DEBT CAPITAL MARKETS REVIEW

REUTERS/Carlos Jasso

DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2017

Full Year 2017 | 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

10

Asia Deals Intelligence

15

Global Debt, Equity & Equity Related (A1)

1

All International Bonds (J1)

10

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

15

Global Debt and Syndicated Loans (DL1)

1

All International Securitizations (J10c)

10

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

15

Global Scorecard

2

All Bonds in Euros (N1)

10

Dim Sum Bonds (AS24a)

15

Leading Underwriters for Full Year 2017

2

All Global Green Bonds (GR01)

11

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

15

Global Debt (B1)

2

All International Green Bonds (JG1)

11

Global Investment Grade Corporate Debt (B7)

3

Global Debt and Syndicated Loans Islamic Finance (DL2)

3

Global High Yield Deals Intelligence

Global Mortgage-Backed Securities (B10)

3

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

3

Banking Composite of Top Global Debt Bookrunners

4

Global Debt Rankings - Last Ten Years

5

High Yield

Australian Debt Australia Deals Intelligence

16

12

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

16

Global High Yield Debt (B4)

12

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

16

Global High Yield Debt - US Dollar Denominated (B5)

12 All Australian International Bonds (AJ7)

16

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

12

Japan Debt

Emerging Market Debt US Debt US Debt (F1) US High Yield Corporate Debt (F8) US Investment Grade Corporate Debt (F9) All Federal Credit Agency Debt (H1)

All International Emerging Market Bonds (L1)

13

EMEA Emerging Market Bonds (L2)

13

Latin America Emerging Market Bonds (L3)

13

Asia-Pacific Emerging Market Bonds (L4)

13

Middle East Emerging Market Bonds (L5)

13

6 6 6 6

Emerging Market Debt - Latin America US Asset-Backed Securities (F14) US Mortgage-Backed Securities (F11) US Securitizations ex.CMBS, Agency CMO, CDO & SelfFunded(F20a)

All Brazilian Debt (BR1)

14

Brazilian Domestic Debt (BR2)

14

Global Debt by Mexican Issuers (MX1)

14

Global Debt in Mexican Pesos (MX2)

14

Domestic Mexican Debt (MX3)

14

7

IFR Markets Supplement

9

All Bonds in Yen (AP5)

17

Samurai Bonds (AP1)

17

Japanese Securitizations (AP2)

17

Japanese Corporate Debt (AP3)

18

Bonds Targeted in Japan (AP4)

18

Debt Capital Markets Criteria Summary

7 8

17

Criteria Summary

7

Banking Composite of Top US Debt Bookrunners

Japan Deals Intelligence

Thomson Reuters Solutions for the Deal Making Community

19

20

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DEBT CAPITAL MARKETS REVIEW Global Debt Tops US$7 Trillion for Second Year l US Investment Grade Debt Hits Record US$1.4 trillion l High Yield Corporate Debt Up 40% l Fees Increase 14% Global High Yield Corporate Debt- Quarterly

Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS TOPS US$7 TRILLION FOR SECOND YEAR - Overall global debt capital markets activity totaled US$7.2 trillion during full year 2017, a slight decline compared to full year 2016 and the second consecutive annual period to surpass US$7 trillion on record. Fourth quarter global debt activity decreased 18% compared to the third quarter of this year, as the number of issues fell 19%.

Proceeds (US$b) $160

US INVESTMENT GRADE DEBT BREAKS FULL YEAR RECORD FOR SIXTH CONSECUTIVE YEAR - High grade corporate debt offerings targeted to the US marketplace totaled US$1.4 trillion during full year 2017, a 5% increase compared to a year ago, and the sixth consecutive year to surpass US$1 trillion and set a new annual record for the asset class. During the fourth quarter of 2017, US investment grade corporate debt totaled US$251.1 billion, down 31% compared to the third quarter of the year.

$100

GLOBAL HIGH YIELD VOLUME UP 40% - The volume of global high yield corporate debt reached US$432.8 billion during full year 2017, an increase of 40% compared to the same time last year and the strongest annual period for global high yield issuance in three years. United States high yield issuers accounted for 52% of total issuance, down from 60% a year ago. The United Kingdom, Canada and China each accounted 6% of this year’s issuance.

$20

TELECOM OFFERINGS UP 56%; HEALTHCARE, GOVERNMENT & AGENCY LEAD DECLINERS – DCM activity from Telecommunications issuers totaled US$173.2 billion during full year 2017, registering an industry-leading increase of 56% compared to year-ago levels. Healthcare and Government & Agency activity saw the steepest year-over-year declines down 28% and 15%, 15% respectively. respectively Government & Agency and Financial offerings accounted for a combined declines, 70% of issuance during full year 2017, down from 71% a year ago.

Global High Yield Debt ($b)

300

Number of Offerings

$140

250

$120 200 150

$80 $60

100

$40 50

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 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Global Debt Capital Markets by Asset Class Proceeds (US$t) $2.2 $2.0 $1.8 $1.6

EMERGING MARKETS CORPORATE DEBT UP 20% - Corporate debt from emerging markets issuers totaled US$316.6 billion during full year 2017, up 20% compared to last year. Corporate debt issuers from India, Brazil, Mexico and Russia accounted for 47% of activity during the year. Issuance from corporations in India totaled US$57.8 billion, an increase of 28% compared to full year 2016.

$1.4 $1.2 $1.0 $0.8

CITI TOPS GLOBAL DEBT LEAGUE TABLE - Citi took the top spot for global debt underwriting during full year 2017 with proceeds of US$468.9 billion and an increase of 1.0 market share point. JP Morgan fell to second place with a market share increase of 0.4 points, while Bank of America Merrill Lynch maintained third place. Barclays and Goldman Sachs rounded out the top five global debt bookrunners, with Goldman Sachs moving into the top five for the first time since records began in 1980.

$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 2008

OVERALL DEBT UNDERWRITING FEES INCREASE 14% - According to estimates, underwriting fees from DCM activity totaled US$29.0 billion during full year 2017, an increase of 14% compared to full year 2016.

Global Debt, Equity & Equity-related (A1)

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

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 1 519,330.0 6.6 +0.4 ▲ 2 2 508,725.6 6.4 +1.0 ▲ 5.4 3 3 428,501.0 +0.2 ▲ 4 6 364,694.7 4.6 +0.5 ▲ +0.3 ▲ 5 5 362,326.3 4.6 4.4 347,913.9 -0.2 ▼ 6 4 -0.3 ▼ 7 3.5 8 276,754.1 3.4 8 7 270,529.6 -0.4 ▼ 237,344.1 0 9 3.0 9 10 216,950.8 +0.1 ▲ 10 2.7 3,533,070.1 +1.6 ▲ 44.6 7,917,833.8 100.0

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

0.9% ▲ ‐17.2% ▼

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 2,201 7.7 +203 ▲ 7.6 +443 ▲ 2,174 1,820 6.3 +105 ▲ 1,761 6.1 +221 ▲ 1,392 4.9 +204 ▲ 1,459 5.1 +139 ▲ 1,336 4.7 +51 ▲ 4.5 +23 1,282 ▲ 1,303 4.5 +158 ▲ 3.9 +181 ▲ 1,110 28,691 5.7% ▲ -11.7% ▼

+2,861

2009

2010

2011

2012

2013

2014

Investment Grade Corporate

Federal Credit Agency

MBS

Agency, Supranational, Sovereign

Emerging Market Corporate

High Yield Corporate

2015

Global Debt and Syndicated Loans (DL1)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 3,419.5 6.9 +0.1 ▲ 5.4 +0.1 ▲ 2,683.1 -0.6 ▼ 5.1 2,531.2 5.5 +0.4 ▲ 2,727.2 5.2 2,586.6 +0.3 ▲ -0.4 ▼ 1,684.7 3.4 1,180.9 2.4 +0.3 ▲ 1,504.9 -0.4 ▼ 3.0 -0.5 ▼ 1,189.6 2.4 1,669.7 3.4 0 21,177.4 -0.7 ▼ 42.7 49,834.4 100.0

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

24.5% ▲ -7.9% ▼

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. -0.1 ▼ 1 1 748,073.7 7.2 2 2 -0.3 ▼ 710,098.2 6.8 3 6.4 -0.7 ▼ 3 664,112.7 -0.3 ▼ 4 422,352.4 5 4.1 +0.2 ▲ 4 420,164.8 4.0 5 3.8 -0.4 ▼ 8 390,200.4 6 353,893.6 7 6 3.4 +0.1 ▲ 9 344,044.8 3.3 -0.3 ▼ 8 3.1 7 9 +0.4 ▲ 317,442.0 10 273,580.8 +0.3 ▲ 10 2.6 -1.1 ▼ 4,643,963.4 44.7 10,412,795.4 100.0


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-0.1% ▼ -8.3% ▼

2016

2017

ABS

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 2,891 9.2 +211 ▲ 8.6 +119 ▲ 2,706 2,478 7.9 +416 ▲ 6.9 +273 ▲ 2,181 1,678 5.3 +163 ▲ 1,344 4.3 +189 ▲ ▲ 5.2 +81 1,647 1,557 4.9 +151 ▲ 4.6 +48 ▲ 1,457 1,706 5.4 +128 ▲ +796

31,552 2.6% ▲ -18.6% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 2,803.8 6.5 +6.5 ▲ 2,512.9 5.8 +5.8 ▲ 2,236.9 5.1 +5.1 ▲ +3.4 ▲ 1,491.6 3.4 1,513.2 3.5 +3.5 ▲ 3.7 1,628.3 +3.7 ▲ 1,331.8 3.1 +3.1 ▲ 1,452.7 3.3 +3.3 ▲ 1,243.9 2.9 +2.9 ▲ 2.8 +2.8 ▲ 1,213.1 17,428.2 40.1 +40.1 ▲ 100.0 43,495.3 15.3% ▲ -7.7% ▼

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Global Debt Global Debt (B1)

Global Scorecard Jan 1 2017 - Dec 29 2017 Proceeds No. $USm Deals

Jan 1 2016 - Dec 30 2016 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)

3,053,938.4 2,287,856.0 182,115.5 281,429.8 1,350,364.9 393,171.8 421,276.3 344,806.1 24,894.3 200,138.4

5,487 4,035 1,354 481 1,167 908 837 615 672 1,288

2,864,169.6 2,237,508.4 268,224.1 229,064.4 1,286,702.0 395,758.5 382,533.5 244,127.7 22,273.2 200,939.5

4,821 3,627 1,217 338 1,103 901 720 474 630 1,789

+6.6% +2.3% -32.1% +22.9% +4.9% -0.7% +10.1% +41.2% +11.8% -0.4%

▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▼

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) Global Emerging Markets Corporate Debt (B15)

6,883,136.2 5,924,757.6 432,830.2 3,551,245.9 190,987.6 1,626,062.1 512,123.6 446 255 0 446,255.0 362,096.2 332,964.7

20,573 18,599 771 12,680 1,381 3,561 994 981 2,806 1,517

6,841,656.5 6,036,806.4 308,841.3 3,511,686.0 273,569.4 1,874,391.0 484,033.3 320 816 8 320,816.8 414,222.8 270,126.4

19,112 17,446 515 11,739 1,250 3,839 856 810 3,580 1,504

+0.6% -1.9% +40.1% +1.1% -30.2% -13.2% +5.8% +39 1% +39.1% -12.6% +23.3%

▲ ▼ ▲ ▲ ▼ ▼ ▲ ▲ ▼ ▲

Bookrunner Citi JP Morgan Bank of America Merrill Lynch Barclays Goldman Sachs & Co Morgan Stanley HSBC Holdings PLC Deutsche Bank Wells Fargo & Co BNP Paribas SA Credit Suisse Nomura RBC Capital Markets Mizuho Financial Group Societe Generale Bank of China Ltd TD Securities Inc Credit Agricole CIB UBS China Construction Bank Industrial & Comm Bank China Mitsubishi UFJ Financial Group UniCredit Bank of Communications Co Ltd Agricultural Bank of China Top Twenty Five Total Industry Total

Leading Underwriters for Full Year 2017 No. 1 Manager

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)

JP Morgan

7.2

+1.3

▲

5

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

Morgan Stanley JP Morgan JP Morgan

8.3 12.6 11.7

-0.4 +2.3 +0.8

▼ ▲ ▲

3 1 1

Jan 1 - Dec 29 Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 6.5 +1.0 ▲ 1 2 468,917.8 6.4 +0.4 ▲ 463,730.5 2 1 5.4 3 3 388,592.5 +0.2 ▲ 4 324,521.5 4 4.5 -0.2 ▼ +0.2 ▲ 6 4.2 5 306,222.7 6 7 +0.3 ▲ 301,734.9 4.2 270,097.1 -0.3 ▼ 5 7 3.7 8 3.4 -0.3 ▼ 8 248,245.6 227,463.8 3.2 9 9 +0.1 ▲ 193,020.2 2.7 +0.2 ▲ 10 10 11 11 191,901.8 +0.3 ▲ 2.7 0 12 150,262.3 12 2.1 17 2.0 +0.3 ▲ 13 142,756.2 1.9 +0.1 ▲ 14 16 138,474.3 1.5 15 110,453.3 +0.1 ▲ 22 1.5 -0.5 ▼ 109,700.8 16 13 17 20 0 106,611.7 1.5 1.5 0 21 18 105,886.0 +0.1 ▲ 19 23 103,874.4 1.4 -0.5 ▼ 20 98,738.4 1.4 14 96 304 7 13 -0 6 ▼ 21 15 96,304.7 1.3 -0.6 22 27 77,398.5 1.1 +0.2 ▲ 23 +0.2 ▲ 25 77,144.9 1.1 -0.5 ▼ 24 19 1.1 76,825.5 -0.6 ▼ 18 74,486.3 1.0 25 4,853,365.7 67.3 +0.2 ▲ 7,213,742.4 100.0


# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1,852 7.9 +347 ▲ 1,816 7.8 +146 ▲ ▲ 1,519 6.5 +24 1,275 5.5 +96 ▲ 1,061 4.5 +123 ▲ 1,366 ▲ 5.9 +82 1,283 5.5 +38 ▲ 4.8 +11 1,116 ▲ 5.1 +157 ▲ 1,186 3.6 +95 836 ▲ 877 3.8 +145 ▲ 821 3.5 +122 ▲ 837 3.6 +138 ▲ 976 4.2 +177 ▲ 476 2.0 +71 ▲ 965 ▼ 4.1 -83 ▲ 649 2.8 +94 ▲ 558 2.4 +56 ▲ 546 2.3 +6 974 ▼ 4.2 -67 3 8 -136 ▼ 884 3.8 411 1.8 +97 ▲ 376 1.6 +86 ▲ 794 3.4 -67 ▼ 729 3.1 -93 ▼ 23,321

+632

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 1,650.6 -0.2 ▼ 5.7 +0.5 ▲ 1,975.4 6.8 5.5 -0.6 ▼ 1,579.2 1,194.1 4.1 -0.2 ▼ 1,331.0 4.6 0 4.4 -0.2 ▼ 1,260.7 981.9 3.4 +0.6 ▲ -0.5 ▼ 3.4 987.3 858.5 3.0 -0.5 ▼ 658.6 2.3 +0.2 ▲ 916.4 3.2 0 0 1.3 383.4 +0.1 ▲ 661.4 2.3 -0.3 ▼ 520.0 1.8 1.2 355.3 +0.1 ▲ +0.1 ▲ 1.4 416.7 +0.3 ▲ 366.3 1.3 +0.2 ▲ 353.1 1.2 453.8 1.6 -0.2 ▼ 1.1 0 318.1 331 6 11 331.6 1.1 0 +0.2 ▲ 394.4 1.4 0.8 222.2 +0.1 ▲ 265.9 0.9 0 235.8 0.8 -0.1 ▼ 64.6 -0.4 ▼ 18,671.7 28,999.9 100.0

