americas capital markets - … morgan and goldman sachs ranked second and third with 11.21% and...

AMERICAS CAPITAL MARKETS LEAGUE TABLES Q1 2018

The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.

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MANAGER RANKINGS

AMERICAS CAPITAL MARKETS

DATA SUBMISSIONS AND QUERIES

Equities

Fixed Income

Loans

Contact Email Phone

Q1 2018

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

Irina Arefyeva

Dean Psomaras

Paul Bandong

+1 646 324 4663 [email protected]



http://www.bloomberg.com/

Bloomberg AmericasCapitalMarkets|Q12018

BloombergLeagueTableReports Page1

USEquityReviewQ12018creditedUSEquity&EquityLinkedvolumedecreased7.85%toUSD60.0Blnwhiledealcountdecreased8.17%to236offeringsyear-on-year.USEquityIPOvolumedecreased14.25%year-on-yeartoUSD10.9Blnwhilethedealcountincreased26.67%to38.USEquityLinkedvolumedecreased4.71%year-on-yeartoUSD11.2Blnover33deals.MorganStanleyrankedasthetopUSEquity&EquityLinkedunderwriterforQ12018with16.53%marketshare.Thebankunderwrote55dealsovertheperiod.JPMorganandGoldmanSachsrankedsecondandthirdwith11.21%and11.17%marketshare,respectively.

USEquity&EquityLinked:HighlightsofQ12018

USEquity&EquityLinked:QuarterlyVolume

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8080

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DealC

ountDealC

ount

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DealCount Equity-Linked Add'l IPO

TopUnderwriterMorganStanley

Numberofdeals 55

Volume(USDMln) 9,926

AvgDealsize(USDMln) 180.5

MarketSummaryNumberofdeals 236



Issuer Industry Volume(USDMln) Date

SempraEnergy Utilities 2,500 01/04/2018

DukeEnergyCorp Utilities 1,596 03/06/2018

GeneralMotorsCo ConsumerDiscretionary 1,592 02/27/2018

ADTInc Industrials 1,470 01/18/2018

VICIPropertiesInc Financials 1,392 01/31/2018

DominionEnergyInc Utilities 1,357 03/27/2018

TransUnion Technology 1,150 03/05/2018

WesternDigitalCorp Technology 1,100 01/31/2018

NorwegianCruiseLineHoldingsLtd ConsumerDiscretionary 1,092 02/27/2018

ONEOKInc Energy 1,036 01/04/2018

Financials21%

HealthCare20%

ConsumerDiscretionary14%

Technology14%

Utilities9%

Energy8%

Industrials8%

Others7%

USEquity&EquityLinked:IndustryBreakdown

USEquity&EquityLinked:IndustryBreakdown

Industry Volume(USDMln) %OfTotal %YOYChange

Financials 12,735 20.6% -38.9%

HealthCare 12,406 20.1% 150.6%

ConsumerDiscretionary 8,608 13.9% 27.9%

Technology 8,391 13.6% -6.2%

Utilities 5,546 9.0%

USEquity&EquityLinked:OfferingBreakdown

OfferingType Volume(USDMln) %OfTotal %YOYChange

AdditionalOfferings 38,566 62.4% -5.8%

Equity-Linked 12,277 19.9% -11.3%

IPO 10,938 17.7% -14.3%

21%

20%

14%

14%

9%

8%

8%

7%



USEquity&EquityLinkedQ12018 Q12017

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

MorganStanley 1 16.534 9,926 55 5 7.905 8.629

JPMorgan 2 11.210 6,730 60 2 11.017 0.193

GoldmanSachs 3 11.167 6,704 50 1 11.100 0.067

Barclays 4 9.171 5,506 32 6 7.241 1.930

BankofAmericaMerrillLynch 5 8.376 5,029 45 3 10.090 -1.714

Citi 6 7.301 4,383 35 4 9.335 -2.034

RBCCapitalMarkets 7 5.120 3,074 25 10 2.874 2.246

DeutscheBank 8 5.010 3,008 23 9 4.778 0.232

CreditSuisse 9 4.195 2,519 26 7 7.176 -2.981

WellsFargo 10 2.932 1,760 22 8 5.913 -2.981

Cowen&Co 11 2.369 1,422 26 22 0.727 1.642

Jefferies 12 2.287 1,373 25 13 2.026 0.261

UBS 13 2.249 1,350 15 11 2.302 -0.053

LeerinkPartnersLLC 14 1.870 1,123 18 29 0.388 1.482

CantorFitzgerald 15 1.298 779 12 14 1.266 0.032

PiperJaffray&Co 16 0.892 536 14 23 0.726 0.166

EvercorePartnersInc 17 0.850 510 14 31 0.297 0.553

Stifel 18 0.698 419 12 15 1.061 -0.363

BTIGLLC 19 0.558 335 7 45 0.077 0.481

MizuhoFinancial 20 0.512 307 3 18 0.941 -0.429

TOTAL 100% 60,036 236 100%

USEquityOfferingsQ12018 Q12017


MorganStanley 1 16.321 7,975 41 5 7.909 8.412

JPMorgan 2 11.050 5,400 47 1 10.593 0.457

GoldmanSachs 3 10.964 5,357 39 3 10.470 0.494

Barclays 4 9.779 4,778 27 6 7.566 2.213

Citi 5 8.505 4,156 32 2 10.567 -2.062


DeutscheBank 7 5.850 2,858 21 9 5.280 0.570

CreditSuisse 8 4.475 2,187 24 7 7.501 -3.026


Cowen&Co 10 2.636 1,288 25 20 0.886 1.750

UBS 11 2.595 1,268 13 11 2.712 -0.117

Jefferies 12 2.305 1,126 22 12 1.690 0.615

WellsFargo 13 2.278 1,113 15 8 5.290 -3.012

LeerinkPartnersLLC 14 1.647 805 15 26 0.473 1.174

CantorFitzgerald 15 1.349 659 11 13 1.543 -0.194

PiperJaffray&Co 16 1.096 536 14 21 0.885 0.211


Stifel 18 0.701 342 11 16 1.172 -0.471

BRiley&Co 19 0.597 292 4 38 0.127 0.470

LadenburgThalmann&Co 20 0.534 261 6 44 0.072 0.462

TOTAL 100% 48,865 203 100%

USEquityIPOQ12018 Q12017


BankofAmericaMerrillLynch 1 13.970 1,528 16 10 3.972 9.998

GoldmanSachs 2 10.411 1,139 12 4 12.040 -1.629

DeutscheBank 3 9.159 1,002 8 1 13.702 -4.543

Citi 4 8.302 908 10 7 6.497 1.805

MorganStanley 5 7.483 819 9 5 9.055 -1.572

RBCCapitalMarkets 6 7.297 798 6 9 4.010 3.287

CreditSuisse 7 6.502 711 8 2 12.591 -6.089

Barclays 8 6.386 698 8 6 7.217 -0.831

JPMorgan 9 6.035 660 8 3 12.198 -6.163

CantorFitzgerald 10 2.862 313 3 11 3.920 -1.058

UBS 11 2.301 252 4 25 0.182 2.119

WellsFargo 12 2.237 245 5 12 3.646 -1.409

Jefferies 13 1.992 218 4 13 0.917 1.075


LeerinkPartnersLLC 15 1.547 169 4 - - 1.547

PiperJaffray&Co 16 1.483 162 3 - - 1.483

Macquarie 17 1.185 130 2 18 0.480 0.705

LadenburgThalmann&Co 18 1.176 129 2 - - 1.176

BRiley&Co 19 1.143 125 1 - - 1.143

Allen&Co 20 0.994 109 1 8 4.711 -3.717

TOTAL 100% 10,938 38 100%

USEquityLinkedQ12018 Q12017


MorganStanley 1 17.465 1,951 14 5 7.886 9.579


GoldmanSachs 3 12.057 1,347 11 1 13.972 -1.915

JPMorgan 4 11.912 1,331 13 3 12.953 -1.041


Barclays 6 6.511 727 5 7 5.760 0.751

WellsFargo 7 5.793 647 7 4 8.751 -2.958

CreditSuisse 8 2.973 332 2 8 5.698 -2.725

LeerinkPartnersLLC 9 2.844 318 3 - - 2.844

MizuhoFinancial 10 2.481 277 2 14 1.546 0.935

Jefferies 11 2.208 247 3 12 3.556 -1.348

Citi 12 2.033 227 3 11 3.718 -1.685

DeutscheBank 13 1.335 149 2 13 2.492 -1.157

Cowen&Co 14 1.201 134 1 - - 1.201

CantorFitzgerald 15 1.074 120 1 - - 1.074

BTIGLLC 16 0.951 106 3 - - 0.951

UBS 17 0.735 82 2 20 0.433 0.302

Stifel 18 0.686 77 1 19 0.554 0.132

SunTrustRobinsonHumphrey 19 0.643 72 1 17 0.858 -0.215

CreditAgricoleCIB 20 0.512 57 1 21 0.320 0.192

TOTAL 100% 11,170 33 100%



USFixedIncomeReviewQ12018creditedUSCorporateBondsvolumedecreased15.65%toUSD435.1Blnwhiledealcountdecreased11.98%to698offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumedecreased13.87%year-on-yeartoUSD355.4Blnwhilethedealcountdecreased14.84%to505.USHighYieldCorporateBondsvolumedecreased29.01%year-on-yeartoUSD65.0Blnover120deals.BankofAmericaMerrillLynchrankedasthetopUSCorporateBondsunderwriterforQ12018with11.40%marketshare.Thebankunderwrote268dealsovertheperiod.JPMorganandCitirankedsecondandthirdwith10.96%and8.75%marketshare,respectively.

