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REUTERS / Mike Segar
GLOBAL EQUITY CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS
First Half 2015
1
Equity Capital Markets Review
9
Australia & New Zealand Equity
Global Scorecard
2
First Half 2015 | Equity Capital Markets | Managing Underwriters
Table of Contents
Global Equity
Leading Underwriters for Second Quarter 2015
13
Latin America Equity
Latin America Proceeds by Country & Sector 8
3
Japan Equity & Equity-Related (C1e)
Japan Common Stock (C4d)
Japan IPOs (C7d)
Japan Equity
Global Deals Intelligence
10
EMEA Deals Intelligence
Latin America Equity & Equity Related (C1f) 8
142
Japan Secondary Offerings (C8d)Global IPOs (C5)
Australian Common Stock (AK2)
Global Debt, Equity & Equity Related (A1)
2 New Zealand Common Stock
92
Global Common Stock (C2)
Global Convertibles (C9)
Global Equity & Equity-Related (C1)
EMEA Equity
EMEA Equity & Equity-related (C1d)
EMEA Common Stock (C4c)
10EMEA Rights Offerings (C8fr)
3
EMEA IPOs (C7c)
14
15
10
153
13
Australian Equity & Equity-related (AK1) 13
US Equity
US Block Trades
Criteria Summary
Thomson Reuters Solutions for the Deal Making Community
Japan Convertible Offerings (C9e)
6US Convertibles (C9a)
US Equity & Equity-Related (C1a)
Global Equity Rankings - Last Ten Years
Banking Composite of Top US Equity Bookrunners
6US Common Stock (C3)
US Secondary Offerings (C8a)
US Deals Intelligence
US IPOs (C6)
5
6
5
Asia Convertibles, inc Chinese A-shares (C9b)
Asia IPOs, inc Chinese A-shares (C7a)
12
11
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
EMEA Convertibles (C9d)4
Asia Equity
10 15
16
7
6
5
12
12
Equity Capital Markets Criteria Summary
Regional Contacts
Asia Secondary Offerings, inc Chinese A-shares (C8c)
11
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
17
Asia Common Stock, inc Chinese A-shares (C4a)
16
12
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GLOBAL ECM ACTIVITY UP 9% WITH RECORD FIRST HALF - Equity capital markets activity totaled US$516.8 billion during the first half of 2015, a 9% increase compared to the first half of 2014 and the strongest opening six-month period for global equity capital markets issuance since records began in 1980. Second quarter equitycapital markets issuance increased 8% compared to the first quarter of this year.
FOLLOW-ON OFFERINGS SET FIRST HALF RECORD, UP 22% FROM 2014 - Global follow-on offeringstotaled US$369.9 billion during the first half of 2015, an increase of 22% compared to a year ago and thestrongest first half for follow-on offerings since records began in 1980. Offerings from companies in the UnitedStates accounted for 30% of global follow-on issuance, up from 29% during first six months of 2014. Follow-onofferings from banks, pharmaceutical companies and REITs accounted for 28% of first half 2015 capital raising.
IPOs FALL 16%; US ISSUERS DOWN 35%, ASIA PACIFIC AT 4-YEAR HIGH - Initial public offering activityduring the first six months of 2015 totaled US$100.2 billion, a decrease of 16% from last year and the slowest firsthalf for global IPOs in two years. Issuers in China, United States, Spain and United Kingdom accounted for 64%of all activity during the first half of 2015.
Global Equity Capital Markets Up 9% Over 2014 l IPO Activity Falls 16% l China ECM Offerings Set All-Time First Half Record I Goldman Sachs Tops Global ECM l ECM Fees Down 5%
EQUITY CAPITAL MARKETS REVIEWFirst Half 2015
Global Initial Public Offerings
Global Equity & Equity-Related Volume
Global Deals Intelligence
CHINA ISSUERS ACCOUNT FOR RECORD 17% OF GLOBAL ECM - Issuers from the China raised US$88.9billion in the global equity capital markets during the first half of 2015, up 91% compared to a year ago and thehighest percentage of global ECM since records began in 1980. Issuers from United States, which accounted for 1,600
1,800
$350
$400 Proceeds (US$b) # of Issues
0
10
20
30
40
50
60
70
$0
$20
$40
$60
$80
$100
$120
$140
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
2008 2009 2010 2011 2012 2013 2014 15
% o
f Pro
ceed
s fro
m U
S
Pro
ceed
s (U
S$b
)
Global IPOs (US$bil) US as % of Global IPOs
Global Equity & Equity-Related Volume by Domicile Region
g est pe ce tage o g oba C s ce eco ds bega 980 ssue s o U ted States, c accou ted o29% of first half ECM activity, saw an increase of 9% compared to a year ago.
FIVE SECTORS ACCOUNT FOR TWO-THIRDS OF ACTIVITY - Led by Financial issuers (23%), the overallvolume of equity capital markets activity remained highly concentrated among five main sectors includingHealthcare (12%), Energy and Power (11%),and Industrials and Technology (9%).
GOLDMAN SACHS TOPS GLOBAL ECM RANKINGS - Goldman Sachs led all equity capital marketsunderwriters during the first half of 2015, with US$47.5 billion in proceeds from 200 issues, despite a loss of 0.3market share points compared to a year ago. JP Morgan moved into second place, and Morgan Stanley, whichgained 0.4 market share points during the first half, moved into third place from fourth in overall ECM during thefirst six months of 2014.
ECM FEES DECLINE 5% - According to estimates from Thomson Reuters/Freeman Consulting, fees from equitycapital markets transactions during the first half of 2015 totaled US$11.4 billion, down 5% compared to levelsseen during the first half of 2014.
0
200
400
600
800
1,000
1,200
1,400
$0
$50
$100
$150
$200
$250
$300
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
2008 2009 2010 2011 2012 2013 2014 15
# of
Issu
es
Pro
ceed
s (U
S$b
)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas1
Global Equity Capital MarketsFirst Half 2015 | Equity Capital Markets | Managing Underwriters
Japan Equity & Equity Related (C1e)
Asia-Pacific Convertibles (C9b)
Consecutive Quarters No. 1
170.68.2
Mkt. Share Chg. from Last Qtr (%)
-3.3 ▼
JP Morgan12
11.2-3.5
Current Qtr Market Sh. (%)
UBS8.7
No. 1 Manager
4.9
Goldman Sachs & Co
11.0
19.3
12.5
▲
▲▲
1▲Japan
Mitsubishi UFJ Morgan Stanley
JP MorganJP Morgan
EMEA IPOs (C7c)
EMEA Equity & Equity-Related (C1d)EMEA Common Stock (C4c) 1
1
JP MorganGoldman Sachs & Co 8.6
40.4
16.8
2Asia-Pacific ex. Japan ex. Australia
1Asia-Pacific Common Stock (C4a)
45.8 ▲▼
Japan (C7d)Latin America (C7e)
EMEA - Europe, Middle East & Africa (C4c)
36,018.4United States (C6)
1 EMEA - Europe, Middle East & Africa (C7c)
▼142,991.8
Asia Pacific ex Australia (C7a)Australia (C7b)
40,410.5
2 Japan (C4d)
1100,169.6
6,760.0
17,915.5Global IPOs (C5)
13,563.2
Australia (C4b)2
22,967.912,069.1
▼10
Japan (C1e)
2,515Global Common Stock (C2)Latin America (C1f)
% Changein Proceeds
▲
▲
5748.6%
No.
2,479▲9.1%
▼-24.5%
72.9%19,441.2 247
▲
2,270
186,407.1
10,087.4
-17.8%
421,195.0
759
614153,271.0
142,577.3
12.3%
273
16,290.2
17,329.6
19,105.8908 73,749.4
279
473,090.9131,131.8136,885.7
53882,485.0
US$m479,691.6
113136615
521,019.0 2,657
1/1/2015 - 6/30/2015
Deals
1/1/2014 - 6/30/2014
US$mNo.Proceeds
DealsProceeds
▲
▼▼-16.4%15
▲85.6%
334
648
6,408.9
25,091.14,659.62,540.5
2.6
▲
▼-1.69.2
23 7
6.2
9.0
15 4
US Convertibles (C9a)
2.7
0.7
EMEA Convertibles (C9d)
Europe, Middle East & Africa (EMEA)
HSBC Holdings PLC2.9
▲
-1.3
23.5Societe Generale
Global IPOs (C5)
US Common Stock (C3) JP Morgan
22.8
US Equity & Equity-Related (C1a) JP Morgan
Goldman Sachs & CoUS IPOs (C6)
US
Global Convertibles (C9) ▲JP Morgan
69813.0%
▲17.3% ▲
116,022.3
245
509493
16,282.3Asia Pacific ex Australia (C4a)
▼
9 -42.4%94
569
14
585117 -25.5%
-15.2%
▼579
168,548.718,193.511,739.1
▼▼
▼
118,640.7
▼218 ▲
30
-15.6%
-20.5%
43.6%125
▼-45.5%
▼-74.9%
▲▲42.5%
-
▲▲
220
-
107.3%
12 9% ▼404
617.2 21,610.7
11,622.7
4091,867
88,502.3113,216.3372,921.3 302,554.3
380.6
16,565.3Asia Pacific ex Australia (C8c)
102 581 3Australia (C8b)
Global Secondary Offerings (C8)United States (C8a)
EMEA Europe Middle East & Africa (C8f)
100,867.4242
48,658.457427.9%384
480
-34.9%
2
136
1,691
27,520.0
23.3%
2550,806.2 165
84
449 117 742 5
124.9
-0.6
Market Sector
Global Disclosed Fees (A2)
Global
JP MorganJP Morgan
▼▼
Goldman Sachs & Co
Global Equity & Equity-Related (C1)
Asia Pacific ex Australia (C1b)United States (C1a)
17Global Equity & Equity-related (C1) 2-1.7
8.7 -0.5Australia (C1c)
Global Common Stock (C2)
Global Debt, Equity & Equity-Related (A1) 154,568.4
8.3-2.1 EMEA - Europe, Middle East & Africa (C1d)2
▲
▼
United States (C3)
Latin America (C4e)
141,716.2
19.3%941
50
31
Global ScorecardLeading Underwriters for the First Quarter of 2015 Jan 01 - Jun 30
▼-0.6 -52
6
Deutsche Bank
-0.3 Credit Suisse8.3
▼
+0.4
18
3,501,969.2
Industry % Change from Same Period Last Year
36,691.3
Industry Total
18 20RBSUniCredit
Japan IPOs (C7d)
Global Debt, Equity & Equity-Related (A1)
-19.8%
2,516,638.4
1744,516.9
2019 12
TD Securities Inc
Japan Common Stock (C4d)Japan Equity & Equity-Related (C1e)
15
21 45,788.6Mizuho Financial Group 3.4
83,090.3
Morgan Stanley+0.9 ▲
1▲▲
JP Morgan
Japan (C9e)
Global Convertible Offerings (C9)71
▲
Australia (C9c)
6,379.311,952.4
10,279.2
47,928.1United States (C9a)Asia Pacific ex Australia (C9b)
Japan (C8d)
Jan 1 - Jun 30Global Equity & Equity-Related (C1)
3,766.4
Market Manager2014 Rank Sh. (%)
43,195.238,873.24
47,463.2132
61
9.1
Market
335.4
Deals▼
Proceeds
EMEA - Europe, Middle East & Africa (C9d)
Bank of America Merrill Lynch
7.0
5.3
858.4
MarketBookrunner
-0.318.3
200
Change in
0.5%
330.9209.9
6.63
7 +0.3-0.94
7.534,447.530,845.8 5.9
2+0.4
▲5.1
Credit Agricole CIB 16
5.2▲
4.2
392.5
Nomura 14
1.3
11 2.4
# of Deals per Bookrunner
-0.4
Imputed Fees (US$m)
8.6
Sh. (%)
+0.2725
17 68,234.5
Japan Convertibles (C9e)
2.0RBC Capital Markets 13
Mitsubishi UFJ Morgan StanleyMitsubishi UFJ Morgan Stanley
388.1-0.4
▼
3.1
9.4
82
141
144
167
95123
6.6
206
Sh. (%)
19
Proceeds per Bookrunner (US$m)
29
795.8236
4145.6%
-0.4-16251
17,858.46 2
▼ ▲
▼-21.1%
-18.1%
Market
-42.4%
-34.8%
Share Ch.
▼
-44
-0.8+0.7
1.0
▼
-8.8%
# of Deals per Bookrunner
▲
7.8
Top Twenty Total100.0
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
19
Industry Total
2120BMO Capital Markets
22
-
3,248.3
5,544.5
3,631.8
Societe Generale
240
5,898.6▼
14
UBS
-1.3 ▼26,762.6
Wells Fargo & Co10
25,652.9▼
-0.3RBC Capital Markets
Citi
Barclays10
7 5
6,051.0CITIC
12
8
12
9,187.8
5,236.3
1.4
1.81.7
7,433.91.3
1.1
1.0
▼-0.3
9,045.1
20,346.4▼
-0.51.5 ▼7,823.9
3.9
95▼47
▲
1.8▼Jefferies LLC
Nomura▲604.3
-0.1
+0.1
0.9
364,764.9
1716
▲
▼ +0.86,846.5
▼1.2
15
▼1.6
Societe Generale
▼2.041,231.3 -1.0
Industry % Change from Last Quarter*tie
Top Twenty Total100.0
-7.2%-9.6%
-653 23,329.6
▼
164 ▼
▼ -6.0%
10,29672.2 65.215,210.4
1.1
▼
2.6266
▼-17.0%
0.9
0.50.9
119.3
▼
15
▲
0.0Ping An Securities Ltd
18-0.5200.3-183
17
-0.2
Macquarie Group
HSBC Holdings PLC
+0.4▼
+34 ▲BNP Paribas SA
1.4
-0.5
0.9 -0.3
2.62.5
-0.2
▼
▼
1.7
1.5
▼
▼+0.2
-0.2
▲-0.2 ▼+0.5
▲
▲
2.3531.5
357.3
▼▼
987.8
Jan 1 - Jun 30
1,480.2
23.7
1,125.4
▼
# of
13.315.4
24.9
▼889
-47-86
Change in
8.2
1.2NomuraMizuho Financial Group 29.1
▲+0.6 ▲+0.1
39.1
Market
219,146.8 6.3
Fees
209 ▼
▼46
▼
-12.9%
-33
-42.6%▲▼
1.4%
4,774.5
64404
7.9
3.4▼ -23
Sh. (%)Market
19
7.5▼
# of# of Deals
▼
-44▼
▼
1.8
Imputed Fees (US$m)
6.8▲
5.7
+0.2+0.2
▼
100.0
138.6209.0
108.0 +0.2
11,401.2
‐4.5%
▲
▲+163.6
1.4
-4
0.8
▲
123.1
-0.2
▲
+0.7
▲
0.7
19.7%
1.0
197.5
6,816.0
▼-0.9
▼
-0.4
-0.4
2.2▲
-0.8-0.1
1.1
362.0435.5 ▼
▼▼
1.8
654.2▼
-0.6 ▼
3.8
205.9254.8
27,230.4
+0.3
+0.5
-0.6
1.2
59.7
▲
▼
-33
▼
497.88
+3
-24
774.3
4.9-1.5
▲4.0
6.3
+0.1
+0.1
3.2
▼ 4.4
▲
12
+0.5
65
459.0
8.9▼
23,436.65,691.5
102,581.3EMEA - Europe, Middle East & Africa (C8f)
142
33
7
8,735.6
449
25,693.9
7.5
117,742.567
45
11,121.9
4.6▼
▲
▲1.2
▼
+10+20 ▲▲
5.4175
3.6
-32
▲
+2
6.3
-13+2
-11
Sh. (%) Share Ch.Goldman Sachs & Co
▼▼
Share Ch.
