GLOBAL FIXED INCOME - Bloomberg Finance L.P. · 2018. 12. 21. · RBC Capital Markets 15 1.588...

GLOBAL FIXEDINCOMELEAGUE TABLESFY 2018 PreliminaryAs of 21 December 2018

CONTENTS

1. Global market review2. US market review3. Canada market review4. Latin America market review5. EMEA market review6. Asia market review7. Table criteria

DATA SUBMISSIONS AND QUERIES

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 differentcurrencies.

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North America

EMEA

Asia-Pacific

Contact EmailPhone

MANAGER RANKINGS

GLOBAL FIXED INCOME

FY 2018 PRELIMINARY AS OF 21 DECEMBER 2018

© 2018 Bloomberg Finance L.P. All rights reserved.

Robert Dienst +1 609 279 3691 [email protected]

Dimitris Gogos +44 20 3525 8149 [email protected]

Jennifer Passos +65 6231 3677 [email protected]

Bloomberg PreliminaryGlobalFixedIncome|FY2018

BloombergLeagueTableReports Page1

GlobalFixedIncomeReviewFY2018creditedCorporate&FinancialBondsvolumedecreased6.66%toUSD4.1Trlnwhiledealcountdecreased6.29%to15,991offeringsyear-on-year.CorporateBondsvolumedecreased11.70%year-on-yeartoUSD1.9Trlnwhilethedealcountdecreased10.25%to6,620.FinancialBondsvolumedecreased1.81%year-on-yeartoUSD2.2Trlnover9,207deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforFY2018with5.08%marketshare.Thebankunderwrote1,350dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith4.69%and4.39%marketshare,respectively.

Corporate&FinancialBonds:HighlightsofFY2018

Corporate&FinancialBonds:QuarterlyVolume

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1,2001,200

US

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1,4001,400

1,0001,000

2,0002,000

3,0003,000

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6,0006,000D

ealCount

DealC

ount

00

6,5006,500

DealCount Other HighYield

InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 1,350

Volume(USDMln) 210,024

AvgDealsize(USDMln) 155.6

MarketSummaryNumberofdeals 15,991

Volume(USDMln) 4,131,858


Issuer Industry Volume(USDMln) Date

CVSHealthCorp HealthCare 9,000 03/06/2018


AgriculturalBankofChinaLtd Financials 6,312 04/27/2018

ChinaConstructionBankCorp Financials 6,257 09/25/2018


BankofChinaLtd Financials 5,851 09/05/2018

BankofChinaLtd Financials 5,806 10/11/2018

ChinaMinshengBankingCorpLtd Financials 5,770 11/22/2018

ChinaConstructionBankCorp Financials 5,746 10/29/2018

PingAnBankCoLtd Financials 5,076 12/18/2018

Financials54%

Industrials9%

ConsumerDiscretionary8%

Utilities6%

Others23%

GlobalCorporateLeveragedFinance:QuarterlyVolume

Q420

13

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13

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14

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14

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15

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15

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16

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17

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400400

US

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500500

CorporateHighYieldBonds

GlobalSponsor-LedLoans

Corporate&FinancialBonds:IndustryBreakdown

Corporate&FinancialBonds:SpreadtoBenchmark

Q420

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Q420

13

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16

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400400

Bas

isp

oint

sB

asis

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600600

HighYield

InvestmentGrade

54%

9%

8%

6%

23%



CorporateBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 5.973 115,130 837 1 7.402 -1.429

