debt capital markets review - thomson...

DEBT CAPITAL MARKETS REVIEWREUTERS / John Schults

DEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

F ll Y 2014Full Year 2014

13

13Dim Sum Bonds (AS24a)

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

Australian Debt

13

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

2

Full Year 2014 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global High Yield Debt US Dollar Denominated (B5) 14

Leading Underwriters for Fourth Quarter 2014

Global Debt (B1)

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

14

Global Debt and Syndicated Loans Islamic Finance (DL2)

Global Investment Grade Corporate Debt (B7)

3

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence 91

1

1

2

9

9

3

All Bonds in Euros (N1)

High Yield Debt

Global High Yield Deals Intelligence

9

Global High Yield Debt (B4)

10

10

10

2

Australia Deals Intelligence

All Australian Debt (ex self funded) (AJ3a)

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

Criteria Summary

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

Emerging Market Debt - Latin America

14

15

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

15

11

Global Mortgage-Backed Securities (B10)

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

US Mortgage-Backed Securities (F11)

Global Debt Rankings - Last Ten Years

US Asset-Backed Securities (F14)

14

5

16

15

11


US Investment Grade Corporate Debt (F9)

3

6 11

6

15

US Debt

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)

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

16

Bonds Targeted in Japan (AP4)

Banking Composite of Top US Debt Bookrunners

Samurai Bonds (AP1)

12

10

Latin America Emerging Market Bonds (L3)

11

8

7

7

7

4

6

Emerging Market Debt

All International Emerging Market Bonds (L1)

EMEA Emerging Market Bonds (L2)

Global Debt in Mexican Pesos (MX2) 12

11

10

All Brazilian Debt (BR1)

Brazilian Domestic Debt (BR2)

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

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Global High Yield Corporate Debt- Quarterly

Global Debt Capital Markets by Asset ClassFINANCIALS ACCOUNT FOR 51% OF DCM ACTIVITY – Debt capital markets activity in the Financials sector totaledUS$2.9 trillion during full year 2014, accounting for 51% of all new issuance this year. Media & Entertainment andFinancials activity saw the strongest year-over-year growth each registering an increase of 10% over a year ago

Global Deals Intelligence

Full Year 2014

DEBT CAPITAL MARKETS REVIEW Global Debt Activity Up 2% l Quarterly High Yield Volume Falls 25% l All-Time Record for US Investment Grade Debt l JP Morgan Tops Underwriting, Fee Rankings

US INVESTMENT GRADE CORPORATE DEBT BREAKS ALL-TIME RECORD - High Grade corporate debt offeringstargeted to the US marketplace totaled US$1.1 trillion during full year 2014, an increase of 9% compared to a year agoand the strongest annual period for the asset class since records began in 1980. Companies based in the United Statesaccounted for 61% of issuance, down from 64% during full year 2013. Issuers based in the United Kingdom, Canadaand Japan each accounted for 4% of US marketplace issuance during full year 2014.

QUARTERLY HIGH YIELD VOLUME FALLS 25% - The volume of global high yield corporate debt reached US$71.9billion during the fourth quarter of 2014, a 23% decline compared to the third quarter of this year and the slowest quarterfor global high yield issuance since the second quarter of 2012 (US$54.8 billion). Full year 2014 high yield issuancetotaled US$441.5 billion, narrowly falling below the all-time annual record set during full year 2013 (US$442.5 billion).

GLOBAL DEBT CAPITAL MARKETS ACTIVITY UP 2% - Overall global debt capital markets activity totaled US$5.7trillion during full year 2014, an uptick of 2% compared to 2013 and the strongest annual period for global debt capitalmarkets activity since 2009. Fourth quarter global debt activity decreased 14% compared to the third quarter of 2014,marking the slowest quarter for global debt offerings since the fourth quarter of 2011

$2.2$2.4

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

2006 2007 2008 2009 2010 2011 2012 2013 2014

Pro

ceed

s ($

bil)

Global High Yield Debt ($bil)

Number of Offerings

EMERGING MARKETS CORPORATE DEBT DOWN 11% - New corporate debt from emerging markets issuers totaledUS$348.6 billion during full year 2014, an 11% decrease from last year. 54% of all emerging markets corporate debtduring the year was raised by issuers in Brazil, India, Mexico and Malaysia. Corporate debt from issuers in Russiatotaled US$17.2 billion, down 74% compared to full year 2013.

JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - JP Morgan maintained the top spot for global debt underwritingduring full year 2014, with total proceeds of US$425.2 billion and a decrease of 0.2 market share points. Deutsche Bankmaintained the second position, while Citi moved to third place from fourth. Barclays and Bank of America Merrill Lynchrounded out the top five.

OVERALL DEBT UNDERWRITING FEES UP 3% - According to Thomson Reuters/Freeman Consulting, estimated feesfrom DCM activity totaled US$22.8 billion during full year 2014, an increase of 3% year-on-year. Fees from high gradedebt totaled US$10.8 billion (a 47% share), while fees from high yield debt totaled $5.8 billion (a 25% share). High yieldfees decreased 6% compared to 2013, while global investment grade fees increased 3%.

Financials activity saw the strongest year-over-year growth, each registering an increase of 10% over a year ago.Average deal size in the Healthcare sector led all industries this year, with the average deal totaling US$1.1 billion.

100.0▲

+4.44.41,271

1.8%

6.34.9

▲▲

50.2 +50.2

+4.6▼

-59 ▼ 4.61,791.51,844.0

+387

3.9

+0.3

-11

1,164.6▲

1,519

7.51,7951,781.91,168

4.9 1,691

▲+196 ▲

+4.42.94.4

3.9+2.9

510,451.7

▼-237+9

2,227.2+0.3

2,613687,691.9

▲4.45.2

▼ +58

▲7.1▲

-0.3+0.5

811,470.0

2,025600,325.0 ▼6.1 -0.17.0 +0.1 ▲8.3 +0.6

▲7.310.9▲7.5 +7.5

2,950.3 +7.32,851 11.9 -148 ▼Deals

▲

Global Debt and Syndicated Loans (DL1)

Sh (%)Market

# of Deals per Bookrunner

Jan 1 - Dec 31

Change in Proceeds

Imputed Fees (US$m)

# of Deals Fees# of

-124

Sh (%)

8.4

Share Ch.3,040.2

MarketShare Ch.Sh (%)

Manager Market

▲

▼+0.5

3.3+1.6

3.6

▲+4.4

1,576.67.4

5.5▼▼

-448.3

1,787.6

▲1,987

+5.3▲ 2,151.0 5.3▲-97 +5.5

+3.9

0

▼

20,314.9

1,784

- 5.3

▼1.6%

+4,162▲

23,976

-22.2%

Manager 2013 RankShare Ch.

MarketSh (%)Fees Bookrunner

2014 Rank

376,780.1

4

6

3 32

8481,476.5

45

Imputed Fees (US$m)

7.5 JP Morgan

Industry % Change from Last Quarter

Wells Fargo & Co

Deutsche Bank

Bank of America Merrill Lynch1 1

10

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

2-0.8-0.3 ▼ 3,297.910.4 -25 ▼2,063 ▼

6.3 +0.1 ▼-103

2,553.1-1-0.46.3

▲1,801

ProceedsMarketSh (%)

Change in 2014 Rank

2013 Rank Sh (%) # of DealsDeals

# ofMarket MarketShare Ch.

JP Morgan 1 1 493,392.9Bookrunner

Citi 2 3 418,909.97.4

-0.3Deutsche Bank 3 2 414,543.8 9.18.7

▼1,733

▲

▼▼

+10Citi

▼▼

-0.15.12,263.35.8

5.8 4.3 -0.3

HSBC Holdings PLC+0.1

1,876.9

▼

-0.3 ▼ 1,521 7.7Bank of America Merrill Lynch 5 6 382,255.9 5.8Barclays 4 4 383,028.8

Goldman Sachs & Co

2,741.5-0.1 ▼ 8.6

5.3

▲ 1,632+0.1 -198 6.2

+0.51,273 6.41,438

8.2

6.3

56.8 ▲

Morgan Stanley

-1.0

-0.5 ▼8Goldman Sachs & Co

▼

2.54.7

Credit Suisse

3,003.2Barclays▼

2,777.31,080.3

+0.1754.0

5.4-0.6

1,702

▼

-7

-0.22,079.6+0.3

▼+75

Morgan Stanley5 351,975.1

6 77

355,269.0

77

Top Ten Total

7.3-0.33.7

325,907.96

9 362,912.73.6

22,427.1

6.3

-2.7

-1.5%

349,279.9104.4

▲

▼

4.2293,045.6 353,260.1

▲▲

9277,584.2 +0.24.4HSBC Holdings PLC 98

3,563,319.5 -1.2

Credit Suisse 8 ▲ 1,249BNP Paribas SA 87210 2.9

9▼-0.410

50.9100.0

▲

49.6Industry Total

4.3%

44,082.2

▲

▲

▲▼

9.6%▲▼Industry % Change from Last Quarter

-105

+9 ▲▲+3

▼▲

1.7

▲

4,859,555.8Top Ten Total100.0 9,776,022.9

-9.0% ▼▲

40,333.0

‐13.1%Industry % Change from Same Period Last Year

▼▼-17.6% -7.7%Industry % Change from Same Period Last Year

19,814

▼

3.0% 0.9%

193,314.3

▲

53.86,629,280.9Industry Total 100.0

$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

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Pro

ceed

s (U

S$t

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

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All US Debt (F1)

275

901

+0.1

▼Sh (%) # of Deals Fees Sh (%) Share Ch.

▼

+0.2-0.2

1.2

+0.1

1 2 +0 2-

-0.3

3.2

8759

275,701.7 +0.5

233,220.5

282,250.5

+0.3

▼135,729.4

274,658.6

149,624.4185,983.3

Market

4.8

▲0

1.9

1.8

▲

-0.29.9

-0.3

2.6

2.3

-0.4

7

322,053.8

▼

-0.3

7.910.6 -48

Market


Imputed Fees (US$m)

-

2.4

▲4.9

▲4.8

6.0

1,361 1,436.8

5.6

Wells Fargo & Co

% Change

Global Debt (B1)

9

Citi

Bookrunner

67

Global Debt

307,370.0

12111213

MarketManager

-0.51,803.5

▼Barclays

4.110

Market# of

Jan 1 - Dec 31

US Long-term Debt (F2)

Global Scorecard

$USm

Jan 1 2014 - Dec 31 2014

4,389

No.

2,562,298.9

139,835.8 992

Deals

US Mortgage-backed Securities (F11)

516138,987.7

13,581.3 441

▲

17,081.6

6,337

▲

11,203

672

-20.5%

614

8071,070

3,132 3,666

1,037,728.4

1,900,262.1

$USm

-14.4%1,895,014.4

4,919

10149,460.4

1,051

8

Bank of America Merrill Lynch▼

-6.4%

▲▼

14

+0.3%-1.1%

Societe Generale

20

▲

▼

▼

13

11

UniCredit

819

2,591,742.2

Nomura

▼

▲

629

15

20

1616

1.3

UBSCredit Agricole CIB

18TD Securities Inc

▼▲

1919

15

17

70,863.466 794 521

17

5

▼

6

102,298.5

110,100.3

21

8Morgan StanleyHSBC Holdings PLC

▼

RBC Capital Markets

Goldman Sachs & CoCredit Suisse

▼510 ▲

BNP Paribas SA

RBS

Mizuho Financial GroupNatixis

Proceeds

Deutsche Bank7.46.3

ProceedsDealsDeals

2014 Rank Sh (%)

Proceeds No.# of Deals per Bookrunner

2013 Rank

Jan 1 2013 - Dec 31 2013 Proceeds per Bookrunner (US$m)

in ProceedsMarket

Share Ch.Change in

362,356.56.3358,699.03

1.8

22

4 347,894.6

JP Morgan 1,585▼ -0.5

▼425,199.7 ▼1 1-83▼ 1,475

1,079.7-95

▼ 8.21,2293 6.1

0-0.16.3▼

▼4

6.01,366.8-19.1

▼

▲▲8.5▼

-1921,225 8.2

796.91,3611,274

9.1

▼-8 ▼

1,490.41,356.8

+71

▲4.8 +0.2

▲6.0+0.33.5+0.1

▲+0.2

▲

▼6.5

5.4

▼-1.1-0.24.7

+2 ▲ 1,095.9-93 ▼ 1,226.2

-7798.3

3.4

413

+62

+34

-4▲▼

3.7

5.9

759

395

5.4

2.64.0

763807

622

592

▲+0.2▼ 598.7 2.63.5 -0.3 ▼5.1+0.2 ▲

▼-89+1

4.2▲

5.1

+6

131,039.0

104,817.4

18

-0.2

1.71.5

014 -

00

+0.1

74,062.10

97,635.384,934.9 -

-

4.1-

552318

1 8

▲

▲

2.1505606 ▲

+21+2

422 515 0511,932.9426,357.6

1,190,107.3

6,807750

11,40813,175

4,684,055.3

2,803,834.7441,498.4

311,933.7

327,124.3

585 270,425.3

162,324.3

291,239.5426,302.5 350,103.1

1,129,884.0266,756.4

+8.9%-8.4%

-17.9%743

-6.0%

876

1,077

+15.3%601

5,532,927.9 5,399,373.2

442,494.0

149,707.6

4,529,090.2

2,624,744.8

▼

+2.5%+3.4%

+6.8%-14.9%

-0.2%

176,013.5

12,938

1,094

848

861Global Asset-backed Securities (B11)-16.7%

358 350 1

-1.4%2,837 1,207,418.5874798

969

2,770

+17 9%

2.3

▲▲

▲

520.3▼▲▲

2.6

1.3+12

2.8

+27330.9

356.6

1 0

324.8

220 0▲

197.0480.9

+0.2

2.1

1.5

0

▲

-

+10298.7

0.9

▲

+0.3 ▲

-▲

▲

▼-0.2

1,167

+0 2

+0.1

1.6

1.1

594.21.4

249.5

▼

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

▲

+0.1

-0.3

Global Agency, Sovereign & Supranational Debt (B9)

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)

US Federal Credit Agency Debt (B8)

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

Global Mortgage-backed Securities (B10)

+0.2

+0.2275

1

43,072.8 0.8

Australian Domestic Securitization (AJ5)

