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DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Nine Months 2016

REUTERS/ Maxim Zmeyev

High Yield

Emerging Market Debt

Emerging Market Debt - Latin America

All Brazilian Debt (BR1)

Global Debt in Mexican Pesos (MX2)

Domestic Mexican Debt (MX3)

13

13

13

14

Latin America Emerging Market Bonds (L3)

Asia-Pacific Emerging Market Bonds (L4)

12

12

12

12

EMEA Emerging Market Bonds (L2)

Global High Yield Deals Intelligence

Global High Yield Debt (B4)

Global High Yield Debt - US Dollar Denominated (B5)

All International Emerging Market Bonds (L1)

15

15Dim Sum Bonds (AS24a)

15Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

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

15

15

16

17

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

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

Samurai Bonds (AP1)

16

16

2

First Nine Months 2016 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global Mortgage-Backed Securities (B10)

16

Leading Underwriters for First Nine Months 2016

Global Debt (B1) Australian Debt

Global Debt and Syndicated Loans Islamic Finance (DL2)

5

18

17

US Investment Grade Corporate Debt (F9)

6

Middle East Emerging Market Bonds (L5)

17

Japanese Securitizations (AP2)

20

19

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

US Mortgage-Backed Securities (F11)

US Asset-Backed Securities (F14) Criteria Summary

14

14

Global Asset-Backed Securities (B11) & (B13) 3

Japan Deals Intelligence

Banking Composite of Top Global Debt Bookrunners

6

13

13

US Debt

Global Debt Rankings - Last Ten Years

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

18

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

Global Investment Grade Corporate Debt (B7)

All Bonds in Yen (AP5)

EMEA Deals Intelligence 10

10

10

3

https://www.thomsonone.com

Bonds Targeted in Japan (AP4)

Debt Capital Markets Criteria Summary

3

17

1

1

1

2

6

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

All Bonds in Euros (N1)

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

10

14

11All Global Green Bonds (GR01)

All International Green Bonds (JG1) 112

Australia Deals Intelligence

All Australian International Bonds (AJ7)

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

Japan Debt

7

3

7

7

4

Banking Composite of Top US Debt Bookrunners 8

IFR Markets Supplement 9

US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a) Thomson Reuters Solutions for the Deal Making

Community

14

Brazilian Domestic Debt (BR2)

Global Debt by Mexican Issuers (MX1)

1

http://www.thomsonone.com/

GOVERNMENT & AGENCY OFFERINGS UP 76%; HEALTHCARE & MEDIA LEAD DECLINERS – DCM activityfrom government & agency issuers totaled US$1.5 trillion during the first nine months of 2016, registering an industry-leading increase of 76% compared to year-ago levels. Healthcare and Media activity saw the steepest year-over-yeardeclines, registering decreases of 21% and 10%, respectively. Government & agency and financial offerings accountfor a combined 73% of issuance during the first nine months of 2016, up from 69% a year ago.

US INVESTMENT GRADE CORPORATE DEBT HITS RECORD US$1.1 TRILLION - High grade corporate debtofferings targeted to the US marketplace totaled US$1.1 trillion during the first nine months of 2016, a 9% increasecompared to the first nine months of 2015. This marks the eighth consecutive year-to-date increase for USmarketplace investment grade debt since the asset class registered a 27% decline in 2008.

GLOBAL HIGH YIELD VOLUME DOWN 21% - The volume of global high yield corporate debt reached US$238.7billion during the first nine months of 2016, a 21% decrease compared to the first nine months of 2015 and the slowestfirst nine months for global high yield issuance since the first nine months of 2010. Third quarter issuance totaledUS$84.2 billion, a 23% decrease compared to the second quarter of this year, while number of offerings in the thirdquarter decreased 3% comparead to the previous quarter.

-5.6%Industry % Change from Same Period Last Year

-9.7%Industry % Change from Last Quarter▲

5,961,515.6

-11.9%Industry % Change from Last QuarterIndustry % Change from Same Period Last Year 19.9%

▼3.0

Industry Total 100.0▼


▼▼-10.5%

DEBT CAPITAL MARKETS REVIEW

18,599

Global Debt Hits 10-Year High l US Investment Grade Debt Hits Record $1.1 trillion l High Yield Corporate Debt Down 21% YTD

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

▼▲ -2.7%15.1%▼

27,995.0

▲

13,013.9 -4.428,672.0

▼▼


100.0

▲-19.6%

-10.3%

Industry Total100.046.6

▼

44.2

58

2,645,707.5 -9.0

-1.5

10 2.644.4

Goldman Sachs & Co

2.99

9 -1.5156,198.5241,461.1

239,542.39

234,105.6-178▼

▼Morgan Stanley

-0.73.1854.2

8

3.6 ▼Top Ten TotalTop Ten Total

692

+3,088

Deutsche BankWells Fargo & Co 10

▼ 9

133.7-100

Credit Suisse▼

Morgan Stanley289,769.8

81,004.0 Mizuho Financial Group 10

8 240,254.16 77

4.0

4.1-0.2

1,137

-

-106

0

5.3

▼971

4.8

2.3

897 -12 5.2▼

+0.1-0.8

-1.15.3

-2095.2▼-5

-100 ▼

241,709.3▼ 655.7

4.71,062.5

176,208.3 -0.3 873

HSBC Holdings PLC

1,457.1-1.1 ▼ 6.1

4.0 995

▼-0.9 ▼Goldman Sachs & Co 5 6 255,753.3 4.3Barclays 4 3 292,914.4 4.0 -0.2

HSBC Holdings PLC

1,107.0▼

3.8

1,484.3 Deutsche Bank

Barclays

▼

Bank of America Merrill Lynch 3 2 322,492.0 7.14.9 -1.2 ▼ 1,022 5.5

6.5

5.4▼ 7.0-0.5▼

-0.91,2962 4 331,801.7

JP Morgan 1 1 388,833.6

1,325

ProceedsMarketSh (%)

2015 Rank

5.6

Bookrunner

Citi-0.1

# of

1,537▲▲

# of DealsChange in

-0.41,534.2

6.3533,662.8

Share Ch.

▼

Deals▲8.3-0.9 +75

+46+19

MarketBookrunner

2016 Rank

2015 Rank

MarketFees

2,084.6 JP Morgan7.5

Imputed Fees (US$m)

▼

Global Debt, Equity & Equity-related (A1) Jan 1 - Sep 30

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket2016

Rank Sh (%)ManagerMarket

Bank of America Merrill Lynch

MarketSh (%) Share Ch.

Wells Fargo & Co

▼-0.15.5 ▼

-1.1

564,780.82

32

Citi

56

1

4

1

297,501.23.6

+0.7

8,100,574.6

307,991.2+4.6

3.4

4.5

1,178.7-90

+0.3

▲

275,353.1

▼

735.2▲

-0.6

7

▼5

34

▼

67▲

▼

1,770.3

▼

3,571,073.1

11.2%

465,375.8

▲▲

4.1+0.3

+4.1

21,687

-11.7%

▲4.01,318.1 ▲4.6

▲+4.31,235.2+4.0▼

2.8 +2.8

-961,202

+117

-95

1,200

1,071▼

9.6%

3.0

▲

▲▲

1,054.7

788.3▼

4.94.1884

1,204+3.9

1,1153.7

2,013▲

▲

Market

+0.5

▲+0.9

5.7 +0.36.6

Global Debt and Syndicated Loans (DL1)

Share Ch.Sh (%)

# of Deals per Bookrunner

Jan 1 - Sep 30

Proceeds

Imputed Fees (US$m)

# of DealsSh (%) DealsMarket

Share Ch.# of Market

Proceeds per Bookrunner (US$m)Manager

FeesMarket

▲ 1,953.4Sh (%)

+88

Change in

9.37.0▲7.39.22,002▲6.8 +6.8

+0.51,668.1 5.8 ▲2,079.9 +7.3

+5.8+0.7

7.31,574361,071.7

▲+42+78

▲▲

5.5+0.3

5.1 4.33.8 1,453

▲ -2206.7 1,134.8

▼

▲

▲▼-29

+295.5

5.6▲▲

46.0 +46.013,146.4+2.62.6+3.73.7

▲100.0+1,898

Global High Yield Corporate Debt- Quarterly

GLOBAL DEBT CAPITAL MARKETS ACTIVITY UP 27% - Overall global debt capital markets activity totaled US$5.5trillion during the first nine months of 2016, a 27% increase compared to the first nine months of 2015 and thestrongest opening nine-month period for global debt capital markets activity since 2007. Third quarter global debtactivity decreased 13% compared to the second quarter of this year.

EMERGING MARKETS CORPORATE DEBT DOWN 23% - Corporate debt from emerging markets issuers totaledUS$192.5 billion during the first nine months of 2016, up 18% from a year ago. Corporate debt issuers from India,Brazil, Mexico and Israel accounted for 51% of first nine months 2016 activity. Issuance from corporations in Russiatotaled US$12.6 billion, an increase of 24% compared to a year ago.

JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - JP Morgan held the top spot for global debt underwritingduring the first nine months of 2016 with proceeds of US$349.3 billion and a decrease of 1.1 market share points. Citimoved into second place with a market share decline of 0.6 points, while Bank of America Merrill Lynch maintainedthird place. Deutsche Bank fell to seventh place from fifth a year ago, registering a loss of 1.6 market share points.

OVERALL DEBT UNDERWRITING FEES DECLINE 9% - According to Thomson Reuters/Freeman Consulting,estimated fees from DCM activity totaled US$18.1 billion during the first nine months of 2016, a decrease of 9% year-on-year.

Global Debt Capital Markets by Asset Class

Global Deals Intelligence

$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2$2.4

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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$t)

Investment Grade Corporate MBS Federal Credit AgencyAgency, Supranational, Sovereign Federal Credit Agency Emerging Market CorporateHigh Yield Corporate

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$b)

Global High Yield Debt ($b) Number of Offerings

http://dmi.thomsonreuters.com/




226,322.1

1,255

US Investment Grade (F9)

US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)

2,652,736.6

Global Emerging Markets Corporate Debt (B15)

US Federal Credit Agency Debt (B8)

-21.2%+17.3%

1,468,518.3

US High Yield Corporate Debt (F8)

Global High Yield Corporate Debt (B4)

All Global Debt (B1)

Agency, Sovereign & Supranational Debt (F10)

▼▼

+0.5Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

+0.4

▲


Global Agency, Sovereign & Supranational Debt (B9) ▼

▼

Global Long-term Debt ex MBS, ABS & Munis (B3)

▲▼-0.1

-0.1+57.3%

0.7

143,833.8971

▼188.6

-0.3

414.0

-0.3

▲

1.1

▼+0.5

-0.5+582

127.2

0.6

▲

+0.5 ▲

▲▲

▼+0.4

+0.30.5

344.8

94.3207.1

100.21.0

- 1.1

-0.11.2

205.6

220.6

▲-0.1-0.2

+512+36

-80

0.71.9

0

+19

▲

127.2

▲▲

182.3

▲0.8

▲▲

117.6

152.42.3

2.3

2,149

410.7

4.73,474,039.1

2.6▲ +69

+93▲▲

1,025

Global Disclosed Fees (A2)

0.7

+2.3%282,761.7

+79.7%2,756

7,492

598558

Wells Fargo & Co

JP Morgan

Bank of America Merrill Lynch 13.2

JP Morgan

817,041.0

14.6

8.4

316,406.7

345,072.5

269,672.5

Leading Underwriters for First Nine Months 2016

Global Asset-backed Securities (B11)

192,461.5

+5.8

-0.4All Bonds in Euro (N1)

Global High Yield Corporate Debt (B4)

JP Morgan

96.4

Global ABS (B11)Global Investment Grade (B7)

7.3

Global Debt inc MBS, ABS & US Tax Munis (B1)

U.S. Federal Credit Agency (H1)Barclays

11


US Bonds

Asian G3 Currency Bonds ex JP & Aus (AR2)Asia-Pacific Bonds

HSBC Holdings PLC

Deutsche BankAll International Bonds (J1)

U.S. Debt inc MBS, ABS, & Tax Munis (F1)

+1.0


▲22.5

U.S. Debt, Equity & Equity-related (E1)

+0.5

11.2

U.S. Investment Grade Corporate Debt (F9)

U.S. Disclosed Fees (E2)

U.S. High Yield Corporate Debt (F8)14.0

U.S. LT Debt inc MBS,ABS &Tax Munis(F2)11.5

Bank of America Merrill LynchJP MorganJP Morgan

12.1

15.3

+5.5U.S. LT Federal Credit Agency Debt (H3) +7.2

-0.4

International Bonds

9.3

-

JP Morgan-5.5U.S. Mortgage-backed Securities (F11)

U.S. Asset-backed Securities (F14)

Nomura

5,219,241.3

301,358.4238,708.34,643,592.7

36911,66312,819 4,101,873.3

134,955.2

219,673.3282,254.2

15,914.1 +2.1%

626

471

+0.5

9,181

5,397

163,492.2 1,075

2,150,862.1

+0.66.88.9

JP Morgan

6922,133

+4.3

Global Short-term Debt (B14)

Current Qtr Market Share

(%)

JP Morgan

Global Bonds

11.2JP Morgan -

Goldman Sachs & CoJP Morgan

▲6.6

All Asian Currencies ex CDs (AS1)

▲0

-0.9 ▼

▲0 3

+0.1

2

2

4

222,762.32,709

4

1

▼

+17.7%

4

2

▲

352,886.3

▲▲

No. 1 Manager

+2.1

JP Morgan

+0.7

412.8

▼

0

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)

2016 vs. 2015

-7.1%▼-11.7%▼ ▼22.4% ▲

68.0 -6.815,521 +2,844

8.6% ▲

▼12,309.5▼18,123.2 100.0

+52409 2.6

▲+35▲246

1.501.6▼

- 236-0.1

▼

▲306

3.3

425405

-0.5

2.7

77,965.287,714.2

1.4 -0.3

▼601

1.6

▼

1.71.7

1.6 +1.32.0

3.8▲510587

3.9

1.9

-0.2+0.1

-0.7

1.6

▲1.9

1.9+1.4

▲

+5983.3

▼

4.7

▼-0.2▼ 413.0 2.3

1.03.5 -1.2 ▼▼

6.1

735

5.1-42

629.1

-843.5

4.73.8

543538

518

723

-116

+577

+483▼▲

3.5

586730

+19

+3 ▲ 871.9

▼3.2

4.8

▼-0.1+53

801.9

▼3.8 -0.5

▼4.9

▼ 694.0

▼-0.6

▼

-0.44.8

-1.24.4-1.2

857707

5.5

▲▲ 883.3

-150 ▼4.6

6.41,157.3+1207.5

5.6

+18970 6.2860.6-41 ▼570.4

▼

8▼ 6.09242 5.1

4.3 ▼-1.3

▲ -0.6▼349,260.5 ▼1 1

+81 -0.41,305.5JP Morgan

$USm in ProceedsProceeds

Deals

Global ScorecardJan 1 2015 - Sep 30 2015

No.

