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GLOBALEQUITY CAPITAL MARKETLEAGUE TABLES

FY 2017

CONTENTS

1. Global market review

2. US market review

3. Canada market review

4. Latin America market review

5. EMEA market review

6. Asia market review

7. Table criteria

DATA SUBMISSIONS AND QUERIES

North America

EMEA

Asia Pacific

Contact

Irina Arefyeva

Karan Aswani

Billy Sun

Phone

+1 646 324 4663

+44 20 3525 4331

+886 2 77191571

Email

[email protected]

[email protected]

[email protected]

Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors and 500 legal advisors.

LEAG<GO> for a full range of league tables

IPO<GO> for Bloomberg’s equity offerings product

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

FULL YEAR 2017

MANAGER RANKINGS

GLOBAL EQUITY, EQUITY LINKED & RIGHTS

© 2017 Bloomberg Finance L.P. All rights reserved.

Bloomberg GlobalEquity|FY2017

BloombergLeagueTableReports Page1

GlobalEquityReviewFY2017creditedGlobalEquity,EquityLinked&Rightsvolumeincreased32.04%toUSD740.8Blnwhiledealcountincreased23.54%to4,875offeringsyear-on-year.GlobalEquityIPOvolumeincreased45.21%year-on-yeartoUSD196.4Blnwhilethedealcountincreased45.09%to1,654.GlobalEquityLinkedvolumeincreased24.00%year-on-yeartoUSD99.5Blnover382deals.MorganStanleyrankedasthetopGlobalEquity,EquityLinked&RightsunderwriterforFY2017with8.84%marketshare.Thebankunderwrote413dealsovertheperiod.JPMorganandGoldmanSachsrankedsecondandthirdwith8.21%and8.03%marketshare,respectively.

GlobalEquity,EquityLinked&Rights:HighlightsofFY2017

GlobalEquity,EquityLinked&Rights:QuarterlyVolume

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

100100

200200

300300

USDBln

USDBln

00

400400

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

1,8001,800

DealCount Rights Equity-Linked IPO

Add'l

TopUnderwriterMorganStanley

Numberofdeals 413

Volume(USDMln) 65,459

AvgDealsize(USDMln) 158.5

MarketSummaryNumberofdeals 4,875



Issuer Industry Volume(USDMln) Date

UniCreditSpA Financials 13,737 02/23/2017

JapanPostHoldingsCoLtd Financials 10,829 09/25/2017

DeutscheBankAG Financials 8,530 04/06/2017

BancoSantanderSA Financials 8,229 07/20/2017

ToshibaCorp Industrials 5,356 11/19/2017

RegionalREITLtd Financials 5,073 12/19/2017

ChinaEverbrightBankCoLtd Financials 4,348 03/15/2017

ElectricitedeFranceSA Utilities 4,343 03/21/2017

CreditSuisseGroupAG Financials 4,257 06/07/2017

SnapInc Communications 3,910 03/01/2017

Financials34%

ConsumerDiscretionary12%

Industrials11%

HealthCare9%

Technology8%

Energy7%

Materials6%

Communications5%

Others8%

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

Industry Volume(USDMln) %OfTotal %YOYChange

Financials 273,956 33.7% 62.3%

ConsumerDiscretionary 96,161 11.8% 57.7%

Industrials 86,950 10.7% 67.1%

HealthCare 73,529 9.0% 31.2%

Technology 62,800 7.7% 89.6%

Energy 58,910 7.2% -31.1%

Materials 51,526 6.3% 5.1%

Communications 41,720 5.1% -8.0%

ConsumerStaples 38,014 4.7% 25.2%

Utilities 29,851 3.7% -19.4%

Government 300 0.0%

GlobalEquity,EquityLinked&Rights:OfferingBreakdown

OfferingType Volume(USDMln) %OfTotal %YOYChange

AdditionalOfferings 390,714 48.2% 26.8%

IPO 208,573 25.7% 50.3%

Equity-Linked 114,077 14.1% 7.1%

RightsOfferings 97,609 12.0% 60.9%

34%

12%11%

9%8%

7%

6%

5%

8%



GlobalEquity,EquityLinked&RightsFY2017 FY2016

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MorganStanley 1 8.836 65,459 413 2 8.019 0.817

JPMorgan 2 8.207 60,800 409 1 9.692 -1.485

GoldmanSachs 3 8.035 59,523 331 3 7.891 0.144

Citi 4 6.066 44,938 352 5 5.329 0.737

BankofAmericaMerrillLynch 5 5.642 41,797 308 4 6.061 -0.419

UBS 6 4.737 35,090 208 8 3.832 0.905

CreditSuisse 7 4.488 33,248 279 6 5.253 -0.765

DeutscheBank 8 3.471 25,716 198 7 4.483 -1.012

Barclays 9 3.399 25,177 188 9 3.548 -0.149

RBCCapitalMarkets 10 2.033 15,059 159 10 2.177 -0.144

BNPParibas 11 1.637 12,124 103 15 1.219 0.418

Nomura 12 1.618 11,984 109 12 1.620 -0.002

WellsFargo 13 1.475 10,930 120 11 1.716 -0.241

HSBC 14 1.396 10,341 68 17 1.107 0.289

Jefferies 15 1.242 9,199 128 16 1.198 0.044

CITICSecuritiesCoLtd 16 1.198 8,873 63 19 0.852 0.346

SocieteGenerale 17 1.009 7,477 54 24 0.713 0.296

MizuhoFinancial 18 0.992 7,346 66 18 0.985 0.007

BMOCapitalMarkets 19 0.935 6,925 96 14 1.242 -0.307

DaiwaSecurities 20 0.911 6,750 52 36 0.402 0.509

TOTAL 100% 740,831 4,875 100%

GlobalEquity&EquityLinkedFY2017 FY2016


MorganStanley 1 9.215 61,984 402 2 8.497 0.718

JPMorgan 2 8.443 56,792 391 1 9.919 -1.476

GoldmanSachs 3 8.396 56,477 318 3 8.266 0.130

Citi 4 6.169 41,497 337 5 5.407 0.762


UBS 6 4.562 30,686 188 8 3.846 0.716

CreditSuisse 7 4.431 29,805 262 6 5.376 -0.945

Barclays 8 3.425 23,037 181 9 3.544 -0.119

DeutscheBank 9 3.410 22,936 185 7 4.672 -1.262


Nomura 11 1.778 11,963 108 12 1.744 0.034

WellsFargo 12 1.564 10,518 119 11 1.860 -0.296

BNPParibas 13 1.405 9,449 85 16 1.136 0.269


Jefferies 15 1.222 8,220 124 15 1.187 0.035

HSBC 16 1.102 7,411 55 19 0.858 0.244




ChinaInternationalCapitalCorp 20 0.916 6,163 40 21 0.812 0.104

TOTAL 100% 672,664 4,594 100%

GlobalEquityOfferingsFY2017 FY2016


MorganStanley 1 9.531 54,625 354 2 8.256 1.275

GoldmanSachs 2 8.752 50,164 286 3 8.220 0.532

JPMorgan 3 7.625 43,703 333 1 9.494 -1.869

Citi 4 6.598 37,813 305 6 5.428 1.170


UBS 6 4.874 27,934 175 7 4.137 0.737

CreditSuisse 7 4.676 26,799 238 5 5.522 -0.846

Barclays 8 3.399 19,479 156 8 3.863 -0.464

DeutscheBank 9 3.110 17,825 156 9 3.549 -0.439


Nomura 11 1.468 8,411 95 14 1.399 0.069

WellsFargo 12 1.398 8,013 104 11 1.799 -0.401

Jefferies 13 1.249 7,159 115 15 1.249 0.000

BNPParibas 14 1.142 6,543 60 26 0.597 0.545



HSBC 17 1.023 5,862 42 25 0.654 0.369

SumitomoMitsuiFinancial 18 0.928 5,317 63 16 0.936 -0.008



TOTAL 100% 573,139 4,212 100%

GlobalEquityIPOFY2017 FY2016


Citi 1 6.596 12,952 117 4 4.701 1.895

JPMorgan 2 5.884 11,553 101 1 6.306 -0.422

MorganStanley 3 5.648 11,090 96 2 5.987 -0.339

CreditSuisse 4 5.466 10,733 85 6 3.855 1.611

GoldmanSachs 5 4.172 8,192 72 3 5.022 -0.850

UBS 6 3.859 7,578 50 8 3.286 0.573

DeutscheBank 7 3.489 6,850 60 5 4.088 -0.599


Barclays 9 1.845 3,623 38 13 1.464 0.381

CITICSecuritiesCoLtd 10 1.836 3,606 44 12 1.971 -0.135

RBCCapitalMarkets 11 1.589 3,119 39 32 0.738 0.851

HSBC 12 1.483 2,911 17 25 0.990 0.493

GFSecurities 13 1.434 2,816 41 26 0.946 0.488

ChinaInternationalCapitalCorp 14 1.322 2,597 29 11 2.137 -0.815

HaitongSecuritiesCoLtd 15 1.315 2,582 47 20 1.184 0.131

ChinaSecuritiesCoLtd 16 1.284 2,521 30 10 2.273 -0.989

Jefferies 17 1.163 2,283 42 33 0.712 0.451

Nomura 18 1.145 2,248 41 9 2.453 -1.308

ChinaMerchantsSecurities 19 1.123 2,204 25 16 1.320 -0.197

BancoSantander 20 1.113 2,185 18 68 0.247 0.866

TOTAL 100% 196,352 1,654 100%



GlobalEquityLinkedFY2017 FY2016


JPMorgan 1 13.152 13,089 58 1 12.239 0.913

MorganStanley 2 7.394 7,359 48 3 9.808 -2.414

GoldmanSachs 3 6.343 6,313 32 4 8.517 -2.174

BankofAmericaMerrillLynch 4 5.421 5,395 45 5 5.419 0.002

DeutscheBank 5 5.135 5,110 29 2 10.793 -5.658


Citi 7 3.702 3,684 32 6 5.298 -1.596

Barclays 8 3.575 3,558 25 14 1.803 1.772

Nomura 9 3.569 3,552 13 9 3.620 -0.051


CreditSuisse 11 3.021 3,006 24 7 4.581 -1.560

BNPParibas 12 2.919 2,905 25 8 4.074 -1.155

UBS 13 2.765 2,752 13 10 2.256 0.509

WellsFargo 14 2.517 2,505 15 11 2.190 0.327



BMOCapitalMarkets 17 1.685 1,677 16 29 0.514 1.171

HSBC 18 1.557 1,549 13 13 1.973 -0.416

GuosenSecuritiesCoLtd 19 1.516 1,509 5 57 0.142 1.374

CreditAgricoleCIB 20 1.157 1,151 13 15 1.668 -0.511

TOTAL 100% 99,524 382 100%



USEquityReviewFY2017creditedUSEquity&EquityLinkedvolumeincreased16.42%toUSD215.9Blnwhiledealcountincreased26.38%to939offeringsyear-on-year.USEquityIPOvolumeincreased107.58%year-on-yeartoUSD42.0Blnwhilethedealcountincreased70.75%to181.USEquityLinkedvolumeincreased29.93%year-on-yeartoUSD34.2Blnover102deals.JPMorganrankedasthetopUSEquity&EquityLinkedunderwriterforFY2017with12.32%marketshare.Thebankunderwrote234dealsovertheperiod.GoldmanSachsandMorganStanleyrankedsecondandthirdwith12.26%and11.97%marketshare,respectively.