1.2 +0.2

Westpac Banking

Australia Bonds

▲ANZ Banking Group

JP Morgan

Consecutive Quarters No. 1

24.323

▲

+0.1+0.1 2040.70.724

-0.8258.425

100.03,068,018.2

44,539.7 0.8

42,551.230

3

Commerzbank AG

▼▲

▲

Industry % Change from Same Period Last Year

Mitsubishi UFJ Financial Group

▲1.9%

Top Twenty Five TotalIndustry Total

11

+3.2

18

▲

11

▲

▼


▲1

▲

▲

2322 26

66,794.521

40,915.3

2324

21

2

▲

Standard Chartered PLC

NatixisSantander

1

+0.7

▲ 5+3.7 1

+7.5

▼

Global Debt Capital Markets % Change by Asset Class

-13.9%

+0.1 ▲1.4▲1.8▲

5,738,735.0

386

76.21.5+0.11.4▲

▲+57224

-6▲

+30

+44

+21

▼

▼

22,819.7 100.0

2.6% ▲

▼12,251.7

-1.5% ▼

76.1 -0.914,939 -222

4Q 2014 vs. 4Q 2013

-12.5%▼-23.6%

1,864

12

249,575.3

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

422,515.0

▼▲

12.4JP Morgan

Mkt. Share Chg. from Last Qtr (%)

Bank of America Merrill Lynch

8.58.8

▲▲

+5.9

1

12.916.4

10-0.3

+5.4

+4.4

1

Australian Dollar Bonds (AJ3)

All Bonds in Euro (N1)

+2.1

▲

▲

11

1

▲3

1+2.5

▼▲

-0.5▲▲

-7.2%

1

Current Qtr Market Share

(%)

▲

269,005.4

Leading Underwriters for Fourth Quarter 2014

10.3

10.9

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

1

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

+2.2+1.8

International Bonds

Barclays

11.1

▲

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)

Global Bonds

U.S. Disclosed Fees (E2)

Global ABS (B11)Global Investment Grade (B7)

US Bonds


Asia-Pacific Bonds

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

+3.9

8.5

15.9

+1.6HSBC Holdings PLCHSBC Holdings PLC

Global Disclosed Fees (A2)

11.1

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

U.S. Federal Credit Agency (H1)

Global High Yield Corporate Debt (B4)

11.4

+3.3+3.2

+10.8+23.0

+15.9

13.0

16.735.6

13.9

10.5

Wells Fargo & Co

JP MorganJP Morgan

10.89.8

+2.8JP Morgan

8.9

12.7JP Morgan

BNP Paribas SA

JP Morgan

JP Morgan

JP MorganJP Morgan

No. 1 Manager

Morgan Stanley+1.9JP Morgan

8612,233

-1.3

Global Short-term Debt (B14)Global Asset-backed Securities (B11) 358,350.1969 +17.9%

0.82042.6

1.0

0.60.6144.1

136.7▼

220.0▲▲

+0.21.1

176.60

+0.2

-

▲▲+0.2

▲▲

▼Global Emerging Markets Corporate Debt (B15) 311,889.1 1,337 348,630.5 1,353 -10.5%

6.8%

-1.4% -0.2%

17.9%

-16.7%

-10.5%

-14.9%

-20%

-10%

0%

10%

20%

Investment Grade Corporate

Agency, Supranational,

Sovereign

High Yield Corporate

ABS MBS Emerging Market Corporate

Federal Credit Agency

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Full Year

Jan 1 - Dec 31

Imputed Fees: Global Investment Grade Corporate Debt

2.9

4.0

04.4

1,436,808.8

0--

318.2▲333.5

5,167.7▲


Industry Total

6.8%

2,803,834.7

▲

0 492+0.8

3.8

100.0

10


-8.4%Industry % Change from Same Period Last Year 7.4%

▼

+698.9

8.2

106,407.4

▲ 605

396 5.8

11 +62360 5.3+647.2

94,242.1 ▲3.4

Proceeds per Bookrunner (US$m)

▼

-0.2722▲

▼

+0.3-0.1

5.1145,463.8 +0.9

559

9.3

▲10.6

Barclays 7

2

HSBC Holdings PLC 6 86

Deutsche Bank 4 5Morgan Stanley 5 4

Citi 3159,718.6

7.30

5.6

1 203,905.9

151,272.3157,249.4

5.4

7.7+0.4

3Bank of America Merrill Lynch 2JP Morgan 1

Proceeds

5.7

# of2014 Rank Sh (%)

-0.2

4.6


10,826.8 100.0

▼

Global Mortgage-Backed Securities (B10)

▲▲

+470

▲

-19▲

+0.6

Manager

437.3▲ 488.2 +0.8

-0.2

0

668.4▲ 5.2618▲

# of Deals

-559.1

476.2

▲

561.9

Sh (%)10.0

Change in Share Ch.

+14 ▲+0.2

Jan 1 - Dec 31

Share Ch.



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

2013 Rank

MarketMarketBookrunner

▲Deals

681

Market

7.5

Imputed Fees (US$m)

Fees

+26

525

145,992.4 630

▼▼-

+3

Jan 1 - Dec 31

Goldman Sachs & Co

51.3

Imputed Fees (US$m)

472.9

▲

▲+2.1

Credit Suisse

8 7-0.4

129,398.4

5.25.2

143,158.54.5+45

▼

-34.1%2.8%

-2.0%

6,807Top Ten Total

9 -BNP Paribas SA 9+0.6

▼

-

▼

▲

-0.34.45.5

Sh (%)

6.2

47.7

▼

▼▼

-0.1

3.1

▲+5

596.2

Global Debt

+0.2

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

814.9


6,77

7.5

9,11

3.7

9,95

9.8

8,31

6.8

9,37

5.6

8,48

1.4

8,32

3.7

10,9

33.4

10,5

29.9

10,8

26.8

6,3786,916

6,494

4,888

5,4266,269 5,829 6,391 6,337

6,807

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

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f Offe

rings

Fees

(US

$m)

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

* tie

Emirates NBD PJSC 3.2-1.1+0.5

+410.2 3.2

11

Top Ten Total

9

-16.7%

31,637.6 65.91,520.9

▲

1


▲

-10.1%

Imputed Fees (US$m)

Share Ch.

-10.4% ▼

-+16

▼▼

▲


42.5%

-3.3%

Industry Total

RBC Capital Markets

54

RBS

Morgan Stanley

0

26,658.36.3 +0.4

43,165.5

Industry Total

▲▲

26.4%

Sh (%)

-25.3%

9.3%

Industry % Change from Same Period Last Year9.6%

48,169.8 100.069.4

9.42

12

32.0% -16.7%

114.9128 +31

1,665.5 3.5

-▲13

-

+1▲

1.6▼▲

National Bank of Abu Dhabi

▲

09

6Samba Financial Group 8 1,687.8

10

-4.0 +2.7 +2 5.4

-- 1.9

8 1,984.0▼ 5.6-4+2.34.7

3.51,908.6

Citi 6 4.1AMMB Holdings Bhd

RHB

5 5

7

2,243.7-0.1

312.6▼ 11 +3 ▲ 2.98.64.7

▼

▲24.2

▼▼▲ 20 15.6

33 +12

4.8

31.3 ▲▲Standard Chartered PLC 4 3 3,835.7 28-0.4

-1.95,331.2Malayan Banking Bhd 3 4

2-1.98.94,291.6

8.0

CIMB Group Sdn BhdHSBC Holdings PLC

+1440

Proceeds52 40.6

2 25.81

11.114.9

Sh (%)Market

1 -0.1Bookrunner

7,168.6

Market # of2014 Rank

2013 Rank Deals


8.1▲▲

7.912.9

+13-0.3

▲ -1.683 11.8 0

6.8

-0.8 ▼

-

-1.813.213.6

+3 ▼

▼

57.2

Top Ten Total87

4

9

7

5

10

Global Asset-Backed Securities (B11)

Bookrunner1

2013 Rank

Proceeds per Bookrunner (US$m)2014 Rank

Market # of

Citi

Fees


Sh (%)▼

MarketSh (%) Share Ch.

16.018.4

+6

7.111.2

6.921.9

Imputed Fees (US$m)Manager

+16.0

Market Change in # of Deals

9.5

BookrunnerShare Ch.

2 6 40,368.7▲1 1 41,860.3JP Morgan▲

+2.6

+7.1+19

100.0

Credit Suisse

60.4

1.6

2.83.1

+2.8

JP Morgan13.1

Industry % Change from Last Quarter 22.6%

-

1Deals # of Deals Fees

▼

Market

2

▲

228.1

-0.544.1 5.742.7


Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)MarketMarket Market

Fees

▲6.57.3▲

Deals

84 11.9Citi

▼

Sh (%)

Jan 1 - Dec 31

Market

+4.7

▲

+1.6

Global Asset-Backed Securities ex-CDOs (B13)

Share Ch.

▼

+1.7


Market

▼-8.7%-13.5% ▼


Sh (%)

▲ ▼

Credit Suisse

▲+11.2

+6.9+4.8

Barclays

▲

+60.4

Deutsche Bank

Citi

14,576.8

140.8

18,382.0

Market Change in Sh (%)

99

-123.3+6

7.3▼Barclays

Credit SuisseBank of America Merrill Lynch

Market

6.3

Proceeds11.749,261.8 127

Share Ch.-0.9 ▲

Market

Top Ten Total

# of Deals per BookrunnerManager

▼9.09.8 ▼-411.4

RBC Capital Markets

+2.7

-2.3▲ 91

Top Ten TotalMizuho Financial Group

2

6

82.9

Industry Total

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

▲

Bookrunner

▲

JP Morgan

▲▲

RBS

-7.4%17.9%

422,515.0

▲▼

286,029.1

34,215.7

▲

4 343

2

7

857

2.7

Industry Total

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

Proceeds per Bookrunner (US$m)2013 Rank Proceeds # of DealsShare Ch.

2014 Rank

Market # of

-1.8 93 11.7▼

Deutsche Bank 3 2 ▼8.1 -2.434,584.0

▲▼ 60.9

12.78.1 -1.1 ▼

+0.2 +1

+4+8101

9.0 -19

▲▲

79.6 8.6-0.2+1.9

▼87.6 9.5▲

Barclays 4 3 34,502.3 725

Wells Fargo & Co10.080

▼ -2.1

61.9▲7.26

-7

6.328,595.7 8.9

58.0▼ 82.3

30,672.9+1.38 6.7

6.4

▲0

+1.06.76.6

▲+0.1 11.289 -14▲

▼-0.2 7.9-1.4 -3

-7Goldman Sachs & Co 6.57 5 27,577.1Morgan Stanley 8 9 27,299.5 ▼ 63

▼ 62 7.8

6.911.4 -7 -3.163.4-0.256.9 6.2

6.2 ▼-2.2 ▼ 91Mischler Financial Group Inc 10 3.9Bank of America Merrill Lynch 9 4 26,551.5

16,455.113

426,357.6308,467.1 72.4 -4.5

100.0

▲+2.6 ▲▼ -3.3

0.8

-76798

7.1+5271 8.9▼

▼▼

Wells Fargo & Co

100.0640.6

+0.469.5

-14.8% ▼

Sh (%)

8 109 20,302.5

100

▼10.5▼

▲▲▲

Wells Fargo & Co 4.7 +0.6

+2107

▲

179.3

-3.0% ▼

921.7

-1.0-4.1

112 11.6▲

▼

3 3 36,710.4

10.2

-3.4▼-3.2

8.7 -0.62

▼ 11.010.2

+0.1 106 10.930,935.993.1

175.4▲+18 ▲

▲

+10

▼5.7

▲4.3▲

+0.2

5.6 -0.17.5 -0.1+10

▲163.755 5.7121.1

633.5▼

76

10.3 ▲0

6.5

4.8

-1.9-11.7

2.761.4

2.44.4 -1.1 65-1.7 ▼

52.57.86.7 -4 ▼

+10

1,336.3+108 2,181.7

▼ 59.0-8▼67.9 -4.7

969 100.0

-1.5 ▼

▼

61.9+15

-2

▼

Share Ch.

Imputed Fees (US$m)MarketChange in

7.47.9

▼▼-0.2

Market

57.6

12.5%

Market

+0.7+2

93+0.3 ▲

-7.8%

Manager

▲

▲

96# of DealsSh (%)

▼

▲

-1.4

# of

31.3%

Jan 1 - Dec 31

▲

Share Ch.


11.5

Fees

6.3

8

9

11,704.49

Proceeds2013 Rank

Market

23,422.4

35,583.0

-16.1%

5.8

6.318,805.5

17,228.3

3.110▼

▼

+0.291▼-0.6

8.7

1

7.9▲

-1.7-1.5

12.9

▼ 63▼▲ 5.5

52.9

▼

3.08.1

▼8.9 -6 ▼ 40.2 ▼

11.35.2

7.5 +23.9 -1.6

+0.33.5 23.4▲-5

▲+0.229.6 3.8 -1.6 ▼▼

▼69.0 -2.2 ▼ -11.9

-0.1 176 3.8▼

-1.3-3 29.9

▲

56.4439.5100.0+29

▲ 25.4%▼

53▲

80-0.9

109,091.9

10,319.4▼ 57

12.0

5

+0.925,669.1

4.3%

705204,709.9

779.8296,923.3

▼25.0

100.0

▼

▲

6 6 26,407.1

19,628.8

6 18,670.2

Sh (%)

100.0

Deutsche Bank +0.2

+0.98.08.2


Banking Composite: Global Debt

Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Dec 31 2014


53.1%

47.1% 48.7% 49.8%

56.9%52.1%

54.1%

53.4%

58.7% 47.2%

4.8% 5.2% 4.8% 4.3% 4.0% 4.3% 4.4% 0.2%1.2%

7.7%

60%

70%

80%

90%

100%

5.6% 4.3% 5.4% 6.6% 6.4%2.4% 3.1% 1.3% 2.5%

7.6%

14.8%21.2% 19.9% 18.1%

12.8% 19.8%15.9%

26.6%20.6% 12.3%

4.7%

4.8%2.9%

6.4%

4.2%1.9%

2.7%

9.5%

4.8%

2.5%

1.9%

2.4%4.5%

1.0%

0.5%

1.3%

1.1%

1.0%

1.0%

0.1%

15.1%

15.0% 13.9% 13.9%

15.2%

18.2%

18.7%

7.9%

11.2% 22.7%

0%

10%

20%

30%

40%

50%

JP Morgan Deutsche Bank Citi Barclays Bank of America Merrill Lynch

Morgan Stanley HSBC Holdings PLC Goldman Sachs & Co 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

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables 4


Global Debt Rankings* - Last Ten Years

1

2

3

4

JP Morgan

Deutsche Bank

Citi

Barclays

Rankings shown are as of the current quarter end in each calendar year.*Global Debt League Table (B1) positions reflect consolidation within the banking sector.

