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Asia Pacific (ex Japan) IB Review |First Half 2014
Asia Pacific (ex Japan) IB Revenue Increased 11% Year-on-Year to $5.1bn
Goldman Sachs Reached Top Place in the Asia Pacific (ex Japan) IB Revenue Ranking
M&A, ECM, DCM and Loan climbed 49%, 15%, 9%, and 17% year-on-year, respectively
IB Revenue
Asia Pacific (ex Japan) IB revenue reached $5.1bn in 1H 2014, up 11% compared to the same period in 2013 ($4.6bn) Industrials revenue was up 5% year-on-year to $1.1bn in 1H 2014. Followed by Financial Institutions (FIG) and Energy & Natural Resources with $824m and $745m, respectively
Asia Pacific (ex Japan) M&A
Asia Pacific (ex Japan) targeted M&A volume increased 49% year-on-year to $332.0bn in 1H 2014 from $222.9bn in 1H 2013, setting a record first half volume
Asia Pacific (ex Japan) ECM
Asia Pacific (ex Japan) ECM volume totaled $106.5bn via 1,039 deals in 1H 2014, up 15% on the $92.6bn raised in the comparable 2013 period, and the highest 1H volume since 2011 ($112.2bn). Deal activity in 1H 2014 was at its highest first half level since 1,167 deals priced in 1H 2011
Asia Pacific (ex Japan) DCM
Asia Pacific (ex Japan) DCM stood at $576.2bn in 1H 2014, up 9% on the $528.1bn issued in 1H 2013 and the highest 1H on record. 2Q 2014 volume increased 32% to $330.1bn from $249.9bn in 2Q 2013, and the highest quarterly total on record. Asia Pacific (ex Japan) International G3 currency volume totaled $160.8bn in 1H 2014, up 25% on 1H 2013 ($129.1bn) and the highest half year volume on record
Asia Pacific (ex Japan) Loan
Asia Pacific (ex Japan) loan volume totaled $242.7bn in 1H 2014, up 16% on 1H2013 ($208.7bn) and the highest first half year volume on record
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Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 2
Dealogic Asia Pacific (ex Japan) IB Review | First Half 2014 Press Release | Final Results For immediate release July 2nd, 2014
Contents
Australia Focus 3
China Focus 4
India Focus 5
Southeast Asia Focus 6
Asia Pacific (ex Japan) M&A 7
Asia Pacific (ex Japan) ECM 8
Asia Pacific (ex Japan) DCM 9
Asia Pacific (ex Japan) Loans 10
Asia Pacific Revenue Rankings 11
Asia Pacific Announced M&A Rankings 12
Asia Pacific Completed M&A Rankings 13
Asia Pacific Attorney M&A Rankings 14
Asia Pacific ECM Rankings 15
Asia Pacific ECM (ex A-shares) Rankings 16
Asia Pacific DCM Rankings 17
Asia Pacific Loans Rankings 18
Coverage & Criteria 22
Notes to Editors
Media Contacts
New York London Hong Kong Edward Jones Felicita Gimenez Shireen Farhana +1 212 577 4511 +44 20 7440 6389 +852 3698 4707 [email protected] [email protected] [email protected]
Asia Pacific (ex Japan) Contacts
Fixed Income M&A ECM IB Strategy
Alastair Kelly Phoebe Au Andrew McLeod Natasha Furneaux
+852 3698 4820 +852 3698 4836 +852 3698 4755 +852 3698 4732
[email protected] [email protected] [email protected] [email protected]
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 3
Australia Focus
M&A
Australia was the second most targeted nation in Asia Pacific (ex Japan) in 1H 2014 with $61.0bn, up 11% year-on-year and the highest 1H level since 2011. Deal activity fell 22% to 612 deals compared with 1H 2013
There were 19 $1bn+ deals announced in 1H 2014 for a combined total $42.1bn, the highest semi annual volume since 1H 2010, driven by a 6 Oil & Gas deals valued at $11.3bn
The pending $6.2bn acquisition of Queensland Motorways by a consortium led by Transurban Group announced in April 2014 was the largest deal in 1H 2014 and the second largest Construction sector M&A in Australia on record behind Cemex SABs $15.6bn acquisition of Rinker Group in October 2006
ECM
Australia Accelerated Offerings* reached $6.8bn via 43 deals in 1H 2014, up 41% on 1H 2013 ($4.9bn) and the highest 1H level since 2011 ($7.3bn). Volume was boosted by a $3.0bn selldown by Shell Energy Holdings in Woodside Petroleum in June in what was the largest ECM transaction by an Australian issuer since QR Nationals $4.0bn IPO in November 2010
Australia ECM volume reached $16.2bn in 1H 2014, more than double the 1H 2013 volume of $7.8bn and the highest level since $25.3bn was raised in 1H 2009
DCM
Australia Domestic DCM totaled $70.1bn in 1H 2014, up 2% on 1H 2013 ($68.8bn) and the second highest half year on record after 1H 2010 ($78.8bn)
Kangaroo bond volume reached $19.8bn in 1H 2014, up 37% year-on-year ($14.5bn) and the highest half year volume since 1H 2011 ($22.8bn)
International DCM reached $49.3bn in 1H 2014, the highest 1H volume since 2012 ($57.1bn) and up 22% year-on-year
Syndicated Loans
Australia syndicated loans saw a 15% climb to $48.7bn in 1H 2014 from $42.4bn in 1H 2013 and was the highest 1H level since 2008 ($105.0bn)
o 2Q 2014 totaled $29.2bn, down 9% year-on-year ($32.1bn) although up slightly compared to 2Q 2012 ($24.8bn)
*Includes accelerated bookbuilds and bought deals
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China Focus
M&A
China was the region's most targeted nation with a record $126.8bn in 1H 2014 and up 35% from $93.8bn in 1H 2013
China Outbound M&A increased to $41.0bn in 1H 2014, up 18% on 1H 2013 ($34.7bn) and the highest first half volume on record
o The US remains the most targeted nation for Chinese acquisitions and accounted for 16% of China outbound M&A with $6.5bn in 1H 2014, compared with $11.7bn via a 34% share in 1H 2013. Peru follows with $5.9bn in 1H 2014, volume was primarily driven by a $5.9bn bid for Xstrata Las Bambas by a consortium led by China Minmetal Corp
ECM
China ECM volume stood at $56.7bn via 291 deals in 1H 2014, up 33% on the $42.5bn raised via 168 deals in 1H 2013. IPOs accounted for 30% of the 1H2014 volume, with Technology deals dominating the first half IPO industry ranking with $5.1bn raised via 29 deals
Chinese A-share ECM volume totaled $32.8bn via 157 deals in 1H 2014, an increase of 33% on the $24.7bn raised in 1H 2013 via 90 deals. Technology was the leading sector with $8.9bn raised via 35 deals, nearly four times the 1H 2013 volume of $2.4bn (13 deals).
