global equity capital markets reviewshare.thomsonreuters.com/general/pr/ecm_4q_2016_e.pdf ·...

GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2016

REUTERS/Sheng Li

US Year-on-Year % Change in ECM Volume 7

US Block Trades 6

Top US Equity and Equity-Related Deals 7

US Convertibles (C9a) 6

11 Regional Contacts

Thomson Reuters Solutions for the Deal Making Community

Asia Convertibles, inc Chinese A-shares (C9b)

US Common Stock (C3) 6

US Secondary Offerings (C8a) 6 12

US Deals Intelligence 5 Equity Capital Markets Criteria Summary 16

16

US IPOs (C6) 5 11

US Equity & Equity-Related (C1a) 5

10 Japan Convertible Offerings (C9e) 15

US Equity Criteria Summary

EMEA Rights Offerings (C8fr)Global Equity Rankings - Last Ten Years 4

Global IPOs (C5) 3 EMEA IPOs (C7c) 10 Japan Secondary Offerings (C8d) 15

Global Convertibles (C9) 3 EMEA Common Stock (C4c) 10 Japan IPOs (C7d) 15

EMEA Deals Intelligence 9 Japan Equity & Equity-Related (C1e) 14

9 Japan Common Stock (C4d) 14EMEA Equity & Equity-related (C1d)

Australian ECM Proceeds by Industry 13

Global Debt, Equity & Equity Related (A1) 2 Japan Equity

Global Scorecard 2

EMEA Equity

Latin America Equity & Equity Related (C1f) 8 Australian Equity & Equity-related (AK1) 13

Leading Underwriters for Full Year 2016 2 Latin America Proceeds by Domicile Nation & Sector 8 Australian Common Stock (AK2) 13

Full Year 2016 | Equity Capital Markets | Managing Underwriters

Equity Capital Markets Review

Global Equity

Global Common Stock (C2) 3

Australia & New Zealand Equity

Global Deals Intelligence

Table of Contents

Latin America Equity

1

Banking Composite of Top US Equity Bookrunners 7

Latin America Year-on-Year % Change in ECM Volume 8

10EMEA Convertibles (C9d)

Asia Equity

Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

Global Equity & Equity-Related (C1) 2

17

12

Asia Secondary Offerings, inc Chinese A-shares (C8c)

Asia IPOs, inc Chinese A-shares (C7a)

Asia Common Stock, inc Chinese A-shares (C4a)

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)

12

12

nc

Global Equity & Equity-Related Volume

Global Equity & Equity-Related Volume by Domicile Region

GLOBAL ECM ACTIVITY FALLS 25% TO FOUR-YEAR LOW - Equity capital markets activity totaled US$655billion during full year 2016, a 25% decrease compared to a year ago and the slowest annual period for globalequity capital markets issuance since 2012. By number of issues, 4,669 ECM offerings were brought to marketduring full year 2016, an 5% decrease compared to a year ago and the slowest annual period for new offeringssince full year 2013 when 4,469 deals priced.

FOLLOW-ON OFFERINGS DOWN 25%, ACCOUNT FOR 69% OF ECM - Global follow-on offerings totaledUS$448.4 billion during full year 2016, a decrease of 25% compared to a year ago and the slowest annual periodfor follow-on offerings since 2011. Follow-on offerings from companies in the Energy & Power sector accountedfor 22% of capital raising during full year 2016, up significantly from 12% of overall follow-on offerings a year ago.

US LISTED IPOS DOWN 39%, LOWEST ANNUAL PERIOD SINCE 2003 - Global initial public offering activityduring full year 2016 totaled US$131.1 billion, a decrease of 31% from last year and the slowest annual period forglobal IPOs since 2012. Proceeds from US IPO listings fell by 39% compared to a year ago, while activity in EMEAdeclined 51%. Asia Pacific IPO activity increased 2% from 2015. Global IPO activity during the fourth quarter of2016 totaled US$48.9 billion, an increase of 38% compared to the third quarter of the year and a 28% decreasecompared to the fourth quarter of last year.

CHINA ISSUERS ACCOUNT FOR RECORD 24% OF GLOBAL ECM - Issuers from China raised US$154.4 billionin the global equity capital markets during full year 2016, a decline of 2% compared with levels seen a year ago.As a percentage of global ECM, China accounts for 24% of overall issuance, the highest annual percentage sincerecords began in 1980. Offerings by U.S. issuers, which accounted for 27% of full year 2016 ECM activity, fell22% compared to a year ago.

FOUR SECTORS ACCOUNT FOR OVER 59% OF ACTIVITY - Led by a record level of Energy & Power issuance(19%), the overall volume of equity capital markets activity remained highly concentrated among four main sectorsincluding Financials (16%), Industrials (13%), and Real Estate (11%).

JP MORGAN TOPS GLOBAL ECM RANKINGS - JP Morgan led all equity capital markets underwriters during fullyear 2016, with US$56.1 billion in proceeds from 335 issues and an increase of 1.0 market share point comparedto a year ago. Morgan Stanley maintained second place with a market share decrease of 0.6 points, whileGoldman Sachs fell to third place with a market share decline of 1.0 point.

ECM FEES DECLINE 25% - According to estimates from Thomson Reuters/Freeman Consulting, fees from equitycapital markets transactions during full year 2016 totaled US$13.9 billion, down 25% compared to levels seenduring full year 2015.

Full Year 2016

EQUITY CAPITAL MARKETS REVIEW Global Equity Capital Markets Down 25% from 2015 | China ECM: Record 24% Share | Global IPO Activity Falls 31% | Follow-On Offerings Hit Five-Year Low | ECM Fees Down 25%

Global Initial Public OfferingsGlobal Deals Intelligence

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

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$50

$100

$150

$200

$250

$300

$350

$400

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

2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

0

10

20

30

40

50

60

70

$0

$20

$40

$60

$80

$100

$120

$140

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

2008 2009 2010 2011 2012 2013 2014 2015 2016

% o

f Pro

ceed

s fro

m A

sia

Paci

fic

Proc

eeds

(US$

b)

Global IPOs (US$bil) US Listed IPOs as % of Global IPOs

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas

1

http://dmi.thomsonreuters.com/



http://banker.thomsonib.com/

▲

▼

4,628.5 17 11,901.9 34 -61.1% ▼

▼

EMEA - Europe, Middle East & Africa (C9d) 25,336.4 59 24,504.0 53 3.4% ▲

Australia (C9c) 314.1

▼

Asia Pacific ex Australia (C9b) 21,296.3 113 16,323.6 95 30.5% ▲

▼

Global Convertible Offerings (C9) 75,506.4 289 90,677.1 278 -16.7% ▼

Latin America (C8e) 5,539.6

▼

Japan (C8d) 11,012.9 79 19,484.1 127 -43.5% ▼

1,091 -18.6% ▼

Australia (C8b) 15,950.3 587 36,470.6 504 -56.3% ▼

448,373.5 3,298 596,450.7 3,399 -24.8% ▼

835.2 6 1,957.0 7 -57.3% ▼

10,850.1 93 15,196.1 98 -28.6% ▼

35,365.2 165 72,416.4 247 -51.2% ▼

4,978.1 56 5,955.9 84 -16.4% ▼

62,503.8 651 61,259.0 617 2.0% ▲

15,597.9 94 29,324.2 138 -46.8% ▼

131,072.2 1,081 188,797.8 1,211 -30.6% ▼

6,374.8 25 9,510.5 25 -33.0% ▼

21,863.0 172 34,680.2 225 -37.0% ▼

144,676.0 963 252,462.8 1,087 -42.7% ▼

20,928.5 643 42,426.5 588 -50.7% ▼

191,162.8 1,573 219,231.0 1,708 -12.8% ▼

157,552.7 649 196,623.6 781 -19.9% ▼

579,449.2 4,380 785,328.0 4,613 -26.2% ▼

6,374.8 25 12,837.9 26 -50.3% ▼

26,491.6 189 46,582.1 259 -43.1% ▼

170,012.4 1,022 276,966.9 1,140 -38.6% ▼

21,242.5 646 42,982.5 596 -50.6% ▼

212,459.1 1,686 235,554.6 1,803 -9.8% ▼

▼

United States (C1a) 180,025.4 716 229,296.6 852 -21.5% ▼

Deals US$m Deals in Proceeds

Global Equity & Equity-Related (C1) 654,955.7 4,669 876,005.2 4,891 -25.2%

Global Scorecard

1/1/2016 - 12/30/2016 1/1/2015 - 12/31/2015

Proceeds No. Proceeds No. % Change

3 555.9 8 -43.5%

United States (C9a) 22,472.7 67 32,673.1 71 -31.2%

19 7,553.5 18 -26.7%

EMEA - Europe, Middle East & Africa (C8f) 109,310.8 798 840 -39.3%

Asia Pacific ex Australia (C8c) 128,659.0 922 157,972.0United States (C8a) 141,951.1 554 167,219.9

US$m

Nomura 26.2 -6.5 ▼ 2

▼ 4Nomura 26.4 2.2 ▲ 2

7.1 4.0 ▲ 1China International Capital Co 12.7 1.8 ▲ 1

2

Goldman Sachs & Co 8.9 0.6 ▲ 111.2 10.8 ▲ 1

9.9 2.3 ▲ 1

114.2 9.5 ▲ 1

Bank of America Merrill Lynch 24.9 20.3 ▲ 1

18.0 4.2 ▲ 1

JP Morgan 15.5 3.1 ▲ 1

8.3 -1.0 ▼ 2Morgan Stanley 8.6 2.0 ▲ 1

1Morgan Stanley 8.2 -0.2 ▼ 1

Mkt. Share Chg.

from Last Qtr (%)

Consecutive

Quarters No. 1No. 1 Manager

Industry % Change from Last Quarter

Industry % Change from Same Period Last Year

Jefferies LLC 17 16

Nomura 25.9 -1.0

Japan (C9e)

▲

-17.9% ▼ 4.6% -9.4% ▼

-25.2% ▼ -4.5% -24.6% ▼

Industry Total 654,955.7 100.0 4,669 -222 13,936.0

7,675.2 55.1

100.0

1.0 -0.1 ▼

Top Twenty Total 404,120.2 61.7

▼ 47 1.0 -25 ▼ 135.7HSBC Holdings PLC 20 13 6,477.9 1.0 -0.41.2 -14 ▼ 0.7 +0.1 ▲

0.9 -0.1 ▼

Haitong Securities Co Ltd 19 23 6,574.6 1.0 +0.4 ▲

1.4 -0.3 ▼

BNP Paribas SA 18 17 6,810.0 1.0 -0.1 ▼

▼ 97 2.1 -57 ▼ 195.06,917.0 1.1 -0.1

21 ▲ ▼35 0.77,045.5 1.1

▲

16 24 ▲ ▲ ▲1.0 +12 133.3 1.0

Industry % Change from Last Quarter -29.4% ▼ -20.5% -22.5% ▼▼

100.0

Industry % Change from Same Period Last Year 11.1% ▲ 9.4% -7.9% ▼

21,782.6 57.9

Industry Total 7,598,318.8 100.0 +2,186

19 18 ▲ ▲ ▲

20 24 ▲ ▲ ▲142.5 0.4 +0.1

25,424 37,605.1

Top Twenty Total 4,625,187.4 60.9

1.2 +0.3Agricultural Bank of China 109,727.6 1.4 +0.6 761 3.0 +349

1.5 +0.3 2.3 +1412.7 -11 ▼▼ 2.1 -0.6 ▼

0.5 +0.1 ▲

UBS 18 12 116,772.7 1.5 -0.6▲ 954 3.8 +433 ▲ 170.7China Construction Bank 17 21 127,148.8 1.7 +0.6

▼ ▼ ▲

16 20 ▲ ▲ ▲

823 3.2

56 95.9TD Securities Inc 113,847.5 591 437.952 117.81.1 -11 ▼

+0.5

688 801.9

-3 116.1 0.8 +0.27,191.8 1.1 +0.3+0.5 45

2.3 +0.1 China International Capital Co0.5 +0.1 China Securities Co Ltd

15-29 861.5952 3.7 +400 169.5

RBC Capital Markets 130,205.9 1.7 -0.3Industrial & Comm Bank China 127,678.6 1.7 +0.6

15 13+32 ▲ 188.2 1.4 +0.7 ▲7,488.8 1.1 +0.8 ▲ 60 1.30.7 +0.2 ▲ TD Securities Inc 14 40▲ 983 3.9 +446 ▲ 246.1Bank of China Ltd 14 19 134,738.7 1.8 +0.7-51 ▼ 287.5 2.1 -1.1 ▼9,124.5 1.4 -0.6 ▼ 77 1.62.0 +0.4 ▲ Nomura 13 10▲ 856 3.4 +119 ▲ 739.9Mizuho Financial Group 13 17 136,386.8 1.8 +0.50 - 238.7 1.7 +0.3 ▲10,422.1 1.6 +0.3 ▲ 115 2.51.6 -0.5 ▼ Wells Fargo & Co 12 14▲ 759 3.0 -12 ▼ 603.7Nomura 12 14 157,395.7 2.1 +0.2

