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Bloomberg 2014 Q1 Global Capital Markets League Tables
Bloomberg 2014 Q1 Global Capital Markets League Tables
Bloomberg 2014 Q1 Global Capital Markets League Tables
CAPITAL
MARKETS
LEAGUE TABLES
Q1 2014
04/01/2014
Bloomberg
Bloomberg 2014 Q1
Table of Contents
1 . Introduction
2 . Global Equity, Equity Linked & Rights
3 . Global Equity & Equity Linked
4 . Global Equity Linked
Just type LEAG <GO> for underwriter rankings or LALT <GO> for legal adviser rankings and then click on the red
'Select a Market' button in the top left of your screen to view a complete range of rankings available for fixed income,
equity, equity-linked and syndicated loans. Alternatively, press the green <Help> key on your BLOOMBERG
PROFESSIONAL(R) for further instructions.
9 . International Bonds
10 . Global Bonds
11 . U.S. Bonds
VISIT {NI LEAG CRL <GO>} TO DOWNLOAD COPIES OF THE FULL RELEASE AND A FULL RANGE OF
MARKET SPECIFIC LEAGUE TABLE RESULTS.
12 . Euromarket Bonds
13 . Asian Local Currency Bonds
14 . U.S. Loans
15 . U.S. Leveraged Loans
Due to the dynamic nature of the Professional Service product, league table rankings may vary between this
Contact
Phone
Fax
Americas
Paul Bandong
+1-609-279-5187
+1-646-268-5455
calendar@bloomberg.net
EMEA
Jorge Fernandez
+44-20-3216-4345
+44-20-77392-6161
emeacapmkts@bloomberg.net
Asia-Pac (HK)
Janoearto Alamsyah
+60-3-2302-7887
+60-3-2302-7800
jalamsyah@bloomberg.net
Asia-Pac (SG)
Carissa Chua
+65-6231-3665
cchua79@bloomberg.net
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
1
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
10.9
18,343
2.82
88
13.1
(2.2)
Morgan Stanley
9.1
15,355
3.16
99
8.1
1.0
JP Morgan
8.5
14,274
4.39
115
6.6
1.9
8.1
13,611
3.26
88
6.9
1.2
Deutsche Bank AG
7.2
12,128
3.73
79
6.2
1.0
Citi
5.9
10,007
4.28
84
8.0
(2.1)
Credit Suisse
5.9
9,882
3.98
91
5.5
0.4
UBS
5.7
9,646
3.91
64
8.0
(2.3)
Barclays
3.2
5,435
3.01
61
5.8
(2.6)
10
2.5
4,143
2.58
34
12
1.4
1.1
11
2.0
3,362
1.50
10
14
1.3
0.7
12
1.9
3,156
4.31
47
13
1.3
0.6
Jefferies LLC
13
1.5
2,447
4.94
38
17
1.0
0.5
14
1.3
2,177
4.13
37
11
1.5
(0.2)
15
1.0
1,633
4.49
26
16
1.0
16
1.0
1,624
4.64
17
25
0.7
0.3
Societe Generale
17
1.0
1,619
n/a
19
0.8
0.2
18
0.9
1,589
3.24
GF Securities
19
0.7
1,132
5.85
83
0.1
0.6
200,000
20
15
1.3
(0.7)
180,000
TOTAL
0.6
100%
1,081
168,231
3.89
4.28
15
1,023 178,037
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
3.08%
29.16%
28.15%
12.49%
14.04%
13.08%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
260,000
1200
240,000
1100
220,000
1000
900
100%
160,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
140,000
Includes all eligible global equity, equity-linked & rights offering. Volume in USD millions.
800
120,000
700
100,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
600
Q
1
80,000
LREP <GO>
2
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
11.0
18,202
2.82
86
13.3
(2.3)
Morgan Stanley
9.2
15,161
3.16
98
8.3
0.9
JP Morgan
8.5
14,079
4.39
112
6.6
1.9
8.3
13,611
3.26
88
7.0
1.3
Deutsche Bank AG
7.4
12,128
3.73
79
6.1
1.3
Citi
6.1
10,007
4.28
84
8.1
(2.0)
Credit Suisse
6.0
9,882
3.98
91
5.5
0.5
UBS
5.8
9,534
3.91
61
8.0
(2.2)
Barclays
3.3
5,374
3.01
60
5.9
(2.6)
10
2.5
4,143
2.58
34
12
1.5
1.0
11
2.0
3,362
1.50
10
15
1.3
0.7
12
1.9
3,156
4.31
47
13
1.4
0.5
Jefferies LLC
13
1.5
2,409
4.94
37
17
1.0
0.5
14
1.3
2,177
4.13
37
11
1.5
(0.2)
15
1.0
1,633
4.49
26
16
1.0
16
1.0
1,624
4.64
17
25
0.7
0.3
Societe Generale
17
1.0
1,619
n/a
19
0.8
0.2
18
0.9
1,483
3.24
19
0.7
1,081
3.89
15
14
1.3
(0.6)
180,000
Scotiabank
20
32
0.4
0.2
160,000
TOTAL
0.6
100%
1,037
164,971
4.02
4.28
8
980 175,002
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
3.10%
29.24%
27.85%
12.28%
14.24%
13.29%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
240,000
1200
220,000
1100
200,000
1000
900
100%
140,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
120,000
Includes all eligible equity & equity-linked offerings. Rights offerings are excluded. Excludes Renminbi denominated offers. Volume in USD millions.
