3q2016 cover page.ppt - sullivan & cromwell capital markets reviewglobal capital markets review...

GLOBAL CAPITAL MARKETS REVIEWREUTERS / Chris Wattie

GLOBAL CAPITAL MARKETS REVIEWLEGAL ADVISORS

Full Year 2016

11

11

11

Canada All Debt (CAL1) - Manager

Canada Equity & Equity-related (CAL4) - Issuer

Canada Equity & Equity-related (CAL4) - Manager

Japan Capital Markets

Japan Common Stock (JL1) - Issuer

Japan Common Stock (JL2) - Manager

Samurai Bonds (JL5) - Issuer

Samurai Bonds (JL6) - Manager

11

Canada Capital Markets

6

6

6

6

Canada All Debt (CAL1) - Issuer

EMEA Capital Markets

7

7

All International Bonds (AV1) - Issuer

All International Bonds (AV2) - Manager

10

10

Australia International Bonds (BW1) - Issuer

Australia International Bonds (BW2) - Manager

1

Global Debt, Equity & Equity-related Excluding FCA (G01) - Manager

Quarterly Global Legal Advisor Debt, Equity and Equity-related Chart

Full Year 2016 | Global Capital Markets | Legal Advisors

GLOBAL CAPITAL MARKETS REVIEW

Table of Contents

Global Capital Markets

Global Deals Intelligence

Global Debt, Equity & Equity-related Excluding FCA (G01) - Issuer

1

1

Global Straight Debt Including ABS & MBS (G02) - Issuer

Global Straight Debt Including ABS & MBS (G02) - Manager

2

2

2

1

Global Straight Debt Excluding ABS & MBS (G03) - Issuer

https://www.thomsonone.com

Sa u a o ds (J 6) a age

Criteria Summary

Ranking Criteria Summary 12

EMEA Equity & Equity-related (AX2) - Manager

9

Asia Pacific G3 Bonds (BV1) - Issuer

Asia Pacific (Ex Japan) Capital Markets

8

8

Asia Equity & Equity-related (BX1) - Issuer

Asia Equity & Equity-related (BX2) - Manager

Asia Pacific G3 Bonds (BV2) - Manager

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) - Issuer

Thomson Reuters Contact

8

8

7

te at o a o ds ( ) a age

EMEA Equity & Equity-related (AX1) - Issuer

Australia Equity & Equity-related (BY2) - Manager

9

10

10

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) - Manager

Australia Equity & Equity-related (BY1) - IssuerUS Straight Debt Including ABS & MBS (AB6) - Manager

US Straight Debt Including ABS & MBS (AB6) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Issuer

US Straight Debt Excluding ABS & MBS (AB7) - Manager

5

5

5

5

12

Thomson Reuters Solutions For the Deal Making Community

13

Global Equity & Equity-related (G08) - Issuer

3

4

7

Global Equity & Equity-related (G08) - Manager

US Debt, Equity & Equity Related (AB1) - Issuer

3

2

US Equity & Equity Related (AB2) - Issuer

US Equity & Equity Related (AB2) - Manager

4

4

US Debt, Equity & Equity Related (AB1) - Manager 4

Global Straight Debt Excluding ABS & MBS (G03) - Manager

US Capital Markets

Zhong Lun Law Firm 20

18

14 864 1124,042.1

▲ 33+4

11

16

▼

-0.2+0.1

1.80.4

15

-17 ▼14

10223*13

▲-14

0.5▼

3

133,400.2

+17

▲5

0.5 ▼▼

86

White & Case LLP

Simpson Thacher & Bartlett 9Anderson Mori & Tomotsune

Grandall Law Firm

7

8 12318

-0.1 ▼

+0.8 ▲

0.7

▼3.4

▲

-0.20.2

-0.40.9

+0.2▲ 97,682.8-0.416

1.353,418.1

4313,972.5-38

28,672.8-21 ▼

24▼

-21 ▼-70 ▼

-0.67 -0.8111,595.5 1.5

▲

166,946.6 ▼2.2105,588.7 8 ▼

18-0.2

-0.61.4+0.2

58,430.3

0.611

47,920.9

43,452.4▼

+4580,096.9

▼0.4

-0.5-0.1

▼

-160.61.1

17▲

00 2-0.4 ▼

1518,351.8

40 -

0.8

6▼ 1.7

▼0 -0.3

▼

▲+120 73

Allen & Overy

+157

▲0.60.6

10▼

+30▼

Sh (%)2015 Rank

5

2 5

Sullivan & Cromwell

Latham & Watkins 3

Issuer Legal Advisor

12 148


GLOBAL CAPITAL MARKETS REVIEW†

Global Debt & Equity Proceeds Up 9% | Equity Proceeds Down 25% | Straight Debt Proceeds Up 17%

Share Ch.Market

-0.1

Market

268

Global Debt, Equity & Equity-related Ex FCA (G01)

▼

6

1

2016 Rank Deals

# of

1.1

8

44

6

2

Jan 1 - Dec 31

Market# of Deals per Advisor Proceeds per Advisor (US$m)

2.71Proceeds

+0.2 ▲

Rank# of DealsShare

King & Wood Mallesons

Sidley Austin LLP165

135138

180 2.04

Change in

+12Linklaters+23

16310

0.7205,000.0

0.7

▲

0.7150,860.7

▼

2▲

65,698.480,140.2

255,912.6

1.1-8

80

122

113

0.6 -21

0.3

0.4105

-32

0 3

103Morgan Lewis & Bockius

9

124

▲+280.5

Freshfields Bruckhaus Deringer

12*

Mayer Brown LLP

14

17Baker & McKenzie 19Kirkland & Ellis

19Cleary Gottlieb Steen & Hamilton

16 21

39

0.4Davis Polk & Wardwell 0.4Skadden

Clifford Chance 0.5

12*

10

0.384

0.4

116105

11

-360.378

Total combined debt and equity capital markets activity totaled US$7.5 trillion for 2016, an increase of9.3% in comparison to the capital raised last year.

Allen & Overy was the top overall advisor to issuers across debt and equity in 2016; advising issuers on268 deals totaling US$205 billion. Allen & Overy was also the top overall advisor to managers acrossdebt and equity in 2016; advising managers on 658 transactions totaling US$452.9 billion.

Global Straight Debt excluding securitizations totaled US$5.9 trillion in 2016, representing a 16.9%increase compared to 2015. The total number of deals executed in 2016 (17,781) increased by 16.8%relative to 2015.

Global equity capital markets activity totaled US$657.5 billion in 2016, representing a 25% decreasefrom last year. The total number of deals executed in 2016 (4,702) decreased by 4.1% relative to 2015. Grandall took first place among issuer advisors in global equity capital markets during 2016, with 89issues totaling US$18.7 billion. Latham & Watkins was the leading global equity and equity-relatedlegal advisor to managers, having advised on a total of 147 transactions with a total value of US$43.8billion in proceeds raised.

Global follow-on offerings totaled US$448.4 billion during full year 2016, a decrease of 25% comparedto a year ago and the slowest annual period for follow-on offerings since 2011. Follow-on offerings fromcompanies in the Energy & Power sector accounted for 22% of capital raising during full year 2016, upsignificantly from 12% of overall follow-on offerings a year ago.

hare

229,132.0 -0.5-▼

▼

▼

0

▼

-

32

3.9

-0.5

▲

2.4

4-0.9176,489.1 2.4

Proceeds per Advisor (US$m)Market

Jan 1 - Dec 31

Market

-26.4% ▼

Share Ch.▲

▼

Sh (%)452,917.9 6.1 +0.4

-0.1

2.0-0.9

8 -0.3▼

▼

# of Deals

▼▲1

4.7294,680.7

-0.9

▼

-0.6

+0.6 ▲▲

-▼

0

+0.2

100.0

* tie

13Shearman & Sterling LLPWhite & Case LLP

1716

▲

Cleary Gottlieb Steen & Hamilton

15


Zhong Lun Law Firm

Morgan Lewis & Bockius 9Sullivan & Cromwell

20

Linklaters

Manager Legal Advisor

% Change from Last Quarter

▼0.8

1647

0.7

0.8

272

Change in

1.32

2016 Rank

2015 Rank

% Change from Same Period Last Year

Global Debt, Equity & Equity-related Ex FCA (G01)

RankProceeds

24,494

▲

14,864.1

# of Deals per Advisor

▼

07,474,440.0

0.240

9.3% ▲

100.0

9.3%

5 6

348,655.71 2.7

483

▲+1

658

+2,07720

▼308

# of Market

73

5

-9

-2-261.1

2.0-11

▼ 150,671.7▼253 ▼

8

1.0

▲3.10.4

180,762.0

+21+22

6

18

▲

+85

Clifford Chance -90

2028,414.07

190

▼

132,739.7


+0.41.11382,287.6

169,384.3 7 2.3-15

▼116,111.5

0.6151+53 ▲

1.011

▼

5

10187

91.8

135 0.6

18

0.6

▲ 80,685.5

42,296.6+26

30

15131,237.8

▼

1.10.6 0

12▼

▼ 1.6 -0.4

-0.675,965.6

▲▼

52,492.7 16 -0.20.71.1

10 1.8

-41

13

8283

0.4

1041416*

20

99

11

108

-29

0.5 -120.4 -44

0.4-9

9

0.3

Allen & Overy

Industry Total

-16.8%

Deals

4

1

3 32

+25

Davis Polk & Wardwell

6

100.0

87

0.30.3

115

Latham & Watkins 4

0.4

Sidley Austin LLP

148

16*1011Cahill Gordon & Reindel

Simpson Thacher & Bartlett

Cravath, Swaine & Moore

12

▼


148

▲-2

+4

▲

7,474,440.0▲

82,431.7

24,494Industry Total

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables


+2,077

9.3%9.3%

† Excludes Federal Credit Agency Issuance

-26.4%▲

% Change from Last Quarter -16.8%

significantly from 12% of overall follow on offerings a year ago.

Global high grade corporate debt offerings totaled a record US$3.4 trillion during full year 2016, an 11%increase compared to a year ago. Issuance of US-dollar offerings hit a record US$1.3 trillion, the eighthconsecutive year-to-date increase for US marketplace investment grade debt since the asset classregistered a 35% decline in 2008.