-13 ▼ 304.3 2.2 +0.1 ▲11,833.1 1.8 +0.2 ▲ 142 3.01.7 0.0 - RBC Capital Markets 11 11▼ 761 3.0 -33 ▼ 649.1BNP Paribas SA 11 11 183,876.8 2.4 -0.1-6 ▼ 223.4 1.6 +0.4 ▲12,592.8 1.9 +0.3 ▲ 62 1.33.6 -0.5 ▼ CITIC 10 12▼ 908 3.6 -176 ▼ 1,340.5Credit Suisse 10 9 199,402.8 2.6 -1.1-62 ▼ 384.4 2.8 -0.4 ▼20,366.9 3.1 -0.6 ▼ 145 3.13.0 +0.1 ▲ Barclays 9 9- 1114 4.4 -46 ▼ 1,115.1Wells Fargo & Co 9 10 227,106.6 3.0 0.0-74 ▼ 364.7 2.6 -1.1 ▼22,798.7 3.5 -2.4 ▼ 172 3.73.6 -0.7 ▼ UBS 8 5▼ 1218 4.8 -251 ▼ 1,337.7Deutsche Bank 8 6 287,947.9 3.8 -1.0-70 ▼ 370.1 2.7 -0.8 ▼26,940.0 4.1 -0.3 ▼ 156 3.32.3 +0.1 ▲ Deutsche Bank 7 8- 1259 5.0 +24 ▲ 845.8HSBC Holdings PLC 7 8 292,661.8 3.9 0.0-66 ▼ 536.0 3.9 -0.1 ▼27,747.4 4.2 -0.7 ▼ 206 4.45.4 -0.9 ▼ Credit Suisse 6 7▼ 1503 5.9 -127 ▼ 2,024.9Morgan Stanley 6 5 321,543.4 4.2 -0.7-52 ▼ 580.0 4.2 0.0 -29,864.7 4.6 -0.5 ▼ 234 5.05.1 -0.8 ▼ Citi 5 6▼ 1157 4.6 -6 ▼ 1,921.8Goldman Sachs & Co 5 7 326,943.1 4.3 -0.5-85 ▼ 701.7 5.0 -0.4 ▼32,702.9 5.0 -1.0 ▼ 222 4.83.9 -0.2 ▼ Bank of America Merrill Lynch 4 4▼ 1290 5.1 -144 ▼ 1,467.0Barclays 4 4 353,880.8 4.7 -0.9-74 ▼ 762.2 5.5 -1.3 ▼47,304.1 7.2 -1.0 ▼ 256 5.55.9 -0.4 ▼ Goldman Sachs & Co 3 1▼ 1649 6.5 +22 ▲ 2,221.9Bank of America Merrill Lynch 3 2 399,449.0 5.3 -0.5

-117 ▼ 870.5 6.3 -0.8 ▼47,789.1 7.3 -0.6 ▼ 264 5.75.4 0.0 - Morgan Stanley 2 2▼ 1650 6.5 +21 ▲ 2,013.0Citi 2 3 409,680.0 5.4 -0.3-42 ▼ 1,069.7 7.7 +1.0 ▲56,128.3 8.6 +1.0 ▲ 335 7.27.1 -0.3 ▼ JP Morgan 1 3▼ 1905 7.5 +52 ▲ 2,672.1JP Morgan 1 1 468,792.9 6.2 -0.6

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

2016

Rank

2015

RankDeals Sh. (%) Fees

Market Market

Bookrunner Proceeds Sh. (%)

2016

Rank

2015

Rank

Market Market # of MarketMarket

Share Ch. # of Deals

# of Market

Sh. (%)

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

Manager MarketChange in

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

Market

Japan Common Stock (C4d)Japan IPOs (C7d)

ManagerChange in Market

640 -15.1% ▼

Global Secondary Offerings (C8)Morgan Stanley

Global Equity & Equity-Related (C1) Jan 1 - Dec 30Jan 1 - Dec 30Global Debt, Equity & Equity-Related (A1)

180,046.5

Latin America (C7e)Japan (C7d)EMEA - Europe, Middle East & Africa (C7c)Australia (C7b)Goldman Sachs & Co

JP Morgan 20.1 -6.4 ▼

Asia Pacific ex Australia (C7a)United States (C6)Goldman Sachs & CoGlobal IPOs (C5)

Latin America (C4e)Japan (C4d)EMEA - Europe, Middle East & Africa (C4c)BarclaysAustralia (C4b)Asia Pacific ex Australia (C4a)Goldman Sachs & Co

Goldman Sachs & Co 18.5 5.6 ▲

United States (C3)Global Common Stock (C2)

Latin America (C1f)Japan (C1e)JP Morgan 7.0 1.8 ▲ 1EMEA - Europe, Middle East & Africa (C1d)Australia (C1c)JP MorganAsia Pacific ex Australia (C1b)


Global Equity Capital Markets

Market Sector

Bank of America Merrill Lynch

Current Qtr

Market Sh. (%)

5.4 0.2 ▲

US Convertibles (C9a)

EMEA Equity & Equity-Related (C1d)

US

Global Equity & Equity-related (C1)Global Common Stock (C2)Global IPOs (C5)

Europe, Middle East & Africa (EMEA)

Global

Global Debt, Equity & Equity-Related (A1)Global Disclosed Fees (A2)

Japan Equity & Equity-Related (C1e)

Asia-Pacific ex. Japan ex. Australia

Japan

Global Convertibles (C9)

US Equity & Equity-Related (C1a)US Common Stock (C3)US IPOs (C6)


Leading Underwriters for the Full Year of 2016

EMEA Common Stock (C4c)EMEA IPOs (C7c)EMEA Convertibles (C9d)

Asia-Pacific Common Stock (C4a)Asia-Pacific Convertibles (C9b)

2





*tie

▲

▼ ▲

▲

▼ Industry % Change from Same Period Last Year -16.7% ▼

Global Equity & Equity-Related Quarterly Imputed Fees (US$Bil)

Industry % Change from Last Quarter 38.2% ▲ 28.7% 27.8% ▼

▼-30.6% ▼ -10.7% -28.5%

51.8

1,081 -130 4,038.3 100.0

2,093.6Top Twenty Total 72,360.4 55.2

Industry Total 131,072.2 100.0

1.3 +0.1 ▲▲ 18 1.7 -12 ▼ 53.7Sumitomo Mitsui Finl Grp Inc 20 14 1,597.8 1.2 +0.10.8 -0.2 ▼▲ 27 2.5 +1 ▲ 31.6Haitong Securities Co Ltd 19 29 1,598.5 1.2 +0.50.9 +0.2 ▲▲ 22 2.0 +8 ▲ 37.7Guotai Junan Securities 18 45 1,681.9 1.3 +0.80.8 +0.3 ▲▲ 14 1.3 +2 ▲ 32.9Bank of China Ltd 17 37 1,770.2 1.4 +0.71.5 +0.1 ▲▲ 23 2.1 +1 ▲ 61.6China Merchants Securities Co 16 20 1,781.4 1.4 +0.40.9 -0.2 ▼▲ 9 0.8 0 - 35.9Huatai Securities Co Ltd 15 21 1,900.5 1.5 +0.51.7 +1.2 ▲▲ 13 1.2 +6 ▲ 66.9Essence Securities Co Ltd 14 76 2,065.4 1.6 +1.31.8 -0.7 ▼▼ 32 3.0 -11 ▼ 74.2Barclays 13 9 2,127.8 1.6 -1.13.0 +1.2 ▲▲ 28 2.6 +5 ▲ 121.0CITIC 12 12 2,682.6 2.1 +0.32.0 +0.6 ▲▲ 19 1.8 +1 ▲ 81.9China International Capital Co 11 18 2,904.8 2.2 +1.13.0 +0.8 ▲▲ 28 2.6 -16 ▼ 121.3Nomura 10 11 3,281.4 2.5 +0.61.9 +1.3 ▲▲ 19 1.8 +10 ▲ 77.3China Securities Co Ltd 9 50 3,340.4 2.6 +2.22.1 -1.2 ▼▼ 31 2.9 -24 ▼ 82.6UBS 8 4 4,236.2 3.2 -1.63.2 +0.5 ▲▲ 48 4.4 -14 ▼ 130.2Credit Suisse 7 8 4,344.9 3.3 +0.32.9 -1.7 ▼▼ 42 3.9 -27 ▼ 115.7Bank of America Merrill Lynch 6 5 4,380.7 3.3 -1.32.9 -0.6 ▼▼ 42 3.9 -20 ▼ 116.6Deutsche Bank 5 7 4,887.8 3.7 -0.23.8 -0.5 ▼▼ 60 5.6 -15 ▼ 152.9Citi 4 6 5,341.6 4.1 -0.25.2 -0.7 ▼▼ 52 4.8 -35 ▼ 208.6Goldman Sachs & Co 3 2 6,111.1 4.7 -1.26.3 -0.5 ▼▼ 61 5.6 -32 ▼ 252.7Morgan Stanley 2 1 7,942.0 6.1 -1.55.9 +1.6 ▲▲ 64 5.9 -8 ▼ 238.3JP Morgan 1 3 8,383.4 6.4 +1.0

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

2016

Rank

2015

Rank

Market Market Change in Manager Market Market

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

Market # of

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

2.9%▼ Industry % Change from Last Quarter -32.4% ▼ -22.5% ▼

Global IPOs (C5) Jan 1 - Dec 30

▼

Industry % Change from Last Quarter -16.0% ▼ 4.7% -8.0%

4.0% -29.0%

+11 1,283.1 100.0

Industry % Change from Same Period Last Year -26.2% ▼ -5.1% -24.1%

1,005.4 78.464,005.4 84.8

75,506.4 100.0 289

54.1 Top Twenty Total

100.0 Industry Total

6,848.7

4,380 -233 12,652.9



-42.10.8 +0.2 ▲ ▼ 13.2 1.0 -0.1 ▼608.4 0.8 0.0 - 6Jefferies LLC 20 23▲ 28 0.6 -8 ▼ 104.0China International Capital Co 20 20 5,766.3 1.0 +0.2+1 ▲ 5.0 0.4 +0.4 ▲837.0 1.1 +0.4 ▲ 2 0.70.7 +0.2 ▲ China Galaxy Securities Co 19 24*▲ 52 1.2 +8 ▲ 88.4Guotai Junan Securities 19 28 6,074.7 1.1 +0.5-2 ▼ 22.9 1.8 -0.7 ▼894.2 1.2 -0.8 ▼ 12 4.21.8 -0.2 ▼ RBC Capital Markets 18 15▼ 67 1.5 -45 ▼ 225.1Nomura 18 13 6,174.8 1.1 -0.3

+5 ▲ 14.3 1.1 -0.2 ▼970.5 1.3 -0.4 ▼ 15 5.21.6 +0.6 ▲ Societe Generale 17 17▲ 79 1.8 +22 ▲ 196.2BMO Capital Markets 17 27 6,242.8 1.1 +0.5-13 ▼ 22.6 1.8 -2.3 ▼1,182.2 1.6 -4.5 ▼ 7 2.41.4 -0.4 ▼ Barclays 16 5▼ 91 2.1 -53 ▼ 181.8Jefferies LLC 16 14 6,308.7 1.1 -0.2+3 ▲ 20.9 1.6 +0.6 ▲1,274.9 1.7 +0.2 ▲ 13 4.50.7 0.0 - Credit Agricole CIB 15 18▲ 54 1.2 -13 ▼ 92.0Haitong Securities Co Ltd 15 22 6,354.6 1.1 +0.4+1 ▲ 28.8 2.3 -0.8 ▼1,370.4 1.8 -1.9 ▼ 14 4.81.0 +0.5 ▲ Wells Fargo & Co 14 11▲ 42 1.0 +10 ▲ 128.7China Securities Co Ltd 14 25 6,786.2 1.2 +0.5+5 ▲ 12.1 0.9 +0.7 ▲1,425.5 1.9 +0.9 ▲ 7 2.41.4 +0.7 ▲ China International Capital Co 13 21▲ 54 1.2 +30 ▲ 179.1TD Securities Inc 13 45 7,291.3 1.3 +1.0-5 ▼ 42.8 3.3 -0.8 ▼1,561.3 2.1 -1.6 ▼ 8 2.81.7 +0.4 ▲ Mizuho Financial Group 12 10▲ 101 2.3 -1 ▼ 209.9Wells Fargo & Co 12 16 9,051.8 1.6 +0.50 - 24.2 1.9 0.0 -1,612.9 2.1 -0.2 ▼ 14 4.82.2 +0.2 ▲ UBS 11 14▲ 130 3.0 -11 ▼ 281.4RBC Capital Markets 11 10 10,938.9 1.9 +0.3-4 ▼ 40.4 3.2 +0.2 ▲1,700.1 2.3 -0.8 ▼ 13 4.51.7 +0.4 ▲ HSBC Holdings PLC 10 13▲ 57 1.3 -9 ▼ 214.9CITIC 10 11 12,074.5 2.1 +0.5-6 ▼ 62.4 4.9 -8.8 ▼2,949.7 3.9 -3.4 ▼ 10 3.52.4 -1.1 ▼ Nomura 9 4▼ 137 3.1 -74 ▼ 306.9Deutsche Bank 9 8 18,684.8 3.2 -1.1

+5 ▲ 50.9 4.0 +1.0 ▲3,057.8 4.1 +0.2 ▲ 24 8.32.9 -0.2 ▼ BNP Paribas SA 8 9▼ 138 3.2 -49 ▼ 361.8Barclays 8 9 19,184.7 3.3 -0.10 - 43.8 3.4 0.0 -3,431.0 4.5 -0.2 ▼ 18 6.22.7 -1.2 ▼ Credit Suisse 7 8▼ 158 3.6 -74 ▼ 340.4UBS 7 4 21,185.9 3.7 -2.6

+4 ▲ 86.4 6.7 +2.8 ▲3,498.1 4.6 -0.2 ▼ 23 8.03.9 -0.1 ▼ Citi 6 7▼ 188 4.3 -66 ▼ 492.2Credit Suisse 6 7 24,316.5 4.2 -0.7-7 ▼ 83.7 6.5 -1.2 ▼4,513.1 6.0 -2.2 ▼ 29 10.03.9 -0.3 ▼ Bank of America Merrill Lynch 5 2▼ 211 4.8 -56 ▼ 493.5Citi 5 6 26,366.7 4.6 -0.5

+5 ▲ 94.0 7.3 +3.6 ▲6,586.2 8.7 +5.4 ▲ 28 9.74.9 -0.3 ▼ Goldman Sachs & Co 4 12▼ 193 4.4 -78 ▼ 618.0Bank of America Merrill Lynch 4 5 28,189.8 4.9 -0.9+4 ▲ 63.2 4.9 +1.6 ▲8,255.2 10.9 +5.9 ▲ 19 6.66.1 -1.0 ▼ Deutsche Bank 3 6▼ 240 5.5 -105 ▼ 768.5Morgan Stanley 3 2 39,511.2 6.8 -1.1-12 ▼ 101.9 7.9 +1.4 ▲8,277.9 11.0 +3.3 ▲ 24 8.35.3 -1.9 ▼ Morgan Stanley 2 3▼ 228 5.2 -79 ▼ 668.1

171.9 13.4 +1.9 ▲

Goldman Sachs & Co 2 1 40,717.9 7.0 -1.8+2.2 ▲ 57 19.7 +16 ▲▲ JP Morgan 1 1 9,999.0 13.26.3 -58 ▼ 897.8 7.1 +0.9

Sh. (%) Share Ch.

