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DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Nine Months 2017

REUTERS//Susan Plunkett

High Yield

Emerging Market Debt

Emerging Market Debt - Latin America

All Brazilian Debt (BR1)

Global Debt in Mexican Pesos (MX2)

Domestic Mexican Debt (MX3)

13

13

13

14

Latin America Emerging Market Bonds (L3)

Asia-Pacific Emerging Market Bonds (L4)

12

12

12

12

EMEA Emerging Market Bonds (L2)

Global High Yield Deals Intelligence

Global High Yield Debt (B4)

Global High Yield Debt - US Dollar Denominated (B5)

All International Emerging Market Bonds (L1)

15

15Dim Sum Bonds (AS24a)

15Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

15

15

16

17

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

Samurai Bonds (AP1)

16

16

2

First Nine Months 2017 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global Mortgage-Backed Securities (B10)

16

Leading Underwriters for First Nine Months 2017

Global Debt (B1) Australian Debt

Global Debt and Syndicated Loans Islamic Finance (DL2)

5

18

17

US Investment Grade Corporate Debt (F9)

6

Middle East Emerging Market Bonds (L5)

17

Japanese Securitizations (AP2)

20

19

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

US Mortgage-Backed Securities (F11)

US Asset-Backed Securities (F14) Criteria Summary

14

14

Global Asset-Backed Securities (B11) & (B13) 3

Japan Deals Intelligence

Banking Composite of Top Global Debt Bookrunners

6

13

13

US Debt

Global Debt Rankings - Last Ten Years

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

18

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

Global Investment Grade Corporate Debt (B7)

All Bonds in Yen (AP5)

EMEA Deals Intelligence 10

10

10

3

https://www.thomsonone.com

Bonds Targeted in Japan (AP4)

Debt Capital Markets Criteria Summary

3

17

1

1

1

2

6

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

All Bonds in Euros (N1)

Global High Yield Debt - Non-US Dollar Denominated (B6)

10

14

11All Global Green Bonds (GR01)

All International Green Bonds (JG1) 112

Australia Deals Intelligence

All Australian International Bonds (AJ7)

All Australian Debt (ex self-funded) (AJ3a)

Japan Debt

7

3

7

7

4

Banking Composite of Top US Debt Bookrunners 8

IFR Markets Supplement 9

US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a) Thomson Reuters Solutions for the Deal Making

Community

14

Brazilian Domestic Debt (BR2)

Global Debt by Mexican Issuers (MX1)

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TELECOM OFFERINGS UP 66%; HEALTHCARE, GOVERNMENT & AGENCY LEAD DECLINERS – DCM activityfrom Telecommunications issuers totaled US$149.2 billion during the first nine months of 2017, registering an industry-leading increase of 66% compared to year-ago levels. Healthcare and Government & Agency activity saw the steepestyear-over-year declines down 25% and 15% respectively Government & Agency and Financial offerings accounted for

NINTH CONSECUTIVE YEAR-OVER-YEAR GAIN FOR US INVESTMENT GRADE DEBT - High grade corporate debtofferings targeted to the US marketplace totaled US$1.1 trillion during the first nine months of 2017, a 1% increasecompared to the first nine months of 2016, and the ninth consecutive year-over-year increase for the asset class. Duringthe third quarter of 2017, US investment grade corporate debt totaled US$356.1 billion, up 7% compared to the secondquarter of the year.

GLOBAL HIGH YIELD VOLUME UP 31% - The volume of global high yield corporate debt reached US$317.2 billionduring the first nine months of 2017, an increase of 31% compared to the same time last year and the strongest openingnine month period for global high yield issuance in three years. United States high yield issuers accounted for 54% of totalissuance, down from 60% a year ago. China and the United Kingdom accounted for 7% and 6%, respectively.


DEBT CAPITAL MARKETS REVIEW Global Debt Falls 4% l US Investment Grade Debt Hits Record US$1.1 trillion l High Yield Corporate Debt Up 31% l Fees Increase 10%

Global High Yield Corporate Debt- Quarterly

GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 4% - Overall global debt capital markets activity totaled US$5.6trillion during the first nine months of 2017, a 4% decrease compared to the first nine months of 2016 and the slowestopening nine-month period for global debt capital markets activity since 2015. Third quarter global debt activity decreased10% compared to the second quarter of this year, as the number of issues fell 14%.

Global Debt Capital Markets by Asset Class

Global Deals Intelligence

$1.6Proceeds (US$t)

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

$140

$160

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$b)

Global High Yield Debt ($b) Number of Offerings

year-over-year declines, down 25% and 15%, respectively. Government & Agency and Financial offerings accounted fora combined 70% of issuance during the first nine months of 2017, down from 72% a year ago.

-12.4%Industry % Change from Last Quarter▼ 9.7%▲ -1.3%Industry % Change from Same Period Last Year

Industry Total

-8.0%Industry % Change from Same Period Last Year2.4%

16,226.3 -0.732,074.66,124,066.6

‐9.9%Industry % Change from Last Quarter

21,367

‐2.9%

▲2.8

▲

100.0

▼▼-13.6% ▼▼▼

-15.5%21.8% ▲ ▼

▼

44.9100.0

-0.4

10 2.644.8

Industry Total37,658.9 100.043.3▲

2.79

10 +0.1159,276.1250,134.6Deutsche Bank

-0.22.4

8Morgan Stanley

Top Ten Total802

+2,058

214,675.8Deutsche BankWells Fargo & Co 9

▼902.9

68

2,736,042.9 +1.9

9

113.8+45

Credit Suisse▲

988 ▼

+92▲

Barclays280,939.2

71,212.6 BNP Paribas SA 10

8 224,734.36 47

3.5

4.5-0.2

1,114

▼

+65

-0.5

3.6

-

6.2

2.5

1,320 +141 5.5▲ -0.2

4.8-194.6

▼-15

+126 ▲

272,749.6▼ 921.9

4.41,195.2

171,568.2 0 939

HSBC Holdings PLC

2,054.5-0.2 ▼ 5.2

3.7 1,015

▲+0.7 ▲Morgan Stanley 5 7 279,422.5 4.6Goldman Sachs & Co 4 5 279,929.7

HSBC Holdings PLC

1,915.1▲

3.2

1,335.9 Goldman Sachs & Co

Barclays

▼+0.3-0.3

Bank of America Merrill Lynch 3 3 341,050.8 6.44.6 +0.4 ▲ 1,041 4.9

6.5

5.6- 7.80▲

+0.41,657

Bookrunner

JP Morgan 2 1 393,942.8Citi 1 2 398,693.1

2,596.75.31,371

ProceedsMarketSh (%)

2016 Rank

6.4

# of

1,699▲▼

# of DealsChange in

536,511.6

Share Ch.

▲

Deals▲8.0+1.1 +333

-3+43

MarketBookrunner

2017 Rank

2016 Rank Proceeds

MarketFees

2,098.8 Bank of America Merrill Lynch5.6

Imputed Fees (US$m)

▲+0.3

Global Debt, Equity & Equity-related (A1) Jan 1 - Sep 29

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket2017

Rank Sh (%)ManagerMarket

Wells Fargo & Co

▼-0.16.9 ▼

+0.5

-0.75.1 +0.2

2JP Morgan

MarketSh (%) Share Ch.

▲

913

542,331.61

32

85

1

▲

269,079.7

▲

285,000.43.6

+0.3

7,791,054.1

-0.2

296,167.0+3.4

3.5

3.9

1,156.0-5

-0.6

686.0▼

3.2 ▼Top Ten Total

207,189.9 ▼

5

34

▼

66▲

▼

Citi4

1,992.7

▼

3,477,678.9

-4.6%

509,929.5

▲▲

3.60

+3.6

23,425

-12.9%

▲3.31,100.9 ▲3.4

▲+3.71,174.1+3.3

3.2 +3.2

+501,252

+39

+82

1,241

1,0973.2

-

▲▼

7

9▲

5.3

3.9957.8

1,015.0▼

4.75.01,172 ▲

▼-21+89

-0.1

7.0

-2.0

1,0143.7

2,005▼

▼+0.3

+0.2

# of Deals per Bookrunner

-0.4

6.6 -0.96.9

Change in

8.62,109

-21

Jan 1 - Sep 29

Market

-0.6

▼

Proceeds per Bookrunner (US$m)Manager

Global Debt and Syndicated Loans (DL1)

Share Ch.Sh (%)

Imputed Fees (US$m)

# of DealsSh (%) DealsMarket

Share Ch.# of Market

Sh (%)▲5.9 +5.9

FeesMarket

▼ 1,888.7

1,697.0 5.3 ▲2,039.6 +6.4

+5.3▲6.4

8.11,887300,395.4

▲+20+275

▲▲

5.3

9.0

4.3 3.73.8 1,539

▼ +1396.6 1,049.4

▲▲

▲▲

39.9 +39.912,764.5+2.12.1+3.03.0

▲100.0-320

EMERGING MARKETS CORPORATE DEBT UP 29% - Corporate debt from emerging markets issuers totaledUS$255.7 billion during the first nine months of 2017, up 28% compared to last year. Corporate debt issuers from India,Brazil, Mexico and Russia accounted for 45% of activity during the first nine months. Issuance from corporations in Indiatotaled US$43.2 billion, an increase of 26% compared to the first nine months of 2016.

CITI TOPS GLOBAL DEBT LEAGUE TABLE - Citi took the top spot for global debt underwriting during the first ninemonths of 2017 with proceeds of US$365.3 billion and an increase of 1.0 market share point. JP Morgan fell to secondplace with a market share decrease of 0.1 points, while Bank of America Merrill Lynch maintained third place. Barclaysand Goldman Sachs rounded out the top five global debt bookrunners, with Goldman Sachs moving into the top five forthe first time since records began in 1980.

OVERALL DEBT UNDERWRITING FEES INCREASE 10% - According to estimates, underwriting fees from DCMactivity totaled US$22.6 billion during the first nine months of 2017, an increase of 10% year-on-year.

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Investment Grade Corporate Federal Credit Agency MBS ABS MBS Emerging Market Corporate High Yield Corporate

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables

1

144,549.8

1,509

US Investment Grade (F9)

US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)

2,770,537.6US Federal Credit Agency Debt (B8)

+32 4%

1,358,999.4

US High Yield Corporate Debt (F8)

Global High Yield Corporate Debt (B4)

All Global Debt (B1)

Agency, Sovereign & Supranational Debt (F10)

-0.3Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

+0.3


Global Agency, Sovereign & Supranational Debt (B9) ▲

Global Long-term Debt ex MBS, ABS & Munis (B3)

▼

+0.1-36.1%

1.4

226,075.11,011

▲261.0

+0.2

290.1

+0.1

▲

1.2

▲+0.1

+0.3-50

284.6

1.2

▲

+0.1 ▲

▼▲

▲+0.1

-0 31 5347 7270.5

271.71.2

▼

1.3

-25-101

+49

▼

284.1

▲2.3

▲▲

323.6

509.01.8404.8

▲4.4

4,935,960.8

4.1▼ -36

+12613,594

9,129 ▼1.5▼

▼

1.3

+1.5%231 345 9

-13.6%2,700

9,739

704675

1,573,517.1358,688.6

Global Asset-backed Securities (B11)

15,546

16,368.1

5,352,393.6

241,759.0317,232.34,681,892.5

56314,167

-3.3%

678

449

523

5,525,995.3

2,837,038.8

3,034

594306 266 2364,234.8

2.8

781714

4.4

492

73 061 7▼

3981.478,060.6

▼

1.5

1 3 -0 1

2.3- 411

2 3

1.6

-0.5-0.4

-0.1

1.5

▲1.9

1.6+0.2

▼

+633.4

▲

3.5

▲+0.2▲ 494.0 2.2

1.33.1 -0.1 ▼▲

4.9

611

4.8+68

697.6

+313.6

2.14.1

643633

594

781

+82

+40

-7▲▼

3.7

720362

+61

▼4.5

3.4

▼-0.1+42

791.8 +0.63.5-0.6

▼2.8 -0.7

▲4.6

▲ 629.4

▲+0.2

▼980

1,0355.6

▲

-36 ▼856 770.9

6.81,526.3-746.4

-0.24.2941.1+24 ▲▲

7.8

1,031.1-25 ▼

5.9▲+80804 4.6 1,013.26

▼ 5.59734 4.54.3 ▲

-0.3

▼365,276.5 ▲1 2-10 +0.2

1,282.96.3

▲$USm in Proceeds

+0.1

FeesNo.

Citi

Proceeds

Global Scorecard

118,527.4

10

12

Deals

Jan 1 2016 - Sep 30 2016

171,091.7

324,286.2235,082.0237,957.7

196,839.09

10141,902.111

85

9

88,064.6

083,710.8

21

14,801

▼974

380▼

▼

12

Industrial & Comm Bank China

▼

▼

UBS20

TD Securities Inc

RBC Capital Markets14

Societe Generale 88,182.3

81,484.4

106,107.0

83,674.218

106,447.1

20

16

Bank of China Ltd

Mizuho Financial Group

▲

23

17

18Nomura

15

▼

1316

151921

22

Deutsche Bank

China Construction Bank

Goldman Sachs & Co

Credit Agricole CIB

14▲

-15.4%

▲

▼

13

BNP Paribas SA

Morgan Stanley7

▲

▼Wells Fargo & Co179,788.4

1,070,344.4▼

-37.8%

-5.7%

+32.6%+2.0%286,194.4

+18.2% ▲949

-3.1%-5.1%

-2.3%

613

▲

▲

448413 345

+31.2%

144,764.6 952

+0.9%178,889.2

873

1,794,408.4

US Mortgage-backed Securities (F11)

US Long-term Debt (F2)▼

Barclays

292,018.7HSBC Holdings PLC

903

-2.9%137,894.3

305,698.4 629

993354

588

US Federal Credit Agency Debt (F7)

15,824.9238,478.8

211,516.3

3,940

1,080,157.6

3

Jan 1 2017 - Sep 29 2017

JP MorganUS Long-term Straight ex MBS, ABS & Munis (F3)

+0.5%2,939

2,324,905.8

221,864.6

▲2,8371,847,080.23,705

251

2,313,063.0

$USmNo. % Change

Deals2016 Rank

+0.4

Bank of America Merrill Lynch

Bookrunner Sh (%)Market

Proceeds

4 253,537.1308,331.9350,205.2

Credit Suisse

3.5

3

7

▲56 8

11

▼

▼▲

-0.2

Imputed Fees (US$m)Market

Deals

-0.55.6▼▼

Global Debt

Proceeds Market

Jan 1 - Sep 29

5.5▲ 1,363

1,133

Proceeds per Bookrunner (US$m)

+0.6

Global Debt (B1)

Change in


4.23.9

12

2017 Rank

1,257.7

5.78.2


1.9-

+0.1▲

0▼

2.12.5

220,478.8 -0.2-0.4

+0.1

839

+0.3

-0.4

# ofSh (%) Share Ch.# of Deals

MarketManagerSh (%)Share Ch.