800
100,000
700
80,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
600
Q
1
60,000
LREP <GO>
3
Bloomberg
Underwriter League Tables
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Morgan Stanley
13.6
2,987
2.82
17
6.2
JP Morgan
11.1
2,435
2.90
18
9.4
1.7
8.6
1,878
n/a
10
9.7
(1.1)
7.6
1,667
2.74
11
10.3
(2.7)
Deutsche Bank AG
7.6
1,660
2.50
11
9.8
(2.2)
Credit Suisse
5.4
1,186
2.50
11
3.0
2.4
5.1
1,119
n/a
24
0.6
4.5
Citi
4.6
1,001
3.00
5.5
(0.9)
Barclays
4.1
904
n/a
5.8
(1.7)
10
4.1
892
n/a
18
0.9
3.2
Societe Generale
11
3.4
748
n/a
14
1.7
1.7
12
2.8
607
n/a
10
3.6
(0.8)
RBS
13
2.3
493
n/a
34
0.2
2.1
Jefferies LLC
14
2.0
431
3.00
27
0.5
1.5
UniCredit
15
2.0
428
n/a
43
0.1
1.9
16
1.4
302
n/a
13
2.1
(0.7)
17
UBS
18
19
20
TOTAL
1.3
1.2
1.1
0.9
100%
277
255
250
205
21,895
n/a
n/a
3.08
n/a
2.88
23
1
2
3
0.6
10.5
7.4
0.7
(9.3)
19
0.8
0.3
15
1.1
(0.2)
2
129 26,343
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
44.26%
13.62%
18.18%
10.68%
13.26%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
45,000
160
40,000
140
35,000
120
30,000
25,000
100%
100
20,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
80
15,000
Includes all eligible equity-linked offerings. Rights offerings are excluded. Excludes Renminbi denominated offers. Volume in USD millions.
60
10,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
40
Q
1
5,000
LREP <GO>
4
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Morgan Stanley
11.3
6,489
4.07
59
11.6
(0.3)
Citi
11.1
6,407
4.21
61
13.0
(1.9)
JP Morgan
11.0
6,351
4.58
71
9.3
1.7
10.8
6,211
3.23
53
15.0
(4.2)
10.2
5,880
4.01
63
11.2
(1.0)
Credit Suisse
8.9
5,118
4.25
48
6.2
2.7
Deutsche Bank AG
7.8
4,473
3.94
49
3.7
4.1
Barclays
6.7
3,888
2.85
45
10.6
(3.9)
3.6
2,094
4.15
35
3.9
(0.3)
10
3.1
1,776
4.31
29
12
2.1
1.0
Jefferies LLC
11
2.4
1,402
5.18
22
11
2.6
(0.2)
UBS
12
2.2
1,290
4.13
20
10
3.5
(1.3)
Stifel
13
1.3
733
6.54
17
16
0.4
0.9
14
1.1
661
4.96
11
22
0.3
0.8
15
0.9
532
5.12
10
31
0.1
0.8
Cowen & Co
16
0.9
528
6.00
14
20
0.3
0.6
17
0.9
527
6.08
11
18
0.4
0.5
18
0.6
363
5.74
11
13
1.1
(0.5)
19
0.5
288
n/a
20
TOTAL
0.3
100%
201
57,623
6.35
4.18
23
0.2
0.1
5
282 65,097
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
36.00%
21.49%
7.16%
14.97%
20.38%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
90,000
320
80,000
280
70,000
240
60,000
200
100%
50,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
160
40,000
Includes all eligible equity & equity-linked offerings from U.S. issuers. Volume in USD millions.
120
30,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
80
Q
1
20,000
LREP <GO>
5
Bloomberg
Underwriter League Tables
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
13.4
7,893
1.52
21
10.4
3.0
JP Morgan
11.2
6,570
3.16
29
5.5
5.7
UBS
10.8
6,339
n/a
17
10.7
0.1
Deutsche Bank AG
9.7
5,672
2.47
16
15.4
(5.7)
9.4
5,545
4.13
14
7.3
2.1
Morgan Stanley
9.2
5,407
2.63
19
6.8
2.4
Credit Suisse
4.1
2,382
2.84
17
5.5
(1.4)
Societe Generale
2.8
1,619
n/a
10
3.6
(0.8)
Barclays
2.3
1,339
4.28
12
6.2
(3.9)
Citi
10
2.2
1,311
4.68
6.6
(4.4)
Jefferies LLC
11
1.7
1,001
4.41
14
28
0.3
1.4
Nordea
12
1.7
976
n/a
Mediobanca
13
1.6
965
n/a
14
1.7
(0.1)
14
1.5
873
1.50
15
1.7
(0.2)
15
1.2
687
n/a
13
2.3
(1.1)
Danske Markets
16
1.1
661
n/a
17
1.1
655
2.27
34
0.2
0.9
Berenberg
18
1.0
590
n/a
22
0.5
0.5
70,000
Pareto Securities
19
0.9
516
n/a
36
0.2
0.7
60,000
RBS
20
0.8
100%
461
58,725
n/a
2.99
43
4
175 40,759
0.1
0.7
50,000
140
40,000
120
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
100%
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
2.33%
27.97%
42.28%
9.37%
7.93%
10.12%
80,000
220
200
180
160
100
30,000
Includes all eligible equity, equity-linked & rights offerings from European, Middle Eastern and African issuers. Volume in USD millions.