USCorporateBonds:HighlightsofQ12018

USDomesticBonds:QuarterlyVolume

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ountDealC

ount

00

2,0002,000

DealCount Other HighYield

InvestmentGrade

TopUnderwriterBankofAmericaMerrill

Lynch

Numberofdeals 268


AvgDealsize(USDMln)

185.0

MarketSummaryNumberofdeals 698



Issuer Industry Volume(USDMln) Date

CVSHealthCorp HealthCare 9,000 03/06/2018






MorganStanley Financials 3,000 01/18/2018

BankofAmericaCorp Financials 2,500 02/28/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,500 03/20/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,500 03/20/2018

Financials41%

HealthCare13%

Energy10%


Communications6%

ConsumerStaples6%

Industrials5%

Utilities5%

Others6%

USHighYieldCorporateBonds:QuarterlyVolume

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USLeveragedLoans

USHighYieldCorporateBonds

USCorporateBonds(Manager):IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

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QuartersQuarters

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200200

400400

Basispoints

Basispoints

00

600600

HighYield

InvestmentGrade

41%

13%10%

7%

6%

6%

5%5%

6%



USDomesticBondsQ12018 Q12017



Citi 2 9.983 62,057 333 2 10.344 -0.361

JPMorgan 3 9.727 60,466 322 1 10.466 -0.739

Barclays 4 7.562 47,005 222 6 6.559 1.003

GoldmanSachs 5 7.386 45,915 201 3 8.269 -0.883

MorganStanley 6 6.302 39,176 318 5 7.394 -1.092

WellsFargo 7 5.899 36,671 265 8 4.766 1.133

DeutscheBank 8 4.693 29,172 165 7 4.907 -0.214

HSBC 9 4.642 28,858 134 9 4.529 0.113

CreditSuisse 10 2.962 18,411 131 11 3.047 -0.085

BNPParibas 11 2.862 17,791 87 12 2.867 -0.005

RBCCapitalMarkets 12 2.545 15,822 104 10 3.062 -0.517

TorontoDominionBank 13 2.476 15,390 96 13 2.745 -0.269

MizuhoFinancial 14 2.274 14,134 162 14 2.012 0.262

MitsubishiUFJFinancialGroupInc 15 1.623 10,090 101 16 1.549 0.074

Nomura 16 1.621 10,077 76 18 1.352 0.269

SumitomoMitsuiFinancial 17 1.435 8,921 63 28 0.482 0.953

BMOCapitalMarkets 18 1.081 6,718 31 17 1.415 -0.334

USBancorp 19 0.946 5,880 69 20 1.000 -0.054

SocieteGenerale 20 0.855 5,314 46 23 0.713 0.142

TOTAL 100% 621,628 1,368 100%

USAgencyBondsQ12018 Q12017


WellsFargo 1 12.426 8,814 174 4 7.319 5.107

Barclays 2 11.832 8,393 25 1 13.537 -1.705

Nomura 3 9.450 6,704 72 3 9.300 0.150

Citi 4 7.726 5,480 41 2 11.534 -3.808

TorontoDominionBank 5 6.304 4,472 41 5 5.977 0.327


Jefferies 7 4.183 2,967 54 11 3.039 1.144

HSBC 8 3.678 2,609 27 18 1.600 2.078

FTNFinancial 9 3.628 2,574 113 10 3.088 0.540

MorganStanley 10 3.410 2,419 159 6 4.578 -1.168


DaiwaSecurities 12 2.774 1,968 41 8 3.667 -0.893

JPMorgan 13 2.757 1,956 52 9 3.421 -0.664

DeutscheBank 14 2.720 1,930 35 22 1.154 1.566

LoopCapitalMarketsLLC 15 2.177 1,544 27 15 2.153 0.024

RaymondJames&Associates 16 1.950 1,383 95 21 1.214 0.736

INTLFCStoneInc 17 1.831 1,299 77 14 2.226 -0.395

Incapital 18 1.764 1,251 115 12 2.650 -0.886

BankofNewYorkMellon 19 1.421 1,008 53 19 1.450 -0.029

ViningSparks 20 1.404 996 93 20 1.421 -0.017

TOTAL 100% 70,934 1,068 100%

USCorporateBondsQ12018 Q12017



JPMorgan 2 10.959 47,684 284 1 10.640 0.319

Citi 3 8.752 38,080 260 2 9.326 -0.574

GoldmanSachs 4 8.535 37,137 183 4 9.088 -0.553

MorganStanley 5 7.295 31,740 192 5 8.308 -1.013

Barclays 6 7.200 31,329 186 6 5.808 1.392

WellsFargo 7 6.610 28,760 158 7 5.585 1.025

DeutscheBank 8 4.235 18,425 119 8 4.318 -0.083

CreditSuisse 9 3.925 17,077 129 9 3.970 -0.045

BNPParibas 10 3.109 13,528 78 12 2.842 0.267

HSBC 11 3.018 13,132 81 10 3.858 -0.840





USBancorp 16 1.352 5,880 69 17 1.373 -0.021

UBS 17 1.036 4,505 42 14 2.233 -1.197



CreditAgricoleCIB 20 0.981 4,270 26 18 1.308 -0.327

TOTAL 100% 435,099 698 100%

USDollarForeignIssuerBondsQ12018 Q12017


Citi 1 10.406 40,079 201 2 8.549 1.857

HSBC 2 7.756 29,875 152 3 8.180 -0.424


JPMorgan 4 7.470 28,772 148 1 9.538 -2.068

DeutscheBank 5 5.302 20,420 82 6 5.189 0.113

Barclays 6 5.280 20,337 98 7 4.973 0.307

GoldmanSachs 7 5.108 19,672 87 4 5.821 -0.713

BNPParibas 8 4.461 17,184 87 9 3.858 0.603

MorganStanley 9 4.143 15,959 107 8 4.925 -0.782

StandardCharteredBank 10 2.744 10,569 83 12 2.730 0.014

CreditSuisse 11 2.626 10,116 67 11 3.190 -0.564




Nomura 15 1.642 6,325 28 17 1.186 0.456


CreditAgricoleCIB 17 1.591 6,127 53 16 1.528 0.063

UBS 18 1.548 5,964 38 14 2.178 -0.630


VTBCapital 20 1.250 4,815 14 65 0.159 1.091

TOTAL 100% 385,166 734 100%



USInvestmentGradeCorporateBondsQ12018 Q12017



JPMorgan 2 11.295 40,144 220 1 10.371 0.924

GoldmanSachs 3 9.217 32,760 141 2 9.615 -0.398

Citi 4 9.051 32,170 204 3 9.350 -0.299

MorganStanley 5 7.620 27,082 143 5 8.783 -1.163

Barclays 6 7.371 26,199 144 6 5.908 1.463

WellsFargo 7 6.863 24,392 122 7 5.857 1.006

DeutscheBank 8 4.032 14,330 84 9 4.124 -0.092

HSBC 9 3.260 11,586 67 8 4.310 -1.050

BNPParibas 10 3.229 11,477 62 12 3.233 -0.004

CreditSuisse 11 3.209 11,405 79 11 3.562 -0.353

MizuhoFinancial 12 3.003 10,675 101 13 3.029 -0.026




USBancorp 16 1.648 5,858 68 16 1.627 0.021


UBS 18 1.029 3,659 29 15 2.362 -1.333

SocieteGenerale 19 0.880 3,127 29 19 0.953 -0.073

CreditAgricoleCIB 20 0.864 3,072 15 18 1.349 -0.485

TOTAL 100% 355,411 505 100%

USHighYieldCorporateBondsQ12018 Q12017


JPMorgan 1 9.963 6,472 54 1 12.087 -2.124

CreditSuisse 2 8.751 5,684 49 5 6.168 2.583

Barclays 3 7.595 4,934 43 6 6.160 1.435


WellsFargo 5 6.839 4,442 36 9 5.163 1.676

Citi 6 6.622 4,302 43 3 8.425 -1.803

DeutscheBank 7 6.465 4,199 37 8 5.549 0.916

GoldmanSachs 8 6.116 3,973 39 4 8.252 -2.136

MorganStanley 9 5.918 3,844 37 7 5.747 0.171


BNPParibas 11 2.311 1,501 13 16 1.378 0.933





HSBC 16 1.501 975 10 15 1.545 -0.044

INGGroep 17 1.434 931 11 27 0.445 0.989

CreditAgricoleCIB 18 1.331 865 10 17 1.287 0.044

TorontoDominionBank 19 1.079 701 9 18 1.136 -0.057

SumitomoMitsuiFinancial 20 0.976 634 9 53 0.068 0.908

TOTAL 100% 64,955 120 100%

USDollarPreferredsQ12018 Q12017


MorganStanley 1 17.971 465 10 1 41.648 -23.677

BankofAmericaMerrillLynch 2 16.812 435 7 5 5.491 11.321

UBS 3 15.869 411 8 3 8.449 7.420

WellsFargo 4 15.524 402 6 7 3.301 12.223

Stifel 5 9.476 245 8 2 9.059 0.417

RBCCapitalMarkets 6 5.209 135 3 4 6.652 -1.443

JPMorgan 7 3.953 102 3 11 2.638 1.315

Citi 8 3.905 101 3 6 5.132 -1.227

BRiley&Co 9 1.449 38 3 - - 1.449

SandlerO'Neill&Partners 10 1.353 35 1 8 3.293 -1.940

RaymondJames&Associates 11 1.304 34 2 - - 1.304

JanneyMontgomeryScottLLC 12 1.202 31 3 15 0.799 0.403

BMOCapitalMarkets 13 0.966 25 1 15 0.799 0.167

LadenburgThalmann&Co 14 0.815 21 2 17 0.315 0.500

CreditSuisse 15 0.741 19 1 8 3.293 -2.552

Oppenheimer&Co 16 0.719 19 2 - - 0.719

Boenning&ScattergoodInc 17 0.618 16 1 - - 0.618

DADavidson 18 0.580 15 1 - - 0.580

BB&T 19 0.483 13 1 17 0.315 0.168

WilliamBlair&CoLLC 20 0.386 10 1 17 0.315 0.071

TOTAL 100% 2,587 20 100%



USMunicipalsReview

USMunicipalLongTerm

Q12018 Q12017

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)


MorganStanley 2 10.833 6,612 44 5 7.161 3.672

Citi 3 8.571 5,231 62 1 15.911 -7.340


GoldmanSachs 5 7.482 4,567 15 6 6.221 1.261

JPMorgan 6 5.608 3,423 39 3 8.706 -3.098

Jefferies 7 4.977 3,038 9 9 4.044 0.933

WellsFargo 8 4.056 2,476 30 8 4.910 -0.854

Stifel 9 3.357 2,049 110 7 4.989 -1.632

RaymondJames&Associates 10 2.965 1,810 104 11 3.558 -0.593

RobertWBaird&Co 11 2.916 1,780 141 13 2.498 0.418

PiperJaffray&Co 12 2.727 1,665 55 10 4.040 -1.313

Barclays 13 1.569 958 9 12 2.984 -1.415

LoopCapitalMarketsLLC 14 1.309 799 6 18 0.674 0.635

UBS 15 1.005 614 18 47 0.130 0.875


DADavidson 17 0.835 509 46 16 0.783 0.052

SiebertCisnerosShank&CoLLC

18 0.831 507 5 15 0.911 -0.080

SamuelARamirez&CoInc 19 0.747 456 7 19 0.635 0.112

KeyBancCapitalMarkets 20 0.677 413 7 26 0.366 0.311

TOTAL 100% 61,037 1,447 100%

Thistableconsistsofalllong-termissuance(fixedrate&adjustablerate)fortheUSMunicipalMarketinUSDollars.Remarketeddealsandprivateplacementsarenotincluded.

GeneralObligation22%

SCD18%

Others60%

MarketShareChange

MunicipalIndustryDistribution

22%

18%60%

BankofAmericaMerrillLynch

MorganStanley Ci

ti

RBCCapitalMarkets

GoldmanSachs

JPMorgan

5

10

15

20

MarketShare(%

)