28 57 0.2 +17 22,099.8

Mayer Brown LLP

1218

Skadden

Quarterly Global Legal-Advisor Debt, Equity and Equity-related

Hogan Lovells 19 23 0.322,291.4

0-0.10.3McCarthy Tetrault 20 21 54 0.2 ▼

▼

▲ 100.0

22 ▼-

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

0

500

1,000

1,500

2,000

2,500

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q 4Q

1Q15 2Q 3Q 4Q

1Q16 2Q 3Q 4Q

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

1

-2 20,525.9 21 0.3 -0.1 ▼McCarthy Tetrault 20 19 39▲

13

23

1.01.1

▲

+11 +0.1 ▲0.3 -

66,403.4

19,406 +2,412

+23 ▲0.4 0 -

▼

▼

▼▼

▼

15

6,725,469.00.2

▲

▼▼

▼

▼+0.31.0

▲

▲

100.0

18 6419

66,360.1▲▲ 28,250.5

+100.3

15 13 79 0.4

24*

14 11* 82 0.40.4

-0.4

8415

-0.775,008.4

9▼▼ 1651,874.6

▼▼ 14

▼-0.7-19

▼-6

-0.21.8120,442.5

+0.1123,542.4 8

1.61.6

0.8

101.8

8-4-1

0.5

▲▼

+0.5

+0.64

1.2

155,990.6

107,274.7-0.2

3

89 17

Clifford Chance

Sullivan & Cromwell

5

Morgan Lewis & Bockius 7 16

53,537.2

56,421.8

38,220.927,641.5

9

7

8 1.3

Cahill Gordon & Reindel

0.813* 66

15

Allen & Gledhill

17

13

155Cleary Gottlieb Steen & Hamilton

57

0.30.3 -19

-12Skadden 13Kirkland & Ellis 14 16 64

-

▼ 2.2▲

Simpson Thacher & Bartlett 12 8 81 0.4 -18Davis Polk & Wardwell 11

0.5

13*10Morgan Lewis & Bockius 19

0.4

Mayer Brown LLP 8 7 92

White & Case LLP

-0.283

Latham & Watkins 9 10

Linklaters

Anderson Mori & Tomotsune 5* 5 111Sullivan & Cromwell 4

2

53,677.5 140.61688 0.5

91 0.8+44

00.5 -11 ▼

+420.6

50.5 -58

Sidley Austin LLP13*

5* 6Clifford Chance 3

-

▼▲

106,815.4-0.3

11

2512,008.6

6

81,228.9

▼

+27

▼

Skadden

1213

+78

-20

▼

31

0.60.6

141 0.70.7

14

11* 70

100.0

53

0.417 0.31819 42

▼-1.2

18,538.4

151,204.90.2

▲

-0.6-0.2

0.2

-10

312,094.32.5

0

210,034.9

012

-0.8

2.33.1 -0.3

1

Proceeds per Advisor (US$m)

Sh (%)▼

Market MarketMarket

3155

2 -13+15

2.9192,331.7 Allen & OveryRank

Shearman & Sterling LLP

7

4-0.561,028.0

Linklaters+26

Sidley Austin LLP

-0.1

1

31

Industry Total

2

▲-

Mayer Brown LLP-0.8


16

-0.50.3

1.2111

2.02 -0.1

231,775.6

96

▼

12

-29

+2,412

▼

12

McCarthy Tetrault 20

0.361King & Wood Mallesons

42 0.20.3

029*

Freshfields Bruckhaus Deringer+0.1 Hogan Lovells

0.80.2

0.4 -0.4Cleary Gottlieb Steen & Hamilton

▼

White & Case LLP1.70▼-

13,974.4

21

▲33,046.9

+14 ▲+244919

0.30.359

32

100.027

Industry Total

Shearman & Sterling LLP 20*

19,406

20*

0.5▲

17 1118

19

Freshfields Bruckhaus Deringer 16

7▼

-23▼▼

▼-0.11.7

63

6

0.618

38,732.4

▼

▲

▼▼

▼

▼111,304.286,508.7

-0.2

137,493.1▲

1.5

+0.2

▲

--20 11,243.9 0.2

0.93.5 ▲1

▼

-0.9102,537.4

Share Ch.Proceeds1.3

# of Deals

0.7 ▼▲

1440.7

37+1.2

0

+0.20.84

3

80,640.4

1169,487.1

9

127

-2

▲0.6▼

242Allen & Overy 1 1 ▲

Change in # ofIssuer Legal Advisor Deals

Market

GLOBAL DEBT CAPITAL MARKETS†

Global Straight Debt Including ABS & MBS (G02) Jan 1 - Dec 31


Share2015 Rank

2016 Rank

# of Deals per AdvisorMarket

Manager Legal Advisor Share


Global Straight Debt Including ABS & MBS (G02)

Rank# of Deals Sh (%)2016 Rank Deals

Proceeds per Advisor (US$m)2015 Rank

Change in

Jan 1 - Dec 31

114,191.5

146,093.6

6.52

241,084.0166,718.3

2.3

5-9

73 3.6

144 +85

▼

0.7 ▲

136

115

▲

11



6

▲ 125

▼

▲

183 0.9

0.8 +15-90155

148

1+24 +0.1406

▲ 439,818.2-22.1 4.6

620Proceeds

50▼-3 1.1

▲+271.0 -0.3


215Davis Polk & Wardwell

2

# of

92

3.2

Market

4

0.8+0.1

4

Share Ch.

100.06,725,469.0

▲14.2%

1414,765.7

MarketChange in Market

▼

00.217

▲ 2Linklaters

2.5

+0.2

2

0.9 -86

304,286.72.2 ▼

▲

▼

Sh (%)

▼

5.1+0.2

-▼

Allen & Overy

% Change from Same Period Last Year-22.3%

-0.7

▼▲ 14.2%

▲

▼


▼

▼

3

RankProceeds

-1.0

-27.3%

-1.5

▼

1.1

20

100.017,781


Industry Total

▲16.8%-30.4%

16.9%-24.3%-24.3%% Change from Last Quarter -30.4%

* tie† Excludes Federal Credit Agency Issuance


+0.3

-+0.1

17

Cravath, Swaine & Moore -5

▲

9*

117,117.7

▲▼

8Davis Polk & WardwellLatham & Watkins

5

7

Simpson Thacher & Bartlett 9

9*

Sh (%)MarketShare

2015 Rank

Jan 1 - Dec 31

Share Ch.587

3.93 8

▲

+1.2

2Rank

-0.22 2.3 +0.24

127 1

226+12

5White & Case LLP65

111 11,243.9▼-2077,894.4 8

▼3Clifford Chance

▼

▼241,084.0

2

6150,354.3

135,949.9 396

▲

▲# of Deals

Global Straight Debt Excluding ABS & MBS (G03)

# of Market2016 Rank

-0.212,008.6▲ 245▲ 2.6 0

-0.54.1

7.0Share Ch.

0.2

1.0

0.8

▼

0.8▲ 3.5

155,990.6+25 4+78

204,659.3

0.7

+13

0.513

-2

12

123,542.4

60,685.70.4

▼

-1

0.4

92▼

-17

▼

1.2

1.8▼

-9

-9

+0.2▼

119

106,273.2

2.0 -0.9▼

-0.5

-0.3

107,274.7-0.3-0.4

105,514.1 1.8 ▼

7

3153


3.3Deals

▼

Manager Legal Advisor

▲4

151

0.6


6 14

1

3

-0.4

148

133

+15

0.323,696.7

231,775.6

▼▼

10

136

6

123

+19

▲

+6-16

# of Deals+24

-1

43

21

0.9Linklaters

2015 Rank

# ofDeals

1

2016 Rank

0.6


+420.74Anderson Mori & Tomotsune

Allen & Overy

Global Straight Debt Excluding ABS & MBS (G03)

1.3

Market

▲


▲

Share Proceeds

Jan 1 - Dec 31


3.0

Sullivan & Cromwell

178,475.5

-27.3%▲▼

14.2%

Market

14.2%

# of Deals per AdvisorChange in


7

730.479

830.5

106

870.595

▼▲+3

▲

-0.3

0110,960.0

33,392.0▼

52,298.6

0.3▲

0.3

0.3

-9

146,093.6

+19

27,641.5

▼

0.5

60Sidley Austin LLP 13Cleary Gottlieb Steen & Hamilton

10 0.4-8

1418

77,509.3

0.3

56

▼

▲

14

16

11

Freshfields Bruckhaus Deringer 111111* 5 -0.1

▲17*Shearman & Sterling LLP

16 0.6

60

Kirkland & Ellis

9

17

37,538.111*12

48

14Skadden

-1.1 12*

-0 Cravath, Swaine & Moore▼ 12*

108

1.8

72,082.063

0.6

▼

2.1

63,470.7

-410

102,343.5 1.77

14

White & Case LLP-8

1.9

0.513

Sullivan & Cromwell

2.50.9

71

9

8213

Cahill Gordon & Reindel107

12

-▼

-0.9-0.1

-0.5

▼

-0.1

0.89

20

15

0.2

0.21840

29*

16

7 1156 122 0.7

0.2

29*

80.5

35

1.9

+34-10

183

5

-94 ▼

▲1.3 +0.24

▲ Davis Polk & Wardwell-0.1


▼

▼▼ 8

Simpson Thacher & Bartlett 7Latham & Watkins

▼Sidley Austin LLP


0.2

-0.6

1.3

▼

112,997.00.6

19+22

69,993.6 1.2Hogan Lovells

11

▲0.3

1

▼

▼ Clifford Chance

0.90.3 +34

1.0▲0.2 +0.1 ▲ 50Freshfields Bruckhaus Deringer

58

38

Shearman & Sterling LLPAllen & Gledhill

McCarthy Tetrault 30,276.9

42 0.2 ▼

King & Wood Mallesons 13 6Skadden

59

+23

57-29

0.315

▼0.610 ▼-0.3

37,452.0 14

19 027*

-24

1629,003.6Milbank Tweed Hadley & McCloy

15

16

55,665.913,464.5

17

+24

3137

McCarthy Tetrault20 +6

33

+0.1

29*

▲

0.5▲21-1 16,949.9

17,484.5

▲23,354.2

16.9%

100.0

▼▲

-175,939,876.4


5,939,876.4 100.0

▼ ▼

▼28

16.8%

+12 1517,781 +2,559

+10 ▲ ▲0.5 19 18*


Gibson Dunn & Crutcher▲

▲

+2,55923 0.4


McGuireWoods LLP 20 1519 26

3337

▲

0.2 ▼100.0

0.2

▲41,133.8▼

+0.30.3

▲

-0.2

0.40.3

0.7-0.3 ▼

0.2

-

Industry Total

2

+0.1 ▲0.5 -1 ▼ 6,952.5 21 1.1Vinson & Elkins LLP 19* 22* 212 3 +1 5 ▲

29

23+1.1

1,975.5

2.4

▲

▲

▲

0-

02.7

2.8


Rank

4

▲Allen & Overy

0

Linklaters

35

1.074

Sh (%)# of Deals

+5

3

▼

2.09

18,670.9▲Proceeds

17,493.5491.9 178

6Rank

+1.5 11.9

Market Change in

Global Equity & Equity-related (G08)

0.5

▼

▲+0.1

6.7

Market

-9

32

0

31

1.2

-

0.6 7,614.3▼

0.5

394,409.7

9

-24 9,504.2

-8

13,955.5

13,462.4

2119*

17

Stikeman Elliott▼19* +9

657 496 3

19

-

-0.3

▲

▼

-

+0.4

+0.2 ▲

-

-

Goodwin Procter LLP

35,682.6-6

4 43

36 46

5Sidley Austin LLP

7*

25

43

▲

4,740.90.9

5,176.0

-17

+9

MarketChange in Proceeds per Advisor (US$m)

Jan 1 - Dec 31Jan 1 - Dec 31

Share Deals ShareIssuer Legal Advisor2016 Rank

2015 Rank


Share Ch.


