DEBT CAPITAL MARKETS REVIEW - Thomson …dmi.thomsonreuters.com/Content/Files/1H Debt Capital...Citi took the top spot for global debt underwriting during the first half of 2017 with

DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Half 2017

REUTERS//Marcos Brindicci

Banking Composite of Top US Debt Bookrunners 8

IFR Markets Supplement 9

US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a) Thomson Reuters Solutions for the Deal Making

Community

14

Brazilian Domestic Debt (BR2)

Global Debt by Mexican Issuers (MX1)

2

Australia Deals Intelligence

All Australian International Bonds (AJ7)

All Australian Debt (ex self-funded) (AJ3a)

Japan Debt

7

3

7

7

4

All Bonds in Euros (N1)

Global High Yield Debt - Non-US Dollar Denominated (B6)

10

14

11All Global Green Bonds (GR01)

All International Green Bonds (JG1) 11

1

1

1

2

6

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence 10

10

10

3

https://www.thomsonone.com

Bonds Targeted in Japan (AP4)

Debt Capital Markets Criteria Summary

3

17

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

18

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

Global Investment Grade Corporate Debt (B7)

All Bonds in Yen (AP5)

Global Asset-Backed Securities (B11) & (B13) 3

Japan Deals Intelligence

Banking Composite of Top Global Debt Bookrunners

6

13

13

US Debt

Global Debt Rankings - Last Ten Years

20

19

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

US Mortgage-Backed Securities (F11)

US Asset-Backed Securities (F14) Criteria Summary

14

14

5

18

17

US Investment Grade Corporate Debt (F9)

6

Middle East Emerging Market Bonds (L5)

17

Japanese Securitizations (AP2)

2

First Half 2017 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global Mortgage-Backed Securities (B10)

16

Leading Underwriters for First Half 2017

Global Debt (B1) Australian Debt

Global Debt and Syndicated Loans Islamic Finance (DL2)

17

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

Samurai Bonds (AP1)

16

16

15

15Dim Sum Bonds (AS24a)

15Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

15

15

16

12

12

12

12

EMEA Emerging Market Bonds (L2)

Global High Yield Deals Intelligence

Global High Yield Debt (B4)

Global High Yield Debt - US Dollar Denominated (B5)

All International Emerging Market Bonds (L1) 13

13

13

14

Latin America Emerging Market Bonds (L3)

Asia-Pacific Emerging Market Bonds (L4)

Global Debt in Mexican Pesos (MX2)

Domestic Mexican Debt (MX3)

High Yield

Emerging Market Debt

Emerging Market Debt - Latin America

All Brazilian Debt (BR1)

1

http://www.thomsonone.com/

Global Deals Intelligence

Global Debt Capital Markets by Asset Class

EMERGING MARKETS CORPORATE DEBT UP 56% - Corporate debt from emerging markets issuers totaledUS$167.4 billion during the first half of 2017, up 56% compared to last year. Corporate debt issuers from India, Brazil,Russia and Mexico accounted for 47% of first half 2017 activity. Issuance from corporations in India totaled US$30.6billion, an increase of 73% compared to the first half of 2016.

CITI TOPS GLOBAL DEBT LEAGUE TABLE - Citi took the top spot for global debt underwriting during the first halfof 2017 with proceeds of US$247.2 billion and an increase of 1.5 market share points. JP Morgan fell to second placewith a market share increase of 0.9 points, while Bank of America Merrill Lynch maintained third place. MorganStanley moved into fifth place from eighth a year ago, with an uptick of 1.2 market share points.

OVERALL DEBT UNDERWRITING FEES INCREASE 5% - According to estimates, underwriting fees from DCMactivity totaled US$14.2 billion during the first half of 2017, an increase of 5% year-on-year.

US Investment Grade Corporate Debt- Quarterly

GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 11% - Overall global debt capital markets activity totaledUS$3.5 trillion during the first half of 2017, an 11% decrease compared to the first half of 2016 and the slowestopening six-month period for global debt capital markets activity since 2015. Second quarter global debt activitydecreased 9% compared to the first quarter of this year, while number of issues rose 8%.

100.0-1,641

▲▲

42.2 +42.28,616.0+2.42.4+3.63.6

▲

7.1 3.33.9 835

▼ +265.9 710.5

▲▼

8.91,256219,281.7

▼-14+154

▼▲

6.3

9.61,190.3 5.8 ▲1,190.2 +5.8

+5.8▲5.8▲6.8 +6.8

FeesMarket

▲ 1,391.3Sh (%)

Imputed Fees (US$m)

# of DealsSh (%) DealsMarket

Share Ch.# of Market

Sh (%)+16

Jan 1 - Jun 30

Market

-0.6

▼

Proceeds per Bookrunner (US$m)Manager

Global Debt and Syndicated Loans (DL1)

Share Ch.

-0.4

# of Deals per Bookrunner

-0.2

7.0 -1.37.0

Change in

10.01,346

7.5

-4.9

1,0063.9

1,408▼

▼-0.2-0.2

726.9

758.7▲

5.55.4764 ▲

▲+78+6

3.7

▼

▼▼

7

9▲

5.0

4.5

3.7 +3.7

+78886

+19

-32

698

772

▲3.5800.8 ▲3.9

▲+3.3670.3+3.5

▲▲

3.4-0.5

+3.4

14,076

-4.2%

1,346.2

▼

2,380,330.5

-10.2%

349,462.8

5

34

▲

68▼

▲

Citi4

492.1▼

2.5 ▼Top Ten Total

151,652.2 ▼-0.5

196,133.1+3.9

3.7

4.4

684.9+137

-0.1183,736.0

▲

191,516.63.7

-0.9

4,980,169.4

627

371,129.72

32

65

1

▼

1Bank of America Merrill Lynch

MarketSh (%) Share Ch.

-HSBC Holdings PLC

▼+0.55.9 ▲

+0.7

-0.44.0 0

Global Debt, Equity & Equity-related (A1) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket2017

Rank Sh (%)ManagerMarket Market

Fees1,823.0 JP Morgan7.4

Imputed Fees (US$m)

▲+0.5

MarketBookrunner

2017 Rank

2016 Rank Proceeds

350,035.5

Share Ch.

▲

Deals▲8.6+0.8 +83

+57+231

# of

1,111▲▲

# of DealsChange in

1,444.65.5940

ProceedsMarketSh (%)

2016 Rank

7.0

Bookrunner

Citi 2 2 270,878.1JP Morgan 1 1 273,016.3 7.0

5.9▲ 8.8+1.5▲

+0.71,137

Bank of America Merrill Lynch 3 3 228,492.0 7.35.1 +0.4 ▲ 789 6.1

Goldman Sachs & Co

982.3▲

2.6

1,291.9 Wells Fargo & Co

Barclays

▲-0.1+0.4

Morgan Stanley 5 8 191,746.2 4.9Barclays 4 4 198,407.2

Deutsche Bank

1,356.0+0.8 ▲ 5.5

4.1 703

▲+1.3 ▲+94 ▲

186,549.8▲ 870.2

3.8636.9

117,264.3 +0.5 488

+0.25.4

-295.3▲+21

6.9

3.6

886 +139 5.5▲

74.0

4.8+0.1

716

▲

+134

+0.2

5.3

▲

Goldman Sachs & Co183,822.4

9622.1 BNP Paribas SA 10

5 157,419.46 6

7

114.7+59

Wells Fargo & Co▲

686 ▼

+35-

HSBC Holdings PLCBNP Paribas SA 10

-479.2

78

1,893,539.8 +6.1

8Deutsche Bank

Top Ten Total613

+1,154

156,131.1

3.19

9 0113,635.4183,560.5Morgan Stanley

-0.42.0

0

10 2.948.7

Industry Total24,502.1 100.044.3▲ 47.9

100.0

▼-5.6%

23.3% ▲ ▼▼▼

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

▼


▼▲8.5%

DEBT CAPITAL MARKETS REVIEW

12,922

Global DCM Activity Falls 11% l US Investment Grade Debt Pulls Back from All-Time Quarterly Record l High Yield Corporate Debt Up 44% l DCM Fees up 5%

-8.1%

▲3.0

▲

100.0


10,852.4 +1.620,449.73,888,053.3

-6.0%Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Industry Total

-6.3%Industry % Change from Same Period Last Year-4.7%

-7.3%Industry % Change from Last Quarter▼ 7.2%▼ -10.4%

US INVESTMENT GRADE DEBT PULLS BACK FROM ALL-TIME QUARTERLY RECORD - High grade corporatedebt offerings targeted to the US marketplace totaled US$327.6 billion during the second quarter of 2017, a 15%decrease compared to the first quarter of 2017, which ranked as the largest all-time quarter for US investment gradecorporate debt since records began in 1980. For the first quarter of 2017, US investment grade corporate debt totaledUS$713.6 billion, up 1% compared to a year ago.

GLOBAL HIGH YIELD VOLUME UP 44% - The volume of global high yield corporate debt reached US$223.3 billionduring the first half of 2017, an increase of 44% compared to the first half of 2016 and the strongest opening six monthperiod for global high yield issuance in two years. United States high yield issuers accounted for 54% of the quarterlytotal, down from 61% a year ago. China and the United Kingdom accounted for 7% and 6%, respectively.

TELECOM OFFERINGS UP 87%; GOVERNMENT & AGENCIES, REAL ESTATE LEAD DECLINERS – DCM activity from Telecommunications issuers totaled US$99.3 billion during the first half of 2017, registering an industry-leading increase of 87% compared to year-ago levels. Government & Agency and Real Estate activity saw thesteepest year-over-year declines, down 31% and 22%, respectively. Government & Agency and Financial offeringsaccounted for a combined 70% of issuance during the first half of 2017, down from 73% a year ago.

$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Proceeds (US$t)

Investment Grade Corporate Federal Credit Agency Agency, Supranational, Sovereign ABS

MBS Emerging Market Corporate High Yield Corporate

50

100

150

200

250

300

350

400

$0

$100

$200

$300

$400

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Proceeds (US$b)

US Investment Grade Debt ($b) Number of Offerings

2

http://dmi.thomsonreuters.com/




All US Debt (F1)

▲▲

+0.5

104,678.5112,641.6

+0.6

3.2 ▲03.0

Sh (%)Share Ch.945 +142+1.5

Market

7.0Sh (%) Share Ch.# of Deals

MarketManager

+0.2

# of

+0.6

29,048.4

154,000.1 +0.2+0.1

+0.2

441

2.2▲

+0.4-

+0.6▲

2.32.7


825.2

6.39.2

4.54.4

12

2017 Rank

Change in


+0.7

Global Debt (B1)

▲ 909766

Proceeds per Bookrunner (US$m)

5.8

Global Debt

Proceeds Market

Jan 1 - Jun 30

▼▲

+0.3

Imputed Fees (US$m)Market

Deals

-0.35.8▼▲

Credit Suisse

4.1

3

6

▲56 7

11

▲

+1.2

Bank of America Merrill Lynch

Bookrunner Sh (%)Market

Proceeds

4 183,925.9205,605.8244,606.7

$USmNo. % Change

Deals2016 Rank

121,179.4

▲1,2841,207,778.32,359

150

1,507,660.53

Jan 1 2017 - Jun 30 2017

JP MorganUS Long-term Straight ex MBS, ABS & Munis (F3)

+4.1%1,950

1,570,062.5

US Federal Credit Agency Debt (F7)

11,741.5162,052.9

152,131.6

2,601

713,596.6

379

Australia Bonds


84,694.5

225,962.6 450

617258558

1,223,904.6

US Mortgage-backed Securities (F11)

US Long-term Debt (F2)▲

Barclays

184,105.1HSBC Holdings PLC

577

+1.3%

+0.7%118,540.0

Australian Domestic Securitization (AJ5) Macquarie Group 21.2

89,912.0 618

▲+9.7

23.3


2▲

▲

3

2

1

1

1

▲

2

▲

▲

▼▲

1

3

1

3

National Australia BankAustralian Dollar Bonds (AJ3)

10.1China Construction Bank

▲

+1.4

322272 227

+44.3%

3

▲

Consecutive Quarters No. 1

600

-9.5%-11.7%

-6.6%

401

▲113,134.0

708,858.7▼

-30.1%

-0.4%

+43.2%-1.4%186,748.2

+28.3% ▲

-18.2%

▲

▼

13

Wells Fargo & Co

Goldman Sachs & Co7

▼

▲BNP Paribas SA

Morgan Stanley

UBS

China Construction Bank23

29

▼

▼

25

2016

241923

21

Deutsche Bank

UniCredit

Credit Agricole CIB

▲

29,045.2

26

17

19Nomura

15

▼

0.838

0.80.814

28 28,711.3

22

18

+7.1Industry TotalTop Twenty Five Total

100.02,507,920.83,524,201.5

71.1

Societe Generale

RBC Capital Markets14

24

Mizuho Financial Group 65,212.0

45,484.6

66,329.5

47,008.518

75,853.1

▼

12

Mitsubishi UFJ Financial Group

▼

▼

BMO Capital Markets

RBS20

Bank of China Ltd

TD Securities Inc

Mkt. Share Chg. from Last Qtr (%) Industry % Change from Same Period Last Year

21

9,659

▼612

226▼

3

+14.2

+1.16.6 +2.6

Global Debt Capital Markets % Change by Asset Class

Santander

▼-10.8%-8.7%

0

▲

▲ 64▲

1

Industry % Change from Last Quarter

62,784.8

22 12

-0.159,878.5

158,337.4163,019.7

144,008.910

1096,237.811

85

9

82,515.8

9

17

Deals

Jan 1 2016 - Jun 30 2016

109,883.2

226,863.8

Proceeds

Global Scorecard

No.

Citi$USm in Proceeds

+0.9

Fees▲247,242.1 ▲1 2

+30 +1.0892.2

6.9▲

649.98▲ 6.66764 5.2

4.6 ▲+0.5

▲8.9

659.3-34 ▼

5.3▲+43671 6.5

556.6

7.41,044.2-147.5

+0.24.8680.9+46 ▲

664543

6.5▲

-7 ▼599▲2.5 +0.3

-4.7

▲ 353.0

▲0

▼

▲4.6

3.9

▲+0.6+75

555.7 +1.03.9-0.3

265

+104

+87

-11▲▼

4.4

297464

+72

5.2

4.52.9

448529

3933.3 +0.1 ▲▲

5.8

418

4.3-1

468.0

+36

+553.8

▲

4.1

▼-0.7▼ 400.9 2.8

1.3

1.9

+0.2+0.1

+0.3

1.3

▲1.9

1.8+0.3

▲

1.3

1.0 +0.22.7

2.6▼ 266

1.528132,451.3

34,125.50.9 -1.1

▲154

1.0

▼

35,167.8▲

▼- 140

-1.2

3.3

193195

+0.2

1.9

343

+13123 1.2

▲+11▼274

1.42.7

▲9,602.7▲14,166.2 100.0

-11.3% ▼

68.0 +3.710,259 -1,312

5.1% ▲-9.2%▲7.9%▼ ▼

2017 vs. 2016

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1) Citi

+0.6

111.6

▲

+3.6

▲

230,299.7

▲▲

No. 1 Manager

+0.3

196,980.61,269

1

2

▲

+55.8%

2

3

2▲

▲+1.5 1+0.1

▲

7.1

All Asian Currencies ex CDs (AS1)

▲+1.1+3.721.6

JP Morgan ▲

Morgan StanleyCiti

▲Citi

4071,921

+1.8

Global Short-term Debt (B14)

Current Qtr Market Share

(%)

JP Morgan

Global Bonds

+1.5

107,437.5 729

1,904,448.0

+1.47.0

2,073

9.1

+17.1%

430

286

343

3,740,643.8

10,027.8

3,386,930.0

154,727.2223,315.02,959,649.6

4038,1419,023

International Bonds

12.6

Citi+2.3U.S. Mortgage-backed Securities (F11)

U.S. Asset-backed Securities (F14)

Nomura

17.1

+1.2U.S. LT Federal Credit Agency Debt (H3) +6.3

+2.0

U.S. Debt, Equity & Equity-related (E1)

+0.1

12.1

U.S. Investment Grade Corporate Debt (F9)

U.S. Disclosed Fees (E2)

