GLOBALFIXED INCOMELEAGUE TABLES
FY 2015
CONTENTS
1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria
DATA SUBMISSIONS AND QUERIES
Contact Phone Email North America Dean Psomaras +1 609 279 3449 [email protected]
EMEA Benjamin Biset +44 20 3525 7238 [email protected]
Asia Pacific Carissa Chua +65 6231 3665 [email protected]
Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.
LEAG<GO> for a full range of league tables
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Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.
FY 2015
MANAGER RANKINGS
GLOBAL FIXED INCOME
© 2015 Bloomberg Finance L.P. All rights reserved.
1
GlobalFixedIncomeReviewFY2015creditedCorporate&FinancialBondsvolumedecreased3.29%toUSD4.0Trlnwhiledealcountdecreased6.38%to15,331offeringsyear-on-year.CorporateBondsvolumedecreased1.43%year-on-yeartoUSD1.9Trlnwhilethedealcountdecreased4.17%to6,176.FinancialBondsvolumedecreased4.89%year-on-yeartoUSD2.1Trlnover9,155deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforFY2015with6.42%marketshare.Thebankunderwrote1,564dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith5.52%and5.30%marketshare,respectively.
Corporate&FinancialBonds:Highlightsof2015
Corporate&FinancialBonds:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
200200
400400
600600
800800
1,0001,000
1,2001,200
USDBln
USDBln
00
1,4001,400
1,0001,000
2,0002,000
3,0003,000
4,0004,000
5,0005,000
DealC
ountDealC
ount
00
6,0006,000
DealCount Other HighYield
InvestmentGrade
TopUnderwriterJPMorgan
Numberofdeals 1,564
Volume(USDMln) 258,700
AvgDealsize(USDMln) 165.4
MarketSummaryNumberofdeals 15,331
Volume(USDMln) 4,028,609
AvgDealsize(USDMln) 262.8
Issuer IndustryVolume(USD
Mln) Date
Industrial&CommercialBankofChinaLtd
Financials 7,049 11/18/2015
AgriculturalBankofChinaLtd Financials 6,386 03/11/2015
AT&TInc Communications 5,000 04/23/2015
IndustrialBankCoLtd Financials 4,836 01/13/2015
ShanghaiPudongDevelopmentBankCoLtd
Financials 4,711 09/01/2015
XiamenC&DCorpLtd Financials 4,710 09/07/2015
BankofCommunicationsCoLtd Financials 4,645 12/15/2015
CCOSafariIILLC Communications 4,500 07/09/2015
BankofChinaLtd Financials 4,472 03/13/2015
VisaInc Financials 4,000 12/09/2015
Financials54%
ConsumerDiscretionary7%
Industrials7%
Energy7%
Others25%
GlobalCorporateLeveragedFinance:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
200200
USDBln
USDBln
00
400400
GlobalSponsor-LedLoans
CorporateHighYieldBonds
Corporate&FinancialBonds:IndustryBreakdown
Corporate&FinancialBonds:SpreadtoBenchmark
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
200200
400400
600600
Bas
ispoints
Bas
ispoints
00
700700
HighYield
InvestmentGrade
54%
7%
7%
7%
25%
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CorporateBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
JPMorgan 1 7.78 147,129 1,021 1 7.54 0.24
BankofAmericaMerrillLynch 2 7.42 140,330 917 2 6.23 1.19
Citi 3 5.64 106,656 804 4 5.29 0.35
DeutscheBank 4 5.54 104,777 696 3 5.46 0.08
MorganStanley 5 5.17 97,810 737 5 4.64 0.53
GoldmanSachs 6 5.16 97,533 636 7 4.52 0.64
Barclays 7 5.10 96,490 666 6 4.60 0.50
HSBC 8 3.96 74,841 608 8 3.99 -0.03
WellsFargo 9 3.31 62,521 449 12 2.58 0.73
CreditSuisse 10 3.07 57,985 422 9 3.50 -0.43
BNPParibas 11 2.95 55,808 438 10 3.21 -0.26
MizuhoFinancial 12 2.24 42,420 420 14 1.69 0.55
RBCCapitalMarkets 13 2.00 37,839 352 13 2.05 -0.05
SocieteGenerale 14 1.71 32,290 266 15 1.66 0.05
MitsubishiUFJFinancial 15 1.67 31,602 274 17 1.52 0.15
UBS 16 1.47 27,870 216 16 1.56 -0.09
BankofChina 17 1.31 24,865 148 19 1.33 -0.02
CreditAgricoleCIB 18 1.31 24,853 248 18 1.40 -0.09
Industrial&CommBankofChina
19 1.24 23,362 153 25 0.84 0.40
RBS 20 1.11 20,949 182 11 2.75 -1.64
TOTAL 100% 1,891,310 6,176 100%
FinancialBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 5.22 111,571 543 1 5.15 0.07
Citi 2 5.00 106,914 549 2 4.72 0.28
GoldmanSachs 3 4.21 90,070 404 7 4.10 0.11
BankofAmericaMerrillLynch
4 3.84 82,088 431 3 4.58 -0.74
HSBC 5 3.82 81,745 555 8 3.91 -0.09
MorganStanley 6 3.66 78,316 452 5 4.33 -0.67
UBS 7 3.46 73,873 352 11 2.72 0.74
CreditSuisse 8 3.38 72,136 334 9 3.77 -0.39
DeutscheBank 9 3.29 70,336 466 4 4.46 -1.17
Barclays 10 3.04 64,999 419 6 4.26 -1.22
BNPParibas 11 2.21 47,273 265 10 2.87 -0.66
WellsFargo 12 2.19 46,772 194 13 1.84 0.35
CITICSecuritiesCoLtd 13 2.00 42,770 140 18 1.39 0.61
RBCCapitalMarkets 14 1.83 39,085 230 15 1.55 0.28
CreditAgricoleCIB 15 1.76 37,560 195 12 1.88 -0.12
SocieteGenerale 16 1.65 35,205 176 16 1.49 0.16
Natixis 17 1.37 29,253 174 14 1.73 -0.36
ChinaSecuritiesCoLtd 18 1.30 27,703 92 57 0.34 0.96
UniCredit 19 1.27 27,048 174 19 1.31 -0.04
Commerzbank 20 1.02 21,739 162 21 1.03 -0.01
TOTAL 100% 2,137,298 9,155 100%
InternationalBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 7.80 281,291 1,556 1 7.31 0.49
Barclays 2 7.01 252,890 1,141 3 6.74 0.27
Citi 3 6.47 233,238 1,312 5 5.97 0.50
BankofAmericaMerrillLynch
4 6.36 229,355 1,273 6 5.38 0.98
HSBC 5 6.18 222,687 1,263 4 6.03 0.15
DeutscheBank 6 5.89 212,565 1,169 2 6.94 -1.05
GoldmanSachs 7 5.58 201,293 1,010 7 5.22 0.36
MorganStanley 8 4.46 160,654 857 9 4.31 0.15
BNPParibas 9 3.91 140,842 834 8 4.33 -0.42
CreditSuisse 10 3.59 129,612 712 10 3.63 -0.04
CreditAgricoleCIB 11 2.52 90,751 601 13 2.48 0.04
SocieteGenerale 12 2.42 87,435 524 12 2.55 -0.13
WellsFargo 13 2.40 86,481 470 19 1.39 1.01
UBS 14 2.18 78,566 408 16 1.68 0.50
RBCCapitalMarkets 15 1.91 68,708 444 15 1.94 -0.03
UniCredit 16 1.90 68,398 385 14 2.38 -0.48
RBS 17 1.51 54,625 325 11 2.68 -1.17
Nomura 18 1.37 49,393 378 18 1.41 -0.04
Natixis 19 1.37 49,284 329 17 1.68 -0.31
TDSecurities 20 1.29 46,370 251 24 0.96 0.33
TOTAL 100% 3,605,897 9,340 100%
GlobalBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 11.42 121,359 533 1 12.23 -0.81
Barclays 2 10.00 106,244 316 2 10.80 -0.80
BankofAmericaMerrillLynch
3 9.96 105,810 504 3 8.60 1.36
Citi 4 9.36 99,489 429 4 8.57 0.79
GoldmanSachs 5 8.07 85,710 350 5 7.93 0.14
MorganStanley 6 7.32 77,775 308 7 7.55 -0.23
WellsFargo 7 6.08 64,569 291 10 3.62 2.46
DeutscheBank 8 5.70 60,588 239 6 7.61 -1.91
HSBC 9 5.36 56,894 178 8 6.28 -0.92
CreditSuisse 10 2.99 31,744 163 11 2.91 0.08
TDSecurities 11 2.95 31,338 100 12 2.67 0.28
RBCCapitalMarkets 12 2.80 29,732 136 9 3.75 -0.95
BNPParibas 13 2.37 25,210 117 13 2.67 -0.30
MizuhoFinancial 14 1.70 18,113 122 21 0.62 1.08
MitsubishiUFJFinancial 15 1.59 16,892 105 18 0.86 0.73
UBS 16 1.39 14,789 72 20 0.73 0.66
Nomura 17 1.36 14,468 34 15 1.62 -0.26
Scotiabank 18 0.88 9,353 42 16 1.29 -0.41
USBancorp 19 0.86 9,170 79 22 0.56 0.30
BMOCapitalMarkets 20 0.83 8,861 29 17 0.96 -0.13
TOTAL 100% 1,062,383 1,204 100%
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CorporateHighYieldBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 8.68 35,250 289 2 8.62 0.06
BankofAmericaMerrillLynch
2 8.16 33,149 260 3 7.89 0.27
Citi 3 8.16 33,138 218 4 7.86 0.30
GoldmanSachs 4 7.96 32,320 238 5 7.28 0.68
DeutscheBank 5 7.26 29,505 242 1 9.04 -1.78
Barclays 6 6.48 26,325 207 8 6.31 0.17
MorganStanley 7 6.01 24,422 186 6 6.93 -0.92
CreditSuisse 8 5.65 22,964 183 7 6.74 -1.09
UBS 9 3.65 14,816 87 9 3.33 0.32
WellsFargo 10 3.45 14,027 130 10 3.16 0.29
RBCCapitalMarkets 11 3.30 13,409 127 12 2.74 0.56
HSBC 12 2.78 11,303 117 11 2.99 -0.21
BNPParibas 13 2.09 8,500 100 14 2.52 -0.43
CreditAgricoleCIB 14 1.75 7,113 84 13 2.64 -0.89
UniCredit 15 1.75 7,097 45 18 0.98 0.77
SunTrustRobinsonHumphrey
16 1.65 6,701 64 19 0.95 0.70
Jefferies 17 1.41 5,721 40 17 1.32 0.09
Nomura 18 1.27 5,158 50 31 0.54 0.73
RBS 19 1.18 4,791 50 15 1.60 -0.42
SocieteGenerale 20 1.10 4,475 50 16 1.33 -0.23
TOTAL 100% 406,163 811 100%
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USFixedIncomeReviewFY2015creditedUSCorporateBondsvolumeincreased3.21%toUSD1.6Trlnwhiledealcountdecreased8.99%to2,633offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumeincreased12.51%year-on-yeartoUSD1.3Trlnwhilethedealcountincreased0.05%to1,952.USHighYieldCorporateBondsvolumedecreased21.21%year-on-yeartoUSD274.6Blnover476deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforFY2015with12.41%marketshare.Thebankunderwrote1,112dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith11.44%and9.93%marketshare,respectively.
