Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
DEBT CAPITAL MARKETS REVIEWDEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS
First Half 2013
2
Australia Deals Intelligence
All Australian Debt (ex self funded) (AJ3a)
9
Global High Yield Debt (B4)
10
10
10
9
9
3
All Bonds in Euros (N1)
High Yield Debt
Global High Yield Deals Intelligence
91
1
1
2
Asia Debt
Asia Deals Intelligence
International Debt
All International Bonds (J1)
All International Securitizations (J10c)
EMEA Deals Intelligence
Global Debt
Global Deals Intelligence
Global Debt, Equity & Equity Related (A1)
Global Debt and Syndicated Loans (DL1)
Global Scorecard
Leading Underwriters for Second Quarter 2013
Global Debt (B1)
Global Investment Grade Corporate Debt (B7)
3
14
Global Debt and Syndicated Loans Islamic Finance (DL2)
2
First Half 2013 | Debt Capital Markets | Managing Underwriters
Debt Capital Markets ReviewTable of Contents
Global High Yield Debt US Dollar Denominated (B5) 14
13
13
13Dim Sum Bonds (AS24a)
13Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)
Australian Debt
13All Asian Currencies (ex-Japan, ex-Australia) (AS1)
All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)
Thomson Reuters Solutions for the Deal Making Community
All Australian International Bonds (AJ7)
All Australian Debt (ex self-funded) (AJ3a)
Japan Debt
Domestic Mexican Debt (MX3) 12
Global Debt in Mexican Pesos (MX2) 12
11
10
All Brazilian Debt (BR1)
Brazilian Domestic Debt (BR2)
6
Emerging Market Debt
All International Emerging Market Bonds (L1)
EMEA Emerging Market Bonds (L2)
8
7
7
7
4
12
10
Latin America Emerging Market Bonds (L3)
11
16
Bonds Targeted in Japan (AP4)
Banking Composite of Top US Debt Bookrunners
Samurai Bonds (AP1)
All Bonds in Yen (AP5)
3
Global Asset-Backed Securities (B11) & (B13) 3
Global High Yield Debt - Non-US Dollar Denominated (B6)
Japan Deals Intelligence
Banking Composite of Top Global Debt Bookrunners
18
17
All Federal Credit Agency Debt (H1)
US Debt (F1) 6
Debt Capital Markets Criteria Summary
US High Yield Corporate Debt (F8)
Japanese Corporate Debt (AP3)
12
Asia-Pacific Emerging Market Bonds (L4)
US Investment Grade Corporate Debt (F9)
3
6 11
6
15
US Mortgage-Backed Securities (F11)
Global Debt Rankings - Last Ten Years
US Asset-Backed Securities (F14)
14
5
16
15
11
11
Global Debt and Syndicated Loans Islamic Finance (DL2)
US Mortgage-Backed Securities - Federal Credit Agencies (F13a)
Global Mortgage-Backed Securities (B10)
Global High Yield Debt - US Dollar Denominated (B5) 14
US Debt
Global Debt by Mexican Issuers (MX1)
Emerging Market Debt - Latin America
14
15
Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2)
15
12 Criteria Summary
Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)
https://www.thomsonone.com
FINANCIALS ACCOUNT FOR 46% OF 2013 DCM ACTIVITY – Debt capital markets activity in the financials sectortotaled US$1.4 trillion during the first half of 2013, accounting for 46% of activity. High tech and healthcare debt capitalmarkets activity saw the strongest year-over-year growth registering increases of 142% and 64% respectively over first
STRONGEST ANNUAL START FOR GLOBAL HIGH YIELD; Q2 VOLUME DOWN 19% - The volume of global highyield corporate debt reached US$241.8 billion during the first half of 2013, a 49% increase compared to first half 2012and the strongest annual start for high yield debt activity since records began in 1980. High yield issuance from issuersin the United States accounted for 62% of first half activity, compared to 73% during the first half of 2012. Issuance fromEuropean issuers more than doubled compared to the same time last year. Second quarter activity totaled US$108.4billion, down 19% compared to first quarter 2013.
GLOBAL ABS UP 10%; CDO/CLO ACTIVITY ACCOUNTS FOR 24% - Global asset-backed securities totaled US$172.8 billion during the first half of 2013, a 10% increase compared the same time last year and the best annual start for globalABS since 2007. Collateralized debt and loan obligations totaled US$42.3 billion during the first half, more than doubleissuance during the first half of 2012. CDO and CLO volume accounts for 24% of ABS this year compared to 10%
Global High Yield Corporate Debt- QuarterlyGLOBAL DEBT CAPITAL MARKETS DECLINES SLIGHTLY IN FIRST HALF - Global debt capital markets activitytotaled US$3.0 trillion during the first half of 2013, a slight decline from 2012 levels and the slowest first half for globaldebt capital markets activity since 2008. Second quarter global debt activity decreased 16% compared to the firstquarter of 2013 and marked the slowest quarter for debt issuance since the second quarter of 2012.
Global Debt Capital Markets by Asset Class
Global Deals Intelligence
First Half 2013
DEBT CAPITAL MARKETS REVIEWFirst Half Global Debt Activity Down 0.5% l Q2 High Yield Falls 19%; ABS Up 10% l JP Morgan Tops Underwriting, Fee Rankings
$2.2$2.4
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
$140
$160
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2006 2007 2008 2009 2010 2011 2012 2013
Num
ber o
f Offe
rings
Pro
ceed
s ($
bil)
Global High Yield Debt ($bil) Number of Offerings
EMERGING MARKETS CORPORATE DEBT UP 10% - New issuance of corporate debt from emerging markets issuerstotaled US$181.3 billion in the first half of 2013, a 10% increase from the first half of 2012. Activity was led by issuersfrom India, Russia and Brazil which accounted for 48% of all emerging markets corporate debt during the first half.
JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in global investment grade and highyield corporate debt underwriting, JP Morgan took the top spot for first half 2013 debt underwriting with total proceeds of$130.9 billion and an increase of 0.1 market share point. Deutsche Bank moved into the number two spot during the firsthalf of 2013, with 6.8% market share. Based on underwriting fees for the first half of 2013, JP Morgan topped all otherunderwriters with an estimated $995.1 million, or 8.4% of overall fees this year.
DEBT UNDERWRITING FEES UP 11% - According to Thomson Reuters/Freeman Consulting, estimated fees from debtcapital markets activity totaled US$11.8 billion during the first half of 2013, up 11% from the first half of 2012. Fees frominvestment grade debt underwriting totaled US$5.5 billion, or 47% of the overall total, while fees from high yield debttotaled $3.5 billion or 30% of overall DCM fees. High yield underwriting fees increased 34% compared to first half 2012.
markets activity saw the strongest year-over-year growth, registering increases of 142% and 64%, respectively, over firsthalf 2012, while new issues in the financials sector saw year-over-year declines of 10%. Average deal size in the hightech sector led all industries during first half 2013, with the average deal totaling US$697.5 million.
100.0▲
+2.22.2
▼▲
19,788.4
15.2%
▲▲
52.1 +52.1
457 3.6
+4.5▼
-46 ▼ 4.5438.3892.0
3.4 0
-602
+4.9962.7▲
514 4.05.6 ▲
+48 ▲+2.6
4.92.6
-0.3179,644.2
▼-7-61
1,092.3+0.3+513.6 767 +4.6 ▲4.6
3.8
- +49
▲6.0▼ 902.5
238,792.4
682196,382.2 ▲4.2 +0.84.4 0.35.1 +0.2
879▲▲
▲5.66.9▲8.9 +8.9
1,108.31,762.4893 7.0 -60 ▼
DealsShare Ch.
Global Debt and Syndicated Loans (DL1)
Sh (%)Market
# of Deals per Bookrunner
+5.6
Fees# of
+66
Sh (%)
5.3
Jan 1 - Jun 28
Change in Imputed Fees (US$m)
# of DealsMarket
Share Ch.Sh (%)Manager Market
463
▲
▲+0.5
2.2+2.1
▲-19
756 1,638.65.9
5.5▲▼
▲8.3
-4.5%-12.5%
10,298.8
▲725
+5.0▼ 991.5 5.0
+0.2
-59
+5.55.7
2.3510.2724
▲ 3.6
+8.3
▼
▲12,819
-11.3%
▲
Manager 2012 RankShare Ch.
MarketSh (%)Fees Bookrunner
2013 Rank
162,600.6
4
6
3 23
5171,294.3
46
8.5 JP Morgan
Industry % Change from Last Quarter
Bank of America Merrill Lynch
Citi
Deutsche Bank1 1
10
Global Debt, Equity & Equity-related (A1) Jan 1 - Jun 28
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Proceeds
208,387.2▲
Proceeds per Bookrunner (US$m)Market Market Market
2+0.20 - 1,709.910.7 +42 ▲1069
6.7 0.0 -+13
1,080.3+83-0.76.2
-795
ProceedsMarketSh (%)
Change in 2013 Rank
2012 Rank Sh (%) # of DealsDeals
# ofMarket MarketShare Ch.
JP Morgan 1 1 261,685.6Bookrunner
Deutsche Bank 2 3 222,765.47.8
+0.2Barclays 3 2 205,732.3 8.09.9
▼992
▲
▲▲
+71 1,226.7Barclays
▲▲
04.6928.85.4
▲ ▲6.1 6.1 +0.2
Goldman Sachs & Co+0.6
0 - 896 9.0Goldman Sachs & Co 5 7 198,590.8 5.9Citi 4 4 204,546.0
Morgan Stanley
1,360.9+0.5 ▲ 9.4
5.3
▲ 637+1.4 +152 6.8
-0.2861 8.6731
6.4 Morgan Stanley 57.2 ▲
Credit Suisse
+1.5
+0.8 ▲8HSBC Holdings PLC
6.5+167
+0.39
938.1-0.2+73 2.5
4.7
▲7
186,288.3 5.6+0.4
935
▲
7Bank of America Merrill Lynch
6 177,684.36 57
7.3-0.53.3 ▼
105,756.48
10 155,118.92.8
+0.6BNP Paribas SA
▼
10,845.9
6.5
+3.5
-12.5%
106,300.2▼
▲
3.7134,714.8 131,894.0
▲▲
9
Top Ten Total
122,615.7 -0.64.0HSBC Holdings PLC 98
4.4Credit Suisse 8 ▼ 654BNP Paribas SA 43810 3.1
9▼-0.610
54.1100.0
▲
35.1Industry Total
4.6%
Top Ten Total
▼
▼
100.0
1,437.71,315.4
493.2
-0.1
20,110.5
+131
+86 ▲▼-33
▲
354.9
▲
1.8
▼
1,656,170.4
▲
4,721,544.4Industry Total 100.0 9,998 +2,821
16.6%▲
1,816,932.1
‐14.0% ▼Industry % Change from Last Quarter
+0.254.43,340,584.4
Industry % Change from Same Period Last Year▼▼-6.3% -5.8%
Industry % Change from Same Period Last Year
▲
2.7% 0.8%
102,308.9
▲
$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Pro
ceed
s (U
S$t
)Investment Grade Corporate MBS Agency, Supranational, SovereignFederal Credit Agency ABS High Yield CorporateEmerging Market Corporate
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
All US Debt (F1)
+0.5
-0.7+0.2
1341.10 9 -0 4
▲
+1.1
5.8469-0.1
-29824
8
148,254.7 +0.4
102,205.4
153,737.3
3.4
698
▼3.5
-1.6
2.8
▼
+0.4
-0.6
▲
First Half 2013 | Debt Capital Markets | Managing Underwriters
Market
▼Sh (%) # of Deals Fees
Change in Sh (%)
8.410.6
▼
+0.22.0
-0.6
▲
2.6
▲5.2
▼4.4
RBS
% Change
Global Debt (B1)
Imputed Fees (US$m)
Share Ch.
9
Barclays
Bookrunner
67
Citi
14131212
MarketManager
-0.2995.1
Jan 1 - Jun 28
75,735.6
130,608.1
83,053.6100,195.410
Market# ofMarket
2,585
No.
Global Debt
71,899.0
US Long-term Debt (F2)
67,135.2 618
Deals
US Mortgage-backed Securities (F11)
329173,895.4
8,887.4 322
▼
5,693.3
3,290
▲
5,950
385
+56.1%
264
352555
1,962 2,035
Global Scorecard
$USm
Jan 1 2013 - Jun 28 2013
223,229.6
1,334,848.4972,985.2
$USm
-51.5%968,155.5
10131,707.7
799
8
Bank of America Merrill Lynch▲
-49.0%
▲▲
14
+0.5%+3.9%
Societe Generale
20
▼
▼
▼
13
11
Credit Agricole CIB
580
1,284,893.7
Nomura
▲
▲
431
17
15
25
1116
1.2
UniCreditUBS
18Mizuho Financial Group
▲▲
TD Securities IncNatixis 27 691 1
7
1.852,660.7
57,837.5
21
2019
17
18
159,998.4 5.45
▼
95.06
Goldman Sachs & CoMorgan Stanley
▲
261
HSBC Holdings PLCCredit Suisse
▲198 ▲
BNP Paribas SA+18.2%
Wells Fargo & CoRBC Capital Markets
in ProceedsProceeds
DealsDeals2013 Rank Sh (%)
ProceedsProceeds
MarketNo.# of Deals per Bookrunner
2012 Rank
Jan 1 2012 - Jun 30 2012
Deutsche Bank7.8
Proceeds per Bookrunner (US$m)
6.8
Share Ch.
