debt capital markets review - thomson...

DEBT CAPITAL MARKETS REVIEWREUTERS / Arnd Wiegmann

DEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

F ll Y 2013Full Year 2013

2

Australia Deals Intelligence

All Australian Debt (ex self funded) (AJ3a)

9

Global High Yield Debt (B4)

10

10

10

9

9

3

All Bonds in Euros (N1)

High Yield Debt

Global High Yield Deals Intelligence

91

1

1

2

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

Leading Underwriters for Fourth Quarter 2013

Global Debt (B1)

Global Investment Grade Corporate Debt (B7)

3

14

Global Debt and Syndicated Loans Islamic Finance (DL2)

2

Full Year 2013 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global High Yield Debt US Dollar Denominated (B5) 14

13All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

13

13Dim Sum Bonds (AS24a)

13Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

Australian Debt

13All Asian Currencies (ex-Japan, ex-Australia) (AS1)

Thomson Reuters Solutions for the Deal Making Community

All Australian International Bonds (AJ7)

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

Japan Debt

Domestic Mexican Debt (MX3) 12

Global Debt by Mexican Issuers (MX1)

12

Global Debt in Mexican Pesos (MX2) 12

11

10

All Brazilian Debt (BR1)

Brazilian Domestic Debt (BR2)

6

Emerging Market Debt

All International Emerging Market Bonds (L1)

EMEA Emerging Market Bonds (L2)

8

7

7

7

4

12

10

Latin America Emerging Market Bonds (L3)

11

16

Bonds Targeted in Japan (AP4)

Banking Composite of Top US Debt Bookrunners

Samurai Bonds (AP1)

All Bonds in Yen (AP5)

3

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

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

Japan Deals Intelligence

Banking Composite of Top Global Debt Bookrunners

18

17

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

Debt Capital Markets Criteria Summary

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

12

Asia-Pacific Emerging Market Bonds (L4)

US Investment Grade Corporate Debt (F9)

3

6 11

6

15

US Mortgage-Backed Securities (F11)

Global Debt Rankings - Last Ten Years

US Asset-Backed Securities (F14)

14

5

16

15

11

11


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

Global Mortgage-Backed Securities (B10)

Global High Yield Debt - US Dollar Denominated (B5) 14

US Debt

Emerging Market Debt - Latin America

14

15

Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2)

15

Criteria Summary

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

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US INVESTMENT GRADE CORPORATE DEBT TOPS US$1 TRILLION - Investment grade corporate debt offeringstargeting the US marketplace totaled US$1.0 trillion during full year 2013, narrowly besting last year’s total and setting anall-time record for US issuance. Companies based in the United States accounted for 64% of issuance this year, upfrom 60% during full year 2012. Issuers based in Canada accounted for 5% of US marketplace corporate debt, followedby the United Kingdom and Japan with 4% and 3%, respectively. ALL-TIME RECORD GLOBAL HIGH YIELD; SIXTH CONSECUTIVE US$100 BILLION+ QUARTER - The volume ofglobal high yield corporate debt reached US$462.0 billion during full year 2013, a 19% increase compared to full year2012 and the strongest annual period for high yield debt activity since records began in 1980. High yield issuance fromissuers in the U.S. accounted for 56% of activity, compared to 72% a year ago. Issuance from European issuers morethan doubled compared to full year 2012.

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

Global Debt Activity Down 2% During 2013 l High Yield Up 19% l All-Time Record for US Corporate Debt l JP Morgan Tops Underwriting, Fee Rankings

Full Year 2013

DEBT CAPITAL MARKETS REVIEW

Global Deals Intelligence Global High Yield Corporate Debt- Quarterly

Global Debt Capital Markets by Asset ClassFINANCIALS ACCOUNT FOR 47% OF 2013 DCM ACTIVITY – Debt capital markets activity in the financials sectortotaled US$2.6 trillion during full year 2013, accounting for 47% of all new issuance this year. Telecom and hightechnology activity saw the strongest year-over-year growth registering increases of 65% and 52% respectively over a $2.2

$2.4

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

$140

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

2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Offe

rings

Pro

ceed

s ($

bil)

Global High Yield Debt ($bil) Number of Offerings

▲

0.4% 0.4%

207,836.3

▲

54.96,359,105.6Industry Total 100.0

▲▼-0.1% 23.0%Industry % Change from Same Period Last Year

19,264

Industry % Change from Same Period Last Year5.3%

9,468,436.1

10.8% ▲▲

39,665.1

1.6

▼

4,820,150.3Top Ten Total100.0

+127

+64 ▲▲+6

▲▲

▲▲

11.1%▲▲Industry % Change from Last Quarter

▲

▼+0.11153.7

100.0

▲

51.0Industry Total

7.2%

39,739.3

HSBC Holdings PLC 9 ▲ 1357BNP Paribas SA 85310 3.3

9▲

251,013.3 +0.14.0Credit Suisse 88

3,477,514.4 +0.5

▼

▲

4.0254,024.3 338,465.7

-▼

93.6

21,337.7

7.0

+2.0

6.0%

314,953.8114.4

107

Top Ten Total

6.4-0.53.9

308,870.49

8 364,300.9Bank of America Merrill Lynch

6 348,175.46 57

357,618.8 5.6+0.2

1795

▼

+108

-0.4879.8+0.2

▲+1 4.8

2.2BNP Paribas SA

2,874.2Barclays▲

2,665.51,920.3

-0.1643.2

57.2 ▲

HSBC Holdings PLC

+1.3

+0.7 ▲8Wells Fargo & Co

▲1362+1.0 +294 6.8

-0.21683 8.71228

7.1

6.7

4 4 385,021.5

Morgan Stanley

2,714.0+0.1 ▲ 9.3

5.5

▲0 - 1702 8.8

Goldman Sachs & Co 5 7 374,374.5 5.9Citi 6.1 6.0 -0.1

Goldman Sachs & Co+0.3

2,374.5

▲

Citi▼-

-0.14.61,812.95.4

7.89.8

▼1882

▼

▲▼

-4

Deutsche Bank 2 2 422,830.27.7

0Barclays 3 3 385,854.5

# ofMarket MarketShare Ch.

JP Morgan 1 1 490,765.6Bookrunner Proceeds

MarketSh (%)

Change in 2013 Rank

2012 Rank Sh (%) # of DealsDeals

6.7 0.1 ▼-30

2,128.1+12-0.36.1

▼1497

2+0.2-0.4 ▼ 3,325.210.7 -36 ▼2058 ▲

Proceeds per Bookrunner (US$m)Market Market Market

Global Debt, Equity & Equity-related (A1) Jan 1 - Dec 31

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

8.4 JP Morgan

Industry % Change from Last Quarter

Morgan Stanley

Deutsche Bank

Bank of America Merrill Lynch1 1

10

403,245.7

4

6

3 32

6513,617.5

54

Manager 2012 RankShare Ch.

MarketSh (%)Fees Bookrunner

2013 Rank

▼25,290

-10.7%-3.0%

+6,026

▼

▼ 4.9

+4.5

-0.2

▼

19,733.8

1696

▲2144

+5.4▼ 2,121.2 5.4▲+2 +5.3

1,791.76.7

5.3▼▲

-308.5

1,784.0▲

+4.5

03.3

-0.2

3.3

▲

▲

MarketShare Ch.Sh (%)

Manager MarketFees

# of

+9

Sh (%)

8.0

Share Ch.3,374.6

Global Debt and Syndicated Loans (DL1)

Sh (%)Market

# of Deals per Bookrunner

Jan 1 - Dec 31

Change in Proceeds

Imputed Fees (US$m)

# of Deals3033 12.0 -1 ▼

Deals▲8.8 +0.4

▲8.111.3▲8.5 +8.5

3,212.7 +8.1

+0.3

833,525.3

2033557,757.6 ▲5.9 +0.47.0 0.2 ▼663,916.8

▲4.55.5

▼ +3

▲7.0▲

-0.2

4.1

4.3+4.5

521,496.6

▲+147-57

2,119.2+0.2

2849

13021,639.41779

5.4 1758

▲+268 ▲

+4.14.5

-785

4.5

-0.4

+19

1,777.0▲

1641

5.1

+2.6▲

+140 ▲ 2.6895.4

1,018.66.57.0

▲▲

49.8 +49.81241

8.2%

100.0▲

+2.32.3

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

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

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

technology activity saw the strongest year-over-year growth, registering increases of 65% and 52%, respectively, over ayear ago. Bolstered by the year’s record-breaking $49.0 billion offering from Verizon Communications, average deal sizein the telecom sector led all industries this year, with the average deal totaling US$1.2 billion.

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

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Pro

ceed

s (U

S$t

)Investment Grade Corporate MBS Agency, Supranational, SovereignFederal Credit Agency ABS High Yield CorporateEmerging Market Corporate

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US Federal Credit Agency Debt (B8)

All Global Debt (B1)0Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

+0.1

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

Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)


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

US High Yield Corporate Debt (F8)

Global High Yield Corporate Debt (B4)

213.3

▼

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

▲

0

-0.3

Global Agency, Sovereign & Supranational Debt (B9) -

▼-1.2

1,727

+0 1

+0.2

1.3

1.0

826.01.3

▼

▲

+43247.6

0.9

▲

+0.1 ▲

-▲

192.2486.2

-0.1

2.2

1.3

+0.1

181 3▲

+58

2.7

+138277.9

282.4

0 8

288.7

2.5

▲▲

▲

546.6▲▼▲

3.8

1.1

+5.1%333 832 1

+3.3%2,728 1,156,063.5761849

843

2,781

+5 8%895Global Asset-backed Securities (B11)

13,151

1,430

744

▲

-1.4%-2.6%

-4.2%-43.0%

+18.8%

291,648.4

5,335,438.7 5,411,596.4

388,765.8

166,365.9

4,597,757.6

2,705,969.2

+0.6%+23.0%+5.0%673

+2.8%

1,079

1,030

+6.9%595

265,189.3

325,963.0

496 247,990.2

279,205.0

232,938.8399,360.0 419,335.3

1,016,740.4286,596.4

1,194,772.6

6,221860

11,03212,724

4,477,582.9

2,591,734.1461,999.1

479,920.5504,602.6353 253 1

▼+10

-2597

2.1457

▲

4.0▲

540320

1 7

▼

▼-0.2+0.3

-1.6

69,206.20

87,746.882,267.1 -

-425

132,258.4

100,032.8

17

+0.1

1.61.5

-0.115 ▼

4.8-0.3 ▼

▲+11-61

5.0▼

4.6

▲+0.2▼ 531.8 2.42.6 -0.3 ▼

8.6

679

358

5.4

2.43.9

713798

750

576

-19567.2

3.1

401

-74

+33

+48▼▲

3.6

-83 ▼ 990.3+43 ▲ 705.0 ▼

▼7.5

3.2

▲+0.3-0.26.5

▼4.5 -0.2

▲5.8+0.55.4-0.3

▲+0.3

1,168.89511257

6.4

▼-30 ▼

1,648.11,264.6

+145

▼

▲▲8.4▲

-111381 9.3

+0.1-0.34.9▼

▼3

6.01,318.7-1048.2

- 1537

1,412.7-825

▲ 8.913304 6.0

JP Morgan 1606▼ 0

▼424,783.6 ▼1 1-72379,466.1

6.3348,996.03

1.8

22

4 334,030.9

# of Deals per Bookrunner2012 Rank

Jan 1 2012 - Dec 31 2012 Proceeds per Bookrunner (US$m)

in ProceedsMarket

Share Ch.Change in Proceeds

DealsDeals2013 Rank Sh (%)

Proceeds No.Proceeds

Deutsche Bank7.66.8

Mizuho Financial GroupNatixis

Credit Suisse▼

453 ▲BNP Paribas SA

RBC Capital Markets

7Morgan StanleyGoldman Sachs & Co

▲

Wells Fargo & Co

HSBC Holdings PLC

17

5

▼

6

95,578.1

104,214.3

21

2119

18

11

68,151.754 200 220

UBSCredit Agricole CIB

18TD Securities Inc

▲▲

15

19

1616

1.2UniCredit

1,006

2,586,239.7

Nomura

▲

▼

801

14

-4.1%-1.6%

Societe Generale

20

▼

▼

▼

13

1110

239,286.2

1,375

8

Bank of America Merrill Lynch▲

-39.1%

▲▲

1,859,658.6

$USm

-46.6%1,938,803.3

5,177▼

11,495

718

-13.6%

614

7541,174

3,578 4,050

1,011,016.8

6,401

600

▼

19,381.016,741.8145,776.6 1,130

Deals

US Mortgage-backed Securities (F11)

618149,090.8

US Long-term Debt (F2)

Global Scorecard

$USm

Jan 1 2013 - Dec 31 2013

4,792

No.

2,544,183.1

Market# of

Jan 1 - Dec 31

Citi

3.810

14131212

MarketManager

-0.31,838.2

▼

9

Barclays

Bookrunner

67

Global Debt

335,233.0

Global Debt (B1)

RBS

% Change

▲

2.5

▲5.2

▼4.4

6.0

1225 1,079.3

5.4

8.410.8 -169

Market


Imputed Fees (US$m)

2.4

+0.1

8

300,674.5

▲

+0.2

▲+0.3

1.9

1.7

▼

-0.510.3

+0.2

2.8

-0.2

▲137,013.1

242,859.2

153,927.0201,503.6

Market

5.1

9

283,888.0 +0.7

213,810.5

287,229.6

1 0 -0 2▼

+0.2

3.6

1284

1.2

+0.1

-0.2+0.1

▲

Fees Sh (%) Share Ch.

