global syndicated loans review - refinitiv

First Nine Months 2020 | MANAGING UNDERWRITERS

Global SyndicatedLoans Review

SouthEast Asia

Hong Kong 69,906.9 152 101,895.2 182 -31% ▼ -16% ▼

3,072.4 7 13,808.8

Middle East 47,958.4 34 41,871.8

Europe 565,851.8 850 664,534.1

Western Europe 539,541.3 801 622,966.2

99 33,872.1

Mexico 2,732.9 12 31,127.7

GLOBAL SYNDICATED LENDING DECLINES 25% TO EIGHT-YEAR LOW

Global syndicated lending totaled US$2.5 trillion during the first nine months of 2020, a 25% decline in total

proceeds compared to the first nine months of 2019, and the slowest opening nine-month period for lending

since 2012. By number of deals, 5,786 loans reached financial close during the first nine months of 2020,

a decrease of 24% compared to a year ago and the slowest opening period, by number of deals, since

2010. Compared to the second quarter of this year, third quarter 2020 loan proceeds decreased 46% and

marks the lowest quarter for lending since the third quarter of 2009.

ACQUISITION-RELATED FINANCING FALLS 50%

Acquisition-related financing totaled US$363.9 billion during the first nine months of 2020, a 50% decline

compared to a year ago and the slowest opening nine-month period for acquisition-related lending since

2012. Lending in the Financials, Telecom and Technology sectors accounted for 44% of overall acquisition

lending during the first nine months of 2020, up from a combined 34% a year ago. Two of the top 10

financings of the year were related to acquisition activity, including a US$28.5 billion financing package for

T-Mobile USA's US$58.7 billion bid for Sprint Corp.

TELECOM POSTS DOUBLE-DIGIT INCREASES; HEALTHCARE, MEDIA & TECH FALL OVER 40%

The Industrials sector led all other sectors during the first nine months of 2020, with US$480.4billion, a 5%

increase in proceeds compared to a year ago. Financials and Energy and Power rounded out the top three

sectors during the first nine months, which saw just one sector, Telecom, post a year-over-year double-digit

increase of 45%. Leading the decliners, the Healthcare sector registered a 51% decrease compared to a

year ago, with US$124.6 billion in overall proceeds, while lending in the Media sector declined 48%.

EUROPEAN BORROWING FALLS TO EIGHT-YEAR LOW, DOWN 15%

Syndicated lending in Europe reached US$565.9 billion from 850 deals during the first nine months of 2020,

a 15% decrease in proceeds compared to a year ago and the slowest opening period for syndicated loans

in Europe since 2012. Lending in Germany and the United Kingdom accounted for 38% of overall

European loan activity during the first nine months of 2020, up slightly from year ago levels.

AMERICAS LOANS ACCOUNT FOR 55% OF OVERALL MARKET

Borrowing in the Americas totaled US$1.4 trillion from 2,484 loans during the first nine months of 2020, a

decline of 33% compared to first nine months 2019, by proceeds and a 31% decline by number of deals.

Americas loans accounted for 55% of overall syndicated lending during the first nine months of 2020, down

from 61% during the first nine months of 2019.

ASIA PACIFIC LENDING DOWN 19%; JAPAN UP 7%

Syndicated lending in Asia Pacific totaled US$314.0 billion during the first nine months of 2020, a 19%

decrease compared to a year ago and the slowest period for lending in the region since 2012. China and

Hong Kong loans accounted for a combined 44% of Asia Pacific proceeds during the first nine months of

2020. Lending in Australia decreased 3% compared to a year ago, while syndicated loans in Japan totaled

US$197.6 billion during the first nine months of 2020, a 7% increase compared to year ago levels and a

four-year high.

116

2,442 2,016,841.3 3,493 -32% ▼ -30% ▼

United States of America 1,280,139.2 2,165 1,842,911.9 3,034 -31% ▼

▼

Worldwide

# of Deals

18 -78%

-82% ▼ -67%

Proceeds (US$mil)

-61% ▼

-78% ▼

Latin America 10,259.1 38 57,828.2

55 -91% ▼

Brazil

Global Syndicated Loans Review First Nine Months 2020 | Managing Underwriters

Global Deals IntelligenceGlobal Scorecard: Global Syndicated Loans

01/01/2020 - 09/30/2020 01/01/2019 - 09/30/2019 YoY %

Chg. ($)

▼ -24% ▼

Americas 1,387,812.6 2,484 2,075,319.6 3,611 -33%

2,532,185.7 5,786

Target Region / Nation Proceeds (US$mil)

3,376,394.5 7,649 -25%

-31% ▼

YoY %

Chg. (#)# of Deals

▼ -39% ▼

North America 1,376,003.6

Africa/Middle East/Central Asia 66,907.0 74 65,703.8 126 2% ▲

Canada 95,864.4 279 173,929.4 460 -45%

-41% ▼

-29% ▼

▼

▼

54 15% ▲ -37% ▼

North Africa 4,316.4 6 1,906.0 6 126% ▲ 0% -

▼ -45% ▼

Saudi Arabia 16,658.1 6 8,370.3 11 99% ▲ -45% ▼

▼ -56% ▼United Arab Emirates 20,942.7 14

1,194 -15% ▼

Sub-Saharan Africa 13,632.1 33 20,001.6 60 -32%

-29% ▼

Eastern Europe 26,310.4 49 41,567.9 84 -37% ▼ -42% ▼

23,352.7 32 -10%

1,110 -13% ▼ -28% ▼

▼ -27% ▼

Russian Federation 7,671.2 8 8,337.5 13 -8% ▼

Poland 5,108.8 8 8,715.9 11 -41%

▼

-38% ▼

Turkey 8,521.7 21 12,273.2 26

169

-31% ▼ -19%

-13% ▼

▼ -39% ▼

Germany 103,575.8 129 102,465.9 148 1% ▲

France 94,388.4 138 113,039.8 228 -16%

Spain 40,132.6 157 54,613.9 186 -27% ▼ -16%

1,567

▼

Asia-Pacific (ex Central Asia) 314,008.7 986 386,686.1 1,171 -19% ▼ -16% ▼

▼ -22% ▼

China 66,762.7 307 79,219.9 340 -16% ▼

Australia 56,807.0 124 58,852.6 158 -3%

-10% ▼

-30%▼-22%

130 -17% ▼ -24%

7% ▲

South East Asia 50,618.6 103 72,401.3 157 -30%

▼

Singapore 25,954.6 44 39,352.0 74 -34% ▼ -41% ▼

-10% ▼

▼ -34% ▼

Japan 197,605.6 1,412 184,151.0

Japan Loans (S12b)

Asia-Pacific ex. Japan ex. Australia (S5c)

6.4

Mizuho Financial Group 51.6 9.7

Australian Loans (S7) Mitsubishi UFJ Financial Group 18.3 13.4

▲

▲

16.7 3.8

Bank of China Ltd 15.9 -17.1

Japan Loans (S12a) Mizuho Financial Group

JP Morgan 16.2

11.0 8.0

EMEA Loans (R17) BNP Paribas SA 9.5

44.2

14.1 0.7

▲

▲

▲

▲US Leveraged Loans (R11a) BofA Securities Inc 14.3 1.0

JP Morgan 9.1 1.1

Americas Loans (R7) BofA Securities Inc 13.2

▲

▲

▲

▲

▼

▲

101,910.2United Kingdom

India 28,220.6

Santander Corp & Invest Bkg

-12.7

JP Morgan 18.3 2.4

Canada Loans TD Securities Inc

Market Share

Change QoQ (%)

Market

Share (%)No. 1 ManagerMarket Sector

0.6

North American Loans (R9) BofA Securities Inc 13.3 0.7

US Loans (R11) BofA Securities Inc

9.7

▼

EMEA Leveraged Loans (P10)

Latin America Loans (R16)

US Investment Grade Loans (R11b)

Global Loans (R1)

Leading Underwriters During the Third Quarter of 2020

129,981.1118

Asia-Pacific ex. Japan ex. Australia (S5b) Bank of China Ltd 11.2 -9.3 ▼

▼

▲

www.refinitiv.com/dealsintelligence 1

Global Syndicated Loans Volume (US$bil)

Primary UOP

11,810.0

First Nine Months 2020 | Syndicated Loans | Managing Underwriters

Global Insights

Global Loans Bookrunner Ranking Top 10 Global Syndicated Loans

Closing Date

General Corp. Purp.

4/1/2020

General Corp. Purp.

4/17/2020

Acquisition Fin.

Airbus SE

4/1/2020

15,000.0

General Corp. Purp.

General Corp. Purp.

Royal Dutch Shell PLC General Corp. Purp.

Boeing Co

Acquisition Fin.

Exit Financing

United States

Netherlands

United States

United States

Germany

United States

Netherlands

13,825.0

13,154.4

12,800.0

12,010.9

United States

United States

United States

Global Syndicated Loans M&A Volume (US$bil)

Borrower

T-Mobile USA Inc

4/17/2020

PG&E Corp

4/29/2020 Walmart Inc

5/5/2020 Depository Trust Co

2/6/2020

General Electric Co

3/31/2020

Thermo Fisher Scientific Inc

General Corp. Purp.

Daimler AG

Target Nation

Package Amt

(US$mil)

28,500.0

16,543.5

10,825.0

10,060.3

3/17/2020

General Corp. Purp.

