Q22015 Cover Page.ppt - Thomson Reutersdmi.thomsonreuters.com/Content/Files/2Q2015_Global_Capital_Markets...global capital markets review reuters / tony gentile global capital markets

GLOBAL CAPITAL MARKETS REVIEWREUTERS / Tony Gentile

GLOBAL CAPITAL MARKETS REVIEWLEGAL ADVISORS

First Half 2015

11

11

11

Canada All Debt (CAL1) - Manager

Canada Equity & Equity-related (CAL4) - Issuer

Canada Equity & Equity-related (CAL4) - Manager

Japan Capital Markets

Japan Common Stock (JL1) - Issuer

Japan Common Stock (JL2) - Manager

Samurai Bonds (JL5) - Issuer

Samurai Bonds (JL6) - Manager

11

Canada Capital Markets

6

6

6

6

Canada All Debt (CAL1) - Issuer

EMEA Capital Markets

7

7

All International Bonds (AV1) - Issuer

All International Bonds (AV2) - Manager

10

10

Australia International Bonds (BW1) - Issuer

Australia International Bonds (BW2) - Manager

1

Global Debt, Equity & Equity-related Excluding FCA (G01) - Manager

Quarterly Global Legal Advisor Debt, Equity and Equity-related Chart

First Half 2015 | Global Capital Markets | Legal Advisors

US CAPITAL MARKETS REVIEW

Table of Contents

Global Capital Markets

Global Deals Intelligence

Global Debt, Equity & Equity-related Excluding FCA (G01) - Issuer

1

1

Global Straight Debt Including ABS & MBS (G02) - Issuer

Global Straight Debt Including ABS & MBS (G02) - Manager

2

2

2

1

Global Straight Debt Excluding ABS & MBS (G03) - Issuer

https://www.thomsonone.com

Criteria Summary

Ranking Criteria Summary 12

EMEA Equity & Equity-related (AX2) - Manager

9

Asia Pacific G3 Bonds (BV1) - Issuer

Asia Pacific (Ex Japan) Capital Markets

8

8

Asia Equity & Equity-related (BX1) - Issuer

Asia Equity & Equity-related (BX2) - Manager

Asia Pacific G3 Bonds (BV2) - Manager

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) - Issuer

Thomson Reuters Contact

8

8

7EMEA Equity & Equity-related (AX1) - Issuer

Australia Equity & Equity-related (BY2) - Manager

9

10

10

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) - Manager

Australia Equity & Equity-related (BY1) - IssuerUS Straight Debt Including ABS & MBS (AB6) - Manager

US Straight Debt Including ABS & MBS (AB6) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Manager

5

5

5

5

12

Thomson Reuters Solutions For the Deal Making Community

13

Global Equity & Equity-related (G08) - Issuer

3

4

7

Global Equity & Equity-related (G08) - Manager

US Debt, Equity & Equity Related (AB1) - Issuer

3

2

US Equity & Equity Related (AB2) - Issuer

US Equity & Equity Related (AB2) - Manager

4

4

US Debt, Equity & Equity Related (AB1) - Manager 4

Global Straight Debt Excluding ABS & MBS (G03) - Manager

US Capital Markets

19*Freshfields Bruckhaus Deringer 19*Cravath, Swaine & Moore

18

22 895 361,822.9

59

19

48*

13

1115*

7

14 22

15*36

Skadden

Simpson Thacher & Bartlett

+0.76

7 +1.0

8*

5 -0.1-0.8

1.912 1.4

-

+1.0 0.8 1.9

3.0

0.8-2.2

+0.249,407.2

-0.51.60.7 0.7

957,553.0-52

-25 -2

48,375.81.4

14 +0.211

+0.21.935,380.4 1.065,809.6 7 +8

-18

64

0.2+0.1

+0.1

+24

3532,870.9

5,923.2

+9

0.2

0.55353 11,026.3

+250.90.3

15

-27

616,469.7

-0.1

-0.16,273.6 0.2

-0.3 8 1.8

-0 30 7+0.6

19 -2016

13 73

-26

-25

10

0.70.8

0Latham & Watkins

2014 Rank

5

2 5

Cleary Gottlieb Steen & Hamilton

Sidley Austin LLP 3

-0.3

Market

117 3Sh (%)

4Proceeds

+5 85,852.7

2015 Rank Deals

2.4

# of

1.2


GLOBAL CAPITAL MARKETS REVIEW

Global Debt & Equity Proceeds Down 9.8% from 2014 | Equity Proceeds up 9.5% | Allen & Overy Top Advisor

Share Ch.Market

Jan 1 - Jun 30

Market# of Deals per Advisor Proceeds per Advisor (US$m)

Issuer Legal Advisor

69 67,929.63

11.0

0.7 -569

4

-590.7

Linklaters 8*

Allen & Overy

Davis Polk & Wardwell

Clifford Chance82

7072

8

6

Global Debt, Equity & Equity-related Ex FCA (G01)

+0.1

Rank# of DealsShare

99 1.6

1

Change in

10

-977

13

1

2

55,333.1

+6

0

-53

-

2.4

667,542.542,326.9

108,989.24

106,378.4

3.184,752.0

1.2

420.5

0.6

0 4

54Anderson Mori & Tomotsune

Kirkland & EllisGrandall Law Firm

26

17Conyers Dill & Pearman 12Zhong Lun Law Firm

White & Case LLP11 14

90.6

King & Wood Mallesons 0.6Sullivan & Cromwell

Mayer Brown LLP67

0.712

210

0.445

0.5

645855

36-10.436

Total combined debt and equity capital markets activity totaled over US$3.5 trillion for the first half of2015, a decrease of 9.8% in comparison to the capital raised during the same period last year.

Allen & Overy was the top overall advisor to issuers across debt and equity in the first half of 2015;advising issuers on 117 deals totaling US$85.9 billion. Allen & Overy was also the top overall advisor tomanagers across debt and equity in the first half of 2015; advising managers on 355 transactionstotaling US$210.4 billion.

Global Straight Debt excluding securitizations totaled US$2.5 trillion in the first half of 2015,representing a 14.2% decrease compared to the same period in 2014. The total number of dealsexecuted in the first half of 2015 (5,933) decreased by 19.6% relative to 2014's total.

Global equity capital markets activity totaled US$525.4 billion in the first half of 2015, representing a9.5% increase from last year. The total number of deals executed in the first half of 2015 (2,684)increased by 8.3% relative to 2014s first half total. Latham & Watkins took first place amoung issuer advisors in global equity capital markets in the firsthalf of 2015, with 53 issues totaling over US$21.4 billion. Latham & Watkins was also the leading global equity and equity-related legal advisor to managers, having advised on a total of 107 transactions witha total value of almost US$33.4 billion in proceeds raised.

Global High Yield corporate debt volume reached US$241.6 billion during the first half of 2015, a 12%decrease compared to the first half of 2014 and the slowest first half for global high yield issuance int S d t 2015 hi h i ld i d d 27% d t th d b ki

hare

18,228.0 23 0.5 +0.119* 20* 36

0.1

+1.42

+0.7

3.0

8

Sh (%)210,414.7

Market

6.0 -1.0-1.8

Proceeds per Advisor (US$m)Market

Linklaters 2.4

Deals

-17.3%

3

# of DealsChange in

Share Ch.

Jan 1 - Jun 30

2.0

1

1.9193,344.0

1.1 92,636.1

86,052.8

0.9

+0.6

+0.1

-

0

100.0

* tie

1011

13

Morgan Lewis & Bockius

Skadden

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

12

Freshfields Bruckhaus Deringer

White & Case LLP 9Cleary Gottlieb Steen & Hamilton

19

% Change from Same Period Last Year

6

10

Goodwin Procter LLP

Cravath, Swaine & MooreMayer Brown LLP

Global Debt, Equity & Equity-related Ex FCA (G01)

RankProceeds

Stikeman Elliott15*

Shearman & Sterling LLP

Simpson Thacher & Bartlett 90

2

2015 Rank

2014 Rank

184

9,761

Manager Legal Advisor

22,895.3

# of Deals per Advisor

Vinson & Elkins LLP

0.3

3,517,385.3

0.7

100.0

19

-11.6%

100.0

-9.8%

0.4 -10

5 7

20

355

-1,285

16

192

# of

8

236 5.0

1.2

-6

-136

175,029.95.52.59

-1.9115,174.7 3.3

-0.7 123

8

1.3

2.63.5

104,064.5 6

7 -22-16

Cahill Gordon & Reindel

13

5

14*

+13

Clifford Chance111

0.881+0.34124,109.5

+0.81.91268,401.0

82,657.2 10 2.4

141611

+1.0

0.82.3

1658 34,224.8 -0.1

+0.1

0.92.9

+0.1

3015 1.0

13 -0.11.717

25*

-0.1

41

117

0.7

18,477.0

76

0.5

23,232.94,245.8

0.4 60,761.40

33,110.5101,163.4

+0.2

7

4025*18 44

12

-210.6

+5

17

68 0.7

78

+20.8 -7

79,305.0 11

-13.2%

0.4

Allen & Overy

Industry Total

3

Latham & Watkins 4

Market

36

1 3.6

Sidley Austin LLP


6

4

1

3 52

-43

% Change from Last Quarter

66

-157

38

100.0

-1-27

-1541

0.40.4

+4

+8

-

-90.7 +5

0.4

9,761Industry Total -1,285

2217



Sullivan & Cromwell

3,517,385.3

-9.8%

-11.6%

Excludes Federal Credit Agency Issuance

-17.3%

% Change from Last Quarter -13.2%

+0.1

two years. Second quarter 2015 high yield issuance decreased 27% compared to the record-breakingsecond quarter of last year (US$163.0 billion).

Initial public offering activity during the first half of 2015 totaled US$100.2 billion, a decrease of 16%from last year and the slowest first half for global IPOs in two years. Issuers in China, Spain, the U.S.and U.K. accounted for 64% of all activity during the first half of 2015.

