debt capital markets review debt capital markets review

REUTERS / Arnd Wiegmann

DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS F ll Year Full Y 2013

Full Year 2013 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets Review Table of Contents Global Debt

International Debt

Asia Debt

Global Deals Intelligence

1

EMEA Deals Intelligence

9

Asia Deals Intelligence

13

Global Debt, Equity & Equity Related (A1)

1

All International Bonds (J1)

9

Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

13

Global Debt and Syndicated Loans (DL1)

1

All International Securitizations (J10c)

9

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

13

Global Scorecard

2

All Bonds in Euros (N1)

9

Dim Sum Bonds (AS24a)

13

Leading Underwriters for Fourth Quarter 2013

2

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

13

Global Debt (B1)

2

Global High Yield Deals Intelligence

10

Global Investment Grade Corporate Debt (B7)

3

Global High Yield Debt (B4)

10

Australia Deals Intelligence

14

Global Debt and Syndicated Loans Islamic Finance (DL2)

3

Global High Yield Debt - US Dollar Denominated (B5)

10

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

14

Global Mortgage-Backed Securities (B10)

3

Global High Yield Debt - Non-US Dollar Denominated (B6)

10

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

14

Global Asset-Backed Securities (B11) & (B13)

3

All Australian International Bonds (AJ7)

14

Banking Composite of Top Global Debt Bookrunners

4

All International Emerging Market Bonds (L1)

11

Global Debt Rankings - Last Ten Years

5

EMEA Emerging Market Bonds (L2)

11

Japan Deals Intelligence

15

Latin America Emerging Market Bonds (L3)

11

All Bonds in Yen (AP5)

15

US Debt

High Yield Debt

Emerging Market Debt

Australian Debt

Japan Debt

US Debt (F1)

6

Asia-Pacific Emerging Market Bonds (L4)

11

Samurai Bonds (AP1)

15

US High Yield Corporate Debt (F8)

6

Middle East Emerging Market Bonds (L5)

11

Japanese Securitizations (AP2)

15

US Investment Grade Corporate Debt (F9)

6

Japanese Corporate Debt (AP3)

16

All Federal Credit Agency Debt (H1)

6

All Brazilian Debt (BR1)

12

Bonds Targeted in Japan (AP4)

16

US Asset-Backed Securities (F14)

7

Brazilian Domestic Debt (BR2)

12

US Mortgage-Backed Securities (F11)

7

Global Debt by Mexican Issuers (MX1)

12

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

7

Global Debt in Mexican Pesos (MX2)

12

Banking Composite of Top US Debt Bookrunners

8

Domestic Mexican Debt (MX3)

12

Emerging Market Debt - Latin America

Criteria Summary Debt Capital Markets Criteria Summary

Thomson Reuters Solutions for the Deal Making Community

17

18

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Full Year 2013

DEBT CAPITAL MARKETS REVIEW Global Debt Activity Down 2% During 2013 l High Yield Up 19% l All-Time Record for US Corporate Debt l JP Morgan Tops Underwriting, Fee Rankings Global High Yield Corporate Debt- Quarterly $140

300

Global High Yield Debt ($bil)

Proceeds ($bil)

$120

US INVESTMENT GRADE CORPORATE DEBT TOPS US$1 TRILLION - Investment grade corporate debt offerings targeting the US marketplace totaled US$1.0 trillion during full year 2013, narrowly besting last year’s total and setting an all-time record for US issuance. Companies based in the United States accounted for 64% of issuance this year, up from 60% during full year 2012. Issuers based in Canada accounted for 5% of US marketplace corporate debt, followed by the United Kingdom and Japan with 4% and 3%, respectively.

200

$80 150 $60 100

$40

50

2006

0.4% ▲ -0.1% ▼

+6,026

2012

4Q

3Q

2Q

1Q

4Q

3Q

2Q

1Q

4Q

3Q

2Q

1Q

3Q

2Q

1Q

4Q

3Q

2Q

1Q

4Q

3Q

2Q

1Q

4Q

3Q

2Q

4Q

2011

2013

Proceeds (US$t)

$1.8 $1.6 $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $0.2

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

$0.0

2005

2006

Investment Grade Corporate Federal Credit Agency Emerging Market Corporate

Jan 1 - Dec 31

19,264

2010

$2.0

2004

0.4% ▲ 5.3% ▲

2009

$2.2

DEBT UNDERWRITING FEES DOWN 2% - According to Thomson Reuters/Freeman Consulting, estimated fees from DCM activity totaled US$21.9 billion during full year 2013, a decline of 2% compared to full year 2012. Fees from high grade debt underwriting totaled US$10.2 billion (47% of the market), while fees from high yield debt totaled $6.4 billion (29% of overall DCM fees). High yield underwriting fees increased 5% compared to the full year 2012.

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

2008

$2.4

JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in global investment grade and high yield corporate debt underwriting, JP Morgan took the top spot for full year 2013 debt underwriting, with total proceeds of US$424.8 billion and a decrease of 0.5 market share points. Deutsche Bank maintained the number two spot during full year 2013, with 6.8% market share. Based on underwriting fees for full year 2013, JP Morgan topped all other underwriters with an estimated $1.8 billion, or 8.4% of overall fees this year.

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 2058 10.7 -36 ▼ 1882 9.8 +12 ▲ 1497 7.8 -30 ▼ 1702 8.8 -4 ▼ 1362 7.1 +294 ▲ 1795 9.3 +108 ▲ 1683 8.7 +127 ▲ 6.4 +1 1228 ▲ 1357 7.0 +64 ▲ 853 4.4 +6 ▲

2007

Global Debt Capital Markets by Asset Class

EMERGING MARKETS CORPORATE DEBT DOWN 6% - New corporate debt from emerging markets issuers totaled US$297.0 billion during full year 2013, a 6% decrease from last year at this time. 49% of all emerging markets corporate debt during the year was raised by issuers in Russia, India and Mexico.

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 1 490,765.6 7.7 -0.4 ▼ 2 2 422,830.2 6.7 0.1 ▼ 3 3 385,854.5 6.1 -0.3 ▼ 6.1 0 4 4 385,021.5 5 7 374,374.5 5.9 +1.0 ▲ 6 5 357,618.8 5.6 +0.1 ▲ 7 6 348,175.4 +0.2 ▲ 5.5 8 8 254,024.3 4.0 -0.2 ▼ 9 9 251,013.3 4.0 +0.1 ▲ 10 3.3 11 +0.1 ▲ 207,836.3 3,477,514.4 +0.5 ▲ 54.9 6,359,105.6 100.0

1Q

4Q

3Q

2Q

1Q

$0

FINANCIALS ACCOUNT FOR 47% OF 2013 DCM ACTIVITY – Debt capital markets activity in the financials sector totaled US$2.6 trillion during full year 2013, accounting for 47% of all new issuance this year. Telecom and high growth registering increases of 65% and 52%, 52% respectively, respectively over a technology activity saw the strongest year-over-year growth, year ago. Bolstered by the year’s record-breaking $49.0 billion offering from Verizon Communications, average deal size in the telecom sector led all industries this year, with the average deal totaling US$1.2 billion.

Bookrunner JP Morgan Deutsche Bank Barclays Citi Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Credit Suisse HSBC Holdings PLC BNP Paribas SA Top Ten Total Industry Total

250

$100

$20

ALL-TIME RECORD GLOBAL HIGH YIELD; SIXTH CONSECUTIVE US$100 BILLION+ QUARTER - The volume of global high yield corporate debt reached US$462.0 billion during full year 2013, a 19% increase compared to full year 2012 and the strongest annual period for high yield debt activity since records began in 1980. High yield issuance from issuers in the U.S. accounted for 56% of activity, compared to 72% a year ago. Issuance from European issuers more than doubled compared to full year 2012.

Global Debt, Equity & Equity-related (A1)

Number of Offerings

Number of Offerings

Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 2% - Overall global debt capital markets activity totaled US$5.6 trillion during full year 2013, a decline of 2% from full year 2012 and the slowest annual period for global debt capital markets activity since 2011. Fourth quarter global debt activity decreased 2% compared to the third quarter of 2013 and marked the slowest quarter for debt issuance since the second quarter of 2012.

2007

2008

2009

2010

MBS ABS

2011

Global Debt and Syndicated Loans (DL1)

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 3,325.2 +0.2 ▲ 8.4 5.4 -0.1 ▼ 2,128.1 1,812.9 4.6 0 2,374.5 6.0 -0.1 ▼ 2,714.0 6.8 +1.3 ▲ +0.3 ▲ 2,874.2 7.2 6.7 +0.7 ▲ 2,665.5 4.8 +0.2 ▲ 1,920.3 879.8 -0.4 ▼ 2.2 643.2 -0.1 ▼ 1.6 21,337.7 53.7 +2.0 ▲ 39,739.3 100.0

Bookrunner JP Morgan Bank of America Merrill Lynch Citi Deutsche Bank Barclays Morgan Stanley Goldman Sachs & Co Wells Fargo & Co HSBC Holdings PLC BNP Paribas SA Top Ten Total Industry Total

11.1% ▲ 23.0% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 833,525.3 8.8 +0.4 ▲ 1 1 2 663,916.8 7.0 0.2 ▼ 2 557,757.6 5.9 +0.4 ▲ 3 3 +0.2 ▲ 521,496.6 5.5 4 5 5.4 +0.3 ▲ 5 4 513,617.5 4.3 -0.2 ▼ 6 403,245.7 6 7 8 364,300.9 3.9 -0.5 ▼ 10 338,465.7 3.6 -0.4 ▼ 8 9 9 314,953.8 3.3 0 11 308,870.4 10 3.3 -0.2 ▼ 51.0 4,820,150.3 -0.2 ▼ 100.0 9,468,436.1


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7.2% ▲ 6.0% ▲

2012

2013

Agency, Supranational, Sovereign High Yield Corporate

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 3033 12.0 -1 ▼ 2849 11.3 +147 ▲ 2033 8.0 -57 ▼ 2144 8.5 +2 ▲ 1758 7.0 -30 ▼ ▲ 1696 6.7 +3 1302 5.1 +268 ▲ 1779 7.0 +9 ▲ 1641 6.5 +140 ▲ 1241 ▲ 4.9 +19 -785

25,290 -3.0% ▼ -10.7% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 8.5 +8.5 ▲ 3,374.6 3,212.7 8.1 +8.1 ▲ 2,121.2 5.4 +5.4 ▲ 2,119.2 5.3 +5.3 ▲ 4.5 1,784.0 +4.5 ▲ 4.5 1,791.7 +4.5 ▲ 4.5 1,777.0 +4.5 ▲ 1,639.4 +4.1 ▲ 4.1 1,018.6 2.6 +2.6 ▲ 895.4 2.3 +2.3 ▲ 49.8 +49.8 ▲ 19,733.8 100.0 39,665.1 8.2% ▲ 10.8% ▲

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Global Debt Global Debt (B1)

Global Scorecard Jan 1 2013 - Dec 31 2013 No. Proceeds $USm Deals

Jan 1 2012 - Dec 31 2012 Proceeds No. Deals $USm

% Change in Proceeds

All US Debt (F1) US Long-term Debt (F2) US Long-term Straight ex MBS, ABS & Munis (F3) US Federal Credit Agency Debt (F7) US High Yield Corporate Debt (F8) US Investment Grade (F9) Agency, Sovereign & Supranational Debt (F10) US Mortgage-backed Securities (F11) US Asset-backed Securities (F14) US Taxable Municipal Debt (F15) US Short-term Debt - including MBS, ABS (F16)

2,544,183.1 1,859,658.6 149,090.8 335,233.0 1,016,740.4 286,596.4 419,335.3 265,189.3 16,741.8 145,776.6

4,792 3,578 1,006 618 1,030 801 718 496 600 1,130

2,586,239.7 1,938,803.3 279,205.0 325,963.0 1,011,016.8 232,938.8 399,360.0 247,990.2 19,381.0 239,286.2

5,177 4,050 1,375 614 1,174 754 673 453 595 1,727

-1.6% -4.1% -46.6% +2.8% +0.6% +23.0% +5.0% +6.9% -13.6% -39.1%

▼ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▼

All Global Debt (B1) Global Long-term Debt (B2) Global Long-term Debt ex MBS, ABS & Munis (B3) Global High Yield Corporate Debt (B4) Global Investment Grade Corporate Debt (B7) US Federal Credit Agency Debt (B8) Global Agency, Sovereign & Supranational Debt (B9) Global Mortgage-backed Securities (B10) Global Asset-backed Securities (B11) Global Short-term Debt (B14)

5,335,438.7 4,477,582.9 461,999.1 2,591,734.1 166,365.9 1,194,772.6 504,602.6 353 253 1 353,253.1 264,554.8

12,724 11,032 860 6,221 1,079 2,728 849 843 2,185

5,411,596.4 4,597,757.6 388,765.8 2,705,969.2 291,648.4 1,156,063.5 479,920.5 333 832 1 333,832.1 315,125.4

13,151 11,495 744 6,401 1,430 2,781 761 895 2,339

-1.4% -2.6% +18.8% -4.2% -43.0% +3.3% +5.1% +5 8% +5.8% -16.0%

▼ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▼

Bookrunner JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch Morgan Stanley Goldman Sachs & Co HSBC Holdings PLC Credit Suisse BNP Paribas SA RBS RBC Capital Markets Wells Fargo & Co Nomura Societe Generale Credit Agricole CIB UBS UniCredit TD Securities Inc Mizuho Financial Group Natixis Daiwa Securities Group Inc Standard Chartered PLC Commerzbank AG CIBC World Markets Inc Top Twenty Five Total Industry Total

Leading Underwriters for Fourth Quarter 2013 Current Qtr Market Share (%)

Mkt. Share Chg. from Last Qtr (%)

Consecutive Quarters No. 1

Market Sector Stocks and Bonds Global Debt, Equity & Equity-related (A1)

No. 1 Manager JP Morgan

7.6

-0.2

▼

8

Global Disclosed Fees (A2) U.S. Debt, Equity & Equity-related (E1) U.S. Disclosed Fees (E2)

JP Morgan JP Morgan JP Morgan

9.0 12.2 12.4

-1.2 +0.6 -0.4

▼ ▲ ▼

4 7 4

Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B1) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B11) US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F1) U.S. LT Debt inc MBS,ABS &Tax Munis(F2) U.S. Investment Grade Corporate Debt (F9) U.S. High Yield Corporate Debt (F8) U.S. Federal Credit Agency (H1) U.S. LT Federal Credit Agency Debt (H3) U.S. Mortgage-backed Securities (F11) U.S. Asset-backed Securities (F14)

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 424,783.6 7.6 -0.5 ▼ 2 2 379,466.1 6.8 0 3 348,996.0 6.3 -0.2 ▼ 3 +0.1 ▲ 4 334,030.9 4 6.0 5.4 5 +0.1 ▲ 5 300,674.5 5.2 6 6 +0.2 ▲ 287,229.6 7 7 283,888.0 5.1 +0.7 ▲ 4.4 242,859.2 8 8 +0.2 ▲ 3.8 9 9 213,810.5 -0.2 ▼ 10 201,503.6 +0.1 ▲ 3.6 10 12 153,927.0 11 2.8 -0.3 ▼ 12 13 2.5 137,013.1 +0.2 ▲ 14 2.4 13 132,258.4 +0.1 ▲ 104,214.3 14 15 -0.1 ▼ 1.9 18 15 1.8 +0.3 ▲ 100,032.8 16 16 95,578.1 +0.1 ▲ 1.7 17 11 -1.6 ▼ 87,746.8 1.6 18 17 82,267.1 1.5 0 1.2 19 21 69,206.2 +0.3 ▲ 68,151.7 19 -0.2 ▼ 20 1.2 54 200 2 10 -0 2 ▼ 21 20 54,200.2 1.0 -0.2 42,854.8 0.8 22 22 0 23 37,943.7 23 0.7 -0.1 ▼ 24 25 36,179.0 0.7 +0.1 ▲ 32 25 0.6 34,541.7 +0.1 ▲ +0.5 ▲ 3,017,242.0 54.2 100.0 5,564,455.1