USCorporateBonds:Highlightsof2015
USDomesticBonds:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
200200
400400
600600
USDBln
USDBln
00
700700
500500
1,0001,000
1,5001,500
DealC
ountDealC
ount
00
1,8001,800
DealCount Other HighYield
InvestmentGrade
TopUnderwriterJPMorgan
Numberofdeals 1,112
Volume(USDMln) 197,214
AvgDealsize(USDMln) 177.4
MarketSummaryNumberofdeals 2,633
Volume(USDMln) 1,588,600
AvgDealsize(USDMln) 603.3
Issuer Industry Volume(USDMln) Date
AT&TInc Communications 5,000 04/23/2015
CCOSafariIILLC Communications 4,500 07/09/2015
ActavisFundingSCS HealthCare 4,000 03/03/2015
VisaInc Financials 4,000 12/09/2015
AbbVieInc HealthCare 3,750 05/05/2015
AbbVieInc HealthCare 3,750 05/05/2015
FrontierCommunicationsCorp Communications 3,600 09/11/2015
CCOSafariIILLC Communications 3,500 07/09/2015
CVSHealthCorp ConsumerStaples 3,500 07/13/2015
ActavisFundingSCS HealthCare 3,500 03/03/2015
Financials38%
Energy11%
HealthCare11%
ConsumerDiscretionary8%
Technology8%
Communications6%
Industrials6%
ConsumerStaples6%
Others7%
USLeveragedFinance:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
200200
400400
USDBln
USDBln
00
500500
USLeveragedLoans
USHighYieldCorporateBonds
USCorporateBonds:IndustryBreakdown
USDomesticBonds:SpreadtoBenchmark
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
200200
400400
600600
Bas
ispoints
Bas
ispoints
00
700700
HighYield
InvestmentGrade
38%
11%11%
8%
8%
6%
6%
6%
7%
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USDomesticBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 11.11 230,304 1,207 1 11.65 -0.54
BankofAmericaMerrillLynch
2 10.78 223,441 1,300 2 10.05 0.73
Citi 3 9.39 194,727 977 3 8.92 0.47
Barclays 4 8.07 167,330 720 4 8.41 -0.34
GoldmanSachs 5 7.45 154,441 771 5 7.65 -0.20
MorganStanley 6 6.70 138,896 917 6 7.19 -0.49
WellsFargo 7 6.29 130,309 1,021 9 4.79 1.50
DeutscheBank 8 6.06 125,643 628 7 6.99 -0.93
HSBC 9 4.54 94,072 453 8 4.81 -0.27
CreditSuisse 10 3.82 79,240 418 10 4.44 -0.62
RBCCapitalMarkets 11 2.53 52,484 365 11 2.80 -0.27
BNPParibas 12 2.40 49,786 288 12 2.52 -0.12
UBS 13 2.05 42,540 234 14 1.49 0.56
TDSecurities 14 1.93 40,082 192 15 1.32 0.61
MizuhoFinancial 15 1.71 35,535 282 18 0.93 0.78
MitsubishiUFJFinancial 16 1.46 30,317 244 17 1.24 0.22
Nomura 17 1.29 26,713 108 16 1.25 0.04
CreditAgricoleCIB 18 0.87 17,980 148 19 0.75 0.12
SocieteGenerale 19 0.84 17,324 106 25 0.45 0.39
USBancorp 20 0.83 17,228 164 20 0.73 0.10
TOTAL 100% 2,073,245 4,796 100%
USAgencyBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
Barclays 1 14.29 65,994 211 1 14.78 -0.49
WellsFargo 2 9.06 41,840 947 5 5.41 3.65
Nomura 3 6.39 29,541 194 3 6.08 0.31
JPMorgan 4 6.09 28,129 245 2 7.20 -1.11
DeutscheBank 5 5.75 26,557 197 4 5.59 0.16
MorganStanley 6 5.08 23,446 807 6 5.30 -0.22
TDSecurities 7 5.04 23,268 225 7 4.59 0.45
FTNFinancial 8 4.70 21,724 865 9 3.51 1.19
Citi 9 3.50 16,156 200 10 3.41 0.09
Incapital 10 2.93 13,544 920 13 2.78 0.15
BankofAmericaMerrillLynch 11 2.92 13,500 399 11 3.08 -0.16
Jefferies 12 2.49 11,483 401 14 2.63 -0.14
HSBC 13 2.42 11,192 127 8 4.35 -1.93
Stifel 14 2.36 10,900 679 17 2.07 0.29
ViningSparks 15 2.34 10,819 883 16 2.29 0.05
RaymondJames&Associates
16 1.93 8,919 579 19 1.93 0.00
DaiwaSecurities 17 1.77 8,184 249 21 1.54 0.23
BankofNewYorkMellon 18 1.77 8,164 391 18 2.04 -0.27
SunTrustRobinsonHumphrey 19 1.72 7,934 658 20 1.80 -0.08
CantorFitzgerald 20 1.54 7,128 191 23 1.47 0.07
TOTAL 100% 461,955 6,660 100%
USCorporateBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 12.41 197,214 1,112 1 12.49 -0.08
BankofAmericaMerrillLynch
2 11.44 181,751 1,043 2 11.00 0.44
Citi 3 9.93 157,673 868 3 9.29 0.64
GoldmanSachs 4 8.18 130,006 699 4 7.96 0.22
MorganStanley 5 7.34 116,614 691 5 7.79 -0.45
WellsFargo 6 6.58 104,533 605 8 5.65 0.93
Barclays 7 5.96 94,636 598 6 6.68 -0.72
DeutscheBank 8 5.63 89,388 530 7 6.51 -0.88
CreditSuisse 9 4.47 70,994 375 9 4.79 -0.32
HSBC 10 3.79 60,222 278 10 3.76 0.03
RBCCapitalMarkets 11 2.79 44,365 344 11 2.80 -0.01
UBS 12 2.61 41,457 215 14 1.89 0.72
MizuhoFinancial 13 2.10 33,316 259 16 1.09 1.01
BNPParibas 14 1.93 30,643 214 13 2.01 -0.08
MitsubishiUFJFinancial 15 1.89 30,005 242 15 1.57 0.32
USBancorp 16 1.08 17,128 163 17 0.96 0.12
CreditAgricoleCIB 17 1.01 16,122 138 19 0.87 0.14
SocieteGenerale 18 0.90 14,295 97 22 0.48 0.42
SunTrustRobinsonHumphrey
19 0.80 12,734 131 21 0.66 0.14
RBS 20 0.73 11,599 89 12 2.41 -1.68
TOTAL 100% 1,588,599 2,633 100%
USDollarForeignIssuerBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 9.37 89,150 461 1 9.20 0.17
BankofAmericaMerrillLynch
2 8.92 84,854 425 3 7.96 0.96
JPMorgan 3 8.16 77,631 393 2 9.07 -0.91
HSBC 4 7.75 73,713 356 5 7.32 0.43
DeutscheBank 5 6.39 60,759 289 4 7.84 -1.45
GoldmanSachs 6 6.24 59,317 278 6 7.10 -0.86
Barclays 7 6.00 57,019 260 7 7.09 -1.09
MorganStanley 8 5.31 50,477 256 9 4.98 0.33
CreditSuisse 9 4.52 42,971 185 8 5.22 -0.70
BNPParibas 10 3.60 34,236 161 10 3.62 -0.02
UBS 11 3.49 33,151 128 13 1.68 1.81
RBCCapitalMarkets 12 2.67 25,400 114 11 3.01 -0.34
TDSecurities 13 2.49 23,649 84 14 1.62 0.87
StandardCharteredBank 14 1.72 16,320 126 12 2.08 -0.36
SocieteGenerale 15 1.50 14,264 90 18 1.04 0.46
Nomura 16 1.42 13,495 84 16 1.25 0.17
CreditAgricoleCIB 17 1.36 12,898 95 17 1.22 0.14
MizuhoFinancial 18 1.09 10,403 106 20 0.90 0.19
WellsFargo 19 1.05 9,990 77 22 0.81 0.24
BMOCapitalMarkets 20 0.79 7,553 42 46 0.16 0.63
TOTAL 100% 950,940 2,107 100%
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USInvestmentGradeCorporateBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 13.11 169,212 900 1 13.41 -0.30
BankofAmericaMerrillLynch
2 11.59 149,678 812 2 11.41 0.18
Citi 3 9.97 128,757 694 3 9.26 0.71
GoldmanSachs 4 8.04 103,753 532 4 7.88 0.16
MorganStanley 5 7.46 96,305 526 5 7.66 -0.20
WellsFargo 6 7.04 90,885 479 8 5.98 1.06
Barclays 7 5.84 75,345 445 6 6.74 -0.90
DeutscheBank 8 5.30 68,388 373 7 6.27 -0.97
HSBC 9 4.31 55,591 237 9 4.39 -0.08
CreditSuisse 10 4.16 53,761 249 10 4.06 0.10
UBS 11 2.79 36,074 154 15 1.69 1.10
RBCCapitalMarkets 12 2.47 31,825 233 12 2.35 0.12
MizuhoFinancial 13 2.33 30,109 222 16 1.39 0.94
MitsubishiUFJFinancial 14 2.11 27,209 215 14 1.81 0.30
BNPParibas 15 2.08 26,861 178 13 2.15 -0.07
USBancorp 16 1.14 14,675 135 17 1.10 0.04
SocieteGenerale 17 0.96 12,379 81 20 0.49 0.47
CreditAgricoleCIB 18 0.91 11,766 91 19 0.58 0.33
RBS 19 0.70 9,053 70 11 2.87 -2.17
TDSecurities 20 0.66 8,468 57 21 0.49 0.17
TOTAL 100% 1,291,010 1,952 100%
USHighYieldCorporateBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BankofAmericaMerrillLynch
1 10.49 28,806 212 1 10.21 0.28
Citi 2 10.20 28,023 166 3 9.37 0.83
JPMorgan 3 9.63 26,446 199 2 9.98 -0.35
GoldmanSachs 4 8.65 23,741 158 6 7.89 0.76