2.8% ▲ -18.7% ▼

-0.2% ▼ -18.4% ▼

13.6% ▲ -22.8% ▼

Global Debt Capital Markets % Change by Asset Class

2017 vs. 2016

50%

Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B1) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B11)

JP Morgan JP Morgan JP Morgan Citi

7.3 10.8 5.9 13.0

+1.6 +0.8 +0.4 -4.0

▲ ▲ ▲ ▼

5 3 5 3

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)

JP Morgan JP Morgan JP Morgan JP Morgan Citi Wells Fargo & Co JP Morgan Citi

11.5 12.8 13.1 12.1 13.7 18.6 14.3 19.8

+0.1 +2.4 +2.0 +1.8 +3.8 +11.4 +4.4 +1.9

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲

4 4 4 3 1 5 3 1

40.1%

39.1%

30% 23.3%

10%

-10%

International Bonds All International Bonds (J1) All Bonds in Euro (N1) All International Securitizations (J10c)

JP Morgan BNP Paribas SA JP Morgan

8.7 7.6 12.8

+0.4 +1.4 +5.1

▲ ▲ ▲

3 3 2

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

Citi Bank of China Ltd

8.4 5.9

+2.5 -1.5

▲ ▼

4 3

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

Westpac Banking Commonwealth Bank of Australia

17.3 32.4

+4.4 +24.6

▲ ▲

1 1

5.8%

1.1% Investment Grade Corporate



ABS

MBS



-13.2%

-30% -30.2%

-50%


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Global Debt

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 1 208,380.3 +0.2 5.9 ▲ 2 3 184,561.0 5.2 +0.3 ▲ 3 2 180,935.2 5.1 -0.1 ▼ 4.9 +0.2 ▲ 4 4 175,300.9 4.2 +0.1 ▲ 6 150,512.5 5 6 5 -0.2 ▼ 137,057.2 3.9 7 8 123,736.5 3.5 0 8 7 3.3 -0.2 ▼ 118,004.6 9 2.6 9 93,646.2 -0.2 ▼ -0.3 ▼ 10 10 84,053.7 2.4 -0.2 ▼ 41.0 1,456,188.1 3,551,245.9 100.0


1.1% ▲ -18.9% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 726 5.7 +71 ▲ ▲ 619 4.9 +34 778 6.1 +137 ▲ 698 5.5 +57 ▲ 430 3.4 +36 ▲ 5.3 +52 ▲ 674 ▲ 493 3.9 +65 457 3.6 +1 ▲ 468 3.7 +22 ▲ 316 2.5 +3 ▲ 12,680

+941

8.0% ▲ -25.8% ▼

Imputed Fees: Global Investment Grade Corporate Debt

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. +0.2 ▲ 898.7 6.0 -0.4 ▼ 816.1 5.4 726.1 4.8 -0.4 ▼ -0.2 ▼ 730.0 4.9 0 618.6 4.1 565.2 3.8 +0.8 ▲ 495.0 3.3 -0.2 ▼ 417.9 -0.4 ▼ 2.8 328.7 2.2 -0.1 ▼ 407.8 -0.7 ▼ 2.7 6,004.1 40.0 -1.4 ▼ 15,048.7 100.0

11,739

8,998

Bookrunner Malayan Banking Bhd CIMB Group Holdings Bhd HSBC Holdings PLC Standard Chartered PLC Citi Deutsche Bank RHB AMMB Holdings Bhd JP Morgan Dubai Islamic Bank PJSC Top Ten Total Industry Total


28.9% ▲ 54.6% ▲

124

+13

11.7% ▲ 0.0% ▲

$8 4,819

5,404

6,233

6,349

5,796

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

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 +6.3 ▲ 76,802.6 17.2 2 2 36,127.9 8.1 +1.0 ▲ 3 3 6.8 1 30,166.5 -4.8 ▼ 4 6.5 4 -0.1 ▼ 28,768.7 5 5 -0.6 ▼ 5.7 25,206.7 6 5.2 23,340.9 7 -0.5 ▼ 7 21,684.2 8 4.9 -0.7 ▼ 6 17,682.0 8 -1.8 ▼ 4.0 9 17,064.9 9 -1.0 ▼ 3.8 14,515.6 10 11 3.3 +0.2 ▲ 291,360.0 65.5 -2.0 ▼ 446,255.0 100.0

$0

6,000 4,000 2,000

8.3

9.4

8.5

8.4

11.0

10.6

12.5

12.4

14.5

15.0

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

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

39.1% ▲ 11.1% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 11.2 +11.2 ▲ 18.7 18.1 10.8 +10.8 ▲ +7.2 ▲ 12.0 7.2 8.4 +5.0 ▲ 5.0 3.6 +3.6 ▲ 6.0 +3.3 ▲ 5.6 3.3 +5.0 ▲ 5.0 8.4 8.8 +5.3 ▲ 5.3 2.8 +2.8 ▲ 4.7 8.5 5.1 +5.1 ▲ 99.2 59.3 +59.3 ▲ 100.0 167.2

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

981 21.1% ▲ 6.4% ▲

+171

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 58,380.2 1 1 11.4 -1.9 ▼ -1.2 ▼ 2 2 11.2 57,173.6 3 3 52,237.3 10.2 -1.6 ▼ 51,903.3 10.1 -0.5 ▼ 4 4 5 +1.2 ▲ 51,224.2 5 10.0 +1.4 ▲ 6 8.6 43,845.3 6 33,564.6 +0.3 ▲ 7 6.6 7 22,219.1 4.3 8 8 -1.1 ▼ 3.2 +1.6 ▲ 9 13 16,510.5 14,821.2 10 10 2.9 -0.2 ▼ 401,879.3 78.5 -2.0 ▼ 512,123.6 100.0


5.8% ▲ 3.5% ▲

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 14.0 +25 139 ▲ 141 ▲ 14.2 +16 134 13.5 -3 ▼ 13.0 +16 129 ▲ 140 ▲ 14.1 +39 11.1 +22 110 ▲ 76 7.6 +12 ▲ 80 8.0 +15 ▲ 4.6 +16 46 ▲ ▼ 43 -9 4.3 994

+138

16.1% ▲ 3.9% ▲

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

42.2% ▲ 11.9% ▲

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. +2.4 ▲ 2 31,318.8 10.3 1 8.6 26,054.7 2 3 +0.8 ▲ 8.5 -3.8 ▼ 3 1 25,723.0 22,341.9 7.4 +0.4 ▲ 4 4 +0.3 ▲ 20,868.8 6.9 5 5 9 -0.1 ▼ 6 5.4 16,329.0 7 16,290.1 5.4 -0.4 ▼ 6 5.1 -0.6 ▼ 8 8 15,420.5 +1.5 ▲ 13,645.8 4.5 12 9 4.1 10 12,283.4 7 -1.7 ▼ -1.2 ▼ 66.2 200,276.0 302,875.0 100.0


15.4% ▲ 21.2% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. -1.8 ▼ 90.4 9.7 83.1 -2.7 ▼ 8.9 90.9 9.7 -0.6 ▼ 77.4 8.3 -1.6 ▼ 80.1 8.6 +1.3 ▲ 70.3 7.5 +1.3 ▲ 54.8 +0.3 ▲ 5.9 30.9 3.3 +0.7 ▲ 3.2 29.5 +2.0 ▲ 3.1 29.0 -2.3 ▼ 636.4 68.2 -3.4 ▼ 100.0 935.8 -24.0% ▼ 3.7% ▲

Global Asset-Backed Securities ex-CDOs (B13)

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 268.3 15.3 +0.2 ▲ 148.1 +1.5 ▲ 8.4 -2.6 ▼ 6.3 110.6 109.6 6.2 +0.4 ▲ 6.6 116.1 0 78.7 +0.6 ▲ 4.5 4.6 80.6 -0.8 ▼ -1.5 ▼ 78.0 4.4 -0.4 ▼ 55.4 3.2 66.8 -0.8 ▼ 3.8 -3.4 ▼ 63.3 1,112.2 100.0 1,757.1

0

Number of Offerings

Global Mortgage-Backed Securities (B10)

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 205 20.9 +88 ▲ ▲ 13.4 +32 131 114 -3 ▼ 11.6 ▲ 108 11.0 +26 93 9.5 +9 ▲ ▲ 88 9.0 +24 88 9.0 +1 ▲ 75 ▼ 7.6 -7 169 17.2 +5 ▲ 6.6 +18 65 ▲

8,000

6,301

$2

34.3% ▲ 52.2% ▲

Global Asset-Backed Securities (B11)

10,000

$4

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 42 ▲ 33.9 +17 ▲ 43 34.7 +9 16.9 ▼ -6 21 15.3 ▼ 19 -6 9 7.3 +1 ▲ 5 ▲ 4.0 +1 24 19.4 +4 ▲ ▲ 25 20.2 +9 ▼ 6 -1 4.8 ▼ 9.7 12 -5

9,106

$10

$6

14,000 12,000

$12

Global Investment Grade Fees (US$b)

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 2 5,582.6 10.2 -0.5 ▼ 1 1 5,372.0 9.8 +2.2 ▲ 2 4,831.7 3 4 8.8 -1.8 ▼ 4 3 3,214.7 5.8 +3.1 ▲ 5.2 -2.3 ▼ 5 11 2,857.7 2,712.4 6 4.9 -2.6 ▼ 12 5 +1.7 ▲ 7 2,481.4 4.5 2,410.3 6 8 4.4 +0.8 ▲ 9 2,278.5 4.1 9 -0.3 ▼ 7 10 2,043.9 3.7 +0.9 ▲ 33,785.2 61.4 +1.2 ▲ 100.0 55,018.0

12,680

$14

3.8% ▲ -19.4% ▼

Global Debt and Syndicated Loans Islamic Finance (DL2)

Full Year

$16

Number of Offerings

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

Jan 1 - Dec 29

Fees (US$b)

Global Investment Grade Corporate Debt (B7)

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 17.2 +35 118 ▲ 15.6 +14 107 ▲ 15.2 ▼ 104 -1 91 13.3 +16 ▲ 82 ▲ 12.0 +21 11.7 +2 ▲ 80 24.3 +4 ▲ 167 70 10.2 -2 ▼ ▲ 72 10.5 +27 61 8.9 -13 ▼ 686

+19

2.8% ▲ 11.5% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 75.5 +0.4 ▲ 6.8 93.9 8.5 0 8.3 91.2 -1.4 ▼ +1.1 ▲ 7.2 79.1 67.6 +0.1 ▲ 6.1 57.6 5.2 +0.1 ▲ 52.4 4.7 -1.9 ▼ 57.0 5.2 -0.1 ▼ +0.2 ▲ 42.2 3.8 51.5 4.7 -1.7 ▼ 60.5 668.0 -3.2 ▼ 1,105.3 100.0 70.8% ▲ 20.5% ▲




Banking Composite: Global Debt Issue Type Composition for the Top Global Debt Bookrunners 100%

2.8%

4.2%

5.0%

Jan 1 - Sep 29 2017 2.6%

6.1%

6.7%

4.3%

2.9% 13.2%

90%

80%

52.7% 50.9% 70%

51.4%

54.3%

50.0%

55.3% 55.9%

57.0% 63.0% 60% %

% Total Proceeds

61.9%

50%

7.3% 40%

13.2%

10.2%

2.0%

13.1%

9.0%

14.3% 8.0%

2.6% 30%

3.8%

1.4%

1.5%

4.3%

16.3% 4.9%

13.9%

2.3%

0.0%

1.1% 2.3% 13.8%

1.0% 2.6%

20% 20.8%

20.0%

2.6%

14.5%

26.9%

28.1%

1.4%

20.8%

21.3%

14.7%

19.3% 0.8% 0.0%

10% 10.6% 6.9%

4.2%

7.3%

8.7% 4.9%

4.5%

Barclays

HSBC Holdings PLC

0% Citi

JP Morgan ABS

Bank of America Merrill Lynch



3.7%

1.9% Deutsche Bank


Goldman Sachs & Co High Yield Corporate

Morgan Stanley

Wells Fargo & Co


BNP Paribas SA MBS




Global Debt Rankings* - Last Ten Years

Citi

2

JP Morgan

3

Bank of America Merrill Lynch

4

Barclays

5

Goldman Sachs & Co

6

Morgan Stanley

7

HSBC Holdings PLC

8

Deutsche Bank

9

Wells Fargo & Co

Rank

1

BNP Paribas SA

10 2008

2009

2010

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

2011

2014

2015

2016

2017

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




US Debt US Total Debt Issuance Up 7% to US$3 trillion | US Debt Fees US$14 billion US Deals Intelligence

US Investment Grade Corporate Debt (F9)

US Investment Grade Debt issuance totaled US$1.3 trillion raised from 1,167 deals, a 4.9% increase compared to the same period last year and the highest volume on record in the High Grade. Energy & Power led all sectors, accounting for 13.2% of the market, followed by Healthcare (8.7%) and Technology (7.8%). Volume was boosted by seven transactions with a principal amount over US$10 billion, including the US$22.5 billion AT&T deal, the third largest deal on record. The proceeds were used to fund the US$117 billion acquisition of Time Warner. According to estimates, fees from US Investment Grade bonds totaled US$6.8 billion, accounting for 53.4% of fees from High Grade bonds globally.

Bookrunner JP Morgan Bank of America Merrill Lynch Citi Goldman Sachs & Co Morgan Stanley Wells Fargo & Co Barclays Deutsche Bank HSBC Holdings PLC Credit Suisse RBC Capital Markets Mizuho Financial Group Mitsubishi UFJ Financial Group UBS BNP Paribas SA US Bancorp TD Securities Inc Santander Global Corporate Bnk Sumitomo Mitsui Finl Grp Inc Societe Generale SunTrust Banks Credit Agricole CIB Scotiabank BBVA RBS PNC Financial Services Group Lloyds Bank Bank of New York Mellon Corp BMO Capital Markets Jefferies LLC Top Thirty Total Industry Total

US High Yield Corporate Debt volume in 2017 reached US$281.4 billion, an increase of 22.9% compared to the same period last year. Issues from Industrials, Materials and Telecommunications drove market activity, increasing 80.7% to $US33.4 billion, 67% to $US41.7 billion and 60% to $US16.4 billion, respectively. According to estimates, fees from US HY bonds totaled US$4.3 billion, an increase of 43.3% from a year ago. Proceeds from Non-Agency Residential Mortgage-Backed Securities totaled US$56.7 billion during full year 2017, double the volume last year. According to estimates, fees from RMBS issues totaled US$1 billion, a 70% increase from a year ago.