200,350.46.4
2,568JP Morgan 850
▲ 0▼230,878.8 ▲1 1
2 ▼32
+0.1
188,513.43 662-
593.2-4310.2
8.2+27
▲ 737.7
+0.2-0.35.0▼
▲ 6.0704.8
+159.08.66934 4 175,911.3 6.0
5▲
▲▲5.5▲
+95728
648.5664447
8.2
▲+75 ▲
885.2648.4
+56
▼4.1 -0.7
▲5.5+0.45.5-0.2
▲+0.9
▼
-7.5
3.4
▲+0.806.2
0 - 484.2+58 ▲ 401.5
-51307.2
3.7
311
-28
+31
+32▲▲
2.2
8.7
366
191
5.1
2.43.4
387413
393
270
▼-0.2▼ 299.5 2.52.6 -0.4 ▼4.8-0.6 ▼
▲+34+2
4.9▼
1.8▼
4.52.3
1932,736.2
67,671.1
54,267.7
16
+0.1
1.71.6
34,868.2-0.1
▼49,406.648,072.2 ▼
+33
-0.115
+0.3+0.1
+0.2
▲
2.6▲
176209
1 7
▲
▼211
2.6302
▲-2172 781 7
244,008.2272,131.7673,263.1
3,315457
5,9426,789
2,379,996.9
1,346,442.0241,848.8
523,164.7155,368.0
534 488,003.4
138,633.6
138,664.9
238 117,255.4
148,302.7
148,035.5199,482.8
+7.2%+5.0%
+11.9%335
+25.4%
606
2,824,910.4 2,813,757.6
162,678.4
75,940.2
2,412,086.7
1,381,272.5
▼
+0.4%-1.3%
-2.5%-50.8%
+48.7%
154,351.4
6,745
833
308
414Global Asset-backed Securities (B11)+11.5%
157 662 7
-2.4%1,465 689,777.3381450
397
1,452
+9 6%
2.6
▲▼
▲
306.4▲▲▼
3.6
1.1-5
3.9
+24111.8
296.5
0 7
176.5
84 6
135.992.2
-0.2
0.8
0.9
0
▼
-
-197130.8
1.2
▲
-0.7 ▼
--
▼
▲+0.1
1,007
0
+0.2
2.5
1.2
428.41.5
+55▼
138.6
▼
Global Long-term Debt ex MBS, ABS & Munis (B3)
-
-0.2
-0.3
US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)
Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)
Global Investment Grade Corporate Debt (B7)
US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)
US High Yield Corporate Debt (F8)
Global Agency, Sovereign & Supranational Debt (B9)
Global High Yield Corporate Debt (B4)
US Federal Credit Agency Debt (B8)
All Global Debt (B1)0Global Long-term Debt (B2)
Global Mortgage-backed Securities (B10)
0
2
21,732.40
8,056
Australian Domestic Securitization (AJ5)
0.7
1340.9 -0.4
Deutsche Bank
Australia Bonds
▲Westpac Banking
Bank of America Merrill Lynch
Consecutive Quarters No. 1
17.631.9
▼
+0.2+0.3 970.70.739
+0.399.225
100.01,590,653.2
22,285.6 0.8
21
1
CITIC
▼▲
▼
Industry % Change from Same Period Last Year
Daiwa Securities Group Inc
▼-0.5%
Top Twenty Five TotalIndustry Total
55
+2.6
12
▲
2
▲
1
2
2
▲
▲
Industry % Change from Last Quarter
24 20,462.1
22 22Commerzbank AG
NatixisStandard Chartered PLC
27,691.121
23
20,296.1
27
+31.9
▲ 1
1+12.0
+5.6
▼
Global Debt Capital Markets % Change by Asset Class
▼
1
-15.9%
19
▲+0.1 ▲
2.9-1.7▼
2,952,864.2
87
53.91.9-0.21.2
▲+3154
▼+17
▲
-5
+71
-2
▲
▼
11,840.1 100.0
10.6% ▲
-54▲6,398.1
-0.7% ▼
54.1 +0.7
2013 vs. 2012
-18.9%▼-8.1%
1,248
6
140,928.3
Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)
172,781.7
▼▼
12.2JP Morgan
Mkt. Share Chg. from Last Qtr (%)
JP Morgan
7.710.9
▲-
+5.3
5
12.314.1
4-2.6
-1.8
0 -
▲
4
+2.4
▲
▼
11
5
▼2
20
▲▲
+1.8▼▼
-16.7%
1
Current Qtr Market Share
(%)
▲
169,270.7
Leading Underwriters for Second Quarter 2013
8
11.9
U.S. Debt inc MBS, ABS, & Tax Munis (F1)
2
U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP MorganU.S. Investment Grade Corporate Debt (F9)
+0.8+3.6
International Bonds
Barclays
11.2
▲
U.S. Debt, Equity & Equity-related (E1)
All International Bonds (J1)
U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)
Morgan StanleyU.S. High Yield Corporate Debt (F8)
Citi
U.S. LT Federal Credit Agency Debt (H3)
Global Bonds
U.S. Disclosed Fees (E2)
Global ABS (B11)Global Investment Grade (B7)
US Bonds
JP Morgan
All Bonds in Euro (N1)All International Securitizations (J10c)
Asia-Pacific Bonds
All Asian Currencies ex CDs (AS1)
JP Morgan
JP Morgan
+4.2
Australian Dollar Bonds (AJ3)
Asian G3 Currency Bonds ex JP & Aus (AR2)
-0.7
7.2
-5.0
Global Disclosed Fees (A2)
11.6
Global Debt inc MBS, ABS & US Tax Munis (B1)
U.S. Federal Credit Agency (H1)
Global High Yield Corporate Debt (B4)
12.0
14.4
-0.6-0.5
+7.9+16.2
Citi 15.9
19.034.3
16.8
8.4
Bank of America Merrill Lynch
9.77.5
-0.6JP Morgan
Barclays
7.5
12
Deutsche BankBank of China Ltd
UniCredit
JP Morgan
JP Morgan
No. 1 Manager
JP Morgan-0.2JP Morgan
4141,358
+1.8
Global Short-term Debt (B14)Global Asset-backed Securities (B11) 157,662.7397 +9.6%
0.82301.1
0.7
0.60.557.1
70.2▲
84.6
-0.20.8
88.8-0.1
0▼
▼
--0
▼▲
-2.5% -2.4%
11.5%
51.0%
9.6% 10.3%
-50.8%-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Investment Grade Corporate
Agency, Supranational,
Sovereign
MBS High Yield Corporate
ABS Emerging Market Corporate
Federal Credit Agency
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
First Half
Jan 1 - Jun 28
3.0
4.4
-0.13.9
▲
Imputed Fees: Global Investment Grade Corporate Debt
-0.1
▼
▼0
▼162.7
-151.02,520.5
-2.5%Industry % Change from Last Quarter
Industry Total 1,346,442.0
▼ 0.8%-17.8%▼
Proceeds per Bookrunner (US$m)
Industry % Change from Same Period Last Year
100.0
-9.3%
Global Debt and Syndicated Loans Islamic Finance (DL2)
-14.9%
-0.1 210-0.2
3.8
▲659,037.2RBS 10 11 38,541.8 ▼2.9
-158.0
5.2
51,478.2-7193 5.8
-216.3
▲ 266
371 11.2174
9.2
▲8.6
0286▼
-
+1.14.8
9 63,207.3 4.765,067.4 -0.9
Deutsche Bank 5 4
Goldman Sachs & Co 7
3 35.15.4
5.1
1 100,604.6Bank of America Merrill Lynch 2
Morgan Stanley 4 7 68,957.772,876.6
5Citi
73,179.87.5
+0.5 9.0+0.3JP Morgan 1
Proceeds
5.4
# of2013 Rank Sh (%)
-0.3
4.2
100.0+0.7
0.8%
▼ +16▼
# of Deals per Bookrunner
5,471.8-0.0
▼
▼▲
▲▼
Manager
241.2▼ 223.5 -0.1
+0.7
+0.5
348.5299
▲
# of Deals
+269.0
299.2
▼
272.7
Sh (%)10.2
Change in Share Ch.
-32 ▼-0.5
Jan 1 - Jun 28
Share Ch.
Global Investment Grade Corporate Debt (B7)
First Half 2013 | Debt Capital Markets | Managing Underwriters
MarketMarket# of Deals per BookrunnerProceeds per Bookrunner (US$m)
2012 Rank
MarketMarketBookrunner
▲Deals
338
Market
▲-16
Imputed Fees (US$m)
▲56,902.8
299
68,221.0 306
▼▲▼
+25
▲
-35
Jan 1 - Jun 28
5.0
HSBC Holdings PLC
48.9
Imputed Fees (US$m)
215.8
Barclays 6 2
+0.9
-0.6+18
8 6+0.7
▼+14
▼
3,315
4.1
Top Ten Total
8 ▼BNP Paribas SA 9
Global Mortgage-Backed Securities (B10)
4.1
▼6.4 ▲
▲
46.22.8
221.4
-0.8
Sh (%)Fees7.0
-0.35.5
Global Debt
▼
Imputed Fees (US$m)
384.5
# of Deals per BookrunnerProceeds per Bookrunner (US$m)
3,13
3.9
3,40
0.2
4,45
0.6
5,28
6.8
5,97
3.1
5,05
7.9
3,96
3.7
4,79
4.5
5,42
7.1
5,47
1.8
3,4723,652 3,659
4,067
2,990
2,559
3,067 3,425 3,290 3,315
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Num
ber o
f Offe
rings
Fees
(US
$m)
Global Investment Grade Fees (US$m) Number of Offerings
* tie
National Bank of Abu Dhabi 4.2+7.2+1.1
+210.910
Top Ten Total
9
-19.1%
11,021.2 64.9704.2
▲
80.3% ▲
1
Industry % Change from Same Period Last Year
▲
-15.7% ▼▼
▼
Industry % Change from Last Quarter
35.9%
-16.2%
Industry Total
Deutsche Bank 7
Industry Total
-8.8% -19.2%
11.5%
10RBS 4
4
9
52
Morgan Stanley
▲▼
0.2%
Sh (%)
-14.9%
-1 ▼+20
Industry % Change from Same Period Last Year-30.3%
▲
23.94
11
7.0%
▲
16,942.5 100.0 76.846 +336.3
2782.2733.4 4.3
▲
▼
+5.66
▼
-22.4▲
8.7 -3
1.7▼5
5AMMB Holdings Bhd
▲
3.64.6 +1.65.2 -0.3 +6 2.8
14 30.4
2.2
11 886.0▲ 3.1+8-1.7
Malayan Banking Bhd
7 9Citi 8
▼
875.7Emirates NBD PJSC 6 5.2
5.84.4▼ 7 +2 ▲ 3.415.2
3 3 6.51,106.3 ▲
-2.5
2+4.0+1.96.3
12
▼
▲26.1
4.28.64.3
11 +2
4.04 1,074.6
RHB 5 10 988.0Deutsche Bank 4
23.9-2.8▲
▼28.3
▲
Deals
CIMB Group Sdn Bhd
HSBC Holdings PLCStandard Chartered PLC
+113
Proceeds13 28.3
8-2.9
1,344.512
17.9
ManagerMarket
14.9Sh (%)
Proceeds per Bookrunner (US$m)Market
Sh (%)+2
2013 Rank
2012 RankBookrunner
# of
3.2▲▲
6.63.2
0+4.0
- +0.637 12.1 +13
8.78.1 ▲
14,900.1-2.6 ▼
▲
+9▲ 23.424.7
Top Ten Total13
15,135.4
4.9
6
Fees
# of Deals per Bookrunner
11,473.36.4 +3.1
# of Deals2,526.3 ▼
47.0100.0
2.2
4.110.07.7
-3
Change in Imputed Fees (US$m)
+2.6
▲
+4.1
Market
2.8
9.9
BookrunnerShare Ch.JP MorganBank of America Merrill Lynch 2 6 26,837.4▲
1
MarketSh (%)
Market
4 28,992.4
Market # of
▲
2013 RankShare Ch.
Market
JP Morgan
+4.4
1Deals # of Deals Fees
▲ 14.4
▲
5
2012 Rank
Imputed Fees (US$m)
Share Ch.
Proceeds per Bookrunner (US$m)2013 Rank
Market
Industry % Change from Last Quarter -8.3%
2
▼
117.5
-0.220.4 7.2▲22.9
Imputed Fees (US$m)Change in ManagerMarket
Deals Sh (%) Sh (%)Market Market
+2.3
Fees
18,123.7
Global Asset-Backed Securities (B11)
▼7.58.3▲
Deals
38
Jan 1 - Jun 28
Market# ofProceeds
+3.6
+2.2 ▲
Sh (%)
12.4Bank of America Merrill Lynch
+2.8
-1.0
Market
Global Asset-Backed Securities ex-CDOs (B13)
Market
▲
6.6
Share Ch.
Citi
Credit Suisse
▲+4.2+8.6+4.0
▼▲ 18.1%
-9.3% ▼
# of Deals per Bookrunner
7,496.1
59.1
7,804.0
Market Change in Sh (%)
41
BookrunnerCiti
8.8▼Credit Suisse
BarclaysBank of America Merrill Lynch
Barclays
▲
+39.6
12.922,348.1 57Share Ch.
Top Ten Total
# of Deals per BookrunnerManagerMarket
▲
RBC Capital Markets
Deutsche Bank
+3.1
Top Ten TotalMizuho Financial Group
2
6
48.4
Industry Total
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
▲
Bookrunner
▲
JP Morgan
▲▲
RBS
-21.4%9.6%
172,781.7
▲▼
127,447.1
14,289.5
▲
4 463
2
10
877
3.1
Industry Total
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
9.7 +1.510.7
# of Deals per BookrunnerProceeds per Bookrunner (US$m)2012 Rank Proceeds # of DealsShare Ch.
▲+6+2.7 ▲ 55 12.2+2.3 49 10.9▲
Barclays 3 2 ▼9.6 -1.625,996.7
▼▲ 41.6
10.7+22+448
10.4 +13
▲▲
52.5 10.5-2.6+3.5
▼39.5 7.9▲
Deutsche Bank 4 1 25,660.5 47
+0.15
Wells Fargo & Co8.036
▲
9.4 -2.5 ▼
+0.7
40.4▲8.1 -0.8 +15▲▼3
7.019,676.9 7.5
34.8▲ 37.2
21,923.9Goldman Sachs & Co
19,074.5
6 8 7.2
7.0
▼-1.0-1.0
8.18.4
+0.8 11.853 +18▲
--1.1Citi 7.27 7 19,612.0Credit Suisse 8 5 8.7
+0.1 +130▼ 39
▲ 42 9.3
6.3 -0.731.5-1.924.2 4.9
7.0Nomura 10 4.2Morgan Stanley 9 9 18,984.9
11,524.310▲+0.7 ▲ 33 7.3 +11
272,131.7218,283.5 80.3 -1.3
100.0
--1.9 ▼▼ -2.0
3.1
+69450
15.6023 5.1▼
▼▼
Wells Fargo & Co
100.0365.7
-0.673.4
-22.6% ▼
Sh (%)
8 107 8,451.1
37
▲15.0▼
▲▲▼
Wells Fargo & Co 4.6 +1.0
+350
▼
96.7
16.3% ▲
498.3
-2.5+0.6
53 13.4▲
▲
3 3 17,503.9
10.3
+5.6▼-1.6
10.1 +0.2 ▲
+5.0
-3
1▲ 12.6
10.5
-2.1 47
▲
▼5.6▼
-1.511.8
44.337.5▼
+1 ▲
▼22.9+13
-14▲
36.539 9.8▲▼
2.9
36
9.3 ▲
5.7 +2.14.7 -1.4
4.5 -4.1 33+2.1 ▲ 214.3
▼▲▼-1.9
+5.4+4.2
7.971.3
4.9▲5.3
45.1
62.038.8
9.18.3 -27 ▼
+4
+8560.4
-17 785.9▲73.6 +1.5
397 100.0
-3.2 ▼
▲
26.8-4
+4-0.5
▲
▲
▼
Share Ch.
Imputed Fees (US$m)MarketChange in
9.39.5
Market
26.4
-4.1%
Market
-0.8-3
45-2.7 ▼
14.715.0
-18.7%
Manager
▼
▼
46# of DealsSh (%)
▼
▼
# of
41.9%
Jan 1 - Jun 28
▲
Share Ch.
Proceeds per Bookrunner (US$m)2013 Rank
11.1
Fees Sh (%)
7.4
3
9
5,536.69
Proceeds2012 Rank
Market
11,507.0 8.9 +0.110.4
1
-30.0%
5.0
8.611,095.9
6,487.1
12.7
▼ 35▲▲+4.9
39▲
▲11.4 +5 ▲ 13.4 ▼12.1
4.7 -0.1+0.3
▼9.5 +1
4.3 -4.8+0.84.0
▼3.5
9.29.8▲
-30▲+0.5
12.1 4.3 -4.6
▲74.9 +0.9 ▲ -2.3
-0.4 95 6.0▼
+0.5-2 16.9
▼
69.6196.8100.0-24
▼▼
29▲
37+0.6
114,582.05,113.6
▼ 28
11.6
5
+3.713,428.2
3.6
-7.3%
306
1096,411.3
283.1128,895.4
▼31.0
100.0
▼
▼
6 11 11,095.9
8,015.6
5 9,471.3
Sh (%)
100.0
RBC Capital Markets +0.3
-3.44.812.3
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
Banking Composite: Global Debt
Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Jun 28 2013
First Half 2013 | Debt Capital Markets | Managing Underwriters
47.3%
39.4%42.3%
46.2%
52.7%
44.3%
52.5%
46.6%
53.4%38.2%
5.2% 5.2% 5.3% 4.8%7.1% 6.2% 5.4% 0.3% 1.5%
7.4%
60%
70%
80%
90%
100%
5.3%3.3%
6.2% 6.7% 7.3%
2.1% 2.7% 2.5% 1.1%
8.1%
18.1%
30.9% 25.6%
19.3%
6.7%
28.3%
18.4%
33.7%
27.0%16.1%
6.1%
4.3%
4.1%
8.6%
6.0%
1.5%
4.2%
8.5%
4.4%
4.0%
1.7%
1.0%3.1%
1.8%
0.9%
0.8%
2.5%
1.3%
4.1%
2.9%
16.4%
15.9%13.5%
12.6%
19.3%
16.7%
14.4%
7.0%
8.5%23.2%
0%
10%
20%
30%
40%
50%
JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch
Goldman Sachs & Co Morgan Stanley HSBC Holdings PLC Credit Suisse BNP Paribas SA
% T
otal
Pro
ceed
s
ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
First Half 2013 | Debt Capital Markets | Managing Underwriters
Global Debt Rankings* - Last Ten Years
1
2
3
4
1
2
3
4
JP Morgan
Deutsche Bank
Barclays
Citi
*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.
