GLOBAL CAPITAL MARKETS - bbhub.io · EMEA Sami Arafeh +971 4 4492349 [email protected]...

GLOBAL CAPITAL MARKETSLEAGUE TABLES

1st 3Qtrs 2014

DATA SUBMISSIONS AND QUERIES

Contact Phone Email

Americas Paul Bandong +1 609 279 5187 [email protected]

EMEA Sami Arafeh +971 4 4492349 [email protected]

Asia-Pacific Janoearto Alamsyah +60 3 2302 7887 [email protected]

The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.

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1st 3Qtrs 2014

MANAGER RANKINGS

GLOBAL CAPITAL MARKETS

© 2014 Bloomberg Finance L.P. All rights reserved.

http://www.bloomberg.com/

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International Bonds Global Loans International Bonds 3,078,510 47.1% 8.6%

Global Loans 2,824,925 43.2% 1.9%

Global Equity, EQL & Rights 631,573 9.7% 24.8%

Global Total Raised 6,535,008 100% 6.9%

Global M&A 2,515,375 N/A 41.4%

Global Equity, EQL & Rights Global M&A

Basic Materials 5,098 11.78% 219.8%

Financial 8,470 19.57% 70.9%

Government 9,333 21.56% 53.1%

Consumer, Cyclical 8,525 19.70% 372.0%

Energy 5,236 12.10% -29.4%

Industrial 1,779 4.11% -71.1%

Communications 1,295 2.99% -46.4%

Consumer, Non-cyclical 2,661 6.15% 91.3%

Utilities 746 1.72% -59.1%

Diversified 142 0.33% 0.0%

Technology 0 0.00% 0.0%

Funds 0 0.00% 0.0%

Global Capital Markets Review

GLOBAL CAP MARKETS: QUARTERLY VOLUMES

% CHNG

YOY

% OF

TOTAL

RAISED

(USD MLN)INDUSTRY

(Includes fixed income, loans and equity volumes)

GLOBAL CAP MARKETS: INDUSTRY BREAKDOWN

% CHNG

YOY

% OF

TOTAL

VOLUME

(USD MLN)INDUSTRY

GLOBAL CAP MARKETS: 1ST 3Q 2014 MARKET SHARES

GLOBAL CAP MARKETS: 1ST 3Q 2014 VOLUME

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q32009

Q32010

Q32011

Q32012

Q32013

Q32014

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Bln

Bonds Loans Equity M&A

Basic Materials12%

Financial20%

Government21%

Consumer, Cyclical

20%

Energy12%

Industrial4% Other

11%

0%

5%

10%

DeutscheBank AG

Barclays JP Morgan HSBC BankPLC

Citi

2014 2013 2012

0%

2%

4%

6%

8%

10%

12%

JP Morgan Bank ofAmerica

Merrill Lynch

Citi Wells Fargo &Co

DeutscheBank AG

2014 2013 2012

0%

5%

10%

15%

GoldmanSachs & Co

JP Morgan MorganStanley

Citi Bank ofAmerica

Merrill Lynch

2014 2013 2012

0%

5%

10%

15%

20%

25%

30%

35%

GoldmanSachs & Co

MorganStanley

Citi Bank ofAmerica

Merrill Lynch

JP Morgan

2014 2013 2012

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14Corporate Bonds (All) High Yield (All)

JP Morgan 1 6.1 196,124 1199 1 6.7 -0.6 JP Morgan 1 8.9 39,402 307 1 10.4 -1.5

Bank of America Merrill Lynch 2 5.6 178,310 2461 2 5.7 -0.1 Deutsche Bank AG 2 8.5 37,938 259 4 8.1 0.4

Deutsche Bank AG 3 5.3 169,880 1032 4 5.1 0.2 Goldman Sachs & Co 3 7.8 34,586 220 5 7 0.8

Citi 4 5.2 165,821 1119 3 5.5 -0.3 Bank of America Merrill Lynch 4 7.5 33,337 238 2 8.6 -1.1

Morgan Stanley 5 4.8 153,745 2551 6 5 -0.2 Citi 5 7.1 31,496 228 3 8.1 -1

Barclays 6 4.8 153,099 973 7 4.1 0.7 Credit Suisse 6 6.6 29,250 218 6 6.2 0.4

Goldman Sachs & Co 7 4.7 149,600 807 5 5 -0.3 Barclays 7 6.4 28,623 210 7 5.6 0.8

HSBC Bank PLC 8 4.2 133,966 993 8 3.9 0.3 Morgan Stanley 8 6.4 28,350 197 8 5.4 1

Credit Suisse 9 3.7 117,462 656 10 3 0.7 Wells Fargo & Co 9 3.4 15,159 140 9 4.6 -1.2

BNP Paribas SA 10 2.9 91,959 627 9 3 -0.1 UBS 10 3.4 15,024 117 12 2.6 0.8

UBS 11 2.4 77,356 1022 14 2 0.4 Credit Agricole CIB 11 3 13,375 96 16 1.4 1.6

Wells Fargo & Co 12 2.4 76,282 1834 11 2.6 -0.2 HSBC Bank PLC 12 2.9 12,811 128 10 2.7 0.2

RBS 13 2.1 65,609 483 12 2.4 -0.3 BNP Paribas SA 13 2.7 12,016 101 14 2.3 0.4

RBC Capital Markets 14 2 65,120 507 13 2.3 -0.3 RBC Capital Markets 14 2.4 10,687 112 11 2.7 -0.3

Credit Agricole CIB 15 1.7 55,326 336 16 1.4 0.3 RBS 15 2.1 9,140 81 13 2.6 -0.5

Societe Generale 16 1.7 53,214 324 15 1.6 0.1 Societe Generale 16 1.5 6,687 50 17 1.2 0.3

Mizuho Financial Group Inc 17 1.1 36,596 414 19 1.1 - Jefferies LLC 17 1.2 5,443 41 15 1.8 -0.6

Nomura Holdings Inc 18 1.1 33,750 383 18 1.2 -0.1 Natixis 18 1 4,329 34 20 0.7 0.3

Natixis 19 1 32,313 166 20 0.8 0.2 ING Groep NV 19 1 4,318 33 23 0.7 0.3

UniCredit 20 1 31,775 195 17 1.2 -0.2 SunTrust Robinson Humphrey 20 1 4,296 40 19 0.9 0.1

TOTAL 100% 3,199,030 17,478 2,892,370 100% TOTAL 100% 444,588 889 370,826 100%

International Bonds Global Bonds

Deutsche Bank AG 1 6.8 209,221 1004 1 7.4 -0.6 JP Morgan 1 11.6 76,321 302 1 12.6 -1

Barclays 2 6.5 199,868 836 3 6.7 -0.2 Barclays 2 10.8 71,494 228 2 9.9 0.9

JP Morgan 3 6.4 197,167 1060 2 7.1 -0.7 Citi 3 9.2 60,757 266 3 9.3 -0.1

HSBC Bank PLC 4 6.2 191,223 1102 6 5.7 0.5 Bank of America Merrill Lynch 4 8.6 56,621 265 7 7 1.6

Citi 5 5.8 177,690 955 4 5.9 -0.1 Goldman Sachs & Co 5 8.1 53,407 195 4 9.2 -1.1

Goldman Sachs & Co 6 4.9 152,381 644 5 5.8 -0.9 Deutsche Bank AG 6 8 52,663 183 5 8.8 -0.8

Bank of America Merrill Lynch 7 4.8 148,876 739 8 4.3 0.5 Morgan Stanley 7 6.6 43,331 180 6 8.3 -1.7

BNP Paribas SA 8 4.2 130,708 741 7 4.6 -0.4 HSBC Bank PLC 8 6.6 43,224 136 8 4.3 2.3

Credit Suisse 9 4 122,694 608 10 3.1 0.9 Wells Fargo & Co 9 3.7 24,118 137 10 3.8 -0.1

Morgan Stanley 10 3.8 117,258 567 9 4.2 -0.4 RBC Capital Markets 10 3.4 22,275 93 9 3.9 -0.5

Societe Generale 11 2.7 82,092 399 13 2.5 0.2 Credit Suisse 11 2.9 19,348 93 12 3.2 -0.3

RBS 12 2.6 80,941 449 11 2.9 -0.3 TD Securities 12 2.8 18,133 45 14 1.8 1

Credit Agricole CIB 13 2.6 80,827 394 14 2.3 0.3 BNP Paribas SA 13 2.5 16,722 87 11 3.7 -1.2

UniCredit 14 2.5 77,627 355 12 2.7 -0.2 RBS 14 2.3 14,847 112 13 2.2 0.1

UBS 15 2.2 69,060 469 16 1.7 0.5 Nomura Holdings Inc 15 1.8 11,713 18 15 1.5 0.3

RBC Capital Markets 16 1.9 57,461 358 15 2.1 -0.2 Scotiabank 16 1.2 7,789 32 21 0.7 0.5

Natixis 17 1.7 52,644 260 18 1.4 0.3 BMO Capital Markets 17 1 6,639 20 19 0.8 0.2

Nomura Holdings Inc 18 1.6 48,000 319 17 1.5 0.1 Mitsubishi UFJ Financial 18 0.9 5,782 58 16 1.1 -0.2

Commerzbank AG 19 1.4 42,957 301 21 1.1 0.3 UBS 19 0.9 5,604 43 18 0.8 0.1

Banco Santander SA 20 1.2 37,887 197 22 1 0.2 CIBC 20 0.8 5,279 9 20 0.8 -

TOTAL 100% 3,078,510 9,217 2,835,830 100% TOTAL 100% 659,131 775 765,487 100%

FIRM FIRM

FIRM FIRM

2014 2013

MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANKMKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE RANK MKT SHARE

RANK MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE RANK

2014 2013

MKT SHARE

CHG (%)

2014 2013

MKT SHARE

CHG (%)MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE

2014 2013

MKT SHARE

CHG (%)

MKT SHARE

CHG (%)RANK

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14Global Equity, Equity Linked & Rights Global Equity & Equity Linked

Goldman Sachs & Co 1 9.4 59,495 296 1 11.5 -2.1 Goldman Sachs & Co 1 9.7 55,723 287 1 11.4 -1.7

JP Morgan 2 8.6 54,476 362 2 9 -0.4 JP Morgan 2 8.4 48,467 339 2 9.1 -0.7

Morgan Stanley 3 8.3 52,490 336 3 8 0.3 Morgan Stanley 3 8.4 48,414 324 3 8.4 -

Citi 4 7.9 49,676 297 5 7 0.9 Citi 4 8.1 46,560 283 5 7.2 0.9

Bank of America Merrill Lynch 5 7.6 48,233 323 4 7.2 0.4 Bank of America Merrill Lynch 5 7.8 44,948 314 4 7.5 0.3

Deutsche Bank AG 6 6.6 41,543 256 7 6 0.6 Deutsche Bank AG 6 6.8 39,157 246 7 6 0.8

UBS 7 5.7 35,841 239 6 6.8 -1.1 Credit Suisse 7 6 34,432 269 8 5.4 0.6

Credit Suisse 8 5.6 35,428 276 8 5.2 0.4 UBS 8 5.6 32,198 227 6 6.9 -1.3

Barclays 9 4.3 27,461 236 9 4.9 -0.6 Barclays 9 4.3 24,846 227 9 5.1 -0.8

RBC Capital Markets 10 2.3 14,608 160 12 1.4 0.9 RBC Capital Markets 10 2.5 14,215 159 12 1.5 1

Nomura Holdings Inc 11 1.9 11,851 88 10 2 -0.1 Nomura Holdings Inc 11 1.9 11,156 84 10 2.1 -0.2

HSBC Bank PLC 12 1.8 11,357 53 13 1.3 0.5 Wells Fargo & Co 12 1.6 9,365 128 11 2 -0.4

Wells Fargo & Co 13 1.5 9,365 128 11 1.9 -0.4 HSBC Bank PLC 13 1.5 8,442 40 15 1 0.5

Jefferies LLC 14 1.1 6,886 106 15 1.1 - Jefferies LLC 14 1.1 6,298 103 14 1.2 -0.1