▼▲
-0.3
4.8
69 9
1111 13
Market
5
-0.3▼
-60-119 4.2
5.5
1.3 ▼-66240 2.3+0.2 ▲▼ 209
385 ▲
▼350 ▲
24498 4.8
▼▼
3.71314
593.4-0.4
6.6
6.5
6.2-80
▼-85-117
▲
▼
▲
-1
3.0
199.5219.9
▼
705.6
-53
+164▼
▲
-64
-128
+27
4.2640
▼
2.4+0.2
▼ 242
7.6886 8.6
+0.1376 3.7
+1.0
▲
ManagerFees
8.0
2015 Rank
+0.7
Market
1,276.3
1,534.2
58,496.6
11,784.5
16 58,835.315 59,250.9 -0.3
1.7 -0.11.7
UBS 12 14 88,129.6 +0.4 ▲2.5
4.1
BNP Paribas SA 11
9Credit Suisse 9
2.910 100,145.4Wells Fargo & Co 10 13 110,097.1 ▲
436 -0.13.1
Goldman Sachs & Co 7
6.0+0.27.0
142,143.5HSBC Holdings PLC 8 4.38
-0.1-197855
149,546.8
5.56.2▼ 643
-0.4
7 194,427.8 5.6-0.8
5.4
+0.7
5 188,297.62 193,729.2Deutsche Bank
Morgan Stanley 5
848
▲Barclays 4 4
6
Bank of America Merrill LynchCiti 2 3
3 ▲207,764.6 -0.2209,991.36 +0.5
▼
1,504.1▼
-100▼
1 1 275,579.6
6.05.9
619
979.0
38
47-0.5 2.362
1.8
781 ▼
+0.70.7▲-0.0
+0.1▲
1.1
2037
1.2▼
▼
-4+18 ▲
69.9-15-0.1 1.4▼ 370.6
81.8
1.7
▼66.3 0.6
▼▲
-0.1
-0.1
116.2
0.8
+0.2
1,859.0Sh. (%) Share Ch.
89.731
1.4▼
▼
Bookrunner
Proceeds per Bookrunner (US$m)
▼Deals
10.2
Market
-129JP Morgan
7.2%▲
2015 Rank
2014 Rank Proceeds
7.9
Market
1,052 # of Deals
▲
521,019.0
8.3% ▲ ▲8.6%
17.3% ▲
Latin America (C8e)
100.0 +1782,657
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▼
100.0
Global Equity Capital MarketsFirst Half 2015 | Equity Capital Markets | Managing Underwriters
2,515 10,421.3
China Securities Co Ltd -19
12
▼▼ Industry % Change from Same Period Last Year
808.1
-▼ 1.3
82.6
▲4RBS
▲2.11.0458.5
2.8
+1
1,322.9
386.8
1.710
-1.4 ▼
▼
▲▲+0.8
1.3
0.71▲
+0.1
3.0
2.1
0.8 +0.83
-0.8
580.2 1.2614.3
2.31,024.5
799.0
-0.2
▼
+0.2
▼-1.3
+0.21.6 0.2-6
1.89
▼-1.0
+0.91.4
▲21.9 2.2 +0.2
13.8
-0.1
6.35.6 -2
+0.2 ▲12.6
▲ ▲2.8 0
-2 2.5
17.4
▼▼
+6
24.1
+0.22.0+3
6 -425.4
▲ +3.419.6▼
▼ 2.6-4+0.5
39.9+2.5
4.97
4.9▲
▼
74.2▲
8
1427
7.01,120.5
1,426.49.9▼ 3.8 -6.814 37.0-18
▲
▲
2.7▼▼
4.1▼
+0.1 ▲26.411
9
3.3 +0.1 10▼ 12-0.8▲
-7.9
35.5▼
1,520.5
7
+1.42,686.7 5.65.5
1,584.312
20 14.1 -104.9
5.6
-217
UBS▲
BMO Capital Markets
HSBC Holdings PLC
Jefferies LLC
Top Twenty Total
▲+1.0
20▲
0.7
473,090.9
▲
100.0
12 3%
▲323,775.3 68.6
10 8%
57.7
-3 3%
6,016.5
▲
▲
+245
22+0.3 0.9
+101.0
▼0
86
0.8
14
+0.225
3.4▼
27 1.1
-0.121
5,284.3 1.116
13 5,834.6
4,221.6
5,812.9
-0.1
14Macquarie Group
HSBC Holdings PLC
0.9
+0.9-0.1
1.2+0.51.2
-0.1
16,433.9
111211CITIC 24
RBC Capital Markets 10
6,799.4
3.5
6,846.58,067.410
Deutsche Bank 8 22,897.8Barclays 99
133
-2▼
-1.2
▲
7.4
158+0.3 -31
▲5.4
▼
5.2
-0.6▼▼
▼
166 6.6137
+1.06.8
-23-14
+0.6 8.6
-1.8 462.1
-0.5
216
5.1524,543.7
6.0
366.2 3.5565.3
5.3186 ▼
6.4-0.9+0.4 -0.5
724,124.0
▲30,046.9+0.4
4.8
224
186Sh. (%)
7.5
▲9.7▲
64
Share Ch.
7.51 +0.5
2015 Rank Proceeds
Market
2
2014 Rank
435,243.0
Citi
UBSCredit Suisse 6 8
7
52
Goldman Sachs & Co
Bank of America Merrill LynchJP Morgan
6.4
1
30,092.9
45,942.735,668.1
Global Common Stock (C2)
3 3Morgan Stanley
Bookrunner
+0.3▲
-0.146.8 0.5
0.663.3+2
+6
1.6
0.80.6
▲-0.2
Manager
821.5Fees
162.7
62.9
▲
81.5
422.2
160.5
400.0
101.7
▼
▼+0.1
▲138.6
-0.7
1.0
-2.0▼9
5.8
316.2229.4
4.01,922.693.0
1.5
▲
-
▲74
1.7
99.1+4
180.2
1.0
+0.7
▼▲ +9
-12
1.7
-0.41.41.5
1.538
RBC Capital Markets1.2
372.9
+0.21.7▼
▼Societe Generale
Goldman Sachs & Co
▼
22
Top Twenty TotalIndustry Total
Wells Fargo & Co 13
Nomura 15
Societe GeneraleJefferies LLC 16
Ping An Securities LtdBNP Paribas SA 18
China International Capital Co
17
7.4
11288▼
▲
-15
-11
-34-7
+21
▼
+13
5.4
▼▲
▼-216.3
4.53.5
▲
▼
+4▲44
▼
▼
0.7▲▲
+1618
▼ 2.0
19
50-0.35,511.212
+0.80.83,652.0
233 3,615.720 32
Industry % Change from Same Period Last Year
193,136.7
+0.8▲
Industry Total
14
18
132029
11
171615
10
-14
▼
Imputed Fees (US$m)
172.4# of Deals
Market
3.63.8
+2.8
Jan 1 - Jun 30
-1.5
▼-2.4
-0.1 ▼
Sh. (%)17.6 ▲
4.7▲
# of Change in
4.6▼
4.746.3▼ ▼
+8.088.9-12
8
9.145.87.7
-1-10
45.5▼
▼3.6-2.1
▼
▲
-0.9
6.3
-0.6
61.5
▲
▲
▼67
2,638.6
+4.8 ▲▲
54
Citi
Wells Fargo & Co3
8
5
8Credit Suisse
▲6
▼
Sh. (%)
14.1+3.1
19.0 ▼4
11
Manager
27.9Proceeds
3-0.3
15
Bank of America Merrill LynchJP Morgan
Global Convertibles (C9)
Share Ch.
Barclays
14,354.62
2014 Rank
7,952.2Bookrunner
2015 Rank
Market
8.9
▲712.8623.5
# of# of Deals
Jan 1 - Jun 30
-0.8
Sh. (%)Market
▼
Market Change in
4.4 -11
▼-1.93,205.12,755.1
6.3-0.5
▼
▼▼ 36.8▼-10
3.2
8.57.0 -6
-26.3
10
Morgan Stanley
1.5
▼
1.3
▼
▲
Mizuho Financial Group
20
35.79
▲
Deutsche Bank
27
# of Deals per Bookrunner
-0.3
Deals Sh. (%)
Imputed Fees (US$m)
3.8
4.1
+0.7
Share Ch.Market
Proceeds per Bookrunner (US$m)
2.2
8.2
Market
▼
▼
▼
6.7
9.1
# of Deals per BookrunnerProceeds per Bookrunner (US$m)
▼
Market
-0.2
0.0
▼
-
▼
BNP Paribas SA-0.9 Nomura-0.2-1.0
100.0
13
1
Market
16.6
6.7
Sh. (%)
43,475.9 90.9
+7.1
3,210.6
+0.63,912.5
FeesDealsMarket
Share Ch.
-15 4%▼-32 1%
-67142
-18 1%
47,928.1 979.9 100.0
▼Industry % Change from Last Quarter ▼
49.757,786.8Top Twenty Total
▲89.9%Industry % Change from Same Period Last Year -15.6% ▼ 11.9%
Industry Total
▲ ▲▼▼ Industry % Change from Same Period Last Year
-0.4▲▼▲
▼
▼
Imputed Fees (US$m)
+1.2
▼▲
▲
▼▲
Global Equity & Equity-Related Imputed Fees
‐19.7% ▼
100.01,678.2
▲
648 3,377.4
1.8▲▼
+0.813
▲
100,169.6
Industry % Change from Last Quarter 53.1% ▲
100.0
43.6%▲
+6957.8
+0.51 0.2 +1 ▲ 0.517.9+1.2Close Brothers Group PLC 20 - 1,192.2 ▲1.2
1,310.9 1.3Jefferies LLC 19 11 1,221.2 1.2
BNP Paribas SA 17 18 1,367.5 1.7China Merchants Securities Co 18
112.019
-0.7 1.4-122.8 48.6
1.4▲
18▼
-2+0.4 ▲ 0.7 -0.1+2 59.2
▼ 25.1+0.4
+82.6 +1.217 ▲ 80.0 2.415
+0.7 ▲56 1,547.5 1.5 +1.2 ▲
+1.6-
Guosen Securities Co Ltd 16 28 1,396.6 1.4▲ 9.7Santander▲ 53.9
6 0.00.9 +3 0.3▲ 8
2.2 +2.2+1.2
16 ▲1.61.2 +5
▲74.913 2.5 +15144 1,977.5 2.0 +1.9 ▲
Huatai Securities Co Ltd 14 67 1,784.2Ping An Securities Ltd
+2.0
1.8
Everbright Securities Co Ltd 12 157* 6 0.9 +5 ▲ 44.3 1.32.4 -1.29 2,154.8 ▼ 23 ▼ 80.33.5 -18
2,040.2 2.02.2 -1.2Barclays 11
CITIC 10 16 2,392.2-3.6Credit Suisse 9 5 2,471.8+1.12.4 ▲ 13 2.0 +7
▼ 32
3,736.6+43.3 +0.8
Deutsche Bank
▲▼2.5 4.9 -31
3.7 -2.1 ▼ 32HSBC Holdings PLC 8 10 3,274.0
7 616 2.5▲
6.24.9
40▼7 4.4 -
6.5
4,417.4
-2.3
0.0-3.14.9
-1.1
3.9 -0.1
4,887.65.0
Proceeds per Bookrunner (US$m)
Proceeds
6
34
▲12.3%
8 3,881.6
11.8%
5,037.71
Industry % Change from Last Quarter
Global IPOs (C5)
10.8% -3.3%
▼-0.8
Jan 1 - Jun 30
Share Ch. Sh. (%)
# of Deals per Bookrunner
-1.8
# ofMarket Market
▲▲
MarketChange in Market Manager
6,515.9
19.1%
Sh. (%)Market
-16
-21
# of Deals
▲+1.1
143.8
▼▲
▼
▼-3.6
-0.3+0.2
3.5▲
Share Ch.
-22
-0.20.0
117.4143.9
▼5.6
123.1
▼
-1.4 ▼
2.32.274.5
▼
43.5
▼
77.9
4.3-4-8
Fees▼ 167.8
Sh. (%)
102.7 3.0
189.7
4.3
2015 Rank
Industry % Change from Same Period Last Year
Morgan Stanley 1-1.8
25.0%
5,179.4 28UBS242
▼5.2
3.6
3 6.54.3
42
Deals
-31
5
▼
42
-
5.0
6.5▼
Bank of America Merrill LynchGoldman Sachs & Co
Bookrunner2014 Rank
-23
4046
6.27.1
▼
*tie
-3.3▼▼
Citi
1.3
JP Morgan
-24.4%-15.4%▼-32.1%
-10.7% ▼-20.5%-18.1%
▼
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
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
2007 2008 2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
US
$Bil
Fees (US$bn) # of Issues
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First Half 2015 | Equity Capital Markets | Managing Underwriters
Global Equity Capital Markets: Ten Years of Rankings
1
2
3
4
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Bank of America Merrill Lynch
Rankings shown are as of the current quarter-end in each calendar year.
5
6
7
8
9
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Ran
k
UBS
Credit Suisse
Citi
Deutsche Bank
Barclays
RBC Capital Markets
Note: League Table positions reflect consolidation within the banking sector.
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nc
ECM volumes up 9% | IPO Fees at 5 Year Low | Highest First-Half Secondary Offering Volume on Record
US Deals Intelligence
1 0 ▲+0 81 0 2
1.8 -1.0 ▼ 30
+1 0
5.644
▲ 45 3+21
▲▲1.0 +0.4 2.1▼
8.214 1 540 0 0 4 +213 18 1,584.5
Mizuho Financial Group▲ ▲ 98.2
2.8144.6
64.6 1.43.1
Cowen & CoUBS 12 11 2,743.2
12Jefferies LLC129.0
11 ▲ 67 12.5 +20▼ 61 11.3
3,541.3RBC Capital Markets 10 10 4,430.4 2.9 -1.6
▲
▼5.3 -1.4 ▼ 64 11.9
2.3 +0.5-0.7
▼-14
+0.7-16 ▼
14.3212.59 7 8,237.4 -34
8,945.0 5.8 +1.2▼ 413.6▼
196.2▲ 77 -13Wells Fargo & Co8.2
▲
-3.58 9 ▼
Deutsche Bank
Goldman Sachs & Co 7 1 12,683.6▼ 86
99Barclays 6 6 13,393.9 8.7 -0.6
8 14,227.2 ▲ 909.2 +2.55.7-30
16.716.018.4 -33
6.1
-0.8 ▼
▲
4.28.9
4.6
Morgan Stanley 4 5 14,698.7 9.5 -0.521.0 -15 ▼ 440.4
▼ 263.5
+0.2
-5
+0.8
▲▼
+0.6▼ 282.2
319.223.2 -21
9.5 0.0 - 113421.2▼ ▼
▼-0.4
27.514.410.3 -0.8
+4.020.1▼
1252 15,965.94
Sh. (%)148 +3108 -12
▲Fees Sh. (%) Share Ch.
Manager Market
▲
-0.7
▼
558.2 12.0▼-1.2
+2.4
▼
▲
9.1
Market# of DealsSh. (%)
+0.5
▲
-1.1 ▼
6.9
-0.9
Market# of Market Change in Deals
MarketShare Ch.
2015 Rank
2014 RankBookrunner Proceeds
3 3
22,183.3
Bank of America Merrill Lynch2
5
1JP Morgan
15,713.8Citi
Credit Suisse
10.2
US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil)US Equity & Equity-Related (C1a) Jan 1 - Jun 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Jan 1 - Jun 30 2015
US Equity Capital Markets
First Half US Equity & Equity-Related volumes were up 9.1% year on year to US$154.6billion from 538 deals. According to estimates by Thomson Reuters/FreemanConsulting, first half fees declined by 2.1% to US$4.6 billion, with the top 20 bankstaking 85% of the wallet.
US Secondary offerings reached a first half record high, with US$113.2 billion inproceeds from 409 deals. Actavis PLC issued the largest secondary offering in theperiod, which at US$ 4.2 billion was the largest US secondary offering price since2012.