USEquity&EquityLinked:HighlightsofFY2017

USEquity&EquityLinked:QuarterlyVolume

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

2020

4040

6060

8080

USDBln

USDBln

00

100100

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Equity-Linked Add'l IPO

TopUnderwriterJPMorgan

Numberofdeals 234



MarketSummaryNumberofdeals 939




SnapInc Communications 3,910 03/01/2017

CrownCastleInternationalCorp Financials 3,854 07/21/2017

BectonDickinsonandCo HealthCare 2,475 05/10/2017

BectonDickinsonandCo HealthCare 2,475 05/11/2017

EquinixInc Financials 2,185 03/08/2017

WilliamsCosInc/The Energy 2,168 01/09/2017

AlticeUSAInc Communications 2,152 06/21/2017

MicrochipTechnologyInc Technology 2,070 02/10/2017

InvitationHomesInc Financials 1,771 01/31/2017

FirstDataCorp Financials 1,735 09/13/2017

Financials30%

HealthCare18%

Technology11%


Energy10%

Communications8%

Industrials5%

Others7%

USEquity&EquityLinked:IndustryBreakdown

USEquity&EquityLinked:IndustryBreakdown


Financials 66,587 30.0% 64.3%

HealthCare 39,679 17.9% 43.2%

Technology 25,266 11.4% 73.0%


Energy 21,693 9.8% -54.1%

Communications 17,150 7.7% 172.5%

Industrials 11,601 5.2% 134.9%

ConsumerStaples 7,904 3.6% -33.2%

Materials 6,592 3.0% -41.1%

Utilities 1,292 0.6% -91.2%

USEquity&EquityLinked:OfferingBreakdown



IPO 42,646 19.2% 105.2%

Equity-Linked 38,103 17.2% 29.8%

30%

18%11%

11%

10%

8%

5%

7%



USEquity&EquityLinkedFY2017 FY2016


JPMorgan 1 12.317 26,592 234 1 14.627 -2.310

GoldmanSachs 2 12.263 26,474 181 2 13.864 -1.601

MorganStanley 3 11.969 25,839 193 4 8.390 3.579


Citi 5 7.691 16,604 156 6 7.690 0.001

Barclays 6 7.235 15,620 125 5 7.864 -0.629

CreditSuisse 7 6.174 13,330 136 7 7.647 -1.473

WellsFargo 8 4.780 10,319 112 8 5.146 -0.366

DeutscheBank 9 3.356 7,245 78 9 4.959 -1.603


Jefferies 11 2.094 4,520 81 12 1.950 0.144

UBS 12 1.684 3,635 55 11 2.016 -0.332

Stifel 13 1.471 3,176 76 17 0.721 0.750


Cowen&Co 15 1.194 2,578 54 20 0.601 0.593

LeerinkPartnersLLC 16 1.002 2,164 39 18 0.703 0.299

CantorFitzgerald 17 0.999 2,157 31 31 0.204 0.795

SunTrustRobinsonHumphrey 18 0.954 2,060 37 14 1.007 -0.053

RaymondJames&Associates 19 0.695 1,500 41 16 0.759 -0.064

PiperJaffray&Co 20 0.654 1,413 37 22 0.523 0.131

TOTAL 100% 215,893 939 100%

USEquityOfferingsFY2017 FY2016


GoldmanSachs 1 12.673 23,022 160 2 13.747 -1.074

JPMorgan 2 11.972 21,749 195 1 15.168 -3.196

MorganStanley 3 11.860 21,546 161 4 9.025 2.835


Citi 5 8.183 14,865 139 7 7.707 0.476

Barclays 6 7.111 12,919 104 5 8.542 -1.431

CreditSuisse 7 6.497 11,802 120 6 8.144 -1.647

WellsFargo 8 4.301 7,814 97 8 4.894 -0.593

DeutscheBank 9 3.657 6,643 69 9 3.350 0.307


Jefferies 11 1.936 3,518 73 12 2.035 -0.099

UBS 12 1.885 3,424 50 11 2.268 -0.383

Stifel 13 1.641 2,981 72 16 0.768 0.873

Cowen&Co 14 1.340 2,434 53 18 0.658 0.682


LeerinkPartnersLLC 16 1.041 1,891 37 19 0.591 0.450


SunTrustRobinsonHumphrey 18 0.858 1,558 30 14 0.870 -0.012

RaymondJames&Associates 19 0.796 1,446 39 17 0.767 0.029

PiperJaffray&Co 20 0.778 1,413 37 20 0.467 0.311

TOTAL 100% 181,666 837 100%

USEquityIPOFY2017 FY2016


JPMorgan 1 10.997 4,618 55 2 9.447 1.550

CreditSuisse 2 10.238 4,300 39 4 8.503 1.735

GoldmanSachs 3 9.496 3,988 42 3 8.953 0.543

Citi 4 9.067 3,808 47 1 10.827 -1.760

MorganStanley 5 8.038 3,376 39 7 6.531 1.507

DeutscheBank 6 7.737 3,249 28 5 8.011 -0.274

Barclays 7 5.075 2,131 24 8 5.302 -0.227



WellsFargo 10 3.016 1,267 24 9 4.313 -1.297


Allen&Co 12 2.218 931 8 - - 2.218

Stifel 13 2.073 871 19 17 1.378 0.695

Jefferies 14 1.858 780 21 11 3.200 -1.342

UBS 15 1.739 730 12 12 2.923 -1.184

Cowen&Co 16 1.717 721 16 16 1.389 0.328

EarlyBirdCapitalInc 17 1.708 718 5 29 0.405 1.303

SandlerO'Neill&Partners 18 1.702 715 9 35 0.338 1.364

PiperJaffray&Co 19 0.984 413 10 19 1.012 -0.028

BMOCapitalMarkets 20 0.918 385 9 15 1.608 -0.690

TOTAL 100% 41,998 181 100%

USEquityLinkedFY2017 FY2016


JPMorgan 1 14.149 4,843 39 3 11.360 2.789


MorganStanley 3 12.545 4,294 32 8 4.556 7.989

GoldmanSachs 4 10.086 3,452 21 2 14.567 -4.481

Barclays 5 7.892 2,701 21 10 3.769 4.123

WellsFargo 6 7.319 2,505 15 6 6.674 0.645

Citi 7 5.080 1,739 17 5 7.589 -2.509

CreditSuisse 8 4.463 1,528 16 7 4.644 -0.181

Jefferies 9 2.929 1,002 8 15 1.434 1.495

RBCCapitalMarkets 10 2.842 973 8 11 3.287 -0.445

BMOCapitalMarkets 11 2.507 858 8 22 0.645 1.862

BNPParibas 12 1.931 661 6 14 1.537 0.394

DeutscheBank 13 1.759 602 9 1 14.674 -12.915

HSBC 14 1.684 576 4 23 0.645 1.039

SunTrustRobinsonHumphrey 15 1.467 502 7 13 1.833 -0.366

USBancorp 16 1.288 441 2 20 0.674 0.614

MitsubishiUFJFinancialGroupInc 17 1.098 376 2 12 2.053 -0.955

JMPGroupLLC 18 1.052 360 7 34 0.109 0.943

SilverLakeGroupLLC 19 0.877 300 1 - - 0.877

LeerinkPartnersLLC 20 0.798 273 2 16 1.376 -0.578

TOTAL 100% 34,226 102 100%



CanadaEquityReviewFY2017creditedCanadaEquity,EquityLinked&Preferredvolumedecreased20.92%toCAD43.1Blnwhiledealcountincreased17.02%to495offeringsyear-on-year.CanadaEquityIPOvolumeincreased555.71%year-on-yeartoCAD4.9Blnwhilethedealcountincreased255.00%to71.CanadaEquityOfferingsvolumedecreased23.84%year-on-yeartoCAD35.3Blnover446deals.RBCCapitalMarketsrankedasthetopCanadaEquity,EquityLinked&PreferredunderwriterforFY2017with21.08%marketshare.Thebankunderwrote60dealsovertheperiod.TDSecuritiesandBMOCapitalMarketsrankedsecondandthirdwith14.89%and13.75%marketshare,respectively.

CanadaEquity,EquityLinked&Preferred

FY2017 FY2016

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)


TDSecurities 2 14.886 6,421 65 1 19.698 -4.812


CIBC 4 9.594 4,138 56 4 11.442 -1.848

Scotiabank 5 8.324 3,590 38 5 9.206 -0.882

NationalBankFinancialInc 6 5.545 2,392 44 6 4.940 0.605

JPMorgan 7 5.502 2,373 2 7 4.265 1.237

CanaccordGenuity 8 3.093 1,334 88 14 0.631 2.462

GMPSecurities 9 2.341 1,010 38 10 1.872 0.469

MorganStanley 10 1.334 575 4 19 0.444 0.890

TOTAL 100% 43,131 495 100%

CanadaEquity&EquityLinked

FY2017 FY2016



TDSecurities 2 14.551 5,650 51 1 19.120 -4.569


CIBC 4 8.227 3,194 40 4 11.012 -2.785

Scotiabank 5 6.797 2,639 24 5 7.521 -0.724

JPMorgan 6 6.112 2,373 2 7 4.712 1.400

NationalBankFinancialInc 7 4.992 1,938 35 6 5.115 -0.123


GMPSecurities 9 2.601 1,010 38 10 2.068 0.533

MorganStanley 10 1.482 575 4 19 0.491 0.991

TOTAL 100% 38,826 474 100%

Energy30%

Financials20%

Materials14%

Utilities14%


HealthCare7%

Others7%

CanadaEquity,EquityLinked&Preferred:QuarterlyVolume

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

55

1010

1515

CADBln

CADBln

00

2020

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Amount

CanadaEquity,EquityLinked&Preferred:IndustryBreakdown

30%

20%14%

14%

8%

7%

7%

CanadaEquity,EquityLinked&Preferred:ManagerRankingsHistory

RBCCapitalMarkets

TDSecurities

BMOCapitalMarkets

CIBC

Scotiabank

NationalBankFinancialInc

10

20

MarketShare(%)

