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GLOBAL SYNDICATED LOANS REVIEW REUTERS / Neil Hall GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS F llY 2015 Full Y ear 2015
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GLOBAL SYNDICATED LOANS REVIEW
REUTERS / Neil Hall
GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS
F ll Y 2015Full Year 2015
9
8
9
9
9
Full Year 2015
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEW
Global Debt & Syndicated Loans (DL1) 2
European Leveraged Loans (P10) 8
Top Asia Syndicated Loans
EMEA Sponsored Loans (P13)
Asia Pacific (Excl. Japan) Syndicated Loans
Asia & Australia Deals Intelligence
EMEA Mandated Lead Arrangers (R19) 7
Asia Loans - Bookrunners (S5c)3
Global Scorecard 2
Global Loans Rankings - Last Ten Years
Table of Contents
Global Loans - Mandated Arrangers (R3)
Global Deals Intelligence
Top 10 Global Syndicated Loans
1
1Leading Underwriters for 2015
Asia Loans - Asian Currency (S3i)
Global Syndicated Loans
Global Loans - Bookrunners (R1) 1
2
2
9
13
Ranking Criteria Summary
11
4
Asia Loans - Mandated Arrangers (S5b)
EMEA Bookrunners (R17) 7
6
Americas Loans - Mandated Arrangers (R8c)
US Loans - Bookrunners (R11) 5
Americas Loans - Bookrunners (R7)
Latin America Loans - Mandated Lead Arrangers (R16)
Top EMEA Syndicated Loans 7
US Investment Grade Loans - Bookrunners (R11b)
North America Loans - Bookrunners (R9) 5
5
Top Australia Syndicated LoansTop Americas Syndicated Loans 4
6
Australia Loans - Bookrunners (S7)
Australia Loans - Mandated Arrangers (S6a)
Japan Deals Intelligence
Top Japan Syndicated Loans
Japan Loans - Bookrunners (S12b)
EMEA Deals Intelligence 7
Americas Deals Intelligence 4
US Leveraged Loans - Bookrunners (R11a)
Americas Syndicated Loans
EMEA Syndicated Loans
Japan Syndicated Loans
5
Thomson Reuters Solutions for the Deal Making Community
10
Syndicated Loans Criteria Summary 13
Regional Contacts
10
14
12
10
11
11
Japan Loans - Mandated Arrangers (S12a)
ENERGY & POWER, FINANCIALS & INDUSTRIALS LEAD LENDING
US LENDING ACCOUNTS FOR 49% OF ACTIVITYLoans to borrowers in the Americas accounted for 56% of global loan volume during 2015, falling 2%compared to last year. Within the Americas, loans by U.S. borrowers totaled US$2.2 trillion, down 2%compared to the same period last year and representing 49% of global volume. Europe accounted for 24% ofglobal volumes as lending decreased by 7% compared to full year 2014. Asia Pacific fundraising saw a year-over-year decrease of 14%, while Japanese lending registered a uptick of 2% compared to 2014.
GLOBAL SYNDICATED LENDING FALLS 3% FROM 2014Global syndicated lending reached US$4.7 trillion during full year 2015, a 3% decrease compared to a yearago and the slowest annual period for lending since 2013. Lending activity during the fourth quarter quartersaw an 11% increase from the third quarter of this year. By number of closed loan transactions, volumedecreased 3% compared to a year ago.
LARGEST ALL-TIME SYNDICATED LOAN TOPS ANNUAL LIST OF FINANCINGSAnheuser-Busch InBev secured a record-breaking US$75.0 billion financing package to fund its US$120.7billion acquisition of SAB Miller topping the list of all-time syndicated loans. Other notable acquisition-relatedloans include a $31.5 billion loan for Teva Pharmaceuticals and a $30.5 billion facility from CharterCommunications to fund its US$78.4 billion acquisition of Time Warner Cable.
Full Year 2015
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEWGlobal Syndicated Lending Totals US$4.7 trillion, down 3% from 2014 I US Loans Account for 49% l Europe Lending Down 7% I Bank of America Merrill Lynch Tops Rankings
Global Syndicated Loans VolumeGlobal Deals Intelligence
0
2,000
4,000
6,000
8,000
10,000
12,000
$0 0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
# of
Issu
es
Proc
eeds
(US$
t)
Q4 Volume (US$t) Q3 Volume (US$t) Q2 Volume (US$t) Q1 Volume (US$t) # of Deals
Bank of America Merrill Lynch
Borrowing in the Energy & Power sector totaled US$844.2 billion during full year 2015, accounting for 18% ofglobal loan activity, down 5% compared to lending in the sector during 2014. Telecom and Financials lendingsaw the strongest year-over-year percentage gains this year, up 10% and 5%, respectively. Energy & Power,Financials and Industrials together accounted for 46% of syndicated loan volume during full year 2015, on parwith year ago levels.
BANK OF AMERICA MERRILL LYNCH TOPS BOOKRUNNER RANKINGSBank of America Merrill Lynch secured the top ranking for global bookrunners, by proceeds, with US$336.6billion from 1,226 transactions during full year 2015, a decrease of 0.6 market share points compared to fullyear 2014. JP Morgan fell to second place, with US$309.1 billion or 7.6% of overall loan proceeds during fullyear 2015, a loss of 2.1 market share points from a year ago.
SYNDICATED LENDING FEES DOWN 11%According to Thomson Reuters/Freeman Consulting, bookrunning fees from global syndicated loans totaledUS$16.5 billion during full year 2015, a decrease of 11% from last year. Fees from leveraged lendingdecreased 22% compared to a year ago and accounted for 62% of all lending fees during full year 2015.
Bank of America Merrill Lynch 13.6
16.5
Japan Loans (S12b)Australian Loans (S7)
Sumitomo Mitsui Finl Grp IncJapan Loans (S12a)
31.9 ▲
Leading Underwriters During the Fourth Quarter 2015
Bank of America Merrill LynchBBVABNP Paribas SACredit Agricole CIB
No. 1 ManagerBank of America Merrill Lynch
US Investment Grade Loans (R11b)
▼Mizuho Financial GroupWestpac Banking
Bank of America Merrill LynchBank of America Merrill Lynch
Latin America Loans (R15)
Asia-Pacific ex. Japan ex. Australia (S5c)
Latin America Loans (R16)EMEA Loans (R17)EMEA Leveraged Loans (P10)
Bank of America Merrill Lynch
Industrial & Comm Bank ChinaIndustrial & Comm Bank China
Asia-Pacific ex. Japan ex. Australia (S5b)
Market SectorGlobal Loans (R1)Americas Loans (R7)North American Loans (R9)US Loans (R11)US Leveraged Loans (R11a)
Current Qtr Market Share
(%)Mkt. Share Chg. from Last Qtr (%)
15.5
▲13.0
▼
▲
32.8
▼ 467
1.3▲
0.0367.62.52.8
0.5 2.2-21 ▼
1.2
1.5 0.5-0.20.2
▲
2.0
1.3
1.7▲
-0.1
0.5-0.12.2
-0.2
-0.30.3
10
1.3
1.9
17 53,063.3
76,378.9
90,354.779,738.2
70,716.816
52,640.3
1760,124.3
45,840.4
49,182.026
52,735.121
48,756.021
12Credit Suisse 11RBC Capital Markets
Bank of China Ltd
Morgan Stanley13
1514
1427
Industrial & Comm Bank China 19US Bancorp
24
Goldman Sachs & Co16
18
498.8▼
601.8
-45157.9
▼▲
426
196▼ 247
▼
30
-126-45
3.88.1
▼
2.2▼ 2.8247
340728
2.8
4.710 12 109,896.0 2.791,192.4 ▲2.311 15
BNP Paribas SA 9 9 113,171.1
636.7
5.2 -11▼
4.7▼399 4.4 -115 ▼ 734.8 4.5 -0.4
0.1▼ 408.82.93.5 ▲ 422 ▼0.3
-0.8-41
8 6 117,438.87 7 141,127.9
3.5 0.56 8 49 2.1721 ▲ 344.0▲
905
▲3.9 0.1
0.7 ▲▲
3.00.38.0
1,017 ▼ 497.911.34.4 0.6 ▲ -45 5 176,273.1141,553.8
Wells Fargo & Co 4 4 193,962.5 ▼
▼Citi 3 3 248,526.1
4.8 -0.7
7.6 -2.16.1 0.2 ▲
5.7608 -69 ▼
11.1710.3 4.3
-0.910.1 -121 ▼ 3.7609.7
7.6 -0.41,248.4
0.26.8938.5 -1.5
Bank of America Merrill Lynch 1 2 336,578.7 -171 ▼8.3 -0.6 ▼ 13.72 1 309,130.3
Share %Deals
1,000 ▼-301
Share%1,226
JP Morgan
Mitsubishi UFJ Financial GroupMizuho Financial Group
HSBC Holdings PLC
Credit Agricole CIB
BarclaysDeutsche Bank
Sumitomo Mitsui Finl Grp Inc
MarketMarket Manager# of MarketMarket Change in # of Deals per Bookrunner
2015 Rank Share Ch.Bookrunner Proceeds
2014 Rank Share% Share Ch.Fees# of Deals
Global Loans - Bookrunners (R1)
MarketImputed Fees (US$m)
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m)
▼▼
▲▲
▲▼
-▲
0.21.72.7438.9
284.6
3.7 -0.5
11 ▲▼
0.91.0
143.7
1.1
1.3-0.2
63.9
186.2
0.0
0.4
97.3
371.0 2.3-0.2
-45
-0.1201.6
-0.9
0.10.6
1.0
1.1
1.2
3.0
0.3
▼▼
-
▼0.6
▲
▲
0.1
-0.1
0.1
1.5
163.3▲▼
▲
0.0
0.2▲▲
▼
▼184.1239.4
-
▼2.6
-17.5%
▲
--0.1
3.8
3021
▼-9
▲
211.5-4
38
▲
2.2200
2.02.5
345
▼
▲-76
0.2
-11
0.3
0.0
265 -243.0
180
▼ 283▲▼▲
3.2
221
10,492.7
▼
2.3▼
34 43,176.2
182.4213
202-0.1
1.1▼1.1
100.0
▲-
0.4
100.016,473.1
1.3▼
0.9
▼▼
-0.8
-3.9% -10.8%
-366
▼
81
8,970
233
4,053,199.4▲
Industry % Change from Same Period Last Year
2423
UBS22
-1.7%
Bookrunner Total
BMO Capital Markets
▲
▲▲
ScotiabankSociete Generale
Industry % Change from Last Quarter
TD Securities Inc 20
▲▼
1.21.1
68.9
20
-4.0
22
44,496.844,753.4
252.0
8.8
31.3
13.3
9.0 3.4Top Twenty Five Total 2,790,807.1
215.9-65 ▼
▼
8.5
▲6.6-3.2
0.10.50.30.0 -
5.8
12.1
10.4
2.3 ▲-1.4
7.88.6
12.1 ▲
12.1
12.9
0.0▲ ING1.1
19
8.6% -20.0% ▼
0$0.02011 2012 2013 2014 2015
Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com
1
Deals2015 Rank Share%
Proceeds per Mandated Arranger US$m)
Jan 1 - Dec 31
Share Ch.Proceeds
Global Debt & Syndicated Loans (DL1)
Imputed Fees (US$m)# of Deals per MAMarket Change in ManagerMarket Market Market
1 704,148.6 7.5 0.6 ▲ 2430Bank of America Merrill Lynch 2 2 676,004.5 7.2
Market2014 Rank
JP Morgan 1Mandated Arrangers
-0.4 ▼-1753 591,726.5 6.3 -0.3
10.3Share%
2493 10.6 -176 ▼ 7.6-503 ▼ 2,673.3
# of
489,504.8 5.2 -0.5 ▼▼ ▼Citi 3
-0.2
-92▼ 1907 8.1
Barclays 4 4
-264▼
▲ 1612 6.8
1070
▼▼
1046
▼▲1,814.3 5.0 0.4
955 405,317.5 4.3 0.8
1914 8.1
1638 7.05.8 -0.5
Deutsche Bank 5Wells Fargo & Co 6 6 387,128.6 4.1 -0.4HSBC Holdings PLC 7 7 359,042.5 3.8 -0.2
13920.01,041.3 2.9
-1435.91581 6.7 ▼
4.3Morgan Stanley 8 8 333,686.2 3.6Goldman Sachs & Co 9 9 324,449.9 3.5
-0.3
Proceeds per Mandated Arranger US$m)
▼
▼
1497▼▼
0.0 -
1224-1.2259,262.3
Credit Suisse 10 10 283,611.1Top Ten Total
3.0 0.3 ▲
100.0
6.5
Change in
-269120
% Chge in Proceeds
-3.1
▼
▼-2.0-6.7-6.5
10.2-21.2
39.6
▼
▼402
-3.5
▼-30.1
▲
▼
▲
▼
34.7 ▲▼
▼
▼22.8
▼
18.2
-1.4-8.3
▼
▼
▼
▲
▼
-1.1
-18.5
-2.2-2.1
11
237,357.2
51
43
18,973.2
1,095,798.8
505
2,682,057.3
4,426
34
2,376,785.4
38,242.6
1,169,434.9
5,104
4,523.6
# of Issues10,561
1,609
# of Issues
257
10,889
53,150.0
26
70,084.8
287,451.7
265
24,750.6
170,485.4150
1,741
3444
33.6
▲179.8
▲-6.6
▼-42.1
-3.6
-41.2
▲▼
81
13222
4,929
1/1/2014 - 12/31/2014
Scorecard: Global Syndicated Loans
200,151.0
61,792.2
2,342,447.1United States of America
1,093,671.6Colombia
24,103.123,034.0
Canada
4,826
44
13,296.3
38,584.8
4,809,932.1
77,641.3
20,391.118,749.7
Proceeds (US$m)
218
1056
252
1,692
38
140
101
260
1,849
405
GlobalAmericas
-0.4 4,662,461.3
1/1/2015 - 12/31/2015Share Ch.