o June 2014 saw the second restart of the A-share IPO market for the year after its initial re-launch in January, following five quarters of inactivity. Subsequent to June's restart, nine A-share IPOs priced to raise $899m
DCM
China International DCM reached a record $66.5bn in 1H 2014, up 73% on 1H 2013 ($38.5bn). Deal activty stood at a record 143 deals in 1H 2014, up from 75 deals in 1H 2013. Pushed by a record USD-denominated bond issuance of $47.9bn and accounting for 72% of total market, volume was up 44% year-on-year ($33.3bn)
o Corporate and FIG DCM both reached record half year levels in 1H with $50.0bn and $14.7bn, compared to $35.8bn and $2.7bn, respectively
Domestic DCM totaled $247.4bn in 1H 2014, the highest semi annual level since 2H 2012 ($264.0bn) and up 23% on 1H 2013 ($200.8bn)
Syndicated Loans
China loan volume totaled $37.7bn in 1H 2014, down 14% on 1H 2013 ($43.8bn) and was the lowest 1H volume since 2012 ($28.9bn)
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Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 5
India Focus
M&A
India targeted M&A reached $34.4bn in 1H 2014, up 94% on 1H 2013 and the highest half year level since 1H 2011 ($35.2bn)
Volume was boosted by an increase in domestic volume with $20.2bn, more than triple the $6.6bn announced in 1H 2013 and the highest 1H level since 2012 ($20.8bn)
Inbound M&A volume stood at $14.2bn up 28% on 1H 2013 ($11.1bn). In constrast, Outbound India M&A volume dropped to $905m, down 74% on the $3.5bn raised in 1H 2013
Telecoms was the most targeted sector with $12.8bn, up sixfold on 1H 2013 ($2.1bn via 17 deals) and the highest 1H volume since 2010 ($20.1bn), driven by the sale of Mobile Telecoms licences by the Indian governent with the largest acquisition made by Vodafone in February for $3.2bn
ECM
India ECM volume fell 29% to $5.7bn in 1H 2014 and was the lowest 1H volume since 2009 ($5.6bn)
Reliance Communications completed a $799m follow-on in 2Q 2013, the third largest ECM transaction in India in 1H 2014
DCM
India DCM volume dropped 46% to $19.6bn in 1H 2014, down from $36.0bn in 1H 2013 and the lowest 1H level since 2009 ($12.9bn)
International DCM totaled $9.5bn in 1H 2014 , the second highest semi-annual level volume on record behind 1H 2013 ($11.3bn). Volume was boosted by Bharti Airtel International (Netherlands) NVs dual-currency $2.0bn corporate-IG bond priced on May 12, 2014. The deal was split into USD1.0 and EUR750m tranches
Syndicated Loans
India syndicated loan volume increased 30% to $41.6bn in 1H 2014 from $32.0bn in 1H 2013 and was the highest half-year level since 1H 2011 ($49.9bn)
India G3 syndicated loans totaled $14.4bn in 1H 2014, up 26% on 1H 2013 ($11.4bn) and the second consecutive year-on-year climb since 1H 2012 ($9.2bn)
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Southeast Asia Focus
M&A
Southeast Asia M&A volume reached $35.8bn in 1H 2014 , down 9% on 1H 2013 ($39.2bn). Deal activity reached 890 deals in 1H 2014, a drop of 29 deals from 1H 2013. Singapore was the most targeted nation in the region with a record $18.7bn in 1H 2014, nearly treble the $5.8bn in 1H 2013 and the highest half year volume since 2H 2012
Real Estate was the leading sector in SE Asia in for the third consecutive 1H period, with $12.8bn via 98 deals, down 2% from 1H 2013 volume and accounting for 36% of volume. Transportation followed with $2.6bn and 43 deals
ECM
Southeast Asia ECM stood at $9.3bn via 130 deals in 1H 2014, less than half the 1H 2013 volume of $19.1bn via 151 deals. This marked the slowest start of the year since 1H 2009 when 75 deals priced to raise $8.0bn
Follow-on volume led the decline in Southeast Asia with $5.6bn raised in 1H 2014, down 54% from the same 2013 period ($12.2bn), while IPO and Equity-linked volume dropped 47% and 33% to $3.1bn and $590m, respectively in 1H 2014
Malaysia led the regional ECM ranking with a 40% share ($3.7bn via 56 deals) in 1H 2014, with volume up 66% on 1H 2013 ($2.2bn via 37 deals)
DCM
Southeast Asia DCM totaled $57.3bn in 1H 2014, up slightly on 1H 2013 ($55.8bn) and reversing the year-on-year drop from 2012 ($71.8bn). SSA issuance totaled $14.9bn in 1H 2014, down 12% year-on-year ($16.9bn) and the lowest 1H volume since 2008 ($10.8bn)
Malaysia led the regional DCM issuance with $12.7bn in 1H 2014, despite a 6% drop on 1H 2013 ($13.5bn). In contrast, Singapore saw a 31% year-on-year climb to $11.6bn in 1H 2014 ($8.8bn)
Syndicated Loans
Southeast Asia syndicated loan volume reached a record $54.5bn in 1H 2014, up 16% on the 1H 2013 ($46.9bn). Deal activity dropped to 104 deals from 139 deals in 1H 2013. SapuraKencanan Petroleum Bhd signed a $5.7bn leveraged loan on June 25th, 2014, in what was the largest Southeast Asian deal from the Oil & Gas industry on record, and the third largest USD-denominated loan from Southeast Asia on record
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Asia Pacific (ex Japan) M&A
Asia Pacific (ex Japan) targeted M&A volume increased 49% year-on-year to $332.0bn in 1H 2014 from $222.9bn in 1H 2013, setting a record first half volume
58 $1bn+ deals were announced in 1H 2014 for a combined value of $155.4bn, the highest first half activity and volume on record and up from $67.6bn via 26 $1bn+ deals in 1H 2013
o China was the most targeted nation for the third consecutive first half with 15 $1bn+ deals announced for a total of $49.0bn
Real Estate led the sector ranking for the second consecutive 1H period, as volume increased 38% to $56.9bn in 1H 2014 from $41.2bn in 1H 2013
o Technology was the second most targeted sector as volume reached $33.3bn, double the $15.8bn announced in 1H 2013. Of note was Daum Communications's $3.3bn reverse takeover bid for Kakao on May 26th, the fourth largest South Korea Technology M&A deal on record
China was the region's most targeted nation with $126.8bn in 1H 2014 up 35% from $93.8bn in 1H 2013 and the highest 1H total on record
o China outbound volume increased to $41.0bn in 1H 2014, up 18% on 1H 2013 ($34.7bn) and the highest first half volume on record
Asia Pacific (ex Japan) financial sponsor(FS) M&A buyout* volume reached $24.4bn in 1H 2014 , up more than double the $9.4bn announced in 1H 2013
o China led the regions FS buyout volume with a record $7.6bn in 1H 2014, and up from just $2.9bn in 1H 2013. The largest deal was Bank of China's & Hopu Investment Management's 34% stake acquisition of Iowa China Offshore Holdings (Hong Kong) in 1H 2014
Asia Pacific (ex Japan) intra-region cross-border* M&A volume reached a record $48.7bn in 1H 2014 , the highest half year volume on record and up 56% on the same 2013 period
o Temaseks $5.7bn acquisition of a 25% stake in Hong Kongs AS Watson Holdings was the largest Asia Pacific (ex Japan) intra-region cross border deal announced in 1H 2014
*excludes add-ons
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Asia Pacific (ex Japan) ECM
Asia Pacific (ex Japan) ECM volume totaled $106.5bn via 1,039 deals in 1H 2014, up 15% on the $92.6bn raised in the comparable 2013 period, and the highest 1H volume since 2011 ($112.2bn). Deal activity in 1H 2014 was at its highest first half level since 1,167 deals priced in 1H 2011
o 1H 2014 IPO volume reached $29.6bn via 225 deals, up 96% on 1H 2013 ($15.1bn) and the highest 1H volume since 2011 ($48.1bn)
Technology led all ECM sectors in 1H 2014 with $20.0bn via 181 deals, almost three times the $7.2bn raised in 1H 2013 via 114 deals, and a 1H record high for the sector for both volume and activity
o On April 4th, BOE Technology Group, a Chinese computer parts manufacturer, priced the second largest ECM deal of the year globally raising $7.4bn via a fully marketed follow on. The deal was the largest Technology ECM offering since Facebooks $16.0bn IPO in May 2012
Chinese issuers ($56.7bn) accounted for 53% of total ECM capital raised in the region in 1H 2014, the highest 1H share for the country on record. Australia ranked second with 15% ($16.2bn), followed by Hong Kong with 7% ($7.5bn)
SouthEast Asia ECM stood at $9.3bn via 130 deals in 1H 2014, less than half the 1H 2013 volume of $19.1bn via 151 deals. This marked the slowest start of the year since 1H 2009 when 75 deals priced to raise $8.0bn
There were eight ECM deals that were withdrawn/postponed in 1H 2014 that were expected to raise $3.1bn, the highest semi-annual level since 1H 2011 ($4.1bn). WH Groups $1.6bn IPO was the global largest withdrawn/postponed deal in 1H 2014
Australasia ECM volume reached $17.3bn in 1H 2014, a 63% increase on 1H 2013 ($10.6bn), and the highest first half volume since 2009 ($26.1bn)
o On June 17th, Shell Energy Holdings Australia raised $3.0bn via selling shares in Woodside Petroleum, the largest ECM transaction by an Australian issuer since QR Nationals $4.0bn IPO in November 2010
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Asia Pacific (ex Japan) DCM
Asia Pacific (ex Japan) DCM volume stood at $576.2bn in 1H 2014, up 9% on 1H 2013 ($528.1bn) and the highest half year issuance on record. 2Q 2014 volume increased 32% to $330.1bn from $249.9bn in 2Q 2013, the highest quarterly volume on record
o The region accounted for 17% of global DCM volume in 1H 2014, the highest 1H share of global DCM on record
CNY-denominated volume increased to $263.3bn in 1H 2014, up 28% from 1H 2013 volume of $206.4bn and the highest 1H volume on record
o Offshore RMB* volume reached $18.0bn via 81 deals in 1H 2014, the highest half year volume and activity on record. On April 10th, China Unicom Ltd priced a $649m offshore RMB deal, the largest such deal in 2Q 2014
Asia Pacific (ex Japan) International G3 currency volume totaled $160.8bn in 1H 2014, up 25% on 1H 2013 ($129.1bn) and the highest half year volume on record
o Volume was led by 2Q 2014 issuance with $90.5bn, up 55% on 2Q 2013 ($58.2bn) and the highest quarterly volume on record
o G3 currency SSA bond volume stood at $24.3bn in 1H 2014, up 45% on 1H 2013 ($16.7bn). Sovereign bond issuance reached $11.3bn and is the highest 1H level on record.
