Latin America Investment Banking Review

Full Year 2021

Refinitiv Deals Intelligence

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QUARTERLY HIGHLIGHTS
LATAM INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES UP 56% M&A TOP FINANCIAL ADVISOR YTD

ECM FEES UP 8% JP Morgan

DCM FEES UP 1% ECM TOP BOOK RUNNER YTD

Itau Unibanco
LOAN FEES UP 15%
ANY INV. M&A UP 125% DCM TOP BOOK RUNNER YTD
JP Morgan
TARGET M&A UP 136%
M&A TOP TARGETED NATION
ECM PROCEEDS UP 3% Brazil
DCM PROCEEDS DOWN 0%
DCM TOP ISSUING ECM TOP ISSUING
Click on any of the above arrows to NATION NATION
go straight to the analysis.

Brazil Brazil

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REPORT
SUMMARY
INVESTMENT BANKING FEES
Investment banking fees in Latin America (LATAM) earned a total of US$2.9 billion throughout 2021, an increase of 19% and the highest annual total since 2007. Advisory fees increased 56% to US$981.6 million,
reaching its second-highest year on record, and making up one-third of the fee pool. Equity capital markets delivered its strongest year since 2007 with US$949 million in fees, up 8% and accounting for 32% of fees
in Latin America. Debt capital market fees increased marginally by 1% to US$622 million representing a four-year high. Syndicated lending made a total of US$410 million in fees increasing 15% from 2020.
Syndicated loans accounted for the smallest proportion of fees making up 21% of the fee pool. Brazil earned the most fees in Latin America earning US$1.3 billion, up 36% from the same period last year, followed
by Bermuda. The financial sector earned 40% of fees in the region with US$1.1 billion in the full year. JP Morgan earned the most investment banking fees in the LATAM region with a total of US$283 million or 9.5%
of the total fee pool.

MERGERS & ACQUISITIONS

Announced M&A with any LATAM involvement totalled US$252.3 billion in 2021, up 125% from the same period last year and the highest annual total in eleven years. M&A involving a LATAM target recorded
US$162.4 billion throughout 2021, increasing 136% from 2020 and the highest annual total since 2010. The largest deal of the year involving a LATAM target was the Heimstaden completed transaction acquiring
rival Akelius Apartments for US$10.6 billion. The largest LATAM target M&A of the year involved Hapvida Participacoes agreement to acquire Notre Dame Intermedica for US$9.5 billion. Inbound M&A in the
LATAM region reached US$82.3 billion throughout 2021, up 171% from the same period last year and the highest total since 2010. Outbound M&A also reached its highest total since 2010 with US$112.6 billion, up
91% from last year. Domestic M&A also increased 108% from last year to US$80.1 billion. Energy and power was the most active industry in LATAM with US$35 billion in fees, representing year-on-year growth of
172%. Brazil was the most targeted nation in Latin America with 56% of M&A in LATAM occurring in Brazil. JP Morgan take the top spot in the any LATAM involvement financial advisor rankings with advisory work
on deals worth a combined US$54.6 billion.

EQUITY CAPITAL MARKETS

Equity and equity-related activity reached US$35.4 billion throughout 2021, up 3% and the highest figure since 2013. IPOs accounted for 44% of this total with US$15.6 billion in IPO proceeds, up 49% from 104
issues. This represents the highest figure both by value and number of issues since 2007. Follow-on offerings earned US$17 billion falling 23% from last year but still accounting for 48% of ECM proceeds in Latin
America. The largest deal of the year was the US$2.6 billion convertible bond offering issued by America Movil, followed by financial technology company Nu Holding’s IPO raising US$2.5 billion. Brazil accounted
for 74% of the Equity and equity-related activity with US$26.2 billion in proceeds. Itau Unibanco took first place in the Latin American ECM underwriting league table underwriting US$3.7 billion in ECM deals or an
11% market share.

DEBT CAPITAL MARKETS

Latin American debt capital markets totalled US$203.5 billion from 545 issuances, remaining flat from last year. Investment-grade activity generated US$69.2 billion accounting for 34% of DCM proceeds in LATAM.
High-yield issuance recorded US$6.2 billion in proceeds, the highest annual total since records began in 1980. Brazil was the most active country with US$42 billion in proceeds closely followed by Mexico with while
government and agencies was the largest issuing sector with US$68 billion. JP Morgan take the top spot in the Latin America DCM league table rankings in 2021 with an 11% market share.