Societe Generale 15 1 6,539 40 18 0.8 0.2 BMO Capital Markets 15 0.9 5,334 73 16 1 -0.1

BNP Paribas SA 16 0.9 5,613 49 22 0.7 0.2 Scotiabank 16 0.9 5,020 30 26 0.5 0.4

Mediobanca 17 0.8 5,356 21 45 0.2 0.6 Societe Generale 17 0.9 4,938 35 18 0.9 -

BMO Capital Markets 18 0.8 5,334 73 16 0.9 -0.1 Macquarie Group Ltd 18 0.8 4,655 50 20 0.8 -

Scotiabank 19 0.8 5,020 30 27 0.5 0.3 Sumitomo Mitsui Financial Group Inc 19 0.8 4,551 40 17 0.9 -0.1

Macquarie Group Ltd 20 0.7 4,727 54 20 0.7 - Daiwa Securities Group Inc 20 0.8 4,398 46 13 1.3 -0.5

TOTAL 100% 631,573 3,113 505,955 100% TOTAL 100% 575,180 2,951 479,658 100%

Global Equity Linked Global Equity Offerings

JP Morgan 1 11.1 8,877 62 1 11.7 -0.6 Goldman Sachs & Co 1 9.5 47,094 243 1 11.8 -2.3

Goldman Sachs & Co 2 10.8 8,629 44 2 9.3 1.5 Citi 2 8.6 42,385 254 5 7.3 1.3

Morgan Stanley 3 9.6 7,679 45 3 8.3 1.3 Morgan Stanley 3 8.2 40,735 279 3 8.4 -0.2

Bank of America Merrill Lynch 4 8.1 6,475 45 4 7.5 0.6 JP Morgan 4 8 39,590 277 2 8.7 -0.7

Citi 5 5.2 4,175 29 8 6.1 -0.9 Bank of America Merrill Lynch 5 7.8 38,473 269 4 7.5 0.3

Credit Suisse 6 5.1 4,087 31 9 5 0.1 Deutsche Bank AG 6 7.1 35,122 212 7 5.8 1.3

Deutsche Bank AG 7 5 4,035 34 5 7.2 -2.2 Credit Suisse 7 6.1 30,346 238 8 5.5 0.6

Nomura Holdings Inc 8 4.3 3,470 20 13 1.7 2.6 UBS 8 6 29,585 212 6 6.9 -0.9

Barclays 9 4.3 3,433 29 7 6.2 -1.9 Barclays 9 4.3 21,413 198 9 4.9 -0.6

RBC Capital Markets 10 4.1 3,277 20 19 1 3.1 RBC Capital Markets 10 2.2 10,937 139 12 1.6 0.6

UBS 11 3.3 2,613 15 6 6.6 -3.3 Wells Fargo & Co 11 1.6 7,724 117 11 2.1 -0.5

HSBC Bank PLC 12 3.2 2,556 15 23 0.9 2.3 Nomura Holdings Inc 12 1.6 7,687 64 10 2.1 -0.5

BNP Paribas SA 13 2.9 2,338 21 10 2.6 0.3 HSBC Bank PLC 13 1.2 5,886 25 15 1.1 0.1

Societe Generale 14 2.6 2,075 14 16 1.3 1.3 Jefferies LLC 14 1.1 5,599 99 14 1.2 -0.1

Wells Fargo & Co 15 2 1,641 11 15 1.4 0.6 BMO Capital Markets 15 1 5,076 68 16 1 -

Daiwa Securities Group Inc 16 1.5 1,215 10 14 1.6 -0.1 Scotiabank 16 1 4,910 27 24 0.5 0.5

Credit Agricole CIB 17 1.1 896 10 12 1.7 -0.6 Macquarie Group Ltd 17 0.9 4,409 47 18 0.9 -

KGI Securities Co Ltd 18 1 810 18 21 0.9 0.1 Sumitomo Mitsui Financial Group Inc 18 0.8 4,045 34 17 1 -0.2

UniCredit 19 0.9 732 7 44 0.2 0.7 CIBC 19 0.7 3,497 30 42 0.3 0.4

RBS 20 0.9 718 8 20 0.9 - TD Securities 20 0.7 3,466 27 23 0.5 0.2

TOTAL 100% 80,166 399 64,491 100% TOTAL 100% 495,014 2,552 415,005 100%

FIRM FIRM

FIRM

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE RANK RANK MKT SHAREFIRM

MKT SHARE

CHG (%)RANK MKT SHARE

VOLUME

USD (Mln)

DEAL


2014 2013

MKT SHARE

CHG (%)

2014 2013

MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT

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2014 2013

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VOLUME

USD (Mln)

DEAL

COUNT

2014 2013

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U.S. Bonds U.S. Loans U.S. Bonds 1,585,320 50.3% -0.6%

U.S. Loans 1,371,580 43.5% -16.3%

U.S. Equity & EQL 195,867 6.2% 0.5%

U.S. Total Raised 3,152,767 100% -8.1%

U.S. M&A 1,202,990 N/A 61.8%

U.S. Equity & EQL U.S. M&A

Financial 425,074 22.71% -0.4%

Consumer, Non-cyclical 342,233 18.28% -5.8%

Consumer, Cyclical 231,598 12.37% -24.7%

Energy 202,637 10.83% -8.3%

Industrial 191,119 10.21% 1.8%


Technology 77,475 4.14% -15.7%

Government 103,799 5.55% -19.9%

Utilities 67,244 3.59% -40.2%

75,514 4.03% -8.7%

12,500 0.67% -13.6%

7,760 0.41% 23.4%

Basic Materials

U.S. Capital Markets Review

Diversified

Funds

U.S. CAP MARKETS: 1ST 3Q 2014 VOLUME

U.S. CAP MARKETS: INDUSTRY BREAKDOWN

INDUSTRY

RAISED

(USD MLN)

% OF

TOTAL

% CHNG

YOY

INDUSTRY

VOLUME

(USD MLN)

% OF

TOTAL

% CHNG

YOY

U.S. CAP MARKETS: QUARTERLY VOLUMES

U.S. CAP MARKETS: 1ST 3Q 2014 MARKET SHARES


$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q32009

Q32010

Q32011

Q32012

Q32013

Q32014

USD

Bln


Financial23%

Consumer, Non-cyclical

18%

Consumer, Cyclical

12%

Energy11%

Industrial10%

Communications7%

Other19%

0%

5%

10%

15%


Merrill Lynch

Citi Barclays GoldmanSachs & Co

2014 2013 2012

0%

5%

10%

15%

20%


Merrill Lynch

Wells Fargo& Co

Citi DeutscheBank AG

2014 2013 2012

0%

5%

10%

15%

JP Morgan Citi GoldmanSachs & Co

Bank ofAmerica

Merrill Lynch

MorganStanley

2014 2013 2012

0%

10%

20%

30%

40%

50%

GoldmanSachs & Co

MorganStanley

Barclays Bank ofAmerica

Merrill Lynch

Citi

2014 2013 2012

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14U.S. Bonds U.S. Corporates


Bank of America Merrill Lynch 2 10 158,906 2344 3 8.9 1.1 Bank of America Merrill Lynch 2 10.7 135,182 2199 2 10.4 0.3

Citi 3 8.9 141,056 774 2 9.5 -0.6 Citi 3 9.1 114,996 705 3 9.6 -0.5

Barclays 4 8.4 133,106 660 5 8.1 0.3 Goldman Sachs & Co 4 7.8 98,448 526 5 8.2 -0.4

Goldman Sachs & Co 5 7.6 121,233 584 4 8.4 -0.8 Morgan Stanley 5 7.6 96,184 2109 4 8.4 -0.8

Morgan Stanley 6 7.1 111,916 2212 6 7.7 -0.6 Barclays 6 7 89,200 566 6 6.4 0.6

Deutsche Bank AG 7 6.7 107,006 557 7 7.6 -0.9 Deutsche Bank AG 7 6.1 77,074 475 7 6.1 -

Wells Fargo & Co 8 5 78,886 1914 8 4.7 0.3 Wells Fargo & Co 8 5.8 73,945 1816 8 5.8 -

HSBC Bank PLC 9 4.7 74,540 359 10 3.5 1.2 Credit Suisse 9 5 63,071 345 9 4.5 0.5

Credit Suisse 10 4.6 73,121 363 9 4.1 0.5 HSBC Bank PLC 10 3.6 46,172 249 12 2.7 0.9

RBC Capital Markets 11 2.6 41,895 292 12 2.9 -0.3 RBC Capital Markets 11 2.8 35,301 273 10 3.4 -0.6

BNP Paribas SA 12 2.4 38,723 231 11 3.2 -0.8 UBS 12 2.7 34,601 734 14 2.1 0.6

UBS 13 2.2 35,292 749 14 1.7 0.5 RBS 13 2.2 28,422 247 11 2.8 -0.6

RBS 14 1.9 30,353 282 13 2.5 -0.6 BNP Paribas SA 14 2.1 26,440 179 13 2.6 -0.5

TD Securities 15 1.3 20,971 144 17 0.9 0.4 Mitsubishi UFJ Financial 15 1.5 18,451 166 15 1.3 0.2

Mitsubishi UFJ Financial 16 1.2 19,138 169 16 1 0.2 US Bancorp 16 1.1 13,701 123 19 0.6 0.5

Nomura Holdings Inc 17 1.1 17,933 65 15 1.1 - Credit Agricole CIB 17 0.9 11,672 101 18 0.6 0.3

US Bancorp 18 0.9 13,701 123 23 0.4 0.5 Mizuho Financial Group Inc 18 0.9 11,444 102 16 1.1 -0.2

Mizuho Financial Group Inc 19 0.8 12,771 121 18 0.9 -0.1 Jefferies LLC 19 0.7 9,487 68 17 0.7 -

Credit Agricole CIB 20 0.8 12,314 106 20 0.5 0.3 TD Securities 20 0.7 9,186 45 21 0.5 0.2

TOTAL 100% 1,585,320 8,733 1,595,220 100% TOTAL 100% 1,265,550 7,574 1,240,880 100%

U.S. Equity & Equity Linked U.S. Equity Linked

JP Morgan 1 11.4 22,303 203 2 12 -0.6 Goldman Sachs & Co 1 16.5 5,759 29 1 15.3 1.2

Citi 2 11.4 22,252 169 3 11.9 -0.5 JP Morgan 2 16.1 5,620 34 2 15 1.1

Goldman Sachs & Co 3 11.1 21,819 167 1 14.3 -3.2 Morgan Stanley 3 14.8 5,165 27 3 14.8 -

Bank of America Merrill Lynch 4 10.6 20,697 207 4 10.1 0.5 Bank of America Merrill Lynch 4 10.2 3,549 28 4 11.9 -1.7

Morgan Stanley 5 10.1 19,721 179 6 9.3 0.8 RBC Capital Markets 5 9 3,128 16 12 1 8

Barclays 6 8.6 16,922 164 5 9.7 -1.1 Citi 6 5.8 2,022 15 6 9 -3.2

Credit Suisse 7 7.1 13,952 132 7 6.7 0.4 Barclays 7 5.4 1,870 15 5 10 -4.6

Deutsche Bank AG 8 6.4 12,597 138 8 5.9 0.5 Deutsche Bank AG 8 5 1,761 16 7 5.3 -0.3

RBC Capital Markets 9 4.6 9,084 111 12 1.8 2.8 Credit Suisse 9 4.9 1,699 14 8 4.8 0.1

Wells Fargo & Co 10 4.6 9,068 121 9 4.8 -0.2 Wells Fargo & Co 10 4.7 1,641 11 9 3.5 1.2

UBS 11 2.7 5,364 69 10 2.7 - Jefferies LLC 11 2 699 4 10 2.1 -0.1

Jefferies LLC 12 1.7 3,318 63 11 2.2 -0.5 HSBC Bank PLC 12 1.2 434 3 - - -

Stifel 13 1 1,986 52 15 0.6 0.4 Piper Jaffray & Co 13 1.2 431 2 23 0.2 1

BMO Capital Markets 14 0.9 1,767 33 16 0.5 0.4 Nomura Holdings Inc 14 0.5 170 3 26 0.1 0.4