US Debt (F1)

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

Jan 1 - Dec 29 Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 343,330.3 11.2 -0.1 ▼ 2 2 342,104.3 11.2 +1.2 ▲ 3 3 286,182.6 9.4 -0.5 ▼ 4 6 212,749.4 7.0 +0.1 ▲ 5 4 202,263.8 6.6 -0.7 ▼ 6 7 196,829.9 6.5 +0.5 ▲ 7 5 174,252.1 5.7 -1.5 ▼ 8 9 135,625.6 4.4 -0.1 ▼ 9 8 121,435.5 4.0 -1.2 ▼ 10 10 100,609.0 3.3 -0.9 ▼ 2,115,382.5 69.3 -3.2 ▼ 3,053,938.4 100.0


6.6% ▲ ‐14.8% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1167 21.3 +177 ▲ 1157 21.1 +275 ▲ 1056 19.2 +78 ▲ 11.9 +62 652 ▲ 998 18.2 +133 ▲ 710 12.9 +94 ▲ 653 11.9 +22 ▲ 513 9.3 +81 ▲ 472 8.6 -9 ▼ 305 5.6 -2 ▼ 5,487

+666

13.8% ▲ 4.0% ▲

Jan 1 - Dec 29

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 2 34,034.7 12.1 +2.5 ▲ 2 4 25,204.3 9.0 +0.1 ▲ 3 1 22,660.7 8.1 -1.6 ▼ 4 3 21,473.3 7.6 -1.6 ▼ 5 5 21,124.4 7.5 -1.0 ▼ 6 7 17,951.5 6.4 -0.4 ▼ 7 8 16,610.1 5.9 +0.5 ▲ 8 9 15,985.9 5.7 +0.5 ▲ 9 6 13,014.0 4.6 -3.8 ▼ 10 10 12,176.5 4.3 +0.2 ▲ 200,235.4 71.2 -4.6 ▼ 281,429.8 100.0



22.9% ▲ 11.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 241 50.1 +69 ▲ 217 45.1 +48 ▲ 163 33.9 +21 ▲ 147 30.6 +10 ▲ 178 37.0 +53 ▲ ▲ 29.5 +30 142 ▲ 144 29.9 +40 120 24.9 +30 ▲ 126 26.2 +6 ▲ 105 21.8 +29 ▲ 481

4.9% ▲ ‐30.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 501 42.9 +73 ▲ 39.4 +34 ▲ 460 418 35.8 +58 ▲ 272 23.3 +35 ▲ 343 29.4 +30 ▲ 290 24.9 +2 ▲ 209 17.9 +14 ▲ 153 13.1 +4 ▲ 124 10.6 +5 ▲ 135 11.6 +27 ▲ ▼ 160 13.7 -16 ▲ 154 13.2 +8 ▲ 150 12.9 +23 ▲ 113 9.7 +21 ▼ 9.3 -1 109 ▲ 10.9 +23 127 5.2 +11 61 ▲ 40 3.4 +9 ▲ 60 5.1 +10 ▲ 46 3 9 +8 3.9 ▲ 70 ▲ 6.0 +16 61 ▲ 5.2 +13 ▲ 60 5.1 +8 ▲ 2.6 +10 30 1.0 +1 ▲ 12 32 2.7 +6 ▲ 17 1.5 -2 ▼ 18 1.5 -10 ▼ ▲ 17 1.5 +3 27 2.3 +11 ▲ 1,167

+64

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 745.6 11.0 +0.7 ▲ 691.3 10.2 -0.7 ▼ 543.8 8.0 -0.7 ▼ 498.6 7.4 +0.4 ▲ 503.9 7.4 0 388.0 5.7 -1.3 ▼ 302.9 4.5 -0.9 ▼ 211.8 3.1 -1.0 ▼ 227.7 3.4 +0.1 ▲ 193.6 2.9 -0.1 ▼ -0.4 ▼ 191.5 2.8 -0.2 ▼ 196.1 2.9 +0.5 ▲ 203.5 3.0 +0.1 ▲ 163.6 2.4 121.6 -0.3 ▼ 1.8 129.7 +0.3 ▲ 1.9 0 75.2 1.1 63.9 0.9 +0.1 ▲ -0.1 ▼ 77.8 1.2 56 6 56.6 08 0.8 0 67.5 1.0 +0.2 ▲ +0.1 ▲ 49.6 0.7 -0.2 ▼ 76.5 1.1 +0.2 ▲ 44.7 0.7 40.1 0.6 0 49.3 0.7 +0.1 ▲ 30.7 0.5 0 34.5 0.5 0 0.4 25.7 +0.1 ▲ 21.9 +0.1 ▲ 0.3 -2.9 ▼ 6,027.2 88.9 6,775.5 100.0 1.5% ▲ ‐33.3% ▼

5.8% ▲ ‐20.4% ▼

12.7% ▲ ‐11.7% ▼

US High Yield Corporate Debt (F8)

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

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 10.7 +0.6 ▲ 1,534.1 8.9 1,282.5 -0.3 ▼ 1,286.4 9.0 -1.1 ▼ 991.1 6.9 -0.4 ▼ 847.1 5.9 -1.0 ▼ 881.9 6.1 -0.2 ▼ 804.1 5.6 -0.7 ▼ 619.8 4.3 -0.7 ▼ 519.4 3.6 -1.4 ▼ 391.3 2.7 -0.1 ▼ 9,157.7 63.7 -5.3 ▼ 14,367.7 100.0

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 164,349.7 12.2 0 1 2 2 11.4 +0.6 ▲ 153,743.8 3 3 129,712.9 9.6 -0.6 ▼ 4 5 115,548.2 8.6 +0.9 ▲ 5 4 114,019.3 8.4 +0.5 ▲ 6 6 79,557.6 5.9 -1.0 ▼ 7 64,998.5 4.8 -0.7 ▼ 7 53,654.0 4.0 -0.6 ▼ 9 8 3.5 -1.2 ▼ 9 8 47,706.4 10 12 40,161.8 3.0 +0.4 ▲ +0.1 ▲ 2.8 11 11 37,925.0 -0.3 ▼ 2.8 12 37,901.9 10 +0.1 ▲ 2.6 35,494.7 13 14 +1.0 ▲ 2.6 35,017.3 14 15 -0.7 ▼ 1.8 15 13 24,044.7 +0.1 ▲ 1.5 16 16 19,675.2 +0.1 ▲ 18 1.0 17 13,628.4 +0.2 ▲ 18 20 13,578.9 1.0 -0.1 ▼ 13,219.3 1.0 19 17 20 19 11 977 1 11,977.1 09 0.9 0 21 23 0.8 +0.2 ▲ 11,060.5 22 22 10,899.6 0.8 +0.2 ▲ 23 21 9,527.3 0.7 0 24 7,845.0 0.6 +0.2 ▲ 26 0.4 25 24 5,758.0 -0.1 ▼ 26 28 5,727.7 0 0.4 27 27 4,916.6 0.4 0 28 29 3,726.3 0.3 -0.1 ▼ 29 31 3,162.8 0.2 0 48 30 0.2 3,147.2 +0.1 ▲ 1,271,685.7 94.2 -0.7 ▼ 1,350,364.9 100.0

Jan 1 - Dec 29

+143

All Federal Credit Agency Debt (H1)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 485.4 11.2 +1.8 ▲ 353.1 8.2 -1.2 ▼ 321.6 7.4 -2.0 ▼ 316.4 7.3 -2.0 ▼ 292.3 6.8 -1.0 ▼ 264.2 6.1 -1.1 ▼ 225.7 5.2 +0.5 ▲ 239.2 5.5 +0.4 ▲ 177.6 4.1 -3.5 ▼ 172.1 4.0 -0.3 ▼ 2,847.6 65.8 -8.4 ▼ 4,324.9 100.0

Bookrunner Barclays Nomura Wells Fargo & Co Citi TD Securities Inc JP Morgan HSBC Holdings PLC Bank of America Merrill Lynch Jefferies LLC Daiwa Securities Group Inc Top Ten Total Industry Total

Jan 1 - Dec 29

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 56,004.3 12.8 +0.6 ▲ 2 2 45,237.7 10.4 +1.7 ▲ 3 5 42,420.8 9.7 +3.4 ▲ 4 6 36,323.0 8.3 +2.2 ▲ 5 3 31,826.0 7.3 +0.1 ▲ 6 7 27,624.5 6.3 +1.1 ▲ 7 10 21,473.5 4.9 +0.7 ▲ 8 8 21,202.4 4.9 -0.1 ▼ 9 14 17,709.6 4.1 +1.5 ▲ 10 11 11,914.2 2.7 -0.8 ▼ 71.4 +10.4 ▲ 311,736.0 436,907.7 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 223 5.4 -49 ▼ 210 5.1 -4 ▼ 619 15.0 -123 ▼ 203 4.9 -112 ▼ 244 5.9 -20 ▼ 171 4.1 -96 ▼ 88 2.1 -21 ▼ 165 4.0 -315 ▼ 204 4.9 -144 ▼ 165 4.0 -148 ▼ 4,135

-2,910

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 24.4 8.4 +3.8 ▲ 27.4 9.4 +3.6 ▲ 25.9 8.9 +3.5 ▲ 23.2 8.0 +2.1 ▲ 20.8 7.2 +1.9 ▲ 14.2 4.9 +0.2 ▲ 6.9 2.4 +0.6 ▲ 9.5 3.3 -1.9 ▼ 6.7 2.3 +0.4 ▲ 5.3 1.8 -0.5 ▼ 164.3 56.6 +13.7 ▲ 290.2 100.0

42.3% ▲

43.3% ▲

Industry % Change from Same Period Last Year

‐35.6% ▼

‐41.3% ▼

‐36.7% ▼

25.3% ▲

14.7% ▲

Industry % Change from Last Quarter

‐12.2% ▼

‐5.5% ▼

‐17.6% ▼




US Securitizations US Structured Finance 2017 vs 2016

Jan 1 - Dec 29

US Asset-Backed Securities (F14)

120% Bookrunner Citi Barclays JP Morgan Wells Fargo & Co Bank of America Merrill Lynch RBC Capital Markets Deutsche Bank Credit Suisse Mitsubishi UFJ Financial Group Goldman Sachs & Co Top Ten Total Industry Total

100% 80% 60% 40% 20% 0%

41.2%

10.1%

22.7%

ABS

MBS

CMBS

119.9% RMBS

-20%

Federal Credit Agencies MBS

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 2 68,355.8 19.8 +7.3 ▲ 2 +0.4 ▲ 4 29,280.9 8.5 1 27,774.1 8.1 -6.0 ▼ 3 4 -0.9 ▼ 3 24,983.8 7.3 5 7.2 -0.3 ▼ 5 24,665.0 21,529.4 6.2 -0.4 ▼ 6 6 17,498.3 5.1 -1.4 ▼ 7 8 8 7 14,131.8 4.1 -2.4 ▼ 14 11,973.1 3.5 +1.1 ▲ 9 10 9 10,842.5 3.1 -0.5 ▼ 251,034.7 72.9 -3.1 ▼ 344,806.1 100.0


-9.5%

Jan 1 - Dec 29


41.2% ▲ 12.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 180 29.3 +78 ▲ 107 17.4 +19 ▲ 104 16.9 -4 ▼ 14.6 +7 90 ▲ ▲ 91 14.8 +24 72 11.7 +20 ▲ 71 11.5 -8 ▼ 65 10.6 -7 ▼ 44 7.2 +23 ▲ 51 8.3 +10 ▲ 615

+141

29.7% ▲ 12.1% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 231.2 17.3 +1.5 ▲ 112.0 8.4 +2.4 ▲ 98.9 7.4 -2.0 ▼ 114.8 8.6 -0.4 ▼ 90.4 6.7 +0.3 ▲ +0.5 ▲ 70.1 5.2 60.6 4.5 -1.1 ▼ 62.6 4.7 -0.9 ▼ 36.8 2.8 +0.8 ▲ 50.4 3.8 -1.4 ▼ 927.8 69.4 -0.3 ▼ 1,340.2 100.0 47.0% ▲ 14.8% ▲

-40%

US Asset-Backed Securities excluding Self-Funded (F14a)

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

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 56,420.7 17.5 +5.6 ▲ 2 4 27,288.4 8.5 0 3 2 26,224.1 8.2 -3.3 ▼ 4 3 23,439.2 7.3 -1.5 ▼ 5 5 21,565.6 6.7 -1.0 ▼ 6 8 19,404.5 6.0 -0.2 ▼ 7 6 17,498.3 5.4 -1.5 ▼ 8 7 13,596.1 4.2 -2.7 ▼ 9 14 11,973.1 3.7 +1.1 ▲ 10 9 10,842.5 3.4 -0.4 ▼ 228,252.5 70.9 -3.9 ▼ 321,802.4 100.0


41.4% ▲ 21.2% ▲

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals ▲ 168 28.8 +68 103 17.7 +16 ▲ 102 17.5 +1 ▲ 85 14.6 +2 ▲ 89 15.3 +23 ▲ 69 11.8 +20 ▲ 71 12.2 -8 ▼ 63 10.8 -8 ▼ 44 7.5 +23 ▲ 51 8.7 +10 ▲ 583

+124

27.0% ▲ 18.3% ▲

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 2 22,431.7 10.7 +0.3 ▲ 2 1 22,122.0 10.5 -2.2 ▼ 3 4 18,703.3 8.9 +0.3 ▲ 4 3 17,071.6 8.1 -0.5 ▼ 5 7 16,932.4 8.1 +0.8 ▲ 6 5 15,197.6 7.2 -1.0 ▼ 7 6 14,137.3 6.7 -0.7 ▼ 8 12 11,219.6 5.3 +2.0 ▲ 9 8 10,916.0 5.2 -2.1 ▼ 10 9 8,318.4 4.0 +0.2 ▲ 157,049.9 74.7 -2.9 ▼ 210,364.3 100.0


10.1% ▲ 3.8% ▲

360

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

+14

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 57,906.7 13.8 -2.8 ▼ 1 1 -1.6 ▼ 13.4 2 2 56,405.0 3 3 50,331.9 12.0 -0.5 ▼ 4 5 46,318.1 11.0 +0.9 ▲ 5 4 42,813.9 10.2 -2.1 ▼ 6 36,417.8 6 8.6 +1.0 ▲ 7 7 32,197.8 7.6 +0.3 ▲ 8 8 20,456.5 4.9 -1.0 ▼ 9 9 13,715.4 3.3 0 10 11 13,103.2 3.1 +1.3 ▲ 87.9 -4.5 ▼ 369,666.3 421,276.3 100.0


Jan 1 - Dec 29

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 92 25.6 +6 ▲ 0 93 25.8 97 26.9 +24 ▲ 78 21.7 +17 ▲ 63 17.5 +16 ▲ 67 18.6 -4 ▼ 68 18.9 -4 ▼ 42 11.7 +21 ▲ 57 15.8 -8 ▼ 37 10.3 +15 ▲

4.0% ▲ 35.5% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 219.3 17.3 +1.3 ▲ 102.1 8.1 +2.3 ▲ 95.7 7.6 -1.4 ▼ 101.0 8.0 -1.0 ▼ 82.4 6.5 +0.1 ▲ 63.4 5.0 +0.9 ▲ 60.6 4.8 -1.1 ▼ 60.4 4.8 -1.0 ▼ 32.7 2.6 +1.0 ▲ 50.4 4.0 -1.4 ▼ 868.0 68.7 -0.3 ▼ 1,265.6 100.0 44.8% ▲ 21.5% ▲

US Asset-Backed Securities excluding Self-Funded and CDOs (F14b)

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

US Mortgage-Backed Securities (F11)

10.1% ▲ 3.8% ▲

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 137 16.4 +27 ▲ 135 16.1 +19 ▲ 124 14.8 +19 ▲ ▲ 125 14.9 +40 112 13.4 -2 ▼ 11.5 +21 96 ▲ 74 8.8 +12 ▲ 79 9.4 +16 ▲ 41 4.9 -6 ▼ 34 4.1 +10 ▲ +117

837

‐23.2% ▼ 1.2% ▲

16.3% ▲ 4.7% ▲

US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 78.8 10.2 -0.5 ▼ 77.9 10.0 -1.7 ▼ 60.7 7.8 +0.5 ▲ 61.6 7.9 0 52.3 6.7 0 51.7 6.7 -0.5 ▼ 48.2 6.2 -0.5 ▼ 29.4 3.8 +0.7 ▲ 47.1 6.1 -0.5 ▼ 23.4 3.0 0 531.1 68.4 -2.5 ▼ 775.7 100.0

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

82.7% ▲ 33.6% ▲

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 1 27,371.0 10.5 -2.2 ▼ 2 2 25,240.7 9.7 -1.7 ▼ 4 3 24,127.6 9.2 +0.1 ▲ 4 3 23,755.9 9.1 -0.4 ▼ +1.2 ▲ 5 6 23,392.1 9.0 6 5 21,143.4 8.1 -0.9 ▼ 7 8 16,932.4 6.5 +0.1 ▲ 8 7 14,137.3 5.4 -1.3 ▼ 9 12 +1.4 ▲ 11,219.6 4.3 10 10 10,852.4 +1.0 ▲ 4.2 198,172.4 76.0 -2.7 ▼ 261,460.6 100.0