1,438 +233+1.0

Market

6.5

▲▲

0

151,449.9163,045.5

+0.2

2.9 -+0.32.7

All US Debt (F1)

Global Emerging Markets Corporate Debt (B15)

+32.4%-22.0%

▲-

▲ -

▼-0

-0.31.5

199.6

347.7▼ 1.0

+0.21.4

230.1

309.6

▼00

-25

0.70.9

-39

+27

▼

162.21,128

Global Disclosed Fees (A2)

231,345.9675

Citi

JP Morgan

Bank of America Merrill Lynch 12.8

Citi

21.6

8.5

266,610.8 342,011.5

Leading Underwriters for First Nine Months 2017

Global Asset-backed Securities (B11)

255,658.3

+1.0

+0.4All Bonds in Euro (N1)

Global High Yield Corporate Debt (B4)

Citi

9.96

Global ABS (B11)Global Investment Grade (B7)

7.4

Global Debt inc MBS, ABS & US Tax Munis (B1)

U.S. Federal Credit Agency (H1)Citi

11

JP Morgan

US Bonds

Asian G3 Currency Bonds ex JP & Aus (AR2)Asia-Pacific Bonds

HSBC Holdings PLC

Societe GeneraleAll International Bonds (J1)

U.S. Debt inc MBS, ABS, & Tax Munis (F1)

-2.1


▲13.5

U.S. High Yield Corporate Debt (F8)12.3

JP Morgan13.4

U.S. Debt, Equity & Equity-related (E1)

-0.2

10.8

U.S. Investment Grade Corporate Debt (F9)

U.S. Disclosed Fees (E2)

U.S. LT Debt inc MBS,ABS &Tax Munis(F2)11.5

Bank of America Merrill LynchCiti

15.2

+1.4U.S. LT Federal Credit Agency Debt (H3) +5.4

-1.2

International Bonds

12.0

Citi+6.2U.S. Mortgage-backed Securities (F11)

U.S. Asset-backed Securities (F14)

Nomura

8.9

198,603.9 1,177

-0.26.3

Citi

5942,922

0

Global Short-term Debt (B14)

Current Qtr Market Share

(%)


Global Bonds

-1.1

13.1Bank of America Merrill Lynch ▲

Morgan StanleyCiti

▼6.3

All Asian Currencies ex CDs (AS1)

▼+0.3-6.5

-1.4 3+0.1

▼

4▼

▲

306,266.22,083

4

1

▲

+28.7%

4

2

▼

▲▼

No. 1 Manager

+1.2

Citi

-1.5

411.9

▼

+1.5

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)

2017 vs. 2016

-5.9%▼-14.3%▼ ▼-0.7% ▼

64.9 -0.317,587 -125

9.6% ▲

▼14,584.6▲22,581.3 100.0

-55592 3.4

▲+70▲277

1.81.6▲

▲ 312+0.1-0.6

67,602.373,061.7

1.2 -0.5398

▼▼1.3 -0.1

3.72.3

650

Industry % Change from Last Quarter

22 19

▲

2

▼ 32

▼

Global Debt Capital Markets % Change by Asset Class

Mitsubishi UFJ Financial Group

▼-4.3%-10.4%

+0.3

-3.8

-3.17.5 +0.8

Mkt. Share Chg. from Last Qtr (%) Industry % Change from Same Period Last Year

21

2

Agricultural Bank of China

UBSBank of Communications Co Ltd

24

+0.2Industry TotalTop Twenty Five Total

100.03,781,152.15,597,926.2

67.6

1.117

1.11.124

28 59,370.359,639.2

23

25UniCredit

23▼

Consecutive Quarters No. 1

▲

+2.1

2

▲

6.9Bank of China Ltd

4

1

2

2

National Australia BankAustralian Dollar Bonds (AJ3)

2

1

3

2

▲

3

▲

▲

▼▲

2-

▲

2

▼+5.4

19.1Australian Domestic Securitization (AJ5) National Australia Bank 24.8

Australia Bonds

63,114.5

-2.3% -13.6%

31.2% 32.4%

1.5%

28.7%

-36.1%

-50%

-30%

-10%

10%

30%

50%

Investment Grade Corporate

Agency, Supranational,

Sovereign

High Yield Corporate

ABS MBS Emerging Market Corporate

Federal Credit Agency


2


▲-0.2

Imputed Fees (US$m)

-1.1

-0.2

▼

▼-0.6

Imputed Fees (US$m)

5.0

Share Ch.Manager

663.7-0.2

5.7

253.9▼

-1.2%

▼▼

# of Deals per BookrunnerProceeds per Bookrunner (US$m)

▼

Global Mortgage-Backed Securities (B10)

9,739

6.2%

+610

Global Debt and Syndicated Loans Islamic Finance (DL2)

-1.9%

11,606.1

Wells Fargo & Co 65,727.910

Industry Total1,175,792.5Top Ten Total

Industry % Change from Last Quarter -15.8%

1042.6

2.4

-2.3%

100.0

Industry % Change from Same Period Last Year

2,770,537.6

+11+33

5.3

▼96,054.5385

4.1 515-

472707.9

▼

Sh (%)

5.1593.2▼▲

6.1+29DealsBookrunner


Sh (%)Market


3.6

# of Deals

▲▲

▼

491.2

584.9

Change in # of Deals per Bookrunner Imputed Fees (US$m)

Global Debt

3

6.0

▲+42▲+98

564

▲

▲5.8▲

6.3▲

+28+0.9

▲

+0.2

▼

3.5

41.3

4.2

100.0

2.9

4.0

2.6

Jan 1 - Sep 29


2.2▲

6.7%

347


▲

2017 Rank

▼

Jan 1 - Sep 29

Proceeds1

-5

Market

2-0

▼

2016 Rank Share Ch.

13

Market

-0.2

# ofFees

MarketMarket


Sh (%)

5.25.5

JP Morgan

7

2

103,173.68

Citi

4.4HSBC Holdings PLC 6 5Barclays

150,959.3164,840.2 +0.1

+0.1

Goldman Sachs & Co 5141,718.1145,280.4

121,570.84Morgan Stanley

3.5

+0.6 4.8612▲

46

+0.6344

5.1

2.7

-0.3

3.5 350-0.2

▲

Deutsche BankBNP Paribas SA 9

3.78 7

9

545

▼

▲

▼

+0.2▼

0

230 -0.8

Imputed Fees: Global Investment Grade Corporate Debt

0 --0.2

▲

112,553.0

73,914.7

463.7

+0.8

5.6

-0.1

4.0 407.9

304.44,809.6

338.8

▼

3.6 -24+8

2.4 -26

▼

First Nine Months

Jan 1 - Sep 29

7.3 7.4 6.5 6.5 8.4 8.3 9.4 9.4 11.8 11.6

4,062 3,963

4,713 4,6094,791

4,892

6,709 6,816

9,129 9,739

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$2

$4

$6

$8

$10

$12

$14

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Num

ber o

f Offe

rings

Fees

(US

$b)

Global Investment Grade Fees (US$b) Number of Offerings

* tie

Deutsche Bank 16,659.9

12,543.7

7

10▲

▲

Mizuho Financial Group69

34.6

800.5221,116.7

▼8.3

100.0 +5

4267.6

8,905.5

1.0%

505

▲65.8%

100.0

100.0

5.7

58.5364,234.8

10.5

55

-1.4

9,847.3 4.5

7

▼

53▲

59+0.2

▲

Wells Fargo & Co

▼

-0.4▲

+19+1.1130 ▲

▼

11.7

-4.5

+6

-1.9

25.74.2▲

490.24.4-13 35.2

33.4

JP Morgan

11.7▲

▼

-

▼

▲+0.139.6 4.9 -1.4

▼61.3

▼

▲10.9 -1 ▼ 46.2 5.8 0

▼ 45.6▲

5.7 +0.4

7.4+0.5-6.2

-37.8%

5.7

7.015,525.0

12,582.0

4.0

▼

-0.2


12,516.99▼

+0.8-6.4 149,475.5

▲

Jan 1 - Sep 29

Share Ch.

Proceeds per Bookrunner (US$m)2017 Rank

8.2

FeesMarket


Deals+21

-31.5%

Manager

▲

▲

84# of DealsSh (%)

▼13.6%

Market

+0.974

8

Top Ten Total61.0

10

▼8

5

Credit Suisse

31.8%

▼▼

5.8

-2.2

▲

100.0

▲

3.0

▼+1

4.6

73▼

-0.1

3.4 Mitsubishi UFJ Financial Group

-15.3

5.7

-1.5

▲+1.6

5.7

▼

+0.2

7.86.4

+0.2 ▲

▲

+17

▲▲ +2054

7.3 -13

-2.566.5

1,175.4

12,920.8▼

+81715.065.0 -4.6 ▼

100.0

4.1 1318.0+0.4

675

53.539.7▼ 19.4 +6 ▲

▼

9.5

11.010.7

-1

▲

62.2▲ 67.2

-21+16

5.765▼

▼-4.95.3

Sh (%)▲

Proceeds

Deutsche Bank+0.1

18,104.150.8

2016 Rank

34

18,010.42

Barclays 2-

+12-1

9.0

1

50.0

0▲+2.9▼14.7


Industry Total


-0.3▲

▲+7.3 21.2

▼

▲ -0.371

64

89

72

4.1

3

-0.849

▼16,676.4

8

▲

100.0462.0

-2.1


69.5

▼

Imputed Fees (US$m)


▼▼

▲

Share Ch.MarketChange in

-26.9%

-3.0

-1.8%

2.5

+91 665.3704

16.7-728 4.079.8 -1.3

100.0

▼0 -▼

12,024.71013

290,199.5

+2.020.3+1.125.1 3.8

Barclays 10 2.5BNP Paribas SA 9 3.3 ▲+2.2 ▲ 36

▲-0.9 8.2▼ 36.0

3.15.1 +16+8

5.4+1148.4

▲62.3

▲▼

+1.1▲

7.3+0.1

54.6

6.1

-2.38.2

▲▲ ▲

-71.4 10.7▲

▲ +1.59.4

▼9.70

-1.8

30,779.1

11.039,933.3▲

+18+1.3+7

14.1 +28▲

1

+210140,405.22

14.399

1

# of Deals

▼11.1 -0.811.3 13.641,074.7 +16

+1.5 ▲

-1.4

3 3

Proceeds2

32.4%

306,266.2

▲

5.5

-0.7

5.1

19,029.0

-1.8

3.3-0.4

Bookrunner

▲

Citi

# of


Manager

▼

87

7

Top Ten Total

4

▼9.411.5 ▲+9

5

62.497

12.9

Market Market

130.7

-11.8%

64.7

Bookrunner53,795.1

2016 Rank

24,315.7

17,648.5Bank of America Merrill LynchBarclays

2

JP Morgan

7.9

+211

+7

13.217.6

11.0-

-7.2

Deals

4.3

+58143

0

▼

Change in

+0.4

-

MarketFees

64.8▼ 9613.8▼

Share Ch.

▲

-1.7

Sh (%)-2.6

-0.1

▲

Citi4

14.116.6

78

Sh (%)+3.7

Market

Global Asset-Backed Securities ex-CDOs (B13)

8

Market

# of

7 53 7.517,442.7 4.8

35,366.1

# of

▼

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)Market

Share Ch.

9.78.56

5

14.8%-4.5%

9,087.7

▼ 588

▲5

▼

91

-0.1

-1.4

▲

11.122,186.2

Morgan Stanley

+4.8

Market

▲+11.7

Imputed Fees (US$m)

6.312.5

Market

15.3+9.6

▲

14.3 ▼▲

+5.3

Change in

100.0▼

▲

Share Ch.

▼

Market

-64.9%

5.3

Jan 1 - Sep 29

+3

▲+5.7


▲

2.47.5

+2.4+58.5

NomuraGoldman Sachs & Co


41,899.8Credit Suisse▲+8.8


2017 Rank

Market# of ManagerMarketSh (%)

MarketSh (%)


11.7

Fees11.5

▲

-5

4.3

4.8

3.3

9.6

# of Deals

-1.9

▼

5


2016 Rank Proceeds

Market

1

6

▼

5

5.4 -3.0 7

1,912.5

-

10▼

▲

9

Sh (%)

8

63.2

1,777.2

16.25.8

15,525.0

3.4%

3 2,455.7

19.8

+1.0

5.7 +2.7 ▲7.7

2.2

RBC Capital Markets

Mitsubishi UFJ Financial Group 10

▼

# of Deals

Credit Suisse ▼

9.8

Fees

105.72

▼

173.3

-1.65

Sh (%)

4

Proceeds

8.78.2

7

4

12,542.396

3

4.362.3

+0.3RBC Capital Markets13.516,421.1 -3.3▼68

59 ▲ 50.0

69.8-15

▲

+3.3

Wells Fargo & Co

+3.3

▲

▲JP Morgan

▲

27,306.4

1.5%

▼ 8.8

3.3

Market

▼

▼

3,680.8

18

Share Ch.

-3.7

▼

Bookrunner

2.7%

3.3

Sh (%)

3.1-

1330

1Share Ch.

Global Asset-Backed Securities (B11)

Dubai Islamic Bank PJSC

▲ 3.6▲

-1

Market

24,642.462.8

11.13▲▲

+3.6

+14

▲

14.54

+610.7

Sh (%) Share Ch.

CIMB Group Holdings Bhd

DealsBookrunnerMarket

-5.04,632.0HSBC Holdings PLC3310.51 +2.44,538.0 ▲

Standard Chartered PLC 4+8

36.3Malayan Banking Bhd 3 2

2+2.98.5 33.0

AMMB Holdings Bhd7

Citi 5 12 2,316.02,170.7

62,153.5

8

6 -JP Morgan 5.5▼

-2.55.0 35.0 +1

2010

7.04.4 22.0-24.1

91

+157.16.3

56.866

▼

Industry % Change from Last Quarter -36.5% -21.3%

10,037.9198,773.5

5.4

Top Ten Total

13.5%

Mizuho Financial Group12

▼

▼▼

59 8.7

Wells Fargo & Co

-22.1%

Industry Total

10

▲

76.5

35.2%

Deutsche Bank

▲▼

35.3%

▲

-68.2%

-1,670.0

43,197.1


▲

-16.4%

Industry Total

Industry % Change from Same Period Last Year▼▼

Citi

Top Ten Total

9

Industry Total


1


BNP Paribas SA 3.9-0.3

Imputed Fees (US$m)

-0.2

2


3

Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Sep 29 2017


Banking Composite: Global Debt

52.6%52.9%

50.7%

58.7%

55.7%

64.7%

57.8%

53.3%

55.1%

3.7% 2.2%4.8% 5.9%

2.5%5.9%

3.7% 2.5%

12.0%

60%

70%

80%

90%

100%

3.3%5.5% 6.5%

4.3% 4.6%1.2% 3.0%

8.2%

22.7%21.2% 20.8%

15.3%

21.5%

11.6%

20.3%

29.6%29.7%

4.4% 1.5%5.0%

2.4%

2.3%

2.5%

8.0%2.2%

0.7%

1.4% 3.7%

2.6%

1.1%

1.3%

0.8%

1.0%

2.2%

0.0%

0.0%

11.9% 13.0%9.8%

12.3%

12.2%

13.3%

14.0%

5.2%

7.4%

14.6%

63.9%

0%

10%

20%

30%

40%

50%

%

Citi JP Morgan Bank of America Merrill Lynch

Barclays HSBC Holdings PLC Deutsche Bank Goldman Sachs & Co Morgan Stanley Wells Fargo & Co BNP Paribas SA

% T

otal

Pro

ceed

s

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS


4


Global Debt Rankings* - Last Ten Years

1

2

3

4

Citi

JP Morgan


Barclays

*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

5

6

7

8

9

10

2008 2009 2010 2011 2014 2015 2016 2017

Ran

k

Goldman Sachs & Co

Morgan Stanley

HSBC Holdings PLC

Deutsche Bank

Wells Fargo & Co

BNP Paribas SA

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g g q y

5

US IG Debt issuance totaled US$1.1 trillion raised from 873 deals, a slight increase compared to the same period lastyear and the highest IG first nine months primary issuance volume on record. Financials led all sectors, accountingfor 48.4% of the market, followed by Energy and Power (10.2%) and Technology (8.5%). US IG spreads acrossthese sectors averaged 110 bps for Financials, 144 bps for Energy & Power and 84 bps for Technology. According toestimates, fees from US IG bonds totaled US$5.3 billion, accounting for 54.4% of fees from High Grade bondsglobally.

US High Yield Corporate Debt volume in the first nine months 2017 reached US$211.5 billion, an increase of 18.2%compared to the same period last year. Despite this increase, volume remained 12% below the peak posted in 2013.According to estimates, fees from US HY bonds totaled US$3.2 billion, an increase of 42% from a year ago.

Proceeds from Residential Mortgage-Backed Securities totaled US$36.3 billion in the first nine months of 2017, up63.4% year-on-year and accounting for a 97% share of global RMBS issuance - with US$17.2 billion of prior RMBSoriginations stated to mature in the fourth quarter. According to estimates, fees from RMBS issues totaled US$64.2million, a decrease of 28% from a year ago.