0

25

2018 2017 2016



USMunicipalLongTermQ12018 Q12017



MorganStanley 2 10.833 6,612 44 5 7.161 3.672

Citi 3 8.571 5,231 62 1 15.911 -7.340


GoldmanSachs 5 7.482 4,567 15 6 6.221 1.261

JPMorgan 6 5.608 3,423 39 3 8.706 -3.098

Jefferies 7 4.977 3,038 9 9 4.044 0.933

WellsFargo 8 4.056 2,476 30 8 4.910 -0.854

Stifel 9 3.357 2,049 110 7 4.989 -1.632


RobertWBaird&Co 11 2.916 1,780 141 13 2.498 0.418

PiperJaffray&Co 12 2.727 1,665 55 10 4.040 -1.313

Barclays 13 1.569 958 9 12 2.984 -1.415


UBS 15 1.005 614 18 47 0.130 0.875


DADavidson 17 0.835 509 46 16 0.783 0.052

SiebertCisnerosShank&CoLLC 18 0.831 507 5 15 0.911 -0.080



TOTAL 100% 61,037 1,447 100%

USMunicipalLongTermNegotiatedQ12018 Q12017




MorganStanley 3 10.928 4,718 26 7 5.887 5.041

GoldmanSachs 4 9.568 4,131 13 4 8.247 1.321

Jefferies 5 6.184 2,670 6 8 4.746 1.438

Citi 6 6.013 2,596 29 1 15.532 -9.519

JPMorgan 7 5.224 2,256 23 5 7.852 -2.628

Stifel 8 4.584 1,979 99 6 6.505 -1.921

WellsFargo 9 3.491 1,507 17 12 3.407 0.084


PiperJaffray&Co 11 2.939 1,269 31 9 4.572 -1.633

Barclays 12 2.219 958 9 10 3.956 -1.737


RobertWBaird&Co 14 1.258 543 38 17 0.921 0.337


DADavidson 16 1.136 491 42 15 0.977 0.159



GeorgeKBaum&Co 19 0.591 255 24 13 1.343 -0.752

FifthThirdBancorp 20 0.485 209 12 26 0.362 0.123

TOTAL 100% 43,176 783 100%

USMunicipalLongTermCompetitiveQ12018 Q12017



Citi 2 14.752 2,635 33 2 17.076 -2.324

MorganStanley 3 10.603 1,894 18 4 11.075 -0.472

RobertWBaird&Co 4 6.924 1,237 103 6 7.341 -0.417

JPMorgan 5 6.534 1,167 16 3 11.327 -4.793

WellsFargo 6 5.421 968 13 5 9.527 -4.106

UBS 7 3.435 614 18 19 0.527 2.908


RaymondJames&Associates 9 2.859 511 43 7 2.692 0.167

GoldmanSachs 10 2.437 435 2 - - 2.437

PiperJaffray&Co 11 2.217 396 24 8 2.407 -0.190

Jefferies 12 2.060 368 4 9 1.887 0.173


FTNFinancial 14 1.348 241 27 13 1.350 -0.002

Roosevelt&CrossInc 15 1.130 202 31 12 1.415 -0.285

BOKFinancialCorp 16 1.125 201 37 22 0.374 0.751

TorontoDominionBank 17 1.120 200 1 - - 1.120

FifthThirdBancorp 18 1.029 184 17 27 0.224 0.805

JJBHilliardWLLyonsLLC 19 0.969 173 22 24 0.293 0.676

HutchinsonShockeyErley&Co 20 0.910 163 16 16 1.119 -0.209

TOTAL 100% 17,861 666 100%

USMunicipalLongTermFixedRateQ12018 Q12017



MorganStanley 2 10.204 5,796 44 5 7.195 3.009

Citi 3 9.078 5,157 60 1 15.877 -6.799

GoldmanSachs 4 6.732 3,824 13 6 6.428 0.304


JPMorgan 6 5.541 3,148 36 3 8.490 -2.949

Jefferies 7 5.348 3,038 9 10 3.879 1.469

WellsFargo 8 4.306 2,446 29 7 5.074 -0.768

Stifel 9 3.455 1,962 107 8 5.056 -1.601


RobertWBaird&Co 11 3.134 1,780 141 13 2.581 0.553

PiperJaffray&Co 12 2.931 1,665 55 9 4.175 -1.244

Barclays 13 1.537 873 7 12 3.084 -1.547


UBS 15 1.080 614 18 45 0.134 0.946


DADavidson 17 0.897 509 46 16 0.803 0.094




TOTAL 100% 56,803 1,418 100%



USMunicipalShortTermNotesQ12018 Q12017


Jefferies 1 16.575 759 68 3 15.623 0.952

Citi 2 16.546 758 5 8 3.701 12.845

MorganStanley 3 13.161 603 8 4 10.090 3.071

TorontoDominionBank 4 12.541 574 38 5 7.834 4.707

JPMorgan 5 9.061 415 15 1 16.534 -7.473

BankofAmericaMerrillLynch 6 8.900 408 4 2 15.667 -6.767

Oppenheimer&Co 7 7.189 329 55 6 7.700 -0.511

WellsFargo 8 5.460 250 1 7 7.341 -1.881

GoldmanSachs 9 2.157 99 2 17 0.578 1.579

RaymondJames&Associates 10 1.324 61 4 15 0.842 0.482

EasternBankCorp 11 1.307 60 13 10 1.543 -0.236


FifthThirdBancorp 13 0.959 44 9 13 1.097 -0.138


Stifel 15 0.871 40 6 11 1.438 -0.567

Roosevelt&CrossInc 16 0.619 28 9 22 0.389 0.230

PNCFinancialServicesGroupInc 17 0.433 20 3 32 0.076 0.357

RossSinclaire&AssociatesInc 18 0.171 8 3 28 0.154 0.017

AmeritasInvestmentCorp 19 0.122 6 4 30 0.135 -0.013

PioneerCommercialBank 20 0.079 4 1 27 0.200 -0.121

TOTAL 100% 4,579 263 100%

USMunicipalLong&ShortTermQ12018 Q12017



MorganStanley 2 10.993 7,215 52 5 7.301 3.692

Citi 3 9.126 5,989 65 1 15.327 -6.201


GoldmanSachs 5 7.109 4,665 16 6 5.951 1.158

JPMorgan 6 5.848 3,838 53 3 9.080 -3.232

Jefferies 7 5.786 3,797 77 9 4.597 1.189

WellsFargo 8 4.153 2,726 31 7 5.026 -0.873

Stifel 9 3.183 2,089 116 8 4.821 -1.638


RobertWBaird&Co 11 2.712 1,780 141 13 2.395 0.317

PiperJaffray&Co 12 2.538 1,666 55 10 3.854 -1.316

Barclays 13 1.460 958 9 12 2.869 -1.409



UBS 16 0.935 614 18 48 0.123 0.812


DADavidson 18 0.777 510 47 16 0.746 0.031


Oppenheimer&Co 20 0.772 506 61 21 0.522 0.250

TOTAL 100% 65,628 1,671 100%



USLoansReviewQ12018creditedbookrunnerUSLoansvolumedecreased23.09%toUSD480.1Blnwhilethenumberofdealsdecreased20.13%to734dealsyear-on-year.USLeveragedLoansvolumedecreased29.93%year-on-yeartoUSD303.8Blnwhilethenumberofdealsdecreased17.96%to539.BankofAmericaMerrillLynchrankedasthetopbookrunnerUSLoansunderwriterforQ12018with15.01%marketshare.Thebankactedasbookrunneron258dealsovertheperiod.JPMorganandWellsFargorankedsecondandthirdwith12.80%and8.19%marketshare,respectively.

USLoans(Bookrunner)