5

119,237.2

11

208,406.810

10136,363.611

8

Citi6.3

4 279,534.1

107,211.3

7

299,178.0

9

223,418.2236,947.4

Industry % Change from Last Quarter

103,143.5

22 16

+1.596,134.3

▼

2

- 32

Societe Generale

2

1

Global Debt Capital Markets % Change by Asset Class

Mitsubishi UFJ Financial Group

▲26.9%-13.1%

▼

+14.5

07.6 -0.910.5

China Construction Bank

ANZ Banking GroupAustralian Dollar Bonds (AJ3) 24.1


Mkt. Share Chg. from Last Qtr (%) Industry % Change from Same Period Last Year

21

10,544

▲1,087

474▲

13

24

Industrial & Comm Bank China▲

12

Credit Agricole CIB

▲

▲

UBS

Bank of Communications Co Ltd

12

1838

RBC Capital MarketsChina Construction Bank

Bank of China Ltd

20 88,093.8

14104,128.5

89,817.8

104,138.0

91,266.618

15

15

-4.0Industry TotalTop Twenty Five Total

100.03,817,883.75,517,966.6

69.422

TD Securities Inc

UniCredit23 1.414

0.91.020

46,871.2

2,093,873.0

Mizuho Financial Group

▼

56,771.2

51

17

25

Agricultural Bank of China

3916

171956

31

Morgan StanleyWells Fargo & Co

Nomura▲

HSBC Holdings PLC

+25.8%

▲

▲

13

BNP Paribas SA

Goldman Sachs & Co7

▼

▲

217,654.4138,728.2

▼221,786.9

977,427.7▲

+59.8%

+40.3%

-22.5%-0.4%

+14.6%

3

+8.9%

Consecutive Quarters No. 1

1,064

+27.2%+33.7%

+23.3%

671

575

▲

▲▼

+2.3

440322 424

-20.8%

2

2

▲

3

▲

▼

▲-

4

▲

2▲

▲

2

2

1

▲+34.1

169,746.1 1,497

Australian Domestic Securitization (AJ5) National Australia Bank 45.3

Jan 1 2016 - Sep 30 2016

US Mortgage-backed Securities (F11)

US Long-term Debt (F2)▲

Barclays

281,118.8Deutsche Bank

751

509

221,729.6

308,115.9

2,274,499.7

632

948243842

1,821,421.8

Australia Bonds


US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)

16,247.7171,959.1

175,238.2

3,550

1,064,841.7

2,719

Deals

-19.5% ▼

+8.6%3

$USmNo. % Change

▼5

2015 Rank

-0.4


Bookrunner Sh (%)Market

Proceeds

6

9631,589,831.93,783

309

2.5

9

Credit Suisse

3.8

3

6

▼▼

-1.4

Imputed Fees (US$m)Market

Deals

-0.56.8▲▲

▼

Global Debt

Proceeds Market

Jan 1 - Sep 30

7.3▼ 1,1371,157

310,475.75.4

2.2

FeesChange in


-0.6

Global Debt (B1)

4.14.0

42

2016 Rank

1,229.9

7.28.3

▼

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

-0.52.5

+0.5

787952

1.9-

-1.5▼

-0.5

-0.9

+1.5

77,245.9

219,317.3

# ofSh (%) Share Ch.# of Deals

MarketManager

▲Sh (%)Share Ch.

1,296 +131-1.1

-1.6

▲▲

0

136,517.3168,726.1

+1.5

3.1-1.0

▼

All US Debt (F1)

23.3%

79.7%

-20.8% -21.2%

2.3%

17.7%

57.3%

-30%

-10%

10%

30%

50%

70%

90%

Investment GradeCorporate

Agency,Supranational,

Sovereign

High YieldCorporate

ABS MBS Emerging MarketCorporate

Federal CreditAgency






* tie

RBC Capital Markets 13,669.9

12,788.1

8

10▼

▲

Credit Suisse76

43.1

465.5190,381.1

▲7.2

100.0 -51

3469.7

6,651.1

-9.7%

474

▼-10.6%

100.0

100.0

1.7

65.4


26.4

59

+2.5

10,563.1 5.6

7

▼

125▲

52+1.5

▼

Deutsche Bank

▲

+1.0▼

-12+1.453 ▼

▲

9.3

+6.5

-11

+1.0

11.26.8▼

310.74.3+4 19.9

31.6


11.0▲

▲

▲

▲

▲+1.629.8 6.4 +0.8

▲66.9

▲

▲12.4 +12 ▲ 26.1 5.6 +1.8

▲ 26.3▼

5.6 -0.8

7.5-0.2-0.5

-29.2%

5.8

6.712,665.8

11,015.6

3.5

▼

+1.6


10,616.29▲

-3.7-0.1 132,417.4

▼

Jan 1 - Sep 30

Share Ch.

Proceeds per Bookrunner (US$m)2016 Rank

8.5

FeesMarket


Deals-2

-22.2%

Manager

▲

▼

77# of DealsSh (%)

▼-19.4%

Market

+1.075

8

Top Ten Total70.1

9

▼14

5


-41.9%

▼▲

6.1

+0.3

▼

100.0

▼

5.3

▼-13

5.4

61▼

-0.6

3.9 Mizuho Financial Group

+94.7

6.6

+1.1

▲+1.5

5.7

▼

+0.7

8.710.1

0 -

▼

+12

▼▼ -834

11.3 +4

-2.744.1

819.4

11,598.9▲

-134572.469.9 +0.8 ▲

+1.4

100.0

4.7 1256.1-1.4

558

44.531.6▲ 22.4 -13 ▼

▲

8.4

13.411.1

-24

▼

66.0▲ 53.7

+5+9

5.465▼

▲+1.28.1

Sh (%)-

Proceeds

Wells Fargo & Co+1.3

16,227.646.9

2015 Rank

34

14,409.72

Citi 2▲

-16-7

13.7

3

59.8

352,886.3

+1.5▲+0.1▲9.7

Barclays

Industry Total


▼▼+0.7 15.2

▲

▲ -0.672

47

80

62

5.7

2

-0.763

▲15,435.2

7

▲

100.0666.9

-2.0


73.9

▼

Imputed Fees (US$m)

Industry % Change from Same Period Last Year

▼▲

▲

Share Ch.MarketChange in

6.8%

+2.4

-10.3%

4.2

-73 901.2598

38.0-3729 4.883.0 +13.8

100.0

▼-4.4 ▼▲

14,363.8618

291,987.6

+3.840.5+0.622.9 2.5

Barclays 10 2.3Mizuho Financial Group 9 4.54.2 +16

+74.1 ▲+3.2 ▲ 25

▲▲ 48+3.0 8.0▲ 47.6

54.4

▲89.7

▼▲

-1.85.3 ▼6.0

-0.3

70.6

6.1

+0.77.8

▼▼ ▼

-7

▲94.9 10.5▼

▼ +1.210.0

▼11.8+1.2-1.5

24,947.7

10.637,263.1▼

-12-0.8-3

44,897.8 -37▼

1

-39341,910.92 1 14.2

7815.6

# of Deals

▲11.9 +2.812.7

13.0 -5

2016 Rank

Market # of

+1.3 ▲

+4.9

3 3

Proceeds4

-21.2%

222,762.3

▼

6.9

+1.3-1.5

6.1

17,397.3

+0.5

3.4

Bookrunner

▲

JP Morgan

# of


Manager

▲

84

7

Top Ten Total

4

▲11.312.9 ▼-7

2

101.776

11.2

Market Market

93.5

-23.3%

633,383.5

8

4

Bookrunner27,235.4

2015 Rank

21,975.9

15,816.4Barclays

+0.9Citi

19.9

+314

-2

14.312.2

Sh (%)

4.8

+1.3

Deals

4.2

-685

+3

▲

Change in

MarketFees

▼-0.5

106.6▲ 8512.7▲

Share Ch.

▲

+0.1

Sh (%)+0.5

-2.0

▼

JP Morgan7

15.216.2

55

Sh (%)0

Market

Global Asset-Backed Securities ex-CDOs (B13)

12

Market

24,369.5

# of

9 39 6.520,321.3 5.8

8,025.7

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)Market

Share Ch.Market

9.57.15

5

-10.9%0.0%

▲+1.7

▲

▼5

▲

67

+0.6

+3.1

▼

9.221,374.1

Morgan Stanley

▲

+7.5

-6.7

-0.5

▼

▼

5.5679.4 6.4

Share Ch.

7,492

Market

7.05.8

-0.8265.9

▼

24.2%

▼▼

Market

-5.3

▲+14.2

Imputed Fees (US$m)

21.1 ▼▲

+3.8

100.0▼

▲

▲

Market

6.0%

3.8

Jan 1 - Sep 30

-20


▲

2.61.5

+2.6+65.4

NomuraGoldman Sachs & Co

Global Mortgage-Backed Securities (B10)

Manager# of Deals per Bookrunner

45,499.7Wells Fargo & Co▲+13.4


Top Ten Total

Industry % Change from Last Quarter23.3%

100.0


2,652,736.6

▲

944.7

Wells Fargo & Co 73,326.310

Industry Total1,179,297.6

2.8

Change in # of DealsSh (%)

Market

-1.4%

MarketSh (%) Share Ch.

Global Debt and Syndicated Loans Islamic Finance (DL2)

-3.1%

Deutsche Bank+13▼BNP Paribas SA 9

8 5.0410

-69

+48-34

4.2

▼105,435.5361

4.4 316▼

488694.4

▼

Sh (%)

5.3563.3▼▼

6.6528 +4Deals

Proceeds per Bookrunner (US$m)

Global Debt

MarketMarketBookrunner


ManagerChange in # of Deals per Bookrunner Imputed Fees (US$m)

4.4

# of Deals

▼▲

▼

▲+54▲+24

+7 346.5

575.71

▲

▲7.0▼

6.1▼3

3 -0.8

-0.5

▼

-0.4

▲

3.9

45.4

3.3

100.0

3.7

4.5

3.7

Jan 1 - Sep 30


2.5▲

38.8%

333

+4

14.2

Fees12.6

▲

-3

6.0

7.5

6.4

6.2

-

-2.3

▲

1


2015 Rank Proceeds

Market

6

▲

14

6.2 +3.6 20

1,249.2

-

15▼

-

9

Sh (%)

7

68.8

959.3

67.87.1

13,490.7

-20.8%

5 2,225.1

35.5

+1.6

7.4 -1.6 ▼26.3

3.9

Credit Suisse

Morgan Stanley 10

▼

# of Deals

Deutsche Bank ▲

9.96.1

Proceeds per Bookrunner (US$m)2016 Rank Fees

112.02

▲

79.4

-1.45

6.97.6

7

3

10,563.1118

3

7.338.2

-0.4RBC Capital Markets11.014,299.9 +0.1▼52

44 ▼ 28.4

32.1-11

▼

+4.5

Credit Suisse

+6.4

▼

▲Citi

▲

Proceeds

20,572.2

2.3%

- 13.4

4.5

MarketShare Ch.

-11.3

▼

Bookrunner

-10.8%

17.1

Sh (%)

2.4-

Share Ch.

Global Asset-Backed Securities (B11)

JP Morgan

13.3

▲ 5.1

▲▼

▲

+6.2

+5.1

▼

40.412.81

3,621.8 ▼

1618

1-20

▼

12.9

▼

4

-20

Sh (%)

13.8Sh (%) Share Ch.

▲

2016 Rank

▼

▼-2.1▲

2015 Rank Share Ch.

Jan 1 - Sep 30

Proceeds1

+27

Market

-0.5

# ofFees

MarketMarket

Citi 2

Sh (%)


123,935.9

4.1

4

144,121.86.3

5.35.4

JP Morgan

7

124,714.2139,637.3

4.72

107,509.77

Morgan Stanley-0.24.7

165,689.2 -1.5

-1.2

6.6

-0.6 6.5459▼

5HSBC Holdings PLC 5 8Goldman Sachs & Co 6 6Barclays

3.0

-0.6

-0.3491

4.0

▼

373-1.2

▼ 484

▼

▼

# of

-13.4%

-0.6▼

115,965.5

78,962.2

469.1

-7.4▲

10,542.6

-0.5-0.4

-0.8

247▼

6.5

+2,095

4.8 407.8

392.74,783.4

388.6

Malayan Banking Bhd

DealsBookrunner

3.3 +47

Market

▼

2,664.6

271 -2.44,115.5CIMB Group Sdn Bhd2112.13 -5.1

RHB 40

27.6Standard Chartered PLC 3 6

2-3.28.9

Dubai Islamic Bank PJSC7

HSBC Holdings PLC 5 2 1,841.31,706.3

41,402.4

8

AMMB Holdings Bhd 6 ▲Emirates NBD PJSC 18.4▼

-3.15.7 134.7

134

3.54.2 17.1-13.2

76

-76.36.1

▼

29.255

▼

Industry % Change from Last Quarter -16.1% -29.5%

7,651.2156,023.2

-14.1%

Industry TotalTop Ten Total

-9.3%

Mizuho Financial Group9


Imputed Fees: Global Investment Grade Corporate Debt

-0.1

▼▼

60 10.8

Wells Fargo & Co

10

▲

61.1

16.4%

23.7

▼▼

-10.3%

▲

-18.1%

-786.7

29,930.1



▼

-20.2%

Industry Total

Industry % Change from Same Period Last Year▼▼

JP Morgan

Top Ten Total

9

Industry Total


1

First Nine Months

Deutsche Bank 2.6+1.2


Imputed Fees (US$m)

+0.6

Jan 1 - Sep 30

3

7.9 7.4 7.5 6.6 6.5 8.4 8.4 9.1 8.5 10.5

5,237

4,082 4,005 4,786

4,648

4,847 4,940

6,315 5,398

7,492

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

$0

$2

$4

$6

$8

$10

$12

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Num

ber o

f Offe

rings

Fees

(US

$b)

Global Investment Grade Fees (US$b) Number of Offerings






Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Sep 30 2016

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


Banking Composite: Global Debt

4.2% 4.4% 4.1% 3.5% 3.7% 2.0% 2.7% 6.6%

25.3% 21.4%

18.2% 14.6%

18.2%

15.3% 20.0%

31.1%

22.9%

2.9%

3.4%

3.4%

4.0%

1.5%

2.9%

5.7%

3.8%

0.2%

1.7% 6.9%

4.1%

1.5%

4.2%

1.6% 2.4%

2.1%

0.0%

0.0%

9.3% 10.1%

8.9%

11.4%

12.8%

10.2%

13.4%

5.1%

7.0%

10.5%

52.7%

52.4%

57.5%

59.5%

58.0%

62.5%

58.9%

53.9%

62.9%

71.1%

3.9% 1.5%

3.9% 5.6% 1.7%

5.5% 3.3% 0.8%

11.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JP Morgan Citi Bank of America MerrillLynch

Barclays Deutsche Bank Morgan Stanley HSBC Holdings PLC Goldman Sachs & Co Wells Fargo & Co BNP Paribas SA

% T

otal

Pro

ceed

s

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS









Global Debt Rankings* - Last Ten Years

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

1

2

3

4

5

6

7

8

9

10

2007 2008 2009 2010 2013 2014 2015 2016

Ran

k

JP Morgan

Citi


Barclays

HSBC Holdings PLC

Goldman Sachs & Co

Deutsche Bank

Morgan Stanley

Wells Fargo & Co

BNP Paribas SA






Proceeds from US Investment Grade Debt issuance in the first nine months of 2016 increased 8.9% compared to thesame period in 2015, to US$1.1 trillion, the highest first nine month volume on record. Financials dominated theprimary market for US Investment Grade Debt issuance, accounting for 50% of the market with US$526.8 billion from405 issues. According to estimates from Thomson Reuters/Freeman Consulting, fees from US Investment Gradetotaled US$5.3 billion, an increase of 9.8% from the same period a year ago.

US High Yield Corporate Debt volume in the first nine months of 2016 decreased 19.5% to US$175.2 billion from theproceeds raised in the comparable period a year ago. Issues from the Healthcare sector accounted for the largestdecrease, declining 182% to US$9.9 billion, followed by Energy & Power and Telecommunications sectors, whichdeclined by 89.3% to US$18.9 billion and 78.2% to US$8.9 billion, respectively.

Proceeds from securities backed by commercial mortgage loans (CMBS) were slightly up from the first nine monthsof 2015, increasing 6.6% to US$86.3 billion. According to estimates from Thomson Reuters/Freeman Consulting,CMBS fees totaled US$332.9 million, a decrease of 2% from the same period a year ago.

