16
GLOBAL SYNDICATED LOANS REVIEW REUTERS / Jason Reed GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS Fi t H lf 2016 First Half 2016
GLOBAL SYNDICATED LOANS REVIEW
REUTERS / Jason Reed
GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS
Fi t H lf 2016First Half 2016
9
8
9
9
9
First Half 2016
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEW
Global Debt & Syndicated Loans (DL1) 2
European Leveraged Loans (P10) 8
Top Asia Syndicated Loans
EMEA Sponsored Loans (P13)
Asia Pacific (Excl. Japan) Syndicated Loans
Asia & Australia Deals Intelligence
EMEA Mandated Lead Arrangers (R19) 7
Asia Loans - Bookrunners (S5c)3
Global Scorecard 2
Global Loans Rankings - Last Ten Years
Table of Contents
Global Loans - Mandated Arrangers (R3)
Global Deals Intelligence
Top 10 Global Syndicated Loans
1
1Leading Underwriters for 2016
Asia Loans - Asian Currency (S3i)
Global Syndicated Loans
Global Loans - Bookrunners (R1) 1
2
2
9
13
Ranking Criteria Summary
11
4
Asia Loans - Mandated Arrangers (S5b)
EMEA Bookrunners (R17) 7
6
Americas Loans - Mandated Arrangers (R8c)
US Loans - Bookrunners (R11) 5
Americas Loans - Bookrunners (R7)
Latin America Loans - Mandated Lead Arrangers (R16)
Top EMEA Syndicated Loans 7
US Investment Grade Loans - Bookrunners (R11b)
North America Loans - Bookrunners (R9) 5
5
Top Australia Syndicated LoansTop Americas Syndicated Loans 4
6
Australia Loans - Bookrunners (S7)
Australia Loans - Mandated Arrangers (S6a)
Japan Deals Intelligence
Top Japan Syndicated Loans
Japan Loans - Bookrunners (S12b)
EMEA Deals Intelligence 7
Americas Deals Intelligence 4
US Leveraged Loans - Bookrunners (R11a)
Americas Syndicated Loans
EMEA Syndicated Loans
Japan Syndicated Loans
5
Thomson Reuters Solutions for the Deal Making Community
10
Syndicated Loans Criteria Summary 13
Regional Contacts
10
14
12
10
11
11
Japan Loans - Mandated Arrangers (S12a)
ENERGY & POWER, INDUSTRIALS & FINANCIALS LEAD LENDING
AMERICAS LENDING ACCOUNTS FOR 61% OF ACTIVITYAmericas loans accounted for 61% of global loan volume during the first half of 2016, as lending in the regiondeclined 2% compared to same period last year. Within the Americas, loan volume in the United Statestotaled US$699.0 billion, up 67% compared to the same period last year and representing 34% of globalvolume. Europe accounted for 18% of global volumes as lending decreased by 29% compared to first half2015. Asia Pacific fundraising saw a year-over-year decrease of 16%, while Japanese lending fell of 47%compared to 2015.
GLOBAL SYNDICATED LENDING DOWN 9% FROM 2015Global syndicated lending reached US$2.0 trillion during the first half of 2016, down 9% compared to the firstsix months of 2015 and the slowest opening half for global lending since 2012. Second quarter 2016 lendingtotaled US$1.1 trillion, a 35% increase compared to the first quarter of this year.
ACQUISITION FINANCING DRIVES SECOND QUARTER LENDINGAcquisition financings accounted for five of the top 10 syndicated loans closed during the first half of 2016,including Dell International's US$23.6 billion financing package to fund its US$65.8 billion acquisition of EMCand a US$20.2 billion loan for Syngenta AG related to its $46.6 billion acquisition by China National ChemicalCorp. The US$17.2 billion loan to finance the combination of Abbott Laboratories and St. Jude Medicalrounded out the top three acquisition-related loans of the second quarter.
First Half 2016
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEWGlobal Syndicated Lending Totals US$2.0 trillion, down 9% I Americas Loans Account for 61% | US Lending Up 67% I Bank of America Merrill Lynch Tops Rankings
Global Syndicated Loans VolumeGlobal Deals Intelligence
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
$0 0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
# of
Issu
es
Proc
eeds
(US$
t)
Q4 Volume (US$t) Q3 Volume (US$t) Q2 Volume (US$t) Q1 Volume (US$t) # of Deals
Bank of America Merrill Lynch
Borrowing in the Energy & Power sector totaled US$354.8 billion during the first half of 2016, accounting for18% of global loan activity, down 15% compared to lending in the sector during first half 2015. Technologylending saw the largest year-over-year percentage increases, up 20% compared to a year ago while Telecomlending declined 54% compared to 2015 levels. Energy & Power, Industrials and Financials togetheraccounted for 46% of syndicated loan volume during the first half of 2016, compared to 47% a year ago.
BANK OF AMERICA MERRILL LYNCH TOPS BOOKRUNNER RANKINGSBank of America Merrill Lynch secured the top ranking for global bookrunners, by proceeds, with US$165.2billion from 578 transactions during the first half of 2016, an increase of 1.1 market share points compared tothe first six months of 2015. JP Morgan maintained second place, with US$133.6 billion or 7.4% of overallloan proceeds during the first half of 2016, a loss of 0.5 market share points from a year ago.
SYNDICATED LENDING FEES DOWN 17%According to Thomson Reuters/Freeman Consulting, bookrunning fees from global syndicated loans totaledUS$6.4 billion during the first half of 2016, a decrease of 17% from last year. Fees from leveraged lendingdecreased 13% compared to a year ago and accounted for two thirds of all lending fees during the first half of2016.
Bank of America Merrill Lynch 8.8
11.2
Japan Loans (S12b)Australian Loans (S7)
Mizuho Financial GroupJapan Loans (S12a)
28.3 ▲
Leading Underwriters During the Second Quarter 2016
CitiCitiUniCreditJP Morgan
No. 1 ManagerBank of America Merrill Lynch
US Investment Grade Loans (R11b)
▼Mizuho Financial GroupNational Australia Bank
Bank of America Merrill LynchBank of America Merrill Lynch
Latin America Loans (R15)
Asia-Pacific ex. Japan ex. Australia (S5c)
Latin America Loans (R16)EMEA Loans (R17)EMEA Leveraged Loans (P10)
Bank of America Merrill Lynch
Bank of China LtdChina Development Bank
Asia-Pacific ex. Japan ex. Australia (S5b)
Market SectorGlobal Loans (R1)Americas Loans (R7)North American Loans (R9)US Loans (R11)US Leveraged Loans (R11a)
Current Qtr Market Share
(%)Mkt. Share Chg. from Last Qtr (%)
18.7
▲12.0
▲
▲
34.3
▼ 155
1.3▼
-0.2138.93.32.7
-1.1 2.2-81 ▼
1.2
1.5 -0.60.00.0
▼
2.0
1.2
1.6▲
-0.2
-0.50.02.0
0.1
-0.50.1
14
1.2
1.7
20 23,820.1
30,501.0
35,298.735,066.8
28,336.615
21,023.8
1726,397.6
18,941.7
20,818.422
22,283.821
19,759.421
12BNP Paribas SA 10Goldman Sachs & Co
Morgan Stanley
Credit Suisse13
1514
1813
TD Securities Inc 19BMO Capital Markets
19
Industrial & Comm Bank China16
18
44.8▼
117.7
0116.3
-▼
151
96▲ 126
▼
-37
-81-36
2.73.4
-
2.4▼ 4.1164
107137
3.1
3.710 8 36,709.6 2.036,455.4 ▼2.011 11
Deutsche Bank 9 9 48,004.3
289.8
3.8 -80▲
4.7▲343 8.5 -9 ▼ 153.3 2.4 0.8
-0.6▼ 211.92.83.2 ▼ 189 ▼-0.4
0.6-52
8 12 49,892.77 7 56,704.2
3.8 -0.36 5 -11 2.8500 ▼ 181.6▼
429
▲4.5 0.5
0.6 ▲▼
2.8-0.212.4
415 ▲ 178.610.34.3 0.7 ▲ 395 6 77,693.468,691.8
Wells Fargo & Co 4 3 89,026.4 ▼
▼Citi 3 4 107,073.9
5.0 -0.3
7.4 -0.56.0 1.3 ▲
5.2300 2 ▲
11.9314.6 4.9
0.010.6 -57 ▼ 4.2269.1
8.1 1.1522.8
0.97.4335.8 -1.2
Bank of America Merrill Lynch 1 1 165,228.0 -62 ▼9.2 1.1 ▲ 14.32 2 133,550.0
Share %Deals
480 ▼-66
Share%578
JP Morgan
Mizuho Financial GroupMitsubishi UFJ Financial Group
HSBC Holdings PLC
US Bancorp
BarclaysSumitomo Mitsui Finl Grp Inc
RBC Capital Markets
MarketMarket Manager# of MarketMarket Change in # of Deals per Bookrunner
2016 Rank Share Ch.Bookrunner Proceeds
2015 Rank Share% Share Ch.Fees# of Deals
Global Loans - Bookrunners (R1)
MarketImputed Fees (US$m)
Jan 1 - Jun 30
Proceeds per Bookrunner (US$m)
▲▼
▼▼
▲-
▼▼
-1.12.02.5158.1
127.9
1.8 -0.6
-61 ▼▼
0.60.6
36.5
1.2
1.00.0
60.8
76.4
0.3
-0.5
43.3
194.3 3.00.0
-36
-0.349.9
-1.9
0.00.7
1.8
1.3
0.8
0.7
-0.4
▼-
▼
--0.5
▲
▼
0.1
0.0
-0.2
1.1
36.4▼▼
▼
-0.2
-0.2▼-
▼
▲81.370.0
▼
-1.9
30.7%
▼
▲0.0
3.7
-26-30
▼-45
▼
66.2-8
15
▼
1.977
2.12.0
150
▼
--16
-0.2
11
0.1
-0.5
141 -23.5
84
- 183▲▼▲
4.5
80
3,899.2
▼
2.6▼
23 16,896.1
162.7109
106-0.5
0.9-0.9
100.0
▼▲
-0.2
100.06,437.9
1.3▼
2.7
▼▼
-1.6
-13.9% -17.2%
-654
▲
108
4,037
78
1,796,093.7▲
Industry % Change from Same Period Last Year
2423
ING30
-7.7%
Bookrunner Total
PNC Financial Services Group
▼
▼▲
Bank of China LtdCredit Agricole CIB
Industry % Change from Last Quarter
Scotiabank 20
▲▼
1.11.1
67.1
28
-1.2
22
16,932.317,508.1
252.5
9.9
35.4
14.1
10.2 7.5Top Twenty Five Total 1,202,614.1
83.7-24 ▼
▼
9.6
▲-1.7-3.2
1.0-1.0-1.1-1.2 ▼
1.1
12.7
15.0
-5.5 ▼1.2
9.77.2
12.7 ▼
9.9
13.7
0.2▲ UniCredit1.0
17
39.4% -23.4% ▼
0$0.02012 2013 2014 2015 2016
Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com
1
Deals2016 Rank Share%
Proceeds per Mandated Arranger US$m)
Jan 1 - Jun 30
Share Ch.Proceeds
Global Debt & Syndicated Loans (DL1)
Imputed Fees (US$m)# of Deals per MAMarket Change in ManagerMarket Market Market
1 366,813.9 6.9 0.8 ▲ 1303Bank of America Merrill Lynch 2 2 365,177.8 6.9
Market2015 Rank
JP Morgan 1Mandated Arrangers
-0.2 ▼-513 317,811.9 6.0 -0.3
9.5Share%
1308 9.5 -57 ▼ 7.2-101 ▼ 1,118.0
# of
241,621.5 4.6 0.5 ▲▼ ▼Citi 3
0.2
-141▼ 1044 7.6
Barclays 4 4
-263▼
▲ 937 6.8
657
▲▲
783
▲▼733.7 4.2 -0.1
-1345 204,381.7 3.9 0.2
807 5.9
791 5.85.9 -0.1
Wells Fargo & Co 5HSBC Holdings PLC 6 6 200,260.6 3.8 0.2Deutsche Bank 7 7 198,854.8 3.7 0.7
5590.7742.0 4.2
-474.1711 5.2 ▼
4.1Goldman Sachs & Co 8 8 181,272.7 3.4Morgan Stanley 9 9 155,153.1 2.9
2.7
Proceeds per Mandated Arranger US$m)
▲
▼
678▲▼
1.0 ▲
559-0.3108,535.1
Mizuho Financial Group 10 10 137,532.6Top Ten Total
2.6 -0.4 ▼
100.0
7.4
Change in
8455
% Chge in Proceeds
-9.1
▼
▼-12.1-34.5-29.3
-4.536.5
-44.3
▲
▼65
139.6
▲326.0
▼
▲
▲
▼
-38.0 ▼▼
▼
▼90.0
▲
-39.7
67.289.6
▼
▲
▲
▼
▼
-32.7
-61.2
-2.3-0.9
4
34,858.6
4
17
658.3
481,175.3
96
1,261,030.9
852
7
418,069.7
17,576.0
506,899.6
2,539
1,470.8
# of Issues4,569
905
# of Issues
9
5,524
22,806.5
23
15,780.8
37,287.2
47
8,286.9
12,951.354
979
3013
8.8
▼-16.7
▼61.9
▲-6.3
68.0
99.7
▲▲
10
744
2,458
1/1/2015 - 6/30/2015
Scorecard: Global Syndicated Loans
7,359.5
9,538.6
699,009.9United States of America
358,308.1Chile
5,552.23,267.0
Canada
2,140
20
3,031.2
3,049.5
2,233,038.0
5,308.6
9,210.01,719.7
Proceeds (US$m)
38
36
40
606
21
46
27
6
667
58
GlobalAmericas
-0.3 2,029,892.9
1/1/2016 - 6/30/2016Share Ch.
