ecm cover 3q2014.ppt - thomson...

Reuters / Luke MacGregor

GLOBAL EQUITY CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

Full Year 2014

1

Equity Capital Markets Review

9

Australia & New Zealand Equity

Global Scorecard

2

Full Year 2014 | Equity Capital Markets | Managing Underwriters

Table of Contents

Global Equity

Leading Underwriters for Fourth Quarter 2014

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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UNITED STATES ISSUERS ACCOUNT FOR 29% - Issuers from the United States raised US$253.9 billionin the global equity capital markets during full year 2014, down 9% compared to 2013. Issuers from Chinaand United Kingdom accounted for 15% and 7%, respectively, of overall equity capital markets activity during

Global Deals Intelligence

Global Equity & Equity-Related Volume

Global Initial Public Offerings

Global Equity Capital Markets Up 11% Over 2013 l IPO Activity Up 51% l Follow-On Offerings at 5-Year High I Goldman Sachs Tops Global ECM l ECM Fees Climb 18%

EQUITY CAPITAL MARKETS REVIEWFull Year 2014

GLOBAL ECM ACTIVITY UP 11% - Equity capital markets activity totaled US$890.4 billion during full year2014, an 11% increase compared to full year 2013 and the strongest annual period for global equity capitalmarkets issuance since 2007. Fourth quarter equity capital markets issuance decreased 8% compared tothe third quarter of the year.

IPOs UP 51% FROM 2013; ASIA PACIFIC ISSUERS ACCOUNT FOR 40% - Initial public offering activityduring full year 2014 totaled US$249.0 billion, an increase of 51% from last year and the strongest annualperiod for global IPOs since 2010. Issuers in China, the United States and United Kingdom accounted for58% of all activity during full year 2014, up from a combined 51% a year ago. Bolstered by four of the world's top five listings this year including Alibaba Group's record-breaking $25.0 billion IPO, Asia Pacific IPOstotaled $100.7 billion during full year 2014, the strongest annual period since 2010.

FOLLOW-ON OFFERINGS HIT 5-YEAR HIGH, UP 1% FROM 2013- Global follow-on offerings totaledUS$537.8 billion during full year 2014, an increase of 1% compared to a year ago and the strongest annualperiod for follow-on offerings since 2009. Offerings from European companies accounted for 32% of globalfollow-on issuance, up from 30% during full year 2013. Strong year-over-year gains in Italy and Germanybolstered European volumes, while issuance from companies in the United States fell 15%.

1,600

1,800

$350

$400 Proceeds (US$b) # of Issues

0

10

20

30

40

50

60

70

80

90

100

$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

2008 2009 2010 2011 2012 2013 2014

% o

f Pro

ceed

s fro

m A

sia

Pac

ific

Pro

ceed

s (U

S$b

)

Global IPOs (US$bil) Asia Pacific as % of Global IPOs

a d U ted gdo accou ted o 5% a d %, espect e y, o o e a equ ty cap ta a ets act ty du gfull year 2014.

FIVE SECTORS ACCOUNT FOR 68% OF ACTIVITY - Led by Financial issuers (20%), the overall volume ofequity capital markets activity remained highly concentrated among five main sectors including Energy andPower (14%), Technology (12%) and Industrials and Real Estate (11%).

GOLDMAN SACHS TOPS GLOBAL ECM RANKINGS - Goldman Sachs led all equity capital marketsunderwriters during full year 2014, with US$77.3 billion in proceeds from 398 issues, despite a loss of 2.6market share points compared to 2013. Morgan Stanley, which gained 1.7 market share points for the topspot in global IPO underwriting this year, moved into second place from third in overal ECM during full year2013.

ECM FEES UP 18% - According to estimates from Thomson Reuters/Freeman Consulting, fees from equitycapital markets transactions during full year 2014 totaled US$21.3 billion, an 18% increase from full year2013.

Global Equity & Equity-Related Volume by Domicile Region

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

2008 2009 2010 2011 2012 2013 2014

# 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

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Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas

1

Leading Underwriters for the Fourth Quarter of 2014 Oct 01 - Dec 31 Global Scorecard

282,576.5

54.8%1,701

83

69

United States (C3)

Latin America (C4e)

Australia (C1c)Global Common Stock (C2)

Global Debt, Equity & Equity-Related (A1) 258,489.7

9.80.4 EMEA - Europe, Middle East & Africa (C1d)1

▲

▲

Global Equity & Equity-Related (C1)

Asia Pacific ex Australia (C1b)United States (C1a)

15Global Equity & Equity-related (C1) 20.7

9.0 -0.5

Market Sector

Global Disclosed Fees (A2)

Global

JP MorganJP Morgan

▼▲

Morgan Stanley123.0

-2.4

38,487.9 172

230

735 161 663 7

-14.1%730931

-2.2%

6

280

3,243

57,422.1

1.1%

44

118,179.8472

96,659.61,063

1,730.5

20,675.2Asia Pacific ex Australia (C8c)

181 891 5Australia (C8b)

Global Secondary Offerings (C8)United States (C8a)

EMEA Europe Middle East & Africa (C8f)

6623,296

182,533.8156,813.1537,762.3 531,826.9

11,413.9

16,781.2

13,161.6 19

▲703478

▼

22.3%

12 5%

▲146.9%

▲17.0%

▲▲23.2%

-86.9%

▼▲

▲

165,199.2

▲355 ▲

62

50.7%

98.9%

132.0%202

207 -27.2%29.1%

▲863

200,151.642,334.433,032.5

▼▼

892

23,007.5Asia Pacific ex Australia (C4a)

▼

34 -47.8%233875

70

1,015

1,286-11.2%

▲56.7% ▲

239,955.9

522

932US

Global Convertibles (C9) ▲Morgan StanleyGlobal IPOs (C5)

US Common Stock (C3) Citi

15.1

US Equity & Equity-Related (C1a) Citi

Morgan StanleyUS IPOs (C6)

30.1UBS ▲

2.1

US Convertibles (C9a)

1.8

-1.0

EMEA Convertibles (C9d)

Europe, Middle East & Africa (EMEA)

HSBC Holdings PLC5.2

39 3

14.8

8.2

6 3

3.7

▲

▲12.98.3 514

1,205

9,759.2

35,982.36,226.315,374.0

▲

▼▼-46.8%70

▼52.0%

890,363.0 4,874

1/1/2014 - 12/31/2014

Deals

1/1/2014 - 12/31/2014

US$mNo.Proceeds

DealsProceeds

1,008156,076.9

US$m803,743.3

270248959

541

23,474.2

39,426.1

36,049.21,577 132,642.0

545

786,781.4212,981.0201,667.4

4,106

230,669.7

17,569.2

24.5%

697,026.1

1,352

1,080287,079.9

220,393.1

12.9%

▲-20.0%

41.2%36,332.3 533

▲

% Changein Proceeds

▲

▲

1,06210.8%

No.

4,470▼-8.5%

1

49,301.233,032.5

▼35

Japan (C1e)

4,501Global Common Stock (C2)Latin America (C1f)

17,239.2

56,167.9Global IPOs (C5)

30,814.8

Australia (C4b)

EMEA - Europe, Middle East & Africa (C7c)

▲258,430.5

Asia Pacific ex Australia (C7a)Australia (C7b)

76,539.0

1 Japan (C4d)

1249,019.2

Japan (C7d)Latin America (C7e)

EMEA - Europe, Middle East & Africa (C4c)

83,487.6United States (C6)

2

2Asia-Pacific ex. Japan ex. Australia

1Asia-Pacific Common Stock (C4a)

17.2 ▲▲

11

CITICMorgan Stanley 12.2

7.6

15.1

Goldman Sachs & CoHSBC Holdings PLC

EMEA IPOs (C7c)

EMEA Equity & Equity-Related (C1d)EMEA Common Stock (C4c)

JapanNomura 7▲

12.4

13.0

12.3

▲

▲▼

Current Qtr Market Sh. (%)

Goldman Sachs & Co9.4

No. 1 Manager

8.0

Morgan Stanley

1.5 ▲

Morgan Stanley11

14.81.4

Consecutive Quarters No. 1

152.27.4

Mkt. Share Chg. from Last Qtr (%)

Japan Equity & Equity Related (C1e)

Asia-Pacific Convertibles (C9b)

Global Equity Capital MarketsFull Year 2014 | Equity Capital Markets | Managing Underwriters

4,874

▼

Latin America (C8e)

100.0 +404

▲

890,363.0

-8.4% ▼ ▲10.8%

2.1%9.0%▲

2014 Rank

2013 Rank Proceeds

7.4

Market

2,063 # of DealsBookrunner

Proceeds per Bookrunner (US$m)

▼Deals

10.4

Market

-25JP Morgan

-0.3

3,297.9Sh. (%) Share Ch.

155.356

1.3▲▲

▼

▲▲

+0.3

+0.1

230.5

0.7

169.8

▲ 109.1

0.8

▲120.0 0.6

71.3+36+0.2 1.8▲ 890.7

0.63165

1.1▲

▲

+10+16+0.30.7

-▲+0.2

0.0▲

0.8

1,249

1,876.9

142

191-0.3 3.5169

3.9

1,521 ▼

▼

2,777.3▼

-105▲

1 1 493,392.9

6.35.8

Citi 2 33 ▼

383,028.8 -0.3414,543.82 -0.4

Morgan StanleyBank of America Merrill Lynch 5

1,801

▲Barclays 4 4

6

Deutsche Bank

6 382,255.9 5.8-0.1

5.3

+0.1

5 351,975.17 355,269.0

-0.6-71,702

293,045.6

5.46.4▼ 1,273

+0.5Goldman Sachs & Co 7

6.3+0.27.3

277,584.2HSBC Holdings PLC 9 4.48

10 10 193,314.3 ▼932 +0.2

2.94.2

Wells Fargo & Co 11

9Credit Suisse 8

2.512 162,537.3BNP Paribas SA

RBC Capital Markets 12 13 147,825.3 -0.1 ▼2.2

16 112,160.515 127,147.8 0.0

1.7 +0.11.9

2,553.1

2,741.5

106,717.2

32,575.2

▼

ManagerFees

7.5

2014 Rank

-0.8

Market

-0.3- 723

7.71,632 8.2

0.0950 4.8

-0.4

-

+22

+32

-91

4.7872

▲

3.6

▲

+57

1.7

418.7897.4

▲

754.0

+8

+3▲

6.2

6.3

4.4+44

▲+9+75

▲

▼

13863 4.4

▲▲

3.21314

1,281.1+0.2

- 542

639 ▼

▲432 -

1.3 ▼-2341 1.70.0 -

4.3

5.8

Market

5

-0.1▼

-198+10

89 9

1211 10

Sh. (%) Share Ch.Goldman Sachs & Co

▼▼

Share Ch.

▼▼

-0.3

6.8

7.1311

1.6

-22

▼

-18

6.7

+10+31

+46.0

▲

▼

▲0.9

▲

+6+16 ▲▼

735

42,620.6

8.2

161,663.7124

116

19,870.9373

124

28

45,508.718,725.7

181,891.5EMEA - Europe, Middle East & Africa (C8f)

51

+0.4

130

896.5

9.8▼

4.2

5.1

+0.3

-0.2

3.8

▲ 3.8

▲

-1

▲

800.37

+22

+1

1,494.4

5.0-1.1

▲

1.5

63.3

-

▲

-0.152,187.3

0.0

+0.1

1,251.1▼

-0.4 ▼

4.6

572.6283.5797.1983.7 ▼

▼▲

1.7

▲+0.1

▲

-0.6

+0.2

1.3▼

-0.3+0.3

2.2364.3470.4

+0.3

▼

+0.1

▲

0.5

-2.1%

1.1

100.0

▲

▲+131.1

2.9

+23

316.3148.3 -0.2

21,260.2

18.2%

13,474.8

▼

5.2

2.7

Imputed Fees (US$m)

7.0▼

5.9

-0.1-1.3

▼

Sh. (%)

+20▲

▲

▼ -6

Sh. (%)Market

37

7.3▲

# of# of Deals-12

-22.0%▼▲

-40.4%

6,966.8

171703

466.723,434.9

Fees

364 ▼

▲84

▼

12.5%

+0.1

42.6

Market

418,909.9 6.3

Change in

9.1

15.8NomuraNomura 38.8

▲-0.3 ▼

39.5

▼1,733

-103-1

2,263.3

39.3

3,003.2

▲

# of

11.76.3

Jan 1 - Dec 31

▼

2.51,080.3

585.1

▼▲

2,079.6

▲-1.0

+0.3

▲-0.5 ▼+0.1

▼

1.0 +0.2

2.42.9

-0.1

▼

▼

2.6

1.3

▲

0.0

Macquarie Group

RBC Capital Markets

+0.1▲

+6 ▲BNP Paribas SA

1.0

-0.3

▼

22

▼

0.0China Securities Co Ltd

18+0.1382.9+35

180.6

1.20.9

529.2

2.3451

▲-17.6%

1.1

▼

66.829,433.4650 ▼

▲ 0.9%

19,81471.6

9.6%3.0%

+181 44,082.2

▲Industry % Change from Last Quarter*tie

Top Twenty Total100.0

▼1.2

15

▲3.3

Nomura

▲2.777,889.2 0.0

+0.3

0.0

2.0

632,889.6

1716

▲

▼ -0.19,132.4

55▲70

-

1.4▲CITIC

Wells Fargo & Co-1,064.5

▼-0.6

17,047.5

35,134.2▲

+0.51.9 ▲16,786.3

4.017,343.9

7,330.9

1.5

2.01.9

12,912.91.0

0.9

0.8

UBS

Barclays14

7 6

8,224.0Jefferies LLC

11

8

12

Citi

0.0 -45,245.4

Nomura10

44,363.7▼

+1.0HSBC Holdings PLC

16

-

6,348.1

7,343.1

6,502.6

Societe Generale

31

8,162.3▼

23

2920BMO Capital Markets19

Industry TotalTop Twenty Total

100.0

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

6.8%

# of Deals per Bookrunner

▼

8.4

+7

-0.60.0

0.7

▼

▼

▼23.6%

-2.9%

Market

-6.1%

-20.1%

Share Ch.

▲

1,646.3478

-39.3%

-1.3+1428

30,518.14 11

▼Sh. (%)

41


65

2.7

8.8

131

371

348

326

77292

6.4

4071,114.2

-0.9

▼

11 138,448.5

Japan Convertibles (C9e)

2.1UBS 13

NomuraNomura

1.6

14 2.2


-0.2

Imputed Fees (US$m)

8.7

Sh. (%)

-0.51,438

▲5.1

Societe Generale 16

5.9▼

4.7

1,162.5

RBS 14

5 +0.4-0.34

7.760,202.160,094.7 6.8

398

Change in

-7.7%

420.9264.0

6.83

4-0.6

Bank of America Merrill Lynch

7.7

7.6

1,551.1

MarketBookrunner

-2.618.22

66

8.7

Market

283.1

Deals▼

Proceeds

EMEA - Europe, Middle East & Africa (C9d)

2013 Rank

73,018.568,193.22

77,316.513

Jan 1 - Dec 31Global Equity & Equity-Related (C1)

8,611.3

Market Manager

Australia (C9c)

15,508.719,400.9

28,649.4

103,581.5United States (C9a)Asia Pacific ex Australia (C9b)

Japan (C8d)7

▲▲

Morgan Stanley

Japan (C9e)

Global Convertible Offerings (C9)52

▲

JP Morgan+0.6 ▲

2.2

142,880.7

Japan Common Stock (C4d)Japan Equity & Equity-Related (C1e)

15

17 104,418.2Credit Agricole CIB

Japan IPOs (C7d)

Global Debt, Equity & Equity-Related (A1)

-13.1%

4,740,254.5

1788,015.1

2019 20

UniCredit 18 18TD Securities IncMizuho Financial Group 19

6,629,280.9

Industry % Change from Same Period Last Year

75,612.4

Industry Total

-0.1 -7

6

Credit Suisse

+0.1 Deutsche Bank8.6

▲

0.0

-

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▼

2,057.9 100.0+9373

8 2%▲2 5%

-2.3

7,701.3

-0.710,141.1

FeesDealsMarket

Share Ch.