015.5▼

+112+0.1 1.4▲+0.1

▲▲▼-

0.6

+0.1+0.2-0.2

-0.1

0.50.50.60.3

▲

25.925.029.8

33.5

▲▲▲▲

1.9

+6+9+9

+7

1.91.93.0

161625

3,209.1 16

▲▲▼▲

0.3

+0.2+0.2-0.3

0.40.40.3

4,581.04,521.33,886.53,304.8

272129

28

Wells Fargo & Co 5 5 158,692.9 -13.8

30

BBVALloyds BankBank of New York Mellon CorpANZ Banking GroupPNC Financial Services Group

26272829

30

Industry % Change from Same Period Last Year 8.6% ▲-6.0%Industry % Change from Last Quarter -4.0% ▼-6.2%

100.0+758

▼Industry % Change from Same Period Last Year 44.1% ▲

5,763 344.7

▲ 68.9% ▲▼2.2%

100.0

15.1%

Industry Total 573,778.3

-5.1% ▼

100.0

-21.4%

2,246.5 100.0

▼▲181.1 +3.9

5.1 1.552.766.1 +5.6 ▲

-1.2+250▲

-12Top Ten Total 378,748.8

▼4.2 -0.2 ▼ 87 1.5▲

HSBC Holdings PLC 10 6 24,044.7405Bank of America Merrill Lynch 7.09 11

13.9 35.3 ▲4.5 +1.9

+220 ▲3.9 +1.313.6

First Horizon National Corp 8 9 27,923.5 4.9 +1.0 ▲26,059.8

15.0 4.4 +0.718.8

▲10.2 +4.4

5.5JP Morgan 7 7 29,375.9

801

▼▲4.0 +81 ▲5.1 +0.8 ▲ 229

6.3 -2.2 ▼5.2

-1.117.8

616 10.7 -79 ▼▼

Wells Fargo & Co 6 2 35,962.1Deutsche Bank 5 3 37,014.7 -0.46.5 -1.7

+113 ▲2.6 -24 ▼150▼

+3.2 ▲ 274 4.8 20.6 ▲

0 -▼

6.0 +1.7Citi 4 10 38,813.5 6.83.7TD Securities Inc 3 5 40,214.4 +29 ▲ 17.3 5.0 -0.6

6.0 -0.9+17 ▲ 17.1

7.0 +1.4 ▲ 211159 2.8▲ 5.0

▲ 20.5 ▼Nomura 2 4 48,999.5 8.5 +2.5Barclays 1 1 70,340.7 12.3 -1.1

Fees Sh (%) Share Ch.3.7 +25▼ 215

Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals

All Federal Credit Agency Debt (H1)

2016 Rank

2015 RankBookrunner Proceeds

Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

US High Yield Corporate Debt (F8) Jan 1 - Sep 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

▼▼ ▼

▼-13.1%

Jan 1 - Sep 30

69.1 -1.6 ▼100.0

6,838.6-233 9,895.73,5502,274,499.7 100.0

72.3 -3.0Industry Total

▼4.8

Top Ten Total 1,643,545.7316 8.9 -96 ▼ 475.3

+0.7HSBC Holdings PLC 9 10 100,972.8Credit Suisse 10 8 98,952.6

▲4.4 +1.2 ▲4.4 -1.6 ▼

242-1.0 ▼

▼6.8 +41 2.8

5.2▲ 277.6

-0.4▼ 516.6▼

Deutsche Bank 8 9 119,370.1 5.3 -0.7 ▼ -56606.5460 ▼

366 10.313.0 -39

▼Goldman Sachs & Co6.1 -1.2

655703.0 7.1

6.7

-1.0 ▼▲▼-0.1

Morgan Stanley 7 7 131,416.3 5.86.7 -0.2 453 12.8 +44 ▲ +0.2

▼ 658.76 6 153,029.5

▲7.0 0

-20 ▼18.5 -78

625.6Barclays 4 4 170,449.9 7.5 -0.8 ▼ +0.5

▲▲10.3 +0.39.8 -0.6 ▼ 750 21.1

9.2Bank of America Merrill Lynch 3 2 223,489.0

6.3+4 ▲ 1,014.0

489

10.6 -0.8681 19.2 +58 ▲

▲ 1,048.9+0.2912.4

▼Citi 2 3 225,925.7 9.9 +0.8 ▲JP Morgan 1

Sh (%) Share Ch.1 261,246.9 21.7 +53▼ 77211.5 -0.1

Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2016

Rank2015 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager2016 Rank

2015 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

-5 ▼JP Morgan 1 1 16,653.1 9.5 -1.5 ▼ 128 52.7 -12 9.8 -1.7▼ 220.4 ▼Barclays 2 6 16,449.9 9.4 +2.1 ▲ +2.5 ▲Bank of America Merrill Lynch 3 2 16,337.3

216.6 9.6▼ 218.5

102 42.053.1 -21 9.7 +0.59.3 +0.1 ▲ 129 ▲

Goldman Sachs & Co 4 3 15,981.4 9.1 +0.7 ▲ +1.7 ▲199.0 8.9▼ 190.6

103 42.4 -14 ▼9.0 +0.8 ▲ 93Deutsche Bank 5 4 15,747.9

+1.1 ▲38.3 -20 8.5 +0.5

-16 ▼▲

8.5Citi 6 5 15,569.6 8.9 +0.7 ▲Credit Suisse 7 8 12,056.9

189.7▼ 156.7

97 39.934.2 -12 7.0 +0.46.9 +1.0 ▲ 83 ▲

Morgan Stanley 8 7 9,190.1 5.2 -1.5 ▼ -1.1 ▼106.7 4.8▼ 97.7

70 28.8 -26 ▼4.7 -0.5 ▼ 73Wells Fargo & Co 9 9 8,301.6

-0.9 ▼30.0 -23 4.4 -0.5

-31 ▼▼

21.4RBC Capital Markets 10 10 6,487.6 3.7 -1.3 ▼ 87.41,683.375.7 +0.6 ▲

52

243 -66

▼

Industry Total 175,238.2

3.9132,775.4

1,064,841.7 100.0

Industry % Change from Last Quarter 1.8% ▲ ▼

Industry % Change from Last Quarter -33.0% ▼Industry % Change from Same Period Last Year -19.5% ▼

842

Top Ten Total

Industry % Change from Same Period Last Year 8.9% ▲

+91Industry Total

▲

92.2100.0

-1.3 ▼ 4,894.9

60.9

167.2153.2116.7124.1

1,010,597.9 95.1

0.4

-▲

▲

▲

▲▼▲▲

120.085.9

-Mizuho Financial Group 10 14 31,996.8 3.0 +0.8 ▲ ▲

4.2 0114 13.5

14.6 -20+40 +0.4157.3 3.0

102 12.14.8 -0.6 ▼ 224.8123 ▼

+0.2 ▲175.2 3.354,486.1 5.1 +18 ▲+1.1 ▲

▼5.4 +0.1 ▲6.8

▲363.7288.55.8 -0.3 ▼ +6

-0.9 ▼ +34162 19.2227

-0.1372.1▲

-0.4

251 29.8 386.7

27.0 ▲

▼7.0 -0.2 ▼195 23.2 +26

+41 ▲ 7.3

Wells Fargo & Co 6 6 68,025.27.4 -0.86.4

8.8 ▲Morgan Stanley 4 5 80,158.9 7.5

+0.4+0.2 ▲

336▲ 466.1+0.5 ▲ 35.2 +41296

Deutsche BankHSBC Holdings PLC

RBC Capital MarketsCredit Suisse

▲Citi 3 3 107,655.9 10.1


Barclays

US Deals Intelligence

US Debt (F1) Jan 1 - Sep 30


Goldman Sachs & Co

8

110,308.7

5 4 78,568.0

61,493.5

2 2

7

2016 Rank

2015 RankBookrunner

MarketSh (%)


US DebtUS IG Highest First Nine Month Volume on Record

US Investment Grade Corporate Debt (F9) Jan 1 - Sep 30

▲

Proceeds


▼

10.8 +0.2

Market # of Market Market MarketShare Ch. Deals Sh (%)

12.1%

1.010,742.9

17,698.5

8,001.30.80.8

JP Morgan 1

9 8

12

50,940.3

11 13

7

29,992.527,712.527,263.225,483.6

12.3 -1.0 ▼1 130,793.0

10

10.4 -1.1 ▼

▼

345 41.0


▲

Share Ch.+19 ▲ 577.8 10.9 -1.3 ▼

Sh (%)

+20

▲

▲Industry % Change from Last Quarter-21.2% ▼-20.8% ▼

Change in

▲

▲▲

+0.6+0.5

0

Manager

39.9 +31 ▲ 577.7

Fees# of Deals

-5.3%

75.1 +2.5

-4.0%

15.9%

6,980.1

25

6,205.05,534.65,167.919

22

8,866.4

Top Thirty Total

2122

2423SunTrust Banks

ING

ScotiabankCredit Agricole CIB

91512

131415

2019

17 11,853.8

32

2317252018

Santander

BNP Paribas SAMitsubishi UFJ Financial GroupUBSUS Bancorp

TD Securities IncSumitomo Mitsui Finl Grp Inc 1.1

Societe Generale

111624

15,409.9

9,756.6

16

180.9

2.82.62.62.41.71.5

0.70.60.5

+0.6-1.9+0.7+0.1-0.9+0.3

+0.1▼

+0.3-0.3

▲▲▼

-

-0.2+0.1

▼▲▲▼

▲▲

+0.5

707938

▲ 122848898

▲4.54.9

118

413226414238

14.510.010.511.68.39.4

3.83.1

4.51.3

4.95.0

+5

+23+7+10+7+14+5

+23-14

+27+12

0+10

▲▲▲

▲▲▲

57.341.145.266.632.944.0

1.1

0.6

0.60.8

0.91.3

1.10.8

2.31.6

3.12.92.22.3

+0.3

+0.3+0.2

+0.1

+0.7-0.7+0.5-0.1-0.4-0.2

▼

▲▲▲

▼▼

+0.3

30.0

-0.15,327.5

-9.7%

▲▲▼-0.2

9.8%

▼

-25

▲▲▼

-6.9%

-0.1+0.3-0.40.630.2


▼▲

0.5RBS ▼1.0

*Excludes financial arms of sovereign states and floating rate issuance.

7






Jan 1 - Sep 30

▼Industry % Change from Last Quarter -8.6% ▼ -15.1% ▼ -19.1% ▼Industry % Change from Same Period Last Year -13.2%

-15 324.0245

-0.4% ▼ -5.8% ▼

71.1100.0

▲Industry Total 135,205.5 100.0

+5.5+0.4 ▲

Top Ten Total 106,525.3 78.9 +0.4 ▲16 6.5 0 - 9.3

230.12.93.6 +1.3 ▲

Societe Generale 10 10 4,971.5 3.7 +0.6 ▲▲ 17 6.9 +4 ▲ 11.8Mitsubishi UFJ Financial Group 9 13 5,217.9 3.9 +1.3

-14 ▼ 20.3 6.3 -1.3 ▼▲

Credit Suisse 8 4 8,991.6 6.7 -2.3 ▼ 46 18.814.3 -4 ▼ 20.7 6.4 +0.1

+2.1 ▲RBC Capital Markets 7 6 9,622.8 7.1 -0.4 ▼ 35

53 21.6 +13 ▲ 21.5 6.67.5 +1.1 ▲

Deutsche Bank 6 8 9,896.7 7.3 +1.1 ▲▲ 52 21.2 +10 ▲ 24.2Wells Fargo & Co 5 7 11,598.9 8.6 +1.8

-8 ▼ 25.3 7.8 +0.7 ▲▲

Bank of America Merrill Lynch 4 5 12,065.4 8.9 -0.1 ▼ 43 17.622.0 -7 ▼ 26.0 8.0 +0.3

+2.6 ▲Citi 3 2 12,619.0 9.3 -1.6 ▼ 54

68 27.8 +15 ▲ 36.8 11.410.6 -1.8 ▼

Barclays 2 3 15,379.0 11.4 +1.7 ▲▼ 67 27.3 0 - 34.2

# of Deals Fees Sh (%) Share Ch.JP Morgan 1 1 16,162.5 12.0 -1.7Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

# of Market Change in Manager Market MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

2016 Rank

2015 Rank

Market Market

Jan 1 - Sep 30US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)

▼Industry % Change from Last Quarter -6.0% ▼ -21.5% ▼

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

-27.9% ▼Industry % Change from Same Period Last Year -21.4% ▼ -22.3% ▼ -48.0%

-89 593.6310 100.0▲

Industry Total 160,035.0 100.0423.4 71.4 +0.7

+0.5 ▲Top Ten Total 123,525.1 77.4 +1.5 ▲

17 5.5 +2 ▲ 11.8 2.05.7 +0.1 ▲

Mitsubishi UFJ Financial Group 10 12 5,217.9 3.3 +1.1 ▲▼ 28 9.0 -4 ▼ 33.7Goldman Sachs & Co 9 10 5,474.4 3.4 -0.2

-5 ▼ 28.1 4.7 +1.4 ▲▼

RBC Capital Markets 8 9 10,416.6 6.5 +0.8 ▲ 37 11.917.7 +5 ▲ 29.2 4.9 -0.4

-2.4 ▼Deutsche Bank 7 7 10,696.2 6.7 +0.5 ▲ 55

51 16.5 -20 ▼ 40.8 6.96.8 -1.4 ▼

Credit Suisse 6 4 10,978.3 6.9 -2.0 ▼▼ 46 14.8 -18 ▼ 40.1Bank of America Merrill Lynch 5 3 13,200.8 8.3 -0.6

+12 ▲ 36.8 6.2 +1.6 ▲▲

Barclays 4 6 15,379.0 9.6 +2.2 ▲ 68 21.920.0 +6 ▲ 63.9 10.8 +2.5

-1.1 ▼Wells Fargo & Co 3 5 15,816.4 9.9 +1.9 ▲ 62

72 23.2 -7 ▼ 53.5 9.014.4 -0.1 ▼

JP Morgan 2 2 17,844.0 11.2 -1.1 ▼▼ 69 22.3 -14 ▼ 85.5Citi 1 1 18,501.5 11.6 -1.1

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2016

Rank2015 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

US Asset-Backed Securities excluding Self-Funded (F14a) Jan 1 - Sep 30


9Societe Generale 16▲10 11

144,971.5 +0.5

+1.1

US Structured Finance 1-3Q 2016 vs 1-3Q 2015 Jan 1 - Sep 30

▼

▼

100.079.9 -0.5

5,217.9

Industry TotalTop Ten Total 125,387.6

18.65611.6

5.3Mitsubishi UFJ Financial Group

▼

▲3.33.2

-10.0% ▼Industry % Change from Same Period Last Year -4.6%

156,625.6

▲



413.8 100.0305.2 73.9 +2.7 ▲

301 -35

▲ 11.8 2.9+0.4- 9.3 2.30

▲+0.217 5.6 ▲

-4+1.1+4

20.7 5.0▲

RBC Capital Markets 8 7 9,622.8 6.1 -0.4 ▼ 35+1.1

▼

-1.7 ▼6.5 +0.9 ▲ +158.2 19.3 -6 ▼

▲ 23.3 5.6Deutsche Bank 7 8 10,224.7Citi 12,893.5

▲▼▼

▲ 33.5 8.1 -0.1▼

6.727.5Wells Fargo & Co 5 6 14,420.7

+0.7

-0.158

9.338.39.2

▲Bank of America Merrill Lynch 4 3 14,938.5 9.5 -1.0 ▼Barclays 10.0

9.0 -1.63 15,621.6

10.7 -1.9 ▼9.2 +2.2

23.3 ▼+1.4 ▲ 71 23.6 +16 ▲ 38.1

37.470

▼

621.2

-47.3%Industry % Change from Last Quarter -5.4% ▼

-22.5%▼ -26.3%-19.8%

322 -102

▼▼

+0.5 ▲Industry Total 171,959.1 100.0 100.0

446.215.1 2.4

▲ 71.7▲

Top Ten Total 134,099.1 78.0 +0.6+0.9 ▲

017 5.3 +2 ▲ +0.6

-Mitsubishi UFJ Financial Group 10 12 5,217.9 3.0Goldman Sachs & Co ▼ 33.7 5.4

-0.5 ▼10 5,474.4 3.2 -0.1 ▼ 28 8.7 -4

29.2 4.76.6

55 17.1 +5 ▲+0.5 ▲▼6.4 -1.8 5110,978.3

Deutsche Bank 8 8 10,696.2 6.2

▼ +1.7 ▲15.8 -20 ▼ 40.8 ▼-2.4

12,541.4 7.35 ▼ 41.8

+0.8 ▲ 40 12.4 -6

US Asset-Backed Securities (F14) Jan 1 - Sep 30

# of Market Change in MarketSh (%)

Market

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

US Mortgage-Backed Securities (F11)