64.0

172.9140.9152.5116.7

▼▲

▼

▼

▲▲-▲

96.9107.7

▼RBC Capital Markets 10 11 30,685.5 2.8 -0.1 ▼ ▼

3.1 -1.2125 14.3

12.7 -13-26 -0.4157.0 2.9

102 11.73.9 -0.9 ▼ 166.7111 ▼

+0.4 ▲201.3 3.842,692.1 4.0 +4 ▲-1.0 ▼

▼4.7 -1.0 ▼5.5

-292.0251.35.0 -0.7 ▼ 0

-0.7 ▼ -24163 18.7212

+0.8385.8▲

-1.2

270 30.9 425.9

24.3 ▼

▲7.2 0 -215 24.6 +21

+8 ▲ 8.0

Wells Fargo & Co 6 6 62,015.48.4 +0.75.7

8.4 ▼Morgan Stanley 4 5 95,779.0 8.9

-0.3+1.3 ▲

350▲ 450.8-0.2 ▼ 37.6 +30328

Deutsche BankHSBC Holdings PLC

Mitsubishi UFJ Financial GroupCredit Suisse

▼Citi 3 3 107,012.7 9.9

Barclays

US Deals Intelligence

US Debt (F1) Jan 1 - Sep 29


Goldman Sachs & Co

8

124,547.9

5 4 90,599.1

53,714.8

2 2

7

2017 Rank

2016 RankBookrunner

MarketSh (%)


US DebtUS Investment Grade at US$1 trillion - The Highest First Nine Months Volume on Record | US RMBS Volume Up 63%

US Investment Grade Corporate Debt (F9) Jan 1 - Sep 29

▲

Proceeds

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

▼

10.3 -0.4

Market # of Market Market MarketShare Ch. Deals Sh (%)

1.010,881.1

20,015.7

1 0

JP Morgan 1

9 9

12

42,361.9

11 14

7

30,491.429,335.128,529.921,554.8

12.1 -0.5 ▼1 130,141.4

8

11.5 +1.2 ▲

▲

390 44.7Share Ch.

+38 ▲ 585.7 11.0 +0.3 ▲Sh (%)

+10

Change in

▲

-0.10

+0.1

Manager

40.1 +4 ▲ 547.5

Fees# of Deals

10 314 0

121015

131415

2019

17 11,079.8181920Santander

Mizuho Financial GroupUBSBNP Paribas SAUS Bancorp

TD Securities IncSumitomo Mitsui Finl Grp Inc 1.0

Societe Generale

131617

16,479.6

10,756.6

16

181.0

2.82.72.62.01.91.5

+0.4+0.1-0.4+0.3-0.6

0

▲

▲▼▲▼

▼-

+0 2

8310547

▲ 12310411382

-5.44.943

4026

14.111.912.99.49.5

12.0

4.63 0

+3+80

+23+18

0+8-4

+24▲▲▲

57.848.048 6

1.2

0 9

1.10.9

1.82.0

3.22.62.92.2

0

+0 1+0.1

+0.9-0.4-0.1-0.1-0.3+0.4

▼

--▲

▼▲

0

▲

+0.110.6▼

+260 0.7▼-0.3

▲-▼▲

0.4

+0.10

-0.1

-0.1

0.70.50.40.2

▲

38.427.422.5

21.5

▲▼▼▲

1.4

+9-13-2

+1

3.01.41.6

261214

2,475.3 12

▲▼▼-

0.2

+0.1-0.1-0.1

0.30.30.2

4,768.03,279.72,881.42,555.0

282736

30

Morgan Stanley 5 7 154,818.4 ▲12.6

30

PNC Financial Services GroupBank of New York Mellon CorpLloyds BankNational Australia BankING

26272829

24

Industry % Change from Same Period Last Year 0.5% ▲‐13.8%Industry % Change from Last Quarter ‐4.5% ▼6.3%

100.0-2,657

▼Industry % Change from Same Period Last Year ‐42.7% ▼

3,117 223.7

▼ ‐43.0% ▼▲‐5.6%

100.0

‐46.0%

Industry Total 329,627.5

‐17.8% ▼

100.0

41.0%

3,233.0 100.0

▼▲127.4 +16.3

3.6 1.657.171.3 +11.2 ▲

-0.5-126▲-142

Top Ten Total 235,274.1▼2.6 -0.7 ▼ 116 3.7

▲Daiwa Securities Group Inc 10 12 8,523.6

156Jefferies LLC 5.09 142.1 5.5 ▲

3.6 +1.2-23 ▼

2.4 +0.65.3HSBC Holdings PLC 8 10 16,668.3 5.1 +1.0 ▲

12,007.4

10.0 4.5 -0.18.1

▼2.5 +0.8

3.6JP Morgan 7 7 17,821.2

65

▼▼3.8 -109 ▼5.4 +0.3 ▲ 120

5.5 +1.0 ▲7.1

-0.715.8

125 4.0 -282 ▼▲

Bank of America Merrill Lynch 6 9 18,234.2TD Securities Inc 5 3 25,293.6 +2.17.7 +0.7

-173 ▼5.9 -29 ▼183▲

+2.1 ▲ 431 13.8 16.6 ▲

+4.5 ▲▲

7.4 +2.4Wells Fargo & Co 4 6 26,913.5 8.25.6Citi 3 5 29,462.2 -99 ▼ 19.6 8.8 +2.4

9.2 +4.8-4 ▼ 22.4

8.9 +2.2 ▲ 176156 5.0▲ 10.0

▼ 20.5 ▲Nomura 2 2 37,023.7 11.2 +2.4Barclays 1 1 43,326.4 13.1 +1.0

Fees Sh (%) Share Ch.5.8 -34▲ 182

Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals

All Federal Credit Agency Debt (H1)

2017 Rank

2016 RankBookrunner Proceeds

Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

US High Yield Corporate Debt (F8) Jan 1 - Sep 29


▼▲ ▲

▼‐1.6%

Jan 1 - Sep 29

64.5 -4.8 ▼100.0

7,006.5+235 10,858.93,9402,324,905.8 100.0

69.9 -2.7Industry Total

▼3.0

Top Ten Total 1,621,997.1242 6.1 -3 ▼ 326.8

-1.5Deutsche Bank 9 8 93,371.1HSBC Holdings PLC 10 10 85,384.7

▼4.0 -1.4 ▼3.7 -0.7 ▼

346+0.1 ▲

▼8.8 -41 3.6

4.1▼ 393.6

-0.8▲ 446.8▼

Credit Suisse 8 9 97,405.9 4.2 -0.2 ▼ +31629.1495 ▼

360 9.112.6 -9

▼Wells Fargo & Co5.8 -0.7

531598.6 5.5

6.7

-1.6 ▼▼▲+0.6

Barclays 7 4 134,857.3 5.86.2 -0.8 693 17.6 +14 ▲ -1.2

▲ 732.26 5 143,887.6

▼6.7 +1.0

+36 ▲13.5 +49

739.7Goldman Sachs & Co 4 6 162,341.9 7.0 +0.2 ▲ -0.4

▲▼9.2 -0.99.8 0 - 794 20.2

10.7Bank of America Merrill Lynch 3 3 226,772.2

6.8+12 ▲ 993.4

498

9.1 -0.2865 22.0 +64 ▲

▲ 985.2+0.21,161.1

▼JP Morgan 2 1 254,789.3 11.0 -0.7 ▼Citi 1

Sh (%) Share Ch.2 268,368.7 22.5 +182▲ 88511.5 +1.5

Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2017

Rank2016 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager2017 Rank

2016 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

+31 ▲JP Morgan 1 4 25,456.1 12.0 +2.8 ▲ 184 52.0 +51 11.4 +1.7▲ 369.0 ▲Bank of America Merrill Lynch 2 2 19,288.3 9.1 -0.2 ▼ -1.0 ▼Goldman Sachs & Co 3 3 17,823.3

275.3 8.5▲ 251.1

167 47.234.5 +15 7.8 -1.18.4 -0.9 ▼ 122 ▼

Barclays 4 1 16,875.0 8.0 -1.5 ▼ -2.1 ▼241.7 7.5▲ 221.9

115 32.5 +9 ▲7.2 +2.2 ▲ 93Morgan Stanley 5 8 15,200.5

-1.9 ▼26.3 +24 6.9 +2.2

+38 ▲▲

6.3Citi 6 6 14,951.5 7.1 -1.7 ▼Credit Suisse 7 7 12,360.9

202.4▲ 191.9

136 38.428.0 +14 5.9 -1.35.8 -1.0 ▼ 99 ▼

Wells Fargo & Co 8 9 11,934.8 5.6 +0.6 ▲ +0.6 ▲161.9 5.0▼ 131.5

112 31.6 +35 ▲4.6 -4.5 ▼ 93Deutsche Bank 9 5 9,816.1

+0.1 ▲26.3 -3 4.1 -3.5

+28 ▲▼

22.6RBC Capital Markets 10 10 9,793.4 4.6 +1.0 ▲ 134.62,181.372.4 -3.2 ▼

80

354 +103

▲

Industry Total 211,516.3

4.2153,499.9

1,080,157.6 100.0

Industry % Change from Last Quarter 6.8% ▲ ▲

Industry % Change from Last Quarter ‐4.1% ▼Industry % Change from Same Period Last Year 18.2% ▲

873

Top Ten Total

Industry % Change from Same Period Last Year 0.9% ▲

-30Industry Total

▼

89.9100.0

-0.7 ▼ 4,810.91,021,737.9 94.6

0.4


‐3.3%

9,230.51.00.9

▼

▼

▲Industry % Change from Last Quarter42.0% ▲‐6.5% ▼ ▼

▲▲

1.0%

67.6 -6.3

5.9%

3.1%

8,957.0

25

7,167.26,525.14,910.925

26

10,314.0

Top Thirty Total

2122

2423BBVA

Scotiabank

Credit Agricole CIBSunTrust Banks

20

21

202223

Santander

0.80.70.6

+0.2▲

-0.10

▲▼-

+0.2+0.3

+0.2

428

26495423

3.0

2.64.8

5.66.2

+2

0+6+15+7

-▲▲

48.639.054.938.2

1.0

1.00.7

0.90.7

+0.1+0.1

54.5

-2.25,343.2

15.5%

▲▲▲+0.2

‐4.3%

▼

+1

▲▲▲

‐8.5%

+0.2-0.3

00.633.9

▲▼

0.5RBS -0.9

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US Asset-Backed Securities excluding Self-Funded (F14a) Jan 1 - Sep 29


US Structured Finance 2017 vs 2016 Jan 1 - Sep 29

▲

899.3

32.4%Industry % Change from Last Quarter ‐45.1% ▼

32.6%▼ ‐46.9%‐44.0%

413 +68

▼▲

-0.8 ▼Industry Total 238,478.8 100.0 100.0

608.118.8 2.1

▼ 67.6▲

Top Ten Total 175,031.4 73.5 -3.5+0.6 ▲

+0.931 7.5 +16 ▲ +0.9

▲Mizuho Financial Group 10 14 6,633.5 2.8Mitsubishi UFJ Financial Group ▲ 27.8 3.1

-1.3 ▼10 8,163.5 3.4 +0.5 ▲ 31 7.5 +14

43.5 4.85.2

43 10.4 -10 ▼-1.8 ▼▼5.7 -0.4 5313,553.2

Credit Suisse 8 7 10,393.6 4.4

▲ -0.2 ▼12.8 -5 ▼ 46.8 ▲+0.7

14,273.3 6.05 ▼ 65.2

-0.9 ▼ 47 11.4 +7

US Asset-Backed Securities (F14) Jan 1 - Sep 29

# of Market Change in MarketSh (%)

Market

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

US Mortgage-Backed Securities (F11)

71131 31.7

Manager2017 Rank

2016 Rank

Jan 1 - Sep 29

# of Deals per Bookrunner Imputed Fees (US$m)

2 51,467.22

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market

JP Morgan7.2 -0.9 ▼

Barclays▲

5 17,124.3

Citi 1Share Ch.

21.6 +10.2▼

Imputed Fees (US$m)

▼7.3 -3.544.3 4.9

▲+2.6 ▲162.8+3.1

# of Deals

+2 81.9 9.1

Fees Sh (%)Deals Sh (%) Share Ch.▲ 18.1+56

17.2 ▲

1 16,911.2 7.1

8.54 20,191.2

▼ ▼▼63 15.3 +13 ▲ -0.658.5 6.5

-1963 15.3 -4

19.7% ▲

15.76.8 -2.4 ▼


US Securitizations

-8.1

-0.3

58.5 6.5 -3.4 ▼653 16,320.4


Wells Fargo & Co

Bank of America Merrill Lynch 3

RBC Capital Markets 6 6Deutsche Bank 7 8

9

4

32.6% 2.0%3.5% 63.4%

-9.9%-20%

0%

20%

40%

60%

80%

ABS MBS CMBS RMBS Federal Credit Agencies MBS

Jan 1 - Sep 29

▲Industry % Change from Last Quarter 12.4% ▲ ‐25.8% ▼ ‐25.7% ▼Industry % Change from Same Period Last Year 64.4%

-6 545.6253

2.0% ▲ ‐2.3% ▼

69.2100.0

▼Industry Total 148,791.7 100.0

-1.2+1.1 ▲

Top Ten Total 112,985.3 76.0 -1.8 ▼30 11.9 +16 ▲ 17.7

378.43.25.7 -0.6 ▼

Mizuho Financial Group 10 12 6,608.1 4.4 +1.7 ▲▼ 38 15.0 -10 ▼ 30.9Credit Suisse 9 8 7,819.2 5.3 -1.3

+13 ▲ 22.5 4.1 +0.6 ▲▼

Mitsubishi UFJ Financial Group 8 9 7,972.9 5.4 +1.6 ▲ 30 11.919.8 -5 ▼ 34.5 6.3 -0.3

+0.6 ▲Deutsche Bank 7 6 10,619.0 7.1 -0.2 ▼ 50

43 17.0 +8 ▲ 37.3 6.87.4 -0.2 ▼

RBC Capital Markets 6 7 12,048.4 8.1 +1.2 ▲▼ 51 20.2 -5 ▼ 40.5Wells Fargo & Co 5 5 12,126.0 8.2 -0.5

+14 ▲ 46.1 8.4 +0.6 ▲▼

Bank of America Merrill Lynch 4 4 13,123.8 8.8 -0.1 ▼ 59 23.326.9 +11 ▲ 40.8 7.5 -0.5

-1.9 ▼Citi 3 3 13,165.8 8.9 -0.5 ▼ 68

59 23.3 -12 ▼ 49.7 9.110.7 -0.6 ▼

JP Morgan 2 1 14,036.1 9.4 -3.0 ▼▼ 61 24.1 -7 ▼ 58.4

# of Deals Fees Sh (%) Share Ch.Barclays 1 2 15,466.0 10.4 -0.7Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

# of Market Change in Manager Market MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

2017 Rank

2016 Rank

Market Market

Jan 1 - Sep 29US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)

▲Industry % Change from Last Quarter ‐49.6% ▼ ‐47.9% ▼

US Asset-Backed Securities excluding Self-Funded and CDOs (F14b)

‐50.9% ▼Industry % Change from Same Period Last Year 28.6% ▲ 13.8% ▲ 26.3%

+46 821.3379 100.0▼

Industry Total 214,494.5 100.0544.5 66.4 -1.3

+1.0 ▲Top Ten Total 151,368.8 70.6 -5.5 ▼

31 8.2 +16 ▲ 17.8 2.22.9 +1.1 ▲

Mizuho Financial Group 10 14 6,633.5 3.1 +0.7 ▲▲ 31 8.2 +14 ▲ 23.7Mitsubishi UFJ Financial Group 9 10 8,163.5 3.8 +0.7

-12 ▼ 41.3 5.0 -1.4 ▼▲

Credit Suisse 8 6 9,858.0 4.6 -2.1 ▼ 41 10.811.3 +6 ▲ 37.3 4.5 +0.2

+0.9 ▲RBC Capital Markets 7 8 12,048.4 5.6 -0.6 ▼ 43

53 14.0 -5 ▼ 46.8 5.76.2 -1.0 ▼

Deutsche Bank 6 7 13,553.2 6.3 -0.3 ▼▼ 61 16.1 +12 ▲ 50.5Bank of America Merrill Lynch 5 5 14,025.0 6.5 -1.8

-9 ▼ 52.8 6.4 -4.4 ▼▼

Wells Fargo & Co 4 3 14,965.7 7.0 -2.9 ▼ 58 15.316.4 -15 ▼ 54.8 6.7 -2.5

+3.0 ▲JP Morgan 3 2 15,189.2 7.1 -4.3 ▼ 62

67 17.7 -1 ▼ 72.1 8.818.0 +1.8 ▲

Barclays 2 4 18,198.7 8.5 -0.7 ▼▲ 117 30.9 +42 ▲ 147.4Citi 1 1 38,733.6 18.1 +5.8

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2017

Rank2016 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.


