GLOBAL EQUITY CAPITAL MARKETS

GLOBAL EQUITY CAPITAL MARKETS LEAGUE TABLES First 3Q 2018 Preliminary as of 20 September 2018

CONTENTS

1. Global market review2. US market review3. Canada market review4. Latin America market review5. EMEA market review6. Asia market review7. Table criteria

DATA SUBMISSIONS AND QUERIES

Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors and 500 legal advisors.

LEAG<GO> for a full range of league tables

IPO<GO> for Bloomberg’s equity offerings product

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

GLOBAL EQUITY, EQUITY LINKED & RIGHTS

North America

EMEA

Asia-Pacific

Contact Email Phone

FIRST 3Q 2018 PRELIMINARY AS OF 20 SEPTEMBER 2018

MANAGER RANKINGS

© 2018 Bloomberg Finance L.P. All rights reserved.

+1 646 324 4663 [email protected]

+44 20 3525 0253 [email protected]

Irina Arefyeva

Davide Ruggiero

Zhen Hao Toh +65 6499 2931 [email protected]

Bloomberg PreliminaryGlobalEquity|1st3Q2018

BloombergLeagueTableReports Page1

GlobalEquityReview1st3Q2018creditedGlobalEquity,EquityLinked&Rightsvolumedecreased8.91%toUSD510.3Blnwhiledealcountdecreased8.86%to3,259offeringsyear-on-year.GlobalEquityIPOvolumeincreased6.87%year-on-yeartoUSD147.4Blnwhilethedealcountdecreased15.72%to1,019.GlobalEquityLinkedvolumeincreased10.91%year-on-yeartoUSD81.6Blnover327deals.MorganStanleyrankedasthetopGlobalEquity,EquityLinked&Rightsunderwriterfor1st3Q2018with9.62%marketshare.Thebankunderwrote299dealsovertheperiod.GoldmanSachsandJPMorganrankedsecondandthirdwith9.60%and8.50%marketshare,respectively.

GlobalEquity,EquityLinked&Rights:Highlightsof1st3Q2018

GlobalEquity,EquityLinked&Rights:QuarterlyVolume

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ountDealC

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DealCount Rights Equity-Linked IPO

Add'l

TopUnderwriterMorganStanley

Numberofdeals 299

Volume(USDMln) 49,078

AvgDealsize(USDMln) 164.1

MarketSummaryNumberofdeals 3,259



Issuer Industry Volume(USDMln) Date

TencentHoldingsLtd Technology 9,807 03/23/2018

ChinaTowerCorpLtd Industrials 7,491 08/01/2018

BayerAG HealthCare 6,992 06/19/2018

XiaomiCorp Technology 5,431 06/29/2018

SiemensHealthineersAG HealthCare 5,181 03/15/2018

HiltonWorldwideHoldingsInc ConsumerDiscretionary 4,818 04/10/2018

YahooJapanCorp Communications 4,324 09/11/2018

FoxconnIndustrialInternetCoLtd Technology 4,232 05/23/2018

MeituanDianping ConsumerDiscretionary 4,222 09/13/2018

TransurbanGroup Industrials 3,464 09/13/2018

Financials28%

Technology15%

HealthCare14%

ConsumerDiscretionary12%

Industrials9%

Materials6%

Communications5%

Others11%

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

Industry Volume(USDMln) %OfTotal %YOYChange

Financials 152,897 28.1% -29.8%

Technology 79,444 14.6% 81.9%

HealthCare 74,632 13.7% 31.3%

ConsumerDiscretionary 66,356 12.2% -1.4%

Industrials 50,840 9.3% -2.9%

Materials 32,085 5.9% -12.7%

Communications 27,506 5.0% -15.0%

Energy 25,042 4.6% -50.2%

Utilities 20,144 3.7% -6.5%

ConsumerStaples 15,659 2.9% -40.5%

GlobalEquity,EquityLinked&Rights:OfferingBreakdown

OfferingType Volume(USDMln) %OfTotal %YOYChange

AdditionalOfferings 248,340 45.7% -15.7%

IPO 154,273 28.4% 5.7%

Equity-Linked 91,089 16.8% 6.5%

RightsOfferings 49,579 9.1% -34.9%

28%

15%

14%

12%

9%

6%

5%

11%



GlobalEquity,EquityLinked&Rights1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MorganStanley 1 9.618 49,078 299 2 8.217 1.401

GoldmanSachs 2 9.600 48,989 263 3 7.101 2.499

JPMorgan 3 8.503 43,390 298 1 8.805 -0.302

Citi 4 7.211 36,797 251 4 6.886 0.325

BankofAmericaMerrillLynch 5 6.130 31,281 190 5 6.278 -0.148

CreditSuisse 6 4.343 22,162 167 6 4.429 -0.086

UBS 7 3.992 20,371 121 7 4.374 -0.382

DeutscheBank 8 3.350 17,095 135 9 3.716 -0.366

Barclays 9 3.177 16,213 127 8 4.000 -0.823

RBCCapitalMarkets 10 1.682 8,582 109 10 2.391 -0.709

ChinaInternationalCapitalCorp 11 1.610 8,216 29 22 0.662 0.948

Jefferies 12 1.477 7,539 121 14 1.315 0.162

WellsFargo 13 1.458 7,439 74 11 1.815 -0.357

BNPParibas 14 1.273 6,499 49 12 1.811 -0.538

Nomura 15 1.141 5,823 85 15 1.164 -0.023

ChinaSecurities 16 1.123 5,731 30 35 0.409 0.714

HSBC 17 1.093 5,579 42 13 1.366 -0.273

SumitomoMitsuiFinancial 18 0.973 4,966 63 20 0.711 0.262

CITICSecurities 19 0.915 4,667 34 18 0.827 0.088

MizuhoFinancial 20 0.840 4,286 66 19 0.752 0.088

TOTAL 100% 510,289 3,259 100%

GlobalEquity&EquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 10.037 47,339 257 3 7.389 2.648

MorganStanley 2 9.832 46,370 293 2 8.632 1.200

JPMorgan 3 8.631 40,707 287 1 9.164 -0.533

Citi 4 7.563 35,670 246 4 7.175 0.388


CreditSuisse 6 4.531 21,372 163 6 4.357 0.174

UBS 7 3.705 17,476 110 7 4.246 -0.541

DeutscheBank 8 3.379 15,935 126 9 3.689 -0.310

Barclays 9 3.041 14,344 119 8 4.102 -1.061



Jefferies 12 1.593 7,515 120 14 1.273 0.320

WellsFargo 13 1.577 7,439 74 11 1.960 -0.383

Nomura 14 1.185 5,591 85 13 1.315 -0.130

BNPParibas 15 1.161 5,475 42 12 1.480 -0.319




HSBC 19 0.846 3,992 37 16 0.985 -0.139

MizuhoFinancial 20 0.835 3,937 65 18 0.850 -0.015

TOTAL 100% 471,647 3,085 100%

GlobalEquityOfferings1st3Q2018 1st3Q2017


MorganStanley 1 9.836 38,367 243 1 8.539 1.297

GoldmanSachs 2 9.434 36,799 207 4 7.368 2.066

JPMorgan 3 8.187 31,937 229 2 8.085 0.102

Citi 4 8.055 31,420 218 3 7.711 0.344


CreditSuisse 6 4.662 18,186 140 6 4.732 -0.070

UBS 7 3.801 14,828 100 7 4.587 -0.786

DeutscheBank 8 3.337 13,016 108 9 3.416 -0.079

Barclays 9 3.040 11,860 100 8 4.107 -1.067



Jefferies 12 1.658 6,466 109 12 1.257 0.401

WellsFargo 13 1.386 5,405 59 11 1.717 -0.331

Nomura 14 1.055 4,116 72 17 0.915 0.140


BNPParibas 16 0.969 3,780 27 13 1.161 -0.192


Cowen&Co 18 0.856 3,340 63 31 0.519 0.337


HSBC 20 0.779 3,038 26 16 0.915 -0.136

TOTAL 100% 390,074 2,758 100%

GlobalEquityIPO1st3Q2018 1st3Q2017


GoldmanSachs 1 6.681 9,846 74 6 3.777 2.904

BankofAmericaMerrillLynch 2 6.486 9,559 68 8 3.131 3.355

MorganStanley 3 5.885 8,674 79 4 4.997 0.888

Citi 4 5.755 8,482 70 1 6.740 -0.985

JPMorgan 5 5.199 7,662 71 2 6.133 -0.934

CreditSuisse 6 4.621 6,811 53 3 5.483 -0.862


DeutscheBank 8 4.216 6,213 45 5 4.261 -0.045

UBS 9 3.185 4,694 32 7 3.519 -0.334


BNPParibas 11 1.796 2,647 17 24 0.919 0.877

ChinaMerchantsSecurities 12 1.435 2,116 16 16 1.196 0.239

Barclays 13 1.426 2,101 24 9 2.136 -0.710


HuataiSecurities 15 1.403 2,068 13 36 0.563 0.840

ChinaMerchantsBank 16 1.277 1,882 14 72 0.269 1.008


HSBC 18 1.138 1,677 11 19 1.079 0.059

AgriculturalBankofChina 19 1.112 1,638 18 69 0.278 0.834

Jefferies 20 1.111 1,637 27 21 1.049 0.062

TOTAL 100% 147,376 1,019 100%



GlobalEquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 12.920 10,539 50 3 7.504 5.416

JPMorgan 2 10.751 8,770 58 1 15.273 -4.522

MorganStanley 3 9.811 8,003 50 2 9.159 0.652


Citi 5 5.210 4,250 28 6 4.144 1.066

CreditSuisse 6 3.906 3,187 23 14 2.234 1.672

DeutscheBank 7 3.578 2,919 18 5 5.232 -1.654


UBS 9 3.247 2,649 10 12 2.315 0.932

Barclays 10 3.046 2,485 19 7 4.072 -1.026

WellsFargo 11 2.494 2,034 15 9 3.340 -0.846

BNPParibas 12 2.079 1,696 15 10 3.287 -1.208


Nomura 14 1.808 1,475 13 8 3.581 -1.773

SocieteGenerale 15 1.445 1,179 9 16 1.801 -0.356

DaiwaSecurities 16 1.391 1,134 6 23 0.924 0.467

Jefferies 17 1.285 1,048 11 19 1.362 -0.077

CITICSecurities 18 1.206 983 3 13 2.250 -1.044

HSBC 19 1.169 954 11 18 1.380 -0.211

ChinaInternationalCapitalCorp 20 1.042 850 4 17 1.770 -0.728

TOTAL 100% 81,573 327 100%



USEquityReview1st3Q2018creditedUSEquity&EquityLinkedvolumeincreased1.96%toUSD179.2Blnwhiledealcountdecreased0.97%to711offeringsyear-on-year.USEquityIPOvolumeincreased14.19%year-on-yeartoUSD36.3Blnwhilethedealcountincreased11.20%to139.USEquityLinkedvolumeincreased21.64%year-on-yeartoUSD37.6Blnover103deals.MorganStanleyrankedasthetopUSEquity&EquityLinkedunderwriterfor1st3Q2018with13.91%marketshare.Thebankunderwrote161dealsovertheperiod.GoldmanSachsandJPMorganrankedsecondandthirdwith12.15%and11.33%marketshare,respectively.