5
6
7
8
9
10
5
6
7
8
9
10
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ran
k
Bank of America Merrill Lynch
Goldman Sachs & Co
Morgan Stanley
HSBC Holdings PLC
Credit Suisse
BNP Paribas SA
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g g q y
https://www.thomsonone.com
US Investment Grade debt increased 7.2% compared to the first half of 2012 and ranked as the largest first halfvolume on record. Despite a decline from the first quarter, the second quarter's total volume of US$251.7 billionranked within the top ten quarters on record (tenth), as issuers continued to take advantage of historically low interestrates.
US ABS totaled US$138.6 billion from 238 transactions, representing the largest opening half since 2007 andsurpassing first half 2012 volume by 18.2%. ABS strength was largely attributed to the revival of the CDO market,which accounted for 25% of first half ABS volume and increased 238.3% over CDO volume in the first half of 2012.
US High Yield debt increased 25.4% compared to the first half of 2012 and represented the second largest semi-annual volume on record, exceeded only by the second half of 2012. Fueled by increased demand from investorsseeking a larger yield compared to the record-breaking low coupons in the Investment Grade market, US High Yieldproceeds registered US$173.9 billion from 329 transactions.
According to Thomson Reuters/Freeman Consulting, total estimated fees for US Debt increased 13.7% over the firsthalf of 2012, reaching US$6.9 billion. 39.9
70.666.947.877.1
▼▲
▲
▼
▼-▲▼
46.638.4
-BNP Paribas SA 10 13 16,855.8 3.2 +0.9 ▲ ▼
3.2 046 8.6
12.9 -7-1 +0.672.1 2.8
111 20.83.4 -0.5 ▼ 82.669 ▼
-0.1 ▼150.0 5.923,480.7 4.5 +1 ▲-1.5 ▼
-4.4 -0.4 ▼5.4
▼139.6112.66.3 0 - -5
-0.7 ▼ -3107 20.0118
+1.3230.1▲
0
116 21.7 196.2
22.1 ▼
▲9.0 +1.9 ▲143 26.8 +15
+10 ▲ 7.7
Barclays 6 5 34,201.59.0 +2.36.5
8.3 ▼Goldman Sachs & Co 4 4 48,456.4 9.3
-1.5+1.8 ▲
207▼ 212.2-0.8 ▼ 35.4 -4
RBSWells Fargo & Co
HSBC Holdings PLCCredit Suisse
▲Citi 3 2 55,226.3 10.6
Deutsche Bank
US Deals Intelligence
US Debt (F1) Jan 1 - Jun 28
Bank of America Merrill Lynch
Morgan Stanley
8
55,765.0
5 6 47,159.0
33,044.8
2 3
2013 Rank
2012 RankBookrunner
MarketSh (%)
First Half 2013 | Debt Capital Markets | Managing Underwriters
US DebtUS Debt Volume Up 4% Overall, Fees Up 14% l US Investment Grade Debt Up 7% l US ABS Up 18%
US Investment Grade Corporate Debt (F9) Jan 1 - Jun 28
▼
Proceeds
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
▼
11.0 +0.4
Market # of Market Market MarketShare Ch. Deals Sh (%)
189
0.63,278.9
6,584.0
0 5
JP Morgan 1
9 10
12
18,016.3
11 9
7 7
14,611.013,832.611,629.410,210.0
15.0 +1.3 ▲1 78,433.4
8
10.7 0 -
▲
230 43.1Share Ch.
+1 ▲ 322.8 12.6 +0.5 ▲Sh (%)
Change in
▲
-0.5+0.4-0.2
Manager
38.8 +18 ▲ 282.1
Fees# of Deals
2 511 2
111412
131415
2019
17 3,506.2311923Credit Agricole CIB
RBC Capital MarketsUBSMitsubishi UFJ Financial GroupMizuho Financial Group
NomuraUS Bancorp 0.7
Societe Generale
151716
5,905.8
2,691.8
16
180.5
2.82.62.22.01.31.1
-1.8-0.7+0.5-0.7-0.1+0.1
▼
▼▲▼▼
▼▲
+0 2
242626
▼ 51565053
▲4.91.37
911
9.610.59.49.94.54.9
1.72 1
+3+4-4
+3
-160
+7-21-9
+7
▲
▲▲▼
15.411.713 6
1.6
0 5
0.60.5
-0.7-0.3-0.3-1.0
1.81.5
2.82.61.93.0
-0.1+0.3-0.1+0.4
0-0.1
▼
▼▲▼
▼▲
-0.110.9▲
+380 1.5▲+0.1
▼▼▼▼
0.6
-0.1-0.1-0.1
+0.1
0.50.20.30.4
▲
11.64.28.5
15.8
▼-▼▲
0.9
-10-3
+2
1.51.11.3
867
1,086.2 5
----
0.2
000
0.30.30.2
1,718.51,546.21,516.41,120.7
242533
262728Goldman Sachs & Co 5 6 112,703.6 ▲
13.9
2930
Standard Chartered PLCBBVAJefferies LLCBank of New York Mellon CorpPNC Financial Services Group 43
26
Industry % Change from Same Period Last Year 3.9% ▲‐10.2%Industry % Change from Last Quarter ‐16.2% ▼0.7%
100.0-1,216
▲Industry % Change from Same Period Last Year ‐44.6% ▼
1,923 142.5
▼ ‐56.9% ▼▲‐6.0%
100.0
‐38.7%
Industry Total 213,065.0
0.6% ▲
100.0
24.6%
2,596.7 100.0
▼▲77.7 +13.9
6.7 4.754.570.7 +9.8 ▲
-1.7+57▲-169
Top Ten Total 150,467.9▼3.3 -0.3 ▼ 204 10.6
▲First Horizon National Corp 10 10 6,952.9
71TD Securities Inc 3.79 353.9 3.3 ▲
3.6 +3.2+12 ▲
4.5 +4.26.4HSBC Holdings PLC 8 14 8,333.4 3.9 +1.4 ▲
7,758.9
4.9 3.4 -1.27.8
▲2.3 +1.0
5.5Credit Suisse 7 8 9,367.5
75
▲▼4.6 -75 ▼4.4 -0.9 ▼ 89
4.5 -2.7 ▼6.3
+1.19.0
69 3.6 -72 ▼▲
Citi 6 6 9,644.2BNP Paribas SA 5 7 13,815.4 +2.06.5 -0.7
-77 ▼5.1 -44 ▼99▼
-1.7 ▼ 93 4.8 8.4 ▲
+3.2 ▲▲
5.9 +0.6JP Morgan 4 2 15,318.3 7.25.3Deutsche Bank 3 3 17,439.1 -57 ▼ 6.9 4.8 +0.4
9.3 +4.3-51 ▼ 11.1
8.2 +0.4 ▲ 10161 3.2▲ 7.8
▼ 13.2 ▲Barclays 2 1 29,306.2 13.8 +3.0Morgan Stanley 1 5 32,532.0 15.3 +8.1
Fees Sh (%) Share Ch.11.1 -14▲ 213
Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals
All Federal Credit Agency Debt (H1)
2013 Rank
2012 RankBookrunner Proceeds
Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
US High Yield Corporate Debt (F8) Jan 1 - Jun 28
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
▼▲ ▲
▼‐16.5%
Jan 1 - Jun 28
71.7 -0.2 ▼100.0
4,962.3+17 6,931.52,5851,334,848.4 100.0
77.9 +2.7Industry Total
▲2.9
Top Ten Total 1,039,410.7198 7.7 +54 ▲ 200.9
+0.2Wells Fargo & Co 9 9 65,820.3RBC Capital Markets 10 14 42,577.4
▲4.9 0 -3.2 +1.1 ▲
342+0.1 ▲
▼13.2 +28 6.1
4.9▲ 421.1
-1.5▲ 338.8▲
Credit Suisse 8 7 66,266.9 5.0 -1.0 ▼ +2510.9346 ▲
271 10.513.4 +54
▼Deutsche Bank7.4 +1.1
318434.0 6.3
7.3
+1.5 ▲▲▲+0.7
Morgan Stanley 7 8 98,664.3 7.48.3 -0.3 377 14.6 +40 ▲ +0.3
▲ 503.26 5 110,830.2
▼8.4 +1.7
-3 ▼12.3 +77
425.4Barclays 4 2 116,361.8 8.7 -1.1 ▼ -0.6
▼▲10.8 +0.29.6 +0.7 ▲ 542 21.0
8.6Bank of America Merrill Lynch 3 4 128,304.8
6.1+81 ▲ 747.6
360
11.3 -0.3465 18.0 +31 ▲
▼ 782.2-0.4598.2
▼Citi 2 3 130,390.5 9.8 +0.1 ▲JP Morgan 1
Sh (%) Share Ch.1 167,490.9 21.7 -2- 56112.6 0
Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2013
Rank2012 RankBookrunner Proceeds
Market Market
Market MarketMarket Market # of Market Change in Manager2013 Rank
2012 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees
+33 ▲JP Morgan 1 1 21,193.4 12.2 -0.5 ▼ 138 41.9 +16 11.6 0▲ 300.9 -Bank of America Merrill Lynch 2 2 17,848.8 10.3 -1.1 ▼ -0.8 ▼Deutsche Bank 3 4 15,765.1
274.1 10.6▲ 189.7
150 45.632.8 +26 7.3 +0.89.1 +0.7 ▲ 108 ▲
Barclays 4 6 13,556.5 7.8 +0.3 ▲ +0.4 ▲189.6 7.3▲ 197.1
96 29.2 +21 ▲7.6 +0.6 ▲ 88Goldman Sachs & Co 5 8 13,276.4
+0.1 ▲26.7 +27 7.6 +1.2
+30 ▲▲
6.8Wells Fargo & Co 6 7 12,462.6 7.2 +0.1 ▲Citi 7 5 12,140.0
175.9▲ 161.5
106 32.228.0 +8 6.2 -1.67.0 -1.3 ▼ 92 ▼
Credit Suisse 8 3 12,003.7 6.9 -2.7 ▼ -3.0 ▼176.1 6.8▲ 159.9
95 28.9 +7 ▲6.5 -0.3 ▼ 72Morgan Stanley 9 9 11,351.2
+0.1 ▲21.9 +13 6.2 -0.1
+17 ▲▼
19.1RBC Capital Markets 10 10 7,248.9 4.2 +0.3 ▲ 107.31,932.178.8 -3.9 ▼
63
329 +65
▼
Industry Total 173,895.4
4.1136,846.6
523,164.7 100.0
Industry % Change from Last Quarter ‐7.2% ▼ ▼
Industry % Change from Last Quarter ‐8.1% ▼Industry % Change from Same Period Last Year 25.4% ▲
534
Top Ten Total
Industry % Change from Same Period Last Year 7.2% ▲
-21Industry Total
▼
89.3100.0
-0.1 ▼502,081.2 94.6
0.3
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
‐3.8%
2,211.80.50.4
▲
▼
▼Industry % Change from Last Quarter16.3% ▲‐8.0% ▼ ▼
▲-
‐12.6%
74.5 -2.9
13.7%
‐4.1%
1,994.3
25
1,963.41,781.11,742.551
20
2,511.2
Top Thirty Total
2122
2423Itau Unibanco
SunTrust Banks
ScotiabankBanco do Brasil SA
20
30
232221
Credit Agricole CIB
0.40.40.3
0▼
0+0.2
▼-▲
-0.1-0.2
+0.2
147
111344
2.1
0.72.6
2.40.7
+4
+3+2-5-7
▲▲▼
13.621.36.56.0
0.6
0.30.2
0.50.8
0+0.2
+0.72,565.1
‐14.0%
-▲▼-0.2
2.2%
▲2,285.3
▼▲▲
5.3%
-0.2-0.1+0.20.37.8
15.4▼▼
0.3ANZ Banking Group ▲1.3 +6
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
US ABS Collateral Volume Breakout (US$b) Jan 1 - Jun 28 2013
Quarterly Residential ABS, MBS & CDO Volume
▲
691.2
67.2%Industry % Change from Last Quarter ‐17.3% ▼
18.2%▼ ‐32.1%‐15.5%
238 +40-2.9 ▼
Industry Total 138,633.6 100.0 100.0519.337.0 5.4
▼ 75.1▼
Top Ten Total 116,855.4 84.4 -2.4-3.4 ▼
+5.625 10.5 -17 ▼ -0.8
▲RBS 10 6 6,370.1 4.6Morgan Stanley ▲ 59.6 8.6
-0.3 ▼11 7,138.8 5.2 +2.7 ▲ 19 8.0 +9
35.5 5.16.5
36 15.1 +7 ▲-0.5 ▼▲5.8 +1.0 368,015.6
Deutsche Bank 8 7 7,872.2 5.7
▲ -2.3 ▼15.1 +4 ▲ 45.1 ▲+1.6
10,178.5 7.35 ▲ 20.6
-0.9 ▼ 36 15.1 +4
US Asset-Backed Securities (F14) Jan 1 - Jun 28
# of Market Change in MarketSh (%)
Market
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
US Mortgage-Backed Securities (F11)
4753 22.3
Manager2013 Rank
2012 Rank
Jan 1 - Jun 28
# of Deals per Bookrunner Imputed Fees (US$m)
4 20,595.32
Bookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market
Barclays11.9 -1.2 ▼
JP Morgan▲
2 16,467.6
Citi 1Share Ch.