-2.4% ▼ -2.4% ▼

7.4 9.9 6.8 11.6

-0.1 +0.3 +0.5 -0.6

▼ ▲ ▲ ▼

12.3 12.1 12.9 11.0 27.5 42.0 14.5 14.7

+0.8 +0.4 +1.3 +3.3 +16.1 +23.7 +3.5 -1.3

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼

-598

-3.9% ▼ -8.8% ▼

-2.3% ▼ -7.1% ▼

7 1 6 1

2013 vs. 2012

18.4%

10%

3.3% JP Morgan JP Morgan JP Morgan Credit Suisse Barclays Barclays JP Morgan Citi

14,902

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 1,838.2 -0.3 ▼ 8.4 1,318.7 6.0 +0.1 ▲ 1,079.3 4.9 -0.3 ▼ 1,412.7 6.5 -0.2 ▼ 1,648.1 7.5 +0.3 ▲ 1,264.6 5.8 +0.3 ▲ 1,168.8 5.4 +0.5 ▲ 3.2 -0.3 ▼ 705.0 990.3 4.5 -0.2 ▼ 531.8 2.4 +0.2 ▲ 2.6 -0.3 ▼ 567.2 546.6 2.5 -0.3 ▼ 3.8 826.0 +0.2 ▲ 1.3 0 288.7 1.1 247.6 +0.1 ▲ +0.1 ▲ 282.4 1.3 486.2 2.2 -1.2 ▼ 192.2 +0.1 ▲ 0.9 1.0 213.3 0 1.3 -0.1 ▼ 277.9 181 3 08 +0 1 ▲ 181.3 0.8 +0.1 157.2 0.7 -0.1 ▼ 138.1 0.6 -0.1 ▼ +0.1 ▲ 112.5 0.5 116.9 0.5 0 11,957.5 54.6 +0.1 ▲ 21,851.3 100.0

Global Debt Capital Markets % Change by Asset Class 20%

JP Morgan JP Morgan JP Morgan Citi

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 10.8 -169 ▼ 1606 1537 10.3 -72 ▼ 1225 8.2 -104 ▼ 1330 8.9 -82 ▼ 1381 9.3 -11 ▼ 8.4 -30 ▼ 1257 951 6.4 +145 ▲ 1284 8.6 +43 ▲ 6.0 -83 888 ▼ 5.4 -19 ▼ 798 4.8 -74 ▼ 713 ▲ 5.0 +11 750 ▼ 679 4.6 -61 ▲ 3.9 +58 576 ▲ 358 2.4 +33 ▲ 2.7 +43 401 540 3.6 -425 ▼ 320 2.1 +48 ▲ 457 3.1 +138 ▲ 4.0 597 -2 ▼ 1 7 +10 252 1.7 ▲ 347 ▲ 2.3 +29 ▼ 2.6 -39 391 158 ▲ 1.1 +22 189 1.3 +20 ▲

5.8%

5.1%

-4.2%

7 7 14 1 1 4 1 1

0%

Investment Grade Agency, Corporate Supranational, Sovereign

MBS

High Yield Corporate

ABS

-6.2%

-43.0%

Emerging Market Corporate

Federal Credit Agency

-10%

-20% International Bonds All International Bonds (J1) All Bonds in Euro (N1) All International Securitizations (J10c)

Barclays BNP Paribas SA Deutsche Bank

7.9 10.3 10.6

+1.4 +1.2 +10.6

▲ ▲ ▲

1 2 1

-30%

Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR2) All Asian Currencies ex CDs (AS1)

HSBC Holdings PLC CDB Securities Co Ltd

9.8 6.9

-0.1 +4.6

▼ ▲

1 1

-40%

Australia Bonds Australian Dollar Bonds (AJ3) Australian Domestic Securitization (AJ5)

ANZ Banking Group Westpac Banking

25.4 21.8

+9.0 -2.6

▲ ▼

1 2

-50%


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Global Debt

6,327

6,363

4,894

5,432

5,000 4,000 3,000

9,391.4

8,408.7

8,237.4

10,886.6

10,245.9

$0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Bookrunner CIMB Group Sdn Bhd HSBC Holdings PLC Standard Chartered PLC Malayan Banking Bhd AMMB Holdings Bhd RHB Deutsche Bank Citi Emirates NBD PJSC Abu Dhabi Islamic Bank (ADIB) Top Ten Total Industry Total


-4.3% ▼ 110.8% ▲

95

-4

10.7% ▲ 87.8% ▲

-4.0% ▼ 100.0% ▲

Global Asset-Backed Securities (B11)

Bookrunner Citi JP Morgan Bank of America Merrill Lynch Credit Suisse Barclays Deutsche Bank RBC Capital Markets RBS Morgan Stanley Wells Fargo & Co Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 44,088.8 +3.5 ▲ 12.5 1 3 -1.5 ▼ 2 39,613.6 1 11.2 9.0 -1.0 ▼ 3 2 31,951.2 7.1 25,207.8 +0.9 ▲ 6 4 7.0 5 -1.6 ▼ 4 24,636.5 5.9 -0.1 ▼ 6 7 20,893.5 8 19,572.7 7 5.5 +0.3 ▲ 8 5 5.1 -2.3 ▼ 17,970.8 17,303.5 9 11 4.9 +2.0 ▲ 14,237.3 10 10 4.0 +0.3 ▲ 255,475.7 72.2 +0.5 ▲ 100.0 353,253.1

Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie

5.8% ▲ 15.5% ▲

Bookrunner JP Morgan Deutsche Bank Barclays Bank of America Merrill Lynch Goldman Sachs & Co Credit Suisse Citi Morgan Stanley Wells Fargo & Co Nomura Top Ten Total Industry Total


Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 107 ▲ 12.7 +13 111 13.2 ▼ -6 ▼ 98 11.6 -11 93 11.0 +9 ▲ 82 9.7 -10 ▼ 93 11.0 -24 ▼ ▲ 69 8.2 +8 ▼ 70 8.3 -37 45 5.3 +12 ▲ 64 7.6 +1 ▲ 843 -5.8% ▼ 6.7% ▲

-52

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 11.5 +2.9 ▲ 1 4 58,151.6 -2.9 ▼ 2 1 52,651.4 10.4 3 2 46,145.9 9.2 -1.1 ▼ 8.4 +0.2 ▲ 4 5 42,156.2 -1.0 ▼ 3 5 38,919.4 7.7 6 38,719.3 6 7.7 -0.2 ▼ 7 7 34,092.7 6.8 -0.2 ▼ 8 9 33,574.0 6.7 +0.9 ▲ 9 8 32,947.4 6.5 +0.4 ▲ 10 10 18,404.1 3.7 -1.5 ▼ 395,762.0 78.6 -2.5 ▼ 504,602.6 100.0 5.1% ▲ 12.7% ▲

Bookrunner JP Morgan Citi Barclays Bank of America Merrill Lynch RBC Capital Markets Credit Suisse Deutsche Bank RBS Mizuho Financial Group Wells Fargo & Co Top Ten Total Industry Total

24.4% ▲ 24.9% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 31,251.8 11.7 1 -2.4 ▼ 1 5 28,022.7 10.5 2 +3.5 ▲ 23,340.4 -1.2 ▼ 3 2 8.7 19,900.8 4 3 7.4 -1.5 ▼ 5 7 +1.3 ▲ 19,572.7 7.3 6 18,831.0 6 +0.7 ▲ 7.0 7 8 +0.1 ▲ 16,252.8 6.1 4 14,471.9 8 5.4 -2.3 ▼ 9 9 8,708.9 3.3 -1.2 ▼ 8,497.5 10 +0.3 ▲ 10 3.2 188,850.5 70.6 -2.7 ▼ 267,905.6 100.0


-6.3% ▼ 9.4% ▲

1,000 0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals ▲ 92 10.8 +6 10.1 +12 86 ▲ ▲ 88 10.4 +1 11.1 +20 ▲ 94 61 7.2 +13 ▲ ▲ 83 9.8 +5 ▲ 75 8.8 +19 68 8.0 +18 ▲ 98 ▲ 11.5 +32 46 5.4 +3 ▲ 849

+88

11.6% ▲ 7.3% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 104.7 11.2 +2.8 ▲ 90.0 9.6 -3.2 ▼ -3.9 ▼ 51.4 5.5 92.4 9.9 +2.3 ▲ 8.2 -0.3 ▼ 76.2 60.0 6.4 -0.1 ▼ 59.1 6.3 +0.2 ▲ 60.3 6.5 -0.1 ▼ 69.8 +0.5 ▲ 7.5 24.7 2.7 -0.2 ▼ 688.6 73.8 -2.0 ▼ 932.8 100.0 4.2% ▲ 19.3% ▲

Global Asset-Backed Securities ex-CDOs (B13)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 225.0 14.0 +1.2 ▲ 160.6 10.0 +1.4 ▲ +0.9 ▲ 193.2 12.0 7.3 +0.5 ▲ 117.1 69.2 4.3 -1.1 ▼ 89.8 +0.3 ▲ 5.6 42.6 2.7 -0.3 ▼ 74.6 4.6 -1.7 ▼ 126.6 7.9 +3.1 ▲ 88.9 5.5 +1.1 ▲ 1,187.6 73.9 +5.4 ▲ 1,606.0 100.0

2,000

Number of Offerings

Global Mortgage-Backed Securities (B10)

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 15.8 12.4 +12.4 ▲ +4.2 ▲ 5.3 4.2 5.6 +5.6 ▲ 7.2 6.5 +6.5 ▲ 8.3 8.5 +6.6 ▲ 6.6 7.6 6.0 +6.0 ▲ 8.9 11.4 +8.9 ▲ +3.6 ▲ 4.6 3.6 3.8 +3.8 ▲ 4.8 1.8 +1.8 ▲ 2.3 75.8 59.4 +59.4 ▲ 128.1 100.0

7,000 6,000

$6,000

$2,000

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 33 34.7 -2 ▼ 21 -7 ▼ 22.1 23.2 ▼ 22 -1 26 ▼ 27.4 -4 24 25.3 +1 ▲ 29 30.5 +9 ▲ 6 6.3 ▼ -2 -1 ▼ 7 7.4 11 11.6 +2 ▲ 6 -1 ▼ 6.3

6,221

$8,000

Global Investment Grade Fees (US$m)

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 1 5,633.5 15.0 +0.1 ▲ 2 2 3,517.6 +3.7 ▲ 9.4 3 4 2,903.2 7.7 +0.1 ▲ 4 3 2,686.7 +4.9 ▲ 7.1 5 7 2,660.5 7.1 -1.7 ▼ 6 6 2,567.8 6.8 -0.5 ▼ 2,384.2 7 5 6.3 +0.6 ▲ 8 10 1,482.2 3.9 -0.8 ▼ 1,206.5 3.2 9 14 -1.0 ▼ 10 16 962.8 2.6 -0.9 ▼ +4.5 ▲ 26,005.0 69.1 37,605.0 100.0

5,808

$4,000

-5.9% ▼ -15.6% ▼

Global Debt and Syndicated Loans Islamic Finance (DL2)

6,401

Number of Offerings

$10,000

6,249

6,482

8,268.7

-2.8% ▼ -3.7% ▼

8,000

6,898

9,296.3

-180

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 754.1 7.4 -0.4 ▼ 6.4 652.0 +0.4 ▲ 537.0 -0.4 ▼ 5.2 593.9 5.8 +0.3 ▲ 456.2 4.5 +0.2 ▲ 4.4 453.5 0 4.4 449.1 +0.7 ▲ 3.8 -0.3 ▼ 388.3 297.2 2.9 +0.1 ▲ 279.6 2.7 -0.1 ▼ 4,860.9 +0.5 ▲ 47.5 10,245.9 100.0

9,007.0

-4.2% ▼ -5.6% ▼

6,221

Full Year

$12,000

6,686.4


# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 10.6 -107 ▼ 658 565 ▼ 9.1 -35 593 9.5 -57 ▼ 540 8.7 -8 ▼ 9.5 -19 ▼ 592 521 8.4 -97 ▼ 6.5 +61 406 ▲ 678 10.9 -37 ▼ ▼ 417 6.7 -3 355 5.7 -28 ▼

Imputed Fees: Global Investment Grade Corporate Debt

6,195.9

Bookrunner JP Morgan Bank of America Merrill Lynch Citi Morgan Stanley Deutsche Bank Barclays Goldman Sachs & Co HSBC Holdings PLC BNP Paribas SA RBS Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 1 179,899.2 6.9 -0.9 ▼ 5.7 2 3 146,534.3 +0.4 ▲ -0.1 ▼ 3 2 146,230.9 5.6 +0.4 ▲ 4 6 138,199.5 5.3 5.2 135,782.1 5 5 +0.3 ▲ 4.8 6 4 124,080.0 -0.5 ▼ 122,828.5 8 4.7 7 +0.8 ▲ 4.4 8 7 113,419.7 -0.2 ▼ 96,644.2 3.7 +0.1 ▲ 9 9 10 11 -0.1 ▼ 75,120.9 2.9 1,278,739.3 49.2 +0.2 ▲ 2,591,734.1 100.0

Jan 1 - Dec 31

Fees (US$m)

Global Investment Grade Corporate Debt (B7)

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 14.2 -14 94 ▼ ▲ 11.2 +4 74 79 11.9 -12 ▼ ▼ 11.2 -19 74 ▲ 69 10.4 +8 79 11.9 +8 ▲ 82 12.4 +1 ▲ 61 9.2 -40 ▼ 179 27.0 -22 ▼ 7.6 ▼ 50 -2 662

-66

-9.1% ▼ 0.0% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 58.5 9.9 -1.7 ▼ +1.1 ▲ 45.5 7.7 8.9 -0.8 ▼ 52.7 7.6 -0.6 ▼ 44.9 +1.5 ▲ 42.6 7.2 43.5 7.4 +0.8 ▲ 35.1 5.9 +0.6 ▲ 32.1 5.4 -2.4 ▼ 31.8 5.4 -1.3 ▼ 16.9 2.9 +0.3 ▲ 403.6 68.3 -2.5 ▼ 591.2 100.0 -14.0% ▼ 7.7% ▲




Banking Composite: Global Debt Issue Type Composition for the Top Global Debt Bookrunners

Jan 1 - Dec 31 2013

100%

5.8%

6.0%

5.2%

4.3%

5.3%

5.7%

5.8%

1.0%

0.3%

7.1%

90%

80%

48.9% 41.4% 70%

45.4%

49.4%

49.8%

50.0% 42.0%

47.5% 54.7%

56.2%

% Total Proceeds

60%

50%

7.2% 15.5%

8.8% 12.8%

40%

1.5% 14.2%

16.7%

1.8% 4.5%

21.8%

4.3%

4.6% 14.9% 4.2%

30%

3.2%

8.5%

18.5%

2.3%

1.7% 18.5% 1.8%

7.6%

1.5%

1.0%

3.0% 1.3%

4.9%

3.6%

20%

0.9% 27.2%

22.5% 16.1%

15.3%

30.8%

30.6%

5.2%

17.1%

23.6% 17.2%

10%

7.1%

5.6%

3.6%

5.3%

7.6%

6.4%

6.3%

0%

JP Morgan ABS

Deutsche Bank

Barclays

Agency, Supranational, Sovereign

Citi

Bank of America Merrill Lynch


1.9%

3.0%

2.7%

2.1%

Morgan Stanley

Goldman Sachs & Co

HSBC Holdings PLC

Credit Suisse



Investment Grade Corporate

BNP Paribas SA MBS




Global Debt Rankings* - Last Ten Years

JP Morgan

2

Deutsche Bank

3

Barclays

4

Citi

5

Bank of America Merrill Lynch

6

Morgan Stanley

7

Goldman Sachs & Co

8

HSBC Holdings PLC

9

Credit Suisse

Rank

1

BNP Paribas SA

10

2004

2005

2006

2007

*Global Debt League g Table ((B1)) p positions reflect consolidation within the banking g sector.

