GLOBAL CAPITAL MARKETS - Bloomberg Finance L.P. · 2019. 12. 23. · Morgan Stanley 9 3.855 154,902 996 9 3.647 0.208 Credit Agricole CIB 10 3.101 124,600 904 10 2.722 0.379 Societe

GLOBAL CAPITAL MARKETSLEAGUE TABLESFY 2019 Preliminary

As of 23 December 2019

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MANAGER RANKINGS

GLOBAL CAPITAL MARKETS

DATA SUBMISSIONS AND QUERIES

Contact EmailPhone

FY 2019 PRELIMINARY AS OF 23 DECEMBER 2019

Americas

EMEA

Asia-Pacific

Paul Bandong

Katy Johnson

Zhen Hao Toh

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Bloomberg PreliminaryGlobalCapitalMarkets|FY2019

BloombergLeagueTableReports Page1

GlobalFixedIncomeReview

Corporate&FinancialBonds

FY2019 FY2018

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 5.057 238,026 1,702 1 5.034 0.023

Citi 2 4.433 208,680 1,543 3 4.377 0.056

BofASecurities 3 4.385 206,401 1,455 - - 4.385

MorganStanley 4 3.884 182,829 1,463 6 3.617 0.267

Barclays 5 3.510 165,226 1,174 7 3.479 0.031

HSBC 6 3.451 162,463 1,327 4 4.001 -0.550

GoldmanSachs 7 3.199 150,561 1,137 5 3.733 -0.534

BNPParibas 8 2.928 137,825 1,042 9 2.712 0.216

DeutscheBank 9 2.686 126,450 1,032 8 2.851 -0.165

WellsFargo 10 2.255 106,150 762 11 2.301 -0.046

CreditSuisse 11 2.206 103,862 844 10 2.370 -0.164

MizuhoFinancial 12 2.164 101,854 1,213 12 2.046 0.118

BankofChina 13 1.823 85,831 631 17 1.497 0.326

RBCCapitalMarkets 14 1.724 81,148 673 13 1.942 -0.218

CreditAgricoleCIB 15 1.711 80,538 666 15 1.635 0.076

SocieteGenerale 16 1.621 76,316 585 16 1.602 0.019

MitsubishiUFJFinancialGroupInc

17 1.551 73,026 669 18 1.445 0.106

SumitomoMitsuiFinancial 18 1.478 69,570 847 19 1.400 0.078

CITICSecurities 19 1.425 67,081 562 20 1.388 0.037

Industrial&CommBankofChina

20 1.408 66,276 499 22 1.199 0.209

TOTAL 100% 4,707,241 17,647 100%

Financials51%

Industrials10%

ConsumerDiscretionary8%

Utilities7%

Energy5%

Others19%

Corporate&FinancialBonds:ManagerRankingsHistory

Corporate&FinancialBonds:IndustryBreakdown

51%

10%

8%

7%

5%

19%

JPMorgan Ci

ti

BofASecurities

MorganStanley

Barclays

HSBC

2

4

6

8

MarketShare(%)