BankofAmericaMerrillLynch 2 5.951 114,718 795 2 6.605 -0.654

Citi 3 5.002 96,424 757 3 5.905 -0.903

Barclays 4 4.290 82,695 583 5 4.617 -0.327

GoldmanSachs 5 3.881 74,819 491 4 4.744 -0.863

MorganStanley 6 3.598 69,357 655 6 4.511 -0.913

HSBC 7 3.336 64,312 523 8 3.316 0.020

MizuhoFinancial 8 3.208 61,830 641 12 2.875 0.333

BNPParibas 9 3.163 60,975 484 10 2.982 0.181

DeutscheBank 10 3.148 60,676 449 7 4.429 -1.281

WellsFargo 11 2.980 57,441 383 11 2.928 0.052

MitsubishiUFJFinancialGroupInc 12 2.522 48,610 400 13 2.283 0.239

CreditSuisse 13 2.507 48,324 418 9 3.014 -0.507

RBCCapitalMarkets 14 2.397 46,205 378 14 2.241 0.156

SumitomoMitsuiFinancial 15 2.240 43,179 460 17 1.352 0.888

SocieteGenerale 16 1.772 34,165 268 15 1.744 0.028

CreditAgricoleCIB 17 1.395 26,891 238 18 1.277 0.118

BankofChina 18 1.262 24,327 220 29 0.721 0.541

ChinaSecurities 19 1.176 22,671 261 27 0.745 0.431

ChinaConstructionBank 20 1.174 22,626 225 25 0.797 0.377

TOTAL 100% 1,927,655 6,620 100%

FinancialBondsFY2018 FY2017


HSBC 1 4.596 99,990 648 6 4.080 0.516

JPMorgan 2 4.362 94,894 513 3 4.559 -0.197

Citi 3 3.856 83,885 553 2 4.981 -1.125

MorganStanley 4 3.737 81,313 565 1 5.188 -1.451

GoldmanSachs 5 3.690 80,286 431 4 4.526 -0.836


DeutscheBank 7 3.092 67,268 388 9 2.614 0.478

Barclays 8 2.777 60,426 345 8 2.997 -0.220

UBS 9 2.537 55,199 369 7 3.158 -0.621

BNPParibas 10 2.404 52,298 315 11 2.080 0.324

CreditSuisse 11 2.209 48,066 341 10 2.275 -0.066


WellsFargo 13 1.756 38,202 210 12 1.981 -0.225

BankofChina 14 1.671 36,363 261 18 1.154 0.517


CITICSecurities 16 1.578 34,337 184 15 1.522 0.056


LandesbankHessen-ThuringenGirozentrale 18 1.383 30,085 258 16 1.264 0.119


Industrial&CommBankofChina 20 1.311 28,516 216 17 1.199 0.112

TOTAL 100% 2,175,689 9,207 100%

SyndicatedGovernmentBondsFY2018 FY2017


Citi 1 6.898 94,077 445 1 7.862 -0.964

JPMorgan 2 6.474 88,291 567 2 6.893 -0.419

HSBC 3 6.289 85,768 481 3 6.271 0.018

Barclays 4 6.155 83,940 341 4 6.018 0.137

TDSecurities 5 4.743 64,681 455 8 4.223 0.520

DeutscheBank 6 4.585 62,534 335 6 4.638 -0.053


GoldmanSachs 8 3.753 51,188 208 7 4.307 -0.554

Nomura 9 3.672 50,077 470 10 3.545 0.127


BNPParibas 11 2.818 38,430 193 9 3.962 -1.144

MorganStanley 12 2.732 37,259 639 12 2.351 0.381


SocieteGenerale 14 2.208 30,110 118 14 2.217 -0.009

NatWestMarkets 15 2.164 29,520 155 20 1.370 0.794

UniCredit 16 2.038 27,793 107 13 2.241 -0.203

BMOCapitalMarkets 17 1.722 23,481 102 17 1.578 0.144

WellsFargo 18 1.691 23,062 464 16 1.659 0.032

Commerzbank 19 1.650 22,504 84 21 1.338 0.312

NationalBankFinancialInc 20 1.459 19,898 153 22 1.302 0.157

TOTAL 100% 1,363,821 6,355 100%

InternationalBondsFY2018 FY2017


JPMorgan 1 7.266 262,857 1,619 1 8.013 -0.747

HSBC 2 6.289 227,517 1,385 4 5.693 0.596

Citi 3 6.189 223,872 1,408 2 7.121 -0.932

BankofAmericaMerrillLynch 4 5.743 207,750 1,207 3 6.447 -0.704

Barclays 5 5.449 197,133 1,077 5 5.647 -0.198

GoldmanSachs 6 4.823 174,466 886 6 5.624 -0.801

DeutscheBank 7 4.656 168,430 954 7 4.901 -0.245

BNPParibas 8 4.081 147,628 954 9 4.004 0.077

MorganStanley 9 3.653 132,147 831 8 4.150 -0.497




CreditSuisse 13 2.335 84,464 644 10 2.525 -0.190

WellsFargo 14 2.033 73,538 471 13 1.947 0.086

UniCredit 15 1.825 66,028 400 15 1.861 -0.036


TDSecurities 17 1.806 65,315 417 18 1.504 0.302

NatWestMarkets 18 1.730 62,600 316 22 1.338 0.392

UBS 19 1.586 57,357 377 14 1.862 -0.276


TOTAL 100% 3,617,507 9,896 100%



GlobalBondsFY2018 FY2017


JPMorgan 1 10.760 105,773 479 1 11.722 -0.962

BankofAmericaMerrillLynch 2 10.257 100,830 504 2 10.243 0.014

Citi 3 9.026 88,731 440 3 9.966 -0.940

Barclays 4 7.868 77,346 316 6 6.324 1.544

GoldmanSachs 5 7.527 73,991 307 4 8.642 -1.115

HSBC 6 6.396 62,876 183 9 4.101 2.295

MorganStanley 7 5.896 57,960 292 5 6.818 -0.922

WellsFargo 8 4.849 47,664 270 8 4.387 0.462

DeutscheBank 9 4.039 39,706 188 7 4.674 -0.635


TDSecurities 11 3.720 36,573 150 10 3.632 0.088


CreditSuisse 13 2.224 21,867 157 13 2.188 0.036

MitsubishiUFJFinancialGroupInc 14 2.093 20,575 169 12 2.240 -0.147

BNPParibas 15 1.795 17,641 122 14 2.147 -0.352

Nomura 16 1.632 16,042 34 16 1.992 -0.360


Scotiabank 18 1.398 13,747 73 19 1.126 0.272

BMOCapitalMarkets 19 1.286 12,641 46 17 1.349 -0.063

USBancorp 20 1.094 10,758 111 18 1.203 -0.109

TOTAL 100% 983,041 1,155 100%

CorporateHighYieldBondsFY2018 FY2017


CreditSuisse 1 6.070 23,580 202 5 5.828 0.242

JPMorgan 2 6.052 23,508 225 1 8.172 -2.120

GoldmanSachs 3 5.256 20,418 177 2 6.566 -1.310

Barclays 4 5.235 20,333 165 6 5.700 -0.465


DeutscheBank 6 4.734 18,389 191 8 4.739 -0.005

MorganStanley 7 4.669 18,135 178 4 5.979 -1.310

Citi 8 4.506 17,502 163 7 5.470 -0.964

WellsFargo 9 3.784 14,699 118 9 3.326 0.458

HSBC 10 2.768 10,753 143 10 2.825 -0.057

BNPParibas 11 2.536 9,850 118 12 2.044 0.492

RBCCapitalMarkets 12 2.525 9,807 102 11 2.544 -0.019

UBS 13 1.772 6,882 93 13 1.949 -0.177

BankofChina 14 1.537 5,970 45 30 0.659 0.878


CreditAgricoleCIB 16 1.353 5,256 62 15 1.445 -0.092

HaitongSecurities 17 1.335 5,184 99 20 0.995 0.340


Jefferies 19 1.254 4,869 36 14 1.833 -0.579

GuotaiJunanSecurities 20 1.190 4,621 81 29 0.702 0.488

TOTAL 100% 388,430 1,110 100%

GlobalGreenBonds-Corporate&GovernmentFY2018 FY2017



HSBC 2 5.918 7,878 56 2 6.404 -0.486

BNPParibas 3 5.393 7,180 47 3 4.901 0.492


SEB 5 3.699 4,924 49 9 3.533 0.166

JPMorgan 6 3.571 4,755 29 4 4.790 -1.219

Citi 7 3.491 4,647 32 7 3.749 -0.258


Barclays 9 2.810 3,741 22 8 3.719 -0.909

INGGroep 10 2.776 3,695 19 30 0.981 1.795

Natixis 11 2.214 2,947 18 10 2.874 -0.660



BankofChina 14 1.773 2,361 18 32 0.942 0.831

UniCredit 15 1.656 2,205 13 25 1.278 0.378

TDSecurities 16 1.651 2,198 19 18 1.645 0.006

DeutscheBank 17 1.645 2,189 16 16 1.901 -0.256

Industrial&CommBankofChina 18 1.613 2,147 21 13 2.131 -0.518

DanskeBank 19 1.578 2,100 22 37 0.675 0.903

AgriculturalBankofChina 20 1.519 2,022 18 23 1.380 0.139

TOTAL 100% 133,124 450 100%

GlobalSukukFY2018 FY2017


CIMB 1 10.495 4,555 112 2 11.158 -0.663

HSBC 2 9.502 4,124 35 3 8.926 0.576

Maybank 3 9.067 3,935 145 1 12.627 -3.560

RHB 4 7.562 3,282 135 8 4.476 3.086

StandardCharteredBank 5 7.462 3,239 31 4 5.431 2.031

AmInvestmentBankBhd 6 7.030 3,051 109 5 5.003 2.027

Citi 7 5.546 2,407 15 7 4.571 0.975

DubaiIslamicBank 8 4.118 1,787 15 12 3.263 0.855

JPMorgan 9 3.303 1,434 10 6 4.961 -1.658

AffinHwangCapital 10 2.545 1,105 50 16 1.490 1.055

BNPParibas 11 2.516 1,092 5 13 3.203 -0.687

FirstAbuDhabiBankPJSC 12 2.457 1,066 12 11 3.377 -0.920

AbuDhabiIslamicBank 13 2.399 1,041 8 - - 2.399

EmiratesNBDPJSC 14 2.187 949 13 14 2.645 -0.458

GulfInternationalBankBSC 15 1.886 819 4 15 2.237 -0.351

Natixis 16 1.734 752 5 26 0.718 1.016

KenangaInvestmentBankBhd 17 1.659 720 40 25 0.736 0.923

SharjahIslamicBank 18 1.356 588 5 37 0.332 1.024

KuwaitFinanceHouse 19 1.350 586 7 24 0.758 0.592

MizuhoFinancial 20 1.344 583 3 55 0.104 1.240

TOTAL 100% 43,401 415 100%



InternationalSukukFY2018 FY2017


HSBC 1 13.544 3,394 20 1 14.119 -0.575


Citi 3 9.605 2,407 15 4 8.397 1.208

DubaiIslamicBank 4 7.132 1,787 15 7 5.994 1.138

JPMorgan 5 5.721 1,434 10 3 9.113 -3.392

CIMB 6 5.055 1,267 6 21 0.858 4.197


AbuDhabiIslamicBank 8 4.155 1,041 8 - - 4.155

EmiratesNBDPJSC 9 3.788 949 13 10 4.858 -1.070

GulfInternationalBankBSC 10 3.267 819 4 11 2.638 0.629

BNPParibas 11 3.116 781 4 8 5.734 -2.618

Natixis 12 3.003 752 5 15 1.318 1.685

SharjahIslamicBank 13 2.348 588 5 23 0.610 1.738


KuwaitFinanceHouse 15 2.215 555 3 16 1.157 1.058

LandesbankBaden-Wuerttemberg 16 1.781 446 3 - - 1.781

SumitomoMitsuiFinancial 17 1.621 406 3 35 0.191 1.430

NoorBank 18 1.347 337 6 13 1.815 -0.468

SambaCapital 19 1.330 333 1 - - 1.330

BedfordRowCapitalAdvisersLtd 20 1.260 316 2 - - 1.260

TOTAL 100% 25,058 43 100%



USFixedIncomeReviewFY2018creditedUSCorporateBondsvolumedecreased19.13%toUSD1.4Trlnwhiledealcountdecreased19.42%to2,436offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumedecreased12.84%year-on-yeartoUSD1.2Trlnwhilethedealcountdecreased15.56%to1,878.USHighYieldCorporateBondsvolumedecreased42.28%year-on-yeartoUSD180.9Blnover389deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforFY2018with11.16%marketshare.Thebankunderwrote948dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith10.79%and9.24%marketshare,respectively.

