DEBT CAPITAL MARKETS REVIEW - Thomson...
Transcript of DEBT CAPITAL MARKETS REVIEW - Thomson...
DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2016
REUTERS//Mike Segar
Banking Composite of Top US Debt Bookrunners 8
IFR Markets Supplement 9
US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a) Thomson Reuters Solutions for the Deal Making
Community
14
Brazilian Domestic Debt (BR2)
Global Debt by Mexican Issuers (MX1)
2
Australia Deals Intelligence
All Australian International Bonds (AJ7)
All Australian Debt (ex self-funded) (AJ3a)
Japan Debt
7
3
7
7
4
All Bonds in Euros (N1)
Global High Yield Debt - Non-US Dollar Denominated (B6)
10
14
11All Global Green Bonds (GR01)
All International Green Bonds (JG1) 11
1
1
1
2
6
Asia Debt
Asia Deals Intelligence
International Debt
All International Bonds (J1)
All International Securitizations (J10c)
EMEA Deals Intelligence 10
10
10
3
https://www.thomsonone.com
Bonds Targeted in Japan (AP4)
Debt Capital Markets Criteria Summary
3
17
Global Debt
Global Deals Intelligence
Global Debt, Equity & Equity Related (A1)
Global Debt and Syndicated Loans (DL1)
Global Scorecard
18
US High Yield Corporate Debt (F8)
Japanese Corporate Debt (AP3)
Global Investment Grade Corporate Debt (B7)
All Bonds in Yen (AP5)
Global Asset-Backed Securities (B11) & (B13) 3
Japan Deals Intelligence
Banking Composite of Top Global Debt Bookrunners
6
13
13
US Debt
Global Debt Rankings - Last Ten Years
20
19
All Federal Credit Agency Debt (H1)
US Debt (F1) 6
US Mortgage-Backed Securities (F11)
US Asset-Backed Securities (F14) Criteria Summary
14
14
5
18
17
US Investment Grade Corporate Debt (F9)
6
Middle East Emerging Market Bonds (L5)
17
Japanese Securitizations (AP2)
2
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Debt Capital Markets ReviewTable of Contents
Global Mortgage-Backed Securities (B10)
16
Leading Underwriters for Full Year 2016
Global Debt (B1) Australian Debt
Global Debt and Syndicated Loans Islamic Finance (DL2)
17
All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)
All Asian Currencies (ex-Japan, ex-Australia) (AS1)
Samurai Bonds (AP1)
16
16
15
15Dim Sum Bonds (AS24a)
15Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)
Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)
15
15
16
12
12
12
12
EMEA Emerging Market Bonds (L2)
Global High Yield Deals Intelligence
Global High Yield Debt (B4)
Global High Yield Debt - US Dollar Denominated (B5)
All International Emerging Market Bonds (L1) 13
13
13
14
Latin America Emerging Market Bonds (L3)
Asia-Pacific Emerging Market Bonds (L4)
Global Debt in Mexican Pesos (MX2)
Domestic Mexican Debt (MX3)
High Yield
Emerging Market Debt
Emerging Market Debt - Latin America
All Brazilian Debt (BR1)
1
GOVERNMENT & AGENCY OFFERINGS UP 48%; RETAIL & HEALTHCARE LEAD DECLINERS – DCM activityfrom government & agency issuers totaled US$1.9 trillion during full year 2016, registering an industry-leadingincrease of 48% compared to year-ago levels. Retail and Healthcare activity saw the steepest year-over-yeardeclines, registering decreases of 14% and 8%, respectively. Government & Agency and Financial offeringsaccounted for a combined 70% of issuance during full year 2016, up from 68% a year ago.
GLOBAL INVESTMENT GRADE CORPORATE DEBT HITS RECORD US$3.4 TRILLION - Global high gradecorporate debt offerings totaled a record US$3.4 trillion during full year 2016, an 11% increase compared to a yearago. Issuance of US-dollar offerings hit a record US$1.3 trillion, the eighth consecutive year-to-date increase for USmarketplace investment grade debt since the asset class registered a 35% decline in 2008.
GLOBAL HIGH YIELD VOLUME FALLS 13% - The volume of global high yield corporate debt reached US$305.8billion during full year 2016, a 13% decrease compared to full year 2015 and the slowest annual period for global highyield issuance since 2011. Fourth quarter issuance totaled US$62.6 billion, a 29% decrease compared to the thirdquarter of this year, while number of offerings in the fourth quarter decreased 21% compared to the previous quarter.
-14.1%Industry % Change from Last Quarter▲ 0.1%▲ 7.1%Industry % Change from Same Period Last Year
Industry Total
-22.5%Industry % Change from Same Period Last Year9.4%
Full Year 2016 | Debt Capital Markets | Managing Underwriters
16,959.8 -3.639,248.87,598,318.8
-29.4%Industry % Change from Last Quarter
DEBT CAPITAL MARKETS REVIEW
25,424
Global Debt Issuance Hits All-Time High l US Investment Grade Debt Hits Record $1.3 trillion l High Yield Corporate Debt Falls 13%
11.1%
▼3.0
▲
100.0
▼▼-20.5% ▼
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▼▲
-16.3%-7.9% ▼ ▲
▼
44.3100.0
-1.0
10 2.643.4
Industry Total37,605.1 100.045.3▼
2.89
9 -1.1199,402.8326,720.4Morgan Stanley
-0.53.0
8HSBC Holdings PLC
Top Ten Total908
+3,836
287,947.9Deutsche BankWells Fargo & Co 10
▼1,115.1
68
3,287,408.3 -5.6
7
123.6-46
Credit Suisse▼
1,218 ▼
-176▼
Morgan Stanley373,611.0
81,340.5 Mizuho Financial Group 10
8 292,661.86 57
3.8
4.20
1,503
▲
-127
+0.1
5.4
-
4.6
2.3
1,157 -6 5.1▼ -0.9
5.0-2514.8
▲+24
-144 ▼
321,543.4- 845.8
4.41,337.7
227,106.6 0 1,114
HSBC Holdings PLC
1,921.8-0.7 ▼ 5.9
3.9 1,259
▼-0.5 ▼Goldman Sachs & Co 5 7 326,943.1 4.3Barclays 4 4 353,880.8
Goldman Sachs & Co
1,467.0▼
3.6
2,024.9 Deutsche Bank
Barclays
▼+0.1-0.7
Bank of America Merrill Lynch 3 2 399,449.0 6.54.7 -0.9 ▼ 1,290 5.1
6.2
5.3▼ 6.5-0.3▼
-0.51,650
Bookrunner
Citi 2 3 409,680.0JP Morgan 1 1 468,792.9
2,013.05.91,649
ProceedsMarketSh (%)
2015 Rank
5.4
# of
1,905▲▲
# of DealsChange in
706,594.9
Share Ch.
▼
Deals▲7.5-0.6 +52
+22+21
MarketBookrunner
2016 Rank
2015 Rank Proceeds
MarketFees
2,672.1 JP Morgan7.1
Imputed Fees (US$m)
▼-0.3
Global Debt, Equity & Equity-related (A1) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket2016
Rank Sh (%)ManagerMarket
Wells Fargo & Co
▼05.4 -
-0.8
-0.43.9 -0.2
1Bank of America Merrill Lynch
MarketSh (%) Share Ch.
▼
1,570
760,038.32
32
56
1
▲
370,941.4
▼
382,829.33.5
+0.4
10,558,705.7
-0.5
404,125.3+4.6
3.5
4.4
1,050.8+100
+0.2
956.4▲
3.6 ▼Top Ten Total
297,614.7 ▼
5
34
▼
69▲
▼
Citi4
2,221.9
▼
4,694,349.9
6.8%
606,005.7
▲▲
2.7-0.1
+2.7
29,260
-23.9%
▲3.91,804.8 ▲4.6
▲+4.31,675.0+3.9
4.4 +4.4
-971,571
+158
-50
1,199
1,4453.1
▼
▲▲
7
9▲
4.1
5.41,464.3
1,713.3▲
4.95.31,550 ▼
▼-16-58
+0.2
7.2
+2.2
1,4463.6
2,642▲
▲+0.6
+0.3
# of Deals per Bookrunner
+0.6
5.7 +0.46.7
Change in
9.02,610
+113
Jan 1 - Dec 30
Market
+0.1
▲
Proceeds per Bookrunner (US$m)Manager
Global Debt and Syndicated Loans (DL1)
Share Ch.
Imputed Fees (US$m)
# of DealsSh (%) DealsMarket
Share Ch.# of Market
Sh (%)▲6.9 +6.9
FeesMarket
▲ 2,717.9Sh (%)
2,180.5 5.6 ▲2,780.9 +7.1
+5.6▲7.1
7.02,050465,868.9
▲+32+82
▲▲
5.4
8.9
4.9 4.33.8 1,912
▲ -2096.5 1,537.8
▼▼
▲▲
45.6 +45.617,881.7+2.42.4+3.73.7
▲100.0+1,948
Global High Yield Corporate Debt- Quarterly
GLOBAL DEBT CAPITAL MARKETS ACTIVITY UP 16% FOR ALL-TIME RECORD - Overall global debt capitalmarkets activity totaled US$7.0 trillion during full year 2016, a 16% increase compared to a year ago and the strongestannual period for debt issuance since records began in 1980. Over 21,000 debt offerings were brought to marketduring full year 2016, a 13% increase compared to last year and an all-time annual record.
EMERGING MARKETS CORPORATE DEBT UP 34% - Corporate debt from emerging markets issuers totaledUS$267.1 billion during full year 2016, up 34% from a year ago. Corporate debt issuers from India, Mexico, Brazil andRussia accounted for 50% of 2016 activity. Issuance from corporations in Brazil more than doubled during 2016,while corporate debt from Russia totaled US$29.9 billion, an increase of 88% compared to a year ago.
JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - JP Morgan held the top spot for global debt underwritingduring full year 2016 with proceeds of US$415.9 billion and a decrease of 0.7 market share points. Citi moved intosecond place with a market share decline of 0.3 points, while Bank of America Merrill Lynch maintained third place.HSBC moved to fifth place from eighth a year ago, registering a loss of 0.1 market share points.
OVERALL DEBT UNDERWRITING FEES INCREASE 6% - According to Thomson Reuters/Freeman Consulting,estimated fees from DCM activity totaled US$23.7 billion during full year 2016, an increase of 6% year-on-year.
Global Debt Capital Markets by Asset Class
Global Deals Intelligence
$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2$2.4
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Proceeds (US$t)
Investment Grade Corporate MBS Federal Credit Agency Agency, Supranational, Sovereign
Federal Credit Agency Emerging Market Corporate High Yield Corporate
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Proceeds (US$b)
Global High Yield Debt ($b) Number of Offerings
2
272,922.7
1,500
US Investment Grade (F9)
US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)
3,376,494.6
Global Emerging Markets Corporate Debt (B15)
US Federal Credit Agency Debt (B8)
-16.2%+0.7%
1,818,823.2
US High Yield Corporate Debt (F8)
Global High Yield Corporate Debt (B4)
All Global Debt (B1)
Agency, Sovereign & Supranational Debt (F10)
▲▼
+0.5Global Long-term Debt (B2)
Global Mortgage-backed Securities (B10)
+0.1
▲
Global Investment Grade Corporate Debt (B7)
Global Agency, Sovereign & Supranational Debt (B9) ▲
-
Global Long-term Debt ex MBS, ABS & Munis (B3)
▲-0
+0.1+41.7%
0.6
192,664.41,246
▼249.8
+0.1
557.2
-0.2
▲
1.1
▲+0.1
0+443
155.7
0.5
▲
+0.1 ▲
▲▲
-+0.1
+0.10.5
437.2
118.6253.2
121.71.1
▲
▼ 1.1
+0.11.3
268.1
296.1
▲-0.1
0
2.4
+426+2
-16
0.71.9
-21
-14
▲
172.7
316.2
▲0.8
▲▲
149.4
196.32.2530.2
▲4.5
4,854,956.9
2.3▲ +109
+11313,606
8,688 ▼1.7▲
▲
1,457
Global Disclosed Fees (A2)
0.7
+5.7%352,889.5
+50.6%3,679
10,490
841738
Wells Fargo & Co
Citi
Credit Suisse 9.5
Citi
1,207,427.0
11
7.6
399,783.3
452,183.7
397,024.5
Leading Underwriters for Full Year 2016
Global Asset-backed Securities (B11)
267,100.4
+2.5
-0.5All Bonds in Euro (N1)
Global High Yield Corporate Debt (B4)
Bank of America Merrill Lynch
10.56.4
Global ABS (B11)Global Investment Grade (B7)
10.0
Global Debt inc MBS, ABS & US Tax Munis (B1)
U.S. Federal Credit Agency (H1)Barclays
11.2
JP Morgan
US Bonds
Asian G3 Currency Bonds ex JP & Aus (AR2)Asia-Pacific Bonds
HSBC Holdings PLC
BNP Paribas SAAll International Bonds (J1)
U.S. Debt inc MBS, ABS, & Tax Munis (F1)
+2.5
All International Securitizations (J10c)
▼19.0
U.S. High Yield Corporate Debt (F8)13.1
JP Morgan13.7
U.S. Debt, Equity & Equity-related (E1)
+0.4
10.7
U.S. Investment Grade Corporate Debt (F9)
U.S. Disclosed Fees (E2)
U.S. LT Debt inc MBS,ABS &Tax Munis(F2)11.5
Bank of America Merrill LynchBank of America Merrill Lynch
16.4
-0.8U.S. LT Federal Credit Agency Debt (H3) -3.5
+2.8
17,597
International Bonds
10.0
Citi+1.3U.S. Mortgage-backed Securities (F11)
U.S. Asset-backed Securities (F14)
Nomura
18,998.5
6,616,203.1
350,126.5305,819.65,842,638.8
50216,018
8.2
+17.0%
803
610
768
5,660,030.1
199,232.5 1,345
3,031,356.4
+0.25.4
3,027
Bank of America Merrill Lynch
8783,234
-0.2
Global Short-term Debt (B14)
Current Qtr Market Share
(%)
JP Morgan
Global Bonds
+1.5
10.1Morgan Stanley ▲
Morgan StanleyBank of America Merrill Lynch
▲5.6
All Asian Currencies ex CDs (AS1)
▲+0.8+1.7
+2.2 1+0.1
▲
1▲
▲
295,745.63,452
1
1
▲
+34.1%
5
1
▲
477,818.7
▼▲
No. 1 Manager
-3.8
Bank of America Merrill Lynch
+2.2
510.3
▲
+4.1
Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)
2016 vs. 2015
-30.5%▼-25.5%▼ ▼13.1% ▲
66.3 -4.421,042 +2,437
5.9% ▲
▼15,664.6▼23,669.0 100.0
+64526 2.5
▲+51▼284
1.41.3▼
- 301-0.1
3.2
531487
-0.3
2.5
681
97,152.3104,976.1
1.4 -0.2
▼785
1.5
▼
105,323.1▲
1.6
1.5 +0.71.9
3.5▲ 746
3.7396
1.8
-0.1+0.2
-0.3
1.5
▲1.9
1.8+0.5
▲
+4463.2
▼
4.6
▼-0.1▼ 531.3 2.2
1.33.4 -0.8 ▼▼
5.1
962
4.7-23
804.5
-463.4
4.53.7
711718
683
937
-109
+401
+349▼▲
3.4
788941
+37
▼3.0
4.1
-0+65
1,154.4 -0.84.9-0.8
▼3.7 -0.4
▼4.9
▼ 876.4
▼-0.3
▼1,246
9065.9
▲
-180 ▼1,065 967.6
6.11,433.1+1036.8
-0.24.61,082.6-81 ▼▼
6.8
1,159.6-8 ▼
4.3▲+501,219 5.8 710.18
▼ 5.51,1502 4.84.1 ▼
-1.0
▼415,888.7 ▼1 1+76 -0.3
1,602.45.5
▲$USm in Proceeds
-0.3
FeesNo.