Q12018 Q12017



JPMorgan 2 12.804 61,472 226 2 11.522 1.282

WellsFargo 3 8.190 39,322 158 3 7.570 0.620

Citi 4 5.501 26,408 104 5 5.859 -0.358

GoldmanSachs 5 5.331 25,593 114 6 5.680 -0.349

Barclays 6 4.854 23,302 106 4 6.117 -1.263

CreditSuisse 7 4.516 21,680 108 8 4.567 -0.051

DeutscheBank 8 3.945 18,941 90 7 5.384 -1.439


MorganStanley 10 3.325 15,964 91 9 4.260 -0.935

TOTAL 100% 480,103 734 100%

USLoans:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

100100

200200

300300

400400

500500

600600

USDBln

USDBln

00

700700

200200

400400

600600

800800

1,0001,000

1,2001,200

DealC

ountDealC

ount

00

1,4001,400

DealCount Amount

Financials18%


Industrials12%

Technology12%

Energy8%

HealthCare8%

Communications8%

Materials7%

ConsumerStaples6%

Others5%

USHighYieldCorporateBonds:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

200200

400400

USDBln

USDBln

00

600600

USLeveragedLoans

USHighYieldCorporateBonds

USLoans:IndustryBreakdown

USLoans:IndustryBreakdown

Industry Volume(USDMln) %OfTotal %YOYChange

Financials 89,718 18.1% -22.5%

ConsumerDiscretionary 78,968 16.0% -32.1%

Industrials 60,803 12.3% 24.6%

Technology 59,132 12.0% -14.7%

Energy 41,087 8.3% 2.6%

HealthCare 39,384 8.0% -28.3%

Communications 38,098 7.7% -48.2%

Materials 32,147 6.5% -23.9%

ConsumerStaples 31,990 6.5% -31.0%

Utilities 23,184 4.7% -39.5%

18%

16%

12%12%

8%

8%

8%

7%

6%

5%



USLoans(Bookrunner)Q12018 Q12017



JPMorgan 2 12.804 61,472 226 2 11.522 1.282

WellsFargo 3 8.190 39,322 158 3 7.570 0.620

Citi 4 5.501 26,408 104 5 5.859 -0.358

GoldmanSachs 5 5.331 25,593 114 6 5.680 -0.349

Barclays 6 4.854 23,302 106 4 6.117 -1.263

CreditSuisse 7 4.516 21,680 108 8 4.567 -0.051

DeutscheBank 8 3.945 18,941 90 7 5.384 -1.439


MorganStanley 10 3.325 15,964 91 9 4.260 -0.935

SunTrustRobinsonHumphrey 11 2.599 12,478 79 12 1.999 0.600


Jefferies 13 2.118 10,170 66 16 1.758 0.360


BNPParibas 15 1.850 8,883 24 14 1.780 0.070

HSBC 16 1.685 8,091 34 15 1.780 -0.095

KeyBancCapitalMarkets 17 1.537 7,380 44 25 0.871 0.666

PNCFinancialServicesGroupInc 18 1.457 6,995 47 19 1.517 -0.060

USBancorp 19 1.317 6,321 42 17 1.683 -0.366

UBS 20 1.157 5,553 38 18 1.579 -0.422

TOTAL 100% 480,103 734 100%

USLoans(MandatedLeadArranger)Q12018 Q12017



JPMorgan 2 12.297 59,933 227 2 11.001 1.296

WellsFargo 3 7.839 38,208 161 3 7.536 0.303

Citi 4 6.263 30,524 107 5 6.092 0.171

GoldmanSachs 5 5.379 26,217 115 6 5.545 -0.166

CreditSuisse 6 5.101 24,863 109 8 4.386 0.715

Barclays 7 4.533 22,093 103 4 6.264 -1.731

DeutscheBank 8 3.851 18,771 90 7 5.242 -1.391


MorganStanley 10 3.108 15,148 91 9 4.232 -1.124




BNPParibas 14 2.186 10,653 30 13 2.042 0.144

PNCFinancialServicesGroupInc 15 2.105 10,261 61 17 1.624 0.481

Jefferies 16 2.069 10,085 65 15 1.886 0.183

USBancorp 17 1.765 8,604 53 16 1.826 -0.061


HSBC 19 1.560 7,604 32 20 1.455 0.105


TOTAL 100% 487,398 758 100%

USInvestmentGradeLoans(Bookrunner)Q12018 Q12017



JPMorgan 2 17.093 24,153 67 2 17.172 -0.079

WellsFargo 3 12.887 18,210 55 4 7.983 4.904

Citi 4 7.165 10,125 31 3 9.020 -1.855


MitsubishiUFJFinancialGroupInc 6 4.583 6,476 23 5 5.445 -0.862

Barclays 7 4.236 5,985 14 6 5.399 -1.163

BNPParibas 8 3.624 5,121 8 7 4.118 -0.494

GoldmanSachs 9 2.368 3,346 5 20 1.125 1.243


Scotiabank 11 2.195 3,102 8 18 1.145 1.050


USBancorp 13 2.063 2,914 15 12 2.398 -0.335

HSBC 14 2.010 2,840 11 10 2.544 -0.534

DeutscheBank 15 1.958 2,767 6 11 2.444 -0.486



SocieteGenerale 18 0.973 1,375 2 16 1.197 -0.224


MorganStanley 20 0.775 1,094 6 24 0.577 0.198

TOTAL 100% 141,304 121 100%

USInvestmentGradeLoans(MandatedLeadArranger)Q12018 Q12017



JPMorgan 2 16.186 23,834 69 2 16.049 0.137

WellsFargo 3 11.966 17,621 57 4 8.310 3.656

Citi 4 7.725 11,375 33 3 9.690 -1.965


BNPParibas 6 4.540 6,685 11 7 4.312 0.228

MitsubishiUFJFinancialGroupInc 7 4.466 6,576 24 5 5.864 -1.398

Barclays 8 3.577 5,268 13 6 5.576 -1.999

USBancorp 9 3.091 4,552 23 9 2.984 0.107

DeutscheBank 10 2.558 3,767 7 10 2.659 -0.101


GoldmanSachs 12 2.272 3,346 5 18 1.111 1.161

Scotiabank 13 2.106 3,102 8 15 1.269 0.837


HSBC 15 1.929 2,840 11 12 1.834 0.095





MorganStanley 20 0.879 1,294 7 23 0.607 0.272

TOTAL 100% 147,249 125 100%



USLeveragedLoans(Bookrunner)Q12018 Q12017



JPMorgan 2 10.213 31,026 137 2 9.361 0.852

GoldmanSachs 3 7.317 22,229 108 3 7.715 -0.398

CreditSuisse 4 6.534 19,851 105 6 6.079 0.455

Barclays 5 5.420 16,467 91 4 6.982 -1.562

WellsFargo 6 5.260 15,978 84 7 5.800 -0.540

DeutscheBank 7 5.147 15,635 82 5 6.854 -1.707

MorganStanley 8 4.895 14,870 85 8 5.709 -0.814

Citi 9 4.782 14,528 69 9 4.965 -0.183