U.S. LT Debt inc MBS,ABS &Tax Munis(F2)12.6

JP MorganCiti

All International Bonds (J1)

U.S. Debt inc MBS, ABS, & Tax Munis (F1)

-0.1


▲16.0

U.S. High Yield Corporate Debt (F8)13.3

JP Morgan14.6

JP Morgan

US Bonds

Asian G3 Currency Bonds ex JP & Aus (AR2)Asia-Pacific Bonds

HSBC Holdings PLC

BNP Paribas SA

Global Investment Grade (B7)

8.7

Global Debt inc MBS, ABS & US Tax Munis (B1)

U.S. Federal Credit Agency (H1)Nomura

12.6

Global Asset-backed Securities (B11)

167,391.6

+1.4

+0.5All Bonds in Euro (N1)

Global High Yield Corporate Debt (B4)

Citi

11.77

Global ABS (B11)

12.6

Citi

1,140,805.7

23.6

8.6

152,969.9

237,465.1

223,822.3

Leading Underwriters for Second Quarter 2017

456426

Credit Suisse

Citi


▲

▲

703

Global Disclosed Fees (A2)

1.7

-3.0%151,410.7

-29.7%1,657

5,3372.6

3,351,768.0

1.9▲ +11

-118,851

5,902 ▲1.7

185.4

▼2.5

▲▲

207.8

349.31.4201.1

▲

1.5

+29+45

+74

0.71.0

-262

-270

▲

92.1

▲

▼ 0.9

00.8

122.3

108.3

▲-0.3+0.5

+0.30.9

141.9

127.3188.7

221.40.9

+26245.9

1.6

▲

+0.3 ▲

▲▼

▲-0.2

▲120.1

+0.3

205.2

+0.1

▼

1.3

▲+0.2

+0.5

▲

Global Long-term Debt ex MBS, ABS & Munis (B3)

▲▼-0.3

+0.1-27.6%

1.5

122,977.6630

-▼

+0.2Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

-0.2

▲


Global Agency, Sovereign & Supranational Debt (B9) ▲

Global Emerging Markets Corporate Debt (B15)

US Federal Credit Agency Debt (B8)

+30.1%-31.7%

801,508.4

US High Yield Corporate Debt (F8)

Global High Yield Corporate Debt (B4)

All Global Debt (B1)

Agency, Sovereign & Supranational Debt (F10)

89,021.8

975

US Investment Grade (F9)

US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)

1,778,537.0

-6.6%

-29.7%

44.3%

30.1%

-3.0%

55.8%

-27.6%

-40%

-20%

0%

20%

40%

60%

80%

InvestmentGrade Corporate

Agency,Supranational,

Sovereign

High YieldCorporate

ABS MBS Emerging MarketCorporate

Federal CreditAgency

3






* tie

First Half 2017

BNP Paribas SA 4.5-


Imputed Fees (US$m)

-0.4

Jan 1 - Jun 30

1

Citi

Top Ten Total

9*

Industry Total


1

Proceeds per Bookrunner (US$m)2017 Rank

Industry % Change from Same Period Last Year

▼

2.4%

Industry Total

Industry % Change from Same Period Last Year▲▲

▲▲

41.5%

▲

43.3%

-1,500.0

33,012.4

9*

▲

56.9

47.4%

Malayan Banking Bhd

▲▼

40 9.4

RBC Capital Markets

7.6%

Industry TotalTop Ten Total

19.1%

Credit Suisse13


▲

35.740

▼

Industry % Change from Last Quarter 12.9% 17.8%

6,568.3134,839.0

5.6

58

-136.66.5

91

7.14.9 15.5-4.5

8

6 ▲JP Morgan 6.9▼

+2.96.3 186.0

20.7

Dubai Islamic Bank PJSC7

Citi 5 11 2,146.02,065.3

61,983.5

Deutsche Bank 4-1

36.2Standard Chartered PLC 3 2

2+2.47.0

3,857.5HSBC Holdings PLC218.51 +4.52,790.6 ▲CIMB Group Holdings Bhd

-4.4DealsBookrunner

2.8 -14

Market

▼

151▼

297.8

195.73,176.9

242.7

▼

4.6 -25+12+0.3

7.2

▲-0.3

▲

79,692.7

57,633.3

321.1

+3.6-0.7

Imputed Fees: Global Investment Grade Corporate Debt

+0.4

▲+0.5

Deutsche BankBNP Paribas SA 9

4.38

HSBC Holdings PLC 6 4

305▲

59 3.2

+0.2

3.9 244-0.3▲

+0.1237

5.44.6

▲ 386▲+0.6

Barclays

99,054.6

Goldman Sachs & Co 596,725.196,773.53

2

26

JP Morgan

7

3

75,544.58


114,094.8

82,455.64Citi

Sh (%)

+0.8

# ofFees

MarketMarket

Morgan Stanley+0.5

▲

2016 Rank Share Ch.

17

Market

5.6+0.5+1.6

Proceeds1

+36

Market

▲

11.7Sh (%) Share Ch.

▼

2017 Rank

+5

▲

13.3

▲

4

+2-2

Market

17,034.141.7

11.22▲▲

+4.5

+1

312

1Share Ch.

Global Asset-Backed Securities (B11)

NCB Capital Corp

▲ 4.5▲

Share Ch.

-4.4

▲

Bookrunner

-1.9%

31.0

Sh (%)

2.8-21,934.0

-3.0%

▼ 9.2

4.1

Market

-

▼

2,299.4

13

46.7+12

▲

+4.1


+7.0

▼

▲Citi

▲

-4.2JP Morgan11.811,710.2 +1.0▲40

41 ▼ 35.1

8.67.7

7

6

7,494.089

3

5.339.6

Fees

63.82

▼

126.1

-0.25

Sh (%)

4

Proceeds

Wells Fargo & Co

Mitsubishi UFJ Financial Group 10

▼

# of Deals

Mizuho Financial Group ▼

9.4

-7.9%

10 2,170.7

22.4

-0.5

6.6 -3.2 ▼10.3

1.7

▼

9

Sh (%)

-

66.5

1,500.0

16.86.3

9,901.16

▼

4

6.5 -3.2 6

1,621.0

-

13▲

-2.9

-

4


2016 Rank Proceeds

Market

19.7

Fees9.1

▲

0

6.9

4.3

7.0

6.0

# of Deals

4.5

2.7

Jan 1 - Jun 30


2.7▲

-9.6%

250

+1.5

▼

-0.2

▼

4.1

44.1

4.3

100.0

3.4

373

▲

▲7.0▲

5.7▲

+354.4

6.65.4 +0.4

311.7

402.0

Change in

6.4

▲+43▲+1

# of Deals per Bookrunner Imputed Fees (US$m)

Global Debt

Jan 1 - Jun 30

4.7

# of Deals

▲-

▼

MarketProceeds per Bookrunner (US$m)

Bookrunner


Sh (%)+33

Deals

354454.4

▲

Sh (%)

5.3381.7▼▼

6.3

0+33

6.4

▼68,450.8271

4.5 340▲ 5.1

Sh (%)

1045.8

2.5

MarketSh (%)

-6.6%

100.0


1,778,537.0

# of


Manager

20.7%

Market

Wells Fargo & Co 45,132.210

Industry Total815,557.1Top Ten Total

▼

Global Mortgage-Backed Securities (B10)

5,337

-6.4%

-565

Global Debt and Syndicated Loans Islamic Finance (DL2)

-7.2%

7,197.5


29,832.0Credit Suisse▲+9.2


2017 Rank

Market

Wells Fargo & Co

▲

2.82.8

+2.8+57.6

NomuraGoldman Sachs & Co

Market

22.1%

7.2

Jan 1 - Jun 30

-5

▲+2.8

5.2 -▲

+7.2

Change in

100.0▼

▼

Share Ch.

194.9▼

-7.2%

▲▼

Market

9.6+6.0

▲

4.35.9

5.25.6

Share Ch.Manager

374.9-0.5

+4.3

+1.3

+0.1

▼

▲-0.5

Market

▲+9.7

Imputed Fees (US$m)

▼5

▲

58

+1.5

-0.2

▲

10.715,295.8

Morgan Stanley9.69.37

5

13.7%4.5%

4,996.5

▼ 358

▼

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)Market

Share Ch.Market

# of

8 35 7.711,576.1 5.0

22,035.6

# of

15.415.7

49

Sh (%)+2.8

Market

Global Asset-Backed Securities ex-CDOs (B13)

6

0

▼

JP Morgan4

Share Ch.

▼

-1.7

Sh (%)-3.2

MarketFees

▲-0.1

48.5▼ 6715.8▼

-6.4

Deals

4.0

+3495

+3

▼

Change in

+0.5

-

7.5

+13

-1

12.419.9

1.7-

14,699.6

12,389.4Bank of America Merrill LynchBarclays

2

JP Morgan

45.372

12.7

Market Market

98.6

14.8%

64.4

7

Top Ten Total

4

▼10.513.0 ▲+9

5

Bookrunner

▲

Citi

# of


ManagerBookrunner

39,177.6

2016 Rank

▲

▲

84

30.1%

196,980.6

▲

5.9

+0.4

5.0

13,466.3

-0.1

3.3-1.7

+0.6 ▲

-1.4

3 225,978.2

▲

Proceeds1

57

3

# of Deals

▼11.2 -2.011.3 14.7 -1

▲

1

+116125,855.52

13.4-0.5

21,406.9

10.023,087.9▲

+13+3.8+12

12.5 +8▼40.6 9.4

▼

▲ +0.28.3

▼11.2-2.1

▲7.5

+0.6

34.4

6.6

+0.28.0

▲▲ ▲ 32.4

▲36.0

▲▲

+2.224.3

2.65.0 +6+4

5.6+9

3.2 ▲+1.8 ▲ 23▲-0.7 7.7

+1.311.1+1.216.2 3.7

Barclays 10 2.2BNP Paribas SA 9 7,411.8

1113

187,476.33.9

81.4 +1.2100.0

▼-0.5 ▼▲

-8.4%

2.5

+55 433.2456

10.9-718 ▼▼

▲

Share Ch.MarketChange in

-29.4%

-2.5

▲

100.0299.7

-2.4


69.3

▼

Imputed Fees (US$m)


42

53

43

4.3

3

-1.784

▼11,710.2

7

▲▲+9.5 22.3

▼

▲ -1.352

+1.4▲+2.6▲17.1


Industry Total


+3.7

11,710.82

Barclays 3▲

-1-3

8.7

5

38.8

Sh (%)▲

Proceeds

Wells Fargo & Co-0.4

13,466.333.6

2016 Rank

34

65▲

▼-5.35.440.0▲ 41.7

-18+18

4.8

▼-

9.9

12.210.1

+9

▼

3.8 328.7+0.7

426

25.832.1▼ 7.5 -7

68.4 +0.6 ▲100.0 737.5

8,947.9▼

+19466.9

▼

+20

▲▲ +1537

19.7 0

+0.135.7

-1.1

▲+2.2

6.1

▼

+0.8

7.76.2

-0.1 ▼-1

3.5

45-

-2.2

4.4 Mitsubishi UFJ Financial Group

+35.4

5.7

24.2%

▼▲

5.9

+0.1

▲

100.0

▲

3.2

▲

+1.952

8

Top Ten Total63.5

11

▼9

1

Credit Suisse

5.8%

Manager

▲

▲

53# of DealsSh (%)

▲4.7%

Market

Jan 1 - Jun 30

Share Ch.


8.9

FeesMarket


Deals+5


8,454.69▼

+1.3-0.7 104,298.4

▲23.6%

5.8

7.411,274.3

8,864.0

4.1

▲

-2.0

▼

5.6 +0.4

7.7-5.7+1.3

▼

▲12.1 0 - 30.7 5.7 -0.2

▲ 32.8

▲

▼

▼

▲+0.825.8 4.8 -1.4

▼61.3

4.8-6 25.923.3

RBC Capital Markets

10.9-12.1

-4.2

0

-1.8

24.94.3▲

331.3▲

-0.2▲

+15+1.284 -

▼

Deutsche Bank

6,568.3 4.3

7

▲

37▲

370

▼

10.9

41

+0.6

100.0

2.8

57.6


230,299.7

-1.5%

338

▲67.1%

100.0541.1151,948.1

▼8.6

100.0 -5

2968.6

6,267.9

8,454.6

7

10▲

▼

Mizuho Financial Group68

23.3

Deutsche Bank 10,977.9

$6.0 $5.1 $4.0 $4.9 $5.5 $5.9 $6.5 $6.7 $7.8 $7.2

2,949 2,539

3,039 3,421

3,243 3,568

4,301 4,596

5,902 5,337

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Num

ber o

f Offe

rings

Fees

(US

$b)

Global Investment Grade Fees (US$b) Number of Offerings

4






Banking Composite: Global Debt



Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Jun 30 2017


3.3% 4.6% 6.7% 4.9% 4.4% 2.6%

7.5%

22.9%

25.4% 22.9%

16.4%

26.2%

13.8%

19.2%

30.2% 31.1%

3.8%

5.2%

2.3%

2.3%

2.8%

7.7% 2.5%

0.0%

3.3%

2.1%

1.1%

1.4%

1.5%

1.3%

0.0%

3.2%

12.3%

11.6% 9.6%

12.2%

11.0%

11.2%

14.5%

5.9%

5.5%

14.7%

53.5%

52.1% 49.9%

57.3%

52.5%

64.9%

57.8%

53.6%

56.5%

62.5%

3.6% 1.7%

3.8% 5.7%

2.2% 5.5% 3.8% 1.9%

11.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Citi JP Morgan Bank of America MerrillLynch

Barclays HSBC Holdings PLC Deutsche Bank Morgan Stanley Goldman Sachs & Co BNP Paribas SA Wells Fargo & Co

% T

otal

Pro

ceed

s

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS

5







Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.



Global Debt Rankings* - Last Ten Years

1

2

3

4

5

6

7

8

9

10

2008 2009 2010 2011 2014 2015 2016 2017

Ran

k

Citi

JP Morgan


Barclays

Morgan Stanley

Goldman Sachs & Co

HSBC Holdings PLC

Deutsche Bank

BNP Paribas SA

Wells Fargo & Co

6






First half 2017 US Investment Grade Debt issuance totaled US$713.6 billion raised from 558 deals, a 0.7% increasein valuecompared to the same period last year and the largest semi-annual volume on record. The Technology andTelecom sectors dominated issuance in the period. Bolstered by six deals with a principal amount over US$10 billion,the largest Technology issue was the US$17 billion offering by Microsoft Corp and the largest Telecom issues weretwo US$11 billion offerings by Verizon Communications and Qualcomm. According to estimates, fees from USInvestment Grade bonds totaled US$3.4 billion, a decrease of 10.1% from a year ago.

US High Yield Corporate Debt volume in the first half 2017 reached US$152.1 billion, an increase of 28.3%compared to the first half of 2016. US HY volume from Industrials, Telecommunication and Materials doubled in theperiod. According to estimates, US High Yield fees totaled US$2.3 billion, an increase of 57.8% from a year ago.

Proceeds from Residential Mortgage-Backed Securities totaled US$22.8 billion, an increase of 38.3% from the sameperiod last year, marking the third highest semi-annual volume following the financial crisis of 2007. According toestimates, fees from RMBS issues totaled US$40.8 million, an increase of 1% from a year ago.