Raymond James & Associates Inc 15 0.9 1,721 43 13 0.8 0.1 BNP Paribas SA 15 0.5 167 1 13 0.8 -0.3

Leerink Partners LLC 16 0.6 1,113 24 18 0.4 0.2 Raymond James & Associates Inc 16 0.5 159 3 14 0.8 -0.3

Piper Jaffray & Co 17 0.6 1,094 21 19 0.3 0.3 RBS 17 0.3 112 2 15 0.8 -0.5

Cowen & Co 18 0.6 1,090 33 21 0.3 0.3 SunTrust Robinson Humphrey 18 0.2 83 2 19 0.4 -0.2

Robert W Baird & Co 19 0.4 848 24 14 0.6 -0.2 Credit Agricole CIB 19 0.2 80 1 16 0.7 -0.5

KeyBanc Capital Markets 20 0.4 757 13 24 0.3 0.1 UBS 20 0.2 72 1 11 1.4 -1.2

TOTAL 100% 195,867 793 195,552 100% TOTAL 100% 34,881 94 26,351 100%

DEAL

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14U.S. Loans U.S. Loans - New Money


Bank of America Merrill Lynch 2 15.2 207,894 845 2 15.2 - Bank of America Merrill Lynch 2 13.7 64,494 526 2 14.4 -0.7

Wells Fargo & Co 3 9.3 127,852 566 3 9.1 0.2 Wells Fargo & Co 3 7.1 33,360 338 4 7.6 -0.5

Citi 4 8.4 115,742 336 4 8 0.4 Credit Suisse 4 5.9 27,685 227 7 3.9 2

Deutsche Bank AG 5 5 68,788 276 8 4.1 0.9 Citi 5 5.9 27,664 192 6 5.7 0.2

Barclays 6 4.7 64,308 262 5 6.6 -1.9 Deutsche Bank AG 6 5.2 24,313 187 8 3.2 2

Credit Suisse 7 4.2 57,630 306 6 4.3 -0.1 Barclays 7 5.1 23,971 172 3 9 -3.9

Morgan Stanley 8 3.2 43,993 221 7 4.2 -1 Goldman Sachs & Co 8 3.7 17,336 152 10 2.7 1

RBC Capital Markets 9 3.1 42,068 232 10 2.4 0.7 Morgan Stanley 9 3.6 16,973 151 5 5.9 -2.3

Goldman Sachs & Co 10 2.9 39,715 211 9 3.4 -0.5 RBC Capital Markets 10 3.4 15,910 176 9 2.8 0.6

RBS 11 2.2 30,453 181 11 2.3 -0.1 UBS 11 2.4 11,214 99 20 1.2 1.2

Mitsubishi UFJ Financial 12 2.2 30,395 119 12 1.9 0.3 SunTrust Robinson Humphrey 12 2.2 10,286 124 17 1.4 0.8

BNP Paribas SA 13 1.9 25,424 94 14 1.6 0.3 Jefferies LLC 13 2 9,291 93 19 1.3 0.7

SunTrust Robinson Humphrey 14 1.9 25,384 194 16 1.4 0.5 RBS 14 1.8 8,490 106 16 1.4 0.4

US Bancorp 15 1.8 25,025 156 13 1.8 - US Bancorp 15 1.8 8,396 97 12 1.8 -

HSBC Bank PLC 16 1.7 23,606 75 18 1.4 0.3 General Electric Capital Corp 16 1.8 8,260 136 11 2.2 -0.4

PNC Bank 17 1.5 20,617 174 19 1.4 0.1 BMO Capital Markets 17 1.7 8,160 118 14 1.5 0.2

UBS 18 1.4 19,133 133 17 1.4 - KeyBanc Capital Markets 18 1.7 7,927 107 21 1.2 0.5

KeyBanc Capital Markets 19 1.2 17,123 139 20 1 0.2 Mitsubishi UFJ Financial 19 1.6 7,654 66 15 1.5 0.1

General Electric Capital Corp 20 1.2 16,140 169 15 1.5 -0.3 PNC Bank 20 1.6 7,383 117 18 1.4 0.2

TOTAL 100% 1,371,580 2,680 1,557,020 100% TOTAL 100% 469,706 1,804 505,080 100%

FIRM

2014 2013

MKT SHARE

CHG (%)

2014

FIRM

2013

RANK MKT SHARE

MKT SHARE

CHG (%)

DEAL

COUNT RANK MKT SHARERANK MKT SHARE

VOLUME

USD (Mln)

DEAL


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3Q

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14

Canada Corporate Bonds Canada Loans Canada Corp Bonds 69,977 27.1% -15.5%

Canada Loans 153,341 59.3% 0.4%

Canada Equity, EQL & Pref 35,336 13.7% 31.4%

Canadian Total Raised 258,654 100% 0.3%

Canada M&A 84,651 N/A 24.0%

Canada Equity, EQL & Preferreds Canada M&A

Financial 73,071 27.96% -3.7%

Energy 75,128 28.75% 7.1%

Industrial 25,232 9.65% 62.7%

Utilities 18,430 7.05% 5.0%






Technology 3,527 1.35% 835.5%

Government 89 0.03% 0.0%

Funds 46 0.02% 0.0%

CANADA CAP MARKETS: QUARTERLY VOLUMES

CANADA CAP MARKETS: 1ST 3Q 2014 VOLUME

CANADA CAP MARKETS: 1ST 3Q 2014 MARKET SHARES

INDUSTRY

VOLUME

(USD MLN)

% OF

TOTAL

% CHNG

YOY

CA CAP MARKETS: INDUSTRY BREAKDOWN


INDUSTRY

RAISED

(USD MLN)

% OF

TOTAL

% CHNG

YOY

Canada Capital Markets Review

$0

$20

$40

$60

$80

$100

$120

Q32009

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Q32011

Q32012

Q32013

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Financial28%

Energy29%

Industrial10%

Utilities7%

Basic Materials9%

Communications5%

Other12%

0%

5%

10%

15%

20%

25%

30%

35%

RBC CapitalMarkets

TD Securities Scotiabank CIBC BMO CapitalMarkets

2014 2013 2012

0%

5%

10%

15%

20%

25%

RBC CapitalMarkets

CIBC TD Securities Scotiabank BMO CapitalMarkets

2014 2013 2012

0%

5%

10%

15%

20%

25%

Scotiabank RBC CapitalMarkets

CIBC TD Securities BMO CapitalMarkets

2014 2013 2012

0%

10%

20%

30%

40%

50%

RBC CapitalMarkets

JP Morgan BMO CapitalMarkets

Scotiabank Lazard Ltd

2014 2013 2012

Glo

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1st

3Q

20

14Canadian Corporates Canadian Governments

RBC Capital Markets 1 24.1 16,877 100 1 21.1 3 National Bank Financial Inc 1 19.2 15,547 96 1 19.8 -0.6

TD Securities 2 21.4 14,953 67 5 14 7.4 TD Securities 2 17.9 14,512 37 4 16.5 1.4

Scotiabank 3 13.9 9,712 53 2 18.2 -4.3 RBC Capital Markets 3 17.1 13,860 91 3 17.3 -0.2

CIBC 4 13 9,123 63 3 18 -5 CIBC 4 15.6 12,677 70 2 18 -2.4

BMO Capital Markets 5 13 9,082 60 4 14.2 -1.2 BMO Capital Markets 5 14.1 11,412 26 5 14.1 -

National Bank Financial Inc 6 5.7 3,980 22 6 5 0.7 Scotiabank 6 13 10,509 30 6 11.1 1.9

HSBC Bank PLC 7 4.3 3,016 12 7 4 0.3 Desjardins Capital Markets 7 2.3 1,856 6 9 0.9 1.4

Desjardins Capital Markets 8 1.1 750 2 - - - Laurentian Bank of Canada 8 0.4 328 5 8 1 -0.6

JP Morgan 9 1.1 746 6 14 0.2 0.9 Casgrain & Co 9 0.4 318 4 7 1 -0.6

Laurentian Bank of Canada 10 0.6 450 2 11 0.2 0.4 HSBC Bank PLC 10 0.1 66 3 10 0.1 -

Bank of America Merrill Lynch 11 0.6 429 4 8 3.4 -2.8 Canaccord Genuity Corp 11 0.1 52 3 12 0.1 -

Morgan Stanley 12 0.3 188 1 9 0.7 -0.4

Societe Generale 13 0.3 176 1 - - -

Goldman Sachs & Co 14 0.2 150 1 13 0.2 -

Credit Suisse 15 0.2 125 1 12 0.2 -

Citi 16 0.1 75 1 15 0.1 -

GMP Securities 17 0.1 53 1 16 0.1 -

Canaccord Genuity Corp 18 0.1 51 1 - - -

Wells Fargo & Co 19 0.1 42 1 - - -

TOTAL 100% 69,977 193 82,858 100% TOTAL 100% 81,135 275 82,544 100%

Canadian Equity, Equity Linked & Preferred Canadian Equity & Equity Linked

Scotiabank 1 18.8 6,649 49 3 13.6 5.2 Scotiabank 1 16.4 4,919 32 5 10.5 5.9

RBC Capital Markets 2 16 5,665 55 1 17.9 -1.9 RBC Capital Markets 2 14.5 4,344 39 2 14.9 -0.4

CIBC 3 12.9 4,542 52 6 8.2 4.7 CIBC 3 12.3 3,692 38 6 6.5 5.8

TD Securities 4 12.5 4,416 49 4 11.9 0.6 BMO Capital Markets 4 12.2 3,664 44 1 17.6 -5.4

BMO Capital Markets 5 11.3 4,008 50 2 16.4 -5.1 TD Securities 5 11.9 3,587 35 3 11.7 0.2

GMP Securities 6 5.4 1,924 35 7 3.4 2 GMP Securities 6 6.3 1,889 34 7 4.1 2.2

Canaccord Genuity Corp 7 4.6 1,629 46 10 2.5 2.1 Canaccord Genuity Corp 7 5.4 1,629 46 10 3.1 2.3

National Bank Financial Inc 8 4.6 1,629 41 8 2.7 1.9 National Bank Financial Inc 8 4.9 1,474 38 8 3.2 1.7

Peters & Co Ltd 9 1.7 604 7 9 2.6 -0.9 Peters & Co Ltd 9 2 604 7 9 3.1 -1.1

Cormark Securities Inc 10 1.7 594 25 17 0.6 1.1 Cormark Securities Inc 10 2 594 25 19 0.6 1.4

Dundee Capital Markets 11 1.4 484 28 16 0.7 0.7 Dundee Capital Markets 11 1.6 484 28 16 0.9 0.7

Raymond James & Associates Inc 12 1.3 446 15 13 1.1 0.2 Raymond James & Associates Inc 12 1.5 446 15 13 1.3 0.2

Desjardins Capital Markets 13 0.9 307 5 19 0.5 0.4 Desjardins Capital Markets 13 1 307 5 18 0.6 0.4

Credit Suisse 14 0.9 301 3 - - - Credit Suisse 14 1 301 3 - - -

Barclays 15 0.8 273 4 15 0.8 - Barclays 15 0.9 273 4 15 1 -0.1

Macquarie Group Ltd 16 0.7 248 13 11 1.7 -1 Macquarie Group Ltd 16 0.8 248 13 11 2 -1.2

FirstEnergy Capital Corp 17 0.5 170 5 22 0.3 0.2 FirstEnergy Capital Corp 17 0.6 170 5 22 0.3 0.3

Mackie Research Capital Corp 18 0.4 125 10 31 0.1 0.3 Mackie Research Capital Corp 18 0.4 125 10 31 0.1 0.3

JP Morgan 19 0.2 88 2 18 0.5 -0.3 JP Morgan 19 0.3 88 2 17 0.6 -0.3

Nomura Holdings Inc 19 0.2 88 2 - - - Nomura Holdings Inc 19 0.3 88 2 - - -

TOTAL 100% 35,336 363 25,524 100% TOTAL 100% 30,035 340 20,945 100%

FIRM FIRM

FIRM FIRM

2014 2013

MKT SHARE

CHG (%)