13

18

Market

10.8

7.4

Sh. (%)

86,368.4 83.3

-2 9%

103,581.5 100.0

+0.2

▲

▲

▼

UBS-0.3 Barclays-0.6+0.3

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

▲

Market

-0.6

1.2

9.8

Market

▼

▼

▼

5.5

10.0


Share Ch.Market

-2.1

-0.5

Deals Sh. (%)

Imputed Fees (US$m)

4.6

4.0

BNP Paribas SA

70

99.929

▼

Deutsche Bank

53


Citi

3.8

▼

2.1

▲

▼

9.7

10

▼▲ 113.0▼-4

3.3

8.35.1 -7

-11

Change in

3.9 +13

▼-0.35,709.65,267.7

7.8-0.5

▲

# of# of Deals

Jan 1 - Dec 31

-0.8

Sh. (%)Market

▼

Market Market

9.1

▼1,443.41,301.0

2014 Rank

Morgan Stanley

110,340.12

2013 Rank

11,224.6Bookrunner Proceeds

3-0.2

4

JP MorganGoldman Sachs & Co

Global Convertibles (C9)

Share Ch.Manager

17.0▼

3▼

Sh. (%)

18.8+1.1

14.2 ▼2

534

Credit Suisse

Bank of America Merrill Lynch7

8

5

8Nomura

67

4,632.2

-0.6 ▼▲

5 95.8

▲

▲

▲▲5.8

-1.4

-

▼

0.0

4.7

+2.6

193.4-7

49

9.4203.014.2

-13-8

145.3▼

# of Change in

7.1▼

4.183.6▼ ▼

-1.1

-1.1

▼+0.5

+1.3 ▲

Sh. (%)10.3 ▼

9.9▼

Market

4.95.5

-0.9

Jan 1 - Dec 31

▼

Imputed Fees (US$m)

211.0# of Deals

-7

14

18

144615

12

171615

17

20 21


195,267.3

-0.4▲

Industry Total

19

68+0.18,036.515

-0.10.75,864.1

17 5,409.7

137

▼

▼

1.1▼▲

-651

▲ 1.5

5.81.4

▲

▲

+5▲

▲

+9

6.9

▲▲

▼-176.4

7.7

26161▲

▲

-5

+17

+31-2

+26

CITIC 16

Sumitomo Mitsui Finl Grp IncBMO Capital Markets 18

Societe Generale

17

RBC Capital Markets

▼

27

Top Twenty TotalIndustry Total

Wells Fargo & Co 13

Macquarie Group 15

China Securities Co Ltd

170

Societe Generale1.4

1023.4

-0.13.0▼

▼HSBC Holdings PLC

0.0

▼▼ +25

-11

1.9

-0.41.61.7

2.31.7

▲

▲

▼155

0.8

459.6-3

151.4

1.5

-1.7▼13

5.1

713.5226.7

4.14,263.093.7

334.7

883.9

291.4

▲

▼+0.3

-405.1

-0.2

2.4

▲

19 3%

Manager

1,340.2Fees

144.8

91.8▼ 204.7

776.4

+15▲

+0.1103.3

3 2Morgan Stanley

Bookrunner66,091.962,877.4

Global Common Stock (C2)

5

Goldman Sachs & Co

CitiJP Morgan

6.9

1

54,385.1

2013 Rank

357,853.1

UBS

Bank of America Merrill LynchDeutsche Bank 6 7

7

5 44

Share Ch.

8.01 -2.7

2014 Rank Proceeds

Market

2408

345Sh. (%)

7.4

▼8.4▲

6.7+0.5-0.5 -1.1

841,571.6

▼52,500.8+0.7

5.15.36

46,919.5

6.8

1,105.7 5.81,018.4

8.0335 ▲

-1.27.5

+11+8

+0.6 8.3

-0.8 746.1

+0.1

375

5.3

▼

6.0

-0.7▲▼

▲

292 6.5312

358

+29▲

+0.1

▲

7.4

287-0.2 +7

▼

3.9

13,372.314,732.614

Credit Suisse 8 39,731.6Barclays 99

Nomura

30,871.3

101211RBC Capital Markets 12 +0.2

+0.9

1.0-0.21.0

HSBC Holdings PLC 10

12,364.8

14Jefferies LLC-0.4

13

6,748.6 0.929

11 10,859.5

6,177.5

8,168.6

0.80.8

20

+0.429

1.1▲

0.8

0.51.1

+0.4+9

0.6▲

+0.3

+0.3 50

218.2

43+0.1 1.0

82 1.8 +38

+18▲ +0.31.10.5 ▲

+39511,960.3

▲

549,803.8 70.2

9 6%

62.30.7

786,781.4

▲

100.0

12 9%

▲-1.0

20▼

Wells Fargo & Co

CITIC

Top Twenty Total

Daiwa Securities Group Inc▲

Credit Agricole CIB

36 9.7 -1810.5

13.1

-539 120.1▼

3,414.0

9

+2.84,682.7 4.54.5

3,673.8611

36

3.6 -2.9 19▼ 31-0.7▼

+2.3▼

▲

2.6▼▲

2.1▲

-1.6 ▼54.25.6▲ 3.2 +2.021 65.3+5

▲

214.3▲

14

2011

3.82,075.8

2,631.7

▲ 1.4+5+1.6

42.1-0.3

3.513

5.6▼+1.82.8

-216 +6

28.2

▼ +0.156.8▲

+1

-7 1.4

18.4

▼▼

+4

29.6 -0.4

1.33.8 -1

-0.1 ▼24.9

▲ ▲2.7

5

▲+0.6

-0.40.7

▼40.6 2.0 -0.1

14.90.0

▼

+0.7

▲+0.1

+0.218.8 0.9-9

0.91.4969.0 0.9

1,413.7

2.02,053.41,773.0

2.49▲

+1.2

2.5

2.0

0.8 +0.25

+0.2

2,611.3

826.6

1.714

+1.0 ▲

-

▲▼-0.3 ▼10

Jefferies LLC▲

1.30.9963.8

2.5

+31,658.9

▲▼ 1.2

80.9

12

▲▲ Industry % Change from Same Period Last Year

4,501 19,202.3

Sumitomo Mitsui Finl Grp Inc 2619

Global Equity Capital MarketsFull Year 2014 | Equity Capital Markets | Managing Underwriters

100.0

▼Industry % Change from Last Quarter ▼ ▼-33.3% ▼ -8.5%

8.2%▲2.5%-23.0%

-2.9%

*tie

-2.1▲▼

Citi

4.6

JP Morgan

5Credit SuisseDeutsche Bank

Bookrunner2013 Rank

+30

6.7

3▼

Sh. (%)

126

Deals

+20

113

▼

130Goldman Sachs & Co

212

959.47.9

-2.0

-1.4%

21,324.3 114Morgan Stanley 1


2014 Rank

▼

0.973.7

▲+11+9

Fees▲

Manager

▼

▼

590.7

▲

277.3

7.4

5.5325.7 -0.9 ▼

3.5

19.3%

10.8 659.09.5

8.3

MarketShare Ch.

+2

-0.7-0.4

295.5401.5

▼-1.1

+0.4-2.9

3.7▼

▲4.1

536.3

▲364.3

5.0

▼

▲

▼-0.3

10.5

440.6+2

+18

# of DealsMarketChange in

22,196.3

5.3%

Sh. (%)Market # ofMarket

8.6

▼▲

▲

▲+1.7

Jan 1 - Dec 31

Share Ch. Sh. (%)


-0.1

9.6%

Market

7 14,468.4

-6.5%

17,668.95

Industry % Change from Last Quarter

Global IPOs (C5)

▲12.9%

5.8 +0.1

17,355.17.1


Proceeds

6

34

6 6.5 ▲

8.9

16,191.2

-0.6

+0.5+0.67.0

-0.9

88 7.3▼

8.07.1

96▲4.4 -0.1 ▼ 86

Bank of America Merrill Lynch 8 4 10,234.97 8 11,022.2

-174.1 -2.7UBS

▼▲3.0 6.3 +7

2.5 ▲ 23 1.9 -1▼ 76

HSBC Holdings PLC 10 14 6,119.7-1.1Barclays 9 9 7,413.2+0.8

4,727.3 1.91.9 -1.4Nomura 11 2.4 -0.910 4,781.8 ▼ 38 ▼ 187.93.2 -5

25 2.1 +5 ▲ 77.8 1.0

Jefferies LLC 14 13 3,616.2Wells Fargo & Co

-0.1

1.5

Macquarie Group 12 12 ▼134.013 3.2 +911 3,790.4 1.5 -0.6 ▼

▼ 571.7 -0.3

+0.239 ▲

1.84.7 +24 ▲ 139.425 +1.12.1 +18 1.2

-0.4▲

CITIC 16 32 2,700.2 1.1▲ 91.2China Merchants Securities Co 15

+0.6 ▲54 2,947.5 1.2 +1.0 ▲

+61.3 +0.716 ▲ 82.7 1.0+0.3 ▲ 0.8 +0.3

+21 105.8- 65.2

+1.00.0 1.2+203.2 98.8

1.0▲

39-

0Bank of China Ltd 17 20 2,560.9 1.3GF Securities 18

161.8177* 2,520.5 1.0

RBC Capital Markets 19 15 2,371.8 1.0ING 20 83 1,875.2 ▲0.8

70.8+0.33 0.2 0 - 0.435.1+0.7

+342

▲

249,019.2

Industry % Change from Last Quarter 2.9% ▲

100.0

33.7%▲

1,205 7,957.8

1.3▲▲

+1.322

39.4% ▲

100.04,982.5

▼

▲▲

▲

▼▼

Global Equity & Equity-Related Imputed Fees

▲▲▲

▲

▼

Imputed Fees (US$m)

-0.3

+0.2

▼▲▲ Industry % Change from Same Period Last Year

Industry Total

▲

▲20.6%Industry % Change from Same Period Last Year 50.7% ▲ 39.6%

175,886.0Top Twenty Total 62.5

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

2007 2008 2009 2010 2011 2012 2013 2014

# of

Issu

es

US

$Bil

Fees (US$bn) # of Issues



Global Equity Capital Markets: Ten Years of Rankings

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan


Rankings shown are as of the current quarter-end in each calendar year.

5

6

7

8

9

10

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Ran

k

Citi

Deutsche Bank

UBS

Credit Suisse

Barclays

HSBC Holdings PLC

Note: League Table positions reflect consolidation within the banking sector.


nc


2014 saw a volume decrease of 2.2% for US IPOs, 14.1% for SecondaryOferings, and 21.2% for Block trades. 2014 had the highest number of USIPOs issued since 2004, with 230 deals. The William Cos Follow-On andCitizens IPO (both $3.5 billion) were the largest deals of 2014.

US Equity Capital Markets

US Equity & Equity-Related proceeds totaled US$258.5 billion from 1,008 deals inthe full year 2014, an 8.5% decrease in volume from 2013. Fees totaled $8.4billion, a 4.8% decrease from 2013, according to estimates by ThomsonReuters/Freeman Consulting.

Full year 2014 registered the highest issuance of convertibles since 2008, a6.8% increase from 2013 with proceeds of $45.5 billion from 116 deals.Convertibles represented 17% of all ECM issuances, while IPOs and Follow-Ons were 22% and 61%, respectively.

Jan 1 - Dec 31 2014

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

US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil)US Equity & Equity-Related (C1a) Jan 1 - Dec 31

10.8

Citi

28,016.9JP Morgan

Morgan Stanley 5

1

2014 Rank

2013 RankBookrunner Proceeds

3 1

29,307.5

Goldman Sachs & Co2

# of Market Change in Deals

MarketShare Ch.

Market# of DealsSh. (%)

-1.9

▲

0.0 -

9.7

-0.4

Market

-0.5

▼

662.3 7.9▼-1.9

+0.5

▼

▲

9.8

Fees Sh. (%) Share Ch.Manager Market

▼2 28,339.93

Sh. (%)214 -34259 -28

▲▼

-4.2

21.211.311.0 -1.0

+0.525.7▼

215809.7

21.3 -1310.7 +0.2 ▲ 266

820.7▼ ▼

▼ 571.1

+0.1

0

-0.3

▼▼

+1.5- 892.3Bank of America Merrill Lynch 4 4 27,523.0 9.1 -1.226.4 -16 ▼ 765.7

10.7

+1.4 ▲

▲

4.95.6

4.0

23.320.717.5 -23

-4-0.76 27,243.0 ▲ 23510.5 +0.8

6.87 18,261.8

▼ 209176

Barclays 6 5 23,533.9 9.1

Deutsche Bank7.1

▼

+0.18 8 ▼

Wells Fargo & Co

Credit Suisse 715,048.9 5.8 +0.1

▲ 471.9▼410.8▲ 167 -1316.6337.69 9 12,375.6 -25

0.0

▲+47

+0.3-5 ▼

▼

▼4.8 -0.2 ▼ 156 15.5

2.8 +0.3RBC Capital Markets 10 12 10,780.1 4.2 +2.3 294.2

11 ▲ 93 9.2 -8▲ 139 13.8

7,261.4Jefferies LLC 12 11 4,398.0

10UBS

BMO Capital Markets▲ ▲ 157.1

3.5194.8188.7 2.3

2.3

Stifel/KBW-

6.414 16 2 361 1 4 1 +1513 13 2,534.4

97 3+6

▲▲1.0 +0.3 1.9

1.7 -0.5 ▼ 85

+0 4

8.465

▲0 9 41 1 2 ▲+0 4

9% Decrease in Volume | Highest Convertible Proceeds since 2008 | Highest Number of IPOs since 2004

US Deals Intelligence

$56.8 22%

$34.5 14%

$31.8 12%$30.8

12%

$30.7 12%

$20.6 8%

$12.8 5%

$39.4 15% $56.2

22%

$156.8 61%

$45.5 17%

US IPOs Full Year 2014

2.4

2.4

▲

▲

16.2%

▲

69.8

268.6308.9

▲ 137.2207.5

1.2▲

1.2

▼

11 35.2

-7.3%

-4.8% ▼

8,382.2

-8.5%

245,765.8Top Twenty Total

▼

100.0

0.5

1820

3,509.6

5,261.9

11

4

14

9

4,858.84,963.4

16

22

KeyBanc Capital Markets Inc 20 22

17

10

15

Stifel/KBW

471.118

111213 13

▲

+12

+3+5+1+4+1

-0.1

1.1

2.3

1.6

67.3

+0.6

44.442.2

48.232.3

▲+0.6+0.2

0.4 -0.1▲

0.11.7

▲

▼

▲66.0 ▼

1.5 +0.7

+0.5+0.72.675.3

▲

-3 ▼

12.2▲▲

12.2+9+7

13

▲

▲

1.7

5.79.1+0.7

-

4.8 ▲+0.2

▲ +0.6

6.5 +7+0.8 28

▲▲

21

▲

▲+18

BMO Capital Markets

19

▲

15

-0.8

1.3

4.8▲Raymond James Financial IncRBS 3.4

▲ ▲34.9

▼1,540.3

2.0

24 10.4-0.6 ▼ 28

Industry % Change from Same Period Last Year -2.2% ▼ 13.9%Industry % Change from Last Quarter 26.2% ▲ 33.3% 57.9% ▲