+0.28.4-

+24+0.2 0.7▼-0.2

▲--▲

0.5

+0.100

0

0.60.30.40.3

▲

19.010.213.9

15.3

▼▲-▲

2.0

-5+40

+2

1.31.31.8

77

10

1,809.9 11

▲▲▼▲

0.3

+0.1+0.2-0.1

0.30.30.3

2,668.22,368.02,144.22,059.9

432738

32

Goldman Sachs & Co 5 6 104,883.4 ▲13.2

30

Bank of New York Mellon CorpCommerzbank AGLloyds BankNational Australia BankBBVA

26272829

25

Industry % Change from Same Period Last Year 4.1% ▲1.8%Industry % Change from Last Quarter -16.5% ▼

10.3%

100.0-1,551

▲Industry % Change from Same Period Last Year -39.6% ▼

2,079 160.1

▼ -32.9% ▼▲-15.5%

100.0

-42.7%

Industry Total 209,019.2

-14.4% ▼

100.0

72.0%

2,331.4 100.0

▲▲88.3 +13.9

4.5 2.855.270.7 +13.1 ▲

+0.8-68▲-99

Top Ten Total 147,730.5▼3.1 -0.5 ▼ 74 3.6

▲Daiwa Securities Group Inc 10 12 6,426.3

96Jefferies LLC 4.69 141.7 2.0 ▼

3.3 +0.7-19 ▼

2.5 +0.34.1HSBC Holdings PLC 8 9 8,076.5 3.9 -0.4 ▼

6,834.4

5.3 3.3 -1.66.2

▼1.3 -0.9

3.9JP Morgan 7 8 10,487.2

36

▼▼3.6 -70 ▼5.0 0 - 75

6.4 +2.5 ▲7.1

-0.111.4

86 4.1 -179 ▼▲

Bank of America Merrill Lynch 6 10 13,375.7Wells Fargo & Co 5 5 15,087.3 +0.87.2 +1.1

+2 ▲12.7 -124 ▼264▲

+1.9 ▲ 122 5.9 11.0 ▲

+5.9 ▲▲

6.9 +3.1TD Securities Inc 4 6 16,231.8 7.85.9Citi 3 3 16,996.3 -77 ▼ 13.7 8.6 +1.7

8.3 +3.9+5 ▲ 16.9

8.1 +1.2 ▲ 123105 5.1▲ 10.5

▼ 13.2 ▲Nomura 2 2 26,418.5 12.6 +4.1Barclays 1 1 27,796.5 13.3 +2.5

Fees Sh (%) Share Ch.6.1 -3▲ 127

Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals

All Federal Credit Agency Debt (H1)

2017 Rank

2016 RankBookrunner Proceeds

Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

US High Yield Corporate Debt (F8) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

▲▲ ▲

▼-18.0%

Jan 1 - Jun 30

64.4 -5.1 ▼100.0

4,715.2+242 7,322.22,6011,570,062.5 100.0

70.3 -2.4Industry Total

▼3.2

Top Ten Total 1,103,162.2158 6.1 0 - 231.5

-1.0Credit Suisse 9 9 65,091.9HSBC Holdings PLC 10 10 58,643.7

▼4.2 -0.3 ▼3.7 -0.7 ▼

246+0.3 ▲

▼9.5 +40 4.0

3.9▲ 292.7

-1.5▼ 282.0▼

Deutsche Bank 8 8 66,065.3 4.2 -1.2 ▼ -5380.2447 -

239 9.217.2 0

▼Barclays5.2 -1.5

330454.5 6.2

6.4

-1.4 ▼▼▼-0.9

Wells Fargo & Co 7 4 94,289.7 6.06.1 -1.0 329 12.6 +6 ▲ -0.5

▲ 470.56 5 95,941.7

▲6.7 +0.1

+46 ▲12.7 +40

456.3Morgan Stanley 4 7 108,085.4 6.9 +1.4 ▲ +0.4

▲▼8.8 -1.39.5 -0.6 ▼ 533 20.5

11.0Bank of America Merrill Lynch 3 2 149,196.6

6.2+30 ▲ 647.2

344

9.5 +0.1585 22.5 +89 ▲

▲ 695.4+0.8804.9

▲JP Morgan 2 1 175,969.4 11.2 -0.5 ▼Citi 1

Sh (%) Share Ch.3 184,995.1 22.6 +135▲ 58911.8 +1.8

Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2017

Rank2016 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager2017 Rank

2016 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

+36 ▲JP Morgan 1 2 19,215.8 12.6 +3.0 ▲ 134 51.9 +51 12.0 +2.0▲ 279.0 ▲Bank of America Merrill Lynch 2 5 14,467.8 9.5 +0.5 ▲ -0.4 ▼Barclays 3 4 12,143.5

206.8 8.9▲ 175.8

118 45.731.0 +13 7.5 -2.48.0 -1.3 ▼ 80 ▼

Goldman Sachs & Co 4 3 12,088.9 8.0 -1.4 ▼ -2.2 ▼173.2 7.4▲ 153.7

86 33.3 +14 ▲7.9 -1.8 ▼ 100Citi 5 1 12,008.3

+0.7 ▲38.8 +37 6.6 -2.2

+11 ▲▼

5.6Morgan Stanley 6 8 9,014.6 5.9 +0.4 ▲Credit Suisse 7 7 8,824.7

131.0▲ 138.2

60 23.327.5 +19 5.9 -1.35.8 -1.3 ▼ 71 ▼

Wells Fargo & Co 8 9 7,550.6 5.0 -0.2 ▼ -0.2 ▼102.4 4.4▲ 97.3

76 29.5 +26 ▲4.6 +1.2 ▲ 59RBC Capital Markets 9 10 6,916.8

-3.9 ▼22.9 +27 4.2 +0.4

+4 ▲▲

24.4Deutsche Bank 10 6 6,794.5 4.5 -4.3 ▼ 96.21,553.671.8 -5.2 ▼

63

258 +108

▼

Industry Total 152,131.6

4.1109,025.5

713,596.6 100.0

Industry % Change from Last Quarter -15.1% ▼ ▼

Industry % Change from Last Quarter -25.4% ▼Industry % Change from Same Period Last Year 28.3% ▲

558

Top Ten Total

Industry % Change from Same Period Last Year 0.7% ▲

-19Industry Total

▼

90.2100.0

-0.4 ▼ 3,044.1

30.5

80.285.795.575.7

675,946.3 94.8

0.4

▼▲

▼

▲

▲▼▲▲

68.571.5

▼RBC Capital Markets 10 10 21,509.0 3.0 -0.2 ▼ ▼

3.4 -1.679 14.2

13.4 -12-19 -0.699.4 2.9

63 11.33.9 -1.6 ▼ 113.575 ▼

+0.9 ▲138.6 4.130,113.4 4.2 +2 ▲-0.7 ▼

▼5.5 -0.7 ▼5.5

▼187.2186.45.7 -0.2 ▼ -5

-1.2 ▼ -17105 18.8138

+1.7235.5▲

-1.2

172 30.8 271.0

24.7 ▼

▲7.0 0 -142 25.4 +24

+12 ▲ 8.0

Wells Fargo & Co 6 4 42,344.78.2 +1.25.9

8.7 ▼Morgan Stanley 4 6 68,524.1 9.6

-0.3+2.8 ▲

218▲ 293.00 - 37.1 +17207

Deutsche BankHSBC Holdings PLC

Credit SuisseMizuho Financial Group

▼Citi 3 3 71,165.4 10.0


Barclays

US Deals Intelligence

US Debt (F1) Jan 1 - Jun 30


Goldman Sachs & Co

8

78,080.8

5 5 58,681.1

40,468.9

2 2

7

2017 Rank

2016 RankBookrunner

MarketSh (%)


US DebtUS Investment Grade at US$714 billion - The Largest Semi-Annual Volume on Record | US RMBS Volume Up 38%

US Investment Grade Corporate Debt (F9) Jan 1 - Jun 30

▼

Proceeds


▼

9.6 -1.2

Market # of Market Market MarketShare Ch. Deals Sh (%)

-3.3%

0.96,322.7

14,036.3

5,274.30.80.7

JP Morgan 1

9 8

12

27,658.8

11 13

7

18,444.616,752.616,671.014,385.6

12.6 +0.2 ▲1 90,125.2

9

10.9 +0.2 ▲

▲

253 45.3


▼

Share Ch.+36 ▲ 383.0 11.3 +1.2 ▲

Sh (%)

+5

▼

▼Industry % Change from Last Quarter57.8% ▲

-27.9% ▼

Change in

▼

▼-

+0.4-0.3-0.3

Manager

39.1 -6 ▼ 323.9

Fees# of Deals

-5.6%

66.6 -9.5

7.3%

-16.5%

4,199.3

25

3,794.43,015.12,871.626

19

5,424.1

Top Thirty Total

2122

2423Santander

PNC Financial Services Group

SunTrust BanksScotiabank

111415

131415

2019

17 7,698.7

30

1817202321

Sumitomo Mitsui Finl Grp Inc

Mitsubishi UFJ Financial GroupUBSBNP Paribas SAUS Bancorp

Societe GeneraleCredit Agricole CIB 1.1

TD Securities Inc

121622

11,062.3

6,272.1

16

180.9

2.62.42.32.02.01.6

0.60.50.4

+0.3-0.5+0.1+0.5-0.5+0.2

0▼

0-0.1

▼-▼

▼

-0.2-0.5

▼▲▲▼

▲▼

-0.2

516633

▲ 67686650

▲5.94.3

135

242627332517

12.012.211.89.09.1

11.8

4.74.8

3.02.3

5.94.5

+1

+10

+5+10

0+1

+17-5

+6+1-3

+13

▲▲-

▲▲-

28.738.934.034.033.023.7

0.9

0.7

1.00.7

1.01.0

0.91.2

2.02.1

2.42.52.82.2

0

0+0.2

0

-0.9-0.2+0.5-0.1-0.1+0.6

▼

▲--

▼▲

+0.2

23.1

-1.83,387.2

-12.0%

-▲▼-0.4

-10.1%

▼

+2

▲▲▲

4.2%

-0.20

+0.10.722.8


▼-

0.4RBS ▲0.9

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

7






Jan 1 - Jun 30

▲Industry % Change from Last Quarter -8.0% ▼ 17.1% ▲ 25.4% ▲Industry % Change from Same Period Last Year 75.4%

+9 384.6178

-1.4% ▼ 5.3% ▲

67.9100.0

▼Industry Total 106,900.9 100.0

-1.3+1.3 ▲

Top Ten Total 80,834.3 75.6 -3.0 ▼17 9.6 +9 ▲ 12.1

261.13.15.6 0 -

Mizuho Financial Group 10 13 4,517.8 4.2 +1.9 ▲▼ 25 14.0 -4 ▼ 21.6Credit Suisse 9 8 5,181.6 4.9 -1.1

+12 ▲ 15.0 3.9 +1.2 ▲▼

Mitsubishi UFJ Financial Group 8 9 5,350.0 5.0 +1.9 ▲ 21 11.820.8 0 - 23.2 6.0 -1.0

+0.3 ▲Deutsche Bank 7 6 7,238.9 6.8 -1.1 ▼ 37

36 20.2 +2 ▲ 29.2 7.66.9 -1.6 ▼

Wells Fargo & Co 6 4 8,917.2 8.3 -0.3 ▼▼ 43 24.2 +1 ▲ 26.5Citi 5 3 9,089.1 8.5 -2.0

-11 ▼ 30.8 8.0 -3.9 ▼▲

JP Morgan 4 1 9,287.8 8.7 -5.3 ▼ 37 20.817.4 +9 ▲ 27.9 7.3 +1.4

+1.8 ▲RBC Capital Markets 3 7 9,446.0 8.8 +1.7 ▲ 31

46 25.8 +20 ▲ 32.5 8.511.0 -0.8 ▼

Bank of America Merrill Lynch 2 5 10,465.3 9.8 +1.6 ▲▼ 43 24.2 0 - 42.3

# of Deals Fees Sh (%) Share Ch.Barclays 1 2 11,340.6 10.6 -0.3Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

# of Market Change in Manager Market MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

2017 Rank

2016 Rank

Market Market

Jan 1 - Jun 30US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)

▲Industry % Change from Last Quarter 14.1% ▲ 12.7% ▲

US Asset-Backed Securities excluding Self-Funded and CDOs (F14b)

23.6% ▲Industry % Change from Same Period Last Year 37.1% ▲ 13.6% ▲ 26.1%

+30 547.5251 100.0▲

Industry Total 146,110.6 100.0367.4 67.1 +3.0

+0.6 ▲Top Ten Total 106,165.5 72.8 -3.8 ▼

16 6.4 +7 ▲ 11.8 2.23.9 -1.7 ▼

Societe Generale 10 11 4,568.7 3.1 +0.4 ▲▼ 25 10.0 -7 ▼ 21.6Credit Suisse 9 8 5,181.6 3.6 -2.5

+12 ▲ 15.0 2.7 +1.3 ▲▼

Mitsubishi UFJ Financial Group 8 12 5,350.0 3.7 +1.2 ▲ 21 8.414.7 -4 ▼ 30.0 5.5 -4.4

+0.3 ▲Wells Fargo & Co 7 3 9,043.0 6.2 -3.3 ▼ 37

38 15.1 -2 ▼ 32.0 5.95.1 +0.4 ▲

Deutsche Bank 6 6 9,352.8 6.4 -0.9 ▼▼ 31 12.4 +7 ▲ 27.9RBC Capital Markets 5 7 9,446.0 6.5 -0.1

-14 ▼ 35.6 6.5 -3.8 ▼▲

JP Morgan 4 1 10,402.9 7.1 -6.0 ▼ 39 15.518.3 +18 ▲ 32.5 5.9 +0.8

+2.9 ▲Bank of America Merrill Lynch 3 5 10,465.3 7.2 -0.2 ▼ 46

46 18.3 +3 ▲ 48.6 8.920.5 +6.6 ▲

Barclays 2 4 12,598.7 8.6 -0.3 ▼▲ 82 32.7 +29 ▲ 112.4Citi 1 2 29,756.5 20.4 +7.9

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2017

Rank2016 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

US Asset-Backed Securities excluding Self-Funded (F14a) Jan 1 - Jun 30


9Mizuho Financial Group 17▲10 15

94,517.8 +1.7

+1.6

US Structured Finance 2017 vs 2016 Jan 1 - Jun 30

▼

▲

100.078.0 -1.9

5,350.0

Industry TotalTop Ten Total 98,970.9

20.84716.4

7.5Mitsubishi UFJ Financial Group

▲

▲4.23.6

9.9% ▲Industry % Change from Same Period Last Year 22.3%

126,886.7

▲



416.7 100.0288.1 69.3 -3.0 ▼

226 +15

▲ 15.0 3.6+1.5▲ 12.1 2.9+9

▼-0.521 9.3 ▲

-5+1.5+12

23.2 5.6▼

Deutsche Bank 8 7 7,238.9 5.7 -1.3 ▼ 37-0.3

▼

+1.4 ▲7.4 -1.7 ▼ +17.4 13.7 +9 ▲

▲ 27.4 6.6Citi 7 4 9,408.6RBC Capital Markets 9,446.0

▲▼▲

▼ 31.6 7.6 -1.7▲

6.727.9JP Morgan 5 2 9,733.1

+0.7

+2.131

8.033.37.7

▲Wells Fargo & Co 4 5 11,159.5 8.8 -0.1 ▼Barclays 9.0

9.0 +1.23 11,443.4

11.1 +2.5 ▲10.2 +0.7

25.7 ▲-0.4 ▼ 44 19.5 -3 ▼ 42.4

37.458

▲

599.8

33.8%Industry % Change from Last Quarter 10.5% ▲

43.2%▲ 21.4%14.2%

272 +45

▲▲

+3.6 ▲Industry Total 162,052.9 100.0 100.0

412.013.7 2.3

▼ 68.8▲

Top Ten Total 121,776.8 75.2 -2.4+0.3 ▲

+1.516 5.9 +7 ▲ +0.6

▲Societe Generale 10 11 4,568.7 2.8Mitsubishi UFJ Financial Group ▲ 19.0 3.2

-1.4 ▼12 5,350.0 3.3 +0.9 ▲ 21 7.7 +12

23.7 4.05.3

27 9.9 -5 ▼-2.2 ▼▼5.8 -1.1 389,352.8

Credit Suisse 8 8 5,717.3 3.5

▼ -3.4 ▼14.0 -2 ▼ 32.0 ▼-0.1

9,870.5 6.15 ▲ 32.6

-2.9 ▼ 39 14.3 -2

US Asset-Backed Securities (F14) Jan 1 - Jun 30

# of Market Change in MarketSh (%)

Market

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

US Mortgage-Backed Securities (F11)

4791 33.5

17,735.3

Bookrunner Proceeds2017 Rank

45 21,864.5

25,502.9

Sh (%)Credit Suisse 1 1

Share Ch.68

Goldman Sachs & Co

Wells Fargo & Co 2

Citi

3

5Morgan Stanley

JP Morgan 4

Market # of Market Change in Manager Market

Manager

17.9 -4.0+7 ▲ 42.1# of Deals

13.4FeesSh (%)

2017 Rank

2016 Rank

▼Sh (%)

Jan 1 - Jun 30


2 38,208.82

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market

JP Morgan7.7 0 -

Barclays▲

5 12,464.7

Citi 1

11.9▼

+0.7 ▲9.6

Share Ch.23.6 +11.8

▼

Market

60-2.9 ▼15.9 -1.5 ▼

▲ 31.6 10.1

2016 Rank

29,275.6

54 14.257 15.0

13.935.9 11.4

Imputed Fees (US$m)

▼5.4 -0.138.7 6.5

Share Ch.Market

▼+2 ▲-2.5 ▼40.1-1.0

12.7+10 ▲

▲+6.8 ▲121.6+2.8

# of Deals

+4 53.3 8.9

Fees Sh (%)Deals Sh (%) Share Ch.▲ 20.3+38

17.3 ▲

1 12,389.4 7.7

7.94 12,808.7

▼ ▼

15.8

Deals

▲47 17.3 +18 ▲ +0.937.4 6.2

-0.2 ▼+9

-1333 12.1 +7

19.8% ▲

15.8

▼

-0.2 ▼50 13.2 +12 ▲ 26.9 8.5

4020.8

+21

Top Ten TotalIndustry Total

91.5 -1.4

Nomura

10Barclays

7 9,813.5BNP Paribas SA 9 11

8 16,037.8

4,901.89

+5-9-4.2 ▼

4717.7

Market

6 8

3

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

10.8 +9

17 4.5

9.09.0

3434

41

19

▲ +2.2

▲

7.724.3+8 ▲ 19.9

13.3+4

▲6.3

+2.1 ▲▲

+0.1 ▲4.2 +1.53.0▲

-5-0.4 ▼▲+2.4 5.0 +6

-2.3 ▼-4.3

9.3▼252.8

3.0

2.7% ▲▲10.5%

379

6.8 -0.7 ▼


US Securitizations

▲

5.3 -0.8

8.7 +2.8

-8.0

7.7

-1.6 ▼

-1.3

+1.2

-0.5

22,258.7 12.1

2017 Rank

2016 RankBookrunner

614,081.3

Imputed Fees (US$m)

40.0 6.7 -4.0 ▼43

▼-14.4% ▼-32.0%

100.0314.980.3

9.4

9.1Sh (%)# of Deals Share Ch.

