DEBT CAPITAL MARKETS REVIEW - Thomson...
Transcript of DEBT CAPITAL MARKETS REVIEW - Thomson...
DEBT CAPITAL MARKETS REVIEWREUTERS / Arnd Wiegmann
DEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS
F ll Y 2013Full Year 2013
2
Australia Deals Intelligence
All Australian Debt (ex self funded) (AJ3a)
9
Global High Yield Debt (B4)
10
10
10
9
9
3
All Bonds in Euros (N1)
High Yield Debt
Global High Yield Deals Intelligence
91
1
1
2
Asia Debt
Asia Deals Intelligence
International Debt
All International Bonds (J1)
All International Securitizations (J10c)
EMEA Deals Intelligence
Global Debt
Global Deals Intelligence
Global Debt, Equity & Equity Related (A1)
Global Debt and Syndicated Loans (DL1)
Global Scorecard
Leading Underwriters for Fourth Quarter 2013
Global Debt (B1)
Global Investment Grade Corporate Debt (B7)
3
14
Global Debt and Syndicated Loans Islamic Finance (DL2)
2
Full Year 2013 | Debt Capital Markets | Managing Underwriters
Debt Capital Markets ReviewTable of Contents
Global High Yield Debt US Dollar Denominated (B5) 14
13All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)
13
13Dim Sum Bonds (AS24a)
13Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)
Australian Debt
13All Asian Currencies (ex-Japan, ex-Australia) (AS1)
Thomson Reuters Solutions for the Deal Making Community
All Australian International Bonds (AJ7)
All Australian Debt (ex self-funded) (AJ3a)
Japan Debt
Domestic Mexican Debt (MX3) 12
Global Debt by Mexican Issuers (MX1)
12
Global Debt in Mexican Pesos (MX2) 12
11
10
All Brazilian Debt (BR1)
Brazilian Domestic Debt (BR2)
6
Emerging Market Debt
All International Emerging Market Bonds (L1)
EMEA Emerging Market Bonds (L2)
8
7
7
7
4
12
10
Latin America Emerging Market Bonds (L3)
11
16
Bonds Targeted in Japan (AP4)
Banking Composite of Top US Debt Bookrunners
Samurai Bonds (AP1)
All Bonds in Yen (AP5)
3
Global Asset-Backed Securities (B11) & (B13) 3
Global High Yield Debt - Non-US Dollar Denominated (B6)
Japan Deals Intelligence
Banking Composite of Top Global Debt Bookrunners
18
17
All Federal Credit Agency Debt (H1)
US Debt (F1) 6
Debt Capital Markets Criteria Summary
US High Yield Corporate Debt (F8)
Japanese Corporate Debt (AP3)
12
Asia-Pacific Emerging Market Bonds (L4)
US Investment Grade Corporate Debt (F9)
3
6 11
6
15
US Mortgage-Backed Securities (F11)
Global Debt Rankings - Last Ten Years
US Asset-Backed Securities (F14)
14
5
16
15
11
11
Global Debt and Syndicated Loans Islamic Finance (DL2)
US Mortgage-Backed Securities - Federal Credit Agencies (F13a)
Global Mortgage-Backed Securities (B10)
Global High Yield Debt - US Dollar Denominated (B5) 14
US Debt
Emerging Market Debt - Latin America
14
15
Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2)
15
Criteria Summary
Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)
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US INVESTMENT GRADE CORPORATE DEBT TOPS US$1 TRILLION - Investment grade corporate debt offeringstargeting the US marketplace totaled US$1.0 trillion during full year 2013, narrowly besting last year’s total and setting anall-time record for US issuance. Companies based in the United States accounted for 64% of issuance this year, upfrom 60% during full year 2012. Issuers based in Canada accounted for 5% of US marketplace corporate debt, followedby the United Kingdom and Japan with 4% and 3%, respectively. ALL-TIME RECORD GLOBAL HIGH YIELD; SIXTH CONSECUTIVE US$100 BILLION+ QUARTER - The volume ofglobal high yield corporate debt reached US$462.0 billion during full year 2013, a 19% increase compared to full year2012 and the strongest annual period for high yield debt activity since records began in 1980. High yield issuance fromissuers in the U.S. accounted for 56% of activity, compared to 72% a year ago. Issuance from European issuers morethan doubled compared to full year 2012.
GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 2% - Overall global debt capital markets activity totaled US$5.6trillion during full year 2013, a decline of 2% from full year 2012 and the slowest annual period for global debt capitalmarkets activity since 2011. Fourth quarter global debt activity decreased 2% compared to the third quarter of 2013 andmarked the slowest quarter for debt issuance since the second quarter of 2012.
Global Debt Activity Down 2% During 2013 l High Yield Up 19% l All-Time Record for US Corporate Debt l JP Morgan Tops Underwriting, Fee Rankings
Full Year 2013
DEBT CAPITAL MARKETS REVIEW
Global Deals Intelligence Global High Yield Corporate Debt- Quarterly
Global Debt Capital Markets by Asset ClassFINANCIALS ACCOUNT FOR 47% OF 2013 DCM ACTIVITY – Debt capital markets activity in the financials sectortotaled US$2.6 trillion during full year 2013, accounting for 47% of all new issuance this year. Telecom and hightechnology activity saw the strongest year-over-year growth registering increases of 65% and 52% respectively over a $2.2
$2.4
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
$140
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2006 2007 2008 2009 2010 2011 2012 2013
Num
ber o
f Offe
rings
Pro
ceed
s ($
bil)
Global High Yield Debt ($bil) Number of Offerings
▲
0.4% 0.4%
207,836.3
▲
54.96,359,105.6Industry Total 100.0
▲▼-0.1% 23.0%Industry % Change from Same Period Last Year
19,264
Industry % Change from Same Period Last Year5.3%
9,468,436.1
10.8% ▲▲
39,665.1
1.6
▼
4,820,150.3Top Ten Total100.0
+127
+64 ▲▲+6
▲▲
▲▲
11.1%▲▲Industry % Change from Last Quarter
▲
▼+0.11153.7
100.0
▲
51.0Industry Total
7.2%
39,739.3
HSBC Holdings PLC 9 ▲ 1357BNP Paribas SA 85310 3.3
9▲
251,013.3 +0.14.0Credit Suisse 88
3,477,514.4 +0.5
▼
▲
4.0254,024.3 338,465.7
-▼
93.6
21,337.7
7.0
+2.0
6.0%
314,953.8114.4
107
Top Ten Total
6.4-0.53.9
308,870.49
8 364,300.9Bank of America Merrill Lynch
6 348,175.46 57
357,618.8 5.6+0.2
1795
▼
+108
-0.4879.8+0.2
▲+1 4.8
2.2BNP Paribas SA
2,874.2Barclays▲
2,665.51,920.3
-0.1643.2
57.2 ▲
HSBC Holdings PLC
+1.3
+0.7 ▲8Wells Fargo & Co
▲1362+1.0 +294 6.8
-0.21683 8.71228
7.1
6.7
4 4 385,021.5
Morgan Stanley
2,714.0+0.1 ▲ 9.3
5.5
▲0 - 1702 8.8
Goldman Sachs & Co 5 7 374,374.5 5.9Citi 6.1 6.0 -0.1
Goldman Sachs & Co+0.3
2,374.5
▲
Citi▼-
-0.14.61,812.95.4
7.89.8
▼1882
▼
▲▼
-4
Deutsche Bank 2 2 422,830.27.7
0Barclays 3 3 385,854.5
# ofMarket MarketShare Ch.
JP Morgan 1 1 490,765.6Bookrunner Proceeds
MarketSh (%)
Change in 2013 Rank
2012 Rank Sh (%) # of DealsDeals
6.7 0.1 ▼-30
2,128.1+12-0.36.1
▼1497
2+0.2-0.4 ▼ 3,325.210.7 -36 ▼2058 ▲
Proceeds per Bookrunner (US$m)Market Market Market
Global Debt, Equity & Equity-related (A1) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
8.4 JP Morgan
Industry % Change from Last Quarter
Morgan Stanley
Deutsche Bank
Bank of America Merrill Lynch1 1
10
403,245.7
4
6
3 32
6513,617.5
54
Manager 2012 RankShare Ch.
MarketSh (%)Fees Bookrunner
2013 Rank
▼25,290
-10.7%-3.0%
+6,026
▼
▼ 4.9
+4.5
-0.2
▼
19,733.8
1696
▲2144
+5.4▼ 2,121.2 5.4▲+2 +5.3
1,791.76.7
5.3▼▲
-308.5
1,784.0▲
+4.5
03.3
-0.2
3.3
▲
▲
MarketShare Ch.Sh (%)
Manager MarketFees
# of
+9
Sh (%)
8.0
Share Ch.3,374.6
Global Debt and Syndicated Loans (DL1)
Sh (%)Market
# of Deals per Bookrunner
Jan 1 - Dec 31
Change in Proceeds
Imputed Fees (US$m)
# of Deals3033 12.0 -1 ▼
Deals▲8.8 +0.4
▲8.111.3▲8.5 +8.5
3,212.7 +8.1
+0.3
833,525.3
2033557,757.6 ▲5.9 +0.47.0 0.2 ▼663,916.8
▲4.55.5
▼ +3
▲7.0▲
-0.2
4.1
4.3+4.5
521,496.6
▲+147-57
2,119.2+0.2
2849
13021,639.41779
5.4 1758
▲+268 ▲
+4.14.5
-785
4.5
-0.4
+19
1,777.0▲
1641
5.1
+2.6▲
+140 ▲ 2.6895.4
1,018.66.57.0
▲▲
49.8 +49.81241
8.2%
100.0▲
+2.32.3
EMERGING MARKETS CORPORATE DEBT DOWN 6% - New corporate debt from emerging markets issuers totaledUS$297.0 billion during full year 2013, a 6% decrease from last year at this time. 49% of all emerging markets corporatedebt during the year was raised by issuers in Russia, India and Mexico.
JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in global investment grade and highyield corporate debt underwriting, JP Morgan took the top spot for full year 2013 debt underwriting, with total proceeds ofUS$424.8 billion and a decrease of 0.5 market share points. Deutsche Bank maintained the number two spot during fullyear 2013, with 6.8% market share. Based on underwriting fees for full year 2013, JP Morgan topped all otherunderwriters with an estimated $1.8 billion, or 8.4% of overall fees this year.
DEBT UNDERWRITING FEES DOWN 2% - According to Thomson Reuters/Freeman Consulting, estimated fees fromDCM activity totaled US$21.9 billion during full year 2013, a decline of 2% compared to full year 2012. Fees from highgrade debt underwriting totaled US$10.2 billion (47% of the market), while fees from high yield debt totaled $6.4 billion(29% of overall DCM fees). High yield underwriting fees increased 5% compared to the full year 2012.
technology activity saw the strongest year-over-year growth, registering increases of 65% and 52%, respectively, over ayear ago. Bolstered by the year’s record-breaking $49.0 billion offering from Verizon Communications, average deal sizein the telecom sector led all industries this year, with the average deal totaling US$1.2 billion.
$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Pro
ceed
s (U
S$t
)Investment Grade Corporate MBS Agency, Supranational, SovereignFederal Credit Agency ABS High Yield CorporateEmerging Market Corporate
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US Federal Credit Agency Debt (B8)
All Global Debt (B1)0Global Long-term Debt (B2)
Global Mortgage-backed Securities (B10)
+0.1
US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)
Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)
Global Investment Grade Corporate Debt (B7)
US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)
US High Yield Corporate Debt (F8)
Global High Yield Corporate Debt (B4)
213.3
▼
Global Long-term Debt ex MBS, ABS & Munis (B3)
▲
0
-0.3
Global Agency, Sovereign & Supranational Debt (B9) -
▼-1.2
1,727
+0 1
+0.2
1.3
1.0
826.01.3
▼
▲
+43247.6
0.9
▲
+0.1 ▲
-▲
192.2486.2
-0.1
2.2
1.3
+0.1
181 3▲
+58
2.7
+138277.9
282.4
0 8
288.7
2.5
▲▲
▲
546.6▲▼▲
3.8
1.1
+5.1%333 832 1
+3.3%2,728 1,156,063.5761849
843
2,781
+5 8%895Global Asset-backed Securities (B11)
13,151
1,430
744
▲
-1.4%-2.6%
-4.2%-43.0%
+18.8%
291,648.4
5,335,438.7 5,411,596.4
388,765.8
166,365.9
4,597,757.6
2,705,969.2
+0.6%+23.0%+5.0%673
+2.8%
1,079
1,030
+6.9%595
265,189.3
325,963.0
496 247,990.2
279,205.0
232,938.8399,360.0 419,335.3
1,016,740.4286,596.4
1,194,772.6
6,221860
11,03212,724
4,477,582.9
2,591,734.1461,999.1
479,920.5504,602.6353 253 1
▼+10
-2597
2.1457
▲
4.0▲
540320
1 7
▼
▼-0.2+0.3
-1.6
69,206.20
87,746.882,267.1 -
-425
132,258.4
100,032.8
17
+0.1
1.61.5
-0.115 ▼
4.8-0.3 ▼
▲+11-61
5.0▼
4.6
▲+0.2▼ 531.8 2.42.6 -0.3 ▼
8.6
679
358
5.4
2.43.9
713798
750
576
-19567.2
3.1
401
-74
+33
+48▼▲
3.6
-83 ▼ 990.3+43 ▲ 705.0 ▼
▼7.5
3.2
▲+0.3-0.26.5
▼4.5 -0.2
▲5.8+0.55.4-0.3
▲+0.3
1,168.89511257
6.4
▼-30 ▼
1,648.11,264.6
+145
▼
▲▲8.4▲
-111381 9.3
+0.1-0.34.9▼
▼3
6.01,318.7-1048.2
- 1537
1,412.7-825
▲ 8.913304 6.0
JP Morgan 1606▼ 0
▼424,783.6 ▼1 1-72379,466.1
6.3348,996.03
1.8
22
4 334,030.9
# of Deals per Bookrunner2012 Rank
Jan 1 2012 - Dec 31 2012 Proceeds per Bookrunner (US$m)
in ProceedsMarket
Share Ch.Change in Proceeds
DealsDeals2013 Rank Sh (%)
Proceeds No.Proceeds
Deutsche Bank7.66.8
Mizuho Financial GroupNatixis
Credit Suisse▼
453 ▲BNP Paribas SA
RBC Capital Markets
7Morgan StanleyGoldman Sachs & Co
▲
Wells Fargo & Co
HSBC Holdings PLC
17
5
▼
6
95,578.1
104,214.3
21
2119
18
11
68,151.754 200 220
UBSCredit Agricole CIB
18TD Securities Inc
▲▲
15
19
1616
1.2UniCredit
1,006
2,586,239.7
Nomura
▲
▼
801
14
-4.1%-1.6%
Societe Generale
20
▼
▼
▼
13
1110
239,286.2
1,375
8
Bank of America Merrill Lynch▲
-39.1%
▲▲
1,859,658.6
$USm
-46.6%1,938,803.3
5,177▼
11,495
718
-13.6%
614
7541,174
3,578 4,050
1,011,016.8
6,401
600
▼
19,381.016,741.8145,776.6 1,130
Deals
US Mortgage-backed Securities (F11)
618149,090.8
US Long-term Debt (F2)
Global Scorecard
$USm
Jan 1 2013 - Dec 31 2013
4,792
No.