27.3% ▲ 39.0% ▲

Jan 1 - Dec 29

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 108 22.4 +1 ▲ ▲ 107 22.2 +11 105 21.8 +24 ▲ 20.1 +5 97 ▲ 119 24.7 +39 ▲ 19.3 +5 ▲ 93 ▲ 63 13.1 +17 68 -9 ▼ 14.1 42 8.7 +21 ▲ 46 ▲ 9.5 +10 482

+67

16.1% ▲ 36.9% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 89.7 12.5 -2.6 ▼ 78.3 10.9 -3.5 ▼ 72.5 10.1 -1.9 ▼ 69.2 9.7 +1.4 ▲ 68.0 9.5 -1.8 ▼ 55.5 7.8 +1.4 ▲ 49.1 6.9 +0.2 ▲ 27.0 3.8 +1.2 ▲ 23.2 3.2 -2.2 ▼ 18.3 2.6 +1.5 ▲ 77.0 550.8 -6.3 ▼ 715.5 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. -6.9 ▼ 71.2 8.1 83.3 9.5 -0.4 ▼ 73.5 8.4 -0.7 ▼ 83.2 9.5 +0.5 ▲ 70.3 8.0 +1.8 ▲ 64.4 7.4 -0.7 ▼ 52.3 6.0 +0.7 ▲ 48.3 5.5 -0.2 ▼ 29.4 3.4 +1.0 ▲ 45.9 5.3 +1.1 ▲ 621.8 71.1 -3.8 ▼ 874.3 100.0 63.9% ▲ 38.2% ▲



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

Jan 1 - Dec 29

DCM Bookrunner Industry Composition (Ex Financials) (F1)

100%

100% 5.6%

6.3% 5.5%

90%

90% 19.0% 35.0%

80%

37.4%

71.9%

5.6%

1.4%

6.0%

3.3%

2.6%

43.2%

39.0%

4.8% 5.4%

36.3%

24.6%

80%

39.0%

34.5%

6.0%

4.7%

70%

70%

4.2%

3.5%

50%

2.2% 1 7% 1.7% 3.9% 5.4%

6.4%

3.9% 1.4%

3.8% 2.5% 2.9%

4 0% 4.0%

0.8% 1.9%

3.0% 8.5% 5.1%

40%

6.8% 4.5% 2.8%

5.6%

3.7% 3 7% 3.2% 2.8% 4.6%

1.6%

5.4%

2.7%

3.4%

1.9%

7.9%

10.5% 10.5%

30%

3.0%

10.5%

6.1%

5.3%

3.4%

4.1%

8.6%

0%

2.4%

JPM

9.1%

BoA

Citi

GS

6.3%

2.6%

9.1%

7.8%

5.8%

WF

Barc

DB

8.0%

7.4%

7.1%

17.8%

13.3%

10.8%

24.4%

14.1%

27 3% 27.3%

9.6%

8.3%

29.2%

9.2%

40%

10.4%

5.5%

9.4%

38.9%

13.7% 22.6%

15.1%

4.6% 0.6%

35.7% 2.8% 18.9%

21.4%

9.7%

12.5%

13.2%

14.6%

10%

MS

8.1%

9.4%

20%

7.8%

3.5%

5.2%

6.3% 28.5%

50%

25.5%

8.5%

2.1%

7.1% 11.7%

7.3%

25.1%

13.2%

10.9%

12.6%

14.4% 16.3%

9.8%

11.0%

1.0%

3.5%

0.4%

2.1% 9.0%

9.3% 13.4%

16.7%

30%

8.4%

2.6%

9.1%

15.5%

2.0% 14.8%

3.1%

1.4% 7.1%

7.2%

16.2%

13.3%

3.3% 11.6%

5.5%

7.7% 3.5%

3.2%

3.8%

5.4%

16.4%

23.0%

0.4%

10%

3.1%

6.5%

6.4%

3.7%

7.4%

8.7% 9.4%

3.9%

1.9%

20.0%

9.3%

5.5%

60%

8.3%

5.3%

14.7%

3.3%

4.3% 2.5% 0.3%

1.6%

5.6%

6.7%

5.7%

20%

5.4%

4.5%

17.5%

5.4%

6.3% 5.4%

4.6%

3.3%

5.4%

3.0%

2.0% 3 1% 3.1%

11.8%

2.2%

8.1%

1.5% 3.5%

11.1%

3.6% 2.3%

1.8%

7.6%

1.7%

% of Industry Proceeds

% of Industry P Proceeds

3.1%

8.3%

12.0%

2.3% 3.6%

6.6%

4.2% 4.8%

60%

Jan 1 - Dec 29

3.7%

4.9%

JPM

BoA

3.6%

9.5% 4.0%

6.0%

5.5%

0% HSBC

CS

Citi

GS

WF

Barc

DB

MS

2.1%

HSBC

CS

Consumer Products and Services

Energy and Power

Government and Agencies

Consumer Products and Services

Energy and Power


Healthcare

High Technology

Industrials

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Materials

Media and Entertainment

Retail

Retail

Consumer Staples

Telecommunications Consumer Staples

Telecommunications

Financials



IFR Markets IFR Markets Intelligence

Top Deals US Investment Grade Debt Transactions Issuer

Issue Date

US HIGH-GRADE: The US investment-grade primary market saw its seventh consecutive record year of supply in 2017, with US$1.4 trillion. That beat last year's tally (US$1.28 trillion) by 4.9%. M&A finance in the bond market - a key driver of large proceeds deals was lower than in 2016, but still there were 10 deals US$10 billion or bigger - the same number as last year. Average high-grade spreads set a post-crisis low this year, and borrowers took advantage to finance acquisitions and stock buybacks, and to refinance older debt. Top trades included AT&T's US$22.5 billion deal in July to help fund its merger with Time Warner - that was the third-largest US corporate bond of all time - and a US$17.3 billion transaction from British American Tobacco in August to help finance its purchase of Reynolds American. While many analysts expect a strong 2018, a number see a dip in supply. Tax reforms could lessen the need for corporates to borrow. US HIGH-YIELD: The primary market saw its biggest year of issuance in three years, with more than $280 billion printed as borrowers took advantage of the ongoing low-rates environment. Many corporate finance teams saw no reason to wait: after another hike in December, the Federal Reserve is expected to raise rates three times. Meanwhile a Buy-Side searching for yield was happy to digest the volume, especially when it came to Double B rated paper. The strong demand pushed BB spreads to a new post-crisis low of 198bp over Treasuries in October. Q1 saw more than US$80 billion print, and initial forecasts see the first quarter of 2018 as being just as busy. US ABS: The US asset-backed market topped even the most bullish forecasts with more than US$210 billion in supply - the biggest tally since the financial crisis. Consumer ABS, particularly the auto and credit card sectors, saw some very large deals, while debutants in sectors such as equipment and aircraft also had an impact. Container ABS made a comeback after 14 months, and there was also a notable pick-up in whole business securitizations, which saw their best year ever at US$7.4 billion in a mix of refi deals from bankable chains such as Domino's and Wendy's as well as first-timers such as Coinstar. Many analysts expect ABS issuance to be strong again in 2018 with US$220 billion of supply forecast www ifrmarkets com www.ifrmarkets.com

AT&T Inc BAT Capital Corp

17,250

34,100

2x

4.9

Microsoft Corp

17,000

37,300

2.2x

1.3

8/15/2017

Amazon.com Inc

16,000

46,800

2.9x

6.3

1/11/2017

Broadcom Corp

13,500

27,900

2.1x

7.5

5/13/2017

Verizon Communications

11,000

23,200

2.1x

8.5

5/19/2017

Qualcomm Inc

11,000

37,600

3.4x

7.2

1/31/2017

AT&T Inc

10,000

28,500

2.9x

7.5

2/2/2017

Apple Inc

10,000

34,900

3.5x

0.7

50

60

Proceeds Issued (US$b)

40

10 20 6 2

-6 -10

0 J FMAM J J A SOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND 2014

2015

2016

2017

-20

12/3/2017

10/8/2017

8/13/2017

6/18/2017

4/23/2017

1/1/2017

2/26/2017

11/6/2016

9/11/2016

7/17/2016

5/22/2016

3/27/2016

1/31/2016 $12 12%

Jan 1 - Dec 29 $3 3%

$15 15%

Monthly HY Proceeds (US$b)

Lipper Flow Change (US$b)

US Auto ABS Collateral Type (US$ Billion)

14

-2

-10 1/6/2015

US Monthly High Yield Debt vs Fund Flows Lipper Fund Flow Change (US$b)

0

0

0

18

10

20 10

Proceeds Issued (US$b)

-16

20 30

12/6/2015

60

30

8/16/2015

2017

40

40

10/11/2015

2016

-8

Average New Issue Concession

50

6/21/2015

J FMAM J J ASOND J FMAMJ J ASOND J FMAMJ J A SOND J FMAMJ J ASOND

60

4/26/2015

0

Proceeds (US$m)

3/1/2015

4

Proceeds (US$m)

120

Lipper Fund Flow Change (US$b)

5.6

70 Monthly IG Proceeds (US$b)

Lipper Flow Change (US$b)

8

-12

2.6x

Weekly US Investment Grade Debt vs New Issue Concession Level

12

2015

58,500

8/8/2017

16

2014

22,500

1/30/2017

180

-4

Wieghted Average New Issue Concession

Average New Issue Concession Level

US Monthly Investment Grade Debt vs Fund Flows

Book to cover Ratio

Deal Size (US$m)

7/27/2017

Jan 1 - Dec 29 Total Book Size (US$m)

$49 48%

$23 22%

Prime Auto

-40


Sub-Prime Auto

Auto Leases

Floorplan

Auto-Rental

www.ifrmarkets.com

9


International Debt International Bond Volumes Up 7% l Middle Eastern Issuance Record l JP Morgan Top Global Fee Earner EMEA Deals Intelligence

All International Bonds (J1)

International bond volumes increased by 7.2% during full year 2017, reaching US$4.3 trillion, the highest annual total on record. Real Estate recorded the largest year-over-year increase, up 69.5%. Telecommunications and Retail followed, up 67.1% and 39.7% respectively, compared to the same period last year.

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

DCM activity from Middle Eastern issuers totaled US$97.2 billion, marking the largest annual total for the region and an increase of 4.8 % compared to a year ago. The Kingdom of Saudi Arabia priced the largest Sukuk bond on record in April, a US$9 billion dual tranche deal. The previous largest sukuk was Qatar's US$4 billion issuance in 2012. Notable deals from European borrowers included an €8 billion transaction from Volkswagen, the largest ever Euro currency deal priced from the automobile sector. The largest transaction from an African issuer in 2017 was a US$4 billion Sovereign bond from Egypt. According to estimates, the top international bond fee earner was JP Morgan, with US$1.6 billion accrued from 1,366 deals, driven by strong activity in the Financials sector. The leading fee earner in the All Bonds in Euros market was BNP Paribas, with €252 million accrued from 387 deals.





ABS & MBS

Bookrunner Bank of America Merrill Lynch JP Morgan Credit Suisse Wells Fargo & Co Citi Barclays

Proceeds (€b)

€ 1,000 € 800 € 600

6,381

+591

10.2% ▲ -3.4% ▼

9 7 8 11

16,736.6 13,314.5 13,274.9 8,678.7 229,159.8 317,710.1


11.3% ▲ 27.2% ▲

7 8 9 10

€ 200 €Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013

2014

2015

2016

European Financial and Corporate Inv Grade By Domicile Nation

2017

Full Year

22.3% ▲ -6.2% ▼

2016

5.3 4.2 4.2 2.7 72.2 100.0

-0.1 -1.8 -1.3 -0.7 -1.2

▼ ▼ ▼ ▼ ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 20.9 +19 122 ▲ 111 19.0 +8 ▲ 111 19.0 +9 ▲ 95 16.2 +9 ▲ 117 20.0 +30 ▲ 89 15.2 +6 ▲ 50 65 51 37

8.5 11.1 8.7 6.3

-2 -24 -12 +3

▼ ▼ ▼ ▲

+42

585 7.7% ▲ 29.5% ▲

2017

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

€150 €120 €90 €60 €30 €0


Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 92.5 9.5 +0.3 ▲ 88.4 9.1 -1.8 ▼ 70.2 7.2 -3.0 ▼ 56.0 -2.3 ▼ 5.7 7.2 0 70.3 78.6 8.1 +0.2 ▲ 45.5 46.6 28.6 35.4 612.1 976.5

4.7 4.8 2.9 3.6 62.8 100.0

-2.1 -0.2 -1.9 +1.9 -8.9

▼ ▼ ▼ ▲ ▼

-1.7% ▼ 22.9% ▲

All Bonds in Euros (N1)

Proceeds (€b)

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. -1.0 ▼ 1,401.4 7.1 1,649.4 8.4 -0.1 ▼ 1,301.1 6.6 -1.1 ▼ 1,062.1 5.4 -0.8 ▼ 1,136.5 5.8 -0.6 ▼ 4.6 +0.4 ▲ 902.3 881.2 4.5 -1.1 ▼ 908.6 -0.3 ▼ 4.6 607.7 3.1 -0.2 ▼ 770.3 -0.3 ▼ 3.9 10,620.6 54.0 -5.1 ▼ 19,709.7 100.0

Jan 1 - Dec 29

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 10.8 +1.0 ▲ 2 34,409.9 10.1 -1.2 ▼ 2 1 32,060.2 3 29,626.8 9.3 0 3 4 4 28,473.6 +1.0 ▲ 9.0 5 5 28,209.9 +1.2 ▲ 8.9 6 6 24,374.7 7.7 +0.7 ▲

Goldman Sachs & Co Deutsche Bank Morgan Stanley RBC Capital Markets Top Ten Total Industry Total

€ 400

2012

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1,316 20.6 +257 ▲ 1,366 21.4 +132 ▲ 1,088 17.1 +123 ▲ 971 15.2 +84 ▲ 796 12.5 +79 ▲ ▲ 1,035 16.2 +71 886 13.9 +51 ▲ 681 10.7 +60 ▲ 730 11.4 +69 ▲ 618 9.7 +115 ▲

All International Securitizations (J10c)


2011

7.2% ▲ ‐11.9% ▼


€ 1,200

€180

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 2 355,621.2 8.3 +0.4 ▲ 354,759.2 2 1 8.3 -0.1 ▼ -0.1 ▼ 4 290,908.9 6.8 3 6.0 -1.1 ▼ 257,475.7 4 3 245,416.4 6 5 5.7 -0.2 ▼ 6 5 232,557.1 5.4 -0.8 ▼ 5.0 -0.6 ▼ 212,618.4 7 7 4.6 0 8 8 197,288.3 171,289.7 4.0 9 9 -0.2 ▼ +0.3 ▲ 10 11 132,765.3 3.1 57.2 -2.4 ▼ 2,450,700.2 4,297,647.8 100.0


All International Bonds by Issue Type

2010

Jan 1 - Dec 29

Jan 1 - Dec 29 Proceeds per Bookrunner (€m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. +0.2 ▲ 1 1 89,326.8 7.5 2 3 76,281.8 6.4 0 3 2 72,827.4 6.1 -0.4 ▼ 70,474.5 5.9 4 6 +0.3 ▲ +0.1 ▲ 68,826.7 5.8 5 5 65,115.5 5.5 +0.4 ▲ 6 9 7 4 63,856.7 5.4 -0.7 ▼ 8 8 61,041.8 5.1 0 9 7 58,724.7 5.0 -0.4 ▼ 10 10 57,972.2 4.9 +0.1 ▲ 684,448.1 57.6 -0.4 ▼ 1,186,560.4 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 387 21.8 +30 ▲ 305 17.1 +36 ▲ ▲ 330 18.5 +10 ▲ 311 17.5 +48 ▲ 334 18.8 +52 19.3 +77 344 ▲ 301 16.9 +45 ▲ 244 13.7 +50 ▲ 276 15.5 +16 ▲ 238 13.4 +31 ▲ 1,779

+83

Imputed Fees (€m) Manager Market Market Fees Sh (%) Share Ch. 251.8 6.9 +0.2 ▲ 211.6 5.8 -0.3 ▼ 203.4 5.6 +0.5 ▲ 185.6 5.1 +0.6 ▲ 230.1 6.4 -0.4 ▼ 167.2 4.6 +0.3 ▲ 162.8 4.5 +0.4 ▲ 200.2 5.5 +0.5 ▲ 209.0 5.8 -0.4 ▼ 164.3 4.5 -1.4 ▼ 1,986.0 54.7 0 3,626.2 100.0


6.5% ▲

4.9% ▲

12.5% ▲


3.8% ▲

8.7% ▲

18.1% ▲



Green Bonds Global Green Bond Volumes Up 49% l France Prices Largest Green Bond On Record l HSBC Top Fee Earner Green Bonds Deals Intelligence

All Global Green Bonds (GR01) (Exc Tax Exempt Munis)

According to figures compiled by Thomson Reuters and The Climate Bonds Initiative, total proceeds from global green bonds reached US$103.7 billion in 2017, a 48.5% increase compared to the same period last year. The three industry sectors with the largest increases in proceeds were Government & Agencies (74.5%), Energy & Power (69.9%) and Industrials (55.4%). Chinese borrowers led all nations with a 16.2% market share, with French borrowers following closely, capturing 15.7% of the market.