6978 24.2

30,349.5

Bookrunner Proceeds2016 Rank

72 34,242.3

43,021.9

Sh (%)Wells Fargo & Co 1 3

Share Ch.76

Goldman Sachs & Co

Credit Suisse 2

Citi

3

5Morgan Stanley

JP Morgan 4

Market # of Market Change in Manager Market

Manager

14.9 +1.2-7 ▼ 101.7# of Deals

14.7FeesSh (%)

2016 Rank

2015 Rank

▲Sh (%)

Jan 1 - Sep 30

# of Deals per Bookrunner Imputed Fees (US$m)

1 25,043.32

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market

Wells Fargo & Co9.2 +1.9 ▲

Citi▲

6 15,878.9

JP Morgan 1

12.2▲

+1.9 ▲10.8

Share Ch.14.6 +0.2

▼

Market

81+0.4 ▲16.2 +6.4 ▲

▼ 81.0 11.7

2015 Rank

45,499.7

72 14.177 15.1

15.377.6 11.2

Imputed Fees (US$m)

▼6.7 -1.534.2 5.5

Share Ch.Market

▲-2 ▼-1.3 ▼101.9+2.2

14.8-34 ▼

▼-0.8 ▼59.9-0.7

# of Deals

-20 85.8 13.8

Fees Sh (%)Deals Sh (%) Share Ch.▼ 9.6-10

21.4 ▼

5 15,816.4 9.2

10.82 18,501.5

▲ ▲

15.9

Deals

▲69 21.4 +11 ▲ +1.739.7 6.4

+1.4 ▲-1

+647 14.6 -20

-24.1% ▼

19.3

▲

+1.6 ▲57 11.2 -2 ▼ 61.7 8.9

6519.9

-2

Top Ten TotalIndustry Total

91.8 +9.8

Nomura

10Deutsche Bank

12 18,177.7Barclays 9 6

5 20,589.9

4,860.99

-13+2+1.1 ▲

6021.6

Market

6 4

5

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

9.4 -5

19 3.7

7.59.2

3847

48

26

▼ -2.0

▲

5.940.9-6 ▼ 43.5

18.9+8

▼6.3

-2.2 ▼▲

+0.2 ▲2.7 +1.04.6▼

-30-4.6 ▼▼-5.2 5.1 -37

-4.9 ▼-2.8

17.4▼576.0

2.5

-1.8% ▼▼-11.5%

509

8.1 -1.2 ▼


US Securitizations

▼

6.5 +3.8

7.3 -0.8

+1.8

6.8

+4.2 ▲

+3.3

+0.4

-2.4

34,916.0 12.4

2016 Rank

2015 RankBookrunner

618,992.4

Imputed Fees (US$m)

66.0 10.6 +2.4 ▲62

▲-10.7% ▼

2.9%

100.0690.883.3

31.4

15.8Sh (%)# of Deals Share Ch.

Market

▼-66

MarketMarketSh (%)

-20Fees

▼ 65.3

ManagerChange in Share Ch. Deals

3 13,950.8

# of

1.72.6

▲▲

-8.6%

258,079.5

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

7

-0.4% ▼

7,429.2

8


Bank of America Merrill Lynch14


Barclays 3

RBC Capital Markets 6 7Credit Suisse 7 4

80 26.6 -1.2 ▼JP Morgan 2 2 16,771.4Credit Suisse 1

9

8

4

1 20,705.0 13.2

281,118.8 100.0

Sh (%)

▼

Proceeds-0.5 ▼

▼

▼-20.5% ▼ -25.1% ▼-10.4% -14.5%


*Excludes financial arms of sovereign states and floating rate issuance.

-22.5%

-0.4%

6.6%

-11.2%

-11.3%

-30%

-20%

-10%

0%

10%

ABS MBS CMBS RMBS Federal Credit AgenciesMBS

8






DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Sep 30DCM Bookrunner Industry Composition (F1) Jan 1 - Sep 30



Banking Composite: US DCM


3.6%

3.0%

1.4% 2.0% 4.8% 5.3% 2.0% 4.1% 1.3% 2.3%

17.8% 14.0% 17.0%

10.3%

24.4%

22.3%

12.1%

17.9%

11.8%

7.4%

24.3% 20.0%

15.8%

21.4%

15.6%

29.6% 25.0%

0.8%

38.3%

3.7%

7.3% 10.7% 10.7%

11.7%

15.1%

20.5% 12.0%

8.0%

10.2%

10.1%

16.1% 10.4%

10.1%

18.5%

9.5% 27.5%

12.4%

21.9%

23.2%

2.7%

6.8% 7.1% 4.0%

9.1% 7.3%

10.6%

6.9%

7.2%

3.6%

4.5%

5.0% 5.7%

3.2% 5.1%

4.8%

6.0%

2.4%

1.8%

4.7%

4.1%

5.7% 6.6%

6.3%

9.2% 11.3%

8.1%

4.0%

2.3% 1.4%

3.4%

3.6% 1.5%

4.2%

0.0%

0.8%

4.0% 2.5% 2.6%

4.9% 4.2%

8.5% 3.2%

8.5%

2.3%

2.1%

4.9% 3.7% 2.7% 5.5% 5.3%

6.1% 3.7%

6.9%

3.5%

2.9%

3.3% 2.2% 3.2% 3.5% 6.8%

4.1% 5.0%

0.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

2.2%

1.8%

0.7%

1.2%

2.4%

2.8%

1.0%

2.3% 0.7% 2.5%

11.0% 8.3% 8.8%

6.2%

12.4%

11.7% 6.3%

10.1%

6.9% 7.9%

15.0%

11.8% 8.2%

12.8%

8.0%

15.5%

12.9% 0.5%

22.4%

3.9%

4.5%

6.3% 5.6%

7.0%

7.7% 10.8%

6.2%

4.5%

6.0%

10.8%

9.9%

6.2% 5.3% 11.1%

4.9% 14.5%

6.4%

12.4%

13.6%

2.9%

4.2%

4.2% 2.1%

5.5% 3.7%

5.5%

3.6%

4.1%

2.1%

4.9%

3.1%

3.4%

3.1% 2.5%

3.1%

1.4% 1.9%

2.9%

2.5% 3.0%

4.0%

3.2%

4.8%

5.8%

4.6%

1.4%

4.3% 1.4% 0.7%

0.7%

0.9%

1.7%

1.9%

0.8%

2.4%

0.0%

0.9%

2.5%

1.5% 1.4%

2.9%

2.1%

4.4%

1.6%

4.8%

1.3%

3.1%

2.2% 1.4%

3.3%

2.7%

3.2%

1.9% 3.9%

2.0%

3.1%

2.0%

1.7%

2.1% 2.1%

2.0% 2.8%

0.0%

38.1%

46.3% 36.6%

39.9% 41.2%

54.7%

48.4% 51.7%

41.5%

53.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Pro

ceed

s

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

Financials

9






International bond volumes were up 6.6% year on year. Euro denominated bonds were up 4.7% of the underlyingsectors, Telecommunications (+122.6%) and Healthcare (+36.9%) continued to perform robustly compared with theequivalent period last year. Conversely, the Euro currency sectors which recorded a notable decline were Energy andPower (-30.2%) and High Technology (-57.1%).

Teva Pharmaceuticals' multi-currency US$19.2 billion dual offering in July - the largest middle eastern deal on record- was used to finance the company's US$40.5 billion acquisition of Allergan Generics. The seventh-largest Germancorporate deal on record was priced by Siemens, the US$6 billion raised allotted for general corporate purposes anddebt refinancing.

According to figures from Thomson Reuters/Freeman Consulting, the top international fee earner was JP Morgan,with US$1.1 billion accrued from 963 deals, centered on particularly strong activity in the investment grade corporatesector. The top securitization sector fee earner was also JP Morgan, with US$80.1 million earned. In the Euro-denominated sector, Deutsche Bank had a leading earnings figure of €177.1 million.

All International Bonds by Issue Type

Deutsche Bank 7 5


43

Citi 2 3

HSBC Holdings PLC 5

Morgan Stanley


JP Morgan 1 1

Barclays 2Bank of America Merrill Lynch

6

235,766.0224,347.0

Top Ten Total

276,187.3

4

246,077.17.4

Market Market

+0.37.78.6

+0.5

Sh (%) Share Ch.

▲

6.3 +0.5

2.9 ▼

100.0

+0.191,861.9Wells Fargo & Co



Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner

Sh (%) # of DealsDeals


International DebtInternational Bond Volumes Up 7% l Euro Telecommunications Activity On Rise l JP Morgan Top Global Fee Earner

All International Bonds (J1) Jan 1 - Sep 30EMEA Deals Intelligence

# of MarketFees

797▲ 963 22.7

18.8 994.1+51 ▲▲

8.1 +0.69.1+108 1,114.7

Market MarketSh (%) Share Ch.

▼▲

-0.4

+26 ▲776.6

+0.4 ▲+4 ▲

996.1+0.4 ▲

▲17.3

6.3-0.2 ▼ 699 16.50 - 735

+0.3

7.0 8.1

Goldman Sachs & Co 6 7 190,299.2201,892.2

12.75.8 -1.0 ▼ 650

538▲5.9 766.9

4.6

▲▲

-0.7▼-1.5

6.0

7436.3

▼-14415.3 732.5+22

17.5 +35 4.4▲▼

+0.3-0.4

▼

535.7

3.8

+0.6+0.3

▲

4.3 569.4459 10.8 -79-0.8 ▼-1311.3

▲ 467.0▲▼ 393.8

7,346.8

3.2-0.2

4.0

▼

▲ 481315

-0.4▼7.4 +16▼59.9

136,727.3128,819.6

88185,808.4

BNP Paribas SA 9

6.6%

10

3,208,066.31,917,786.0

Industry Total

10 11

▲

-0.559.9

▼ -5.5%

4,244 -124

▼

Jan 1 - Sep 30

▼

12,276.0 100.0

‐18.2%Industry % Change from Last Quarter -14.1% ▼-2.8%

▼ -18.2%

Top Ten Total

▼Industry % Change from Last Quarter -41.7% ▼ -38.3%

1,291

▼ -29.5%

Industry Total 905,927.5 100.0

Industry % Change from Same Period Last Year 4.7% ▲ -8.8% ▼ -5.3% ▼

+0.654.3 +0.31,338.3

100.02,465.7-125▲▲0 - +1.1

523,567.612.2

▲▲ 158

57.7 +1.8

10.5 -95.7139.4

▼Citi 10 10 41,751.5 4.6

4.8 +0.6▼

▼ 111.5 4.5 -0.3▲ 1363.9

Goldman Sachs & Co 9 9 43,695.9

JP Morgan 7UniCredit 8 7 46,968.9 17.7 +12 ▲ -0.1

▲15.8 +496.0

▲ 204▲

50,532.78 49,190.3

5.2 +0.35.4 +0.9

Industry Total

Industry % Change from Same Period Last Year -0.7% ▼

197,329.0

2016 Rank

-1.9%

▼5.6 +0.2 ▲ 202

354

▲Industry % Change from Last Quarter -25.9% ▼ -32.7%

▼-28.7% ▼8.7%

▼

▲+2.0-7 100.0

522.0701.1

74.574.84.4

+5.8 ▲4.4 ▲

▲18 5.1 -8 ▼

46.211

8.5 +8

Top Ten Total 147,469.58,638.9 +1.2 ▲

+1.3+2.4

Goldman Sachs & Co 9 10 9,698.4Lloyds Bank 10 30.6

▲1 10,859.4 ▼-6 ▼ 32.1-4.2 15.555▼

▲▼4.6 -0.8

4.6

+1.4▲ 54 15.3 +10

+2.46.6▲30

8 10,970.2 5.6 +1.0 39▲

16,213.447.2 6.7

+0.5 15.3 +5 ▲▲6.4 ▲

3

▼Barclays 6 7 12,610.0

54Wells Fargo & Co 5 5

9.5▼ 56.2▼

67.6

Citi 4 2 16,540.9

▲▲

+2.011.4

18,679.2 +0.7 ▼ 71.4 10.2

▲

69

Imputed Fees (€m)

618.3

17.2

▲▼19.5 -5

9.7

-2.5-6

-1.00

32.3-4.6

11.0 +7 ▲

MarketManager Market

80.1

Jan 1 - Sep 30

19.5

-

▲

Market

8.0-1.28.2

FeesShare Ch.11.5 +2.9

Sh (%)

58.3

▲64

MarketShare Ch.


+2.7Deals

18.1 +9 ▲+12

Market# of Market Change in ManagerImputed Fees (US$m)

2015 RankBookrunner

3

4Bank of America Merrill Lynch

22,650.3

Deutsche Bank 87

5.5

8.4

20,608.82 6

Proceeds

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

+0.7Morgan Stanley

Market

100.0

4.9

2015 Rank

1Sh (%)

3

# of

6.7 257▼Deals

▼

Change in

6.560,741.6Share Ch.Proceeds # of Deals

-36Sh (%)

19.9Share Ch.