▲

+28 2,864.3 100.0

324.3 0.6 +0.3

1

9

11

▲▲

+0.2

+0.3▲20

1,176.3

518.7

405.0

14

1,096.5

713.1945.8

100.0

+0.80.8

▲

0.7

0.9

2.1

+1.2

2.7

53,503.8 95.4

0.0

432.723-

190.8

▲RBC Capital Markets 10 12 1,740.3 3.1 +1.3Wells Fargo & Co ▲9 6.3 +0.4

+1.014.3 +3 ▲ 118.0 4.113.9

+0.5

-4.5▼ 194.46.0 -0.520.9 -10 ▼ 171.26.8

▼1

4821.3 -25-4.8 494,559.3

6.4

▼

+1-0.1 ▼-0.2

231.9

-4 ▼

8.1▼

-4

-5-3

23.0

▼

Deutsche Bank 8

JP Morgan

54

▲8.78.8

-1.8

47+1.3+0.2

Proceeds Sh. (%)

26.561▲

▼9.4

Sh. (%)

62 27.0

Bookrunner5

Goldman Sachs & Co


Share Ch.6,801.8 12.1

10.4 -1.4

Industry Total

15

258,489.7

▼

901.2

2 2


1

15

# ofMarket

1,008


US IPOs (C6)

Industry % Change from Last Quarter ▲

Fees Sh. (%)

2.3%-5.1%

DealsMarket

▼

+0.5

Share Ch.MarketMarket

▲-1.6 ▼

9.4 -1.510.8

▲

▼

▼

Industry Total

Barclays

3 35,860.9

2014 Rank

2013 Rank

▲

230Top Twenty Total

▲

29.1 +15 ▲ 333.1 11.6

2,489.8

Robert W Baird & Co Inc1,383.4Leerink Partners LLC 0.5

1.3-1 ▼

87.0

▼

BMO Capital Markets 14 16 2,361.1 4.1 +15 97.3▲+0.4 ▲53 5.3 +9▲

0.9 41

1.3▲

1.0

Raymond James Financial Inc 15 14 2,079.2 ▲0.8 +0.1

+0.1 ▲▼

1.2

42.3 -

▲

0.0

▲+0.4

5.8%

33

Leerink Partners LLC

▲+0.3

Imputed Fees (US$m)

127.6 1.5

86.27,217.6

Morgan Stanley

Cowen & Co

Jefferies LLC

32

4,759.6 52

▼+3.6

▲

-1.1

110.4

80.3-0.1 3.4

▼

+7 ▲

▲

53

+0.2+0.3 ▲ 4.0+0.2

▲+12

4041 4.1 +0.6

-

0.934 -0.1

1.5

2.8108.4

0

74.4-

▲

# of DealsChange in

Jan 1 - Dec 31

Manager

-54

56,167.9

Bank of America Merrill Lynch 7

3.9

0.51,161.7▲0.4 +0.1

William Blair & Co

UBS

8.1

Citi

6

Cowen & Co

19 0

Piper Jaffray Cos 16

28+0.1▼

▲18

Market

Piper Jaffray Cos

Credit Suisse

67

100.0

6

1717

0.50.71,856.8

19 1,398.018

95.1

22.68.5 +0.5

+2.7

8 7 3,564.4

7.34.820.4

$36.2 $43.3

$46.8

$26.7

$17.5

$37.7 $33.1

$40.6

$57.4 $56.2 203 200205

31

53

124113

126

202

230

0

50

100

150

200

250

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Proceeds # of Issues

Pro

ceed

sU

S$

Billi

ons

# of

Issu

es

12%

Energy and Power FinancialsHealthcare High Technology

Real Estate Industrials

Consumer Products and Services Others

61%

IPO Follow-On Convertible

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

*tie

https://www.thomsonone.com5



1.31.01.4

96.6

Stifel/KBW

▲BMO Capital Markets 14 16 2,094.0

122.1

2,315.3

▼▼

84.1

3.6

416.3

▲

23-4 ▼

5213

15 141.1▲ 35 5.3 75.3

1,449.0

BMO Capital Markets

0.914 14 1,218.8

160.80.7

Stifel/KBW+0.41.7

38

▲72.9

+0.1

-1+7 ▲ 69.7

15

Raymond James Financial Inc 13 1338

1,920.1 0.9

9

3.3

48.4

KeyBanc Capital Markets Inc

▲

73.9

40.6

▲

1.1

1.1 +0.3▲▲

0.7

1.61.0 +0.5

Raymond James Financial Inc +0.2+0.21,148.2

7,919.28

+0.139 5.9

▲ 3.5 ▲▲ 29 4.4

+8

2.3Cowen & Co 16 20 973.1 0.6 +0.2

0.6 ▲ 15

19 748.920 -

-0.1KeyBanc Capital Markets Inc

Leerink Partners LLC 17 18 864.7Robert W Baird & Co Inc

1918 15 843.9

-0.50.5

▼2.03.5 -1

+0.2

Industry Total

23

-68

▲

Top Twenty TotalRS Platou Markets AS

156,813.1 100.0

0+0.1

95.4

13

-9 3%

662

▼

0.6150.0

+0.20.90.0

Leerink Partners LLC 17

901.2▲

▲ 40Robert W Baird & Co Inc 19 ▼

20 4.534 3.8

Cowen & Co

-14 1%

149,595.4

-

-6 3%

3,788.4

18

1,161.7-

▲4.3

▲

50▲▲

5.6 +9+6

17 1,383.4 +0.21,425.3

28 3.1+0.2 ▲

▲104.90 ▲

+0.7+0.2+0.1

-+12

▼1.1-+0.1 ▲ 1.7

-0.178.40-0.1+1 ▲

-20 0.422 15

4,503.1

1.6

100.0

2.8

190.1225.4

▼▼

+1.5

-0.63,434.2

Credit Suisse 7

+1.010.5

+0.30.7

+0.53.5

7,109.6

1,378.0

9

131.6

0.7

+4

1.4

31.1 0.7

1.7+5

10.1

48.5

9.27

Barclays 4

Bank of America Merrill LynchJP Morgan 3

▼ 8063▲

Morgan Stanley 6 6 20,875.4

12 11 9.0 +2 -0.1 ▼2.2

+0.4 ▲+0.2 ▲

1.22.0

▲ 163.8+5 ▲ 150.6

4.3 +157.1

▲ 90.6

▲▼ 191.4 2.6 -0.2-7 ▼

+35 ▲ 233.1▲ 122▲ 91

13.710.2

10,322.2 ▼RBC Capital Markets 10 12 7,521.1 +1.0

-0.1 15.93.24.24.9 0.0▼ 362.6

-0.4308.1▼16.5 -13

4.9 ▼ 142 -18

▼Deutsche Bank 8 8 12,778.0 6.0 +0.3 ▲ 147 -

749.3-20 ▼ 415.2 5.6 -0.6+8 10.2 +1.4▲9.8

17.522.9 ▲

15,994.6 ▲ 156+0.17.5+0.5

9.3 -1.8 ▼181 20.3 -9 ▼9.8 -4.1 ▼ 681.2Goldman Sachs & Co 5 1 20,905.5

-2.1 ▼7.0 +0.4 ▲9.2

+11 ▲-21

▲ 204

-1.4192

21,865.121.55 21,287.7 10.0 -0.1

▼▼

2 10.3+0.7 -726.0

▼669.2▲ 232681.1218 24.4

9.1 -1.0 ▼▼ 601.5 8.2▼4 22,917.8 10.8

Citi 1 3 25,934.2 12.22

Share Ch.Market

-2421.3Fees Sh. (%)

Manager

+0.9 ▲

# ofShare Ch.

Change in Market

+1.0 ▲ 190

2014 Rank

MarketSh. (%)

MarketDeals Sh. (%) # of Deals

Market

US Common Stock (C3) Jan 1 - Dec 31

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

39.9 0.5 0.06,330.8 85.97,367.4 100.0

-6 7%

892

Wells Fargo & Co

▲+0.3

Jefferies LLC-0.3

▲+0.20.0

Piper Jaffray Cos

95.8

-11 2% ▼

Industry Total

16

-

UBS 1196.57.912

6712 2,257.9

10

Top Twenty Total

UBS 11

▲

▲

▼

18

125.4163.2

-4 ▼-0.7 ▼

3.6 +1.0 ▲▲ 90

109 16.5 -21 ▼13.6 +17 ▲

▼

RBC Capital Markets 10 11 5,780.8 3.7 +1.64.3 -0.5 ▼

108 16.3 -10 ▼ 244.0100

7.9 +0.5 ▲15.1 -14

137 20.7 -7

5.1 -0.1

+0.4▼Goldman Sachs & Co 5 1

9.0 -0.5372.4

▼-5 ▼

140 21.1

Morgan Stanley 6 5 14,073.6

16,528.115,044.6

+1.4 ▲

10.5 -0.3-1.3 ▼

▼156 23.6 -18 ▼10.6

-4.99.6 120▼ 18.1

11.7 +2.4 ▲ 18313.4

100.0

▼

518.3

-932203,524.4

-2.3

8.3

MarketShare Ch.Sh. (%)

8.2

▼▲

+1.2

+0.8

Bookrunner Proceeds

212,981.0

-4 3%

20,970.8Bank of America Merrill Lynch 6

3Barclays 4

18,358.5Citi 1 2

2

Deutsche Bank

Jefferies LLC

8Wells Fargo & Co 9 9 6,812.6

5,569.3

JP Morgan

2014 Rank Sh. (%)

2013 Rank

▼Industry % Change from Same Period Last Year

Proceeds

Credit Suisse 7


10

Jan 1 - Dec 31

6.9

Deals

US Secondary Offerings (C8a)

Change in Sh. (%)

-19 ▼

412.5

MarketManager# of Deals

9.2

5.4

▲

▼4.2

Bookrunner137 20.7

2013 Rank Share Ch.

3 16,603.24

+0.9 ▲

-2.0

▼

▼

+0.8

▲

▼

▼

-1.0

+0.5

▼5.0 +0.1

310.7

-0.7

0.5

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

369.6474.8 ▲

# of Market

▲

-0.4

▲

▲

2.1

27.6

MarketMarketFees

-5

+18 ▲

+15

7 12,430.2

726.4 0.5 +0.5 4 0.6 21.0

*tie** Rankings exclude self-funded proceeds, per Standard Criteria

Industry % Change from Same Period Last Year 6.8% ▲ -10.8% ▼ 10.8% ▲

100.0100.0 116 -14

1.73 -0.2 ▼

+0.4 0.6 0.0 -6.52.6 0 - 5.5 0.5Raymond James Financial Inc 19 16 159.0 0.4

219.2 ▲

-0.2

0.3 2 ▼-0.2

▲

1,014.8

29.6

-0.5

2.6

-1

Market

17

Stifel/KBW 18 24 0.5

5.0

+1

-0.3

Industry Total

+0.9 ▲

45,508.7

0

1.7

▲

Share Ch.

-+0.30.6

-3.4

2,270.9

▲

-7 ▼12.1

Deals

▲

▼

▼

14

▼

▲

3

2▼

2

20 14 151.9

Industry % Change from Last Quarter ▼-25.7%

▼-4 ▼

▼3.4

▲Nomura 3.4 +4

0.3 -0.9

+0.317

UBS

- 231.8 0.5 0.44+0.5 ▲ 4.2BMO Capital Markets 16 18 267.1

▼2 1.7 -2 ▼ 6.6 -0.5BNP Paribas SA 15 13 291.7 0.6 0.71.6 ▲0.9

6.7▲ 3 +0.2 ▲

16.7

0.7

1.4▲

14 - 300.0 0.7 +0.7 +1.61 +1Piper Jaffray Cos 13 23 431.5 1.0 +1.01.7 +1 ▲ 13.8HSBC Holdings PLC 12

▲

▲5 4.3 -7 ▼1.0 +1.0

24.9 2.52.6

+0.3- 434.2 +3 ▲ 8.8 0.9

▲+0.7

8 2,053.452.9

4.5 -0.210 963.8 2.1 +0.2

▼-3.3 ▼▼ 5.2

2.9-15 ▼

-0.7 ▼14.7

▼ 56.6 5.69 5 2,246.2 4.98 9 2,267.2 5.0 +0.3

▲14.7

▲ 2020

17.2

▲-

+1.548.2 +0.6061.1

▲4.8

-3

60.8 6.03,259.0 7.2 +5.9

▲▲ 17 6.0 +4.5

-2.0▼

+12▼ 17.2

▼24 20.7 -10 ▼

+2.19.5

143.0-2.9 ▼4,605.3 10.1 -2.7 ▼ 96.6

-3.129.334+0.6

14.129.3 -9

-8 ▼▲

139.5▼ 128.7

Sh. (%)

12.714.0

Market# of Deals per Bookrunner

▲▼-7

7

8.8% ▲ -3.5% ▼ 2.1%-9.3% ▼-14.1% -6.3%

▲

-2.6

Market

+5.0

Manager

▲

MarketImputed Fees (US$m)

Sh. (%)

▼

Fees

▼

Jefferies LLC

Sh. (%)

11

5,158.0

51.5

▲

+2 ▲

7.5

Raymond James Financial Inc 13 - 173.9

▼

▼

-211.0

-4

15.8

23.5% ▲-6.7%

-0.7 ▼

MarketMarket

+1.8


3134

-1.4-5.9

6,474.8

3,373.3

Imputed Fees (US$m)Market

Fees13.8

7.4

# of Deals

6,367.6▲ 41

26.7

15.614.2 35.3

Market

7,111.4Proceeds Share Ch.

-11.2%

2014 Rank

▼

Credit Suisse

Jefferies LLC 11

Deutsche Bank67

Barclays

2

53

2JP Morgan3

64

11

5.4%

2013 Rank


Jan 1 - Dec 31

13.7%


1Goldman Sachs & Co

Change in Manager

-0.5

▼

▼

-▲ -

0.4Kohlberg Kravis Roberts & Co

Sh. (%) Sh. (%)Bookrunner1

US Convertibles (C9a)

-4.3%

# of

4

RBC Capital Markets

Morgan Stanley

Citi

10Wells Fargo & Co

Top Twenty Total

7

3

14

11

4,769.5

Morgan Stanley

Sh. (%)


# of Deals

Jan 1 - Dec 31

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

US Block Trades

76

2

1

RBC Capital Markets 14


-

9 9Wells Fargo & Co 10

6

BMO Capital Markets

Goldman Sachs & Co

Robert W Baird & Co Inc 15 -

5

48

JP Morgan

12

Credit Suisse

2014 Rank

Barclays

BookrunnerCiti

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

Market

24.121 11,415.9

3

10.1

2013 Rank

231.5

# of

4,127.3

0.5

▼+2.5 ▲-1.8

23

7,867.7

Deals

16.6

Proceeds

-8.7

Share Ch.