First Half 2015 | Equity Capital Markets | Managing Underwriters
First half proceeds for US IPOs declined by 34.3% year on year to US$17.9billion, the lowest first half volume since 2011. According to ThomsonReuters/Freeman Consulting, US IPO fees in the period also recorded thelowest volume in 5 years, at US$1.1 billion.
$38.4 25%
$29.7 19%
$18.0 12%
$16.9 11%
$11.1 7%
$9.5 6%
$8.0 5%
$23.0 15% $17.9
12%
$113.2
$23.4 15%
6.58.922.6
-0.8
+4.9
8 7 1,069.9
20.27.2
1715
0.70.71,082.7
19 1,063.614
94.9
Market
Cowen & Co
Deutsche Bank
23
100.0
4
KeyBanc Capital Markets Inc
19 +11
Piper Jaffray Cos 16
31-0.3▲
▲18
0.6924.3▼0.6 -0.2
BMO Capital Markets
Jefferies LLC
6.6
Morgan Stanley
6
17,915.5
Credit Suisse 7
3.6
▲
▼
# of DealsChange in
Jan 1 - Jun 30
Manager
-36
0.0
▼
1.615 +0.5
4.1
5.836.8
-4
71.9
-0.2-0.2 ▼ 6.3+0.2
▼+1
3413 2.4
65.7
43.6+0.4 2.8
▲
+10 ▲
▼
17
Bank of America Merrill Lynch
Raymond James Financial Inc
UBS
12
1,285.2 17
▼+2.8
▼
-1.6
-23.1%
14
Evercore Partners
▼+1.0
Imputed Fees (US$m)
87.4 1.9
85.13,943.8
-0.3 ▼▲
1.0
49.7 ▼
-
-0.5
▲+0.8
1.4▲
0.9
Leerink Partners LLC 15 17 1,534.9 ▲1.0 +0.3 31 5.8 +11▲1.0 2+1.0 ▲ 45.3▲14 - 1,540.0 0.4 +2Mizuho Financial Group
▼
0.8-1 ▼
86.5
SunTrust Banks999.4Stifel/KBW 0.7
920.1
27.4 -1 ▼ 104.1 9.8
▲
Top Twenty Total84
1,864.7
2015 Rank
2014 Rank
▼
Industry Total
Barclays
3 3▼
▼
▲
11.9
▲
-3.1
Share Ch.MarketMarket
▲+1.9 ▲
7.8 -2.1
▼
Fees Sh. (%)
-11.2%-6.3%
DealsMarket
22
# ofMarket
538
# of Deals per Bookrunner
US IPOs (C6)
Industry % Change from Last Quarter
Industry Total
27
154,568.4
▲
894.2
2 1
Industry % Change from Same Period Last Year
1Bookrunner
6Goldman Sachs & Co
Proceeds per Bookrunner (US$m)
Share Ch.1,872.7 10.5
10.4 -0.7
Proceeds Sh. (%)
29.825▲
▼9.0
Sh. (%)
23 27.4
▲8.98.9
-1.4
19+0.9-2.1
-9
-19-12
20.2
▼
Citi 5
JP Morgan
52
▼
-9-0.5 ▼+1.2
86.0
-10 ▼
8.1▼
▼9
1423.8 -7+0.6 201,174.9
6.0-2.4▼ 46.2
5.0 +0.416.7 -12 ▼ 53.84.3
5.3 -1.2+0.6
16.7 -8 ▼ 38.0 3.614.3
-0.4 ▼RBC Capital Markets 10 10 909.6 5.1 +0.9Wells Fargo & Co ▼8
16,944.9 94.7
+1.4
225.9151216
1.3
100.0
-1.11.4
▲
1.0
1.5
2.2
+0.6
3.7
20
401.1
263.9
184.0
34*
345.7
273.6280.0
7
3
9
▼▼
+0.2
-0.2▼
1,067.1 100.0
132.0 0.7 -1.2
134.7% ▲ 100.0% 150.2% ▲▼
-41
Industry % Change from Same Period Last Year -34.9% ▼ -32.8%Industry % Change from Last Quarter
▲658.0
1.9
13 15.5-0.2 ▼ 7
▼ ▼8.7
Piper Jaffray CosStifel/KBW 20.2
Leerink Partners LLC
19
▲
6
+2.0
1.5
10.7▲
▼-5
7.1 -1+1.9 5
▲▲
7
▲
▼-2.2
▼ -0.5
4
▲
▲
1.6
4.88.3+0.5
▲
2.4
0 -
6.0▼▲
8.3+5-4 ▼
38.9 ▲
1.6 +0.6
-0.3+1.01.414.9
▲▲+0.3
+0.9
8.3 -1.1▲
1.91.7
-
▼
+1.7
1.2
3.7
1.7
16.6
+0.1
18.216.7
18.012.3
▲
0
-8-4-7-1
+3250.2
18
111213 -
16
11
Raymond James Financial Inc 20 16
17
14
15
SunTrust Banks
1718
956.9
1,603.2
13
4
14
9
1,592.21,601.2
▼
100.0
1.1
-2.1% ▼
4,634.8
9.1%
146,387.3Top Twenty Total
2 16.6
-26.5%
1.6▼
0.8
▼
▼
▲
-7.3%
▼
36.3
83.4127.3
▼ 94.869.1
3.4
1.6
US IPOs First Half
$23.2 $25.3
$25.7
$2.5
$8.5
$23.2
$28.5
$21.8
$27.5
$17.9
95
104
26
13
58 6469
86
125
84
0
20
40
60
80
100
120
140
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Proceeds # of Issues
Pro
ceed
sU
S$
Billi
ons
# of
Issu
es
12%
Healthcare Energy and Power Real Estate
High Technology Financials Telecommunications
Retail Others
73%
IPO Follow-On Convertible
https://www.thomsonone.com
*tie
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables5
4 9,854.9
578.6 0.5 +0.3 9 2.2 25.4
20.0
MarketMarketFees
-11
+1 ▲
-14
15,338.4 ▲
-1.3
▼
▲
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)# of Deals per Bookrunner
355.3196.8 ▼
# of Market
+0.4
0.9
5.0 -0.4
172.6▲
-0.3
+0.5
▲
-1.0 ▼
-1.8
▼
▼
-0.2
▲
▲
Bookrunner108 26.4
2014 Rank Share Ch.
7 11,980.54
7.0
8.8
▼
▼3.8
Sh. (%)+18 ▲
210.0
MarketManager# of DealsDeals
US Secondary Offerings (C8a)
Change in
Jan 1 - Jun 30
5.8
Goldman Sachs & Co 7
Industry % Change from Same Period Last Year
12
Proceeds
Industry % Change from Same Period Last Year ▼
2014 Rank
2015 Rank Sh. (%)
Credit Suisse
8Wells Fargo & Co 9 9 4,777.5
2,451.3
2
Deutsche Bank
UBS
Citi 13
Barclays 3
12,165.7JP Morgan 1 5
Bookrunner Proceeds
131,131.8
-3 1%
+1.9
8.4
MarketShare Ch.Sh. (%)
11.9
▼▼
-2.2
-1.0
-509124,413.1
100.0
▼
357.2
10.8 -3.1 ▼ 8213.6
65 15.9 +7 ▲10.6
-1.99.5 90▼ 22.0
+3.9 ▲
9.6 -1.1+2.9 ▲
▼▼
64 15.6
Morgan Stanley 6 6 10,720.0
10,883.210,738.0
+1.2▲Bank of America Merrill Lynch 5 2
9.5 +1.4253.1
▲-11
8.7 -1.6 ▼11.7 -11
84 20.5 +10
6.2 +0.566 16.1 -11 ▼ 262.348▲
RBC Capital Markets 10 11 2,566.1 2.3 -1.14.2 +0.1 ▲
▼ 4455 13.4 -4 ▼
10.8 -4 ▼+17 ▲
-1.6 ▼2.2 +0.6 ▲ 12
Top Twenty Total
Jefferies LLC 11
▲
▲
▼
18
93.1
16
▲
Jefferies LLC 1143.15.612
4810 2,342.1
Industry Total95.0
13 0% ▲
Wells Fargo & Co
▼0.0
UBS+0.8
▲+1.1+1.2
Stifel/KBW
493 4,066.2 100.0
-2 4%
22.0 0.5 +0.33,481.5 85.7
US Common Stock (C3) Jan 1 - Jun 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2015 Rank
MarketSh. (%)
MarketDeals Sh. (%) # of Deals
Market # ofShare Ch.
Change in Market
+3.0 ▲ 131Share Ch.
Market
+626.6Fees Sh. (%)
Manager
+1.7 ▲1 13,757.8 10.5
JP Morgan 1 5 16,941.6 12.92 7.2 -1.2 ▼
▲ 438.7 10.8▼-2.0 -820.5-
291.5▼ 101256.285 17.213,155.4
22.93 12,610.7 9.6 -0.9▲▼
7 10.0-12 ▼0
▼ 81
+2.7113
+0.6 ▲8.8 +0.4 ▲6.3
9.4 +0.6 ▲ 391.6Morgan Stanley 5 6 12,321.1 9.6 -0.2 ▼101 20.5 -9 ▼9.3
18.516.4 ▼
11,719.5 ▼ 91-1.68.9-0.7 241.7
-20 ▼ 389.6 9.6 +0.6-24 6.0 -0.8▼
▲Deutsche Bank 8 8 8,118.1 6.2 +0.1 ▲ 62 ▼12.6 -23
4.4 ▼ 69 -122.73.75.0 -0.1▼ 204.3
-0.3150.8▼
12.4
5,734.4 ▼RBC Capital Markets 10 10 3,475.6 -0.5
-0.3 14.0
+17 ▲-9 ▼ 107.9▼ 56
▲ 6111.4
6.3 +118.5
▲ 86.6
▼▲ 132.0 3.3 +1.1
2.4▼ 59.7
+19 ▲ 97.36.1 -15 -0.9 ▼1.5
+1.0 ▲+0.9 ▲
2.1
▼ 3042▲
Barclays 6 4 12,168.4
12 11
2
Bank of America Merrill Lynch 4
CitiCredit Suisse 3
20.2 0.7
2.3+19
11.7
32.9
10.2
+6
2.1+0.7
2.73,109.3
924.3
9
132.1
0.7 +0.50.7
-1.22,743.2
Goldman Sachs & Co 7
+3.26.6
-0.9
▲ ▲
2,999.1
1.6
100.0
3.1
112.8150.5
71.5
1.4
-0.1+1 ▲
▼20 0.5- 1
▼1.2▲+0.5 ▲ 0.2
-0.549.6-1
▼
▲40.3+9 ▲
+0.6+0.1-0.5
▲+11
2.4 0-2
17 970.8 -0.1977.4
31 6.3-0.514
894.2▲
-6.1
▼
12▼▼
2.822 4.5
SunTrust Banks
27 9%
107,242.0
▼
10 5%
2,549.4696.7▲
▲ 14Raymond James Financial Inc 19 ▼
300.715+0.6
+0.11.4-0.3
Piper Jaffray Cos 17
6 5%
409
▲
100.0
+1+0.6
94.9
1
0.0
Industry Total
20
+25
▲
Top Twenty TotalSunTrust Banks
113,216.3
▲0.60.6
▼0.24.9 +3
Mizuho Financial Group
Piper Jaffray Cos 17 19 720.6Raymond James Financial Inc
1918 17 710.2
- 696.720 27
-0.15.4
Stifel/KBW 16 13 751.4 0.7 -0.20.6 - 22
▲ 2.4 ▼▼ 23 5.6
-1+0.4
35 8.6
+0.1938.0
7,048.28
1.2 +0.5▲▲
0.8
2.61.2 +0.4
KeyBanc Capital Markets Inc +0.2
9
2.4
28.3
Mizuho Financial Group
▲
79.1
43.1
-
1.1
15
Cowen & Co 13 1831
981.8 0.8 0.00.830
▲61.2
+0.6
+10+5 ▲ 49.2
1,304.3
KeyBanc Capital Markets Inc
1.214 15 1,254.9
161.10.8
Leerink Partners LLC18
15 190.9▲ 25 6.1 69.9▲
10+12 ▲
23
▲▲
85.0
2.4
305.6
Cowen & Co
-Leerink Partners LLC 14 16 1,534.9
33.9
1,577.9
1.71.51.0
69.4
First Half 2015 | Equity Capital Markets | Managing Underwriters
US Equity Capital Markets
*tie** Rankings exclude self-funded proceeds, per Standard Criteria
100.0
▲
23,298.0
-41.1% 4.5%-42.0% ▼
495.4 87.1
▼ ▲
Industry Total 32,459.9 100.0 +48293.6
Industry % Change from Last Quarter -34.5% ▼ ▼Industry % Change from Same Period Last Year 36.3% ▲ 5.1%
-29.2%▲
267.3250.0Top Fifteen Total 32,459.9 100.0
+1.2
1.2 01.8
15.9
23.2 +9
68.7
-2 ▼
14.123.2 -4
3.910.4
▲
9.0 -13.0▼ 24.1
1.2
-0.35.4
▲▼
▼
▲Share Ch.
18.7%
0.6
▼
-0.9 ▼
- 1.5+0.11.1 0.4
▲1.70.0 ▲
+0.2
+0.2
+0.3
+1
0.5+0.1+0.2
▲0.20.3
2.4
1 1.2
193.2+0.2
12▲180.5
▲
+0.7 ▲ .0-0.3 ▼ 4.5
1 1.2 +1-1
9 436.5 4.61.3 -0.3 ▼ -2 ▼4
52.4
1.7973.7 3.0 -2.5 ▼2
+12.0
1,166.3UBSDeutsche Bank ▼
▲3.6 +2.2102,515.4 7.8 -4.7 ▼ 8 9.8 ▼13.0 4.9 -4.6
40.9 ▼-1.27.8 +1.0 ▲ 10 15.3+0.5 ▲ 8 9.8 -6 -
28.5 10.7 +6.20.016.8 6.3
▼4 6 4,082.2 12.6 +5.1
15.3▲▲▲
-5 ▼
Change in
25.737.6
19.5 +6
0.6
▼ 19
Market
19
5,089.9
Deals
15.7
Proceeds
-11.2
Share Ch.
1316
8.8
2014 Rank
237.9
# of
2,536.8
0.7
▼+10.3 ▲
-0.5
Market
21.921 7,094.1
2
2015 Rank
Barclays
BookrunnerCredit Suisse
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Citi
Piper Jaffray Cos 15 -
5
38
Morgan Stanley
12
JP Morgan
BTIG LLC -
Bank of America Merrill Lynch
15
9 8Wells Fargo & Co 10
5
Raymond James Financial Inc
US Block Trades
76
1
4
▼Industry % Change from Last QuarterIndustry % Change from Same Period Last Year ▼
▼
Sh. (%)
Proceeds per Bookrunner (US$m)
# of Deals
Jan 1 - Jun 30
Goldman Sachs & Co
14
11
2,865.1
7
3 4
Barclays
Bank of America Merrill Lynch
Citi
10Mizuho Financial Group
Top Twenty Total
Bookrunner1
US Convertibles (C9a)
-3.1%
# ofSh. (%) Sh. (%)
▼
▲▲ ▲
0.7TD Securities Inc
-12.3
▼-12.5%
2014 Rank
Proceeds per Bookrunner (US$m)
Jan 1 - Jun 30
-19.4%
Morgan Stanley
3JP Morgan
Change in Manager
RBC Capital Markets
2
52
9Wells Fargo & Co3
84
7
Goldman Sachs & Co
BNP Paribas SA 11
Credit Suisse67
Proceeds Share Ch.