RANK MKT SHARE

VOLUME

USD (Mln)

DEAL


RANK

MKT SHARE


VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE MKT SHARE

VOLUME

USD (Mln)

DEAL


2014 2013

2014 2013

MKT SHARE

CHG (%)

2014 2013

MKT SHARE

MKT SHARE

CHG (%)

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARERANK

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3Q

20

14Canadian Retail Structured Products Canada Loans

CIBC 1 29.4 595 29 1 34.3 -4.9 RBC Capital Markets 1 18.5 28,326 77 1 21.9 -3.4

RBC Capital Markets 2 28.3 571 26 2 27.8 0.5 CIBC 2 15.9 24,338 81 3 15 0.9

Scotiabank 3 14.8 298 18 3 12.8 2 TD Securities 3 14.9 22,821 78 4 13.2 1.7

National Bank Financial Inc 4 11.3 229 11 5 5.8 5.5 Scotiabank 4 14 21,511 62 2 15.5 -1.5

TD Securities 5 9.8 198 6 6 5.2 4.6 BMO Capital Markets 5 10 15,348 58 5 11.4 -1.4

BMO Capital Markets 6 6.1 124 9 4 11.1 -5 National Bank Financial Inc 6 8.4 12,916 64 6 6.2 2.2

Canaccord Genuity Corp 7 0.1 2 1 7 2.4 -2.3 Citi 7 2.9 4,402 10 8 2 0.9

GMP Securities 7 0.1 2 1 8 0.5 -0.4 JP Morgan 8 2.6 3,985 10 9 1.6 1

Raymond James & Associates Inc 7 0.1 2 1 9 0.2 -0.1 HSBC Bank PLC 9 2.1 3,170 17 10 1.4 0.7

Desjardins Capital Markets 10 1.7 2,551 12 11 1.2 0.5

BNP Paribas SA 11 1.3 2,053 6 14 0.7 0.6

Bank of America Merrill Lynch 12 1.2 1,783 12 7 3.2 -2

Mitsubishi UFJ Financial 13 0.7 1,108 4 13 1 -0.3

ATB Financial 14 0.7 1,007 7 29 0.1 0.6

General Electric Capital Corp 15 0.6 890 6 21 0.3 0.3

Deutsche Bank AG 16 0.5 788 4 16 0.5 -

RBS 17 0.4 625 3 15 0.7 -0.3

Credit Suisse 18 0.4 573 4 17 0.5 -0.1

Barclays 19 0.4 570 7 12 1 -0.6

Rabobank Nederland 20 0.3 525 4 27 0.1 0.2

TOTAL 100% 2,020 41 2,551 100% TOTAL 100% 153,341 344 147,190 100%

FIRM FIRMRANK MKT SHARE RANK MKT SHARE

VOLUME

USD (Mln)

DEAL


2014 2013

MKT SHARE

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2014 2013

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14

LATAM Bonds LATAM Loans LATAM Bonds 137,522 77.1% -0.6%

LATAM Loans 24,975 14.0% -28.0%

LATAM Equity 15,911 8.9% -41.4%

LATAM Total Raised 178,408 100% -2.3%

LATAM M&A 92,504 N/A 51.5%

LATAM Equity Offerings Brazil Equity

Financial 40,243 20.16% -12.6%

Energy 35,839 17.96% 2.8%

Communications 36,127 18.10% 72.4%

Government 30,580 15.32% 21.1%



Industrial 11,576 5.80% -21.3%

Utilities 10,408 5.22% -10.8%


Diversified 1,863 0.93% -2.7%

Technology 83 0.04% -72.8%

Funds 0 0.00% 0.0%

INDUSTRY

LATAM CAP MARKETS: 1ST 3Q 2014 VOLUME

LATAM CAP MARKETS: 1ST 3Q 2014 MARKET SHARES

INDUSTRY

VOLUME

(USD MLN)

RAISED

(USD MLN)

% OF

TOTAL

% CHNG

YOY

LATAM CAP MARKETS: QUARTERLY VOLUMES

% OF

TOTAL

% CHNG

YOY

LATAM CAP MARKETS: INDUSTRY BREAKDOWN


Latin America Capital Markets Review

$0

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Financial20%

Energy18%

Communications18%

Government15%


8%

Basic Materials7%

Other14%

0%

5%

10%

15%

HSBC BankPLC

Citi JP Morgan Bank ofAmerica

Merrill Lynch

DeutscheBank AG

2014 2013 2012

0%

2%

4%

6%

8%

10%

12%

14%

HSBC BankPLC

MizuhoFinancialGroup Inc

MitsubishiUFJ Financial

BNP ParibasSA

Bank ofAmerica

Merrill Lynch

2014 2013 2012

0%

5%

10%

15%

Banco ItauBBA SA

Credit Suisse Bank ofAmerica

Merrill Lynch

Citi MorganStanley

2014 2013 2012

0%

5%

10%

15%

20%

25%

30%

35%

Banco ItauBBA SA

GoldmanSachs & Co

Credit Suisse Rothschild DeutscheBank AG

2014 2013 2012

Glo

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3Q

20

14Latin America Bonds Latin America Domestic Bonds

HSBC Bank PLC 1 9.9 13,594 101 1 9.6 0.3 Banco Itau BBA SA 1 12.6 3,716 68 4 8.8 3.8

Citi 2 9.6 13,184 90 2 9.4 0.2 Banco do Brasil SA 2 12.5 3,668 30 1 14 -1.5

JP Morgan 3 8.7 12,016 59 6 6.7 2 HSBC Bank PLC 3 10.6 3,133 59 3 10.9 -0.3

Bank of America Merrill Lynch 4 8.2 11,334 56 3 7.9 0.3 Banco Bilbao Vizcaya Argentaria 4 8 2,354 43 7 6.8 1.2

Deutsche Bank AG 5 6.8 9,373 44 4 7.3 -0.5 Bradesco BBI SA 5 7.7 2,264 29 2 11.1 -3.4

Banco do Brasil SA 6 6.6 9,102 56 5 6.9 -0.3 Citi 6 6 1,772 31 6 6.9 -0.9

Credit Suisse 7 5.6 7,743 32 13 3.3 2.3 Actinver Casa de Bolsa SA 7 5 1,486 24 12 1.6 3.4

Banco Itau BBA SA 8 5.1 6,997 81 8 5.8 -0.7 Banco BTG Pactual SA 8 4.5 1,315 22 8 3.1 1.4

Bradesco BBI SA 9 4.6 6,391 57 10 4.5 0.1 Banco Santander SA 9 4 1,174 57 5 7.2 -3.2

Banco Santander SA 10 4 5,552 74 9 4.9 -0.9 Grupo Financiero Banorte 10 3.9 1,152 19 9 3.1 0.8

Banco Bilbao Vizcaya Argentaria 11 3.9 5,389 50 11 4.1 -0.2 Bank of America Merrill Lynch 11 2.6 755 13 30 0.4 2.2

Goldman Sachs & Co 12 3.9 5,325 16 16 2.1 1.8 Scotiabank 12 2.4 718 18 13 1.4 1

Morgan Stanley 13 3.3 4,490 33 7 5.9 -2.6 Banco Votorantim SA 13 2.2 641 11 11 2.4 -0.2

BNP Paribas SA 14 3.1 4,233 16 15 2.6 0.5 JP Morgan 14 2 591 6 17 0.8 1.2

Banco BTG Pactual SA 15 1.9 2,573 26 14 2.7 -0.8 Banco Safra SA 15 1.7 510 8 28 0.5 1.2

Barclays 16 1.4 1,920 11 12 3.3 -1.9 Credit Suisse 16 1.7 495 4 33 0.3 1.4

Credit Agricole CIB 17 1.1 1,455 11 21 0.7 0.4 Inversora Bursatil 17 1.5 448 6 10 2.5 -1

Bank of China 18 1 1,417 6 - - - CI Casa de Bolsa 18 1.2 351 6 70 0.1 1.1

Actinver Casa de Bolsa SA 19 1 1,362 21 22 0.5 0.5 Casa de Bolsa Finamex 19 0.8 241 7 21 0.7 0.1

Scotiabank 20 1 1,310 20 20 0.8 0.2 Banco de Galicia y Buenos Aires 20 0.8 235 31 23 0.7 0.1

TOTAL 100% 137,522 431 138,329 100% TOTAL 100% 29,437 299 43,862 100%

Latin America Loans Mandated Arranger Latin America Loans Book Runner

HSBC Bank PLC 1 8.2 2,045 18 4 9.5 -1.3 Mitsubishi UFJ Financial 1 14.2 3,353 15 1 15.3 -1.1

Mizuho Financial Group Inc 2 8.1 2,017 22 2 11.4 -3.3 HSBC Bank PLC 2 9.1 2,146 13 8 4.9 4.2

Mitsubishi UFJ Financial 3 8.1 2,013 20 1 12 -3.9 Citi 3 9 2,127 12 6 6 3

BNP Paribas SA 4 7.5 1,867 14 22 0.8 6.7 BNP Paribas SA 4 9 2,123 10 18 1.2 7.8

Bank of America Merrill Lynch 5 6 1,492 10 10 2.4 3.6 Mizuho Financial Group Inc 5 8 1,876 17 2 13.3 -5.3

JP Morgan 6 5.6 1,402 9 11 2.2 3.4 JP Morgan 6 6.7 1,571 8 12 1.9 4.8

Sumitomo Mitsui Financial Group Inc 7 5.5 1,384 14 5 6.5 -1 Bank of America Merrill Lynch 7 5 1,184 7 11 2 3

Citi 8 5 1,249 12 8 4 1 Banco Bilbao Vizcaya Argentaria 8 4.1 973 3 3 11.3 -7.2

Banco Bilbao Vizcaya Argentaria 9 3.9 965 9 3 10.5 -6.6 Banco Santander SA 9 4 948 5 15 1.4 2.6

Banco Santander SA 10 3.8 942 10 12 1.8 2 Banco Itau BBA SA 10 3.3 768 14 10 2.4 0.9

Natixis 11 3.2 803 10 19 1 2.2 Standard Chartered Bank 11 3 713 5 9 4.5 -1.5

Credit Agricole CIB 12 3.1 774 10 17 1.1 2 Credit Agricole CIB 12 2.9 685 5 17 1.2 1.7

Banco Itau BBA SA 13 2.9 736 17 13 1.6 1.3 Natixis 13 2.4 558 4 47 0.1 2.3

Societe Generale 14 2.8 711 8 18 1 1.8 Sumitomo Mitsui Financial Group Inc 14 2.3 551 4 7 5.3 -3

Intesa Sanpaolo SpA 15 2.6 642 6 6 6 -3.4 ING Groep NV 15 2.3 547 5 20 1.1 1.2

ING Groep NV 16 2.1 535 8 16 1.2 0.9 Banco Nacional de Mexico SA 16 2.1 500 1 44 0.1 2

Morgan Stanley 17 2 501 4 24 0.7 1.3 Intesa Sanpaolo SpA 16 2.1 500 1 5 6.1 -4

Standard Chartered Bank 18 1.8 453 7 9 2.7 -0.9 Bladex 18 2 462 6 - - -

Banco do Brasil SA 19 1.5 363 5 55 0.2 1.3 Morgan Stanley 19 1.2 283 2 24 0.6 0.6

Export Development Canada 20 1.4 346 3 - - - ABN Amro Bank NV 20 0.9 207 2 31 0.4 0.5

TOTAL 100% 24,975 63 34,674 100% TOTAL 100% 23,566 56 31,541 100%

FIRM FIRM

FIRM FIRM

2014 2013

MKT SHARE

CHG (%)

VOLUME

USD (Mln)RANK MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK

RANK MKT SHARE

VOLUME

USD (Mln)

DEAL


2014 2013

MKT SHARE

CHG (%)MKT SHARE RANK MKT SHARE

RANK MKT SHARE

VOLUME

USD (Mln)

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2014 2013

MKT SHARE

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2014 2013

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14Latin America Equity Offerings

