ISLAMIC CAPITAL MARKETS

ISLAMIC CAPITAL MARKETS LEAGUE TABLES Q1 2018

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MANAGER RANKINGS

ISLAMIC CAPITAL MARKETS

DATA SUBMISSIONS AND QUERIES

Americas

EMEA

Asia-Pacific

Contact Email Phone

Q1 2018

© 2018 Bloomberg Finance L.P. All rights reserved.

Paul Bandong +1 609 279 5187 [email protected]

Sami Arafeh +971 4 4492349 [email protected]

Xin Yu Chen +65 6212 1123 [email protected]

http://www.bloomberg.com/

Bloomberg IslamicCapitalMarkets|Q12018

BloombergLeagueTableReports Page1

Sukuk&IslamicFinancing

Sukuk&IslamicFinancing

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 9.097 2,161 12 1 12.245 -3.148

CIMB 2 9.051 2,150 37 4 7.340 1.711

Citi 3 8.154 1,937 8 21 1.170 6.984

StandardCharteredBank 4 7.742 1,839 10 2 9.821 -2.079

RHB 5 6.615 1,571 45 11 2.767 3.848

DubaiIslamicBank 6 4.830 1,148 7 7 4.377 0.453

JPMorgan 7 4.674 1,110 4 21 1.170 3.504

AmInvestmentBankBhd 8 4.004 951 63 6 5.992 -1.988

SumitomoMitsuiFinancial 9 3.987 947 3 31 0.328 3.659

Maybank 10 3.877 921 21 5 6.312 -2.435

MitsubishiUFJFinancialGroupInc

11 3.329 791 2 27 0.623 2.706

MizuhoFinancial 11 3.329 791 2 31 0.328 3.001

CreditAgricoleCIB 13 3.220 765 1 - - 3.220

BankofChina 13 3.220 765 1 41 0.095 3.125

Industrial&CommBankofChina

13 3.220 765 1 - - 3.220

AbuDhabiIslamicBank 16 2.778 660 3 25 0.711 2.067

SharjahIslamicBank 17 1.789 425 3 26 0.655 1.134

FirstAbuDhabiBankPJSC 18 1.536 365 4 3 8.724 -7.188

GulfInternationalBankBSC 19 1.500 356 2 12 2.527 -1.027

SocieteGenerale 20 1.389 330 2 19 2.146 -0.757

TOTAL 100% 23,755 117 100%

ThistableconsistsofIslamicfinancingandSukukissuances.Thisexcludesbondswithwarrants,credit-linkedsecurities,andstructurednotes.Thereisaminimumthresholdof12monthsformaturities,callorputperiods,andUSD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government63%

Financials20%

Industrials7%

Others10%

Sukuk&IslamicFinancing:RankingsHistory

Sukuk&IslamicFinancing:IndustryBreakdown

63%

20%

7%

10%

HSBC

CIMB Ci

ti

StandardCharteredBank

RHB

DubaiIslamicBank

5

10

MarketShare(%

)

0

15

2018 2017 2016



GlobalSukuk

GlobalSukuk

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

CIMB 1 14.154 2,150 37 4 7.754 6.400

RHB 2 10.344 1,571 45 11 2.823 7.521

HSBC 3 9.190 1,396 11 1 12.935 -3.745

Citi 4 7.545 1,146 6 19 1.236 6.309



AmInvestmentBankBhd 7 6.262 951 63 6 6.330 -0.068

Maybank 8 6.063 921 21 5 6.667 -0.604

AbuDhabiIslamicBank 9 4.344 660 3 - - 4.344



JPMorgan 12 2.274 345 3 19 1.236 1.038

EmiratesNBDPJSC 13 2.105 320 4 10 3.377 -1.272


BNPParibas 15 1.711 260 2 37 0.196 1.515

KenangaInvestmentBankBhd

16 1.682 255 7 - - 1.682

KuwaitFinanceHouse 17 1.679 255 2 18 1.579 0.100

AffinHwangCapital 18 1.492 227 8 - - 1.492

NationalBankofBahrainBSC

19 1.317 200 1 - - 1.317

BankABC 20 1.093 166 2 23 0.952 0.141

TOTAL 100% 15,191 109 100%

ThistableconsistsofgloballysyndicatedSukukissuances.Thisexcludesbondswithwarrantsandstructurednotes.Thereisaminimumthresholdof12monthsformaturities,callorputperiodsandUSD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government51%