4/21/2020

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Q1 Q2 Q3 Q4 9M No. of Deals

1

2

3

4

5

6

7

8

9

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020JP Morgan

BofA Securities Inc

Citi

Mizuho FinancialGroup

Wells Fargo & Co

BNP Paribas SA

Mitsubishi UFJFinancial Group

Sumitomo MitsuiFinl Grp Inc

Bank of China Ltd

Barclays

*League Table positions reflect consolidation within the banking sector. Rankings are as of the current quarter end in each calendar year.

0

200

400

600

800

1,000

1,200

$0

$200

$400

$600

$800

$1,000

$1,200

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020



QoQ Change ($)-26%YoY Change ($)

YoY Change ($) -54% QoQ Change ($)

1.2 0.2 ▲

20 1.1 0.2 ▲

18 1.1

▼

▲

▼

▲

# of

Deals

Market

Share (%)

Market Share

Change (%)

65 8.5 -1.7 ▼

▼

48 5.7 2.6

9 6,087.8

0.6

14

12 13 6,657.3 28 2.2 -0.4

▼

34 1.5 0.2 ▲

4 1.4 1.3 ▲

17 1.4 0.6 ▲

▼

25 2.0 -1.3 ▼

27 2.0 -0.8 ▼

4 2 16,923.0

3 11 17,483.2

▼

-4.7

51 3.8 0.0 -

38 3.5 -0.3 ▼

38 2.7 -0.5 ▼11 10 8,169.9

10 8 10,654.3

9 7 11,745.5

12 6,076.4

13

*Indicates a Tie

308,114.7

25 26 3,266.4

24 37 3,393.4

▼

▲

▲

▼

▲

▼

▲

▲

▼

▲

▲

▼

▲14

▲

78 5.5 -2.9 ▼

15 4 5,761.6

23 24 3,460.3

22 23 3,656.0

21 18 3,848.3

15

-0.2 ▼16 17 5,656.9

13,563.5

7 6 14,147.9 39 4.6

26 1.9 ▼

28 1.3 -0.1 ▼

20 28 4,188.7

19 63 4,431.9

18 19 4,681.2

17 16 4,819.0 69 1.6 -0.5

55 1.8

5 15 16,255.1

Morgan Stanley 6 6 346,893.4

42 4.4 1.8 ▲8 14

27 5.3 2.9 ▲

48 4.6 -0.1 ▼

-0.1

6 5 14,219.1

-26%

2,233,279.5 1005,128

25 25 28,246.0 1.3 0.2197 ▲

2 3 17,701.4

1 1 26,238.4

30 5.8 -1.1

Rank

2020

Rank

2019

Proceeds

US$mil

30,011.3 1.3 0.6137

21 17 31,765.6 1.4 -0.4219 ▼

▲

BMO Capital Markets 21 16 34,225.9

24 22 29,427.6 1.3 -0.1200

23 16 29,509.8 1.3 -0.5157 ▼

▼ PNC Financial Services Group 24

36,769.0 1.7 0.3252

17 10 42,037.1 1.9 -0.7222

Societe Generale 18 23 44,894.4

20 24 32,302.6 1.5 0.3110

19 19 32,883.5 1.5 -0.1166 ▼

▲

RBC Capital Markets 17 11 45,234.5

99,672.4 4.5 -1.2444

49,054.0 2.2 0.3181

13 11 51,849.8 2.3 -0.2230

16 18 44,192.4 2.0 0.4179

15 12 44,899.5 2.0 -0.3137

53,763.4 2.4 0.3230

11 13 55,479.0 2.5 0.3217

10 8 57,434.5 2.6 -0.4257

9 20 57,451.0 2.6 1.1276

81,872.4 3.7 1.1587

7 5 93,092.6 4.2 -1.1777

-0.9

118,274.2 5.3 0.8560

0.5408 Mizuho Financial Group 3 6 133,768.7

Global Rankings First Nine Months 2020 | Syndicated Loans | Managing Underwriters

Barclays

Deutsche Bank

Goldman Sachs & Co

188,756.9 8.5

Mitsubishi UFJ Financial Group

Sumitomo Mitsui Finl Grp Inc

Bank of China Ltd

Proceeds

US$mil

Market

Share (%)

# of

Deals

1 2 194,197.5 8.7 -0.3676

Market Share

Change (%)

▼

6 7 98,317.9 4.4 1.2295

5 4

142,607.1 6.4

Morgan Stanley

Credit Suisse

RBC Capital Markets

US Bancorp

TD Securities Inc

Societe Generale

BMO Capital Markets


Scotiabank

PNC Financial Services Group

-45%

Rank

2020

Rank

2019

Global Loans Bookrunner R1

Bookrunner

JP Morgan

BofA Securities Inc JP Morgan 2 1 173,056.2 758 6.8 -0.4 ▼

BofA Securities Inc 1 2 177,527.5 872 7.0 0.0 -

2 1 756

Global Loans Mandated Arrangers R3 YoY Change ($) -25% QoQ Change ($) -46%

Mandated Arranger

Rank

2020

Rank

2019

Proceeds

US$mil

# of

Deals

Market

Share (%)

Market Share

Change (%)

Citi

Mizuho Financial Group

Wells Fargo & Co

BNP Paribas SA

Truist Financial Corp

Industry Total

Global Loans Mergers & Acquisitions

Bookrunner

JP Morgan

Morgan Stanley

Credit Suisse

BofA Securities Inc


Barclays

Citi

Deutsche Bank

BNP Paribas SA

4 6

12 14

15

18 21

22 31

3 3

8 9

HSBC Holdings PLC

Credit Agricole CIB

Goldman Sachs & Co

RBC Capital Markets

Credit Agricole CIB

Wells Fargo & Co

HSBC Holdings PLC


BMO Capital Markets

Antares Capital Corp


China Merchants Bank

TD Securities Inc

Jefferies LLC


UBS

UniCredit

Citizens Financial Group

Industry Total

727 5.3 1.0 ▲

Citi 4 4 131,035.1 499 5.2 0.2 ▲

Mitsubishi UFJ Financial Group 5 3 105,925.0 955 4.2 -1.1 ▼

▲

Wells Fargo & Co 7 5 90,848.2 518 3.6 -0.8 ▼

BNP Paribas SA 8 7 84,096.0 522 3.3 0.2 ▲

784 3.9 1.0Sumitomo Mitsui Finl Grp Inc 6 9 99,769.8

▼

Deutsche Bank 10 13 61,051.6 313 2.4 0.2 ▲

Bank of China Ltd 11 15 60,272.5 425 2.4 0.5 ▲

338 2.6 -0.3Barclays 9 8 66,130.9

▼

Goldman Sachs & Co 13 14 57,735.8 285 2.3 0.3 ▲

Morgan Stanley 14 12 52,271.3 188 2.1 -0.1 ▼

HSBC Holdings PLC 12 10 59,530.2 434 2.4 -0.5

▲

Credit Agricole CIB 16 19 50,543.4 318 2.0 0.4 ▲

273 1.8 -0.5 ▼

Credit Suisse 15 17 50,736.4 227 2.0 0.3

▲

US Bancorp 19 21 43,180.4 332 1.7 0.2 ▲

TD Securities Inc 20 20 36,711.8 240 1.5 -0.1 ▼

251 1.8 0.4

▼

Scotiabank 22 18 32,122.4 210 1.3 -0.4 ▼

Truist Financial Corp 23 26 30,732.7 256 1.2 0.1 ▲

290 1.4 -0.5

▼

Santander Corp & Invest Bkg 25 27 30,028.1 255 1.2 0.3 ▲

Industry Total 2,532,185.7 5,786 100

Global Debt & Syndicated Loans DL1 YoY Change ($) 12% QoQ Change ($) -28%

24 30,486.9 246 1.2 -0.1

# of

Deals

Market

Share (%)

Market Share

Change (%)

JP Morgan 1 1 716,856.7 2556 7.2 0.3 ▲

BofA Securities Inc 2 2 595,348.4 2252 6.0 0.0 -

Mandated Arranger

Rank

2020

Rank

2019

Proceeds

US$mil

0.4 ▲

Barclays 4 4 401,435.8 1426 4.0 0.3 ▲

Goldman Sachs & Co 5 8 349,789.9 1279 3.5 0.6 ▲

Citi 3 3 562,070.8 1858 5.7

1341 3.5 0.4 ▲

Wells Fargo & Co 7 5 339,788.3 1356 3.4 -0.3 ▼

BNP Paribas SA 8 9 300,057.4 1135 3.0 0.2 ▲

Deutsche Bank 9 12 291,329.4 1236 2.9 0.3 ▲

HSBC Holdings PLC 10 7 280,360.3 1271 2.8 -0.2 ▼

Mizuho Financial Group 11 10 257,023.4 1465 2.6 -0.2 ▼

0.0 -

RBC Capital Markets 13 14 201,584.8 1099 2.0 -0.2 ▼

Bank of China Ltd 14 15 200,817.9 2174 2.0 -0.1 ▼

Credit Suisse 12 13 214,566.8 917 2.2

752 1.8 0.1 ▲

Mitsubishi UFJ Financial Group 16 11 170,877.6 1255 1.7 -0.9 ▼

TD Securities Inc 17 19 157,897.1 765 1.6 0.1 ▲

Credit Agricole CIB 15 16 179,654.4

-

Industrial & Comm Bank China 19 18 147,701.2 1820 1.5 -0.1 ▼

Nomura 20 23 140,252.6 526 1.4 0.3 ▲

1088 1.6 0.0Sumitomo Mitsui Finl Grp Inc 18 17 156,596.5

509 1.4 -0.1 ▼

CITIC 22 27 125,984.9 1642 1.3 0.3 ▲

China Construction Bank 23 21 124,882.3 1844 1.3 0.0 -


Bank of Communications Co Ltd 24 22 102,755.3 1506 1.0 -0.3 ▼

Agricultural Bank of China 25 26 98,396.7 1441 1.0 0.0 -

Industry Total 9,948,290.4 23,022 100

37 1.1 0.3 ▲

▲

518 100


Top Americas Syndicated Loans

US Leveraged Volume (US$bil)US Investment Grade Volume (US$bil)