▲
2,622,320.6
▲ 1,501.1
▼2,134.5
# of Deals Fees
1,701.0
1,587.6
Share %
1,510.9
7.3
4.4
▼
4.1
4.5 -0.2
-418
Region/Nation
Full Year 2015 | Syndicated Loans | Managing Underwriters
-112 1,642.3
▼-0.5▼
▼
North America
4.5
4.7
▼
-0.2Central America
▼
▼4.1
39
Germany 139,875.0281,592.6
134,330.3
▼Mexico-
South America
1,022,658.3
▼
Share % Share Ch.
5.2
mputed Bookrunning Fees (US$m
1,277.2 6.7▼
Europe
Jan 1 - Dec 31
▼ 6.7
0.0
36,589.3
-
0.4
2,763.0
▼
984.6
18,369.3
Manager
-13.9%
-1.5
# of Deals per MA
-0.8
▼
48.5
Share% Share%
9,352,567.7
▼
4,554,620.2
1
Market2014 Rank
JP Morgan 2
# of Deals
Industry Total
# of
Industry % Change from Last Quarter
2
-8.7%Industry % Change from Same Period Last Year
2015 Rank
Global Loans - Mandated Arrangers (R3)
Deals
-10.7%
▼
-14.3%
Market
-2816
Fees
23,5346,091.3
74,214.2
4,1554,666
Proceeds (US$m)
2,614,142.5
513
31,158.9
111
18,305.2
112
36,631.2
2,559,991.8
217,544.7
67
95
-326
Market
100.0
22,669.6
-210
Western Europe
SwitzerlandMarket
ProceedsBank of America Merrill Lynch
Share Ch.Mandated Arrangers-0.2
1300,828.3 14.2
11.6
-2.9% ▼
5.6
-21.7%
158
Norway
Eastern Europe28Luxembourg
21,202.8Market
77,202.7
Belgium
▲
▲
Brazil
0.2
50.3
Global
73,636.1
France
United Kingdom
17,762.4
Italy
Sweden 36
71,013.2
69,245.6Netherlands
Spain
72,517.0
61,117.945
General Corp. Purp.Acquisition Fin.
30,000.0
Acquisition Fin.
75,000.031,500.0
Acquisition Fin.Acquisition Fin.
21,213.4
16,000.0
30,500.0 Acquisition Fin.
▼▼
Jan 1 - Dec 31
9.2
▲
9
1500
▼974
0.1
1.4
2.0BNP Paribas SA
8
Germany
▲
-27.8
▲
▲
▼
-61.8▼
-3.3
45.6
88.3▲▲
▲
▲
▼
▲
76.5
43.5
▼
▲
▲
-25.8
-27.2
▲
▼
▲
▼
98.5
▲
-24.5
-47.4
▼
▲
▼
7.4
-33.6
▼
▼
-13.6
▲
126.0
57
10.2
▲
1,426.0
168.4
-27.7
2.1
73
62.8
665
227
1,993
273
10
-35.5
5
44
1,176
-52.5130.8
▼
42.85.2
▼▼
1.6
-34.0
▲
-40.4▼
11
▼
16
21062
-39.7
94,054.3
4,325.0
298,877.2
5
1014
1,921
134,052.7
32,437.5
153,755.4
6929
18,435.0
107
82,292.6
228
53,925.8245
20
80,206.377,999.3
9,688.8
211
3,517.5
218
8,117.5
Australia
4,308.5Thailand92,680.8
New Zealand
Philippines
* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.
▼▼-3.0%
Netherlands
Israel
Package Amt (US$m)
-17.8% -13.0%
Anthem P&C Holdings, Inc
Primary UOPAnheuser-Busch Inbev
▼
Belgium
United States
3/19/2015 AbbVie Inc
79,873.6
Acquisition Fin.
186
94
Japan 225,808.2
36
12,507.3
217
21
144,419.2202
15
54,631.1
209
5,536.9
52,916.3
6,997.025,144.8
78
5,635.28,203.7
United Arab Emirates
Asia-Pacific (ex Central Asia)
Sub-Saharan Africa
27,574.4
3,482.8
28,274.2
41
6
-0.9383.2616.1
0.2
143.4 Southeast Asia0.3
467.2
0.1
1.0
611.8
-0.1
-0.1
100.0
312.7
2.8
118.5202.4
0.6290.0
1.1
60.5
247.1
▼5.6
▼
0.2
▲▲
-
0.3
▲
▲
329,338.8
Malaysia
IndiaSouth Asia▲
South Korea
Czech Republic
7,870.4
155,146.5
18,781.1
▲
▲
▼
▼
▼
Africa/Middle East/Central Asia
▼ Israel
Nigeria
▲
▼
1.3▼
-80
2.03.7
2.6
2.6
1.93.9
-186
▲
▼
5.7
0.16.5
-343.9
73-124
Taiwan
China183.8
▼
▲
357.8
Central Asia
▲3.2
183.4
▲
▼▼
▲695.1
▼ 588.6 0.7
0.0
3.3
1.5
0.0
0.0
0.2
-0.2
1.0
2.1
1.0 0.1353 34
-0.1
▲
▼1.7
3.0
Target Market
54,517.9
Borrower
Mizuho Financial Group
▲
HSBC Holdings PLC
Sumitomo Mitsui Finl Grp Inc
RBC Capital Markets
Deutsche Bank
24
0.7176,094.9
3.4
BMO Capital Markets
ING
United StatesCharter Communications Inc
10
Bank of China Ltd
139,756.6
22
Volkswagen AG
62,329.8
8/25/2015
11/19/20158/7/2015
60,568.5
10/28/2015
22
64,432.965,177.0
20
11
Credit Suisse
Teva Pharmaceutical Industries
Top 10 Global Syndicated Loans
65,580.716Credit Agricole CIB
10.6%Industry % Change from Same Period Last Year
15
14
US Bancorp 1918
21
Scotiabank63,159.7
6 10Wells Fargo & Co
Goldman Sachs & Co
Societe Generale
Closing Date
TD Securities Inc
17Morgan Stanley17
23
Industry Total
14
Barclays
g
Mitsubishi UFJ Financial GroupCiti 3 3
123,320.4
140,239.98
5
7
12
6
123,102.3
7
95,114.913
913
16 72,320.571,270.9
117,351.4
85,887.312
1.5
1.3
5.2
1.10.2
2.6
4.9
-0.2
▼
745.9▼3.1
1.2
-74
387.9▲
3.3
372
859
▼
346
836
▼
313
▲▲
1.4
▼
23
53,028.0
-3.1%
2,900,310.7
19
11
4,662,461.3
-
▲-
18
62.1
61,613.5
25
1.3 0.0
25
100.0-3.2-1.4
0.055,261.1
1.4
▼
Industrial & Comm Bank China 24 1.3
20
1.2
1.4
RBS
21
Top Twenty Five Total
0.2-0.1
15
523-60
2.5
▼82 183.4
0.4
0.6
-134
495.7
-
▲0.1▼
-0.422
495.5747.1
▼
10,561
▲▼
229
-58
522.0-0.5
-127
-37739
-51
4.5-3
10.3
-22
3.6
5.0
7.9
3.0
▼
414
543
3.5
3.9-161-46
5.1 -24▼
▼
3.3
-
266▼
479
2.5
0.1
331▲
▼-0.3
3840.4
5460.2
-0.2
-0.3
3.2 -1283.1
▼-54
493343
4.7▼
▼1.6
-0.1
2.6
2.5
-0.60.2
▼
0.0
8.1
-0.21.8
-0.4
201,806.211195
229,098.44.34 4
▲
9.6159,187.3
14.2▲-0.3
0.2
10.61016
1091
3.8
3.0 689
607▼ 98
2,789.594,040.4
19,966.8
174
27
45458
2,346.760,859.3115
18,994.3
107,214.9
642,140.1
21,514.7
161813
General Corp. Purp.United States
6/3/201510/12/2015
Acquisition Fin.
5/28/2015 15,250.0Dell International LLC
18,000.0
▲22,629.0
South Africa
975
-32836
219▼
Glencore PLC
222,259.4
9,072.0Australasia
54
12
19,402.8
Switzerland
Wal-Mart Stores IncUnited States
2,054
8
Industry % Change from Last Quarter
40,928.7 91
12
5/1/2015 Royal Dutch Shell PLC
United States
-9.8% ▼
General Corp. Purp.
15,245.0
16,960.0
12/2/2015
▲
39,000.3Singapore14,090.8
Indonesia11,433.1
192.7 1.0 -0.8
1,653
95,985.9
114,583.0Middle East
North Asia
Hong Kong
p
3,265.1
12,313.1
27,331.1
18,953.0
554,650.0
46,333.5
▲0.8
241
35,810.9
211
482
Ghana
166,011.0
Turkey
Russian Federation 7,630.28,885.2
57Poland
39,582.2
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2
Full Year 2015 | Syndicated Loans | Managing Underwriters
Global Loans Bookrunner Ranking - Last Ten Years*
1
2
3
4
1
2
3
4
Bank of America Merrill Lynch
JP Morgan
Citi
Wells Fargo & Co
5
6
7
8
9
10
5
6
7
8
9
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Ran
k
Mitsubishi UFJ Financial Group
Mizuho Financial Group
Barclays
Deutsche Bank
BNP Paribas SA
HSBC Holdings PLC
*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.
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3
Primary UOP
Top Americas Syndicated LoansClosing Date Target Market
JP Morgan ▼
Package Amt (US$m)
2▼
HSBC Holdings PLC 15 19
▼Barclays 5 5 100,883.3 3.9
Market2014 Rank
35
920▼
481 10.1 -56
Share%1,153.0 ▼24.2 -166 9.7
Fees Share Ch.▼ -0.8
Americas Deals Intelligence
# ofImputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
ManagerChange in
Full Year 2015 | Syndicated Loans | Managing Underwriters
AmericasAmericas Proceeds at US$2.6 Trillion | US Leveraged Lending Down 26% | Latin American Lending Down 5%
Americas Loans - Bookrunners (R7) Jan 1 - Dec 31
MarketMarket2015 Rank
MarketMarket
1 275,806.0
DealsBank of America Merrill Lynch 2 1151Bookrunner Proceeds
307,624.1 11.8 -1.0Share%Share%
1# of DealsShare Ch.
-2.0▼ 803.610.6 -3.0 19.3 -294 6.8 ▼Citi 3 4 208,718.3 8.0 0.7 ▲ 0.5 ▲610.7 5.2Wells Fargo & Co 4 3 187,666.2 7.2 -1.3 18.6 -121 592.5▼ 885 5.0 -1.4 ▼
0.1 ▲ -0.2 ▼299 6.3 -42 ▼ 514.1 4.3Mitsubishi UFJ Financial Group 6 9 86,969.3 3.3 0.6 5.6 10▲ 265 2.4 0.7▲ 285.7 ▲RBC Capital Markets 7 7 82,337.0 3.2 -0.2 ▼ 0.4 ▲317 6.7 -50 ▼Deutsche Bank 8 6 73,757.8 2.8 -0.6
407.6 3.45.1 -95 ▼ 568.4▼ 241 4.8 -0.1 ▼
Credit Suisse 9 8 65,452.0 2.5 -0.4 ▼ -0.6 ▼202 4.2 -120 ▼ 538.8 4.5Morgan Stanley 10 12 58,845.7 2.3 0.3 3.7 -45▲ 174 2.7 -0.1▼ 324.3 ▼Goldman Sachs & Co 11 10 57,296.1 2.2 -0.4 ▼ -0.1 ▼US Bancorp 12 15 52,735.1
199 4.2
-0.2 ▼2.0 0.3 ▲ 345
427.9 3.67.3 38 ▲ 183.6
-44 ▼1.6
0.0 -166 3.50.2
Scotiabank 14 16 45,934.7 4.0 36 ▲ 145.61.8
▲BNP Paribas SA 13 11 49,603.2 1.9 -2 ▼ 175.4 1.5
1.1 0.30.0▲
▲ 128.9
0.1 ▲ 189-181.7 1.5
1.2 0.4 ▲▲ 176 3.7 22
TD Securities Inc 16 18 44,566.81.8 0.245,528.1
-0.1 ▼1.7 0.1 3.7 20▲ 178 ▲1.7
PNC Financial Services Group 18 21 39,708.7BMO Capital Markets 17 14 43,610.1 261 5.5
1.5 0.1 ▲ 295-0.1 ▼ 195.5 1.7
6.2 -19 ▼ 149.4 1.3-27 ▼
0.1 ▲UBS 19 24 39,702.7 1.5 0.6 ▲ -0.2
1.5 -0.1▼62 1.3 -60 ▼ 194.0 1.6
▲6.9 20▼ 328 0.1▲ 263.4
Mizuho Financial Group 21 22 37,022.2SunTrust Banks 20 17 39,448.8
0.5 0.01.4 120 2.5
▲2.20.4 ▲ 121.852 ▲ 1.0
2.7 4 ▲ 61.40.2
-▼ ▼ 112 4 1 0
20 36,486.1161 3 4 0 0KeyBanc Capital Markets Inc 23 23 21 482 5 0 8 0 1
CIBC World Markets Inc 22 1.4 0.0 - 129Jan 1 - Dec 31Borrower
Overall syndicated lending in the Americas during 2015 decreased slightly (2.2% compared to total proceeds in2014), with proceeds of US$2.6 trillion from 4,826 transactions.