0

25

2017 2016 2015



CanadaEquityOfferingsFY2017 FY2016



TDSecurities 2 15.553 5,488 44 1 19.816 -4.263


Scotiabank 4 7.478 2,639 24 5 6.557 0.921

JPMorgan 5 6.726 2,373 2 6 5.021 1.705

CIBC 6 6.723 2,372 31 4 9.912 -3.189

NationalBankFinancialInc 7 4.564 1,610 25 8 4.487 0.077


GMPSecurities 9 2.862 1,010 38 10 2.204 0.658

MorganStanley 10 1.630 575 4 19 0.523 1.107

CreditSuisse 11 1.557 549 4 7 4.762 -3.205

ClarusSecurities 12 1.552 548 20 21 0.328 1.224

CormarkSecuritiesInc 13 1.289 455 30 12 1.055 0.234

RaymondJames&Associates 14 1.227 433 14 15 0.625 0.602

HaywoodSecurities 15 0.844 298 38 23 0.263 0.581

CantorFitzgerald 16 0.781 276 9 22 0.285 0.496

Citi 17 0.690 243 3 17 0.571 0.119

Barclays 18 0.682 241 3 13 0.789 -0.107

GoldmanSachs 19 0.679 240 3 - - 0.679

BankofAmericaMerrillLynch 20 0.661 233 4 11 1.780 -1.119

TOTAL 100% 35,287 446 100%

CanadaEquityIPOFY2017 FY2016


RBCCapitalMarkets 1 25.685 1,269 7 - - 25.685

TDSecurities 2 19.441 961 4 2 23.441 -4.000

BMOCapitalMarkets 3 11.077 547 8 6 6.321 4.756

Scotiabank 4 9.856 487 7 - - 9.856

Citi 5 4.927 243 3 - - 4.927

MorganStanley 6 3.723 184 3 - - 3.723

GoldmanSachs 7 3.118 154 2 - - 3.118

CIBC 8 2.802 138 4 1 26.901 -24.099

GMPSecurities 9 2.727 135 5 8 0.690 2.037


LeerinkPartnersLLC 11 1.752 87 1 - - 1.752

CreditSuisse 12 1.466 72 2 - - 1.466

Jefferies 13 1.404 69 2 - - 1.404

WellsFargo 14 1.376 68 2 - - 1.376

Barclays 14 1.376 68 2 - - 1.376

INFORFinancialGroupInc 16 1.057 52 1 - - 1.057

RaymondJames&Associates 17 1.012 50 1 - - 1.012

CanaccordGenuity 18 0.972 48 14 10 0.100 0.872

ClarusSecurities 19 0.944 47 1 - - 0.944

RobertWBaird&Co 20 0.729 36 1 - - 0.729

TOTAL 100% 4,941 71 100%

CanadianRetailStructuredProductsFY2017 FY2016


CIBC 1 30.591 384 28 1 28.622 1.969

RBCCapitalMarkets 2 27.241 342 23 2 22.876 4.365

Scotiabank 3 22.666 285 21 3 15.437 7.229

NationalBankFinancialInc 4 8.382 105 15 4 14.199 -5.817

BMOCapitalMarkets 5 3.186 40 7 6 6.787 -3.601

TDSecurities 6 1.456 18 5 7 3.392 -1.936

CanaccordGenuity 7 0.792 10 4 - - 0.792

RaymondJames&Associates 7 0.792 10 4 - - 0.792

GMPSecurities 7 0.792 10 4 - - 0.792

EuroPacificCapitalInc 7 0.792 10 4 - - 0.792

ManulifeFinancialCorp 7 0.792 10 4 - - 0.792

MackieResearchCapitalCorp 12 0.756 9 3 - - 0.756

DesjardinsCapitalMarkets 12 0.756 9 3 - - 0.756

MiddlefieldCapitalCorp 14 0.531 7 2 - - 0.531

IndustrialAllianceInsurance&Financial 15 0.298 4 3 - - 0.298

PacificInternationalSecuritiesInc 16 0.175 2 1 - - 0.175

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,256 33 100%



LatinAmericaEquityReviewFY2017creditedLatinAmericaEquityOfferingsvolumeincreased196.71%toUSD26.2Blnwhiledealcountincreased132.26%to72offeringsyear-on-year.BancoItauBBArankedasthetopLatinAmericaEquityOfferingsunderwriterforFY2017with12.90%marketshare.Thebankunderwrote31dealsovertheperiod.CreditSuisseandBankofAmericaMerrillLynchrankedsecondandthirdwith12.65%and12.06%marketshare,respectively.

LatinAmericaEquityOfferings

FY2017 FY2016


BancoItauBBA 1 12.901 3,381 31 6 7.164 5.737

CreditSuisse 2 12.655 3,317 21 7 5.444 7.211


BancoSantander 4 8.349 2,188 28 3 11.066 -2.717

JPMorgan 5 8.329 2,183 24 2 14.169 -5.840

BradescoBBISA 6 7.167 1,878 25 8 3.708 3.459

BancoBTGPactual 7 6.228 1,632 24 5 7.817 -1.589

Citi 8 5.181 1,358 14 10 2.592 2.589

MorganStanley 9 5.093 1,335 13 1 17.048 -11.955

GoldmanSachs 10 3.321 871 8 12 2.346 0.975

TOTAL 100% 26,210 72 100%

BrazilEquityOfferings

FY2017 FY2016

Firm Rank MktShare(%) Volume(BRLMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

BancoItauBBA 1 17.699 9,009 26 1 19.731 -2.032

CreditSuisse 2 15.660 7,971 14 10 3.422 12.238


BancoSantander 4 10.386 5,286 22 3 14.405 -4.019

BradescoBBISA 5 10.259 5,222 23 4 10.517 -0.258

JPMorgan 6 8.563 4,359 17 - - 8.563

BancoBTGPactual 7 6.181 3,146 15 5 7.978 -1.797

BancodoBrasilSA 8 3.685 1,876 9 7 6.410 -2.725

MorganStanley 9 2.851 1,451 5 8 4.829 -1.978

Citi 10 2.365 1,204 6 6 6.864 -4.499

TOTAL 100% 50,900 40 100%

Financials34%


Industrials11%

ConsumerStaples11%

Materials9%

Energy8%

Others9%

LatinAmericaEquityOfferings:QuarterlyVolume

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

55

1010

1515

USDBln

USDBln

00

2020

1010

2020 DealC

ountDealC

ount

00

3030

DealCount Amount

LatinAmericaEquityOfferings:IndustryBreakdown

34%

17%11%

11%

9%

8%

9%

LatinAmericaEquityOfferings:ManagerRankingsHistory

BancoItauBBA

CreditSuisse

BankofAmericaMerrillLynch

BancoSantander

JPMorgan

BradescoBBISA

5

10

MarketShare(%)

0

15

2017 2016 2015



EMEAEquityReviewFY2017creditedEMEAEquity,EquityLinked&Rights-Riskvolumeincreased50.94%toUSD232.7Blnwhiledealcountincreased32.72%to1,018offeringsyear-on-year.EMEAEquityIPOvolumeincreased44.04%year-on-yeartoUSD49.3Blnwhilethedealcountincreased43.26%to202.EMEAEquityLinked-Riskvolumedecreased10.32%year-on-yeartoUSD23.6Blnover75deals.JPMorganrankedasthetopEMEAEquity,EquityLinked&Rights-RiskunderwriterforFY2017with9.34%marketshare.Thebankunderwrote104dealsovertheperiod.MorganStanleyandCitirankedsecondandthirdwith8.11%and7.14%marketshare,respectively.