14.9 +4.6▼
Imputed Fees (US$m)
-3.0 037.8 5.5
▼+3.7 ▲112.0-3.1
# of Deals
-2 52.8 7.6
Fees Sh (%)Deals Sh (%) Share Ch.▲ 16.2+17
19.7 ▼
3 13,286.6 9.6
12.01 16,643.0
▼ ▼▼44 18.5 -1 ▼ -1.894.6 13.7
-231 13.0 +14
20.2% ▲
16.47.4 +3.6 ▲
First Half 2013 | Debt Capital Markets | Managing Underwriters
US Securitizations
-3.1
-5.2
24.3 3.5 -5.5 ▼39
▼▲
9 10,287.7
Industry % Change from Same Period Last Year
RBC Capital Markets
Bank of America Merrill Lynch 3
Credit Suisse 6 5Wells Fargo & Co 7 8
9
4$44.1 32%
$13.6 10%
$10.5 8% $45.5
33%
$23.3 17%
CDO Credit Card Student Loan Auto Other
9Nomura 21▲10 10
68,914.3 +0.5
-1.6
▲
▼
100.089.8 +0.2
6.55.5
10,627.8
Industry TotalTop Ten Total 146,888.7
7.0197.0
7.7Wells Fargo & Co
▼
-19
‐14.2% ▼Industry % Change from Same Period Last Year ‐5.2%
163,616.2
▲
Industry % Change from Last Quarter
199.9 100.0175.2 87.8 +0.3 ▲
272
▼ ▼ 15.0 7.5+1.8- 9.5 4.80
▲+1.020 7.4 ▼
-8-1.6-8
14.1 7.1▲
JP Morgan 8 7 12,036.2 7.4 +0.3 ▲ 19+1.0
▼
+1.7 ▲7.7 +1.8 ▲ +28.7 8.8 +4 ▲
▲ 15.3 7.6Morgan Stanley 7 9 12,660.6Citi 14,212.0
▼▼▲
▲ 20.5 10.3 -2.4▼
8.817.7Goldman Sachs & Co 5 3 16,068.0
-0.5
+1.524
8.216.39.8
▲Credit Suisse 4 4 16,255.0 9.9 -0.2 ▼Bank of America Merrill Lynch 10.6
12.6 +0.73 17,404.0
11.7 -2.4 ▼10.1 +0.1
7.0 ▲+1.5 ▲ 26 9.6 +2 ▲ 20.1
25.219
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
20,587.6
Bookrunner Proceeds2013 Rank
36 21,007.3
23,666.2
Sh (%)Barclays 1 2
Share Ch.47
Credit Suisse
Bank of America Merrill Lynch 2
Goldman Sachs & Co
3
5Wells Fargo & Co
JP Morgan 4
Market # of Market Change in Manager Market
12.2 -0.6+9 ▲ 37.7# of Deals
10.4FeesSh (%)
▼Sh (%)
9.4▼
+1.4 ▲9.2
Market
49+2.0 ▲11.4 -0.8 ▼
▲ 32.0 8.9
2012 Rank
25,546.2
42 10.938 9.9
10.637.2 10.3
Imputed Fees (US$m)
Share Ch.Market
▼+10 ▲+1.8 ▲38.3-1.3
10.6+18 ▲12.7
Deals
-2.5 ▼+4
▲
+1.3 ▲35 9.1 +15 ▲ 32.2 8.9
2210.3
-1
US Mortgage-Backed Securities - Federal Credit Agencies (F13a)
Top Ten TotalIndustry Total
87.7 +0.6
Citi
10RBS
8 17,688.2Morgan Stanley 9 9
7 19,563.3
9,617.911
-5+5-0.9 ▼
288.1
Market
6 8
5
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
13.5 +17
31 8.1
8.810.1
3439
52
28
▲ +0.1
▲
10.236.7-4 ▼ 21.1
31.4+12
▲5.9
+1.7 ▲▲
-2.7 ▼8.7 +1.57.2▲
+8+0.7 ▲▲+2.0 7.3 +10
+1.3 ▲+0.6
18.5▲311.2
‐12.2% ▼▲
Jan 1 - Jun 28
14.9%
385
▲
7.9 +0.3
8.8 +1.08.1
-1.5 ▼
-3.0
-1.5
23,653.0 10.6
2013 Rank
2012 RankBookrunner
618,141.1
Imputed Fees (US$m)
▲‐25.7% ▼14.6%
100.0360.9
5.186.2
26.1
10.8Sh (%)# of Deals Share Ch.
Market
▲+50
MarketMarketSh (%)
0Fees
- 21.5
ManagerChange in Share Ch. Deals
# of
4.37.4
▼▲
‐17.5%
195,961.5
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
7
11.9% ▲
16,490.7
4
Deutsche Bank51
29 10.7 -1.3 ▼Deutsche Bank 2 1 19,156.3Barclays 1
8
2 19,554.5 12.0
223,229.6 100.0
Sh (%)
▼
Proceeds-0.5 ▼
▼
▼‐8.5% ▼ ‐26.3% ▼‐6.5% ‐15.3%
0
100
200
300
400
500
600
700
800
900
$0
$100
$200
$300
$400
$500
$600
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$b)
# of Issues
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Jun 28 2013DCM Bookrunner Industry Composition (F1) Jan 1 - Jun 28 2013
First Half 2013 | Debt Capital Markets | Managing Underwriters
Banking Composite: US DCM
12.2%
0.0%
7.4% 8.4%
3.3%
1.3%
2.4%5.9%
3.8%
7.3%
4.1%
5.0% 6.3%
5.5% 9.2%
2.8%
3.7%
6.3%
7.2%
6.0%
2.9%
4.3% 4.9%
4.9%6.4%
2.1%
5.5%
3.7%
2.7%
2.8%
4.7%
2.3% 4.5%
3.8%4.8%
2.8%
3.5%2.0%2.2%
1.3%
1.1%
0.5%1.0%
1.6%
7.3%
1.3%
1.2%2.9%
2.6%
2.2%
3.3%1.4%
0.8%
2.7%
3.6%
0.6%
0.9%
4.9%
5.8% 3.4%
6.2%
2.7%2.2%
2.8%
8.0% 0.5%
3.6%
5.8%1.9%2.9%
6.0%3.7% 5.1%
7.9%
0.5%1.6%
6.9%
60%
70%
80%
90%
100%
Pro
ceed
s
4 9%
4.5%
1.0%0.8%
2.7%3.6%0.6%4.9%
5.8%3.4%
2.2%
2.8%8.0%
0.5%
5.8%
2.9% 6.0% 3.7%
5.1%
7.9% 0.5%
1.6%
6 9%
37.0%
42.9% 41.7% 40.4% 39.4%
33.7% 33.9%56.5%
28.1%44.7%
60%
70%
80%
90%
100%
Pro
ceed
s
1.5%4.0%
1.5%1.3%1.8%1.0%
1.0%
5.5%1.0%0.7%
10.6%
12.7%
11.7%10.7%
5.1%6.8%
16.5%
27.2%14.3%
11.5%
12.2%
5.0% 11.7%
9.3% 17.7% 23.1%
9.7%
3.3%
10.4%
5.0% 5.7%
4.6%
6.3%
4.8% 6.1%6.2%
5.8%5.0%
2.3%
3.6%
2.9%
3.6%7.7%
2.4%
0%
10%
20%
30%
40%
50%
JPM Citi BoA Barclays DB GS MS CS WF RBC
% o
f Ind
ustry
Consumer Products and Services Energy and Power Government and Agencies
Healthcare High Technology Industrials
Materials Media and Entertainment Real Estate
Retail Consumer Staples Telecommunications
1.5%4.0%
1.5%1.3%1.8%
1.0%1.0%5.5%
1.0%
0.7%
10.6%
12.7%
11.7% 10.7%5.1% 6.8%
16.5%
27.2%14.3%
11.5%
12.2%5.0% 11.7%
9.3% 17.7%23.1%
9.7%3.3%
12.2%
10.4%
5.0%5.7%
4.6%
6.3%
4.8%
6.1%6.2%
5.8%
0.0%
5.0%
2.3%
3.6%2.9%
3.6%
7.4%
8.4%
3.3%
7.7% 1.3%
2.4%
5.9%
3.8%
7.3%
4.1%
5.0%
6.3%
5.5%9.2%
2.8%
3.7%
6.3%7.2%
6.0%
2.9%
4.3%
4.9%
4.9%6.4%
2.1%5.5%
3.7%2.7%
2.8%
4.7%
2.3% 3.8%
4.8%
2.8%
3.5%
2.0%
2.2%
1.3%
1.1%
0.5%
1.6%7.3% 1.3%
1.2%
2.9%
2.6%
2.2%
3.3%
1.4%
0.9%
5.8%6.2%
2.7%3.6%
1.9%
6.9%
0%
10%
20%
30%
40%
50%
JPM Citi BoA Barclays DB GS MS CS WF RBC
% o
f Ind
ustry
P
Consumer Products and Services Energy and Power Government and Agencies
Healthcare High Technology Industrials
Materials Media and Entertainment Real Estate
Retail Consumer Staples Telecommunications
Financials
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
-4.1%▼ -16.5%‐23.0%Industry % Change from Last Quarter -26.6% ▼
▲
Jan 1 - Jun 28
▼
8,381.5 100.0+2.060.2
▼ 9.1%
3,032 -131
Morgan Stanley 9
‐2.4%
11
1,893,075.11,138,431.7
Industry Total
10 10
▼
84,895.682,150.2
68104,257.1
+1.0▼9.3 -17▲57.8
-0.54.3
▲
▲ 294281
+209.7▼ 243.6
▲▲ 402.5
4,843.5
4.84.5 267.7317 10.5 -35-0.7 ▼
▲▲
+0.3-0.4
▼
512.8
2.9
+1.2-0.2
▲3174.3
▲+4914.8 656.6+42
10.5 +61 6.1360.2
3.2
▲▼
+0.7▼-0.2
7.816.6
5.5 +0.4 ▲ 449502-5.9
▲ 458
0
6.4 6.8
HSBC Holdings PLC 6 5 110,797.3115,992.1
-0.5 ▼
▲15.1
5.6-0.8 ▼ 459 15.1+0.1
▲-0.4
+16 ▲468.4
+0.2 ▲-18 ▼
565.5
7.1 +0.39.2-14 772.4
Market MarketSh (%) Share Ch.
▼627
▲ 603 19.920.7 593.8+16 ▲
▼Deals
First Half 2013 | Debt Capital Markets | Managing Underwriters
International Debt European Borrowing Down By 11% l Telecoms Sector On The Rise l Continued European High Yield Surge
All International Bonds (J1) Jan 1 - Jun 28EMEA Deals Intelligence
# of MarketFeesProceeds
Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner
Sh (%) # of Deals
Proceeds per Bookrunner (US$m)2013 Rank
2012 RankBookrunner
6.1 +2.0
3.3 ▼
100.0
+0.662,955.1RBS
Market Market
+0.58.18.8
+0.4
Sh (%) Share Ch.
▲166,569.9
4
152,414.07.3
8
137,926.2120,474.2
Top Ten Total
Industry % Change from Same Period Last Year
JP Morgan 1 1
Barclays 2Citi 4
3Deutsche Bank 2 3
Goldman Sachs & Co 5
BNP Paribas SABank of America Merrill Lynch 7 7
All International Securitizations (J10c)
European international bond issuance fell by 11.1% year on year with proceeds in the first half of 2013 of $1.1 trillionfrom 1,995 deals . Of the underlying industry sectors, financials dropped by 21.9%, materials dipped by 15.1% andindustrials declined by 13.2%. Significant gainers included the telecoms sector (up by 45.4%) and retail (up by28.1%).
Notable international transactions priced in the second quarter of 2013 included the €8 billion offering by EFSF, viaBNP Paribas, Goldman Sachs and HSBC, the largest supranational issue on record. Apple tapped the bond marketwith a $17 billion issue via Deutsche Bank and Goldman Sachs. The deal was the largest non-financial corporatebond offering of all time and was oversubscribed threefold. The previous record was held by Swiss Healthcare firmRoche Holdings for their US$16.3 billion offering in 2009.
European high yield issuance continued to surge, increasing by 128.5% compared to the first half of 2012. Thesecond quarter of 2013 saw a 205.4% increase compared to the second quarter of 2012, representing the secondbusiest second quarter on record, following 2011.
All International Bonds by Issue Type
First HalfEuropean Financial and Corporate Inv Grade By Domicile Nation
Proceeds per Bookrunner (US$m)
JP Morgan 1
Market Market
Bank of America Merrill Lynch8.1 -6.2
33Sh (%)
# of Deals per Bookrunner
Sh (%)# of Deals2013 Rank
-0.3 ▼4.5▲ 64.8 -0.2
- 76.4▼
5.3
▼ 95.2 6.6
141▲
+35
+1.0
16.6 72.3 5.0 -05.680.5 +0.4
All Bonds in Euros (N1)
- 137 14.5UniCredit
6.5▲
035,885.036,159.9 6.6
Societe Generale 6 6
4 5Barclays 5 2
162 +38
0164 17.4 +23166
5.579.2 ▲+0.5▲-1.1
+0.66.7 -1.0 ▼ ▼-317.6BNP Paribas SA 3 1 36,608.1
HSBC Holdings PLC 2 7 39,901.6
Share Ch.+0.7
7.3 +1.8 17.1▲▲
Fees Sh (%)116.8▲
Change in
8.240,109.5Share Ch.Proceeds # of Deals
+28Sh (%)
19.3
2012 Rank
1Sh (%)
3
# of
7.3 182▲Deals
Deutsche BankBookrunner
MarketProceeds per Bookrunner (€m)
+2.3Goldman Sachs & Co
Market
100.0
4.04.1
7.2
7,776.62 1
Proceeds14,569.5
RBS 87
3
2Barclays
2012 RankBookrunner
Market# of Market Change in ManagerImputed Fees (US$m)
MarketShare Ch.
# of Deals per Bookrunner
-2.0Deals
18.2 -4 ▼+10
+0.77.0
FeesShare Ch.15.1 +3.0
Sh (%)
15.4
▲30
MarketManager Market
28.0
Jan 1 - Jun 28
20.0
▲
▼
Market
7.9+11+7.5+3.2
17.3-6.5
7.3 +10 ▲
Imputed Fees (€m)
286.5
17.0
▼▲15.2 +9
6.2
+0.8
▲-8.8
11.9
7,737.6 +3.8 ▲ 25.5 10.8
▲
258.0▲ 18.6▲
14.7
Citi 4 5 6,932.1
▼7
▲Credit Suisse 6 11 5,523.3
35Deutsche Bank 5 6 6,785.49.7 4.1
+0.7 21.2 +17 ▲▲5.7 ▲
30 5,193.7 5.4 +5.0 12▲▲ 22 13.3 +12
-0.63.9▲24
▲▲7.3 +6.7
3.1
+0.3
4 3,969.2 ▼-7 ▼ 7.3-3.7 13.322▼+2.0
+1.3Wells Fargo & Co 9 15 3,833.1RBC Capital Markets 10 6.9
▲14
14.5 +14
Top Ten Total 65,107.02,786.5 +0.5 ▲ 2.9 ▲
▼12 7.3 0 -
9.2
235.964.667.5
2.9+8.1 ▲
8.4%▼
▲+1.9+30 100.0
152.6165
▲Industry % Change from Last Quarter -13.2% ▼ -14.6%
▲-22.1% ▼
2013 Rank
22.2%
▲6.5 +0.8 ▲ 157
Industry Total
Industry % Change from Same Period Last Year 12.5% ▲
96,564.8
▲ 98▼
35,502.39 29,192.5
5.2 -0.85.3 +0.4
14.9 +9 ▲ -0.6▼10.4 -20
65.3Goldman Sachs & Co 9 13 21,580.5
JP Morgan 7Credit Agricole CIB 8 4 28,811.0
3.9 +1.0▼
▲ 70.2 4.9 +1.9▲ 694.6
7.3 +123.753.0
▲Citi 10 11 19,636.5 3.6
323,386.98.4
▲▲ 79
58.9 +3.9 ▲▼-5 ▼ -0.1+0.1
53.9 +1.2773.7100.01,433.7-35
Industry % Change from Same Period Last Year 0.1% ▲ -3.6% ▼ 22.1% ▲▼ -25.2%
Industry Total 550,339.0 100.0Top Ten Total
▼Industry % Change from Last Quarter -19.7% ▼ -12.1%
945
€ -
€ 100
€ 200
€ 300
€ 400
€ 500
€ 600
€ 700
€ 800
€ 900
€ 1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2008 2009 2010 2011 2012 2013
Pro
ceed
s (€
b)
ABS & MBS
Emerging Market Corporate
Federal Credit Agency
High Yield Corporate
Agency, Supranational, Sovereign
Investment Grade Corporate
€0
€20
€40
€60
€80
€100
Pro
ceed
s (€
b)
2012 2013
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com
2012 2013
With issuers continuing to take advantage of historically low interest rates, Global High Yield debt set an all-time semi-annual record in the first half of 2013 for both proceeds and number of issues, totaling US$241.8 billion from 457transactions. Second quarter volume decreased 18.8% from the proceeds raised in first quarter. Despite the decline,the US$108.4 billion ranked as the sixth-largest quarterly volume on record; the prior three recorded quarterlyvolumes ranked as the three largest volumes on record.
Proceeds for Non-US Dollar denominated High Yield debt increased 174% over the proceeds raised in the sameperiod a year ago, to US$43.6 billion on 110 issues.