252

888

+0.1

▼Sh (%) # of Deals

All US Debt (F1)

-▲▼

▲▼-0.1

+0.1

00.5

157.2-0.1

0.50.6138.1

112.5▼

181.3▲▲ 0.7347

2.6

0.8333,832.1843 +5.8%

No. 1 Manager

JP Morgan-0.2JP Morgan

8952,339

-1.2

Global Short-term Debt (B14)Global Asset-backed Securities (B11)

BNP Paribas SA

JP Morgan

Barclays

CitiJP Morgan

Credit SuisseJP Morgan

9.96.8

-0.1JP Morgan

7.4

12.3JP Morgan

27.542.0

14.7

7.9

JP Morgan

12.4

+0.8+0.4

+16.1+23.7

+10.6

11.6

HSBC Holdings PLCCDB Securities Co Ltd

Global Disclosed Fees (A2)

9.8

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

U.S. Federal Credit Agency (H1)

Global High Yield Corporate Debt (B4)

+1.4

6.9

10.6

-0.1


Asia-Pacific Bonds

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

Global Bonds

U.S. Disclosed Fees (E2)

Global ABS (B11)Global Investment Grade (B7)

US Bonds

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

All International Bonds (J1)

U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)

BarclaysU.S. High Yield Corporate Debt (F8)

Citi

U.S. LT Federal Credit Agency Debt (H3)

U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP MorganU.S. Investment Grade Corporate Debt (F9)

+3.5-1.3

International Bonds

Barclays

11.0

▲

-16.0%

1

Current Qtr Market Share

(%)

▲

315,125.4

Leading Underwriters for Fourth Quarter 2013

10.3

14.5

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

1

▲▲

+3.3▲▲

7

▼4

4+0.6

11

-0.4

▼

▲

1

Australian Dollar Bonds (AJ3)

All Bonds in Euro (N1)

+0.5-0.6

7

12.112.9

6+0.3

+1.3

JP Morgan

Mkt. Share Chg. from Last Qtr (%)

JP Morgan

7.69.0

▼▲12.2

353,253.1

▲▼

2,185

8

264,554.8

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

2013 vs. 2012

-7.1%▼-8.8%-3.9% ▼

54.6 +0.114,902 -598

▲11,957.5

+10

▲

▼

21,851.3 100.0

-2.3% ▼

▲+20189

-39▲

+29

+22

5,564,455.1

391

54.21.3+0.11.1▲

2.3-1.7▼

-0.1 ▼

-2.4% ▼

Global Debt Capital Markets % Change by Asset Class

+4.6 1

+9.0

▼ 1

-2.61

▲

Standard Chartered PLC

NatixisDaiwa Securities Group Inc

1

34,541.7

2324

21

2322 22

54,200.220

1

▲

▼


▲2

▲

▼

Industry Total

77

+1.2

14

▲

1

▲

Industry % Change from Same Period Last Year

CIBC World Markets Inc

▼-2.4%

Top Twenty Five Total32

2

Commerzbank AG

▼▲

100.03,017,242.0

42,854.8 0.8

36,179.0 +0.1+0.1 1580.60.725

+0.5116.925

21.8▲

Deutsche Bank

Consecutive Quarters No. 1

25.4ANZ Banking Group▼Westpac Banking

Australia Bonds

1.0 -0.2

0.7

Australian Domestic Securitization (AJ5)

4

37,943.70

252

-4.2%3.3%

5.1%

18.4%

5.8%

-6.2% -43.0%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

Investment Grade Corporate

Agency, Supranational,

Sovereign

MBS High Yield Corporate

ABS Emerging Market Corporate

Federal Credit Agency

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Proceeds per Bookrunner (US$m)

754.1

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

▼-8

456.2

Global Debt

+0.4-0.4

2.7▲

+0.25.84.5

Sh (%)

6.4

47.5

▲

▼▲

-0.1

▲

▲

▼

Top Ten Total

9 ▲BNP Paribas SA 9

-3.7%-5.9%

-15.6%

6,221

8 7+0.7

113,419.7

5.24.8

122,828.54.4-97

▼HSBC Holdings PLC

49.2

Imputed Fees (US$m)

388.3

▼

▼+0.2

RBS

Jan 1 - Dec 31

+61

565

135,782.1 592

▼▼▲

-57

Fees7.4

Imputed Fees (US$m)

▼Deals

658

MarketBookrunner


MarketMarket# of Deals per BookrunnerProceeds per Bookrunner (US$m)

2012 Rank

MarketMarketChange in Share Ch.

-107 ▼-0.4

Jan 1 - Dec 31

Share Ch.


593▼

# of Deals

-359.5

593.9

▼

537.0

Sh (%)10.6

Manager

449.1▼ 453.5 0

+0.4

+0.3

652.0▼ 5.2

▲-

-180

▼

-37▼

+0.5


10,245.9 100.0

▼

Global Mortgage-Backed Securities (B10)

4.4

Sh (%)

-0.1

JP Morgan 1Proceeds

5.7

# of2013 Rank

Bank of America Merrill Lynch 2

138,199.5146,230.9

5.3

9.1-0.9

35.6

1 179,899.2

Deutsche Bank 5 5

Citi 3146,534.3

6.9+0.4

Goldman Sachs & Co 7

2

Barclays 6 48

Morgan Stanley 4 6

4.7124,080.0 -0.5

406

9.5

▲8.4

▼

+0.3521▼

▲

+0.8-0.2

-28355 5.7-36.7

75,120.9 ▼2.9


-198.7

6.5

96,644.2

▲ 540

678 10.9

11


-5.6%Industry % Change from Same Period Last Year -2.8%

▼

+0.1 417-0.1

3.7

100.0

10


Industry Total

-4.2%

2,591,734.1

▼

▼297.2

▼279.64,860.9▲1,278,739.3

-0.3▲2.9

4.4

+0.13.8

Imputed Fees: Global Investment Grade Corporate Debt Full Year

Jan 1 - Dec 31

6,19

5.9

6,68

6.4

9,00

7.0

9,29

6.3

8,26

8.7

9,39

1.4

8,40

8.7

8,23

7.4

10,8

86.6

10,2

45.9

6,327 6,3636,898

6,482

4,894 5,432

6,249

5,8086,401 6,221

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Offe

rings

Fees

(US

$m)

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

* tie

Deutsche Bank +0.3

+0.57.312.0

18,831.0

Sh (%)

100.0

▼

6 7 20,893.5

17,970.8

6

188,850.5591.2267,905.6

▼7.6

100.0

▲

-9.1%

662

98,497.58,708.9

▼ 61

11.7

5

-1.223,340.4

▲

179▼

79+0.7

▼

68.3403.6100.0-66

▼ -14.0%

+0.3-2 16.9 ▲70.6 -2.7 ▼ -2.5

+0.3 50 2.9▼

31.8▼-40

▼-1.332.1 5.4 -2.4 ▼▼

27.0 -225.4 -2.3

-1.23.3 5.49.2

▲12.4 +1 ▲ 35.1 ▲11.9

5.9 +0.6+0.8

11.2

▲ 82▲▲ 7.2

44.9

▲+1.3

74▼-1.58.7

1

7.4▼

24.9%

6.1

7.319,572.7

16,252.8

3.210▲

▼

7.0

4

10

14,471.99

Proceeds2012 Rank

Market

19,900.8

31,251.8

# of

24.4%

Jan 1 - Dec 31

▲

Share Ch.

Proceeds per Bookrunner (US$m)2013 Rank

10.5

Fees

6.7%

Manager

▲

▼

94# of DealsSh (%)

▲

▼

+0.1

Market

45.5

-5.8%

Market

+3.5-14

74-2.4 ▼

▲

Share Ch.

Imputed Fees (US$m)MarketChange in

7.79.9

▲▲+3.1

72.2 +0.5843 100.0

-1.7 ▼

▼

58.5+4

+8

▲ 1,187.6-52 1,606.0

▲ 88.9+1126.6

8.35.3 +12 ▲

-37

+1.1+5.4

5.573.9

7.94.9 +2.0 45+0.3 ▲ 644.0

▲70

11.0 ▼+0.3

7.6

5.54.6 -1.72.7 -0.3+8

▼42.669 8.274.6

▼5.6

▼4.3▲

-1.169.2117.1▲

-10 ▼▲

+9

1▼ 11.6

11.2

+0.9 93 11.025,207.8

▲

3 2 31,951.2

9.7

+1.2▲+1.4

9.0 -1.0

▼

193.2

4.2% ▲

932.8

-1.5+0.9

111 13.2▼

▼

▼▼▲

RBS 5.1 -2.3

-1198

19.3% ▲

Sh (%)

8 58 19,572.7

93

▲14.0

▼

▲▼

Mizuho Financial Group

100.0688.6

-0.273.8 -2.0

2.7

+88849

24.7+346 5.4 ▲-1.5 ▼▼

504,602.6395,762.0 78.6 -2.5

100.0

Nomura 10 3.7Wells Fargo & Co 9 8 32,947.4

18,404.110+0.569.8-0.160.3 6.5

6.5 ▲+0.4 ▲ 98▲ 68▼ 75 8.8

7.511.5 +32

Citi 6.87 7 34,092.7Morgan Stanley 8 9 33,574.0

9.883 +5▼

▲+0.9 8.0-0.2 +19

+18

6 7.7

6.7

▲-0.3+2.3

8.29.9

▼-0.2▼3

6.338,719.3 6.4

59.1▲ 60.0

38,919.4-0.1

5Credit Suisse

7.261

▲ +0.2

76.2▲7.76

-3.2▼51.4 5.5

▲

Bank of America Merrill Lynch 4 5 42,156.2 94

+12+188

11.1 +20

▼▲

90.0 9.6-3.946,145.9

▼▲ 92.4

10.48.4 +0.2 ▲

-1.0 +13

+2.9 92 10.8▲

Barclays 3 2 ▼9.2 -1.1

Proceeds per Bookrunner (US$m)2012 Rank Proceeds # of DealsShare Ch.

2013 Rank

Market # of

887

3.8

Industry Total

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

28,022.7

▲

4 323

2

7

15.5%5.8%

353,253.1

▲▲

255,475.7Industry Total

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

▲

Bookrunner

▲

JP Morgan

▲▲

RBSDeutsche Bank

+3.8

+2.8▼ 86

Top Ten TotalWells Fargo & Co

5

6

104.7

Top Ten Total

# of Deals per BookrunnerManager

▲11.211.5 ▲+610.1

44,088.8 107Share Ch.

+3.5 ▲

Market

7.1▼Barclays

Credit SuisseBank of America Merrill Lynch

Market

7.0

Proceeds12.5

14,237.3

160.6

17,303.5

Market Change in Sh (%)

82

▲89.8-24 Credit Suisse

▲+5.6+6.5+6.6

Bank of America Merrill Lynch

▲

+59.4

RBC Capital Markets

Goldman Sachs & Co

Market

▲11.6%7.3% ▲


Sh (%)

▲ ▲

+3.6

Global Asset-Backed Securities ex-CDOs (B13)

Share Ch.

▲

-2.9


▲

Sh (%)

Jan 1 - Dec 31

Market

+8.9

Fees

▲10.08.9▼

Deals

79 11.9Citi

▲

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)MarketMarket Market

2

▲

225.0

-1.643.5 7.442.6

Barclays

1Deals # of Deals Fees

▲

Market

JP Morgan12.7

Industry % Change from Last Quarter 100.0%

▼

+6.0

+4.2-2

100.0

Deutsche Bank

59.4

3.6

1.84.8

+1.8

2 1 52,651.4▲1 4 58,151.6JP Morgan▲

10.4

BookrunnerShare Ch.Manager

+12.4

Market Change in # of Deals

Imputed Fees (US$m)

12.415.8

-4

4.25.66.527.4

Share Ch.▲

MarketSh (%)Fees


Sh (%)

Global Asset-Backed Securities (B11)

Bookrunner3

2012 Rank


Market # of

Citi

Top Ten Total1011

4

9

7

4

10

▲

▲

-0.811.214.2

-12 ▼

▲

52.7-19

+1.5▼ -0.6

69 10.4 +87.6

+1.1

5.3▼▼

8.37.2

Proceeds per Bookrunner (US$m)# of2013

Rank2012 Rank Deals

5,633.5

MarketMarket

1 +0.1Bookrunner

19.4

15.0Sh (%)

22.1

7.1

CIMB Group Sdn BhdHSBC Holdings PLC

-122

Proceeds33 34.7

2 +3.73,517.6Standard Chartered PLC 3 4

2+0.17.72,903.2

6.6

23.2 ▼▼Malayan Banking Bhd 4 3 2,686.7 26+4.9

▲

▼6.3

▲▲▼ 24 25.3

21 -7

-0.56

6.0▼ 29 +9 ▲ 7.630.58.92,384.2

RHB 6 6.8AMMB Holdings Bhd

Deutsche Bank

5 7

7

2,660.5

10 4.6

6 2,567.8▲ 8.5+1-1.77.1

3.9 -0.86.3 +0.6 -2 11.4

-1

▼Emirates NBD PJSC

▲

+4.516

5Citi 8 1,482.2

101,206.5 3.2

▲▼6

▼

-1▲

7.4▼

128.195 -4

11.67

11

-4.0% 5.1%Industry % Change from Same Period Last Year110.8%

37,605.0 100.075.8

Industry Total

▼▲

-4.3%

Sh (%)

12.7%

-6.3%

Morgan Stanley

56

Wells Fargo & Co

RBC Capital Markets

-6

24,636.55.9 -0.1

39,613.6 ▼+13

▲▲

▲


87.8%

9.4%

Industry Total


▼

0.0%

Imputed Fees (US$m)

Share Ch.

10.7% ▲

Top Ten Total

9

7.7%

26,005.0 69.1962.8

▲

1

Abu Dhabi Islamic Bank (ADIB) 2.6-1.0-0.9

+26.3 2.3

14



Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Dec 31 2013

Banking Composite: Global Debt

49.4%

41.4%45.4%

49.8%

56.2%

47.5%

54.7%

48.9%50.0%

42.0%

5.8% 6.0% 5.2% 4.3% 5.8% 5.7% 5.3% 0.3%1.0%

7.1%

60%

70%

80%

90%

100%

5.6%3.6% 5.3% 6.3% 6.4%

1.9% 3.0% 2.7% 2.1%

7.6%

15.3%

27.2% 22.5%16.1%

7.1%

23.6%17.2%

30.8% 30.6%17.1%

4.9%

4.5%

4.2%

7.6%

5.2%

1.8%

3.6%

8.5%

4.3%

3.0%2.3%

1.8%4.6%

1.7%

0.9%

1.0%

1.3%

1.5%

3.2%

1.5%

16.7%

15.5%12.8%

14.2%

18.5%

18.5%

14.9%

7.2%

8.8%

21.8%

0%

10%

20%

30%

40%

50%

JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch

Morgan Stanley Goldman Sachs & Co HSBC Holdings PLC Credit Suisse 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

1

2

3

4

JP Morgan

Deutsche Bank

Barclays

Citi

*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.

