4Q 2011 Debt Capital Markets Review

DEBT CAPITAL MARKETS REVIEWDEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

Full Year 2011

2

9

Global High Yield Debt (B4) 10

10

9

9

3

All Bonds in Euros (N1)

High Yield Debt

Global High Yield Deals Intelligence

91

1

1

2

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence

10

Australia Deals Intelligence

All Australian International Bonds (AJ7)

Australian Debt

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans

Global Scorecard

Leading Underwriters for Fourth Quarter 2011

Global Debt (B1)

Global Investment Grade Corporate Debt (B7)

Global Debt and Syndicated Loans Islamic Finance 3

14

14

2

Full Year 2011 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global High Yield Debt - US Dollar Denominated (B5)

13All Asian Currencies (ex-Japan, ex-Australia) (AS1)

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a) 13

13

13All Asian Securitized Bonds (ex-Japan, ex-Australia) (AZ2)

13Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

Criteria Summary

Thomson Reuters Solutions for the Deal Making Community

Global Debt in Mexican Pesos (MX2) 12

11

6

Emerging Market Debt

All International Emerging Market Bonds (L1)

EMEA Emerging Market Bonds (L2)

8

7

7

7

4

12

10

11

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

All Australian Securitizations (ex CDOs) (AJ4)

Japan Debt

Japanese Corporate Debt (AP3)

11

12

Asia-Pacific Emerging Market Bonds (L4) 11

Middle East Emerging Market Bonds (L5)

Japanese Securitizations (AP2)

Latin America Emerging Market Bonds (L3)

16

Bonds Targeted in Japan (AP4)

Banking Composite of Top US Debt Bookrunners

Samurai Bonds (AP1)

All Bonds in Yen (AP5)

Global Asset-Backed Securities (B11) & (B13) 3

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

Japan Deals Intelligence

18

17

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

Debt Capital Markets Criteria SummaryDomestic Mexican Debt (MX3) 12

15

US Investment Grade Corporate Debt (F9)

3

6 11

6

US Mortgage-Backed Securities (F11)

Global Debt Rankings - Last Ten Years

US High Yield Corporate Debt (F8)

US Debt

Global Debt by Mexican Issuers (MX1)

All Brazilian Debt (BR1)

Banking Composite of Top Global Debt Bookrunners

US Asset-Backed Securities (F14)

14

5

16

15

14

15

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

Global Mortgage-Backed Securities (B10) 14

15

Emerging Market Debt - Latin America

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

https://www.thomsonone.com

Global Debt Capital Markets by Asset Class

Global High Yield Corporate Debt- Quarterly

FINANCIALS ACCOUNT FOR 53% OF 2011 DCM ACTIVITY – Debt capital markets activity in the financials sectortotaled $2.6 trillion during full year 2011, accounting for 53% of all new issues this year. High technology and healthcaredebt capital markets activity saw the strongest year-over-year growth, with each sector registering a 15% increase overfull year 2010, while new issues in the consumer products and media & entertainment sectors saw year-over-yeardeclines of 28% and 19%, respectively. Average deal size in the healthcare sector led all industries during full year 2011,with the average deal totaling $820 million.

Global Deals Intelligence

Full Year 2011

DEBT CAPITAL MARKETS REVIEW

GLOBAL DEBT CAPITAL MARKETS DOWN 7% FROM 2010 - Overall global debt capital markets activity totaled US$5 trillion during full year 2011, a 7% decrease from the comparable period in 2010. Fourth quarter global debt activity totaled US$948.5 billion, a slight decline from the third quarter of this year and the slowest quarter for debt capital markets activity since the fourth quarter of 2008.

GLOBAL HIGH YIELD DEBT TUMBLES 70% IN SECOND HALF - The volume of global corporate high yield debtreached US$278.1 billion during full year 2011, a decrease of 14% compared to full year 2010. Energy & powercompanies led issuance during 2011, with 17% of overall activity, for an increase of 1% compared to 2010. Issuers inNorth America accounted for 70% of overall volume, down from 74% during 2010. European issuers, led by the UnitedKingdom, Germany and Italy, comprised 22% of new issuance, up from 20% last year at this time. With US$64.9 billionraised, the second half of 2011 marked the lowest six-month period for global high yield new issues since the first half of2009, and a decline of 70% from the first half of 2011, which saw US$213.2 billion in activity.

Global Debt Underwriting Down 7% l High Yield Debt Activity Falls 70% in Second Half l Barclays Capital Tops Underwriting Rankings; JP Morgan Tops Fees

$2.2$2.4

50

100

150

200

250

$0

$20

$40

$60

$80

$100

$120

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Num

ber o

f Offe

rings

Pro

ceed

s ($

bil)

Global High Yield Debt ($bil) Number of Offerings

EMERGING MARKETS CORPORATE DEBT DOWN 6% - New issuance of corporate debt from emerging marketsissuers, including both international and domestic issuance, totaled US$314 billion during full year 2011, down 6% over2010 levels. Issuance was led by issuers from India, Brazil, Mexico and Russia, which account for nearly 50% of allemerging markets corporate debt this year.

BARCLAYS CAPITAL TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in agency and sovereign debtunderwriting, Barclays Capital retained the top spot for full year 2011 with total proceeds of $344.4 billion, despite a lossof 1.4 market share points. Deutsche Bank led all bookrunners, by number of deals, with nearly 1,300 underwritingassignments during full year 2011. By proceeds, the top three underwriters each account for 7% of global debt capitalmarkets activity. Based on full year 2011 underwriting fees, JP Morgan topped all other underwriters with an estimated$1.4 billion.

16% DECREASE FOR DEBT UNDERWRITING FEES - According to Thomson Reuters/Freeman Consulting, estimatedfees from debt capital markets transactions totaled US$16 billion during full year 2011, down 16% from 2010. Fees frominvestment grade debt underwriting totaled US$6.8 billion, or 43% of the overall total, while fees from high yield debtunderwriting totaled $4.4 billion, or 28% of overall DCM fees.

100.0▼

-0.34.6

▲▲

30,643.0

43.7%

▲▼

51.0 -1.5+209

+0.1▲

-8 ▼ 3.81,414.61,151.8

▲+0.3930.3▲

663 2.54.9

958 3.6

4.6▲▲

3.3

▼+362 ▲

-0.63.02.3

3.5▲1207▲

2.9 +0.8 +195

+0.5+103

▲2,644.5+1.8

306,256.9

▼4.1 -0.3-0.2 ▼8.6

5.8

-0.7380,824.6

1142359,154.3 ▲4.1 +1.74.2 +1.4 1,556.9▲+136

Share Ch.4.3 +1.6

Deals

1506▲▲

▼5.1

Global Debt and Syndicated Loans (DL1)

Sh (%)Market

# of Deals per Bookrunner

2,752.35.7

▲9.0 +0.71406 5.3 +181 ▲

# of

+86

Sh (%)

4.3

Jan 1 - Dec 30

Change in Imputed Fees (US$m)

# of DealsMarket

Share Ch.Sh (%)Manager Market

Fees

+1.3

1,248.14.3

4.11083

▲1147

707.51304

▼1082

-0.4▲ 1,450.8 4.7+701,777.6 ▼+143 -0.14.1

2.5

43.5% 21.6%

8,867,502.115,634.4

224,895.9▲▲

+0.9222,875.1

2.0%▼

▲26,370

-17.4%

Manager 2010 RankShare Ch.

MarketSh (%)Fees Bookrunner

2011 Rank

260,739.9

4

6

3 23

7295,757.0

54

7.5 JP Morgan

Industry % Change from Last Quarter

Morgan Stanley

Citi

Deutsche Bank AG1 1

10

Global Debt, Equity & Equity-related (A1) Jan 1 - Dec 30

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

Proceeds

371,859.9▼

Proceeds per Bookrunner (US$m)Market Market Market

2-0.4-0.7 ▼ 2,441.08.1 -259 ▼1444

6.7 0.0 ▲-213

1,785.7-118-1.06.6

-1151

ProceedsMarketSh (%)

Change in 2011 Rank

2010 Rank Sh (%) # of DealsDeals

# ofMarket MarketShare Ch.

JP Morgan 1 2 384,840.8Bookrunner

Deutsche Bank AG 2 4 371,311.16.9

+0.4Barclays Capital 3 1 365,898.2 6.48.3

▼1474

▼

▼▼

2,256.5Barclays Capital

▲▲

+0.54.51,463.45.5

▼ -5.9 7.0 +0.3

BNP Paribas SA0

Bank of America Merrill Lynch 4 3 325,608.0 -2136.3

-0.9 ▼ 1291 7.2▲ 1119+0.4 -117Citi 5 7 305,613.1 5.5

-0.7

Morgan Stanley807 4.5

6 57Goldman Sachs & Co

1,700.3

5.5

5.3

3.4

Bank of America Merrill Lynch 56.1 -

Goldman Sachs & Co

0

-0.1 ▼87

6UBS-0.6

8▲

275,088.9

Credit Suisse 88▼267,676.4 4.8

-0.4 ▼4.9-0.3

1178

▼1,094.40-186

6.6

▼ 5.0-0.42.7 ▼

208,158.69

12 242,607.62.5

+1.22.49

Top Ten TotalCredit Suisse

5.6

+0.1

6

222,609.9 -0.44.1 ▼

▼

4.0227,030.0

1253.2

UBS 9 ▼ 992554.079510 3.8 1.7

9965 5.4

▼

▲

100.051.5

100.0

▲

-

-+10.82,873,129.8

-5.2% ▼

32.4Industry Total

1,980.4▼ 1,772.6

1,625.4

0

-160 ▼-175

-103 ▼▲+57

100.0

4.5+1.0 ▲16,673.7

+4,681-3.0


BNP Paribas SATop Ten TotalIndustry Total

▼

212,691.9

▼

5,569,722.02,958,368.3

3.1%▼

32,394.6

-19.5%9.9% -16.8% Industry % Change from Same Period Last Year ▲▲▲0.1% 5.0%

17,851

Industry % Change from Same Period Last Year

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

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

2003 2004 2005 2006 2007 2008 2009 2010 2011

Pro

ceed

s (U

S$t

)Investment Grade Corporate MBS Agency, Supranational, SovereignABS Federal Credit Agency High Yield CorporateEmerging Market Corporate

https://www.thomsonone.com1

All US Debt (F1)

+0.3

6.9

0.0

49 101 1 -181315

1.21 0 0 0

Market# ofSh (%)

4.3

7.1

6.0844+1.0

-2301184

11

212,451.0 -0.4

196,745.0

228,340.2

1.2

3.9

765

▼4.0

+0.2

3.8

▲

-0.7


Jan 1 - Dec 30

Imputed Fees (US$m)

▼

Share Ch.Market

▼Sh (%) # of Deals Fees

Change in

▲

+0.22.0

-0.3

▼

3.5

▲4.6

▲4.2

Credit Suisse

% ChangeProceeds per Bookrunner (US$m)

9

Deutsche Bank AG

Bookrunner

67

Bank of America Merrill Lynch

8

2

Global Debt (B1)

7.0

13

1110 9

1310126

173,993.2

207,270.8

190,340.7191,429.7

-38.7%

No.

Global Debt

2,6374,192

239,522.3

Jan 1 2010 - Dec 31 2010

134,732.7 259

263,079.7441

415,750.4

2,073,482.2

1,229

217,715.0 2,072

All Global Debt (B1)

22,307.2

221,374.2

1,500,692.0

730

164566

2,937

10,318

234,939.5

-11.2%-16.8%

▼1,144

2,492,534.71,690,371.4 ▼

Proceeds$USm

Global Scorecard

$USm

Jan 1 2011 - Dec 30 2011

6,197

128,805.0

752,340.2779

58,496.5

16

Mizuho Financial Group

16Credit Agricole CIB

Daiwa Securities Group Inc▼▲

14

18

Nomura

▼

▼

17

Societe Generale▼

▲▼

15

Wells Fargo & Co

Natixis20 17

2119UniCredit

21

84.37

12

Citi

▼

▼

▲UBS

▼

+15.3%

Morgan Stanley

-7.3%

▼▼

RBC Capital MarketsRBS

Goldman Sachs & Co

2,810

BNP Paribas SAHSBC Holdings PLC

▼259

in ProceedsProceeds

DealsDeals2011 Rank Sh (%)

MarketDeals Proceeds Share Ch.

MarketManagerMarketNo.# of Deals per Bookrunner

2010 Rank

6,637Barclays Capital 1000

▼ -0.7JP Morgan▼344,404.9

▼▼1 1

3 ▼2 8.5

335,393.0 -0.2343,379.7

6.81,367.2

1271

-0.4-1.4

▼-129

8.49.1

-0.37.9▼ 1,257.5

-0.53 +0.2

901.2 5.6

1,068.5 6.7▼▼-169

908-169

6.57.51049

-97+0.44 4 284,019.6 5.7

5 273,345.1 5.55-1.2

-137 ▼▼6.5-

820.3604918

▼-100 ▼

1,037.3863.2

▲3.0 +0.4

▲5.4+0.15.1+0.2

▲+0.1

▲

▼6.5

2.9

▼-0.4

+55 ▲ 480.7+67 ▲ 456.3

-26835.1

1.5

256

-110

-3

+115▼▲

5.5

533

223

5.7

1.62.8

778806

695

389

▼-0.4▼ 494.6 3.15.2 -0.5

+0.2▼

5.5-0.9 ▼

▲-24-225

0

5.0

▲3.82.2

1957,191.9

107,306.3

84,259.1

20 62,020.8

151.678,998.3

▼

▲

▲1.41.3

18

97,333.0

67,550.6

1.7+0.114

-0.2+0.2

+0.3▲

▲

1.3▲

488512

2 2

3.63.5

+0.3213

242 988 4656,988.9521,543.3

+35 9%

1,231

4,077,108.7640

2,245,001.0

1,069,960.7

5,547537

9,36311,371

116,838.2

541

156911748,033.4

211,825.4

14,399

390,860.0

218,277.2556,520.1

-0.6%-3.0%

-25.3%631

-15.9%

391,298.9

3,899,751.9

2,258,744.3278,110.5

1,162

4,686,590.8 5,041,697.7

321,913.2

246,484.9▼

-7.0%-4.4%

+0.6%-37.0%

-13.6%

535-20.6%

178 795 1

-0.2%2,012 1,071,642.2738664

614

2,132

1.8

3.3

▼▼

▲

522.2▼▼-

380.41.2

+27

-34165.6

1.6

198.11.0

-46 2.5

-47▼▼

-22

173.8

256.8393.0

106.1123 6

104.8 0.70.70 8

0▼-0.1

▲

-0.1

-0.1

+0.1▼

-

▲

US Mortgage-backed Securities (F11)

