DEBT CAPITAL MARKETS REVIEWDEBT CAPITAL MARKETS REVIEWdmi.thomsonreuters.com/Content/Files/1Q13_Thomson_Reuters_DCM... · DEBT CAPITAL MARKETS REVIEWDEBT CAPITAL MARKETS REVIEW

DEBT CAPITAL MARKETS REVIEWDEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

First Quarter 2013

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) 13

2

First Quarter 2013 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global High Yield Debt US Dollar Denominated (B5) 14

14

Leading Underwriters for First Quarter 2013

Global Debt (B1)

Global Investment Grade Corporate Debt (B7)

3

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence 91

1

1

2

9

9

3

All Bonds in Euros (N1)

High Yield Debt

Global High Yield Deals Intelligence

9

Global High Yield Debt (B4)

10

10

10

Global Debt and Syndicated Loans Islamic Finance (DL2)

2

Australia Deals Intelligence

All Australian Debt (ex self funded) (AJ3a)

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

Emerging Market Debt - Latin America

14

15

Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2)

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)

US Asset-Backed Securities (F14)

14

5

16

15

11

11

15

Domestic Mexican Debt (MX3) 12

15

US Investment Grade Corporate Debt (F9)

3

6 11

6

US Mortgage-Backed Securities (F11)

Global Debt Rankings - Last Ten Years

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)

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

16

Bonds Targeted in Japan (AP4)

Banking Composite of Top US Debt Bookrunners

Samurai Bonds (AP1)

12

10

Latin America Emerging Market Bonds (L3)

11

8

7

7

7

4

6

Emerging Market Debt

All International Emerging Market Bonds (L1)

EMEA Emerging Market Bonds (L2)

Global Debt in Mexican Pesos (MX2) 12

11

10

All Brazilian Debt (BR1)


Brazilian Domestic Debt (BR2) 12 Criteria Summary

Thomson Reuters Solutions for the Deal Making Community

All Australian International Bonds (AJ7)

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

Japan Debt

https://www.thomsonone.com

STRONGEST ANNUAL START FOR GLOBAL HIGH YIELD ON RECORD - The volume of global high yield corporatedebt reached US$132.0 billion during the first quarter of 2013, a 22% increase compared to first quarter 2012 and thestrongest annual start for high yield debt activity since records began in 1980. High yield issuance from issuers in theUnited States accounted for 60% of first quarter activity, compared to 71% during the first quarter of 2012. Issuance fromEuropean issuers increased 58% compared to the same time last year.

GLOBAL ABS UP 26%; CDO/CLO ACTIVITY ACCOUNTS FOR 24% - Global asset-backed securities totaled US$90.8billion during the first quarter of 2012, a 26% increase compared the same time last year and the best annual start forglobal ABS since 2007. Collateralized debt and loan obligations totaled US$21.8 billion during the first quarter, more thantriple issuance during the first quarter of 2012 and accounted for 24% of the quarterly ABS total.

FINANCIALS ACCOUNT FOR 47% OF 2013 DCM ACTIVITY – Debt capital markets activity in the financials sectortotaled US$715 billion during the first quarter of 2013, accounting for 47% of all new issues this year. Telecom andConsumer Staples debt capital markets activity saw increases of 85% and 78%, respectively, over first quarter 2012,while new issues in the Retail sector saw year-over-year declines of 44% Average deal size in the Media sector led all

GLOBAL DEBT CAPITAL MARKETS FALLS 14% FROM 2012 - Overall global debt capital markets activity totaledUS$1.5 trillion during the first quarter of 2013, a 14% decrease from the comparable period in 2012 and the slowest firstquarter for global debt capital markets activity since 2008. Registering a decline of 28% compared to last year, Europeanissuers contributed 40% to the quarterly tally, down from 46% during the first quarter of 2012.

Global Debt Capital Markets by Asset Class

Global High Yield Corporate Debt- QuarterlyGlobal Deals Intelligence

First Quarter 2013

DEBT CAPITAL MARKETS REVIEWGlobal Debt Activity Falls 14% from 2012 l Best Annual Start for Global High Yield; ABS Up 26% 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

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

2005 2006 2007 2008 2009 2010 2011 2012 13

Num

ber o

f Offe

rings

Pro

ceed

s ($

bil)

Global High Yield Debt ($bil) Number of Offerings

while new issues in the Retail sector saw year-over-year declines of 44%. Average deal size in the Media sector led allindustries during first quarter 2013, with the average deal totaling US$670.3 million.

EMERGING MARKETS CORPORATE DEBT DOWN 7% - New issuance of corporate debt from emerging marketsissuers totaled US$119.3 billion during the first quarter of 2013, a 7% decrease from the first quarter of 2012. Activitywas led by issuers from India, Russia and Brazil, which accounted for 39% of all emerging markets corporate debt duringthe quarter.

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 the first quarter 2013 debt underwriting with totalproceeds of $126.7 billion and an increase of 0.7 market share points. Deutsche Bank retained the number two spotduring the first quarter of 2013, with a 7.2% market share. The composition of the top five global debt underwritersremained unchanged from the first quarter of 2012. SLIGHT INCREASE FOR DEBT UNDERWRITING FEES - According to Thomson Reuters/Freeman Consulting,estimated fees from debt capital markets activity totaled US$6.4 billion during the first quarter of 2013, up 0.8% from thefirst quarter of 2012. Fees from investment grade debt underwriting totaled US$2.8 billion, or 44% of the overall total,while fees from high yield debt totaled $1.9 billion, or 30% of overall DCM fees.

100.0▲

+4.64.6

▼▲

10,646.6

11.8%

▲▲

55.4 +55.4

+2.1▼

-56 ▼ 2.1488.9228.2

-1,590

+4.7499.5▼

244 4.46.5

350 6.2

6.8▼▼

3.9

▲-32 ▲

+2.64.72.6

6.3▼381▼

3.7 -0.7 +8

+0.1-22

▲

678.9

971.4-0.392,103.0

▲5.2 +5.2+9.1 ▲9.1

129,562.2

365106,877.0 ▲4.7 +0.24.9 0.3

Share Ch.5.6 0

Deals

468▲-

▲6.4

Global Debt and Syndicated Loans (DL1)

Sh (%)Market

# of Deals per Bookrunner

963.58.3

▲

4.0

9.1 +9.1484 8.6 -44 ▼▼-46 +6.4

Fees# of

+16

Sh (%)

6.5

Jan 1 - Mar 28

Change in Imputed Fees (US$m)

# of DealsMarket

Share Ch.Sh (%)Manager Market

551.84.3

4.6258

▲

▲364

675.4 ▲-44

243

280.5

5,902.2

▲356

+5.3▼ 564.1 5.3-47

+0.657,921.6+0.2

-68

+6.36.3

2.5

-7.9% -22.1%-1.4%▼

▲5,607

-6.8%

Manager 2012 RankShare Ch.

MarketSh (%)Fees Bookrunner

2013 Rank

84,158.1

4

6

3 32

1088,764.0

45

8.3 JP Morgan

Industry % Change from Last Quarter

Goldman Sachs & Co

Citi

Deutsche Bank1 1

10

Global Debt, Equity & Equity-related (A1) Jan 1 - Mar 28

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

Proceeds

112,123.3-

Proceeds per Bookrunner (US$m)Market Market Market

20+0.5 ▲ 849.912.3 -18 ▼559

7.0 0.1 ▲-10

589.0-3+0.16.6

▲428

ProceedsMarketSh (%)

Change in 2013 Rank

2012 Rank Sh (%) # of DealsDeals

# ofMarket MarketShare Ch.

JP Morgan 1 1 139,585.0Bookrunner

Deutsche Bank 2 2 119,868.58.2

+0.4Barclays 3 3 112,789.6 9.411.4

▲516

▲

▼▼

706.7Barclays

▲▲

+0.14.9500.95.7

▼ ▲6.3 6.9 +1.8

Morgan Stanley+0.5

+489.7

+1.8 ▲ 328 7.2Citi 5 4 103,541.4 6.1Goldman Sachs & Co 4 7 107,833.6

Morgan Stanley

679.2+0.9 ▲ 10.1

▲

▲ 440+0.3 -6 6.6

4.4

Bank of America Merrill Lynch 57.4 ▲

BNP Paribas SA

+1.0

+1.55.20

396 8.7 ▲87

HSBC Holdings PLC6.4

+29

-0.69

▲

▲7

99,782.2

HSBC Holdings PLC 88

Bank of America Merrill Lynch6 88,435.7

6 57

5.9+0.5

461

▼453.0-0.2+21 2.7370 8.1

-0.33.6 ▼

56,326.38

6 81,778.43.1

+0.52.59

Top Ten TotalCredit Suisse

▼

5,660.7

6.9

+4.2

-1.4%

4.3 -

▲

3.873,505.0 71,755.3

▲▲

Credit Suisse 9 ▼ 313BNP Paribas SATop Ten Total

64,174.5 -0.4190.223210 3.3

9▼-0.610 ▲

100.055.2

100.0

▼

38.5Industry Total 2,297,906.0

▼

▼

+1,064

▲

760.8▼ 656.5

274.5

-0.3

-5

-13 ▼▼-45

+3.256.7 +0.6881,369.210,254.74,543Industry Total 100.0

5.1

▼

1.9

▼

966,214.5

11.7% ▲Industry % Change from Last Quarter

56,699.0

▼

1,706,620.2

-13.5% 3.4%10.9%▲▼-2.0% 7.4%

Industry % Change from Same Period Last Year

▲


$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

2004 2005 2006 2007 2008 2009 2010 2011 2012 13

Pro

ceed

s (U

S$t

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

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1

All US Debt (F1)

1 0 0

-0.5

7.2

+1.4

15 856 9 -70

1251.1

13.0

6.1220+0.1

-24439

8

73,836.3 +0.5

55,536.5

83,761.5

1.1

3.6

355

▼3.7

-0.2

3.0

▲

-0.4


Market

▼Sh (%) # of Deals Fees

Change in Sh (%)

▼

-1.22.2

-0.4

▲

2.9

▲5.5

▼4.7

RBC Capital Markets

% Change

Global Debt (B1)

9

Barclays

Bookrunner

67

Citi

8

Proceeds per Bookrunner (US$m)MarketManager

+0.6575.2

Jan 1 - Mar 28

Imputed Fees (US$m)

Share Ch.

13

1110 10

15111213

44,150.7

71,461.1

45,087.154,716.5

-39.5%

$USm Proceeds Share Ch.MarketNo.

Global Debt

Market# of

114,792.7

703,066.1

368946 1,053

1,246

All Global Debt (B1)

90,192.6

516,718.037,659.6

3,191.531,503.0 248

Deals

US Mortgage-backed Securities (F11)

163

1,778

1,628.4126

▼

3,167

69,733.7

188181

Jan 1 2012 - Mar 31 2012

119

Proceeds

-9.9%-3.3%

▼277

726,988.2573,648.1 ▼

Global Scorecard

$USm

Jan 1 2013 - Mar 28 2013

16

UniCredit

16

14Societe Generale

TD Securities Inc20

2519

12

14▲

▼

17

UBS▼

▼

15

NomuraCredit Agricole CIB

18

▲▲

19Mizuho Financial GroupNatixis

21

94.97

6

Bank of America Merrill Lynch

▲

▼

86 ▲Credit Suisse

▼

+37.4%

Goldman Sachs & Co

-54.8%

▼▲

Wells Fargo & CoRBS

Morgan Stanley

101

HSBC Holdings PLCBNP Paribas SA

▲

in ProceedsProceeds

DealsDeals2013 Rank Sh (%)

MarketNo.# of Deals per Bookrunner

2012 Rank

1,305JP Morgan 468

▼ +0.2Deutsche Bank▲126,698.8 ▲1 1

3 -22

+0.7

3

8.3

102,410.3 0109,020.6

6.7404.9

355▲

▲-34

12.29.9

+0.66.7▼ 428.0

+0.5-0.2

9.0

326.7 5.1▼▼-19 6.4

367-28

10.29.5342

+9+0.94 4 89,103.7 5.9

5 87,534.7 5.85+0.4

-29 ▼▲6.7▲

345.1301239

8.4

▲+25 ▲

493.9356.0

▼2.7 -0.3

▲5.6+0.65.4-0.2

▲+1.4

▼

▲7.8

3.7

▲+0.8

-51 ▼ 169.9+16 ▲ 233.1

-29151.2

2.9

109

+11

-110

+8▼▲

9.9

177

175

6.6

4.92.8

205238

185

101

▼-1.2▼ 265.0 4.22.4 -0.3 ▼

▼5.7+0.7 ▲

▲-53-11

5.2▲

▲4.92.3

2016,609.9

34,497.4

30,123.0

18

+0.3

22,441.1

1.725,539.5

▼

▼

▼1.61.5

17,205.3

33,303.2

24,189.0

2.0+0.317

-0.4+0.4

-0.4▼

▼

1.9▲

10292

3 5

2.62.8

-0.3104

90 834 0121,704.8138,816.5

+26 4%

386

1,483,106.5191

861,310.5

359,808.7

1,467240

2,7303,143

52,086.9

161

156327264,283.7

94,211.9265 296,290.2

71,555.5

90,639.2

3,553

62,208.0

93,342.6101,253.2

-10.8%+0.9%

+13.4%166

-0.5%

65,750.8

1,243,445.5

686,430.3131,971.8

289

1,473,096.0 1,676,687.9

108,236.6

39,448.5▼

-12.1%-16.2%

-20.3%-40.0%

+21.9%

198+14.1%

71 876 7

-17.5%675 436,239.5188207

206

773

3.0

2.5

▼▲

▲

157.7▼▼▲

+3190.0

0.8

80.0

-39

+1

▼-11

4.0

3.0

1 0-23

▼

+3052.262 2

82.2

49.285.9

0

+0.3

61.4

1.4

0.8 -

-

▲

-0.1 ▼

-▼

-

▲

-0.7

+96.0%547

-0 1

+0.6

1.3

1.0

254.61.3

US Federal Credit Agency Debt (B8)

▼

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

▼

00

Global Asset-backed Securities (B11)Global Mortgage-backed Securities (B10)

-0.4

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 Agency, Sovereign & Supranational Debt (B9)

Global High Yield Corporate Debt (B4)

US Long-term Debt (F2)