5

6

7

8

9

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Ran

k


Morgan Stanley

Goldman Sachs & Co

HSBC Holdings PLC

Credit Suisse

BNP Paribas SA

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g g q y

5

▼

▲

-▲-

▼▲

-2.0+0.3

0+0.3

0 20

-0.2+0.3-0.2+0.1

2.41.5

2.82.31.92.0

1.5

0 5

1.00.6

46.831.624 2▼

▲▲▲

-10-10-10-5

-76+17+14+12+112

2.61 7

11.28.77.66.48.75.36.33.839

2718

905565

▼ 115907866

▲

-

▲▲▲▼

▼▲

0 5

-0.7+0.3+0.6+0.5-1.2+0.5

3.22.72.21.91.61.50.8

Credit Agricole CIB

121716

15,561.6

4,970.6

16

180.5

Societe Generale

RBC Capital MarketsMitsubishi UFJ Financial GroupUBSMizuho Financial Group

ScotiabankUS Bancorp 8,214.5

202118

131415

131415

2019

17

4 073 6

Manager

38.3 -44 ▼ 520.2

Fees# of DealsChange in

▼

-0.2+0.2

0

Share Ch.-47 ▼ 610.9 12.4 -0.1 ▼

Sh (%)448 43.513.5 -1.5 ▼1 137,126.1

7

11.1 -0.1 ▼

▲

32,326.527,845.222,090.119,464.0

JP Morgan 1

9 9

12

33,657.2

11 10

7 8

0.76,667.7

15,921.6

0 4

Share Ch. Deals Sh (%)

363

Market MarketMarket # of MarketImputed Fees (US$m)

▲

10.6 -0.3


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

US Investment Grade Corporate Debt (F9) Jan 1 - Dec 31

▼

Proceeds

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2013 Rank

2012 RankBookrunner

MarketSh (%)

8

112,525.0

5 5 84,793.9

63,955.4

2 2

Deutsche Bank

US Deals Intelligence

US Debt (F1) Jan 1 - Dec 31


Goldman Sachs & Co

RBSWells Fargo & Co

HSBC Holdings PLCBNP Paribas SA

▼Citi 3 3 108,932.0 10.7

394▼ 413.30 - 35.2 -35 8.4 ▼

Morgan Stanley 4 4 92,282.4 9.1-0.6

+1.0 ▲

Barclays 6 6 65,686.48.3 +1.06.5

▲6.9 +1.0 ▲242 23.5 +15

+6 ▲ 9.1 +1.1339.9▲

+0.3

284 27.6 449.2

21.2 ▼6.3 +0.8 ▲ -3

-0.3 ▼ -35207 20.1218 ▲

4.6 +0.3 ▲6.0

▼296.8228.5

0 -303.9 6.253,490.2 5.3 -42 ▼-0.2 ▼ 208 20.23.3 -0.7 ▼ 157.8129 ▼ -0.1

112 10.912.5 -22

+2 +0.4157.7 3.2▼

Credit Suisse 10 11 33,420.9 3.3 +0.4 ▲ ▲3.2

▼▲

▲

▼

▼▼▼▼

117.474.774.5

136.1112.294.7

100.2

Annual volume for the U.S. Investment Grade market in 2013 narrowly eclipsed 2012's all-time high, passing theUS$1 trillion mark for the second consecutive year. Despite a lower deal count (144 fewer issues comapared to2012), the US$1.02 trillion raised beat last year's US$1.01 trillion total as issuers continued to take advantage ofhistoric low interest rates ahead of the anticipated rate climb: the 2013 average coupon stood at 3.496%, just 0.9basis points over 2012's record low average rate.

Verizon Communications priced the largest bond issue on record in September, shattering the previous record heldby Apple for its US$17 billion deal in April. Verizon used the US$49 billion transaction to fund its US$130.1 billionacquisition of the remaining 45% interest in Verizon Wireless from its former joint venture partner Vodafone - thethird largest M&A transaction on record. The transaction led to the largest monthly high-grade volume on record.

US ABS totaled US$265.2 billion from 496 transactions, representing the largest annual total since 2007 andsurpassing 2012 volume by 6.9%, largely attributed to the revival of the CDO market (31% of ABS volume) up 75.1%over 2012 levels. US High Yield debt increased 2.8% compared to 2012 and set yet another annual record withproceeds of US$335.2 billion from 618 transactions.

▲-

0.3Itau Unibanco ▲0.7 -7

▼▼▼

‐40.7%

+0.10

+0.10.313.722.0

+0.74,920.5

‐32.2%

▼▲-0

‐6.8%

▲4,406.3

-0.2+0.1

0.5

0.60.7

0.50.3

24.216.727.236.1

▼▲▲

-3

-12+3+4-7

1.7

1.61.7

0.92.5

187

189

2616

+0.1-0.3

-0.5

▲

-0.2-0.1

▼▼▼

0.40.30.3

+0.2Societe Generale

22

183627SunTrust Banks

20 4,073.6

Top Thirty Total

2122

2423Santander


Nomura

‐30.5%

3,519.9

25

3,386.53,322.43,268.224

19

‐12.1%

73.5 -3.8

‐4.6%

▼

▼▲

‐8.0% ▼‐18.2% ▼

▼

▼Industry % Change from Last Quarter

▼

3,549.40.40.4

‐12.3%


973,312.1 94.6

0.3

89.5100.0

-0.4 ▼

Industry % Change from Same Period Last Year 0.6% ▲

-144Industry Total

▼

Industry % Change from Last Quarter ‐6.5% ▼Industry % Change from Same Period Last Year 2.8% ▲

1,030

Top Ten Total 262,534.9

1,016,740.4 100.0

Industry % Change from Last Quarter ‐25.4% ▼ ▼

618 +4

▼

Industry Total 335,233.0

3.9▲ 183.23,494.178.4 -4.1 ▼

112RBC Capital Markets 10 10 13,270.2 4.0 +0.3 +0.1 ▲30.1 +1 6.5 +0.3

+5 ▲▲

18.16.8 +0.1 ▲ 186Wells Fargo & Co 9 8 22,624.7

308.1 6.5▲ 311.4

143 23.1 0 -▼

Morgan Stanley 8 9 23,559.8 7.0 +0.7 ▲ +0.6 ▲26.2 -13 6.2 -0.47.1 -0.1 ▼ 162

▼Barclays 7 7 23,796.3

341.3▼ 296.6

169 27.3Goldman Sachs & Co 6 6 25,105.6 7.5 -1.0 -0.4 ▼30.9 -15 7.2 -0.9

+2 ▲▼

7.27.8 -0.8 ▼ 191Citi 5 5 26,185.9

359.5 7.6▼ 344.6

180 29.1 -27 ▼▼

Credit Suisse 4 3 27,324.2 8.2 -1.2 ▼ -1.6 ▼30.9 -11 7.3 -0.18.3 -0.6 ▼ 191Deutsche Bank 3 4 27,931.4

507.6 10.7▼ 345.3

267 43.2▼

Bank of America Merrill Lynch 2 2 34,058.1 10.2 -1.1 ▼ -0.6 ▼41.6 -24 10.4 -0.8▼ 496.5

-16 ▼JP Morgan 1 1 38,678.7 11.5 -0.4 ▼ 257

Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2013 Rank

2012 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager

2013 Rank


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

1 311,392.6 22.3 -108▼ 106712.2 -0.6 ▼Citi 2 3 246,687.8 9.7 +0.1 ▲JP Morgan 1 11.3 -0.1

876 18.3 -48 ▼▼ 1,452.6

-0.51,137.8 8.8Bank of America Merrill Lynch 3 2 238,599.5

5.9-48 ▼ 1,384.3

668 -0.4

▼▼10.7 -0.19.4 -0.3 ▼ 1032 21.5

760.3Barclays 4 4 219,641.6 8.6 -0.5 ▼

6 6 193,895.6

▼8.5 +0.1

-62 ▼14.8 -15

600 12.5 +58 ▲ +0.2▼ 827.0

▲▲+0.1

Morgan Stanley 7 7 188,424.3 7.47.6 +0.9 ▲Goldman Sachs & Co

7.7 +0.9

709887.7 6.9

6.4

+0.9 ▲ 647 ▼518 10.8

13.5 -8 ▲Credit Suisse 8 8 137,789.5 5.4 -0.2 ▼ -42

988.6▼

13.1 -28 6.25.6

▼ 803.6-0.5▼ 720.3

▲5.0 +0.2 ▲2.9 -0.6 ▼

628-0.2 ▼

Wells Fargo & Co 9 9 127,422.9RBS 10 10 73,033.1 330 6.9 -60 ▼ 354.8

+0.3

Industry Total▲

2.8Top Ten Total 1,953,594.0

2,544,183.1 100.076.7 0 9,317.0

-385 12,884.74,79272.3 -0.3 ▼

100.0

▼▼ ▼

▼‐17.6%

Jan 1 - Dec 31


US High Yield Corporate Debt (F8) Jan 1 - Dec 31


All Federal Credit Agency Debt (H1)

2013 Rank


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

3.8 -52▲ 134Barclays 1 1 60,110.6 15.5 +4.26.8

▼ 17.4 ▲Morgan Stanley 2 4 41,645.3 10.7 +2.7

8.8 +0.6 ▲ 187301 8.6▲

-165 ▼ 11.6 5.5 +0.4

8.2 +4.3-142 ▼ 14.5

JP Morgan 4 2 31,007.3 8.05.3Deutsche Bank 3 3 34,220.0

▼ 179 5.1 12.2 ▲

+0.5 ▲▲

5.8 +0.35.4 -1.5

-133 ▼4.4 -116 ▼153▼

-0.5▲

TD Securities Inc 6 18 18,729.2BNP Paribas SA 5 6 21,032.5 +0.34.7

+4.710.0

180 5.1 +107 ▲4.6 +2.1 ▲ 1424.8 +3.5 ▲

HSBC Holdings PLC 7 13 17,711.3128

▲▲4.1 +27 ▲

▼15,118.5

5.7 2.7 +1.511.4

▼4.2 -1.2

5.4

Citi 8 7 16,387.0 4.2 -2.3 3.7 9.0 ▼3.9 +0.4

-151 ▼3.5 +1.97.4 ▲

Goldman Sachs & Co 10 11 15,066.6100Nomura 2.99 9

Top Ten Total 271,028.3▼3.9 +0.7 ▲ 78 2.2

69.8 +9.9 ▲-0.7

-26▲-52 ▼

▲105.5 +12.06.3 3.0

49.8388,211.6

2.1% ▲

100.0

0.7%

4,759.2 100.0

▲‐49.3%

100.0

‐37.2%

Industry Total 3,496 212.2

▼ ‐64.7% ▼

100.0-2,074

▼Industry % Change from Same Period Last Year ‐46.6% ▼

Industry % Change from Same Period Last Year ‐1.6% ▼‐8.8%Industry % Change from Last Quarter ‐13.9% ▼‐7.4%

25

29

2930

Bank of New York Mellon CorpJefferies LLCTD Securities IncBMO Capital MarketsBanco do Brasil SA

262728Deutsche Bank 5 5 216,707.1 ▲

13.93,052.12,911.62,630.72,465.2

286435

+0.10

+0.30.30.30.2

171111

2,201.2 5

▲-▲-

0.2

▲-

0.5

+4-9

+8

-9

1.71.11.1

0.30.50.4

▼

27.016.925.2

8.1

▲▼

--▲▲

0.2

00

+0.2

-0.1

0.6

+0.119.7▼

080 0.8▼-0.2


9

4

Deutsche Bank 6 7RBC Capital Markets 7 8


Barclays


4 21,031.3

▲▲

100.4 7.7 -0.1 ▼84

-2.1

+0.77.9 -2.4 ▼


US Securitizations

+1369 13.9 -11

9.5% ▲

16.9-83 16.7 -20 ▼ 0182.0 13.9

20.4 ▼

5 22,655.4 8.5

14.01 37,142.2

▲ ▲

Sh (%)Deals Sh (%) Share Ch.▲ 14.9+2

▲-1.3 ▼194.7+1.7

# of Deals

-4 151.9 11.6

Fees

Imputed Fees (US$m)

▼3.7 -2.375.6 5.8

Share Ch.15.0 +3.3

▼

Credit Suisse10.6 -2.3 ▼

JP Morgan▲

2 28,050.6

Citi 1 3 39,833.72

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market2013

Rank2012 Rank

Jan 1 - Dec 31

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

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

US Mortgage-Backed Securities (F11)

10192 18.5

# of Market Change in MarketSh (%)

Market

US Asset-Backed Securities (F14) Jan 1 - Dec 31

18,753.4 7.15 ▼ 48.0

+0.5 ▲ 86 17.3 +20 ▲ +0.8 ▲10.9 +5 ▲ 37.6 ▼-0.617,526.1

Morgan Stanley 8 10 14,529.9 5.5 +2.3 ▲▲6.6 +0.3 54

118.0 9.02.9

40 8.1 +13 ▲ +3.3 ▲9 13,987.3 5.3 +0.4 ▲ 63 12.7 0 ▲

RBS 10 6 12,062.8 4.6Wells Fargo & Co - 84.4 6.4 +0.8

47 9.5 -35 ▼ -1.3 ▼Top Ten Total 225,572.7 85.1 -2.0

-2.7 ▼1,057.5

64.9 5.0▼ 80.9 +1.0 ▲

Industry Total 265,189.3 100.0 100.0496 +43

▲

1,311.1

29.3%Industry % Change from Last Quarter 1.6% ▲

6.9%▲ 17.5%9.5%

Quarterly Residential ABS, MBS & CDO Volume

US ABS Collateral Volume Breakout (US$b) Jan 1 - Dec 31 2013

900$600

$81.6 31%

$35.6 13%

$17.9 7% $85.5

32%

$41.9 16%

$1.8 1%

CDO Credit Card Student Loan Auto Other Real Estate

‐22.7% ▼0.9% ▲ 16.0% ▲‐6.1%

-2.6 ▼▲

1 37,578.5 12.5

419,335.3 100.0

Sh (%)

▲

ProceedsDeutsche Bank 1

8

38 7.5 -0.2 ▼Barclays 2 2 34,939.0

Barclays62

358,623.7


7

5.0% ▲

28,637.1

8

Share Ch. Deals# of

3.66.8

▲▼

21.4%

MarketSh (%)

-1Fees

▼ 50.1

ManagerChange in

14.0Sh (%)# of Deals Share Ch.