Market

▼+36

MarketMarketSh (%)

-2Fees

▼ 37.8

ManagerChange in Share Ch. Deals

6 11,045.9

# of

2.73.7

▲▼

-8.0%

168,345.8

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

7

-1.4% ▼

6,874.4

6


Bank of America Merrill Lynch23

RBC Capital Markets

Bank of America Merrill Lynch 3

Wells Fargo & Co 6 3Deutsche Bank 7 7

53 23.5 -8.2 ▼Bank of America Merrill Lynch 2 6 14,030.1Credit Suisse 1

9

8

4

1 16,643.5 13.1

184,105.1 100.0

Sh (%)

▼

Proceeds-1.4 ▼

▲

▲21.6% ▲ 18.9% ▲

7.1% 46.5%


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

43.2%

-1.4%

3.5%

38.3%

-11.0%

-40%

-20%

0%

20%

40%

60%

ABS MBS CMBS RMBS Federal Credit AgenciesMBS

8






DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Jun 30DCM Bookrunner Industry Composition (F1) Jan 1 - Jun 30



Banking Composite: US DCM


2.6% 2.9% 1.3% 2.4%

9.5%

5.5% 4.2% 0.5%

10.8% 13.0% 6.2% 9.1%

18.9%

17.2%

7.2%

14.4%

8.9% 9.3%

24.0%

15.9%

7.6% 16.4%

40.9%

30.1%

2.7%

31.3%

8.3%

10.6%

8.4% 14.4%

5.5%

15.5%

4.4% 13.3%

4.2%

11.1%

17.9% 12.9%

21.7%

28.5%

32.1%

17.3%

20.8%

24.7%

13.6% 6.3%

7.4% 5.1%

6.8% 5.5%

12.9%

7.2%

8.4%

5.7%

4.3%

6.5%

4.9% 2.7% 5.1%

2.6%

10.3%

4.7%

3.7%

9.2%

1.8%

2.8%

5.8% 1.3% 5.1% 9.1%

4.0%

5.4% 1.9%

8.6%

3.1% 5.1%

1.8%

3.4% 4.6% 6.3%

2.1% 2.0%

1.4%

3.6% 6.1%

3.2%

3.6%

10.5%

8.2% 4.1%

4.2%

4.5% 7.9% 7.6%

7.5% 10.6% 11.1%

9.5%

11.4% 17.4%

5.7% 2.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Retail

Consumer Staples Telecommunications

1.7% 1.8% 1.5% 5.8%

3.6% 0.2%

7.1% 8.0% 3.8% 5.7%

11.6%

11.3% 5.4%

8.4%

5.3% 8.9%

15.8%

9.9%

4.7%

10.3% 27.0% 22.8% 11.4%

1.6%

30.0%

5.5%

6.6%

5.1%

9.0%

3.4%

10.3% 3.4%

7.8%

7.3%

11.1% 7.8%

13.7%

17.5%

21.2% 13.1%

12.1%

14.6%

13.0% 4.2% 4.6% 3.1%

4.3%

3.4%

8.5% 5.5%

4.9%

3.4%

4.1%

4.3% 3.0% 1.6%

3.2%

1.6%

6.8% 3.6%

2.1%

5.5%

1.7%

1.8% 3.6%

3.2%

5.6%

2.6%

4.1%

5.1%

1.3% 1.6% 2.7%

3.3%

1.3%

1.2% 2.0% 3.2%

1.1%

2.1%

2.8%

4.2%

1.6%

2.4% 3.8%

2.0%

2.2%

6.9%

6.2%

2.4%

2.5%

4.3%

5.2% 4.7%

4.6%

6.6%

6.8%

6.2%

8.7%

10.2%

3.4%

2.2%

37.4% 38.0% 25.8%

19.5%

39.0% 58.6%

24.1%

33.4%

42.8%

45.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

Financials

9






2/2/2017 Apple Inc 10,000 34,900 3.5x 0.7

IFR Markets

Top Deals US Investment Grade Debt Transactions Jan 1 - Jun 30IFR Markets Intelligence

www.ifrmarkets.com

US Monthly High Yield Debt vs Fund Flows

www.ifrmarkets.com


Weekly US Investment Grade Debt vs New Issue Concession Level

Jan 1 - Jun 30

US Monthly Investment Grade Debt vs Fund Flows

1.3

Book to Cover Ratio

Weighted Average New Issue

Concession (bps)

US Auto ABS Collateral Type (US$ Billion)

11,000

10,000

5/13/2017

1/30/2017 Microsoft Corp 17,000

Verizon Communications

Broadcom Corp

Qualcomm Inc

AT&T Inc

US HIGH-GRADE: This was the biggest opening half ever, with more than US$714 billion priced, propelled bymassive issuance in both January and May - respectively the second and third-largest months of volume ever seen ininvestment grade. Low borrowing costs continue to fuel the market, and with the Fed’s occasionally hawkishmessages, borrowers have surely felt a push to come to market sooner rather than later. Jumbo trades north ofUS$10 billion are being used to fund shareholder-friendly actions; it remains to be seen if future rate hikes will slowthe frantic pace.

US HIGH-YIELD: In the first half of 2017 the high-yield primary bond market saw US$152.1 billion of new dealscompared to US$119.3 billion in 2016. The BB-asset class spread has repeatedly made new post-credit crisis lows asinvestors search for good credits at the top-end of the high-yield asset class. Pension funds and insurancecompanies continue to be the main buyers in the sector.

US ABS: The ABS market was off with a bang, with 1H issuance about 30% higher than the same period of 2016.Subprime auto ABS continued to see high demand even as loan defaults increased and the brisk pace of auto saleswas pegged to slow. Even online lenders Lending Club and Prosper saw a little love from bond investors after recentturmoil. Several banks upped their annual ABS forecasts, which are now in the US$205-245 billion range.

5/19/2017

1/11/2017 27,900 2.1x 7.5

11,000 23,200

1/31/2017

8.5

37,600

28,500

3.4x 7.2

0.0 7.5

Issue Date Issuer Deal Size (US$m) Total Book Size (US$m)

2.1x

13,500

37,300 2.2x

$27 53%

$12 24%

$5 10%

$6 12%

Prime Auto Sub-Prime Auto Auto Leases Floorplan Auto-Rental-40

-20

0

20

40

60

-10

-6

-2

2

6

10

14

18

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

2014 2015 2016 2017Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

HY

Pro

ceed

s (U

S$b

)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

0

60

120

180

-16

-12

-8

-4

0

4

8

12

16


2014 2015 2016 2017

Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

IG P

roce

eds

(US

$b)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

-10

0

10

20

30

40

50

0

10

20

30

40

50

60

70

1/2/

2015

2/6/

2015

3/13

/201

5

4/17

/201

5

5/22

/201

5

6/26

/201

5

7/31

/201

5

9/4/

2015

10/9

/201

5

11/1

3/2…

12/1

8/2…

1/22

/201

6

2/26

/201

6

4/1/

2016

5/6/

2016

6/10

/201

6

7/15

/201

6

8/19

/201

6

9/23

/201

6

10/2

8/2…

12/2

/201

6

1/6/

2017

2/10

/201

7

3/17

/201

7

4/21

/201

7

5/26

/201

7

Pro

ceed

s (U

S$m

)

Aver

age

New

Issu

e C

once

ssio

n Le

vel

Proceeds (US$m) Average New Issue Concession

10

http://www.ifrmarkets.com/

http://www.ifrmarkets.com/







First HalfEuropean Financial and Corporate Inv Grade By Domicile Nation


Bank of America Merrill Lynch 1

Market Market

JP Morgan

5.2%

10.6 +0.1

▼ -20.3%

61

-20.4%Industry % Change from Last Quarter

Sh (%)


-18.5% ▼

Sh (%)# of Deals2017 Rank

▲

Jan 1 - Jun 30

▼

10,359.3 100.0-1.058.1

▲ 21.2%

3,237 +159

BNP Paribas SA 9

3.6%

8

2,357,324.31,371,708.6

Industry Total

10 13

▲

114,744.2100,767.6

98122,624.1

-4.9▼9.8 +81▼54.9

+0.34.3

▼

- 388317

+2712.0▲ 385.2

▼▲ 319.7

5,682.8

3.14.9 488.3365 11.3 +61+0.8 ▲

▲▲

-0.2-0.4

▲

518.1

3.7

+0.7-1.1

▲5655.5

▼+3515.1 493.6+63

17.5 +28 5.0566.8

4.7

▲▼

-1.3▲+0.5

4.813.1

5.2 -0.7 ▼ 490423▼5.6

▼ 521

-0.2

6.3 5.7

Goldman Sachs & Co 6 7 132,607.7139,969.7

-1.1 ▼

▼16.1

6.7-0.2 ▼ 555 17.1-0.8

▼-0.7

+34 ▲690.5

-0.9 ▼+60 ▲

594.7

8.4 -0.47.3+143 759.7

Market MarketSh (%) Share Ch.

▼702

▲ 689 21.321.7 866.2+42 ▲

▲

+0.3 ▲6.6▲ 142.6 +0.2

▲ 100.6▲

4.7

Deals


International DebtInternational Bond Volumes Up 4% l Record Sukuk Deal l JP Morgan Top Global Fee Earner

All International Bonds (J1) Jan 1 - Jun 30EMEA Deals Intelligence

# of MarketFeesProceeds

Change in ManagerImputed Fees (US$m)

▼ 126.4 5.9


Sh (%) # of Deals

175▲

+4


2016 RankBookrunner

+1.0


17.8 106.3 5.0 ▼-0.35.8125.2 +0.2

5.9 -0.4

2.8 ▲

100.0

All Bonds in Euros (N1)

065,806.9Credit Suisse

Market Market

+0.88.18.3

-0.6

Sh (%) Share Ch.

▼

▼ 165 17.2Deutsche Bank

5.9▲

-0.344,158.246,018.1 6.1

Societe Generale 6 5

4 6Credit Agricole CIB 5 4

177 +20

+6198 20.6 +36194

5.6119.7 ▼-0.3▲+0.5

+0.56.5 -0.2 ▼ ▲-620.2HSBC Holdings PLC 3 2 48,979.7

Barclays 2 3 49,873.1

Share Ch.+0.1

6.6 -0.1 18.4▼▲

Fees Sh (%)145.2▲

Change in

6.859,788.3Share Ch.Proceeds # of Deals

+6Sh (%)

22.1

2016 Rank

1Sh (%)

1

# of

7.9 213▲Deals

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

+2.3Barclays

Market

100.0

3.43.7

8.7

15,159.7

196,368.1

2 2

4

191,802.8

Proceeds

6.7

5

158,323.5148,694.0

17,213.5

Deutsche Bank 87

Top Ten Total

3


3Credit Suisse

Citi 1 2

Bank of America Merrill Lynch 4Barclays 3

3JP Morgan 2 1

2016 Rank

HSBC Holdings PLC 5

Bookrunner

Morgan StanleyDeutsche Bank 7 6

Market# of Market Change in Manager


Imputed Fees (US$m)Market

Share Ch.


+0.3Deals

20.1 0 -+15

+0.98.4

FeesShare Ch.12.0 +1.5

Sh (%)

28.9

▼52

MarketManager Market

46.9

Jan 1 - Jun 30

23.6

▼

▲

Market

5.8+6-2.6-2.1

35.4-0.4

12.7 -10 ▼

Imputed Fees (€m)

426.4

16.2

▼▼16.6 -2

7.9

-1.1

▲-3.5

10.3

13,636.3 -1.5 ▼ 35.2 7.8

▲

439.5▲ 26.5▲

35.7

Wells Fargo & Co 4 5 12,510.7

▲1

▼Goldman Sachs & Co 6 10 10,247.8

45Citi 5 4 12,028.024.4 5.4

+0.4 17.4 -1 ▼▲7.1 ▲

6 9,415.0 6.6 -0.6 33▼▲ 26 10.0 +5

+1.82.7▲13

▼-7.8 0

4.3

-1.5

8 5,303.4 ▼-7 ▼ 19.7-1.5 11.630▼+1.3

-2.1Credit Agricole CIB 9 13 4,921.0Morgan Stanley 10 11.3

▲9

5.0 +4

Top Ten Total 105,264.04,828.6 -1.8 ▼ 2.5 ▼

▲20 7.7 -2 ▼

12.4

454.060.973.4

3.4+1.1 ▲

-8.3%▲

▼-11.2+1 100.0

276.4259

▼Industry % Change from Last Quarter 22.0% ▲ 27.2%

▲19.3% ▲

2017 Rank

0.4%

▲5.6 -0.5 ▼ 171

Industry Total

Industry % Change from Same Period Last Year 3.4% ▲

143,456.4

▲ 152▲

41,863.58 40,991.4

5.3 +0.15.5 +0.5

18.2 +8 ▲ -0.2▲15.8 +12

90.4Goldman Sachs & Co 9 9 38,569.8

JP Morgan 7UniCredit 8 7 39,566.5

5.1 +0.2▼

▲ 111.5 5.2 -0.1▲ 1354.2

14.0 +304.289.8

▼Citi 10 10 33,096.5 4.4

442,905.113.7

▲▼ 132

58.9 +1.1 ▼▼+9 ▲ -1.0-0.1

54.0 -0.61,157.7100.02,147.0-48

Industry % Change from Same Period Last Year 5.2% ▲ -4.8% ▼ 17.8% ▲▼ -13.3%

Industry Total 752,731.5 100.0

International bond volumes saw a year on year increase of 3.6% during the first half of 2017, reaching US$2.4Trillion. Citi and Morgan Stanley recorded the largest rises in market share year over year (+0.8 percentage points).The three industry sectors with the largest increases in proceeds were Real Estate (+86.9%),Telecommunications(+83.4%), and Technology (+47.4%).