DeutscheBank 5 7.50 20,604 152 5 8.12 -0.62
MorganStanley 6 6.95 19,075 135 4 8.40 -1.45
Barclays 7 6.86 18,834 147 8 6.33 0.53
CreditSuisse 8 6.14 16,854 125 7 7.62 -1.48
WellsFargo 9 4.98 13,687 126 9 4.76 0.22
RBCCapitalMarkets 10 4.41 12,112 108 10 3.84 0.57
SunTrustRobinsonHumphrey
11 2.38 6,526 63 15 1.47 0.91
Jefferies 12 1.96 5,373 36 14 1.83 0.13
UBS 13 1.73 4,764 44 11 2.70 -0.97
CreditAgricoleCIB 14 1.41 3,861 43 13 1.90 -0.49
HSBC 15 1.34 3,687 33 12 1.92 -0.58
BNPParibas 16 1.32 3,622 35 16 1.29 0.03
MizuhoFinancial 17 0.99 2,732 30 49 0.11 0.88
MitsubishiUFJFinancial 18 0.99 2,714 24 18 0.92 0.07
RBS 19 0.94 2,594 21 17 1.17 -0.23
Scotiabank 20 0.84 2,294 22 19 0.77 0.07
TOTAL 100% 274,614 476 100%
USDollarPreferredsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
JPMorgan 1 29.32 4,100 9 4 12.36 16.96
BankofAmericaMerrillLynch 2 18.02 2,519 19 2 16.98 1.04
WellsFargo 3 16.71 2,336 15 3 16.66 0.05
MorganStanley 4 12.85 1,797 28 1 20.96 -8.11
UBS 5 10.12 1,415 24 5 8.67 1.45
Stifel 6 4.01 561 18 10 1.53 2.48
RBCCapitalMarkets 7 2.23 312 7 15 0.88 1.35
Citi 8 0.86 120 3 7 3.95 -3.09
JanneyMontgomeryScottLLC 9 0.84 117 6 18 0.52 0.32
Incapital 10 0.67 94 3 13 1.17 -0.50
BankofNewYorkMellon 11 0.46 65 1 - - -
BNPParibas 11 0.46 65 1 - - -
USBancorp 13 0.45 63 1 - - -
DeutscheBank 14 0.45 62 4 9 1.66 -1.21
SandlerO'Neill&Partners 15 0.40 56 2 24 0.12 0.28
Barclays 16 0.34 48 1 19 0.47 -0.13
CreditSuisse 17 0.28 39 2 16 0.72 -0.44
WunderlichSecuritiesInc 18 0.25 36 3 27 0.07 0.18
BB&T 19 0.23 33 2 27 0.07 0.16
CompassPointResearch&TradingLLC
20 0.18 25 2 - - -
TOTAL 100% 13,983 60 100%
Blo
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Y2015
7
CanadianFixedIncomeReviewFY2015creditedCanadianCorporateBondsvolumeincreased9.26%toCAD94.5Blnwhiledealcountdecreased6.41%to219offeringsyear-on-year.CanadianCorporateBonds-Bonusvolumeincreased9.26%year-on-yeartoCAD94.5Blnwhilethedealcountdecreased6.41%to219.CanadianGovernmentBondsvolumedecreased2.61%year-on-yeartoCAD104.9Blnover338deals.RBCCapitalMarketsrankedasthetopCanadianCorporateBondsunderwriterforFY2015with22.41%marketshare.Thebankunderwrote103dealsovertheperiod.ScotiabankandCIBCrankedsecondandthirdwith18.26%and17.22%marketshare,respectively.
CanadianCorporateDomesticBonds
FY2015 FY2014
Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
RBCCapitalMarkets 1 22.41 21,175 103 1 22.07 0.34
Scotiabank 2 18.26 17,257 62 4 13.75 4.51
CIBC 3 17.22 16,273 74 3 14.82 2.40
TDSecurities 4 15.03 14,209 61 2 21.03 -6.00
BMOCapitalMarkets 5 12.43 11,751 58 5 12.72 -0.29
NationalBankFinancialInc 6 5.40 5,107 22 6 7.74 -2.34
HSBC 7 4.53 4,278 10 7 3.49 1.04
DesjardinsCapitalMarkets 8 2.09 1,972 4 8 0.87 1.22
BankofAmericaMerrillLynch 9 1.32 1,250 10 10 0.73 0.59
LaurentianBankofCanada 10 0.75 705 4 11 0.52 0.23
TOTAL 100% 94,506 219 100%
CanadianGovernmentBonds
FY2015 FY2014
Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
NationalBankFinancialInc 1 24.51 25,711 140 1 20.44 4.07
CIBC 2 18.16 19,048 84 4 14.43 3.73
RBCCapitalMarkets 3 17.36 18,207 38 3 16.67 0.69
TDSecurities 4 17.25 18,099 35 2 17.41 -0.16
BMOCapitalMarkets 5 12.24 12,836 26 5 14.13 -1.89
Scotiabank 6 9.87 10,351 27 6 13.79 -3.92
DesjardinsCapitalMarkets 7 0.35 364 36 7 1.99 -1.64
LaurentianBankofCanada 8 0.27 288 7 9 0.30 -0.03
- - - - - - - -
- - - - - - - -
TOTAL 100% 104,903 338 100%
Financials64%
Industrials7%
Energy7%
Utilities7%
ConsumerDiscretionary7%
Others8%
CanadianCorporateDomesticBonds:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
1010
2020
3030
USDBln
USDBln
00
4040
2020
4040
6060
8080
DealC
ountDealC
ount
00
9090
DealCount Amount
CanadianCorporateDomesticBonds:IndustryBreakdown
64%7%
7%
7%
7%8%
CanadianCorporateDomesticBonds:ManagerRankingsHistory
RBCCapitalMarkets
Scotiabank
CIBC
TDSecurities
BMOCapitalMarkets
NationalBankFinancialInc
10
20
Marke
tSha
re(%
)
0
25
2015 2014 2013
Blo
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Y2015
8
LatinAmericaFixedIncomeReviewFY2015creditedLatinAmericanBondsvolumedecreased40.83%toUSD103.4Blnwhiledealcountdecreased21.12%to575offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumedecreased32.27%year-on-yeartoUSD40.6Blnwhilethedealcountdecreased18.62%to673.BrazilianDomesticBondsvolumedecreased29.46%year-on-yeartoBRL50.7Blnover205deals.BankofAmericaMerrillLynchrankedasthetopLatinAmericanBondsunderwriterforFY2015with11.84%marketshare.Thebankunderwrote54dealsovertheperiod.HSBCandCitirankedsecondandthirdwith9.89%and9.86%marketshare,respectively.
LatinAmericanBonds
FY2015 FY2014
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BankofAmericaMerrillLynch 1 11.84 12,243 54 4 7.73 4.11
HSBC 2 9.89 10,224 69 1 9.52 0.37
Citi 3 9.86 10,193 78 2 9.42 0.44
JPMorgan 4 7.14 7,382 32 3 8.26 -1.12
BancoSantander 5 6.61 6,832 96 9 4.66 1.95
MorganStanley 6 6.45 6,668 24 13 2.81 3.64
BancoBilbaoVizcayaArgentaria 7 6.03 6,237 76 11 4.45 1.58
DeutscheBank 8 5.88 6,083 30 6 5.81 0.07
BancoItauBBA 9 5.45 5,637 73 8 5.24 0.21
CreditSuisse 10 4.77 4,932 15 10 4.56 0.21
TOTAL 100% 103,393 575 100%
LatinAmericanLocalCurrencyBonds
FY2015 FY2014
Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BancoSantander 1 10.47 4,251 112 8 4.14 6.33
BancoBilbaoVizcayaArgentaria 2 9.03 3,666 85 4 8.01 1.02
BancodoBrasilSA 3 8.88 3,604 21 1 9.62 -0.74
BancoItauBBA 4 8.82 3,583 64 3 9.09 -0.27
HSBC 5 7.06 2,868 71 2 9.32 -2.26
BradescoBBISA 6 6.99 2,839 38 5 5.65 1.34
Citi 7 6.78 2,752 63 7 5.41 1.37
JPMorgan 8 4.48 1,820 60 6 5.54 -1.06
ActinverCasadeBolsaSAdeCV 9 3.69 1,497 24 11 2.97 0.72
Scotiabank 10 3.40 1,379 31 15 2.16 1.24
TOTAL 100% 40,610 673 100%
Government36%
Financials19%
Energy16%
Materials7%
Others22%
LatinAmericanBonds:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
2020
4040
6060
USDBln
USDBln
00
8080
100100
200200
300300DealC
ountDealC
ount
00
400400
DealCount Amount
LatinAmericanBonds:IndustryBreakdown
36%
19%
16%
7%
22%
LatinAmericanBonds:ManagerRankingsHistory
BankofAmericaM
errillLynch
HSBC Ci
ti
JPMorgan
BancoSantander
MorganStanley
5
10
Marke
tSha
re(%
)
0
15
2015 2014 2013
Blo
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Y2015
9
EMEAFixedIncomeReviewFY2015creditedEuropeanCorporate&FinancialBondsvolumedecreased0.19%toEUR1.2Trlnwhiledealcountdecreased16.11%to5,082offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumedecreased12.95%year-on-yeartoEUR261.5Blnwhilethedealcountdecreased18.21%to557.WesternEuropeanCorporateHighYieldBondsvolumedecreased21.85%year-on-yeartoEUR71.2Blnover175deals.DeutscheBankrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforFY2015with5.38%marketshare.Thebankunderwrote428dealsovertheperiod.HSBCandCreditSuisserankedsecondandthirdwith5.11%and5.06%marketshare,respectively.