5

6

7

8

9

10

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Ran

k


Morgan Stanley

HSBC Holdings PLC

Goldman Sachs & Co

Credit Suisse

BNP Paribas SA

g q y

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

5

▲

▲

▲--

▼▲

-0.5+0.3+0.2

0

+0 10

-0.2+0.3-0.3+0.4

2.01.8

2.92.31.92.4

1.7

0 5

0.71.0

39.052.024 1▲

▲▲▲

+9+29+8+34

-7+8+9+10+7+12

4.42 8

12.910.49.79.48.45.87.03.740

4730

906275

▼ 139112104101

▼

▼

▼▼-▲

▲▲

+0 2

-0.5-0.1-0.7

0+0.1-0.2

2.82.12.11.91.71.31.0

Scotiabank

151617

14,715.8

7,102.0

16

180.6

Standard Chartered PLC

BNP Paribas SAMitsubishi UFJ Financial GroupUBSMizuho Financial Group

Credit Agricole CIBUS Bancorp 11,778.3

191824

131214

131415

2019

17

6 022 0

Manager

33.6 -45 ▼ 544.8

Fees# of DealsChange in

▲

+0.2+0.2-0.1

Share Ch.-17 ▼ 650.0 12.3 +0.1 ▲

Sh (%)442 41.013.6 +0.3 ▲1 153,312.0

8

11.0 -0.2 ▼

▼

31,252.023,802.523,619.021,875.9

JP Morgan 1

9 11

12

53,298.9

11 9

7

0.77,307.7

19,528.6

0 5

Share Ch. Deals Sh (%)Market MarketMarket # of Market

Imputed Fees (US$m)

▲

10.3 -0.5


US DebtRecord Volume for US Investment Grade l Overall US Debt Down 1% l US Asset-Backed Debt Up 15%

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

▼

Proceeds

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2014 Rank

2013 RankBookrunner

MarketSh (%)

8

124,450.4

5 5 85,367.1

71,052.7

2 2

7Deutsche Bank

US Deals Intelligence

US Debt (F1) Jan 1 - Dec 31


Goldman Sachs & Co

HSBC Holdings PLCWells Fargo & Co

RBSRBC Capital Markets

▼Citi 3 3 104,727.6 9.3

362▼ 404.5-1.7 ▼ 32.0 -33345 7.7 ▼

Morgan Stanley 4 4 89,007.5 7.9-0.7

-1.2 ▼

Barclays 6 6 81,303.47.6 -0.67.2

▼6.6 -0.3 ▼245 22.7 -5

-3 ▼ 7.8 -1.3347.8▼

-0.7

291 27.0 409.7

25.0 ▲6.3 +0.1 ▲ 0

+0.8 ▲ +43213 19.8269 ▼

5.0 +0.4 ▲5.3

-276.5264.3

-0.1 ▼322.9 6.165,096.9 5.8 +12 ▲+0.4 ▲ 227 21.14.7 +1.5 ▲ 205.6139 ▲ +1.1

132 12.312.9 +22

+17 +0.5189.4 3.6▲

Credit Suisse 10 10 45,162.0 4.0 +0.7 ▲ ▲3.9

▼▲

▲

▼

▲▲▲▲

103.597.187.6

154.3120.5101.6124.1

Annual volume for the U.S. Investment Grade market in 2014 eclipsed 2013's all-time high, passing the US$1 trillionmark for the third consecutive year. The US$1.1 trillion raised beat last year's US$1 trillion total as issuers continuedto take advantage of low interest rates ahead of the anticipated rate climb: the 2014 average coupon stood at3.592%, just 11 basis points over 2012's record low average rate.

US ABS totaled US$311.9 billion from 585 transactions, representing the highest annual volume since 2007 andsurpassing the proceeds raised a year ago by 15.3%. ABS strength was largely attributed to the CDO and autosectors, which accounted for 35% and 32% of ABS volume in 2014, respectively. According to estimates fromThomson Reuters/Freeman Consulting, investment banking fees in the US ABS market totaled US$1.6 billion, an18.3% increase from the total fees paid in 2013.

US High Yield corporate debt volume in 2014 decreased 6% from the proceeds raised a year ago but still ranked asthe third largest annual volume on record. The US$107.3 billion raised in the second quarter represented the largestquarterly volume on record, bolstered by the US$10.9 billion Numericable Group SA issue in April (of which US$7.775billion was denominated in USD) - the largest High-Yield financing on record.

▲▲

0.4BBVA ▲2.0 +13

▲▲▲

16.8%

+0.2+0.1+0.40.632.4

17.7

-0.35,269.1

16.7%

▲-▲+0.2

3.8%

▼4,682.1

+0.10

0.3

0.70.7

0.50.7

24.138.437.636.7

▲▲▲

+7

+12+13+12+14

2.8

3.71.1

2.71.9

1222

30292140

+0.2+0.1

+0.2

▲

+0.2+0.2

▲▲▲

0.40.40.4

+0.2Standard Chartered PLC

31

242336Sumitomo Mitsui Finl Grp Inc

20 6,022.0

Top Thirty Total

2122

2423SunTrust Banks

Banco do Brasil SA

Santander

‐13.3%

4,671.0

25

4,603.74,445.14,379.834

22

‐6.1%

73.4 -0.7

‐0.5%

▲

▲▲

‐8.4% ▼‐8.9% ▼

▼

▼Industry % Change from Last Quarter

▲

0.55,348.00.5

0.7%

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

1,081,420.8 94.2

0.4

88.8100.0

+0.1 ▲

Industry % Change from Same Period Last Year 8.9% ▲

+7Industry Total

▲

Industry % Change from Last Quarter ‐8.7% ▼Industry % Change from Same Period Last Year ‐6.0% ▼

1,077

Top Ten Total 235,148.9

1,129,884.0 100.0

Industry % Change from Last Quarter 13.0% ▲ ▼

516 -98

▲

Industry Total 307,370.0

4.0▲ 169.03,102.176.4 -2.1 ▼

108RBC Capital Markets 10 10 13,323.2 4.3 +0.3 +0.1 ▲28.9 -38 5.4 -1.2

-3 ▼▼

20.95.7 -1.2 ▼ 149Wells Fargo & Co 9 8 17,498.3

277.2 6.6▼ 228.6

142 27.5 -18 ▼▼

Barclays 8 9 20,177.6 6.6 0 - +0.5 ▲30.2 -22 7.3 -0.37.7 +0.1 ▲ 156

▲Credit Suisse 7 6 23,772.1

333.2▼ 310.2

142 27.5Goldman Sachs & Co 6 5 24,494.4 8.0 +0.3 +0.6 ▲31.0 -29 6.6 -0.5

-29 ▼▼

7.98.1 +0.2 ▲ 160Citi 5 4 24,863.8

331.9 7.8▼ 277.5

157 30.4 -35 ▼▲

Deutsche Bank 4 3 24,992.9 8.1 -0.5 ▼ +0.4 ▲27.7 0 8.2 +1.68.1 +1.0 ▲ 143Morgan Stanley 3 7 25,012.1

370.0 8.7- 345.0

205 39.7▲

Bank of America Merrill Lynch 2 2 27,124.8 8.8 -1.6 ▼ -2.3 ▼43.6 -31 10.9 +0.4▼ 459.5

-62 ▼JP Morgan 1 1 33,889.7 11.0 -0.7 ▼ 225

Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2014 Rank

2013 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager

2014 Rank


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

1 301,356.1 22.4 -103▼ 98411.8 -0.3 ▼Citi 2 2 244,624.1 9.6 -0.3 ▼JP Morgan 1 10.7 -0.5

830 18.9 -71 ▼▼ 1,382.7

-0.51,077.1 8.3Bank of America Merrill Lynch 3 3 242,106.9

5.7-165 ▼ 1,240.1

694 -0.2

▼▼9.6 -1.39.5 0 - 899 20.5

731.7Barclays 4 4 214,529.5 8.4 -0.2 ▼

6 7 177,661.3

▼7.2 -1.3

+14 ▲14.5 -85

649 14.8 -17 ▼ +0.3▼ 843.0

▲▲+0.1

Goldman Sachs & Co 7 6 177,438.0 6.96.9 -0.5 ▼Morgan Stanley

6.9 0

6361,040.1 8.0

6.5

-0.7 ▼ 554 ▼517 11.8

12.6 -63 -Credit Suisse 8 8 154,546.8 6.0 +0.6 ▲ -10

897.6▲

15.4 +25 6.06.0

▲ 780.1+0.3▼ 776.0

▼5.5 +0.4 ▲3.5 +0.9 ▲

675+0.4 ▲

Wells Fargo & Co 9 9 140,850.4HSBC Holdings PLC 10 12 89,882.6 283 6.4 +10 ▲ 314.6

-0.3

Industry Total▼

2.4Top Ten Total 1,926,611.7

2,562,298.9 100.075.3 -1.4 9,083.0

-530 12,953.14,38970.1 -1.7 ▼

100.0

▼▼ ▼

▼‐5.0%

Jan 1 - Dec 31


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


All Federal Credit Agency Debt (H1)

2014 Rank


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

4.7 +47▼ 186Barclays 1 1 48,235.5 12.9 -1.86.9

▲ 13.4 ▼Deutsche Bank 2 3 31,643.8 8.5 -0.4

6.5 -1.0 ▼ 185176 4.5▼

-7 ▼ 14.2 7.4 +1.8

7.0 -0.5-25 ▼ 13.2

TD Securities Inc 4 6 22,846.2 6.14.7JP Morgan 3 4 24,257.5

▲ 194 4.9 10.0 ▼

+1.3 ▲▲

5.2 -0.25.7 +1.7

-8 ▼2.6 -8 ▼103▲

+1.1▲

HSBC Holdings PLC 6 8 20,606.7Nomura 5 9 21,188.5 +1.35.0

+1.09.5

159 4.1 +10 ▲5.4 -5.6 ▼ 3045.5 +1.2 ▲

Morgan Stanley 7 2 20,090.4407

▲▼7.7 -26 ▼

▲17,652.7

7.6 4.0 -2.76.1

▼5.6 +3.9

3.2

Wells Fargo & Co 8 18 18,859.9 5.0 +3.6 10.4 10.7 ▲4.7 +1.6

+245 ▲2.8 -3.05.3 ▼

Citi 10 7 13,662.9140Bank of America Merrill Lynch 3.69 11

Top Ten Total 239,044.1▼3.7 -0.7 ▼ 124 3.2

64.0 -0.3 ▼-0.1

-63▲-14 ▼

▲98.4 +2.88.4 4.3

51.4374,238.7

‐20.2% ▼

100.0

‐16.0%

4,235.4 100.0

▼20.9%

100.0

3.2%

Industry Total 3,925 192.3

▲ ‐17.3% ▼

100.0+123

▲Industry % Change from Same Period Last Year ‐10.7% ▼

Industry % Change from Same Period Last Year ‐1.1% ▼‐7.2%Industry % Change from Last Quarter ‐5.7% ▼‐10.8%

35

20

2930

Societe GeneraleJefferies LLCBank of China LtdTD Securities IncANZ Banking Group

262728Deutsche Bank 5 5 183,616.0 ▼

15.84,337.53,707.33,552.03,472.1

254128

00

+0.20.30.30.3

21219

3,122.0 13

--▲-

0.3

▲▲

1.2

+3+7+4

+5

1.91.90.8

0.40.20.6

▲

29.220.610.7

13.7

▲▲

▲▼▲▲

0.3

+0.1-0.1+0.1

+0.1

0.6

+0.132.1▲

+4180 1.7▲+0.1


9

4

Deutsche Bank 6 6Wells Fargo & Co 7 8


Barclays

Bank of America Merrill Lynch 3

5 22,187.9

▲▼

153.2 9.5 +2.0 ▲101

-2.7

+0.67.1 -0.6 ▼


US Securitizations

+1480 13.7 +12

14.7% ▲

17.3▼91 15.6 +1 ▲ -4.6148.8 9.3

16.2 ▼

4 28,619.5 9.2

11.22 34,985.4

▲ ▲

Sh (%)Deals Sh (%) Share Ch.▲ 12.4+21

▼-2.3 ▼199.4-4.1

# of Deals

-6 114.6 7.1

Fees

Imputed Fees (US$m)

▲3.7 +0.2106.0 6.6

Share Ch.14.6 -0.6

▼

Credit Suisse10.2 -0.7 ▼

JP Morgan▼

3 31,932.0

Citi 1 1 45,499.02

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market2014

Rank2013 Rank

Jan 1 - Dec 31

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


US Mortgage-Backed Securities (F11)†

95117 20.0

# of Market Change in MarketSh (%)

Market

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

21,623.7 6.95 ▲ 60.2

-0.2 ▼ 85 14.5 -2 ▼ +1.0 ▲13.0 +10 ▲ 121.1 ▲+0.619,628.8

Morgan Stanley 8 9 17,494.7 5.6 +0.2 ▲▲6.3 +0.9 76

149.2 9.37.5

47 8.0 +7 ▲ +0.6 ▲7 16,238.7 5.2 -1.3 ▼ 55 9.4 +1 ▲

Goldman Sachs & Co 10 11 12,221.6 3.9RBC Capital Markets ▲ 48.8 3.0 +0.2

42 7.2 +14 ▲ +0.4 ▲Top Ten Total 250,431.3 80.2 -3.4

+1.0 ▲1,185.8

84.5 5.3▼ 73.7 -6.0 ▼

Industry Total 311,933.7 100.0 100.0585 +75

▲

1,608.2

18.3%Industry % Change from Last Quarter ‐15.0% ▼

15.3%▼ ‐17.7%‐12.9%

US ABS Collateral Volume Breakout (US$b) Jan 1 - Dec 31 2014

US Asset-Backed Securities excluding Self-Funded (F14a)† Jan 1 - Dec 31


$104.8 35%

$49.0 16%

$14.1 5%

$97.6 32%

$35.9 12%

CDO Credit Card Student Loan Auto Other

†

12.8% ▲‐24.1% ▼ ‐18.6% ▼2.0%

-0.6 ▼▲

1 26,394.1 12.6

350,103.1 100.0

Sh (%)

▼

ProceedsCredit Suisse 1

8

103 25.7 +0.8 ▲JP Morgan 2 3 21,736.6

Barclays23

279,502.6


7

‐17.9% ▼

22,719.5

8

Share Ch. Deals# of

4.76.5

-▼

‐31.4%

MarketSh (%)

+5Fees

▲ 69.1

ManagerChange in

13.4Sh (%)# of Deals Share Ch.