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

US High Yield Corporate Debt (F8)

0Global Long-term Debt (B2)

1

11,764.9+0.1

3,590


0.8

1.0 015,856.9 - 1250.9

Australian Domestic Securitization (AJ5) Westpac Banking

Australia BondsWestpac Banking

▲

JP Morgan

Consecutive Quarters No. 1

854,080.0Top Twenty Five Total

-0.1-0.2 540.70.722

+3.329.1

-424 -


Commerzbank AG

▼-13.8%

100.0

▼44

▲

38.6▲22.8

1

Industry Total

Santander

▼▲

BBVA

Mizuho Financial GroupStandard Chartered PLC

+9.1 1

▼

1

1

1

13,323.3

25

21

2324 10,761.5

22 23

10,260.2

29

+2.9

▲ 2

▼ 1+19.8

+0.4

▲

▲

▲

Global Debt Capital Markets % Change by Asset Class

12.3%

4

20

▼+0.2 1.5

-23.8▲▲

3.5

1,518,602.0

53

56.31.201.5

▼-443▲

▲

6,363.0 100.0

0.8% ▲

-697▲3,597.8

-16.3% ▼

56.6 +2.6

2013 vs. 2012

8.4%▼-0.4%

443

5

52,509.2

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

90,834.0

▲▼

-0.6JP Morgan

Mkt. Share Chg. from Last Qtr (%)

JP Morgan

8.29.2

▲▼12.4

11

+2.1

4

1316.3

3▲

▼

▼

▲

3

▼

+26.4%

11

+1.94

▼1

1

-0.5

▲

-0.5

+6.6+5.5

▲▲

+5.8

-43.3%

3

Current Qtr Market Share

(%)

▼

92,686.6

Leading Underwriters for First Quarter 2013

7.6

12.6

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

1

JP Morgan

U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP MorganU.S. Investment Grade Corporate Debt (F9)

-2.0+1.5

International Bonds

Barclays

15.2

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

All International Bonds (J1)

U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)

BarclaysU.S. High Yield Corporate Debt (F8)

Citi

U.S. LT Federal Credit Agency Debt (H3)

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

12.3

-3.3

Australian Dollar Bonds (AJ3)

Asian G3 Currency Bonds ex JP & Aus (AR2)

+0.1

7.6

Global Disclosed Fees (A2)

15.1

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

U.S. Federal Credit Agency (H1)

Global High Yield Corporate Debt (B4)

19.8-0.4

-0.7+3.3

-0.3

Citi 10.7

13.618.7

13.2

9.2

12.47.9

-0.2JP Morgan

Deutsche Bank

8.3

12.8

HSBC Holdings PLCCITIC

Deutsche Bank

JP Morgan

JP Morgan

No. 1 Manager

JP Morgan-0.2JP Morgan

198734

+0.9

71,876.7206135

44.7▲+6

0.8▼-11

▼

1.0

0.70.423.6

▼ 62.2

-0.20.5

53.2-0.1

-

▼▼-0.1

0Global Short-term Debt (B14)Global Asset-backed Securities (B11)

▼▼

-20.3%-17.5%

14.1%

22.6%26.4%

0.3%

-40.0%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

Investment Grade Corporate

Agency, Supranational,

Sovereign

MBS High Yield Corporate

ABS Emerging Market Corporate

Federal Credit Agency

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First Quarter

Jan 1 - Mar 28

3.1

4.5

-0.35.3

▲

Global Imputed Fees

2.8

+0.6

▲

▼-0.3

▲86.6

▼78.01,355.9

-20.3%Industry % Change from Last Quarter

Industry Total 100.0

▲Industry % Change from Same Period Last Year

-5.6%▼


4.7%

+0.1 106-0.4

Proceeds per Bookrunner (US$m)

348,301.3RBS 10 10 18,607.6 ▼2.7

686,430.3

12.9

28,545.2-2794 6.4-307.24.2

▲

▲ -30

▼ 156

108 7.4189

6.0 -510.6

33,301.0 -0.2-

+1.4148▼

▲

04.4

5.35.4

4.96 32,803.6 4.8

4.936,014.137,041.4

Goldman Sachs & Co 5 9

3 4

8 8

Deutsche Bank 6 5

Share Ch.1 53,891.2

Bank of America Merrill Lynch 2

Barclays 4 2+0.2

3 44,397.27.9

+1.2 10.6+0.1

2013 Rank Sh (%)

Citi

JP Morgan 1Proceeds

6.5

▼

Imputed Fees (US$m)

51.0

-10.9%7.8%

48.6+2.6

▼


2,788.5+2.1

100.0

118.5 -0.1

148.7

▼

▼

-7

▼

Jan 1 - Mar 28

▼

141.3

▼▼

▼

Manager

126.0▼

# ofSh (%)

11.7 -57

▲151

▼

# of Deals

0

Proceeds per Bookrunner (US$m)2012 RankBookrunner

Change in Share Ch.

▲Deals

171

Market



MarketMarket# of Deals per Bookrunner

10.3117.8

156

33,426.6 88

▲-▼

▲-21

1,467

-17.5%

+0.4

Jan 1 - Mar 28

-311

30,273.4

+1.3

+0.1

Morgan StanleyHSBC Holdings PLC 7

-4610.1

-0.2

207.5

▲

+0.4

5.1

▼-35

▲

Top Ten Total

7 ▲BNP Paribas SA 9

Global Mortgage-Backed Securities (B10)

▼-0.3

4.3

7.5

+1.14.24.4

▼7.4 ▲

Imputed Fees (US$m)MarketMarket

123.6

-0.4

Sh (%)Fees

Global Debt

Imputed Fees (US$m)

207.9

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

1,77

8.5

1,67

7.7

2,36

8.2

2,70

1.8

2,06

8.4

2,41

2.2

2,33

3.5

2,58

1.1

3,12

8.2

2,78

8.5

1,888 1,8912,012 2,101

1,274

1,066

1,625 1,731 1,778

1,467

0

500

1,000

1,500

2,000

2,500

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

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

Citi 4.6-2.2-0.4

+212.5▼

-11.2810

Top Ten Total

-17.0%

10,112.6 87.2532.2

▲

111.2% ▲

1


▲

-28.6% ▼

Industry Total

3.6% -14.0%▼

▼


83.8%

-13.7%

Industry Total

10Credit Suisse 7

4

9

5

▲56.6%

Sh (%)

20.7%

0▼

▲Industry % Change from Last Quarter

16.784

71.4%-4.0%

Industry % Change from Same Period Last Year37.1%

11,598.5 100.0 39.7▼

1.9

24 +1034.6

-3 01.4▲

33.3 +49 10

587.1579.2 5.0 ▼

5.75.1 +2.25.7 +3.4 +4 2.3▲

▲ 1.8

11 682.2

National Bank of Abu Dhabi

7 4AMMB Holdings Bhd 8 6CIMB Group Sdn Bhd 665.8

+4Dubai Islamic Bank Ltd 6 5.9

-5.36.416.7

5 20.8-3.2

4.73.6▼ 4 +2 ▲ 1.5

▼ ▲ 1.9

8

▲

▲33.3

3 7 9.41,094.5 ▲8.6

37.56.82.6

▲3 1,000.0 1-2.4+3.2 -

6.617.1

Emirates NBD PJSC 5 17* 744.7Deutsche Bank 4 4.2Standard Chartered PLC

Malayan Banking BhdHSBC Holdings PLC

+49

41.71 37.5+2.0

▼8.7

109 +4

Sh (%)+6

Deals▲▲

-8.51,862.7

12

216.1

ProceedsManagerMarket

2,364.2 ▼20.4Sh (%)Market Change in 2013

Rank2012 RankBookrunner

# ofProceeds per Bookrunner (US$m)

+0.314 8.6 0

8.16.9

Imputed Fees (US$m)

5.7

0

+1▲ 13.112.2+4

+0.4▲8,641.3

4.4

9 ▲

9,249.3+6.7 ▲

-

-0.1

# of Deals

Top Ten Total18

RBS

100.0

Fees


8,059.25.0 +3.0

Market

7

▲

+21.8

MarketBookrunnerShare Ch.

86.6

-4.321.8

Share Ch.14.5

Sh (%)▼

4.7

4.5

2013 Rank

JP Morgan 1

MarketSh (%)

Market

6 15,546.8

Market # of

RBC Capital MarketsJP MorganBank of America Merrill Lynch

1Deals # of Deals Fees

▲ ▲11.7Barclays

Market

+3.6

Market Market

▲

5

2012 Rank

Imputed Fees (US$m)

Share Ch.

Proceeds per Bookrunner (US$m)2013 Rank

Market

2

▼


-0.123

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)Fees

9,249.3

Global Asset-Backed Securities (B11) Jan 1 - Mar 28

Market# ofMarketProceeds

61.1

+4.6

Deals

▲7.7 5.2▼

▲

10.3

4.1-8.7▲14.2


+9

+5.7

+4.7 ▲


-2.0

8.9

Share Ch.

JP Morgan

Credit Suisse

▲+6.6

+17.1+4.7

▲14.1% ▲

Market

Global Asset-Backed Securities ex-CDOs (B13)

Market

▲10.1%6.7% ▲

3,691.8

16.5

+4.5

3,818.9

Market Change in Manager

▲

Sh (%)

25

BookrunnerCiti

RBC Capital Markets

▲

+67.8

10.79,681.5 24Share Ch.

▲

Citi

RBS

+3.4

Top Ten TotalDeutsche Bank

9

6

39.8▲

Industry Total

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

▲

Bookrunner

▲

Barclays

▲▲

Mizuho Financial Group

-8.4%26.4%

90,834.0

▲▼

64,591.4

8,059.2

▲

4 323

2

5

867

3.4

Industry Total

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

12.7 +7.711.2

# of Deals per BookrunnerProceeds per Bookrunner (US$m)2012 Rank Proceeds # of DealsShare Ch.

▲+8-1.3 ▼ 20 9.7+3.5 24 11.6▲

Deutsche Bank 2 1 14,997.5Bank of America Merrill Lynch 3 9 ▲9.3 +3.212,898.2

10.8

▼▲ 24.3

11.60

+102411.1 +2

▼▲

27.9 8.9+3.0-2.6

▲30.5 9.8-

Barclays 4 2 12,691.8 23

-0.25

Citi10.622

▲

9.1 -2.1 ▼

-2.1

27.1▲8.4 -0.1 +12▼▼3

7.29,949.8 6.7

22.6▲ 21.1

11,631.0Goldman Sachs & Co

9,105.4

6 5 7.2

6.6

▼-0.8-1.9

8.67.8

-0.5 9.720 +6▼

▲-0.5Wells Fargo & Co 7.17 7 9,814.8Morgan Stanley 8 8 8.2

-0.3 +8+4▼ 17

▼ 24 11.6

4.5 -3.714.1-1.819.0 6.1

6.3Nomura 10 4.2Credit Suisse 9 4 8,752.5

5,755.310▼-2.0 ▼ 17 8.2 -3

Top Ten Total138,816.5111,143.1 80.2 -1.9

100.0

▲-1.8 ▼▼ -2.6

3.1

+19207

9.8+112 5.8▼

▼▼

Morgan Stanley

100.0236.2

-0.275.4

17.0% ▲

Sh (%)

8 116 3,991.0

11

▲15.3▼

▲▲▼

Wells Fargo & Co 4.3 +0.7

+628

▼

43.4

22.2% ▲

313.3

-1.8-0.7

26 12.6▲

▼

3 2 9,016.8

12.1

+10.0▼-5.3

9.9 +0.33 9.5

10.9 ▼

+3.8

0

1▲ 13.6

10.2

▲3.8▼

+1.312.1

15.224.8

15 7.3

-25+11 ▲

5.2 -0.5

-0.66.2

▼31.9+5

-6▲

20.6▲

+6.1 ▲▼

8.0

13

5.3 ▲

7.5 +3.2

4.14.2 -1.5 13

+2.6 ▲ 14▲

▼▲▼-1.0

+4.2+16.7

5.870.0

3.26.8

30.0

23.012.6

6.36.3 0 -

+1

+10279.1

+8 398.5▲71.2 +9.6

206 100.0

-1.9 ▼

▲

16.5+11

-1-3.0

Sh (%)

▼

Share Ch.

Imputed Fees (US$m)MarketChange in

10.111.0

Market

15.2

Fees

4.0%

Market

+7.00

25+0.4 ▲

15.416.0

-22.6%

Manager

▲

▲

26# of DealsSh (%)

▼

-

# ofProceeds

2012 Rank

66.4%

Jan 1 - Mar 28

▲

Share Ch.