Americas Insights First Nine Months 2020 | Syndicated Loans | Managing Underwriters

Americas Yield Type (US$bil)

Closing Date

4/1/2020

4/17/2020

2/6/2020

5/5/2020

4/29/2020

3/17/2020

4/17/2020

8/7/2020

9/10/2020

1/31/2020

3/6/2020

3/16/2020

Borrower

General Electric Co

CenturyLink Inc

Walt Disney Co

Duke Energy Corp

Primary UOP

T-Mobile USA Inc Acquisition Fin.

General Corp. Purp.

General Corp. Purp.

General Corp. Purp.

General Corp. Purp.

Exit Financing

Acquisition Fin.

General Corp. Purp.

General Corp. Purp.

General Corp. Purp.

Boeing Co

Depository Trust Co

Walmart Inc

United States

United States

PG&E Corp

Target Nation

Package Amt

(US$mil)

28,500.0

15,000.0

13,825.0

12,800.0

11,810.0

10,825.0

General Corp. Purp.

General Corp. Purp.

10,000.0

10,000.0

8,366.5

8,250.0

8,000.0

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

Thermo Fisher Scientific Inc

Exxon Mobil Corp

J&J

10,060.3

$0

$200

$400

$600

$800

$1,000

$1,200

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

2015 2016 2017 2018 2019 2020

Investment Grade Leveraged Highly leveraged Undisclosed

0

100

200

300

400

500

600

700

800

900

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020


0

500

1,000

1,500

2,000

2,500

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020



Industry Total 2,474 100.01,384,595.1

25 28 11,021.9

Jefferies LLC

Americas Loans - Use of Proceeds

Market Share

Change (%)Mandated Arranger

BofA Securities Inc 1 2 160,917.7 783 11.6 1.5

3.1

▲

JP Morgan 2 1

Sumitomo Mitsui Finl Grp Inc 109 1.4 0.3 ▲

Jefferies LLC 70 1.0 0.3 ▲

Citizens Financial Group 138 1.0 -0.1

*Indicates a Tie

▼24 22 13,512.7

23 30 14,315.8

Credit Agricole CIB 59 0.8 0.1 ▲

Rank

2020

Rank

2019

Proceeds

US$mil

# of

Deals

Market

Share (%)

Americas Loans - Bookrunners R7 YoY Change ($) -33% QoQ Change ($) -44%

Bookrunner

# of

Deals

Market

Share (%)

Market Share

Change (%)

Rank

2020

Rank

2019

Proceeds

US$mil

Americas Loans Mandated Arrangers R8c YoY Change ($) -33% QoQ Change ($) -43%

22 23 19,100.6

▲

1 1 178,303.9BofA Securities Inc 716 12.9 0.7

2 2 169,677.4

3 4 114,737.1

Wells Fargo & Co 440 7.1 -1.1 ▼

▲

616 12.3 0.2 ▲

339 8.3 0.8

JP Morgan

Citi

211 3.3 -0.3 ▼5 7 46,144.4

4 3 98,917.1

1.0 ▲

Morgan Stanley 118 2.9 -0.1 ▼

Barclays

208 2.9 -0.7 ▼8 6 39,974.6

7 8 40,368.7

44,992.6Goldman Sachs & Co 198 3.36 13

1.1 ▲

RBC Capital Markets

252 2.7 0.6 ▲

Deutsche Bank 148 2.5 0.6 ▲11 18 34,198.3

10 16 36,769.0

9 20 38,793.0Credit Suisse 146 2.8

US Bancorp

-2.3 ▼

TD Securities Inc 165 2.3 0.0 -

BNP Paribas SA 147 2.3 -0.1 ▼14 12 31,625.3

13 14 32,377.7

12 5 32,651.4Mitsubishi UFJ Financial Group 192 2.4

-0.2 ▼

PNC Financial Services Group 199 2.1 0.1 ▲

Mizuho Financial Group 158 2.1 -0.3 ▼

16 17 29,288.1

15 10 31,092.0BMO Capital Markets 215 2.3

17 11 28,873.8

197 2.0 0.4 ▲

Scotiabank 150 2.0 -0.6 ▼19 9 27,744.2

0.0 -

HSBC Holdings PLC 110 1.7 -0.6 ▼

20 19 24,483.8CIBC World Markets Inc 196 1.8

18 21 28,102.9

21 15 23,116.1


147,078.4 651 10.6 0.4 ▲

▲

Wells Fargo & Co 4 3 88,016.4 504 6.3 -0.7 ▼

Citi 3 4 102,240.4 368 7.4 0.6


Barclays 5 6 48,627.4 238 3.5 -0.2 ▼

-2.3 ▼

Goldman Sachs & Co 6 14 48,158.8 231 3.5 1.0 ▲

Morgan Stanley 7 8 43,275.6 147 3.1 0.0 -

US Bancorp 8 15 43,180.4 332

13 17

2.9 1.1 ▲

RBC Capital Markets 10 7 39,857.4 237 2.9 -0.5 ▼

Credit Suisse 9 20 40,143.3 161

Mitsubishi UFJ Financial Group 11 5 36,088.2

Americas Rankings

CIBC World Markets Inc

245 2.6

Americas Loans - Macro Industry Composition

19 24,043.2 224 1.7 -0.2

▼

BNP Paribas SA 16 16 31,886.1 180 2.3 -0.1 ▼

BMO Capital Markets 15 9 33,334.7 281 2.4 -0.6

▲Truist Financial Corp 17 21 30,589.7 256

▼

HSBC Holdings PLC 20 11 25,754.6 150 1.9 -0.7 ▼

Scotiabank 19 12 28,790.3 189 2.1 -0.5

141 1.6 0.2 ▲

244

TD Securities Inc 12 13 35,036.0 232 2.5 0.0 -

34,468.8 170 2.5 0.4

PNC Financial Services Group 18

14 10 33,593.4

2.2 0.2 ▲

2.2 0.4

0.7 ▲

191 2.4 -0.3 ▼

Deutsche Bank

18 30,247.5

Industry Total 1,387,812.6 2,484 100.0

24 32 14,294.5

21

▲

Citizens Financial Group 23 23

Credit Agricole CIB 25 28 12,700.1 71 0.9

▼

Sumitomo Mitsui Finl Grp Inc 22 22 21,447.9

14,885.6 162 1.1 -0.1 ▼

0.1 ▲

▲


70 1.0 0.3

332

410

329

130210

1,073

$233.8

$229.0

$207.3

$98.7

$93.7

$525.3 Industrials

Financials

Energy and Power

Healthcare

Consumer Productsand ServicesOther

Outer Ring: Proceeds (US$bil)Inner Ring: # Deals

74%

8%

4%

3%

3%

8%

General CorporatePurposesAcquisition Financing

Working Capital

Project Finance

Leveraged Buyout

Other


Industry Total

BBVA 24 33 0.4 ▲

Industrial & Comm Bank China 25 28 0.2 ▲1.1 ▲

Deutsche Bank

BMO Capital Markets 22 20 0.1 ▲

Bank of China Ltd 23 22 0.2 ▲

0.8 ▲

Societe Generale 21 23 0.3 ▲

23 23 0.1 ▲2

1 85

1.3

1.1

0.9

0.8

0.812

1.2 3,820.3

22

18

23

4,910.51.3

16Antares Capital Corp 24

8,870.3

5,620.2

21

0.5 ▲

TD Securities Inc 19 17 0.1 ▲

Scotiabank 16 15 -0.1 ▼

RBC Capital Markets 17 11 -1.0 ▼

10,665.0

10,270.6

9,839.0

9,057.9

55

33

44

43

18 19

-0.9 ▼

Sumitomo Mitsui Finl Grp Inc 15 18 0.7 ▲

Goldman Sachs & Co 12 14 0.3 ▲

Deutsche Bank 13 16 0.7 ▲

11,187.2

36

31

34

53

14 10

-0.2 ▼

PNC Financial Services Group 11 13 0.7 ▲

Mitsubishi UFJ Financial Group 8 5 -4.3 ▼

Barclays 9 7 -1.1 ▼

10 9

-0.5 ▼

Morgan Stanley 7 6 -1.2 ▼

Mkt. Share

Change

JP Morgan 1 1 0.8 ▲

Industry Total

Mkt.