0

10

2019 2018 2017



CorporateBondsFY2019 FY2018

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

JPMorgan 1 5.690 131,352 1,027 1 5.837 -0.147

Citi 2 5.276 121,790 970 3 4.990 0.286

BofASecurities 3 5.255 121,302 931 - - 5.255

Barclays 4 4.515 104,221 760 4 4.233 0.282

MorganStanley 5 4.317 99,665 830 6 3.545 0.772

GoldmanSachs 6 3.708 85,606 669 5 3.819 -0.111

BNPParibas 7 3.253 75,097 650 9 3.090 0.163

MizuhoFinancial 8 3.138 72,435 788 8 3.136 0.002

DeutscheBank 9 3.099 71,542 590 10 3.090 0.009

HSBC 10 2.933 67,716 577 7 3.256 -0.323

WellsFargo 11 2.364 54,562 475 11 2.923 -0.559

MitsubishiUFJFinancialGroupInc 12 2.344 54,107 483 12 2.474 -0.130

SumitomoMitsuiFinancial 13 2.161 49,887 567 15 2.190 -0.029

CreditSuisse 14 2.095 48,365 427 13 2.473 -0.378


SocieteGenerale 16 1.637 37,796 322 16 1.727 -0.090

Industrial&CommBankofChina 17 1.464 33,806 272 21 1.155 0.309

BancoSantander 18 1.425 32,886 284 23 1.054 0.371


BankofChina 20 1.374 31,726 307 17 1.421 -0.047

TOTAL 100% 2,308,521 7,774 100%

FinancialBondsFY2019 FY2018


JPMorgan 1 4.504 106,675 675 2 4.374 0.130

HSBC 2 3.923 92,914 729 1 4.642 -0.719

Citi 3 3.661 86,707 571 3 3.839 -0.178

BofASecurities 4 3.593 85,099 524 - - 3.593

MorganStanley 5 3.511 83,164 633 4 3.731 -0.220

GoldmanSachs 6 2.742 64,955 468 5 3.707 -0.965

BNPParibas 7 2.585 61,229 379 10 2.349 0.236

Barclays 8 2.575 61,005 414 7 2.843 -0.268

CreditSuisse 9 2.343 55,497 417 11 2.309 0.034

BankofChina 10 2.284 54,105 324 15 1.587 0.697

DeutscheBank 11 2.281 54,026 431 8 2.656 -0.375

WellsFargo 12 2.178 51,587 287 13 1.767 0.411

UBS 13 2.132 50,491 430 9 2.560 -0.428




ChinaSecurities 17 1.492 35,332 219 20 1.261 0.231



ChinaInternationalCapitalCorp 20 1.350 31,984 169 33 0.849 0.501

TOTAL 100% 2,368,681 9,705 100%

GlobalSSABondsFY2019 FY2018


JPMorgan 1 7.139 101,307 561 2 6.356 0.783

Citi 2 6.201 88,000 472 1 6.772 -0.571

Barclays 3 5.885 83,511 346 4 6.070 -0.185

HSBC 4 5.853 83,050 458 3 6.168 -0.315

TDSecurities 5 4.594 65,194 436 5 4.660 -0.066

BofASecurities 6 4.138 58,715 283 - - 4.138

DeutscheBank 7 3.634 51,572 256 6 4.514 -0.880

Nomura 8 3.571 50,679 550 8 3.954 -0.383

BNPParibas 9 3.382 47,988 205 12 2.796 0.586

GoldmanSachs 10 3.378 47,938 187 9 3.674 -0.296



MorganStanley 13 2.858 40,557 607 11 2.831 0.027

UniCredit 14 2.392 33,943 113 16 2.000 0.392

WellsFargo 15 2.057 29,185 429 18 1.661 0.396


NatWestMarkets 17 1.907 27,061 118 15 2.114 -0.207

DaiwaSecurities 18 1.710 24,262 463 21 1.492 0.218

BMOCapitalMarkets 19 1.692 24,008 109 17 1.699 -0.007

NationalBankFinancialInc 20 1.689 23,967 189 22 1.432 0.257

TOTAL 100% 1,419,019 6,389 100%

InternationalBondsFY2019 FY2018


JPMorgan 1 7.726 310,456 2,005 1 7.240 0.486

Citi 2 6.555 263,408 1,649 3 6.201 0.354

HSBC 3 5.515 221,609 1,518 2 6.316 -0.801

Barclays 4 5.493 220,732 1,318 5 5.499 -0.006

BofASecurities 5 5.437 218,468 1,475 - - 5.437

BNPParibas 6 4.477 179,912 1,171 8 4.050 0.427

GoldmanSachs 7 4.390 176,397 1,127 6 4.784 -0.394

DeutscheBank 8 4.073 163,658 1,137 7 4.390 -0.317

MorganStanley 9 3.855 154,902 996 9 3.647 0.208



CreditSuisse 12 2.446 98,290 790 12 2.394 0.052