-0.7

-82.7%1,917

-0 1

+0.2

1.1

2.4

▼

+0.1+0.7

▲▼

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

▲

▼▼

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

US Long-term Debt (F2)US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)

Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)US High Yield Corporate Debt (F8)

Global Long-term Debt (B2)

Global Asset-backed Securities (B11)Global Mortgage-backed Securities (B10)Global Agency, Sovereign & Supranational Debt (B9)US Federal Credit Agency Debt (B8)Global Investment Grade Corporate Debt (B7)Global High Yield Corporate Debt (B4)

3

38,565.50.0

14,031


100.0

0.8

49,101.1 - 3151.0 0.00.9

Australian Domestic Securitization (AJ5) Westpac Banking

Australia BondsANZ Banking Group

▲

Societe Generale

19.7

Top Twenty Five Total

Santander

Daiwa Securities Group Inc

32,592.42,616,779.0

0+0.1 1580.70.724

-2.589.5

▲

DZ Bank▲


CIBC World Markets Inc

▼-6.9%Consecutive

Quarters No. 1

Industry Total

25

▲11

▲

34.3▲

▼

+1.2

23TD Securities Inc 43,198.6

25

21

2324 34,244.1

22 22

▲

▲

+13.4 11

▲▲ 1

1

1

1

▲

1

1

-2.3% ▼

Global Debt Capital Markets % Change by Asset Class

19

▲+0.2 0.9

-1481.7-▲

2.2

4,952,217.7

130

52.91.2+0.21.1

▲+22171▼

▲

16,012.0 100.0

-16.0% ▼

-2,907▼8,746.8

-17.2% ▼

54.7 -1.0

Jan 1 - Dec 30

3.6%▼-1.8%

2,656

1

282,016.2

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

242,988.4

▲▲

+2.7Barclays Capital

Mkt. Share Chg. from Last Qtr (%)


7.38.5

▼▲11.7

6

+11.9

1

12.916.8

1▲

▲

▲

▲

1

▲

+35.9%

21

-1.41

▲1

2

+2.8

▲

+2.9

+6.1+13.2

▼▲

-5.0%

1

Current Qtr Market Share

(%)

▲

296,783.2

Leading Underwriters for Fourth Quarter 2011

9.7

13.7

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

1

JP Morgan

U.S. LT Debt inc MBS,ABS &Tax Munis(F2) Barclays CapitalU.S. Investment Grade Corporate Debt (F9)

+3.7+3.1

International Bonds

Barclays Capital

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

All International Bonds (J1)

U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)

Barclays CapitalU.S. High Yield Corporate Debt (F8)

JP Morgan

U.S. LT Federal Credit Agency Debt (H3)

Global Bonds

U.S. Disclosed Fees (E2)

Global ABS (B11)Global Investment Grade (B7)

US Bonds

JP Morgan

All Bonds in Euro (N1)All International Securitizations (J10c)

Asia-Pacific Bonds

All Asian Currencies ex CDs (AS1)

JP Morgan

Barclays Capital

12.9

+5.5

Australian Dollar Bonds (AJ3)

Asian G3 Currency Bonds ex JP & Aus (AR2)

+3.4

8.2

Global Disclosed Fees (A2)

15.7

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

U.S. Federal Credit Agency (H1)

Global High Yield Corporate Debt (B4)

15.4

12.5 -1.4

+15.4

15.6

11.0+5.6

+1.4+4.0

+9.3

+3.8

Intesa SanPaolo 11.9

12.17.2

+1.0Bank of America Merrill Lynch

Deutsche Bank AG

7.4

11.9

13.635.6

Standard Chartered PLCChina International Capital Co

Societe Generale

Barclays Capital

Barclays Capital

No. 1 Manager

Morgan Stanley+1.3Barclays Capital

5352,485

+1.8

178,795.1614237

▲▲

+4

▼▼

-22

+4 44.0+0.10.6

185.3 1.2123.6 0.8

0.30.7106.7 +0.1

-0.1 ▼▲+0.1

▲-▲

Global Short-term Debt (B14)Global Asset-backed Securities (B11)

-0.6% 0.2%

26.0%

15.6%

58.8%

-26.4%2.9%

-40%

-20%

0%

20%

40%

60%

Investment Grade Corporate

Agency, Supranational,

Sovereign

MBS High Yield Corporate

Federal Credit Agency

ABS Emerging Market Corporate


Jan 1 - Dec 30

Jan 1 - Dec 30

4.1

3.7

+0.23.4

▼

Global Investment Grade Estimated Fees

-0.3

▼

▲-0.9

▼278.5

▼222.93,317.7

3.3


Industry Total 100.0

▲0.6%

Proceeds per Bookrunner (US$m)

Industry % Change from Same Period Last Year-9.1%

2,258,744.3

▲

Global Debt and Syndicated Loans Islamic Finance

10.6%

+0.4 236-0.4

▼1,081,942.5RBS 10 10 77,322.1Goldman Sachs & Co 9 87,612.5

-4316 5.7-174.33.9

▼▲▼ -43

▼ 493

361 6.5497

7.3 +88.9

▲+0.1

▼

+0.4408

115,249.0 5.1 -1.1

5 102,056.4 -0.4▲ 7.4 -4

3 2

8 7 95,976.9 4.3

5.04.9

113,886.4

4.5

Deutsche Bank AG 4 3Citi 5 8

JP Morgan 1 1 148,713.1Bank of America Merrill Lynch 2Barclays Capital

# of Deals

-64 121,354.46.6

+0.3 7.6+0.2

Share Ch.2011 Rank Sh (%)

Morgan Stanley 6 6

5.4

▼

Imputed Fees (US$m)

-6.5%7.9%

49.2


6,777.45,547

-10.5%

-1.347.9

▼

-1.3100.0

Jan 1 - Dec 30

-650

▼

▼▼

371.8 -0.1

227.3

Jan 1 - Dec 30

▼

322.3

▼▲

▼

# ofSh (%)

8.1 -10

▼435

Proceeds

Proceeds per Bookrunner (US$m)2010 RankBookrunner

▲Deals

447

Market


MarketMarket# of Deals per Bookrunner

Global Investment Grade Corporate Debt (B7)

7.8 ▼6.5421

▼▼▼

▲-113

9.0 +26-0.2

438.5

322.15.2

-0.6

109,016.8 4.8 ▼

▼▲

-20110,754.9 407

247.1

3.4

ManagerChange in Share Ch.

+0.4

-0.1

BNP Paribas SAHSBC Holdings PLC

Top Ten Total

11

7

▲

Global Mortgage-Backed Securities (B10)

▼

-0.2

4.8▲▲+0.8

5.5

7.9

-0.74.8

Imputed Fees (US$m)MarketMarket

351.6

-0.4

Sh (%)Fees

Global Debt

535.6

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

5,347.7 6,778.8 5,656.0 5,635.1 7,710.8 8,440.5 7,522.4 8,282.5 7,247.3 6,777.4

5,6756,370 6,349 6,403

6,9176,506

4,903 5,385

6,1985,547

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Num

ber o

f Offe

rings

Fees

(US

$m)

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

*tie

BNP Paribas SA 2.51020,585.0 73.7

687.5 --24.7 64.9

- -

-12.2% ▼

Top Ten Total ▲

70.6% ▲

Industry Total

35.7% 33.3%Industry % Change from Same Period Last Year

▲

10.5%▲

▼


131.9%

10.9%

Industry Total

10Mizuho Financial Group 18

▲-5.3%

Industry % Change from Same Period Last Year88.8% ▲79.1%

▲


4.133

51.0%

▼

27,935.6 100.0 100.3▼

.7

74 +25

-1.7- 3

+24.1 -

1.7▲4.1 +2

9 15*922.0760.8 2.7 ▼

2.63.3 -3.03.5 -1.7 +2 2.6▼

▲ 3.3

13 1,633.3

Deutsche Bank AG

7 9Bank Islam Malaysia 8 24RHB 979.2

+7Citi 6 5.9

-1.76.58.1

15 20.3-4.6

5.49.7▼ 6 +4 ▲ 9.7

▼ ▲ 5.4

5

▲

▲6.8

3 4 11.43,192.7 ▲7.2

27.06.79.9

▼12 2,018.0 12-5.6-5.6 ▲

9.86.7

AMMB Holdings Bhd 5 5 1,821.0Standard Chartered PLC 4 16.2 +8Malayan Banking Bhd

CIMB Group Sdn BhdHSBC Holdings PLC

+1220

37.82 18.9+0.5

▼12.6

2814 +6

Sh (%)+5

Deals▲▲

12.33,355.7

12

112.0

-1.3

ManagerMarket

5,214.8 ▼18.7Sh (%)

Change in 2011 Rank

2010 RankBookrunner Proceeds

Proceeds per Bookrunner (US$m)Market # of

+14-0.7-1.4

47 8.0 -76.16.7

Imputed Fees (US$m)

▼

20,049.4-3.7 ▼

▼

-0.8-6▼ 30.829.6

# of Deals Fees

# of Deals per BookrunnerMarket

Top Ten Total29

Societe Generale

16,458.3

4.3

3

2011 Rank

1

0.7

3.3

100.0

▼

9

6.4▼9.455

16,212.86.0 -2.4

4 -1.25

7

▼

Share Ch.

+0.3

Market # of

64.8

-1.212.6

Share Ch.12.3

Sh (%)Market

BookrunnerBank of America Merrill Lynch 1

MarketSh (%)

Market

RBSBarclays CapitalCiti

1Deals # of Deals Fees

JP Morgan

Market

+9.0

Market Market

▲

1

2010 Rank

Imputed Fees (US$m)

Share Ch.Sh (%)

8.3▼ ▼

-111.9 64.6

Proceeds per Bookrunner (US$m)2011 Rank

Market

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)

20,049.4

Global Asset-Backed Securities (B11) Jan 1 - Dec 30

Market# ofMarketProceeds

Fees

2

▼


-1.8

Deals

▼29.8

2

6.2▲

▼

32.4

6.2▼▼ 8.0

RBS

+0.1

+0.3 ▲


+3.1

6.7

Share Ch.

Barclays Capital

Deutsche Bank AG

▲+4.2+4.1+1.8

-14.2% ▼-20.6% ▼

Market

Global Asset-Backed Securities ex-CDOs (B13)

Market

▼-10.0%

7,557.2

38.0

+2.9

7,810.2

Market Change in Manager

▼

Sh (%)

73

BookrunnerBank of America Merrill Lynch


▲

+17.9

8.520,630.1 73Share Ch.

▼

Citi

Societe Generale

-3.6

Top Ten TotalIntesa SanPaolo

1

6

148.9▲

Industry Total

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

▲

Bookrunner

▼

JP Morgan

▲▲

Credit Suisse

12.4%35.9%

242,988.4

▲▲

139,444.2

17,774.2

▲

4 643

2

5

8187

1.7

Industry Total

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

11.5 -0.911.7

# of Deals per BookrunnerProceeds per Bookrunner (US$m)2010 Rank Proceeds # of DealsShare Ch.

▼-2-1.4 ▼ 62 9.3-2.0 80 12.0▼1 60,908.7

Barclays Capital 2 2 52,508.8JP Morgan 3 3 ▼8.6 -0.444,590.2

10.1

▼▼ 99.1

10.1-16-267

8.7 -10

▼▼

113.7 8.8-1.9-1.2

▼95.3 7.3▼

Deutsche Bank AG 4 5 43,143.5 58

+3.15

Credit Suisse6.342

▲

8.3 +0.2 ▲

+1.9

96.5▼7.7 -1.2 -15▲▼4

6.639,731.1 9.6

86.3▲ 124.3

40,083.5Goldman Sachs & Co

32,185.2

6 7 7.6

6.2

--0.9

07.47.6

+1.1 8.657 +1▲

▲+1.5Citi 6.87 10 35,512.9Morgan Stanley 8 9 6.6

+2.1 +2+3▲ 44

▲ 47 7.1

4.7 -3.260.7+1.275.0 5.8

5.3Nomura 10 4.5RBS 9 6 27,872.5

23,215.68▼-2.8 ▼ 51 7.7 -10

Top Ten Total521,543.3399,752.0 76.8 -3.1

100.0

▼-0.2 ▼▼ -2.7

3.4

-74664

43.8-1428 4.2▼

▼▲


100.0943.6

-0.872.7

-18.2% ▼ -9.6% ▼

Sh (%)

8 720 10,338.4

62

▼

▼▼▲

Credit Suisse 3.7 -1.5

-749

▼

40.4

-22.2% ▼

1,299.2

-1.9-0.3

67 10.9▼

▲

3 5 16,753.1

11.9

-0.6▼-3.2

6.9 -1.3

▼10.6-5

30.86 6.86.6 ▼

-3.4

-6▼4.9▼

-5.39.0

29.6

7 1.1

▼55+13 ▲

3.0 +1.9

-0.55.0

▲32.9-14

+1▼

18.2▼

-2.9 ▼▲

5.4

38

10.1 ▼

3.6 -2.1

3.13.2 +1.9 166

+2.6 ▲ 1▼

▲▼▲+2.9

-0.2-10.3

0.050.0

4.70.2

22.1

.028.5

6.227.0 +89 ▲

-11

-1305.1

+79 609.9▼57.5 -5.9

614 100.0

-0.8 ▼

▼

38.0-5

+4+3.3

Sh (%)

▼

Share Ch.

Imputed Fees (US$m)MarketChange in

7.27.8

Market

35.1

Fees

14.8%

Market

-4.1+5

68-1.5 ▼

11.611.4

7.6%

Manager

▼

▲

67# of DealsSh (%)

▲

▲

# ofProceeds

2010 Rank

28.3%

Jan 1 - Dec 30

▲

Share Ch.