Banco Itau BBA SA 1 11.8 1,881 10 2 11.3 0.5

Credit Suisse 2 10.8 1,714 15 3 11.1 -0.3

Bank of America Merrill Lynch 3 9.5 1,518 9 12 3.4 6.1

Citi 4 8.3 1,321 8 5 6.8 1.5

Morgan Stanley 5 7.4 1,172 5 7 5 2.4

Banco BTG Pactual SA 6 6.6 1,052 11 1 13.2 -6.6

Goldman Sachs & Co 7 5.8 923 5 10 3.8 2

HSBC Bank PLC 8 5.5 882 5 14 2.7 2.8

Banco Santander SA 9 5 788 5 6 6.7 -1.7

JP Morgan 10 3.7 586 4 4 7 -3.3

Banco Bilbao Vizcaya Argentaria 11 3.1 496 3 9 3.9 -0.8

Bradesco BBI SA 12 2.6 410 3 8 4.5 -1.9

Banco do Brasil SA 13 2.5 404 2 11 3.5 -1

Barclays 13 2.5 404 2 28 0.1 2.4

BES Investimento SA 13 2.5 404 2 27 0.1 2.4

Caixa Geral de Depositos 13 2.5 404 2 - - -

Evercore Partners Inc 17 1.6 254 1 26 0.3 1.3

UBS 18 1.5 244 2 17 1.5 -

Actinver Casa de Bolsa SA 19 1.4 222 2 21 1 0.4

Deutsche Bank AG 20 1.4 217 3 16 2.3 -0.9

TOTAL 100% 15,911 38 27,113 100%

FIRM RANK MKT SHARE

VOLUME

USD (Mln)

DEAL


2014 2013

MKT SHARE

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Euromarket Bonds EMEA Loans Euromarket Bonds 2,196,320 66.9% 18.9%

EMEA Loans 869,583 26.5% 32.5%

EMEA Equity, EQL & Rights 217,239 6.6% 72.2%

EMEA Total Raised 3,283,142 100% 24.8%

European M&A 650,820 N/A 23.7%

EMEA Equity, EQL & Rights European M&A

Financial 1,279,551 38.98% 27.6%

Government 598,003 18.22% 6.7%



Industrial 222,622 6.78% 20.6%



Utilities 126,258 3.85% -8.6%

Energy 127,782 3.89% 28.2%

Diversified 29,434 0.90% -2.7%

Technology 21,907 0.67% -5.5%

Funds 1,839 0.06% 0.0%

EMEA CAP MARKETS: 1ST 3Q 2014 VOLUME

INDUSTRY

VOLUME

(USD MLN)

% OF

TOTAL

% CHNG

YOY

EMEA CAP MARKETS: INDUSTRY BREAKDOWN

EMEA CAP MARKETS: QUARTERLY VOLUMES

INDUSTRY

RAISED

(USD MLN)

% OF

TOTAL

% CHNG

YOY


EMEA CAP MARKETS: 1ST 3Q 2014 MARKET SHARES

EMEA Capital Markets Review

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$1,000

$1,200

$1,400

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Financial39%

Government18%


10%

Consumer, Cyclical…

Industrial7%

Communications6%

Other13%

0%

5%

10%

DeutscheBank AG

HSBC BankPLC

Barclays BNP ParibasSA

Credit Suisse

2014 2013 2012

0%

1%

2%

3%

4%

5%

6%

7%

BNP ParibasSA

HSBC BankPLC

RBS SocieteGenerale

CreditAgricole CIB

2014 2013 2012

0%

5%

10%

15%

JP Morgan DeutscheBank AG

GoldmanSachs & Co

UBS Bank ofAmerica

Merrill Lynch

2014 2013 2012

0%

5%

10%

15%

20%

25%

30%

35%

40%

GoldmanSachs & Co

MorganStanley

DeutscheBank AG

Lazard Ltd Citi

2014 2013 2012

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3Q

20

14Euromarket Bonds Euromarket Corporates

Deutsche Bank AG 1 6.6 143,895 724 1 6.6 - Deutsche Bank AG 1 6.4 103,114 572 1 6 0.4

HSBC Bank PLC 2 6 131,597 855 2 6.2 -0.2 HSBC Bank PLC 2 5.4 87,528 654 2 5.4 -

Barclays 3 5.5 120,138 539 3 5.4 0.1 BNP Paribas SA 3 5.2 84,259 524 3 5.3 -0.1

BNP Paribas SA 4 4.9 108,380 616 4 5.2 -0.3 Credit Suisse 4 5.2 83,889 399 11 3.4 1.8

Credit Suisse 5 4.5 99,890 478 12 3.2 1.3 Barclays 5 5.1 82,485 433 4 4.2 0.9

JP Morgan 6 4.5 97,925 619 6 4.3 0.2 Citi 6 3.9 63,899 435 7 3.6 0.3

Citi 7 4.1 89,437 525 8 3.8 0.3 JP Morgan 7 3.9 63,429 447 6 3.8 0.1

Goldman Sachs & Co 8 4.1 89,436 386 5 4.7 -0.6 Goldman Sachs & Co 8 3.7 60,635 323 5 4.2 -0.5

Societe Generale 9 3.6 79,629 376 9 3.6 - Bank of America Merrill Lynch 9 3.6 58,001 370 8 3.5 0.1

UniCredit 10 3.5 77,302 353 7 4.2 -0.7 UBS 10 3.5 57,326 364 14 2.6 0.9

Credit Agricole CIB 11 3.5 76,292 352 10 3.3 0.2 Societe Generale 11 3.4 54,664 318 9 3.4 -

Bank of America Merrill Lynch 12 3.4 75,254 426 13 2.9 0.5 Credit Agricole CIB 12 3.3 54,141 286 13 3.1 0.2

RBS 13 2.9 64,716 322 11 3.3 -0.4 Morgan Stanley 13 2.8 45,227 321 15 2.4 0.4

Morgan Stanley 14 2.8 61,514 359 14 2.5 0.3 RBS 14 2.7 43,857 273 12 3.2 -0.5

UBS 15 2.8 60,481 411 16 2.2 0.6 UniCredit 15 2.6 42,658 277 10 3.4 -0.8

Natixis 16 2.4 52,424 256 15 2.2 0.2 Natixis 16 2.5 41,049 199 16 2.4 0.1

Commerzbank AG 17 1.9 42,775 299 21 1.4 0.5 Commerzbank AG 17 2 32,551 244 18 1.7 0.3

Intesa Sanpaolo SpA 18 1.5 34,006 89 17 2 -0.5 BayernLB 18 1.7 27,537 195 20 1.7 -

Banco Santander SA 19 1.5 33,684 165 23 1.3 0.2 Banco Santander SA 19 1.6 25,672 148 22 1.3 0.3

Nomura Holdings Inc 20 1.5 33,239 271 18 1.5 - RBC Capital Markets 20 1.2 19,620 148 26 1 0.2

TOTAL 100% 2,196,320 8,092 1,847,840 100% TOTAL 100% 1,617,780 6,527 1,290,320 100%

EMEA Equity, Equity Linked & Rights Offerings EMEA Equity & Equity Linked

JP Morgan 1 10.4 22,637 107 3 10.1 0.3 Deutsche Bank AG 1 10 17,806 61 3 10.1 -0.1

Deutsche Bank AG 2 9 19,613 68 1 10.7 -1.7 JP Morgan 2 9.9 17,607 88 6 9.7 0.2

Goldman Sachs & Co 3 8.8 19,170 62 2 10.4 -1.6 Goldman Sachs & Co 3 9.7 17,175 59 1 10.7 -1

UBS 4 8.7 18,885 68 4 9.8 -1.1 Bank of America Merrill Lynch 4 9.2 16,371 60 5 9.8 -0.6

Bank of America Merrill Lynch 5 8.5 18,509 66 5 9.3 -0.8 UBS 5 9 16,034 60 2 10.7 -1.7

Morgan Stanley 6 7.6 16,612 69 6 9.2 -1.6 Morgan Stanley 6 7.9 14,007 61 4 10.1 -2.2

Citi 7 6.1 13,195 60 8 4.2 1.9 Citi 7 6 10,684 50 8 3.7 2.3

Credit Suisse 8 4.1 8,894 60 7 4.7 -0.6 Credit Suisse 8 4.5 7,975 54 7 4.8 -0.3

Barclays 9 4 8,660 50 9 3.5 0.5 Barclays 9 3.4 6,044 41 10 3.4 -

Societe Generale 10 3 6,539 40 10 3.3 -0.3 Societe Generale 10 2.8 4,938 35 9 3.6 -0.8

HSBC Bank PLC 11 2.5 5,372 26 13 1.8 0.7 HSBC Bank PLC 11 2.3 4,064 19 14 1.3 1

Mediobanca 12 2.5 5,356 21 18 0.9 1.6 BNP Paribas SA 12 2 3,477 28 12 1.9 0.1

BNP Paribas SA 13 2.1 4,624 38 12 2.1 - Mediobanca 13 1.7 3,019 12 18 1 0.7

Jefferies LLC 14 1.3 2,923 34 20 0.8 0.5 Cenkos Securities 14 1.4 2,412 4 48 0.1 1.3

UniCredit 15 1.2 2,610 19 14 1.4 -0.2 Jefferies LLC 15 1.3 2,335 31 19 0.9 0.4

Commerzbank AG 16 1.1 2,476 10 25 0.5 0.6 Nordea 16 1 1,756 10 24 0.4 0.6

Cenkos Securities 17 1.1 2,412 4 49 0.1 1 UniCredit 17 0.8 1,407 15 13 1.6 -0.8

Intesa Sanpaolo SpA 18 1 2,068 16 37 0.3 0.7 Numis Corp PLC 18 0.7 1,317 13 22 0.5 0.2

Nordea 19 0.9 1,878 12 28 0.4 0.5 Berenberg 19 0.7 1,250 16 21 0.6 0.1

Nomura Holdings Inc 20 0.8 1,751 10 22 0.6 0.2 Carnegie 20 0.7 1,239 21 17 1.1 -0.4

TOTAL 100% 217,239 572 126,172 100% TOTAL 100% 177,581 521 114,332 100%

FIRM FIRM

FIRM FIRM

DEAL

COUNT RANK MKT SHAREMKT SHARE

MKT SHARE

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2014 2013

MKT SHARE

CHG (%)

2014 2013

RANK MKT SHARE

RANK MKT SHARE

VOLUME

USD (Mln)

DEAL


VOLUME

USD (Mln)

DEAL


VOLUME

USD (Mln)

2014 2013

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2014 2013

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14EMEA Loans Mandated Arranger EMEA Loans Book Runner

BNP Paribas SA 1 5.6 48,520 371 1 6.1 -0.5 BNP Paribas SA 1 7.5 51,472 250 1 7.2 0.3

HSBC Bank PLC 2 5.4 47,112 373 2 5.1 0.3 Credit Agricole CIB 2 4.9 33,517 145 3 4.8 0.1

RBS 3 4.4 38,295 265 6 3.7 0.7 HSBC Bank PLC 3 4.9 33,436 225 4 4.7 0.2

Societe Generale 4 4.2 36,715 253 5 3.9 0.3 RBS 4 4.8 33,263 152 6 4.5 0.3

Credit Agricole CIB 5 4.2 36,096 235 7 3.5 0.7 Barclays 5 4.4 30,341 163 11 3.2 1.2

Barclays 6 4 34,823 272 8 3.3 0.7 JP Morgan 6 4.3 29,258 102 8 3.8 0.5

Deutsche Bank AG 7 3.9 34,211 211 3 4.9 -1 Bank of America Merrill Lynch 7 4.1 28,109 88 14 2.8 1.3

JP Morgan 8 3.9 34,127 156 9 3.2 0.7 ING Groep NV 8 4 27,164 148 12 3.1 0.9

ING Groep NV 9 3.4 29,493 237 12 3 0.4 Commerzbank AG 9 3.9 26,879 164 10 3.5 0.4

Commerzbank AG 10 3.4 29,225 236 11 3 0.4 UniCredit 10 3.9 26,847 135 7 4 -0.1

UniCredit 11 3.3 28,959 214 4 4 -0.7 Citi 11 3.8 26,113 122 9 3.7 0.1

Bank of America Merrill Lynch 12 3.2 27,913 138 13 2.5 0.7 Societe Generale 12 3.8 25,922 156 5 4.7 -0.9