WellsFargo 13 2.292 92,096 629 14 2.026 0.266


UniCredit 15 2.038 81,905 496 15 1.835 0.203

TDSecurities 16 1.798 72,249 460 17 1.783 0.015

MizuhoFinancial 17 1.774 71,294 802 16 1.812 -0.038

MitsubishiUFJFinancialGroupInc 18 1.738 69,825 623 20 1.551 0.187

NatWestMarkets 19 1.602 64,367 404 18 1.731 -0.129

UBS 20 1.371 55,087 456 19 1.602 -0.231

TOTAL 100% 4,018,181 10,657 100%



CorporateHighYieldBondsFY2019 FY2018


JPMorgan 1 7.235 41,740 388 2 6.066 1.169

MorganStanley 2 5.721 33,004 270 7 4.646 1.075

Citi 3 5.617 32,404 298 8 4.449 1.168

GoldmanSachs 4 5.591 32,256 299 3 5.245 0.346

BofASecurities 5 5.504 31,749 333 - - 5.504

Barclays 6 5.093 29,383 272 4 5.230 -0.137

CreditSuisse 7 4.688 27,043 259 1 6.078 -1.390

DeutscheBank 8 4.627 26,694 276 5 4.768 -0.141

HSBC 9 2.866 16,535 207 10 2.765 0.101

WellsFargo 10 2.834 16,347 168 9 3.772 -0.938

RBCCapitalMarkets 11 2.732 15,761 168 11 2.496 0.236

BNPParibas 12 2.530 14,592 164 12 2.477 0.053


UBS 14 1.659 9,568 131 13 1.759 -0.100


HaitongSecurities 16 1.419 8,186 149 16 1.328 0.091

BankofChina 17 1.323 7,633 74 14 1.520 -0.197

Jefferies 18 1.287 7,424 34 19 1.229 0.058

BMOCapitalMarkets 19 1.152 6,644 65 25 0.865 0.287


TOTAL 100% 576,889 1,485 100%

GlobalBondsFY2019 FY2018


JPMorgan 1 11.568 112,804 590 1 10.716 0.852

Citi 2 10.192 99,387 508 3 8.941 1.251

BofASecurities 3 7.734 75,416 498 - - 7.734

Barclays 4 7.344 71,611 352 4 7.888 -0.544

GoldmanSachs 5 5.900 57,532 338 5 7.448 -1.548

WellsFargo 6 5.834 56,885 357 8 4.920 0.914

MorganStanley 7 5.451 53,152 297 7 5.914 -0.463

HSBC 8 4.134 40,313 188 6 6.417 -2.283


TDSecurities 10 3.492 34,048 164 11 3.613 -0.121

DeutscheBank 11 3.254 31,733 204 9 4.130 -0.876

BNPParibas 12 2.770 27,016 174 15 1.794 0.976



CreditSuisse 15 2.388 23,282 158 13 2.225 0.163

Nomura 16 1.689 16,472 37 16 1.632 0.057


Scotiabank 18 1.591 15,513 107 18 1.399 0.192


USBancorp 20 1.549 15,101 154 20 1.094 0.455

TOTAL 100% 975,143 1,216 100%

CorporateSchuldscheineFY2019 FY2018

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

LandesbankBaden-Wuerttemberg 1 18.953 5,041 47 1 20.809 -1.856

LandesbankHessen-ThuringenGirozentrale

2 14.116 3,754 38 3 10.594 3.522

BayernLB 3 13.245 3,523 32 2 12.522 0.723

UniCredit 4 10.326 2,746 28 4 9.962 0.364

Commerzbank 5 6.502 1,729 17 6 6.552 -0.050

HSBC 6 6.142 1,634 21 5 6.574 -0.432

RaiffeisenBankInternationalGroup 7 5.115 1,360 20 8 4.748 0.367

BNPParibas 8 4.618 1,228 12 9 4.118 0.500

SocieteGenerale 9 3.349 891 12 12 3.116 0.233

INGGroep 10 3.264 868 11 10 4.002 -0.738

DeutscheBank 11 2.953 786 11 15 1.386 1.567

DZBank 12 2.304 613 8 7 5.374 -3.070

SEB 13 2.303 613 7 19 0.236 2.067

ErsteGroupBank 14 1.440 383 6 14 1.547 -0.107

NorddeutscheLandesbankGZ 15 1.366 363 10 11 3.185 -1.819

KreditanstaltfuerWiederaufbau 16 0.761 202 1 - - 0.761

Citi 17 0.608 162 2 13 2.905 -2.297

Natixis 18 0.514 137 2 22 0.180 0.334

DanskeBank 19 0.491 130 2 16 0.433 0.058

IKBDeutscheIndustriebank 20 0.370 98 1 19 0.236 0.134

TOTAL 100% 26,598 152 100%

IssuanceinESTRFY2019 FY2018


UniCredit 1 26.025 643 2 - - 26.025

CreditAgricoleCIB 2 22.226 549 2 - - 22.226

DeutscheBank 2 22.226 549 2 - - 22.226