▲
1,231,632.7
▼ 534.3
▼1,042.5
# of Deals Fees
838.5
727.3
Share %
408.8
6.3
5.7
▼
3.0
4.8 1.0
-169
Region/Nation
First Half 2016 | Syndicated Loans | Managing Underwriters
-137 653.3
▼-0.2▼
▼
North America
3.7
4.8
▼
-0.1Central America
▼
▲2.3
8
Switzerland 31,349.732,784.1
17,679.8
▲Mexico▲
South America
315,094.2
▲
Share % Share Ch.
4.7
mputed Bookrunning Fees (US$m
529.8 7.2▼
Europe
Jan 1 - Jun 30
▼ 7.2
0.4
17,670.5
▲
-0.4
1,267.7
▲
342.8
8,066.1
Manager
-12.4%
-1.2
# of Deals per MA
2.5
▲
44.7
Share% Share%
5,312,866.1
▲
2,368,880.6
1
Market2015 Rank
JP Morgan 2
# of Deals
Industry Total
# of
Industry % Change from Last Quarter
1
3.9%Industry % Change from Same Period Last Year
2016 Rank
Global Loans - Mandated Arrangers (R3)
Deals
0.1%
▼
21.2%
Market
16
Fees
13,719912.0
12,693.7
1,0102,091
Proceeds (US$m)
1,229,639.9
145
6,814.5
4
1,577.5
44
5,720.1
1,218,016.1
66,077.9
11
12
-106
Market
100.0
6,089.1
-118
Western Europe
ItalyMarket
ProceedsBank of America Merrill Lynch
Share Ch.Mandated Arrangers1.4
2150,946.0 14.8
12.2
18.5% ▲
5.4
-1.7%
61
Finland
Eastern Europe1Austria
5,358.7Market
15,077.3
Netherlands
▼
▲
Brazil
1.6
45.7
Global
25,724.3
France
United Kingdom
3,298.8
Spain
Norway 8
43,213.8
6,904.9Sweden
Germany
8,593.6
6,419.412
General Corp. Purp.General Corp. Purp.
18,000.0
General Corp. Purp.
23,575.020,200.0
Acquisition Fin.Acquisition Fin.
17,200.0
14,260.0
20,000.0 General Corp. Purp.
▲▼
Jan 1 - Jun 30
6.1
▼
9
515
▲277
0.6
1.5
1.8BNP Paribas SA
9
United States
▼
40.7
▲
▼
▲
780.8▲
-30.6
-
53.1▲▲
▼
▲
▲
▲
37.3
570.7
▲
▲
-
38.9
-10.4
-
▼
▲
▲
-
▲
67.9
72.9
▼
▼
▼
19.9
-27.4
▼
▼
-16.2
-
448.3
45
-16.0
▼
1,000.7
-
79.6
24.5
12
-31.8
161
118
817
101
6
62.6
-
4
543
-80.4-97.0
▼
2.0-26.8
▲▼
-46.9
-38.7
▼
3.1▲
7
▲
4
348
-16.0
26,783.5
1,065.9
170,175.0
2
--
884
15,588.4
7,761.6
43,644.1
612
1,627.1
15
26,693.1
48
5,773.2122
1
11,666.740,057.8
2,814.0
29
9,774.7
78
290.8
Australia
250.0Philippines36,646.5
New Zealand
Thailand
* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.
▲▼-17.3%
United States
Switzerland
Package Amt (US$m)
-23.2% 25.6%
Shire PLC
Primary UOPDell International LLC
▼
United States
United States
2/1/2016 Avago Technologies Finance
16,065.2
Acquisition Fin.
29
19
Japan 41,490.0
4
3,091.3
61
9
28,667.641
2
19,371.7
48
1,070.0
7,157.5
-19,637.9
14
-2,665.8
United Arab Emirates
Asia-Pacific (ex Central Asia)
Sub-Saharan Africa
2,643.1
1,094.3
11,166.2
4
1
-0.2270.8216.5
0.9
73.5 Southeast Asia-0.2
50.9
0.0
1.0
129.0
▼0.0
-0.5
100.0
195.8
2.2
104.9121.4
1.498.1
1.7
58.0
43.2
▲4.1
▼
-0.2
-▲
-
0.0
▼
▲
142,904.0
Indonesia
IndiaSouth Asia-
South Korea
Ukraine
6,000.0
34,376.8
5,641.0
▲
▼
▼
▼
▼
Africa/Middle East/Central Asia
▼ Saudi Arabia
Nigeria
▲
▼
0.6▼
-37
3.73.0
2.1
4.1
2.43.0
-88
▼
▼
4.9
0.810.1
54.5
-75-73
Taiwan
China81.2
▼
▼
177.4
Central Asia
-1.8
43.8
▲
▼▼
▼216.7
▲ 201.3 0.6
0.5
3.0
1.3
0.0
-0.2
-0.4
-0.5
0.6
1.0
1.1 0.1142 -51
-0.2
▼
▼2.7
2.8
Target Market
19,583.2
Borrower
Wells Fargo & Co
▼
Barclays
HSBC Holdings PLC
Industrial & Comm Bank China
Deutsche Bank
24
-0.280,248.7
3.9
Morgan Stanley
Credit Agricole CIB
Ireland-RepGE
10
Bank of China Ltd
55,720.7
19
Abbott Laboratories
23,506.2
1/11/2016
4/12/20165/9/2016
21,814.6
6/1/2016
22
25,597.029,956.9
20
11
RBC Capital Markets
Syngenta AG
Top 10 Global Syndicated Loans
31,075.116Credit Suisse
35.3%Industry % Change from Same Period Last Year
14
14
BMO Capital Markets 2418
21
Scotiabank24,076.1
6 3Mitsubishi UFJ Financial Group
Goldman Sachs & Co
TD Securities Inc
Closing Date
Societe Generale
18US Bancorp17
13
Industry Total
12
Sumitomo Mitsui Finl Grp Inc
g
Mizuho Financial GroupCiti 3 4
53,840.5
61,519.28
5
8
7
10
43,987.1
7
36,211.813
1115
16 32,633.732,367.2
42,384.7
35,820.112
1.6
1.1
4.6
1.0-0.4
2.2
5.0
-0.4
▼
330.0▼2.8
1.0
-2
70.0▼
3.1
10
396
▲
209
298
-
168
▼-
1.3
▼
23
19,216.0
-9.1%
1,236,244.8
19
43
2,029,892.9
▲
▼▼
17
61.3
22,780.5
25
1.2 0.1
20
100.0-0.60.5
-0.420,930.0
1.5
▼
ING 22 1.1
26
1.0
1.2
China Development Bank
21
Top Twenty Five Total
-0.3-0.4
15
126-13
0.7
▼-30 72.2
0.0
-0.2
-117
155.5
▲
▼-0.6▼
-0.6-233
301.5222.0
▼
4,569
▼▼
73
-147
163.8-1.1
-123
-9-93
-53
2.9-6
6.5
-27
4.2
2.8
6.5
3.7
▼
111
196
0.2
2.4-85-33
4.3 -92▼
▼
4.6
▲
273▼
131
6.0
0.0
149-
▼-0.1
1930.0
208-0.2
0.0
-0.4
4.0 -1103.3
▼-38
190183
4.2▼
▼1.6
0.3
2.7
2.1
0.0-1.1
-
0.1
8.7
-0.51.8
0.3
83,026.06705
100,490.74.14 6
▲
11.479,977.7
11.3▲-0.1
0.9
14.7523
296
4.0
3.0 463
226▼ 60
-59,287.2
137.6
117
2
1813
1,450.637,508.644
3,188.7
44,727.9
285,240.2
2,333.4
1161
General Corp. Purp.United States
5/26/20166/1/2016
Acquisition Fin.
4/30/2016 13,400.0Wal-Mart Stores Inc
16,130.0
-1,707.2
South Africa
432
-9556
92▼
Ford Motor Co
78,110.2
1,275.3Australasia
12
1
1,901.6
United States
General Motors CoUnited States
195
4
Industry % Change from Last Quarter
13,396.7 24
3
5/10/2016 Depository Trust Co
United States
-18.6% ▼
Acquisition Fin.
12,755.0
14,500.0
5/25/2016
▲
10,368.7Singapore4,429.2
Malaysia4,241.0
28.9 0.4 0.1
685
33,355.1
57,428.4Middle East
North Asia
Hong Kong
p
1,790.0
4,811.8
7,746.5
7,331.6
238,979.9
7,918.9
▼1.0
83
15,966.6
48
64
Angola
81,372.1
Russian Federation
Poland 1,212.06,769.6
6Turkey
17,727.3
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2
First Half 2016 | Syndicated Loans | Managing Underwriters
Global Loans Bookrunner Ranking - Last Ten Years*
1
2
3
4
1
2
3
4
Bank of America Merrill Lynch
JP Morgan
Citi
Wells Fargo & Co
5
6
7
8
9
10
5
6
7
8
9
10
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Ran
k
Mizuho Financial Group
Mitsubishi UFJ Financial Group
Barclays
Sumitomo Mitsui Finl Grp Inc
Deutsche Bank
HSBC Holdings PLC
*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.
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17,200.0
https://www.thomsonone.com
Primary UOP
5/9/20165/25/2016
Ford Motor Co6/1/2016
General Motors Co
4/30/2016
Abbott Laboratories
Top Americas Syndicated Loans
10,050.0
Acquisition Fin.General Corp. Purp.
6/1/2016Closing Date
5/26/2016 14,500.016,130.0
13,400.0
United States
Jan 1 - Jun 30
United States
Target Market
United StatesGE
Avago Technologies Finance United States-1.3
4,621.867.7
▼
74.82/1/2016
United States
Wal-Mart Stores Inc 14,260.0
US Leveraged Volume
100.0 -3761,229,846.3Acquisition Fin.
1.7 0.5▼ -0.2 ▼▼
JP Morgan ▼
Package Amt (US$m)23,575.0
2▲
TD Securities Inc 15 16
▼Barclays 5 5 41,821.6 3.4
Market2015 Rank
727 8,488.3
450▲
243 11.4 9
Share%501.6 ▲25.6 -53 10.9Fees Share Ch.
▼ 1.9
Americas Deals Intelligence
# ofImputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
ManagerChange in
First Half 2016 | Syndicated Loans | Managing Underwriters
AmericasAmericas Proceeds at US$1.2 Trillion | US Leveraged Lending Down 6% | Latin American Lending Down 55%
Americas Loans - Bookrunners (R7) Jan 1 - Jun 30
MarketMarket2016 Rank
MarketMarket
2 126,150.7
DealsBank of America Merrill Lynch 1 545Bookrunner Proceeds
160,135.4 13.0 1.3Share%Share%
1# of DealsShare Ch.
-0.6▼ 308.610.3 -0.4 21.2 -46 6.7 ▼Citi 3 4 92,757.7 7.5 1.5 ▲ 1.1 ▲269.3 5.8Wells Fargo & Co 4 3 86,408.5 7.0 -1.2 19.7 -58 262.6▼ 418 5.7 -0.1 ▼
-0.9 ▼ 0.7 ▲158 7.4 -9 ▼ 245.1 5.3Deutsche Bank 6 9 38,612.6 3.1 0.5 5.0 -26▲ 106 3.8 0.0▼ 175.8 -Mitsubishi UFJ Financial Group 7 7 37,326.1 3.0 -0.3 ▼ -0.4 ▼135 6.3 6 ▲RBC Capital Markets 8 6 36,112.4 2.9 -0.7
94.7 2.16.3 -47 ▼ 124.2▼ 135 2.7 -1.3 ▼
Goldman Sachs & Co 9 10 31,920.0 2.6 0.4 ▲ -0.1 ▼86 4.0 -24 ▼ 141.1 3.1Mizuho Financial Group 10 21 27,113.3 2.2 1.0 4.5 36▲ 95 1.6 0.6▲ 72.2 ▲US Bancorp 11 14 23,820.1 1.9 -0.2 ▼ -0.3 ▼BMO Capital Markets 12 17 22,031.8
183 8.6
-0.3 ▼1.8 0.1 ▲ 149
70.0 1.57.0 18 ▲ 80.4
11 ▲1.7
-0.3 ▼74 3.50.1
BNP Paribas SA 14 15 21,230.5 3.4 -20 ▼ 48.91.7
▲Credit Suisse 13 11 22,013.2 1.8 -34 ▼ 157.2 3.4
0.7 -0.50.0▼
▼ 31.1
-0.3 ▼ 73-42.9 0.9
1.1 -0.4 ▼- 79 3.7 -16
Scotiabank 16 13 19,727.21.7 0.020,795.0
-0.4 ▼1.6 -0.5 3.7 -29▼ 78 ▼1.4
HSBC Holdings PLC 18 12 16,902.1PNC Financial Services Group 17 20 17,508.1 141 6.6
1.4 -0.7 ▼ 56-0.2 ▼ 49.9 1.1
2.6 -44 ▼ 71.5 1.6-2 ▼
0.0 -SunTrust Banks 19 19 16,359.5 1.3 -0.3 ▼ -0.4
1.3 -1.5▼137 6.4 -18 ▼ 92.8 2.0
▼3.1 -34▼ 67 -1.0▼ 90.0
CIBC World Markets Inc 21 18 13,842.8Morgan Stanley 20 8 15,850.7
1.2 0.31.1 68 3.2
▼2.0-0.5 ▼ 17.4
▲
-6 ▼ 0.41.7 4 ▲ 56.8
-0.2▲
0.8▼
0.7 ▲ 78▲ 51.2 1.1▼0.1
3,116.0
28 11,604.587 4.1
-0.336.3-7
▼
General Corp. Purp.United States
0.3-0.1
General Corp. Purp.