Financials28%

Industrials7%

Materials6%

Others8%

GlobalSukuk:ManagerRankingsHistory

GlobalSukuk:IndustryBreakdown

51%

28%

7%

6%

8%

CIMB RH

BHSBC Ci

ti

DubaiIslamicBank


5

10

MarketShare(%

)

0

15

2018 2017 2016



InternationalSukuk

InternationalSukuk

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 12.441 1,191 6 1 17.737 -5.296

Citi 2 11.971 1,146 6 10 2.136 9.835



CIMB 5 9.573 917 4 8 2.691 6.882



GulfInternationalBankBSC 8 3.721 356 2 - - 3.721

JPMorgan 9 3.607 345 3 10 2.136 1.471



BNPParibas 12 2.715 260 2 - - 2.715


NationalBankofBahrainBSC 14 2.089 200 1 - - 2.089

BankABC 15 1.734 166 2 13 1.645 0.089

NoorBank 16 1.708 164 3 24 0.449 1.259


Natixis 17 1.632 156 1 17 0.769 0.863

NationalCommercialBank 19 1.358 130 1 - - 1.358

AlkhairInternationalIslamicBankBhd

20 0.653 63 1 - - 0.653

TOTAL 100% 9,575 12 100%

ThistableconsistsofinternationalSukukissuances.Thisexcludesbondswithwarrants,domesticSukuk,credit-linkedsecuritiesandstructurednotes.Thereisaminimumthresholdof12monthsformaturities,callorputperiodsandUSD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government65%

Financials28%

ConsumerDiscretionary6%

InternationalSukuk:ManagerRankingsHistory

InternationalSukuk:IndustryBreakdown

65%

28%

6%

HSBC Ci

ti

DubaiIslamicBank


CIMB

AbuDhabiIslamicBank

5

10

15

MarketShare(%

)

0

20

2018 2017 2016



USDollarInternationalSukuk

USDollarInternationalSukuk

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 12.441 1,191 6 1 18.776 -6.335

Citi 2 11.971 1,146 6 10 2.261 9.710



CIMB 5 9.573 917 4 8 2.849 6.724



GulfInternationalBankBSC 8 3.721 356 2 - - 3.721

JPMorgan 9 3.607 345 3 10 2.261 1.346



BNPParibas 12 2.715 260 2 - - 2.715



BankABC 15 1.734 166 2 12 1.741 -0.007

NoorBank 16 1.708 164 3 23 0.475 1.233


Natixis 17 1.632 156 1 16 0.814 0.818

NationalCommercialBank 19 1.358 130 1 - - 1.358


20 0.653 63 1 - - 0.653

TOTAL 100% 9,575 12 100%

ThistableconsistsofInternationalSukukissuancesdenominatedinUSD.Thisexcludesbondswithwarrants,DomesticSukuk,credit-linkedsecuritiesandstructurednotes.Thereisaminimumthresholdof18monthsformaturities,callorputperiodsandUSD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government65%

Financials28%


USDollarInternationalSukuk:ManagerRankingsHistory

USDollarInternationalSukuk:IndustryBreakdown

65%

28%

6%

HSBC Ci

ti

DubaiIslamicBank


CIMB

AbuDhabiIslamicBank

5

10

15

MarketShare(%

)