JP Morgan
Proceeds
Global Scorecard
148,330.6
11
13
Deals
Jan 1 2015 - Dec 31 2015
157,880.9
187,374.4281,083.8288,010.0
262,166.410
10172,861.811
86
9
Industry % Change from Last Quarter
125,669.0
22 16
+0.7118,393.4
▼
3
▼ 42
▼
Global Debt Capital Markets % Change by Asset Class
Mitsubishi UFJ Financial Group
▲16.0%-30.5%
0
+13.3
-0.66.7 -0.2
Mkt. Share Chg. from Last Qtr (%) Industry % Change from Same Period Last Year
21
15,368
▲1,236
557▲
1
▲
12
Credit Agricole CIB
▲
▲
UBS
Bank of Communications Co Ltd20
Societe Generale
RBC Capital Markets
Bank of China Ltd14
24
Industrial & Comm Bank China 126,840.9
106,358.7
130,387.0
108,425.818
132,581.5
12
17
-2.8Industry TotalTop Twenty Five Total
100.04,702,505.36,992,258.3
67.5
China Construction Bank
1.414
0.81.022
26 59,073.2
Mizuho Financial Group
▼
67,244.4
27
17
20Nomura
15
▲
25
2116
181924
19
Deutsche Bank
TD Securities Inc
HSBC Holdings PLC
Agricultural Bank of China
UniCredit23
15
▲
▲
+25.8%
▲
▲
13
BNP Paribas SA
Goldman Sachs & Co7
▲
▲Wells Fargo & Co272,329.0
1,229,364.7▲
+42.8%
+109.4%
-19.0%+1.2%373,047.8
-10.7% ▼
Consecutive Quarters No. 1
1,214
+16.9%+20.3%
+11.4%
884
▼
▼
+3.9
624412 538
-12.7%
1
▲
9China Construction Bank
5
1
1
1
Commonwealth Bank of AustraliaAustralian Dollar Bonds (AJ3)
1
2
1
1
▲
1
▼
▼
▲▲
3▼
▼
1
▲-24.3
27.8
https://www.thomsonone.com
198,580.1 1,784
+3.4%253,292.5
Australian Domestic Securitization (AJ5) Commonwealth Bank of Australia 31.6
1,065
2,215,045.7
US Mortgage-backed Securities (F11)
US Long-term Debt (F2)▲
Barclays
377,698.1Morgan Stanley
958
+12.4%267,647.4
392,396.2 884
1,214330
706
Australia Bonds
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US Federal Credit Agency Debt (F7)
22,219.0220,499.6
226,230.1
4,678
1,270,665.1
3
Jan 1 2016 - Dec 30 2016
CitiUS Long-term Straight ex MBS, ABS & Munis (F3)
+7.5%3,560
2,813,243.4
187,374.4
▲3,3771,970,893.34,683
360
2,616,270.1
$USmNo. % Change
Deals2015 Rank
-0.1
Bank of America Merrill Lynch
Bookrunner Sh (%)Market
Proceeds
4 335,183.0369,133.7382,338.0
Credit Suisse
3.8
3
5
▼56 7
9
▼
▼▼
-1.1
Imputed Fees (US$m)Market
Deals
-0.66.4▲▲
Global Debt
Proceeds Market
Jan 1 - Dec 30
5.3▼ 1,425
1,428
Proceeds per Bookrunner (US$m)
-0.3
Global Debt (B1)
Change in
Full Year 2016 | Debt Capital Markets | Managing Underwriters
4.03.9
42
2016 Rank
1,520.2
6.87.5
# of Deals per Bookrunner
▲-1.0
▼-0.2
▼
2.12.5
95,519.3
274,835.0 -0.6-1.1
+0.5
999
1.9
-0.5
+0.6
# ofSh (%) Share Ch.# of Deals
MarketManagerSh (%)Share Ch.
1,577 +87-0.7
Market
6.0
▲▲
+0.2
178,045.1216,684.5
+0.7
3.1 ▼-0.12.6
All US Debt (F1)
11.4%
50.6%
-12.7% -16.2%
5.7%
34.1%
41.7%
-30%
-10%
10%
30%
50%
70%
90%
Investment GradeCorporate
Agency,Supranational,
Sovereign
High YieldCorporate
ABS MBS Emerging MarketCorporate
Federal CreditAgency
3
* tie
Credit Suisse 17,814.0
15,874.4
8
10▼
▼
Deutsche Bank57
54.3
627.9256,610.2
▲4.5
100.0 -34
2967.3
9,502.0
-5.1%
638
▼-4.7%
100.0
100.0
2.2
64.1
Full Year 2016 | Debt Capital Markets | Managing Underwriters
477,818.7
9.7
71
+1.9
13,669.2 5.3
7
▼
62▲
163+1.5
▼
Credit Suisse
▲
-1.2▲
+10+1.176 ▲
▲
9.2
+5.9
+14
+0.9
11.94.9▲
392.73.1+6 19.4
30.5
Bank of America Merrill Lynch
25.5▲
▲
-
▲
▲+0.432.0 5.1 +1.4
▲62.7
▲
▲11.1 -16 ▼ 39.7 6.3 0
▼ 43.0▲
5.5 +0.7
6.8+0.1-0.2
-31.4%
5.8
6.516,754.9
14,939.5
3.7
▼
+1.7
Industry % Change from Last Quarter
14,101.99▲
-3.6-1.0 172,835.7
▼
Jan 1 - Dec 30
Share Ch.
Proceeds per Bookrunner (US$m)2016 Rank
7.9
FeesMarket
# of Deals per Bookrunner
Deals+2
-19.5%
Manager
-
▼
98# of DealsSh (%)
▼-15.9%
Market
097
8
Top Ten Total66.7
9
▼11
6
Societe Generale
-39.1%
▲-
6.0
0
▲
100.0
▼
5.1
▼-17
4.8
77▼
+1.3
4.1 Wells Fargo & Co
-176.6
7.1
+0.9
▲+1.5
6.9
▲
+1.5
8.69.7
-0.5 ▼
▲
+8
▼▼ -1047
10.8 +4
070.2
1,056.9
15,269.1▼
-140705.567.3 +0.2 ▲
100.0
5.2 1636.4-1.5
738
50.443.0▲ 22.1 -18 ▼
▲
10.6
13.19.5
+3
▼
62.3▲ 75.3
-20+3
6.665-
▼-1.65.9
Sh (%)▲
Proceeds
Mizuho Financial Group-0.9
20,345.560.7
2015 Rank
34
20,337.42
Citi 2▲
-1-22
12.8
4
46.7
+1.8▼-0.7▲9.3
Barclays
Industry Total
Industry % Change from Last Quarter
+1.0▼
▼+0.9 14.5
▲
▲ +0.492
78
99
70
5.4
1
+1.080
▼17,886.7
4
▲
100.0876.7
-1.1
# of Deals per Bookrunner
72.2
▲
Imputed Fees (US$m)
Industry % Change from Same Period Last Year
▼▼
▲
Share Ch.MarketChange in
6.6%
-1.6
1.0%
5.3
-43 1,214.4841
64.0-4545 5.480.9 +10.4
100.0
▼-3.6 ▼▲
15,928.6614
386,456.1
+2.444.4+0.630.5 2.5
Barclays 10 3.0Mizuho Financial Group 9 3.3 ▲+2.0 ▲ 35
▲+2.4 7.462.8
3.74.2 +19+5
5.2-374.2
▲115.3
▼▲
-2.3▲
6.1+0.1
87.8
6.0
+0.37.2
▼▼ ▼
▼121.4 10.0▼
▼ +0.29.5
▼11.5-0.9-1.6
33,659.1
10.248,556.9▲
-10-1.0+8
12.2 -8
-30▼
1
-512855,670.22
15.2
Proceeds4
103
1
# of Deals
▲11.7 +2.012.5 14.5
+0.3
3.4+1.8
+0.7 ▲
+4.9
3 259,733.6
▲
▲
88
-16.2%
295,745.6
▼
6.1
+0.5
6.0
22,117.5
Bookrunner
▲
JP Morgan
# of
Industry % Change from Same Period Last Year
ManagerBookrunner
33,814.6
2015 Rank
▼
7
Top Ten Total
4
▲11.213.0 ▼-3
3
136.3106
11.5
Market Market
124.0
-12.0%
68.5
29,041.0
19,312.5BarclaysCiti
2
Bank of America Merrill Lynch
9.8
-47
+2
13.411.4
6.4-1.2
-1.0
Deals
4.4
-5107
+1
▼
Change in
-1.5
+2
MarketFees
▼-0.2
140.0▲ 12212.6▲
Share Ch.
▲
+0.2
Sh (%)+0.7
-1.5
▼
JP Morgan7
14.415.4
81
Sh (%)+0.5
Market
Global Asset-Backed Securities ex-CDOs (B13)
12
Market
# of
9 56 6.725,961.8 5.4
42,113.3
# of
▲
Imputed Fees (US$m)Change in ManagerMarket
Deals Sh (%) Sh (%)Market
Share Ch.
8.87.05
5
-4.9%6.6%
14,315.9
▲ 628
▼5
▲
97
+0.5
+2.3
▼
9.628,596.2
Morgan Stanley
+6.1
-4.1
-0.3
▼
▼-0.5
Market
▲+12.3
Imputed Fees (US$m)
6.1
Share Ch.Manager
718.2-0.4
7.69.2
5.2
327.3▼
12.4%
▼▼
Market
15.3+7.4
▲
24.5 ▲▲
+3.1
Change in
100.0▼
▼
Share Ch.
Market
-5.4%
3.1
Jan 1 - Dec 30
-11
▲+2.2
Bank of America Merrill Lynch
▲
3.42.7
+3.4+64.1
NomuraGoldman Sachs & Co
# of Deals per Bookrunner
61,920.5Wells Fargo & Co▲+13.2
Proceeds per Bookrunner (US$m)2015 Rank
2016 Rank
Market
▲
Global Mortgage-Backed Securities (B10)
10,490
-34.4%
+1,802
Global Debt and Syndicated Loans Islamic Finance (DL2)
-30.3%
13,713.3
Wells Fargo & Co 92,113.010
Industry Total1,427,710.3Top Ten Total
# of
Industry % Change from Last Quarter
Manager
-26.4%
MarketSh (%)
942.2
2.7
MarketSh (%)
11.4%
100.0
Industry % Change from Same Period Last Year
3,376,494.6
+25-79
3.7
▼122,486.6426
4.2 388▼ 4.1
604816.8
▼
Sh (%)
5.3726.3▼▼
6.0-40DealsBookrunner
Global Investment Grade Corporate Debt (B7)
Sh (%)Market
Proceeds per Bookrunner (US$m)
4.1
# of Deals
▼▲
▼
# of Deals per Bookrunner Imputed Fees (US$m)
Global Debt
Jan 1 - Dec 30
5.1 -0.7
430.6
829.7
Change in
5.7
▲+38▲+9
640
▲
▼6.1▼
5.4▼
+65.8
5.8
-0.4
▼
-0.2
▲
3.6
42.7
3.1
100.0
3.3
4.2
3.5
Jan 1 - Dec 30
# of Deals per Bookrunner
2.4▲
20.7%
434
12.3
Fees16.4
▼
+5
7.4
6.1
6.0
7.4
# of Deals
+0.6
▼
1
Proceeds per Bookrunner (US$m)2016 Rank
2015 Rank Proceeds
Market
1
6
▲
17
6.2 +0.3 20
1,597.6
15
6▼
▲
9
Sh (%)
8
64.5
1,548.2
37.56.5
17,759.0
-9.1%
2 2,920.3
30.9
-1.6
6.9 +3.6 ▲18.2
13.6
RBC Capital Markets
Morgan Stanley 10
▼
# of Deals
Deutsche Bank ▲
9.8
Fees
135.72
▼
97.9
+0.75
Sh (%)
4
Proceeds
6.47.9
7
6
15,269.1117
3
4.469.7
+0.1RBC Capital Markets10.217,384.0 +0.2▼65
59 ▼ 36.9
40.2-7
▼
+3.5
Credit Suisse
+6.0
▲
▲Citi
▲
27,314.9
5.7%
▼ 13.2
3.5
Market
▲
▲
3,769.7
34
Share Ch.
-3.8
▼
Bookrunner
-2.2%
14.5
Sh (%)
4.2▲
2725
1Share Ch.
Global Asset-Backed Securities (B11)
JP Morgan
▼ 6.9▲
-3
Market
30,532.254.1
11.91▲▼
+6.9
-1
▲
2016 Rank
-28
▼
12.1
▼
3
-512.1
Sh (%) Share Ch.
Proceeds1
-12
Market
▼-1.6▼
2015 Rank Share Ch.
13
Market
5.2-1.3-0.5 -0.2
# ofFees
MarketMarket
Citi
Sh (%)JP Morgan
7
2
122,505.08
Bank of America Merrill Lynch
193,637.8
143,866.54Morgan Stanley
Barclays
175,551.6
HSBC Holdings PLC 5165,734.0171,571.93
2
47
+0.1610
4.94.3
▲ 628-0
568▼
610 2.9
-0.3
3.6 450-0.9-
▼-0.7
Deutsche BankBNP Paribas SA 9
3.68
Goldman Sachs & Co 6 5
-0.4
Imputed Fees: Global Investment Grade Corporate Debt
+0.1 ▲-0.4
▼
141,044.2
99,199.7
573.4
-4.7
6.0
0
496.5
478.95,854.8
457.1
▲
4.3 -108+12
DealsBookrunner
2.9 +48
Market
▼
305▼
5,121.2CIMB Group Sdn Bhd259.73 -1.14,117.3 ▼Malayan Banking Bhd
+0.9
HSBC Holdings PLC 4+2
22.7Standard Chartered PLC 3 5
2-3.48.9 22.7
Abu Dhabi Islamic Bank (ADIB)7
RHB 5 4 2,629.22,224.0
161,913.5
8
6 ▲Dubai Islamic Bank PJSC 15.5▲
-1.75.2 164.5
97
3.83.8 8.2+23.7
110
-15.85.9
36.272
▲
Industry % Change from Last Quarter -16.4% -5.9%
10,164.6199,053.4
6.0
-2.6%
Mizuho Financial Group9
https://www.thomsonone.com
▼
▲▲
62 8.4
Wells Fargo & Co
-9.1%
Industry TotalTop Ten Total
10
▲
79.5
15.7%
AMMB Holdings Bhd
▲▲
2.0%
▲
22.3%
▼1,473.9
42,427.3
Industry % Change from Same Period Last Year
▼
-12.1%
Industry Total
Industry % Change from Same Period Last Year▼▼
JP Morgan
Top Ten Total
9
Industry Total
Industry % Change from Last Quarter
1
Proceeds per Bookrunner (US$m)2016 Rank
Full Year
Emirates NBD PJSC 3.5-0.2
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Imputed Fees (US$m)
-1.0
Jan 1 - Dec 30
15
10.0 8.3 9.4 8.5 8.4 11.0 10.5 12.4 12.2 13.7
6,454
4,831 5,390
6,216 5,796
6,348 6,305
8,671 8,689
10,490
0
2,000
4,000
6,000
8,000
10,000
12,000
$0
$2
$4
$6
$8
$10
$12
$14
$16
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Num
ber o
f Offe
rings
Fees
(US
$b)
Global Investment Grade Fees (US$b) Number of Offerings
4
Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Dec 30 2016
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Full Year 2016 | Debt Capital Markets | Managing Underwriters
Banking Composite: Global Debt
4.7% 4.8% 4.1% 3.7% 3.8% 2.1% 2.6% 6.6%
25.1% 22.0%
19.6%
14.8%
19.8%
15.9%
21.7%
33.8%
24.9%
3.2%
2.9%
3.9%
3.9%
1.6%
2.9%
5.5%
3.2%
0.3%
1.6% 7.0%
3.4%
1.7%
3.7%
1.3%
2.4%
2.2%
0.0%
0.0%
9.7% 10.4%
9.0%
11.3%
13.0%
10.1%
14.1%
5.2%
7.1%
12.3%
51.5% 50.7%
55.8%
58.6%
55.8%
61.6%
55.6%
51.3%
61.0%
67.6%
4.3% 2.4% 4.2% 6.0% 2.2%
6.0% 3.6% 1.2%
12.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JP Morgan Citi Bank of America MerrillLynch
Barclays Morgan Stanley Deutsche Bank HSBC Holdings PLC Goldman Sachs & Co Wells Fargo & Co BNP Paribas SA
% T
otal
Pro
ceed
s
ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS
5
https://www.thomsonone.com
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Global Debt Rankings* - Last Ten Years
*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.
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1
2
3
4
5
6
7
8
9
10
2007 2008 2009 2010 2013 2014 2015 2016
Ran
k
JP Morgan
Citi
Bank of America Merrill Lynch
Barclays
HSBC Holdings PLC
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Wells Fargo & Co
BNP Paribas SA
6
Annual proceeds from US Investment Grade Debt issuance increased 3.4% compared to 2015, to US$1.3 trillionraised from 1,065 deals. US Investment Grade volume was bolstered by several jumbo transactions, as 10 deals witha principal amount over US$10 billion raised a total of US$178.5 billion in 2016. The largest transaction of 2016 wasthe US$46 billion Anheuser Bush deal, which ranked as the second largest bond issue on record. The proceeds wereused to fund the US$121 billion acquisition of SABmiller PLC. According to estimates from ThomsonReuters/Freeman Consulting, fees from US Investment Grade totaled US$6.5 billion, an increase of 6.7% from a yearago.
US High Yield Corporate Debt volume in 2016 decreased 10.7% to US$226.2 billion from the proceeds raised a yearago. The US$5.2 billion Numericable Group SA issue in April was the largest High Yield financing in 2016. Accordingto estimates from Thomson Reuters/Freeman Consulting, US High Yield fees totaled US$3 billion, a decrease of6.9% from a year ago.
Proceeds from securities backed by commercial mortgage loans (CMBS) increased 17.6% to US$128.1 billion.According to estimates from Thomson Reuters/Freeman Consulting, CMBS fees totaled US$472.5 million, anincrease of 3% from a year ago.