2,544,183.1
Market# of
Jan 1 - Dec 31
Citi
3.810
14131212
MarketManager
-0.31,838.2
▼
9
Barclays
Bookrunner
67
Global Debt
335,233.0
Global Debt (B1)
RBS
% Change
▲
2.5
▲5.2
▼4.4
6.0
1225 1,079.3
5.4
8.410.8 -169
Market
Full Year 2013 | Debt Capital Markets | Managing Underwriters
Imputed Fees (US$m)
2.4
+0.1
8
300,674.5
▲
+0.2
▲+0.3
1.9
1.7
▼
-0.510.3
+0.2
2.8
-0.2
▲137,013.1
242,859.2
153,927.0201,503.6
Market
5.1
9
283,888.0 +0.7
213,810.5
287,229.6
1 0 -0 2▼
+0.2
3.6
1284
1.2
+0.1
-0.2+0.1
▲
Fees Sh (%) Share Ch.
252
888
+0.1
▼Sh (%) # of Deals
All US Debt (F1)
-▲▼
▲▼-0.1
+0.1
00.5
157.2-0.1
0.50.6138.1
112.5▼
181.3▲▲ 0.7347
2.6
0.8333,832.1843 +5.8%
No. 1 Manager
JP Morgan-0.2JP Morgan
8952,339
-1.2
Global Short-term Debt (B14)Global Asset-backed Securities (B11)
BNP Paribas SA
JP Morgan
Barclays
CitiJP Morgan
Credit SuisseJP Morgan
9.96.8
-0.1JP Morgan
7.4
12.3JP Morgan
27.542.0
14.7
7.9
JP Morgan
12.4
+0.8+0.4
+16.1+23.7
+10.6
11.6
HSBC Holdings PLCCDB Securities Co Ltd
Global Disclosed Fees (A2)
9.8
Global Debt inc MBS, ABS & US Tax Munis (B1)
U.S. Federal Credit Agency (H1)
Global High Yield Corporate Debt (B4)
+1.4
6.9
10.6
-0.1
All International Securitizations (J10c)
Asia-Pacific Bonds
All Asian Currencies ex CDs (AS1)Asian G3 Currency Bonds ex JP & Aus (AR2)
Global Bonds
U.S. Disclosed Fees (E2)
Global ABS (B11)Global Investment Grade (B7)
US Bonds
U.S. Debt, Equity & Equity-related (E1)
All International Bonds (J1)
U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)
BarclaysU.S. High Yield Corporate Debt (F8)
Citi
U.S. LT Federal Credit Agency Debt (H3)
U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP MorganU.S. Investment Grade Corporate Debt (F9)
+3.5-1.3
International Bonds
Barclays
11.0
▲
-16.0%
1
Current Qtr Market Share
(%)
▲
315,125.4
Leading Underwriters for Fourth Quarter 2013
10.3
14.5
U.S. Debt inc MBS, ABS, & Tax Munis (F1)
1
▲▲
+3.3▲▲
7
▼4
4+0.6
11
-0.4
▼
▲
1
Australian Dollar Bonds (AJ3)
All Bonds in Euro (N1)
+0.5-0.6
7
12.112.9
6+0.3
+1.3
JP Morgan
Mkt. Share Chg. from Last Qtr (%)
JP Morgan
7.69.0
▼▲12.2
353,253.1
▲▼
2,185
8
264,554.8
Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)
2013 vs. 2012
-7.1%▼-8.8%-3.9% ▼
54.6 +0.114,902 -598
▲11,957.5
+10
▲
▼
21,851.3 100.0
-2.3% ▼
▲+20189
-39▲
+29
+22
5,564,455.1
391
54.21.3+0.11.1▲
2.3-1.7▼
-0.1 ▼
-2.4% ▼
Global Debt Capital Markets % Change by Asset Class
+4.6 1
+9.0
▼ 1
-2.61
▲
Standard Chartered PLC
NatixisDaiwa Securities Group Inc
1
34,541.7
2324
21
2322 22
54,200.220
1
▲
▼
Industry % Change from Last Quarter
▲2
▲
▼
Industry Total
77
+1.2
14
▲
1
▲
Industry % Change from Same Period Last Year
CIBC World Markets Inc
▼-2.4%
Top Twenty Five Total32
2
Commerzbank AG
▼▲
100.03,017,242.0
42,854.8 0.8
36,179.0 +0.1+0.1 1580.60.725
+0.5116.925
21.8▲
Deutsche Bank
Consecutive Quarters No. 1
25.4ANZ Banking Group▼Westpac Banking
Australia Bonds
1.0 -0.2
0.7
Australian Domestic Securitization (AJ5)
4
37,943.70
252
-4.2%3.3%
5.1%
18.4%
5.8%
-6.2% -43.0%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Investment Grade Corporate
Agency, Supranational,
Sovereign
MBS High Yield Corporate
ABS Emerging Market Corporate
Federal Credit Agency
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Proceeds per Bookrunner (US$m)
754.1
# of Deals per Bookrunner Imputed Fees (US$m)
▼-8
456.2
Global Debt
+0.4-0.4
2.7▲
+0.25.84.5
Sh (%)
6.4
47.5
▲
▼▲
-0.1
▲
▲
▼
Top Ten Total
9 ▲BNP Paribas SA 9
-3.7%-5.9%
-15.6%
6,221
8 7+0.7
113,419.7
5.24.8
122,828.54.4-97
▼HSBC Holdings PLC
49.2
Imputed Fees (US$m)
388.3
▼
▼+0.2
RBS
Jan 1 - Dec 31
+61
565
135,782.1 592
▼▼▲
-57
Fees7.4
Imputed Fees (US$m)
▼Deals
658
MarketBookrunner
Full Year 2013 | Debt Capital Markets | Managing Underwriters
MarketMarket# of Deals per BookrunnerProceeds per Bookrunner (US$m)
2012 Rank
MarketMarketChange in Share Ch.
-107 ▼-0.4
Jan 1 - Dec 31
Share Ch.
Global Investment Grade Corporate Debt (B7)
593▼
# of Deals
-359.5
593.9
▼
537.0
Sh (%)10.6
Manager
449.1▼ 453.5 0
+0.4
+0.3
652.0▼ 5.2
▲-
-180
▼
-37▼
+0.5
# of Deals per Bookrunner
10,245.9 100.0
▼
Global Mortgage-Backed Securities (B10)
4.4
Sh (%)
-0.1
JP Morgan 1Proceeds
5.7
# of2013 Rank
Bank of America Merrill Lynch 2
138,199.5146,230.9
5.3
9.1-0.9
35.6
1 179,899.2
Deutsche Bank 5 5
Citi 3146,534.3
6.9+0.4
Goldman Sachs & Co 7
2
Barclays 6 48
Morgan Stanley 4 6
4.7124,080.0 -0.5
406
9.5
▲8.4
▼
+0.3521▼
▲
+0.8-0.2
-28355 5.7-36.7
75,120.9 ▼2.9
Proceeds per Bookrunner (US$m)
-198.7
6.5
96,644.2
▲ 540
678 10.9
11
Global Debt and Syndicated Loans Islamic Finance (DL2)
-5.6%Industry % Change from Same Period Last Year -2.8%
▼
+0.1 417-0.1
3.7
100.0
10
Industry % Change from Last Quarter
Industry Total
-4.2%
2,591,734.1
▼
▼297.2
▼279.64,860.9▲1,278,739.3
-0.3▲2.9
4.4
+0.13.8
Imputed Fees: Global Investment Grade Corporate Debt Full Year
Jan 1 - Dec 31
6,19
5.9
6,68
6.4
9,00
7.0
9,29
6.3
8,26
8.7
9,39
1.4
8,40
8.7
8,23
7.4
10,8
86.6
10,2
45.9
6,327 6,3636,898
6,482
4,894 5,432
6,249
5,8086,401 6,221
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Num
ber o
f Offe
rings
Fees
(US
$m)
Global Investment Grade Fees (US$m) Number of Offerings
* tie
Deutsche Bank +0.3
+0.57.312.0
18,831.0
Sh (%)
100.0
▼
6 7 20,893.5
17,970.8
6
188,850.5591.2267,905.6
▼7.6
100.0
▲
-9.1%
662
98,497.58,708.9
▼ 61
11.7
5
-1.223,340.4
▲
179▼
79+0.7
▼
68.3403.6100.0-66
▼ -14.0%
+0.3-2 16.9 ▲70.6 -2.7 ▼ -2.5
+0.3 50 2.9▼
31.8▼-40
▼-1.332.1 5.4 -2.4 ▼▼
27.0 -225.4 -2.3
-1.23.3 5.49.2
▲12.4 +1 ▲ 35.1 ▲11.9
5.9 +0.6+0.8
11.2
▲ 82▲▲ 7.2
44.9
▲+1.3
74▼-1.58.7
1
7.4▼
24.9%
6.1
7.319,572.7
16,252.8
3.210▲
▼
7.0
4
10
14,471.99
Proceeds2012 Rank
Market
19,900.8
31,251.8
# of
24.4%
Jan 1 - Dec 31
▲
Share Ch.
Proceeds per Bookrunner (US$m)2013 Rank
10.5
Fees
6.7%
Manager
▲
▼
94# of DealsSh (%)
▲
▼
+0.1
Market
45.5
-5.8%
Market
+3.5-14
74-2.4 ▼
▲
Share Ch.
Imputed Fees (US$m)MarketChange in
7.79.9
▲▲+3.1
72.2 +0.5843 100.0
-1.7 ▼
▼
58.5+4
+8
▲ 1,187.6-52 1,606.0
▲ 88.9+1126.6
8.35.3 +12 ▲
-37
+1.1+5.4
5.573.9
7.94.9 +2.0 45+0.3 ▲ 644.0
▲70
11.0 ▼+0.3
7.6
5.54.6 -1.72.7 -0.3+8
▼42.669 8.274.6
▼5.6
▼4.3▲
-1.169.2117.1▲
-10 ▼▲
+9
1▼ 11.6
11.2
+0.9 93 11.025,207.8
▲
3 2 31,951.2
9.7
+1.2▲+1.4
9.0 -1.0
▼
193.2
4.2% ▲
932.8
-1.5+0.9
111 13.2▼
▼
▼▼▲
RBS 5.1 -2.3
-1198
19.3% ▲
Sh (%)
8 58 19,572.7
93
▲14.0
▼
▲▼
Mizuho Financial Group
100.0688.6
-0.273.8 -2.0
2.7
+88849
24.7+346 5.4 ▲-1.5 ▼▼
504,602.6395,762.0 78.6 -2.5
100.0
Nomura 10 3.7Wells Fargo & Co 9 8 32,947.4
18,404.110+0.569.8-0.160.3 6.5
6.5 ▲+0.4 ▲ 98▲ 68▼ 75 8.8
7.511.5 +32
Citi 6.87 7 34,092.7Morgan Stanley 8 9 33,574.0
9.883 +5▼
▲+0.9 8.0-0.2 +19
+18
6 7.7
6.7
▲-0.3+2.3
8.29.9
▼-0.2▼3
6.338,719.3 6.4
59.1▲ 60.0
38,919.4-0.1
5Credit Suisse
7.261
▲ +0.2
76.2▲7.76
-3.2▼51.4 5.5
▲
Bank of America Merrill Lynch 4 5 42,156.2 94
+12+188
11.1 +20
▼▲
90.0 9.6-3.946,145.9
▼▲ 92.4
10.48.4 +0.2 ▲
-1.0 +13
+2.9 92 10.8▲
Barclays 3 2 ▼9.2 -1.1
Proceeds per Bookrunner (US$m)2012 Rank Proceeds # of DealsShare Ch.
2013 Rank
Market # of
887
3.8
Industry Total
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
28,022.7
▲
4 323
2
7
15.5%5.8%
353,253.1
▲▲
255,475.7Industry Total
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
▲
Bookrunner
▲
JP Morgan
▲▲
RBSDeutsche Bank
+3.8
+2.8▼ 86
Top Ten TotalWells Fargo & Co
5
6
104.7
Top Ten Total
# of Deals per BookrunnerManager
▲11.211.5 ▲+610.1
44,088.8 107Share Ch.
+3.5 ▲
Market
7.1▼Barclays
Credit SuisseBank of America Merrill Lynch
Market
7.0
Proceeds12.5
14,237.3
160.6
17,303.5
Market Change in Sh (%)
82
▲89.8-24 Credit Suisse
▲+5.6+6.5+6.6
Bank of America Merrill Lynch
▲
+59.4
RBC Capital Markets
Goldman Sachs & Co
Market
▲11.6%7.3% ▲
# of Deals per Bookrunner
Sh (%)
▲ ▲
+3.6
Global Asset-Backed Securities ex-CDOs (B13)
Share Ch.
▲
-2.9
# of Deals per Bookrunner
▲
Sh (%)
Jan 1 - Dec 31
Market
+8.9
Fees
▲10.08.9▼
Deals
79 11.9Citi
▲
Imputed Fees (US$m)Change in ManagerMarket
Deals Sh (%) Sh (%)MarketMarket Market
2
▲
225.0
-1.643.5 7.442.6
Barclays
1Deals # of Deals Fees
▲
Market
JP Morgan12.7
Industry % Change from Last Quarter 100.0%
▼
+6.0
+4.2-2
100.0
Deutsche Bank
59.4
3.6
1.84.8
+1.8
2 1 52,651.4▲1 4 58,151.6JP Morgan▲
10.4
BookrunnerShare Ch.Manager
+12.4
Market Change in # of Deals
Imputed Fees (US$m)
12.415.8
-4
4.25.66.527.4
Share Ch.▲
MarketSh (%)Fees
# of Deals per Bookrunner
Sh (%)
Global Asset-Backed Securities (B11)
Bookrunner3
2012 Rank
Proceeds per Bookrunner (US$m)2013 Rank
Market # of
Citi
Top Ten Total1011
4
9
7
4
10
▲
▲
-0.811.214.2
-12 ▼
▲
52.7-19
+1.5▼ -0.6
69 10.4 +87.6
+1.1
5.3▼▼
8.37.2
Proceeds per Bookrunner (US$m)# of2013
Rank2012 Rank Deals
5,633.5
MarketMarket
1 +0.1Bookrunner
19.4
15.0Sh (%)
22.1
7.1
CIMB Group Sdn BhdHSBC Holdings PLC
-122
Proceeds33 34.7
2 +3.73,517.6Standard Chartered PLC 3 4
2+0.17.72,903.2
6.6
23.2 ▼▼Malayan Banking Bhd 4 3 2,686.7 26+4.9
▲
▼6.3
▲▲▼ 24 25.3
21 -7
-0.56
6.0▼ 29 +9 ▲ 7.630.58.92,384.2
RHB 6 6.8AMMB Holdings Bhd
Deutsche Bank
5 7
7
2,660.5
10 4.6
6 2,567.8▲ 8.5+1-1.77.1
3.9 -0.86.3 +0.6 -2 11.4
-1
▼Emirates NBD PJSC
▲
+4.516
5Citi 8 1,482.2
101,206.5 3.2
▲▼6
▼
-1▲
7.4▼
128.195 -4
11.67
11
-4.0% 5.1%Industry % Change from Same Period Last Year110.8%
37,605.0 100.075.8
Industry Total
▼▲
-4.3%
Sh (%)
12.7%
-6.3%
Morgan Stanley
56
Wells Fargo & Co
RBC Capital Markets
-6
24,636.55.9 -0.1
39,613.6 ▼+13
▲▲
▲
Industry % Change from Last Quarter
87.8%
9.4%
Industry Total
Industry % Change from Same Period Last Year
▼
0.0%
Imputed Fees (US$m)
Share Ch.