Bookrunner Credit Agricole CIB HSBC Holdings PLC BNP Paribas SA Citi JP Morgan Bank of America Merrill Lynch Societe Generale Barclays Natixis SEB Top Ten Total Industry Total

Notable European transactions priced in 2017 included a €7 billion Sovereign green bond from France, the largest green bond on record, with proceeds earmarked for a number of uses, including pollution control and eco efficiency. KfW priced the largest green bond from the Agency sector in 2017, an eight year €2 billion deal with proceeds designated towards renewable energy. The largest Emerging Market green bond of 2017 was Mexico City Airport’s two part US$4 billion transaction.

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 2 8,388.6 8.1 +2.5 ▲ 2 6 7,931.1 7.7 +2.6 ▲ 3 8 5,654.3 5.5 -0.9 ▼ 4 14 5,176.3 5.0 -5.8 ▼ 5 3 5,118.6 4.9 +1.8 ▲ 6 1 5,031.7 4.9 +1.2 ▲ 7 12 4,724.1 4.6 +3.3 ▲ 8 9 4,216.8 4.1 -1.4 ▼ 9 62 3,592.8 3.5 +1.4 ▲ 10 5 3,135.8 3.0 +0.7 ▲ 52,970.1 51.3 +5.4 ▲ 103,669.8 100.0

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 49 20.0 +22 ▲ 50 20.4 +9 ▲ 35 14.3 +10 ▲ 20 8.2 -6 ▼ 34 13.9 +14 ▲ 29 11.8 +14 ▲ 21 8.6 +17 ▲ 24 9.8 -2 ▼ 19 7.8 +11 ▲ 26 10.6 +10 ▲ 245

According to estimates, the leading 2017 global green bonds fee earner was HSBC, with US$24.5 million accrued from 50 transactions, and a wallet share of 7.4%. Credit Agricole led the Euro denominated green bonds fee earners with €11.4 million and a wallet share of 9.6%


Top Green Bond Issuance by Nation

All International Green Bonds (JG1) (Exc Tax Exempt Munis)

Full Year Proceeds US$m

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000 $16,575

France

$16,031

Germany

$8,714

United States of America

$7,325

Netherlands

Societe Generale Barclays Natixis SEB Top Ten Total Industry Total

$6,000

Spain

$5,674

Luxembourg

$4,785

Sweden

$4,716

Mexico

$3,976

Italy

$3,396

Global Green Bond Industry Composition (US$ Billion) 1,012.8 1.0%

4,724.1 4,121.3 3,592.8 2,450.3 51,579.3 88,607.3


82.9% ▲ 3.0% ▲

5.3 4.7 4.1 2.8 58.3 100.0

+3.8 -2.3 +0.4 -0.1 -3.1

56.8% ▲ 20.1% ▲

Jan 1 - Dec 29

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 49 32.5 +18 ▲ 32.5 +8 ▲ 49 31 20.5 +9 ▲ 19 12.6 -7 ▼ 33 21.9 +14 ▲ 27 17.9 +13 ▲

▲ ▼ ▲ ▲ ▼

21 23 19 15

13.9 15.2 12.6 9.9

151

+17 -1 +8 +12

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 21.9 7.9 +2.2 ▲ 24.5 8.8 +1.3 ▲ 17.5 6.3 +3.1 ▲ 11.6 4.2 -1.5 ▼ 16.4 5.9 -4.4 ▼ 10.8 3.9 -4.3 ▼

▲ ▼ ▲ ▲

+53

54.1% ▲ 21.1% ▲

8.6 13.4 8.2 8.1 141.0 276.9

3.1 4.9 3.0 2.9 50.9 100.0

+0.5 +1.2 +2.5 +0.7 +1.3

▲ ▲ ▲ ▲ ▲

69.5% ▲ 37.0% ▲

Global Green Bonds Volume

Jan 1 - Dec 29

$18

25

$16 20

$14


Energy and Power

$34.9 34%

8 7 42 5

Financials

$42.6 42%

$19.5 19%

Full Year

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 2 8,388.6 9.5 +1.8 ▲ 2 4 7,920.7 8.9 +2.2 ▲ 3 6 5,460.1 6.2 -2.7 ▼ 4 9 5,080.8 5.7 -8.0 ▼ 5 3 5,023.2 5.7 +1.3 ▲ 6 1 4,817.4 5.4 +0.5 ▲ 7 8 9 10

+88

56.1% ▲ 4.9% ▲

Real Estate

$12 15

$10 $8

10

$6 $4

Industrials

# of Issues

$2,000

Proceeds US$bil

$0 China

Bookrunner Credit Agricole CIB HSBC Holdings PLC BNP Paribas SA Citi JP Morgan Bank of America Merrill Lynch

48.5% ▲ ‐6.4% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 21.9 6.6 +2.2 ▲ 24.5 7.4 +1.5 ▲ 18.0 5.4 +2.9 ▲ 12.2 3.7 -0.7 ▼ 17.0 5.1 -2.9 ▼ 12.1 3.7 -4.0 ▼ 8.6 2.6 +0.6 ▲ 14.0 4.2 +1.4 ▲ 8.2 2.5 +2.1 ▲ 10.6 3.2 +1.0 ▲ 147.1 44.4 +4.1 ▲ 331.1 100.0

5

$2 $0

High Technology

0 J FM A M J J A S O N D J F M A M J J A S ON D J F M A M J J A S O N D J F M A M J J A S O N D 2014

Visit https://www.climatebonds.net/

2015

2016

2017



High Yield Debt 2017 Volumes Up 40% l Tesla Issues High Yield Market Debut Bonds l JP Morgan Tops Global Fee Rankings Global High Yield Deals Intelligence

Global High Yield Debt (B4)

Global High Yield volumes reached US$432.8 billion in 2017, a 40.1% increase compared to the same period last year. This year saw 256 more deals priced compared to 2016. Non Dollar issuance rose 73.6.% in 2017, with Euro denominated issuance up 64.3%. JP Morgan led the Global High Yield rankings, with a market share of 10.7% from 324 deals, driven by strong Telecommunications and Materials sector activity.

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

Notable deals priced in 2017 included European High Yield Market debut transactions from Netflix, with a €1.3 billion ten year bond and subsequent US$1.6 billion eleven year deal, both raising proceeds towards funding original programme content. Tesla priced its first non convertible bond, a US$1.8 billion transaction, the proceeds of which were to be used to finance the development of the new Tesla model 3. The largest High Yield deal of 2017 was Wind Tre’s US$8.6 billion dual currency offering: the combined Euro tranches of €5.6 billion were the largest recorded Euro currency proceeds on record for a High Yield transaction.

Jan 1 - Dec 29

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 46,485.5 10.7 +2.0 ▲ 2 3 32,935.1 7.6 -0.9 ▼ 3 5 31,144.1 7.2 -0.8 ▼ 4 4 28,912.6 6.7 -1.5 ▼ 5 7 27,989.6 6.5 -0.1 ▼ 6 6 26,667.6 6.2 -1.6 ▼ 7 2 23,489.9 5.4 -3.2 ▼ 8 8 23,232.0 5.4 +0.9 ▲ 9 9 17,320.9 4.0 -0.2 ▼ 10 10 13,392.9 3.1 -0.1 ▼ 271,570.2 62.8 -5.5 ▼ 432,830.2 100.0

According to estimates, the leading global High Yield fee earner was JP Morgan with US$619.5 million in proceeds and a 10.2% wallet share. JP Morgan also captured the largest wallet shares in both the US Dollar market (10.5%) and the Non Dollar market (9.1%).


Average Quarterly Spread to Benchmark*

Global High Yield Debt - US Dollar Denominated (B5)

700 Spread to Benchmark

600

2-Quarter Moving Average (Spread to Benchmark)

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

Basis Points

500 400 300 200 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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

2013

2014

2015

2016

2017

Monthly High Yield Volume # of Issues

$50

100 80

$40 60 $30 40

$20

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

# of Issues

Proceeds (US$)

$60

Proceeds (US$b)

30.6% ▲ 3.2% ▲

771

+256

49.7% ▲ 27.5% ▲

20

$10 $0

0 J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASOND 2013

2014

2015

2016

2017

Proceeds per Bookrunner (€m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 3 9,500.5 9.4 +3.2 ▲ 2 4 8,159.6 8.0 +2.1 ▲ 3 1 7,315.7 7.2 -3.8 ▼ 4 6 6,533.5 +1.2 ▲ 6.4 5 5 5,883.7 5.8 -0.1 ▼ 6 9 5,529.1 5.4 +0.8 ▲ 7 7 5,208.0 5.1 +0.2 ▲ 8 13 4,663.8 4.6 +1.5 ▲ 9 8 4,547.6 4.5 -0.3 ▼ 10 2 4,148.3 4.1 -2.6 ▼ 61,489.8 60.5 +2.2 ▲ 101,562.4 100.0



73.6% ▲ 63.9% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 619.5 10.2 +1.4 ▲ 433.6 7.2 -1.6 ▼ 415.4 6.9 -1.6 ▼ 387.9 6.4 -1.9 ▼ 407.1 6.7 -0.5 ▼ 339.8 5.6 -1.7 ▼ 297.4 4.9 -3.1 ▼ 321.3 5.3 +0.7 ▲ 235.4 3.9 +0.2 ▲ 185.6 3.1 -0.3 ▼ 3,643.0 60.2 -8.4 ▼ 6,063.8 100.0 52.3% ▲ 18.6% ▲

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 250 43.9 +71 ▲ 229 40.2 +51 ▲ 170 29.9 +26 ▲ 150 26.4 +9 ▲ 187 32.9 +59 ▲ 27.6 +31 ▲ 157 137 24.1 +44 ▲ 144 25.3 +40 ▲ 143 25.1 +17 ▲ 106 18.6 +30 ▲ 569

+176

44.8% ▲ 17.2% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 506.9 10.5 +1.4 ▲ 364.4 7.5 -1.8 ▼ 332.5 6.9 -2.1 ▼ 322.8 6.7 -2.1 ▼ 299.8 6.2 -1.3 ▼ 310.6 6.4 -0.9 ▼ 264.4 5.5 +0.7 ▲ 225.7 4.7 +0.3 ▲ 203.3 4.2 -3.1 ▼ 174.8 3.6 -0.5 ▼ 3,005.2 62.2 -9.4 ▼ 4,829.8 100.0 50.5% ▲ 11.0% ▲

Global High Yield Debt - Non-US Dollar Denominated (B6) 120

$70

2012

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 35,710.0 11.2 +1.9 ▲ 2 3 26,036.9 8.2 -0.6 ▼ 3 2 23,679.2 7.5 -1.7 ▼ 4 4 22,278.5 7.0 -1.8 ▼ 5 5 22,002.8 6.9 -1.1 ▼ 6 7 20,611.3 6.5 -0.5 ▼ 7 9 17,994.9 5.7 +0.8 ▲ 8 8 16,610.1 5.2 +0.1 ▲ 9 6 15,270.2 4.8 -3.2 ▼ 10 10 12,289.0 3.9 0 212,482.9 66.9 -6.1 ▼ 317,895.5 100.0


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

40.1% ▲ 18.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 324 42.0 +111 ▲ 232 30.1 +60 ▲ 34.5 +66 ▲ 266 197 25.6 +29 ▲ 215 27.9 +60 ▲ 219 28.4 +72 ▲ 202 26.2 +32 ▲ 169 21.9 +58 ▲ 148 19.2 +39 ▲ 118 15.3 +37 ▲

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 80 37.4 +40 ▲ 69 32.2 +35 ▲ 63 29.4 +15 ▲ 64 29.9 +29 ▲ 52 24.3 +17 ▲ 58 27.1 +19 ▲ 56 26.2 +27 ▲ 35 16.4 +13 ▲ 42 19.6 +13 ▲ 37 17.3 +10 ▲ 214

+77

56.2% ▲ 52.4% ▲

Imputed Fees (€m) Manager Market Market Fees Sh (%) Share Ch. 99.6 9.1 +1.5 ▲ 89.1 8.2 0 84.0 7.7 -2.8 ▼ 85.5 7.8 +1.2 ▲ 57.8 5.3 -0.9 ▼ 56.1 5.1 +0.5 ▲ 54.2 5.0 +0.6 ▲ 50.9 4.7 +1.1 ▲ -0.9 ▼ 45.5 4.2 35.7 3.3 -3.4 ▼ 658.4 60.4 -3.1 ▼ 1,091.2 100.0 57.7% ▲ 46.3% ▲



Emerging Markets All International Emerging Market Debt Up 38% l EMEA Emerging Market Debt Up 59% All International Emerging Market Bonds (L1)

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

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank +0.5 ▲ 1 2 68,267.4 9.6 -0.4 ▼ 2 1 63,406.0 8.9 3 3 58,892.4 8.3 +0.2 ▲ 4 5 32,365.4 4.5 0 5 8 30,600.9 4.3 +0.7 ▲ 6 4 27,366.8 3.8 -2.5 ▼ 7 6 26,056.2 3.7 -0.2 ▼ 3.3 +0.4 ▲ 8 11 23,746.6 9 10 20,388.9 2.9 0 10 7 19,450.6 2.7 -0.9 ▼ 370,541.2 -2.2 ▼ 52.0 712,643.6 100.0

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

38.1% ▲ -2.8% ▼

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 304 27.3 +109 ▲ 351 31.5 +92 ▲ 244 21.9 +81 ▲ 138 12.4 +46 ▲ 203 18.2 +73 ▲ 146 13.1 +16 ▲ 133 11.9 +34 ▲ 100 9.0 +34 ▲ ▲ 98 8.8 +20 101 ▲ 9.1 +17 1,115

‐714

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 2 19,961.2 13.6 +1.4 ▲ 2 1 18,007.3 12.2 -0.6 ▼ 3 5 14,956.0 10.2 +2.4 ▲ 4 3 12,159.1 8.3 -2.3 ▼ 5 4 11,019.3 7.5 -0.7 ▼ 6 9 7,895.5 5.4 +1.3 ▲ 7 7 7,832.5 5.3 -0.8 ▼ 8 6 6,415.9 4.4 -2.9 ▼ 9 16 5,644.0 3.8 +2.6 ▲ 10 8 4,643.2 3.2 -2.4 ▼ 108,534.0 64.2 -3.4 ▼ 147,260.2 100.0


20.9% ▲ 10.0% ▲

-3.0% ▼

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

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

7.0% ▲ -22.5% ▼

Bookrunner Citi JP Morgan BNP Paribas SA VTB Capital HSBC Holdings PLC Goldman Sachs & Co Deutsche Bank Standard Chartered PLC Barclays Societe Generale Top Ten Total Industry Total