-0.234.2-
+1028-0.2 2.6▲+0.1
▲▲-▼
0.3
+0.1+0.1
0
0
0.50.50.60.5
▲
31.630.141.6
17.7
▲▲▲▲
1.4
+4+8+13
+1
1.91.82.3
201925
4,325.6 15
▲▲▲▼
0.3
+0.2+0.2+0.2
0.40.40.4
5,325.65,170.24,494.74,469.9
273021
29
Wells Fargo & Co 5 5 203,325.1 ▲13.1
30
BBVALloyds BankPNC Financial Services GroupBank of New York Mellon CorpANZ Banking Group
26272829
28
Industry % Change from Same Period Last Year 7.5% ▲-23.7%Industry % Change from Last Quarter -36.0% ▼
-0.1%
100.0+700
▼Industry % Change from Same Period Last Year 29.6% ▲
7,028 425.5
▲ 45.1% ▲▼-42.4%
100.0
11.1%
Industry Total 675,794.9
-16.3% ▼
100.0
-8.3%
3,007.3 100.0
▼▲232.1 +3.4
7.6 1.854.665.6 +4.0 ▲
-0.5+196▲
-5Top Ten Total 443,058.2
▼4.2 +0.3 ▲ 108 1.5▲
HSBC Holdings PLC 10 9 28,557.4915First Horizon National Corp 13.09 8
6.8 20.8 ▲4.6 +0.6
+238 ▲9.0 +3.038.5
Bank of America Merrill Lynch 8 11 33,585.4 5.0 +2.2 ▲30,958.4
18.5 4.4 -0.118.8
▲4.9 +1.5
4.4JP Morgan 7 6 34,615.6
475
▼▼3.8 +61 ▲5.1 -0.2 ▼ 264
6.1 -2.0 ▼6.0
-1.925.4
168 2.4 -57 ▼▲
Deutsche Bank 6 3 40,936.4Citi 5 10 41,763.9 +2.26.2 +2.8
-84 ▼4.4 +121 ▲310▲
-2.3 ▼ 748 10.6 26.5 ▼
+0.9 ▲▲
6.2 -0.6Wells Fargo & Co 4 2 43,316.9 6.43.7TD Securities Inc 3 5 48,211.5 +43 ▲ 26.1 6.1 +0.9
6.1 -2.0+36 ▲ 24.2
7.1 +1.5 ▲ 260212 3.0▲ 5.7
▲ 25.7 ▼Nomura 2 4 57,547.3 8.5 +2.7Barclays 1 1 83,565.4 12.4 -1.6
Fees Sh (%) Share Ch.3.8 +27▼ 270
Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals
All Federal Credit Agency Debt (H1)
2016 Rank
2015 RankBookrunner Proceeds
Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
US High Yield Corporate Debt (F8) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
▼▼ ▼
▼-34.2%
Jan 1 - Dec 30
68.4 -2.7 ▼100.0
8,501.7-5 12,435.24,6782,813,243.4 100.0
72.1 -3.5Industry Total
▼2.8
Top Ten Total 2,024,112.0302 6.5 +61 ▲ 348.3
-0.7Credit Suisse 9 9 126,083.6HSBC Holdings PLC 10 10 120,825.4
▼4.5 -1.3 ▼4.3 +1.1 ▲
415+0.7 ▲
▼8.9 -92 4.9
4.9▼ 608.7
-0.5▼ 613.6▼
Deutsche Bank 8 8 142,036.1 5.1 -0.9 ▼ -73783.1592 ▼
456 9.712.7 -49
-Goldman Sachs & Co6.3 -1.1
833901.9 7.3
6.7
-0.8 ▼▲▼-0.4
Morgan Stanley 7 7 168,858.6 6.06.9 0 571 12.2 +45 ▲ +0.3
▼ 838.46 6 194,273.5
▲7.2 +0.1
-36 ▼17.8 -46
780.5Barclays 4 4 204,520.6 7.3 -1.1 ▼ +0.5
▼▼8.9 -0.29.8 +0.3 ▲ 848 18.1
10.1Citi 3 3 275,564.6
6.3+54 ▲ 1,102.2
614
10.2 -1.1928 19.8 -3 ▼
▲ 1,265.5-0.21,259.5
▼Bank of America Merrill Lynch 2 2 277,687.8 9.9 -0.5 ▼JP Morgan 1
Sh (%) Share Ch.1 310,936.7 20.3 +54▼ 95011.1 -0.4
Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2016
Rank2015 RankBookrunner Proceeds
Market Market
Market MarketMarket Market # of Market Change in Manager2016 Rank
2015 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees
-2 ▼JP Morgan 1 1 22,558.8 10.0 -0.8 ▼ 167 50.6 -1 9.8 -1.5▼ 294.3 ▼Goldman Sachs & Co 2 3 21,714.5 9.6 +1.1 ▲ +1.9 ▲Bank of America Merrill Lynch 3 2 20,289.0
288.0 9.6▼ 286.9
140 42.450.0 -14 9.5 -0.29.0 -0.6 ▼ 165 ▼
Barclays 4 6 20,118.1 8.9 +1.7 ▲ +2.1 ▲266.4 8.9▼ 234.2
133 40.3 +9 ▲8.5 +0.2 ▲ 123Citi 5 4 19,132.3
-0.2 ▼37.3 -11 7.8 +0.5
-14 ▼▲
7.7Deutsche Bank 6 5 18,960.5 8.4 +0.1 ▲Credit Suisse 7 8 15,387.6
230.2▲ 213.4
119 36.133.3 +2 7.1 +0.46.8 +0.9 ▲ 110 ▲
Morgan Stanley 8 7 12,080.7 5.3 -1.2 ▼ -0.5 ▼156.3 5.2▼ 142.9
91 27.6 -17 ▼5.3 +0.2 ▲ 103Wells Fargo & Co 9 9 12,052.1
-0.4 ▼31.2 -10 4.8 -0.1
-20 ▼▼
22.7RBC Capital Markets 10 10 9,382.3 4.2 -0.6 ▼ 128.62,241.276.0 +1.0 ▲
75
330 -30
▼
Industry Total 226,230.1
4.3171,675.9
1,270,665.1 100.0
Industry % Change from Last Quarter -42.5% ▼ ▼
Industry % Change from Last Quarter -20.3% ▼Industry % Change from Same Period Last Year -10.7% ▼
1,065
Top Ten Total
Industry % Change from Same Period Last Year 3.4% ▲
+107Industry Total
▲
91.4100.0
-1.5 ▼ 5,968.1
78.2
205.4193.2140.1160.2
1,203,432.5 95.1
0.4
▼▲
▲
▲
▲▼▲▲
151.1102.8
-Mizuho Financial Group 10 13 39,802.0 3.1 +0.8 ▲ ▲
4.0 0144 13.5
13.5 -39+43 +0.5204.4 3.1
118 11.14.6 -0.7 ▼ 262.6144 ▼
+0.3 ▲219.1 3.460,789.6 4.8 +14 ▲+0.8 ▲
▼5.4 +0.1 ▲6.9
▼449.9353.05.6 -0.3 ▼ -11
-0.5 ▼ +37192 18.0280
-0.3451.7▲
-0.8
305 28.6 482.4
26.3 ▲
▼6.9 -0.3 ▼234 22.0 +9
+26 ▲ 7.4
Wells Fargo & Co 6 6 86,269.17.7 -0.56.8
8.6 -Morgan Stanley 4 5 101,390.1 8.0
0+0.5 ▲
412▲ 560.7-0.4 ▼ 33.2 +13354
Deutsche BankHSBC Holdings PLC
RBC Capital MarketsCredit Suisse
▼Citi 3 3 126,561.3 10.0
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Barclays
US Deals Intelligence
US Debt (F1) Jan 1 - Dec 30
Bank of America Merrill Lynch
Goldman Sachs & Co
8
137,911.8
5 4 97,907.3
70,784.2
2 2
7
2016 Rank
2015 RankBookrunner
MarketSh (%)
Full Year 2016 | Debt Capital Markets | Managing Underwriters
US DebtUS Investment Grade Debt at US1.3 trillion - The Largest Annual Volume On Record
US Investment Grade Corporate Debt (F9) Jan 1 - Dec 30
▲
Proceeds
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
▼
10.9 -0.1
Market # of Market Market MarketShare Ch. Deals Sh (%)
11.2%
0.911,444.5
20,094.6
8,725.70.80.7
JP Morgan 1
9 8
12
58,188.1
11 14
7
33,678.033,300.431,982.730,825.6
11.9 -1.3 ▼1 150,612.9
9
10.9 -0.8 ▼
▼
416 39.1
https://www.thomsonone.com
▲
Share Ch.+5 ▲ 670.5 10.3 -1.9 ▼
Sh (%)
+25
▲
▼Industry % Change from Last Quarter-6.9% ▼
-13.2% ▼
Change in
▼
▲-
+0.70
+0.4
Manager
38.7 +17 ▲ 713.0
Fees# of Deals
-43.8%
74.7 +2.0
-1.4%
-56.1%
7,765.4
25
7,451.75,993.05,858.519
22
10,101.0
Top Thirty Total
2122
2423SunTrust Banks
ING
ScotiabankCredit Agricole CIB
101512
131415
2019
17 13,283.2
31
1823262017
Santander
BNP Paribas SAMitsubishi UFJ Financial GroupUBSUS Bancorp
Societe GeneraleSumitomo Mitsui Finl Grp Inc 1.1
TD Securities Inc
111624
17,912.4
11,013.4
16
180.9
2.72.62.52.41.61.4
0.60.60.5
+0.5-1.4+0.7+0.1-0.9+0.1
0▼
+0.3-0.2
▲▲▼
▲
-0.4+0.1
▼▲▲▼
▲-
+0.4
9010148
▲ 167106108123
▲4.53.6
1210
384631514652
15.710.010.111.58.59.5
4.32.9
4.91.1
4.84.3
+5
+4+21+10+6+3+9
+45-18
+25+14
-3+13
▲▲▲
▲▲▲
51.865.656.081.039.451.2
1.2
0.5
0.60.8
0.91.2
0.81.0
2.31.6
3.13.02.12.5
+0.1
+0.3+0.2
+0.2
+0.8-0.3+0.4+0.1-0.3-0.2
▲
▲▲▲
▼▼
+0.4
34.8
-1.36,530.2
-43.0%
▲▲▼-0.3
6.7%
▼
-25
▲▲▼
-52.2%
0+0.2-0.40.534.8
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-▲
0.5RBS ▼0.9
*Excludes financial arms of sovereign states and floating rate issuance.
7
Jan 1 - Dec 30
▼Industry % Change from Last Quarter -9.5% ▼ -16.5% ▼ -25.5% ▼Industry % Change from Same Period Last Year -10.2%
-7 409.8325
1.2% ▲ -2.1% ▼
72.2100.0
▲Industry Total 175,899.4 100.0
+6.9+0.7 ▲
Top Ten Total 135,790.8 77.2 -0.5 ▼33 10.2 +2 ▲ 21.5
295.95.23.1 +1.0 ▲
Goldman Sachs & Co 10 10 6,350.1 3.6 +0.5 ▲▲ 22 6.8 +5 ▲ 12.7Mizuho Financial Group 9 14 6,874.4 3.9 +1.4
-18 ▼ 26.3 6.4 -1.3 ▼▲
Credit Suisse 8 4 12,804.7 7.3 -2.2 ▼ 62 19.121.2 +14 ▲ 27.0 6.6 +1.9
+0.7 ▲Deutsche Bank 7 7 12,832.9 7.3 +0.7 ▲ 69
46 14.2 -1 ▼ 27.7 6.86.7 +0.7 ▲
RBC Capital Markets 6 6 12,895.9 7.3 0 -▲ 61 18.8 +10 ▲ 27.6Wells Fargo & Co 5 8 13,535.8 7.7 +1.4
-5 ▼ 30.5 7.5 +1.0 ▲▼
Bank of America Merrill Lynch 4 5 14,407.4 8.2 +0.1 ▲ 52 16.020.6 -9 ▼ 29.9 7.3 -0.4
+2.1 ▲Citi 3 2 14,978.6 8.5 -2.4 ▼ 67
85 26.2 +11 ▲ 44.8 10.911.7 +0.5 ▲
Barclays 2 3 18,834.8 10.7 +0.2 ▲▼ 87 26.8 +5 ▲ 47.9
# of Deals Fees Sh (%) Share Ch.JP Morgan 1 1 22,276.2 12.7 -0.2Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)
# of Market Change in Manager Market MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2016 Rank
2015 Rank
Market Market
Jan 1 - Dec 30US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)
▼Industry % Change from Last Quarter -27.9% ▼ -26.2% ▼
US Asset-Backed Securities excluding Self-Funded and CDOs (F14b)
-46.7% ▼Industry % Change from Same Period Last Year -19.0% ▼ -21.9% ▼ -49.2%
-111 711.6397 100.0-
Industry Total 203,954.8 100.0488.3 68.7 0
+0.7 ▲Top Ten Total 153,860.6 75.5 +0.5 ▲
22 5.5 +4 ▲ 12.7 1.85.6 -0.7 ▼
Mizuho Financial Group 10 16 6,874.4 3.4 +1.5 ▲▼ 38 9.6 -4 ▼ 40.0Goldman Sachs & Co 9 10 7,758.0 3.8 -0.3
+4 ▲ 34.7 4.9 -0.3 ▼▲
Deutsche Bank 8 7 13,632.5 6.7 +0.3 ▲ 71 17.912.1 -2 ▼ 35.1 4.9 +1.9
-1.9 ▼RBC Capital Markets 7 9 13,689.7 6.7 +1.3 ▲ 48
67 16.9 -25 ▼ 46.9 6.66.6 -1.1 ▼
Credit Suisse 6 3 14,791.5 7.3 -1.5 ▼▼ 55 13.9 -17 ▼ 47.2Bank of America Merrill Lynch 5 4 15,522.0 7.6 -0.6
+3 ▲ 67.3 9.5 +1.6 ▲▲
Wells Fargo & Co 4 6 17,753.3 8.7 +1.1 ▲ 71 17.921.7 +6 ▲ 47.9 6.7 +1.9
-2.1 ▼Barclays 3 5 19,020.4 9.3 +1.2 ▲ 86
82 20.7 -23 ▼ 89.3 12.69.5 0 -
Citi 2 1 20,861.1 10.2 -2.7 ▼▲ 92 23.2 -6 ▼ 67.2JP Morgan 1 2 23,957.7 11.8 +0.2
Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2016
Rank2015 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
US Asset-Backed Securities excluding Self-Funded (F14a) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
9Societe Generale 21▲10 12
146,157.3 +0.6
+1.3
US Structured Finance 2016 vs 2015 Jan 1 - Dec 30
▼
▼
100.078.3 -0.8
6,874.4
Industry TotalTop Ten Total 156,187.8
18.37211.5
5.3Mizuho Financial Group
▼
▲3.43.1
-21.9% ▼Industry % Change from Same Period Last Year -2.9%
200,109.5
▲
Industry % Change from Last Quarter
https://www.thomsonone.com
518.5 100.0373.8 72.2 +3.4 ▲
393 -39
▲ 12.7 2.5+0.5▲ 11.9 2.3+3
▲+0.822 5.6 ▲
-2+0.9+5
27.4 5.3▲
RBC Capital Markets 8 7 12,768.6 6.4 +0.3 ▲ 45+1.3
▼
-1.8 ▼6.6 +0.9 ▲ +167.7 18.3 -7 ▼
▲ 28.8 5.6Deutsche Bank 7 8 13,161.0Citi 15,333.8
▲▼▼
▼ 40.1 7.7 -0.6▼
6.131.5Wells Fargo & Co 5 6 17,145.2
+0.2
-0.272
8.845.48.6
▲Bank of America Merrill Lynch 4 3 17,526.4 8.8 -1.1 ▼Barclays 9.5
9.8 -0.23 19,004.5
11.4 -0.6 ▼9.0 +2.2
22.6 ▼+0.4 ▲ 88 22.4 +11 ▲ 46.8
51.089
▼
749.5
-48.1%Industry % Change from Last Quarter -29.6% ▼
-19.0%▼ -46.6%-27.5%
412 -126
▼▼
-0.6 ▼Industry Total 220,499.6 100.0 100.0
514.912.7 1.7
▲ 68.5▲
Top Ten Total 167,972.0 76.3 +0.2+1.4 ▲
-0.822 5.3 +4 ▲ +0.6
▼Mizuho Financial Group 10 16 6,874.4 3.1Goldman Sachs & Co ▼ 40.0 5.3
-0.5 ▼10 7,758.0 3.5 -0.4 ▼ 38 9.2 -5
34.7 4.66.3
71 17.2 +4 ▲+0.2 ▲▼6.8 -1.7 6815,004.0
Deutsche Bank 8 8 13,632.5 6.2
▼ +2.1 ▲16.5 -26 ▼ 47.3 ▼-2.0
15,814.5 7.25 ▼ 49.6
+1.2 ▲ 51 12.4 -3
US Asset-Backed Securities (F14) Jan 1 - Dec 30
# of Market Change in MarketSh (%)
Market
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
US Mortgage-Backed Securities (F11)
8498 23.8
38,076.7
Bookrunner Proceeds2016 Rank
72 45,199.7
56,808.6
Sh (%)Wells Fargo & Co 1 3
Share Ch.102
Goldman Sachs & Co
Credit Suisse 2
Citi
3
5Morgan Stanley
JP Morgan 4
Market # of Market Change in Manager Market
Manager
14.4 +1.7-7 ▼ 135.0# of Deals
14.7FeesSh (%)
2016 Rank
2015 Rank
▲Sh (%)
Jan 1 - Dec 30
# of Deals per Bookrunner Imputed Fees (US$m)
2 31,157.02
Bookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market
Wells Fargo & Co8.9 +0.9 ▲
Citi▲
5 19,520.3
JP Morgan 1
12.0▲
+1.3 ▲10.1
Share Ch.14.1 +0.9
▼
Market
113+0.6 ▲16.2 +6.4 ▲
▼ 105.1 11.5
2015 Rank
61,052.7
95 13.5106 15.0
15.099.6 10.9
Imputed Fees (US$m)
▼6.6 -1.141.4 5.5
Share Ch.Market
▲-6 ▼-1.3 ▼132.2+0.2
14.4-32 ▼
▼0 -73.6
-2.2
# of Deals
-28 93.6 12.5
Fees Sh (%)Deals Sh (%) Share Ch.▼ 9.8-9
20.4 ▼
6 17,753.3 8.1
11.01 24,186.0
▲ ▲
16.0
Deals
▲87 21.1 +3 ▲ +1.952.0 6.9
+1.0 ▲-4
+356 13.6 -19
-23.4% ▼
17.2
▲
+0.7 ▲82 11.6 +6 ▲ 75.2 8.2
7718.1
-2
Top Ten TotalIndustry Total
90.8 +9.0
Nomura
10Deutsche Bank
12 22,224.7Barclays 9 6
5 28,182.4
6,995.89
-15-1+0.5 ▲
7119.6
Market
6 4
5
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
9.8 -6
27 3.8
7.88.5
5560
69
40
▼ -2.2
▲
6.358.1-2 ▼ 57.4
22.0+6
▼6.3
-1.4 ▼▲
+0.7 ▲2.4 +0.65.2▼
-33-3.9 ▼▼-4.3 5.7 -46
-3.7 ▼-3.7
24.7▼757.2
2.7
0.6% ▲▼-8.1%
706
7.4 -1.1 ▼
Full Year 2016 | Debt Capital Markets | Managing Underwriters
US Securitizations
▼
5.9 +3.2
7.5 -0.6
+1.1
6.9
+3.4 ▲
+2.4
+0.5
-2.3
45,774.4 12.1
2016 Rank
2015 RankBookrunner
626,214.5
Imputed Fees (US$m)
70.0 9.3 +1.4 ▲71
▲-9.0% ▼0.2%
100.0918.282.6
47.9
15.1Sh (%)# of Deals Share Ch.