10.7% ▲
Top Ten Total
9
7.7%
26,005.0 69.1962.8
▲
1
Abu Dhabi Islamic Bank (ADIB) 2.6-1.0-0.9
+26.3 2.3
14
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Full Year 2013 | Debt Capital Markets | Managing Underwriters
Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Dec 31 2013
Banking Composite: Global Debt
49.4%
41.4%45.4%
49.8%
56.2%
47.5%
54.7%
48.9%50.0%
42.0%
5.8% 6.0% 5.2% 4.3% 5.8% 5.7% 5.3% 0.3%1.0%
7.1%
60%
70%
80%
90%
100%
5.6%3.6% 5.3% 6.3% 6.4%
1.9% 3.0% 2.7% 2.1%
7.6%
15.3%
27.2% 22.5%16.1%
7.1%
23.6%17.2%
30.8% 30.6%17.1%
4.9%
4.5%
4.2%
7.6%
5.2%
1.8%
3.6%
8.5%
4.3%
3.0%2.3%
1.8%4.6%
1.7%
0.9%
1.0%
1.3%
1.5%
3.2%
1.5%
16.7%
15.5%12.8%
14.2%
18.5%
18.5%
14.9%
7.2%
8.8%
21.8%
0%
10%
20%
30%
40%
50%
JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch
Morgan Stanley Goldman Sachs & Co HSBC Holdings PLC Credit Suisse 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
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Full Year 2013 | Debt Capital Markets | Managing Underwriters
Global Debt Rankings* - Last Ten Years
1
2
3
4
JP Morgan
Deutsche Bank
Barclays
Citi
*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.
5
6
7
8
9
10
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ran
k
Bank of America Merrill Lynch
Morgan Stanley
Goldman Sachs & Co
HSBC Holdings PLC
Credit Suisse
BNP Paribas SA
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g g q y
5
▼
▲
-▲-
▼▲
-2.0+0.3
0+0.3
0 20
-0.2+0.3-0.2+0.1
2.41.5
2.82.31.92.0
1.5
0 5
1.00.6
46.831.624 2▼
▲▲▲
-10-10-10-5
-76+17+14+12+112
2.61 7
11.28.77.66.48.75.36.33.839
2718
905565
▼ 115907866
▲
-
▲▲▲▼
▼▲
0 5
-0.7+0.3+0.6+0.5-1.2+0.5
3.22.72.21.91.61.50.8
Credit Agricole CIB
121716
15,561.6
4,970.6
16
180.5
Societe Generale
RBC Capital MarketsMitsubishi UFJ Financial GroupUBSMizuho Financial Group
ScotiabankUS Bancorp 8,214.5
202118
131415
131415
2019
17
4 073 6
Manager
38.3 -44 ▼ 520.2
Fees# of DealsChange in
▼
-0.2+0.2
0
Share Ch.-47 ▼ 610.9 12.4 -0.1 ▼
Sh (%)448 43.513.5 -1.5 ▼1 137,126.1
7
11.1 -0.1 ▼
▲
32,326.527,845.222,090.119,464.0
JP Morgan 1
9 9
12
33,657.2
11 10
7 8
0.76,667.7
15,921.6
0 4
Share Ch. Deals Sh (%)
363
Market MarketMarket # of MarketImputed Fees (US$m)
▲
10.6 -0.3
Full Year 2013 | Debt Capital Markets | Managing Underwriters
US DebtInvestment Grade Tops US$1 Trillion l Record Years for Investment Grade & High Yield l Verizon Prices Largest Bond on Record
US Investment Grade Corporate Debt (F9) Jan 1 - Dec 31
▼
Proceeds
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2013 Rank
2012 RankBookrunner
MarketSh (%)
8
112,525.0
5 5 84,793.9
63,955.4
2 2
Deutsche Bank
US Deals Intelligence
US Debt (F1) Jan 1 - Dec 31
Bank of America Merrill Lynch
Goldman Sachs & Co
RBSWells Fargo & Co
HSBC Holdings PLCBNP Paribas SA
▼Citi 3 3 108,932.0 10.7
394▼ 413.30 - 35.2 -35 8.4 ▼
Morgan Stanley 4 4 92,282.4 9.1-0.6
+1.0 ▲
Barclays 6 6 65,686.48.3 +1.06.5
▲6.9 +1.0 ▲242 23.5 +15
+6 ▲ 9.1 +1.1339.9▲
+0.3
284 27.6 449.2
21.2 ▼6.3 +0.8 ▲ -3
-0.3 ▼ -35207 20.1218 ▲
4.6 +0.3 ▲6.0
▼296.8228.5
0 -303.9 6.253,490.2 5.3 -42 ▼-0.2 ▼ 208 20.23.3 -0.7 ▼ 157.8129 ▼ -0.1
112 10.912.5 -22
+2 +0.4157.7 3.2▼
Credit Suisse 10 11 33,420.9 3.3 +0.4 ▲ ▲3.2
▼▲
▲
▼
▼▼▼▼
117.474.774.5
136.1112.294.7
100.2
Annual volume for the U.S. Investment Grade market in 2013 narrowly eclipsed 2012's all-time high, passing theUS$1 trillion mark for the second consecutive year. Despite a lower deal count (144 fewer issues comapared to2012), the US$1.02 trillion raised beat last year's US$1.01 trillion total as issuers continued to take advantage ofhistoric low interest rates ahead of the anticipated rate climb: the 2013 average coupon stood at 3.496%, just 0.9basis points over 2012's record low average rate.
Verizon Communications priced the largest bond issue on record in September, shattering the previous record heldby Apple for its US$17 billion deal in April. Verizon used the US$49 billion transaction to fund its US$130.1 billionacquisition of the remaining 45% interest in Verizon Wireless from its former joint venture partner Vodafone - thethird largest M&A transaction on record. The transaction led to the largest monthly high-grade volume on record.
US ABS totaled US$265.2 billion from 496 transactions, representing the largest annual total since 2007 andsurpassing 2012 volume by 6.9%, largely attributed to the revival of the CDO market (31% of ABS volume) up 75.1%over 2012 levels. US High Yield debt increased 2.8% compared to 2012 and set yet another annual record withproceeds of US$335.2 billion from 618 transactions.
▲-
0.3Itau Unibanco ▲0.7 -7
▼▼▼
‐40.7%
+0.10
+0.10.313.722.0
+0.74,920.5
‐32.2%
▼▲-0
‐6.8%
▲4,406.3
-0.2+0.1
0.5
0.60.7
0.50.3
24.216.727.236.1
▼▲▲
-3
-12+3+4-7
1.7
1.61.7
0.92.5
187
189
2616
+0.1-0.3
-0.5
▲
-0.2-0.1
▼▼▼
0.40.30.3
+0.2Societe Generale
22
183627SunTrust Banks
20 4,073.6
Top Thirty Total
2122
2423Santander
Standard Chartered PLC
Nomura
‐30.5%
3,519.9
25
3,386.53,322.43,268.224
19
‐12.1%
73.5 -3.8
‐4.6%
▼
▼▲
‐8.0% ▼‐18.2% ▼
▼
▼Industry % Change from Last Quarter
▼
3,549.40.40.4
‐12.3%
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
973,312.1 94.6
0.3
89.5100.0
-0.4 ▼
Industry % Change from Same Period Last Year 0.6% ▲
-144Industry Total
▼
Industry % Change from Last Quarter ‐6.5% ▼Industry % Change from Same Period Last Year 2.8% ▲
1,030
Top Ten Total 262,534.9
1,016,740.4 100.0
Industry % Change from Last Quarter ‐25.4% ▼ ▼
618 +4
▼
Industry Total 335,233.0
3.9▲ 183.23,494.178.4 -4.1 ▼
112RBC Capital Markets 10 10 13,270.2 4.0 +0.3 +0.1 ▲30.1 +1 6.5 +0.3
+5 ▲▲
18.16.8 +0.1 ▲ 186Wells Fargo & Co 9 8 22,624.7
308.1 6.5▲ 311.4
143 23.1 0 -▼
Morgan Stanley 8 9 23,559.8 7.0 +0.7 ▲ +0.6 ▲26.2 -13 6.2 -0.47.1 -0.1 ▼ 162
▼Barclays 7 7 23,796.3
341.3▼ 296.6
169 27.3Goldman Sachs & Co 6 6 25,105.6 7.5 -1.0 -0.4 ▼30.9 -15 7.2 -0.9
+2 ▲▼
7.27.8 -0.8 ▼ 191Citi 5 5 26,185.9
359.5 7.6▼ 344.6
180 29.1 -27 ▼▼
Credit Suisse 4 3 27,324.2 8.2 -1.2 ▼ -1.6 ▼30.9 -11 7.3 -0.18.3 -0.6 ▼ 191Deutsche Bank 3 4 27,931.4
507.6 10.7▼ 345.3
267 43.2▼
Bank of America Merrill Lynch 2 2 34,058.1 10.2 -1.1 ▼ -0.6 ▼41.6 -24 10.4 -0.8▼ 496.5
-16 ▼JP Morgan 1 1 38,678.7 11.5 -0.4 ▼ 257
Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2013 Rank
2012 RankBookrunner Proceeds
Market Market
Market MarketMarket Market # of Market Change in Manager
2013 Rank
2012 RankBookrunner Proceeds
# of Market Market MarketChange in ManagerSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
1 311,392.6 22.3 -108▼ 106712.2 -0.6 ▼Citi 2 3 246,687.8 9.7 +0.1 ▲JP Morgan 1 11.3 -0.1
876 18.3 -48 ▼▼ 1,452.6
-0.51,137.8 8.8Bank of America Merrill Lynch 3 2 238,599.5
5.9-48 ▼ 1,384.3
668 -0.4
▼▼10.7 -0.19.4 -0.3 ▼ 1032 21.5
760.3Barclays 4 4 219,641.6 8.6 -0.5 ▼
6 6 193,895.6
▼8.5 +0.1
-62 ▼14.8 -15
600 12.5 +58 ▲ +0.2▼ 827.0
▲▲+0.1
Morgan Stanley 7 7 188,424.3 7.47.6 +0.9 ▲Goldman Sachs & Co
7.7 +0.9
709887.7 6.9
6.4
+0.9 ▲ 647 ▼518 10.8
13.5 -8 ▲Credit Suisse 8 8 137,789.5 5.4 -0.2 ▼ -42
988.6▼
13.1 -28 6.25.6
▼ 803.6-0.5▼ 720.3
▲5.0 +0.2 ▲2.9 -0.6 ▼
628-0.2 ▼
Wells Fargo & Co 9 9 127,422.9RBS 10 10 73,033.1 330 6.9 -60 ▼ 354.8
+0.3
Industry Total▲
2.8Top Ten Total 1,953,594.0
2,544,183.1 100.076.7 0 9,317.0
-385 12,884.74,79272.3 -0.3 ▼
100.0
▼▼ ▼
▼‐17.6%
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
US High Yield Corporate Debt (F8) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
All Federal Credit Agency Debt (H1)
2013 Rank
2012 RankBookrunner Proceeds
Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
3.8 -52▲ 134Barclays 1 1 60,110.6 15.5 +4.26.8
▼ 17.4 ▲Morgan Stanley 2 4 41,645.3 10.7 +2.7
8.8 +0.6 ▲ 187301 8.6▲
-165 ▼ 11.6 5.5 +0.4
8.2 +4.3-142 ▼ 14.5
JP Morgan 4 2 31,007.3 8.05.3Deutsche Bank 3 3 34,220.0
▼ 179 5.1 12.2 ▲
+0.5 ▲▲
5.8 +0.35.4 -1.5
-133 ▼4.4 -116 ▼153▼
-0.5▲
TD Securities Inc 6 18 18,729.2BNP Paribas SA 5 6 21,032.5 +0.34.7
+4.710.0
180 5.1 +107 ▲4.6 +2.1 ▲ 1424.8 +3.5 ▲
HSBC Holdings PLC 7 13 17,711.3128
▲▲4.1 +27 ▲
▼15,118.5
5.7 2.7 +1.511.4
▼4.2 -1.2
5.4
Citi 8 7 16,387.0 4.2 -2.3 3.7 9.0 ▼3.9 +0.4
-151 ▼3.5 +1.97.4 ▲
Goldman Sachs & Co 10 11 15,066.6100Nomura 2.99 9
Top Ten Total 271,028.3▼3.9 +0.7 ▲ 78 2.2
69.8 +9.9 ▲-0.7
-26▲-52 ▼
▲105.5 +12.06.3 3.0
49.8388,211.6
2.1% ▲
100.0
0.7%
4,759.2 100.0
▲‐49.3%
100.0
‐37.2%
Industry Total 3,496 212.2
▼ ‐64.7% ▼
100.0-2,074
▼Industry % Change from Same Period Last Year ‐46.6% ▼
Industry % Change from Same Period Last Year ‐1.6% ▼‐8.8%Industry % Change from Last Quarter ‐13.9% ▼‐7.4%
25
29
2930
Bank of New York Mellon CorpJefferies LLCTD Securities IncBMO Capital MarketsBanco do Brasil SA
262728Deutsche Bank 5 5 216,707.1 ▲
13.93,052.12,911.62,630.72,465.2
286435
+0.10
+0.30.30.30.2
171111
2,201.2 5
▲-▲-
0.2
▲-
0.5
+4-9
+8
-9
1.71.11.1
0.30.50.4
▼
27.016.925.2
8.1
▲▼
--▲▲
0.2
00
+0.2
-0.1
0.6
+0.119.7▼
080 0.8▼-0.2
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9
4
Deutsche Bank 6 7RBC Capital Markets 7 8
Industry % Change from Same Period Last Year
Barclays
Bank of America Merrill Lynch 3
4 21,031.3
▲▲
100.4 7.7 -0.1 ▼84
-2.1
+0.77.9 -2.4 ▼
Full Year 2013 | Debt Capital Markets | Managing Underwriters
US Securitizations
+1369 13.9 -11
9.5% ▲
16.9-83 16.7 -20 ▼ 0182.0 13.9
20.4 ▼
5 22,655.4 8.5
14.01 37,142.2
▲ ▲
Sh (%)Deals Sh (%) Share Ch.▲ 14.9+2
▲-1.3 ▼194.7+1.7
# of Deals
-4 151.9 11.6
Fees
Imputed Fees (US$m)
▼3.7 -2.375.6 5.8
Share Ch.15.0 +3.3
▼
Credit Suisse10.6 -2.3 ▼
JP Morgan▲
2 28,050.6
Citi 1 3 39,833.72
Bookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market2013
Rank2012 Rank
Jan 1 - Dec 31
# of Deals per Bookrunner Imputed Fees (US$m)Manager
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
US Mortgage-Backed Securities (F11)
10192 18.5
# of Market Change in MarketSh (%)
Market
US Asset-Backed Securities (F14) Jan 1 - Dec 31
18,753.4 7.15 ▼ 48.0
+0.5 ▲ 86 17.3 +20 ▲ +0.8 ▲10.9 +5 ▲ 37.6 ▼-0.617,526.1
Morgan Stanley 8 10 14,529.9 5.5 +2.3 ▲▲6.6 +0.3 54
118.0 9.02.9
40 8.1 +13 ▲ +3.3 ▲9 13,987.3 5.3 +0.4 ▲ 63 12.7 0 ▲
RBS 10 6 12,062.8 4.6Wells Fargo & Co - 84.4 6.4 +0.8
47 9.5 -35 ▼ -1.3 ▼Top Ten Total 225,572.7 85.1 -2.0
-2.7 ▼1,057.5
64.9 5.0▼ 80.9 +1.0 ▲
Industry Total 265,189.3 100.0 100.0496 +43
▲
1,311.1
29.3%Industry % Change from Last Quarter 1.6% ▲
6.9%▲ 17.5%9.5%
Quarterly Residential ABS, MBS & CDO Volume
US ABS Collateral Volume Breakout (US$b) Jan 1 - Dec 31 2013
900$600
$81.6 31%
$35.6 13%
$17.9 7% $85.5
32%
$41.9 16%
$1.8 1%
CDO Credit Card Student Loan Auto Other Real Estate
‐22.7% ▼0.9% ▲ 16.0% ▲‐6.1%
-2.6 ▼▲
1 37,578.5 12.5
419,335.3 100.0
Sh (%)
▲
ProceedsDeutsche Bank 1
8
38 7.5 -0.2 ▼Barclays 2 2 34,939.0
Barclays62
358,623.7
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
7
5.0% ▲
28,637.1
8
Share Ch. Deals# of
3.66.8
▲▼
21.4%
MarketSh (%)
-1Fees
▼ 50.1
ManagerChange in
14.0Sh (%)# of Deals Share Ch.
