4%

7,746.2

▼

Industry Total

▲


9.2

84,371.2

-5.4%

+1.2▲

* tie

% Change from Last Quarter -14.6%

Debevoise & Plimpton

▼

100.0


Industry Total

5* 6*Shimazaki Law Firm 5* 3 4 ▼Sidley Austin LLP

8.04.6 +4

▲

2.72.7 0

1,233.7-1.0

▲+2

▲▲

1.5▲

-2

5.9

MarketMarket

4.3

▲-1.4

2.0

-3.5%

3

1,685.6

-3.5%


0.216 ▼▼

+3.4 ▲▲

84,371.2

3,663.9

Deals2016 Rank

# of

4

Sidley Austin LLP 1-2.3 ▼

1Share Ch. # of Deals

▼Issuer Legal Advisor # of Deals

1


Sh (%)

▲

Jan 1 - Dec 31

Sh (%)Change in


ProceedsMarket

237.0

Market

Jan 1 - Dec 31

RankProceeds31,205.3

▼4,974.52.7

Share Ch.1

3

32Manager Legal Advisor

11

2017 Rank

-14.6%

22

Australia International Bonds (BW2)

# of Deals per Advisor# of Change in 2016

Rank Deals▲


3

+0.8Sh (%)Sh (%)

7.3+5

0

21.2

-31.4%

▲

▼▼ -5.4%

▼

▼▼

151 100.0 -69 ▼

▲Clifford ChanceLatham & Watkins

3*5,639.5 +6.7+0.5

King & Wood MallesonsAllen & Overy

8Allen & Overy+11Linklaters

▲6.7

Sullivan & Cromwell

1232

10* 4

1

66.8% ▲

9,145.7

Rank

0 29.930.5

-

55.6%

10.815

Market

Anderson Mori & Tomotsune 44*6*

5*

12

19

Australia International Bonds (BW1)

▼12.6

# of Deals per Advisor2017 Rank

Market

-12 -1.025,721.9


Baker & McKenzie 8* 8* 3 2.0 +1 71,337.6

2.0 0Baker & McKenzieAnderson Mori & TomotsuneSkadden - 2 1.3

Mayer Brown LLPSullivan & Cromwell

3*5

3,500.02,435.6

▲▲

7* 4 2.7 +34 3

4 4.2 +1.35 2.9 +0.5

SkaddenLinklaters

8* - 3 2.010 4* 2 1.3

--2

-▼

2,438.9991.9

5 2.9 -9 1.2 -0.7

-▼

Hogan Lovells

6* - 2 1.36* - 2 1.36*9* 5* 1 0.79* - 1 0.79* 5* 1 0.7

---

-1-

-1

---▼-▼

873.3987.6850.0550.0825.0399.4

8 1.07 1.29 1.0

11 0.710 1.012 0.5

---

-0.9-0

---▼--11* - 1 0.7 -

11*11*11*11*

Davis Polk & WardwellClifford ChanceHerbert Smith FreehillsMayer Brown LLPSimmons & Simmons

- 1 0.7 -8* 1 0.7 -1

10* 1 0.7 0- 1 0.7 -

--▼--

500.0550.0946.1170.0380.4

+0.115 0.2 -0.1

12 0.6 -11 0.7 -

13 0.5 -

--▲▼-

10 1.1Herbert Smith Freehills 9* 7* 1 0.7 0 ▲ 299.8 13 0.4 -0.2 ▼

10

* tie* tie

12* 0.1 +0.1 ▲

9 1.0 +0.7 ▲12* 0.1 +0.1 ▲

0.5 - -

405.119.319.3

0.5 0 -11* - 1 0.5 - -

SkaddenSoga Law OfficeNorton Rose Fulbright

11* 8* 1

11* - 1

0.90.1

+0.9+0.1

▲▲

--

364.819.3

912

11

0.50.5

--

SkaddenH M chan & Co

8*8*

--

0.8 -2.3

▲▲▼

426.23,645.7

313.2

8 1.1 +1.14 9.2 +8.0116* 2 0.9 0

-▲-

- 3 1.4 -8* 3 1.4 +2

7*7*10

Morrison & FoersterNishimura & AsahiMorgan Lewis & Bockius

▲▼▲▲▼

Sullivan & Cromwell

11 0.5 -0.2

10 0.5 +0.57 1.5 +1.5-

13,540.4581.1189.3607.9

▲▲--

1 0.5 0

1 0.5 --


6 5* 5 2.37 7*

8* 7*

Baker & McKenzie

3Sullivan & CromwellMorrison & Foerster - 3 1.4 -

2 34.2 +32.8


+3+2

8* -3 1.4

1 0.58*

0.8 +0.8 ▲12.7 -18.3 ▼

334.0 10-3* 3* 5 2.3 +1 ▲ 5,028.8

Linklaters 7*

35.4 +27.7 ▲▼

▲ 13,997.3 2Simpson Thacher & Bartlett 3* 5 5 2.3 +2+1 ▲ 1,497.0 6 3.8 -13.5Davis Polk & Wardwell 3* 3* 5 2.3▲