BNPParibas 4 7.381 182 1 - - 7.381

HSBC 4 7.381 182 1 - - 7.381

RBCCapitalMarkets 4 7.381 182 1 - - 7.381

TDSecurities 4 7.381 182 1 - - 7.381

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 2,470 3 100%



IssuanceinSOFRFY2019 FY2018


JPMorgan 1 15.086 13,032 24 3 16.819 -1.733

Citi 2 14.995 12,954 23 2 23.094 -8.099

WellsFargo 3 11.935 10,310 23 7 0.261 11.674

Barclays 4 10.783 9,315 17 5 6.536 4.247

Nomura 5 8.261 7,137 13 4 13.072 -4.811

TDSecurities 6 6.008 5,190 23 1 36.427 -30.419

DeutscheBank 7 5.229 4,517 9 - - 5.229

MorganStanley 8 5.225 4,513 12 - - 5.225

GoldmanSachs 9 3.299 2,850 9 - - 3.299

BofASecurities 10 2.769 2,392 8 - - 2.769

Jefferies 11 2.692 2,325 13 - - 2.692

CreditSuisse 12 2.315 2,000 1 - - 2.315

HSBC 13 2.064 1,783 3 - - 2.064

DaiwaSecurities 14 1.692 1,462 8 - - 1.692

BMOCapitalMarkets 15 0.791 683 6 - - 0.791

RBCCapitalMarkets 16 0.785 678 5 - - 0.785

SandlerO'Neill&Partners 17 0.692 598 13 - - 0.692

AcademySecuritiesInc 18 0.642 555 3 - - 0.642

CIBC 19 0.627 542 2 - - 0.627

UBS 20 0.492 425 3 - - 0.492

TOTAL 100% 86,385 106 100%

IssuanceinSONIAFY2019 FY2018



HSBC 2 14.972 4,684 20 4 13.606 1.366

TDSecurities 3 14.869 4,652 21 3 17.164 -2.295

NatWestMarkets 4 11.979 3,748 18 2 17.770 -5.791

LloydsBank 5 9.774 3,058 13 6 6.290 3.484

Barclays 6 7.285 2,279 10 9 2.982 4.303

BancoSantander 7 3.880 1,214 6 7 5.775 -1.895

BofASecurities 8 3.706 1,159 5 - - 3.706

Citi 9 3.670 1,148 5 - - 3.670

Nomura 10 2.611 817 5 - - 2.611

CreditSuisse 11 1.622 507 2 - - 1.622

DeutscheBank 12 1.504 470 2 8 3.557 -2.053

JPMorgan 13 1.426 446 2 5 7.464 -6.038

UBS 14 1.399 438 2 - - 1.399

StandardCharteredBank 15 1.316 412 2 - - 1.316

BNPParibas 16 1.194 373 2 - - 1.194

BancoSabadell 17 1.038 325 2 - - 1.038

ANZBankingGroup 18 0.617 193 1 - - 0.617

CIBC 19 0.518 162 1 - - 0.518

MizuhoFinancial 20 0.500 156 1 - - 0.500

TOTAL 100% 31,286 42 100%



USMunicipalsReview

USMunicipalLongTerm

FY2019 FY2018

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BofASecurities 1 15.879 64,360 349 - - 15.879

Citi 2 10.929 44,296 313 2 12.260 -1.331

MorganStanley 3 10.385 42,093 325 4 8.315 2.070

JPMorgan 4 9.010 36,521 307 3 10.260 -1.250


GoldmanSachs 6 5.234 21,213 85 6 4.659 0.575

WellsFargo 7 4.437 17,986 203 7 4.593 -0.156

Stifel 8 3.949 16,006 704 11 3.204 0.745

Barclays 9 3.897 15,797 104 13 2.424 1.473

RaymondJames&Associates 10 3.524 14,283 580 8 4.014 -0.490

RobertWBaird&Co 11 3.344 13,555 1,046 12 2.668 0.676

PiperJaffray&Co 12 3.144 12,741 476 9 3.550 -0.406

Jefferies 13 2.549 10,333 56 10 3.546 -0.997

SiebertCisnerosShank&CoLLC

14 1.211 4,909 27 14 1.721 -0.510

DADavidson 15 1.171 4,747 354 16 1.132 0.039

UBS 16 0.949 3,848 89 19 0.753 0.196

ZieglerCosInc/The 17 0.863 3,498 73 18 0.796 0.067

PNCFinancialServicesGroupInc

18 0.837 3,394 136 20 0.698 0.139

HutchinsonShockeyErley&Co 19 0.819 3,321 229 26 0.408 0.411

SamuelARamirez&CoInc 20 0.739 2,997 22 15 1.629 -0.890

TOTAL 100% 405,320 9,018 100%

Thistableconsistsofalllong-termissuance(fixedrate&adjustablerate)fortheUSMunicipalMarketinUSDollars.Remarketeddeals,commercialpaper,derivatives,andprivateplacementsarenotincluded.