11.7

-6.7%

4.0

7.04,805.5

2,789.05.0

8

4

2,717.89

13.4

5▲

+0.97,692.45,932.2 8.6 +0.1

11.1

1

12-1.2

14.2

▼ 12▼▼-0.1

23

7▲

▼7.4 -9 ▼ 6.5 ▼7.4

4.3 -3.5-0.6

▲4.3 +1

3.9 -1.4+1.53.7

-3.7

32.15.5▲

0▲+1.0

10.3 6.8 +0.1

▼72.1 +0.7 ▲ -0.1

-3.5 15 3.8▼

-2.5-2 5.7

▼▼

68.6103.0100.0-2

▼

142,559.92,575.0

▼ 52

-1.2%

162 150.069,046.1

▼9.3

100.0

▼3.7

▲

6 14 4,557.3

3,884.3

7

1049,797.0

3,416.7

Sh (%)

100.0

Goldman Sachs & Co

Morgan Stanley


3

Banking Composite: Global Debt

Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Mar 28 2013


44.6%

37.0%41.7%

44.8%

54.9%

39.9%

46.1%

46.8%

51.1%34.9%

5.1% 5.7% 4.6% 5.0% 6.6% 6.1% 5.7% 0.0%0.3%

6.2%

60%

70%

80%

90%

100%

5.0%2.5%

6.6% 5.8% 7.1%2.8% 3.0% 3.0% 2.0%

4.6%

20.6%

31.1%

28.1%

19.5%

6.3%

32.9%

23.8%

34.3%

28.8%19.5%

5.6%

4.5%4.3%

7.4%

4.7%

1.1%

2.6%

7.0%

3.1%

5.3%

1.6%

1.8%2.3%

2.2%

1.3%

0.4%

2.5%

1.1%

4.4%

4.6%

17.5%

17.6%12.4%

15.2%

18.9%

16.8%

16.3%

7.9%

10.2%

24.8%

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 BNP Paribas SA Credit Suisse

% T

otal

Pro

ceed

s

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


4


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


Goldman Sachs & Co

Morgan Stanley

HSBC Holdings PLC

BNP Paribas SA

Credit Suisse

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g

https://www.thomsonone.comg q y

5

▼

▼

▼▲▼

▼▲

-0.2+0.4-0.1+0.5

0 1-0.3

+0.1-0.4-0.6-1.0

1.91.7

2.43.12.53.1

1.3

0 5

0.70.5

9.27.26 4▼

▲▲▼

-4-15-10-14-7

+2+5+1-41

1.91 9

8.311.39.8

10.25.34.95.31.13

55

141314

▲ 22302627

▲

▼

▼▼▼▼

-▲

+0 2

+0.6-1.3-1.8-0.3-0.1+0.3

2.82.62.12.01.61.20.8

Societe Generale

141819

3,182.9

1,429.0

16

180.5

Standard Chartered PLC

Credit SuisseUBSMitsubishi UFJ Financial GroupMizuho Financial Group

NomuraUS Bancorp 2,133.6

351628

101112

131415

2019

17

1 361 6

Manager

42.3 +1 ▲ 168.1

Fees# of DealsChange in

▲

0+0.6-0.5

Share Ch.-13 ▼ 173.8 13.1 +0.5 ▲

Sh (%)118 44.516.3 +2.0 ▲1 43,197.0

7

12.9 +1.1 ▲

▲

7,472.86,934.25,637.85,141.1

JP Morgan 1

9 15

12

7,610.8

11 13

7 8

0.82,093.1

4,271.9

0 5

Share Ch. Deals Sh (%)

91

Market MarketMarket # of MarketImputed Fees (US$m)

▼

12.6 +1.2


US DebtUS Debt Volume Down 3% Overall, Fees Up 4% l US Investment Grade Debt Down 11% l US ABS Up 37%

US Investment Grade Corporate Debt (F9) Jan 1 - Mar 28

▲

Proceeds

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2013 Rank

2012 RankBookrunner

MarketSh (%)

8

33,956.8

5 6 20,953.2

12,178.3

2 2

Wells Fargo & Co

US Deals Intelligence

US Debt (F1) Jan 1 - Mar 28


Morgan Stanley

RBC Capital MarketsDeutsche Bank

BNP Paribas SARBS

▲Citi 3 3 26,793.9 10.1

112▼ 108.2+0.2 ▲ 34.3 -7 8.1 ▼

Goldman Sachs & Co 4 5 25,291.1 9.6-0.7

+2.6 ▲

Barclays 6 4 18,511.97.9 +1.47.0

▲8.5 +1.3 ▲59 22.3 -10

+1 ▲ 7.6 +2.2113.0▼

-0.1

60 22.6 100.9

22.6 ▼4.6 -0.1 ▼ -2

-0.3 ▼ -1352 19.660 ▼

6.3 +1.1 ▲5.3

▼71.283.3

-0.5 ▼51.9 3.911,753.5 4.5 -19 ▼-1.6 ▼ 46 17.42.9 +1.3 ▲ 26.729 ▲ -0.1

25 9.410.9 +6

-9 +0.143.3 3.3▼

HSBC Holdings PLC 10 9 7,538.8 2.9 -1.5 ▼ ▼2.0

▼▲

▲

▼

▼▼▼▼

25.122.417.3

32.041.133.140.9

US Investment Grade debt decreased 10.8% compared to the first quarter of 2012, which was the largest first quartervolume on record. Despite the decline, the quarterly total volume of US$264.3 billion ranked within the top tenquarters on record (seventh), as issuers continued to take advantage of historically low interest rates.

US ABS totaled US$71.6 billion from 119 transactions, representing the largest opening quarter since 2007 andsurpassing first quarter 2012 volume by 37.4%. ABS strength was largely attributed to the revival of the CDO market,which accounted for 28% of first quarter ABS volume and an increase of 458.6% over CDO volume in the sameperiod a year ago.

US High Yield debt decreased slightly (0.5%) compared to the first quarter of 2012 but still represented the fourthlargest quarterly volume on record, exceeded only by the three record quarters in 2012. Fueled by increased demandfrom investors seeking a larger yield compared to the record-breaking coupons in the Investment Grade market, USHigh Yield proceeds registered US$90.2 billion from 163 transactions.

According to Thomson Reuters/Freeman Consulting, total estimated fees for US Debt increased slightly over firstquarter 2012 (0.6%) reaching US$3.8 billion.

▲▲

0.3SunTrust Banks ▼2.6 0

▲▲-

46.9%

+0.1+0.1-0.10.67.8

3.4

+3.91,331.3

2.6%

▼-▲+0.5

8.8%

▲1,215.4

-0.10

0.3

1.20.4

0.50.6

6.47.5

15.95.7

▼▼-

+1

-1-30

+3

1.9

1.50.4

1.92.3

17

5564

0+0.2

+0.2

-

+0.30

▲▲-

0.40.40.3

+0.1Standard Chartered PLC

-

282524Scotiabank

20 1,361.6

Top Thirty Total

2122

2423ING

Intesa SanPaolo

Jefferies & Co Inc

30.3%

1,109.9

25

939.0874.3804.027

37

12.0%

76.8 -0.9

3.9%

▼

▲▲

4.2% ▼6.9% ▼

▼

▼Industry % Change from Last Quarter

▼

1,306.80.50.5

19.0%


256,064.6 95.5

0.3

91.5100.0

+3.4 ▲

Industry % Change from Same Period Last Year 10.8% ▼

-62Industry Total

▼

Industry % Change from Last Quarter 3.9% ▼Industry % Change from Same Period Last Year 0.5% ▼

265

Top Ten Total 72,994.6

264,283.7 100.0

Industry % Change from Last Quarter 1.9% ▼ ▼

163 +2

▼

Industry Total 90,192.6

2.6▼ 35.81,074.881.0 -3.4 ▼

27RBC Capital Markets 10 11 2,492.5 2.8 -0.1 -0.6 ▼27.0 -17 6.4 -4.8

+2 ▲▼

16.66.8 -3.7 ▼ 44Credit Suisse 9 3 6,146.5

87.4 6.2▼ 89.7

38 23.3 +3 ▲▲

Morgan Stanley 8 9 6,157.2 6.8 +0.9 ▲ +0.6 ▲27.6 +6 7.3 +1.27.4 +0.5 ▲ 45

▼Goldman Sachs & Co 7 8 6,705.0

104.8▲ 102.4

57 35.0Wells Fargo & Co 6 6 6,853.9 7.6 -0.2 +0.7 ▲33.1 +7 7.5 +0.6

+12 ▲▲

7.57.8 +0.2 ▲ 54Barclays 5 7 6,994.6

109.3 7.8▲ 104.5

55 33.7 -2 ▼▼

Deutsche Bank 4 5 7,581.7 8.4 +0.2 ▲ +1.2 ▲29.4 -13 8.1 -0.38.7 -0.8 ▼ 48Citi 3 4 7,807.7

140.8 10.1▼ 113.3

78 47.9▲

Bank of America Merrill Lynch 2 2 8,583.2 9.5 -2.3 ▼ -1.3 ▼48.5 +1 13.3 +1.8▲ 186.8

+5 ▲JP Morgan 1 1 13,672.3 15.2 +1.9 ▲ 79

Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2013 Rank

2012 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager

2013 Rank


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

1 91,602.5 24.1 -9▲ 30013.0 +0.6 ▲Bank of America Merrill Lynch 2 3 72,023.1 10.2 +0.8 ▲JP Morgan 1 11.8 +0.3

279 22.4 +12 ▲▼ 449.0

+0.1419.0 11.0Citi 3 4 66,088.2

7.4+2 ▲ 353.1

171 +1.6

▲▲9.3 +0.99.4 +0.3 ▲ 233 18.7

279.0Goldman Sachs & Co 4 6 62,446.2 8.9 +2.3 ▲

6 5 56,394.7

▲8.8 -0.9

+39 ▲15.2 -20

193 15.5 -15 ▼ +0.3▼ 240.9

▲▼-0.3

Morgan Stanley 7 8 50,224.6 7.18.0 -0.9 ▼Deutsche Bank

7.2 +1.1

190250.3 6.6

6.4

+1.1 ▲ 168 ▲165 13.2

13.5 +8 ▲Wells Fargo & Co 8 9 33,801.3 4.8 +0.1 ▲ +3

273.6▲

9.7 -36 4.36.6

▼ 164.9+0.7▲ 250.1

▼4.5 -1.6 ▼3.8 +1.7 ▲

1210 -

Credit Suisse 9 7 31,571.5RBC Capital Markets 10 14 26,576.5 108 8.7 +34 ▲ 93.0

-3.1

Industry Total▲

2.5Top Ten Total 552,810.1

703,066.1 100.078.5 +3.5 2,772.9

-59 3,797.11,24673.1 +1.6 ▲

100.0

▼▼ ▲

▼2.9%

Jan 1 - Mar 28


US High Yield Corporate Debt (F8) Jan 1 - Mar 28


All Federal Credit Agency Debt (H1)

2013 Rank


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

3.2 -25▲ 27Barclays 1 3 13,296.2 13.6 +5.37.0

▼ 5.0 ▲Morgan Stanley 2 4 12,523.5 12.8 +5.3

11.7 +2.8 ▲ 6493 11.0▲

-26 ▼ 4.1 7.3 +3.6

8.8 +4.6-28 ▼ 4.0

JP Morgan 4 2 6,972.5 7.17.6Deutsche Bank 3 1 11,449.9

▼ 49 5.8 3.5 ▲

+2.7 ▲▲

6.2 +0.17.1 0

-34 ▼5.7 -24 ▼48-

-1.3▲

Credit Suisse 6 8 5,562.1BNP Paribas SA 5 6 6,909.6 +0.24.5

-2.62.5

41 4.9 -53 ▼5.6 -1.8 ▼ 285.7 0 -

Citi 7 5 5,474.329

▼▼3.3 -42 ▼

▲3,337.6

2.6 4.5 -0.32.0

▼4.3 +4.3

3.4

TD Securities Inc 8 - 3,572.8 3.7 +3.7 3.4 2.5 ▲3.4 -1.5

+29 ▲8.1 +3.94.6 ▲

HSBC Holdings PLC 10 15 2,947.137Bank of America Merrill Lynch 4.49 9

Top Ten Total 72,045.6▲3.0 +0.7 ▲ 32 3.8

73.7 +13.2 ▲+0.9

-50▼+11 ▲

▲32.1 +17.41.3 2.3

56.497,610.8

11.9% ▼

100.0

1.2%

1,400.8 100.0

▲21.9%

100.0

49.8%

Industry Total 843 56.7

▼ 68.0% ▼

100.0-835

▼Industry % Change from Same Period Last Year 47.6% ▼

Industry % Change from Same Period Last Year 3.3% ▼6.5%Industry % Change from Last Quarter 8.0% ▲4.5%

30

22

2930

BBVASumitomo Mitsui Finl Grp IncBank of New York Mellon CorpANZ Banking GroupNational Australia Bank

262728Barclays 5 2 62,081.5 ▼

13.7797.9727.7721.7715.7

332946

-0.2+0.1+0.1

0.30.30.3

234

624.3 1

▼▲▲▲

0.2

-▲

0.4

-3+10

0

0.81.11.5

0.80.30.4

-

2.310.04.6

1.5

▼▲

▼▲▼▲

0.1

-0.3+0.4-0.1

-0.1

0.2

+0.25.4▼

+23+0.2 1.1-0


9

4

Morgan Stanley 6 14Wells Fargo & Co 7 9


RBC Capital Markets

Bank of America Merrill Lynch 3

8 7,513.9

▲▲

24.0 6.8 -2.7 ▼22

-1.8

-1.810.5 +5.5 ▲


US Securitizations

022 18.5 +12

38.4% ▲

18.5▼23 19.3 +3 ▲ -4.941.8 11.9

17.6 -

2 8,090.9 11.3

11.71 8,353.6

▼ -

Sh (%)Deals Sh (%) Share Ch.▲ 17.2+8

▼+9.3 ▲60.6-5.4

# of Deals

0 14.9 4.2

Fees

Imputed Fees (US$m)

▲4.0 +1.031.5 8.9

Share Ch.13.2 +3.7

▼

JP Morgan11.5 -1.3 ▼

Barclays▲

3 8,244.4

Citi 1 5 9,469.12

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market2013

Rank2012 Rank

Jan 1 - Mar 28

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

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

US Mortgage-Backed Securities (F11)

2123 19.3

# of Market Change in MarketSh (%)

Market

US Asset-Backed Securities (F14) Jan 1 - Mar 28

4,458.3 6.25 ▲ 13.9

+4.2 ▲ 10 8.4 +7 ▲ +6.9 ▲10.9 +1 ▲ 30.0 ▲+2.13,884.3

Goldman Sachs & Co 8 13 3,205.2 4.5 +2.4 ▲▲5.4 +0.4 13

22.1 6.38.5

12 10.1 +8 ▲ +4.0 ▲4 3,074.9 4.3 -5.2 ▼ 15 12.6 -2 ▼

Credit Suisse 10 6 3,073.2 4.3Deutsche Bank ▼ 15.3 4.3 -6.2

11 9.2 -1 ▼ -3.8 ▼Top Ten Total 59,367.8 82.9 +2.9

-3.2 ▼261.5

7.4 2.1▲ 74.2 +0.3 ▲

Industry Total 71,555.5 100.0 100.0119 +33

▲

352.9

118.2%

Industry % Change from Last Quarter 4.1% ▲37.4%

▼ 0.5%10.5%

Quarterly Residential ABS, MBS & CDO Volume

US ABS Collateral Volume Breakout (US$b) Jan 1 - Mar 28 2013

$25.6 28%

$6.9 7%

$4.6 5%

$23.3 25%

$32.4 35%

CDO Credit Card Student Loan Auto Other

12.1% ▼1.6% ▲ 1.3% ▼

13.2%

+1.9 ▲▼

2 11,963.0 14.3

114,792.7 100.0

Sh (%)

▲

ProceedsDeutsche Bank 1

8

9 6.9 +2.4 ▲Barclays 2 1 9,548.2

Bank of America Merrill Lynch28

100,992.7


7

13.4% ▲

8,405.7

9

Share Ch. Deals# of

4.67.3

▲▼

14.8%

MarketSh (%)

-2Fees

▼ 22.0

ManagerChange in

14.7Sh (%)# of Deals Share Ch.