Market

▼+45

Market

▲37.6% ▲1.6%

100.0691.8

4.986.0

47.3

Imputed Fees (US$m)2013 Rank

2012 RankBookrunner

632,833.9 +0.5

45,119.8 10.8

▼

7.1 -0.6

8.5 -1.17.8

-0.2 ▼

-0.2

2.0% ▲▲

Jan 1 - Dec 31

6.7%

718

-0.4 ▼-1.2

33.8▲594.5

▲+1-0.5 ▼

▲+1.5 7.7 +13

▼10.0

+1.4 ▲-

+0.8 ▲7.3 06.8

▲ -1.0

▲

9.263.7+31 ▲ 69.4

50.2+12

8.1 +13

53 7.4

13.59.1

9765

58

55

Market

6 5

3

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

4 35,796.3

14,986.011

-8-4+2.3 ▲

537.9

Citi

10RBS

7 29,547.0Morgan Stanley 9 9

4010.4

+3

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

Top Ten TotalIndustry Total

85.6 -1.3 ▼

+0.9 ▲77 10.7 +3 ▲ 55.2 8.0 +0.4 ▲

+13

11.3

Deals

▼+9 ▲+2.9 ▲79.8-3.2

11.5+5 ▲46.0 6.7

Imputed Fees (US$m)

Share Ch.Market

▲ 70.9 10.3

2012 Rank

49,104.6

85 11.884 11.7

11.2 81+2.9 ▲11.7 -3.0 ▼

9.1▼

-0.6 ▼9.0

Market

▼Sh (%)

9.7 -3.0+10 ▲ 78.2# of Deals

11.3FeesSh (%)

Market # of Market Change in Manager Market

Wells Fargo & Co

JP Morgan 2

Credit Suisse

3

5Goldman Sachs & Co


Sh (%)Deutsche Bank 1 1

Share Ch.70

37,526.6

Bookrunner Proceeds2013 Rank

53 38,055.9

47,016.5


▼-0.2 ▼ 39 7.7 +4 ▲ 44.7

16.655 4.7 -6.33 29,750.4

11.6 +0.4 ▲12.5 +0.9

10.8▲

Credit Suisse 4 4 29,418.9 9.8 -0.2 ▼Goldman Sachs & Co 9.9

JP Morgan 5 8 27,720.5+0.4

-0.548

8.931.89.2

▲▲▼

▼ 40.1 11.2 +4.5▼

10.236.5▼▲ 31.6 8.9Citi 7 6 24,552.0

Bank of America Merrill Lynch 26,356.7

▲

-1.2 ▼8.2 +0.1 ▲ +18.8 9.4 -2

▲Morgan Stanley 8 10 20,663.8 6.9 +1.7 ▲ 36

+0.6▲+0.7

38 7.5 ▼+4

-1.2-623.2 6.5

▼ ▼ 23.9 6.7+1.3- 15.9 4.50

314.4 88.1 +0.2 ▲509

▲


357.7 100.0

▼

-33

12.9% ▲Industry % Change from Same Period Last Year ‐8.4%

301,151.5Industry TotalTop Ten Total 261,263.1

8.3427.1

8.1Wells Fargo & Co

▼

▼

100.086.9 -2.3

5.24.8

15,702.0 -1.89Nomura 41▼10 9

714,581.3 -0.8

0

100

200

300

400

500

600

700

800

900

$0

$100

$200

$300

$400

$500

$600

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b)

# of Issues



Banking Composite: US DCM

Jan 1 - Dec 31 2013DCM Bookrunner Industry Composition (F1) Jan 1 - Dec 31 2013 DCM Bookrunner Industry Composition (Ex Financials) (F1)

7 3%

4.6%

8.2%

9.7%

7.2%

11.1%

8.6%

5.6%

8.0%

8.8%

7.2%

7.6%

6.4%

7.6%

4.1%

4.4%

7.0%

4.6%

4 8%5.1%

6.2%

5.6%

4.8%

5.6%

7.0%

5.9%

5.0%

5.7%

3.8%5.5%

0.1%

3.8%2.3%

4.0%

1.6%

2.1%

3.1%

2.4%

2.1%

6.2%

1.1%

4.9% 3.3% 6.1%

2.7%

4.6%

4.2%

3.6%

4.4%

6.2%

4.5%6.8%

5.7%7.7%

3.8%

6.4%

6.1%

5.7%

4.9%

4.6%

8.6%16.0% 17.7%

14.2%

8.5%

18.2%

8.7%

19.3%

31.0%

22.2%

5.9%

60%

70%

80%

90%

100%

Pro

ceed

s

4.5%0.1%0.8%

1.7%

3.3%

2.4%

3.6%

6.3%

9.9%

10.4%8.6%

5.3%

10.6%

5.2%12.7%

14.1%

4.3%

37.9%40.9% 39.5%

37.5%41.9% 40.4%

34.3%

40.3%36.4%

27.4%

60%

70%

80%

90%

100%

Pro

ceed

s

2.1% 2.0%4.8%

1.2% 2.1% 3.1% 2.2% 0.9%4.6%

1.5%

17.0% 18.6%

18.9%

12.8%

18.9%12.2%

21.2%

18.4%

24.9%

20.7%

15.6%17.2%

8.4%

34.1%17.3%

25.5%

15.8%

12.8%

2.1%

32.3%7.2%

6.8%

9.0%

7.3%

9.1%7.5%

6.6%

4.7% 6.1%

4.5%

4.0%

6.0%

5.4%4.2%

5.6% 5.7%

8.9% 7.7%

6.5%6.7%

4.8%

0%

10%

20%

30%

40%

50%

JPM Citi BoA DB Barc GS MS CS WF HSBC

% o

f Ind

ustry

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

1.3%

1.2%

2.9%

0.8%

1.2%

1.8%

1.4%

0.6%

3.0%1.1%

10.6% 11.0%11.4%

8.0%11.0%

7.3%

13.9%11.0%

15.8%15.0%

9.7% 10.2% 5.1%

21.3%10.1% 15.2%

10.4%

7.6%

1.3%

23.5%

4.5% 4.0%5.4%

4.6%

5.3%4.4%

4.4%

2.8%3.9%

3.4%

2.8%

2.3% 3.6%

5.2%

3.1%

5.8% 2.8%

3.3%3.6%

5.2%

5.5% 6.6%4.7%

5.4%

3.2%

4.8%5.8%

3.9%4.3%

5.2%

4.7% 3.8%4.6%

2.6%

2.6%

4.2%3.0%

2.9%

3.3%

3.5% 2.8%3.4%

4.4%

3.5%

3.0%3.7%

2.3%

3.5%

2.4%

1.4%

2.4%

1.0%

1.2%

1.8%

1.6%

1.3%

4.0%

3.1%

1.9%

3.7%

2.6%

2.5%

2.3%

2.6%

4.0%

4.2%

3.4%

4.7%

3.7%

3.7%

2.9%

2.9%

18.5%

0%

10%

20%

30%

40%

50%

JPM Citi BoA DB Barc GS MS CS WF HSBC

% o

f Ind

ustry

P

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


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

2013 was a record-breaking year in the international marketplace - the two largest International non-financialcorporate bond offerings of all time (Verizon's US$49 billion issue in September and Apple's US$17 billion issue inApril, which eclipsed Roche's 2009 US$16 billion prior record). The largest international corporate hybrid on record(EDF's US$8.2 billion equivalent tri-currency multi-tranche deal); and the largest supranational deal on record (EFSF's€8 billion deal in April).

According to Thomson Reuters and Freeman Consulting, Deutsche Bank led all banks as to fees earned in 2013 inthe All Bonds in Euro market (€222.5 million earned), Deutsche Bank also led the Corporate in Euros market (€128.3million earned), and the Financials in Euros market (€29.2 million).

All International Bonds by Issue Type

Bank of America Merrill Lynch 7 6


43

Deutsche Bank 2 2

Goldman Sachs & Co 5

BNP Paribas SA


JP Morgan 1 1

Barclays 3Citi

8

247,351.2211,182.3

Top Ten Total

279,582.3

4

271,217.77.2

Market Market

-0.87.98.1

+0.1

Sh (%) Share Ch.

▲

5.8 +1.2

3.9 -

100.0

+0.4133,743.8Credit Suisse



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

Sh (%) # of DealsDeals


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

All International Bonds (J1) Jan 1 - Dec 31EMEA Deals Intelligence

# of MarketFees

1120▼ 1046 18.8

20.1 1,064.1-72 ▼▼

7.1 +0.29.0-196 1,341.6

Market MarketSh (%) Share Ch.

▼▲

-0.7

-74 ▼843.0

-0.4 ▼-94 ▼

1,023.4-0.3 ▼

▲14.9

5.6-0.3 ▼ 814 14.6-0.2 ▼ 831

+0.1

6.2 6.8

HSBC Holdings PLC 6 5 196,864.8198,715.9

16.35.4 -0.1 ▼ 788

907▲5.7 603.0

3.1

▲▼

+0.3▲+0.3

7.9

6344.0

▲-7114.2 1,178.9+20

11.4 +62 5.8▲▼

+0.3-0.1

▲

863.8

5.2

+0.4-0.3

▲

5.0 470.8616 11.1 +5+0.3 ▲-2510.2

▼ 772.7▲▼ 809.7

8,971.0

5.40

4.7

▲

▲ 566572

-0.3▼10.3 -26▼59.9

171,831.9162,268.0

78184,928.4

Morgan Stanley 9

‐4.2%

9

3,435,758.92,057,686.3

Industry Total

10 10

▼

+0.759.9

▼ -5.0%

5,566 -417

▼

Jan 1 - Dec 31

▲

14,972.6 100.0

‐6.0%Industry % Change from Last Quarter -11.8% ▼-7.0%

▼ 1.8%

Top Ten Total

▲Industry % Change from Last Quarter 21.3% ▲ 13.1%

1,807

▲ 20.9%

Industry Total 1,030,956.8 100.0

Industry % Change from Same Period Last Year 6.3% ▲ 0.2% ▲ 22.7% ▲

-1.352.8 -0.81,463.6

100.02,769.2+4▼▼+1 ▲ -0.4

598,509.512.0

▲▼ 217

58.1 +0.9

9.1 +463.392.6

▲Natixis 10 9 36,416.1 3.5

4.2 +1.0▲

▲ 122.9 4.4 +1.0▲ 1656.1

Goldman Sachs & Co 9 11 43,339.3

Credit Agricole CIB 7JP Morgan 8 8 52,995.4 11.5 -17 ▼ +0.3

▲14.3 +9169.1

▼ 258▼

59,540.84 55,822.5

5.1 -0.35.4 -0.6

Industry Total


190,174.9

2013 Rank

9.5%

▲5.8 -1.0 ▼ 299

356

▲Industry % Change from Last Quarter 32.8% ▲ 1.1%

▲40.0% ▲8.7%

▲

▼-3.3+31 100.0

299.2474.2

63.262.83.3

+1.8 ▲2.3 ▼

▲25 7.0 +10 ▲

27.112

5.1 +8

Top Ten Total 119,335.56,281.9 +0.4 ▲

+2.3-0.3

Goldman Sachs & Co 9 18 7,370.0HSBC Holdings PLC 10 10.7

▲16 8,171.4 ▲+21 ▲ 22.7+2.1 12.645▲

▲▲5.3 +0.2

4.8

+1.1▲ 46 12.9 +18

+3.05.7▲18

5 9,489.8 5.0 -0.8 40▼

10,769.223.1 4.9

-1.6 13.5 -9 ▼▼5.3 ▲

7

▼Credit Suisse 6 10 10,084.5

48RBS 5 4

7.8▼ 33.4▼

36.7

Barclays 4 2 12,674.9

▼▲

-3.511.0

14,796.6 +2.8 ▲ 44.9 9.5

▲

49

Imputed Fees (€m)

535.0

14.9

▼▲13.8 +12

7.7

-4.5-12

+5.9-4.4

25.0+0.6

11.2 +3 ▲

MarketManager Market

52.0

Jan 1 - Dec 31

16.0

▼

▼

Market

7.0-4.65.7

FeesShare Ch.13.0 +0.9

Sh (%)

23.6

▲66

MarketShare Ch.


-1.4Deals

18.5 +3 ▲+6

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

2012 RankBookrunner

3

1Deutsche Bank

24,800.6

Wells Fargo & Co 87

4.3

6.7

14,896.62 3

Proceeds

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

+1.7Citi

Market

100.0

3.9

2012 Rank

1Sh (%)

1

# of

8.1 348▲Deals

▲

Change in

6.783,144.8Share Ch.Proceeds # of Deals

+47Sh (%)

19.3Share Ch.