9Mizuho Financial Group 30▲10 12

96,608.1 +1.3

+1.2

▼

▲

100.077.5 -1.9

7,972.9

Industry TotalTop Ten Total 138,529.1

13.14315.3

9.2Mitsubishi UFJ Financial Group

▲

▲4.53.7

‐27.7% ▼Industry % Change from Same Period Last Year 12.5%

178,984.3

▲


595.0 100.0419.1 70.6 -2.8 ▼

327 +12

▲ 22.5 3.8+1.4▲ 17.7 3.0+16

▲+0.130 9.2 ▲

-10+1.0+13

34.6 5.8▲

Deutsche Bank 8 7 10,619.0 5.9 -0.7 ▼ 50+1.4

▼

+0.1 ▲6.7 +0.7 ▲ +88.5 24.5 +17 ▲

▲ 37.3 6.3RBC Capital Markets 7 8 12,048.4Citi 15,160.6

▲▼▲

▼ 53.0 8.9 -0.6▼

7.443.8JP Morgan 5 2 15,680.8

+0.6

+0.780

9.958.88.8

▼Barclays 4 3 15,701.8 8.8 -1.1 ▼Wells Fargo & Co 8.9

9.1 +0.13 15,937.5

10.4 +1.1 ▲8.0 -0.2

24.5 ▲-0.4 ▼ 69 21.1 0 - 47.6

54.180


33,693.5

Bookrunner Proceeds2017 Rank

43 33,794.6

40,601.2

Sh (%)Credit Suisse 1 2

Share Ch.92

Goldman Sachs & Co

Wells Fargo & Co 2


3

5Morgan Stanley

JP Morgan 4

Market # of Market Change in Manager Market

15.6 -3.3+8 ▲ 57.8# of Deals

11.7FeesSh (%)

▼Sh (%)

11.6▲

-1.3 ▼11.5

Market

94-2.4 ▼14.1 -1.4 ▼

▲ 49.8 10.1

2016 Rank

41,184.4

86 14.687 14.8

13.951.6 10.5

Imputed Fees (US$m)

Share Ch.Market

▲+27 ▲-1.9 ▼64.1+1.5

13.0+14 ▲16.0

Deals

-0.4 ▼+8

▼

-2.3 ▼85 14.5 +4 ▲ 54.1 11.0

6719.3

+19

Top Ten TotalIndustry Total

90.8 -1.7

Nomura

10Barclays

8 15,680.0BNP Paribas SA 9 12

6 25,325.4

8,992.99

-10-7-2.3 ▼

6320.5

Market

6 6

4

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

11.6 +16

27 4.6

8.79.7

5157

68

28

▲ +1.8

▲

7.939.2+10 ▲ 31.3

21.1+8

▲6.4

+2.0 ▲▲

+0.1 ▲4.3 +1.32.9▲

-5+0.2 ▲▲+2.4 4.8 +12

-2.1 ▼-3.3

15.0▼398.4

3.0

‐3.4% ▼▲12.4%

588

▲

5.4 -1.0

8.7 +1.37.1

-0.8 ▼

+1.1

+0.2

34,693.5 11.9

2017 Rank

2016 RankBookrunner

620,819.4

Imputed Fees (US$m)

▼11.0% ▲‐29.6%

100.0493.580.8

14.4

8.4Sh (%)# of Deals Share Ch.

Market

▼+65

MarketMarketSh (%)

-12Fees

▼ 49.7

ManagerChange in Share Ch. Deals

# of

3.13.5

▲▼

12.4%

264,873.4

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

7

2.0% ▲

10,088.5

7

Citi15

71 21.7 -7.3 ▼Bank of America Merrill Lynch 2 5 18,625.6Credit Suisse 1

8

1 20,174.4 11.3

292,018.7 100.0

Sh (%)

▲

Proceeds-1.8 ▼

▲

▲‐29.8% ▼ ‐23.8% ▼3.8% 41.4%


DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Sep 29DCM Bookrunner Industry Composition (F1) Jan 1 - Sep 29


Banking Composite: US DCM

8.5%

28.5%

9.6%

6.3%

6.6% 5.2%

7.1%5.5%

14.4%

7.5% 6.0%

3.5%

4.9%

4.5% 4.1%

3.3%2.6%

12.3%

4.3% 4.9%

8.1%

2.6%

4.6%

5.7%5.2%

1.5%9.1% 5.3%

6.7%7.8%

13.0%

2.2%

7.6% 5.1% 2.3%

4.6%

11.2%

1.5%

6.8%

1.1%

3.2%

5.7% 3.0% 4.1%

10.2%

6.0%

2.6%

4.8%

3.7%6.0%

9.9%10.3% 8.3% 11.1%

15.3%

19.1%

11.6%16.7%

1.6%

60%

70%

80%

90%

100%

Pro

ceed

s

1 0% 3 8% 1 0%2 8%

1.5%

2.8%6.7%

1 1%3.5%

1.7%

2.6%6.1%

4.3%3 4%3.9%

6.0%5.7%

5.4%

6.8%

9.2%13.4%

6.5%9 3%

1.4%

41.4%

39.1%25.4%

19.9%

39.0%61.8%

29.6%

38.2% 39.6% 48.1%

60%

70%

80%

90%

100%

Pro

ceed

s

2.3% 3.9% 2.6% 2.1%

9.5%

5.9% 4.2% 1.2%

11.5% 13.3%

8.5%9.0%

18.9%

23.8%

8.4%

14.7%

15.2% 11.4%

20.1%

15.5%

15.2%7.3%

43.3%

24.5%

2.3%

30.1%

6.6%

9.1%8.4%

9.9% 5.5%

15.1%

3.3%

12.3%

3.1%

14.3% 13.8% 14.7% 28.5%

15.9% 14.7%

19.9%

6.4%

0%

10%

20%

30%

40%

50%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Retail

Consumer Staples Telecommunications

1.5% 2.4% 1.4%5.8%

3.6% 0.9%

7.5% 8.1%4.7%

5.8%

11.6%

14.3%5.9%

8.2%8.5% 10.4%

13.1%9.4% 8.4% 4.7%

26.1%17.3%

0.4%1.3%

27.4%

4.3%

5.6%4.6%

6.4%

3.4%

9.1%2.3%

6.9%

5.6%8.7%

7.7%9.5%

17.5%

17.2%

11.2%

8.2%

11.1%

8.7%

4.1% 4.0%

2.9%

4.6%

3.4%8.7%

5.3%

3.4%

3.5%

3.2%

3.2%2.7%

2.2%

2.1%

1.6%

7.4%3.0%

2.7%

4.5%

2.4%

3.0%3.5%

1.0%

5.6%

3.2%4.7%

7.2%

1.5% 2.4%

2.7%3.8% 1.0%

1.7%

1.5%4.6%

2.8% 1.1%2.1% 1.5%

2.6%

3.4%9.3%

0%

10%

20%

30%

40%

50%

JPM BoA Citi GS WF Barc DB MS HSBC CS

% o

f Ind

ustry

P

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

Financials


37,300 2.2x 1.3

IFR Markets

Top Deals US Investment Grade Debt Transactions Jan 1 - Sep 29IFR Markets Intelligence

2x 4.9

www ifrmarkets com

Qualcomm Inc 11,000

Wieghted Average New Issue Concession

2.1x

Issue Date

7.2

2/2/2017 Apple Inc 10,000 34,900 3.5x 0.7

5/19/2017

Amazon.com Inc 16,000

37,600 3.4x

US HIGH-GRADE: This was the second-biggest Q3 on record for the investment grade primary market, with more than US$345 billionpriced over 230 deals. (Only last year was bigger.) Supply has been absorbed with barely a flinch, helping to push Triple B spreadsnear post-crisis lows. Worries about a rates spike have subsided, and despite some idiosyncratic risks – North Korea, US politicalgridlock, an especially violent hurricane season – investors keep buying in. IG funds have seen a year-to-date net inflow of US$92.5billion. The high-grade market has set a new record for full-year issuance in each of the past six years – and a seventh is well within therealm of possibility. Issuance through the first three quarters is US$1.1 trillion - only slightly behind last year’s US$1.069trn over thesame period.

US HIGH-YIELD: The primary market saw its busiest September in 3-years, pricing over US$30 billion in the month. Most of the buyinghas been on the top end of the high-yield sector, most notably the double-BB rated credits. The BB corporate bond spread madeanother post-credit crisis low in September of T+211bp as investors continue to search for yield. With interest rates remaining low andnot expected to rise in a timely fashion, the high-yield sector is expected to remain busy until year-end. Pension funds and insurancecompanies generally are the big buyers, but individual investors are pushing spreads to new lows.

US ABS: Investors can't seem to get enough of ABS paper, even as yields keep shrinking. Issuance in the US asset-backed securitiesmarket was up over the first three quarters of last year - to US$171 billion from US$146 billion at the same point in 2016. Prime andsubprime auto, along with auto leases, have accounted for the largest share of that – US$61 billion of the total – but off-the-runissuance continues to grow on the back of strong investor demand. More esoteric sectors such as whole business securitization haveattracted a bigger investor base; issuance has already topped US$6 billion this year.

1/30/2017

34,10017,250BAT Capital Corp

27,900

Deal Size (US$m)

22,500 58,500 2.6x 5.6

Total Book Size (US$m)

Book to cover Ratio

7/27/2017

Issuer

1/11/2017 Broadcom Corp 13,500

AT&T Inc

8/8/2017

Microsoft Corp 17,000

8/15/2017 46,800 2.9x 6.3

5/13/2017 Verizon Communications 11,000 23,200 2.1x 8.5

7.5

1/31/2017 AT&T Inc 10,000 28,500 2.9x 7.5

US Monthly High Yield Debt vs Fund Flows

www.ifrmarkets.comWeekly US Investment Grade Debt vs New Issue Concession Level

Jan 1 - Sep 29

US Monthly Investment Grade Debt vs Fund Flows

US Auto ABS Collateral Type (US$ Billion)

$36 52%

$18 25%

$6 9%

$8 11%

$2 3%

Prime Auto Sub-Prime Auto Auto Leases Floorplan Auto-Rental

-20

0

20

40

60

-6

-2

2

6

10

14

18

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S

2014 2015 2016 2017Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

HY

Pro

ceed

s (U

S$b

)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

0

60

120

180

-16

-12

-8

-4

0

4

8

12

16


2014 2015 2016 2017

Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

IG P

roce

eds

(US

$b)

Lipper Fund Flow Change (US$b) Proceeds Issued (US$b)

-10

0

10

20

30

40

50

0

10

20

30

40

50

60

70

1/6/

2015

3/1/

2015

4/26

/201

5

6/21

/201

5

8/16

/201

5

10/1

1/20

15

12/6

/201

5

1/31

/201

6

3/27

/201

6

5/22

/201

6

7/17

/201

6

9/11

/201

6

11/6

/201

6

1/1/

2017

2/26

/201

7

4/23

/201

7

6/18

/201

7

8/13

/201

7

Pro

ceed

s (U

S$m

)

Aver

age

New

Issu

e C

once

ssio

n Le

velProceeds (US$m) Average New Issue Concession

www.ifrmarkets.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables

Prime Auto Sub-Prime Auto Auto Leases Floorplan Auto-Rental-40-10

9

3.8%▼ -20.4%‐17.3%Industry % Change from Last Quarter -12.9% ▼

▲

Jan 1 - Sep 29

▼

15,008.9 100.0-1.957.8

▲ 17.3%

4,703 +171

BNP Paribas SA 9

2.2%

9

3,341,155.71,929,759.2

Industry Total

10 11

▲

159,377.9135,622.0

88168,375.7

-5.1▼9.7 +68▼54.9

+0.24.1

▼

▲ 549455

+4411.7▲ 562.4

▼▲ 451.4

8,234.9

3.04.8 757.8528 11.2 +52+0.6 ▲

▲▲

-0.1-0.5

▲

874.1

3.8

-0.5+0.4

▲6154.8

▼+914.6 680.7+20

13.1 +61 5.8724.4

5.1

▼▲

-1.3▲+0.5

4.516.8

5.0 -0.9 ▼ 686791▼5.8

▼ 736

-0.4

6.1 5.5

HSBC Holdings PLC 6 5 193,326.6196,488.3

-1.1 ▼

-15.6

6.8-0.2 ▼ 821 17.5-1.2

▼-0.5

+22 ▲1,015.2

-0.9 ▼+50 ▲

827.7

7.1 -1.18.5+14 1,280.6

Market MarketSh (%) Share Ch.

▼1,010

▼ 1,038 22.121.5 1,060.6+170 ▲

▲Deals


International DebtInternational Bond Volumes Up 2% l Greece and Iraq Return to the Market l JP Morgan Top Global Fee Earner

All International Bonds (J1) Jan 1 - Sep 29EMEA Deals Intelligence

# of MarketFeesProceeds

Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner

Sh (%) # of Deals


2016 RankBookrunner

5.9 0

2.9 ▲

100.0

+0.195,692.0Credit Suisse

Market Market

-0.58.28.2

+0.4

Sh (%) Share Ch.

▲274,880.9

4

274,793.56.8

7

228,108.5203,093.8

Top Ten Total


JP Morgan 1 1

Bank of America Merrill Lynch 4Barclays 3

3Citi 2 2

Goldman Sachs & Co 5

Morgan StanleyDeutsche Bank 7 6


International Bond Volumes recorded an increase of 2.2% during the first three quarters of 2017, reaching US$3.3trillion. The Real Estate sector recorded the largest year-over-year increase, up 91.8%. Telecommunications andConsumer Products and Services followed, up 77.92% and 28.3% respectively, compared to the same period lastyear.

The third quarter saw Greece return to the Eurobond markets for the first time since 2014, issuing a €3 billion fiveyear bond. Iraq also priced its first standalone bond deal since 2006 - proceeds from the US$1 billion issue will beused to aid the reduction of the country's budget deficit, which has been impacted by falling oil prices. In thecorporate sector, AT&T priced a US$22.5 billion bond, the third largest of all time.

According to estimates, the top international bond fee earner in the first nine months of 2017 was JP Morgan withUS$1.3 billion earned from 1,038 transactions, accounting for an 8.5% wallet share. The leading fee earner in theInternational Securitisation market was Bank of America Merrill Lynch with US$72.2 million accrued from 93 deals.BNP Paribas led the All Bonds in Euros fee earners with €190 million from 287 deals, a 6.6% wallet share.

All International Bonds by Issue Type

First Nine MonthsEuropean Financial and Corporate Inv Grade By Domicile Nation


Bank of America Merrill Lynch 1

Market Market

Credit Suisse9.1 +0.7

93Sh (%)


Sh (%)# of Deals2017 Rank

-0.7 ▼5.1▲ 146.0 +0.4

▲ 183.0▲

6.4

▼ 160.8 5.6

252-

+46

+0.7

13.9 155.7 5.4 ▲+0.84.3123.8 0

All Bonds in Euros (N1)

▼ 259 19.2Societe Generale

5.8▲

-0.256,678.657,171.8 5.9

Goldman Sachs & Co 6 9

4 6Deutsche Bank 5 5

233 +17

+31234 17.3 +28251

5.8166.5 ▼-0.2▲+0.2

+0.36.4 -0.3 ▼ ▲-618.6HSBC Holdings PLC 3 2 61,603.9

Barclays 2 3 62,413.2

Share Ch.+0.3

6.4 -0.2 17.3▼▲

Fees Sh (%)190.0▲

Change in

6.672,401.2Share Ch.Proceeds # of Deals

+15Sh (%)

21.3

2016 Rank

1Sh (%)

1

# of

7.5 287▲Deals

BNP Paribas SABookrunner

MarketProceeds per Bookrunner (€m)

+0.5Goldman Sachs & Co

Market

100.0

3.24.5

9.0

20,014.02 4

Proceeds26,441.2

Deutsche Bank 87

3

2Wells Fargo & Co

2016 RankBookrunner

Market# of Market Change in ManagerImputed Fees (US$m)

MarketShare Ch.