Jefferies 11 3.342 10,152 65 12 2.531 0.811


UBS 13 1.828 5,553 38 14 1.904 -0.076

KohlbergKravisRoberts&Co 14 1.730 5,257 28 11 2.832 -1.102



HSBC 17 1.405 4,268 20 17 1.620 -0.215

Nomura 18 1.394 4,234 25 16 1.751 -0.357

CitizensFinancialGroupInc 19 1.348 4,096 34 21 1.061 0.287

Macquarie 20 1.314 3,992 30 18 1.334 -0.020

TOTAL 100% 303,795 539 100%

USLeveragedLoans(MandatedLeadArranger)Q12018 Q12017



JPMorgan 2 10.031 30,495 137 2 9.241 0.790

CreditSuisse 3 7.750 23,560 107 6 5.866 1.884

GoldmanSachs 4 7.523 22,871 110 3 7.577 -0.054

Citi 5 5.721 17,393 70 9 4.967 0.754

Barclays 6 5.255 15,975 89 4 7.130 -1.875

WellsFargo 7 4.983 15,148 83 7 5.806 -0.823

DeutscheBank 8 4.894 14,879 83 5 6.634 -1.740

MorganStanley 9 4.557 13,853 84 8 5.612 -1.055


Jefferies 11 3.317 10,085 65 12 2.724 0.593



UBS 14 1.743 5,298 37 14 1.928 -0.185



Nomura 17 1.435 4,363 26 16 1.688 -0.253

FifthThirdBancorp 18 1.355 4,121 31 25 0.922 0.433


HSBC 20 1.326 4,031 18 18 1.353 -0.027

TOTAL 100% 304,010 551 100%

USInstitutionalLoans(Bookrunner)Q12018 Q12017



GoldmanSachs 2 8.976 19,252 94 1 8.919 0.057

CreditSuisse 3 8.484 18,195 89 6 7.056 1.428

JPMorgan 4 7.992 17,140 78 3 8.449 -0.457

MorganStanley 5 6.510 13,962 76 7 6.574 -0.064

Barclays 6 6.497 13,934 76 4 8.018 -1.521

DeutscheBank 7 6.116 13,117 72 5 7.573 -1.457

Citi 8 5.364 11,504 53 8 4.950 0.414

Jefferies 9 4.513 9,680 59 12 3.168 1.345


WellsFargo 11 2.796 5,997 37 11 3.527 -0.731



UBS 14 2.362 5,066 31 13 2.258 0.104

Nomura 15 1.914 4,105 22 15 2.211 -0.297

Macquarie 16 1.810 3,883 29 17 1.640 0.170

AntaresCapitalLP 17 1.645 3,528 45 25 0.764 0.881

BMOCapitalMarkets 18 1.628 3,491 31 18 1.416 0.212

HSBC 19 1.586 3,401 17 16 1.707 -0.121


TOTAL 100% 214,477 373 100%

USInstitutionalLoans(MandatedLeadArranger)Q12018 Q12017


CreditSuisse 1 9.945 21,539 90 6 6.778 3.167

GoldmanSachs 2 9.081 19,670 93 1 8.763 0.318

JPMorgan 3 8.343 18,070 76 2 8.490 -0.147


Citi 5 6.559 14,207 52 8 4.914 1.645

Barclays 6 6.188 13,403 73 3 8.173 -1.985

MorganStanley 7 5.967 12,924 73 7 6.460 -0.493

DeutscheBank 8 5.562 12,046 68 5 7.290 -1.728

Jefferies 9 4.438 9,612 59 12 3.433 1.005


WellsFargo 11 2.515 5,446 35 11 3.547 -1.032



UBS 14 2.202 4,769 30 13 2.296 -0.094

Nomura 15 1.955 4,233 23 15 2.148 -0.193


Macquarie 17 1.750 3,790 29 17 1.548 0.202

AntaresCapitalLP 18 1.587 3,438 45 23 0.840 0.747

HSBC 19 1.461 3,164 15 19 1.334 0.127

BNPParibas 20 1.228 2,661 16 18 1.361 -0.133

TOTAL 100% 216,595 385 100%



USLBOLoans(Bookrunner)Q12018 Q12017


Jefferies 1 12.467 3,716 29 6 5.876 6.591

GoldmanSachs 2 10.526 3,138 21 9 4.414 6.112

DeutscheBank 3 7.579 2,259 19 4 6.514 1.065

UBS 4 7.133 2,126 14 13 2.902 4.231

Barclays 5 6.684 1,993 16 3 6.983 -0.299

CreditSuisse 6 6.556 1,954 23 1 11.265 -4.709

MorganStanley 7 4.309 1,285 13 8 4.839 -0.530


AntaresCapitalLP 9 3.946 1,176 16 7 5.349 -1.403


KohlbergKravisRoberts&Co 11 3.074 916 7 19 1.760 1.314


Nomura 13 2.548 760 8 10 4.385 -1.837

SunTrustRobinsonHumphrey 14 2.338 697 11 16 1.993 0.345


Citi 16 2.064 615 8 15 2.347 -0.283

Macquarie 17 1.943 579 7 12 3.193 -1.250

AllyFinancialInc 18 1.854 553 3 33 0.466 1.388

HSBC 19 1.729 515 5 21 1.540 0.189

CitizensFinancialGroupInc 20 1.242 370 6 14 2.753 -1.511

TOTAL 100% 29,810 98 100%

USLBOLoans(MandatedLeadArranger)Q12018 Q12017


Jefferies 1 12.439 3,716 29 6 5.959 6.480

GoldmanSachs 2 10.450 3,122 21 9 4.476 5.974

DeutscheBank 3 7.664 2,290 20 5 6.098 1.566

UBS 4 6.961 2,080 13 13 2.943 4.018

Barclays 5 6.613 1,976 16 3 7.192 -0.579

CreditSuisse 6 6.488 1,939 23 1 8.442 -1.954

MorganStanley 7 4.300 1,285 13 8 4.907 -0.607


AntaresCapitalLP 9 3.770 1,126 16 4 6.109 -2.339


KohlbergKravisRoberts&Co 11 3.014 901 7 18 1.785 1.229


Nomura 13 2.543 760 8 10 4.447 -1.904



Citi 16 2.060 615 8 15 2.554 -0.494

Macquarie 17 1.939 579 7 12 3.238 -1.299

AllyFinancialInc 18 1.850 553 3 32 0.473 1.377

HSBC 19 1.672 500 5 19 1.735 -0.063

CitizensFinancialGroupInc 20 1.240 370 6 14 2.792 -1.552

TOTAL 100% 29,876 99 100%



CanadaEquityReviewQ12018creditedCanadaEquity,EquityLinked&Preferredvolumedecreased46.98%toCAD7.7Blnwhiledealcountdecreased14.84%to132offeringsyear-on-year.CanadaEquityIPOvolumedecreased69.08%year-on-yeartoCAD224.5Mlnwhilethedealcountincreased53.33%to23.CanadaEquityOfferingsvolumedecreased55.00%year-on-yeartoCAD5.9Blnover116deals.TorontoDominionBankrankedasthetopCanadaEquity,EquityLinked&PreferredunderwriterforQ12018with14.06%marketshare.Thebankunderwrote18dealsovertheperiod.CanaccordGenuityandBMOCapitalMarketsrankedsecondandthirdwith10.27%and9.00%marketshare,respectively.