13.0%
2015 Rank
▲
3,103.2▲ 8
26.7
22.413.7 17.8
Market
5,241.7+4.4
+9.83,210.6
2,208.1
Imputed Fees (US$m)Market
Fees21.0
9.4
# of Deals
+4.6 ▲
MarketMarket
+1.9
# of Deals per Bookrunner
1212
-2.8% ▼-2.4%
Jefferies LLC 13 13 162.8
▲
▼
-26.1
-7
12.2
▲
RBC Capital Markets
Sh. (%)
11
4,973.2
52.5
▲
+1 ▲
4.9
+5.3
Market
+18.0
Manager
▼
MarketImputed Fees (US$m)
Sh. (%)
▲
Fees
▲
27.9% 10.5%-31.7% ▼ -26.0% ▼ -29.3%
6.5% ▲
10
▲▲-1
# of Deals per Bookrunner
13.2
Market
119.5▼ 45.5
Sh. (%)
8.0+8.237.817
+9.511.3
26.7 -6-9 ▼▲ +0.7
8.664.0
-3.1 ▼2,377.6 10.1 -2.6 ▼ 48.7-0.6
▼
-6▲ 11.1
▼7 15.6 -4 ▼ 27.6 4.91,225.6 5.2 -0.7
▲▼ 5 3.8 -2.4 ▼
▼-11.7
26.0 +0.3-521.8
▼4.6
-13-12.9
▼11.1
▼ 85
17.8 24.1 4.29 6 954.7 4.18 1 964.0 4.1
-3.4 ▼▼ 3.74.1
-5 ▼+3.9 ▲
11.1
-1.0
- 843.321.1
3.6 +3.614 445.0 1.9 +1.2 9.7 1.7
13.3+1.3
11 432.0 +3 ▲ 12.6 2.2Jefferies LLC 12▲
▲2 4.4 +1 ▲1.8 -0.9
RBS 13* 17 275.0 1.2 +1.22.2 -1 ▼ 10.4 1.8▼
13* - 275.0 1.2 +1.2 +1.31 +1
▼ 2 -4.9 ▼
8.1
1.45.3 +0.9
▲2.2Macquarie Group 15 - 238.1 1.0 0.93 6.7 +3 ▲
0.0
-1.2 ▲ 4.5Deutsche Bank 16 5 119.3
6.7 +117 13 111.9 0.5 0.8+1+0.4 1.1
6.0
▼
▲1.4 ▲
1.1 +0.9
-1.68.2
▲
▼-34.7%
BMO Capital Markets
▼-3 ▲
▲-
▼
6
1▲
20 21 37.5
Industry % Change from Last Quarter
+1 ▲2.2
Deals
▼
▼
1▲▲
▼
Industry Total
+0.8 ▲
23,436.6
-11
2.2
▼-8.90.5
BBVA 18* - 0.4
4.6
▲
+0.6
-4.2
1,071.8
▲
1
Piper Jaffray Cos 3
23.3
4.4
5
Share Ch.
0
Market
+1.0
0.2 1 -+0.4
▲▲81.8
568.6
0.5KeyBanc Capital Markets Inc 18* - 81.8 0.4+1.1 ▲6.1
2.2 +1 ▲ 2.92.2
1 +0.3
100.0 45 -2099.5
Industry % Change from Same Period Last Year -8.8% ▼ -30.8% ▼ 0.4% ▲
100.0
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Issue Date Issuer/Sector US$bil Issue Type Bookrunners
Morgan Stanley l Goldman Sachs
JP Morgan l Bank of America Merrill Lynch l Citi
Barclays
Bank of America Merrill Lynch l Citi l JP Morgan l Wells Fargo l BNP Paribas
FO
CVT
FO
CVT
JP Morgan l Mizuho l Wells Fargo l Morgan Stanley l Barclays l Citi
JP Morgan l Mizuho l Wells Fargo l Morgan Stanley l Barclays l Citi
Morgan Stanley l Goldman Sachs l JP Morgan l Citi l Credit Suisse l Deutsche Bank l RBS l UBS l Wells Fargo
Deutsche Bank l Bank of America Merrill Lynch l Citi
Goldman Sachs l Bank of America Merrill Lynch l Barclays l Citi l JP Morgan
Goldman Sachs l JP Morgan l Barclays l Deutsche Bank l RBC
CVT
FO
FO
FO
FO
FO
$2.0
$1.9
$1.8
$1.7
$5.1
$4.2
$3.7
$2.7
$2.5
$2.36/4/2015
3/31/2015
6/4/2015
3/5/2015
1/14/2015
Endo International PLC
Mylan NV
Frontier Communications Corp
Envision Healthcare Holdings
Southwestern Energy Co
Citizens Financial Group Inc
Hilton Worldwide Holdings Inc
American Tower Corp
Actavis PLC
Actavis PLC
2/25/2015
2/25/2015
3/25/2015
5/11/2015
2/25/2015
US Equity & Equity-Related Industry Composition for Top Bookrunners
Top Ten US Equity & Equity-Related Deals (US$bil)
US Equity Capital MarketsFirst Half 2015 | Equity Capital Markets | Managing Underwriters
First Half 2015
First Half 2015
2 5% 3 6%100%
T l i ti
$5.1
$4.2
$3.7
$2.7
$2.5
$2.3
$2.0
$1.9
$1.8
$1.7
$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0
Actavis PLC
Actavis PLC
Citizens Financial Group Inc
Hilton Worldwide Holdings Inc
American Tower Corp
Endo International PLC
Mylan NV
Frontier Communications Corp
Envision Healthcare Holdings
Southwestern Energy Co
1.9% 4.4% 3.0% 2.7% 2.5% 2.5% 3.5% 3.2% 1.7%
21.3%
27.9%22.4%
18.3%
27.5%33.1%
24.0%
34.1%
16.6%
44.1%
11.9%
15.2%
10.8%13.8%
13.0%
11.0%
15.7%
11.1%
16.3%
5.6%
16.3%
11.9%
10.1% 13.0%
6.8%
13.7%
10.3%
10.5%
11.5%
9.4%13.1%
5.4%
10.6%15.9% 11.2%
10.6%
14.5%8.9%
14.8%
9.8%4.0% 5.0%
6.0%
5.9% 8.2%
3.5% 7.1%1.4%
5.9%
3.6%4.6%
3.2%
3.1% 5.0%
5.2% 4.3%
0.5%
5.3%7.1%
6.8%
5.1%7.0%
0.5%4.9%
7.7%10.9%
12.1%
13.6%
19.0%14.0% 8.5% 10.5% 5.4% 16.4%
14.6%
13.2%
0.5% 2.9% 3.6% 6.6% 4.5% 4.7%
2.1%
2.2%2.3%
2.7%0.7%
4.5% 2.5%0.8%
3.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
JP Morgan Citi Bank of America Merrill Lynch
Morgan Stanley Credit Suisse Barclays Goldman Sachs & Co Wells Fargo & Co Deutsche Bank RBC Capital Markets
% T
otal
Pro
ceed
s
Telecommunications
Consumer Staples
Retail
Real Estate
Media and Entertainment
Materials
Industrials
High Technology
Healthcare
Government and Agencies
Financials
Energy and Power
Consumer Products and Services
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▼
▼▼▲▼▲▼
0.4
-2.8-0.6+5.8-5.3+0.9-1.9-0.4
2.93.27.22.01.20.4
-
4.65.1
11.33.21.9
.7
.7
▼▼-▼▲▼
10.0
-2-20-4
+1-10
10.010.010.010.010.010.0
▼
1111111
▼▼▼▼▲▼
0.1
-1.8-0.3-0.9-6.5+0.1-1.4-0.4
5.55.50.60.60.10.1
24
552.3552.3
55.555.513.013.013.0
47
18*5-
2015*
HSBC Holdings PLCGoldman Sachs & CoUBSCitiScotiabankCorporacion Actinver Sab de CVGrupo Financiero Banorte-Ixe
9*9*13*13*15*15*
1411 2% ▲
100.0
+7.1 ▲
Industry % Change from Same Period Last Year -16.4% ▼ -33.3% ▼ -21.2% ▼
1 10.0 -3 ▼ 18.6 11.810.110.0 0 - 16.0 +9.6 ▲
Bank of America Merrill Lynch 9* 8 552.3 5.5 0.0 -▲
Latin America Equity & Equity Related (C1f)
Banco Bradesco SA 7* 9*Morgan Stanley 9* 9* 552.3 5.5 +1.8
100.0
1
10,087.4
1551 3% ▲ 50 0% ▲Industry % Change from Last Quarter
128.5100.0Top Fifteen Total
4.1 +3.8 ▲▲ 2 20.0 +1 ▲ 6.4587.4 5.8 +2.14.1 0.0 -▲ 2 20.0 -2 ▼ 6.4JP Morgan 7* 17 587.4 5.8 +3.8
11.8 +7.0 ▲▼ 3 30.0 -2 ▼ 18.7Itau Unibanco 6 1 639.8 6.3 -2.99.8 +2.1 ▲▲ 3 30.0 +1 ▲ 15.5Santander 5 6 670.7 6.7 +0.56.8 -5.1 ▼▼ 4 40.0 -1 ▼ 10.7Credit Suisse 4 2 730.4 7.2 -1.88.4 -10.3 ▼▲ 6 60.0 -1 ▼ 13.3Banco BTG Pactual SA 3 3 1,185.0 11.8 +3.56.1 +4.9 ▲▲ 1 10.0 -1 ▼ 9.6Deutsche Bank 1* 22 1,663.7 16.5 +15.58.4 +5.4 ▲▲ 1 10.0 0 - 13.3Barclays 1* 9* 1,663.7 16.5 +12.8
# of Deals Fees Sh. (%) Share Ch.Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)Market Change in Market Market# of Market
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)2015 Rank
2014 Rank
Market
First Half 2015 | Equity Capital Markets | Managing Underwriters
Latin America ECM Volume First HalfJan 1 - Jun 30
Manager
Latin America Equity Capital Markets
# of Deals per Bookrunner
Industry Total 10,087.4 100.0 10 -5 157.9
16% Decrease in Volume | Telecomms capture over 50% of the market
$9.0
$17.2
$11.7
$6.3
$18.4
$21.2
$9.5
$20.7
$12.1
$10.1
34
53
18
7
27
45
27
41
15
10
0
10
20
30
40
50
60
$0
$5
$10
$15
$20
$25
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Pro
ceed
sU
S$
Billi
ons
# of
Issu
es
*tie1411.2% ▲
Latin America Eq & Eq Related Proceeds (US$Bil) by Sector2014-2015Latin America Eq & Eq Related Proceeds (US$Bil) by Country
1551.3% ▲ 50.0% ▲Industry % Change from Last Quarter
2014-2015
Proceeds # of Issues
$14.2 50%
$10.4 36%
$2.3 8%
$1.3 5%
1%
Brazil
Mexico
Chile
Colombia
Argentina
$15.1 53%
$4.9 17%
$2.7 9%
$1.9 7%
$1.7 6%
Telecommunications
Real Estate
Financials
Industrials
Retail
Energy and Power
Materials
Consumer Products and Services
Media and Entertainment
Healthcare
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ManagerFees
-3.1
EMEA Deals Intelligence
EMEA ECM Proceeds Raised by Industry (US$Bil) Jan 1 - Jun 30 2015
Imputed Fees (US$m)
EMEA Equity & Equity-related markets totaled US$153.3 billion in proceeds from 614deals in the first half of 2015. Activity showed a market decline against the same periodlast year, with a 17.8% decrease in volume. According to Thomson Reuters/FreemanConsulting, estimated ECM fees declined by 29.4% year on year.
First half EMEA IPO volumes reached US$40.4 billion, a decrease of 20.5%when compared year on year. According to Thomson Reuters/FreemanConsulting, fees declined 39.9% year on year, totaling US$760.1 million. Thetop 20 Bookrunners claimed 61.5% of the wallet.
Financials led EMEA ECM sector rankings for the 14th consecutive quarter. RightsIssue volumes in Q2 increased tenfold on last quarter; however, overall activityyear on year decreased by 42%. Banca Monte dei Paschi's US$3.1 billion dealwas the largest Rights Issue in the first half.
Share Ch.MarketMarket
Sh. (%)
0 9
4.7
5.45.8
59.9
-0.161.255.8 0.0
4.7▲+3
-5 ▼▲
+0.3
+0.2
7.6
▲
▲
▼
▼
Bookrunner
▼
10
Sh. (%)1
3
1Proceeds
9.0
# ofMarket
8.550+1.3
Sh. (%)