GeneralObligation19%

SCD14%

HOSP7%

WTRSWR6%

HGR6%

Others48%

MarketShareChange

MunicipalIndustryDistribution

19%

14%

7%

6%6%

48%

BofASecurities

Citi

MorganStanley

JPMorgan

RBCCapitalMarkets

GoldmanSachs

5

10

15

MarketShare(%)

0

20

2019 2018 2017



USMunicipalLongTermNegotiatedFY2019 FY2018


BofASecurities 1 14.820 45,362 226 - - 14.820

Citi 2 11.255 34,450 194 2 11.305 -0.050

MorganStanley 3 9.526 29,157 145 5 6.966 2.560


JPMorgan 5 8.021 24,552 183 3 10.688 -2.667

GoldmanSachs 6 6.458 19,768 74 6 5.294 1.164

Stifel 7 5.171 15,828 681 9 4.139 1.032

Barclays 8 4.546 13,915 97 12 2.844 1.702

WellsFargo 9 4.268 13,065 141 7 4.515 -0.247


PiperJaffray&Co 11 3.607 11,042 349 11 4.050 -0.443

Jefferies 12 2.532 7,749 37 10 4.130 -1.598

SiebertCisnerosShank&CoLLC 13 1.604 4,909 27 13 2.307 -0.703

DADavidson 14 1.521 4,656 334 16 1.481 0.040

RobertWBaird&Co 15 1.275 3,903 266 17 1.191 0.084


PNCFinancialServicesGroupInc 17 1.071 3,277 125 19 0.830 0.241


KeyBancCapitalMarkets 19 0.779 2,383 63 20 0.782 -0.003

UBS 20 0.670 2,051 28 36 0.169 0.501

TOTAL 100% 306,082 5,495 100%

USMunicipalLongTermCompetitiveFY2019 FY2018


BofASecurities 1 19.144 18,998 123 - - 19.144

MorganStanley 2 13.035 12,935 180 3 12.284 0.751

JPMorgan 3 12.061 11,969 125 4 9.000 3.061

Citi 4 9.922 9,846 119 2 15.068 -5.146

RobertWBaird&Co 5 9.727 9,652 780 5 7.013 2.714

WellsFargo 6 4.958 4,921 62 6 4.822 0.136


Jefferies 8 2.604 2,584 19 12 1.831 0.773

MesirowFinancialInc 9 2.513 2,494 68 16 1.244 1.269


Barclays 11 1.896 1,882 7 17 1.187 0.709

UBS 12 1.811 1,797 61 9 2.470 -0.659

PiperJaffray&Co 13 1.713 1,700 127 10 2.080 -0.367


GoldmanSachs 15 1.456 1,445 11 8 2.794 -1.338

FHNFinancial 16 1.450 1,439 130 13 1.452 -0.002

FidelityCapitalMarkets 17 1.363 1,352 110 19 1.048 0.315

JanneyMontgomeryScottLLC 18 1.360 1,349 94 11 2.016 -0.656

Roosevelt&CrossInc 19 1.344 1,334 171 14 1.352 -0.008

BankofNewYorkMellon 20 0.885 878 102 47 0.048 0.837

TOTAL 100% 99,238 3,535 100%

USMunicipalLongTermFixedRateFY2019 FY2018


BofASecurities 1 16.007 60,535 322 - - 16.007

Citi 2 10.645 40,256 292 2 12.775 -2.130

MorganStanley 3 9.757 36,897 311 4 7.577 2.180

JPMorgan 4 9.061 34,265 285 3 10.287 -1.226


GoldmanSachs 6 5.238 19,810 81 9 3.819 1.419

WellsFargo 7 4.492 16,989 194 6 4.642 -0.150

Stifel 8 4.042 15,284 667 11 3.288 0.754

Barclays 9 3.762 14,228 87 13 2.131 1.631


RobertWBaird&Co 11 3.584 13,555 1,046 12 2.912 0.672

PiperJaffray&Co 12 3.340 12,630 474 8 3.858 -0.518

Jefferies 13 2.671 10,101 51 10 3.651 -0.980


DADavidson 15 1.249 4,724 352 16 1.228 0.021

UBS 16 0.963 3,640 86 19 0.817 0.146


ZieglerCosInc/The 18 0.852 3,223 71 18 0.857 -0.005



TOTAL 100% 378,169 8,777 100%

USMunicipalLong&ShortTermFY2019 FY2018


BofASecurities 1 15.706 70,359 368 - - 15.706

MorganStanley 2 11.080 49,634 368 4 8.511 2.569

Citi 3 10.214 45,755 324 3 11.638 -1.424

JPMorgan 4 10.011 44,849 435 2 11.879 -1.868


GoldmanSachs 6 5.002 22,409 92 7 4.524 0.478

WellsFargo 7 4.362 19,539 215 6 4.900 -0.538

Barclays 8 3.801 17,026 112 13 2.242 1.559

Stifel 9 3.620 16,215 741 11 3.057 0.563


Jefferies 11 3.160 14,155 419 8 4.382 -1.222

RobertWBaird&Co 12 3.131 14,027 1,073 12 2.446 0.685

PiperJaffray&Co 13 3.014 13,503 590 10 3.275 -0.261

TDSecurities 14 1.152 5,160 324 16 1.081 0.071


DADavidson 16 1.073 4,807 355 17 1.038 0.035

UBS 17 0.960 4,298 95 22 0.703 0.257




TOTAL 100% 447,973 10,590 100%



GlobalEquityReview

GlobalEquity,EquityLinked&Rights

FY2019 FY2018

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

GoldmanSachs 1 9.122 62,478 358 2 8.578 0.544

MorganStanley 2 8.962 61,378 370 1 8.909 0.053

JPMorgan 3 7.453 51,045 398 3 7.782 -0.329

Citi 4 6.357 43,542 326 4 6.470 -0.113

BofASecurities 5 5.828 39,917 283 - - 5.828

CreditSuisse 6 4.339 29,715 236 6 3.949 0.390

UBS 7 3.618 24,778 180 7 3.759 -0.141


Barclays 9 2.787 19,086 163 9 2.698 0.089

ChinaInternationalCapitalCorp

10 2.278 15,599 72 11 1.970 0.308

HSBC 11 1.892 12,960 68 23 0.961 0.931


DeutscheBank 13 1.587 10,871 96 8 2.986 -1.399

Jefferies 14 1.444 9,890 143 14 1.437 0.007

BNPParibas 15 1.433 9,815 68 22 1.046 0.387

WellsFargo 16 1.407 9,637 99 17 1.299 0.108

ChinaSecurities 17 1.272 8,712 61 10 1.982 -0.710

GuotaiJunanSecurities 18 0.961 6,579 53 20 1.098 -0.137

Nomura 19 0.907 6,210 77 13 1.495 -0.588

HuataiSecurities 20 0.862 5,904 38 19 1.217 -0.355

TOTAL 100% 684,889 4,408 100%

Thistableconsistsofequity,equity-linked&rightsofferingsissuedglobally.Thistableexcludes:AIM-listedsecurities,bondswithwarrants,closed-endfund&investmenttrustissuers,creditlinkednotes,reverseconvertiblesandself-ledofferings.Thethresholdsinclude12monthminimumcall,put&maturityperiods.Note:Issuercountryisdeterminedbycountryofrisk.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials31%

HealthCare12%

Technology11%


Communications7%

Industrials7%

Energy7%

Utilities6%

Others8%

GlobalEquity,EquityLinked&Rights:ManagerRankingsHistory

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

31%

12%

11%11%

7%

7%

7%

6%

8%

GoldmanSachs

MorganStanley

JPMorgan Ci

ti

BofASecurities

CreditSuisse

2

4

6

8

MarketShare(%)