80
20,000
60
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
40
Q
1
10,000
LREP <GO>
6
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
9.7
4,422
2.62
16
15.6
(5.9)
9.6
4,376
2.56
35
4.5
5.1
Morgan Stanley
7.6
3,459
1.66
21
6.4
1.2
5.2
2,386
0.68
13
2.1
3.1
Citi
5.0
2,256
3.40
13
4.7
0.3
4.9
2,220
0.56
11
12
2.9
2.0
UBS
4.4
2,014
2.74
26
13.3
(8.9)
Deutsche Bank AG
3.8
1,729
3.19
14
3.4
0.4
Credit Suisse
3.8
1,714
3.94
19
11
2.9
0.9
10
3.6
1,624
4.64
17
14
2.1
1.5
11
3.5
1,589
3.24
JP Morgan
12
3.3
1,486
2.31
14
6.5
GF Securities
13
2.5
1,132
5.85
37
0.2
2.3
14
2.4
1,081
3.89
15
4.0
(1.6)
15
2.0
914
3.13
28
0.5
1.5
16
1.8
840
3.96
12
7.1
(5.3)
17
18
CIMB
19
Bank of China
20
TOTAL
1.4
1.4
1.4
1.2
100%
649
649
636
566
45,510
5.47
4.56
4.67
3.72
4.71
8
9
4.18%
25.14%
23.46%
22.70%
14.98%
9.55%
Total:
100.00%
(3.2)
21
1.0
0.4
27
0.6
0.6
6
478 56,401
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
QUARTERLY VOLUME
USD (Mln) / #Deals
70,000
560
65,000
520
60,000
480
55,000
50,000
100%
440
45,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
400
40,000
Includes all eligible equity, equity-linked & rights offerings from Asia Pacific issuers. Volume in USD millions.
360
35,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
320
Q
1
30,000
LREP <GO>
7
Bloomberg
Underwriter League Tables
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
JP Morgan
6.6
71,545
0.56
376
7.4
(0.8)
6.4
68,891
0.50
661
5.9
0.5
5.7
61,977
0.43
293
5.5
0.2
Deutsche Bank AG
5.5
59,711
0.32
338
5.4
0.1
Barclays
5.4
58,716
0.31
338
4.3
1.1
Citi
5.4
58,223
0.56
377
5.5
(0.1)
4.8
51,466
0.27
313
4.2
0.6
Morgan Stanley
4.2
45,428
0.51
684
4.2
3.4
37,161
0.29
218
2.9
0.5
Credit Suisse
10
3.3
35,983
0.43
221
10
2.6
0.7
RBS
11
2.6
27,754
0.37
171
14
2.0
0.6
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
UBS
12
2.5
27,124
0.75
329
13
2.2
0.3
Total:
13
2.4
26,370
0.58
199
12
2.2
0.2
Societe Generale
14
2.0
21,990
0.25
114
15
1.8
0.2
15
1.8
19,547
0.40
114
17
1.3
0.5
16
1.5
16,653
0.80
448
11
2.3
(0.8)
UniCredit
17
1.2
13,022
0.57
61
16
1.4
(0.2)
Banco Santander SA
18
1.2
12,669
0.36
77
25
0.8
0.4
1,100,000
19
1.1
11,900
0.28
132
19
0.9
0.2
1,000,000
20
1.1
100%
11,768
1,081,470
0.34
0.44
0.7
0.4
900,000
TOTAL
27
124
5,302 1,116,790
100%
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
1,200,000
5800
5600
5400
800,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
2.45%
14.20%
57.08%
1.32%
5.89%
12.22%
6.85%
5200
700,000
5000
600,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
4800
Q
1
500,000
LREP <GO>
8
Bloomberg
Underwriter League Tables
International Bonds
2014
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
MKT
SHARE
SHARE
CHG (%)
7.1
84,899
0.19
367
5.9
Barclays
7.1
84,334
0.20
300
6.4
0.7
Deutsche Bank AG
6.2
74,142
0.22
339
7.0
(0.8)
6.2
73,925
0.26
263
6.4
(0.2)
JP Morgan
6.1
72,519
0.34
350
7.5
(1.4)
Citi
5.6
66,678
0.29
321
5.5
0.1
5.0
59,082
0.29
251
4.0
1.0
4.9
57,802
0.23
273
4.3
0.6
Credit Suisse
3.4
40,482
0.27
205
12
2.9
0.5
Morgan Stanley
10
3.2
38,409
0.27
173
3.6
(0.4)
RBS
11
3.2
38,378
0.27
171
13
2.9
0.3
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
Societe Generale
12
3.2
37,675
0.21
147
11
3.0
0.2
Total:
13
2.9
34,112
0.25
137
15
2.3
0.6
UniCredit
14
2.3
27,852
0.32
127
10
3.5
(1.2)
15
2.1
25,194
0.31
152
14
2.3
(0.2)
UBS
16
1.9
22,248
0.54
167
17
1.9
17
Banco Santander SA
18
1.5
18,272
0.37
79
20
1.2
0.3
Landesbank Baden-Wuerttemberg
19
1.5
18,148
0.12
81
25
0.9
0.6
Natixis
20
1.5
100%
17,923
1,190,270
0.32
0.27
1.6
(0.1)
133
21
18
74
3,228 1,117,270
1.1
0.4
1,400,000
4200
1,300,000
4000
3800
1,200,000
3600
1,100,000
3400
1,000,000
100%
3200
900,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
3000
800,000
2800
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
13
Q
4
Q
2
Q
3
12
13
20
20
12
12
20
11
12
20
20
20
11
11
LREP <GO>
20
20
LEAG <GO>
Q
1
2400
Q
4
2600
600,000
Q
3
700,000
Q
1
Includes all eligible international bonds; bonds that can be sold outside their domestic market. Volume in USD millions.