Acquisition Finance deals totaled US$259.6 billion in the first half of 2017, driven by Qualcomm’s US$10.9 billion ninepart senior unsecured offering, principally funding the acquisition of NXP Semiconductors. This was the largestinternational deal priced in the first half. AT&T also tapped the European market in June, issuing a five part Eurodenominated bond, in part to fund its pending US$107.5 billion acquisition of Time Warner. The Kingdom of SaudiArabia priced the largest Sukuk bond on record in April, a US$9 billon dual- tranche deal well in excess of theprevious record holder (US$4 billion from Qatar in 2012).

According to estimates, the top international bond fee earner in the first half of 2017 was JP Morgan with US$866.2million accrued from 702 transactions, accounting for a 8.4% wallet share. The leading fee earner in the InternationalSecuritisation market was Bank of America Merrill Lynch with US$46.9 million accrued from 61 deals. BNP Paribaslead the All Bonds in Euros fee earners with €145.2 million from 213 deals, a 6.8% wallet share.

All International Bonds by Issue Type

Top Ten Total

▼Industry % Change from Last Quarter -15.8% ▼ -20.2%

962

€ -

€ 200

€ 400

€ 600

€ 800

€ 1,000

€ 1,200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2010 2011 2012 2013 2014 2015 2016 2017

Pro

ceed

s (€

b)

Investment Grade Corporate Agency, Supranational, Sovereign High Yield CorporateFederal Credit Agency Emerging Market Corporate ABS & MBS

€0

€10

€20

€30

€40

€50

€60 Proceeds (€b)

2016 2017

11








Green BondsApple Returns To Green Bonds Market l French Borrowing Cools In The Second Quarter l Credit Agricole Top Fee Earner

Green Bonds Deals Intelligence All Global Green Bonds (GR01) (Exc Tax Exempt Munis) Jan 1 - Jun 30

According to figures compiled by Thomson Reuters and The Climate Bonds Initiative, global green bond proceeds inthe first half of 2017 were up by 63.2% year on year. Credit Agricole led the global green bond rankings with a marketshare of 8.1%, representing a 3.7 percentage point increase in market share compared to the 1H 2016. Francecontinued as the top Green Bond issuer nation with a 26.7% market share in the first half, despite having only oneissue priced during the second quarter, a €500m ten year offering from RATP. China was the leading issuer nation inQ2, with 13 deals.

Notable transactions priced in the second quarter included the second green bond offering from Apple, a US$1 billionten year deal led by an underwriting group comprising JP Morgan, Bank of America Merrill Lynch and GoldmanSachs. German agency KfW priced the largest green bond of the second quarter, an eight year €2billion deal withproceeds designated towards renewable energy.

According to estimates, the leading first half global green bonds fee earner was Credit Agricole, with US$8.7 millionaccrued from 18 transactions, with wallet share of 6.8%. Credit Agricole again led top Euro denominated GreenBonds fee earners, with €6.6 million from 15 deals.

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2017 Rank

2016 Rank

Market Market # of Market Change in Manager Market MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.Credit Agricole CIB 1 3 3,565.7 8.1 +3.7 ▲ 18 18.4 +9 ▲ 8.7 6.8 +0.9 ▲HSBC Holdings PLC 2 15 3,245.2 7.4 +4.3 ▲ 22 22.4 +4 ▲ 8.6 6.7 +4.8 ▲BNP Paribas SA 3 12 2,889.3 6.6 +2.7 ▲ 15 15.3 +7 ▲ 8.3 6.5 +2.1 ▲Societe Generale 4 16 2,686.9 6.1 -1.7 ▼ 7 7.1 +4 ▲ 4.6 3.6 +0.1 ▲Citi 5 11 2,566.4 5.8 +4.4 ▲ 13 13.3 +7 ▲ 6.4 5.0 +1.4 ▲JP Morgan 6 2 2,268.9 5.2 +4.2 ▲ 16 16.3 +7 ▲ 6.6 5.1 -0.5 ▼Natixis 7 28 2,190.3 5.0 -0.7 ▼ 9 9.2 +1 ▲ 3.9 3.1 +2.2 ▲Morgan Stanley 8 40 2,014.2 4.6 -7.9 ▼ 8 8.2 -7 ▼ 4.4 3.4 +3.0 ▲Barclays 9 7 1,909.0 4.3 -3.1 ▼ 7 7.1 -4 ▼ 5.7 4.4 -1.9 ▼Bank of America Merrill Lynch 10 1 1,844.5 4.2 +1.5 ▲ 12 12.2 +8 ▲ 5.7Top Ten Total 25,180.4 57.3 +7.4 62.9 49.1

4.5 -8.1 ▼

98▲

128.7 100.0+4.0 ▲


Industry % Change from Same Period Last Year 63.2% ▲ 50.8% ▲ 108.6%-27.3% ▼ -25.0% ▼ -23.7%

▲

+33

▼

Top Green Bond Issuance by Nation First Half All International Green Bonds (JG1) (Exc Tax Exempt Munis) Jan 1 - Jun 30



2017 Rank

2016 Rank


# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.

Credit Agricole CIB 1 3 3,565.7 9.7 +3.5 ▲ 18 32.7 +6 ▲ 8.7 8.6 +1.0 ▲HSBC Holdings PLC 2 11 3,245.2 8.8 +4.9 ▲ 22 40.0 +4 ▲ 8.6 8.5 +6.0 ▲BNP Paribas SA 3 8 2,705.4 7.4 +2.5 ▲ 12 21.8 +6 ▲ 7.9 7.7 +2.0 ▲Societe Generale 4 12 2,686.9 7.3 +5.2 ▲ 7 12.7 +7 ▲ 4.6 4.5 0 -Citi 5 7 2,470.9 6.7 -3.6 ▼ 12 21.8 +3 ▲ 5.7 5.7 +1.1 ▲Natixis 6 21 2,190.3 6.0 -1.9 ▼ 9 16.4 0 - 3.9 3.9 +2.7 ▲JP Morgan 7 2 2,173.5 5.9 -12.0 ▼ 15 27.3 -8 ▼ 6.0 6.0 -1.3 ▼Barclays 8 5 1,813.5 4.9 +3.4 ▲ 6 10.9 +4 ▲ 5.2 5.1 -3.1 ▼Bank of America Merrill Lynch 9 1 1,652.2 4.5 -4.2 ▼ 11 20.0 -4 ▼ 4.5 4.5 -11.8 ▼Morgan Stanley 10 32 1,483.0 4.0 +2.4 ▲ 5 9.1 +3 ▲ 2.6 2.6 +2.0 ▲Top Ten Total 23,986.6 65.2 +0.2 ▲ 57.7 57.1 -1.4

100.0▼


▲ 17.0% ▲ 113.2%

+8 101.555

▲Industry % Change from Last Quarter -43.8% ▼ -33.3% ▼ -42.4% ▼Industry % Change from Same Period Last Year 85.5%

Visit https://www.climatebonds.net/ https://www.thomsonone.com

Global Green Bond Industry Composition (US$ Billion) First Half Global Green Bonds Volume Jan 1 - Jun 30

0

5

10

15

20

25

$0

$2

$4

$6

$8

$10

$12

$14


2014 2015 2016 2017

# of

Issu

es

Pro

ceed

s U

S$b

il

$18.4 42.1%

$14.1 32.4%

$7.2 16.5%

679.50 1.6% Government and Agencies

Financials

Energy and Power

High Technology

Real Estate

Industrials

$11,756 $6,092

$3,829 $3,379

$3,193 $1,985 $1,961

$1,687 $1,641 $1,633

$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000

France

China

United States of America

Netherlands

Germany

Italy

Spain

Brazil

Luxembourg

Australia

Proceeds US$m

12

https://www.climatebonds.net/



▼ -15.8% ▼Industry % Change from Last Quarter -20.5% ▼ -16.1%Industry % Change from Same Period Last Year 61.3% ▲ 58.5% ▲ 78.2% ▲

+38+2.3 ▲

Industry Total 45,576.8 100.0 495.3103 100.063.5▲ 314.1Top Ten Total 28,705.4 63.0 +8.0

MarketSh (%)

▼

Fees Sh (%) Share Ch.Market Manager# of Market Change in

▼Industry % Change from Last Quarter -24.1% ▼

Sh (%) # of DealsJP Morgan

Industry % Change from Same Period Last Year 41.5%

Top Ten Total 116,499.5

▲ 86.0% ▲ 74.6% ▲-27.8% ▼-17.4%

305 +141 2,659.9 100.0-12.0 ▼


▲66.9 -9.0 ▼ 1,657.3 62.5

+28 ▲ +0.173

100.0 3.83.9102.9

60 19.74.0 +0.7 ▲▼

RBC Capital Markets 10 10 7,029.3Deutsche Bank 9 6 7,375.4

▼4.2 -4.5

+25 ▲23.9 +12 ▲ ▼24.9 102.4 3.9 -0.5

-3.94.3 -0.9 ▼ 76Wells Fargo & Co 8 9 7,550.6

22.6 +20 ▲ 141.4 5.3 +0.5-0.2 ▼

▲Morgan Stanley 7 8 10,075.2 5.8 +0.5 ▲ 69

-2.883 27.2 +28 ▲

105184.2 6.9

5.96.6 -0.4 ▼

▼Credit Suisse 6 7 11,549.4Citi 5 2 12,335.1

▼7.1 -2.3

+16 ▲34.4 +41 ▲

12,639.1157.6 ▼

29.2 180.0 6.8 -2.5-2.8

7.3 -2.0 ▼ 89+16 ▲ 180.6 6.883

-1.3 ▼▼Barclays 3 5 12,686.7 7.3 -1.7 ▼

214.1 8.1126 41.3 +41 ▲▲11.7 +2.2 45.9140

27.28.6 -0.6 ▼

+1.4# of Deals Fees Sh (%) Share Ch.

294.1 11.1+55 ▲ ▲

Change in ManagerMarket Market # of Market

▲▼ -25.4% ▼

Industry % Change from Same Period Last Year 44.3%Industry % Change from Last Quarter -22.7% ▼ -16.0%

+177

▲ 78.3% ▲ 74.1%

100.0▼

Industry Total 223,315.0 100.061.63.3

-9.1403 3,197.0

▲Top Ten Total 144,088.4 64.4 -5.4 ▼ 1,965.6

78103.93.3

3.4+24 ▲ 109.09 8,088.0RBC Capital Markets 10 10 7,436.1

9Wells Fargo & Co ▼+0.6 ▲

▼ -0.566 16.4 +32 ▲ +0.2

26.6 159.2 5.0 -3.4 ▼3.6 -0.7

+26 ▲19.4

5.4 -4.3 ▼ 107Deutsche Bank 8 1 12,106.520.6 +29 ▲ 173.2 5.4 +1.3

+0.1 ▲▲Morgan Stanley 7 8 12,786.3 5.7 +1.2 ▲ 83

-2.5109 27.0 +43 ▲122

215.8 6.85.6

6.2 -0.3 ▼▼

Credit Suisse 6 7 13,844.7Citi 5 4 14,742.5

▼6.6 -1.9

+29 ▲30.3 +50 ▲ 178.3 ▼26.6 215.6 6.7 -2.47.2 -0.9 ▼ 107

115Barclays 4 6 16,103.0

▼Goldman Sachs & Co 3 2 16,278.4 7.3 -1.4 ▼ ▲ 220.4+48

28.5 +3436.0 -1.07.5

6.9 -2.5

+1.6 ▲▼Bank of America Merrill Lynch 2 5 17,421.9 7.8 -0.4 ▲

JP Morgan 1 3 25,281.0 11.3 +2.7 ▲▲ 177 43.9 11.0239.3350.9+78

145▼

Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.Market Market # of Market Change in Manager

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2017 Rank



High Yield DebtFirst Half Volumes Up 44% l Netflix European High Yield Market Debut l JP Morgan Tops Global Fee Rankings

Global High Yield Debt (B4) Jan 1 - Jun 30Global High Yield Deals Intelligence

Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Jun 30

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Jun 30


Bookrunner Proceeds Sh (%) Share Ch.

Bookrunner Proceeds

20,336.6Bank of America Merrill Lynch 2 4 14,922.1

Goldman Sachs & Co 4 3

2017 Rank

2017 Rank

Proceeds per Bookrunner (€m)

2016 Rank

JP Morgan 1 1

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market

1 4 4,545.8Share Ch. Deals

10.0

2016 Rank

35+24+14

+4.7 ▲ 39 37.9Deutsche Bank 2 1 4,355.0 ▲ 51.89.6 -3.5 34.0▼

+2.8 ▲10.5 -0.6 ▼

▲ 52.2 10.6

Goldman Sachs & Co 3 2 3,372.2 7.4 +1.1 ▼30 29.1 +19 ▲ 37.4 7.6▲ -2.56.5 025.2 +13 ▲ 32.4

+0.5 ▲ -0.4 ▼Barclays 4 6 3,160.3 ▲ 26

Morgan Stanley 6 22 2,500.8

-HSBC Holdings PLC 5 3 2,649.1 5.8 5.0

▲


22.3 +10 ▲ 23.5 4.7 +0.3

32 24.931.1 +16 ▲14.6 +9

Bank of America Merrill Lynch5.9 +4.9▲ 29.4

7 11 2,328.4▲ 15

Citi 8 5 2,232.3 4.9 19.2-

-0.3 ▼ 20 19.4▲

3.9 -1.3▲ 23

+0.8▼+10 ▲

Credit Suisse 9 8 2,107.8 4.6 02.9

▲BNP Paribas SA 10 9 1,453.7 21.4 +4 ▲

27.2

+1.9

-1.7+15

▼ 225.928 ▲ 29.1

14.2

Global High Yield volumes in the first half of 2017 recorded an increase of 44.3%, with 177 more deals pricedcompared to the same period in 2016. JP Morgan led the Global High Yield Rankings during the first half of 2017,with a market share of 11.3% from 177 deals. Non Dollar issuance was up by 61.3% year on year, mainly attributedto a surge in British Pound issuance, which reached a total of £7.2 billion year to date.

Notable deals priced in the second quarter included a European High Yield Market debut from Netflix, with a €1.3billion ten year single tranche offering, the proceeds in part going towards production of increased original programecontent. A €3bn-equivalent senior unsecured deal from Swedish borrower Intrum Justitia was the largest EuropeanHigh Yield deal during the first half of 2017, the proceeds of which were to be used to finance its acquisition ofLindorff. In the Sterling market, Center Parcs priced a two tranche £730m deal, both to finance the development of itsfirst holiday park in Ireland and to fund a distribution to shareholders.

According to estimates, the leading global High Yield fee earner was JP Morgan with US$350.9 million in proceedsand an 11% wallet share. JP Morgan also captured the largest wallet shares in both the US Dollar market (11.1%)and the Non Dollar market (10.6%).

Average Quarterly Spread to Benchmark*

Monthly High Yield Volume

3.2 -1.3

5.1 +0.95.5 +4.0

6.9

0

100

200

300

400

500

600

700

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2010 2011 2012 2013 2014 2015 2016 2017

Bas

is P

oint

s

Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark)

*Spreads based on fixed rate issues where spread information is available

0

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ

2012 2013 2014 2015 2016 2017

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$) # of Issues

13






*tie


Jan 1 - Jun 30All International Emerging Market Bond Volume by Industry (US$b)

90.5%21.8%

▲115.9% ▲ -31.9% ▼ -13.4%

41.8% ▲

46.3%

-8

-15.7%

65.3▲▲+30.171.8

-28.0% ▼ -11.4% ▼▲

109.6

▼

100.043

▲

3.3▲

4.7▲

2.6

▲+1.7

2.9

▼

Industry Total

53.6% ▲ 249.9% ▲15.0% ▲ 40.5%

% Change from Last Quarter -28.9% ▼% Change from Same Period Last Year 38.1% ▲

Top Ten Total 34,115.7Societe Generale 10 1,371.8 ▲

+21.871.1-24.7

48,039.9

2.9 +1.621

100.0▲

National Bank of Kuwait SAK 9 32 1,513.3 +2.8 ▲3.2 3 2.8▲ 3.0+1.2

7.0 +1 +1.82 ▼

2 4.7 +2 ▲3.43.0▼ 3.33.0+3.4 ▲ +3.0

7.0 -2NCB Capital Corp 8 - 1,635.7

33.616.3 +3 ▲

Deutsche Bank 5 35.067.3

Barclays3,525.8

+0.1-1.2

7▲+2.2 ▲

▼ 48 2,383.3

BNP Paribas SA 7 18 1,735.9

▲7.3 6.6 +2.7▼-0.14.3

▲17 39.5 +6 ▲ 8.5 7.79.3 -3

▲32.6 +611.7 +1.4 ▲

8.010.8 +4.2▲

+4.7Standard Chartered PLC 4 6 3,841.711.9

+2.2

HSBC Holdings PLC

14▲16 37.2 +6 ▲ 12.2 +4.2▲

14.7+2.3 ▲

58.1 +9

JP Morgan 3 1 5,632.0

1 ▲Citi 2 2 5,946.1 12.4 11.1

13.4 +6.7▲Deals Sh (%)

13.6 +7.0 ▲ 25Sh (%)

5 6,530.1

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch.