0

10

2019 2018 2017



GlobalEquity&EquityLinkedFY2019 FY2018


GoldmanSachs 1 9.269 61,245 352 2 8.888 0.381

MorganStanley 2 8.978 59,320 364 1 9.172 -0.194

JPMorgan 3 7.547 49,865 390 3 7.821 -0.274

Citi 4 6.546 43,257 319 4 6.765 -0.219

BofASecurities 5 5.932 39,199 282 - - 5.932

CreditSuisse 6 4.441 29,344 231 6 4.073 0.368

UBS 7 3.652 24,134 173 7 3.357 0.295


Barclays 9 2.889 19,086 163 9 2.611 0.278


HSBC 11 1.825 12,061 65 24 0.763 1.062


DeutscheBank 13 1.570 10,376 93 8 3.040 -1.470

WellsFargo 14 1.459 9,637 99 16 1.394 0.065

Jefferies 15 1.445 9,547 141 14 1.539 -0.094

BNPParibas 16 1.400 9,249 60 22 0.966 0.434


GuotaiJunanSecurities 18 0.996 6,579 53 20 1.135 -0.139

Nomura 19 0.940 6,210 77 13 1.569 -0.629

HuataiSecurities 20 0.894 5,904 38 18 1.306 -0.412

TOTAL 100% 660,765 4,267 100%

GlobalEquityOfferingsFY2019 FY2018


MorganStanley 1 9.434 50,732 309 1 9.143 0.291

GoldmanSachs 2 9.149 49,200 295 2 8.273 0.876

JPMorgan 3 7.535 40,524 324 3 7.226 0.309

Citi 4 6.722 36,149 276 4 7.041 -0.319

BofASecurities 5 5.566 29,933 228 - - 5.566

CreditSuisse 6 4.233 22,763 196 6 4.135 0.098

UBS 7 4.014 21,587 161 7 3.405 0.609

Barclays 8 2.698 14,511 129 9 2.612 0.086




DeutscheBank 12 1.678 9,025 77 8 2.976 -1.298

HSBC 13 1.638 8,806 44 25 0.646 0.992

Jefferies 14 1.574 8,467 126 13 1.581 -0.007

WellsFargo 15 1.234 6,634 77 19 1.259 -0.025

Nomura 16 1.046 5,624 69 15 1.508 -0.462


BNPParibas 18 1.031 5,544 32 22 0.829 0.202



TOTAL 100% 537,788 3,812 100%

GlobalEquityIPOFY2019 FY2018


MorganStanley 1 5.783 12,410 89 1 6.881 -1.098

JPMorgan 2 5.215 11,191 82 4 5.165 0.050

Citi 3 5.162 11,078 71 5 4.857 0.305


CreditSuisse 5 4.657 9,993 74 6 4.081 0.576

GoldmanSachs 6 4.630 9,937 85 2 5.994 -1.364

BofASecurities 7 4.436 9,519 77 - - 4.436

UBS 8 3.424 7,349 46 9 3.074 0.350


HSBC 10 2.932 6,291 22 24 0.991 1.941

DeutscheBank 11 2.812 6,033 36 7 3.829 -1.017

Barclays 12 2.322 4,983 44 18 1.326 0.996


BNPParibas 14 1.593 3,418 18 17 1.358 0.235

ChinaSecurities 15 1.552 3,330 31 22 1.065 0.487

Jefferies 16 1.488 3,192 39 19 1.282 0.206

CantorFitzgerald 17 1.451 3,114 17 31 0.677 0.774


ChinaMerchantsSecurities 19 1.113 2,388 19 16 1.404 -0.291

BankofChina 20 1.049 2,251 21 30 0.734 0.315

TOTAL 100% 214,593 1,253 100%

GlobalEquityLinkedFY2019 FY2018


GoldmanSachs 1 9.795 12,046 57 1 12.410 -2.615

JPMorgan 2 7.596 9,341 66 2 11.230 -3.634

BofASecurities 3 7.535 9,266 54 - - 7.535


MorganStanley 5 6.983 8,588 55 3 9.340 -2.357

Citi 6 5.780 7,108 43 5 5.181 0.599

CreditSuisse 7 5.351 6,581 35 6 3.715 1.636

Barclays 8 3.720 4,575 34 10 2.604 1.116


BNPParibas 10 3.013 3,705 28 13 1.751 1.262

HSBC 11 2.647 3,255 21 15 1.431 1.216

HuataiSecurities 12 2.621 3,224 11 22 0.958 1.663


WellsFargo 14 2.442 3,003 22 11 2.167 0.275

UBS 15 2.071 2,547 12 8 3.083 -1.012

GuotaiJunanSecurities 16 2.032 2,498 9 30 0.683 1.349

BankofChina 17 1.413 1,738 2 27 0.743 0.670

HaitongSecurities 18 1.403 1,726 6 23 0.935 0.468


DeutscheBank 20 1.098 1,350 16 7 3.406 -2.308

TOTAL 100% 122,978 455 100%



GlobalLoansReview

GlobalLoans

FY2019 FY2018

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BofASecurities 1 9.487 338,832 1,166 - - 9.487

JPMorgan 2 9.123 325,821 1,092 1 10.290 -1.167

Citi 3 5.828 208,131 703 3 5.865 -0.037

WellsFargo 4 5.555 198,393 757 4 5.417 0.138


5 3.636 129,847 415 9 3.062 0.574

Barclays 6 3.626 129,497 485 6 3.322 0.304

BNPParibas 7 3.309 118,184 521 8 3.093 0.216

MorganStanley 8 2.790 99,632 271 15 1.922 0.868


HSBC 10 2.628 93,872 464 11 2.616 0.012

DeutscheBank 11 2.544 90,876 444 10 2.919 -0.375

GoldmanSachs 12 2.499 89,265 389 5 3.599 -1.100



CreditSuisse 15 1.897 67,759 354 12 2.176 -0.279

CreditAgricoleCIB 16 1.862 66,498 354 14 1.951 -0.089

TDSecurities 17 1.799 64,262 253 18 1.668 0.131

Scotiabank 18 1.787 63,816 266 19 1.665 0.122


BankofChina 20 1.436 51,289 270 20 1.352 0.084

TOTAL 100% 3,571,497 6,032 100%

Thistableconsistsofloanssyndicatedglobally.Thisexcludesbilateralloans.InvestmentgradeUSbridgeloanswillbeincludedonAnnounceDate.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials21%


Energy11%

Industrials11%

HealthCare9%

Materials8%

Communications7%

Technology6%

Utilities6%

ConsumerStaples6%

Others1%

GlobalLoans:BookrunnerRankingsHistory

GlobalLoans:IndustryBreakdown

21%

14%

11%11%

9%

8%

7%

6%

6%

6%

BofASecurities

JPMorgan Ci

ti

WellsFargo


Barclays

5

10

MarketShare(%)