-0.67.1 +0.2 19.5▲

▼Fees Sh (%)185.6

HSBC Holdings PLC 3 6 67,571.2Deutsche Bank 2 2 72,949.5

+0.36.6 +1.1 ▲ ▼+4816.5

8.0222.5 ▲+0.3▲-0.2

352 +31

+41253 14.0 -1299

UniCredit 6 3

4 5Societe Generale 5 7 ▲ 280 15.5Barclays

6.1▲

+0.662,618.564,111.4 6.2

All Bonds in Euros (N1)

+0.9

16.5 130.6 4.7 ▼-0.54.5124.7 -0.9

208▼

+38

▲ 134.9 4.9

+0.1 ▲5.4▼ 149.0 +0.1

▲ 131.7▲

4.8

Sh (%)


Sh (%)# of Deals2013 Rank

7.8 -1.457

Full YearEuropean Financial and Corporate Inv Grade By Domicile Nation


JP Morgan 1

Market Market


€ -

€ 100

€ 200

€ 300

€ 400

€ 500

€ 600

€ 700

€ 800

€ 900

€ 1,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2008 2009 2010 2011 2012 2013

Pro

ceed

s (€

b)

ABS & MBS

Emerging Market Corporate

Federal Credit Agency

High Yield Corporate

Agency, Supranational, Sovereign

Investment Grade Corporate

€0

€20

€40

€60

€80

€100

€120

€140

€160

Pro

ceed

s (€

b)

2012 2013

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

2012 2013

9

▲▲ -10.3% ▼

Industry % Change from Same Period Last Year 18.8%Industry % Change from Last Quarter -0.4% ▼ 13.6%

+116

▲ 15.6% ▲ 4.5%

100.0▼

Industry Total 461,999.1 100.067.53.1

-5.8860 6,368.7

▼Top Ten Total 319,585.7 69.2 -7.2 ▼ 4,298.9

188195.73.0

4.9+3 ▲ 314.39 22,817.8RBC Capital Markets 10 11 13,955.2

9Wells Fargo & Co ▼-0.4 ▼

▼ -0.4118 13.7 +3 ▲ -0.4

20.8 362.2 5.7 0 -4.9 -0.7

+13 ▲21.9

6.1 +0.1 ▲ 179Morgan Stanley 8 8 28,104.624.2 +10 ▲ 378.5 5.9 -0.8

-1.3 ▼▼Barclays 7 7 30,758.0 6.7 -0.4 ▼ 208

-0.2235 27.3 +1 ▲228

412.5 6.57.1

7.0 -1.1 ▼▼

Citi 6 5 32,154.7Goldman Sachs & Co 5 6 32,477.8

▼7.0 -0.9

+6 ▲26.5 +42 ▲ 453.3 ▼26.9 478.7 7.5 -1.17.4 -1.1 ▼ 231

278Credit Suisse 4 4 34,245.7

▲Deutsche Bank 3 3 38,384.2 8.3 -0.6 ▼ ▲ 496.7+9

32.3 +2935.5 -0.99.0

7.8 +0.1

-0.8 ▼▼Bank of America Merrill Lynch 2 2 38,685.8 8.4 -1.5 ▲

JP Morgan 1 1 48,001.9 10.4 -0.6 ▲▼ 329 38.3 10.0571.5635.5+20

305▼

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

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2013 Rank



High Yield DebtAnnual Global High Yield Volume Up 19% l EMEA Market Buoyant l Non Dollar Activity Up 107%

Global High Yield Debt (B4) Jan 1 - Dec 31Global High Yield Deals Intelligence

Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Dec 31

Global high yield proceeds surged to another annual record in 2013, reaching $462 billion and surpassing the priorrecord set in 2012 by 18.8%. Issuers in EMEA and Asia drove the market, posting respective year-on-year gains of122.7% and 23.6% whereas borrowing by U.S.-domiciled issuers declined 8.6%. Record-setting coupons continuedto power the market in 2013: globally, the average coupon for high yield issues stood at 7.1%, the lowest ever.

Total high yield non-dollar issuance peaked at €83.6 billion for the year -- the highest volume on record --representing an increase of 107.4% over 2012. Euros were the predominant non-dollar currency, totaling €.64.3billion for the full year, up 112.2% over 2012 and capturing a 76.9% share of the non-dollar high yield market.

Sprint’s US$6.5 billion issue in September was the second-largest high yield deal on record, trailing only EnergyFuture Holdings’ US$7.5 billion issue in 2007, and contributing to the overall strength of the global high yieldTelecommunications sector (up 81.4% from 2012). Industrials posted similar year-on-year increases, with a 71.2%uptick from 2012.

.

Average Quarterly Spread to Benchmark*

▲ 27.5% ▲Industry % Change from Last Quarter 13.5% ▲ 40.0%Industry % Change from Same Period Last Year 107.4% ▲ 76.7% ▲ 77.9% ▲

+92+0.2 ▲

Industry Total 83,628.3 100.0 1,055.1212 100.058.0▲ 611.3Top Ten Total 46,132.2 55.2 +2.0

MarketSh (%)

▼

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

▲Industry % Change from Last Quarter -5.2% ▼

Sh (%) # of DealsDeutsche Bank

Industry % Change from Same Period Last Year 4.2%

Top Ten Total 269,738.6

▲ 3.6% ▲ -6.7% ▼-18.4% ▼5.5%

664 +23 4,967.6 100.0-3.6 ▼

Industry Total 350,983.4 100.0

-77.0 -4.1 ▼ 3,601.7 72.6

+5 ▲ 0186

183.2 3.76.3311.4

112 16.93.8 +0.2 ▲-

RBC Capital Markets 10 11 13,270.2Wells Fargo & Co 9 8 22,624.7

▼6.5 0

-14 ▼28.0 +1 ▲ ▲24.7 298.3 6.0 -0.5

+0.36.8 -0.3 ▼ 164Barclays 8 7 23,913.0

23.3 +9 ▲ 320.6 6.5 +0.7-0.3 ▼

▲Morgan Stanley 7 9 24,448.5 7.0 +0.8 ▲ 155

-0.8183 27.6 +14 ▲204

353.3 7.17.3

7.5 -0.8 ▼▼

Goldman Sachs & Co 6 6 26,328.8Citi 5 5 27,340.2

▼7.8 -0.7

-23 ▼30.7 -7 ▼

27,885.9363.2 ▼

27.7 371.4 7.5 -1.5-0.1

8.0 -1.1 ▼ 184-5 ▼ 366.9 7.4210

-0.5 ▼▼Deutsche Bank 3 4 29,205.8 8.3 -0.7 ▼

522.0 10.5278 41.9 -8 ▼▼11.3 -0.5 40.7270

31.610.0 -1.0 ▼

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

511.4 10.3-17 ▼ ▼

Change in ManagerMarket Market # of Market

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Dec 31


Bookrunner Proceeds Sh (%) Share Ch.

Bookrunner Proceeds

39,775.4Bank of America Merrill Lynch 2 2 34,946.1

Credit Suisse 4 3

2013 Rank

2013 Rank

Proceeds per Bookrunner (€m)

2012 Rank

JP Morgan 1 1

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market

1 1 6,905.2Share Ch. Deals

8.3

2012 Rank

67+35+37

-0.1 ▼ 78 36.8JP Morgan 2 3 6,208.9 ▲ 93.87.4 +1.3 31.6▲

+0.5 ▲8.9 +0.8 ▲

▲ 97.6 9.3

Barclays 3 2 5,112.3 6.1 -0.9 ▼53 25.0 +26 ▲ 60.1 5.7▼ -2.65.2 -0.124.5 +25 ▲ 55.2

+1.4 ▲ +1.9 ▲BNP Paribas SA 4 5 4,857.3 ▲ 52

Goldman Sachs & Co 6 6 4,627.8

▼Credit Suisse 5 10 4,777.2 5.7 7.7

▲20.8 +21 ▲ 40.9 3.9 -0.4

52 80.724.5 +29 ▲23.1 +28

HSBC Holdings PLC7.1 +1.1▲ 75.2

7 7 3,733.4▲ 49

Citi 8 4 3,632.0 4.3 37.2▲

-1.2 ▼ 37 17.5▼

3.5 -2.3▼ 44

+1.4▼+9 ▲

UniCredit 9 17 3,309.3 4.0 +1.73.2

▲RBS 10 11 2,968.8 15.6 +13 ▲

16.5

+0.4

-0.1+23

▲ 333.535 ▲ 37.0

33.6

Monthly High Yield Volume

3.6 +0.2

4.5 -0.95.5 +0.1

5.8

0

100

200

300

400

500

600

700

800

900

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2009 2010 2011 2012 2013

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 FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND

2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$)# of Issues


4.0%28.5% ▲

8.4% ▲ 45.5% ▲51.6% ▲ 18.4%

Jan 1 - Dec 31

▲

-1.0

Latin America Emerging Market Bonds (L3)

▼

% Change from Last Quarter

HSBC Holdings PLC

9.0

-1.0

# of

Deutsche Bank 1 4 45,811.9 10.0Sh (%)

7.65 10,236.0

+0.1-0.6

6 9,711.27.1

+2.1


2012 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

Asia-Pacific Emerging Market Bonds (L4)

▲ 229

Market

111.2

4 7 10,887.4

271 +14

▲25.6% ▲

+1.5

76


▲▲26.0



Emerging MarketsAll International Emerging Market Debt Up Slightly l EMEA Emerging Market Debt Up 4% l Latin America Emerging Market Debt Up 11%

Jan 1 - Dec 31EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Dec 31

▼26.8 +4431.7

▲ 110.7 9.0 -0.1 ▼9.02 1 45,763.2

222▼9.7 -1.110.0

-0.5Citi 3 2 44,614.2JP Morgan 4 3 41,302.5 ▼

▼23.6 0 -

9.0 -0.1-0.9

+5 110.7122.2 9.9

5.9 +1.8 ▲ 144 16.8 +27202

6.440.7

▲ 78.7Bank of America Merrill Lynch 5 9 27,227.8+8117 13.7

BNP Paribas SA 7 10 19,959.9Barclays 6 5 25,182.9

+14▲▼

100 11.7 ▲15.2 -13▼

▲4.4 +0.8

130

5.5 +0.1

Standard Chartered PLC 8 6 17,492.0

65.4

923.8 -0.7 ▼8Morgan Stanley 10

10.8Goldman Sachs & Co 9 7 17,401.814,974.8

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

▲+23.3 -0.9

3.8 -0.9

81Top Ten Total 299,731.0Industry Total

-0.9855

3.334.3

▼4.0

52.0

100.0754.7 61.3

4.2

▲

▼

2.8

3.7

‐639

Sh (%)

-149.5▼

-1.2▼▼

▲

-0.8▼

+0.2

▼

HSBC Holdings PLC▲

BNP Paribas SA

VTB Capital

Barclays+2.5-1.9

Gazprombank 10

1,230.9

49.2 ▲45.0

▼37 18.0 +7

% Change from Same Period Last Year 0.9% ▲

12.1 -11-3.0

61▲ 40

▼▼6.8 -4.6

-4.5▲ 6.0

Goldman Sachs & Co 8 11

# of Deals52

29.627.7

▲▲

19.4

▼

4,869.09 9.7 +6

-756.7

7,921.1 12.012.6 +4


3

3.414

4,856.8

255,231.4 ▲

4.4 ▼+1.5-1.7

3.43.65.5

+0.6 26

38.1%

18

▼

+0.2 ▲+4.468.8

458,158.7 100.0

6.9%1.2%

Jan 1 - Dec 31

▲


2012 Rank

Market MarketChange in Market Market

▲▼


-27.2%

1620

-3.1

Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) Sh (%)Fees Share Ch.Manager

Deutsche Bank 1 4 16,586.1 25.2

Market # of

11.5Citi 2 1JP Morgan 3 2 13,826.3

-0.5 ▼14,952.6 10.4▼9.6 -0.5

+3.6 ▲57

+21 16.3

+13+8

18.5+5 ▲▲

7.641.4

+2.7 ▲15.3

20.5+4.2

+4.0 ▲4.8 -0.8 ▼

▲▼ 13.115.5▼ 32

▲

5.013.4

14.4 5.3

6.6▲ ▲ 17.8

13.6▲

7.8 +6 ▲+1.0 ▲ +2.7

+4.2▲▲▲

+7.799,077.95.0+1.6

100.0▲

144,222.7 270.8

% Change from Same Period Last Year

+16

▲

Industry Total 20666.8181.0Top Ten Total

100.0

*ti

Jan 1 - Dec 31 2013All International Emerging Market Bond Volume by Industry (US$b)

▲-7.5% ▲ -32.5% ▼ 23.1%-2.7% ▲

69.8%

‐13

-16.3%

51.8▼▼-4.150.8

240.0% ▲ -8.2% ▼▲

97.8

▼

100.067

4.1▲

2.0▼

3.2

▲-2.0

3.2

▼

Industry Total

% Change from Last Quarter 179.6% ▲% Change from Same Period Last Year -19.3% ▼

Top Ten Total 28,000.8National Bank of Abu Dhabi 10 1,459.1 ▼

+8.069.6-914.9

40,245.9

3.6 -2.64

100.0▲

Goldman Sachs & Co 9 15 1,462.6 +1.6 ▲3.6 7 6.1▲ 6.0-0.3

10.4 +5 +5.110 ▼

12 17.9 0 -3.74.0▲ 3.94.2+1.3 ▲ +2.1

13.4 +1Emirates NBD PJSC 8 11 1,505.7

93.914.9 -2 ▼

JP Morgan 5 64.867.2

Barclays2,897.5

-0.1+1.2

10▼+1.4 ▲

▲ 158 1,922.4

RBS 7 10 1,559.4

▼3.2 3.3 -2.0▼-8.02.0

▼17 25.4 +1 ▲ 8.1 8.322.4 -1

▲38.8 -810.2 +0.2 ▲

8.65.1 -0.9▼

-0.2Deutsche Bank 4 3 3,442.35.0

+0.8

HSBC Holdings PLC

26▲23 34.3 +3 ▲ 7.7 +3.0▼

7.6+5.8 ▲

40.3 -10

Standard Chartered PLC 3 2 4,091.7

1 ▼Citi 2 5 4,761.1 11.8 7.8

7.8 -0.9▼Deals Sh (%)

12.2 -1.6 ▼ 27Sh (%)

1 4,899.0

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch.

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

# of Deals per BookrunnerMarket

100.0



Middle East Emerging Market Bonds (L5) Jan 1 - Dec 31

% Change from Last Quarter -26.7% ▼ % Change from Last Quarter ▲ 21.7% ▲ -39.4% ▼▲ 38.4% ▲

551.2

% Change from Same Period Last Year 1.7% ▲

+11

2.6%

Industry Total▼

434 100.072.7400.7

-2.2▲ 16.3

165,297.4-3.7 ▼ -0.3

▼Top Ten Total 114,723.5 69.5Bank of China Ltd 10 12 5,715.2

17.4 3.23.5 +0.6 ▲ 50 11.5 +22 3.0

14.7 +13 ▲Barclays 9 7 8,161.0+0.1 ▲

4.9 -0.949 11.3

▼ -2.0 ▼64

50.7▲

▲ 24.95.0 -1.2 ▼ +7Goldman Sachs & Co 8 6 8,314.06.79,714.0 ▲5.9 +1.04.5

▲78 18.0 +14 ▲ 36.9 +2.3

-0.8 ▼9.2 +3.7 ▲

100+29

44.1 8.020.3

12,233.7 7.4+1.110,097.2

23.0 +4▲ 886.1


Standard Chartered PLC 5 3

Market # of MarketImputed Fees (US$m)

-1.2 ▼

2013 Rank

2012 Rank

1 1Proceeds

Market

- 17.5 ▼-1.0

▲100.0

+1.6374.4

62.54.7 -0.3

7 9UBS 6Bank of America Merrill Lynch

8

▼

100.0 181 +20Industry Total 130,099.6

▲% Change from Same Period Last Year 11.3% 33.7%

233.4+4.4 ▲11.0 03.6 +0.1 ▲ 20

68.8Itau Unibanco 10 11 4,686.1Top Ten Total 96,546.0

16 8.8 -11 ▼ 7.5 2.0+1.9

4.4 +0.5▲Barclays

Credit Suisse

-1.4 ▼Goldman Sachs & Co 9 7 4,947.7 3.8168 13 5,485.5 4.2267 9 5,657.8 ▲ +4 ▲

▼14.48.8 +5 ▲ 5.9

+0.9 ▲1.6 -0.7 ▼

3.4

4Deutsche Bank 4

▲11.5 3.1Morgan Stanley 6 6 8,556.0

Citi 1 1 14,260.4

ManagerImputed Fees (US$m)

2013 Rank

2012 Rank ProceedsBookrunner # of Deals Fees

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

MarketMarketChange in ManagerBookrunner Sh (%)

▼ 20,918.2 12.7 -1.7DealsSh (%) Share Ch.