JP Morgan 1 3 46,129.3 8.0 +0.8 ▲ 278Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees

Market Market

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

Market Market # of Market Change in ManagerManager Market Market 2016

Rank

2015

RankSh. (%) Share Ch. Bookrunner Proceeds

Market Market # of Market Change in

Jan 1 - Dec 30 Global Convertibles (C9) Jan 1 - Dec 30

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

Global Equity Capital Markets

Imputed Fees (US$m)

2016

Rank

2015

Rank

Global Common Stock (C2)



▼

▲


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

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

2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

US

$Bil

Fees (US$bn) # of Issues

3





Global Equity Capital Markets: Ten Years of Rankings

Note: League Table positions reflect consolidation within the banking sector.


Rankings shown are as of the current quarter-end in each calendar year.


1

2

3

4

5

6

7

8

9

10

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Ran

k

JP Morgan

Morgan Stanley

Goldman Sachs & Co

Bank of America Merrill Lynch

Citi

Credit Suisse

Deutsche Bank

UBS

Barclays

CITIC

4


nc


Industry % Change from Last Quarter 14.0% ▲ -19.4% ▲▼ 12.9%

Industry % Change from Same Period Last Year -46.8% ▼ -31.9% -45.7% ▼▼

Industry Total 15,597.9 100.0 94 -44 913.7

747.1 81.8

100.0

0.2 +0.1 ▲


▲ 2 2.1 0 - 2.2Macquarie Group 20 39 132.6 0.9 +0.7-4 ▼ 9.4 1.0 -0.4 ▼

▲

SunTrust Banks 19 12 168.0 1.1 -1.2 ▼ 4 4.35.3 +3 ▲ 10.8 1.2 +0.7

+0.4 ▲

KeyBanc Capital Markets Inc 18 40 193.4 1.2 +1.0 ▲ 55 5.3 -4 ▼ 13.2 1.4BMO Capital Markets 17 18 202.0 1.3 +0.1

-3 ▼ 12.9 1.4 +0.6 ▲

▼

Evercore Partners 16 20 226.9 1.5 +0.6 ▲ 2 2.19.6 -7 ▼ 13.9 1.5 -0.8Piper Jaffray Cos 15 13 234.9 1.5 -0.6

-7 ▼ 14.2 1.6 -0.3 ▼

-0.2 ▼

Stifel/KBW 14 16 237.5 1.5 -0.2 ▼ 88 8.5 -5 ▼ 16.8 1.8

2.5 +1.2 ▲

Cowen & Co 13 15 267.6 1.7 0.0 -▲ 11 11.7 +1 ▲ 22.8UBS 12 14 359.5 2.3 +0.5

-13 ▼ 25.3 2.8 -1.1 ▼

-Jefferies LLC 11 10 379.6 2.4 -1.7 ▼ 12 12.8

17.0 -2 ▼ 22.4 2.5 0.0-0.1 ▼

RBC Capital Markets 10 11 572.2 3.7 0.0 - 1613 13.8 -7 ▼ 28.5 3.1

7.0 +2.3 ▲

Wells Fargo & Co 9 9 908.5 5.8 +1.2 ▲

- 20 21.3 -12 ▼ 64.3Credit Suisse 8 7 1,010.7 6.5 0.0-22 ▼ 57.6 6.3 -3.8 ▼

+0.6 ▲

Bank of America Merrill Lynch 7 1 1,031.1 6.6 -3.5 ▼ 1816 17.0 -5 ▼ 48.0 5.3

8.6 -0.3 ▼

Deutsche Bank 6 8 1,047.4 6.7 +1.0 ▲

▼ 20 21.3 -9 ▼ 78.362.7 6.9 +0.8 ▲

Morgan Stanley 5 5 1,291.3 8.3 -0.2

▼

Barclays 4 6 1,328.0 8.5 +1.6 ▲ 22 23.422.3 -9 ▼ 62.8 6.9 -1.5

+1.6 ▲

Citi 3 4 1,442.8 9.3 +0.6 ▲ 2124 25.5 -9 ▼ 89.8 9.8

10.0 -0.3 ▼

JP Morgan 2 3 1,482.7 9.5 +0.8 ▲

▲ 22 23.4 -17 ▼ 91.2Sh. (%) # of Deals Fees Sh. (%) Share Ch.

Goldman Sachs & Co 1 2 1,492.2 9.6

Market Change in Manager Market Market

Bookrunner Proceeds Sh. (%) Share Ch. Deals

JP MorganBookrunner

Jan 1 - Dec 30US IPOs (US$Bil)US IPOs (C6) Jan 1 - Dec 30

Morgan StanleyBank of America Merrill LynchGoldman Sachs & Co

Deutsche Bank


Credit SuisseCitiBarclays

Mizuho Financial GroupJefferies LLCUBSRBC Capital Markets

Wells Fargo & Co

Raymond James Financial IncPiper Jaffray CosStifel/KBWKeyBanc Capital Markets IncBMO Capital MarketsSunTrust Banks

▼

▼

▲

▲

▲

Industry % Change from Last Quarter


Industry Total

Top Twenty Total

Leerink Partners LLC

-▼

▼

▼

▲

▲

+0.5+5.2+2.3

▼

-▼

▼

▲

▲▲

+0.1+0.8-2.9-2.2-0.3-1.1

+0.1+0.1+0.1

0.0-0.3-0.2

10.014.415.1

-0.40.0

-0.3-0.2

4.75.76.97.38.28.7

0.70.91.01.01.92.0

100.0

93.6

0.60.70.70.7

17,941.625,927.627,095.8

▼

▼

-31.7%

-21.5%

8,378.210,285.212,414.313,179.714,736.615,628.2

1,696.61,732.21,791.53,488.73,609.94,231.1

180,025.4

168,422.5

1,158.01,224.81,267.61,312.3

983472

191815121110

7654

1420161721

1514131211

2015

Rank

2019181716

1098

-59-39

-46-20

Proceeds per Bookrunner (US$m)

Share Ch.

Market

Sh. (%)

Market

Proceeds

-34-6-25-36+2-40

+11+4+4+4

5.75.03.94.24.11.4

-136

-17-10

3.64.6

4.6%

-16.0%

▲

▼

104101

8.55.99.67.5

96112

54111 15.5

14.514.113.4

283029106142

716

26334136

▼

▼-2225.1180

138132

19.318.4

▲

▼

▼

▼

▼

▼

▲

▲

▼

▼

▼

▼

Deals

# of

# of Deals per Bookrunner

▼

▼

▼

▼

▲

▲

Change in

-0.5

▼

▼

Market

-21.2%

-31.7%

-0.4

-0.5-0.1-0.5

-0.7

+0.5+0.1+0.3-0.1

7.59.7

+1.0-0.1-1.1+1.0+0.3

+0.7-1.7+0.8

2.73.04.86.66.16.3

100.0

84.5

1.31.11.31.4

277.7288.5344.7445.3

4,577.8

3,869.8

117.2112.7123.0138.5221.6300.8

▲

▲+0.99.7443.1

▲

▲

▼

60.551.659.263.954.1

▼

1.30.82.62.5

▲

▲

▼

▲▲

▼

▼

▲

▼

ECM Volume Down 22% | IPOs Down 47% | Energy & Power Sector Dominates Issuance

▲+2.113.5616.4

▼

▼

▼

▼

Sh. (%)

US Deals Intelligence

The Energy & Power sector dominated issuance in 2016, with five of the top tenlargest deals. The sector took a 33% share of the market, with US$59.3 billion inproceeds. The largest Energy issue of the year was the US$1.9 billion offering byAnadarko Petroleum.

US equity & equity-related proceeds for 2016 totaled US$180 billion from 716deals, a 21.5% decrease from the same period last year. According to ThomsonReuters/Freeman Consulting, fees declined by 31.7%, to US$4.6 billion, with thetop 20 banks taking 84.5% of the wallet.

Full year 2016 saw a 46.8% decline in IPO proceeds, to US$15.6 billion. The topten IPOs issued raised US$7.4 billion, with the largest three issues in the yearbeing the US$1.2 billion issued by Athene Holdings, the US$1.2 billion issued byMGM Growth Properties and the US$1 billion US Foods Holdings offering.

US Equity and Equity-related Volume (US$Bil) by Sector and Issue Type Full Year 2016Jan 1 - Dec 30US Equity & Equity-Related (C1a)

# of Deals

US Equity Capital MarketsFull Year 2016 | Equity Capital Markets | Managing Underwriters

Imputed Fees (US$m)

Share Ch.

Market

Sh. (%)

Market

Fees

Manager

*tie

+0.1

1,322.6

-17-27

52.161.2

1.21.1

37.7

692.4 -0.4

▼

▼

15.6 -50

2016

Rank

321

561

2015

Rank

2016

Rank

Market Market # of

▼ 9

-4 ▼

19.1

▲

8.5

$59.3 33%

$26.5 15% $23.2

13%

$11.5 6%

$11.1 6%

$9.9 6%

$9.1 5%

$28.9 16%

Energy and Power Real Estate Healthcare

High Technology Financials Materials

Retail Others

$15.6 9%

$142.0 79%

$22.5 12%

IPO Follow-On Convertible

$46.5 $26.5 $17.5 $37.7 $33.1 $40.6 $57.4 $55.7 $29.3 $15.6

203

30

53

124

112

126

202

229

138

94

0

40

80

120

160

200

240

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds # of Issues

Pro

ceed

s U

S$

Bill

ions

# of

Issu

es

5


*tie

** Rankings exclude self-funded proceeds, per Standard Criteria


▼

▲

▲ Industry % Change from Last Quarter -72.1%▼ ▼

Industry % Change from Same Period Last Year -31.2% ▼ -5.6% -41.6% ▼

-37.5% -57.0% ▼▼

403.2

▼

89.5

450.5 100.0

0.5 +0.5 ▲2.1Top Nineteen Total 21,513.2 95.7


▲Raymond James Financial Inc 20 - 62.5 +1 ▲

-467

0.3 +0.3+1 ▲ 3.5 0.82 3.0

1 1.5+0.5 ▲

▲

Leerink Partners LLC 19 25 112.5 0.5 +0.3 ▲

3.0 0 - 4.3 1.0 +0.20.0 -

Stifel/KBW 18 24 118.8 0.5 +0.3 ▲ 22 3.0 +1 ▲ 3.7 0.8

0.8 +0.8 ▲

UBS 17 17* 136.1 0.6 -0.3 ▼

▲ 1 1.5 +1 ▲ 3.7Barclay Investments, Inc. 16 - 161.0 0.7 +0.7-3 ▼ 7.8 1.7 +0.5 ▲

▲

Piper Jaffray Cos 15 16 252.0 1.1 0.0 - 3 4.56.0 +3 ▲ 8.3 1.8 +1.2

+1.3 ▲

SunTrust Banks 14 28 279.6 1.2 +1.1 ▲ 43 4.5 +3 ▲ 11.1 2.5

1.9 0.0 -Mitsubishi UFJ Financial Group 13 - 349.8 1.6 +1.6 ▲

▲ 4 6.0 -3 ▼ 8.5Jefferies LLC 12 11 400.0 1.8 +0.2-2 ▼ 14.8 3.3 -0.7 ▼

▼

RBC Capital Markets 11 9 631.8 2.8 -0.9 ▼ 6 9.06.0 -6 ▼ 16.1 3.6 -1.0

-0.3 ▼

Barclays 10 6 738.3 3.3 -3.4 ▼ 4

▼

Mizuho Financial Group 9 10 832.9 3.7 +0.1 - 13.4 3.0

US Secondary Offerings (C8a)


Jan 1 - Dec 30

2016

Rank

2015

Rank

Market Market

Proceeds Sh. (%) Share Ch.