0

15

2019 2018 2017



GlobalLoans(Bookrunner)FY2019 FY2018


BofASecurities 1 9.487 338,832 1,166 - - 9.487

JPMorgan 2 9.123 325,821 1,092 1 10.290 -1.167

Citi 3 5.828 208,131 703 3 5.865 -0.037

WellsFargo 4 5.555 198,393 757 4 5.417 0.138


Barclays 6 3.626 129,497 485 6 3.322 0.304

BNPParibas 7 3.309 118,184 521 8 3.093 0.216

MorganStanley 8 2.790 99,632 271 15 1.922 0.868


HSBC 10 2.628 93,872 464 11 2.616 0.012

DeutscheBank 11 2.544 90,876 444 10 2.919 -0.375

GoldmanSachs 12 2.499 89,265 389 5 3.599 -1.100



CreditSuisse 15 1.897 67,759 354 12 2.176 -0.279


TDSecurities 17 1.799 64,262 253 18 1.668 0.131

Scotiabank 18 1.787 63,816 266 19 1.665 0.122


BankofChina 20 1.436 51,289 270 20 1.352 0.084

TOTAL 100% 3,571,497 6,032 100%

GlobalLoans(MandatedLeadArranger)FY2019 FY2018


BofASecurities 1 8.346 326,212 1,258 - - 8.346

JPMorgan 2 8.115 317,177 1,173 1 8.947 -0.832

Citi 3 5.571 217,745 809 3 5.294 0.277

WellsFargo 4 5.044 197,128 824 4 4.793 0.251


Barclays 6 3.146 122,981 551 7 3.127 0.019

HSBC 7 2.874 112,315 700 10 2.772 0.102

BNPParibas 8 2.844 111,174 743 8 3.073 -0.229


MorganStanley 10 2.431 95,003 290 16 1.866 0.565

DeutscheBank 11 2.335 91,270 514 11 2.732 -0.397


GoldmanSachs 13 2.275 88,930 422 5 3.352 -1.077


BankofChina 15 1.954 76,385 504 17 1.780 0.174


Scotiabank 17 1.777 69,448 320 19 1.654 0.123

TDSecurities 18 1.728 67,532 289 20 1.562 0.166

CreditSuisse 19 1.693 66,160 389 12 2.145 -0.452


TOTAL 100% 3,908,529 7,011 100%

GlobalSponsor-LedLoans(Bookrunner)FY2019 FY2018


JPMorgan 1 6.753 33,704 182 4 6.078 0.675

GoldmanSachs 2 6.262 31,255 188 1 7.365 -1.103

BofASecurities 3 6.086 30,375 200 - - 6.086

CreditSuisse 4 5.786 28,879 194 3 7.018 -1.232

Barclays 5 5.192 25,913 182 5 5.821 -0.629

DeutscheBank 6 5.076 25,336 174 6 5.336 -0.260

Citi 7 3.513 17,532 127 10 2.986 0.527

MorganStanley 8 3.171 15,826 113 9 4.245 -1.074


WellsFargo 10 3.136 15,650 80 13 2.386 0.750

KohlbergKravisRoberts&Co 11 3.104 15,495 102 15 2.273 0.831

AntaresCapitalLP 12 3.024 15,091 212 12 2.693 0.331

BNPParibas 13 2.867 14,309 100 17 2.147 0.720


Jefferies 15 2.571 12,834 123 8 4.300 -1.729

UBS 16 2.309 11,523 98 11 2.915 -0.606


HSBC 18 1.864 9,305 65 18 2.112 -0.248

Natixis 19 1.737 8,669 62 21 1.214 0.523

SunTrustRobinsonHumphrey 20 1.508 7,525 75 19 1.912 -0.404

TOTAL 100% 499,115 1,221 100%

GlobalSponsor-LedLoans(MandatedLeadArranger)FY2019 FY2018


BofASecurities 1 6.092 31,825 203 - - 6.092

GoldmanSachs 2 5.867 30,653 199 1 7.219 -1.352

JPMorgan 3 5.838 30,500 187 4 5.828 0.010

CreditSuisse 4 5.488 28,672 200 2 6.957 -1.469

Barclays 5 5.217 27,257 188 5 5.507 -0.290

DeutscheBank 6 4.887 25,534 181 6 5.223 -0.336

Citi 7 3.378 17,650 136 10 2.941 0.437


MorganStanley 9 3.195 16,692 116 9 3.980 -0.785


WellsFargo 11 2.914 15,222 90 14 2.433 0.481

BNPParibas 12 2.815 14,704 129 16 2.186 0.629

KohlbergKravisRoberts&Co 13 2.709 14,154 102 15 2.222 0.487

Jefferies 14 2.615 13,661 131 7 4.169 -1.554


UBS 16 2.426 12,673 99 11 2.716 -0.290

HSBC 17 1.894 9,896 77 17 2.179 -0.285


Natixis 19 1.551 8,101 73 22 1.107 0.444

SunTrustRobinsonHumphrey 20 1.457 7,611 80 19 1.908 -0.451

TOTAL 100% 522,428 1,313 100%



GlobalBridgeLoans(Bookrunner)FY2019 FY2018


MorganStanley 1 20.074 46,236 11 11 2.833 17.241


JPMorgan 3 10.837 24,961 15 1 17.988 -7.151

Barclays 4 9.780 22,526 7 9 3.418 6.362

GoldmanSachs 5 5.861 13,500 10 2 13.102 -7.241


Citi 7 4.998 11,511 13 4 7.878 -2.880

BofASecurities 8 4.940 11,377 9 - - 4.940

BNPParibas 9 2.935 6,759 13 8 3.472 -0.537

CreditSuisse 10 2.763 6,364 7 17 1.235 1.528


HSBC 12 1.230 2,832 9 13 2.173 -0.943

Natixis 13 1.207 2,780 6 19 1.095 0.112

UniCredit 14 0.962 2,215 9 15 1.288 -0.326

StandardCharteredBank 15 0.914 2,104 4 18 1.209 -0.295

Nordea 16 0.711 1,637 5 36 0.358 0.353

CIBC 17 0.708 1,630 2 - - 0.708


INGGroep 19 0.662 1,526 8 25 0.622 0.040


TOTAL 100% 230,328 84 100%

GlobalBridgeLoans(MandatedLeadArranger)FY2019 FY2018



MorganStanley 2 15.416 38,966 12 10 3.180 12.236

JPMorgan 3 10.733 27,130 22 1 14.890 -4.157

Barclays 4 7.422 18,759 10 12 2.689 4.733

Citi 5 6.841 17,291 21 7 4.302 2.539

BofASecurities 6 5.423 13,707 15 - - 5.423

GoldmanSachs 7 5.093 12,874 15 2 11.476 -6.383

HSBC 8 4.048 10,233 19 9 3.861 0.187

BNPParibas 9 2.645 6,686 27 6 4.566 -1.921



CreditSuisse 12 1.307 3,303 9 13 2.294 -0.987

INGGroep 13 1.276 3,226 15 19 1.167 0.109


SiamCommercialBankPCL 15 1.204 3,044 1 93 0.007 1.197

Commerzbank 16 1.165 2,945 10 25 0.817 0.348

BancoSantander 17 1.115 2,818 10 23 0.881 0.234

Natixis 18 1.114 2,815 10 18 1.235 -0.121

UniCredit 19 0.839 2,120 10 15 1.776 -0.937

WellsFargo 20 0.814 2,057 5 8 3.920 -3.106

TOTAL 100% 252,761 120 100%

GlobalGreenUoPLoans(Bookrunner)FY2019 FY2018