Leveraged lending in the United States totaled US$865.4 billion from 2,051 deals, representing a 25.6% decreasefrom total proceeds raised a year ago.
Loans for general purposes dominated the market in 2015, accounting for a 50% share, with proceeds totalingUS$1.3 trillion. Acquisition Financing and Refinancing Bank Debt followed, capturing 20% and 11% of the market,respectively.
Lending in Latin America decreased compared to last year, down 5.1% with total proceeds of US$56.6 billion from149 deals.
Estimated bookrunning fees for the Americas yielded a 9.7% lower total in 2015 compared to last year, with a total ofUS$11.9 billion, according to estimates from Thomson Reuters/Freeman Consulting. Fees paid to bookrunners forU.S. leveraged loans decreased 19% compared to a year ago, totaling US$8.5 billion.
18,000.0
Primary UOP
8/25/20153/19/2015
Toyota Motor Credit Corp11/18/2015
Dell International LLC
11/18/2015
AbbVie Inc
13,900.0
General Corp. Purp.Acquisition Fin.
8/7/2015Closing Date
10/12/2015 16,000.016,960.0
15,000.0
United States
Jan 1 - Dec 31
United States
Target Market
United StatesAnthem P&C Holdings, Inc
Wal-Mart Stores Inc United States-2.5
11,863.269.7
-
78.26/3/2015
United States
Toyota Motor Credit Corp 15,000.0
US Leveraged Volume
100.0 -3172,608,012.5Acquisition Fin.
2.0 0.8▲ 0.2 ▲▼
Package Amt (US$m)30,500.0
-3525 17,681.7
-0.3
▼0.7 - 95
▼ 112.4 1.0▼0.0
8,276.2
161 3.4
0.136.8-5
▲
General Corp. Purp.United States
0.00.0
General Corp. Purp.
100.0
25
KeyBanc Capital Markets Inc 23
99.7
23 21,482.5 0.8 -0.1
17,593.628 189724 2.0United States
Top Twenty Five Total
Acquisition Fin. National Bank of Canada Fin'l0.7Acquisition Fin.30,000.0 Credit Agricole CIB
Industry % Change over Last Quarter
2,036,460.1
0.1%Industry % Change over Same Period Last Year
-3.8 ▼
-6.8%
Bookrunner Total 4,755
▼-6.3% ▼-28.5%
-2.3% -9.7%▲
▼▼▼
11/18/2015 General Corp. Purp.United States
Acquisition Fin.Depository Trust Co
United States5/12/2015
Toyota Motor Credit Corp
Americas Loans by Industry (Proceeds US$m)
GE Antares Capital United States8/21/2015General Corp. Purp.
15,000.014,000.0
Charter Communications IncBorrower
$481,556.118%
$361,622.614% $277,017.7
11%$238,678.4
9%
$192,970.37%
$190,435.37%$180,822.9
7%$166,794.36%
$150,725.46%
$150,257.86%
$126,793.55%
$11,675.10%
Energy and Power Financials Industrials
Healthcare High Technology Materials
Retail Consumer Products and Services Real Estate
Consumer Staples Media and Entertainment Telecommunications
Government and Agencies
2,136
2,086
1,737
1,107
1,470
2,006
2,260
3,028 2,988
2,051
0
500
1,000
1,500
2,000
2,500
3,000
$0
$300
$600
$900
$1,200
$1,500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
Proc
eeds
(US$
b)
Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of deals
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4
-1.40.7
BMO Capital Markets
RBC Capital Markets
BNP Paribas SA
Deutsche Bank
-0.1
- Goldman Sachs & Co
Credit Suisse
9.7
North America Loans - Bookrunners (R9)
Share% 1
BookrunnerBank of America Merrill Lynch
# of
124.30.1
TD Securities IncScotiabank
Barclays
US Bancorp
407.6
US Bancorp
Goldman Sachs & Co53,951.2
1955,975.3
4.4
▲
▲
-71
95,235.2
9-0.5
83.0
▼6.2
82,935.6
9
75
Wells Fargo & Co0.1
3.6
3.4
12HSBC Holdings PLC 11
8.9Deutsche Bank
▼73.5
79,540.2
92,516.8-0.23.2
▼8
11.91066
-0.5
▲-0.6 ▼
7.5
0.4
# of Deals
2.7
▼
▼
-0.2297428
24362 ▼
▼
10.2514.1
▼
-45
183.6
546.2
-102
-9
-0.1
▲210▲
▼
304
▲
1.1 0.3406
0.3
128.6177.9
61.40.9
Morgan Stanley
Scotiabank2.3
-0.1
289
16
4.714
13
11.354311
▲2.2
62,757.0
212
10
14
12
13
▲
2216
56,640.8
1.8
61,173.22.4
47,102.4
41,238.3
0.1 ▲
▼0.5
▼-0.12.1
-0.1
0.01.70.7
0.41.2
-0.12.1
53,756.4
45,578.2
228
▼
2.73.9
▲ 4.3
8.3
150
4.4 -23
-188.8
3.1
1.6 -67
10
▲
▲
37
188
6.3▼
-207425
-
2.7
1.11.5
2.2
6.0
1.3
8.4
538.8▼
▼-45-53
1.7
▼
183.3▼1.6
427.3▼146.3
▼
149.4
0.3
0.1
-0.0
▼-0.1
▲0.1
0.7
47,829.6BMO Capital Markets
24 19,959.8
20
22
0.8
20
TD Securities Inc
-▼
2.117
Mizuho Financial Group 18
Sumitomo Mitsui Finl Grp Inc
19 18
1.8
44,766.6
193.5▼ 0.5
1.6
102.7
99.8
▲ ▲61.1
Bank of America Merrill Lynch
0.80.5
▲
1-1.9
10.0 ▼
Proceeds per Mandated Arranger (US$m)Change in
Share%1308 27.1 -179 -0.7 ▼1
7.0
Market Market
263,395.02
301
6.4
216,483.3
56
▼-2.2183,931.9
0.1-113
-0.3
-3
4.5
261.3
▲
-2
29
0.01.50.2
0.1▲
196.4▼
72
-9▼
▼
BNP Paribas SA 17
246
167,819.4
70,543.6Credit Suisse
15
6
4
0.0
3
2Citi 3
15
RBC Capital MarketsBarclaysMitsubishi UFJ Financial Group
JP Morgan4
8.3
4.3
609.8
2.4490
576
▼
1033
3.6-173
-0.7
▼▲286.0▲
1,153.0
0.5▼
5.15.0
21
24.4 -168273,447.8 ▼
11.910.7 -287
-0.2
▼5.1
-0.3
▲1.7
-0.1
0.41.2
129
▲
77
▼
304,614.42 -3.1
# of Deals per Bookrunner
912
# of Deals per MA Imputed Fees (US$m)
Americas
Market
Jan 1 - Dec 31
323.4
-0.3
2.3 0.3-0.6
4.5▲▼ 8
▼
Share Ch.
▲6.8
2014 RankDealsProceeds
Jan 1 - Dec 31
Full Year 2015 | Syndicated Loans | Managing Underwriters
Imputed Fees (US$m)
Share Ch.
▼
Proceeds per Bookrunner (US$m)2015 Rank
2014 Rank
Manager
-59▲
539.3
Market
▼
JP MorganCiti
0.4
Market
21.4
Share%
22.1
▼
Market
-298 803.3
593.3-60
MarketMarketShare%Fees Share Ch.
Change in ManagerProceeds
2015 Rank
# of MarketMandated Arranger
PNC Financial Services Group 3991.6 0.2
MarketShare%
SunTrust Banks
▼ -0.236,532.4 ▲1.4CIBC World Markets Inc
21 2321
UBS
270.10.0
31,406.00.923
-0.1
Credit Agricole CIB 25 25 19,473.8
3.728 23,322.6
179▼
BBVA -3▼
10
4
▲▼
12
16
PNC Financial Services Group 18
Wells Fargo & Co
▼6Mitsubishi UFJ Financial Group
187,501.2
Morgan Stanley
10 85,112.4
11 58,845.7
3 4 204,904.5 8.0883
0.8 ▲ 462▼3
Share Ch.▼ ▼
9.9 -46 ▼19.6
Deals-1.1 1138
▼▼-0.81,147.9 9.8
Fees# of Deals
0.6 ▲
Share%
591.5 5.1-2.06.8 ▼794.0
-1.4592.3-42 ▼
19.0 -118 ▼ ▼2995 5 100,883.3 514.1 4.4
7.3 -1.3 5.1
2533.9 0.0 -3.3 0.7 ▲ 2.4
6.40.7 ▲5.4 16 ▲ 277.6
-0.2 ▼
0.57 7 82,337.0 3.2 ▲317 6.8 -50 ▼ 407.5 3.56 73,635.8 2.9 -0.6 5.1 -93▼ 239 0.0▼ 567.9 -4.9
9 8 65,224.6 2.6 -0.4 -0.6 ▼200 4.3 -121 ▼ 4.6▲
536.83.7 -43 ▼ 324.3174
▼2.8 -0.1 ▼
11 9 57,249.0 2.2 -0.4 ▼ -0.1
154
▼198 4.3 -44 ▼ 426.8 3.7345 1.6 0.1▲ 183.615 52,735.1 2.1 0.4 7.4
178
▲13 12 46,702.6 1.8 -0.2 ▼
38▲0.1 ▲
14 18 44,566.8 1.7 0.1 ▲ 3.8 20 ▲ 128.7 1.13.3 1 ▲ 167.9 1.4
0.3 ▲15 16 44,262.4 1.7 0.0 - 0.4 ▲175 3.8 29 ▲ 139.8 1.2
14 43,610.1 1.7 -0.1 5.6 -27▼ 261 1.7 -0.2▼ 195.4 ▼HSBC Holdings PLC 17 19 42,491.3 1.7 0.2 ▲ 0.0 -163 3.5 34 ▲ 1.4
21 39,708.7 1.6 0.2166.6
6.3 -19 ▼ 149.4▲ 295 1.3 0.1 ▲UBS 19 24 39,702.7 1.6 0.7 ▲ -0.1 ▼62 1.3 -60 ▼ 194.0 1.7SunTrust Banks 20 17 39,448.8 1.5 -0.1 7.0 20▼ 328 2.3 0.2▲ 263.4 ▲CIBC World Markets Inc 21 20 36,486.1 1.4 0.0 - 0.0 -129 2.8 4 ▲Mizuho Financial Group 22 22 35,533.4 1.4 0.4
61.3 0.52.4 57 ▲ 117.1▲ 110 1.0 0.3 ▲
KeyBanc Capital Markets Inc 23 23 21,482.5 0.8 -0.1 ▼ 0.0 -161 3.5 -35 ▼ 112.4 1.0National Bank of Canada Fin'l 24 25 17,681.7 0.7 0.0 2.0 -4- 95 0.3 0.0▼ 36.8 -Credit Agricole CIB 25 28 15,654.8 0.6 0.1 ▲ 0.2 ▲89 1.9 21 ▲ 92.4 0.8
Americas Loans - Mandated Arrangers (R8c)
▼▼-0.6▼▼▲
▲-
266.4
5.2
Market
-0.1
1.40.0
-0.1
-0.1
12
-3.6
-3.4 ▼
Market
▼
▲
▼
▼
-3.1
-1.6% ▼
2,344,344.6
▼
▼
▼
100.0
-
▼
0.4
0.21,845,899.3
11.5
0.6
▼10.9
Market
2.4
3.8
▼
0.6
Market
▲
-0.8Share Ch.