Market

▼-71

Market

▲‐24.4% ▼0.8%

100.0715.8

1.078.6

51.7

Imputed Fees (US$m)2014 Rank

2013 RankBookrunner

625,500.4

-1.6

0

32,133.6 9.2

▼

6.5 -0.3

7.8 -1.07.3

+0.3 ▲

‐21.3% ▼▼‐9.6%

672

+0.5 ▲-4.0

7.1▲562.3

▼+52+3.1 ▲

▼-2.6 11.9 -9

▼7.5

-3.1 ▼▼

-0.1 ▼6.6 -0.17.2

▼ -1.8

▼

7.654.3+2 ▲ 54.0

46.9-5

9.1 -1

71 10.6

10.67.7

7152

61

80

Market

6 8

4

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

6 27,308.1

16,455.113

+3+18+1.3 ▲

7818.0

Morgan Stanley

10Mischler Financial Group Inc

9 22,905.0Bank of America Merrill Lynch 9 5

7219.5

+4

Top Ten TotalIndustry Total

79.9 -4.7 ▼

-1.8 ▼89 13.2 -13 ▼ 82.0 11.5 +1.3 ▲

+6

11.5

Deals

▲-20 ▼-2.0 ▼68.9+0.8

9.6-9 ▼54.5 7.6

Imputed Fees (US$m)

Share Ch.Market

▲ 67.2 9.4

2013 Rank

39,283.6

79 11.867 10.0

10.2 77-1.2 ▼11.2 +2.0 ▲

8.3▼

-3.4 ▼8.2

Market

▲Sh (%)

12.6 +2.3+4 ▲ 75.7# of Deals

10.6FeesSh (%)

Market # of Market Change in Manager Market

Citi

JP Morgan 2

Wells Fargo & Co

3

5Goldman Sachs & Co

Deutsche Bank 4

Sh (%)Credit Suisse 1 4

Share Ch.85

28,595.7

Bookrunner Proceeds2014 Rank

71 28,999.1

35,602.5


▼-0.1 ▼ 86 21.4 +8 ▲ 48.7

44.581 8.6 -1.83 21,196.7

10.4 -1.7 ▼9.4 -0.2

20.2▼

Barclays 4 2 20,702.0 9.9 -2.4 ▼Bank of America Merrill Lynch 10.1

Citi 5 6 20,023.3-2.0

+1.475

9.348.29.6

▼▲▲

▲ 42.4 8.2 +0.3▲

7.036.3▲▼ 31.2 6.0Deutsche Bank 7 7 14,505.2

Wells Fargo & Co 15,544.8

-

+1.4 ▲6.9 -1.1 ▼ -87.4 18.7 +4

▼RBC Capital Markets 8 5 14,085.0 6.7 -1.8 ▼ 51

-1.3▼-1.1

38 9.5 ▼0

-2.6-929.1 5.6

▼ ▼ 18.6 3.6-0.9▲ 18.3 3.5+8

386.4 74.6 -7.4 ▼401

▼


517.4 100.0

▲

+8

‐16.9% ▼Industry % Change from Same Period Last Year 9.5%

209,710.4Industry TotalTop Ten Total 171,194.6

17.26912.7

8.0RBS

Quarterly Residential ABS, MBS & CDO Volume

▼

▲

100.081.7 -6.1

4.23.9

8,816.2 -1.89Morgan Stanley 32▲10 10

98,190.7 +0.7

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2014 Rank

2013 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

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

Citi 1 1 32,743.6 11.6 -0.4 ▼ 100 18.2 +19 ▲ 184.6 12.0 -2.6 ▼Credit Suisse 2 4 28,619.5 10.1 +0.7 ▲ 101 18.4 +15 ▲ 151.1 9.8 +2.5 ▲Bank of America Merrill Lynch 3 3 27,832.0 9.9 -1.9 ▼ 88 16.0 0 - 142.1 9.2 -4.9 ▼JP Morgan 4 2 26,636.3 9.4 -2.6 ▼ 87 15.8 -1 ▼ 102.2 6.6 -4.2 ▼Deutsche Bank 5 6 21,436.2 7.6 -0.1 ▼ 84 15.3 -2 ▼ 102.5 6.7 +0.9 ▲Barclays 6 5 19,663.1 7.0 -1.2 ▼ 75 13.6 +9 ▲ 54.4 3.5 +0.2 ▲Wells Fargo & Co 7 8 19,628.8 6.9 +1.0 ▲ 76 13.8 +10 ▲ 119.0 7.7 +0.5 ▲Morgan Stanley 8 9 17,494.7 6.2 +0.4 ▲ 47 8.5 +8 ▲ 149.2 9.7 +0.7 ▲RBC Capital Markets 9 7 15,238.7 5.4 -1.2 ▼ 53 9.6 +2 ▲ 41.4 2.7 +0.3 ▲Goldman Sachs & Co 10 11 12,221.6 4.3 +1.1 ▲ 42 7.6 +14 ▲ 84.5 5.5 +0.4 ▲Top Ten Total 221,514.5 78.4 -4.2 ▼ 1,131.0 73.4 -6.2

100.0▼

Industry Total 282,642.0 100.0 +71 1,539.8550

▼Industry % Change from Same Period Last Year 14.8% ▲ 14.8% ▲ 18.0%

Jan 1 - Dec 31US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)†

Rankings reflect new securitizations criteria implemented September 2014 (See back page)

▲Industry % Change from Last Quarter ‐12.3% ▼ ‐12.9% ▼ ‐16.7%

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

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b)

# of Issues

†

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

Rankings reflect new securitizations criteria implemented September 2014 (See back page)2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

7


Banking Composite: US DCM

Jan 1 - Dec 31 2014DCM Bookrunner Industry Composition (F1) Jan 1 - Dec 31 2014 DCM Bookrunner Industry Composition (Ex Financials) (F1)

10 5% 15 5%

7.1%9.9%9.8% 5.5% 10.9%

10.7%

4.6%5.4%

7.4%7.5%

8.9%10.1%

8.9%

7.7%9.7%

11.3%

11.3%3.3%

4.7%

5.8%

6.5% 6.7%6.1%

5.1%3.7%

5.4%

4.2%6.7%

7.6%

6.7%

4.8% 4.3%7.0%

9.3% 7.9%

10.6%

9.9%

4.1%

8.4%

3.3%4.0% 4.1%

0.8% 3.5% 3.3%

4.2%

4.9%

2.8%

6.2%

4.9%

6.0%2.6%

5.1% 5.4%2.5%

7.1%

1.1%

6.5%

9.1%

4.7%

2.7%

4.1%

4.6%

2.2%

4.2%4.0%

1.8%6.3%

4.2%

4.7% 3.0%5.8%

2.5% 3.9% 4.7% 6.7%4.1%

1.9%6.2%

60%

70%

80%

90%

100%

Pro

ceed

s

2.7%

1.8%

3.0%3.6%

3.2%0 6%

4.2%2.9% 1.7%

2.6%

1.3%

2.3%

1.0%4.1%

2.4%

2.9%

1.8%

3 1%

1.4%2.3%

2.4%

3.8%2.3%

1.3%

3.5%

38.4% 39.3%

46.0%43.2% 41.4%

49.1%

42.1% 43.6%

34.5%

42.7%

60%

70%

80%

90%

100%

Pro

ceed

s

2.3% 4.2% 3.3%5.4%

2.3% 2.3% 3.5% 2.8% 1.4%4.7%

19.4%18.7%

24.5%

13.2%15.5%

22.7% 19.6% 21.8%21.9%

26.2%

15.4% 14.7%

18.4%

19.1% 20.4%

19.1%

12.8%

18.1%

30.7%

0.4%

15.2%16.6%

10.5%

16.4% 14.0%

15.5%

9.6%

14.7%

12.2%

5.3% 10.1%

0%

10%

20%

30%

40%

50%

JPM BoA Citi GS DB Barc MS CS HSBC WF

% 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

1.4%

2.5%

1.8% 3.1%

1.3%

1.2%

2.0%

1.6%

0.9%

2.7%

12.0% 11.4% 13.2%7.5% 9.1%

11.5% 11.3% 12.3% 14.3%15.0%

9.5% 8.9%9.9%

10.8% 12.0%9.7% 7.4%

10.2%

20.1%

0.2%

9.4% 10.1% 5.7%9.3% 8.2% 7.9%

5.5%

8.3%

4.7%

7.0%

6.1% 5.9%

3.0%6.2% 6.3%

2.3%

3.0%

3.1%

4.8%

5.8%

4.6% 5.4%

5.5%

5.1% 4.5%

4.9%6.5%

6.4%

2.2%

2.7%

3.5%4.0%

3.6%

3.5% 3.0%

1.9%3.1%

2.3%

4.4%

4.4%

4.2%2.9%

2.3%

4.0% 5.4%

4.0% 6.1%

5.6%

4.8%

2.0%

2.4%

2.2%

0.4%2.0%1.7%2.4%

2.8%

3.5%

1.4%2.9%1.3%4.1%0.6%

5.2%2.2%2.1%

3.1%

0%

10%

20%

30%

40%

50%

JPM BoA Citi GS DB Barc MS CS HSBC WF

% 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


10.8%▼ -21.9%‐2.4%Industry % Change from Last Quarter -6.6% ▼

▲

Jan 1 - Dec 31

▼

17,425.3 100.0-0.659.6

▲ 13.8%

6,222 +607

BNP Paribas SA 9

15.4%

8

4,040,240.12,405,567.3

Industry Total

10 10

▲

201,098.8172,250.2

98220,411.8

-1.1▲10.3 +65▼58.6

+0.24.3

▼

▼ 708643

+8411.4▲ 925.8

▲▲ 567.7

10,215.1

3.35.0 1,029.0706 11.3 +125+0.2 ▲

▲▲

+0.2+0.1

▲

1,186.9

5.3

-1.1+0.2

▲8194.2

▲+710.5 1,019.5+92

13.2 +19 6.8726.6

5.9

▼▲

+0.2▲+0.5

5.916.2

5.5 -0.3 ▼ 6521008▲5.8

▼ 906

+0.1

6.8 5.3

HSBC Holdings PLC 6 6 235,030.7242,877.7

+0.1 ▲

▲14.6

6.8+0.5 ▲ 1001 16.1-0.4

▼-0.9

+84 ▲1,192.7

-0.3 ▼+148 ▲

931.1

7.1 -0.18.0+111 1,400.2

Market MarketSh (%) Share Ch.

▼1130

▼ 1168 18.818.2 1,235.6-4 ▼

▲Deals


International Debt International Bonds Up 15.4% l Russian Federation Volumes Fall l JP Morgan Top Fee Earners

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

# of MarketFeesProceeds

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

Sh (%) # of Deals


2013 RankBookrunner

6.0 +0.6

4.1 ▲

100.0

-0.7165,211.7Credit Suisse

Market Market

-0.27.47.9

-0.6

Sh (%) Share Ch.

▼320,976.9

4

300,260.66.8

7

274,755.2272,693.7

Top Ten Total


JP Morgan 1 1

Citi 4Barclays 3

3Deutsche Bank 2 2

Bank of America Merrill Lynch 5

Morgan StanleyGoldman Sachs & Co 7 5


International bonds proceeds for full year 2014 reached US$4 trillion, registering a 15.4% increase over 2013 andsetting a new market record (surpassing the previous market peak set in 2007). Domicile nations driving the marketincluded the United States (proceeds up 34.1%, with a 30.2 % market share of all international issuance), China(116.2% year-on-year increase), and Switzerland (up 158.2%). Conversely, EMEA decliners included The RussianFederation (down 81.2% from 2013), Norway (down 46.2%), and Sweden (down 19.3%).

Among industry sectors, significant increases in issuance were seen in Healthcare (+117.2% over 2013), Retail(+51.1%), and Media & Entertainment (+32.4%). The only notable sector declines were in Telecommunications,which fell 30.3% from 2013, and Consumer Staples (-25.4%).

According to Thomson Reuters and Freeman Consulting, JP Morgan was the top international bond fee earner, withU$1.4 billion accrued from 1,168 transactions, despite a 0.9 percentage-point decline in the bank’s wallet share fromfull year 2013. IFR Bank Of The Year Morgan Stanley saw a 0.5 percentage point wallet share increase, whereasBank of America Merrill Lynch sustained the largest share decline – down 1.1 share points year on year.

All International Bonds by Issue Type

Full YearEuropean Financial and Corporate Inv Grade By Domicile Nation


JP Morgan 1

Market Market

Citi10.1 +2.1

79Sh (%)


Sh (%)# of Deals2014 Rank

+0.2 ▲5.4▲ 180.0 +0.1

▲ 164.2▲

5.0

▲ 178.7 5.4

255▼

+1

-0.7

15.6 125.6 3.8 ▼-0.94.2138.5 -0.3

All Bonds in Euros (N1)

▼ 292 15.1Barclays

5.7▼

-0.464,010.468,327.8 6.1

UniCredit 6 6

4 4Societe Generale 5 5

346 -10

+9292 15.1 +37325

7.8259.5 ▼-0.4▼+0.6

-0.26.2 -0.3 ▼ ▲+2616.8HSBC Holdings PLC 3 3 70,302.4

Deutsche Bank 2 2 80,882.5

Share Ch.+0.5

7.2 +0.1 17.9▲▲

Fees Sh (%)234.6▲

Change in

7.183,539.3Share Ch.Proceeds # of Deals

+48Sh (%)

20.6

2013 Rank

1Sh (%)

1

# of

7.4 399▼Deals

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

-0.2Wells Fargo & Co

Market

100.0

4.85.7

6.7

24,586.52 3

Proceeds27,538.4

RBS 87

3

1Deutsche Bank

2013 RankBookrunner

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

MarketShare Ch.