# of Market Change in Manager Market

-

-17.4%

▼ 337.8

Stifel/KBW 18 15

9.3 +0.5

16.4 3.6 -0.6

Sh. (%)

10.5 +2.7

6.9 -0.4

JP Morgan 1 1 22,352.0 15.8DealsBookrunner

+0.3 ▲ 5 ▲ 12.0

313.5 0.4 +0.1 ▲

0.4

1.7 +42.1 +5

+3.1 ▲ 127

8 959.0 1.1 -1.9

Wells Fargo & Co 84 6,274.3 7.4 -5.8

- 12

▲ 13

22.9

▲ 101 18.2 -20

14.1 +2.7+4.8 ▲Goldman Sachs & Co 2 3 20,865.6 14.7

-17 ▼ 454.394 17.0 -6 ▼ 298.5

Sh. (%) # of Deals

4 13,192.5 9.3 -0.5 14.8Bank of America Merrill Lynch 3 7 14,776.6 10.4 +2.1

1 3 16,510.0 19.5 +5.7

Barclays 5 6 12,670.3-32▼ 82Morgan Stanley 4 ▼ 243.0 7.6 -1.8

8.9 -0.3 ▼ 70 12.6 -29 ▼ 209.7 6.5 +0.9Credit Suisse 6 2 10,425.5 7.3 -4.1 ▼ 76 13.7 -28 ▼ 220.2Citi 7 5 10,031.5 7.1 -2.7 ▼ 69 12.5 -49 ▼ 173.2 5.4 -1.0

▲ 164.2Wells Fargo & Co 8 9 8,006.4 5.6 +1.7▼ 34▲ 84 15.2 +8

2.2 -2.05.1 +1.7

Deutsche Bank 9 8 4,056.0 2.9 -2.22.2 -0.4 ▼ 29 5.2

6.1 -30 ▼ 70.5+1.1

RBC Capital Markets 11 11 3,027.0 2.1UBS 10 10 3,114.2

-0.4 ▼ 47 8.5 -21 ▼

Jefferies LLC 12 12 2,709.0 1.9 -0.1 ▼ 83.585.9 2.7 0.0

-8 ▼ 86.2 2.7

2.6 -0.3BMO Capital Markets 13 20 1,494.6 1.1 +0.5 ▲ 37.9▲ 25 4.5 +11

45 8.1 -18▼

1.2 +0.1SunTrust Banks 14 16 1,284.6 0.9 +0.1 ▲ 21 3.8 +5 ▲ 43.5 1.4 +0.4KeyBanc Capital Markets Inc 15 19 1,129.2 0.8 +0.1 ▲ 23 4.2 +9 ▲ 42.0Raymond James Financial Inc 16 17 1,119.3 0.8 +0.1 ▼ 39.8 1.2 -0.1

1.3 +0.4

Stifel/KBW 17 15 956.0 0.7 -0.2 ▼ 26 4.7 -185.2 -7▲ 29

Leerink Partners LLC 18 14 949.1 0.7 -0.4 ▼ 49.9▼ 45.4 1.4 -0.7

1.6 -0.6Mizuho Financial Group 19 21 926.3 0.7 +0.2 ▲ 22.2▲ 6 1.1 +4

▼ 21 3.8 -130.7 0.0

Piper Jaffray Cos 20 18 780.7 0.6 -0.1 ▼ 29 5.2 -7 ▼ 37.5 1.2 -0.5Top Twenty Total 133,866.4 94.3


2,745.2

554

▼ -13.4% -24.3% ▼

85.4

-86 3,213.5 100.0

▼

Industry % Change from Last Quarter -24.3% ▼ 16.2% -23.1% ▼

Industry % Change from Same Period Last Year -15.1%

▼

▼

Market

Share Ch.

▲

▲

▲

▲

▼

▲

▲

-▼

▲

▲

▲

▼

▼

▼

-▼

Market Change in

173.9 12.5

US Block Trades Jan 1 - Dec 30

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

13 5.6 +12

2016

Rank

2015

Rank Fees

Jan 1 - Dec 30


2016

Rank

2015

Rank

Market Market # of Market Change in Manager

Bookrunner Proceeds Sh. (%) Share Ch.

Market Market

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

JP Morgan 1 1

US Common Stock (C3)

Fees

23,834.7 15.1 +3.0 ▲ 151 23.3 -26 ▼ 544.1 13.2 +2.7 ▲

116 17.9 -23Goldman Sachs & Co 2 3 22,357.8 14.2 9.4 +0.1 ▲

Bank of America Merrill Lynch 3 7 15,807.7 10.0▲+4.3

+1.4 ▲ 119 18.3 -42


▼ 389.7▼ 395.3 9.6 +1.2 ▲

Morgan Stanley 4 4 14,483.7 9.2 -0.4 ▼ 102 15.7 -41 ▼ 321.3 7.8 -1.5 ▼

Barclays 5 6 13,998.3 8.9 +0.1 ▲ 92 14.2 -33 ▼ 272.4 6.6 +0.9 ▲

Citi 6 5 11,474.3 7.3 -2.3 ▼ 90 13.9 -58 ▼ 236.0 5.7 -1.3 ▼

Credit Suisse 7 2 11,436.2 7.3 -3.4 ▼ 96 14.8 -40 ▼ 284.4 6.9 +0.4 ▲

Wells Fargo & Co 8 9 8,914.9 5.7 +1.7 ▲ 97 14.9 +1 ▲ 192.7 4.7 +1.4 ▲

Deutsche BankRBC Capital MarketsUBSJefferies LLCBMO Capital Markets

9 8 5,103.310 10 3,599.311

3.2 -1.9 ▼ 50 7.7 -35

Imputed Fees (US$m)

Manager Market Market

-23

12 12

▼ 118.5 2.9 -1.4 ▼

2.3 -0.3 ▼ 63 9.7 ▼ 108.3 2.6 0.0 -11 40 6.2 -7 ▼

13 19

3,473.8 2.2 -0.2 ▼

3,088.7 2.0 -0.3 ▼

109.0 2.6 +1.1 ▲

57 8.8 -31 ▼ 108.8 2.6 -0.6 ▼

1,696.6 1.1 +0.4 ▲ 30 4.6 +7 ▲ 51.1 1.2 +0.2 ▲

SunTrust Banks 14 16 1,452.6 0.9 -0.1 ▼ 25 3.9 +1 ▲ 52.9 1.3 +0.2 ▲

KeyBanc Capital Markets Inc 15 20 1,322.6 0.8 +0.2 ▲ 28 4.3 +12 ▲ 52.8 1.3 +0.5 ▲

Stifel/KBW 16 15 1,193.6 0.8 -0.3 ▼ 34 5.2 -27 ▼ 59.5 1.4 -0.7 ▼

Raymond James Financial Inc 17 18 1,162.3 0.7 -0.1 ▼ 32 4.9 -11 ▼ 49.5 1.2 -0.2 ▼

Leerink Partners LLC 18 14 1,045.5 0.7 -0.4 ▼ 24 3.7 -18 ▼ 57.0 1.4 -0.6 ▼

Cowen & Co 19 13 1,039.1 0.7 -0.6 ▼ 35 5.4 -29 ▼ 57.6 1.4 -1.2 ▼

Piper Jaffray Cos 20 17 1,015.6 0.6 -0.3 ▼ 38 5.9 -14 ▼ 51.3 1.2 -0.6 ▼

Top Twenty Total 147,500.6 93.6 3,512.2 85.1

-132 4,127.3 100.0Industry Total 157,552.7 100.0 649


Industry % Change from Last Quarter -20.5% ▼ 10.4% -14.8% ▼▲

Sh. (%) Share Ch.

Market Market # of

Proceeds Sh. (%) Share Ch.

▲ 49 21.0 +27 ▲

Bookrunner Sh. (%) # of DealsDeals

Goldman Sachs & Co13.1 +3.5

+2.6 ▲

JP Morgan 2 5 13,160.4 15.5 +4.0▲ 52 22.3

24.0 +32 ▲▲ 5612.3 +7.0 ▲

▲

Bank of America Merrill Lynch 3 7 10,060.0 11.9 +5.0Morgan Stanley 4 6 8,874.8 10.5 +0.5 ▲ 43 18.5 +25 ▲ 133.6 9.6 -5.6 ▼

Barclays 5 2 8,332.4 9.8 -4.2 ▼ 41 17.6 +18 ▲ 138.1

+41 ▲ 171.2182.4

9.9 -3.4 ▼

Credit Suisse 6 1 8,047.9 9.5 -11.9 ▼ 41 17.6 +10 ▲ 141.7 10.2 -14.5 ▼

Citi 7 ▼ 33 14.2 +5 ▲ 56.3 4.1 -5.4 ▼

10 3,321.6 3.9 +2.3 ▲ 39 16.7 +33 ▲ 70.2 5.1 +3.5 ▲

Deutsche Bank 9 9 1,893.3 2.2 0.0 5.2 +8 ▲ 29.6 2.1 +0.3 ▲

RBC Capital Markets 10 13 1,329.9 1.6 +1.2 ▲ 15 6.4 +13 ▲ 32.4 2.3 +1.1 ▲

Jefferies LLC 11 11 1,191.2 1.4 +0.7 5.6 +9 ▲ 18.1 1.3 +0.3 ▲

UBS 12 ▼ 11 4.7 +4 ▲ 20.8 1.5 -1.6 ▼

Raymond James Financial Inc 13 16 756.0 0.9 +0.8 ▲ ▲ 21.6 1.6 +1.2 ▲

KeyBanc Capital Markets Inc 14 - 459.8 0.5 +0.5 ▲ 7 3.0 +7 ▲ 14.2 1.0 +0.9 ▲

BMO Capital Markets 15 - 458.9 0.5 +0.5 ▲ 9 3.9 +9 ▲ 10.9 0.8 +0.8 ▲

Scotiabank 16 - 396.2 0.5 +0.5 ▲ 4 1.7 +4 ▲ 9.8 0.7 +0.3 ▲

Mizuho Financial Group 17 - 328.3 +0.4 ▲ 3 1.3 +3 ▲ 9.6 0.7 +0.7 ▲

9 3.9 +8 ▲ 16.2 1.2 +0.7 ▲

Leerink Partners LLC 19 267.1 0.3 +0.3 ▲ 4 ▲ 12.9 0.9 +0.9 ▲

SunTrust Banks 20 - 235.6 0.3 0.9 +0.8 ▲

Top Twenty Total 83,170.2 98.1 1,275.5

233 +95 1,390.0

91.8

Industry Total 84,780.1 100.0 100.0

Industry % Change from Same Period Last Year 55.5% ▲ 68.8% 229.5% ▲▲

Industry % Change from Last Quarter -19.2% ▼ 12.9%

US Convertibles (C9a) Jan 1 - Dec 30


2016

Rank

2015

Rank

Market Market # of Market

Proceeds Sh. (%) Share Ch. Deals

Change in Manager Market Market

Bookrunner Sh. (%) # of Deals Fees Sh. (%) Share Ch.

Goldman Sachs & Co 1 7 3,569.8 15.9 +10.5 ▲ 16 23.9 +3 ▲ 53.3 11.8 +6.1 ▲

Deutsche Bank 2 13 3,274.8 14.6 +13.4 ▲ 4 6.0 -1 ▼ 20.0 4.4 +2.3 ▲

JP Morgan 3 1 3,261.1 14.5 -3.0 ▼ 29 43.3 +4 ▲ 72.3 16.1 -2.2 ▼

Bank of America Merrill Lynch 4 2 2,133.9 9.5 -5.5 ▼ 19 28.4 -4 ▼ 49.9 11.1 -1.2 ▼

Citi 5 5 1,705.4 7.6 -1.5 ▼ 11 16.4 -1 ▼ 41.7 9.3 +3.7 ▲

Wells Fargo & Co 6 4 1,370.4 6.1 -4.2 ▼ 14 20.9 +1Morgan Stanley 7

▲

14.9 -9 ▼

28.8 6.4 -0.8 ▼

3 1,144.5 5.1 -6.1 ▼ 10 23.5 5.2 -3.9 ▼

Credit Suisse 8 8 978.0 4.4 -0.1 ▼ 8 11.9 0 -▲ 3 4.5 0

6




Top 10 US Equity & Equity-Related Deals (US$Bil) Full Year 2016US Equity & Equity-Related Industry Composition for Top Bookrunners Full Year 2016

US Year-on-Year % Change in ECM Volume (US$Bil) Jan 1 - Dec 30

$2.6

$2.5

$2.4

$2.3

$1.9

$1.7

$1.6

$1.6

$1.6

$1.5

01/28/16

08/03/16

03/16/16

05/19/16

09/12/16

11/01/16

01/05/16

08/16/16

09/28/16

11/01/16

Molson Coors Brewing Co

DISH Network Corp

Baxalta Inc

Tesla Motors Inc

Anadarko Petroleum Corp

Walgreens Boots Alliance Inc

Pioneer Natural Resources Co

Southern Co

Great Plains Energy Inc

NextEra Energy Inc

-22.5%

36.4%

-12.5% -6.9%

-4.3%

4.3%

-6.6%

-11.5%

-21.4%

$0.0

$0.4

$0.8

$1.2

$1.6

$2.0

$2.4

$2.8

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60% 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$B)

% C

hang

e YO

Y in

Pro

ceed

s

Pro

ceed

s U

S$

Bill

ions

40.3%

36.7%

28.9%

34.4%

43.5%

40.7%

32.2%

17.5% 24.2%

41.6%

17.4%

10.3%

22.0%

19.9%

7.2%

18.9%

14.7%

12.0%

23.6%

14.6%

8.7%

6.1%

9.9% 1.9%

7.9%

7.4%

7.5%

3.1%

12.1%

12.3%

3.8%

6.8%

6.2%

5.4%

3.0%

6.8%

7.6%

12.2%

2.8%

1.2%

1.4%

5.9%

5.7%

2.3%

3.0%

1.8%

17.0%

1.5%

12.5%

4.5%

5.1%

7.5%

1.3%

1.2%

5.9%

1.1%

8.9%

3.6%

6.6%

4.5%

5.3%

5.7%

2.6%

7.5% 3.6%

5.3%

4.5%

3.2%

5.1%

3.2% 5.4%

2.7%

3.5% 6.0% 14.6%

3.8%

2.8%

8.3%

2.6% 3.1%

10.0%

4.9% 6.5% 4.2% 4.2% 2.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JP Morgan Goldman Sachs & Co