According to Thomson Reuters/Freeman Consulting, estimated fees for Global High Yield Debt rose 33.8% comparedto the same period in 2012, to US$3.5 billion on 149 more transactions priced compared to first half last year.
First half 2013 average spread to benchmark tightened by 155.1 basis points compared to the levels in the first half of2012, to 385.6 basis points, the lowest semi-annual average since the first half of 2007. Average quarterly spreads tobenchmark have steadily tightened for four consecutive quarters.
Average Quarterly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Jun 28
First Half 2013 | Debt Capital Markets | Managing Underwriters
High Yield DebtGlobal High Yield Volume Up 49% l Largest Semi-Annual Total On Record l Non-USD-Denominated High Yield Up 174%
Global High Yield Debt (B4) Jan 1 - Jun 28Global High Yield Deals Intelligence
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2013 Rank
2012 RankBookrunner Proceeds
Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
▲▼ 180 39.4 11.1287.9390.2+52
157▲JP Morgan 1 1 26,886.4 11.1 -0.3 +0.2 ▲
▲Deutsche Bank 2 3 22,338.6 9.2 +0.4 ▲+5638.1 +5234.4 +1.18.2
9.0 -1.0 ▼Bank of America Merrill Lynch 3 2 20,831.2 8.6 -1.4 ▼ ▲ 315.67.3 +0.4 ▲ 121
174Goldman Sachs & Co 4 7 17,637.6
228.9 ▼26.5 263.2 7.5 +1.2
6 16,241.5▲
6.7 -0.5+49 ▲
25.2 +33 ▲6.4 -1.2 ▼
▼Citi 6 5 15,570.6Barclays 5
120
-0.1117 25.6 +25 ▲115
205.5 5.96.5
-1.4 ▼▼Credit Suisse 7 4 15,472.5 6.4 -2.3 ▼ 26.3 +25 ▲ 236.9 6.8 -2.4
5.5 -1.0 ▼ 93Morgan Stanley 8 8 13,356.9 20.4 188.8 5.4 -0.7 ▼5.2 -0.9
+26 ▲23.4 ▼
-0.5 ▼▼ -0.6
66 14.4 +17 ▲ -0.49 12,560.1
RBC Capital Markets 10 11 7,682.79Wells Fargo & Co 107
113.83.25.1+31 ▲ 177.3
▼Top Ten Total 168,578.1 69.6 -7.3 ▼ 2,408.1 68.8
3.3-4.1
457 3,506.9 100.0▼
Industry Total 241,848.8 100.0 +149
▲ 48.4% ▲ 33.8% ▲▼ -18.8% ▼
Industry % Change from Same Period Last Year 48.7%Industry % Change from Last Quarter -18.8% ▼ -11.9%
Monthly High Yield Volume
4.0 -0.1
4.6 -0.75.1 +0.4
6.3 -0.7
-0.8+17
▼ 184.323 ▲ 24.9
19.9 3.5▲
RBS 10 10 1,748.6 16.4 +10 ▲20.9 +2.4
▼+11 ▲Bank of America Merrill Lynch 9 18 1,841.7 4.2 +2.0 ▲
+0.4 ▲ 20 18.2▼
4.2 -0.4▼ 26
Citi 8 11 1,962.0 4.5 24.2Barclays
4.2 +0.3▲ 24.27 4 2,006.0
▲ 2242.224.5 +18 ▲
20.0 +137.3
▲23.6 +16 ▲ 29.0 5.0 -0.1
27HSBC Holdings PLC 6 6 2,241.2
▲Credit Suisse 5 9 2,384.8 5.5 +1.3 ▲ +1.4 ▲Goldman Sachs & Co 4 2 2,762.2 ▼ 28
▲ +1.17.6 +1.025.5 +17 ▲ 43.8
▲29 26.4 +18 ▲ 35.7 6.2BNP Paribas SA 3 5 2,861.4 6.6 +1.4
+0.1 ▲10.1 +2.8 ▲
▲ 63.1 10.9JP Morgan 2 8 3,686.9 ▲ 58.48.5 +4.3 34.5▲ 38
+23+29
-1.3 ▼ 44 40.01 1 4,336.0Share Ch. Deals
10.0
2012 Rank
MarketMarket
# of Deals per Bookrunner Imputed Fees (US$m)
# of Deals per Bookrunner Imputed Fees (€m)
Deals Sh (%)Market Market2013
Rank
2013 Rank
Proceeds per Bookrunner (€m)
2012 Rank
JP Morgan 1 1
Bookrunner Proceeds
22,057.2Bank of America Merrill Lynch 2 2 18,402.6
Goldman Sachs & Co 4 8
Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Jun 28
Proceeds per Bookrunner (US$m)
Bookrunner Proceeds Sh (%) Share Ch.Change in ManagerMarket Market # of Market
-0.1# of Deals Fees Sh (%) Share Ch.
313.7 11.4+25 ▲ ▼▼12.0 -0.5 41.1148
33.610.0 -1.1 ▼ 282.7 10.3157 43.6 +39 ▲ -0.9 ▼
▲Deutsche Bank 3 4 16,605.5 9.0 +0.5 ▲ +0.87.6 +0.7 ▲ 96
+35 ▲ 204.3 7.412114,004.1
190.7 ▲26.7 205.5 7.5 +1.2
6 13,606.5▲
7.4 -0.1+34 ▲
26.9 +21 ▲7.0 -1.1 ▼
▼Citi 6 5 12,985.5Barclays 5
106
+0.2102 28.3 +18 ▲97
173.6 6.37.0
-1.4 ▼▼Wells Fargo & Co 7 7 12,462.6 6.8 -0.2 ▼ 29.4 +30 ▲ 175.9 6.4 -0.2
6.7 -2.7 ▼ 98Credit Suisse 8 3 12,315.4▲
27.2 181.0 6.6 -3.1+0.19 12,211.2
▼6.6 -0.1
+10 ▲22.8 +23 ▲
3.9 +0.1 ▲▼
RBC Capital Markets 10 11 7,248.9Morgan Stanley 9
+17 ▲ 082
107.3 3.96.3171.8
63 17.5 -77.0 -4.5 ▼ 2,006.5 73.1 -3.4 ▼
Industry Total 184,541.9 100.0 360 +89 2,745.7 100.0
32.8% ▲ 20.8% ▲-13.1% ▼-8.5%
Industry % Change from Same Period Last Year 30.1%
Top Ten Total 141,899.5
▲
Change in
▼Industry % Change from Last Quarter -13.7% ▼
Sh (%) # of DealsDeutsche Bank
MarketSh (%)
▼
Fees Sh (%) Share Ch.Market Manager# of Market
Top Ten Total 25,830.8 59.3 +7.0110 100.0
63.3▲ 365.4 +7.8 ▲Industry Total 43,564.2 100.0 577.8
Industry % Change from Same Period Last Year 174.0% ▲ 150.0% ▲ 117.0% ▲
+66
▼ -35.9% ▼Industry % Change from Last Quarter -32.5% ▼ -19.7%
0
200
400
600
800
1,000
1,200
1,400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2008 2009 2010 2011 2012 2013
Bas
is P
oint
s
Spread to Benchmark
2-Quarter Moving Average (Spread to Benchmark)
*Spreads based on fixed rate issues where spread information is available
0
20
40
60
80
100
120
$0
$10
$20
$30
$40
$50
$60
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J
2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$)
# of Issues
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
10964.6175.1Top Ten Total
100.079,571.3 270.8
% Change from Same Period Last Year
+38
▲
Industry Total55,591.4
2.8-0.9
100.0▲
-2.1 ▼ -1.7-2.6
▲▼▼
+0.9
▲ 17.8
7.7▲
9.2 +2 ▲
22.0▲ 24▼
4.412.0
13.1 4.8
6.6▲
-0.8 ▼5.3 +4.0 ▲
-▲ 14.4
▼6.8
16.3-4.6 ▼
6.018.5
-4.5
+3.7 ▲25
+20 41.4
+4+10
20.5+15 ▲▲7,710.6 9.7▼9.2 -0.7
# of
12.2BNP Paribas SA 2 5Deutsche Bank 3 3 7,334.0
+3.0
Sh (%)Fees Share Ch.Manager
JP Morgan 1 4 9,734.4 36.7
MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)
▲▼
# of Deals per Bookrunner
-27.2%
1016
-0.6
Imputed Fees (US$m)2013 Rank
2012 Rank
Market MarketChange in Market Market
10.0%
Jan 1 - Jun 28
▲
257,483.5 100.0
-3.4%38.1%
8
▲
+1.2 ▼+0.869.8
▲5.0 ▲
+1.5+2.7
3.84.04.1
+1.1 1413.4
12.8 +4VTB Capital
21
3.26
2,559.8
133,162.5
26.6
▼
3,026.39 14.7 +5
+1756.5
3,293.9
15.3
Goldman Sachs & Co 8 12
# of Deals40
23.922.9
▲▲
+3.2
26▼ 29
▲▲7.6 +2.7
+4.2▲
▲15 13.8 0
% Change from Same Period Last Year 16.6% ▲
11.9 +10
+2.5-1.9
Societe Generale 10
1,230.9
49.2 ▲53.0
▲
Barclays▲
Citi
Bank of America Merrill Lynch
HSBC Holdings PLC
-1.2▼▼
▲
-0.8▼
+0.2
▼
2.8
4.3
+43
Sh (%)
+2913.3▲
3.334.3
▲4.0
52.0
100.0768.2 62.4
4.2
▲
Top Ten Total 168,860.9Industry Total
-1.2474
▲+63.3 +0.9
4.3 -1.2
63
Imputed Fees (US$m)Change in
DealsMarketMarketManager
Fees# of Deals
# of Deals per Bookrunner
Share Ch.
UBS 109.3Goldman Sachs & Co 9 10 8,994.0
8,434.4
Standard Chartered PLC 8 6 10,995.2
65.7
443.5 +0.2 ▲12
▼4.5 +0.3
80
5.1 -1.7+7▲
▲54 11.4 ▲
16.9 +4▼BNP Paribas SA 7 7 11,497.2Barclays 6 5 13,230.5 40.7
▲ 78.7Bank of America Merrill Lynch 5 9 15,172.8+158 12.2
105.2 8.65.9 +2.5 ▲ 84 17.7 +36
1266.4
▲▼
26.6 +37 ▲9.0 -0.1
+1.3+21 110.7
+0.8Citi 3 1 25,255.3Deutsche Bank 4 4 23,120.0
2 3 25,887.1129▼9.8 -3.0
10.1 ▼33.8 +3525.5
▲ 122.2 9.9 -0.9 ▲9.9
First Half 2013 | Debt Capital Markets | Managing Underwriters
Emerging MarketsAll International Emerging Market Debt Up 17% l EMEA Emerging Market Debt Up 41% l Middle East Emerging Market Debt Up 16%
Jan 1 - Jun 28EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Jun 28
Proceeds per Bookrunner (US$m)
▼-20.5% ▼
-0.8
76
% Change from Last Quarter
▲▲27.2
Asia-Pacific Emerging Market Bonds (L4)
▼ 160
Market
122.2
4 1 7,249.7
121 +20
Proceeds per Bookrunner (US$m)2013 Rank
2012 Rank
MarketShare Ch.Bookrunner Proceeds Sh (%)
Market
9.19 6,333.0
-3.5+4.0
2 5,187.28.0
-7.0
-0.9
# of
HSBC Holdings PLC 1 2 26,274.4 10.2Sh (%)
▼
+0.8
Latin America Emerging Market Bonds (L3)
▲
% Change from Last Quarter
JP Morgan
9.0
Jan 1 - Jun 28
53.5% ▲ 45.5% ▲-5.4% ▼ 18.4% ▲
40.6%-10.9%
*ti
14 13.9 -1 +0.2▼0.9
8,245.2+1.2-1.7
+21+9
▲
30.5▲
Sh (%)
▼ -826 8.2
MarketMarketShare Ch.
HSBC Holdings PLC 5,551.0 ▼25.7 +7 ▲
20 19.89.18.35 3
6,101.1
12.1
Sh (%)
5.6 -0.7▼
7.97,804.74 4 -0.1 ▼8.4
24.1 +14 ▲ 41.0 7.4 ▲58 +1.6▼
9.5
-1.9 -1.529.8+4.0 ▲ +2.8
9.5
8.0
▲
▲+8 ▲ 12.346.0 44.163Standard Chartered PLC 3 2
▲8.0▲
Citi-0.8 ▼+2.952.42
26.1-5.7 ▼ 34 33.7
29 28.7+1.9 ▲+3
▼+2.5
45.2-0.88.68,475.5 27.867
HSBC Holdings PLC
Deutsche Bank 3 4 6,239.7 9.3Citi 2 1 8,055.6 -0.5 ▼ Deutsche Bank 5
▲+3 35.6 9.535.6▲
Share Ch.13.5 31.7
Deals Sh (%)+1.8 ▲ 32 +26 ▼
Fees Sh (%) Share Ch.-2.3▲
# of Deals12.971.3▼ 12,864.1 13.1 -2.5
DealsSh (%) Share Ch.▼ 109
MarketMarketChange in ManagerBookrunner Sh (%)
Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
ProceedsBookrunner # of Deals FeesMarket Market # of Market
JP Morgan 1 2 8,989.3
ManagerImputed Fees (US$m)
2013 Rank
2012 Rank
7Bank of America Merrill Lynch 4
▲11.5 3.1Morgan Stanley 6 5 3,739.6
5.9+0.9 ▲
1.6 -0.3 ▼3.4+2 ▲
▼15.814.9 -1 ▼158 6 3,006.4 4.5
167 10 3,433.8 ▲
-0.5 ▼Banco do Brasil SA 9 9 2,509.6 3.8-1.5
5.1 +1.3▼Itau Unibanco
Credit Suisse
8 7.9 -3 ▼ 7.5 2.0
69.8Barclays 10 11 2,291.0Top Ten Total 49,917.1
8.9 +13.4 0 - 9
33.7%
209.3+0.8 ▲Industry Total 66,829.6
▲% Change from Same Period Last Year 9.4%
100.0 101 +956.00.9 -0.7
7 8UBS 6Bank of America Merrill Lynch
9
▼▲ 3.5 ▼
-1.6
▲100.0
+1.0374.4
Imputed Fees (US$m)
-1.8 ▼
2013 Rank
2012 Rank
1 1Proceeds
MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner
JP Morgan 5 3
Market # of Market
7,494.8 7.6+3.07,074.0
20.3 -3▲ 577.2
-3.6 ▼9.2 +3.7 ▲
49+32
45.7 8.323.7
▲46 19.1 +17 ▲ 36.9 +2.3Goldman Sachs & Co 8 7 4,505.8
6.76,157.3 ▲6.3 +2.04.5
50.7▲
▲ 24.94.6 +0.2 ▲ +3 +0.1 ▲4.4 -2.6
20 8.3▼ -2.0 ▼30 +2 ▲Barclays 9 6 4,284.8 17.4 3.2
3.3 +1.0 ▲ 26 10.8 +8 2.512.4
▲Top Ten Total 70,197.5 71.4RBS 10 15 3,291.3 +1.4▲ 14.0
98,436.3-1.3 ▼ +3.3 ▲
241 100.072.2398.4
% Change from Same Period Last Year 12.3% ▲
+5
2.1%
Industry Total
▲ -25.4% ▼ -39.4% ▼▲ 38.4% ▲
551.2
Middle East Emerging Market Bonds (L5) Jan 1 - Jun 28
% Change from Last Quarter 40.3% ▲ % Change from Last Quarter
Market
100.0
Imputed Fees (US$m)2013 Rank
2012 RankBookrunner Proceeds
Proceeds per Bookrunner (US$m)Market Market # of Market
# of Deals per Bookrunner
4 3,359.7
MarketSh (%) Share Ch.# of Deals Fees
Change in ManagerShare Ch. Deals Sh (%)
12.6 +5.1 ▲ 15Sh (%)
▲HSBC Holdings PLC 2 1 2,995.0 11.2 7.8
7.8 +3.0▲ 7.7-3.4 ▼
34.1 +5
Standard Chartered PLC 3 3 2,580.6
1Citi
16▼17 38.6 0 - 7.6 -0.9▼5.1 -0.9▲
-0.2Deutsche Bank 4 2 2,142.35.0
013.6 -2
-36.4 +29.7 +2.0 ▲
8.0 ▼10 22.7 +2 ▲ 8.1 8.3▼2.0 2.0 -8.0▼
+2.14.211 1,362.8National Bank of Abu Dhabi 7 6 1,238.3
1,721.8+2.1-0.8
10▲-1.4 ▼
▼ 622.7 +3 ▲
Barclays 5 55.166.4
Emirates NBD PJSC
▲ +5.118.2 -2
Goldman Sachs & Co 8 13 1,169.784.64 9.1 +3 ▲4.4
3.2▼ 3.26.1+2.2
7 3.3- 3.2-2.0
15.9 0 -2.07 ▲
JP Morgan 9 7 1,124.4 -1.7 ▼4.2
26,716.8
3.8 +1.715
100.0▲70.0
+315.9Top Ten Total 18,705.9RBS 10 1,011.3 ▲
+5.8
% Change from Last Quarter -32.4% ▼% Change from Same Period Last Year 16.2% ▲
Industry Total
6.0▼
4.1▼
4.0
▲-0.3
3.9
▲
-24.0% ▼ -8.2% ▼▲
97.8
▲
100.044
69.8%
+3
7.3%
51.8▼▼-4.150.8
▲-13.0% ▼ -32.5% ▼ 0.2%1.0% ▲
Jan 1 - Jun 28 2013All International Emerging Market Bond Volume by Industry (US$b)
$98.039%
$48.819%
$44.217%
$16.57%
$13.95%
$9.44%
$8.33%
$7.63%
$2.91%$1.61%$1.51%
$0.40%
Financials Government and Agencies Energy and PowerReal Estate Materials IndustrialsTelecommunications Consumer Staples Retail
*tie
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
High Technology Consumer Products and Services Healthcare
Asian G3 currency (US$, Euro, Yen) debt to date registered another record high volume of US$90.5 billion from 162deals, an 18.3% increase from the last record high total of US$76.5 billion raised in the first half of 2012. The top-three deals issued in the second quarter this year marked the third, fifth and sixth all-time largest Asian G3 bondofferings: CNOOC's US$4 billion guaranteed notes (China), SINOPEC's US$3.5 billion of notes (China), andPertamina(Persero)PT US$3.3 billion of medium-term notes (Indonesia).