▲
52
55
2015 Rank
2014 Rank Share Ch.
# of Deals per Bookrunner
# of DealsDealsMarket Change in
Proceeds per Bookrunner (US$m)
▲+0.715,783.2
11,626.2
9.7
▲
3.1+0.6
Market
Goldman Sachs & Co
-0.6
12 4,092.1 2.7
+0 6 ▲1 3
2.4-1.0
98 4,085.8
2 021 3
Credit Suisse
+0.8
2.7
2,252.63,634.7
11BarclaysCenkos Securities PLC 1.5
1246.9
Santander 14 262513
1 6
2825 4.132
1323 3.7
5.2
4.6
8.1 +0.3-
-13
▼9.3
010.4
-2
127.7
6.0
2.1 ▼-0.8
2.0
-4
-1
-13▲
3.158.773.2 -1.4
21 4
▼-0.1
2.5▲▼
▼
-
+1.1
▼ 144.4
124.7
138.4
+3▼
2.5
▲
▼
▼2.6▼
-0.2
+0.2
2.4
▼-13 6.1
111.7
0.0▼
+2
▲5.3
▲
▲10.3
-
10.2-46.7 -0.1157.6▲
▼ 240.9 +3.2
Citi
2 4 14,895.15 13,802.2Bank of America Merrill Lynch
8.1UBS
Deutsche Bank 502 ▼5
4 -0.964
3+1.1
JP Morgan
6,152.16
374.0
11,564.7 -1.97.66
▼+0.7
7
9.0
▲ 294,678.7
7.3 5711,147.3-1.1
▼
13▼
Societe Generale 8 10
HSBC Holdings PLCBNP Paribas SA 9 4,128.1
0 2+1 ▲
+2
Morgan Stanley
2.710
7▲
First Half 2015 | Equity Capital Markets | Managing Underwriters
EMEA ECM Proceeds Down 18% l IPO fees down 40% l BMDP Largest Rights Issue
EMEA Equity & Equity-Related (C1d) Jan 1 - Jun 30
EMEA Equity Capital Markets
$43.2 28%
$21.8 14%
$15.2 10%
$11.2 7%
$10.2 7%
$9.9 7%
$
Financials
Industrials
Telecommunications
Real Estate
High Technology
Retail
Consumer Products and Services
Healthcare
*tie
0.9
1,364.1
10
-1.7
16▼
Top Twenty Total
*tie
Industry Total
Industry % Change from Last Quarter
Berenberg Bank 33
-0.315
+0.6 ▲1.3
Nomura
-13.2% ▼▼
Mediobanca 11
-0.2%▲
153,271.0
17 49
20
1819
Davy0.9
1,683.4 1.1-0.1
2,021.3Santander 14 2615 14Jefferies LLC
1.6+1
21.4▲
24.066.6
-2.320.2+0.6
▼
2,371.5 100.0
▲0.9
▼
100.0
15.6
1.077.9
-29.4%
Top 10 EMEA Equity and Equity-Related Deals (US$Mil)Jan 1 - Jun 30 2015
46.0%
Jan 1 - Jun 30 2015
16.9% ▲
2.0▼-
1,571.5-4 ▼
-0.20.0
0.9
+148.5
▼
▲3.9
+0.3
20.2
▼1,435.5
241.3
-11.6
1,956.8
1.6+4-11
106
▼+0.6
0.70.9
-0.6▼▼ 20.5 ▲
▲▲
-3
0.85
1.0
1,388.3 ▼6
1,419.9
▲
0.9▲ 10+0.4
0.90.9
-17.8% ▼
119,112.1
Industry % Change from Same Period Last Year
EMEA IPOs by Nation of Primary Listing (US$m)
614
+0.5 1.0
-1
UniCredit
36
+0.7 ▲
$8.7 6%$7.4
5%$7.4 5%
$6.8 4%
$6.2 4%
$5.2 3%
Healthcare
Materials
Energy and Power
Media and Entertainment
Consumer Staples
$8,844.3
$4,829.0
$3,488.1
$3,359.8
$3,230.2
$2,469.0
$2,448.9
$2,398.1
$2,395.4
$2,385.0
01/08/15
02/09/15
06/03/15
06/12/15
04/12/15
02/05/15
02/26/15
06/19/15
05/05/15
03/20/15
Banco Santander SA
Aena SA
AerCap Holdings NV
Monte dei Paschi di Siena
Telefonica SA
Sunrise Commun Grp AG
Enel SpA
Dufry AG
Cellnex Telecom SA
Auto Trader Group Plc
$10,541.4
$9,316.1
$3,514.4 $3,443.0 $2,469.0$1,943.3 $1,686.8 $1,624.8
$1,006.4
0
5
10
15
20
25
30
35
40
45
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
United Kingdom
Spain France Sweden Switzerland Netherlands Italy Germany Saudi Arabia
# of
Issu
es
Pro
ceed
s (U
S$m
)
Proceeds (US$m) # of Issues
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Barclays 17+0.4-2.4
▼
▼
▲
2,202.7
8 44
Goldman Sachs & Co 556 2,033.3
7
1,629.0
- BNP Paribas SA20
▼▲
+312
-0.0
8▼ Citi 9▼ 10
+0.8
+13,355.8
▲3.4
3,524.3 +0.22.4 -2
▲
▼-3.628.3
14
Credit Suisse 8
10BNP Paribas SA
HSBC Holdings PLC
39.10.7
4.0▲ 9.7▲▼
+3.5
17.9
3.8
+3.03.3 0.010
▲▲
+2.42.41 ▲+1
▼
-
5.0
25.4
0.0 --0.04.2
-1.3
▲
12▼
65.94.4
-5
+0.71.3+4
▲
2.5+1.2
▲
1,501.41,547.5
3.7 +0.8 ▲3.0
+17.4
+1.812
▲ +2
-11
8.8
+4
-2.48
8.8
44.4
5.5▼31.7
-4.3
▼ 5.8-7▲
41.6▼ 3.7
▼+2.7 ▲
▼▲
-4.94.7
32.535.4
4.3
1,177.31,192.2
27 755.3 1.99
2.9997.5
821.4 2.0▼ 2.0
0.70.9▼
43.720.5 0.920.2
▼ SEB14.7
1,440.315.3
▼2 8%
Nomura 23.518
32
1.912
Mediobanca
Industry % Change from Same Period Last Year
Barclays
1.5
+16
0.91.5
110,202.9
DavyJefferies LLCSantander
13 1,774.51,435.5
1415
2,021.323 2,063.7
142,991.8
-15 2%
65.3100.0
▲
-0.6
▲+0.7
▼
6.06.7
1321
Santander
▼
7
▲+0.2
-
▼3
16VTB Capital2
14
Societe Generale17
Credit Suisse
11Close Brothers Group PLC
▲5.5
UBS▼
Bank of America Merrill Lynch4
▲
Deutsche Bank 2,212.0
+0.410,985.3 7.7
▲10,814.1JP Morgan
Bank of America Merrill Lynch
Citi6Morgan Stanley
3
7
2
5Deutsche Bank
2015 RankBookrunner
Proceeds per Bookrunner (US$m)Market
EMEA Common Stock (C4c)
-1.3
-0.87.8-1.9
2.5
7.6-1.2
12,904.7
▼
11,173.3
4.0
# of Deals per Bookrunner
▼
244
1214JP Morgan
HSBC Holdings PLC-0.2 7.4
7.0-2.0 ▼4
▼ 147.9
7.4
-2.7
108.8
▼
5.5▲+4.6
13 2,834.3132.3 ▲
Share Ch.
2▼ 2,987.0▲
8.8 ▼-1210.3-2▲ +2.2+3.4
11
10.7
Market ManagerChange in
Jan 1 - Jun 30Jan 1 - Jun 30
Market MarketBookrunner
Imputed Fees (US$m)
Sh. (%)Share Ch.Market Market
# of Deals
Imputed Fees (US$m)Market2015
Rank Proceeds Fees
# of Deals per Bookrunner
EMEA IPOs (C7c)
2014 Rank
+2.212▲8.26
Market
Morgan Stanley 47.2
Manager
Goldman Sachs & Co +3Sh. (%)Proceeds DealsShare Ch.
1 15,506.7 +0.7 ▲ ▲▲Sh. (%)
6.21Share Ch.# of Deals
237.3Fees
3,330.2
Market # of2014 Rank Sh. (%) Sh. (%)
MarketDeals
# ofSh. (%)
Change in Proceeds per Bookrunner (US$m)
3 14,196.110.8
9.91 8.4
+1.3
49
5 ▲
▲▼
7.5+1.2
+0.7
3.2
6.0
5.1
-12
▼118.7
▲
10.3
66.92.4
▼ -3.2
-0.2
118.5 5.4
-1.6-0.3
53.13.0
23 ▼ 40.7 1.8
▼9.1 5.4
4.853
-12
+5
6.030
105.6
▲ 44
132.3
-3
60
35
-9
-2
3.9
+1.1-1.0
1.8-9
2.13.2
-0.2
-0.5
5+3
▼
9▼ 0▲
6
-
2.146.7
0.91.0
5 +1 ▲9
+5
10
50
▼
8.2▼ 48
+9
8.5
-
1.2
1.4
-0.4 ▼
19
▲
2.5
▼ 19
▲ 0.92.0
3.620.2
+0.6
-11
+0.712
+0.7 ▲
1.4
1.1
1.7▲
+4-1
+0.6
585
▲
0.0
43.1▼
21 -5
2,215.8
1,364.2
76
2,988.8
12
-0.6
3,631.3
2.1
+1.05,721.6
1.0
1.09 1,388.3
16 481.017
20 15UniCredit 0.9
Berenberg Bank
Industry Total77.0Top Twenty Total
0.719 1,336.1
100.0
1,322.6
▲+0.40.9
36
0.31.4
18-1.8
-0.2
2.5
2.2
5 3.7
▼
+0.4 ▲2.4
19.1+0.517.9
▼
+1.35
10.4
1.5 +1 +1.8
2.9
17.6▼
▲-5.6
▲ ▲
▲16.9-17854.1
-0.7
100.061.5
760.1
2.3794.0
5.9 +62.0
+1.1+2 ▲ 20.2-
▲
+1.2 ▲ 6
▼ ▼88
+3
▲
▲
2.6▲ 19.6
16.5
▼
5.9
-39 9%Industry % Change from Same Period Last Year
▲
40,410.5
2.2 +1.8 ▲
-29136
▲ -28 1% ▼
Industry Total
▼-20 5% -17 6%▼
Top Twenty TotalABG Sundal Collier 20 51 586.4Carnegie
1.519
74.2
18 611.9
100.029,958.6
1.5 -0.9-6
1.5 0.0+1.7
4.4
0
4+2
3.7
466.1
+1.52.7
11.2
▲+1.1
▲897.0
11 8.1
50 2.2BBVA
2▼
39-0.2
+1.6 ▲+0.62.1 -6.415
2.62 1.5+3
▲994.1
UBS9.0
+1.9Berenberg Bank▼
8
Societe Generale
Cenkos Securities PLC 132,694.7
24
911
1011
EMEA Equity Capital MarketsFirst Half 2015 | Equity Capital Markets | Managing Underwriters
▼5.17
▲
▲
+2.5
-1-
▲
+0.12.5 ▲
▲
-0.7▲▲ 1 1.6 +1 ▲ 4.7
-0.9 ▼CaixaBank SA 19* - 269.2 1.5 +1.5 1.1 +1.1
2 3.1 -3 ▼ 11.7 2.89.3 2.2 +2.2
HSBC Holdings PLC 18 11 306.2 1.7 -1.5 ▼
▼Canaccord Genuity 17 - 331.3 1.8 +1.8 ▲ 1 ▲
1.6 -2 ▼ 2.2 0.5 -1.5▼ 7.8 1.9 -1.2 ▼
336.0 1.8 -1.3 ▼ 12.0 -0.8 ▼ 2 3.1 -1
1.8 2
Bank of America Merrill Lynch
14
Industry % Change from Same Period Last Year
** Rankings exclude self-funded proceeds, per Standard Criteria
Deutsche Bank
15
Credit Agricole CIB333.2
Cenkos Securities PLC
Barclays
6
UniCredit
9
Proceeds per Bookrunner (US$m)
▲
▲
Morgan Stanley
Credit Suisse
Share Ch.▲12.3
15
-
46.2% 1185.7%
RBS-
1.6 +1 ▲
▲
18
▲
Guggenheim Securities LLC
Industry Total
▲
Top Twenty Total20*19
-37.0%▼
▼▼-42.4%-18.8%-42.2% -38.7% ▼
142.4
▼
100.0155.791.6
2995.99,860.4
0.6 +0.680.01.5 +1.52.3+1
1.0▲+1
+1-1.7
▲
▼▲4.8 3.1
+2.46.9 -5
+3.12.1 1.4 -1.8▼
+310.3
▲3.8183.5 ▼17
16 - 188.9 +1.8 ▲-0.9-2.23.9
▼1.8
▼34
-1 ▼ 2.3
▼
2.73.4
-310.3
1▼
▲ 2.43.6
3.9▼2.3-1.3 ▼ 2
▼ 6.0-1.5
9 334.3
276.5
1.5-3.6 ▼7 3.2 13.8
3.3
▼-5+1.3 ▲
3.14.9▼ -1.53.4430.5
3.3
12
▼6.0
6.9 -2.5-613.8 -1+0.5
11 11 360.812 16 337.2
3.5+0.2 ▲-3.0
▲ 41
▼ 2
-0.6 ▼
2
-26.9 ▲▼ +1.64.06.22
▲4.4
13 454.5452.9
8 4.4
▲
▲6.06.2 +1.1
-2.2 ▼
3.9
5.24.1
6.1+0.5
▼
+1.9
-3.3▼-1-66.9
6.9+1 ▲
13.8▼579.4 5.66 20.75.5
+120.7-2
6.38.1
▼ 9.3-7
▼
▼
▲ 9.7
7.716.6
▲+1.3+0.6▼
▼ 12.0
19.28 10.7-71,139.3 27.6
20.761,322.9 12.9
4 1939.94 4+1.3 13.8
2
5 17.2
5
0 -
▼
▲
6
Sh. (%)Sh. (%) Share Ch.1
HSBC Holdings PLCJP Morgan
Societe Generale
▲
4567.9
-4.0-1.5
+1.9
19* 16 ▼
▲-4
1.5
374.8
Industry Total
14Santander 15 15Banca IMI (Intesa Sanpaolo) 16 13
BBVA 269.2
Rand Merchant Bank2.4 -3.6 ▼Mediobanca 12* 6 441.6 2
1.612.3
Commerzbank AG 12* 3.1441.6
30 418.9
2.7Morgan Stanley
▼3.1
4.7-4.12.4
2 504.59*
▼-432-1.5 ▼
Citi 9* 7 605.2 3.3 2-2.73.3
11
15.1
▼
-3.2 ▼ 2▼
9*-4
Barclays-1.6
▲7
-2.3
+3.4647.5
4.1Credit Suisse 749.83.58 8
3- 3.3▼▼ 3.6605.2
5+2
7.8
▲3.4
84 6.3
12.5 +1
8.5 ▲▲
5+0.3 ▲
7.91,184.0 6.4 ▲
+6.2
▲950.3 5.1
1,459.7+0.1 5
▼-5
9.46
+2.1 +1.1
+2-
3.4
▲7.8
3.1
Sh. (%)
3.1
-1
-5
7.8
0
9.4
+3# of Deals
1.83.41
1▲
+1.8 3
-17
182.3 ▲▲
0.8100.0
▲
- +0.81.0 ▲+1.0
10,279.2 100.0
Industry % Change from Last Quarter-43.6%
▼
▼-1
-11.61
7
9.4
6.9
+1.9
1.7
▼11.214.2
▲▼
+5.4+1.611.12
897.4▼ UBS 5
-0.99.1
▲Proceeds
14
▲3
+1.5▼
6.8
▲+1.9
10
8.7
2014 Rank
-2.78 699.0
4.2
+0.86
13
BNP Paribas SA
10
▼
Bookrunner
1,819.8UBS 3 4
65 5
1,579.723.7
+2.07.89.8
321.0
Citi
2.7
13.6
972.1%
Jefferies LLC
-42.0% ▼
415.618,508.115,307.6
▼
100.0
▼Industry % Change from Same Period Last Year
+11
*tie
82.9
20.8%
64
-49.1%
100.0
+0.1
-3.4
Fees
14.2
2.2
+4.6
15.5 ▼▼
Goldman Sachs & Co
Natixis
▲
4.7
▲
3.7 -2.1
3.4
+7.05.7
19.6
8.4-2.9
▼ 34.834.8
06
Raymond James Financial Inc
Imputed Fees (US$m)
49.2
▲
▼
14.0
9.1
+2.9BNP Paribas SA
2.8%
Deals
Jan 1 - Jun 30
1
Manager
▲
JP Morgan
21
2 1
Top Twenty Total
Deutsche BankBank of America Merrill Lynch
27Societe Generale
14
Proceeds per Bookrunner (US$m)
Industry % Change from Last Quarter
Market2015 Rank
2014 Rank
Market
Industry % Change from Same Period Last Year
4
▼
Share Ch.
Industry % Change from Last Quarter 19.0%
10.9 5Sh. (%)
MarketProceeds
-15.2%
8.4
Sh. (%)9* 2,013.1
EMEA Rights Offerings (C8fr)
Goldman Sachs & Co
# of
▲
-1.0
▲
Market
+1.0
Share Ch.11.8
▼▲
▲▲
▼
-1.4
77.2
2.3
▼-39.9%Industry % Change from Same Period Last Year
Market
Jan 1 - Jun 30
Imputed Fees (US$m)# of Deals per Bookrunner
Sh. (%)# of DealsMarket Change in
Deals Fees+5.0
3.4 ▲
▼-1.77.8
-4▲
12.1
▼
-4
55.4%
Manager2015 RankBookrunner
EMEA Convertibles (C9d)
3
Market
Industry % Change from Last Quarter
+6.9
▼ 6.1%▲▲
-28.1% ▼
Market
30.8% ▲-7.5%
# of Deals per BookrunnerChange in Market # ofMarket
▲▼-20.5% -17.6%
-10.7%▼
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables10
Asia (ex-Japan, ex-Australia) Equity Capital Markets
According to Thomson Reuters/Freeman Consulting, estimated fees earnedon Asian Equity & Equity-Related deals in the first six months of 2015totaled US$2.5 billion from 941 deals, a 39.8% increase from total feesearned in the same period a year ago.
Asia Deal Intelligence
Asian ECM registered record-high proceeds of US$142.6 billion in the first halfof 2015, a 72.9% increase from total proceeds in the same period last year.Issuers from the Financials, Industrials and Materials sectors captured 37.7%,13.1% and 9.8% of the market, respectively.
Imputed Fees (US$m)
Asian ECM H1 2015 Proceeds - Record High l China Captures 30% of the Global IPO Proceeds l Financials Sector At All-Time High for H1 Proceeds
Asian Follow-On offerings to date reached US$100.9 billion from 574 deals,more than doubling first-half 2014 totals. Asian IPO and Convertible issuancecaptured 25% and 4% of Asian equity market share in the first six months of2015, respectively.
MarketMarketSh. (%) Share Ch.