Market
▼-62
MarketMarketSh (%)
-29Fees
▼ 78.2
ManagerChange in Share Ch. Deals
4 16,272.0
# of
1.93.2
▲▲
-9.5%
342,521.7
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
7
1.2% ▲
11,992.2
8
Industry % Change from Same Period Last Year
Bank of America Merrill Lynch14
Bank of America Merrill Lynch
Barclays 3
RBC Capital Markets 6 7Credit Suisse 7 3
102 26.0 -1.5 ▼JP Morgan 2 2 22,703.9Credit Suisse 1
9
8
4
1 25,512.7 12.8
377,698.1 100.0
Sh (%)
▼
Proceeds-1.3 ▼
▼
▼-14.3% ▼ -22.7% ▼
-9.0% -16.2%
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*Excludes financial arms of sovereign states and floating rate issuance.
-19.0%
1.2%
17.6%
-22.4%
-11.3%
-30%
-20%
-10%
0%
10%
20%
ABS MBS CMBS RMBS Federal Credit AgenciesMBS
8
DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Dec 30DCM Bookrunner Industry Composition (F1) Jan 1 - Dec 30
https://www.thomsonone.com
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Banking Composite: US DCM
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3.6%
2.9%
1.2% 2.3% 5.5% 5.8% 2.3% 4.2% 1.0% 1.9%
18.9% 14.8% 15.4%
11.7%
25.8%
25.5%
12.8%
17.9%
11.1%
8.7%
24.5% 23.7% 14.6%
23.4%
20.6%
30.8% 27.0%
42.7%
3.4%
6.5%
10.8% 11.8%
9.6%
18.6%
23.2% 12.7%
6.6%
10.0%
9.4%
13.8%
8.6% 8.0%
15.3%
8.2% 24.0%
9.8%
16.8%
18.0%
2.7%
8.6% 8.1% 4.0%
9.8%
10.9% 11.8%
9.2%
8.0%
4.2%
4.8%
4.6%
4.7%
2.7%
5.0% 3.2%
4.5% 5.1%
2.0%
2.9%
1.5%
4.5%
3.9% 4.9%
6.5% 6.7% 8.8%
9.8%
7.4%
4.1%
2.4%
1.6% 1.7%
1.8% 3.6% 4.5%
1.8%
4.1%
0.0%
1.0%
3.3% 2.0% 2.0%
4.0% 3.6% 7.1%
2.5%
6.5%
1.8%
1.7%
5.8% 4.6% 3.1%
6.7% 5.8%
8.2% 4.1%
5.9%
6.1%
3.9%
3.6% 2.0% 2.5% 3.9% 6.5% 3.8% 3.0% 3.8% 1.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JPM BoA Citi GS WF Barc DB MS HSBC CS
% o
f Ind
ustry
Pro
ceed
s
Consumer Products and Services Energy and Power Government and Agencies Healthcare
High Technology Industrials Materials Media and Entertainment
Real Estate Retail Consumer Staples Telecommunications
2.2%
1.8%
0.7%
1.4%
2.7% 3.1% 1.3%
2.5% 2.1%
11.9% 9.0% 8.5%
7.1%
12.8% 13.5%
7.2%
10.6%
7.0%
9.4%
15.3%
14.5% 8.1%
14.1%
10.3% 16.3%
15.0%
0.5%
26.8%
3.7%
4.1% 6.6%
6.5% 5.8%
9.3% 12.3%
7.1%
3.9%
6.3%
10.3%
8.6% 5.2%
4.4% 9.3%
4.1% 12.7%
5.5%
10.0%
11.3%
3.0%
5.4%
4.9% 2.2%
5.9% 5.4%
6.3%
5.1%
4.7%
2.6%
5.2%
2.9%
2.9% 3.0%
2.4%
2.8%
1.8%
1.7%
2.8%
2.4%
2.7%
3.9% 3.3% 4.7%
5.5%
4.4%
1.4%
4.5% 1.5% 1.0%
0.9%
1.1%
1.8% 2.4%
1.0%
2.4%
0.0%
1.1%
2.1%
1.2% 1.1%
2.4% 1.8%
3.8%
1.4%
3.8%
3.6%
2.8%
1.7%
4.1% 2.9%
4.3%
2.3%
3.5%
3.8%
4.3%
2.2%
1.4%
2.4% 3.2%
2.0%
1.7%
2.2%
0.0%
37.4%
43.0% 35.4%
39.6% 40.7% 53.6% 44.2%
50.3%
37.3%
51.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JPM BoA Citi GS WF Barc DB MS HSBC CS
% o
f Ind
ustry
Pro
ceed
s
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
9
2/22/2016 Apple Inc 12,000 30,450 2.5x 19.9
Weekly US Investment Grade Debt vs New Issue Concession Level
Deal Size (US$m)
Weighted Average New Issue Concession
(bps)Book to Cover RatioIssuerIssue DateUS HIGH GRADE: US IG bond issuance set an all-time record for the fifth straight year in 2016, with US$1,270.7 trillion ofsupply across 1,065 issues, edging out the prior year's tally of US$1.229 trillion. The market was robust – five deals weresized US$15 billion or more – as borrowers took advantage of low rates and seemingly inexhaustible investor demand to fundacquisitions and stock buybacks and to refinance older debt. But with rates spiking higher and a somewhat smaller M&Apipeline expected in 2017, most market participants expect the record run to end. The momentum should continue in theshort term, however, with syndicates forecasting US$100 billion to US$120 billion in January.
US HIGH YIELD: The junk-bond market saw its fourth straight year of declining issuance, with just over US$226 billionprinted – 10.7% off the almost US$253 billion tallied in 2015. With rates now moving up, the story should be the same in2017. That said, investors who stuck with the asset class and rode out some tough bouts of volatility were well compensated,garnering an annual return of nearly 17%. The new year should be moderately busy, with projections pointing to aroundUS$20 billion of issuance in January. Some of the more notable names expected to come to market in Q1 include Novolex,Radiate, American Axle, Centurylink and Team Health.
US ABS: The ABS market ended the year on a high note, shrugging off the Fed’s December rate hike and November’ssurprise election of Donald Trump as the next US president. Heavy 4Q supply pushed annual issuance in the sector to aboutUS$176 billion, or roughly US$2 billion more than seen in 2015. The optimists expect the good times to continue in 2017 withUS$200 billion of supply forecast.
US Monthly Investment Grade Debt vs Fund Flows
US Monthly High Yield Debt vs Fund Flows
www.ifrmarkets.com
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2/25/2016
1/13/2016
IFR Markets
Top Deals US Investment Grade Debt Transactions Jan 1 - Dec 30IFR Markets Intelligence
Total Book Size (US$m)
www.ifrmarkets.com
US Auto ABS Collateral Type (US$ Billion) Jan 1 - Dec 30
6/2/2016
9/19/2016
Oracle
5/17/2016
8/1/2016
11/17/2016
7/18/2016
6/2/2016
Anheuser-Busch
Dell
Microsoft
Abbott Laboratories
Teva Pharmaceuticals
Aetna
SAIIDAC
Exxon Mobil
46,000
20,000
19,750
15,100
15,000
14,000
13,000
12,100
12,000
109,175
88,200
49,700
34,600
65,900
32,000
44,600
28,500
36,700
0.0
4.4x
2.5x
2.3x
4.4x
2.3x
3.4x
6.5
2.4x
3.1x
11.7
27.1
27.0
15.0
-0.8
22.6
4.3
2.4x
$39 42%
$23 25%
$19 20%
$4 4%
$8 9%
Prime Auto Sub-Prime Auto Auto Leases Near-Prime Auto Floorplan-80
-40
0
40
80
120
160
-10
-6
-2
2
6
10
14
18
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
2014 2015 2016Lipp
er F
low
Cha
nge
(US
$b)
Mon
thly
HY
Pro
ceed
s (U
S$b
)
Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)
-180
-120
-60
0
60
120
180
-16
-12
-8
-4
0
4
8
12
16
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
2014 2015 2016
Lipp
er F
low
Cha
nge
(US
$b)
Mon
thly
IG P
roce
eds
(US
$b)
Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)
-10
0
10
20
30
40
50
0
10
20
30
40
50
60
70
1/2/
2015
1/30
/201
5
2/27
/201
5
3/27
/201
5
4/24
/201
5
5/22
/201
5
6/19
/201
5
7/17
/201
5
8/14
/201
5
9/11
/201
5
10/9
/201
5
11/6
/201
5
12/4
/201
5
1/1/
2016
1/29
/201
6
2/26
/201
6
3/25
/201
6
4/22
/201
6
5/20
/201
6
6/17
/201
6
7/15
/201
6
8/12
/201
6
9/9/
2016
10/7
/201
6
11/4
/201
6
12/2
/201
6
12/3
0/2…
Pro
ceed
s (U
S$m
)
Aver
age
New
Issu
e C
once
ssio
n Le
vel
Proceeds (US$m) Average New Issue Concession
10
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Full YearEuropean Financial and Corporate Inv Grade By Domicile Nation
Proceeds per Bookrunner (US$m)
JP Morgan 1
Market Market
Bank of America Merrill Lynch
1.4%
9.4 -0.1
▼ -24.0%
88
-30.0%Industry % Change from Last Quarter
Sh (%)
# of Deals per Bookrunner
-29.0% ▼
Sh (%)# of Deals
2016
Rank
▼
Jan 1 - Dec 30
▼
15,801.6 100.0
-1.559.1
▲ -0.4%
5,570 +78
BNP Paribas SA 9
5.7%
9
3,956,461.7
2,338,402.9
Industry Total
10 11
▲
181,049.5165,955.4
88218,919.5
-2.3
▼7.2 +25▼58.4
-0.34.2
▼
▲ 642403
+211.5▲ 583.0
▲▲ 506.3
9,201.6
3.24.6 766.2600 10.8 -86-0.5 ▼
▲
▼
+0.3-0.6
▼
664.8
3.7
+0.3+0.2
▲9406.4
▼-15014.5 879.6+35
16.9 +52 4.21,010.3
4.9
▲
▲
-0.7▼-1.2
5.612.5
5.5 -0.9 ▼ 807696▲5.9
▼ 930
+0.3
6.9 7.8
Goldman Sachs & Co 6 7 232,521.8245,431.9
+0.3 ▲
▲
16.76.2-0.5 ▼ 870 15.6
-0.3
▲
-0.8
+18 ▲
978.2-0.3 ▼
-25 ▼
1,224.9
7.8 +0.28.6+62 1,354.4
Market Market
Sh (%) Share Ch.
▼
1,002▼ 1,157 20.8
18.0 1,233.9+50 ▲
▲
-0.7 ▼
4.0▼ 129.0 -0.2▼ 216.7
▼
6.7
Deals
Full Year 2016 | Debt Capital Markets | Managing Underwriters
International DebtInternational Bond Volumes Up 6% l Middle Eastern Issuance Thriving l JP Morgan Top Global Fee Earner
All International Bonds (J1) Jan 1 - Dec 30EMEA Deals Intelligence
# of Market
FeesProceeds
Change in Manager
Imputed Fees (US$m)
▼ 191.0 5.9
# of Deals per Bookrunner
Sh (%) # of Deals
190▲
-25
Proceeds per Bookrunner (US$m)
2016
Rank
2015
RankBookrunner
+0.1
https://www.thomsonone.com
15.8 145.8 4.5 ▲+0.36.6211.9 +0.9
6.2 +0.4
2.9 ▼
100.0
All Bonds in Euros (N1)
+0.3113,151.6Wells Fargo & Co
Market Market
-0.17.68.2
+0.1
Sh (%) Share Ch.
▲
▼ 277 16.7Credit Agricole CIB
5.7▲
-0.362,872.767,200.1 6.1
Societe Generale 6 5
4 6Deutsche Bank 5 4
313 -39
-34249 15.0 -43269
5.1164.0 ▼-0.9▼
-0.6+0.7
6.4 -0.3 ▼ ▼-3416.2Barclays 3 3 71,029.8HSBC Holdings PLC 2 2 71,730.2
Share Ch.
+0.36.5 -0.6 18.8▼
▲
Fees Sh (%)
214.8▼
Change in
6.781,115.9Share Ch.Proceeds # of Deals
-38Sh (%)
21.1
2015
Rank
1Sh (%)
1
# of
7.3 350▲
Deals
BNP Paribas SABookrunner
Market
Proceeds per Bookrunner (€m)
+0.8Morgan Stanley
Market
100.0
5.15.5
7.7
26,249.4
324,389.1
2 1
4
302,378.4
Proceeds
7.1
6
281,188.1273,417.6
29,998.2
Deutsche Bank 87
Top Ten Total
3
Industry % Change from Same Period Last Year
4Credit Suisse
JP Morgan 1 1
Barclays 2Bank of America Merrill Lynch 4
3Citi 2 3
2015
Rank
HSBC Holdings PLC 5
Bookrunner
Morgan StanleyDeutsche Bank 7 5
Market# of Market Change in Manager
All International Securitizations (J10c)
Imputed Fees (US$m)
Market
Share Ch.
# of Deals per Bookrunner
+2.2Deals
19.3 -3 ▼
+14
-1.67.5
FeesShare Ch.
10.8 +2.4Sh (%)
74.5
▲
100
MarketManager Market
102.1
Jan 1 - Dec 30
17.0
▼
▲
Market
7.2-1-0.8-0.4
47.1-3.0
11.4 +8 ▲
Imputed Fees (€m)
857.7
16.4
▼
▼17.4 +910.2
-2.3
▲
-1.210.5
26,193.3 +0.5 ▲ 84.1 8.7
▲
909.4▼ 69.7▼
99.1
Citi 4 2 21,347.1
▼
3
▼
Barclays 6 7 19,660.274Wells Fargo & Co 5 6 21,041.0
76.8 7.9-0.1 14.3 +9 ▲▼
7.1 ▲
8 15,450.3 5.5 +0.1 59▲
▲ 78 15.1 +14
+2.86.4▲45
▲
▼4.9 -1.44.5
+2.2
5 15,284.0 ▼+5 ▲ 43.7-2.7 15.178▼
+1.9+2.6
Goldman Sachs & Co 9 9 14,105.4Lloyds Bank 10 40.6
▲
128.7 +18
Top Ten Total 201,092.6
11,763.7 +1.5 ▲ 4.2 ▲
▲
26 5.0 -2 ▼
61.8
972.0
72.272.2
4.2+2.7 ▲
7.4%
▲
▲+0.7
+40 100.0
699.5
517
▲
Industry % Change from Last Quarter 10.0% ▲ 15.8%
▲
8.6% ▲
2016
Rank
8.4%
▼5.6 +0.1 ▲ 262
Industry Total
Industry % Change from Same Period Last Year 4.8% ▲
279,003.8
▲ 252▲
62,392.58 58,842.3
5.1 +1.05.3 +0.4
11.4 +3 ▲ -0.1▼15.2 -19
161.1UniCredit 9 7 56,300.4
JP Morgan 7Goldman Sachs & Co 8 9 56,318.4
5.1 -0.1▼
▼ 135.7 4.2 0▼ 2635.0
15.8 -195.9190.9
-Citi 10 10 53,673.5 4.8
641,475.8
12.3▲
▲ 20457.9 +1.7 ▲
▲0 - +1.3+0.754.6 +0.31,760.9
100.03,220.9-175
Industry % Change from Same Period Last Year 3.1% ▲ -9.5% ▼ 0.6% ▲
▼ -3.7%
Industry Total 1,109,576.7 100.0
International bond volumes were up 5.7% over 2015, with overall market proceeds of US$4.0 trillion representing thesecond highest annual total in the past decade.