o G3 corporate HY issuance dropped 34% in 1H 2014 ($15.6bn) from the record half year volume of $23.4bn in 1H 2013. In contrast, corporate IG volume has reached a half year record of $316.1bn in the region
South Korean G3 DCM volume has reached $20.4bn in 1H 2014, more than double the $9.6bn seen in 1H 2013 and the highest half year issuance on record
Basel III issuance has increased significantly in 1H 2014 to $29.9bn via 40 deals compared to the $4.0bn and 14 deals completed in 2H 2013
Perpetual bonds totaled $5.3bn in 2Q 2014, the highest 2Q volume on record and up 13% from the same 2013 period. 1H volume has reached $8.1bn, compared to $10.9bn in 1H 2013
Kangaroo bond volume totaled $19.8bn in 1H 2014, up 37% on 1H 2013 ($14.5bn) and the highest half year volume since 1H 2011 ($22.8bn)
* excludes baodao bonds
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Asia Pacific (ex Japan) Loans
Asia Pacific (ex Japan) loan volume totaled $242.7bn in 1H 2014, up 16% on 1H2013 ($208.7bn) and the highest first half year volume on record
USD denominated loans totaled $93.3bn in 1H 2014, down from $94.2bn in 1H2013, although accounted for 38% of total Asia Pacific (ex Japan) loan volume, up from 37% in 1H 2013. Hong Kong Dollar borrowing ($24.8bn) accounted for 10% of Asia Pacific (ex Japan) loan volume in 1H 2014, the highest half year share since 1H 2010 (15%), with volume up 89% yearonyear
$1bn+ loans total $97.2bn via 51 issues in 2014 YTD, up 33% on the $72.9bn lent in the same 2013 period and the highest 1H level since 2008 ($127.9bn)
Jiangxi Expressway Investment Group Co Ltd's $2.7bn RMB-denominated club loan completed in May was the largest Asia Pacific (ex Japan) loan facility in 2Q 2014, while Roy Hill Holdings' $7.2bn project finance loan completed in March remains the largest Asia Pacific (ex Japan) loan in 1H 2014
Australia led the Asia Pacific (ex Japan) loan volume with a 20% share, on par with 1H 2013 and was the highest 1H share since 2008 (45%). Australia loan volume stood at $48.7bn, up 15% on 1H 2013 ($42.4bn)
o India followed second with a 17% share of the market, with volume up 30% year-on-year to $41.6bn in 1H 2014
Oil & Gas sector volume stood at $28.6bn in 1H 2014, up 41% year-on-year and surpassed the 1H record high volume record in 2013 ($20.3bn)
o Notable deals include SapuraKencana Petroleum Bhds $5.7bn loan signed in June in what was the largest Oil & Gas facility completed in the Southeast Asia on record
Club deals reached $101.3bn in 1H 2014, the highest half year volume on record
Average Tenor stands at 5 years in 1H 2014, down from 5 years 5 months in 1H 2013 and the second consecutive decrease from the 1H record high in 2012 (5 years 10 months)
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Asia Pacific IB Revenue Rankings First Half 2014
Asia Pacific IB Revenue Rankings
Pos Bank Net Rev
($m) % share
Rank 1H 2013
1 Morgan Stanley 405 6.0 2
2 Nomura 392 5.9 1
3 Goldman Sachs 317 4.7 7
4 UBS 284 4.2 3
5 Mizuho 261 3.9 4
6 Sumitomo Mitsui Financial Group 239 3.6 10
7 Deutsche Bank 221 3.3 8
8 Citi 216 3.2 6
9 HSBC 209 3.1 9
10 JPMorgan 204 3.1 5
Asia Pacific (ex Japan) IB Revenue Rankings
Pos Bank Net Rev
($m) % share
Rank 1H 2013
1 Goldman Sachs 270 5.3 8
2 UBS 270 5.3 1
3 HSBC 207 4.1 4
4 Citi 195 3.8 3
5 Deutsche Bank 193 3.8 6
6 Morgan Stanley 188 3.7 7
7 JPMorgan 185 3.6 2
8 Credit Suisse 182 3.6 5
9 Bank of America Merrill Lynch 146 2.9 9
10 Macquarie Group 108 2.1 13
Asia (ex Japan) IB Revenue Rankings
Pos Bank Net Rev
($m) % share
Rank 1H 2013
1 HSBC 193 4.6 2
2 Goldman Sachs 180 4.3 8
3 UBS 158 3.8 1
4 Citi 152 3.7 4
5 JPMorgan 148 3.6 3
6 Deutsche Bank 147 3.5 5
7 Credit Suisse 135 3.3 6
8 Morgan Stanley 128 3.1 7
9 Bank of America Merrill Lynch 118 2.9 12
10 China Securities Co Ltd 107 2.6 16
Asia Pacific (ex Japan) M&A Revenue Rankings
Pos Bank Net Rev
($m) % share
Rank 1H 2013
1 Goldman Sachs 88 10.7 5
2 UBS 85 10.4 4
3 Morgan Stanley 53 6.4 1
4 Credit Suisse 50 6.1 6
5 Macquarie Group 48 5.8 7
6 Citi 46 5.6 2
7 JPMorgan 43 5.3 3
8 Deutsche Bank 37 4.4 12
9 Bank of America Merrill Lynch 30 3.6 8
10 Barclays 21 2.5 15
Asia Pacific (ex Japan) ECM Revenue Rankings
Pos Bank Net Rev
($m) % share
Rank 1H 2013
1 Goldman Sachs 142 7.0 2
2 UBS 111 5.5 1
3 Credit Suisse 94 4.6 3
4 Morgan Stanley 83 4.1 7
5 Guosen Securities Co 75 3.7 13
6 Deutsche Bank 73 3.6 6
7 China Securities Co 71 3.5 19
8 HSBC 67 3.3 15
9 JPMorgan 63 3.1 4
10 Citi 62 3.1 11
Asia Pacific (ex Japan) DCM Revenue Rankings
Pos Bank Net Rev
($m) % share
Rank 1H 2013
1 HSBC 81 5.1 1
2 Citi 75 4.7 4
3 UBS 72 4.6 2
4 Deutsche Bank 71 4.5 3
5 China Development Bank Corp 57 3.6 14
6 JPMorgan 57 3.6 5
7 Morgan Stanley 47 3.0 11
8 Standard Chartered Bank 46 2.9 6
9 CITIC Securities 43 2.7 7
10 Bank of China 38 2.4 13
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 12
Dealogic Asia Pacific Announced M&A Rankings First Half 2014
Asia Pacific
Pos Advisor Value $m No. % Share
1 Morgan Stanley 83,289 51 18.7
2 Goldman Sachs 69,531 48 15.6
3 Citi 47,556 45 10.7
4 Credit Suisse 40,343 28 9.1
5 Bank of America Merrill Lynch 39,486 28 8.9
6 Deutsche Bank 29,693 23 6.7
7 JPMorgan 28,434 29 6.4
8 UBS 28,361 24 6.4
9 Somerley 23,642 14 5.3
10 Lazard 23,398 19 5.3
Asia Pacific (ex Japan) Pos Advisor Value $m No. % Share
1 Goldman Sachs 58,203 38 15.2
2 Morgan Stanley 54,881 33 14.3
3 Citi 45,161 41 11.8
4 Bank of America Merrill Lynch 39,131 26 10.2
5 Deutsche Bank 28,798 21 7.5
6 UBS 28,066 22 7.3
7 Credit Suisse 24,188 25 6.3
8 Somerley 23,642 14 6.2
9 Lazard 23,369 17 6.1
10 JPMorgan 22,481 23 5.9
Asia (ex Japan) Pos Advisor Value $m No. % Share
1 Morgan Stanley 44,182 25 13.6
2 Goldman Sachs 38,157 24 11.8