+1.1▼
4.8
3,430.7
3,094.9
6,728.06,846.5
7,076.3
8
8
ManagerChange in # of
3.7+1.5
Deals
▼34
-1▲
Fees
6.8 +2.565.0
-1
11
UBS
3,136.7
7
Credit Suisse5
3
6104
6,893.2JP Morgan
CITIC
China International Capital Co
-0.14.8
Ping An Securities LtdMorgan Stanley
11
1 9
3,631.8
China Merchants Securities Co
HSBC Holdings PLC
10
10Guosen Securities Co Ltd
15
21
2.1
13Huatai Securities Co Ltd1.92,767.9
Haitong Securities Co Ltd 14 14
1218
3,019.7
2,746.2412
Citi9
+0.60 32 731 1
31
MarketSh. (%) # of Deals
35
3.3 ▼
▼
▼▲
3.0
2014 Rank Share Ch.
9,719.79
-12
12,490.41Sh. (%)
28
3.6
▼-3
2▲
4
Bookrunner ProceedsMarket
Proceeds per Bookrunner (US$m)Market
1
+1.62
# of Deals per Bookrunner
▼
▲+1.7
19
2015 Rank
8.8Goldman Sachs & Co
1.9▼
▼▲+0.1
▼▲
-2.5
2.2 ▲+0.7-0.6
22
39
232.6
-0.8
+1.2 ▲
2.2
4.7▲
38
2.4+2.5
35
2523
20
+2.1
-1.1▲
-2.6▲
+0.8 ▲
▼
+1.2
+3.2-
▲
64.6 2.6 -2.7 ▼
▲
▲+0.5
0.0
▼+0.6
▼
▲
-1.0
+1 1
-2.1
▲
4.627.1
3.381.8
2.562.91.6
3 22.8
78 2
3.8
68.5
3.5
55.3
86.3
3.0
3.280.1
5.62.2
▲
75.3138.6
▲4.14.0
▲
▲
2.4 -3
+10
▼
▲+20+7
+18
▲+21
2.0
3 7
+4+12
+3
2.1
2.3
1.5
2.72.4
▲
39.3
93.3
1.1
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
▲+6
113.8
▲
Jan 1 - Jun 30
14
First Half 2015 | Equity Capital Markets | Managing Underwriters
First HalfAsia Equity & Equity-Related Imputed Fees by Domicile Nation (US$m)
$1,000
$1,500
$2,000
$2,500
+5-5 7.1
▲
▲1.6
100.0
3.3▼
▼
2.3
1.2
+12
6.0
2.0
+2
-1.9
-5
+8+0.8
Share Ch.
▲
-0.6 ▼
▲
▲1.5
+121
▼
▲
▼
▲
▲
90,811.5
101.7%
1.5
61,260.0
59
1.3
1.1
▼10
1,145.7
-0.5
1.5
+0.3
2,190.3-3.9
8,775.2
87,681.7
2,140.8
1.4
1.3
1.5
1.93
+1.0
1516
Haitong Securities Co Ltd 14 14
7
142,577.3
Proceeds per Bookrunner (US$m)
4.2
9
1
Industry % Change from Last Quarter
4
2,955.0
3
2015 Rank
JP Morgan
72.9%Industry % Change from Same Period Last Year
Goldman Sachs & Co
19
Bookrunner1
2014 Rank
63
2,204.4
-1.2
▼
8 ▼
172.42.4 ▼ 26.0
+2.0
2.6 ▲
3.3
+4Bank of America Merrill LynchChina International Capital Co +0.5
17.5
15▲
2.3
10.4
2.6
+0.8
▲
▲1.0
33.111.9
▲
▲
35.1
+4
2.8▲
▲▲
▲▲
7.757.1
100.0
5.6%▲45.3%
-1.4% ▼
611.11,069.1
100.9%
+5
1.2
+34
▲+4
▲▲
▲-0.2
-
▲
▲+1.8
+1.2
5
81,587.2
1,793.5
16
1415
7391,342.1
2.0
1.4
11
31
12 29
1.8
1,226.1
CITIC
China Merchants Securities Co
11
13Haitong Securities Co Ltd24
10 49
5,932.86,423.1
122,163.2
25,909
2,767.9
Credit Suisse6
87
UBS
HSBC Holdings PLC
5Citi
5
Deutsche Bank
DealsProceeds
Morgan Stanley
Sh. (%)▼
+2.0+2.77 6,910.82
73.6%
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
41.1%▲
100.0Industry Total
Deutsche Bank 2,514.6China Securities Co Ltd
Guotai Junan Securities2,091.4
20
20Top Twenty Total
125
171.51.5
18
2,550.71.8
-0.3
-2.2
2,731.1
Bank of America Merrill Lynch 2,163.22,115.7
13GF SecuritiesEverbright Securities Co Ltd
5
-3.0 ▼1.8▼
▲
▼▲+0.1
-2.9
1,933.061.6
▲
351.8
1.621
7+1.4
9.7Sh. (%)
-1.1 22
▼
+4▼
Market
941
▲
0
15 ▼
2.3
# of
24.0% ▲
+182
▲
▼31
17
-5
▲+62.2 ▲0.7
▼
Market Market
Jan 1 - Jun 30
# of Deals per BookrunnerManager
152.0
▼-5
-13
13
4.6
-1419 ▲
▲▼
+5
▼
3.1
7.6
6.5
2.9-62.9
+4
▲▲
6.5
193.3
5.7
4.827
7.1 374.6
30+0.6 ▲30
2.4
10
2.1+1.4
13
▼
▲
-3.3
▲
+1.3
+1.0
2.4
NH Investment & Sec Co Ltd1,607.9
China Merchants Bank
1,891.9
1.8
China Construction Bank
Kingston Securities Limited
35
Nomura19Macquarie Group18 46
▲
17
1420
58.5%
1,169.0
▲
▲
+4
Industry % Change from Last Quarter
1,124.2
Industry Total67.8
Industry % Change from Same Period Last Year
JM Financial Group
100.0
21 ▲
646
81.2 +0.3Top Twenty Total
-1.3
▲
▲▲
Top 10 Asia Equity & Equity-Related Deals (US$m)
▼
+2.7
-1.7-2.7
▲
48.1
68.64.9
-1.3
6.4-3.0
▲
1.8
▼
-3.0Share Ch.
7.2
▼
0.7
▼
▼4.5
+0.4
+0.5
0.9
+2.0
+2.23.1
0.7
-1.8
▼
+0.92.2
1.1
-4.0
+0.4
+1.4
-2.8
1,364.2
+1.5
38.6
2.5
-0.7
+1.1
2.0
66.9%
Fees
+1.5
+1.1▼
2.3
+0.1
▼
▲
▲
Market
▼
MarketImputed Fees (US$m)
58.0Sh. (%)
▲▲
26.0
3.1
-0.9
55.177.6
56.81.11.6
+0.7
5.4
1.845.7
2.254.43.278.2
19.7▲
2,486.8
76.5
39.8%
27.1
-3
23.5
52.6
0.8
9.8
27.5
2.4▼
▲
30.0
First Half 2015
20.9
▼
▲
+2
-4
+21-
-13
Change in # of Deals
3.7
18 1.9
$5,000.0
$4,841.4
$4,248.6
$4,138.3
$3,660.5
$3,490.7
$3,180.1
$3,094.2
$2,707.3
$2,128.2
Huatai Securities Co Ltd
Guotai Junan Securities Co Ltd
Haitong Securities Co Ltd
GF Securities Co Ltd
Coal India Ltd
CITIC Securities Co Ltd
Sun Pharmaceutical Inds Ltd
China Galaxy Securities Co Ltd
Industrial Bank Co Ltd
China National Nuclear Power
5/22/2015
6/16/2015
5/15/2015
3/31/2015
1/29/2015
6/16/2015
4/21/2015
4/27/2015
5/12/2015
5/29/2015
$0
$500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
China Hong Kong India Malaysia South Korea Rest of Asia
*tie
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com11
Jan 1 - Jun 30Asia Common Stock, inc Chinese A-shares (C4a)
3.0 +0.1▲
▲
▼
▲
1.4+4-4
0.8 +6
4
2,514.6
908
2213
34-0.5
2.3
2,091.4
▲
5,732.84.1
100.0
▲
2,403.8+210
30 1%
2.4
3,022.4
+1.4
1.8
-1.7
▲▼
▼▲
▼
-3.0
▼▼
0.0
8
1.61.5
-3.81.6-2.0
2,163.9
1.82.0
3,136.7
2.2
2,711.12.0
2.2
100.0
13
14
2,115.7
18
2,746.2
1.7
3,019.7
15
85 6%Industry % Change from Same Period Last Year
60.6
▲
82,896.4-
22.7Bank of America Merrill Lynch11
136,885.7
1,933.0 1.4GF Securities
18
-0.7 ▼
5,095.2
19▼
0
-1.4
15
1,979.9
-1716
18
2,311.3
3 1.5
6
+16
22
▲
37
▲4.2
3,430.77 ▲
+0.9
8
123,615.799 2.6
▼▲ 81.5
▲1.5
-
2.9
1.62.0
2.4
2.5
16
0
+9 92.0
39.362.9+6 ▲
▲2.8
▲ 13
7
2.01.7
2.321
15
1.9
77.9 +0.9
15Sinolink Securities Co Ltd
2.4
0.9-1.62.2
-0.4
1
43 6%
54.0
45.7
47 5%
3.2
Industry % Change from Same Period Last Year
261919
1,301.4
0.977.6 Citi0.0
-1+4
Guotai Junan Securities
Top Twenty Total
▲52.8
+2▲ 18
56.8
+20-7
+5113.8
▲
38.6▲
22.0▼
▼3.23.7
2.6
+13
1.6
2.43.84.7
68.5
+0.6 ▲2514
+1.6
29▲
-0.3
22-0.1
+0.7
2.5
+1.2
▼23
3.23.7
▼-0.323
▲
2014 Rank Sh. (%)Proceeds
+2.3
5.8
▼
Market
- 38.4
63.5
1.6
72.1
# of Deals
▲
-2.24
3.4 +3.3 ▲▼
▲5
Morgan Stanley2.2
Haitong Securities Co Ltd▼
▼+1.5
Bank of China Ltd
▲
-1.8 ▼
620.0
547.2
36,018.4
3.0
74
15
9796.0
10
0.0
▲
▲
▲+2.3-0.1 ▼
▼+0.5
5.9
-1.5
-4.3
1.1 ▲▲+3.7
▲Goldman Sachs & Co
Industry Total
84.7
52.0
+21+8
▲▲
2.5
4.2▲ 38
+2.5
Market # of
-2.27 41.7Share Ch.
▼Bookrunner
13-2
Fees2.1
MarketManager
+5 ▲ 44.3+73.9 74.5
--
76 ▲
8 2.44.0
▲
3.0
▼
+1516 4.8
# of Deals per Bookrunner
Sh. (%)
6 1.8
Market Market# of Deals
5.5
3274.9▲
5.05.5
3
53.9
9 1,177.8▲10
1,310.9344
10
24,519.2
▲
-0.7+0.5
▲
8
▲
20
▼17
China Merchants Securities Co▼
▲ 11
16
14
12
1.5 17.046.1
▼+2Guotai Junan Securities
-0.6
Huarong Securities Co Ltd
-2.7
+0.7 GF Securities19
China Galaxy Securities Co+1.0+0.8 Chinalion Securities Co Ltd
+1.0▲ Southwest Securities Co Ltd
China International Capital Co
▼-8
18
▼▲
6
2.6-1.0
Ping An Securities Ltd
3.6
Share Ch.
▲64
Proceeds per Bookrunner (US$m)
+5.2
7
+5.5
+2.1
5.7▲2
1,396.6
▲
Guosen Securities Co Ltd6
3.9
2,392.2
Huatai Securities Co Ltd
Sh. (%)2015 Rank
+0.56.61
Proceeds+3.2
Imputed Fees (US$m)Manager
3333
Fees+2
DealsUBS 7.0
Share Ch.
Everbright Securities Co Ltd
▲+5
▲
+4.1
Deals▲
Change in Market Change in # of Deals per Bookrunner
China International Capital Co
20
9
10
Deutsche Bank
1
Guosen Securities Co Ltd
JP Morgan
5.0
Share Ch.
7.0 +2.8
Market
12,427.9 9.1
# ofProceeds per Bookrunner (US$m)
9,619.7
73 6,846.5
4.76,382.0
24
▼
Everbright Securities Co Ltd
CITIC
Citi
13
Morgan Stanley
10
China Securities Co LtdHSBC Holdings PLC
117
5
2
Haitong Securities Co Ltd
Credit Suisse
14
+3
8
29.6
▲ 27.1
3.91.5
+1.0+2.7
+0.7
Jan 1 - Jun 30
+5.4
MarketSh. (%)
4.459.2
+1.9
3.7
▲
Sh. (%)
3.3
2.2
4.05.5
2.0
3.1
+1
+1+1 3.7
0.9
49.6
0.8
61.6
▲
-
▲
14.2
+0.9 ▲12.1
10.9
+0.9
3.6
▼ 32.7
▲
Imputed Fees (US$m)
▲
+0.8
49.42.7 +8 ▲
0.34.5
-41.8
▼
▲
50.40.9
80.0
+1
1.2
+4▲▲
45.8
2.4 +1
▲+8 ▲
+10
5.1+2
▲
17
510
3
13▲▲
Asia IPOs, inc Chinese A-shares (C7a)
2014 Rank
-2.3 ▼
1,435.1
+2.0
Sh. (%)
2,040.2
2,513.653.6
3+1 CITIC
138.6
Huatai Securities Co Ltd
China Merchants Securities Co
12
Goldman Sachs & Co
5
Ping An Securities Ltd
11
6
9UBS 2
Bookrunner
4
1
Industry TotalTop Twenty Total
▲▲
+0.6
▼▲
3.7 +3.2
3.4
3.4
1.3
▲
▲38 5%
+116 1,354.4
▲1,977.5
1,148.7
+2.7
-0.6
2.7
+2.7980.6
1.7 -6.9
+1.6664.1 1.8
598.4
▲
+0.7
+2.5+0.73.2
Market
713.5
3.33.6
968.3
988.7
16
Market2015 Rank
▼-0.12.2
▼1.8
▲
▼
2.72.7
▲
12
334
5
53 2%
46
▼
▲
-0.2 ▲-3
115
▲
-1.3
-0.3
+2.5
▼+0.2
1.5
11
▲68.1
1,784.2
656.81.7
100.0
1.5
8
100.0
-4 2.41.3
830.6
Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Half 2015 | Equity Capital Markets | Managing Underwriters
▲+2.4▲522.3 8 2.4 +1.317.2
Industrial Securities Co Ltd
Industry % Change from Same Period Last Year32.5%▲
▲
100.0100,867.4
19.6%33.1%58.8% ▲ ▲Industry % Change from Last Quarter
▲107.3%
Industry Total
*tie
567.4Top Twenty Total+2
▲2.6
1.4 +6
+94
5 ▲
▲
▲
1.4▲
+1.41.6
+1.0
15+0.1
11.9
1.4
1,568.5
1.7
1.010.3
10.4 1.0
32.86.6
3.1▼▲
3.2
+1.4
▼-1.1
▲17.8
▲
13.4
31.4
1.3
▼32.1
16.0
3.1
▲▲
▲ 6.164.1
19.4▼
4.34.3
1.9
45.4
2.1
▲
Fees Share Ch.Sh. (%)
19▲ 1-
Sh. (%)
27.7 +0.5
+0.6+1.533.8+5
24.1+6
▲▲
+52.3
▼-3.425.1 195,546.0
0.4
15
2019
0.9▲6 1.0
+0.3+1.0+1.4
17
15 141*
855.7
▲
+1.6
▲
0.6 1
49.2+0.3 18
Bank of America Merrill Lynch 13 3 1,821.2 1.71.6
10Haitong Securities Co Ltd
Ping An Securities Ltd
-3.5 ▼1.8
1,638.2
-0.7112
-5.3
1,711.5
1.9
1.7
16China Securities Co Ltd
9 15 1,988.0HSBC Holdings PLCChina International Capital Co
1,918.910 1,928.6
2.0
CITICCiti
8 2.17 2,130.82.9 -0.6
+0.510
5
4.47
4,454.38 2,908.4
4.825
▲
4.4 +14
▲
21▲▲ 3.7+1.5
+0.3
+5.9 29▲
29▲
+2.6
# ofMarket
5.1 ▲
5.1
+14.5
▲▲▲
52.6 +0.4
MarketManager
5.043.0 4.1
Market
+6+34.5
# of DealsChange in
62.3% ▲▲▲38.7%
30.1%
Proceeds
85.6%
Proceeds per Bookrunner (US$m)
Industry % Change from Same Period Last Year
11.7Goldman Sachs & Co
Morgan Stanley 6
▲
7,106.0
▲Industry % Change from Last Quarter 70.7%
1
56
1.6
China Merchants Securities Co 14
16
9
1,623.1
1,446.5
▼▼
11Guosen Securities Co Ltd
1211
1,915.1 1.9
1.9 -7+5
62 1,583.6
3.32.1
81.4
19
12
-112
-1+7+1
11
0.3
+16
2
Deals
+2.4
+3
▼ 11
1.9
-2.2▼
-0.3 ▼
Market
5,517.2
2.1
15
-0.3
▼
Share Ch.