USEquity&EquityLinked:Highlightsof1st3Q2018

USEquity&EquityLinked:QuarterlyVolume

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TopUnderwriterMorganStanley

Numberofdeals 161



MarketSummaryNumberofdeals 711




HiltonWorldwideHoldingsInc ConsumerDiscretionary 4,818 04/10/2018

AXAEquitableHoldingsInc Financials 3,157 05/09/2018

CenteneCorp HealthCare 2,860 05/01/2018

SempraEnergy Utilities 2,500 01/04/2018

FirstDataCorp Financials 1,748 08/13/2018

SempraEnergy Utilities 1,725 01/05/2018

PPLCorp Utilities 1,708 05/08/2018

PaloAltoNetworksInc Technology 1,693 07/10/2018

DukeEnergyCorp Utilities 1,596 03/06/2018

GeneralMotorsCo ConsumerDiscretionary 1,592 02/27/2018

Financials24%

HealthCare21%

Technology18%


Utilities7%

Industrials6%

Others12%

USEquity&EquityLinked:IndustryBreakdown

USEquity&EquityLinked:IndustryBreakdown


Financials 45,753 24.5% -15.9%

HealthCare 38,518 20.6% 24.7%

Technology 32,892 17.6% 64.4%

ConsumerDiscretionary 21,867 11.7% 14.3%

Utilities 13,722 7.3% 2030.1%

Industrials 11,378 6.1% 33.1%

Energy 8,639 4.6% -61.8%


Materials 3,155 1.7% -25.9%


USEquity&EquityLinked:OfferingBreakdown



Equity-Linked 41,058 22.0% 18.0%

IPO 38,812 20.8% 19.6%

24%

21%

18%

12%

7%

6%

12%



USEquity&EquityLinked1st3Q2018 1st3Q2017


MorganStanley 1 13.908 24,924 161 3 10.711 3.197

GoldmanSachs 2 12.154 21,780 147 2 10.866 1.288

JPMorgan 3 11.329 20,303 180 1 11.966 -0.637


Citi 5 8.460 15,161 117 5 8.522 -0.062

Barclays 6 6.222 11,150 81 6 7.751 -1.529

CreditSuisse 7 4.913 8,804 82 7 6.357 -1.444

WellsFargo 8 4.074 7,301 69 8 5.189 -1.115

DeutscheBank 9 3.670 6,577 57 9 3.674 -0.004

RBCCapitalMarkets 10 3.638 6,520 69 10 3.227 0.411

Jefferies 11 3.146 5,638 91 11 1.878 1.268

UBS 12 2.230 3,996 38 12 1.840 0.390

Cowen&Co 13 1.651 2,958 58 15 1.155 0.496

LeerinkPartnersLLC 14 1.295 2,321 40 16 0.937 0.358

Stifel 15 1.211 2,170 50 13 1.320 -0.109

SunTrustRobinsonHumphrey 16 1.096 1,964 23 17 0.830 0.266

CantorFitzgerald 17 0.996 1,786 34 18 0.791 0.205

EvercorePartnersInc 18 0.805 1,444 23 32 0.321 0.484

PiperJaffray&Co 19 0.721 1,292 33 22 0.619 0.102

BMOCapitalMarkets 20 0.715 1,281 25 14 1.219 -0.504

TOTAL 100% 179,206 711 100%

USEquityOfferings1st3Q2018 1st3Q2017


MorganStanley 1 12.750 18,052 123 3 10.341 2.409

GoldmanSachs 2 11.098 15,712 110 2 11.036 0.062

JPMorgan 3 10.613 15,025 142 1 11.471 -0.858

Citi 4 9.143 12,945 103 5 9.133 0.010


Barclays 6 6.547 9,270 68 6 7.892 -1.345

CreditSuisse 7 5.617 7,953 73 7 6.935 -1.318

DeutscheBank 8 4.157 5,885 50 9 4.113 0.044


WellsFargo 10 3.720 5,267 54 8 4.647 -0.927

Jefferies 11 3.321 4,702 82 12 1.607 1.714

UBS 12 2.605 3,688 34 11 2.080 0.525

Cowen&Co 13 1.995 2,824 57 14 1.298 0.697

Stifel 14 1.403 1,986 47 13 1.477 -0.074

LeerinkPartnersLLC 15 1.308 1,852 36 16 0.942 0.366

SunTrustRobinsonHumphrey 16 1.226 1,736 19 20 0.783 0.443

CantorFitzgerald 17 1.176 1,666 33 15 0.959 0.217

EvercorePartnersInc 18 1.020 1,444 23 29 0.389 0.631

PiperJaffray&Co 19 0.862 1,220 32 21 0.751 0.111


TOTAL 100% 141,580 608 100%

USEquityIPO1st3Q2018 1st3Q2017



Citi 2 8.734 3,173 26 5 8.621 0.113

GoldmanSachs 3 8.467 3,076 38 3 9.411 -0.944

JPMorgan 4 7.873 2,860 38 2 10.701 -2.828

MorganStanley 5 7.717 2,803 35 6 7.825 -0.108

CreditSuisse 6 7.180 2,608 23 1 11.719 -4.539

DeutscheBank 7 6.027 2,189 18 4 9.254 -3.227


Barclays 9 4.386 1,593 19 7 6.003 -1.617

Jefferies 10 2.919 1,061 20 19 0.915 2.004

Cowen&Co 11 2.243 815 18 12 1.728 0.515

CantorFitzgerald 12 2.168 788 7 15 1.622 0.546

UBS 13 2.094 760 12 16 1.393 0.701

WellsFargo 14 2.025 736 15 10 3.339 -1.314

EvercorePartnersInc 15 1.430 519 11 25 0.598 0.832

LeerinkPartnersLLC 16 1.347 489 12 33 0.268 1.079

ChardanCapitalMarketsLLC 17 1.284 466 3 39 0.144 1.140

BMOCapitalMarkets 18 1.136 413 11 24 0.651 0.485

RaymondJames&Associates 19 1.090 396 10 29 0.446 0.644

BNPParibas 20 0.957 348 2 22 0.698 0.259

TOTAL 100% 36,325 139 100%

USEquityLinked1st3Q2018 1st3Q2017


MorganStanley 1 18.265 6,872 38 3 12.448 5.817


GoldmanSachs 3 16.127 6,068 37 4 10.068 6.059

JPMorgan 4 14.026 5,277 38 2 14.292 -0.266

Citi 5 5.891 2,216 14 7 5.655 0.236

WellsFargo 6 5.406 2,034 15 5 7.731 -2.325

Barclays 7 4.997 1,880 13 6 7.088 -2.091


Jefferies 9 2.487 936 9 10 3.152 -0.665

CreditSuisse 10 2.262 851 9 8 3.646 -1.384

DeutscheBank 11 1.839 692 7 14 1.615 0.224

LeerinkPartnersLLC 12 1.248 470 4 18 0.917 0.331

MizuhoFinancial 13 0.939 353 4 20 0.683 0.256

USBancorp 14 0.853 321 3 15 1.479 -0.626

UBS 15 0.817 307 4 19 0.710 0.107

SunTrustRobinsonHumphrey 16 0.606 228 4 17 1.050 -0.444

BNPParibas 17 0.532 200 3 13 1.928 -1.396

CreditAgricoleCIB 17 0.532 200 3 29 0.200 0.332

Stifel 19 0.489 184 3 22 0.586 -0.097

JMPGroupLLC 20 0.373 140 3 21 0.662 -0.289

TOTAL 100% 37,626 103 100%



CanadaEquityReview1st3Q2018creditedCanadaEquity,EquityLinked&Preferredvolumedecreased35.73%toCAD22.1Blnwhiledealcountdecreased9.70%to326offeringsyear-on-year.CanadaEquityIPOvolumedecreased51.80%year-on-yeartoCAD2.0Blnwhilethedealcountincreased56.00%to78.CanadaEquityOfferingsvolumedecreased38.30%year-on-yeartoCAD17.6Blnover293deals.TDSecuritiesrankedasthetopCanadaEquity,EquityLinked&Preferredunderwriterfor1st3Q2018with15.54%marketshare.Thebankunderwrote38dealsovertheperiod.BMOCapitalMarketsandRBCCapitalMarketsrankedsecondandthirdwith10.37%and9.23%marketshare,respectively.

CanadaEquity,EquityLinked&Preferred

1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

TDSecurities 1 15.540 3,432 38 2 15.634 -0.094



CIBC 4 8.962 1,979 34 4 9.459 -0.497

NationalBankFinancialInc 5 6.085 1,344 31 7 4.909 1.176

CanaccordGenuity 6 5.814 1,284 64 8 2.700 3.114

Scotiabank 7 5.204 1,149 22 6 6.867 -1.663

CreditSuisse 8 4.976 1,099 7 11 1.530 3.446

MorganStanley 9 4.632 1,023 7 9 1.705 2.927

GMPSecurities 10 2.873 635 25 10 1.553 1.320

TOTAL 100% 22,086 326 100%

CanadaEquity&EquityLinked

1st3Q2018 1st3Q2017


TDSecurities 1 15.416 3,093 32 2 15.112 0.304


CIBC 3 9.002 1,806 28 4 8.493 0.509



NationalBankFinancialInc 6 5.903 1,184 26 7 4.326 1.577

CreditSuisse 7 5.477 1,099 7 11 1.682 3.795

Scotiabank 8 4.273 857 15 6 5.617 -1.344

MorganStanley 9 4.143 831 6 9 1.875 2.268

GMPSecurities 10 3.155 633 24 10 1.708 1.447

TOTAL 100% 20,065 315 100%

Financials30%


Materials15%

HealthCare14%

Energy5%

Utilities5%

Others11%

CanadaEquity,EquityLinked&Preferred:QuarterlyVolume

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DealCount Amount

CanadaEquity,EquityLinked&Preferred:IndustryBreakdown

30%

21%15%

14%

5%

5%

11%

CanadaEquity,EquityLinked&Preferred:ManagerRankingsHistory

TDSecurities

BMOCapitalMa

rkets

RBCCapitalMa

rkets

CIBC

NationalBankF

inancialInc

Canaccord

Genuity

10

20

Marke

tSha

re(%

)