7.7

-5.6%

4.5

6.916,038.6

10,338.46.1

7

29

8,943.79

8.7

5▼

-1.316,458.316,212.8 7.0 -0.9

7.1

2

61-2.3

12.5

▲ 7▼▼-1.3

73

164▲

▼1.2 +1 ▲ 18.2 ▲

10.43.8 +2.4

-1.2

▼28.0 +89

3.9 -1.5+2.13.4

▼5.8

6.328.2▲

-9▲+3.6

20.7 4.3 -2.4

▼58.6 -4.7 ▼ -5.3

+2.8 1 0.0▼

-0.3-1 .0

▲▲

54.3262.8100.0+106

▲

177,557.27,795.9

▼ 37

22.1%

586 484.4231,437.2

▼0.2

100.0

▲3.3

▲

6 4 14,569.1

9,065.6

3

10135,324.6

14,156.1

Sh (%)

100.0

Intesa SanPaolo

Deutsche Bank AG


Banking Composite: Global Debt

Issue Type Composition of the Top Global Debt Bookrunners Jan 1 - Dec 2011


44.9%43.7%

47.9%

48.8%41.7%

45.9% 51.3%

42.8%

50.8%

52.1%

8.0% 7.6%10.7%

4.8% 6.4%9.4%

6.8% 8.5%

0.3%

9.2%

60%

70%

80%

90%

100%

4.2% 3.6% 5.1% 4.4% 3.5%1.5% 1.2%

3.8%1.5%

7.2%

20.4% 21.3%15.1% 16.2%

28.5%

21.0% 22.3%21.1%

35.7%

15.9%

4.0% 2.6%

2.7%5.8%

3.8%

2.1% 1.6%3.4%

7.8%

2.9%

5.8%11.9%

2.7%

6.4%

5.4%

6.0% 3.2%

3.9%

0.8%

2.6%

12.7%

9.3%

15.9%

13.5%

10.7%

14.1%

13.6%

16.5%

3.0%

10.0%

0%

10%

20%

30%

40%

50%

Barclays Capital JP Morgan Deutsche Bank AG Bank of America Merrill Lynch

Citi Credit Suisse Goldman Sachs & Co Morgan Stanley UBS RBS

% T

otal

Pro

ceed

s

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



Global Debt Rankings* - Last Ten Years

1

2

3

4

1

2

3

4

Barclays Capital

JP Morgan

Deutsche Bank AG


5

6

7

8

9

10

5

6

7

8

9

10

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Ran

k

Citi

Morgan Stanley

Goldman Sachs & Co

BNP Paribas SA

HSBC Holdings PLC

UBS

*Global Debt League Table (B1) positions reflect consolidation within the banking sectorRankings shown are as of the current quarter end in each calendar year. https://www.thomsonone.com5

▼

▲

▲-▲

▲▲

+0.4+0.2+0.5

0

0 1+0.3

-1.6+0.4-0.8+0.4

1.91.0

3.22.73.51.4

1.3

0 8

0.60.7

19.123.327 2▲

▲▲▲

-30+16-17

+14+6+16+12+9+1+3

1.43 5

11.79.4

11.24.24.44.04.01.814

1127

343131

▼ 91738733

▲

▲

▲▼▲▲

▲▲

0

-1.9+0.8-1.2+0.8+0.1+0.3

3.53.02.81.20.90.70.7

Santander

142219

5,524.5

4,820.7

16

180.6

Scotiabank Bank of Nova Scotia

UBSRBC Capital MarketsMitsubishi UFJ Financial GroupSunTrust Banks

Societe GeneraleUS Bancorp 5,009.3

252617

131020

131415

2019

17

3 924 8

Manager

38.8 -18 ▼ 381.0

Fees# of DealsChange in

+0.2+0.3+0.3

Share Ch.-14 ▼ 469.2 14.4 +2.5 ▲

Sh (%)319 40.915.4 +0.6 ▲1 115,096.3

9

12.6 +1.0 ▲

25,784.722,186.820,565.98,999.2

JP Morgan 1

9 11

12

30,134.9

11 8

7 7

0.74,895.7

6,402.2

0 5

Share Ch. Deals Sh (%)

241

Market MarketMarket # of MarketImputed Fees (US$m)

▲

11.7 +1.2


US DebtUS Debt Down 16.8% l JP Morgan Top Bank for US Debt l US Investment Grade Debt Down 0.6% l Autos Top Sector For US Asset-Backed Debt

US Investment Grade Corporate Debt (F9) Jan 1 - Dec 30

▼

Proceeds

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2011 Rank

2010 RankBookrunner

MarketSh (%)

8

94,525.0

5 6 61,161.8

41,455.2

2 2

Deutsche Bank AG

US Deals Intelligence

US Debt (F1) Jan 1 - Dec 30


Goldman Sachs & Co

HSBC Holdings PLCRBS

Credit SuisseBNP Paribas SA

▲Citi 3 3 73,758.1 9.9

302▲ 277.2+0.4 ▲ 30.9 +5 8.5 ▼

Morgan Stanley 4 5 61,941.7 8.3-1.0

-0.2 ▼

Barclays Capital 6 4 56,591.08.2 +0.47.6

▼6.9 +0.4 ▲146 18.7 -23

-13 ▼ 7.4▲

-0.7224.1▼

-0.5

181 23.2 241.8

22.5 ▼5.5 -1.6 ▼ -48

-0.9 ▼ -23146 18.7175 ▼

4.7 -1.0 ▼6.4

▼210.1154.6

-0.7 ▼138.9 4.334,703.9 4.6 +14 ▲-0.2 ▼ 124 15.94.0 +0.3 ▲ 93.771 ▲ +0.1

145 18.69.1 +6

+28 +0.4158.2 4.9▲

Wells Fargo & Co 10 12 29,038.3 3.9 +1.1 ▲ ▲2.9

▲▲

▲

▼

▼▲▼▲

62.432.442.7

103.888.7

114.744.8

The US$164.2 billion of high-yield debt raised in the first half of 2011 ranked as the largest semi-annual volume onrecord, a 5.4% increase over the prior record set in the second half of 2010. However, after three consecutive record-setting semi-annual periods of issuance, second half issuance fell to the lowest volume since the second half of 2008,taking total 2011 issuance to US$221.4 billion, a 15.9% decline.

US Investment Grade volume decreased 0.6% compared to a year ago. Despite favorable interest rates in the USmarket, cost of capital concerns in Europe created substantial market volatility, which partly contributed to a 55.9%sequential decline in the second half volume - to the lowest semi-annual level since the second half of 2008.

According to Thomson Reuters/Freeman Consulting, total estimated fees for US Debt declined 20.8% compared to ayear ago, driven largely by the decreases in fees paid by issuers in the US MBS and US Investment grade markets,which were down 24.2% and 11%, respectively.

Driven by the decreased issuance from the Federal Credit Agency CMO market, the US Mortgage-Backed marketdeclined 24.2% compared to proceeds raised a year ago.

-▲

0.2Standard Chartered PLC -0.9 -3

▲▲▼

29.9%

0+0.1

00.310.517.3

+0.63,263.6

6.3%

▼▲▼-0.2

-0.1+0.3

0.5

0.60.4

0.81.0

27.232.217.813.7

▲▲▼

+3

+3+5-10+3

3.5

0.91.4

2.41.7

117

2719137

-0.2+0.1

0

▼

+0.1-0.2

▲▲▼

0.40.30.2

+0.1Scotiabank-Bank of Nova Scotia

41

172316Credit Agricole CIB

20 3,924.8

Top Thirty Total

2122

2423BBVA

Bank of New York Mellon Corp


29.8%

3,150.0

25

1,843.61,773.51,697.524

30

4.9%

77.5 -1.4

20.8%

▼

-▲

21.2% ▼47.4% ▲

▼

▼Industry % Change from Last Quarter

▼11.0%

3,540.20.50.5

14.5%


726,145.1 96.2

0.2

▲2,999.4 92.0100.0

+0.5 ▲

Industry % Change from Same Period Last Year 0.6% ▼

-132Industry Total

▼

Industry % Change from Last Quarter 47.5% ▲Industry % Change from Same Period Last Year 15.9% ▼

779

Top Ten Total 181,844.5

748,033.4 100.0

Industry % Change from Last Quarter 0.9% ▲ ▼

441 -100

▲

Industry Total 221,374.2

3.0▼ 108.82,817.882.0 -2.1 ▼

49RBS 10 11 7,234.7 3.3 -0.2 -0.1 ▼20.4 -11 4.3 0

-7 ▼-

11.14.7 +0.1 ▲ 90Wells Fargo & Co 9 10 10,497.4

240.8 6.6▼ 154.8

99 22.4 -31 ▼▲

Barclays Capital 8 7 15,740.4 7.1 +0.1 ▲ +0.1 ▲20.6 -11 7.2 +1.27.5 +1.0 ▲ 91

▼Morgan Stanley 7 8 16,659.8

265.9▼ 262.2

94 21.3Goldman Sachs & Co 6 5 16,844.5 7.6 -0.4 -0.1 ▼22.7 -31 7.5 -0.3

-28 ▼▼

7.38.6 +0.5 ▲ 100Citi 5 4 19,132.6

328.4 9.0▼ 272.3

114 25.9 -23 ▼▲

Credit Suisse 4 3 19,639.8 8.9 -1.2 ▼ -1.0 ▼24.9 -36 8.3 +0.89.3 +1.3 ▲ 110Deutsche Bank AG 3 6 20,645.7

439.4 12.1▼ 303.2

178 40.4▼

Bank of America Merrill Lynch 2 2 26,880.2 12.1 -1.9 ▼ -1.1 ▼36.7 -54 12.2 -0.9▼ 442.0

-80 ▼JP Morgan 1 1 28,569.4 12.9 -1.4 ▼ 162

Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2011 Rank


Market Market

Market MarketMarket Market # of Market Change in Manager

2011 Rank


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

3 255,908.3 18.4 -122▲ 77212.3 +0.9 ▲Bank of America Merrill Lynch 2 2 236,229.4 11.4 -0.5 ▼JP Morgan 1 11.9 +0.5

814 19.4 -155 ▼▼ 1,142.3

+0.11,125.7 11.7Barclays Capital 3 1 227,197.8

8.7-153 ▼ 691.8

553 -0.6

▲▼7.2 -0.211.0 -1.6 ▼ 515 12.3

13.2 838.8Citi 4 4 183,852.2 8.9 +0.7 ▲

6 6 141,899.0

▼7.5 -0.7

-129 ▼11.5 -140

351 8.4 -135 ▼ +0.1▼ 657.7

▲▲+0.1

Morgan Stanley 7 7 133,642.7 6.56.8 -0.7 ▼Goldman Sachs & Co

6.5 +0.2

481643.1 6.7

6.8

+0.2 ▲ 442 ▼390 9.3

10.5 -110 ▲Credit Suisse 8 8 113,151.8 5.5 -0.4 ▼ -54

625.0▼

6.6 -66 3.26.8

▼ 305.6-0.3▼ 652.7

▼4.5 -0.4 ▼4.2 -1.1 ▼

276-0.5 ▼

UBS 9 10 93,041.6RBS 10 9 85,970.6 317 7.6 -13 ▼ 352.7

-0.6

Industry Total▼

3.7Top Ten Total 1,626,159.2

2,073,482.2 100.078.6 -3.6 7,035.4

-2,445 9,630.54,19273.2 -1.2 ▼

100.0

▲▼ ▼

▲11.0%

Jan 1 - Dec 30


US High Yield Corporate Debt (F8) Jan 1 - Dec 30


All Federal Credit Agency Debt (H1)

2011 Rank


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

10.1 -209▼ 755UBS 1 2 87,662.4 10.5 -1.57.0

▼ 74.7 ▼Barclays Capital 2 1 87,515.9 10.5 -1.7

8.6 +6.0 ▲ 375282 3.8▼

+165 ▲ 48.6 5.1 +3.2

7.7 -3.5-43 ▼ 67.8

Deutsche Bank AG 4 3 66,960.5 8.05.0BNP Paribas SA 3 12 71,929.7

▼ 383 5.1 49.7 ▼

-0.1 ▼▲

5.2 -2.37.9 -1.3

-216 ▼5.2 -96 ▼385▼

-2.1▼

Citi 6 5 64,311.2JP Morgan 5 4 66,318.7 -0.36.3

+0.360.3

294 4.0 -79 ▼5.7 +0.1 ▲ 3687.7 +0.2 ▲

Morgan Stanley 7 6 47,615.11000

▲▼4.9 -53 ▼

▲30,395.6

40.6 4.2 -0.153.5

▲9.1 +0.8

5.6

First Horizon National Corp 8 10 41,073.5 4.9 +1.2 13.4 87.6 ▲3.6 -0.8

-2 ▼2.9 -1.528.1 ▼

Goldman Sachs & Co 10 7 25,043.1452Credit Suisse 6.19 9

Top Ten Total 588,825.7▼3.0 -2.2 ▼ 132 1.8

70.4 -2.1 ▼-1.0

+64▼-138 ▼

▼534.2 -4.523.3 2.4

55.5836,715.5

31.7% ▲

100.0

18.5%

3,633.8 100.0

▼25.2%

100.0

11.8%

Industry Total 7,440 963.9

▼ 26.7% ▼

100.0-1,000

▼Industry % Change from Same Period Last Year 29.9% ▼

Industry % Change from Same Period Last Year 16.8% ▼0.8%Industry % Change from Last Quarter 0.7% ▼

36.8%

2930

INGJefferies & Co IncItau UnibancoNational Australia BankNomura 21

28262728Deutsche Bank AG 5 5 155,265.8 ▼

182739

-0.2

-0.10.20.20.2

1,646.71,630.51,492.11,448.4

4

1,402.6 3

▼▼▼▲

0.2

-0.1-0.3

-6+0.1

0

0.50.60.50.4

▼

45

5.43

4.8

▼▼▼▲

0.4

-4-4

-0.1+1

-0.2

0.30.30.20.1

-

8.09.3

02.4▼

▲▼▼-

0.2

+0.1-0.2


9

4

Deutsche Bank AG 6 4Credit Suisse 7 7


RBS

Citi 3

6 12,584.4

▲▼

27.1 7.3 -1.5 ▼49

+0.3

-1.19.3 +0.5 ▲


US Securitizations

-656 21.6 +11

0.0% -

18.9▼40 15.4 -8 ▼ -1.237.3 10.1

23.9 ▲

5 13,895.6 10.3

14.02 18,800.1

▼ ▼

Sh (%)Deals Sh (%) Share Ch.▼ 17.3-2

▼-0.5 ▼64.0-2.4

# of Deals

+6 36.2 9.7

Fees

Imputed Fees (US$m)

▼6.6 -1.623.4 6.3

Share Ch.15.1 -2.3

▲

Barclays Capital10.9 -0.9 ▼

JP Morgan▼

3 14,741.2

Bank of America Merrill Lynch 1 1 20,295.92

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market2011

Rank2010 Rank

Jan 1 - Dec 30

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

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

US Mortgage-Backed Securities (F11)

6271 27.4

# of Market Change in MarketSh (%)

Market

US Asset-Backed Securities (F14) Jan 1 - Dec 30

11,210.9 8.35 ▲ 24.4

-3.4 ▼ 51 19.7 -3 ▼ -3.4 ▼14.7 -10 ▼ 22.1 ▼-3.69,065.6

Morgan Stanley 8 12 5,167.6 3.8 +2.5 ▲▼6.7 -1.3 38

16.1 4.35.9

16 6.2 +7 ▲ +2.8 ▲8 4,965.2 3.7 +1.1 ▲ 30 11.6 +15 ▲

RBC Capital Markets 10 20 3,689.3 2.7Wells Fargo & Co ▲ 15.3 4.1 +0.8

16 6.2 +13 ▲ +1.5 ▲Top Ten Total 114,415.8 84.8 -2.4

+2.2 ▲275.5

9.6 2.6▼ 74.2 -9.1 ▼

Industry Total 134,732.7 100.0 100.0259 0

▲

371.3

32.6%

Industry % Change from Last Quarter 7.1% ▲15.3%

▲ 24.3%31.5%

US ABS Collateral Volume Breakout (US$b) Jan 1 - Dec 30

Quarterly Residential ABS, MBS & CDO Volume

$5.3 4%

$14.3 11%

$13.9 11%

$65.9 51%

$30.5 23%

CDO Credit Card Student Loan Auto Other

26.7% ▼16.7% ▼ 19.2% ▼9.7%

-0.2 ▼▲

1 56,062.1 16.2

415,750.4 100.0

Sh (%)

▼

ProceedsBank of America Merrill Lynch 1

8

62 12.6 0 -Credit Suisse 2 6 37,497.5

Credit Suisse27

351,196.9

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

7

25.3% ▼

21,679.4

8

Share Ch. Deals# of

3.45.2

▲▲

13.5%

MarketSh (%)

+5Fees

▲ 131.7

ManagerChange in

14.7Sh (%)# of Deals Share Ch.