+0.8Deals

16.8 +8 ▲+22

+0.88.8

FeesShare Ch.12.0 +1.3

Sh (%)

53.7

▼67

MarketManager Market

72.7

Jan 1 - Sep 29

23.3

▼

▲

Market

7.0+18-3.2-0.9

30.7+0.1

8.5 +2 ▲

Imputed Fees (€m)

807.8

20.1

▼▼18.0 +2

6.1

-4.1

▲-2.4

10.6

19,914.8 -0.3 ▲ 48.1 7.0

▲

729.1▲ 47.9▲

42.1

Citi 4 5 19,840.9

▲3

▼Barclays 6 6 15,372.9

70JP Morgan 5 1 19,310.655.1 8.0

-3.3 17.5 -7 ▼▼7.0 ▲

9 11,912.8 5.4 +0.5 34▲▲ 58 14.5 +1

-2.32.3▼29

▲▼4.5 -1.9

4.9

+1.0

7 9,881.1 ▲-10 ▼ 33.9-1.1 12.550▼-2.3

+2.1Morgan Stanley 9 8 7,116.5RBC Capital Markets 10 26.1

▼11

7.3 -13

Top Ten Total 156,387.36,582.5 -0.3 ▼ 3.8 ▲

▼27 6.8 +4 ▲

16.0

688.262.071.1

3.0-3.5 ▼

-4.4%▼

▼-10.8+23 100.0

426.3399

▼Industry % Change from Last Quarter -19.7% ▼ -24.5%

▲-19.1% ▼

2017 Rank

6.1%

▲5.4 +0.5 ▲ 187

Industry Total

Industry % Change from Same Period Last Year 7.9% ▲

220,117.3

▼ 216▲

52,463.34 51,365.2

5.3 +0.15.3 -0.9

18.7 +22 ▲ 0▲16.0 +11

121.2JP Morgan 9 7 49,637.6

Credit Agricole CIB 7UniCredit 8 8 51,019.8

5.1 -0.4-

▼ 167.8 5.9 -0.5▼ 2074.2

15.3 -54.2121.6

▼Citi 10 10 44,436.4 4.6

559,191.013.4

▼- 181

57.7 -0.4 ▼▼+20 ▲ -1.40

53.5 -1.11,536.4100.02,866.0+12

Industry % Change from Same Period Last Year 6.4% ▲ 0.9% ▲ 14.7% ▲▼ -36.6%

Industry Total 970,834.3 100.0Top Ten Total

▼Industry % Change from Last Quarter -43.1% ▼ -29.5%

1,350

€ -

€ 200

€ 400

€ 600

€ 800

€ 1,000

€ 1,200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2010 2011 2012 2013 2014 2015 2016 2017

Pro

ceed

s (€

b)

Investment Grade Corporate Agency, Supranational, Sovereign High Yield CorporateFederal Credit Agency Emerging Market Corporate ABS & MBS

€0

€30

€60

€90

€120Proceeds (€b)

2016 2017

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com10


Green BondsGlobal Green Bond Volumes Up 63% l Issuance Surges In Energy & Power l HSBC Top Fee Earner

Green Bonds Deals Intelligence All Global Green Bonds (GR01) (Exc Tax Exempt Munis) Jan 1 - Sep 29

According to figures from Thomson Reuters and The Climate Bonds Initiative, total proceeds from global green bondsreached US$74.5 billion during the first nine months of 2017, a 63.4% increase compared to the same period lastyear. The increase was driven by increased borrowing activity in the Industrials (+170.3%) and Energy and Power(+157.1%) sectors. French borrowers led all nations with a 21.1% market share. Chinese borrowers followed,capturing 14.6% of the market.

Notable deals priced during the third quarter included Asian Development Bank’s two-part five and ten year deal ,proceeds of the US$1.25 billion issue will be used to support the financing of climate focused projects. The largestgreen bond priced in the third quarter was Mexico City Airport’s two-part US$4 billion transaction. Icade also priced itsinaugural green bond, a €600m ten year senior unsecured offering.

According to estimates, the leading global green bonds fee earner for the first nine months was HSBC, with US$15.3million earned from 34 transactions and a wallet share of 7.1%. HSBC was the top Euro denominated Green Bondsfee earner, with €8.3 million from 21 deals.

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2017 Rank

2016 Rank

Market Market # of Market Change in Manager Market MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.HSBC Holdings PLC 1 8 5,946.6 8.0 +3.6 ▲ 34 21.4 +10 ▲ 15.3 7.1 +0.4 ▲Credit Agricole CIB 2 3 5,222.1 7.0 -2.1 ▼ 28 17.6 +3 ▲ 13.4 6.2 +0.9 ▲Citi 3 10 5,090.7 6.8 -5.6 ▼ 19 11.9 -6 ▼ 11.5 5.4 -0.8 ▼JP Morgan 4 2 4,105.8 5.5 +2.4 ▲ 24 15.1 +14 ▲ 12.3 5.7 -5.3 ▼Bank of America Merrill Lynch 5 1 3,938.4 5.3 +2.7 ▲ 20 12.6 +10 ▲ 9.6 4.5 -2.6 ▼BNP Paribas SA 6 12 3,756.8 5.0 +1.1 ▲ 22 13.8 +7 ▲ 11.0 5.1 +2.7 ▲Societe Generale 7 15 3,712.7 5.0 +3.5 ▲ 14 8.8 +12 ▲ 6.9 3.2 +1.3 ▲Barclays 8 11 2,965.4 4.0 +1.9 ▲ 13 8.2 +10 ▲ 8.1 3.8 +1.1 ▲Natixis 9 49 2,861.6 3.8 -1.5 ▼ 14 8.8 -2 ▼ 5.8 2.7 +2.3 ▲Santander 10 20 2,547.4 3.4 +1.8 ▲ 14 8.8 +7 ▲ 6.9Top Ten Total 40,147.5 53.8 +7.8 100.8 46.9

3.2 -0.3 ▼

159▲

215.1 100.0-0.3 ▼

Industry Total 74,468.7 100.0

Industry % Change from Same Period Last Year 63.4% ▲ 55.9% ▲ 45.8%19.7% ▲ -11.3% ▼ 11.3%

▲

+57

▲

Top Green Bond Issuance by Nation First Nine Months All International Green Bonds (JG1) (Exc Tax Exempt Munis) Jan 1 - Sep 29



2016 Rank


# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.

HSBC Holdings PLC 1 5 5,946.6 9.4 +3.6 ▲ 34 35.8 +9 ▲ 15.3 8.9 +1.0 ▲Credit Agricole CIB 2 3 5,222.1 8.3 -3.7 ▼ 28 29.5 +2 ▲ 13.4 7.7 +1.5 ▲Citi 3 6 4,995.3 7.9 -8.5 ▼ 18 18.9 -7 ▼ 10.9 6.3 -1.1 ▼JP Morgan 4 2 4,010.3 6.3 +2.9 ▲ 23 24.2 +10 ▲ 11.8 6.8 -6.2 ▼Bank of America Merrill Lynch 5 1 3,746.2 5.9 +2.1 ▲ 19 20.0 +11 ▲ 8.4 4.8 -3.7 ▼Societe Generale 6 11 3,712.7 5.9 +0.6 ▲ 14 14.7 +6 ▲ 6.9 4.0 +1.7 ▲BNP Paribas SA 7 8 3,572.9 5.6 +4.0 ▲ 19 20.0 +12 ▲ 10.5 6.1 +3.2 ▲Barclays 8 7 2,869.9 4.5 +1.9 ▲ 12 12.6 +7 ▲ 7.6 4.4 +1.2 ▲Natixis 9 34 2,861.6 4.5 -2.2 ▼ 14 14.7 -2 ▼ 5.8 3.3 +2.8 ▲Santander 10 15 2,455.7 3.9 +1.1 ▲ 11 11.6 +3 ▲ 6.6 3.8 -0.4 ▼Top Ten Total 39,393.3 62.2 +1.8 ▲ 97.2 56.1 -0.0

100.0▼

Industry Total 63,311.7 100.0

▲ 30.1% ▲ 39.6%

+22 173.295

▲Industry % Change from Last Quarter 67.9% ▲ 50.0% ▲ 67.7% ▲Industry % Change from Same Period Last Year 84.0%

Global Green Bond Industry Composition (US$ Billion) First Nine Months Global Green Bonds Volume Jan 1 - Sep 29

0

5

10

15

20

25

$0

$2

$4

$6

$8

$10

$12

$14

$16


2014 2015 2016 2017

# of

Issu

es

Pro

ceed

s U

S$b

il

$27.937.5%

$26.535.6%

$14.419.4%

997.71.4% Financials

Government and Agencies

Energy and Power

Real Estate

Industrials

High Technology

$15,698

$10,833

$5,843

$5,387

$4,087

$3,720

$3,393

$2,925

$2,618

$2,487

$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000

France

China

United States of America

Germany

Mexico

Netherlands

Luxembourg

Spain

Brazil

Canada

Proceeds US$m

Visit https://www.climatebonds.net/ https://www.thomsonone.com

2014 2015 2016 2017

11

Global High Yield Volumes reached US$317.2 billion during the first nine months of 2017, a 31.2% increasecompared to the same period last year. The Real Estate sector saw the largest year-over-year increase, up 198.9%.Consumer Products and Services and Telecommunications followed, up 97.5% and 81.8%, respectively, compared tothe first nine months of 2016. Both US Dollar and Non Dollar issuance saw substantial year-on-year increases, up28.6% and 42.2%, respectively.

Tesla priced its first non convertible bond, a US$1.8 billion junk bond at a coupon of 5.3%. The deal proceeds were tobe used to help finance the development of the new Tesla Model 3. DAE Funding LLC announced a US$2.3bn threepart senior note offering via sole bookrunner Morgan Stanley, with the deal aiding the acquisition of aircraft leasingcompany AWAS Group.

According to estimates, the leading Global High Yield fee earner was JP Morgan, with US$467.3 million earned from243 transactions and a 10.4% wallet share. JP Morgan also captured the largest wallet share in the US Dollar market(10.7%), and Deutsche Bank led the Non Dollar market (9.6%).

Average Quarterly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Sep 29


High Yield DebtFirst Nine Months Volume Up 31% l Tesla Issues Debut Bond l JP Morgan Tops Global Fee Rankings

Global High Yield Debt (B4) Jan 1 - Sep 29Global High Yield Deals Intelligence



Market Market # of Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.

▲▲ 243 43.2 10.4325.1467.3+79

166▼JP Morgan 1 4 34,252.9 10.8 +2.5 +1.4 ▲

▼Goldman Sachs & Co 2 6 24,442.9 7.7 -0.4 ▲+3836.2 +4129.5 -1.07.3

7.2 -1.6 ▼Bank of America Merrill Lynch 3 3 23,622.1 7.5 -0.9 ▼ ▲ 320.97.1 -1.4 ▼ 153

204Barclays 4 2 22,577.3

284.4 ▲27.2 296.5 6.6 -2.1

8 20,695.4▼

6.5 +2.2+24 ▲

23.1 +45 ▲6.1 -2.0 ▼

▲Citi 6 5 19,225.4Morgan Stanley 5

153

+2.1170 30.2 +54 ▲130

240.6 5.46.3

-2.4 ▼▼Credit Suisse 7 7 19,182.2 6.1 -0.5 ▼ 27.2 +35 ▲ 293.9 6.6 -0.7

5.5 -3.7 ▼ 154Deutsche Bank 8 1 17,531.5 27.4 220.9 4.9 -3.1 ▼4.0 +0.2

+23 ▲20.6 ▲

+0.5 ▲▲ +0.3

88 15.6 +33 ▲ 09 12,645.5

RBC Capital Markets 10 11 10,407.59Wells Fargo & Co 116

143.13.33.8+35 ▲ 170.8

-Top Ten Total 204,582.7 64.6 -3.5 ▼ 2,763.5 61.7

3.2-7.1

563 4,484.9 100.0▼

Industry Total 317,232.3 100.0 +183

▲ 48.2% ▲ 50.3% ▲▼ -5.5% ▼

Industry % Change from Same Period Last Year 31.2%Industry % Change from Last Quarter -1.2% ▼ -13.1%

Monthly High Yield Volume

4.5 +0.5

5.0 +2.45.1 -0.1

6.5 +0.5

+0.3+8

▲ 343.830 ▲ 28.1

31.4 4.3▼

BNP Paribas SA 10 10 3,035.9 23.1 +5 ▲20.4 -3.6

▼+6 ▲Citi 9 2 3,104.6 4.7 -2.4 ▼

-0.2 ▼ 30 20.4▲

4.3 -1.1▲ 24

Bank of America Merrill Lynch 8 8 3,180.3 4.8 31.5Morgan Stanley

4.6 -0.2▲ 33.77 15 3,319.3

▼ 3849.428.6 +14 ▲

25.9 +156.7

▼16.3 +7 ▲ 37.1 5.0 +2.0

42HSBC Holdings PLC 6 7 3,390.0

▼Credit Suisse 5 5 3,607.5 5.4 0 - -0.2 ▼Barclays 4 3 4,369.0 ▲ 38

▲ +0.65.8 -1.125.9 +11 ▲ 42.9

▲44 29.9 +19 ▲ 57.2 7.8Goldman Sachs & Co 3 6 5,062.5 7.6 +2.4

+2.2 ▲9.6 -0.7 ▼

▲ 69.2 9.4Deutsche Bank 2 1 5,865.0 ▲ 70.58.8 -2.3 32.7▼ 48

+24+13

+3.8 ▲ 55 37.41 4 6,395.9Share Ch. Deals

9.6

2016 Rank

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market2017

Rank

2017 Rank

Proceeds per Bookrunner (€m)

2016 Rank

JP Morgan 1 3

Bookrunner Proceeds

27,131.4Bank of America Merrill Lynch 2 1 20,120.9

Barclays 4 2

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Sep 29


Bookrunner Proceeds Sh (%) Share Ch.Change in ManagerMarket Market # of Market

+1.3# of Deals Fees Sh (%) Share Ch.

390.4 10.7+55 ▲ ▲▲11.2 +2.2 45.4193

30.18.3 -1.1 ▼ 286.2 7.8179 42.1 +34 ▲ -1.8 ▼

▼Goldman Sachs & Co 3 4 18,813.2 7.7 -1.2 ▼ -1.47.3 -1.8 ▼ 119

+20 ▲ 261.3 7.112817,722.7

243.7 ▲28.0 248.9 6.8 -2.3

8 17,032.1▼

7.0 +2.2+11 ▲

25.4 +38 ▲6.5 -1.9 ▼

▲Citi 6 6 15,792.4Morgan Stanley 5

114

+2.2144 33.9 +43 ▲108

209.5 5.76.7

-2.2 ▼▼Credit Suisse 7 7 15,161.0 6.2 -0.8 ▼ 26.8 +19 ▲ 238.9 6.5 -0.9

4.9 +0.2 ▲ 112Wells Fargo & Co 8 9 11,934.8▼

26.4 161.9 4.4 +0.2-3.55 11,020.9

▲4.5 -4.2

+35 ▲25.4 +8 ▲

4.1 +0.7 ▲▼

RBC Capital Markets 10 10 9,905.9Deutsche Bank 9

+29 ▲ -0.1108

137.4 3.83.9142.7

81 19.1 ▼67.7 -5.7 ▼ 2,320.9 63.4 -8.5 ▼

Industry Total 243,027.7 100.0 425 +139 3,665.0 100.0

48.6% ▲ 52.2% ▲-8.8% ▼-11.7%

Industry % Change from Same Period Last Year 28.6%

Top Ten Total 164,635.3

▲

Change in

▼Industry % Change from Last Quarter -4.0% ▼

Sh (%) # of DealsJP Morgan

MarketSh (%)

▲

Fees Sh (%) Share Ch.Market Manager# of Market

Top Ten Total 41,330.0 62.0 +4.6147 100.0

61.3▲ 451.0 -1.8 ▼Industry Total 66,817.3 100.0 737.8

Industry % Change from Same Period Last Year 42.2% ▲ 41.3% ▲ 43.8% ▲

+43

▼ 3.4% ▲Industry % Change from Last Quarter 1.6% ▲ -10.6%

0

100

200

300

400

500

600

700

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2010 2011 2012 2013 2014 2015 2016 2017

Bas

is P

oint

s

Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark)

*Spreads based on fixed rate issues where spread information is available

0

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J AS

2012 2013 2014 2015 2016 2017

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$) # of Issues


74.9%-48.0% ▼

64.4% ▲ 162.9% ▲-33.3% ▼ -61.8%

Jan 1 - Sep 29

▼

+0.4

Latin America Emerging Market Bonds (L3)

▲

% Change from Last Quarter

HSBC Holdings PLC

4.8

-0.9

# of

Citi 1 1 52,234.3 9.8Sh (%)

5.910 5,156.5

-2.6+1.1

3 4,847.15.7

+1.2


2016 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

Asia-Pacific Emerging Market Bonds (L4)