Market
▼+45
Market
▲37.6% ▲1.6%
100.0691.8
4.986.0
47.3
Imputed Fees (US$m)2013 Rank
2012 RankBookrunner
632,833.9 +0.5
45,119.8 10.8
▼
7.1 -0.6
8.5 -1.17.8
-0.2 ▼
-0.2
2.0% ▲▲
Jan 1 - Dec 31
6.7%
718
-0.4 ▼-1.2
33.8▲594.5
▲+1-0.5 ▼
▲+1.5 7.7 +13
▼10.0
+1.4 ▲-
+0.8 ▲7.3 06.8
▲ -1.0
▲
9.263.7+31 ▲ 69.4
50.2+12
8.1 +13
53 7.4
13.59.1
9765
58
55
Market
6 5
3
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
4 35,796.3
14,986.011
-8-4+2.3 ▲
537.9
Citi
10RBS
7 29,547.0Morgan Stanley 9 9
4010.4
+3
US Mortgage-Backed Securities - Federal Credit Agencies (F13a)
Top Ten TotalIndustry Total
85.6 -1.3 ▼
+0.9 ▲77 10.7 +3 ▲ 55.2 8.0 +0.4 ▲
+13
11.3
Deals
▼+9 ▲+2.9 ▲79.8-3.2
11.5+5 ▲46.0 6.7
Imputed Fees (US$m)
Share Ch.Market
▲ 70.9 10.3
2012 Rank
49,104.6
85 11.884 11.7
11.2 81+2.9 ▲11.7 -3.0 ▼
9.1▼
-0.6 ▼9.0
Market
▼Sh (%)
9.7 -3.0+10 ▲ 78.2# of Deals
11.3FeesSh (%)
Market # of Market Change in Manager Market
Wells Fargo & Co
JP Morgan 2
Credit Suisse
3
5Goldman Sachs & Co
Bank of America Merrill Lynch 4
Sh (%)Deutsche Bank 1 1
Share Ch.70
37,526.6
Bookrunner Proceeds2013 Rank
53 38,055.9
47,016.5
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
▼-0.2 ▼ 39 7.7 +4 ▲ 44.7
16.655 4.7 -6.33 29,750.4
11.6 +0.4 ▲12.5 +0.9
10.8▲
Credit Suisse 4 4 29,418.9 9.8 -0.2 ▼Goldman Sachs & Co 9.9
JP Morgan 5 8 27,720.5+0.4
-0.548
8.931.89.2
▲▲▼
▼ 40.1 11.2 +4.5▼
10.236.5▼▲ 31.6 8.9Citi 7 6 24,552.0
Bank of America Merrill Lynch 26,356.7
▲
-1.2 ▼8.2 +0.1 ▲ +18.8 9.4 -2
▲Morgan Stanley 8 10 20,663.8 6.9 +1.7 ▲ 36
+0.6▲+0.7
38 7.5 ▼+4
-1.2-623.2 6.5
▼ ▼ 23.9 6.7+1.3- 15.9 4.50
314.4 88.1 +0.2 ▲509
▲
Industry % Change from Last Quarter
357.7 100.0
▼
-33
12.9% ▲Industry % Change from Same Period Last Year ‐8.4%
301,151.5Industry TotalTop Ten Total 261,263.1
8.3427.1
8.1Wells Fargo & Co
▼
▼
100.086.9 -2.3
5.24.8
15,702.0 -1.89Nomura 41▼10 9
714,581.3 -0.8
0
100
200
300
400
500
600
700
800
900
$0
$100
$200
$300
$400
$500
$600
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$b)
# of Issues
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Full Year 2013 | Debt Capital Markets | Managing Underwriters
Banking Composite: US DCM
Jan 1 - Dec 31 2013DCM Bookrunner Industry Composition (F1) Jan 1 - Dec 31 2013 DCM Bookrunner Industry Composition (Ex Financials) (F1)
7 3%
4.6%
8.2%
9.7%
7.2%
11.1%
8.6%
5.6%
8.0%
8.8%
7.2%
7.6%
6.4%
7.6%
4.1%
4.4%
7.0%
4.6%
4 8%5.1%
6.2%
5.6%
4.8%
5.6%
7.0%
5.9%
5.0%
5.7%
3.8%5.5%
0.1%
3.8%2.3%
4.0%
1.6%
2.1%
3.1%
2.4%
2.1%
6.2%
1.1%
4.9% 3.3% 6.1%
2.7%
4.6%
4.2%
3.6%
4.4%
6.2%
4.5%6.8%
5.7%7.7%
3.8%
6.4%
6.1%
5.7%
4.9%
4.6%
8.6%16.0% 17.7%
14.2%
8.5%
18.2%
8.7%
19.3%
31.0%
22.2%
5.9%
60%
70%
80%
90%
100%
Pro
ceed
s
4.5%0.1%0.8%
1.7%
3.3%
2.4%
3.6%
6.3%
9.9%
10.4%8.6%
5.3%
10.6%
5.2%12.7%
14.1%
4.3%
37.9%40.9% 39.5%
37.5%41.9% 40.4%
34.3%
40.3%36.4%
27.4%
60%
70%
80%
90%
100%
Pro
ceed
s
2.1% 2.0%4.8%
1.2% 2.1% 3.1% 2.2% 0.9%4.6%
1.5%
17.0% 18.6%
18.9%
12.8%
18.9%12.2%
21.2%
18.4%
24.9%
20.7%
15.6%17.2%
8.4%
34.1%17.3%
25.5%
15.8%
12.8%
2.1%
32.3%7.2%
6.8%
9.0%
7.3%
9.1%7.5%
6.6%
4.7% 6.1%
4.5%
4.0%
6.0%
5.4%4.2%
5.6% 5.7%
8.9% 7.7%
6.5%6.7%
4.8%
0%
10%
20%
30%
40%
50%
JPM Citi BoA DB Barc GS MS CS WF HSBC
% o
f Ind
ustry
Consumer Products and Services Energy and Power Government and Agencies
Healthcare High Technology Industrials
Materials Media and Entertainment Real Estate
Retail Consumer Staples Telecommunications
1.3%
1.2%
2.9%
0.8%
1.2%
1.8%
1.4%
0.6%
3.0%1.1%
10.6% 11.0%11.4%
8.0%11.0%
7.3%
13.9%11.0%
15.8%15.0%
9.7% 10.2% 5.1%
21.3%10.1% 15.2%
10.4%
7.6%
1.3%
23.5%
4.5% 4.0%5.4%
4.6%
5.3%4.4%
4.4%
2.8%3.9%
3.4%
2.8%
2.3% 3.6%
5.2%
3.1%
5.8% 2.8%
3.3%3.6%
5.2%
5.5% 6.6%4.7%
5.4%
3.2%
4.8%5.8%
3.9%4.3%
5.2%
4.7% 3.8%4.6%
2.6%
2.6%
4.2%3.0%
2.9%
3.3%
3.5% 2.8%3.4%
4.4%
3.5%
3.0%3.7%
2.3%
3.5%
2.4%
1.4%
2.4%
1.0%
1.2%
1.8%
1.6%
1.3%
4.0%
3.1%
1.9%
3.7%
2.6%
2.5%
2.3%
2.6%
4.0%
4.2%
3.4%
4.7%
3.7%
3.7%
2.9%
2.9%
18.5%
0%
10%
20%
30%
40%
50%
JPM Citi BoA DB Barc GS MS CS WF HSBC
% o
f Ind
ustry
P
Consumer Products and Services Energy and Power Government and Agencies
Healthcare High Technology Industrials
Materials Media and Entertainment Real Estate
Retail Consumer Staples Telecommunications
Financials
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International bond issuance was down 4.2% from 2012. Among the underlying sectors, Financials dropped by 14.7%year on year, Government & Agency issuance was relatively static, with a 2.1% increase. In the corporate sectors,Telecommunications posted a 75.4% increase and High Technology rose by 55.5%, whereas Healthcare fell 29.1%.
2013 was a record-breaking year in the international marketplace - the two largest International non-financialcorporate bond offerings of all time (Verizon's US$49 billion issue in September and Apple's US$17 billion issue inApril, which eclipsed Roche's 2009 US$16 billion prior record). The largest international corporate hybrid on record(EDF's US$8.2 billion equivalent tri-currency multi-tranche deal); and the largest supranational deal on record (EFSF's€8 billion deal in April).
According to Thomson Reuters and Freeman Consulting, Deutsche Bank led all banks as to fees earned in 2013 inthe All Bonds in Euro market (€222.5 million earned), Deutsche Bank also led the Corporate in Euros market (€128.3million earned), and the Financials in Euros market (€29.2 million).
All International Bonds by Issue Type
Bank of America Merrill Lynch 7 6
All International Securitizations (J10c)
43
Deutsche Bank 2 2
Goldman Sachs & Co 5
BNP Paribas SA
Industry % Change from Same Period Last Year
JP Morgan 1 1
Barclays 3Citi
8
247,351.2211,182.3
Top Ten Total
279,582.3
4
271,217.77.2
Market Market
-0.87.98.1
+0.1
Sh (%) Share Ch.
▲
5.8 +1.2
3.9 -
100.0
+0.4133,743.8Credit Suisse
Proceeds per Bookrunner (US$m)2013 Rank
2012 RankBookrunner Proceeds
Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner
Sh (%) # of DealsDeals
Full Year 2013 | Debt Capital Markets | Managing Underwriters
International Debt International Borrowing down 4% l High Tech and Telecomms Sharply Up l Deutsche Bank top € Fee Earners
All International Bonds (J1) Jan 1 - Dec 31EMEA Deals Intelligence
# of MarketFees
1120▼ 1046 18.8
20.1 1,064.1-72 ▼▼
7.1 +0.29.0-196 1,341.6
Market MarketSh (%) Share Ch.
▼▲
-0.7
-74 ▼843.0
-0.4 ▼-94 ▼
1,023.4-0.3 ▼
▲14.9
5.6-0.3 ▼ 814 14.6-0.2 ▼ 831
+0.1
6.2 6.8
HSBC Holdings PLC 6 5 196,864.8198,715.9
16.35.4 -0.1 ▼ 788
907▲5.7 603.0
3.1
▲▼
+0.3▲+0.3
7.9
6344.0
▲-7114.2 1,178.9+20
11.4 +62 5.8▲▼
+0.3-0.1
▲
863.8
5.2
+0.4-0.3
▲
5.0 470.8616 11.1 +5+0.3 ▲-2510.2
▼ 772.7▲▼ 809.7
8,971.0
5.40
4.7
▲
▲ 566572
-0.3▼10.3 -26▼59.9
171,831.9162,268.0
78184,928.4
Morgan Stanley 9
‐4.2%
9
3,435,758.92,057,686.3
Industry Total
10 10
▼
+0.759.9
▼ -5.0%
5,566 -417
▼
Jan 1 - Dec 31
▲
14,972.6 100.0
‐6.0%Industry % Change from Last Quarter -11.8% ▼-7.0%
▼ 1.8%
Top Ten Total
▲Industry % Change from Last Quarter 21.3% ▲ 13.1%
1,807
▲ 20.9%
Industry Total 1,030,956.8 100.0
Industry % Change from Same Period Last Year 6.3% ▲ 0.2% ▲ 22.7% ▲
-1.352.8 -0.81,463.6
100.02,769.2+4▼▼+1 ▲ -0.4
598,509.512.0
▲▼ 217
58.1 +0.9
9.1 +463.392.6
▲Natixis 10 9 36,416.1 3.5
4.2 +1.0▲
▲ 122.9 4.4 +1.0▲ 1656.1
Goldman Sachs & Co 9 11 43,339.3
Credit Agricole CIB 7JP Morgan 8 8 52,995.4 11.5 -17 ▼ +0.3
▲14.3 +9169.1
▼ 258▼
59,540.84 55,822.5
5.1 -0.35.4 -0.6
Industry Total
Industry % Change from Same Period Last Year 8.6% ▲
190,174.9
2013 Rank
9.5%
▲5.8 -1.0 ▼ 299
356
▲Industry % Change from Last Quarter 32.8% ▲ 1.1%
▲40.0% ▲8.7%
▲
▼-3.3+31 100.0
299.2474.2
63.262.83.3
+1.8 ▲2.3 ▼
▲25 7.0 +10 ▲
27.112
5.1 +8
Top Ten Total 119,335.56,281.9 +0.4 ▲
+2.3-0.3
Goldman Sachs & Co 9 18 7,370.0HSBC Holdings PLC 10 10.7
▲16 8,171.4 ▲+21 ▲ 22.7+2.1 12.645▲
▲▲5.3 +0.2
4.8
+1.1▲ 46 12.9 +18
+3.05.7▲18
5 9,489.8 5.0 -0.8 40▼
10,769.223.1 4.9
-1.6 13.5 -9 ▼▼5.3 ▲
7
▼Credit Suisse 6 10 10,084.5
48RBS 5 4
7.8▼ 33.4▼
36.7
Barclays 4 2 12,674.9
▼▲
-3.511.0
14,796.6 +2.8 ▲ 44.9 9.5
▲
49
Imputed Fees (€m)
535.0
14.9
▼▲13.8 +12
7.7
-4.5-12
+5.9-4.4
25.0+0.6
11.2 +3 ▲
MarketManager Market
52.0
Jan 1 - Dec 31
16.0
▼
▼
Market
7.0-4.65.7
FeesShare Ch.13.0 +0.9
Sh (%)
23.6
▲66
MarketShare Ch.
# of Deals per Bookrunner
-1.4Deals
18.5 +3 ▲+6
Market# of Market Change in ManagerImputed Fees (US$m)
2012 RankBookrunner
3
1Deutsche Bank
24,800.6
Wells Fargo & Co 87
4.3
6.7
14,896.62 3
Proceeds
BNP Paribas SABookrunner
MarketProceeds per Bookrunner (€m)
+1.7Citi
Market
100.0
3.9
2012 Rank
1Sh (%)
1
# of
8.1 348▲Deals
▲
Change in
6.783,144.8Share Ch.Proceeds # of Deals
+47Sh (%)
19.3Share Ch.