23 31 0.3 -8 13,171.8

15*

+0.5

Quarterly Global Legal-Advisor Debt, Equity and Equity-related

McCarthy Tetrault 19* 23 0.440,952.3 1.214

Morrison & Foerster 19* 29* 31 0.3

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

0

500

1,000

1,500

2,000

2,500

1Q11 2Q 3Q 4Q

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q 4Q

1Q15 2Q

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

1

8

-1,4576,831

0.81.8

14

2,954,964.9

-70 +3

0.3

+0.6

2711,628.8

Industry Total 100.0

0.1

+0.2

+0.1

2,483.8

0.4-0.1

24,370.31116

4740,338.5

1.4

46

0.3Sullivan & Cromwell 16 18 27 0.4

17 31*

1722,481.915 16 33 0.514 19 35 0.5

1.647,386.6

Skadden

0.7

-0.2+0.154,428.6

13 0.8

10

-17

-0.1-1

-2

+0.1

0.8

3.5 +0.2

-6-0.2

2.9-14 +0.886,583.0 7

5

52,480.867,709.9

-

2.6

+0.81.8

103,030.3

5 3

768

1.1


6-26Latham & Watkins 7 6*

-90.9

-23

Shearman & Sterling LLP 0.80.8

1213

86


Mayer Brown LLP 10 14 55


Cravath, Swaine & Moore

15,405.9

22,446.525,306.5

11

4

6

0.8

1.91.7

11

15

Osler Hoskin & Harcourt LLP

18

22

97Cravath, Swaine & Moore

23 -19

49,454.50.60.6 +7Sullivan & Cromwell 13

Simpson Thacher & Bartlett 14 6 40

Kirkland & Ellis 12 14 44 0.656,342.418

-341

Davis Polk & Wardwell 11 11*

2.4 +0.9-8-7

Latham & Watkins

0 -

69,459.3 4

2.5 +0.5 1.21310 9 46 0.7

Skadden 9 11* 47 0.7White & Case LLP 7* 1 54 0.8

Mayer Brown LLP 6 7Anderson Mori & Tomotsune 7* 15 54 0.8

Sidley Austin LLP

Linklaters 4* 3* 58 0.9Clifford Chance 4*Cleary Gottlieb Steen & Hamilton

2

0

2.3

0

0 -15

2.11.0

9

-

30,422.7

-0.8

61,977.9

876,746.312

29,930.0

-56

+9

33,848.4-5

-25

-2.2

MarketMarket

374

8 +4-2

Proceeds

60 0.9

+12 -0.95.0

Sh (%) Share Ch.

40,749.1

2 1.15

Allen & Gledhill

86,668.7 Linklaters

Davis Polk & Wardwell23

-0.212

-36

+0.7

2.7

1 2.9

1 344

58

0.9 -43 5

+0.1 -1.9

24-11

190.425

+10

-17.6%

+0.20.5

0.4

-0.3-29

King & Wood Mallesons+0.40.7

7,339.021

-12.7%

100.0

-1,457

2120

25*

2,954,964.9 20McCarthy Tetrault

1819,278.6

0-

+0.4-

+0.2-

White & Case LLP0

20

Morrison & Foerster0.9

15

1.8Morgan Lewis & Bockius

-218*0.3

22* 23 0.3100.0

King & Wood Mallesons 17 1018*


Industry Total

Freshfields Bruckhaus Deringer 16

6,831

17-2

56 0.8

1.0

28 0.4

5,923.21.5

42,622.1

1043,134.8

11

Shearman & Sterling LLP 16

47

1.48 -38 51,900.2 1.8

-0.80.2

-0.1

-0.1

Market# of DealsDeals

314 0

5

57,194.4 -2.2

2

Market

108Allen & Overy 1 3* 80,414.6Rank

1.9

1.4

Global Straight Debt Including ABS & MBS (G02)

Change in Manager Legal Advisor

Jan 1 - Jun 30

GLOBAL DEBT CAPITAL MARKETS

Proceeds per Advisor (US$m)# of

1.6Issuer Legal Advisor Share

2014 Rank

2015 Rank

# of Deals per AdvisorMarket


Share


Global Straight Debt Including ABS & MBS (G02)

Rank# of Deals Sh (%)

Jan 1 - Jun 30

53,489.0

73,999.2

7.03

1.3

-12

0.3+4

1017

27* 1919

0.3

5.1+999,230.4

149,367.8

3.5

2+5

1.4 4

45 0.7 13 54

103,052.7-126Clifford Chance+0.1

11Allen & Overy

107

9

4 6

1.6

Market2014 Rank

+5

2015 Rank

Sidley Austin LLP 6*98

Change in

-1212.921.7

+1.05

199

3.4

148,068.3

# ofDeals

5.0Share Ch.

205,593.9Proceeds

Proceeds per Advisor (US$m)

+1.7

100.0

113

63

0.3

52

23

67 1.0

2


Allen & Overy

0.8

17

13

-0.2

80,448.1 1

Change in

-24.8%

-0.2

0.9

-0.1

Sh (%)

-0.7


-22.0%


-12.7%

Share Ch.

-2.2

61,292.7 2.4

1.6

+2.0

Jan 1 - Jun 30

Industry Total

-14.2%-27.2%

100.05,933



% Change from Last Quarter -25.5% -25.5%

2.1

-89

40,115.0

3.0

White & Case LLP

90.811

Latham & WatkinsDavis Polk & Wardwell

161*

49 54,849.8-48

58

0.8

51,900.2-36 - 2

Market

1.7101Rank Sh (%)

0.20

3 10

74,960.3

Market

354

4

5,923.2

DealsMarket2015

RankMarket

Share Ch.

319

# ofShare

Linklaters 2

-17.6%

5.43.4

Anderson Mori & Tomotsune

14

5Clifford Chance 4

5

3

191,249.05.9148,068.3

2 5.9

7.6

149,367.8

1

MarketRank

-2.0

Proceeds

Global Straight Debt Excluding ABS & MBS (G03)

-

4 4.1

12 2.13.0 +0.87

0

100,980.4

102,181.8

4.0

1.6 -119

51,919.61.5 -23 76,746.3

0.9

-26

1.0 -8

1.3 +0.3

+1.2

5

8

20

0 -

27

86,583.00

-6

2.4

6-5 3.4

+1.061,400.0

-0.1

+0.8

-0.1

+0.3

2.4

1511

9

Manager Legal Advisor2014 Rank

0.5-13

# of Deals+8

-57+7

25

-12

0.113

0 14

0.37,339.0-70

19,395.7

40,338.50.4 +102,483.8

0.3

+9

0.8

0.91.0

% Change from Last Quarter -24.8%17.6%

Linklaters

2014 Rank

# ofDeals

1

7

Sullivan & Cromwell

2015 Rank

Market

454442

Clifford Chance

SkaddenCleary Gottlieb Steen & Hamilton

6

Allen & Overy

Global Straight Debt Excluding ABS & MBS (G03)

4 1*

Proceeds

Jan 1 - Jun 30


12.7%


5


ShareChange in


-22.0%

2

+22

7* 0.7

46

6 -12

68,662.7 2.7

-338

4

32,214.7

400.7

+0.2

-8

-0.1

-1.056,342.4 535,326.7

41

-17

3110.7

14,580.1

-1,449

73,799.2


14

21

-4

1718

52,489.0

-19.6%


-30.4

24

-13

0.4

15

Simpson Thacher & Bartlett12

510 0.7

-26 59,768.0

41

0.5

+6

1.6

2.254,428.6

-10

Kirkland & Ellis

+0.2

White & Case LLP

7* +4 +0.1Shearman & Sterling LLP

723

16

-0.2

22* 21Allen & Gledhill

Skadden 28

+0.714

-13

1.9

0.616 0.9

19,620.2

23

90.6

0.521,384.8

10

0.6

3.2

-0.11.4

+0.3

48,025.1

+1.1+0.6

1.32.9

+0.995

1.9113Davis Polk & Wardwell 3

86Latham & Watkins

0.8

Shearman & Sterling LLPCravath, Swaine & Moore

53

Morrison & Foerster

11

10

12

0.616

50

9

0.9

Sullivan & Cromwell

52

35

16

718Mayer Brown LLP


15 28

6

17

15

0.813

75

20

51

199458

0.4

10

1

3

1

6

+9

-26-118


# of Deals

60

11

6

2.2Sidley Austin LLP

7

2.2

-2.54

+0.5

12

8



13

0.4

0.3

-0.1

2.10.8 +0.1

Sidley Austin LLP 13 12Cravath, Swaine & Moore

17

+17

Mayer Brown LLPKing & Wood Mallesons

McGuireWoods LLP 15,127.9

113328

0.4

2024

24 -2818,971.6

-0.3

26

-0.122

13,911.4

25,306.5

0.6

0.319*

12 1.018 King & Wood Mallesons

-17 12,645.6-3

14

15*

1715* 19

1817

239,747.9 0.5

0.417

* tie Excludes Federal Credit Agency Issuance

-14.2%

100.0

15,021.5 21 0.6 +0.1 McCarthy Tetrault+12,523,349.1


2,523,349.1 100.0

0.6

% Change from Same Period Last Year -19.6%

0 200.3 -0.3

0.4

+0.2Milbank Tweed Hadley & McCloy

0.30.3

24*Willkie Farr & Gallagher 19* 24*19* 82*

2020

10,286.5+0.5

Industry Total 100.05,933

190.4

-1,449

-

2

+3 0 3 -1 0 Jingtian & Gongcheng 20* 35* 15 0 6 1 757 9 65

1.2

Sh (%)# of Deals

+17

2.0 4.1

Jan 1 - Jun 30

GLOBAL EQUITY CAPITAL MARKETS

2Rank

Change in

21,484.7 +0.4

2014 Rank

1Deals

Market

3 36

0.9

-122

24

2*

525,398.40.5

Linklaters 4

0.9

Industry Total +205100.0

+0.7

-0.6


Goodwin Procter LLP1.3

24

White & Case LLPCooley LLP

6*

2,68416

2.9

6.4Rank

2015 Rank Share Ch.ShareIssuer Legal Advisor

Market MarketProceeds

2014 Rank

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

ShareDealsMarket

Davis Polk & WardwellLatham & Watkins

5 +72 -15

1.43 37

Latham & Watkins 1 +853

Global Equity & Equity-related (G08)

# of


Proceeds

Proceeds per Advisor (US$m)MarketSh (%) Share Ch.# of Deals

2.9

100.0

-

1

79

# of Deals per Advisor2015 Rank

107 4.0Manager Legal Advisor

# of Change in

Jan 1 - Jun 30 Global Equity & Equity-related (G08)

39 1.5 0.9

6,136.4 19Conyers Dill & Pearman 3* 1 38 1.4 -12

2Zhong Lun Law Firm

King & Wood Mallesons

+25

16 38 1.4

27*

Cooley LLP -3Grandall Law Firm 3*

+0.1 26

4,468.15,119.8 1.0

31

5* 8* 33 1.2 +55* 4 33 1.2 3,820.1 36

0.7 -0.17

18,475.1 410,040.1

3.5 -0.8Simpson Thacher & Bartlett 7 5 29 1.1 -11.9 +0.7

1.8

9* 14* 25 0.9 +29,200.3 +0.19Venable LLP 8 6* 28 1.0 -1

1 6.6 +3.7 34,880.82.915,292.7 -0.4Skadden 9* 2* 25 0.9 -20

Davis Polk & Wardwell5

-0.2Goodwin Procter LLP 11* 22* 24 0.9 +9 3,682.1 38 Vinson & Elkins LLP 11* 10 24 0.9 12