0

25

2018 2017 2016



CanadaEquityOfferings1st3Q2018 1st3Q2017


TDSecurities 1 15.967 2,808 24 2 16.145 -0.178


CIBC 3 9.122 1,604 22 5 6.824 2.298


CreditSuisse 5 6.250 1,099 7 11 1.851 4.399


NationalBankFinancialInc 7 5.506 968 18 7 4.433 1.073

MorganStanley 8 4.728 831 6 9 2.064 2.664

Scotiabank 9 4.136 727 12 6 6.183 -2.047

GMPSecurities 10 3.381 595 23 10 1.880 1.501

GoldmanSachs 11 2.928 515 6 23 0.447 2.481

Barclays 12 2.617 460 2 17 0.863 1.754

ClarusSecurities 13 2.542 447 12 14 1.063 1.479

EightCapital 14 1.898 334 16 24 0.412 1.486

CormarkSecuritiesInc 15 1.643 289 15 13 1.142 0.501

JPMorgan 16 1.410 248 3 4 8.515 -7.105

UBS 17 1.160 204 2 25 0.369 0.791

PacificInternationalSecuritiesInc 18 1.118 197 23 40 0.112 1.006

Macquarie 19 1.108 195 2 22 0.528 0.580

HaywoodSecurities 20 1.081 190 37 15 1.011 0.070

TOTAL 100% 17,585 293 100%

CanadaEquityIPO1st3Q2018 1st3Q2017



CIBC 2 11.826 232 4 7 3.405 8.421

RBCCapitalMarkets 2 11.826 232 4 1 27.938 -16.112

CanaccordGenuity 4 10.223 201 19 19 0.575 9.648

TDSecurities 5 8.126 159 2 2 22.809 -14.683

PacificInternationalSecuritiesInc 6 4.158 82 12 31 0.041 4.117

LeucadiaNationalCorp 7 4.107 81 1 - - 4.107

ParetoSecurities 8 3.030 59 1 - - 3.030

Citi 9 2.265 44 1 5 5.988 -3.723

DesjardinsCapitalMarkets 9 2.265 44 1 - - 2.265

GoldmanSachs 9 2.265 44 1 15 0.962 1.303

MorganStanley 9 2.265 44 1 6 4.525 -2.260


RobertWBaird&Co 9 2.265 44 1 17 0.886 1.379

UBS 9 2.265 44 1 21 0.327 1.938

WellsFargo 9 2.265 44 1 11 1.673 0.592

Scotiabank 17 2.198 43 1 4 6.712 -4.514

HaywoodSecurities 18 1.465 29 21 26 0.246 1.219

MackieResearchCapitalCorp 19 0.688 13 6 29 0.066 0.622

EightCapital 20 0.494 10 1 - - 0.494

TOTAL 100% 1,962 78 100%

CanadianRetailStructuredProducts1st3Q2018 1st3Q2017


RBCCapitalMarkets 1 32.110 244 17 2 32.452 -0.342

CIBC 2 27.018 205 18 1 36.086 -9.068

Scotiabank 3 25.236 191 14 3 21.046 4.190


BMOCapitalMarkets 5 0.222 2 1 6 0.930 -0.708

CanaccordGenuity 5 0.222 2 1 - - 0.222

DesjardinsCapitalMarkets 5 0.222 2 1 - - 0.222

EchelonWealthManagementInc 5 0.222 2 1 - - 0.222

GMPSecurities 5 0.222 2 1 - - 0.222

IndustrialAllianceInsurance&Financial 5 0.222 2 1 - - 0.222

MackieResearchCapitalCorp 5 0.222 2 1 - - 0.222

RaymondJames&Associates 5 0.222 2 1 - - 0.222

TDSecurities 5 0.222 2 1 5 1.340 -1.118

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 758 21 100%



LatinAmericaEquityReview1st3Q2018creditedLatinAmericaEquityOfferingsvolumedecreased18.50%toUSD13.6Blnwhiledealcountdecreased32.08%to36offeringsyear-on-year.GoldmanSachsrankedasthetopLatinAmericaEquityOfferingsunderwriterfor1st3Q2018with12.68%marketshare.Thebankunderwrote8dealsovertheperiod.MorganStanleyandBancoBTGPactualrankedsecondandthirdwith12.01%and10.72%marketshare,respectively.

LatinAmericaEquityOfferings

1st3Q2018 1st3Q2017


GoldmanSachs 1 12.682 1,719 8 10 4.492 8.190

MorganStanley 2 12.010 1,627 9 9 5.189 6.821

BancoBTGPactual 3 10.722 1,453 12 6 7.458 3.264


JPMorgan 5 8.693 1,178 8 3 10.491 -1.798

BradescoBBISA 6 5.526 749 5 7 6.840 -1.314

CreditSuisse 7 5.459 740 4 2 10.597 -5.138

BancoItauBBA 8 4.693 636 5 4 10.312 -5.619

Citi 9 4.009 543 5 8 5.654 -1.645

BancoSantander 10 3.976 539 4 5 9.480 -5.504

TOTAL 100% 13,550 36 100%

BrazilEquityOfferings

1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(BRLMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MorganStanley 1 18.630 4,600 6 11 1.859 16.771

GoldmanSachs 2 17.367 4,288 3 9 2.564 14.803

BancoBTGPactual 3 10.644 2,628 6 7 6.707 3.937

BradescoBBISA 4 10.172 2,511 5 5 11.375 -1.203


BancoItauBBA 6 8.608 2,125 5 3 12.538 -3.930

JPMorgan 7 7.472 1,845 3 6 10.560 -3.088

CreditSuisse 8 5.673 1,400 2 4 11.409 -5.736

DeutscheBank 9 5.251 1,297 2 12 1.509 3.742

Citi 10 3.041 751 3 12 1.509 1.532

TOTAL 100% 24,688 17 100%

Financials57%

Industrials15%

Utilities10%

HealthCare6%

ConsumerStaples5%

Others6%

LatinAmericaEquityOfferings:QuarterlyVolume

Q32013

Q32013

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

QuartersQuarters

Q32018

Q32018

55

1010

1515

USDB

lnUSDB

ln

00

2020

1010

2020 DealC

ountDealC

ount

00

3030

DealCount Amount

LatinAmericaEquityOfferings:IndustryBreakdown

57%

15%

10%

6%

5%

6%

LatinAmericaEquityOfferings:ManagerRankingsHistory

Goldm

anSachs

Morga

nStan

ley

BancoB

TGPactua

l

BankofAme

ricaM

errillLynch

JPMorg

an

BradescoBBISA

10

Marke

tSha

re(%

)

0

20

2018 2017 2016



EMEAEquityReview1st3Q2018creditedEMEAEquity,EquityLinked&Rights-Riskvolumedecreased40.24%toUSD114.0Blnwhiledealcountdecreased22.47%to583offeringsyear-on-year.EMEAEquityIPOvolumedecreased28.04%year-on-yeartoUSD27.0Blnwhilethedealcountdecreased17.33%to124.EMEAEquityLinked-Riskvolumedecreased42.25%year-on-yeartoUSD11.5Blnover35deals.JPMorganrankedasthetopEMEAEquity,EquityLinked&Rights-Riskunderwriterfor1st3Q2018with9.92%marketshare.Thebankunderwrote50dealsovertheperiod.GoldmanSachsandCitirankedsecondandthirdwith8.22%and7.90%marketshare,respectively.