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HIGHLIGHTS

INVESTMENT BANKING FEES PAGE

INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES
• Outer Rim: 2021
Annual Fees • Inner Rim: 2020
7,000
6,000 19%

5,000 29%
US$ Million

25%
4,000 34% 40%
37% 4% 39% 45%
3,000
3%
2,000 10%
1,000 13%
6% 12%
8%
0 6%3% 8% 12%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 6% 10%
8% 11%
12%
INVESTMENT BANKING FEES BY ASSET CLASS
Financials Materials Brazil Mexico
BONDS EQUITY LOANS MA

4,000 Consumer Products and British Virgin

Energy and Power Bermuda
Services Islands(United Kingdom)
3,500
3,000 High Technology Other Cayman Islands Other
US$ Million

2,500
2,000
1,500
1,000
500
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES TOP TARGETED COUNTRIES
Annual Volumes #Deals
• Outer Rim: 2021
• Inner Rim: 2020
350,000 3,000

300,000 9%
2,500 22%
6%
250,000
2,000 10%
US$ Million

19%
200,000 36% 7%
31%
1,500 12%
150,000
1,000 7% 5%
100,000 3% 54%
15% 56%
50,000 500 6%
3% 36% 16%
0 - 5%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 15%
8% 10%
9%
TARGET M&A VOLUMES & NUMBER OF DEALS
Annual Volumes #Deals
300,000 2,500
Energy and Power Healthcare Brazil Mexico
250,000 2,000
200,000 Financials High Technology
US$ Million

Bermuda Chile
1,500
150,000
Materials Other Colombia Other
1,000
100,000

50,000 500

0 -
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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MERGERS & ACQUISITIONS PAGE

INBOUND M&A DOMESTIC M&A OUTBOUND M&A

Inbound M&A up 171% from YTD last year, accounting Domestic M&A up 108% from YTD last year, Outbound M&A up 91% from YTD last year, accounting
for $82.3 Billion so far this year. accounting for $80.1 Billion so far this year. for $112.6 Billion so far this year.

Annual Volumes #Deals Annual Volumes #Deals Annual Volumes #Deals

120,000 1,200 200,000 1,200 200,000 1,500

100,000 1,000 1,000

US$ Million
150,000 150,000

US$ Million
800
US$ Million

80,000 800 1,000

100,000 600
100,000
60,000 600 400
50,000 500
40,000 400 200 50,000
20,000 200 0 -
10 11 12 13 14 15 16 17 18 19 20 21 0 -
0 - 10 11 12 13 14 15 16 17 18 19 20 21
10 11 12 13 14 15 16 17 18 19 20 21

INBOUND M&A VOLUMES DOMESTIC M&A VOLUMES OUTBOUND M&A VOLUMES

TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED/ TOP ACQUIRING NATIONS
US$ Million US$ Million US$ Million
US$ Million US$ Million
0 20,000 40,000 0 50,000 100,000 0 50,000 100,000 US$ Million
0 10,000 20,000 30,000 0 50,000 100,000 0 50,000 100,000

United States 32,63 66,19 65,48

Brazil Brazil Brazil 66,19 69,70
25,500 of America 5 4 0 Brazil Brazil
4 7

10,65 Colombia 7,475 United States 17,06 Cayman

Bermuda 23,021 France Colombia 7,384 11,90
3 of America 5 Islands 9

Mexico 9,230 Canada 9,506 Chile 1,957 Mexico 1,759 Colombia 7,384 10,77
Bermuda
4