0.7

0.7 +0.1

1.9 -1.8-3 8,445.9

10,217.4-100.3+1

1.6

-0.1 6

0.7

Ropes & Gray 15* 27* 18

17* 19Clifford Chance 13* 6* 19DLA Piper LLP 13*

2,419.2+4

51Baker & McKenzie 15* 8* 18 0.7

WilmerHale 1717 22* 0.61.05,320.9 25

+254*

+9

16

+7162,407.0Jun He Law Offices

Grandway Law Offices 18*0.6

+0.1 1.2

0

00.2

17*

Vinson & Elkins LLP-0.2

+4

-0.50.5

0 - 2,374.4 54946.5

522,047.0

-10

-0.1

+0.10.4 +0.2

+0.2

0.60.42,222.2 55

57

0.7

0.5

1,393.9 80

10018* 66*20* 42* 15 0.6

Burnet Duckworth & Palmer+4

20* 22* 15 0.6Appleby

43,976.2 13,749.6

-37

+7

29 0.7

+0.8124

-1.6

38

1.90

20,813.2 3

26,798.0 5.15

8 27 1.0 20,892.91.0274

5 1.3

9,854.5

+142,163.9

-7

13 346*

+0.3

+1.4

8 7 25 0.9 -3

0.4+2

Norton Rose Fulbright 9* 16*Cahill Gordon & Reindel 9* 9

0.60.6

Blake Cassels & Graydon

0.616

15

Cravath, Swaine & MooreSidley Austin LLP 15*

37*

+5

19 0.7

16

-10

0.6 4,834.1

1011,922.810,277.0

9

301,010.0

15

0.2

6,418.2

112.3

151,716.8

+4

-6

3.2

2114,580.3

+1.8

-0.4

-0.9

0

2.0

-

2.8

+0.4

4,687.0 23

0.9

20+0.1

16,856.6

-0.2

4.0

6 +0.5

4.0

8.4

Market

-0.9-2 -1.433,378.7 2

Clifford Chance

0.8 2021*

- 15,252.3 7

0.8 +6

4,907.5 0.9

+0.3

59+0.1

0.9

+0.8

0.344 +0.1

0.7

24*

+3-

+4

11

1714

0.60.6

53,732.432*Ropes & Gray 17* 15

17* 42* 0.6


37*

13 6

2

Mintz Levin Cohn Ferris Glovsky & Pope

15*

17*

37*

11 10Stikeman ElliottShearman & Sterling LLP

Skadden

12

+3 0.3 1.0 Jingtian & Gongcheng 20 35 15 0.6Paul, Weiss 20* 11 15 0.6 -11

1,757.9 65


* tie

9.5% 6,279.2 17 1.2 -0.9



100.0Industry Total % Change from Last Quarter 19.3% 10.0%

8.3% 9.5%

100.0+205

525,398.42,684

% Change from Last Quarter 19.3% 10.0%

% Change from Same Period Last Year 8.3%

3

100.0 -222

-9.6% 2.3%

100.0

+0.9

+0.1

22

-0.9+169,756.4

+959

-0.4


7

35.5

# of Deals Proceeds

Sullivan & Cromwell

Goodwin Procter LLP

10

Venable LLP

9

6*

6*

17 3515* 22

1.4

21 1.5

Maples & Calder

15*

Morgan Lewis & Bockius

1.1

Clifford Chance

White & Case LLP

Ropes & Gray

Vinson & Elkins LLPCravath, Swaine & Moore

11

Cooley LLP12*


14*14 16* 31

183212*

13

10*

-27

2-19

- 35,804.8

2.6

3.260,852.6

Sh (%)

Mayer Brown LLP

Kirkland & Ellis

Sidley Austin LLP63

Skadden


3

5

67Simpson Thacher & Bartlett

2015 Rank

1

2014 Rank

21

Issuer Legal AdvisorLatham & Watkins 81

MarketDeals

4

3.6

2.5-14

82,777.141,548.3

5

2.0 -101.6

+928,295.5

2.2

43

1.16

77,897.010

15

42

28*19*

1.8

57,272.5

2.3%

2,080

32 1.5

22 1.1

19

1.5

251.2

+3

0

15,898.812 -0.5

0.6

1.0

-1

12Hogan Lovells

19

18

Industry Total


19*-19

+1

1.2

34

24

-10

-4

+41.428+6

31

1.4

9,776.5

+0.4

23,848.2

-0.34,359.9

100.0

2554

59

-3.50.2 0

4.81.9

+0.1

0.3

-1.4

-

1,620,629.3

3,791.3

-0.5


+0.4 Cahill Gordon & Reindel

+0.1


Morgan Lewis & Bockius0

78

10*50

9

516

49

2.653

Change in

93.0

0

1+0.2

5.1

# of

US Debt, Equity & Equity Related (AB1) Jan 1 - Jun 30

Market

3.9 -8


Jan 1 - Jun 30

2015 Rank

2014 Rank

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

4Davis Polk & Wardwell 2 2

1

Sidley Austin LLP

Latham & Watkins 1 -27170 8.22.7 -0.2

Change in # ofRank

-2.64.7 Manager Legal Advisor

6Proceeds

3

Sh (%) Share Ch.RankSh (%)Market

DealsShare Ch.Market


US Debt, Equity & Equity Related (AB1)

150 7.2

# of DealsMarketMarket

Sh (%)

6*

0

11


Shearman & Sterling LLP11

6*

21

-2

4.26.0

2.1

+0.4

5.6 +0.6

10 2.4

151.4

-

+0.1

1.7

22,929.7

3.40.3

+0.82.2

-17

-0.6

8

-16

4

1464,915.2

+0.7

-0.34.0

12

68,676.8 7

28,014.2

95,272.2 +1.25.9

-0.7

1.7

-32.2 -1.433,849.4

-18

382.1

1638 1.8

44

34

27,226.3

4,245.8

2,143.9 -0.1

955,460.5-0.4

35,868.8-0.1

-1-17

46

18

0.138,828.6

-1.113

0.921 0.7

2,0802.0

+0.11.020

23

1.41.3

29*17*

Linklaters 15Cooley LLP

14 2927

Morrison & Foerster +101.2 2516 21* +2

1.2

13

15 -191.1

1,620,629.3-29 32,959.8

100.0-222

22,418.1 13

0.6

0.7

Clifford Chance

White & Case LLP

-9.6%

-1316* 25

1933 -0.3

14,410.111,397.5

46

-7

-0.4

43,126.7

+7

+1

11

42.8

31,356.1

58,466.8

8

2.425

2.4

28

18,003.7

1.5 9,943.2

+8 11,708.8

4.3

10Mayer Brown LLP

2.23.8

4Simpson Thacher & Bartlett

5

-Goodwin Procter LLPSullivan & Cromwell 14

12*

11

Skadden46

Allen & Overy53 9

3

67

5.2109

5 76

59+0.6

8

3.7

6* 9 59 2.82.8

2.6

+1.9

76,491.4

11589,870.1

157,216.2

-132.8 -8

59

1 9.7 +1.86.1 +1.22

5-2396,761.6

-8

3

98,944.1

19

1.810

12* +120

34 1.6

18+7

Industry Total

Hunton & Williams17*

Excludes U.S. Federal Credit Agency Issuance

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

10

100.0

4.0 +1.7

2680

+3.82,353.2 -0.68,009.4

1.4Cravath, Swaine & Moore

107*

1.2

604

7 1.21.2 -2

100.0

-0.1

Industry Total

Dorsey & Whitney LLP

-50 170,795.0

1.6 -3.11.6 +0.6

-13.6%

4.14.5

17*1.3

8 4.7

9.6%

Sullivan & Cromwell

2.5

-50

+34,775.33,732.4

4.9

+2 12

0 8,421.5+6

2.3%

-6.2%

-6.4%

-13.6%-6.4%

1.9

-7.6% 7.9% % Change from Last Quarter% Change from Same Period Last Year

Sullivan & Cromwell 15* 8+2

77

27*19*

19*

Hogan Lovells 15* 21*

39*Clifford Chance 19* 21*

8 1.32,646.3Kirkland & Ellis 15* 7 8

2,644.4

+1

2322

6,799.3-13

7,243.5 9

-1

4.2 -0.2+2 5,822.1 11

+4

Debevoise & Plimpton 15* 33* 8 1.3

3,756.5 17Davis Polk & Wardwell 14 18* 10 1.7 0 -

Wilson Sonsini Goodrich & Rosati 10* 6 12 2.0Akin, Gump, Strauss, Hauer & Feld 13 27* 11 1.8

-10 3,645.9 18+2

5,755.7 13+5

Baker Botts LLP 10*10* 18* 12DLA Piper LLP

27* 121,168.2 42

2.0

2.03.4

Ropes & Gray 9 13 15 2.5 4,066.7+1WilmerHale 8 10* 17 2.8 +2Skadden 7 2* 18 3.0 12,949.5-18Vinson & Elkins LLP 6 5 22 3.6Goodwin Procter LLP 5 10* 3.8Simpson Thacher & Bartlett 4 8 25 4.1 +6

16

2

15

1.37.6

27 -0.22.4

+1.1

5.4

+0.1+1.5

3.4

2 2* 32

Market

3,791.35.31

-6.2%

Goodwin Procter LLP3 4

US Equity & Equity Related (AB2)



2014 Rank

Cooley LLP4 6.4 Latham & Watkins


2.3%

9,200.3

41Share Ch.Sh (%)

6.8

-1 6-4 -0.2+2

2.2

716*Cravath, Swaine & Moore

2.14.8

28 3

Issuer Legal Advisor2015 Rank

1923

1

Market

Venable LLP 4.6 +0.1

-0.57

8.2

Latham & Watkins 1 10,879.3 -1.2

Skadden

-3

14,060.2+8

13,587.1

2,222.2

6 3.68,221.5+0.4

Cahill Gordon & Reindel 5+0.3

327

-+1255

37

6

6.14

22

-10.5%% Change from Same Period Last Year

# of MarketChange in

Sidley Austin LLP

0.7

2.2 +0.4

0

+1.4

Baker Botts LLP


+1

21

17* 22* 9

15

9

14

12*

1.549*

15 16*

2




2014 Rank

US Equity & Equity Related (AB2)

-10.5%

-0.1

9.6%

Jan 1 - Jun 30

-0.312 -3.8

Market

15.4Rank


# of Deals

+8

Sh (%)

-20

Market

-1.0+0.8

3,749.6 +0.9

Market

16.1Sh (%)

Change in Share Ch.