2008

2009

2010

2011

2012

2013

Rankings g shown are as of the current q quarter end in each calendar y year.




US Debt Investment Grade Tops US$1 Trillion l Record Years for Investment Grade & High Yield l Verizon Prices Largest Bond on Record US Deals Intelligence

US Investment Grade Corporate Debt (F9)

Annual volume for the U.S. Investment Grade market in 2013 narrowly eclipsed 2012's all-time high, passing the US$1 trillion mark for the second consecutive year. Despite a lower deal count (144 fewer issues comapared to 2012), the US$1.02 trillion raised beat last year's US$1.01 trillion total as issuers continued to take advantage of historic low interest rates ahead of the anticipated rate climb: the 2013 average coupon stood at 3.496%, just 0.9 basis points over 2012's record low average rate.

Bookrunner JP Morgan Bank of America Merrill Lynch Citi Morgan Stanley Goldman Sachs & Co Barclays Deutsche Bank Wells Fargo & Co RBS Credit Suisse HSBC Holdings PLC BNP Paribas SA RBC Capital Markets Mitsubishi UFJ Financial Group UBS Mizuho Financial Group US Bancorp Scotiabank Credit Agricole CIB Societe Generale Nomura SunTrust Banks Santander Standard Chartered PLC Itau Unibanco Bank of New York Mellon Corp Jefferies LLC TD Securities Inc BMO Capital Markets Banco do Brasil SA Top Thirty Total Industry Total

Verizon Communications priced the largest bond issue on record in September, shattering the previous record held by Apple for its US$17 billion deal in April. Verizon used the US$49 billion transaction to fund its US$130.1 billion acquisition of the remaining 45% interest in Verizon Wireless from its former joint venture partner Vodafone - the third largest M&A transaction on record. The transaction led to the largest monthly high-grade volume on record. US ABS totaled US$265.2 billion from 496 transactions, representing the largest annual total since 2007 and surpassing 2012 volume by 6.9%, largely attributed to the revival of the CDO market (31% of ABS volume) up 75.1% over 2012 levels. US High Yield debt increased 2.8% compared to 2012 and set yet another annual record with proceeds of US$335.2 billion from 618 transactions.

US Debt (F1)

Bookrunner JP Morgan Citi Bank of America Merrill Lynch Barclays Deutsche Bank Goldman Sachs & Co Morgan Stanley Credit Suisse Wells Fargo & Co RBS Top Ten Total Industry Total

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 311,392.6 12.2 -0.6 ▼ 2 3 246,687.8 9.7 +0.1 ▲ 3 2 238,599.5 9.4 -0.3 ▼ 4 4 219,641.6 8.6 -0.5 ▼ 5 5 216,707.1 +0.1 ▲ 8.5 7.6 +0.9 ▲ 6 6 193,895.6 7 7 188,424.3 7.4 +0.9 ▲ 8 8 137,789.5 5.4 -0.2 ▼ 9 9 127,422.9 5.0 +0.2 ▲ 10 10 73,033.1 2.9 -0.6 ▼ 1,953,594.0 76.7 0 ▲ 2,544,183.1 100.0


‐1.6% ▼ ‐13.9% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1067 22.3 -108 ▼ 876 18.3 -48 ▼ 1032 21.5 -48 ▼ 13.9 -62 ▼ 668 709 14.8 -15 ▼ 600 12.5 +58 ▲ 647 13.5 -8 ▼ 518 10.8 -42 ▼ 628 13.1 -28 ▼ 330 6.9 -60 ▼ 4,792

-385

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 38,678.7 11.5 -0.4 ▼ 2 2 34,058.1 10.2 -1.1 ▼ 3 4 27,931.4 8.3 -0.6 ▼ 4 3 27,324.2 8.2 -1.2 ▼ 5 5 26,185.9 7.8 -0.8 ▼ 6 6 25,105.6 7.5 -1.0 ▼ 7 7 23,796.3 7.1 -0.1 ▼ 8 9 23,559.8 7.0 +0.7 ▲ 9 8 22,624.7 6.8 +0.1 ▲ 10 10 13,270.2 4.0 +0.3 ▲ 262,534.9 78.4 -4.1 ▼ 335,233.0 100.0



# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 257 41.6 -24 ▼ 267 43.2 -16 ▼ 191 30.9 -11 ▼ 29.1 -27 ▼ 180 191 30.9 -15 ▼ 169 27.3 +2 ▲ 162 26.2 -13 ▼ 143 23.1 0 186 30.1 +1 ▲ 112 18.1 +5 ▲ 618

0.6% ▲ ‐25.4% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 448 43.5 -47 ▼ 38.3 -44 ▼ 394 363 35.2 -35 ▼ 284 27.6 +6 ▲ 242 23.5 +15 ▲ 218 21.2 -35 ▼ 207 20.1 -3 ▼ 208 20.2 -42 ▼ 129 12.5 -22 ▼ 112 10.9 +2 ▲ ▼ 115 11.2 -10 ▼ 90 8.7 -10 ▼ 78 7.6 -10 ▼ 66 -5 6.4 ▼ 8.7 -76 90 ▲ 5.3 +17 55 6.3 +14 65 ▲ 39 3.8 +12 ▲ 27 2.6 +1 ▲ 18 1 7 -12 1.7 12 ▼ 9 ▲ 0.9 +3 26 ▲ 2.5 +4 16 -7 1.6 ▼ -3 18 1.7 ▼ 7 0.7 -7 ▼ 1.7 +4 17 ▲ 1.1 -9 11 ▼ 1.1 +8 ▲ 11 8 0.8 0 ▼ -9 0.5 5 -144

1,030 ‐12.3% ▼ ‐12.1% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 610.9 12.4 -0.1 ▼ 520.2 10.6 -0.3 ▼ 413.3 8.4 -0.6 ▼ 449.2 9.1 +1.1 ▲ 339.9 6.9 +1.0 ▲ 296.8 6.0 +0.3 ▲ 228.5 4.6 +0.3 ▲ 303.9 6.2 0 157.8 3.2 -0.1 ▼ 157.7 3.2 +0.4 ▲ 136.1 2.8 -0.2 ▼ 112.2 2.3 +0.3 ▲ 94.7 1.9 -0.2 ▼ 100.2 2.0 +0.1 ▲ 117.4 2.4 -2.0 ▼ 74.7 1.5 +0.3 ▲ 1.5 74.5 0 +0.3 ▲ 46.8 1.0 0 31.6 0.6 -0.2 24 2 24.2 05 0.5 02 ▼ 16.7 0.3 +0.1 ▲ 27.2 0 0.6 36.1 0.7 +0.1 ▲ 0.5 22.0 0 13.7 0.3 +0.1 ▲ 27.0 0.6 0 16.9 0.3 0 25.2 0.5 +0.2 ▲ 0.4 19.7 +0.1 ▲ -0.1 ▼ 0.2 8.1 4,406.3 +0.7 ▲ 89.5 4,920.5 100.0 ‐6.8% ▼ ‐32.2% ▼

‐4.6% ▼ ‐17.6% ▼

‐7.4% ▼ ‐8.8% ▼

US High Yield Corporate Debt (F8)

Bookrunner JP Morgan Bank of America Merrill Lynch Deutsche Bank Credit Suisse Citi Goldman Sachs & Co Barclays Morgan Stanley Wells Fargo & Co RBC Capital Markets Top Ten Total Industry Total

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 1,452.6 11.3 -0.1 ▼ 1,137.8 8.8 -0.5 ▼ 1,384.3 10.7 -0.1 ▼ 760.3 5.9 -0.4 ▼ 827.0 6.4 +0.1 ▲ 887.7 6.9 +0.2 ▲ 988.6 7.7 +0.9 ▲ 720.3 5.6 -0.5 ▼ 803.6 6.2 +0.3 ▲ 2.8 354.8 -0.2 ▼ 9,317.0 72.3 -0.3 ▼ 12,884.7 100.0

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 137,126.1 13.5 -1.5 ▼ 2 2 11.1 -0.1 ▼ 112,525.0 3 3 108,932.0 10.7 0 4 4 92,282.4 9.1 +1.0 ▲ 8.3 +1.0 ▲ 5 5 84,793.9 6 6 65,686.4 6.5 -0.3 ▼ 7 8 6.3 +0.8 ▲ 63,955.4 53,490.2 5.3 -0.2 ▼ 7 8 3.3 -0.7 ▼ 9 9 33,657.2 10 11 33,420.9 3.3 +0.4 ▲ 11 10 3.2 32,326.5 -0.7 ▼ 12 2.7 27,845.2 +0.3 ▲ 13 2.2 22,090.1 +0.6 ▲ 13 14 1.9 19,464.0 +0.5 ▲ 14 15 12 1.6 15,921.6 -1.2 ▼ 15 16 17 15,561.6 1.5 +0.5 ▲ 16 0.8 8,214.5 17 -0.2 ▼ 18 6,667.7 0.7 20 +0.2 ▲ 4,970.6 0.5 21 19 0 20 18 4 073 6 4,073.6 04 0.4 05 ▼ -0.5 21 36 0.4 3,549.4 +0.2 ▲ 22 3,519.9 27 +0.1 ▲ 0.4 23 19 3,386.5 -0.3 ▼ 0.3 24 3,322.4 0.3 -0.2 ▼ 22 25 24 3,268.2 -0.1 ▼ 0.3 26 3,052.1 +0.1 ▲ 29 0.3 27 28 2,911.6 0.3 0 28 64 2,630.7 0.3 +0.3 ▲ 35 2,465.2 0.2 0 29 0.2 2,201.2 -0.2 ▼ 30 25 973,312.1 94.6 -0.4 ▼ 1,016,740.4 100.0

Jan 1 - Dec 31

+4

All Federal Credit Agency Debt (H1)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 496.5 10.4 -0.8 ▼ 507.6 10.7 -0.6 ▼ 345.3 7.3 -0.1 ▼ -1.6 ▼ 359.5 7.6 344.6 7.2 -0.9 ▼ 341.3 7.2 -0.4 ▼ 296.6 6.2 -0.4 ▼ 308.1 6.5 +0.6 ▲ 311.4 6.5 +0.3 ▲ 183.2 3.9 +0.1 ▲ 73.5 -3.8 ▼ 3,494.1 4,759.2 100.0

2.8% ▲

0.7% ▲

‐8.0% ▼

‐6.5% ▼

2.1% ▲

‐18.2% ▼


Bookrunner Barclays Morgan Stanley Deutsche Bank JP Morgan BNP Paribas SA TD Securities Inc HSBC Holdings PLC Citi Nomura Goldman Sachs & Co Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 60,110.6 15.5 +4.2 ▲ 2 4 41,645.3 10.7 +2.7 ▲ 3 3 34,220.0 8.8 +0.6 ▲ 4 2 31,007.3 8.0 -0.5 ▼ 5 6 21,032.5 5.4 -1.5 ▼ 6 18 18,729.2 4.8 +3.5 ▲ 7 13 17,711.3 4.6 +2.1 ▲ 8 7 16,387.0 4.2 -2.3 ▼ 15,118.5 3.9 +0.4 ▲ 9 9 10 11 15,066.6 3.9 +0.7 ▲ 271,028.3 69.8 +9.9 ▲ 388,211.6 100.0


6

Jan 1 - Dec 31

‐46.6% ▼ ‐30.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 134 3.8 -52 ▼ 301 8.6 -142 ▼ 5.3 -165 ▼ 187 179 5.1 -133 ▼ 153 4.4 -116 ▼ 180 5.1 +107 ▲ 4.1 +27 ▲ 142 128 3.7 -151 ▼ 100 ▼ 2.9 -26 78 2.2 -52 ▼ 3,496

-2,074

‐37.2% ▼ ‐49.3% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 17.4 8.2 +4.3 ▲ 14.5 6.8 +0.5 ▲ 11.6 5.5 +0.4 ▲ 12.2 5.8 +0.3 ▲ 10.0 4.7 +0.3 ▲ 11.4 5.4 +4.7 ▲ 5.7 2.7 +1.5 ▲ 9.0 4.2 -1.2 ▼ 7.4 3.5 +1.9 ▲ 6.3 3.0 -0.7 ▼ 105.5 49.8 +12.0 ▲ 212.2 100.0 ‐64.7% ▼ ‐40.7% ▼



US Securitizations US ABS Collateral Volume Breakout (US$b)

Jan 1 - Dec 31 2013

$17.9 7%

$35.6 13%

US Asset-Backed Securities (F14)

$85.5 32%

$81.6 31%

Bookrunner Citi JP Morgan Bank of America Merrill Lynch Credit Suisse Barclays Deutsche Bank RBC Capital Markets Morgan Stanley Wells Fargo & Co RBS Top Ten Total Industry Total

$41.9 16%

$1.8 1% CDO

Credit Card

Student Loan

Auto

Other

Quarterly Residential ABS, MBS & CDO Volume

6.9% ▲ 1.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals ▲ 92 18.5 +2 -4 20.4 ▼ 101 83 16.7 -20 ▼ 16.9 +13 ▲ 84 ▼ 69 13.9 -11 86 17.3 +20 ▲ 54 10.9 +5 ▲ 40 8.1 +13 ▲ 63 12.7 0 47 9.5 -35 ▼ 496

+43

9.5% ▲

900

Proceeds (US$b) $500

Bookrunner Deutsche Bank JP Morgan Barclays Bank of America Merrill Lynch Credit Suisse Goldman Sachs & Co Wells Fargo & Co Citi Morgan Stanley RBS Top Ten Total Industry Total

800

# of Issues 700

$400

600


400

$200

# of Issues

500 $300

5.0% ▲ 21.4% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 70 9.7 +10 ▲ 81 11.3 +5 ▲ 84 11.7 +9 ▲ ▲ 85 11.8 +13 77 10.7 +3 ▲ 8.1 +13 ▲ 58 ▲ 97 13.5 +31 ▲ 65 9.1 +12 7.7 +13 ▲ 55 ▲ 53 7.4 +1 718