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MERGERS & ACQUISITIONS PAGE

TARGET M&A VOLUMES BY DEAL SIZE

X < US$500 US$500m to US$1Bn US$1Bn to US$5Bn US$5Bn to US$10Bn X > US$10Bn

300,000

250,000

200,000
US$ Million

150,000

100,000

50,000

0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

MID MARKET TARGET M&A VOLUMES YTD

X < US$500

60,000

50,000

40,000
US$ Million

30,000

20,000

10,000

0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A TOP DEALS YTD

Ranking Rank Target Acquiror Acquiror
Status Target Name Target Industry Target Advisors Acquiror Name Acquiror Advisors
Value ($Mil) Date Nation Nation Industry
Akelius GmbH-Rsdtl
10,698.3 Completed 26/09/2021 Germany Real Estate Pangea Property Partners AB Heimstaden Bostad AB Norway Real Estate Deutsche Bank
Ppty(28766)
JP Morgan Securities LLC Banco BTG Pactual SA
9,577.3 Pending 27/02/2021 Notre Dame Intermedica Brazil Healthcare Banco JP Morgan SA Hapvida Participacoes II Brazil Financials Itau Unibanco SA
Citigroup Glbal Markets Brasil XP Investimentos
Barclays
9,000.0 Pending 28/10/2021 PartnerRe Ltd Bermuda Financials Goldman Sachs & Co Covea SGAM France Financials
Rothschild & Co
Brookfield Property Brookfield Asset
6,497.6 Completed 04/01/2021 Bermuda Real Estate Lazard Canada Financials
Partners Management
Consumer Barclays PLC
Scientific Games-Lottery Media and Macquarie Capital (USA) Inc Brookfield Business
6,050.0 Pending 27/10/2021 United States Canada Products and Deutsche Bank Securities
Bus Entertainment Oakvale Capital LLP Partners
Services Corp.

Citigroup Global Markets

ARA Asset Management
5,268.7 Pending 04/08/2021 Singapore Real Estate OCBC Bank (Malaysia) Bhd ESR Cayman Ltd Hong Kong Real Estate Morgan Stanley Asia Ltd (HK)
Ltd
DBS Bank Ltd

Royal Bank of Canada

American National Group Brookfield Asset Mgmt
5,110.5 Pending 09/08/2021 United States Financials Citi Bermuda Financials Bank of Montreal
Inc Reins
RBC Capital Markets

Goldman Sachs International

Morgan Stanley Consumer
United Brookfield Business BofA Securities Inc
5,000.0 Pending 27/06/2021 Modulaire Group Industrials JP Morgan Canada Products and
Kingdom Partners Citi
STJ Advisors LLP Services
Barclays

Guggenheim Securities LLC

Grupo Televisa-Media Media and Allen & Co Inc Univision Media and JP Morgan & Co Inc
4,800.0 Pending 13/04/2021 Mexico United States
Assets Entertainment LionTree Advisors LLC Communications Entertainment Goldman Sachs & Co
Morgan Stanley
BR Partners
JP Morgan
Banco Itau-BBA SA
Banco BTG Pactual SA
BofA Securities Inc
4,675.9 Completed 01/03/2021 Sendas Distribuidora SA Brazil Retail Shareholders Brazil Financials
Banco Bradesco SA
Santander Corp & Invest Bkg
BNP Paribas SA
HSBC France SA
Banco Safra SA

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HIGHLIGHTS

EQUITY CAPITAL MARKETS PAGE

ECM PROCEEDS TOP ISSUING COUNTRIES

Annual Proceeds # of Issues
YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
70,000 180
30,000 35000%
60,000 160
30060% 30000%
140 25,000
50,000 25000%
120
US$ Million

US$ Million
20,000
40,000 20000%
100
15,000 15000%
30,000 80
60 10000%
20,000 10,000
40 5000%
10,000 5,000 339% 378%
20 -8% 0% 0%
0 0 -5000%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Brazil Mexico Chile Uruguay Argentina

ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

IPO Follow-On Convertible YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
50,000 8,000 250%
45,000 220%
7,000
40,000 200%
35,000 6,000
US$ Million

150%

US$ Million
30,000 5,000
25,000
4,000 100%
20,000
3,000
15,000 50%
10,000 2,000 19%
5,000 0% 0% 0%
1,000 -14%
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 0 -50%
Financials Energy and Power High Technology Healthcare Telecommunications

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DEBT CAPITAL MARKETS PAGE

DCM PROCEEDS TOP ISSUING COUNTRIES

Annual Proceeds # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
500,000 1600 60,000 80%
74%
450,000 1400
400,000 50,000 60%
1200
350,000 40,000 40%

US$ Million
US$ Million

300,000 1000
27%
250,000 800 30,000 20%
200,000 600 5%
20,000 0%
150,000
400 -15%
100,000 10,000 -19% -20%
50,000 200
0 0 -40%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Brazil Mexico Chile Cayman Islands Bermuda

DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

Agency, Supranational, Sovereign Investment Grade Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
MBS ABS
Federal Credit Agency High Yield Corporate 80,000 300%
283%
70,000 250%
300,000
60,000 200%