100.0
25
KeyBanc Capital Markets Inc 23
24.4
22 8,921.1 0.7 -0.1
6,424.024 -2036
Sumitomo Mitsui Finl Grp Inc 22
24
0.9 0.3 ▲ 37
3.7United States
Top Twenty Five Total
Acquisition Fin. Citizens Financial Group0.5General Corp. Purp.20,000.0 Credit Agricole CIB
Industry % Change over Last Quarter
923,877.2
21.9%Industry % Change over Same Period Last Year
-3.2 ▼
68.5%
Bookrunner Total 2,127
▼-15.0% ▼48.3%
-1.9% -16.9%▲
▼▲▲
5/10/2016 General Corp. Purp.United States
Acquisition Fin.Newell Rubbermaid Inc
United States1/26/2016
Depository Trust Co
Americas Loans by Industry (Proceeds US$m)
Mylan NV United States2/11/2016Acquisition Fin.
12,755.010,500.0
Jan 1 - Jun 30
Dell International LLCBorrower
Overall syndicated lending in the Americas during the first half of 2016 declined 1.9% compared to total proceeds raisedin the first half of 2015, with proceeds of US$1.2 trillion from 2,127 transactions.
Leveraged lending in the United States totaled US$425.2 billion from 835 deals, representing a 6.2% decrease fromtotal proceeds raised in the same period a year ago.
Loans for general purposes dominated the market in the first half of 2016, accounting for a 65% share, with proceedstotaling US$775.2 billion. Acquisition Financing and Working Capital followed, capturing 20% and 5% of the market,respectively.
Lending in Latin America in the first half decreased 55.3% compared to the opening half of last year, with total proceedsof US$12.4 billion from 47 deals.
Estimated bookrunning fees for the Americas yielded a 16.9% lower total in the first half of 2016 compared to the sameperiod last year, with a total of US$4.6 billion, according to estimates from Thomson Reuters/Freeman Consulting. Feespaid to bookrunners for U.S. leveraged loans decreased 13.3% compared to the same period year ago, totaling US$3.4billion.
$201,934.0 16%
$171,162.6 14% $137,722.7
11% $122,892.0
10%
$108,803.7 9%
$92,857.2 8% $82,854.3
7% $75,235.8 6%
$75,016.6 6%
$72,946.9 6%
$66,904.2 5%
$2,346.8 0%
Energy and Power Industrials Financials
High Technology Healthcare Consumer Products and Services
Materials Consumer Staples Real Estate
Retail Media and Entertainment Telecommunications
Government and Agencies
2,086 1,737
1,107
1,470
2,006
2,260
3,036 3,031
2,051
835
0
500
1,000
1,500
2,000
2,500
3,000
$0
$300
$600
$900
$1,200
$1,500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
# of
Issu
es
Pro
ceed
s (U
S$b
)
Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of deals
4
▼▼-0.2▲▼▼
▼▼
0.00.7
Scotiabank
Mitsubishi UFJ Financial Group
Credit Suisse
RBC Capital Markets
0.0
▲ US Bancorp
Goldman Sachs & Co
10.9
North America Loans - Bookrunners (R9)
Share% 1
BookrunnerBank of America Merrill Lynch
# of
49.9-0.4
BNP Paribas SATD Securities Inc
Barclays
BMO Capital Markets
94.7
175.4
Goldman Sachs & Co
TD Securities Inc23,017.2
1423,277.4
4.3
▲
▼
-53
46,238.3
9-0.9
62.7
▼8.1
39,604.8
10
59
Wells Fargo & Co0.0
0.9
2.1
12Mizuho Financial Group 11
9.3RBC Capital Markets
▼73.4
33,665.6
41,371.0-0.43.2
▼8
13.2499
0.6
▲-0.8 ▼
6.5
1.1
# of Deals
2.5
▼
▼
-0.1173198
-7139 ▼
▲
9.3175.6
▼
-24
141.1
-19.6
-82
31
-0.5
▼100▼
▼
93
▼
1.5 -0.1123
-0.4
71.3
6.0
48.9
Market
56.81.1
-0.3
1.1-0.4
0.3
-0.5
2
Credit Suisse
BMO Capital Markets2.3
-0.4
120
16
2
6.112
13
5.211117
▼1.9
28,954.6
92
10
14
21
18
▲
1916
23,620.7
1.7
28,184.3
-2.6
-0.6 ▼
Market
▲
2.4
▼
▼
20,615.4
17,089.4
1.1 ▲
▲-0.2
▼0.1
▲
1.9
-0.7-0.1
-0.51.5-0.1
-0.31.1
-0.5
0.0% ▲
1,117,714.6
▲
▼
▼
100.0
▼
▼
-0.4
0.0
1.922,372.6
19,105.8
845,771.0
11.0
0.5
130
▼
▼
5.4
12.4
Market
4.8
▼ 8.6
4.1
121
4.7 -14
-308.8
5.7
4.3 -13
-24
-
▼
-77
103
4.3▼
▼183188
▼
3.4
1.11.1
4.0
1.6
2.0
▼
5.6
1.9
5.7
70.0▼
▼-42-39
0.7
▼
72.2▲3.1
42.9▼80.4
-
89.8
1.2
Market
▲
0.3
1.9
0.2
Share Ch.
▲0.3
-0.8
▼
3.5 -0.4
▼100.0
-0.1
67.9
▼-1.0
0.7
20,637.5Scotiabank
24 8,660.8
20
22
0.7
13
HSBC Holdings PLC
-▼
1.8
US Loans - Bookrunners (R11)
Industry % Change over Same Period Last Year
JP Morgan
2015 Rank
▲
▲
8
PNC Financial Services Group 18
KeyBanc Capital Markets Inc
19 15
1.7
123,394.9
18,604.1
17.4
2.0
Change in
▼ 1.20.4
51.2
42.1
▼
49.9
Share%
-0.9 ▼
▲ ▲
4,621.1
36.3
3,132.8
Jan 1 - Jun 30
Bank of America Merrill Lynch
▲
0.90.8
▲
48.4%
1-0.6
11.6 ▲
Proceeds per Mandated Arranger (US$m)Change in
Share%617 28.8 -70 1.9 ▲1
6.8
Market Market
142,767.62
206
6.3
100,062.0
56
▼-0.183,477.5
0.5-12
-0.2
-22
1.5
92.8
▼
-11
13
0.61.6-0.1
-399
-0.4▼
31.1▼
▲11.3
Manager
-21
1▼
▼
BNP Paribas SA 17
273
77,545.1
31,075.1US Bancorp
15
7
4
-1.2
3
2Citi 3
11
Mitsubishi UFJ Financial GroupDeutsche BankBarclays
JP Morgan4
8.1
3.8
269.3
5.3200
283
▲
498
3.8-72
2.3
-▲244.9-
501.6
1.1-
5.85.7
12
26.0 -50125,825.7 ▼
13.110.3 -44
0.0
▼12.8
-1.2
▼1.6
-0.3
0.11.7
115
▲
▼
93
▼
159,895.42 -0.5
# of Deals per Bookrunner
448
# of Deals per MA Imputed Fees (US$m)
Americas
Market
Jan 1 - Jun 30
157.2
-0.3
2.1 1.0-0.3
2.7▼▼ 8
▼
Share Ch.
▲6.7
2015 RankDealsProceeds
Jan 1 - Jun 30
First Half 2016 | Syndicated Loans | Managing Underwriters
Imputed Fees (US$m)
Share Ch.
▼
Proceeds per Bookrunner (US$m)2016 Rank
2015 Rank
Manager
-21▼
124.2
Market
▼
JP MorganCiti
-0.4
Market
23.3
Share%
23.3
▼
Market
-57 308.5
262.61
MarketMarketShare%Fees Share Ch.
Change in ManagerProceeds
2016 Rank
# of MarketMandated Arranger
Morgan Stanley 871.4 -0.7
MarketShare%
SunTrust Banks
▼ -0.215,043.6 ▼1.2Sumitomo Mitsui Finl Grp Inc
21 2022
CIBC World Markets Inc
300.00.0
13,406.10.823
0.1
Fifth Third Bancorp 25 26 8,534.1
2.828 9,615.5
59▲
Citizens Financial Group
Industry Total
-17.4%
Top Twenty Five Total 896,546.1
-15.7%
2,1401,231,632.7
▼-2.3%
100.073.0
▼
-18▲
10
4
▼▼
12
16
HSBC Holdings PLC 18
Wells Fargo & Co
▼6Deutsche Bank
86,291.0
Mizuho Financial Group
9 38,612.6
21 26,084.2
3 4 91,655.7 7.5415
1.5 ▲ 235▼3
Share Ch.▲ ▼
11.3 10 ▲21.5
Deals1.3 542
▼▲1.9501.3 11.0
Fees# of Deals
1.1 ▲
Share%
265.1 5.8-0.76.7 ▼305.9
-0.1262.5-9 ▼
19.9 -60 ▼ ▼1585 5 41,821.6 244.9 5.4
7.1 -1.2 5.7
1063.4 -1.0 ▼3.2 0.6 ▲ 3.8
7.60.0 -5.1 -25 ▼ 175.60.7 ▲
-0.57 7 36,498.6 3.0 ▼131 6.3 6 ▲ 92.9 2.06 36,112.4 3.0 -0.6 6.5 -47▼ 135 -1.3▼ 124.2 ▼2.7
9 10 31,895.0 2.6 0.4 -0.1 ▼85 4.1 -23 ▼ 3.1▲
141.14.1 35 ▲ 69.586
▲1.5 0.6 ▲
11 12 23,820.1 2.0 -0.1 ▼ -0.3
74
▼183 8.8 11 ▲ 70.0 1.5149 1.8 0.1▲ 80.417 22,031.8 1.8 0.1 7.1
73
▲13 11 22,013.2 1.8 -0.4 ▼
18▲-0.3 ▼
14 15 21,230.5 1.7 -0.2 ▼ 3.5 -11 ▼ 48.9 1.13.5 -33 ▼ 157.2 3.4
-0.3 ▼15 16 20,795.0 1.7 -0.1 ▼ 0.0 -79 3.8 -16 ▼ 42.9 0.9
14 19,295.7 1.6 -0.4 3.5 -25▼ 74 0.6 -0.5▼ 28.0 ▼PNC Financial Services Group 17 20 17,508.1 1.4 -0.2 ▼ -0.4 ▼141 6.8 -2 ▼ 1.1
13 16,745.5 1.4 -0.749.9
2.6 -39 ▼ 70.2▼ 54 1.5 0.0 -SunTrust Banks 19 19 16,359.5 1.3 -0.4 ▼ -0.4 ▼137 6.6 -18 ▼ 92.8 2.0Morgan Stanley 20 8 15,850.7 1.3 -1.5 3.2 -34▼ 67 2.0 -1.0▼ 89.8 ▼CIBC World Markets Inc 21 18 13,776.1 1.1 -0.6 ▼ -0.2 ▼67 3.2 -7 ▼Sumitomo Mitsui Finl Grp Inc 22 32 10,910.5 0.9 0.5
17.3 0.41.5 8 ▲ 51.3▲ 31 1.1 0.3 ▲
KeyBanc Capital Markets Inc 23 22 8,921.1 0.7 -0.1 ▼ 0.2 ▲87 4.2 7 ▲ 51.2 1.1Citizens Financial Group 24 27 8,488.3 0.7 0.1 3.7 -7▲ 78 0.8 -0.1▼ 36.3 ▼Credit Agricole CIB 25 26 5,988.8 0.5 -0.2 ▼ -0.1 ▼32 1.5 -20 ▼Top Twenty Five Total 918,427.1 75.2 -3.0
21.1 0.53,090.3▼ 67.5 -1.4 ▼
Bookrunner Total 1,218,598.0 100.0 2,088 -371 4,575.9 100.0
▲ 21.9% ▲ 49.7%Industry % Change over Same Period Last Year ▼ -15.1% -16.6%
68.9%-1.1%
▲
Jan 1 - Jun 30
▼▼
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Industry % Change over Last Quarter21.4%Industry % Change over Last Quarter 68.3%
Bookrunner Proceeds# of
Share% Share Ch.2016 Rank
Market
535Fees# of DealsDeals Share%
28.9 500.4-54Bank of America Merrill Lynch 1 1 158,173.1 14.2 1.3442 23.9 -45 ▼ 300.1 6.8
Citi 3 4 89,901.7 8.0 1.6 11 ▲ 264.5▲ 230Wells Fargo & Co 4 3 84,285.2 7.5 -1.6 -0.3 ▼410 22.2 -64 ▼ 256.1 5.8Barclays 5 5 41,531.8 3.7 -1.0 8.5 -8▼ 157 5.5 0.6▼ 244.8 ▲Deutsche Bank 6 8 38,410.1 3.4 0.5 ▲ 0.0 -104 5.6 -27 ▼Mitsubishi UFJ Financial Group 7 6 36,154.7 3.2 -0.4 6.9 5 ▲ 90.7▼ 127Goldman Sachs & Co 8 10 31,868.3 2.9 0.5 85 4.6 -23 ▼ 141.1 3.2Mizuho Financial Group 9 17 25,960.7 2.3 1.1 4.6 35▲ 85 1.5 0.6▲ 67.8US Bancorp 10 12 23,820.1 2.1 -0.2 183 9.9 11 ▲ 70.0Credit Suisse 11 11 22,013.2 2.0 4.0 -33 ▼ 157.2▼ 74BNP Paribas SA 12 14 21,070.5 1.9 0.0 - -0.3 ▼72 3.9 -8 ▼ 48.7 1.1RBC Capital Markets 13 9 20,263.8 1.8 -0.9 4.7 -44▼ 87 2.3 -1.4▼ 101.3
-17
▼PNC Financial Services Group 14 16 17,421.4 1.6 -0.2 ▼ -0.5SunTrust Banks 15 15 16,359.5 1.5 -0.3 ▼ 92.8▼ 137 2.1
140 7.6 ▼-27.4
Morgan Stanley 16 7 15,824.1 1.4 -1.7 ▼ -1.1 ▼67 3.6 -34 ▼ 89.7 2.0HSBC Holdings PLC 17 13 15,109.3 1.4 -0.7 2.6 -40▼ 48 1.5 0.0▼ 68.4 -Sumitomo Mitsui Finl Grp Inc 18 30 10,787.0 1.0 0.5 ▲ 0.3 ▲30 1.6 8 ▲BMO Capital Markets 19 20 10,730.1 1.0 0.1
49.9 1.15.6 21 ▲ 70.8103 1.6 0.2 ▲
KeyBanc Capital Markets Inc 20 18 8,921.1 0.8 -0.1 ▲87 4.7 7 ▲ 51.2 1.2Citizens Financial Group 21 22 8,488.3 0.8 0.1 4.2 -7▲ 78 0.8 -0.2▼ 36.3 ▼TD Securities Inc 22 26 7,610.3 0.7 0.2 ▲ 0.0 -35 1.9 7 ▲Scotiabank 23 24 5,989.7 0.5 -0.2
27.6 0.61.7 -6 ▼ 17.831 0.4 -0.2 ▼
Credit Agricole CIB 24 23 5,988.8 0.5 -0.2▲ 41.3
▼32 1.7 -18 ▼ 21.1 0.5 -0.2UBS 25 28 5,693.3Top Twenty Five Total ▼
0.9 0.1 ▲-1.7
23,034.9
100.0-323
1.7-75.7
3268.4
4,439.1
18.6% ▲
Bookrunner Total
Industry % Change over Last Quarter 67.2%Industry % Change over Same Period Last Year -14.9% ▼ -15.7%
US Leveraged Loans - Bookrunners (R11a)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
236 -55
2016 Rank
2015 Rank Proceeds
Market MarketShare% Share Ch.