Asian currency bond offerings in the first half of 2013 posted an all-time record with US$277.8 billion from 1,986deals, a 21.2% increase in value from the same period last year. Debt in Chinese Yuan, Korean Won and IndianRupee continued to lead the Asian local currency market, capturing 65.1%, 12.8% and 9.5% of total proceeds,respectively. Dimsum Bond volume increased by 19.6% over first half 2012, to CNY109.1 billion from 221 issues.
According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market to date reached US$515.7 million, a 58.5% increase from the total fees paid in the first half of2013. Underwriting fees on Asian local currency bonds (ex. Japan, Australia) in the first half this year registered a16.2% increase compared to the same period last year, to US$834.3 million. ▼45.0%
515.7 100.075.0386.5
58.5%
▼39.6%
▼
▲▲ 20.0%
74.4 -6.6 -4.0162
▲
+27▼Top Ten Total 67,332.8
Industry Total 90,497.9
4.5+1.2 ▲33 20.4 +8 ▲
15.45.0
▼Morgan Stanley 10 8 3,777.9 ▼ 25.54.2 -1.5
▼3.3
20 12.3 24.2▲ 16.8+625 ▼-3.1
4.7-2.9
-0.5 ▼ -0.9+3 ▲Goldman Sachs & Co 8 7 4,994.8Barclays 9 6 4,056.9
+1.3▲ 396.3 ▲24.1 +13 ▲ 33.7 6.56,778.7 7.5 +3.651+3.3 ▲ 31.5 +32 ▲ 9.8
▼+2 ▲ 43.028.4 +11
-3.88.327.2
50.6 ▲▼▲ 40.8 7.9-1.4 ▼ 46 -2.73 7,049.7
57▼▲+0.3
448.58.8 ▲35.2 +21 ▲ 47.2 9.2 +1.4
1 80+19+26
Market
5449.4
Market2013 Rank
Market
Bookrunner
# of Deals per Bookrunner Imputed Fees (US$m)
7.7
# of Deals
8,078.8 39.712.6▲
33.3
First Half 2013 | Debt Capital Markets | Managing Underwriters
Asia DebtAsian Debt First Half Volume - Record High l China Debt Picks Up Steam l Asian G3 Investment Grade Q2 Debt - All Time High Quarterly Proceeds
Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Jun 28
Market# of
▼
MarketManager
-2.3Sh (%)
Change in
Share Ch.Fees
Proceeds per Bookrunner (US$m)
-2.3 ▼11,183.5
2012 Rank
▲8.9
Sh (%)HSBC Holdings PLC
Jan 1 - Jun 28
Citi
Proceeds
18.3%
52
57,698.77,971.9
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
Standard Chartered PLC 7.8UBS 6 10
JP Morgan 43Deutsche Bank
Deals Sh (%)
-3.3
12.414 ▲
Share Ch.
+1.165.0
▲+0.3
2
5.5
100.0
All Asian Currencies (ex-Japan ex-Australia) (AS1**)
▼5.1%
Bank of America Merrill Lynch 7 9 5,741.9 +1.6
Asia Pacific Currency Bonds Imputed Fees First Half
t Includes Asian Development Bank issuance
100%
**Includes CDs and CPs
2013 Rank
1 1 35,782.8
Market2012 Rank
▼
4
MarketProceeds per Bookrunner (CNYm)
Industry % Change from Last Quarter 24.4% ▼
HSBC Holdings PLCBookrunner
Industry % Change from Last Quarter 23.5%
7
20.8%
Daewoo Securities Co Ltd
32.8
# of Market
40,202.7
▼
▲
13.0%
216.7
25.6%
+5.4
▼▼
100.035.5
1
Top Ten Total-269
10
2Axis Bank Ltd
CIMB Group Sdn Bhd
▲
97,048.5
Korea Investment Holdings Co
8 10 2,723.9 2.8
3.7▲16 ▼
▲
21.8%
+11.677.0
100.0+3.3 ▲
1.7
967
+0.5
+0.2+9
1.4 -9
▼▲
+6
14
43 4.4
3,918.4 4.0-1
+1.0 ▼
+1.3 25
▲
3,141.93,649.96
▲KTB Securities Co Ltd 14
4.4KB Financial Group IncWoori Invest & Sec Co Ltd 5 7
8
▼1
▲+8▲
5,818.04,530.1
+2.2 2.74.76.0
FeesSh (%)+0.6 ▲-2.0
13.24.8▼
Sh (%)
-2.3 ▼ 11.9+22
+0.2
+1.7 ▲
▲ 17.0
104
164Deals
10.4115
Market MarketMarket Manager
7.3
Market # of# of DealsShare Ch.
▲-54
5.74.9
6.1+13
5.0▲ 10.7
10.7
Share Ch.
▲▼-1.8
7.4 3.4
▲ 4.23.12.0
▲+1.1
4.3-1315
2.6 ▲2.5 ▲+0.2▼
6.7
Jan 1 - Jun 28
# of Deals per Bookrunner Imputed Fees (US$m)Market Change in
24
2,582.5 2.7-0.12,526.1 ▼2.6
▼▼
1.7
41.5
3.8 +0.9
+0.3-1.9
3.2+5.2
▲2.6
+1.7 ▲▲+2.1
26
Industry % Change from Same Period Last Year
Hana Financial Group Inc 9 3
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
12,828.75.0
19,687.0
5
Sh (%)
8,833.8 3.2
2012 Rank
1.9
+2.8
Industry % Change from Last Quarter
10.811 4,267.9
Proceeds
1
2Sh (%)
13.1% ▼
9,287.3
3 6
Market
Standard Chartered PLC
4
2012 Rank
5,367.4
China Construction Bank
Proceeds
2
Standard Chartered PLC 2
All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1a**)
Industry Total
+0.8China Development BankChina Everbright Bank
6
2013 Rank
277,813.7
78
2510
103621
ProceedsManager
Top Ten Total
Sh (%)
Industrial & Comm Bank ChinaChina Merchants Securities Co
Bookrunner
Jan 1 - Jun 28
+4.8
Change in
35.2
6,860.89
1.95,483.1
HSBC Holdings PLC 7,044.0
Proceeds per Bookrunner (US$m)
100.0
# of Deals per BookrunnerMarket
97,860.8
Imputed Fees (US$m)Market
Dim Sum Bonds (ex self-funded) (AS24a)
2013 Rank
▲ 24.4 +1697 28.013.843.9 ▲+21▲
▲
Share Ch.# of Deals Sh (%)FeesShare Ch. Sh (%)Deals
+6.9-3.4
16.8 +2.2 14.254Standard Chartered PLC 2 2 18,373.0 ▲ 7.0BNP Paribas SA 13.6 +5.13 4 14,871.3 ▲ 49
3.2▲ 7.0
1.6+63.5
▲22.2
Industrial & Comm Bank China 4 8 3,526.7 10 3.2+0.4 ▲▲+3.0+21
+2.34.5 ▲Bank of China Ltd 5 3 2,826.7 5 2.32.6 -8.6 ▼
-3.22.4
3.6+1.4 ▲ 6 2.7
2.22.5▼
-3.4 ▼ 1.1▼ 8
8 -3
-6DBS Group Holdings 6 17 2,577.7
2,412.5Deutsche Bank+3-122.2
-26.61.9▲ 2.8
+1.75.6
▼ 3.9
3.6▼Barclays 8 5 2,369.867
2.2National Australia Bank - 2,200.09
.5Agricultural Bank of China 10 12 2,026.7▲ 1.82.0 4
▼
+3435.4
1.9 +0.4 4+1.1
-2.2
+1.7
Top Ten Total▲
7.1
▲1.879.7
+2.0
4.6 -1.013,789.6
3.3 +1.9
+1.7
Bookrunner
6Bank of China Ltd
18HSBC Holdings PLC 3 1
3CITIC
Agricultural Bank of China
Market # of MarketSh (%)
13.1▲ 3.059▲+2.0
Change in # of DealsShare Ch. Deals
-1.366.692 4.6 +66 ▲
▼▲8.0
37.2+2.4
4.5
MarketSh (%) Share Ch.MarketManager
Fees
+33+34
▲27.0
▲ 46▲ -1.3▼ 261
+31
2.3▼
▲ 43.2 5.2 +3.33.2
▼3.6▼-1.417.5▲
2.1-0.130.4
▼
▲ 30 ▲10 0.5
▼
+21
+27▲
5 8,113.1 2.9 -0.9 45 2.3
▲+0.61.915.727.9▲ 40
8.6 -38
2.0▲
+1.77,610.0 ▲▼
170+27
1.52.0 +0.72.52.7 +0.3
+5.0
3.1
▲3.3
26.0
▲▼▲+1.9
-0.6+5.2
▲+6
▲ 37 1.5▲ 36.4
12.9+28304.4
1.9 ▲
Industry % Change from Same Period Last Year 21.2% ▲ 30.2% ▲ 16.2%
100.0
17.7% ▼▼
834.3+461
▲
1,986
1.1-9.9 ▼71.7
60.0%
▼
+1.41.4+3
.7▲
5.1-0.9
+4
Industry % Change from Same Period Last Year
100.0 221
+0.5
2.9% ▼
▲
19.6%
Industry Total Industry Total86,967.2
▲
▲▲
109,144.1
▲14.3%
49.4
▲
100.0
▼▲
4.6%
▲ 9
18.2%
▼
15.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
% o
f Ind
ustry
fees
Chinese Yuan Australian Dollar Korean Won Indian Rupee Malaysian RinggitHong Kong Dollar Singapore Dollar Taiwanese Dollar Thai Baht Indonesian RupiahPhilippine Peso Pakistani Rupee Vietnamese Dong
* tie **Includes CDs and CPs
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Half
ANZ Banking Group 2 1
All Australian Debt (ex self-funded) (AJ3a)
First Half 2013 | Debt Capital Markets | Managing Underwriters
# of
38
Australia Deals Intelligence
39▼
Change in
Australia Debt
-3.6
1.5 -2.3+3
▼
-1 ▼
15
10
28
▲
20.833.3 ▼32.5
▲5.1 +0.7-1.4 ▼
9.8
Jan 1 - Jun 28
-
Market
Jan 1 - Jun 28
21.5%
8.6%
▼▲
100.0+2053,381.6
2.7
13.4
4.3
7
3
5,157.1
-2.40
+1.13.6
89.0 +3.5100.0
1
1,917.1
10.0
5,017.67.7
▲
9
1,592.3 3.0
2,314.4
130.9-1.312
154.647,485.8 ▲
8
Commonwealth Bank of Australia
Westpac Banking
2
UBSJP Morgan 8TD Securities Inc
Industry Total
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)
Macquarie Group 109
Top Ten Total
9.5% ▼ 1.7% ▼▲▲ 20.6%
117
10.5%
6.0▲84.8▼
+6.6+3 ▲ 4.2
14
14-0.9
▼▼3.9
▼ 2.26.0
12.08.5
▲▲ 21.6 14.0
+9
7.9
-6
▲
+1.1
+7.9 ▲+8-4▲
▼12.0 ▼
22+13 ▲ 12.5+4
3318.8
23.9
28.2 +3.8
12.8 10.5 6.8 +2.8
▲▼15.1
8.1-0.8▲
4,094.0National Australia Bank 6
7
13Citi 5
6
5 5,450.0Deutsche Bank 34
9.44
▲12.6
+3.1▼-3.65,338.6
-3.69.7
18.59,881.3Sh (%)Proceeds
10.26,723.4 -5.2
Proceeds per Bookrunner (AU$m)
Bookrunner
Australian Domestic Debt Steadily Increases | Offshore Issuance Dips | Financials - Top Sector
▲Sh (%) Share Ch.Share Ch. # of Deals
ManagerFees
▲ +9.630.1Sh (%)
▲Deals
19.5
MarketImputed Fees (AU$m)# of Deals per BookrunnerAustralian international debt proceeds in the first two quarters of 2013 reached US$42.6 billion from 109 deals, a 17%
drop from the total issuance in the same period of 2012. Bond offerings to date in US Dollars totaled US$21.1 billion,capturing 49.5% of the Australian international debt market - a 23% increase compared to total issuance in the firsthalf of last year.
Australian dollar bond (excluding self-funded) offerings to date totaled AU$53.4 billion from 117 deals, a 10.5%increase from the total in the first six months of 2012 and a 9.5% decline from last quarter's total. Financialsremained the top sector, accounting for 50.3% of the market, followed closely by Government & Agencies, with a45.2% market share.
According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australiandollar (excluding self-funded) bonds this year reached AU$154.6 million, a 21.5% drop from total fees of AU$196.6million earned in the first half of 2012. Estimated fees from Australian international bond offerings to date registereda 5.7% decline, to US$159.1 million from US$168.8 million earned in the same period last year.
+5.1
Market Market2013 Rank
Market2012 Rank
+11
100.0
Industry % Change from Last Quarter
Top Ten TotalRBC Capital MarketsTD Securities Inc
5.7%
▼▼ 16.0% ▲
+4.783.2
-1.0
+2 ▲ -2.0
+3.2
▼▼▲
-1.6
Share Ch.