Market

▲+15

Market

▲1.3% ▲13.8%

100.0229.9

4.587.7

11.5

Imputed Fees (US$m)2013 Rank

2012 RankBookrunner

68,780.1 +1.8

12,460.7 10.9

▲

7.4 -0.7

7.8 +0.57.7

-0.2 ▼

+3.6

2.8% ▲▲

Jan 1 - Mar 28

9.0%

181

+0.5 ▲+1.5

10.3▲201.9

▼+6+0.9 ▲

▼-2.4 8.3 -4

▲7.0

-4.5 ▼▲

+1.1 ▲7.9 +0.45.0

▲ +3.8

▲

8.118.7+4 ▲ 16.1

18.2+4

11.0 +5

16 8.8

7.79.9

1418

20

15

Market

6 7

6

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

7 8,921.2

5,295.711

-3+4-0.9 ▼

149.2

Citi

10RBS

6 8,499.2Credit Suisse 9 4

1210.7

-2

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

Top Ten TotalIndustry Total

88.1 +1.5 ▲

+0.5 ▲24 13.3 +8 ▲ 22.6 9.8 -2.0 ▼

+13

12.7

Deals

▲+9 ▲-0.4 ▼24.2+4.0

10.5+4 ▲27.8 12.1

Imputed Fees (US$m)

Share Ch.Market

▲ 26.2 11.4

2012 Rank

14,492.5

22 12.223 12.7

11.1 23-1.3 ▼12.6 -0.7 ▼

10.1▲

0 -8.6

Market

▼Sh (%)

9.9 -1.9+1 ▲ 26.3# of Deals

11.4FeesSh (%)

Market # of Market Change in Manager Market

Morgan Stanley

Barclays 2

Wells Fargo & Co

3

5JP Morgan

Goldman Sachs & Co 4

Sh (%)Deutsche Bank 1 1

Share Ch.18

9,814.8

Bookrunner Proceeds2013 Rank

53 11,631.0

12,691.8


▼+3.3 ▲ 12 9.2 0 - 18.7

15.414 10.3 -1.83 9,340.1

11.4 -1.4 ▼12.5 +3.4

10.7▲

Credit Suisse 4 4 8,266.2 9.9 +0.1 ▲Bank of America Merrill Lynch 11.1

Goldman Sachs & Co 5 3 8,187.4-1.6

+1.011

7.110.69.8

▼▼▲

▲ 16.6 11.1 -1.4▼

8.412.6-▼ 8.8 5.9Morgan Stanley 7 9 6,007.2

Citi 6,918.2

▼

+1.0 ▲7.2 +0.7 ▲ -18.2 8.4 0

▼JP Morgan 8 8 5,595.9 6.7 -0.1 ▼ 10

-0.8▲+3.9

9 6.9 ▼-2

-3.8-511.4 7.6

▼ ▼ 10.0 6.7+1.8▲ 7.0 4.7+1

133.1 89.0 +3.1 ▲131

▲


149.8 100.0

▼

-20

11.1% ▲Industry % Change from Same Period Last Year 7.3%

83,956.0Industry TotalTop Ten Total 75,591.7

6.187.6

8.4Wells Fargo & Co

▲

▼

100.090.3 +2.2

6.15.6

5,105.2 -3.19Nomura 11▲10 10

54,660.3 +0.7

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 13

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b)

# of Issues



Banking Composite: US DCM

Jan 1 - Mar 28 2013DCM Bookrunner Industry Composition (F1) Jan 1 - Mar 28 2013 DCM Bookrunner Industry Composition (Ex Financials) (F1)

22.5%4.2%

0.0%

1.0%

2.7%

7.3%

4.2%

4.7%

5 9%

5.7%

4.9%

3 4%

6.7%9.8%

7.9%

3.8%

4.9%

5.9%

5.0%

6.1%

1.3%

6.7%

5.3%

3.4%

4.0%

5.0%

4.1%

5.2%

5.9%

3.3%

3.2%

6.1%2.0%

2.4%

0.7%

0.7%

0.6%

0.7%

1.3%

6.3%

0.6%

1.4%1.0%

1.0%0.0%

1.2%

0.7%

0.8%

0.0%

0.0%

0.2%

0.2%

6.6%

7.0%

5.2%

6.8%

1.6%3.7%

4.8%

8.0%

0.0%

4.4%

8.2%2.3% 5.4%

8.2%

3.6%5.7%

11.4%

0.8%2.4%

9.6%

60%

70%

80%

90%

100%

Pro

ceed

s

3.2%0.7%0.6%0.8%0.2%

6 6%

3.7% 8.0% 0.0%8.2%

5.4%

8.2%

3.6%

5.7%11.4%

0.8%

2.4%9.6%

36.7%

47.1%

41.3% 43.2%41.2%

35.8% 35.0%39.3% 40.0%

37.1%

60%

70%

80%

90%

100%

Pro

ceed

s

1.9%

5.0%

1.5%1.6%2.5%1.0%

1.4%5.4% 1.6%

0.5%

7.4%

8.6%

8.9%6.6%

7.4%

5.2%

11.9%

16.5%

20.6%

14.4%

13.9%

5.6% 14.3%

11.4%

24.9%

26.1% 12.1%

3.0%

14.0%

2.8%

4.0%

2.8%

5.7%

2.5%

4.1%

5.2% 0.0%

1.1%0.9%

0.7%1.3%

1.7%

1.3%

0.4%2.1%6.3%

3.0%

4.5%5.9% 3.4%

0%

10%

20%

30%

40%

50%

JPM BoA Citi Barclays GS DB MS WF CS 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

1.9%5.0%

1.5%1.6%2.5%

1.0%1.4%

5.4%

1.6%

0.5%

7.4%

8.6%

8.9%6.6%

7.4%

5.2%

11.9%

16.5%20.6%

14.4%

13.9% 5.6%14.3%

11.4%

24.9%

26.1% 12.1%

3.0%

22.5%

14.0%2.8%

4.0%

2.8%

5.7%

2.5%

4.2%

4.1% 5.2%

0.0%

0.0%

1.1%

0.9%

0.7%1.3%

1.7%

1.0%

1.3%0.4%

2.7%

2.1%6.3%

3.0%

7.3%

4.5%

4.2%4.7%

5.9% 5.7%

4.9%

3.4%

6.7%

9.8%

7.9%

3.8%

4.9% 5.9%

5.0% 6.1%

1.3%

6.7%

5.3%

3.4%

4.0%

5.0%

4.1% 5.2%

5.9% 3.3% 6.1%

2.0%2.4%

0.7%

0.7%

0.6%1.3%6.3% 1.4%

1.0%

1.0%

0.0%

1.2%

0.7%0.0%0.0%0.2%

6.6%

7.0%

5.2%

6.8%1.6%

4.8% 4.4%

2.3%

0%

10%

20%

30%

40%

50%

JPM BoA Citi Barclays GS DB MS WF CS 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


International bond issuance from European borrowers registered a significant decrease in year-on-year activity in thefirst quarter of 2013 - with overall proceeds down 26.9%. Examining the underlying sectors, investment gradecorporate issuance from European borrowers was down by 23.6%, investment grade financials fell by 41.3% andSSA declined 22.5%.

All the core currencies experienced varying levels of decline in international bond issuance year on year. Issuance inUS Dollars was down by 5.1%, Euros 21.6%, Sterling 37.3%, Japanese Yen 75.3% and Swiss Francs 48.6%.Notably, the Swiss market saw its slowest start since 1992.

Conversely, European High Yield Issuance boomed in the first quarter of 2013, with total proceeds of US$42.2 billionand 61 deals priced, representing the busiest quarter on record and a 68.2% increase on first quarter 2012.

According to Thomson Reuters/Freeman Consulting, total estimated fees for EMEA Debt decreased 5.2% comparedto the same period a year ago, driven largely by decreases in fees paid by issuers in the Financial sector.

All International Bonds by Issue Type All International Securitizations (J10c)

2

Goldman Sachs & Co 5

BNP Paribas SA 8

JP Morgan 1 1

Barclays 3Citi 5

3Deutsche Bank 2

Bank of America Merrill Lynch 7 7

Top Ten Total

95,622.4

4

81,656.8

8

76,411.666,725.1

Market Market

+1.07.99.2

0

Sh (%) Share Ch.

7.4

5.9 06.2 +2.0

3.6 ▼

100.0



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

Sh (%) # of DealsDeals


International Debt European Borrowing Down By 27% l Core Currency Issuance In Decline l European High Yield Sector Booming

All International Bonds (J1) Jan 1 - Mar 28EMEA Deals Intelligence

# of Market

- 341▲ 343 22.2

22.1 347.1+0.5

-24 ▼▼

7.3 +0.59.8-21

-0.4

Market MarketSh (%) Share Ch.

▲▲

Fees465.4

▼-13 ▼

259.3+0.8 ▲

-6 ▼342.215.8

5.50 - 259 16.8+0.6 ▲ 2446.4 7.2

HSBC Holdings PLC 6 4 61,414.364,526.7 11.6 +22▲ ▲

16.95.5 +0.3 ▲ 231

261-

3.3

▲▼

+0.3▼-0.4

7.7

+1.6-0.2

6.04.5

▲015.0 366.90 -

-210.9

▼

282.9

4.7 156.0173 11.2 -44-0.6 ▼

179

-6 ▼ 224.4▲▼ 233.2-8 4.9 +0.6+1.0

2,888.3-0.3

4.6

▲

▲ 151167 10.8

▲60.9

9.8-1.54.7+1.8

▼


36,852.6Credit Suisse

49,246.047,828.6

657,192.8

Morgan Stanley 9

14.8%

11

1,039,191.7637,476.9

Industry Total

10 9+4.061.4

▼ 2.5%

1,543 -279

▲

Jan 1 - Mar 28

▲

4,744.3 100.0

32.2%Industry % Change from Last Quarter 20.9% ▲▼ -15.3%▲ 14.4%

Top Ten Total

▲Industry % Change from Last Quarter 50.9% ▲ 12.3%

465

▲ 65.9%

Industry Total 299,251.5 100.0

Industry % Change from Same Period Last Year -22.1% ▼ -24.9% ▼ 3.8% ▲

+0.654.2 +1.6443.8

100.0819.7-154▲▼-8 ▼ -0.7

179,409.49.9

▲▲ 46

60.1 +4.4

14.6 -203.629.3

▼RBS 10 11 11,891.0 4.0

4.1 -1.0▲

▼ 31.8 3.9 -0.4▼ 686.0

Natixis 9 7 12,218.0

UniCredit 7JP Morgan 8 8 15,884.3 11.0 -28 ▼ +0.7

▲18.1 +148.9

▼ 84▲

16,653.93 16,136.1

5.3 +0.35.4 -0.8

Industry Total

Industry % Change from Same Period Last Year 28.6% ▲

49,603.4

2013 Rank

36.2%

▼5.6 -0.3 ▼ 79

79

▲Industry % Change from Last Quarter -7.9% ▼ -33.1%

▲5.0% ▲27.0%

▼

▲+7.8+21 100.0

80.3131.1

61.468.73.2

+11.5 ▲-0.1 ▼ 2.1 ▲

▲6 7.6 -1 ▼

6.02.7

▲9

13.9 +6

Top Ten Total 34,049.01,576.0

▲11+1.8+0.6

Bank of America Merrill Lynch 9 14 1,813.1RBC Capital Markets 10

10 1,901.9 ▼+5 ▲ 4.1+0.8 10.18▲+2.84.5

▲▼2.5 -6.7

3.2

+3.6▼▲▲ 4 5.1 +2

3.2-2.3

6 2,087.4 4.2 -2.4 9▼ 11.4 -25.4 4.1

-1.2 15.2 +7 ▲▼ ▲Morgan Stanley 6 24 2,266.0

12Citi 5 5 2,979.2▼ 5.1▲

9.4

Deutsche Bank 4 4 3,014.2

▼21 3,449.0 +6.1 ▲ 9.2 7.1

▲

10▼▲12.7 +8

▲-5.0

21.020

3.9+5+6.7-4.715

5.819.0

MarketManager Market

27.5

Jan 1 - Mar 28

25.3

▼

▲7.2

Market

-2.86.0

FeesShare Ch.19.8 +7.6

Sh (%)

7.7

▲17

Share Ch.


+12.0Deals

21.5 +3 ▲+12

Imputed Fees (€m)

+0.8

Market# of Market Change in ManagerImputed Fees (US$m)

Market2012 RankBookrunner

Credit Suisse 87

32 1

Proceeds9,832.6

7.0

100.0

3.7

4.6

3.8

6.1

5,129.6

Deutsche BankBookrunner

MarketProceeds per Bookrunner (€m)

+4.0RBS

MarketDeals

+1.3

2012 Rank

1Sh (%)

2

# of

7.6 93 ▲

Change in

7.822,667.2Share Ch.Proceeds # of Deals

+2Sh (%)

20.0Share Ch.

+0.77.3 +1.7 17.8▲

▲Fees Sh (%)63.9

HSBC Holdings PLC 3 9 21,250.7Societe Generale 2 6 21,883.2

-0.67.1 +2.4 ▲ ▲+916.8

5.747.0 ▲+0.7▲+0.6

83 +5

-888 18.9 -1778

Credit Agricole CIB 6 5

4 1Barclays 5 4 ▲ 73 15.7BNP Paribas SA

6.8▼

+0.820,235.920,589.1 6.9

▲

All Bonds in Euros (N1)

17.0 43.5 5.3 -04.234.7 -0.3

51▼

-5

▲ 41.8 5.1

-0.2 ▼7.7▼ 63.1 +0.5

▼ 39.8▲

4.9

Sh (%)


Sh (%)# of Deals2

Barclays

2013 Rank

10.3 -2.3

First QuarterEuropean Financial and Corporate Inv Grade By Domicile Nation


JP Morgan 1

Market Market

Goldman Sachs & Co

€ -

€ 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

2008 2009 2010 2011 2012 13

Pro

ceed

s (€

b)

ABS & MBS

Emerging Market Corporate

Federal Credit Agency

High Yield Corporate

Agency, Supranational, Sovereign

Investment Grade Corporate

€0

€20

€40

€60

€80

€100

€120

€140

Pro

ceed

s (€

b)

2012 2013

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables

2012 2013

9

With issuers continuing to take advantage of historically low interest rates, Global High Yield debt set an all-timequarterly record in the first quarter of 2013 for both proceeds and number of issues, totaling US$132 billion from 240transactions. First quarter volume increased 21.9% over the proceeds raised in same period of 2012 and 16.7% overthe previous quarterly record set in the third quarter of last year. The last three recorded quarterly volumes ranked asthe three largest volumes on record.