US$ Million
250,000 50,000
150%
40,000
100%
US$ Million

200,000 30,000
20,000 50%
150,000
10,000 -7% -1% -11% -5% 0%
100,000 0 -50%
Government and Financials Energy and Materials Consumer
50,000 Agencies Power Products and
Services
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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HIGHLIGHTS

EQUITY & DEBT CAPITAL MARKETS TOP DEALS PAGE

ECM TOP DEALS YTD

Proceeds Primary
Issue Date Issue Type Issuer Nation Industry Mid Industry
($ mil) Exchange
Telecommunications
23/02/2021 2,668.7 Convertible America Movil Bv Netherlands Telecommunications NONE
Services

08/12/2021 2,591.5 IPO Nu Holdings Ltd Brazil High Technology Software NYSE

30/06/2021 2,286.1 Follow-On Petrobras Distribuidora SA Brazil Energy and Power Oil & Gas PAOLO

Consumer Products and

15/11/2021 1,550.0 Follow-On Mercadolibre Inc Argentina Professional Services NASDQ
Services

03/08/2021 1,154.6 IPO Raizen SA Brazil Energy and Power Oil & Gas PAOLO

DCM TOP DEALS YTD

Proceeds
Issue Date Issue Type Issuer Nation Industry Mid Industry Currency
($ mil)

Agency, Supranational,
03/03/2021 3,957.3 Peru Peru Government and Agencies National Government U.S. Dollar
Sovereign

Agency, Supranational,
28/10/2021 3,953.8 Peru Peru Government and Agencies National Government U.S. Dollar
Sovereign

Agency, Supranational,
22/07/2021 3,713.0 Chile Chile Government and Agencies National Government U.S. Dollar
Sovereign
Agency, Supranational,
18/02/2021 3,535.0 Corporacion Andina de Fomento Venezuela Government and Agencies Supranational U.S. Dollar
Sovereign
Agency, Supranational,
06/04/2021 3,254.9 Mexico Mexico Government and Agencies National Government U.S. Dollar
Sovereign

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INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE

JP Morgan Citi Banco BTG Pactual SA Goldman Sachs & Co Itau Unibanco Morgan Stanley Bofa Securities Inc Santander Corp & Invest Bkg Banco Bradesco SA Credit Suisse
350
300
9.5%
Fees US$ Million

250
7.3%
200
5.9% 5.8% 5.6%
150 5.1% 4.9%
4.4% 4.0%
100
2.6%
50
0
0 1 2 3 4 5 6 7 8 9 10 11
Rank

INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 2 JP Morgan $ 283.0 63.9% 9.5% 2.6% 146 27.0%
2 4 Citi $ 217.1 38.1% 7.3% 1.0% 151 25.8%
3 9 Banco BTG Pactual SA $ 174.3 81.9% 5.9% 2.0% 159 76.7%
4 3 Goldman Sachs & Co $ 171.2 1.8% 5.8% -1.0% 83 -5.7%
5 6 Itau Unibanco $ 166.5 25.1% 5.6% 0.3% 185 34.1%
6 5 Morgan Stanley $ 150.5 10.3% 5.1% -0.4% 82 18.8%
7 1 Bofa Securities Inc $ 146.4 -20.8% 4.9% -2.5% 118 13.5%
8 7 Santander Corp & Invest Bkg $ 130.5 19.6% 4.4% 0.0% 206 19.8%
9 10 Banco Bradesco SA $ 117.8 28.5% 4.0% 0.3% 127 64.9%
10 8 Credit Suisse $ 76.4 -21.9% 2.6% -1.4% 54 0.0%
TOTAL $ 2,973.2 19.3% 1411 26.1%