Bank of America

Merrill Lynch

Citi Credit Suisse

Barclays Morgan Stanley

Wells Fargo Deutsche Bank

RBC Capital Markets

% T

otal

Pro

ceed

s

Energy and Power Real Estate High Technology Financials Consumer Staples Industrials Retail Media and Entertainment Materials

7


*tie


▼

▼

LarrainVial SA

-2 ▼ 2.6

192.011* 12 192.013

Goldman Sachs & CoHSBC Holdings PLCGBM Grupo Bursatil Mexicano

11* -

Latin America Equity Capital MarketsFull Year 2016 | Equity Capital Markets | Managing Underwriters

Latin America ECM Volume Down 50%

Latin America Equity and Equity-related Volume (US$Bil) Jan 1 - Dec 30Jan 1 - Dec 30Latin America Equity & Equity Related (C1f)

Full Year 2016Latin America ECM Volume (US$Bil) by Domicile Nation and SectorJan 1 - Dec 30Latin America Year-on-Year % Change in ECM Volume (US$Bil)


2016

Rank

2015

Rank

Market Market # of Market Change in Manager Market Market

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

Morgan Stanley 1 6 931.4 14.6 +8.8 ▲ 5 20.0 +1 ▲ 22.4 15.1 +5.8 ▲

JP Morgan 2 4 893.4 14.0 +7.5 ▲ 3 12.0 -1 ▼ 10.8 7.3 +1.0 ▲

Citi 3 14 678.5 10.6 +8.7 ▲

Industry % Change from Same Period Last Year -50.3% ▼ -3.8%

4.8 -0.5 ▼

Itau Unibanco 78.5Santander 6 9 541.39.7Credit Suisse 5 5 615.29.9Bank of America Merrill Lynch 4 11 629.6

4 16.0 +1 ▲ 16.2 10.9 +6.4 ▲

+4.7 ▲ 7 28.0 +4 ▲ 16.3 11.0 +1.7 ▲

+3.8 ▲ 6 24.0 +1 ▲ 8.8 5.9 +0.4 ▲

+3.0 ▲ 8 32.0 +3 ▲ 14.0 9.5 +2.6 ▲

8 334.6 5.3 -0.4 ▼ 5 20.0 0 - 9.2 6.2 -2.4 ▼

Banco Bradesco SA 8 10 307.5 3 12.0 -1 ▼ 7.4 5.0 +1.1 ▲

Banco do Brasil SA 9 19 208.1 3.3 +2.8 ▲ 2 8.0 +1 ▲ 4.4 3.0 +2.3 ▲

Banco BTG Pactual SA 10 3 194.9 3.1 -8.8 ▼ 4 16.0 -5 ▼ 5.5 3.7 -3.6 ▼

3.0 +3.0 ▲ 1 4.0 +1 ▲ 3.6 2.5 +2.5 ▲

3.0 -2.0 ▼ 1 4.0 -1 ▼ 4.0 2.7 -1.0 ▼

7 117.5 1.8 -4.0 ▼ 1 4.0 1.7 -2.7 ▼

14 - 97.3 1.5 +1.5 ▲ 1 4.0 +1 ▲ 2.1 1.4 +1.4 ▲

Grupo Financiero Banorte-Ixe 15 18 94.9 1.5 +0.8 ▲ 3 12.0 +1 ▲ 2.9 2.0 +0.4 ▲

Banco Modal 16 - 90.6 1.4 +1.4 ▲ 1 4.0 +1 ▲ 2.5 1.7 +1.7 ▲

Grupo Elektra SAB de CV 17 - 82.1 1.3 +1.3 ▲ 1 4.0 +1 ▲ 2.7 1.8 +1.8 ▲

UBS 18 20 58.1 0.9 +0.5 ▲ 1 4.0 0 - 1.5 1.0 -3.2 ▼

Banco Votorantim 19 - 52.6 0.8 +0.8 ▲

21 4.0 +1 ▲ 1.6

▲ 2.520 - 51.5 0.8 +0.8 ▲ 1.7 +1.5+1.1 ▲1.1

▲

Top Nineteen Total 6,363.1 99.8

8.0 +2141.0 95.1

-1 148.2 100.0Industry Total 6,374.8 100.0

Evercore Casa de Bolsa SA

25

-38.5% ▼

Industry % Change from Last Quarter 54.7% ▲ -14.3% 15.6% ▲

$50.0 $24.3 $31.0 $54.6 $28.3 $22.8 $33.0 $18.4 $12.8 $6.4

33

14

36

52

41 35

48

30

19 19

82

9

9

20 21 20 22

8 7 6

-2

13

28

43

58

73

88

$0

$10

$20

$30

$40

$50

$60

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds Non-IPOs IPOs

Pro

ceed

s U

S$

Billi

ons

# of

Issu

es

$2.6 63%

$1.5 37%

Brazil Argentina

$1.6 52%

$1.4 48%

Consumer Products and Services Energy and Power

-37.8%

20.6%

76.3%

-48.2%

-19.3%

44.7%

-44.4%

19.4%

-50.3%

-$6

$0

$6

$12

$18

$24

$30

$36

$42

$48

$54

$60

-100%

-60%

-20%

20%

60%

100%

140%

180%

220% 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$bil)

% C

hang

e YO

Y in

Pro

ceed

s

Pro

ceed

s U

S$

Billi

ons

8


nc

EMEA IPOs by Nation of Primary Listing (US$Bil) Full Year 2016 Top 10 EMEA Equity & Equity-Related Deals (US$Bil) Full Year 2016


Industry % Change from Last Quarter 22.0% ▲ 23.4% 19.0% ▲▲


69.0

-118 2,637.1 100.0

1,819.2

1,022



+4 ▲ 28.3 1.1 +0.2 ▲

▼

SEB 20 23 1,641.5 1.0 +0.3 ▲ 26 2.51.5 -4 ▼ 17.9 0.7 -0.2

+1.1 ▲

UniCredit 19 15 1,912.6 1.1 0.0 - 1521 2.1 -7 ▼ 52.3 2.0

1.7 +0.8 ▲

Investec 18 31 2,163.5 1.3 +0.7 ▲

▲ 21 2.1 +4 ▲ 43.6Credit Agricole CIB 17 22 2,401.8 1.4 +0.6+4 ▲ 39.5 1.5 +0.6 ▲

▼

Carnegie 16 21 2,633.1 1.6 +0.8 ▲ 42 4.13.6 -4 ▼ 39.9 1.5 -0.1

+0.3 ▲Numis 15 14 3,147.7 1.9 +0.8 ▲ 37

31 3.0 -16 ▼ 67.7 2.62.4 +0.1 ▲

Jefferies LLC 14 13 3,233.3 1.9 +0.2 ▲

▼ 47 4.6 0 - 62.6Societe Generale 13 11 3,976.8 2.3 -0.4+17 ▲ 50.7 1.9 +1.3 ▲

▲

Nordea 12 24 3,984.3 2.3 +1.6 ▲ 37 3.62.5 -11 ▼ 75.0 2.8 +0.2

-1.1 ▼

HSBC Holdings PLC 11 12 4,149.3 2.4 -0.1 ▼ 2644 4.3 -8 ▼ 73.2 2.8

3.3 0.0 -Barclays 10 8 5,218.5 3.1 -0.4 ▼

▲ 40 3.9 -8 ▼ 85.7BNP Paribas SA 9 10 5,957.7 3.5 +0.5-7 ▼ 107.2 4.1 -0.3 ▼

▼

Citi 8 7 7,511.7 4.4 -0.8 ▼ 58 5.73.8 -22 ▼ 81.3 3.1 -0.8

-1.2 ▼

Credit Suisse 7 9 7,916.3 4.7 +1.4 ▲ 3954 5.3 -32 ▼ 104.4 4.0

4.5 -2.1 ▼

Deutsche Bank 6 6 9,098.2 5.4 -1.0 ▼

▼ 54 5.3 -31 ▼ 117.4UBS 5 4 10,504.8 6.2 -1.9-36 ▼ 148.4 5.6 -0.4 ▼

▲

Bank of America Merrill Lynch 4 2 10,814.9 6.4 -2.1 ▼ 50 4.95.6 -36 ▼ 169.4 6.4 +0.5

-0.6 ▼

Morgan Stanley 3 5 11,251.2 6.6 -1.2 ▼ 5773 7.1 -19 ▼ 198.9 7.5

9.7 +3.0 ▲

Goldman Sachs & Co 2 1 13,928.7 8.2 -0.4 ▼

▲ 99 9.7 -10 ▼ 255.8# of Deals Fees Sh. (%) Share Ch.

JP Morgan 1 3 17,751.3 10.4 +2.1Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

# of Market Change in Manager Market Market

Full Year 2016


EMEA Equity & Equity-Related (C1d)

2016

Rank

2015

Rank

Market Market


EMEA Equity Capital MarketsEMEA ECM Down 39% | IPO Volumes Down 51% | Innogy's IPO - Largest EMEA Deal of the Year 2016

EMEA Deals Intelligence

EMEA Equity & Equity-Related volumes totaled US$170 billion in 2016. The 1,022deals issued in 2016 by EMEA issuers represented a 38.6% decline in proceedsfrom a year ago. According to Thomson Reuters/Freeman Consulting, estimatedECM fees were down 38.3% year-on-year, at US$2.6 billion for 2016.

EMEA IPO volumes for 2016 reached US$35.4 billion, a decrease of 51.2% from2015 – this was the lowest annual volume since 2012 despite 2016 providingEMEA with the largest flotation since 2011. For the seventh consecutive year, theUK topped IPO Nation of Listing rankings.

EMEA Equity-Related issuance totaled US$25.3 billion from 59 deals in 2016,representing a 3.4% increase year-on-year. Financials led the 2016 rankings with a24% share of the overall market, despite the top three deals originating from othersectors. Innogy's October US$5.2 billion IPO was the largest EMEA deal in 2016.

Jan 1 - Dec 30 EMEA ECM Proceeds Raised by Industry (US$Bil)

$41.2 24%

$24.8 15% $24.7

15%

$19.8 12%

$13.6 8%

$8.3 5% $7.8

5% $7.5 4%

$7.1 4%

$6.1 4%

Financials

Industrials

Energy and Power

Materials

Real Estate

High Technology

Healthcare

Telecommunications

Consumer Staples

Consumer Products and Services

Media and Entertainment

Retail

$6.9

$5.9 $5.8

$3.2 $2.9

$1.5 $1.4

$1.0 $0.9

0

10

20

30

40

50

60

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

U.K. Denmark Germany Netherlands Sweden Italy U.S.A. France Spain

# of

Issu

es

Pro

ceed

s (U

S$B

il)

Proceeds (US$m) # of Issues

$5.2

$4.3

$4.1

$4.0

$3.7

$3.1

$3.0

$2.8

$2.7

$2.4

10/06/16

11/16/16

02/19/16

02/11/16

09/28/16

03/30/16

06/09/16

05/26/16

10/14/16

09/23/16

innogy SE

Bayer Capital Corporation BV

Vodafone Group PLC

Saipem SpA

Air Liquide SA

ArcelorMittal SA

DONG Energy A/S

Banco Popular Espanol SA

OMV Petrom SA

Nets A/S

9





*tie

** Rankings exclude self-funded proceeds, per Standard Criteria


7.1% 71.6% ▲

▲

Industry % Change from Last Quarter -30.6% ▼ 61.9% -27.3% ▼ Industry % Change from Last Quarter 70.2% ▲

▼ Industry % Change from Same Period Last Year 3.4% ▲ 11.3% 1.8%

+6 415.4 100.0

▲Industry % Change from Same Period Last Year -30.8% ▼ -9.8% -32.1%

397.1 95.6

25,336.4 100.0 59

24,840.6 98.0

1.971.6


Top Twenty Total

+1.8 ▲

587.1

420.3

▲ 6 5.0


Top Twenty Total 76.120,503.4

+3

-13119

▲ 11.3Swedbank 20 62 477.0 1.8 +1.7+1 ▲ 3.7 0.9 +0.8 ▲150.0 0.6 +0.6 ▲ 1 1.72.3 +1.4 ▲ DNB ASA 19 -▲ 2 1.7 +1 ▲ 13.6Jefferies LLC 19 16 522.4 1.9 +0.5-1 ▼ 3.7 0.9 -0.2 ▼188.6 0.7 -0.3 ▼ 2 3.42.3 +1.2 ▲ Berenberg Bank 18 19▲ 9 7.6 +4 ▲ 13.4Natixis 18 18 617.7 2.3 +1.0-2 ▼ 4.4 1.1 -0.8 ▼190.5 0.8 -1.2 ▼ 1 1.71.1 +0.3 ▲ UniCredit 17 15▲ 3 2.5 +2 ▲ 6.7Banca IMI (Intesa Sanpaolo) 17 27* 640.9 2.4 +1.6

+1 ▲ 3.6 0.9 +0.4 ▲202.5 0.8 0.0 - 2 3.41.6 +1.1 ▲ ABG Sundal Collier 16 20▲ 6 5.0 +3 ▲ 9.6Nordea 16 37 678.8 2.5 +2.0-1 ▼ 4.7 1.1 -0.1 ▼208.4 0.8 +0.1 ▲ 2 3.41.5 +0.4 ▲ Jefferies LLC 15 22▲ 2 1.7 +1 ▲ 8.8Rand Merchant Bank 15 22 714.4 2.7 +1.60 - 6.0 1.5 -1.3 ▼297.3 1.2 -1.4 ▼ 5 8.52.3 -2.4 ▼ Natixis 14 14▼ 4 3.4 -5 ▼ 13.6Deutsche Bank 14 5 760.6 2.8 -2.2-6 ▼ 8.6 2.1 -2.5 ▼352.6 1.4 -2.8 ▼ 3 5.13.3 -0.8 ▼ UBS 13 12▼ 6 5.0 0 - 19.1Morgan Stanley 13 8 766.0 2.8 -1.6-3 ▼ 6.4 1.6 -4.4 ▼443.8 1.8 -4.3 ▼ 3 5.14.1 +2.2 ▲ Barclays 12 8▲ 2 1.7 0 - 23.8Mediobanca 12 19 814.8 3.0 +1.8