3540 27.4 -5

0.4

▼ 15

Market

+4 ▲

Change in

20.348.3

▼4 5 4,937.7 10.4 +1.7

10.9▼▼▲▲

36.3 8.1 -3.4+0.249.6 11.1

8.7 +3.4 ▲ 23 5.6+2.4 ▲ 26 17.8 -2

▲68.7 15.4 +3.924.8 -0.0

4,050.5 8.6 -0.3 ▼ 23 15.82,070.5Deutsche Bank

UBS ▲▼4.4 -0.18 16

6.22.4

1,144.6 2.4 +0.5 ▼9-3

3.3

-1

10 918.3 10.91.9 +0.1 ▲ +2 ▲11

▲

+0.5 ▲ 6.6-1.1 ▼ 2.4

3 2.1 +2187.0

+0.432▲182.1

+1

0.4+0.2+0.1

▲0.10.2

1.4

1 0.7

-0.51.5 ▲

-

+1.4

-

-20.1%

0.2

▲

-0.9 ▼

▲ .8-.4 0.1

▲Share Ch.

2.1

+0.414.6

▼▼

▼

10.044.7

▼

8.9 -6.1▼ 39.6

+6 ▲

10.810.3 -7

90.2

0.7 +11.7

24.0

15.8 -2

+2.5

Ladenburg Thalmann & Co 16 - 46.2 0.1 +0.1 ▲ 1 0.7 +1 ▲ 1.2 0.3 +0.3 ▲JMP Securities LLC 17 - 40.3 0.1 +0.1 0.4 +0.1 ▲▲ 1 0.7 +1 ▲ 2.0

Top Twenty Total 47,289.7 100.0 442.8

22.1% ▲0.0%

100.0

▲ ▼

146 445.5

Industry % Change from Last Quarter 25.4% ▲ -Industry % Change from Same Period Last Year -21.2% ▼ 2.1%

99.3+3

95.6Industry Total 47,289.7 100.0

914.1 90.2

▼

43,479.3

-25.6% -17.9% ▼

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com6

Issue Date Issuer/Sector US$bil Issue Type Bookrunners6/17/2014 The Williams Cos Inc $3.5 FO Citigroup | Barclays | UBS

Energy and Power9/23/2014 Citizens Financial $3.5 IPO Morgan Stanley | Goldman Sachs | JP Morgan | Barclays | Citigroup | Deutsche Bank | RBS | Wells Fargo

Financials7/30/2014 Synchrony Financial $3.0 IPO Goldman Sachs | JP Morgan | Citigroup | Morgan Stanley | Barclays | Credit Suisse | Deutsche Bank | Bank of America Merrill Lynch

Financials11/18/2014 Paramount Group Inc $2.6 IPO Merrill Lynch, Pierce, Fenner | Morgan Stanley | Wells Fargo | Deutsche Bank

Real Estate11/3/2014 Hilton Worldwide $2.6 FO Deutsche Bank | Goldman Sachs | Merrill Lynch, Pierce, Fenner | Morgan Stanley | JP Morgan | Citigroup | Credit Suisse | Wells Fargo

Media & Entertainment4/9/2014 Ally Financial Inc $2.6 IPO Citigroup | Goldman Sachs | Morgan Stanley | Barclays | Bank of America Merrill Lynch | Deutsche Bank | JP Morgan

Financials6/24/2014 Hilton Worldwide $2.3 FO Deutsche Bank | Bank of America Merrill Lynch | Morgan Stanley | JP Morgan | Citigroup | Credit Suisse | Wells Fargo

Media & Entertainment1/22/2014 Santander Consumer $2.0 IPO Citigroup | JP Morgan | Bank of America Merrill Lynch | Deutsche Bank | Santander | Barclays | Goldman Sachs | Morgan Stanley

Financials RBC | BMO | Credit Suisse | UBS | Wells Fargo 6/11/2014 Exelon Corp $2.0 FO Barclays | Goldman Sachs | Bank of America Merrill Lynch | Credit Suisse | JP Morgan

Energy and Power9/5/2014 Golar LNG Ltd $1.9 FO Bank of America Merrill Lynch | Citi | Goldman Sachs | Morgan Stanley |RS Platou Markets AS

Industrials

Full Year 2014


Full Year 2014


Top Ten US Equity & Equity-Related Deals (US$bil)

US Equity & Equity-Related Industry Composition for Top Bookrunners

3 3% 3 0% 3 5%100%

T l i ti

$3.5

$3.5

$3.0

$2.6

$2.6

$2.6

$2.3

$2.0

$2.0

$1.9

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0

The Williams Cos Inc

Citizens Financial Group Inc

Synchrony Financial

Paramount Group Inc

Hilton Worldwide Holdings Inc

Ally Financial Inc

Hilton Worldwide Holdings Inc

Santander Consumer USA Hldgs

Exelon Corp

Golar LNG Ltd

4.4% 3.9% 5.0% 4.9% 3.2% 3.7% 2.2% 3.2% 4.9%

30.8%

19.5% 18.9% 19.3%18.5%

33.7%

23.0%17.2%

36.2%47.7%

12.2%

10.4% 12.7% 11.7%13.3%

9.8%

11.2%13.1%

8.0%

6.3%7.0%

8.4%8.2% 8.2% 7.4%

7.2%

6.6%6.5%

6.4%6.5%

16.1%18.0%

12.0% 18.5%

10.3%

13.2%13.5%

7.1%

8.1%8.5%7.3%

7.3%

6.8%

6.2%6.6%

8.2% 9.7%

5.6%

3.4%

4.4%

3.0%

4.2%

4.8%

3.9% 5.3%

6.3%

6.6%

5.6%

7.2%

6.3%2.8%

6.6%9.6%

10.2%

16.4%

14.2% 8.6% 19.0% 12.3% 11.6%12.9%

16.5%

21.1% 17.0%

3.2% 6.8%3.4%

2.8% 3.6% 6.1%3.8% 3.4%

3.7% 3.2%3.9%

3.3% 3.0% 4.3% 3.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Citi JP Morgan Goldman Sachs & Co


Morgan Stanley Barclays Credit Suisse Deutsche Bank Wells Fargo & Co 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


+0.3 ▲1 2.9 +1 ▲ 1.8 0.63.8 +2.0 ▲

Evercore Partners 20* - 182.7 1.0 +1.0 ▲

1.8 +0.2 ▲1.7 +1.0 ▲ 8.6 -2 ▼3

▲ 1 2.9 -3 ▼ 5.7LarrainVial SA 18 20 300.0 1.7 +0.3▲ 4 11.4 0 - ▲

1 2.9 +2.4 ▲Corporacion Actinver Sab de CV 17 22 313.4 1.8 +1.1

+1 ▲ 1.6Banco Espirito Santo SA 14* 33 448.1 2.6 +2.5 ▲Caixa Geral de Depositos 14* - 448.1 2.6 +2.6 ▲ 1 2.9 -

8.0 2.5 +1.2

47% Decrease in Volume | Fees down 51% | 80% of Latin America Issuance from Brazil and Mexico


0.9 -1.9 ▼

0.5 -

Latin America Equity Capital Markets

Jan 1 - Dec 31

Manager

Latin America ECM Volume by Year


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

2013 Rank

Market Market Change in Market Market# of Market# of Deals Fees Sh. (%) Share Ch.Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

Itau Unibanco 1 2 1,957.8 11.1 +0.2 6.0 -2.1 ▼▲ 11 31.4 -11 ▼ 19.3Credit Suisse 2 3 1,559.7 8.9 +0.1 13.0 +2.5 ▲▲ 9 25.7 -15 ▼ 41.8Citi 3 6 1,408.5 8.0 +1.4 6.9 +0.4 ▲▲ 8 22.9 -2 ▼ 22.2Banco BTG Pactual SA 4 1 1,324.2 7.5 -4.1 12.7 +1.7 ▲▼ 12 34.3 -18 ▼ 41.1Goldman Sachs & Co 5 11 1,296.0 7.4 +3.5 7.5 +3.3 ▲▲ 7 20.0 -5 ▼ 24.1HSBC Holdings PLC 6 19 1,108.6 6.3 +4.8 4.6 +3.2 ▲▲ 5 14.3 +1 ▲ 14.8Morgan Stanley 7 8 1,085.2 6.2 +1.9 2.2 -2.5 ▼▲ 5 14.3 -7 ▼ 7.0JP Morgan 8 4 976.3 5.6 -3.1 8.9 +0.1 ▲▼ 9 25.7 -6 ▼ 28.7

Banco Bradesco SA 12* 10 491.0 2.8 -1.3 ▼▼ 2 5.7 -8 ▼ 1.5

2.9 -4 ▼ 3.0

0.5 -3.5

0 - 8.1 2.5

258 082 8

295.7

80 1Top Twenty Total 14 528 5

Latin America Equity & Equity Related (C1f)

Santander 9

12.1Grupo Financiero Banorte-Ixe 19 24

7 941.7 5.4 0.0 - 5 14.3 -9 ▼ 21.7 6.7 +1.7 ▲Bank of America Merrill Lynch 10 9 836.4 4.8 +0.6 ▲ 7 20.0 -8 ▼ 14.3 4.4 -1.1 ▼BBVA 11 5 604.0 3.4 -3.5 ▼ 3 8.6 -11 ▼ 11.0 3.4 -2.8 ▼

Banco do Brasil SA 12* 12 491.0 2.8 -0.2 ▼ 2 5.7 -3 ▼ 4.5 1.4 -0.8 ▼Barclays 14* 29 448.1 2.6 +2.3 ▲ +1.5 ▲1 2.9 -1 ▼ 6.0 1.9

▼UBS 20* 15 182.7 1.0 -1.1 1

$10.3

$17.7

$50.0

$24.3

$31.0

$54.6

$28.3

$22.8

$33.0

$17.6

35

60

115

23

45

7262

55

70

35

0

20

40

60

80

100

120

140

$0

$10

$20

$30

$40

$50

$60

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Pro

ceed

sU

S$

Billi

ons

# of

Issu

es

*tie

35 -35 322.7Industry Total 17,569.2 100.0

Full Year 2014

258.082.8

Full Year 2014

80.1Top Twenty Total 14,528.5

Latin America Eq & Eq Related Proceeds (US$Bil) by Country Latin America Eq & Eq Related Proceeds (US$Bil) by Sector

Industry % Change from Same Period Last Year -46.8% ▼ -50.0% ▼ -50.8% ▼-18.7% ▼

100.0

Industry % Change from Last Quarter -55.7% ▼ -50.0% ▼

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Proceeds # of Issues

$7.8 44%

$6.3 36%

$1.9 11%

$1.3 7%

2% Brazil

Mexico

Chile

Colombia

Argentina

$6.3 36%

$4.6 26%

$2.3 13%

$1.5 9%

$1.5 8%

Telecommunications

Real Estate

Financials

Retail

Industrials

Consumer Products and ServicesMedia and Entertainment

Materials

Energy and Power

Healthcare


ManagerFees

-0.9

EMEA Deals Intelligence

EMEA ECM Proceeds Raised by Industry (US$Bil) Jan 1 - Dec 31 2014

Imputed Fees (US$m)

JP Morgan ranked first in EMEA ECM issuance in 2014, with a 9.3% market share.2014 was a strong year for EMEA ECM fees, which exceeded 2014 totals by 65.9%from last year and marked the highest volume since 2009, according to estimates byThomson Reuters/Freeman Consulting.

Momentum slowed in the fourth quarter due to market volatilty. Rights Issuesand Convertibles were down 29.8% and 55.2% respectively, in Q4 from Q3.Financials remained the strongest industry group. Seven out of the tenlargest deals in 2014 were bank capital raisings.

2014 recorded the largest EMEA IPO volume since 2007, despite ten IPOswithdrawn or postponed in October. UK IPOs totaled $21.8 billion, up 73.6% from2013 and the highest volume on record since 1980. UK IPOs accounted for28.5% of this year’s European IPO total proceeds.

Share Ch.MarketMarket

Sh. (%)

2 1

4.9

5.35.2

226.6

+0.6177.0153.9 +0.5

6.7▲+3

+2 ▲▲

+0.5

+0.4

7.5

▼

▲

▲

▼

Bookrunner

-

45

Sh. (%)1

3

5Proceeds

8.2

# ofMarket

12.785-2.4

Sh. (%)

-

137

89

2014 Rank

2013 Rank Share Ch.


# of DealsDealsMarket Change in


▲+1.326,746.8

21,564.4

8.7

▲

3.9+2.0

Market

JP Morgan

0.0

9 9,481.9 3.3

+0 3 ▲1 4

2.1+0.4

1110 7,327.9

3 949 0

Societe Generale

+0.8

2.6

5,286.16,136.5

11BNP Paribas SAMediobanca 1.8

12129.7

Jefferies LLC 14 151713

4 2

3960 5.655

2449 4.5

5.1

3.6

8.1 -3.3▲

+11

-7.8

+137.5

0

269.5

7.7

2.2 ▲-0.3

2.6

+12

+3

+5▲

2.3113.6118.1 +0.8

108 0

▲+0.5

2.2▲▼

▼

▲

+1.6

▲ 295.1

304.2

265.0

+15▼

4.5

▲

▼

▲3.5▲

-0.6

+0.1

3.0

▼+23 5.8

250.8

+2.1▲

+22

▲6.0

▼

▲9.3

▲

9.1+136.9 -1.2352.6▲

▲ 461.0 +1.9

Citi

2 1 25,004.06 22,095.0UBS

7.9Goldman Sachs & Co

Deutsche Bank 882 ▼5

4 -1.081

30.0


15,439.74

835.4

21,224.0 -1.37.46

▲-1.2

7

7.7

▲ 7211,204.2

6.8 8419,631.2+0.6

▲

14▲

Credit Suisse 8 8

BarclaysHSBC Holdings PLC 9 10,120.2

0 1+9 ▲

+3

Morgan Stanley

3.510

7▼


EMEA Fees Reach US$5 billion l IPO Issuance Volume up 99% Year-on-Year l Financials Remain Dominant

EMEA Equity & Equity-Related (C1d) Jan 1 - Dec 31

EMEA Equity Capital Markets

$97.0 34%

$36.3 13%

$27.7 10%

$24.7 9%

$15.8 5%

$14.9

Financials

Industrials

Real Estate

Energy and Power


Retail


High Technology

*tie

2.1

2,299.6

45

+0.3

16▲

Top Twenty Total

*tie

Industry Total


Banca IMI (Intesa Sanpaolo) 32

-0.712

+0.3 ▲1.4

Nordea

0.2% ▲▲

Santander 30

12.6%▲

287,079.9

17 26

20

1819

Commerzbank AG0.9

3,080.3 1.1+0.2

3,949.0Jefferies LLC 14 1515 18ING

4.2-1

108.0▼

41.070.3

+0.660.8+0.2

▲

5,081.8 100.0

▲1.2

▲

100.0

54.9

0.877.1

65.9%

Top 10 EMEA Equity and Equity-Related Deals (US$Mil)Jan 1 - Dec 31 2014

-11.4%

Jan 1 - Dec 31 2014

9.8% ▼

1.2▼▲

3,573.6-1 ▼

-0.1+0.2

1.3

+960.0

▼

▲1.4

+0.4

66.9

▼2,864.6

151.1

+92.1

3,204.6

2.1-5-1

2316

▼+0.6

1.11.3

-0.1-▲ 64.9 ▲

▲▼

0

1.011

1.5

2,308.5 ▲15

2,570.2

▲

1.0▲ 23+0.5

0.80.8

24.5% ▲

221,538.7


EMEA IPOs by Nation of Primary Listing (US$m)