+0.36.6 -0.3 16.7▼

▲Fees Sh (%)159.4

HSBC Holdings PLC 3 1 59,962.2Barclays 2 2 60,122.6

+0.86.6 -0.6 ▼ ▼-2519.1

6.2152.1 ▼-0.2▼-0.7

216 -20

-28203 15.7 -18247

Societe Generale 6 6

4 5Deutsche Bank 5 4 ▼ 224 17.4Credit Agricole CIB

6.0▲

-0.554,302.756,299.2 6.2

All Bonds in Euros (N1)

-0.2

15.6 111.5 4.5 ▲+0.46.2152.7 +0.8

228▲

-3

▼ 134.0 5.4

-0.9 ▼4.2▼ 104.6 -0.1

▼ 177.1▼

7.2

Sh (%)


Sh (%)# of Deals2016 Rank

10.4 +2.969

Jan 1 - Sep 30European Financial and Corporate Inv Grade By Domicile Nation


JP Morgan 1

Market Market

Credit Suisse

€ -

€ 200

€ 400

€ 600

€ 800

€ 1,000

€ 1,200

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

2010 2011 2012 2013 2014 2015 2016

Pro

ceed

s (€

b)

Investment Grade Corporate Agency, Supranational, Sovereign High Yield CorporateFederal Credit Agency Emerging Market Corporate ABS & MBS

€0

€20

€40

€60

€80

€100

€120

Pro

ceed

s (€

b)

2015 2016


▲

Top Green Bond Issuance by Nation First Nine Months 2016 All International Green Bonds (JG1) (Exc Tax Exempt Munis) Jan 1 - Sep 30

Industry % Change from Last Quarter 39.3% ▲ -5.1% ▼ 66.2%▲

+34

Industry % Change from Same Period Last Year 138.8% ▲ 48.6% ▲ 54.1%

146.1 100.0+5.2 ▲

Industry Total 51,664.2 100.0 104▲ 57.0 39.1

2.1 +2.1 ▲Top Ten Total 25,844.7 50.3 +9.6

▼ 4 3.8 0 - 3.1Huatai Securities Co Ltd 10 - 1,935.9 3.8 -2.1+2 ▲ 5.0 3.5 +0.3 ▲

▲HSBC Holdings PLC 9 2 1,942.6 3.8 -0.4 ▼ 15 14.4

7.7 +4 ▲ 5.1 3.5 +3.3-2.1 ▼

Bank of China Ltd 8 29 2,021.4 3.9 +3.8 ▲ 84 3.8 +2 ▲ 4.1 2.8

3.0 +3.0 ▲Haitong Securities Co Ltd 7 28 2,091.3 4.1 -4.8 ▼

▲ 5 4.8 +7 ▲ 4.3China International Capital Co 6 - 2,124.4 4.1 +3.4+3 ▲ 3.3 2.2 -1.8 ▼

▲SEB 5 5 2,142.8 4.2 +3.6 ▲ 18 17.3

4.8 +5 ▲ 3.3 2.3 +2.3+3.7 ▲

Guotai Junan Securities 4 - 2,205.4 4.3 +4.1 ▲ 520 19.2 +5 ▲ 12.5 8.6

4.2 -1.1 ▼JP Morgan 3 7 3,343.3 6.5 -3.3 ▼

▲ 19 18.3 +5 ▲ 6.2Credit Agricole CIB 2 4 3,362.2 6.5 +4.3+8 ▲ 10.1 6.9 -4.5 ▼

Share Ch.Bank of America Merrill Lynch 1 1 4,675.4 9.1 +1.0 ▲ 24 23.1

MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%)

Market # of Market Change in Manager MarketAccording to figures compiled by Thomson Reuters and The Climate Bonds Initiative, the Green Bonds sectorrecorded continued strong growth in the first three quarters of 2016, with global proceeds up 138.8%. Chineseborrowers continued to dominate issuance, with US$18.7 billion raised, representing a 36.2% market share.

Notable transactions from the third quarter included an A$300 million offering from the Treasury Corporation ofVictoria, the first regional government in Australia to issue a green bond, with proceeds allotted to low carbontransport and renewable energy projects. Paper company Suzano Papel e Celulose issued the second green bondfrom Brazil; the US$500 million offering was aimed at a variety of green certified uses, including sustainable forestryand native animal and plant conservation. The Bank of China posted a four tranche US$2.8 billion transaction tofinance projects including clean transportation and sustainable water management, which was also the first time aChinese financial institution had listed a deal on the Luxembourg stock exchange.

According to estimates provided by Thomson Reuters/Freeman Consulting, the top green bond fee earner globallywas JP Morgan with US$12.5 million, resulting in a 8.6% fee pool share. The leading bank on Chinese transactionswas China Securities with US$4.3 million earned.

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank

2015 Rank

Market


Green BondsGlobal Green Market Continued Upward Trajectory l Chinese Borrowers Dominate l JP Morgan Top Fee Earners

Green Bonds Deals Intelligence All Global Green Bonds (GR01) (Exc Tax Exempt Munis) Jan 1 - Sep 30

Global Green Bond Industry Composition (US$ Billion) Jan 1 - Sep 30 Global Green Bonds Volume Jan 1 - Sep 30

▲Industry % Change from Last Quarter -9.3% ▼ -25.0% ▼ 30.0% ▲Industry % Change from Same Period Last Year 75.8% ▲ 29.1% ▲ 18.9%

+16 107.671 100.0▼

Industry Total 34,879.4 100.058.3 54.0 -1.6

-0.2 ▼Top Ten Total 22,140.0 63.6 +2.1 ▲

4 5.6 +6 ▲ 1.1 1.05.4 -1.2 ▼

Rabobank NV 10 21 866.6 2.5 +2.1 ▼▲ 7 9.9 +4 ▲ 5.8Deutsche Bank 9 7 1,317.6 3.8 +2.5

+2 ▲ 5.1 4.7 -4.1 ▼▼

Barclays 8 3 1,566.5 4.5 +1.5 ▲ 7 9.915.5 -3 ▼ 4.8 4.4 -3.9

+1.1 ▲Citi 7 10 1,591.8 4.6 -1.2 ▼ 11

11 15.5 -4 ▼ 4.9 4.64.6 +1.3 ▲

BNP Paribas SA 6 11 1,648.6 4.7 -4.3 ▼▲ 14 19.7 +1 ▲ 5.0HSBC Holdings PLC 5 2 1,867.8 5.4 +0.3

+2 ▲ 2.8 2.6 +0.3 ▲▲

SEB 4 8 1,900.2 5.5 +0.8 ▲ 13 18.328.2 +2 ▲ 12.5 11.6 +6.4

+0.7 ▲JP Morgan 3 6 3,343.3 9.6 -3.8 ▼ 20

19 26.8 +6 ▲ 6.2 5.79.4 -2.0 ▼

Credit Agricole CIB 2 4 3,362.2 9.6 +0.6 ▲▲ 24 33.8 +8 ▲ 10.1Bank of America Merrill Lynch 1 1 4,675.4 13.4 +3.6

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2016

Rank2015 Rank



-2

0

2

4

6

8

10

12

14

16

18

$0

$2

$4

$6

$8

$10

$12

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S

2014 2015 2016

# of

Issu

es

Pro

ceed

s U

S$b

il

$27.956%

$12.525%

$7.916%

$1.43%

$0.30.6% Financials

Government and Agencies

Energy and Power

High Technology

Real Estate

Industrials

Consumer Staples

$18,678

$5,212

$4,135

$3,855

$2,363

$1,976

$1,976

$1,901

$1,600

$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000

China

United States of America

Luxembourg

Netherlands

Germany

Mexico

Mexico

Spain

Japan

Proceeds US$m

Visit https://www.climatebonds.net/for further detail https://www.thomsonone.com

2014 2015 2016

Global high yield volumes posted a notable decline of 20.8%, with 105 fewer transactions priced in the first threequarters of 2016 compared to the same period last year. The total of US$238.7 million represented the lowestproceeds raised in the first nine months since 2010. Deals of note priced in the third quarter included Schaeffeler’ssix-part US$4 billion offering, the largest post crisis PIK (payment in kind) toggle transaction on record.

Deutsche Bank led the global high yield rankings, with a 9.1% market share, having worked as a bookrunner on 127transactions, with strength in Media & Entertainment. Deutsche Bank was the top bookrunner for non-dollar activity,with a 10.7% market share. Bank of America Merrill Lynch dominated the US Dollar denominated sector (9.4%share), with 86.2% of its total high yield activity priced in US Dollars in the first three quarters.

According to estimates from Thomson Reuters/Freeman Consulting the top fee earner in the global high yield marketwas JP Morgan, with US$269.1 million accrued. In the US Dollar sector, Bank of America Merrill Lynch was the topfee earner with US$236.4 million. For Non-Dollar issuance, Deutsche Bank led the fee ranking, with €51.7 millionearned.

Average Quarterly Spread to Benchmark*

Monthly High Yield Volume

3.8 +0.4

5.3 -1.35.4 -0.1

5.8 -1.4

+0.1+10

▲ 202.518 ▲ 12.9

13.4 2.6▲

Societe Generale 9* 12 1,747.8 19.8 -6 ▼17.8 +1.7

▼-23 ▼Banca IMI (Intesa Sanpaolo) 9* 22 1,747.8 3.8 +2.7 ▲

-2.5 ▼ 22 21.8▼

6.8 -0.8▼ 23

Goldman Sachs & Co 8 2 2,289.7 5.0 34.8HSBC Holdings PLC

6.2 -1.2▼ 31.67 4 2,441.0

▼ 2727.723.8 +2 ▲

26.7 -115.4

▼


22.8 -23 ▼ 24.2 4.7 -1.9

24Credit Suisse 6 7 2,459.1

-Bank of America Merrill Lynch 5 13 2,494.4 5.4 +2.1 ▲ +2.4 ▲JP Morgan 4 3 2,653.7 ▼ 30

▲ +1.27.3 029.7 -16 ▼ 37.6

▲26 25.7 -11 ▼ 38.0 7.4Barclays 3 5 2,749.4 6.0 +0.1

-2.1 ▼8.3 +5.2 ▲

▼ 51.7 10.1Citi 2 11 3,249.3 ▼ 42.67.1 +3.7 20.8▲ 21

-19-1

+2.2 ▲ 33 32.71 1 4,928.7Share Ch. Deals

10.7

2015 Rank

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market2016

Rank

2016 Rank

Proceeds per Bookrunner (€m)

2015 Rank

Bank of America Merrill Lynch 1 2

Bookrunner Proceeds

17,622.7JP Morgan 2 1 17,432.6

Goldman Sachs & Co 4 3

Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Sep 30

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Sep 30


Bookrunner Proceeds Sh (%) Share Ch.


High Yield DebtGlobal Volumes Continue Year On Year Decline l Non Dollar Activity Down 29% l JP Morgan Leads Global Fee Pool

Global High Yield Debt (B4) Jan 1 - Sep 30Global High Yield Deals Intelligence

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank


Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.

▼▲ 127 34.4 8.5267.3252.8-32

157▲Deutsche Bank 1 2 21,762.5 9.1 +0.9 -0.4 ▼

▲Bank of America Merrill Lynch 2 4 20,424.7 8.6 +0.9 ▼-1443.1 -2842.5 +1.29.0

9.1 -1.3 ▼JP Morgan 3 1 20,404.6 8.6 -1.3 ▼ ▼ 269.18.3 +1.5 ▲ 124

159Barclays 4 6 19,784.3

241.3 ▲33.6 260.3 8.8 +2.1

5 19,404.4▲

8.1 +1.3-15 ▼

30.9 -15 ▼7.9 -0.2 ▼

▲Goldman Sachs & Co 6 3 18,940.1Citi 5

115

+1.9122 33.1 -38 ▼114

240.0 8.18.2

+0.8 ▲▲Credit Suisse 7 8 15,811.7 6.6 +0.7 ▲ 31.2 -16 ▼ 206.4 7.0 +0.2

4.5 -1.7 ▼ 86Morgan Stanley 8 7 10,828.2 23.3 125.2 4.2 -1.4 ▼3.7 -0.2

-32 ▼21.1 ▼

-0.1 ▼▼ -0.4

55 14.9 -18 ▼ +0.19 8,934.5

HSBC Holdings PLC 10 11 6,959.89Wells Fargo & Co 78

78.72.93.4-23 ▼ 101.9

▲Top Ten Total 163,254.8 68.3 +1.8 ▲ 2,043.0 69.0

2.7+2.8

369 2,962.1 100.0▲

Industry Total 238,708.3 100.0 -105

▼ -22.2% ▼ -22.2% ▼▼ -8.7% ▼

Industry % Change from Same Period Last Year -20.8%Industry % Change from Last Quarter -22.9% ▼ -3.3%

Change in ManagerMarket Market # of Market

+0.9# of Deals Fees Sh (%) Share Ch.

236.4 9.9-17 ▼ ▲▲9.4 +0.4 50.0139

37.49.3 -1.4 ▼ 226.9 9.5134 48.2 -13 ▼ -1.7 ▼

▲Barclays 3 6 16,684.9 8.9 +1.8 ▲ +2.28.8 +0.5 ▲ 105

-7 ▼ 217.5 9.110416,359.5

194.5 ▲37.8 200.8 8.4 +1.2

4 16,197.6▲

8.7 +0.6-17 ▼

35.3 -20 ▼8.4 +0.5 ▲

▲Citi 6 5 15,741.1Deutsche Bank 5

93

+0.2100 36.0 -16 ▼98

193.3 8.18.2

+0.9 ▲▲Credit Suisse 7 8 13,061.5 7.0 +1.0 ▲ 33.5 -9 ▼ 171.1 7.2 +0.6

5.0 -1.6 ▼ 71Morgan Stanley 8 7 9,253.0▼

25.5 107.7 4.5 -1.4-0.69 8,551.6

▼4.6 -0.4

-30 ▼26.6 -24 ▼

3.5 -1.2 ▼▼

RBC Capital Markets 10 10 6,487.6Wells Fargo & Co 9

-31 ▼ -0.974

87.4 3.74.197.7

52 18.7 ▼73.6 +0.2 ▲ 1,733.3 72.7 +1.4 ▲

Industry Total 187,057.1 100.0 278 -61 2,386.4 100.0

-18.0% ▼ -20.3% ▼-13.7% ▼10.5%

Industry % Change from Same Period Last Year -18.7%

Top Ten Total 137,392.1

▼

Change in

▲Industry % Change from Last Quarter -25.9% ▼

Sh (%) # of DealsDeutsche Bank

MarketSh (%)

▲

Fees Sh (%) Share Ch.Market Manager# of Market

Top Ten Total 26,760.9 58.3 +5.9101 100.0

61.3▲ 314.5 +4.6 ▲Industry Total 45,985.8 100.0 512.5

Industry % Change from Same Period Last Year -28.7% ▼ -33.1% ▼ -30.2% ▼

-50


▼ 15.4% ▲Industry % Change from Last Quarter -10.5% ▼ -21.3%

0

100

200

300

400

500

600

700

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

2010 2011 2012 2013 2014 2015 2016

Bas

is P

oint

s

Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark)

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

0

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J AS

2011 2012 2013 2014 2015 2016

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$) # of Issues






7765.680.5Top Ten Total

100.055,500.6 122.8

% Change from Same Period Last Year

+15

▲

Industry Total40,089.2

2.8+1.3

100.0▲

-2.2 ▼ -2.2+0.2

▲▲▼

+7.6

▲ 5.3

3.4▼

13.0 +4 ▲

23.4▲ 18▼

2.83.4

5.2 4.3

4.3▼

-7.5 ▼7.1 +4.2 ▲

▼▲ 8.7

▲4.2

9.60 -

7.85.2

+7.8

-0.1 ▼29

+15 22.9

+9+10

13.9+12 ▲▼6,545.5 11.8▲8.4 +8.4

# of

13.2Citi 2 1VTB Capital 3 - 4,678.7

-1.7

Sh (%)Fees Share Ch.Manager

JP Morgan 1 2 7,337.2 39.0

MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

▲▲


35.4%

1010

+55.2

Imputed Fees (US$m)2016 Rank

2015 Rank

Market MarketChange in Market Market

17.3%

Jan 1 - Sep 30

▲

378,736.6 100.0

-10.4%44.2%

10

▲

-1.2 ▲+2.272.1

▲2.4 ▼

+0.2-4.5

4.54.65.7

-0.9 152.9

19.5 +7BNP Paribas SA

4

4.35

2,382.9

132,542.9

24.7

▲

2,507.69 13.0 -1

+1355.9

3,185.1

18.6

Societe Generale 8 7

# of Deals30

13.037.7

▲▲

-2.5

10▲ 19

▲▲11.3 +1.1

+8.3▲

▼13 16.9 -2

% Change from Same Period Last Year 39.9% ▲

16.9 +2

-2.9+0.2

Goldman Sachs & Co 10

1,324.8

37.3 ▼41.8

▲

Deutsche Bank▼

HSBC Holdings PLC

Barclays

UniCredit

-1.1▲▲

▼

+1.7▼

-1.8

▼

5.5

3.2

‐420

Sh (%)

-79.3▼

2.872.5

▼2.8

35.2

100.0729.7 55.2

2.7

▲

Top Ten Total 209,488.1Industry Total

-7.5583

▼-12.7 -2.6

3.4 -0.3

54

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

Morgan Stanley 1015.6Standard Chartered PLC 9 7 13,012.9

10,073.5

BNP Paribas SA 8 8 13,022.5

55.3

913.4 -1.2 ▼6

▲3.6 +0.9

67

4.1 +0.8+32▲

▼64 11.0 ▲

11.5 -1▼Credit Suisse 7 11 13,469.6Barclays 6 9 15,548.4 37.3

▼ 55.8Deutsche Bank 5 4 17,161.5+1163 10.8

96.8 7.34.5 -2.6 ▼ 71 12.2 -38

1024.2

▲▲

17.5 +26 ▲9.4 +0.8

+0.6+23 124.4

+0.2JP Morgan 3 3 31,438.8Bank of America Merrill Lynch 4 5 26,503.0

2 2 34,068.5124▼8.3 -0.5

9.0 -33.4 +3025.4

▲ 114.6 8.7 -0.8 ▼8.6


Emerging MarketsAll International Emerging Market Debt Up 40% l EMEA Emerging Market Up 11% l Latin America Emerging Market Debt Up 59%

Jan 1 - Sep 30EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Sep 30


▼8.7% ▲

-1.6

76

% Change from Last Quarter

▲▲21.3

Asia-Pacific Emerging Market Bonds (L4)

▼ 195

Market

114.0

4 6 4,294.0

148 +26


2015 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

7.78 3,350.3

-3.2+1.5

3 3,265.06.0

+1.6

0

# of

HSBC Holdings PLC 1 1 35,189.4 9.3Sh (%)

▼

-0.6

Latin America Emerging Market Bonds (L3)

▼


Citi

7.0

Jan 1 - Sep 30

24.2% ▲ 42.3% ▲-26.7% ▼ 27.2% ▲

31.4%-5.2%

*ti

20 20.0 +5 +2.5▼7.1

9,216.9-1.4+1.4

+5+4

▼

28.5▲

Sh (%)

▲ +924 8.0

MarketMarketShare Ch.