Q
2
0.17
100.00%
11
18,344
1.63%
8.78%
44.58%
30.14%
2.95%
6.82%
5.10%
QUARTERLY VOLUME
20
TOTAL
1.5
1.2
20
RANK
INDUSTRY BREAKDOWN
MKT
Q
1
FIRM
2013
13
3/31/14
20
20
1/1/14
LREP <GO>
9
Bloomberg
Underwriter League Tables
Global Bonds
2014
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
MKT
SHARE
SHARE
CHG (%)
Barclays
12.0
33,507
0.22
94
9.8
2.2
JP Morgan
11.0
30,653
0.37
113
14.5
(3.5)
9.7
27,149
0.28
74
10.4
(0.7)
8.6
24,091
0.37
96
7.0
1.6
8.6
24,064
0.21
59
10
4.2
4.4
Deutsche Bank AG
8.2
22,791
0.24
63
8.3
(0.1)
Citi
8.0
22,280
0.31
99
9.6
(1.6)
Morgan Stanley
4.9
13,593
0.26
50
7.1
(2.2)
4.0
11,132
0.33
49
4.9
(0.9)
RBS
10
3.2
8,892
0.33
50
14
1.8
1.4
Credit Suisse
11
2.8
7,802
0.34
27
12
2.6
0.2
TD Securities
12
2.5
6,963
0.10
14
13
2.0
0.5
13
2.5
6,951
0.31
34
4.4
(1.9)
14
2.4
6,646
0.56
43
11
3.3
(0.9)
15
2.1
5,983
0.15
15
1.3
0.8
16
0.9
2,575
0.54
24
18
0.8
0.1
Landesbank Baden-Wuerttemberg
17
0.8
2,310
0.13
18
0.8
2,277
0.87
17
1.0
Scotiabank
19
0.7
2,084
0.31
27
UBS
20
0.7
100%
1,869
279,526
0.60
0.30
16
12
296 262,142
QUARTERLY VOLUME
USD (Mln) / #Deals
300,000
300
(0.2)
280,000
280
0.3
0.4
260,000
1.2
(0.5)
240,000
260
240
220
100%
220,000
200
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
200,000
180
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
12
12
20
12
20
11
11
LMX <GO>
20
20
LREP <GO>
Q
1
140
Q
4
160
160,000
Q
3
180,000
Q
1
Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.
LEAG <GO>
100.00%
11
12.12%
30.20%
33.89%
2.37%
10.20%
11.22%
Total:
20
TOTAL
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
20
RANK
INDUSTRY BREAKDOWN
MKT
Q
2
FIRM
2013
11
3/31/14
20
1/1/14
LREP <GO>
10
Bloomberg
Underwriter League Tables
U.S. Bonds
2014
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
MKT
SHARE
SHARE
CHG (%)
JP Morgan
11.7
66,272
0.56
296
14.0
(2.3)
10.8
60,933
0.45
612
9.9
0.9
Barclays
9.9
56,074
0.27
252
8.2
1.7
8.8
49,588
0.35
203
9.3
(0.5)
Citi
8.7
49,362
0.47
270
9.7
(1.0)
Deutsche Bank AG
6.9
39,200
0.30
177
6.9
Morgan Stanley
6.1
34,396
0.46
571
6.9
(0.8)
5.3
29,875
0.20
109
12
3.4
1.9
Credit Suisse
4.4
24,721
0.42
127
10
3.5
0.9
10
3.1
17,704
0.78
472
4.4
(1.3)
11
3.0
16,901
0.43
117
3.6
(0.6)
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
12
2.6
14,742
0.34
71
11
3.5
(0.9)
Total:
UBS
13
2.1
11,628
0.90
225
14
1.6
0.5
RBS
14
2.0
11,350
0.54
95
13
2.1
(0.1)
15
1.6
9,220
0.16
31
15
0.9
0.7
TD Securities
16
1.2
6,872
0.10
41
18
0.6
0.6
17
US Bancorp
18
Jefferies LLC
19
Societe Generale
20
26
17
0.7
24
26
0.4
2,630 578,712
100%
0.3
0.2
3400
600,000
3200
560,000
3000
520,000
2800
480,000
2600
440,000
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
2400
400,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
13
20
Q
4
12
13
20
20
12
12
20
12
20
11
11
LREP <GO>
20
20
LEAG <GO>
Q
3
2000
Q
2
320,000
Q
1
2200
Q
4
360,000
Q
1
Includes U.S. Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD. Volume in USD millions.
Q
3
0.28
0.41
0.5
0.2
11
3,353
564,986
20
0.8
20
0.6
100%
0.65
34
16
20
4,236
0.62
53
Q
2
0.7
4,476
0.65
100.00%
640,000
11
0.8
5,717
1.15%
13.01%
37.52%
22.81%
4.76%
12.35%
8.41%
QUARTERLY VOLUME
20
TOTAL
1.0
Q
1
RANK
INDUSTRY BREAKDOWN
MKT
13
FIRM
2013
20
3/31/14
20
1/1/14
LREP <GO>
11
Bloomberg
Underwriter League Tables
Euromarket Bonds
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
6.8
58,067
0.17
284
6.5
0.3
Barclays
5.9
49,894
0.17
193
5.4
0.5
5.8
49,436
0.17
226
4.6
1.2
Deutsche Bank AG
5.4
46,014
0.19
247
6.4
(1.0)
5.0
42,591
0.21
169
5.2
(0.2)
Citi
4.3
36,392
0.19
178
3.6
0.7
Societe Generale
4.3
36,331
0.20
137
4.1
0.2
JP Morgan
4.2
35,305
0.26
198
4.3
(0.1)
Credit Suisse
3.9
33,148
0.21
169
13
3.0
0.9
10
3.9
32,953
0.23
128
11
3.2
0.7
RBS
11
3.5
29,319
0.21
120
10
3.4
0.1
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
12
3.3
27,831
0.12
126
15
2.5
0.8
Total:
UniCredit
13
3.2
27,463
0.32
125
5.0
(1.8)
Morgan Stanley
14
2.5
20,972
0.26
104
14
2.5
UBS
15
2.2
18,770
0.39
141
17
2.2
Natixis
16
2.1
17,723
0.22
72
16
2.3
Banco Santander SA
17
2.0
17,204
0.37
72
18
1.5
0.5
Landesbank Baden-Wuerttemberg
18
1.9
15,838
0.12
80
23
1.3
0.6
Commerzbank AG
19
1.7
14,579
0.22
103
20
1.5
0.2
20
1.4
100%
11,761
847,996
0.07
0.21
22
44
2,817 777,259
1.3
0.1
TOTAL
1.80%
7.77%
49.61%
29.78%
2.82%
5.37%
2.85%
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
(0.2)
1,000,000
3800
3600
900,000
3400
800,000
3200
700,000
100%
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