USCorporateBonds:HighlightsofFY2018

USDomesticBonds:QuarterlyVolume

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ountD

ealCount

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1,8001,800


InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 948

Volume(USDMln) 159,852



Volume(USDMln) 1,431,847








ComcastCorp Communications 4,000 10/02/2018

ComcastCorp Communications 4,000 10/02/2018

HalfmoonParentInc HealthCare 3,800 09/06/2018

AT&TInc Communications 3,750 08/16/2018

GoldmanSachsGroupInc/The Financials 3,500 04/18/2018

Financials39%

HealthCare10%

Energy9%


Communications7%

ConsumerStaples7%

Utilities6%

Industrials6%

Others7%

USLeveragedFinance:QuarterlyVolume

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13

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14

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14

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15

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16

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USLeveragedLoans

USHighYieldCorporateBonds

USCorporateBonds:IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

Q420

13

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14

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15

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HighYield

InvestmentGrade

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10%9%

8%

7%

7%

6%

6%

7%



USDomesticBondsFY2018 FY2017


JPMorgan 1 10.120 194,539 1,112 1 11.077 -0.957

Citi 2 9.688 186,244 1,052 2 10.488 -0.800

BankofAmericaMerrillLynch 3 9.465 181,964 1,048 3 9.259 0.206

GoldmanSachs 4 6.973 134,045 745 4 7.662 -0.689

Barclays 5 6.914 132,922 688 6 5.693 1.221

MorganStanley 6 6.269 120,518 1,130 5 6.565 -0.296

WellsFargo 7 5.996 115,262 1,015 7 5.347 0.649

HSBC 8 5.029 96,671 512 9 4.187 0.842

DeutscheBank 9 3.781 72,688 477 8 4.318 -0.537


CreditSuisse 11 2.924 56,221 373 10 2.854 0.070

TDSecurities 12 2.784 53,523 370 14 2.223 0.561


BNPParibas 14 2.332 44,835 282 13 2.259 0.073


Nomura 16 1.599 30,739 239 17 1.675 -0.076


UBS 18 1.092 21,001 163 15 2.060 -0.968

USBancorp 19 1.035 19,901 190 18 1.015 0.020


TOTAL 100% 1,922,398 5,012 100%

USAgencyBondsFY2018 FY2017


WellsFargo 1 10.917 26,607 641 2 9.634 1.283

Barclays 2 10.391 25,324 95 1 9.750 0.641

Nomura 3 9.116 22,217 244 4 9.119 -0.003

TDSecurities 4 7.387 18,004 184 5 6.705 0.682

Citi 5 7.339 17,886 170 3 9.206 -1.867

JPMorgan 6 5.660 13,795 225 6 5.580 0.080

HSBC 7 4.298 10,475 127 8 3.658 0.640

FTNFinancial 8 3.722 9,070 418 13 2.701 1.021

Jefferies 9 3.526 8,592 202 7 4.074 -0.548

MorganStanley 10 3.341 8,143 559 9 3.546 -0.205

DaiwaSecurities 11 3.259 7,942 207 10 3.051 0.208

INTLFCStoneInc 12 2.743 6,684 319 14 2.609 0.134

MizuhoFinancial 13 2.595 6,324 212 11 2.913 -0.318

DeutscheBank 14 2.385 5,813 118 20 1.466 0.919

Incapital 15 2.155 5,251 408 15 2.588 -0.433


LoopCapitalMarketsLLC 17 1.807 4,405 103 19 1.678 0.129

BankofNewYorkMellon 18 1.621 3,951 198 16 2.503 -0.882

Stifel 19 1.593 3,883 275 18 1.784 -0.191

RaymondJames&Associates 20 1.489 3,630 262 24 1.026 0.463

TOTAL 100% 243,712 3,893 100%

USCorporateBondsFY2018 FY2017


JPMorgan 1 11.164 159,852 948 1 11.573 -0.409


Citi 3 9.237 132,260 827 3 9.900 -0.663

GoldmanSachs 4 7.561 108,257 624 4 8.593 -1.032

MorganStanley 5 7.070 101,236 636 5 7.822 -0.752

WellsFargo 6 6.441 92,225 552 6 5.720 0.721

Barclays 7 6.419 91,908 573 7 5.232 1.187

HSBC 8 4.263 61,044 323 10 3.273 0.990

CreditSuisse 9 3.705 53,051 365 9 3.693 0.012


DeutscheBank 11 3.180 45,531 332 8 4.098 -0.918



BNPParibas 14 2.549 36,494 256 15 1.978 0.571


UBS 16 1.417 20,286 157 12 2.660 -1.243

USBancorp 17 1.390 19,901 190 16 1.357 0.033

TDSecurities 18 1.385 19,826 182 17 1.081 0.304



TOTAL 100% 1,431,846 2,436 100%

USDollarForeignIssuerBondsFY2018 FY2017


Citi 1 9.293 105,975 588 1 9.264 0.029

HSBC 2 7.903 90,120 499 3 7.544 0.359

JPMorgan 3 7.432 84,753 460 2 8.842 -1.410


GoldmanSachs 5 6.019 68,636 338 5 5.396 0.623

Barclays 6 5.467 62,342 289 8 4.217 1.250

MorganStanley 7 4.772 54,417 340 7 4.472 0.300

DeutscheBank 8 4.349 49,593 241 6 4.887 -0.538

BNPParibas 9 3.310 37,750 241 9 3.397 -0.087



CreditSuisse 12 2.606 29,714 185 11 2.584 0.022

TDSecurities 13 2.583 29,458 112 13 2.282 0.301



UBS 16 1.771 20,192 166 10 2.931 -1.160

Nomura 17 1.540 17,567 89 15 1.592 -0.052




TOTAL 100% 1,140,394 2,541 100%



USInvestmentGradeCorporateBondsFY2018 FY2017


JPMorgan 1 11.499 141,365 782 1 11.891 -0.392


Citi 3 9.616 118,216 702 3 10.386 -0.770

GoldmanSachs 4 7.688 94,511 514 4 8.952 -1.264

MorganStanley 5 7.267 89,338 512 5 8.084 -0.817

WellsFargo 6 6.403 78,716 443 6 5.853 0.550

Barclays 7 6.296 77,402 469 7 4.962 1.334

HSBC 8 4.643 57,081 278 9 3.570 1.073




CreditSuisse 12 3.018 37,102 255 10 3.120 -0.102

DeutscheBank 13 2.888 35,506 244 8 4.136 -1.248

BNPParibas 14 2.663 32,737 218 15 2.187 0.476


USBancorp 16 1.575 19,360 180 16 1.558 0.017

TDSecurities 17 1.496 18,395 160 17 1.198 0.298

UBS 18 1.428 17,554 119 12 2.866 -1.438


Scotiabank 20 0.802 9,858 107 22 0.733 0.069

TOTAL 100% 1,229,395 1,878 100%

USHighYieldCorporateBondsFY2018 FY2017


JPMorgan 1 9.356 16,924 149 1 10.608 -1.252

CreditSuisse 2 8.835 15,980 109 7 6.419 2.416

Barclays 3 8.139 14,723 108 5 7.236 0.903

WellsFargo 4 7.592 13,732 108 8 5.865 1.727

GoldmanSachs 5 7.352 13,299 107 3 8.062 -0.710


Citi 7 6.206 11,226 99 4 7.581 -1.375

MorganStanley 8 6.052 10,947 106 6 6.651 -0.599

DeutscheBank 9 5.319 9,621 87 9 4.482 0.837


Jefferies 11 2.247 4,065 26 11 2.994 -0.747


SunTrustRobinsonHumphrey 13 1.603 2,900 31 13 1.670 -0.067


HSBC 15 1.575 2,848 36 15 1.618 -0.043


BNPParibas 17 1.421 2,571 30 17 1.198 0.223


UBS 19 1.245 2,251 25 14 1.634 -0.389


TOTAL 100% 180,882 389 100%

USDollarPreferredsFY2018 FY2017



MorganStanley 2 16.334 3,017 48 1 21.572 -5.238

WellsFargo 3 15.399 2,844 37 2 14.692 0.707

JPMorgan 4 12.216 2,256 15 7 6.280 5.936

UBS 5 9.545 1,763 31 4 12.990 -3.445


Stifel 7 2.967 548 18 6 7.270 -4.303

Citi 8 1.567 289 8 8 2.159 -0.592

LadenburgThalmann&Co 9 1.111 205 14 12 1.196 -0.085

JanneyMontgomeryScottLLC 10 1.053 194 12 15 0.738 0.315

Barclays 11 0.975 180 2 - - 0.975

GoldmanSachs 12 0.870 161 2 18 0.499 0.371

BRiley&Co 13 0.672 124 8 28 0.177 0.495

USBancorp 14 0.623 115 1 - - 0.623

HSBC 15 0.433 80 1 - - 0.433

CreditSuisse 16 0.375 69 3 18 0.499 -0.124

KeyBancCapitalMarkets 17 0.329 61 1 23 0.303 0.026

WilliamBlair&CoLLC 18 0.297 55 4 21 0.321 -0.024

AGP/AllianceGlobalPartnersCorp 19 0.271 50 1 - - 0.271

BB&T 20 0.265 49 6 16 0.616 -0.351

TOTAL 100% 18,469 84 100%



CanadaFixedIncomeReviewFY2018creditedCanadaCorporateBondsvolumedecreased12.23%toCAD95.9Blnwhiledealcountdecreased11.54%to207offeringsyear-on-year.CanadaCorporateBonds-Bonusvolumedecreased12.23%year-on-yeartoCAD95.9Blnwhilethedealcountdecreased11.54%to207.CanadaGovernmentBondsvolumeincreased3.29%year-on-yeartoCAD108.8Blnover333deals.TDSecuritiesrankedasthetopCanadaCorporateBondsunderwriterforFY2018with22.19%marketshare.Thebankunderwrote89dealsovertheperiod.RBCCapitalMarketsandBMOCapitalMarketsrankedsecondandthirdwith20.04%and17.40%marketshare,respectively.

CanadaCorporateBonds

FY2018 FY2017

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

TDSecurities 1 22.193 21,277 89 3 17.832 4.361



CIBC 4 16.631 15,945 76 2 18.069 -1.438

Scotiabank 5 11.740 11,255 53 5 12.201 -0.461

HSBC 6 3.960 3,796 22 6 4.200 -0.240

NationalBankFinancialInc 7 3.611 3,462 21 7 3.898 -0.287

LaurentianBankofCanada 8 1.304 1,250 3 10 0.931 0.373


DesjardinsCapitalMarkets 10 0.765 733 6 9 1.068 -0.303

TOTAL 100% 95,873 207 100%

CanadaGovernmentBonds

FY2018 FY2017

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

NationalBankFinancialInc 1 22.982 24,996 127 1 24.120 -1.138


TDSecurities 3 15.952 17,350 37 2 20.502 -4.550

CIBC 4 14.982 16,295 114 4 14.639 0.343

Scotiabank 5 12.973 14,110 32 6 9.242 3.731


HSBC 7 0.454 494 4 8 0.386 0.068

DesjardinsCapitalMarkets 8 0.325 353 14 7 0.422 -0.097

BankofAmericaMerrillLynch 9 0.230 250 2 9 0.348 -0.118

Casgrain&Co 10 0.218 238 4 11 0.088 0.130

TOTAL 100% 108,763 333 100%

Financials59%


Industrials8%

Utilities7%

Energy6%

Communications5%

Others5%

CanadaCorporateBonds:QuarterlyVolume

Q420

13

Q420

13

Q420

14

Q420

14

Q420

15

Q420

15

Q420

16

Q420

16

Q420

17

Q420

17

QuartersQuarters

Q420

18

Q420

18

1010

2020

3030

US

DB

lnU

SD

Bln

00

4040

2020

4040

6060

8080

DealC

ountD

ealCount

00

9090

DealCount Amount

CanadaCorporateBonds:IndustryBreakdown

59%

10%

8%

7%

6%5%

5%

CanadaCorporateBonds:ManagerRankingsHistory

TDS

ecuri

ties

RBC

Capit

alMa

rkets

BMO

Capit

alMa

rkets

CIBC

Scoti

aban

k

HSBC

10

20

Mar

ketS

hare

(%)

0

30

2018 2017 2016



LatinAmericaFixedIncomeReviewFY2018creditedLatinAmericanBondsvolumedecreased29.21%toUSD132.5Blnwhiledealcountdecreased22.44%to636offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumeincreased1.62%year-on-yeartoUSD69.5Blnwhilethedealcountdecreased10.47%to838.BrazilianDomesticBondsvolumeincreased38.70%year-on-yeartoBRL120.9Blnover347deals.CitirankedasthetopLatinAmericanBondsunderwriterforFY2018with12.01%marketshare.Thebankunderwrote74dealsovertheperiod.BancoItauBBAandBancoSantanderrankedsecondandthirdwith9.18%and8.50%marketshare,respectively.

LatinAmericanBonds

FY2018 FY2017


Citi 1 12.006 15,908 74 1 12.085 -0.079

BancoItauBBA 2 9.183 12,168 115 5 7.147 2.036

BancoSantander 3 8.499 11,261 99 2 9.344 -0.845

JPMorgan 4 8.154 10,805 44 3 9.170 -1.016

HSBC 5 8.041 10,654 52 4 9.118 -1.077

BradescoBBISA 6 6.846 9,071 90 8 4.904 1.942

DeutscheBank 7 4.939 6,544 14 9 4.007 0.932

BancoBilbaoVizcayaArgentaria 8 4.919 6,517 64 7 5.671 -0.752

Scotiabank 9 4.266 5,653 56 12 2.657 1.609

BancodoBrasilSA 10 4.107 5,442 39 14 2.416 1.691

TOTAL 100% 132,503 636 100%

LatinAmericanLocalCurrencyBonds

FY2018 FY2017


BancoItauBBA 1 15.279 10,613 103 1 11.919 3.360

BradescoBBISA 2 11.785 8,186 81 3 9.506 2.279

BancoSantander 3 8.678 6,028 76 2 11.419 -2.741

JPMorgan 4 7.937 5,513 117 8 4.010 3.927

Scotiabank 5 6.096 4,234 50 7 4.833 1.263

BancodoBrasilSA 6 6.074 4,219 29 12 2.540 3.534

Citi 7 5.788 4,020 54 5 6.350 -0.562


HSBC 9 4.205 2,921 44 6 5.102 -0.897

BankABC 10 3.239 2,250 9 23 0.893 2.346

TOTAL 100% 69,464 838 100%

Government30%

Financials19%

Energy13%

Utilities12%


Others20%

LatinAmericanBonds:QuarterlyVolume

Q420

13

Q420

13

Q420

14

Q420

14

Q420

15

Q420

15

Q420

16

Q420

16

Q420

17

Q420

17

QuartersQuarters

Q420

18

Q420

18

2020

4040

6060

US

DB

lnU

SD

Bln

00

8080

200200

400400 DealCount

DealC

ount

00

600600

DealCount Amount

LatinAmericanBonds:IndustryBreakdown

30%

19%13%

12%

6%

20%

LatinAmericanBonds:ManagerRankingsHistory

Citi

Banc

oItau

BBA

Banc

oSan

tande

r

JPM

organ

HSBC

Brad

esco

BBI

SA

5

10

Mar

ketS

hare

(%)

0

15

2018 2017 2016



EMEAFixedIncomeReviewFY2018creditedEuropeanCorporate&FinancialBondsvolumedecreased1.67%toEUR1.2Trlnwhiledealcountdecreased2.29%to5,331offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumedecreased21.01%year-on-yeartoEUR271.5Blnwhilethedealcountdecreased19.08%to619.WesternEuropeanCorporateHighYieldBonds-Riskvolumedecreased37.14%year-on-yeartoEUR58.9Blnover181deals.HSBCrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforFY2018with6.39%marketshare.Thebankunderwrote453dealsovertheperiod.DeutscheBankandBarclaysrankedsecondandthirdwith5.46%and4.97%marketshare,respectively.