4.9
Sh. (%)
-1
2
17
5.54,946.94
26
4,847.8
47.0
Jan 1 - Jun 30
2015 Rank
4China Securities Co Ltd▼ 3▲
▲ 2
-
▲+7
35.2 3.4 +1.145.0 +0.3
▲+7
64,252.2 63.7
▲
1.9
▼2.6+3.4
22.1
3.0
-1.4
43.6%
▼
1.5
-0.8
-0.4
Imputed Fees (US$m)
47.5% Industry % Change from Same Period Last Year111.1%
Sh. (%)
▲
Sh. (%)Proceeds
1,160.4
Market
-2.8
▲
+2.5
0.5 +0.9
1.31.6
9.1
1.3▼
1.31
0.9
▲
+0.6+1.3
▲
1.43.4-
62.5
3.0
49.5 -0.7
1.1
▲KGI Financial Services Group
460.917
12*1.3
72.5
-
- 3.0
▲ 3.0
+1.3-0
12*
▼12*▲
2211China Merchants Securities Co
▼ 79*9*
Barclays
-1.216
UBS
+1.7-2.8-2.6 ▼ Standard Chartered PLC
+2.7-0.5
▲DBS Group Holdings
Newpont Securities Ltd
China Construction Bank▲
Goldman Sachs & Co▲
▼
▲
▲Mega Financial Holding Co
Top Twenty Total
CIMB Group Sdn BhdConcord Securities Co Ltd
+0.8
54.11,049.4
60.9%
97.7Industry Total100.0
▼▲ Industry % Change from Same Period Last Year
335,691.5
Bank of America Merrill Lynch▼
6
Industry % Change from Last Quarter
105
Credit Suisse
Market
3
2014 Rank
JP Morgan
Proceeds per Bookrunner (US$m)
Jan 1 - Jun 30
▲▲▲
8Hong Leong Financial Group Bhd7Shinyoung Securities Co, Ltd
HSBC Holdings PLC
Morgan Stanley+1.9▲
6.2
Bookrunner
2.6
▲
3.12.1
0
2.61.6
▼
▼
1.3
-2.8
+0.6
▲
-2.6
+3.1▼
+2.6
▲
1.6
4.0
-8.9
▲▲
▼
+1.61.7
4.0
▼
1.9
▲
574
18
1.6
JP Morgan
Deutsche Bank
1.6
China Construction Bank
6
1720Guotai Junan Securities
NH Investment & Sec Co Ltd
2015 Rank
3.2 -0.4
▼▲
-5.5 ▼
3.9
Market
▼
Manager# of Deals
4.0
Bookrunner2014 Rank
Asia Secondary Offerings, inc Chinese A-shares (C8c)
# of Deals per Bookrunner
2456.6
+0.7 51,981.1▲ 111,829.5
26 2
72.5
Industry % Change from Last Quarter 168.2% ▲
UBSCredit Suisse 3
20
5
47 1,368.1
▲
50.3 +42.2
Imputed Fees (US$m)
FeesMarket
38.5%91.3%
Change in
3.341.7▼15.2
12.1
-3
-6.1
5.1▼
1.9▲
3.3
1.63.0346.0 6.1386.8 +6.8
+2.5
83.3
136.83.2
+2
8.0
1.5 -1
1.8100.0
▼
+1.0
+0.4
+1
-3.3
1 +1
▲
2 6.1+0.5
-
▲
-2.4 ▲
+0.2100.0 ▼
+2.4+2.2124.5 2.2
11 -0.1183.3
▲
-2.5
23
-
1.8
1.3
6.8
72.5
-10.7 -3-
+1
1.116
# of
53.2%49.3%
Share Ch.
# of Deals per Bookrunner
2▲
DealsMarket
Asia Convertibles, inc Chinese A-shares (C9b)
▲Share Ch.
MarketSh. (%)
1.6
1
▲1
▼
2
1
6.1
▲ 5
+1
3.0
+26.3
▼
-1
-40
-1
6.1 -2
▲6.1
+1
+1.3 13.0▲
▲
4
2
21
▼▼
3.0
3.0
0.2▼▲
-31.1
▲
1.3
▲
0.9 +0.9
+1.31.4
.2
1.1
.80.9
▲-0.7 ▼
0.493.5
-0.8
▼
100.0
▲
▼
▲
-45.9%
.8
82.9
339.0%-44.0%
▼▲
77.5
3.0 +1-1 .3
▲+2
6.1
3.0▲
3.0
▲
1
2
▲
34.8
-34.8% ▼
-28100.0
130.0% ▲
+12.220.4
3
1.01▼
▲+0.9
▲
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables12
1.8
Share Ch.▲
▼
-1
19▲ 19
Fees
5
12
24.0
433.7686.2
Australia Deal Intelligence
14230.3
843.6
13
16
2
308.8
Bell Financial Group Ltd 20
Morgan Stanley
11
Foster Stockbroking Pty Ltd
Citi
8
109
Canaccord Genuity
UBS
6
Deutsche BankCredit Suisse
JP MorganTaylor Collison Ltd
43
7
▼
22.8
Market
3
14
5,702.8Goldman Sachs & CoProceeds
114.6▼
Market Change in Bookrunner
8Sh. (%) Share Ch.
MarketSh. (%)
4,548.1 18.22.8+2.31
2Macquarie Group
Jan 1 - Jun 30
Market# of Deals
5
▼10
2014 Rank Proceeds
Proceeds per Bookrunner (AU$m)
Australian ECM proceeds in the first half of 2015 reached AU$24.9 billion, a41.8% increase over the same period in 2014. Issuance from Financials,Energy & Power and Media & Entertainment sectors captured 34.8%, 25.3%and 7.8% of Australian ECM market share, respectively.
Australian Equity & Equity-Related (AK1)
+1
+26.7
-1+0.6
-4
1.4 0▼-
+10.5
6.129.9
23.2
65.577.7
13.3
3.12.8
15.7
▲
15.5
▲
▲
▲ ▲
-5.7+0.8 ▲
+1.7
▲
3.5
+2.64.9
+2
▲▲
307.1
▲ 4▲
218 4 ▲
17.0
17.3▲
▲
Imputed Fees (AU$m)
2 6
▼
▲
1.6
13.8 -3.7
12 9
Industry Total
Manager MarketSh. (%) Bookrunner
New Zealand Common Stock
490.0Top Ten Total
Industry % Change from Same Period Last Year
100.0490.0
+1.9+1.4
+0 5
3
Market Market# of Deals
MarketImputed Fees (US$m)
27.2
97.5
Market
+1
1.41.45.3 +3
+4
▲
4.3
▲
▼
▲
▼
# of Market
- 2.3
Change in
Jan 1 - Jun 30
24.3Fees
Manager
▲
Australian IPO proceeds totaled AU$3.3 billion from 31 transactions in thehalf, a 45.3% decline from IPO volume in the first half of 2014. Follow-Onofferings raised AU$21.3 billion from 242 deals, capturing an 85.3% share ofAustralian Equity & Equity-related issuance.
Proceeds per Bookrunner (US$m)
▲
8.3
▲
▼8 8.4 100.0-1▼
2.6
2.1
+1.6
2.3-0.5-0.9
▲▲
11.2
7.9
3.5
+1.1
Total fees earned in Australian ECM in the period totaled AU$494.1 million from282 deals, a 28.3% increase from fees earned in the first six months of 2014,according to estimates by Thomson Reuters/Freeman Consulting. The top feeearning bookrunner, Goldman Sachs, captured 23.2% of the total wallet share.
First NZ Capital 2
8+11.1
2.8
# of Deals per Bookrunner
Largest Opening Half for Australian Common Stock Since 2009 l NAB: AU$5.5 Billion - Fifth Largest Australian ECM Issue On Record
# ofDeals
2.0
Morgans Financial Ltd25
9
744.211
-6
Bank of America Merrill Lynch 8
2015 Rank
53▲
+6.5 6.7
▼
Deutsche Bank
1.2
4
-1.8
+0.4
▼▲
3.4
2.8
2,813.113.9
-0.111.32,242.2 9.0
3,461.5
+7.0
3.0-13.7
346.31.7 +1.71.4
12+4
13.0
10.3▼▲
+6
-0.6▲
-26.4
101.2
15
+1.4
▼-0.6
+0.7 ▲4
+0 3▲ 3.5
18
14+0.50.9
0 9 5 0
27.2+1 ▲ +6.712.41.0 -25.4
# of Deals per Bookrunner
▲+1 +16.8
Share Ch.Sh. (%)37.5
+1.30
Sh. (%)
31 3 ▲
Sh. (%) Share Ch. Deals2015 Rank
2014 Rank
4 1
+24.4187.3 38.2 +28.4
-7.75 147.7 30.1
UBS▼ 2
37.5Credit Suisse/First NZ Capital 3 2 107.9 22.0
▲25.0 2.3
▼▲3.9▼ 12.5-41.1
6 18.91
+2.928.2 5.8
▲012.5
Australia & New Zealand Equity Capital MarketsFirst Half 2015 | Equity Capital Markets | Managing Underwriters
- .8
100.0
+7.29.01-3
Forsyth Barr 5
-55 7% ▼ -11 1% ▼ -71 5% ▼
Commonwealth Bank of Australia113.6
721
103.3
14
17
Bell Financial Group Ltd 20
Baillieu Holst Ltd
▲
▲▲
▲▲
449.3
▲
▲
▼
-5.7▲
+1.0
▼▲
▼
▲▲
▼
▲
Australian Common Stock (AK2)
▲
+1.9▼
▲+4
+3
APP Securities
14.2% ▲▲
4
▲
Market
18.5
Proceeds per Bookrunner (AU$m)
Jan 1 - Jun 30
▼-1.7%
Imputed Fees (AU$m)
29.2%
Bookrunner
Industry % Change from Last Quarter
16
2014 Rank
Commonwealth Bank of Australia
744.22.8
+0.1
308.8
23.2Goldman Sachs & Co
Canaccord Genuity
Macquarie Group
Taylor Collison Ltd
7.0
218.4 ▲
+0.9▼
+1.8
77.7
1.8-3.70 2.8
4.2
16.0
-
7.0
▼
▼
100.0
-0.6
1.2
5.5
▲
10.3
1.515.5
0
17.3
20.613.8
1.5
13
▲
▼
▲
0.7
▲▼-2
-1
+3
2.9
4
▲
2.3
▲
2.6
11.2
3.2
▲
29.9 6.1
Top 10 Australian Equity & Equity-Related Deals (US$m)
+10.9
0.2-0.7
5.7
0.6
2.9
12.9
23.6
0.7+4 2.8
▲
91.1
4.7
Change in
1.2
Sh. (%)Sh. (%)1
+6.8▼
4,548.11914.1
Share Ch.
3
-0.191.3
-0.6
+0.9
▼▼
▼
▼
▲
First Half 2015
+1.0▼▼-2.5
▲Industry % Change from Same Period Last Year+0.5
+2
+2
+1
-4
-0.5
+1
Fees-1
13.565.5
# of Deals
▼▲
114.6
1.1
2.7+6 ▲+3
-1.2
5.52.7
-0.9-0.5
+1.1
5.7 +1.0
13.0 +1.7
+4
+1 -0.5.9-2
▲ 2.8
2.90
1.1
4.8
▼
12.1
1.51.1
▲+4
3.39▲ -0.6
443.4
1.033
26.5%
100.0
▼0.21.2+6
1.5
▲
4.6
1.4%▲ ▲
▲
486.5
3.4▲ 0.2
-2.50.70.6
-
+3
+0.612.9
▲
+4
494.1
-0.11.4
+2.02.1
3.517.0▲
3.6
4.4
▲
23,518.8
14.3%
18
20
Wilson HTM
Industry Total
Morgans Financial Ltd
23
29
Foster Stockbroking Pty Ltd 1314Bell Financial Group Ltd
20
18Patersons Securities Ltd
2
69 15
9
38
10
15
3 3,461.55Morgan Stanley
Wilson HTM
Baillieu Holst Ltd
UBS
5
78Deutsche Bank
JP Morgan
APP Securities
Credit Suisse
3.4▼1.10.2.9
3.2-1.6
+1
0.9▲35
Top Twenty Total
98.8▼
-0.4 12.4▼
94.3
92.5
100.0
4
282
82.1
Industry % Change from Same Period Last Year ▲
2015 Rank
28.3%41.8%
ProceedsMarket
24,963.9
MarketSh. (%)
Market
+35
Share Ch.
# of Deals per BookrunnerManager Market
Deals# of
▲81 5,702.82 4
+2.7 ▲▲ 19
8▲-1.6
▲
8.3▼▲
42
3.0686.2
2,027.14
86
Bank of America Merrill LynchCiti
2,813.1
11843.6
11.5+6.3+0.1
+0.4
-13.73.4
346.3 1.4
▼
+0.7 ▲-0.5 ▼
▲ 3+1.06.6
1.3
100.9
12
3.7
15
+1.4 5
11 1012 -
18-0.51.0
▲
1.3
25
15
+0.5
142.2+0.3
307.1
38
▲230.3240.8
0.920
17 721 113.6
0.4103.30.016
218.2+0.5
3
▲-0.5
0.6
-1.648
▼
▼0.4 ▼-0.198.8
23,108.4
14 -0.40.419Moelis & Co 82.1Top Twenty Total
90.3
11.4%
273
▲ 40.3
24,534.6 100.094.2
Industry % Change from Last Quarter 18.6% ▲ 31.2%
+28
Industry % Change from Same Period Last Year 39.4% ▲
Industry Total
+0.38
14+0.5 2.8142.2
0.9 5.0
0.50.6 ▲
1.40.0 -
29 0.30.4
+0.1Patersons Securities Ltd 19Moelis & Co
23 9+8
30.4▼-0.10.4
14
-2
-55.7% ▼ -11.1% ▼ -71.5% ▼Industry % Change from Last Quarter 160.6% ▲ 66.7% ▲ 62.5%
$5,526.5
$4,725.0
$1,838.5
$890.9
$833.3
$672.4
$670.0
$612.2
$477.8
$381.3
National Australia Bank Ltd
Caltex Australia Ltd
APA Group
Slater & Gordon Ltd
MYOB Group Ltd
BT Investment Management Ltd
Macquarie Group Ltd
Seven West Media Ltd
DEXUS Property Group
Veda Group Ltd
https://www.thomsonone.com*tie
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22.1
First Half 2015 | Equity Capital Markets | Managing Underwriters
# of Deals per Bookrunner
Share Ch.