Proceeds for Non-US Dollar denominated High Yield debt increased 125.4% over the proceeds raised in the sameperiod a year ago, to US$33.3 billion on 59 issues.

According to Thomson Reuters/Freeman Consulting, estimated fees for Global High Yield Debt rose 12% comparedto the same period in 2012, to US$2 billion on 49 more transactions priced compared to first quarter last year.

First quarter 2013 average spread to benchmark tightened by 133.7 basis points compared to the levels in the firstquarter of 2012, to 400.9 basis points, the lowest quarterly average since the second quarter of 2007. Averagequarterly spreads to benchmark have steadily tightened for three consecutive quarters.

Average Quarterly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Mar 28


High Yield DebtGlobal High Yield Volume Up 22% l Largest Quarterly Volume On Record l Non-USD-Denominated High Yield Up 125%

Global High Yield Debt (B4) Jan 1 - Mar 28Global High Yield Deals Intelligence

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2013 Rank


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

▲▲ 103 42.9 11.8164.4229.6+20

88▲JP Morgan 1 1 16,367.2 12.4 +0.5 +0.8 ▲

▲Deutsche Bank 2 5 12,022.9 9.1 +0.4 ▲+1838.3 +1436.7 +1.08.4

8.4 -1.6 ▼Bank of America Merrill Lynch 3 2 10,311.5 7.8 -2.6 ▼ ▲ 164.17.8 -0.9 ▼ 66

92Citi 4 4 10,256.1

142.2 ▲27.5 142.3 7.3 -0.6

7 9,484.2▼

7.2 +0.6-2 ▼

28.8 +23 ▲6.6 -2.7 ▼

▲Credit Suisse 6 3 8,704.3Goldman Sachs & Co 5

64

+1.461 25.4 -5 ▼69

130.2 6.77.3

-3.4 ▼▼Barclays 7 6 8,510.9 6.5 -0.5 ▼ 26.7 +13 ▲ 122.3 6.3 -0.2

5.5 0 - 50Morgan Stanley 8 9 7,234.8 20.8 103.2 5.3 0 -5.3 -1.2

+10 ▲24.2 ▼

-0.3 ▼▼ -0.3

43 17.9 +12 ▲ +0.18 6,951.5

UBS 10 10 4,377.89Wells Fargo & Co 58

61.33.35.4+13 ▲ 106.2

▲Top Ten Total 94,221.2 71.5 -6.7 ▼ 1,365.8 70.0

3.1-2.8

240 1,952.8 100.0▼

Industry Total 131,971.8 100.0 +49

▲ 25.7% ▲ 12.0% ▲▲ 10.7% ▲

Industry % Change from Same Period Last Year 21.9%Industry % Change from Last Quarter 17.0% ▲ 8.1%

Monthly High Yield Volume

4.1 +1.1

5.0 -0.15.3 +0.7

6.2 +0.6

+1.2+8

▲ 84.114 ▲ 17.8

12.3 2.8▼

UniCredit 10 16 1,376.4 13.6 +5 ▲23.7 -0.4

▼+3 ▲Barclays 9 12 1,516.2 4.6 +0.8 ▲

-0.4 ▼ 10 16.9▼

3.9 -1.2▼ 11

HSBC Holdings PLC 8 5 1,596.6 4.8 17.0Citi

5.1 +0.2▲ 22.17 6 1,657.8

▲ 1732.128.8 +10 ▲

28.8 +107.4

▲18.6 +3 ▲ 18.3 4.2 -2.0

17Credit Agricole CIB 6 10 1,759.0

▲JP Morgan 5 7 1,964.1 5.9 +0.8 ▲ -1.9 ▼Goldman Sachs & Co 4 2 2,051.5 ▲ 17

▲ +3.17.3 +1.728.8 +10 ▲ 31.5

▲17 28.8 +11 ▲ 35.7 8.2Credit Suisse 3 14 2,246.2 6.7 +3.2

-0.2 ▼8.3 +3.6 ▲

▲ 47.0 10.8BNP Paribas SA 2 4 2,789.8 ▲ 36.28.4 +3.1 33.9▲ 20

+14+14

+1.5 ▲ 28 47.51 1 3,963.7Share Ch. Deals

11.9

2012 Rank

MarketMarket

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


Deals Sh (%)Market Market2013

Rank

2013 Rank


2012 Rank

JP Morgan 1 1

Bookrunner Proceeds

14,403.1Bank of America Merrill Lynch 2 2 9,087.1

Deutsche Bank 4 5

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Mar 28


Bookrunner Proceeds Sh (%) Share Ch.Change in ManagerMarket Market # of Market

+1.7# of Deals Fees Sh (%) Share Ch.

197.5 13.0+8 ▲ ▲▲14.6 +1.7 46.587

30.59.2 -2.3 ▼ 148.6 9.884 44.9 +10 ▲ -1.4 ▼

-Citi 3 4 8,598.3 8.7 -0.6 ▼ 08.2 -0.2 ▼ 64

-4 ▼ 124.0 8.2578,059.2

110.8 ▲34.2 117.4 7.7 +0.9

8 7,432.7▲

7.5 +0.8+3 ▲

28.3 +13 ▲7.1 -0.4 ▼

▲Barclays 6 7 6,994.6Goldman Sachs & Co 5

57

+1.454 28.9 +6 ▲53

104.5 6.97.3

0 -▲Wells Fargo & Co 7 6 6,853.9 7.0 -0.5 ▼ 30.5 +12 ▲ 104.8 6.9 +0.3

6.8 +1.0 ▲ 45Morgan Stanley 8 9 6,725.5▼

24.1 94.9 6.3 +0.8-4.83 6,458.1

▲6.6 -3.6

+10 ▲25.1 -14 ▼

3.5 +0.2 ▲▼

UBS 10 10 3,463.2Credit Suisse 9

+9 ▲ +0.647

53.2 3.56.294.5

37 19.8 ▲79.2 -3.9 ▼ 1,150.2 75.8 -0.5 ▼

Industry Total 98,665.3 100.0 187 +20 1,519.3 100.0

12.0% ▲ 1.3% ▲-2.4% ▼-4.6%

Industry % Change from Same Period Last Year 5.6%

Top Ten Total 78,075.7

▲

Change in

▼Industry % Change from Last Quarter 0.5% ▲

Sh (%) # of DealsDeutsche Bank

MarketSh (%)

▲

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

Top Ten Total 20,921.3 62.9 +11.359 100.0

62.1▲ 270.0 +4.1 ▲Industry Total 33,306.6 100.0 433.5

Industry % Change from Same Period Last Year 125.4% ▲ 103.4% ▲ 78.0% ▲

+30

▲ 108.9% ▲Industry % Change from Last Quarter 126.9% ▲ 73.5%

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

2008 2009 2010 2011 2012 2013

Bas

is P

oint

s

Spread to Benchmark2-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

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

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 10

19.7%

-6.7% ▼52.8% ▲ 59.6% ▲-9.8% ▼ -32.9%

Jan 1 - Mar 28

▲

+1.4

Latin America Emerging Market Bonds (L3)

▲

% Change from Last Quarter

JP Morgan

9.3

+0.3

# of

HSBC Holdings PLC 1 1 13,761.2 10.6Sh (%)

8.04 3,268.5

+2.6-1.3

8 3,200.67.8

-7.6


2012 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

Asia-Pacific Emerging Market Bonds (L4)

▼ 91

Market

72.0

4 1 3,342.7

68 +5

▼23.0% ▲

-1.7

76


▲▲26.5



Emerging MarketsAll International Emerging Market Debt Down 3% l EMEA Emerging Market Debt Up 20% l Asia-Pacific Emerging Market Debt Up 6%

Jan 1 - Mar 28EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Mar 28

▲35.4 +1626.5

▲ 73.1 9.7 -0.5 ▼9.62 3 13,421.0

68▲9.5 +1.110.3

-2.4Deutsche Bank 3 4 12,302.4Citi 4 2 12,043.9 ▼

▲27.6 +13 ▲

9.8 +1.8+0.2

+15 73.669.0 9.2

6.0 -0.5 ▼ 36 14.0 +271

4.435.7

▲ 33.2Barclays 5 5 7,779.0+452 20.2

Bank of America Merrill Lynch 7 9 6,766.8Standard Chartered PLC 6 6 7,047.7

+22▲▼

48 18.7 ▲8.9 -2▼

▲5.2 +1.4

23

5.4 +0.3

BNP Paribas SA 8 7 4,827.9

67.2

223.7 +0.5 ▲12UBS 10

8.6Goldman Sachs & Co 9 10 4,745.24,580.5

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

▼-13.5 +0.7

3.7 -1.2

41Top Ten Total 87,275.6Industry Total

-0.4257

4.853.4

▲3.4

13.5

100.0488.5 65.0

1.8

▲

▼

7.1

5.2

+6

Sh (%)

+1816.0▲

-2.1▲▼

▲

+3.5▼

+0.3

▲

HSBC Holdings PLC▼

Citi

Goldman Sachs & Co

BNP Paribas SA-1.0-1.2

VTB Capital 10

752.2

25.5 ▲39.5

▲11 20.0 +6

% Change from Same Period Last Year 3.4% ▼

14.5 +5+3.8

11▼ 14

▼▲16.5 +11.6

-2.5▲ 11.4

Gazprombank 8 -

# of Deals16

20.041.8

▲▲

25.5

▲

1,674.69 7.3 +4

+457.6

2,173.4 6.09.1 +5

ING

15

3.8-

1,572.9

81,717.8 ▲

4.2 ▲+4.0+2.4

4.04.15.2

+4.1 5

38.7%

5

▲

+1.5 ▼+8.373.0

129,870.2 100.0

6.4%

2.4%

Jan 1 - Mar 28

▲


2012 Rank

Market MarketChange in Market Market

▲▲


27.6%

84

+2.8

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

Deutsche Bank 1 3 5,258.2 29.1

Market # of

12.5JP Morgan 2 7Barclays 3 2 3,359.2

+6.9 ▲5,011.5 12.0▼8.0 -4.5

+2.5 ▲23

+7 16.5

+2+1

23.8+17 ▲▼

8.510.3

-0.4 ▼7.2

12.3-0.1

+3.4 ▲4.9 -0.2 ▼

▲▲ 7.118.2▼ 10

▲

3.24.6

6.8 4.7

4.0▲ ▲ 5.8

7.5▲

14.5 +3 ▲+4.0 ▲ +3.2

+1.0▲▲▲

+22.430,579.45.2-2.2

100.0▲

41,926.5 144.4

% Change from Same Period Last Year

+19

▲

Industry Total 5569.8100.7Top Ten Total

100.0

*ti

Jan 1 - Mar 28 2013All International Emerging Market Bond Volume by Industry (US$b)

▲41.9% ▲ 64.8% ▲ 36.1%-9.0% ▼

31.8%

1

-4.0%

77.3▼▲+20.742.0

-7.7% ▼ 22.3% ▲▲

54.3

▼

100.024

1.5▲

2.2▲

6.4

▼+0.1

3.5

▲

Industry Total

% Change from Last Quarter -11.3% ▼% Change from Same Period Last Year 10.6% ▲

Top Ten Total 12,523.5RBS 10 826.2 ▲

+14.179.2+120.8

15,833.0

5.2 +1.913

100.0▲

Goldman Sachs & Co 9 11 885.1 +2.1 ▲5.6 2 8.8▲ 4.8-2.0

8.3 +1 +7.45 ▲

2 8.3 -4 ▼5.75.5▲ 3.02.8-3.8 ▼ -10.0

25.0 +1Barclays 8 2 908.5

66.129.2 +4 ▲

National Bank of Abu Dhabi 5 106.766.8

Emirates NBD PJSC1,072.4

+4.4+2.6

7▲-0.1 ▼

▲ 714 1,054.8

JP Morgan 7 5 959.0

▲3.0 5.5 +4.2▲+3.44.1

▲4 16.7 0 - 7.6 14.029.2 +3

▼45.8 +39.9 +3.9 ▲

8.35.4 +0.8▲

+3.9Deutsche Bank 4 3 1,315.02.9

-0.9

HSBC Holdings PLC

11▲10 41.7 +5 ▲ 5.5 +6.8▲

8.0+7.6 ▲

45.8 0

Standard Chartered PLC 3 6 1,572.8

1 ▲Citi 2 9 1,860.6 11.8 10.1

14.7 +6.1-Deals Sh (%)

13.1 -3.6 ▼ 11Sh (%)

1 2,069.1

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



Middle East Emerging Market Bonds (L5) Jan 1 - Mar 28

% Change from Last Quarter 13.9% ▲ % Change from Last Quarter ▲ 56.3% ▲ 74.5% ▲▲ 62.7% ▲

355.9

% Change from Same Period Last Year 6.0% ▲

+1

0.7%

Industry Total▲

136 100.076.2270.9

+1.6- 18.0

48,717.0-4.2 ▼ +1.4

▲Top Ten Total 35,798.5 73.6Morgan Stanley 10 10 1,498.1

11.1 3.13.1 -0.9 ▼ 16 11.8 0 5.1

13.2 +5 ▲Barclays 9 9 2,024.5-0.9 ▼

4.2 -0.110 7.4

▼ -1.3 ▼18

26.0▼

▼ 13.84.7 -0.9 ▼ -2Goldman Sachs & Co 8 6 2,289.57.13,034.6 ▲6.2 +0.63.9

▲26 19.1 +10 ▲ 25.1 +1.8

+2.6 ▲7.3 -4.5 ▼

38-14

31.6 8.918.4

3,484.2 7.2-4.03,159.8

27.9 +14▼ 256.5


Deutsche Bank 5 5

Market # of MarketImputed Fees (US$m)

+0.5 ▲

2013 Rank

2012 Rank

1 1Proceeds

Market

▼ 4.8 -+0.1

▲100.0

+6.8228.3

68.62.1 0

7 7JP Morgan 6Bank of America Merrill Lynch

3

▲

100.0 61 6Industry Total 30,370.6

▼% Change from Same Period Last Year -27.4% 13.4%

157.0+10.3 ▲4.9 -43.0 +1.1 ▲ 3

74.8Goldman Sachs & Co 10 16 896.2Top Ten Total 22,685.1

4 6.6 0 - 4.8 2.1+2.3

6.1 +3.4▲Banco BTG Pactual SA

Barclays

+1.4 ▲BBVA 9 15 987.2 3.3108 14 1,337.4 4.477 12 1,861.7 ▲ +1 ▲

▼11.516.4 +4 ▲ 17.6

+1.6 ▲7.7 +4.0 ▲

12.8

4Deutsche Bank 4

▼15.6 6.8HSBC Holdings PLC 6 3 1,990.2

JP Morgan 1 2 4,848.4

ManagerImputed Fees (US$m)

2013 Rank

2012 Rank ProceedsBookrunner # of Deals Fees

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

MarketMarketChange in ManagerBookrunner Sh (%)

▼ 7,653.0 15.7 -2.7DealsSh (%) Share Ch.