+3 ▲ 13.6 3.3 -2.3 ▼923.0 3.6 -2.6 ▼ 13 22.00.8 +2.8 ▲ Societe Generale 11 6▲ 3 2.5 +3 ▲ 4.4Emirates NBD PJSC 11 - 820.7 3.0 +3.0+2 ▲ 16.3 3.9 -1.6 ▼1,059.4 4.2 -3.8 ▼ 9 15.33.8 +0.1 ▲ Deutsche Bank 10 4▼ 9 7.6 +1 ▲ 22.4Societe Generale 10 7 821.6 3.1 -1.4+3 ▲ 18.6 4.5 +1.1 ▲1,230.8 4.9 -0.3 ▼ 12 20.33.9 -1.9 ▼ Credit Agricole CIB 9 9▼ 9 7.6 -4 ▼ 22.7BNP Paribas SA 9 6 870.1 3.2 -1.6+4 ▲ 31.2 7.5 +2.6 ▲1,262.6 5.0 +0.5 ▲ 8 13.63.4 +1.5 ▲ Citi 8 11▲ 5 4.2 +2 ▲ 20.0Credit Agricole CIB 8 29 880.1 3.3 +2.5-1 ▼ 32.2 7.8 +0.2 ▲1,291.4 5.1 -2.1 ▼ 9 15.32.9 +2.6 ▲ HSBC Holdings PLC 7 5▲ 4 3.4 0 - 16.9Investec 7 33 898.8 3.3 +2.6-3 ▼ 30.2 7.3 +0.3 ▲2,113.1 8.3 +0.3 ▲ 6 10.22.9 +0.6 ▲ Bank of America Merrill Lynch 6 3▲ 6 5.0 +3 ▲ 17.0Citi 6 11 1,207.2 4.5 +2.0

+2 ▲ 23.8 5.7 +0.5 ▲2,198.1 8.7 +3.6 ▲ 8 13.67.8 -1.6 ▼ Credit Suisse 5 10▼ 7 5.9 -1 ▼ 45.7Goldman Sachs & Co 5 3 1,274.8 4.7 -2.0-2 ▼ 39.3 9.5 +2.4 ▲2,323.0 9.2 +3.1 ▲ 6 10.25.5 +3.0 ▲ Morgan Stanley 4 7▲ 8 6.7 +3 ▲ 32.5HSBC Holdings PLC 4 13 1,536.8 5.7 +3.8

+5 ▲ 33.8 8.1 +6.2 ▲2,640.9 10.4 +7.7 ▲ 10 16.95.8 +0.7 ▲ Goldman Sachs & Co 3 13▲ 8 6.7 +3 ▲ 33.7Barclays 3 10 1,669.1 6.2 +2.8+7 ▲ 45.6 11.0 +1.3 ▲2,951.1 11.7 +0.4 ▲ 22 37.35.9 -4.1 ▼ BNP Paribas SA 2 1▼ 9 7.6 -6 ▼ 34.6JP Morgan 2 1 2,144.1 8.0 -7.1+8 ▲ 71.4 17.2 +8.8 ▲4,813.5 19.0 +10.6 ▲ 17 28.88.6 +2.8 ▲ JP Morgan 1 2▲ 6 5.0 -2 ▼ 50.5


Bank of America Merrill Lynch 1 2 2,387.5 8.9 +0.2Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

2015

Rank



# of MarketMarket Change in Manager Market Market 2016

Rank# of Deals Fees Sh. (%) Share Ch.

2016

Rank

2015

Rank

Market Market # of

EMEA Rights Offerings (C8fr) Jan 1 - Dec 30 EMEA Convertibles (C9d) Jan 1 - Dec 30

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


Industry % Change from Last Quarter 15.7% ▲ 24.4% 11.3% ▲

Industry % Change from Same Period Last Year -42.7% ▼ -11.4% -42.6% ▼

465.6 67.526,930.8 76.265.1

100.0

1,447.0

963 -124 2,221.7



+3 ▲ 11.9 1.7 +1.2 ▲451.0 1.3 +1.0 ▲ 5 3.01.5 +0.6 ▲ Global M&A 20 50- 8 0.8 -3 ▼ 32.7Mediobanca 20 18 1,466.7 1.0 0.0-3 ▼ 13.7 2.0 +0.8 ▲452.2 1.3 +0.2 ▲ 4 2.41.3 +0.3 ▲ Investec 19 23▲ 26 2.7 +4 ▲ 28.3SEB 19 22 1,641.5 1.1 +0.3

+1 ▲ 13.0 1.9 +0.6 ▲471.3 1.3 +1.3 ▲ 1 0.60.6 -0.2 ▼ Sambacapital 18 -▲ 14 1.5 -2 ▼ 13.5UniCredit 18 17 1,722.1 1.2 +0.2+1 ▲ 10.9 1.6 +0.3 ▲527.0 1.5 +0.8 ▲ 7 4.22.4 +1.4 ▲ Peel Hunt LLP 17 35▲ 21 2.2 -7 ▼ 52.3Investec 17 28 2,163.5 1.5 +0.8-3 ▼ 12.9 1.9 +0.1 ▲534.3 1.5 0.0 - 11 6.71.8 +0.8 ▲ Societe Generale 16 19▲ 42 4.4 +4 ▲ 39.5Carnegie 16 20 2,633.1 1.8 +0.9-6 ▼ 11.5 1.7 0.0 -558.0 1.6 +0.1 ▲ 6 3.61.9 -0.2 ▼ Numis 15 20- 17 1.8 -10 ▼ 42.8HSBC Holdings PLC 15 12 2,857.9 2.0 0.00 - 10.0 1.5 +0.3 ▲572.0 1.6 +0.6 ▲ 8 4.81.8 -0.9 ▼ ABG Sundal Collier 14 24▼ 18 1.9 -15 ▼ 40.1BNP Paribas SA 14 11 3,006.6 2.1 -0.1-7 ▼ 9.2 1.3 -1.4 ▼764.8 2.2 -1.7 ▼ 8 4.82.8 +0.4 ▲ Barclays 13 10▲ 29 3.0 -15 ▼ 63.1Jefferies LLC 13 13 3,024.9 2.1 +0.3-1 ▼ 7.2 1.0 -0.1 ▼1,035.1 2.9 +2.1 ▲ 4 2.42.2 +0.3 ▲ Danske Bank 12 30▼ 34 3.5 -3 ▼ 48.9Societe Generale 12 10 3,053.7 2.1 -0.3-6 ▼ 8.2 1.2 -0.5 ▼1,102.0 3.1 +1.1 ▲ 3 1.81.8 +0.1 ▲ BNP Paribas SA 11 14▲ 37 3.8 -4 ▼ 39.9Numis 11 14 3,147.7 2.2 +0.90 - 23.3 3.4 +1.2 ▲1,124.5 3.2 +1.4 ▲ 15 9.12.3 +1.6 ▲ Carnegie 10 15▲ 37 3.8 +17 ▲ 50.7Nordea 10 23 3,984.3 2.8 +2.0

+2 ▲ 22.2 3.2 +2.3 ▲1,342.5 3.8 +3.1 ▲ 8 4.83.0 -0.7 ▼ Nordea 9 33- 41 4.3 -5 ▼ 66.8Barclays 9 8 4,774.7 3.3 0.0-5 ▼ 28.2 4.1 +0.7 ▲1,583.0 4.5 -0.1 ▼ 14 8.52.6 -1.1 ▼ Citi 8 7▲ 31 3.2 -24 ▼ 57.6Credit Suisse 8 9 5,718.2 4.0 +0.8-10 ▼ 21.3 3.1 -1.6 ▼1,690.5 4.8 -1.2 ▼ 9 5.53.4 -0.9 ▼ Bank of America Merrill Lynch 7 4▼ 50 5.2 -11 ▼ 76.0Citi 7 7 6,249.1 4.3 -1.0-8 ▼ 22.0 3.2 -0.1 ▼1,747.1 4.9 +0.9 ▲ 7 4.24.0 -1.2 ▼ Credit Suisse 6 9▼ 45 4.7 -34 ▼ 88.0Deutsche Bank 6 6 8,038.8 5.6 -0.7-10 ▼ 50.8 7.4 +0.5 ▲2,337.7 6.6 +0.7 ▲ 14 8.55.3 -0.6 ▼ Goldman Sachs & Co 5 5▼ 44 4.6 -33 ▼ 118.2Bank of America Merrill Lynch 5 2 8,701.8 6.0 -2.5-11 ▼ 55.1 8.0 +0.8 ▲2,350.4 6.7 -1.8 ▼ 14 8.55.9 +0.2 ▲ Morgan Stanley 4 1▼ 51 5.3 -34 ▼ 130.1Morgan Stanley 4 5 8,928.2 6.2 -1.7-11 ▼ 40.4 5.9 -0.2 ▼2,517.0 7.1 +0.9 ▲ 13 7.94.9 -1.9 ▼ Deutsche Bank 3 3▼ 51 5.3 -25 ▼ 108.9UBS 3 3 10,152.1 7.0 -1.5-11 ▼ 25.2 3.7 -2.5 ▼2,586.3 7.3 +1.9 ▲ 8 4.87.4 -1.4 ▼ UBS 2 6▼ 63 6.5 -24 ▼ 165.2Goldman Sachs & Co 2 1 11,287.8 7.8 -1.3-3 ▼ 68.6 9.9 +4.8 ▲3,184.1 9.0 +2.1 ▲ 21 12.78.3 +1.8 ▲ JP Morgan 1 2▲ 82 8.5 -18 ▼ 184.4


JP Morgan 1 4 12,937.7 8.9 +0.7Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

2015

Rank





2016

Rank

2015

Rank

Market Market # of

EMEA Common Stock (C4c) Jan 1 - Dec 30 EMEA IPOs (C7c) Jan 1 - Dec 30



EMEA Equity Capital Markets

▲ ▲

▼

▲

▼

35,365.2 100.0

Industry % Change from Last Quarter 124.9% ▲

Industry Total

Top Twenty Total

-82165

37.7% ▲▲117.4%

689.5 100.0

Nikko Citi 20 - 140.2 0.6 +0.6 0.6 +1.9 ▲▲ 1 1.7 +1 ▲ 2.5

10





nc

*tie


Industry % Change from Last Quarter -19.6% ▼ 3.3% -7.8% ▼▲


Industry Total 102,327.5 100.0 1,115

876.2 56.1

-234 1,561.4 100.0

▲


2.8 +6 ▲ 22.4 1.4 +0.5+0.2 ▲

Guotai Junan Securities 20 32 1,335.2 1.3 +0.6 ▲ 3118 1.6 +1 ▲ 26.7 1.7

1.4 -0.8 ▼

Bank of China Ltd 19 20 1,451.6 1.4 +0.2 ▲

▼ 17 1.5 -11 ▼ 21.3China Construction Bank 18 13 1,479.9 1.5 -0.5-16 ▼ 20.3 1.3 -2.3 ▼

▼

CITIC 17 6 1,563.6 1.5 -1.8 ▼ 18 1.61.8 +3 ▲ 21.3 1.4 -0.1

+1.0 ▲

China Merchants Bank 16 12 1,754.3 1.7 -0.3 ▼ 2027 2.4 +5 ▲ 23.1 1.5

2.1 -0.3 ▼

Korea Investment Holdings Co 15 39 1,791.8 1.8 +1.3 ▲

▼ 18 1.6 -10 ▼ 33.3HSBC Holdings PLC 14 9 2,020.9 2.0 -0.5-12 ▼ 36.4 2.3 -0.3 ▼

-China International Capital Co 13 8 2,032.8 2.0 -0.6 ▼ 14 1.3

1.7 -2 ▼ 38.9 2.5 0.0+0.8 ▲

Bank of America Merrill Lynch 12 10 2,162.2 2.1 -0.1 ▼ 1933 3.0 -15 ▼ 46.9 3.0

3.0 -0.7 ▼

Haitong Securities Co Ltd 11 14 2,358.1 2.3 +0.4 ▲

▼ 30 2.7 -12 ▼ 46.0Credit Suisse 10 5 2,593.7 2.5 -2.2-2 ▼ 27.0 1.7 +0.8 ▲

▼

Siam Commercial Bank PLC 9 41 2,634.9 2.6 +2.1 ▲ 3 0.32.8 -14 ▼ 36.6 2.4 -1.6

+0.5 ▲

UBS 8 3 2,747.3 2.7 -3.2 ▼ 3112 1.1 -6 ▼ 13.2 0.9

2.5 +1.4 ▲

Mirae Asset Daewoo Co Ltd 7 40 2,870.6 2.8 +2.3 ▲

▲ 27 2.4 -1 ▼ 39.0NH Investment & Securities Co 6 18 3,137.5 3.1 +1.6-25 ▼ 64.2 4.1 -1.0 ▼