+45

6.7% ▲ 2.0% ▲

Bookrunner Deutsche Bank Barclays Goldman Sachs & Co Credit Suisse JP Morgan Bank of America Merrill Lynch Citi Morgan Stanley Wells Fargo & Co Nomura Top Ten Total Industry Total

200 $100 100

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 37,578.5 12.5 -2.6 ▼ 11.6 +0.4 ▲ 2 2 34,939.0 3 29,750.4 9.9 -0.2 ▼ 3 4 4 29,418.9 9.8 -0.2 ▼ 5 8 27,720.5 9.2 +2.3 ▲ 26,356.7 8.8 -1.2 ▼ 6 5 7 6 24,552.0 8.2 +0.1 ▲ 8 10 20,663.8 6.9 +1.7 ▲ 9 7 15,702.0 5.2 -1.8 ▼ 10 9 14,581.3 4.8 -0.8 ▼ 261,263.1 86.9 -2.3 ▼ 301,151.5 100.0

Jan 1 - Dec 31

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 38 7.5 -1 ▼ 55 10.8 +3 ▲ 39 7.7 +4 ▲ ▼ 53 10.4 -8 ▼ 40 7.9 -4 48 9.4 -2 ▼ 42 8.3 +1 ▲ 36 7.1 +4 ▲ 38 7.5 -6 ▼ 8.1 0 41 509

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 78.2 11.3 -3.0 ▼ 79.8 11.5 +2.9 ▲ 46.0 6.7 -3.2 ▼ 70.9 10.3 +0.9 ▲ 55.2 8.0 +0.4 ▲ 63.7 9.2 -1.0 ▼ 69.4 10.0 +0.8 ▲ 50.2 7.3 0 6.8 +1.4 ▲ 47.3 33.8 -0.4 ▼ 4.9 594.5 -1.2 ▼ 86.0 691.8 100.0 1.6% ▲ 37.6% ▲

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

300

$0

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 49,104.6 11.7 -3.0 ▼ 2 47,016.5 11.2 +2.9 ▲ 6 3 45,119.8 10.8 -0.2 ▼ 2 4 3 38,055.9 9.1 -0.6 ▼ 5 -0.2 ▼ 5 37,526.6 9.0 8.5 -1.1 ▼ 6 4 35,796.3 7.8 32,833.9 +0.5 ▲ 7 8 7.1 -0.6 ▼ 8 7 29,547.0 6.8 +1.5 ▲ 28,637.1 9 9 3.6 -0.5 ▼ 10 11 14,986.0 85.6 -1.3 ▼ 358,623.7 419,335.3 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 194.7 14.9 -1.3 ▼ 151.9 11.6 +1.7 ▲ 182.0 13.9 0 100.4 7.7 -0.1 ▼ 48.0 3.7 -2.3 ▼ +0.8 ▲ 75.6 5.8 37.6 2.9 -0.6 ▼ 118.0 9.0 +3.3 ▲ 84.4 6.4 +0.8 ▲ 64.9 5.0 -1.3 ▼ 1,057.5 80.9 +1.0 ▲ 1,311.1 100.0 29.3% ▲ 17.5% ▲

9.5% ▲

US Mortgage-Backed Securities (F11)

$600

Proceeds (US$b)

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 3 39,833.7 15.0 +3.3 ▲ 1 37,142.2 14.0 2 -2.1 ▼ 2 28,050.6 10.6 -2.3 ▼ 3 5 22,655.4 8.5 4 +0.7 ▲ 5 7.9 -2.4 ▼ 4 21,031.3 18,753.4 7.1 +0.5 ▲ 6 7 17,526.1 6.6 +0.3 ▲ 7 8 8 10 14,529.9 5.5 +2.3 ▲ 9 13,987.3 5.3 +0.4 ▲ 9 10 6 12,062.8 4.6 -2.7 ▼ 225,572.7 85.1 -2.0 ▼ 265,189.3 100.0


Real Estate

Jan 1 - Dec 31

-33

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. -0.2 ▼ 50.1 14.0 16.6 4.7 -6.3 ▼ 44.7 12.5 +0.9 ▲ 31.8 8.9 +0.4 ▲ 40.1 11.2 +4.5 ▲ 36.5 10.2 -0.5 ▼ 31.6 8.9 +0.6 ▲ 23.2 6.5 +0.7 ▲ 23.9 6.7 -1.2 ▼ 15.9 4.5 +1.3 ▲ 314.4 88.1 +0.2 ▲ 357.7 100.0

0

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2004

2005

2006

2007

2008

2009

2010

2011

2012


2013


7

‐8.4% ▼ 12.9% ▲

‐6.1% ▼ 0.9% ▲

‐22.7% ▼ 16.0% ▲



Banking Composite: US DCM DCM Bookrunner Industry Composition (F1)

Jan 1 - Dec 31 2013

DCM Bookrunner Industry Composition (Ex Financials) (F1)

100%

100% 8.5% 16.0%

90%

90% 27.4%

80%

37.9%

40.9%

39.5%

34.3%

37.5% 41.9%

36.4% 80%

6.8%

4.9%

18.2%

7.0%

5.7% 3.3%

70%

3.8%

6.1%

4.1%

4.8% 5.6%

6.3%

4.0%

6.4%

9.9%

3.1%

10.6% 4.7%

3.4%

3.7%

40%

3.5%

30%

5.5%

2.8%

2.6%

4.5%

5.2%

6.6%

4.7%

4.6%

2.6%

4.2%

3.5%

4.8% 5.8% 4.4%

5.3%

3.0%

2.8% 4.4%

2.9%

4.0%

3.4%

3.9%

2.8%

4.3% 23.5%

11.4% 10.6%

11.0%

11.0% 8.0%

1.3%

JPM

Citi

BoA

Barc

7 3% 7.3%

4.9%

8.0%

4.6%

4.4% 2.1%

9.7%

8.8%

6.5%

7.5%

5.5%

3.8% 4 8% 4.8%

5.4%

9.1%

6.8%

40%

6.2%

5.7%

4.2% 6.0%

0.1%

6.2%

7.2%

7.2%

4.6%

5.1%

6.7%

6.6% 5.6% 4.7%

34.1%

30%

1.3%

17.2% 15.6%

5.7% 32.3%

17.3%

8.4%

15.8%

6.1% 2.1%

25.5% 12.8%

20%

1.2%

11.0%

7.3%

MS

CS

WF

18.9% 10%

1.8% 15.0%

13.9%

GS

4.4%

4.0% 4.5%

2.4%

6.2% 8.2%

5.6% 7.7%

8.9%

4.6%

9.0%

1.3%

3.0%

DB

7.6%

5.7%

7.2%

3.9%

7.6%

2.9%

0%

50%

3.6%

15.8%

10%

2.4%

7.6%

7.0%

5.9%

11.1%

2.6% 1.2% 2.3%

3.5%

2.9%

1.0% 1.8% 3.0% 1.6% 4.0%

60%

4.5% 1.1%

3.6%

4.6%

8.6%

8.6%

24.9%

15.2%

2.6% 2.3%

1.2%

5.2%

5.8%

10.4% 10.1%

5.1%

5.2%

18.5%

3.3%

5.4% 10.2%

4.5%

3.3%

3.2%

21.3% 9.7%

0.8% 0.1%

2.9%

3.1%

20%

3.7%

3.7%

3.6%

4.0%

14.1%

3.7%

4.6%

2.3% 2.4% 2.5% 2.8%

3.4%

3.8%

3.6%

4.4%

5.4%

4.7% 1.4% 1.9%

5.2%

8.6% 10.4%

4.2%

3.3%

12.7%

% of Industry Proceeds

% of Industry P Proceeds

5.3%

3.1% 5.0%

2.1%

5.6%

22.2% 31.0%

4.2%

6.4% 60%

19.3% 6.1%

7.7%

2.3%

4.3%

70%

3.8%

2.4%

40.3%

40.4%

17.7%

5.9%

8.7%

14.2%

2.7% 1.6%

1.7%

50%

Jan 1 - Dec 31 2013

17.0%

18.9%

18.6%

0.8% 0.6% 0%

HSBC

2.1%

2.0%

JPM

Citi

4.8%

BoA

20.7% 18.4%

12.2%

12.8%

1.1% 1.4%

21.2%

4.6%

1.2%

2.1%

3.1%

2.2%

0.9%

DB

Barc

GS

MS

CS

WF

1.5%

HSBC

Consumer Products and Services

Energy and Power

Government and Agencies

Consumer Products and Services

Energy and Power

Government and Agencies

Healthcare

High Technology

Industrials

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Materials

Media and Entertainment

Real Estate

Retail

Consumer Staples

Telecommunications

Retail

Consumer Staples

Telecommunications

Financials


8



International Debt International Borrowing down 4% l High Tech and Telecomms Sharply Up l Deutsche Bank top € Fee Earners EMEA Deals Intelligence

All International Bonds (J1)

International bond issuance was down 4.2% from 2012. Among the underlying sectors, Financials dropped by 14.7% year on year, Government & Agency issuance was relatively static, with a 2.1% increase. In the corporate sectors, Telecommunications posted a 75.4% increase and High Technology rose by 55.5%, whereas Healthcare fell 29.1%.

Bookrunner JP Morgan Deutsche Bank Barclays Citi Goldman Sachs & Co HSBC Holdings PLC Bank of America Merrill Lynch BNP Paribas SA Morgan Stanley Credit Suisse Top Ten Total Industry Total

2013 was a record-breaking year in the international marketplace - the two largest International non-financial corporate bond offerings of all time (Verizon's US$49 billion issue in September and Apple's US$17 billion issue in April, which eclipsed Roche's 2009 US$16 billion prior record). The largest international corporate hybrid on record (EDF's US$8.2 billion equivalent tri-currency multi-tranche deal); and the largest supranational deal on record (EFSF's €8 billion deal in April). According to Thomson Reuters and Freeman Consulting, Deutsche Bank led all banks as to fees earned in 2013 in the All Bonds in Euro market (€222.5 million earned), Deutsche Bank also led the Corporate in Euros market (€128.3 million earned), and the Financials in Euros market (€29.2 million).

All International Bonds by Issue Type

Industry % Change from Same Period Last Year

‐4.2% ▼

Industry % Change from Last Quarter

‐6.0% ▼

ABS & MBS

€ 900

Proceeds (€b)

€ 800

Bookrunner JP Morgan Deutsche Bank Bank of America Merrill Lynch Barclays RBS Credit Suisse


€ 700 € 600


€ 500 € 400

€ 200


€ 100 €Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010

2011

2012

European Financial and Corporate Inv Grade By Domicile Nation

2013

5 16 18 12

9,489.8 8,171.4 7,370.0 6,281.9 119,335.5 190,174.9



8.6% ▲ 32.8% ▲

Full Year

5,566

-417

7 8 9 10

€140 Bookrunner BNP Paribas SA Deutsche Bank HSBC Holdings PLC Barclays Societe Generale UniCredit Credit Agricole CIB JP Morgan Goldman Sachs & Co Natixis Top Ten Total Industry Total

€120 €100 €80 €60 €40 €20 €0

-5.0% ▼

Jan 1 - Dec 31

5.0 4.3 3.9 3.3 62.8 100.0

-0.8 +2.1 +2.3 +0.4 +1.8

▼ ▲ ▲ ▲ ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 16.0 +6 57 ▲ 66 18.5 +3 ▲ 49 13.8 +12 ▲ 53 14.9 -12 ▼ 48 13.5 -9 ▼ 46 12.9 +18 ▲ 40 45 18 25

11.2 12.6 5.1 7.0

+3 +21 +8 +10

▲ ▲ ▲ ▲

+31

356

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 52.0 11.0 -1.4 ▼ 36.7 7.7 -3.5 ▼ 44.9 9.5 +5.9 ▲ 33.4 -4.4 ▼ 7.0 5.0 -4.5 ▼ 23.6 23.1 4.9 +1.1 ▲ 25.0 22.7 27.1 10.7 299.2 474.2

5.3 4.8 5.7 2.3 63.2 100.0

+0.2 +0.6 +3.0 -0.3 -3.3

▲ ▲ ▲ ▼ ▼

8.7% ▲

9.5% ▲ 1.1% ▲

40.0% ▲

Jan 1 - Dec 31 Proceeds per Bookrunner (€m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. +0.9 ▲ 1 1 83,144.8 8.1 2 2 72,949.5 7.1 +0.2 ▲ 3 6 67,571.2 6.6 +1.1 ▲ 64,111.4 6.2 4 5 +0.3 ▲ 62,618.5 6.1 +0.6 ▲ 5 7 59,540.8 5.8 -1.0 ▼ 6 3 7 4 55,822.5 5.4 -0.6 ▼ 8 8 52,995.4 5.1 -0.3 ▼ 9 11 43,339.3 4.2 +1.0 ▲ 10 9 36,416.1 3.5 -1.3 ▼ 598,509.5 58.1 +0.9 ▲ 1,030,956.8 100.0


2012

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. -0.7 ▼ 1,341.6 9.0 1,064.1 7.1 +0.2 ▲ 843.0 5.6 -0.3 ▼ 1,023.4 6.8 -0.4 ▼ 863.8 5.8 +0.4 ▲ 4.0 -0.3 ▼ 603.0 1,178.9 7.9 +0.3 ▲ 470.8 +0.3 ▲ 3.1 809.7 5.4 +0.3 ▲ 772.7 -0.1 ▼ 5.2 8,971.0 59.9 -0.3 ▼ 14,972.6 100.0

-11.8% ▼

All Bonds in Euros (N1)

€160

Proceeds (€b)

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1046 18.8 -196 ▼ 1120 20.1 -72 ▼ 814 14.6 -94 ▼ 831 14.9 -74 ▼ 634 11.4 +62 ▲ ▲ 907 16.3 +20 788 14.2 -71 ▼ 616 11.1 +5 ▲ 566 10.2 -25 ▼ 572 10.3 -26 ▼

-7.0% ▼ 1.8% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 13.0 +0.9 ▲ 1 24,800.6 7.8 -1.4 ▼ 2 3 14,896.6 7 14,796.6 7.8 +2.8 ▲ 3 4 2 12,674.9 -4.6 ▼ 6.7 5 4 10,769.2 -1.6 ▼ 5.7 6 10 10,084.5 5.3 +1.7 ▲

Citi Wells Fargo & Co Goldman Sachs & Co HSBC Holdings PLC Top Ten Total Industry Total


€ 300

2009

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 1 279,582.3 8.1 -0.8 ▼ 271,217.7 2 2 7.9 +0.1 ▲ -0.3 ▼ 3 247,351.2 7.2 3 6.2 -0.2 ▼ 211,182.3 4 4 198,715.9 8 5 5.8 +1.2 ▲ 6 5 196,864.8 5.7 +0.1 ▲ 5.4 -0.1 ▼ 184,928.4 7 6 5.0 +0.3 ▲ 8 7 171,831.9 162,268.0 4.7 9 9 +0.4 ▲ 0 10 10 133,743.8 3.9 59.9 +0.7 ▲ 2,057,686.3 3,435,758.9 100.0

All International Securitizations (J10c)

€ 1,000

2008

Jan 1 - Dec 31

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 348 19.3 +47 ▲ 352 19.5 +31 ▲ ▲ 299 16.5 +48 ▼ 253 14.0 -1 15.5 +41 ▲ 280 16.5 +38 299 ▲ 258 14.3 +9 ▲ 208 11.5 -17 ▼ 165 9.1 +46 ▲ 217 12.0 +1 ▲ +4

1,807

Imputed Fees (€m) Manager Market Market Fees Sh (%) Share Ch. 185.6 6.7 -0.6 ▼ 222.5 8.0 +0.3 ▲ 134.9 4.9 -0.2 ▼ 149.0 5.4 +0.1 ▲ 131.7 4.8 +0.1 ▲ 130.6 4.7 -0.5 ▼ 124.7 4.5 -0.9 ▼ 169.1 6.1 +0.3 ▲ 122.9 4.4 +1.0 ▲ 92.6 3.3 -0.4 ▼ 1,463.6 52.8 -0.8 ▼ 2,769.2 100.0

6.3% ▲

0.2% ▲

22.7% ▲

21.3% ▲

13.1% ▲

20.9% ▲

2013


9



High Yield Debt Annual Global High Yield Volume Up 19% l EMEA Market Buoyant l Non Dollar Activity Up 107% Global High Yield Deals Intelligence

Global High Yield Debt (B4)

Global high yield proceeds surged to another annual record in 2013, reaching $462 billion and surpassing the prior record set in 2012 by 18.8%. Issuers in EMEA and Asia drove the market, posting respective year-on-year gains of 122.7% and 23.6% whereas borrowing by U.S.-domiciled issuers declined 8.6%. Record-setting coupons continued to power the market in 2013: globally, the average coupon for high yield issues stood at 7.1%, the lowest ever.