EMEAEquity,EquityLinked&Rights-Risk:Highlightsof1st3Q2018


BayerAG HealthCare 6,992 06/19/2018

SiemensHealthineersAG HealthCare 5,181 03/15/2018

RoyalBankofScotlandGroupPLC Financials 3,354 06/05/2018

CovestroAG Materials 2,608 05/03/2018

CineworldGroupPLC ConsumerDiscretionary 2,411 02/19/2018

CovestroAG Materials 2,180 01/11/2018

AdyenNV Financials 1,927 09/13/2018

SikaAG Materials 1,649 05/15/2018

DWSGroupGmbH&CoKGaA Financials 1,640 03/22/2018

DSSmithPLC Materials 1,349 07/25/2018

EMEAEquity,EquityLinked&Rights-Risk

Q32013

Q32013

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

QuartersQuarters

Q32018

Q32018

2020

4040

6060

8080

100100

120120

USDB

lnUSDB

ln

00

140140

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Rights Equity-Linked IPO

Add'l

EMEAEquity,EquityLinked&Rights-Risk:LargestDealsbyCountryof1st3Q2018

Issuer Volume(USDMln) Date Country

UbisoftEntertainmentSA 1,083 03/20/2018 France

BayerAG 6,992 06/19/2018 Germany

EnergeanOil&GasPLC 460 03/16/2018 Greece

CreditoValtellineseSpA 862 03/08/2018 Italy

AdyenNV 1,927 09/13/2018 Netherlands

BankAl-Jazira 798 04/04/2018 SaudiArabia

PSGGroupLtd 585 01/22/2018 SouthAfrica

AenaSMESA 823 05/16/2018 Spain

SikaAG 1,649 05/15/2018 Switzerland

NMCHealthJerseyLtd 450 04/23/2018 UnitedArabEmirates

RoyalBankofScotlandGroupPLC 3,354 06/05/2018 UnitedKingdom

EMEAEquity,EquityLinked&Rights-Risk:IndustryBreakdown


Financials 40,816 33.6% -57.7%

HealthCare 20,459 16.9% 29.6%

Materials 14,190 11.7% -20.9%

ConsumerDiscretionary 12,989 10.7% -36.0%

Industrials 11,449 9.4% -31.3%

Technology 5,616 4.6% -7.4%


Energy 5,080 4.2% -39.8%


Utilities 1,497 1.2% -87.8%

EMEAEquity,EquityLinked&Rights-Risk:OfferingBreakdown



IPO 29,307 24.1% -32.2%

RightsOfferings 21,720 17.9% -61.5%

Equity-Linked 12,777 10.5% -38.4%



EMEAEquity,EquityLinked&Rights-Risk1st3Q2018 1st3Q2017


JPMorgan 1 9.924 11,318 50 1 9.560 0.364

GoldmanSachs 2 8.216 9,371 46 5 5.696 2.520

Citi 3 7.898 9,007 51 4 7.501 0.397

MorganStanley 4 5.699 6,500 45 2 8.364 -2.665

UBS 5 5.399 6,158 23 3 7.688 -2.289

DeutscheBank 6 4.959 5,656 40 6 5.359 -0.400

CreditSuisse 7 4.680 5,337 30 10 4.022 0.658


Barclays 9 3.968 4,525 41 9 4.038 -0.070


BNPParibas 11 2.791 3,184 29 8 4.050 -1.259

HSBC 12 2.237 2,551 19 12 2.670 -0.433

JohBerenbergGossler&CoKG 13 2.104 2,400 26 15 1.443 0.661

Investec 14 1.959 2,234 17 39 0.397 1.562

Carnegie 15 1.509 1,721 35 21 1.107 0.402

Jefferies 16 1.491 1,700 24 13 1.724 -0.233

CreditAgricoleCIB 17 1.376 1,569 10 14 1.585 -0.209

Nordea 18 1.169 1,333 18 26 1.004 0.165

UniCredit 19 1.131 1,290 9 24 1.041 0.090

Numis 20 1.020 1,163 20 19 1.168 -0.148

TOTAL 100% 114,047 583 100%

EMEAEquity,EquityLinked&Rights-Syndication1st3Q2018 1st3Q2017


JPMorgan 1 10.167 11,549 51 1 9.878 0.289

GoldmanSachs 2 8.132 9,238 44 5 5.873 2.259

Citi 3 7.341 8,340 44 4 7.354 -0.013

MorganStanley 4 5.619 6,383 42 2 7.772 -2.153

UBS 5 5.391 6,124 22 3 7.640 -2.249

DeutscheBank 6 5.133 5,831 39 6 5.369 -0.236


CreditSuisse 8 4.568 5,189 27 9 3.735 0.833

Barclays 9 3.640 4,135 36 10 3.611 0.029


BNPParibas 11 2.739 3,112 28 8 4.040 -1.301

HSBC 12 2.205 2,505 19 12 2.663 -0.458


Investec 14 1.989 2,260 18 39 0.396 1.593

Carnegie 15 1.515 1,721 35 21 1.105 0.410


Jefferies 17 1.295 1,471 18 13 1.659 -0.364

Nordea 18 1.205 1,369 19 27 1.001 0.204

Numis 19 1.119 1,271 22 20 1.166 -0.047

UniCredit 20 1.072 1,218 8 25 1.038 0.034

TOTAL 100% 113,595 567 100%

EMEAEquity&EquityLinked-Risk1st3Q2018 1st3Q2017


JPMorgan 1 10.140 9,608 45 1 10.857 -0.717

GoldmanSachs 2 8.535 8,087 42 5 5.734 2.801

Citi 3 8.356 7,917 47 4 8.570 -0.214

UBS 4 6.477 6,137 22 3 9.056 -2.579

MorganStanley 5 6.364 6,030 42 2 9.366 -3.002

DeutscheBank 6 5.546 5,254 37 6 5.568 -0.022

CreditSuisse 7 5.118 4,849 27 10 3.514 1.604


SocieteGenerale 9 3.367 3,190 27 11 2.704 0.663

Barclays 10 2.803 2,656 33 8 4.036 -1.233

BNPParibas 11 2.602 2,465 24 9 3.702 -1.100


Carnegie 13 1.805 1,711 31 16 1.499 0.306

Jefferies 14 1.769 1,676 23 14 1.602 0.167

Investec 15 1.419 1,344 15 31 0.537 0.882

Nordea 16 1.400 1,327 17 18 1.298 0.102

HSBC 17 1.018 964 14 13 1.858 -0.840

StandardBankofSouthAfrica 18 1.007 954 6 79 0.079 0.928

CreditAgricoleCIB 19 0.999 946 8 23 0.705 0.294

Numis 20 0.998 945 15 17 1.466 -0.468

TOTAL 100% 94,745 518 100%

EMEAEquity&EquityLinked-Syndication1st3Q2018 1st3Q2017


JPMorgan 1 10.425 9,839 46 1 11.280 -0.855

GoldmanSachs 2 8.428 7,954 40 5 5.971 2.457

Citi 3 7.682 7,250 40 4 8.364 -0.682

UBS 4 6.467 6,103 21 2 8.983 -2.516

MorganStanley 5 6.265 5,913 39 3 8.557 -2.292

DeutscheBank 6 5.753 5,429 36 6 5.578 0.175

CreditSuisse 7 4.980 4,700 24 10 3.126 1.854




BNPParibas 11 2.536 2,393 23 8 3.689 -1.153

Barclays 12 2.401 2,266 28 9 3.456 -1.055

Carnegie 13 1.812 1,711 31 17 1.493 0.319

Jefferies 14 1.533 1,447 17 15 1.514 0.019

Investec 15 1.451 1,369 16 31 0.535 0.916

Nordea 16 1.444 1,363 18 19 1.293 0.151

Nomura 17 1.131 1,067 9 14 1.815 -0.684

Numis 18 1.116 1,053 17 18 1.461 -0.345

ParetoSecurities 19 1.015 958 20 41 0.306 0.709


TOTAL 100% 94,377 505 100%



EMEAEquityLinked-Risk1st3Q2018 1st3Q2017


UBS 1 16.101 1,851 3 10 2.730 13.371

DeutscheBank 2 10.930 1,256 7 2 10.544 0.386


JPMorgan 4 10.245 1,178 8 1 32.286 -22.041

Citi 5 9.483 1,090 8 6 4.699 4.784

BNPParibas 6 7.046 810 9 3 9.360 -2.314

HSBC 7 5.346 615 7 12 2.077 3.269

Barclays 8 5.258 604 6 8 3.613 1.645

GoldmanSachs 9 3.508 403 4 9 3.305 0.203

BankofAmericaMerrillLynch 10 3.012 346 4 16 0.665 2.347

CreditAgricoleCIB 11 2.703 311 4 7 3.960 -1.257

MorganStanley 12 2.351 270 3 4 7.266 -4.915

Natixis 13 2.205 254 3 11 2.095 0.110

UniCredit 14 1.636 188 2 14 1.950 -0.314

CreditSuisse 15 1.511 174 2 13 2.014 -0.503

JohBerenbergGossler&CoKG 16 1.209 139 2 15 0.891 0.318

Jefferies 17 0.980 113 2 - - 0.980

VontobelHoldingAG 18 0.885 102 1 - - 0.885

ClarksonsPlatouSecurities 19 0.761 88 1 - - 0.761

DNBASA 19 0.761 88 1 - - 0.761

TOTAL 100% 11,495 35 100%

EMEAEquityLinked-Syndication1st3Q2018 1st3Q2017


UBS 1 13.683 1,851 3 12 2.150 11.533

DeutscheBank 2 10.785 1,459 7 2 10.483 0.302

JPMorgan 3 10.395 1,406 10 1 27.202 -16.807


Nomura 5 7.888 1,067 9 3 9.531 -1.643

Citi 6 7.124 964 6 8 3.283 3.841

BNPParibas 7 5.456 738 8 4 7.372 -1.916

DaiwaSecurities 8 4.394 594 4 18 0.780 3.614

HSBC 9 4.012 543 6 15 1.636 2.376

GoldmanSachs 10 3.952 535 6 7 4.794 -0.842

MorganStanley 11 3.048 412 5 5 7.205 -4.157


Barclays 13 2.514 340 4 9 3.136 -0.622

MizuhoFinancial 14 2.355 318 3 11 2.849 -0.494

SumitomoMitsuiFinancial 15 2.188 296 2 - - 2.188


Natixis 17 1.343 182 2 14 1.650 -0.307

CreditSuisse 18 1.284 174 2 13 1.877 -0.593


UniCredit 20 0.859 116 1 16 1.536 -0.677

TOTAL 100% 13,526 50 100%

EMEAEquityIPO1st3Q2018 1st3Q2017


Citi 1 9.230 2,489 18 2 8.197 1.033

JPMorgan 2 7.733 2,086 12 3 7.604 0.129

DeutscheBank 3 6.326 1,706 11 6 5.252 1.074

MorganStanley 4 6.094 1,643 13 5 5.610 0.484

GoldmanSachs 5 6.054 1,633 10 7 3.950 2.104


BNPParibas 7 4.873 1,314 9 16 1.832 3.041

UBS 8 4.819 1,300 5 1 9.008 -4.189

CreditSuisse 9 3.922 1,058 10 4 6.341 -2.419


Carnegie 11 2.447 660 8 15 1.914 0.533

Jefferies 12 1.912 516 5 10 2.823 -0.911

Nordea 13 1.826 492 4 23 1.095 0.731

ABNAmroBankNV 14 1.596 430 4 47 0.369 1.227


INGGroep 16 1.338 361 4 40 0.490 0.848

UniCredit 17 1.310 353 3 20 1.356 -0.046

Barclays 18 1.307 353 3 11 2.408 -1.101

SEB 19 1.207 326 5 25 1.029 0.178

SocieteGenerale 20 1.172 316 7 30 0.685 0.487

TOTAL 100% 26,969 124 100%

EMEAEquityOfferings1st3Q2018 1st3Q2017


JPMorgan 1 10.126 8,430 37 4 7.486 2.640

GoldmanSachs 2 9.230 7,684 38 5 6.118 3.112

Citi 3 8.201 6,827 39 3 9.181 -0.980

MorganStanley 4 6.919 5,760 39 2 9.672 -2.753

CreditSuisse 5 5.616 4,675 25 9 3.751 1.865

UBS 6 5.148 4,286 19 1 10.054 -4.906


DeutscheBank 8 4.802 3,998 30 7 4.786 0.016


Barclays 10 2.464 2,052 27 8 4.104 -1.640


Carnegie 12 2.055 1,711 31 16 1.735 0.320

BNPParibas 13 1.988 1,655 15 10 2.812 -0.824

Jefferies 14 1.878 1,563 21 13 1.854 0.024

Investec 15 1.615 1,344 15 30 0.622 0.993

Nordea 16 1.594 1,327 17 18 1.429 0.165


Numis 18 1.135 945 15 17 1.698 -0.563

DanskeBank 19 1.087 905 14 31 0.543 0.544


TOTAL 100% 83,249 483 100%



EMEARightsOfferings1st3Q2018 1st3Q2017


Barclays 1 9.683 1,869 8 12 4.043 5.640

JPMorgan 2 8.861 1,710 5 1 5.920 2.941

HSBC 3 8.221 1,587 5 6 4.947 3.274

GoldmanSachs 4 6.650 1,284 4 2 5.591 1.059

Citi 5 5.647 1,090 4 10 4.501 1.146

Investec 6 4.611 890 2 58 0.002 4.609

BancoSantander 7 4.227 816 4 18 2.925 1.302

BankofAmericaMerrillLynch 8 3.738 722 3 7 4.890 -1.152

BNPParibas 9 3.723 719 5 5 5.027 -1.304


Commerzbank 11 2.540 490 3 20 2.405 0.135

INGGroep 12 2.534 489 4 19 2.559 -0.025

CreditSuisse 13 2.530 488 3 4 5.447 -2.917

MorganStanley 14 2.433 470 3 3 5.551 -3.118

SocieteGenerale 15 2.379 459 4 9 4.730 -2.351

DeutscheBank 16 2.081 402 3 8 4.774 -2.693

AlinmaBank 17 2.068 399 1 - - 2.068

IntesaSanpaolo 18 2.000 386 2 15 3.794 -1.794

BancoBilbaoVizcayaArgentaria 19 1.811 350 1 15 3.794 -1.983

MitsubishiUFJFinancialGroupInc 19 1.811 350 1 - - 1.811

TOTAL 100% 19,301 65 100%

WesternEuropeEquity,EquityLinked&Rights1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 9.653 7,955 40 1 9.662 -0.009

GoldmanSachs 2 8.807 7,259 40 5 6.125 2.682

Citi 3 8.016 6,606 43 4 6.857 1.159

MorganStanley 4 6.523 5,376 44 2 7.920 -1.397

UBS 5 5.498 4,531 21 3 7.776 -2.278

DeutscheBank 6 5.233 4,312 36 7 5.033 0.200

CreditSuisse 7 5.001 4,122 27 9 4.496 0.505


Barclays 9 4.183 3,447 36 10 3.872 0.311


BNPParibas 11 3.071 2,531 28 8 4.666 -1.595

HSBC 12 2.414 1,989 17 12 2.528 -0.114


Carnegie 14 1.705 1,406 34 19 1.271 0.434

Jefferies 15 1.609 1,326 21 13 1.970 -0.361


Investec 17 1.577 1,300 13 39 0.303 1.274

Nordea 18 1.348 1,111 18 25 1.164 0.184

UniCredit 19 1.197 986 7 26 1.131 0.066

Numis 20 1.169 963 20 18 1.327 -0.158

TOTAL 100% 82,415 480 100%

EasternEuropeEquity,EquityLinked&Rights1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)


JPMorgan 2 6.553 191 3 6 6.946 -0.393

GoldmanSachs 3 6.510 190 3 4 7.620 -1.110

AkbankTAS 4 5.827 170 3 - - 5.827

VTBCapital 5 5.750 168 2 3 7.683 -1.933

Citi 6 5.698 166 3 1 15.238 -9.540

DeutscheBank 7 5.631 164 3 7 6.777 -1.146

TurkiyeGarantiBankasiAS 8 5.458 159 2 - - 5.458

HSBC 9 4.358 127 2 21 1.201 3.157

UnluMenkulDegerlerAS 10 3.809 111 2 24 1.032 2.777

UniCredit 11 3.334 97 2 22 1.151 2.183

TrigonDomMaklerskiSA 12 3.278 96 3 30 0.555 2.723

TCZiraatBankasi 13 3.187 93 1 - - 3.187

TurkiyeISBankasi 13 3.187 93 1 25 0.993 2.194

VakifYatirimMenkulDegerlerAS 13 3.187 93 1 - - 3.187

YapiveKrediBankasiAS 13 3.187 93 1 - - 3.187

SberbankCIBCJSC 17 3.079 90 2 12 2.617 0.462

ErsteGroupBank 18 2.422 71 3 17 1.673 0.749

CreditSuisse 19 2.145 63 1 16 1.931 0.214

MorganStanley 20 2.080 61 1 13 2.407 -0.327

TOTAL 100% 2,913 28 100%

AIMEquityOfferings1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(GBPMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Stifel 1 11.096 554 12 11 3.042 8.054