1,080

+0.1 1.4

+121

UniCredit

24

+0.4 ▲

5%$14.3 5%$14.0

5%$13.6 5%

$11.8 4%

$9.8 3%

$7.0 2%

High Technology

Materials

Healthcare

Telecommunications

Consumer Staples

$11,576.8

$6,954.2

$6,825.5

$6,000.0

$5,884.4

$4,647.3

$3,882.7

$3,765.6

$3,440.7

$3,034.2

06/24/14

03/26/14

06/27/14

11/02/14

11/12/14

09/23/14

11/21/14

01/22/14

05/09/14

07/18/14

Deutsche Bank AG

Lloyds Banking Group PLC

Monte dei Paschi di Siena

National Commercial Bank SJSC

Numericable Group SA

Telefonica Deutschland Holding

Endesa SA

RBI

National Bank of Greece SA

Banco Comercial Portugues SA

$21,131.9

$7,735.2 $7,565.6

$5,122.2 $4,999.4$3,989.3 $3,979.1 $3,695.6 $3,498.0

0

20

40

60

80

100

120

$0

$5,000

$10,000

$15,000

$20,000

$25,000

United Kingdom

United States of America

Netherlands Spain France Saudi Arabia Germany Sweden Italy

# of

Issu

es

Pro

ceed

s (U

S$m

)

Proceeds (US$m) # of Issues


BNP Paribas SA 17+0.2+0.2

▲

▲

▲

4,739.7

8 5

UBS 756 4,298.5

2

3,687.5

▲ Barclays42

▼▲

+1812

33+0.7

12▲ Citi 9▲ 10

0.0

+137,720.5

▲4.1

9,138.0 +2.03.0 +20

▲

▲-0.539.1

10

Credit Suisse 8

10Societe Generale

HSBC Holdings PLC

90.11.1

4.8▼ 79.9▲▲

-1.7

34.4

4.2

+1.94.6 +2.723

▲▲

+1.51.83 -0

▼

▲

5.6

85.8

-1.3 ▼▼-2.95.2

+1.8

▼

27▲

205.07.1

+13

-0.64.3+8

▲

2.4-2.9

▼

3,146.53,191.7

4.1 +1.7 ▲2.5

+158.2

-3.325

▼ +6

+7

9.6

+16

+1.014

8.9

131.5

5.0▲97.4

+2.6

▲ 7.0+9▲

94.0▲ 2.1

▲+1.0 ▲

▲▲

+1.56.7

117.3125.3

6.2

1,873.91,875.2

17 1,148.9 1.536

2.51,838.7

1,201.8 1.6▲ 1.3

0.91.2-

58.158.2 1.354.9

▲ Cenkos Securities PLC40.4

3,202.654.9

▲16 0%

Banca IMI (Intesa Sanpaolo) 48.818

37

2.012

UniCredit


Mediobanca

1.5

+140

1.91.0

197,741.3

Commerzbank AGINGBNP Paribas SA

17 3,204.62,595.9

1415

3,863.115 3,949.0

258,430.5

29 1%

69.2100.0

▲

+0.7

▲+0.6

▼

5.37.0

1310


▲

7

▲-2.8

-

▼13

16Numis32

14

Jefferies LLC6

Carnegie

11ING

▲6.2

HSBC Holdings PLC▲

Deutsche Bank1

▲

Goldman Sachs & Co 5,169.9

+0.218,561.8 7.2

▲17,429.2Bank of America Merrill Lynch

Deutsche Bank

Citi6Morgan Stanley

3

7

2

5UBS

2014 RankBookrunner

Proceeds per Bookrunner (US$m)Market

EMEA Common Stock (C4c)

+0.7

-0.37.4-1.6

4.1

6.7+0.8

20,251.9

▲

19,019.3

5.6


▲

264

3135Credit Suisse

Morgan Stanley-1.4 7.0

6.9-4.6 ▼4

▲ 323.0

9.6

+3.3

2711.1

▲

6.8▲+0.2

83 5,313.2245.1 ▼

Share Ch.

2▼ 5,339.5▲

14.3 ▲+2412.5+18▲ -0.2+1.7

4

9.0

Market ManagerChange in

Jan 1 - Dec 31Jan 1 - Dec 31

Market MarketBookrunner

Imputed Fees (US$m)

Sh. (%)Share Ch.Market Market

# of Deals

Imputed Fees (US$m)Market2014

Rank Proceeds Fees


EMEA IPOs (C7c)

2013 Rank

-1.140▼8.63

Market

JP Morgan 161.7

Manager

JP Morgan +49Sh. (%)Proceeds DealsShare Ch.

1 24,321.4 +1.2 ▲ ▼▲Sh. (%)

8.61Share Ch.# of Deals

419.3Fees

6,571.1

Market # of2013 Rank Sh. (%) Sh. (%)

MarketDeals

# ofSh. (%)

Change in Proceeds per Bookrunner (US$m)

1 23,214.89.49.0

3 11.9

-0.1

121

5 ▼

▼▲

7.7-2.7

+2.2

3.3

5.5

6.7

+18

▲277.0

▲

7.0

215.52.7

▲ -1.0

+0.2

233.2 5.0

-0.5+1.0

124.84.6

50 ▲ 151.3 3.3

▼7.2 6.0

5.273

+28

+8

7.668

241.3

▼ 78

253.7

+35

71

77

+7

+3

4.9

0.0+1.9

1.9+18

4.42.3

-0.2

+0.4

18+3

▼

10▲ +6▲

13

▲

2.7125.6

1.81.3

19 +12 ▲15

+16

31

80

▲

7.5▼ 76

+15

7.9

▲

1.2

1.5

+0.1 ▲

33

-

3.5

▲ 23

▲ 1.72.3

1.579.4

+0.4

0

+0.345

+0.5 ▲

1.5

1.1

3.1▲

+11+17

+0.1

1,015

▲

+0.3

108.0▲

15 +2

4,645.3

2,299.6

74

5,252.1

12

+1.3

10,505.3

2.0

-1.214,373.0

1.0

0.911 2,424.3

16 300.917

20 32Santander 0.8

Nordea

Industry Total76.4Top Twenty Total

1.219 2,241.3

100.0

2,135.8

▲+0.50.9

22

0.12.5

18-0.8

+0.4

3.0

1.5

10 3.6

▲

-0.1 ▼2.6

57.1-0.548.3

▲

+1.711

47.0

3.2 +7 -0.3

2.5

30.5▲

▲+0.9

▲ ▲

▼28.3+61,217.8

+1.0

100.068.2

1,880.4

1.61,176.7

3.6 +41.5

+0.3+4 ▲ 19.8▲

▲

+0.3 ▲ 12

▲ ▲10

6+8

▼

▲

1.4▲ 26.8

27.4

▲

2.1

122 0%Industry % Change from Same Period Last Year

▲

76,539.0

1.5 -0.5 ▼

+108280

▲ 73 6% ▲

Industry Total

▲98 9% 62 8%▲

Top Twenty TotalCanaccord Genuity 20 23 910.0Nordea

1.219

74.4

18 964.4

100.056,737.3

1.4 +0.3+7

1.3 +0.2-0.2

4.3

+11

7+1

3.9

1,279.1

+0.41.1

26.5

--0.6

▲1,272.3

21 7.5

31 1.7GIB Capital

9▲

19+0.2

+0.6 ▲+0.61.6 +1.015

1.01 0.4+3

▲1,800.0

Goldman Sachs & Co7.8

+1.1Global M&A▲

8

Barclays

Jefferies LLC 135,240.4

14

99

2311

EMEA Equity Capital MarketsFull Year 2014 | Equity Capital Markets | Managing Underwriters

▲6.418

▲

▼

+2.4

+8▲

▼

+0.12.4 ▲

▼

-0.1▲▲ 5 3.8 +5 ▲ 20.1

-1.9 ▼Nomura 19 - 806.4 1.5 +1.5 1.6 +1.6

7 5.3 +3 ▲ 20.5 1.640.6 3.2 +1.7

ING 18 4 998.5 1.9 -2.7 ▼

▲Santander 17 13 1,149.9 2.2 +0.2 ▲ 5 ▲

6.1 +5 ▲ 29.9 2.4 +1.3▲ 28.3 2.3 +0.8 ▲

1,373.5 2.6 +1.6 ▲ 82.7 +2.0 ▲ 9 6.9 +4

1.2 4

BNP Paribas SA

14


** Rankings exclude self-funded proceeds, per Standard Criteria

Deutsche Bank

15

Credit Suisse682.7

Natixis

JP Morgan

6

HSBC Holdings PLC

9


▲

▲

RBS

Barclays

Share Ch.▲9.5

22

31

-5.0% -34.0%

Banca IMI (Intesa Sanpaolo)18

3.8 +3 ▲

▲

18

▼

Santander

Industry Total

▼

Top Twenty Total2019

-22.6%▼

▼▼-6.1%-64.3%-55.2% -24.9% ▼

402.1

▲

100.0436.592.1

6591.026,020.8

1.4 +0.5172.71.4 +1.16.1+2

6.0▼-1

+4+0.5

▲

▼▲6.7 1.5

+0.96.2 0

+0.46.1 1.4 -0.3-

04.6

▲7.1328.8 ▲17

16 28 503.6 +1.5 ▲-1.5+0.52.7

▼1.8

▲58

+2 ▲ 2.8

▼

2.37.7

+27.7

5▼

▲ 1.612.1

2.8▲11.0-1.6 ▼ 4

▲ 12.0-0.2

9 698.9

656.0

2.5+0.8 ▲17 2.4 12.3

2.4

▲0-1.2 ▼

6.729.1- +4.49.21,066.6

3.1

8

▼12.3

6.2 -2.8-313.8 +3-0.3

11 16 982.212 11 889.0

3.4-1.2 ▼-8.5

▼ 96

▼ 8

+1.5 ▲

10

-39.2 ▼▼ -3.12.29.56

▲4.6

10 1,761.41,312.5

8 6.2

▼

▲6.46.2 -0.1

+2.7 ▲

4.6

6.85.9

19.9+3.4

▼

+0.7

-6.9▼+2-912.3

15.4-5 ▼

20.0▲2,075.8 7.37 10.86.3

-116.90

25.729.6

▲ 28.0+5

-

▲

▼ 27.3

9.636.3

▲+3.2+0.2▼

- 41.7

41.410 8.3-42,662.2 15.4

20.0133,075.8 10.7

4 32,425.47 16+1.7 24.6

2

18 27.7

6

+6 ▲

▲

▲

11

Sh. (%)Sh. (%) Share Ch.1

Goldman Sachs & CoSociete Generale

UBS

▲

131,789.2

+3.1-1.4

+2.5

20 18 ▲

▲+4

1.5

1,417.0

Industry Total

14UniCredit 15 31Banca IMI (Intesa Sanpaolo) 16 26

Credit Agricole CIB 793.9

Commerzbank AG3.1 -0.3 ▼Credit Suisse 13 9 1,642.6 9

3.852.9

BNP Paribas SA 12 12.21,738.0

37 1,537.5

4.0Societe Generale

▲6.9

10.7+3.63.3

38 2,108.37

▲+111416-0.8 ▼

Deutsche Bank 10 2 2,151.4 4.1 10-4.54.1

11

48.4

▲

+0.6 ▲ 6▼

9+3

Bank of America Merrill Lynch+0.2

▲7

-2.4

+2.62,345.3

4.6Mediobanca 2,418.54.48 6

8▲ 4.8▲▲ 3.92,182.7

5+10

3.8

▲6.0

1211 8.4

9.2 +5

5.7 ▲▲

11+3.0 ▲

5.72,767.6 5.2 ▲

+1.4

▼2,668.8 5.1

2,986.1+4.1 10

▲+7

8.49

-5.2 -4.1

+6▲

5.0

▲7.6

7.6

Sh. (%)

4.6

+6

+1

17.6

+1

6.9

+13# of Deals

0.94.63

1▼

-0.3 3

-19

268.7 -▲

0.6193.9

▼

19 -0.30.7 ▲+0.5

28,649.4 100.0

Industry % Change from Last Quarter12.7%

▼

▲+3

+25.37

7

46.5

20.1

+2.7

1.6

▲36.236.5

▲▼

+3.2+1.69.34

2,273.3▲ Morgan Stanley 5

-0.38.5

▲Proceeds

5

▼12

-1.3▼

7.7

▼-1.2

14

7.9

2013 Rank

+3.92 2,202.1

3.7

+2.51

13


10

▼

Bookrunner

3,044.0UBS 3 28

65 21

2,996.952.5

+4.98.45.8

1,023.2

Citi

2.9

59.9

-29.8%

Commerzbank AG

59.8% ▲

1,251.052,889.043,000.6

▼

100.0

▲Industry % Change from Same Period Last Year

+32

*tie

81.5

32.3%

131

96.9%

100.0

-0.4

-3.4

Fees

75.1

4.1

+1.8

64.0 ▼▼

UniCredit

Credit Agricole CIB

▲

5.1

▲

5.1 -5.3

2.9

+3.34.2

63.4

5.8-0.1

▲ 72.861.0

+711

Berenberg Bank

Imputed Fees (US$m)

134.5

▼

▲

61.9

51.0

+4.2Citi

16.0%

Deals

Jan 1 - Dec 31

1

Manager

▼

HSBC Holdings PLC

5

2 11

Top Twenty Total

Morgan StanleyBarclays

14*Goldman Sachs & Co

1



Market2014 Rank

2013 Rank

Market


4

▲

Share Ch.

Industry % Change from Last Quarter 14.7%

11.1 23Sh. (%)

MarketProceeds

29.1%

4.9

Sh. (%)3 5,873.7

EMEA Rights Offerings (C8fr)

JP Morgan

# of

▲

+2.6

▼

Market

+4.1

Share Ch.10.8

▼▲

▲▲

▼

-0.2

81.9

3.7

▲122.0%Industry % Change from Same Period Last Year

Market

Jan 1 - Dec 31

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

Sh. (%)# of DealsMarket Change in

Deals Fees+2.7

1.5 ▲

▲+1.07.8

-1▲

34.2

▼

0

-9.9%

Manager2014 RankBookrunner

EMEA Convertibles (C9d)

3

Market


+3.6

▲ 19.2%▲▲

73.6% ▲

Market

-17.5% ▼27.6%

# of Deals per BookrunnerChange in Market # ofMarket

▲▲98.9% 62.8%

9.7%▲


Asia (ex-Japan, ex-Australia) Equity Capital Markets

According to Thomson Reuters/Freeman Consulting, estimated fees earnedon Asian Equity & Equity-Related deals in the full year of 2014 totaledUS$4.1 billion from 1,701 deals, a 64.6% increase from total fees earnedthroughout 2013.

Asia Deal Intelligence

Asian ECM 2014 proceeds registered US$220.4 billion, a 41.2% increase from2013 and the largest volume since 2010. Issuers from the High Technology,Financials and Industrials sectors captured 50.7% of the market, with US$52.8billion, US$31.6 billion and US$26.6 billion in proceeds, respectively.

Imputed Fees (US$m)

Asia ECM Proceeds - Largest Since 2010 l Dalian Wanda Commercial Property Deal - Contributes to Record High in Asian REIT Issues

Asian IPO proceeds in 2014 more than doubled from 2013 totals to US$83.5billion from the US$36 billion raised a year ago. China and Hong Kong IPOstotaled US$70.8 billion this year, capturing 84.9% of the Asian market.

MarketMarketSh. (%) Share Ch.

-0.6▼

Share Ch.