▲
▲
-2.4 ▼▼
▼
131.7 100.0
1.1109.5
1.4
19.3▲ 7.7
2.2
▲
▼+2.4
+88
-6
▲
14.3 ▼11.2
+5
Market
98
11+0.4
+7.1
-4.9+1.3
40,807.4
▼12.6% ▲
Jan 1 - Jun 28
100.0
Industry % Change from Same Period Last Year 3.3% ▼
Industry Total
▲4.0% ▼ 24.7%28.8%
0.0% ▲▲
36,642.8 89.81,109.8
+0.4 ▲11
-2.2 ▼▲
▲9 7 1,917.1 4.710
-0.9
2.7
4.7 +0.1 ▲14
+21.7
5.3 4.01,922.23,507.0 8.6 14.720-4.5
JP Morgan 8 820.47 3National Australia Bank ▼
8 8.2
+7▲ 5.8 +1.513 13.3Deutsche Bank +2.1 ▲Citi 6 12 3,753.9 9.2
4 2 4,021.9 9.9 205 6 3,808.2 9.3 28
▼+4 ▲ 12.5 9.528.620.4
7.4+10 9.8
3 5 4,094.0 10.0 14 -4-3.5
▲ 14.315.3
▲6.0▼ 7.9▼-1 ▼ -2.120.136.7
▲▼ 36
1 42 1 15.3
6,281.8 15.46,226.9
Sh (%)27.627 17.7 ▲+8.723.3▲+2
MarketSh (%) # of Deals FeesShare Ch. Deals
# of Deals per BookrunnerChange in
Imputed Fees (AU$m)Market
Proceeds per Bookrunner (AU$m)Manager
Bookrunner Proceeds Sh (%)2013 Rank
2012 Rank
Market
-56.1%Industry % Change from Last Quarter107.5% ▲ 100.0%
-41.7% ▼
+3.4
Industry Total 13,489.5 100.0 20
Industry % Change from Same Period Last Year
+10 24.6 100.0
▲80.9%
▼+1.9 ▲+1 ▲ .5 1.9-1.0 ▼
INGTop Ten Total 13,146.7 97.7
+1.8 ▲ 5.010 - 237.5 1.8 1-26.2 ▼0 - .6 2.4-6.3 ▼0 - .7 3.0
2 10.0ANZ Banking GroupRBS 9 1 279.2 2.1 -27.8 ▼
-6.4 ▼ 15.08 4 534.2 4.0 3-2.0 ▼+2 ▲ 1.2 5.0+7.4 ▲0 - 2.6 10.7
3 15.0Commonwealth Bank of AustraliaJP Morgan 7 8 647.1 4.8 +1.0 ▲
+4.8 ▲ 10.06 7 1,316.7 9.8 2+11.4 ▲+2 ▲ 2.8 11.4+5.3 ▲+3 ▲ 2.7 11.1
2 10.0Deutsche BankCiti 5 - 1,403.2 10.4 +10.4 ▲
+6.1 ▲ 25.04 6 1,641.9 12.2 5-4.8 ▼+3 ▲ 2.5 10.2+4.4 ▲+5 ▲ 3.4 13.7
8 40.0Macquarie GroupNational Australia Bank 3 3 1,645.4 12.2 -1.6 ▼
+4.2 ▲ 35.02 5 1,707.2 12.7 7+7.9
Sh (%)+6.4 ▲ 11 55.027.7
Share Ch.▲+9 ▲ 6.9 28.2
# of Deals Fees# of
ProceedsMarket
3,734.3Deals Sh (%)
ManagerSh (%)
Market Market MarketMarket Change in
All Australian Securitization (ex-CDOs) (AJ4)
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2013 Rank
Imputed Fees (AU$m)
Share Ch.▼
Imputed Fees (US$m)
# of Market
Deutsche Bank 2 2 3,528.82.5
Westpac Banking
UBSCommonwealth Bank of Australia
+210# of Deals
11.9 +1
ANZ Banking Group
Citi ▲9.2Sh (%)
8.3 +0.9 ▲ 13▲
13.51 3 3,948.5 9.3 +2.5
Sh (%) Share Ch.2013 Rank
2012 Rank Proceeds Share Ch.Sh (%)
2012 Rank
2Westpac Banking
Manager Market Market
1Fees
4.0 -2.3Bookrunner
Market Market # of Market
8.5 +2.2▲
DealsChange in
All Australian International Bonds (AJ7) Jan 1 - Jun 28
▲▲ ▼3,287.4 -3
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
7.7 +1.3
Bookrunner
10.7 +3.2Goldman Sachs & Co 4 16 2,978.9 7.0
13 11.9 6.7▲
Barclays+4.5
3 5
▲ 17Bank of America Merrill Lynch 5 69
2,814.9 6.6 +0.9 +7+3.95.3
15.68.3 +7 ▲
▲▲ 11.9 7.5 +3.88.4▲
▲
5.0
5.8 ▲3.6 +0.7+3 ▲11.05.5 +1.3
9
National Australia Bank 6 11 2,436.7 5.7 +1.8
8 20 +1.88.3 3.3
12ANZ Banking Group 7 ▲2,351.8 ▲10 -3.78 2.33.77.3 +1
5.34.5
+4 ▲+6 ▲ 7.2
RBC Capital Markets ▲
1,943.6▲+2.2 9.2BNP Paribas SA 9 17 1,991.3 4.7
17.0%
109
9-4.310
51.8 +9.7159.1+15
10 1
Industry Total
▼
8.3▼4.6
▼
▼
42,581.6 100.0
Industry % Change from Same Period Last Year
▼JP Morgan
+2.8
7.6 -3.1-5
27.0%
64.4 +13.9 ▲Top Ten Total
2,113.8
31.2%
-1.127,395.7
Industry % Change from Last Quarter 26.8%
▲
▼
▲▲
▲
▼
82.5
+3.212.0
▲1.4%
23.9 97.6
0
10
20
30
40
50
60
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Pro
ceed
s (A
U$b
)
Investment Grade Corporate Agency, Supranational, Sovereign MBS ABS Federal Credit Agency
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
All Brazilian Debt Volume by Sector First Half
% Change from Last Quarter
Jan 1 - Jun 28
28,542.9 100.0
▲
50
Global Debt by Mexican Issuers (MX1)
81.4% ▲ 27.3%-22.4% ▼19.1% ▲
% Change from Same Period Last Year -11.0% ▼ -24.2% ▼
Industry Total102.8 78.9
‐16 130.8 100.0Top Ten Total 24,075.9
▲84.3 +8.0 ▲ +12.7 ▲
1,567.18.0 -23.6 ▲ 4
+0.5▼ 6.1 +1.5Credit Suisse 10 12 1,035.6 +0.9 4.7
▲13 26.0 -1 ▼ 8.8 6.7▲ +2.5▲6.0 -6 ▼ 4.93 3.8 +1.5-0.9 ▼
11.1
5.5Citi 8 5 1,746.5 6.1Banco Bradesco SA 9 8
▲Banco BTG Pactual SA 7 11 1,903.1 6.7 +2.8 ▲ +1.4 ▲14 28.0
12.0 -10 ▼ 12.06+6 ▲ 14.5
HSBC Holdings PLC 6 4 2,357.9 9.2 +1.78.3 -0.4 ▼
12 8.5 -5.2+4.0 ▲ ▲6 12.0 -3 ▼ 8.5 6.5 +1.7
▼24.0 -12 ▼ 11.1-7.4 ▼8.3
Itau Unibanco 4 1 2,542.7 8.9Bank of America Merrill Lynch 5 10 2,380.7
+2.7 ▲ -0.5 ▼0 - 8.7 6.711.3 +2.2 ▲ 7 ▲
Morgan Stanley 3 6 2,720.1 9.5▼ 10.9 8.4 +5.2
8 16.0
+3.6 ▲ +2.9JP Morgan 2 3 3,236.1
13.314.0 -3
Fees▲16 32.0 0 - 17.3
Sh (%)Manager Market
Share Ch.Banco do Brasil SA 1 2 4,586.1 16.1
Sh (%) # of DealsBookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Market
First Half 2013 | Debt Capital Markets | Managing Underwriters
Emerging Markets - Latin AmericaAll Brazilian Debt Volume Down 11% l Fees for All Brazilian Debt Down 22% l Domestic Brazilian Debt Down 7% l Domestic Mexican Debt Down 4%
Change in 2013 Rank
2012 Rank
Market
All Brazilian Debt (BR1) Jan 1 - Jun 28
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Brazilian Domestic Debt (BR2) Jan 1 - Jun 28
34 3633
4441
24
6659
66
50
0
10
20
30
40
50
60
70
$0
$5
$10
$15
$20
$25
$30
$35
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
Securitized DebtJunk Rated DebtInvestment Grade CorporateAgency, Supranational, Sovereign# of Issues
▼ 4 11.1 0 - 4.6Bank of America Merrill Lynch 10* 8 470.6 3.1 -2.1
▲▼ -28.1% ▼ -28.6% ▼ ▼
▼ -12.1%-21.5%
100.0
87.1% % Change from Same Period Last Year -4.1%115.1% ▼ -17.2%
‐5 100.0
▼% Change from Last Quarter
+2711.6▲11.6
-14.3%
8,195.1
▲▲% Change from Same Period Last Year 63.8%▲ -18.8% ▼
24
% Change from Last Quarter
Industry Total+8.898.1
100.0 58
-15.2
4,944.1100.029.9 Industry Total
3 -2.6 ▼-2117.4+8.0 ▲4,847.4
▼98.9-4.829.981.2 -1.1
Imputed Fees (US$m)
▼.2 1.3
72.5
.2
Market Market
-3.4▼ .7
-8.8%
+1.3 ▲
# of Deals per Bookrunner
▼ Top Ten Total5
+3▼ Bank of America Merrill Lynch 10▲
▼2.4 -2.61.3
2.24 1 4.22.8 -3.9
100.0
136.83 12.5
+3.4
-1.94.6 -3.2
Change in
Santander 106,644.7Top Ten Total
225.9
1.9%
▼Credit Suisse 9 121.1 2.5 +2.5 ▲2.9 +2.9 3.4 +2
▲▲▲2.8 +2.8
▼
▼+3.4 ▲+1
Finamex International SA de CV 9 -2.1 +2.1▲3.2 ▲
- 239.5
▲
▲ 2 .613 259.2
65.5
+1+1.3▲ .5+2.3 ▲1.7 1 4.2 .4-▲ 2 7*+13.4.4 3.4136.8 2.8 +2.8
3.4- 304.0 ▲+3.1▲ .9
▼-2+2 ▲3.1 1 4.2
.7 5.7225.9Deutsche Bank 7* -▲ 23.7 3.4
Manager
▼+9.7▲ 2.9 3▲+1
+9 ▲8.35.4 ▲ 1.1
5.3 9 12.5
29.2
- 430.4 +5.3▲ 7 ▲
Grupo Financiero Banorte-Ixe12.1 +3
-4.4 ▼
15.56
+3 ▲
Santander
Credit Suisse
2Deutsche Bank 6 49.7
+3.7
+1.36 442.1 .5 4.4
7
Grupo Financiero Banorte-Ixe 5 259.2 5.2 +4.312 ▲+7.1 ▲
▲ +4.0 ▲51.1442.1 8.9 9.8▲
+1.6 3.862.7
Scotiabank▲ 74
3 2.3 20.05.5 +5.5 9.1 +9.1 +5.2Nomura 4 - ▲ 5 +5453.3 8.6 ▲
HSBC Holdings PLC ▼ 8 33.315.9 -3.7 ▼ 18 16.8 -2.2+6.9
-5.5▲ 5.3+2.8 ▲-6 ▼
3 32.6 22.5
17.7▲ 9 37.5
0 -830.4
-6 ▼-3.6 ▼ 12 50.022.4 -4
2 1,305.91,191.8 24.1
31.0 +10 ▼ HSBC Holdings PLC
+1.4 ▲
▼ BBVA 2 23.1 27.1 -9.2 ▼
Morgan StanleyScotiabank 8
▼
5.0 +0.4
▼ 1318.2 -13.9
Sh (%) Share Ch.
1 1,488.6Citi 2 11.3 -21.8▼ 3.4
# of Deals Fees1 1▼ 11 1,385.9 28.0
Sh (%)▼ Citi3 1,495.8BBVA 1 ▼ 3.5 11.8 -0.719.0 -2
% Change from Last Quarter% Change from Same Period Last Year
Market2013 Rank
-15.5% ▼-8.9% ▼
Domestic Mexican Debt (MX3)
-21.7%
2013 Rank
2012 Rank Bookrunner Proceeds Sh (%) Share Ch.
2012 Rank
36
Deals Sh (%)
-10.5%
Market# of Deals Fees
18.3 -0.9
# ofSh (%) Share Ch.
Jan 1 - Jun 28
Proceeds per Bookrunner (US$m)
Share Ch.Market
▼
BookrunnerMarket
▼
MarketDealsProceeds
Market MarketSh (%)
# of Market
Global Debt in Mexican Pesos (MX2) Jan 1 - Jun 28
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager
-29.0%
▲ 54.5Industry TotalTop Ten Total 13,518.7 84.8 +4.4
▼ 3
15,402.8 ‐10
3.1 -4.2
100.0
0 ▲
76.3 -1.3 ▼
- 3.37.0 +3.6 ▲
Goldman Sachs & Co 9 12* 530.9 ▲8.3Morgan Stanley 10* 5 470.6
- 1.42.8 03.5 +2.0 2 5.6
▲ 12.0 +0.9 ▲0 - 1.32.1
▲ 1BNP Paribas SA 8 14
0694.4
2.84.5 +3.1
Barclays 7 10 822.1 5.3 +2.1▼
2.5 -0.7 ▼▲ 6.3 9.6 -2.1- 1.6
+1Credit Suisse 6 9 845.4 5.5 +1.1 ▲ 5Deutsche Bank 5 6 933.8 ▼
13.96.1 -0.4
3.45.6 -2+1 ▲ 2.0 3.1 -3.4 ▼3 8.3
2 5.2 -2.0 ▼▼11
JP Morgan 4 7HSBC Holdings PLC 3 2
▲5.8+1
1,520.230.6
9.9 +4.51,821.3 11.8 -3.7 ▼
+6.4 ▲8.9 -3.8 ▼
▼ 8.3 12.7 +5.3▲
▲▼ 16.5
-525.2 +2.7 ▲
36.1BBVA 2 32,956.7 19.2 -4.4
132,452.7 15.9▼ 17 47.2 -8Citi 1 1
Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2012 Rank
Market Market # of Market2013 Rank
# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market
Proceeds per Bookrunner (US$m)Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)2013 Rank
2012 Rank
Market MarketBookrunner Proceeds Sh (%) Share Ch.
# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.