Market

▼-65

Market

▼11.5% ▼24.2%

100.01,059.0

2.780.1

51.0

Imputed Fees (US$m)2011 Rank

2010 RankBookrunner

633,472.2 +2.7

39,189.8 9.4

▼

5.4 +0.4

8.6 -1.68.1

+0.9 ▲

+2.1

17.1% ▼▼

Jan 1 - Dec 30

10.3%

566

-1.6 ▼-0.2

28.8▼846.8

▼-11-1.2 ▼

▼-3.3 7.4 -10

▼7.8

-3.5 ▼▲

+2.4 ▲5.2 +0.34.8

▼ -1.5

▼

8.185.3+2 ▲ 82.4

55.4-1

6.9 -17

25 4.4

7.66.4

4336

39

42

Market

6 8

3

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

3 35,541.4

13,969.610

-15-3+1.3 ▲

347.3

Morgan Stanley

10Nomura

9 22,306.5RBS 9 4

366.9

+6

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

Top Ten TotalIndustry Total

84.6 -1.3 ▼

+0.5 ▲55 9.7 -1 ▼ 82.3 7.8 -0.1 ▼

-5

10.4

Deals

▲+5 ▲-0.7 ▼109.7+4.4

10.4-9 ▼121.6 11.5

Imputed Fees (US$m)

Share Ch.Market

▼ 87.7 8.3

2010 Rank

60,046.8

45 8.055 9.7

12.1 59-0.8 ▼14.4 -1.3 ▼

9.1▲

+0.8 ▲8.9

Market

▼Sh (%)

14.0 -0.4+1 ▲ 142.6# of Deals

13.5FeesSh (%)

Market # of Market Change in Manager Market

Citi

Barclays Capital 2

JP Morgan

3

5Goldman Sachs & Co

Deutsche Bank AG 4

Sh (%)Bank of America Merrill Lynch 1 1

Share Ch.79

36,824.3

Bookrunner Proceeds2011 Rank

65 37,839.0

50,327.9


▲+0.1 ▲ 45 9.1 -10 ▼ 83.9

116.948 13.1 +5.63 36,004.3

10.8 +3.1 ▲9.4 -0.1

9.8▼

Goldman Sachs & Co 4 2 33,044.2 9.5 -1.2 ▼Barclays Capital 10.4

Deutsche Bank AG 5 5 32,903.0-1.5

+2.735

8.878.79.5

▼▲▲

▼ 77.1 8.6 +0.9▼

8.374.3▲▼ 58.1 6.5JP Morgan 7 7 24,336.9

Citi 30,491.1

▼

+3.0 ▲7.0 -0.7 ▼ -28.8 7.1 +1

▼Morgan Stanley 8 9 17,774.2 5.1 -0.5 ▼ 29

-0.5▼-0.6

32 6.5 ▼-7

-4.5-1043.4 4.8

▼ ▼ 38.2 4.3-1.7▼ 28.5 3.2-11

730.8 81.7 +0.3 ▲492

▼


895.8 100.0

▼

-53

18.9% ▼Industry % Change from Same Period Last Year 29.4%

346,946.1Industry TotalTop Ten Total 298,093.8

7.1355.9

5.1RBS

▼

▼

100.085.9 -0.8

4.64.0

16,010.913,969.6 -1.2

-4.5410

9Nomura 25▼10

0

100

200

300

400

500

600

700

800

900

$0

$100

$200

$300

$400

$500

$600

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

2003 2004 2005 2006 2007 2008 2009 2010 2011

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b)

# of Issues



Banking Composite: US DCM

Jan 1 - Dec 30 2011DCM Bookrunner Industry Composition (F1) Jan 1 - Dec 30 2011 DCM Bookrunner Industry Composition (Ex Financials) (F1)

60%

70%

80%

90%

100%

Pro

ceed

s60%

70%

80%

90%

100%

Pro

ceed

s

0%

10%

20%

30%

40%

50%

JPM BoA Barc Citi MS GS DB CS RBS UBS

% o

f Ind

ustry

P

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

0%

10%

20%

30%

40%

50%

JPM BoA Barc Citi MS GS DB CS RBS UBS

% o

f Ind

ustry

P

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

Financials


The fourth quarter represented the lowest on record for issuance by Financial Institutions in Euros. In particular, theannual banking volume was the lowest since 1999. Total proceeds were down by 18.5% compared with 2010. Of thisreduced borrowing Italian and French banks constituted 48.8% of the market.

The well publicised sentiment of uncertainty surrounding Eurozone Sovereigns led to international proceeds decliningby 47.9% year on year. 2011 represented the lowest volume for Euro denominated International Sovereign debt since2003.

BNP Paribas finished top of the rankings in International Euro denominated issuance. They were especially strong inFinancials and Covered Bonds. Deutsche Bank claimed second place in the league table driven by their presence inInternational Corporate bonds in Euros. They had a leading 18.9% market share in the Media and Entertainmentsector, plus 17.1% and 11.7% in Telecoms and Industrials, respectively.

The leading international non core currencies in 2011 were Australian Dollars, which made up 24.2% of the market,Canadian Dollars which constituted 18.5%, and Swedish Krona, at 11.3%.

All International Bonds by Issue Type All International Securitizations (J10c)

Deutsche Bank AG 2 3

Citi 5

Barclays Capital 1 1

JP Morgan 2BNP Paribas SA 9

3

UBS 8 7Bank of America Merrill Lynch 7 4

248,980.8

4

242,454.7

6

232,628.7169,299.8

Market Market

-0.88.08.2

+0.2

Sh (%) Share Ch.

7.7

5.6 +0.25.6 +0.5

3.9 ▼

100.0



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

Sh (%) # of DealsDeals


International Debt Eurozone Crisis Impacts Bank Borrowing l Euro Sovereign Market Down 48% l BNP Paribas and Deutsche Bank Dominate Strong Euro Performers

All International Bonds (J1) Jan 1 - Dec 30EMEA Deals Intelligence

# of Market

▲ 903▼ 627 13.1

18.9 822.8+0.2

-49 ▼▼

7.6 +0.16.3-154

-0.5

Market MarketSh (%) Share Ch.

▲▲

Fees677.3

▼-42 ▼

1,036.80 -

-151 ▼379.610.8

9.6-1.0 ▼ 737 15.4+1.0 ▲ 5155.6 3.5

HSBC Holdings PLC 6 5 168,828.5169,164.7 10.7 -30▲ ▼

11.95.4 -1.4 ▼ 589

568▲

3.3

▼▲

-0.8▼-0.8

8.1

-0.3+0.4

6.93.8

▼-17912.3 878.9-1 ▼

▼412.9

▼

742.9

4.6 360.4424 8.9 -60-0.4 ▼

511

▲▼ 605.1-10 5.6 +0.9-0.25.0-1.0

▼413 8.6 -43 ▼ 537.78.1+0.2

6,454.4-0.4

4.5

▼

▲ 388

4,788 -517▼59.7Top Ten Total


119,026.8Morgan Stanley

139,694.2135,988.6

164,698.6

Goldman Sachs & Co 9

6.3%

11

3,027,211.11,790,765.4

Industry Total 10,796.7 100.0

10 12-1.959.1

-3.9% ▼▼ -17.9% ▼

Jan 1 - Dec 30

▼ -9.7%▼▼ -10.6%15.7%Industry % Change from Last Quarter

Top Ten Total

▼Industry % Change from Last Quarter -18.2% ▼ 2.8%

1,418

▲ -12.4%

Industry Total 898,084.4 100.0

Industry % Change from Same Period Last Year -4.7% ▼ -10.0% ▼ -25.0% ▼

+1.652.8 -2.4878.3

100.01,667.4-158▼▲+16 ▲ +0.8

505,390.58.2

▲▲ 116

56.3 +0.4

8.5 -394.371.4

▼Citi 10 15 33,998.7 3.8

3.8 -0.6▲

▼ 75.9 4.6 -0.7▼ 1213.7

JP Morgan 9 8 34,162.7

UniCredit 7Natixis 8 9 39,374.1 14.5 +26 ▲ +0.4

▼12.6 -3362.1

▼ 178▲

49,662.46 40,255.8

4.4 +0.44.5 -1.0

Industry Total

Industry % Change from Same Period Last Year 26.5% ▲

178,375.1

2011 Rank

22.5%

▼5.5 +0.5 ▲ 187

196

▼Industry % Change from Last Quarter 40.5% ▲ 54.5%

▲44.3% ▲-3.6%

▲

▼-6.3+36 100.0

182.1299.5

60.862.82.8

-0.2 ▼-1.1 ▼ 3.5 ▲

▲18 9.2 -2 ▼

13.710.3

▲8

10.2 +10

Top Ten Total 112,010.14,986.6

▲20+2.0+0.5

BNP Paribas SA 9 16 6,879.8Citi 10

13 7,002.0 ▲+9 ▲ 12.3+1.6 8.216+3.24.6

▼▲0.9 +0.5

4.1

-0.5-▲▼ 34 17.3 +6

2.6+2.4

22 8,072.1 4.5 +3.9 2▲ 1.0 0

Societe Generale 5 10 11,972.018.4 6.1

+3.6 5.1 +3 ▲Lloyds Banking Group 4 2 13,896.7

▲Deutsche Bank AG 6 6 11,072.0

10

10.935

3 4 14,217.212.8▼ 25.4▲

24.4

-1.725

▼

-0.7 ▲ 24.3 8.1▼▼

-0.9

▼▼ 39

▼▼19.9 +10

8.5+14-0.8

+0.318.0 6.0

▼

MarketManager Market

32.7

Jan 1 - Dec 30

17.98.3 -0.5

▲-1.3

6.7

FeesShare Ch.10.7 -6.4

Sh (%) Sh (%) Share Ch.


-9.3Deals

15.3 -4 ▼-1

Imputed Fees (€m)

Market# of Market Change in Manager

8.130

# of Deals2010 RankBookrunner

Santander 8

2 3

Proceeds

8.0

100.0

3.9

6.2

3.9

7.8

19,067.714,844.0

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

-1.3Intesa SanPaolo

Market

7▲

Deals-0.3

2010 Rank

1Sh (%)

1

# of

8.1

Market

264 ▼

Change in

7.772,876.4Share Ch.Proceeds # of Deals

-70Sh (%)

18.6Share Ch.

-1.48.0 +0.2 19.0▲

▼Fees Sh (%)128.9

HSBC Holdings PLC 3 4 55,746.1Deutsche Bank AG 2 2 71,900.2

+0.16.2 -0.1 ▼ ▼-3712.8

8.3137.7 ▼-1.1▼-0.5

270 -33

-9181 12.8 -25181

Credit Agricole CIB 6 7

4 5Barclays Capital 5 3 ▼ 190 13.4Societe Generale

6.0▲

-0.453,650.253,763.9 6.0

▼

All Bonds in Euros (N1)

13.2 81.7 4.9 ▲+0.24.269.2 -0.2

205▼

-35

▼ 71.7 4.3

0 -5.7▼ 94.3 +0.1

▼ 85.4▲

5.1

Sh (%)

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

Barclays Capital

2011 Rank

Jan 1 - Dec 30 2011All International Bonds Proceeds - Macro Industry Volume Analysis (US$b)


JP Morgan 1

Market Market

RBS

1

€ -

€ 100

€ 200

€ 300

€ 400

€ 500

€ 600

€ 700

€ 800

€ 900

€ 1,000

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

2008 2009 2010 2011

Pro

ceed

s (€

b)

ABS & MBS

Emerging Market Corporate

Federal Credit Agency

High Yield Corporate

Agency, Supranational, Sovereign


$1,282.645%

$878.431%

$207.57%

$178.86%

$72.53%

66.95582%

55.39992%

47.17822%

42.18441%

41.35951%

Financials

Government and Agencies

Energy and Power

Industrials

Materials

Telecommunications

Healthcare

Media and Entertainment

Consumer Staples

High Technology

https://www.thomsonone.com

2%

9

The US$278.1 billion raised in 2011 ranked as the second largest annual volume on record, trailing only the recordsetting US$321.9 billion raised a year ago. The proceeds raised in the first half of 2011 were the largest semi-annualvolume on record, but global uncertainty and market volitility contributed to low second half volume. Semi-annualvolume declined 69.6%, with 313 fewer issues priced compared to the first half.

Despite second half market volitility, two of the largest high yield transactions on record priced. HCA Inc's US$5 billionJuly offering and Sprint Nextel Corp's US$4 billion November offering ranked as the sixth and eight largest deals onrecord, respectively.

According to Thomson Reuters/Freeman Consulting, estimated fees for Global High Yield Debt fell 20.2% comparedto a year ago, to US$4.5 billion, with 103 fewer transactions priced compared to 2010.

Full Year 2011 average spread to benchmark tightened by 142.0 basis points compared to the levels in 2010, to476.2 points. Average spreads widened considerably in the in the third quarter, peaking at 630.8 points in August -the widest levels since August of 2010 - before tightening again for four sequential months.