3 Citi 38,107 34 11.8
4 Bank of America Merrill Lynch 31,825 20 9.8
5 Deutsche Bank 27,288 20 8.4
6 Somerley 23,642 14 7.3
7 Credit Suisse 21,040 21 6.5
8 JPMorgan 19,662 17 6.1
9 China Securities Co 17,877 9 5.5
10 CITIC Securities 16,949 9 5.2
Australia
Pos Advisor (ex Fairness opinion) Value $m No. % Share
1 Goldman Sachs 31,282 18 39.6
2 Macquarie Group 17,163 25 21.8
3 UBS 16,874 14 21.4
4 Citi 16,719 9 21.2
5 Bank of America Merrill Lynch 14,810 8 18.8
6 Deutsche Bank 12,786 6 16.2
7 Morgan Stanley 11,192 9 14.2
8 Lazard 10,360 6 13.1
9 Credit Suisse 9,762 5 12.4
9 Rothschild 6,619 11 8.4
China
Pos Advisor Value $m No. % Share
1 Morgan Stanley 24,106 11 14.3
2 Somerley Ltd 18,614 10 11.0
3 China Securities Co Ltd 17,877 9 10.6
4 CITIC Securities 16,949 9 10.0
5 Bank of America Merrill Lynch 14,643 13 8.7
6 Goldman Sachs 13,607 9 8.1
7 Haitong Securities Ltd 13,216 14 7.8
8 Citi 11,685 15 6.9
9 Credit Suisse 11,252 4 6.7
10 Deutsche Bank 10,525 7 6.2
India
Pos Advisor Value $m No. % Share
1 Citi 8,347 6 21.8
2 Rothschild 5,261 8 13.8
3 Goldman Sachs 4,364 2 11.4
4 ICICI Bank 4,138 5 10.8
5 Evercore Partners Inc 4,030 2 10.6
6 Bank of America Merrill Lynch 3,874 3 10.1
7 JM Financial Ltd 3,145 1 8.2
8 HSBC 3,145 1 8.2
9 Ernst & Young 1,641 4 4.3
10 Standard Chartered Bank 1,574 4 4.1
Japan*
Pos Advisor Value $m No. % Share
1 Morgan Stanley 28,855 20 40.3
2 Credit Suisse 17,046 6 23.8
3 Centerview Partners 16,008 1 22.4
4 Goldman Sachs 15,318 11 21.4
5 Nomura 7,790 38 10.9
6 JPMorgan 7,304 9 10.2
7 Citi 6,385 5 8.9
8 Sumitomo Mitsui Financial Group
6,009 62 8.4
9 Mizuho 5,518 38 7.7
10 Evercore Partners Inc 4,587 3 6.4
Singapore
Pos Advisor Value $m No. % Share
1 DBS 13,268 11 28.5
2 Goldman Sachs 12,486 6 26.8
3 Bank of America Merrill Lynch 12,308 3 26.5
4 Morgan Stanley 9,898 5 21.3
5 UBS 8,199 3 17.6
6 Deutsche Bank 8,071 7 17.3
7 JPMorgan 6,948 4 14.9
8 Standard Chartered Bank 6,875 8 14.8
9 Credit Suisse 6,657 5 14.3
10 UOB 5,879 3 12.6
SE Asia
Pos Advisor Value $m No. % Share
1 Goldman Sachs 14,431 9 21.8
2 Bank of America Merrill Lynch 14,037 7 21.2
3 DBS 13,268 11 20.1
4 Morgan Stanley 11,526 9 17.4
5 Deutsche Bank 8,951 8 13.5
6 JPMorgan 8,657 7 13.1
7 UBS 8,199 3 12.4
8 Standard Chartered Bank 7,793 10 11.8
9 Credit Suisse 7,071 6 10.7
10 HSBC 6,313 4 9.6
*League table credit for the joint venture, comprising Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd., is reflected in the ranking of Morgan Stanley
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 13
Dealogic Asia Pacific Completed M&A Rankings First Half 2014
Asia Pacific
Pos Advisor Value $m No. % Share
1 Morgan Stanley 85,046 53 23.6
2 Goldman Sachs 61,891 51 17.2
3 Credit Suisse 61,070 32 16.9
4 Bank of America Merrill Lynch 48,550 30 13.5
5 Citi 45,659 37 12.7
6 UBS 43,662 31 12.1
7 JPMorgan 40,388 33 11.2
8 Deutsche Bank 34,686 27 9.6
9 Rothschild 26,548 27 7.4
10 Macquarie Group 21,131 32 5.9
Asia Pacific (ex Japan) Pos Advisor Value $m No. % Share
1 Morgan Stanley 51,250 30 17.6
2 Goldman Sachs 45,642 36 15.7
3 UBS 43,562 30 15.0
4 Credit Suisse 40,622 27 14.0
5 Citi 39,828 31 13.7
6 Bank of America Merrill Lynch 39,057 22 13.4
7 JPMorgan 35,949 28 12.4
8 Deutsche Bank 34,637 24 11.9
9 Rothschild 25,746 24 8.9
10 Grant Samuel & Associates Pty 19,918 11 6.9
Asia (ex Japan) Pos Advisor Value $m No. % Share
1 Morgan Stanley 33,691 22 14.0
2 Goldman Sachs 30,600 21 12.7
3 Bank of America Merrill Lynch 23,865 17 9.9
4 Citi 22,337 26 9.3
5 Credit Suisse 21,887 20 9.1
6 UBS 16,448 12 6.8
7 JPMorgan 15,782 19 6.6
8 Deutsche Bank 15,361 20 6.4
9 Lazard 15,250 10 6.3
10 HSBC 14,331 8 6.0
Australia
Pos Advisor (ex Fairness opinion) Value $m No. % Share
1 UBS 27,172 19 43.2
2 Credit Suisse 26,229 9 41.7
3 Goldman Sachs 22,536 17 35.9
4 JPMorgan 20,358 10 32.4
5 Deutsche Bank 20,130 6 32.0
6 Citi 19,916 6 31.7
7 Macquarie Group 18,154 24 28.9
8 Morgan Stanley 18,053 9 28.7
9 Rothschild 15,988 9 25.4
10 Bank of America Merrill Lynch 15,192 5 24.2
China
Pos Advisor Value $m No. % Share
1 Goldman Sachs 10,249 6 9.6
2 Morgan Stanley 9,662 8 9.0
3 Lazard 8,410 4 7.8
4 Credit Suisse 8,390 4 7.8
5 China International Capital Corp 7,808 5 7.3
6 Barclays 7,667 6 7.2
7 Macquarie Group 7,654 4 7.1
8 JPMorgan 5,747 8 5.4
9 UBS 5,176 7 4.8
10 HSBC 5,110 4 4.8
India
Pos Advisor Value $m No. % Share
1 Citi 5,181 6 15.5
2 Bank of America Merrill Lynch 5,115 3 15.3
3 Rothschild 3,833 6 11.5
4 PwC 3,669 5 11.0
5 Standard Chartered Bank 3,152 3 9.5
6 Credit Suisse 2,709 3 8.1
7 Morgan Stanley 2,625 2 7.9
8 UBS 2,475 1 7.4
9 Kotak Mahindra Bank Ltd 1,893 7 5.7
10 Axis Bank 1,824 5 5.5
Japan*
Pos Advisor Value $m No. % Share
1 Morgan Stanley 34,345 25 43.9
2 Credit Suisse 21,592 8 27.6
3 Goldman Sachs 18,164 17 23.2
4 Sumitomo Mitsui Financial Group 16,791 78 21.4
5 Centerview Partners 16,008 1 20.4
6 Nomura 15,413 42 19.7
7 Bank of America Merrill Lynch 9,882 10 12.6
8 Moelis & Co 7,180 5 9.2
9 Daiwa Securities 6,884 26 8.8
10 Citi 5,831 6 7.5
Singapore
Pos Advisor Value $m No. % Share
1 Goldman Sachs 13,232 5 30.8
2 Credit Suisse 11,260 5 26.2
3 DBS 11,024 5 25.7
4 Morgan Stanley 8,928 5 20.8
5 Bank of America Merrill Lynch 8,446 2 19.7
6 Macquarie Group 7,632 4 17.8
7 Lazard 7,495 2 17.5
8 HSBC 6,796 3 15.8
9 UOB 5,879 3 13.7
10 Maybank 4,166 2 9.7
SE Asia
Pos Advisor Value $m No. % Share
1 Goldman Sachs 18,109 11 28.7
2 Credit Suisse 12,174 7 19.3
3 Bank of America Merrill Lynch 11,309 7 17.9
4 DBS 11,024 5 17.5
5 Morgan Stanley 9,198 7 14.6
6 Lazard 8,360 3 13.2
7 Macquarie Group 7,632 4 12.1
8 HSBC 6,796 3 10.8
9 UOB 5,879 3 9.3
10 Maybank 4,716 7 7.5
*League table credit for the joint venture, comprising Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd., is reflected in the ranking of Morgan Stanley