EuropeanCorporate&FinancialBonds:HighlightsofFY2018

EuropeanCorporate&FinancialBonds:QuarterlyVolume

Q42

013

Q42

013

Q42

014

Q42

014

Q42

015

Q42

015

Q42

016

Q42

016

Q42

017

Q42

017

QuartersQuarters

Q42

018

Q42

018

100100

200200

300300

400400

EU

RB

lnE

UR

Bln

00

500500

500500

1,0001,000

1,5001,500

DealC

ountD

ealCount

00

2,0002,000


InvestmentGrade

TopUnderwriterHSBC

Numberofdeals 453

Volume(EURMln) 75,716

AvgDealsize(EURMln) 167.1


Volume(EURMln) 1,184,760

AvgDealsize(EURMln) 222.2

Issuer Industry Volume(EURMln) Date

BayerUSFinanceIILLC HealthCare 3,016 06/18/2018

UniCreditSpA Financials 2,658 11/27/2018

VodafoneGroupPLC Communications 2,566 05/23/2018

VodafoneGroupPLC Communications 2,566 05/23/2018

HSBCHoldingsPLC Financials 2,548 06/12/2018

BarclaysPLC Financials 2,156 08/07/2018

BayerUSFinanceIILLC HealthCare 2,154 06/18/2018

HSBCHoldingsPLC Financials 2,151 09/05/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,039 03/20/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,039 03/20/2018