15.91 97 -2


9.8

9.3

2.2

Proceeds

1.3

26,257.9

1913

27,069.6

7

315,889.8 2,143.9

5

+2

9,595.5

4

5.60

11

2,492.8 18

10 13,423.2 4

-1

16 2.7+415+4

2.515

18*

Industry Total

11* 22*12

Andrews Kurth LLP

-7.6%

Vinson & Elkins LLP

* tie

604 100.0

1.5


Hunton & Williams

2.5

11*

12* 14

0

1.3

1,680.42.314Covington & Burling14

14

1615


2.02.3

+0.1

2.8 1.0

2.2 +0.4-0.5+0.3

-0.1+5.0

1,010.0 29

5,161.87.9

0.6

3.0

5,922.1

2.8+1.3

4,788.33.5

+0.39

-

-2.3

2.3

10*

12*+4

3,283.3-49

10 1.7 +7 +1.4+0.4

11*

Sh (%)

11*

Jan 1 - Jun 30

Deals Proceeds Rank

-

38 0.8 -4.3

2.1 -2.6

338.0

# of Deals

+6

8*


Ropes & Gray

2015 Rank

Mintz Levin Cohn Ferris Glovsky & Pope 8*

Cooley LLP

8*

2 59


1.5

100.0

# ofDeals

7.9%

0.5-5 613.8 35 0.4 0 807.7

+1.8

170,795.0

3,141.9 16 1.8 -0.8

8

19* 26* 8 1.3 +1Proskauer Rose LLP

-19* 10* 8 1.3 30

Morrison & Foerster

0.2 +0.2 Gibson Dunn & Crutcher 19* 14 7 1.2 -6 1,415.1 Morgan Lewis & Bockius 19* 10* 7 1.2 -8 1,387.3 39 -0.9 Mintz Levin Cohn Ferris Glovsky & Pope 19* 18* 7 1.2 -3 Morrison & Foerster 19* 33* 7 1.2

0.8

0.6 +0.1 374.6 76 0.2 -0.1

+1 1,073.8 46Paul Hastings LLP 19* 63* 7 1.2 +4 1,143.4 45 0.7 +0.3

4

-0.2001.5

White & Case LLP

2.7

49,263.111 1.8

-0.1

1.2-0.1 30

15

1.2

1714,693.0

0.6-0.7

-0.2

-5

-1.6

Market

-

+0.610,321.5

0.90.7

0Proceeds per Advisor (US$m)

+0.6

1.2

14-0.6

-1110,642.2 23

1.01.019,773.7

0.7Paul, WeissGibson Dunn & Crutcher 19* 17* 14

18 1.0 +225* 15

19Morgan Lewis & Bockius 17 13 17 24McGuireWoods LLP 15* 59* 18 13,567.4Maples & Calder 15* 21 18 - 9,129.61.2 0

+15

Shearman & Sterling LLP 13* 11 20 1.4 -11 16,807.3-

-0.5 13 1.5

21,495.0Allen & Overy 13* 16 20

12- 20,962.01.4 01.4 +6Clifford Chance 12 23 21

Cravath, Swaine & Moore 11 14 25 5 3.41.7 -1

4 3.6 26,368.02.4 -122.6 +8 51,667.4

Simpson Thacher & Bartlett 1 38

10 7 36

6 3.28*Sullivan & Cromwell 8* 12 38

2.6 -252.6 +1 4.9

-0.7+0.8

46,792.4270,653.5

32,247.4Skadden 5 4* 41

Davis Polk & Wardwell 7 9* 39 9 2.2

2.8 -9 3 3.9 56,807.0-10

Cleary Gottlieb Steen & Hamilton 3 9* 45Kirkland & Ellis

Latham & Watkins 6 4* 40

42

2.0

-13.1 +72.9 -1

3.3

10

Mayer Brown LLP2.4

39,762.96

4 8

62 0 -

2014 Rank Proceeds

2

2015 Rank

2

Change in # ofDeals

148

# of Deals Share Ch.Sh (%)Rank


8 -0.434,643.3

7

+1.51-0.1

2.7

28,709.9

Change in # of Deals per Advisor

Sh (%) Deals

Jan 1 - Jun 30

Market

3.7

Issuer Legal Advisor # of Deals# of

5*

MarketSh (%)

1.0


Jan 1 - Jun 30

Sidley Austin LLP 4.2Manager Legal Advisor

Market

4.9-

White & Case LLP 15

Industry Total

Morrison & Foerster 17

1.0

71,593.1

2015 Rank

US Straight Debt Including ABS & MBS (AB6)

+4 1.4 +0.4

2014 Rank

18-15

+0.1

19+9

+0.9

13

-

12,463.2

2.3

0.6

Rank2 6.5

Sh (%)

50,233.5

32,733.9

8

22,381.9

94,155.8

38,828.6

9

1.3

-0.8

+0.5

0.7100.0

-0.7

17

3.6

22

52,318.6

0

+0.5

19 0.9 -0.5

-24 12,793.4

1.9

-21

21

-

Market

9

8

1.226

14 1.0

6.2

1.4

5

-1720.6

Hunton & Williams 8,904.7

1,449,834.3

1934*

100.0Andrews Kurth LLP

1,4769,877.4 20

Milbank Tweed Hadley & McCloy 18 17 15-15

11 2.4-0.9

18 0.9-11

13* 281.7 -2

Clifford Chance 16 13*

22,064.5 1.510-17 2.016

4 5.781,849.0

2.312 29 -0.5

3.2 7 3.91.9

59,673.3

-0.5

6 4.1

56,493.7

+0.8

1 9.0 +2.0

5.1573,980.3

101130,146.5

+9 23

6.8

84

8 47

14


Skadden

Mayer Brown LLP


Linklaters

Sullivan & Cromwell

543.7

-1519 25

13

54

-2

-4

46

9* 51 3.5117

35,255.0

20

173 -25

6

-13-2

-18

4 91

2 5.05.7

+12-24

Hogan Lovells

1

19* 30* 14

4

Simpson Thacher & Bartlett7

109

Morgan Lewis & Bockius 11

Latham & WatkinsCleary Gottlieb Steen & Hamilton

Allen & OveryShearman & Sterling LLP

12

16

3.0

5*

44

3.5

87,166.1

3.1

3 6.0

12 2.3

02.7

+0.8 15 1.5

-1.0

-1.6

-0.1

+0.4

3

15

-3

Market

US Straight Debt Including ABS & MBS (AB6)

+1.3Share Ch.




ProceedsSidley Austin LLP

34

+4

-2.4

27,697.7

33,849.4

14

+0.4

10,070.8 25 0.7 -0.2 Willkie Farr & Gallagher 19* 22 14 1.0

Excludes Federal Credit Agency IssuanceVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

Proceeds

4,785.5 25 0.4Andrews Kurth LLP 919 29* 0.9 +4

-0.4

-10.6%

+0.517 0.8

1.5%

Paul Hastings LLP 20 20 7 0.7 -6

9,877.4

RankSh (%)Change in

Industry Total

US Straight Debt Excluding ABS & MBS (AB7)

100.0 -172

Market

Jan 1 - Jun 30


100.0

2014 Rank Sh (%)

# of

1,476

Milbank Tweed Hadley & McCloy

2015 Rank Manager Legal Advisor

1713

15

-4.6%

Market

0.9

# of Deals


Change in

16 1.51.4

2529

MarketIssuer Legal Advisor

1,206,125.6-146100.0

-12.1%

1723 2.2

Deals

-9

-16

100.0

13

1,063

37 3.5

15

10

-0.7+0.2

14 1.3

10

161.2

-20

7,577.5

-9

-0.7-5

+9-0.5

RankProceeds

-1.02.6

4.3

+1.1

-0.6

0.70.5

1.0

5,521.8

-0.2 1922

11,758.2 8,711.4

0.6

35,255.0 2.9

2016

31,863.1 12

1411

17,089.9

81,849.0

-16

1.4

-11

-3

-2

7.1

3

8

6.8

9

54.6

85,116.256,744.9

3.2

+1.3

51,731.3

49,672.2

55,808.6

-3.0

2.44.3

52,318.6 +0.6

Sh (%)

4.1

6

28,887.3

221212

+1.5

+1.0

710-17 38,828.6

8

5.8

1615

1014

14 111.6

2.72.4


Deals

LinklatersSullivan & CromwellSkadden

0

11

Allen & Overy

5*

18Hunton & Williams 17


Clifford ChanceMorrison & Foerster

White & Case LLP

9

US Straight Debt Excluding ABS & MBS (AB7)

13

-10.2%

Mayer Brown LLP


Jan 1 - Jun 30

73,980.3

Market

6.14


-10.2%

+0.6

Sh (%)

-10.4%

-1.6

# of Deals


+2.41

4.39-2 -0.67 4.3

4.8 -12 -1.14

4.7+4

13

4.12

12 1.5 -2.1


6

1.7

Cleary Gottlieb Steen & Hamilton4.0

3.8 -0.8-0.4

+0.6-

2.524 4.3 -0.1

4 Latham & Watkins

3.7

6.8

Sidley Austin LLP 46

87


5*

3

5 -124446

6

1 7.97251

39


1

-24-25

+1.7

32+0.8


# of2014 Rank

2015 Rank

9184

Share Ch.8.6

Market

130,146.5+12 10.8 +0.7Share Ch.


1,449,834.3

70,453.5

2* 43 4.6

Market

1

7-14

38-63.7

3.656,010.3

30,613.751,667.4

-+8

Skadden 1 3 39Davis Polk & Wardwell

3.44* 2 36 3.4

Sullivan & Cromwell 2* 7* 38 3.6

6 31

Latham & WatkinsSimpson Thacher & Bartlett 4* 1 36

5.4 02Cleary Gottlieb Steen & Hamilton 6* 9* 31Kirkland & Ellis 2.96*-3

+4 65,372.5

5 20,164.7

Cravath, Swaine & Moore 8 11 239

48,263.12.9 -12.2

White & Case LLP 9 5 22Allen & Overy 10 12 20 1.9 0 - 20,962.0

18,559.92.1 -13

1.7 +15McGuireWoods LLP 11* 56* 181.41.1

13,567.4-0.2 8 1.7

17 1.117,390.0

-13 13,332.4-11 8,474.3

Mayer Brown LLP 11* 17 18Shearman & Sterling LLP 13 7*Sidley Austin LLP 14 9* 16Gibson Dunn & Crutcher 15*