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 59 32.4 +22 ▲ 63 34.6 +21 ▲ 45 24.7 +15 ▲ 50 27.5 +16 ▲ 41 22.5 +17 ▲ ▲ 31 17.0 +13 17 9.3 -4 ▼ 15 8.2 -1 ▼ 26 14.3 +15 ▲ 25 13.7 +3 ▲ 182

+18

% Change from Last Quarter

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 76.0 12.3 -0.5 ▼ 70.6 8.1 -0.8 ▼ 48.0 9.5 -1.5 ▼ 49.8 8.2 +2.8 ▲ 41.8 1.6 +1.6 ▲ 25.7 8.0 +0.2 ▲ 25.9 +2.5 ▲ 0.9 20.6 2.0 +0.4 ▲ 21.0 4.7 -0.3 ▼ 17.7 3.1 +0.9 ▲ 397.1 58.4 +5.3 ▲ 557.1 100.0

Bookrunner HSBC Holdings PLC Citi Standard Chartered PLC Bank of China Ltd Deutsche Bank JP Morgan Goldman Sachs & Co BNP Paribas SA UBS DBS Group Holdings Top Ten Total Industry Total

78 -10.3% ▼ -17.6% ▼

‐9

+37

150 32.7% ▲ -18.2% ▼

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 43.7 11.8 +0.8 ▲ 40.0 10.8 -4.6 ▼ 21.4 5.8 +2.9 ▲ 27.4 7.4 +3.3 ▲ 19.3 5.2 -1.0 ▼ 14.2 3.8 +0.9 ▲ 12.6 3.4 -0.7 ▼ +0.6 ▲ 13.4 3.6 15.4 4.2 +0.6 ▲ 9.6 2.6 -1.9 ▼ 217.0 58.6 +0.9 ▲ 371.1 100.0 105.6% ▲ -9.9% ▼

Jan 1 - Dec 29

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 28,727.9 8.1 -1.3 ▼ 1 1 2 2 22,219.3 6.2 -0.4 ▼ 3 3 19,346.9 5.4 -0.1 ▼ 4 4 18,125.9 5.1 +0.1 ▲ 5 12 14,974.8 4.2 +1.3 ▲ 14,274.5 4.0 0 6 6 12,156.7 3.4 +0.1 ▲ 7 8 8 9 11,215.9 3.2 +0.1 ▲ 9 10 10,478.0 2.9 -0.1 ▼ 10 14 10,339.1 2.9 +0.1 ▲ 161,859.0 45.4 -0.2 ▼ 356,283.6 100.0


Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 29 37.2 +15 ▲ 37 47.4 +6 ▲ 24 30.8 +6 ▲ 24 30.8 +2 ▲ 5 6.4 +5 ▲ 5 6.4 -3 ▼ 5 6.4 +3 ▲ 5 6.4 -3 ▼ 8 10.3 -3 ▼ 10 12.8 -2 ▼

58.8% ▲ -28.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 40.0 +24 60 ▲ 53 ▲ 35.3 +14 15.3 +7 ▲ 23 15.3 +14 ▲ 23 33 22.0 +7 ▲ ▲ 21 14.0 +7 ▲ 20 13.3 +2 19 12.7 +11 ▲ 18 ▲ 12.0 +1 24 16.0 +4 ▲

Asia-Pacific Emerging Market Bonds (L4)

18.1% ▲ -13.5% ▼

37.9% ▲ 279.2% ▲

Jan 1 - Dec 29

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 3 15,407.0 13.7 +1.8 ▲ 2 1 12,063.8 10.8 -2.9 ▼ 3 7 7,495.5 6.7 +2.2 ▲ 4 11 7,108.3 6.3 +2.5 ▲ 5 2 6,279.7 5.6 -6.3 ▼ 4.8 8 5,422.5 +0.5 ▲ 6 5,369.3 5 4.8 7 -1.1 ▼ 4,805.9 4.3 +2.8 ▲ 8 13 4 4.1 -1.8 ▼ 9 4,593.7 9 3,487.7 3.1 -1.1 ▼ 10 64.2 -3.4 ▼ 72,033.4 112,246.5 100.0

% Change from Same Period Last Year

Jan 1 - Dec 29

Middle East Emerging Market Bonds (L5) Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 3 14,204.4 15.1 +7.3 ▲ 2 1 13,868.9 14.8 +5.3 ▲ 3 2 10,052.7 10.7 +1.4 ▲ 4 10 5,312.6 5.7 +1.2 ▲ 5 4,150.9 4.4 +4.4 ▲ 6 6 3,855.5 4.1 -1.3 ▼ 7 14 3,427.6 3.7 +1.1 ▲ 8 4 3,149.3 3.4 -2.5 ▼ 9 5 3,051.8 3.3 -2.6 ▼ 10 7 2,941.7 3.1 -2.1 ▼ 64,015.4 68.3 +12.2 ▲ 93,796.9 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 232.5 7.0 -1.7 ▼ 251.0 7.6 -0.3 ▼ 226.4 6.8 -1.1 ▼ 115.0 3.5 -0.9 ▼ 123.6 3.7 +0.6 ▲ 3.8 126.5 -2.7 ▼ 99.4 3.0 +0.2 ▲ 97.6 2.9 -1.0 ▼ 3.2 106.2 +0.2 ▲ -0.4 ▼ 2.5 83.4 1,461.6 44.0 +44.0 ▲ 3,327.2 100.0 80.9% ▲ -11.4% ▼

29.1% ▲

Latin America Emerging Market Bonds (L3)

Bookrunner Citi JP Morgan HSBC Holdings PLC Bank of America Merrill Lynch Santander Global Corporate Bnk Morgan Stanley Deutsche Bank BBVA Itau Unibanco Credit Suisse Top Ten Total Industry Total

EMEA Emerging Market Bonds (L2)

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 242 ▲ 34.5 +68 159 22.6 +55 ▲ 153 21.8 +58 ▲ 152 21.7 +61 ▲ 95 13.5 +50 ▲ 98 14.0 +32 ▲ 65 9.3 +23 ▲ 88 12.5 +29 ▲ 99 14.1 +32 ▲ 107 15.2 +46 ▲

50.7% ▲ 3.5% ▲

+169

702 31.7% ▲ -8.2% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 7.1 -1.3 ▼ 152.5 90.3 4.2 -1.3 ▼ 88.0 4.1 -0.2 ▼ 114.7 5.3 +1.0 ▲ 68.5 3.2 -1.5 ▼ 80.4 3.7 -1.3 ▼ 69.7 3.2 -1.2 ▼ 60.8 2.8 +0.3 ▲ 70.6 3.3 -1.0 ▼ 73.5 3.4 +0.1 ▲ 869.0 40.3 -6.4 ▼ 2,154.9 100.0 118.3% ▲ -11.8% ▼

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

Jan 1 - Jun 30

Financials

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 32.4 14.0 +9.3 ▲ 33.1 14.3 +5.5 ▲ 21.3 9.2 +0.6 ▲ 13.5 5.8 +3.2 ▲ 9.3 4.0 +4.0 ▲ 3.3 +0.9 ▲ 7.7 7.4 3.2 +1.8 ▲ 2.9 -3.3 ▼ 6.7 5.9 2.5 -3.1 ▼ -2.6 ▼ 7.5 3.3 144.8 62.5 +16.3 ▲ 231.5 100.0

Government and Agencies Energy and Power Real Estate Industrials Materials

$23.4 $28.2 3% $35.5 4% 5% $291.4 42%

$79.3 11%

High Technology Consumer Staples

$208.5 30%

Media and Entertainment Consumer Products and Services

15.9% ▲ -13.5% ▼

Retail




Emerging Markets - Latin America Domestic Brazilian Issuance Up 5% | Domestic Mexican Issuance Up 28% All Global Debt by Brazilian Issuers (BR1)

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

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 1 6 6,680.8 16.3 +8.0 ▲ 2 1 5,217.2 12.7 -10.6 ▼ 3 3 5,075.5 12.4 -0.1 ▼ 4 10 3,392.3 8.3 +6.4 ▲ 5 2 2,899.0 7.1 -9.0 ▼ 6 8 2,467.5 6.0 +3.5 ▲ 7 7 2,324.8 5.7 +1.4 ▲ 8 4 2,254.2 5.5 -5.7 ▼ 9 5 5.0 2,051.6 -5.7 ▼ 10 9 1,369.1 +1.2 ▲ 3.3 33,732.0 82.3 -10.6 ▼ 41,106.2 100.0


18.4% ▲ 51.0% ▲

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 41 45.6 +9 ▲ 30 33.3 -9 ▼ 28 31.1 +6 ▲ 14 15.6 +8 ▲ 20 22.2 -4 ▼ 11 12.2 +4 ▲ 8 8.9 -2 ▼ 15 16.7 +7 ▲ 14 15.6 +6 ▲ ▲ 4 4.4 +2 90

‐26

-22.4% ▼ 0.0% ▲

Global Brazilian Debt Volume by Sector US$(m)

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 22.7 14.7 +7.2 ▲ 19.0 12.3 -6.1 ▼ 18.0 11.7 -2.1 ▼ 12.6 8.2 +4.7 ▲ 12.3 8.0 -5.9 ▼ 10.0 6.5 +0.1 ▲ 7.5 4.9 -1.4 ▼ 8.1 5.3 -4.1 ▼ 9.8 6.4 -2.5 ▼ 4.9 +1.7 ▲ 3.2 124.9 81.2 -8.4 ▼ 154.1 100.0

Securitized Debt

$70

Proceeds per Bookrunner (R$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 2 19,202.7 28.0 +11.6 ▲ 2 1 18,878.4 27.5 -20.3 ▼ 3 4 9,321.7 13.6 +5.6 ▲ 4 9 6,554.2 9.6 +8.3 ▲ 5 10 3,432.0 5.0 +4.2 ▲ 6 3 2,990.4 4.4 -10.1 ▼ 7 18 1,894.5 2.8 +2.7 ▲ 8 5 1,785.3 2.6 -1.4 ▼ 9 13 1,557.3 2.3 +2.1 ▲ 10 1,497.2 2.2 +2.2 ▲ 67,113.7 98.0 +4.9 ▲ 68,666.1 100.0


$50

5.0% ▲ 6.6% ▲


201

‐52

$40

160

$30

120

$20

80

$10

40

$0

0

Global Debt in Mexican Pesos (MX2)

Bookrunner BBVA Citi Santander Global Corporate Bnk Casas de Bolsa Bital, S.A. Casa de Bolsa Inverlat JP Morgan Corporacion Actinver Sab de CV Grupo Financiero Banorte-Ixe TD Securities Inc Mizuho Financial Group Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 22.0 +1.5 ▲ 1 1 1,861.2 2 6 1,452.1 17.1 +10.8 ▲ 3 2 1,061.3 12.5 +0.2 ▲ 8.4 +1.9 ▲ 4 5 711.0 6.1 5 8 514.8 +0.7 ▲ 6 12 476.8 5.6 +3.1 ▲ 3 376.0 4.4 7 -7.5 ▼ 4.4 -0.3 ▼ 10 374.4 8 14 9 239.3 2.8 +1.1 ▲ 2.3 +2.3 ▲ 198.1 10 85.6 +13.8 ▲ 7,264.7 8,476.9 100.0


67.1% ▲ 22.3% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 14.5 27.5 +9.1 ▲ 14.9 28.1 -16.7 ▼ 7.3 13.7 +5.5 ▲ 5.5 10.5 +9.5 ▲ 2.4 4.5 +3.8 ▲ 2.3 4.4 -11.0 ▼ 1.3 2.5 +2.4 ▲ 1.3 2.4 -2.0 ▼ 1.0 1.9 +1.8 ▲ 1.3 2.4 +2.4 ▲ 51.8 100.0 +4.8 ▲ 52.9 100.0

Bookrunner HSBC Holdings PLC JP Morgan BBVA Santander Global Corporate Bnk Citi Deutsche Bank BNP Paribas SA Barclays Morgan Stanley Credit Agricole CIB Top Ten Total Industry Total

125 115.5% ▲ 65.2% ▲

+67

2010

2011

2012

2013

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 8 4,910.4 13.7 +8.7 ▲ 2 4 4,456.4 12.5 +2.9 ▲ 3 2 4,386.7 12.3 +1.2 ▲ 4 6 3,253.9 9.1 +2.0 ▲ 5 1 3,198.8 8.9 -2.4 ▼ 6 10 2,165.9 6.1 +2.8 ▲ 7 11 1,873.7 5.2 +2.1 ▲ 8 9 1,831.9 5.1 +1.3 ▲ 9 5 1,609.2 4.5 -2.7 ▼ 10 16* 1,119.2 3.1 +1.7 ▲ 28,806.1 80.5 +17.6 ▲ 35,778.2 100.0


Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 41 32.8 +13 ▲ ▲ 30 24.0 +21 25 20.0 +9 ▲ ▲ 22 17.6 +13 15 12.0 +7 ▲ 12 9.6 +7 ▲ 15 12.0 +2 ▲ 10 8.0 0 7 5.6 +3 ▲ 3 2.4 +3 ▲

2009

2014

2015

Global Debt by Mexican Issuers (MX1)

15.3% ▲ 8.1% ▲

-51.0% ▼ -33.3% ▼

200

# of Issues

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 72 35.8 +29 ▲ ▲ 54 26.9 +12 25 12.4 +5 ▲ 17 8.5 +12 ▲ 5 2.5 +2 ▲ 10 5.0 -8 ▼ 14 7.0 +12 ▲ 7 3.5 -7 ▼ 12 6.0 +9 ▲ 2 1.0 +2 ▲

240


2008

Bookrunner Itau Unibanco Banco Bradesco SA Santander Global Corporate Bnk Banco BTG Pactual SA Citi Banco do Brasil SA XP Investimentos Banco Votorantim Arab Banking Corporation Banco J Safra SA Top Ten Total Industry Total

280

Junk Rated Debt

$60

-4.7% ▼ 32.4% ▲

Domestic Brazilian Debt in Reals (BR2)

First Nine Months 2017

-20.8% ▼ -35.6% ▼

Bookrunner BBVA Citi Santander Global Corporate Bnk Casas de Bolsa Bital, S.A. Casa de Bolsa Inverlat Corporacion Actinver Sab de CV Grupo Financiero Banorte-Ixe Inversora Bursatil SA de CV Multivalores SA de CV Casa de Bolsa Finamex SAD de C Top Ten Total Industry Total

326.7% ▲ 25.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 9 8.7 +3 ▲ 9 8.7 0 46 44.2 +11 ▲ 28 26.9 +7 ▲ 35 33.7 +16 ▲ 2 1.9 -3 ▼ 4 3.8 +2 ▲ 6 5.8 +3 ▲ 7 6.7 -4 ▼ 1 1.0 0 +26

104 33.3% ▲ 95.2% ▲


Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 15.3 13.4 +5.2 ▲ 13.6 11.8 -0.3 ▼ 14.2 12.3 +1.5 ▲ 11.0 9.6 +3.6 ▲ 10.9 9.5 -3.2 ▼ 4.1 +0.8 ▲ 4.7 5.0 4.3 +2.6 ▲ 4.0 3.5 +0.4 ▲ 5.2 4.6 -1.1 ▼ 3.6 3.1 +1.2 ▲ 87.5 76.2 +10.7 ▲ 114.8 100.0 -17.9% ▼ -47.6% ▼

Jan 1 - Dec 29

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 1,861.2 27.2 +7.8 ▲ 2 7 1,325.8 19.4 +13.4 ▲ 3 2 1,061.3 15.5 +0.7 ▲ 6 711.0 10.4 4 +4.2 ▲ 5 8 514.8 7.5 +2.4 ▲ 376.0 5.5 -5.8 ▼ 6 3 7 10 374.4 5.5 +1.1 ▲ 8 9 107.3 1.6 -3.5 ▼ 9 15 92.3 1.4 -0.1 ▼ 10 5 82.7 1.2 -5.5 ▼ 6,506.6 95.2 +14.7 ▲ 6,831.4 100.0