BNPParibas 2 7.592 2,232 9 4 6.859 0.733



Natixis 5 4.032 1,185 8 17 1.875 2.157


MizuhoFinancial 7 3.165 931 6 - - 3.165

BankofChina 8 3.147 925 5 25 1.120 2.027

StandardCharteredBank 9 3.052 897 3 - - 3.052

IntesaSanpaolo 10 2.771 815 3 18 1.768 1.003

BancoSantander 11 2.608 767 4 3 8.525 -5.917

INGGroep 12 2.433 715 6 5 6.402 -3.969

UniCredit 13 2.292 674 4 13 2.132 0.160

CaixaBank 14 2.048 602 3 15 1.938 0.110

KoreaDevelopmentBank 15 1.739 511 3 20 1.607 0.132

ANZBankingGroup 16 1.677 493 5 - - 1.677

FubonFinancialHolding 17 1.662 489 2 - - 1.662

Industrial&CommBankofChina 18 1.642 483 2 - - 1.642

NationalBankFinancialInc 19 1.634 480 2 - - 1.634

BancoBilbaoVizcayaArgentaria 20 1.603 471 3 6 5.289 -3.686

TOTAL 100% 29,398 86 100%

GlobalGreenUoPLoans(MandatedLeadArranger)FY2019 FY2018



BNPParibas 2 5.359 2,850 28 6 4.370 0.989



INGGroep 5 3.829 2,036 27 2 5.991 -2.162



BancoSantander 8 2.980 1,585 17 5 4.419 -1.439

Natixis 9 2.938 1,562 15 11 2.197 0.741

CaixaBank 10 2.711 1,442 9 16 1.622 1.089

BancoBilbaoVizcayaArgentaria 11 2.668 1,419 11 9 2.405 0.263

BankofChina 12 2.511 1,335 14 19 1.410 1.101

Oversea-ChineseBankingCorp 13 2.189 1,164 16 62 0.277 1.912

HSBC 14 2.149 1,143 15 15 1.849 0.300

Rabobank 15 1.800 957 15 10 2.366 -0.566

StandardCharteredBank 16 1.669 888 6 97 0.079 1.590

KeyBancCapitalMarkets 17 1.650 878 11 22 1.346 0.304

DBSGroup 18 1.520 808 10 43 0.623 0.897

KreditanstaltfuerWiederaufbau 19 1.365 726 8 17 1.614 -0.249

SiemensBankGmbH 20 1.211 644 7 40 0.682 0.529

TOTAL 100% 53,182 158 100%



GlobalAcquisitionLoans(Bookrunner)FY2019 FY2018


JPMorgan 1 8.925 81,114 253 1 11.511 -2.586

BofASecurities 2 7.711 70,086 290 - - 7.711

MorganStanley 3 7.258 65,965 119 12 2.705 4.553

Barclays 4 6.742 61,278 179 5 4.972 1.770


WellsFargo 6 4.344 39,481 160 4 5.319 -0.975

GoldmanSachs 7 4.154 37,757 172 3 6.391 -2.237

Citi 8 3.925 35,676 153 6 4.592 -0.667

CreditSuisse 9 3.541 32,185 184 11 2.835 0.706

BNPParibas 10 3.165 28,770 144 10 3.188 -0.023

DeutscheBank 11 2.875 26,132 171 7 3.552 -0.677




HSBC 15 1.729 15,718 87 15 2.013 -0.284


TDSecurities 17 1.606 14,596 54 21 1.218 0.388


Jefferies 19 1.318 11,982 96 17 1.630 -0.312

Scotiabank 20 1.217 11,060 34 19 1.479 -0.262

TOTAL 100% 908,883 1,383 100%

GlobalAcquisitionLoans(MandatedLeadArranger)FY2019 FY2018


JPMorgan 1 8.107 76,870 268 1 10.394 -2.287

BofASecurities 2 6.799 64,473 307 - - 6.799

MorganStanley 3 6.129 58,118 120 13 2.590 3.539


Barclays 5 5.330 50,542 188 5 4.626 0.704

WellsFargo 6 4.322 40,984 175 4 4.789 -0.467

GoldmanSachs 7 3.858 36,580 184 3 5.914 -2.056

Citi 8 3.525 33,427 172 7 3.844 -0.319

BNPParibas 9 3.093 29,329 188 9 3.411 -0.318

CreditSuisse 10 3.069 29,103 192 11 2.982 0.087

DeutscheBank 11 2.778 26,338 184 10 3.324 -0.546



HSBC 14 2.287 21,685 114 12 2.697 -0.410


TDSecurities 16 1.468 13,922 61 24 1.184 0.284

Scotiabank 17 1.369 12,980 44 18 1.463 -0.094


Jefferies 19 1.341 12,717 102 16 1.586 -0.245


TOTAL 100% 948,229 1,513 100%

Bloomberg – League Tables Criteria

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

General Guidelines

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self-led transactions are included. New money portions of exchange offers are eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.

Equities-Linked

Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.

Equities

Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.

Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg – League Tables Criteria

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities, loan pacts, and standalone guarantee facilities/letters of credit.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date. All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table has five potential display formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals.“Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. "Participation (100%)" displays rankings based on allocating 100% to each syndicate participant. "Financial Advisor" assigns credit evenly divided between all participating financial advisors. "Bond Counsel" assigns credit evenly divided between all participating bond counsels. US Municipals tables included in the “Global Capital Markets” and “Americas Capital Markets” publications are ranked according to true economic credit.

A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, and remarketings are excluded from municipal league table eligibility.

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

LEAG.

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

Documents

GLOBAL CAPITAL MARKETS - Bloomberg Finance L.P. · 2019. 12. 23. · Morgan Stanley 9 3.855 154,902 996 9 3.647 0.208 Credit Agricole CIB 10 3.101 124,600 904 10 2.722 0.379 Societe