14.2 -4.9 ▼Simpson Thacher & Bartlett 5 5* 6 2.7 +4-3 ▼ 7,234.5 3Nagashima Ohno & Tsunematsu 4 1 13 5.9

5,624.8

181.0-

8 1.5

Jan 1 - Dec 31

Industry Total 222 100.0 +51

Samurai Bonds (JL5)

% Change from Same Period Last Year 29.8%66.7% ▲% Change from Last Quarter ▲29.8%

-52.2%

100.0222 100.0 ▲

81.8%▼

Anderson Mori & Tomotsune 3+3.6

39,559.0


2 27.4 -1.1

Mori Hamada & Matsumoto+104 16

15 14,457.6▲

Jan 1 - Dec 31Japan Common Stock (JL2)

Nishimura & Asahi

# of Deals per AdvisorMarket# of

Issuer Legal AdvisorMarket


Japan Common Stock (JL1) Jan 1 - Dec 31

JAPAN CAPITAL MARKETS REVIEW

2016 Rank Proceeds

Proceeds per Advisor (US$m)Change in

-52.2%

39,559.0

18.3 +0.2▲

5

▲ 100.0

4

-2.6

RankSh (%) Sh (%)

3 +1.56.3+4+4 ▲14

Anderson Mori & Tomotsune1 2,922.3Share Ch.Deals # of Deals

7.2

2017 Rank

Market 2017 Rank


Deals Sh (%)Change in # of Market

3.21

6* 7▼▲

16 -2 1

Jan 1 - Dec 31Samurai Bonds (JL6)

2.37

▼

5

-10.4

4.9 -1.8▼

7.2

-1 ▼1,925.4

16,185.1Share Ch.

+1.36

▲1,199.3Nagashima Ohno & Tsunematsu▲

▲

Proceeds per Advisor (US$m)MarketMarket

▼ 1Manager Legal Advisor Sh (%)Proceeds

40.93.01

▲ 81.8%

# of Deals

Mori Hamada & Matsumoto 3*

▲

28.2

Industry Total

Rank

+51

+52

2016 Rank

▲

56.8

▼66.7% ▲


3,244.836.6 ▲

* tie

* tie

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

10 1.4 +1.4 ▲

8.0 +8.0 ▲8 4.9 +4.9 ▲

- 1 2.4 - -

987.6607.3177.1Uryu & Itoga

6* - 2 4.9 -9* - 1 2.4

Baker & McKenzieCleary Gottlieb Steen & Hamilton

-- -

4- 873.3 6 7.0 +7.0 ▲King & Wood Mallesons 6* - 2 4.9 -

1.9 -10.4 ▼▼ 231.4 9Shimazaki Law Firm 5 3* 3

3,368.8 2 27.1 +3.5 ▲10.5 -12.8

▼▼

Nishimura & Asahi▲▼

948.01,304.9

53Clifford Chance

3 3* 6 14.6 +14 2 5 12.2

White & Case LLP 7.6 -1.6 1 9▲ 2,648.7 ▲21.3 +7.2

41 100.0 +3

+3

-17.3 -2

9*

Rank

5* 7

▲ 100.0

17.1

1000.0% ▲

▲% Change from Same Period Last Year 7.9%

▲ 3081.3%

Nagashima Ohno & Tsunematsu

▲

12,425.2

4.9%

2

Industry Total

# of Deals

▲

100.0

18.6▼

MarketMarket

% Change from Same Period Last Year 7.9% ▲

Industry Total

Share Ch.


29.0

12,425.2▲

Sh (%)

4.9%

▲ 2,304.4 3+5▲ 1

Rank

4

24.422.0 -2 ▼

100.0

% Change from Last Quarter 1000.0%

3Baker & McKenzie 4

▲ 3081.3%


▲

+14.3Proceeds

41

2Anderson Mori & Tomotsune 1

Proceeds

+3

-2.1Sh (%)

12

Change in Deals Sh (%)

# of Deals per AdvisorMarket

50.1# of Deals

▲

2016 Rank

2017 Rank

+3

# of Deals per Advisor Proceeds per Advisor (US$m)2017 Rank

2016 Rank

# of MarketMarket

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

1 21Issuer Legal Advisor

51.2 +3

# of Market Change in

2Deals

29.3▲

6,220.1 3,603.73 10Nagashima Ohno & Tsunematsu +9.52

▲1

Linklaters 6* - 2 4.9 - - 855.5 7 6.9 +6.9 ▲

7.0 +6.3 ▲4* 2 4.9 +1 ▲ 873.3

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 9:00am EST on January 12, 2018. 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.

© 2018 Thomson Reuters. All rights reserved.

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

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