▼ 180 +23 ▼Fees Sh (%) Share Ch.

-2.3▲# of Deals

12.971.3Share Ch.

11.0 31.5Deals Sh (%)

-4.0 ▼ 57-0.8 ▼ Deutsche Bank 5

▼-1 46.0 12.330.2▼

Bank of America Merrill Lynch 3 5 13,405.8 10.3JP Morgan 2 2 13,599.8 -6

▼+2.8

41.5-0.58.413,895.7 27.4119

HSBC Holdings PLC-1.3 ▼ 52 28.7

49 27.1+3.9 ▲▲

8.3▼Citi

-3.6 ▼+2.952.42

19.4▲

+6 ▲ 12.346.0 45.784JP Morgan 3 49.5

-1.2 -1.529.8+0.6 ▲ +2.5

8.1

8.0

▲

22.4 +3 ▲ 41.0 7.4 ▲97 +1.6▲▼

7.712,659.64 2 -1.2 ▼7.9

6.6 +0.45 3

13,372.9

10.5

Sh (%)

HSBC Holdings PLC 12,574.0 ▼28.7 +6 ▲

44 24.310.39.7 ▼ -7

52 9.5

MarketMarketShare Ch.

35.6▲

Sh (%)

13,014.9+0.4-0.6

+23-3

▲

23 12.7 -3 +0.2▲0.9

$177.039%

$97.521%

$75.216%

$24.95%

$22.65%

$18.34%

$16.64%

$12.93%

$4.11%$3.81%$2.81%

$1.60%

Financials Government and Agencies Energy and PowerReal Estate Materials IndustrialsTelecommunications Consumer Staples High Technology

*tie

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Retail Media and Entertainment Consumer Products and Services

11

Domestic Brazilian Debt in Reals (BR2) Jan 1 - Dec 31

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


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

Change in 2013 Rank

2012 Rank

Market

All Global Debt by Brazilian Issuers (BR1) Jan 1 - Dec 31

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

Share Ch.Banco do Brasil SA 1 2 5,049.7 12.4

Sh (%) # of Deals Fees▲27 29.0 +2 ▲ 18.5

Sh (%)+1.4 ▲ +5.3

JP Morgan 2 5 4,420.29.7

10.8 -6 ▼ 13.6 7.1 -0.428 30.1

10.8 +2.2 ▲ 10 ▼Itau Unibanco 3 1 4,128.6 10.1 -1.3 ▼ -0.6 ▼-5 ▼ 21.0 11.0

8.6HSBC Holdings PLC 4 3 4,082.0 10.0Bank of America Merrill Lynch 5 12 3,506.8

▼14.0 -11 ▼ 20.6-0.5 ▼▲9 9.7 -3 ▼ 11.5 6.0 +0.1

6.9 +2.37.5 +3.3 ▲

13 10.8 -0.3+4.9 ▲

▼ 13.2Morgan Stanley 6 10 3,051.6

+0.5 ▲21 22.610.8 +1 ▲ 13.110

-3

9 6

▲Banco Bradesco SA 7 7 3,025.6 7.4 +0.8 ▲

+2.1 ▲6.9

5.5Banco BTG Pactual SA 8 9 2,928.2 7.2Citi ▼ +1.8

▲22.6 +7 ▲ 23.321 12.2 +3.0▲5 5.4 -12 ▼ 6.2 3.2

▼ 7.8 -1.1Deutsche Bank 10 8 2,109.5 -0.4 4.12,236.2

8.6 -65.2 ▼ 8-2.4

Top Ten Total 34,538.4▼

84.7 +10.1 ▲ +10.6 ▲148.8 77.9‐15 191.1 100.0

% Change from Same Period Last Year -24.3% ▼ -13.9% ▼

Industry Total

▼ -44.4%-22.0% ▼-68.2% ▼

40,869.4 100.0

▼

93

Global Debt by Mexican Issuers (MX1)

-56.5%% Change from Last Quarter

Jan 1 - Dec 31

Global Brazilian Debt Volume by Sector First Nine Months

69 66

9079

60

91

142

78

108 93

0

30

60

90

120

150

$0

$20

$40

$60

$80

$100

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Securitized DebtJunk Rated DebtInvestment Grade CorporateAgency, Supranational, Sovereign# of Issues

▼% Change from Last Quarter -72.9% ▼ -60.0% ▼ -69.7% ▼% Change from Same Period Last Year -42.1% ▼ -15.4% ▼ -44.7%

‐32 56.0176 100.0▲

Industry Total 46,169.9 100.056.0 100.0 +7.2

+0.8 ▲Top Ten Total 44,770.0 97.0 +7.1 ▲

4 2.3 +4 ▲ .4 0.80.9 +0.9 ▲

Banco Safra SA 10 - 360.0 0.8 +0.8 ▲▲ 1 0.6 +1 ▲ .5Banco do Nordeste do Brasil SA 9 - 380.0 0.8 +0.8

0 - .8 1.4 +0.7 ▲▼

Morgan Stanley 8 12 570.0 1.2 +0.6 ▲ 1 0.64.5 -7 ▼ 1.2 2.1 -1.0

+0.7 ▲Banco Votorantim 7 8 1,216.7 2.6 -0.2 ▼ 8

13 7.4 -1 ▼ 3.7 6.54.2 -3.3 ▼

Santander 6 4 2,444.4 5.3 -3.9 ▼▼ 10 5.7 0 - 2.4HSBC Holdings PLC 5 5 2,812.9 6.1 -0.6

-4 ▼ 4.1 7.3 +1.7 ▲▼

Banco BTG Pactual SA 4 6 3,170.2 6.9 +0.7 ▲ 13 7.418.8 -29 ▼ 9.8 17.5 -9.6

+1.4 ▲Banco Bradesco SA 3 1 8,748.9 19.0 -9.8 ▼ 33

44 25.0 -11 ▼ 14.6 26.130.4 +14.9 ▲

Itau Unibanco 2 2 11,204.1 24.3 +4.8 ▲▲ 39 22.2 +14 ▲ 17.0Banco do Brasil SA 1 3 13,862.8 30.0 +13.9

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2013

Rank2012 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m)2013 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2012

RankMarket Market # of Market

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▼ 69 58.0 +19Citi 1 1

30.3BBVA 2 39,952.3 17.4 -0.6

365,528.3 9.7 ▲▲ 29.7

-816.7 -0.7 ▼

-1.1 ▼8.8 -2.7 ▼

▼ 16.9 9.5 +1.6▲ 15.7+4

3,917.526.9

6.8 -1.45,432.4 9.5 -4.0 ▼ 32

Morgan Stanley 4 5HSBC Holdings PLC 3 2

▼6.3 +0.6 ▲19 16.0

12 7.3 +1.4 ▲▲ 13.010.1 +4+9 ▲ 11.3Bank of America Merrill Lynch 5 8 3,311.0 ▲

3.45.8 +1.5

+3Barclays 6 13 3,149.1 5.5 +4.0 ▲ 4 ▲4.9 -4.0 ▼

▲ 8.2 4.6 +3.0▲ 8.8Santander 7 7 3,058.5 5.3 -1.6 ▼ 20

JP Morgan 8 9+2

2,938.816.8

5.1 +1.16.7

▲ 97.6 -2.7 ▼-1 ▼ 13.54.9

10 6 2,664.4

▲ 8.87.6 +14.9 -5.1 8Deutsche Bank 9 4 2,828.5 ▼

5.0Goldman Sachs & Co ▼74.4 -7.5 ▼

▼ 6.8▼ 6

57,249.1 +14

4.7 -2.5

100.0

-4Top Ten Total 42,780.8 74.7 -9.7

-55.0%

▼ 132.7Industry Total

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Dec 31

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

▼

BookrunnerMarket

▼

MarketDealsProceeds

Market MarketSh (%)

26.7 +3.3

# ofSh (%) Share Ch.

Jan 1 - Dec 31


Share Ch.Market

119

Deals Sh (%)

-39.5%

Market# of Deals Fees

Domestic Mexican Debt (MX3)

13.3%

2013 Rank

2012 Rank Bookrunner Proceeds Sh (%) Share Ch.

2012 Rank

+22

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

Market2013 Rank

42.6% ▲-50.7% ▼

Citi1 6,525.1Citi 1 ▲ 14.1 19.2 +0.443.8# of Deals Fees

1 1▲ 60 6,289.1 31.5Sh (%)

▲Sh (%) Share Ch.

3 3,908.6HSBC Holdings PLC 2 18.4 -0.1▲ 13.6

Bank of America Merrill LynchCorporacion Actinver Sab de CV 8

▲

3.8 -2.8

▲ 3916.0 +1.1

-1.2 ▼

▼ HSBC Holdings PLC 2 313.4 34.6 +9.4 ▲

28.5 +142 3,351.3

3,060.5 15.322.6 -5 ▼ BBVA

+20 ▲+6.8 ▲ 58 70.77.8 20.1

9.4▲ 24 29.3

-9 ▼2,926.6+1.1

-4.9▼ 6.9+0.5 ▲+2 ▲

3 2BBVA ▼ 28 34.113.7 -6.4 ▼ 31 14.7 -7.3-0.6Grupo Financiero Banorte-Ixe 4 4 ▼ 22 +61,744.2 16.1 ▼ ▼ 224

3 5.4 13.97.1 -1.5 3.4 -2.6▲

-2.9 2.752.5

Santander-1.9 ▼

▲ -5.5 ▼52.51,744.2 8.7 6.51.4 3.6

7

Santander 5 1,086.3 5.4 -4.14 ▼

Corporacion Actinver Sab de CV

14Value Casa de Bolsa, S.A. 6 -2.9

+0.8

-2.95 1,207.1

-5.6 ▼

1.56

+6 ▲

Value Casa de Bolsa, S.A.

26.8

- 826.6 +3.4▼ 15 ▼

Grupo Financiero Banorte-Ixe10.9 +5 +3

+2 ▲17.14.9 ▲ 2.0

3.4 2 2.4

Manager

▲+2.9▲ 2.1 2▲Bank of America Merrill Lynch 7 9▲ 113.1 8.0

▲+2+6 ▲1.8 11 13.4

2.1 5.6826.69 747.8 ▲+0.2▲ 1.3 1.3 3.4747.8 3.8 +1.3

1.80.9 9 11.0 .78▲ 9 8+46.6

178.0

+4-0.5▲ .7+0.6 ▼3.0 ▲11 660.3

▲

▲ 14 5.08 723.0

Scotiabank 9 66.8 +3.7▲▼

▲▲3.6 +1.0

▲

▲+1.3 ▲+6

Deutsche Bank 9 572.6 2.9 -3.5 ▼2.7 +1.0 10.2 +10Morgan Stanley 10

20,333.9Top Ten Total639.9

-44.5%

▲

100.0

723.07 8.5

-0.4

+5.64.1 +4.1

Change in

-2.2 -1.72.3

2.810 5 6.12.6 +0.7▼ Top Ten Total

7+1

▲ Grupo Financiero Inbursa SA 10▲

Market Market

+0.3▲ 2.1

27.4%

-1.3 ▼


▲.7 1.9

68.3

.9

-3.573.883.2 +0.1-3.8 ▼0435.3-1.1 ▼18,412.0

▼93.7

+44.4

19,959.1100.073.8 Industry Total

6


Industry Total-3.592.2

100.0 137

-46.3% ▼

8224,442.1

▲▲% Change from Same Period Last Year 63.9%▼ % Change from Last Quarter

+5338.6▼38.6

-96.0%63.1% % Change from Same Period Last Year 45.6%77.4% ▲ 13.9%

+10 100.0

▲-42.4% ▼ -30.8% ▼ ▼

▲ 24.9%-96.1%

100.0

▲▼


**Includes CDs and CPs

* tie **Includes CDs and CPs

Jan 1 - Dec 31Offshore Chinese Yuan issued & settled Bonds (ex self-funded) (AS24a)

t Includes Asian Development Bank issuance

Industry Total

-20.7%

3.799

Full Year

▲ 14

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24.7%

▲

186,852.4

▲19.5%

81.0

▲

100.0

▼▲

-10.6%

▲

▼▼

155,647.3

Asia Pacific Currency Bonds Imputed Fees

Industry Total

+2.6

111.2% ▲

▲

24.1%

414


100.0

▲

+2.83.3-15

2.7▲

1.8+1.7

+5

3,279

5.2-1.5 ▼76.7

118.2%

2.9% ▲▼

1,322.7+393

▼Industry % Change from Same Period Last Year -0.3% ▼ 13.6% ▲ -7.5%

100.0447.1

3.0 ▲+0.3

▲+6

▲ 99 1.9▲ 34.1

24.6+17+1.1

1.2

▲3.7

15.2

▲▲▲+0.5

+0.22.02.1 +0.9

2.42.5 +0.9

2.3 +39

2.0▲

+1.211,673.6 ▲▼

75+32

▲+3.34.964.248.7▲ 64

7 11,943.4 2.6 -0.2 70 2.1▲

▲ 65 ▲17 0.5

▼

+29

+36▲

3.5

▼2.6▼-0.947.6▼

3.6-1.233.8

-1.0▲ 95+23

9.9▼

▼ 31.1 2.4 -0.6-62+49

▲46.0

▼ 324▲

MarketSh (%) Share Ch.MarketManager

Fees

▼▼6.8

45.9-0.3

3.5

Change in # of DealsShare Ch. Deals

-0.990.0146 4.5 +83 ▲

Market # of MarketSh (%)