LiberumCapitalLtd 2 9.689 484 9 8 4.588 5.101

Numis 3 8.953 447 18 3 7.158 1.795

CenkosSecurities 4 7.018 351 18 1 17.902 -10.884


EquitaSIMSpA 6 6.024 301 2 16 1.540 4.484

Investec 7 4.131 206 7 24 1.094 3.037

CreditSuisse 8 3.521 176 1 - - 3.521

IntesaSanpaolo 8 3.521 176 1 5 5.625 -2.104

MirabaudSecurities 10 3.211 160 3 19 1.369 1.842

ZeusCapital 11 2.445 122 5 2 8.362 -5.917

FinnCap 12 2.063 103 21 4 5.644 -3.581

Macquarie 13 1.865 93 4 22 1.171 0.694

UniCredit 14 1.754 88 2 - - 1.754

BancaPopolarediMilano 15 1.752 88 1 - - 1.752

PeelHuntLLP 16 1.529 76 3 6 5.575 -4.046

ShoreCapitalGroupLtd 17 1.526 76 10 31 0.513 1.013

PanmureGordon 18 1.444 72 7 9 4.578 -3.134

Nplus1SingerLtd 19 1.408 70 3 15 1.860 -0.452

CanaccordGenuity 20 1.332 67 6 10 3.270 -1.938

TOTAL 100% 4,994 275 100%



AfricaEquity,EquityLinked&Rights1st3Q2018 1st3Q2017



Investec 2 13.441 654 4 12 1.953 11.488

JPMorgan 3 10.719 521 4 2 10.554 0.165

PSGGroupLtd 4 6.888 335 3 22 0.293 6.595

JavaCapital 5 5.605 273 5 5 9.026 -3.421

Citi 6 5.061 246 2 3 10.090 -5.029

ICSecuritiesGhanaLtd 7 5.047 246 1 - - 5.047

DeutscheBank 8 4.981 242 1 8 5.985 -1.004

BankofAmericaMerrillLynch 9 4.460 217 2 - - 4.460

Barclays 10 3.441 167 3 7 7.964 -4.523

BNPParibas 11 2.799 136 1 - - 2.799

CreditSuisse 11 2.799 136 1 - - 2.799

FirstRandLtd 11 2.799 136 1 6 8.011 -5.212

SocieteGenerale 14 2.261 110 1 - - 2.261

GoldmanSachs 15 2.084 101 1 - - 2.084


RBCCapitalMarkets 17 1.180 57 2 18 0.847 0.333

Jefferies 18 1.084 53 1 - - 1.084

Exotix 19 0.679 33 1 - - 0.679

FinnCap 19 0.679 33 1 - - 0.679

TOTAL 100% 4,864 27 100%

Sub-SaharaEquity,EquityLinked&Rights1st3Q2018 1st3Q2017



Investec 2 16.545 654 4 12 2.008 14.537

JPMorgan 3 9.748 385 3 2 10.848 -1.100

PSGGroupLtd 4 8.478 335 3 20 0.301 8.177

JavaCapital 5 6.899 273 5 4 9.278 -2.379

ICSecuritiesGhanaLtd 6 6.213 246 1 - - 6.213

DeutscheBank 7 6.132 242 1 8 6.152 -0.020


Barclays 9 4.236 167 3 7 8.186 -3.950

Citi 10 2.784 110 1 5 9.193 -6.409

SocieteGenerale 10 2.784 110 1 - - 2.784

GoldmanSachs 12 2.565 101 1 - - 2.565


RBCCapitalMarkets 14 1.452 57 2 17 0.871 0.581

Exotix 15 0.836 33 1 - - 0.836

FinnCap 15 0.836 33 1 - - 0.836

NorthlandCapitalPartnersLtd 15 0.836 33 1 - - 0.836

BarclaysAfricaGroupLtd 18 0.523 21 1 18 0.445 0.078

NedbankLtd 18 0.523 21 1 - - 0.523

UBS 18 0.523 21 1 3 9.350 -8.827

TOTAL 100% 3,951 24 100%

MENAEquity,EquityLinked&Rights1st3Q2018 1st3Q2017


JPMorgan 1 19.470 985 3 - - 19.470

EFG-Hermes 2 15.268 773 2 5 10.763 4.505

AlinmaBank 3 7.888 399 1 - - 7.888

GoldmanSachs 4 6.026 305 2 - - 6.026

EmiratesNBDPJSC 5 5.676 287 2 10 2.383 3.293

DNBASA 6 5.052 256 5 1 18.077 -13.025

Citi 7 4.932 250 3 6 8.253 -3.321

ClarksonsPlatouSecurities 8 4.615 234 3 3 12.962 -8.347

NBKCapital 9 4.191 212 1 - - 4.191

NationalCommercialBank 10 3.425 173 1 - - 3.425

BNPParibas 11 2.690 136 1 - - 2.690

CreditSuisse 11 2.690 136 1 - - 2.690

FirstRandLtd 11 2.690 136 1 - - 2.690

StandardBankofSouthAfrica 11 2.690 136 1 - - 2.690

ParetoSecurities 15 1.904 96 2 - - 1.904

BankAlbilad 16 1.865 94 1 - - 1.865

UbharCapitalSAOC 17 1.326 67 1 18 0.472 0.854

GrantThorntonInternationalLtd 18 1.179 60 1 - - 1.179

BankMuscat 19 1.119 57 2 - - 1.119

ABGSundalCollierAsa 20 1.087 55 3 11 1.795 -0.708

TOTAL 100% 5,060 25 100%



AsiaPacificEquityReview1st3Q2018creditedAPACex-JapanEquity,EquityLinked&Rightsvolumeincreased31.24%toUSD163.1Blnwhiledealcountdecreased9.91%to1,537offeringsyear-on-year.APACex-JapanEquityIPOvolumeincreased22.57%year-on-yeartoUSD70.7Blnwhilethedealcountdecreased25.81%to598.APACex-JapanEquityLinkedvolumeincreased78.60%year-on-yeartoUSD26.1Blnover146deals.MorganStanleyrankedasthetopAPACex-JapanEquity,EquityLinked&Rightsunderwriterfor1st3Q2018with8.01%marketshare.Thebankunderwrote53dealsovertheperiod.GoldmanSachsandCitirankedsecondandthirdwith7.88%and7.14%marketshare,respectively.

APACEquity,EquityLinked&Rights:Highlightsof1st3Q2018


TencentHoldingsLtd Technology 9,807 03/23/2018

ChinaTowerCorpLtd Industrials 7,491 08/01/2018

XiaomiCorp Technology 5,431 06/29/2018

YahooJapanCorp Communications 4,324 09/11/2018

FoxconnIndustrialInternetCoLtd Technology 4,232 05/23/2018

MeituanDianping ConsumerDiscretionary 4,222 09/13/2018

TransurbanGroup Industrials 3,464 09/13/2018

ChinaNationalPetroleumCorp Energy 3,174 02/01/2018

RenesasElectronicsCorp Technology 2,721 04/18/2018

iQIYIInc Communications 2,424 03/29/2018

APACEquity,EquityLinked&Rights:IndustryBreakdown

27%

19%

13%

12%

7%

6%

6%5%

4% Industry Volume(USDMln) %OfTotal %YOYChange

Financials 54,597 26.5% -9.7%

Technology 40,015 19.4% 129.1%

ConsumerDiscretionary 26,453 12.8% 18.2%

Industrials 25,388 12.3% 5.1%

Communications 14,952 7.3% 81.5%

Materials 12,695 6.2% 4.2%

HealthCare 12,204 5.9% 48.5%

Energy 10,894 5.3% 5.6%


Utilities 2,274 1.1% -42.6%

Asiaex-JapanEquity,EquityLinked&Rights

Q32013

Q32013

Q32014

Q32014

Q32015

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5050

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8080

500500

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800800

DealCount Rights IPO

Add'l

Australia/NewZealandEquity,EQL&Rights

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Q32017

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1010

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00

2020

200200

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400400


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ChinaEquity,EquityLinked&Rights

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400400

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JapanEquity&EquityLinked

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Q32013

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Q32018

Q32018

1,0001,000

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1,8001,800

5050

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ount

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110110


Add'l



Asiaex-JapanEquity,EquityLinked&Rights1st3Q2018 1st3Q2017


GoldmanSachs 1 8.556 12,541 48 2 5.384 3.172

MorganStanley 2 7.356 10,782 47 3 4.933 2.423

Citi 3 7.338 10,754 62 1 5.760 1.578



CreditSuisse 6 4.384 6,425 47 10 2.623 1.761


JPMorgan 8 3.807 5,579 36 13 2.293 1.514

UBS 9 3.703 5,428 36 7 2.851 0.852

CITICSecurities 10 3.213 4,709 35 4 4.271 -1.058


HaitongSecurities 12 1.923 2,818 33 11 2.572 -0.649

DeutscheBank 13 1.915 2,806 24 5 3.140 -1.225

BNPParibas 14 1.888 2,767 15 48 0.567 1.321

HSBC 15 1.700 2,492 18 19 1.379 0.321



GuotaiJunanSecurities 18 1.403 2,056 18 16 1.836 -0.433


BankofChina 20 1.154 1,691 10 21 1.197 -0.043

TOTAL 100% 146,566 1,126 100%

Asiaex-JapanEquity,EQL&Rightsex-CHAShares1st3Q2018 1st3Q2017


GoldmanSachs 1 9.409 10,844 39 2 6.693 2.716

MorganStanley 2 9.355 10,782 47 3 6.311 3.044

Citi 3 9.148 10,544 60 1 7.910 1.238


CreditSuisse 5 5.358 6,175 46 6 3.724 1.634

UBS 6 4.651 5,360 35 9 3.180 1.471

JPMorgan 7 4.624 5,329 35 8 3.309 1.315

BNPParibas 8 2.401 2,767 15 34 0.854 1.547

DeutscheBank 9 2.204 2,541 21 4 4.177 -1.973

HSBC 10 2.162 2,492 18 10 2.074 0.088



HaitongSecurities 13 2.003 2,308 26 14 1.609 0.394




ChinaConstructionBank 17 1.405 1,619 16 19 1.378 0.027

Industrial&CommBankofChina 18 1.341 1,546 10 65 0.235 1.106

KotakMahindraBankLtd 19 1.141 1,315 13 23 1.223 -0.082

DaishinSecurities 20 1.116 1,286 12 84 0.142 0.974

TOTAL 100% 115,252 986 100%

Asiaex-JapanEquity&EquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 8.990 12,299 47 2 5.606 3.384