-2.2
1.6 0.1
▼100.069.5
US Loans - Bookrunners (R11)
Industry % Change over Same Period Last Year
JP Morgan
2014 Rank
▼
▼
269,733.6
5.0
Change in
▼
159.5
Share%
-2.1 ▼
11,882.38,265.5
Jan 1 - Dec 31
▼-26.8%
-278
▼10.2
Manager
▲
g
Industry Total
-9.9%
Top Twenty Five Total 1,953,864.6
-5.4%
4,8262,622,320.6
▼-2.2%
100.074.5
▼
gTop Twenty Five Total 2,013,822.7 78.6 -3.8 8,189.5▼ 70.4 -2.0 ▼Bookrunner Total 2,561,042.5 100.0 4,656 -276 11,681.8 100.0
▼ -0.2% ▼ -28.7%Industry % Change over Same Period Last Year ▼ -5.6% -9.4%
-7.1%-2.2%
▼
Jan 1 - Dec 31
▼▼
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Industry % Change over Last Quarter0.1%Industry % Change over Last Quarter -6.3%
Bookrunner Proceeds# of
Share% Share Ch.2015 Rank
Market
1133Fees# of DealsDeals Share%
27.3 1,142.6-163Bank of America Merrill Lynch 1 2 302,984.5 12.9 -1.3906 21.8 -284 ▼ 789.3 7.0
Citi 3 4 200,491.8 8.6 0.9 -46 ▼ 586.5▲ 451Wells Fargo & Co 4 3 187,010.7 8.0 -1.4 -1.5 ▼880 21.2 -116 ▼ 589.7 5.3Barclays 5 5 98,589.5 4.2 0.0 7.1 -41- 296 4.5 -0.2▼ 508.9 ▼Mitsubishi UFJ Financial Group 6 9 81,782.8 3.5 0.8 ▲ 0.7 ▲243 5.9 15 ▲Deutsche Bank 7 6 73,460.8 3.1 -0.7 5.7 -93 ▼ 564.9▼ 238Credit Suisse 8 7 65,224.6 2.8 -0.4 200 4.8 -118 ▼ 536.8 4.8Morgan Stanley 9 10 58,845.7 2.5 0.3 4.2 -42▲ 174 2.9 -0.1▼ 324.1Goldman Sachs & Co 10 8 57,249.0 2.4 -0.5 198 4.8 -43 ▼ 426.6US Bancorp 11 14 52,735.1 2.3 8.3 38 ▲ 183.6▲ 345RBC Capital Markets 12 11 49,325.6 2.1 -0.1 ▼ 0.5 ▲213 5.1 -39 ▼ 352.5 3.1BNP Paribas SA 13 12 43,253.2 1.9 -0.2 3.6 1▼ 148 1.4 0.1▲ 161.5
-19
▲HSBC Holdings PLC 14 17 39,868.3 1.7 0.2 ▲ 0.1PNC Financial Services Group 15 16 39,595.1 1.7 0.2 ▼ 148.2▲ 294 1.3
151 3.6 ▲327.1
UBS 16 20 39,432.7 1.7 0.7 ▲ -0.2 ▼61 1.5 -59 ▼ 193.8 1.7SunTrust Banks 17 15 39,423.7 1.7 -0.1 7.9 19▼ 327 2.3 0.1▲ 263.3 ▲Mizuho Financial Group 18 18 35,142.6 1.5 0.5 ▲ 0.3 ▲108 2.6 57 ▲KeyBanc Capital Markets Inc 19 19 21,482.5 0.9 -0.1
112.3 1.03.9 -33 ▼ 112.1161 1.0 0.0 -
BMO Capital Markets 20 21 20,510.6 0.9 0.0 ▼178 4.3 -21 ▼ 151.2 1.4Scotiabank 21 26 15,701.0 0.7 0.2 1.6 21▲ 66 0.8 0.4▲ 92.6 ▲Credit Agricole CIB 22 24 15,258.3 0.7 0.1 ▲ 0.2 ▲87 2.1 21 ▲TD Securities Inc 23 31 13,149.1 0.6 0.3
91.4 0.81.4 13 ▲ 83.858 0.8 0.4 ▲
Jefferies LLC 24 22 12,843.8 0.6 -0.2▲ 88.3
▼76 1.8 -23 ▼ 198.1 1.8 -0.1Citizens Financial Group 25 27 12,804.7Top Twenty Five Total ▼
0.8 0.3 ▲-2.1
498,128.0
100.0-279
3.3▲79.1
13972.3
11,236.5
2.3% ▲
Bookrunner Total
Industry % Change over Last Quarter -6.1%Industry % Change over Same Period Last Year -6.3% ▼ -9.3%
US Leveraged Loans - Bookrunners (R11a)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
542 -253
2015 Rank
2014 Rank Proceeds
Market MarketShare% Share Ch.
Manager Market# of Deals
Imputed Fees (US$m)Market
Fees Share% Share Ch.# of Market Change in
Bank of America Merrill Lynch 1 1 98,854.4Deals Share%Bookrunner
▼ ▼-271
9.9 -0.8-2.0 ▼6.2▼
▼ 841.47.9 -3.2
11.4 -1.2
17.9▼ 359
26.4
402.3-2307.5 -2.1525.2JP Morgan 2 2 68,145.1 17.5
▼Wells Fargo & Co 3 3 64,443.3 ▼ 4.7 -1.8▼ 368Deutsche Bank 4 4 46,719.3 5.4 0.2 ▲ ▲171 8.3 -103 ▼ 514.5 6.1 0.5Credit Suisse 5 5 44,164.9 5.1 0.4 7.8 -125▲ 160 5.8 -0.2▼ 494.9 ▼Citi 6 6 41,427.1 4.8 0.4 ▲ 0.3 ▲164 8.0 -69 ▼Barclays 7 7 38,602.1 4.5 0.2
361.8 4.38.8 -52 ▼ 419.3▲ 181 4.9 0.0 -
Goldman Sachs & Co 8 8 33,247.1 3.8 0.3 ▲ 0.2 ▲145 7.1 -70 ▼ 369.9 4.4RBC Capital Markets 9 9 29,270.5 3.4 0.1 6.8 -60▲ 140 3.6 0.8▼ 307.0 ▲Morgan Stanley 10 10 26,502.6 3.1 0.0 - -0.1 ▼124 6.0 -54 ▼SunTrust Banks 11 11 21,503.2 2.5 0.0
272.6 3.28.5 -57 ▼ 225.5- 175 2.7 0.3 ▲
US Bancorp 12 15 16,948.6 2.0 0.5 ▲ 0.2 ▲127 6.2 -6 ▼ 123.8 1.5UBS 13 12 14,106.6 1.6 -0.1 2.0 -68▼ 42 1.8 -0.4▼ 153.5 ▼Mitsubishi UFJ Financial Group 14 22 13,888.4 1.6 0.6 ▲ 0.5 ▲56 2.7 -6 ▼PNC Financial Services Group 15 16 13,284.1 1.5 0.1
128.1 1.54.4 -66 ▼ 107.2▲ 91 1.3 0.1 ▲
Jefferies LLC 16 13 12,745.3 1.5 -0.1 ▼ 0.0 -72 3.5 -26 ▼ 197.2 2.3BMO Capital Markets 17 17 11,960.3 1.4 0.1 6.2 -41▲ 127 1.6 0.0▼ 133.0 -BNP Paribas SA 18 18 11,178.5 1.3 0.0 - 0.2 ▲65 3.2 -3 ▼HSBC Holdings PLC 19 21 9,907.2 1.1 0.1
109.1 1.32.9 -8 ▼ 102.4▲ 59 1.2 0.1 ▲
KeyBanc Capital Markets Inc 20 20 9,668.9 1.1 0.0 - 0.0 -75 3.7 -51 ▼ 84.8 1.0Antares Capital Corp 21 74 7,787.4 0.9 0.9
-1.2 ▼5.5 105▲ 113 1.3 1.3▲ 107.9
0.9 0.3
▲General Electric Co 22 14 7,568.4 0.9 -0.6 ▼ 0.7
4.8 27 ▲ 79.264 3.1 -128 ▼
Credit Agricole CIB 24 24 6,631.6 0.8
56.0Citizens Financial Group 23 25 7,540.4
0.7▲ 98 0.9 0.3 ▲
▲0.1 ▲ 0.1 ▲44 2.1 -3 ▼ 61.7
Macquarie Group 25 27 5,758.0 0.7 0.1 33 1.0 0.1▼ 83.3 ▲1.6 -8Top Twenty Five Total 661,853.3 76.7 -2.9 -1.5 ▼
865,434.4 2,051100.06,261.6 73.9
-825▼
8,492.4 100.04,151
-41.5%-19.0%Industry % Change over Same Period Last Year ▼ -28.7% ▼
Bookrunner Total
-28.7% ▼ ▼▼▼Industry % Change over Last Quarter ▼ -17.3%
-25.6%-37.9%
▼
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5
15.2 0.8
Market
▲
▲
▼
▼ 4.7
0.710.4
Imputed Fees (US$m)
11.9
Market
-4.5
▼ 0.19.41.5
6.8
-18
▲4
▲
▲
2
2014 Rank
1
33
5 6
2
Share%
Proceeds per Bookrunner (US$m)
Share Ch.
-0.8
151,856.3176,668.7
▲13.9
11
-0.7
35
27
13
-▲
-0.5
1.3
56,382.1100,424.0
2.728,604.8
Proceeds
▼
▼
-6.1
0.4
▲
▼
-▲
1 365 6
0.6
2.6
5.2
154
▼
-11
370
Deals428
Share%
423
Market
44.6
5.5
9
-6
46
124
5389
▼
10
34
52
22▼
3.0 ▲▼3.6
6▲▼
1.4
-0.7
21.3
0.0
1.6
2.136.0
27.5
2.1
43.4
5.6
▲
▼
▼
3.0
▲
30.8
0.1
2.2
▼
-1.0▼
Americas
0.4
1.3▲0.3
▼
8.8
-0.2-
Share%
2.7
▲▼
# ofBookrunner
2015 Rank
4 6
53,344.8
7,760.5
29,075.2
Market
0.6
16.2
▲1.2
0.2
2.1
9.2
Market
▲
-0.8
0.2
14,756.7
7,482.7
8,214.9
1814,303.9
733
1926
1321 37
25 6,839.6
8,319.4
-2423
971 442 0
7,159.220
Deutsche Bank 14
1711
RBSScotiabankBMO Capital Markets
22
3.1
▲1.2 ▼
Goldman Sachs & Co
158
13
16
10
▼0.7
89 2▲
▼
310.229
3.028
PNC Financial Services Group
2019KeyBanc Capital Markets Inc
1718
Lloyds Bank
Credit Suisse
Capital One Financial Corp
RBC Capital Markets 16
TD Securities Inc
SunTrust Banks
15.40.1
0.985 1
13.5-2.7
0.8-0.2
0.8
6.312.6
-0.9
0.2
0.4
23.6
0.0
1.1
1.0
▼
Share Ch.
▲
▲
191.5
1.7
1.7
-0.6-1.1
24.7234
127140.9
8.8-81
4764
69
11
-10445.1
-21
75.233.30
13.4
-21
89.739.0
# of Deals per Bookrunner
▲
▼
0.1
▼▲
▲▲
0.6
▼
-
11
7
US Investment Grade Loans - Bookrunners (R11b)
1
# of Deals
Morgan Stanley
24,312.0 5.87.3
▼
10.0
16.2▲
-6
▲9
552.2 ▲13
4.9 95
0.714
Bank of America Merrill Lynch
27,173.5
15,250.2
22,816.023,815.3
Mizuho Financial Group
24
17,650.4
CitiJP Morgan
HSBC Holdings PLC33.8
25.3
5.6
▼▲
17,247.828
UBS10
1.6
0.6
0.8
0.7
2.2
1.6
0.7
0.8
0.7
1.4
0.0
-
▲
▲
0.0
-0.2
▲
-0.7-1.0
1.9
0.5
▲▼
▲1.2
▼
3.7
▼-50 ▼
9
8
4
122.5
133,703.0 12.2
▲ Americas Yield Type0.2
11,058.3 1.0 0.05.02.80.5
Mitsubishi UFJ Financial Group6 5Barclays
Wells Fargo & Co
15US Bancorp
4
BNP Paribas SA
Change in
Jan 1 - Dec 31
244.4
167.7
Manager
Full Year 2015 | Syndicated Loans | Managing Underwriters
Jan 1 - Dec 31
▼
-3
3
17.6
30.7
48.0
13.7
41
▲
▲
14
1.9
▼
0.9
1.9
▲
-19
-13
-2
0.3
1.4
1.42.3
14.65 0
3.3
Top 10 Americas Loans Use of Proceeds (US$m)
0.3▼
23 -2.3
1.3
Top Twenty Five Total
7,222.7
Fees
0.6
$1,267,218.950%
$509,982.020%
$281,086.411%
$139,653.56%
$78,230.13%
$73,645.23%
$50,442.82%
General Corporate Purposes Acquisition Financing Refinance Bank Debt Working Capital
Refinancing Project Finance Leveraged Buyout Sponsored Buyout
Capital Expenditures Export/Import Finance
600
700
800
Natixis-Natixis Partners SA 23 68 397.3 0.7 ▲4.0 5 ▲ 3.5
▼‐0.13.5 1.4
1.4 1.40.4 ▲ABN AMRO Bank 22 33 412.3 0.7 ▲
▲Banca IMI (Intesa Sanpaolo) 21 21 413.2 0.7 ‐1 ▼ 1.2 0.5
*tie
Industry % Change over Same Period Last Year -5.1% ▼
Top Twenty Five Total
KfW IPEX-Bank GmbH 3.4 ▲
Full Year
-9.7% ▼
1
▲12
5 1
1.3
▼
▲
149
25
5
3.4▲
-13.3%
-16
2
▲
6.1-
3.4
2.6
14.0
-9
▲
3
-0.10.6 6
-▼
1.1 0.7
▲0.3-0.3
0.9 0.0
▲ 8.1
▼▲
4
▲
2
0
▼
Market
0.7 0.7
0.10.7
1.2
-0.6
2 ▲
1,365.6
168.2
▼
17.3
▼4.1
Jan 1 - Dec 31
3.3
7.2 3.0
Share%
▲
Share%20.1
Market
-73,450.6
-4.6
15
34
4,187.2
▲
Latin America Loans - Mandated Lead Arrangers (R16)
Industry % Change over Last Quarter 8.3% ▲
971,442.0
Industry % Change over Same Period Last Year
BBVA
89.2
▲
2.6
0.2
0.2
▲
▼
▲
-1.4
Share Ch.