Manager Market# of Deals
Imputed Fees (US$m)Market
Fees Share% Share Ch.# of Market Change in
Bank of America Merrill Lynch 1 1 44,875.7Deals Share%Bookrunner
▼ ▲-41
9.6 0.5-0.1 ▼5.7▼
▼ 327.97.5 -1.2
10.6 -0.2
20.6▼ 175
28.3
201.8-427.4 -1.5194.3Wells Fargo & Co 2 3 31,690.1 21.0
▼JP Morgan 3 2 31,644.1 ▼ 5.9 -1.5▼ 172Citi 4 4 23,249.1 5.5 0.1 ▲ ▲86 10.3 -8 ▼ 187.6 5.5 0.5Barclays 5 5 22,432.6 5.3 0.4 10.1 -25▲ 84 6.5 1.3▼ 223.5 ▲Credit Suisse 6 8 17,152.3 4.0 -0.3 ▼ -0.3 ▼59 7.1 -26 ▼Deutsche Bank 7 6 16,653.8 3.9 -0.6
150.4 4.48.0 -26 ▼ 137.6▼ 67 4.0 -0.8 ▼
Goldman Sachs & Co 8 9 12,285.7 2.9 -0.4 ▼ -0.8 ▼58 6.9 -24 ▼ 100.1 2.9RBC Capital Markets 9 7 10,869.9 2.6 -1.8 6.1 -38▼ 51 2.5 -1.8▼ 86.1 ▼SunTrust Banks 10 11 10,614.6 2.5 -0.3 ▼ -0.5 ▼80 9.6 -10 ▼Morgan Stanley 11 10 9,469.1 2.2 -1.0
81.3 2.45.7 -25 ▼ 80.7▼ 48 2.4 -0.8 ▼
BMO Capital Markets 12 16 7,111.2 1.7 0.3 ▲ 0.3 ▲65 7.8 4 ▲ 64.5 1.9HSBC Holdings PLC 13 17 6,173.3 1.5 0.2 3.0 -10▲ 25 1.6 0.3▼ 56.0 ▲Mitsubishi UFJ Financial Group 14 14 6,164.0 1.5 -0.4 ▼ -0.3 ▼28 3.4 -7 ▼US Bancorp 15 12 5,759.2 1.4 -0.8
50.5 1.56.7 -15 ▼ 48.6▼ 56 1.4 -0.5 ▼
PNC Financial Services Group 16 15 5,375.3 1.3 -0.3 ▼ -0.5 ▼49 5.9 4 ▲ 33.0 1.0Antares Capital Corp 17 25 4,539.0 1.1 0.4 6.6 5▲ 55 1.5 0.4▲ 51.1 ▲Citizens Financial Group 18 21 4,340.5 1.0 0.1 ▲ -0.2 ▼48 5.7 -7 ▼Mizuho Financial Group 19 41 4,079.7 1.0 0.8
32.1 0.91.4 3 ▲ 39.8▲ 12 1.2 0.8 ▲
UBS 20 23 4,071.0 1.0 0.2 ▲ 0.3 ▲26 3.1 3 ▲ 40.8 1.2KeyBanc Capital Markets Inc 21 19 3,725.0 0.9 -0.1
0.0 -4.2 0▼ 35 1.2 0.4- 39.8
0.8 -1.3
▲BNP Paribas SA 22 20 3,637.3 0.9 0.0 - 1.0
2.3 -28 ▼ 42.919 2.3 -11 ▼
Fifth Third Bancorp 24 27 3,340.6 0.8
33.7Jefferies LLC 23 13 3,366.6
1.1▼ 19 1.3 -2.2 ▼
▼0.2 ▲ 0.2 ▲35 4.2 5 ▲ 37.5
Macquarie Group 25 22 3,124.9 0.7 -0.1 17 1.1 -0.2- 37.8 ▼2.0 0Top Twenty Five Total 295,744.6 70.0 -7.6 -5.5 ▼
425,236.8 835100.02,379.4 69.7
-301▼
3,415.0 100.01,851
68.9%-13.3%Industry % Change over Same Period Last Year ▼ -26.5% ▼
Bookrunner Total
48.9% ▲ ▲▼▲Industry % Change over Last Quarter ▲ 26.3%
-6.2%108.3%
▼
https://www.thomsonone.com
Americas Loans - Mandated Arrangers (R8c)
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5
Banco Estado 23 45* 140.0 1.1 ▼4.3 1 ▲ .2
▼-1.6.2 0.4
0.3 -0.20.4 ▲Banco Nacional de Mexico SNC 22 - 150.1 1.2 ▲
▼Caixa Economica Federal 21 22 155.9 1.3 0 - .7 1.4
*tie
Industry % Change over Same Period Last Year -55.3% ▼
Top Twenty Five Total
Grupo Financiero Banorte-Ixe 6.4 ▲
21.2 6.1
Market
First Half
▲
▲
▼
▲ 3.3
2.910.0
Imputed Fees (US$m)
10.4
Market
-0.7
-36.5% ▼
▲
2
▼3
2 2
4.3
▲
▲
47
21
3
4.3▲
0.0%
-27
0.03.6
-4
0.8
▼
5.5
1.0▼
2.1
.1
-13-6
-0
5.9
▼
▲
-3
1
2015 Rank
1
43
5 6
2
Share%
Proceeds per Bookrunner (US$m)
Share Ch.
-2.5
77,328.097,755.2
▲14.4
20
2.1
26
5
32
▼▲
0.0
1.0
22,472.040,974.9
3.617,976.2
Proceeds
▲
4
1.1
▲
0.9 2
▼
0.6
1.8
▲
-▲
1.5 1.0
▲1.20.2
1.4 0.0
▼ 6.4
▲▼
1
▲
4
-3
▲
Market
1.0 -1.6
-2.21.5
1.5
3.2
4 ▲
▼▼
571.2
0.4
38.8
▲
5.5
▲3.1
Jan 1 - Jun 30
1.2
3.1 6.0
3.4
4.2
18
Share%
▲
▲
-5
Share%23.4
Market
155
Deals206
Share%
200
Market
47.7
6.2
-3
4
37
14
12-16
1615
▼
4
37
26
13▼
3.6 ▼▼8.8
-7▼-
7.6
-3.1
5.4
-3.6
1.4
1.316.3
4.7
5.0
18.6
3.4
▼
▼
▼
5.7
▼
7.6
3.4
2.3
▲
-2.6▼
Americas
3.5
-0.8▲1.1
▼
6.1
-0.7▼
Share%
2.7
▼▼
# ofBookrunner
2016 Rank
713.7
0.1
20,522.5
3,648.3
19,481.2
Market
1.6
18.2
▲-0.8
2.8
1.6
7.6
7
Market
▼
-1.4
-0.3
32
5,568.5
3,535.2
3,779.5
235,280.9
1,267.7
24
▲
19
1836*
Latin America Loans - Mandated Lead Arrangers (R16)
821 21
25 2,966.8
4,021.8
▼2417
Industry % Change over Last Quarter 54.1% ▲
468,662.6
Industry % Change over Same Period Last Year
3,252.316
PNC Financial Services Group 14
227
Citi
Credit Agricole CIBRBSCredit Suisse
22
2.4
▲4.8 ▼
HSBC Holdings PLC
1515
13
25
8
▼0.6
87.5▼
▼
9-0.510
2.410
Sumitomo Mitsui Finl Grp Inc
2019Lloyds Bank
1718
Bank of China Ltd
Morgan Stanley
▼
KeyBanc Capital Markets Inc
TD Securities Inc 16
Industrial & Comm Bank China
Scotiabank
4.2
4.0
0.3
▲
▲
▲
6.4
Share Ch.
▲
0.4
▲-1.4
76.8 25.2
.3 0.6
.3
0.2
2.0 1.4
1.4
0.4
0.6 -1.8
Americas Imputed Fees - Mandated Arrangers
▲
FeesMarket
▼
▲
▲
-1.5
10.8
2.3-0.3
0.582.4
4.4
1.8-0.4
0.40.1
0.3
6.62.5
-0.7
-0.2
1.0
5.2
-0.7
0.9
0.3
▼
Share Ch.
▲
▲
72.3
-1.0
0.7
0.2-1.0
29.1122
6842.5
2.9-6
723
60
1
-1649.2
-40
22.734.87
16.2
14
23.837.0
# of Deals per Bookrunner
-
▼
-0.2
▲-
▼▼
0.0
▲
▲
11
7
US Investment Grade Loans - Bookrunners (R11b)
2
# of Deals
Deutsche Bank
13,112.0 18.114.3
▼
15.8
4.3▲
15
▲9
762.4 ▼9
3.8 66
-2.65
Bank of America Merrill Lynch
17,180.6
6,152.7
8,503.012,870.0
Barclays
10
7,437.1
CitiJP Morgan
US Bancorp9.1
9.5
3.8
▼-
6,333.115
BNP Paribas SA10
1.4
0.6
0.7
0.7
2.4
1.2
0.6
0.8
0.7
1.2
-0.6
▲
▼
▼
-0.2
0.5
▼
-2.5-0.2
-0.1
-0.2
▲▲
▲2.0
▼
6.2
▼-22 ▼
13
8
4
123.2
60,965.7 11.4
▲ Americas Yield Type0.1
4,217.4 0.8 0.11.71.20.5
Mitsubishi UFJ Financial Group6 11Mizuho Financial Group
Wells Fargo & Co
14Goldman Sachs & Co
3
RBC Capital Markets
Change in
Jan 1 - Jun 30
147.6
69.3
Manager
First Half 2016 | Syndicated Loans | Managing Underwriters
Jan 1 - Jun 30
▲
-2
0
6.4
13.8
39.7
2.6
5
▲
▼
4
1.1
▼
0.4
2.0
▲
-7
6
-4
61
2015 Rank
Proceeds per Mandated Arranger (US$m)
▲
# ofDeals
0.2
1.9
1.03.1
8.7
Market# of Deals per MA
100.0
-4.8%
10.3
1 ▲
4▲ 7
11
8 17.0
-13
▼
-4.0▼
▼
2.512.8 -4
14.98.8
1.311.7
4.4▲ -3
▼
3.20.9
419
▼▼5.4
2.1
▲ 9.5%▼
# of DealsChange in Manager
17.010
-0.65.7
0.3
0.3
21.3
5.5
▼
710.4-5
Market
▼5.1
Proceeds
787.75.8 8
2016 Rank
6.4
Share% Share Ch.