1.5

10 1.61.3 -5 14,693.0 15

28

19,773.7+41.313* 14

1.3 -1 10,070.8 22 -0.2

-31.1

% Change from Last Quarter -4.6% % Change from Same Period Last Year -12.1%

Vinson & Elkins LLP 20* 19,150.4

+0.3

-0.8

8,367.2

190.8

1.6

0.7

Industry Total 1,063 100.0 1,206,125.6-146

11

1.5%

Industry Total

13

+0.2

-0.1

-0.7

+0.1

30

+51.2 1.0

14

-1.1 0.7

-10.6%

+1


* tie

1.2-0.9

+0.8

-6.0%% Change from Last Quarter

45,363.0-26

Paul, Weiss

Ropes & Gray

% Change from Same Period Last Year -10.4% 1.7%

17

15*Hogan Lovells 15* 26*

14

Clifford Chance 20* 18* 1232*

Willkie Farr & Gallagher11,832.1

13

21*

1918* 1415*

1.3

100.0

1.61.7 +2

18

-6.0%

1.7%

13* 12 1.1 -7 9,782.2 23 0.8 +0.1

5

10.5 17 0.0 -0.3 Wildeboer Dellelce LLP 8* 7* 1 0.4 -3- 207.7 13 0.2 -0.5 Skadden 8* 12* 1 0.4 0- 325.5 11 0.3 - -Morrison & Foerster 8* - 1 0.4 - 100.4 15 0.1 -8.3 Davies Ward Phillips & Vineberg LLP 8* 10* 1 0.4 -2- 836.3 7 0.9 - -Gibson Dunn & Crutcher 8* - 1 0.4 -

- 218.3 14 0.2 -0.5 Willkie Farr & Gallagher 9* 11* 1 0.4 0- 1,398.8 7 1.5 +0.6 Paul, Weiss 9* 11* 1 0.4 0- 479.0 10 0.5 - -Skadden 9* - 1 0.4 -- 238.4 13 0.3 - -Burnet Duckworth & Palmer 9* - 1 0.4 -

- -Goodmans 9* - 1 0.4 -

- 0.21 0.4 - - 207.7 15*

- 409.8 11 0.4 - -Morgan Lewis & Bockius 9* - 1 0.4 -- 124.3 17 0.1 - -Davis Polk & Wardwell 9* - 1 0.4 -- 267.8 12 0.3 - -Kramer Levin Naftalis & Frankel 9* - 1 0.4 -- 207.7 15* 0.2 - -

Industry Total 289 100.0 -25 100.0

-

-25 94,511.6

MacPherson Leslie & Tyerman 8*

Industry Total 289 100.0 100.0

2.1

4.0

-0.4+0.8

-2.1

Cleary Gottlieb Steen & Hamilton 9*Davies Ward Phillips & Vineberg LLP 8 -0.50.7

80.7 0

0.7688.99- 643.5

7* 3 1.0 -19* 2

Norton Rose Fulbright 6 6Stikeman Elliott 7

9,790.8Borden Ladner Gervais LLP 5 5

4 1.4 -1 65 1.7 -4

1,958.11

3,820.7 310.4 -2.7

McCarthy Tetrault 4 2 7 2.4 -8 2,696.2 4 2.9 -0.9 Torys 3 3 10 3.5 -4 1,964.8 5 2.1 +0.4 Blake Cassels & Graydon 2 4 11 3.8 -1

Osler Hoskin & Harcourt LLP 1 1 21 7.3 -1

Canada All Debt (CAL1) Jan 1 - Jun 30

2014 Rank

2015 Rank

MarketRank

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

94,511.6


# ofProceeds

2ProceedsSh (%) # of Deals

5.5

# ofDeals

-0.2 Manager Legal Advisor

Change in MarketRank


CANADA CAPITAL MARKETS REVIEW

Sh (%) Share Ch.Issuer Legal AdvisorMarket

Share Ch.Sh (%)

2014 Rank

-7.3% % Change from Last Quarter -18.7%

Deals Sh (%) # of Deals


2015 Rank

Market Change in

5,163.6

# of Deals per AdvisorMarket

Market

-

-9.8%

Canada All Debt (CAL1) Jan 1 - Jun 30

- -

+0.9


8 0.8- -

-4- 735.6-

-0.6 279.7 12 0.3-

Fasken Martineau DuMoulin LLP 8* 5* 1 0.48* 1 0.4

10 0.5 +0.3 0.4 - 479.0 9 0.5

12* 2 0.7 +1 438.4 1,225.4 6 1.31.0 +2

-0.7 3 3.1 +0.9

2.1 -2 1,252.8 5 1.3

+0.5 Torys 4 3* 7 2.4 -1 2,965.9

2.8 +4 2,293.0 4 2.4 3,444.9 2 3.6 -0.9 - 5,937.6 1 6.3 +1.5 6.9 0

Osler Hoskin & Harcourt LLP 2 2 11 3.8 -11 1 20

7* 8

12* 3

8* - 1

3* 6

Stikeman Elliott 3

Blake Cassels & Graydon 5

Bennett Jones 7Allen & Overy 6

McCarthy Tetrault

Clifford Chance

% Change from Last Quarter-9.8%-8.0%% Change from Same Period Last Year

-18.7%-7.3%

Goodmans 8* 10* 1 0.4 -2 100.6 14 0.1 -1.4 0.0 - -1 0.4 - - 13.4 16

175.2 25 0.7 +0.6 Lavery de Billy 17* 31* 3 1.9 +2 86.4 30 0.4 +0.3 LaBarge Weinstein 17* 23* 3 1.9 +1 202.6 24 0.9 -1.0 Dorsey & Whitney LLP 17* 12* 3 1.9 -3- 1,654.6 7 6.9 +6.2 Farris Vaughan Wills & Murphy 17* 18* 3 1.9 0- 105.1 28 0.4 +0.3 Aird & Berlis 17* 18* 3 1.9 0 1,217.9 13 5.1 +4.0 McMillan LLP 15* 23* 4 2.5 +2 661.6 17 2.8 +2.2 Dentons 15* 31* 4 2.5 +3 356.2 20 1.5 +0.2

19 1.6 -8.3 Troutman Sanders LLP 12* 11 5 3.1 -4

+4.9 Goodmans 12* 12* 5 3.1 -1 381.5Bennett Jones 12* 15* 5 3.1 +1

0.1 -1.8 Baker & McKenzie 18* 17 2 1.2 -3

Borden Ladner Gervais LLP 14* 9* 3 1.9 -7 24.7 33

-3 1,028.2 12 4.3 -3.0202.6 19 0.9 +0.6

Paul, Weiss 14* 15* 3 1.9

0.2 0 -Goodwin Procter LLP 14* 27* 3 1.9 +2

3 1.9 +1 38.5 29 1,217.3 10 5.1 +4.0

17 1.0 -0.5 Goodmans 11* 19* 4 2.5 +1

-9.2 Davies Ward Phillips & Vineberg LLP 11* 15* 4 2.5 -2 249.1

62.5 26 0.3 0 -Dentons 18* 9* 2 1.2 -8 32.5 32 0.1 -5.4 Fasken Martineau DuMoulin LLP 18* 6* 2 1.2 -9 195.5 20 -2.2 Shearman & Sterling LLP 18* 21* 2 1.2 0 - 1,362.6 9Simpson Thacher & Bartlett 18* 27* 2

Burnet Duckworth & Palmer 11* 12

5.70.8


2.5 -5

162 100.0 -69 100.0

2

+4.2 1.2 +1

22.7%-8 53.1

Gowling Lafleur Henderson LLP 14* 21*

4,615.6

465.1 16 2.0 +0.6

100.0

14.2 5,575.5# of Deals

+3

Share Ch.

1,723.823.4

Sh (%)Proceeds13

Sh (%)Issuer Legal Advisor2015 Rank

2015 Rank

MarketDeals

Change in

1-7.9

18 5.6 +5

+1

95.6

3

5*

97 4.3

16 9.9

94

12

23

6.22

5.6

10

3.1

Blake Cassels & GraydonMcCarthy TetraultCassels Brock & Blackwell LLP

5*

6 3.7

2

Torys

9 14

Stikeman Elliott

Osler Hoskin & Harcourt LLP

4 647.8 14

Norton Rose Fulbright

Bennett JonesSkadden

6*

Wildeboer Dellelce LLP 18* 9* 2 1.2

-101+1.4

1,543.054*

7.4

13

227.9 18

+10.77.26.5 -14.76

1.0 -3.5-2

-113 3,758.1

6.21,477.9 7

4-1 14.6

2.8

3,480.0 +3.022

15.8 +9.8 19.3 +17.7

-0.3 +1.6

5* 4* -6-1 8 13 671.5

6* 0.6 -0.6 -6 141.35

Troutman Sanders LLP 10

Industry Total -69


23,864.7

-18.2%-29.9%

5.1%

Rank2014 RankManager Legal Advisor# of Deals

# of

9.6

23,864.7

1,591.1 10 6.7

Deals

Jan 1 - Jun 30

MarketMarket# of# of Deals per Advisor Proceeds per Advisor (US$m)

Jan 1 - Jun 30Canada Equity & Equity-related (CAL4)

Change in

6.7 +5.1 -15.1

Market

28 0.2 -7.0

2.7

100.0



+1.8-48 6.9 +2.2

1,679.9 6 7.01,649.2

Norton Rose Fulbright 9* 10 6 3.7 Fasken Martineau DuMoulin LLP 9* 7* 6 3.7 -5

18.3

Cassels Brock & Blackwell LLP 9* 5 6 3.7 -7 9

4.3 4,359.6 11,592.8

Paul, Weiss 8 1 7 -12+6Torys 6* 23* 8 4.9 11.1 2,640.2 3 +10.9

1,882.4 56.4 -1.8 117.9 +0.4

1,530.0-1

Osler Hoskin & Harcourt LLP 6* 7* 8 4.9 -3Stikeman Elliott 5 3* 9 5.6 -7

-1.33,744.9 2 15.7 -0.9

736.9 15 3.1Borden Ladner Gervais LLP 3* 7* 10 6.2

McCarthy Tetrault Blake Cassels & Graydon 3* 3* 10 6.2 -6

Share Ch.ProceedsMarket

Canada Equity & Equity-related (CAL4)

2,293.2Rank

2014 Rank

MarketSh (%)

1 2 14 42.8 -2.3

Burnet Duckworth & Palmer 8.6 -32 6 11 6.8 669.4 16

Sh (%)

-1


Industry Total

% Change from Last Quarter % Change from Same Period Last Year -29.9%

5.1%

* tie

162


-18.2%

6

100.02,186,612.3Industry Total 3,196 100.0 -679-17.5%% Change from Same Period Last Year

100.03,196

Mayer Brown LLP

Rank


Share Ch.