▲
1.1
▲0.1
69.3 3.0
5.6 2.3
1.2
-2.5
2.5 2.3
4.1
3.9
0.5 0.3
Americas Imputed Fees - Mandated Arrangers
▲
FeesMarket
▼
▲
▼
1.2
7.1
85.1
10.531
2014 Rank
Proceeds per Mandated Arranger (US$m)
▲
# ofDeals
4.3
Market# of Deals per MA
100.0
1.8%
7.4
-5 ▼
24▲ 26
30
26 17.4
-4
▼
-0.1▼
▼
3.614.1 -11
17.47.9
8.75.8
19.3▼ -11
▼
-5.0948
▼▲6.1
▲ 24.6%▼
# of DealsChange in Manager
18.128
1.06.0
-0.1
-0.3
18.8
5.9
▼
3,371.1-11
Market
▲1.6
Proceeds
3,884.56.1 27
2015 Rank
6.9
Share% Share Ch.
2 2.0
Mandated Arranger
3HSBC Holdings PLC
5
Santander 54
3,317.776
Sumitomo Mitsui Finl Grp Inc 9Citi 4 1
Mizuho Financial Group 7 64.9 ▲ 16.1Mitsubishi UFJ Financial Group
2,417.12,764.2 0.7
-02.0
BNP Paribas SA 9 2 2,181.3Scotiabank 8 2,354.7 3 ▲ 6.5 2.7 0.91.7 15.423
10.7 -7 ▼ 10.0▼ 163.9
21▲
15
▼
-2.04.24.3
Bank of America Merrill Lynch 11 12 1,992.5Credit Agricole CIB
13.5 0.1 ▲
5.310 10 2,001.8 10.1 -7 ▼ 10.1
150.02.9 ▼
0.30.8
102.211.4 ▲
-1.0▲ 173.5
ING 13 14 1,389.4JP Morgan 12 8 1,622.1
2.5-6.7 -7 ▼ 9.6 4.0
9.510.1
Natixis 15 16 1,262.3Societe Generale 14 18 1,297.4
-
2.8
2.3 0.6 -2 ▼▲ 5.88.7 4.5
6.8▼
11
18
7.4
2.01.1
12.1
Deutsche Bank
Itau Unibanco -1.61.5Rabobank NV 17
618.032691.8
514.4593.1
Grupo Financiero Inbursa SA 1820
Grupo Financiero Banorte-Ixe 20 2219
100.070.3 6.139,646.5
56,589.5Industry Total
▲
▼ 1316 11 842.8 ▼
2.2 -0.2
19.1%
242.9
▼16.5%
100.0
▲-22.5%
▼
2.4
0.0-0.5
1.9
-106
▲
▲1.6
Imputed Fees (US$m)
14.9
-1.3-5-17
1.1
▼Top Twenty Five Total
▼▲▲
▼
▲
-2.1
Industry % Change over Last Quarter
-10.1%
Bookrunner Total 1,608.6
Banco BTG Pactual SA2394
14.8%0.7%
1,092,530.6 100.0
387.3▲
2.2 0.92.7 ‐22425
0.7376.8
0.4 ▲4.2 1.7 1.7 ▲
▼1.3 1
0
100
200
300
400
500
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2009 2010 2011 2012 2013 2014 2015
Proc
eeds
(US$
b)
Undisclosed (US$b) Highly Leveraged (US$b) Leveraged (US$b)Near Invst Grade (US$b) Investment Grade (US$b)
$5.5 $6.7 $3.9 $3.1 $5.7 $8.9 $9.8 $12.8 $13.2 $11.9
4,022 4,039
3,286
2,049
3,182
4,333 4,198
4,8025,104
4,826
0
900
1,800
2,700
3,600
4,500
5,400
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$b)
Total Imputed Fees (US$b) Number of deals
tie
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6
`
EMEA Deals Intelligence
Full Year 2015 | Syndicated Loans | Managing Underwriters
Europe, Middle East & AfricaEMEA Borrowing Essentially Flat | Israel and Azerbaijan Targeted Loans Up Significantly | BNP Paribas Top EMEA Fee Earner
EMEA Use of Proceeds (US$b) Jan 1 - Dec 31 2015
Top EMEA Syndicated Loans (US$m) Jan 1 - Dec 31 2015
EMEA syndicated lending for full year 2015 reached US$1.3 trillion, a decrease of 0.3% from last year. Borrowersfrom the Energy & Power sector were again the main drivers of EMEA activity, accounting for 19% of volume, andborrowers from Industrials and Consumer Staples received 17% and 11% of loan proceeds, respectively. GeneralCorporate Purposes made up 47% of loan uses in 2015, followed by Acquisition Financing and Refinancing,accounting for 21% and 6% shares, respectively.
The target nations with some of the largest year-on-year gains were Israel and Azerbaijan, (up over a hundredfold),Kazakhstan (up nearly ninefold), Croatia (up fivefold) and Czech Republic (up 98%). Target nations in decline includedHungary (down 55%), Denmark (down 52%) and Germany (down 30%).
According to Thomson Reuters/Freeman Consulting, EMEA arranging fees decreased 7.7% in 2015 from 2014. Theleading overall arrangement fee earner in the EMEA region was BNP Paribas, with US$289 million in fees (a 6.2%wallet share).
$75,000.0
$31,500.0
$21,213.4
$15 250 0
Anheuser-Busch Inbev
Teva Pharmaceutical Industries
Volkswagen AG
Glencore PLC
$586.147%
$267.921%
$72.26%
$70.26%
$55.94%
$28.22%
$27.72%
$103.98%
General Corporate Purposes
Acquisition Financing
Refinancing
Project Finance
Refinance Bank Debt
Property Acquisition
Export/Import Finance
Working Capital
Other
Bank of America Merrill Lynch 15 15 32,182.9Mitsubishi UFJ Financial Group 14
15,143.2
Natixis
▲105
13,937.65.1
1.3 -0.2 ▼
▼
Goldman Sachs & Co 21 23 1.2▲
11 ▲119▼89
22 29
2513,781.7
64.7 -4.4
Rabobank NV
Standard Chartered PLCCredit Suisse 23 26
100.0
0.9 -1.0 ▼11,823.2Top Twenty Five Total
▼8.5% ▲ -7.7%
2,076
135 6.5
74.2 1.6
6
-0.4
▼ 30.6%
4,693.7▼
5.9
Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.
-1.13,067.6
1.359.512265.5
1.05.1
32.7
-2.9
-17 ▼ 47.7 -
162
4.30.0
-14
▲0.7
1.1 63.65.7 0.7 -0.3 ▼
1.4 -0.313,845.6
1,259,682.5815,493.4
0
▲
-0.2 ▼39196 ▼
1.1 0.1 106-0.3 ▼
▲-0.1 ▼ ▼
1.1 0.1
53.4
16 18
7.1 7BBVA 20 21 16,697.1 9.4
1481.7 0.5Banca IMI (Intesa Sanpaolo) 19 25 21,377.0Lloyds Bank 18 16 24,138.2Mizuho Financial Group 17 22 25,776.9
8.5 -49
26,837.8 ▲Sumitomo Mitsui Finl Grp Inc
155.4
▼ 105.8172
3.7
2.12.1
0.5
1.9 ▼
15.9 50 ▲▲
2.38.32.3 0.21.5 0.1
162 7.8 -15 ▼ ▲▲
-0.1 ▼1.9▲
109.370.9
173.1117.80.3
34 ▲
-40▼ 88.9
73.1▼1.5140.7 ▲ ▲ 70.5140 6.7
-0.3 177
0.3
1.6-0.1
▲
2.5 0.4
0.8
▼▼
0.4
14 34,294.414.4 -54Commerzbank AG 13 9 35,415.4
Santander 12UniCredit 11
33111 37,742.3 34213 35,530.8 2.8
▲▼ 2982.8 -0.5
16.53.0 -0.1 ▼
-21
288-1.0RBS 10
Credit Agricole CIB 8 5 39,851.1 333 16.0
4 39,083.2
-0.7 ▼
13.9181
3.1 -888.7
▼JP Morgan 9
▼15.4320
7 6 40,190.6 3.2▼ 114.9
182.411.1 -4
3 45,214.74 7 44,937.0 3.6 -0.3 ▼ 354 17.1
▼
-0.1
-0.60.0 -
▼0.4
▼
3.6174.2 3.7
▼25.3
HSBC Holdings PLC 2 1 59,676.6 4.7▲▼
212.4 4.5 -0.2-0.8289.0 6.2 0.2▼ ▲
Societe Generale 169.5-62
230
3.3▼
Citi 6
3.6 -0.7
3.2ING 5 8 44,817.7
40,357.7
Barclays 3
-12
▼-0.7
3743.6 -0.2 ▼10
277 13.3Deutsche Bank -14
▼-33 ▼
12 39,591.4 3.1
▼
-114 ▼
-0.1
3.9▼▼
-0.3
2.53.9
1.91.1
- 90.4
169.8188.2
▲
▼ 3.60.1
-0.5▼ 180.9
-1.4▼
▲
▲▲
-0.4 ▼4.0▼
Share Ch.
3.9 -0.1
-0.6 ▼3.914.2-0.2 ▼
-16
-5.5%
1
18.0
59,096.1 7.0 250 -3 ▲0.3
▼485
0.0
23.4 -74
2.6 0.3 ▲2.7
-150.0 -
178 ▲ 117.0
-38 ▼185 16.9▼
-2.9 -0.7
▲
3.2
4.8
Manager Market MarketMandated Arranger
Market # of Market# of Deals Fees Share % Share Ch.
Market
115.4-13
▲4.7 -2.16.3 1.5 ▲
# of Deals per Bookrunner
4.9-16
Jan 1 - Dec 31
Proceeds per MLA (US$m)Change in
Jan 1 - Dec 31
140.9▼
Market
Imputed Fees (US$m)
2015 Rank
Market
# of Deals per MLA
525
EMEA Bookrunners (R17)
MarketShare %Bookrunner Proceeds Proceeds Share % Share Ch. Deals Share %
2014 RankFees
2 63,249.3 5.0 -0.4BNP Paribas SA 1
EMEA Mandated Lead Arrangers (R19)
# ofShare Ch.
0.2 ▲
Manager
Imputed Fees (US$m)Market
DealsChange in
Proceeds per Bookrunner (US$m)
# of Deals22.8
2015 Rank
2014 Rank
MarketShare % Share %
218.5 7.4BNP Paribas SA 1
Barclays 4 12 38,862.3 4.6Deutsche Bank 3 141
-1 ▼ 118.9▲-2.012.9
3.9Citi 5
HSBC Holdings PLC 2 5 53,504.40.9
1.0107
4.011.72 39,406.8
35,517.5 ▼Societe Generale 6 6 34,916.4 4.1
▲4.0 0.116.2 144.1
▼
▼ 145.9▼
14.09.84.2
0.7 ▲128
-0.6 ▼-0.9 ▼3
15386.1
-24 ▼
JP Morgan 8 8 32,962.23.9 -1.1 ▼
UniCredit-0.5 ▼87 7.9 -5 ▼▼
0.2132.0
▼ 127.8-15
▲7 9 34,376.54.54.3 -0.5 ▼Credit Agricole CIB 9
ING4 164 15.032,604.4
116.410 7 32,230.5 1563.8 -8 ▼▲
Santander 12 15 25,717.1 3.03.2 0.5 ▲ 75Bank of America Merrill Lynch 11 14 26,675.7 3.1 0.76.8 1 ▲ 90.8
11 ▲1.0 ▲102 9.3 24
87.4▲ 72.1
-0.7 ▼6.11.1 0.9
3.0 0.32.1
-1.4
2.487 7.9
0.6 ▲
62.5-41
24,421.8 ▲25,338.7 ▼
67▲3.02.9 -8 ▼
RBS
163 ▼Commerzbank AG 15 10Mitsubishi UFJ Financial Group 14 17
66.018,887.8
2.4 ▼2.2 -0.214.9 -412.2
19,973.7▲ 54 4.9 55.2Mizuho Financial Group 16 19 0.4 1.93 ▲
13
▼
0.4
0.6
3 ▲ 37.9
▲▲2.9 46.27
▲1.6 -0.51.3
▼3.6
22 17,364.0Sumitomo Mitsui Finl Grp Inc 18 32 16,698.0Morgan Stanley 17 2.1 0.7 ▲
392.0 1.3 ▲32
29 14,517.1 ▲ 531.7 0.7 ▲Goldman Sachs & Co 20 25 12,862.9 1.5Banca IMI (Intesa Sanpaolo) 19 -14.8
0.4 66.9▲-0.41.954.7▼43▼ 3.9-0.31.22.0▼ 58.0
▼57 5.2 3 ▲ 2.31.5
11,999.3 0.426 1.3▼▲ 49▼
43.7Natixis 24-0.9Lloyds Bank 23 16
Rabobank NV 22 1.4 0.44.5 37.6-2Credit Suisse 21 20 12,506.6
13 8,973.7 -761.19,050.3
-1.7
-0.1
4.1 -14 ▼5.8▼ 64
4524 28
▼
▼-1.11.51.0 ▼
▼30.1
▲-9
-0.6
1,096
0.0▲73.1
Industry Total
17
Industry % Change from Same Period Last Year
▼1.1
100.0
▼▲
100.0
27ABN AMRO Bank
Industry % Change from Last Quarter
-0.9
Industry % Change from Same Period Last Year 1.3% ▲ ▲7.9% -0.3%▲ 78.4%
▲
Bookrunner Total
8,917.325
▲Industry % Change from Last Quarter 112.7%
1.1
2,961.676.8
5
846,472.4647,381.1Top Twenty Five Total
▼
▲ 482,154.1 0.1
100.0
▼0.1 4.4-0.7 ▼
-14.4%
80
26.1
-15.3% 48.0%
$15,250.0
$15,245.0
$12,000.0
Glencore PLC
Royal Dutch Shell PLC
Air Liquide SA
Other
Others
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7
▲
11
▼
▲▲
▼
▼5 20.5
1.9-0.1 0.6
27.59 ▲
1.31.942.4 3.0
▲
22.710.4
▲6.617
23.8
▲ 11.9 0.8 0.8
0.21.4
3▼
27.9
-0.40.8
-1.00.21.9
3.1261.21.7
1
▼
▲
▼
EMEA Syndicated Loans by Industry (US$b) Jan 1 - Dec 31 20150.912.61.7
0.7
▲▼
0.823.9
▼▲
▲0.5
▲▲
1,916.81.11.2 -1.6 -14
▲ 13 5.1Natixis 22 16
China Construction Bank 25 - 1,525.7 1.0 1.0 ▲ 1 0.4 1
BBVA 23 26 0.3▼
1,774.5
▲111715 5.8
-0.1-0.8
1.66.6 80.90.9 ▲
1.41.5
Credit Suisse28 3,439.1
16Mitsubishi UFJ Financial Group 17 2.2 17.5
▲RBC Capital Markets 21 35 2,218.7Natixis-Natixis Partners SA 20 30 2,349.2
6.2▲2.7
2
43.9-1.0▲
10Commerzbank AG 19
2.0
10.1 ▼
3,250.2Morgan Stanley 18222,873.5 0.2 ▲ 8.6 1
71.5-51
-1.41.8
▼ 16 ▲▲
12 3,484.5 2.2
20
Santander 15 18 3,963.629 4,221.1 20
2.9 25 9.77.82.6
▼▲
Bank of America Merrill Lynch 13 14 4,673.4Banca IMI (Intesa Sanpaolo) 14
2.5 0.7 22 8.6▲
Barclays
ING 12 3.1 336 4,865.0 -1.3
▲10
▲
9 5,364.745.38.6
▼
5,292.1 ▼
4.8
▲▼Goldman Sachs & Co 10
RBS 113.4
-1▲14.4-0.5
0.0 -
6,453.3
3.3 22
▲ 2.0
-0.8
-1.00.8
3.5
4.13.2
1.825.868.6
6 -0.5
▲ 39 15.2▲ 4.0
-6 ▼4.4
4.0 1.116.3
41 16.0 148
58.7
49.7
▼52.4
Citi 9 17 5,394.3 ▲5
26 ▲37
10.13.4 0.6
12.8▼ -0
▲0.4
-0.93.6
15▲ 420.3
7 7,050.47 8 6,842.8Societe Generale
4 1 9,182.0
56.8
62.60.3
▲
5 ▲HSBC Holdings PLC 6
4.3
▼5.1 -1.1▲ 72.7
▲
▼
-2.37JP Morgan
Credit Agricole CIB▼4.4 -0.4▲ 38,546.4
Deutsche Bank 21 3 12,846.3 ▲
Share Ch.