11,194.7

6,502.6

10,566.311,099.3

11,844.9

5.0

8,162.3

1

12

5.4

3.2

7

434

3

6

Fees

6.9 -2.2

ManagerChange in # of

3.7+3.5

Deals

▲Credit Suisse

Deutsche Bank


2

-0.25.19

Goldman Sachs & Co

JP Morgan5

15,235.1

6,948.7

8

+0.7

UBSCiti

11

1 9

8,713.1

10

2

6

China Securities Co Ltd11

8

712Haitong Securities Co Ltd

10

China International Capital Co57 2.2

14

HSBC Holdings PLC

4,761.5

2.6

13GF Securities2.3

145,653.7

CITIC9

▼▲

4 219 6

5,021.0+1.9

61

MarketSh. (%) # of Deals

63

3.6 ▲

▲

▲

59

4.4+7-2

+19

▼

▲▼



+13

17,473.41Sh. (%)

75

3.5

2014 Rank

7.9Morgan Stanley 5Bookrunner Proceeds

Market2013 Rank

▲

▼

0.0

1 5

▼

+0.6

38

-4.64.0+0.9

+1.5+1.8

4.8

-▼

▲

-1.1

55

▲

▲

3.0 ▲+0.936

5552

3.7

▼+0.7

+0.9

193.6 4.7 -0.3 ▼

▲

-0.8▲

▼

▲

▲

-0.2▼-0.2

+0.6

▲+0.7+0.2

-2.0▲

▼

▼

+2.90 2

-0.4

▼

2.7111.6

2.2

2 03.5

79 7

2.7

141.6

2.1

198.6

139.4166.1 4.1

4.1

3.8153.4169.6

109.1

3.23.1

▲

5.0

165.3

203.6

3.4

4.9

+11

▼-2+6

▲

1.71.8

3.2 +14

+16

▲

▲

+1

▼

32

29

▲

2.2

1 9

+10-12

+302.1 ▲

Jan 1 - Dec 31

36

31

4.273 4.3

2.1

▲ 90.0

Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

-0

87.2


Asia Equity & Equity-Related Imputed Fees by Domicile Nation (US$m)

$2 000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

2.1

+6+5 17.1

▲▲

▲

▲1.5

100.0

2.1▼

▲

1.1

4,012.33.5 -12

▲

▲

2.1

▲

+17

2.3

1.6

+7

+0.8

+2

-8-0.9

2.2

24

Manager

▼2.7

+630

▲

Share Ch.

▼

15.9%

162,127.3

-32.4%

117,513.8

17

1.1+0.8

1.21.0

2219

1,842.7

+0.3

1.2

+0.4

5,653.7+0.5

13

1.2

1.2

1.9276China International Capital Co 14

220,393.1


4.2

9

19

6,948.7

-64


3

2014 Rank

UBS

Goldman Sachs & Co

4

9,989.6

41.2%Industry % Change from Same Period Last Year

Morgan Stanley

117.3

5Citi

73

▲8

-▲

182.12.5 ▲ 66.2

+0.3

CITICHSBC Holdings PLC 0.0

38.8

36▼

2.6

1.936.7

1.3

+0.6

▼

▲1.4

3228

54.5 +0.1

54.236.1

-51.3

▲

▼▼▼

27.767.3

100.0

▲▼

▲▼

22

+3

1.2

+187

▼+9

3,409.0

▲

15

26

▼13▲

-1.2

12

▼

▼▼

+0.1

-0.910 -1.430

2,071.9

2,377.8

16DBS Group Holdings

11

13

12 16Bank of China Ltd

CIMB Group Sdn Bhd

15

13

10,033

7,390.56

2

1

10 149

10,593.811,279.0

China Construction Bank

Credit Suisse

6

JP Morgan5

87

Deutsche Bank

China International Capital Co


Bookrunner1

2013 Rank # of Deals

▲55

DealsProceeds

13,875.82

100.0 1,701

-21.2%

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)

1.0%▼

▼+1.2

▲15 4,115.1

1.716 +0.2

4,219.6China Merchants Securities Co

Guotai Junan Securities

Bank of China Ltd 3,766.217

1.31.4

18

20Top Twenty Total

31

Industry Total

Guosen Securities Co Ltd 3,140.02,942.2

43China Construction BankSouthwest Securities Co Ltd

-1.1

30

+0.5

-1.5▲

▲

1.9

▲

▲▼

+0.6

9.8Sh. (%)

2,377.866.6

▲

15,937.3

146,385.5

2,648.0+0.7

33

+14

▲+42.3 ▲

1.9

1.43913

+17

▲

1.8 ▲

▲

+349

Sh. (%)Market Market

+1.6-1.1

▲▼

+3.7

▲-4

29-2.6

25.8%

Market

▼▲

-4+13

36

+1.7

▲ 067 ▼

▲▲

+20

4.6

8.6

6.2

4.9+23.7

586.5

50

4.058

7.0 734.2

46+2.4 ▲

4.3

37

1.5+1.0

22

▼

▲

-4.46.2

1.3

-0.1

Standard Chartered PLC2,173.5

Malayan Banking Bhd

2,380.0

1.31,994.9

1.514

Industrial & Comm Bank China19

1,912.518 45

▲

17

11Woori Invest & Sec Co Ltd1,870.0

▼ -1.5%

▲

+81.1 +0.7


1,768.2

Industry Total72.7


20China Merchants Securities Co

100.0

37 ▲

1,365

17

42.8%

Top Twenty Total

155.1

-2.5

Market

+1.5

▲

42.5%

1.4

Top 10 Asia Equity & Equity-Related Deals (US$m)

▲▲

-0.1

▲

+1.0▲

152.4

194.46.0

+1.7

7.5

▲

4.7

-2.8%

Fees

▲

4.3

▲

+0.2Share Ch.

7.2

▼+0.9 ▲

5.9

0.0

+0.4

1.2

-1.2

-0.62.1

+0.4

+1.54.5

-0.3

-1.1

▼

-0.23.4

1.4

-0.3

MarketImputed Fees (US$m)

74.52.61.8

106.9

7.0

+1.3

-0.2▲

2.2

+0.1

▼

▼

▲

Sh. (%)

▲▼

89.92.393.2

0.9

Jan 1 - Dec 31

60.234.541.4 1.0

+0.3+0.7

2,449.2

+0.1

2.079.7

▼+18+11

▲-4

0.8

▲

▲

+17

36.2

111.6▼

4,081.1

187.1

0.71.1

1,738.72,587.3

-18.1%

1.6

87.2

-0.329.7

34.5

2.6

Full Year 2014

▲

▲

181.7

120.2

-

# of Deals per Bookrunner# of

▼

Change in

5.3

3.4

+4

32 ▲1.9

21 1.2

64.6%

$25,032.3

$6,874.1

$5,995.8

$4,749.7

$3,714.2

$3,638.7

$3,109.9

$2,644.5

$2,362.0

$2,047.0

Alibaba Group Holding Ltd

CITIC Pacific Ltd

BOE Technology Group Co Ltd

Ping An Insurance(Grp)Co of

Dalian Wanda Coml Ppty Co Ltd

CGN Power

HK Electric Investments Ltd

Oversea-Chinese Bkg Corp Ltd

WH Group Ltd

JD.com Inc

9/18/2014

8/25/2014

3/25/2014

11/30/2014

12/16/2014

12/3/2014

1/22/2014

9/15/2014

7/24/2014

5/21/2014

$0

$500

$1,000

$1,500

$2,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

China Hong Kong Singapore South Korea Malaysia India Thailand Rest of Asia

*tie


Jan 1 - Dec 31Asia Common Stock, inc Chinese A-shares (C4a)

3.9 +1.1▲

1.9

▲

+10

2.5+40.8

▲

9

3,849.2

1,577

29

2,942.2

▲

9,658.73.2

22 6%

+291

13+161.8

6,177.511

2.2

+0.8

2.4

+1.06,580.9

4,458.7

3.1

22-0.6

3.3

2.4▲▼

+0.5▼

1.3

1.51.5

▲

▲

4.18

10

8,267.0

4,761.5

1.8

2

4,897.0

1.9

13

-1.6

+0.74166.2

+0.6

15

-0.7

0.0

3,060.01.8

1.2 ▲133,332.1201,667.4 100.0

▲


52 0%

19 31

3,626.3

Southwest Securities Co Ltd2,352.0

Industry Total

15

2,648.0

▲1716

18

3,691.3

1.8

3.2+2

6

6,748.67 ▼

+1.3

8-3.1

7 9,362.6

2.3141.3

▲ 144.4

▲37

32

2.33.8

+129

4.6 50

103.9

▲

+1.1 32

+0.8 ▲

69

86.3▲

▲69.2

▲+10

2.31.4

▲

39

2.01.3

1.5

-

23

20▼ 30

-1.0

15China Construction Bank

2.42.4

1.9-0.21.9

+1.613

37

-Guosen Securities Co Ltd

Top Twenty Total

▲

Industrial & Comm Bank China

74 3%

58.9

73.1

0.9


28

▼

1,199.3-41.4

3,760.3

132 0%

2,212.0

1.133.6

▲

+17

+301.8

+18

▲▼

72.2

▲

▼

▲

2.8

▲

+15

-5

+10

+1489.991.5

-15

2.0+0.2

+2.1

3.4

▲+1.7

4.4

4.8

36

▲

5146.3

57

# of Deals

▲4.1▲

+1.3

▼

3.1

▲

2013 Rank Sh. (%)Proceeds

7

Market

+0.5 6

4.5

▼

Market

▲ 116.8

180.6

▼

▼

-0.14

3.8 -1.4 ▼▲

▲5

20-0.3

19

2218

Bank of America Merrill Lynch▲

-+0.7

DBS Group Holdings-

17 3.36.4

▲

▲

1,204.4

1,063.4

83,487.6

▼

3.2

3.4▲

▲

▼+1.4-1.4

▲+1.8

▲+0.5

4.1

-1.6

+1.9

1.4 ▼▼

103.3

▲Guotai Junan Securities

5

-5

+864

3.5178.5

119.3

+15+14

▲▲

▲

▲ 3.2

+3.5

▼108.2

Market

24 4.7

Market Manager

+3 ▲ 115.2

-0.4Share Ch.

▼


Sh. (%) Fees

Imputed Fees (US$m)

▲

China Merchants Securities Co

90.8+316 3.1

Deutsche Bank

0

61,745.1

1,278.9

2,700.2111726 2,947.5

116

2,235.4

1,349.914

▼

Market# of Deals

4.8

138

6

87

70.2▲

▲

▲0

3.12.94.3

2,535.3

▼

20

HSBC Holdings PLC12

16

151.2100.1 9

11

Bank of China Ltd10GF Securities

CITIC4.0

2.8

+0.3+0.8

▲

8

▲

+3.4 UBS

+0.1+0.1

▲

▼

0.0

+0.7 Haitong Securities Co Ltd 17

0.0


2.7

▲

100.0 Industry Total

3.2 JP Morgan

169.150

50

+943 2.7

Citi

▲

2-1

Fees

3.317

Share Ch.

▲▼

174.8

Sh. (%)2014 Rank

ManagerProceeds per Bookrunner (US$m)

+0.33.6


▼▲

6.56.8 +3.1

24.8

Market MarketDeals

+3.6

Imputed Fees (US$m)

1ProceedsBookrunner

Goldman Sachs & Co

3

3.3

Credit Suisse

▲

+1Share Ch.

# ofProceeds per Bookrunner (US$m)

13,530.7

Change in


20

9

19

China Merchants Securities Co

3

5.1

Share Ch.

Haitong Securities Co Ltd

+1.36.7 -2.4

Market

16,620.3Deals

8.2

# of

53 10,228.8

4.99,870.8

54

+1.8

55Morgan Stanley

3

23Guosen Securities Co LtdGuotai Junan Securities

Credit Suisse

CITIC

12

1

6

HSBC Holdings PLC

Deutsche Bank

UBS

11

▲

▲

2.9

Change in

75.74.1+8

-1.2

▼20

+4.6

Sh. (%)

5.2

5.3-

118.6

64.4

3.51.6

+0.1

Jan 1 - Dec 31

-0.2

MarketSh. (%)

2.7

3.7

-1.0

-2.1

+3.2

▲

1.7

30.6

2.565.2

36.927.3

3.7

+7

40.6▲

+6+12 54.8

2.1

3.5

3.9 +11 ▲

3.5-1-7

+21 4.7

91.2

77.72.1

-3▲

4.9

-3.782.7

105.8

2.7 -6

▲+18 ▲

▼

+6

18

16

▲

▲

▼

▲

▼

25

1522

▲

Asia IPOs, inc Chinese A-shares (C7a)

2013 Rank

-0.3 ▼

14

8

3.5

6,763.0-0.1

Sh. (%)

6,092.8

7,465.0

+1.9

7.3

Morgan Stanley

4Goldman Sachs & Co 2

4

1Bookrunner

GF Securities


1213

JP Morgan

10

Citi

2014 Rank

Bank of China Ltd14 27

Top Twenty TotalChina Construction Bank


+0.2 ▲-2.4▼

62.3 2.847.7

1.8

-▼

0.0

▼▲

1.2 -0.6

44 8%

17

▲

14 ▲+4

3.3

▲

62.6

153 2%

+159 2,232.5

Market

+4.08.98.1

▲

-3.72.71.8

5,297.3

▲

+1.0

2.9

+4.2

+2.5

5,673.6

2,520.5

▼

3.03.2

0.0+2.9

1,538.9

2,404.9

-2.11.6

3.0

19

514

191.4

-0.4

1.4 +0.8

▼0.0

▲

-

0.0 ▲+7

1811

▼

-

1.5-2.2

1.3

1.51,218.8

-

7

+1.3

-1.4

9

1.0 0.0

45,384.5

▲

100.0

+14 2.91.3

1,395.5▲

100.073.8

Asia (ex-Japan, ex-Australia) Equity Capital MarketsFull Year 2014 | Equity Capital Markets | Managing Underwriters

▲+2.9871.5 10 ▲1.9 +1.329.6

China Galaxy Securities Co

11.3%▲▲

100.0118,179.8

14.2%0.7% ▲Industry % Change from Last Quarter

▲22.3%Industry % Change from Same Period Last Year-7.1% ▼

Top Twenty TotalIndustry Total

+1

*tie

-1.2

1.3

+0.5+7

+132

9860.6

1,996.6

▲

14

62.71.2

▲ 1.015.5

35.1 2.3

24.5

74,148.1

38.61.6

- 1.7

-2.0

▲+0.4

▼35.6

▲▼

122.3

45.7

1.8

2.5+3-8

▲

▲▲

3.568.5

46.6

4.5

▲26.7

66.7▲

▲ 3.655.6

53.9▲

4.43.5

3.93.8 59.9▼

▲▲

3.219▲ 2-

Sh. (%)

249.5 +1.3▲ 16.7

0.8

+1.0

+0.3-1.126.40

37.2+1

1.6Phatra Securities Co LtdTop Twenty Total

▲+1.2223.0 2- 1.22019

0.8▲10 0.9

-0.2+0.7+1.1 1.3

15 13

22325.1

2.4▼

-0.5

▲255.4

2,087.42,053.9

Industrial Securities Co Ltd1.4

9 1,742.9+0.1 ▲

▼

+6

GF Securities 13 47 2,241.0 1.3

16 19

1.114

1.8

26

+1.5 ▲

Southwest Securities Co Ltd-3.1▲+1.212

11 8 3,689.010 16

Citi

9 6 4,048.4Haitong Securities Co Ltd

JP MorganDeutsche Bank

8 3.57 4,136.03.77

▼

CITIC

+1.1

+1.914

1

3.8▲4.4

3.4

20▲

▲+34.8

33 3.1 +6

▼

21

▲

1.9 ▲

3.6

-0.3+2.4

-2.4

+3.4 38▼ +7

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

Change in

72.5


+0.2

Market# of

5140

DealsMarket

-1

22.6%▼

Jan 1 - Dec 31

▲6.2% -3.5% ▼

2

4,486.3

8.35.1

ProceedsMarket

Sh. (%)

11

2

4,361.3

9,857.3

6,031.6

Asia Secondary Offerings, inc Chinese A-shares (C8c)


Guosen Securities Co Ltd

5

1.4

China International Capital Co 14HSBC Holdings PLC

0.0

▲ 40

3.13,692.6

+1.5 ▲2,448.5 2.1

1.9

1,410.6

18 1,690.774 1,485.5

1.03.2

92.1

11+634

+9

1.7

▲2.7

3418

3.8▲

+12+4+4

+0.4▼ 3.2

29

-0.2

▲

Share Ch.