Proceeds per Bookrunner (US$m)Market Market # of Market

# of Deals per BookrunnerMarket

100.0

Imputed Fees (US$m)2017 Rank


Middle East Emerging Market Bonds (L5) Jan 1 - Jun 30

% Change from Last Quarter -25.3% ▼ % Change from Last Quarter ▼ -3.1% ▼ -17.2% ▼▲ 201.4% ▲

1,060.0

% Change from Same Period Last Year 70.5% ▲

+104

49.8%

Industry Total▼

313 100.044.6471.1

-2.8▲ 37.2

180,284.3-0.2 ▼ -7.8

▼Top Ten Total 88,037.4 48.8Goldman Sachs & Co 10 13 5,609.1

34.2 3.23.1 +0.2 ▲ 32 10.2 +15 3.5

14.1 +12 ▲Bank of America Merrill Lynch 9 3 6,060.9-1.2 ▼

3.4 -2.051 16.3

▼ -3.4 ▼44

39.7▲

▲ 35.53.4 +0.1 ▲ +26UBS 8 10 6,140.16.06,559.7 ▲3.6 +1.13.4

▲42 13.4 +25 ▲ 64.0 +1.2

-0.1 ▼3.8 -2.2 ▼

52+18

35.7 3.415.3

8,106.7 4.5-0.67,826.8

16.6 +31▼ 484.3

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Deutsche Bank 5 8

Market # of MarketImputed Fees (US$m)

+0.6 ▲

2017 Rank

2016 Rank

1 1Proceeds

Market

- 10.9 ▲-0.3

▼100.0

-1.5333.8

58.44.7 +0.4

7 16JP Morgan 6Credit Suisse

5

▼

100.0 95 +19Industry Total 78,945.7

▲% Change from Same Period Last Year 12.0% 58.3%

246.9+4.3 ▲8.4 03.2 -4.7 ▼ 8

66.2BBVA 10 6 2,511.9Top Ten Total 61,437.6

15 15.8 +10 ▲ 13.5 2.0+2.6

5.2 -5.3▲BNP Paribas SA

Santander

+2.9 ▲Itau Unibanco 9 17 3,124.2 4.0108 12 3,415.5 4.3207 3 4,138.5 ▼ +7 ▲

▼21.110.5 +7 ▲ 8.5

-1.3 ▼3.1 -3.0 ▼

21.5

10Morgan Stanley 4

▲17.4 0.9Deutsche Bank 6 7 4,286.3

Citi 1 5 14,086.9

ManagerImputed Fees (US$m)

2017 Rank

2016 Rank ProceedsBookrunner # of Deals

Jan 1 - Jun 30

FeesMarket Market # of Market

▼

+0.5

Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Latin America Emerging Market Bonds (L3)

▲

% Change from Last Quarter

HSBC Holdings PLC

5.3

-0.5

# of

Citi 1 2 40,113.8 10.6Sh (%)

6.57 3,567.3

-1.5-0.6

5 3,351.65.1

+0.9


2016 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

Asia-Pacific Emerging Market Bonds (L4)

▲ 165

Market

133.8

4 8 4,520.5

182 +68

▲-5.4% ▼

+1.6

76


▲▲25.0

MarketMarketChange in ManagerBookrunner Sh (%)

▼ 16,650.2 9.2 -0.5DealsSh (%) Share Ch.

▼ 119 +48 ▼Fees Sh (%) Share Ch.

-0.3▲# of Deals

8.084.6Share Ch.

17.8 35.8Deals Sh (%)

+8.8 ▲ 34-0.8 ▼ Standard Chartered PLC 4

▲+20 59.3 12.343.3▲

HSBC Holdings PLC 3 4 8,275.3 10.5JP Morgan 2 1 10,103.3 +14

▼-1.5

38.0-0.56.311,277.8 25.981

HSBC Holdings PLC-2.6 ▼ 36 37.9

23 24.2+1.1 ▲▲

4.0▲Bank of China Ltd

-2.0 ▼+1.547.52

25.2▲

+7 ▲ 9.526.0 42.479Citi 3 24.5

-4.0 +2.827.4+2.9 ▲ +0.2

8.1

1.6

▲


22.7 +45 ▲ 50.3 4.8 ▲71 +1.5▲


▲5.09,044.94 6 +0.6 ▲6.0


Emerging MarketsAll International Emerging Market Debt Up 53% l EMEA Emerging Market Debt Up 91%

Jan 1 - Jun 30EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Jun 30

▼30.7 +7433.9

▲ 143.3 8.1 -0.2 ▼7.62 3 34,503.1

134▼8.5 -1.19.1

-0.7JP Morgan 3 1 32,064.7Deutsche Bank 4 5 19,819.4 ▼

▼14.3 +30 ▲

7.4 -2.2-0.5

+57 129.770.5 4.0

4.9 +1.7 ▲ 117 21.8 +7077

3.953.0

▲ 68.9Standard Chartered PLC 5 8 18,532.3+2969 12.8

Bank of America Merrill Lynch 7 4 14,310.9BNP Paribas SA 6 10 15,033.7

+24▼▲

82 15.3 ▲9.9 +14▼

▲3.8 -3.2

53

4.0 +1.2

Barclays 8 6 10,913.5

54.7

562.8 +0.3 ▲13Morgan Stanley 10

10.4Goldman Sachs & Co 9 11 10,659.010,493.8

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

▲+282.8 +0.3

2.9 -0.9

55Top Ten Total 206,444.2Industry Total

-0.3537

3.074.1

▲2.8

47.5

100.0819.0 46.5

2.7

▲

▼

4.2

2.8

-293

Sh (%)

+2110.2▲

0▼▲

▼

-3.0-

-1.1

▼

HSBC Holdings PLC▲

VTB Capital

Standard Chartered PLC

Deutsche Bank+1.9+0.8

Natixis 10

1,759.8

48.7 ▼49.5

▲19 22.1 +6

% Change from Same Period Last Year 53.0% ▲

20.9 +14+3.1

14▲ 12

▼▼12.6 -0.1

-3.7▲ 11.7

Goldman Sachs & Co 8 10

# of Deals37

16.340.7

▲▲

14.0

▲

2,882.89 11.6 +1

+354.8

3,187.8 9.217.4 +9

Barclays

17

4.09

2,779.1

183,091.9 ▲

3.7 ▲+0.6+2.2

4.24.54.6

+0.4 15

5.4 -2.5

148.7%

13

▲

-0.4 ▲+4.366.2

377,359.2

5 2

100.0

5,851.7

12.8

Sh (%)

-13.5%

Bank of America Merrill Lynch 5,644.0 ▲21.1 +8 ▲

23 24.27.47.2

41.7%

▼ +520

Jan 1 - Jun 30

8.2

▲

MarketMarketShare Ch.

Imputed Fees (US$m)2017 Rank

2016 Rank

Market MarketChange in Market Market

▲

19.1

▼


▼

Sh (%)

-14.7%

610

+46.5

Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) Sh (%)Fees Share Ch.Manager

Citi 1 1 9,165.4 43.0

Market # of

13.2JP Morgan 2 2BNP Paribas SA 3 4 5,255.3

+0.3 ▲8,135.5 11.7▲7.6 +0.7

-0.1 ▼35

+14 29.5

+8+4

31.8+18 ▲▲

7.715.2

+4.7 ▲6.0

19.5+1.3

-1.0 ▼3.9 -0.8 ▼

▲▲ 9.812.8▼ 11

▼

4.511.3

9.8 3.9

2.7▲ ▲ 6.8

8.6▲

7.0 +3 ▲-1.1 ▼ +1.2

+2.5▲▲▲

+6.945,937.23.4+2.2

100.0▲

10,761.2+1.4-1.1

+49+34

▲

69,387.2 252.3

% Change from Same Period Last Year

+30

▲

Industry Total

9 9.5 -2 +2.5▼8.0

8660.1151.5Top Ten Total

100.0

$153.4 41%

$120.2 32%

$38.9 10%

$20.2 6%

$15.9 4%

$10.0 3%

Financials

Government and Agencies

Energy and Power

Real Estate

Industrials

Materials

Consumer Staples

High Technology

Media and Entertainment

Retail

Consumer Products and Services

14







▲% Change from Last Quarter -11.0% ▼ -33.3% ▼ -6.2% ▼% Change from Same Period Last Year -10.3% ▼ -51.0% ▼ 16.3%

-193 15.760 100.0▲

Industry Total 19,992.2 100.015.7 100.0 +9.4Top Nine Total 19,992.1 100.0 +10.9 ▲

0.1 0 -▼ 1 1.7 0 - .0Banco BBM Investimentos SA 9 14 20.0 0.1 -0.1+2 ▲ .1 0.5 +0.5 ▲

▼XP Investimentos 8 - 130.0 0.7 +0.7 ▲ 2 3.3

3.3 -6 ▼ .3 2.0 -8.6+1.0 ▲

Banco do Brasil SA 7 2 340.1 1.7 -10.7 ▼ 25 8.3 +2 ▲ .2 1.5

2.7 -9.7 ▼Arab Banking Corporation 6 10 377.0 1.9 +1.3 ▲

▼ 1 1.7 -7 ▼ .4Banco Votorantim 5 4 565.0 2.8 -6.2+5 ▲ 1.9 12.2 +12.0 ▲

▼Banco BTG Pactual SA 4 11 2,107.3 10.5 +10.0 ▲ 6 10.0

23.3 -5 ▼ 3.1 19.8 -28.4+22.0 ▲

Banco Bradesco SA 3 1 4,171.2 20.9 -29.0 ▼ 1411 18.3 +1 ▲ 4.2 26.6

34.9 +20.6 ▲Santander 2 5 5,329.5 26.7 +21.2 ▲

▲ 23 38.3 +11 ▲ 5.5Itau Unibanco 1 3 6,952.0 34.8 +23.7Deals Sh (%) # of Deals Fees Sh (%) Share Ch.

# of Market Change in Manager Market Market2017 Rank

2016 Rank


Domestic Brazilian Debt in Reals (BR2) Jan 1 - Jun 30

Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market


Emerging Markets - Latin AmericaDomestic Brazilian Issuance Down 10% | Domestic Mexican Issuance Down 44%

Change in 2017 Rank

2016 Rank

Market

All Global Debt by Brazilian Issuers (BR1) Jan 1 - Jun 30

Bookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Manager Market

Share Ch.Banco Bradesco SA 1 1 3,338.8 16.0

Sh (%) # of Deals Fees▼16 33.3 -3 ▼ 13.8

Sh (%)-5.3 ▼ -2.9

Itau Unibanco 2 6 3,297.115.3

43.8 +14 ▲ 13.0 14.4 +10.615 31.3

15.8 +11.7 ▲ 21 ▲Santander 3 3 2,487.5 11.9 -4.6 ▼ -6.8 ▼+3 ▲ 10.7 11.8

8.9Citi 4 12 2,161.3 10.3HSBC Holdings PLC 5 7 1,856.6

▼12.5 +5 ▲ 8.5+9.8 ▲▲5 10.4 0 - 5.9 6.6 +9.3

8.1 -1.98.8 +6.0 ▲

6 9.5 -6.9+4.9 ▲

▼ 8.8Morgan Stanley 6 8 1,834.1

-1.6 ▼9 18.810.4 +1 ▲ 7.35

-1

9 2

▼Banco do Brasil SA 7 4 1,669.8 8.0 -7.5 ▼

-9.4 ▼9.7

5.3JP Morgan 8 5 1,136.2 5.4Bank of America Merrill Lynch ▼ -8.7

▼14.6 +5 ▲ 6.17 6.7 -2.7▼7 14.6 +2 ▲ 3.8 4.2

▲ 3.3 +3.7Banco BTG Pactual SA 10 - 614.5 +2.9 3.71,099.4

10.4 +52.9 ▲ 5-12.2

Top Ten Total 19,495.3▲

93.3 -3.7 ▼ -7.9 ▼81.2 90.0+3 90.3 100.0

% Change from Same Period Last Year 28.4% ▲ 6.7% ▲

Industry Total

▼ 8.7%7.6% ▲

-28.0% ▼

20,922.9 100.0


▲

48

Global Debt by Mexican Issuers (MX1)

-35.2%% Change from Last Quarter

Jan 1 - Jun 30

2017 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2016

RankMarket Market # of Market

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▲ 2 5.7 -2Deutsche Bank 1 6

8.6BNP Paribas SA 2 11*2,165.9 16.2 +10.2

31,617.2 12.1 ▲▼ 4.7

+213.6 +7.5 ▲

+8.8 ▲8.6 -5.9 ▼

▲ 4.2 12.0 +9.7▼ 3.0-2

1,369.28.6

10.3 +6.21,544.8 11.6 +0.2 ▲ 3

HSBC Holdings PLC 4 10JP Morgan 3 2

▲7.7 +5.4 ▲3 8.6

2 11.3 +6.7 ▲▼ 3.95.7 -1+2 ▲ 2.7Barclays 5 11* 1,355.7 ▲

2.910.2 +6.9

0Credit Agricole CIB 6 13* 1,119.2 8.4 +5.5 ▲ 1 ▲8.9 +3.1 ▲

- 3.0 8.5 +6.5- 3.1Credit Suisse 7 7 870.4 6.5 +0.6 ▲ 4

Citi 8 50

834.511.4

6.3 +0.28.6

▲ 165.4 +0.6 ▲-2 ▼ 1.97.7

10 3 480.3

▲ 2.745.7 +64.4 -1.1 3Morgan Stanley 9 8 586.3 ▼

8.6Bank of America Merrill Lynch ▼88.4 +27.6 ▲

▼ 1.7▼ 3

13,357.4 -12

3.6 -4.9

100.0

-3Top Ten Total 11,943.5 89.6 +32.6

-39.4%

▲ 30.9Industry Total

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager

▲

BookrunnerMarket

▼

MarketDealsProceeds

Market MarketSh (%)

15.5 +7.8

# ofSh (%) Share Ch.

Jan 1 - Jun 30


Share Ch.Market

35

Deals Sh (%)

91.7%

Market# of Deals Fees

Domestic Mexican Debt (MX3)

-25.5%

2017 Rank

2016 Rank Bookrunner Proceeds Sh (%) Share Ch.

2016 Rank

+7

% Change from Last Quarter% Change from Same Period Last Year

Market2017 Rank

-37.0% ▼-52.9% ▼

BBVA5 405.5Citi 1 ▲ 1.9 9.7 +2.025.9# of Deals Fees

1 2▲ 14 383.1 23.9Sh (%)

▲Sh (%) Share Ch.

2 383.1BBVA 2 4.3 -12.3▼ .8

SantanderMizuho Financial Group 8

▼

4.7 -8.0

▼ 1414.6 -4.0

+2.0 ▲

▼ Citi 2 5.8 23.2 +6.4 ▲

25.9 -14 290.1

352.4 22.014.8 +3 ▼ Casas de Bolsa Bital, S.A.