Santander 7,873.5 ▲24.0 +10 ▲

20 20.08.78.45 9

8,226.4

11.8

Sh (%)

7.3 -0.7▼

5.39,068.84 6 +0.5 ▲5.4

18.0 +19 ▲ 47.5 6.9 ▲61 +2.4▼

5.2

+4.3 -1.330.4-1.9 ▼ -1.5

12.3

8.2

▲

▼0 - 9.532.7 29.261Bank of China Ltd 3 7

▼4.2▲

Bank of America Merrill Lynch+0.4 ▲-1.636.22

18.00 - 30 30.0

27 27.0-6.0 ▼+4

▲+2.8

38.1-0.86.811,611.0 23.379

HSBC Holdings PLC

Bank of America Merrill Lynch 3 1 10,133.1 10.8Citi 2 2 11,107.2 -0.5 ▼ Citi 2

▲+17 51.4 9.552.3▲

Share Ch.13.7 36.0

Deals Sh (%)+1.9 ▲ 36 +2 ▼

Fees Sh (%) Share Ch.-1.2▲

# of Deals9.766.8▼ 17,516.5 10.3 -1.3

DealsSh (%) Share Ch.▼ 129

MarketMarketChange in ManagerBookrunner Sh (%)

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

ProceedsBookrunner # of Deals FeesMarket Market # of Market

JP Morgan 1 3 12,871.3

ManagerImputed Fees (US$m)

2016 Rank

2015 Rank

4HSBC Holdings PLC 4

▲21.8 3.1Deutsche Bank 6 6 6,903.4

20.4+0.4 ▲

0.9 +0.9 ▲15.7+4 ▲

▲12.018.0 +10 ▲188 7 5,453.7 5.8

127 8 6,893.8 ▲

-6.2 ▼Morgan Stanley 9 5 3,757.8 4.0-0.8

7.3 +2.3▼Credit Suisse

BBVA

16 16.0 +3 ▲ 13.8 1.6

72.1UBS 10 15 3,340.1Top Ten Total 76,560.3

9.0 +73.6 +2.8 ▲ 9

71.3%

273.9+2.2 ▲Industry Total 94,161.3

▲% Change from Same Period Last Year 58.9%

100.0 100 +1464.94.7 +0.4

7 5JP Morgan 6Deutsche Bank

4

▲▲ 6.9 ▲

+0.2

▲100.0

+3.1350.9

Imputed Fees (US$m)

-1.6 ▼

2016 Rank

2015 Rank

1 1Proceeds

MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner

Standard Chartered PLC 5 3

Market # of Market

8,623.6 5.1-2.07,720.5

18.6 -10▼ 514.6

-1.9 ▼6.6 +0.7 ▲

63-12

30.4 4.415.0

▼35 10.3 -41 ▼ 27.4 -3.1Barclays 8 13 5,713.0

4.05,805.2 ▼3.4 -3.22.7

45.7▼

▼ 18.53.4 +0.8 ▲ -2 +0.2 ▲3.2 +1.2

35 10.3▲ +2.7 ▲41 +18 ▲Credit Suisse 9 17 5,465.3 40.4 5.8

3.2 -0.1 ▼ 30 8.8 0 4.212.1

▲Top Ten Total 86,157.9 50.7Goldman Sachs & Co 10 9 5,417.1 +1.2- 28.8

169,726.2-5.7 ▼ -0.2 ▼

339 100.053.7370.9

% Change from Same Period Last Year 9.0% ▲

+5

1.5%

Industry Total

▼ 41.6% ▲ 68.9% ▲▲ 16.2% ▲

691.8

Middle East Emerging Market Bonds (L5) Jan 1 - Sep 30

% Change from Last Quarter -36.2% ▼ % Change from Last Quarter

Market

100.0

Imputed Fees (US$m)2016 Rank


Proceeds per Bookrunner (US$m)Market Market # of Market


1 5,640.9

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch. Deals Sh (%)

9.3 -9.1 ▼ 25Sh (%)

▼Bank of America Merrill Lynch 2 27 5,186.9 8.5 7.6

8.5 -8.2▲ 14.3+7.9 ▲

36.8 +9

Citi 3 8 5,152.7

1HSBC Holdings PLC

12▲8 11.8 +7 ▲ 12.8 +7.1▲7.8 +3.2▲

+4.9Barclays 4 7 4,551.913.1

+2.517.6 +11

▲17.6 +68.5 +3.8 ▲

7.5 ▲11 16.2 +8 ▲ 12.8 7.7▲11.3 6.8 +5.6▲

-8.93.24 3,684.7Standard Chartered PLC 7 5 3,276.3

3,774.7-0.6+5.2

8▼-1.3 ▼

▲ 1211.8 +4 ▲

Mizuho Financial Group 5 21*6.166.2

JP Morgan

▼ +1.427.9 +9

BNP Paribas SA 8 6 2,989.0195.49 13.2 +4 ▲4.9

2.5▲ 4.15.6-0.8

4 6.0▲ 10.0+5.5

5.9 +4 +6.02 ▲

Credit Suisse 9 - 2,481.3 +4.1 ▲4.1

60,738.0

3.9 +3.9-

100.0▲64.4

+22.9Top Ten Total 39,122.0Sumitomo Mitsui Finl Grp Inc 10 2,383.6 ▲

+15.6

% Change from Last Quarter -1.0% ▼% Change from Same Period Last Year 298.6% ▲

Industry Total

9.4▲

5.4▼

5.5

▲-3.9

9.1

▼

-40.0% ▼ 66.4% ▲▲

167.0

▲

100.068

362.6%

+28

70.0%

61.2▲▲+12.7102.3

▲185.7% ▲ -16.7% ▼ -1.2%58.7% ▲

Jan 1 - Sep 30All International Emerging Market Bond Volume by Industry (US$b)

$162.144%

$120.733%

$37.110%

$20.76%

Financials


Energy and Power

Healthcare

Industrials

Real Estate

Materials*tie


Global Brazilian Debt Volume by Sector First Nine Months


Jan 1 - Sep 30

28,491.4 100.0

▼

66

Global Debt by Mexican Issuers (MX1)

-9.0% ▼ -31.3%358.9% ▲

-9.9% ▼% Change from Same Period Last Year 163.1% ▲ 11.9% ▲

Industry Total145.1 94.9

+7 152.8 100.0Top Ten Total 26,677.1

▼94.0 +5.1 ▲ +8.3 ▲

730.67.6 02.2 ▼ 5

-8.9- 5.7 -13.7Citi 10 6 634.8 -6.4 3.7

▼2 3.0 -2 ▼ 4.7 3.1▼ -4.7▲10.6 +5 ▲ 9.27 6.0 +0.5-2.4 ▼

8.9

2.6Morgan Stanley 8 7 857.9 3.0Deutsche Bank 9 3

▲HSBC Holdings PLC 7 10 1,491.7 5.2 +2.6 ▲ -5.4 ▼10 15.2

27.3 -7 ▼ 11.118+5 ▲ 13.5

Itau Unibanco 6 1 2,081.9 7.3 +5.17.3 -10.6 ▼

8 12.4 +6.9+3.4 ▲ ▼7 10.6 +6 ▲ 16.3 10.6 -0.7

▲12.1 +4 ▲ 18.9+9.6 ▲12.8

Bank of America Merrill Lynch 4 8 3,884.2 13.6JP Morgan 5 5 3,646.3

+3.7 ▲ +12.3 ▲+9 ▲ 21.5 14.015.1 +12.3 ▲ 16 ▲

Santander 3 4 3,940.8 13.8▲ 20.7 13.5 +5.2

18 27.3

+1.8 ▲ +2.8Banco do Brasil SA 2 9 4,305.8

15.424.2 +13

Fees▲27 40.9 +14 ▲ 23.5

Sh (%)Manager Market

Share Ch.Banco Bradesco SA 1 2 5,103.1 17.9

Sh (%) # of DealsBookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Market


Emerging Markets - Latin AmericaDomestic Brazilian Issuance Up 2% | Domestic Mexican Issuance Down 55%

Change in 2016 Rank

2015 Rank

Market

All Global Debt by Brazilian Issuers (BR1) Jan 1 - Sep 30


Domestic Brazilian Debt in Reals (BR2) Jan 1 - Sep 30

0

20

40

60

80

100

120

140

160

180

$0

$10

$20

$30

$40

$50

$60

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

US$(m)

Securitized Debt

Junk Rated Debt

Investment Grade Corporate

Agency, Supranational, Sovereign

# of Issues

▼▼ -49.7% ▼ -61.9% ▼ ▼

▼ -69.1%-18.8%

100.0

-40.3% % Change from Same Period Last Year -54.6%-70.9% ▼ -32.7%

‐18 100.0

▼% Change from Last Quarter

‐257.3▲7.3

-18.8%

3,851.6

▼▼% Change from Same Period Last Year -56.7%▼ -60.0% ▼

37


Industry Total+1.291.0

100.0 37

+516.2

3,854.3100.07.4 Industry Total

6 -2.0 ▼+2189.6-0.3 ▼3,506.4

▲90.3+3.17.489.2 +2.6

Imputed Fees (US$m)

▲.3 4.4

88.1

.3

Market Market

+2.4▲ .2

22.0%

-0.2 ▼


▲ Top Ten Total7

-1▲ Grupo Financiero Banorte-Ixe 10▼

▲4.9 +0.14.0

3.014* 8 21.64.0 +3.2

100.0

217.67 18.9

-7.1

+1.15.8 +0.2

Change in

Casa de Bolsa Finamex SAD de C 103,430.6Top Ten Total

152.3

-48.3%

▲Grupo Financiero Banorte-Ixe 9 191.2 5.0 +0.6 ▲4.9 +0.3 21.6 +2

▼▼▼5.7 -7.3

▼

▲-2.4 ▼+1

Inversora Bursatil SA de CV 9 84.3 -1.6▲5.0 ▼

7 189.6

-

▲ 8 .38 191.2

93.2

-180▼ .3+0.8 -3.9 7 18.9 .43▲ 7 8-118.9.3 3.8220.1 5.7 0

4.73 217.6 ▲-6.6▼ .4

▲0-19 ▼4.7 7 18.9

.6 7.9223.8Casa de Bolsa Inverlat 7 5▼ 75.7 18.9

Manager

--2.1▲ .3 5▲+6

+1 ▼18.95.8 - .6

5.7 7 13.5

18.9

5 220.1 +0.3▲ 5 ▲

Casas de Bolsa Bital, S.A.13.5 0

+1.7 ▲

18.96

-23 ▼


Citi

7Casa de Bolsa Inverlat 6 63.7

-7.1

+1.56 223.8 .3 4.3

7

Bank of America Merrill Lynch 5 227.3 5.9 +5.014* ▲-15.0 ▼

▲ +3.7 ▲5.5235.3 6.1 6.3▼

+0.4 7.81.5

Casa de Bolsa Finamex SAD de C▼ 74

3 .9 12.96.1 -13.5 6.2 -13.6 -14.4Casas de Bolsa Bital, S.A. 4 1 ▼ 6 -24234.6 16.2 ▼

Santander ▲ 10 27.011.7 +1.5 ▲ 10 11.7 +1.0+15.9

+2.4▼ .9+14.7 ▲+2 ▲

3 41.4 19.2

12.8▲ 11 29.7

-5 ▼449.7

-12 ▼+1.3 ▲ 21 56.829.7 +2

4 449.7729.5 18.9

27.0 -5 ▲ Santander

-3.6 ▼

▲ Corporacion Actinver Sab de CV 2 91.7 22.8 +4.0 ▲

CitiInversora Bursatil SA de CV 8

▲

3.2 -0.8

▲ 1118.9 +14.9

Sh (%) Share Ch.

9 729.5Corporacion Actinver Sab de CV 2 19.1 +16.0▲ 1.4

# of Deals Fees1 2▲ 21 822.5 21.3

Sh (%)▲ BBVA2 822.5BBVA 1 ▼ 1.7 22.6 +4.756.8 -13

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

Market2016 Rank

20.3% ▲137.7% ▲

Domestic Mexican Debt (MX3)

-11.6%

2016 Rank

2015 Rank Bookrunner Proceeds Sh (%) Share Ch.

2015 Rank

61

Deals Sh (%)

-43.3%

Market# of Deals Fees

21.4 +1.8

# ofSh (%) Share Ch.

Jan 1 - Sep 30


Share Ch.Market

▼

BookrunnerMarket

▲

MarketDealsProceeds

Market MarketSh (%)

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Sep 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager

153.4%

▼ 72.2Industry TotalTop Ten Total 25,567.5 74.1 -3.1

▼ 5

34,549.8 ‐8

4.3 -1.1

100.0

+2 ▼77.5 +2.8 ▲

▲ 3.0Barclays 9 9 1,699.3 ▼

8.2Deutsche Bank 10 8 1,485.5

▲ 3.113.1 +44.9 -0.4 3 4.9

▼ 82.9 -0.9 ▼+1 ▲ 2.73.3

▼ 4Morgan Stanley 8 4

-11,793.1

6.65.2 -4.3

HSBC Holdings PLC 7 6 2,012.3 5.8 -3.0▼

6.1 -1.9 ▼▼ 4.9 5.3 -4.2▼ 5.7

-7Santander 6 3 2,093.6 6.1 -3.4 ▼ 12Citi 5 2 2,866.0 ▼

19.78.3 -3.7

12.013.1 +6-18 ▼ 9.2 9.9 -4.2 ▼14 23.0

8 12.9 +9.8 ▲▲10

Credit Suisse 4 10Bank of America Merrill Lynch 3 5

▲8.7-2

2,918.816.4

8.5 +4.33,026.1 8.8 -0.3 ▼

+8.4 ▲9.4 -2.0 ▼

▲ 10.6 11.3 +8.6▼

▲▼ 12.3

+613.2 +2.0 ▲

13.1JP Morgan 2 194,446.4 12.9 +0.4

83,226.4 9.3▲ 27 44.3 -10BBVA 1 1

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2015 Rank

Market Market # of Market2016 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market

Proceeds per Bookrunner (US$m)Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank

2015 Rank


# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.