EuropeanCorporate&FinancialBonds:Highlightsof2015
EuropeanCorporate&FinancialBonds:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
100100
200200
300300
400400
500500
EURBln
EURBln
00
600600
500500
1,0001,000
1,5001,500
2,0002,000
2,5002,500
DealC
ountDealC
ount
00
3,0003,000
DealCount Other HighYield
InvestmentGrade
TopUnderwriterDeutscheBank
Numberofdeals 428
Volume(EURMln) 62,177
AvgDealsize(EURMln) 145.3
MarketSummaryNumberofdeals 5,082
Volume(EURMln) 1,155,581
AvgDealsize(EURMln) 227.4
Issuer IndustryVolume
(EURMln) Date
ShellInternationalFinanceBV Energy 3,000 05/06/2015
CooperatieveCentraleRaiffeisen-BoerenleenbankBA/Netherlands
Financials 2,958 01/07/2015
TOTALSA Energy 2,843 02/19/2015
TOTALSA Energy 2,843 02/19/2015
UBSAG/London Financials 2,817 05/07/2015
UniCreditSpA Financials 2,799 02/27/2015
ShellInternationalFinanceBV Energy 2,750 05/06/2015
CreditSuisseAG/NewYorkNY Financials 2,750 04/24/2015
CreditSuisseAG/London Financials 2,742 03/25/2015
UBSAG/StamfordCT Financials 2,500 03/23/2015
Financials70%
ConsumerDiscretionary8%
Others22%
EMEALeveragedFinance:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
5050
EURBln
EURBln
00
100100
EMEASponsor-ledLeveragedLoans
EMEACorporateHighYieldBonds(incEM)
EuropeanCorporate&FinancialBonds:IndustryBreakdown
EuropeanCorporate&FinancialBonds:SpreadtoBenchmark
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
200200
400400
600600
Bas
ispoints
Bas
ispoints
00
800800
HighYield
InvestmentGrade
70%
8%
22%
Blo
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Y2015
10
EuropeanBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(EUR
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 6.10 99,350 585 3 5.29 0.81
Barclays 2 5.74 93,440 490 2 5.98 -0.24
DeutscheBank 3 5.05 82,330 551 1 6.47 -1.42
BNPParibas 4 4.75 77,360 493 4 5.25 -0.50
JPMorgan 5 4.36 71,064 457 6 3.94 0.42
CreditSuisse 6 4.17 67,903 376 5 4.38 -0.21
Citi 7 3.89 63,426 394 8 3.81 0.08
SocieteGenerale 8 3.84 62,563 393 9 3.79 0.05
CreditAgricoleCIB 9 3.81 62,041 346 11 3.22 0.59
UniCredit 10 3.66 59,661 378 7 3.83 -0.17
GoldmanSachs 11 3.48 56,623 314 10 3.62 -0.14
UBS 12 3.38 55,078 306 16 2.12 1.26
BankofAmericaMerrillLynch 13 3.25 52,907 309 12 2.84 0.41
MorganStanley 14 2.67 43,547 267 15 2.33 0.34
Natixis 15 2.38 38,806 286 14 2.61 -0.23
RBS 16 2.18 35,505 218 13 2.70 -0.52
Commerzbank 17 1.93 31,433 277 17 1.91 0.02
BancoSantander 18 1.61 26,272 163 20 1.57 0.04
Nomura 19 1.58 25,814 228 22 1.38 0.20
LandesbankBaden-Wuerttemberg
20 1.51 24,598 246 19 1.59 -0.08
TOTAL 100% 1,629,040 6,628 100%
WesternEuropeanBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(EUR
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 6.17 96,881 575 4 5.30 0.87
Barclays 2 5.77 90,595 478 2 6.02 -0.25
DeutscheBank 3 5.13 80,615 539 1 6.52 -1.39
BNPParibas 4 4.82 75,727 484 3 5.30 -0.48
CreditSuisse 5 4.30 67,613 371 5 4.46 -0.16
JPMorgan 6 4.28 67,165 445 7 3.73 0.55
CreditAgricoleCIB 7 3.92 61,643 344 11 3.32 0.60
Citi 8 3.77 59,193 375 10 3.63 0.14
SocieteGenerale 9 3.73 58,540 349 9 3.67 0.06
UBS 10 3.58 56,251 303 16 2.22 1.36
GoldmanSachs 11 3.55 55,734 308 8 3.67 -0.12
UniCredit 12 3.49 54,862 336 6 3.75 -0.26
BankofAmericaMerrillLynch 13 3.36 52,837 308 12 2.90 0.46
MorganStanley 14 2.75 43,271 261 15 2.42 0.33
Natixis 15 2.46 38,639 285 14 2.66 -0.20
RBS 16 2.26 35,478 217 13 2.77 -0.51
Commerzbank 17 1.93 30,380 251 17 1.88 0.05
Nomura 18 1.64 25,814 228 22 1.43 0.21
BancoSantander 19 1.61 25,358 156 20 1.61 0.00
LandesbankBaden-Wuerttemberg
20 1.57 24,598 246 19 1.65 -0.08
TOTAL 100% 1,571,066 6,215 100%
EasternEuropeanBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
UniCredit 1 9.46 5,293 42 6 5.47 3.99
SocieteGenerale 2 7.97 4,458 44 4 6.39 1.58
VTBCapital 3 7.25 4,056 65 1 12.22 -4.97
SberbankCIBCJSC 4 5.73 3,208 59 7 4.89 0.84
Barclays 5 5.62 3,144 12 8 4.83 0.79
Gazprombank 6 5.51 3,081 43 14 2.42 3.09
RaiffeisenBankInternationalGroup
7 4.96 2,777 40 15 2.36 2.60
HSBC 8 4.89 2,735 10 11 3.50 1.39
Citi 9 4.74 2,649 17 5 6.29 -1.55
JPMorgan 10 4.05 2,268 9 3 7.66 -3.61
ErsteGroupBank 11 3.63 2,028 20 13 2.48 1.15
DeutscheBank 12 3.35 1,876 11 9 4.60 -1.25
BNPParibas 13 3.26 1,826 9 10 3.93 -0.67
IntesaSanpaolo 14 2.55 1,426 10 20 1.47 1.08
SovcombankICBJSC 15 2.09 1,169 33 - - -
Commerzbank 16 2.08 1,164 26 12 2.58 -0.50
REGIONInvestmentCo 17 2.05 1,144 16 25 0.78 1.27
KBCGroup 18 1.96 1,098 10 34 0.31 1.65
BancoSantander 19 1.82 1,016 7 28 0.58 1.24
OtkritieFinancialCorpJSC 20 1.75 981 20 2 8.36 -6.61
TOTAL 100% 55,936 382 100%
WesternEuropeanCorporateHighYieldBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(EUR
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
GoldmanSachs 1 9.96 7,090 77 2 8.23 1.73
DeutscheBank 2 8.60 6,120 79 1 10.36 -1.76
JPMorgan 3 7.76 5,527 69 3 7.74 0.02
HSBC 4 6.41 4,562 66 10 4.26 2.15
Barclays 5 6.18 4,395 54 5 7.26 -1.08
CreditSuisse 6 6.15 4,377 52 4 7.50 -1.35
BNPParibas 7 5.35 3,811 54 6 6.25 -0.90
MorganStanley 8 4.49 3,195 40 9 4.42 0.07
Citi 9 4.42 3,147 41 7 5.33 -0.91
CreditAgricoleCIB 10 4.05 2,883 39 8 5.03 -0.98
BankofAmericaMerrillLynch
11 3.68 2,622 34 18 1.64 2.04
Nomura 12 3.41 2,429 25 28 0.45 2.96
UniCredit 13 3.05 2,169 29 15 2.34 0.71
SocieteGenerale 14 2.96 2,104 29 11 4.18 -1.22
RBS 15 2.49 1,772 25 13 2.59 -0.10
INGGroep 16 2.28 1,623 21 12 2.77 -0.49
Commerzbank 17 1.68 1,194 17 17 1.95 -0.27
MizuhoFinancial 18 1.59 1,130 14 - - -
RBCCapitalMarkets 19 1.50 1,069 16 23 0.93 0.57
UBS 20 1.22 867 12 14 2.37 -1.15
TOTAL 100% 71,175 175 100%
Blo
ombe
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Y2015
11
EMEACorporateInvestmentGradeBonds(incEM)FY2015 FY2014
Firm RankMkt
Share(%)Volume(EUR
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
Barclays 1 8.81 23,041 155 4 6.40 2.41
HSBC 2 8.29 21,678 150 2 7.16 1.13
DeutscheBank 3 8.28 21,651 138 3 6.69 1.59
BNPParibas 4 7.78 20,353 156 1 8.07 -0.29
SocieteGenerale 5 5.38 14,075 106 8 5.04 0.34
JPMorgan 6 4.89 12,781 104 7 5.25 -0.36
Citi 7 4.67 12,206 97 9 4.83 -0.16
BankofAmericaMerrillLynch
8 4.60 12,034 85 6 5.27 -0.67
GoldmanSachs 9 3.48 9,090 66 11 4.00 -0.52
UniCredit 10 3.34 8,742 71 14 2.69 0.65
RBS 11 3.28 8,575 78 5 5.37 -2.09
CreditAgricoleCIB 12 3.26 8,515 77 13 3.23 0.03
CreditSuisse 13 3.01 7,862 61 10 4.46 -1.45
MorganStanley 14 2.91 7,623 55 15 1.99 0.92
INGGroep 15 2.31 6,033 57 22 1.51 0.80
MitsubishiUFJFinancial 16 2.20 5,757 55 16 1.98 0.22
BancoSantander 17 2.14 5,586 51 12 3.48 -1.34
LloydsBank 18 2.02 5,293 44 23 1.39 0.63
Commerzbank 19 1.94 5,064 45 18 1.88 0.06
UBS 20 1.76 4,590 40 20 1.63 0.13
TOTAL 100% 261,520 557 100%
EMEACorporateHighYieldBonds(incEM)FY2015 FY2014
Firm RankMkt
Share(%)Volume(EUR
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
GoldmanSachs 1 9.10 7,490 81 3 7.37 1.73
DeutscheBank 2 7.99 6,575 83 1 9.71 -1.72
JPMorgan 3 7.86 6,474 79 2 7.72 0.14
HSBC 4 6.11 5,029 71 9 4.40 1.71
Barclays 5 5.77 4,754 57 5 7.13 -1.36
CreditSuisse 6 5.74 4,730 56 4 7.18 -1.44
BNPParibas 7 5.20 4,281 60 7 6.19 -0.99