5 5.4 1.022.617.9
-0.55.8 -1.8 ▼46UniCredit
76.0
8.1BNP Paribas SA
16.3420.1 ▲0.4
6.358
Proceeds
▼5.311
▲
▲
95.2 6.657 22.2 42 12,755.41.3 29.2 ▲1.21975 ▲ 7.4106.2
Manager Market
Fees Share %
Market# of Market Change in Imputed Fees (US$m)
Share % # of Deals
# of Deals per BookrunnerProceeds per Bookrunner (US$m)
Jan 1 - Dec 31 EMEA Quarterly Syndicated Loan VolumeEuropean Leveraged Loans (P10)
Europe, Middle East & AfricaFull Year 2015 | Syndicated Loans | Managing Underwriters
Share Ch.
8.010,038.03 4
Share %
Market2014 Rank
2015 Rank Deals
Market
Bookrunner
UBS 24 21 1,662.5 1.0 -0.5 ▼ 12 4.7 0 - 18.5 1.3 0.0 -Energy and Power
223276
249264 265
341
315362
379464
418
400
300
390
315355
355387398433
384
529 513
488464
581532
503
0
100
200
300
400
500
600
700
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
EMEA Proceeds (US$m)Number of deals
Proc
eeds
(US$
m)
Top Twenty Five Total ▼▲
Industry % Change from Same Period Last Year
-12.1% ▼
8.6
2014 Rank Share Ch.
▼Deals
-2.140
Share Ch.58.1▼
▼ 28.427.55.4 ▲ 22 13.5 -2 ▼
▼
18
13 2,406.6
45.7-6 ▼ 31.2-2
4.1 204.1 ▲ 214.1
▲
19 11.710
31 19.0
▼▼ -24.3%
-8
Market Market# of Deals
7.4Fees
59,264.4 100.0 163 -12 787.9 100.0
▼
▲
-0.4
0.118.7
-0.5
10.4
-0.7
▼
0.42.4
▼
▼ EMEA Imputed Fees Jan 1 - Dec 31
▲1.6 ▲
▲
12.3
▲7
▲
▼
ManagerShare %
▼
▼
-40.0%
▼
▼5.8 0.94.0
▲
5.5
▼
-1.7
▲
▼▲4
1.5
▼
1.1▲
60.3
▲2.3
3.6
-2.3%
5.4
-6.9%
1.2
1.8 1.8
3.6
-0.3
1.0
5.4JP Morgan 3 4 3,205.4Goldman Sachs & Co
-6▲4 ▲ 0.67.7
Jan 1 - Dec 31
Imputed Fees (US$m)
9.51.1
7.8
▼
Bookrunner Total
4
Share %ProceedsChange in Market Market Market
Share %# of2015
Rank
7
25
Bookrunner
-1.63.5-2.7
6 3,186.5
EMEA Sponsored Loans (P13)
Industry % Change from Last Quarter -33.8%0.7%
# of Deals per Bookrunner
▲
Proceeds per Bookrunner (US$m)
Bookrunner Total
Industry % Change from Same Period Last Year
6,152.1Deutsche Bank 1BNP Paribas SA 2 2 5,117.6 24.5
▲1 10.4
▲ 198.6 ▲
11.75.4
988.9
13 1,743.1Credit Suisse 12
16
RBC Capital MarketsSociete Generale 10
2.9 2.9
15 1,279.7RBS
4.1
2.2
-3.8
2,144.011 24 1,790.1 3.0
3.6
9 1,744.03.0
Commerzbank AG 15 21 1,038.1Bank of America Merrill Lynch 14
32 687.3 1.2 ▲720.2
▲
▼ 9Morgan Stanley 23 5.5Banca IMI (Intesa Sanpaolo) 24
▼Industry % Change from Last Quarter -55.3% ▼ -49.0% ▼ -63.2% ▼
-41.0%▼ ▼-41.1%
Rabobank NV 22▲
Bank of Ireland
7.4
UBS 17 14 979.0 1.7 -0.6
38 835.4 1.4NatixisNatixis-Natixis Partners SA 19
11 1.6
22 736.821 751.1
Mizuho Financial Group 20 23Citi 20
810.8 1.41.3 1.3
Nomura 16 7
0.7
12.0
956.0
▲79.8-3 ▼
▲ 1611.0 -6
18
0.3
-1.1-0.2
▲ 08.6
1.8
18.2 2.3 1.0
20.3
12.8
2.6
▼
5.55.5
3
4.3
5
2 ▲
-0.7
0.48.6
1.41.4
13.7
-10 ▼10 6.1
0
0.8
1.5
1.61.9
▼1.7
2.9 2.912
129
15.0 -2.6
3.225.4
14.1
13.532.612.9 4.1-4 ▼
5.04.2
▲ -16.711▲▲
▲
▼
39.25 ▲
-1 ▼0
-2 ▼ 43.6▲
▼
HSBC Holdings PLC 8 12 2,450.9Barclays 9
Credit Agricole CIB 516.04.6 ▲
3 3,103.6
4.9
5.2
4.2 4.28 2,494.4
5.2 ▲
22UniCredit 6 5 2,750.9 264.6ING
15.3
-0.7
7.42.2
▲1.2
▲
5.590.7
1.217
1.7--3.11.2
159,626.7
Top Twenty Five Total 48,584.2 82.0 -1.1 ▼1.1 0.2 ▲
100.0 257 -6 1,438.4 100.0
8
▲ ▲
▲26.9 3.4
1.3
33.4
▼7
-
-106.7119 ▲
-3 ▼
611.6 77.6 -4.3 ▼25 27 511.7 0.9 0.3 ▲ 8 4.9 3 ▲ 8.4
1,9452,048
1,368
1,012
1,283
1,659
1,355
1,569
1,905
2,076
0
500
1000
1500
2000
2500
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$m
)
Total Imputed Fees (US$m)Number of Deals
$242.119%
$206.517%
$138.511%$138.0
11%
$131.410%
$76.66%
$69.96%
$59.15%
$58.55%
$49.44%
$42.53%
$34.43% Industrials
Consumer Staples
Financials
Materials
Healthcare
Real Estate
Telecommunications
Media and Entertainment
Consumer Products and Services
Retail
High Technology
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8
INGShanghai Pudong Development Bk
BNP Paribas SA 1423 3,178.4 1.2▼0.9 -1.3-0.712.3
-17 ▼ ▼2.5-0.6
▲1.1 0.1 ▲ ▼
▲ 2 0.114.1 1.34
0.7
12.927
▲219.4
▲23
▲
1.121
Oversea-Chinese Banking 22
▲11▲
29
35
CTBC Financial Holding Co Ltd 19▲
3,564.3
0.93,585.3
2.11.1 0.5
1.61.9
1.1
22
17
▲5.2 7 ▲ 20.0 ▲
58
0.520 43 3,626.50.7
1.456
▲ 15.15.4-0.3
1.1 0.3
4,067.80.2
3,861.23,884.8 12 0.2
1.8▲
Deutsche Bank 17 13 1.218 27
▼Mega Financial Holding Co 1.1
▼▼
▼ 18.531▼ 38
-7 -0.33.5 -1.217.8 1.60 -2.9 1.7
1.61.3 -0.2
0.0Mitsubishi UFJ Financial Group 15Sumitomo Mitsui Finl Grp Inc 16 15 4,271.2
-12 ▼ 20.2-5
- 34
▼▼
19 ▼
59-0.7
▼ 0.81.7
▼1.9 -0.4-0.2Axis Bank Ltd
3.212 5,325.41.6 0.214 19
▼ 469.05,353.5
-5▲ 1.8
4.3
Mizuho Financial Group 2.1 -0.2
ANZ Banking Group 13 9 6,569.45.5 -0.725.3
-0.11.92.3
▼-0.1 ▼
18.58 7,222.6 1 ▲2.1DBS Group Holdings 12
▼ 23.0
▼2.830.8
57-0.53.6
4.061
11 10 7,283.8 ▼5.7 -9 39.3 ▼5.3 -2▲
8,558.2 2.5 0.1 ▲0.22.1
-0.41.5 0.513.0
-1 ▼▼
13.1 ▼Korea Development Bank 9 6
HSBC Holdings PLC 10 7
▲10,471.0
16Agricultural Bank of China 8 11 10,891.843-0.1
1.22.1 2.5
Standard Chartered PLC
▲3.2 1.6 ▲13China Construction Bank 7 16 11,764.5 26.5
▼6 5-63.5
▲12,298.1 7.6 -12▲
821.2
4.13.6 0.4State Bank of India 5 1 14,592.3 -7.2
14,999.14.3
China Development Bank 417 16,420.3
-5.6 1.86.1
▼ 1944 4.1▼
1 4Industrial & Comm Bank China 2 2
4.44.8
3Bank of Taiwan 3
13.6 2.166
▲▲
1923.4
Bank of China Ltd
MarketShare%
134.515.8 25# of Deals Share%Bookrunner Proceeds
46,486.650,185.9 14.7 ▲5.5 ▲12.4 7.0
▲▲
▲1.5 0.5▼2.5▼▼
27.3
1.244.5
▼0.0 -
▲
-0.2-2.9
3
▼ 31.0 2.9-55-23
▲ 16.367.8-84 ▼
17017.8
Share Ch.
6.3 0.1
Fees2014 Rank
MarketManagerDeals
# of MarketShare% Share Ch.
Market Change in 2015 Rank
Full Year 2015 | Syndicated Loans | Managing Underwriters
Asia (ex-Japan)Asian Syndicated Loans Down 5% l Financials Captures 27% | Australia Down 40%
Asia Loans - Bookrunners (All Currencies) (S5c) Jan 1 - Dec 31Asia & Australia Deals Intelligence
Asian Syndicated Loans volume in 2015 fell 5.4% compared to year end 2014, posting US$462 billion of value from 1,412transactions. China led market activity in Asia throughout 2015 and ended the year with a completed volume of US$155.1 billion.Hong Kong and India followed with completed volumes of US$96 billion and US$52.9 billion, respectively. Borrowers in theFinancials sector captured the largest market share in the Asia-market, with 27% of total volume - a slight decrease of 2.1%compared to 2014 totals.
Taiwan High Speed Rail Corp's US$12.1 billion August transaction was the largest offering of 2015 in the region. In the fourthquarter, the largest deal was the US$3.8 billion equivalent facility used by MBK Partners LP to back the buyout of Tesco Plc's SouthKorean Homeplus unit.
With volumes 40.4% lower compared to 2014, Australia loans totaled US$79.9 billion from 186 transactions in 2015. MacquarieBank sealed a 2-year US$4.3 billion bridge loan to fund its acquisition of ANZ’s vehicle finance portfolio Esanda, marking the largestloan in the region in the fourth quarter.