4.65,231.1


2013 Rank

Morgan Stanley

2.0

+1

3

4

5.15,391.74

Market

-22.0%

10

▲

6,065.7


52.0%

Deutsche Bank

Goldman Sachs & Co

4CITIC▼ 3▼

▲

▲+7

37.8 2.5 +1.253.5 -0.7

▲+4▲

17

Changjiang Securities Co Ltd30

+0.743.6

3.1

0.0

-0.3

+0.62.9

Imputed Fees (US$m)

74.3%

-

3.0

1,616.0


1Sh. (%)ProceedsMarket

132.0% ▲

▲

Jan 1 - Dec 31


41,704.4

-37.0%

2014 Rank

2

18.5%▼

+11.0

▼

+0.2

+1.7

▼▲

-7.14

333.4

4.0+3.912.5

+3.65.613.0 -0.2

3.90.4

7.51.3▲+8

3.2

265.9 +1.4Barclays 18 27

1.417

+0.6▼

2.0+1.1

-3.62.0

1.711.6

▲2.0

-

1514

9.06.5

446.1

12

1 3.2+1.0+0.1

910

▲

1513

▲12-

6*34 606.4▲ KGI Financial Services Group

11

1.1

Partners Capital International▼

▲+1.7


-0.4

UBS

-0.6▲



Standard Chartered PLC▼

Concord Securities Co Ltd▼

0.0

▲China Merchants Securities Co-0.2

▼

▼

56.31,527.8

19.7%

83.3Industry Total100.0

▼▲ Industry % Change from Same Period Last Year

15,577.712418,725.7

Citi

▲

▲6


25

+2

JP Morgan

Bookrunner

9

5

▲8Morgan Stanley7HSBC Holdings PLC

+0.6

▲

▲

+3.1

+1 2.3

18.1

+3+4.8▲

14.6

-0.9

▲7.0

▲

▲▼

▲

▲

▲

1,063

918

1.7


Credit Suisse

1.7

Guotai Junan Securities

6

20

5

0.81.3

1.5Huatai Securities Co Ltd

Credit Suisse

Market

+0.24.7

-5.5

2014 Rank

Market

▲

▼

▼-13.3

▲4.0

18.9 5.9

Manager

22.6

# of DealsSh. (%)

46.89.2


Bookrunner

Goldman Sachs & CoUBS 3

1

▼

▲

+4.4

1,323.9

+4.9

1,440.6

7.11,413.7 +6.9 ▲

367.8

Industry % Change from Last Quarter -10.6% ▼

44.8% ▲

▼Share Ch.

▲

7.8 -1.8

Imputed Fees (US$m)

Fees

18.4

Market

153.2%-12.6%

Change in

5.7

29.5

MarketSh. (%)

25.1▼4.8

7.3

-1

▲8.9 +4

9

4

115

2

7

3

▼

3.2

1,203.8

4.2+3.1

786.6

593.3

1,194.96.4

8.1▲

▼

2.4 +3

▲4.0

+3-1 ▼

-1

+0.6

-0.1

-1.2

-1

+4.2

2 +1

▼

10-

-313

▲

▲

11

8 +2.9 5

4.6

3.2

-14.2 42.41.6▼-0.4

1.8

853.0

▲

+1.8 +2▼

+110

20

16

374.9

# ofMarket

Asia Convertibles, inc Chinese A-shares (C9b)

2013 Rank

+0.2

▲

Share Ch.


11▼

Deals▲ 6

+4

5.6

9.1

+1.7 ▲

-7.3

3.26.4

8.9

3.21.6

▼▲

2.8

▼ 1.62

▲4

▲+11 0.9

1.8▲ 0.8

▲ 4.1

5.9+0.5+0.2

0.5

1.3 +0.93.0

▲▲-1

+3 ▲+0.9 ▲▲

▼

100.0

▲

2.1 +0.7▲

-0.5%5.7%

+1.1

-51.2% ▼

▲

87.9%

5.4

320.8

4

1.7

7.77.6

100.0

▲

81.7▲

263.0

1.6 +20.7

▲ 1.7+2

-20.1% ▲

▲

+58

-0.98.6


▼ 1 5.6 -8 ▼ 2.3Goldman Sachs & Co1.1

Share Ch.▲

1

▲

+1

39▲ 30

Fees

5

12

630.8

822.7859.7

Australia Deal Intelligence

14509.3

3,142.9

13

9

8

UBS

6

4

Bell Financial Group Ltd 12

Deutsche Bank

11

Patersons Securities Ltd

Credit SuisseBank of America Merrill Lynch

Morgans Financial LtdCIMB Group Sdn Bhd

Morgan Stanley

Commonwealth Bank of Australia

3

16

7

▼

17.0

MarketMarket

1

3 6,847.9

Market

Australian IPO proceeds totaled AU$17.2 billion from 69 transactions in 2014,with fourth quarter 2014 industry total at US$8.7 billion from 28 deals - thehighest quarterly volume since the last three months of 1997, when theTelstra Corp AU$14.6 billion IPO was issued.

+10.5Bookrunner

1Sh. (%) Share Ch.

Macquarie Group

Jan 1 - Dec 31

Market# of Deals

Change in

16.1

13

6

-

2013 Rank

2

Proceeds

6,464.0+52.9

94.486.3▲

+1

+27.2

-1

2.9 +7▲▲

+4.4

3.125.3

10.5

130.9-4.2

3.8

16.0

5.47.6

11.5

62.4

▲

44.3

+2

▼ ▼

+1.6-2.9 ▼

+3.0

▲4.7

▼▲

▼ 10

525.0

▼416 9 31

20.9

20.7

23 3

Australian Common Stock Volume Up 64% l Healthcare Equity Proceeds - Record High l Medibank Private - Largest Australian IPO Since the Telstra Privatization

# ofDeals

Proceeds per Bookrunner (AU$m)

▲

Industry Total+0.5

Imputed Fees (AU$m)Manager Market

Sh. (%)

2 9

New Zealand Common Stock

Top Ten Total

104.1

Bookrunner

5.6

▼

7

-0.2

-22.9

1,853.1

+4.3

-5.0+0.7

-1 2

1,853.1 100.0

▲

5.0

Jan 1 - Dec 31

Change in Deals Sh. (%)

Market# of Deals

- 12.0

Market

Industry % Change from Same Period Last Year+5

▲

▲

1.86.11.3 +5

-3

▲

2.0

2.5

+2.2

▲

▲

▲

▼

# of

27.8

Market

- 6.1 15.1024.8

Fees

100.048.618 48.6 100.0-9

20.0▼

14.6 +0.9

2.4

1.8

-0.1

2.6

▼

▲▲

+6

+9

▲▼

21.0

38.4

2.6

▲

+6

▲

▲

8+11.1

1.5


2

Sh. (%)Goldman Sachs & Co

+2.4 5.5

Australian ECM closed with an annual volume of AU$40.2 billion, a 62.3%increase from the 2013 industry total. Issuance from Healthcare, Energy &Power and Financials sectors captured 54.6% of the market, with combinedproceeds of AU$22 billion.

Australian Equity & Equity-Related (AK1)

Canaccord Genuity17

617.5534.516

1,970.05

104

Citi 7

2014 Rank

15+5.6 6▲

▲

UBS

16

-22.03,673.6

14.9+7.99.1

3,443.4 8.6

6,012.3

+4.5

+0.1

-4.29

▲

10

▲7.8

2.14.9

1.3 11-0.6

2.0 0.01.5

-▼

33

1.3

7

+1.6

▲4.2

62+0.20.0

-0 7▲ 11.4

231.31 0 5 7

Sh. (%)▲

Imputed Fees (US$m)Manager

▲

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

Total fees earned in Australian ECM this year totaled AU$819.4 million from 545deals, a 50% increase from fees earned in the full year of 2013, according toestimates by Thomson Reuters/Freeman Consulting. The top fee earningbookrunner, UBS, captured 16% of total wallet share.

2014 Rank

2013 Rank

Market MarketProceeds Sh. (%) Share Ch.

▲0 +14.8

Share Ch.

Credit Suisse/First NZ Capital 2 5 328.8 20.951

1 4

4 2

+8.6590.3 31.9 +23.6

-4.8Deutsche Bank

▼ 37.7

Macquarie Group 3 3 227.8 12.3▲

10.3+10.0

-1 ▼16.7

First NZ Capital 5 6 215.4 11.6-8.7

▲

22.2-13.4 -3+0.1

11.55.633.3

+2.5

▼ 4+4.4 0

3 16.76 ▲

▼

7 145.2 7.8▲

11.3

221.8 12.0

4.7 -22.2

▲5.5

Australia & New Zealand Equity Capital MarketsFull Year 2014 | Equity Capital Markets | Managing Underwriters

Forsyth Barr +2.0- 11.5

100.0

+8.5

▼

23.6▼-4

6

1.2 +1.25.6 +1 ▲ .6Craigs Investment Partners Ltd 8 - 18.9 1.0 +1.0 ▲Taylor Collison Ltd 9 - .8 0.0 0.0 -

▲ 11 5.6 +1 ▲ +0.1 ▲.1 0.1

-70 2% ▼ -33 3% ▼ 2 7% ▲

Petra Capital Pty Ltd329.333325.0

14

18

JP MorganBell Financial Group Ltd 12

Evans and Partners

1.3

▼▼

704.6

▲

▲

-▼

▲

▼▲

▲▲

▼-

▼

+2.1▲

▲

+1.6▲

2.1% ▲▼▲

Australian Common Stock (AK2)


Proceeds per Bookrunner (AU$m)

Jan 1 - Dec 31

▼-11.7%

Imputed Fees (AU$m)

Moelis & Co

1,970.0

Market

16.217.0Goldman Sachs & Co

Bookrunner

▼8

17

2.2

+0.4

617.5

16

2013 Rank

14

CIMB Group Sdn Bhd

Macquarie Group 5.5

416.9 314

5.5

1.1

-2.825.3

-4.3

+3.1

▲

94.4

▼

+4.5▲

▼

▼

100.0

-0.3

1.3

Morgans Financial Ltd 6.1

▲

38.3

2.844.3

+1

20.7

30.860.3

14.6▼

▼ 1.8

7.2

31

▲

▲

▲

-3

▲

23.3

11.7

+1

▲

1.8▲

7.4

3.1

10.6

Top 10 Australian Equity & Equity-Related Deals (AU$m)

▼

10.9

▲

7.7▼

2.9

30+5

Sh. (%)

1.81.1

2

# of Deals

▲▲

Sh. (%)3

+2.2

+1.286.2

-0.1

-0.2

▼▼

▼

▼

▼

Full Year 2014

+1.5-1.4

▲-

-1.2▼

-0.2

0.0


+5

+1

-30

+2

+5

5.7

1.1

86.1

-3

2.8

+3

3.8

Change in

+1

Fees84.2 10.4

-1.5

20.0 0.02.6

2.8+9

16.2130.9

+4.0

2.6

1.3

20.92.5

+0.9+0.5

+0.6

1.11.0-1

-2 0.015.5

10.97.74.4

▲

10.6

+6

▼0.7+5

4.3

-2▼

+11.1

▼

3.3

1.81.5

24▲ -1.0

697.6

1.318

50.8%

100.0

▲1.915.7

▼ -15.9%▲ ▲

809.5

8.6▼ 1.9

-0.3

▲

▲

▼

+4

-1.422.9

▼

+6

819.4

-1.03.3

-4.24.7

2.621.0▲1.3

-

Hartleys Ltd37,739.4

44.3%

18

20

Moelis & Co

Industry Total

15

10

20

Commonwealth Bank of Australia

19

32

Patersons Securities Ltd 13

Taylor Collison Ltd

1 6,774.9

UBS

5

76 3,069.9


12

Credit Suisse 8

Petra Capital Pty Ltd

Canaccord Genuity

JP Morgan

1.9▼8

0.9▼24

-2-2 8.6

15.52.218.0

1.5-0.3

▼

+6

Top Twenty Total

307.2▼

-0.3 4.4

100.0

18

545

250.6

Industry % Change from Same Period Last Year ▲

2014 Rank

50.0%62.3%

ProceedsMarket

40,243.2

▲15

MarketSh. (%)

Market

+11

Share Ch.

# of Deals per BookrunnerManager Market

▼

4.9

-22.33 6,012.3 15.115

6,464.039

-12.0%

Deals# of

Share Ch.+10.9 ▲

▲

+6

10

1.58▲8.6

▲▲

156

4

Deutsche Bank

859.7

3,443.44

76

CitiMorgan Stanley

9 10

3,673.6 9.2+5.5+8.0

-3.4

+4.47.75

9822.7 2.1

▲

0.0 --0.5

▲▼ 23-0.1

2.01.6

621.3

7

11.5

33

+1.5 6

11 1612 13

11+0.11.3

Bell Financial Group Ltd-2.0

▼

1.3

17

15

+0.2

397.0-0.7

534.5

8416.9509.3525.0

1.012

17 1118

▼325.0

0.8307.2-0.316

8

▼▼0.8

1.0

-1.010

4

▼0.7 ▼-0.3290.6

37,507.120

-0.30.618

Hartleys Ltd 19Evans and Partners 243.0Top Twenty Total

250.6

3.6%

541

▲ 60.6

39,916.0 100.094.0

Industry % Change from Last Quarter 40.8% ▲ -13.1%

+19

Industry % Change from Same Period Last Year 64.1% ▲

Industry Total

-2.0 0.7-0.7

397.01.0 5.7

0.81.0 ▼

1.5+0.6 ▲

▼

93.6

290.61920 0.6

0.7-0.2

Taylor Collison Ltd 1911 8

-1

100.8▼-0.90.8

-70.2% ▼ -33.3% ▼ 2.7% ▲Industry % Change from Last Quarter -38.9% ▼ 25.0% ▲ -20.8%

$5,673.3

$3,236.5

$2,742.1

$2,255.2

$1,231.8

$994.6

$850.0

$848.8

$800.0

$754.1

Medibank Private Ltd

Woodside Petroleum Ltd

Transurban Group

Healthscope Ltd

AGL Energy Ltd

Spotless Group Holdings Ltd

QBE Insurance Group Ltd

Australand Property Group

National Australia Bank Ltd

Arrium Ltd

11/24/2014

6/17/2014

4/29/2014

7/24/2014

9/15/2014

5/21/2014

8/20/2014

3/19/2014

12/5/2014

9/16/2014

https://www.thomsonone.com*tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables13

▼0 21 6 ▼▼ 4Tokai Tokyo Financial Holdings

Japanese Equity & Equity-Related Proceeds Down 20% | Strong IPO Activity in 4Q | Equity-Related Activity Highest Since 2007

Japanese ECM volume totaled US$39.4 billion from 248 deals during full year2014, a 20% decline from full year 2013 due to weaker secondary marketactivity. According to Thomson Reuters/Freeman Consulting, estimated feesfrom Japanese ECM activity totaled US$1.5 billion, a 6.9% decline from 2013.