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 14
Dealogic Asia Pacific Attorney M&A Rankings (including Attorney to Advsiors) First Half 2014
Asia Pacific
Pos Attorney Value $m No. % Share
1 King & Wood Mallesons 35,788 56 9.3
2 Herbert Smith Freehills 33,817 56 8.8
3 Clifford Chance LLP 24,807 15 6.5
4 Linklaters 19,387 11 5.1
5 Freshfields 17,948 13 4.7
6 Gilbert & Tobin 17,839 17 4.7
7 Jiayuan Law Offices 17,838 11 4.7
8 Kim & Chang 17,167 68 4.5
9 Allens 16,779 30 4.4
10 Davis Polk & Wardwell 16,608 17 4.3
Australia
Pos Attorney Value $m No. % Share
1 Herbert Smith Freehills 29,084 45 36.9
2 King & Wood Mallesons 21,842 39 27.7
3 Gilbert & Tobin 17,839 17 22.6
4 Allens 16,779 30 21.3
5 Minter Ellison 10,901 23 13.8
6 Ashurst 9,885 28 12.5
7 Clayton Utz 9,799 19 12.4
8 Baker & McKenzie 9,210 14 11.7
9 Linklaters 7,859 2 10.0
10 Clifford Chance LLP 7,417 4 9.4
Japan
Pos Attorney Value
$m No. % Share
1 Nishimura & Asahi 23,718 37 33.2
2 Sidley Austin LLP 16,903 2 23.6
3 Kirkland & Ellis 16,458 5 23.0
4 White & Case LLP 16,008 1 22.4
5 Cleary Gottlieb Steen & Hamilton
16,008 1 22.4
6 Mori Hamada & Matsumoto 10,785 60 15.1
7 Nagashima Ohno & Tsunematsu
8,936 37 12.5
8 Shearman & Sterling 6,598 5 9.2
9 Baker & McKenzie 5,726 6 8.0
10 Willkie Farr & Gallagher 5,708 1 8.0
South Korea
Pos Attorney Value $m No. % Share
1 Kim & Chang 15,930 67 34.6
2 Lee & Ko 11,350 48 24.7
3 Bae Kim & Lee 9,422 24 20.5
4 Simpson Thacher & Bartlett 7,735 2 16.8
5 Shin & Kim 6,431 25 14.0
6 Sullivan & Cromwell 5,800 1 12.6
7 Yulchon 4,001 15 8.7
8 Latham & Watkins 1,935 1 4.2
8 Clifford Chance LLP 1,935 1 4.2
10 Kim Choi & Lim 336 5 0.7
China
Pos Attorney Value $m No. % Share
1 Jiayuan Law Offices 17,838 11 10.6
2 King & Wood Mallesons 14,989 17 8.9
3 Linklaters 11,529 6 6.8
4 Skadden Arps Slate Meagher & Flom
9,396 14 5.6
5 Davis Polk & Wardwell 8,711 12 5.2
6 Fangda Partners 8,562 27 5.1
7 Clifford Chance LLP 8,424 6 5.0
8 Baker & McKenzie 7,329 4 4.3
9 White & Case LLP 6,620 2 3.9
10 Sullivan & Cromwell 6,453 4 3.8
India
Pos Attorney Value
$m No. % Share
1 Amarchand Mangaldas 8,241 30 21.6
2 Davis Polk & Wardwell 7,897 5 20.7
3 AZB & Partners 6,625 35 17.3
4 Luthra & Luthra 4,858 7 12.7
5 Shearman & Sterling 4,250 2 11.1
5 Crawford Bayley & Co 4,159 4 10.9
7 Weil Gotshal & Manges 3,990 2 10.4
8 S H Bathiya & Associates 3,990 1 10.4
8 Slaughter & May 3,145 1 8.2
10 Khaitan & Co 2,664 19 7.0
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 15
Dealogic Asia Pacific ECM Rankings First Half 2014
Asia Pacific
Pos Bookrunner Value $m No. % Share
1 Goldman Sachs 10,505 52 8.1
2 Nomura 7,745 51 6.0
3 Morgan Stanley 7,744 62 6.0
4 UBS 6,825 67 5.3
5 Citi 5,875 34 4.6
6 Bank of America Merrill Lynch 5,196 26 4.0
7 Credit Suisse 4,976 56 3.9
8 Deutsche Bank 4,359 39 3.4
9 Sumitomo Mitsui Financial Group 3,896 28 3.0
10 China Securities Co 3,713 15 2.9
Asia Pacific (ex Japan) Pos Bookrunner Value $m No. % Share
1 Goldman Sachs 9,347 48 8.8
2 UBS 6,394 63 6.0
3 Citi 5,850 33 5.5
4 Credit Suisse 4,976 56 4.7
5 Morgan Stanley 4,762 48 4.5
6 Bank of America Merrill Lynch 3,872 22 3.6
7 Deutsche Bank 3,853 37 3.6
8 China Securities Co 3,713 15 3.5
9 HSBC 3,686 15 3.5
10 JPMorgan 3,592 36 3.4
Asia (ex Japan) Pos Bookrunner Value $m No. % Share
1 Goldman Sachs 5,969 35 6.7
2 Credit Suisse 4,387 47 4.9
3 China Securities Co 3,713 15 4.2
4 HSBC 3,686 15 4.1
5 Bank of America Merrill Lynch 3,625 20 4.1
6 JPMorgan 3,592 36 4.0
7 UBS 3,370 34 3.8
8 Deutsche Bank 3,327 31 3.7
9 Citi 3,044 29 3.4
10 Morgan Stanley 2,908 36 3.3
Australia
Pos Bookrunner Value $m No. % Share
1 Goldman Sachs 3,378 13 20.9
2 Citi 2,806 4 17.3
3 UBS 2,509 25 15.5
4 Macquarie Group 1,930 23 11.9
5 Morgan Stanley 1,854 12 11.4
6 Deutsche Bank 418 3 2.6
7 Commonwealth Bank of Australia 326 8 2.0
8 Canaccord Genuity Corp 290 18 1.8
9 Morgans Financial 268 17 1.7
10 Credit Suisse 261 8 1.6
China
Pos Bookrunner Value $m No. % Share
1 China Securities Co 3,693 14 6.5
2 Deutsche Bank 2,798 24 4.9
3 Goldman Sachs 2,719 19 4.8
4 Guosen Securities Co 2,714 15 4.8
5 Credit Suisse 2,418 27 4.3
6 Haitong Securities 2,390 14 4.2
7 CITIC Securities 2,192 11 3.9
8 Southwest Securities Co 2,001 8 3.5
9 Morgan Stanley 1,991 22 3.5
10 Guotai Junan Securities Co 1,964 13 3.5
India
Pos Bookrunner Value $m No. % Share
1 JPMorgan 934 4 16.4
2 Citi 778 6 13.7
3 JM Financial 450 3 7.9
4 CITIC Securities 421 2 7.4
5 Goldman Sachs 389 5 6.9
6 HSBC 332 3 5.8
7 Deutsche Bank 315 3 5.5
8 State Bank of India 304 4 5.4
9 UBS 289 3 5.1
10 Bank of America Merrill Lynch 285 2 5.0
Japan*
Pos Bookrunner Value $m No. % Share
1 Nomura 7,467 45 33.0
2 Sumitomo Mitsui Financial Group 3,896 28 17.2
3 Daiwa Securities 3,280 29 14.5
4 Morgan Stanley 2,982 14 13.2
5 Mizuho 1,407 21 6.2
6 Bank of America Merrill Lynch 1,323 4 5.8
7 Goldman Sachs 1,158 4 5.1
8 Deutsche Bank 506 2 2.2
9 UBS 432 4 1.9
10 Ichiyoshi Securities Co 103 2 0.5
Singapore
Pos Bookrunner Value $m No. % Share
1 DBS 380 5 21.0
2 Standard Chartered Bank 235 4 13.0
3 OCBC 169 3 9.4
4 Bank of America Merrill Lynch 112 1 6.2
5 Citi 112 2 6.2
6 HSBC 92 1 5.1
7 CIMB Group 88 4 4.9
7 UOB 77 2 4.3
9 Morgan Stanley 74 1 4.1
10 PrimePartners Corporate Finance Pte
52 3 2.9
SE Asia
Pos Bookrunner Value $m No. % Share
1 CIMB Group 1,021 14 11.0
2 Maybank 802 9 8.6
3 Bank of America Merrill Lynch 787 6 8.5
4 Credit Suisse 765 8 8.2
5 Goldman Sachs 618 3 6.7
6 DBS 380 5 4.1
7 RHB Capital Bhd 339 15 3.6
8 Affin Investment Bank Bhd 293 6 3.2
9 AmInvestment Bank Bhd 291 7 3.1
10 UBS 278 5 3.0
*League table credit for the joint venture, comprising Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd., is reflected in the ranking of Morgan Stanley