MorganStanley 2 7.881 10,782 47 3 5.328 2.553

Citi 3 7.834 10,718 61 1 5.908 1.926



CreditSuisse 6 4.476 6,123 46 10 2.544 1.932

JPMorgan 7 3.901 5,337 35 12 2.372 1.529

UBS 8 3.761 5,145 35 8 2.870 0.891





HSBC 13 1.821 2,492 18 22 1.260 0.561

BNPParibas 14 1.800 2,462 13 59 0.369 1.431

DeutscheBank 15 1.777 2,431 22 5 3.312 -1.535





BankofChina 20 1.236 1,691 10 19 1.292 -0.056

TOTAL 100% 136,801 1,078 100%

Asiaex-JapanEquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 12.573 3,206 4 4 8.633 3.940


CreditSuisse 3 7.803 1,989 10 27 0.681 7.122

JPMorgan 4 6.716 1,712 8 - - 6.716


Citi 6 3.579 912 5 19 1.306 2.273


MinshengSecurities 8 3.035 774 5 - - 3.035

HuataiSecurities 9 2.980 760 2 - - 2.980

HaitongSecurities 10 2.911 742 5 - - 2.911

BankofChina 11 2.860 729 2 10 3.572 -0.712

DeutscheBank 12 2.731 696 3 3 9.233 -6.502

BNPParibas 13 2.689 686 3 - - 2.689

ZhongtaiSecurities 14 2.395 611 2 - - 2.395

MorganStanley 15 2.199 561 4 6 5.481 -3.282

GuotaiJunanSecurities 16 2.145 547 2 - - 2.145

ChangjiangSecurities 17 2.135 544 2 - - 2.135

ChinaMerchantsSecurities 18 1.996 509 2 18 1.856 0.140

UBS 19 1.923 490 3 5 6.742 -4.819

FubonSecuritiesCo 20 1.821 464 10 13 2.708 -0.887

TOTAL 100% 25,494 144 100%



Asiaex-JapanEquityLinkedex-ChinaExchanges1st3Q2018 1st3Q2017


GoldmanSachs 1 18.987 2,569 2 8 4.054 14.933

CreditSuisse 2 14.703 1,989 10 13 2.130 12.573

JPMorgan 3 12.655 1,712 8 - - 12.655

Citi 4 6.743 912 5 7 4.086 2.657

DeutscheBank 5 5.145 696 3 1 27.718 -22.573

BNPParibas 6 5.067 686 3 - - 5.067


MorganStanley 8 4.144 561 4 - - 4.144

CITICSecurities 9 3.917 530 2 - - 3.917

UBS 10 3.624 490 3 9 3.944 -0.320



HSBC 13 2.506 339 4 - - 2.506

TaishinFinancialHoldingCoLtd 14 2.377 322 6 15 2.050 0.327

YuantaSecuritiesCoLtd 15 1.391 188 3 4 6.908 -5.517

Nomura 16 1.375 186 2 17 1.220 0.155

CIMB 17 1.185 160 1 17 1.220 -0.035

KGISecurities 18 1.151 156 7 3 8.375 -7.224

GrandFortuneSecuritiesCo 19 0.798 108 3 21 0.588 0.210

RBCCapitalMarkets 20 0.739 100 1 - - 0.739

TOTAL 100% 13,530 98 100%

Asiaex-JapanEquityOfferings1st3Q2018 1st3Q2017



Citi 2 6.640 10,647 61 3 4.447 2.193

MorganStanley 3 6.541 10,489 44 9 3.068 3.473

GoldmanSachs 4 6.024 9,660 46 7 3.879 2.145






UBS 10 3.148 5,048 34 12 2.287 0.861

CreditSuisse 11 2.835 4,546 38 19 1.749 1.086

JPMorgan 12 2.412 3,867 28 22 1.507 0.905

BankofChina 13 2.152 3,451 9 21 1.587 0.565

ChinaMerchantsSecurities 14 1.753 2,811 23 13 2.144 -0.391

GuosenSecurities 15 1.666 2,671 11 11 2.450 -0.784

DeutscheBank 16 1.590 2,550 24 14 2.130 -0.540



HSBC 19 1.342 2,152 14 26 0.906 0.436

BNPParibas 20 1.298 2,081 12 61 0.373 0.925

TOTAL 100% 160,345 1,105 100%

Asiaex-JapanEquityIPO1st3Q2018 1st3Q2017



GoldmanSachs 2 6.298 4,291 23 39 0.798 5.500


MorganStanley 4 4.058 2,765 19 15 1.652 2.406


CreditSuisse 6 3.693 2,517 18 16 1.621 2.072

Citi 7 3.656 2,491 24 1 4.556 -0.900


UBS 9 2.856 1,946 14 14 1.676 1.180


ChinaSecurities 11 2.730 1,860 15 6 3.431 -0.701

JPMorgan 12 2.701 1,841 15 12 2.246 0.455






DeutscheBank 18 2.063 1,405 15 23 1.292 0.771


HSBC 20 1.754 1,195 7 34 0.950 0.804

TOTAL 100% 68,139 549 100%



APACEquity,EquityLinked&Rights1st3Q2018 1st3Q2017


MorganStanley 1 8.159 15,504 80 1 6.120 2.039

GoldmanSachs 2 8.084 15,362 57 2 5.517 2.567

Citi 3 6.582 12,507 81 3 4.770 1.812

UBS 4 5.213 9,906 56 5 3.983 1.230

JPMorgan 5 5.051 9,598 54 6 3.515 1.536



CreditSuisse 8 3.551 6,748 50 13 2.184 1.367


Nomura 10 2.994 5,689 80 4 4.322 -1.328


SumitomoMitsuiFinancial 12 2.415 4,589 61 10 2.689 -0.274

DeutscheBank 13 2.282 4,337 35 9 2.698 -0.416

DaiwaSecurities 14 1.947 3,700 37 14 2.152 -0.205




BNPParibas 18 1.456 2,767 15 52 0.431 1.025

Macquarie 19 1.391 2,643 19 19 1.421 -0.030

HSBC 20 1.311 2,492 18 24 1.048 0.263

TOTAL 100% 190,029 1,724 100%

APACEquity&EquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 8.724 14,995 55 2 5.850 2.874

MorganStanley 2 7.712 13,257 76 1 6.434 1.278

Citi 3 7.255 12,470 80 4 4.725 2.530

JPMorgan 4 5.228 8,986 49 8 3.223 2.005



UBS 7 4.091 7,032 46 6 3.270 0.821

CreditSuisse 8 3.750 6,446 49 14 2.086 1.664

Nomura 9 3.170 5,449 79 3 4.746 -1.576





DeutscheBank 14 2.082 3,579 29 10 2.901 -0.819




HSBC 18 1.450 2,492 18 27 0.974 0.476

BNPParibas 19 1.433 2,462 13 63 0.285 1.148


TOTAL 100% 171,888 1,615 100%

APACEquityOfferings1st3Q2018 1st3Q2017


MorganStanley 1 8.734 12,428 68 1 6.439 2.295

Citi 2 8.122 11,558 75 2 5.370 2.752

GoldmanSachs 3 7.988 11,367 47 3 5.362 2.626



JPMorgan 6 5.019 7,142 39 6 3.363 1.656

UBS 7 4.597 6,542 43 8 2.989 1.608

CreditSuisse 8 3.033 4,316 38 11 2.358 0.675

Nomura 9 2.843 4,046 67 7 3.359 -0.516




DeutscheBank 13 1.833 2,608 25 12 2.246 -0.413




HSBC 17 1.513 2,152 14 25 1.140 0.373



BNPParibas 20 1.249 1,777 10 59 0.334 0.915

TOTAL 100% 142,297 1,449 100%

APACEquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 12.261 3,628 8 2 8.703 3.558


CreditSuisse 3 7.200 2,131 11 31 0.496 6.704

JPMorgan 4 6.230 1,844 10 14 2.406 3.824

Nomura 5 4.742 1,403 12 1 12.862 -8.120



DeutscheBank 8 3.280 971 4 5 6.734 -3.454

Citi 9 3.083 912 5 23 0.953 2.130


MorganStanley 11 2.802 829 8 6 6.404 -3.602




BankofChina 15 2.464 729 2 13 2.606 -0.142

BNPParibas 16 2.317 686 3 - - 2.317


SumitomoMitsuiFinancial 18 1.972 583 4 37 0.144 1.828



TOTAL 100% 29,591 166 100%



APACex-JapanEquity,EquityLinked&Rights1st3Q2018 1st3Q2017


MorganStanley 1 8.007 13,064 53 3 4.855 3.152

GoldmanSachs 2 7.879 12,855 52 2 5.401 2.478

Citi 3 7.135 11,641 75 1 5.707 1.428

UBS 4 5.897 9,621 53 4 4.109 1.788



CreditSuisse 7 4.044 6,597 49 9 2.592 1.452

JPMorgan 8 3.967 6,472 47 8 2.747 1.220



DeutscheBank 11 2.586 4,220 33 7 3.013 -0.427



BNPParibas 14 1.696 2,767 15 49 0.518 1.178

Macquarie 15 1.614 2,634 18 15 1.707 -0.093

HSBC 16 1.527 2,492 18 20 1.259 0.268





TOTAL 100% 163,149 1,537 100%

APACex-JapanEquity&EquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 8.612 12,489 50 1 5.795 2.817