Share

17.1

Wells Fargo & Co 4 4 -0.9 ▼

US Bancorp 5 12 0.9 ▲

BofA Securities Inc 2 2 1.2 ▲

100.0279

Barclays

1.8 ▲

-17% QoQ Change ($) -19%

US Investment Grade

Loans Bookrunners R11b YoY Change ($) -40% QoQ Change ($) -61%

-0.2 ▼ 16.6

12.5

Proceeds

US$mil

109,428.8

105,935.2

79,862.2

425

331

11.9

9.3

# of

Deals

261

277

24 33 0.3 ▲

Goldman Sachs & Co 25 - 0.2 ▲

0.1 ▲

ING 22 16 -0.2 ▼

Credit Suisse 23 - 0.3 ▲

0.2 ▲

0.3

0.3

0.3

0.2

Natixis 20 - 0.3 ▲

Sumitomo Mitsui Trust Holdings 21 - 0.3 ▲

Truist Financial Corp 18 31 0.4 ▲

CaixaBank SA 19 - 0.4 ▲

0.4

0.4

0.3

0.3

19 0.3 ▲

National Bank of Kuwait SAK 17 - 0.5 ▲

14 22 1.0 ▲

Mitsubishi UFJ Financial Group 15 14 0.0 -0.7

0.5

0.5

10 -0.1 ▼

Sumitomo Mitsui Finl Grp Inc 13 13 0.4 ▲

*Indicates a Tie

Canada Loans Bookrunners YoY Change ($) -45% QoQ Change ($) -43%

Bookrunner

Rank

2020

Rank

2019

Mkt. Share

Change

CIBC World Markets Inc 1 1

National Bank of Canada Fin'l 6 6 -0.9 ▼

HSBC Holdings PLC 7 7

BNP Paribas SA 16

Industry Total

Mizuho Financial Group 25 24 0.2 ▲

Industry Total

Raiffeisen Bank International 25 -

-1.0 ▼

Commerzbank AG 23 38 1.1 ▲ Capital One Financial Corp

1.2

100.0

66

47

1,255

7,435.2

7,278.3

6,941.6

24 37 0.9 ▲

100.0

1

-1.5 ▼

Scotiabank 3 3 -1.8 ▼

-1.7 ▼

Alberta Treasury Branches 10 11 0.4 ▲

Citi 11 8

0.0 -

BMO Capital Markets 4 5 -0.6 ▼

RBC Capital Markets 5 4

70

1,829.0

1,716.7

1,635.0

2.4

0.8 ▲

TD Securities Inc 2

-0.4 ▼

JP Morgan 8 12 0.6 ▲



1.9

1.8

1.7

1.4

1.3

1.1

66

76

74

69

9

9

9

24

8

Bank of China Ltd 22 13 -1.5 ▼

US Bancorp 21 21 -0.1 ▼

Fifth Third Bancorp 22 18

Credicorp 21 55 1.8 ▲

-0.6 ▼

1.9

1.7

190.1

171.7

3

2

76

71

7,637.7

7,520.6

1.3

1.3

ING 20 14 -0.9 ▼ HSBC Holdings PLC 20 22 0.1 ▲

Mizuho Financial Group 19 3 -4.9 ▼ Credit Agricole CIB 19 27 0.5 ▲2.0

1.9

205.2

192.7

3

3

31

59

7,766.9

7,673.9 1.3

HSBC Holdings PLC 18 11 -2.4 ▼

Mitsubishi UFJ Financial Group 17 15 -0.5 ▼

TD Securities Inc 18 28

Grupo Financiero Banorte-Ixe 17 21 1.1 ▲

0.7 ▲

1.7227.3

227.1

2.22

2

75

48

9,718.7

8,834.2

Itau Unibanco 16 31 1.9 ▲ BNP Paribas SA 16 20 0.2 ▲

Banco de Sabadell 15 16 -0.3 ▼ PNC Financial Services Group 15 9 -1.0 ▼

1.9

2.02.3

2.3

97

66

2

4

11,433.3

11,208.4

Societe Generale 14 15 -0.3 ▼

Citizens Financial Group 13 14 -0.2 ▼

BMO Capital Markets 14 12

BofA Securities Inc 13 9 -2.4 ▼

-0.6 ▼

2.1

2.0

2.4

2.4

122

110

3

4

12,011.7

11,785.4

KfW IPEX-Bank GmbH 12 23 1.5 ▲ Jefferies LLC 12 17 0.4 ▲

Citi 11 7 -2.3 ▼ Truist Financial Corp 11 10 -0.2 ▼2.7

2.4

2.5

2.4

131

70

3

2

15,681.8

14,315.8

DNB ASA 10 36 2.2 ▲

Deutsche Bank 9 8 0.0 -

RBC Capital Markets 10 11

Credit Agricole CIB 9 6 -2.6 ▼

0.1 ▲

2.5

2.5

115

96

3.5

2.9

3

2

20,498.9

16,842.6

CaixaBank SA 8 39 3.0 ▲ Morgan Stanley 8 13 1.4 ▲

Sumitomo Mitsui Finl Grp Inc 7 4 -2.5 ▼ Barclays 7 4 0.1 ▲4.83.5

3.2

149

91 3.83 21,987.1

4

Mitsubishi UFJ Financial Group 6 8 0.5 ▲

Goldman Sachs & Co 5 6 1.3 ▲

Credit Suisse 6 7

Scotiabank 5 12 1.3 ▲

1.3 ▲

5.2

5.0

158

120

5.6

5.3

JP Morgan 4 10 1.6 ▲ Citi 4 5 0.9 ▲

Santander Corp & Invest Bkg 3 2 1.1 ▲ Wells Fargo & Co 3 2 -2.0 ▼248

156

7.7

5.6

8.1

6.2

Mandated Arranger

Rank

2020

Rank

2019

Mkt. Share

Change Bookrunner

Rank

2020

Rank

2019

Mkt. Share

Change Bookrunner

Rank

2020

Rank

2019

Mkt.

Share

Mkt.

Share

# of

Deals

BNP Paribas SA 2 5 3.3 ▲


JP Morgan 2 3

BBVA 1 1 0.9 ▲

Latin America Loans

Mandated Lead Arrangers R16 YoY Change ($) -82% QoQ Change ($) -16%

Industry Total 2,443 Industry Total

24 28

US Leveraged

Loans Bookrunners R11a YoY Change ($)

Credit Agricole CIB 25 30 57 0.1 ▲ Societe Generale 25 29

Citizens Financial Group 24 22 138 -0.1 ▼ Credit Agricole CIB1.0

10,878.5 0.8

13,512.7

Jefferies LLC 23 29 70 0.3 ▲ Citizens Financial Group 23 20 -0.1 ▼

Sumitomo Mitsui Finl Grp Inc 22 24 105 0.4 ▲ Scotiabank1.4

1.0 1.1

1.1

13,512.7 138

22 19 -0.2 ▼18,746.0

14,315.8

13,701.4 77

HSBC Holdings PLC 21 15 110 -0.5 ▼ Jefferies LLC 21 27 0.3 ▲

CIBC World Markets Inc 20 19 196 0.0 - Sumitomo Mitsui Finl Grp Inc

1.7

1.4

1.1

1.824,483.8

23,116.1

17,465.9 96

14,315.8 70

Scotiabank 19 10 143 -0.6 ▼ BMO Capital Markets 19 18 -0.1 ▼

Truist Financial Corp 18 21 197 0.4 ▲ TD Securities Inc 1.5

1.4

2.0

1.9

28,102.9

26,709.9

96

18,306.7 139

Mizuho Financial Group 17 14 155 -0.2 ▼ HSBC Holdings PLC 17 14 -0.6 ▼

PNC Financial Services Group 16 17 199 0.0 - RBC Capital Markets2.1

2.1

27,332.4 134 2.1

20,865.7 101 1.6

BNP Paribas SA 15 13 140 0.0 - Mizuho Financial Group 15 11 -0.4 ▼

BMO Capital Markets 14 9 215 -0.3 ▼ Truist Financial Corp2.3

2.3 27,441.0 148 2.1

2.2

Mitsubishi UFJ Financial Group 13 5 189 -2.3 ▼ PNC Financial Services Group 13 13 0.0 -

TD Securities Inc 12 12 165 0.1 ▲ BNP Paribas SA 2.4

2.3

2.4

2.4

12 10 -0.130,476.9

Deutsche Bank 11 18 147 0.6 ▲ Mitsubishi UFJ Financial Group 11 5 -2.6 ▼

US Bancorp 10 16 252 0.6 ▲ Deutsche Bank2.7

2.5

0.5 ▲33,784.5 146 2.6

31,670.0 183 2.5

Credit Suisse 9 20 145 1.1 ▲ US Bancorp 9 12 0.6 ▲

RBC Capital Markets 8 6 208 -0.8 ▼ Credit Suisse2.9

2.8 36,769.0 252 2.9

Morgan Stanley 7 8 117 -0.2 ▼ Morgan Stanley 7 7

4

-0.1 ▼

Goldman Sachs & Co 6 11 197 0.9 ▲ Goldman Sachs & Co

4 3 -1.5 ▼

Barclays 5 7 211 -0.3 ▼ Barclays

3.3

2.9

Bookrunner

Rank

2020

12.9

12.3

8.3

JP Morgan 2

5 6

BofA Securities Inc 1 1 713 0.5 ▲ BofA Securities Inc 1 1

Wells Fargo & Co 4 3 439 -1.2 ▼ Wells Fargo & Co

2 2

Citi 3 4 337 0.8

US Loans Bookrunners R11 YoY Change ($) -30% QoQ Change ($) -44%

Americas Rankings First Nine Months 2020 | Syndicated Loans | Managing Underwriters

7.77.2

3.4

Mkt. Share

Change Bookrunner

Rank

2020

Rank

2019

# of

Deals

3.6

2

Mkt.