IPO activity totaled US$11.4 billion from 83 deals during full year 2014,up 17% compared to last year, with the largest deal count since 2008.Fourth quarter IPO activity posted signficant gains, with totals more thanfive times the third quarter proceeds.

Equity-related activity continued its upward trend, yielding US$8.6 billion in proceedsfrom 41 deals, the second highest proceed in the last 10 years, surpassed only by2006’s US$10.7 billion worth of proceeds. Equity-related activity accounted for 22% oftotal Japanese ECM activity for the year.

0.5 +0.17.8

Jan 1 - Dec 31

2.8-21.2

▲4 9 0 310 0 0 2

+1 ▲▼

▲ 7

0.5▼ -1.40.4

▼

5.8

0.77.1 0.0

▲+1

611

▼-3.2-5▼

4.4

1.2▲

1.22.0

2.017.610.4

-▼

-1.4▼

▼

▲

9 -51.7▲ 24.3

61.5▲

3.6

0.0

35.0

11.7▼-2.1

+1.6

-

▲

12.6-0.1

3

▲

+5.1510.9

▼ 171.412.6

14.8

184.0

▼

-629

3+0.25

▲ -1-3.8

1,880.2+1

17.3▲▼

-9

11

43

▼9

+0.540.3 2.8 +1.8

4.25 +0.7

▼

▼

3.71,438.52.3

-2.0116.1

12.03,889.8

4.8

0.3

▼

-1.1

-4.9▲

1.9

113.3

+0.39.9

+0.7-1.0

0.3

918.8

14

732.0

17 714


8

JP Morgan

Citi 915

16 84.7

Deutsche Bank

4

3

6,224.912.4

Goldman Sachs & Co

UBS

Nomura

7

0.2

81011

4,746.9

396.3

Daiwa Securities Group Inc2

2

67

9

12

512

3

Sh. (%)

▲23.8 -327.4 +3

Sumitomo Mitsui Finl Grp Inc

DealsMarket


Japan Deals Intelligence

Market

Japan Equity & Equity-Related (C1e)

2013 Rank

Imputed Fees (US$m)

13,934.6Sh. (%)

+9.8 ▲98Share Ch. Sh. (%) # of Deals

4

MarketBookrunner

▲1 1

2014 Rank

Mizuho Financial Group

Proceeds35.3

▲+4.115.8

1.0

▲+3.8

SBI Holdings Inc 13

4,890.6

Change in

-2.5

Market

Mitsubishi UFJ Morgan Stanley

Ichiyoshi Securities Co Ltd

+0.1

216.2

5

Market

+5

# of

68

+3

Japan Equity Capital Markets

183.8

3.6

▼

Japan Equity & Equity-Related Volume by Issue Type

▲59

FeesManager



Share Ch.

▼39.5

Full Year 2014

11.7

414428

262

107117

139

270 248

150

200

250

300

350

400

450

500

30

40

50

60

70

80

# of

Issu

es

Pro

ceed

s (U

S$b

illion

s)

▼▲

-3.2

7

Okasan Securities Group Inc 15 - 15.0 0.1

6

10.7

▲

3,371.9

-0.2+0.10.41

1.6 ▼+1

▼-

4

-8.1%

Share Ch.# of

# of Deals per BookrunnerMarketMarket

Tokai Tokyo Financial HoldingsOkasan Securities Group Inc

5

43

Industry Total

Jan 1 - Dec 31

▲-

1.4

4.9

9

-6.9%

4 1.9 -1

97.4%

4

▲-10.7%

3

▼▲ 4.7

1.4

0.5

+1-0.2

0.4 0.0 -

1.9

27.1

Change in Proceeds per Bookrunner (US$m)

5+0.6

2324.2

1,460.4-22

▼ ▼

+4

100.0

▼

-6

0.4

4,091.95,398.4

100.0

▲56

0.4

1.32.4

▼

81.3%

17.411.1

Deals

▲

36

75

99.4

4.95.1

0.3-1

1,451.1

0.00.0

-0.20.0

-22248

0.4

207

7

2

Proceeds9,600.41

+1.0

1

2.4

4

11

12

913


14 13

Citi 12

Deutsche Bank

JP Morgan 714

Goldman Sachs & Co 7

UBS


91011

8732.0

0.3

-0.3-4.3+0.3

84.7

396.3

0.1

30,814.8

▼

-27.2%8.1%

▼▲

17.7+0.2

0.4

100.0

-0.1

*tie

Industry Total

Industry % Change from Same Period Last Year▲

SBI Holdings Inc 15Tokai Tokyo Financial Holdings

▼

Top Fifteen Total 30,814.8

3

▼

-1.5▲

▲ 1▼

+0.1

▲

1,245.3

21.1%

99.41,236.1+1

100.0

-0▼-1

▲4.5 ▼

9.97.1

-11.2%

▼

-26

5 -52.4

+1.0

0.60.4

▼

0.80.0

▼

+2.7-10 ▼

▼

Share Ch.-7

146.312.513.3

+0.2

15.9

155.7

50

6.1

-4

▲

+5.0

+5.436.2

13.3 ▲

17.2-34.3

# of Deals▼

-1

Sh. (%)

▼

3.4

197.9

Market

▲

+0.2

-2.1

9

▼+3

▲ 20.7

▲

Full Year 2014

Imputed Fees (US$m)

▲

Sh. (%)Manager

31.2Sh. (%)

+4.8

Top 10 Japan Equity & Equity-Related Deals (US$m)

Market

▼

39,426.1

29.5%

100.0

33.9%▲ 33.9%▲

NomuraBookrunner


2013 Rank

2014 Rank

14


17.715.0

1415

Top Fifteen Total 39,426.1

▲▲

32.5

1.7

▲0.0

▼

+2.0

▲

+2.3

-1.1

+0.1

--3.6

3,280.8

0.6

▼

11.81,880.2 ▲

10.9

948.4 3.9

▼

48.2

8

Mizuho Financial Group

-20.0%

Japan Common Stock (C4d)

100.0

116.1

741.1

3.4

▼

3.2

-1.1

1.4

Fees404.8

166.1

40.3

113.3

3.1

17.5

▲-6.0

*tie


Bank of America Merrill Lynch2

Mitsubishi UFJ Morgan Stanley

Daiwa Securities Group Inc

-

▲

6

3

Market

+1.2

7.8

▲4.3

+1

▼

9290

107

0

50

100

0

10

20

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

IPO Follow-On Convertible # of Issues

$3,389.3

$3,241.0

$2,725.7

$2,582.3

$1,966.7

$1,009.7

$853.1

$741.8

$688.0

$687.4

06/16/14

03/10/14

07/15/14

01/22/14

10/06/14

05/27/14

02/19/14

03/07/14

09/29/14

01/29/14

Mitsui Fudosan Co Ltd

Japan Display Inc

The Dai-ichi Life Insurance

Mitsubishi Motors Corp

Recruit Holdings Co Ltd

Yamada Denki Co Ltd

Kobe Steel Ltd

Hitachi Maxell Ltd

Skylark Co Ltd

Hulic Reit Inc


Full Year 2014

▲

+0.1 1.2 +1 ▲ .83 3.6 +3 ▲ 2.0

Yuanta Financial Hldg Co Ltd 15 - 11.1 0.1

▼Citi 13 8 25.5 0.2 -2.6 ▼ 1 .1

▼0.3 -0.2 ▼ 5 6.0 -1 ▼

1.2 -1 0.6-0.4

0.0 -0.8 ▼

0.2 +0.2 ▲

▲+0.7+1

-0.7▼2.4

10.7

▼-1 ▼

+0.3

Jan 1 - Dec 31

-7.32.3 0.5

466.9100.0

1.1

1.6

3.05.3

98.5473.8

▲ 387.7%

▲

+21

1.2

1.2 0 -

▲4 +4 ▲ 11.5

1.02.4

+22

▲71.4+5.0

▲24

+1+1628.9 ▲

3

+1+1.0

15.1

40.313.8

74.4

▲

+3 ▲

65.2▲+2

-130

9 34.6Ichiyoshi Securities Co Ltd

13.6

2

BookrunnerMarketMarket

1,713.5


Jan 1 - Dec 31

▼ 173.6Share Ch.

▼-8.51

▲

2

+3.74.0

5 -0.5

▲

Daiwa Securities Group Inc

2013 Rank


5

Japan IPOs (C7d)

3

36.18.4

Proceeds

31,160.5 +2.24

Deals Sh. (%)

19.936.0


Mitsubishi UFJ Morgan Stanley +3.8

Sh. (%)1

2,266.8Nomura

2014 Rank

4,110.6

Mizuho Financial Group 4

458.9-

UBSBank of America Merrill Lynch

-418.2

7596.4 ▼

1.7▼

0.1

2-0.1 1

▲ 1+0.1

▼

▲

15.01012

3.7

0.3

83

-5.0

2.7

5.2

Japan Secondary Offerings (C8d)

100.0

0.535.0

Tokai Tokyo Financial Holdings

9

6

412.9%

306.9

14 -

10.2

▲

-

7

10

14.0%

11,413.9

33.9% ▲207.7%

▲

58.1▲

99.9

192.8

17.0%

12


JP Morgan11 10

▲ ▲

0.3

+0.6+2.0 ▲

▲

0.0 -0.4

▲2.3▲

+1.812.0

8.5 ▲

14.5

3.6

▲

15.7

Market

2.4+2.71+1.7

# of# of Deals

4.84.7

-0.5 ▼

Fees

+0.1

+2.3

Sh. (%)

▲▲

7

Share Ch.▼-1.536.6

Market ManagerImputed Fees (US$m)

MarketChange in

SBI Holdings Inc

Industry TotalTop Fifteen Total

Deutsche Bank6

8

11,402.5

Goldman Sachs & Co


Japan Equity Capital Markets


*tie

Japan Equity & Equity-Related Proceeds by Industry (US$Mil)

$11,03628%

$6,09815%

$5,44714%

$3,75710%

$3,6879%

$3,3048%

$2,1676%

$1,5354%

$1,4254%

Real Estate

High Technology

Industrials

Financials


Retail

Healthcare

Materials

Consumer Staples


Energy and Power

Telecommunications

+0.2 ▲▲ 2 1.6 +2 ▲ 2.5SBI Holdings Inc 13 - 50.1 0.3 +0.3

149.3% ▲

-2

147.1% ▲ 20.0% ▲

▼

0.3

UBS

1.6 0 - 4.0

3.7-1

▼

▼12 14 81.1 0.4 +0.3 ▲ ▲

1.6 0 - 4.5 0.6 -1.3+0.2

▼0.5

Citi 11 11 87.8 0.5

-0.3 ▼▼ 1 0.8 -4 ▼ 2.9Tokai Tokyo Financial Holdings 15 13 4.1 0.0 -0.3+0.1 ▲

100.0

12.5

0.499.7

3.0

-

17.9▲

▼▲

▼-2

+1.2

Share Ch.

▲

8,611.3

▲

41

▲

8.3

98.7

17.1+1

100.0+4 100.0

+2.7

23.4%

212.4215.0

10.8%

8,611.3▼2.1

100.0

1 0 ▼

7.3▼ 15.7

1.7

-5.4▲ 13.3 6.2

▼-

-1.6

17.4▼

14.6

-3.4

7

2.4 3.6

6

▲ 106.123 56.1

▼

29.3

-0.5

37.58.518.3

▲Fees

▲0.0 +39

+22.3

22.0-1

▲Sh. (%)

12

DealsProceeds Share Ch.

1,609.84,334.3

Manager MarketSh. (%)

49.3

▼7.6

18.7+12+30.5

▼

Deutsche Bank

5Mizuho Financial Group

4Daiwa Securities Group Inc

43

Goldman Sachs & Co 6 7

100.019,396.819,400.9


40.0%Industry % Change from Last Quarter -54.9%

Japan Convertible Offerings (C9e)

▼

Market

▲

771.5768.3

-47

▼

27.6▼

-5

▼-21.2%

1.61.0

2

# of Deals

4

124

-54.1%▼

37.5

35.6 ▼

-1.9

-2.2

6.0 -9.4

-0.9

5

2

517.9655.05826.63

2

177.7

Market

-

-1.9

+0.4

-5

77

1

10

826.6

3


▼

30.6

11.413.8

91.7

19.1 2.5

MarketChange in Imputed Fees (US$m)

28.8

-4

11.9

Jan 1 - Dec 31

90.5 +1.5

2013 Rank

21.0▼-1.5

0.4

11.726

30.0-0.6

13.8 ▲126.5

Sh. (%)231.2

▲106.0

MarketSh. (%)

▼-6 ▲

Fees

Imputed Fees (US$m)Change in

+3.1# of Deals Share Ch.

MarketManager

0.8 +1 ▲14 - 15.0 +0.1 ▲ 1

+7.3

Market

▲

▲+0.4

▲

2014 Rank

2013 Rank Proceeds Sh. (%)

1

9.4

5,489.7 28.3

-40.4%

1.7425.2

-4.0-1.3

7.5

-1.1

3.2

▼

▼19.0

45

2 2,684.4

▲

+7.132

▲

3

165

-2.5

▲

▼

+2.2▲

▼

12.94.0

-13

▲

-3.2

-1.8

▼

# of

▼

-1238

36.3▼16.4

+0.4-8

25.8

12

1

▼

2.5 ▼

Sh. (%)

-27.5%

2.4

Market

6

489.4

5

7

1,825.1

99.9

810

2.2

1,462.00

7

▼

Market# of Deals per Bookrunner

# of

▼

338.37

Share Ch.

2,211.4

3,684.8

+6.0

-8.2

▼

+1.54.9

2.8 +1.0 2.4

Deals


Industry % Change from Same Period Last Year 23.6%Industry % Change from Last Quarter

Industry Total

6

2014 Rank


Bookrunner

Industry TotalTop Six Total

JP Morgan

Mizuho Financial Group 4

1Sumitomo Mitsui Finl Grp Inc

Bookrunner

Top Fifteen Total

Nomura

5

3Daiwa Securities Group Inc

9

Okasan Securities Group Inc

548.4

8

0.1

10

2

9.6

50.3

+2

4 Japan IPO Quarterly Volume and Deal Count

4 9.8


▲490.1 5.7 +0.5 ▲

Goldman Sachs & CoDeutsche BankBank of America Merrill LynchMitsubishi UFJ Morgan Stanley

Mitsubishi UFJ Morgan StanleySumitomo Mitsui Finl Grp Inc

Nomura

*tie

170

198

121

49

20 22 36

54 62

83

-

25

50

75

100

125

150

175

200

225

250

-

2

4

6

8

10

12

14

16

18

20

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Issu

es

Pro

ceed

s (U

S$b

illion

s)

1Q 2Q 3Q 4Q # of Issues

*tie


-

-

-

-

-

-

-

Tel: +813.6441.1120

E-mail: [email protected]

Aki Sato

Michelle Abuzo

Japan

Tel: +632.858.7201

Asia-Pacific


Tel: +44.207.542.7376

EMEA


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 SummaryFull Year 2014 | Equity Capital Markets | Managing Underwriters

Rebecca Cox

Tel: +1 646.223.8416Ranie GuoAmericas

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:


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 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.

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.

© 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.


© 2014 Thomson Reuters. 1006243 03/14.Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.

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