Banco Bradesco SA 1 1 16,675.1 44.5 +6.6 ▲ 24 21.8 -11 ▼ 10.6 39.6 +7.0 ▲Itau Unibanco 2 2 6,700.6 17.9 -13.2 ▼ 20 18.2 -31 ▼ 5.6 21.0 -13.5 ▼Banco do Brasil SA 3 4 5,186.6 13.9 +9.0 ▲ 10 9.1 +2 ▲ 4.0 15.1 +9.5 ▲Banco Votorantim 4 10 2,259.8 6.0 +5.0 ▲ 10 9.1 +7 ▲ 1.8 6.8 +5.9 ▲Santander 5 3 2,255.6 6.0 -6.8 ▼ 12 10.9 -9 ▼ 1.7 6.4 -4.5 ▼BNDES 6 - 1,448.6 3.9 +3.9 ▲ 1 0.9 +1 ▲ 1.5 5.7 +5.7 ▲HSBC Holdings PLC 7 5 1,031.8 2.8 -0.8 ▼ 27 24.5 +21 ▲ .5 1.7 -1.7 ▼Banco Safra SA 8 8 950.0 2.5 +1.4 ▲ 4 3.6 +2 ▲ .6 2.2 +0.6 ▲Citi 9 9 270.0 0.7 -0.4 ▼ 1 0.9 -1 ▼ .2 0.7 -1.1 ▼BNP Paribas SA 10 14 230.0 0.6 +0.1 ▲ 4 3.6 +2 ▲ .1 0.2 -0.1 ▼Top Ten Total 37,008.1 98.8 +4.8 ▲ 26.6 100.0 +7.8

100.0▲

Industry Total 37,446.0 100.0 ‐143 26.7110

52.9% ▲% Change from Same Period Last Year -1.5% ▼ -51.0% ▼ 16.1% ▲% Change from Last Quarter 14.6% ▲ -33.3% ▼


**Includes CDs and CPs

**Includes CDs and CPs

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

325.0%

Industry Total

339.2%

569

First Nine Months

18


Asian Corporate Bonds Imputed Fees (US$m)

▲▲52.8%

100.049 +13

▲Industry % Change from Same Period Last Year 29.8% ▲ 36.1% ▲

+0.114.3

142.2+7.9225.9

▲+43.818.42.65.9

▲▲ 8 3.4▲ 62.9

7.6+516.3 ▲

▲4.0

8.6

▲▲▼-4.4

+1.2

▲

+6.6

▲

9.1▲ 11

4.3 -5.34.44.7 +3.8

34.74.8 -2.7 9 18.4

+3.0738.8 ▲▼ +1 ▲▼

+3

+9▲

+5

22.4

17

▼ 97

9.0

-6.1▼-1.119.9▲

8.8013.7

▲ 9+3

22.4

▲

▲ 11

15▲

▲ 19.3 8.6 +5.5+60 20.4- +2.2

-2.624.0

MarketSh (%) Share Ch.MarketManager

Fees

6.030.6 +8 ▲

MarketSh (%)

▼▲10.6

13.7+2.7

Bookrunner

3HSBC Holdings PLC

14JP Morgan

Change in # of DealsShare Ch. Deals

155

4

Credit Suisse 10.71,177.4

18.4▼ 30.6

7.3

+3.0

7.3Bank of America Merrill Lynch

3 7

6 753.2

3.9681.4

100.09,753.5


62.1Top Ten Total

Guotai Junan SecuritiesBarclays

+0.8

10

2319


+4.9

-0.9

7 6,293.0

t Includes Asian Development Bank issuance

3

Credit Suisse 10 14 5,278.7

▲

Industry Total

+2.1DBS Group HoldingsBank of China Ltd

6

2016 Rank

15,718.1

2694.0

9

Bank of China Ltd

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

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

BookrunnerChina Construction Bank 100,167.4

Goldman Sachs & Co

10.2▲

-0.1

Industrial & Comm Bank China

3.7

100.0

▲0.5%

2015 Rank

7

Citi

Deals

-2.4

5

Sh (%)Bookrunner10.41

Proceeds

3JP Morgan 44 8,406.0

4.7

5.5

7,760.5

22

6

8,920.911,085.8

6

6

1

9


Market


Standard Chartered PLC 5.1

11 27,324.3

3

▲2.0

Proceeds

1,145.77.5

1,677.7

7.6

Sh (%)

Proceeds

+0.6

324.8% ▲

Jan 1 - Sep 30


1,139.3

1

China Merchants Bank 910

614.1

Deutsche Bank

▲▲+1.4

▼

5.3+2.7+152

9.3 +0.6

26,844.3

7.2

2015 Rank Sh (%)

626,705.2 48.3


2

UBS 4

▲+3.64.7

+2.9

+0.7

2.1

5

78

15

1,131.9 -0.6

HSBC Holdings PLC


+1.3 ▲17,001.6

2015 Rank

7.0

# of Deals per Bookrunner# of

▼-1.9

Share Ch. Sh (%)

Change in

# of Deals

Market

23.726.7

Fees

-1.4

▼ 47.8

Sh (%)

Market

▲

Imputed Fees (US$m)

11,471.9 +2.465.7 ▼

7.4▼


Asia DebtAsian G3 Up 8% l Asian Local Currency Totaled US$1.3 trillion l Chinese Yuan – Top Local Currency

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Sep 30

Asian G3 (US$, Euro, Yen) bond offerings in the first three quarters of 2016 reached US$163.7 billion from 262issues, up 8.3% from the comparable period in 2015 and posting the highest nine months proceeds. China domiciledissuers represented 41.9%, of issuance with US$68.7 billion from 91 deals. The U.S. dollar was the currency ofchoice in the region, accounting for 89.4% of activity, totaling US$146.3 billion from 247 issues.

Asian local currency bond offerings totaled US$1.3 trillion from 6,224 issues, up 248.7% from the proceeds raised ayear ago, marking the highest third quarter volume on record. China-domiciled issuers were still the most active,accounting for 85.6% of the region's activity with total issues reaching US$1 trillion from 2,183 deals, a 603.7%increase from comparable period in 2015. Chinese Yuan-denominated deals totaled to US$1.1 trillion from 3,001transactions, accounting for 86.4% of the Asian local currency market and posting an all time high volume.

According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market totaled US$646.8 million in the first nine months of 2016, an uptick of 17.6% from total feespaid in the same period of 2015. Estimated underwriting fees on Asian local currency bonds (ex. Japan, Australia)reached US$2.9 billion in the first three quarters of 2016, up 257.6% from the comparable period in 2015.

MarketManager

1 110-1

+17

Market

62

2016 Rank

Market

▼18.7 -10 ▼ 32.5 5.0

Share Ch.

6.8 -2.3

20.2 +7+0.97.1

7049

27.7

▲-1+0.9 ▲ 59 -2.9

▼ ▼ 46.1

3.853-0.9 ▼ 9.9 ▲-6 ▼ +0.54.3

▼0▲ 26 3.4

22.5▼▲ 30.1 4.7

2.5▲ 27.6+1633

-14.1 +1 ▲ 21.716.3

Deutsche Bank 9 5 5,960.9 +0.8BNP Paribas SA 8 10 5,993.4

3.6 -2.7-2.5 ▼ -1.1-31 ▼

4.337 12.6

▲ 39.73.2 +0.6 ▲39 17.2 +12 ▲▼

-2.5262

14.96.1

▲

646.8 100.0Top Ten Total 88,172.7

+2.8

Industry Total

▲

163,712.7

8.3%

+23▼▼

9.6%

53.8 -4.7

86.5%▲

55.0355.2

17.6%

Jan 1 - Sep 30


▲43.0% ▲

Market Change in


63.7+235

3.1 ▲6.5

+0.2

2.8

▼-0.4▲+317+171

107.4

973.5 +7.82,874.6+2,893

3.3

100.033.9

2.2

6,224

▲ 135.33.7▲

▲

Share Ch.

▲▼-0.6

▲

55.93.0

4.2▲ 119.3

85.7

+58995.0 3.3▲

+499+483

Market MarketMarket Manager

7.7

Market # of# of DealsShare Ch.

694Deals

106.6674

Sh (%)

▼+3.9

+4.3 ▲

▲ 11.2

681 10.9+573

FeesSh (%)+578 +0.2 ▲

-0.5108.9

3.7▲3.8

▲

98,845.698,089.7

+4.5 9.17.6

+2.8 ▲ 10.8

89,811.5

41,375.77

3.2

1

85,068.1 6.6

2.3

6.9

30,275.3

Agricultural Bank of ChinaBank of Communications Co Ltd 5 8

6419

10

China Securities Co Ltd

▲

+1.7 193

▲

▲

▼

▲+0.7

+1.6-0.2

406

327

+23.8

▲ 173

+0.5

8 42

+1182.5

1,298,504.0▲

▲▲86.9% 257.6%

-12.1%

▲

5.3%

Market

Bank of China Ltd

Guotai Junan Securities

▲

2

95.7▲

577

28,903.3

CITIC ▲

▲4

2.2

Industry % Change from Last Quarter -19.8% ▼

Top Ten Total

+4.0Industrial Bank Co Ltd

153

248.7%

2.1

100.0

▲

# of

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Chinese Yuan U.S. Dollar All Other Currencies

10

20

30

40

50

60

70

80

90

100

0

3

6

9

12

15

Jan-

14Fe

b-14

Mar

-14

Apr

-14

May

-14

Jun-

14Ju

l-14

Aug

-14

Sep

-14

Oct

-14

Nov

-14

Dec

-14

Jan-

15Fe

b-15

Mar

-15

Apr

-15

May

-15

Jun-

15Ju

l-15

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16Fe

b-16

Mar

-16

Apr

-16

May

-16

Jun-

16Ju

l-16

Aug

-16

Sep

-16

# of

Issu

es

US

$ (m

)

Dim Sum

Panda

Formosa

# of Deals

14





http://banker.thomsonib.com/

Top Ten Total

MarketAustralian international debt offerings in the first nine months of 2016 totaled US$61.6 billion from 128 issues, anuptick of 6.4% from the same period last year. Activity in the financials sector totaled US$55 billion from 113 deals,up 29.4% from the comparable period a year ago, and accounting for 89.3% of the Australian international debtproceeds.

Australian Dollar bonds (excluding self-funded) proceeds in the first three quarters of 2016 totaled to AU$77.9 billionfrom 265 issues, a 20.4% decrease from the comparable period in 2015, registering the lowest third quarter volumesince 2009. Issues by Government and Agencies captured 46.3% of the AU$ market, totaling AU$36.1 billion from148 deals.

According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from AustralianDollar (excluding self-funded) bonds in the first nine months of 2016 totaled AU$240 million, down 17.5% from thesame period in 2015. Estimated fees from Australian international bond offerings in the first three quarters of 2016totaled US$192.8 million a decrease of 1.5% from fees earned a year ago.

Market2016 Rank


▲

2015 Rank


14.9%

26.6 87.8

Market

+5.239.8

▲

-1.3

▲

9.33.4

-0.713

14.4+1.3

▼▲

Industry % Change from Last Quarter 29.6%

148.4+19.0

▼

▲-8

11.110


▲

+0.2

▲

▲

0National Australia BankCommonwealth Bank of Australia 9Credit Suisse 10

75.7192.861,571.0 100.0

+0.22,435.5

+26▲

128Industry Total

▲

7.0▲4.0 9

▼+1 ▲

▼+0.9 6.3

9.4126.5

5.8 +2.577.0

▼2,582.3

46,560.9-1

6 +0.6

4.23,185.2

▲

+19.8

+0.94.8-18 5-4

▲

5.25.47 9.43,304.2 ▲

Goldman Sachs & Co 6 12 3,764.0 6.1 +2.7ANZ Banking Group

▲▲10.2

12

+4.2Morgan Stanley 5 17 4,381.520.2▲

134.07.7

9.3 -3.1

▼

JP Morgan7.1 +4.8 +6

-13.210.510.916.4 +4

6.7

3 32129 22.7

4 1 5,737.8 ▼9.0

▲ 14 13.0

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

9.7 +1.6

Bookrunner

HSBC Holdings PLC ▲ ▲

Market

25.0

7.5 +6.4

▲

▲+5

+8 17.35,970.8 +3.0

16.6 ▲Share Ch.Share Ch. # of Deals

ManagerFees

Change in Sh (%)

MarketProceeds per Bookrunner (AU$m) Imputed Fees (AU$m)

15.2Proceeds

Australian International Issues Up 6% | Australian Dollar Bonds Volume Lowest Since 2009

Bookrunner

▼-0.78,375.1

+0.2▼

11,801.5

8,882.8Commonwealth Bank of Australia 34

6

Sh (%)

11.410,999.2 14.1

-3.313.7

7

59.39.5

6 7,270.25.6

5

7 4,368.5

-0.1 ▼UBS

7,363.710.8

Deutsche Bank 6.114.67.8 +0.6

2 ▼-2114.7 ▼▲32.8

10.7+0.417.7

+1.1 ▼

▲▲ 11.3

60+3 ▲

▲

▼ 4.7

▲

-3.010.9-0.1

-10-12

+13 -0.4

▼76.9▼

-2.6-20

184.5-1.21.9

-20.4%

10.9▼87.8 +1.0

▼-0.9

-14.9% ▼▲▼ 3.9%

265

Market Market

100.077,860.9

11.6 +7.3▲

DealsChange in # of

Proceeds Share Ch.Sh (%)2015 Rank

-47.1% ▼

All Australian International Bonds (AJ7) Jan 1 - Sep 30

BookrunnerNational Australia Bank

Manager Market Market

1Sh (%)Fees

+7.41 2 8,759.0 14.2 +6.1Sh (%) Share Ch.