Share

# of

Deals

Proceeds

US$mil

Proceeds

US$mil

Mkt.

Share

44,707.6 196 3.5

0.8 ▲Citi 3

North America

Loans Bookrunners R9 YoY Change ($) -32% QoQ Change ($) -44%

Rank

2019

0.4 ▲

-0.5 ▼

-0.2 ▼

▲

0.9

# of

Deals

Proceeds

US$mil

17.2

14.1

13.6

13.3

13.2

8.4

178,058.9

168,923.6

114,485.5

98,842.1

46,144.4

44,907.6 6 9

609 0.1 ▲ JP Morgan

Mkt. Share

Change

176,230.0 704

2.0

85

40,283.7 117

Mkt.

Share

▲

1.2 ▲

3.2

38,447.6 143 3.0

16,506.0

13,551.1

13,008.5

12,785.3

12,642.1

8,003.3

2,250.4

1,900.4

2600

329

438

208

13.8

13.0

8.8

40,283.7

39,974.6

38,726.3

36,769.0

33,972.8

32,377.7

32,340.4

31,092.0

30,949.1

29,288.1

28,524.4

1,346.9

1,280.1

1,083.4

670.5

472.2

462.5

8 16

10 15

▼

14 17 0.4 ▲

16 8 -0.6 ▼

Desjardins Capital Markets 12

56

18 21

20 23

1,280,855.7

18

9

7

6

4

1

2

3

2

397.9

360.4

315.3

296.7

295.0

278.7

269.2

200.0

2

3

2

3

1

0.4 ▲

0.4 ▲

38

9.0

Proceeds

US$mil

1,069.7

927.4

834.6

633.6

577.8

541.2

354.6

326.3

257.3

256.3

252.0

249.7

245.0

243.9

237.4

233.6

108.2

2.2

1.1

129.2

112.8

10.4

# of

Deals

10

10

13

8

8

6

3,542.7 9

588

20

8.3

3.5

3.0

2.9

2.8

2.8

2.7

2.6

2.2

2.1

1.9

1.8

1.7

1.6

1.5

1.4

1.4

0.6

0.6

100.0

184

139

91

25

81

60

55

94

3 170

5,084.6

Proceeds

US$mil

69,583.6

54,686.1

44,992.1

32,764.2

30,690.1

29,472.4

28,007.2

6 8Mizuho Financial Group

BNP Paribas SA

HSBC Holdings PLC


Credit Suisse 20

100.0 100.0

136

29,163.1 198

27,705.0 195

10,680.7

2,166

167,023.1

112,850.5

98,717.1

1,376,720.1 95,864.4

0.8

10,320.4 45 0.8

45,875.1

18,826.7

639,716.7 585,512.7 10,259.0

1.5

1.3

52,870.7

22,091.6

19,437.4

18,217.0

18,157.2

17,868.0

17,481.4

16,690.4

13,873.8

13,285.6

11,847.1

Citi 3


Target Nation

Netherlands

Germany

Netherlands

United Kingdom

Saudi Arabia

Switzerland

Utd Arab Em

Utd Arab Em

Package Amt

(US$mil)

16,543.5

13,154.4

12,010.9

10,000.0

10,000.0

9,975.0

8,100.0

7,960.0

7,634.2

7,542.6

6,350.0

6,261.1

United Kingdom

France

Germany

4/2/2020

6/30/2020

Total SA General Corp. Purp.

Vertical Midco Gmbh

EMEA Loan Proceeds - Macro Industry Composition

Airbus SE

Borrower

EMEA Insights First Nine Months 2020 | Syndicated Loans | Managing Underwriters

Top EMEA Syndicated Loans

Closing Date

General Corp. Purp.

General Corp. Purp.

5/7/2020

3/30/2020

Saudi Arabian Oil Co Acquisition Fin.

Glencore International AG General Corp. Purp.

2/17/2020

6/23/2020

EMEA Loans - Use of Proceeds

EMEA Quarterly Loan Volume

3/31/2020

4/1/2020 Daimler AG General Corp. Purp.

Primary UOP

Port & Free Zone World FZE Acquisition Fin.

Project Galaxy Project Finance

5/4/2020 France

3/12/2020

Air France-KLM SA General Corp. Purp.

British American Tobacco PLC

4/21/2020

4/1/2020

Royal Dutch Shell PLC General Corp. Purp.

BP PLC

General Corp. Purp.

Leveraged Buyout

0

100

200

300

400

500

600

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500


2015 2016 2017 2018 2019 2020

Proceeds (US$bil) No. of Deals

196

124

14684

60

314

$162.0

$118.4

$92.6

$62.2

$35.6

$161.9

Industrials

Energy and Power

Financials

Materials

Consumer Staples

Other


70%

11%

7%

3%3%

6%

General CorporatePurposesAcquisition Financing

Project Finance

Leveraged Buyout

Working Capital

Other


Morgan Stanley


-1.3 ▼

Morgan Stanley

151 100.0

▲

Citi

▲

11

1.0

0.0 -

▼

9 2.7 -1.7 ▼

23 5.6

11 2.2

Market

Share (%)

Market Share

Change (%)

14 2.6 1.2 ▲ NatWest Markets

Industry Total

7 5 5,173.0

24 4.0 1.1 ▲

2.9

1.0 ▲

19 3.6 0.0


-1.8 ▼

2 5,466.8

-0.2 ▼

41 7.1 -1.6

36 7.9 1.9 ▲4 7,303.9

65 1.5 -0.7

26 1.0 -0.6 ▼

21 1.0 -1.1 ▼ IMI - Intesa Sanpaolo 23 21 8,661.7 97 1.4 -0.2

35 1.1

23

▲20 24 6,412.5

19 Mitsubishi UFJ Financial Group 19 16

12

19,192.0 104

16,406.1 99

0.3

-0.1 ▼

60 4.5 -0.4 ▼

-0.1 ▼

23,723.6 101 3.8 0.6

Santander Corp & Invest Bkg 9 13 23,120.7 184 3.7

45,894.7 79 100.0

IMI - Intesa Sanpaolo

UBS

Commerzbank AG

BBVA

Industry Total

24 29 986.8 464.5 3 1.0 0.9

0.0

ING 13 1,019.4 9 2.2 -0.5

6

21 24 1,159.8

7.4

Morgan Stanley

Commerzbank AG

▲

▲

Bookrunner Mandated Arranger

Rank

2020

SEB 25

Deutsche Bank 3

HSBC Holdings PLC 5

UniCredit 7

11

5.2

302

3.0

0.0 -

1351 1 62,824.7

73 4.7 1.6

167

1.7 ▲4

1.1 ▲


BofA Securities Inc

NatWest Markets

EMEA Rankings

16

2.6 -1.3 ▼

▼16

Credit Agricole CIB

-0.5 ▼13

7

JP Morgan

-1.2 ▼

Nordea

12 5,307.3

*Indicates a Tie

Barclays

BofA Securities Inc

BBVA

24 5.7

33 6.3

4 6 5,496.1

92,945.7

17 22 2,396.3

10

14 9 2,572.5

23

2.913

16

19 ▼1,651.1

18 25 2,060.9 ▲

12 1.8

-0.3 ▼

61

26

▼

-3.5 ▼ Mizuho Financial Group 15 20

0.0 -

11 1.5 0.8 ▲

▲

Nomura 18 31 1,029.6 4 2.2 1.5 ▲

24 1,030.5 9 2.317 1.3

2.1 0.2

22 21 604.9 4 1.3 0.1

12 1.1

6 1.1

5524

15 983.4


JP Morgan

UniCredit

Deutsche Bank

EMEA Bookrunners R17


YoY Change ($) -13% QoQ Change ($) -66%

Rank

2019

Proceeds

US$mil

# of

Deals

Market

Share (%)

Market Share

Change (%)

Rank

2020

Rank

2019

Proceeds

US$mil


# of

Deals

Market

Share (%)

Market Share

Change (%)

EMEA Mandated Lead Arrangers R19

7.5 0.9 ▲

Credit Agricole CIB Credit Agricole CIB 2 2 31,606.4 199 5.0 0.5 ▲

BNP Paribas SA BNP Paribas SA 1 1 47,373.114.1 5.7

2 2 33,039.4

▲

106

4.7 0.7 ▲

Citi UniCredit 4 8 25,164.9 201 4.0 0.6 ▲


9 23,314.3

3 15 24,434.8 89 5.5

56

▲

HSBC Holdings PLC JP Morgan 6 5 23,866.0 99 3.8 0.0 -

Deutsche Bank 5 7 24,722.6

6 12 20,887.7

5 7 23,279.8 61 5.2 139 3.9

▲

Societe Generale HSBC Holdings PLC 8 6 23,599.2 156 3.7 0.0 -

Citi 7 105 20,192.8 103 4.5

8 4 20,007.3

▲

Sumitomo Mitsui Finl Grp Inc Commerzbank AG 10 11 19,657.4 142 3.1 0.1 ▲18 14,473.3