CanadaEquity,EquityLinked&Preferred

Q12018 Q12017

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


CanaccordGenuity 2 10.272 789 31 7 2.570 7.702

BMOCapitalMarkets 3 8.999 691 15 3 13.874 -4.875

CreditSuisse 4 8.806 676 3 27 0.270 8.536


GMPSecurities 6 7.773 597 12 8 2.168 5.605

MorganStanley 7 7.003 538 2 27 0.270 6.733

NationalBankFinancialInc 8 6.697 514 13 9 1.919 4.778

Scotiabank 9 5.107 392 9 6 4.106 1.001

CIBC 10 4.364 335 10 5 5.260 -0.896

TOTAL 100% 7,677 132 100%

CanadaEquity&EquityLinked

Q12018 Q12017




CreditSuisse 3 9.614 676 3 25 0.287 9.327


GMPSecurities 5 8.462 595 11 8 2.307 6.155

MorganStanley 6 7.646 538 2 25 0.287 7.359



CIBC 9 4.200 295 7 5 4.467 -0.267

EightCapital 10 3.719 262 9 22 0.380 3.339

TOTAL 100% 7,032 126 100%

HealthCare24%

Financials22%

Materials21%

Communications13%

Industrials9%

Others12%

CanadaEquity,EquityLinked&Preferred:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

55

1010

1515

CADBln

CADBln

00

2020

5050

100100

150150

DealC

ountDealC

ount

00

180180

DealCount Amount

CanadaEquity,EquityLinked&Preferred:IndustryBreakdown

24%

22%

21%

13%

9%

12%

CanadaEquity,EquityLinked&Preferred:ManagerRankingsHistory

TorontoDominionBank

CanaccordGenuity

BMOCapitalMarkets

CreditSuisse

RBCCapitalMarkets

GMPSecurities

10

20

MarketShare(%

)

0

30

2018 2017 2016



CanadaEquityOfferingsQ12018 Q12017



CreditSuisse 2 11.401 676 3 24 0.297 11.104

GMPSecurities 3 9.388 557 10 8 2.382 7.006



MorganStanley 6 9.067 538 2 24 0.297 8.770



EightCapital 9 4.410 262 9 21 0.392 4.018

CIBC 10 3.295 195 5 5 4.611 -1.316

UBS 11 2.691 160 1 18 0.781 1.910

GoldmanSachs 12 1.834 109 1 24 0.297 1.537

PacificInternationalSecuritiesInc 13 1.692 100 13 45 0.094 1.598

HaywoodSecurities 14 1.642 97 18 32 0.217 1.425

ClarusSecurities 15 1.478 88 5 12 1.304 0.174

GMPFirstEnergy 16 1.012 60 1 - - 1.012

ParadigmCapitalInc 17 0.875 52 3 22 0.345 0.530

DesjardinsCapitalMarkets 18 0.825 49 1 - - 0.825

CormarkSecuritiesInc 19 0.792 47 4 14 0.963 -0.171

Scotiabank 20 0.727 43 1 6 2.809 -2.082

TOTAL 100% 5,930 116 100%

CanadaEquityIPOQ12018 Q12017


CIBC 1 19.215 43 1 1 12.185 7.030


Scotiabank 1 19.215 43 1 14 1.834 17.381


HaywoodSecurities 5 6.563 15 9 21 0.551 6.012

MackieResearchCapitalCorp 6 5.110 11 2 24 0.172 4.938


EightCapital 8 4.320 10 1 - - 4.320

PacificInternationalSecuritiesInc 9 1.470 3 4 - - 1.470

GMPSecurities 10 0.356 0.80 1 13 4.576 -4.220

JonesGable&CoLtd 11 0.111 0.25 1 - - 0.111

IndustrialAllianceInsurance&Financial 12 0.089 0.20 1 25 0.138 -0.049

ChippinghamFinancialGroupLtd 12 0.089 0.20 1 - - 0.089

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 224 23 100%

CanadianRetailStructuredProductsQ12018 Q12017


Scotiabank 1 33.225 134 8 1 36.211 -2.986


CIBC 3 23.566 95 8 3 18.408 5.158

NationalBankFinancialInc 4 11.430 46 6 4 12.981 -1.551

CanaccordGenuity 5 0.418 2 1 - - 0.418

RaymondJames&Associates 5 0.418 2 1 - - 0.418

EchelonWealthManagementInc 5 0.418 2 1 - - 0.418

IndustrialAllianceInsurance&Financial 5 0.418 2 1 - - 0.418

GMPSecurities 5 0.418 2 1 - - 0.418

MackieResearchCapitalCorp 5 0.418 2 1 - - 0.418



TorontoDominionBank 5 0.418 2 1 - - 0.418

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 403 11 100%



CanadianFixedIncomeReviewQ12018creditedCanadianGovernmentBondsCanadianCorporateBondsvolumeincreased28.25%toCAD32.1Blnwhiledealcountincreased20.00%to66offeringsyear-on-year.CanadianGovernmentBondsvolumedecreased20.68%year-on-yeartoCAD20.7Blnwhilethedealcountincreased1.32%to77.BMOCapitalMarketsrankedasthetopCanadianCorporateBondsunderwriterforQ12018with22.39%marketshare.Thebankunderwrote28dealsovertheperiod.TorontoDominionBankandScotiabankrankedsecondandthirdwith19.49%and16.78%marketshare,respectively.

CanadianCorporateBonds

Q12018 Q12017




Scotiabank 3 16.782 5,382 22 5 10.434 6.348

CIBC 4 15.771 5,058 25 2 19.928 -4.157


NationalBankFinancialInc 6 4.886 1,567 7 6 7.231 -2.345

HSBC 7 1.793 575 6 10 0.750 1.043

LaurentianBankofCanada 8 1.715 550 1 - - 1.715

MorganStanley 9 1.559 500 1 7 3.799 -2.240


TOTAL 100% 32,070 66 100%

CanadianGovernmentBonds

Q12018 Q12017






Scotiabank 5 13.477 2,785 12 5 9.962 3.515

CIBC 6 9.794 2,024 38 6 9.871 -0.077

HSBC 7 1.573 325 2 7 1.561 0.012



Casgrain&Co 10 0.302 63 2 10 0.019 0.283

TOTAL 100% 20,662 77 100%

Financials68%


Industrials6%

Others15%

CanadianCorporateBonds:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

1010

2020

3030

USDBln

USDBln

00

4040

2020

4040

6060

8080

DealC

ountDealC

ount

00

9090

DealCount Amount

CanadianCorporateBonds:QuarterlyVolume

68%

11%

6%

15%

CanadianCorporateBonds:ManagerRankingsHistory

BMOCapitalMarkets

TorontoDominionBank

Scotiabank

CIBC

RBCCapitalMarkets

NationalBankFinancialInc

10

20

30

MarketShare(%

)

0

35

2018 2017 2016



CanadaLoansReviewQ12018creditedbookrunnerCanadaLoansvolumeincreased22.91%toCAD59.9Blnwhilethenumberofdealsdecreased27.36%to77offeringsyear-on-year.CanadaLoans-NewMoneyvolumedecreased6.44%year-on-yeartoCAD15.5Blnwhilethenumberoftranchesdecreased22.73%to51.CIBCrankedasthetopCanadaLoansbookrunnerforQ12018with23.33%marketshare.Thebankactedasbookrunneron23dealsovertheperiod.BMOCapitalMarketsandScotiabankrankedsecondandthirdwith18.55%and16.90%marketshare,respectively.