▲

Goldman Sachs & Co 5 1 3,438.1 3.4 -4.6 ▼ 23 2.13.5 +5 ▲ 64.1 4.1 +1.6

+1.5 ▲

Citi 4 7 4,533.6 4.4 +1.3 ▲ 3934 3.0 -1 ▼ 95.4 6.1

3.0 +1.6 ▲

JP Morgan 3 4 5,204.3 5.1 -0.5 ▼

▲ 28 2.5 +8 ▲ 47.5152.6 9.8 +3.1 ▲

Deutsche Bank 2 11 5,863.7 5.7 +3.6+4.0 ▲ 45 4.0 -18 ▼

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

Morgan Stanley 1 2 12,006.8 11.7



2016

Rank

2015

Rank

Market Market # of

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) Jan 1 - Dec 30 Top 10 Asia Equity & Equity-Related Deals (US$Bil) Jan 1 - Dec 30


Industry % Change from Last Quarter -33.3% ▼ -3.2% -11.4% ▼▼


Industry Total 212,459.1 100.0 1,686

2,054.7 55.5

-117 3,704.0 100.0

▼


2.1 -10 ▼ 60.2 1.6 -0.5+0.7 ▲

Credit Suisse 20 5 3,553.3 1.7 -1.8 ▼ 3518 1.1 +2 ▲ 56.5 1.5

2.2 +0.1 ▲

China Galaxy Securities Co 19 26 3,636.9 1.7 +0.7 ▲

▲ 23 1.4 +5 ▲ 80.4Sinolink Securities Co Ltd 18 27 3,665.3 1.7 +0.7-3 ▼ 92.3 2.5 -0.8 ▼

▼

China Merchants Securities Co 17 8 3,912.2 1.8 -0.9 ▼ 37 2.22.3 -16 ▼ 52.2 1.4 -1.8

+0.1 ▲

UBS 16 2 4,150.9 2.0 -3.9 ▼ 3816 0.9 -4 ▼ 73.2 2.0

2.6 +1.5 ▲Southwest Securities Co Ltd 15 16 4,166.7 2.0 +0.4 ▲

▲ 23 1.4 +7 ▲ 95.7Essence Securities Co Ltd 14 38 4,318.3 2.0 +1.4+9 ▲ 125.1 3.4 +1.0 ▲

▼

GF Securities 13 19 5,198.9 2.5 +1.1 ▲ 45 2.71.8 -6 ▼ 117.7 3.2 -0.6

-0.9 ▼

Guosen Securities Co Ltd 12 11 5,562.3 2.6 +0.3 ▲ 3134 2.0 -19 ▼ 73.7 2.0

2.3 -0.4 ▼

Goldman Sachs & Co 11 1 5,622.4 2.7 -3.9 ▼

▲ 28 1.7 +2 ▲ 83.2Huatai Securities Co Ltd 10 14 5,790.8 2.7 +0.8+2 ▲ 109.6 3.0 +0.7 ▲

▲

JP Morgan 9 6 5,972.9 2.8 -0.6 ▼ 38 2.33.1 +15 ▲ 107.9 2.9 +1.2

+0.3 ▲

Citi 8 12 6,200.2 2.9 +0.8 ▲ 5355 3.3 +11 ▲ 93.5 2.5

2.6 -0.4 ▼

Guotai Junan Securities 7 15 6,404.3 3.0 +1.2 ▲

▲ 55 3.3 -14 ▼ 95.8Haitong Securities Co Ltd 6 9 6,567.2 3.1 +0.7+12 ▲ 133.3 3.6 +1.3 ▲

▲

China Securities Co Ltd 5 10 7,045.5 3.3 +1.0 ▲ 45 2.72.1 -3 ▼ 116.1 3.1 +0.3

+0.5 ▲

China International Capital Co 4 7 7,191.8 3.4 +0.5 ▲ 3542 2.5 +11 ▲ 89.7 2.4

6.0 +0.4 ▲

Deutsche Bank 3 13 8,215.5 3.9 +2.0 ▲

▲ 61 3.6 -7 ▼ 222.9175.7 4.7 +1.0 ▲

CITIC 2 3 12,573.6 5.9 +0.1+1.4 ▲ 53 3.1 -18 ▼

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

Morgan Stanley 1 4 14,580.3 6.9



2016

Rank

2015

Rank

Market Market # of

Asia Equity & Equity-Related, inc Chinese A-shares (C1b) Jan 1 - Dec 30 Asia Equity & Equity-Related Imputed Fees by Domicile Nation (US$Mil) Jan 1 - Dec 30



Asia (ex-Japan, ex-Australia) Equity Capital MarketsAsian ECM Drops 10% | PSBC Largest IPO | Financials Top Sector

Asia Deals Intelligence

Asian equity and equity-related proceeds during full year 2016 totaled US$212.5billion, down 9.8% compared to full year 2015. Issuers from the Financials,Industrials and High Technology sectors represented 22.2%, 19.4% and 12.9% ofthe market, respectively.

Asian IPO proceeds totaled US$62.5 billion, a 2% increase from the US$61.3billion raised a year ago. Chinese state-owned Postal Savings Bank of China(PSBC) raised US$7.6 billion in proceeds. Asia follow-on offerings andconvertibles captured 60.6% and 10% market share, respectively.

According to estimates by Thomson Reuters/Freeman Consulting, Asian Equity andEquity-Related fees in the full year of 2016 totaled US$3.7 billion from 1,686 deals,a 4.8% decrease from the total fees earned throughout 2015. CITIC, the top feeearning book runner, captured 6% of the total wallet share.

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

China Hong Kong Singapore South Korea Malaysia Rest of Asia

$7.6

$6.6

$2.5

$2.4

$2.4

$2.3

$2.2

$2.1

$2.0

$1.9

09/21/16

06/01/16

08/31/16

07/21/16

10/20/16

07/13/16

07/15/16

06/23/16

11/03/16

10/21/16

Postal Savings Bank of China

Softbank Group Corp METS

Hainan Airlines Co Ltd

Berli Jucker PCL

Hainan HNA Infrastructure

Hyundai Merchant Marine Co Ltd

BYD Co Ltd

China ShipBldg Ind Grp Power

Samsung BioLogics Co Ltd

China Resources Pharm Grp Ltd

11





*tie

40.0% -15.4% ▼

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

▲

Industry % Change from Last Quarter -55.4% ▼ -21.5% -53.1% ▼ Industry % Change from Last Quarter -22.7% ▼

▼ Industry % Change from Same Period Last Year 30.5% ▲ 18.9% 49.7%

+18 242.9 100.0


184.1 75.818,199.5 85.5

21,296.3 100.0 113

54.5 Top Nineteen Total


897.2

922 -169 1,646.0



+2 ▲ 3.9 1.6 +1.6 ▲195.0 0.9 +0.9 ▲ 2 1.81.8 +1.0 ▲ China Investment Sec Co Ltd 20 -▲ 10 1.1 +1 ▲ 28.8Essence Securities Co Ltd 20 40 2,252.9 1.8 +1.30 - 4.0 1.7 -0.8 ▼211.6 1.0 -0.7 ▼ 2 1.81.8 +1.6 ▲ Citi 19 19▲ 11 1.2 +9 ▲ 29.6Dongxing Securities 19 100 2,314.7 1.8 +1.7-1 ▼ 3.9 1.6 -1.7 ▼220.0 1.0 -2.0 ▼ 2 1.82.0 -0.9 ▼ Haitong Securities Co Ltd 18 10▼ 13 1.4 -13 ▼ 32.3JP Morgan 18 6 2,346.9 1.8 -1.8-1 ▼ 3.6 1.5 -2.1 ▼254.8 1.2 -8.5 ▼ 2 1.81.2 +1.2 ▲ Credit Suisse 17 2▲ 1 0.1 +1 ▲ 20.3Siam Commercial Bank PLC 17 - 2,390.2 1.9 +1.9

+2 ▲ 4.6 1.9 +0.9 ▲259.3 1.2 -1.2 ▼ 3 2.71.7 +1.0 ▲ China Securities Co Ltd 16 15▲ 17 1.8 +8 ▲ 27.4NH Investment & Securities Co 16 26 2,507.7 2.0 +1.0+1 ▲ 3.6 1.5 -2.5 ▼266.1 1.3 -1.1 ▼ 4 3.50.7 +0.5 ▲ Bank of America Merrill Lynch 15 14▲ 5 0.5 -1 ▼ 11.0Mirae Asset Daewoo Co Ltd 15 72 2,636.4 2.1 +1.9+2 ▲ 4.4 1.8 +0.2 ▲293.6 1.4 +0.1 ▲ 3 2.71.3 -0.3 ▼ Huatai Securities Co Ltd 14 23▼ 9 1.0 -9 ▼ 22.1China International Capital Co 14 9 2,861.5 2.2 -0.30 - 1.4 0.6 -0.3 ▼300.7 1.4 -2.6 ▼ 1 0.92.7 +1.2 ▲ Everbright Securities Co Ltd 13 8*▲ 15 1.6 +8 ▲ 44.2Sinolink Securities Co Ltd 13 25 2,995.3 2.3 +1.3

+3 ▲ 5.1 2.1 +2.1 ▲329.5 1.6 +1.6 ▲ 3 2.72.8 +0.2 ▲ Guotai Junan Securities 12 -▲ 25 2.7 +8 ▲ 45.8Deutsche Bank 12 11 3,422.3 2.7 +0.4+1 ▲ 5.0 2.0 +2.0 ▲330.8 1.6 +1.6 ▲ 1 0.93.1 0.0 - Kaiyuan Securities Co Ltd 11 -▼ 23 2.5 0 - 51.4China Securities Co Ltd 11 7 3,445.8 2.7 -0.10 - 7.0 2.9 +0.2 ▲375.5 1.8 +0.1 ▲ 2 1.82.6 +0.2 ▲ Goldman Sachs & Co 10 17▲ 16 1.7 0 - 42.9Huatai Securities Co Ltd 10 17 3,596.8 2.8 +1.3-2 ▼ 6.4 2.7 -3.0 ▼408.6 1.9 -2.6 ▼ 4 3.53.7 +1.5 ▲ HSBC Holdings PLC 9 7▲ 13 1.4 0 - 60.3Southwest Securities Co Ltd 9 15 3,857.4 3.0 +1.4

+3 ▲ 3.2 1.3 +0.8 ▲511.9 2.4 +2.1 ▲ 6 5.32.9 +1.3 ▲ Yuanta Financial Hldg Co Ltd 8 39▲ 28 3.0 +8 ▲ 47.9Citi 8 13 3,858.5 3.0 +0.8+3 ▲ 8.5 3.5 -1.3 ▼518.3 2.4 -4.4 ▼ 5 4.43.4 +1.2 ▲ CITIC 7 3▲ 23 2.5 +6 ▲ 55.1GF Securities 7 16 3,923.2 3.1 +1.5+1 ▲ 5.0 2.1 +1.8 ▲837.0 3.9 -0.1 ▼ 2 1.81.6 -2.7 ▼ China Galaxy Securities Co 6 8*▼ 24 2.6 -16 ▼ 26.7Goldman Sachs & Co 6 1 4,045.7 3.1 -5.7+5 ▲ 11.9 4.9 +2.5 ▲1,124.1 5.3 +0.4 ▲ 9 8.03.1 +0.3 ▲ UBS 5 6▲ 30 3.3 0 - 50.7Guotai Junan Securities 5 14 4,392.8 3.4 +1.3+5 ▲ 12.1 5.0 +2.7 ▲1,425.5 6.7 +1.4 ▲ 7 6.23.6 +0.8 ▲ China International Capital Co 4 5▲ 17 1.8 +5 ▲ 59.3Guosen Securities Co Ltd 4 12 4,418.7 3.4 +1.2+6 ▲ 28.2 11.6 -7.1 ▼1,924.4 9.0 -3.1 ▼ 11 9.73.7 +0.4 ▲ JP Morgan 3 1▲ 27 2.9 -13 ▼ 60.4Haitong Securities Co Ltd 3 10 4,756.1 3.7 +1.3+6 ▲ 26.9 11.1 +11.1 ▲3,920.9 18.4 +18.4 ▲ 6 5.35.3 +1.3 ▲ Deutsche Bank 2 -▲ 31 3.4 -14 ▼ 87.1Morgan Stanley 2 4 8,466.9 6.6 +1.1+2 ▲ 35.4 14.6 +11.8 ▲4,491.9 21.1 +14.7 ▲ 6 5.35.7 -0.5 ▼ Morgan Stanley 1 4▲ 29 3.1 -14 ▼ 93.9


CITIC 1 3 9,391.8 7.3 +1.6Proceeds Sh. (%) Share Ch. Deals Sh. (%)

2015

Rank

Market Market Market Change in Manager Market Market


Market Change in Manager Market Market 2016

Rank# of Deals Fees Bookrunner

Imputed Fees (US$m)

Sh. (%) Share Ch.