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 16
Dealogic Asia Pacific ECM (ex A-shares) Rankings First Half 2014
Asia Pacific (ex Japan, ex A-Share) ECM Bookrunner Ranking First Half 2014
Rank Bookrunner Value $m Deals % share
1 Goldman Sachs 9,165 47 12.4
2 UBS 6,239 62 8.5
3 Citi 5,704 31 7.7
4 Morgan Stanley 4,762 48 6.5
5 Credit Suisse 4,578 54 6.2
6 Bank of America Merrill Lynch 3,872 22 5.3
7 HSBC 3,686 15 5.0
8 Deutsche Bank 2,989 33 4.1
9 JPMorgan 2,983 33 4.1
10 Macquarie Group 2,699 33 3.7
Asia Pacific (ex Japan, ex A-Share) IPO Bookrunner Ranking First Half 2014
Rank Bookrunner Value $m Deals % share
1 Goldman Sachs 2369 10 10.3
2 UBS 1986 14 8.6
3 Macquarie Group 1789 13 7.8
4 HSBC 1639 3 7.1
5 Credit Suisse 1063 13 4.6
6 Bank of America Merrill Lynch 909 7 3.9
7 Morgan Stanley 889 11 3.9
8 Citi 727 7 3.2
9 Deutsche Bank 714 8 3.1
10 CITIC Securities 664 4 2.9
Asia Pacific (ex Japan, ex A-Share) Stock Bookrunner Ranking First Half 2014
Rank Bookrunner Value $m Deals % share
1 Goldman Sachs 8,131 43 12.4
2 UBS 5,792 58 8.8
3 Citi 4,984 27 7.6
4 Morgan Stanley 4,452 45 6.8
5 Credit Suisse 3,700 46 5.6
6 Bank of America Merrill Lynch 3,524 19 5.4
7 HSBC 2,769 11 4.2
8 Macquarie Group 2,511 31 3.8
9 Deutsche Bank 2,261 27 3.4
10 JPMorgan 2,180 24 3.3
Asia Pacific (ex Japan, ex A-Share) Equity-Linked Bookrunner Ranking First Half 2014
Rank Bookrunner Value $m Deals % share
1 Goldman Sachs 1,034 4 13.2
2 HSBC 917 4 11.7
3 Credit Suisse 878 8 11.2
4 JPMorgan 803.54 9 10.2
5 Deutsche Bank 728.12 6 9.3
6 Citi 719.58 4 9.2
7 UBS 447.01 4 5.7
8 Partners Capital International Ltd
404.65 2 5.2
9 Bank of America Merrill Lynch 348.36 3 4.4
10 Morgan Stanley 310 3 3.9
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 17
Dealogic Asia Pacific DCM Rankings First Half 2014
Asia Pacific
Pos Bookrunner Value $m No. % Share
1 Mizuho 33,587 225 4.7
2 Morgan Stanley 27,075 232 3.8
3 Citi 26,879 133 3.8
4 China Development Bank Corp 25,461 142 3.6
5 HSBC 24,269 197 3.4
6 JPMorgan 22,799 108 3.2
7 Nomura 20,286 194 2.8
8 Deutsche Bank 20,009 122 2.8
9 Bank of America Merrill Lynch 19,027 100 2.7
10 CITIC Securities 17,681 71 2.5
Asia Pacific (ex Japan) Pos Bookrunner Value $m No. % Share
1 China Development Bank Corp 25,461 142 4.4
2 Citi 23,359 119 4.1
3 HSBC 23,008 193 4.0
4 Deutsche Bank 19,139 117 3.3
5 JPMorgan 18,794 97 3.3
6 CITIC Securities 17,681 71 3.1
7 Bank of China 17,135 89 3.0
8 UBS 16,383 94 2.8
9 China Construction Bank Corp 14,631 112 2.5
10 ANZ 14,129 92 2.5
Asia (ex Japan) Pos Bookrunner Value $m No. % Share
1 China Development Bank Corp 25,461 142 5.4
2 HSBC 20,223 179 4.3
3 CITIC Securities 17,681 71 3.8
4 Bank of China 17,135 89 3.6
5 China Construction Bank Corp 14,631 112 3.1
6 Citi 14,171 87 3.0
7 ICBC 13,925 83 3.0
8 Deutsche Bank 12,843 95 2.7
9 Standard Chartered Bank 11,603 116 2.5
10 JPMorgan 11,123 69 2.4
Australia
Pos Bookrunner Value $m No. % Share
1 Westpac 11,954 30 12.4
2 National Australia Bank 10,117 51 10.5
3 ANZ 8,854 39 9.2
4 Commonwealth Bank of Australia 8,756 31 9.1
5 Citi 8,391 28 8.7
6 JPMorgan 7,209 26 7.5
7 Deutsche Bank 6,120 19 6.4
8 UBS 5,482 19 5.7
9 Bank of America Merrill Lynch 3,571 16 3.7
10 Barclays 3,352 14 3.5
China
Pos Bookrunner Value $m No. % Share
1 China Development Bank Corp 25,461 142 8.1
2 CITIC Securities 17,281 68 5.5
3 Bank of China 16,999 87 5.4
4 China Construction Bank Corp 14,631 112 4.7
5 ICBC 13,587 81 4.3
6 Shanghai Pudong Development Bank
10,520 73 3.4
7 Agricultural Bank of China 8,265 57 2.6
8 Industrial Bank Co 8,152 70 2.6
9 China Everbright Bank Co 8,039 38 2.6
10 UBS 7,551 51 2.4
India
Pos Bookrunner Value $m No. % Share
1 Standard Chartered Bank 2,158 18 11.0
2 AXIS Bank 1,909 49 9.7
3 HSBC 1,376 12 7.0
4 Deutsche Bank 1,234 21 6.3
5 JPMorgan 1,136 8 5.8
6 ICICI Bank 1,035 30 5.3
7 Barclays 1,029 11 5.3
8 AK Capital Services 998 43 5.1
9 BNP Paribas 893 7 4.6
10 Trust Investment Advisors 840 42 4.3
Japan*
Pos Bookrunner Value $m No. % Share
1 Mizuho 31,988 214 23.3
2 Nomura 18,736 167 13.6
3 Morgan Stanley 17,472 163 12.7
4 Sumitomo Mitsui Financial Group 14,889 158 10.8
5 Daiwa Securities 12,081 137 8.8
6 Bank of America Merrill Lynch 7,067 28 5.1
7 Barclays 4,844 19 3.5
8 Goldman Sachs 4,642 28 3.4
9 Mitsubishi UFJ Financial Group 4,507 34 3.3
10 JPMorgan 4,005 11 2.9
Singapore
Pos Bookrunner Value $m No. % Share
1 DBS 2,498 31 21.6
2 HSBC 1,729 19 15.0
3 OCBC 1,170 12 10.1
4 UOB 1,072 11 9.3
5 ANZ 842 9 7.3
6 JPMorgan 539 3 4.7
7 Bank of America Merrill Lynch 496 2 4.3
8 Standard Chartered Bank 428 8 3.7
9 RHB Capital Bhd 393 3 3.4
10 Citi 242 2 2.1
SE Asia
Pos Bookrunner Value $m No. % Share
1 HSBC 6,098 53 10.6
2 CIMB Group 4,035 45 7.0
3 Standard Chartered Bank 3,351 34 5.9
4 Citi 3,298 11 5.8
5 Maybank 3,238 24 5.7
6 DBS 2,784 37 4.9
7 Deutsche Bank 2,696 12 4.7
8 Bank of America Merrill Lynch 2,148 6 3.8
9 AmInvestment Bank Bhd 2,121 19 3.7
10 Siam Commercial Bank 2,044 21 3.6
*League table credit for the joint venture, comprising Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd., is reflected in the ranking of Morgan Stanley
Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 18
Dealogic Asia Pacific Loans Rankings First Half 2014
Asia Pacific (ex Japan) G3 Currency
Pos Bookrunner Value $m No. % Share
1 State Bank of India 5,950 14 10.9
2 Standard Chartered Bank 4,206 37 7.7
3 ANZ 3,036 27 5.6
4 Deutsche Bank 2,994 23 5.5
5 DBS 2,709 27 5.0
6 Sumitomo Mitsui Financial Group 2,525 16 4.6
7 BNP Paribas 2,005 17 3.7
8 Mitsubishi UFJ Financial Group 1,960 16 3.6
9 Mizuho 1,917 19 3.5
10 HSBC 1,790 22 3.3
Asia Pacific (ex Japan) Pos Bookrunner Value $m No. % Share