CanadaLoans(Bookrunner)

Q12018 Q12017


CIBC 1 23.327 13,969 23 2 19.724 3.603


Scotiabank 3 16.896 10,118 20 4 13.700 3.196




HSBC 7 3.493 2,092 6 7 3.071 0.422

JPMorgan 8 2.719 1,628 3 10 1.026 1.693

Citi 9 1.387 830 3 8 1.431 -0.044

BNPParibas 10 1.288 771 3 15 0.437 0.851

TOTAL 100% 59,884 77 100%

CanadaLoans-NewMoney(Bookrunner)

Q12018 Q12017



Scotiabank 2 20.051 3,113 14 3 11.272 8.779

CIBC 3 14.044 2,180 11 2 25.768 -11.724




HSBC 7 2.300 357 2 10 0.894 1.406

CreditAgricoleCIB 8 1.784 277 1 - - 1.784

BNPParibas 8 1.784 277 1 - - 1.784

USBancorp 10 1.396 217 1 - - 1.396

TOTAL 100% 15,525 51 100%

Industrials23%

Energy22%

Financials16%


Government11%

Materials9%

Others4%

CanadaLoans:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

5050

100100

CADBln

CADBln

00

120120

5050

100100

150150

DealC

ountDealC

ount

00

200200

DealCount Amount

CanadaLoans:IndustryBreakdown

23%

22%

16%

15%

11%

9%

4%

CanadaLoans:BookrunnerRankingsHistory

CIBC

BMOCapitalMarkets

Scotiabank

RBCCapitalMarkets

TorontoDominionBank

NationalBankFinancialInc

10

20

MarketShare(%

)

0

25

2018 2017 2016



CanadaLoans(MandatedLeadArranger)Q12018 Q12017


CIBC 1 20.659 12,372 24 3 15.646 5.013



Scotiabank 4 15.226 9,118 19 5 13.575 1.651


HSBC 6 5.187 3,106 7 6 5.705 -0.518


JPMorgan 8 2.209 1,323 3 20 0.105 2.104

Citi 9 1.615 967 3 8 1.713 -0.098

BNPParibas 10 1.061 635 2 - - 1.061

BankofChina 11 0.572 342 1 13 0.843 -0.271

MorganStanley 12 0.502 300 2 22 0.043 0.459


USBancorp 14 0.362 217 1 - - 0.362


SumitomoMitsuiFinancial 16 0.189 113 1 - - 0.189

ATBFinancial 16 0.189 113 1 21 0.082 0.107


WellsFargo 19 0.042 25 1 10 0.914 -0.872

Macquarie 20 0.042 25 1 22 0.043 -0.001

TOTAL 100% 59,884 77 100%

CanadaLoans-NewMoney(Bookrunner)Q12018 Q12017



Scotiabank 2 20.051 3,113 14 3 11.272 8.779

CIBC 3 14.044 2,180 11 2 25.768 -11.724




HSBC 7 2.300 357 2 10 0.894 1.406


BNPParibas 8 1.784 277 1 - - 1.784

USBancorp 10 1.396 217 1 - - 1.396

Citi 11 1.186 184 2 12 0.309 0.877


ATBFinancial 12 0.727 113 1 - - 0.727



WellsFargo 16 0.113 18 1 12 0.309 -0.196

JPMorgan 16 0.113 18 1 12 0.309 -0.196

DesjardinsCapitalMarkets 18 0.089 14 1 15 0.104 -0.015

AntaresHoldingsLP 19 0.028 4 1 - - 0.028

BaringsLLC 19 0.028 4 1 - - 0.028

TOTAL 100% 15,525 51 100%

CanadaLoans-NewMoney(MandatedLeadArranger)Q12018 Q12017



CIBC 2 15.349 2,383 12 3 16.868 -1.519


Scotiabank 4 13.610 2,113 13 4 11.153 2.457



HSBC 7 2.488 386 2 6 7.881 -5.393

BNPParibas 8 2.231 346 1 - - 2.231

USBancorp 9 1.396 217 1 - - 1.396

Citi 10 1.186 184 2 15 0.306 0.880


ATBFinancial 11 0.727 113 1 - - 0.727



WellsFargo 15 0.113 18 1 14 0.567 -0.454

JPMorgan 15 0.113 18 1 15 0.306 -0.193

DesjardinsCapitalMarkets 17 0.089 14 1 12 0.635 -0.546


BaringsLLC 18 0.028 4 1 - - 0.028

MorganStanley 20 0.027 4 1 20 0.065 -0.038

TOTAL 100% 15,525 51 100%

CanadaLoans(AdministrativeAgent)Q12018 Q12017


CIBC 1 24.961 14,948 13 1 32.377 -7.416



Scotiabank 4 17.801 10,660 13 4 13.941 3.860



HSBC 7 3.489 2,089 3 8 1.806 1.683


USBancorp 9 0.362 217 1 - - 0.362

WellsFargo 10 0.209 125 1 14 0.260 -0.051



- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 59,884 77 100%



LatinAmericaEquityReview[{\"displayName\":\"Q12018creditedLatinAmericaEquityOfferingsvolumeincreased50.87%toUSD6.7Blnwhiledealcountdecreased25.00%to12offeringsyear-on-year.\\nJPMorganrankedasthetopLatinAmericaEquityOfferingsunderwriterforQ12018with12.08%marketshare.Thebankunderwrote5dealsovertheperiod.BankofAmericaMerrillLynchandGoldmanSachsrankedsecondandthirdwith10.35%and8.52%marketshare,respectively.\"}]"}]

LatinAmericaEquityOfferings

Q12018 Q12017


JPMorgan 1 12.083 815 5 1 15.907 -3.824


GoldmanSachs 3 8.517 574 3 - - 8.517

MorganStanley 4 8.196 553 3 8 6.750 1.446

CreditSuisse 5 7.957 536 2 9 6.525 1.432

BancoSantander 6 5.011 338 2 2 12.852 -7.841

BancoBilbaoVizcayaArgentaria 6 5.011 338 2 16 0.241 4.770

Citi 8 4.927 332 2 - - 4.927

BancoItauBBA 9 4.831 326 1 3 11.290 -6.459

BradescoBBISA 9 4.831 326 1 6 8.308 -3.477

TOTAL 100% 6,742 12 100%

BrazilEquityOfferings

Q12018 Q12017

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

JPMorgan 1 16.874 1,499 2 4 12.045 4.829

MorganStanley 2 11.875 1,055 1 9 2.622 9.253

BancoItauBBA 2 11.875 1,055 1 1 15.230 -3.355

BradescoBBISA 2 11.875 1,055 1 3 12.974 -1.099

GoldmanSachs 2 11.875 1,055 1 - - 11.875


CreditSuisse 2 11.875 1,055 1 8 7.269 4.606

DeutscheBank 2 11.875 1,055 1 - - 11.875

- - - - - - - -

- - - - - - - -

TOTAL 100% 8,886 2 100%

Financials55%

Industrials29%

ConsumerStaples10%

Utilities6%

LatinAmericaEquityOfferings:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

55

1010

1515

USDBln

USDBln

00

2020

1010

2020 DealC

ountDealC

ount

00

3030

DealCount Amount

LatinAmericaEquityOfferings:IndustryBreakdown

55%29%

10%6%

LatinAmericaEquityOfferings:ManagerRankingsHistory

JPMorgan


GoldmanSachs

MorganStanley

CreditSuisse

BancoSantander

BancoBilbaoVizcayaArgentaria

20

40

MarketShare(%

)

0

45

2018 2017 2016



LatinAmericaFixedIncomeReviewQ12018creditedLatinAmericanBondsvolumeincreased6.30%toUSD53.9Blnwhiledealcountdecreased7.95%to139offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumeincreased70.50%year-on-yeartoUSD17.7Blnwhilethedealcountdecreased4.02%to191.BrazilianDomesticBondsvolumeincreased136.47%year-on-yeartoBRL23.2Blnover53deals.CitirankedasthetopLatinAmericanBondsunderwriterforQ12018with17.62%marketshare.Thebankunderwrote34dealsovertheperiod.HSBCandJPMorganrankedsecondandthirdwith11.45%and10.35%marketshare,respectively.