-0.67.1 +0.2 19.5▲
▼Fees Sh (%)185.6
HSBC Holdings PLC 3 6 67,571.2Deutsche Bank 2 2 72,949.5
+0.36.6 +1.1 ▲ ▼+4816.5
8.0222.5 ▲+0.3▲-0.2
352 +31
+41253 14.0 -1299
UniCredit 6 3
4 5Societe Generale 5 7 ▲ 280 15.5Barclays
6.1▲
+0.662,618.564,111.4 6.2
All Bonds in Euros (N1)
+0.9
16.5 130.6 4.7 ▼-0.54.5124.7 -0.9
208▼
+38
▲ 134.9 4.9
+0.1 ▲5.4▼ 149.0 +0.1
▲ 131.7▲
4.8
Sh (%)
# of Deals per Bookrunner
Sh (%)# of Deals2013 Rank
7.8 -1.457
Full YearEuropean Financial and Corporate Inv Grade By Domicile Nation
Proceeds per Bookrunner (US$m)
JP Morgan 1
Market Market
Bank of America Merrill Lynch
€ -
€ 100
€ 200
€ 300
€ 400
€ 500
€ 600
€ 700
€ 800
€ 900
€ 1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010 2011 2012 2013
Pro
ceed
s (€
b)
ABS & MBS
Emerging Market Corporate
Federal Credit Agency
High Yield Corporate
Agency, Supranational, Sovereign
Investment Grade Corporate
€0
€20
€40
€60
€80
€100
€120
€140
€160
Pro
ceed
s (€
b)
2012 2013
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2012 2013
9
▲▲ -10.3% ▼
Industry % Change from Same Period Last Year 18.8%Industry % Change from Last Quarter -0.4% ▼ 13.6%
+116
▲ 15.6% ▲ 4.5%
100.0▼
Industry Total 461,999.1 100.067.53.1
-5.8860 6,368.7
▼Top Ten Total 319,585.7 69.2 -7.2 ▼ 4,298.9
188195.73.0
4.9+3 ▲ 314.39 22,817.8RBC Capital Markets 10 11 13,955.2
9Wells Fargo & Co ▼-0.4 ▼
▼ -0.4118 13.7 +3 ▲ -0.4
20.8 362.2 5.7 0 -4.9 -0.7
+13 ▲21.9
6.1 +0.1 ▲ 179Morgan Stanley 8 8 28,104.624.2 +10 ▲ 378.5 5.9 -0.8
-1.3 ▼▼Barclays 7 7 30,758.0 6.7 -0.4 ▼ 208
-0.2235 27.3 +1 ▲228
412.5 6.57.1
7.0 -1.1 ▼▼
Citi 6 5 32,154.7Goldman Sachs & Co 5 6 32,477.8
▼7.0 -0.9
+6 ▲26.5 +42 ▲ 453.3 ▼26.9 478.7 7.5 -1.17.4 -1.1 ▼ 231
278Credit Suisse 4 4 34,245.7
▲Deutsche Bank 3 3 38,384.2 8.3 -0.6 ▼ ▲ 496.7+9
32.3 +2935.5 -0.99.0
7.8 +0.1
-0.8 ▼▼Bank of America Merrill Lynch 2 2 38,685.8 8.4 -1.5 ▲
JP Morgan 1 1 48,001.9 10.4 -0.6 ▲▼ 329 38.3 10.0571.5635.5+20
305▼
Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.Market Market # of Market Change in Manager
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2013 Rank
2012 RankBookrunner Proceeds
Full Year 2013 | Debt Capital Markets | Managing Underwriters
High Yield DebtAnnual Global High Yield Volume Up 19% l EMEA Market Buoyant l Non Dollar Activity Up 107%
Global High Yield Debt (B4) Jan 1 - Dec 31Global High Yield Deals Intelligence
Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Dec 31
Global high yield proceeds surged to another annual record in 2013, reaching $462 billion and surpassing the priorrecord set in 2012 by 18.8%. Issuers in EMEA and Asia drove the market, posting respective year-on-year gains of122.7% and 23.6% whereas borrowing by U.S.-domiciled issuers declined 8.6%. Record-setting coupons continuedto power the market in 2013: globally, the average coupon for high yield issues stood at 7.1%, the lowest ever.
Total high yield non-dollar issuance peaked at €83.6 billion for the year -- the highest volume on record --representing an increase of 107.4% over 2012. Euros were the predominant non-dollar currency, totaling €.64.3billion for the full year, up 112.2% over 2012 and capturing a 76.9% share of the non-dollar high yield market.
Sprint’s US$6.5 billion issue in September was the second-largest high yield deal on record, trailing only EnergyFuture Holdings’ US$7.5 billion issue in 2007, and contributing to the overall strength of the global high yieldTelecommunications sector (up 81.4% from 2012). Industrials posted similar year-on-year increases, with a 71.2%uptick from 2012.
.
Average Quarterly Spread to Benchmark*
▲ 27.5% ▲Industry % Change from Last Quarter 13.5% ▲ 40.0%Industry % Change from Same Period Last Year 107.4% ▲ 76.7% ▲ 77.9% ▲
+92+0.2 ▲
Industry Total 83,628.3 100.0 1,055.1212 100.058.0▲ 611.3Top Ten Total 46,132.2 55.2 +2.0
MarketSh (%)
▼
Fees Sh (%) Share Ch.Market Manager# of Market Change in
▲Industry % Change from Last Quarter -5.2% ▼
Sh (%) # of DealsDeutsche Bank
Industry % Change from Same Period Last Year 4.2%
Top Ten Total 269,738.6
▲ 3.6% ▲ -6.7% ▼-18.4% ▼5.5%
664 +23 4,967.6 100.0-3.6 ▼
Industry Total 350,983.4 100.0
-77.0 -4.1 ▼ 3,601.7 72.6
+5 ▲ 0186
183.2 3.76.3311.4
112 16.93.8 +0.2 ▲-
RBC Capital Markets 10 11 13,270.2Wells Fargo & Co 9 8 22,624.7
▼6.5 0
-14 ▼28.0 +1 ▲ ▲24.7 298.3 6.0 -0.5
+0.36.8 -0.3 ▼ 164Barclays 8 7 23,913.0
23.3 +9 ▲ 320.6 6.5 +0.7-0.3 ▼
▲Morgan Stanley 7 9 24,448.5 7.0 +0.8 ▲ 155
-0.8183 27.6 +14 ▲204
353.3 7.17.3
7.5 -0.8 ▼▼
Goldman Sachs & Co 6 6 26,328.8Citi 5 5 27,340.2
▼7.8 -0.7
-23 ▼30.7 -7 ▼
27,885.9363.2 ▼
27.7 371.4 7.5 -1.5-0.1
8.0 -1.1 ▼ 184-5 ▼ 366.9 7.4210
-0.5 ▼▼Deutsche Bank 3 4 29,205.8 8.3 -0.7 ▼
522.0 10.5278 41.9 -8 ▼▼11.3 -0.5 40.7270
31.610.0 -1.0 ▼
-0.9# of Deals Fees Sh (%) Share Ch.
511.4 10.3-17 ▼ ▼
Change in ManagerMarket Market # of Market
Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m)
Bookrunner Proceeds Sh (%) Share Ch.
Bookrunner Proceeds
39,775.4Bank of America Merrill Lynch 2 2 34,946.1
Credit Suisse 4 3
2013 Rank
2013 Rank
Proceeds per Bookrunner (€m)
2012 Rank
JP Morgan 1 1
MarketMarket
# of Deals per Bookrunner Imputed Fees (US$m)
# of Deals per Bookrunner Imputed Fees (€m)
Deals Sh (%)Market Market
1 1 6,905.2Share Ch. Deals
8.3
2012 Rank
67+35+37
-0.1 ▼ 78 36.8JP Morgan 2 3 6,208.9 ▲ 93.87.4 +1.3 31.6▲
+0.5 ▲8.9 +0.8 ▲
▲ 97.6 9.3
Barclays 3 2 5,112.3 6.1 -0.9 ▼53 25.0 +26 ▲ 60.1 5.7▼ -2.65.2 -0.124.5 +25 ▲ 55.2
+1.4 ▲ +1.9 ▲BNP Paribas SA 4 5 4,857.3 ▲ 52
Goldman Sachs & Co 6 6 4,627.8
▼Credit Suisse 5 10 4,777.2 5.7 7.7
▲20.8 +21 ▲ 40.9 3.9 -0.4
52 80.724.5 +29 ▲23.1 +28
HSBC Holdings PLC7.1 +1.1▲ 75.2
7 7 3,733.4▲ 49
Citi 8 4 3,632.0 4.3 37.2▲
-1.2 ▼ 37 17.5▼
3.5 -2.3▼ 44
+1.4▼+9 ▲
UniCredit 9 17 3,309.3 4.0 +1.73.2
▲RBS 10 11 2,968.8 15.6 +13 ▲
16.5
+0.4
-0.1+23
▲ 333.535 ▲ 37.0
33.6
Monthly High Yield Volume
3.6 +0.2
4.5 -0.95.5 +0.1
5.8
0
100
200
300
400
500
600
700
800
900
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012 2013
Bas
is P
oint
s
Spread to Benchmark
2-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
$70
J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND
2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$)# of Issues
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4.0%28.5% ▲
8.4% ▲ 45.5% ▲51.6% ▲ 18.4%
Jan 1 - Dec 31
▲
-1.0
Latin America Emerging Market Bonds (L3)
▼
% Change from Last Quarter
HSBC Holdings PLC
9.0
-1.0
# of
Deutsche Bank 1 4 45,811.9 10.0Sh (%)
7.65 10,236.0
+0.1-0.6
6 9,711.27.1
+2.1
Proceeds per Bookrunner (US$m)2013 Rank
2012 Rank
MarketShare Ch.Bookrunner Proceeds Sh (%)
Market
Asia-Pacific Emerging Market Bonds (L4)
▲ 229
Market
111.2
4 7 10,887.4
271 +14
▲25.6% ▲
+1.5
76
% Change from Last Quarter
▲▲26.0
Proceeds per Bookrunner (US$m)
Full Year 2013 | Debt Capital Markets | Managing Underwriters
Emerging MarketsAll International Emerging Market Debt Up Slightly l EMEA Emerging Market Debt Up 4% l Latin America Emerging Market Debt Up 11%
Jan 1 - Dec 31EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Dec 31
▼26.8 +4431.7
▲ 110.7 9.0 -0.1 ▼9.02 1 45,763.2
222▼9.7 -1.110.0
-0.5Citi 3 2 44,614.2JP Morgan 4 3 41,302.5 ▼
▼23.6 0 -
9.0 -0.1-0.9
+5 110.7122.2 9.9
5.9 +1.8 ▲ 144 16.8 +27202
6.440.7
▲ 78.7Bank of America Merrill Lynch 5 9 27,227.8+8117 13.7
BNP Paribas SA 7 10 19,959.9Barclays 6 5 25,182.9
+14▲▼
100 11.7 ▲15.2 -13▼
▲4.4 +0.8
130
5.5 +0.1
Standard Chartered PLC 8 6 17,492.0
65.4
923.8 -0.7 ▼8Morgan Stanley 10
10.8Goldman Sachs & Co 9 7 17,401.814,974.8
Imputed Fees (US$m)Change in
DealsMarketMarketManager
Fees# of Deals
# of Deals per Bookrunner
Share Ch.
▲+23.3 -0.9
3.8 -0.9
81Top Ten Total 299,731.0Industry Total
-0.9855
3.334.3
▼4.0
52.0
100.0754.7 61.3
4.2
▲
▼
2.8
3.7
‐639
Sh (%)
-149.5▼
-1.2▼▼
▲
-0.8▼
+0.2
▼
HSBC Holdings PLC▲
BNP Paribas SA
VTB Capital
Barclays+2.5-1.9
Gazprombank 10
1,230.9
49.2 ▲45.0
▼37 18.0 +7
% Change from Same Period Last Year 0.9% ▲
12.1 -11-3.0
61▲ 40
▼▼6.8 -4.6
-4.5▲ 6.0
Goldman Sachs & Co 8 11
# of Deals52
29.627.7
▲▲
19.4
▼
4,869.09 9.7 +6
-756.7
7,921.1 12.012.6 +4
Bank of America Merrill Lynch
3
3.414
4,856.8
255,231.4 ▲
4.4 ▼+1.5-1.7
3.43.65.5
+0.6 26
38.1%
18
▼
+0.2 ▲+4.468.8
458,158.7 100.0
6.9%1.2%
Jan 1 - Dec 31
▲
Imputed Fees (US$m)2013 Rank
2012 Rank
Market MarketChange in Market Market
▲▼
# of Deals per Bookrunner
-27.2%
1620
-3.1
Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) Sh (%)Fees Share Ch.Manager
Deutsche Bank 1 4 16,586.1 25.2
Market # of
11.5Citi 2 1JP Morgan 3 2 13,826.3
-0.5 ▼14,952.6 10.4▼9.6 -0.5
+3.6 ▲57
+21 16.3
+13+8
18.5+5 ▲▲
7.641.4
+2.7 ▲15.3
20.5+4.2
+4.0 ▲4.8 -0.8 ▼
▲▼ 13.115.5▼ 32
▲
5.013.4
14.4 5.3
6.6▲ ▲ 17.8
13.6▲
7.8 +6 ▲+1.0 ▲ +2.7
+4.2▲▲▲
+7.799,077.95.0+1.6
100.0▲
144,222.7 270.8
% Change from Same Period Last Year
+16
▲
Industry Total 20666.8181.0Top Ten Total
100.0
*ti
Jan 1 - Dec 31 2013All International Emerging Market Bond Volume by Industry (US$b)
▲-7.5% ▲ -32.5% ▼ 23.1%-2.7% ▲
69.8%
‐13
-16.3%
51.8▼▼-4.150.8
240.0% ▲ -8.2% ▼▲
97.8
▼
100.067
4.1▲
2.0▼
3.2
▲-2.0
3.2
▼
Industry Total
% Change from Last Quarter 179.6% ▲% Change from Same Period Last Year -19.3% ▼
Top Ten Total 28,000.8National Bank of Abu Dhabi 10 1,459.1 ▼
+8.069.6-914.9
40,245.9
3.6 -2.64
100.0▲
Goldman Sachs & Co 9 15 1,462.6 +1.6 ▲3.6 7 6.1▲ 6.0-0.3
10.4 +5 +5.110 ▼
12 17.9 0 -3.74.0▲ 3.94.2+1.3 ▲ +2.1
13.4 +1Emirates NBD PJSC 8 11 1,505.7
93.914.9 -2 ▼
JP Morgan 5 64.867.2
Barclays2,897.5
-0.1+1.2
10▼+1.4 ▲
▲ 158 1,922.4
RBS 7 10 1,559.4
▼3.2 3.3 -2.0▼-8.02.0
▼17 25.4 +1 ▲ 8.1 8.322.4 -1
▲38.8 -810.2 +0.2 ▲
8.65.1 -0.9▼
-0.2Deutsche Bank 4 3 3,442.35.0
+0.8
HSBC Holdings PLC
26▲23 34.3 +3 ▲ 7.7 +3.0▼
7.6+5.8 ▲
40.3 -10
Standard Chartered PLC 3 2 4,091.7
1 ▼Citi 2 5 4,761.1 11.8 7.8
7.8 -0.9▼Deals Sh (%)
12.2 -1.6 ▼ 27Sh (%)
1 4,899.0
MarketSh (%) Share Ch.# of Deals Fees
Change in ManagerShare Ch.