1 State Bank of India 22,180 56 16.4
2 ANZ 9,090 52 6.7
3 Bank of China 7,677 73 5.7
4 Standard Chartered Bank 5,924 49 4.4
5 National Australia Bank 5,737 20 4.2
6 Westpac 4,122 22 3.0
7 HSBC 3,874 32 2.9
8 Mizuho 3,576 31 2.6
9 DBS 3,453 31 2.5
10 Deutsche Bank 2,994 23 2.2
Asia (ex Japan) Pos Bookrunner Value $m No. % Share
1 State Bank of India 22,180 56 19.4
2 Bank of China 7,677 73 6.7
3 Standard Chartered Bank 5,924 49 5.2
4 DBS 3,453 31 3.0
5 HSBC 3,251 29 2.8
6 Mizuho 3,008 28 2.6
7 Deutsche Bank 2,994 23 2.6
8 ANZ 2,739 27 2.4
9 Mitsubishi UFJ Financial Group 2,715 21 2.4
10 BNP Paribas 2,560 21 2.2
Australia
Pos Bookrunner Value $m No. % Share
1 ANZ 5,388 23 26.1
2 National Australia Bank 4,254 15 20.6
3 Westpac 3,420 17 16.5
4 Commonwealth Bank of Australia 2,424 10 11.7
5 Bank of America Merrill Lynch 690 3 3.3
6 HSBC 623 3 3.0
7 RBS 584 1 2.8
8 Mizuho 568 3 2.8
9 Mitsubishi UFJ Financial Group 566 3 2.7
10 Sumitomo Mitsui Financial Group 466 2 2.3
China
Pos Bookrunner Value $m No. % Share
1 Bank of China 6,521 64 28.5
2 China Development Bank Corp 2,479 4 10.8
3 Deutsche Bank 1,246 4 5.4
4 Standard Chartered Bank 1,192 8 5.2
5 ICBC 1,120 5 4.9
6 China Construction Bank Corp 1,119 5 4.9
7 BNP Paribas 915 9 4.0
8 Mizuho 699 7 3.1
9 ANZ 675 6 3.0
10 HSBC 526 6 2.3
India
Pos Bookrunner Value $m No. % Share
1 State Bank of India 21,282 55 62.0
2 AXIS Bank 1,980 9 5.8
3 ICICI Bank 1,805 6 5.3
4 IDBI Bank 972 3 2.8
5 Standard Chartered Bank 972 9 2.8
6 IDFC 941 2 2.7
7 Deutsche Bank 882 9 2.6
7 Mitsubishi UFJ Financial Group 876 5 2.6
9 RBS 738 6 2.2
10 DBS 720 7 2.1
Japan*
Pos Bookrunner Value $m No. % Share
1 Mizuho 59,185 244 47.5
2 Sumitomo Mitsui Financial Group 30,596 263 24.6
3 Mitsubishi UFJ Financial Group 25,227 292 20.3
4 DBJ 3,434 16 2.8
5 Citi 3,155 4 2.5
6 Credit Agricole CIB 755 5 0.6
7 Sumitomo Mitsui Trust Holdings Inc
550 4 0.4
8 77 Bank 331 2 0.3
9 BNP Paribas 325 2 0.3
10 Bank of Yokohama 168 2 0.1
Singapore
Pos Bookrunner Value $m No. % Share
1 Standard Chartered Bank 1,654 10 11.9
2 OCBC 971 4 7.0
3 BNP Paribas 875 4 6.3
4 DBS 814 6 5.9
5 Maybank 769 3 5.6
6 Sumitomo Mitsui Financial Group 730 4 5.3
7 ANZ 627 6 4.5
8 UOB 575 3 4.2
9 ING 565 4 4.1
10 JPMorgan 558 2 4.0
SE Asia
Pos Bookrunner Value $m No. % Share
1 Standard Chartered Bank 2,582 21 9.2
2 Siam Commercial Bank 2,524 1 9.0
3 OCBC 1,765 9 6.3
4 Nordea Markets 1,683 2 6.0
5 DBS 1,644 14 5.8
6 ANZ 1,255 12 4.5
7 BNP Paribas 1,162 7 4.1
8 Mizuho 1,108 10 3.9
9 Sumitomo Mitsui Financial Group
1,058 8 3.8
10 Maybank 1,044 6 3.7
*League table credit for the joint venture, comprising Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd., is reflected in the ranking of Morgan Stanley Please note that bookrunner market share is a proportion of bookrunner-led loan volume only
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Dealogic M&A Coverage & Criteria
The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive document detailing Dealogics precise scope, policies and methodologies, please contact one of the analysts listed on the front page of this release.
GENERAL Figures based on announcement date unless otherwise stated. League tables based on
announcement date include all transactions announced during the specified period except withdrawn or failed, and use announced or revised transaction values. In Japan, the announcement date is considered the date on which full terms are disclosed.
Announced league tables are based on transaction value at announcement of most recent terms.
Transactions not denominated in US dollars are converted to a US dollar equivalent at the date of announcement.
Tables in this document are complete and current to the best of Dealogics knowledge. While an official snapshot of the investment banking landscape as of the date of publication, league tables are subject to retroactive change due to a variety of factors, including, but not limited to, revaluation, withdrawal or termination, and changes in advisor roles.
To be eligible for league table credit, a financial advisor must submit notification of involvement in a transaction before the deadline, subject to certain restrictions and amendments (refer to official documentation).
ELIGIBILITY Both target and acquiror advisors are eligible for league table credit.
The group head (the investment banking division name of the parent entity) appears in league tables.
Financial advisor league tables include the following roles: Financial Advisor, Fairness Opinions.
Advisors to the acquiror are eligible for full league table credit when advising the acquiror or its parent. Advisors to companies with a controlling stake, but less than 50%, of the acquiror are eligible for proportionate credit, if criteria are met.
Advisors to the target are eligible for full league table credit when advising a shareholder with an interest of at least 50% in the target. Advisors to shareholders with minority interest in the target are also eligible for league table credit in proportion to the stake held. In the case of pending competing offers, the target advisor to the largest offer only is eligible for credit.
Rumors, preliminary discussions, buybacks, carve-outs and withdrawn deals are not included in league tables, unless otherwise specified.
Region-specific league tables are based upon target, acquiror, acquiring subsidiary or divestor nationality, primarily the nationality of headquarters of the parent, and if that is unclear, the nationality of incorporation.
VALUATION The Dealogic valuation methodology defines the value of a transaction as the cost to
acquiror. In all cases, only the percentage acquired is eligible for league table credit.