Average Monthly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Dec 30


High Yield DebtGlobal High Yield Volume Down 13.6% Over 2010 l Second Largest Annual Volume On Record l Average Spreads Begin to Tighten

Global High Yield Debt (B4) Jan 1 - Dec 30Global High Yield Deals Intelligence

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2011 Rank


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

▼▼ 173 32.2 10.9475.4486.2-65

189▼JP Morgan 1 1 31,305.0 11.3 -1.9 -1.2 ▼

▼Bank of America Merrill Lynch 2 2 29,007.7 10.4 -1.7 ▼-8126.8 -3635.2 -1.010.6

8.9 +0.8 ▲Deutsche Bank AG 3 4 26,528.4 9.5 +1.0 ▲ ▼ 396.18.6 -0.7 ▼ 134

144Credit Suisse 4 3 23,921.2

343.2 ▲25.0 402.6 9.0 -0.3

5 23,568.8▼

8.5 +0.8-17 ▼

22.3 -30 ▼7.9 +0.3 ▲

▲Goldman Sachs & Co 6 6 21,868.5Citi 5

111

+0.2115 21.4 -20 ▼120

330.1 7.47.7

+0.3 ▲▼Barclays Capital 7 7 18,500.1 6.7 -0.2 ▼ 20.7 -41 ▼ 276.5 6.2 -0.2

6.6 +0.6 ▲ 104Morgan Stanley 8 8 18,397.4 19.4 291.6 6.5 +0.9 ▲3.8 0.0

-10 ▼16.8 ▼

-0.3 ▼- -0.1

69 12.8 -12 ▼ -0.311 10,497.4

RBS 10 10 10,272.89Wells Fargo & Co 90

147.13.73.5-12 ▼ 154.8

▼Top Ten Total 213,867.3 77.0 -2.1 ▼ 3,303.6 74.0

3.3-0.9

537 4,476.9 100.0▼

Industry Total 278,110.5 100.0 -103

▼ -16.1% ▼ -20.2% ▼▲ 27.8% ▲

Industry % Change from Same Period Last Year -13.6%Industry % Change from Last Quarter 27.1% ▲ 19.6%

Monthly High Yield Volume

3.9 0.0

5.1 -1.35.2 -3.1

7.4 +1.3

+0.3-1

- 133.819 ▼ 30.1

36.0 4.5▼

Bank of America Merrill Lynch 10 11 2,127.5 12.9 -5 ▼18.8 -0.3

▼-15 ▼Credit Agricole CIB 9 9 2,583.8 4.8 +0.5 ▲

-2.4 ▼ 16 15.8▼

5.5 -1.5▼ 14

JP Morgan 8 3 2,735.6 5.1 44.2Barclays Capital

4.6 -3.3▼ 36.47 4 2,759.7

▼ 2238.320.8 -7 ▼

21.8 -84.8

▼13.9 -13 ▼ 35.7 4.5 -1.7

21BNP Paribas SA 6 2 2,826.1

▲RBS 5 5 3,038.1 5.6 -0.8 ▼ -1.4 ▼Citi 4 6 4,032.1 ▲ 23

▲ +2.98.0 +1.622.8 -4 ▼ 64.3

▲25 24.8 +5 ▲ 73.5 9.2Credit Suisse 3 7 4,243.8 7.8 +1.8

+1.0 ▲7.5 +2.2 ▲

▼ 92.9 11.6Goldman Sachs & Co 2 8 4,736.5 ▲ 60.28.7 +2.9 20.8▲ 21

-4+2

0.0 - 38 37.61 1 5,882.7Share Ch. Deals

10.9

2010 Rank

MarketMarket

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

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

Deals Sh (%)Market Market2011

Rank

2011 Rank


2010 Rank

JP Morgan 1 1

Bookrunner Proceeds

28,569.4Bank of America Merrill Lynch 2 2 26,880.2

Credit Suisse 4 3

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Dec 30


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

-1.2# of Deals Fees Sh (%) Share Ch.

442.0 12.0-56 ▼ ▼▼12.8 -1.6 36.1162

24.512.0 -1.9 ▼ 439.4 12.0178 39.6 -80 ▼ -1.1 ▼

▲Deutsche Bank AG 3 6 20,645.7 9.2 +1.2 ▲ +0.78.8 -1.2 ▼ 115

-37 ▼ 303.2 8.211019,677.3

278.9 ▼25.6 329.1 9.0 -0.9

4 19,536.7▼

8.7 +0.6-22 ▼

22.9 -28 ▼7.7 -0.3 ▼

▲Goldman Sachs & Co 6 5 17,132.0Citi 5

94

-0.196 21.4 -27 ▼

103269.9 7.3

7.6-0.2 ▼

▲Morgan Stanley 7 8 16,970.6 7.6 +1.1 ▲ 20.9 -9 ▼ 267.2 7.3 +1.37.0 0.0 - 99Barclays Capital 8 7 15,740.4

▼22.0 240.8 6.6 +0.1

-0.110 10,497.4▲

4.7 +0.2-31 ▼

20.0 -11 ▼3.5 -1.1 ▼

▲UBS 10 9 7,784.3Wells Fargo & Co 9

-36 ▼ -0.690

129.4 3.54.2154.8

50 11.1 ▼82.0 -3.0 ▼ 2,854.7 77.7 -2.1 ▼

Industry Total 223,918.6 100.0 449 -96 3,678.0 100.0

-17.6% ▼ -20.7% ▼45.5% ▲28.6%

Industry % Change from Same Period Last Year -15.4%

Top Ten Total 183,434.0

▼

Change in

▲Industry % Change from Last Quarter 45.9% ▲

Sh (%) # of DealsDeutsche Bank AG

MarketSh (%)

▲

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

Top Ten Total 34,965.9 64.5 -1.1101 100.0

64.0▼ 511.6 -0.2 ▼Industry Total 54,191.9 100.0 798.8

Industry % Change from Same Period Last Year -5.4% ▼ -7.3% ▼ -17.9% ▼

-8

▼ -49.5% ▼Industry % Change from Last Quarter -57.4% ▼ -30.0%

0

100

200

300

400

500

600

700

J A S O N D J F M A M J J A S O N D

2010 2011

Bas

is P

oint

s

Spread to Benchmark2-Month Moving Average (Spread to Benchmark)

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

0

10

20

30

40

50

60

70

80

90

100

$0

$10

$20

$30

$40

$50

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

2009 2010 2011

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$)# of Issues


8270.1185.6Top Ten Total

100.049,260.2 264.5

% Change from Same Period Last Year

57

▼

Industry Total 100.0▲ +13.7

-1.5-5.0

▲▼▼

36,154.55.4-3.0 14.4

▼11.0 -12 ▼

-0.7 ▼ 1.54.0

21.5 8.1

5.2-4.9 ▼ 13 ▼ 13.72,486.4

+455.6

2,710.8 5.5

11.0▲ 9▲ +7.3 ▲

7.2 +4.1 ▲▲▲ 19.0

▲11.6

19.1+4.6 ▲

7.2

+2.8 ▲22

-1 26.8

-62+11

20.5+8 ▲4,455.2

+3.8 ▲5,188.3 10.5▲9.0 +1.9

Deutsche Bank AG 2 6VTB Capital 3 5

Share Ch.Manager

JP Morgan 1 2 7,133.8 30.5

Market # of

14.5

Market MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) Sh (%)Fees

▼▲


37.3%

99

+3.3


2010 Rank

Market MarketChange in

-22.6%

Jan 1 - Dec 30

▼

196,844.8 100.0

-18.8%

7

▼

0 ▼+4.373.4

5.1

3.68

1,787.7

12▼

6.0

▲

2,255.69 11.0 -1

16.0 ▲15.9 -8

HSBC Holdings PLC

10-2.7+1.6

Citi 8 3

# of Deals25

29.326.8

▼ 30.6▲

20.724

▼ 17

▼▲7.8 +3.4

-0.2▼ 10.1

+2.1

4.6

▲13 15.9 +10

% Change from Same Period Last Year 10.6% ▼

14.6 -2+1.3

RBS 10

966.3

26.4 ▼▼

-0.6

▲

Goldman Sachs & Co▲

Barclays Capital

24.5

BNP Paribas SA

Morgan Stanley+0.5+1.6

-4.2▲▲

-

+1.5

▼

3.8

2.5

90

Sh (%)

-29.4▲

6.036.3

▼2.7

59.6

100.0647.2 67.0Top Ten Total 132,795.8

Industry Total-0.3

309

6.2

6,587.2▼-7

3.4 +0.4

3.7 -4.2

29

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

BNP Paribas SA 106.8Santander 9 14 6,725.8

Credit Suisse 8 5 7,345.4

67.4

213.4 +1.2 ▲11

13.9▼4.2 +0.6

29

5.5 -2.0+10▲

▼30 9.7 ▲

9.4 -33▼Goldman Sachs & Co 7 10 8,275.3Barclays Capital 6 6 10,896.5 ▼ 58.2

▼ 56.3Bank of America Merrill Lynch 5 7 11,492.6-7043

71.9 7.45.8 +0.6 ▲ 50 16.2 -5

835.8

▲▲

26.9 +3 ▲14.9 +2.9

+1.2-1 143.7Citi 3 4 19,177.1

HSBC Holdings PLC 4 3 18,321.1 9.3

2 2 20,611.970▲9.7 +0.6

10.5

+0.2

▼26.9 -1123.9

▼ 82.7 8.6 +0.8 ▲9.1


Emerging MarketsAll International Emerging Market Debt Down 10.6% l EMEA Emerging Market Debt Down 23.7% l Latin America Emerging Market Debt Down 1.1%

Jan 1 - Dec 30EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Dec 30


▲15.2% ▲

+1.1

76

% Change from Last Quarter

▼▼22.7

Asia-Pacific Emerging Market Bonds (L4)

▲ 83

Market

87.6

4 1 4,429.9

74 -7


2010 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

9.011 2,939.7

+4.3+2.3

18 2,767.16.0

-3.5

-0.4

# of

Deutsche Bank AG 1 1 23,362.9 11.9Sh (%)

55.4% ▲

+1.2

Latin America Emerging Market Bonds (L3)

▲


JP Morgan

Jan 1 - Dec 30

-41.0% ▼ -25.1% ▼-9.1% ▼ -61.8% ▼

-23.7%30.3%

*ti

20 13.7 -8

▲Deutsche Bank AG 3 1 2,649.1

+3.3-2.6

+3-8

▲

46.0▼

Sh (%)

-1.77.5▲ +3

38 9.0

MarketMarketShare Ch.

HSBC Holdings PLC 8,513.0 ▲26.0 -3 ▼

36 24.79.79.2

▲5 6

6.5 +1.3▲

9.62,347.24 4 -0.6 ▼10.9

22.4 -2 ▼ 12.5 9.6 ▲11 +0.3▲

7.21515.6

+0.5 +0.938.8+0.6 ▲ +1.0

19.7

9,056.2-0.5 ▼

▲-7 ▼ 10.554.1

▲5.5▼

Barclays Capital-6.5 ▼+6.720.32

30.6+1.7 ▲ 29 19.9

36 24.7+5

▼-0.2

40.8-0.214.03,411.6 42.921

Citi11.3

JP Morgan 3 2 9,832.8 10.6Citi 2 3 10,541.4 +5.1 ▲ HSBC Holdings PLC 3

▼-11 50.8 9.9101.0▲

Sh (%) Share Ch.14.5 26.0

Deals Sh (%)-0.1 ▼ 38 +1 ▲

Fees Sh (%) Share Ch.+7.7▲

# of Deals18.424.1▼ 3,555.5 14.6 +2.1

DealsSh (%) Share Ch.▲ 20

MarketMarketChange in ManagerBookrunner Sh (%)

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

ProceedsBookrunner # of Deals FeesMarket Market # of Market

Deutsche Bank AG 1 1 13,473.5

ManagerImputed Fees (US$m)

2011 Rank

2010 Rank

5Bank of America Merrill Lynch 4

▼25.7 5.0Santander 6 9 6,004.48.2

▼ 13.1-3.6 ▼

2.6 +0.5 ▲42.2-18 ▼

▼9.68.2 -1128 11 3,074.3 3.3

147 4 5,401.7 ▼

-0.8 ▼Itau Unibanco 9 10 3,008.6 3.2-0.1

5.8 -3.5▼Barclays Capital

Credit Suisse

14 9.6 -10 ▼ 24.1 4.7

77.0Goldman Sachs & Co 10 8 2,698.4Top Ten Total 71,604.3

4.8 -32.9 -2.3 ▼ 7

-11.1%

401.9-3.2 ▼Industry Total 93,057.1

▼% Change from Same Period Last Year -1.1%

100.0 146 2178.31.2 -2.3

7 7JP Morgan 6RBS

13

▼▼ 6.1 ▼

-0.8

▼100.0

-1.3514.2

Imputed Fees (US$m)

+2.6 ▲

2011 Rank

2010 Rank

1 2Proceeds

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

UBS 5 8

Market # of Market

1,943.7 8.0+4.71,772.1

22.4 +2▲ 97.3

+1.3 ▲3.5 -2.2 ▼

11+4

6.5 5.018.4

▼14 28.6 +6 ▲ 5.1 -0.8Goldman Sachs & Co 8 18 1,341.0

3.91,753.7 ▲7.2 +1.45.2

4.6▲

▲ 6.85.5 +4.5 ▲ +5 +4.2 ▲5.5 +1.9

7 14.3▲ +0.5 ▲13 +4 ▲Standard Chartered PLC 9 10 1,339.2 6.7 5.2

3.5 -3.2 ▼ 5 10.2 -3 5.726.5

▼Top Ten Total 20,957.1 86.1Credit Suisse 10 6 844.0 -9.7▼ 7.4

24,389.4+14.1 ▲ +1.5 ▲

49 100.077.6101.2

% Change from Same Period Last Year -7.8% ▼

4

-7.5%

Industry Total

▼ -16.7% ▼ 125.6% ▲▼ 5.2% ▲

130.5

Middle East Emerging Market Bonds (L5) Jan 1 - Dec 30

% Change from Last Quarter 10.6% ▲ % Change from Last Quarter

Market

100.0



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


1 4,243.4

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch. Deals Sh (%)

14.0 -1.6 ▼ 18Sh (%)