Proceeds per Bookrunner (US$m)Market Market # of Market
# of Deals per BookrunnerMarket
100.0
Imputed Fees (US$m)2013 Rank
2012 RankBookrunner Proceeds
Middle East Emerging Market Bonds (L5) Jan 1 - Dec 31
% Change from Last Quarter -26.7% ▼ % Change from Last Quarter ▲ 21.7% ▲ -39.4% ▼▲ 38.4% ▲
551.2
% Change from Same Period Last Year 1.7% ▲
+11
2.6%
Industry Total▼
434 100.072.7400.7
-2.2▲ 16.3
165,297.4-3.7 ▼ -0.3
▼Top Ten Total 114,723.5 69.5Bank of China Ltd 10 12 5,715.2
17.4 3.23.5 +0.6 ▲ 50 11.5 +22 3.0
14.7 +13 ▲Barclays 9 7 8,161.0+0.1 ▲
4.9 -0.949 11.3
▼ -2.0 ▼64
50.7▲
▲ 24.95.0 -1.2 ▼ +7Goldman Sachs & Co 8 6 8,314.06.79,714.0 ▲5.9 +1.04.5
▲78 18.0 +14 ▲ 36.9 +2.3
-0.8 ▼9.2 +3.7 ▲
100+29
44.1 8.020.3
12,233.7 7.4+1.110,097.2
23.0 +4▲ 886.1
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
Standard Chartered PLC 5 3
Market # of MarketImputed Fees (US$m)
-1.2 ▼
2013 Rank
2012 Rank
1 1Proceeds
Market
- 17.5 ▼-1.0
▲100.0
+1.6374.4
62.54.7 -0.3
7 9UBS 6Bank of America Merrill Lynch
8
▼
100.0 181 +20Industry Total 130,099.6
▲% Change from Same Period Last Year 11.3% 33.7%
233.4+4.4 ▲11.0 03.6 +0.1 ▲ 20
68.8Itau Unibanco 10 11 4,686.1Top Ten Total 96,546.0
16 8.8 -11 ▼ 7.5 2.0+1.9
4.4 +0.5▲Barclays
Credit Suisse
-1.4 ▼Goldman Sachs & Co 9 7 4,947.7 3.8168 13 5,485.5 4.2267 9 5,657.8 ▲ +4 ▲
▼14.48.8 +5 ▲ 5.9
+0.9 ▲1.6 -0.7 ▼
3.4
4Deutsche Bank 4
▲11.5 3.1Morgan Stanley 6 6 8,556.0
Citi 1 1 14,260.4
ManagerImputed Fees (US$m)
2013 Rank
2012 Rank ProceedsBookrunner # of Deals Fees
Market Market # of Market Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
MarketMarketChange in ManagerBookrunner Sh (%)
▼ 20,918.2 12.7 -1.7DealsSh (%) Share Ch.
▼ 180 +23 ▼Fees Sh (%) Share Ch.
-2.3▲# of Deals
12.971.3Share Ch.
11.0 31.5Deals Sh (%)
-4.0 ▼ 57-0.8 ▼ Deutsche Bank 5
▼-1 46.0 12.330.2▼
Bank of America Merrill Lynch 3 5 13,405.8 10.3JP Morgan 2 2 13,599.8 -6
▼+2.8
41.5-0.58.413,895.7 27.4119
HSBC Holdings PLC-1.3 ▼ 52 28.7
49 27.1+3.9 ▲▲
8.3▼Citi
-3.6 ▼+2.952.42
19.4▲
+6 ▲ 12.346.0 45.784JP Morgan 3 49.5
-1.2 -1.529.8+0.6 ▲ +2.5
8.1
8.0
▲
22.4 +3 ▲ 41.0 7.4 ▲97 +1.6▲▼
7.712,659.64 2 -1.2 ▼7.9
6.6 +0.45 3
13,372.9
10.5
Sh (%)
HSBC Holdings PLC 12,574.0 ▼28.7 +6 ▲
44 24.310.39.7 ▼ -7
52 9.5
MarketMarketShare Ch.
35.6▲
Sh (%)
13,014.9+0.4-0.6
+23-3
▲
23 12.7 -3 +0.2▲0.9
$177.039%
$97.521%
$75.216%
$24.95%
$22.65%
$18.34%
$16.64%
$12.93%
$4.11%$3.81%$2.81%
$1.60%
Financials Government and Agencies Energy and PowerReal Estate Materials IndustrialsTelecommunications Consumer Staples High Technology
*tie
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Retail Media and Entertainment Consumer Products and Services
11
Domestic Brazilian Debt in Reals (BR2) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market
Full Year 2013 | Debt Capital Markets | Managing Underwriters
Emerging Markets - Latin AmericaGlobal Brazilian Debt Volume Down 24% l Fees for Global Brazilian Debt Down 22% l Domestic Brazilian Debt Down 42% l Domestic Mexican Debt Up 46%
Change in 2013 Rank
2012 Rank
Market
All Global Debt by Brazilian Issuers (BR1) Jan 1 - Dec 31
Bookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Manager Market
Share Ch.Banco do Brasil SA 1 2 5,049.7 12.4
Sh (%) # of Deals Fees▲27 29.0 +2 ▲ 18.5
Sh (%)+1.4 ▲ +5.3
JP Morgan 2 5 4,420.29.7
10.8 -6 ▼ 13.6 7.1 -0.428 30.1
10.8 +2.2 ▲ 10 ▼Itau Unibanco 3 1 4,128.6 10.1 -1.3 ▼ -0.6 ▼-5 ▼ 21.0 11.0
8.6HSBC Holdings PLC 4 3 4,082.0 10.0Bank of America Merrill Lynch 5 12 3,506.8
▼14.0 -11 ▼ 20.6-0.5 ▼▲9 9.7 -3 ▼ 11.5 6.0 +0.1
6.9 +2.37.5 +3.3 ▲
13 10.8 -0.3+4.9 ▲
▼ 13.2Morgan Stanley 6 10 3,051.6
+0.5 ▲21 22.610.8 +1 ▲ 13.110
-3
9 6
▲Banco Bradesco SA 7 7 3,025.6 7.4 +0.8 ▲
+2.1 ▲6.9
5.5Banco BTG Pactual SA 8 9 2,928.2 7.2Citi ▼ +1.8
▲22.6 +7 ▲ 23.321 12.2 +3.0▲5 5.4 -12 ▼ 6.2 3.2
▼ 7.8 -1.1Deutsche Bank 10 8 2,109.5 -0.4 4.12,236.2
8.6 -65.2 ▼ 8-2.4
Top Ten Total 34,538.4▼
84.7 +10.1 ▲ +10.6 ▲148.8 77.9‐15 191.1 100.0
% Change from Same Period Last Year -24.3% ▼ -13.9% ▼
Industry Total
▼ -44.4%-22.0% ▼-68.2% ▼
40,869.4 100.0
▼
93
Global Debt by Mexican Issuers (MX1)
-56.5%% Change from Last Quarter
Jan 1 - Dec 31
Global Brazilian Debt Volume by Sector First Nine Months
69 66
9079
60
91
142
78
108 93
0
30
60
90
120
150
$0
$20
$40
$60
$80
$100
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
Securitized DebtJunk Rated DebtInvestment Grade CorporateAgency, Supranational, Sovereign# of Issues
▼% Change from Last Quarter -72.9% ▼ -60.0% ▼ -69.7% ▼% Change from Same Period Last Year -42.1% ▼ -15.4% ▼ -44.7%
‐32 56.0176 100.0▲
Industry Total 46,169.9 100.056.0 100.0 +7.2
+0.8 ▲Top Ten Total 44,770.0 97.0 +7.1 ▲
4 2.3 +4 ▲ .4 0.80.9 +0.9 ▲
Banco Safra SA 10 - 360.0 0.8 +0.8 ▲▲ 1 0.6 +1 ▲ .5Banco do Nordeste do Brasil SA 9 - 380.0 0.8 +0.8
0 - .8 1.4 +0.7 ▲▼
Morgan Stanley 8 12 570.0 1.2 +0.6 ▲ 1 0.64.5 -7 ▼ 1.2 2.1 -1.0
+0.7 ▲Banco Votorantim 7 8 1,216.7 2.6 -0.2 ▼ 8
13 7.4 -1 ▼ 3.7 6.54.2 -3.3 ▼
Santander 6 4 2,444.4 5.3 -3.9 ▼▼ 10 5.7 0 - 2.4HSBC Holdings PLC 5 5 2,812.9 6.1 -0.6
-4 ▼ 4.1 7.3 +1.7 ▲▼
Banco BTG Pactual SA 4 6 3,170.2 6.9 +0.7 ▲ 13 7.418.8 -29 ▼ 9.8 17.5 -9.6
+1.4 ▲Banco Bradesco SA 3 1 8,748.9 19.0 -9.8 ▼ 33
44 25.0 -11 ▼ 14.6 26.130.4 +14.9 ▲
Itau Unibanco 2 2 11,204.1 24.3 +4.8 ▲▲ 39 22.2 +14 ▲ 17.0Banco do Brasil SA 1 3 13,862.8 30.0 +13.9
Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2013
Rank2012 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m)2013 Rank
# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2012
RankMarket Market # of Market
Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▼ 69 58.0 +19Citi 1 1
30.3BBVA 2 39,952.3 17.4 -0.6
365,528.3 9.7 ▲▲ 29.7
-816.7 -0.7 ▼
-1.1 ▼8.8 -2.7 ▼
▼ 16.9 9.5 +1.6▲ 15.7+4
3,917.526.9
6.8 -1.45,432.4 9.5 -4.0 ▼ 32
Morgan Stanley 4 5HSBC Holdings PLC 3 2
▼6.3 +0.6 ▲19 16.0
12 7.3 +1.4 ▲▲ 13.010.1 +4+9 ▲ 11.3Bank of America Merrill Lynch 5 8 3,311.0 ▲
3.45.8 +1.5
+3Barclays 6 13 3,149.1 5.5 +4.0 ▲ 4 ▲4.9 -4.0 ▼
▲ 8.2 4.6 +3.0▲ 8.8Santander 7 7 3,058.5 5.3 -1.6 ▼ 20
JP Morgan 8 9+2
2,938.816.8
5.1 +1.16.7
▲ 97.6 -2.7 ▼-1 ▼ 13.54.9
10 6 2,664.4
▲ 8.87.6 +14.9 -5.1 8Deutsche Bank 9 4 2,828.5 ▼
5.0Goldman Sachs & Co ▼74.4 -7.5 ▼
▼ 6.8▼ 6
57,249.1 +14
4.7 -2.5
100.0
-4Top Ten Total 42,780.8 74.7 -9.7
-55.0%
▼ 132.7Industry Total
# of Market
Global Debt in Mexican Pesos (MX2) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager
▼
BookrunnerMarket
▼
MarketDealsProceeds
Market MarketSh (%)
26.7 +3.3
# ofSh (%) Share Ch.
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m)
Share Ch.Market
119
Deals Sh (%)
-39.5%
Market# of Deals Fees
Domestic Mexican Debt (MX3)
13.3%
2013 Rank
2012 Rank Bookrunner Proceeds Sh (%) Share Ch.
2012 Rank
+22
% Change from Last Quarter% Change from Same Period Last Year
Market2013 Rank
42.6% ▲-50.7% ▼
Citi1 6,525.1Citi 1 ▲ 14.1 19.2 +0.443.8# of Deals Fees
1 1▲ 60 6,289.1 31.5Sh (%)
▲Sh (%) Share Ch.
3 3,908.6HSBC Holdings PLC 2 18.4 -0.1▲ 13.6
Bank of America Merrill LynchCorporacion Actinver Sab de CV 8
▲
3.8 -2.8
▲ 3916.0 +1.1
-1.2 ▼
▼ HSBC Holdings PLC 2 313.4 34.6 +9.4 ▲
28.5 +142 3,351.3
3,060.5 15.322.6 -5 ▼ BBVA
+20 ▲+6.8 ▲ 58 70.77.8 20.1
9.4▲ 24 29.3
-9 ▼2,926.6+1.1
-4.9▼ 6.9+0.5 ▲+2 ▲
3 2BBVA ▼ 28 34.113.7 -6.4 ▼ 31 14.7 -7.3-0.6Grupo Financiero Banorte-Ixe 4 4 ▼ 22 +61,744.2 16.1 ▼ ▼ 224
3 5.4 13.97.1 -1.5 3.4 -2.6▲
-2.9 2.752.5
Santander-1.9 ▼
▲ -5.5 ▼52.51,744.2 8.7 6.51.4 3.6
7
Santander 5 1,086.3 5.4 -4.14 ▼
Corporacion Actinver Sab de CV
14Value Casa de Bolsa, S.A. 6 -2.9
+0.8
-2.95 1,207.1
-5.6 ▼
1.56
+6 ▲
Value Casa de Bolsa, S.A.
26.8
- 826.6 +3.4▼ 15 ▼
Grupo Financiero Banorte-Ixe10.9 +5 +3
+2 ▲17.14.9 ▲ 2.0
3.4 2 2.4
Manager
▲+2.9▲ 2.1 2▲Bank of America Merrill Lynch 7 9▲ 113.1 8.0
▲+2+6 ▲1.8 11 13.4
2.1 5.6826.69 747.8 ▲+0.2▲ 1.3 1.3 3.4747.8 3.8 +1.3
1.80.9 9 11.0 .78▲ 9 8+46.6
178.0
+4-0.5▲ .7+0.6 ▼3.0 ▲11 660.3
▲
▲ 14 5.08 723.0
Scotiabank 9 66.8 +3.7▲▼
▲▲3.6 +1.0
▲
▲+1.3 ▲+6
Deutsche Bank 9 572.6 2.9 -3.5 ▼2.7 +1.0 10.2 +10Morgan Stanley 10
20,333.9Top Ten Total639.9
-44.5%
▲
100.0
723.07 8.5
-0.4
+5.64.1 +4.1
Change in
-2.2 -1.72.3
2.810 5 6.12.6 +0.7▼ Top Ten Total
7+1
▲ Grupo Financiero Inbursa SA 10▲
Market Market
+0.3▲ 2.1
27.4%
-1.3 ▼
# of Deals per Bookrunner Imputed Fees (US$m)
▲.7 1.9
68.3
.9
-3.573.883.2 +0.1-3.8 ▼0435.3-1.1 ▼18,412.0
▼93.7
+44.4
19,959.1100.073.8 Industry Total
6
% Change from Last Quarter
Industry Total-3.592.2
100.0 137
-46.3% ▼
8224,442.1
▲▲% Change from Same Period Last Year 63.9%▼ % Change from Last Quarter
+5338.6▼38.6
-96.0%63.1% % Change from Same Period Last Year 45.6%77.4% ▲ 13.9%
+10 100.0
▲-42.4% ▼ -30.8% ▼ ▼
▲ 24.9%-96.1%
100.0
▲▼
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com12
**Includes CDs and CPs
* tie **Includes CDs and CPs
Jan 1 - Dec 31Offshore Chinese Yuan issued & settled Bonds (ex self-funded) (AS24a)
t Includes Asian Development Bank issuance
Industry Total
-20.7%
3.799
Full Year
▲ 14
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24.7%
▲
186,852.4
▲19.5%
81.0
▲
100.0
▼▲
-10.6%
▲
▼▼
155,647.3
Asia Pacific Currency Bonds Imputed Fees
Industry Total
+2.6
111.2% ▲
▲
24.1%
414
Industry % Change from Same Period Last Year
100.0
▲
+2.83.3-15
2.7▲
1.8+1.7
+5
3,279
5.2-1.5 ▼76.7
118.2%
2.9% ▲▼
1,322.7+393
▼Industry % Change from Same Period Last Year -0.3% ▼ 13.6% ▲ -7.5%
100.0447.1
3.0 ▲+0.3
▲+6
▲ 99 1.9▲ 34.1
24.6+17+1.1
1.2
▲3.7
15.2
▲▲▲+0.5
+0.22.02.1 +0.9
2.42.5 +0.9
2.3 +39
2.0▲
+1.211,673.6 ▲▼
75+32
▲+3.34.964.248.7▲ 64
7 11,943.4 2.6 -0.2 70 2.1▲
▲ 65 ▲17 0.5
▼
+29
+36▲
3.5
▼2.6▼-0.947.6▼
3.6-1.233.8
-1.0▲ 95+23
9.9▼
▼ 31.1 2.4 -0.6-62+49
▲46.0
▼ 324▲
MarketSh (%) Share Ch.MarketManager
Fees
▼▼6.8
45.9-0.3
3.5
Change in # of DealsShare Ch. Deals
-0.990.0146 4.5 +83 ▲
Market # of MarketSh (%)
2.9▼ 13.9456▼-0.7
Bookrunner
3HSBC Holdings PLC
4Bank of China Ltd 3 6
1CITIC Group Corp
Standard Chartered PLC3.8 +0.8
22,649.8
3.6 -1.2
-0.1
-0.6
+1.1
Top Ten Total▼
6.0
▼2.983.3
+1.3
▲
+8262.2
1.8 -2.8 12+8.2
4.2Deutsche Bank 10 5 3,265.8▲ 1.92.0 8
672.1
Bank of America Merrill Lynch 18 3,751.591.0▲CTBC Financial Holding Co Ltd 8 - 4,000.0
+0.32.3▼ 3.3
-5.14.0
▲ 2.8+1Bank of China Ltd 6 4 4,882.5
4,028.2Barclays-6-32.2
1.71.5▼
+2.1 ▲ 1.4▼ 12
4 +4-2.3
2.62.9
-5.2 ▼ 10 2.4Industrial & Comm Bank China 5 8 5,276.7 14 3.42.8 -0.4 ▼
▲+3.6+20+4.84.8 ▲DBS Group Holdings 4 19 8,234.3 20 5.1+3.7 ▲
▲ 814.4
▲ 8.34.1+166.8
▲19.6BNP Paribas SA 13.2 +2.03 3 24,681.6
18.7 +4.6 15.4116Standard Chartered PLC 2 2 34,865.9 ▲ 12.4 ▲
Share Ch.# of Deals Sh (%)FeesShare Ch. Sh (%)Deals
+9.2-6.8
▲ 28.0 +39173 29.123.541.8 ▲+44▲
100.0
# of Deals per BookrunnerMarket
151,534.4
Imputed Fees (US$m)Market 2013
RankMarket
+5.2
Change in
32.8
10,895.29
2.19,919.2
HSBC Holdings PLC 12,424.2
Proceeds per Bookrunner (US$m)
ProceedsManager
Top Ten Total
Sh (%)
Agricultural Bank of ChinaCDB Securities Co Ltd
Bookrunner
Industry % Change from Last Quarter
78
910
142123
5.7
100.0
All Asian Currencies (ex-Japan ex-Australia) (AS1**)
▲18.2%
UBS 7 10 8,796.6 +1.2
All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1a**)
Industry Total
+0.2KB Financial Group IncCIMB Group Sdn Bhd
6
2013 Rank
463,570.7
Standard Chartered PLC
4
2012 Rank
9,690.6
Industrial & Comm Bank China
2
Proceeds
2
China Construction Bank 5
▼
Share Ch.