EMEAEquity,EquityLinked&Rights-Risk:HighlightsofFY2017


UniCreditSpA Financials 13,737 02/23/2017

DeutscheBankAG Financials 8,530 04/06/2017

BancoSantanderSA Financials 8,229 07/20/2017

RegionalREITLtd Financials 5,073 12/19/2017

ElectricitedeFranceSA Utilities 4,343 03/21/2017

CreditSuisseGroupAG Financials 4,257 06/07/2017

AlliedIrishBanksPLC Financials 3,845 06/23/2017

LonzaGroupAG HealthCare 2,966 05/10/2017

BarclaysAfricaGroupLtd Financials 2,909 06/01/2017

Pirelli&CSpA ConsumerDiscretionary 2,830 09/29/2017

EMEAEquity,EquityLinked&Rights-Risk

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

2020

4040

6060

8080

100100

120120

USDBln

USDBln

00

140140

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Rights Equity-Linked IPO

Add'l

EMEAEquity,EquityLinked&Rights-Risk:IndustryBreakdown


Financials 117,283 43.9% 110.9%


Industrials 23,217 8.7% 21.7%

Materials 21,223 7.9% 20.5%

HealthCare 18,225 6.8% 36.8%

Utilities 13,937 5.2% 28.0%


Energy 11,223 4.2% -16.4%


Technology 8,917 3.3% 72.4%

EMEAEquity,EquityLinked&Rights-Risk:OfferingBreakdown



RightsOfferings 67,224 25.1% 89.7%

IPO 57,719 21.6% 65.0%

Equity-Linked 24,692 9.2% -23.3%

EMEAEquity,EquityLinked&Rights-Risk:LargestDealsbyCountryofFY2017

Issuer Volume(USDMln) Date Country

4,343 03/21/2017 France

8,530 04/06/2017 Germany

202 07/03/2017 Greece

13,737 02/23/2017 Italy

2,275 09/19/2017 Netherlands

299 09/13/2017 SaudiArabia

2,909 06/01/2017 SouthAfrica

8,229 07/20/2017 Spain

4,257 06/07/2017 Switzerland

1,313 11/16/2017 UnitedArabEmirates

ElectricitedeFranceSA

DeutscheBankAG

GrivaliaPropertiesREICAE

UniCreditSpA

HeinekenNV

AlmaraiCo

BarclaysAfricaGroupLtd

BancoSantanderSA

CreditSuisseGroupAG

EmaarDevelopmentPJSC

RegionalREITLtd 5,073 12/19/2017 UnitedKingdom



EMEAEquity,EquityLinked&Rights-RiskFY2017 FY2016


JPMorgan 1 9.340 21,732 104 1 10.578 -1.238

MorganStanley 2 8.115 18,881 101 4 6.951 1.164

Citi 3 7.139 16,610 104 7 5.120 2.019

UBS 4 7.065 16,438 66 5 6.858 0.207

GoldmanSachs 5 6.428 14,958 86 2 8.431 -2.003

DeutscheBank 6 5.545 12,901 69 6 5.725 -0.180


BNPParibas 8 4.055 9,435 74 9 3.731 0.324

CreditSuisse 9 4.010 9,331 60 8 5.037 -1.027

Barclays 10 3.803 8,848 54 10 3.159 0.644


HSBC 12 2.441 5,679 33 12 2.477 -0.036

Jefferies 13 1.748 4,067 37 14 1.881 -0.133

JohBerenbergGossler&CoKG 14 1.604 3,732 40 24 0.795 0.809


Mediobanca 16 1.238 2,880 15 21 0.915 0.323

UniCredit 17 1.235 2,874 25 19 0.974 0.261

Carnegie 18 1.195 2,782 56 17 1.460 -0.265

Numis 19 1.144 2,662 31 15 1.713 -0.569

BancoSantander 20 1.125 2,617 13 35 0.464 0.661

TOTAL 100% 232,677 1,018 100%

EMEAEquity,EquityLinked&Rights-SyndicationFY2017 FY2016


JPMorgan 1 9.479 22,241 102 1 10.308 -0.829

UBS 2 7.367 17,286 68 5 6.815 0.552

MorganStanley 3 7.339 17,220 85 4 6.847 0.492

Citi 4 7.222 16,947 97 7 5.157 2.065

GoldmanSachs 5 6.450 15,136 83 2 8.304 -1.854

DeutscheBank 6 5.753 13,499 69 6 5.675 0.078


BNPParibas 8 3.998 9,382 73 9 3.724 0.274

CreditSuisse 9 3.769 8,844 56 8 4.878 -1.109

Barclays 10 3.497 8,205 47 10 2.970 0.527


HSBC 12 2.420 5,679 33 12 2.472 -0.052

Jefferies 13 1.607 3,771 31 16 1.596 0.011


Nomura 15 1.468 3,445 10 14 1.757 -0.289


Mediobanca 17 1.227 2,880 15 22 0.913 0.314

UniCredit 18 1.225 2,874 25 20 0.972 0.253

Carnegie 19 1.205 2,828 57 18 1.458 -0.253

Numis 20 1.134 2,662 31 15 1.710 -0.576

TOTAL 100% 234,643 986 100%

EMEAEquity&EquityLinked-RiskFY2017 FY2016


JPMorgan 1 10.221 18,687 90 1 10.750 -0.529

MorganStanley 2 8.888 16,251 92 4 7.691 1.197

UBS 3 7.992 14,613 62 3 7.763 0.229

Citi 4 7.770 14,206 95 8 5.113 2.657

GoldmanSachs 5 6.732 12,308 77 2 8.988 -2.256

DeutscheBank 6 5.634 10,301 58 6 6.171 -0.537


BNPParibas 8 3.850 7,040 58 9 3.813 0.037

Barclays 9 3.669 6,708 47 10 2.558 1.111

CreditSuisse 10 3.568 6,523 51 7 5.859 -2.291



HSBC 13 1.824 3,335 25 14 1.819 0.005

Jefferies 14 1.689 3,088 33 15 1.796 -0.107

Carnegie 15 1.518 2,776 53 16 1.617 -0.099

Numis 16 1.360 2,487 26 13 1.978 -0.618

UniCredit 17 1.140 2,084 22 21 0.902 0.238

Nordea 18 1.129 2,065 23 11 2.422 -1.293

ABNAmroBankNV 19 1.108 2,025 11 24 0.732 0.376

JavaCapital 20 1.098 2,008 15 18 1.157 -0.059

TOTAL 100% 182,842 904 100%

EMEAEquity&EquityLinked-SyndicationFY2017 FY2016


JPMorgan 1 10.383 19,196 88 1 10.425 -0.042

UBS 2 8.363 15,461 64 3 7.707 0.656

MorganStanley 3 7.891 14,589 76 4 7.563 0.328

Citi 4 7.866 14,542 88 8 5.155 2.711

GoldmanSachs 5 6.754 12,487 74 2 8.832 -2.078

DeutscheBank 6 5.895 10,899 58 6 6.108 -0.213


BNPParibas 8 3.779 6,987 57 9 3.803 -0.024

Barclays 9 3.280 6,064 40 12 2.334 0.946

CreditSuisse 10 3.265 6,036 47 7 5.667 -2.402



Nomura 13 1.863 3,445 10 13 2.041 -0.178

HSBC 14 1.804 3,335 25 15 1.814 -0.010

Carnegie 15 1.526 2,822 54 16 1.613 -0.087

Jefferies 16 1.510 2,792 27 17 1.456 0.054

Numis 17 1.345 2,487 26 14 1.973 -0.628

Nordea 18 1.142 2,111 24 10 2.415 -1.273

UniCredit 19 1.127 2,084 22 21 0.899 0.228

JavaCapital 20 1.086 2,008 15 19 1.154 -0.068

TOTAL 100% 184,883 896 100%



EMEAEquityLinked-RiskFY2017 FY2016


JPMorgan 1 26.793 6,323 14 1 18.280 8.513

DeutscheBank 2 10.850 2,561 13 11 3.453 7.397

BNPParibas 3 9.510 2,244 19 2 10.649 -1.139


MorganStanley 5 6.695 1,580 10 5 8.274 -1.579

Citi 6 5.352 1,263 9 7 6.367 -1.015


UBS 8 3.588 847 5 12 2.268 1.320

GoldmanSachs 9 3.531 833 5 3 9.965 -6.434

UniCredit 10 3.243 765 5 19 0.724 2.519

Natixis 11 2.935 693 10 15 1.008 1.927

Barclays 12 2.768 653 2 13 1.725 1.043

HSBC 13 2.483 586 7 9 4.315 -1.832

CreditSuisse 14 1.792 423 4 4 8.352 -6.560


JohBerenbergGossler&CoKG 16 0.931 220 3 18 0.729 0.202

KeplerCheuvreux 17 0.578 137 2 - - 0.578

Stifel 18 0.487 115 2 23 0.197 0.290

CenkosSecurities 18 0.487 115 2 - - 0.487

Mediobanca 20 0.451 106 1 - - 0.451

TOTAL 100% 23,600 75 100%

EMEAEquityLinked-SyndicationFY2017 FY2016


JPMorgan 1 22.265 6,730 16 1 16.060 6.205

DeutscheBank 2 11.697 3,536 15 12 3.033 8.664

Nomura 3 10.621 3,210 9 5 8.356 2.265

BNPParibas 4 7.425 2,244 19 2 9.355 -1.930


MorganStanley 6 5.667 1,713 10 4 8.367 -2.700

GoldmanSachs 7 4.420 1,336 8 3 8.754 -4.334

Citi 8 3.861 1,167 8 8 6.943 -3.082


MizuhoFinancial 10 2.899 876 3 13 2.364 0.535

UBS 11 2.801 847 5 14 1.992 0.809

UniCredit 12 2.532 765 5 19 0.636 1.896

Barclays 13 2.382 720 3 15 1.516 0.866

Natixis 14 2.291 693 10 16 0.885 1.406

HSBC 15 1.938 586 7 10 3.791 -1.853

CreditSuisse 16 1.620 490 5 6 7.337 -5.717


SumitomoMitsuiFinancial 18 0.728 220 1 54 0.042 0.686


DaiwaSecurities 20 0.592 179 2 35 0.089 0.503

TOTAL 100% 30,228 91 100%

EMEAEquityIPOFY2017 FY2016


JPMorgan 1 8.222 4,051 22 1 8.808 -0.586

Citi 2 7.351 3,621 27 8 4.653 2.698

UBS 3 6.543 3,224 14 2 7.406 -0.863

MorganStanley 4 6.044 2,977 18 5 6.736 -0.692

CreditSuisse 5 5.608 2,763 15 7 5.099 0.509

GoldmanSachs 6 5.343 2,632 17 4 7.284 -1.941


DeutscheBank 8 3.797 1,870 12 3 7.299 -3.502

HSBC 9 3.199 1,576 9 23 0.950 2.249

Jefferies 10 2.627 1,294 14 49 0.361 2.266

Barclays 11 2.467 1,215 10 12 2.562 -0.095

Carnegie 12 2.400 1,182 19 13 2.555 -0.155

BNPParibas 13 2.392 1,178 12 10 3.284 -0.892

BancoSantander 14 2.285 1,125 8 29 0.643 1.642

UniCredit 15 2.029 1,000 10 34 0.596 1.433

Davy 16 1.950 961 3 - - 1.950


Numis 18 1.743 859 4 16 1.376 0.367

DanskeBank 19 1.301 641 11 11 3.030 -1.729

SEB 20 1.171 577 7 19 1.234 -0.063

TOTAL 100% 49,264 202 100%

EMEAEquityOfferingsFY2017 FY2016


MorganStanley 1 9.195 14,639 81 4 7.542 1.653

UBS 2 8.647 13,766 57 1 9.162 -0.515

Citi 3 8.129 12,943 86 8 4.793 3.336

JPMorgan 4 7.766 12,364 76 2 8.833 -1.067

GoldmanSachs 5 7.208 11,475 72 3 8.739 -1.531


DeutscheBank 7 4.862 7,740 45 5 6.863 -2.001

CreditSuisse 8 3.831 6,100 47 7 5.225 -1.394

Barclays 9 3.803 6,055 45 10 2.770 1.033

BNPParibas 10 3.012 4,796 39 13 2.073 0.939



Jefferies 13 1.903 3,029 32 15 1.957 -0.054

Carnegie 14 1.743 2,776 53 14 2.029 -0.286

HSBC 15 1.726 2,749 18 18 1.183 0.543

Numis 16 1.562 2,487 26 11 2.482 -0.920

ABNAmroBankNV 17 1.272 2,025 11 22 0.884 0.388

JavaCapital 18 1.261 2,008 15 16 1.451 -0.190

Nordea 19 1.244 1,981 22 9 3.036 -1.792

SEB 20 0.982 1,564 27 19 1.112 -0.130

TOTAL 100% 159,209 828 100%



EMEARightsOfferingsFY2017 FY2016


JPMorgan 1 6.109 3,044 14 2 9.665 -3.556

CreditSuisse 2 5.634 2,808 9 29 0.678 4.956

GoldmanSachs 3 5.316 2,649 9 5 5.477 -0.161

MorganStanley 4 5.278 2,630 9 13 3.028 2.250

DeutscheBank 5 5.216 2,600 11 10 3.362 1.854

Citi 6 4.825 2,404 9 6 5.159 -0.334

BNPParibas 7 4.805 2,395 16 11 3.294 1.511

HSBC 8 4.704 2,344 8 4 5.962 -1.258



Barclays 11 4.295 2,140 7 3 6.346 -2.051

Mediobanca 12 4.088 2,037 6 8 3.584 0.504

CreditAgricoleCIB 13 3.858 1,922 7 9 3.407 0.451

UBS 14 3.661 1,825 4 18 2.064 1.597

IntesaSanpaolo 15 3.607 1,798 4 14 2.844 0.763

BancoBilbaoVizcayaArgentaria 15 3.607 1,798 4 23 1.279 2.328

Natixis 17 3.362 1,675 6 17 2.225 1.137

BancoSantander 18 2.979 1,484 4 19 1.950 1.029

INGGroep 19 2.483 1,238 6 49 0.207 2.276

Commerzbank 20 2.287 1,140 3 21 1.592 0.695

TOTAL 100% 49,835 114 100%

WesternEuropeEquity,EquityLinked&RightsFY2017 FY2016

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 9.598 17,313 88 1 10.980 -1.382

MorganStanley 2 7.759 13,997 84 4 7.298 0.461

UBS 3 7.228 13,038 57 5 6.999 0.229

Citi 4 6.616 11,935 77 8 4.259 2.357

GoldmanSachs 5 6.534 11,787 68 2 8.700 -2.166

DeutscheBank 6 5.759 10,388 61 6 6.521 -0.762


BNPParibas 8 4.657 8,400 74 9 4.015 0.642

CreditSuisse 9 4.410 7,955 55 7 5.763 -1.353

Barclays 10 3.759 6,781 43 10 3.325 0.434


HSBC 12 2.330 4,204 27 13 2.330 0.000

Jefferies 13 1.996 3,601 35 14 2.123 -0.127



Mediobanca 16 1.447 2,610 15 19 1.034 0.413

Carnegie 17 1.365 2,462 56 17 1.676 -0.311

UniCredit 18 1.346 2,428 21 21 1.011 0.335

Numis 19 1.300 2,345 29 15 1.955 -0.655

Natixis 20 1.282 2,313 19 28 0.674 0.608

TOTAL 100% 180,387 845 100%

EasternEuropeEquity,EquityLinked&RightsFY2017 FY2016

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Citi 1 12.577 1,597 16 2 12.138 0.439

GoldmanSachs 2 9.961 1,265 15 1 16.445 -6.484

BankofAmericaMerrillLynch 3 9.177 1,166 8 - - 9.177

VTBCapital 4 8.822 1,121 10 3 10.537 -1.715

UBS 5 6.296 800 7 6 5.950 0.346

JPMorgan 6 6.167 783 9 4 9.949 -3.782

DeutscheBank 7 4.630 588 4 24 0.682 3.948

MorganStanley 8 4.157 528 5 7 5.146 -0.989

JavaCapital 9 4.019 511 3 10 2.845 1.174

RenaissanceCapitalPtyLtd 10 3.362 427 10 - - 3.362

SberbankCIBCJSC 11 2.886 367 5 5 7.670 -4.784

PKOBankPolskiSA 12 2.638 335 4 11 2.147 0.491

CreditSuisse 13 2.622 333 5 - - 2.622

BancoSantander 14 2.058 261 4 12 1.993 0.065

Barclays 15 1.917 243 4 - - 1.917

Wood&CoFinancialServicesAS 16 1.874 238 7 14 1.699 0.175

Gazprombank 17 1.827 232 3 - - 1.827

SocieteGenerale 18 1.805 229 5 24 0.682 1.123

BMOCapitalMarkets 19 1.771 225 2 - - 1.771

UnluMenkulDegerlerAS 20 1.315 167 2 9 3.108 -1.793

TOTAL 100% 12,701 73 100%

AIMEquityOfferingsFY2017 FY2016

Firm Rank MktShare(%) Volume(GBPMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