MorganStanley 8 4.55 3,746 45 10 4.15 0.40
Citi 9 4.26 3,504 47 6 6.54 -2.28
CreditAgricoleCIB 10 4.01 3,302 44 8 4.63 -0.62
BankofAmericaMerrillLynch
11 3.56 2,932 38 16 2.34 1.22
UniCredit 12 3.19 2,627 35 15 2.36 0.83
Nomura 13 2.95 2,429 25 29 0.39 2.56
SocieteGenerale 14 2.74 2,260 32 11 3.87 -1.13
RBS 15 2.25 1,854 27 14 2.39 -0.14
INGGroep 16 2.07 1,703 23 13 2.50 -0.43
UBS 17 1.78 1,463 17 12 2.52 -0.74
BancoSantander 18 1.51 1,245 17 22 1.08 0.43
Commerzbank 19 1.45 1,194 17 18 1.78 -0.33
MizuhoFinancial 20 1.37 1,130 14 - - -
TOTAL 100% 82,335 225 100%
EuroCurrencyBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(EUR
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 6.35 79,908 444 4 5.35 1.00
BNPParibas 2 6.08 76,422 456 2 6.42 -0.34
Barclays 3 5.77 72,580 375 3 5.51 0.26
DeutscheBank 4 5.47 68,791 415 1 6.43 -0.96
UniCredit 5 5.02 63,147 364 5 5.07 -0.05
CreditAgricoleCIB 6 4.79 60,238 323 7 4.21 0.58
SocieteGenerale 7 4.63 58,191 335 6 4.71 -0.08
JPMorgan 8 4.59 57,694 330 8 4.18 0.41
GoldmanSachs 9 4.30 54,039 276 9 3.88 0.42
Citi 10 3.37 42,382 266 10 3.75 -0.38
Natixis 11 3.14 39,482 268 11 3.41 -0.27
CreditSuisse 12 2.79 35,140 169 12 3.01 -0.22
BankofAmericaMerrillLynch 13 2.73 34,303 225 13 2.76 -0.03
Commerzbank 14 2.69 33,818 262 15 2.51 0.18
MorganStanley 15 2.29 28,806 172 16 2.48 -0.19
UBS 16 2.02 25,421 136 21 1.45 0.57
LandesbankBaden-Wuerttemberg
17 2.01 25,325 244 17 2.15 -0.14
RBS 18 1.87 23,478 162 14 2.74 -0.87
IntesaSanpaolo 19 1.84 23,111 93 18 1.96 -0.12
BancoSantander 20 1.80 22,638 139 19 1.86 -0.06
TOTAL 100% 1,257,756 3,787 100%
Euro&SterlingCorporate&FinancialBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(EUR
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
BNPParibas 1 6.00 57,979 395 1 6.76 -0.76
HSBC 2 5.93 57,333 399 4 4.96 0.97
DeutscheBank 3 5.89 56,875 388 2 6.40 -0.51
Barclays 4 5.48 52,992 358 3 5.79 -0.31
SocieteGenerale 5 4.49 43,358 278 5 4.27 0.22
JPMorgan 6 4.43 42,784 308 6 4.08 0.35
CreditAgricoleCIB 7 3.92 37,919 245 7 4.04 -0.12
GoldmanSachs 8 3.89 37,629 225 9 3.65 0.24
UniCredit 9 3.63 35,072 265 12 3.37 0.26
CreditSuisse 10 3.25 31,376 158 8 3.88 -0.63
Natixis 11 3.05 29,431 207 10 3.60 -0.55
Citi 12 3.02 29,194 232 11 3.50 -0.48
UBS 13 2.95 28,518 142 16 2.38 0.57
BankofAmericaMerrillLynch
14 2.88 27,874 193 14 3.18 -0.30
Commerzbank 15 2.55 24,675 198 17 2.36 0.19
MorganStanley 16 2.42 23,341 176 15 2.42 0.00
RBS 17 2.21 21,330 185 13 3.26 -1.05
BancoSantander 18 2.17 20,947 142 18 2.27 -0.10
LloydsBank 19 1.98 19,144 119 22 1.40 0.58
INGGroep 20 1.95 18,875 158 23 1.36 0.59
TOTAL 100% 966,214 3,115 100%
Blo
ombe
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lobalFixedIn
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Y2015
12
SwedishKronaBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(SEK
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
Swedbank 1 22.25 65,753 142 2 20.07 2.18
Nordea 2 19.57 57,809 130 3 19.47 0.10
DanskeBank 3 18.25 53,911 119 4 16.74 1.51
SEB 4 17.91 52,926 97 1 20.36 -2.45
SvenskaHandelsbanken 5 11.98 35,397 89 5 14.60 -2.62
DNBASA 6 4.30 12,713 27 6 3.62 0.68
GoldmanSachs 7 1.21 3,566 2 12 0.20 1.01
ABGSundalCollierAsa 8 0.89 2,625 7 8 0.99 -0.10
ParetoSecurities 9 0.65 1,935 9 7 2.39 -1.74
PohjolaBankPLC 10 0.39 1,167 1 - - -
JPMorgan 10 0.39 1,167 1 9 0.45 -0.06
NordicFixedIncome 12 0.37 1,100 4 11 0.24 0.13
DeutscheBank 13 0.34 1,000 1 10 0.26 0.08
CreditSuisse 14 0.31 913 3 13 0.18 0.13
BankofAmericaMerrillLynch
15 0.25 750 1 - - -
Citi 16 0.17 502 3 - - -
CreditAgricoleCIB 17 0.17 500 1 - - -
INGGroep 17 0.17 500 1 - - -
BNPParibas 17 0.17 500 1 - - -
Barclays 17 0.17 500 1 - - -
TOTAL 100% 295,458 502 100%
Sub-SaharanAfricanCurrencyBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
StandardBankofSouthAfrica 1 17.24 2,223 44 2 19.70 -2.46
EskomHoldingsLtd 2 15.91 2,053 21 6 5.43 10.48
NedbankLtd 3 15.76 2,033 38 4 9.23 6.53
FirstRandLtd 4 12.24 1,579 43 1 21.57 -9.33
Barclays 5 11.07 1,427 38 3 11.75 -0.68
JPMorgan 6 6.43 829 19 8 4.38 2.05
Investec 7 4.09 527 17 7 5.20 -1.11
RBCCapitalMarkets 8 3.01 388 17 5 6.01 -3.00
DaiwaSecurities 9 2.12 274 6 35 0.16 1.96
DanskeBank 10 1.27 164 7 25 0.37 0.90
HSBC 11 1.06 136 8 15 0.60 0.46
SocieteGenerale 12 0.93 120 3 - - -
TDSecurities 13 0.88 114 6 10 1.27 -0.39
TokaiTokyoSecuritiesCoLtd 14 0.84 108 9 - - -
FirstSecuritiesDiscountHouseLtd 15 0.68 87 3 17 0.57 0.11
DunnLorenMerrifieldLtd 16 0.60 78 2 26 0.37 0.23
UnitedCapitalPLC 17 0.54 69 4 17 0.57 -0.03
SouthAfricanNationalRoadsAgencyLtd
18 0.50 64 2 31 0.31 0.19
OneCapital 19 0.50 64 1 - - -
Macquarie 20 0.38 49 2 - - -
TOTAL 100% 12,898 289 100%
SterlingBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(GBP
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
HSBC 1 13.98 13,173 111 1 11.97 2.01
Barclays 2 12.31 11,593 99 3 10.96 1.35
RBS 3 9.24 8,704 69 2 11.78 -2.54
RBCCapitalMarkets 4 6.50 6,125 53 6 6.09 0.41
DeutscheBank 5 5.95 5,601 50 4 7.62 -1.67
JPMorgan 6 5.67 5,344 32 7 4.01 1.66
LloydsBank 7 5.67 5,339 51 5 6.35 -0.68
Nomura 8 5.53 5,206 32 11 3.76 1.77
BankofAmericaMerrillLynch
9 4.11 3,868 20 10 3.85 0.26
BancoSantander 10 3.96 3,732 20 14 2.43 1.53
Citi 11 3.58 3,368 19 12 2.68 0.90
UBS 12 2.93 2,760 14 18 1.71 1.22
BNPParibas 13 2.58 2,427 28 16 2.08 0.50
MorganStanley 14 2.57 2,420 22 13 2.45 0.12
CreditSuisse 15 2.49 2,342 28 9 3.85 -1.36
Scotiabank 16 2.18 2,055 13 15 2.20 -0.02
GoldmanSachs 17 2.02 1,899 18 8 3.87 -1.85
TDSecurities 18 1.52 1,433 11 27 0.30 1.22
Commerzbank 19 0.76 720 7 35 0.20 0.56
FMSWertmanagement 20 0.64 600 1 21 1.01 -0.37
TOTAL 100% 94,196 308 100%
SwissFrancBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(CHF
Mln)Deal
CountPrevRank
PrevMktShare(%) MktShareChg(%)
CreditSuisse 1 29.80 17,292 149 1 30.69 -0.89
UBS 2 19.20 11,141 126 2 27.17 -7.97
SchweizerischeKantonalbanken
3 13.16 7,634 24 3 12.13 1.03
ZuercherKantonalbank 4 9.25 5,366 59 4 7.09 2.16
RaiffeisenSwitzerland 5 7.91 4,586 47 6 3.80 4.11
DeutscheBank 6 3.81 2,208 19 5 5.37 -1.56
BNPParibas 7 2.33 1,353 9 7 3.69 -1.36
BaslerKantonalbank 8 1.62 940 11 24 0.26 1.36
AargauischeKantonalbank 9 1.31 760 4 20 0.29 1.02
GoldmanSachs 10 1.29 750 4 18 0.33 0.96
StGallerKantonalbank 11 1.10 640 2 11 0.66 0.44
HSBC 12 0.89 515 4 8 1.21 -0.32
BanqueCantonaledeFribourg 13 0.86 500 3 13 0.52 0.34
LuzernerKantonalbank 14 0.69 400 1 14 0.44 0.25
JPMorgan 15 0.63 367 3 31 0.15 0.48
BasellandchaflicheKantonalbank
16 0.58 335 2 - - -
ThurgauerKantonalbank 17 0.55 320 3 12 0.59 -0.04
CieFinanciereTraditionSA 18 0.52 304 38 28 0.19 0.33
KantonalbankSchwyz 19 0.52 300 2 20 0.29 0.23
PKOBankPolskiSA 20 0.50 290 1 - - -
TOTAL 100% 58,017 333 100%
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13
CEEMEABondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
Citi 1 7.11 10,209 58 1 8.43 -1.32
HSBC 2 6.40 9,192 47 3 6.81 -0.41
JPMorgan 3 6.14 8,820 34 2 7.54 -1.40
Barclays 4 5.26 7,553 41 4 6.07 -0.81
DeutscheBank 5 4.52 6,495 30 6 5.52 -1.00
UniCredit 6 3.70 5,319 43 10 2.74 0.96