DealsMarket# of


Proceeds147

▼1

▼3 -9

Global Equity & Equity-related (G08)

-41.6

2016 Rank

Grandall Law Firm 1 +3189 ▲2

MarketSh (%) Share Ch.# of Deals

2.6

▼

3.1Manager Legal Advisor


# of

Latham & Watkins2

2015 Rank

3.9 123


2Latham & Watkins 74 1.6Conyers Dill & Pearman 3 1 68 1.5 -17

Zhong Lun Law Firm

▼-8

5 58 1.2

2

▲Handsome Attorneys at Law +3King & Wood Mallesons 4

+0.5▼ 24

25,518.97,282.7 1.1

1

7

6 6 50 1.1 -2▲5 7 53 1.1

▲

0.1 023

5,242.3 347,521.8

0.8 +0.21.1

Baker & McKenzie 7 10 46 1.0 +31.8

▲

9 9 41 0.9 -411,570.3▲ +1.113Tian Yuan Law Firm 8 31 42 0.9 +17

3 3.3 0▼ 21,854.20.21,230.3 0▲

▲Appleby 10 21* 39 0.8 +10

5

Simpson Thacher & Bartlett97

+1.0Grandway Law Offices 11* 29* 38 0.8 +12

▲ 19,003.46,857.6-3

Skadden 11* 13* 38 0.8Goodwin Procter LLP

3,145.4

6,098.3

▲-0.1 ▼

2679

1.0 +0.3▲

29

0.3-9

2.90.9

0.80.8 ▼

▼

+1

▼17* 36

8 37Cooley LLP 15* 4 36

15*

13* 12 37DLA Piper LLP 13*

-0.1

+4▲

610.8Vinson & Elkins LLP

0.7

37* 26

0.634

Troutman Sanders LLP

+1226*

29

AllBright Law Offices 3417* 34* 0.717*

▲

+3

14*

4,677.226 0.6 -3

20*▲

Ashurst+0.622Norton Rose Fulbright

+0.11.9

17▼

Torys▲+1.4

-8

▲

+0.3

0.5

+6 ▲ 13,014.0 1112,668.3

403,079.3

-18

0.5

0.8

0.7▲+17▲+7

15,603.8▲ 80.74,393.8 46

63

Allen & Overy ▼ 1219 70*20*

0.621*

▲ 14 938 1Blake Cassels & Graydon

▼5.4

+0.22412

-1.8

7

0.8 +0.3

2.138▲ 10,912.1

+0.50.8 14,027.7▼+2-1

0.8

▼6 9

Clifford Chance 9 11*

3711*

-0.2

7* 22* 37 0.8

26140.6

201.5

Skadden 10 8

Norton Rose Fulbright 16

2,032.4▲

-

▼0.6

4

25

30

21

33 0.7

0.50.5

-0.7

▼

+15

▲

8 2.1-1

23,375.9 +1.4

14

▲

▼

-0.1

▲

+0.7 ▲

-1.5

▼

-0.3+0.1

1.7

7.9 -

▲0.7

▼2.9

▲ 0-15 ▼ +1.4

GLOBAL EQUITY CAPITAL MARKETS

51,889.0 143,799.6

3

2

519,014.3

0.7 ▲ 3,198.6▼ ▲

▲+0.1

▲3.6

+0.1

1.3▼-61.318 -1.6

2,231.2 0.3

8,415.4

0.5

14*

+0.50.438

0.7-0.5

27

-19 2,299.0

14*

0.5

0.5 8,812.9▼

15

▼

▼24

0

11 20*Freshfields Bruckhaus DeringerBaker & McKenzie


Cooley LLP

13 512

White & Case LLP

0.3

2.1

▲

Industry Total 4 702 100 0

Blake Cassels & Graydon

Herbert Smith Freehills

White & Case LLP 20* 49* 26 0 6 +10

41*29*

18

18

7

-199 ▼ 100 02.3 +1.530 0.9 +0.1

▲▲


* tie

9

-25.0%▼

657,496.3

-16.7%


-4.1%

Industry Total -199


100.04,702 % Change from Same Period Last Year% Change from Last Quarter 7.0% ▲

-4.1% ▼▼ ▼

% Change from Last Quarter 7.0% ▲ -16.7%

▲▲

14,938.15,670.1

▼

657,496.3

▼ -25.0% ▼

34* 26 0.6 +4100.0

Industry Total 4,702 100.0White & Case LLPWilson Sonsini Goodrich & Rosati

20 49 26 0.6 +1020*

199 ▼ 100.0

3

† Excludes U.S. Federal Credit Agency Issuance

▲+9 ▲ 8,482.4 28 0.3 +0.11.5

18Gibson Dunn & Crutcher


20

Industry Total 754 100.0 -189 ▼ 100.0195,192.5 20* 171.1

▲

1.2 -428* 8

▲+0.3

▲

-1.3▼

12

2.1 +1.5

195,192.5

▲ 2,692.4

1,541.0 23 0.8 -1.9

▲▼▼ 2,879.9 16 1.5


1.4+1


+5

▼-23.3%

# ofDeals

Vinson & Elkins LLP

1,756.1+3

▼

2016 Rank

Ellenoff Grossman Schole & Cyruli 8*

Industry Total

8*


Goodwin Procter LLP

▲

2 98


8*

12

14*

2.2

7

Manager Legal AdvisorMarket

▼

78*

67

9

▲

▼

▼169,495.4

11 2.2

2+26109,311.6

▲5 5.1 +0.1▼6.3 -0.33221

208,895.4

137,065.7

-173.1 +35

▲

103

-18

4.8

-1.1

13

3.8

8 8* 82 2.42.9

2.3

-1.0

160

▲4 128

98 -3

5

612

Allen & Overy77

▼

Skadden77▼ 9*

11

17

75▼

▲Cleary Gottlieb Steen & HamiltonMorgan Lewis & Bockius 14

1312

4.5

9*Linklaters

2.18.1

4Cahill Gordon & Reindel

▼

5

-

2.1

34

53,506.0

1.3 45,873.8

# of Deals

-1 ▼25,870.2

-18

▼

19

13.2

133,597.5

31,963.0

7

2.311

-1.0

54,056.3

▲▲

-24

▼-0.4

▲

▼

15

▼

61

▼

-1

Jan 1 - Dec 31

Deals Proceeds Rank

▼

Sh (%)▼

▲

11

-1.2▲

18

14*

15 ▼

99 1.2 -5

2.0 +3.033

6-8

14

2.4

+2.1▼-0.9

182.9 47

9,545.25.5

-0.1

4.9

0

3.0 ▼0.6

3.4 +0.3-4.9-0.5 ▼

▲

-4.7

09,183.2

1572

1.6

0.4

* tie

1,112.5▼2.116

2.5

13

12

1.9

100.0

1.2


Kirkland & Ellis

16* 21

-20.0% ▼

Hogan Lovells

35*

Industry Total

14 13▲

▲Akin, Gump, Strauss, Hauer & Feld 15

Andrews Kurth Kenyon LLP

754

Mintz Levin Cohn Ferris Glovsky & Pope

9

16*

51*35*


-3

▼

▼

▼21 2.8-319+4

2.5

5.3-2

7

4,134.8 13

▼

6▼ 10,721.8 4

▼ 14,406.6

5▼▼ 10,325.7

1.2

2.4

Proceeds1 131 -12

Sh (%)

18-20 2,264.5+1.5-0.4

4,759.8 -0.4

17.4-1

7.4

36,062.8

310-17 ▼

Sh (%)▲

▼▲

13.03

33,636.718.5

Rank

▼

Change in Share Ch.

17.2


# of Deals

+0.4

13,409.139,269.8

▼

Market

-0.421 +4.0

Market

-0.2▼

-5.5%

Jan 1 - Dec 31

▼023 29

1917

▼-197

Vinson & Elkins LLP -

Pillsbury Winthrop Shaw Pitt LLP 36* 26 0.8

74

-9

2,687,951.83,358

1.0 ▲35

▲28 +70.8

+30.9

▲▼

22Milbank Tweed Hadley & McCloy

28

Goodwin Procter LLPHunton & Williams

153816 16

17

14*

▼

16

21

1.1

+0.7

100.0

14-0.1+0.21.0

6,181.328,244.3 +0.3

0.5

-15 ▼-0.2

25,482.11.1

-17 ▼1.454 1.646

4.4▼13112.0

▼

+1085,315.2

73,383.6-21

1529,195.1-32

▲+1.1

-2

6

10111,227.0

+26

117,383.9+1.072,465.7

+1.3

+0.64.1

12

142,319.3 4122,761.2 -1.34.6

8

-1.8

3.2▼

▲

▼

46,449.4

1.12.7▼

+1.9

7.8 +0.4

▲▲

▲

32 0.2

71.7

▼

▼5.34.1

+2.4 ▲

▼

2.7

-0.2 ▼▼

7

2015 Rank

US Equity & Equity Related (AB2)

▼ -31.8%

-13

▲

▼

2.3▲

▲

2

6

▲

-0.2

18


▲



19 ▲1619

8*

8

-1

1.217*

7.4%

16* 10* 9

22

14* ▲▼

1.71316*

Hunton & Williams

2.2

0.9 -0.2

-0.5

+0.1

Cahill Gordon & Reindel

Baker Botts LLP

1.2 Covington & Burling


US Debt, Equity & Equity Related (AB1)

240 7.2

# of DealsMarket

245,741.1▼

MarketSh (%)Sh (%) Share Ch.RankSh (%)

MarketDealsShare Ch.

-1.09.1 ▼Manager Legal Advisor

1Proceeds

-10240 7.22.0 ▼-0.9

Change in # ofMarketRank

3Latham & Watkins 1* 1

2

Sidley Austin LLP

Davis Polk & Wardwell 1*

3

4.1 -14

US CAPITAL MARKETS REVIEW†

Jan 1 - Dec 31

2016 Rank

2015 Rank

# of Deals per Advisor Proceeds per Advisor (US$m) # of Deals per Advisor# of

US Debt, Equity & Equity Related (AB1) Jan 1 - Dec 31

Market

▼2.687

Change in

83.2

-20

4-0.3

3.578

476

6

796

72

14,706.0

-0.5

▼Sullivan & Cromwell

+0.3 Simpson Thacher & Bartlett

-0.1


Mayer Brown LLP+0.5

1.95.0

▲

+0.5

▲

0.8

▼

0

▲

2,687,951.8

23

29

▲3.30.6 +0.3

▼

69,887.1

-0.220,801.1

100.0

▼

18▼2,838.2 63

1.0

0

12

# of Market

1.0

Change in

▼

28,756.4 1.1

-13

-23

1.0

52

34

+16

0

-51.343-12

16Cooley LLP

26*

16*

Industry Total


19 -20

+0.3

43,567.7

-31.8%

6 -0.51.7

-

▼

1.6

49 1.5

33 1.0

13

23

-1.3

341.0

42

6

5.65

7 3.1

3344 -3

Cooley LLP 5-1.9 ▼▲

244Simpson Thacher & Bartlett

Sidley Austin LLP▲▲

Skadden-10

2,838.2-6

2312,009.5

5,473.1

9,591.7+0.1

+1.1

+0.66

1.5

▼

Latham & Watkins 1 18,509.1 +3.0Issuer Legal Advisor

2016 Rank

4▼▼29

1

Market

Goodwin Procter LLP 4.6

3,358

-118.0

8*10*Cravath, Swaine & Moore

6.24.9

35 6,725.7

51Share Ch.Sh (%)

6.8

-4 ▼ 7+5 +3.5

0.9

89,833.7

▲

1 9.5 Latham & Watkins

▼


1.9%▼

1320*

3 3

US Equity & Equity Related (AB2)



2015 Rank

Vinson & Elkins LLP

30

43

▼

2.05

50,585.82

▼10

52▲

1.6 +21.6

+124,906.7

1.8

136

MarketDeals

2

1.2

2.4-12

93,182.268,934.5

7

Sullivan & Cromwell

2016 Rank

1

2015 Rank

21

Issuer Legal AdvisorSidley Austin LLP

Sh (%)