-2.9Deals

20.0 +12 ▲+22

-1.36.7

FeesShare Ch.11.3 -1.7

Sh (%)

53.9

▲83

MarketManager Market

61.1

Jan 1 - Dec 31

19.0

▼

▼

Market

6.5+2+0.4-4.2

57.2+0.4

12.8 +7 ▲

Imputed Fees (€m)

546.8

13.0

▲▲14.2 +17

9.9

+2.1

▲+2.1

7.7

19,667.5 +2.9 ▲ 46.3 5.9

▼

598.1▼ 51.3▲

78.2

Bank of America Merrill Lynch 4 2 16,376.8

▲7

▲Barclays 6 4 15,825.3

64Credit Suisse 5 6 16,318.148.8 6.2

+1.4 15.4 +17 ▲▲6.5 ▲

8 15,619.8 6.4 +2.0 53▲▼ 55 13.3 +2

+1.76.1▲31

▼▲7.2 +2.4

5.5

-0.6

5 13,760.7 ▲+6 ▲ 43.50 13.355-+1.5

-0.4Morgan Stanley 9 11 11,771.4Goldman Sachs & Co 10 41.0

▲9

7.5 +15

Top Ten Total 170,701.59,237.0 -0.1 ▼ 5.2 ▼

▲27 6.5 +8 ▲

48.2

790.167.070.1

3.8+6.6 ▲

62.1%▲

▲+1.0+55 100.0

529.5415

▲Industry % Change from Last Quarter -1.9% ▼ 2.9%

▲-12.3% ▼

2014 Rank

15.3%

▲5.3 -0.5 ▼ 301

Industry Total


243,596.9

▼ 257▼

60,029.07 55,105.0

4.9 -0.24.9 -0.5

13.2 +47 ▲ -0.4▼13.3 -2

188.9Citi 9 12 51,294.5

Credit Agricole CIB 7JP Morgan 8 8 55,071.8

4.6 +1.3▼

▲ 166.3 5.0 +1.1▲ 2325.7

12.0 +755.1167.6

▲Goldman Sachs & Co 10 9 48,768.4 4.3

637,331.19.8

▼▲ 190

56.6 -1.3 ▲▲+25 ▲ +0.7+0.1

54.5 +1.21,803.9100.03,321.0+115

Industry % Change from Same Period Last Year 8.9% ▲ 6.3% ▲ 17.2% ▲▼ -6.2%

Industry Total 1,126,786.8 100.0Top Ten Total

▼Industry % Change from Last Quarter 5.1% ▲ -22.9%

1,935

€ -

€ 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 Q1 Q2 Q3 Q4

2008 2009 2010 2011 2012 2013 2014

Pro

ceed

s (€

b)

ABS & MBS

Emerging Market Corporate

Federal Credit Agency

High Yield Corporate

Agency, Supranational, Sovereign

Investment Grade Corporate

€0

€30

€60

€90

€120

€150

€180

Pro

ceed

s (€

b)

2013 2014


▼▼ -24.0% ▼

Industry % Change from Same Period Last Year -0.2%Industry % Change from Last Quarter -24.7% ▼ -33.5%

-98

▼ -11.6% ▼ -6.3%

100.0▼

Industry Total 441,498.4 100.067.73.2

-0.4750 5,794.0

▲Top Ten Total 296,781.9 67.3 -2.5 ▼ 3,914.1

153182.43.2

4.0-36 ▼ 233.69 17,943.7RBC Capital Markets 10 10 14,240.5

9Wells Fargo & Co ▼+0.1 ▲

▼ -1.0113 15.1 -4 ▼ +0.1

23.7 353.4 6.1 +0.3 ▲4.1 -1.1

-25 ▼20.4

6.1 0 - 178Barclays 8 8 26,773.823.5 -2 ▼ 392.0 6.8 +1.0

-2.3 ▼▲Morgan Stanley 7 7 29,909.3 6.8 +0.6 ▲ 176

-0.1230 30.7 -74 ▼210

399.6 6.97.4

6.9 -1.8 ▼-

Bank of America Merrill Lynch 6 2 30,446.0Credit Suisse 5 5 31,397.8

▲7.1 0

-26 ▼28.0 -17 ▼ 426.6 ▼27.1 370.8 6.4 +0.27.2 +0.2 ▲ 203

193Citi 4 6 31,846.9

▲Goldman Sachs & Co 3 4 33,567.1 7.6 +0.4 ▲ ▼ 463.2-44

25.7 -3230.8 +0.58.5

8.0 +0.8

+0.1 ▲▲Deutsche Bank 2 3 36,920.6 8.4 -0.1 ▼

JP Morgan 1 1 43,736.2 9.9 -0.8 ▼▼ 293 39.1 10.4492.8599.7-33

231▼

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)2014 Rank



High Yield DebtGlobal Volumes Cool In Q4 l European Issuance Thriving l JP Morgan Top Fee Earner

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

After particularly robust activity in the first three quarters, global high yield market proceeds ended 2014 with a slightdowntick (0.2%) compared to 2013. Overall deal count fell significantly from last year (98 fewer deals in 2014),posting an 11.6% decline. Although the European high yield borrowers’ market set a new annual record (up 21.8%over 2013), high-yield issuance from US and Asian borrowers fell 5.9%, and 48.1% respectively. Issuance in Euroswas up by 25.3%, whereas Sterling fell by 14.1% and US Dollar issuance was down by 4.9% - with nearly 100 fewerUSD-denominated transactions in 2014 than the previous year.

The largest high yield issue on record – the joint US$16.5 billion equivalent multicurrency issue by Altice andNumericable – priced in April.

According to estimates from Freeman Consulting and Thomson Reuters, the top global fee earner was JP Morgan,with US$599.7m accrued from 293 issues. In the Non Dollar space Deutsche Bank was predominant, with aggregatefees of €102.1 million earned from 70 deals.

Average Quarterly Spread to Benchmark*

▼ -73.9% ▼Industry % Change from Last Quarter -68.7% ▼ -61.2%Industry % Change from Same Period Last Year 12.7% ▲ 1.0% ▲ -5.2% ▼

+2+6.2 ▲

Industry Total 86,565.2 100.0 990.3208 100.063.2▲ 626.5Top Ten Total 50,667.9 58.7 +5.7

MarketSh (%)

▲

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

▼Industry % Change from Last Quarter -10.0% ▼

Sh (%) # of DealsDeutsche Bank

Industry % Change from Same Period Last Year -4.9%

Top Ten Total 243,342.1

▼ -14.9% ▼ -7.3% ▼-8.4% ▼-22.0%

560 -98 4,450.6 100.0-1.2 ▼

Industry Total 323,986.8 100.0

▲75.2 -2.2 ▼ 3,211.0 72.0

-2 ▼ +0.2149

173.2 3.95.1228.6

109 19.54.2 +0.3 ▲▼

RBC Capital Markets 10 10 13,739.9Wells Fargo & Co 9 8 17,498.3

▲5.4 -1.3

-18 ▼26.6 -38 ▼ ▼25.7 277.7 6.2 +0.3

-1.36.3 -0.1 ▼ 144Barclays 8 9 20,337.1

30.0 -13 ▼ 326.0 7.3 -0.1+0.3 ▲

▼Credit Suisse 7 6 24,855.4 7.7 +0.3 ▲ 168

+1.3149 26.6 -34 ▼154

339.6 7.67.9

7.7 0 -▲

Goldman Sachs & Co 6 5 24,943.1Morgan Stanley 5 7 25,816.3

▲8.0 +0.9

-38 ▼27.5 -1 ▼

26,353.9352.7 ▲

30.7 354.3 8.0 +0.5-0.3

8.1 -0.4 ▼ 172-24 ▼ 303.0 6.8177

-2.3 ▼▼Citi 3 4 26,730.5 8.3 +0.4 ▲

378.0 8.5211 37.7 -66 ▼▼10.9 -0.7 42.7239

31.68.6 -1.6 ▼

+0.2# of Deals Fees Sh (%) Share Ch.

477.9 10.7-30 ▼ ▲

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

35,346.4Bank of America Merrill Lynch 2 2 27,721.2

Deutsche Bank 4 3

2014 Rank

2014 Rank

Proceeds per Bookrunner (€m)

2013 Rank

JP Morgan 1 1

MarketMarket

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

# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market

1 1 7,791.3Share Ch. Deals

9.0

2013 Rank

53-5

+7+0.7 ▲ 70 33.7

Goldman Sachs & Co 2 5 6,358.4 ▲ 91.37.4 +2.0 25.5▲+0.7 ▲

9.2 +2.2 ▲▼ 102.1 10.3

JP Morgan 3 2 6,200.6 7.2 -0.3 ▼61 29.3 -4 ▼ 89.8 9.1▼ -0.65.7 +0.826.0 +5 ▲ 56.9

-0.6 ▼ -0.3 ▼BNP Paribas SA 4 4 5,366.1 ▲ 54

Barclays 6 6 4,715.9

▲Credit Suisse 5 3 4,791.9 5.5 7.5

▲22.1 +3 ▲ 41.8 4.2 +0.3

48 73.923.1 -3 ▼20.2 -8

HSBC Holdings PLC5.6 +0.3▼ 55.5

7 7 4,195.9▲ 42

Societe Generale 8 13 3,994.8 4.6 32.1▲

+1.4 ▲ 37 17.8▲

3.2 +0.5▲ 46

+1.7▲+2 ▲

Citi 9 8 3,784.0 4.4 +0.23.3

▲Credit Agricole CIB 10 15 3,469.0 17.3 +2 ▲

16.3

+0.7

+0.60

▲ 365.134 - 50.0

33.1

Monthly High Yield Volume

4.0 +0.9

4.9 +0.35.5 +0.4

6.2

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 Q1 Q2 Q3 Q4

2009 2010 2011 2012 2013 2014

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

JFMAMJ JASONDJFMAMJ JASONDJ FMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND

2009 2010 2011 2012 2013 2014

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$)# of Issues


-32.8%6.8% ▲

-35.2% ▼ 45.5% ▲-44.1% ▼ 18.4%

Jan 1 - Dec 31

▲

+0.3

Latin America Emerging Market Bonds (L3)

▲

% Change from Last Quarter

HSBC Holdings PLC

7.6

-1.0

# of

Citi 1 1 58,703.3 11.1Sh (%)

8.26 6,754.9

-2.0+0.2

4 5,393.76.9

-3.4


2013 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

Asia-Pacific Emerging Market Bonds (L4)

▲ 254

Market

111.2

4 1 7,979.8

322 +48

▲-14.5% ▼

+0.9

76


▲▼21.1



Emerging MarketsAll International Emerging Market Debt Up 13% l EMEA Emerging Market Debt Down 33% l Latin America Emerging Market Debt Up 15%

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

▼26.9 +2834.1

▲ 110.7 9.0 -0.1 ▲9.02 2 54,804.7

199▼8.7 -0.210.4

-2.5JP Morgan 3 4 45,913.7Deutsche Bank 4 3 40,006.5 ▼

▼21.0 -32 ▼

9.9 -0.9+1.3

-3 122.2105.2 8.6

5.7 -0.2 ▼ 146 15.5 0198

6.449.2

- 78.7Bank of America Merrill Lynch 5 5 30,234.7-1182 8.7

Standard Chartered PLC 7 8 21,413.1Goldman Sachs & Co 6 9 22,537.9

+42▲▼

171 18.1 ▲10.4 -18▼

▲4.1 +0.3

98

4.3 +0.6

Barclays 8 6 21,048.9

63.3

1303.9 -0.4 ▼10Morgan Stanley 10

13.8BNP Paribas SA 9 7 20,570.418,300.2

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

▲+303.5 +0.2

4.0 -1.4

115Top Ten Total 333,533.4Industry Total

-2.4944

4.052.0

▲2.8

40.7

100.0749.2 60.9

3.3

▼

▼

4.2

3.7

‐720

Sh (%)

+3212.2▲

-1.9▼▲

▲

-1.2▼

-0.8

▲

BNP Paribas SA▲

Deutsche Bank

Societe Generale

HSBC Holdings PLC+2.5+0.2

Morgan Stanley 10

1,230.9

34.3 ▼45.0

▲18 13.2 -22

% Change from Same Period Last Year 13.2% ▲

12.5 -2+1.9

24▼ 31

▲▼6.8 -4.6

+4.2▼ 15.3

UniCredit 8 23

# of Deals36

17.632.4

▼▼

22.8

▼

3,473.99 8.8 -14

-1355.5

4,983.7 7.712.5 +7

Goldman Sachs & Co

11

2.58

2,463.2

174,036.5 ▼

2.8 ▼-3.2-2.6

3.64.15.1

+3.1 17

38.1%

20

▼

+0.2 ▲+8.270.0

526,756.7 100.0

11.4%10.3%

Jan 1 - Dec 31

▲


2013 Rank

Market MarketChange in Market Market

▲▼


-27.2%

712

-1.7

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

JP Morgan 1 3 12,522.8 26.5

Market # of

12.8Citi 2 2Barclays 3 5 8,373.4

+2.4 ▲12,447.5 12.7▲8.6 +1.6

+3.1 ▲44

-26 41.4

-22-8

18.5-13 ▼▼

6.013.1

-4.5 ▼4.8

16.3-0.8

+2.7 ▲5.3 +4.0 ▲

▼▼ 14.417.6▲ 24

▼

6.617.8

20.5 7.6

0.8▲ ▲ 2.2

4.2▼

5.1 -6 ▼0 - +1.5

-0.9▼▼▲

-4.268,429.41.6+1.3

100.0▲

97,818.0 270.8

% Change from Same Period Last Year

‐74

▼

Industry Total 13657.6156.1Top Ten Total

100.0

*ti

Jan 1 - Dec 31 2014All International Emerging Market Bond Volume by Industry (US$b)

▲-42.9% ▼ -32.5% ▼ 36.0%4.9% ▲

69.8%

+1

1.5%

51.0▲▲+0.450.1

14.3% ▲ -8.2% ▼▲

97.8

▲

100.069

3.2▼

2.0▲

6.1

▲+2.1

6.0

▼

Industry Total

% Change from Last Quarter 39.7% ▲% Change from Same Period Last Year 4.5% ▲

Top Ten Total 28,503.5Goldman Sachs & Co 10 1,109.5 ▼

-1.867.0-35.8

42,538.9

2.6 -1.09

100.0▼

National Bank of Abu Dhabi 9 10 1,318.6 -0.5 ▼3.1 11 3.2▲ 3.2+5.1

15.9 +1 -0.34 ▼

9 13.0 0 -3.94.2▲ 4.13.2+1.2 ▲ +2.5

21.7 +3Bank of America Merrill Lynch 8 11 1,670.8

154.615.9 +1 ▲

Standard Chartered PLC 5 36.266.4

Barclays2,708.6

+1.5-3.7

11▲+0.9 ▲

▼ 216 2,653.5

Emirates NBD PJSC 7 8 1,951.4

▼5.0 5.1 -0.9▼-8.02.0

▼16 23.2 -2 ▼ 8.1 8.330.4 -5

▼17.4 -37.8 +0.7 ▲

7.33.3 -2.0▼

-0.2Deutsche Bank 4 4 3,102.43.2

-1.7

HSBC Holdings PLC

12▲19 27.5 -4 ▼ 7.7 +3.0▼

7.6-2.2 ▼

49.3 +6

JP Morgan 3 5 3,325.6

1 ▼Citi 2 2 4,031.0 9.5 7.8

7.8 -0.9▲Deals Sh (%)

15.6 +3.0 ▲ 34Sh (%)

1 6,632.1

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 -35.9% ▼ % Change from Last Quarter ▲ -1.5% ▼ -39.4% ▼▲ 38.4% ▲

551.2

% Change from Same Period Last Year 53.3% ▲

+145

34.0%

Industry Total▲

571 100.074.2409.0

-2.2▲ 16.3

250,049.0-3.8 ▼ +2.7

▼Top Ten Total 159,050.6 63.9Bank of China Ltd 10 10 9,979.5

24.9 4.54.0 +0.5 ▲ 82 14.4 +32 3.0

8.4 -1 ▼Goldman Sachs & Co 9 8 10,627.9+1.0 ▲

4.3 -0.778 13.7

▼ +0.1 ▲48

36.9▲

▲ 25.74.3 +1.3 ▲ +33Morgan Stanley 8 11 10,705.19.211,703.6 ▼4.7 -1.34.7

▲94 16.5 +8 ▲ 50.7 +3.7

-3.6 ▼6.7 +2.3 ▲

101+1

45.7 8.313.7

15,424.0 6.2-0.114,194.5

17.7 +18▼ 785.7


JP Morgan 5 3

Market # of MarketImputed Fees (US$m)

-1.6 ▼

2014 Rank

2013 Rank

1 1Proceeds

Market

▼ 17.5 ▼-1.3

▼100.0

-3.5374.4

58.44.7 -3.0

7 6Bank of America Merrill Lynch 6UBS

7

▼

100.0 172 ‐28Industry Total 138,265.9

▲% Change from Same Period Last Year 15.1% 33.7%

217.9+8.2 ▲7.6 -13.7 +0.6 ▲ 13

70.0BNP Paribas SA 10 11 5,109.1Top Ten Total 101,223.4

32 18.6 +12 ▲ 3.4 0.9+1.9

4.9 +1.8▲Banco do Brasil SA

Goldman Sachs & Co

+1.2 ▲Santander 9 12 5,617.1 4.1208 13 6,413.8 4.6167 10 6,787.9 ▲ +6 ▲

▲9.3

11.6 +7 ▲ 11.5-1.0 ▼

3.1 -1.6 ▼5.9

3Bank of America Merrill Lynch 4

▲7.5 2.0Credit Suisse 6 7 7,259.9

Citi 1 1 20,677.6

ManagerImputed Fees (US$m)

2014 Rank

2013 Rank ProceedsBookrunner # of Deals Fees

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

MarketMarketChange in ManagerBookrunner Sh (%)

▼ 29,620.2 11.9 -0.9DealsSh (%) Share Ch.