3000
2800
600,000
2600
2400
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
2200
Q
1
400,000
LREP <GO>
12
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
8.0
3,676
0.15
87
9.0
(1.0)
7.2
3,319
0.20
77
6.8
0.4
CIMB
6.5
2,976
0.20
61
3.1
3.4
4.4
2,034
n/a
55
6.5
(2.1)
4.1
1,903
0.29
31
3.7
0.4
Maybank
4.1
1,899
n/a
33
15
1.6
2.5
3.6
1,639
0.20
29
13
1.8
1.8
3.1
1,430
0.25
24
3.1
2.8
1,301
0.25
18
46
0.5
2.3
Deutsche Bank AG
10
2.1
971
0.20
16
10
2.3
(0.2)
ICICI
11
2.0
935
n/a
36
3.3
(1.3)
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
12
2.0
919
0.27
17
2.9
(0.9)
Total:
Barclays
13
1.9
874
n/a
24
22
1.3
0.6
14
1.7
768
n/a
20
1.3
0.4
15
1.5
698
n/a
23
11
2.2
(0.7)
16
1.5
667
n/a
23
44
0.6
0.9
17
1.4
666
n/a
49
0.5
0.9
18
1.4
655
0.02
21
18
1.5
(0.1)
AK Capital Services
19
1.4
640
n/a
42
17
1.6
(0.2)
56,000
Kasikornbank PCL
20
20
47
0.5
0.9
52,000
750
48,000
700
TOTAL
1.4
637
n/a
100%
45,968
0.27
664 52,980
100%
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
4.40%
17.83%
44.99%
7.66%
9.48%
11.25%
4.39%
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
68,000
900
64,000
850
60,000
800
44,000
Includes all eligible bonds denominated in SGD, MYR, HKD, KRW, TWD, INR, THB, IDR, VND and PHP. Excludes issues that are callable or puttable
40,000
36,000
650
600
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
550
Q
1
32,000
LREP <GO>
13
Bloomberg
Underwriter League Tables
U.S. Loans
-
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
JP Morgan
16.6
70,831
269
15.6
1.0
13.4
56,999
251
14.0
(0.6)
8.9
37,781
160
7.9
1.0
Deutsche Bank AG
6.5
27,584
103
5.2
1.3
Citi
6.5
27,515
113
8.1
(1.6)
Barclays
6.0
25,539
105
5.9
0.1
Credit Suisse
4.9
20,801
102
5.2
(0.3)
4.2
18,020
91
4.8
(0.6)
3.9
16,699
77
10
3.0
0.9
Morgan Stanley
10
3.7
15,694
79
4.2
(0.5)
11
2.1
8,846
58
17
1.3
0.8
UBS
12
1.9
7,881
45
12
2.2
(0.3)
13
1.7
7,085
30
11
2.3
(0.6)
RBS
14
1.6
6,976
48
13
2.2
(0.6)
15
1.6
6,618
28
21
1.1
0.5
PNC Bank
16
1.6
6,603
54
24
0.9
0.7
17
6,381
28
18
US Bancorp
19
Jefferies LLC
20
TOTAL
1.5
1.3
5,550
1.2
1.2
100%
5,273
5,228
425,911
49
34
18
22
1.3
1.0
0.2
0.3
15
1.5
(0.3)
16
1.4
(0.2)
35
826 448,523
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
4.22%
36.65%
20.96%
12.35%
9.48%
16.35%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
640,000
1200
600,000
1100
560,000
1000
520,000
480,000
100%
900
440,000
800
400,000
700
360,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
600
Q
1
320,000
LREP <GO>
14
Bloomberg
Underwriter League Tables
SHARE
SHARE
CHG (%)
JP Morgan
13.3
35,082
149
11.7
1.6
10.5
27,651
148
13.4
(2.9)
8.1
21,434
80
7.2
0.9
Deutsche Bank AG
8.1
21,330
84
7.3
0.8
Credit Suisse
7.7
20,314
100
7.5
0.2
Barclays
7.3
19,392
83
7.9
(0.6)
6.1
16,203
83
6.9
(0.8)
Morgan Stanley
5.6
14,723
75
5.8
(0.2)
Citi
5.4
14,139
65
6.8
(1.4)
10
4.3
11,414
57
10
3.7
0.6
UBS
11
2.6
6,798
44
11
3.2
(0.6)
Jefferies LLC
12
1.9
5,131
33
13
2.1
(0.2)
13
1.9
5,073
38
14
1.6
0.3
14
1.7
4,489
40
15
1.2
0.5
RBS
15
1.6
4,125
33
17
0.9
0.7
16
1.5
3,951
33
12
3.0
(1.5)
17
1.2
3,188
15
28
0.4
0.8
18
1.1
2,966
17
27
0.4
19
0.9
2,249
22
22
20
0.8
100%
2,134
263,865
33
16
522 289,607
QUARTERLY VOLUME
USD (Mln) / #Deals
750
0.7
320,000
700
0.5
0.4
280,000
0.3
0.5
240,000
650
600
550
100%
200,000
500
160,000
450
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
12
13
20
20
20
20
20
12
12
20
11
11
LALT <GO>
20
20
LMX <GO>
Q
3
350
Q
2
400
80,000
Q
1
120,000
Q
1
LREP <GO>
100.00%
360,000
Includes all eligible U.S. leveraged loans (spread of 225bp or more). Loans must be rated less than investment grade by at least one rating agency or not
LEAG <GO>
5.17%
47.14%
11.32%
10.85%
6.74%
18.77%
Total:
Q
4
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
12
RANK
20
DEAL
COUNT
Q
3
VOLUME
USD (Mln)
11
MKT
SHARE
20
RANK
INDUSTRY BREAKDOWN
MKT
20
FIRM
2013
Q
2
2014
3/31/14
11
20
1/1/14
LREP <GO>
15
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
2013
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
6.9
9,704
69
4.7
2.2
5.8
8,085
54
6.3
(0.5)
5.5
7,652
46
4.7
0.8
Barclays
4.8
6,698
52
11
3.0
1.8
Societe Generale
4.3
6,017
38
4.7
(0.4)
Deutsche Bank AG
4.2
5,899
34
4.7
(0.5)
RBS
4.0
5,648
49
3.7
0.3
Commerzbank AG
3.6
4,977
33
12
2.2
1.4
Citi
3.5
4,891
28
3.0
0.5
ING Groep NV
10
2.9
4,082
36
10
3.0
(0.1)
UniCredit
11
2.9
4,061
35
4.4
(1.5)
12
2.7
3,736
25
13
2.2
0.5
JP Morgan
13
2.2
3,106
20
16
2.0
0.2
14
2.1
3,005
30
22