-1 ▼+5.3 ▲ 14 56.0.8 22.2

3.0▲ 13 52.0

+2 ▲290.1+14.4

-5.4▲ .6+14.3 ▲+6 ▲

3 4Casas de Bolsa Bital, S.A. ▲ 8 32.011.1 +3.4 ▲ 8 18.1 +10.4+9.7Casa de Bolsa Inverlat 4 9 ▲ 5 +1223.5 9.3 ▲ ▲ 54

3 .6 16.38.5 +4.2 2.7 +0.4▲

+4.4 8.510.5

Santander+12.4 ▲

▼ -4.0 ▼5.5223.5 14.0 14.7.2 6.2

7

JP Morgan 5 90.6 5.7 -5.63 ▼

Multivalores SA de CV

2Nomura 6 88.8

-7.8

+7.115* 140.4

+7.8 ▲

3.76

+1 ▲

Grupo Financiero Banorte-Ixe

20.0

- 114.8 +4.4▲ 4 ▲

Casa de Bolsa Inverlat7.4 +3 -6

+2 ▲8.05.4 ▲ 1.6

4.4 2 16.0

Manager

▼+8.8▲ 1.7 4▲Casa de Bolsa Finamex SAD de C 7 6▼ 23.5 3.7

▲-4-6 ▼1.2 3 12.0

.2 5.583.83 90.6 ▼-8.9▼ .2 .2 4.152.7 3.3 -3.5

2.33.4 1 4.0 .113▲ 1 8+11.9

34.7

0+3.4▲ .7+3.3 ▲3.3 ▲7 83.8

▼

▼ 4 .2- 85.2

Corporacion Actinver Sab de CV 9 11.0 -3.2▼▲

▼-2.5 +1.1

▼

▼-1.1 ▼-2

Grupo Financiero Banorte-Ixe 9 38.1 2.4 -17.1 ▼3.2 -2.1 7.4 -4TD Securities Inc 10

1,898.2Top Ten Total81.5

52.0%

▲

100.0

40.35 20.0

+1.3

+1.25.2 -0.1

Change in

▲1.7 +1.72.9

5.418 1 4.03.1 +2.5▼ Top Ten Total

--6

▲ CBI Seguros SA 10▼

Market Market

+5.1▲ 1.1

-29.6%

-25.1 ▼


▲.1 1.5

48.0

.1

-3.019.472.6 +16.1+1.5 ▲+127.0

+14.8 ▲1,581.4▲

98.9+25.6

1,601.9100.019.4 Industry Total

3


Industry Total+16.298.8

100.0 54

-25.8% ▼

252,623.5

▲▼% Change from Same Period Last Year -8.9%▲ % Change from Last Quarter

+233.6▲3.6

-46.8%74.2% % Change from Same Period Last Year -44.4%266.0% ▼ -19.4%

-6 100.0

▼346.2% ▲ 112.5% ▲ ▲

▼ -30.8%314.3%

100.0


Global Brazilian Debt Volume by Sector First Half 2017

▲▼

0

20

40

60

80

100

120

140

$0

$10

$20

$30

$40

$50

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

US$(m) Securitized Debt

Junk Rated Debt

Investment Grade Corporate

Agency, Supranational, Sovereign

# of Issues

15






**Includes CDs and CPs

**Includes CDs and CPs

65

-57.3%

2.0

100.0

▼

# of

▼4

2.8

Industry % Change from Last Quarter 58.2% ▲

Top Ten Total

-2.2CITIC

Industrial & Comm Bank China

China Merchants Bank

▲

-0.7

Agricultural Bank of ChinaBank of Communications Co Ltd 5

2

33.4▲

183

12,345.0

CSC Financial Co Ltd ▲ 1.7

+1.4

+1.0

445,828.6▲

▲▼

2.2

-25.2% -49.8%37.1% 67.8%

▼

89

146

-4.8

▲ 120

+2.0

+2.0 307

▼

▼

▲

+61

6299

4

KB Financial Group Inc 73.4

2

19,611.4 4.4

2.8

4.5

12,457.3

5▼

23,183.721,626.2

-2.3 4.64.9

-2.0 ▼ 5.5

FeesSh (%)-293 +0.2 ▲

-0.271.8

4.8▼4.7

Sh (%)

▼-1.6

-2.4 ▼

▼ 6.1

191 5.0-308

234Deals

72.9211

Market MarketMarket Manager

5.6

Market # of# of DealsShare Ch.

▼ 66.9

71.8

-32059.1 3.9▼

-288-277

▼

Share Ch.

▲▼-0.1

▼

57.54.7

4.4

3.1▼▼

8 10

3,843 1,530.1-1,293 100.035.4

▲

Market

+1.5▼-37+73

46.7

+5.4

2.7

▲ 17.5

Market Change in


40.7-184

8.0 ▲2.3

45.4393.8

169.8%

Jan 1 - Jun 30


▲0.0% ▼55.0%

50.5 -1.2

-8.6%▲ ▲

168,591.2

60.6%

+88▼▼Top Ten Total 85,018.1

-1.4

Industry Total

▲

-8.8248

17.33.1

-

870.7 100.0

▼ 26.53.1 -0.2 ▼43 12.9 +16 ▲3.5 +1.7

+1.0 ▲ -4.7+18 ▲6.6

35 13.7 21.8Credit Suisse 9 16 5,821.0 0Bank of America Merrill Lynch 8 2 5,883.7 2.5

▲ 57.6+2034

▼14.1 +2 ▲ 30.5▼

-1.2▼ 28 3.5

25.8▲▲ 41.5 4.8

3.646+0.2 ▲ 11.3 ▼+14 ▲ -0.83.429.3

▼+40+0.5 ▲ 64 +1.4

▲ ▲6.3 +1.5

18.5 +26-3.03.9

7344 33.9

17.7

Share Ch.

Jan 1 - Jun 30

Sh (%)

+16 ▲ 41.3 4.8

MarketManager

▲


Asia DebtAsian G3 - Highest on Record l Asian G3 High Yield at US$25 billion | Chinese Yuan-Denominated Issuance Down 69%

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence

Asian G3 (US$, Euro, Yen) bond offerings in the first half of 2017 reached US$168.6 billion from 248 issues, up60.6% from the same period in 2016 and marking the highest semi-annual volume on record. Asian G3 High YieldCorporate Debt continued growth momentum into the second quarter, with total proceeds at US$24.8 billion from 58transactions, a 366.8% increase from the comparable period last year. China, Hong Kong and Philippines were thetop three G3 markets in the Asian region, with US$80.2 billion, US$30.9 billion and US$17.3 billion respectively,capturing a combined 76.2% of market volume.

Asian local currency bond offerings, on the other hand, fell 57.3% in the first half of 2017, totaling US$445.8 billionfrom 3,843 transactions, the slowest second quarter volume since 2013. Chinese Yuan deals fell to US$290 billion,down 68.5% from the same period last year. Emerging Market Corporate issuance increased 37.6%, totalingUS$56.1 billion worth of proceeds, from 497 deals.

According to estimates, investment banking fees in the Asian G3 currency bond market amounted to US$870.7million in the first half of 2017, recording a 169.8% increase from the same period in 2016. Estimated underwritingfees on Asian local currency bonds (ex. Japan, Australia) totaled US$1.5 billion in the second quarter of 2017, down49.8% from comparable period in 2016.

1 102

Market Market

▲

Imputed Fees (US$m)

11,664.5 -1.173.6 ▼

4.3▲29.4

Fees

+0.5

▲ 37.8

Deals

+1.4 +43+35

72

# of Deals per Bookrunner# of

▼-1.0

Share Ch. Sh (%)

Change in

# of Deals

Market

29.0


+0.2 ▲16,024.2

2016 Rank

HSBC Holdings PLC

5

78

17

1,350.9 +5.5-

▲+0.61.1

+1.2

+5.5

8,731.5

5.5

2016 Rank Sh (%)

170,168.0 38.3


2

Morgan Stanley

▲

3.8+1.1-119

4.8 +0.6

+2.1

3.1

538.3

825.0

Guotai Junan Securities

910

6

4.9% ▲

Jan 1 - Jun 30


1,555.9

1

1,858.611.5

3,165.9

5.2

Sh (%)

Proceeds

2.7

19,902.5

15,214.5

12,225.4

3

▲3.8

Proceeds

-0.3 ▼▼-0.1

1

▲

7

3Citi

Market


Bank of China Ltd 4.74.8

7,773.3Deutsche Bank

52

1

8,097.810,598.9

3

65

Sh (%)Bookrunner9.51

Proceeds

4JP Morgan

6.9

2017 Rank

Market

▼-1.2

Bank of China Ltd

3.5

100.0

▼-12.8%

2016 Rank

7

Standard Chartered PLC

China Construction Bank 24,870.5

182

175

Industry Total

8.5

46 7,978.9

4.6

UBSDeutsche Bank

6

2017 Rank

UBS 10

All Asian Currencies (ex-Japan ex-Australia) (AS1**)

Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)(AR10)

Bookrunner

10 6,010.8

t Includes Asian Development Bank issuance

3

Goldman Sachs & Co

Industrial Bank Co Ltd

11 5,165.0

▲

-3.8

10

312


-0.2

Top Ten Total

JP MorganChina Merchants Securities Co

24,754.4

+2.1

2907.4

9+1.6

857.6

100.015,223.5 61.6

3.3

7.5HSBC Holdings PLC

3 15

9 938.4

7

4

Haitong Securities Co Ltd 12.82,837.1

8.6▼ 24.1

6.3

+6.5Bookrunner

1Credit Suisse

10CITIC

Change in # of DealsShare Ch. Deals

20 34.5 +17 ▲

MarketSh (%)

▲▲15.5

45.4+8.5+2.5

50.1

MarketSh (%) Share Ch.MarketManager

Fees

14.1▲

▲ 19.5 6.0 +4.1+17+4 31.1▲ +7.2▲ 5+10

32.8

▲

▲ 19

149.6

▼4.4▲+3.210.3▲

3.2-1.214.3

▲

+9

+7▲

+11

15.5

11

▼ 154

3.8 -0.8 12 20.7-8.2926.7 ▲

▼ +6 ▲▲

7.7▼ 9

3.5 -6.13.73.7 -5.9

19.0

▼2.4

8.2

▲▲▼-8.0

+0.9

▲

+12.9▲ 14 2.7▲ 66.2

8.7+1224.1 ▲

▲+22.525.95.818.7

▲+3.96.9

214.0+9.4323.3

Industry % Change from Same Period Last Year 366.8% ▲ 262.5% ▲

Industry Total 58

▼

First Half 2017


Asian Corporate Bonds Imputed Fees (US$m)

-11.2%282.6%

100.0+42

▼▲


Dim Sum, Panda and Formosa Bonds (ex self-funded)

-6.7%

$0

$500

$1,000

$1,500

$2,000

$2,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Chinese Yuan U.S. Dollar All Other Currencies

25

50

75

100

0

3

6

9

12

15

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep

-16

Oct

-16

Nov

-16

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr

-17

May

-17

Jun-

17

# of

Issu

es

US

$ (m

)

Dim Sum Panda Formosa # of Deals

16

http://banker.thomsonib.com/





Citi ▼

RBC Capital Markets

45,630.3

Nomura

17.9%

Top Ten Total10

▼65.0%14.3%

-36.8%▼-36.1%

8

TD Securities Inc


▲ ▼

4


100.0

-5.4+6

▼

▲2

3

22.010

8

7,345.18,687.5

2,880.4

Australia Deals Intelligence

1Westpac Banking

2,363.210

3,299.9

Industry Total

6

1

All Australian Debt (ex self-funded) (AJ3a)

Sh (%)

▲

91.12,265.2


9

Industry Total

47

5

8

8 -

ANZ Banking Group

9

▼▲7.7

▲ 4.6

20.028.2

5.5▲

41.4+13

21.6

▲16.8

38

36

Deals

47▲60 +4

52

22.0

▲

-2.341.8 ▼28.0

+16 11.4

+12.288.3

+5.8

+14 ▲

▼

Jan 1 - Jun 30

▲

▲

+4.2 ▲▲+4.1

-1.9+2.4

▲▲19.8

▼

1.2


6.4

▲

100.0

100.0

Jan 1 - Jun 30

+2.2

▲

▲

6.1

▲

20.8

▲6.8

+4

▲

▲

5.8

44.4%

299.7

▼

35

+174

+914.718.3

24.6

191

▲

▲

+4-9 21.6

19.6

Market

▲

Australia Debt

▼

59,823.0

Industry % Change from Last Quarter ▼-67.8%15.1% ▲

338.8100.0

▲ +1.2


-27.9% ▼ -56.0%123.9%

18.2% ▲▲

+2.6 ▲54,502.2+0.1

▲▲

283,299.9

+0.43.8

5.5 -0.35.8

28.2 8.3▼10 2,363.2 4.0

Citi ▼47

3,768.5 6.3 13-0.914 7.3

Deutsche Bank -2.8 ▼UBS 6 2 ▼4,264.7 7.1

9.4 34

-5.85 3 5,565.9 9.3 30

+1.6 ▼+5 ▲ 31.3 9.2 -1.815.717.8

9.6+1 32.6

12.3 31 +8▲

+5.1▲ 16.2

+616.8+1.8

10.3▲11.3▲ 38.3▼▲ -3.134.9

+0.2

▲▲ 32

1 12 5 14.5

11,311.9 18.9Sh (%)

29.356 15.5 ▲+0.152.6▲+5Share Ch.

Jan 1 - Jun 30

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)Market

Proceeds per Bookrunner (AU$m)Manager

Bookrunner Proceeds Sh (%)2017 Rank

2016 Rank

Market

7.0%Industry % Change from Last Quarter72.8% ▲ 41.2%28.1% ▲

+3.4

16,885.3 100.0 24 +7 29.6Top Eight Total 15,892.3 94.1 +3.3

▲+1 ▲ .9 3.0+2.0 ▲ 4.2333.3 2.0 1-2.2▼+3.0

-0.8 ▼+1 ▲ .8 2.83 12.5-4.2 ▼-1 ▼ 1.8 6.2

Citi 7 6 558.9 3.3-5.8 ▼ 16.76 4 862.2 5.1 4

+8.8 ▲+5 ▲ 2.9 9.7-7.5 ▼0 - 3.2 10.8

6 25.0Commonwealth Bank of AustraliaDeutsche Bank 5 11 1,639.0 9.7 +8.7 ▲

-7.7 ▼ 29.24 2 2,109.3 12.5 7+6.4 ▲+6 ▲ 4.3 14.6

+9 ▲ 7.3 24.61510

62.5Westpac BankingMacquarie Group 3 5 2,880.4 17.1

3 3,580.2 21.2223.31

41.7+11.2

Share Ch.▼+8

+5.5 ▲▲

+8.1 ▲

# ofProceeds

Market

3,929.0DealsSh (%)

-9.8 19

Market Market MarketMarket Change in

6.3 21.4# of Deals

79.2 -11.2

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2017 Rank

Imputed Fees (AU$m)

Share Ch. Sh (%)▼

ManagerSh (%)

116.5%-52.6%

▲▼

100.0

Fees

Market# of

-0.5

+0.13.84.4

-1.2

366.766,679.1 ▲

28

+32

3.115

National Australia Bank

ANZ Banking Group

3

CitiTD Securities Inc 8Macquarie Group

▼

Industry Total

Imputed Fees (US$m)

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)

# of Market

JP Morgan 2 4 4,295.99.3

ANZ Banking Group

Commonwealth Bank of AustraliaNational Australia Bank

-9

Nomura 109

13# of Deals

19.4 0

Top Ten Total

Westpac Banking

9.6 +2.3 ▲ 12▼

21.517.5

-National Australia Bank

Manager Market Market

1Sh (%)Fees

-2.2

-54.9% ▼

All Australian International Bonds (AJ7) Jan 1 - Jun 30

BookrunnerSh (%) Share Ch.2017 Rank

7 7

Change in # ofProceeds Share Ch.Sh (%)

2016 Rank

4,866.1 10.9 -2.9

-23.1% ▼▲▲ 17.6%


Deals

214100.075,591.2

26.4%

13.1▲88.1 +2.3

▲+2.8

▲82.9▲

+6.7+9

304.0+3.95.3▲ 19.6

▲

-0.14.7+5.5

+6+4+4 +2.06.5

-0.9 ▲

▼▼ 6.5

14-9 ▼

▼14

2 ▲+917.8 ▼▼37.0

11.3-3.324.3+3.2 ▲

UBS7,204.9

12.1Deutsche Bank 9.735.4

5.9 -1.57

65.69.5

6 4,264.75.2

5

7 3,923.5

Commonwealth Bank of Australia 34

4

Sh (%)

12.412,024.2 15.9

+0.310.1+0.49,155.4

+5.5▲

12,174.1

9,388.8

▲Proceeds

Australian International Debt Up | Australian International High Yield Debt - All Time High | Australian Dollar Bonds Up 26%

Bookrunner

Proceeds per Bookrunner (AU$m) Imputed Fees (AU$m)

16.1Share Ch.Share Ch. # of Deals

ManagerFees

Change in Sh (%)

Market

14.8 ▼

▲

Market

21.0

3,765.3 +6.0

Market Market

11.5 +5.112 +2 17.4

▲

▼-1 6.7 -1.5

Bookrunner

Morgan Stanley ▲3 7

1 1

2016 Rank


9.3

▲ 8 9.413

19.44 3 3,366.1 ▼

8.4 +3.5HSBC Holdings PLC

7.0 +2.7 +1-1.67.5

12.921.0 -13

5.014.1▼

74.17.6

7.5 -0.9

-12.5

National Australia Bank

▲▼11.3

9

+0.9UBS 5 10 3,139.1Bank of America Merrill Lynch 6 2 2,906.8 6.5 -2.6

8 130

▼

5.45.77 14.52,545.7 -6 0

5.42,410.8

▲

+9.4

03.3+1

65.3▼

2,403.2

31,939.8-5

▲▲

+4.2 8.18.15

Industry Total

3.2▲ 2

100.0

+0.42,240.8

-35▲

62

Westpac Banking 9ANZ Banking Group 10

71.444,784.1


▲

+1.2

▼

▲

RBC Capital Markets

▲

-▲

+8.8

Industry % Change from Last Quarter -28.5%

186.8

-1.2

▼▲

122.2

7.94.4 +1.2 ▲

6.14.2

8.2▲

+2.122

27.5 87.3

Market

-0.254.4

▼

-0.5

2016 Rank


-45.5%

Australian international debt offerings in the first half of 2017 totaled US$44.8 billion from 62 issues, recording a14.3% increase from the same period last year. Australian High Yield Corporate Debt totaled US$2.8 billion duringthe first half of 2017, up 212.1% from the comparable period last year. Despite an 8.6% decrease from the first halfof 2016, Financials led all sectors, capturing 70.3% of market share, with US$31.5 billion from 50 issues.