Shearman & Sterling LLP 10 11

Change in # of Deals per Advisor

2015 Rank

2014 Rank

MarketSh (%)

Share Ch.Proceeds Rank

-

Sh (%)Manager Legal Advisor

73,158.4

+0.9 -117

# of Deals ProceedsDeals

2

Cahill Gordon & Reindel 55

Cleary Gottlieb Steen & Hamilton 8* 127

+6 1.9866

602.1 +8

10

Davis Polk & Wardwell 7


8*

6

27*

610


4

Sh (%)Market

6.72

12

15

5

74.7

6.7


All International Bonds Jan 1 - Jun 30 All International Bonds

INTERNATIONAL DCM AND EMEA ECM

Jan 1 - Jun 30

17Sullivan & Cromwell

White & Case LLP


2014 Rank

# of

15

# of Deals


Linklaters

Latham & Watkins

Issuer Legal Advisor DealsMarket MarketSh (%)

Market Change in

-1.11.7 -52 -0.2

10 2.0

-0.1

71

8

11

# of Market

-0.1 +0.4

Clifford Chance

14*

501.4

12

321 3.9

101,908.63.3

44-15

Sidley Austin LLP2.2

147,355.2193 6.0

145,943.9

-128106 +21

2.9 -3.1+0.9

+2.4-2.8

82 3.42.6

394

-23

3

3.2

2.3

2.6 +0.8

-1.0

+0.34.6

49,279.3

100,571.1

69,650.9 +1.1

13 -0.3+1.6-0.39

1.9 -6 1.6

75,906.22.6

2.06

-6

3.513

+1

2.5

1.3

-11 0.80.811

17,480.824

Skadden 14*0.8 53,965.324 -9

13 18* 0.9 -0.1 15,744.830 +1

16

0.717-0.1

13,350.6-0.2

0.6 -0.3+0.3

0.3 7,339.0 2566

12,427.5

23 0.4 +0.3

+0.3

0.61.5 +0.5

8,574.7+7

King & Wood Mallesons 20-11 180.618

0.616

0.6Morrison & Foerster 19 27* 0.517Stikeman Elliott 17* 18

30*

Milbank Tweed Hadley & McCloy 17* 18*0- 19

33,718.6 1426

-26.4%

-679

9.11Allen & Overy 1 1 10.2326 199,347.2 -1.5

+8

-35

-10.6%

0.52,186,612.3

0-5


100.0Industry Total 11,407.7Maples & Calder 18 20* 20 0.6

18 1.0Shearman & Sterling LLP 17 17 22 0.7 -8 20,729.519 0.7 -0.5 0.7 -19 15,405.9Freshfields Bruckhaus Deringer 16 12* 238 2.4Cravath, Swaine & Moore 15 18* 27 +0.6 0.8 -1 51,393.014 1.1 -0.1 0.9 -10 23,318.7Mayer Brown LLP 14 14 309 2.0Simpson Thacher & Bartlett 13 6* 34 +0.1 1.1 -21 42,753.315 1.0 +0.1 1.1 0 - 21,734.7Kirkland & Ellis 12 15 3542 0.3Anderson Mori & Tomotsune 11 12* 36 1.1 -6 5,766.56 2.61.2 +11 55,928.9Sullivan & Cromwell 10 18* 394 2.7Skadden 8* 16 40 +1.1 1.3 +8 58,512.03 3.2 +0.6 1.3 -5 69,543.0Davis Polk & Wardwell 8* 9 4011 1.5Latham & Watkins 7 8 44 0 -1.4 -5 31,753.55 2.6 -3.1 1.6 44 56,076.3

White & Case LLP 5 1 54 42,715.1Clifford Chance 6 2 52

Linklaters 2* 4 584 5 1.8 -5 30,760.4Sidley Austin LLP 56 1.412

1.81.8 -29 51,900.2 7 2.4

+3 85,758.7Cleary Gottlieb Steen & Hamilton 2* 6* 58Allen & Overy 1 3 106 -0.3 3.3 +14 79,226.3 2 3.6

4245

57,084.0

55,891.7

-5 44,711.8

60

14 0.4 +5McCarthy Tetrault 20

Excludes Federal Credit Agency Issuance

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

191.3 70 0.1 -0.1 100.0

DLA Piper LLP 11* 24* 4 0.6 +1

+2.4

-3

2.6696.0

4,128.6 8

--

+1 -0.51,717.4

0.4-3.2

0.5- 826.4 29-Shearman & Sterling LLP 0.6

Paul, Weiss 11* 24*11*

48* 4

4 0.6 +2-

NautaDutilh 11* 40* Mayer Brown LLP 11* 3.4 +2.8

0.6

+2 484.3 4715* 4 0.6 0 5,309.9 4

4 0.60.3 +0.2

1,239.4 24 0.8 -0.8-30.1 -

Jones Day 11* 40* 4 0.6Herbert Smith Freehills 11* 8*

-Dentons 11* - 4 0.6 - - 147.5 73

Change in

-26.4%

1616 1.4

14*

Clifford Chance

Deals

Jan 1 - Jun 30

Hogan Lovells 8*32 0.5

+3


Change in

6

8 1.31.01.0

5,873.5

+1

4,061.4

1,133.3

-7-1


8

3.2

Proceeds

91,088.2

3,125.6

Sh (%) # of Deals12.3

-3

412.51

10

5

-0.2

2.6

0.7

-0.8

+0.2

+0.7

0.74*

1.8 +0.1 2,792.3

3.8Latham & Watkins 6 2 10 1.6

Market

2

-4.65.2-0.8

Rank+6.7

Sh (%)

-20.0%% Change from Same Period Last Year -17.5% -10.6%

+0.5

1.1


+12 156,662.4

Webber Wentzel 11* - 4 0.6

% Change from Last Quarter 21.5%

Travers Smith

25

100.0

-9.8% -16.0%

18

1,694.5 19

35

1,093.3

0.7 +0.51.1 +1.1

Advokatfirman Vinge 11* 40* 40.6 +3

+20.6+0.5

Industry Total 627

Berwin Leighton Paisner 11* 59* 4

+3

31 0.5 742.1 948.1 27 0.6Seward & Kissel 9* 40* 5

0.8Gernandt & Danielsson0.8

Allen & Overy

+3 776.4

9* 40* 5Baker & McKenzie

4,560.58 24* 6 1.0 +3

1.71.1 -5

2,605.6 137 3* 7 7 2.9

988 1.3 -6

1.3-9-4

LinklatersClifford ChanceWhite & Case LLP

5* 3*25*

14 4,773.2 6

Market Market


2014 Rank

1.4 2.0

# of Market

11 +3-4.42,226.3

3.1

4.8+4 19,530.1

+1

1.8118*

# of Deals Sh (%)3

5



12 1.9 32.4

Linklaters

Market

5,618.0 3.6 +0.420,483.1

Share Ch.White & Case LLP

Rank

26.4%

11 1.8 0 - 6,275.2

# ofSh (%) Share Ch.

13.1 +10.11

2

Proceeds

4.0

4* 2.11.8

1320

8,209.3

-27

8*

1

-4.2

2-0.1

4*3

7+0.2 -1.2 -1.9

Allen & Overy

Goodwin Procter LLP 8*

EMEA Equity & Equity-related (AX2)


6

30

% Change from Last Quarter 20.0%

Latham & Watkins 2 6*

EMEA Equity & Equity-related (AX1)


Deals15 +7


Davis Polk & Wardwell 1 6*

2015 Rank

2014 RankIssuer Legal Advisor

Freshfields Bruckhaus Deringer 3

Jan 1 - Jun 30

15

19,204.8

1

8*

6*

+14

6 1.0 +2

+0.4 4,640.2

+0.2

5,110.7

0.3

7 3.0 +1.86 3.3 +0.7

% Change from Last Quarter% Change from Same Period Last Year 2.0% -16.0%

* tie

21.5% -9.8%

388.2156,662.4

30Cooley LLP 14* 26* 0.6 +2

Cleary Gottlieb Steen & Hamilton 11* 21* 5

4

701.3

6*

20 0.5

16*0.8 +2

0.8 -2Shearman & Sterling LLP 11* 16* 5 0.8 +1

Ashurst 14* 14* 4 0.6Skadden 11* 12 5

574.1 23 0.4 -1.01,884.0 11 1.2 -1.2

Hammarskiold & Co 14* 26* 4 0.6 +2

-1

Simmons & Simmons 14* 8* 4 0.6 427.2 28 0.3 -0.8894.4 18 0.6 +0.2

Wragge & Co 14* - 4 0.6 -

- 1,634.9 12-4

1.0 - -

+12+0.2

Industry Total 627 100.0 100.0

7

884.13.0 +1.5

+188

947

Deheng Law Offices 16* 17*

+427* 4,385.0 9

4

8 27*

1*

10*

Jun He Law Offices

9*

4

4

4

1.3

410*Shearman & Sterling LLP

Deheng Law Offices

9

6

9* 20*

-1.4Proceeds

Deals

4,468.1

2015 RankSh (%)

# of Deals+27

-

124

Share Ch.


MarketChange in Sh (%)

2014 Rank


Deals Rank Manager Legal AdvisorChange in

ProceedsMarket# ofMarketSh (%)

3 3*

Norton Rose Fulbright

+3.9

+0.41

-2 1.1 1,277.9 0.98.2

181011 -1

0.6

1.05

3.1 32*

0.7

121.2

6.3

4.2

29 0.8

0.9

-10

-39*

34

9*

109

1.11.0

+188

2.2

0.256

+0.1

11

-0.10.124

-0.2 14*

9*


-0.1

8*Herbert Smith FreehillsHaiwen & Partners

13

1415

1.413

0.015930.9

1,757.9

1.4 +3

+8-6

-0.8-6.4

+0.41.41.7

12

11 1.2 +312 +3

1.33,123.9

1.2

1.3

+7 1,100.71.2112

2811 +1

13*

Industry Total

8*

Asia Equity & Equity-related (BX1)

Tian Yuan Law Firm

Appleby

Conyers Dill & Pearman

Handsome Attorneys at Law

13* 34*16

16*

Far East United Law FirmBeijing Kangda Law Firm


58*

167.0

Jan 1 - Jun 30

Issuer Legal Advisor4.1

# of Market

Jun He Law OfficesJingtian & GongchengAllBright Law Offices

Hairun Law Firm

Zhong Lun Law Firm

Grandway Law Offices

Grandall Law Firm1

2,047.0+7

3.9 +163.7

2.9

39

4

311.5

+9

6,125.76* 8

+3 2013

11.9

0.71.2

2,761.4

01.7

1.6

311.5

6*


1.79,091.827

5*

11*

11*

7

+41,016.7

1,273.4+7

2

165*

2

31

1611*

3735

+0.3

3

17*

11*27*

8

-3.6

0.8

9* 8*

2,407.0

+8

Amarchand MangaldasShu Jin Law Firm

Jia Yuan Law Offices 13*

18

11*

9*20*

32*

Jingtian & Gongcheng

Commerce & Finance Law Offices6*

9,035.5

85

6.3Simpson Thacher & Bartlett

Mayer Brown LLP

17

3*

Rank


# of Deals

+2.70.5+10

-0.9

3-27,635.6

712.7 11,865.2

28

4,059.7AZB & Partners

-2

+475

Clifford Chance

727.0 0.54,047.4

6*4 2

5.37,287.6

4.9 0-

15

9*

27

-35

0.4

-10

-+2

0.40.4

+3

4

-1

0.4

5

947

% Change from Last Quarter24.8%42.6%

40.426

731.70.47,033.1

1,570.0-

ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Jan 1 - Jun 30

2014 Rank

+1.1 1

Asia Equity & Equity-related (BX2)

Davis Polk & Wardwell 2

-5.3

Sh (%)

-0.3

Market# of Deals per Advisor

Share Ch.