9 6 19,468.3 72 4.4

42 3.2 1.4 ▲10

0.9

3.0 1.1 ▲

ING ING 12 3 16,992.8 140 2.7 -1.5 ▼12 8 11,432.7

11 11 13,447.4 73 3.0 Sumitomo Mitsui Finl Grp Inc 11 19

2.6 -0.3 ▼

Natixis Natixis 14 14 15,370.0 89 2.4 -0.3 ▼

13 11,203.5 52 2.5

14 10 10,508.5 36 2.4 -1.1

Barclays 13

14,870.8 72 2.4 0.7 ▲

Goldman Sachs & Co BofA Securities Inc 16 9 14,535.8 81 2.3 -0.9 ▼14 8,586.5

15 3 10,049.3 44 2.3

41 1.9 -1.0

13,137.6 64 2.1 0.6 ▲

First Abu Dhabi Bank PJSC BBVA 18 22 13,091.4 120 2.1 0.6 ▲18 31 6,677.3

17 22 6,870.1 51 1.5 Standard Chartered PLC 17

10,899.7 67 1.7 -0.5 ▼

Standard Chartered PLC NatWest Markets 20 18 9,877.3 81 1.6 -0.3 ▼

21 6,567.0 32 1.5NatWest Markets -0.1 ▼

26 1.4 0.2

▼

Credit Suisse Goldman Sachs & Co 22 17 9,260.4 60 1.5 -0.7 ▼22 16 4,675.6

21 23 5,703.7 24 1.3 Credit Suisse 21 15 9,566.20.1 ▲

▼23 17 4,529.7

IMI - Intesa Sanpaolo Morgan Stanley 24 25 8,098.6 41 1.3 0.1 ▲24 20 4,404.9

26 7,891.1 51 1.3 0.2 ▲

Industry Total Industry Total 632,758.8 924 100.0

25 26 4,067.7

446,280.3 573 100.0

21 0.9 -0.2 ▼

YoY Change ($) -29% QoQ Change ($) 6%

Bookrunner Bookrunner

Rank

2020

Rank

2019

Proceeds

US$mil

# of

Deals

Market

Share (%)

Market Share

Change (%)

YoY Change ($) -24% QoQ Change ($) -50%European Leveraged Loans P10 European Sponsored Loans P13

Rank

2020

Rank

2019

Proceeds

US$mil

# of

Deals

19 8.2 2.5 ▲

BNP Paribas SA BNP Paribas SA 2 5 3,180.2 21 6.9 0.5 ▲2 1 6,638.1

JP Morgan 1 7 3,756.5

▼

1

1 3,087.6 22 6.7 -1.7 ▼

Deutsche Bank Credit Agricole CIB 4 2 2,621.4 18 5.7 -2.1 ▼0.4 ▲

3 3 5,874.6

34 5.9

11 2,370.1 13 5.2 1.9 ▲

HSBC Holdings PLC Societe Generale 6 9 2,344.3 10 5.1 1.1 ▲2.8 ▲

▼28 5.9 -0.7

6

Goldman Sachs & Co 5

16 2,214.2 12 4.8 2.9 ▲

Citi Barclays 8 10 2,162.4 13 4.7 1.0 ▲2.2 ▲8 14 4,596.4 17 5.0

Barclays

2,112.7 11 4.6 -0.2 ▼

UniCredit Credit Suisse 10 6 2,087.6 19 4.6 -1.1 ▼15 3,464.8

9 13 3,679.5

19 3.7

BofA Securities Inc 9 8

14 2,051.4 11 4.5 2.2 ▲

Credit Suisse Goldman Sachs & Co 12 3 1,687.0 15 3.7 -4.1 ▼12 8 2,729.8

11 10 3,313.0

24

-

13 17 1,602.8 8 3.5 1.7 ▲

Societe Generale UBS 14 18 1,266.2 10 2.8 1.0 ▲

17 2,684.4

12 2.8

1.0 ▲

-1.2

15 20 1,260.3 9 2.8 1.1 ▲

Sumitomo Mitsui Finl Grp Inc IMI - Intesa Sanpaolo 16 33 1,116.5 7 2.4 1.7 ▲1.52,467.3

15 7 2,504.4

11 2.7

Natixis

Santander Corp & Invest Bkg 19

▲

Nomura Natixis 21 4 696.2 5 1.5 -5.2 ▼

12 1.5 -

5 1.3 0.0 -

RBC Capital Markets 2020 20 1,405.6

▲

Cooperatieve Rabobank UA ING 23 12 591.6 5 1.3 -1.5 ▼

-0.5 ▼

5 1.1 0.5 ▲

Mizuho Financial Group19 1,004.7

34 996.8

22

▲

RBC Capital Markets Mediobanca 25 44 445.2 2 1.0 0.8 ▲

0.3

6 1.1 -0.3 ▼25 23 983.4

Commerzbank AG



Agricultural Bank of China 20 29 ▲

JP Morgan 21 34 ▲

0.6

Bank Mandiri 22 91 ▲

1,161.7 7 1.3

86,524.3

▼

1,085.8 11 1.3

1,063.0 7 1.2

13

ANZ Banking Group

8

1,622.4

*Indicates a Tie

8.1

9 1.9

8

3,721.3 27

10

United Overseas Bank Ltd

BNP Paribas SA 14 20 ▲

-2.6

4.3

2,869.5 18

2,374.1 10 2.7

Standard Chartered PLC 3

China Merchants Bank 5

Sumitomo Mitsui Finl Grp Inc 7

2.6

1.9

China Construction Bank 6

CITIC 9

Bank of Communications Co Ltd

▲47 1.0

251,303.3 825 100.0

Primary UOP

Asia Loans Bookrunners

(US$, EURO, JPY, HK$, & S$) S3m YoY Change ($) -28% QoQ Change ($) 66%

Bookrunner

Rank

2020

Rank

2019

Mkt. Share

Change

1 ▼41

Proceeds

US$mil

# of

Deals

Mkt.

ShareBank of China Ltd 1 3 ▲

6.1

6,999.7 35

DBS Group Holdings 2

▲

2

1.5

38 1.5

1.2

25

Capital Expenditures

Top Asia Syndicated loans (Ex Japan, Ex Australia)

CP All PCL 3,217.9

Project Finance

25 55

Package

Amt (US$mil)Closing Date Borrower

Airport Authority Hong Kong6/17/2020 4,516.1

9/18/2020 CP Retail Development Co Ltd 4,022.3 Acquisition Fin.


Acquisition Fin.

Zhuhai Mingjun Invest Lp 2,864.5

Project Finance

7/29/2020 PT Indo Raya Tenaga

9/18/2020

2.5

5,681.2 58 2.3

5,484.2 51 2.2

5,357.9

7

1.1 ▲

Taiwan Financial Holdings Co 0.8 ▲

22 31

27

0.1 ▲

▲

-0.5 ▼

2.1

2.0CITIC

40

48

-0.7

0.3

2.6

2.1

0.9


Taiwan Financial Holdings Co

CTBC Financial Holding Co Ltd

20 25

22 37

15

12

19

8

1.2 ▲

13 11

-3.6 ▼

▼

-

▼5

7 8

-0.8

11

-0.3 ▼

12 13

14 12

Bank of Shanghai

1

QoQ Change ($) 4% YoY Change ($)

Bookrunner

Bank of China Ltd


DBS Group Holdings

Standard Chartered PLC

China Construction Bank

HSBC Holdings PLC


Industrial & Comm Bank China

Agricultural Bank of China

Taiwan Cooperative Finl Hldg

4 3

9

37

HSBC Holdings PLC



7 -0.2

10 36 1.6 10

Standard Chartered PLC-0.1

6 -1.3

ANZ Banking Group


First Financial Holding Co Ltd

BNP Paribas SA

Citi

Asia Loans

Bookrunners All Currencies S5c

144

35

2

Asia Loans

Mandated Arrangers All Currencies S5b

Mandated Arranger

Bank of China Ltd

DBS Group Holdings

YoY Change ($) -21%

Rank

2020

Rank

2019

Rank

2020

Rank

2019

4

1

2 12 1.8

▲

# of

Deals

239

21


Mega Financial Holding Co

Asian Loans by Currency (%)

Asia Loans by Maturity Date

-0.2 ▼

0.0

▼

-0.2 ▼

-6%-21% QoQ Change ($)