Financials62%


Others28%

EuropeanCorporate&FinancialBonds:IndustryBreakdown

EuropeanCorporate&FinancialBonds:SpreadtoBenchmark

Q420

13

Q420

13

Q420

14

Q420

14

Q420

15

Q420

15

Q420

16

Q420

16

Q420

17

Q420

17

QuartersQuarters

Q420

18

Q420

18

200200

400400

600600

Bas

isp

oint

sB

asis

poi

nts

00

700700

HighYield

InvestmentGrade

62%10%

28%



EuropeanBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

HSBC 1 6.527 104,051 597 1 6.000 0.527

Barclays 2 5.593 89,159 468 2 5.731 -0.138

DeutscheBank 3 5.055 80,578 512 4 5.084 -0.029

JPMorgan 4 4.828 76,971 498 5 4.573 0.255

BNPParibas 5 4.800 76,521 475 3 5.227 -0.427

Citi 6 4.017 64,044 460 6 4.351 -0.334



GoldmanSachs 9 3.415 54,440 320 7 3.750 -0.335


UniCredit 11 2.965 47,266 382 11 3.398 -0.433

NatWestMarkets 12 2.747 43,788 257 14 2.523 0.224

CreditSuisse 13 2.479 39,526 343 13 2.547 -0.068

MorganStanley 14 2.388 38,069 272 15 2.292 0.096

UBS 15 2.210 35,229 268 12 2.666 -0.456

Commerzbank 16 2.097 33,437 262 17 1.801 0.296

Natixis 17 2.013 32,096 263 18 1.721 0.292

BancoSantander 18 1.989 31,710 211 16 2.199 -0.210

LandesbankHessen-ThuringenGirozentrale

19 1.746 27,838 298 20 1.555 0.191

DanskeBank 20 1.680 26,781 362 25 1.195 0.485

TOTAL 100% 1,594,177 6,705 100%

WesternEuropeanBondsFY2018 FY2017


HSBC 1 6.562 102,676 586 1 6.054 0.508

Barclays 2 5.633 88,134 461 2 5.766 -0.133

BNPParibas 3 5.054 79,073 467 3 5.605 -0.551

DeutscheBank 4 4.975 77,842 493 4 5.016 -0.041

JPMorgan 5 4.636 72,538 460 5 4.289 0.347

Citi 6 3.802 59,484 427 6 4.173 -0.371



GoldmanSachs 9 3.419 53,500 314 7 3.704 -0.285

UniCredit 10 3.297 51,586 338 8 3.681 -0.384


NatWestMarkets 12 2.927 45,788 258 13 2.601 0.326

UBS 13 2.520 39,433 258 12 2.649 -0.129

CreditSuisse 14 2.496 39,058 334 14 2.579 -0.083

MorganStanley 15 2.413 37,749 266 15 2.336 0.077

Commerzbank 16 2.145 33,565 250 17 1.773 0.372

Natixis 17 2.013 31,502 257 18 1.759 0.254

BancoSantander 18 1.977 30,939 206 16 2.287 -0.310


DanskeBank 20 1.705 26,669 361 25 1.232 0.473

TOTAL 100% 1,564,589 6,409 100%

EasternEuropeanBondsFY2018 FY2017


VTBCapital 1 12.432 8,848 58 1 11.884 0.548

JPMorgan 2 6.425 4,572 33 3 7.804 -1.379

UniCredit 3 5.641 4,015 55 9 3.462 2.179

Citi 4 5.571 3,965 23 6 4.510 1.061

Gazprombank 5 5.546 3,947 46 2 7.900 -2.354

SberbankCIBCJSC 6 5.535 3,939 55 4 7.094 -1.559

ErsteGroupBank 7 5.417 3,855 35 17 2.433 2.984

DeutscheBank 8 4.356 3,100 17 10 3.460 0.896


RaiffeisenBankInternationalGroup 10 3.346 2,381 27 5 4.513 -1.167

REGIONInvestmentCo 11 3.031 2,157 27 25 0.964 2.067

RosselkhozbankOJSC 12 2.798 1,991 18 20 1.490 1.308

INGGroep 13 2.417 1,720 12 13 2.931 -0.514

BNPParibas 14 2.387 1,699 10 8 3.893 -1.506

HSBC 15 2.298 1,636 11 16 2.438 -0.140

SovcombankICBJSC 16 2.221 1,581 26 14 2.549 -0.328

AlfaBank 17 1.755 1,249 16 24 1.029 0.726

Barclays 18 1.747 1,244 7 12 3.018 -1.271

IntesaSanpaolo 19 1.730 1,231 8 15 2.452 -0.722

PKOBankPolskiSA 20 1.718 1,223 10 22 1.372 0.346

TOTAL 100% 71,170 316 100%

WesternEuropeanCorporateHighYieldBonds-RiskFY2018 FY2017


GoldmanSachs 1 8.959 5,277 50 2 7.522 1.437

CreditSuisse 2 7.951 4,684 55 3 6.582 1.369

JPMorgan 3 6.838 4,028 50 1 8.517 -1.679

DeutscheBank 4 6.739 3,970 55 5 6.075 0.664

BNPParibas 5 6.317 3,721 56 4 6.203 0.114

Barclays 6 5.382 3,170 41 6 5.696 -0.314

Citi 7 4.131 2,433 33 9 4.339 -0.208

HSBC 8 4.011 2,362 39 8 5.110 -1.099


MorganStanley 10 3.295 1,941 23 7 5.434 -2.139



UniCredit 13 2.626 1,547 25 13 3.224 -0.598

INGGroep 14 2.516 1,482 24 14 2.878 -0.362

Natixis 15 2.007 1,182 19 17 1.681 0.326

UBS 16 1.697 1,000 16 16 1.937 -0.240

Nordea 17 1.668 982 17 19 1.336 0.332

DanskeBank 18 1.556 917 14 30 0.621 0.935

NatWestMarkets 19 1.513 891 15 15 2.385 -0.872

IntesaSanpaolo 20 1.172 691 11 18 1.617 -0.445

TOTAL 100% 58,903 181 100%



EMEACorporateInvestmentGradeBonds(incEM)FY2018 FY2017


BNPParibas 1 7.938 21,555 173 2 7.751 0.187


DeutscheBank 3 6.070 16,482 105 3 6.621 -0.551

HSBC 4 5.663 15,378 138 4 6.535 -0.872

UniCredit 5 4.664 12,666 95 9 3.901 0.763

Barclays 6 4.620 12,544 106 1 7.799 -3.179


JPMorgan 8 4.043 10,977 96 7 4.404 -0.361


INGGroep 10 3.829 10,398 85 19 1.866 1.963

GoldmanSachs 11 3.584 9,732 48 10 3.793 -0.209

Citi 12 3.500 9,503 99 6 5.081 -1.581


BancoSantander 14 3.172 8,614 70 11 3.543 -0.371

NatWestMarkets 15 2.838 7,707 74 15 2.592 0.246

Commerzbank 16 2.625 7,127 68 16 2.272 0.353


CreditSuisse 18 2.187 5,938 57 17 2.231 -0.044

MorganStanley 19 1.989 5,401 57 18 2.221 -0.232


TOTAL 100% 271,537 619 100%

EMEACorporateHighYieldBonds(incEM)-RiskFY2018 FY2017


GoldmanSachs 1 6.824 5,507 54 2 6.560 0.264

CreditSuisse 2 6.728 5,429 65 5 5.242 1.486

JPMorgan 3 6.406 5,169 65 1 8.516 -2.110

DeutscheBank 4 6.082 4,908 63 4 6.065 0.017

BNPParibas 5 6.024 4,861 71 6 4.966 1.058

Citi 6 5.112 4,125 50 9 4.409 0.703

Barclays 7 4.876 3,935 49 8 4.455 0.421

HSBC 8 4.771 3,850 58 7 4.687 0.084

MorganStanley 9 3.182 2,567 30 3 6.233 -3.051


UniCredit 11 2.835 2,288 34 11 3.359 -0.524



INGGroep 14 2.595 2,094 29 13 2.923 -0.328

Natixis 15 2.264 1,827 25 21 1.296 0.968

UBS 16 1.573 1,269 19 15 2.221 -0.648


NatWestMarkets 18 1.411 1,138 17 16 1.838 -0.427

DanskeBank 19 1.372 1,107 16 37 0.479 0.893

Nordea 20 1.289 1,040 21 22 1.101 0.188

TOTAL 100% 80,692 268 100%

EuroCurrencyBondsFY2018 FY2017


BNPParibas 1 6.249 75,185 463 1 6.582 -0.333

DeutscheBank 2 6.134 73,799 422 4 5.373 0.761

HSBC 3 5.895 70,922 458 3 5.602 0.293


JPMorgan 5 4.887 58,800 351 9 4.572 0.315


Barclays 7 4.696 56,501 293 2 5.766 -1.070

UniCredit 8 4.287 51,583 355 6 4.950 -0.663

GoldmanSachs 9 3.762 45,260 228 8 4.641 -0.879

Citi 10 3.550 42,711 297 10 4.147 -0.597

Commerzbank 11 3.366 40,492 269 12 2.688 0.678


Natixis 13 2.860 34,409 254 14 2.408 0.452

NatWestMarkets 14 2.655 31,941 160 18 2.035 0.620

LandesbankHessen-ThuringenGirozentrale

15 2.306 27,749 296 17 2.062 0.244

DZBank 16 2.281 27,448 287 22 1.429 0.852

INGGroep 17 2.236 26,902 210 19 2.001 0.235

MorganStanley 18 2.134 25,670 164 13 2.472 -0.338

BancoSantander 19 2.107 25,350 160 15 2.278 -0.171

LandesbankBaden-Wuerttemberg 20 2.104 25,314 274 16 2.167 -0.063

TOTAL 100% 1,203,138 3,762 100%

Euro&SterlingCorporate&FinancialBondsFY2018 FY2017


BNPParibas 1 6.425 60,030 409 1 6.420 0.005

DeutscheBank 2 6.352 59,351 358 4 5.527 0.825

HSBC 3 6.037 56,409 401 3 5.655 0.382


Barclays 5 4.241 39,626 284 2 6.122 -1.881

UniCredit 6 4.053 37,870 271 5 4.351 -0.298


JPMorgan 8 3.515 32,845 269 8 3.781 -0.266

GoldmanSachs 9 3.299 30,829 193 9 3.466 -0.167

NatWestMarkets 10 3.012 28,139 207 14 2.616 0.396

Natixis 11 2.902 27,117 208 17 2.213 0.689

UBS 12 2.831 26,451 116 21 1.743 1.088



Commerzbank 15 2.556 23,885 198 20 1.978 0.578

Citi 16 2.509 23,446 235 11 3.076 -0.567

BancoSantander 17 2.432 22,722 171 12 2.935 -0.503

INGGroep 18 2.426 22,666 187 19 2.030 0.396

MorganStanley 19 2.143 20,024 151 13 2.841 -0.698

CreditSuisse 20 1.850 17,286 158 16 2.308 -0.458

TOTAL 100% 934,381 2,999 100%



SterlingBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(GBPMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

HSBC 1 13.876 16,662 113 2 13.244 0.632

NatWestMarkets 2 11.982 14,388 109 3 9.098 2.884

Barclays 3 10.709 12,859 92 1 14.286 -3.577


LloydsBank 5 6.692 8,036 56 5 5.439 1.253

Nomura 6 5.206 6,252 42 15 2.335 2.871

JPMorgan 7 4.760 5,716 32 7 4.321 0.439

TDSecurities 8 4.307 5,171 43 16 1.777 2.530


DeutscheBank 10 3.841 4,612 27 6 5.039 -1.198

BancoSantander 11 3.363 4,038 28 10 4.214 -0.851

CreditSuisse 12 2.984 3,584 35 12 3.484 -0.500

Citi 13 2.970 3,566 30 9 4.234 -1.264

GoldmanSachs 14 2.497 2,998 17 13 2.723 -0.226

BNPParibas 15 2.253 2,705 20 14 2.639 -0.386

MorganStanley 16 1.936 2,325 14 8 4.286 -2.350

UBS 17 1.622 1,948 4 17 1.593 0.029

MonsasLtd 18 1.249 1,500 1 - - 1.249

FMSWertmanagement 19 0.999 1,200 1 19 1.208 -0.209

INGGroep 20 0.588 707 7 32 0.214 0.374

TOTAL 100% 120,079 386 100%

SwissFrancBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(CHFMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

CreditSuisse 1 26.076 14,914 152 1 26.299 -0.223

UBS 2 23.214 13,277 134 2 22.772 0.442

SchweizerischeKantonalbanken 3 11.424 6,534 33 3 13.439 -2.015

ZuercherKantonalbank 4 9.691 5,543 62 4 9.421 0.270

RaiffeisenSwitzerland 5 7.598 4,346 48 5 6.531 1.067

BNPParibas 6 3.248 1,858 17 6 4.040 -0.792

DeutscheBank 7 3.190 1,825 17 7 3.557 -0.367

BaslerKantonalbank 8 1.733 991 10 8 1.812 -0.079

HSBC 9 1.630 933 7 9 1.762 -0.132

Commerzbank 10 1.569 898 11 10 1.070 0.499

BasellandchaflicheKantonalbank 11 1.428 817 7 24 0.349 1.079

LuzernerKantonalbank 12 1.180 675 2 13 0.762 0.418

VontobelHoldingAG 13 1.088 622 8 14 0.699 0.389

AargauischeKantonalbank 14 1.049 600 5 11 1.029 0.020

GraubundnerKantonalbank 15 0.874 500 2 - - 0.874

ThurgauerKantonalbank 16 0.717 410 2 17 0.572 0.145

Scotiabank 17 0.415 238 2 - - 0.415

BanqueCantonaledeFribourg 18 0.350 200 1 22 0.476 -0.126

CieFinanciereTraditionSA 19 0.336 192 21 16 0.581 -0.245

Gazprombank 20 0.328 188 1 25 0.238 0.090

TOTAL 100% 57,192 345 100%

SwedishKronaBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(SEKMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Nordea 1 21.450 82,087 175 1 20.947 0.503