2 -0.3
Mandated Arranger
3Sumitomo Mitsui Finl Grp Inc
5
Mizuho Financial Group 34
681.316
Santander 14BBVA 4 5
Scotiabank 7 123.9 ▼ 8.5HSBC Holdings PLC
471.6478.4 -4.0
▼-52.0
Natixis 9 10 420.6Mitsubishi UFJ Financial Group 8 447.4 -6 ▼ 1.8 3.6 1.2-1.1 8.54
8.5 -4 ▼ 1.6▼ 43.4
6▼
2
▲
-0.33.63.8
Credit Agricole CIB 11 8 353.1Societe Generale
-13.2 -0.3 ▼
3.310 13 391.7 4.3 -4 ▼ .7
11.82.7 ▼
-1.8-1.3
36.510.6 ▼
-1.0▼ 52.9
Barclays 13* - 221.7JP Morgan 12 9 338.6
1.8▲6.4 -1 ▼ 2.7 5.3
.22.1
Morgan Stanley 13* - 221.7Deutsche Bank 13* 19 221.7
▲
0.9
1.8 0.5 -2 ▼▲ .22.1 .2
.4▼
1
1
2.1
8.51.5
2.1
Inter-American Development Bk
Banca IMI (Intesa Sanpaolo) 0.61.8Bank of America Merrill Lynch 17
184.5-190.0
166.7179.3
Banco de Latinoamerica 1811
ING 20 1719
100.067.4 2.88,323.5
12,366.7Industry Total
▲
▲ 113* 21 221.7 ▲
1.8 1.8
17.3%
50.6
▼-33.6%
100.0
▼-55.3%
▲
Top 10 Americas Loans Use of Proceeds (US$m)
0.4
4.12.8
-0.5
0.4
-76
▼
▲4.8
Imputed Fees (US$m)
2.7
0.71-1
0.3
▲
23 -0.1
0.8
Top Twenty Five Total
▲
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▼▲
▲
▲
0.4
Industry % Change over Last Quarter
-15.4%
Bookrunner Total
3,327.7
Fees
695.4
-0.1
Itau Unibanco-
15
38.1%6.1%
537,132.6 100.0
135.2▼
.6 1.22.1 12425
1.1129.0
1.2 ▲.4 0.8 -3.7 ▼
▲8.5 -11
$775,194.4 65%
$241,139.6 20% $58,647.2
5% $22,584.6
2%
$20,847.4 2%
$17,443.9 2%
$16,192.5 1%
General Corporate Purposes Acquisition Financing Working Capital Sponsored Buyout
Leveraged Buyout Project Finance Spinoff Capital Expenditures
Property Acquisition Standby/CP Support
0
100
200
300
400
500
600
700
800
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2010 2011 2012 2013 2014 2015 2016
Pro
ceed
s (U
S$b
)
Highly Leveraged (US$b) Leveraged (US$b) Undisclosed (US$b) Investment Grade (US$b)
$3.8 $1.9 $1.5 $2.4 $4.7 $4.1 $6.2 $7.2 $5.6 $4.6
2,121 1,873
938
1,402
2,134 2,031
2,285 2,602 2,539
2,140
0
500
1,000
1,500
2,000
2,500
3,000
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$b
)
Total Imputed Fees (US$b) Number of deals
6
`
EMEA syndicated lending reached US$439.7 billion during the first half of 2016, a decrease of 22.3% from last year.Borrowers from the Energy and Power sector were the main drivers of EMEA activity, accounting for 23% of volume, andborrowers from Materials and Industries received 17% and 14% of loan proceeds, respectively. General CorporatePurposes made up 55% of loan uses during the six months, followed by Acquisition Financing and Project Finance,accounting for 14% and 12% shares, respectively.
The target nations with notable year-on-year gains were Ukraine (up sixtyfold), Bulgaria (up over eightfold) and RussianFederation (up sixfold). Target nations in decline included Italy (down 63%), Netherlands (down 51%), Norway (down 50%)and United Kingdom (down 48%).
According to Thomson Reuters/Freeman Consulting, EMEA arranging fees decreased 27.7% from last year. The leadingoverall arrangement fee earner in the EMEA region was BNP Paribas, with US$85.7 million in fees (a 5.3% wallet share).
Jan 1 - Jun 30 2016
Europe, Middle East & AfricaEMEA Borrowing Down by 22% | Ukraine and Bulgaria Targeted Loans Up Significantly | BNP Paribas Top EMEA Fee Earner
EMEA Use of Proceeds (US$b) Jan 1 - Jun 30 2016
Top EMEA Syndicated Loans (US$m)
First Half 2016 | Syndicated Loans | Managing Underwriters
EMEA Deals Intelligence
$20,200.0
$18,000.0
$11,839.8
$10 000 0
Syngenta AG
Shire PLC
Yamal SPG
Kingdom of Saudi Arabia
$242.155%
$59.714%
$51.012%
$14.33%
$11.23%
$10.22%
$25.96%
General Corporate Purposes
Acquisition Financing
Project Finance
Capital Expenditures
Sponsored Buyout
Leveraged Buyout
Property Acquisition
Export/Import Finance
Finance Linked Trade
-5.8% 8.1%
283,415.4194,771.4Top Twenty Five Total
8.4
▼
▼ 19714.2
▼-0.4
-24.0%
-1.1
100.0
▼▲
100.0
-0.4994.8
1.016.061.3
-179
-22.3%11.0%
▼
▼
▼66.425
▲Industry % Change from Last Quarter 0.2%
1.1
1,077.268.9
-1822BBVA
Industry % Change from Last Quarter
▼0.8
Industry % Change from Same Period Last Year -26.5% ▼ ▼-30.8%▲
Bookrunner Total
2,983.3 46-3.6
100.0
4.7-4.1 ▼
-0.3
4.5 -1 ▼4.0▼ 16
1824 22▼-0.60.6
0.4 ▼▼
4.6-
-13
-0.1
403
-1.2
Industry Total
24
Industry % Change from Same Period Last Year
3,576.8 0.328 1.6▼▲ 24▲
6.8Nordea 240.0ABN AMRO Bank 23 26
Mizuho Financial Group 22 1.3 0.06.0 16.8-1Lloyds Bank 21 19
21 2,991.9 -21.13,045.3
-0.5
▼CITIC 20 - 4,040.0 1.4Bank of America Merrill Lynch 19 -196.5
1.4 8.4▲0.31.415.0▼15▼ 3.70.8
-0.91.6▼ 17.7▲1 0.2 1 ▲ 0.8
1.3
Santander 18 13 4,303.1Mitsubishi UFJ Financial Group 17 1.6 -0.8 ▼
331.5 -1.4 ▼22
17 4,222.3 ▼ 261.5 -0.8-0.9
3,591.8
-0.8
-25 ▼ 15.4
▼▼5.5 20.0-13
▼1.9 -0.31.4
▼8.2
16 4,647.2
Credit Suisse
28 ▼JP Morgan 15 4Rabobank NV 14 27
25.35,404.0
2.3 ▼2.4 -3.96.9 -271.9
6,600.3▼ 30 7.4 21.0RBS 16 14 -0.9 2.0-18 ▼
13
▼-3.0
2.520 5.0
0.2 ▲
15.9-6
7,050.8 ▲7,454.9 ▼
18▲2.62.5 -6 ▼
30.2
29 ▲-0.8 ▼46 11.4 -16
32.3▼ 26.8
1.6 ▲4.51.4 0.7
3.0 1.11.5
Commerzbank AG9 42 10.48,748.4
31.610 12 8,575.5 603.0 -18 ▼▼
Natixis 12 15 7,488.6 2.63.0 -2.4 ▼ 41Deutsche Bank 11 3 8,492.7 2.8 -2.310.2 -50 ▼
Morgan Stanley 8 23 10,296.93.1 -0.6 ▼
Credit Agricole CIB1.3 ▲10 2.5 -9 ▼▲
-0.925.5
▼ 36.0-18
▼7 5 11,318.52.43.3 0.4 ▲Citi 9
Societe Generale 6 8 11,580.4 4.1▼4.2 -0.115.6 -254.0
▲
▼ 48.5▼
15.916.94.3
-0.8 ▼77
0.4 ▲0.4 ▲7
6447.6
-12 ▼
UniCredit 1
BNP Paribas SA 4 2 12,164.3 4.3HSBC Holdings PLC 3 63
-54 ▼ 63.7▼-0.615.6
4.0ING 5
Barclays 2 6 14,607.22.7
-1.368
5.919.11 12,613.2
12,121.7 ▼
# ofShare Ch.
2.5 ▲
Manager
Imputed Fees (US$m)Market
DealsChange in
Proceeds per Bookrunner (US$m)
# of Deals19.1
2016 Rank
2015 Rank
MarketShare % Share %
65.6 6.1
EMEA Mandated Lead Arrangers (R19)
# of Deals per MLA
164
EMEA Bookrunners (R17)
MarketShare %Bookrunner Proceeds Proceeds Share % Share Ch. Deals Share %
2015 RankFees
1 18,896.8 4.3 -0.6BNP Paribas SA 1▲
4.5 -2.55.2 1.2 ▲
# of Deals per Bookrunner
4.5-36
Jan 1 - Jun 30
Proceeds per MLA (US$m)Change in
Jan 1 - Jun 30
42.7▼
Market
Imputed Fees (US$m)
2016 Rank
Market
63 ▼ 45.3
-51 ▼28 6.9▼
▲4.4 1.0
▲
2.7
4.0
Manager Market MarketMandated Arranger
Market # of Market# of Deals Fees Share % Share Ch.
Market
43.1-22
-122
-10.0%
10
17.0
16,852.3 6.0 77 -6 ▲0.4
▼145
0.4
19.6 -58
1.8 0.1 ▲2.1
-81-1.2 ▼
Share Ch.
3.6 2.2
0.6 ▲2.914.90.1 ▲
▼
-10 ▼
-0.8
3.4▲▼
0.9
2.23.8
2.01.2
▼ 33.1
39.915.0
▼
▼ 2.50.4
-0.4▼ 55.4
-0.4▲
▼
▲▲
-1.4 ▼0.9▲
2.8▼
Commerzbank AG 6
3.5 0.3
3.0Societe Generale 5 7 13,550.8
13,105.7
UniCredit 3
-62
▼-0.5
1263.1 -0.4 ▼13
118 15.9Credit Agricole CIB -66
▼-131 ▼
5 11,644.2 2.7
-0.7
0.30.4 ▲
▼0.9
▲
3.976.0 4.7
▼22.2
ING 2 4 16,174.1 3.7▲▲
68.1 4.2 0.3-0.285.7 5.3 -0.6▼ ▼
HSBC Holdings PLC 62.8-41
102
▼18.9140
7 8 12,727.9 2.9▼ 36.1
61.413.8 -37
11 15,235.34 2 14,253.6 3.2 -1.6 ▼ 131 17.7
▼2
82-0.6Citi 10
China Development Bank 8 - 11,893.3 2 0.3
10 11,202.7
2.7 ▲
11.178
2.6 -5010.5
▼Deutsche Bank 9
0.2
3 9,285.414.3 -81Santander 13 12 9,548.7
RBS 12Mitsubishi UFJ Financial Group 11
8916 10,021.4 689 9,972.3 2.3
▼▼ 1062.2 -0.8
9.22.3 0.2 ▲
Barclays 142.0
▼
36.931.9
36.632.6-1.1
-17 ▼
-117▼ 32.2
51.0▲1.7-16-0.1 ▼ ▼ 28.054 7.3
-0.1 54
-2.0
3.10.5
▼
2.0 -1.5
0.0
▼
▼JP Morgan 56 7.6
46.0
▼ 54.774
2.3
1.81.6
-2.0
1.6 ▲
12.0 -78 ▼▼
3.410.02.3 0.02.0 -2.9
79 10.7 -31 ▼ --
-0.6 ▼
16
▼431.35.3
13.1
6
6.4 -52Banca IMI (Intesa Sanpaolo) 20 21 6,575.1 7.6
471.6 -0.6Bank of America Merrill Lynch 19 15 7,063.8Sumitomo Mitsui Finl Grp Inc 18 19 7,183.8Mizuho Financial Group 17 17 7,204.0
7.3 -16
7,748.1
▼
18.58.2 0.8 -1.0 ▼
1.1 -0.65,512.6
439,680.1248,555.2
-17
▼
0.4 ▲-3456 ▼
1.3 0.3 390.8 ▲
▼-1.1 ▼ ▼
1.2 -0.2
20.2
▼61-64
Natixis 15 18 7,814.0
22.9 1.4
-50
2.0
100.0
1.2 0.0 -5,085.7Top Twenty Five Total
▼-32.4% ▼ -27.7%
740
▼-0.6
1.3
▼ 3.2%
1,628.7▼
6.2
Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.