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HIGHLIGHTS

INVESTMENT BANKING FEE LEAGUE TABLES PAGE

M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
2 12 Banco Bradesco SA $ 70.2 333.4% 7.2% 4.6% 63 425.0%
3 13 Banco BTG Pactual SA $ 69.5 342.5% 7.1% 4.6% 57 137.5%
4 16 Goldman Sachs & Co $ 62.5 335.7% 6.4% 4.1% 12 50.0%
5 2 Lazard $ 57.8 0.4% 5.9% -3.2% 13 62.5%
6 18 Rothschild & Co $ 54.9 386.1% 5.6% 3.8% 26 160.0%
7 3 Citi $ 39.3 5.0% 4.0% -1.9% 9 28.6%
8 5 Itau Unibanco $ 38.3 14.1% 3.9% -1.4% 32 0.0%
9 11 BR Partners $ 36.0 97.9% 3.7% 0.8% 17 -5.6%
10 4 Santander Corp & Invest Bkg $ 30.7 -9.0% 3.1% -2.2% 22 4.8%
11 19 Vinci Partners $ 25.8 139.8% 2.6% 0.9% 29 123.1%
TOTAL $ 981.6 55.7% 423 54.9%
ECM FEES LEAGUE TABLE (US$MIL)
FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 3 Itau Unibanco $ 103.3 41.8% 10.8% 2.6% 49 36.1%
2 8 Citi $ 100.9 114.1% 10.5% 5.2% 30 87.5%
3 1 Morgan Stanley $ 93.9 -0.7% 9.8% -0.8% 26 0.0%
4 4 Banco BTG Pactual SA $ 91.7 29.9% 9.6% 1.6% 54 45.9%
5 7 JP Morgan $ 89.2 44.0% 9.3% 2.3% 23 15.0%
6 5 Bofa Securities Inc $ 64.2 -6.8% 6.7% -1.0% 24 26.3%
7 2 Goldman Sachs & Co $ 60.2 -33.4% 6.3% -3.9% 17 -15.0%
8 20 UBS $ 44.6 497.6% 4.7% 3.8% 24 242.9%
9 10 Santander Corp & Invest Bkg $ 43.9 23.8% 4.6% 0.6% 25 19.0%
10 6 Banco Bradesco SA $ 35.9 -45.2% 3.7% -3.6% 22 -24.1%
TOTAL $ 959.6 7.8% 131 18.0%

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HIGHLIGHTS

INVESTMENT BANKING FEE LEAGUE TABLES PAGE

DCM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 1 JP Morgan $ 59.1 -8.9% 9.5% -1.0% 85 7.6%
2 3 Bofa Securities Inc $ 54.5 34.5% 8.8% 2.2% 70 6.1%
3 2 Citi $ 53.2 17.2% 8.6% 1.2% 92 10.8%
4 4 Goldman Sachs & Co $ 48.5 24.9% 7.8% 1.5% 53 -3.6%
5 6 Santander Corp & Invest Bkg $ 36.8 27.7% 5.9% 1.2% 130 17.1%
6 14 Morgan Stanley $ 33.1 68.4% 5.3% 2.1% 44 46.7%
7 12 HSBC Holdings PLC $ 22.4 5.9% 3.6% 0.2% 36 0.0%
8 11 BNP Paribas SA $ 21.3 0.0% 3.4% 0.0% 38 31.0%
9 8 Credit Suisse $ 20.7 -13.7% 3.3% -0.6% 25 4.2%
10 7 Itau Unibanco $ 20.5 -17.9% 3.3% -0.8% 95 43.9%
TOTAL $ 622.2 1.1% 674 15.4%

LOANS FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 9 National Australia Bank $ 27.3 159.8% 6.7% 3.7% 1 -66.7%
2 1 JP Morgan $ 25.1 -36.5% 6.1% -5.0% 22 83.3%
3 2 Citi $ 23.7 -13.1% 5.8% -1.9% 20 42.9%
4 15 BNP Paribas SA $ 21.7 192.2% 5.3% 3.2% 25 56.3%
5 7 Scotiabank $ 19.5 54.6% 4.8% 1.2% 36 89.5%
6 8 Santander Corp & Invest Bkg $ 19.1 73.4% 4.7% 1.6% 29 52.6%
7 32 China Merchants Bank $ 17.4 648.4% 4.2% 3.6% 3 200.0%
8 5 Sumitomo Mitsui Finl Grp Inc $ 17.1 15.6% 4.2% 0.0% 25 66.7%
9 4 BBVA $ 15.5 -3.3% 3.8% -0.7% 45 95.7%
10 20 Mizuho Financial Group $ 12.4 100.0% 3.0% 1.3% 15 15.4%
TOTAL $ 409.8 15.3% 183 21.2%

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INVESTMENT BANKING LEAGUE TABLES PAGE

ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)

RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 1 JP Morgan $ 54,619.7 194% 22% 31% 38 58%
2 2 Goldman Sachs & Co $ 51,564.8 212% 20% 38% 41 95%
3 12 Citi $ 41,725.6 582% 17% 200% 33 136%
4 5 Banco BTG Pactual SA $ 36,983.9 243% 15% 53% 97 90%
5 3 Morgan Stanley $ 35,398.1 160% 14% 15% 30 36%
6 9 Itau Unibanco $ 29,630.3 289% 12% 72% 55 25%
7 10 Rothschild & Co $ 25,120.3 277% 10% 67% 46 53%
8 24 Barclays $ 20,638.5 739% 8% 273% 12 200%
9 8 BR Partners $ 19,784.6 138% 8% 5% 21 -28%
10 14 Lazard $ 19,719.9 311% 8% 81% 22 38%
TOTAL $ 252,304.1 125% 2307 33%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 5 JP Morgan $ 41,280.0 342% 25% 88% 27 35%
2 3 Banco BTG Pactual SA $ 36,938.1 251% 23% 48% 91 82%
3 1 Goldman Sachs & Co $ 27,359.9 83% 17% -23% 24 41%
4 7 Itau Unibanco $ 26,927.3 254% 17% 51% 53 26%
5 8 Citi $ 24,696.2 310% 15% 75% 26 117%
6 10 Rothschild & Co $ 22,736.3 375% 14% 103% 35 67%
7 6 BR Partners $ 19,784.6 138% 12% 1% 21 -28%
8 2 Morgan Stanley $ 18,584.7 76% 11% -25% 22 38%
9 14 Lazard $ 16,684.2 289% 10% 66% 17 13%
10 9 Santander Corp & Invest Bkg $ 14,252.5 156% 9% 9% 45 25%
TOTAL $ 162,474.6 136% 1820 33%

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INVESTMENT BANKING LEAGUE TABLES PAGE

ECM LEAGUE TABLE (US$MIL)

PROCEEDS
PROCEEDS SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$Mil) CHANGE (% ) CHANGE (% )
(% )
1 2 Itau Unibanco $ 3,762.9 20% 11% 15% 57 46%
2 7 Banco BTG Pactual SA $ 3,580.5 51% 10% 46% 58 53%
3 8 Citi $ 3,575.7 55% 10% 51% 25 67%
4 1 Morgan Stanley $ 3,501.6 -14% 10% -16% 27 13%
5 4 BofA Securities Inc $ 3,278.9 28% 9% 24% 26 30%
6 5 Goldman Sachs & Co $ 3,014.8 22% 9% 18% 17 13%
7 9 JP Morgan $ 2,911.9 29% 8% 24% 26 30%
8 10 Santander Corp & Invest Bkg $ 1,953.5 26% 6% 22% 29 38%
9 6 XP Investimentos $ 1,867.2 -22% 5% -24% 32 19%
10 3 Banco Bradesco SA $ 1,668.1 -45% 5% -47% 31 0%
TOTAL $ 35,416.4 3% 104 18%

DCM LEAGUE TABLE (US$MIL)

PROCEEDS
PROCEEDS SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$Mil) CHANGE (% ) CHANGE (% )
(% )
1 1 JP Morgan $ 21,923.6 3% 11% 4% 91 20%
2 5 BofA Securities Inc $ 19,038.6 48% 9% 49% 76 19%
3 2 Citi $ 18,003.2 -10% 9% -10% 86 18%
4 3 Goldman Sachs & Co $ 17,392.0 2% 9% 2% 56 0%
5 6 Santander Corp & Invest Bkg $ 14,864.0 19% 7% 20% 121 41%
6 12 Morgan Stanley $ 10,747.9 50% 5% 51% 46 44%
7 9 BNP Paribas SA $ 10,186.7 22% 5% 22% 40 33%
8 7 Itau Unibanco $ 8,456.0 -23% 4% -22% 95 44%
9 11 HSBC Holdings PLC $ 7,970.9 -2% 4% -3% 34 10%
10 8 BBVA $ 6,599.8 -31% 3% -32% 59 -5%
TOTAL $ 203,584.7 0% 545 16%

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MERGERS & ACQUISITIONS
The Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going
business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are
tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,
minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are
based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional
transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
EQUITY CAPITAL MARKETS
The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition
to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds
and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360
days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or
first call/put option.
DEBT CAPITAL MARKETS
The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that
matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all
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takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal
proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book
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