Citi 13 3.1 27,107 169 10 3.2 -0.1 Deutsche Bank AG 13 3.7 25,464 136 2 6 -2.3

Banco Santander SA 14 2.5 21,741 176 16 2 0.5 Banco Santander SA 14 2.8 19,043 91 18 1.8 1

Mitsubishi UFJ Financial 15 2.4 20,636 140 17 1.8 0.6 Nordea 15 2.3 16,103 76 20 1.6 0.7

Lloyds Bank PLC 16 2.3 19,732 165 15 2 0.3 Natixis 16 2.1 14,604 106 13 2.9 -0.8

Nordea 17 1.9 16,589 106 18 1.7 0.2 Morgan Stanley 17 2.1 14,331 36 27 1.1 1

Natixis 18 1.8 15,465 150 14 2.1 -0.3 Lloyds Bank PLC 18 2 13,810 82 17 1.9 0.1

Sumitomo Mitsui Financial Group Inc 19 1.7 14,678 98 22 1.4 0.3 Mitsubishi UFJ Financial 19 2 13,655 71 15 2.1 -0.1

Mizuho Financial Group Inc 20 1.6 14,099 94 27 1.1 0.5 Mizuho Financial Group Inc 20 1.8 12,320 48 32 0.9 0.9

TOTAL 100% 869,583 1123 647,337 100% TOTAL 100% 687,307 821 508,401 100%

EMEA Loans Facility Agent

RBS 1 7.2 62,290 55 5 5.2 2

Commerzbank AG 2 6.8 58,776 66 2 7.8 -1

Barclays 3 6.5 56,146 49 4 5.9 0.6

BNP Paribas SA 4 5.9 50,765 77 7 4.6 1.3

Deutsche Bank AG 5 5.8 50,423 49 1 10.6 -4.8

ING Groep NV 6 5 43,471 46 11 2.8 2.2

UniCredit 7 5 43,093 64 6 4.7 0.3

HSBC Bank PLC 8 4.9 41,965 54 10 3.8 1.1

Societe Generale 9 4.2 36,315 37 9 4 0.2

Credit Agricole CIB 10 4 34,477 45 8 4.3 -0.3

Citi 11 3.6 30,926 33 3 7.1 -3.5

Nordea 12 3.5 29,912 42 13 2.8 0.7

Bank of America Merrill Lynch 13 3 25,596 27 20 1.4 1.6

Lloyds Bank PLC 14 2.7 23,069 46 12 2.8 -0.1

JP Morgan 15 2.6 22,338 15 18 1.8 0.8

Natixis 16 2.3 20,074 25 26 0.9 1.4

DnB ASA 17 2.2 19,286 35 17 1.8 0.4

Danske Markets 18 1.9 16,763 12 50 0.2 1.7

Rabobank Nederland 19 1.7 14,907 19 16 1.9 -0.2

BayernLB 20 1.3 11,237 12 37 0.4 0.9

TOTAL 100% 864,032 1,127 617,914 100%

FIRM

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14

MENA Bonds Middle East Issuer Bonds MENA Bonds 34,406 44.9% -8.1%

MENA Loans 38,424 50.1% -2.2%

MENA Equity & EQL 3,867 5.0% 64.1%

MENA Total Raised 76,697 100% -3.0%

MENA Loans MENA Equity, EQL & Rights

Financial 24,918 32.49% 6.5%


Utilities 5,335 6.96% -19.9%

Government 5,725 7.46% -31.0%


Energy 7,186 9.37% 47.6%

Industrial 4,208 5.49% -25.1%

Basic Materials 4,530 5.91% -35.2%


Diversified 500 0.65% 657.6%

Technology 0 0.00% 0.0%

Funds 0 0.00% 0.0%

MENA CAP MARKETS: QUARTERLY VOLUMES

MENA CAP MARKETS: INDUSTRY BREAKDOWN


INDUSTRY

RAISED

(USD MLN)

% OF

TOTAL

% CHNG

YOY

MENA Capital Markets ReviewMENA CAP MARKETS: 1ST 3Q 2014 VOLUME

MENA CAP MARKETS: 1ST 3Q 2014 MARKET SHARES

INDUSTRY

VOLUME

(USD MLN)

% OF

TOTAL

% CHNG

YOY

$0

$10

$20

$30

$40

$50

Q32009

Q32010

Q32011

Q32012

Q32013

Q32014

USD

Bln

Bonds Loans Equity

Financial33%

Communications16%

Utilities7%

Government8%

Consumer, Cyclical8%

Energy9%

Other19%

0%

5%

10%

15%

20%

25%

30%

35%

HSBC BankPLC

JP Morgan NationalBank of Abu

Dhabi

DeutscheBank AG

StandardChartered

Bank

2014 2013 2012

0%

5%

10%

15%

20%

25%

30%

35%

HSBC BankPLC

National Bankof Abu Dhabi

DeutscheBank AG

JP Morgan StandardChartered

Bank

2014 2013 2012

0%

5%

10%

HSBC BankPLC

SambaCapital

Citi NationalBank of Abu

Dhabi

First GulfBank PJSC

2014 2013 2012

0%

5%

10%

15%

JP Morgan HSBC EmiratesNBD

Bank ofAmericaMerrill Lynch

Citi

2014 2013 2012

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14MENA Region Bonds Middle East Issuer Bonds

HSBC Bank PLC 1 14.9 5,130 35 1 21 -6.1 HSBC Bank PLC 1 16.4 5,130 35 1 21.6 -5.2

JP Morgan 2 7.6 2,625 12 9 3.3 4.3 National Bank of Abu Dhabi 2 7.7 2,391 15 9 3.3 4.4

National Bank of Abu Dhabi 3 6.9 2,391 15 10 3.2 3.7 Deutsche Bank AG 3 7.7 2,387 19 2 7.2 0.5

Deutsche Bank AG 4 6.9 2,387 19 2 7 -0.1 JP Morgan 4 6.4 2,009 9 8 3.4 3

Standard Chartered Bank 5 5.7 1,958 15 3 6.6 -0.9 Standard Chartered Bank 5 6.3 1,958 15 3 6.8 -0.5

Morgan Stanley 6 4.5 1,550 10 24 1.1 3.4 Citi 6 4.2 1,316 12 6 6 -1.8

Citi 7 3.8 1,316 12 4 6.4 -2.6 Banque Saudi Fransi 7 4.1 1,267 3 21 1.3 2.8

Banque Saudi Fransi 8 3.7 1,267 3 22 1.2 2.5 Mitsubishi UFJ Financial 8 3.2 994 6 30 0.8 2.4

Barclays 9 3.3 1,130 7 12 2.6 0.7 Emirates NBD PJSC 9 3.2 994 11 7 3.7 -0.5

Mitsubishi UFJ Financial 10 2.9 994 6 31 0.8 2.1 Bank of America Merrill Lynch 10 3.1 972 6 15 1.6 1.5

Emirates NBD PJSC 11 2.9 994 11 8 3.6 -0.7 Morgan Stanley 11 3 933 7 31 0.8 2.2

Natixis 12 2.9 983 5 16 1.5 1.4 Goldman Sachs & Co 12 2.6 801 9 25 1 1.6

Bank of America Merrill Lynch 13 2.8 972 6 15 1.5 1.3 Gulf International Bank BSC 13 2.5 779 3 16 1.4 1.1

Commerzbank AG 14 2.6 907 16 18 1.3 1.3 Credit Agricole CIB 14 2.5 769 9 32 0.8 1.7

Goldman Sachs & Co 15 2.3 801 9 26 1 1.3 RBS 15 2.2 681 5 11 3.2 -1

Gulf International Bank BSC 16 2.3 779 3 17 1.4 0.9 National Commercial Bank 16 2.1 644 3 4 6.5 -4.4

Credit Agricole CIB 17 2.2 769 9 32 0.8 1.4 Natixis 17 1.7 531 4 23 1 0.7

BNP Paribas SA 18 2.2 761 4 7 3.7 -1.5 Dubai Islamic Bank 18 1.7 526 5 13 1.9 -0.2

RBS 19 2 681 5 11 3.1 -1.1 Barclays 19 1.6 514 4 12 2.2 -0.6

National Commercial Bank 20 1.9 644 3 5 6.3 -4.4 Commerzbank AG 20 1.5 456 15 17 1.4 0.1

TOTAL 100% 34,406 115 37,447 100% TOTAL 100% 31,202 111 36,469 100%

MENA Equity, Equity Linked & Rights Offerings Middle East Equity, Equity Linked & Rights Offerings

JP Morgan 1 14.2 549 4 2 5.3 8.9 JP Morgan 1 14.2 549 4 1 11.6 2.6

HSBC Bank PLC 2 11.6 450 3 5 5 6.6 HSBC Bank PLC 2 11.7 450 3 4 11 0.7

Emirates NBD PJSC 3 6.7 259 2 - - - Emirates NBD PJSC 3 6.7 259 2 - - -

Bank of America Merrill Lynch 4 6.6 257 2 2 5.3 1.3 Bank of America Merrill Lynch 4 6.7 257 2 1 11.6 -4.9

Citi 5 6.5 250 1 - - - Citi 5 6.5 250 1 - - -

UBS 5 6.5 250 1 - - - UBS 5 6.5 250 1 - - -

Banque Saudi Fransi 7 5.7 220 1 8 3.3 2.4 Banque Saudi Fransi 7 5.7 220 1 7 7.3 -1.6

EFG-Hermes 8 5.5 212 2 - - - EFG-Hermes 8 5.5 212 2 - - -

Samba Capital 9 4.3 168 1 9 2.7 1.6 Samba Capital 9 4.4 168 1 8 6 -1.6

Bank Muscat 10 4.2 163 2 - - - Bank Muscat 10 4.2 163 2 - - -

Emirates Financial Services 11 4.1 158 1 - - - Emirates Financial Services 11 4.1 158 1 - - -

Morgan Stanley 11 4.1 158 1 - - - Morgan Stanley 11 4.1 158 1 - - -

National Bank of Abu Dhabi 11 4.1 158 1 - - - National Bank of Abu Dhabi 11 4.1 158 1 - - -

Deutsche Bank AG 14 3.7 143 1 5 5 -1.3 Deutsche Bank AG 14 3.7 143 1 4 11 -7.3

Shuaa Capital PSC 15 2.6 101 1 - - - Shuaa Capital PSC 15 2.6 101 1 - - -

Barclays 16 2.6 99 1 2 5.3 -2.7 Barclays 16 2.6 99 1 1 11.6 -9

Goldman Sachs & Co 17 2.1 81 1 5 5 -2.9 Goldman Sachs & Co 17 2.1 81 1 4 11 -8.9

Riyad Bank 18 1.9 73 1 9 2.7 -0.8 Riyad Bank 18 1.9 73 1 8 6 -4.1

Saudi Hollandi Bank 19 1.5 59 1 - - - Saudi Hollandi Bank 19 1.5 59 1 - - -

Commercial International Bank of Egypt 20 1.4 54 1 - - - Commercial International Bank of Egypt 20 1.4 54 1 - - -

TOTAL 100% 3,867 15 2,355 100% TOTAL 100% 3,862 14 1,076 100%

FIRM FIRM

FIRM FIRM

2014 2013

MKT SHARE

CHG (%)

VOLUME

USD (Mln)

DEAL


MKT SHARE

MKT SHARE

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2014 2013

RANK MKT SHARE

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14MENA Loans Mandated Arranger MENA Loans Book Runner

HSBC Bank PLC 1 6.2 2,370 23 1 9 -2.8 Citi 1 11.5 2,629 7 5 4.6 6.9

Samba Capital 2 4.7 1,805 11 6 3.5 1.2 National Bank of Egypt 2 8.2 1,865 7 8 4 4.2

Citi 3 4.4 1,697 9 7 3.5 0.9 HSBC Bank PLC 3 6.9 1,581 12 2 8.5 -1.6

National Bank of Abu Dhabi 4 4.2 1,599 12 10 2.7 1.5 First Gulf Bank PJSC 4 5.2 1,187 6 22 1.7 3.5