1.5
0.6
15
2.1
2,986
27
14
2.2
(0.1)
16
1.8
2,552
16
18
1.8
Natixis
17
1.8
2,527
24
3.3
(1.5)
18
1.8
2,514
43
0.5
1.3
280,000
Nordea
19
1.8
2,462
16
15
2.2
(0.4)
260,000
SEB
20
1.6
100%
2,175
140,035
30
14
191 222,074
1.1
0.5
240,000
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
5.96%
31.86%
16.56%
11.61%
17.72%
16.29%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
320,000
480
300,000
440
400
360
220,000
100%
320
200,000
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
280
180,000
240
160,000
200
140,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
160
Q
1
120,000
LREP <GO>
16
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
2013
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
7.9
9,091
25
7.3
6.7
7,725
33
6.7
Deutsche Bank AG
6.1
7,041
25
5.4
0.7
Barclays
4.7
5,441
28
11
2.9
1.8
ING Groep NV
4.5
5,177
25
3.5
1.0
4.3
4,923
37
3.7
0.6
Commerzbank AG
3.8
4,422
19
12
2.8
1.0
RBS
3.8
4,367
24
4.1
(0.3)
UniCredit
3.7
4,244
26
4.2
(0.5)
Societe Generale
10
3.5
4,087
23
6.2
(2.7)
Citi
11
3.4
3,963
18
10
3.0
0.4
12
2.8
3,207
17
15
2.3
0.5
DnB ASA
13
2.8
3,204
10
30
0.9
1.9
Credit Suisse
14
2.7
3,075
10
34
0.7
2.0
15
2.4
2,765
15
13
2.6
(0.2)
Nordea
16
2.3
2,602
10
19
1.7
0.6
Natixis
17
2.1
2,473
16
5.1
(3.0)
18
2.1
2,394
13
18
2.0
0.1
19
1.9
2,222
35
0.6
1.3
220,000
JP Morgan
20
1.9
100%
2,175
115,430
14
12
135 183,353
2.6
(0.7)
200,000
TOTAL
0.6
100%
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
4.17%
32.48%
16.81%
10.80%
18.05%
17.68%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
280,000
320
260,000
280
240,000
240
180,000
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
200
160,000
140,000
160
120,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
120
Q
1
100,000
LREP <GO>
17
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
14.0
10,864
28
15.4
5.0
3,872
28
11
1.9
3.1
Bank of China
4.7
3,666
31
7.2
(2.5)
4.5
3,533
38
3.0
1.5
3.5
2,699
31
2.8
0.7
3.2
2,455
20
15
1.7
1.5
3.0
2,311
20
37
0.7
2.3
2.8
2,179
18
2.0
0.8
2.8
2,148
26
3.7
(0.9)
10
2.8
2,147
11
24
1.1
1.7
11
2.7
2,138
23
2.5
0.2
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
12
2.5
1,945
21
17
1.6
0.9
Total:
13
2.4
1,903
40
0.7
1.7
14
2.1
1,604
15
43
0.6
1.5
15
1.9
1,463
10
2.2
(0.3)
16
1.7
1,356
Deutsche Bank AG
17
1,268
13
18
Maybank
19
Bank of Taiwan
20
TOTAL
1.6
1.6
1.6
1.5
100%
1,240
1,222
1,160
77,774
12
6
12
2.5
1.9
13
1.8
15
21
1.4
210 69,553
(1.4)
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
(0.9)
(0.3)
(0.2)
0.1
7.69%
16.97%
22.85%
1.42%
12.04%
31.30%
7.72%
95,000
340
90,000
320
85,000
300
80,000
280
75,000
100%
260
70,000
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
240
65,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
4
200
Q
3
55,000
Q
2
220
Q
1
60,000
LREP <GO>
18
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
19.1
10,479
22
20.5
7.2
3,960
18
13
2.1
5.1
Bank of China
5.5
3,018
21
5.9
(0.4)
4.6
2,539
11
2.2
2.4
3.5
1,903
17
1.6
1.9
3.4
1,895
15
5.2
(1.8)
3.2
1,768
14
18
1.5
1.7
2.9
1,609
10
24
1.1
1.8
2.8
1,523
11
19
1.5
1.3
10
2.4
1,317
11
2.3
1,287
44
0.6
1.7
12
2.3
1,252
10
3.2
(0.9)
Bank of Taiwan
13
2.3
1,238
14
2.6
(0.3)
14
2.1
1,140
25
1.1
1.0
15
1.9
1,032
37
0.8
1.1
16
1.9
1,016
10
2.3
(0.4)
17
920
18
1.7
909
22
1.1
0.6
19
1.6
889
17
34
0.9
0.7
CIMB
20
1.6
100%
852
54,928
2
168 41,321
TOTAL
1.7
28
1.0
(1.4)
0.7
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
7.56%
22.24%
24.05%
2.01%
14.29%
19.33%
10.52%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
70,000
220
65,000
200
60,000
55,000
180
50,000
100%
160
45,000
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
40,000
140
35,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
13
14
20
Q
2
Q
1
13
Q
4
13
Q
2
Q
3
12
13
20
20
20
20
20
Q
1
12
12
20
Q
4
Q
3
11
12
20
20
20
11
11
20
11
LREP <GO>
20
20
LEAG <GO>
Q
2
120
Q
1
30,000
LREP <GO>
19
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Deutsche Bank AG
34.9
622
n/a
11
3.3
31.6
Credit Suisse
32.8
584
n/a
20.0
12.8
10.9
195
6.05
13.2
(2.3)
8.4
149
n/a
10
3.7
4.7
Citi
8.4
149
n/a
5.9
2.5
1.8
32
6.05
9.2
(7.4)
JP Morgan
1.8
32
6.05
14
2.4
(0.6)
0.8
15
n/a
Bradesco BBI SA
9
TOTAL
0.3
100%
6
1,783
n/a
6.05
17
1.4
1
12 10,448
Basic Materials
Financial
Oil/Gas/Elect
33.27%
34.31%
32.42%
Total:
(1.1)
100.00%
100%
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
Includes all eligible equity offerings from Latin American issuers. Volume in USD millions.