-1.190.4
▲+0.3
JP Morgan 43Citi
Deals Sh (%)
-2.1
11.514
Market
11,695.912,439.1
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
Standard Chartered PLC 7.3Goldman Sachs & Co 6 6
Deutsche Bank
16,499.8
Proceeds
3
6.5%
32
10
5
3 9,690.6
Proceeds
1
2Sh (%)
-0.4% ▼
5
5.4
Sh (%)
12,858.9 2.8
2012 Rank
1.9
+3.7 ▲3.2
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
17,451.24.9
27,952.7
Industry % Change from Same Period Last Year
Daewoo Securities Co Ltd 9 13
+2.1 ▲▲+2.2
▼
1.8-0.5-6
2.1 +2
42.5
3.9 +0.5
-0.3+0.6
3.7-14.6
▼-0.9
4,934.8 2.6+0.84,794.9 ▲2.6
▼
HSBC Holdings PLCSh (%)
Proceeds per Bookrunner (US$m)
-2.4 ▼16,355.1
2012 Rank
▲9.4
Market# of
▼
MarketManager
-1.2Sh (%)
Change in
Share Ch.Fees
Full Year 2013 | Debt Capital Markets | Managing Underwriters
Asia DebtAsian G3 Bond Volume - All Time High l Asian Local Currency Debt Dips l Asian G3 High Yield Corporate Debt Surges
Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Dec 31
Bookrunner
# of Deals per Bookrunner Imputed Fees (US$m)
8.8
# of Deals
13,415.1 65.912.1▲
35.41 122
+24+19
Market
10142.8
Market2013 Rank
Market
▼31.6 +10 ▲ 58.8 7.9 -0.390▼▼-1.0
728.28.7
-0.9 ▼ 74 -2.85 10,360.241.8 ▲
▼▲ 50.3 6.7▼-1 ▼ 62.6
26.0 +8-1.18.425.3
8,998.1 6.3 +0.248-1.0 ▼ 16.8 +12 ▲ 5.6-0.3▲ 736.2 ▼25.6 +28 ▲ 60.3 8.1
Bank of America Merrill Lynch 8 9 8,122.3Barclays 9 7 7,297.5 -1.4
6.4-0.8
+0.1 ▲ +0.2+5 ▲ ▲3.8
64 22.5 47.4▲ 28.6+1956 ▼
Morgan Stanley 10 8 5,859.4 ▼ 35.64.1 -1.65.1
+0.3 ▲44 15.4 -1 ▼19.6
4.8▼
Top Ten Total 103,339.3Industry Total 142,784.5
-6.9285
▲
+32▼▼
▲▲ 12.6%
72.5 -8.8
34.6%
41
746.2 100.072.6541.7
21.7%▲26.9% ▲
Jan 1 - Dec 31
# of Deals per Bookrunner Imputed Fees (US$m)Market Change in
9.4 ▼2.4 ▲+1.0▼
9.8
https://www.thomsonone.com
8.6+1034
2.3
6.7
▼ 7.12.7
24.6
Share Ch.
▲▲+0.7
▼-110
11.85.6
6.0-23
4.1▲ 15.2
20.7
Market MarketMarket Manager
6.6
Market # of# of DealsShare Ch.
281Deals
15.9198▼ 11.4+29
-0.3
+2.9 ▲
▼ 16.2
65
FeesSh (%)+0.4 ▲-2.3
22.24.3▼
Sh (%)
▼1
▲+18▲
10,161.79,919.2
+1.5 5.75.3
-2.5
6▲Axis Bank Ltd 5
5.2CIMB Group Sdn BhdWoori Invest & Sec Co Ltd 5 9
6▲
+0.3 163
▲
6,918.37,234.8
36
36 2.1
7,577.3 4.1-5
+1.3
1.9
1,736
+0.7
100.038.7+4.8
-26.0%
+72.0142.8
-609
▼
KB Financial Group Inc
Hana Financial Group Inc
▲
186,980.1
Korea Investment Holdings Co
8 7
79,479.7
3.1
100.0
10
2
6.9▲31 ▲
▼▲▼
-17
▲ ▲
29.5%
368.4
-31.0%
+7.1
▲▼
# of Market
1
Top Ten Total
5,823.9
HSBC Holdings PLCBookrunner
Industry % Change from Last Quarter -7.3%
7
33.5
4
MarketProceeds per Bookrunner (CNYm)
Industry % Change from Last Quarter 29.5% ▲-21.6%
Kyobo Life Insurance Co
Asian G3 currency (US$, Euro, Yen) debt for 2013 registered a record-high volume of US$142.8 billion from 285deals, a 6.5% increase from last year's volume of US$134.1 billion. Issuance in the fourth quarter reached US$28.1billion representing an increase of 18.2% over the US$23.8 billion raised in the third quarter. China remained the topborrower nation, capturing 28.9% of the Asian G3 bond market, followed by Hong Kong and South Korea.
Asian currency bond volume reached US$463.6 billion from 3,279 deals in 2013, a marginal decline from 2012 debtissuance of US$465.2 billion from 2,886 transactions. Chinese Yuan denominated debt totaled US$276.6 billion from1,543 deals, capturing 59.7% of the Asian local currency market. Offshore Chinese Yuan issued and settled bondvolume increased by 24.1% over the total raised in 2012, to CNY186.9 billion from 414 issues.
According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market reached US$746.2 million, a 21.7% increase from the total fees paid in 2012. Underwritingfees on Asian local currency bonds (ex. Japan, Australia) totaled US$1.3 billion, representing a 7.5% declinecompared to the US$1.4 billion paid a year ago.
2013 Rank
1 1 62,660.8
2012 Rank
▼
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
% o
f Ind
ustry
fees
Chinese Yuan Australian Dollar Korean Won Malaysian Ringgit Indian Rupee Thai Baht Singapore Dollar Taiwanese Dollar Hong Kong Dollar Indonesian Rupiah Philippine Peso Vietnamese Dong Pakistani Rupee
13
Market2012 Rank
55.7 98.0
+21
Market
▲53.2%
2013 Rank
+4.1
▲
Market
151.0
-5.08.7
Market
▲
▲▼
▼-59.1%
+0.354,816.6
Industry % Change from Last Quarter -30.2%
▲64.6 +11.3 ▲Top Ten Total
3,797.7 +2.6
3.2 -0.910 8
RBC Capital Markets ▲
-155.4 +11.6
272.7
-37.5% ▼
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▼
84,974.3 100.0
Industry % Change from Same Period Last Year
▼UBS
Industry Total
▼
7.9▼3.7
8.5%
3,168.2
+15
4.0
-15.3%
191
15-1.214▼-0.4 7.3ANZ Banking Group 9 10 3,367.7
7.53.1
+5 ▲0 - 8.4
+2.523 5.214.212.0 +5+1.37.3 2.8
23Bank of America Merrill Lynch 7 ▲4,848.0 ▲11 +1.3
14
Deutsche Bank 6 3 5,179.5 6.1 -0.7
8 18
▼
4.5
13.7 ▼5.0 -0.8-3 ▼12.05.7
▲▲▲ 16.2 5.9 +3.0
25.7▲5,386.9 6.3 +2.0 +5
+8.39.412.09.4 +13
Barclays+4.6
3 7
▲ 23National Australia Bank 5 131821 11.0 8.5
Australian international debt proceeds reached US$85 billion from 191 deals in 2013, a 15.3% drop from totalissuance in 2012. Issuance in US Dollars totaled US$44.6 billion, capturing 52.5% of the Australian international debtmarket, representing a 3.3% decline compared to total USD issuance in 2012.
Australian dollar bond (excluding self-funded) offerings reached a record high level of AU$120.1 billion from 276deals, a 26.7% increase in proceeds from the total raised in 2012. Financials remained the top sector, accounting for52.7% of the market, followed by Government & Agencies, which captured 40.7% market share.
According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australiandollar (excluding self-funded) bonds reached AU$426 million, a 13.1% increase from the total of AU$376.6 millionearned in 2012. Estimated fees from Australian international bond offerings registered a 27.5% decline, to US$272.7million from the US$376.2 million earned last year.
▼23.1 +5.8
Goldman Sachs & Co 4 16 5,777.2 6.87,097.8 -1
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
8.4 +3.5
Bookrunner
▲▲ ▼
Imputed Fees (AU$m)# of Deals per Bookrunner
Deals15.164.4
Sh (%)▲▲
Sh (%) Share Ch.Share Ch. # of DealsManager
Fees▲ +3.3
Change in
Australian Dollar Bond Proceeds at All Time High l Financials - Top Sector | Australian Offshore Debt Dips
Proceeds per Bookrunner (AU$m)
Bookrunner16.619,888.5
Sh (%)Proceeds
11.018,172.2
▼15.1
-3.0▲+0.212,957.4
-1.12 13,163.3National Australia Bank 3
4
7.469.0
8,658.3Deutsche Bank 6
7
8Citi 5
5
-1.2
10.9 22.1 5.2 +1.3
▼▲47.0
15.1+0.6
▲ 64.3+21
6823.9
22.8
24.6▲
+8
-1.4
+4.4 ▲+12-12▼
▼10.9 ▼
-0.4
17.913.87.6
▲▲ 26.5 6.2
+12
23.3
+1▲ 10.8
38
30-0.4
▼▼4.2
▲ 6.0
26.7%
10.9▼80.7▼
-0.5+7
31.3% ▲▲▲ 24.9%
276
3.4 -1.5▲
DealsChange in
14.1% ▲
All Australian International Bonds (AJ7) Jan 1 - Dec 31
Fees24.3 -1.1
BookrunnerMarket Market # of Market
Proceeds Share Ch.Sh (%)2012 Rank
2Westpac Banking
Manager Market Market
11 1 8,368.3 9.9 -1.1Sh (%) Share Ch.
2013 Rank
2012 Rank
JP Morgan ▼12.0Sh (%)
9.2 +0.7 ▲ 22▼
9.2
HSBC Holdings PLC 109
23# of Deals
11.5 +1
Top Ten Total
Westpac Banking
Citi 2 2 7,825.38.9
ANZ Banking Group
National Australia BankCommonwealth Bank of Australia
-10
TD Securities Inc
▼
Industry Total
Imputed Fees (US$m)
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)
# of Market
7
Commonwealth Bank of Australia
Westpac Banking
4
UBSJP Morgan 8
344.0-2.412
426.0104,078.7 ▲
1
3,608.6
10.8
8,923.77.2
▲
10
3,334.4 2.8
4,523.2
10,849.1
-2.6+0.2
+0.13.0
86.7 +0.5100.0
3.8
30
3
+55120,068.7
2.5
14.5
13.1%22.4%
▲▲
100.0
MarketMarket Change in
All Australian Securitization (ex-CDOs) (AJ4)
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2013 Rank
Imputed Fees (AU$m)
Share Ch. Deals Sh (%)Manager
Sh (%)Market Market
▲ 14.1 24.8# of Deals Fees
# ofProceeds
Market
7,358.9 +6.8Sh (%)
+6.4 ▲ 18 40.925.2Share Ch.
▲+11-9.6 ▼ 45.52 1 4,020.2 13.7 20
10 22.7National Australia BankCommonwealth Bank of Australia 3 8 3,843.2 13.1 +9.7 ▲
-8.5 ▼+4 ▲ 8.2 14.5+10.3 ▲+6 ▲ 7.3 12.9
+10.4 ▲ 11.44 9* 3,464.0 11.8 513 29.5
CitiANZ Banking Group 5 4 2,871.1 9.8 -2.5 ▼
+9.7 ▲+4 ▲ 6.6 11.7-2.3 ▼+2 ▲ 5.3 9.3
+2.0 ▲ 27.36 5 2,808.3 9.6 127 15.9
Macquarie GroupDeutsche Bank 7 6 2,016.9 6.9 +0.2 ▲
+2.3 ▲+6 ▲ 6.2 10.90 -+1 ▲ 3.5 6.2
-14.0 ▼ 11.48 3 867.4 3.0 54 9.1
RBSJP Morgan 9 7 855.8 2.9 -2.5 ▼
-13.2 ▼-1 ▼ 1.8 3.1-3.8 ▼0 - 1.7 2.9
4.510 9* 475.0 1.6 2▲
INGTop Ten Total 28,580.8 97.6
+0.2 ▲
▲60.6%
▲-0.3 ▼+1 ▲ 1.0 1.7
+1.0+14 56.7 100.0Industry Total 29,256.0 100.0 44
Market
-57.7%Industry % Change from Last Quarter73.6% ▲ 46.7%-56.6% ▼
+0.1
MarketProceeds per Bookrunner (AU$m)
ManagerBookrunner Proceeds Sh (%)
2013 Rank
2012 Rank
Jan 1 - Dec 31
MarketSh (%) # of Deals FeesShare Ch. Deals
# of Deals per BookrunnerChange in
Imputed Fees (AU$m)
Sh (%)35.984 15.2 -056.6▲+91 1
2 4 13.815,387.1 16.712,712.8 ▲ +2.750.626.5
▲▲ 62+2.9▼ 20.9
13.6▼15.5▲ 57.9▲+10
3 2 9,614.7 10.4 49 +5▼+16 ▲ 39.7 10.7
12.824.4
6.3-12 23.34 3 9,188.5 10.0 575 5 8,658.3 9.4 30
4.1 025 10.7UBS -0.8 ▼Citi 6 8
▼18 7.7
+8▲7,385.1 8.06,906.9 7.5 6.256-0.5
JP Morgan 8 923.97 6Deutsche Bank +1.7
3.6
4.3 +0.6 ▲38
+91.6
16.7 4.5-2.7 ▼
▲
▲9 7 3,608.6 3.910
3,922.2
87.63,334.4
-1.1 ▼11
▲
https://www.thomsonone.com
40.0% ▲ 45.0%7.3%
-23.1% ▼▲
▲21.2% ▲
Jan 1 - Dec 31
100.0
Industry % Change from Same Period Last Year 15.3% ▲
Industry Total 92,310.080,718.6
-1.9
Market
-0.3
Market
234
▲
30+0.4
+2.7
▼-1.9
+204
+1
▼
16.2 ▲12.8
+10
300.210.8
23.1▲ 15.5
6.0
▲
▼
373.0 100.0
2.9
-0.3
Share Ch.