6,122.0
Nordea
▼30
5,588.94.1
1.5 0.0 -
▼
Credit Suisse 21 28 1.4▲
-51
-5.1
-18 ▼ 20.7 ▲
-355
5.80.522 27
255,145.0
56.9 -8.7
Rabobank NV
BBVALloyds Bank 23 14
$10,000.0
$7,550.0
$5,519.8
Kingdom of Saudi Arabia
Glencore PLC
Coca-Cola European Partners
Finance Linked Trade
Others
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7
Bank of Ireland 24 40 565.3 1.2 1.0 ▲ 7 7.7 4 ▲ 7.9 1.6 1.1 ▲
Market2015 Rank
2016 Rank Deals
Europe, Middle East & AfricaFirst Half 2016 | Syndicated Loans | Managing Underwriters
Share Ch.
6.22,975.73 9
# of Deals per Bookrunner
EMEA Quarterly Syndicated Loan Volume
Market
Bookrunner
European Leveraged Loans (P10)
Proceeds per Bookrunner (US$m)
Jan 1 - Jun 30
Market
Fees Share %
Market# of Market Change in Imputed Fees (US$m)
Share % # of Deals
▲3.6-16
▲
▼
25.5 5.221 23.1 -85 3,064.82.2 37.4 ▲1.5-734 ▼ 9.245.4
Manager
1 2 5,105.8 ▲Share Ch.
1 5.3 -3.113.217.6
-3.06.0 -1.4 ▼16Deutsche Bank
17.6
10.4BNP Paribas SA
23.1212.1 ▲1.2
6.112
Proceeds Share %
▲4.8 1.1- 23.9
▼
▼
0.90Societe Generale
JP Morgan▼4.9 -1.1▼ -222,595.8
Credit Agricole CIB 2
4▲ 190.4
14 2,397.67 8 2,352.8HSBC Holdings PLC
4 3 2,971.4
27.7
24.02.0
▲
5 ▼Natixis 6
4.84.9
4.7 -0.920.9
21 23.1 -48
13.6
26.0
▼13.7
Credit Suisse 9 16 2,238.2 ▲-5
12 ▼12
13.24.6 1.9
9.9▼ ▼-16
▼2.0
-0.62.8
1.9
2.2
-1.31.7
5.3
2.83.8
4.120.429.0
-6 1.2
▲ 16 17.6▼ 5.6
-5 ▼
UniCredit
Barclays 12 3.7 96 1,792.9 -0.8
▼-9
▲
15 2,049.218.613.2
▲
1,838.8 ▼
5.9
▲▲ING 10
Citi 114.2
-3▼13.21.4
0.6 ▲
RBS 15 10 1,297.712 1,351.2 7
2.8 9 9.97.72.8
▲▼
Commerzbank AG 13 19 1,364.7Bank of America Merrill Lynch 14
2.6 -0.8 8 8.8▼-0.41.0
Nomura 20 31 852.3
28Mitsubishi UFJ Financial Group 19
1.8
9.9
1.51.7
895.8Lloyds Bank 185873.5 -0.8 ▼ 5.5
7-1.51.1
1.8▲ 5
7 1,180.1 2.4
17
-2.0▼
Morgan Stanley 22 23
Nordea 25 39 543.2 1.1 0.9 ▲ 2 2.2 0
Santander 23 18 -1.0▲
0.00.4
-2.7
1.2 0.3 -4▼ 3 3.3
Goldman Sachs & Co11 916.5
16Banca IMI (Intesa Sanpaolo) 17 1.9 8.6
▼BBVA 21
Jan 1 - Jun 30 20160.94.61.3
-0.80.26.4
▼
▲
▲
1.9
▼▼
-1.5
▲▼
▼0.8
▼▲
593.21.2 EMEA Syndicated Loans by Industry (US$b)
24 718.9
2
-16-8
2,318.6
3.7 12
▼
1.6
-30.71.0
▼
▲▲
▼
-
-0.42.6
-9▼
5.9
-2
▼7.710.7
1.28.8
0 --1.21.8
15.3 3.1
▼
0.93.3
5.5 2
2.2
0.7-0.91.2
-4 12.7
591.8
▼-236 6.6
91.7
13
▼
▲▼
▲4.59.4
▼5.55
8.1
- 2.2
▲
-1.3
$$12 0Energy and Power
223276
249264265
341
315362
379464
418
400
300
390
315355
355387398440
386
533 518
498485
611
558595
390351
0
100
200
300
400
500
600
700
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012 2013 2014 2015 2016
# of
Issu
es
EMEA Proceeds (US$m)Number of deals
Proc
eeds
(US$
m)
-19 383.9 100.0-1.5 ▼
100.0 91 -54 493.8 100.0
5
▼
IKB Deutsche Industriebank 25
76 ▲
2 ▲
-2
4.2
3
0 -
-2.1
0.55.5
0.4
▲
8
290.0
▼
▼▼0
1
3 4.2 1 ▲ 6.4 1.7 0.8 ▲24,444.1 83.1 2.3 ▲ 75.5
-0.5
2.80.9
▲1.0
▲
2.820.1
0.814
1.5▼▲4.21.6
49,155.2
Credit Agricole CIB 8 6 1,126.6Barclays 9
HSBC Holdings PLC 519.73.3 ▲
7 1,642.3
7.0
5.6
4.0 2.416 1,164.5
1.2 ▲
8Societe Generale 6 17 1,408.1 144.8Citi
19.7
7
14
11.317.219.7 4.52 ▲
2.43.6
▼ -95.64▲▲
▲
▼
9.3-7 ▼
-1 ▼-4
0 - 19.7▲
▼
-0.51.8
5.6
-11 ▼4 5.6
-2
0.4
1.9
0.81.6
▼2.1
2.5 1.52
44
6.3 -5.1
2.07.8
9.6
1.4▼
0.3
▲3
▼
49.9
Goldman Sachs & Co 16 3
0.4
7.3
565.3
▲28.5-1 ▼
▲ 611.3 -5
18
0.3
1.50.2
▲ 16.7
2.5
7.5 2.0 -0.7
11.5
3.1
3.0
▼
8.55.6
Lloyds Bank 22▲
Top Twenty Five Total
5.6
Nordea 17 32 586.4 2.0 1.6
15 529.1 0.0Bank of IrelandCommerzbank AG 19
26 1.3
25 471.821 504.7
RBS 20 12Morgan Stanley 18
523.3 1.81.7 0.2
3UBS 23 4.2Mitsubishi UFJ Financial Group 24
▼Industry % Change from Last Quarter 31.6% ▲ -2.8% ▼ -4.0% ▼
-2.7%▼ ▼-10.7%
38 373.5 1.3 1.0 ▲
Bookrunner Total 29,362.7 100.0 71
609.9
13 729.8Natixis 12
23
Mizuho Financial GroupING 10
2.5 -1.4
20 677.5Nomura
-0.5
2.3
-5.7
801.011 21 771.1 2.6
0.7
8 744.01.3
JP Morgan
BNP Paribas SA 1 ▲2 11.0
Industry % Change from Last Quarter -29.8%-40.2%
# of Deals per Bookrunner
Bookrunner Total
Industry % Change from Same Period Last Year
2,292.6 29.6▲ 9
3.1 ▲12.73.5Credit Suisse 3 11 1,854.2
Bookrunner
-2.94.81.3
1 1,735.5
15 4 659.2Bank of America Merrill Lynch 14
22 394.9 1.3 ▲407.8
▼
▼
▲
Deutsche Bank 4
Share %Market
Share %# of2016
Rank
UniCredit 2 5
4.01.7
7.8
▼
▲6.6 1.7
EMEA Sponsored Loans (P13)
-40.0%
6.3
-21.1%
1.4
2.3 -3.0
2.7
-0.1
2.01.9
-2
▲-
7.0
-
▲6 ▲ 3.4
ManagerShare %
▼
▲
-34.9%
▼
▲6.0 1.84.1
▲
5.1
▼
2.2
0.9
31.7
▲-1.6
3.9
▲
EMEA Imputed Fees Jan 1 - Jun 30
▲
▼
0.1
-3.63.8
0.1
3.3
▼
-1.11.0
▲
▲
▲
▲
▲
8.3
Jan 1 - Jun 30
ProceedsChange in Market Market
3,242.7
▼
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)
▲
9 1,001.8
23.09 ▲ 15.52
3.4 5-0.7 ▼ 143.8
▼ 15.018.5-8.4 ▼ 11 15.5
5.1
25 35.2
▼▼ -25.4%
3
Market Market# of Deals
8.6
Top Twenty Five Total 390.5 79.2 1.7▲
▼
7 9.913 13.9
5.9
43,445.8 88.6
Industry % Change from Same Period Last Year
-38.7% ▼
7.8
2015 Rank Share Ch.
▼Deals
-1.321
Share Ch.33.1▲
-11 ▼
Fees
1,131
764
499606
842
689 741
919
1,089
740
0
200
400
600
800
1000
1200
$0
$1,000
$2,000
$3,000
$4,000
$5,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$m
)
Total Imputed Fees (US$m)Number of Deals
$100.623%
$73.517%
$60.214%
$59.914%
$26.76%
$24.76%
$17.74%
$15.94%$13.7
3%
$12.23%
$12.03% Materials
Industrials
Financials
Healthcare
Consumer Staples
Telecommunications
Real Estate
Consumer Products and Services
Media and Entertainment
High Technology
Government and Agencies
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8
CITICShanghai Pudong Development Bk
1,292.2CTBC Financial Holding Co Ltd 1823 1.7▼0.9 -0.60.16.3
-8 ▼ ▼4.2-0.4
▲1.0 0.0 - ▲
▼ -1 0.13.2 0.8-4
0.3
6.720
▼104.8
▼22
▼
1.621
Fubon Financial Holding Co Ltd 22
▲-2▲
38
15
Axis Bank Ltd 19▲
1,406.5
1.21,494.1
4.61.1 -0.4
2.12.1
1.1
22
10
▼4.0 12 ▲ 2.6 ▲
29
0.720 28 1,542.30.1
1.019
▲ 3.86.10.1
1.3 0.8
2,089.90.3
1,895.82,022.3 6 -0.2
0.6▲
Mega Financial Holding Co 17 17 1.518 21
▲Bank of Taiwan 1.4
▼▲
▼ 6.224▲ 12
-9 -0.22.5 0.65.6 1.45 ▲5.0 1.5
1.51.5 1.1
-0.6Korea Development Bank 15Citi 16 49 2,162.8
-10 ▼ 3.26
▼ 16
▲▼
18 ▲
181.7
▲ 2.92.5
▼0.8 -1.11.3Sumitomo Mitsui Finl Grp Inc
3.410 2,199.61.6 0.714 24
▲ 911.82,294.8
5▲ 3.8
1.9
ANZ Banking Group 2.9 0.7
China Merchants Bank 13 47 2,312.23.8 -0.210.0
1.21.62.5
▲0.0 -
10.09 2,979.4 -11 ▼2.1Mizuho Financial Group 12
▲ 11.7
▼2.28.8
251.22.9
2.319
11 8 3,309.4 ▲4.0 2 11.7 ▲5.3 1▼
3,643.7 2.6 1.0 ▲-0.22.3
-0.86.5 1.515.3
-12 ▼▲
52.7 ▼State Bank of India 9 3
Mitsubishi UFJ Financial Group 10 14
▲3,793.4
31DBS Group Holdings 8 11 4,051.211-3.6
3.8-0.2 4.1
Agricultural Bank of China
▲2.8 0.9 ▲32Standard Chartered PLC 7 6 4,277.0 16.6
▼6 13-43.0
▲5,193.0 0.8 -3▼
46.7
1.33.7 1.8HSBC Holdings PLC 5 7 5,414.3 1.2
8,631.33.8
China Construction Bank 44 9,573.5
1.4 1.51.3
▲ 727 5.7▲
1 1Bank of China Ltd 2 2
6.16.7
5China Development Bank 3
10.0 -4.56
▼▲
871.5
Industrial & Comm Bank China
MarketShare%
22.520.6 -17# of Deals Share%Bookrunner Proceeds
14,271.220,984.2 14.7 ▼-0.9 ▼5.6 -1.8
▼▼
▲3.5 1.5▼4.0▼▼
16.3
0.65.2
▼0.3 ▲
▲
-0.3-0.1
-5
▼ 16.2 4.0-2-3
▼ 14.224.2-31 ▼
9818.3
Share Ch.
6.0 -3.2
Fees
Syndicated lending in Asia (ex Australia) during the first half of 2016 declined from the same period in 2015, down 16.3%with proceeds reaching US$202.3 billion from 602 deals. This was the slowest first half start since 2013 in the region.Strong growth was observed in leveraged buyout (LBO) and management buyout (MBO); while the number of dealsincreased slightly compared to 1H2015, financing packages for LBOs and MBOs almost tripled on equivalent deal countscompared to the same period a year ago.
The largest loan in the first half was executed by Zhongtian Synergetic Energy Co Ltd. Proceeds from the CNY 44 billion(US$6.8 billion equivalent) term loan will be used to construct a coal processing plant in Ordos, China.