SocieteGenerale 7 3.58 5,144 49 8 3.51 0.07
BNPParibas 8 3.23 4,645 25 9 3.16 0.07
StandardCharteredBank 9 2.85 4,094 33 13 2.13 0.72
VTBCapital 10 2.82 4,056 65 5 5.91 -3.09
SberbankCIBCJSC 11 2.23 3,208 59 11 2.39 -0.16
Gazprombank 12 2.14 3,081 43 24 1.16 0.98
GoldmanSachs 13 2.12 3,038 19 12 2.33 -0.21
RaiffeisenBankInternationalGroup
14 1.93 2,777 40 25 1.13 0.80
NationalBankofAbuDhabi 15 1.54 2,208 19 17 1.33 0.21
StandardBankofSouthAfrica 16 1.47 2,109 26 23 1.17 0.30
ErsteGroupBank 17 1.46 2,100 21 20 1.25 0.21
MorganStanley 18 1.44 2,071 17 16 1.47 -0.03
BankCenterCredit 19 1.28 1,838 10 42 0.36 0.92
FirstRandLtd 20 1.24 1,778 36 21 1.23 0.01
TOTAL 100% 143,655 893 100%
MENABondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 14.71 5,386 36 1 14.23 0.48
Citi 2 11.61 4,252 30 8 3.54 8.07
JPMorgan 3 7.78 2,851 15 3 6.57 1.21
StandardCharteredBank 4 6.42 2,351 23 4 6.39 0.03
NationalBankofAbuDhabi 5 5.80 2,125 18 5 6.22 -0.42
MorganStanley 6 3.85 1,410 13 6 3.88 -0.03
EmiratesNBDPJSC 7 3.26 1,193 15 7 3.68 -0.42
SocieteGeneraledeBanqueauLiban
8 3.09 1,133 5 - - -
RiyadBank 9 2.91 1,067 1 24 1.40 1.51
BNPParibas 10 2.90 1,064 8 13 2.78 0.12
Barclays 11 2.58 946 6 9 3.40 -0.82
BankMuscat 12 2.25 825 2 - - -
BLOMBankSAL 13 2.00 733 2 - - -
Natixis 14 1.94 711 4 14 2.71 -0.77
DeutscheBank 15 1.69 620 6 2 6.93 -5.24
INGGroep 16 1.64 602 10 29 1.02 0.62
CreditAgricoleCIB 17 1.63 596 17 15 2.40 -0.77
SambaCapital 18 1.53 560 2 32 0.67 0.86
AlHilalBank 19 1.37 500 4 31 0.77 0.60
DubaiIslamicBank 20 1.30 475 5 19 1.93 -0.63
TOTAL 100% 36,621 174 100%
AfricanBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
Barclays 1 13.52 3,750 42 1 15.53 -2.01
DeutscheBank 2 9.77 2,708 7 5 7.85 1.92
StandardBankofSouthAfrica 3 9.59 2,658 41 3 9.25 0.34
EskomHoldingsLtd 4 7.40 2,053 21 10 2.69 4.71
FirstRandLtd 5 7.38 2,048 43 2 12.66 -5.28
NedbankLtd 6 6.70 1,859 37 7 4.10 2.60
CalBrokersLtd 7 5.50 1,525 1 - - -
StandardCharteredBank 8 5.02 1,393 6 9 2.77 2.25
Citi 9 4.81 1,334 6 6 7.21 -2.40
JPMorgan 10 4.00 1,110 5 4 8.42 -4.42
BNPParibas 11 3.82 1,058 4 8 3.11 0.71
MorganStanley 12 3.29 913 3 12 2.57 0.72
Investec 13 2.45 680 18 13 2.56 -0.11
Natixis 14 2.28 633 2 19 1.62 0.66
GoldmanSachs 15 2.17 601 3 14 2.18 -0.01
Industrial&CommBankofChina
16 1.80 500 1 - - -
BankofAmericaMerrillLynch 17 1.53 425 2 15 1.79 -0.26
SocieteGenerale 18 1.35 375 1 24 0.60 0.75
Medinvest 19 0.97 268 1 - - -
HSBC 20 0.55 152 1 - - -
TOTAL 100% 27,731 224 100%
Sub-SaharanAfricanBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
Barclays 1 13.57 3,250 41 1 15.33 -1.76
DeutscheBank 2 11.31 2,708 7 4 9.04 2.27
StandardBankofSouthAfrica 3 11.10 2,658 41 3 10.65 0.45
EskomHoldingsLtd 4 8.57 2,053 21 9 3.10 5.47
FirstRandLtd 5 8.55 2,048 43 2 14.57 -6.02
NedbankLtd 6 7.76 1,859 37 7 4.72 3.04
CalBrokersLtd 7 6.37 1,525 1 - - -
StandardCharteredBank 8 5.82 1,393 6 8 3.19 2.63
BNPParibas 9 3.17 758 3 15 1.72 1.45
Citi 10 2.92 701 4 5 8.30 -5.38
Investec 11 2.84 680 18 11 2.95 -0.11
GoldmanSachs 12 2.51 601 3 12 2.51 0.00
Industrial&CommBankofChina
13 2.09 500 1 - - -
JPMorgan 14 1.99 476 3 6 7.15 -5.16
BankofAmericaMerrillLynch 15 1.77 425 2 13 2.06 -0.29
SocieteGenerale 16 1.57 375 1 20 0.69 0.88
Medinvest 17 1.12 268 1 - - -
HSBC 18 0.64 152 1 - - -
LloydsBank 18 0.64 152 1 - - -
MorganStanley 20 0.47 113 1 24 0.41 0.06
TOTAL 100% 23,951 220 100%
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14
Asiaex-JapanFixedIncomeReviewFY2015creditedAsiaex-JapanG3CurrencyBondsvolumedecreased13.68%toUSD174.8Blnwhiledealcountdecreased17.96%to338offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased11.62%year-on-yeartoUSD134.2Blnwhilethedealcountdecreased18.22%to220.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased27.50%year-on-yeartoUSD18.2Blnover40deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforFY2015with11.51%marketshare.Thebankunderwrote148dealsovertheperiod.CitiandDeutscheBankrankedsecondandthirdwith8.74%and6.71%marketshare,respectively.
Asiaex-JapanG3CurrencyBonds:Highlightsof2015
Issuer Industry Volume(USDMln) Date
ChinaConstructionBankCorp Financials 3,050 12/09/2015
SinopecGroupOverseasDevelopment2015Ltd Energy 2,500 04/21/2015
BankofCommunicationsCoLtd Financials 2,450 07/22/2015
IndonesiaGovernmentInternationalBond Government 2,250 12/01/2015
ChinaConstructionBankCorp Financials 2,000 05/06/2015
PerusahaanPenerbitSBSNIndonesiaIII Government 2,000 05/21/2015
CNOOCFinance2015USALLC Energy 2,000 04/28/2015
PhilippineGovernmentInternationalBond Government 2,000 01/06/2015
IndonesiaGovernmentInternationalBond Government 2,000 01/08/2015
IndonesiaGovernmentInternationalBond Government 2,000 01/08/2015
Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry
Issuer Volume(USDMln) Date Country
ChinaConstructionBankCorp 3,050 12/09/2015 China
HongKongSukuk2015Ltd 1,000 05/27/2015 HongKong
BhartiAirtelLtd 1,000 06/03/2015 India
IndonesiaGovernmentInternationalBond 2,250 12/01/2015 Indonesia
PetronasCapitalLtd 1,500 03/11/2015 Malaysia
PhilippineGovernmentInternationalBond 2,000 01/06/2015 Philippines
GlobalLogisticPropertiesLtd 1,000 05/28/2015 Singapore
Export-ImportBankofKorea 1,250 01/12/2015 SouthKorea
SriLankaGovernmentInternationalBond 1,500 10/27/2015 SriLanka
FormosaGroupCaymanLtd 1,000 04/14/2015 Taiwan
ExportImportBankofThailand 150 01/09/2015 Thailand
Financials43%
Government19%
Energy13%
Industrials9%
Others17%
Asiaex-JapanG3CurrencyBonds:QuarterlyVolume
Q42010
Q42010
Q42011
Q42011
Q42012
Q42012
Q42013
Q42013
Q42014
Q42014
QuartersQuarters
Q42015
Q42015
5050
USDBln
USDBln
00
7070
100100
DealC
ountDealC
ount
00
140140
DealCount
Other
HighYield
InvestmentGrade
Asiaex-JapanG3CurrencyBonds:IndustryBreakdown
43%
19%
13%
9%
17%
Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory
HSBC Ci
ti
DeutscheBank
StandardCharteredBank
JPMorgan
BankofAmericaM
errillLynch
5
10
Marke
tSha
re(%
)
0
15
2015 2014 2013
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15
Asiaex-JapanIssuerG3CurrencyBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 11.51 20,130 148 1 11.52 -0.01
Citi 2 8.74 15,276 108 2 9.91 -1.17
DeutscheBank 3 6.71 11,729 89 3 7.46 -0.75
StandardCharteredBank 4 6.19 10,824 83 4 7.26 -1.07
JPMorgan 5 5.56 9,728 89 5 7.12 -1.56
BankofAmericaMerrillLynch 6 4.89 8,556 75 6 6.46 -1.57
BankofChina 7 4.27 7,473 78 11 3.23 1.04
BNPParibas 8 3.54 6,192 51 13 2.67 0.87
MorganStanley 9 3.47 6,067 61 9 4.19 -0.72
GoldmanSachs 10 3.43 5,991 51 7 5.07 -1.64
Industrial&CommBankofChina
11 3.38 5,905 59 15 2.23 1.15
UBS 12 2.85 4,975 39 8 4.41 -1.56
DBSGroup 13 2.84 4,964 52 16 2.01 0.83
ANZBankingGroup 14 2.53 4,424 44 14 2.29 0.24
CreditSuisse 15 2.53 4,417 37 12 2.70 -0.17
Barclays 16 2.47 4,311 41 10 3.46 -0.99
ChinaConstructionBank 17 2.09 3,655 39 22 0.86 1.23
CIMB 18 1.72 3,007 13 30 0.41 1.31
AgriculturalBankofChinaLtd 19 1.69 2,949 36 23 0.85 0.84
BankofCommunications 20 1.67 2,923 31 24 0.79 0.88
TOTAL 100% 174,821 338 100%
APACex-JapanIssuerG3CurrencyBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 10.67 26,151 175 1 10.03 0.64