Bookrunner JP Morgan Bank of America Merrill Lynch Deutsche Bank Credit Suisse Goldman Sachs & Co Citi Barclays Morgan Stanley Wells Fargo & Co RBC Capital Markets Top Ten Total Industry Total

Total high yield non-dollar issuance peaked at €83.6 billion for the year -- the highest volume on record -representing an increase of 107.4% over 2012. Euros were the predominant non-dollar currency, totaling €.64.3 billion for the full year, up 112.2% over 2012 and capturing a 76.9% share of the non-dollar high yield market. Sprint’s US$6.5 billion issue in September was the second-largest high yield deal on record, trailing only Energy Future Holdings’ US$7.5 billion issue in 2007, and contributing to the overall strength of the global high yield Telecommunications sector (up 81.4% from 2012). Industrials posted similar year-on-year increases, with a 71.2% uptick from 2012.

Average Quarterly Spread to Benchmark* Spread to Benchmark

800 700

Basis Points

Bookrunner JP Morgan Bank of America Merrill Lynch Deutsche Bank Credit Suisse Citi Goldman Sachs & Co Morgan Stanley Barclays Wells Fargo & Co RBC Capital Markets Top Ten Total Industry Total

2-Quarter Moving Average (Spread to Benchmark)

600 500 400 300 200 100 0

Q2

Q3

Q4

Q1

2009

Q2

Q3

2010

Q4

Q1

Q2

Q3

2011

Q4

Q1

Q2

Q3

Q4

Q1

Q2

2012

Q3

Q4

2013

Monthly High Yield Volume 120

$60

100

Bookrunner Deutsche Bank JP Morgan Barclays BNP Paribas SA Credit Suisse Goldman Sachs & Co HSBC Holdings PLC Citi UniCredit RBS Top Ten Total Industry Total

Proceeds (US$) 80

# of Issues $40

60 $30 40

$20

# of Issues

Proceeds (US$b)

860

+116

15.6% ▲ 13.6% ▲

4.2% ▲ -5.2% ▼

20

$10 $0

0

J F MAM J J A S ON D J F MAM J J A S ON D J F MAM J J A S ON D J F MAM J J A S ON D J F MAM J J A S ON D 2010

2011

2012

2013


Proceeds per Bookrunner (€m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 6,905.2 8.3 -0.1 ▼ 2 3 6,208.9 7.4 +1.3 ▲ 3 2 5,112.3 6.1 -0.9 ▼ 4 5 4,857.3 +0.4 ▲ 5.8 5 10 4,777.2 5.7 +1.4 ▲ 6 6 4,627.8 5.5 +0.1 ▲ 7 7 3,733.4 4.5 -0.9 ▼ 8 4 3,632.0 4.3 -1.2 ▼ 9 17 3,309.3 4.0 +1.7 ▲ 10 11 2,968.8 3.6 +0.2 ▲ 46,132.2 55.2 +2.0 ▲ 83,628.3 100.0


10

107.4% ▲ 13.5% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 635.5 10.0 -0.8 ▼ 571.5 9.0 -0.9 ▼ 496.7 7.8 +0.1 ▲ 478.7 7.5 -1.1 ▼ 453.3 7.1 -0.2 ▼ 412.5 6.5 -1.3 ▼ 378.5 5.9 -0.8 ▼ 362.2 5.7 0 314.3 4.9 -0.4 ▼ 195.7 3.1 -0.4 ▼ 4,298.9 67.5 -5.8 ▼ 6,368.7 100.0 4.5% ▲ -10.3% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 270 40.7 -17 ▼ 278 41.9 -8 ▼ 210 31.6 -5 ▼ 184 27.7 -23 ▼ 204 30.7 -7 ▼ 27.6 +14 ▲ 183 155 23.3 +9 ▲ 164 24.7 -14 ▼ 186 28.0 +1 ▲ 112 16.9 +5 ▲ 664

+23

3.6% ▲ 5.5% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 511.4 10.3 -0.9 ▼ 522.0 10.5 -0.5 ▼ 366.9 7.4 -0.1 ▼ 371.4 7.5 -1.5 ▼ 363.2 7.3 -0.8 ▼ 353.3 7.1 -0.3 ▼ 320.6 6.5 +0.7 ▲ 298.3 6.0 -0.5 ▼ 311.4 6.3 +0.3 ▲ 183.2 3.7 0 3,601.7 72.6 -3.6 ▼ 4,967.6 100.0 -6.7% ▼ -18.4% ▼

Global High Yield Debt - Non-US Dollar Denominated (B6)

$70

2009

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 39,775.4 11.3 -0.5 ▼ 2 2 34,946.1 10.0 -1.0 ▼ 3 4 29,205.8 8.3 -0.7 ▼ 4 3 27,885.9 8.0 -1.1 ▼ 5 5 27,340.2 7.8 -0.7 ▼ 6 6 26,328.8 7.5 -0.8 ▼ 7 9 24,448.5 7.0 +0.8 ▲ 8 7 23,913.0 6.8 -0.3 ▼ 9 8 22,624.7 6.5 0 10 11 13,270.2 3.8 +0.2 ▲ 269,738.6 77.0 -4.1 ▼ 350,983.4 100.0


*Spreads based on fixed rate issues where spread information is available

$50

18.8% ▲ -0.4% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 329 38.3 +20 ▲ 305 35.5 +9 ▲ 32.3 +29 ▲ 278 231 26.9 +6 ▲ 228 26.5 +42 ▲ 235 27.3 +1 ▲ 208 24.2 +10 ▲ 179 20.8 +13 ▲ 188 21.9 +3 ▲ 118 13.7 +3 ▲

Global High Yield Debt - US Dollar Denominated (B5)

900

Q1

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 48,001.9 10.4 -0.6 ▼ 2 2 38,685.8 8.4 -1.5 ▼ 3 3 38,384.2 8.3 -0.6 ▼ 4 4 34,245.7 7.4 -1.1 ▼ 5 6 32,477.8 7.0 -0.9 ▼ 6 5 32,154.7 7.0 -1.1 ▼ 7 7 30,758.0 6.7 -0.4 ▼ 8 8 28,104.6 6.1 +0.1 ▲ 9 9 22,817.8 4.9 -0.7 ▼ 10 11 13,955.2 3.0 -0.4 ▼ 319,585.7 69.2 -7.2 ▼ 461,999.1 100.0


.

Jan 1 - Dec 31

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 78 36.8 +35 ▲ 67 31.6 +37 ▲ 53 25.0 +26 ▲ 52 24.5 +25 ▲ 52 24.5 +29 ▲ 49 23.1 +28 ▲ 44 20.8 +21 ▲ 37 17.5 +9 ▲ 35 16.5 +23 ▲ 33 15.6 +13 ▲ 212

+92

76.7% ▲ 40.0% ▲

Imputed Fees (€m) Manager Market Market Fees Sh (%) Share Ch. 97.6 9.3 +0.5 ▲ 93.8 8.9 +0.8 ▲ 60.1 5.7 -2.6 ▼ 55.2 5.2 -0.1 ▼ 80.7 7.7 +1.9 ▲ 75.2 7.1 +1.1 ▲ 40.9 3.9 -0.4 ▼ 37.2 3.5 -2.3 ▼ +1.4 ▲ 37.0 3.5 33.6 3.2 -0.1 ▼ 611.3 58.0 +0.2 ▲ 1,055.1 100.0 77.9% ▲ 27.5% ▲



Emerging Markets All International Emerging Market Debt Up Slightly l EMEA Emerging Market Debt Up 4% l Latin America Emerging Market Debt Up 11% All International Emerging Market Bonds (L1)

Bookrunner Deutsche Bank HSBC Holdings PLC Citi JP Morgan Bank of America Merrill Lynch Barclays BNP Paribas SA Standard Chartered PLC Goldman Sachs & Co Morgan Stanley Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank +1.5 ▲ 1 4 45,811.9 10.0 -1.0 ▼ 2 1 45,763.2 10.0 3 2 44,614.2 9.7 -1.1 ▼ 4 3 41,302.5 9.0 -0.5 ▼ 5 9 27,227.8 5.9 +1.8 ▲ 6 5 25,182.9 5.5 +0.1 ▲ 7 10 19,959.9 4.4 +0.8 ▲ 3.8 -0.9 ▼ 8 6 17,492.0 9 7 17,401.8 3.8 -0.7 ▼ 10 8 14,974.8 3.3 -0.9 ▼ 299,731.0 -0.9 ▼ 65.4 458,158.7 100.0

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

0.9% ▲ 6.9% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 229 26.8 +44 ▲ 271 31.7 +14 ▲ 222 26.0 +5 ▲ 202 23.6 0 144 16.8 +27 ▲ 117 13.7 +8 ▲ 100 11.7 +14 ▲ 130 15.2 -13 ▼ ▲ 92 10.8 +2 81 ▼ 9.5 -14 855

‐639

1.2% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 14,260.4 11.0 -4.0 ▼ 10.5 2 2 13,599.8 -1.3 ▼ 3 5 13,405.8 10.3 +3.9 ▲ 4 4 13,372.9 10.3 +0.6 ▲ 5 3 12,574.0 9.7 -1.2 ▼ 6 6 8,556.0 6.6 +0.4 ▲ 7 9 5,657.8 4.4 +0.5 ▲ +1.9 ▲ 8 13 5,485.5 4.2 9 7 4,947.7 3.8 -1.4 ▼ 10 11 4,686.1 3.6 +0.1 ▲ 96,546.0 68.8 +4.4 ▲ 130,099.6 100.0


11.3% ▲ -26.7% ▼

25.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 57 31.5 -1 ▼ ▼ 52 28.7 -6 49 27.1 +6 ▲ 52 28.7 +6 ▲ 44 24.3 -7 ▼ ▼ 23 12.7 -3 26 14.4 +4 ▲ 8.8 +5 ▲ 16 16 8.8 -11 ▼ 20 11.0 0 181

+20

Bookrunner HSBC Holdings PLC Citi Standard Chartered PLC Deutsche Bank JP Morgan Barclays RBS Emirates NBD PJSC Goldman Sachs & Co National Bank of Abu Dhabi Top Ten Total Industry Total

% Change from Same Period Last Year % Change from Last Quarter *ti *tie

-19.3% ▼ 179.6% ▲


Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 46.0 12.3 -0.5 ▼ 30.2 -0.8 ▼ 8.1 46.0 12.3 +2.8 ▲ 35.6 9.5 +2.5 ▲ 8.0 29.8 -1.5 ▼ 11.5 3.1 +0.2 ▲ 3.4 +0.9 ▲ 0.9 5.9 1.6 -0.7 ▼ 7.5 2.0 -1.0 ▼ 17.5 4.7 -0.3 ▼ 233.4 62.5 +1.6 ▲ 374.4 100.0

67 -16.3% ▼ 240.0% ▲

‐13


Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 16.3 6.0 -4.5 ▼ 18.5 6.8 -4.6 ▼ 41.4 15.3 +4.2 ▲ 20.5 7.6 +2.7 ▲ 13.1 4.8 -0.8 ▼ 14.4 5.3 +4.0 ▲ 12.0 4.4 -1.7 ▼ +1.5 ▲ 17.8 6.6 13.4 5.0 +2.7 ▲ 13.6 5.0 +4.2 ▲ 181.0 66.8 +7.7 ▲ 270.8 100.0 45.5% ▲ 18.4% ▲

Jan 1 - Dec 31

1.7% ▲ 23.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 180 ▲ 41.5 +23 ▲ 119 27.4 +23 84 19.4 -3 ▼ 97 22.4 +3 ▲ ▲ 100 23.0 +4 88 20.3 +29 ▲ 78 18.0 +14 ▲ 49 11.3 +7 ▲ 64 14.7 +13 ▲ 50 11.5 +22 ▲ +11

434 2.6% ▲ 21.7% ▲

All International Emerging Market Bond Volume by Industry (US$b)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 7.6 7.8 -0.9 ▼ 7.7 7.8 +3.0 ▲ 5.0 5.1 -0.9 ▼ 8.1 8.3 -0.2 ▼ 3.2 3.3 -2.0 ▼ -8.0 ▼ 2.0 2.0 3.9 4.0 -2.0 ▼ 4.2 +2.1 ▲ 4.1 6.0 6.1 +5.1 ▲ -0.3 ▼ 3.2 3.2 50.8 51.8 -4.1 ▼ 97.8 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 71.3 12.9 -2.3 ▼ 52.4 9.5 +2.9 ▲ 45.7 8.3 -3.6 ▼ 41.0 7.4 +1.6 ▲ 44.1 8.0 -0.8 ▼ 50.7 9.2 +3.7 ▲ 36.9 6.7 +2.3 ▲ 24.9 4.5 +0.1 ▲ -2.0 ▼ 17.4 3.2 16.3 3.0 -2.2 ▼ 400.7 72.7 -0.3 ▼ 551.2 100.0 38.4% ▲ -39.4% ▼

Jan 1 - Dec 31 2013

$97.5 21%

$177.0 39%

$75.2 16% $1.6 0% $4.1 1% $3.8 1% $2.8 1% Financials Real Estate Telecommunications Retail

69.8% ▲ -8.2% ▼


+16

206 8.4% ▲ 51.6% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 20,918.2 12.7 -1.7 ▼ 1 1 5 +0.4 ▲ 2 13,895.7 8.4 3 4 13,014.9 7.9 -0.6 ▼ 4 2 12,659.6 7.7 -1.2 ▼ 5 3 12,233.7 7.4 -1.2 ▼ 6 8 10,097.2 6.1 +1.1 ▲ 7 9 9,714.0 5.9 +1.0 ▲ 8 6 8,314.0 5.0 -1.2 ▼ 4.9 -0.9 ▼ 9 7 8,161.0 10 12 5,715.2 3.5 +0.6 ▲ 114,723.5 69.5 -3.7 ▼ 165,297.4 100.0

Bookrunner HSBC Holdings PLC Deutsche Bank JP Morgan Citi Standard Chartered PLC UBS Bank of America Merrill Lynch Goldman Sachs & Co Barclays Bank of China Ltd Top Ten Total Industry Total