2016 Rank

2015 Rank

10.5 +5.9 ▲ 13▲

22.526.4

RBC Capital Markets 109

32# of Deals

10.2 +3

Top Ten Total

UBS

Bank of America Merrill Lynch 2 7 6,440.613.7

ANZ Banking Group

National Australia BankDeutsche Bank

+12

Nomura

▲

Industry Total

Imputed Fees (US$m)

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

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

# of Market

9

Westpac Banking

ANZ Banking Group

4

TD Securities IncCiti 8

240.068,321.5 ▲

29

+10

3.1

+1.9

-1.33.45.4

+0.9

Market# of

ManagerSh (%)

-17.5%-36.4%

▼▼

100.0

Fees+6.9

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2016 Rank

Imputed Fees (AU$m)

Share Ch. Sh (%)▲ 17

Market Market MarketMarket Change in

8.5 30.6# of Deals

68.0-1.8 ▼

# ofProceeds

Market

4,149.8DealsSh (%)

+6.130.91

44.0+0.4

Share Ch.▲-1

-4.7 ▼▲

Commonwealth Bank of AustraliaWestpac Banking 3 3 2,190.6 16.3

2 2,415.3 18.02 0 - 4.6 16.71011

40.0+0.2 ▲-2 ▼ 4.7 16.9

-3.4 ▼ 32.04 4 1,433.6 10.7 87 28.0

ANZ Banking GroupMacquarie Group 5 5 1,071.6 8.0 +0.2 ▲

-3.5 ▼-4 ▼ 2.9 10.3-0.2 ▼+1 ▲ 2.7 9.6

▲ 8.06 8 404.1 3.0 2Deutsche Bank 7 6 343.3 2.6

+0.4 -3.2 ▼-1 ▼ 1.0 3.7▼-4 ▼ .7 2.52 8.0

311.0 2.3 1-1.4▼+1.8

-4.0

2.0 +1.5+2.3 ▲ 4.0

▲+2.0 ▲ 4.0

▲+1 ▲ .5 1.8+1.4 ▲1.92 8.0 +1 ▲ .5

Top Ten Total 12,851.2 95.8 +0.813,421.1 100.0 25 -4 27.8

Market

-36.0%Industry % Change from Last Quarter-41.8% ▼ -13.8%-37.5% ▼

+0.4

MarketProceeds per Bookrunner (AU$m)

ManagerBookrunner Proceeds Sh (%)

2016 Rank

2015 Rank

Jan 1 - Sep 30

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

Sh (%)31.576 17.2 ▲+6.136.9▲+22

Share Ch.▲▲ 30

1 12 6 11.2

10,367.9 15.98.7

▼11.4▼ 24.5▲▲ +0.318.6

-3.8+2.7

- 17.8+312.4

0

12.417.4

10.1-19 21.6

10.8 43 -3▲ ▼-14 ▼ 13.9 6.5 -0.1

9.6

10.8 42

-0.85 2 6,560.6 10.1 30

+1.8

37 15.4Commonwealth Bank of Australia -2.4 ▼Westpac Banking 6 4 ▼6,277.6

7 7TD Securities Inc ▲13

4,368.5 6.7 60+0.5▲

1.76.1 2.8

9 2,649.9 4.110

4,033.7-1.7

3.7

6.2 +2.3

+0.6 ▲57,986.6-2.2

▼▼

29


-14.3% ▼ -36.7%-14.0%

-20.0% ▼▼

+1

100.0

▲+1.9 ▲▲ .5 1.9+2.1

1

▼

65,156.2

Industry % Change from Last Quarter ▼-49.6%7.1% ▲

214.6

Market

241

▼

▼

+13

▲

29

+212

-1012.012.0

5.4

-11 28.6

3.6

▲

4.7

▼24.9

-9

▼

▼

2.713.3

▼

100.0

100.0

Jan 1 - Sep 30

-0.5

▲

▼

2.2

5.8▼

1.5

▼

▼

-3.5 ▼▼-1.4

+0.4-1.0

▲▼▲

Jan 1 - Sep 30

-2.976.6

+0.6

-20 ▼


▼

Australia Debt

-2.732.4 ▼31.7

-5 13.5▲

Deals

59▲84 +17

47

22.3

22.614

30

25.7-15

18.6

▼16.6

39

44

▼▼2.7

▼ 3.6

5.86.5

2.4▼

3

Industry Total

9 10

10

8 -

Citi

9

▼

89.12,380.6


8

10 - 265.5 2.0266.4

1

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

Sh (%)

4


100.0

Citi

Lloyds Bank

Industry Total

HSBC Holdings PLC

57,057.27,270.2

2,649.9

Australia Deals Intelligence

1National Australia Bank

2,380.68

4,230.0

+2.9-18

▲

▼2

3

5.329

8

10

▲ ▲

Top Ten Total

25.5%

Credit Suisse

-11.7%

▼-1.5%6.4%

-38.8%-30.0%

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

Citi ▲

RBC Capital Markets

37,020.4

Nomura

164.3

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS

15





http://banker.thomsonib.com/

Japanese Yen denominated bond activity reached JPY17 trillion from 800 deals during the first nine months of 2016,a 30.9% increase compared to the same period last year. According to Thomson Reuters/Freeman Consulting,estimated fees for Yen denominated activity totaled JPY63.6 billion during the first nine months of 2016. Japanese Corporate Bond offerings totaled JPY8.4 trillion from 366 deals during the first nine months of 2016, a62.5% increase compared to a year ago and already surpassing 2015 annual volume of JPY6.8 trillion. Due to BOJ'snegative interest rate policy, longer term corporate bond activity increased for bonds with a final maturity 20-years orgreater. These accounted for 34.7% of market share, with 74 deals compared to an 8.2% share from 19 deals in thesame period last year. Samurai bond proceeds for the first nine months of 2016 totaled JPY945 billion from 27 transactions, a 34.5%decrease from the same period a year ago and the lowest first nine months volume since 2006. Samurai bondactivity during the third quarter decelerated - with six deals worth JPY356.8 billion - a 28.5% decrease from thesecond quarter of 2016.

12.7%

2.2 -260,719.7

587.7▼94.2 +3.6

29.8%

64,222.7

13.9%

809

▲▲

2016 Rank

2015 Rank

16,188,934.7Top Ten Total

Proceeds¥mil

Mitsubishi UFJ Morgan Stanley2,546,819.7

▲40.2%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▲▲

32.1%70.1%

Samurai Bonds (AP1)

-0.2

Industry Total +99

Mitsubishi UFJ Financial Group 10▲

18

100.0+3.5

BarclaysTokai Tokyo Financial Holdings 8

8 153,068.1

17,157,775.8

9 ▼10 1.2 -3 ▼ 439.4▼

-0.3 ▼11 158,200.0▼-1.7

0.90.9

351.910 158,761.2 0.9

▼333,206.3 -0.77-0.5

9,766.3▲

635.5

244.3 +75.444

1,106.6▲

+50

Share Ch.491▲

12,700.8▲+94

42.0340▲ ▲+3.719.8▲ 18,571.7

Share Ch.Sh (%)4,768,420.4

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

# of Deals per Bookrunner# of

Mizuho Financial Group 1 1

Change in Market Market

60.7Sh (%)Market

Goldman Sachs & Co

Daiwa Securities Group Inc 5


Nomura

6

40

2 3,528,764.4Sumitomo Mitsui Finl Grp Inc 3

2 +3.420.64 14.8


Japan DebtJapanese Yen Denominated Bonds Up 31% l Japanese Corporate Bonds Surpass 2015 Annual Volume l Samurai Bonds Down 35%

All Bonds in Yen (AP5) Jan 1 - Sep 30Japan Deals Intelligence

358,944.5 2.1

-2.32,287,909.3 13.3-2.71,894,840.85

9

▼ +56▲▲

11.039.2

▼-0.1

310 38.3

▼286317

12.13.0 -10

7,785.4

- 15.2 +0.1

1.4 ▼

+8.4

▼35.4 +38

+58

-2.3

27.8

8,211.1

915.2

28.9

▼

-4.9

▲+8.9

▲

-0.3

12.8 ▼

-0.3

0.7▼-0.8▲

▼

▼

▲

1.0

0.994.5

1.7-0.3

Jan 1 - Sep 30

-4 ▼

3

Proceeds per Bookrunner (¥m)

Lead Manager

Jan 1 - Sep 30Samurai Bonds Issuer Domicile Analysis

*tie

Japanese Corporate Debt Volume by Industry (¥ Billion) First Nine Months 2016

▲

-8

32.9%

93.6100.0

-3 ▼

13,122.912,263.3

442.6 3.4

4.4577.0-

Japanese Securitizations (AP2)

▼▼

▼

Market

6,327.8

-3

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

1.32.3

-41.1%▼

27 2,868.4

11.1 ▼

2,868.4▲ 100.0

-2.2

Sh (%)Fees ¥mil

-4.1 11.0

2.9

# of Deals

3.317

Market

▼-68.4% ▼

-26.1%

-11 ▼

40.0

104.1+1-15

+273.0

-19Sh (%)

63.0

▼-1

Fees ¥milChange in

▼74.1

Market

20

30,000.0 ▲▲▼

5

312,120.0

-3.3▼

▼

18.5

1511.1355.6

Deals

Manager Market

# of

25.3

70.4

# of Market

Sh (%)

63.0 ▼-14

100.0

1.4

Jan 1 - Sep 30

-20

2016 Rank

2015 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

# of Deals per Bookrunner Imputed Fees (¥mil)

Market

▲

+8.6

▲+0.7

▲+0.5

-0.5

+3.9+2.0

▲+4.6+19.7

Share Ch.

▲

▼

▲

▼2.6

73.7 -4 ▼ 48.2▲ 1,444.6+2

3.6

-2.14.5+1 ▲4.70

▼

+1.8-2.2

▲1,128.6 8.6 +0.8

▼3.5

587.0

-2.0

+3

1.8 -▼9.9

0 -

0

428.2

▲

456.7

+0.2▼

4.02.7

▲

▲-12.6

▲▼-2.3%

+8.2

-0▼

349.0521.8-1

4.17Sumitomo Mitsui Trust Holdings 10 -11.4-

171

3▼

+0.7

-0.4

12

3.5▲

08

4 2.3▲ 5

17.816.0

511.3

4.3

15.5458.2443.3

13.6123.4390.4

¥mil

7.0

126

+0.6

1,779,672.21

2015 Rank

▲▲ 7▲10.2

87

7Mitsubishi UFJ Financial Group

6

Top Ten Total

9



-47.1%

44.011.1

18.5

3

Industry % Change from Last Quarter -28.5%

2Sumitomo Mitsui Finl Grp Inc

▲

▲

▼18.231

+2.2

▼45,450.0

+0.7

4-1.13

5 +1.42

Sh (%)+5.4

163,836.715.017.3

Share Ch.▲

171,720.0223,503.3

¥mil

0

▼

Sh (%)

100.0

3.63.7

Market

+14.1

5.2-2.9

Nomura

▼

Market

23.7Deals # of Deals

Proceeds per Bookrunner (¥mil)

+9.1

▲

Sh (%)

1719

164,906.0

209,375.8

+4.5414,183.4

Share Ch.

▼

17

5

1

-0.1

6

135,050.0

3.2 ▲+4.1

-3.5

14.3

+1.9

4510

21,683.3-0.2

Proceeds

8

-34.5%

1

11

9

▼200,475.8

447,800.0

678

Mizuho Financial Group4.812

9

Societe Generale

93.0 ▲

-4.5% ▼

724.7Sumitomo Mitsui Finl Grp IncMitsubishi UFJ Morgan Stanley 2

100.0

21.7%

5.0

23.1

5


3,762,306.23.0

151,000.04.1

-1.6% ▼▲

Industry Total

44.0%

4,044,126.2

Natixis

Top Nine Total

Goldman Sachs & Co

Mitsubishi UFJ Morgan Stanley

Nomura

8

945,000.0945,000.0 100.0


Credit Agricole CIB

Mizuho Financial Group

Industry Total

Lead Manager

Share Ch.+7.6 ▲

+1.3

▼-3.2

▲▼

-3.7

Daiwa Securities Group Inc 141,636.7

-24

6

2016 Rank

121,478.0

Daiwa Securities Group Inc 4

146,415.09

3

127,000.0Barclays

5 4HSBC Holdings PLC

41

65

29

48

61

4551

70

51

27

0

10

20

30

40

50

60

70

80

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

¥ B

illion

Americas Europe Asia-Pacific (ex Central Asia) Africa/Middle East/Central Asia # of Issues

¥2,69332%

¥2,48730%

¥85310%

¥5216%¥493

6%¥3804%

¥2022%

¥1882%

¥1702%

¥1302%

¥1302%

Industrials

Financials

Energy and Power

Telecommunications

Real Estate

High Technology

Retail

Consumer Products and Services

Materials


Healthcare

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

¥1572%

Consumer Staples


2.2


Japan Debt

1.03.05.7

-10328,106.38 +0.2

▼

▼▼

2.0

9-0.7 23

+2.6

76.6%14.4% ▲

95.8

12.6% ▲ 31.2%

▲ ▲+3.1

-0.1100.8

775

▲

95.2+87

59,721.4100.062,577.8

706.7

521.8

635.5439.4

▼

▼44

17

▼1.0

▼0.7

-0.4

-▲ ▼

-0.3-4248,944.57

▼1.0 ▼


-0.2-0.5158,761.2

1.59 ▲

-11.3 -2

-0.4 ▼

146.7 8Barclays

+1

1.94.9

-3+9

2.5▼0.7 -0.1-


0

▼233.0196.2

0.5

98.436,507.337,071.5

+1.4100.0Industry Total

▲39.9%31.7% ▲

366 +88

192.2%▲

16,540,955.1

0.6-0.2

▲

146,415.0

47.5%

Top Ten Total

37.8%Industry % Change from Same Period Last Year 62.5% ▲

▲

8,380,299.425,616.17

99.40.3 -0.8 ▼

▲

10

8,432,800.6

Industry % Change from Last Quarter 130.7%

-0.0100.0

▼

+4 368.3 ▲-0.4+0.4

4.46.6

▲▲

Tokai Tokyo Financial Holdings 97Citi 0.5

9 44,000.0 0 18 ▲

36.3% ▲

11

15,818,186.4

158,200.00.9

100.0

▲

Industry Total

6

+0.2▼▲

220.30.4

+0.10.61.0

▲

-7.9

Daiwa Securities Group Inc13.7

9Tokai Tokyo Financial Holdings

1010

7

Top Ten Total

239Deals

+6.9 ▲Mizuho Financial Group

Goldman Sachs & Co

Sumitomo Mitsui Finl Grp Inc5,349.2 14.4▼5,679.2

▲▲

▼ 515.3 4

-2.6Nomura

53.0

5,059.6▼▼ 42.3

+36+37

+58▼

194

24 +16

48.9

16155

▲

179▼

# of ManagerShare Ch. Fees ¥mil# of Deals

Market Market

▼▼

12.7

Imputed Fees (¥mil)

▲▲


▲

Market

+8.7Share Ch.Sh (%)

+87 18,423.3

Jan 1 - Sep 30

+0.2

-5.59,638.5

+3.5

1.7-2.4

20.0

12.47,957.77,780.6

▲▼-0.5

43.1

Change in

29.4▲

1.1

▼+56

1+6.52

3 1,323,797.4 15.7

27.2

4▼-4.2

2,289,467.8

Japanese Corporate Debt (AP3)

26.5

10

Sumitomo Mitsui Finl Grp Inc 4

0.71.1

Daiwa Securities Group Inc 12.25 5Goldman Sachs & Co

Bank of America Merrill Lynch 8 8 59,244.5

660,700.096,167.06

Shinkin Central Bank 7 +0.5

1+6.8

10,205.024.4 ▲

+7.5 ▲9,049.8

-3.1

Deals

Bonds Targeted in Japan (AP4)

33428.4

Market

▲484

▲12,536.2

-0.1+46

39.5 15.4

Sh (%)62.5

2015 Rank

-3.015.1

3,456,231.1-0.4

Proceeds per Bookrunner (¥mil)Market

Sh (%)Proceeds2016

RankShare Ch.27.5 ▲4,704,428.9

20.9+7.7Mizuho Financial Group+3.0

¥milSh (%)2016 Rank

2015 Rank

Proceeds

▲

Lead Manager ¥mil1

2,232,952.4

Market

65.3Share Ch.

Change in

▲


Sh (%) Lead ManagerMarket

195

# of Deals Fees ¥milMarket

+7+39

▲ 1,081.7▲

▲

513.52,224,588.6

2,497,670.0▲3

3411.51,894,840.8 ▼-3.1

4.4▲2861,029,493.3

40.436.9

53.3+78

313 +53-5.31,218,860.93

14.5 -2.94 ▼ 306

▼

# of

Jan 1 - Sep 30

Proceeds per Bookrunner (¥mil)

Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

▲2Mitsubishi UFJ Morgan Stanley

Nomura 3Mitsubishi UFJ Morgan Stanley +54 22

1


-

-

-

-

-

-Asia-Pacific

-

-

-

-


Tel: +44 207 542 4376

E-mail: [email protected]

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.

Europe

Carina Causon-Israel

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.

Ian Willmott

Tel: +1 646 223 8457


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 tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

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 allFederal 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 rankineligible 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 September30, 2016.

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 theUS 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 aminimum 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.

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 JapaneseFiscal 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.

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

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.

© 2016 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.



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 Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.

Evgeniya KolesovaUnited States

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:

Tel: +632 459 1566

JapanAki SatoTel: +813 6441 1120E-mail: [email protected]


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