CenkosSecurities 1 11.855 883 30 4 6.777 5.078

JohBerenbergGossler&CoKG 2 6.729 501 11 - - 6.729

Numis 3 6.698 499 21 7 4.815 1.883

ZeusCapital 4 6.381 475 12 9 4.545 1.836

PeelHuntLLP 5 5.205 388 15 3 7.303 -2.098

PanmureGordon 6 5.094 379 19 12 3.014 2.080

LiberumCapitalLtd 7 4.559 339 14 2 10.939 -6.380

BancaMonteDeiPaschidiSienaSpA 8 4.263 317 4 - - 4.263

Jefferies 9 3.860 287 5 - - 3.860

FinnCap 10 3.833 285 28 5 5.852 -2.019

IntesaSanpaolo 11 3.465 258 3 - - 3.465

GoldmanSachs 12 2.980 222 1 11 3.371 -0.391


Stifel 14 2.263 169 8 1 13.035 -10.772

CantorFitzgerald 15 2.206 164 19 15 1.943 0.263

Mediobanca 16 1.969 147 3 - - 1.969

Barclays 17 1.914 143 2 - - 1.914

Nplus1SingerLtd 18 1.901 142 14 10 3.735 -1.834

Macquarie 19 1.590 118 5 18 1.536 0.054

AllenbyCapitalLtd 20 1.436 107 19 35 0.325 1.111

TOTAL 100% 7,445 424 100%



AfricaEquity,EquityLinked&RightsFY2017 FY2016


MorganStanley 1 19.880 2,189 10 6 6.048 13.832

JPMorgan 2 10.182 1,121 5 4 7.256 2.926

UBS 3 8.775 966 2 7 5.811 2.964

JavaCapital 4 8.707 959 9 1 13.277 -4.570

Citi 5 8.628 950 5 2 13.116 -4.488

FirstRandLtd 6 7.728 851 4 3 11.863 -4.135

Barclays 7 7.683 846 5 12 2.870 4.813

DeutscheBank 8 6.334 697 4 - - 6.334

Investec 9 3.456 380 5 19 0.894 2.562

HSBC 10 3.201 352 2 8 4.103 -0.902

ABSABankLimited 11 2.385 263 1 10 3.785 -1.400

OrbitSecuritiesCoLtd 12 1.934 213 1 35 0.054 1.880

Industrial&CommBankofChina 13 1.884 207 1 21 0.825 1.059

GoldmanSachs 14 1.865 205 2 19 0.894 0.971

StandardBankofSouthAfrica 15 1.197 132 2 9 3.804 -2.607

PerigeumCapital 16 1.003 110 1 - - 1.003

BarclaysAfricaGroupLtd 17 0.978 108 2 - - 0.978

PSGGroupLtd 18 0.886 98 4 31 0.160 0.726

RBCCapitalMarkets 19 0.817 90 1 - - 0.817


TOTAL 100% 11,009 46 100%

Sub-SaharaEquity,EquityLinked&RightsFY2017 FY2016


MorganStanley 1 19.961 2,189 10 6 6.333 13.628

JPMorgan 2 10.223 1,121 5 4 7.598 2.625

UBS 3 8.811 966 2 7 6.085 2.726

JavaCapital 4 8.743 959 9 1 13.903 -5.160

Citi 5 8.663 950 5 2 13.734 -5.071

FirstRandLtd 6 7.760 851 4 3 12.422 -4.662

Barclays 7 7.714 846 5 12 3.006 4.708

DeutscheBank 8 6.360 697 4 - - 6.360

Investec 9 3.470 380 5 17 0.936 2.534

HSBC 10 3.214 352 2 8 4.296 -1.082

ABSABankLimited 11 2.395 263 1 10 3.963 -1.568

OrbitSecuritiesCoLtd 12 1.942 213 1 33 0.056 1.886

Industrial&CommBankofChina 13 1.892 207 1 19 0.864 1.028

GoldmanSachs 14 1.873 205 2 17 0.936 0.937

StandardBankofSouthAfrica 15 1.202 132 2 9 3.984 -2.782

PerigeumCapital 16 1.007 110 1 - - 1.007

BarclaysAfricaGroupLtd 17 0.982 108 2 - - 0.982

PSGGroupLtd 18 0.890 98 4 29 0.168 0.722

RBCCapitalMarkets 19 0.821 90 1 - - 0.821


TOTAL 100% 10,965 43 100%

MENAEquity,EquityLinked&RightsFY2017 FY2016


1 15.899 832 7 8 6.198 9.701

2 10.683 559 2 - - 10.683

3 9.364 490 2 2 15.348 -5.984

4 9.170 480 3 - - 9.170

5 8.026 420 2 3 11.993 -3.967

6 7.018 367 2 - - 7.018

6 7.018 367 2 - - 7.018

8 5.794 303 3 - - 5.794

9 2.417 127 2 - - 2.417

10 2.321 122 1 - - 2.321

10 2.321 122 1 - - 2.321

10 2.321 122 1 - - 2.321

13 2.319 121 3 - - 2.319

14 2.228 117 1 - - 2.228

15 2.152 113 1 - - 2.152

16 1.703 89 2 - - 1.703

17 1.564 82 1 - - 1.564

17 1.564 82 1 - - 1.564

17 1.564 82 1 - - 1.564

20 1.169 61 1 10 4.739 -3.570

EFG-Hermes

FirstAbuDhabiBankPJSC

EmiratesNBDPJSC

DNBASA

HSBC

CLARKSONSPLATOUSECURITIESAS

FearnleySecuritiesAS

Citi

BeltoneFinancial

MorganStanley

GoldmanSachs

BankofAmericaMerrillLynch

ABGSundalCollierAsa

GulfBaaderCapitalMarketsSAOC

ArcticSecurities

SaudiInvestmentBank/The

ParetoSecurities

SpareBank1MarketsAS

SEB

BanqueSaudiFransi

TOTAL 100% 5,235 29 100%



AsiaPacificEquityReviewFY2017creditedAPACex-JapanEquity,EquityLinked&Rightsvolumeincreased29.56%toUSD193.7Blnwhiledealcountincreased19.77%to2,345offeringsyear-on-year.APACex-JapanEquityIPOvolumeincreased18.06%year-on-yeartoUSD84.1Blnwhilethedealcountincreased39.19%to1,069.APACex-JapanEquityLinkedvolumeincreased55.24%year-on-yeartoUSD32.3Blnover156deals.MorganStanleyrankedasthetopAPACex-JapanEquity,EquityLinked&RightsunderwriterforFY2017with6.86%marketshare.Thebankunderwrote68dealsovertheperiod.UBSandCitirankedsecondandthirdwith6.58%and4.83%marketshare,respectively.