Australian Dollar bonds (excluding self-funded) during the first half of 2017 reached AU$75.6 billion from 214 deals,up 26.4% from the comparable period a year ago. Agency, Supranational and Sovereign issues accounted for 52.7%of market activity, with AU$39.9 billion from 124 deals and posting a 34% increase from same period in 2016.

According to estimates, fees earned from Australian international bond offerings in the first half of 2017 totaledUS$186.8 million, up 65% from fees earned from the same period last year. Estimated fees from Australian Dollar(excluding self-funded) bonds reached AU$366.7 million, up 116.5% from the previous year’s first half volume.

All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Half

Top Ten Total

Market2017 Rank

# of Deals per BookrunnerMarket

8

▲+25 +2.7

5.0

$0

$20

$40

$60

$80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS

17

http://banker.thomsonib.com/





*tie

Samurai Bonds Issuer Domicile Analysis Jan 1 - Jun 30

5 1Natixis

2

2017 Rank

63,284.5

Nomura 4

94,969.79

3

86,747.0Bank of America Merrill Lynch

Nomura 145,290.0

+8

Share Ch.+14.9 ▲

-4.1

▼+2.7

▼▲

-1.3

1,076,300.01,076,300.0 100.0


Societe Generale

Mizuho Financial Group

Industry Total

Lead Manager

BNP Paribas SA

Top Nine Total

Goldman Sachs & Co

Mitsubishi UFJ Morgan Stanley


8

▼▼

Industry Total

-18.9%

2,250,936.3

99,536.55.0

-14.6%

5.3

103.9

5


2,082,369.82.8

100.0

-21.2%


92.5 ▼

2.6% ▲

764.0Mizuho Financial GroupSumitomo Mitsui Finl Grp Inc 2

678

Daiwa Securities Group Inc3.78

-

Credit Agricole CIB

1

7

9

4

▲

Proceeds per Bookrunner (¥m)

Lead Manager

119,131.2

384,066.4

+2.0

469

16,000.0+0.8

Proceeds

6

83.0%

2

1

-12.6

13

123,576.7

3.2 ▼+1.6

+1.5

11.5

Sh (%)

2117

112,316.3

151,451.7

+6.0257,164.1

Share Ch.

▲

25

Mitsubishi UFJ Morgan Stanley

▲

Market

24.5Deals # of Deals

Proceeds per Bookrunner (¥mil)

-0.0

▼

0

▼

Sh (%)

100.0

4.24.4

Market

-18.7

6.7+1.1

Sh (%)+15.7

197,703.313.518.4

Share Ch.▲

247,576.7263,576.7

¥mil

4-0.13

4 -4.73

▼

▲

▲23.052

-0.5

▼40,160.0

-3.6

38.1%

31.717.1

6.9

3

Industry % Change from Last Quarter -2.3%

2Sumitomo Mitsui Finl Grp Inc

115

7Daiwa Securities Group Inc

6

Top Ten Total

7

Sumitomo Mitsui Trust Holdings


▲ 13▲11.4

¥mil

5.9

78

+4.9

713,702.41

2016 Rank

▼

22.520.3

709.7

3.8

11.7638.7367.5

11.7119.9367.6

+2.3

7

11.0-

+13

2 1.7▲ 4

2Shinsei Bank 10 +0.7-

118

2▲

-0.4

0

1.7

-18.1%

-2.1

▲+2.5▼

233.6208.2

+1.4

▼▼

▼

311.6

+0.3▲

3.33.7

▲

▲-0.5

0

1.7 ▼-3.4

-1 ▼

-1

298.7

▲

+2.4+0.9

▲632.4 10.1 +4.9

▲5.0

435.7 +2.47.00 -2.5+1

-7

66.1 -7 ▼ 34.9▲ 876.4+8

3.2

▼

▲+3.9-20.3

Share Ch.

▼

▼

▼

▲1.8

▼

+0.1

▼-3.7

▲-10.3

+0.9

+1.7-0.7

▼

Market

▼

0.9

1.193.6

1.4-0.5

Jan 1 - Jun 30

16.9 ▲

+0.4

0.7▼-0.1▲

▲

22.8

7,080.4

689.4

22.9

▼

+4.2

▼-4.8

▼

-0.1

16.2 -4.6

1.6 ▲

-4.8

▲42.8 +80

+76

+2.7

283 46.6

▲260269

14.65.1 +14

6,124.3

▼

58

▲ +78▲▲

14.444.3

▲+0.6215,716.5 1.9

+3.51,889,790.0 16.5+3.11,646,182.0


Japan DebtJapanese Yen Denominated Bonds Up 17% l Japanese Corporate Bonds Up 51% l Samurai Bonds Up 83%

All Bonds in Yen (AP5) Jan 1 - Jun 30Japan Deals Intelligence

-4.03 2,076,392.8

Mitsubishi UFJ Morgan Stanley 32 +3.918.1

2 17.1

Market


Daiwa Securities Group Inc 5

7Goldman Sachs & Co

Nomura

6

4

# of Deals per Bookrunner# of

Mizuho Financial Group 1 1

Change in Market Market

60.0Sh (%)Sh (%)

2,609,387.7

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

▲+2.917.3▲ 9,635.7

Share Ch.

+111

Share Ch.364▼

7,251.6▲+66

48.3293▲6,813.6▲

391.2

312.3 01.27

568.1-141.46 120,747.0 1.1

▼161,631.2 -0.17-0.5 ▼+0.3 ▲14 99,536.5

▼-0.40.90.8

▲2 0.3 -1 ▼ 298.7

100.0+1.6

Sumitomo Mitsui Trust HoldingsBank of America Merrill Lynch 8

9 93,238.7

11,454,887.8

9

# of Deals per Bookrunner Imputed Fees (¥mil)

Samurai Bonds (AP1)

+0.1

Industry Total +105

Tokai Tokyo Financial Holdings 10▲

26

▲11.8%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▲▲

17.3%-15.6%

2017 Rank

2016 Rank

10,875,499.1Top Ten Total

Proceeds¥mil

Sumitomo Mitsui Finl Grp Inc1,962,876.7

▲

2017 Rank

2016 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

95.0 +0.2

20.4%

42,007.6

20.9%

607

▲

4.3 -639,301.8

448.8▼

Market

Sh (%)

72.4 ▲+4

100.0

0.9

Jan 1 - Jun 30

+16

Deals

Manager Market

23.2%

# of

24.3

58.6

# of

28,433.3

+3.4▼

▲

17.2

1824.1762.1

Change in

▲93.1

Market

27

33,983.3 -▲▼

5+4-1

056.5

+15Sh (%)

86.2

▼-3

Fees ¥mil

Market

▲23.1% ▲

66.8%

+4 ▲

26.7

100.2

-0.2

Sh (%)Fees ¥mil

▲11.0 14.0

3.4

# of Deals

4.84

3,150.7▼ 100.2

0.81.5

-21.2%▲

29 3,150.8

6.9 ▲

▲

Market

2,178.6

+2

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

5.3332.3▲

Japanese Securitizations (AP2)

▼▲

91.4100.0

-1 ▼

6,250.35,713.5

206.0 3.3

▼

+3

-31.4%

Yen denominated bond activity in the first half of 2017 registered JPY11.5 trillion from 607 deals, up 17.3% in termsof volume compared to the same period last year - the strongest opening six month period for yen denominatedactivity since 2009 and the highest deal count since 1999. Corporate debt in the second quarter saw continuedmomentum from the previous quarter. Japanese corporate debt totaled JPY5.9 trillion from 305 transactions during the first half of 2017, a 51.3% increasefrom the proceeds raised a year ago. The Industrial sector led the market, raising JPY1.5 trillion from 79 deals, a44.2% increase in proceeds and a 27.4% increase in deal count compared to the first half of 2016. Samurai Bond volume in the first half of 2017 registered JPY1.1 trillion from 29 transactions, representing an 83%increase from the same period last year. Offerings from European companies accounted for 70.8% of total Samuraiissuance, with JPY762.3 billion proceeds from 22 deals. Offerings from Asia-Pacific (ex Central Asia) companiesaccounted for 29.2% of total Samurai issuance, with JPY314 billion proceeds from 7 deals. During the first half of2017 there was no Samurai issuance activity from American issuers.

Japanese Corporate Debt Volume by Industry (¥ Billion) First Half 2017


46

15

24

44

33 35

51

30

21

29

0

10

20

30

40

50

60

0

200

400

600

800

1,000

1,200

1,400

1,600

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Issu

es

¥ B

illio

n

Asia-Pacific (ex Central Asia) Europe Americas # of Issues

¥1,469 25%

¥1,250 21% ¥730

12%

¥500 9%

¥407 7% ¥318

5% ¥305 5%

¥290 5%

¥280 5%

¥160 3%

¥140 2%

¥50 1%

Industrials

Financials

Energy and Power

Telecommunications

Consumer Staples

Real Estate

Materials

Government and Agencies

High Technology

Consumer Products and Services

Retail

Healthcare

18






▲3Sumitomo Mitsui Finl Grp Inc

Mitsubishi UFJ Morgan Stanley 3Nomura +81 22

1

# of

Jan 1 - Jun 30


Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

+80+5.51,038,269.83

17.6 +3.62 ▼ 280

▲1,032,092.8

44.743.7

61.0+63

266 ▲4

3114.71,646,182.0 ▲+2.7

5.2▲260

+14+80

▲ 670.8▲

▲

516.71,880,613.0

1,900,376.7▲


Sh (%) Lead ManagerMarket

186

# of Deals Fees ¥milMarket

62.0Share Ch.

Change in 2017 Rank

2016 Rank

Proceeds

▲

Lead Manager ¥mil1

1,244,205.6

MarketShare Ch.

20.6 ▼2,584,387.718.4

-5.0Mizuho Financial Group+4.1

¥milSh (%)Market

Sh (%)Proceeds2017

Rank2016 Rank

+3.616.9

2,061,392.8-4.7


Sh (%)60.8

▲7,168.0

-5.6+115

47.1 15.9292

23.0

Market

▲362

Deals

Bonds Targeted in Japan (AP4)

+0.6

1+7.7

5,041.321.3 ▲

+2.0 ▲5,205.9

+3.3

Shinkin Central Bank 8 6 55,166.7

1155,325.959,100.26

SBI Holdings Inc 7 10

Daiwa Securities Group Inc 4

0.91.0

Sumitomo Mitsui Finl Grp Inc 17.55 4Goldman Sachs & Co

5▼-16.6

1,261,016.7

Japanese Corporate Debt (AP3)

21.12

+5.831 1,061,599.6 18.0

21.4

▲▼-0.4

49.1

Change in

22.5▲

0.8

▼+79

+0.4

+5.56,398.8

+3.1

1.7+2.6

17.8

15.27,049.46,124.3

▲

Market

-5.3Share Ch.Sh (%)

+73 9,087.4

Jan 1 - Jun 30


▲▲

17.5

Imputed Fees (¥mil)

▼▲

Market Market

▼

# of ManagerShare Ch. Fees ¥mil# of Deals

3 -1

53.4

15175

▼

16359.0

4,334.2▲▲ 57.4

+81+77

+67▲

1804,272.3

▲▲

▲ 517.5 4

+2.4Nomura

189Deals

+1.2 ▲Mizuho Financial Group

Goldman Sachs & Co

Mitsubishi UFJ Morgan Stanley3,904.2 16.0▲

-17.0

Daiwa Securities Group Inc17.7

9Bank of America Merrill Lynch

910

7

Top Ten Total

553.20.7

+0.62.30.9

▲

Industry Total

6

0▲▲

22.1% ▲

13

10,706,322.1

99,536.50.8

100.0

▼

Tokai Tokyo Financial Holdings 94Bank of America Merrill Lynch 0.3

7 30,000.1 -0.3 13 -

+9 212.4 ▲+0.8+2.0

4.91.0

▲▲

▲

10

5,898,807.3

Industry % Change from Last Quarter 15.7%

+0.3100.0

▲5,855,777.419,000.016

99.20.3 +0.2 ▲

Top Ten Total

32.8%Industry % Change from Same Period Last Year 51.3% ▲

▲ -21.6%▲

11,232,600.8

0.9+0.1

▲

93,238.7

15.3%

Industry Total

▼52.3%51.0% ▲

305 +10398.223,981.1

24,463.2+1.1

100.0

▼0.9 -0.2▼

Tokai Tokyo Financial Holdings

-0.3

▲211.067.4

0.5+6

1.34.3

+10

6.921 ▲

-60.3 -1

-0.4 ▼

179.2 8Sumitomo Mitsui Trust Holdings

119,131.28▼

0.9 ▲


+0.3-0.5105,747.0

1.1▼0.8

▼0.7

-0.2

▼- ▲

-0.5-7332.3

448.8

307.6298.7

▼

▼6

26

▲

94.0+122

37,886.1100.040,323.2

▼-0.3

+0.121.1

595+0.4

-11.0%23.7% ▲

95.3

25.8% ▲ 22.2%

▲

215,716.57 +0.5▲

▼▼

1.9

6-0.2 13

0.92.21.0


+1



4.4


Japan Debt

19






-

-

-

-

-

-Asia-Pacific

-

-

-

-

E-mail: [email protected]


If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:

Tel: +632 459 1566

JapanAki SatoTel: +813 6441 1120E-mail: [email protected]


Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.

Evgeniya KolesovaUnited States

Tel: +1 646 223 8457


League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and allFederal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rankineligible and are not included in league tables for the current calendar year.

All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EDT on June 30 2017.

Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to theUS dollar equivalent at the time of announcement.

Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.

As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2017 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.

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to non-lead loansyndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting in partnership with Thomson Reuters.


Tel: +44 207 542 4376


Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.

Europe

Carina Causon-Israel

Ian Willmott

20







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DEBT CAPITAL MARKETS REVIEW - Thomson …dmi.thomsonreuters.com/Content/Files/1H Debt Capital...Citi took the top spot for global debt underwriting during the first half of 2017 with