According to Thomson Reuters/Freeman Consulting, estimated arranging fees from Asian syndicated lending totaled US$1.6 billionfor the year, down 14.9% compared to 2014. In Australia, estimated fees were US$371.1 million, 15.9% lower compared to theprevious year.
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market
Jan 1 - Dec 31 2015Top Asia Syndicated Loans (Ex Japan, Ex Australia)
$12,052.9
$8,464.7
Taiwan High Speed Rail Corp
Yalong River Hydropower Dvlp
Bookrunner
-3.2% ▼ -22.1%-4.0%Industry % Change from Same Period Last Year ▼
Industry % Change from Last Quarter 7.4%
376.5
▲
-168.5
-6.0%
92,235.0 70.2 ▲
▼
386131,635.7 100.0
▼
100.0619.1
-31.2% ▼ ▼
4.1 ▲
▲Industry % Change from Last Quarter -9.9% ▼ -2.8% 5.5%▼Industry % Change from Same Period Last Year -5.4% ▼ -14.3%
Industry Total
-14.9%▼
69.7 ‐1.0461,969.2321,769.0
100.060.1
1,585.1 100.0949.6
-236
0.2 ▲7.9▼
0.5
1,412
5.3753,769.1‐1.3
▲▼
0.8 ▲ 190.2Land Bank of Taiwan 25 41Top Twenty Five Total
▲0.7▼ 23.1 ▲1.5
1.5 0.1▼ 23.5-3-12
CTBC Financial Holding Co Ltd 24 29 4,130.4Malayan Banking Bhd 23
0.10.9 -0.3
▲ 87 6.20.9▼ 35 2.5
▲0.9 -0.3 ▼ 38 2.7 ▲ 0.6 0.210.0Bank of Communications Co Ltd1.4-3 ▼ 22.1
22 19 4,327.41.0
7▲0.125 4,375.2 ▲56 0.14.0
Axis Bank Ltd-27
19 23 5,929.81.0 -0.4 ▼ 4.361 ▼23.3 1.5▼ -0.9
▼▼ 9.0 0.620 17 4,684.9
1.3 -0.1200.4 ▲ 1.4 -61.9 ▼29.4-6 ▼
27.6 -1.3 ▼-0.4
-43-0.3
1.476
5.8-0.4 ▼▼-0.6
82
-0.431.612 6,704.0
16 13 7,386.6 88▼1.6ANZ Banking Group 1.5
▼2.013 ▲5.4 1.76.2
▼
▲6.9 -21 ▼ -0.4
0.241.2 2.6
0.72.8 10.5Mitsubishi UFJ Financial Group 14 8,453.4Shanghai Pudong Development Bk 15 34 7,699.2 1.7 1.1 9 ▲▲ 40
12 6 9,942.3109-0.113
-0.9 ▼2.01.8 -0.4 ▼
▼2.2 137 ▼
97▼ 39.2
▼2.5 ▼-17 -0.1
9.7 -0.662.2 3.9-32 ▼7.7
10,320.8▲
8.9 -10 ▼ 39.2 ▼4.2 2
-0.3 ▼ 2.5 -0.92.2602.4 0.5
1260.9 ▲11,130.110 16
DBS Group Holdings -0.3▼▼▲
1340.034.1 2.2
18.2 1.29.5 3.5-15 ▼
-55.8
8 9 11,310.8 2.5 -4 ▼0.2 60▼
2.1▼ 85.4 -1.2
0.55.4-40
4.2
▲1.03.1 34.052
781.3
0.2▲▼
5.5 1 ▲ 16.4▲-11 ▼
-1.9
3.7
-0.4%
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger
0.8
340,974.9
Fubon Financial Holding Co Ltd-0.1 ▼
▼ 32.0 2.02.4
Industry % Change from Same Period Last Year -0.6%
-153100.0264,221.3
2525 26
▼-9.4%
2,976.0
Top Twenty Five Total2,783.3
24
Bookrunner Total
Taiwan Cooperative Bank
1,077 1,084.5
▲▼
▼-12.4% ▼
0.3%
9.2▼4.6▲
100.01.2
▲▼0.8
61.6 ▲3.050
12.70.9
▲77.6
51-0.2
669.0-8
0.34.7 6-0.1 ▼ 1.2
Imputed Fees (US$m)
Jan 1 - Dec 31
2.4
11
Bank of Taiwan
Korea Development Bank
5
17
ING
7
China Development Bank
Mizuho Financial GroupStandard Chartered PLC
China Construction Bank5
Sumitomo Mitsui Finl Grp Inc 8
11
9
24
Industry % Change from Last Quarter -14.7%
Asia Loans - Mandated Arrangers (All Currencies) (S5b)
Change in MarketShare% # of Deals
53,099.1 289
14,447.1
10
18
6
▲
4
11.5
15,291.3
▲-0.4
▼
9,361.3
20
Industrial & Comm Bank China 2
Oversea-Chinese Banking
Agricultural Bank of China11,174.6
HSBC Holdings PLC
14
7
4
21BNP Paribas SA
United Overseas Bank Ltd
Manager
6,412.6
21,443.5
10.9
15
▼
MarketShare Ch.Fees Share%
Market
20.5Share%
3.4
-4.0
11.3159▲
26913
50,373.0State Bank of India
2015 Rank
31
2 21,606.5
# ofMarketMandated Arranger
2014 Rank
Bank of China Ltd
MarketProceeds DealsShare Ch.
4,272.5
14,123.5 3.1
▲
-3.3 ▼ 353.3
75
-0.7 ▼
63 ▲
-26
-164▼
4.65.3
1.34.7
2.5
▲4.519.1 80.3 -0.1 ▼
156.7 9.9▼ 5.1
▲-33 2.3 0.136.9
6.4 ▲
▲
▲
▼
▼
▲
▼
6.86.1 0.9
2.1▲
10.7▲
Imputed Fees (US$m)
0.2
▼3.5 -0.3 ▼3.2
21.6
Share Ch.
3.5 0.7
2.3 0.7 ▲3.0 0.5
2.2 -2.72.7
2.9 -0.3
Bank of China Ltd 1 15Standard Chartered PLC 2
4 6,302.8 4.8
Proceeds per Bookrunner (US$m) # of Deals per Arranger
1 10,629.4 8.1
Oversea-Chinese Banking
ANZ Banking Group 5
11.9
2015 Rank
Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)
1.7 ▲ 70 18.19.6
Market MarketManager
66.5Proceeds Share%15,640.1
2014 Rank # of Deals Fees
Market Change in
Jan 1 - Dec 31
Share%Share Ch. Share%Market
▲
Market # ofDeals
▲ 41 10.6 21-10 ▼ 41.8
HSBC Holdings PLC 3 2 7,639.2 5.8 0.7 ▲ 54 14.0 -11 ▼ 37.6Mizuho Financial Group 4 5 6,446.2 4.9 0.7 ▲ 49 12.7 -2 ▼
0.0 - 42 10.9 -9 ▼ 18.1DBS Group Holdings 6 3 6,195.5 4.7 -0.2 ▼ 48 12.4 -1 ▼ 21.7Mitsubishi UFJ Financial Group 7 7 5,074.5 3.9 0.2 ▲ 31 8.0 -13 ▼ 19.7Deutsche Bank 8 8 4,067.8 3.1 -0.5 ▼ 31 8.0 -7 ▼ 18.5ING 9 23 3,553.6 2.7 1.2 ▲ 20 5.2 2 ▲ 14.1Industrial & Comm Bank China 10 6 3,413.1 2.6 -1.3 ▼ 17 4.4 3 ▲ 13.3Sumitomo Mitsui Finl Grp Inc 11 10 3,410.2 2.6 -0.8 ▼ 27 7.0 -6 ▼ 16.8 -0.9
12 13 3,230.5 2.5 0.1 ▲ 19 4.9 1 ▲ 12.0 1.9 -0.3 ▼BNP Paribas SA 13 9 2,656.1 2.0 -1.5 ▼ 21 5.4 -21 ▼ 11.5 1.9 -1.3Citi 14 19 2,345.6 1.8 0.0 - 18 4.7 1 ▲ 6.4 1.0 0.1 ▲Bank of America Merrill Lynch 15 32 2,278.9 1.7 0.8 ▲ 11 2.8 -1 ▼ 4.2 0.7 -0.1 ▼
▼ 13.9United Overseas Bank Ltd 16 11 2,162.9 1.6 -1.0CTBC Financial Holding Co Ltd 17 28 2,119.1 1.6 0.5
18 12
2.2 0.0 -
▼
▼ 20 5.2 -7▲ 30 7.8▼
▲China Development Bank -2.66.0 1.0
▲
▼1,787.1 1.4 -1.1 3 0.8
-4 ▼ 8.1 1.3 -0.8
2.414.62▲1
1.2
▼Credit Suisse 19 17 1,779.5 1.4 -0.6 ▼ 11 2.8
60.90.6Fubon Financial Holding Co Ltd 20 26 1,502.9 1.1 0.0 6.5 -2
Bookrunner Total
- 25Top Twenty Total
▲10.1 1.6
$7,092.5
$5,161.1
$4,930.5
$4,831.8
$3,775.4
$3,772.8
$3,533.0
$3,220.9
Cheung Kong (Hldg) Ltd- Ppty
Cheung Kong (Hldg) Ltd- Ppty
SREGC Sanlin Binjiang
Shandong Nuclear Power Co Ltd
Guangdong Nanyue Chaozhang
Homeplus Co Ltd
Guangdong Nanyue Commun …
Tianjin Zhongwang Aluminium
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9
------
▼
▼ -16.9% ▼ -36.1%
62.8 -3.062.6Bookrunner Total 99.8 100.0100.0
▼Top Ten Total 34,464.9 100.0 -2.5
▼4 ▼ 19 8.8 -5.1▼18.1-3.9
10.4▼15.0 20.3
30
10.3 -4.4▼ 4.1▼-0.2
Commonwealth Bank of Australia 4 5,155.4 26
21.721.6ANZ Banking Group
29.3
-0.237,019.2 27.6
Deals Share% Share Ch.Fees7,491.3
351 2 4.4 ▲
Share Ch.2015 Rank
1.116 1,794.8 1.2 7.0
Market # of MarketShare%
Change in
9
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Share%
Australia Loans - Bookrunners (All Currencies) (S7)
Market
Westpac Banking
▲-14.0% ▼
▲Bank of America Merrill Lynch 12 1,585.1 -0.2 9 ▼
Mitsubishi UFJ Financial Group 4.5 1.6 6.53,293.8
HSBC Holdings PLC 5 4,128.8 0.9 ▲
7 4.12,467.2
5
0.28
8 ▲▲
-11.4%
3.1 0.8
5.2
2.074.1
89 9.837
27
-15.9%
7.1371.1
3
ANZ Banking Group 1
▼4 2 9,023.0 -1.3 ▼ -3.8
9,717.6 12.2 0.6
2.8
94▲
15.9
Market
▲
11.5
-30 ▼11094 7.3
42.7-26 14.0
2.1▼▼ -1.4
0.415.6
▼
# of Deals per Arranger Imputed Fees (US$m)
59,043.4100.0
51.9
▼
▲
20.9%
MarketMarket MarketShare%Proceeds
▼
▲-13
Industry Total 100.0
▼
-24
▼Industry % Change from Last Quarter -38.2% ▼ 16.7% ▲ -33.4%
-34.6%
16.3
Market
0.5 ▲
Full Year 2015 | Syndicated Loans | Managing Underwriters
Proceeds per Mandated Arranger (US$m)
Share%# of Deals Share% Deals
▼
-1.1 ▼
-0.3
▼
14.9
3.836.3
1.9
70.1
4.02.5
0.51.8
▼ 9.4-1
259.7-8
1.7-5
-1 ▼
Fees8.5
2.2
6.1 -23
57.7
11.3
▲
13.56.6
1
9.1
▼
▼
16.3-10
8 ▲5.7
79,873.6
▲
▼Industry % Change from Last Quarter 9.7%
10,744.74
0.7
-11
21.5-7
-1
-
Commonwealth Bank of Australia8.8 ▼
▲ 3
6
Westpac Banking
# of DealsChange in
Share Ch.Manager Market
2 1.0
# of
Australia Loans - Mandated Arrangers (All Currencies) (S6a) Jan 1 - Dec 31
▲12,681.3
Mandated Arranger Share Ch.2014 Rank
Manager Market 2015 Rank
14.024.0▼33 2.3
-0.1-5-4
2.4▼
33
2.8
1.1▲
9▼
HSBC Holdings PLC
10
Industry % Change from Same Period Last Year
National Australia Bank
3,607.1
186
▼
▼
▼-0.5
1.9
Sumitomo Mitsui Finl Grp Inc6
National Australia Bank
-0.92.3
Top Ten Total
-40.4%
6.7▲
02,305.45
11
7
Top Australia Syndicated Loans
34,464.9
3.9
Jan 1 - Dec 31 2015
5.76
20.4
2014 Rank Proceeds
Asia (ex-Japan) & Australia
Bookrunner
2 1
▲6 2,049.6
3 4,630.6
Mitsubishi UFJ Financial Group
13.4
-15
6.0 3.0 ▲ 9 8.1 2 ▲
Mizuho Financial Group
Asian Loans by Maturity Date
74
▼ ▲
3.0 3.0 1.0 ▲Barclays 7 24 976.4 2.8 2.6 ▲ 5 3.8 4 ▲ 1.4 1.4 1.0 ▲
1.6Scotiabank 8 15 727.9 2.1 0.9 ▼4.4Sumitomo Mitsui Finl Grp Inc 9 8 611.9 1.8 -0.5
▲ 1.62.8 1 ▲ -0.8
▼▼ 4 2.4 -1 ▼
Bank of China Ltd 10 11 470.0 1.4
3
14.4 0.2 ▲ JP Morgan
-0.4
Industry % Change from Same Period Last Year
▲
*tie
1.01.9 -2 ▼ 1.5 1.5
1000
1200
1400
250.00
300.00
Proceeds (US$b) # of Issues$4,284.0
$4,260.4
$3,951.5
Macquarie Bank Ltd
NSW Electricity Networks
Federation Centres Finance
Asian Loans by Currency (%)Jan 1 - Dec 31 2015 Full YearAustralian Loans Proceeds by Industry (US$m)
$22,530.234%
$10,286.816%
$10,144.916%
$9,372.214%
$8,512.713%
$4,794.87%
Financials
Energy and Power
Real Estate
Industrials
Materials
Media and Entertainment
44.7% 50.3% 56.0% 71.8% 68.6% 59.8% 64.1% 56.7% 60.0% 65.6%
55.3%49.7%
44.0%
28.2%31.4%
40.2%35.9%
43.3%40.0%
34.4%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Local Currency G3
$251.6 $245.9 $212.4 $259.0 $172.90
200
400
600
800
1000
-
50.00
100.00
150.00
200.00
2015 2016 2017 2018 2019
# of
Issu
es
Proc
eeds
(US$
b)
$ ,
$2,512.9
$1,645.9
$1,500.0
$1,353.4
$1,342.0
$1,325.2
$1,293.9
Lend Lease Finance Ltd
Ramsay Health Care Ltd
BHP-Non-core Assets
TPG Telecom Ltd
Amcor Ltd
EnergyAustralia Holdings Ltd
SDP Finco Pty Ltd
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Overall Japanese syndicated lending for 2015 reached US$225.8 billion from 2,054 deals, a 1.6% increase in proceeds and a 3.1%increase in deal count compared to last year. The number of issues marked the highest total since 2008.