APACEquity,EquityLinked&Rights:HighlightsofFY2017


JapanPostHoldingsCoLtd Financials 10,829 09/25/2017

ToshibaCorp Industrials 5,356 11/19/2017

ChinaEverbrightBankCoLtd Financials 4,348 03/15/2017

RenesasElectronicsCorp Technology 3,177 06/12/2017

WoodsidePetroleumLtd Energy 2,652 11/14/2017

ChinaCommunicationsConstructionGroupLtd Industrials 2,408 11/10/2017

NetmarbleGamesCorp Technology 2,346 04/21/2017

StateBankofIndia Financials 2,327 06/16/2017

ChinaBaowuSteelGroupCorpLtd Materials 2,277 11/24/2017

GuotaiJunanSecuritiesCoLtd Financials 2,221 03/27/2017

APACEquity,EquityLinked&Rights:IndustryBreakdown

30%

17%

12%

10%

7%

6%

5%

13%


Financials 79,904 29.5% 19.3%

Industrials 47,369 17.5% 90.6%


Technology 28,413 10.5% 136.4%

Materials 18,078 6.7% 11.9%


Energy 14,402 5.3% 147.9%


HealthCare 12,843 4.7% -3.9%

Utilities 7,966 2.9% 61.6%

Asiaex-JapanEquity,EquityLinked&Rights

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

5050

USDBln

USDBln

00

8080

500500

DealC

ountDealC

ount

00

800800

DealCount Rights IPO

Add'l

Australia/NewZealandEquity,EQL&Rights

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

1010

USDBln

USDBln

00

2020

200200

DealC

ountDealC

ount

00

400400


Add'l

ChinaEquity,EquityLinked&Rights

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

200200

USDBln

USDBln

00

400400

200200

DealC

ountDealC

ount

00

400400


Add'l

JapanEquity&EquityLinked

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

Q42016

Q42016

QuartersQuarters

Q42017

Q42017

1,0001,000

USDBln

USDBln

00

1,8001,800

5050

DealC

ountDealC

ount

00

110110


Add'l



Asiaex-JapanEquity,EquityLinked&RightsFY2017 FY2016


MorganStanley 1 6.147 10,621 61 1 9.173 -3.026


Citi 3 5.093 8,801 65 3 3.954 1.139

UBS 4 4.346 7,509 34 9 2.616 1.730

GoldmanSachs 5 4.147 7,166 36 8 2.696 1.451

CreditSuisse 6 3.547 6,129 47 10 2.561 0.986


DeutscheBank 8 3.141 5,427 40 2 4.582 -1.441

JPMorgan 9 2.976 5,142 28 4 3.867 -0.891


GFSecurities 11 2.414 4,171 45 20 1.460 0.954



HSBC 14 2.131 3,683 26 21 1.426 0.705

NHInvestment&SecuritiesCoLtd 15 2.015 3,482 16 26 1.080 0.935

HaitongSecuritiesCoLtd 16 1.952 3,373 55 13 2.116 -0.164

GuotaiJunanSecuritiesCoLtd 17 1.703 2,942 34 11 2.312 -0.609

ChinaMerchantsSecurities 18 1.637 2,829 30 19 1.520 0.117

KotakMahindraBankLtd 19 1.483 2,563 21 50 0.409 1.074

SinolinkSecuritiesCoLtd 20 1.252 2,163 27 15 1.947 -0.695

TOTAL 100% 172,792 1,839 100%

Asiaex-JapanEquity,EQL&Rightsex-CHASharesFY2017 FY2016


MorganStanley 1 8.511 9,857 59 1 12.136 -3.625

Citi 2 7.010 8,118 55 4 4.979 2.031

GoldmanSachs 3 5.350 6,196 34 5 3.183 2.167

UBS 4 4.732 5,480 29 7 3.024 1.708

CreditSuisse 5 4.714 5,459 44 6 3.157 1.557

JPMorgan 6 4.194 4,857 25 3 5.051 -0.857

DeutscheBank 7 4.004 4,637 29 2 6.014 -2.010


HSBC 9 3.180 3,683 26 12 1.949 1.231



AxisBankLtd 12 1.819 2,107 26 44 0.464 1.355

CIMB 13 1.722 1,994 28 19 1.272 0.450

DBSGroup 14 1.664 1,927 25 15 1.511 0.153


MiraeAssetDaewooCoLtd 16 1.511 1,750 18 28 0.923 0.588

ICICI 17 1.407 1,629 20 24 1.137 0.270


Nomura 19 1.357 1,571 22 34 0.728 0.629


TOTAL 100% 115,812 1,366 100%

Asiaex-JapanEquity&EquityLinkedFY2017 FY2016


MorganStanley 1 6.522 10,621 61 1 10.136 -3.614


Citi 3 4.974 8,100 60 4 4.264 0.710

UBS 4 4.488 7,308 33 9 2.855 1.633

GoldmanSachs 5 4.277 6,965 35 8 2.892 1.385


CreditSuisse 7 3.593 5,851 45 10 2.585 1.008

DeutscheBank 8 3.221 5,246 38 2 4.983 -1.762

JPMorgan 9 3.096 5,042 27 3 4.305 -1.209




GFSecurities 13 2.249 3,663 43 17 1.626 0.623


HSBC 15 1.902 3,098 21 20 1.326 0.576





BankofChina 20 1.281 2,085 19 14 1.835 -0.554

TOTAL 100% 162,851 1,747 100%

Asiaex-JapanEquityLinkedFY2017 FY2016




DeutscheBank 3 6.026 1,948 7 2 18.679 -12.653

UBS 4 5.241 1,694 3 6 5.211 0.030

GoldmanSachs 5 4.924 1,591 4 11 1.808 3.116


JPMorgan 7 4.601 1,487 3 3 9.707 -5.106

ChinaSecuritiesCoLtd 8 3.380 1,092 5 20 0.860 2.520

CreditSuisse 9 3.267 1,056 4 15 1.229 2.038

MorganStanley 10 2.837 917 2 1 20.133 -17.296

HuataiSecuritiesCoLtd 11 2.811 908 2 13 1.327 1.484

GFSecurities 12 2.658 859 4 - - 2.658

EverbrightSecuritiesCo 13 2.242 725 1 - - 2.242

EssenceSecuritiesCoLtd 14 2.233 722 3 - - 2.233

GuotaiJunanSecuritiesCoLtd 15 2.042 660 2 7 4.072 -2.030

ZheshangSecuritiesCoLtd 16 1.859 601 2 - - 1.859

KGISecuritiesCoLtd 17 1.842 595 8 17 1.184 0.658

Citi 18 1.644 531 4 14 1.313 0.331

DongxingSecuritiesCoLtd 19 1.595 516 1 - - 1.595

BankofChina 20 1.462 472 3 31 0.451 1.011

TOTAL 100% 32,317 156 100%



Asiaex-JapanEquityLinkedex-ChinaExchangesFY2017 FY2016


DeutscheBank 1 18.780 1,807 5 1 24.366 -5.586

JPMorgan 2 15.454 1,487 3 3 12.662 2.792

GoldmanSachs 3 6.458 621 2 10 1.570 4.888


CreditSuisse 5 5.613 540 2 16 0.815 4.798

Citi 6 5.524 531 4 13 1.327 4.197

HSBC 7 4.022 387 2 7 1.745 2.277

FubonSecuritiesCo 8 3.825 368 4 15 0.926 2.899

YuantaSecuritiesCoLtd 9 3.034 292 5 6 3.152 -0.118

DBSGroup 10 2.745 264 2 - - 2.745

BankofChina 11 2.359 227 2 23 0.588 1.771

Barclays 12 2.116 204 2 - - 2.116

MorganStanley 13 1.997 192 1 2 24.359 -22.362

MotilalOswalInvestmentAdvisors 13 1.997 192 1 - - 1.997

KotakMahindraBankLtd 13 1.997 192 1 - - 1.997

SinoPacFinancialHoldingsCoLtd 16 1.855 178 4 31 0.268 1.587

CIMB 17 1.760 169 2 9 1.598 0.162

BankofAmericaMerrillLynch 18 1.732 167 1 12 1.465 0.267

UBS 18 1.732 167 1 5 4.500 -2.768

ChinaInternationalCapitalCorp 20 1.346 130 1 4 5.643 -4.297

TOTAL 100% 9,621 106 100%

Asiaex-JapanEquityOfferingsFY2017 FY2016



CITICSecuritiesCoLtd 2 5.953 14,431 82 1 6.560 -0.607


GuotaiJunanSecuritiesCoLtd 4 4.549 11,028 56 6 3.842 0.707

MorganStanley 5 4.202 10,186 63 5 3.849 0.353

Citi 6 3.989 9,670 67 11 2.674 1.315


GoldmanSachs 8 3.039 7,366 37 12 2.386 0.653

UBS 9 3.036 7,359 35 23 1.342 1.694

HuataiSecuritiesCoLtd 10 2.619 6,350 43 8 3.626 -1.007

CreditSuisse 11 2.412 5,848 46 20 1.371 1.041

GuosenSecuritiesCoLtd 12 2.288 5,546 43 4 4.228 -1.940

DeutscheBank 13 2.170 5,261 41 9 3.567 -1.397

IndustrialSecuritiesCoLtd 14 1.958 4,746 32 21 1.365 0.593

GFSecurities 15 1.935 4,691 59 2 4.405 -2.470



JPMorgan 18 1.508 3,655 25 18 1.405 0.103


BankofChina 20 1.437 3,483 23 25 1.017 0.420

TOTAL 100% 242,414 2,012 100%

Asiaex-JapanEquityIPOFY2017 FY2016


Citi 1 4.475 3,655 29 4 3.507 0.968



GFSecurities 4 3.434 2,804 39 15 2.018 1.416


CreditSuisse 6 3.283 2,681 22 13 2.460 0.823



UBS 9 2.830 2,311 14 24 1.410 1.420

MorganStanley 10 2.734 2,232 18 11 2.549 0.185


SinolinkSecuritiesCoLtd 12 2.185 1,784 25 31 1.001 1.184


JPMorgan 14 2.051 1,675 12 8 2.846 -0.795

BankofChina 15 1.969 1,608 15 5 3.076 -1.107

DeutscheBank 16 1.956 1,598 17 20 1.629 0.327


AxisBankLtd 18 1.664 1,359 17 46 0.499 1.165

EssenceSecuritiesCoLtd 19 1.611 1,316 16 10 2.690 -1.079

HSBC 20 1.547 1,264 8 22 1.512 0.035

TOTAL 100% 81,660 988 100%



APACEquity,EquityLinked&RightsFY2017 FY2016


MorganStanley 1 7.865 19,088 101 1 9.661 -1.796

GoldmanSachs 2 7.059 17,133 53 8 3.002 4.057

UBS 3 5.627 13,656 78 4 4.113 1.514

Nomura 4 4.828 11,717 103 2 4.950 -0.122

Citi 5 3.911 9,493 73 6 3.993 -0.082


JPMorgan 7 3.406 8,266 44 3 4.496 -1.090

CreditSuisse 8 2.826 6,859 60 7 3.074 -0.248





DeutscheBank 13 2.416 5,864 48 5 4.057 -1.641


GFSecurities 15 1.719 4,171 45 25 1.086 0.633



HSBC 18 1.517 3,683 26 26 1.060 0.457

Macquarie 19 1.515 3,677 23 15 1.884 -0.369


TOTAL 100% 242,702 2,586 100%

APACEquity&EquityLinkedFY2017 FY2016


MorganStanley 1 8.135 18,244 99 1 10.656 -2.521

GoldmanSachs 2 7.462 16,736 49 7 3.280 4.182

Nomura 3 5.215 11,696 102 2 5.542 -0.327

UBS 4 4.939 11,078 62 6 3.917 1.022


Citi 6 3.770 8,456 67 5 4.065 -0.295

JPMorgan 7 3.256 7,303 40 3 4.621 -1.365




CreditSuisse 11 2.775 6,224 52 12 2.505 0.270


DeutscheBank 13 2.534 5,684 46 4 4.454 -1.920




GFSecurities 17 1.633 3,663 43 22 1.216 0.417


HSBC 19 1.381 3,098 21 25 0.992 0.389


TOTAL 100% 224,276 2,413 100%

APACEquityOfferingsFY2017 FY2016


MorganStanley 1 9.076 16,891 95 1 9.275 -0.199

GoldmanSachs 2 7.903 14,708 43 6 3.618 4.285

UBS 3 5.042 9,384 59 5 3.839 1.203

Nomura 4 4.483 8,343 91 2 4.428 0.055

Citi 5 4.258 7,925 63 3 4.400 -0.142




JPMorgan 9 2.891 5,380 35 4 3.967 -1.076


CreditSuisse 11 2.777 5,168 48 8 2.787 -0.010


DeutscheBank 13 2.007 3,736 39 12 2.354 -0.347




GFSecurities 17 1.507 2,804 39 21 1.447 0.060


HSBC 19 1.456 2,711 19 28 0.969 0.487


TOTAL 100% 186,110 2,239 100%

APACEquityLinkedFY2017 FY2016



Nomura 2 8.787 3,354 11 3 11.404 -2.617


GoldmanSachs 4 5.312 2,028 6 13 1.501 3.811

DeutscheBank 5 5.103 1,948 7 2 15.508 -10.405

JPMorgan 6 5.039 1,923 5 4 8.059 -3.020

UBS 7 4.438 1,694 3 7 4.326 0.112


MorganStanley 9 3.545 1,353 4 1 17.927 -14.382


CreditSuisse 11 2.767 1,056 4 17 1.021 1.746


MizuhoFinancial 13 2.296 876 3 9 2.824 -0.528

GFSecurities 14 2.251 859 4 - - 2.251




DaiwaSecurities 18 1.669 637 4 27 0.479 1.190



TOTAL 100% 38,165 174 100%



APACex-JapanEquity,EquityLinked&RightsFY2017 FY2016


MorganStanley 1 6.861 13,290 68 1 8.665 -1.804

UBS 2 6.582 12,748 70 3 4.674 1.908

Citi 3 4.833 9,362 70 4 4.395 0.438


GoldmanSachs 5 4.123 7,986 43 8 2.854 1.269

CreditSuisse 6 3.523 6,823 59 6 3.615 -0.092

JPMorgan 7 3.358 6,505 38 5 4.336 -0.978


DeutscheBank 9 2.894 5,605 46 2 4.771 -1.877


GFSecurities 11 2.154 4,171 45 21 1.277 0.877



HSBC 14 1.901 3,683 26 22 1.247 0.654

Macquarie 15 1.886 3,653 22 11 2.215 -0.329






TOTAL 100% 193,690 2,345 100%

APACex-JapanEquity&EquityLinkedFY2017 FY2016


MorganStanley 1 7.101 12,446 66 1 9.718 -2.617

UBS 2 5.802 10,170 54 4 4.519 1.283


Citi 4 4.750 8,325 64 3 4.539 0.211

GoldmanSachs 5 4.330 7,589 39 7 3.167 1.163