QUARTERLY VOLUME
USD (Mln) / #Deals
12,000
24
22
10,000
20
8,000
18
16
6,000
14
4,000
12
10
2,000
8
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
20
1
20
1
LREP <GO>
20
1
20
1
LEAG <GO>
Q
2
6
Q
1
LREP <GO>
20
Bloomberg
Underwriter League Tables
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DISCL
DEAL
SHARE
USD (Mln)
FEES (%)*
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
11.0
5,445
0.22
34
7.9
3.1
JP Morgan
9.6
4,734
0.26
26
9.7
(0.1)
Credit Suisse
8.2
4,078
0.21
11
13
3.0
5.2
Bradesco BBI SA
7.3
3,608
0.28
24
4.8
2.5
6.8
3,357
0.25
18
6.4
0.4
Citi
6.5
3,196
0.22
26
11.3
(4.8)
6.1
3,006
0.30
15
2.3
3.8
Banco do Brasil SA
5.9
2,940
0.26
19
8.9
(3.0)
Deutsche Bank AG
5.7
2,799
0.23
15
5.8
(0.1)
10
4.0
1,962
n/a
24
11
4.4
(0.4)
Banco Santander SA
11
3.9
1,929
0.23
21
5.6
(1.7)
12
3.0
1,501
0.29
18
1.0
2.0
Bank of China
13
2.9
1,417
n/a
Morgan Stanley
14
2.5
1,261
n/a
14
2.5
15
2.3
1,144
0.29
16
2.1
1,053
n/a
15
10
4.6
Barclays
17
2.0
999
0.30
12
3.3
18
1.5
734
0.29
52,000
Pareto Securities
19
1.5
725
n/a
48,000
UBS
20
1.1
100%
560
49,514
n/a
0.25
2
121 39,408
44,000
170
40,000
160
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
(2.5)
(1.3)
100%
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
3.47%
5.92%
17.74%
20.96%
6.62%
42.46%
2.83%
56,000
210
200
190
180
150
36,000
Includes all eligible bonds with country of risk in South America, Mexico, Belize, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras,
140
32,000
Nicaragua & Panama. Includes Eurobonds and Global Bonds. Volume in USD millions.
130
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
20
1
20
1
LREP <GO>
20
1
20
1
LEAG <GO>
Q
2
120
Q
1
28,000
LREP <GO>
21
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
22.2
1,734
22
7.6
Bradesco BBI SA
9.5
740
7.6
1.9
6.9
543
14
8.3
(1.4)
6.6
515
16
5.7
0.9
6.3
491
11
19
1.2
5.1
5.8
453
Citi
5.0
387
11
5.6
(0.6)
Banco do Brasil SA
4.3
334
18.8
(14.5)
Banco Santander SA
4.0
310
14
7.4
(3.4)
Banco Votorantim SA
10
2.9
228
4.0
(1.1)
Scotiabank
11
2.9
223
13
2.1
0.8
Banco Safra SA
12
2.8
222
13
2.5
199
3.0
(0.5)
CI Casa de Bolsa
14
2.4
186
44
0.2
2.2
15
2.0
158
29
0.7
1.3
Morgan Stanley
16
1.3
104
10
2.4
(1.1)
17
1.2
95
18
1.1
87
Inversora Bursatil
19
1.0
82
16
1.4
Indusval Ctvm SA
20
1.0
100%
75
7,814
1
85 14,334
TOTAL
14.6
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
5.39%
24.16%
21.15%
5.81%
6.24%
37.25%
Total:
100.00%
(0.4)
-
100%
Includes all eligible domestic bonds issued by Latin American companies with a minimum 12 month maturity. Volume in USD millions.
QUARTERLY VOLUME
USD (Mln) / #Deals
20,000
160
150
18,000
140
16,000
130
14,000
120
12,000
110
100
10,000
90
8,000
80
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
20
1
20
1
LREP <GO>
20
1
20
1
LEAG <GO>
Q
2
70
Q
1
6,000
LREP <GO>
22
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DEAL
SHARE
BRL (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
42.1
3,975
19
13.6
Bradesco BBI SA
18.5
1,742
14.3
4.2
Banco do Brasil SA
8.5
803
36.4
(27.9)
Banco Votorantim SA
5.8
550
5.9
(0.1)
5.7
535
6.1
(0.4)
Banco Safra SA
5.6
530
5.2
491
5.9
2.4
225
Indusval Ctvm SA
1.9
175
Banco Santander SA
10
1.6
150
7.9
Credit Suisse
11
1.1
105
BES Investimento SA
12
1.1
100
2.5
(1.4)
13
0.5
100%
50
9,432
11
1
42 15,475
1.2
(0.7)
TOTAL
28.5
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
(0.7)
(6.3)
-
10.54%
25.30%
12.80%
7.83%
42.46%
1.07%
Total:
100.00%
100%
QUARTERLY VOLUME
Includes all local and global eligible bonds with a minimum 12 month maturity. Volume in BRL millions.