Mayer Brown LLP


Latham & Watkins107


Skadden

8

5

112

+1▼

3+21

▼ 57,267.1

2.6

3.3217,928.1▲

Kirkland & Ellis

1813* 12 44

104413*

11

22Morgan Lewis & Bockius

Allen & Overy

Shearman & Sterling LLPCleary Gottlieb Steen & Hamilton

10*

Goodwin Procter LLP12

25

0.1

15 2.6

Paul, Weiss

15

McGuireWoods LLP

0.9

▼Cravath, Swaine & Moore

Vinson & Elkins LLP

Hogan Lovells

10*

White & Case LLP

9

5

14

16* 23*16*

▲106+3.1


9

36.6

# of Deals Proceeds

-13121,511.5

1 ▼

-22.2%

+5

-0.8

2 6 36

Market

▲▲ 15,603.84.8

5.6

▲-1.3 ▼

3.5

-0.1+1.8

▼▲

-20

2

11

5▲▼

2.82.6

10 +0.2

Simpson Thacher & Bartlett 5 4* 3.9Cooley LLP 4 2 33 4.4

5,081.1-0Venable LLP 6 4* 25 3.3

-0Ropes & Gray 7 8 24 3.2

-8Wilson Sonsini Goodrich & Rosati 8 9 21 2.8

2.1▼

1.93.0

Skadden 9 7 20 2.7 10,952.7Hogan Lovells 10

11* 14 14Baker Botts LLP17* 16 5,875.4 9▲+4

▼ 4,318.5 16-5 ▼ 2,273.6 30-2

-7 1,801.1 36▼Kirkland & Ellis 11* 11 14 1.9WilmerHale 13 10 13 1.7

15* 15* 11 1.5Morgan Lewis & Bockius 14 25* 12 1.6 4,526.4 13

-3

2.3 +1.7-3 ▼ 3,934.2 18

11 1.54,550.3Faegre Baker Daniels LLP 17 59* 10 ▲

Morrison & Foerster 15* 15* ▼ 2,030.5 32

-131.3

% Change from Last Quarter% Change from Same Period Last Year -20.0% ▼ -23.3% ▼

▲

0.9

-25,748.6

739.0

7.4% ▲

▼

-24.6%

9

-3 4,478.5-4

▲

▼

▼-0.9

6,581.1

2.3

-15

2.0+2

100.0 -197

-5.5%-22.2%

▼

▼

100.0

-0.5

1.9% ▲

▼

2.5

26

▼+6

-189

1.0 +0.2

-24.6%

▼

3.24.5

12

▼

2.3 +1.6 ▲

20*20*

100.0

▼

+0.7

Ropes & GrayDebevoise & Plimpton 18* 21* 9 1.2 -2 2,736.1

88

1.11.1

26 1.4 -1.9 ▼

Pillsbury Winthrop Shaw Pitt LLPSichenzia Ross & Friedman, LLP 0.0

+1.60

▲-+2

▲▲

3,161.356.0

Ropes & Gray 20* 19 30 0.9 -12 ▼ 19,024.8 26 0.7 -0.2 ▼

Fenwick & West LLP 18* 21* 9 1.2 -2 ▼ 614.1 66 0.3 -0.5 ▼

4

http://banker.thomsonib.com/�

Industry Total

2 142

4

▼

▼

Pillsbury Winthrop Shaw Pitt LLP

▲15

Clifford Chance

▲

+1.5

▲

▲

▼

- 112,039.4

117,383.9

4.6% ▲

198

US CAPITAL MARKETS REVIEW†

Market

Sidley Austin LLP

▼

▼

▼



-0.6Proceeds Share Ch.159,169.7

# of Deals

▼

Market

US Straight Debt Including ABS & MBS (AB6)

▲

+10

-0.4

1 ▼

20181.1

-

-30.1%

-▲

15 18,369.2▼+5

17▲ 6,922.3

0

▲

▲

▲9▲ 40,313.0

32,227.1

▼

Willkie Farr & Gallagher 19 13▼

-2 ▼1.3

1.7 +216

19

+0.5

-1.8-8 0.9

26

22Morgan Lewis & BockiusGibson Dunn & Crutcher 19

% Change from Same Period Last Year -0.3% ▼

1.01.0

19*24

6▼

13 32McGuireWoods LLPLinklaters 14 16* 29

30

37,379.1-6

-3

-22

-0.6

▼ 73,230.0

4▲

67,162.91.936

▲

13

Vinson & Elkins LLP

White & Case LLP 12

16,359.2

1.5

+0.6

2521

1.5Paul, Weiss 15

8 1.5

16 14

+2.0 ▲

+0.1

+0.3

+0.7

+0.9

-0.2

▲-0.2

5110

3

4.7

12

6

10

3 109+44

4.24.8

108,347.1

2

-2

3.07

▼▼

▼

1

20* 25* 19

4

Sullivan & CromwellCravath, Swaine & Moore


Cleary Gottlieb Steen & HamiltonMayer Brown LLP

Dechert

11

Latham & Watkins

Allen & Overy 8*

0

-19

2.92.9

2.8

6

▼

15

▲Simpson Thacher & Bartlett

-698

+24

3.8

72

51

1.1

Sullivan & Cromwell


▼

23*

+0.6 ▲

-0.5

Morgan Lewis & Bockius

8

96*

8 2.0

Share Ch.

-0.3

11

9.8%

▼+0.4

▼18

1.9

-12

-35.3%

1.0

41 01.4

2,156,808.8

1.3

* tie


▲▼


▼ 21,410.3

▲

-0.7

31,118.6

210.3 ▲

1.0

▲% Change from Last Quarter -37.4% ▼% Change from Same Period Last Year 8.0%

Mayer Brown LLP 19* 12

23 0.81.3 +4 ▲ 28,257.2 14

-4

▼ 22,783.0+3 33,051.0▲

-15

+1 42,761.1Allen & Overy 11 11 33 1.7-2Cravath, Swaine & Moore 9* 10 36

1.9 -10Kirkland & Ellis 9* 7Cleary Gottlieb Steen & Hamilton 8 9 41

7▼ 86,732.8

2.4 +212.1

51,128.05Skadden 6 2 50

Shearman & Sterling LLP2.6

7 16* 47

Sidley Austin LLPLatham & Watkins 5 5 57 2.9

4 6 58 3.0

+255.13.9

Davis Polk & Wardwell 3 3 69 3.6 0▲-▲

Sullivan & Cromwell 1 1 99Simpson Thacher & Bartlett

+10

75205,311.8

24,366.8132,101.1

15Cahill Gordon & Reindel

1.1 Latham & Watkins

109,157.9

0

+3.3▲

Gibson Dunn & Crutcher 16

White & Case LLP 18

2 41 9.5

Market


Skadden

126

8* 75

14

10 79

60

Linklaters

3

▲

-6

13

11

-25 ▼2.3▲+13

▲5.5 -9

+29

7.6▼▲

-0.8 ▼7.82

4.5

8.5

▼

▲▼4.2

▲▲9 4.1

80,705.5

+0.2

▲10 3.2

141,314.5

2.019

+0.81475 -2

2.8

+3 17

73

▼Share Ch.

-0.319

MarketProceeds

10,506.0 22

16,195.1

▼

2,604

19*

▼

30*

▲

20 0.7

1.5

-17

Market

212,104.5▼-9 9.8

16 22-16


Dechert

1+0.6


2016 Rank

142118

# of2015 Rank Deals

-26.1

110

7.3

-2

+44

87

5.06

79477

2 6.1 -0.54

▼

▼-

1.5

3.4+0.7

-1.4

-1.9

3

9

Cravath, Swaine & Moore2.4

1.7

▼

▲▼

▲

Sidley Austin LLP

+23

4.7

11 74 3.8

4.8

-0.6 10

23

2

▲

45.7

+27

106 99,701.6141,314.5

5.5 -53

2119*0.817*

▼

# of Deals


-1.51

0.827,167.0

-0.1

▼▼ -1.3

8.8▲ 189,113.2 2

+10▲ 25,465.1▼

2.2

-9

34

+7

▲

11+0.9

15

14

-1.22.51262,920.6

38,021.6

▼

-1.3

+0.3

0.4


▼-32.4%

100.0

▼

2,492,759.4

Sh (%)

▲1.116

19,061.1

Rank

29,033.3

4

5

101,002.9

Rank3

46,092.1 137

6.4Sh (%)

69,722.8

8

212,104.5

1.92.8

103,563.0

1

1.2

5.7

1.0

4.4

▼

194,488.8

Hunton & Williams

2015 Rank


-32.4%

+1 0.2 -0.2

US Straight Debt Including ABS & MBS (AB6)

▲

0.7

64,601.2

2016 Rank

52,002.9

-140.9

1.7

3.3

Jan 1 - Dec 31

▼

4.8

▼-1.2

+0.8

-0.3%

+55

▼100.0

-30.1%

1

-8

▲98

3.1

Skadden

O'Melveny & Myers 16*

13

▲

Gibson Dunn & CrutcherMilbank Tweed Hadley & McCloy

▼

11

Market

+8

2.6▲▼

-0.57+0.6

▼

12

▼

5.0

Allen & OveryCleary Gottlieb Steen & Hamilton

▲

8.2

109,502.0

+3.1

4.0

Milbank Tweed Hadley & McCloy

Industry Total

Cahill Gordon & Reindel-0.2


▼▼

-0.2

-0.2

Linklaters

5

15

10▼

17

+0.1▲

US Straight Debt Excluding ABS & MBS (AB7)

▲


Deals

Sidley Austin LLP

▼

2,492,759.4

Market# of Deals Proceeds

Jan 1 - Dec 31

1515

108*

14 20*

▼

66,796.4

-2.1

Sh (%)

4.0

▼

0.8

5.03.7

6103,563.0

80,557.6

▼

▼

+0.8

+1.59

5.010

-0.5100,492.3

4.6

8

-0.7

4108,714.5

-0.16.6

+16

-7

-114.7

5108,347.1+1

123.111

▲7▲▼

-1.5

1.1▲

+0.2

▼101,699.8 +1.9

▼+0.10.9

0.3

1.3▲

1.8 +0.8 ▲▲

0

0.9▲

1714

38,021.6 13

27,033.1+0.1-5

▲

+7+1.257,246.1▲ 2.7

24,665.1

-

+1019,061.1

+6

▼

5,321.0

▼20,266.3▲

12*

▲1,944

73 3.8

3350

20 1.0

▲

# ofManager Legal Advisor

13

1.3

Clifford Chance

Deals

12

Sh (%)

0.9

56

2,156,808.8+144100.0

8.0% ▲

21

+5

-14162818

1.0


4.2


Jan 1 - Dec 31

▼

23

5

17*

MarketSh (%)

Change in # of Deals per Advisor

1.21.2

5365

2.62.7

24

▼

8 -0.91

Change in

4.4

Share Ch.Sh (%)Rank

# of Deals per Advisor2015 Rank

▼2

2016 Rank

1

Change in # ofDeals

199 ▲

3

Sullivan & Cromwell2.1

205,311.85

4 7* ▲

129 -9

3.2 -113.0 +7

3.8 +25Mayer Brown LLP 3 2 83Simpson Thacher & Bartlett

Latham & Watkins 6 7*

77Davis Polk & Wardwell -1 2 5.3▼ 132,101.1

-9 ▼5 7* 69

Skadden 7 4 5961

2.3 -16 3.3-1.2-1.1

▼ 48,312.2582,229.4▼10 1.98

Shearman & Sterling LLP 9 17 482.2 -13Kirkland & Ellis 6 58

10 10 44Cleary Gottlieb Steen & Hamilton9 2.1

▼ 87,927.31.7 -18▲1.8 +16 51,884.0

▼21 0.81.5 0 -White & Case LLP 12 11 37Morgan Lewis & Bockius 11 13* 40

67,162.91.4 -4▼1.4 -12

6 2.743,059.1

+0.6Cravath, Swaine & Moore 13 13* 36

12▼

22,783.01.2 -15Allen & Overy 14 16 34 1.3 +1 43,567.7

+3McGuireWoods LLP 15 12 30 ▼

1.016

Linklaters 16 21 29 33,051.028,302.21.0 +4

16*

18* 25 ▼Paul, Weiss 17 23* 27Vinson & Elkins LLP 18

18

-37.4%

Market

0.9

# of Deals


24

20*

6

Industry Total

2220

23

1612*12

8*

5.1

22 23

2,604

# of

100.0 -8

Market

4.6%% Change from Last Quarter

2016 Rank Manager Legal Advisor

▼

16,359.2 24

2015 Rank Sh (%)

19 0.9

Jan 1 - Dec 31


46

100.0

▲+0.44,708.4

US Straight Debt Excluding ABS & MBS (AB7)

Willkie Farr & Gallagher


38,758.0 ▼13 1.6

-1▲

0 -

▼

▲▲

0

1.3-4

-0.42.7

1.1

1531,172.9

0.9

Market

1.8-0.4 ▼17

Sh (%)Change in

▲11

▼

MarketRank

--White & Case LLP 20 18 14 0.7 -6

▲ 9,467.1

▼ -35.3% ▼

021 0.4▼

9.8%

13,262.4

▲

19 32* 0.8 +1018 0

2.3

20,380.24 3.5

▲0.7 ▼

+0.1+0.4 Hunton & Williams 0.8

▲

+0.5

-0.41.7

▲

14 1.31.1

-

▼+0.3 ▲

100.0


Proceeds

0.6Hogan Lovells 16


Industry Total 1,944 100.0 +144 ▲ 100.0

Gibson Dunn & Crutcher 20* 20 19 0.7 -8 ▼ 18,369.2 23 0.7 -1.5 ▼

5


▼-▼-

13 0.3 -0.211 0.4 -

15 0.2 -0.210 0.5 -

▼---

229.2762.2436.5555.8

1 0.2 012* - 1 0.2 -

1 0.2 -212* - 1 0.2 -

Bennett JonesBurnet Duckworth & PalmerClifford ChanceDentons Canada LLP

12* 7*

12* 12*12 0.3 0

-▼▼-

0.4 -15 0.2 -0.19 0.5 -0.1

-▼--

567.1266.4767.6436.5

0.20.20.20.2

--100

-9*12*12*

1111

10*10*10*10*

Gibson Dunn & CrutcherKramer Levin Naftalis & FrankelKirkland & EllisFreshfields Bruckhaus Deringer