It was a stellar year for international Middle Eastern bond issuance; the total proceeds of US$92.7 billion marked thelargest annual total for the region on record and a 298% rise over 2015. Headline issuance from the Middle Eastincluded the three largest deals on record from the region. In the third quarter Teva Pharmaceuticals priced aUS$19.2 billion dual offering used to finance the company’s US$40.5 billion acquisition of Allegran Generics; SaudiArabia came to market with a US$17.5 billion three tranche transaction in the fourth quarter and the State of Qatarpriced a US$8.8 billion three tranche issue in the second quarter.
According to figures from Thomson Reuters/Freeman Consulting, the top international fee earner was JP Morgan,with US$1.4 billion accrued from 1,157 deals, driven by strong activity in the investment grade corporate sector.
All International Bonds by Issue Type
Top Ten Total
▼Industry % Change from Last Quarter -1.9% ▼ -2.7%
1,661
€ -
€ 200
€ 400
€ 600
€ 800
€ 1,000
€ 1,200
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
2010 2011 2012 2013 2014 2015 2016
Pro
ceed
s (€
b)
Investment Grade Corporate Agency, Supranational, Sovereign High Yield Corporate Federal Credit Agency Emerging Market Corporate ABS & MBS
€0 €20 €40 €60 €80
€100 €120 €140 €160
Pro
ceed
s (€
b)
2015 2016
11
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Green BondsGlobal Green Market Doubles l Green Financial Sector Dominant l JP Morgan Top Fee Earner
Green Bonds Deals Intelligence All Global Green Bonds (GR01) (Exc Tax Exempt Munis) Jan 1 - Dec 30
According to figures compiled by Thomson Reuters and The Climate Bonds Initiative, the Green Bonds sectorrecorded continued market growth in 2016, with global proceeds up 104.9% over 2015. The dominant macro industrysectors included Financials (47.6% share), Government & Agencies (26.7%) and Energy & Power (18.5%). Chineseborrowers issued just under a third of total global green bonds proceeds, with US$23.6 billion raised.
Significant deals in the past year included the largest green bond from a US Corporation to date by Apple Inc, withthe US$1.5 billion proceeds designated towards reducing the company’s impact on climate change. BRF debuted thefirst green bond in Brazil with its US$500m offering in October. In Europe, French railway operator SNCF priced itsfirst certified Green Bond offering (€900m).The Bank of China posted a four-tranche US$2.8 billion transaction tofinance projects including clean transportation and sustainable water management, which was also the first time aChinese financial institution had listed a deal on the Luxembourg exchange.
According to estimates provided by Thomson Reuters/Freeman Consulting, the top green bond fee earner globallywas JP Morgan with US$16.9 million, resulting in a 7.7% fee pool share, centered on strong activity in the corporateand agency sectors.
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2016
Rank
2015
Rank
Market Market # of Market Change in Manager Market Market
Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Bank of America Merrill Lynch 1 1 7,227.2 10.0 +1.2 ▲ 34 22.7 +8 ▲ 16.0 7.3 -3.3 ▼
Credit Agricole CIB 2 3 4,187.7 5.8 +4.4 ▲ 23 15.3 +12 ▲ 8.6 3.9 -2.8 ▼
JP Morgan 3 8 4,078.6 5.7 -3.2 ▼ 24 16.0 +6 ▲ 16.9 7.7 +3.2 ▲
Guotai Junan Securities 4 - 3,136.8 4.4 -6.3 ▼ 12 8.0 0 - 7.6 3.5 +3.5 ▲
SEB 5 4 2,990.4 4.2 +3.2 ▲ 25 16.7 +5 ▲ 4.5 2.1 -2.5 ▼
HSBC Holdings PLC 6 2 2,939.8 4.1 -0.6 ▼ 20 13.3 +3 ▲ 12.4 5.6 +1.4 ▲
Haitong Securities Co Ltd 7 40 2,528.5 3.5 +3.2 ▲ 6 4.0 +7 ▲ 4.8 2.2 -1.8 ▼
BNP Paribas SA 8 9 2,347.9 3.3 -3.3 ▼ 14 9.3 -4 ▼ 6.3 2.9 +0.1 ▲
China International Capital Co 9 - 2,274.5 3.2 +2.6 ▲ 7 4.7 +9 ▲ 5.4 2.5 +2.5 ▲
Barclays 10 6 2,274.4 3.2 +2.7 ▲ 11 7.3 +5 ▲ 7.1Top Ten Total 33,985.8 47.4 +3.9 89.6 40.9
3.2 -4.4 ▼
150
▲
219.1 100.0
-4.1 ▼
Industry Total 72,085.4 100.0
Industry % Change from Same Period Last Year 104.9% ▲ 51.5% ▲ 88.6%
27.1% ▲ 2.4% ▲ -32.5%
▲
+51
▼
Top Green Bond Issuance by Nation Full Year All International Green Bonds (JG1) (Exc Tax Exempt Munis) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Industry % Change from Last Quarter
2016
Rank
2015
Rank
Market Market
Bookrunner Proceeds Sh (%) Share Ch.
# of Market Change in Manager Market Market
Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Bank of America Merrill Lynch 1 1 6,227.2 13.0 +3.5 ▲ 33 36.7 +8 ▲ 13.1 8.0 -2.6 ▼
Credit Agricole CIB 2 3 4,098.4 8.6 -5.4 ▼ 22 24.4 0 - 8.5 5.2 -1.6 ▼
JP Morgan 3 7 4,078.6 8.5 +0.6 ▲ 24 26.7 +3 ▲ 16.9 10.3 +5.5 ▲
HSBC Holdings PLC 4 2 2,865.0 6.0 -1.7 ▼ 19 21.1 -3 ▼ 12.3 7.5 +3.0 ▲
BNP Paribas SA 5 9 2,347.9 4.9 -1.3 ▼ 14 15.6 +4 ▲ 6.3 3.8 +0.8 ▲
Barclays 6 5 2,274.4 4.8 +0.4 ▲ 11 12.2 0 - 7.1 4.3 -3.5 ▼
SEB 7 6 2,086.5 4.4 -1.0 ▼ 14 15.6 -4 ▼ 3.0 1.8 -1.3 ▼
Societe Generale 8 11 1,918.8 4.0 +0.9 ▲ 7 7.8 +1 ▲ 4.2 2.6 -0.3 ▼
Citi 9 8 1,687.7 3.5 -1.5 ▼ 11 12.2 -6 ▼ 9.3 5.7 -2.2 ▼
Goldman Sachs & Co 10 13 1,637.3 3.4 +1.5 ▲ 7 7.8 +3 ▲ 3.7 2.3 -2.3 ▼
Top Ten Total 29,221.8 61.1 -4.0 ▼ 84.4 51.5 -4.5
100.0
▼
Industry Total 47,748.5 100.0
▲ 16.9% ▲ 51.2%
+13 164.490
▲
Industry % Change from Last Quarter -12.7% ▼ -16.7% ▼ -51.8% ▼
Industry % Change from Same Period Last Year 49.4%
Visit https://www.climatebonds.net/for further detail https://www.thomsonone.com
Global Green Bond Industry Composition (US$ Billion) Full Year Global Green Bonds Volume Jan 1 - Dec 30
0
5
10
15
20
25
$0
$2
$4
$6
$8
$10
$12
$14
$16
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
2014 2015 2016
# of
Issu
es
Pro
ceed
s U
S$b
il
$33.9 47.6%
$19.1 26.7%
$13.2 18.5%
908.40 1.3%
Financials
Government and Agencies
Energy and Power
Real Estate
High Technology
Industrials
Consumer Products and Services
$23,577
$7,433
$4,964
$4,722
$4,619
$4,135
$2,686
$2,627
$2,097
$0 $5,000 $10,000 $15,000 $20,000 $25,000
China
United States of America
Netherlands
Germany
France
Luxembourg
Spain
Sweden
Japan
Proceeds US$m
12
Global High Yield issuance in 2016 marked a decline of 12.7% year on year, with total proceeds raised of US$305.8billion, representing the lowest annual total since 2011. There were 55 fewer deals priced than the previous year, andnone of the top ten ranked underwriters increased their deal count volume. Both US Dollar and non-US Dollar activitydropped - by 9.6% and 23.4%, respectively, compared to 2015.
Significant deals in 2016 included Numericable’s US$5.2 billion secured bond, which was the largest single tranchehigh yield deal on record. Schaeffeler’s six-part US$4 billion offering was also the largest post crisis PIK (payment inkind) toggle transaction on record. In the fourth quarter Swedish specialty chemicals company Perstorp Group raisedUS$1.2 billion equivalent towards refinancing existing debt, marking the largest Nordic High Yield deal since 2014.
According to estimates from Thomson Reuters/Freeman Consulting the top fee earner in the global high yield marketwas JP Morgan, with US$359.8 million accrued. In the US Dollar sector, Bank of America Merrill Lynch was the topfee earner, with US$301.6 million. For Non-Dollar issuance, Deutsche Bank led the fee ranking, with €71.9 millionearned.
Average Quarterly Spread to Benchmark*
Monthly High Yield Volume
3.8 +0.4
4.8 -1.85.3 0
6.0 -1.5
+0.9-3
▲ 274.639 ▼ 31.8
26.4 3.8▼
UniCredit 10 11 2,226.1 20.0 +2 ▲28.9 -0.3
▲-1 ▼BNP Paribas SA 9 7 2,671.3 4.6 -0.6 ▼
+0.9 ▲ 29 21.5▼
5.1 +1.6▼ 28
Bank of America Merrill Lynch 8 9 2,793.6 4.8 35.3HSBC Holdings PLC
6.6 -0.4▼ 45.47 4 2,803.6
- 3543.125.9 -10 ▼
25.9 -96.2
▼
https://www.thomsonone.com
20.7 -26 ▼ 30.0 4.3 -2.3
35Credit Suisse 6 6 3,041.7
▲Barclays 5 5 3,424.8 5.9 -0.2 ▼ -0.3 ▼Goldman Sachs & Co 4 3 3,452.1 ▼ 34
▼ -0.78.2 +0.525.2 -20 ▼ 56.7
▼40 29.6 -16 ▼ 52.9 7.6JP Morgan 3 2 3,649.7 6.3 -1.3
-0.8 ▼6.7 +3.2 ▲
▼ 71.9 10.4Citi 2 10 3,888.6 ▼ 46.46.7 +2.8 20.0▲ 27
-14-3
+2.2 ▲ 46 34.11 1 6,140.4Share Ch. Deals
10.6
2015 Rank
MarketMarket
# of Deals per Bookrunner Imputed Fees (US$m)
# of Deals per Bookrunner Imputed Fees (€m)
Deals Sh (%)Market Market2016
Rank
2016 Rank
Proceeds per Bookrunner (€m)
2015 Rank
JP Morgan 1 1
Bookrunner Proceeds
23,338.4Goldman Sachs & Co 2 3 22,092.6
Barclays 4 6
Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Dec 30
Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m)
Bookrunner Proceeds Sh (%) Share Ch.
Full Year 2016 | Debt Capital Markets | Managing Underwriters
High Yield DebtGlobal Volumes Down 13% l Non Dollar Activity Down 23% l JP Morgan Leads Global Fee Ranking
Global High Yield Debt (B4) Jan 1 - Dec 30Global High Yield Deals Intelligence
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank
2015 RankBookrunner Proceeds
Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
▼▼ 207 41.2 9.1315.9359.8-19
168▲JP Morgan 1 1 27,407.0 9.0 -0.9 -1.4 ▼
▼Deutsche Bank 2 2 26,397.5 8.6 +0.4 ▼-1933.9 -2433.5 -0.68.0
8.9 +1.3 ▲Goldman Sachs & Co 3 3 25,950.8 8.5 +0.3 ▲ ▼ 353.18.1 0 - 197
170Bank of America Merrill Lynch 4 4 24,698.2
318.4 ▲39.2 340.9 8.6 +0.4
6 24,330.3▲
8.0 +1.3-13 ▼
32.7 0 -7.7 +0.7 ▲
▲Citi 6 5 23,671.0Barclays 5
152
+1.5145 28.9 -13 ▼164
290.2 7.38.1
+1.0 ▲▲Credit Suisse 7 8 20,066.2 6.6 +0.7 ▲ 30.3 0 - 281.1 7.1 +0.3
4.7 -1.2 ▼ 112Morgan Stanley 8 7 14,235.1 22.3 185.9 4.7 -0.7 ▼4.2 +0.3
-23 ▼21.7 ▼
-0.5 ▼▲ -0.1
80 15.9 -20 ▼ -0.39 12,759.8
RBC Capital Markets 10 10 9,767.59Wells Fargo & Co 109
133.73.23.7-9 ▼ 147.8
▼Top Ten Total 209,283.4 68.6 +1.1 ▲ 2,726.8 68.9
3.4+1.4
502 3,954.7 100.0▲
Industry Total 305,819.6 100.0 -55
▼ -9.9% ▼ -9.1% ▼▼ -20.5% ▼
Industry % Change from Same Period Last Year -12.7%Industry % Change from Last Quarter -29.3% ▼ -21.3%
Change in ManagerMarket Market # of Market
-1.6# of Deals Fees Sh (%) Share Ch.
300.9 9.5-3 ▼ ▼▼9.7 -0.9 45.3173
45.89.2 +0.8 ▲ 289.8 9.1142 37.2 -5 ▼ +1.5 ▲
-Bank of America Merrill Lynch 3 2 21,574.5 9.0 -0.4 ▼ 08.5 +1.6 ▲ 137
-12 ▼ 301.6 9.517520,489.8
235.4 ▼35.9 270.1 8.5 +1.8
4 19,491.8▲
8.1 0+9 ▲
33.0 -12 ▼8.0 0 -
-Citi 6 5 19,303.8Deutsche Bank 5
123
-0.4126 33.0 -11 ▼126
238.2 7.57.4
+0.5 ▲▲Credit Suisse 7 8 16,671.7 6.9 +0.9 ▲ 32.2 +6 ▲ 230.6 7.3 +0.6
5.1 +0.1 ▲ 104Wells Fargo & Co 8 9 12,302.1▼
27.2 142.9 4.5 -0.2-0.77 12,241.8
▼5.1 -1.3
-11 ▼24.6 -20 ▼
3.9 -0.7 ▼▼
RBC Capital Markets 10 10 9,382.3Morgan Stanley 9
-20 ▼ -0.494
128.6 4.05.0158.7
75 19.6 ▼73.5 +0.1 ▲ 2,296.8 72.3 +1.1 ▲
Industry Total 241,021.1 100.0 382 -13 3,182.6 100.0
-3.3% ▼ -6.1% ▼-16.6% ▼-18.3%
Industry % Change from Same Period Last Year -9.6%
Top Ten Total 176,888.8
▼
Change in
▼Industry % Change from Last Quarter -24.1% ▼
Sh (%) # of DealsDeutsche Bank
MarketSh (%)
▲
Fees Sh (%) Share Ch.Market Manager# of Market
Top Ten Total 34,091.9 58.8 +0.9135 100.0
63.5▲ 439.9 +1.4 ▲Industry Total 57,956.1 100.0 691.6
Industry % Change from Same Period Last Year -23.4% ▼ -24.2% ▼ -20.4% ▼
-43
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
▼ -32.2% ▼Industry % Change from Last Quarter -44.2% ▼ -31.0%
0
100
200
300
400
500
600
700
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
2010 2011 2012 2013 2014 2015 2016
Bas
is P
oint
s
Spread to Benchmark2-Quarter Moving Average (Spread to Benchmark)
*Spreads based on fixed rate issues where spread information is available
0
20
40
60
80
100
120
$0
$10
$20
$30
$40
$50
$60
$70
J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND
2012 2013 2014 2015 2016
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$) # of Issues
13
*tie
11458.7119.8Top Ten Total
100.0
15 11.4 +6 +0.4▲1.6
74,302.7 204.2
% Change from Same Period Last Year
+29
▲
Industry Total
12,515.6-2.2-1.0
+8+5
▼
52,794.64.0-1.9
100.0▲
+0.5 ▲ -1.8-1.1
▼▼▼
-1.1
- 5.0
8.1▲
17.5 +7 ▲
14.9▼ 17▼
2.55.2
7.3 3.6
2.4▼
-7.7 ▼3.2 -3.6 ▼
▼▼ 6.4
▲7.4
18.9+7.4 ▲
9.315.2
+0.7
+2.0 ▲25
+22 31.9
+14+12
10.7+12 ▲▲8,317.0 11.2▼11.2 -0.4
# of
13.3HSBC Holdings PLC 2 5Citi 3 1 8,287.6
+4.7
Sh (%)Fees Share Ch.Manager
JP Morgan 1 2 9,901.9 36.8
MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)
▲
34.5
▼
# of Deals per Bookrunner
▲
Sh (%)
-29.6%
2014
+51.2
Imputed Fees (US$m)2016 Rank
2015 Rank
Market MarketChange in Market Market
39.0%
▼ +1124
Jan 1 - Dec 30
8.0
▲
MarketMarketShare Ch.