▼ 232 +52 ▼Fees Sh (%) Share Ch.

-2.3▲# of Deals

12.971.3Share Ch.

15.0 39.5Deals Sh (%)

+1.7 ▲ 68-0.8 ▼ Citi 4

▲+14 46.0 12.330.2▲

HSBC Holdings PLC 3 5 12,651.0 9.2JP Morgan 2 4 14,951.5 +5

▼-1.5

40.6-0.58.821,964.7 22.4128

HSBC Holdings PLC+0.7 ▲ 50 29.1

42 24.4-0.8 ▼▲

9.5▼Standard Chartered PLC

+2.9 ▲+1.641.02

20.3▲

+7 ▲ 9.535.6 52.4116Deutsche Bank 3 27.4

-2.8 +2.529.8-1.9 ▼ +2.8

8.1

8.0

▲

23.8 +37 ▲ 44.1 8.0 ▼136 -0.8▲▲

6.616,388.34 5 -0.9 ▼7.4

5.3 +0.65 2

11,499.5

10.8

Sh (%)

Deutsche Bank 10,256.0 ▼25.0 0 -

32 18.68.37.4 ▼ -9

43 8.2

MarketMarketShare Ch.

30.5▼

Sh (%)

18,442.8+1.0-1.1

+31-2

▲

26 15.1 +1 +0.9▲1.6

$232.245%

$114.622%

$74.514%$20.5

4%$18.94%

$18.74%

$16.03%

$15.53%

$6.41%

$1.90%

$1.90%$1.0

0%

Financials Government and Agencies Energy and PowerTelecommunications Materials Real EstateHigh Technology Industrials Consumer Staples

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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 Up 29% l Fees for Global Brazilian Debt Up 9% l Domestic Brazilian Debt Down 5% l Domestic Mexican Debt Down 48%

Change in 2014 Rank

2013 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 1 10,272.7 17.4

Sh (%) # of Deals Fees▲39 20.4 0 - 32.7

Sh (%)+4.2 ▲ +4.4

Banco Bradesco SA 2 3 6,933.515.1

23.6 +19 ▲ 27.8 12.8 +4.854 28.3

11.8 +1.9 ▲ 45 ▲Itau Unibanco 3 5 5,758.3 9.8 +0.2 ▲ +0.3 ▲+25 ▲ 21.4 9.9

8.4HSBC Holdings PLC 4 2 4,997.6 8.5JP Morgan 5 4 4,935.4

▼12.0 +9 ▲ 23.4-1.9 ▼▲14 7.3 +4 ▲ 14.0 6.5 +4.2

7.3 -0.26.7 +1.8 ▲

23 10.8 -1.0-1.3 ▼

▲ 12.8Citi 6 10 3,917.3

-1.1 ▼27 14.17.9 +10 ▲ 15.915

+10

9 7

▼Santander 7 11 2,807.4 4.8 +0.6 ▲

+3.2 ▲5.9

4.0BNP Paribas SA 8 13 2,796.5 4.8Banco BTG Pactual SA ▼ +2.0

▼3.1 +2 ▲ 10.76 4.9 -7.1▲22 11.5 -2 ▼ 11.2 5.1

- 6.5 -2.8Bank of America Merrill Lynch 10 6 2,244.3 -3.9 3.02,365.7

4.7 03.8 ▼ 9-3.3

Top Ten Total 47,028.7▼

80.0 +1.5 ▲ +3.5 ▲176.4 81.3+71 217.2 100.0

% Change from Same Period Last Year 28.9% ▲ 59.2% ▲

Industry Total

▼ -16.2%9.3% ▲

-78.8% ▼

58,894.9 100.0

▼

191

Global Debt by Mexican Issuers (MX1)

-62.6%% Change from Last Quarter

Jan 1 - Dec 31

Global Brazilian Debt Volume by Sector Full Year

66

9077

60

91

140

78

108 120

191

0

40

80

120

160

200

$0

$10

$20

$30

$40

$50

$60

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Issu

es

Pro

ceed

s (U

S$b

)

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

▼% Change from Last Quarter 38.7% ▲ 27.1% ▲ 26.8% ▲% Change from Same Period Last Year -4.7% ▼ 9.6% ▲ -20.2%

+21 52.7240 100.0▼

Industry Total 53,383.5 100.052.7 100.0 -5.0

+2.9 ▲Top Ten Total 49,266.8 92.3 -3.4 ▼

2 0.8 +1 ▲ 1.6 2.92.4 +1.6 ▲

Credit Suisse 10 21 940.0 1.8 +1.7 ▲▲ 8 3.3 +3 ▲ 1.3Banco Safra SA 9 9 1,035.0 1.9 +1.1

-2 ▼ 1.6 3.1 +0.5 ▲▼

Banco Votorantim 8 7 1,573.3 3.0 -0.2 ▼ 8 3.37.5 +3 ▲ 1.7 3.3 -2.9

-0.3 ▼Santander 7 6 1,588.3 3.0 -2.1 ▼ 18

10 4.2 -1 ▼ 1.9 3.65.6 +5.4 ▲

HSBC Holdings PLC 6 5 2,177.0 4.1 -1.3 ▼▲ 19 7.9 +18 ▲ 3.0Pentagono SA DTVM 5 17 3,535.0 6.6 +6.4

+11 ▲ 3.9 7.4 -0.2 ▼▼

Banco BTG Pactual SA 4 4 4,187.9 7.8 +0.2 ▲ 28 11.724.2 +5 ▲ 9.1 17.2 -7.5

-0.8 ▼Itau Unibanco 3 2 9,498.5 17.8 -5.3 ▼ 58

42 17.5 +2 ▲ 9.8 18.726.5 -3.7 ▼

Banco Bradesco SA 2 3 11,050.3 20.7 +0.4 ▲▼ 41 17.1 -12 ▼ 14.0Banco do Brasil SA 1 1 13,681.5 25.6 -4.3

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2014

Rank2013 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)2014 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2013

RankMarket Market # of Market

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▲ 16 15.1 -15HSBC Holdings PLC 1 3

7.5Goldman Sachs & Co 2 104,571.1 9.4 +0.4

84,152.2 8.5 ▲▼ 12.9

+27.2 -0.7 ▼

+3.8 ▲10.0 +4.0 ▲

▲ 10.7 6.0 +2.2▲ 17.9+2

3,876.712.3

7.9 +2.14,104.9 8.4 +4.0 ▲ 13

Bank of America Merrill Lynch 4 5Credit Suisse 3 12

▲10.8 -7.1 ▼32 30.2

17 7.2 +0.7 ▲▼ 12.816.0 -1-37 ▼ 19.3Citi 5 1 3,814.5 ▼

26.47.8 -9.9

-4BBVA 6 2 3,800.3 7.8 -1.5 ▼ 28 ▼7.5 +1.1 ▲

▼ 10.3 5.7 -3.6▲ 13.5Deutsche Bank 7 9 3,618.5 7.4 +2.4 ▲ 10

JP Morgan 8 8+2

3,029.39.4

6.2 +1.05.7

▲ 85.6 +1.0 ▲+2 ▲ 10.05.3

10 7 1,606.5

▼ 9.57.5 -13.3 -2.3 6Barclays 9 6 1,628.6 ▼

10.4Santander ▼69.8 -2.3 ▼

▼ 8.1▼ 11

48,819.4 ‐15

3.3 -2.2

100.0

-10Top Ten Total 34,202.6 70.0 -2.2

2.1%

▼ 125.0Industry 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 (%)

12.9 -0.2

# ofSh (%) Share Ch.

Jan 1 - Dec 31


Share Ch.Market

106

Deals Sh (%)

6.9%

Market# of Deals Fees

Domestic Mexican Debt (MX3)

-12.4%

2014 Rank

2013 Rank Bookrunner Proceeds Sh (%) Share Ch.

2013 Rank

-4

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

Market2014 Rank

-13.2% ▼38.3% ▲

BBVA3 1,834.0BBVA 1 ▼ 4.3 11.0 +2.826.4# of Deals Fees

1 2▼ 23 1,534.6 16.6Sh (%)

▲Sh (%) Share Ch.

2 1,270.2HSBC Holdings PLC 2 7.7 -7.9▼ 3.0

ScotiabankCorporacion Actinver Sab de CV 8

▲

4.5 -0.3

▼ 118.9 -5.9

+0.4 ▲

▼ Grupo Financiero Obsa SA de CV 2 -3.3 17.4 +3.3 ▲

12.6 -27- 1,043.0

1,043.0 11.32.3 +2 ▲ Casas de Bolsa Bital, S.A.

-4 ▼+1.9 ▲ 20 33.31.9 9.8

4.7▲ 2 3.3

+9 ▲959.3+9.8

+4.7▲ 1.9+11.3 ▲+2 ▲

3 -Grupo Financiero Obsa SA de CV ▲ 9 15.07.3 +7.3 ▲ 2 10.4 +10.4-0.2Citi 4 1 ▼ 15 -45964.6 17.2 ▼ ▼ 144

3 2.4 12.86.8 -21.0 6.3 -12.4▼

+6.8 6.242.5

HSBC Holdings PLC-0.2 ▼

▼ -3.1 ▼51.4845.6 9.2 7.51.6 8.5

7

Casas de Bolsa Bital, S.A. 5 662.1 7.2 -5.13 ▼

Inversora Bursatil SA de CV

6Grupo Financiero Banorte-Ixe 6 83.9

+2.8

+6.2- 959.3

+12.8 ▲

17.26

-8 ▼

Corporacion Actinver Sab de CV

23.3

4 907.9 -0.8▲ 9 ▲

Grupo Financiero Banorte-Ixe10.3 +9 -15

-7 ▲10.06.8 ▲ 2.4

6.4 15 15.0

Manager

▲+0.4▼ 1.5 9▼Scotiabank 7 9▲ 115.3 12.6

▲+1+4 ▲4.2 9 15.0

1.3 6.9641.111 759.2 ▲+2.8▲ 1.7 .9 4.7556.1 6.0 +2.8

3.33.6 8 13.3 .621▲ 10 8+211.5

179.1

+7+1.9▲ 1.4+2.2 ▲5.0 ▲5 568.7

▲

▼ 5 1.510 703.4

Citi 9 13.7 +0.5▼▲

▼▲5.6 +5.4

▼

▲+1.7 ▲+2

Santander 9 511.1 5.5 -27.3 ▼4.0 -1.3 5.7 -11Bank of America Merrill Lynch 10

9,532.1Top Ten Total521.8

1.0%

▲

100.0

516.211 18.3

+3.0

+3.37.0 +3.4

Change in

▼5.5 -0.86.5

4.18 4 6.73.7 +0.8▲ Top Ten Total

5-46

▲ Santander 10▲

Market Market

+2.3▼ 1.6

0.8%

-28.0 ▼

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

▼1.3 7.0

55.4

1.2

+1.339.367.1 -9.3+1.5 ▲-11506.5+4.1 ▲7,775.6

▼100.0

-46.9

9,231.3100.039.3 Industry Total

6


Industry Total+1.884.3

100.0 87

7.7% ▲

6014,221.7

▼▼% Change from Same Period Last Year -39.2%▲ % Change from Last Quarter

‐5319.1▲19.1

13.0%-37.9% % Change from Same Period Last Year -48.4%-54.7% ▼ -26.8%

‐22 100.0

▼50.7% ▲ -4.8% ▼ ▲

▼ -51.8%166.7%

100.0

▼▲


t Includes Asian Development Bank issuance

Full YearAsia Pacific Currency Bonds Imputed Fees (US$m)

5.1

100.0

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

▲39.6%

Goldman Sachs & Co 7 6 11,880.9 -0.6

4

11.713 ▲

Share Ch.

+1.690.5

▲

8

JP Morgan 43Deutsche Bank

Deals

+1.4

5

Sh (%)Bookrunner

14,734.215,845.6


Standard Chartered PLC 6.9Bank of America Merrill Lynch 6 13,613.8

Citi

Proceeds

47.1%

22

Jan 1 - Dec 31

HSBC Holdings PLC


+0.2 ▲24,559.9

2013 Rank

▲10.1


▼

MarketManager

-1.5Sh (%)

Change in

Share Ch.Fees Sh (%)


Asia DebtAsian G3 Debt Volume Crosses US$200 Billion Mark l China Registers All-Time Largest Asian G3 Bonds l Asian Local Currency Bond Proceeds Down 3%

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

Imputed Fees (US$m)

9.6

# of Deals

21,133.2 82.410.6▲

31.8

Market# of

1 165+28+43

Market

11844.5

Market2014 Rank

Market

▼24.0 -11 ▼ 75.8 8.9 -0.1

5 14,491.0

89▼▼-1.9

927.07.5

-1.2

▼▲▲ 64.6 7.5-0.3 ▼ 106 +0.8▼+20 ▲ 55.5

28.6 +33-1.96.524.8

6.5 -1.270+0.8 ▲ 18.9 +6 ▲ 5.143.7-1.4▼ 505.7 ▼13.5 +2 ▲ 34.8 4.1

Morgan Stanley 8 10 10,807.8UBS 9 7 8,657.1 -2.1

4.8-2.2

+1.0 ▲ +0.1+23 ▲ ▲5.8

67 18.1 40.8▼ 49.4-667 ▼

Bank of China Ltd 10 11 7,333.3 ▲ 35.23.5 +0.14.1

+1.0 ▲47 12.7 +7 ▲18.1

4.1▼

Top Ten Total 143,056.8Industry Total 210,123.0

-4.8371

▲

+89▼▼

▲▲ 31.6%

68.1 -2.6

17.1%

856.9 100.067.0572.7

13.3%▲4.8% ▲

Asian G3 (US$, Euro, Yen) bond offerings set a new record in 2014 totaling US$210.1 billion from 371 deals andsurpassing the largest prior annual volume of US$142.8 billion recorded in 2013. The top issuer domicile nation,China, posted two of the all-time largest Asian G3 bond issues from Alibaba Group and Bank of China, which raisedcombined proceeds of US$14.5 billion in the fourth quarter of 2014. Issuance from the Financials and Government &Agencies sectors captured 57.7% and 12.8% of total market share, respectively.