100
22,000
90
20,000
80
18,000
16,000
70
14,000
60
12,000
50
10,000
40
8,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
20
1
20
1
LREP <GO>
20
1
20
1
LEAG <GO>
Q
2
30
Q
1
6,000
LREP <GO>
23
Bloomberg
Underwriter League Tables
Mexico Domestic
MKT
SHARE
SHARE
CHG (%)
15.9
393
7.5
14.3
355
10.4
256
19.0
9.9
246
11.7
(1.8)
Citi
8.4
208
24.3
(15.9)
Scotiabank
8.3
206
CI Casa de Bolsa
7.5
186
10
1.4
6.1
Banco Santander SA
6.9
170
9.1
(2.2)
4.6
114
5.3
(0.7)
Morgan Stanley
10
3.5
87
11
2.6
64
Barclays
12
1.1
26
12
1.1
26
12
1.1
26
JP Morgan
12
1.1
26
12
1.1
26
12
1.1
26
12
1.1
26
19
0.2
100%
5
2,473
1
14 1,790
(8.6)
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
QUARTERLY VOLUME
USD (Mln) / #Deals
7,000
36
6,000
32
5,000
28
4,000
24
3,000
20
2,000
16
1,000
12
LEAG <GO>
Q
1
Q
4
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
1
LALT <GO>
LMX <GO>
20
1
20
1
LREP <GO>
100.00%
100%
Includes all local and global eligible bonds with a minimum 12 month maturity. Volume in MXN millions.
LEAG <GO>
31.53%
11.40%
18.26%
7.01%
31.79%
Total:
Q
4
TOTAL
8.4
RANK
20
1
DEAL
COUNT
Q
3
VOLUME
USD (Mln)
MKT
SHARE
20
1
RANK
INDUSTRY BREAKDOWN
MKT
20
1
FIRM
2013
Q
2
2014
3/31/14
20
1
1/1/14
LREP <GO>
24
Bloomberg
Underwriter League Tables
SHARE
SHARE
CHG (%)
27.0
1,920
33
0.4
6.2
443
9.9
(3.7)
5.3
377
17.0
(11.7)
Natixis
4.3
307
Citi
4.2
300
6.3
(2.1)
4.0
287
12.7
(8.7)
JP Morgan
3.5
248
5.5
(2.0)
3.0
216
13
1.5
1.5
3.0
213
3.6
(0.6)
10
2.9
208
17
1.2
1.7
11
2.9
206
5.7
(2.8)
11
2.9
206
10.5
(7.6)
ING Groep NV
13
2.8
199
26
0.8
2.0
14
2.2
159
2.7
(0.5)
Societe Generale
15
2.1
151
15
1.3
0.8
Banco Santander SA
16
2.0
144
14
1.3
0.7
17
136
Bladex
18
1.9
133
19
1.8
129
19
24
6,000
20
4,000
16
LMX <GO>
LALT <GO>
LEAG <GO>
20
1
20
1
20
1
20
1
20
1
LREP <GO>
20
1
20
1
LEAG <GO>
Q
1
28
8,000
Q
4
10,000
Q
3
32
Q
2
36
12,000
Q
1
40
14,000
Q
4
16,000
Q
3
44
Q
2
48
18,000
20
1
100%
Q
1
QUARTERLY VOLUME
100.00%
20
1
1
18 9,700
1.2
25.27%
40.03%
22.96%
4.32%
7.42%
Total:
Q
4
129
7,122
0.7
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
1.8
100%
28
Q
1
TOTAL
1.9
26.6
20
1
RANK
Q
3
DEAL
COUNT
VOLUME
USD (Mln)
20
1
MKT
SHARE
20
1
RANK
INDUSTRY BREAKDOWN
MKT
Q
2
FIRM
2013
2014
3/31/14
20
1
1/1/14
LREP <GO>
25
Bloomberg
Underwriter League Tables
1/1/14
2014
3/31/14
FIRM
RANK
2013
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
32.3
2,366
4.1
19.8
1,450
14.7
5.1
Citi
9.7
710
14.5
(4.8)
9.7
710
5.7
4.0
5.5
405
4.0
1.5
Bladex
4.3
315
JP Morgan
3.5
260
5.3
(1.8)
2.9
216
14
1.8
1.1
Nederlandse Financierings-Maatschappij v
1.7
128
10
1.7
127
10.7
ING Groep NV
11
1.4
100
12
1.1
82
13.1
13
1.1
79
Natixis
13
1.1
79
Banco do Brasil SA
15
0.6
42
BES Investimento SA
16
0.4
31
Bradesco BBI SA
16
31
18
18
18
TOTAL
0.4
0.3
0.3
0.3
100%
25
25
25
7,327
10
2.6
18
0.9
20 9,360
28.2
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
(9.0)
24.57%
38.91%
25.11%
4.20%
7.21%
Total:
100.00%
(12.0)
(2.3)
(0.6)
QUARTERLY VOLUME
USD (Mln) / #Deals
18,000
45
16,000
40
14,000
35
12,000
30
10,000
100%
25
8,000
20
6,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
1
Q
4
Q
3
20
1
Q
2
20
1
Q
1
20
1
Q
4
20
1
Q
3
20
1
Q
2
20
1
Q
1
20
1
20
1
20
1
20
1
20
1
LREP <GO>
20
1
20
1
LEAG <GO>
Q
4
10
Q
3
2,000
Q
2
15
Q
1
4,000
LREP <GO>
26