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 27 40.3 -10 ▼ 23 34.3 +3 ▲ 26 38.8 -8 ▼ 17 25.4 +1 ▲ 15 ▼ 22.4 -1 10 14.9 -2 ▼ 9 13.4 +1 ▲ 12 17.9 0 7 10.4 +5 ▲ 10 14.9 -9 ▼

4.0% ▲ 28.5% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 25.2 +21 52 ▲ 57 ▲ 27.7 +5 29.6 +8 ▲ 61 19.4 +13 ▲ 40 -7 32 15.5 ▼ ▲ 37 18.0 +7 ▼ 25 12.1 -11 26 12.6 +4 ▲ 20 ▲ 9.7 +6 16 7.8 +6 ▲

Asia-Pacific Emerging Market Bonds (L4)

33.7% ▲ -32.5% ▼

-2.7% ▲ -7.5% ▲

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 4 16,586.1 11.5 +3.6 ▲ 2 1 14,952.6 10.4 -0.5 ▼ 3 2 13,826.3 9.6 -0.5 ▼ 4 7 10,887.4 7.6 +2.1 ▲ 5 5 10,236.0 7.1 -0.6 ▼ 6.7 6 9,711.2 +0.1 ▲ 6 7,921.1 3 5.5 7 -3.0 ▼ 5,231.4 3.6 +0.6 ▲ 8 11 14 3.4 +1.0 ▲ 9 4,869.0 18 4,856.8 3.4 +1.6 ▲ 10 68.8 +4.4 ▲ 99,077.9 144,222.7 100.0

Bookrunner Deutsche Bank Citi JP Morgan BNP Paribas SA Barclays HSBC Holdings PLC VTB Capital Goldman Sachs & Co Bank of America Merrill Lynch Gazprombank Top Ten Total Industry Total

Jan 1 - Dec 31

Middle East Emerging Market Bonds (L5) Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 4,899.0 12.2 -1.6 ▼ 2 5 4,761.1 11.8 +5.8 ▲ 3 2 4,091.7 10.2 +0.2 ▲ 4 3 3,442.3 8.6 +0.8 ▲ 5 6 2,897.5 7.2 +1.2 ▲ 6 8 1,922.4 4.8 -0.1 ▼ 7 10 1,559.4 3.9 +1.4 ▲ 8 11 1,505.7 3.7 +1.3 ▲ 9 15 1,462.6 3.6 +1.6 ▲ 10 4 1,459.1 3.6 -2.6 ▼ 28,000.8 69.6 +8.0 ▲ 40,245.9 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 110.7 9.0 -0.1 ▼ 111.2 9.0 -1.0 ▼ 110.7 9.0 -0.1 ▼ 122.2 9.9 -0.9 ▼ 78.7 6.4 +2.5 ▲ 3.3 40.7 -1.9 ▼ 34.3 2.8 -0.8 ▼ 52.0 4.2 -1.2 ▼ 4.0 49.2 +0.2 ▲ +0.2 ▲ 3.7 45.0 -3.1 ▼ 754.7 61.3 1,230.9 100.0 38.1% ▲ -27.2% ▼

Latin America Emerging Market Bonds (L3)

Bookrunner Citi JP Morgan Bank of America Merrill Lynch Deutsche Bank HSBC Holdings PLC Morgan Stanley Credit Suisse Barclays Goldman Sachs & Co Itau Unibanco Top Ten Total Industry Total

EMEA Emerging Market Bonds (L2)

11

$12.9 3%

$16.6 4%

$18.3 4%

$22.6 5%

Government and Agencies Materials Consumer Staples Media and Entertainment

$24.9 5%

Energy and Power Industrials High Technology Consumer Products and Services



Emerging Markets - Latin America Global Brazilian Debt Volume Down 24% l Fees for Global Brazilian Debt Down 22% l Domestic Brazilian Debt Down 42% l Domestic Mexican Debt Up 46%


-24.3% ▼ -56.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 27 29.0 +2 ▲ 10 10.8 -6 ▼ 28 30.1 -5 ▼ 13 14.0 -11 ▼ 9 9.7 -3 ▼ 10 10.8 +1 ▲ 21 22.6 -3 ▼ 21 22.6 +7 ▲ 5 5.4 -12 ▼ ▼ 8 8.6 -6 93

‐15

-13.9% ▼ -44.4% ▼

Global Brazilian Debt Volume by Sector $100

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 18.5 9.7 +5.3 ▲ 13.6 7.1 -0.4 ▼ 21.0 11.0 -0.6 ▼ 20.6 10.8 -0.3 ▼ 11.5 6.0 +0.1 ▲ 13.1 6.9 +2.3 ▲ 13.2 6.9 +0.5 ▲ 23.3 12.2 +3.0 ▲ 6.2 3.2 +1.8 ▲ 7.8 -1.1 ▼ 4.1 148.8 77.9 +10.6 ▲ 191.1 100.0

Investment Grade Corporate $80


Proceeds per Bookrunner (R$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 3 13,862.8 30.0 +13.9 ▲ 2 2 11,204.1 24.3 +4.8 ▲ 3 1 8,748.9 19.0 -9.8 ▼ 4 6 3,170.2 6.9 +0.7 ▲ 5 5 2,812.9 6.1 -0.6 ▼ 6 4 2,444.4 5.3 -3.9 ▼ 7 8 1,216.7 2.6 -0.2 ▼ 8 12 570.0 1.2 +0.6 ▲ 9 380.0 0.8 +0.8 ▲ 10 360.0 0.8 +0.8 ▲ 44,770.0 97.0 +7.1 ▲ 46,169.9 100.0


-42.1% ▼ -72.9% ▼

176

‐32

-15.4% ▼ -60.0% ▼

$60

Bookrunner Citi HSBC Holdings PLC BBVA Grupo Financiero Banorte-Ixe Santander Value Casa de Bolsa, S.A. Bank of America Merrill Lynch Corporacion Actinver Sab de CV Deutsche Bank Morgan Stanley Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 26.7 +3.3 ▲ 1 1 6,525.1 2 3 3,908.6 16.0 +1.1 ▲ 3 2 3,351.3 13.7 -6.4 ▼ 7.1 -1.5 ▼ 4 4 1,744.2 4.9 5 5 1,207.1 -2.9 ▼ 6 826.6 3.4 +3.4 ▲ 9 747.8 3.1 7 +0.8 ▲ +0.6 ▲ 8 723.0 3.0 8 9 11 660.3 2.7 +1.0 ▲ 10 2.6 +0.7 ▲ 639.9 10 20,333.9 83.2 +0.1 ▲ 24,442.1 100.0


63.9% ▲ -44.5% ▼

137 63.1% ▲ -46.3% ▼

+53

90

60

$40

60

30

0

2005

2006

2007

2008

2009

2010

2011

2012

Global Debt by Mexican Issuers (MX1)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 17.0 30.4 +14.9 ▲ 26.1 14.6 +1.4 ▲ 9.8 17.5 -9.6 ▼ 4.1 7.3 +1.7 ▲ 2.4 4.2 -3.3 ▼ 3.7 6.5 +0.7 ▲ 1.2 2.1 -1.0 ▼ .8 1.4 +0.7 ▲ .5 0.9 +0.9 ▲ .4 0.8 +0.8 ▲ 56.0 100.0 +7.2 ▲ 56.0 100.0

Bookrunner Citi BBVA HSBC Holdings PLC Morgan Stanley Bank of America Merrill Lynch Barclays Santander JP Morgan Deutsche Bank Goldman Sachs & Co Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 9,952.3 17.4 -0.6 ▼ 2 3 5,528.3 9.7 -1.1 ▼ 3 2 5,432.4 9.5 -4.0 ▼ 4 5 3,917.5 6.8 -1.4 ▼ 5 8 3,311.0 5.8 +1.5 ▲ 6 13 3,149.1 5.5 +4.0 ▲ 7 7 3,058.5 5.3 -1.6 ▼ 8 9 2,938.8 5.1 +1.1 ▲ 9 4 2,828.5 4.9 -5.1 ▼ 10 6 2,664.4 4.7 -2.5 ▼ 42,780.8 74.7 -9.7 ▼ 57,249.1 100.0


42.6% ▲ -50.7% ▼

Bookrunner Citi HSBC Holdings PLC BBVA Grupo Financiero Banorte-Ixe Santander Value Casa de Bolsa, S.A. Bank of America Merrill Lynch Corporacion Actinver Sab de CV Scotiabank Grupo Financiero Inbursa SA Top Ten Total Industry Total

77.4% ▲ -96.0% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 69 58.0 +19 ▲ 36 30.3 -8 ▼ 32 26.9 +4 ▲ 12 10.1 +4 ▲ 19 16.0 +9 ▲ 4 3.4 +3 ▲ 20 16.8 +2 ▲ 9 7.6 +1 ▲ 8 6.7 -1 ▼ 6 5.0 -4 ▼ +14

119 13.3% ▲ -39.5% ▼

12

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 29.7 16.7 -0.7 ▼ 16.9 9.5 +1.6 ▲ 15.7 8.8 -2.7 ▼ 13.0 7.3 +1.4 ▲ 11.3 6.3 +0.6 ▲ 4.6 +3.0 ▲ 8.2 8.8 4.9 -4.0 ▼ 8.8 4.9 -1.2 ▼ 13.5 7.6 -2.7 ▼ 6.8 3.8 -2.8 ▼ 132.7 74.4 -7.5 ▼ 178.0 100.0 27.4% ▲ -55.0% ▼

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 6,289.1 31.5 +6.8 ▲ 2 3 3,060.5 15.3 +0.5 ▲ 3 2 2,926.6 14.7 -7.3 ▼ 5 1,744.2 8.7 4 -0.6 ▼ 5 4 1,086.3 5.4 -4.1 ▼ 826.6 4.1 +4.1 ▲ 6 7 9 747.8 3.8 +1.3 ▲ 8 8 723.0 3.6 +1.0 ▲ 9 6 572.6 2.9 -3.5 ▼ 10 7 2.2 -1.7 ▼ 435.3 18,412.0 92.2 -3.5 ▼ 19,959.1 100.0


2013

Jan 1 - Dec 31

Domestic Mexican Debt (MX3)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 14.1 19.2 +0.4 ▲ 13.6 18.4 -0.1 ▼ 6.9 9.4 -4.9 ▼ 2.5 3.4 -2.6 ▼ 2.0 2.7 -2.9 ▼ 2.1 +2.9 ▲ 2.9 1.3 1.8 +0.2 ▲ .7 0.9 -0.5 ▼ 5.0 6.8 +3.7 ▲ 2.1 2.8 +0.3 ▲ 73.8 68.3 -3.5 ▼ 73.8 100.0


66

$0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 60 43.8 +22 ▲ ▲ 39 28.5 +14 31 22.6 -5 ▼ ▲ 22 16.1 +6 15 10.9 +5 ▲ 2 1.5 +2 ▲ 11 8.0 +6 ▲ 9 6.6 +4 ▲ 14 10.2 +10 ▲ ▲ 6 4.4 +4

78

79 69

120

93

$20

-44.7% ▼ -69.7% ▼

Global Debt in Mexican Pesos (MX2)

91

90

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 39 22.2 +14 ▲ 44 25.0 -11 ▼ 33 18.8 -29 ▼ 13 7.4 -4 ▼ 10 5.7 0 13 7.4 -1 ▼ 8 4.5 -7 ▼ 1 0.6 0 1 0.6 +1 ▲ 4 2.3 +4 ▲

108

# of Issues

2004

Bookrunner Banco do Brasil SA Itau Unibanco Banco Bradesco SA Banco BTG Pactual SA HSBC Holdings PLC Santander Banco Votorantim Morgan Stanley Banco do Nordeste do Brasil SA Banco Safra SA Top Ten Total Industry Total

150

Junk Rated Debt

-22.0% ▼ -68.2% ▼

Domestic Brazilian Debt in Reals (BR2)

First Nine Months 142

Securitized Debt

# of Issues

Bookrunner Banco do Brasil SA JP Morgan Itau Unibanco HSBC Holdings PLC Bank of America Merrill Lynch Morgan Stanley Banco Bradesco SA Banco BTG Pactual SA Citi Deutsche Bank Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 2 5,049.7 12.4 +1.4 ▲ 2 5 4,420.2 10.8 +2.2 ▲ 3 1 4,128.6 10.1 -1.3 ▼ 4 3 4,082.0 10.0 -0.5 ▼ 5 12 3,506.8 8.6 +4.9 ▲ 6 10 3,051.6 7.5 +3.3 ▲ 7 7 3,025.6 7.4 +0.8 ▲ 8 9 2,928.2 7.2 +2.1 ▲ 9 6 5.5 2,236.2 -2.4 ▼ 10 8 2,109.5 -0.4 ▼ 5.2 34,538.4 84.7 +10.1 ▲ 40,869.4 100.0

Jan 1 - Dec 31

Proceeds (US$b)

All Global Debt by Brazilian Issuers (BR1)

45.6% ▲ -42.4% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 58 70.7 +20 ▲ 24 29.3 +2 ▲ 28 34.1 -9 ▼ 26.8 +6 ▲ 22 17.1 +3 14 ▲ 2 2.4 +2 ▲ 11 13.4 +6 ▲ 9 11.0 +4 ▲ 7 8.5 +1 ▲ 5 6.1 0 +10

82 13.9% ▲ -30.8% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 13.4 34.6 +9.4 ▲ 7.8 20.1 +1.1 ▲ 13.9 -5.6 ▼ 5.4 2.5 6.5 -1.9 ▼ 1.4 3.6 -5.5 ▼ 2.1 5.6 +5.6 ▲ 1.3 3.4 +1.3 ▲ .7 1.8 -0.4 ▼ 2.3 .9 -1.3 ▼ .7 1.9 -3.8 ▼ 38.6 93.7 -1.1 ▼ 38.6 100.0 24.9% ▲ -96.1% ▼



Asia Debt Asian G3 Bond Volume - All Time High l Asian Local Currency Debt Dips l Asian G3 High Yield Corporate Debt Surges Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)

Asia Deals Intelligence

Proceeds per Bookrunner (US$m) Market Market

Asian G3 currency (US$, Euro, Yen) debt for 2013 registered a record-high volume of US$142.8 billion from 285 deals, a 6.5% increase from last year's volume of US$134.1 billion. Issuance in the fourth quarter reached US$28.1 billion representing an increase of 18.2% over the US$23.8 billion raised in the third quarter. China remained the top borrower nation, capturing 28.9% of the Asian G3 bond market, followed by Hong Kong and South Korea.

Bookrunner HSBC Holdings PLC Deutsche Bank Citi JP Morgan Standard Chartered PLC Goldman Sachs & Co UBS Bank of America Merrill Lynch Barclays Morgan Stanley Top Ten Total Industry Total

Asian currency bond volume reached US$463.6 billion from 3,279 deals in 2013, a marginal decline from 2012 debt issuance of US$465.2 billion from 2,886 transactions. Chinese Yuan denominated debt totaled US$276.6 billion from 1,543 deals, capturing 59.7% of the Asian local currency market. Offshore Chinese Yuan issued and settled bond volume increased by 24.1% over the total raised in 2012, to CNY186.9 billion from 414 issues. According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3 currency bond market reached US$746.2 million, a 21.7% increase from the total fees paid in 2012. Underwriting fees on Asian local currency bonds (ex. Japan, Australia) totaled US$1.3 billion, representing a 7.5% decline compared to the US$1.4 billion paid a year ago.