DanskeBank 2 20.039 76,687 180 2 20.254 -0.215

SEB 3 18.056 69,101 137 3 17.767 0.289

Swedbank 4 17.065 65,308 137 4 13.028 4.037

SvenskaHandelsbanken 5 10.340 39,572 97 5 10.940 -0.600

DNBASA 6 5.333 20,408 51 6 5.333 0.000

DeutscheBank 7 1.511 5,783 6 21 0.249 1.262

JPMorgan 8 0.649 2,483 8 10 0.972 -0.323

ABGSundalCollierAsa 9 0.592 2,266 8 7 1.339 -0.747


ParetoSecurities 11 0.557 2,130 8 9 1.004 -0.447

TDSecurities 12 0.525 2,010 5 - - 0.525

Citi 13 0.466 1,783 4 18 0.496 -0.030

HSBC 14 0.455 1,740 6 8 1.084 -0.629

GoldmanSachs 15 0.348 1,333 6 15 0.714 -0.366

Nomura 16 0.253 968 6 14 0.728 -0.475

Carnegie 17 0.248 950 5 11 0.908 -0.660


BNPParibas 19 0.152 583 2 19 0.402 -0.250

ArcticSecurities 20 0.148 565 2 17 0.561 -0.413

TOTAL 100% 382,696 667 100%

Sub-SaharaAfricaCurrencyBondsFY2018 FY2017


NedbankLtd 1 19.007 1,873 42 3 9.343 9.664

StandardBankofSouthAfrica 2 17.575 1,732 43 1 30.884 -13.309

FirstRandLtd 3 16.999 1,675 54 2 13.927 3.072

AbsaGroupLtd 4 10.067 992 22 - - 10.067

Investec 5 5.406 533 17 7 4.298 1.108

JPMorgan 6 5.221 515 7 11 2.261 2.960

FidelityBankLtd 7 3.500 345 8 10 3.660 -0.160

Barclays 8 3.185 314 8 4 6.114 -2.929

DatabankFinancialServicesLtd 9 2.997 295 8 35 0.041 2.956

ICSecuritiesGhanaLtd 10 2.977 293 7 - - 2.977

FirstRandBank 11 1.645 162 2 - - 1.645

EskomHoldingsLtd 12 1.343 132 3 - - 1.343

BNPParibas 13 0.845 83 5 15 0.959 -0.114

BasisPointsCapital 14 0.835 82 3 - - 0.835

GoldmanSachs 15 0.784 77 4 28 0.260 0.524

TDSecurities 16 0.770 76 3 16 0.753 0.017

LibertyGroupLtd 17 0.681 67 1 - - 0.681

StandardCharteredBank 18 0.661 65 3 9 3.680 -3.019

NatWestMarkets 19 0.626 62 5 - - 0.626

RBCCapitalMarkets 20 0.624 61 3 12 1.365 -0.741

TOTAL 100% 9,855 235 100%



CEEMEABondsFY2018 FY2017


Citi 1 8.787 20,178 99 2 9.108 -0.321


JPMorgan 3 6.723 15,438 90 1 9.524 -2.801

DeutscheBank 4 6.092 13,990 50 7 3.643 2.449

HSBC 5 5.896 13,539 81 3 7.047 -1.151

VTBCapital 6 3.973 9,124 61 4 4.398 -0.425

BNPParibas 7 3.048 6,999 43 6 3.963 -0.915


GoldmanSachs 9 2.693 6,184 23 8 3.086 -0.393

Barclays 10 2.365 5,431 44 9 2.888 -0.523


UniCredit 12 1.854 4,256 58 14 1.799 0.055

Gazprombank 13 1.719 3,947 46 10 2.790 -1.071

SberbankCIBCJSC 14 1.695 3,892 54 11 2.506 -0.811

ErsteGroupBank 15 1.659 3,809 34 22 1.035 0.624



INGGroep 18 1.376 3,159 24 20 1.346 0.030


CreditSuisse 20 1.326 3,044 21 36 0.558 0.768

TOTAL 100% 229,630 877 100%

MENABonds&SukukFY2018 FY2017



HSBC 2 9.882 8,516 54 2 13.343 -3.461

Citi 3 8.306 7,158 39 3 10.657 -2.351

JPMorgan 4 6.745 5,813 32 1 15.623 -8.878

DeutscheBank 5 6.265 5,400 15 8 3.905 2.360



BNPParibas 8 2.867 2,471 15 6 4.521 -1.654


Barclays 10 2.584 2,227 18 17 1.576 1.008

MorganStanley 11 2.533 2,183 9 13 2.325 0.208



GulfInternationalBankBSC 14 2.127 1,833 7 7 4.097 -1.970

CreditSuisse 15 2.077 1,790 8 50 0.121 1.956

GoldmanSachs 16 1.630 1,405 7 10 2.873 -1.243



BankofChina 19 1.510 1,302 4 - - 1.510

QatarNationalBank 20 1.236 1,065 4 19 1.095 0.141

TOTAL 100% 86,183 227 100%

AfricaBondsFY2018 FY2017


Citi 1 13.752 5,983 22 1 14.175 -0.423


DeutscheBank 3 8.419 3,663 14 10 3.094 5.325

JPMorgan 4 8.341 3,629 19 4 7.067 1.274

StandardBankofSouthAfrica 5 6.670 2,902 48 2 11.471 -4.801

FirstRandLtd 6 5.010 2,180 57 8 4.242 0.768

NedbankLtd 7 4.523 1,968 39 9 4.147 0.376

BNPParibas 8 4.439 1,931 10 5 6.383 -1.944

AbsaGroupLtd 9 3.632 1,580 25 - - 3.632

GoldmanSachs 10 3.363 1,463 4 23 0.997 2.366

HSBC 11 3.002 1,306 7 11 2.297 0.705



Barclays 14 2.554 1,111 13 7 4.815 -2.261

MorganStanley 15 2.137 930 4 35 0.243 1.894

FirstAbuDhabiBankPJSC 16 1.839 800 3 - - 1.839

BankofAmericaMerrillLynch 17 1.796 781 4 15 1.597 0.199

Natixis 18 1.487 647 5 6 5.986 -4.499

IntesaSanpaolo 19 1.416 616 2 - - 1.416

CreditSuisse 20 0.830 361 3 19 1.210 -0.380

TOTAL 100% 43,508 216 100%



SpainBondsFY2018 FY2017


BancoSantander 1 12.653 11,108 47 1 11.036 1.617

BancoBilbaoVizcayaArgentaria 2 10.758 9,444 31 2 10.731 0.027

HSBC 3 8.512 7,472 29 4 6.743 1.769

Barclays 4 7.873 6,912 27 3 7.280 0.593

Citi 5 6.575 5,772 23 5 6.584 -0.009

BNPParibas 6 4.288 3,765 21 7 4.951 -0.663


JPMorgan 8 4.072 3,575 17 11 3.891 0.181

CajaRuraldeNavarra 9 3.417 3,000 1 - - 3.417

NatWestMarkets 10 3.388 2,974 14 15 2.073 1.315

GoldmanSachs 11 3.344 2,935 15 9 4.048 -0.704


UniCredit 13 2.639 2,317 16 16 1.967 0.672

LaCaixa 14 2.269 1,991 20 6 5.675 -3.406

MorganStanley 15 2.232 1,959 10 8 4.115 -1.883

CreditSuisse 16 2.220 1,949 16 17 1.962 0.258

DeutscheBank 17 2.204 1,935 19 19 1.550 0.654

Natixis 18 1.997 1,753 13 18 1.684 0.313


BancoSabadell 20 1.881 1,652 8 14 2.439 -0.558

TOTAL 100% 87,785 169 100%

SpainCorporatesFY2018 FY2017


GoldmanSachs 1 6.371 1,172 7 13 2.597 3.774

Citi 2 6.331 1,165 10 8 5.240 1.091

BNPParibas 3 6.072 1,117 14 10 4.621 1.451

BancoSantander 4 5.734 1,055 16 2 7.262 -1.528


Barclays 6 4.688 863 11 4 6.358 -1.670

SocieteGenerale 7 4.586 844 9 5 5.862 -1.276

LaCaixa 8 4.438 816 13 7 5.358 -0.920

CreditSuisse 9 4.254 783 7 23 1.648 2.606

HSBC 10 4.060 747 8 9 4.954 -0.894

UniCredit 11 3.942 725 8 15 2.466 1.476

DeutscheBank 12 3.821 703 9 19 1.863 1.958

JPMorgan 13 3.505 645 8 6 5.738 -2.233

NatWestMarkets 14 3.384 623 8 12 3.501 -0.117

CreditAgricoleCIB 15 3.181 585 9 11 3.545 -0.364

MitsubishiUFJFinancialGroupInc 16 2.714 499 6 17 2.114 0.600



IntesaSanpaolo 19 2.155 397 4 20 1.853 0.302

MorganStanley 20 2.134 393 5 1 8.320 -6.186

TOTAL 100% 18,397 63 100%

SpainFinancialsFY2018 FY2017


BancoSantander 1 14.463 5,149 22 1 11.134 3.329

CajaRuraldeNavarra 2 8.426 3,000 1 - - 8.426


Barclays 4 4.623 1,646 10 3 5.371 -0.748

UniCredit 5 4.470 1,592 8 22 1.772 2.698

Citi 6 4.397 1,566 10 6 4.874 -0.477

HSBC 7 4.260 1,517 10 8 4.600 -0.340

Natixis 8 3.939 1,403 8 16 3.079 0.860

BancoSabadell 9 3.698 1,317 3 7 4.713 -1.015

UBS 10 3.581 1,275 11 19 2.215 1.366

DeutscheBank 11 3.459 1,232 10 18 2.616 0.843


LaCaixa 13 3.300 1,175 7 4 4.921 -1.621

CreditSuisse 14 3.276 1,166 9 11 3.740 -0.464

GoldmanSachs 15 3.080 1,097 7 9 4.533 -1.453


JPMorgan 17 2.728 971 6 13 3.279 -0.551


MorganStanley 19 2.528 900 4 14 3.175 -0.647

Nomura 20 2.476 881 6 15 3.130 -0.654

TOTAL 100% 35,604 86 100%

SpainGovernment&AgenciesFY2018 FY2017


BancoBilbaoVizcayaArgentaria 1 17.083 5,771 13 1 16.220 0.863

HSBC 2 15.417 5,208 11 3 10.656 4.761

BancoSantander 3 14.514 4,903 9 2 13.668 0.846

Barclays 4 13.034 4,403 6 4 10.276 2.758

Citi 5 9.004 3,042 3 5 9.644 -0.640

JPMorgan 6 5.797 1,958 3 11 3.288 2.509

BNPParibas 7 5.427 1,833 2 7 6.532 -1.105


NatWestMarkets 9 4.933 1,667 1 12 2.192 2.741


GoldmanSachs 11 1.973 667 1 8 4.515 -2.542

MorganStanley 11 1.973 667 1 12 2.192 -0.219

INGGroep 13 0.592 200 1 22 0.368 0.224

BancoSabadell 14 0.444 150 1 25 0.132 0.312

BancoCooperativo 15 0.298 101 1 21 0.385 -0.087

NorbolsaSociedaddeValoresSA/Spain 16 0.296 100 1 17 0.592 -0.296

Natixis 17 0.102 34 2 22 0.368 -0.266

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 33,783 20 100%



Asiaex-JapanFixedIncomeReviewFY2018creditedAsiaex-JapanG3CurrencyBondsvolumedecreased19.77%toUSD264.6Blnwhiledealcountdecreased5.44%to643offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased9.90%year-on-yeartoUSD204.3Blnwhilethedealcountincreased1.90%to428.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased30.94%year-on-yeartoUSD35.3Blnover133deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforFY2018with7.63%marketshare.Thebankunderwrote253dealsovertheperiod.CitiandBankofChinarankedsecondandthirdwith5.77%and5.12%marketshare,respectively.

Asiaex-JapanG3CurrencyBonds:HighlightsofFY2018


BankofChinaHongKongLtd Financials 3,000 09/11/2018

TencentHoldingsLtd Technology 2,500 01/11/2018

PhilippineGovernmentInternationalBond Government 2,000 01/18/2018

SandsChinaLtd ConsumerDiscretionary 1,900 08/02/2018



CNACHKFinbridgeCoLtd Materials 1,750 03/07/2018

PerusahaanPenerbitSBSNIndonesiaIII Government 1,750 02/22/2018

ChinaGovernmentInternationalBond Government 1,500 10/11/2018

CNACHKFinbridgeCoLtd Materials 1,488 03/07/2018

Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry

Issuer Volume(USDMln) Date Country

TencentHoldingsLtd 2,500 01/11/2018 China

BankofChinaHongKongLtd 3,000 09/11/2018 HongKong

Export-ImportBankofIndia 1,000 01/25/2018 India

PerusahaanPenerbitSBSNIndonesiaIII 1,750 02/22/2018 Indonesia

TNBGlobalVenturesCapitalBhd 750 10/23/2018 Malaysia

PhilippineGovernmentInternationalBond 2,000 01/18/2018 Philippines

TemasekFinancialILtd 1,350 07/25/2018 Singapore

HanwhaLifeInsuranceCoLtd 1,000 04/16/2018 SouthKorea

SriLankaGovernmentInternationalBond 1,250 04/11/2018 SriLanka

BankofTaiwan 470 02/06/2018 Taiwan

BangkokBankPCL/HongKong 600 09/12/2018 Thailand

Financials52%

Government15%

Materials6%

Utilities6%

Industrials5%


Others11%

Asiaex-JapanG3CurrencyBonds:QuarterlyVolume

Q420

13

Q420

13

Q420

14

Q420

14

Q420

15

Q420

15

Q420

16

Q420

16

Q420

17

Q420

17

QuartersQuarters

Q420

18

Q420

18

5050

US

DB

lnU

SD

Bln

00

100100

200200

DealC

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ealCount

00

400400

DealCount

Other

HighYield

InvestmentGrade

Asiaex-JapanG3CurrencyBonds:IndustryBreakdown

52%

15%

6%

6%

5%

5%

11%

Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory

HSBC Ci

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Bank

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Stan

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Bank

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Mar

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(%)