Asian currency bond offerings in 2014 totaled US$457 billion, a 2.8% drop from the record-high proceeds of US$470billion raised last year. Chinese Yuan-denominated debt totaled US$245.6 billion from 960 deals, capturing 53.7% ofthe Asian local currency market, followed by Korean Won and Indian Rupee-denominated bonds. Offshore ChineseYuan issued and settled bonds reached a record-high annual industry total of CNY330.6 billion from 599 issues, withICBC's December CNY12 billion debt issue ranked as the second largest Dimsum bond on record.

According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market this year totaled US$856.9 million, a 13.3% increase from total fees paid in 2013. Underwritingfees on Asian currency bonds (ex. Japan, Australia) to date dropped to US$1.2 billion from the US$1.3 billion earnedin 2013.

$2 100

**Includes CDs and CPs

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

Industry Total

‐55.0%

6.0159

▲ 11

44.7%

▼

330,603.8

▲‐37.3%

129.7

▲

100.0

▲▼

58.8%

▼

▲▲

242,169.8Industry Total

+2.6

‐11.4% ▼

▼

76.9%

599


100.0

▲

-0.33.0+13

4.0▲

5.4-2.0

+1

3,630

2.7-8.2 ▼66.6

‐43.9%

‐42.9% ▼▼

1,191.8+315

▼Industry % Change from Same Period Last Year ‐2.8% ▼ 9.5% ▲ ‐10.1%

100.0459.8

3.2 ▲+13.1

▲+94

▼ 116 1.7▲ 38.7

20.3+16+5.6

2.1

▲3.2

25.3

▲▼▼-0.5

-0.21.82.1 -0.4

2.32.4 +1.2

2.7 +2

4.4▲

+2.211,028.5 ▲▲

97+105

▲+0.51.618.637.8▲ 161

16 11,754.1 2.6 +1.1 146 4.0▲

▼ 64 ▼159 4.4

▼

-6

+83▲

4.8

▲2.3▼-0.239.3▲

3.3+1.426.8

+2.9▲ 32-66

9.1▲

▲ 37.2 3.1 +0.7+4+15

▼57.1

▲ 329▲

MarketSh (%) Share Ch.MarketManager

Fees

▲▲4.7

141.6+1.2

11.9

Change in # of DealsShare Ch. Deals

+5.155.8549 15.1 +92 ▲

Market # of MarketSh (%)

0.9▼ 2.280▲+1.4

Bookrunner

1CITIC

4China International Capital Co 3 17

2HSBC Holdings PLC

Standard Chartered PLC4.2 +2.7

26,755.4

4.1 +0.5

-0.1

-0.8

+0.2

Top Ten Total▲

6.3

▲2.573.3

+0.1

▼

+18586.6

2.0 +1.8 15-6.4

3.5Morgan Stanley 10 32* 6,706.2▲ 1.52.1 9

2372.4

Bank of America Merrill Lynch 9 6,877.493.7▲Deutsche Bank 8 10 7,944.9

+1.36.8▲ 6.4

+4.34.9

▲ 5.3+30Industrial & Comm Bank China 6 5 12,738.2

8,915.0UBS+15+182.7

3.17.0▲

+0.6 ▲ 4.0▲ 21

22 +10+2.2

3.93.5

+1.1 ▲ 29 4.8Bank of China Ltd 5 6 19,720.9 40 6.76.0 +3.4 ▲

▲+2.2+51-1.813.2 ▼BNP Paribas SA 4 3 22,808.4 79 6.6-6.3 ▼

▲ 716.9

▲ 7.28.6-29.3

▼11.9DBS Group Holdings 7.6 +3.23 4 25,270.0

15.0 -3.7 10.8164Standard Chartered PLC 2 2 49,522.6 ▲ 14.1 ▼

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

-4.5-12.1

▼ 27.4 +48251 17.622.941.9 ▲+78▼

100.0

# of Deals per BookrunnerMarket

157,919.8

Imputed Fees (US$m)Market 2014

RankMarket

-8.8

Change in

34.7

10,696.49

1.99,374.6

HSBC Holdings PLC 15,091.3


ProceedsManager

Top Ten Total

Sh (%)

DBS Group HoldingsKB Financial Group Inc

Bookrunner


1010

2496

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

Industry Total

-0.2Industrial & Comm Bank ChinaCIMB Group Sdn Bhd

6

2014 Rank

456,954.8

Korea Investment Holdings Co

4

2013 Rank

8,846.5

Korea Investment Holdings Co

Proceeds

2

Bank of China Ltd 3

Market

5.6

18,542.5

3 3

Proceeds

1

1Sh (%)

‐52.5% ▼

5

78

Sh (%)

13,182.2 2.9

2013 Rank

3.1

-2.0 ▼0.9


19,183.45.9

28,556.2


Woori Invest & Sec Co Ltd 9 5

+0.3 ▲▲+0.3

▼

2.0+4.4+32

4.3 +15

42.8

3.4 -0.3

+1.1-0.8

3.3+2.1

▲+0.7

6,613.5 3.1+0.56,367.6 ▲3.0

▲

165

Jan 1 - Dec 31

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

5.8 ▲6.2 ▼-0.3-

28.517.5+17

51 1.4

2,670

-0.553 4.2

4.8

▲ 13.26.8

20.1

Share Ch.

▼▼-1.5

▲+105

3.74.8

7.8+14

4.4▲ 18.6

20.3

Market MarketMarket Manager

7.1

Market # of# of DealsShare Ch.

296Deals

26.8146▲ 5.5+94

+0.6

0 -

▲ 11.1

159

FeesSh (%)+1.7 ▲+3.1

32.76.4▲

Sh (%)

▲6

▼-40▼

11,754.110,696.4

-0.7 6.05.1

+1.8

4.7Standard Chartered PLCCIMB Group Sdn Bhd 5 4

7

2 9,856.0

7,198.1▲Daewoo Securities Co Ltd 10

8,805.8 4.2

6,999.7

100.044.6+2.0

0-0.9

+123

▲

+0.7 154

187.4+902

▲

▲100.0

51.0%

+171.9

211,370.7

Axis Bank Ltd

8 14

90,295.7

3.3

6

▲▼▲ 90 3.4

KB Financial Group Inc

DBS Group Holdings

▼▼ 115

▲

‐46.9%

421.9

15.2%

+6.2

▼▲

# of Market

1

Top Ten Total

6,913.2▲

Kyobo Life Insurance Co

HSBC Holdings PLCBookrunner

10

2

6.0▲

24.7

Industry % Change from Last Quarter ‐56.6%

7

4

MarketProceeds per Bookrunner (CNYm)

Industry % Change from Last Quarter ‐49.7% ▼9.5%

▼

2014 Rank

1 1 81,666.2

2013 Rank

$0

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Chinese Yuan Australian Dollar Korean Won Singapore Dollar Malaysian RinggitThai Baht Indian Rupee Hong Kong Dollar Taiwanese Dollar Philippine PesoIndonesian Rupiah Vietnamese Dong Pakistani Rupee

* tie **Includes CDs and CPs


Market2013 Rank

-4

Market2014 Rank

-2.1

Market MarketAustralian international debt proceeds to date reached US$89.4 billion from 152 deals, a 5.2% increase fromproceeds raised last year. The US Dollar remained the top currency, with total proceeds of US$43.2 billion from 56deals, a 3.3% decline from the total USD issuance in 2013, followed by issuance in Euros and Australian Dollars,worth US$25.4 billion and US$11 billion from 36 and 35 deals, respectively.

Australian Dollar bond (excluding self-funded) offerings registered a record-high annual volume of AU$127 billion from345 deals, a 5.7% increase from the proceeds raised last year. Issuance from Government & Agencies registeredthe largest annual proceeds on record for the sector, totaling AU$55 billion from 182 deals, with the Commonwealth of Australia's AU$7 billion October domestic bond offering as the largest of the year. Financials remained the top sector,with total borrowings of AU$65.5 billion, capturing 51.6% of the Australian dollar bond market.

According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from AustralianDollar (excluding self-funded) bonds this year reached AU$441.8 million, a marginal increase from the total ofAU$438.2 million earned in the full year of 2013. Estimated fees from Australian international bond offerings this yearregistered a 10.8% decline to US$253 million from the US$283.5 million earned in 2013.

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

Deals12.354.3

Sh (%)▼▼

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

Fees▼ -2.6

Change in

Australian Dollar Debt Total Up 6% l Record High Kangaroo Bond Proceeds l Australian International Bond Volume Up 5%

Proceeds per Bookrunner (AU$m)

Bookrunner14.518,428.0

Sh (%)Proceeds

10.417,502.6 13.8

-0.4▼-0.613,217.0

-1.34 13,251.1Commonwealth Bank of Australia 3

4

7.668.6

Deutsche Bank 610,933.0

7

5Citi 5

7

▲▼62.9

12.0-1.3

9,369.0

▼89

+0.7

8.7 15.3 3.5 -1.6+0.2

▲ 53.2+21

8125.8

20.0

23.5▲

+15

+20

▼+0.2

-0.4 -+6-2▲

▲8.1

▼▲ 25.5 5.8

0

30.3▼-0.4

▲ 25.747

28+0.1

▼▲1.7

▲ 9.3

5.7%

6.4▼78.8▲

-3.2+1

‐28.7% ▼▲▲ 24.1%

345100.0

‐15.8% ▼

JP Morgan 109

Top Ten Total

RBC Capital Markets

Industry Total

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

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

11

National Australia Bank

Westpac Banking

3

UBSTD Securities Inc 8

348.2+1.78

441.8108,538.7 ▼

1

5,202.3

10.4

9,619.77.4

▲

9

5,043.7 4.0

5,972.3+1.5+1.7

+0.24.1

85.5 -1.0

4.7

22

1

+67126,959.5

5.8

14.5

0.8%‐44.8%

▲▼

100.0

Jan 1 - Dec 31

Market

▲

Jan 1 - Dec 31

14.2

-0.364.0

▲

0 -

30

67

69

▲

▼

13.619.4 7.7

28.1 ▼22.0

2.1 -0.6+28

▲6.9 +1.1

97▼

Australia DebtFull Year 2014 | Debt Capital Markets | Managing Underwriters

# of

76

Australia Deals Intelligence

ANZ Banking Group

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

2 2

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

49.6 98.2

▼‐17.7%

▲

138.2

-1.910.2

▼

▼▼

▼‐53.0%

+2.357,286.7

Industry % Change from Last Quarter ‐38.5%

▼64.1 +1.1 ▲Top Ten Total

4,385.8 -1.9

4.0 -0.810 6

Goldman Sachs & Co ▼

-454.7 -1.3

253.0

▼

89,427.4 100.0


▼Deutsche Bank 3,712.4

-39

‐41.2%

Industry Total

▼

12.5▼4.2

‐20.4%

4.3

5.2%

152

19-1.920▼-2.0 13.2National Australia Bank 9 5 3,869.4

17.33.8

-4 ▼-3 ▼ 9.6

+2.923 6.115.315.1 +8-2.39.2 6.8

12UBS 7 ▲4,867.1 ▲10 +1.7

14

Commonwealth Bank of Australia 6 15 5,191.7 5.8 +2.6

8 4

▲

4.9

8.3 ▲3.3 +0.9+3 ▲7.95.4

▲▼▼ 13.1 5.2 -0.4

13.8▼5,249.5 5.9 +2.2 -1

+0.45.518.412.5 -4

Barclays+0.6

3 3

▲ 28HSBC Holdings PLC 5 111920 13.2 4.5

▼11.4 -3.7

Bank of America Merrill Lynch 4 7 5,639.3 6.35,664.3 -1


6.3 -2.1

Bookrunner

▲▼ ▼

6.4 -2.2▲

DealsChange in

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

Fees22.9 +5.8

BookrunnerMarket Market # of Market

Proceeds Share Ch.Sh (%)2013 Rank

1Westpac Banking

Manager Market Market

11 2 9,885.0 11.1 +1.9Sh (%) Share Ch.

2014 Rank

2013 Rank

Citi ▲22.4Sh (%)

9.9 0 - 30▲

16.334

# of Deals

19.7 +7

Westpac Banking

JP Morgan 2 1 8,822.29.1

ANZ Banking Group

Commonwealth Bank of AustraliaUBS

+12 ▲

Imputed Fees (US$m)

# of Market

MarketMarket Change in

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2014 Rank

Imputed Fees (AU$m)

Share Ch. Deals Sh (%)Manager

Sh (%)Market Market

▼ 10.4 20.6# of Deals Fees

# ofProceeds

Market

5,248.0 -4.2Sh (%)

-7.2 ▼ 14 34.118.0Share Ch.