▼ 65 +16 ▼Fees Sh (%) Share Ch.

-2.4▲# of Deals

13.849.0Share Ch.

16.0 29.5Deals Sh (%)

+3.9 ▲ 18-4.0 ▼ Standard Chartered PLC 2

▼-1 21.7 9.524.5▼

Bank of America Merrill Lynch 3 7 2,553.7 8.4Citi 2 1 3,491.3 -4

▲+4.0

47.8-0.610.95,302.5 29.440

HSBC Holdings PLC-4.2 ▼ 18 29.5

14 23.0+3.1 ▲▼

10.8▲Citi

+3.9 ▲-2.430.72

27.2▲

+3 ▲ 8.319.1 38.537UBS 3 88.6

+3.3 +2.017.3-0.2 ▼ +1.3

10.7

7.6

▲

22.8 +11 ▲ 27.1 7.6 ▲31 +3.0▲▲

7.33,548.94 4 +0.5 ▲7.8

6.6 -3.85 10

2,551.8

11.5

Sh (%)

Credit Suisse 2,167.2 -19.7 -6 ▼

9 14.88.47.1 ▲ 0

12 8.2

MarketMarketShare Ch.

18.8▲

Sh (%)

3,803.4-0.4+3.2

+4+21

▼

13 21.3 -3 -1.6▼5.6

$55.143%

$26.821%

$12.710%

$10.48%$7.3

6%$4.74%

$4.73%

$3.73%$1.4

1%$1.01%$0.60%

$0.10%

Financials Government and Agencies Energy and PowerReal Estate Telecommunications MaterialsIndustrials Consumer Staples High Technology

*tie


Retail Consumer Products and Services Media and Entertainment

11

Brazilian Domestic Debt (BR2) Jan 1 - Mar 28

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


Emerging Markets - Latin AmericaAll Brazilian Debt Volume Down 57% l Fees for All Brazilian Debt Down 38% l Domestic Brazilian Debt Down 29% l Domestic Mexican Debt Down 37%

Change in 2013 Rank

2012 Rank

Market

All Brazilian Debt (BR1) Jan 1 - Mar 28

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

Share Ch.Banco do Brasil SA 1 3 2,262.0 22.3

Sh (%) # of Deals Fees▲8 38.1 0 - 12.5

Sh (%)+12.5 ▲ +10.5

Banco BTG Pactual SA 2 9 1,248.615.1

42.9 +2 ▲ 14.4 17.4 +6.52 9.5

12.3 +7.5 ▲ 9 ▲Credit Suisse 3 13 971.8 9.6 +7.1 ▲ +8.8 ▲-2 ▼ 5.0 6.0

9.4JP Morgan 4 2 966.5 9.5Banco Bradesco SA 5 11 956.2

▼14.3 -4 ▼ 3.3-1.0 ▼▼8 38.1 +2 ▲ 11.0 13.3 -1.5

7.7 +1.76.7 +1.4 ▲

3 4.0 -1.5+5.8 ▲

▼ 6.4Bank of America Merrill Lynch 6 8 683.5

+2.8 ▲2 9.519.0 -4 ▼ 6.44

-7

9 7

▲HSBC Holdings PLC 7 5 564.2 5.6 -2.6 ▼

-8.7 ▼7.7

4.3Itau Unibanco 8 1 481.0 4.7Santander ▼ +1.1

▼23.8 -7 ▼ 7.35 8.8 -0.4▲4 19.0 +1 ▲ 3.3 4.0

▼ 4.6 -3.2Morgan Stanley 10 6 407.3 -3.5 5.5440.8

19.0 -24.0 ▼ 4-1.4

Top Ten Total 8,981.9▼

88.4 +17.1 ▲ +24.8 ▲74.2 89.516 82.7 100.0

% Change from Same Period Last Year -57.3% ▼ -43.2% ▼

Industry Total

▲ -8.7%-38.1% ▼117.6% ▲

10,167.9 100.0

▼

21

Global Debt by Mexican Issuers (MX1)

14.0%% Change from Last Quarter

Jan 1 - Mar 28

All Brazilian Debt Volume by Industry First Quarter

19

13

2219

14

5

31

26

37

21

0

10

20

30

40

$0

$5

$10

$15

$20

$25

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Securitized DebtJunk Rated DebtInvestment Grade CorporateAgency, Supranational, Sovereign# of Issues

▼% Change from Last Quarter -62.6% ▼ -59.4% ▼ -60.4% ▼% Change from Same Period Last Year -28.7% ▼ -43.5% ▼ -30.5%

20 13.726 100.0▲

Industry Total 9,879.1 100.013.7 100.0 +14.8Top Ten Total 9,879.1 100.0 +14.7 ▲

▲7.7 +2 ▲ .1 1.0 +1.0-2.0 ▼

Arab Banking Corporation 7 - 125.0 1.3 +1.3 ▲ 22 7.7 -1 ▼ .1 0.5

3.6 +0.3 ▲Banco Votorantim 6 6 136.0 1.4 -1.2 ▼

▲ 2 7.7 -2 ▼ .5Santander 5 7 370.0 3.8 +1.4-2 ▼ 1.7 12.2 -1.0 ▼

▼Banco BTG Pactual SA 4 3 1,181.1 12.0 +0.2 ▲ 3 11.5

19.2 -9 ▼ 1.9 13.7 -13.5-18.2 ▼

Banco Bradesco SA 3 1 1,315.0 13.3 -19.9 ▼ 54 15.4 -9 ▼ 1.5 11.0

58.0 +48.2 ▲Itau Unibanco 2 2 1,364.0 13.8 -12.1 ▼

▲ 8 30.8 +4 ▲ 8.0Banco do Brasil SA 1 5 5,388.0 54.5 +45.0Deals Sh (%) # of Deals Fees Sh (%) Share Ch.

# of Market Change in Manager Market Market2013 Rank

2012 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m)2013 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2012

RankMarket Market # of Market

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▼ 10 55.6 -4Citi 1 1

11.1JP Morgan 2 101,817.7 22.7 -4.3

21,520.2 19.0 ▲▼ 10.4

+126.3 +0.2 ▲

+17.9 ▲12.1 +4.1 ▲

▲ 3.4 8.7 +2.8▼ 4.8-3

822.138.9

10.3 +10.31,299.7 16.2 +5.9 ▲ 7

Barclays 4 -BBVA 3 3

▲8.2 -5.7 ▼5 27.8

1 4.2 +2.3 ▲▲ 1.65.6 +1-3 ▼ 3.2HSBC Holdings PLC 5 2 467.3 ▼

22.25.8 -14.7

-1Santander 6 7 408.7 5.1 -0.6 ▼ 4 ▼7.6 -2.9 ▼

▼ 4.0 10.1 -1.8- 3.0

+3.7Credit Suisse 7 8 406.1 5.1 0

4.6- 3

Scotiabank 8 170

329.716.7

4.16.6 +2.0 ▲+1 ▲ 2.6

▲ 1.811.1 +13.4 -4.5 2 11.1

▲ 2Morgan Stanley 9 5 269.4 ▼

11.1Bank of America Merrill Lynch 10 6 267.4 ▲97.4 +10.7 ▲

- 3.5▼ 2

8,008.8 7

3.3 -3.0

100.0

0Top Ten Total 7,608.3 95.0 +10.7

34.1%

▲ 38.3Industry Total

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Mar 28

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

▼

BookrunnerMarket

▲

MarketDealsProceeds

Market MarketSh (%)

24.1 -7.0

# ofSh (%) Share Ch.

Jan 1 - Mar 28


Share Ch.Market

18

Deals Sh (%)

-40.0%

Market# of Deals Fees

Domestic Mexican Debt (MX3)

-28.0%

2013 Rank

2012 Rank Bookrunner Proceeds Sh (%) Share Ch.

2012 Rank

0

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

Market2013 Rank

-36.7% ▼-13.7% ▼

Citi1 953.4Citi 1 - 2.0 18.1 -17.731.0# of Deals Fees

1 1▼ 9 850.7 29.6Sh (%)

▼Sh (%) Share Ch.

3 672.5BBVA 2 12.4 +1.0▼ 1.4

SantanderGrupo Financiero Banorte-Ixe 8

▼

9.0 +5.2

▼ 617.0 -2.0

+4.5 ▲

▲ BBVA 2 31.8 27.4 -8.8 ▼

20.7 -12 560.8

569.7 19.831.0 +2 ▼ HSBC Holdings PLC

0 -+0.2 ▲ 8 57.11.1 17.5

13.5▼ 5 35.7

-3 ▼372.1+5.5

-18.9▲ 1.5-0.3 ▲-2 ▼

3 2HSBC Holdings PLC ▼ 4 28.614.2 -11.6 ▼ 9 12.9 -14.4+7.1Deutsche Bank 4 - ▲ 5 +5325.3 17.2 ▲ ▲ 14

3 .9 14.38.2 +8.2 10.8 +10.8▲

+4.8 4.491.2

Santander+6.9 ▲

▼ +3.2 ▲5.5243.0 8.5 7.5.6 9.9

7

Scotiabank 5 209.6 7.3 -0.94 ▼

Credit Suisse

2Credit Suisse 6 -5.7

-2.5

+3.810 243.0

-19.7 ▼

6.96

0 -

Grupo Financiero Banorte-Ixe

7.1

- 239.5 +6.0▲ 1 ▲

Scotiabank3.4 0 -1

+2 ▲14.36.1 - .5

6.0 2 21.4

Manager

▲+5.7▲ .6 3▲Deutsche Bank 7* -▼ 25.3 6.9

▲+3-1 ▼5.8 1 7.1

.5 8.0197.04 209.6 ▲-0.6▼ .6 .4 6.1136.8 4.8 +4.8

6.14.7 1 7.1 .4-▲ 3 7*+310.3

39.3

+1+4.7▲ .5+5.0 ▲5.0 ▲7* 117.4

▲

▲ 1 .2- 197.0

Bank of America Merrill Lynch 9 7*1.3 0-▲

-▲4.8 +4.8

▼

▲+6.1 ▲+1

Bank of America Merrill Lynch 9 117.4 4.1 +1.1 ▲3.0 +0.2 3.4 0Morgan Stanley 10

3,621.2Top Ten Total102.7

-38.0%

▲

100.0

136.81 7.1

+6.1

+8.06.9 +6.9

Change in

▲0.8 +0.82.3

2.2- 1 7.12.6 +2.6▼ Top Ten Total

-0

▲ GBM Grupo Bursatil Mexicano 10-

Market Market

+2.2▲ .2

-27.9%

+1.0 ▲


▲.1 0.7

78.9

.2

-9.011.191.5 +3.7+0.7 ▲+123.8+9.0 ▲2,856.9

▲99.8

+13.4

2,876.9100.011.1 Industry Total

1


Industry Total+10.199.5

100.0 29

-14.7% ▼

143,964.6

▲▲% Change from Same Period Last Year 12.6%

▼ % Change from Last Quarter

+116.5▲6.5

-21.8%61.1% % Change from Same Period Last Year -13.6%15.6% ▼ 0.0%

0 100.0

▼-43.4% ▼ -46.2% ▼ ▼

- -29.3%-38.1%

100.0

▲▼


t Includes Asian Development Bank issuance

First QuarterAsia Pacific Currency Bonds Imputed Fees

5.9

100.0

All Asian Currencies (ex-Japan ex-Australia) (AS1t)

▲60.2%

Bank of America Merrill Lynch 7 8 2,854.2 +0.8

10

▼

Share Ch.

-2.342.1

▲+1.6

UBS 43Citi

Deals Sh (%)

+4.1

15.213

3,702.14,172.9


JP Morgan 6.9Deutsche Bank 6 5


Proceeds

5.8%

62

5

Jan 1 - Mar 28

HSBC Holdings PLCSh (%)


-1.2 ▼6,756.4

2012 Rank

▲10.4

Market# of

▼

MarketManager

-2.4Sh (%)

Change in

Share Ch.Fees


Asia DebtAsian G3 High Yield Corporate Bond Issuance - Record High l Dimsum Volume Picks Up l Malaysian Ringgit & Thai Baht Bonds - Record High Q1 Volume

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Mar 28

Bookrunner


9.1

# of Deals

4,653.3 29.413.0▲

33.01 51

+10+17

Market

3252.6

Market2013 Rank

Market

▲33.0 +16 ▲ 27.7 8.5 +3.832▲▲+2.1

368.39.4

-6.7 ▼ 24 -5.52 3,091.026.9 ▲

▼▼ 25.7 7.9▲+24 ▲ 38.1

24.7 -7+4.811.737.1

2,946.3 6.6 +1.232-1.0 ▼ 33.0 +12 ▲ 8.3+0.9▲ 246.4 ▲24.7 +10 ▲ 21.8 6.7

Goldman Sachs & Co 8 4 2,622.5Barclays 9 9 1,810.1 -0.5

4.4-1.8

-1.9 ▼ -1.4-1 ▼ ▼3.2

11 11.3 14.3▲ 10.3+514 ▼

Morgan Stanley 10 7 1,694.3 ▼ 15.23.8 -3.34.1

+0.3 ▲15 15.5 -1 ▼14.4

4.7▼

Top Ten Total 34,303.1Industry Total 44,563.5

-2.497

▲

+19▼▼

▲▲ 24.4%

77.0 -6.0

84.4%

324.7 100.077.5251.5

67.7%

▲83.0% ▲

Asian G3 currency (US$, Euro, Yen) debt to date registered another record high volume of US$44.6 billion from 97deals, a 5.8% increase from the last record high total of US$42.1 billion raised in the first quarter of 2012. Issues inthe Financials sector accounted for 41.1% of the market this year, followed by the Real Estate sector, with its largest-ever quarterly proceeds of US$9.7 billion from 26 deals. Hong Kong, China and India were the top issuers of AsianG3 debt, each raising all time high bond proceeds this year.