Asia Pacific Currency Bonds Imputed Fees

2013 2012 Rank Rank 1 1 2 4 3 3 2 4 5 5 6 6 7 10 8 9 9 7 10 8

Industry % Change from Same Period Last Year Industry % Change from Last Quarter t Includes Asian Development Bank issuance

Proceeds Sh (%) Share Ch. 16,355.1 11.5 -2.4 ▼ 13,415.1 9.4 +0.3 ▲ 8.7 -1.0 ▼ 12,439.1 8.2 11,695.9 -2.1 ▼ 10,360.2 7.3 -0.9 ▼ 8,998.1 6.3 -1.0 ▼ 6.2 8,796.6 +1.2 ▲ 8,122.3 5.7 +0.1 ▲ 7,297.5 5.1 -1.4 ▼ 5,859.4 4.1 -1.6 ▼ 103,339.3 72.5 -8.8 ▼ 142,784.5 100.0 6.5% ▲ 18.2% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 122 42.8 +19 ▲ 101 35.4 +24 ▲ 90 31.6 +10 ▲ 72 25.3 -1 ▼ 74 26.0 +8 ▲ 48 16.8 +12 ▲ 73 25.6 +28 ▲ 64 22.5 +5 ▲ 56 19.6 +19 ▲ 44 15.4 -1 ▼ 285

+32

12.6% ▲ 26.9% ▲

Fees Sh (%) Share Ch. 90.4 12.1 -1.2 ▼ 65.9 8.8 -1.1 ▼ 58.8 7.9 -0.3 ▼ 62.6 8.4 -1.1 ▼ 50.3 6.7 -2.8 ▼ 41.8 5.6 +0.2 ▲ 60.3 8.1 -0.3 ▼ 47.4 6.4 +0.2 ▲ 28.6 3.8 -0.8 ▼ 35.6 4.8 +0.3 ▲ 541.7 72.6 -6.9 ▼ 746.2 100.0 21.7% ▲ 34.6% ▲

All Asian Currencies (ex-Japan ex-Australia) (AS1**)

Full Year

Imputed Fees (US$m) Manager Market Market

Jan 1 - Dec 31

100% 90%

% of Industry fees

80%

Bookrunner CITIC Group Corp HSBC Holdings PLC Bank of China Ltd Standard Chartered PLC China Construction Bank Industrial & Comm Bank China Agricultural Bank of China CDB Securities Co Ltd KB Financial Group Inc CIMB Group Sdn Bhd Top Ten Total Industry Total

70% 60% 50% 40% 30% 20% 10% 0% 2004

2005

Chinese Yuan Thai Baht Philippine Peso

2006

2007

Australian Dollar Singapore Dollar Vietnamese Dong

2008

2009

Korean Won Taiwanese Dollar Pakistani Rupee

2010

2011

Malaysian Ringgit Hong Kong Dollar

Offshore Chinese Yuan issued & settled Bonds (ex self-funded) (AS24a)

Bookrunner HSBC Holdings PLC Standard Chartered PLC BNP Paribas SA DBS Group Holdings Industrial & Comm Bank China Bank of China Ltd Barclays CTBC Financial Holding Co Ltd Bank of America Merrill Lynch Deutsche Bank Top Ten Total Industry Total

Proceeds per Bookrunner (CNYm) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 62,660.8 +5.2 ▲ 33.5 2 2 34,865.9 18.7 +4.6 ▲ 3 3 24,681.6 13.2 +2.0 ▲ 4 19 8,234.3 4.4 +3.7 ▲ 5 8 5,276.7 2.8 -0.4 ▼ 6 4 4,882.5 2.6 -5.2 ▼ 7 6 4,028.2 2.2 -2.3 ▼ 2.1 +2.1 ▲ 8 4,000.0 9 18 3,751.5 2.0 +1.3 ▲ 10 5 3,265.8 1.8 -2.8 ▼ 155,647.3 83.3 +8.2 ▲ 186,852.4 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie

24.1% ▲ 111.2% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 173 41.8 +44 ▲ 116 28.0 +39 ▲ 81 19.6 +20 ▲ 20 4.8 +16 ▲ 14 3.4 +1 ▲ 10 2.4 -6 ▼ 12 2.9 -3 ▼ 4 +4 ▲ 1.0 8 1.9 +5 ▲ 12 2.9 -15 ▼ 414 24.7% ▲ 19.5% ▲

+82

2012

2013

Industry % Change from Same Period Last Year Industry % Change from Last Quarter **Includes CDs and CPs

Indian Rupee Indonesian Rupiah

Jan 1 - Dec 31

-0.3% ▼ -0.4% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 146 4.5 +83 ▲ 456 13.9 +23 ▲ 95 2.9 +49 ▲ 324 9.9 -62 ▼ 2.3 +39 75 ▲ 70 2.1 +32 ▲ 64 2.0 +36 ▲ +6 ▲ 17 0.5 2.0 +29 65 ▲ 99 3.0 +17 ▲ 3,279

+393

13.6% ▲ -20.7% ▼

Bookrunner HSBC Holdings PLC Standard Chartered PLC KB Financial Group Inc CIMB Group Sdn Bhd Woori Invest & Sec Co Ltd Korea Investment Holdings Co Axis Bank Ltd Hana Financial Group Inc Daewoo Securities Co Ltd Kyobo Life Insurance Co Top Ten Total Industry Total

-10.6% ▼ 118.2% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 2 12,424.2 6.6 -0.3 ▼ 2 1 10,161.7 5.4 -2.5 ▼ 3 10 9,919.2 5.3 +2.9 ▲ 3 9,690.6 5.2 +1.5 ▲ 4 5 9 7,577.3 4.1 +1.3 ▲ 6 6 7,234.8 3.9 +0.5 ▲ 5 6,918.3 3.7 +0.3 ▲ 7 8 7 3.1 -0.3 ▼ 5,823.9 9 13 4,934.8 2.6 +0.6 ▲ 10 14 4,794.9 2.6 +0.8 ▲ 79,479.7 42.5 +4.8 ▲ 186,980.1 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter **Includes CDs and CPs

13

-21.6% ▼ 29.5% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 90.0 6.8 -0.3 ▼ 45.9 3.5 -0.9 ▼ 46.0 3.5 -1.0 ▼ 31.1 2.4 -0.6 ▼ 3.6 47.6 -0.9 ▼ 33.8 -1.2 ▼ 2.6 48.7 3.7 +1.2 ▲ 64.2 4.9 +3.3 ▲ 15.2 1.2 +0.5 ▲ 24.6 1.9 +0.2 ▲ 447.1 34.1 +0.3 ▲ 1,322.7 100.0 -7.5% ▼ 2.9% ▲

All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1a**)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 23.5 29.1 -6.8 ▼ 12.4 15.4 +9.2 ▲ 6.8 8.3 +3.6 ▲ 4.1 5.1 +4.8 ▲ 2.3 2.8 +0.3 ▲ 3.3 4.0 -14.6 ▼ 1.5 1.8 -5.1 ▼ 1.4 1.7 +1.7 ▲ 2.7 3.3 +2.8 ▲ 4.2 5.2 +2.6 ▲ 62.2 76.7 -1.5 ▼ 81.0 100.0


Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 27,952.7 6.0 -0.7 ▼ 2 3 22,649.8 4.9 -0.1 ▼ 3 6 17,451.2 3.8 +0.8 ▲ 4 4 16,499.8 3.6 -1.2 ▼ 5 -0.6 ▼ 12,858.9 2.8 5 6 7 11,943.4 2.6 -0.2 ▼ 7 14 11,673.6 2.5 +0.9 ▲ +1.1 ▲ 8 21 10,895.2 2.4 9 23 9,919.2 2.1 +0.9 ▲ 10 9 9,690.6 2.1 +0.2 ▲ 151,534.4 32.8 +1.1 ▲ 463,570.7 100.0

Jan 1 - Dec 31

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 281 16.2 -23 ▼ 198 11.4 -110 ▼ 65 3.7 +29 ▲ 99 5.7 +18 ▲ 36 2.1 +2 ▲ 41 2.4 -5 ▼ 163 9.4 ▼ -17 36 2.1 -6 ▼ 31 1.8 +10 ▲ 34 2.0 +7 ▲ 1,736

-609

-26.0% ▼ -7.3% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. +0.4 ▲ 22.2 6.0 15.9 4.3 -2.3 ▼ 15.2 4.1 +2.2 ▲ 24.6 6.7 +2.1 ▲ 20.7 5.6 +3.7 ▲ 11.8 3.2 +1.0 ▲ 7.1 1.9 -0.9 ▼ 2.7 9.8 -0.5 ▼ 8.6 2.3 +0.7 ▲ 6.9 1.9 +0.7 ▲ 142.8 38.7 +7.1 ▲ 368.4 100.0 -31.0% ▼ 29.5% ▲



Australia Debt Australian Dollar Bond Proceeds at All Time High l Financials - Top Sector | Australian Offshore Debt Dips All Australian Debt (ex self-funded) (AJ3a)

Australia Deals Intelligence Australian international debt proceeds reached US$85 billion from 191 deals in 2013, a 15.3% drop from total issuance in 2012. Issuance in US Dollars totaled US$44.6 billion, capturing 52.5% of the Australian international debt market, representing a 3.3% decline compared to total USD issuance in 2012.

Bookrunner Westpac Banking ANZ Banking Group

Australian dollar bond (excluding self-funded) offerings reached a record high level of AU$120.1 billion from 276 deals, a 26.7% increase in proceeds from the total raised in 2012. Financials remained the top sector, accounting for 52.7% of the market, followed by Government & Agencies, which captured 40.7% market share.

National Australia Bank Commonwealth Bank of Australia Citi Deutsche Bank UBS JP Morgan TD Securities Inc HSBC Holdings PLC Top Ten Total Industry Total

According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australian dollar (excluding self-funded) bonds reached AU$426 million, a 13.1% increase from the total of AU$376.6 million earned in 2012. Estimated fees from Australian international bond offerings registered a 27.5% decline, to US$272.7 million from the US$376.2 million earned last year.

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

Jan 1 - Dec 31

Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 3 19,888.5 16.6 +4.1 ▲ 18,172.2 15.1 2 1 -1.1 ▼ 3 4 5 6 7 8 9 10

2 4 8 6 5 10 7 12

13,163.3 12,957.4 10,849.1 8,923.7 8,658.3 4,523.2 3,608.6 3,334.4 104,078.7 120,068.7


26.7% ▲ 14.1% ▲

11.0 10.8 9.0 7.4 7.2 3.8 3.0 2.8 86.7 100.0

-3.0 +0.2 +4.4 -0.4 -1.4 +0.2 -2.6 +0.1 +0.5

▼ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 80 29.0 +21 ▲ ▲ 97 35.1 +11 68 66 30 63 30 21 38 30

24.6 23.9 10.9 22.8 10.9 7.6 13.8 10.9

276

+8 +21 +12 +12 -12 +9 +1 +7

▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲

+55

24.9% ▲ 31.3% ▲

64.3 47.0 22.1 26.5 23.3 17.9 6.0 10.8 344.0 426.0

15.1 11.0 5.2 6.2 5.5 4.2 1.4 2.5 80.7 100.0

-1.2 +0.6 +1.3 +1.5 -0.9 -0.4 -1.7 -2.4 -0.5

▼ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▼

13.1% ▲ 22.4% ▲

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

Full Year

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 64.4 15.1 +3.3 ▲ 61.7 -0.6 ▼ 14.5

Jan 1 - Dec 31

120

Proceeds (AU$b)

100

Bookrunner ANZ Banking Group Westpac Banking National Australia Bank Commonwealth Bank of Australia UBS Citi Deutsche Bank JP Morgan TD Securities Inc HSBC Holdings PLC Top Ten Total Industry Total

80

60

40

20

0 2004

2005

2006


2007

2008

2009


2010

MBS

2011

ABS

All Australian International Bonds (AJ7)

Bookrunner JP Morgan Citi Barclays Goldman Sachs & Co National Australia Bank Deutsche Bank Bank of America Merrill Lynch RBC Capital Markets ANZ Banking Group UBS Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 8,368.3 9.9 -1.1 ▼ 2 2 7,825.3 9.2 +0.7 ▲ 3 7 7,097.8 8.4 +3.5 ▲ 4 16 5,777.2 6.8 +4.6 ▲ 5 13 5,386.9 6.3 +2.0 ▲ 6 3 5,179.5 6.1 -0.7 ▼ 7 11 4,848.0 5.7 +1.3 ▲ 8 18 3,797.7 4.5 +2.6 ▲ 4.0 9 10 3,367.7 -0.4 ▼ 10 8 3,168.2 -1.2 ▼ 3.7 54,816.6 64.6 +11.3 ▲ 84,974.3 100.0


-15.3% ▼ -30.2% ▼

2012


2013

191 8.5% ▲ -37.5% ▼

+15

15.3% ▲ 53.2% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 84 35.9 +9 ▲ 62 26.5 +10 ▲ 49 20.9 +5 ▲ 57 24.4 +16 ▲ ▼ 30 12.8 -12 25 10.7 +8 ▲ 56 23.9 +10 ▲ 18 7.7 +9 ▲ 38 16.2 +1 ▲ 30 12.8 +7 ▲ 234

+204

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 56.6 15.2 0 50.6 13.6 +2.7 ▲ 57.9 15.5 -0.3 ▼ 39.7 10.7 -0.3 ▼ -0.6 ▼ 23.3 6.3 15.5 4.1 0 23.1 6.2 +1.7 ▲ 16.7 4.5 -0.2 ▼ 6.0 1.6 -1.8 ▼ 10.8 2.9 -2.4 ▼ 300.2 80.6 -1.2 ▼ 373.0 100.0 7.3% ▲ 45.0% ▲

21.2% ▲ 40.0% ▲


Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 23 12.0 -10 ▼ 22 11.5 +1 ▲ 21 11.0 -1 ▼ 18 9.4 +13 ▲ 23 12.0 +5 ▲ 23 12.0 -3 ▼ 23 12.0 +5 ▲ 14 7.3 +5 ▲ 0 14 7.3 15 -1 ▼ 7.9

Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 +0.1 ▲ 15,387.1 16.7 2 4 12,712.8 13.8 +2.9 ▲ 3 2 9,614.7 10.4 -1.9 ▼ -1.9 ▼ 4 3 9,188.5 10.0 -0.8 ▼ 5 5 8,658.3 9.4 6 8 7,385.1 8.0 +2.7 ▲ 7 6 6,906.9 7.5 -0.5 ▼ 8 9 3,922.2 4.3 +0.6 ▲ 9 7 3,608.6 3.9 -2.7 ▼ 10 11 3,334.4 3.6 +0.4 ▲ 80,718.6 87.6 -1.1 ▼ 92,310.0 100.0

All Australian Securitization (ex-CDOs) (AJ4)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 24.3 8.9 -1.1 ▼ 9.2 3.4 -1.5 ▼ 23.1 +5.8 ▲ 8.5 25.7 9.4 +8.3 ▲ 16.2 5.9 +3.0 ▲ 13.7 5.0 -0.8 ▼ 14.2 5.2 +2.5 ▲ 7.5 2.8 +1.3 ▲ 8.4 3.1 -5.0 ▼ 8.7 3.2 -0.9 ▼ 151.0 55.4 +11.6 ▲ 272.7 100.0