0

20

2018 2017 2016



DomesticSukuk

DomesticSukuk

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

RHB 1 27.978 1,571 45 4 6.702 21.276

CIMB 2 21.963 1,234 33 2 14.708 7.255

AmInvestmentBankBhd 3 16.937 951 63 1 15.027 1.910

Maybank 4 16.399 921 21 3 14.184 2.215

KenangaInvestmentBankBhd 5 4.548 255 7 - - 4.548


HSBC 7 3.647 205 5 5 6.338 -2.691

BankIslamMalaysiaBerhad 8 1.312 74 3 - - 1.312

Oversea-ChineseBankingCorp

8 1.312 74 3 17 0.100 1.212

MandiriSekuritasPT 10 0.356 20 7 18 0.071 0.285

IndoPremierSecurities 10 0.356 20 7 18 0.071 0.285

VakifYatirimMenkulDegerlerAS

12 0.294 17 1 - - 0.294

BahanaSecurities 13 0.229 13 4 - - 0.229

DanareksaSekuritasPT 13 0.229 13 4 - - 0.229

PublicBankBerhad 15 0.150 8 2 - - 0.150

TrimegahSecurities 16 0.127 7 3 18 0.071 0.056

DBSGroup 16 0.127 7 3 18 0.071 0.056

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 5,616 97 100%

ThistableconsistsofdomesticSukukissuances.Thisexcludesbondswithwarrants,reverseconvertibles,syntheticconvertiblesandstructurednotes.Thereisaminimumthresholdof12monthsformaturities,callorputperiodsandUSD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government30%

Financials26%

Industrials17%

Materials17%

Utilities6%

Others4%

DomesticSukuk:ManagerRankingsHistory

DomesticSukuk:IndustryBreakdown

30%

26%

17%

17%

6%

4%

RHB

CIMB

AmInvestmentBankBhd

Maybank


AffinHwangCapital

10

20

30

40

MarketShare(%

)

0

45

2018 2017 2016



GCCSukuk

GCCSukuk

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

StandardCharteredBank 1 18.273 877 7 9 5.758 12.515

DubaiIslamicBank 2 10.366 498 4 10 5.104 5.262

HSBC 3 9.063 435 3 1 12.698 -3.635

Citi 4 8.126 390 3 13 3.112 5.014


FirstAbuDhabiBankPJSC 6 6.563 315 3 11 4.855 1.708

BNPParibas 7 5.417 260 2 - - 5.417




JPMorgan 11 3.855 185 2 13 3.112 0.743

NationalCommercialBank 12 2.709 130 1 3 6.722 -4.013

BankABC 13 2.604 125 1 15 2.397 0.207

NoorBank 14 2.552 123 2 25 0.654 1.898


Nomura 16 1.302 63 1 - - 1.302

GoldmanSachs 16 1.302 63 1 - - 1.302


16 1.302 63 1 - - 1.302

DeutscheBank 16 1.302 63 1 - - 1.302


TOTAL 100% 4,799 7 100%

ThistableconsistsofSukukissuancesbyissuersfromBahrain,Kuwait,Oman,Qatar,SaudiArabiaandtheUnitedArabEmirates.Thisexcludesbondswithwarrantsandcredit-linkedsecurities.Thereisaminimumthresholdof18monthsformaturities,callorputperiodsandUSD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials46%

Government42%


GCCSukuk:ManagerRankingsHistory

GCCSukuk:IndustryBreakdown

46%

42%

13%


DubaiIslamicBank

HSBC Ci

ti

SharjahIslamicBank

FirstAbuDhabiBankPJSC

10

20

30

MarketShare(%

)

0

35

2018 2017 2016



MalaysianRinggitSukuk

MalaysianRinggitIslamicSukuk

Q12018 Q12017

Firm RankMkt

Share(%)Volume(MYR

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

RHB 1 28.584 6,561 49 4 11.488 17.096

CIMB 2 28.472 6,535 65 2 26.845 1.627

Maybank 3 21.743 4,991 51 3 26.009 -4.266

AmInvestmentBankBhd 4 10.598 2,433 34 1 27.253 -16.655


5 4.357 1,000 7 - - 4.357

HSBC 6 3.486 800 5 - - 3.486


PublicBankBerhad 8 0.146 34 2 - - 0.146

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 22,952 96 100%

ThistableconsistsofSukukissuancesdenominatedinMalaysianRinggit.Thisexcludesbondswithwarrants.Thereisaminimumthresholdof12monthsformaturities,callorputperiods,andUSD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Utilities27%