▲ 234

Market

198.0

4 9 5,374.1

264 +66

▼-13.5% ▼

+0.7

76


▲▲24.3



Emerging MarketsAll International Emerging Market Debt Up 38% l EMEA Emerging Market Debt Up 75%

Jan 1 - Sep 29EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Sep 29

▼29.2 +8032.9

▲ 181.6 7.1 -1.6 ▼7.72 2 50,494.4

195▲8.8 +0.39.4

-0.2JP Morgan 3 3 46,904.7Deutsche Bank 4 5 25,544.2 ▼

▼13.6 +35 ▲

7.3 -2.0-0.4

+69 187.299.1 3.9

4.2 +0.8 ▲ 152 19.0 +61109

3.779.9

▲ 94.0Standard Chartered PLC 5 9 22,702.4+37104 13.0

Bank of America Merrill Lynch 7 4 20,533.1BNP Paribas SA 6 7 21,774.0

+11▼▲

116 14.5 ▲10.0 +30▲

▲3.8 -3.2

80

4.1 +0.7

Goldman Sachs & Co 8 12 19,332.6

54.0

752.8 -1.3 ▼10Morgan Stanley 10

9.4Barclays 9 6 14,850.914,696.9

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

▲+112.7 0

3.6 +1.1

81Top Ten Total 289,067.5Industry Total

-0.7802

3.1102.0

▲2.7

77.9

100.01,169.2 45.8

3.1

▲

▼

4.0

3.2

‐509

Sh (%)

+2410.1-

-0.8▼▲

-

-2.9▼

-0.2

▼

HSBC Holdings PLC▲

VTB Capital

Deutsche Bank

Goldman Sachs & Co+1.3+0.6

Barclays 10

2,557.4

68.5 ▼81.0

▼27 22.5 +9

% Change from Same Period Last Year 38.1% ▲

13.3 +3-1.4

23▲ 19

▼▼12.1 -6.6

-1.7▲ 11.7

Societe Generale 8 7

# of Deals51

19.238.3

▲▲

15.8

▲

3,187.89 15.0 +13

+1055.4

4,414.4 11.919.2 +8

Standard Chartered PLC

4

3.514

3,144.5

163,246.2 ▼

3.8 ▼-1.6-0.6

3.53.64.9

-1.3 23

89.5%

6

▲

0 ▼-1.765.4

535,684.2 100.0

-16.1%27.5%

Jan 1 - Sep 29

▲

Imputed Fees (US$m)2017 Rank

2016 Rank

Market MarketChange in Market Market

▲▼


-9.2%

1318

+45.8

Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) Sh (%)Fees Share Ch.Manager

Citi 1 2 12,207.2 42.5

Market # of

13.5JP Morgan 2 1BNP Paribas SA 3 8 7,262.6

-2.5 ▼10,344.3 11.4▲8.0 +3.2

+0.9 ▲46

+22 36.4

+13+13

37.9+18 ▲▲

7.221.1

+1.7 ▲6.8

22.5+3.9

-0.8 ▼3.4 +0.5 ▲

▲▲ 10.716.7▲ 20

▼

2.99.2

13.3 4.3

2.9▼ ▲ 9.1

12.7▲

10.8 +2 ▲+1.9 ▲ -0.4

+1.0▼▲▼

-4.659,184.74.1-2.2

100.0▼

90,596.6 312.3

% Change from Same Period Last Year

+47

▲

Industry Total 12059.2184.8Top Ten Total

100.0

*ti

Jan 1 - Jun 30All International Emerging Market Bond Volume by Industry (US$b)

▲287.9% ▲ -13.7% ▼ -4.2%20.8% ▲

1.4%

‐17

-22.7%

64.8▲▲+28.8109.7

-31.6% ▼ -18.2% ▼▲

169.7

▼

100.058

5.2▼

7.7▲

2.0

▼+3.9

3.3

▲

Industry Total

% Change from Last Quarter -9.4% ▼% Change from Same Period Last Year 14.3% ▲

Top Ten Total 51,229.0NCB Capital Corp 10 1,635.7 ▲

+24.771.3+23.4

72,150.3

2.3 +2.3-

100.0▲

Barclays 9 4 2,383.3 -4.0 ▼3.3 7 2.8▼ 4.7+2.0

12.1 -5 -4.22 ▲

6 10.3 -3 ▼3.94.4▲ 7.43.0-0.9 ▼ -2.3

8.6 +4BNP Paribas SA 8 8 2,785.1

54.88.6 -2 ▼

Gulf International Bank 5 -5.465.5

Deutsche Bank3,984.3

+0.7+5.5

5▲+4.0 ▲

▲ 49 3,859.2

Goldman Sachs & Co 7 23 3,427.6

▲8.7 5.1 +5.1▲+2.94.6

▲20 34.5 +1 ▲ 12.2 7.26.9 +4

▲34.5 +710.2 +1.7 ▲

6.88.6 +0.9▲

+4.9Standard Chartered PLC 4 7 4,891.714.5

+1.6

HSBC Holdings PLC

20▲23 39.7 +13 ▲ 21.9 +9.6▲

24.1+8.1 ▲

51.7 +5

Citi 3 2 7,328.7

1 ▲JP Morgan 2 5 10,356.2 14.4 12.9

14.2 +6.0▲Deals Sh (%)

14.7 +5.7 ▲ 30Sh (%)

1 10,577.2

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch.

Proceeds per Bookrunner (US$m)Market Market # of Market

# of Deals per BookrunnerMarket

100.0

Imputed Fees (US$m)2017 Rank


Middle East Emerging Market Bonds (L5) Jan 1 - Sep 29

% Change from Last Quarter -13.0% ▼ % Change from Last Quarter ▼ -2.4% ▼ 9.8% ▲▲ 134.8% ▲

1,609.7

% Change from Same Period Last Year 51.5% ▲

+117

30.9%

Industry Total▼

496 100.041.6670.6

-3.2▲ 50.2

262,955.3-2.0 ▼ -10.1

▼Top Ten Total 122,678.8 46.7Bank of America Merrill Lynch 10 3 8,509.7

57.6 3.63.2 -1.8 ▼ 64 12.9 +1 3.1

16.7 +31 ▲DBS Group Holdings 9 9 8,577.9-1.1 ▼

3.3 048 9.7

- -0.4 ▼83

61.5▲

▲ 55.13.3 +0.3 ▲ +16Goldman Sachs & Co 8 11 8,782.13.68,805.9 ▲3.4 +0.33.4

▼76 15.3 +28 ▲ 57.9 -0.7

-0.4 ▼3.8 -2.5 ▼

75+26

57.9 3.615.5

11,629.7 4.4-0.410,710.6

15.1 +40▼ 774.1


Deutsche Bank 5 8

Market # of MarketImputed Fees (US$m)

+1.1 ▲

2017 Rank

2016 Rank

1 1Proceeds

Market

▲ 14.4 ▼-3.0

▼100.0

-1.5458.5

58.44.7 -0.3

7 10JP Morgan 6UBS

6

▼

100.0 128 +14Industry Total 108,896.1

▲% Change from Same Period Last Year 8.1% 19.6%

330.0-1.7 ▼13.3 +83.1 +1.9 ▲ 17

65.4Itau Unibanco 10 16 3,373.0Top Ten Total 84,534.9

10 7.8 +2 ▲ 8.5 3.1-2.9

4.9 -2.2▼BBVA

Deutsche Bank

+0.8 ▲BNP Paribas SA 9 13 3,415.5 3.1118 6 4,825.8 4.4127 7 5,307.7 ▼ -7 ▼

▲9.48.6 -1 ▼ 19.4

+2.5 ▲2.0 +0.4 ▲

21.2

3Bank of America Merrill Lynch 4

▲22.6 0.9Morgan Stanley 6 10 6,680.2

Citi 1 2 16,566.8

ManagerImputed Fees (US$m)

2017 Rank

2016 Rank ProceedsBookrunner # of Deals Fees

Market Market # of Market Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

MarketMarketChange in ManagerBookrunner Sh (%)

▼ 22,716.4 8.6 -1.1DealsSh (%) Share Ch.

▼ 178 +45 ▼Fees Sh (%) Share Ch.

-2.0▲# of Deals

7.4119.6Share Ch.

15.2 33.6Deals Sh (%)

+3.9 ▲ 43-0.8 ▼ Citi 2

▲+14 66.6 12.363.3▲

HSBC Holdings PLC 3 5 12,720.2 11.7JP Morgan 2 1 15,276.4 +12

▲-1.5

35.9-0.56.015,756.8 24.2120

HSBC Holdings PLC+0.1 ▲ 49 38.3

34 26.6+3.1 ▲▼

4.1▲Bank of China Ltd

+0.5 ▲-1.263.62

22.4▲

+10 ▲ 9.542.4 66.4111Standard Chartered PLC 3 44.0

-2.2 -1.334.3-2.6 ▼ +2.8

8.1

1.6

▲

22.0 +48 ▲ 80.8 5.0 ▲109 +0.9▲▼

5.013,100.14 5 +0.3 ▲5.4

6.1 +2.45 4

8,933.5

14.0

Sh (%)

Santander 7,435.8 ▲25.8 +5 ▲

29 22.78.26.8 ▼ +7

33 8.2

MarketMarketShare Ch.

37.3▼

Sh (%)

14,089.6-1.1+0.4

+35+47

▼

25 19.5 +9 +0.2▲8.0

$224.242%

$154.529%

$60.811%

$30.36%

$19.04%

$18.54%

Financials


Energy and Power

Real Estate

Materials

Industrials

Consumer Staples

Media and Entertainment

High Technology

Consumer Products and Services

Retail*tie

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Retail

13

Domestic Brazilian Debt in Reals (BR2) Jan 1 - Sep 29

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market


Emerging Markets - Latin AmericaDomestic Brazilian Issuance Down 11% | Domestic Mexican Issuance Up 14%

Change in 2017 Rank

2016 Rank

Market

All Global Debt by Brazilian Issuers (BR1) Jan 1 - Sep 29

Bookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Manager Market

Share Ch.Itau Unibanco 1 6 4,266.6 15.1

Sh (%) # of Deals Fees▼28 39.4 +8 ▲ 15.7

Sh (%)+7.7 ▲ -1.9

Banco Bradesco SA 2 1 3,914.113.3

29.6 -8 ▼ 16.2 13.7 +7.522 31.0

13.9 -5.2 ▼ 21 ▲Santander 3 3 3,248.0 11.5 -2.0 ▼ -3.4 ▼+3 ▲ 14.0 11.9

7.7Citi 4 10 2,546.5 9.0Banco do Brasil SA 5 2 2,166.3

▼11.3 +3 ▲ 9.9+6.8 ▲▲13 18.3 -5 ▼ 10.4 8.8 +4.3

5.9 +0.17.6 +2.5 ▲

8 8.3 -5.1-7.1 ▼

▲ 8.9HSBC Holdings PLC 6 7 2,142.3

-2.0 ▼8 11.38.5 -4 ▼ 6.96

+1

9 4

▲Morgan Stanley 7 8 2,087.3 7.4 +4.5 ▲

-7.1 ▼7.5

5.3JP Morgan 8 5 1,562.7 5.5Bank of America Merrill Lynch ▼ -6.4

▼14.1 +2 ▲ 8.310 7.0 -2.6▼9 12.7 +1 ▲ 5.1 4.4

▲ 4.5 +3.8Banco BTG Pactual SA 10 18 739.2 +2.5 3.81,484.5

11.3 +72.6 ▲ 8-8.0

Top Ten Total 24,157.5▲

85.6 -5.4 ▼ -5.7 ▼99.9 84.6‐8 118.0 100.0

% Change from Same Period Last Year -3.4% ▼ -10.1% ▼

Industry Total

▼ -67.7%-16.0% ▼-31.6% ▼

28,261.4 100.0

▼

71

Global Debt by Mexican Issuers (MX1)

-19.1%% Change from Last Quarter

Jan 1 - Sep 29

Global Brazilian Debt Volume by Sector First Nine Months 2017

0

20

40

60

80

100

120

140

160

180

$0

$10

$20

$30

$40

$50

$60

$70

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

US$(m)Securitized Debt

Junk Rated Debt

Investment Grade Corporate

Agency, Supranational, Sovereign

# of Issues

▼% Change from Last Quarter 45.7% ▲ -33.3% ▼ 36.7% ▲% Change from Same Period Last Year -11.0% ▼ -51.0% ▼ -6.3%

‐132 29.8121 100.0▲

Industry Total 38,805.5 100.029.3 100.0 +8.3

+1.3 ▲Top Ten Total 37,843.3 97.7 +8.0 ▲

7 5.8 +4 ▲ .4 1.51.5 +1.5 ▲

Arab Banking Corporation 10 13 715.0 1.8 +1.5 ▲▲ 7 5.8 +7 ▲ .4XP Investimentos 9 - 761.9 2.0 +2.0

-7 ▼ .9 2.9 -10.0 ▼▲

Banco do Brasil SA 8 3 1,115.1 2.9 -9.2 ▼ 5 4.10.8 +1 ▲ 1.0 3.4 +3.4

+4.3 ▲Banco de Investimentos BCN SA 7 - 1,247.2 3.2 +3.2 ▲ 1

2 1.7 +2 ▲ 1.3 4.33.9 -2.4 ▼

Banco J Safra SA 6 - 1,497.2 3.9 +3.9 ▲▼ 6 5.0 -8 ▼ 1.2Banco Votorantim 5 4 1,609.5 4.2 -1.8

+7 ▲ 2.4 8.1 +7.9 ▲▲

Banco BTG Pactual SA 4 11 2,852.3 7.4 +6.9 ▲ 9 7.414.0 +3 ▲ 5.1 17.2 +11.2

-20.3 ▼Santander 3 5 6,446.7 16.6 +10.7 ▲ 17

25 20.7 -3 ▼ 7.3 24.531.1 +11.4 ▲

Banco Bradesco SA 2 1 9,237.4 23.8 -23.7 ▼▲ 47 38.8 +19 ▲ 9.3Itau Unibanco 1 2 12,361.0 31.9 +14.5

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2017

Rank2016 Rank


Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m)2017 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market2016

RankMarket Market # of Market

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees▲ 34 52.3 +3BBVA 1 1

9.2JP Morgan 2 24,015.3 14.6 +1.5

63,858.7 14.1 ▲▲ 12.8

-214.6 +2.8 ▲

+4.9 ▲13.4 +4.7 ▲

▼ 11.5 13.1 +0.5- 11.70

2,799.27.7

10.2 +3.93,518.9 12.8 +6.9 ▲ 5

Santander 4 6HSBC Holdings PLC 3 7

▲8.3 -3.1 ▼27 41.5

15 10.9 +5.4 ▲▼ 9.623.1 -1+12 ▲ 7.3Citi 5 5 2,418.6 ▲

3.18.8 +0.5

-3Deutsche Bank 6 10 2,165.9 7.9 +3.7 ▲ 2 ▲4.8 +3.9 ▲

▼ 4.7 5.4 +1.5▲ 4.2BNP Paribas SA 7 14 1,617.2 5.9 +3.9 ▲ 3

Barclays 8 9+2

1,437.94.6

5.2 +0.41.5

▲ 44.1 +1.9 ▲0 - 3.63.3

10 8 984.4

▲ 2.96.2 +14.1 +2.3 1Credit Agricole CIB 9 15* 1,119.2 ▲

9.2Morgan Stanley ▲82.5 +18.0 ▲

▼ 4.0▼ 6

27,434.1 ‐2

3.6 -1.5

100.0

-2Top Ten Total 23,935.3 87.2 +26.5

196.4%

▲ 72.3Industry Total

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Sep 29

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager

▼

BookrunnerMarket

▲

MarketDealsProceeds

Market MarketSh (%)

26.8 +4.0

# ofSh (%) Share Ch.

Jan 1 - Sep 29


Share Ch.Market

65

Deals Sh (%)

-27.6%

Market# of Deals Fees

Domestic Mexican Debt (MX3)

-3.0%

2017 Rank

2016 Rank Bookrunner Proceeds Sh (%) Share Ch.

2016 Rank

+5

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

Market2017 Rank

-21.9% ▼136.0% ▲

BBVA1 1,614.8BBVA 1 ▲ 4.0 13.2 -10.936.1# of Deals Fees

1 1▲ 30 1,614.8 33.0Sh (%)

▼Sh (%) Share Ch.