100.0Industry Total 586 100.0 +87 ▲139,842.6 100.0

10

Industry Total 586 100.0 ▲

0.8 ▼

3.4

-0.2-0.3

▼

+1.0 ▲▲

▼

139,842.6

▲

Borden Ladner Gervais LLP 8 -6.48.2

+87

70.7 -4

1.62,280.01▼ 11,425.7

6 5 0.9 -15 4

Davies Ward Phillips & Vineberg LLP 6* 8Norton Rose Fulbright 6*

2,869.2Stikeman Elliott 5 7

▼5 0.9 +1 86 1.0 +1

▲ 1,081.36▲

▼ 4,678.9 42.1 +1.3

Blake Cassels & Graydon 4 3* 14 2.4 -2▼ 3,765.3 5 2.7 -1.0 ▼Torys 3 2 15 2.6 -5▼ 6,323.2 3 4.6 +0.1 ▲

+7Osler Hoskin & Harcourt LLP 2 1 16 2.7 -9McCarthy Tetrault 1 3* 23 3.9

Deals Sh (%)Market

Canada All Debt (CAL1) Jan 1 - Dec 31

2015 Rank

2016 Rank

MarketRank

# of Deals per Advisor Proceeds per Advisor (C$m)


# ofProceeds

2▲ 8.2 +3.2 ▲# of Deals Sh (%) # of Deals

# ofDealsManager Legal Advisor

Change in # of Deals per Advisor

Market MarketRankProceeds

Borden Ladner Gervais LLP

CANADA CAPITAL MARKETS REVIEW

Sh (%) Share Ch.Issuer Legal AdvisorMarket

Share Ch.Sh (%)2015 Rank

1.7%% Change from Same Period Last Year 17.4% ▲

2016 Rank

Change in

11,471.1

Market

-

Canada All Debt (CAL1) Jan 1 - Dec 31

8- -

Proceeds per Advisor (C$m)

1,132.1- -

6 1.70.8 0.0 -

0.3 - 147.7 19 0.17* 2 0.3 -1 ▼

- 2,380.50.9 -+3.5 ▲

5 2.3 +0.6 ▲0.9 +3 ▲ 5,740.2 3 4.1

-3.8 ▼Blake Cassels & Graydon 4 3 9 1.5 -4 ▼ 3,134.4

1.9 -10 ▼ 7,068.6 2 5.1▲ 4,684.3 4 3.4 +1.1 ▲▼ 9,644.3 1 6.9 -1.1 ▼5.0 -1

Torys 2 5 12 2.1 +41 1 29

2 11

- 5

7* - 2

10* 5

Osler Hoskin & Harcourt LLP 3

Davies Ward Phillips & Vineberg LLP 5*

Allen & Overy 7*Norton Rose Fulbright 5*

McCarthy Tetrault

% Change from Last Quarter▲17.4%% Change from Same Period Last Year

▼▲1.7%

-5.3%▲4.7%

10*

GoodmansApplebyDentons Canada LLP

+19* 1 0.2 -1

910*

- 1 0.2 -

▲▼-

12* 2 0.3 422.7190.9151.7

13 0.3 +0.217 0.1 -0.118 0.1 -

▲▼-

Davis Polk & WardwellGoodmansGibson Dunn & Crutcher

7*7*7*

- 2 0.3 -6 2 0.3 -2

12* 2 0.3 +1

-▼▲

1,297.9571.8

1,120.8 9

1.0 -0.4 00.8 +0.4

DentonsMorgan Lewis & BockiusShearman & Sterling LLP

10* 12* 112* 1 0.2 0

--▲

0.2

712

10* - 1 0.2 -

---

010*

216.0387.6530.3

16 0.2 +0.114 0.3 011 0.4 -

▲--

LinklatersLatham & WatkinsMilbank Tweed Hadley & McCloy

12* - 1 0.2 -12* - 1 0.212* - 1 0.2 -

Stikeman Elliott 12* 4 1 0.2 -9

---▼

-356.3191.7151.9151.7

141617*17*

0.20.10.10.1

---

-1.8

---▼

24 0.5 -6.0 ▼+0.1 ▲

-3.2 ▼

Fasken Martineau DuMoulin LLP 15* 11* 5 1.5 -3 ▼ 187.1

▼ -0.5 ▼Gowling WLG 14 31* 6 1.8

-1

+5 ▲Borden Ladner Gervais LLP 13 8 8 2.3 -3

0.2 -0.4 ▼+20.3 ▲

Norton Rose Fulbright 11* 9* 9 2.6

15*23.4

23* 4 1.2 +2 ▲ 88.55

201.5 +1 ▲ 8,963.8 1

▼ 635.4 15 -4.0 ▼Goodmans 13* 10* 5 1.5 -112 12* 6 1.8 +1

1.7

-10.7 ▼838.2 14 2.1 +1.0

1,662.7▲

Sh (%)

10

▼

Share Ch.

2,257.413.7

▼▲

Osler Hoskin & Harcourt LLP 9* 4

343 100.0 +109 100.038,771.0▲

Paul, Weiss

+18.2

Troutman Sanders LLP

9.8

Davies Ward Phillips & Vineberg LLP

Dorsey & Whitney LLP

279.2

+15Proceeds

3 ▲▲

Industry Total +109343

13* 15*

21.7%

# of Deals

▲

MarketMarket



5,326.4 +1.3

Jan 1 - Dec 31Canada Equity & Equity-related (CAL4)

Sh (%)11.1

10*

15*

19*

3.2

Issuer Legal Advisor2016 Rank

2016 Rank

Market Change in Deals

6.7

114

18

382115

4.43

2.6

15

9 2.67*

Stikeman ElliottTorysMcCarthy Tetrault

6

8

9

2

1012*Burnet Duckworth & Palmer

SkaddenBaker & McKenzie

Norton Rose Fulbright

9*

2.3 -6

19.87*

5.3 ▲23

9

3

5

7*+2 ▲

8

0▲ 4,033.6+7

1,765.6

2.32.3

2.9 +5

6.04.1 -1.711+5

-19.31,606.1

6▼-11

▼

▼

▲ 121.3

4.6 -2.3-

▲

19 0.3

2-1

9

▼174

▲ ▲10.2 +8.3 ▲0.7 +0.3

+8.67,665.8

18.7%

8.35

▲

8 4.8 +2.4 ▲

+2 ▲ 249.1

-1.5 ▼+0.1

46.6%

0.7 +0.2

100.0▲

% Change from Same Period Last Year 21.7%▲

Borden Ladner Gervais LLP 9*

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-3.1% ▼

Rank2015 RankManager Legal Advisor

▼ 1,081.3 11 2.7750.5 13 1.9

2982.9 0.2

Jan 1 - Dec 31

▲

4.7% ▲% Change from Last Quarter1.7%

-5.3%% Change from Same Period Last Year 17.4% ▲

▼

▲▲

# of# of Deals per Advisor

Change in

▲3,243.4

8+5

18

Market

-5.6 ▼+0.4

- 3,664.11.1

38,771.0

4.3

100.0

458.3


-4.7▼-315 1.3 -1.7

▼▼

179.5 25 0.59* 10 2.9 0

Cassels Brock & Blackwell LLP 11* 6* 9 2.6-

▲Osler Hoskin & Harcourt LLP 8* 6* 12 3.5 0Goodmans 10

Torys 7 5 13

6▲3.5 413.3 18

-1 11.2▼ 4,267.7 4 -3.5Dorsey & Whitney LLP 8* 16* 12 +8

-0.1+10 ▲ 399.5 ▼19 1.01*

-2 ▼ 2,177.4 85.017

▼Stikeman Elliott 6 3* 14 4.1 5.6 -2.9 ▼

3.8

▲4,008.7 5 10.5 +1.16,707.4 2 17.0

▲+3.3-0.9

18 5.3 ▲

6.4 7

+1

22


▼Paul, Weiss 3 11* 19 5.5 ▲

6.422Share Ch.

2015 Rank

# ofDeals

+6 ▲Sh (%) Proceeds

31.9

Market

Canada Equity & Equity-related (CAL4)


▼

MarketSh (%)# of Deals

6.2▲+5Burnet Duckworth & Palmer

4

5.3%▲4.7%

2,413.3+11

112,436.9Rank

▲ 1,987.7

1*1* 3*

Troutman Sanders LLP 5 14McCarthy Tetrault


* tie

% Change from Last Quarter18.7%▲▲

46.6% ▲% Change from Last Quarter ▼% Change from Same Period Last Year

-3.1%

Industry Total

1*

Skadden 15* 21* 5 1.5 +2 10 5.1 +4.3 ▲ Dentons Canada LLP 15* 12* 4 1.2 -1 ▼ 1,794.0

6

100.03,936,212.8

▼▼


Cahill Gordon & Reindel 10 8

▼Latham & Watkins7

▼


Share Ch.Change in


2015 Rank Deals

MarketMarket

▲

Market

-112.0

-0.6

21

128 +247

8


Sh (%)Manager Legal Advisor

Sidley Austin LLP 5

24*

125,718.7

+0.7 ▲ -16 ▼

# of Deals# of

150172

▲

▼

▲

-9

23Mayer Brown LLP

White & Case LLP

63


6

13 14

Sullivan & Cromwell 9

22.9

+2

Rank

71

11

1.310

1.9

379

Proceeds

3.8

Sh (%)

6

7.9

150,657.7

310,711.8

-0.5

-0.7

▼+1.33.9


All International Bonds† Jan 1 - Dec 31 All International Bonds†

INTERNATIONAL DCM AND EMEA ECM

Jan 1 - Dec 31


DealsMarket Market

2.4

Market Change in Share Ch.