Financials19%

Industrials18%

Materials17%

Government15%

Others4%

MalaysianRinggitIslamicSukuk:ManagerRankingsHistory

MalaysianRinggitIslamicSukuk:IndustryBreakdown

27%

19%

18%

17%

15%

4%

RHB

CIMB

Maybank

AmInvestmentBankBhd


HSBC

10

20

30

40

MarketShare(%

)

0

50

2018 2017 2016



EMEAIslamicFinancing:Bookrunner

EMEAIslamicFinancing(Bookrunner)

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


MitsubishiUFJFinancialGroupInc 1 9.155 765 1 - - 9.155

BankofChina 1 9.155 765 1 - - 9.155

Industrial&CommBankofChina 1 9.155 765 1 - - 9.155

JPMorgan 1 9.155 765 1 - - 9.155

HSBC 1 9.155 765 1 - - 9.155

SumitomoMitsuiFinancial 1 9.155 765 1 - - 9.155

Citi 1 9.155 765 1 - - 9.155

StandardCharteredBank 1 9.155 765 1 - - 9.155

MizuhoFinancial 1 9.155 765 1 - - 9.155


SharjahIslamicBank 12 0.598 50 1 - - 0.598

DubaiIslamicBank 12 0.598 50 1 - - 0.598

FirstAbuDhabiBankPJSC 12 0.598 50 1 - - 0.598

AbuDhabiCommercialBank 12 0.598 50 1 - - 0.598

NationalBankofEgypt 16 0.442 37 2 4 1.053 -0.611

BanqueMisrSAE 17 0.408 34 1 4 1.053 -0.645

CommercialInternationalBankofEgypt

17 0.408 34 1 4 1.053 -0.645

QatarNationalBank 17 0.408 34 1 4 1.053 -0.645

ArabAfricanInternationalBank 17 0.408 34 1 4 1.053 -0.645

TOTAL 100% 8,355 6 100%

ThistableconsistsofIslamicfinancingwithamarketofsyndicationintheEMEAregion.Thisexcludesbilateralloans.Thereisaminimumthresholdof3monthsformaturities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government85%

Industrials6%

Financials6%

Others2%

EMEAIslamicFinancing:BookrunnerRankingsHistory

EMEAIslamicFinancing:IndustryBreakdown

85%

6%6%

2%

CreditAgricoleCIB


BankofChina


JPMorgan

HSBC

SumitomoMitsuiFinancial

Citi


MizuhoFinancial

2

4

6

8

MarketShare(%

)

0

10

2018 2017 2016



EMEAIslamicFinancing:MandatedLeadArranger

EMEAIslamicFinancing(MandatedLeadArranger)

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofChina 1 7.450 643 2 - - 7.450


1 7.450 643 2 - - 7.450




4 7.381 638 1 - - 7.381

JPMorgan 4 7.381 638 1 - - 7.381

HSBC 4 7.381 638 1 4 9.817 -2.436

BNPParibas 4 7.381 638 1 - - 7.381


Citi 4 7.381 638 1 - - 7.381

GoldmanSachs 4 7.381 638 1 - - 7.381



KuwaitFinanceHouse 14 1.611 139 1 - - 1.611





NationalBankofEgypt 19 0.427 37 2 14 0.118 0.309

BanqueMisrSAE 20 0.394 34 1 14 0.118 0.276

TOTAL 100% 8,636 8 100%


Government85%

Industrials6%

Financials6%

Others2%

EMEAIslamicFinancing:MandatedLeadArrangerRankingsHistory


85%

6%6%

2%

BankofChina



CreditAgricoleCIB


JPMorgan

HSBC

BNPParibas


Citi

GoldmanSachs

MizuhoFinancial

2

4

6

8

MarketShare(%

)

0

10

2018 2017 2016



EMEAIslamicFinancing:AdministrativeAgent

EMEAIslamicFinancing(AdministrativeAgent)

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MizuhoFinancial 1 88.124 7,650 1 - - 88.124