2.9▼ 13.9456▼-0.7

Bookrunner

3HSBC Holdings PLC

4Bank of China Ltd 3 6

1CITIC Group Corp

Standard Chartered PLC3.8 +0.8

22,649.8

3.6 -1.2

-0.1

-0.6

+1.1

Top Ten Total▼

6.0

▼2.983.3

+1.3

▲

+8262.2

1.8 -2.8 12+8.2

4.2Deutsche Bank 10 5 3,265.8▲ 1.92.0 8

672.1

Bank of America Merrill Lynch 18 3,751.591.0▲CTBC Financial Holding Co Ltd 8 - 4,000.0

+0.32.3▼ 3.3

-5.14.0

▲ 2.8+1Bank of China Ltd 6 4 4,882.5

4,028.2Barclays-6-32.2

1.71.5▼

+2.1 ▲ 1.4▼ 12

4 +4-2.3

2.62.9

-5.2 ▼ 10 2.4Industrial & Comm Bank China 5 8 5,276.7 14 3.42.8 -0.4 ▼

▲+3.6+20+4.84.8 ▲DBS Group Holdings 4 19 8,234.3 20 5.1+3.7 ▲

▲ 814.4

▲ 8.34.1+166.8

▲19.6BNP Paribas SA 13.2 +2.03 3 24,681.6

18.7 +4.6 15.4116Standard Chartered PLC 2 2 34,865.9 ▲ 12.4 ▲

Share Ch.# of Deals Sh (%)FeesShare Ch. Sh (%)Deals

+9.2-6.8

▲ 28.0 +39173 29.123.541.8 ▲+44▲

100.0

# of Deals per BookrunnerMarket

151,534.4

Imputed Fees (US$m)Market 2013

RankMarket

+5.2

Change in

32.8

10,895.29

2.19,919.2

HSBC Holdings PLC 12,424.2


ProceedsManager

Top Ten Total

Sh (%)

Agricultural Bank of ChinaCDB Securities Co Ltd

Bookrunner


78

910

142123

5.7

100.0

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

▲18.2%

UBS 7 10 8,796.6 +1.2

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

Industry Total

+0.2KB Financial Group IncCIMB Group Sdn Bhd

6

2013 Rank

463,570.7


4

2012 Rank

9,690.6

Industrial & Comm Bank China

2

Proceeds

2

China Construction Bank 5

▼

Share Ch.

-1.190.4

▲+0.3

JP Morgan 43Citi

Deals Sh (%)

-2.1

11.514

Market

11,695.912,439.1


Standard Chartered PLC 7.3Goldman Sachs & Co 6 6

Deutsche Bank

16,499.8

Proceeds

3

6.5%

32

10

5

3 9,690.6

Proceeds

1

2Sh (%)

-0.4% ▼

5

5.4

Sh (%)

12,858.9 2.8

2012 Rank

1.9

+3.7 ▲3.2

Jan 1 - Dec 31


17,451.24.9

27,952.7


Daewoo Securities Co Ltd 9 13

+2.1 ▲▲+2.2

▼

1.8-0.5-6

2.1 +2

42.5

3.9 +0.5

-0.3+0.6

3.7-14.6

▼-0.9

4,934.8 2.6+0.84,794.9 ▲2.6

▼

HSBC Holdings PLCSh (%)


-2.4 ▼16,355.1

2012 Rank

▲9.4

Market# of

▼

MarketManager

-1.2Sh (%)

Change in

Share Ch.Fees


Asia DebtAsian G3 Bond Volume - All Time High l Asian Local Currency Debt Dips l Asian G3 High Yield Corporate Debt Surges

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Dec 31

Bookrunner


8.8

# of Deals

13,415.1 65.912.1▲

35.41 122

+24+19

Market

10142.8

Market2013 Rank

Market

▼31.6 +10 ▲ 58.8 7.9 -0.390▼▼-1.0

728.28.7

-0.9 ▼ 74 -2.85 10,360.241.8 ▲

▼▲ 50.3 6.7▼-1 ▼ 62.6

26.0 +8-1.18.425.3

8,998.1 6.3 +0.248-1.0 ▼ 16.8 +12 ▲ 5.6-0.3▲ 736.2 ▼25.6 +28 ▲ 60.3 8.1

Bank of America Merrill Lynch 8 9 8,122.3Barclays 9 7 7,297.5 -1.4

6.4-0.8

+0.1 ▲ +0.2+5 ▲ ▲3.8

64 22.5 47.4▲ 28.6+1956 ▼

Morgan Stanley 10 8 5,859.4 ▼ 35.64.1 -1.65.1

+0.3 ▲44 15.4 -1 ▼19.6

4.8▼

Top Ten Total 103,339.3Industry Total 142,784.5

-6.9285

▲

+32▼▼

▲▲ 12.6%

72.5 -8.8

34.6%

41

746.2 100.072.6541.7

21.7%▲26.9% ▲

Jan 1 - Dec 31

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

9.4 ▼2.4 ▲+1.0▼

9.8


8.6+1034

2.3

6.7

▼ 7.12.7

24.6

Share Ch.

▲▲+0.7

▼-110

11.85.6

6.0-23

4.1▲ 15.2

20.7

Market MarketMarket Manager

6.6

Market # of# of DealsShare Ch.

281Deals

15.9198▼ 11.4+29

-0.3

+2.9 ▲

▼ 16.2

65

FeesSh (%)+0.4 ▲-2.3

22.24.3▼

Sh (%)

▼1

▲+18▲

10,161.79,919.2

+1.5 5.75.3

-2.5

6▲Axis Bank Ltd 5

5.2CIMB Group Sdn BhdWoori Invest & Sec Co Ltd 5 9

6▲

+0.3 163

▲

6,918.37,234.8

36

36 2.1

7,577.3 4.1-5

+1.3

1.9

1,736

+0.7

100.038.7+4.8

-26.0%

+72.0142.8

-609

▼

KB Financial Group Inc

Hana Financial Group Inc

▲

186,980.1

Korea Investment Holdings Co

8 7

79,479.7

3.1

100.0

10

2

6.9▲31 ▲

▼▲▼

-17

▲ ▲

29.5%

368.4

-31.0%

+7.1

▲▼

# of Market

1

Top Ten Total

5,823.9

HSBC Holdings PLCBookrunner

Industry % Change from Last Quarter -7.3%

7

33.5

4

MarketProceeds per Bookrunner (CNYm)

Industry % Change from Last Quarter 29.5% ▲-21.6%

Kyobo Life Insurance Co

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

Asian currency bond volume reached US$463.6 billion from 3,279 deals in 2013, a marginal decline from 2012 debtissuance of US$465.2 billion from 2,886 transactions. Chinese Yuan denominated debt totaled US$276.6 billion from1,543 deals, capturing 59.7% of the Asian local currency market. Offshore Chinese Yuan issued and settled bondvolume increased by 24.1% over the total raised in 2012, to CNY186.9 billion from 414 issues.

According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market reached US$746.2 million, a 21.7% increase from the total fees paid in 2012. Underwritingfees on Asian local currency bonds (ex. Japan, Australia) totaled US$1.3 billion, representing a 7.5% declinecompared to the US$1.4 billion paid a year ago.

2013 Rank

1 1 62,660.8

2012 Rank

▼

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f Ind

ustry

fees

Chinese Yuan Australian Dollar Korean Won Malaysian Ringgit Indian Rupee Thai Baht Singapore Dollar Taiwanese Dollar Hong Kong Dollar Indonesian Rupiah Philippine Peso Vietnamese Dong Pakistani Rupee

13

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http://banker.thomsonib.com/�

Market2012 Rank

55.7 98.0

+21

Market

▲53.2%

2013 Rank

+4.1

▲

Market

151.0

-5.08.7

Market

▲

▲▼

▼-59.1%

+0.354,816.6

Industry % Change from Last Quarter -30.2%

▲64.6 +11.3 ▲Top Ten Total

3,797.7 +2.6

3.2 -0.910 8

RBC Capital Markets ▲

-155.4 +11.6

272.7

-37.5% ▼

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

▼

84,974.3 100.0


▼UBS

Industry Total

▼

7.9▼3.7

8.5%

3,168.2

+15

4.0

-15.3%

191

15-1.214▼-0.4 7.3ANZ Banking Group 9 10 3,367.7

7.53.1

+5 ▲0 - 8.4

+2.523 5.214.212.0 +5+1.37.3 2.8

23Bank of America Merrill Lynch 7 ▲4,848.0 ▲11 +1.3

14

Deutsche Bank 6 3 5,179.5 6.1 -0.7

8 18

▼

4.5

13.7 ▼5.0 -0.8-3 ▼12.05.7

▲▲▲ 16.2 5.9 +3.0

25.7▲5,386.9 6.3 +2.0 +5

+8.39.412.09.4 +13

Barclays+4.6

3 7

▲ 23National Australia Bank 5 131821 11.0 8.5

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

Australian dollar bond (excluding self-funded) offerings reached a record high level of AU$120.1 billion from 276deals, a 26.7% increase in proceeds from the total raised in 2012. Financials remained the top sector, accounting for52.7% of the market, followed by Government & Agencies, which captured 40.7% market share.

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

▼23.1 +5.8

Goldman Sachs & Co 4 16 5,777.2 6.87,097.8 -1


8.4 +3.5

Bookrunner

▲▲ ▼

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

Deals15.164.4

Sh (%)▲▲

Sh (%) Share Ch.Share Ch. # of DealsManager

Fees▲ +3.3

Change in

Australian Dollar Bond Proceeds at All Time High l Financials - Top Sector | Australian Offshore Debt Dips

Proceeds per Bookrunner (AU$m)

Bookrunner16.619,888.5

Sh (%)Proceeds

11.018,172.2

▼15.1

-3.0▲+0.212,957.4

-1.12 13,163.3National Australia Bank 3

4

7.469.0

8,658.3Deutsche Bank 6

7

8Citi 5

5

-1.2

10.9 22.1 5.2 +1.3

▼▲47.0

15.1+0.6

▲ 64.3+21

6823.9

22.8

24.6▲

+8

-1.4

+4.4 ▲+12-12▼

▼10.9 ▼

-0.4

17.913.87.6

▲▲ 26.5 6.2

+12

23.3

+1▲ 10.8

38

30-0.4

▼▼4.2

▲ 6.0

26.7%

10.9▼80.7▼

-0.5+7

31.3% ▲▲▲ 24.9%

276

3.4 -1.5▲

DealsChange in

14.1% ▲

All Australian International Bonds (AJ7) Jan 1 - Dec 31

Fees24.3 -1.1

BookrunnerMarket Market # of Market

Proceeds Share Ch.Sh (%)2012 Rank

2Westpac Banking

Manager Market Market

11 1 8,368.3 9.9 -1.1Sh (%) Share Ch.

2013 Rank

2012 Rank

JP Morgan ▼12.0Sh (%)

9.2 +0.7 ▲ 22▼

9.2

HSBC Holdings PLC 109

23# of Deals

11.5 +1

Top Ten Total

Westpac Banking

Citi 2 2 7,825.38.9

ANZ Banking Group

National Australia BankCommonwealth Bank of Australia

-10

TD Securities Inc

▼

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

7

Commonwealth Bank of Australia

Westpac Banking

4

UBSJP Morgan 8

344.0-2.412

426.0104,078.7 ▲

1

3,608.6

10.8

8,923.77.2

▲

10

3,334.4 2.8

4,523.2

10,849.1

-2.6+0.2

+0.13.0

86.7 +0.5100.0

3.8

30

3

+55120,068.7

2.5

14.5

13.1%22.4%

▲▲

100.0

MarketMarket Change in

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2013 Rank

Imputed Fees (AU$m)

Share Ch. Deals Sh (%)Manager

Sh (%)Market Market

▲ 14.1 24.8# of Deals Fees

# ofProceeds

Market

7,358.9 +6.8Sh (%)

+6.4 ▲ 18 40.925.2Share Ch.

▲+11-9.6 ▼ 45.52 1 4,020.2 13.7 20

10 22.7National Australia BankCommonwealth Bank of Australia 3 8 3,843.2 13.1 +9.7 ▲

-8.5 ▼+4 ▲ 8.2 14.5+10.3 ▲+6 ▲ 7.3 12.9

+10.4 ▲ 11.44 9* 3,464.0 11.8 513 29.5

CitiANZ Banking Group 5 4 2,871.1 9.8 -2.5 ▼

+9.7 ▲+4 ▲ 6.6 11.7-2.3 ▼+2 ▲ 5.3 9.3

+2.0 ▲ 27.36 5 2,808.3 9.6 127 15.9

Macquarie GroupDeutsche Bank 7 6 2,016.9 6.9 +0.2 ▲

+2.3 ▲+6 ▲ 6.2 10.90 -+1 ▲ 3.5 6.2

-14.0 ▼ 11.48 3 867.4 3.0 54 9.1

RBSJP Morgan 9 7 855.8 2.9 -2.5 ▼

-13.2 ▼-1 ▼ 1.8 3.1-3.8 ▼0 - 1.7 2.9

4.510 9* 475.0 1.6 2▲

INGTop Ten Total 28,580.8 97.6

+0.2 ▲

▲60.6%

▲-0.3 ▼+1 ▲ 1.0 1.7

+1.0+14 56.7 100.0Industry Total 29,256.0 100.0 44

Market

-57.7%Industry % Change from Last Quarter73.6% ▲ 46.7%-56.6% ▼

+0.1

MarketProceeds per Bookrunner (AU$m)

ManagerBookrunner Proceeds Sh (%)

2013 Rank

2012 Rank

Jan 1 - Dec 31

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

Sh (%)35.984 15.2 -056.6▲+91 1

2 4 13.815,387.1 16.712,712.8 ▲ +2.750.626.5

▲▲ 62+2.9▼ 20.9

13.6▼15.5▲ 57.9▲+10

3 2 9,614.7 10.4 49 +5▼+16 ▲ 39.7 10.7

12.824.4

6.3-12 23.34 3 9,188.5 10.0 575 5 8,658.3 9.4 30

4.1 025 10.7UBS -0.8 ▼Citi 6 8

▼18 7.7

+8▲7,385.1 8.06,906.9 7.5 6.256-0.5

JP Morgan 8 923.97 6Deutsche Bank +1.7

3.6

4.3 +0.6 ▲38

+91.6

16.7 4.5-2.7 ▼

▲

▲9 7 3,608.6 3.910

3,922.2

87.63,334.4

-1.1 ▼11

▲


40.0% ▲ 45.0%7.3%

-23.1% ▼▲

▲21.2% ▲

Jan 1 - Dec 31

100.0


Industry Total 92,310.080,718.6

-1.9

Market

-0.3

Market

234

▲

30+0.4

+2.7

▼-1.9

+204

+1

▼

16.2 ▲12.8

+10

300.210.8

23.1▲ 15.5

6.0

▲

▼

373.0 100.0

2.9

-0.3

Share Ch.