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15

2018 2017 2016



Asiaex-JapanIssuerG3CurrencyBondsFY2018 FY2017


HSBC 1 7.628 20,184 253 1 7.818 -0.190

Citi 2 5.767 15,259 155 2 6.678 -0.911

BankofChina 3 5.118 13,543 213 4 5.200 -0.082

StandardCharteredBank 4 4.578 12,114 163 3 5.747 -1.169

GoldmanSachs 5 3.699 9,789 78 7 3.314 0.385


BNPParibas 7 3.194 8,452 106 10 3.065 0.129

JPMorgan 8 2.956 7,822 80 6 3.848 -0.892

MorganStanley 9 2.733 7,231 87 8 3.303 -0.570


DeutscheBank 11 2.579 6,825 81 5 4.164 -1.585

DBSGroup 12 2.439 6,453 100 14 2.884 -0.445

UBS 13 2.434 6,440 91 13 2.928 -0.494


BankofCommunications 15 2.290 6,059 103 18 1.988 0.302

HaitongSecurities 16 2.279 6,030 118 16 2.289 -0.010


CreditSuisse 18 2.237 5,920 65 12 2.954 -0.717

Barclays 19 2.080 5,505 52 17 2.033 0.047


TOTAL 100% 264,605 643 100%

APACex-JapanIssuerG3CurrencyBondsFY2018 FY2017


HSBC 1 7.618 24,267 277 1 7.968 -0.350

Citi 2 6.435 20,497 186 2 7.477 -1.042

BankofChina 3 4.252 13,543 213 6 4.203 0.049

GoldmanSachs 4 4.224 13,455 92 9 3.375 0.849

JPMorgan 5 4.022 12,811 110 3 5.518 -1.496


BNPParibas 7 3.817 12,158 123 10 3.089 0.728


MorganStanley 9 2.953 9,407 100 7 4.057 -1.104

DeutscheBank 10 2.808 8,943 91 8 3.867 -1.059

UBS 11 2.579 8,215 99 11 2.848 -0.269

CreditSuisse 12 2.487 7,920 78 12 2.737 -0.250



DBSGroup 15 2.026 6,453 100 14 2.372 -0.346

Barclays 16 1.991 6,342 57 16 2.040 -0.049




ANZBankingGroup 20 1.849 5,890 65 15 2.202 -0.353

TOTAL 100% 318,529 737 100%

Asiaex-JapanG3InvestmentGradeBondsFY2018 FY2017


HSBC 1 8.512 17,389 205 1 8.437 0.075

Citi 2 6.672 13,628 137 2 7.829 -1.157

BankofChina 3 5.163 10,546 162 4 5.139 0.024


GoldmanSachs 5 3.996 8,162 63 5 3.946 0.050


BNPParibas 7 3.801 7,764 90 9 3.770 0.031


JPMorgan 9 2.994 6,116 64 8 3.778 -0.784



MorganStanley 12 2.708 5,532 59 10 3.368 -0.660


DBSGroup 14 2.414 4,930 69 16 2.251 0.163

DeutscheBank 15 2.353 4,807 49 7 3.806 -1.453

Barclays 16 2.165 4,423 41 17 2.156 0.009

UBS 17 2.018 4,123 48 12 2.836 -0.818


ChinaConstructionBank 19 1.737 3,548 77 13 2.807 -1.070


TOTAL 100% 204,273 428 100%

Asiaex-JapanG3CorporateHighYieldBondsFY2018 FY2017




CreditSuisse 3 6.237 2,202 29 2 8.096 -1.859

ChinaCiticBank 4 5.732 2,024 31 3 6.032 -0.300

UBS 5 5.048 1,782 35 16 2.587 2.461

ChinaEverbrightBank 6 4.531 1,600 27 32 0.578 3.953

HSBC 7 4.485 1,584 34 4 5.644 -1.159

DeutscheBank 8 4.154 1,467 29 5 5.194 -1.040


MorganStanley 10 3.886 1,372 21 6 4.767 -0.881

BankofChina 11 3.154 1,114 23 13 2.955 0.199

IndustrialSecurities 12 2.848 1,006 28 42 0.389 2.459

OrientSecurities 13 2.747 970 22 37 0.406 2.341

GoldmanSachs 14 2.624 926 10 11 2.993 -0.369

JPMorgan 15 2.305 814 11 8 4.370 -2.065

CITICSecurities 16 2.199 776 12 22 1.074 1.125

Barclays 17 2.053 725 5 14 2.770 -0.717

ChinaMerchantsBank 18 2.007 709 17 30 0.710 1.297


VTBCapital 20 1.537 543 10 33 0.568 0.969

TOTAL 100% 35,309 133 100%



APACUSD&EURCurrencyBondsFY2018 FY2017


Citi 1 7.286 28,559 226 1 8.149 -0.863

HSBC 2 6.628 25,978 288 3 6.935 -0.307

JPMorgan 3 5.344 20,948 149 2 7.013 -1.669


GoldmanSachs 5 5.088 19,944 120 5 4.993 0.095

MorganStanley 6 4.412 17,296 133 6 4.549 -0.137

BNPParibas 7 3.816 14,958 139 10 3.076 0.740

BankofChina 8 3.428 13,437 210 9 3.513 -0.085



DeutscheBank 11 2.605 10,210 99 8 3.531 -0.926

Barclays 12 2.548 9,989 75 11 2.542 0.006



UBS 15 2.207 8,650 102 12 2.494 -0.287

CreditSuisse 16 2.021 7,920 78 13 2.420 -0.399


DBSGroup 18 1.712 6,709 102 16 1.983 -0.271



TOTAL 100% 391,973 832 100%

AsiaBondsFY2018 FY2017


BankofChina 1 4.540 62,706 486 3 3.128 1.412





MorganStanley 6 2.944 40,667 545 1 4.001 -1.057



HSBC 9 2.347 32,426 401 8 2.585 -0.238


Citi 11 2.298 31,741 284 4 3.110 -0.812

ChinaInternationalCapitalCorp 12 2.257 31,180 229 13 2.048 0.209

Nomura 13 2.238 30,920 526 10 2.438 -0.200

ChinaMerchantsBank 14 2.182 30,143 296 23 1.534 0.648


IndustrialBank 16 2.002 27,659 305 20 1.633 0.369

GuotaiJunanSecurities 17 1.828 25,250 286 11 2.425 -0.597


DaiwaSecurities 19 1.785 24,658 493 15 1.969 -0.184

ShanghaiPudongDevelopmentBank 20 1.739 24,025 273 24 1.484 0.255

TOTAL 100% 1,381,335 7,381 100%

Asiaex-JapanBondsFY2018 FY2017


BankofChina 1 5.358 62,661 484 2 3.769 1.589






ChinaInternationalCapitalCorp 7 2.666 31,180 229 9 2.468 0.198

ChinaMerchantsBank 8 2.577 30,143 296 15 1.848 0.729

HSBC 9 2.567 30,016 384 7 2.914 -0.347


IndustrialBank 11 2.365 27,659 305 13 1.967 0.398

GuotaiJunanSecurities 12 2.159 25,250 286 6 2.922 -0.763


ShanghaiPudongDevelopmentBank 14 2.052 24,000 272 16 1.788 0.264

Citi 15 1.933 22,604 230 8 2.790 -0.857

ChinaDevelopmentBank 16 1.916 22,413 158 21 1.477 0.439

ChinaMerchantsSecurities 17 1.910 22,337 138 14 1.874 0.036

ChinaCiticBank 18 1.718 20,090 252 17 1.582 0.136


ChinaMinshengBankingCorp 20 1.593 18,628 238 27 1.187 0.406

TOTAL 100% 1,169,510 6,317 100%

ASEANLocalCurrencyBondsFY2018 FY2017


CIMB 1 10.060 7,714 256 1 13.798 -3.738

DBSGroup 2 8.136 6,239 136 3 7.562 0.574

Maybank 3 6.302 4,833 204 2 8.941 -2.639

AmInvestmentBankBhd 4 6.149 4,715 135 5 4.799 1.350

KasikornbankPCL 5 6.026 4,621 134 7 4.477 1.549

RHB 6 5.099 3,910 175 9 4.270 0.829

BankofAyudhyaPCL 7 4.796 3,678 63 11 4.146 0.650

Oversea-ChineseBankingCorp 8 4.455 3,416 75 6 4.647 -0.192


SiamCommercialBankPCL 10 4.184 3,209 72 10 4.205 -0.021

UnitedOverseasBank 11 4.119 3,159 78 12 2.662 1.457

BangkokBankPCL 12 3.878 2,973 101 8 4.294 -0.416

KrungThaiBank 13 3.675 2,818 86 4 5.234 -1.559

HSBC 14 3.089 2,369 34 14 2.148 0.941

ThanachartCapitalPCL 15 1.893 1,452 31 30 0.693 1.200

PhatraSecuritiesPCL 16 1.863 1,429 42 22 1.016 0.847

AffinHwangCapital 17 1.567 1,201 53 20 1.367 0.200

ChinaBankingCorp 18 1.527 1,171 22 26 0.829 0.698

IndoPremierSecurities 19 1.446 1,108 147 16 1.866 -0.420

PublicBankBerhad 20 1.286 986 12 21 1.020 0.266

TOTAL 100% 76,683 1,173 100%



Australia/NewZealandInternationalBondsFY2018 FY2017


Citi 1 8.736 5,238 31 2 10.352 -1.616

JPMorgan 2 8.598 5,155 31 1 11.457 -2.859

HSBC 3 8.572 5,139 27 3 9.246 -0.674

BNPParibas 4 6.712 4,024 20 14 3.037 3.675

GoldmanSachs 5 6.318 3,788 15 13 3.141 3.177


WestpacBanking 7 5.472 3,281 17 12 3.240 2.232

CommonwealthBankAustralia 8 4.550 2,728 15 11 3.690 0.860

CreditSuisse 9 4.493 2,694 20 16 2.388 2.105

NationalAustraliaBank 10 4.056 2,432 14 7 4.772 -0.716

UBS 11 4.017 2,408 13 9 3.805 0.212


DeutscheBank 13 3.891 2,333 11 15 2.389 1.502

MorganStanley 14 3.799 2,278 14 5 6.427 -2.628


Nomura 16 2.393 1,435 7 18 1.951 0.442

TDSecurities 17 2.208 1,324 7 19 1.840 0.368

SumitomoMitsuiFinancial 18 1.654 992 8 21 0.923 0.731

Barclays 19 1.397 838 5 17 2.077 -0.680

MizuhoFinancial 20 1.202 721 5 20 1.224 -0.022

TOTAL 100% 59,956 120 100%

AustraliaKangarooBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(AUDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