SocieteGenerale 2 3.801 330 2 4 3.040 0.761


AbuDhabiCommercialBank

4 2.304 200 1 - - 2.304


- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 8,680 7 100%


Government85%

Industrials6%

Financials6%

Others2%

EMEAIslamicFinancing:AdministrativeAgentRankingsHistory


85%

6%6%

2%

MizuhoFinancial

SocieteGenerale

AbuDhabiIslamicBank


NationalBankofEgypt

20

40

60

80

MarketShare(%

)

0

90

2018 2017 2016



GlobalIslamicFinancing:Bookrunner

GlobalIslamicFinancing:Bookrunner

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MitsubishiUFJFinancialGroupInc 1 9.234 791 2 - - 9.234


Citi 1 9.234 791 2 - - 9.234



BankofChina 5 8.933 765 1 5 1.776 7.157

Industrial&CommBankofChina 5 8.933 765 1 - - 8.933

JPMorgan 5 8.933 765 1 - - 8.933

HSBC 5 8.933 765 1 - - 8.933



Oversea-ChineseBankingCorp 12 0.619 53 1 - - 0.619





NationalBankofEgypt 17 0.431 37 2 12 0.466 -0.035

BanqueMisrSAE 18 0.398 34 1 12 0.466 -0.068

CommercialInternationalBankofEgypt

18 0.398 34 1 12 0.466 -0.068

QatarNationalBank 18 0.398 34 1 12 0.466 -0.068

TOTAL 100% 8,563 8 100%

ThistableconsistsofallGlobalSyndicatedIslamicFinancing.ItexcludesbilateralIslamicFinancing.Thereisaminimumthresholdof3monthsformaturities.PleaseseetheLeagueTableStandardsandGuidelinesforfurtherdetails.

Government83%

Industrials8%

Financials6%

Others2%

GlobalIslamicFinancing:BookrunnerRankingsHistory

GlobalIslamicFinancing:IndustryBreakdown

83%

8%

6%

2%



Citi

MizuhoFinancial

CreditAgricoleCIB

BankofChina


JPMorgan

HSBC


2

4

6

8

MarketShare(%

)

0

10

2018 2017 2016



GlobalIslamicFinancing:MandatedLeadArranger

GlobalIslamicFinancing:MandatedLeadArranger

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofChina 1 7.494 663 3 16 0.352 7.142


2 7.427 657 2 - - 7.427

BNPParibas 2 7.427 657 2 16 0.352 7.075


Citi 2 7.427 657 2 - - 7.427



7 7.275 643 2 - - 7.275



JPMorgan 9 7.208 638 1 - - 7.208

HSBC 9 7.208 638 1 3 12.960 -5.752

GoldmanSachs 9 7.208 638 1 - - 7.208


KuwaitFinanceHouse 14 1.574 139 1 - - 1.574






BanqueMisrSAE 20 0.385 34 1 23 0.092 0.293

TOTAL 100% 8,844 10 100%


Government83%

Industrials8%

Financials6%

Others2%


83%

8%

6%

2%

BankofChina


BNPParibas


Citi

MizuhoFinancial

2

4

6

8

MarketShare(%

)

0

10

2018 2017 2016



GlobalIslamicFinancing:AdministrativeAgent

GlobalIslamicFinancing:AdministrativeAgent

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MizuhoFinancial 1 86.062 7,650 1 - - 86.062

SocieteGenerale 2 3.712 330 2 5 2.825 0.887




Citi 6 1.744 155 1 - - 1.744

Oversea-ChineseBankingCorp

7 0.596 53 1 - - 0.596

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 8,888 9 100%


Government83%

Industrials8%

Financials6%

Others2%


83%

8%

6%

2%

MizuhoFinancial

SocieteGenerale

AbuDhabiIslamicBank


NationalBankofEgypt Ci

ti

20

40

60

80

MarketShare(%

)

0

90

2018 2017 2016

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

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.

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.

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 is provided in three 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. 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, municipal commercial paper, 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

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Documents

ISLAMIC CAPITAL MARKETS