HSBC Holdings PLC 9,316.9 ▲18.2 +12 ▲
29 22.08.37.8
513,383.5
5 2
100.0
9,955.3
12.4
Sh (%)
-16.7%
7.3 +2.3
64.8%
8
▲
-1.3 ▼+1.271.1
▼5.5 ▲
-2.8+0.2
4.14.14.9
-2.0 1411.1
12.3 0Goldman Sachs & Co
6
4.09
2,966.5
203,046.8
13.2
▲
3,021.89 12.3 +4
-255.6
3,672.5
15.6
BNP Paribas SA 8 7
# of Deals42
30.721.9
▲▲
-1.5
35▲ 15
▲▲5.2 +1.4
+6.2▲
▼18 15.8 -3
% Change from Same Period Last Year 52.8% ▲
17.5 +9
-2.3-1.3
Societe Generale 10
1,833.1
81.5 ▲55.8
▲
Deutsche Bank▼
VTB Capital
UniCredit
Barclays
-0.4▼▼
▼
-1.9▼
+0.6
▼
2.8
3.0
-497
Sh (%)
+39.1▼
2.850.5
▲4.5
50.3
100.0938.1 51.2
2.7
▲
Top Ten Total 276,806.4Industry Total
-8.3849
▲+422.9 -2.0
3.5 -0.1
77
Imputed Fees (US$m)Change in
DealsMarketMarketManager
Fees# of Deals
# of Deals per Bookrunner
Share Ch.
Morgan Stanley 109.7Credit Suisse 9 11 16,072.9
14,851.2
Barclays 8 9 17,841.8
53.9
823.1 +0.5 ▲6
▼3.5 -1.2
82
3.8 -0.3+11▼
▲126 14.8 ▲
9.7 +16▼Standard Chartered PLC 7 7 17,945.8BNP Paribas SA 6 8 19,557.2 50.8
▼ 81.7Deutsche Bank 5 5 23,243.5+693 11.0
119.6 6.54.5 -2.1 ▼ 91 10.7 -32
1274.5
▼-
15.0 +32 ▲8.0 0
+0.1+40 147.0
-0.4JP Morgan 3 3 41,689.3Bank of America Merrill Lynch 4 4 32,187.6
2 2 46,264.0161▼8.1 -0.1
9.0 ▲29.8 +5322.1
▲ 143.1 7.8 -1.5 ▼8.6
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Emerging MarketsAll International Emerging Market Debt Up 53% l EMEA Emerging Market Up 24% l Latin America Emerging Market Debt Up 80%
Jan 1 - Dec 30EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m)
▼4.911,397.54 6 -0.6 ▼5.4
https://www.thomsonone.com
14.6 +20 ▲ 61.1 6.5 ▲75 +1.7▲
5.6
-4.0 -1.534.4+4.5 ▲ -1.3
12.3
8.2
▲
▼+2 ▲ 9.536.1 37.293Standard Chartered PLC 3 3
▼3.9▲
Bank of America Merrill Lynch-2.1 ▼-1.353.42
18.1+0.7 ▲ 36 27.3
32 24.2-5.6 ▼+8
▼+2.8
33.3-0.86.515,069.7 19.399
HSBC Holdings PLC
Bank of America Merrill Lynch 3 1 12,594.8 10.5Citi 2 3 14,789.0 -0.5 ▼ Citi 2
▲+20 57.2 9.567.4▲
Share Ch.13.0 30.3
Deals Sh (%)+1.9 ▲ 40 +18 ▼
Fees Sh (%) Share Ch.-2.1▲
# of Deals8.580.8▼ 21,798.8 9.5 -2.1
DealsSh (%) Share Ch.▼ 171
MarketMarketChange in ManagerBookrunner Sh (%)
▼-17.8% ▼
-1.8
76
% Change from Last Quarter
▲▲19.0
Asia-Pacific Emerging Market Bonds (L4)
▼ 253
Market
157.8
4 41* 5,268.3
188 +37
Proceeds per Bookrunner (US$m)2016 Rank
2015 Rank
MarketShare Ch.Bookrunner Proceeds Sh (%)
Market
7.13 4,170.8
-3.1-4.0
4 4,141.45.6
+6.9
+0.1
# of
HSBC Holdings PLC 1 1 47,153.1 9.2Sh (%)
▼
-0.8
Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
Latin America Emerging Market Bonds (L3)
▼
% Change from Last Quarter
Citi
6.3
ProceedsBookrunner # of Deals
Jan 1 - Dec 30
FeesMarket Market # of Market
JP Morgan 1 4 15,516.2
ManagerImputed Fees (US$m)
2016 Rank
2015 Rank
9Santander 4
▲22.6 0.9BBVA 6 8 8,679.9
23.5+2.5 ▲
3.1 +0.9 ▲23.5+5 ▲
▲15.215.2 +9 ▲208 7 6,709.8 5.6
207 6 7,478.1 ▼
-5.5 ▼Morgan Stanley 9 5 5,038.2 4.2-1.0
6.3 -0.9▼Credit Suisse
Deutsche Bank
18 13.6 +4 ▲ 18.3 7.1
71.1BNP Paribas SA 10 10 4,219.7Top Ten Total 94,297.9
8.3 +23.5 +0.3 ▲ 11
105.9%
328.0+1.2 ▲Industry Total 119,579.3
▲% Change from Same Period Last Year 79.8%
100.0 132 +4264.94.7 -3.0
7 9JP Morgan 6BNP Paribas SA
4
▲▲ 10.5 ▼
+0.2
▼100.0
-0.3468.6
Imputed Fees (US$m)
+1.0 ▲
2016 Rank
2015 Rank
1 1Proceeds
MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner
Bank of China Ltd 5 7
Market # of Market
11,385.8 4.9-2.19,141.1
17.3 +16▼ 634.0
+0.4 ▲5.0 -0.6 ▼
89-12
40.8 4.312.3
▼56 10.9 -3 ▼ 24.1 -1.5Deutsche Bank 8 5 6,953.5
2.57,114.6 ▼3.1 -0.64.9
47.6▼
▼ 46.13.0 -3.1 ▼ -39 -1.8 ▼3.0 +0.6
45 8.8▲ +0.4 ▲64 +23 ▲UBS 9 13 6,874.5 41.5 4.4
2.9 +0.5 ▲ 48 9.4 +8 2.712.5
▼Top Ten Total 108,998.7 47.2Barclays 10 15 6,747.6 -0.1▲ 25.7
230,584.5-9.6 ▼ -7.0 ▼
513 100.048.3458.3
% Change from Same Period Last Year 20.3% ▲
+104
25.4%
Industry Total
▼ -21.8% ▼ -21.9% ▼▲ 34.1% ▲
947.2
Middle East Emerging Market Bonds (L5) Jan 1 - Dec 30
% Change from Last Quarter -35.5% ▼ % Change from Last Quarter
Market
100.0
Imputed Fees (US$m)2016 Rank
2015 RankBookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market # of Market
# of Deals per Bookrunner
1 8,248.9
MarketSh (%) Share Ch.# of Deals Fees
Change in ManagerShare Ch. Deals Sh (%)
9.4 -6.4 ▼ 31Sh (%)
▼Citi 2 2 8,097.5 9.2 8.3
8.5 -6.2▲ 17.7+0.7 ▲
35.6 +13
JP Morgan 3 4 6,835.5
1HSBC Holdings PLC
14▲18 20.7 +8 ▲ 17.2 +2.1▼4.5 -6.3▲
+5.4Bank of America Merrill Lynch 4 25 5,186.99.3
+5.112.6 +5
▲16.1 +87.8 +0.1 ▲
5.9 ▲8 9.2 +6 ▲ 12.3 5.9▲11.2 5.4 +1.5▲
+0.92.415 4,670.5Barclays 7 8 4,574.9
5,113.4+3.3
08▲
+1.2 ▲
- 119.2 +4 ▲
BNP Paribas SA 5 65.365.8
Deutsche Bank
▲ +4.413.8 +8
Mitsubishi UFJ Financial Group 8 - 4,356.6125.210 11.5 +10 ▲5.0
5.7▲ 11.84.4+5.0
13 6.2▲ 12.8-5.6
14.9 +12 +5.322 ▲
Mizuho Financial Group 9 26* 4,233.7 +4.1 ▲4.8
87,628.6
4.5 -3.63
100.0▲62.9
+725.3Top Ten Total 55,288.8Standard Chartered PLC 10 3,970.9 ▼
+9.5
% Change from Last Quarter -13.6% ▼% Change from Same Period Last Year 332.2% ▲
Industry Total
34.1% ▲ 47.4% ▲50.0% ▲ 8.2% ▲
9.0▲
4.9▲
2.5
▲+3.4
5.2
▲
-50.0% ▼ -60.7% ▼▲
207.1
▲
100.087
345.4%
+38
77.6%
53.8▼▲+4.9111.4
24.2%-4.0%
▲388.9% ▲ -49.0% ▼ -17.1%
83.3% ▲
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Jan 1 - Dec 30All International Emerging Market Bond Volume by Industry (US$b)
$198.2 39%
$175.9 35%
$55.4 11%
$21.4 4%
$18.4 4%
$0.9 0%
Financials
Government and Agencies
Energy and Power
Healthcare
Industrials
Real Estate
Materials
Consumer Staples
Consumer Products and Services
Retail
Media and Entertainment
Telecommunications
High Technology
14
Global Brazilian Debt Volume by Sector Full Year
▼▼
https://www.thomsonone.com
-45.0% ▼ -30.0% ▼ ▼▼ -68.5%
-55.2%
100.0
-33.7% % Change from Same Period Last Year -54.9%-68.0% ▼ -38.2%
-29 100.0
▼% Change from Last Quarter
-289.4▲9.4
-40.0%
5,027.2
▼▼% Change from Same Period Last Year -54.9%▼ 8.3% ▲
47
% Change from Last Quarter
Industry Total+2.091.0
100.0 55
-516.4
4,839.2100.010.1 Industry Total
9 -4.4 ▼-5235.8+1.3 ▲4,403.6
▼91.0-1.610.186.1 -0.5
Imputed Fees (US$m)
▼.5 4.9
83.5
.4
Market Market
-4.3▼ .5
46.9%
-1.2 ▼
# of Deals per Bookrunner
▼ Top Ten Total5
-1▼ Grupo Financiero Banorte-Ixe 10▼
▼4.9 -2.74.1
4.55 9 19.14.7 -2.6
100.0
272.29 19.1
-1.4
-12.06.8 -11.5
Change in
Grupo Financiero Banorte-Ixe 104,327.7Top Ten Total
235.8
-35.7%
▼Inversora Bursatil SA de CV 9 270.4 5.6 -0.1 ▼5.4 -0.1 16.4 -1
▼▼-5.6 +0.9
▼
▼-6.6 ▼-24
Inversora Bursatil SA de CV 9 63.8 -1.2▼5.4 ▲
6 270.4
▼
▼ 9 .47 272.2
138.5
0-1.4- .3+0.8 ▼3.4 8 17.0 .37▲ 8 8014.5.5 5.4317.9 6.6 -6.9
3.715* 280.1 ▼+4.1▲ .5
▼-27+9 ▲4.5 9 19.1
.6 6.9330.8Citi 7 3▲ 105.6 18.2
Manager
▼-6.5▼ .5 10▼+10
-25 ▼23.46.6 ▼ .6
6.3 9 21.3
19.1
3 317.9 -7.1▼ 9 ▼
Bank of America Merrill Lynch16.4 -28
+13.1 ▲
16.46
+4 ▲
Casas de Bolsa Bital, S.A.
Casa de Bolsa Inverlat
11Citi 6 25.1
+4.9
-11.42 330.0 .6 5.8
7
Casas de Bolsa Bital, S.A. 5 355.1 7.3 +6.615* ▲+2.9 ▲
▲ +5.3 ▲5.8355.8 7.4 8.3▲
-11.1 6.49.8
Casa de Bolsa Finamex SAD de C▲ 94
3 1.6 16.77.1 +2.8 7.7 +2.6 +2.9Bank of America Merrill Lynch 4 9 ▲ 9 +4355.8 16.4 ▲
Corporacion Actinver Sab de CV ▲ 13 27.712.0 +7.7 ▲ 13 12.5 +8.0+1.6
+12.1- 1.6+2.2 ▲-2 ▼
3 81.3 13.5
15.5▲ 16 34.0
0 -603.4
-15 ▼+2.6 ▲ 28 59.629.1 -2
8 603.4625.0 12.9
23.6 0 ▲ Corporacion Actinver Sab de CV
-0.1 ▼
▲ Santander 2 42.0 21.7 +4.0 ▲
Casa de Bolsa Finamex SAD de CCasa de Bolsa Inverlat 8
▲
3.4 +0.1
▲ 1612.4 +2.1
Sh (%) Share Ch.
4 625.0Santander 2 12.5 +1.3▼ 1.3
# of Deals Fees1 1▲ 28 1,037.4 21.4
Sh (%)▲ BBVA1 1,037.4BBVA 1 ▼ 2.0 20.1 +3.150.9 -16
% Change from Last Quarter% Change from Same Period Last Year
Market2016 Rank
31.5% ▲-29.6% ▼
Domestic Mexican Debt (MX3)
-20.0%
2016 Rank
2015 Rank Bookrunner Proceeds Sh (%) Share Ch.
2015 Rank
76
Deals Sh (%)
-42.1%
Market# of Deals Fees
20.6 +2.1
# ofSh (%) Share Ch.
Jan 1 - Dec 30
Proceeds per Bookrunner (US$m)
Share Ch.Market
▼
BookrunnerMarket
▼
MarketDealsProceeds
Market MarketSh (%)
# of Market
Global Debt in Mexican Pesos (MX2) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager
-72.8%
▲ 108.6Industry TotalTop Ten Total 33,427.6 74.9 +0.6
▼ 5
44,665.2 -19
3.3 -1.3
100.0
+2 ▲78.5 +5.7 ▲
▲ 4.6Barclays 9 8 1,699.3 ▼
6.6Deutsche Bank 10 10 1,485.5
▼ 11.57.9 -13.8 -1.3 3 3.9
▼ 63.1 -1.1 ▼0 - 4.38.3
▲ 8HSBC Holdings PLC 8 5
+42,247.9
10.55.0 -3.8
Credit Suisse 7 9 2,918.8 6.5 +1.9▼
8.1 +4.3 ▲▼ 7.9 5.7 -3.2▲ 11.3
-4Santander 6 4 2,991.0 6.7 -2.3 ▼ 19Morgan Stanley 5 3 3,073.6 ▼
25.06.9 -2.3
16.911.8 +6+5 ▲ 7.5 5.4 -1.8 ▼10 13.2
9 12.2 +9.5 ▲▲16
JP Morgan 4 18Bank of America Merrill Lynch 3 6
▲11.7+2
4,319.321.1
9.7 +8.44,583.8 10.3 +1.9 ▲
-0.3 ▼8.5 -1.4 ▼
▼ 15.1 10.9 +0.9▲
▲▼ 17.8
-1212.9 -1.5 ▼
46.1BBVA 2 25,114.1 11.5 -0.3
354,994.3 11.2▼ 19 25.0 -22Citi 1 1
Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2015 Rank
Market Market # of Market
% Change from Last Quarter
Jan 1 - Dec 30
2016 Rank
# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market
32,550.0 100.0
Proceeds per Bookrunner (US$m)
▼
92
Global Debt by Mexican Issuers (MX1)
-75.0% ▼ -65.7%304.9% ▲-71.4% ▼
% Change from Same Period Last Year 152.4% ▲ 16.5% ▲
Industry Total142.8 91.2
+13 156.7 100.0Top Ten Total 30,213.2
▲93.0 +7.6 ▲ +21.7 ▲
730.65.4 -12.0 ▼ 5
-7.5▼ 5.7 +1.9Citi 10 6 634.8 -6.3 3.6
▼2 2.2 -2 ▼ 4.7 3.0▼ -4.7▲7.6 +5 ▲ 10.37 6.6 +1.9-2.0 ▼
7.7
2.2Morgan Stanley 8 7 857.9 2.6Deutsche Bank 9 3
▲HSBC Holdings PLC 7 10 1,491.7 4.6 +2.4 ▲ -5.7 ▼10 10.9
25.0 -6 ▼ 11.023+5 ▲ 12.0
Itau Unibanco 6 2 2,435.3 7.0 +4.47.5 -10.0 ▼
8 9.8 +5.1+2.6 ▲ ▼8 8.7 +6 ▲ 12.7 8.1 -2.5
▲8.7 +4 ▲ 15.3+8.5 ▲11.4
Bank of America Merrill Lynch 4 8 3,884.2 11.9JP Morgan 5 5 3,695.2
+11.1 ▲ +11.6 ▲+16 ▲ 19.7 12.613.6 +4.1 ▲ 23 ▲
Banco do Brasil SA 3 9 4,377.4 13.5▲ 22.7 14.5 +6.2
19 20.7
+4.7 ▲ +3.5Santander 2 4 4,424.4
18.325.0 +13
Fees▲32 34.8 +15 ▲ 28.7
Sh (%)Manager Market
Share Ch.Banco Bradesco SA 1 1 7,681.7 23.6
Sh (%) # of DealsBookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Market
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Emerging Markets - Latin AmericaDomestic Brazilian Issuance Up 12% | Domestic Mexican Issuance Down 55%
Change in 2016 Rank
2015 Rank
Market
All Global Debt by Brazilian Issuers (BR1) Jan 1 - Dec 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Domestic Brazilian Debt in Reals (BR2) Jan 1 - Dec 30
Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank
2015 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.