Asian currency bond offerings in the first quarter of 2013 totaled US$110.5 billion from 735 deals, a 5.9% decline invalue from the same period last year. Debt in Chinese Yuan, Korean Won and Indian Rupee continued to lead theAsian local currency market, capturing 81% of total proceeds. Dimsum Bond volume to date increased by 15.8%over first quarter 2012, to CNY53.1 billion from 114 issues.

According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market to date reached US$324.7 million, a 67.7% increase from the total fees paid in the first quarterof 2012. Underwriting fees on Asian local currency bonds (ex. Japan, Australia) in the first quarter registered a 7.4%decline compared to the same period last year, to US$338.3 million.

t Includes CDs and CPs

t

▲ 35

53,083.6

▲56.2%

15.1

▲

100.0

▲

▼▲

▲

Industry Total45,336.0

Industry Total

+1.6

85.1% ▲

▲

15.8%

114


100.0

14.7%

▲

+3.34.1+1

.6▲

4.7

735

1.6+0.1 ▲83.3

11.9%

7.9% ▲▲

338.3-43

▼Industry % Change from Same Period Last Year 5.9% ▼ 5.5% ▼ 7.4%

100.0130.9

0.7 ▲+11.7

▲+2

▲ 5 2.4▲ 38.8

8.1+4+8.7

1.8

▲1.4

6.1

▲▲▲+0.3

+1.87.62.4 +0.6

2.42.4 +2.4

1.9 +9

0.3▲

+1.12,653.5 ▲▼

14+1

▼-2.82.99.84.7▲ 2

4 2,724.6 2.5 -2.1 7 1.0▲

▲ 56 ▲12 1.6

▲

+11

+2▼

2.6

▼3.6▲+1.89.4▲

2.8-0.112.0

-1.3▼ 98+7

1.9▼

▲ 23.0 6.8 +5.8+9-15

▲8.7

▲ 14▼

MarketSh (%) Share Ch.MarketManager

Fees▲

▼▲11.1

11.6+6.7

3.4+3.6

Change in # of DealsShare Ch. Deals

-1.637.525 3.4 +15

Agricultural Bank of China

Market # of MarketSh (%)

13.3▼ 17.8131▲

+2.4

Bookrunner

1HSBC Holdings PLC

37Standard Chartered PLC 3 2

6CITIC

▼

4.6 -1.36,863.9

3.9 +3.1

-0.1

+0.4

-0.1

Top Ten Total▲

7.6

▲

▲43.2%8.6%

-

+912.5

1.9 +1.9 1+11.0

0.985.5

+1.9CITIC 16 1,194.49.2Credit Agricole CIB 10 - 1,000.0

Agricultural Bank of China 8 - 1,476.7Bank of China Ltd

2.3

37

▲ +45 4.4▲ .43 +32.6▲

+2.4.8▲ .6

-31.64.3

2.4.7▼

2.8 +2.8

5.2

▼ 23 2.6National Australia Bank 6 - 2,000.0

1,876.7+30

-23.5 -9.7

-3.8 +3.8 ▲

1.8

Barclays 5 4 2,086.5 6 5.33.9 -4.1 ▼

▲+10.4+16+3.65.3 ▲Industrial & Comm Bank China 4 - 2,151.7 6 3.6+4.1 ▲

▲ 274.1

▲ 12.5.5+6

1.9▲

23.7BNP Paribas SA 14.7 +8.63 5 7,800.816.7 +0.5 15.425Standard Chartered PLC 2 2 8,862.5 ▲ 2.3 ▲

Share Ch.# of Deals Sh (%)FeesShare Ch. Sh (%)Deals

+8.1-4.4

▲ 21.9 +348 29.54.542.1 -0▲

100.0

# of Deals per BookrunnerMarket

40,944.4

Imputed Fees (US$m)Market

Dim Sum Bonds (ex self-funded) (AS24a)

2013 Rank

+1.2

Change in

37.3

2,605.79

2.32,601.8

HSBC Holdings PLC 4,149.1


ProceedsManager

Top Ten Total

Sh (%)

Huatai United Securities CoBank of China Ltd

Bookrunner

Jan 1 - Mar 28

78

111*10

-814

All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1at)

Industry Total

+2.2Axis Bank LtdChina Securities Co Ltd

6

2013 Rank

110,517.0


4

2012 Rank

2,484.3

China International Capital Co

Proceeds

2

Industrial & Comm Bank China 7

Market

4,279.3

3 7


11.215 2,433.7

Proceeds

1

2Sh (%)

4.6% ▼

5

Sh (%)

3,308.9 3.0

2012 Rank

2.8

+0.6


5,032.76.2

8,389.7


CIMB Group Sdn Bhd 9 12

12▲

4.8

+1.4 ▲▲+1.8

▼

3.4

43.5

3.9 +2.4

+0.4+0.4

3.7+4.3

1,391.6 2.6+1.61,349.6 ▲2.5

▼

11

Jan 1 - Mar 28

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

1.6 ▲2.2 ▲+2.4▲

1.5 ▲+0.4

3.9+112

3.5

3.4

▼ 3.2

3.9

Share Ch.

▲▲+0.4

▲-17

5.32.9

6.4+7

5.4▲ 6.1

3.3

Market MarketMarket Manager

7.8

Market # of# of DealsShare Ch.

83Deals

6.473-1.9 ▼ 14.6+11

-0.3

+1.5 ▲

▼ 16.6

566.8

FeesSh (%)+0.5 ▲-1.4

7.25.7▼

Sh (%)

▼1

▲+4▲

3,608.12,601.8

+2.6 2.44.9

6▲Woori Invest & Sec Co Ltd 8

4.6KB Financial Group IncKorea Investment Holdings Co 5 9

192,132.9 4.0

+5+1.1 -

+0.7 8

▲

1,987.32,074.6

+0.6+1

2.2 0

▲▲

-5

11

11 2.2 1.4

100.0+8.5 ▲

1.7

499

+0.8

19.6%

+82.442.7

Malayan Banking Bhd

8 11 1,437.0 2.7

1.9▲17 ▲

▲

1

Top Ten Total-122

10

2Axis Bank Ltd

KTB Securities Co Ltd

▲

53,145.4▲

5.2%

111.9

27.6%

+7.5

▲▼

100.038.0

# of Market

23,165.7

▼

Bookrunner

Industry % Change from Last Quarter 2.9%

7

16.9%

Kyobo Life Insurance Co

31.8

4

MarketProceeds per Bookrunner (CNYm)

Industry % Change from Last Quarter 5.9% ▲

HSBC Holdings PLC ▼

2013 Rank

1 1 16,886.7

Market2012 Rank

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f Ind

ustry

fees

Chinese Yuan Australian Dollar Indian Rupee Korean Won Malaysian RinggitThai Baht Singapore Dollar Hong Kong Dollar Taiwanese Dollar Indonesian RupiahPhilippine Peso Vietnamese Dong Pakistani Rupee

* tie t Includes CDs and CPs


+4

2013 Rank

Market Market

+11.2

Market2012 Rank

Australian international debt proceeds in the first quarter of 2013 reached US$22 billion from 52 deals, a 42.3% dropfrom the total issuance in the same period of 2012 but an 82.7% increase from last quarter's total of US$12 billion.Bond offerings in US Dollars totaled US$13.3 billion, capturing 60.4% of the Australian international debt market - a7.4% decrease compared to the same period in 2012 but an increase of 95.2% compared to last quarter's total.

Australian dollar bond (excluding self-funded transactions) offerings to date totaled AU$27.7 billion from 58 deals, a14.5% decline from the total in the first quarter of 2012 and a 19.9% increase from last quarter's total of AU$23.1billion. Financials remained the top sector, accounting for 56% of the market, followed by Government & Agencies,with a 39.5% market share.

According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australiandollar (excluding self-funded) bonds this year reached AU$73.8 million, a 42.1% drop from total fees of AU$127.4million earned in the first quarter of 2012. Estimated fees from Australian international bond offerings to dateregistered a 31.3% decline, to US$64.4 million from US$93.8 million earned in the same period last year.

MarketImputed Fees (AU$m)# of Deals per Bookrunner

Deals22.816.9

Sh (%)▲▲

Sh (%) Share Ch.Share Ch. # of DealsManager

Fees▲ +12.0

Australian Securitization Q1 Proceeds - Highest Since 2007 | Bank Borrowings Capture 81% of the Australian International Bond Market

Proceeds per Bookrunner (AU$m)

Bookrunner

-4.37.7

21.55,967.3Sh (%)Proceeds

13.43,817.9 -6.2

▼13.8

-4.7▲+7.22,506.8

2 3,711.5Commonwealth Bank of Australia 34

6.331,482.3

National Australia Bank 67

7Deutsche Bank 5

6

▼▲5.4

12.0+1.7▲

22.4

20.7 -3.3

27.6 3.1 4.2 -0.56

-1 ▼ 8.9+3

1210.3

▲

-1.3

+1.8 ▲+4-5▼

▼17.2 ▼

1.88.68.6

▼▲ 9.3 12.6

+6

1.8

+1- 2.0

5

10-3.2

▼▼2.4

▲ 1.1

14.5%

5.2▲81.3▲

+3.00

9.4% ▲▲▼ 3.6%

58

19.9% ▲

Macquarie Group 109

Top Ten Total

JP Morgan

Industry Total

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

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

8

Citi

Westpac Banking

12

TD Securities IncUBS 8

60.2+1.511

73.823,911.7 ▼

1

867.0

9.1

1,749.05.4

▲

5

705.6 2.6

980.4

2,123.9

-1.4-3.8

+0.43.1

86.4 -1.1100.0

3.5

3

4

+227,708.0

2.7

13.5

42.1%

3.3%

▼▼

100.0

Jan 1 - Mar 28

Market

▼

Jan 1 - Mar 28

9.934.5 ▼34.5

▼2.4 -2.0-1.3 ▼

7.3

1.4 -1.1-8

▼

-9 ▼

16

5

13

▼

20▼

Change in

Australia Debt

-0.8

# of

20

Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a)


ANZ Banking Group 2 1

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

1,000.0%

- .3 1.9 -31.4 ▼1.5 -31.8 ▼ 1 11.1

▲

▲6.4%

▲

38.1

-5.41.6

▲▼

0

▼23.4%

+32.114,591.7

Industry % Change from Last Quarter 82.7%

▲66.3 +22.7 ▲Top Ten Total

1,214.4 -0.4

2.5 +2.5+5

100.0% ▲

▲

22,010.4 100.0


▲Credit Agricole CIB 10 -

Industry Total

▲

9.659.1 +13.9

64.4-11

▲5.15.4

42.3%

52

5+5.15

HSBC Holdings PLC ▼

1,123.4▼-3.8 9.6JP Morgan 9 1 1,181.7

4.34.3

+1 ▲-6 ▼ 2.8

+2.64 4.12.67.7 +3+1.617.3 6.7

3Goldman Sachs & Co 7 ▲1,334.6 ▲18 +4.0

9

Citi 6 3 1,415.6 6.4 -0.2

8 5

▼

5.5

3.1 ▼4.9 -2.6-3 ▼5.86.1

▲▲▼ 3.5 5.4 +1.9

2.5▲1,441.3 6.6 +2.8 -1

+3.23.89.69.6 +2

Barclays+5.4

3 11

▲ 5National Australia Bank 5 1257 13.5 7.0

▲4.5 +3.7

RBC Capital Markets 4 22 1,477.0 6.71,650.8 0


7.5 +3.5

Bookrunner

▲▲ -

10.5 +2.2▼

DealsChange in

All Australian International Bonds (AJ7) Jan 1 - Mar 28

Fees6.4 +4.2

BookrunnerMarket Market # of Market

Proceeds Share Ch.Sh (%)2012 Rank

-Westpac Banking

Manager Market Market

11 9 2,049.7 9.3 +5.2Sh (%) Share Ch.

2013 Rank

2012 Rank

Bank of America Merrill Lynch -9.6Sh (%)

7.7 +1.1 ▲ 5▲

6.85

# of Deals

9.6 -3

Westpac Banking

Deutsche Bank 2 2 1,703.29.9

ANZ Banking Group

Commonwealth Bank of AustraliaDeutsche Bank

0 ▲

Imputed Fees (US$m)

# of 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. Deals Sh (%)Manager

Sh (%)Market

▲ 5.1 30.7# of Deals Fees

# ofProceeds

Market

2,624.0 +30.7Sh (%)

+32.0 ▲ 5 55.632.0Share Ch.