Citi 2 8.002 11,604 74 2 5.766 2.236

MorganStanley 3 7.460 10,817 49 3 5.089 2.371



UBS 6 4.653 6,747 43 6 3.251 1.402

CreditSuisse 7 4.342 6,296 48 9 2.521 1.821

JPMorgan 8 4.041 5,859 42 12 2.296 1.745



DeutscheBank 11 2.387 3,461 27 5 3.300 -0.913



HSBC 14 1.718 2,492 18 23 1.193 0.525

BNPParibas 15 1.698 2,462 13 60 0.349 1.349





BankofChina 20 1.166 1,691 10 20 1.224 -0.058

TOTAL 100% 145,007 1,428 100%

APACex-JapanEquityOfferings1st3Q2018 1st3Q2017


Citi 1 8.958 10,692 69 1 6.435 2.523

MorganStanley 2 8.593 10,256 45 3 5.030 3.563

GoldmanSachs 3 7.660 9,142 45 2 5.369 2.291



UBS 6 5.243 6,257 40 8 2.727 2.516

CreditSuisse 7 3.490 4,165 37 7 2.798 0.692

JPMorgan 8 3.474 4,147 34 9 2.641 0.833



DeutscheBank 11 2.087 2,491 23 12 2.409 -0.322


HSBC 13 1.803 2,152 14 21 1.372 0.431



BNPParibas 16 1.489 1,777 10 56 0.402 1.087





TOTAL 100% 119,350 1,282 100%

APACex-JapanEquityIPO1st3Q2018 1st3Q2017



GoldmanSachs 2 6.068 4,291 23 40 0.784 5.284



MorganStanley 5 3.910 2,765 19 15 1.624 2.286

UBS 6 3.677 2,600 15 14 1.749 1.928

CreditSuisse 7 3.559 2,517 18 16 1.594 1.965

Citi 8 3.523 2,491 24 1 4.480 -0.957


DeutscheBank 10 2.913 2,060 16 22 1.359 1.554



JPMorgan 13 2.603 1,841 15 12 2.208 0.395







HSBC 20 1.690 1,195 7 34 0.934 0.756

TOTAL 100% 70,712 598 100%



APACex-JapanEquityLinked1st3Q2018 1st3Q2017


GoldmanSachs 1 12.847 3,347 5 4 8.633 4.214


CreditSuisse 3 8.179 2,131 11 27 0.681 7.498

JPMorgan 4 6.573 1,712 8 - - 6.573


DeutscheBank 6 3.726 971 4 3 9.233 -5.507

Citi 7 3.502 912 5 19 1.306 2.196





BankofChina 12 2.799 729 2 10 3.572 -0.773

BNPParibas 13 2.632 686 3 - - 2.632


MorganStanley 15 2.152 561 4 6 5.481 -3.329


ChangjiangSecurities 17 2.089 544 2 - - 2.089


UBS 19 1.882 490 3 5 6.742 -4.860


TOTAL 100% 26,051 146 100%

APACex-JapanEquity,EQL&Rightsex-CHAShrs1st3Q2018 1st3Q2017


MorganStanley 1 9.909 13,064 53 3 6.027 3.882

Citi 2 8.670 11,430 73 1 7.564 1.106

GoldmanSachs 3 8.464 11,158 43 2 6.553 1.911

UBS 4 7.247 9,554 52 4 4.951 2.296


CreditSuisse 6 4.815 6,347 48 8 3.541 1.274

JPMorgan 7 4.719 6,222 46 6 3.836 0.883

DeutscheBank 8 2.999 3,954 30 5 3.863 -0.864

BNPParibas 9 2.099 2,767 15 35 0.747 1.352

Macquarie 10 1.998 2,634 18 10 2.461 -0.463

HSBC 11 1.890 2,492 18 11 1.814 0.076



HaitongSecurities 14 1.751 2,308 26 16 1.407 0.344






KotakMahindraBankLtd 20 0.997 1,315 13 25 1.069 -0.072

TOTAL 100% 131,835 1,397 100%



Australia/NewZealandEquity,EQL&Rights1st3Q2018 1st3Q2017


UBS 1 23.514 4,338 18 2 16.376 7.138

Macquarie 2 13.333 2,460 14 1 17.674 -4.341

MorganStanley 3 13.154 2,427 7 7 3.975 9.179

DeutscheBank 4 7.663 1,414 9 17 1.584 6.079

JPMorgan 5 4.840 893 11 3 7.105 -2.265

Citi 6 4.804 886 13 5 4.877 -0.073

Morgans 7 3.900 720 31 8 3.760 0.140


BellPotterSecuritiesLtd 9 2.544 469 40 9 3.685 -1.141

HartleysLtd 10 1.970 363 24 16 1.730 0.240

WilsonsCorporateFinanceLtd 11 1.892 349 12 21 1.249 0.643

TaylorCollisonLtd 12 1.774 327 17 13 2.204 -0.430

GoldmanSachs 13 1.704 314 4 4 5.283 -3.579

OrdMinnettLtd 14 1.692 312 6 18 1.475 0.217

EurozSecurities 15 1.528 282 14 15 2.112 -0.584

NationalAustraliaBank 16 1.474 272 3 - - 1.474

CreditSuisse 17 0.934 172 2 14 2.145 -1.211


PatersonsSecuritiesLtd 19 0.558 103 30 24 0.707 -0.149

ArgonautLtd 20 0.525 97 15 20 1.316 -0.791

TOTAL 100% 18,448 420 100%

Australia/NewZealandEquity&RightsOfferings1st3Q2018 1st3Q2017


UBS 1 24.245 4,338 18 2 16.376 7.869

Macquarie 2 13.748 2,460 14 1 17.674 -3.926

MorganStanley 3 13.563 2,427 7 7 3.975 9.588

DeutscheBank 4 6.367 1,139 8 17 1.584 4.783

JPMorgan 5 4.990 893 11 3 7.105 -2.115

Citi 6 4.954 886 13 5 4.877 0.077

Morgans 7 4.022 720 31 8 3.760 0.262


BellPotterSecuritiesLtd 9 2.623 469 40 9 3.685 -1.062

HartleysLtd 10 2.031 363 24 16 1.730 0.301

WilsonsCorporateFinanceLtd 11 1.951 349 12 21 1.249 0.702

TaylorCollisonLtd 12 1.830 327 17 13 2.204 -0.374

OrdMinnettLtd 13 1.744 312 6 18 1.475 0.269

EurozSecurities 14 1.576 282 14 15 2.112 -0.536

NationalAustraliaBank 15 1.520 272 3 - - 1.520

GoldmanSachs 16 0.967 173 3 4 5.283 -4.316


PatersonsSecuritiesLtd 18 0.575 103 30 24 0.707 -0.132

ArgonautLtd 19 0.541 97 15 20 1.316 -0.775

PetraCapitalPtyLtd 20 0.452 81 5 23 0.762 -0.310

TOTAL 100% 17,891 418 100%

ChinaEquity,EquityLinked&Rights1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)





GuotaiJunanSecurities 5 9.172 41,468 19 2 7.504 1.668

BankofChina 6 4.706 21,274 3 15 2.270 2.436

GuosenSecurities 7 3.978 17,986 12 7 3.839 0.139

GoldmanSachs 8 2.841 12,843 11 13 2.607 0.234


GFSecurities 10 2.148 9,712 18 8 3.775 -1.627

HuafuSecurities 11 1.589 7,184 1 32 0.797 0.792

DongxingSecurities 12 1.556 7,036 12 20 1.600 -0.044

ShenwanHongyuanGroup 13 1.527 6,904 3 12 2.714 -1.187

MinshengSecurities 14 1.460 6,599 9 35 0.753 0.707

Citi 15 1.436 6,494 6 17 1.711 -0.275


IndustrialSecurities 17 1.248 5,643 6 10 2.902 -1.654

ChangjiangSecurities 18 1.207 5,456 5 39 0.484 0.723

DeutscheBank 19 0.989 4,472 6 18 1.676 -0.687

ZhongtaiSecurities 20 0.914 4,131 3 27 0.875 0.039

TOTAL 100% 452,101 262 100%

ChinaEquityIPO1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)





GuosenSecurities 5 4.971 5,369 2 5 5.792 -0.821



IndustrialSecurities 8 3.360 3,629 3 14 2.310 1.050

GFSecurities 9 3.218 3,476 6 1 8.298 -5.080

ZheshangSecurities 10 2.475 2,673 2 23 1.186 1.289

GoldmanSachs 11 2.310 2,495 2 - - 2.310


GuoyuanSecurities 13 1.406 1,519 1 19 1.631 -0.225

CentralChinaSecurities 14 1.275 1,377 1 - - 1.275

Citi 15 1.264 1,365 2 15 2.245 -0.981

GreatWallSecurities 16 1.148 1,240 3 24 1.142 0.006

PingAnInsuranceGroup 17 1.140 1,231 2 20 1.428 -0.288

ChinaDragonSecurities 18 0.995 1,074 1 43 0.227 0.768

LianChuSecurities 18 0.995 1,074 1 - - 0.995

ChinaGalaxyFinancialHoldings 20 0.973 1,051 2 52 0.170 0.803

TOTAL 100% 108,003 80 100%



HongKongEquity&RightsOfferings1st3Q2018 1st3Q2017


MorganStanley 1 13.259 6,946 19 2 9.422 3.837


Citi 3 7.909 4,143 10 6 4.324 3.585

GoldmanSachs 4 7.291 3,819 16 1 13.105 -5.814

UBS 5 6.354 3,328 20 16 1.893 4.461



HSBC 8 3.360 1,760 10 13 2.307 1.053




ChinaConstructionBank 12 3.097 1,622 17 5 4.480 -1.383

JPMorgan 13 3.015 1,580 10 19 1.372 1.643



BNPParibas 16 1.957 1,025 6 24 0.881 1.076

BankofChina 17 1.753 918 7 15 1.976 -0.223

GuotaiJunanSecurities 18 1.751 917 12 17 1.522 0.229

ChinaSecurities 19 1.514 793 10 31 0.603 0.911

AMTDGlobalMarketsLtd 20 1.391 729 7 29 0.695 0.696

TOTAL 100% 52,386 293 100%

HongKongEquityOfferings1st3Q2018 1st3Q2017


MorganStanley 1 13.567 6,946 19 2 10.228 3.339


Citi 3 8.092 4,143 10 4 4.694 3.398

GoldmanSachs 4 7.460 3,819 16 1 14.228 -6.768

UBS 5 6.501 3,328 20 16 2.055 4.446



HSBC 8 3.438 1,760 10 12 2.504 0.934



ChinaConstructionBank 11 3.169 1,622 17 5 3.859 -0.690

JPMorgan 12 3.085 1,580 10 18 1.490 1.595




BNPParibas 16 1.877 961 5 24 0.957 0.920

BankofChina 17 1.793 918 7 15 2.146 -0.353

ChinaSecurities 18 1.549 793 10 31 0.655 0.894

AMTDGlobalMarketsLtd 19 1.424 729 7 28 0.755 0.669

GuotaiJunanSecurities 20 1.222 626 11 22 1.096 0.126

TOTAL 100% 51,198 275 100%

IndiaEquity&RightsOffering1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(INRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Citi 1 16.863 138,006 14 1 14.325 2.538

KotakMahindraBankLtd 2 10.567 86,481 13 9 5.399 5.168

AxisBankLtd 3 8.967 73,385 12 8 5.499 3.468

StateBankofIndia 4 8.646 70,760 11 10 4.634 4.012

ICICI 5 8.307 67,983 12 2 8.269 0.038

MorganStanley 6 8.010 65,557 6 3 6.537 1.473

JMFinancialLtd 7 5.059 41,403 12 7 5.764 -0.705

HDFCBank 8 3.835 31,385 4 24 0.845 2.990

EdelweissFinancialServicesLtd 9 3.730 30,523 10 11 3.568 0.162


IIFLHoldingsLtd 11 3.249 26,588 10 4 6.332 -3.083

JPMorgan 12 2.715 22,220 5 13 2.844 -0.129

CreditSuisse 13 2.216 18,135 6 16 2.069 0.147


MotilalOswalInvestmentAdvisors 15 1.674 13,699 5 12 3.062 -1.388

GoldmanSachs 16 1.640 13,423 3 18 1.489 0.151

YesBank 17 0.908 7,433 3 14 2.824 -1.916

IDFCBankLtd 18 0.896 7,331 4 17 1.514 -0.618

IDBIBankLtd 19 0.802 6,561 3 23 1.075 -0.273

AryamanFinancialServicesLtd 20 0.775 6,346 18 34 0.182 0.593

TOTAL 100% 818,395 163 100%

IndonesiaEquity&RightsOffering1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(IDRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

CITICSecurities 1 15.944 4,085,498 3 5 7.181 8.763

BNPParibas 2 13.336 3,417,160 1 8 6.133 7.203

Nomura 2 13.336 3,417,160 1 - - 13.336

CiptadanaSekuritas 4 7.820 2,003,911 2 16 1.256 6.564

MandiriSekuritasPT 5 7.206 1,846,579 5 1 13.794 -6.588

IndoPremierSecurities 6 5.496 1,408,266 3 15 1.276 4.220

UOBKayHianPvtLtd 7 4.414 1,130,999 4 22 0.490 3.924

MorganStanley 8 4.086 1,047,000 1 6 6.577 -2.491

DanareksaSekuritasPT 9 2.966 760,132 3 12 3.125 -0.159

BahanaSecurities 10 2.923 749,000 2 10 5.402 -2.479

CIMB 11 2.666 683,248 3 20 0.799 1.867

DanatamaMakmurPT 12 2.342 600,000 1 - - 2.342

NHKorindoSekuritasIndonesiaPT 13 2.243 574,632 3 - - 2.243

Citi 14 1.912 490,018 1 - - 1.912

CreditSuisse 14 1.912 490,018 1 2 12.710 -10.798

DBSGroup 14 1.912 490,018 1 4 7.237 -5.325

KresnaSekuritasPT 17 1.203 308,334 1 - - 1.203

MNCSecuritiesTbkPT 18 1.015 260,000 1 18 1.084 -0.069

SinarmasSecuritiesPT 19 0.982 251,508 2 19 1.070 -0.088

LotusAndalanSekuritasPT 20 0.954 244,500 1 14 1.307 -0.353

TOTAL 100% 25,624,049 37 100%



MalaysiaEquity&RightsOffering1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(MYRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Maybank 1 17.578 758 3 3 9.902 7.676