▲30.1
First Half
Japan Equity Capital Markets
111.7
2.9
▼
Japan Equity & Equity-Related Volume by Issue Type
▼16
FeesManager Market
-4
# of
39
0
84.6
5
Change in
-2.7
Market
Daiwa Securities Group Inc
SBI Holdings Inc
+0.3
▲+2.116.5
2.1
▲+2.7
Shenwan Hongyuan Securities Co 13
2,529.3
Bookrunner▼1 1
2015 Rank
Mizuho Financial Group
Proceeds27.4
Market
4,748.7Sh. (%)
-7.1 ▼41Share Ch. Sh. (%) # of Deals
4
MarketProceeds per Bookrunner (US$m)
Japan Deals Intelligence
Market
Japan Equity & Equity-Related (C1e)
2014 Rank
Imputed Fees (US$m)
Sh. (%)
▲11.8 +228.7 +11
Mitsubishi UFJ Morgan Stanley
Deals
2
67
9
12
57
3
Nomura
6
0.3
91011
2,445.5
359.5
Sumitomo Mitsui Finl Grp Inc2 4
3
2,866.514.6
JP Morgan
UBS
Goldman Sachs & Co
8
Bank of America Merrill Lynch
Macquarie Group --
- 45.7
Deutsche Bank
15
478.0
25 714
-0.79.5
+0.9+0.9
0.3
519.2
14.11,638.8
5.2
0.3
▲
+3.5
+3.6▲
2.8
54.6 ▲
▼
3.7648.93.0
+0.355.3
+1.227.8 4.6 +2.4
1.52 +0.7
904.1+1
19.9▼▲
+1
2
27
▲4
+630
4+0.35
▲ +4-3.7
1
▲
-8.9159.6
▲ 87.012.9
13.9
78.4
▼+2.4
26.3
14.3▼-1.0
+4.5
▲
▲
18.4-1.1
▲
-
4 01.9- 11.7
9.2▲
2.9▲
2.93.7
1.58.1
12.7▲▲
+0.2-
▲0
11*8
▼-0.7+1▲
1.5
1.3
0.9▲ +0.30.3
▲
1.6
2.15.6 +0.7
▲▲
▲ 1 +10 2 +0 2
0.7▲
2 0 0 30
+1
Jan 1 - Jun 30
0.7 0.2 +0.21.1
Japanese ECM Down 25% | IPO Deal Count Up, Volume Down | Real Estate Leads+ Equity & Equity Related
During the first half of 2015, Japanese Equity & Equity-Related proceedstotaled US$17.3 billion, a 24.5% decline from the same period last year. Totalestimated fees were US$607.2 million, a 25.5% decline from the same periodin 2014, according to Thomson Reuters/Freeman Consulting.
There were 50 Japanese IPOs in the first half of 2015, the highest IPOdeal count since 2008 and a 66.7% increase over the same period in2014. Despite the increase in number, the proceeds dropped by74.9%, to US$1.6 billion from the US$6.4 billion in 2014.
Deals from the real estate sector led Japanese Equity & Equity-Related issuance,registering a 31% market share. Seven out of the top 20 deals were from the realestate industry. Hulic’s US$705.2 million follow-on issued April 20 was the largest dealregistered from the sector.
Tokai Tokyo Financial Holdings 2 0 01 5▲
228
168
61 63
98113
136
100
150
200
250
10
15
20
25
30
35
# of
Issu
es
Pro
ceed
s (U
S$b
illion
s)
▼
-1.7
0
▼
-
6
3
Market
-1.3
2.0
Goldman Sachs & Co6
Sumitomo Mitsui Finl Grp Inc
Mizuho Financial Group
Mitsubishi UFJ Morgan Stanley
4.8
20.0
▲+4.7
*tie
Fees117.3
107.0
19.6
45.7
▼
3.8
+0.2
2.3
1.7
100.0
54.6
478.0
-24.5%
Japan Common Stock (C4d)
5
Daiwa Securities Group Inc 15.3
648.9 1.8
▼
9.2
-1.0
0.0
▲+0.8
1,055.7
0.4
▲
13.7686.7 ▲
▲▲
22.9
1.6
▼-0.5
▲
+2.2
▲
-8.8
17,325.4
15
Industry % Change from Same Period Last Year
25.75.6
1415
Top Fifteen Total
NomuraBookrunner
Industry % Change from Last Quarter
2014 Rank
2015 Rank
▼
17,329.6
16.3%
100.0
14.5%▼ 14.5%▲
First Half 2015
Imputed Fees (US$m)
▲
Sh. (%)Manager
21.1Sh. (%)
-8.2
Top 10 Japan Equity & Equity-Related Deals (US$m)
MarketMarket
▲
+1.6
+3.1
5
▲0
- 8.1
▲
11.6+14.3
# of Deals▼
+1
Sh. (%)
▲
1.7
81.0
73.0
14
5.1
+3
▼
+3.4
+3.427.4
18.4 ▼
70.314.220.9
+3.2
15.8+13 ▲
▲
Share Ch.-3
+1.2
1.1+0.3
▲
+0.4
0.30.2
▼
5.61.6
24.5%
▲
+23
4 +43.4
▲+1▲+1
-1.1 ▲
99.3509.0-1
100.0513.0
48.2% ▲
1
▲
+0.3▲
▼ 1▼
-0.6
Tokai Tokyo Financial Holdings 15Okasan Securities Group Inc
▼
Top Fifteen Total 13,563.2
▲*tie
Industry Total
Industry % Change from Same Period Last Year
99.8
-0.1
13,563.2
▲
-25.5%73.7%
▲▲
5.6+0.2
0.4
359.5
0.2
-4.6+0.4+0.4
25.7
55.3
0.0
JP Morgan 7
Bank of America Merrill Lynch
Macquarie Group
91011
8
Shenwan Hongyuan Securities Co 12
UBS
SBI Holdings Inc ---
13
Industry % Change from Last Quarter
14 13
2
Proceeds2,860.71
+1.2
1
3.5
4
8
9
117
2
0.20.0
+0.2-0.1
+23136
1.599.1
2.01.2
0.30
602.3
▲
-13.7%
22.232.5
Deals
▲
26
32
2,495.02,718.2
100.0
▲21
0.3
0.42.7
0.2
+4
100.1
▲
+238
12.0
607.2+23
▲ ▼
3.4
17.9
Change in Proceeds per Bookrunner (US$m)
5+1.9
0-0.3
0.1 -0.7▼
4
▲-26.3%
1
▲▼ .5
0.9
0.9
0.9
1.1
2
-25.5%
2 1.7 +1
1.7%
Tokai Tokyo Financial HoldingsOkasan Securities Group Inc
4
32
Industry Total
Jan 1 - Jun 30
▲13 ▼2
20.4%
Share Ch.# of
# of Deals per BookrunnerMarketMarket
2,069.2
0.0-0.30.22
1.5 -+1
▲
+1.8
2
Ichiyoshi Securities Co Ltd 15 10 4.4 0.0
11*
7.8
▲
-▼
54
20
61 6357
0
50
0
5
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015IPO Follow-On Convertible # of Issues
$1,531.3
$1,155.5
$1,040.5
$851.8
$705.2
$652.8
$608.1
$519.2
$519.2
$508.5
06/23/15
04/20/15
03/03/15
05/21/15
04/20/15
06/01/15
04/01/15
02/16/15
02/16/15
02/02/15
Rakuten Inc
SUMCO Corp
Electric Power Development
Seibu Holdings Inc
Hulic Co Ltd
Skylark Co Ltd
Olympus Corp
LIXIL Group Corp
LIXIL Group Corp
Kenedix Retail REIT Corp
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Japan Equity & Equity-Related Proceeds by Industry (US$Mil)
Industry % Change from Same Period Last Year
*tie
Japan Equity Capital MarketsFirst Half 2015 | Equity Capital Markets | Managing Underwriters
SBI Holdings Inc
1,610.7
Tokai Tokyo Financial Holdings-
8
Industry TotalTop Ten Total
ManagerImputed Fees (US$m)
MarketChange in Share Ch.
▲+11.843.3
Market
+3.3▲
Fees
+3.4
+13.1
Sh. (%)
▲▲
15 22.7
Market
4.0-24.01+1.0
# of# of Deals
2.01.8
▲5.7▲
+6.32.0
7.3 ▼
14.0
8.0
▲
▼
1.5
+4.9+1.2▲
▲▲
100.0
16.6
-74.9%Industry % Change from Last Quarter
Okasan Securities Group Inc
▼
▼
5.6
8.3%
1,610.7
66.7% ▲ -58.7%
8.6
▼
15
7
109
6
-39.1%
21.8
Japan Secondary Offerings (C8d)
100.0
0.4
16.117
2.8
50
+0.4
1.4
4.8
2
▼
1.0▲
UBS 4
55.3-
Mitsubishi UFJ Morgan StanleyShenwan Hongyuan Securities Co
245.7
-77.0
Nomura
2015 Rank
617.5 38.3
Proceeds per Bookrunner (US$m)
Sumitomo Mitsui Finl Grp Inc +7.5
Sh. (%)1
373.728.030.0
Proceeds
3138.6 +3.85
Deals Sh. (%)
23.2
Mizuho Financial Group
2014 Rank
Daiwa Securities Group Inc
5
Japan IPOs (C7d)
9
▲+5.41
▲
3
+2.83.4
4 -1.5
▲259.0
# of Deals per Bookrunner
Jan 1 - Jun 30
▲ 40.2Share Ch.
Market Market
2
Bookrunner
+3
+114
▲-1
-5.6
11.0
6.82.6
21.1
▼
+10 ▲
2.5▲10.2
+0.6
▲7
+4+214.0 ▲
4
▼1 +1 ▲ 1.1
1.91.2
-22-
+20
2.0
▲ -27.0%
.7 0.8
91.1100.0
1.4
98.092.9
+1.1
Jan 1 - Jun 30
+0.2▲4.0
5.3
+2 ▲0
▼-16.1
▼
First Half 2015
$5,31531%
$3,08718%
$2,00112%
$1,97311%
$1,4588%$1,429
8%
$1,1106%
$6884%
$1081%
Real Estate
High Technology
Energy and Power
Industrials
Consumer Products and Services
Retail
Financials
Healthcare
Consumer Staples
Media and Entertainment
Materials
Telecommunications
Bank of America Merrill LynchJP MorganGoldman Sachs & CoMizuho Financial Group
Daiwa Securities Group IncDeutsche Bank
Nomura
*tie
Ichiyoshi Securities Co Ltd
▼148.3 3.9 -1.9 ▼ 2 10.5
Japan IPO Quarterly Volume and Deal Count3
2
13.8
50.1
0
648.9
8109
Top Twelve Total
Mitsubishi UFJ Morgan Stanley
5
3Sumitomo Mitsui Finl Grp IncDaiwa Securities Group Inc 4
1Nomura
Bookrunner
Industry Total
5
2015 Rank
Industry % Change from Same Period Last Year
Bookrunner
Industry TotalTop Seven Total
Macquarie Group
Industry % Change from Same Period Last Year -21.1%Industry % Change from Last Quarter
▲
+2.12.8
5.4 +5.4 3.0
Deals
Proceeds per Bookrunner (US$m)
54.63
Share Ch.
1,810.2
2,243.2
+5.3
-6.5+2
-
▲
Market# of Deals per Bookrunner
# of
▲
6
359.5
6
7
978.8
100.0
8-
2.8
686.710
4
▲
3.0 ▼
Sh. (%)
4.7%
1.5
Market# of
▲
+318
17.9▼18.3
+3.4-4
34.3
+4.2▲
▲
20.93.0
+2
▼
+5.7
+0.4
▲▲
-8.523
▼
2
142
-4.1
▲
▲
7.5
▲
▼18.8
12
2 2,121.3
1.4%
0.5339.4
+0.5+1.8
5.7
+0.1
4
8.2
2,696.4 22.6
2015 Rank
2014 Rank Proceeds Sh. (%)
+10.8
Market
▲
▼-3.9
▲
Imputed Fees (US$m)Change in
+3.3# of Deals Share Ch.
MarketManagerMarketSh. (%)
▼+4 ▲
Fees
▼86.0
18.9-13.6
20.5 ▲77.1
Sh. (%)79.3
62.8 -2.1
2014 Rank
28.4▲+2.4
14.91963.6
9.2 2.2
MarketChange in Imputed Fees (US$m)
19.6
+1
15.1
Jan 1 - Jun 30
7
1
3
519.2
1
# of Deals per Bookrunner
-
26.9
15.217.8
519.23
1
34.3
Market
▲
+0.4
-1.4
0
7
-10.1
+9.5
5.8 +0.1
-7.2
5
2
217.5376.22
# of Deals
5
67
74.6%▲
11.6
14.5 ▲
11.6▲
+1
▼-10.7%
1.30.4
1
▼
420.2417.3
+3
▲
Proceeds per Bookrunner (US$m)Market
-2.9%Industry % Change from Last Quarter 102.3%
Japan Convertible Offerings (C9e)
▲
Market
100.011,952.411,952.4
Sumitomo Mitsui Finl Grp Inc
2Goldman Sachs & Co
-Mizuho Financial Group
46
Mitsubishi UFJ Morgan Stanley 6 5
Manager MarketSh. (%)
45.0
▲10.0
15.5-1-4.3
▲▼
Sh. (%)
6
DealsProceeds Share Ch.
583.01,888.0
11.7
▼Fees
▲+13.8 +22
-10.7
10.5+2
4
▼ 42.39 47.4
▼
31.6
-12.9
16.712.4
▼▲
-0.7
17.7▲
21.1
+11.8
2
5.3 4.6-2 ▼
8.7- 8.2
4.9
+3.1- 3.5 3.8 -3.1
-21.1%
92.494.2
0.0%
3,766.4▼0.9
100.0
1100.0
0 100.098.2
10.5-2
Share Ch.
▼
3,766.4
▲
19
▼
5.7
▼
5.4▼
▲▲
▲0
+12.4
99.3
5.6
100.0
Tokai Tokyo Financial Holdings 11 12 9.1 0.1▼
1.5 0 - .6 0.1 -0.2-0.6
▼0.112 9 4.4 0.0 -0.6 ▼
UBS
1.5 0 - .3
4.7+1
▲
▲
-76.7% ▼
+3
-76.7% ▼ -73.3% ▼
▲ 198
121
49
20 22 36
54 62
83
50
-
25
50
75
100
125
150
175
200
225
250
-
2
4
6
8
10
12
14
16
18
20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
Pro
ceed
s (U
S$b
illion
s)
1Q 2Q 3Q 4Q # of Issues
*tie
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-
-
-
-
-
-
-
Tel: +813.6441.1120
E-mail: [email protected]
Aki Sato
Michelle Abuzo
Japan
Tel: +632.858.7201
Asia-Pacific
E-mail: [email protected]
Tel: +44.207.542.7376
EMEA
E-mail: [email protected]
Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year.
Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.
Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated 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 tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley.
Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Ranking Criteria SummaryFirst Half 2015 | Equity Capital Markets | Managing Underwriters
Rebecca Cox
Tel: +1 646 223 8455Salvatore ReresAmericas
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:
E-mail: [email protected]
All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters databases as of 9:00am EDT on June 30, 2015. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.
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 orcompleteness 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 provideany 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 hasnot undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2015 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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FOR INFORMATION PROFESSIONALSSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.
Solution for:• Market Analysis & Trends (Geography, Sector,
Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis,
Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials,
Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor
Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)
FOR INVESTMENT BANKERSThomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information, news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.
Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and
developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.
Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparable
deal screening• On-brand pitch book creation
FOR STRATEGY AND PLANNING TEAMSThomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.
Solution for:• Conducting market analysis and
identifying trends• Benchmarking your performance and
monitoring competitors• Targeting clients by wallet size and
banking relationship• Allocating resources more effectively by
evaluating and analyzing lost deals
Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products
To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:
Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]
Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.
Go to: dmi.thomsonreuters.com/dealsintelligence
Thomson Reuters Solutions for the Deal Making Community
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