Citi 2 10.08 24,708 149 2 9.69 0.39
JPMorgan 3 8.63 21,150 130 3 8.24 0.39
DeutscheBank 4 6.00 14,712 103 5 6.57 -0.57
BankofAmericaMerrillLynch 5 4.67 11,455 91 4 6.61 -1.94
GoldmanSachs 6 4.55 11,164 73 6 5.41 -0.86
StandardCharteredBank 7 4.42 10,824 83 7 5.30 -0.88
MorganStanley 8 3.67 8,988 74 10 3.96 -0.29
BNPParibas 9 3.46 8,489 64 11 3.04 0.42
UBS 10 3.24 7,935 53 9 4.50 -1.26
BankofChina 11 3.05 7,473 78 14 2.36 0.69
Barclays 12 3.02 7,398 56 8 4.59 -1.57
ANZBankingGroup 13 2.81 6,895 57 13 2.69 0.12
Industrial&CommBankofChina
14 2.41 5,905 59 17 1.63 0.78
CreditSuisse 15 2.25 5,504 43 12 2.93 -0.68
DBSGroup 16 2.09 5,114 53 18 1.47 0.62
ChinaConstructionBank 17 1.49 3,655 39 26 0.62 0.87
SocieteGenerale 18 1.38 3,385 34 22 0.88 0.50
CIMB 19 1.23 3,007 13 38 0.30 0.93
AgriculturalBankofChinaLtd 20 1.20 2,949 36 28 0.62 0.58
TOTAL 100% 245,112 433 100%
Asiaex-JapanBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
CITICSecuritiesCoLtd 1 5.42 52,703 201 1 4.48 0.94
Industrial&CommBankofChina 2 4.53 44,060 268 5 3.60 0.93
BankofChina 3 4.19 40,730 256 3 4.00 0.19
ChinaConstructionBank 4 3.67 35,699 257 6 3.41 0.26
ChinaSecuritiesCoLtd 5 3.57 34,727 137 18 1.67 1.90
HSBC 6 3.01 29,293 424 2 4.44 -1.43
GuotaiJunanSecuritiesCoLtd 7 2.99 29,050 150 21 1.61 1.38
AgriculturalBankofChinaLtd 8 2.79 27,122 180 10 2.06 0.73
Citi 9 2.39 23,214 177 7 2.83 -0.44
ChinaDevelopmentBank 10 2.24 21,766 174 4 3.92 -1.68
IndustrialBankCoLtd 11 2.20 21,375 187 13 1.83 0.37
ChinaInternationalCapitalCorp 12 2.17 21,069 71 17 1.71 0.46
ShanghaiPudongDevelopmentGroupFinancial
13 2.16 21,023 204 12 1.96 0.20
ChinaMerchantsBank 14 2.08 20,199 182 29 1.04 1.04
BankofCommunications 15 1.84 17,906 142 24 1.30 0.54
MorganStanley 16 1.80 17,493 119 14 1.83 -0.03
ChinaMerchantsSecurities 17 1.78 17,303 110 41 0.72 1.06
DeutscheBank 18 1.72 16,731 182 9 2.49 -0.77
StandardCharteredBank 19 1.70 16,503 239 8 2.70 -1.00
ChinaCiticBank 20 1.67 16,215 165 22 1.57 0.10
TOTAL 100% 972,485 5,950 100%
APACex-JapanBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
CITICSecuritiesCoLtd 1 4.73 52,703 201 2 3.80 0.93
Industrial&CommBankofChina 2 3.97 44,140 269 6 3.05 0.92
BankofChina 3 3.66 40,761 257 4 3.39 0.27
HSBC 4 3.34 37,190 480 1 4.30 -0.96
ChinaConstructionBank 5 3.22 35,811 259 9 2.89 0.33
Citi 6 3.17 35,289 244 3 3.65 -0.48
ChinaSecuritiesCoLtd 7 3.12 34,727 137 24 1.42 1.70
GuotaiJunanSecuritiesCoLtd 8 2.61 29,050 150 25 1.37 1.24
AgriculturalBankofChinaLtd 9 2.44 27,122 180 16 1.75 0.69
JPMorgan 10 2.26 25,177 174 11 2.37 -0.11
DeutscheBank 11 2.13 23,659 226 8 2.90 -0.77
UBS 12 2.10 23,407 132 7 2.92 -0.82
ChinaDevelopmentBank 13 1.96 21,766 174 5 3.33 -1.37
IndustrialBankCoLtd 14 1.92 21,375 187 19 1.55 0.37
ChinaInternationalCapitalCorp 15 1.89 21,069 71 23 1.45 0.44
ShanghaiPudongDevelopmentGroupFinancial
16 1.89 21,023 204 17 1.66 0.23
ANZBankingGroup 17 1.86 20,703 175 10 2.46 -0.60
MorganStanley 18 1.85 20,607 137 13 1.95 -0.10
ChinaMerchantsBank 19 1.81 20,199 182 34 0.88 0.93
GoldmanSachs 20 1.61 17,973 111 14 1.92 -0.31
TOTAL 100% 1,113,066 6,392 100%
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Asiaex-JapanIssuerG3InvestmentGradeBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 12.24 16,424 124 1 11.62 0.62
Citi 2 9.74 13,067 93 2 10.24 -0.50
DeutscheBank 3 6.87 9,220 72 4 7.58 -0.71
JPMorgan 4 6.06 8,132 74 3 8.14 -2.08
StandardCharteredBank 5 5.67 7,604 63 6 6.62 -0.95
BankofAmericaMerrillLynch 6 5.41 7,265 61 5 6.62 -1.21
BankofChina 7 5.11 6,856 69 8 3.75 1.36
GoldmanSachs 8 4.01 5,380 47 7 5.35 -1.34
MorganStanley 9 3.99 5,350 53 9 3.73 0.26
BNPParibas 10 3.72 4,996 39 12 2.89 0.83
Industrial&CommBankofChina
11 3.59 4,815 52 15 2.03 1.56
Barclays 12 2.84 3,805 35 10 3.71 -0.87
ANZBankingGroup 13 2.47 3,318 36 14 2.40 0.07
UBS 14 2.21 2,959 23 11 3.45 -1.24
CIMB 15 2.18 2,931 11 25 0.54 1.64
DBSGroup 16 2.18 2,920 38 16 1.88 0.30
SocieteGenerale 17 2.11 2,835 29 20 1.13 0.98
CreditSuisse 18 1.79 2,400 25 13 2.62 -0.83
ChinaConstructionBank 19 1.72 2,314 35 19 1.14 0.58
AgriculturalBankofChinaLtd 20 1.55 2,086 31 22 0.95 0.60
TOTAL 100% 134,166 220 100%
Asiaex-JapanIssuerG3CorporateHighYieldBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
StandardCharteredBank 1 10.73 1,957 13 7 6.52 4.21
HSBC 2 10.13 1,847 14 3 8.62 1.51
UBS 3 9.48 1,729 14 1 10.45 -0.97
JPMorgan 4 7.52 1,371 14 11 4.51 3.01
DeutscheBank 5 7.27 1,326 10 4 8.10 -0.83
Citi 6 5.66 1,033 8 2 9.85 -4.19
CreditSuisse 7 5.61 1,024 8 10 4.65 0.96
ChinaConstructionBank 8 5.51 1,004 2 - - -
CITICSecuritiesCoLtd 9 4.26 777 6 12 2.73 1.53
BankofCommunications 10 3.65 666 2 - - -
GoldmanSachs 11 3.35 612 4 5 6.98 -3.63
MorganStanley 12 3.09 563 6 8 5.45 -2.36
BankofAmericaMerrillLynch
13 2.62 478 8 6 6.81 -4.19
DBSGroup 14 2.06 375 4 - - -
INGGroep 15 2.02 368 3 23 0.50 1.52
BNPParibas 16 1.82 332 7 16 1.89 -0.07
Barclays 17 1.76 320 4 13 2.70 -0.94
BankofChina 18 1.60 292 5 15 2.00 -0.40
HaitongSecuritiesCoLtd 19 1.34 245 6 19 1.10 0.24
ChinaMerchantsSecurities 20 1.32 240 2 32 0.23 1.09
TOTAL 100% 18,240 40 100%
ASEANLocalCurrencyBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
CIMB 1 14.09 7,820 241 1 12.71 1.38
DBSGroup 2 8.68 4,821 79 4 7.49 1.19
Maybank 3 7.17 3,983 143 2 9.54 -2.37
RHB 4 7.14 3,965 155 7 4.78 2.36
AmInvestmentBankBhd 5 6.34 3,522 64 6 5.10 1.24
HSBC 6 5.98 3,319 105 3 8.46 -2.48
Oversea-ChineseBankingCorp 7 5.52 3,064 45 12 3.32 2.20
KasikornbankPCL 8 4.65 2,579 73 9 4.11 0.54
KrungThaiBank 9 3.95 2,195 77 10 3.69 0.26
BankofAyudhyaPCL 10 3.83 2,127 48 14 2.46 1.37
BangkokBankPCL 11 3.40 1,888 38 13 3.18 0.22
SiamCommercialBankPCL 12 3.31 1,835 48 8 4.53 -1.22
StandardCharteredBank 13 3.28 1,819 67 5 6.83 -3.55
UnitedOverseasBank 14 2.81 1,561 57 11 3.38 -0.57
AsiaPlusSecurities 15 1.44 800 64 28 0.64 0.80
BankofPhilippineIslands 16 1.36 758 12 16 1.65 -0.29
ThanachartCapitalPCL 17 1.33 737 24 17 1.24 0.09
MandiriSekuritasPT 18 1.13 629 45 23 0.78 0.35
IndoPremierSecurities 19 1.01 562 65 22 1.02 -0.01
HongLeongInvestmentBankBhd
20 0.99 550 35 26 0.66 0.33
TOTAL 100% 55,517 885 100%
Australian/NewZealandInternationalBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln)Deal
Count PrevRank PrevMktShare(%) MktShareChg(%)
JPMorgan 1 14.61 11,576 42 1 9.65 4.96
Citi 2 12.13 9,614 43 2 8.63 3.50
HSBC 3 9.33 7,395 40 4 6.23 3.10
GoldmanSachs 4 6.68 5,289 23 7 5.47 1.21
UBS 5 4.52 3,584 19 6 5.77 -1.25
Barclays 6 4.29 3,403 18 3 7.05 -2.76
BankofAmericaMerrillLynch 7 3.97 3,147 18 5 6.09 -2.12
DeutscheBank 8 3.89 3,082 15 11 4.22 -0.33
MorganStanley 9 3.69 2,920 13 16 2.80 0.89
NationalAustraliaBankLtd 10 3.61 2,860 14 10 4.35 -0.74
BNPParibas 11 3.45 2,733 16 13 3.85 -0.40
RBCCapitalMarkets 12 3.45 2,730 13 12 4.10 -0.65
ANZBankingGroup 13 3.43 2,721 16 15 3.14 0.29
CommonwealthBankAustralia
14 2.81 2,228 12 9 4.47 -1.66
CreditSuisse 15 2.59 2,048 10 8 4.67 -2.08
WestpacBanking 16 2.55 2,022 10 17 2.35 0.20
RBS 17 2.40 1,899 10 14 3.74 -1.34
Nomura 18 1.61 1,275 6 19 1.79 -0.18
Macquarie 19 1.34 1,060 7 18 1.98 -0.64