▲Standard Chartered PLC 2 2 3,342.2 11.1 8.9

15.6 +5.9▼ 8.9+0.3 ▲

54.5 -3

Citi 3 10 2,593.9

1HSBC Holdings PLC

8▼14 42.4 -3 ▼ 5.1 -3.3▼8.6 -3.8▼

+3.5Deutsche Bank AG 4 5 2,052.14.9

+0.59.1 +1

▲24.2 -18.6 +4.2 ▲

6.8 ▲8 24.2 -2 ▼ 4.2 7.4▲3.0 5.3 +5.0▲

-2.03.76 1,873.3BNP Paribas SA 7 11 1,698.8

1,988.1+0.5+5.4

4▲+1.6 ▲

▲ 312.1 -5 ▼

Mitsubishi UFJ Financial Group 5 176.266.6

JP Morgan

▼ +1.018.2 0

Goldman Sachs & Co 8 7 1,468.865.63 9.1 -2 ▼4.9

4.4- 2.53.2-0.5

3 3.5▼ 2.0+1.2

9.1 -8 -0.72 ▲

Barclays Capital 9 4 1,045.1 -4.6 ▼3.5

30,240.6

3.0 +2.020*

100.0▲70.3

+16.1Top Ten Total 21,225.8Societe Generale 10 920.1 ▲

+7.8

% Change from Last Quarter 458.9% ▲% Change from Same Period Last Year -18.4% ▼

Industry Total

1.8▼

2.1▲

2.6

▲+1.0

1.5

▼

160.0% ▲ 177.6% ▲▼

57.3

▼

100.033

-60.4%

11

-25.0%

63.2▲▲+7.836.0

▼-3.7% ▼ 57.6% ▲ -6.5%

-12.6% ▼

Jan 1 - Dec 30 2011All International Emerging Market Bond Volume by Industry (US$b)

$71.638%

$52.228%

$40.622%$9.8

5%$6.63%

Financials Government and Agencies Energy and Power Materials Telecommunications Industrials Consumer Staples*tie


All Brazilian Debt Volume by Industry Jan 1 - Dec 30


Jan 1 - Dec 30

37,888.4 100.0

▼

72

Global Debt by Mexican Issuers (MX1)

113.2% ▲ -20.0%-26.0% ▼61.0% ▲

% Change from Same Period Last Year -27.1% ▼ -48.9% ▼

Industry Total156.1 77.6

69 201.4 100.0Top Ten Total 28,876.9

▼76.2 -1.0 ▼ -1.2 ▼

2,171.516.7 -55.5 ▼ 12

+2.4▼ 10.8 -1.9Deutsche Bank AG 10 7 2,096.9 -1.7 5.3

▼11 15.3 0 - 13.2 6.6▲ -0.1▼16.7 -5 ▼ 12.212 6.1 -1.0+0.1 ▲

5.3

5.7Bank of America Merrill Lynch 8 8 2,205.5 5.8Banco BTG Pactual SA 9 10

▼Banco do Brasil SA 7 4 2,321.3 6.1 -2.7 ▼ -1.4 ▼12 16.7

23.6 -12 ▼ 12.217-13 ▼ 10.6

Banco Bradesco SA 6 5 2,454.1 6.1 -0.26.5 -2.2 ▼

10 11.5 -5.7+4.4 ▲ ▲8 11.1 +1 ▲ 10.1 5.0 +4.4

▼13.9 -7 ▼ 23.2-0.3 ▼6.7

JP Morgan 4 6 2,990.9 7.9Citi 5 13 2,527.7

-2.6 ▼ +2.2 ▲-23 ▼ 23.6 11.710.5 -1.1 ▼ 13 ▼

Itau Unibanco 3 1 3,468.8 9.2▼ 14.7 7.3 -2.2

14 19.4

+2.7 ▲ +4.7Santander 2 2 3,984.0

12.718.1 -17

Fees▲20 27.8 -8 ▼ 25.5

Sh (%)Manager Market

Share Ch.HSBC Holdings PLC 1 3 4,656.2 12.3

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


Emerging Markets - Latin AmericaAll Brazilian Debt Volume Down 27.1% l Fees for All Brazilian Debt Down 26% l Peso Denominated Debt Up 19.7% l Domestic Mexican Debt Up 34.1%

Change in 2011 Rank

2010 Rank

Market

All Brazilian Debt (BR1) Jan 1 - Dec 30


Brazilian Domestic Debt (BR2) Jan 1 - Dec 30

38

7969 67

92

78

60

91

141

72

0

30

60

90

120

150

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

# of

Issu

es

Pro

ceed

s (U

S$b

)

Securitized Debt

Junk Rated Debt


Agency, Supranational, Sovereign

# of Issues

▼▲

▲ 4.1%

-57.9%▲ 10.2%-9.6%

-72.7% ▼ -38.9% ▼ ▼▲% Change from Same Period Last Year 19.7%

▲ -42.1%▲ % Change from Same Period Last Year 34.1%

36.4 95.3


38.2 100.0

▲▼ 63.9%

4.1%

100.0+3100.0 100.0 Industry Total 19,493.015,933.0 +665


▼1.1 -3.1 ▼

77 33.8Industry Total+12.7 ▲

-4.1 ▼-2218.9+8.4 ▲18,891.7 97.1+10.226.980.6 +4.3

+1

Imputed Fees (US$m)

▲.3 0.9

79.4

Market Market

+3.7▲ 1.3

-15.0%

0 --1248.5

6.7%


▲ Top Ten Total

.5 1.23.7- 5 7.71.6 +1.6 ▲ Scotiabank-Bank of Nova Scotia 10 7▲ 1

100.0

381.22 3.1

+0.8

1.3Morgan Stanley 1012,841.1Top Ten Total

Inversora Bursatil SA de CV 9 273.0 1.4 -0.1 ▼1.7 +0.1 2.6 -1▲

▼▲2.0 -0.3

▼

▲+1.3 ▲+6

▲ Inversora Bursatil SA de CV 9 111.4 +0.2▼1.8 ▼

12 273.0

▲

▲ 2 .5- 289.4

140.5

+2+1.7▲ .6+1.8 ▲1.7 5 7.7 1.08▲ 21.4 3.8732.6 3.8 +3.2

2.58+29 381.2 ▲+1.2▲ 1.0

+0.7 ▲-1+2 ▲2.9 7 10.8

2.3 5.91,355.6 7.0 +0.8-0.1

4.6Corporacion Actinver Sab de CV 7 15▼ 52.4

Change in Manager

▼+2.1▲ 1.4 12▲ 74.5 11.9

16 732.6 +4.0+6

+6 ▲

2.6

+7 ▲

Grupo Financiero Banorte-Ixe 6 64.3 18.5


Corporacion Actinver Sab de CV

+13.0 ▲

9.166.57

Grupo Financiero Banorte-Ixe 5 2,063.8 10.6 +1.2 ▲4▲ 12 ▲ 13 20.08.5 +1.8-3.6 ▼

▲ +0.8 ▲55.6 14.8

6.7 +1.6▼ 2.3-5.1 ▼ 22 33.8

6 1,355.62,548.7 13.1

15.6 -1

5.0 13.011.9 -7.8 11.3 -4.9▲

+3 ▲28.61,902.6 ▼ HSBC Holdings PLC 4

Santander▼ 22 +4 3

Citi 3 2,622.8 13.5 +13.53.8BBVA 4 2

▲ 3 4.613.9 -7.0+2.4

-9.2▲ 3.5+1.9 ▲+4 ▲

3 -▼ 208.0 20.9

10.3▲ 23 35.4

-1 ▼+0.7 ▲ 20 30.819.5 +9

1 2,206.84,188.3 21.5

26.0 +2 ▼ ING

-3.7 ▼

▲ BBVA 2 27.8 20.4 -2.9 ▼

Bank of America Merrill LynchING 8

▼

3.1 -8.9

▲ 1515.3 +6.7

Sh (%) Share Ch.

4 2,443.4Santander 2 16.7 +7.7▲ 5.6

# of Deals Fees1 1▲ 26 4,506.8 23.1

Sh (%)▲ Citi3 3,008.0HSBC Holdings PLC 1 ▲ 6.9 20.4 +6.133.8 +14

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

Market2011 Rank

4.7% ▲-55.9% ▼

Domestic Mexican Debt (MX3)

-3.2%

2011 Rank

2010 Rank Bookrunner Proceeds Sh (%) Share Ch.

2010 Rank

91

Deals Sh (%)18.9 +3.2

# ofSh (%) Share Ch.

Jan 1 - Dec 30


-30.4% ▼

BookrunnerMarket

▼

MarketDealsProceeds

Market MarketSh (%) Share Ch.Market Market

# of Deals Fees# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Dec 30

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

-46.4%

▼ 105.5Industry Total 41,590.9 3Top Ten Total 32,478.8 78.2 -0.1

100.0

▼75.1 -7.8 ▼

▼ 4.3-7Credit Suisse 10 7 1,517.5 3.7 -3.0 ▼ 4Goldman Sachs & Co 9 3 1,886.1 ▼

4.4

▼ 8.27.7 -14.5 -5.1 4 4.4

▼ 73.2 -5.6 ▼-3 ▼ 4.55.9

▲ 3JP Morgan 8 6

+32,562.2

3.36.2 -0.9

ING 7 - 2,622.8 6.3 +6.3▲

4.1 +4.1 ▲▲ 11.7 8.3 +3.5▲ 5.8

+8Santander 6 9 2,946.4 7.1 +3.1 ▲ 17Deutsche Bank AG 5 4 3,221.9 ▼

18.77.8 -1.4

16.416.5 +1-2 ▼ 9.6 6.8 -2.0 ▼6 6.6

15 11.7 +2.5 ▲▲28

Bank of America Merrill Lynch 4 8HSBC Holdings PLC 3 2

▲13.7+8

3,641.430.8

8.8 +2.24,087.6 9.8 -3.2 ▼

+4.3 ▲9.7 -1.1 ▼

▲ 12.5 8.9 +3.7▲

▲▼ 18.8

+313.4 -0.3 ▼

25.3BBVA 2 55,172.9 12.4 -2.4

234,820.0 11.6▼ 22 24.2 -3Citi 1 1

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2010 Rank

Market Market # of Market2011 Rank

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

Proceeds per Bookrunner (US$m)Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)2011 Rank

2010 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

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

Itau Unibanco 1 3 9,324.7 21.7 +8.3 ▲ 36 25.4 +8 ▲ 14.2 24.0 +11.0 ▲HSBC Holdings PLC 2 8 6,772.5 15.8 +13.2 ▲ 23 16.2 +15 ▲ 7.9 13.5 +11.3 ▲Banco do Brasil SA 3 2 6,613.0 15.4 -2.1 ▼ 16 11.3 -7 ▼ 8.1 13.7 -2.2 ▼Santander 4 4 6,278.9 14.6 +1.8 ▲ 15 10.6 -2 ▼ 11.1 18.9 +6.0 ▲Banco Bradesco SA 5 1 5,971.0 13.9 -10.4 ▼ 23 16.2 -20 ▼ 6.7 11.3 -12.9 ▼Banco BTG Pactual SA 6 6 4,945.0 11.5 +4.1 ▲ 19 13.4 +6 ▲ 6.7 11.3 +4.5 ▲Rabobank NV 7 - 838.2 2.0 +2.0 ▲ 2 1.4 +2 ▲ 1.1 1.8 +1.8 ▲Banco Votorantim 8 7 493.6 1.2 -1.6 ▼ 4 2.8 -1 ▼ .7 1.3 -2.0 ▼Banco do Nordeste do Brasil SA 9 10 337.0 0.8 -1.1 ▼ 2 1.4 -3 ▼ .2 0.4 -1.6 ▼Banco Safra SA 10 16 300.0 0.7 +0.2 ▲ 1 0.7 -3 ▼ .4 0.6 -0.2 ▼Top Ten Total 41,873.9 97.6 +14.4 ▲ 57.1 96.8 +15.7

100.0▲

Industry Total 43,011.9 100.0 10 59.0142

% Change from Same Period Last Year -17.7% ▼ -6.6% ▼ -11.0% ▼% Change from Last Quarter -28.9% ▼ -3.2% ▼ -38.2% ▼


t Includes ADB issuance▲68.7%

▲

442.2 100.074.5328.8

1.9%

▲14.8%

▲

▼-9.9% ▼ -13.7%

72.5 +2.6 +4.6182 -29

▲Top Ten Total 55,208.7Industry Total 76,239.2

5.6-0.4 ▼32 17.6 +10 ▲

16.5RBS 10 12 3,792.1 ▲ 15.5 3.5

▼▼

5.025 13.7 19.2

▼ 21.9-130 ▲-0.74.3

+0.2-1.1 ▼ -3.7-3 ▼JP Morgan 8 8 4,314.0

Barclays Capital 9 9 4,239.1

▼16.5 -5 ▼ 28.1 6.4-2.0

7 6 4,446.0 -1.4 -1.8▼ 305.827 14.8 +9 ▲ 6.729.6Goldman Sachs & Co 6 7 5,198.6 6.8 0.0 -

+1.88.6 ▲+10 ▲ 38.217.0 -8

▼▲▼ 38.8 8.86.9 -1.2 ▼ 31 +3.1

23.15 3 5,241.9

34▲▼-1.2

42▼18.7 -11 ▼ 38.2 8.7 -1.6

Bookrunner

▲14

Sh (%)▲1 57

+1+10 +5.0

6,795.7+3.6 ▲9,775.3

23.6 10.546.24331.3

Manager


Asia DebtAsian G3 Debt Proceeds Drop 9.9% l Asian Local Currency Bond Volume - Record High l Dimsum Bonds Account for 5.6% Asian Local Currency Market

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Dec 30

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

Market# of

▲Sh (%)

Market

HSBC Holdings PLC

Deutsche Bank AG

UBS


7.2

Jan 1 - Dec 30

5.0

2011 Rank # of Deals

Market2010 Rank

Change in

▲8.9 +1.3Citi 2

Standard Chartered PLC 4 103 2

100.0

All Asian Currencies (ex-Japan ex-Australia) (AS1t)

▲

Share Ch.Proceeds FeesDeals Sh (%)

▲

Share Ch.12.0

+4.053.1

+1.9

+1.4

Industry % Change from Last Quarter 32.7%


12.8

5,486.35,919.7 7.8

5.7

Asian International Bond Proceeds by Currency (US$m) Jan 1 - Dec 30 2011

Asian G3 currency bonds (US$, Euro, Yen) volume for the full year 2011 totaled US$76.2 billion from 182 deals, a9.9% drop from record-high proceeds of USS$84.6 billion in 2010. Combined proceeds from transactions issued byfirms from the Financials, Government & Agencies and Energy & Power sectors accounted for 43.2%, 17.5% and14.1%, respectively.

Asian-currency-denominated debt this year reached a record volume of US$430.4 billion from 2,898 deals, a 15.2%increase from US$373.5 billion raised in 2010. Chinese Yuan-denominated bond offerings continue to dominate theAsian currency bond market, capturing 49.8% of the full year 2011 proceeds and bringing in 62.8% of the record high quarterly volume of the last three months of this year. Chinese Yuan issued and settled bonds targeted offshore, orDimsum Bonds, reached proceeds of US$147.9 billion this year from 217 deals, a significant increase from totalraisings of US$40.9 billion last year.