Australian syndicated lending in the first half of 2016 reached US$31.7 billion from 63 deals, a 14% decline from the sameperiod in 2015. Borrowers in the Financials sector held 42% of borrowing in Australia, followed by the Energy and Power at18%. Codan Trust Co (Cayman) Ltd signed a US$2bn refinancing loan in April, marking the largest deal in the region inthe second quarter of 2016.
According to Thomson Reuters/Freeman Consulting, estimated fees from Asian syndicated lending totaled US$708.9million in the first half of 2016, down 11.6% year on year. In Australia, estimated fees were US$130.7 million, translatinginto a 12.6% decline when compared to the first half of 2015.
2015 Rank
MarketManagerDeals
# of MarketShare% Share Ch.
First Half 2016 | Syndicated Loans | Managing Underwriters
Asia (ex-Japan)Asian Syndicated Loans Down 16% l Refinancing Captures 17% l Australia Down 14%
Asia Loans - Bookrunners (All Currencies) (S5c) Jan 1 - Jun 30Asia & Australia Deals Intelligence
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market Change in 2016
RankMarket
Jan 1 - Jun 30 2016Top Asia Syndicated Loans (Ex Japan, Ex Australia)
$6,796.6
$6,112.8
Zhongtian Synergetic Energy
Berli Jucker PCL
Bookrunner
Jan 1 - Jun 30Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)
-9.0% ▼ 9.4%-25.1%Industry % Change from Same Period Last Year ▼
Industry % Change from Last Quarter 45.8%
173.4
▲
-509.7
-5.6%
46,977.2 70.1 ▲
▲
14966,920.9 100.0
▼
100.0304.0
-8.8% ▼ ▼
0.0 ▲
▼Industry % Change from Last Quarter 3.4% ▲ -39.0% -7.5%▼Industry % Change from Same Period Last Year -16.3% ▼ -23.1%
Industry Total
-11.6%▼
72.3 6.4202,333.4146,069.5
100.067.1
708.9 100.0475.0
-181
-0.2 ▼6.5▲
0.9
602
7.5451,942.112.3
▲▲
1.0 ▲ 80.3Mega Financial Holding Co 25 29Top Twenty Five Total
▲1.3▼ 21.0 ▲3.0
1.5 0.4▼ 10.4-5-2
BNP Paribas SA 24 19 2,095.8United Overseas Bank Ltd 23
-0.11.0 0.0
▼ 27 4.51.0- 27 4.5
▲1.1 0.7 ▲ 24 4.0 ▲ 0.5 0.23.5Axis Bank Ltd0.8-6 ▼ 5.7
22 48 2,129.61.1
16▲0.328 2,240.0 ▲23 0.33.8
Korea Development Bank6
19 14 2,770.21.2 1.2 ▲ 1.27 ▲22.3 3.2▲ 3.2
▼▼ 4.1 0.62,397.5
1.4 -0.729-0.2 ▼ 4.8 -52.4 ▲17.2-13 ▼
9.3 0.5 ▲0.6
54.5-0.2 ▼
▲0.427
3,021.9 20▲1.5 0.6222,905.4
▲0.7-2 ▼3.7 1.33.3
▲0.15.3
▲7.1 -1 ▼ 0.2
0.316.7 2.4
1.73.8 12.3ANZ Banking Group 14 3,306.3China Merchants Bank 15 34 3,069.3 1.5 0.9 6 ▲▲ 23
12 3 4,303.0261.213
▼1.71.6 -0.3 ▼
▲2.1 20 ▼
43▲ 10.9
▲1.5 ▲9 0.6
3.3 -1.010.0 1.4-22 ▼4.3
4,572.5-
6.1 -19 ▼ 22.5 ▲8.1 -18
▲ 3.2 0.52.3492.5 0.037
0.5 ▲5,083.010 10Mitsubishi UFJ Financial Group 1.0▼▲
▼439
▼1.2 2.634.2 4.8
22.4 3.27.1 3.6-3
88.0
▲▲
25.38 9 6,382.6 3.2 -6
▲5.5
▲ 35.2 1.5-0.2
5.0
▲2.03.4 38.759
80.2
0.4▼▲
1.3 -11 ▼ 14.2▼-22 ▼
0.1
9.8
-40.3%
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger
0.8
142,413.0
First Financial Holding Co Ltd0.6 ▲
Industry % Change from Same Period Last Year
100.0
g
25Top Twenty Five Total
22.5 3.2-0.7
5263
-23.6%
1,261.2
-16.5%
1,153.324
Bookrunner Total
Hua Nan Financial Holdings109,248.6
476 402.1
▲▼
▲-20.4% ▼
1.3%
▲3.8▲
100.02.5
▲
-122
▲0.960.6 ▲2.7
18 3.63.50.9
▲76.7
170.2
244.011
0.43.6 20.6 ▲ 0.9
Imputed Fees (US$m)
Jan 1 - Jun 30
21
17
CITIC
Bank of Communications Co Ltd 1.41.4
20 131
Sumitomo Mitsui Finl Grp Inc2.6
11 0.3-4.4
2,097.8
# ofMarketMarketProceeds
42
4
Industry % Change from Last Quarter 19.4%
Asia Loans - Mandated Arrangers (All Currencies) (S5b)
Change in MarketShare% # of Deals
▼
4
26,162.3
5▲
Mizuho Financial Group 11
HSBC Holdings PLC7
China Development BankChina Construction Bank
24
▼
3,372.9
20
Bank of China Ltd 2
Shanghai Pudong Development Bk
Standard Chartered PLC
Citi12
Ping An Bank Co Ltd
DBS Group Holdings
15
13
State Bank of India
22Oversea-Chinese Banking 18
16
2,809.8
7,376.0
11.4
6,785.1
5,233.5
135
▲
7,322.7
3.348
MarketShare Ch.Fees Share%
Market
22.4Share%
▼-1.4
Manager
323,127.78,947.1
6,615.4
2.1
5
7
0.1
66
Agricultural Bank of China
2016 Rank
11
82
Mandated Arranger2015 Rank
Industrial & Comm Bank China 12.9DealsShare Ch.
-0.3 ▼
1.1 ▲
70▲
145
27
24.1▲25
0.8
-24
-1
-33 59.2 1.0 ▲30.4 4.3
▼ 8.3▼
-9 2.1▼4.2
11.6
▲3.73.6
▲
4.44.5 ▼
1.015.2
▼
▲
▲
▲
13.8
▲
▼
0.7
1.20.80.2 ▲
▲
5.04.8 -5.4
4.5▼
1.8
4.5 1.8
▲
Imputed Fees (US$m)
0.4
▲4.5 -0.6 ▼3.8
Share Ch.-1.3
Market
-0.8
1.6 0.91.8 0.6
5.3
3.2
3.8 1.2
Share%
3.3 2.1 ▲3.3
HSBC Holdings PLC 1 4China Construction Bank 2
9 3,643.7 5.4
Proceeds per Bookrunner (US$m) # of Deals per Arranger
48 5,256.8 7.9
Industrial & Comm Bank China
Mitsubishi UFJ Financial Group 5
2016 Rank
7.5 ▲ 3 2.02.0
Market2015 Rank
16.0Proceeds Share%
5,306.3# of Deals
7.9Fees
Market Change in Share%Share Ch.
MarketManager
-
Market # ofDeals
▲ 26 17.4 00 - 15.1
Bank of China Ltd 3 1 4,255.5 6.4 -3.3 ▼ 21 14.1 1 ▲ 14.5DBS Group Holdings 4 8 3,764.9 5.6 2.0 ▲ 27 18.1 7 ▲
1.9 ▲ 19 12.8 5 ▲ 11.7Standard Chartered PLC 6 2 3,326.4 5.0 -1.8 ▼ 26 17.4 -4 ▼ 13.6ANZ Banking Group 7 5 3,292.6 4.9 -0.9 ▼ 25 16.8 3 ▲ 11.6Mizuho Financial Group 8 6 2,871.6 4.3 -0.3 ▼ 16 10.7 -9 ▼ 9.9China Merchants Bank 9 24 2,295.5 3.4 2.4 ▲ 9 6.0 5 ▲ 9.9Citi 10 43 2,162.8 3.2 2.7 ▲ 12 8.1 7 ▲ 5.6Sumitomo Mitsui Finl Grp Inc 11 15 1,889.4 2.8 0.9 ▲ 14 9.4 5 ▲ 9.7
12 12 1,487.5 2.2 -0.5 ▼ 11 7.4 2 ▲ 7.1 2.3Credit Suisse 13 39 1,033.0 1.5 0.9 ▲Bank of Communications Co Ltd 14 30 1,009.0 1.5 ▲
4 2.7 1 ▲▲
4.86 4.0 1
ING 15 10 983.6 1.5 -1.9 ▼ 110.7
-2 ▼ 5.27.4▲
1.7 -1.75.6
▼▼ 4.6BNP Paribas SA 16 16 960.1 1.4 -0.4
Mega Financial Holding Co 17 21 931.0 1.4 0.318 19
1.5 -0.7 ▼
▲
▼ 9 6.0 -1▲ 9 6.0▲
-Natixis 0.14.0 1.3
▼
▼912.6 1.4 0.2 4 2.7
-13 ▼ 5.0 1.6 -3.5
1.33.8-2▼-4
0.0
▲Deutsche Bank 19 7 855.9 1.3 -3.3 ▼ 8 5.4
57.00.2Axis Bank Ltd 20 40 739.0 1.1 0.6 4.0 2
Bookrunner Total
▲ 6Top Twenty Total
▲1.9 0.6
$5,007.1
$4,605.5
$4,440.0
$4,000.0
$3,421.0
$3,220.5
$3,079.2
$3,000.0
China Cinda Asset Mgmt Co Ltd
Jinan Qingdao High Speed
Tencent Asset Mgmt Ltd
Alibaba.com Ltd
PT Bhimasena Power Indonesia
MTR Corp Ltd
Qingdao Airport Group
SIHL Finance
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9
------
▼
▲ 2.8% ▲ 117.1%
29.1 -33.323.1Bookrunner Total 78.8 100.0100.0
▼Top Ten Total 21,184.3 100.0 -6.2
▼4 ▼ 10 4.5 -10.4▼29.2-8.8
6.4▲14.3 38.6
11
5.1 -2.1▼ -14.8▼-1.1
Commonwealth Bank of Australia 4 3,023.7 13
21.87.1ANZ Banking Group
58.9
0.933,345.3 42.7
Deals Share% Share Ch.Fees4,615.8
14 ▼1 3 7.7 ▲
Share Ch.2016 Rank
0.920 739.8 3.7 1.4
Market # of MarketShare%
Change in
9
Jan 1 - Jun 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Share%
Australia Loans - Bookrunners (All Currencies) (S7)
Market
National Australia Bank
▲-14.7% ▼
▲Mizuho Financial Group 8 675.8 -0.9 10 -
Bank of China Ltd 3.5 0.7 1.3942.1
HSBC Holdings PLC 6 1,881.4 1.6 ▲
7 3.0784.4
5
1.89
8▲
-22.2%
2.5 -2.6
5.9
2.166.0
6
3
▲
27 7.611
12
-12.6%
-8.2130.7
3
Commonwealth Bank of Australia 1
▼4 1 3,233.8 -5.8 ▼ -10.4
3,287.5 10.4 -3.9
0.8
34▼
13.73,912.0
Market
▲
8.3
-9 ▼2926 19.7
10.9-16
-0.8▼▼ -8.2
-5.810.2
# of Deals per Arranger Imputed Fees (US$m)
20,905.7100.0
8.1
▼
▼6.2
MarketMarket MarketShare%Proceeds
▼
▼-13 ▼
100.0
▼
-18
▼Industry % Change from Last Quarter 30.4% ▲ -23.8% ▼ 119.9%
14.9%
7.3
Market
-3.6 ▼
First Half 2016 | Syndicated Loans | Managing Underwriters
Proceeds per Mandated Arranger (US$m)
Share%# of Deals Share% Deals
▲
-25.8 ▼
1.4
▼
3.3
3.09.9
1.0
46.3
2.54.3
1.92.5
▼ 5.7-3
60.60
4.02
1 ▲
Fees21.7
4.8
16.2 -16
13.3
10.2
▲
12.416.5
4
22.7
▲
▲
5.8-2
6 ▼2.6
31,653.7
▲Industry % Change from Last Quarter 3.1%
Industry Total
▼
2
1.3
-2
5.61
3
▲
ANZ Banking Group5.7 ▼
3
14
National Australia Bank 2
# of DealsChange in
Share Ch.Manager Market
-1.2
# of
Australia Loans - Mandated Arrangers (All Currencies) (S6a) Jan 1 - Jun 30
▼4,327.1
Mandated Arranger Share Ch.2015 Rank
Manager Market 2016 Rank
9.4 3.91.6▼8 0.5
-0.2-1-2
5.6▼
▼▼
67.8%
10
Industry % Change from Same Period Last Year
Westpac Banking
1,121.8HSBC Holdings PLC
▼
▲3.3
▲-4.2
-2.4
63
Credit Agricole CIB6
Westpac Banking
1.02.3
Top Ten Total
-13.9%
8.4▲
11,779.95
5
5
Top Australia Syndicated Loans
21,184.3
-1.2
Jan 1 - Jun 30 2016
2.16
15.8
2015 Rank Proceeds
Asia (ex-Japan) & Australia
Bookrunner
2 2
▼- 747.5
1 2,294.1
Lloyds Bank
10.8
1
3.5 3.5 ▲ 2 9.5 2 ▲
Mitsubishi UFJ Financial Group
Asian Loans by Maturity Date
37
▲ ▲
1.2 1.6 1.1 ▲ING 7 - 689.4 3.3 3.3 ▲ 1 8.9 1 ▲ .7 0.9 0.5 ▲
.6Mizuho Financial Group 8 13* 440.7 2.1 1.2 ▼1.4Credit Agricole CIB 9 10 380.0 1.8 -0.2
▲ 0.75.7 1 ▲ -0.8
▲▼ 2 4.9 0 -
BNP Paribas SA 10 12 275.0 1.3
2
11.8 -0.6 ▼ Bank of Communications Co Ltd
0.3
Industry % Change from Same Period Last Year
▼
*tie
-0.63.5 0 - .2 0.3
1000
1200
1400
250.00
300.00
Proceeds (US$b) # of Issues$2,923.0
$2,530.5
$2,068.3
Global Infrastructure Partners
SPIC Pacific Hydro Pty Ltd
Macquarie Bank Ltd
Asian Loans by Currency (%)Jan 1 - Jun 30 2016 First HalfAustralian Loans Proceeds by Industry (US$m)
$11,976.842%
$5,148.218%
$4,423.115%
$3,957.314%
$2,051.37%
$1,051.04%
Financials
Energy and Power
Real Estate
Industrials
Retail
Materials
55.5% 60.5% 77.0% 75.2% 63.2% 63.4% 60.6% 62.3% 66.2% 59.5%
44.5%39.5%
23.0% 24.8%
36.8% 36.6% 39.4% 37.7%33.8%
40.5%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Local Currency G3