LatinAmericanBonds

Q12018 Q12017


Citi 1 17.618 9,489 34 2 12.531 5.087

HSBC 2 11.451 6,167 20 5 7.140 4.311

JPMorgan 3 10.355 5,577 21 1 13.685 -3.330

DeutscheBank 4 7.736 4,167 5 3 8.022 -0.286

BancoItauBBA 5 7.717 4,156 27 7 5.509 2.208


BancoSantander 7 5.509 2,967 31 4 7.326 -1.817

BancoBilbaoVizcayaArgentaria 8 3.994 2,151 18 11 3.770 0.224

BancodoBrasilSA 9 3.792 2,042 12 12 2.972 0.820

BradescoBBISA 10 3.503 1,887 13 10 4.075 -0.572

TOTAL 100% 53,859 139 100%

LatinAmericanBonds

Q12018 Q12017


Citi 1 17.618 9,489 34 2 12.531 5.087

HSBC 2 11.451 6,167 20 5 7.140 4.311

JPMorgan 3 10.355 5,577 21 1 13.685 -3.330

DeutscheBank 4 7.736 4,167 5 3 8.022 -0.286

BancoItauBBA 5 7.717 4,156 27 7 5.509 2.208


BancoSantander 7 5.509 2,967 31 4 7.326 -1.817



BradescoBBISA 10 3.503 1,887 13 10 4.075 -0.572

TOTAL 100% 53,859 139 100%

Government41%

Financials18%

Energy12%

ConsumerStaples8%

Utilities7%

Others14%

LatinAmericanBonds:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

2020

4040

6060

USDBln

USDBln

00

8080

200200

400400 DealC

ountDealC

ount

00

600600

DealCount Amount

LatinAmericanBonds:QuarterlyVolume

41%

18%

12%

8%

7%

14%

LatinAmericanBonds:ManagerRankingsHistory

Citi

HSBC

JPMorgan

DeutscheBank

BancoItauBBA


10

MarketShare(%

)

0

20

2018 2017 2016



LatinAmericanLocalCurrencyBondsQ12018 Q12017


JPMorgan 1 20.404 3,602 43 7 6.256 14.148

BancoItauBBA 2 17.641 3,114 20 4 7.356 10.285

BancoSantander 3 9.084 1,604 23 1 11.957 -2.873


Citi 5 8.294 1,464 23 13 2.248 6.046


HSBC 7 6.013 1,061 17 14 2.178 3.835

BradescoBBISA 8 5.017 886 6 3 7.467 -2.450

TorontoDominionBank 9 2.477 437 11 10 2.810 -0.333

BrasilPlural 10 2.138 377 5 - - 2.138

CredicorpCapital 11 1.503 265 3 5 7.313 -5.810

BNPParibas 12 1.182 209 3 40 0.248 0.934

Scotiabank 13 1.173 207 6 2 8.355 -7.182

BancoBTGPactual 14 1.107 195 3 6 7.159 -6.052

ActinverCasadeBolsaSAdeCV 15 0.967 171 5 17 1.634 -0.667

GoldmanSachs 16 0.924 163 2 37 0.405 0.519

GrupoFinancieroGaliciaSA 17 0.920 162 5 12 2.420 -1.500

BancoSafraSA 18 0.789 139 1 - - 0.789

Nomura 19 0.785 139 5 18 1.560 -0.775

CreditSuisse 20 0.518 91 3 22 1.065 -0.547

TOTAL 100% 17,653 191 100%

BrazilianDomesticBondsQ12018 Q12017

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

BancoItauBBA 1 43.776 10,143 20 3 23.911 19.865


BradescoBBISA 3 12.430 2,880 6 2 25.610 -13.180

BancoSantander 4 9.236 2,140 6 1 31.545 -22.309

BrasilPlural 5 5.308 1,230 5 - - 5.308

BancoBTGPactual 6 2.741 635 3 4 10.818 -8.077

BancoSafraSA 7 1.942 450 1 - - 1.942

BancoModalSA 8 1.079 250 1 - - 1.079

BancoAlfadeInvestimentoSA 9 0.583 135 1 - - 0.583

BancoMercantildoBrasilSA 10 0.539 125 1 10 0.204 0.335

VortxDTVMLtda 10 0.539 125 1 - - 0.539

BankABC 12 0.151 35 1 6 1.939 -1.788

XPInvestimentosCCTVMSA 13 0.127 30 1 7 1.837 -1.710

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 23,170 53 100%

MexicanDomesticBondsQ12018 Q12017

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


HSBC 2 21.125 14,845 10 8 2.593 18.532

BancoSantander 3 17.930 12,600 11 6 5.393 12.537

Citi 4 14.425 10,137 9 4 9.749 4.676

JPMorgan 5 4.743 3,333 2 - - 4.743

ActinverCasadeBolsaSAdeCV 6 4.506 3,167 5 2 20.815 -16.309

Scotiabank 7 3.890 2,733 5 1 31.218 -27.328

BancoInbursa 8 2.419 1,700 3 - - 2.419

CreditSuisse 9 2.372 1,667 2 9 1.120 1.252

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 70,273 23 100%

MexicanDomesticBondsQ12018 Q12017

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


HSBC 2 21.125 14,845 10 8 2.593 18.532

BancoSantander 3 17.930 12,600 11 6 5.393 12.537

Citi 4 14.425 10,137 9 4 9.749 4.676

JPMorgan 5 4.743 3,333 2 - - 4.743

ActinverCasadeBolsaSAdeCV 6 4.506 3,167 5 2 20.815 -16.309

Scotiabank 7 3.890 2,733 5 1 31.218 -27.328

BancoInbursa 8 2.419 1,700 3 - - 2.419

CreditSuisse 9 2.372 1,667 2 9 1.120 1.252

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 70,273 23 100%



LatinAmericaLoansReviewQ12018creditedbookrunnerLatinAmericaLoansvolumeincreased147.81%toUSD13.6Blnwhilethenumberofdealsincreased75.00%to21offeringsyear-on-year.CitirankedasthetopLatinAmericaLoansbookrunnerforQ12018with14.96%marketshare.Thebankactedasbookrunner8dealsovertheperiod.CreditAgricoleCIBandBNPParibasrankedsecondandthirdwith11.42%and9.19%marketshare,respectively.

LatinAmericaLoans(Bookrunner)

Q12018 Q12017


Citi 1 14.961 2,038 8 9 2.728 12.233

CreditAgricoleCIB 2 11.419 1,556 5 - - 11.419

BNPParibas 3 9.192 1,252 4 7 4.208 4.984



HSBC 6 7.274 991 5 - - 7.274

JPMorgan 7 5.946 810 5 17 0.788 5.158

Scotiabank 8 5.180 706 3 5 4.547 0.633

BancoSantander 9 4.344 592 4 6 4.279 0.065

BancoNacionaldeMexicoSA 10 4.037 550 2 - - 4.037

TOTAL 100% 13,623 21 100%

LatinAmericaLoans(MandatedLeadArranger)

Q12018 Q12017


Citi 1 9.639 1,313 8 6 3.711 5.928

JPMorgan 2 8.644 1,178 7 14 1.565 7.079

BancoSantander 3 7.545 1,028 6 5 3.914 3.631

HSBC 4 7.049 960 5 - - 7.049

Scotiabank 5 6.801 927 4 8 3.090 3.711

BancoBilbaoVizcayaArgentaria 6 6.391 871 2 4 4.355 2.036

BancoNacionaldeMexicoSA 7 5.872 800 2 - - 5.872

SumitomoMitsuiFinancial 8 5.456 743 3 11 2.417 3.039

MorganStanley 9 4.991 680 3 24 0.139 4.852

MitsubishiUFJFinancialGroupInc 10 4.961 676 3 3 5.121 -0.160

TOTAL 100% 13,623 21 100%

ConsumerStaples96%

Others4%

LatinAmericaLoans:QuarterlyVolume

Q12014

Q12014

Q12015

Q12015

Q12016

Q12016

Q12017

Q12017

QuartersQuarters

Q12013

Q12013

Q12018

Q12018

100100

200200

300300

USDBln

USDBln

00

400400

1010

2020

3030

DealC

ountDealC

ount

00

4040

DealCount Amount

LatinAmericaLoans:IndustryBreakdown

96%

4%

LatinAmericaLoans:BookrunnerRankingsHistory

Citi

CreditAgricoleCIB

BNPParibas

BancoBilbaoVizcayaArgentaria

MizuhoFinancial

HSBC

10

MarketShare(%

)

0

20

2018 2017 2016

Bloomberg – League Tables Criteria

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

General Guidelines

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

Fixed Income

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

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

Equities-Linked

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

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

Equities

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

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

Bloomberg – League Tables Criteria

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

Loans

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

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

US Municipals

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

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

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

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

LEAG<GO>.

americas capital markets - … morgan and goldman sachs ranked second and third with 11.21% and...

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