RHB 2 17.046 735 7 4 6.794 10.252

BNPParibas 3 11.563 499 1 - - 11.563

KenangaInvestmentBankBhd 4 7.803 337 12 12 2.475 5.328

AmInvestmentBankBhd 5 7.236 312 6 15 0.491 6.745

CIMB 6 7.213 311 2 1 27.089 -19.876

JPMorgan 7 7.068 305 1 5 6.536 0.532

AffinHwangCapital 8 6.667 288 3 11 2.957 3.710

UOBKayHianPvtLtd 9 4.915 212 9 7 4.620 0.295

M&ASecuritiesSdnBhd 10 3.811 164 17 13 1.102 2.709

TASecuritiesHoldingsBhd 11 2.818 122 23 14 0.678 2.140

AllianceBankMalaysiaBhd 12 2.225 96 3 21 0.040 2.185

PublicBankBerhad 13 1.563 67 6 18 0.121 1.442

MercurySecuritiesSdnBhd 14 1.275 55 8 16 0.465 0.810

MIDFAmanahInvestmentBankBhd 15 0.400 17 1 20 0.071 0.329

Inter-PacificSecurities 16 0.279 12 4 - - 0.279

KAFInvestmentBankBhd 17 0.224 10 3 19 0.083 0.141

DWAAdvisorySdnBhd 18 0.129 6 1 - - 0.129

HongLeongFinancialGroupBhd 19 0.116 5 1 17 0.360 -0.244

MainStreetAdvisersSdnBhd 20 0.071 3 1 - - 0.071

TOTAL 100% 4,314 100 100%

SingaporeEquity&RightsOffering1st3Q2018 1st3Q2017


Citi 1 30.729 1,060 10 6 7.091 23.638

DBSGroup 2 22.704 783 14 1 23.043 -0.339

GoldmanSachs 3 16.087 555 2 - - 16.087

HSBC 4 5.589 193 3 4 7.719 -2.130

BankofAmericaMerrillLynch 5 4.540 157 3 3 8.046 -3.506

CITICSecurities 6 2.858 99 1 23 0.184 2.674

UOBKayHianPvtLtd 7 2.392 83 5 10 3.368 -0.976

Maybank 8 1.930 67 3 12 1.231 0.699

CreditSuisse 9 1.854 64 2 15 1.058 0.796

BNPParibas 10 1.590 55 1 9 5.279 -3.689

UBS 11 1.583 55 1 2 10.677 -9.094

JPMorgan 12 1.568 54 1 - - 1.568

BankofChina 13 1.264 44 1 13 1.136 0.128

ChinaInternationalCapitalCorp 13 1.264 44 1 - - 1.264

HaitongSecurities 13 1.264 44 1 13 1.136 0.128

SACCapitalPrivateLtd 16 1.213 42 1 20 0.833 0.380

CanaccordGenuity 17 0.629 22 2 - - 0.629

RHTCapitalPteLtd 18 0.365 13 2 25 0.094 0.271

PrimePartnersCorporateFinancePteLtd 19 0.364 13 2 21 0.488 -0.124

KGISecurities 20 0.137 5 1 - - 0.137

TOTAL 100% 3,449 29 100%

TaiwanEquity&EquityLinked1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(TWDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

YuantaSecuritiesCoLtd 1 18.402 14,761 11 3 16.546 1.856

FubonSecuritiesCo 2 17.429 13,981 16 1 24.905 -7.476

BNPParibas 3 14.541 11,664 1 - - 14.541

TaishinFinancialHoldingCoLtd 4 13.564 10,880 16 5 7.375 6.189

KGISecurities 5 9.890 7,933 17 2 20.024 -10.134

GrandFortuneSecuritiesCo 6 4.986 3,999 8 6 4.065 0.921

SinoPacFinancialHoldingsCoLtd 7 3.507 2,813 10 4 10.203 -6.696

MorganStanley 8 2.255 1,809 1 - - 2.255

MegaFinancialHoldingCoLtd 9 2.014 1,615 2 - - 2.014

ConcordSecurities 10 1.912 1,534 3 19 0.489 1.423

FirstSecuritiesInc 11 1.751 1,405 5 15 0.826 0.925

CapitalSecuritiesCorp 12 1.490 1,195 6 11 1.219 0.271

CathaySecuritiesCoLtd 13 1.440 1,155 4 8 2.473 -1.033

TaiwanCooperativeSecuritiesCoLtd 14 1.121 899 4 14 0.879 0.242

WaterlandSecuritiesCoLtd 15 1.054 845 5 13 0.894 0.160

MasterlinkSecurities 16 1.010 810 4 17 0.708 0.302

MegaSecuritiesCoLtd 17 0.954 765 5 12 0.993 -0.039

FriendlySecuritiesCoLtd 18 0.748 600 1 - - 0.748

PresidentSecurities 19 0.545 437 3 9 1.786 -1.241

JihSunSecuritiesCoLtd 20 0.544 436 3 21 0.177 0.367

TOTAL 100% 80,216 132 100%

ThailandEquity&RightsOffering1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(THBMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

BangkokBankPCL 1 25.146 30,750 10 2 18.951 6.195

SiamCommercialBankPCL 2 19.070 23,321 5 1 34.958 -15.888

CreditSuisse 3 17.723 21,672 4 14 1.405 16.318

KrungThaiBank 4 10.950 13,391 2 9 2.110 8.840

MorganStanley 5 10.867 13,289 3 - - 10.867

PhatraSecuritiesPCL 6 8.550 10,456 3 6 4.373 4.177

BankofAmericaMerrillLynch 7 4.353 5,324 1 - - 4.353

KTZMICOSecuritiesCoLtd 8 0.837 1,023 1 21 0.195 0.642

Nomura 9 0.760 930 1 17 0.560 0.200

TiscoBankPCL 10 0.754 922 1 5 4.926 -4.172

AECSecuritiesPCL 11 0.414 507 2 - - 0.414

FinansiaSyrusSecuritiesPCL 12 0.356 436 1 16 0.560 -0.204

KGISecurities 13 0.110 135 1 13 1.482 -1.372

AssetProManagementCoLtd 14 0.109 133 1 - - 0.109

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 122,287 28 100%



SouthKoreaEquityOfferings1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(KRWMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Citi 1 23.260 2,247,779 10 2 9.311 13.949

GoldmanSachs 2 21.104 2,039,412 5 6 6.765 14.339

DaishinSecurities 3 14.377 1,389,390 12 16 0.886 13.491

NHInvestment&SecuritiesCoLtd 4 8.548 826,013 8 1 23.242 -14.694

JPMorgan 5 6.810 658,125 1 5 7.135 -0.325

UBS 6 4.152 401,280 1 10 4.045 0.107

MiraeAssetDaewooCoLtd 7 3.909 377,790 7 4 8.747 -4.838

KoreaInvestment&SecuritiesCo 8 3.679 355,505 7 3 8.902 -5.223

CreditSuisse 9 3.381 326,696 2 13 2.965 0.416

ShinhanFinancialGroupCoLtd 10 2.491 240,681 4 18 0.726 1.765

KBSecuritiesCoLtd 11 2.332 225,349 5 7 5.386 -3.054

KiwoomSecuritiesCoLtd 12 1.380 133,327 4 20 0.575 0.805

ShinyoungSecuritiesCoLtd 13 0.546 52,750 2 24 0.129 0.417

SamsungSecuritiesCoLtd 14 0.523 50,575 2 9 4.202 -3.679

DBFinancialInvestmentCoLtd 15 0.520 50,210 2 - - 0.520

EugeneInvestment&SecuritiesCoLtd 16 0.519 50,200 3 - - 0.519

HanaFinancialGroupInc 17 0.487 47,025 4 21 0.521 -0.034

SKSecurities 18 0.484 46,800 1 27 0.064 0.420

IndustrialBankofKorea 19 0.426 41,200 3 26 0.096 0.330

YuantaFinancialHoldingCoLtd 20 0.338 32,650 2 - - 0.338

TOTAL 100% 9,663,698 78 100%

JapanEquityOfferings(FiscalYear)1st3Q2018 1st3Q2017

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 17.434 309,720 3 5 12.666 4.768


Nomura 3 13.929 247,444 33 2 16.978 -3.049

GoldmanSachs 4 13.585 241,345 1 8 2.109 11.476


MorganStanley 6 10.430 185,286 17 3 14.612 -4.182



Citi 9 1.650 29,316 3 - - 1.650

SBIHoldingsInc/Japan 10 1.138 20,219 7 9 1.066 0.072

CreditSuisse 11 0.934 16,591 1 11 0.368 0.566

UBS 12 0.236 4,190 1 12 0.261 -0.025

DeutscheBank 13 0.200 3,560 1 10 0.703 -0.503

TokaiTokyoSecuritiesCoLtd 14 0.114 2,019 2 13 0.207 -0.093

OkasanSecuritiesGroupInc 15 0.083 1,473 2 15 0.062 0.021

Macquarie 16 0.057 1,006 1 - - 0.057

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,776,515 105 100%

JapanEquityIPO(FiscalYear)1st3Q2018 1st3Q2017


Nomura 1 29.047 113,861 9 2 30.384 -1.337



MorganStanley 4 15.768 61,809 5 3 21.821 -6.053


BankofAmericaMerrillLynch 6 3.056 11,978 1 - - 3.056

JPMorgan 6 3.056 11,978 1 - - 3.056



OkasanSecuritiesGroupInc 10 0.175 685 1 9 0.350 -0.175

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 391,988 43 100%

JapanEquity&EquityLinked(FiscalYear)1st3Q2018 1st3Q2017


Nomura 1 17.228 357,076 41 1 25.795 -8.567

JPMorgan 2 15.649 324,352 5 5 10.615 5.034



GoldmanSachs 5 12.350 255,977 3 8 1.768 10.582

MorganStanley 6 10.369 214,918 21 3 12.246 -1.877



Citi 9 1.414 29,316 3 - - 1.414


CreditSuisse 11 0.800 16,591 1 11 0.308 0.492

UBS 12 0.202 4,190 1 12 0.219 -0.017

DeutscheBank 13 0.172 3,560 1 10 0.589 -0.417


OkasanSecuritiesGroupInc 15 0.071 1,473 2 15 0.052 0.019

Macquarie 16 0.049 1,006 1 - - 0.049

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 2,072,675 119 100%

Bloomberg Equity & Equity Linked - League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines Credit is based on the total amount of the offering sold to the public, including exercised over-allotment. Full credit is awarded to sole book-running manager or split equally among joint book-running managers.

Equities

Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.

Equities-Linked

Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner.

The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.

GLOBAL EQUITY CAPITAL MARKETS

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