2017

Jan 1 - Dec 29

Domestic Mexican Debt (MX3)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 4.9 11.4 -8.7 ▼ 5.1 11.8 +6.8 ▲ 2.8 6.4 -6.1 ▼ 1.8 4.1 -2.3 ▼ 1.5 3.4 0 9.2 21.2 +18.7 ▲ .9 2.0 -13.4 ▼ 1.1 2.7 -1.8 ▼ 3.3 7.7 +6.8 ▲ 2.4 5.5 +5.5 ▲ 43.1 76.2 +5.5 ▲ 43.1 100.0

2016

27.9% ▲ 16.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 41 53.9 +13 ▲ 27 35.5 +18 ▲ 25 32.9 +8 ▲ 28.9 +12 ▲ 22 19.7 +7 15 ▲ 15 19.7 +2 ▲ 10 13.2 0 4 5.3 -5 ▼ 2 2.6 0 3 3.9 -8 ▼ +27

76 55.1% ▲ 100.0% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 4.9 27.6 +8.7 ▲ 3.4 19.1 +14.3 ▲ 15.6 -0.4 ▼ 2.8 1.8 9.9 +3.9 ▲ 1.5 8.2 +5.0 ▲ .9 4.8 -9.7 ▼ 1.1 6.4 +2.2 ▲ .2 1.4 -2.1 ▼ .2 1.0 +0.1 ▲ .2 0.9 -4.2 ▼ 94.9 +17.8 ▲ 17.8 17.8 100.0 66.4% ▲ -1.9% ▼



Asia Debt Asian G3 - Highest on Record l Asian Local Currency Down 25% | China-Domiciled Issuers - Most Active Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)

Asia Deals Intelligence

Proceeds per Bookrunner (US$m) Market Market

Full year 2017 Asian G3 (US$, Euro, Yen) bond issuance recorded 52.2% increase year-over-year, with overall market proceeds totaling US$332.7 billion from 557 issues. 2017 saw a second consecutive year of a highest annual volume on record for the region, with deal count up 35.9% from a year ago. US$-denominated issues accounted for 92.7%, totaling US$313.7 billion from 551 issues, up 57% from the previous year. China-domiciled issuers accounted for 50.4% of the Asian G3 market, up 76.9% from 2016, with total proceeds of US$167.5 billion from 234 deals.

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

Asian local currency bond offerings in 2017 totaled US$1.4 trillion from 10,248 transactions, marking a 25% decline from 2016. China-domiciled issuers led activity in 2017, with total issuance at US$1.1 trillion from 4,206 deals. The Financials sector reached US$525.7 billion from 4,897 issues, up 8.2% year-over-year. According to estimates, fees in the Asian G3 currency bond market reached US$1.8 billion in 2017, up 107.7% from 2016. Estimated underwriting fees on Asian local currency bonds (ex. Japan, Australia) amounted to US$5.1 billion in 2017, down 11.3% compared to a year ago.

Asian Corporate Bonds Imputed Fees (US$m)

2017 2016 Rank Rank 1 1 2 2 3 4 4 6 5 5 6 8 7 9 8 3 9 7 10 11

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

Full Year 2017

Bookrunner Bank of China Ltd China Construction Bank Industrial & Comm Bank China Bank of Communications Co Ltd Agricultural Bank of China CITIC Industrial Bank Co Ltd CSC Financial Co Ltd China Merchants Bank Shanghai Pudong Development Bk Top Ten Total Industry Total

$4,000 $3,000 $2,000 $1,000

2009

2010

2011

Chinese Yuan

2012

2013

U.S. Dollar

2014

2015

2016

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

2017

All Other Currencies

Dim Sum, Panda and Formosa Bonds (ex self-funded) 8

Dim Sum

Panda

Deals Sh (%) # of Deals 211 25.9 +52 ▲ 144 24.8 +51 ▲ ▲ 138 26.2 +66 146 15.6 +21 ▲ 87 14.9 +40 ▲ 83 11.0 +26 ▲ 61 12.6 -5 ▼ 70 14.0 +25 ▲ 78 11.0 +11 ▲ 61 16.2 +25 ▲ 557

+147

35.9% ▲ 7.4% ▲

‐25.0% ▼ ‐46.7% ▼

Formosa

# of Deals Bookrunner Haitong Securities Co Ltd Credit Suisse HSBC Holdings PLC CITIC Deutsche Bank Morgan Stanley Citi Standard Chartered PLC JP Morgan Guotai Junan Securities Top Ten Total Industry Total

75 4 50 2

# of Issues

6

25

Jan-15 F Feb-15 Mar-15 M Apr-15 M May-15 Jun-15 Jul-15 Aug-15 A Sep-15 S Oct-15 Nov-15 N Dec-15 D Jan-16 F Feb-16 Mar-16 M Apr-16 M May-16 Jun-16 Jul-16 Aug-16 A Sep-16 S Oct-16 Nov-16 N Dec-16 D Jan-17 F Feb-17 Mar-17 M Apr-17 M May-17 Jun-17 Jul-17 Aug-17 A Sep-17 S Oct-17 Nov-17 N Dec-17 D

0

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 12 9.4 +6.0 ▲ 1 3,831.0 1 3,341.7 -1.1 ▼ 2 8.2 3 5 6.2 -0.2 ▼ 2,552.4 4 17 5.2 +3.3 ▲ 2,123.7 4 1,923.6 -1.8 ▼ 4.7 5 21 1,895.2 4.6 +3.4 ▲ 6 7 1,877.8 4.6 +0.4 ▲ 11 1,716.1 -0.2 ▼ 8 4.2 9 9 6 1,627.5 4.0 -2.2 ▼ 3.5 -1.0 ▼ 8 1,446.4 10 22,335.4 54.6 +6.6 ▲ 40,908.6 100.0

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


81.7% ▲ ‐8.2% ▼

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 7.4 136.8 -1.6 ▼ 83.5 4.5 -0.3 ▼ 78.9 4.3 -0.5 ▼ 105.1 5.7 +1.1 ▲ 69.4 3.8 -1.9 ▼ 59.0 3.2 -2.1 ▼ 61.4 3.3 -0.3 ▼ 45.6 2.5 -4.2 ▼ 47.2 2.6 0 60.6 3.3 +0.7 ▲ 747.5 40.6 -9.1 ▼ 1,838.5 100.0 107.7% ▲ ‐5.7% ▼

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 814 7.9 -151 ▼ 896 8.7 -102 ▼ 778 7.6 -165 ▼ ▼ 7.3 -77 747 6.8 -96 696 ▼ 4.5 -21 459 ▼ 5.1 -95 ▼ 519 2.9 +282 ▲ 296 4.1 -55 417 ▼ 382 ▼ 3.7 -27 10,248

+125

1.2% ▲ ‐38.5% ▼

Jan 1 - Dec 29

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 35 31.8 +24 ▲ 24 21.8 +4 ▲ 33 30.0 +13 ▲ 10 9.1 +6 ▲ 26 23.6 +11 ▲ 17 15.5 +13 ▲ 19.1 +10 21 ▲ 17 15.5 +5 ▲ 18 16.4 +6 ▲ 24 21.8 +5 ▲ 110

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 301.9 5.9 +1.1 ▲ 283.7 5.5 +1.0 ▲ 267.9 5.2 +0.8 ▲ 241.7 4.7 +0.7 ▲ +0.4 ▲ 220.3 4.3 255.5 +0.9 ▲ 5.0 151.4 3.0 +0.2 ▲ +2.8 ▲ 152.3 3.0 126.9 2.5 +0.4 ▲ +0.3 ▲ 118.8 2.3 2,120.4 +8.6 ▲ 41.4 5,136.9 100.0 ‐11.3% ▼ ‐45.9% ▼

Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)(AR10)

100 US$ (m)

8.3% ▲

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 2 6.4 -0.4 ▼ 1 90,891.3 2 1 90,872.2 -0.5 ▼ 6.4 85,368.0 6.0 -0.8 ▼ 3 3 4 5 5.1 -0.7 ▼ 71,569.6 5 -1.1 ▼ 4 71,373.2 5.0 +0.8 ▲ 6 6 4.4 62,518.7 7 7 44,379.6 3.1 -0.2 ▼ 36,346.1 2.6 +2.5 ▲ 8 147 9 10 +0.2 ▲ 32,831.2 2.3 10 29,604.0 2.1 +0.2 ▲ 11 615,753.9 43.4 +0.0 ▲ 1,414,871.4 100.0

$0 2008

52.2% ▲

# of Deals per Bookrunner # of Market Change in

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

$5,000

2007

Proceeds Sh (%) Share Ch. 27,198.3 8.2 +0.2 ▲ 22,983.9 6.9 -0.3 ▼ +0.3 ▲ 18,289.6 5.5 17,128.9 5.2 -0.6 ▼ 14,515.0 4.4 +0.9 ▲ 4.2 13,992.8 +0.6 ▲ -2.9 ▼ 12,527.7 3.8 11,441.6 3.4 -0.3 ▼ 11,076.0 3.3 0 9,570.8 2.9 -0.4 ▼ 47.8 -2.5 ▼ 158,724.6 332,745.7 100.0

Jan 1 - Dec 29

+38

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 60.1 11.7 +8.2 ▲ 48.4 9.4 +0.1 ▲ 33.9 6.6 +1.5 ▲ 34.2 6.6 +5.4 ▲ 16.8 3.3 -6.4 ▼ 22.4 4.3 +2.6 ▲ -1.8 ▼ 12.0 2.3 16.8 3.3 -1.4 ▼ 14.8 2.9 -3.6 ▼ 23.2 4.5 -0.5 ▼ 282.6 54.9 +4.1 ▲ 515.7 100.0

52.8% ▲

63.6% ▲

‐14.3% ▼

‐6.4% ▼



Australia Debt Australian International Debt Up 8% | Australian Dollar Bonds Up 42% Australia Deals Intelligence

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

Australian international debt offerings in 2017 reached US$80.3 billion from 135 issues, an increase of 8.4% yearover-year. Investment Grade issues accounted for 86% of market activity, totaling US$69 billion from 127 deals, down 2.6% from a year ago. The Financials sector led issuance, totaling US$63.4 billion from 115 deals, accounting for 79% of the market, despite decreasing 5.3% compared to a year ago.

Bookrunner ANZ Banking Group Westpac Banking

According to estimates, fees earned from Australian international bond offerings in 2017 totaled US$351.1 million, up 53% from fees earned in 2016. Estimated fees from Australian Dollar (excluding self-funded) bonds reached AU$749.3 million, up 162.7% year-over-year.

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

3 2 5 6 7 8 12 9

18,381.9 16,238.1 13,781.5 9,067.1 6,580.3 5,759.9 4,645.9 4,562.9 122,938.7 146,715.6


42.2% ▲ ‐31.8% ▼

Full Year 2017

Bookrunner ANZ Banking Group Westpac Banking National Australia Bank Deutsche Bank Commonwealth Bank of Australia UBS Citi TD Securities Inc Nomura RBC Capital Markets Top Ten Total Industry Total

$100 $80 $60 $40 $20 $0 2009

2010


2011

2012

2013


2014 MBS

2015

2016

2017


ABS

All Australian International Bonds (AJ7)

Bookrunner Citi JP Morgan HSBC Holdings PLC Bank of America Merrill Lynch Morgan Stanley UBS Westpac Banking RBC Capital Markets ANZ Banking Group National Australia Bank Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 8,963.5 11.2 -1.5 ▼ 1 1 10.8 +0.7 ▲ 2 3 8,636.5 3 2 6,655.2 8.3 -1.9 ▼ 4 4 6,238.2 7.8 -1.4 ▼ 5 5 5,638.5 7.0 -0.1 ▼ 6 10 4,262.5 5.3 +1.5 ▲ 7 19 3,690.4 4.6 +3.4 ▲ 8 13 3,506.8 4.4 +1.8 ▲ 9 3,160.8 3.9 -1.2 ▼ 7 10 3,075.7 -1.3 ▼ 8 3.8 53,828.1 67.1 +0.0 ▲ 80,296.7 100.0


8.4% ▲ ‐7.8% ▼

135 ‐16.7% ▼ ‐19.4% ▼

-27

12.5 11.1 9.4 6.2 4.5 3.9 3.2 3.1 83.9 100.0

+0.7 -2.6 -0.5 -2.9 -1.4 -0.8 +1.7 0 -3.7

▲ ▼ ▼ ▼ ▼ ▼ ▲ ▼

Proceeds per Bookrunner (AU$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 19,408.2 17.6 +1.0 ▲ +2.8 ▲ 14,272.3 2 5 13.0 9.9 +1.7 ▲ 3 10,881.3 6 -2.2 ▼ 2 10,293.7 9.4 4 5 4 10,146.1 9.2 -1.7 ▼ 6 3 9,067.1 8.2 -3.3 ▼ 7 7 6,167.3 5.6 -1.6 ▼ 8 5.2 -0.7 ▼ 8 5,759.9 9 4.1 +0.2 ▲ 9 4,562.9 10 4,403.0 +0.6 ▲ 4.0 10 86.2 94,961.8 -3.2 ▼ 110,092.7 100.0


Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 27 -8 ▼ 20.0 27 20.0 -1 ▼ 35 25.9 -5 ▼ 21 15.6 +7 ▲ 21 15.6 -1 ▼ 12 8.9 0 10 7.4 +5 ▲ 13 9.6 +6 ▲ 4.4 ▼ 6 -7 14 10.4 -1 ▼

3 4 5 6 7 8 9 10

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 122 30.2 +16 ▲ 93 23.0 +33 ▲ 106 69 65 36 24 76 19 57

26.2 17.1 16.1 8.9 5.9 18.8 4.7 14.1

+28 +8 +9 0 +5 +5 +10 +21

▲ ▲ ▲ ▲ ▲ ▲ ▲

+63

404

34.5% ▲ ‐39.2% ▼

Bookrunner National Australia Bank Westpac Banking Commonwealth Bank of Australia Macquarie Group ANZ Banking Group Deutsche Bank Citi Mitsubishi UFJ Financial Group Bank of America Merrill Lynch JP Morgan Top Ten Total Industry Total

53.0% ▲ ‐7.0% ▼


Proceeds per Bookrunner (AU$m) Market Market 2017 2016 Rank Rank Proceeds Sh (%) Share Ch. 1 1 7,985.1 21.0 -4.9 ▼ 2 4 6,750.1 17.8 +3.5 ▲ 3 2 6,238.1 16.4 -7.2 ▼ 4 5 4,446.1 11.7 +4.8 ▲ 5 3 3,734.0 9.8 -6.6 ▼ 6 6 3,568.3 9.4 +6.0 ▲ 7 7 816.9 2.2 -0.3 ▼ 8 12 669.8 1.8 +0.7 ▲ 9 500.0 1.3 +1.3 ▲ 10 326 436.5 1.2 -0.3 ▼ 35,144.9 92.5 -3.0 ▼ 37,981.7 100.0


69.8% ▲


-13.1% ▼

70.6 61.9 74.3 53.7 36.6 53.3 9.2 42.4 592.1 749.3

9.4 8.3 9.9 7.2 4.9 7.1 1.2 5.7 79.1 100.0

-4.2 -4.7 +3.5 -0.4 +0.8 +5.0 -0.5 +3.7 -1.5

▼ ▼ ▲ ▼ ▲ ▲ ▼ ▲ ▼

Jan 1 - Dec 29

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 107 30.6 +12 ▲ 17.7 +18 ▲ 62 68 19.4 +16 ▲ 14.3 -1 ▼ 50 52 14.9 +8 ▲ 36 10.3 0 21 6.0 +3 ▲ 76 21.7 +5 ▲ 57 16.3 +21 ▲ 58 ▲ 16.6 +23 +311

350 15.5% ▲ ‐27.0% ▼

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 102.9 15.1 -1.8 ▼ 9.9 -3.0 ▼ 67.3 58.0 8.5 -3.0 ▼ 67.5 9.9 +3.1 ▲ 53.3 7.8 -3.7 ▼ 7.9 -1.0 ▼ 53.7 5.2 +0.5 ▲ 35.5 +5.3 ▲ 53.3 7.8 6.2 +3.9 ▲ 42.4 40.6 5.9 +4.1 ▲ 84.2 +4.4 ▲ 574.5 683.9 100.0 182.0% ▲ ‐35.1% ▼

All Australian Securitization (ex-CDOs) (AJ4)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. -2.6 ▼ 34.7 9.9 42.2 12.0 +1.4 ▲ 32.7 9.3 +0.7 ▲ 22.7 6.5 -4.1 ▼ 26.5 7.5 +0.7 ▲ 16.1 4.6 +0.1 ▲ 12.3 3.5 +2.3 ▲ 3.5 +1.3 ▲ 12.2 10.8 3.1 -0.3 ▼ 9.6 2.7 -1.8 ▼ -2.3 ▼ 219.8 62.6 351.1 100.0

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 110.2 14.7 -2.3 ▼ 79.9 10.7 -2.4 ▼

162.7% ▲ ‐33.3% ▼

18.5% ▲ ‐23.8% ▼

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

$120

2008

Proceeds per Bookrunner (AU$m) Market Market 2017 2016 Proceeds Sh (%) Share Ch. Rank Rank 23,142.2 15.8 1 1 -1.0 ▼ 4 2 +3.1 ▲ 20,778.9 14.2

National Australia Bank Commonwealth Bank of Australia Deutsche Bank UBS Citi TD Securities Inc Macquarie Group Nomura Top Ten Total Industry Total

Australian Dollar bonds (excluding self-funded) in 2017 reached to AU$146.7 billion from 404 deals, up 42.2% from 2016. Agency, Supranational and Sovereign issues totaled AU$61.7 billion from 223 deals, up 25.5% from a year ago and accounting for 42% of market activity. Australian-domiciled issuers registered total issues of AU$92.3 billion with 137 transactions, up 36.9% from a year ago.