▼
▼
-1.8 ▼▼-2.4
-0.6
▼▲-
Jan 1 - Dec 31
-1.280.6
-0.2
+7 ▲
+1.5 ▲
11.0
▼
+11 ▲
30
21
63
▲
▲66
61.735.1 ▼29.0
1.4 -1.7+9
▼5.5 -0.9
97▼
Australia Debt
-0.6
Full Year 2013 | Debt Capital Markets | Managing Underwriters
# of
80
Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a)
-27.5%▼
▼ ▲ Industry % Change from Same Period Last Year
100.0
Industry % Change from Last Quarter
ANZ Banking Group 2 1
Top Ten Total
TD Securities IncHSBC Holdings PLC
All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) Full Year
0
20
40
60
80
100
120
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Pro
ceed
s (A
U$b
)
Investment Grade Corporate Agency, Supranational, Sovereign MBS ABS Federal Credit Agency
14
Yen denominated bond activity tempered somewhat in 2013, reaching JPY17.8 trillion from 1,064 deals, representinga decline in proceeds of 6.7%. Proceeds in the Financials sector recorded the lowest volume in the past decade,totaling JPY5.1 trillion. Conversely, proceeds from the Telecommunications industry increased nearly six foldcompared to the amount raised last year, recording JPY1.1trillion in proceeds, the highest annual proceeds since2002, largely attributed to two issues by SoftBank, which ranked as the 3rd and 10th largest transactions of the pastten years.
According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds reached JPY63.9 billion in2013, a slight increase from last year’s JPY62.5 billion.
Samurai Bond proceeds decreased 22.3% compared to 2012, with total proceeds amounting to JPY1.7 trillion, thelowest since 2010 despite 9 more transactions. Proceeds from European issuers dropped 12.6% from the proceedsraised a year ago but still dominated the Samurai market, with a nearly 60% market share, followed by American andAsia Pacific issuers, with a 21.1% and a 19.8%, shares respectively.
10.7%
1.8 +259,267.7
599.0▲95.9 +1.8
2.2%
63,915.2
-0.9%
1,064
▲▼
2013 Rank
2012 Rank
17,017,704.8Top Ten Total
Proceeds¥mil
Nomura3,219,783.6
▲13.7%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
100.0
▼▲
-6.7%10.7%
Samurai Bonds (AP1)
+0.3
Industry Total -10
Citi 10▲
19
100.0+1.6
Sumitomo Mitsui Trust HoldingsTokai Tokyo Financial Holdings 8
11 143,309.5
17,771,882.6
9 ▲10 0.9 +4 ▲ 575.2▲
+0.4 ▲14 155,390.6▲+0.1
0.90.8
181.110 168,571.9 1.0
▼192,625.0 -1.37+0.1
9,523.8▼
800.0
341.7 -103.335
406.5▼
+38
Share Ch.419▼
13,806.7▲-29
25.2268▲ ▲+6.421.6▼ 12,753.9
Share Ch.Sh (%)3,911,488.1
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
39.4Sh (%)Market
JP Morgan
Daiwa Securities Group Inc 5
7Goldman Sachs & Co
Sumitomo Mitsui Finl Grp Inc
6
4-2.2
3 3,871,819.7Mitsubishi UFJ Morgan Stanley 3
2 +3.121.82 18.1
Full Year 2013 | Debt Capital Markets | Managing Underwriters
Japan DebtJapanese Debt Activity Down 7% l Telecommunication Sector at Ten-Year High l Samurai Bonds Lowest Since 2010
All Bonds in Yen (AP5) Jan 1 - Dec 31Japan Deals Intelligence
315,036.9 1.8
+4.52,610,597.5 14.7+1.02,429,082.04
6
▲ +49▲▲
13.718.7
▲-0.6
258 24.2
▼197199
16.43.2 +10
10,466.6
▼ 14.9 -3.8
2.1 ▼
-3.5
▲18.5 +8
-12
+2.7
22.0
9,017.0
1,319.0
20.0
-
+1.8
▼-3.5
▼
-1.5
14.1 ▲
-0.5
0.9▼-0.1▲
▲
▼
▲
1.3
0.992.8
0.60
Jan 1 - Dec 31
-1 ▼
5
Proceeds per Bookrunner (¥m)
Bookrunner
Full YearSamurai Bonds Issuer Domicile Analysis
*tie
Japanese Corporate Debt Volume by Industry (¥ Billion) Jan 1 - Dec 31
▼
-17
-17.7%
87.2100.0
0 -
9,840.58,577.3
101.0 1.0
3.8369.5
▲
▼
1.9
Japanese Securitizations (AP2)
1.1
▲▼
82.0
▼
Market
3,692.3
+2
Imputed Fees (¥mil)Manager
# of Deals per BookrunnerChange in
▲
2.02.1
+0.2
63.6%▼
75 4,243.5
6.7 ▲
4,063.4▲ 95.8
+1.1
Sh (%)Fees ¥mil
▼2.5 11.7
4.1
# of Deals
3.514
Market
▲50.0% ▲
-22.9%
-3 ▼
68.7
257.3+5-2
+5113.5
+6Sh (%)
64.0
▼-5
Fees ¥milChange in
▲46.7
Market
35
77,976.2 ▲▲▼
13
532,900.0
+7.6▲
▲
17.3
1430.72318.7
Deals
Manager Market
# of
17.6
56.0
# of Market
Sh (%)
49.3 ▲+7
100.0
1.6
Jan 1 - Dec 31
+18
2013 Rank
2012 Rank
Proceeds MarketProceeds per Bookrunner (¥mil)
MarketBookrunner
# of Deals per Bookrunner Imputed Fees (¥mil)
Market
▼
+0.9
▼
+1.6
-0.8
▲-7.4
+0.7
+2.1+3.9
▲+4.7-1.3
Share Ch.
▲
▲
▼
▲▲
2.7
75.1 -25 ▼ 37.5▲ 1,150.4+3
6.1
+1.78.2+1 ▲1.2-1
▲
+2.7-5.2
▼1,123.5 11.4 -5.4
▼5.8
801.6
+1.2
+4
0.8 ▼-5.8
+5 ▲
-1
346.2
▼
575.2
-1.0▼
3.21.1
▲
▼-0.7
▼▲10.0%
-4.1
▼-0.8▲
104.7312.90
0.82Shinsei Bank 10 -0.5▼
241
2▼
-0.3
-2.8
10
1.2▲
-13
7 2.9▲ 10
16.215.5
686.5
11.8
15.2655.8646.3
7.2501.4303.5
¥mil
4.1
181
-5.7
1,119,594.61
2012 Rank
▼▲ 6▼12.2
59
7Mitsubishi UFJ Financial Group
6
Top Ten Total
8
Goldman Sachs & Co
Industry % Change from Same Period Last Year
13.6%
36.418.0
13.3
3
Industry % Change from Last Quarter 72.6%
2Sumitomo Mitsui Finl Grp Inc
▲
▼
▲
▲17.515
+2.6
▼164,392.9
-1.0
4+2.33
2 -5.53
Sh (%)-3.8
264,984.515.115.9
Share Ch.▼
291,466.7296,734.5
¥mil
-0.9
▲
Sh (%)
100.0
2.94.5
Market
-0.7
11.8-6.3
Daiwa Securities Group Inc
▲
Market
17.9Deals # of Deals
Proceeds per Bookrunner (¥mil)
12+2.2
▼
Sh (%)
3742
155,390.6
363,900.0
+14.7374,664.3
Share Ch.
▼
48
10
1
-2.7
3
171,225.0
4.7 ▲+1.6
-1.6
10.3
+2.4
347
18,900.0
35,601.2+0.9
Proceeds
8
-22.3%
1
9
9
▼173,130.0
553,900.0
678
JP Morgan9.9
10
6
11
Citi
98.1 ▼
-6.6% ▼
748.4NomuraSumitomo Mitsui Finl Grp Inc 2
100.0
-12.7%
5.6
101.0
5
Industry % Change from Last Quarter
3,020,563.50.7
139,894.05.0
5.6% ▲▼
Industry Total
-17.6%
3,080,224.3
Natixis
Top Ten Total
Sumitomo Mitsui Trust Holdings
Mitsubishi UFJ Morgan Stanley
Daiwa Securities Group Inc
8
1,661,900.01,605,132.2 96.5
Industry % Change from Same Period Last Year
Bank of America Merrill Lynch
Mizuho Financial Group
Industry Total
Bookrunner
BNP Paribas SA
Share Ch.-3.1 ▼
-4.9
▲+2.7
▼▲
+6.1
Mizuho Financial Group 250,951.2
+9
5.3 +14
6
2013 Rank
20,800.0
Nomura 4
89,390.09
2
29,900.0ORIX Corp
5 4Mitsubishi UFJ Morgan Stanley34
47
21
58 65
39
63 80
6675
0
20
40
60
80
100
0
500
1,000
1,500
2,000
2,500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
¥ B
illion
Americas Europe Africa/Middle East/Central Asia Asia-Pacific (ex Central Asia) # of Issues
¥2,066.624%
¥1,903.022%
¥1,125.713%
¥1,059.912%
¥630.07%¥433.3
5%¥406.4
5%
¥390.04%
¥255 0¥170 0¥155 0¥60 0
IndustrialsFinancialsEnergy and PowerTelecommunicationsHigh TechnologyReal EstateMaterialsConsumer Products and ServicesConsumer StaplesHealthcareRetailMedia and Entertainment
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¥255.03%
¥170.02%
¥155.02%
¥60.01%
15
*tie
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
1.8
Full Year 2013 | Debt Capital Markets | Managing Underwriters
Japan Debt
1.01.43.4
-6315,036.96 -0.7
▼
▲▼
1.8
9-0.8 14
+1.0
7.4%7.4% ▲
97.0
0.1% ▲ 7.5%
▲ ▲+0.6
+0.3101.0
1,017
▲
93.1+1
57,412.8100.061,595.8
342.7
585.1
800.0575.2
▲
▼35
18
▼1.3
-0.9
0
▼▼ ▲
-0.1-1171,225.07
▲0.9 ▲
JP Morgan
+0.3+0.1168,571.9
1.02 ▼
+31.0 +4
+0.2 ▲
201.6 8Sumitomo Mitsui Trust Holdings
-2
0.20.4
-6+2
0.4▼0.3 -0.4▲
Citi
-0.9
▼121.8151.3
0.2
97.735,571.836,408.2
+0.9100.0Industry Total
▲31.1%6.9% ▲
447 +29
1.5%▲
17,219,595.6
0.3-0.4
▲
133,309.5
9.0%
Top Ten Total
12.5%Industry % Change from Same Period Last Year 6.1% ▲
▲
8,641,881.015,000.08
99.70.2 -0.5 ▼
▲
10
8,654,881.0
Industry % Change from Last Quarter 3.5%
+0.1100.0
▲
0 379.2 ▼-0.2-0.5
1.12.2
-▲
Deutsche Bank 91Bank of America Merrill Lynch 0.4
- 20,000.0 +0.2 2 ▲
-4.8% ▼
12
16,691,917.8
155,390.60.8
100.0
▲
Industry Total
6
-0.1▼▲
232.30.6
-0.40.61.0
▼
-6.7
Daiwa Securities Group Inc13.6
9Tokai Tokyo Financial Holdings
1010
7
Top Ten Total
134Deals
+4.8 ▲Nomura
Goldman Sachs & Co
Mitsubishi UFJ Morgan Stanley5,381.1 14.8▲7,276.9
▲▼
▲ 520.0 4
+1.5Sumitomo Mitsui Finl Grp Inc
26.0
4,933.9▼▲ 20.1
-15+22
-4▲
116
10 +5
16.3
590
▲
73▼
# of ManagerShare Ch. Fees ¥mil# of Deals
Market Market
▲▲
13.3
Imputed Fees (¥mil)
▼▲
# of Deals per Bookrunner
▼
Market
-4.8Share Ch.Sh (%)
-26 12,456.1
Jan 1 - Dec 31
-0.8
+2.39,506.9
+7.3
2.1+2.2
21.9
16.48,182.4
10,129.0▼▼-1.2
26.0
Change in
20.2▲
0.6
▼-7
2-5.41
3 1,775,825.3 20.5
28.1
4▼-2.4
2,434,036.7
Japanese Corporate Debt (AP3)
20.9
9
Daiwa Securities Group Inc 4
0.50.6
Sumitomo Mitsui Finl Grp Inc 13.75 5Goldman Sachs & Co
Citi 8 7 26,500.0
641,500.055,000.06
Tokai Tokyo Financial Holdings 7 +0.1
1-5.5
10,356.118.0 ▼
+11.1 ▲6,537.6
+2.4
Deals
Bonds Targeted in Japan (AP4)
26422.5
Market
▲416
▼13,516.4
-4.6+40
25.3 15.4
Sh (%)40.9
2012 Rank
+4.418.7
3,774,419.7-2.2
Proceeds per Bookrunner (¥mil)Market
Sh (%)Proceeds2013
RankShare Ch.28.4 ▼3,873,632.1
21.9-3.7Mizuho Financial Group+2.6
¥milSh (%)2013 Rank
2012 Rank
Proceeds
▼
Bookrunner ¥mil1
1,812,403.7
Market
30.0Share Ch.
Change in
▲
# of Deals per Bookrunner
Sh (%) BookrunnerMarket
124
# of Deals Fees ¥milMarket
+10+6
▼ 1,319.0▲
▼
414.52,492,366.5
3,214,783.6▲5
3413.92,393,182.0 ▲+0.8
3.3▲1931,188,032.0
18.819.0
27.7+17
191 +52+1.51,273,583.33
14.7 +2.82 ▼ 257
▲
# of
Jan 1 - Dec 31
Proceeds per Bookrunner (¥mil)
Sh (%)MarketMarket Manager
Imputed Fees (¥mil)
▲3Nomura
Mitsubishi UFJ Morgan Stanley 3Mizuho Financial Group +9 22
1
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-
-
-
-
-
-
-
Salvatore ReresUnited States
If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:
Imputed fees are calculated using Freeman Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed Deal fees are on a gross basis before all expenses Each
E-mail: [email protected]
E-mail: [email protected]
Ian WillmottTel: +44 207 542 4376
Europe
Asia-Pacific
Full Year 2013 | 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.
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 31,2013.
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.
E-mail: aki sato@thomsonreuters com
E-mail: [email protected]
Tel: +813 6441 1120Aki Sato
US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.
Tel: +1 646 223 8455
Tel: +632 858 7201
Japan
Michelle Abuzo
-
-
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.
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."
E-mail: [email protected]
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for anyerrors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracyor completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does notprovide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. ThomsonReuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2013 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.
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