-21

2016 Rank

2015 Rank

# of

11


Linklaters



▼+0.4

13 1.1

Sh (%) # of Deals Proceeds Rank

+13

+0.5 ▲

Clifford Chance

Sh (%)

-0.1

2.92.81.2

▼


15

1111.4

12

1512

0

324 3.5


+20

▼233,959.9

-89-9

2.5

6

Cleary Gottlieb Steen & Hamilton 14

141

16

2.2

4

11

1169

+0.4

147 3.22.5 ▲

3

7

▼ 5.92

3

▲

▼▲5.2

2.6 -0.1

-1.6

▲244 +0.1

0.3

▲▼

3.0

10,588.6

151,979.1

-261.2 ▼

-0.2

8115,963.22.7

204,746.2

1.7

+66 ▲1.9 -1

+2

105

13 -0.3 ▼+0.5-0.1

0.830,568.8 1512

109,589.9

0

▲

▼2.89-0.7

▲+0.2-▼

-0.9

561.10.9

1.8

+0.727,354.1 17

▼ 70,203.3

48

▲▲

16*0.848

0.7+0.1

0.7▲

191.5

+0.125▲ 10,361.7

0.5▲

18,227.857,673.1

+0.1-1 ▲▲0.3

27,452.4 16

+31Industry Total

0.6Milbank Tweed Hadley & McCloy 19 18 0.634

17-0.6▼

Skadden

20▲

-8

205,963

14

▼67,456.7

0.2 +89,409.7 16*

1 9.9589

112

100.0

5

46.4

0.8

▲

10 +1938▼

-4

▲

-0.3

▼9

▲11.0431,873.5 +1.4+22 1Allen & Overy 1

1.7


-0.6 ▼

Hogan Lovells 18▼28 0.5

Cravath, Swaine & Moore 18 17* 35 0.6Paul, Weiss 19* 27*

36King & Wood Mallesons 17 14 43 0.7Kirkland & Ellis 16 16 47 ▼

-18 ▼

Skadden 15 11 510.8 8 39,096.4 1.0

-1.00.9 -21 ▼ 75,521.6 1.915

14 1.0 -0.2 ▼0.9 -3 ▼ 39,194.6Mayer Brown LLP 14 15 5311 1.4Shearman & Sterling LLP 13 20 56 +0.2 ▲0.9 +18 ▲ 55,665.916 1.05

+0.1 ▲1.0 +16 ▲ 37,557.9-

Freshfields Bruckhaus Deringer 12 17* 59▼ 114,191.5Cleary Gottlieb Steen & Hamilton 11 7 63

Latham & Watkins 9 9 74

1.1 -19Simpson Thacher & Bartlett 10 12 71

32 0.3 0 -1.312

10,864.8▼1.2 -4 ▼ 48,884.8

61.2 +3 ▲ 108,189.4

Davis Polk & Wardwell 7 10 81-14 ▼Anderson Mori & Tomotsune 8 6 78

+0.2 ▲1.4 +4 ▲ 145,193.6 3 3.77 2.6 -1.1 ▼1.5 54 ▼ 102,334.0

Sidley Austin LLP 5 4 97 44,827.6Clifford Chance 6 2 92

1.6

Sullivan & Cromwell 3 8 1174 5 ▲1.8 +4 ▲ 81,416.3White & Case LLP 107 2.18

▲2.0 +37 ▲ 227,831.2 1 5.8 +2.2137,160.1Linklaters 2 3 151 2.5 ▲

Allen & Overy 1 1 229 +0.3 ▲3.8 +22 ▲ 192,530.0 2 4.9

8086

105,649.8

103,679.5

-13 ▼ 68,403.4

▼

24* 0.3 +1+5 ▲ 29,423.8 18 0.8 +0.4

▼ 37,048.1Willkie Farr & Gallagher 19* 22* 28 0.5 -2 17 0.9 +0.3 ▲▲ 100.03,936,212.8Industry Total 5,963 100.0 +31


052 0.1 0

--

▼▼

615.6133.5

24 0.4Covington & Burling

13* 6 0.6 -115* 5 0.5 -1

▲▼

▲▼

1,334.9787.1

12 0.822 0.5

9 0.9 +57 0.7 -3

DLA Piper LLP 15* 13*

11*13

Simmons & SimmonsHogan Lovells

24*9

Goodwin Procter LLP▲▼ 25 0.7 +0.4 14

15*

▲▲

Gernandt & DanielssonNorton Rose Fulbright 13*

13*0.6 -2

12* 70.7

16* 628* 6 0.6

29

100.0

45

1

+0.6-0.1

▼

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100.0

19

Proceeds

+6

% Change from Same Period Last Year ▲

-115 ▼

-26.9%

▼ 850.6

▼7,462.7

Deals

Jan 1 - Dec 31

MarketSh (%)


▼

Rank+4.2

Sh (%)# of Deals

4.0 -1.5 ▼

8,945.3-19

9*

0▲

16.95.1

▼

Baker & McKenzie▼

3,373.9▼

-▼

Change in

▼

Travers Smith

Allen & Overy

Ashurst 6

10

12 1.21.11.0

2

▲

3+4

Market

0.5 +0.4

15* 13 1.3 ▲-75*

24* ▲

+7

12

19

Market

+0.3

% Change from Same Period Last Year -10.1%

-115 ▼ 167,560.6

0.6

Shearman & Sterling LLP 10* ▼

% Change from Last Quarter 24.2%

100.0

▲

Clifford Chance

15.4%▼ -39.5%

▼ 9,721.5 3

▲

+1 1,134.41,112.6

▼

1.9 -0.35.8 +2.1

▼

24 0.7 +0.4

0.7-0.8 ▼

Industry Total 1,025

Sullivan & Cromwell ▲3,153.4

10* 10 7

-5

6 4.5▼ 1,009.1

-4-2

▲▼ 2,647.4 17 1.6Clifford Chance 10* 7* 7

0.8DLA Piper LLP0.7

Advokatfirman Vinge

-4▼ 7,579.7

7* 7* 8Davis Polk & Wardwell

886.57* 2* 8 0.8 -14

6.90.8 +1

11,507.3 17* 18* ▲8 32 0.5

191918 1.8 +6

▼▲

1.9+6Baker & McKenzie

LinklatersWhite & Case LLP

3* 17*6

63*

Proceeds7,635.3

95.9

52.8

# of Market

18 -1+0.8 ▲

Market

1.8

▲Share Ch.

▲1.9 4.52,098.4-5 4 8,318.75.48,985.9

1.3

5.38,572.6

-5

▲

1.4145*

2

0.5% ▲ 4.2%

1

2*

-22.3%% Change from Same Period Last Year


-0.1

# of DealsSh (%)Market 2015

RankLinklaters


Rank

-26.9%

Sh (%)2.1 -

Change in

0.5% ▲▼


19 1.9 -3 ▼ 9,887.0▲ 4,640.820 2.0 +2

4.2%

4.6 +1.0Manager Legal Advisor

EMEA Equity & Equity-related (AX2)

+1.45.32.6 -3.52.2

-0.8

▼▲

2+1.0

43

White & Case LLP

Freshfields Bruckhaus Deringer5

-5.3 ▼-0.3 ▼+5.3 ▲

2016 Rank

11

54

8

1

7

2227

3

% Change from Last Quarter -22.3% ▼


EMEA Equity & Equity-related (AX1)


Deals21 0Freshfields Bruckhaus Deringer 1 4

2016 Rank

2015 RankIssuer Legal Advisor

# of

Allen & Overy 3*

Jan 1 - Dec 31

20

▼28,361.9

2

8

4

+2

▲

-1.7 ▼▼ 6,716.6

+2.32.0

▲4.0 +1.4

% Change from Last Quarter% Change from Same Period Last Year -10.1% ▼ -39.5%

▲▼

24.2% ▲* tie

15.4%

167,560.6

Latham & Watkins 11* 7 9 -6

Industry Total

9


Shearman & Sterling LLP 126

5,227.0▲9*

-10

0.93.1

▲

6,694.7

+1.6

7

10 1.0

10

+0.8

-0.5

844.0

5.0

Share Ch.

▲

0.5

▲▲

1,025 100.00.6 +0.2 ▲5 0.5 -2 ▼ 1,058.5 16

7

▲-▲▲

19 0.7 +0.718 0.7 +0.6

11 1.2 +0.59 1.4 0

+4

▲▼▲▲

2,574.93,009.91,524.31,547.1

+311* 7 0.4 -145* 7 0.4 +5

32* 7 0.4

45* 6 0.4

▼-

12*12*12*16*

Fangda PartnersJunHe LLPGlobal Law OfficeAllen & Gledhill

1,586.93,345.7

34 0.7 -0.121 1.5 015 0.9 -2

18*20

▲▼

17* 16 0.9Beijing Kangda Law FirmMaples & Calder

+114*

300,453.1

18.8%

▼

0.7Industry Total 562

100.0

100.0

▼-1.7

4,380.2 1.5

0.9-3 ▼

9 ▼

13

-Cravath, Swaine & Moore 13* - 4 0.7 - - 2,602.310*

18.8%

-0.2

8

151,116.7 19

140.4

11.0

-2.71.9

1.2▼

-

25*4,178.0

1.9

100.0

2015 Rank

Market

4,125.1

Jan 1 - Dec 31

+0.4▲

Issuer Legal Advisor1

▲Hairun Law Firm 16 22*

161.0

+4

▲▲

1 44

7

11*

6

10

100.0


42,546.9

▼

▲+0.7

-1.0

Grandall Law Firm

23*

▼

0.4

3

Allen & Overy +2

Norton Rose FulbrightDavis Polk & Wardwell 8

1.0 +0.7159

11

Jingtian & Gongcheng8.6 1*1

14

12

Clifford Chance 3

2

▲

219

0

+0.3

3.5 -16▼

▲

-0.1

18,670.9Rank

1

▲▼

▼ 3,729.4

Manager Legal Advisor2015 Rank Proceeds


# of Deals▲+32

MarketMarket

+3.8Sh (%)


MarketChange in Sh (%)

# ofShare Ch.

Change in Proceeds

Market# ofSh (%)Deals # of Deals

2016 Rank

▲

+0.61

-3 ▼

1.0

13,664.611*

0.9 21516

8.0▲ 16,196.61.7 -0.3

16

-

+0.9

▲-0.7

Asia Pacific G3 Bonds (BV2)

2015 Rank

17

42.6%

2.2

Deals # of Deals

# of Deals per AdvisorChange in 2016

Rank

7*

8

# ofSh (%)

100.0 +168

+0.2

100.0


▲562

0

98

+0.22.517 1.8 +0.5

1.7220* 0.020 ▼

-0.1 0

23 5,518.8

389*2.0149*

2.0 ▲▲

3,651.3

730.3

1.31.3

22 ▼1.3

4,393.8

-14

▲

-51.3

19 1.1 ▲+19 22.0▲1.2

+520

-5.5%

▲

1,212.618

1,711

▲

▼

18

▼

0.9

100.0

3,801.5▼

▼

-99

20*

12*


Commerce & Finance Law OfficesJunHe LLP 11


26*

Linklaters

14 161*611*Jingtian & Gongcheng

Beijing Dentons Law Offices LLP 15

Grandway Law Offices

Asia Equity & Equity-related (BX1)

1 89Deals

Far East United Law Firm

AllBright Law Offices


Deheng Law Offices

38

Cyril Amarchand Mangaldas

Grandall Law Firm

Zhong Lun Law Firm

Conyers Dill & Pearman

Handsome Attorneys at Law

Jan 1 - Dec 31

Issuer Legal Advisor5.2

Tian Yuan Law Firm ▲

34 4

Appleby6 2.4

2.2+16

3.33.1

3.55.3

67

2.80.3

0.217,322.5

▲-

7,521.8-2 ▲+2.9

+11 5436

▲

▼▲

10


2.9491.953

5+3

+10 -1.6

Market

2 6056

16.3

Sh (%)2015 Rank

5010

9

5

413

7* 7*

34 +126,098.3

10 13

+127*12

2.2▲

+53,956.9▲+10

11*25*7*

11* 2222 ▼

M.V. Kini & Co

17

9

7*

+5-6 15

1.8

11,559.8

5

13

0.6

Commerce & Finance Law Offices

Sidley Austin LLP

282.2

▲

41

+0.6

-0.2

+1.1

Herbert Smith Freehills5*

0.7

170.9 +8

125*Linklaters

1*+4.0

1.7-1

5,336.55,790.6

+1.5

3,578.4▼ 87.5

4+6

▲0.87* +520* ▲

▲4

▲

2.7▲6

22

▼▲

6*

-3

▼116

3

10

0.6


# of

▲0.7

75

+8

4

-2

-1

39+7

▼

Change in

25.3

▲▼

▲-8


0.5

-99100.0

9

12*

Asia Equity & Equity-related (BX2)

King & Wood Mallesons 2

Rank


Share Ch.

+1.7

▼


ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Jan 1 - Dec 31

Squire Patton Boggs LLP+3 1,360.0

811 +0.316* 0.6 +410

▲▲

1,711

2016 Rank

7

+1.7

-5 ▼

-0.2-3.2

2.9 -2.0Anderson Mori & Tomotsune

▼10*


Clifford Chance

9 7*1.1

Commerce & Finance Law Offices 10*5

▼

-

-0.2

▲

27

+6 1.9

5,014.2

11

6

Deals

1.167

-0.71,868.5 0.6

5

Share Ch.

