DEBT CAPITAL MARKETS REVIEW - Thomson...

22
DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2016 REUTERS//Mike Segar

Transcript of DEBT CAPITAL MARKETS REVIEW - Thomson...

Page 1: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2016

REUTERS//Mike Segar

Page 2: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

Page 3: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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% ▼

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

▼▲

-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

Page 4: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

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

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

Page 5: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

* 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

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

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

Page 6: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Dec 30 2016

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

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

Page 7: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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.

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

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

Page 8: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

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

-▲

0.5RBS ▼0.9

*Excludes financial arms of sovereign states and floating rate issuance.

7

Page 9: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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%

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

*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

Page 10: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

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

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

Page 11: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

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

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

Page 12: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

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

Page 13: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

Page 14: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

Page 15: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

*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

Page 16: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

Page 17: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

**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

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

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

Page 18: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

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

-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

Page 19: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

*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

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

-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

Page 20: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

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

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

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

Page 21: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

-

-

-

-

-

-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]

20

Page 22: DEBT CAPITAL MARKETS REVIEW - Thomson Reutersshare.thomsonreuters.com/general/PR/DCM_4Q_2016_E.pdf · 13 13 14 Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market

Thomson Reuters Solutions for the Deal Making Community

FOR STRATEGY AND PLANNING TEAMSFOR INFORMATION PROFESSIONALSSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.

Solution for:• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials, Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)

Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

Solution for:• Conducting market analysis and identifying trends• Benchmarking your performance and monitoring competitors• Targeting clients by wallet size and banking relationship• Allocating resources more effectively by evaluating and analyzing lost deals

FOR INVESTMENT BANKERS

©2016 Thomson Reuters

evaluating and analyzing lost deals

Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products

To purchase individual Thomson reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

Email: [email protected]

Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.

Go to: dmi.thomsonreuters.com/dealsintelligence

Thomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information,news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.

Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company

and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation

©2016 Thomson ReutersThomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.

21