41*-0.1

+3.2 9*1*


Linklaters+3+8

0

0.4-4

-0.9

139* 4

40.4 29658.5

2,937.9

2.85.0

8 +2.2-0.2

+1.02.896* 12* 0.6 0Paul Hastings LLP0.5

6

-0.2

0.5 +0.5 +0.6

0.5-0.7

1.1

75.2%

113,581.6 3.8

754.42.5

100.0

1,122.10.6

1.1Industry Total

144,546.0

10 -1.2

Maples & Calder

100.0

-4.0

2.0

0.5+0.8-0.4

100.0

77.4%

25

5,516.5

144,546.0

19 5 8 0.8 -6 -4.91,857.4 18 1.3Michael Li & Co 20 42* 7 0.7 +4 95 0.1127.3 +0.1

100.0

Kim & Chang 14* 19* 3 1.4 0 - 998.3 28 0.7 -1.2 Maples & Calder 14* 13* 3 1.4 -2 2,748.0 12 1.8 -1.2

Simpson Thacher & Bartlett 10* 9* 4 1.8 -1 3,239.6 12 2.1 +0.1 Jingtian & Gongcheng 13* 12* 3 1.4 0 - 2,886.7 13 1.9 +0.7 Latham & Watkins 13* 18* 3 1.4 +1 5,269.0 8 3.4 +3.0 Paul Hastings LLP 13* 25* 3 1.4 +2 2,026.3 17 1.3 +1.0

Paul Hastings LLP 14* 27* 3 1.4 +1 2,682.2 13 1.8 +1.5

+0.3

16

3 +1 22

1,931.5 19 1.3-1.9

14* 34*-Herbert Smith Freehills3 +2

19* 01.41.4 5.64

* tie

1.8 5.1

1,596.88,576.6

4,881.2 3.2

1.814

10

7

-3.7%

9+2.2

1.5

3.3

153,273.0

-

-0.6

7*

Clifford Chance

Sullivan & Cromwell

Sh (%)Linklaters 1 17

2014 Rank

Market

16*

+4.6


-J Sagar Associates 10*

14*14*

Haiwen & Partners 27* 223

5.3%

1.16

+1.0

+2

-23.4%

+0.2

# of Deals

# of Deals per AdvisorChange in 2015

Rank Deals

+0.3

Jan 1 - Jun 30

24.8%

-3.7%

4*


Skadden 10*

100.0

10

+2.6

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

21

14

6

2015 Rank

57*

20

-0.2+0.8

+3

1.815

+1-2.8

Skadden

1.89

0

100.0

+1.62,576.1 1.7

1.0

-3

1.4

-0.9%

65



Baker & McKenzie

Cleary Gottlieb Steen & Hamilton-5

10* 8*

Clifford Chance

223

1.84

3

14,398.8

12.8

9.4

Sh (%)

1

Asia Pacific G3 Bonds (BV2)

Change in

-1.0+2.2

3

2

6

19,580.2# of Deals

0

-5,851.2

4

4.6

3.8

Market

Jan 1 - Jun 30

100.0

4,984.0

5

+0.7+1.6

6.3

9

100.0

810

4

-68

3.682.7

1.84+2

9

5

4

# of

King & Wood Mallesons 1.8

Share Ch.


75.2%

Proceeds

Asia Pacific G3 Bonds (BV1)

Market 2014 Rank

11-2

Linklaters

Cleary Gottlieb Steen & Hamilton 5

Allen & Overy9.07.2

Sh (%)

% Change from Same Period Last Year77.4%42.6%



10.3

Market


Milbank Tweed Hadley & McCloy10*18

+31.3

2.3 -0.3

Market# ofRank

7

2,817.9

Proceeds

7,041.2-1.8

2

Sidley Austin LLP

7*

19,935.6

6 12,831.94.5

2.2

16 +2.1

2

33*

Sh (%)Davis Polk & Wardwell

Deals

2,231.5

+5

13.0

-26 6*

7* 13*6 2.7

-0.9%153,273.0

-17 3.1

6

1.15,201.8

Anderson Mori & Tomotsune 5 13*

2.2

1,620.08.4

Share Ch.

-3.5

Market

+1.0Rank

-2 15,807.0

1

9.4-19

11.0 11 -214

7.6

+4.14.6

177,055.2

9

Sidley Austin LLP -222 6.3+2Allen & Overy 3 3

4 8*13

3.4

9,729.33.6

+2 4.0

8

5.8

2132

0

Industry Total

2.78*

8,401.6 5.5

J Sagar Associates3,482.2

27*4

5.3%

Commerce & Finance Law Offices 10*44

34*


Industry Total

AZB & Partners

-68

+2.0

8.7


13,335.0

-15,706.0 3.7

-4

+0.7

1,951.5

8+1.4

16,874.4

5

6.4

12*

10*

-23.4%

-0.4

3*


4.9

25* +318*

+2 1,689.97,858.7

20


8

1,038.3 19 0.9 -5.3 Haiwen & Partners 15* 11* 2 1.1 -1- 1,065.2 18 0.9 - -Fangda Partners 15* - 2 1.1 - 370.8 27 0.3 -0.4 Baker & McKenzie 15* 21* 2 1.1 +1 818.5 21 0.7 +0.6 Allen & Gledhill 15* 21* 2 1.1 +1 994.6 20 0.9 -1.9 Simpson Thacher & Bartlett 11* 7* 3 1.7 -2 2,026.3 14 1.7 +1.3 Paul Hastings LLP 11* 21* 3 1.7 +2- 5,269.0 7 4.5 - -

10 2.5 +0.8 Latham & Watkins 11* - 3 1.7 -

11* 3 1.7 0 - 2,886.7

42 0.3 - --0.2

Morgan Lewis & Bockius 17* - 2 1.1 - - 296.0

Kim & Chang 11* 15* 3 1.7 0 - 998.3 24 0.9 -1.8 Maples & Calder 11* 11* 3 1.7 -2 2,748.0 11 2.3 -2.0 Paul Hastings LLP 11* 21* 3 1.7 +1 2,682.2 12 2.3 +1.8 Anderson Mori & Tomotsune 17* - 2 1.1 - - 261.8 43 0.2 - -Freshfields Bruckhaus Deringer 17* - 2 1.1 - - 997.5 25 0.9 - -Herbert Smith Freehills 17* 21* 2 1.1 0 - 597.4 36 0.5 -3.0

Jingtian & Gongcheng9*

179

26.9%

-0.2

-1.3

+0.7



6*

2 2

-40

21* 3

Skadden11*

2015 Rank

Baker & McKenzie

100.0

+0.2

117,406.9Industry Total 100.0

Change in Sh (%) Sh (%)

+3.012.316,645.3

-18.3% 4.3%

11*

+2.1

-1.4

+1.4

19,580.2Davis Polk & Wardwell

+0.4

2 14.2

4 7.0

Jan 1 - Jun 30

+1.3-0.5


Market

-0.2

2,817.9

Share Ch.16.7-

4.2+2.7

3

1

14,398.8

ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

+3.0 -8.8

Jan 1 - Jun 30

DealsRank

+5.9

8

1,931.5

+1

-3

16

# of Deals2014 Rank

0

142.2

4

4

-3 1.611*

+2

8,576.631*

11*

Manager Legal Advisor11.7

RankSh (%) Proceeds+0.1

Market


6.7-

7.24.9 -4.2

0 57 4.7

+1

-

3

Commerce & Finance Law Offices48* 21*

8*J Sagar Associates

8*

8*AZB & Partners 3Haiwen & Partners 1.7

18.3%

1.72 7.3

113.9

5,543.5

Change in

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4)

Linklaters


1.7 1,927.6

1,689.9 17

151.7

7,858.7

31* +3

0+2 1.4

6.74

3,482.2-

2.2

9

2.2

-

2,576.1

8,401.65

6* 11* 4,102.413

7,849.35,706.03.4

4* 11*

5

3.42.8 -4

King & Wood Mallesons 2.8

3Davis Polk & Wardwell -1

66

0

Clifford Chance

74*3


5*5*

3*

6

6.2

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3)

Sidley Austin LLPAllen & Overy

Market# of Market

141 1 7.8

2015 Rank

13,781.3Sh (%) Share Ch.ProceedsDeals

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

Latham & Watkins 17* 15* 2 1.1

Market

+1.2


# of DealsMarket

09.517

3 -1

21

# of

21

14

2014 Rank

3

11.71

13

4 7.37.8

Shearman & Sterling LLP7*

9* 4

6.2-Allen & Overy

Cleary Gottlieb Steen & Hamilton 5 6

11*

4

1

4.5+5

2.8

0

6 8

Clifford Chance

11

5

-21Linklaters

2,739.0

+2.1

+2.7-1

15*2.2

9*+3

3.0

5

4

2.23.5

+0.3

5

21*2.8

7*J Sagar Associates

Milbank Tweed Hadley & McCloySkadden

2.4

+11.9

6+2 5,851.2

2,231.5

6.0

2.35.0

584,881.2

8,225.57,041.2

2.213

+2 11

12+0.8

-1 844.9 31 0.7 -1.5 Mayer Brown LLP 17* 21* 2 1.1


2

0 - 600.0 35 0.5

- 3,247.7 10 2.8 +1.9 White & Case LLP 17* 21* 2 1.1 0- 793.6 33 0.7 - -

42 0.3Norton Rose Fulbright 17* - 2 1.1 -Morgan Lewis & Bockius 17 2 1.1 296.0 26.9%

* tie


Industry Total


100.0

-18.3%

179 -40

18.3%

18.3%

26.9%

117,406.9


100.0


9

- 10.7 31 0.0 - -Nova Legal 10* - 2 0.7 - 10.4 32 0.0 0 -Price Sierakowski 10* 16* 2 0.7 +1 411.2 9 1.6 -4.5 Minter Ellison 10* 8* 2 0.7 -2 23.9 20 0.1 +0.1 HopgoodGanim 10* 8* 2 0.7 -2 55.1 17 0.2 -9.8 Gilbert + Tobin 10* 2 2 0.7 -9 16.5 26 0.1 +0.1 GTP & Associates 7* 12* 3 1.0 +1 126.7 14 0.5 +0.4 Corrs Chambers Westgarth 7* 16* 3 1.0 +2 1,891.2 1 7.3 +6.1 Allens 7* 12* 3 1.0 +1 1,328.7 3 5.1 -7.9

King & Wood Mallesons 6* 4* 1 0.4 -2 75.3 8 0.3 -0.2 Memery Crystal 6* - 1 0.4 - - 18.9 9 0.1 - -Thomson Geer 6* - 1 0.4 - - 16.1 11 0.1 - -

- 286.1 6

0.4

--

- 1.10.40.4

10AshurstEllenoff Grossman Schole & Cyruli 6* 1

Baker & McKenzie 6 1 4 1.4 -8

100.0

22.6%

+38


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

30.3%15.2%

0.7

22.6%Industry Total 288 +38

+1.6

26,043.7

47.3%


-

18.6

-1

2.4-

288

- 612.2 2

Industry Total

+1.71

-4.9

Share Ch.