Banco do Brasil SA 1 3 11,259.0 37.5 +24.5 ▲ 25 27.2 +13 ▲ 14.3 37.7 +25.2 ▲Itau Unibanco 2 2 8,252.0 27.5 -0.1 ▼ 18 19.6 -11 ▼ 9.9 26.3 -8.8 ▼Banco Bradesco SA 3 1 4,113.0 13.7 -15.3 ▼ 18 19.6 -21 ▼ 5.1 13.4 -9.7 ▼Banco BTG Pactual SA 4 4 2,005.3 6.7 -4.1 ▼ 8 8.7 -2 ▼ 2.7 7.3 -2.2 ▼Santander 5 6 1,989.4 6.6 +2.2 ▲ 9 9.8 +1 ▲ 3.2 8.5 +4.2 ▲Morgan Stanley 6 10 570.0 1.9 +0.5 ▲ 1 1.1 0 - .8 2.1 +0.4 ▲HSBC Holdings PLC 7 5 500.0 1.7 -3.7 ▼ 2 2.2 -4 ▼ .5 1.4 -4.3 ▼Banco Votorantim 8 7 386.0 1.3 -1.1 ▼ 3 3.3 -3 ▼ .2 0.6 -2.0 ▼Banco do Nordeste do Brasil SA 9 - 380.0 1.3 +1.3 ▲ 1 1.1 +1 ▲ .5 1.4 +1.4 ▲Arab Banking Corporation 10 16 185.0 0.6 +0.4 ▲ 3 3.3 +1 ▲ .2 0.5 +0.3 ▲Top Ten Total 29,639.7 98.8 +4.6 ▲ 37.8 100.0 +4.5
100.0▲
Industry Total 29,989.8 100.0 ‐8 37.892
0.5% ▲% Change from Same Period Last Year -7.2% ▼ -8.0% ▼ -16.7% ▼% Change from Last Quarter 24.0% ▲ 78.8% ▲
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Samurai Bonds Issuer Domicile Analysis First Half
5
Proceeds per Bookrunner (¥m)
Bookrunner
+3 ▲▼
▲
0.6
1.093.5
0.90
Jan 1 - Jun 28
13.0 ▲
-2.1
0.6-0▲
▲
24.0
4,787.2
317.0
19.6
-
+1.9
▼-0.3
▼
-0.3
13.2 -7.1
0.9 ▼
+5.0
-15.1 -5
+1
+4.0
134 25.9
▼7891
17.62.7 0
6,492.0
▼
46
▲ +35▼▲
12.417.6
▼-1.6165,275.0 1.8
+5.21,283,246.9 13.7-0.61,160,668.4
First Half 2013 | Debt Capital Markets | Managing Underwriters
Japan DebtJapanese Debt Activity Down 3% l Samurai Bonds Lowest Since 2007 l Corporate Debt Up 24%
All Bonds in Yen (AP5) Jan 1 - Jun 28Japan Deals Intelligence
-5.02 2,201,958.7
Mitsubishi UFJ Morgan Stanley 32 +0.723.6
1 18.5
Market
Tokai Tokyo Financial Holdings
Daiwa Securities Group Inc 5
7JP Morgan
Sumitomo Mitsui Finl Grp Inc
6
4
# of Deals per Bookrunner# of
Mizuho Financial Group 1 3
Change in Market Market
40.5Sh (%)Sh (%)
2,242,415.5
Imputed Fees (¥m)Market Market
# of Deals Fees ¥milDeals Sh (%)Manager
▲+8.426.1▲ 7,235.7
Share Ch.
+7
Share Ch.210▲
9,614.2▲+6
25.3131▲4,870.1▲
226.1
142.7 -51.26
320.4▼140.712 62,813.2 0.7
▼63,243.1 -0.310+0.1 ▲-0.4 ▼11 59,500.0
▲+0.10.60.6
▼10 1.9 -1 ▼ 229.3
100.0+3.2
CitiSumitomo Mitsui Trust Holdings 8
15 57,500.0
9,340,492.5
9
Samurai Bonds (AP1)
-0.6
Industry Total -7
Barclays 10▲
10
▲59.7%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
100.0
▼▲
-2.8%46.8%
2013 Rank
2012 Rank
9,025,916.9Top Ten Total
Proceeds¥mil
Nomura1,729,296.1
▼
96.6 +3.9
15.0%
36,850.3
-1.3%
518
▲
1.9 +334,457.8
365.8▲
46.7%
For the first half of 2013, yen-denominated bond activity totaled ¥9.3 trillion from 518 deals, a 2.8% decrease from the comparable period in 2012 and the slowest first half volume since 2011. According to Thomson Reuters/FreemanConsulting, estimated fees for Japanese bonds reached a total of ¥36.9 billion, up 15% compared to the same periodlast year.
Samurai Bond volume for the first two quarters of 2013 recorded a total of ¥657 billion in proceeds, a 46.1% decreasecompared to the US$1.2 trillion of proceeds earned from the same period last year and the lowest first half volumesince 2010. Asia Pacific issuances declined by 80.1% while Americas and European issuances went down by 56.2%and 11.8%, respectively, compared to the same period in 2012.
Japanese corporate bond activities were on the rise during this period, partially offsetting the weaker overallJapanese Debt market environment. Proceeds increased by 23.8% to ¥4.9 trillion from 209 deals compared to thesame period last year. SoftBank’s US$4 billion retail bond is the largest Japanese corporate deal to date.
*tie
5 5Mizuho Financial Group
1
2013 Rank
9,200.0
Mitsubishi UFJ Morgan Stanley 4
14,990.09
5
11,500.0ORIX Corp
Daiwa Securities Group Inc 83,175.0
+4
13.5 +55
Share Ch.-6.9 ▼
-0.6
▼+7.8
▼▲
-0.6
657,000.0649,500.0 99.0
Industry % Change from Same Period Last Year
HSBC Holdings PLC
Mizuho Financial Group
Industry Total
Bookrunner
Credit Agricole CIBCiti
Top Ten Total
Shinsei Bank
Sumitomo Mitsui Finl Grp Inc
Sumitomo Mitsui Trust Holdings
8
▼▼
Industry Total
-10.2%
1,638,853.6
16,900.01.3
-0.9%
3.8
-0.7
5
Industry % Change from Last Quarter
1,610,494.50.6
100.0
-18.8%
98.3 ▲
-0.8% ▼
257.9JP MorganNomura 2
678
Mitsubishi UFJ Morgan Stanley10.5
10
2
8
Bank of America Merrill Lynch
1
7
9
▲62,813.2
257,800.0
-1.2
367
16,325.0
18,300.00
Proceeds
-
-46.1%
2
2
+1.8
6
73,750.0
3.1 ▼-8.0
-7.7
11.2
Sh (%)
1716
20,800.0
234,250.0
-11.6250,400.0
Share Ch.
▼
12
Sumitomo Mitsui Finl Grp Inc
▲
Market
23.4Deals # of Deals
Proceeds per Bookrunner (¥mil)
-+3.6
▼
+0.5
▲
Sh (%)
100.0
0.91.0
Market
+21.0
14.3+0.8
Sh (%)+5.2
93,200.012.714.2
Share Ch.▲
104,625.0153,775.0
¥mil
4+6.63
4 -3.36
▲
▼
▼15.931
-1.2
▲68,725.0
+2.8
12.1%
44.715.7
5.4
3
Industry % Change from Last Quarter 895.0%
2Nomura
▲
-8
7Mitsubishi UFJ Financial Group
6
Top Ten Total
13
UniCredit
Industry % Change from Same Period Last Year
▼ 2▲15.3
¥mil
2.4
98
+11.4
731,841.31
2012 Rank
▲
16.916.0
298.7
12.4
13.6282.9240.2
13.4220.1237.8
+1.0
3
4.8-
+35
1 0.8▼ 2
1Goldman Sachs & Co 10 +0.6▲
125
1▲
+14.7
0
0.8
-2.5%
+1.2
▲+1.3▼
40.352.5
-1.6
▼▼
▲
88.2
+0.6▼
1.00.8
▼
▲-0.1
0
0.8 --4.8
+1 ▲
0
67.6
▼
-1.4+0.8
▲572.7 11.1 +3.5
▲1.7
436.4 -10.08.5-1 ▼4.0+1
78.4 0 - 41.2- 585.40
2.8
▼-0.2+8.3
Share Ch.
▼
▲
▲
▲▲
3.1
▲
+0.6
▲
+2.4
+3.1
▼+2.8
+0.5
-6.0-1.9
Market
# of Deals per Bookrunner Imputed Fees (¥mil)2013 Rank
2012 Rank
Proceeds MarketProceeds per Bookrunner (¥mil)
MarketBookrunner
Market
Sh (%)
45.9 ▲+10
100.0
3.2
Jan 1 - Jun 28
+6
Deals
Manager Market
# of
14.6
43.2
# of
617,500.0
-2.8▲
-
18.9
1540.51540.5
Change in
▲67.6
Market
25
20,125.0 ▼▼▲
7-8
+6
-354.9
+4Sh (%)
32.4
▲+2
Fees ¥mil
Market
▲540.0% ▲
-41.2%
+1 ▲
57.5
50.1
-0.1
Sh (%)Fees ¥mil
▲1.6 11.3
1.6
# of Deals
1.36
1,742.8▲ 98.4
2.72.8
+2.5
587.9%▼
37 1,772.8
16.2 ▲42.7
▼
Market
2,126.6
+1
Imputed Fees (¥mil)Manager
# of Deals per BookrunnerChange in
▲
4.4226.1
▲
▲
2.4
Japanese Securitizations (AP2)
2.5
▼▲
83.5100.0
+1 ▲
5,161.64,309.8
114.0 2.2
▼
-1
-10.3%
Japanese Corporate Debt Volume by Industry (¥ Billion) Jan 1 - Jun 28
18 19
8
30
46
15
24
44
33 37
0
10
20
30
40
50
0
300
600
900
1,200
1,500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
¥ B
illion
Americas Europe Africa/Middle East/Central Asia Asia-Pacific (ex Central Asia) # of Issues
¥1,092.022%
¥1,070.022%
¥930.019%
¥675.014%¥318.6
6%¥207.0
4%¥195.0
4%¥190.0
4%
¥110 0¥90 0¥40 0¥10 0
IndustrialsFinancialsTelecommunicationsEnergy and PowerHigh TechnologyReal EstateConsumer Products and ServicesMaterialsRetailConsumer StaplesMedia and EntertainmentHealthcare
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
¥110.02%
¥90.02%
¥40.01%
¥10.00%
*tie
▲2Nomura
Mitsubishi UFJ Morgan Stanley 3Mizuho Financial Group +8 22
3
# of
Jan 1 - Jun 28
Proceeds per Bookrunner (¥mil)
Sh (%)MarketMarket Manager
Imputed Fees (¥mil)
+33+1.8765,833.33
15.5 +5.21 ▼ 134
▲703,315.3
17.615.7
26.8+7
86 ▲5
1212.81,154,168.4 ▼-0.6
2.4▼77
+4-4
▼ 286.5▲
▲
413.61,233,156.9
1,729,296.1▲
# of Deals per Bookrunner
Sh (%) BookrunnerMarket
56
# of Deals Fees ¥milMarket
32.1Share Ch.
Change in 2013 Rank
2012 Rank
Proceeds
▼
Bookrunner ¥mil1
1,017,155.3
MarketShare Ch.
32.6 ▲2,193,779.523.8
+4.6Mizuho Financial Group-0.2
¥milSh (%)Market
Sh (%)Proceeds2013
Rank2012 Rank
+4.919.1
2,151,958.7-5.3
Proceeds per Bookrunner (¥mil)
Sh (%)41.8
▲9,464.9
-8.6+10
27.3 13.5129
24.2
Market
▼205
Deals
Bonds Targeted in Japan (AP4)
-0.4
1-4.1
7,752.715.8 ▼
+13.4 ▲3,762.8
+4.4
Goldman Sachs & Co 8 6 12,500.0
815,000.026,500.06
Bank of America Merrill Lynch 7 7
Daiwa Securities Group Inc 4
0.30.5
Sumitomo Mitsui Finl Grp Inc 14.35 5Citi
4▼-7.9
1,453,750.0
Japanese Corporate Debt (AP3)
20.62
-0.431 919,482.0 18.7
29.5
▼▼-0.5
26.3
Change in
19.2▲
0.9
▼+5
-1.6
+2.84,870.1
+9.4
0.8+4.2
26.3
18.04,679.96,484.6
▲
Market
-2.3Share Ch.Sh (%)
+5 6,927.1
Jan 1 - Jun 28
# of Deals per Bookrunner
▲▲
13.0
Imputed Fees (¥mil)
▼▲
Market Market
▼
# of ManagerShare Ch. Fees ¥mil# of Deals
1 -4
13.9
240
▼
2927.3
3,174.0▼▲ 19.1
-12+19
+2▲
575,317.4
▲▼
▲ 522.4 4
+2.4Sumitomo Mitsui Finl Grp Inc
67Deals
+4.2 ▲Nomura
JP Morgan
Mitsubishi UFJ Morgan Stanley2,800.7 11.8▲
-12.2
Daiwa Securities Group Inc13.4
9Sumitomo Mitsui Trust Holdings
710
7
Top Ten Total
42.10.5
-1.00.20.5
▼
Industry Total
6
-0.8▼▲
1.1% ▲
10
8,832,649.2
49,500.00.5
100.0
▲
Tokai Tokyo Financial Holdings 91Barclays 0.2
9 12,000.0 -0.4 3 -
0 111.3 ▼-0.1-0.7
1.00.5
-▼
▲
10
4,927,536.0
Industry % Change from Last Quarter 63.8%
-0.0100.0
▼4,927,536.02,000.010
99.90.0 -0.2 ▼
Top Ten Total
64.6%Industry % Change from Same Period Last Year 23.8% ▲
▲ 49.1%▲
9,054,766.5
0.4-0.1
▲
40,958.3
60.9%
Industry Total
▲68.8%10.0% ▲
209 +1997.823,216.4
23,769.6+0.8
100.0
▼0.3 -1.0▼
Bank of America Merrill Lynch
-1.3
▼104.438.7
0.2-3
0.51.4
-10
0.51 ▼
-81.8 0
-0.8 ▼
112.3 8Citi
63,243.19▲
0.6 ▼
Tokai Tokyo Financial Holdings
-0.2+0.162,813.2
0.7▼0.6
▼0.6
-0.7
▼▼ ▼
-0.1+3320.4
477.1
226.1215.4
▼
▼6
10
▲
94.2+5
33,952.1100.036,015.8
▲+2.1
-0.591.3
490+1.4
48.8%51.3% ▲
97.7
1.0% ▲ 26.4%
▲
153,775.06 -0.8▼
-▲
1.7
11-0.3 14
0.72.91.2
-5
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
2.0
First Half 2013 | Debt Capital Markets | Managing Underwriters
Japan Debt
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
-
-
-
-
-
-
-
Salvatore ReresUnited States
If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:
Imputed fees are calculated using Freeman Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed Deal fees are on a gross basis before all expenses Each
E-mail: [email protected]
E-mail: [email protected]
Ian WillmottTel: +44 207 542 4376
Europe
Asia-Pacific
First Half 2013 | Debt Capital Markets | Managing Underwriters
Ranking Criteria Summary
Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.
Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and allFederal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rankineligible and are not included in league tables for the current calendar year.
All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EDT on June 28, 2013.
Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to theUS dollar equivalent at the time of announcement.
Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.
E-mail: aki sato@thomsonreuters com
E-mail: [email protected]
Tel: +813 6441 1120Aki Sato
US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.
Tel: +1 646 223 8455
Tel: +632 858 7201
Japan
Michelle Abuzo
-
-
Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicate members.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."
E-mail: [email protected]
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for anyerrors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracyor completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does notprovide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. ThomsonReuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2013 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
https://www.thomsonone.com
Thomson Reuters Solutions for the Deal Making Community
FOR INVESTMENT BANKERS
Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office®. You can also access our key content sets easily to support your analysis.
ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions.
FOR JUNIOR BANKERS
SOLUTION FOR• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing / Roadshows
• Financial Modeling• Customized League Tables • Simple Deals screening • Valuation analysis and comparable deal screening • Full integration into Microsoft Office® for on-brand pitch book creation
SOLUTION FOR
FOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCHSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.
• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials, Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)
Microsoft, Office, Word, Excel and PowerPoint are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Copyright 2013 Thomson Reuters. All rights reserved.
SOLUTION FOR
Access unique analysis for free anytime using Thomson ReutersDeals Intelligence website and receive regular updates,delivered direct to your inbox.Go to online.thomsonreuters.com/dealsintelligence
SOLUTION FOR
FOR STRATEGY AND PLANNING TEAMS
To purchase individual Thomson Reuters Deals or League Table reports,please contact our Thomson Reuters On Demand group:Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]
Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products
Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.
• Conducting market analysis and identifying trends• Benchmarking your performance and monitoring competitors• Targeting clients by wallet size and banking relationship• Allocating resources more effectively by evaluating and analyzing lost deals