TDSecurities 1 19.947 6,199 83 1 15.916 4.031

Nomura 2 10.542 3,276 46 3 11.797 -1.255



DeutscheBank 5 7.194 2,236 31 2 12.284 -5.090


CommonwealthBankAustralia 7 6.193 1,925 24 13 2.317 3.876

JPMorgan 8 5.489 1,706 17 6 8.543 -3.054

NationalAustraliaBank 9 5.190 1,613 21 7 4.960 0.230

UBS 10 4.170 1,296 11 14 2.246 1.924

WestpacBanking 11 3.047 947 14 11 2.721 0.326

DaiwaSecurities 12 2.553 793 12 9 3.072 -0.519

Citi 13 2.381 740 11 12 2.541 -0.160

HSBC 14 2.333 725 8 10 2.938 -0.605

BMOCapitalMarkets 15 1.247 388 3 18 0.468 0.779


BNPParibas 17 0.967 300 4 - - 0.967

DBSGroup 18 0.603 188 1 17 0.526 0.077

Natixis 19 0.599 186 2 - - 0.599

GoldmanSachs 20 0.287 89 3 15 1.413 -1.126

TOTAL 100% 31,076 203 100%

SouthKoreaInternationalBondsFY2018 FY2017


HSBC 1 12.960 4,489 48 2 8.568 4.392

Citi 2 8.977 3,109 32 1 11.709 -2.732

BNPParibas 3 8.500 2,944 27 5 7.092 1.408

UBS 4 8.147 2,822 18 8 5.536 2.611




JPMorgan 8 5.923 2,052 25 7 5.734 0.189



Nomura 11 2.786 965 7 9 4.645 -1.859

KoreaDevelopmentBank 12 2.767 958 10 15 1.828 0.939

ANZBankingGroup 13 2.699 935 7 14 1.924 0.775

INGGroep 14 2.120 734 6 17 1.516 0.604

MorganStanley 15 2.098 727 7 19 1.294 0.804

DaiwaSecurities 16 2.033 704 7 18 1.441 0.592

CreditSuisse 17 1.863 645 6 25 0.914 0.949

Commerzbank 18 1.665 577 7 16 1.720 -0.055

DeutscheBank 19 1.627 563 3 13 2.121 -0.494

TDSecurities 20 1.130 391 5 21 1.057 0.073

TOTAL 100% 34,638 161 100%

JapaneseYenBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MizuhoFinancial 1 22.123 3,792,358 574 1 21.367 0.756

Nomura 2 18.616 3,191,145 520 3 17.561 1.055

SumitomoMitsuiFinancial 3 18.295 3,136,173 520 4 17.212 1.083

MorganStanley 4 15.545 2,664,743 428 2 20.229 -4.684

DaiwaSecurities 5 15.432 2,645,370 490 5 14.383 1.049

ShinkinCentralBank 6 1.327 227,483 45 7 1.409 -0.082

JPMorgan 7 1.243 213,097 16 16 0.272 0.971

GoldmanSachs 8 0.981 168,231 25 6 1.457 -0.476


SBIHoldingsInc/Japan 10 0.708 121,283 10 12 0.546 0.162

TokaiTokyoSecuritiesCoLtd 11 0.639 109,583 32 10 0.736 -0.097

BNPParibas 12 0.561 96,133 14 18 0.196 0.365

OkasanSecuritiesGroupInc 13 0.427 73,250 22 14 0.326 0.101


Citi 15 0.425 72,833 14 11 0.623 -0.198


HSBC 17 0.321 55,000 5 15 0.276 0.045

Natixis 18 0.306 52,520 13 17 0.239 0.067

Barclays 19 0.275 47,170 8 26 0.036 0.239


TOTAL 100% 17,142,274 1,021 100%



HongKongDollarBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(HKDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

HSBC 1 22.613 67,716 156 1 23.170 -0.557





Citi 6 5.632 16,864 46 3 8.811 -3.179

Scotiabank 7 4.688 14,037 46 9 3.127 1.561

BankofChina 8 3.616 10,827 16 8 3.747 -0.131


UBS 10 2.451 7,340 12 27 0.450 2.001


ANZBankingGroup 12 1.889 5,657 17 14 1.853 0.036

CommonwealthBankAustralia 13 1.534 4,594 16 5 5.152 -3.618

JPMorgan 14 1.490 4,462 8 22 0.877 0.613

BNPParibas 15 1.441 4,317 19 24 0.727 0.714

DBSGroup 16 1.034 3,097 7 13 2.074 -1.040


Nomura 18 0.875 2,621 14 10 2.954 -2.079

Barclays 19 0.874 2,617 12 16 1.368 -0.494


TOTAL 100% 299,452 633 100%

SingaporeBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(SGDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

DBSGroup 1 41.927 7,593 38 1 38.391 3.536

Oversea-ChineseBankingCorp 2 20.986 3,801 25 2 25.388 -4.402

UnitedOverseasBank 3 16.777 3,038 18 4 8.941 7.836


HSBC 5 5.430 983 9 5 8.320 -2.890

CreditSuisse 6 2.462 446 3 6 2.326 0.136

CIMB 7 1.705 309 3 8 1.365 0.340

Maybank 8 1.546 280 2 14 0.199 1.347

HLBank/Singapore 9 0.387 70 1 - - 0.387

HaitongSecurities 10 0.092 17 1 - - 0.092

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- - - - - - - -

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- - - - - - - -

TOTAL 100% 18,110 60 100%

OffshoreCNYBondsFY2018 FY2017

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

HSBC 1 23.377 29,698 89 1 28.416 -5.039



BNPParibas 4 3.407 4,329 16 5 4.262 -0.855

ANZBankingGroup 5 3.294 4,184 12 31 0.253 3.041

DBSGroup 6 3.149 4,000 11 9 2.953 0.196

Scotiabank 7 2.901 3,685 15 8 3.048 -0.147

BankofChina 8 2.875 3,652 13 12 1.713 1.162


Citi 10 2.319 2,947 9 17 1.012 1.307


JPMorgan 12 1.951 2,479 11 10 2.343 -0.392

KGISecurities 13 1.635 2,078 4 27 0.379 1.256

PingAnInsuranceGroup 14 1.496 1,900 1 - - 1.496

GoldmanSachs 15 1.318 1,675 3 24 0.443 0.875

DeutscheBank 16 1.051 1,335 6 15 1.306 -0.255

TDSecurities 17 0.934 1,187 7 21 0.759 0.175

Nomura 18 0.897 1,139 6 4 5.073 -4.176

NatWestMarkets 19 0.815 1,035 4 - - 0.815

Barclays 20 0.748 950 3 7 3.610 -2.862

TOTAL 100% 127,039 356 100%

OffshoreChinaBondsFY2018 FY2017


BankofChina 1 6.688 11,052 199 1 7.452 -0.764

HSBC 2 5.853 9,672 168 2 6.031 -0.178





GoldmanSachs 7 3.540 5,849 61 10 3.226 0.314

ChinaCiticBank 8 2.956 4,884 96 16 2.557 0.399


JPMorgan 10 2.601 4,298 51 12 2.931 -0.330

CreditSuisse 11 2.544 4,205 51 9 3.270 -0.726

ChinaEverbrightBank 12 2.507 4,143 95 33 0.935 1.572

IndustrialBank 13 2.491 4,117 81 29 1.302 1.189


UBS 15 2.406 3,976 67 15 2.589 -0.183


BNPParibas 17 2.306 3,810 65 18 2.359 -0.053

MorganStanley 18 2.265 3,743 64 5 3.939 -1.674

Citi 19 2.233 3,691 70 7 3.721 -1.488


TOTAL 100% 165,253 439 100%



UridashiBonds(Manager)FY2018 FY2017


Nomura 1 21.192 3,140 63 2 17.097 4.095




BNPParibas 5 6.047 896 99 6 5.057 0.990

DaiwaSecurities 6 5.094 755 30 7 4.743 0.351

HSBC 7 4.917 729 95 5 6.657 -1.740

CreditSuisse 8 2.997 444 59 8 4.087 -1.090

TokaiTokyoSecuritiesCoLtd 9 2.422 359 43 9 3.690 -1.268


SBIHoldingsInc/Japan 11 1.502 222 19 12 0.878 0.624

MorganStanley 12 1.227 182 25 11 2.130 -0.903

Natixis 13 0.546 81 7 14 0.866 -0.320

Barclays 14 0.524 78 21 15 0.517 0.007

SocieteGenerale 15 0.365 54 5 18 0.176 0.189

DeutscheBank 16 0.213 32 13 13 0.867 -0.654

ShinseiBankLtd 17 0.205 30 5 20 0.089 0.116

JPMorgan 18 0.098 15 2 17 0.226 -0.128

MunicipalityFinancePLC 19 0.060 9 2 - - 0.060

GoldmanSachs 20 0.021 3 2 16 0.511 -0.490

TOTAL 100% 14,816 627 100%

UridashiBonds(UridashiAgent)FY2018 FY2017


ChugokuBankLtd 1 23.371 6,947 51 15 1.815 21.556

SumitomoMitsuiFinancial 2 8.866 2,635 36 2 11.223 -2.357

TokaiTokyoSecuritiesCoLtd 3 8.504 2,528 198 4 8.840 -0.336

Nomura 4 8.144 2,421 40 5 8.619 -0.475


MorganStanley 6 5.406 1,607 110 1 15.118 -9.712

HyakugoSecurities 7 4.781 1,421 90 9 3.305 1.476

OkasanSecuritiesGroupInc 8 4.282 1,273 144 7 4.271 0.011


HachijuniBankLtd 10 2.920 868 46 8 3.983 -1.063

SBIHoldingsInc/Japan 11 2.256 670 110 14 2.024 0.232

77BankLtd 12 2.152 640 62 10 2.872 -0.720

ShizuginTMSecuritiesCo 13 2.058 612 44 11 2.702 -0.644

IyoBank 14 2.024 602 58 17 1.741 0.283

JoyoBankLtd 15 1.625 483 37 21 0.862 0.763

HiroginSecuritiesCoLtd 16 1.556 463 53 19 1.245 0.311

DaishiSecuritiesCoLtd 17 1.528 454 51 13 2.287 -0.759

KyoginSecuritiesCoLtd 18 1.289 383 40 18 1.345 -0.056

AozoraBankLtd 19 1.242 369 37 12 2.504 -1.262

GunginSecuritiesCoLtd 20 1.061 315 36 22 0.842 0.219

TOTAL 100% 29,723 1,123 100%

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.

Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading.

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.

Self-led transactions are included.

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 regi

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