Investment banking fees in the Asian G3 currency bond market reached US$442.2 million (a 1.9% year-on-yearincrease), while total fees on Asian local currency bond issuance were up 19.1% at US$917.8 million, according toestimates from Thomson Reuters and Freeman Consulting.

t Includes CDs and CPs

t

2011 Rank

1 1 1,221.5

Market2010 Rank

▲

4

MarketProceeds per Bookrunner (US$m)

# of Market

Standard Chartered PLCBookrunner


88,434.0

-21.5%Industry % Change from Last Quarter -11.4% ▼

▲+2.1

28.0

ICICI Bank Ltd

1

▼

Top Ten Total10

7

▼▲

100.0

▼

▲

-12.9%

388.0

0.3%

216,243.9 100.0

-12.0%9.0%

+0.52,353

35.6-322

138.0▼ 137 10.2

▲

41.0-0.5 5.8

▲

24 6,891.4 3.2

▼2.6 -0.27 5,815.5 2.7 +23.7 -3086 ▼

▲9 9 6,847.4 3.28

+0.2+1.5

▲

▼-0.47.2 1.910.8

▼

+0.6 662.8+16

▲+1 +1.2

▲3.56,905.3 -19

▼4.4

81 3.4 -3 -0.59.4+0.917.0

2.4

13.6

Woori Invest & Sec Co Ltd 5 10 8,074.9

3.28 ▲

-90

3 8,393.7 3.9

1

▼-20▼

14,412.48,831.8

7,794.8

-0.1

▼Sh (%)

-0.5 ▼-0.9

23.06.1▼

4.1

Proceeds5.9-26

73

14,466.8-1.9 ▼

Fees Sh (%)232

Deals

23.8279

Share Ch.9.9 ▼

Market MarketMarket Manager

6.7

Market

14.3 3.72.8663.73.6 +0.7

▲

+1.9

145 ▲2.8 ▼6.2

84 3.6

Jan 1 - Dec 30

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

Share Ch.

▲

+0.4 ▲

-0.4

+0.5 ▲

▲

+0.3 ▲

11.9▼-32 -0.2▼ 8.73.1▼

# of# of Deals

2.3Hana Financial Group Inc

CIMB Group Sdn Bhd

Axis Bank Ltd

Dongbu Securities


Korea Investment Holdings Co

13


6.7

519,808.8

2011 Rank

1Sh (%)

17,669.3 4.1

2010 Rank

19,998.15.0

23,925.3 5.6

3

HSBC Holdings PLCBookrunner

5Standard Chartered PLC

2011 Rank

2

Proceeds

2

4

KB Financial Group Inc

Market

1

2

2010 Rank

8,447.5 2.0

Sh (%)

430,358.2


Industrial & Comm Bank China

109

Standard Chartered PLC

KB Financial Group IncUBS

6Agricultural Bank of ChinaChina Construction Bank

78

All Asian Securitized Bonds (ex-Japan ex-Australia) (AZ2) Jan 1 - Dec 30 All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1at)

Industry Total

221126

37.1

ProceedsManager

Top Ten Total

Sh (%)

Imputed Fees (US$m)Market

+17.8

Change in Proceeds per Bookrunner (US$m)

100.0

# of Deals per BookrunnerMarket

158,983.9

▲ 11.1 +313 27.32.248.1 ▲+7▲

▲

Share Ch.# of Deals Sh (%)FeesShare Ch. Sh (%)Deals

+19.7+20.5

17.9 +17.9 19.73HI Investment & Securities Co 2 - 782.8 ▲ 1.6BNP Paribas SA 13.8 +13.83 - 600.0 ▲ 2

5.2▲ 11.3

.4-6

.9▼

7.4Daewoo Securities Co Ltd 4 3 225.8 6 5.5-2.9 ▼

▲+11.3+2-2.322.2 ▼

Hong Leong Financial Group Bhd 5 20 218.2 1 3.7+4.1+4.1

4.9 +4.9 ▲5.0

4.1+3.7 ▲

1 3.73.7HSBC Holdings PLC 6*

DBS Group Holdings 6* - 215.04.9 +4.9

5.5+1

.4▲ .3

0 -

▼ .14.1 +4.1

-6.51.6.3▲

.2▼▲ -11 3.7

+13 -811.12.2 -6.9

▲ 1▼

+1.1Hana Financial Group Inc 22 85.99*

- 215.0

2.0 +1.3 1+55.6

KB Financial Group Inc 8 2 96.02.0

-0▲ .26.6Top Ten Total 3,746.1

3.7SK Securities Co Ltd 9* 26 85.9

▼

85.9100.0

▲-58.1%-54.2%

▲

-32


▲83.5

1900.0%

▼

8.0

▼

4,363.6 100.0

+2.1

China International Capital Co4.7 +0.7

21,637.6

4.6 +1.6

+1.0▲

Bookrunner

4Bank of China Ltd

8HSBC Holdings PLC 3 3

5CITIC

Market # of MarketSh (%)

Change in # of DealsShare Ch. Deals

+0.838.8

▲▲4.2

51.0+1.2

5.641 1.4 0 -

MarketSh (%) Share Ch.MarketManager

Fees

10.6▲ 2.161

+6+39

▲47.0

▲ 28▲ +1.5▲ 307

+20

1.0▲

▲ 30.3 3.3 +0.55.1

▲3.4▼-0.436.5▲

4.0+0.931.2▲

-51331+9

▼

▲ 73 ▼11,167.3 30 1.08,831.8

▼48 1.7

-0.8

+1.22.5

2 12,175.5▲

2.8 -1.4

11.47 15,322.7 3.6 +0.3

2.1 +0.2▲+42.6

-5▲

-32▲+0.42.018.1

21.7

1.0

▼2.4

8.7

▲▼▼-0.3

-0.11.2 ▲ 13.3+0.8296.6+5.7

-0.3▼ 35 1.2 ▼

+4.2▲ 34 1.5▲ 32.5

+19

Industry % Change from Same Period Last Year 15.2% ▲ -7.5% ▼ 19.1%

100.0

▲42.0% ▲▼

917.8-2342,898

59.9% ▲ -18.9%

▲

+1.02.2

700.0%

2.2+57.5+1.5

1365.8% ▲

▲

-56.7%

Industry Total

▼

▲

▲

6

▲

▲

Industry Total 27

$70,809.765%

$15,552.915%

$5,231.25%

$3,684.23%

$2,765.23%

$2,762.13%

$2,163.22%

1,251.41%

1,048.41%

U.S. Dollar

Chinese Yuan

Japanese Yen

Singapore Dollar

Australian Dollar

Swiss Franc

Hong Kong Dollar

Philippine Peso

British Pound

* tie t Includes CDs and CPs


Domestic issuance accounted for 73.7% of the Australian dollar bond market in the full year 2011. According toThomson Reuters and Freeman Consulting, estimated investment banking fees earned from Australian domesticofferings to date reached AU$99 million.

Australian dollar bond (excluding self-funded) offerings in the four quarters of 2011 reached AU$87.7 billion from 174deals, an 11% decline from last year. Issuers from the Financials sector led the market to date, with total proceedsof AU$46.3 billion from 86 deals. Australian securitizations registered a 25.7% increase, to U$25.5 billion from 39deals this year, capturing 29.1% of the Australian debt market.

Australian international debt in the full year of 2011 registered a 9.4% decline in total proceeds compared to last year,totaling US$56.8 billion from 144 deals. Issuance from firms in the Financial sector captured 81.8% of the market,mainly denominated in G3 currencies - US Dollar, EURO and Japanese Yen.

ANZ Banking Group 2 2 ▲

# of

55

▼

+1 ▲

28

21

2117.2

▼Sh (%)

+4.4

6.1

-5

▼-6-9

12.1

16.1

2.2

Jan 1 - Dec 30

MarketMarket Change in

+3.923.934.5 ▲31.6

Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a)


Australia DebtAustralian Debt Proceeds Decline l Australian Securitizations Up 25.7% | Australian International Bonds Drop 9.4%

Jan 1 - Dec 30All Australian Securitization (ex-CDOs) (AJ4)

-12.5%0.4%

▼▲

100.0

3.2

16.5

3,216.5

-14

9

100.0

-1.9-2.3

-1.2

8

2,362.2 2.7

1 1Bookrunner

126.4-2.611

145.1

5 7,255.64

▼9

National Australia Bank

Westpac Banking

2,369.5 2.7Macquarie Group 10

9JP Morgan

Industry Total

RBC Capital Markets


Top Ten Total


87,738.4 17476,591.5 ▼87.4 -0.9

-37.7% ▼ -28.2% ▼▼▼ -7.4%-11.0%

5.2▲87.1▼

+1.4-5 ▼ 4.7

10

30-1.1

▼▼2.1

▼ 3.1 -2.6▼ -12 ▼ 3.0

5.7

▼▼ 6.9 4.7

-14-1.9

10.9 7.5 -1.9▼

-1.36 5,779.8

▼ ▼4.2 -0.9-3.8 ▼

▼

4 9,520.3 32-11 ▼ 18.2-1

37▼

60

13.518.4

12.1

21.3 +3.1

TD Securities Inc 8

Deutsche Bank AG 67

▲▲19.6

12.5+2.9

Commonwealth Bank of Australia 3

6.47

▲+0.6UBS 5

3 10,313.6

▼-0.9

11.810.9

+2.7▲

15.4+1.1

3.7

8.3

18.916,590.6Sh (%)Proceeds

5,638.46.6

13,545.0

MarketShare Ch.

▲+4.2 ▲Sh (%) Share Ch.# of Deals Fees

30.0

2010 Rank

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

20.7

MarketDeals

# of Deals per BookrunnerManager2011

RankMarket

-3

Jan 1 - Dec 30 2011Australian International Bond Proceeds by Currency (US$m)

100.0


Top Ten Total

HSBC Holdings PLCJP Morgan

-22.4%▲

▼ -22.2% ▼

+5.188.4

-1.1

-4 ▼

▼

+2.1 ▲▼-2.9

-0.6

▼▼▲

2.5+6

0-1.1

MarketShare Ch.

▲

6.1 6.1

+102

▲▲

99.0 100.0137

-9 ▼

100.0

Industry % Change from Same Period Last Year -18.4% ▼

Industry Total

▼-41.4% ▼ -21.3%-22.2% ▼-11.0% ▼

58,188.6 90.0 -0.5 ▼ 87.58 5.82,149.5 3.3 -1.7 2.4

▲ 3.7 3.77.39 11 2,233.2 3.5 1010 9

+0.3 ▲▼

-12 ▼ 3.0 3.121 15.33,216.5 5.0 -2.5 ▼-1 ▼ 4.1 4.1 -1.1Deutsche Bank AG ▲

TD Securities Inc 8 710.97 8 4,387.4 6.8 15+0.4

0 - 10.8 10.9 +1.820 14.6RBC Capital MarketsNational Australia Bank 6 6 5,459.0 8.4 -0.2 ▼

-0.9 ▼ 21.95 5 5,638.4 8.7 30

▼-14 ▼ 10.9 11.1--11 ▼ 10.3 10.431 22.6

UBSCommonwealth Bank of Australia 4 3 6,418.2 9.9 -1.8 ▼

-0.3 ▼ 20.43 4 7,255.6 11.2 28▲-5 ▼ 15.9 16.0

+4.3+1.828.5▲

▲Westpac Banking

18.4399,567.9

1 12 2 14.8

ANZ Banking Group +6.2+1.9

Share Ch. Deals-0▲

MarketMarket # of MarketSh (%)

37.251 20.5

Manager

20.3

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6) Jan 1 - Dec 30

MarketSh (%) # of Deals Fees

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

11,862.9

2011 Rank

2010 Rank

Proceeds per Bookrunner (AU$m)

Bookrunner Proceeds Sh (%)

19.1%22.9%

Industry % Change from Last Quarter25.7% ▲ 11.4%21.7% ▲ 0.0% ▲

Industry Total 25,539.6 100.0 39

▲Industry % Change from Same Period Last Year

+4 51.0 100.0+1.6 ▲49.5 97.1+1.6 ▲+1 ▲ .8 1.6Citi

Top Ten Total 24,860.0 97.5 +1.1 ▲+2.7 ▲ 2.610 - 691.0 2.7 1

+1.2 ▲+1 ▲ 1.4 2.70 -0 - 1.7 3.2

3 7.7JP MorganLloyds Banking Group 9 10 807.6 3.2 +1.7 ▲

-0.8 ▼ 10.38 8 920.2 3.6 4-1.5 ▼0 - 2.3 4.6

-11.7 ▼-5 ▼ 3.1 6.25 12.8

Deutsche Bank AGRBS 7 5 1,462.7 5.7 -1.7 ▼

-10.0 ▼ 15.46 3 1,628.2 6.4 6+1.5 ▲+1 ▲ 4.0 7.9-7.7 ▼-1 ▼ 4.5 8.8

9 23.1Macquarie GroupANZ Banking Group 5 6 1,725.9 6.8 +0.1 ▲

-6.9 ▼ 20.54 4 2,246.0 8.8 8+8.6 ▲0 - 7.9 15.5+3.2 ▲-1 ▼ 9.6 18.8

6 15.4National Australia BankCommonwealth Bank of Australia 3 7 3,895.4 15.3 +8.7 ▲

1+0.7 ▲ 30.82 2 4,460.3 17.5 12

7,022.7 +6.4Sh (%)

+6.6 ▲ 16 41.027.5Share Ch.