Jan 1 - Dec 29

Jan 1 - Dec 29 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals ▲ 39 70.9 +12 31 56.4 +14 ▲ 17 30.9 -1 ▼ 18 32.7 +9 ▲ 15 27.3 +4 ▲ 15 27.3 +10 ▲ 5 9.1 +2 ▲ 3 5.5 +2 ▲ 2 3.6 +2 ▲ 2 3.6 0 55

+16

41.0% ▲ -6.3% ▼

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 13.4 19.8 -6.0 ▼ 12.9 19.1 +4.4 ▲ 8.8 13.1 -8.1 ▼ 8.3 12.3 +3.0 ▲ 7.3 10.8 -5.3 ▼ 7.0 10.3 +6.9 ▲ 1.7 2.5 -0.4 ▼ 1.0 1.5 +0.4 ▲ 1.7 2.5 +2.5 ▲ .7 1.0 -0.4 ▼ -3.0 ▼ 62.8 85.4 67.5 100.0 47.7% ▲ -16.9% ▼



Japan Debt 2nd Highest Japanese Yen Denominated Bond Volume l Japanese Corporate Bonds Up 10% l Samurai Bonds Up 11% Japan Deals Intelligence

All Bonds in Yen (AP5)

Yen-denominated bond activity during full year 2017 totaled JPY23 trillion from 1,231 deals, an increase of 5.4% compared to a year ago. This was the second highest yen-denominated volume total on record, behind the JPY25.3 trillion recorded in 2007. According to estimates, underwriting fees from Yen-denominated activity totaled JPY85.8 billion in 2017, a 5.4% increase compared to full year 2016.

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

Japanese Corporate Bond offerings totaled JPY11.6 trillion from 601 transactions during full year 2017, a 9.6% increase from the proceeds raised a year ago. The Industrials sector led market activity, raising JPY3.2 trillion from 177 deals, followed by Financials, with JPY3.1 trillion from 83 deals. Samurai Bond volume during full year 2017 totaled JPY1.4 trillion from 41 transactions, representing an 11.4% increase over the JPY1.3 trillion raised a year ago. Samurai market activity increased significantly during the fourth quarter of 2017, with 11 issuances worth JPY314.8 billion compared to the JPY10 billion from a single issuance recorded during the third quarter this year.

Jan 1 - Dec 29 Proceeds per Bookrunner (¥m) Proceeds Market Market 2017 2016 ¥mil Sh (%) Share Ch. Rank Rank 23.5 -3.0 ▼ 1 1 5,415,686.7 2 2 4,323,632.6 18.8 -1.8 ▼ 3,784,224.7 3 3 16.4 +1.8 ▲ 4 3,686,618.2 16.0 +1.7 ▲ 4 5 3,166,666.7 13.7 +1.6 ▲ 5 10 456,779.1 2.0 +1.1 ▲ 6 7 6 353,631.9 1.5 -0.4 ▼ 8 9 314,276.8 1.4 +0.4 ▲ 9 7 309,529.8 1.3 -0.3 ▼ 10 8 197,728.0 0.9 -0.1 ▼ 95.5 +1.0 ▲ 22,008,774.5 23,061,262.8 100.0


Samurai Bonds Issuer Domicile Analysis

Jan 1 - Dec 29

3,000

¥ Billion

2,000

66

63

75

80 70 60

1,500

Bookrunner Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Nomura Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Natixis Credit Agricole CIB Societe Generale Citi BNP Paribas SA Top Nine Total Industry Total

41

38

39

50 40

1,000

# of Issues

65

90

80

80

2,500

30 20

500

10 0

0 2008

2009

2010

Asia-Pacific (ex Central Asia)

2011 Europe

2012

2013

Americas

2014

2015

2016

Africa/Middle East/Central Asia

2017

Full Year 2017

¥235 ¥270 2% 2% ¥420 4%

¥518 4%

¥520 4%

¥559 5%

Lead Manager Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Trust Holdings Daiwa Securities Group Inc Nomura Mitsubishi UFJ Financial Group Bank of America Merrill Lynch Goldman Sachs & Co Shinsei Bank Top Ten Total Industry Total

Energy and Power ¥1,469 13% ¥562 5%

¥660 6%

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2017 2016 ¥mil Sh (%) Share Ch. Rank Rank 4 371,760.0 +9.3 ▲ 26.5 1 2 286,676.7 20.5 2 +1.1 ▲ 3 1 244,706.7 17.5 -2.8 ▼ 4 5 14.8 -1.6 ▼ 206,803.3 5 3 183,810.0 -4.6 ▼ 13.1 6 40,160.0 9 2.9 +1.9 ▲ 7 +0.7 ▲ 8 2.4 33,983.3 8 -1.3 ▼ 7 16,000.0 1.1 9 8,766.7 0.6 +0.6 ▲ 10 8,433.3 0.6 +0.6 ▲ +3.9 ▲ 1,401,100.0 100.0 1,401,100.0 100.0 11.4% ▲ 3048.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 35 ▲ 85.4 +11 31 75.6 +10 ▲ 58.5 -3 ▼ 24 23 56.1 -3 ▼ 26 63.4 -2 ▼ 7 17.1 +4 ▲ 12.2 5 0 4.9 2 -3 ▼ 3 7.3 +3 ▲ ▲ 2 4.9 +2 41

+3

Imputed Fees (¥mil) Market Manager Market Fees ¥mil Sh (%) Share Ch. 1,107.8 26.7 +10.5 ▲ 831.3 20.0 -0.8 ▼ 16.4 -3.2 ▼ 682.9 15.9 -0.8 ▼ 660.3 -4.5 ▼ 543.6 13.1 2.9 +1.8 ▲ 119.9 2.4 +0.5 ▲ 100.2 1.4 -1.4 ▼ 56.5 0.7 +0.7 ▲ 28.4 0.6 +0.6 ▲ 26.7 +3.4 ▲ 4,157.5 100.0 4,157.6 100.0 10.0% ▲ 2676.6% ▲

7.9% ▲ 1000.0% ▲

Japanese Securitizations (AP2)

Financials

¥3,079 27%

5.4% ▲ -4.8% ▼

*tie

Industrials ¥3,206 28%

+130

Imputed Fees (¥m) Manager Market Market Fees ¥mil Sh (%) Share Ch. -4.4 ▼ 22.9 19,611.4 15,107.6 17.6 -3.0 ▼ 15.5 +0.7 ▲ 13,265.8 +3.2 ▲ 14,743.0 17.2 11,930.2 13.9 +1.3 ▲ 1,521.8 1.8 +1.0 ▲ -0.3 ▼ 1,160.8 1.4 1,109.8 1.3 +0.4 ▲ 1.4 +0.2 ▲ 1,237.9 890.2 -0.1 ▼ 1.0 80,578.5 -1.0 ▼ 94.0 85,845.3 100.0

Jan 1 - Dec 29


# of Issues

Japanese Corporate Debt Volume by Industry (¥ Billion)

1,231 11.8% ▲ 1.0% ▲

Samurai Bonds (AP1)

100

95

5.4% ▲ -2.1% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 710 57.7 +44 ▲ 563 45.7 +112 ▲ 561 45.6 +134 ▲ 561 45.6 +110 ▲ 515 41.8 +108 ▲ ▲ 0.7 +2 9 47 3.8 +3 ▲ ▲ 30 2.4 +5 17 1.4 -8 ▼ 4.7 -7 ▼ 58

Government and Agencies Consumer Staples Materials Telecommunications Real Estate High Technology Consumer Products and Services

Proceeds per Bookrunner (¥mil) Market Proceeds Market 2017 2016 ¥mil Sh (%) Share Ch. Rank Rank 34.3 1 1,635,395.7 -6.3 ▼ 1 12.9 2 2 +1.7 ▲ 613,778.3 3 11.8 +3.0 ▲ 3 564,241.8 9.6 4 8 456,779.1 +5.9 ▲ +0.2 ▲ 5 352,250.6 5 7.4 6 210,786.0 4 4.4 -3.0 ▼ 7 9 4.3 206,043.4 +0.7 ▲ 4.1 7 195,650.3 -0.1 ▼ 8 -0.6 ▼ 6 9 170,198.4 3.6 10 -0.6 ▼ 107,971.9 2.3 10 +0.9 ▲ 94.7 4,513,095.5 4,765,400.4 100.0


Retail

Jan 1 - Dec 29


-7.7% ▼ -8.9% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 64.9 -13 ▼ 150 ▲ 24 10.4 +13 7.4 +4 17 ▲ 3.9 +2 ▲ 9 -1 ▼ 4.3 10 -3 6 ▼ 2.6 ▲ 24 10.4 +1 1.7 ▼ -1 4 3.5 +2 ▲ 8 3 1.3 -2 ▼ 231

+13

6.0% ▲ -19.4% ▼

Imputed Fees (¥mil) Market Manager Market Fees ¥mil Sh (%) Share Ch. 4,630.6 35.0 -9.6 ▼ -1.5 ▼ 1,331.5 10.1 1,378.1 10.4 +2.9 ▲ 1,521.8 11.5 +7.3 ▲ +0.4 ▲ 891.8 6.7 591.2 4.5 -2.0 ▼ 626.2 +0.7 ▲ 4.7 4.0 +0.3 ▲ 525.3 3.8 +0.2 ▲ 503.5 +0.1 ▲ 352.0 2.7 -1.2 ▼ 12,352.0 93.4 13,231.4 100.0 -20.0% ▼ -4.6% ▼

H lth Healthcare




Japan Debt Japanese Corporate Debt (AP3)

Lead Manager Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Nomura Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Shinkin Central Bank Goldman Sachs & Co Tokai Tokyo Financial Holdings SBI Holdings Inc Citi Top Ten Total Industry Total

Jan 1 - Dec 29

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2017 2016 Rank Rank ¥mil Sh (%) Share Ch. 1 2,579,028.3 2 22.3 -2.6 ▼ 2,557,121.0 2 1 22.1 -5.8 ▼ +3.8 ▲ 3 3 2,268,420.5 19.6 4 4 1,974,958.8 17.1 +2.6 ▲ 5 5 15.4 +2.6 ▲ 1,776,003.2 6 7 107,762.3 0.9 0 7 6 70,100.2 0.6 -0.5 ▼ 8 8 59,900.1 0.5 -0.1 ▼ 9 13 55,325.9 +0.4 ▲ 0.5 10 39,453.9 0.3 +0.1 ▲ 10 11,488,074.2 99.3 +0.5 ▲ 11,557,009.9 100.0


9.6% ▲ -7.1% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 367 61.1 +48 ▲ 358 59.6 +96 ▲ 372 61.9 +100 ▲ 341 56.7 +87 ▲ 320 53.2 +102 ▲ 41 6.8 +5 ▲ 16 -3 ▼ 2.7 27 4.5 0 3 ▼ 0.5 -2 11 1.8 +4 ▲ 601 18.8% ▲ 5.6% ▲

+95

Bonds Targeted in Japan (AP4)

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 21.9 10,298.7 -3.2 ▼ 9,636.3 20.5 -6.4 ▼ 9,550.2 20.3 +5.7 ▲ 16.4 +1.4 ▲ 7,710.0 7,339.8 +1.9 ▲ 15.6 0.7 0 343.0 0.6 -0.3 ▼ 256.7 0.8 384.7 +0.1 ▲ +1.1 ▲ 1.2 561.4 -0.2 ▼ 0.3 130.6 46,211.4 98.3 +0.1 ▲ 47,007.9 100.0

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

2.8% ▲ -17.3% ▼

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2017 2016 Rank Rank ¥mil Sh (%) Share Ch. 24.0 5,313,386.7 -2.8 ▼ 1 1 4,189,199.2 18.9 -2.1 ▼ 2 2 16.7 +1.9 ▲ 3 3 3,690,224.7 +1.7 ▲ 4 4 3,560,541.2 16.1 5 5 3,133,666.7 14.2 +1.7 ▲ 6 9 453,979.1 2.1 +1.2 ▲ -0.5 ▼ 7 6 325,298.5 1.5 7 1.0 8 225,196.5 -0.5 ▼ 9 10 206,043.4 0.9 0 10 8 197,728.0 0.9 -0.2 ▼ 21,295,264.0 96.3 +0.4 ▲ 22,146,089.8 100.0



Jan 1 - Dec 29

4.9% ▲ 0.5% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 700 58.9 +47 ▲ 556 46.8 +112 ▲ 46.5 +131 ▲ 553 548 46.1 +109 ▲ 42.9 +107 ▲ 510 8 0.7 +1 ▲ 46 3.9 +3 ▲ 1.0 -12 12 ▼ 2.0 +1 24 ▲ 4.9 58 -7 ▼ 1,189

+137

13.0% ▲ 1.0% ▲

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 18,442.2 23.3 -4.2 ▼ 14,441.7 18.3 -2.7 ▼ 15.9 +0.9 ▲ 12,561.3 13,451.7 +3.5 ▲ 17.0 11,590.8 14.7 +1.7 ▲ 1.9 +1.0 ▲ 1,517.3 1.3 -0.4 ▼ 1,050.5 679.5 0.9 -0.3 ▼ 626.2 0.8 0 890.2 1.1 0 75,251.4 95.2 -0.5 ▼ 79,028.8 100.0 0.3% ▲ -6.1% ▼



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 Evgeniya Kolesova Tel: +1 646 223 8457 E-mail: [email protected] Japan Aki Sato Tel: +813 6441 1120 E-mail: [email protected] Europe Ian Willmott Tel: +44 207 542 4376 E-mail: [email protected]

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 29

2017. - 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. -

Asia-Pacific Carina Causon-Israel Tel: +632 459 1566 E-mail: [email protected]

-

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 generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to non-lead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting in partnership with Thomson Reuters.

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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."

-

As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with Japanese Fiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each" allocation basis.

-

Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.

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. © 2017 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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