WellsFargo 20 1.16 923 6 22 1.34 -0.18
TOTAL 100% 79,229 124 100%
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AustralianKangarooBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(AUD
Mln)Deal
CountPrevRank
PrevMktShare(%) MktShareChg(%)
TDSecurities 1 15.27 4,933 58 1 15.20 0.07
DeutscheBank 2 13.07 4,222 56 6 8.93 4.14
Nomura 3 12.85 4,149 46 3 10.49 2.36
RBCCapitalMarkets 4 11.27 3,640 46 2 13.50 -2.23
CommonwealthBankAustralia
5 7.35 2,375 18 5 8.95 -1.60
ANZBankingGroup 6 6.46 2,088 26 4 9.77 -3.31
JPMorgan 7 5.19 1,678 24 11 3.84 1.35
WestpacBanking 8 4.95 1,600 18 8 4.94 0.01
Citi 9 4.91 1,587 17 10 4.09 0.82
UBS 10 3.96 1,279 12 14 1.96 2.00
NationalAustraliaBankLtd 11 3.89 1,255 16 9 4.89 -1.00
HSBC 12 3.43 1,108 14 7 5.90 -2.47
GoldmanSachs 13 2.74 885 6 13 1.99 0.75
DaiwaSecurities 14 2.03 654 21 12 2.06 -0.03
Natixis 15 0.93 302 3 21 0.23 0.70
Scotiabank 16 0.65 211 3 - - -
EmiratesNBDPJSC 17 0.35 113 1 18 0.25 0.10
MizuhoFinancial 18 0.34 110 4 23 0.09 0.25
StandardCharteredBank 19 0.23 75 1 17 0.47 -0.24
SocieteGenerale 20 0.09 30 1 - - -
TOTAL 100% 32,301 187 100%
KoreanIssuerInternationalBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(USD
Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
Citi 1 11.34 2,990 29 2 8.82 2.52
HSBC 2 9.56 2,519 26 3 8.54 1.02
BankofAmericaMerrillLynch
3 8.39 2,210 26 1 10.07 -1.68
BNPParibas 4 7.02 1,850 16 5 7.94 -0.92
Barclays 5 6.08 1,602 17 6 7.12 -1.04
DeutscheBank 6 5.83 1,536 19 4 8.00 -2.17
SocieteGenerale 7 5.27 1,388 16 12 3.16 2.11
JPMorgan 8 5.08 1,340 13 7 6.84 -1.76
CreditAgricoleCIB 9 5.05 1,330 20 13 2.91 2.14
ANZBankingGroup 10 4.21 1,110 12 11 3.37 0.84
StandardCharteredBank 11 3.91 1,030 11 9 4.17 -0.26
GoldmanSachs 12 2.87 758 10 10 3.61 -0.74
Nomura 13 2.73 719 12 19 1.91 0.82
MorganStanley 14 2.70 710 10 18 2.19 0.51
MizuhoFinancial 15 2.19 577 9 15 2.58 -0.39
Commerzbank 16 2.11 556 5 17 2.34 -0.23
CreditSuisse 17 1.95 514 5 16 2.48 -0.53
RBS 18 1.67 441 4 20 1.56 0.11
UBS 19 1.64 433 5 8 4.99 -3.35
TDSecurities 20 1.45 382 5 25 0.36 1.09
TOTAL 100% 26,356 141 100%
SingaporeDollarBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(SGD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
DBSGroup 1 40.48 9,265 74 1 34.86 5.62
Oversea-ChineseBankingCorp 2 22.58 5,168 51 3 12.11 10.47
StandardCharteredBank 3 6.30 1,441 20 2 12.55 -6.25
HSBC 4 5.62 1,285 18 4 10.05 -4.43
UnitedOverseasBank 5 5.10 1,166 18 5 8.64 -3.54
ANZBankingGroup 6 3.59 821 9 6 4.63 -1.04
RHB 7 2.13 488 3 8 2.60 -0.47
CIMB 8 1.80 411 6 7 2.84 -1.04
Maybank 9 1.67 382 6 9 1.92 -0.25
CreditSuisse 10 1.57 360 5 11 1.69 -0.12
Citi 11 1.27 291 4 - - -
UBS 12 1.10 252 4 13 1.19 -0.09
WestpacBanking 13 0.91 208 2 - - -
BNPParibas 14 0.75 172 3 20 0.25 0.50
BankofChina 15 0.75 171 2 - - -
Industrial&CommBankofChina
16 0.66 150 2 22 0.14 0.52
DeutscheBank 17 0.50 115 2 15 0.78 -0.28
Barclays 18 0.48 109 2 - - -
BankofAmericaMerrillLynch 19 0.43 98 2 - - -
Natixis 20 0.38 88 2 - - -
TOTAL 100% 22,886 165 100%
JapaneseYenBondsFY2015 FY2014
Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)
MorganStanley 1 20.38 2,596,013 330 3 18.44 1.94
SumitomoMitsuiFinancial 2 17.14 2,183,473 319 2 18.49 -1.35
Nomura 3 15.96 2,033,627 311 4 15.92 0.04
MizuhoFinancial 4 15.64 1,991,969 333 1 19.99 -4.35
DaiwaSecurities 5 15.17 1,933,056 293 5 15.23 -0.06
GoldmanSachs 6 2.14 272,726 20 8 1.11 1.03
BankofAmericaMerrillLynch 7 1.92 244,878 30 6 1.61 0.31
Citi 8 1.71 218,224 21 11 0.91 0.80
MitsubishiUFJFinancial 9 1.48 189,033 6 23 0.05 1.43
Natixis 10 1.12 143,260 12 20 0.23 0.89
JPMorgan 11 1.08 137,567 5 15 0.56 0.52
TokaiTokyoSecuritiesCoLtd 12 0.82 104,083 25 10 0.92 -0.10
Barclays 13 0.75 95,495 13 17 0.54 0.21
CreditAgricoleCIB 14 0.73 92,717 11 7 1.28 -0.55
ShinkinCentralBank 15 0.70 89,125 24 9 1.04 -0.34
HSBC 16 0.68 87,033 6 16 0.55 0.13
CreditSuisse 17 0.59 75,000 26 13 0.71 -0.12
DeutscheBank 18 0.55 69,720 20 12 0.86 -0.31
SocieteGenerale 19 0.42 53,033 7 18 0.36 0.06
BNPParibas 20 0.37 47,100 7 14 0.66 -0.29
TOTAL 100% 12,739,932 729 100%
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HongKongDollarBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(HKD
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 21.10 43,402 146 1 33.80 -12.70
BankofChina 2 9.09 18,703 16 3 7.80 1.29
StandardCharteredBank 3 7.99 16,437 66 2 10.46 -2.47
BankofCommunications 4 7.69 15,815 28 18 1.18 6.51
Barclays 5 7.48 15,398 46 4 5.57 1.91
NationalAustraliaBankLtd 6 6.44 13,240 23 6 4.24 2.20
Citi 7 5.44 11,190 32 13 1.86 3.58
CreditAgricoleCIB 8 5.15 10,599 21 10 2.17 2.98
Oversea-ChineseBankingCorp
9 5.05 10,385 22 9 2.70 2.35
SocieteGenerale 10 4.22 8,673 29 8 3.14 1.08
DBSGroup 11 3.39 6,977 12 12 1.96 1.43
ANZBankingGroup 12 2.81 5,778 23 7 3.68 -0.87
GoldmanSachs 13 2.09 4,290 8 37 0.13 1.96
Scotiabank 14 1.32 2,708 14 15 1.77 -0.45
BNPParibas 15 1.22 2,515 9 5 4.47 -3.25
CommonwealthBankAustralia 16 1.06 2,180 15 25 0.44 0.62
ChinaConstructionBank 17 0.92 1,900 3 28 0.39 0.53
Natixis 18 0.87 1,796 4 16 1.40 -0.53
UBS 19 0.79 1,631 8 30 0.38 0.41
MizuhoFinancial 20 0.76 1,573 7 29 0.39 0.37
TOTAL 100% 205,725 600 100%
OffshoreCNYBondsFY2015 FY2014
Firm RankMkt
Share(%)Volume(CNY
Mln)Deal
CountPrevRank
PrevMktShare(%)
MktShareChg(%)
HSBC 1 15.07 37,146 148 1 19.47 -4.40
StandardCharteredBank 2 11.03 27,190 74 2 12.29 -1.26
BNPParibas 3 8.01 19,736 61 6 5.49 2.52
CreditAgricoleCIB 4 7.64 18,816 58 3 6.72 0.92
BankofChina 5 5.31 13,081 29 5 5.54 -0.23
Citi 6 4.94 12,170 35 18 1.28 3.66
DBSGroup 7 3.63 8,942 39 4 6.00 -2.37
DeutscheBank 8 3.05 7,518 21 9 3.40 -0.35
Barclays 9 2.74 6,747 15 10 3.02 -0.28
Scotiabank 10 2.46 6,074 25 27 0.55 1.91
UBS 11 2.46 6,053 47 12 2.65 -0.19
ChinaConstructionBank 12 2.31 5,688 15 16 1.67 0.64
AgriculturalBankofChinaLtd 13 2.28 5,627 19 11 2.66 -0.38
BankofCommunications 14 2.04 5,032 34 14 1.72 0.32
SocieteGenerale 15 1.95 4,803 18 39 0.31 1.64
Industrial&CommBankofChina
16 1.92 4,722 13 8 3.70 -1.78
ANZBankingGroup 17 1.81 4,454 21 13 1.92 -0.11
KGISecuritiesCoLtd 18 1.61 3,961 25 34 0.41 1.20
MegaFinancialHoldingCoLtd 19 1.58 3,888 25 40 0.23 1.35
JPMorgan 20 1.25 3,089 12 20 0.97 0.28
TOTAL 100% 246,428 681 100%
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Bloomberg Fixed Income - 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.
General Guidelines Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party.
Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.
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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. Increases and fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables.
USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD 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 are eligible for credit.
Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant high yield table.
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 USD 50 million. Note: criteria may vary for some local and/or regional tables.
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