The Industrials sector powered the loans market, recording a total of US$47.7 billion in proceeds, accounting for 21.1% of Japaneseloan activity. Financials sector saw the largest increase in proceeds, totaling US$34.6 billion, representing a 36.9% increase from2014. Orchid Alliance Holdings Ltd’s US$11.8 billion loan – the largest Japanese deal in 2015 - was the main driver for this activity.
Working Capital remained the main use of Japanese syndicated loans proceeds, reaching US$92.5 billion from 904 deals, a 21.9%decrease from 2014. Capital Expenditure loans posted a 284.7% increase in proceeds, recording a total of US$32.3 billion from 263deals, compared to US$8.4 billion from 103 deals last year.
0.1
0.2
Shinkin Central Bank 130.619
1315
Daishi Bank Ltd17
0.1130.734 ▼0.1
▼-1 ‐1
‐2▲
0.0
4
12
0.230.1
10.2 ▲
▼0.1 ‐1▼0.2 ‐1
100.2
0.00.10.1
▲70.1
-0.1-▼
▲▲3
10.20.4▲
15
210.6
0.10.3
0.50.5
1505.5 ▲2
▲
▼
▲2
0.8
6-0.51.3
▲▲
▲9228 1.4 ▼
▲
4.6
9
96
‐16
0.3▼ 0▼
-0.2 2.0
‐588 4.4▲
-1.0
1,429.8 -1.0
0.9
▼10 ▲
-0.4
▼▼ 1.3
250.00.70.5
40
-0.3
0.8
29.4 ‐1426
2,001.7 ▼0.9
583▲26.2
Resona Holdings Inc
8
96
Sumitomo Mitsui Trust Holdings8
Citi1,734.8
# of Deals per BookrunnerMarket
1.2 -0.6 ▲1
# of Deals
-2.3489
Jan 1 - Dec 31
1
Market Market
Japan Loans - Bookrunners (S12b)
Deals77,902.7
Proceeds per Bookrunner (US$m)2014 Rank
2015 Rank
Sumitomo Mitsui Finl Grp Inc 34
Bookrunner
Development Bank of Japan Inc 4
Mizuho Financial Group2
Share %▲
1,472.5
26.4
1,483.9
Share Ch.Proceeds
2,514.0
35.857,507.1
0.9
# of
64224.6 ▲
▲3▼ 32.4
ING 1314
1Mitsubishi UFJ Financial Group
12
5 7
10
Shinsei Bank 12
0.7
12Credit Agricole CIB
5BNP Paribas SA 10
Bank of Yokohama9
Full Year 2015 | Syndicated Loans | Managing Underwriters
JapanJapanese Syndicated Lending Up Slightly | Industrials Drive Japanese Loan Market | Orchid Alliance Deal – Largest in 2015
7 0.7Aozora Bank Ltd
57,017.43
Sh %Change in
0.111 1,080.711
0.2
15
6
1,066.5-
1,083.0
394.7
Working Capital
4,979.6
12/11/2015
Ichthys LNG Pty Ltd
General Corp. Purp.
Toshiba Corp
4,000.03,513.5
Fukuoka Financial Group Inc
16
396.6
157.7
Tokyo Star Bank
18
278.8Nishi-Nippon City Bank Ltd77 Bank Ltd
26
6/26/2015 2,825.9Itochu Corp
3,333.09/30/20154/17/2015 Hiroshima Bank Ltd 20 27
Japan Deals Intelligence
Package Amt (US$m)Borrower
Jan 1 - Dec 31 2015
General Corp. Purp.Primary UOP
16
Capital Expenditures
3,304.0Acquisition Fin.
Orchid Alliance Holdings Ltd3/25/2015 11,838.0
JX Holdings IncMitsubishi Corp
Working Capital
Top Ten DealsClosing Date
3,392.3
10/28/2015
3,336.8Asahi Kasei Corp
9/30/201512/15/20156/30/2015
Capital ExpendituresWorking Capital
Asia Theme Pk Invest Co Ltd
Project FinanceSakurai Co Ltd
81.1 0.0 0.0 - 4 0.2 ‐1 ▼Hokuhoku Financial Group Inc 21 33 66.8 0.0 0.0 - 2 0.1 0 -Toho Bank Ltd 22 25 53.0 0.0 0.0 - 3 0.2 1 ▲
Japan Loans Proceeds by Industry (US$m) Jan 1 - Dec 31 2015
Overall Japan Loans Volume
g pSumitomo Corp
,p2,774.32/24/2015 Working Capital
1,984100.0
- 2 0.1100.0
▼Gunma Bank 23 40 51.9 0.0 0.0
- 2 0.1 ‐2- 6 0.3 5 ▲
35
Industry % Change from Same Period Last Year 0.4% ▲ 1.8% ▲Industry % Change from Last Quarter -30.3% ▼ -62.3% ▼
Shoko Chukin Bank 24 31 34.0 0.0 0.0‐1 ▼Chugoku Bank Ltd 25 30 28.6 0.0 0.0
▼-2.7217,727.4Top Twenty Five Total217,727.4Bookrunner Total
2,051
1,658 1,6611,686
1,826 1,870
1,992
1,776
0
500
1,000
1,500
2,000
2,500
$0
$50
$100
$150
$200
$250
$300
$350
2008 2009 2010 2011 2012 2013 2014 2015
# of
Dea
ls
Proc
eeds
(US$
b)
Q4 Proceeds (US$b)
Q3 Proceeds (US$b)
Q2 Proceeds (US$b)
Q1 Proceeds (US$b)
# of Issues
$47.721.1%
$34.615.3%
$26.311.7%$21.0
9.3%
$20.28.9%
$17.17.6%
$15.56.8%
$12.65.6%
$10.64.7%
$8.33.7%
$6.02.7%
$3.51.5%
$2.41.1%
Industrials Financials Energy and Power
Materials High Technology Real Estate
Consumer Staples Consumer Products and Services Retail
Media and Entertainment Healthcare Government and Agencies
Telecommunications
.
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11
2122
0.20.30.1
-
0.1
0.01
Sumitomo Mitsui Finl Grp IncSumitomo Mitsui Trust Holdings
6
0.15
▲0.2
Resona Holdings Inc0.1
Aozora Bank LtdDevelopment Bank of Japan Inc
-0.3
4
7-0.9
3Mitsubishi UFJ Financial Group 2
5
-0.4
6 2,639.02.1
0.1
3
Mandated Arranger1
4,749.3
-1.9Mizuho Financial Group
2015 Rank
1.4
Jan 1 - Dec 31
2 ▼▲
10
Proceeds per Mandated Arranger (US$m)
536
# of# of Deals
Market
Japan
▲
Full Year 2015 | Syndicated Loans | Managing Underwriters
Japan Loan Volume - Non-Japanese Borrowers
Share Ch.
Japan Loans - Mandated Arrangers (S12a)
Market
76,003.6Proceeds
59,963.5
2014 Rank
0.1
0.2
Share %
1.2
59,327.34
0.1
0.8
▲
0.6 0.0
0.1
0.5
0.1
▼▲
0.0▲
10
9
▲
33.726.626.3
1
2,285.9
# of Deals per MA
Sh %Market
26.1
▲110
34.3 ▲▼
▼
647
Deals
▲
3
0.5
1.5
7
▲
705
Change in
31.5576 ▲3.7
-0
▼
1,550.3
-0.2 ▼
1,704.6 0.2
1,028.5 0.51,174.2
5
0.7
1.0
8
-0.8 ▼7 0.37
1.3 ▲0.9
911
31
26
▲
6
0.6
-
41
20.7
‐2
2.0
5.4
8
14.7
018
0 -
0.00.0
9
‐2
0.0 ▲-
▲
▼‐1-
0.21
117
0
-
▲1
-1▼▲
‐2
-11
▼
0.24▲ 2 0.1
0 10.10 0▼24* 82 025*
24 294.10 0 1
-0.10.0Sapporo Hokuyo Holdings Inc
20
137.016
130.9
77 Bank LtdShinkin Central BankDaishi Bank Ltd
Bank of New York Mellon Corp139.4
0
▲89
0.2
▲
1214
0.1
▲
Fukuoka Financial Group Inc
0.1Nishi-Nippon City Bank Ltd
▲▲
334.80.2
0.0
477.0▲
0.0
17 -
14
0.121
275.8
13
2319
150.0
0.10.1
361.6
252.80.1
0.1-
ING
2318
Citi 712
Hiroshima Bank Ltd24*
17
15
18
0.0
0.1
14Oversea-Chinese Banking
213.9
3927
Taishin International Bank▼
Bank of Yokohama
Hokuhoku Financial Group Inc 19 213.6
16
Tokyo Star Bank
BNP Paribas SA
Credit Agricole CIB10
0.411
940.61112
1,416.6Shinsei Bank
‐2
5
96▲
▼
-
14
4
6
4
9
3
6
8
10
2
12
6
13
3
6
10
43
11
3
10
6
20
4
11
2
26
6
5
10
15
20
25
30
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
# of
Issu
es
Proc
eeds
(US$
m)
Proceeds (US$m) No. of Deals
Jan 1 - Dec 31 2015
▲
▼61
-0.1
3.1%1.6%
95.50.0▼
Top Twenty Five Total24* 82.025*
215,646.3Industry Total
-2.1
Industry % Change from Same Period Last Year
0.0 1 -0
Japan Loan Volume by Maturity Date
Taishin International Bank
Japan Loans - Top 10 Uses of Proceeds (US$m)
*tie
Industry % Change from Last Quarter -32.7% ▼ -62.3% ▼
225,808.2 100.0
▲
2,054
2 2
0$0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012 2013 2014 2015
216.6 145.2 127.5 85.2 77.8 42.5 35.9 20.0 119.3
1851
1211
1062
792 775
430 405
283
1353
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
$0
$50
$100
$150
$200
$250
2016 2017 2018 2019 2020 2021 2022 2023 2023 & Beyond
# of
Issu
es
Proc
eeds
(US$
b)
Proceeds(US$b) # of Issues
$92.5 42.6%
$51.8 23.8%
$32.3 14.8%
$11.4 5.3%
$6.9 3.2%
$6.5 3.0%
$6.0 2.7%
$4.2 1.9%
$3.3 1.5%
$2.4 1.1%
Working Capital
General Corporate Purposes
Capital Expenditures
Refinancing
Property Acquisition
Acquisition Financing
Project Finance
Future Acquisitions
Refinance Bank Debt
Operating Fund/Cash Reserve
.
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-
-
-
-
-
-
Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.
Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current andprevious year's data is as of 12:00pm EST on December 31, 2015.
Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be giviento the surviving/parent firm.
Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm
All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
Full Year 2015 | Syndicated Loans | Managing Underwriters
Ranking Criteria Summary
E-mail: [email protected]
JapanAi HashimotoTel: +813 6441 1155
E-mail: [email protected]
Europe
If you would like to participate in the submission process, receive quarterly press releases, orhave questions about league table criteriaplease contact:
AmericasSalvatore ReresTel: +1 646 223-8455
Ewelina JareckaTel: +44 207 542 2246E-mail: [email protected]
Asia-PacificEmily AuTel: +852 2912 6603E-mail: [email protected]
-
-
-
-
-
- Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most comprehensive and accurate view of the syndicated loans market available.
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 tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".
Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocatedto syndicated members.
Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.
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 liablefor any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express orimplied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carryout a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products,including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2015 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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