Bookrunner Westpac Banking National Australia Bank Commonwealth Bank of Australia Citi ANZ Banking Group Macquarie Group Deutsche Bank RBS JP Morgan ING Top Ten Total Industry Total

-27.5% ▼ -59.1% ▼


Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 2 7,358.9 25.2 +6.4 ▲ 2 1 4,020.2 13.7 -9.6 ▼ 3 8 3,843.2 13.1 +9.7 ▲ 4 9* 3,464.0 11.8 +10.4 ▲ 5 4 2,871.1 9.8 -2.5 ▼ 6 5 2,808.3 9.6 +2.0 ▲ 7 6 2,016.9 6.9 +0.2 ▲ 8 3 867.4 3.0 -14.0 ▼ 9 7 855.8 2.9 -2.5 ▼ 10 9* 475.0 1.6 +0.2 ▲ 28,580.8 97.6 +0.3 ▲ 29,256.0 100.0


14

73.6% ▲ -56.6% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 18 40.9 +11 ▲ 20 45.5 +4 ▲ 10 22.7 +6 ▲ 5 11.4 +4 ▲ 13 29.5 +2 ▲ 12 27.3 +6 ▲ 7 15.9 +1 ▲ 5 11.4 -1 ▼ 4 9.1 0 2 4.5 +1 ▲ 44

+14

46.7% ▲ -23.1% ▼

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 14.1 24.8 +6.8 ▲ 8.2 14.5 -8.5 ▼ 7.3 12.9 +10.3 ▲ 6.6 11.7 +9.7 ▲ 5.3 9.3 -2.3 ▼ 6.2 10.9 +2.3 ▲ 3.5 6.2 0 1.8 3.1 -13.2 ▼ 1.7 2.9 -3.8 ▼ 1.0 1.7 -0.3 ▼ 55.7 98.0 +1.0 ▲ 56.7 100.0 60.6% ▲ -57.7% ▼



Japan Debt Japanese Debt Activity Down 7% l Telecommunication Sector at Ten-Year High l Samurai Bonds Lowest Since 2010 Japan Deals Intelligence

All Bonds in Yen (AP5)

Yen denominated bond activity tempered somewhat in 2013, reaching JPY17.8 trillion from 1,064 deals, representing a decline in proceeds of 6.7%. Proceeds in the Financials sector recorded the lowest volume in the past decade, totaling JPY5.1 trillion. Conversely, proceeds from the Telecommunications industry increased nearly six fold compared to the amount raised last year, recording JPY1.1trillion in proceeds, the highest annual proceeds since 2002, largely attributed to two issues by SoftBank, which ranked as the 3rd and 10th largest transactions of the past ten years.

Bookrunner Mizuho Financial Group Nomura Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Goldman Sachs & Co JP Morgan Tokai Tokyo Financial Holdings Sumitomo Mitsui Trust Holdings Citi Top Ten Total Industry Total

According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds reached JPY63.9 billion in 2013, a slight increase from last year’s JPY62.5 billion. Samurai Bond proceeds decreased 22.3% compared to 2012, with total proceeds amounting to JPY1.7 trillion, the lowest since 2010 despite 9 more transactions. Proceeds from European issuers dropped 12.6% from the proceeds raised a year ago but still dominated the Samurai market, with a nearly 60% market share, followed by American and Asia Pacific issuers, with a 21.1% and a 19.8%, shares respectively.

Samurai Bonds Issuer Domicile Analysis

2,000

¥ Billion

58

75

66

65

1,500

80

60

47 39

34

1,000

Bookrunner Nomura Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Mizuho Financial Group JP Morgan Mitsubishi UFJ Morgan Stanley Citi Bank of America Merrill Lynch Natixis BNP Paribas SA Top Ten Total Industry Total

40

# of Issues

80

21 500

20

0

0

2004 Americas

2005 Europe

2006

2007

2008

2009

2010

Africa/Middle East/Central Asia

2011

2012

Japanese Corporate Debt Volume by Industry (¥ Billion)

¥1,125.7 13%

¥2,066.6 24%

¥1,059.9 12% ¥406.4 5%

¥433.3 5%

¥630.0 7%

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 Rank Rank ¥mil Sh (%) Share Ch. 1 17.9 1 296,734.5 -3.8 ▼ +7.6 ▲ 2 5 291,466.7 17.5 3 3 264,984.5 15.9 +2.3 ▲ 250,951.2 4 2 15.1 -5.5 ▼ 10.3 5 4 171,225.0 -2.7 ▼ +1.6 ▲ 6 6 9.9 164,392.9 77,976.2 9 7 4.7 +2.6 ▲ 8 35,601.2 2.1 8 -1.0 ▼ 32,900.0 +0.9 ▲ 9 2.0 11 18,900.0 +0.2 ▲ 1.1 10 12 1,605,132.2 96.5 +2.2 ▲ 1,661,900.0 100.0

# of Issues

Jan 1 - Dec 31

Japanese Securitizations (AP2)

Bookrunner Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Nomura Daiwa Securities Group Inc Sumitomo Mitsui Trust Holdings Goldman Sachs & Co Mitsubishi UFJ Financial Group ORIX Corp Shinsei Bank Top Ten Total Industry Total

Financials Energy and Power Telecommunications High Technology Real Estate Materials Consumer Products and Services Consumer Staples Healthcare Retail Media and Entertainment

¥60.0 ¥60 ¥155 ¥155.0 0 ¥170.0 ¥170 0 0 1% 2% 2%

15

-22.3% ▼ 72.6% ▲

2.2% ▲ 10.7% ▲

-0.9% ▼ 10.7% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 64.0 +6 48 ▲ 35 46.7 +18 ▲ 49.3 +7 ▲ 37 56.0 -3 ▼ 42 14 18.7 -2 ▼ 23 30.7 +5 ▲ 13 17.3 +5 ▲ -5 ▼ 10 13.3 5 6.7 +2 ▲ ▲ 4 5.3 +1 75

+9

13.6% ▲ 50.0% ▲

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 17.6 748.4 -3.1 ▼ 16.2 686.5 +6.1 ▲ 15.5 655.8 +2.7 ▲ 646.3 15.2 -4.9 ▼ 303.5 7.2 -7.4 ▼ 501.4 11.8 +2.1 ▲ 257.3 6.1 +3.9 ▲ 113.5 2.7 -0.8 ▼ 68.7 1.6 +0.7 ▲ 1.9 +1.6 ▲ 82.0 +0.9 ▲ 4,063.4 95.8 4,243.5 100.0 -22.9% ▼ 63.6% ▲

Jan 1 - Dec 31

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 ¥mil Sh (%) Share Ch. Rank Rank 1 1,119,594.6 1 36.4 -0.7 ▼ 553,900.0 18.0 +14.7 ▲ 6 2 12.2 -5.7 ▼ 2 374,664.3 3 -1.6 ▼ 3 4 363,900.0 11.8 4 5 173,130.0 5.6 -6.3 ▼ 7 5.0 +2.4 ▲ 6 155,390.6 -2.8 ▼ 139,894.0 7 5 4.5 9 +1.1 ▲ 8 89,390.0 2.9 8 1.0 9 29,900.0 -0.9 ▼ 10 -0.5 ▼ 0.7 10 20,800.0 -0.3 ▼ 3,020,563.5 98.1 3,080,224.3 100.0


¥255.0 ¥255 0 3%


-10

1,064

Imputed Fees (¥m) Manager Market Market Fees ¥mil Sh (%) Share Ch. 20.0 -3.5 ▼ 12,753.9 13,806.7 21.6 +6.4 ▲ 9,523.8 14.9 -3.8 ▼ 9,017.0 +1.8 ▲ 14.1 10,466.6 16.4 +2.7 ▲ 1,319.0 2.1 -0.5 ▼ 406.5 -1.5 ▼ 0.6 800.0 1.3 0 575.2 +0.3 ▲ 0.9 599.0 -0.1 ▼ 0.9 59,267.7 +1.8 ▲ 92.8 63,915.2 100.0

Jan 1 - Dec 31

Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie

Industrials

¥1,903.0 22%

¥390.0 4%

2013

Asia-Pacific (ex Central Asia)

-6.7% ▼ 13.7% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 419 39.4 -29 ▼ 268 25.2 +38 ▲ ▼ 258 24.2 -12 199 18.7 +49 ▲ 197 18.5 +8 ▲ 3.2 +10 ▲ 34 18 1.7 -10 ▼ -1 ▼ 35 3.3 10 0.9 +4 ▲ 19 1.8 +2 ▲

Samurai Bonds (AP1)

100

63

Proceeds per Bookrunner (¥m) Market Proceeds Market 2013 2012 ¥mil Sh (%) Share Ch. Rank Rank 22.0 -3.5 ▼ 1 1 3,911,488.1 2 3 3,871,819.7 21.8 +3.1 ▲ 3,219,783.6 3 2 18.1 -2.2 ▼ 5 2,610,597.5 14.7 +4.5 ▲ 4 4 2,429,082.0 13.7 +1.0 ▲ 5 6 315,036.9 1.8 -0.6 ▼ 6 7 192,625.0 1.1 -1.3 ▼ 7 8 10 168,571.9 1.0 +0.1 ▲ 9 14 155,390.6 0.9 +0.4 ▲ 10 11 143,309.5 0.8 +0.1 ▲ +1.6 ▲ 95.9 17,017,704.8 17,771,882.6 100.0


Full Year

2,500

Jan 1 - Dec 31

-17.6% ▼ 5.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 181 75.1 -25 ▼ 6 ▲ 2.5 +3 10 4.1 -1 ▼ 3 1.2 +1 ▲ 1.2 -1 ▼ 3 10 ▲ 4.1 +4 7 2.9 +5 ▲ 0 5.8 14 2 0.8 -1 ▼ 2 0.8 0 241

-17

-6.6% ▼ -12.7% ▼

Imputed Fees (¥mil) Market Manager Market Fees ¥mil Sh (%) Share Ch. -1.3 ▼ 37.5 3,692.3 1,150.4 +4.7 ▲ 11.7 1,123.5 11.4 -5.4 ▼ 801.6 8.2 +1.7 ▲ 369.5 3.8 -5.2 ▼ 5.8 +2.7 ▲ 575.2 -0.8 ▼ 346.2 3.5 312.9 3.2 +1.2 ▲ 104.7 1.1 -1.0 ▼ 101.0 1.0 -0.7 ▼ -4.1 ▼ 8,577.3 87.2 9,840.5 100.0 -17.7% ▼ 10.0% ▲



Japan Debt Japanese Corporate Debt (AP3)

Bookrunner Nomura Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co Tokai Tokyo Financial Holdings Citi Deutsche Bank Bank of America Merrill Lynch Top Ten Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 Rank Rank ¥mil Sh (%) Share Ch. 1 2 2,434,036.7 28.1 +4.8 ▲ 1,812,403.7 20.9 1 -5.4 ▼ 2 3 1,775,825.3 20.5 -2.4 ▼ 3 1,273,583.3 14.7 +1.5 ▲ 4 4 1,188,032.0 +2.4 ▲ 5 5 13.7 -0.2 ▼ 6 6 55,000.0 0.6 7 9 41,500.0 0.5 +0.1 ▲ 0.3 -0.4 ▼ 8 7 26,500.0 9 20,000.0 +0.2 ▲ 0.2 10 8 15,000.0 0.2 -0.5 ▼ +0.1 ▲ 8,641,881.0 99.7 8,654,881.0 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie

6.1% ▲ 3.5% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 30.0 +17 134 ▲ 124 27.7 +9 ▲ ▼ 116 26.0 -4 73 16.3 -15 ▼ 90 20.1 +22 ▲ 1.1 0 5 2.2 +5 10 ▲ 2 0.4 -2 ▼ 2 ▲ 0.4 +2 1 0.2 -6 ▼ 447 6.9% ▲ 12.5% ▲

+29

Bonds Targeted in Japan (AP4)

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 28.4 +11.1 ▲ 10,356.1 6,537.6 18.0 -5.5 ▼ -6.7 ▼ 5,381.1 14.8 +2.8 ▲ 7,276.9 20.0 13.6 4,933.9 +1.5 ▲ 379.2 1.0 -0.4 ▼ 232.3 0.6 -0.5 ▼ 0.6 201.6 -0.9 ▼ -0.1 ▼ 121.8 0.3 0.4 151.3 -0.4 ▼ 35,571.8 97.7 +0.9 ▲ 36,408.2 100.0

Bookrunner Mizuho Financial Group Nomura Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Goldman Sachs & Co JP Morgan Tokai Tokyo Financial Holdings Sumitomo Mitsui Trust Holdings Citi Top Ten Total Industry Total

31.1% ▲ 1.5% ▲


Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 ¥mil Sh (%) Share Ch. Rank Rank 3,873,632.1 -3.7 ▼ 1 22.5 1 21.9 +2.6 ▲ 3,774,419.7 2 3 3 2 3,214,783.6 18.7 -2.2 ▼ 5 2,492,366.5 14.5 +4.4 ▲ 4 4 2,393,182.0 13.9 +0.8 ▲ 5 6 6 315,036.9 1.8 -0.7 ▼ 7 171,225.0 1.0 7 -0.8 ▼ 8 168,571.9 +0.1 ▲ 9 1.0 12 155,390.6 0.9 +0.3 ▲ 9 0.8 +0.2 ▲ 10 10 133,309.5 16,691,917.8 97.0 +1.0 ▲ 17,219,595.6 100.0


16

Jan 1 - Dec 31

-4.8% ▼ 9.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 40.9 -26 ▼ 416 264 26.0 +40 ▲ 257 25.3 ▼ -7 191 18.8 +52 ▲ 193 19.0 +6 ▲ 34 3.3 +10 ▲ 14 1.4 -6 ▼ 35 -1 3.4 ▼ 1.0 +4 10 ▲ 1.8 +3 18 ▲ +1

1,017 0.1% ▲ 7.4% ▲

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 12,456.1 -4.8 ▼ 20.2 13,516.4 21.9 +7.3 ▲ 15.4 -4.6 ▼ 9,506.9 13.3 8,182.4 +2.3 ▲ 10,129.0 16.4 +2.2 ▲ 1,319.0 2.1 -0.8 ▼ 342.7 0.6 -1.2 ▼ 800.0 1.3 -0.1 ▼ 575.2 0.9 +0.3 ▲ 585.1 0 1.0 57,412.8 93.1 +0.6 ▲ 61,595.8 100.0 7.5% ▲ 7.4% ▲



Ranking Criteria Summary - Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bonds

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: United States Salvatore Reres Tel: +1 646 223 8455 E-mail: [email protected] Europe Ian Willmott Tel: +44 207 542 4376 E-mail: [email protected] Asia-Pacific Michelle Abuzo Tel: +632 858 7201 E-mail: [email protected] Japan Aki Sato Tel: +813 6441 1120 E-mail: aki [email protected] sato@thomsonreuters com

and preferred stock) as well as MBS, ABS & Taxable Munis. - Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all

Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. - All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EDT on December 31,

2013. - Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the

US dollar equivalent at the time of announcement. - Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require a

minimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option. -

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign, Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

-

Imputed fees are calculated using Freeman Consulting. Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed. disclosed Deal fees are on a gross basis before all expenses. expenses Each underwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicate members.

-

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for 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 content provider. 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 extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2013 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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