Banco Bradesco SA 1 1 29,339.1 51.9 +15.2 ▲ 34 21.9 -12 ▼ 19.0 48.2 +15.4 ▲Itau Unibanco 2 2 8,644.9 15.3 -12.7 ▼ 33 21.3 -26 ▼ 6.9 17.5 -11.3 ▼Banco do Brasil SA 3 4 5,426.6 9.6 +4.4 ▲ 13 8.4 +4 ▲ 4.2 10.7 +4.9 ▲Santander 4 3 5,183.1 9.2 -2.5 ▼ 19 12.3 -6 ▼ 3.7 9.4 -1.1 ▼Banco Votorantim 5 12 2,604.8 4.6 +3.7 ▲ 14 9.0 +10 ▲ 2.0 5.1 +4.2 ▲BNDES 6 - 1,448.6 2.6 +2.6 ▲ 1 0.6 +1 ▲ 1.5 3.8 +3.8 ▲Banco Safra SA 7 14 1,250.0 2.2 +1.4 ▲ 5 3.2 +3 ▲ .8 2.0 +0.8 ▲HSBC Holdings PLC 8 5 1,031.8 1.8 -2.1 ▼ 27 17.4 +19 ▲ .5 1.1 -2.0 ▼Citi 9 8 430.0 0.8 -1.0 ▼ 2 1.3 -1 ▼ .2 0.6 -2.1 ▼Banco BTG Pactual SA 10 6 360.1 0.6 -1.8 ▼ 4 2.6 -12 ▼ .2 0.4 -1.7 ▼Top Ten Total 55,719.0 98.6 +7.2 ▲ 39.0 100.0 +10.9
100.0▲
Industry Total 56,527.3 100.0 -98 39.3155
-52.0% ▼% Change from Same Period Last Year 11.6% ▲ -51.0% ▼ 26.4%
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
▲% Change from Last Quarter -33.5% ▼ -33.3% ▼
0
40
80
120
160
200
240
$0
$10
$20
$30
$40
$50
$60
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
US$(m) Securitized Debt
Junk Rated Debt
Investment Grade Corporate
Agency, Supranational, Sovereign
# of Issues
15
**Includes CDs and CPs
**Includes CDs and CPs
432
61.6%
2.1
100.0
▲
# of
▲4
2.4
Industry % Change from Last Quarter -37.4% ▼
Top Ten Total
+1.5China Securities Co Ltd
Bank of China Ltd
Guotai Junan Securities
▲
2
83.8▲
748
41,773.3
China Merchants Bank ▼ 4.9
1,722,505.0▼
▼▲
2.1
28.6% 45.5%-30.7% -40.8%
+0.1
+1.1-1.0
325
212
+3.1
▲ 258
-0.9
-0.6 520
▲
▲
▼
▼
+116
Agricultural Bank of ChinaBank of Communications Co Ltd 5 5
669
4
Industrial Bank Co Ltd 73.0
1
100,937.0 5.9
3.0
6.2
50,803.1
▲
120,174.5118,580.3
+1.2 8.16.9
+0.4 ▲ 9.8
FeesSh (%)+431 -0.5 ▼
-0.9137.5
3.3▲3.4
Sh (%)
▼+0.8
+0.5 ▲
▲ 10.2
880 10.0+396
895Deals
133.2865
Market MarketMarket Manager
7.1
Market # of# of DealsShare Ch.
▲ 146.7
106.4
+422114.0 2.8▲
+406+344
▲
Share Ch.
▼▼-1.5
▲
217.72.6
3.6
4.0▲▲
8 19
8,798 4,041.4+1,954 100.032.3
▲
Market
+1.1▲+202+160
161.9
-2.3
3.3
▲ 72.0
Market Change in
https://www.thomsonone.com
134.5+70
5.9 ▼3.7
51.3446.0
33.6%
Jan 1 - Dec 30
# of Deals per Bookrunner Imputed Fees (US$m)
▼-22.1% ▼37.7%
51.2 -8.5
-21.8%▲ ▲
217,349.0
18.9%
+110▼▼Top Ten Total 111,039.1
+0.3
Industry Total
▲
-5.7402
8.53.5
▼
872.0 100.0
▼ 30.73.2 -1.5 ▲34 11.7 -1 ▼3.2 +0.6
+0.8 ▲ -1.1+28 ▲4.8
43 16.2 46.6UBS 9 14 7,040.8 -1.2Deutsche Bank 8 6 7,159.2 5.4
▼ 41.7-465
▼10.7 -28 ▼ 22.2▼
-1.3▼ 50 2.6
15.4▼▲ 48.8 5.6
3.679+0.2 ▲ 12.4 ▲+3 ▲ +0.94.639.8
▼-8+1.1 ▲ 62 -0.2
▼ ▼ 36.7
Share Ch.
6.3 +1.6
19.7 +21-2.94.2
7385
▲21.1 +16 ▲ 59.3 6.8
Asian G3 (US$, Euro, Yen) bond offerings in 2016 reached US$217.3 billion from 402 issues, up 18.9% from 2015,representing the highest annual proceeds on record. China, Hong Kong and South Korea were the top threedomiciled issuers, capturing 41.6%, 18.8% and 11% of the Asian G3 market respectively. G3 High Yield CorporateDebt posted a 67.6% uptick from 2015, with total proceeds at US$21.9 billion from 70 transactions.
Asian local currency bond offerings raised US$1.7 trillion from 8,798 issues, up 61.6% from proceeds raised a yearago and the highest annual volume on record. Transactions from the Government & Agencies sector amounted toUS$705.9 billion, a 177.4% increase from 2015. Chinese Yuan-denominated deals captured 86.3% of the Asian localcurrency market, with US$1.5 trillion from 4,366 transactions, posting an all time high volume.
According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market amounted to US$872 million in 2016, posting a 33.6% increase from 2015. Estimatedunderwriting fees on Asian local currency bonds (ex. Japan, Australia) reached US$4 billion in 2016, up 45.5% from ayear ago.
MarketManager
1 144+17+2
Market
88
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Asia DebtAsian G3 and Asian Local Currency Reach Record Highs l Chinese Yuan – Top Local Currency
Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Dec 30
Sh (%)
Market
▲
Imputed Fees (US$m)
14,104.5 -2.477.5 ▼
4.9▲18.2
Fees
-1.9
▲ 42.7
Deals
+0.1
# of Deals per Bookrunner# of
▼-0.6
Share Ch. Sh (%)
Change in
# of Deals
Market
21.9
Proceeds per Bookrunner (US$m)
-3.1 ▼21,322.6
2015 Rank
HSBC Holdings PLC
5
78
2
1,382.5 -2.13
▲-0.71.8
+2.2
+3.8
36,017.0
6.3
2015 Rank Sh (%)
786,896.4 45.9
Industry % Change from Same Period Last Year
2
HSBC Holdings PLC
▼
2.4+2.0+176
8.5 +0.2
-0.9
2.9
1,307.7
910.4
JP Morgan
910
7
-37.5% ▼
Jan 1 - Dec 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
1,471.0
1
1,510.17.2
2,028.0
7.0
Sh (%)
Proceeds
2.3
105,986.9
51,096.4
39,913.3
3
▲5.4
Proceeds
-0.2 ▼▼-0.9
1
▲
9
3Citi
Market
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
JP Morgan 4.95.6
10,317.2Bank of China Ltd
52
2
12,146.313,607.0
2
65
Sh (%)Bookrunner9.81
Proceeds
4Standard Chartered PLC
6.5
2016 Rank
Market
▼-1.2
Industrial & Comm Bank China
3.3
100.0
▼-17.8%
2015 Rank
7
Bank of America Merrill Lynch
China Construction Bank 121,614.6
8
717
Industry Total
8.9
43 10,691.6
4.8
CitiStandard Chartered PLC
6
2016 Rank
Goldman Sachs & Co 10
All Asian Currencies (ex-Japan ex-Australia) (AS1**)
Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)(AR10)
Bookrunner
10 7,709.8
t Includes Asian Development Bank issuance
3
BNP Paribas SA
CITIC
7 6,940.1
▲
-2.4
10
1614
Proceeds per Bookrunner (US$m)2016 Rank
-0.1
Top Ten Total
Guotai Junan SecuritiesBank of China Ltd
21,875.6
-0.3
15975.8
9-4.7
935.2
100.013,136.6 60.1
4.2
6.9Deutsche Bank
3 11
7 1,332.8
4
4
Credit Suisse 9.31,575.8
18.6▼ 34.3
6.7
+1.4Bookrunner
5UBS
6Bank of America Merrill Lynch
Change in # of DealsShare Ch. Deals
19 27.1 +10 ▲
MarketSh (%)
▼▲9.4
27.6+1.0-0.1
28.6
MarketSh (%) Share Ch.MarketManager
Fees
9.0▲
▲ 30.5 10.0 +4.4+7+6 26.9▲ +5.0▲ 13+12
21.4
▲
▼ 15
248.8
▼6.5▼-3.015.5▲
5.1-0.420.0
▼
+7
+14▲
+5
27.1
19
▲ 1111
6.1 -0.4 11 15.7+3.21,015.0 ▲
▼ +1 ▲▲
15.8▲ 19
4.3 +2.14.54.6 +2.5
27.1
▲5.2
12.9
▲▼▲+1.0
-5.6
▲
+6.2▼ 11 3.4▲ 65.1
10.4015.7 -
▲+64.215.73.510.8
▲+0.715.7
199.0+4.4305.1
Industry % Change from Same Period Last Year 67.6% ▲ 70.7% ▲
Industry Total 70
▼
Full Year
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Asian Corporate Bonds Imputed Fees (US$m)
-35.2%89.2%
100.0+29
▼▲
Industry % Change from Last Quarter
Dim Sum, Panda and Formosa Bonds (ex self-funded)
-41.2%
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Chinese Yuan U.S. Dollar All Other Currencies
-10
10
30
50
70
90
110
0
3
6
9
12
15
Jan-
14Fe
b-14
Mar
-14
Apr
-14
May
-14
Jun-
14Ju
l-14
Aug
-14
Sep
-14
Oct
-14
Nov
-14
Dec
-14
Jan-
15Fe
b-15
Mar
-15
Apr
-15
May
-15
Jun-
15Ju
l-15
Aug
-15
Sep
-15
Oct
-15
Nov
-15
Dec
-15
Jan-
16Fe
b-16
Mar
-16
Apr
-16
May
-16
Jun-
16Ju
l-16
Aug
-16
Sep
-16
Oct
-16
Nov
-16
Dec
-16
# of
Issu
es
US
$ (m
)
Dim Sum Panda Formosa # of Deals
16
Citi ▲
RBC Capital Markets
68,937.9
Nomura
-10.9%
Top Ten Total
▼-17.3%-9.0%
-12.1%▼27.4%
Lloyds Bank
7
▼ ▲
+1.5-13
▼
▼2
3
20.837
8
9,110.49,388.7
3,272.5
Australia Deals Intelligence
1Commonwealth Bank of Australia
2,777.010
4,829.5
4
Industry % Change from Same Period Last Year
100.0
TD Securities Inc
JP Morgan
Industry Total
Credit Suisse
2
1
All Australian Debt (ex self-funded) (AJ3a)
Sh (%)
▼
89.52,777.0
Industry % Change from Same Period Last Year
9
10 11 266.4 1.2311.0
2
Industry Total
9 -
7
8 7
Deutsche Bank
9
▼▼2.1
▼ 5.7
10.95.9
3.8▲70
36
38.8-13
21.6
▼16.3
78
55
Deals
61▼106 +17
61
18.1 +1.537.0 ▲31.5
-12 13.0
-0.380.3
-0.3
-17 ▼
▼
Jan 1 - Dec 30
▼
-
-2.3 ▼▼-1.3
-3.20
▼▲10.5
▼
2.0
Full Year 2016 | Debt Capital Markets | Managing Underwriters
11.6
▼
100.0
100.0
Jan 1 - Dec 30
+1.6
▼
▲
2.1
▼
5.2
▲5.7
+19
▲
▼
4.4
-1.3%
194.1
▲
35
+261
-712.411.7
23.4
299
▼
▼
-11-8 28.0
5.7
Market
▲
Australia Debt
▼
81,211.3
Industry % Change from Last Quarter ▲3.1%11.6% ▲
241.6100.0
▼+0.7 ▲▲ .5 1.2-0.9
2
https://www.thomsonone.com
-43.5% ▼ -33.5%-19.3%
75.0% ▲▲
+1
+0.9 ▲72,597.0-1.5
▼▼
3710
4,829.5-1.0
3.4
6.0 +0.82.3
5.9 2.58 3,272.5 4.0
Citi ▲70
5,515.1 6.8 17+2.4▲
52 17.4Westpac Banking -0.5 ▼National Australia Bank 6 4 ▼6,710.9 8.3
11.0 44
-2.55 3 8,442.7 10.4 45
-1.9 ▲-15 ▼ 27.8 11.5 +0.815.114.7
13.1-13 31.8
11.2 50 -12▼
+1.7▲ 16.7
-212.0+1.7
8.9▲6.9▼ 16.6▼▼ -0.521.6
+0.1
▲▲ 36
1 12 5 11.6
13,612.3 16.8Sh (%)
31.895 17.0 ▲+4.841.0▲+23Share Ch.
Jan 1 - Dec 30
MarketSh (%) # of Deals FeesShare Ch. Deals
# of Deals per BookrunnerChange in
Imputed Fees (AU$m)Market
Proceeds per Bookrunner (AU$m)Manager
Bookrunner Proceeds Sh (%)2016 Rank
2015 Rank
Market
145.2%Industry % Change from Last Quarter-15.1% ▼ 2.6%145.3% ▲
+1.7
22,373.6 100.0 39 +1 45.7Top Ten Total 21,698.3 97.1 -1.4
1.11 2.6 +1 ▲ .5+0.8 ▲ 5.1
▼-4 ▼ .7 1.4+1.1 ▲1.4 +1.4
-3.4 ▼ 5.1▲
326.0 1.5 2-4.2▼-4.2
-0.8 ▼-2 ▼ 1.3 2.93 7.7+0.1 ▲-1 ▼ 1.5 3.4
Citi 7 8 557.9 2.5-2.4 ▼ 12.86 6 769.1 3.4 5
-1.3 ▼-1 ▼ 4.3 9.3-0.6 ▼+2 ▲ 6.7 14.7
9 23.1Westpac BankingMacquarie Group 5 5 1,533.4 6.9 -1.8 ▼
-0.4 ▼ 43.64 3 3,205.2 14.3 17+2.0 ▲-5 ▼ 7.3 16.1
+5 ▲ 9.7 21.21811
46.2Commonwealth Bank of AustraliaANZ Banking Group 3 4 3,671.0 16.4
2 5,273.0 23.6225.91
28.2+2.0
Share Ch.▲+2
+2.6 ▲▲
+4.1 ▲
# ofProceeds
Market
5,785.3DealsSh (%)
+0.6 27
Market Market MarketMarket Change in
11.8 25.8# of Deals
69.2 +1.4
All Australian Securitization (ex-CDOs) (AJ4)
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2016 Rank
Imputed Fees (AU$m)
Share Ch. Sh (%)▲
ManagerSh (%)
-17.9%-13.0%
▼▼
100.0
Fees
Market# of
+0.7
-1.13.24.7
+1.6
284.390,949.1 ▲
35
+30
2.79
Westpac Banking
ANZ Banking Group
4
CitiTD Securities Inc 8Nomura
▲
Industry Total
Imputed Fees (US$m)
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)
# of Market
HSBC Holdings PLC 2 3 7,334.712.4
ANZ Banking Group
Deutsche BankCommonwealth Bank of Australia
+7
RBC Capital Markets 109
33# of Deals
22.8 +9
Top Ten Total
UBS
10.0 +2.7 ▲ 36▲
19.528.2
▲National Australia Bank
Manager Market Market
1Sh (%)Fees
+4.6
29.4% ▲
All Australian International Bonds (AJ7) Jan 1 - Dec 30
BookrunnerSh (%) Share Ch.2016 Rank
7 10
Change in # ofProceeds Share Ch.Sh (%)
2015 Rank
9,261.4 12.6 +3.4
-33.3% ▼▲▼ 9.8%
# of Deals per Bookrunner
Deals
337100.0102,561.0
-13.0%
10.4▼88.8 +1.9
▼-0.6
▲80.8▼
+0.5-17
229.7-1.21.8▼ 5.2
▼
-2.011.0-0.3
-7+19-16 +0.65.3
+1.0 ▼
▲▲ 10.7
18-2 ▼
▲
3 ▼-723.1 ▼▲38.0
13.7+0.118.1
0 -UBS
9,879.511.3
Deutsche Bank 6.418.27.6 -0.5
7
59.29.6
6 9,388.75.6
5
8 5,711.4
National Australia Bank 34
6
Sh (%)
11.814,117.8 13.8
-2.113.4▼-0.411,554.8
-0.8▼
17,283.3
12,134.6
▲Proceeds
Australian International Issues Down 9% | Australian Dollar Bonds Down 11%
Bookrunner
Proceeds per Bookrunner (AU$m) Imputed Fees (AU$m)
16.9Share Ch.Share Ch. # of Deals
ManagerFees
Change in Sh (%)
Market
17.0 ▲
▼
Market
20.9
7,276.4 -9.5
Market Market
8.6 +2.225 -3 23.6
▲
▲-1 7.6 +2.3
Bookrunner
JP Morgan ▼3 1
1 2
2015 Rank
Proceeds per Bookrunner (US$m)
10.4
▲ 22 15.514
15.84 5 6,815.6 ▲
9.9 -3.5Bank of America Merrill Lynch
7.2 +3.5 +11+4.710.6
13.98.9 +1
6.824.2▲
163.47.7
9.3 +3.8
▼ANZ Banking Group
▲▼10.1
13
+3.7Morgan Stanley 5 11 5,287.7Goldman Sachs & Co 6 4 4,713.4 6.4 -0.5
8 8-5
▼
5.15.27 8.23,794.4 ▲9 +0.8
4.53,761.4
▲
+11.6
+1.64.5+1
+0.772.0
▲3,331.4
54,420.8+2
-▲
+1.0 6.39.515
Industry Total
7.6▲ 12
100.0
+0.92,844.4
+34▲
158
Commonwealth Bank of Australia 9UBS 10
74.173,478.7
Industry % Change from Same Period Last Year
▼
+2.1
▲
▲
National Australia Bank
▼
▲▲
+12.6
Industry % Change from Last Quarter -63.0%
227.9
17.4+1.2
▲▲
163.9
7.24.5 ▲
10.33.2
10.3▲
+0.512
44.3 90.5
Market
+4.648.4
▼
-2.3
2015 Rank
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-46.7%
Australian international debt offerings in 2016 totaled US$73.5 billion from 158 issues, a 9% decline from 2015.Investment Grade deals amounted to US$70.3 billion from 150 transactions, down 2.2% from the previous year,capturing 95.6% of Australian international debt issuance.