CreditSuisse 6 3.531 6,188 51 9 3.009 0.522


JPMorgan 8 3.162 5,542 34 5 4.462 -1.300

DeutscheBank 9 3.095 5,425 44 2 5.350 -2.255




GFSecurities 13 2.090 3,663 43 18 1.460 0.630


HSBC 15 1.767 3,098 21 21 1.192 0.575





BankofChina 20 1.190 2,085 19 14 1.648 -0.458

TOTAL 100% 175,263 2,172 100%

APACex-JapanEquityOfferingsFY2017 FY2016


MorganStanley 1 8.036 11,529 64 1 7.730 0.306

UBS 2 5.908 8,476 51 3 4.379 1.529

Citi 3 5.432 7,794 60 2 5.139 0.293

GoldmanSachs 4 4.180 5,997 35 5 3.417 0.763

CreditSuisse 5 3.577 5,132 47 6 3.339 0.238



JPMorgan 8 2.826 4,055 31 4 3.462 -0.636


DeutscheBank 10 2.424 3,477 37 8 2.820 -0.396



GFSecurities 13 1.955 2,804 39 17 1.733 0.222


HSBC 15 1.889 2,711 19 24 1.162 0.727




AxisBankLtd 19 1.409 2,022 24 50 0.403 1.006

Macquarie 20 1.355 1,943 16 12 1.949 -0.594

TOTAL 100% 143,468 2,016 100%

APACex-JapanEquityIPOFY2017 FY2016



Citi 2 4.345 3,655 29 4 3.562 0.783

CreditSuisse 3 3.394 2,854 24 8 2.740 0.654


GFSecurities 5 3.334 2,804 39 18 1.898 1.436



UBS 8 3.085 2,595 17 17 2.010 1.075


MorganStanley 10 2.745 2,309 19 11 2.593 0.152




JPMorgan 14 1.992 1,675 12 5 3.296 -1.304

DeutscheBank 15 1.954 1,644 18 15 2.163 -0.209

BankofChina 16 1.912 1,608 15 6 2.893 -0.981


AxisBankLtd 18 1.616 1,359 17 47 0.469 1.147


HSBC 20 1.502 1,264 8 24 1.422 0.080

TOTAL 100% 84,106 1,069 100%



APACex-JapanEquityLinkedFY2017 FY2016




DeutscheBank 3 6.026 1,948 7 2 18.679 -12.653

UBS 4 5.241 1,694 3 6 5.211 0.030

GoldmanSachs 5 4.924 1,591 4 11 1.808 3.116


JPMorgan 7 4.601 1,487 3 3 9.707 -5.106


CreditSuisse 9 3.267 1,056 4 15 1.229 2.038

MorganStanley 10 2.837 917 2 1 20.133 -17.296


GFSecurities 12 2.658 859 4 - - 2.658






Citi 18 1.644 531 4 14 1.313 0.331

DongxingSecuritiesCoLtd 19 1.595 516 1 - - 1.595

BankofChina 20 1.462 472 3 31 0.451 1.011

TOTAL 100% 32,317 156 100%

APACex-JapanEquity,EQL&Rightsex-CHAShrsFY2017 FY2016


MorganStanley 1 9.162 12,525 66 1 10.987 -1.825

UBS 2 7.841 10,719 65 3 5.647 2.194

Citi 3 6.348 8,679 60 5 5.387 0.961

GoldmanSachs 4 5.132 7,016 41 7 3.311 1.821

JPMorgan 5 4.550 6,220 35 4 5.470 -0.920

CreditSuisse 6 4.501 6,153 56 6 4.438 0.063

DeutscheBank 7 3.522 4,816 35 2 6.026 -2.504


HSBC 9 2.694 3,683 26 13 1.629 1.065

Macquarie 10 2.672 3,653 22 8 2.896 -0.224



AxisBankLtd 13 1.541 2,107 26 45 0.388 1.153

DBSGroup 14 1.505 2,058 26 16 1.263 0.242

CIMB 15 1.459 1,994 28 20 1.063 0.396




ICICI 19 1.192 1,629 20 25 0.950 0.242


TOTAL 100% 136,709 1,872 100%



Australia/NewZealandEquity,EQL&RightsFY2017 FY2016


UBS 1 22.633 5,325 37 1 18.762 3.871

Macquarie 2 14.191 3,339 19 2 14.378 -0.187

MorganStanley 3 11.407 2,684 8 7 5.310 6.097

JPMorgan 4 5.794 1,363 10 4 7.501 -1.707

BellPotterSecuritiesLimited 5 3.633 855 48 11 2.210 1.423

GoldmanSachs 6 3.485 820 7 9 3.909 -0.424

CreditSuisse 7 2.952 695 12 3 10.820 -7.868

CommonwealthBankAustralia 8 2.804 660 7 - - 2.804


TaylorCollisonLtd 10 2.450 576 20 18 0.820 1.630

Citi 11 2.383 561 5 5 7.366 -4.983

OrdMinnettLtd 12 2.324 547 7 14 1.088 1.236

Morgans 13 1.881 443 16 8 3.912 -2.031

WilsonsCorporateFinanceLtd 14 1.645 387 14 - - 1.645

NationalAustraliaBankLtd 15 1.629 383 2 22 0.438 1.191

ChinaInternationalCapitalCorp 16 1.512 356 1 - - 1.512

Moelis&Co 17 1.451 341 14 15 0.973 0.478

RBS 18 1.428 336 25 - - 1.428

ForsythBarrLtd 19 1.336 314 6 19 0.749 0.587

EurozSecurities 20 1.228 289 14 13 1.092 0.136

TOTAL 100% 23,528 517 100%

Australia/NewZealandEquity&RightsOfferingsFY2017 FY2016


UBS 1 22.633 5,325 37 1 18.773 3.860

Macquarie 2 14.191 3,339 19 2 14.387 -0.196

MorganStanley 3 11.407 2,684 8 7 5.314 6.093

JPMorgan 4 5.794 1,363 10 4 7.506 -1.712

BellPotterSecuritiesLimited 5 3.633 855 48 11 2.211 1.422

GoldmanSachs 6 3.485 820 7 9 3.911 -0.426

CreditSuisse 7 2.952 695 12 3 10.826 -7.874

CommonwealthBankAustralia 8 2.804 660 7 - - 2.804


TaylorCollisonLtd 10 2.450 576 20 18 0.820 1.630

Citi 11 2.383 561 5 5 7.370 -4.987

OrdMinnettLtd 12 2.324 547 7 14 1.089 1.235

Morgans 13 1.881 443 16 8 3.914 -2.033

WilsonsCorporateFinanceLtd 14 1.645 387 14 - - 1.645

NationalAustraliaBankLtd 15 1.629 383 2 22 0.438 1.191

ChinaInternationalCapitalCorp 16 1.512 356 1 - - 1.512

Moelis&Co 17 1.451 341 14 15 0.973 0.478

RBS 18 1.428 336 25 - - 1.428

ForsythBarrLtd 19 1.336 314 6 - - 1.336

EurozSecurities 20 1.228 289 14 13 1.092 0.136

TOTAL 100% 23,528 517 100%

ChinaEquity,EquityLinked&RightsFY2017 FY2016

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)






GuosenSecuritiesCoLtd 6 4.401 46,733 47 2 5.888 -1.487


GFSecurities 8 3.341 35,477 56 4 5.639 -2.298





UBS 13 2.283 24,240 9 30 0.943 1.340

ShenwanHongyuanGroupCoLtd 14 1.969 20,905 24 14 2.385 -0.416

BankofChina 15 1.899 20,165 12 35 0.713 1.186

GoldmanSachs 16 1.773 18,830 7 16 1.934 -0.161

DeutscheBank 17 1.535 16,305 18 9 3.960 -2.425

Citi 18 1.332 14,146 16 20 1.413 -0.081

DongxingSecuritiesCoLtd 19 1.322 14,035 14 22 1.249 0.073

EverbrightSecuritiesCo 20 1.290 13,696 14 26 1.026 0.264

TOTAL 100% 1,061,869 796 100%

ChinaEquityIPOFY2017 FY2016

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)


GFSecurities 2 7.843 16,965 33 8 4.309 3.534










BankofChina 12 2.608 5,641 4 11 2.860 -0.252

ShenwanHongyuanGroupCoLtd 13 2.553 5,522 13 6 5.544 -2.991


MinshengSecuritiesCoLtd 15 2.124 4,595 15 22 1.148 0.976

ZhongtaiSecuritiesCoLtd 16 1.917 4,146 9 14 1.866 0.051

SoochowSecuritiesLtd 17 1.911 4,134 10 35 0.481 1.430

Citi 18 1.845 3,991 9 19 1.429 0.416

DongxingSecuritiesCoLtd 19 1.551 3,356 3 33 0.632 0.919

UBS 20 1.533 3,317 3 32 0.652 0.881

TOTAL 100% 216,310 409 100%



HongKongEquity&RightsOfferingsFY2017 FY2016


MorganStanley 1 15.347 5,436 30 1 11.139 4.208

GoldmanSachs 2 8.898 3,151 15 4 5.329 3.569



UBS 5 3.530 1,250 12 17 1.984 1.546

Citi 6 3.502 1,241 10 22 1.614 1.888

HSBC 7 3.447 1,221 10 19 1.727 1.720

CreditSuisse 8 3.317 1,175 9 25 1.366 1.951

ChinaMerchantsBank 9 3.312 1,173 16 3 5.478 -2.166

ChinaConstructionBank 10 3.167 1,122 17 5 3.897 -0.730


ChinaMerchantsSecurities 12 2.794 990 11 9 2.815 -0.021

CITICSecuritiesCoLtd 13 2.755 976 12 12 2.384 0.371

JPMorgan 14 2.745 972 7 20 1.646 1.099

KingstonFinancialGroupLtd 15 2.651 939 40 13 2.326 0.325

AgriculturalBankofChinaLtd 16 2.251 797 10 7 3.279 -1.028

BankofChina 17 2.074 734 11 6 3.341 -1.267

Industrial&CommBankofChina 18 1.583 561 9 16 2.054 -0.471

BNPParibas 19 0.991 351 10 26 1.170 -0.179


TOTAL 100% 35,418 436 100%

HongKongEquityOfferingsFY2017 FY2016


MorganStanley 1 16.424 5,436 30 1 12.080 4.344

GoldmanSachs 2 9.522 3,151 15 2 5.779 3.743


UBS 4 3.777 1,250 12 16 2.151 1.626

Citi 5 3.748 1,241 10 20 1.750 1.998

HSBC 6 3.689 1,221 10 22 1.614 2.075

CreditSuisse 7 3.550 1,175 9 25 1.481 2.069

ChinaMerchantsBank 8 3.544 1,173 16 3 4.554 -1.010


ChinaMerchantsSecurities 10 2.991 990 11 9 3.053 -0.062

CITICSecuritiesCoLtd 11 2.949 976 12 11 2.585 0.364

JPMorgan 12 2.938 972 7 18 1.785 1.153

HaitongSecuritiesCoLtd 13 2.848 943 21 4 4.535 -1.687

ChinaConstructionBank 14 2.792 924 16 5 4.226 -1.434

AgriculturalBankofChinaLtd 15 2.409 797 10 7 3.556 -1.147

BankofChina 16 2.219 734 11 6 3.623 -1.404

KingstonFinancialGroupLtd 17 1.952 646 34 21 1.726 0.226

Industrial&CommBankofChina 18 1.694 561 9 15 2.228 -0.534

EverbrightSecuritiesCo 19 0.988 327 10 26 1.232 -0.244

BankofCommunications 20 0.974 322 5 14 2.309 -1.335

TOTAL 100% 33,096 386 100%

IndiaEquity&RightsOfferingFY2017 FY2016

Firm Rank MktShare(%) Volume(INRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Citi 1 11.630 220,457 22 1 19.172 -7.542


AxisBankLtd 3 7.191 136,314 26 7 4.783 2.408

UBS 4 7.044 133,524 5 13 2.999 4.045

ICICI 5 5.605 106,256 20 2 11.830 -6.225

MorganStanley 6 5.453 103,373 10 5 5.669 -0.216

DeutscheBank 7 4.970 94,206 10 8 4.748 0.222

JMFinancialLtd 8 4.755 90,143 15 9 4.022 0.733

IIFLHoldingsLtd 9 4.744 89,933 15 12 3.087 1.657


EdelweissFinancialServicesLtd 11 3.587 67,999 20 3 7.729 -4.142

YesBank 12 2.935 55,627 10 20 1.089 1.846

StateBankofIndia 13 2.782 52,744 20 6 5.379 -2.597

IDFCBankLtd 14 2.772 52,541 10 11 3.228 -0.456

JPMorgan 15 2.760 52,327 4 14 2.689 0.071

CreditSuisse 16 2.435 46,149 9 22 0.531 1.904

Nomura 17 2.377 45,060 10 19 1.183 1.194

MotilalOswalInvestmentAdvisors 18 2.264 42,916 13 16 1.940 0.324

GoldmanSachs 19 1.889 35,807 4 33 0.175 1.714


TOTAL 100% 1,895,597 251 100%

IndonesiaEquity&RightsOfferingFY2017 FY2016

Firm Rank MktShare(%) Volume(IDRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MandiriSekuritasPT 1 15.169 3,239,264 7 1 22.460 -7.291

CreditSuisse 2 9.773 2,087,069 2 2 20.132 -10.359

BahanaSecurities 3 8.132 1,736,471 8 3 10.378 -2.246

TrimegahSecurities 4 7.461 1,593,185 5 20 0.485 6.976

DanareksaSekuritasPT 5 5.991 1,279,271 4 5 7.683 -1.692

DBSGroup 6 5.565 1,188,333 2 14 0.993 4.572

CITICSecuritiesCoLtd 7 5.522 1,179,223 2 18 0.579 4.943

MorganStanley 8 5.057 1,080,000 1 12 1.913 3.144

UBS 8 5.057 1,080,000 1 4 8.364 -3.307

BNPParibas 10 4.716 1,007,069 1 - - 4.716

DeutscheBank 10 4.716 1,007,069 1 10 2.959 1.757

CIMB 12 3.271 698,415 4 13 1.182 2.089

YuantaFinancialHoldingCoLtd 13 3.164 675,600 2 - - 3.164

SinarmasSecuritiesPT 14 3.000 640,625 3 9 3.163 -0.163

BuanaCapitalPT 15 1.817 388,075 2 - - 1.817

BankNegaraIndonesia(Persero)TbkPT 16 1.322 282,335 1 8 3.801 -2.479

RHB 17 1.271 271,333 2 14 0.993 0.278

BCASekuritasPT 18 1.143 244,143 2 - - 1.143

LautandhanaSecurindoPT 19 1.005 214,670 4 21 0.196 0.809

IndoPremierSecurities 20 0.981 209,449 2 6 4.898 -3.917

TOTAL 100% 21,354,575 38 100%



MalaysiaEquity&RightsOfferingFY2017 FY2016

Firm Rank MktShare(%) Volume(MYRMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