First Gulf Bank PJSC 5 4 1,529 10 34 1 3 Mashreqbank PSC 5 4.9 1,109 6 26 1.5 3.4

Abu Dhabi Commercial Bank 6 3.5 1,333 10 5 3.9 -0.4 Emirates NBD PJSC 6 4.5 1,020 7 3 7.7 -3.2

Banque Saudi Fransi 7 3.2 1,223 5 18 1.8 1.4 National Bank of Abu Dhabi 7 4.1 925 5 20 1.8 2.3

Emirates NBD PJSC 8 3 1,158 9 4 4.3 -1.3 Barclays 8 3.7 843 5 16 2.4 1.3

Mitsubishi UFJ Financial 9 2.8 1,075 11 13 2.4 0.4 Samba Capital 9 3.7 839 2 22 1.7 2

Mashreqbank PSC 10 2.8 1,065 8 9 2.9 -0.1 Standard Chartered Bank 10 3.5 800 4 4 5.4 -1.9

Sumitomo Mitsui Financial Group Inc 11 2.7 1,040 10 30 1.2 1.5 Noor Islamic Bank 11 3.5 799 4 21 1.8 1.7

National Commercial Bank 12 2.4 922 4 31 1.2 1.2 Dubai Islamic Bank 12 3.1 717 4 19 2 1.1

Deutsche Bank AG 13 2.3 871 8 12 2.6 -0.3 Banque Saudi Fransi 13 2.8 640 1 12 2.6 0.2

Standard Chartered Bank 14 2.3 869 8 3 5 -2.7 National Commercial Bank 13 2.8 640 1 - - -

BNP Paribas SA 15 2.3 867 10 8 2.9 -0.6 BNP Paribas SA 15 2.1 469 5 30 0.9 1.2

Dubai Islamic Bank 16 2.2 862 6 39 0.8 1.4 Banque Misr SAE 16 1.9 422 5 11 2.8 -0.9

Mizuho Financial Group Inc 17 2.1 794 9 59 0.3 1.8 Union National Bank 17 1.7 391 3 18 2 -0.3

National Bank of Egypt 18 2 763 8 17 1.9 0.1 Arab Banking Corp 18 1.5 352 3 46 0.1 1.4

Credit Agricole CIB 19 2 752 8 15 2.2 -0.2 Societe Generale 19 1.5 348 3 15 2.4 -0.9

Qatar National Bank 20 1.9 712 8 21 1.4 0.5 Deutsche Bank AG 20 1.5 348 3 24 1.6 -0.1

TOTAL 100% 38,424 24 39,280 100% TOTAL 100% 22,791 15 21,862 100%

FIRM FIRM

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2014 2013

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VOLUME

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2014 2013

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Sub-Sahara Bonds South African Corporate Bonds Sub-Sahara Bonds 16,387 37.9% 1.1%

Sub-Sahara Loans 21,616 49.8% 16.1%

Sub-Sahara Equity 5,278 12.4% 287.1%

Sub-Sahara Total Raised 43,381 100% 23.5%

Sub-Sahara Loans Sub-Sahara Equity, EQL & Rights


Financial 8,470 19.57% 70.9%

Government 9,333 21.56% 53.1%


Energy 5,236 12.10% -29.4%

Industrial 1,779 4.11% -71.1%



Utilities 746 1.72% -59.1%


SUB-SAHARA CAP MARKETS: QUARTERLY VOLUMES

SUB-SAHARA CAP MARKETS: INDUSTRY BREAKDOWN


INDUSTRY

RAISED

(USD MLN)

% OF

TOTAL

% CHNG

YOY

Sub-Sahara Capital Markets ReviewSUB-SAHARA CAP MARKETS: 1ST 3Q 2014 VOLUME

SUB-SAHARA CAP MARKETS: 1ST 3Q 2014 MARKET SHARES

INDUSTRY

VOLUME

(USD MLN)

% OF

TOTAL

% CHNG

YOY

$0

$5

$10

$15

$20

$25

Q32009

Q32010

Q32011

Q32012

Q32013

Q32014

USD

Bln

Bonds Loans Equity

Basic Materials12%

Financial20%

Government21%


Energy12%

Industrial4%

Other11%

0%

5%

10%

15%

20%

25%

Barclays StandardBank of

South Africa

FirstrandBank Ltd


2014 2013 2012

0%

5%

10%

15%

20%

25%

30%

Standard Bankof South Africa

Firstrand BankLtd

Barclays NedbankCapital

EskomHoldings Ltd

2014 2013 2012

0%

5%

10%

15%

Barclays StandardChartered

Bank

StandardBank of

South Africa

BNP ParibasSA

Citi

2014 2013 2012

0%

5%

10%

15%

20%

25%

30%

35%

Citi MorganStanley

Barclays StandardBank of South

Africa

BNP ParibasSA

2014 2013 2012

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14Sub-Sahara Bonds Sub-Sahara Equity, Equity Linked & Rights

Barclays 1 17.8 2,920 47 4 11.4 6.4 Citi 1 21 1,129 5 - - -

Standard Bank of South Africa 2 14.7 2,414 37 3 12.1 2.6 Morgan Stanley 2 17.7 951 6 - - -

Firstrand Bank Ltd 3 13.8 2,268 69 2 13.3 0.5 Barclays 3 10.5 566 4 - - -

Citi 4 10.9 1,784 8 1 16.2 -5.3 Standard Bank of South Africa 4 9 486 3 1 30 -21

Deutsche Bank AG 5 8.2 1,342 5 5 10.7 -2.5 BNP Paribas SA 5 8.7 466 3 - - -

Nedbank Capital 6 5 823 17 6 5.9 -0.9 JP Morgan 6 7.5 402 2 - - -

Standard Chartered Bank 7 3.8 625 3 - - - Firstrand Bank Ltd 7 6.3 340 5 9 0.9 5.4

Goldman Sachs & Co 8 3.7 608 3 10 3.5 0.2 Deutsche Bank AG 8 3.3 175 1 4 9.4 -6.1

Eskom Holdings Ltd 9 3.2 523 21 7 5.1 -1.9 Java Capital 9 3.2 172 2 8 3.1 0.1

JP Morgan 10 3.1 500 2 14 2.1 1 Commerzbank AG 10 2.7 145 1 - - -

QNB Capital LLC 10 3.1 500 2 - - - HSBC Bank PLC 10 2.7 145 1 - - -

BNP Paribas SA 12 2.5 417 2 12 2.8 -0.3 Investec PLC 12 2.7 145 1 4 9.4 -6.7

Investec PLC 13 2.3 379 14 8 4.1 -1.8 Renaissance Capital Group 13 2.6 141 2 2 20.7 -18.1

Bank of America Merrill Lynch 14 1.5 250 1 17 0.3 1.2 RBC Capital Markets 14 2 108 1 - - -

Credit Suisse 15 1.2 189 3 15 1.9 -0.7 Dyer & Blair Investment Bank 15 0.1 4 1 - - -

UBS 15 1.2 189 3 16 0.4 0.8 Standard Investment Bank 15 0.1 4 1 - - -

Kuwait Finance House 17 1 167 1 - - -

Societe Generale 18 1 167 1 - - -

Transnet Ltd 19 0.5 82 4 11 3.3 -2.8

NIC Bank Ltd 20 0.3 57 1 - - -

TOTAL 100% 16,387 191 16,202 100% TOTAL 100% 5,378 19 1,389 100%

Sub-Sahara Loans Mandated Arranger Sub-Sahara Loans Book Runner

Barclays 1 9.6 2,075 11 7 4.3 5.3 BNP Paribas SA 1 19.3 3,230 7 3 9.2 10.1

Standard Chartered Bank 2 8.4 1,814 12 3 6.4 2 Standard Chartered Bank 2 19.2 3,212 7 5 7.8 11.4

Standard Bank of South Africa 3 7.5 1,624 11 5 5.4 2.1 Barclays 3 8.3 1,389 6 9 4 4.3

BNP Paribas SA 4 7.4 1,608 9 4 5.6 1.8 Citi 4 7.3 1,226 7 13 2.9 4.4

Citi 5 5.3 1,151 7 18 1.9 3.4 JP Morgan 5 6.6 1,111 5 25 0.4 6.2

HSBC Bank PLC 6 4.7 1,012 8 8 3.8 0.9 Standard Bank of South Africa 6 6.3 1,053 5 6 7.4 -1.1

Firstrand Bank Ltd 7 4.6 1,003 9 2 6.6 -2 Nordea 7 3.5 590 3 - - -

Societe Generale 8 4.3 940 5 6 4.9 -0.6 SEB 7 3.5 590 3 23 0.6 2.9

Credit Agricole CIB 9 3.8 830 4 24 1.1 2.7 Credit Suisse 9 2.9 480 1 - - -

JP Morgan 10 3.4 734 5 40 0.6 2.8 Firstrand Bank Ltd 10 2 336 5 1 10.1 -8.1

Nedbank Capital 11 3.3 710 5 25 1.1 2.2 Deutsche Bank AG 11 2 334 2 7 6.8 -4.8

Mitsubishi UFJ Financial 12 3.2 685 8 22 1.5 1.7 Commerzbank AG 12 1.9 314 3 25 0.4 1.5

ING Groep NV 13 3.1 672 4 15 2.4 0.7 Natixis 13 1.9 313 2 4 8.8 -6.9

SEB 14 2.6 566 4 52 0.2 2.4 HSBC Bank PLC 14 1.7 283 4 16 1.9 -0.2

Sumitomo Mitsui Financial Group Inc 15 2.6 555 6 12 2.8 -0.2 Mitsubishi UFJ Financial 15 1.6 262 4 2 10 -8.4

Nordea 16 2.4 523 3 56 0.1 2.3 Sumitomo Mitsui Financial Group Inc 15 1.6 262 4 22 0.7 0.9

Deutsche Bank AG 17 2.1 447 4 21 1.7 0.4 DZ Bank AG 17 1.4 243 1 - - -

Commerzbank AG 18 1.9 421 6 20 1.7 0.2 Ghana International Bank 17 1.4 243 1 - - -

African Export-Import Bank 19 1.6 343 3 33 0.7 0.9 Kreditanstalt fuer Wiederaufbau 17 1.4 243 1 - - -

Natixis 20 1.6 342 3 13 2.8 -1.2 Mizuho Financial Group Inc 20 0.8 140 2 - - -

TOTAL 100% 21,616 39 18,621 100% TOTAL 100% 16,758 26 7,402 100%

FIRM FIRMMKT SHAREMKT SHARE

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RANK MKT SHARE

VOLUME

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DEAL

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DEAL

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Asia ex-JP G3 Bonds APAC ex-JP Loans Asia ex-JP G3 Bonds 147,894 21.6% 35.7%

APAC ex-JP Loans 359,074 52.5% 16.2%

APAC ex-JP Equity 176,784 25.9% 27.2%

Asia ex-JP Total Raised 683,752 100% 22.8%

Asia M&A 470,198 N/A 25.9%

APAC ex-JP Equity, EQL & Rights Asia M&A

Financial 204,371 29.89% 26.0%

Industrial 87,579 12.81% 19.7%

Energy 64,881 9.49% -7.9%


Utilities 47,381 6.93% 29.5%




Government 22,711 3.32% 74.0%

Diversified 12,082 1.77% -20.9%

Technology 14,151 2.07% 12.9%

Funds 635 0.09% -65.7%

ASIA CAP MARKETS: INDUSTRY BREAKDOWN


INDUSTRY

RAISED

(USD MLN)

% OF

TOTAL

% CHNG

YOY

ASIA CAP MARKETS: QUARTERLY VOLUMES

Asia Capital Markets ReviewASIA CAP MARKETS: 1ST 3Q 2014 VOLUME

ASIA CAP MARKETS: 1ST 3Q 2014 MARKET SHARES

INDUSTRY

VOLUME

(USD MLN)