▼

▼

-1.8 ▼▼-2.4

-0.6

▼▲-

Jan 1 - Dec 31

-1.280.6

-0.2

+7 ▲

+1.5 ▲

11.0

▼

+11 ▲

30

21

63

▲

▲66

61.735.1 ▼29.0

1.4 -1.7+9

▼5.5 -0.9

97▼

Australia Debt

-0.6


# of

80

Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a)

-27.5%▼

▼ ▲ Industry % Change from Same Period Last Year

100.0


ANZ Banking Group 2 1

Top Ten Total

TD Securities IncHSBC Holdings PLC

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

0

20

40

60

80

100

120

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Pro

ceed

s (A

U$b

)

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

14





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Yen denominated bond activity tempered somewhat in 2013, reaching JPY17.8 trillion from 1,064 deals, representinga decline in proceeds of 6.7%. Proceeds in the Financials sector recorded the lowest volume in the past decade,totaling JPY5.1 trillion. Conversely, proceeds from the Telecommunications industry increased nearly six foldcompared to the amount raised last year, recording JPY1.1trillion in proceeds, the highest annual proceeds since2002, largely attributed to two issues by SoftBank, which ranked as the 3rd and 10th largest transactions of the pastten years.

According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds reached JPY63.9 billion in2013, a slight increase from last year’s JPY62.5 billion.

Samurai Bond proceeds decreased 22.3% compared to 2012, with total proceeds amounting to JPY1.7 trillion, thelowest since 2010 despite 9 more transactions. Proceeds from European issuers dropped 12.6% from the proceedsraised a year ago but still dominated the Samurai market, with a nearly 60% market share, followed by American andAsia Pacific issuers, with a 21.1% and a 19.8%, shares respectively.

10.7%

1.8 +259,267.7

599.0▲95.9 +1.8

2.2%

63,915.2

-0.9%

1,064

▲▼

2013 Rank

2012 Rank

17,017,704.8Top Ten Total

Proceeds¥mil

Nomura3,219,783.6

▲13.7%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▼▲

-6.7%10.7%

Samurai Bonds (AP1)

+0.3

Industry Total -10

Citi 10▲

19

100.0+1.6

Sumitomo Mitsui Trust HoldingsTokai Tokyo Financial Holdings 8

11 143,309.5

17,771,882.6

9 ▲10 0.9 +4 ▲ 575.2▲

+0.4 ▲14 155,390.6▲+0.1

0.90.8

181.110 168,571.9 1.0

▼192,625.0 -1.37+0.1

9,523.8▼

800.0

341.7 -103.335

406.5▼

+38

Share Ch.419▼

13,806.7▲-29

25.2268▲ ▲+6.421.6▼ 12,753.9

Share Ch.Sh (%)3,911,488.1

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

39.4Sh (%)Market

JP Morgan

Daiwa Securities Group Inc 5

7Goldman Sachs & Co

Sumitomo Mitsui Finl Grp Inc

6

4-2.2

3 3,871,819.7Mitsubishi UFJ Morgan Stanley 3

2 +3.121.82 18.1


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

All Bonds in Yen (AP5) Jan 1 - Dec 31Japan Deals Intelligence

315,036.9 1.8

+4.52,610,597.5 14.7+1.02,429,082.04

6

▲ +49▲▲

13.718.7

▲-0.6

258 24.2

▼197199

16.43.2 +10

10,466.6

▼ 14.9 -3.8

2.1 ▼

-3.5

▲18.5 +8

-12

+2.7

22.0

9,017.0

1,319.0

20.0

-

+1.8

▼-3.5

▼

-1.5

14.1 ▲

-0.5

0.9▼-0.1▲

▲

▼

▲

1.3

0.992.8

0.60

Jan 1 - Dec 31

-1 ▼

5

Proceeds per Bookrunner (¥m)

Bookrunner

Full YearSamurai Bonds Issuer Domicile Analysis

*tie

Japanese Corporate Debt Volume by Industry (¥ Billion) Jan 1 - Dec 31

▼

-17

-17.7%

87.2100.0

0 -

9,840.58,577.3

101.0 1.0

3.8369.5

▲

▼

1.9

Japanese Securitizations (AP2)

1.1

▲▼

82.0

▼

Market

3,692.3

+2

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

2.02.1

+0.2

63.6%▼

75 4,243.5

6.7 ▲

4,063.4▲ 95.8

+1.1

Sh (%)Fees ¥mil

▼2.5 11.7

4.1

# of Deals

3.514

Market

▲50.0% ▲

-22.9%

-3 ▼

68.7

257.3+5-2

+5113.5

+6Sh (%)

64.0

▼-5

Fees ¥milChange in

▲46.7

Market

35

77,976.2 ▲▲▼

13

532,900.0

+7.6▲

▲

17.3

1430.72318.7

Deals

Manager Market

# of

17.6

56.0

# of Market

Sh (%)

49.3 ▲+7

100.0

1.6

Jan 1 - Dec 31

+18

2013 Rank

2012 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

# of Deals per Bookrunner Imputed Fees (¥mil)

Market

▼

+0.9

▼

+1.6

-0.8

▲-7.4

+0.7

+2.1+3.9

▲+4.7-1.3

Share Ch.

▲

▲

▼

▲▲

2.7

75.1 -25 ▼ 37.5▲ 1,150.4+3

6.1

+1.78.2+1 ▲1.2-1

▲

+2.7-5.2

▼1,123.5 11.4 -5.4

▼5.8

801.6

+1.2

+4

0.8 ▼-5.8

+5 ▲

-1

346.2

▼

575.2

-1.0▼

3.21.1

▲

▼-0.7

▼▲10.0%

-4.1

▼-0.8▲

104.7312.90

0.82Shinsei Bank 10 -0.5▼

241

2▼

-0.3

-2.8

10

1.2▲

-13

7 2.9▲ 10

16.215.5

686.5

11.8

15.2655.8646.3

7.2501.4303.5

¥mil

4.1

181

-5.7

1,119,594.61

2012 Rank

▼▲ 6▼12.2

59

7Mitsubishi UFJ Financial Group

6

Top Ten Total

8

Goldman Sachs & Co


13.6%

36.418.0

13.3

3


2Sumitomo Mitsui Finl Grp Inc

▲

▼

▲

▲17.515

+2.6

▼164,392.9

-1.0

4+2.33

2 -5.53

Sh (%)-3.8

264,984.515.115.9

Share Ch.▼

291,466.7296,734.5

¥mil

-0.9

▲

Sh (%)

100.0

2.94.5

Market

-0.7

11.8-6.3

Daiwa Securities Group Inc

▲

Market

17.9Deals # of Deals

Proceeds per Bookrunner (¥mil)

12+2.2

▼

Sh (%)

3742

155,390.6

363,900.0

+14.7374,664.3

Share Ch.

▼

48

10

1

-2.7

3

171,225.0

4.7 ▲+1.6

-1.6

10.3

+2.4

347

18,900.0

35,601.2+0.9

Proceeds

8

-22.3%

1

9

9

▼173,130.0

553,900.0

678

JP Morgan9.9

10

6

11

Citi

98.1 ▼

-6.6% ▼

748.4NomuraSumitomo Mitsui Finl Grp Inc 2

100.0

-12.7%

5.6

101.0

5


3,020,563.50.7

139,894.05.0

5.6% ▲▼

Industry Total

-17.6%

3,080,224.3

Natixis

Top Ten Total

Sumitomo Mitsui Trust Holdings

Mitsubishi UFJ Morgan Stanley

Daiwa Securities Group Inc

8

1,661,900.01,605,132.2 96.5



Mizuho Financial Group

Industry Total

Bookrunner

BNP Paribas SA

Share Ch.-3.1 ▼

-4.9

▲+2.7

▼▲

+6.1

Mizuho Financial Group 250,951.2

+9

5.3 +14

6

2013 Rank

20,800.0

Nomura 4

89,390.09

2

29,900.0ORIX Corp

5 4Mitsubishi UFJ Morgan Stanley34

47

21

58 65

39

63 80

6675

0

20

40

60

80

100

0

500

1,000

1,500

2,000

2,500

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

¥ B

illion

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

¥2,066.624%

¥1,903.022%

¥1,125.713%

¥1,059.912%

¥630.07%¥433.3

5%¥406.4

5%

¥390.04%

¥255 0¥170 0¥155 0¥60 0

IndustrialsFinancialsEnergy and PowerTelecommunicationsHigh TechnologyReal EstateMaterialsConsumer Products and ServicesConsumer StaplesHealthcareRetailMedia and Entertainment

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¥255.03%

¥170.02%

¥155.02%

¥60.01%

15

*tie


1.8


Japan Debt

1.01.43.4

-6315,036.96 -0.7

▼

▲▼

1.8

9-0.8 14

+1.0

7.4%7.4% ▲

97.0

0.1% ▲ 7.5%

▲ ▲+0.6

+0.3101.0

1,017

▲

93.1+1

57,412.8100.061,595.8

342.7

585.1

800.0575.2

▲

▼35

18

▼1.3

-0.9

0

▼▼ ▲

-0.1-1171,225.07

▲0.9 ▲

JP Morgan

+0.3+0.1168,571.9

1.02 ▼

+31.0 +4

+0.2 ▲

201.6 8Sumitomo Mitsui Trust Holdings

-2

0.20.4

-6+2

0.4▼0.3 -0.4▲

Citi

-0.9

▼121.8151.3

0.2

97.735,571.836,408.2

+0.9100.0Industry Total

▲31.1%6.9% ▲

447 +29

1.5%▲

17,219,595.6

0.3-0.4

▲

133,309.5

9.0%

Top Ten Total

12.5%Industry % Change from Same Period Last Year 6.1% ▲

▲

8,641,881.015,000.08

99.70.2 -0.5 ▼

▲

10

8,654,881.0


+0.1100.0

▲

0 379.2 ▼-0.2-0.5

1.12.2

-▲

Deutsche Bank 91Bank of America Merrill Lynch 0.4

- 20,000.0 +0.2 2 ▲

-4.8% ▼

12

16,691,917.8

155,390.60.8

100.0

▲

Industry Total

6

-0.1▼▲

232.30.6

-0.40.61.0

▼

-6.7

Daiwa Securities Group Inc13.6

9Tokai Tokyo Financial Holdings

1010

7

Top Ten Total

134Deals

+4.8 ▲Nomura

Goldman Sachs & Co

Mitsubishi UFJ Morgan Stanley5,381.1 14.8▲7,276.9

▲▼

▲ 520.0 4

+1.5Sumitomo Mitsui Finl Grp Inc

26.0

4,933.9▼▲ 20.1

-15+22

-4▲

116

10 +5

16.3

590

▲

73▼

# of ManagerShare Ch. Fees ¥mil# of Deals

Market Market

▲▲

13.3

Imputed Fees (¥mil)

▼▲


▼

Market

-4.8Share Ch.Sh (%)

-26 12,456.1

Jan 1 - Dec 31

-0.8

+2.39,506.9

+7.3

2.1+2.2

21.9

16.48,182.4

10,129.0▼▼-1.2

26.0

Change in

20.2▲

0.6

▼-7

2-5.41

3 1,775,825.3 20.5

28.1

4▼-2.4

2,434,036.7

Japanese Corporate Debt (AP3)

20.9

9

Daiwa Securities Group Inc 4

0.50.6

Sumitomo Mitsui Finl Grp Inc 13.75 5Goldman Sachs & Co

Citi 8 7 26,500.0

641,500.055,000.06

Tokai Tokyo Financial Holdings 7 +0.1

1-5.5

10,356.118.0 ▼

+11.1 ▲6,537.6

+2.4

Deals

Bonds Targeted in Japan (AP4)

26422.5

Market

▲416

▼13,516.4

-4.6+40

25.3 15.4

Sh (%)40.9

2012 Rank

+4.418.7

3,774,419.7-2.2

Proceeds per Bookrunner (¥mil)Market

Sh (%)Proceeds2013

RankShare Ch.28.4 ▼3,873,632.1

21.9-3.7Mizuho Financial Group+2.6

¥milSh (%)2013 Rank

2012 Rank

Proceeds

▼

Bookrunner ¥mil1

1,812,403.7

Market

30.0Share Ch.

Change in

▲


Sh (%) BookrunnerMarket

124

# of Deals Fees ¥milMarket

+10+6

▼ 1,319.0▲

▼

414.52,492,366.5

3,214,783.6▲5

3413.92,393,182.0 ▲+0.8

3.3▲1931,188,032.0

18.819.0

27.7+17

191 +52+1.51,273,583.33

14.7 +2.82 ▼ 257

▲

# of

Jan 1 - Dec 31

Proceeds per Bookrunner (¥mil)

Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

▲3Nomura

Mitsubishi UFJ Morgan Stanley 3Mizuho Financial Group +9 22

1

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-

-

-

-

-

-

-

Salvatore ReresUnited 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:

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 Each

E-mail: [email protected]


Ian WillmottTel: +44 207 542 4376

Europe

Asia-Pacific


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.

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 December 31,2013.

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

E-mail: aki sato@thomsonreuters com


Tel: +813 6441 1120Aki Sato

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.

Tel: +1 646 223 8455

Tel: +632 858 7201

Japan

Michelle Abuzo

-

-

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.

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."


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 anyerrors, 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 accuracyor 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 notprovide 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. ThomsonReuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2013 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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