CIMB 1 33.317 6,299 15 2 19.723 13.594

CreditSuisse 2 14.939 2,824 5 15 0.499 14.440

RHB 3 9.353 1,768 23 3 11.799 -2.446

Maybank 4 9.322 1,762 7 1 31.761 -22.439

JPMorgan 5 4.834 914 2 - - 4.834

MorganStanley 6 4.509 853 1 5 5.764 -1.255

Nomura 7 3.911 739 3 - - 3.911

HongLeongInvestmentBankBhd 8 3.716 703 10 11 1.856 1.860

UOBKayHianPvtLtd 9 3.617 684 3 - - 3.617

HSBC 10 3.323 628 1 - - 3.323

KenangaInvestmentBankBhd 11 3.074 581 13 14 0.828 2.246

AffinHwangCapital 12 2.138 404 4 6 4.626 -2.488

M&ASecuritiesSdnBhd 13 1.373 260 26 9 2.161 -0.788

TASecuritiesHoldingsBhd 14 0.693 131 28 12 1.154 -0.461

Inter-PacificSecurities 15 0.565 107 2 21 0.077 0.488

MercurySecuritiesSdnBhd 16 0.558 105 12 16 0.446 0.112

AmInvestmentBankBhd 17 0.398 75 4 7 4.593 -4.195

KAFInvestmentBankBhd 18 0.148 28 12 13 0.833 -0.685

MIDFAmanahInvestmentBankBhd 19 0.094 18 4 10 1.918 -1.824

PublicBankBerhad 20 0.090 17 1 17 0.276 -0.186

TOTAL 100% 18,906 153 100%

SingaporeEquity&RightsOfferingFY2017 FY2016


DBSGroup 1 29.928 1,749 21 1 26.752 3.176

HSBC 2 11.696 683 6 3 8.793 2.903

Citi 3 8.249 482 4 2 9.118 -0.869

UBS 4 7.701 450 3 15 1.686 6.015

BankofAmericaMerrillLynch 5 6.029 352 3 - - 6.029

Oversea-ChineseBankingCorp 6 4.271 250 3 9 3.500 0.771

UnitedOverseasBank 7 4.258 249 3 8 4.583 -0.325

MorganStanley 8 3.625 212 1 5 7.589 -3.964

CITICSecuritiesCoLtd 9 3.370 197 3 - - 3.370

BNPParibas 10 2.698 158 1 17 1.507 1.191

CreditSuisse 11 2.458 144 2 7 4.597 -2.139

DeutscheBank 12 2.321 136 2 10 3.090 -0.769

DaiwaSecurities 13 2.244 131 1 - - 2.244

GoldmanSachs 13 2.244 131 1 6 6.578 -4.334

UOBKayHianPvtLtd 15 1.722 101 7 19 0.895 0.827

Maybank 16 1.498 88 4 11 2.529 -1.031

FubonSecuritiesCo 17 1.111 65 1 - - 1.111

CIMB 18 0.588 34 3 18 0.934 -0.346

BankofChina 19 0.581 34 1 16 1.633 -1.052

HaitongSecuritiesCoLtd 19 0.581 34 1 24 0.102 0.479

TOTAL 100% 5,842 49 100%

TaiwanEquity&EquityLinkedFY2017 FY2016

Firm Rank MktShare(%) Volume(TWDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

KGISecuritiesCoLtd 1 24.774 20,145 26 2 19.181 5.593

YuantaSecuritiesCoLtd 2 17.312 14,077 11 1 20.351 -3.039

FubonSecuritiesCo 3 16.605 13,502 16 4 6.850 9.755

SinoPacFinancialHoldingsCoLtd 4 8.843 7,190 11 9 3.354 5.489

TaishinFinancialHoldingCoLtd 5 6.162 5,010 19 6 5.023 1.139

MasterlinkSecurities 6 5.636 4,583 6 11 2.954 2.682

GoldmanSachs 7 4.154 3,377 2 16 1.959 2.195

MorganStanley 8 2.977 2,421 1 - - 2.977

GrandFortuneSecuritiesCo 9 2.868 2,332 9 15 2.063 0.805

CathaySecuritiesCoLtd 10 1.540 1,253 6 10 3.157 -1.617

PresidentSecurities 11 1.305 1,061 5 21 0.846 0.459

TaiwanCooperativeSecuritiesCoLtd 12 1.221 993 6 24 0.040 1.181

CTBCFinancialHoldingCoLtd 13 1.154 938 2 3 7.589 -6.435

LandBankofTaiwan 14 0.861 700 1 17 1.888 -1.027

WaterlandSecuritiesCoLtd 14 0.861 700 3 22 0.263 0.598

CapitalSecuritiesCorp 16 0.799 650 4 14 2.340 -1.541

MegaSecuritiesCoLtd 17 0.615 500 1 18 1.876 -1.261

FirstSecuritiesInc 18 0.511 416 4 20 0.881 -0.370

ConcordSecurities 19 0.504 410 2 12 2.827 -2.323

HorizonSecuritiesCoLtd 20 0.439 357 3 13 2.691 -2.252

TOTAL 100% 81,313 145 100%

ThailandEquity&RightsOfferingFY2017 FY2016

Firm Rank MktShare(%) Volume(THBMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

SiamCommercialBankPCL 1 24.949 46,200 11 1 61.343 -36.394

BangkokBankPCL 2 20.160 37,332 8 3 7.295 12.865

KasikornbankPCL 3 8.577 15,883 5 2 10.539 -1.962

Maybank 4 5.523 10,227 6 17 0.518 5.005

PhatraSecuritiesPCL 5 5.103 9,450 5 6 2.224 2.879

CIMB 6 4.815 8,917 3 4 2.915 1.900

UBS 7 4.785 8,861 2 - - 4.785

CreditSuisse 8 4.336 8,029 3 7 1.529 2.807

BankofAmericaMerrillLynch 9 3.548 6,571 2 - - 3.548

TiscoBankPCL 10 3.150 5,833 1 10 1.325 1.825

ThanachartCapitalPCL 11 2.899 5,368 4 7 1.529 1.370


FinansiaSyrusSecuritiesPCL 13 1.373 2,543 4 5 2.675 -1.302

KrungThaiBank 14 1.349 2,499 1 - - 1.349

DeutscheBank 15 1.239 2,294 1 15 0.722 0.517

TiscoSecuritiesCoLtd 16 1.137 2,106 2 12 1.122 0.015

KTZMICOSecuritiesCoLtd 17 1.054 1,952 4 21 0.141 0.913

PhillipSecuritiesPteLtd 18 0.863 1,598 3 18 0.357 0.506

FinansaSecuritiesLtd 19 0.858 1,589 1 10 1.325 -0.467

AyudhyaSecuritiesPCL 20 0.419 775 1 - - 0.419

TOTAL 100% 185,179 57 100%



SouthKoreaEquityOfferingsFY2017 FY2016

Firm Rank MktShare(%) Volume(KRWMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

NHInvestment&SecuritiesCoLtd 1 23.775 3,922,396 16 1 12.772 11.003

MiraeAssetDaewooCoLtd 2 11.808 1,948,017 18 5 10.655 1.153

KoreaInvestment&SecuritiesCo 3 8.003 1,320,410 17 4 10.760 -2.757

MorganStanley 4 7.138 1,177,673 4 9 3.709 3.429

Citi 5 7.038 1,161,069 5 2 12.145 -5.107

JPMorgan 6 5.393 889,789 3 6 8.132 -2.739

GoldmanSachs 7 5.113 843,580 3 11 2.857 2.256

KBSecuritiesCoLtd 8 4.290 707,784 7 13 2.444 1.846

HSBC 9 4.014 662,292 4 16 1.244 2.770

SamsungSecuritiesCoLtd 10 3.533 582,884 6 7 5.110 -1.577

UBS 11 3.057 504,382 1 - - 3.057


CreditSuisse 13 2.241 369,769 2 3 11.494 -9.253

Nomura 14 2.130 351,389 3 25 0.123 2.007

DaishinSecurities 15 2.128 351,094 7 10 3.421 -1.293

Macquarie 16 1.495 246,626 1 19 0.773 0.722

BNPParibas 17 1.330 219,419 2 - - 1.330

DeutscheBank 18 1.328 219,061 1 - - 1.328

ShinhanFinancialGroupCoLtd 19 0.960 158,370 7 14 1.749 -0.789

KTBInvestment&SecuritiesCoLtd 20 0.598 98,609 4 - - 0.598

TOTAL 100% 16,498,087 122 100%

JapanEquityOfferings(FiscalYear)FY2017 FY2016

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

GoldmanSachs 1 23.100 890,706 6 7 5.206 17.894

Nomura 2 16.539 637,727 50 1 23.316 -6.777


MorganStanley 4 12.735 491,049 21 3 15.465 -2.730

MizuhoFinancial 5 12.440 479,674 34 4 12.706 -0.266



JPMorgan 8 3.822 147,382 4 6 7.507 -3.685

UBS 9 0.486 18,758 3 9 0.882 -0.396

SBIHoldingsInc/Japan 10 0.323 12,465 7 10 0.796 -0.473

Citi 11 0.310 11,949 2 11 0.407 -0.097

DeutscheBank 12 0.198 7,636 1 - - 0.198

IchiyoshiSecuritiesCoLtd 13 0.108 4,157 4 12 0.114 -0.006

CreditSuisse 14 0.104 4,000 1 - - 0.104

TokaiTokyoSecuritiesCoLtd 15 0.093 3,582 3 13 0.087 0.006

Macquarie 16 0.069 2,679 1 - - 0.069

OkasanSecuritiesGroupInc 17 0.043 1,639 4 - - 0.043

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 3,855,789 157 100%

JapanEquityIPO(FiscalYear)FY2017 FY2016


MorganStanley 1 22.380 99,898 5 2 20.421 1.959


Nomura 3 20.825 92,960 17 1 25.783 -4.958



UBS 6 1.751 7,817 1 - - 1.751

IchiyoshiSecuritiesCoLtd 7 0.931 4,157 4 - - 0.931

Citi 8 0.834 3,722 1 - - 0.834


Macquarie 10 0.600 2,679 1 - - 0.600



- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 446,380 63 100%

JapanEquity&EquityLinked(FiscalYear)FY2017 FY2016


Nomura 1 21.337 902,727 57 1 25.153 -3.816

GoldmanSachs 2 21.053 890,706 6 7 4.764 16.289


MizuhoFinancial 4 11.929 504,674 35 4 12.421 -0.492

MorganStanley 5 11.607 491,049 21 3 15.755 -4.148



JPMorgan 8 3.484 147,382 4 6 6.869 -3.385

UBS 9 0.443 18,758 3 10 0.807 -0.364


Citi 11 0.282 11,949 2 9 1.976 -1.694

DeutscheBank 12 0.180 7,636 1 - - 0.180

IchiyoshiSecuritiesCoLtd 13 0.098 4,157 4 12 0.104 -0.006

CreditSuisse 14 0.095 4,000 1 - - 0.095


Macquarie 16 0.063 2,679 1 - - 0.063


- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 4,230,789 168 100%

Bloomberg Equity & Equity Linked - League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines Credit is based on the total amount of the offering sold to the public, including exercised over-allotment. Full credit is awarded to sole book-running manager or split equally among joint book-running managers.

Equities

Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.

Equities-Linked

Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner.

The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.

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