▼

0.8 ▲

-0.4




ANZ Banking Group

Industry Total


Shanghai Pudong Development Bk

State Bank of India

Mkt. Share

Change

4.0 ▲

-1.5 ▼

0.7 ▲

1.2

-0.1

▲

-24

▲

▲

▼

▲

▼-0.1

0.2

▲

- Bank of Shanghai

19 15

20 22

▲

0.6 ▲

Citi

0.7 3,905.7 40

China Minsheng Banking Corp

23

23 56

0.0

4,084.1 46 1.6Mitsubishi UFJ Financial Group

CITIC

State Bank of India

▼

▲

▼

▲

▼

▼

▲

▼

▼

▼

▼

0.6

-5.0

0.4

16

17

13

3

-2.7

13

13

14

639

Oversea-Chinese Banking

-1.0


8

3

0.2

3 10

0.4

-0.1

-0.2

44

33

25

13 14

25 41

24 38

23 28

21 10

19 31

3.3

14 2.9

Agricultural Bank of China

Taiwan Cooperative Finl Hldg


1,606.9 12 1.9

1,463.2

Asia Ex. Japan First Nine Months 2020 | Syndicated Loans | Managing Underwriters

0.3

0.0

45

32

47

34

16

12

43

23

19

23

11.4 1 1

Land Bank of Taiwan

6 4 -1.2 6

7 9

5

Industry Total

1.3

Mkt. Share

Change

0.5

▲13 0.4 8

9

11 11

6,521.6 30

6,222.5 70

5,335.6

Industrial & Comm Bank China 6

33

12

▼

13

28

0.11.7

1.6

1.5

1.3

1.1

1.1

0.4

14 2

12 18

47

5,089.1

9

▼

2,469.1

4,787.1

16 15 16 34

15 21 15

18 5 18

17 30 17

▼

Changfang Wind Power Co Ltd 2,908.4

3.0

-2.1

-1.72

4/29/2020 Shanghai Hopson Binjiang Re 3,877.2

2,568.0

1/24/2020-0.1

0.32/10/2020

13

56 ▲

5,278.6

11

8.030

12 ▲

2.3

6 ▼

▼

2.9

4

18 5.5

4,483.5 21 5.2

-0.8

-1.0

▲

10 ▼

▲

5

1,639.1

7

15 37

Mitsubishi UFJ Financial Group 11

▼

HSBC Holdings PLC 4

▲

▼

3.9

▼

15

-0.6

2,136.9

Acquisition Fin.2,135.1 15 2.5

1,959.8 14 2.3

Working Capital0.3

2,146.4

4/9/2020 Singapore Airlines Ltd 2,823.9

China Minsheng Banking Corp 18 43 ▲

1,965.90.6

7/14/2020 Vitol Asia Pte Ltd 2,015.0

Credit Agricole CIB 25 39 ▲

Industry Total

Refin/Ret Bank Debt

Real Estate/Ppty Acq

CTBC Financial Holding Co Ltd 24 25 ▲

Oversea-Chinese Banking 23

Citi 16

1,953.8 11

▲

-1.0

0.723 ▲

5/28/2020

Malayan Banking Bhd 19 16

Shanghai Pudong Development Bk

12

Shenzhen China Star

1/10/2020 Shanghai Beiwan Re Co Ltd


-0.4

1.0

1.3

0.7

5/12/2020 Shaanxi Coal Grp Yulin Chem

Cccc Wenzhou High-Speed Rail1/16/2020

2,379.4

1.2

Mkt.

Share

25.6

4.3

4.2

3.6

3.4

3.3

2.8

2.6

2.4

2.4

2.3

2.1

2.0

2.0

1.8

Proceeds

US$mil

9,814.5

▲

▲

# of

Deals

70

3,677.4

Proceeds

US$mil

46,265.4

7,804.3

7,589.3

6,527.7

6,127.8

5,896.9

5,014.4

4,663.5

4,411.7

4,247.8

4,139.6

3,727.5

3,610.3

3,582.9

3,178.1

3,065.7

Mkt.

Share

44,933.0 342 17.9

12,355.5 100 4.9

77 3.9

8,215.3 47 3.3

8,134.1 110 3.2

7,907.7 60 3.2

7,623.6 82 3.0

7,352.9 54 2.9

1.6

3,825.0

1,667.4

180,593.8

▲

Hua Nan Financial Holdings

1.0

2,542.8

2,965.7

2,610.0

2,334.3

2,019.4

1,987.1

1,933.2

1,704.2

1,678.4 0.9

0.9

100.0

1.1

0.9

-1.5 21

▲

47 1.2

2,702.2 25 1.1

2,607.6 6 1.0

2,575.7

2,977.8

0.2

2,962.9

0.6

186 100.0

9 1.7

1,308.6 5 1.5

1,286.1 8 1.5

1,276.2 3 1.5

1,240.3 5 1.4

17 -0.5

6,933.2

5,323.6 35 6.2



Real Estate/Ppty Acq1,237.1 4 1.4

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

9M'10 9M'11 9M'12 9M'13 9M'14 9M'15 9M'16 9M'17 9M'18 9M'19 9M'20

Local currency G3

0

200

400

600

800

1,000

1,200

1,400

$0

$50

$100

$150

$200

$250

$300

$350

$400

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030



China Everbright Bank 23 38 407.9 3 0.7 0.3 ▲

Bank of Communications Co Ltd 24 15 367.0 5 0.7 -1.1 ▼

Deutsche Bank 20 28 510.4 2 0.9 0.1 ▲

JP Morgan 21 27 492.1 3 0.9 0.1 ▲

Citi 25 36 349.3 4 0.6 0.1 ▲

Natixis 22 31 486.9 8 0.9 0.3 ▲

▲

DBS Group Holdings 18 19 781.5 8 1.4 -0.1 ▼

Standard Chartered PLC 19 21 649.9 8 1.1 -0.3 ▼

RBC Capital Markets 24 27 30.7 1 0.1 -0.3 ▼

Industrial & Comm Bank China 16 9 968.6 13 1.7 -1.0 ▼

United Overseas Bank Ltd 17 20 867.4 9 1.5

BNP Paribas SA 9 13 2,045.6 15 3.6 1.6

ANZ Banking Group 2 1 6,994.6 59 12.3 0.5 ▲

National Australia Bank 3 2 3,895.0 42 6.9

Bank of China Ltd 5


# of

Deals

Market

Share (%)

Australia First Nine Months 2020 | Syndicated Loans | Managing Underwriters

Rank

2020

Rank

2019

Proceeds

US$mil

Market Share

Change (%)

1 1 5,541.4ANZ Banking Group

Australia Loans Bookrunner All Currencies S7

Bookrunner

0.1

Citi 21

0.2

Commonwealth Bank of Australia

Bank of China Ltd

20 11 128.1

Societe Generale

17

0.3 -0.2

Cooperatieve Rabobank UA 23 23 41.0 1 0.1


QoQ Change ($) -77%

2,406.8

Acquisition Fin.

General Corp. Purp.

17.7

56

Australia Loans Mandated Arrangers All Currencies S6a


Oversea-Chinese Banking 14 16 1,171.1

14 16 904.2

7 2.1

2 3 4,244.0

-0.3 ▼

19 13.6

Commonwealth Bank of Australia 1 3 7,811.1

25

4 2,281.5 6 7.3 -1.8

5

-4.1

0.2


▼

22 - 45.9

3 8

-0.5 ▼

Mandated Arranger

Rank

2020

Rank

2019

Proceeds

US$mil

# of

Deals

Market

Share (%)

Market Share

Change (%)

YoY Change ($) -18%

▼

10 6.5

7 9 1,929.4

▲

3 1.5 -0.3 ▼

Morgan Stanley 16 17

Mitsubishi UFJ Financial Group 4

4.4 ▲

10 7.7 3.5 ▲

4 3,746.9 25 6.6 -0.7 ▼

7 2,034.15 2.1 ▲

▲


HSBC Holdings PLC 1,949.1 8 6.2 -2.3 ▼6

-2.2 ▼

19 33 191.7 1

1 ▲

0.6 0.3

ING

3.1 ▲


Westpac Banking 7 6 2,929.5 36 5.2 -0.6 ▼

7 6.2 2.7 ▲

20 237.6 2

▼

10 19 1,164.7

National Australia Bank

8Westpac Banking 3.7

Sumitomo Mitsui Finl Grp Inc 4 8 3,779.3 31 6.7

20 3.8 -2.4 ▼

BNP Paribas SA

8 2 1,764.7

9 10 1,694.8 5 5.4 2.1

13 5.7 -6.2 ▼

▲

0.8 0.1 ▲

▲

1,143.0

2 3.7 2.9

Mizuho Financial Group 6 11 2,975.3

Standard Chartered PLC

*Indicates a Tie

31,228.4Industry Total

Industry Total 56,807.0

Project Finance

Refin/Ret Bank Debt

Refin/Ret Bank Debt

▲


China Construction Bank 15 14 1,039.3 5 1.8 -0.2 ▼

Credit Agricole CIB 10 12 2,045.0 13 3.6

HSBC Holdings PLC 11 7 2,042.3 26

DBS Group Holdings


Top Australia Syndicated Loans

Primary UOP

Project Finance

Acquisition Fin.

▲

21

3 2.9 1.8

15 12 479.1

61 100.0

25 83.9 1

37 337.4 3 1.1 1.0

1 0.4 -2.4

2.9

2.2 ▲

13.8 5.8

FMG Resources(August 2006)Pty

Santos Finance

1/1/2020

7/13/2020

7/8/2020

5/15/2020

6/25/2020

6/23/2020

1/28/2020

0.4

▲

▲

Growthpoint Finance Pty Ltd

Deutsche Bank

Societe Generale 12 18 2,015.6 14 3.6 2.0

Credit Agricole CIB

ING 13 10 1,459.0 10 2.6 0.5

1,116.8

13

Refin/Ret Bank Debt

Working Capital

▲

Refin/Ret Bank Debt

Real Estate/Ppty Acq

General Corp. Purp.