5 1,224.0Citi 2 14.3 +9.4▲ 4.4

Grupo Financiero Banorte-IxeTD Securities Inc 8

▼

4.6 +0.7

▲ 2620.3 +14.2

-0.3 ▼

▲ Citi 2 63.3 31.3 +8.4 ▲

31.3 +183 731.6

1,141.3 23.315.7 0 ▼ Santander

+5 ▲+10.0 ▲ 30 61.22.2 20.6

6.6▲ 23 46.9

0 -731.6+14.4

-5.6- 2.0+17.1 ▲+15 ▲

3 3Santander ▲ 13 26.512.2 -0.2 ▼ 13 15.0 +2.5+3.5Casas de Bolsa Bital, S.A. 4 6 ▲ 13 +7440.0 15.7 ▼ ▲ 134

3 1.7 15.87.3 +1.9 3.6 -1.5▲

+5.3 21.571.1

Casa de Bolsa Inverlat+3.8 ▲

▲ +0.9 ▲51.1440.0 9.0 10.2.5 4.8

7

JP Morgan 5 279.9 5.7 +0.69 ▲

Corporacion Actinver Sab de CV

8Casa de Bolsa Inverlat 6 102.8

-0.4

+20.314* 375.9

+7.8 ▲

9.66

+6 ▲

Grupo Financiero Banorte-Ixe

26.5

8 279.9 -0.4▲ 10 ▲

Casas de Bolsa Bital, S.A.12.0 +8 +1

+1 ▼16.36.3 ▲ 6.5

4.7 8 14.3

Manager

▼-0.3▲ .9 7▼Bank of America Merrill Lynch 7 4▼ 74.0 8.4

▲-2-2 ▼2.6 2 4.1

.8 7.5241.010 241.0 ▼-1.1▼ .8 .0 0.293.2 1.9 -5.4

1.69.1 8 16.3 .22▲ 5 8+36.0

87.7

-4+8.7▲ 2.8+2.6 ▲3.4 ▼- 141.9

▼

▲ 4 2.218 202.1

Evercore Casa de Bolsa SA 9 117.2 +7.2▲▼

▼▼1.8 -11.5

▼

▲-2.7 ▼-6

Nomura 9 69.6 1.4 -2.9 ▼2.4 +2.4 4.8 +4Bank of America Merrill Lynch 10

5,344.1Top Ten Total93.2

-22.0%

▼

100.0

88.41 2.0

-19.1

+2.94.9 +0.4

Change in

▼1.1 -5.22.8

0.64 3 6.11.6 -5.6▲ Top Ten Total

5-2

▼ Casa de Bolsa Finamex SAD de C 10▲

Market Market

-7.5▼ .2

-27.0%

-6.5 ▼


▲.2 1.4

81.5

.3

+18.730.489.0 +23.8-3.0 ▼-652.7+6.9 ▲4,752.3

▼96.2

-62.4

4,891.3100.030.4 Industry Total

2


Industry Total+9.197.1

100.0 83

-31.0% ▼

496,016.3

▲▲% Change from Same Period Last Year 38.4%▼ % Change from Last Quarter

+3910.7▲10.7

-33.7%88.6% % Change from Same Period Last Year 13.6%241.6% ▲ 16.7%

+7 100.0

▲-16.4% ▼ -30.4% ▼ ▼

▲ 50.7%-50.8%

100.0

▲▼


Asian Corporate Bonds Imputed Fees (US$m) First Nine Months 2017

7,685.0

▲

+0.23 9,638.6

t Includes Asian Development Bank issuance


11DBS Group Holdings 10

All Asian Currencies (ex-Japan ex-Australia) (AS1**)

7.8

47 10,949.7

4.4

▼-2.3

3.8

100.0

▼‐4.1%

7

Standard Chartered PLC

Sh (%)Bookrunner8.71

Proceeds

6Bank of China Ltd

6.7

2017 Rank

Market

10,866.5JP Morgan

52

12,360.013,325.0

2

65

4

3Citi


Deutsche Bank 4.55.0

HSBC Holdings PLC


-0.3 ▼21,314.7

2016 Rank

# of Deals per Bookrunner# of

▲+0.6

Share Ch. Sh (%)

Change in

# of Deals

Market

27.7Fees

+0.8

▲ 57.0

Deals

+0.3 +41+31

106

Market

▲

Imputed Fees (US$m)

16,326.2 -0.9105.6 ▼

4.2▲26.4


Asia DebtAsian G3 Up 48% l Asian Local Currency Down 26% | Panda Bonds at US$6 billion

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence

Asian G3 (US$, Euro, Yen) bond offerings in the first nine months of 2017 totaled US$245.3 billion from 383 issues,up 47.7% from the same period in 2016 and marking the highest first nine months volume on record. The thirdquarter saw a slowdown in deal issuance, with only US$76.3 billion priced deals, down 4.1% from the second quarter.The Financials sector drove market activity during the first nine months of 2017, with U$142.3 billion from 210transactions, up 40.9% from the comparable period last year.

Asian local currency bond offerings amounted to US$1.2 trillion from 8,038 transactions in the first nine months of2017, down 26% from the comparable period last year. Despite falling 33.3% compared to the same period in 2016,Chinese Yuan-denominated issues totaled US$914.4 billion from 3,184 transactions and remained the most activelocal currency. Panda Bonds totaled US$5.8 billion from 15 deals in the third quarter, posting the busiest quarter todate.

According to estimates, fees in the Asian G3 currency bond market amounted to US$1.3 billion in the first ninemonths of 2017, recording an 114.9% uptick from the same period in 2016. Estimated underwriting fees on Asianlocal currency bonds (ex. Japan, Australia) totaled US$4.1 billion in the first nine months of 2017, down 14.2% fromthe comparable period in 2016.

1 153

Market

Share Ch.

Jan 1 - Sep 29

Sh (%)

+52 ▲ 58.8 4.4

MarketManager

▲5.4 +0.6

17.5 +15+1.25.5

101105 73.9

27.4

52.0

▲+32-1.2 ▼ 66 -0.8

▲ ▲

3.967-2.9 ▼ 14.6 ▼-8 ▼ -3.13.9

▼-4.1▲ 56 2.8

17.2▼▲ 50.3 3.7

3.6▲ 36.1+3161

▼11.7 +18 ▲ 38.148.6

BNP Paribas SA 9 9 8,864.6 +0.1Goldman Sachs & Co 8 8 9,252.7

3.6 +0.20 - -0.1+24 ▲

2.745 15.9

- 49.23.1 0 ▼73 17.2 +19 ▲▲

-9.7383

19.13.7

▲

1,348.7 100.0Top Ten Total 120,583.0

-0.4

Industry Total

▲

245,301.9

47.7%

+89▼▼

30.3%

49.1 -2.4

13.7%▲

42.3569.6

114.9%

Jan 1 - Sep 29

▼‐1.5% ▲

**Includes CDs and CPs

Dim Sum, Panda and Formosa Bonds (ex self-funded)

0.0% ‐33.5%94.8%

100.0+36

▼▲

Industry % Change from Last Quarter ▲

86

Industry % Change from Same Period Last Year 113.9% ▲ 72.0% ▲

Industry Total

-0.419.8

265.0+10.1425.4

▲+54.99.34.117.4

▲▼ 17 3.9▲ 62.3

16.7+919.8 ▲

▼3.2

20.9

▲▲▲+4.2

+0.5

▼

+14.3

▲

13.4▼ 15

3.5 +2.73.64.3 -3.1

17.44.7 -0.2 22 25.6

-5.21,413.3 ▲▼ +13 ▲▲

+6

+6▼

+13

17.4

15

▲ 817

6.4

▼3.7▲+2.818.9▲

4.5-2.615.9

▼ 25+7

8.1

▲

▲ 7

22▲

▲ 32.4 7.6 +5.9+3+10 27.3▲ +0.4

-0.154.1

MarketSh (%) Share Ch.MarketManager

Fees

11.332.6 +21 ▲

MarketSh (%)

▼▲12.7

48.0+8.8

Bookrunner

1Credit Suisse

15HSBC Holdings PLC

Change in # of DealsShare Ch. Deals

2811

4

Haitong Securities Co Ltd 10.73,232.6

29.1▼ 25.6

6.0

+6.9

6.2CITIC

3 2

6 1,545.7

3.31,150.9

100.018,938.0 57.3

+3.3

271,175.9

9-0.7

-1.0

Top Ten Total

JP MorganGuotai Junan Securities

33,157.0

10

39


1

China Minsheng Banking Corp

China Merchants Securities CoBank of China Ltd

6

2017 Rank

Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)(AR10)

BookrunnerChina Construction Bank 76,183.6

153

615

Industry Total

Bank of China Ltd

2016 Rank

3

Market

3

▲4.9

Proceeds

+1.2 ▲▲+1.0

1

▲

2,055.79.8

3,551.3

6.4

Sh (%)

Proceeds

2.2

63,317.3

48,119.6

24,754.7

‐33.2% ▼

Jan 1 - Sep 29


2,001.9

1

910

12

1,092.8

Deutsche Bank

▼

3.9+0.5-58

7.1 +0.7

+2.4

3.9

1,719.024,190.6

5.2

2016 Rank Sh (%)

505,902.3 44.0


2

Morgan Stanley 24

▲+0.33.1

-0.5

-1.4

5

78

10

1,717.9 +4.1

# of Deals per Bookrunner Imputed Fees (US$m)Market Change in

102.0+24

5.1 ▲4.6 +0.9▼-8

-85104.6

+9.4

2.5

▼ 125.9

4,097.9+85 100.042.1

▲

Market

8,038

2.6▼▲

8 10

Share Ch.

▲▲+0.3

▼

198.74.5

5.4▼ 222.1

184.9

-120211.5 5.2▼

-60-49

▼

Market MarketMarket Manager

6.6

Market # of# of DealsShare Ch.

727Deals

237.3669

Sh (%)

▲-0.4

-0.8 ▼

▼ 9.0

637 7.9-108

FeesSh (%)-61 +1.1 ▲

+1.0230.7

5.8▼5.6

▼

74,228.170,537.9

-0.5 7.76.1

-0.6 ▼ 8.3

4.2

2

60,892.7 5.3

3.2

5.5

36,475.1

46

68

5

Industrial Bank Co Ltd 7

▲

▲

▼

+205

372

316

+0.5

▲ 317

+2.0

-0.2 413

1,153,167.6▲

▲▼

2.5

1.1% ‐14.2%‐10.6% 4.8%

▲

2

101.3▲

568

27,202.7

CSC Financial Co Ltd ▲ 2.7

+1.0

+0.4

Top Ten Total

-0.9CITIC

Industrial & Comm Bank China

China Merchants Bank

▲

+0.5

Bank of Communications Co LtdAgricultural Bank of China 5 ▼

4

2.4

Industry % Change from Last Quarter ‐2.0% ▼

# of

215

‐26.0%

2.1

100.0

▼$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Chinese Yuan U.S. Dollar All Other Currencies

25

50

75

100

0

2

4

6

8

Jan-

15Fe

b-15

Mar

-15

Apr

-15

May

-15

Jun-

15Ju

l-15

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16Fe

b-16

Mar

-16

Apr

-16

May

-16

Jun-

16Ju

l-16

Aug

-16

Sep

-16

Oct

-16

Nov

-16

Dec

-16

Jan-

17Fe

b-17

Mar

-17

Apr

-17

May

-17

Jun-

17Ju

l-17

Aug

-17

Sep

-17

# of

Issu

es

US

$ (m

)

Dim Sum Panda Formosa # of Deals

**Includes CDs and CPs

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F M M A S N D F M M A S N D F M M A S

15

MarketMarket2017 Rank

# of Deals per Bookrunner2016 Rank

Australian international debt offerings in the first nine months of 2017 totaled US$62.5 billion from 94 issues, anincrease of 1.5% compare to the same period last year. US$ denominated deals accounted for 58.1% of marketactivity, amounting to US$36.4 billion.

Australian Dollar bonds (excluding self-funded) during the first nine months of 2017 reached AU$115.2 billion from318 deals, recording a 47.3% increase from the comparable period a year ago. Agency, Supranational and Sovereignissues totaled AU$51 billion from 181 deals, accounting for 44.3% of market activity and posting a 37.5% increaseover the same period in 2016.

According to estimates, fees earned from Australian international bond offerings in the first nine months of 2017totaled US$274 million, up 38.9% from fees earned during the same period last year. Estimated fees from AustralianDollar (excluding self-funded) bonds reached AU$575.4 million, up 151.5% from the previous year’s first nine months.

Market

-1.286.5

▼

-3.4

+1.1 ▲ 15.0 ▼Share Ch.Share Ch. # of Deals

ManagerFees

Change in Sh (%)

MarketProceeds per Bookrunner (AU$m) Imputed Fees (AU$m)

16.4Proceeds

Australian International Debt Up 2% | Australian Dollar Bonds Up 47%

Bookrunner

-0.312,099.9

+3.7▲

18,841.2

14,714.3

▲

National Australia Bank 34

6

Sh (%)

12.817,102.7 14.9

+0.19.3

7

56.39.9

6 7,211.34.2

5

7 4,883.2

+4.4 ▲UBS

11,366.610.5

Deutsche Bank 10.359.06.9 -1.1

2 ▲+2426.1 ▼▼53.3

9.8-1.617.3

+0.3 ▲

▼▼ 8.2

18-5 ▼

▲26

4.7+4.7

+8+2+2 +0.65.7

461.6+4.45.9▲ 33.9

▲

-0.2▲+2.0

▲80.3▲

+3.5+17

318100.0115,201.5

47.3%

14.2-85.6 +0.6

6.3% ▲▲▲ 15.6%

▲67.7%

Nomura 109

Top Ten Total

Macquarie Group

Industry Total

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)

13

Commonwealth Bank of Australia

ANZ Banking Group

4

CitiTD Securities Inc 8

575.498,306.9 ▲

45

+43

3.3

-1.7

03.43.9

-1.4

Market# of

151.5%74.4%

▲▲

100.0

Jan 1 - Sep 29

▲

Australia Debt

▼1.2


Jan 1 - Sep 29

-3.160.8 ▼30.5

+24 10.6

Deals

72▲97 +13

55

22.6

▼56.3

+16

39.8

▲17.0

83

54

▼▲7.0

▲ 6.6

25.040.4

4.3▲

3

All Australian Debt (ex self-funded) (AJ3a)

Sh (%)

63

1

3,891.6

Australia Deals Intelligence

1Westpac Banking

3,759.09

4,437.1

-3.2+9

▲2

19.815

8

All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Nine Months 2017

13

--49 -1.4

4.4

5.7%

Top Ten Total

-0.56

47.9 87.6▲

8.85.9

8.4▼

+3.2

▲▲

180.1

16.23.1 +1.0

-2.0

Industry % Change from Last Quarter 9.1%

274.0

National Australia Bank

▲

▼▼

67.362,528.1


▼

▲

94

Goldman Sachs & Co 9RBC Capital Markets 10 7

100.0

+1.72,722.1

-36▼

▼-1.4 9.6

12.812

Industry Total

7.4▲65.8

▲2,927.3

42,043.0+2

▼

21 +4.2

4.72,955.4

▼

-3.0

-1.53.208 7+4

▼

4.75.07 8.53,107.2 ▲

Bank of America Merrill Lynch 6 2 3,388.5 5.4 -5.1Westpac Banking

▲▼10.6

8

+2.4UBS 5 12 3,800.120.5-

104.111.2

6.7 -0.3

▲14.7

Morgan Stanley6.1 +3.0 +3

+0.97.511.714.9 0

5.2

24.54 5 4,188.9 ▼

8.2 -1.5 8.3

▲ 11 14.214


Bookrunner

HSBC Holdings PLC ▼3 3

1 1

2016 Rank

5.4 -6.0

▲

▼-3

-8 22.7▼

Market

22.3

5,101.3 -0.5

Market Market

12.8 +2.223


Proceeds Share Ch.Sh (%)2016 Rank

7,018.1 11.2 -3.4Deals

All Australian International Bonds (AJ7) Jan 1 - Sep 29

BookrunnerSh (%) Share Ch.2017 Rank

7 8

Change in

1Sh (%)Fees

-3.310.9 +1.3 ▲ 21

▼35.128.3

▼21

# of Deals

22.3 -3

Westpac Banking

JP Morgan 2 4 6,834.110.3

ANZ Banking Group

Commonwealth Bank of AustraliaDeutsche Bank

-13 ▼

Imputed Fees (US$m)