▲+2 ▲ 14.2 27.8# of Deals Fees

# ofBookrunner Proceeds

Imputed Fees (AU$m)

Share Ch. Deals Sh (%)Manager

Sh (%)Market Market Market MarketMarket Change in

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

+5.1 ▲9.2Sh (%)

9.8 +2.4 ▲ 20

Deals Sh (%)14.6+3

13.9 +1 ▲Citi 2 4 5,546.3 11.4

Share Ch.1 6 5,989.3 10.5 +5.0 ▲ 20

# of Deals FeesSh (%) Share Ch.Bank of America Merrill Lynch ▲13.9

2011 Rank


Manager Market MarketMarket Market # of Market Change in Imputed Fees (US$m)

All Australian International Bonds (AJ7) Jan 1 - Dec 30

2011 Rank

2010 Rank

1Westpac Banking

7.2 +3.4 ▲

▼▼7.7 -7.7 16


4,389.4 -5 ▼ -15.8Deutsche Bank AG 4 2 3,314.6 5.8 -2.9JP Morgan 3 1

▲ 187.2

15.615 10.4 -5 ▼

24.711.1

Nomura 5 16 3,186.3 5.6 +3.5 12.5 +8-4.2 ▼

▲▲ 5.5 3.4 +2.111.5

6.2 ▲3.9 +1.5-6 ▼+0.6

9

Barclays Capital 6 7 2,902.2 5.1 -0.3 ▼

4.4 5.2

13National Australia Bank 7 ▼2,670.1 ▲11

9.04.7

RBS ▼-0.56 1.82.94.2 -2-4.26.3

9 9 2,451.0 78 5 2,474.7 -1.7 8.2

2.04.0 +1.5 18 12.5▲4.3

-8 ▼

▲3.2-0.5

Credit Suisse 10 15 2,242.0▼ 4.9Goldman Sachs & Co

-8.1158.6-41

+0.87.3 4.6

+1 ▲+6

Industry Total

-9.4%

64,664.4

▲

56,826.8 100.0

Industry % Change from Last Quarter 6.1% ▲ -25.0% ▼ 119.9%


35,165.9 60.161.9 -0.1 ▼Top Ten Total

▼▲

95.5+3.7

144

▼-66.2%

▼

▼

▼

▼

$33,454.760%

$7,942.114%

$7,063.612%$2,988.7

5%$2,896.8

5%

$1,145.42%

U.S. Dollar

EURO

Japanese Yen

British Pound

Australian Dollar

Swiss Franc

Canadian Dollar


*tie

Samurai Bonds Issuer Domicile Analysis Jan 1 - Dec 30

Proceeds per Bookrunner (¥m)

Bookrunner

-1▲

▼

1.2

0.989.1

2.1-0.1

Jan 1 - Dec 30

12.7 ▼

+0.5

1.8▲+0.7▼

▼

21.4

8,097.5

2,396.9

17.4

▼

-4.1

--

▲

+1.8

24.2 +3.9

3.8 ▲

-

▼14.5 +5

+58

-1.8

387 37.1

▲151196

11.03.5 -7

7,008.4

▼456

▼ -20▲▼

11.218.8

▼+0.8627,936.3 3.3

-4.92,395,023.6 12.6-0.12,132,893.8


Japan DebtAll Bonds in Yen Slightly Up l Korean Issuers Drive Samurai Market l Energy and Power Sector Down

All Bonds in Yen (AP5) Jan 1 - Dec 30Japan Deals Intelligence

-0.42 3,902,248.4

Mizuho Financial Group 32 +3.120.5

1 19.9

Market

Shinsei Bank

Sumitomo Mitsui Finl Grp Inc 5

7Goldman Sachs & Co

Daiwa Securities Group Inc

6

4

# of Deals per Bookrunner# of

Mitsubishi UFJ Morgan Stanley 1 -

Change in Market Market

23.5Sh (%)Sh (%)

4,088,077.8

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

▼-2.114.0- 11,126.8

Share Ch.

-17

Share Ch.245-

8,918.3▼-

20.9218▲15,423.9▲

768.3

360.4 02.526

1,331.7-▼

42.07 250,850.0 1.3

▲373,100.0 +1.819-0.1 ▼-0.2 ▼10 164,998.0

▲+0.60.90.7

▼21 2.0 -2 ▼ 1,146.2

100.0+0.6

Bank of America Merrill LynchCiti 8

27* 135,266.7

19,073,327.4

9

Samurai Bonds (AP1)

-0.4

Industry Total +99

JP Morgan 10▲

9

▼-9.5%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▲▼

1.0%-29.1%

2011 Rank

2010 Rank

17,866,794.0Top Ten Total

Proceeds¥mil

Nomura3,796,399.4

▲

93.8 -1.6

12.3%

63,806.6

10.5%

1,042

▲

0.9 +856,766.2

548.2▲

-2.7%

Yen-denominated bond issuance reached ¥19.1 trillion from 1,042 deals in 2011, a slight increase compared to 2010.According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds reached a total of ¥63.8billion in 2011, representing an increase of 12.3%.

Samurai bonds proceeds totaled ¥2 trillion from 80 deals in 2011, a 4.2% increase in value and a 27% increase interms of number of deals, compared to full-year 2010. Offerings from European issuers decreased due to theEuropean debt crisis, while issuance from Asia Pacific reached ¥870.1 billion, the largest Samurai bonds proceeds onrecord. South Korean issuers launched the most Samurai bond deals in 2011, with a total of 24 deals with proceedstotaling ¥376.7 billion.

Japanese corporate debt decreased by 7.1% in 2011, with proceeds totaling ¥8.7 trillion compared to ¥9.4 trillion in2010. The decline was due to the Energy and Power sector’s decrease in offerings throughout the year, with theproceeds and deal count down by 82.3% and 73.5%, respectively.

5 7JP Morgan


Nomura 299,541.7

+17

3.8 -23

Industry Total

Share Ch.+7.6 ▲

-1.0

▼-▼-

-1.7

▲4.2%

2,004,700.0

▼-1.21,949,415.0 +14.5

137,500.0

6.14.5

6.9

-

6.2123,600.0678

10

-13Sumitomo Mitsui Finl Grp Inc

Bank of America Merrill LynchUBS

Top Ten Total

HSBC Holdings PLC

Industry % Change from Last Quarter ▼▲

-27.3%

▲8.5

111.2

5

3,993,306.21.1

250,400.0

94.946,320.0

▲357,200.0

+1.2

1.4

+2.4

-4.1

1.4

1

1,063.2

5.9

+7.0857

46

-

315,300.0

Citi

Goldman Sachs & Co

116,184.09

Mizuho Financial Group 2826,166.7

Standard Chartered PLC

Shinsei Bank-

-0.6

--

- -

▼

0.0 16-

4

2011 Rank

373,100.0

19.6

2010 Rank

3-5.3

740,171.2

Share Ch.

6

7.0+7.9▲

5.2

406.8361.2

+2.5

20.8Deals # of Deals

Sumitomo Mitsui Finl Grp Inc

4,217,901.4 100.0

42 395,058.3

Mitsubishi UFJ Morgan Stanley

Fees ¥mil Sh (%)▲

¥mil Sh (%)+6.9

316,916.714.915.8

Share Ch.▲Daiwa Securities Group Inc

Mizuho Financial Group416,696.7

21

▲19.729374

-33 0.0-

▲

623

7.5▲

620.0

▲▲

Top Ten Total

-

76


27.0% ▲

-25.0%

Bookrunner1

Nomura

7.5

50,762.9

Mitsubishi UFJ Morgan Stanley

7.5

16.9%

▼ 7-

-5.5%Industry % Change from Last Quarter -8.5%

ORIX Corp

Sh (%)

▲

100.097.3

17.62

8.9

Japanese Securitizations (AP2)

¥milMarket

Proceeds per Bookrunner (¥mil)

11

+5.6

12920,000.0

90,113.3

5

18.013.3

924.1

7.9

14.0681.0

▼

-

917,701.4 21.8

2.8

▼

Market

457.15 1.9-11.4

76.6%

Industry Total

Sumitomo Mitsui Trust HoldingsDaiwa Securities Group Inc

9

10 +0.4▲

4

269

-3

86.0%

14,032.3

1.9

-14.1%

+5.9

▲▼ -1.7

▼-3.0▼

+0.3

▲▼

▲

958.0

+6.5▲

3.36.5

▼2.2

▲+4 ▲+1

6▲

-1.2+0.4

-1,625.6 11.6 -

▲6.26.8

3.31,329.9 +6.99.50

62.8 +84 ▲ 23.9

-- 1,411.90

6.3

▼-4.2+1.9

Share Ch.

▲

▲

▼▼

▼

+17.5

▲

-1.4

+5.2

▲

Market

# of Deals per Bookrunner Imputed Fees (¥mil)2011 Rank

2010 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

Market

Market

Sh (%)

36.3 --

100.0

2.0

Jan 1 - Dec 30

+18

Deals

Manager Market

# of

20.7

46.3

# of

48

121,708.3

8.8728,280.0

+3.7-

▼

28.8

+22Sh (%)

57.5

Change in

▲60.0

Market

719.9+14 ▲

104.5

322.8

5,131.1

+6+4

+21

Fees ¥mil-0.8 3,358.6169

# of Deals

80

Manager# of Deals per Bookrunner

Change in

▲

83

MarketImputed Fees (¥mil)

▼▼

-1.3

Sh (%)

70.01.0▲4,921.7▲ 0.0

268.2

-2.6

▼ 11.8% ▲

-0.5

Proceeds

+6-2

2.667

-1.0▼

10.1

1.5 ▲

12,174.0

-

162.1 1.2

1.5867.2

+1 1,089.9▲ 7.8

▼

913.7+4

86.9100.0

+3 ▲

94.9% ▲▼

+131

Japanese Corporate Debt Volume by Industry (¥ Trillion) Jan 1 - Dec 30 2011

2.2▲+3.7

4

39

2329

34

47

21

58 65

39

63

80

0

15

30

45

60

75

90

0

500

1,000

1,500

2,000

2,500

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

# of

Issu

es

¥ B

illion

Americas Europe Asia-Pacific (ex Central Asia) Africa/Middle East/Central Asia # of Issues

¥3.0134%

¥2.1625%

¥0.749%

¥0.627%¥0.59

7%¥0.43 5%¥0.33

4%

0.305, 3%

¥0.233%

0 09 1%

0.085, 1%

Financials

Industrials

High Technology

Telecommunications

Materials

Consumer Products and Services

Real Estate

Consumer Staples

Energy and Power

Retail

Healthcare

Media and Entertainment

https://www.thomsonone.com0.0995, 1%0.09, 1%

15

# of

Jan 1 - Dec 30

Proceeds per Bookrunner (¥mil)

12

Sh (%)

22.2 119 -14

--726.4

-Deals

-

▼ 6,898.0 11.18,027.1▼

-2.03.4 -9

-520.1

140 14.6-18

Mitsubishi UFJ Morgan Stanley 2,030,474.8Nomura

-0.74

3311.22,043,496.8 ▼

3,815,214.4

14.9 -2.5-1.81,300,318.73

3.8▲ 2,374.4▼

▼

512.82,329,673.6

3,796,399.4

-3Nomura

Market

22.4


Imputed Fees (¥mil)

3

Market Market

11,979,313.32

MarketShare Ch.

109

Share Ch.18.6-28.1

Fees ¥mil- 4,088,077.8

Manager¥mil

▼ 193▼

20.9-

-0.5-5.1

20.8

245-

+60 ▲+1.9 209

40.2

25.5

387

Jan 1 - Dec 30

8,845.3+4.0

-1315,423.9

-2.0

Bonds Targeted in Japan (AP4)

Sh (%)Deals2011 Rank

▲24.814.2

Market

+0.7

-5.1

Proceeds per Bookrunner (¥mil)Market


Bank of America Merrill Lynch 8 10 36,664.7

985,000.089,970.36

Sumitomo Mitsui Finl Grp Inc 4

Proceeds

▲

1.01.0

Daiwa Securities Group Inc 13.55 3Goldman Sachs & CoCiti 7 7

1,182,698.0▼

22.7-

+4.341 1,937,010.35

▼

¥mil23.2

-1.3

Japanese Corporate Debt (AP3)

Market Change in Sh (%) # of Deals Sh (%)


▲▲+1.7

▲

▼

2.1

▲▼

+0.5

-3.9

21.7

Change in

17.9 --

Market

-Share Ch.Sh (%)

- 11,126.8

▼▼

12.9

Imputed Fees (¥mil)Market Market

Fees ¥mil# of Deals# of Manager

Share Ch.Bookrunner2010 Rank Sh (%)

78

-

28.85,235.6

13.9 4

1-1.4

116▼

6 +4

18.9

791

6,486.5

▲▼ 22.0

-14-23 4,562.7

4,851.7▼▼

Shinsei Bank

▼ 5

15.0Mitsubishi UFJ Morgan Stanley

2011 Rank

2010 Rank

ProceedsBookrunner

▲

JP Morgan▲

Goldman Sachs & Co

Mizuho Financial Group9,656.0 27.7▼ Daiwa Securities Group Inc

-▲

-6.1

+6.0

Sumitomo Mitsui Finl Grp Inc

▼


9Citi

1310

7

13.1

+0.3▼▼

362.80.9

Top Ten Total

6▲

2.2% ▲

22


17,540,849.0

135,266.7

Industry Total

Credit Suisse 95Tokai Tokyo Financial Holdings

+0.81.0

0.8

2.2

- 33,000.0 +0.4

+5 765.8 ▲+0.8+0.3

1.71.5

▲▲

▼

10

8,740,283.5

Industry % Change from Last Quarter -17.5%

-1.9100.0

▼8,705,450.131,000.06

99.70.4 -0.2 ▼

Top Ten Total

-15.3%Industry % Change from Same Period Last Year -7.1% ▼

▼ -43.8%▲

18,266,821.4

0.4-0.4

▼

116,184.0

-12.5%

Industry Total

▼7.6%-9.0% ▼

413 -4193.632,642.9

34,856.2-3.0

100.0

▲0.4 +0.3▲

Sumitomo Mitsui Trust Holdings

0.0

▲127.6279.1

0.4 3 ▲+2

1.20.7

+1+3

1.04 ▲

-30.9 +8

+0.1 ▲

315.1 8373,100.017

▲0.7 ▲0.6

1,331.7

457.1

747.9548.2

▲1.2

-0.9

0

+0.2

55,780.4100.062,161.8

-0.889.6▼

9.4% ▲ 12.6% ▲-30.6%-5.7% ▼

▼

+0.70.7

▼

100.0

+1.7

▼96.1

9

424

2.0612,936.36 +0.8

-

▲▲

3.4

10 230,500.0▲

1.30.42.5

0

-0.8962 +83

+8+0.6+0.4

5 0.5


Japan Debt


-

-

-

-

-

-

-E-mail: chisato kawada@thomsonreuters com

E-mail: [email protected]

Tel: +813 5218 6554Chisato Kawada

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

Tel: +1 646 223 8455

Tel: +632 858 7201

Japan

Michelle Abuzo


Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.

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

All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EST on December 30,2011.

Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to theUS dollar equivalent at the time of announcement.

Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.

Salvatore ReresUnited States

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:

Imputed fees are calculated using Freeman Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed Deal fees are on a gross basis before all expenses Each



Ian WillmottTel: +44 207 542 4376

Europe

Asia-Pacific

-

-


League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicate members.

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

© 2011 Thomson Reuters. All rights reserved.

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


Thomson Reuters Solutions for the Deal Making Community

Copyright 2011 Thomson Reuters. All rights reserved. 48003167.

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18

4Q 2011 Debt Capital Markets Review

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