% OF

TOTAL

% CHNG

YOY

$0

$50

$100

$150

$200

$250

$300

Q32009

Q32010

Q32011

Q32012

Q32013

Q32014

USD

Bln


Financial30%

Industrial13%

Energy9%


Utilities7%

Consumer, Non-cyclical8%

Other24%

0%

5%

10%

15%

HSBC Citi DeutscheBank AG

JP Morgan StandardChartered

Bank

2014 2013 2012

0%

5%

10%

State Bankof India

ANZ Bank ofChina

HSBC CBA

2014 2013 2012

0%

5%

10%

15%

GoldmanSachs & Co

MorganStanley

Citi UBS Credit Suisse

2014 2013 2012

0%

5%

10%

15%

20%

25%

MorganStanley

GoldmanSachs & Co


Bank ofAmerica

Merrill Lynch

2014 2013 2012

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14Asia-Pacific ex-Japan Bonds Asia-Pacific ex-Japan G3 Currency Bonds

HSBC Bank PLC 1 4.3 34,089 430 1 4.1 0.2 HSBC Bank PLC 1 10.1 21,258 171 4 8.7 1.4

Citi 2 3.6 28,730 225 2 3.4 0.2 Citi 2 9.9 20,804 155 1 9.8 0.1

CITIC Securities Co Ltd 3 3.3 26,623 102 10 2.6 0.7 JP Morgan 3 8.5 17,881 129 3 8.8 -0.3

Deutsche Bank AG 4 3.2 25,784 217 4 3.1 0.1 Deutsche Bank AG 4 6.7 14,116 109 5 7.7 -1

Bank of China 5 3.1 24,867 160 7 2.9 0.2 Bank of America Merrill Lynch 5 6.2 13,007 96 8 6.3 -0.1

UBS 6 2.8 22,556 158 3 3.3 -0.5 Barclays 6 5.3 11,193 65 6 6.6 -1.3

JP Morgan 7 2.5 20,144 157 9 2.7 -0.2 Standard Chartered Bank 7 5.1 10,761 95 9 5.2 -0.1

ANZ Banking Group 8 2.5 19,881 169 11 2.4 0.1 UBS 8 4.7 9,800 84 7 6.6 -1.9

China Construction Bank 9 2.4 19,425 153 5 3.1 -0.7 Goldman Sachs & Co 9 4.5 9,394 69 2 8.9 -4.4

Standard Chartered Bank 10 2.4 19,319 274 12 2.3 0.1 BNP Paribas SA 10 3.4 7,168 64 12 2.2 1.2

Industrial & Comm Bank of China 11 2.4 18,809 137 6 2.9 -0.5 Morgan Stanley 11 3 6,182 65 10 4.3 -1.3

China Development Bank 12 2.2 17,240 115 15 2.1 0.1 ANZ Banking Group 12 2.9 6,018 45 15 2.1 0.8

Bank of America Merrill Lynch 13 1.8 14,446 155 17 1.9 -0.1 Credit Suisse 13 2.7 5,579 50 11 2.8 -0.1

Westpac Banking 14 1.8 14,302 93 19 1.9 -0.1 Bank of China 14 2.2 4,648 50 14 2.1 0.1

Goldman Sachs & Co 15 1.7 13,761 87 8 2.7 -1 RBS 15 2.2 4,586 41 13 2.2 -

Barclays 16 1.7 13,400 129 13 2.3 -0.6 DBS Group Holdings Ltd 16 1.6 3,261 34 21 1.1 0.5

National Australia Bank Ltd 17 1.7 13,256 78 18 1.9 -0.2 Credit Agricole CIB 17 1.5 3,225 25 17 1.4 0.1

Morgan Stanley 18 1.6 12,912 154 20 1.8 -0.2 RBC Capital Markets 18 1.5 3,102 19 22 0.9 0.6

China International Capital Corp 19 1.6 12,677 37 31 1 0.6 Commonwealth Bank Australia 19 1.4 2,922 16 19 1.2 0.2

Commonwealth Bank Australia 20 1.6 12,595 64 16 1.9 -0.3 Industrial & Comm Bank of China 20 1.3 2,666 27 18 1.4 -0.1

TOTAL 100% 794,745 4,542 632,259 100% TOTAL 100% 209,524 395 162,996 100%

Asia ex-Japan Equity, Equity Linked & Rights Asia ex-Japan Equity Linked

Goldman Sachs & Co 1 10.6 15,516 54 2 11.2 -0.6 Credit Suisse 1 11.6 1,639 12 3 8.2 3.4

Citi 2 8.8 12,885 56 6 4.1 4.7 Citi 2 9.2 1,304 7 5 4.9 4.3

Morgan Stanley 3 7.7 11,336 59 4 4.8 2.9 HSBC Bank PLC 3 8.5 1,195 7 11 2.9 5.6

UBS 4 7.3 10,645 91 1 14.5 -7.2 JP Morgan 4 7.3 1,035 10 4 7 0.3

Credit Suisse 5 7.1 10,459 66 5 4.3 2.8 Goldman Sachs & Co 5 7.3 1,034 4 9 3.5 3.8

JP Morgan 6 6.1 9,010 45 3 5.1 1 Deutsche Bank AG 6 6.3 895 7 10 3.2 3.1

Deutsche Bank AG 7 5.9 8,633 44 7 3.9 2 KGI Securities Co Ltd 7 5.7 810 18 6 4.8 0.9

Bank of America Merrill Lynch 8 4 5,870 31 8 3.4 0.6 Bank of America Merrill Lynch 8 3.3 467 5 7 4.5 -1.2

HSBC Bank PLC 9 3.3 4,908 20 9 3.4 -0.1 UBS 9 3.2 446 4 1 18.7 -15.5

Macquarie Group Ltd 10 2.9 4,187 41 10 3.1 -0.2 Standard Chartered Bank 10 2.7 375 4 24 0.7 2

CITIC Securities Co Ltd 11 2.4 3,532 28 14 2.1 0.3 China Securities Co Ltd 11 2.3 326 2 8 3.5 -1.2

Maybank 12 1.6 2,416 18 19 0.9 0.7 CITIC Securities Co Ltd 12 2.2 315 2 12 2.4 -0.2

Bank of China 13 1.6 2,368 17 22 0.9 0.7 Morgan Stanley 13 2.2 310 3 20 1.2 1

DBS Group Holdings Ltd 14 1.4 1,984 22 13 2.2 -0.8 BNP Paribas SA 14 2.1 292 3 27 0.6 1.5

CIMB 15 1.3 1,900 30 12 2.2 -0.9 Industrial Securities Co Ltd 15 1.8 249 2 - - -

GF Securities 16 1.3 1,894 20 67 0.2 1.1 Phatra Securities PCL 16 1.6 223 2 - - -

Standard Chartered Bank 17 1.2 1,807 19 16 1.8 -0.6 Hong Yuan Securities Co Ltd 17 1.4 200 1 - - -

China International Capital Corp 18 1.1 1,560 16 11 3 -1.9 Macquarie Group Ltd 18 1.3 188 2 30 0.5 0.8

China Merchants Securities Co Ltd 19 1 1,522 18 70 0.2 0.8 Grand Fortune Securities Co 19 1.3 179 9 42 0.2 1.1

Guotai Junan Securities Co Ltd 20 0.9 1,341 21 18 1 -0.1 CIMB 20 1.2 167 1 17 1.6 -0.4

TOTAL 100% 146,705 1,316 101,221 100% TOTAL 100% 14,104 179 12,242 100%

FIRM FIRM

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14Asia ex-Japan Loans Mandated Arranger Asia ex-Japan Loans Book Runner

State Bank of India 1 11.5 31,210 75 1 7.9 3.6 State Bank of India 1 15.2 28,281 62 1 13.1 2.1

Bank of China 2 6.9 18,764 157 2 4.7 2.2 Bank of China 2 8.7 16,143 116 3 3.8 4.9

HSBC Bank PLC 3 5 13,579 136 4 4.2 0.8 Standard Chartered Bank 3 4.6 8,485 68 2 5.5 -0.9

Standard Chartered Bank 4 4.2 11,569 121 3 4.5 -0.3 HSBC Bank PLC 4 4 7,515 54 5 3.2 0.8

Sumitomo Mitsui Financial Group Inc 5 3.7 10,060 101 6 3.1 0.6 DBS Group Holdings Ltd 5 2.9 5,442 47 7 3.1 -0.2

DBS Group Holdings Ltd 6 3.1 8,485 97 5 3.6 -0.5 Sumitomo Mitsui Financial Group Inc 6 2.9 5,389 36 14 2 0.9

ANZ Banking Group 7 2.6 7,051 89 11 2.3 0.3 Deutsche Bank AG 7 2.9 5,373 34 8 2.8 0.1

Mitsubishi UFJ Financial 8 2.5 6,807 76 9 2.4 0.1 Mizuho Financial Group Inc 8 2.8 5,230 48 12 2.3 0.5

Mizuho Financial Group Inc 9 2.5 6,714 86 7 2.6 -0.1 ANZ Banking Group 9 2.4 4,429 43 10 2.6 -0.2

Deutsche Bank AG 10 2.3 6,279 47 17 1.7 0.6 Bank of Taiwan 10 2.4 4,390 51 9 2.7 -0.3

Oversea-Chinese Banking Corp 11 2.2 5,944 48 8 2.6 -0.4 China Development Bank 11 2.1 3,817 7 70 0.2 1.9

United Overseas Bank 12 2.1 5,826 56 13 1.8 0.3 Korea Development Bank 12 2 3,627 26 13 2.3 -0.3

Korea Development Bank 13 1.8 4,853 41 16 1.8 - Mitsubishi UFJ Financial 13 1.9 3,598 33 11 2.3 -0.4

BNP Paribas SA 14 1.8 4,802 57 27 1.1 0.7 United Overseas Bank 14 1.9 3,441 25 25 1.3 0.6

China Construction Bank 15 1.5 4,191 32 40 0.7 0.8 Oversea-Chinese Banking Corp 15 1.8 3,404 18 28 1.2 0.6

Maybank 16 1.5 4,171 35 21 1.3 0.2 BNP Paribas SA 16 1.8 3,380 30 26 1.2 0.6

Citi 17 1.5 4,137 35 15 1.8 -0.3 Axis Bank Ltd 17 1.7 3,091 13 4 3.5 -1.8

China Development Bank 18 1.4 3,906 13 52 0.5 0.9 RBS 18 1.6 3,016 27 17 1.7 -0.1

Industrial & Comm Bank of China 19 1.4 3,825 41 18 1.6 -0.2 Industrial & Comm Bank of China 19 1.6 2,985 12 40 0.7 0.9

Shinhan Financial Group Co Ltd 20 1.3 3,577 22 28 1.1 0.2 Maybank 20 1.5 2,857 12 32 1 0.5

TOTAL 100% 272,373 836 230,413 100% TOTAL 100% 185,940 664 139,337 100%

FIRM FIRM

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Bloomberg – League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to sole book-running manager or split equally among joint book-running managers. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/inc.

Fixed Income All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Note: criteria may vary for some local and/or regional tables.

U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.

New money portions of exchange offers will be eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under US$50 mln. Note: criteria may vary for some local and/or regional tables.

Equities- Linked Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarch titles, i.e. Jr Bookrunner.

Equities Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.

Loans Includes executed syndicated loans transactions. Full credit is awarded to the sole bank satisfying the highest of the titles. Credit will be awarded equally

among multiple banks that share the highest agent/manager title. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded to following structural changes only: 90 day or more maturity extensions, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, guaranteed deals (including but not limited to Letter of Guarantee, Performance Bond, CP Guarantee or Bank Guarantee),

deals with a maturity of less than 90 days (limit of one amended maturity per loan ,per year), cancelled or withdrawn transactions that are not executed prior to deal’s cancellation or withdrawal.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional: {IDOC 2016701<GO>}: Equity {IDOC 2027097<GO>}: Equity Linked {IDOC 2061504<GO>}: Structured Notes {IDOC 2016703<GO>}: Fixed Income {IDOC 2065648<GO>}: Syndicated Loans {IDOC 2027014<GO>}: Legal Adviser Fixed Income {IDOC 2021549<GO>}: Legal Adviser Equity

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