# of Market

ManagerSh (%)Fees

-8.4

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2017 Rank

Imputed Fees (AU$m)

Share Ch. Sh (%)▼ 30

Market Market MarketMarket Change in

11.2 22.2# of Deals

75.0+4.0 ▲

# ofProceeds

Market

6,789.4DealsSh (%)

-6.824.11

37.5+5.8

Share Ch.▼+13

+3.7 ▲▲

Westpac BankingMacquarie Group 3 5 3,891.6 13.8

3 5,637.6 20.02 +13 ▲ 10.5 20.92415

60.0+3.1 ▲+8 ▲ 6.4 12.7

0 - 30.04 4 3,024.2 10.7 1211 27.5

ANZ Banking GroupCommonwealth Bank of Australia 5 2 2,930.4 10.4 -7.6 ▼

+1.7 ▲+4 ▲ 6.0 12.0-6.9 ▼+1 ▲ 5.0 9.8

▲ 25.06 7 2,740.6 9.7 10Citi 7 6 558.9 2.0

+7.1 +7.5 ▲+8 ▲ 5.0 10.0▼+1 ▲ .8 1.73 7.5

500.0 1.8 2-2.0▼+3.3

-1.0

1.6 +0.4+1.8 ▲ 5.0

▲-0.7 ▼ 5.0

▲+2 ▲ 1.7 3.3+0.1 ▲1.32 5.0 +1 ▲ .7

Top Ten Total 26,875.0 95.3 +2.728,171.0 100.0 40 +15 50.3

Market

35.3%Industry % Change from Last Quarter109.9% ▲ 60.0%

19.0% ▲

+1.9

MarketProceeds per Bookrunner (AU$m)

ManagerBookrunner Proceeds Sh (%)

2017 Rank

2016 Rank

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

Sh (%)30.585 15.3 ▼-1.580.4▲+9

Share Ch.▲▲ 48

1 12 4 13.3

15,817.0 17.99.6

▼9.2▲ 48.5▼▲ -3.850.6

-1.0+3.2

▲ 15.8+1017.2

+1.1

19.415.8

8.7+11 45.8

10.5 44 +14▼ ▲+1 ▲ 54.1 10.3 +4.0

8.2

9.9 44

-3.25 6 8,409.4 9.5 54

-1.1

26 9.3National Australia Bank +0.4 ▲UBS 6 2 ▼7,211.3

▼63

4,728.2 5.4 17-1.05.0 -1.7

6.440.4 7.7▼

4.3

-0.3 ▼77,120.8-0.2

▲▼

45+0.33.4

3.7% ▲ 79.1%159.1%

23.1% ▲▲

0

100.0

▲-0.8 ▼- .6 1.1+1.6

2

▲

88,389.3

Industry % Change from Last Quarter ▲94.8%11.2% ▲

527.1

Market

279

▲

▲

+2-5 39.8

33.948

+254

+1716.117.2

22.6▲

28.0

▲6.1

+2

▲

▲

4.7

80.9%

446.2

7.6

▲

100.0

100.0

Jan 1 - Sep 29

+0.7

▲

▲

5.3

24.7▼

▲

▼

+4.7 ▲▲+3.4

-1.4-2.3

▲▲▼

+7.984.8

+5.1

+19 ▲

8 -

Deutsche Bank

9

10 266 365.8 1.3436.59 12*

7

▲

87.43,027.9


10

Industry Total

Industry Total

Credit Suisse

3

11,708.7

▲

3

8

9,315.6

▲ ▼

4


100.0

‐27.7%

JP Morgan

TD Securities Inc


▲38.9%1.5%

20.0%▲

8,706.6

Nomura

34.9%

Top Ten Total10

4,437.19 3,759.0

Citi

Citi ▼

RBC Capital Markets

5

National Australia Bank

Manager Market Market

$0

$20

$40

$60

$80

$100

$120

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS


Samurai Bonds Issuer Domicile Analysis Jan 1 - Sep 29

4

Proceeds per Bookrunner (¥m)

Lead Manager

+3 ▲▼

▲

1.5

1.094.1

1.4+0.5

Jan 1 - Sep 29

16.7 ▲

+0.8

1.6-0▼

▲

24.5

10,720.5

956.6

24.4

▲

+3.5

▼-4.5

▼

-0.3

14.9 -0.4

1.5 ▲

-3.3

-42.1 +98

+110

+1.9

421 46.2

▲384396

14.00.7 0

8,990.7

▲

511

▲ +77▲▲

13.843.4

▲+1.1316,578.1 1.8

+2.22,720,615.1 15.7+2.72,385,881.3


Japan DebtJapanese Yen Denominated Bonds Highest Deal Count l Japanese Corporate Bonds Up 5% l Samurai Bonds Up 15%

All Bonds in Yen (AP5) Jan 1 - Sep 29Japan Deals Intelligence

+1.02 3,144,727.7

Sumitomo Mitsui Finl Grp Inc 32 -2.518.2

3 16.1

Market

Goldman Sachs & Co

Daiwa Securities Group Inc 5

7Sumitomo Mitsui Trust Holdings

Nomura

6

4


Mizuho Financial Group 1 1

Change in Market Market

58.1Sh (%)Sh (%)

4,233,526.1

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

▼-2.717.1▲ 15,683.3

Share Ch.

+85

Share Ch.530▼

11,001.1▲+37

46.6425▼9,549.2▲

987.3

64.3 +42.422

919.3▲391.68 270,626.8 1.6

▼280,049.8 -0.46+0.5 ▲-0.1 ▼7 255,413.4

▼-0.11.50.8

▲13 1.4 -11 ▼ 1,052.3Bank of America Merrill LynchMitsubishi UFJ Financial Group 8

9 135,838.7

17,311,805.2

9

Samurai Bonds (AP1)

+0.4

Industry Total +102

Tokai Tokyo Financial Holdings 10▲

41

▼-7.4%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▲▼

1.4%7.9%

2017 Rank

2016 Rank

16,533,063.5Top Ten Total

Proceeds¥mil

Mitsubishi UFJ Morgan Stanley2,789,806.5

▲

95.6 -0.864,275.2

12.6%

912100.0+1.1

4.5 -360,503.2

642.9▼

-11.2%

Yen-denominated bond activity during the first nine months of 2017 totaled JPY17.3 trillion from 912 deals, a 1.4%increase compared to the same period a year ago. This was the highest recorded deal count to date and the secondstrongest nine months period for yen-denominated activity after 2007's JPY19.1 trillion. According to estimates,underwriting fees from Yen-denominated activity totaled JPY64.3 billion during the first nine months of 2017,remaining flat from the same period in 2016.

Japanese corporate debt totaled JPY8.8 trillion from 449 transactions during the first nine months of 2017, a 4.7%increase from the proceeds raised a year ago, posting the second highest volume on record after 2009's JPY9.2trillion. The Industrials sector led the market, raising JPY2.3 trillion from 123 deals, followed by Financials, withJPY2.2 trillion from 62 deals.

Samurai Bond volume during the first nine months of 2017 totaled JPY1.1 trillion from 30 transactions, representing a15% increase over the JPY945 billion raised in the comparable period last year. Samurai market activity essentiallyeased in the third quarter, with only one European issuer transaction, totaling JPY10 billion.

*tie

5 4Natixis

2

2017 Rank

87,960.4

Sumitomo Mitsui Trust Holdings 4

147,684.59

3

121,116.3Goldman Sachs & Co

Nomura 145,290.0

+3

Share Ch.+10.4 ▲

-4.5

▼+2.3

▼▲

-1.9

1,086,300.01,086,300.0 100.0


Societe Generale

Mizuho Financial Group

Industry Total

Lead Manager

BNP Paribas SA

Top Nine Total

Nomura

Mitsubishi UFJ Morgan Stanley

Daiwa Securities Group Inc

8

▲▼

Industry Total

-8.9%

3,593,430.6

173,793.45.9

8.6%

8.0

123.4

5


3,390,182.82.5

100.0

11.3%

94.4 ▲

5.3% ▲

764.0Mizuho Financial GroupSumitomo Mitsui Finl Grp Inc 2

678

Daiwa Securities Group Inc3.79

-

Credit Agricole CIB

1

8

9

▲287,921.6

487,439.3

+0.8

1045

16,000.0+0.8

Proceeds

7

15.0%

2

1

-3.6

9

123,576.7

3.1 ▲+2.4

+5.8

11.4

Sh (%)

2117

210,786.0

316,578.1

+2.2335,392.9

Share Ch.

▲

25

Mitsubishi UFJ Morgan Stanley

▲

Market

24.3Deals # of Deals

Proceeds per Bookrunner (¥mil)

+4.8

▼

-0.8

▼

Sh (%)

100.0

4.14.8

Market

-9.0

8.8+2.7

Sh (%)+10.0

197,703.313.418.2

Share Ch.▲

257,576.7263,576.7

¥mil

403

3 -3.92

▼

▲

-23.751

+0.8

▼40,160.0

-1.7

11.1%

34.013.6

6.7

3


2Sumitomo Mitsui Finl Grp Inc

87

7Bank of America Merrill Lynch

6

Top Ten Total

6

Mitsubishi UFJ Financial Group


▲ 19▼9.3

¥mil

6.7

116

-1.2

1,221,510.31

2016 Rank

▼

23.420.1

744.7

3.8

11.5638.7367.5

11.5119.9367.6

+1.1

12

5.1-

+16

19 10.7▲ 6

2Credit Suisse 10 +0.1▼

178

6▲

+2.0

-1

1.1

5.9%

-0.1

▲+1.1▲

358.8396.9

+0.7

▼▲

▼

591.2

0▲

4.03.6

▲

-+0.6

0

3.4 ▲▼1.7

+2 ▲

+1

518.3

▲

+1.4+2.7

▼827.6 8.4 -0.5

▲6.0

956.6 +6.39.70 -3.40

65.2 -10 ▼ 35.3▲ 1,051.2+12

3.2

▼-0.8-11.6

Share Ch.

▲

▼

▼

▲1.8

▼

+4.3

▼-1.8

▲-4.0

+0.8

+2.4+0.6

Market

# of Deals per Bookrunner Imputed Fees (¥mil)2017 Rank

2016 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

Market

Sh (%)

70.0 ▲+1

100.0

0.8

Jan 1 - Sep 29

+11

Deals

Manager Market

# of

24.0

56.7

# of

28,433.3

0-

▲

16.7

1823.3760.0

Change in

▲93.3

Market

28

33,983.3 -▲▼

5+4-1

056.5

+10Sh (%)

83.3

▼-3

Fees ¥mil

Market

▲-93.8% ▼

11.1%

0 -

26.7

100.2

+0.3

Sh (%)Fees ¥mil

-10.7 10.6

3.4

# of Deals

5.23

3,185.7▲ 100.0

0.81.5

-97.5%▲

30 3,185.8

6.7 ▲

▲

Market

3,494.6

+2

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

7.3719.7▲

Japanese Securitizations (AP2)

▲▲

92.8100.0

0 -

9,892.99,183.1

268.2 2.7

▲

+9

-22.1%

Japanese Corporate Debt Volume by Industry (¥ Billion) First Nine Months 2017

65

29

48

61

4551

70

51

27 30

0

10

20

30

40

50

60

70

80

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Issu

es

¥ B

illion

Asia-Pacific (ex Central Asia) Europe Americas Africa/Middle East/Central Asia # of Issues

¥2,31426%

¥2,22625%

¥1,09512%

¥5376%¥500

6%¥4695%

¥4205%

¥4175%

¥3003%

¥2753%

¥2203%

Industrials

Financials

Energy and Power

Consumer Staples

Telecommunications

Materials


Real Estate

High Technology

Retail

Consumer Products and Services

H lth


Healthcare

17

▼2Mitsubishi UFJ Morgan Stanley

Nomura 3Mitsubishi UFJ Morgan Stanley +71 22

1

# of

Jan 1 - Sep 29


Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

+77+1.61,421,896.33

16.1 -0.13 ▲ 418

▲1,351,360.2

43.943.0

59.2+35

390 ▲4

514.22,374,281.3 ▲+2.7

0.6▲382

-1+96

▲ 952.1▼

▲

516.02,674,338.1

2,747,206.5▲


Sh (%) Lead ManagerMarket

266

# of Deals Fees ¥milMarket

61.0Share Ch.

Change in 2017 Rank

2016 Rank

Proceeds

▼

Lead Manager ¥mil1

1,816,197.4

MarketShare Ch.

24.5 ▼4,182,626.118.1

-3.1Mizuho Financial Group-2.9

¥milSh (%)Market

Sh (%)Proceeds2017

Rank2016 Rank

+2.516.4

3,030,294.4+1.2


Sh (%)59.1

▲10,358.4

-0.1+85

47.1 15.4419

25.0

Market

▼525

Deals

Bonds Targeted in Japan (AP4)

-0.3

1-6.1

9,011.218.3 ▼

-3.0 ▼6,735.5

+3.1

SBI Holdings Inc 8 12 55,325.9

770,100.279,762.36

Goldman Sachs & Co 7 6

Sumitomo Mitsui Finl Grp Inc 4

0.80.9

Daiwa Securities Group Inc 15.35 5Shinkin Central Bank

4▲+4.2

2,167,834.9

Japanese Corporate Debt (AP3)

20.61

-5.923 1,754,167.4 19.9

24.6

▲▼-0.4

47.2

Change in

24.8▲

1.3

▼+112

+0.9

+4.39,312.1

-3.0

1.6+2.4

17.2

14.910,295.48,963.7

▲

Market

-4.3Share Ch.Sh (%)

+41 14,981.5

Jan 1 - Sep 29


▲▲

17.1

Imputed Fees (¥mil)

▼▼

Market Market

▲

# of ManagerShare Ch. Fees ¥mil# of Deals

16 0

57.5

30238

-

25860.4

5,773.7▲▲ 53.0

+79+83

+77▲

2715,602.1

▲▲

▲ 515.2 4

+2.0Nomura

274Deals

-2.6 ▲Mizuho Financial Group

Sumitomo Mitsui Trust Holdings

Sumitomo Mitsui Finl Grp Inc7,625.7 20.7▼

+6.3

Daiwa Securities Group Inc15.7

9Mitsubishi UFJ Financial Group

810

7

Top Ten Total

236.71.5

+0.10.60.7

▼

Industry Total

6

+0.2▼▲

1.6% ▲

7

16,054,953.2

171,080.10.8

100.0

▲

Tokai Tokyo Financial Holdings 94Bank of America Merrill Lynch 0.2

9 46,000.1 0 20 ▲

+6 259.2 ▲+0.2-0.4

6.73.6

▲▼

▼

10

8,832,008.1


+0.2100.0

▲8,781,644.719,000.08

99.50.2 -0.5 ▼

Top Ten Total

-17.2%Industry % Change from Same Period Last Year 4.7% ▲

▼ 14.6%▼

16,706,318.2

0.8-0.2

▼

135,838.7

-12.2%

Industry Total

▲-0.8%22.7% ▲

449 +8398.236,178.7

36,788.3+0.1

100.0

▲0.6 +0.4-

Tokai Tokyo Financial Holdings

+1.3

▼305.570.0

0.5-2

0.94.5

-5+2

0.73 ▼

-30.9 -15

-0.2 ▼

559.1 8Bank of America Merrill Lynch

251,716.56▲

1.0 ▼

Goldman Sachs & Co

-0.5+0.1173,793.4

1.5▲0.9

▲0.8

+0.1

▲▲ ▼

+0.1+2809.0

642.9

518.3493.9

▼

▼19

41

▼

95.1+115

57,327.3100.060,338.0

▼-0.3

-0.381.1

888+0.5

2.0%-11.5% ▼

95.9

14.9% ▲ -3.0%

▲

313,778.111 +1.2▲

▼▲

1.9

10-0.5 38

1.04.32.1

+4


4.6


Japan Debt


-

-

-

-

-

-Asia-Pacific

-

-

-

-

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

Tel: +44 207 542 4376

E-mail: [email protected]

Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.

Europe

Carina Causon-Israel

Ian Willmott

https://www.thomsonone.com

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and allFederal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rankineligible and are not included in league tables for the current calendar year.

All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EDT on September 292017.

Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to theUS dollar equivalent at the time of announcement.

Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.

As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be 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 content provider. 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 extent permitted 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 to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 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 third party.

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to non-lead loansyndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting in partnership with Thomson Reuters.

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Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.

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