$248.4 $229.9 $265.1 $201.0 $203.00
200
400
600
800
1000
-
50.00
100.00
150.00
200.00
2016 2017 2018 2019 2020
# of
Issu
es
Proc
eeds
(US$
b)
$ ,
$2,000.0
$1,556.4
$1,139.9
$1,100.0
$922.6
$911.9
$886.3
q
Codan Trust Co (cayman) Ltd
Woolworths Ltd
WCX M5 FinCo Pty Ltd
Viva Energy Pty Ltd
Asciano Finance Ltd
Charter Hall Whlsale Mgmt Ltd
Charter Hall Invest Mgmt Ltd
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Japan Loans Proceeds by Industry (US$m) Jan 1 - Jun 30 2016
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0.1
0.2
Senshu Ikeda Holdings Inc 60.819
-15
Korea Development Bank17
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0.193.7- ▲0.1
▼▲1 1
-1▲
0.1
1
7
0.110.1
3-0.4 ▼
▲0.3 3▲0.1 1
-50.2
0.10.10.1
▼30.1
0.1▲▲
▲-0
10.20.3▲
9
150.7
0.10.2
0.30.2
1250.0 ▲7
▼
-
▲0
0.9
0▲0.30.1
-▲
▼455 0.5 ▼
-
4.6
3
-714
-3
1.4▼ 0▼
-0.3 1.2
-148 4.9▲
-0.3
436.9 0.0
-1.5
▼-3 ▼
0.1
▼▲ 0.5
10.10.40.3
12
-0.3
1.1
32.6 -35
1,326.4 ▲1.1
322▼19.7
Resona Holdings Inc
8
74
BNP Paribas SA8
Development Bank of Japan Inc1,292.0
# of Deals per BookrunnerMarket
2.8 1.9 ▲3
# of Deals
3.4276
Jan 1 - Jun 30
12
Market Market
Japan Loans - Bookrunners (S12b)
Deals43,583.3
Proceeds per Bookrunner (US$m)2015 Rank
2016 Rank
Mitsubishi UFJ Financial Group 36
Bookrunner
Citi 4
Mizuho Financial Group2
Share %▼
616.0
28.5
1,222.3
Share Ch.Proceeds
3,305.0
37.533,150.9
-4.0
# of
27128.0 ▲
▼-12▲ 27.5
JP Morgan 1314
1Sumitomo Mitsui Finl Grp Inc
12
5 5
13
Tokyo Star Bank 19
0.5
12Credit Agricole CIB
1277 Bank Ltd 10
Bank of Yokohama9
First Half 2016 | Syndicated Loans | Managing Underwriters
JapanJapanese Syndicate Lending Essentially Flat l Industrial Sector Lead Industry l Lending for Foreign Borrowers Second Highest on Record
7 1.1Sumitomo Mitsui Trust Holdings
22,908.13
Sh %Change in
-0.111 295.311
0.2
-
6
254.5-
305.3
169.7
Overall Japan Loans Volume
Capital Expenditures
3,425.1
3/31/2016
Takeda Pharmaceutical Co Ltd
Itochu Corp
Working Capital
Toshiba Corp
3,272.22,943.9
Nishi-Nippon City Bank Ltd
21
199.6
117.7
Aozora Bank Ltd
18
135.2INGThe Bank of Yokohama Ltd
10
6/15/2016 1,887.0JFE Holdings Inc
2,239.53/28/20166/29/2016
Shinsei Bank 20 9
Japan Deals Intelligence
Package Amt (US$m)Borrower
Jan 1 - Jun 30 2016
Refin/Ret Bank DebtPrimary UOP
16
Working Capital
1,965.4General Corp. Purp.
Sharp Corp4/26/2016 4,582.4
Sumitomo Corp
1,789.2
Marubeni CorpWorking Capital
Top Ten DealsClosing Date
4/22/2016
2,666.7
6/8/2016
2,468.8NEC Corp
6/24/20166/10/20162/24/2016
Working CapitalWorking Capital
General Corp. Purp.
Mitsubishi Heavy Industries
Working CapitalMitsui & Co Ltd
987100.0
60.4 0.1 -0.6 ▼ 3 0.3 -7 ▼
-11
Industry % Change from Same Period Last Year 0.3% ▲ -1.1% ▼Industry % Change from Last Quarter -46.6% ▼ -76.8% ▼
▲2.5109,783.1 94.5Top Twenty Five Total116,233.4Bookrunner Total
Japanese syndicated lending in the first half of 2016 reached US$119.6 billion from 1,012 deals, a decrease of 0.8% in proceeds and a2.7% decrease in number of deals compared to the same period in 2015, marking the slowest six-month period for Japanese lendingsince the first half of 2007. Borrowing in the Industrial sector totaled US$21.5 billion during the first six months of 2016, accounting for 18% of the Japanese loanactivity, and a 12.7% increase compared to the first half of 2015. Mitsubishi Heavy Industries' US$2.0 billion revolving credit facility thatclosed in June topped the list of deals from the sector. Japanese Syndicated Loans for foreign borrowers increased significantly, with total proceeds reaching US$4.7 billion in the first half of2016, up 150.8% from the same period last year and the second highest first half on record following 2007’s first half totaling US$13.4billion.
2,051
1,658 1,661 1,686
1,826 1,870
1,992 2,065
1,012
0
500
1,000
1,500
2,000
2,500
$0
$50
$100
$150
$200
$250
$300
$350
2008 2009 2010 2011 2012 2013 2014 2015 2016
# of
Dea
ls
Pro
ceed
s (U
S$b
)
Q4 Proceeds (US$b) Q3 Proceeds (US$b) Q2 Proceeds (US$b) Q1 Proceeds (US$b) # of Issues
$21.5 18.0%
$15.8 13.2%
$14.1 11.8%
$12.7 10.6%
$12.4 10.3%
$10.7 9.0%
$10.4 8.7%
$8.3 6.9%
$4.7 3.9%
$4.4 3.7%
$3.0 2.5%
$1.2 1.0%
$0.3 0.2%
Industrials Financials High Technology
Energy and Power Materials Consumer Staples
Consumer Products and Services Real Estate Healthcare
Retail Media and Entertainment Government and Agencies
Telecommunications
.
11
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Jan 1 - Jun 30 2016
2122
0.10.80.1
▲
0.1
0.11
Mitsubishi UFJ Financial GroupSumitomo Mitsui Trust Holdings
6
0.01
▲
Resona Holdings IncDevelopment Bank of Japan Inc
0.2
4
70.0
3Sumitomo Mitsui Finl Grp Inc 2
5
-1.5
11 2,194.22.1
Citi0.5
0.1
3
Mandated Arranger1
2,561.4
2.2Mizuho Financial Group
2016 Rank
-2.8
Jan 1 - Jun 30
2 ▲▼
-24
Proceeds per Mandated Arranger (US$m)
294
# of# of Deals
Market
Japan
▲
First Half 2016 | Syndicated Loans | Managing Underwriters
Japan Loan Volume - Non-Japanese Borrowers
Share Ch.
Japan Loans - Mandated Arrangers (S12a)
Market
42,389.3Proceeds
33,977.2
2015 Rank
0.1
0.2
Share %
1.8
24,452.54
-0.2
0.1
0.4
0.0
▲-
0.1
0.1▲
0.1▲
8
6
-
35.428.420.5
1
1,581.3
# of Deals per MA
Sh %Market
29.1
▲5
29.1 ▼▼
▲
348
Deals
▼
-1
4.5
1.7
7
▼
294
Change in
34.4-1825 ▼2.5
▼-11
-
1,156.0
1.4 ▲
1,415.3 0.01.2
254.5 0.2436.9
5
1.0
1.3
70.5
▲6 0.6-1
0.9 ▲0.5
146
17
9
▼
6
0.3
▼
59
10.1
3
5.8
0.5
-1
-80.6
-35
-1 ▼
0.10.4
1
3
0.1 -▼
▼
▼-1-
0.10
1-58
-3
▼
-0
▲4
▲▲
1
-41
▼
▼
0.11
▼-28
▲ 1 0.1
0.0
-2.7%-0.8%
94.3
0.30.1-
Top Twenty Five Total- 49.125
112,799.7Industry Total
-0.4
Industry % Change from Same Period Last Year
24 360.40.0 1
-0.60.1Shinsei Bank
20
87.9-
60.8
Korea Development BankSapporo Hokuyo Holdings IncSenshu Ikeda Holdings Inc
The Bank of Yokohama Ltd93.7
▲1
▲89
0.1
▲
31
Norinchukin Bank
▲▲
166.70.1
0.0
0.1JP MorganAozora Bank Ltd
-
199.6▲
0.0
17 17
14*
0.122*
161.5
13
2320
109.1
0.10.1
166.7
152.70.1
0.1-
15-
Hokuhoku Financial Group Inc 1612Nishi-Nippon City Bank LtdHSBC Holdings PLC
25
14*
18
-0.5
0.1
101677 Bank Ltd
123.3
Japan Loan Volume by Maturity Date
289
Shizuoka Bank Ltd
Japan Loans - Top 10 Uses of Proceeds (US$m)
▼
Credit Agricole CIB
ING 19 117.7
Tokyo Star Bank
Bank of Yokohama10
0.211
209.32113
622.6BNP Paribas SA
0.1
-0.1
-8
1
6▼
▲
▼
*tie
Industry % Change from Last Quarter -46.9% ▼ -76.1% ▼
119,600.2 100.0
▼
1,012
14
4
6
4
9
3
6
8
10
2
12
6
13
3
6
10
4 3
11
3
10
6
20
5
11
2
26
7
11
3
0
5
10
15
20
25
30
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012 2013 2014 2015 2016
# of
Issu
es
Pro
ceed
s (U
S$
m)
Proceeds (US$m) No. of Deals
179.3 134.4 99.4 83.5 57.6 42.6 28.2 21.6 119.1
1574
1113
905
823
611
450 357
292
1276
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
2017 2018 2019 2020 2021 2022 2023 2024 2023 & Beyond
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds(US$b) # of Issues
$49.0 41.5%
$29.0 24.6%
$13.4 11.3%
$7.8 6.6%
$5.5 4.7%
$5.2 4.4%
$4.8 4.0%
$2.9 2.4%
$0.6 0.5%
Working Capital
General Corporate Purposes
Capital Expenditures
Refinancing
Acquisition Financing
Refinance Bank Debt
Property Acquisition
Project Finance
Aircraft Financing
.
12
-
-
-
-
-
-
-
-
Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
If you would like to participate in the submission process, receive quarterly press releases, orhave questions about league table criteriaplease contact: Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.
Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current andprevious year's data is as of 12:00pm EDT on June 30, 2016.
Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be giviento the surviving/parent firm.
Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm
All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
First Half 2016 | Syndicated Loans | Managing Underwriters
Ranking Criteria Summary
E-mail: [email protected]
Tel: +852 2912 6603
AmericasSalvatore ReresTel: +1 646 223-8455
JapanAi HashimotoTel: +813 6441 1155
E-mail: [email protected]
E-mail: [email protected]
Europe
Market Segments (i.e. leveraged, investment grade) in this report are based on SDC 'yield type' which is defined separately from Thomson Reuters LPC 'market segments'. Please speakto your contributor relations representative for more details.
Ewelina JareckaTel: +44 207 542 2246E-mail: [email protected]
Asia-PacificEmily Au
-
-
-
-
- Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most comprehensive and accurate view of the syndicated loans market available.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".
Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.
or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocatedto syndicated members.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liablefor any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express orimplied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carryout a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products,including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2016 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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