League tables appearing in this report are ordered by Deal Value, defined as amount paid by the acquiror for the target, including net debt.
COVERAGE Acquisitions, acquisitions of assets (divestitures), and stake purchases.
Mergers, Joint Ventures, Spin-offs & Split-offs.
Privatizations, Government-awarded PCS/wireless licenses.
Pharmaceutical rights and brands.
Real estate property transactions defined as managed companies, portfolios or completed buildings only, are tracked and eligible if valued $100m or above.
Buyback transactions structured as public tender offers, as divestments or as a defensive technique in response to an unsolicited takeover approach.
Recapitalizations & restructurings.
Debt-for-equity recapitalizations
Restricted Preferred share issuance and Mandatory Convertible Debt
RANKING CRITERIA Volume Rankings: Excludes withdrawn deals, buyback programs and carve-outs, includes
assumption of debt; Based on eligible credit amount. Due to credit being given to each advisor on a deal, the sum of the Market shares will not equal 100%
(Financial Sponsor Rankings exclude add-on transactions)
Revenue Rankings: Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized fees from announced and completed deals
Dealogic Asia Pacific (ex Japan) Review
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Dealogic ECM Coverage & Criteria
The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive document detailing Dealogics precise scope, policies and methodologies, please contact one of the analysts listed on the front page of this release.
GENERAL Tables appearing in this document are based on completed ECM syndicate
transactions globally
Rankings are based on deal volumes
Transactions not denominated in US dollars are converted to a US dollar equivalent at pricing date
Tables appearing in this document are complete and current to the best of Dealogics knowledge. While an official snapshot of the investment banking landscape as of the date of publication, rankings are subject to retroactive change due to a variety of factors, including, but not limited to, revaluation, withdrawal / termination, and changes in Bookrunner roles
The deadline for end of quarter submission is ten business days prior to the last day of the quarter
To be eligible for rankings, a bookrunner must submit notification of involvement in a transaction before the deadline, subject to certain restrictions and amendments (refer to official documentation)
ELIGIBILITY Only transactions with Bookrunners are eligible for rankings
The group head, which is the investment banking division name of the parent entity, appears in rankings
Credit is allocated on a tranche by tranche basis
Traditional Closed End Funds, Non-underwritten Employee Offers, US Best Efforts, Warrant Offerings and Bonds with Equity Warrants are not included in rankings, unless otherwise specified
The consideration for nationality-specific rankings is based primarily on the issuers headquarters nationality. In certain circumstances, nationality of operations or expertise may be taken into account
COVERAGE IPOs, Follow-ons, Convertibles
Bought Deals, Accelerated Bookbuilds
Institutional & Retail Sales
Rights Offerings
VALUATION The Dealogic valuation methodology defines the value of a transaction as the
total shares including overallotment at offer price
Rankings appearing in this report are ordered by Global Amt Offered Including Overallotment
Dealogic Asia Pacific (ex Japan) Review
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Dealogic DCM Coverage & Criteria
The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive document detailing Dealogics precise scope, policies and methodologies, please contact one of the analysts listed on the front page of this release.
GENERAL All amounts are based on global deal value in US dollars
Transactions not denominated in US dollars are converted to a US dollar equivalent at pricing date
To be eligible for rankings, a bookrunner must submit notification of involvement in a transaction before the deadline, subject to certain restrictions and amendments (refer to the official Global DCM Ranking Criteria documentation)
Tables appearing in this document are complete and current to the best of Dealogics knowledge. While an official snapshot of the investment banking landscape as of the date of publication, rankings are subject to retroactive change due to a variety of factors, including, but not limited to revaluation, withdrawal / termination, and changes in Bookrunner roles
ELIGIBILITY Only transactions with Bookrunners are eligible for rankings
The group head, which is the investment banking division name of the parent entity, appears in rankings
Credit is allocated on a tranche by tranche basis
Deals maturing less than 18 months after the settlement date, bond exchange offers, equity-linked units, agency auctioned reference bills and money marketed transactions are not included in rankings, unless otherwise specified
The consideration for nation-specific tables is based on the headquarters location of the parent company (issuer parent). In certain circumstances, nationality of operations or expertise may be taken into account
Investment grade tables include Corporate investment grade bonds, as well as Preferred Shares and all MTNs if investment grade rated
COVERAGE Corporate bonds IG and Corporate bonds HY (issued by industrial, utility,
banks and insurance companies)
Non-convertible preferred stock
Pfandbrief offerings, MTNs, Money Marketed transactions
Securitized offerings (ABS, MBS)
Agency, Sovereign and Supranational offerings
VALUATION The Dealogic valuation methodology defines the value of a transaction as the
sum of all rank eligible tranches
Rankings appearing in this report are ordered by deal value proceeds
Dealogic Asia Pacific (ex Japan) Review
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Dealogic Loans Coverage & Criteria
The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive document detailing Dealogics precise scope, policies and methodologies, please contact one of the analysts listed on the front page of this release.
GENERAL Tables appearing in this document are based on credit dates, unless otherwise
specified. Rankings are based on credit date and include all deals signed prior to general syndication
Transactions not denominated in US dollars are converted to a US dollar equivalent at credit date
Tables appearing in this document are complete and current to the best of Dealogics knowledge. While an official snapshot of the syndicated lending landscape as of the date of publication, rankings are subject to retroactive change due to a variety of factors
ELIGIBILITY Loans made available by two or more providers under a common loan
agreement. Ranking credit is assigned on the date signing provided that borrower fees were paid
The group head, which is the investment banking division name of the parent entity, appears in rankings
Amendments and amended and restated loans are rank eligible if there is a change to pricing, tenor or value. However, amendments and amended and restated loans, which carry a tenor of less than 90 days, or are signed within 90 days of the signing date of the original loan agreement, are not eligible
Cancelled loans are eligible provided that the loan agreement has been signed, and fees have been paid
For inclusion of sole-led transactions that are only syndicated with institutional investors, a full list of institutional investors is required
RANKING Global rankings are comprised of EMEA, North America, Latin America, and
Asia regions
Bookrunner credit is awarded if a proven sell-on has taken place, through evidence of tiering or a mandate letter, the cover page of the loan agreement, an invitation letter or a borrowers press release
All regional rankings are run according to market type
Mandated Arranger rankings comprise Bookrunners and all Administrative, Syndication and Documentation agents
Tables are ranked by US dollar volume calculated on a proportional credit basis
EXCLUSIONS Components of loans arranged and provided by one bank (bilateral tranches)
are not eligible for ranking credit
Private placements are not eligible
Technical amendments and waivers.
Loans with a tenor of less than 360 days rolled over for a second time within the same year and loans with an extension to maturity of less than 90 days are excluded in the rankings
Two or more lines of credit simultaneously made available to the same borrower (co-ordinated series of bilaterals) are not rank eligible
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Notes to Editors
About Dealogic
Dealogic provides investment banks globally with a management platform comprising sophisticated technology, unique content and professional support. The platform helps optimize performance by improving strategy, competitiveness, productivity and execution. Dealogic works in partnership with every major investment bank in the world to help them better understand their clients and the competitive landscape so they can allocate resources and execute deals more effectively. Dealogic has over 25 years experience and a particular focus in capital markets origination, syndication, investment banking coverage, and strategy with every one of the top 50 banks in the world utilizing the management platform.
Dealogic Publishing The Dealogic Asia Pacific (ex Japan) IB Review is a quarterly compilation of Asia Pacific (ex Japan) debt and equity capital markets, mergers & acquisitions and syndicate lending trends, activity and participant rankings The Dealogic StatShot produced daily for debt capital markets, equity capital markets, mergers & acquisitions and syndicated lending, highlighting insightful trends and banking relationships. Dealogics StatShot are available to clients and media partners upon request. Data, research and rankings used within these reports are produced via Dealogics Investment Banking Management Platform. Dealogic Revenue Analytics
Dealogic Revenue Analytics creates a single, objective set of standards that allows for direct comparison of trending across, products, regions and industries for all investment banks. In instances where fees are not disclosed, Dealogic projects estimates based on historical disclosed precedent across dozens of statistically tested variables and thousands of individual fee scenarios. Dealogic Revenue Analytics rules are applied to recognition, booking, and classification of deal revenue to provide a standard metric for competitive analysis and benchmarking of investment banks.