100.0

3.1

4

# of Deals

352.6-

5

Sh (%)

47.3%

2.8

1.7 -

1.7 1,763.3

Australia Equity & Equity-related (BY1)

McCullough Robertson

1- -7

1.4-11.1

Baker & McKenzie

173.7

-

Market

-

Gilbert + Tobin

Rank

-

Proceeds

50

2 0.7

6.8 -38.4

1.9

10.1 --

1

2*7

-16* 7*

-

Linklaters

Allens4*6* -

4*Herbert Smith Freehills

501.2Allen & Overy

2

5

1.744 11 6

-13.2

32.1

5King & Wood Mallesons

1,468.23.1

5 -2

Herbert Smith Freehills 3

1,087.2

Proceeds per Advisor (AU$m)

168* 7 2.4Steinepreis Paganin

1*Deals

99

# of# of Deals per Advisor

2014 Rank

5* 1* +3

# of DealsMarket Market

100.0

+1Issuer Legal Advisor Sh (%)

31.0

Proceeds

18

+2.3835.2

0.2

30.3%

5

58.8+3 4.2

2015 Rank

Clayton Utz

Change in

+3 4

2

Rank Sh (%)

0-0.4

3.2

26,043.7

Share Ch.

5.6

Market

0.1-17.4

Market

7*Deals

+6 545.4 3124*

2*

2.1

Change in

Australia Equity & Equity-related (BY2)

Manager Legal Advisor Sh (%)# of

8

MarketProceeds per Advisor (AU$m)

2014 Rank

Jan 1 - Jun 30 Jan 1 - Jun 30


0.7

AUSTRALIA CAPITAL MARKETS REVIEWFirst Half 2015 | Global Capital Markets | Legal Advisors

100.0

Gilbert + Tobin 7* - 1 1.2 - - 2,245.0 5* 4.6 - -Mayer Brown LLP 7* 6* 1 1.2 -1 748.0 9 1.5 +0.2 Simpson Thacher & Bartlett 7* - 1 1.2 - - 2,245.0 5* 4.6 - -

+3.9 Skadden 7* 6* 1

Slaughter & May 8* 8* 1 1.2 -2 2,139.0 58* 1 1.2 -2 2,597.8 1.2 -1 2,245.0 5* 4.6 +3.1

2.4

013* 1

-22.4%

-24

+7.53

-49.1%

-

-3.5

% Change from Last Quarter -59.3%% Change from Last Quarter

Industry Total 83

Debevoise & Plimpton 8*Herbert Smith Freehills


8* 1.2Baker & McKenzie

-9.4%% Change from Same Period Last Year

* tie

49,333.5 100.0

4* 2 3 3.6 -4.9

100.0


3 3.6 -2

100.0

-22.4%

49,333.5

87.0

-24

10

1,243.7 8

Industry Total

-6

-1.4

182.31,299.5

-49.1%

0.2

Shimazaki Law Firm 4* 4* 3

83 100.0


Proceeds

2.68* 7 1 1.2 -3

2

3.6 -2

3

11

2.5-

Market Market

7.23.6 0

3.18.12.9

-7.7

12.6

-12

-3

10 0.48

2.42*

4*

4*

- 999.4 2.09 +1.3

4 5.3 -5.34.3

+4.82,844.0

-6

5.8-6.6

-9.4%

Share Ch.

4Clifford Chance

-

# of Deals

2

13.3

4


2*4.8 -24

Market

-3,266.1

Proceeds12,984.4

RankMarket

Sh (%)Deals2014 Rank

Jan 1 - Jun 30

Sh (%)Issuer Legal Advisor # of Deals# of


Market Change in

Jan 1 - Jun 30Australia International Bonds (BW2)

6,237.8 226.3

562.0 1.1

Share Ch.


Sh (%)Deals2015 Rank

11Sh (%)Manager Legal Advisor

6.0512

1Sidley Austin LLP

1,411.2

3

-3.81,511.7

-

+0.7

3Linklaters+1Allen & Overy

-

7,487.6

4*

-0.9+5.7 Hogan Lovells

Allen & Overy

631*

4*73

1*

Anderson Mori & TomotsuneSullivan & Cromwell 2

7

1

3,970.4

Sullivan & Cromwell

8.40

+8.515.28.415.4

Sidley Austin LLPLinklaters 4*

4*8*

4*

1 -37

Australia International Bonds (BW1)

-1.6

2014 Rank

+2.3

# of Change in Market

1Rank

-17,591.5

65 2.4

-59.3%


10

100.0

Samurai Bonds (JL5)

Industry Total


117117 100.0 100.0

# of Deals

24.5%73.8%

Market

19 51

Mori Hamada & Matsumoto 3*+13.2

13,561.6



2 4*20.5 -7.8

Nishimura & Asahi+32 10

5


Jan 1 - Jun 30Japan Common Stock (JL2)

Nagashima Ohno & Tsunematsu

# of Deals per AdvisorMarket# of2015

Rank

2,574.0



Japan Common Stock (JL1) Jan 1 - Jun 30

JAPAN CAPITAL MARKETS REVIEW

13,561.6

30 0 0 -

1 -29.4

2015 Rank

Nishimura & Asahi

Industry Total

2

2014 Rank Proceeds Sh (%)

Change in MarketMarket

RankSh (%)

Mori Hamada & Matsumoto1 2,775.2Share Ch.Deals # of Deals Manager Legal Advisor

2015 Rank


Deals Sh (%)Change in # of Market

1*3* 5

4 +2 12,576.83*

7.2 +2.7- 203.2

3.4

-1 981.9+2

Proceeds

Jan 1 - Jun 30

2 1.73.4

480.9

2.64Nagashima Ohno & Tsunematsu

19.0

4 6.4

1

865.1

8.6+34.3-6

1*Linklaters

2014 Rank Share Ch.

-11.43.63 1* 3

2

# of Deals

Proceeds per Advisor (US$m)MarketMarket

+15.0Rank Sh (%)Proceeds

19.0

-25.5%73.8%

Samurai Bonds (JL6)

100.0 +23

1.7% -25.5%% Change from Last Quarter

2015 Rank

2014 Rank

# of# of Deals per Advisor

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

MarketIssuer Legal Advisor Deals Sh (%) # of Deals Proceeds Rank

53 2Anderson Mori & Tomotsune 1 1 18 60 0 -10Sh (%) Manager Legal AdvisorShare Ch.

4 064 8 -1 4 91*

# of Market Change in Deals Sh (%)

+1 3 Sh (%) Share Ch.

1.7%

Jan 1 - Jun 30

1

2014 Rank Rank

1

Market

+23


1 487 7

Simpson Thacher & Bartlett 3* 3 2 1.7 -2 1,808.3 3 13.3 -26.5 Sullivan & Cromwell 5* 4* 1 0.9 -1 96.9 5 0.7 -17.5 Norton Rose Fulbright 5* - 1 0.9 - - 45.7 6 0.3 +0.3

Morgan Lewis & Bockius 4* - 1 0.9 - 6 1.5 +1.5 Sullivan & Cromwell 4* 1* 1 0.9 -3 652.8 4 4.8 -36.0 Simpson Thacher & Bartlett 4* 5 1 0.9 0 - 705.2 3 5.2 -12.6 Paul Hastings LLP 4* - 1 0.9 - - 45.7 7 0.3 +0.3


* tie


7,645.1% Change from Same Period Last Year

-49.7%-41.2%

30 100.0

300.0%-49.7%

Industry Total


Industry Total

% Change from Last Quarter 300.0% 322.1%

19.5

7,645.1

1

100.030

410.2 2 5.4

322.1%

30.0 0100.0

297.3

Nishimura & Asahi

-21

+28.053.2Anderson Mori & Tomotsune 1 1 18 60.0 10

+4 2,638.8 2 4,064.8 1.4

34.5Clifford Chance Law Office(Tokyo) 2 5* 7 23.391

Nagashima Ohno & Tsunematsu 2+1.3 1 1 1,487.7

-21 100.0

160.9 3 2.1 -12.3 Shimazaki Law Firm 3* 3 1 3.3 -73 3 10.0 -2

Linklaters 3 1* 1 3.3 -8 3 3.9 -17.8 -9.5

- 125.8 4 1.7 +1.4 3.3 0Baker & McKenzie 3* 7 1

11

-

-

-

-

-

-


Ranking Criteria Summary

Time periods for league tables will be based upon pricing/launch date.

All current data and previous year's data is as of 1:00pm EST on July 13, 2015 . Full credit is given to the issuers legal counsel andmanagers legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor.Rankings based on proceeds are available on product.

Tel: +632 858 7201E-mail: [email protected]

J

United States

Ian Willmott

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:

High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moodys rating equal to or less than Ba1. Securitiesnot rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates ofDeposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a highyield rating from the other) are excluded Non-convertible preferred stock transactions are included

Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactionsthat mature or are callable/putable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agencytransactions (US Only), exchange offers, and offerings by closed-end funds/trusts.

Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market.

Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium TermNotes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programsare tracked but are not eligible for league table credit.

Monica RahimiTel: +1 646 223 8436E-mail: [email protected]

Europe

E-mail: [email protected]: +44 (0) 207 542 4376

Asia-PacificMichelle Abuzo-Verma

-

-

-

-


Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, maples andself-funded issuance. League tables are denominated in Canadian dollars.

Federal Credit Agency issuance is excluded in all regional and global league table rankings.

E-mail: [email protected]

Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retailstructured products, self-funded issuance. League Tables are denominated in Canadian dollars.

JapanAki Sato

E-mail: [email protected]

Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts, homeequity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and Asset-backed Securities letter dated January 1, 2006.

yield rating from the other) are excluded. Non convertible preferred stock transactions are included.

Tel: +1 416 687 7577

Tel: +813 6441 1120

CanadaGavin Penny

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 partycontent providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party contentprovider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extentpermitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting toinvestment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has notundertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

2015 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 thirdparty.

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