▼

▲

Clifford Chance4

LinklatersAllen & Overy

▲Manager Legal Advisor

▼

7 ▲

12

4

45*0.6

0.5▲

0.5-2.2▼ 1.1

-0.3

2.5

2,075.1370.7

0.4▲+0.4

14.2Sh (%)

Market

▲

-5.5%1.8%

Rank

-7.8%

+30

1,441.2 21

929.0

0.25,218.4

242,331.9

7

▼

▼▼2.4

0.7 ▲-2.9+0.1

5,612.51,837.2

▼

217,357.9

2

1

▼-26.9%

33,603.4

▼

4

-1.3-4.2

▼

-1.1

6

▼

511.27.5

▼

1.0▼3,731.6▼

Market

2,866.6

▲▼

3

8,939.5

▼11*

+0.5 0.9

▲

-1.7


* tie

▲

19*Shearman & Sterling LLP 12*

2.011

28

6

▲7

8

11

5


▼96

Milbank Tweed Hadley & McCloy 0.910*

78*

5▼

-21.2%

+1 ▲

19* 48

▲

42.6%

+168

+2White & Case LLP 0.9


+119*

-25.5%

2.3

▼

% Change from Last Quarter ▼

Allen & Gledhill-4

1.1

1.1

Skadden

9

Industry Total-26.9%1.8%

+1.3

Industry Total

18*

% Change from Last Quarter-7.8%

5,747.9

1.1

Sh (%)

▼

Proceeds

Asia Pacific G3 Bonds (BV1)

Market

32,965.9

1.9

Latham & Watkins

Latham & Watkins

Rank

0 Cleary Gottlieb Steen & Hamilton

▼▼

13Simpson Thacher & Bartlett

5

Proceeds

▲

Sh (%)

-5

5.7

# of Deals

▼▼

5



1

32▲1

3.5-1

30 +53*6.2

Sidley Austin LLP

44

13*

6*▲

15*

2,784.7

22,433.5

▲

5.0

19* +3-5

-6

121.7

0.4

0.9

13*2.0

11* 0.9

19*

▼▲

2.12.0

19

▲5,685.7

-113

Sidley Austin LLP 5 4

1.3

10,333.0▲

8

3.4

16*

3.0

▲

-0.1

MarketShare Ch.

Jan 1 - Dec 31

▲ 18,621.7

▲3*

13.4+11

-3.47.8

323▲

+3.610.1

1230,330.2 +1.8

3 +324

+1129

7.8

-7 ▼2.7

Sullivan & Cromwell +1352 5.2Allen & Overy 3 4.3

14 ▼

-1

Industry Total

1,054.6

+2-4

Mayer Brown LLP▼8,674.3 ▼

▲

+1.0

King & Wood MallesonsSullivan & CromwellAllen & GledhillCommerce & Finance Law Offices

4 2 15 10,634.22.5

5

13*3,163.16,717.4

% Change from Last Quarter -25.5%-21.2%

300,453.1▲

-0.8

9.8-1.2

▲

29,390.7


101.4

+4

1.3


217,357.9

Haiwen & PartnersBaker & McKenzieHerbert Smith Freehills

▼

43,208.5

5,560.8 1.9

14.4

+0.5

0.5 015* 28* 3 0.5 +2

1.0 +0.5▲-▲

7,765.63,086.81,669.2 17 0.6 +0.5

▲▲▲

7 2.6 +1.812

Freshfields Bruckhaus DeringerS&R AssociatesTian Yuan Law FirmAZB & Partners

16*16*16*20*

11*23*23*6

20*20*20*

Latham & WatkinsKirkland & EllisSimpson Thacher & Bartlett

6 0.4

5 0.3

11* 5

-26 0.4 +16 0.4 +1

23* 5 0.3 045* 5 0.3 +3

0.3 -3

▼▲▲▼-▲▼

-5984.1597.2

7,013.22,218.22,615.5

5

29

10

2.6 -1.717 0.9 +0.523 0.5 0

-1.13 3.2 +2.413 1.0 -0.1

1.2 -1.6

▼▲-▼▲▼▼

0.3

15* 13* 3 0.5 -415* 24* 3 0.5 +119* 19* 2 0.4 -119* 15 2 0.4 -4

▼▲▼▼

897.32,098.0

382.03,569.6

20 0.3 -1.216 0.7 +0.224 0.1 -0.411 1.2 +0.3

▼▲▼▲

8


20

+119 ▲ 100.0

▲ 7,765.6

100.0+119100.0

▲6 3.5 +2.6

▲

-16.7%

-▼▼

-4.2

+0.6

Share Ch.

3

7

5

2015 Rank

Clifford Chance

+0.1▼

+0.7▲

4 0.9

4

Jan 1 - Dec 31

Market

1

▼

-5.3

Share Ch.17.1

-0.4

▲

-

221,115.1

▼

+0.5

▼

* tie

Industry Total

0.9


White & Case LLP

Sh (%)

-2.01.9

▼

3-0.1▼

19* +1Shearman & Sterling LLP

19.7%

▲

▼

1,116.7+0.7

38.6%

▼

12*


▼12* 7*

8,674.3


2 14.5

4 10.2


▼ 3

Change in Sh (%)

ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW

Linklaters

-4.6

Rank

-4.0

▲

▼-4.0

▼3,545.8

+2

10

2

102.6

4*

▼

▲

+2

5*4

1Sh (%)

2016 Rank

9

7 15*5*

-10*

15*

4*11*

1.210*

19.7%

-21*

221,115.1

0.9 -1,589.1

6

100.0

-6

Commerce & Finance Law Offices8

Proceeds

2.92.6

Sh (%)

▲

Manager Legal Advisor2016 Rank


Market2015 Rank

-0.712.932,006.6

Change in

1# of Deals

28,497.62.3▼

92 4.8

-1

▲8

10,634.2

▲74

1.2

Sidley Austin LLP

Allen & Gledhill



5


Deheng Law Offices 4

Industry Total

% Change from Same Period Last Year 38.6%

427

-19.6%▲▼ -16.7%

0.7

▲

6,717.4

1,868.5 17

11 1.6

3,163.13.0

0.91.412

4,184.83

▼

+7.1▲37,806.0

Deals▲

▲


Skadden 9*

427

▼-4

+1-11.4

5

76

7,689.0▲

1.68

2.32.3 -4 ▼

6,396.110

+4

▲

1311

41,833.5

5,014.25,685.7

9.8

1.9

+6

152 -63.03

Issuer Legal Advisor Deals1 +12

3.5Linklaters

Latham & Watkins

42

4*

▼+5.7 -0.6

MarketMarket# of# of Deals per Advisor Proceeds per Advisor (US$m)

Clifford Chance

ProceedsMarket

18.9

Asia Pac G3 Bonds ex Australasia, Central Asia (BV4)

Market

-1

69

# of

+28

Asia Pac G3 Bonds ex Australasia, Central Asia (BV3)

Allen & Overy

Rank


1# of Deals

4221 16.2

9.830

3.5Allen & Overy

13*

3

▼7.0▼Davis Polk & Wardwell

Cleary Gottlieb Steen & Hamilton 5 5 ▼4 6.628 -6

7*

2

4

2.311

8

-5

1.9

2.6

Jan 1 - Dec 31

+19

11*1.2

6+3

1.6

1013*

22* 5-2

1.9 ▲

-0.8▲

9*-2.83.9

Simpson Thacher & Bartlett7

-

▼ 8Mayer Brown LLP

Shearman & Sterling LLPLatham & Watkins

Haiwen & Partners

▼

▼4.08,939.5 5

10-1.9

▲17 0.5

1.512

+0.4▲ 3,249.3


▼

11*

-19.6% ▼

22,433.5

▲

▼▲▲

-5 2,866.6-2.5

▼1.2

▼

6

1.31.7

74,130.28-1 3,731.6▼

+4

12*12*

0.9 -0.9 +30.9

-

12*19*

Mori Hamada & MatsumotoMilbank Tweed Hadley & McCloyJ Sagar AssociatesWongPartnership LLPSkaddenMayer Brown LLP

12*12*

434* 415* 4 0

- 4 0.9 -15* 4 0.9 021* 3 0.7 0

-▲----

962.3899.7

2,796.11,449.77,023.4

693.0

25 0.4

23 0.7

-26 0.4 013 1.3 +0.4

-5 3.2 -1.130 0.3 -0.2

--▲-▼▼

11*13*13*13*13*17*17*17*

Milbank Tweed Hadley & McCloyBaker & McKenzieCravath, Swaine & MooreKing & Wood MallesonsSidley Austin LLPAllen & GledhillCommerce & Finance Law OfficesHerbert Smith Freehills

9* 4 0.9 -422* 3 0.7 +1

- 3 0.7 -11* 3 0.7 -4

- 2 0.5 -

15* 3 0.7 -119* 2 ▼

▼13* 2 0.5 -40.5 -1

-

2,434.73,086.82,102.3

897.3820.8382.0

3,569.61,145.1

▲13 1.1 -3.911 1.4 +1.114 1.0 -18 0.4 -2.020 0.4 -0.923 0.2 -0.59 1.6 +0.216 0.5 -

▼▲-▼▼▼▲-

Zhong Lun Law Firm 19* 27* 3 0.7 +1 ▲ 1,783.6 19 0.8 0 -

9


2

+5.36

12 5 0.8 034* 4 0.6 +3

551.9

10*

6 0.9 -13 ▼

2

4-

100.0

+59 ▲ 100.0

-

▼

1.0

3

Market

Allen & OveryMinter Ellison

3* 7 1.1 -434* 6 0.9 +5

100.0

-51.7%

6*

218

▼37.1%

87,321.5 ▼% Change from Last Quarter -51.7%

▲

0 888.6

▼

Industry Total

---

-

* tie



▼

100.0


Industry Total

7* 12

4Anderson Mori & Tomotsune 6 4 3 ▼Sidley Austin LLP

0.9835.0

2.81.8 +1

▲+0.9 ▲

+0.7

Share Ch.

▲+4

▼

1.41.8 0

1,673.1 1.9▲

-4

7.3

MarketMarket

0.5

▲

▲▼▲

+2.4

12*12*14*14*

Sidley Austin LLPBellanhouse LegalSteinepreis PaganinGTP & AssociatesArnold Bloch LeiblerMcCullough Robertson

3.0

-2.2%

5

2,644.1

-2.2%


1.06 ▼▼

-17.0 ▼▼

87,321.5

Issuer Legal Advisor # of Deals

430.1

Deals2015 Rank

# of

3

Sidley Austin LLP 1Proceeds31,633.2

RankMarket

1Share Ch. # of Deals

▲


Sh (%)

▼

Jan 1 - Dec 31

Sh (%)Change in


ProceedsMarket


-13.0%9.0%

28,444.7


+54

% Change from Same Period Last Year▼

▼-7.1%

Industry Total 656 +54 100.0▲ 28,444.7

Industry Total

236.2

Market

656

Jan 1 - Dec 31

Rank

3*

100.0

100.0

2.3

▲6,407.91.4

Sh (%)

1.5 1,369.8-4

# of Deals▲

Share Ch.1

▲

Market

▲ -50.6%

▲

DLA Piper LLP

1▲

2.0 ▲4.8

Australia Equity & Equity-related (BY1)

-5▲


Proceeds

2

Market

7

27Manager Legal Advisor

9

2016 Rank

-34.6%

6*

2

▼

Australia International Bonds (BW2)

# of Deals per Advisor# of Change in 2015

Rank Deals▲

3

1,524.02.3Baker & McKenzie 6


2 10 +1.6

Proceeds per Advisor (AU$m)

8* 11 1.7151 ▼

11

15* 7 1.1 +4

Deals

Herbert Smith Freehills1*

# of DealsChange in

15

# of Market

+6

2

Market# of Deals per Advisor

Market

AUSTRALIA CAPITAL MARKETS REVIEW

Issuer Legal Advisor Sh (%)

6,453.4

Proceeds

1

2016 Rank

1*

2015 Rank Rank

+2.3

+4 ▲

Sh (%)Sh (%)

4.1+2

-7

12.4

37.1%

▼

-

-

▲

-

-0.6


-3.8

▲

▼▼

218 100.0 +59 ▲

3*499.7 +0.3-2.6

Shimazaki Law FirmAllen & Overy

4Allen & Overy+2Linklaters11,474.1

▲0.6

0.3

Sullivan & Cromwell

632

5*152

1

71.8

29

1

22

-13.0% ▼

21.815.228.3

-50.6%

+5

▼-▼

1,703.6

+8.613.1

5.422.7 +4.0

0.83.04.66.0

Sh (%)

6.931.5

▲

-7.1%9.0% ▲ ▼

-▲

Linklaters 4*5*7*

4*

1 +1631

Australia International Bonds (BW1)

▲14.2


Market

3Deals

13+2.9 Baker & McKenzie

Jan 1 - Dec 31

4 ▲

9*

AshurstClayton UtzAllensGilbert + Tobin

+3 1,786.0 5

Proceeds per Advisor (AU$m)

Sh (%)Rank

27,534.1


9*

10* 7 1.1 +1

6*

7 8 1.2 0

2015 Rank

238.5842.8

1,310.9

Jan 1 - Dec 31


6.3

Change in

Australia Equity & Equity-related (BY2)

2016 Rank


# ofManager Legal Advisor

9*9*

Gilbert + TobinClayton Utz

-1.5

Share Ch.