▲+5+17.1 ▲ 22.22 - 1,403.2 17.1 2

1 11.1CitiCommonwealth Bank of Australia 3 - 1,165.7 14.2 +14.2 ▲

+17.1 ▲+2 ▲ 2.8 17.1+14.2 ▲+1 ▲ 2.3 14.2

-23.3 ▼ 33.34 1* 820.4 10.0 33 33.3

Macquarie GroupNational Australia Bank 5 1* 608.0 7.4 -25.9 ▼

-21.7 ▼+2 ▲ 1.9 11.6-27.1 ▼+2 ▲ 1.0 6.2

+5.2 ▲ 11.16 - 425.2 5.2 12 22.2

Deutsche BankJP Morgan 7 - 406.5 5.0 +5.0 ▲

+6.7 ▲+1 ▲ 1.1 6.7+3.9 ▲+2 ▲ .6 3.9

+3.4 ▲ 22.28 - 279.2 3.4 21 11.1

RBSING 9 - 237.5 2.9 +2.9 ▲

+3.5 ▲+2 ▲ .6 3.5+2.9 ▲+1 ▲ .5 2.9

+1.5 ▲ 11.110* - 121.5 1.5 1Credit Suisse

Top Ten Total 8,091.2 98.7ANZ Banking Group 10* 1* 121.5

▲

+1.5 ▲+1 ▲ .2 1.5

+31.7 ▲16.1 98.3


+8 16.5 100.0

0 0% ▲

Industry Total 8,212.6 100.0 9

▲

Market

50 0%Industry % Change from Last Quarter1,003.8% ▲ 800.0%

50 0% ▲

MarketProceeds per Bookrunner (AU$m)

ManagerBookrunner Proceeds Sh (%)

2013 Rank

2012 Rank

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

Sh (%)38.019 16.5 ▲+2.5-1.5 9.7▼-930.0▲ 15+6.4

▼1 12 3 17.0

3,696.4 18.23,440.5 ▲-1 ▼ +9.4

▼ 22.020.3

▼11.13 2 2,545.8 12.6 1111.9

-2 ▼ 6.6▼+5 ▲ 2.0 3.4

20.030.0

3.0-5 1.84 7 1,698.7 8.4 155 6 1,482.3 7.3 10TD Securities Inc +0.4 ▲

National Australia Bank 6 4 1,238.2 6.1 +2▼ 14.3 +0.610 20.0

UBS 8 58.07 11Citi ▲

1.8 3.05 10.0980.41,103.6 5.5 4.44+3.6 +1 ▲ -1.3

3.2

4.8 -2.7 ▼4

-81.5

12-1.1 ▼

▲9 8 715.3 3.510

17,541.9 86.6 -1.3 ▼

.98.0 -8.0640.7

▼8.7% ▲ 13.6%53.2% ▼9.1% ▼

Jan 1 - Mar 28

100.0

Industry % Change from Same Period Last Year 36.0% ▼

Industry Total 20,259.9

+2.3-4.4

Market

50

4+1.3

-4.0

▲-6.0

+49

0

▼

49.84.1

2.6▲ 8.4

▼

▲▲

58.9 100.0

7.0

-1.3

Share Ch.

▲

▼

-1.0 ▼▲+0.3

-1.5

▼▼▲

+0.684.5

-2.7

-2 ▼

31.3%▲

▼ 17.5% ▼

100.0


Top Ten TotalHSBC Holdings PLCJP Morgan

0

4

8

12

16

20

24

28

32

36

40

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

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

0.0% ▲ 50.0%Industry % Change from Last Quarter 50.0% ▲

https://www.thomsonone.com

▲

14

Yen-denominated bond volume during the first three months of 2013 reached JP¥3.5 trillion from 204 deals, down27.3% and 20% in terms of proceeds and number of deals, respectively, marking the lowest first quarter proceeds inthe last ten years.

According to Thomson Reuters/Freeman Consulting, estimated fees from Japanese debt issuance totaled JP¥14.5billion during the first quarter of 2013, down 7.0% from the first quarter of 2012.

Samurai bond volume during the first three months of 2013 reached JP¥60 billion, a 90.9% decline in proceeds andthe lowest quarterly Samurai bond total since 2004. On a deal count basis, the five Samurai issues in the quarterrepresented the smallest quarterly total since 2007, and the only quarter on record with no European or Americanissuers in the market.

Japanese corporate debt totaled JP¥1.9 trillion from 81 deals, a decline of 13.9% in proceeds and 10% in number ofdeals compared to the first quarter of 2012. The Financials sector continued to lead the Japanese corporate debtmarket, capturing about 30% of total market activity. -29.7%

2.0 -613,637.7

101.6▼96.6 +4.7

-7.0%

14,509.9

-20.0%

204

▼▼

2013 Rank

2012 Rank

3,413,140.6Top Ten Total

Proceeds¥mil

Nomura598,823.3

▼-28.7%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▼▼

-27.3%-3.2%

Samurai Bonds (AP1)

-1.2

Industry Total -51

Tokai Tokyo Financial Holdings 10▲

4

100.0+4.9

Goldman Sachs & CoCiti 8

7 18,333.3

3,532,569.2

9 ▼2 1.0 -4 ▼ 195.8-

-0.5 ▼9 21,700.0▼-0.7

0.60.5

20.811 22,500.0 0.6

-28,061.8 0100

1,699.0▼

86.2

51.0 02.04

102.4-

-21

Share Ch.86▲

4,838.2▼-10

21.143▼ ▲+15.133.3▼ 2,710.6

Share Ch.Sh (%)982,277.2

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

# of Deals per Bookrunner# of

Mizuho Financial Group 1 3

Change in Market Market

42.2Sh (%)Market

Sumitomo Mitsui Trust Holdings

Daiwa Securities Group Inc 5

7Barclays

Mitsubishi UFJ Morgan Stanley

6

4+7.2

1 835,500.0Sumitomo Mitsui Finl Grp Inc 3

2 -2.923.75 17.0


Japan DebtJapanese Debt Activity Down 27% l Samurai Bonds Proceeds Lowest Since 2004 l Asia-Pacific Issuers Dominate Samurai Bonds Market

All Bonds in Yen (AP5) Jan 1 - Mar 28Japan Deals Intelligence

34,833.3 1.0

-7.0534,950.0 15.1-2.4336,161.74

20

▼ -15▼▼

9.522.5

▼+0.9

29 14.2

▲3046

13.92.5 +3

2,019.6

▲ 11.7 0

1.0 ▲

+10.3

▲14.7 -1

-3

+0.7

27.8

1,746.5

137.8

18.7

▼

-8.6

▼-0.2

-

-0.3

12.0 ▼

+0.3

1.4▼-0.8▲

▲

▼

▼

0.6

0.794.0

0.7-0.3

Jan 1 - Mar 28

+1 ▲

2

Proceeds per Bookrunner (¥m)

Bookrunner

First QuarterSamurai Bonds Issuer Domicile Analysis

*tie

Japanese Corporate Debt Volume by Industry (¥ Billion) Jan 1 - Mar 28

▲

-5

-23.2%

83.4100.0

+1 ▲

2,456.82,048.5

25.6 1.0

7.8190.6▼

Japanese Securitizations (AP2)

▲▼

▼

Market

1,037.0

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

-87.2%▼

5 225.0225.0▲ 100.0

+1.2

Sh (%)Fees ¥mil

-3.0 8.2

1.5

# of Deals

1.91

Market

▼-76.2% ▼

-87.3%

-6 ▼

-4+2

-3Sh (%)

100.0Fees ¥mil

Change in

▼60.0

Market

3

▼▲

+0.9▲

240.0240.0

Deals

Manager Market

# of

28.9

40.0

# of Market

Sh (%)

60.0 ▲+3

100.0

Jan 1 - Mar 28

-2

2013 Rank

2012 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

# of Deals per Bookrunner Imputed Fees (¥mil)

Market

▲

+43.0

▲+13.3+2.3

▲+3.4+9.5

Share Ch.

▼

▲80.3 0 - 42.2▲ 201.3+2

-0.54.20 -3.00

▼

+1.3-16.0

▲256.9 10.5 +1.9

▼1.6

102.4

+0.6

0

1.5 ▲▲1.5

0 -

+1

47.3

▲

40.3

+1.4▲

4.61.4

▲

▲+0.5

▼▼-8.8%

+1.3

▼-0.8▲

33.1114.0+1

4.53Mitsubishi UFJ Financial Group 10 +0.4▲

66

1▲

+18.5

-0.5

1

4.5-

-22

1 1.5▲ 1

15.615.6

35.0

13.3

13.335.030.0

13.330.030.0

¥mil

1.5

53

-9.5

386,627.61

2012 Rank

▲▲ 2▼13.1

6-

6*Goldman Sachs & Co

6*

Top Ten Total

-

Shinsei Bank


-64.3%

49.524.1

3

Industry % Change from Last Quarter -91.5%

2Sumitomo Mitsui Finl Grp Inc

▲

▲16.723

▲7,500.0

4*+16.72*

4 -3.2-

Sh (%)+8.3

10,000.012.516.7

Share Ch.▲

10,000.017,500.0

¥mil

+1.1

▼

Sh (%)

100.0

1.21.5

Market

+23.1

3.6-22.3

Citi

▼

Market

29.2Deals # of Deals

Proceeds per Bookrunner (¥mil)

+36.3

▼

Sh (%)

32

11,500.0

28,061.8

+24.1102,500.0

Share Ch.

▼

5

1

+12.5

3

7,500.0+1.1

-0.3

12.5

+1.2

5211

Proceeds

-90.9%

1

▼18,950.0

187,900.0

4*Barclays

12.55

98.9 ▲

-7.0% ▼

65.0NomuraDaiwa Securities Group Inc 2*

100.0

1.5%

2.4

101.1

5


771,821.20.9

11,500.01.5

-7.3% ▼▼

Industry Total

-21.1%

780,721.2

Top Ten Total

ORIX Corp

Nomura

Mitsubishi UFJ Morgan Stanley

8

60,000.060,000.0 100.0


Mizuho Financial Group

Industry Total

Bookrunner

Share Ch.+10.9 ▲

-2.4

▲+15.6

▼▲

+3.3

Mizuho Financial Group 7,500.0

-9

-

2013 Rank

7,320.0

Sumitomo Mitsui Trust Holdings 4

9,200.09

3

8,261.8SBI Holdings Inc

4* -Sumitomo Mitsui Finl Grp Inc

65

6 4

21

9

1420

14

5

0

5

10

15

20

25

0

100

200

300

400

500

600

700

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

¥57030%

¥43022%

¥41121%

¥19510%

¥1327%

¥1005%

¥40 0¥40 0 ¥10 0

¥10.00.52%

Financials

Telecommunications

Industrials

Energy and Power

Real Estate

Consumer Products and Services

High Technology

Media and Entertainment

Healthcare

Consumer Staples


¥40.02.06%

¥40.02.06%

¥10.00.52%

15

*tie


2.1


Japan Debt

0.62.11.0

+228,061.89 0

▲

▲▼

0.8

8+0.5 4

+3.8

-1.4%-31.9% ▼

97.9

-20.3% ▼ -5.7%

▲ ▲+3.5

+0.140.7

192

▼

94.5-49

13,532.4100.014,322.6

86.2

101.6

195.8119.5

▼

▲2

4

▼1.4

▼0.8

-0.8

▼▲

-1.3-422,500.013

▼0.6 ▲

Citi

+0.6-0.621,700.0

0.71 ▼

-62.1 +3

-0.8 ▼

50.7 8Barclays

-21.2▼0.6 -1.1

Tokai Tokyo Financial Holdings

-1.5

97.79,447.99,667.3

+2.4100.0Industry Total

▲21.1%-10.0% ▼

81 -9

40.0%▲

3,428,699.2

▼

18,333.3

-28.3%

Top Ten Total

-36.7%Industry % Change from Same Period Last Year -13.9% ▼

▼

1,938,000.0 100.0

▼

1,938,000.0

Industry % Change from Last Quarter -11.7%

+1.4100.0

▲

0 18.8 ▼+0.6-0.7

1.21.2

-▲

-26.5% ▼

22

3,359,550.6

20,833.30.5

100.0

▼

Industry Total

6

▲

37.40.5

-0.30.40.2

▼

-0.6

Daiwa Securities Group Inc16.5

9Goldman Sachs & Co

710

7

Top Ten Total

24Deals

-1.7 ▼Nomura

Sumitomo Mitsui Trust Holdings

Sumitomo Mitsui Finl Grp Inc1,227.8 12.7▼973.6

▼▼

▼ 510.1 4

-1.7Mitsubishi UFJ Morgan Stanley

18.5

1,597.7▲▼ 18.5

-1-3

+3▼

15

1 -1

27.2

115

▼

22▼

# of ManagerShare Ch. Fees ¥mil# of Deals

Market Market

▼▲

12.2

Imputed Fees (¥mil)

▼▲


▼

Market

-0.5Share Ch.Sh (%)

-9 2,682.7

Jan 1 - Mar 28

-0.3

-8.91,639.9

+15.3

0.7+0.5

33.8

14.11,746.52,019.6

▼-0

22.4

Change in

18.7▼

0.6

▼-5

1+7.43

5 335,333.3 17.3

32.4

2▲+5.7

627,500.0

Japanese Corporate Debt (AP3)

23.3

8

Mitsubishi UFJ Morgan Stanley 4

0.60.8

Daiwa Securities Group Inc 9.35 4Bank of America Merrill Lynch

Goldman Sachs & Co 7* 6 12,500.0

912,500.015,000.06

Citi 7* +0.1

1-2.7

4,199.413.9 ▼

+20.5 ▲1,342.5

-3.0

Deals

Bonds Targeted in Japan (AP4)

4328.2

Market

▼85

▼4,838.2

-0.6-18

14.1 11.5

Sh (%)44.3

2012 Rank

-7.416.7

835,500.0+6.5

Proceeds per Bookrunner (¥mil)Market

Sh (%)Proceeds2013

RankShare Ch.43.4 ▲968,277.2

24.4+10.3Mizuho Financial Group

-2.7

¥milSh (%)2013 Rank

2012 Rank

Proceeds

▲

Bookrunner ¥mil1

450,833.3

Market

29.6Share Ch.

Change in

▲


Sh (%) BookrunnerMarket

20

# of Deals Fees ¥milMarket

0-1

- 102.4-

▲

415.6534,950.0

573,233.3▼2

29.8336,161.7 ▼-2.6

1.0▼30180,833.3

24.015.6

24.7-13

46 -15-6.6303,500.03

15.7 -10.65 ▲ 27

▼

# of

Jan 1 - Mar 28

Proceeds per Bookrunner (¥mil)

Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

▼1Nomura

Sumitomo Mitsui Finl Grp Inc 3Mizuho Financial Group +3 22

3

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables 16

-

-

-

-

-

-

-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


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 March 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.

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



Ian WillmottTel: +44 207 542 4376

Europe

Asia-Pacific

-

-


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."

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.

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

© 2013 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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