Australian Dollar bonds (excluding self-funded) proceeds in 2016 reached AU$102.6 billion from 337 issues, a 13%decrease from 2015 - the lowest annual proceeds since 2009. Government and Agencies issues registered A$48.8billion from 199 deals, which, although down 49.2% from 2015 totals, drove market activity, accounting for a 47.5%share.
According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from AustralianDollar (excluding self-funded) bonds in 2016 totaled AU$284.3 million, down 17.9% from 2015. Estimated fees fromAustralian international bond offerings in 2016 totaled US$227.9 million, down 17.3% from fees earned a year ago.
All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) Full Year
Top Ten Total
Market2016 Rank
# of Deals per BookrunnerMarket
15
▲010 +0.1
3.9
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS
17
*tie
Japanese Yen denominated bond activity reached JPY21.9 trillion from 1,101 deals during full year 2016, an 24%increase compared to 2015. According to Thomson Reuters/Freeman Consulting, estimated fees for Yendenominated activity totaled JPY81.5 billion during 2016, up 20.9% from 2015. Japanese Corporate Bond offerings totaled JPY10.5 trillion from 506 deals during 2016, an increase of 55.4%compared to a year ago and the highest annual volume since the JPY11.7 trillion recorded in 2009. Financials sectorissues posted a 216.3% increase from year ago figures, to total JPY3.2 trillion from 75 transactions.
Samurai bond proceeds for 2016 totaled JPY1.3 trillion from 38 deals, a 38.2% decrease from a year ago and thelowest annual period volume since the JPY673 billion recorded in 2006. The deal count was also the lowest totalsince 2006, with only 38 deals announced during 2016, a 52.5% decline compared to last year.
Japanese Corporate Debt Volume by Industry (¥ Billion) Full Year 2016
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▼
-12
23.4%
94.4100.0
+3 ▲
16,549.915,595.1
426.8 2.6
6.31,036.1▲
Japanese Securitizations (AP2)
▼▲
▼
Market
7,378.7
-8
Imputed Fees (¥mil)Manager
# of Deals per BookrunnerChange in
▲
1.01.7
-7.1%▼
38 3,778.4
7.9 ▼
3,778.3▲ 100.1
-8.4
Sh (%)Fees ¥mil
▼4.6 11.6
2.8
# of Deals
3.78
Market
▼83.3% ▲
-30.3%
-25 ▼
40.0
104.1+2-30
+273.0
-23Sh (%)
71.1
▼-1
Fees ¥milChange in
▼55.3
Market
21
30,000.0 ▲▲▼
5
312,120.0
+3.1▲
▼
13.2
2610.5468.4
Deals
Manager Market
-6.1%
# of
19.6
63.2
# of Market
Sh (%)
73.7 ▼-23
100.0
1.1
Jan 1 - Dec 30
-31
0.7 -477,124.1
703.3▼94.3 +2.2
20.9%
81,468.3
14.8%
1,101
▲▲
2016 Rank
2015 Rank
Proceeds MarketProceeds per Bookrunner (¥mil)
MarketBookrunner
2016 Rank
2015 Rank
20,634,490.7Top Ten Total
Proceeds¥mil
Mitsubishi UFJ Morgan Stanley3,187,979.1
▼-34.5%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
100.0
▲▼
24.0%-41.9%
# of Deals per Bookrunner Imputed Fees (¥mil)
Samurai Bonds (AP1)
-0.4
Industry Total +142
Sumitomo Mitsui Trust Holdings 10▲
8
100.0+2.1
Mitsubishi UFJ Financial GroupTokai Tokyo Financial Holdings 8
6 195,679.9
21,878,491.7
9 ▼24 2.2 -1 ▼ 716.2▼
-1.2 ▼8 205,701.4▼-1.8
0.90.9
251.610 220,789.9 1.0
▼341,644.5 -0.29-0.3
12,021.9▲
891.9
442.3 -125.965
1,004.4▼
+49
Share Ch.665▲
16,754.0▲+127
41.0451▲ ▲+3.420.6▲ 22,088.1
Share Ch.Sh (%)5,771,565.7
Imputed Fees (¥m)Market Market
# of Deals Fees ¥milDeals Sh (%)Manager
# of Deals per Bookrunner# of
Mizuho Financial Group 1 1
Change in Market Market
60.4Sh (%)Market
Bank of America Merrill Lynch
Daiwa Securities Group Inc 5
7Goldman Sachs & Co
Nomura
6
4-0.4
2 4,509,059.1Sumitomo Mitsui Finl Grp Inc 3
2 +2.920.64 14.6
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Japan DebtJapanese Yen Denominated Bonds Up 24% l Japanese Corporate Bonds Highest Since 2009 l Samurai Bonds Down 38%
All Bonds in Yen (AP5) Jan 1 - Dec 30Japan Deals Intelligence
421,906.6 1.9
-1.23,133,708.4 14.3-1.32,646,456.15
7
▼ +82▲▲
12.140.9
▼-0.3
426 38.7
▼407450
12.64.0 +9
10,241.6
▼ 14.8 -1.0
1.7 -
+5.9
▲37.0 +51
+67
-1.1
26.4
11,339.8
1,362.9
27.1
▼
-2.0
▲+5.4
▼
-0.2
13.9 ▼
0
0.9▼-1.8▲
▼
▼
Market
▼
1.1
0.994.8
1.2-0.1
Jan 1 - Dec 30
▼
+9.9
▲+0.6
▲-2.2
-1.5
+3.2+1.7
▲+3.6+11.8
Share Ch.
▲
▼
▲
▼1.9
+4
74.8 -8 ▼ 44.6▲ 1,920.7+3
2.8
▲
+0.56.5+2 ▲4.1-2
▲
+1.6+0.8
▼1,237.6 7.5 -2.0
▲3.6
1,074.3
-9.3
+2
10.1 ▼▼3.7
0 -
-1
607.5
▲
600.3
-1.3▲
4.33.7
▲
▼+1.8
▲▲4.4%
+8.1
▲+0.6▼
609.8703.3-4
2.35Shinsei Bank 10 +2.0▼
218
22▲
+4.5
+0.4
13
5.0▲
+39
5 2.3▲ 6
20.817.6
786.7
3.5
16.2664.2611.3
16.7130.9629.0
¥mil
6.0
163
-1.2
2,095,787.21
2015 Rank
▲▲ 10▼8.8
82
7Sumitomo Mitsui Trust Holdings
6
Top Ten Total
7
Bank of America Merrill Lynch
Industry % Change from Same Period Last Year
-52.5%
40.611.2
13.2
3
Industry % Change from Last Quarter -12.5%
2Sumitomo Mitsui Finl Grp Inc
▲
▲
▲19.423
+1.7
▼50,450.0
+0.5
4+1.53
5 +1.24
Sh (%)+2.4
222,370.017.217.7
Share Ch.▲
243,503.3254,570.0
¥mil
-1.5
▼
Sh (%)
100.0
3.84.2
Market
+7.9
7.4+0.1
Daiwa Securities Group Inc
▼
Market
20.3Deals # of Deals
Proceeds per Bookrunner (¥mil)
+10.8
▲
Sh (%)
2824
217,906.0
381,975.8
+3.2453,683.4
Share Ch.
▲
27
5
1
-2.0
11
206,720.0
2.4 ▲+3.5
+0.3
16.4
+1.7
6510
21,683.3-1.1
Proceeds
12
-38.2%
1
13
9
3
▲
Proceeds per Bookrunner (¥m)
Lead Manager
371,442.4
579,066.3
678
Mitsubishi UFJ Morgan Stanley4.014
8
Societe Generale
93.6 ▲
-5.2% ▼
739.1NomuraSumitomo Mitsui Finl Grp Inc 2
100.0
-12.7%
https://www.thomsonone.com
7.2
143.3
5
Industry % Change from Last Quarter
4,832,889.42.9
216,200.04.2
1.8% ▲▲
Industry Total
32.9%
5,166,085.1
Natixis
Top Nine Total
Goldman Sachs & Co
Mitsubishi UFJ Morgan Stanley
Daiwa Securities Group Inc
8
1,257,200.01,257,199.9 100.0
Industry % Change from Same Period Last Year
Credit Agricole CIB
Mizuho Financial Group
Industry Total
Lead Manager
Share Ch.+0.7 ▲
+0.6
▲+2.2
▲▲
+4.6
Mizuho Financial Group 215,783.3
-42
4
2016 Rank
149,600.0
Nomura 4
195,679.99
3
171,548.4Mitsubishi UFJ Financial Group
Jan 1 - Dec 30
5 1HSBC Holdings PLC
Samurai Bonds Issuer Domicile Analysis
58 65
39
63
80 66 75
95 80
38
0
10
20
30
40
50
60
70
80
90
100
0
500
1,000
1,500
2,000
2,500
3,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
# of
Issu
es
¥ B
illio
n
Americas Europe Asia-Pacific (ex Central Asia) Africa/Middle East/Central Asia # of Issues
¥3,204 30%
¥2,825 27%
¥1,252 12%
¥780 8% ¥650
6% ¥521 5%
¥342 3%
¥232 2%
¥228 2%
¥187 2%
¥140 1%
¥130 1%
Financials
Industrials
Energy and Power
High Technology
Real Estate
Telecommunications
Materials
Retail
Consumer Products and Services
Government and Agencies
Consumer Staples
Healthcare
Media and Entertainment
18
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
2.1
Full Year 2016 | Debt Capital Markets | Managing Underwriters
Japan Debt
1.12.36.2
https://www.thomsonone.com
-11
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416,806.68 +0.4▼
▼▲
2.0
9-0.3 24
+1.1
-43.4%-7.6% ▼
95.7
13.4% ▲ 20.9%
▲ ▲+1.5
-1.980.8
1,052
▲
95.7+124
75,398.6100.078,825.9
917.5
609.8
891.9703.3
▼
▼65
22
▼1.1
▼0.9
-0.2
▲▲ ▼
-0.1+4314,144.57
▼0.9 ▼
Bank of America Merrill Lynch
-2.0-0.3220,789.9
1.527 ▲
-10.8 -4
-0.3 ▼
329.9 8Sumitomo Mitsui Trust Holdings
+15
1.41.8
-3+1
5.3▲0.6 +0.1-
Mitsubishi UFJ Financial Group
+0.2
▼173.8226.3
0.6
98.544,987.245,723.6
+2.5100.0Industry Total
▼30.2%45.8% ▲
506 +159
-58.8%▲
21,112,618.0
0.4-0.1
▼
171,548.4
-35.8%
Top Ten Total
-14.6%Industry % Change from Same Period Last Year 55.4% ▲
▼
10,473,939.725,616.17
99.30.2 -0.6 ▼
▼
10
10,547,903.6
Industry % Change from Last Quarter -53.4%
+0.1100.0
▲
+3 404.0 ▲-0.2+0.5
3.87.1
▲▲
Bank of America Merrill Lynch 97Citi 0.5
8 59,244.5 0 9 ▲
27.1% ▲
6
20,192,320.2
195,679.90.8
100.0
▼
Industry Total
6
+0.1▼▲
313.10.7
+0.20.70.9
▲
-4.8
Daiwa Securities Group Inc13.7
9Tokai Tokyo Financial Holdings
1010
7
Top Ten Total
262Deals
+6.3 ▲Mitsubishi UFJ Morgan Stanley
Goldman Sachs & Co
Sumitomo Mitsui Finl Grp Inc6,665.0 14.6▼6,850.8
▲▲
▼ 515.0 4
-1.5Nomura
53.8
6,243.5▼▼ 43.1
+75+69
+95▼
272
36 +22
50.2
19218
▲
254▼
# of ManagerShare Ch. Fees ¥mil# of Deals
Market Market
▼▼
13.5
Imputed Fees (¥mil)
▲▲
# of Deals per Bookrunner
▲
Market
+5.2Share Ch.Sh (%)
+118 21,691.3
Jan 1 - Dec 30
+0.4
-2.811,827.8
+3.4
1.7-1.1
21.0
13.010,645.410,225.9
▲▼-0.2
42.2
Change in
27.5▲
1.2
▼+64
1+4.72
3 1,670,988.5 15.8
27.9
4▼-4.4
2,942,169.7
Japanese Corporate Debt (AP3)
24.9
10
Sumitomo Mitsui Finl Grp Inc 4
0.91.1
Daiwa Securities Group Inc 12.85 5Goldman Sachs & Co
Tokai Tokyo Financial Holdings 8 9 62,000.1
689,568.5
115,167.26Shinkin Central Bank 7 +0.6
1+4.1
12,295.025.1 ▲
+7.8 ▲11,485.8
-1.4
Deals
Bonds Targeted in Japan (AP4)
44426.8
Market
▲653
▲16,547.7
-1.2+46
40.0 15.0
Sh (%)62.1
2015 Rank
-1.714.7
4,426,525.7-1.0
Proceeds per Bookrunner (¥mil)Market
Sh (%)Proceeds2016
RankShare Ch.26.9 ▲5,665,840.9
21.0+5.3Mizuho Financial Group+2.6
¥milSh (%)2016 Rank
2015 Rank
Proceeds
▲
Lead Manager ¥mil1
2,630,892.6
Market
51.8Share Ch.
Change in
▲
# of Deals per Bookrunner
Sh (%) Lead ManagerMarket
319
# of Deals Fees ¥milMarket
+9+50
▲ 1,338.0▲
▲
514.43,030,765.4
3,111,329.5▲3
4312.52,638,889.4 ▼-1.6
4.1▲4031,348,375.8
41.738.3
63.0+82
439 +75-5.01,529,916.73
14.5 -4.04 ▼ 421
▼
# of
Jan 1 - Dec 30
Proceeds per Bookrunner (¥mil)
Sh (%)MarketMarket Manager
Imputed Fees (¥mil)
▲2Mitsubishi UFJ Morgan Stanley
Nomura 3Mizuho Financial Group +119 22
1
19
-
-
-
-
-
-Asia-Pacific
-
-
-
-
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Tel: +44 207 542 4376
E-mail: [email protected]
Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.
Europe
Carina Causon-Israel
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.
Ian Willmott
E-mail: [email protected]
Tel: +1 646 223 8457
https://www.thomsonone.com
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."
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 EDT on December 30,2016.
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.
As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.
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 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 content provider. 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 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 not provide 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. Thomson Reuters 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.
© 2016 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
Full Year 2016 | Debt Capital Markets | Managing Underwriters
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.
Evgeniya KolesovaUnited 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:
Tel: +632 459 1566
JapanAki SatoTel: +813 6441 1120E-mail: [email protected]
E-mail: [email protected]
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