Refin/Ret Bank Debt

Vocus Group Ltd

8,406.7

3,654.5

2,200.0

1,604.8

▲

3.6 -1.7 ▼

11 6

124 100.0

▲

▲

22 1,090.6

1 3.6 2.9 ▲

2 3.5

958.5

▲

12

6/15/2020

6/9/2020

4/28/2020

AirTrunk Pte Ltd

Destination Brisbane Pty Ltd 1,108.6

1,060.0

▼

339.4 2 1.1 0.1

CIMIC Finance (USA) Pty Ltd

1.6

Closing Date

8 5 2,139.1

22 5.2

1,025.0

1,000.0

Australia Loans - Macro Industry Composition

6/8/2020

5/28/2020

6/4/2020

Package Amt

(US$mil)Borrower

Ichthys LNG Pty Ltd

Vodafone Hutchison Australia

Roy Hill Holdings Pty Ltd

Celsus Securitisation Pty Ltd

South32 Ltd

Yancoal Australia Ltd

1,450.0

1,275.0

1,156.4

1,116.7

30%

23%

17%

10%

6%

14%

Financials

Energy and Power

Materials

Telecommunications

Industrials

Other


Japan Insights First Nine Months 2020 | Syndicated Loans | Managing Underwriters

Marubeni Corp

6/25/2020

7/1/2020

6/1/2020

7/16/2020

7/28/2020

6/29/2020

5/11/2020

3/24/2020

6/25/2020

Japan Loans - Use of Proceeds

HC Holdings KK

Eneos Holdings Inc

Asahi Group Holdings Ltd

SoftBank Group Corp

Showa Denko KK

3/27/2020

7/31/2020

3/31/2020

Japan Loans - Macro Industry Composition

Top Japan Loans

Closing Date Borrower

2,138.3

Working Capital

Working Capital

Acquisition Fin.

Working Capital

General Corp. Purp.

Project Finance

Aircraft Financing

Working Capital

Working Capital

Working Capital

Package Amt

(US$mil) Primary UOP

4,571.3 Acquisition Fin.

3,718.2 Acquisition Fin.

4,187.6

Japan Loans Volume (US$bil)

Sony Corp

2,890.2

2,807.4

2,789.9

2,597.3

2,346.8

2,332.3

2,248.0

2,229.2

JERA Power Taketoyo LLC

Japan Airlines Co Ltd

Toshiba Corp

East Japan Railway Co

NEC Corp

358

171

88

71135

589

$49.58

$26.90

$23.93$20.09

$18.54

$58.55

Industrials

Materials

High Technology

Energy and Power

Financials

Other


57%

15%

7%

7%

6%

8%

Working Capital

General Corporate Purposes

Refinance Bank Debt

Acquisition Financing


Other

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

$0

$50

$100

$150

$200

$250

$300

$350

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020



First Abu Dhabi Bank PJSC 21* 15 24.5 1

21* - 24.5 1

Japan Loans Bookrunners S12b YoY Change ($)

Sumitomo Mitsui Trust Holdings 34

Chugoku Bank Ltd 1

23 43 115.8 2 0.1 0.1 ▲

ING 24 32* 112.5 1 0.1 0.1 ▲

Iyo Bank Ltd

North Pacific Bank Ltd 21 30 136.1 2 0.1 0.1 ▲

Tokyo Kiraboshi Financial Inc 22 19 124.9 8 0.1 0.0 -

0.0 -0.1 ▼

Shinkin Central Bank 25 - 24.0 1 0.0 0.0 -

0.0 -

State Bank of India 21* - 24.5 1 0.0 0.0 -

*Indicates a Tie

18 - 67.8

17 12 113.5

Japan Loans Mandated Arrangers S12a YoY Change ($) 7% QoQ Change ($) -16%

Mandated Arranger

Rank

2020

Rank

2019

Proceeds

US$mil

# of

Deals

Market

Share (%)

Market Share

Change (%)

6% QoQ Change ($) -12%

Bookrunner

# of

Deals

Market

Share (%)

Market Share

Change (%)

Rank

2020

Rank

2019

Proceeds

US$mil

▲

Mitsubishi UFJ Financial Group 542 27.1 1.4 ▲

Sumitomo Mitsui Finl Grp Inc 394 22.2 -0.9 ▼

1 1 79,520.8Mizuho Financial Group 351 42.8 2.6

2 2 50,304.0

3 3 41,250.1

2.2 -0.8 ▼

Credit Agricole CIB 8 1.5 -0.2 ▼5 5 2,793.9

4 4 4,120.6

0.0 -

Aozora Bank Ltd 20 0.5 0.0 -

Concordia Financial Group 35 0.5 -0.5 ▼8 8 894.3

7 10 961.1

2,343.7Citi 5 1.36 7

-0.4 ▼

Fukuoka Financial Group Inc 6 0.4 0.3 ▲

Development Bank of Japan Inc 9 0.3 -1.1 ▼11 6 532.8

10 13 731.9

9 9 752.8Resona Holdings Inc 44 0.4

0.3 ▲

CTBC Financial Holding Co Ltd 19 0.2 -0.2 ▼

Shinsei Bank 4 0.1 0.0 -14 16 182.2

13 11 345.6

12 - 468.9BNP Paribas SA 1 0.3

0.1 ▲

Iyo Bank Ltd 2 0.1 0.1 ▲

Tokyo Kiraboshi Financial Inc 7 0.1 0.0 -

16 - 115.8

15 21 181.1Nishi-Nippon Finl Hldg Inc 1 0.1

0.0 0.0 -

North Pacific Bank Ltd 1 0.0 0.0 -19 20 41.4

Industry Total 1,378 100.0185,978.7

0.0 -20 22 31.8Fukui Bank Ltd 1 0.0

Standard Chartered PLC 21* - 24.5 1 0.0 0.0 -

DBS Group Holdings 0.0

Mizuho Financial Group 1 1 76,845.0 395 38.9 2.1 ▲

Mitsubishi UFJ Financial Group 2 2 52,805.9 584 26.7 0.0 -

Sumitomo Mitsui Trust Holdings 4 4 5,217.8 56 2.6 -0.2 ▼

Sumitomo Mitsui Finl Grp Inc 3 3 49,128.1 440 24.9 0.7

Credit Agricole CIB 5 7 2,126.7 10 1.1 0.1 ▲

Citi 6 9 1,696.4 7 0.9 0.0 -

Development Bank of Japan Inc 7 6 1,382.1 17 0.7 -0.7 ▼

Concordia Financial Group 8 8 1,069.4 41 0.5 -0.5 ▼

0.5 -1.2 ▼

Aozora Bank Ltd 10 11 974.7 21 0.5 0.0 -

Resona Holdings Inc 9 5 1,049.7 54

BNP Paribas SA 11 15* 933.4 4 0.5 0.4 ▲

Fukuoka Financial Group Inc 12 20 731.9 6 0.4 0.3 ▲

614.5 3 0.3 0.0 -

CTBC Financial Holding Co Ltd 14 12 396.2 21 0.2 -0.2 ▼

BofA Securities Inc 13 13

Norinchukin Bank 16 49 328.9 2 0.2 0.2 ▲

Barclays 15 15* 352.0 2 0.2 0.1

Hokuhoku Financial Group Inc 18 21 214.4 4 0.1 0.0 -

Wells Fargo & Co 17 14 262.5 1 0.1 0.0

Nishi-Nippon Finl Hldg Inc 20 36 181.1 1 0.1 0.1 ▲

Shinsei Bank 19 25 199.6 5 0.1 0.0 -

-

▲

▲

Industry Total 197,605.6 1,412 100.0

Japan Loans - Volume by Maturity Date

Japan Rankings First Nine Months 2020 | Syndicated Loans | Managing Underwriters

Japan Loans Volume - Non-Japanese Borrowers

0

500

1,000

1,500

2,000

2,500

$0

$50

$100

$150

$200

$250

2020 2021 2022 2023 2024 2025 2026 2027 2028 &Beyond


0

5

10

15

20

25

30

$0

$1

$2

$3

$4

$5

$6

$7

$8


2015 2016 2017 2018 2019 2020



Syndicated Loans Criteria First Nine Months 2020 | Managing Underwriters

Refinitiv Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Refinitiv Investment Banking and Refinitiv LPC

offer the most comprehensive and accurate view of the syndicated loans market available.

© 2020 Refinitiv. All rights reserved.

Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Re finitiv has been made aware. All current and previous years' data is as of 12:00PM ET on September 30, 2020.

Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date. Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.

Market Segments (i.e. leveraged, investment grade) in this report are based on SDC 'yield type' which is defined separately f rom Refinitiv LPC's 'market segments'. Please speak to your contributor relations representative for more details.

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm.Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be givien to the surviving/parent firm.

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell -down process.

Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in dea l size after syndication has ended will be reflected as an add on tranche.

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commen cement 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".

While Refinitiv 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 Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, no r for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by l aw. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments o r products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securiti es for or by any person in connection with this document.

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:

AMERICASDavid MiaoTel: +1 646 223 [email protected]

EMEAIolanda BarbatiTel: +44 207 542 [email protected]

ASIA PACIFICAnna VongTel: +852 [email protected]

JAPANAi HashimotoTel: +813 6441 [email protected]

www.refinitiv.com/dealsintelligence

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