▼-4+1.8 ▲ 58.52 2 4,543.6 15.5 24

16 39.0National Australia BankANZ Banking Group 3 5 3,984.1 13.6 +3.8 ▲

+2.2 ▲+4 ▲ 8.4 16.7+5.6 ▲+3 ▲ 7.5 14.9

-1.4 ▼ 24.44 3 3,423.9 11.7 1010 24.4

Commonwealth Bank of AustraliaJP Morgan 5 9 3,288.1 11.2 +8.3 ▲

-4.8 ▼0 - 4.1 8.1+6.8 ▲+6 ▲ 4.9 9.7

+0.6 ▲ 26.86 6 2,978.8 10.2 113 7.3

Macquarie GroupCiti 7 4 2,723.0 9.3 -2.5 ▼

+2.8 ▲-1 ▼ 6.9 13.7-6.4 ▼-2 ▼ 2.7 5.3

-0.5 ▼ 22.08 7 1,859.9 6.4 9 6.93 7.3

Deutsche BankRBS 9 8 434.6 1.5 -1.5 ▼-2 ▼ .9 1.8

+0.7 ▲+2 ▲ 3.5

10 - 250.0 0.9 1-1.3▼

Morgan StanleyTop Ten Total 28,734.0 98.3

+0.9 ▲ 2.4

▼

▲+0.5 ▲+1 ▲ .3 0.5+1.9 ▲

-3 50.3 100.0Industry Total 29,244.6 100.0 41

Market

15.0%Industry % Change from Last Quarter0.0% ▼ -6.8%

-11.6% ▼

-3.0

MarketProceeds per Bookrunner (AU$m)

ManagerBookrunner Proceeds Sh (%)

2014 Rank

2013 Rank

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

Sh (%)26.481 14.4 ▼-1.156.8▼-3▼

▼ 621 12 2 13.3

13,672.7 13.711.2

▲12.5▲ 49.1▼- -2.144.0

+1.59,827.1 9.9 71 +14-0.5

- 23.1020.213,251.8

▲-2 ▼ 30.3 7.721.89.1

14.0+18 55.39,369.0 9.4 28

5 3 9,242.0 9.3 670 -

3.2 -0.827 8.8National Australia Bank -1.1 ▼Citi 6 6

▲67 21.8

+2▲8,210.0 8.27,759.8 7.8 5.660+0.3

TD Securities Inc 8 919.57 7Deutsche Bank -0.6

4.2

6.0 +2.0 ▲47

+282.4

7.7 2.0▲▲

▲9 11 5,202.3 5.210

5,972.3

87.04,212.1

+2.2 ▲12

▼‐40.7% ▼ ‐51.1%2.4%

100.0% ▲▼

▲30.1% ▲

Jan 1 - Dec 31

100.0


Industry Total 99,591.586,719.1

Market

307

39+2.5

+0.2

0

+263

+20

▲

15.3 ▲12.7

+4

+1.8

296.08.8

22.0▲ 12.7

9.3

▲

▲

394.5 100.0

2.2

+1.1

Share Ch.

▼

▼

-0.7 ▼▲+0.5

-2.0

▲▼▼

-4.075.2

+0.2

+20 ▲


100.0


‐10.8%▼

▲ ▼▼

Top Ten Total

RBC Capital MarketsNomura

4 53 4

‐11.3%

$0

$20

$40

$60

$80

$100

$120

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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


Samurai Bonds Issuer Domicile Analysis Full Year

4

Proceeds per Bookrunner (¥m)

Lead Manager

-6 ▼▼

▲

1.2

1.093.3

1.30

Jan 1 - Dec 31

14.8 ▲

-0.2

1.1▲+0.4▲

▼

22.9

10,596.4

908.1

25.5

-

+0.3

▲+5.7

▼

-0.7

16.7 -4.7

1.3 ▼

+1.9

▼34.1 +46

+8

-0.8

388 35.0

▼377403

15.43.3 -4

11,074.9

▼

57

▲ +70▲▲

14.536.4

▲-0.1312,348.3 1.7

+0.52,824,889.1 15.4+0.72,652,768.0


Japan DebtSamurai Bonds Activity Breaks Record l European Samurai Issuers Activity Highest On Record l Japanese Yen Activity Up 3%

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

-2.13 3,106,483.9

Nomura 32 -0.316.9

2 16.5

Market

Goldman Sachs & Co

Daiwa Securities Group Inc 5

7Bank of America Merrill Lynch

Sumitomo Mitsui Finl Grp Inc

6

4

# of Deals per Bookrunner# of

Mizuho Financial Group 1 1

Change in Market Market

51.5Sh (%)Sh (%)

4,206,653.4

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

▲+0.215.0▲ 18,345.8

Share Ch.

+10

Share Ch.570▲

10,787.1▲+37

37.9419▼11,976.9▲

872.9

373.8 -194.550

903.0▼421.68 228,798.9 1.3

▼286,323.5 -0.860 -

+0.4 ▲13 210,156.0▲+0.4

1.21.1

▲12 1.1 +4 ▲ 768.0

100.0+0.6

Sumitomo Mitsui Trust HoldingsTokai Tokyo Financial Holdings 8

15 198,772.1

18,336,109.0

9

Samurai Bonds (AP1)

+0.3

Industry Total +41

Mitsubishi UFJ Financial Group 10▲

27

▼-6.0%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▲▼

3.1%6.9%

2014 Rank

2013 Rank

17,048,741.7Top Ten Total

Proceeds¥mil

Mitsubishi UFJ Morgan Stanley3,021,548.5

▲

93.1 +0.5

11.3%

71,850.6

3.8%

1,107

▲

2.4 +866,938.2

705.1▲

-9.3%

Overall Japanese Yen denominated bond issuance during 2014 recorded a 3.1% increase compared to 2013,yielding JPY18.3 trillion from 1,107 deals. According to Thomson Reuters/Freeman Consulting, estimated fees forYen denominated bond activity totaled JPY71.9 billion during 2014, a 11.3% increase from last year. Samurai Bond proceeds reached JPY2.5 trillion from 91 deals in 2014, recording more than a 52.7% increasecompared to 2013 and the strongest annual Samurai proceeds on record. Samurai bonds activity was driven byEuropean issuers, with volume nearly doubling compared to last year, recording a total of JPY1.8 trillion in Samuraiissuance, capturing more than 70% of the market and the highest total proceeds on record for European issuers.Samurai issuance during the fourth quarter increased 75.9% compared to the previous quarter, yielding a total ofJPY721.2 billion in proceeds. Japanese corporate bond offerings in 2014 reached JPY8.5 trillion from 465 deals, a slight decline in proceeds but a4% increase in deal count compared to 2013. Corporate bond activity was primarily driven by the Financial sector,which captured about 25% of the market, followed by the Industrials sector, which held a 13% market share.

*tie

5 1JP Morgan

2

2014 Rank

41,863.9

Nomura 4

101,390.99

3

92,332.1Goldman Sachs & Co

Mizuho Financial Group 383,255.0

+16

7.7 +37

Share Ch.+4.9 ▲

+1.7

▼+3.7

▲▲

-0.7

2,538,400.02,382,083.3 93.9


Deutsche Bank

Mizuho Financial Group

Industry Total

Lead Manager

BNP Paribas SABarclays

Top Ten Total


Sumitomo Mitsui Finl Grp Inc

Sumitomo Mitsui Trust Holdings

8

▲▲

Industry Total

3.9%

3,213,450.4

190,031.26.2

29.1%

6.5

132.9

5


2,899,855.81.3

100.0

-17.6%

90.4 ▼

1.2% ▲

1,334.1Daiwa Securities Group IncSumitomo Mitsui Finl Grp Inc 2

678

Nomura2.9

10

5

13*


1

8

9

▲210,156.0

364,756.0

+2.4

469

37,750.0

56,900.0+1.4

Proceeds

-

52.7%

2

1

-3.3

12

371,273.3

2.4 ▲-7.4

-0.4

14.6

Sh (%)

4842

198,772.1

302,251.4

-0.9342,101.7

Share Ch.

▼

70

Mitsubishi UFJ Morgan Stanley

▲

Market

21.7Deals # of Deals

Proceeds per Bookrunner (¥mil)

10+3.6

-

-1.2

▲

Sh (%)

100.0

3.25.9

Market

-2.9

9.4+1.9

Sh (%)+5.8

394,883.315.115.6

Share Ch.▲

406,151.7550,535.0

¥mil

4+5.73

4 06

▲

▼

▼16.032

+0.3

▼73,600.0

+2.2

21.3%

32.911.4

2.2

3

Industry % Change from Last Quarter 75.9%

2Mitsubishi UFJ Morgan Stanley

▲

75

7Bank of America Merrill Lynch

6

Top Ten Total

8

Daiwa Securities Group Inc


▼ 15▼10.7

¥mil

3.2

176

-0.9

1,056,200.51

2013 Rank

▼

15.515.5

1,009.5

2.0

16.91,014.61,105.4

16.4127.9

1,072.0

+1.4

8

4.9▲

+48

10 4.0▲ 27

3Shinsei Bank 10 +0.6▼

247

6▲

-2.0

-2

1.2

42.1%

-2.6

▲+1.3▼

260.6289.0

+0.8

▲▲

▼

705.1

-1.0▲

2.72.5

▲

▼-1.8

+8

2.4 ▼▼1.6

+5 ▲

-3

530.9

▼

+2.5+2.0

▼1,168.7 11.0 -0.6

▲6.6

844.1 -0.18.0+2 ▲3.2+1

71.3 -9 ▼ 33.1- 1,055.80

2.4

▼-1.4-4.3

Share Ch.

▼

▲

▼

▼▲

1.3

▼

+5.2

▲

-0.2

+1.3

▼-1.2

+1.2

-5.2-0.3

Market

# of Deals per Bookrunner Imputed Fees (¥mil)2014 Rank

2013 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

Market

Sh (%)

52.7 ▲+25

100.0

1.9

Jan 1 - Dec 31

+15

Deals

Manager Market

# of

20.4

46.2

# of

847,500.0

-1.5▲

▲

8.8

456.66

49.5

Change in

▲54.9

Market

50

60,235.0 ▼▼▼

8-8-3

-283.7

+33Sh (%)

76.9

▲+2

Fees ¥mil

Market

▲26.3% ▲

54.0%

0 -

121.6

154.9

-2.0

Sh (%)Fees ¥mil

▲6.1 10.0

10.9

# of Deals

5.04

6,135.4▲ 100.0

1.92.2

+0.4

125.6%▲

91 6,534.5

8.8 ▲111.7

▲

Market

3,510.2

+6

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

7.2768.0

▲

▲

1.7

Japanese Securitizations (AP2)

1.5

▼▲

87.9100.0

+1 ▲

10,615.99,320.2

187.8 1.8

▼

+3

7.4%

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

47

21

5865

39

63

80

6675

91

0

20

40

60

80

100

0

600

1,200

1,800

2,400

3,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Issu

es

¥ B

illion

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

¥2,177.026%

¥2,157.625%

¥1,130.013%

¥1,021.012%¥513.6

6%¥480.0

6%

¥425.05%

¥272.03%

¥220.03%

¥85.01%

Financials

Industrials

Telecommunications

Energy and Power

Real Estate

Consumer Products and Services

Materials

Consumer Staples

High Technology

Retail

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▲3Mitsubishi UFJ Morgan Stanley

Mitsubishi UFJ Morgan Stanley 3Nomura 0 22

1

# of

Jan 1 - Dec 31


Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

+70+0.81,437,072.63

16.9 +0.72 ▼ 386

▲1,259,530.6

37.035.3

48.4+38

395 ▲4

3714.72,652,768.0 ▲+0.6

3.5▲377

-4+50

▼ 908.1▼

▲

515.52,787,245.1

3,006,548.5-


Sh (%) Lead ManagerMarket

225

# of Deals Fees ¥milMarket

54.2Share Ch.

Change in 2014 Rank

2013 Rank

Proceeds

▼

Lead Manager ¥mil1

1,647,793.6

MarketShare Ch.

28.9 ▲4,191,020.117.2

+1.9Mizuho Financial Group-0.6

¥milSh (%)Market

Sh (%)Proceeds2014

Rank2013 Rank

+0.916.7

3,104,850.6-2.0


Sh (%)52.9

▲10,785.5

-5.0+10

36.1 16.9418

23.3

Market

▼566

Deals

Bonds Targeted in Japan (AP4)

+0.3

1-9.2

12,191.919.2 ▼

+10.9 ▲8,092.6

-1.2

Shinkin Central Bank 8 9 53,953.8

683,900.085,870.76

Bank of America Merrill Lynch 7 8

Sumitomo Mitsui Finl Grp Inc 4

1.01.0

Daiwa Securities Group Inc 14.85 5Goldman Sachs & Co

4▲+0.1

2,220,484.0

Japanese Corporate Debt (AP3)

19.42

-4.113 1,616,013.0 19.0

26.1

▼▼-0.8

39.1

Change in

25.9▲

1.3

▼+10

-0.3

+0.811,932.2

-0.1

1.3-0.7

15.3

15.79,943.0

11,074.9

▲

Market

+5.7Share Ch.Sh (%)

+36 18,309.2

Jan 1 - Dec 31


▲▼

14.1

Imputed Fees (¥mil)

▲▼

Market Market

▲

# of ManagerShare Ch. Fees ¥mil# of Deals

15 +5

50.1

18182

▲

23351.6

7,269.7▼▼ 39.1

+250

+17▲

2406,024.0

-▲

▼ 514.3 4

-2.8Sumitomo Mitsui Finl Grp Inc

252Deals

+5.7 ▲Mizuho Financial Group


Nomura6,576.0 15.6▲

+0.8

Daiwa Securities Group Inc17.2

9Tokai Tokyo Financial Holdings

1410

7

Top Ten Total

201.50.5

-0.40.50.6

▲

Industry Total

6

-0.3-▼

4.6% ▲

12

16,978,831.1

210,156.01.1

100.0

▲

Citi 911Tokai Tokyo Financial Holdings 0.6

7 53,500.0 -0.4 7 ▼

-2 242.7 ▼-0.5+0.1

3.93.2

▼▲

▼

10

8,511,172.5

Industry % Change from Last Quarter -33.4%

+0.5100.0

▲8,490,697.732,579.410

99.80.4 -0.2 ▼

Top Ten Total

-20.6%Industry % Change from Same Period Last Year -1.7% ▼

▼ -4.9%▲

18,023,505.0

0.30

▼

198,772.1

-4.6%

Industry Total

▼16.0%4.0% ▲

465 +1897.741,205.0

42,251.6-0.3

100.0

-0.6 0▼


-0.1

▼137.7251.5

0.6-2

2.41.5

-6-6

4.722 ▼

+81.1 +4

+0.4 ▲

217.4 8Sumitomo Mitsui Trust Holdings

286,323.56▼

1.2 ▲

Goldman Sachs & Co

+0.4-0.1228,798.9

1.6▼1.2

▲1.1

+0.3

▼▼ ▲

-0.1-6903.0

705.1

872.9768.0

▲

▼50

27

▲

93.8+49

66,201.9100.070,611.1

▲+0.1

+0.3121.0

1,069+0.4

7.6%-7.5% ▼

94.3

4.8% ▲ 14.6%

▲

312,348.37 -0.2▼

▲▼

1.7

8-0.9 42

1.33.94.7

-19


2.5


Japan Debt

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-

-

-

-

-

-

-


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.

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: Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all

Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as 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 EST on December 31,2014.

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.

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

Ian WillmottTel: +44 207 542 4376

Europe

Asia-Pacific

E-mail: [email protected]

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 7201Michelle Abuzo



E-mail: aki sato@thomsonreuters com

Japan

-

-

-

-

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."

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.

© 2014 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.

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.


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