+0.4-3.7-0.3

-

+5.5

456*6*

13* 9 1.4 +5

5 4 0.6 -615* 3 0.5 03* 3 0.5 -8

▲-▲▲▼▲

1,527.3

201.0134.6948.2

1,112.1

141052

33

3 5.4 -4.829 0.1 +0.1

0.1 -0.128 0.1 016 0.7 +0.220 0.5 +0.38 3.3 +0.46 3.9 +1.6

▲▼▼▲▼▲▼

▲▲▲▲

3*3*5678

Allen & OveryAllensAshurstSidley Austin LLPLinklatersHWL Ebsworth Lawyers

1 9 1.4 -8- 9 1.4 -

6* 8 1.2 +58* 7 1.1 +55 6 0.9 +24 3 0.5 -28* 2 0.3 0- 2 0.3 -

▼-▲▲▲▼--

2,529.42,865.0

708.82,454.1

709.03,136.8

232.4102.5

3 8.9 +3.22 10.1 -8 2.5 +1.84 8.6 +7.67 2.5 -7.31 11.0 -4.79 0.8 -0.110 0.4 -

▲-▲▲▼▼▼-

7*9*9*9*

7* 2 0.9 -1

9*9*9*

Baker & McKenzieKing & Wood MallesonsHomburgerMayer Brown LLPLee & LeeHogan LovellsFreshfields Bruckhaus Deringer

3 1 0.5 -7- 1 0.5 -

- 1 0.5 -

13* 1 0.5 0- 1 490.0

490.0- 1 0.5 -0.5 -

-

▼▼

13161514

311.438.7

209.9265.0

10*7

0.4 -0.40.0 -7.70.2 -0.3 -1.70.60.6 -0.6 -

▼▼-▼-

6*

Sullivan & CromwellHogan LovellsHerbert Smith FreehillsLee & LeeCravath, Swaine & MooreClifford Chance

3*5

6*

6* 3 1.4 +16* 2 0.9 08* 1 0.5 0- 1 0.5 -- 1 0.5 -

3* 1 0.5 -4

▲▲▲--▼

2,098.0389.8524.1209.9500.0245.0

4 2.4 +1.08 0.5 -2.75 0.6 +0.312 0.2 - -

-▼

6 0.6 -11 0.3 -3.3

Talbot Sayer Lawyers 14* 34* 3 0.5 +2 ▲ 144.0 19 0.5 +0.5 ▲

K&L GatesKemp Strang Lawyers

11* - 1 0.2 -11* - 1 0.2 -

--

28.511.6

11 0.1 -12 0.0 -

--

Russell McVeaghZhong Lun Law Firm

9*9*

13* 1 0.5 0- 1 0.5 -

--

500.0400.0

8 0.6 -0.212 0.5 -

▼-

Milbank Tweed Hadley & McCloyMayer Brown LLPSimpson Thacher & BartlettWongPartnership LLP

6* -

6* 8*

1 0.5 -6* 8* 1 0.5 0

1 0.5 06* - 1 0.5 -

-▲▲-

350.0 9

250.0 10197.4 13 0.2 -

0.4 -2,498.6 3 2.9 +2.1

-▲▼-

0.3 -2.2

10


* tie

* tie

* tie

* tie

1,082.6 3 9.1 -4.3 ▼9.2 +3.7

▲▲

Nagashima Ohno & Tsunematsu 30

▼-

1,455.71,088.8

45 Baker & McKenzie 4White & Case LLP

3* 3 5 13.2 -23* 5 5 13.2

0.8 +0.7

▲▲▲

Shimazaki Law Firm 12.3 +6.4 2 5

172.8251.7172.8

9* 0.8 +0.88 1.2 +1.29*7* 1 0.6 0

---

- 1 0.6 -- 1 0.6 -

8*8*8*

Jingtian & GongchengNishimura & AsahiPaul Hastings LLP

▼▲▲▲▲


▲12 0.7 +0.27 4.1 +3.3

9* 0.8 +0.89* 0.8 +0.8

8 1.4 -36.99* 0.8 +0.8

299.2172.8172.8172.8157.9900.4

▼-----

7* 7* 1 0.6 07* 7* 1 0.6 0

1 0.6 -7* - 1 0.6 -

Morgan Lewis & BockiusMorrison & Foerster

5* 5 2 1.27* - 1 0.6

664.6 6Sullivan & CromwellCommerce & Finance Law OfficesMaples & CalderLee and Li

-4-

7* -1.7 -1.4 ▼3.1 +2.5 ▲

3* 2 1.2 -5 379.1 7▼6* 7* 2 1.2 +1 ▲

Nagashima Ohno & Tsunematsu 6*

7.7 -32.5 ▼▲

▼ 1,682.3 4Simpson Thacher & Bartlett 5 6 3 1.8 -3-3 ▼ 6,735.2 2 31.0 +15.1Sullivan & Cromwell 3* 3* 4 2.3▼

19.1 +4.1 ▲Simpson Thacher & Bartlett 5* 6 2 1.2 -3 4,150.9-1 ▼ 1,845.6 4Nishimura & Asahi 4 4 6 3.5

-2 ▼ 2,755.8 ▲23.3 +4.8

Industry Total 38 100.0 -42

Rank

Jan 1 - Dec 31

2 6

▼ 100.0

15.8

Industry Total 171 100.0 -54

83.3%

Samurai Bonds (JL5)

▼

▼% Change from Same Period Last Year -52.5%

▲ -14.9%

Clifford Chance 2

100.0

% Change from Same Period Last Year -24.0%

▼

11,849.1

-29.0%

0.0% ▲% Change from Last Quarter

83.3%

▼

# of Deals

-24.0%-8.7%

171 100.0 ▼

MarketMarket

-37.3%

▼

% Change from Same Period Last Year -52.5% ▼

Industry Total

Share Ch.


23.6

11,849.1▼ 100.0

26.6▲

Sh (%)

-29.0%

▼ 3,153.1 1-1018.413.2 -10 ▼

100.0


Anderson Mori & Tomotsune 3

▲ -14.9%

-5.0

21,760.4



▼

2 318.1 -1.2

Mori Hamada & Matsumoto-31 16

11 7,169.3

Jan 1 - Dec 31Japan Common Stock (JL2)

Nagashima Ohno & Tsunematsu

# of Deals per AdvisorMarket# of

Issuer Legal AdvisorMarket


Japan Common Stock (JL1) Jan 1 - Dec 31

JAPAN CAPITAL MARKETS REVIEW

2015 Rank Proceeds

Proceeds per Advisor (US$m)Change in

▼

-8.7%

-17.9Proceeds

38

2Nishimura & Asahi

9

21,760.4

8.5 -1.3▼

5

▼ 100.0

2

RankSh (%) Sh (%)

2 -2.35.3-2-6 ▼

Market

Anderson Mori & Tomotsune1 3,938.9Share Ch.Deals # of Deals

9.4

2016 Rank

Market

1Manager Legal Advisor

2016 Rank


Deals Sh (%)Change in # of

3.51

3* 5▲▼

18 +4 1

Proceeds

Jan 1 - Dec 31

-42

Samurai Bonds (JL6)

+8.7Sh (%)

11

2.36

▲

3

+2.6

17.3 +17.3-

10.5

-▼

3▼1,457.3

1,357.5Mori Hamada & Matsumoto

▼33.0

▼▼

Proceeds per Advisor (US$m)MarketMarket

▲3,760.4

11,158.0Share Ch.

-5.9

▼ -37.3%

# of Deals

Davis Polk & Wardwell 3*

-54

-12

2015 Rank

▼

▼

-6.2

Industry Total

Rank Sh (%)Proceeds51.36.71

1

2016 Rank

-3

▼

46.4

▼

0.0% ▲% Change from Same Period Last Year

Change in

47.4 -33Deals Sh (%)

# of Deals per AdvisorMarket

35.8# of Deals

▼

# of Deals per Advisor Proceeds per Advisor (US$m)2016 Rank

2015 Rank

# of MarketMarket

Anderson Mori & Tomotsune 1Sh (%) Manager Legal AdvisorShare Ch.

1 18Issuer Legal Advisor

▼

2015 Rank

2Rank

# of Market Change in

3Deals

29.0▲

4,244.4 2,800.31 7Anderson Mori & Tomotsune +1.82

▼1

White & Case LLPCleary Gottlieb Steen & Hamilton

7* - 1 0.6 -7* - 1 0.6 -

--

108.11,306.8

13 0.5 +0.56 6.0 +6.0

▲▲

Skadden 8* - 1 0.6 - - 64.4 11 0.3 +0.3 ▲

Mori Hamada & MatsumotoNagashima Ohno & Tsunematsu

5* 6 4 10.5 +15* 4 4 10.5 -2

▲▼

962.31,667.8

6 8.1 +3.63 14.1 +5.2

▲▲

4 0.7 -4.8 ▼5 1 2.6 0 - 86.8

11

-

-

-

-

-

-


Ranking Criteria Summary

Time periods for league tables will be based upon pricing/launch date.

All current data and previous year's data is as of 10:30am EST on January 13, 2017. Full credit is given to the issuer’s legal counsel andmanager’s legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor.Rankings based on proceeds are available on product.

Tel: +632 459 1566E-mail: [email protected]

J

United States

Ian Willmott

If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:

High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moody’s rating equal to or less than Ba1. Securitiesnot rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates ofDeposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a highyield rating from the other) are excluded Non-convertible preferred stock transactions are included

Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactionsthat mature or are callable/putable less than 360 days after settlement, CD's , Deposit Notes & Bank Notes, Federal Credit Agencytransactions (US Only), exchange offers, and offerings by closed-end funds/trusts.

Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market.

Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium TermNotes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programsare tracked but are not eligible for league table credit.

Salvatore ReresTel: +1 646 223 8455E-mail: [email protected]

Europe

E-mail: [email protected]: +44 (0) 207 542 4376

Asia-PacificCarina Causon-Israel

-

-

-

-


Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, maples andself-funded issuance. League tables are denominated in Canadian dollars.

Federal Credit Agency issuance is excluded in all regional and global league table rankings.

E-mail: [email protected]

Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retailstructured products, self-funded issuance. League Tables are denominated in Canadian dollars.

JapanAki Sato

E-mail: [email protected]

Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts, homeequity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and Asset-backed Securities letter dated January 1, 2006.

yield rating from the other) are excluded. Non convertible preferred stock transactions are included.

Tel: +1 416 687 7577

Tel: +813 6441 1120

CanadaGavin Penny

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 partycontent providers shall be liable for 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 contentprovider. Thomson Reuters disclaims all warranties, express or implied, 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 extentpermitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting toinvestment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has notundertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2017 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 thirdparty.

12

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