2016

Rank

2015

Rank

Market Market # of # of

Asia Secondary Offerings, inc Chinese A-shares (C8c) Jan 1 - Dec 30 Asia Convertibles, inc Chinese A-shares (C9b) Jan 1 - Dec 30

▼

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

Industry % Change from Last Quarter 20.0% ▲ 21.4% 44.2% ▲

▲ 5.5% -9.0% ▼

Industry % Change from Last Quarter -34.0% ▼ -4.9% -11.2% ▼

+34 1,815.1 100.0


982.1 54.134,596.3 55.4

62,503.8 100.0 651

54.7 Top Twenty Total


1,893.3

1,573 -135 3,461.2



-11 ▼ 56.8 3.1 -1.6 ▼1,029.4 1.7 -1.0 ▼ 13 2.01.1 +0.5 ▲ Guosen Securities Co Ltd 20 9▲ 27 1.7 -1 ▼ 39.0NH Investment & Securities Co 20 30 3,137.5 1.6 +0.60 - 17.1 0.9 0.0 -1,055.2 1.7 +0.1 ▲ 9 1.41.6 +0.2 ▲ HSBC Holdings PLC 19 19▲ 19 1.2 -3 ▼ 56.6Shenwan Hongyuan Securities Co 19 28 3,202.1 1.7 +0.70 - 13.9 0.8 -0.3 ▼1,126.3 1.8 -0.3 ▼ 12 1.81.6 -0.4 ▼ China Merchants Bank 18 13▼ 33 2.1 -9 ▼ 56.6Credit Suisse 18 5 3,298.5 1.7 -1.4-5 ▼ 15.4 0.9 -0.5 ▼1,136.4 1.8 -0.3 ▼ 10 1.52.3 +0.1 ▲ China Construction Bank 17 14▲ 23 1.5 +5 ▲ 80.4Sinolink Securities Co Ltd 17 25 3,665.3 1.9 +0.8-3 ▼ 40.1 2.2 +0.6 ▲1,201.3 1.9 -0.4 ▼ 8 1.22.6 -0.8 ▼ Goldman Sachs & Co 16 10▼ 37 2.4 0 - 91.4China Merchants Securities Co 16 6 3,912.2 2.1 -0.7

+6 ▲ 32.3 1.8 +0.9 ▲1,266.1 2.0 +0.9 ▲ 16 2.52.0 0.0 - Credit Suisse 15 30▲ 15 1.0 -5 ▼ 70.7Southwest Securities Co Ltd 15 16 4,004.2 2.1 +0.4+3 ▲ 70.0 3.9 +1.1 ▲1,275.7 2.0 +0.5 ▲ 22 3.42.4 +0.8 ▲ GF Securities 14 23▼ 27 1.7 -4 ▼ 81.4JP Morgan 14 7 4,048.5 2.1 -0.7+3 ▲ 32.0 1.8 +0.3 ▲1,353.7 2.2 +1.4 ▲ 11 1.71.8 -0.2 ▼ Shenwan Hongyuan Securities Co 13 35▲ 36 2.3 +5 ▲ 62.9Deutsche Bank 13 13 4,294.6 2.3 +0.20 - 31.5 1.7 -1.0 ▼1,591.1 2.6 +0.4 ▲ 26 4.02.8 +1.6 ▲ Haitong Securities Co Ltd 12 11▲ 23 1.5 +7 ▲ 95.7Essence Securities Co Ltd 12 38 4,318.3 2.3 +1.7-6 ▼ 53.3 2.9 -0.6 ▼1,621.5 2.6 -2.6 ▼ 16 2.53.6 +1.1 ▲ Morgan Stanley 11 2▲ 45 2.9 +9 ▲ 125.1GF Securities 11 18 5,198.9 2.7 +1.2

+8 ▲ 37.7 2.1 +0.2 ▲1,681.9 2.7 +1.1 ▲ 22 3.41.9 -1.0 ▼ Guotai Junan Securities 10 22▼ 32 2.0 -19 ▼ 66.8Goldman Sachs & Co 10 1 5,247.0 2.7 -4.3+9 ▲ 49.1 2.7 +2.3 ▲1,701.5 2.7 +2.0 ▲ 14 2.23.4 -0.4 ▼ JP Morgan 9 38▲ 30 1.9 -6 ▼ 116.2Guosen Securities Co Ltd 9 9 5,448.2 2.9 +0.5+2 ▲ 32.9 1.8 +0.4 ▲1,770.2 2.8 +0.8 ▲ 14 2.22.3 -0.4 ▼ Bank of China Ltd 8 15▲ 25 1.6 0 - 78.8Huatai Securities Co Ltd 8 15 5,497.2 2.9 +1.0+1 ▲ 61.6 3.4 -0.5 ▼1,781.4 2.9 -0.2 ▼ 23 3.53.0 +0.2 ▲ China Merchants Securities Co 7 7▲ 28 1.8 -8 ▼ 104.0China International Capital Co 7 8 5,766.3 3.0 +0.30 - 35.9 2.0 -1.0 ▼1,900.5 3.0 -0.1 ▼ 9 1.43.0 +1.3 ▲ Huatai Securities Co Ltd 6 8▲ 51 3.2 +15 ▲ 103.9Citi 6 12 5,988.6 3.1 +1.0

+6 ▲ 66.9 3.7 +2.3 ▲2,065.4 3.3 +2.5 ▲ 13 2.02.6 +0.3 ▲ Essence Securities Co Ltd 5 36▲ 52 3.3 +8 ▲ 88.4Guotai Junan Securities 5 14 6,074.7 3.2 +1.2+7 ▲ 55.9 3.1 +1.4 ▲2,130.1 3.4 +1.5 ▲ 23 3.52.7 -0.3 ▼ Citi 4 16▲ 53 3.4 -13 ▼ 91.9Haitong Securities Co Ltd 4 10 6,347.2 3.3 +1.0+4 ▲ 120.5 6.6 +1.4 ▲2,663.4 4.3 -1.3 ▼ 27 4.13.7 +1.3 ▲ CITIC 3 1▲ 42 2.7 +10 ▲ 128.7China Securities Co Ltd 3 11 6,786.2 3.6 +1.3+1 ▲ 81.9 4.5 +0.6 ▲2,904.8 4.7 +1.4 ▲ 19 2.94.1 +0.4 ▲ China International Capital Co 2 6▼ 47 3.0 -20 ▼ 140.4Morgan Stanley 2 4 10,088.4 5.3 -0.1+10 ▲ 77.3 4.3 +2.5 ▲3,340.4 5.3 +4.0 ▲ 19 2.96.2 +0.5 ▲ China Securities Co Ltd 1 26▲ 56 3.6 -10 ▼ 214.4


CITIC 1 3 12,055.3 6.3 +0.6Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

2015

Rank





2016

Rank

2015

Rank

Market Market # of

Asia Common stock, inc Chinese A-shares (C4a) Jan 1 - Dec 30 Asia IPOs, inc Chinese A-shares (C7a) Jan 1 - Dec 30



Asia (ex-Japan, ex-Australia) Equity Capital Markets

▼

▼

▼

▲

▲

▲

▲

▼ Industry % Change from Same Period Last Year 2.0%

12





https://www.thomsonone.com

*tie

+55 772.3 100.0

Industry % Change from Last Quarter -13.5% ▼

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

Imputed Fees (AU$m)

2016

Rank

2015

Rank Share Ch. # of Deals

▼ 9.4%

27,850.1

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

+0.4

-9.3% 10.7% ▲

86.8

Industry % Change from Same Period Last Year -51.0%

▲

▲

100.0 643

▲0.7+5

Industry Total

Top 10 Australian Equity & Equity-Related Deals (AU$Mil) Jan 1 - Dec 30

Industry % Change from Last Quarter -13.5% ▼ -8.7% 10.8% ▲

+49

85.3

Australian Common Stock (AK2) Jan 1 - Dec 30

775.7 100.0Industry Total 28,267.0 100.0 648

Imputed Fees (AU$m)

2016

Rank

2015

Rank Share Ch. # of Deals

Australian ECM Down 51% | Materials Top Sector | Follow On Proceeds Capture 75% of Australian ECM Market

Australia Deal Intelligence

Proceeds raised in 2016 from Australian Equity and Equity-Related offeringstotaled AU$28.3 billion from 648 deals, a 50.9% decline compared to the AU$57.6billion raised in 2015. Issuance from firms in the Materials, Real Estate andFinancials sectors captured 21%, 14% and 13% of the market, respectively

According to estimates by Thomson Reuters/Freeman Consulting, total fees inthe region registered a 26% decline from the comparable fees total in 2015. Thetop fee earning book runner, Macquarie, captured 15.1% of total wallet share.

Follow-on offerings in 2016 raised AU$21.3 billion in proceeds from 583 deals,down 56.5% compared to the AU$48.9 billion raised in 2015. Proceeds from IPOsreached AU$6.6 billion while Convertible proceeds totaled AU$416.9 million, a41.6% decrease from the same period last year.

Australian Equity & Equity-Related (AK1) Jan 1 - Dec 30 Australian ECM Proceeds by Industry (AU$Mil) Jan 1 - Dec 30


9 1.4▲

-25.4% ▼▲

670.7

Veritas Securities Limited 124.1 0.5 +0.420 326.4 0.8 -0.2 ▼

▲

▲ 12 1.95.5

▲

+7 ▲

12.4▲ 19Petra Capital Pty Ltd 19 27 149.3 0.5 +0.3

1.6 +1.1+0.9 ▲

Euroz Securities Ltd 18 24 241.2 0.9 +0.77 1.1 +1▲

3.0 +11▲ 9.3 1.2

1.8 +0.6 ▲

Moelis & Co 17 25 251.0 0.9 +0.7▲ 11 1.7 +4 ▲ 13.6

16.0 2.1 +1.1 ▲

Ord Minnett Ltd 16 18 284.1 1.0 +0.5Patersons Securities Ltd 15 20 287.7 1.0 +0.7 ▲ 65 10.1

5.9 +18 ▲

-4 ▼

+1.1-4.9 ▼

Hartleys Ltd 14 23 299.7 1.1-5.3 ▼

▲

+0.8 ▲ 381 0.2 -3▼

15.0 1.97.9 1.0

2.5 +1.043 6.7 +15 ▲ 19.6Bank of America Merrill Lynch 13 5 455.5 1.6

3.728 4.4 +7 ▲ +2.1 ▲

Taylor Collison Ltd 12 12 584.5 2.1 +1.2 ▲

▲ 28.2Canaccord Genuity 11 14 670.6 2.4 +1.7-9 ▼ 23.2 3.0 -13.1 ▼

▲

Goldman Sachs & Co 10 3 698.2 2.5 -13.6 ▼ 7 1.15.8 +3 ▲ 43.5 5.6 +1.9

+2.1 ▲

Morgans Financial Ltd 9 11 962.9 3.5 +2.1 ▲ 3757 8.9 +22 ▲ 44.8 5.8

5.2 -0.6 ▼

Bell Financial Group Ltd 8 10 999.1 3.6 +2.2 ▲

▼ 13 2.0 -1 ▼ 40.0Morgan Stanley 7 4 1,358.5 4.9 -3.7-6 ▼ 31.6 4.1 -0.5 ▼

▲

Deutsche Bank 6 7 1,415.8 5.1 +0.1 ▲ 3 0.51.7 0 - 44.0 5.7 +1.9

+2.6 ▲

Citi 5 6 2,018.0 7.3 +1.9 ▲ 117 1.1 -4 ▼ 37.9 4.9

7.6 +5.1 ▲

JP Morgan 4 8 2,356.0 8.5 +5.3 ▲

▲ 15 2.3 +6 ▲ 58.8117.2 15.2 +2.6 ▲

Credit Suisse 3 9 2,510.0 9.0 +7.2+0.4 ▲ 38 5.9 +4 ▲

▼ 95.8 12.4 -3.4 ▼

Macquarie Group 2 2 4,932.3 17.7▼

Deals Sh. (%)

30 4.7 -8UBS 1 1 5,290.2 19.0 -1.7

Market Market

Bookrunner Proceeds Sh. (%)

Market

Sh. (%) Share Ch.

Market # of Market

Fees

Change in Manager

▲0.1 +0.1661.6

+0.1

Industry % Change from Same Period Last Year -50.9% ▼ 8.2% -26.0% ▼

+1 1.1▲▲

1 0.2


1 0.20.11.6 +1.1

▲

Forsyth Barr 202.1 0.7 +0.719* -▲

▲ 190 - 1.1ANZ Banking Group 19* 46 202.1 0.7 +0.7

Euroz Securities Ltd 18 24 241.2 0.9 +0.71.2 +0.9 ▲

2.9 +11 ▲ 12.4 ▲

▲ 7 1.1 +1 ▲ 9.3Moelis & Co 17 25 251.0 0.9 +0.7+4 ▲ 13.6 1.8 +0.6 ▲

▲

Ord Minnett Ltd 16 18 284.1 1.0 +0.5 ▲ 11 1.710.2 -6 ▼ 16.0 2.1 +1.1

+1.1 ▲

Patersons Securities Ltd 15 21 288.7 1.0 +0.7 ▲ 6638 5.9 +18 ▲ 15.0 1.9

1.0 -5.1 ▼

Hartleys Ltd 14 23 299.7 1.1 +0.8 ▲

▼ 1 0.2 -4 ▼ 7.9Bank of America Merrill Lynch 13 5 455.5 1.6 -5.6+16 ▲ 19.7 2.5 +1.0 ▲

▲

Taylor Collison Ltd 12 12 591.2 2.1 +1.2 ▲ 44 6.84.3 +7 ▲ 28.2 3.6 +2.0

-13.1 ▼

Canaccord Genuity 11 14 670.6 2.4 +1.7 ▲ 287 1.1 -10 ▼ 23.2 3.0

5.6 +1.9 ▲

Goldman Sachs & Co 10 3 698.2 2.5 -13.5 ▼

▲ 37 5.7 +3 ▲ 43.5Morgans Financial Ltd 9 11 962.9 3.4 +2.0+21 ▲ 44.8 5.8 +2.2 ▲

▼

Bell Financial Group Ltd 8 10 999.1 3.5 +2.1 ▲ 57 8.82.0 -1 ▼ 40.0 5.2 -0.5

-0.4 ▼

Morgan Stanley 7 4 1,358.5 4.8 -3.7 ▼ 133 0.5 -6 ▼ 31.8 4.1

5.7 +1.9 ▲

Deutsche Bank 6 7 1,415.8 5.0 0.0 -▲ 11 1.7 0 - 44.0Citi 5 6 2,018.0 7.1 +1.8

-6 ▼ 37.9 4.9 +2.3 ▲

▲

JP Morgan 4 8 2,356.0 8.3 +4.7 ▲ 7 1.12.3 +6 ▲ 58.8 7.6 +5.1

+2.7 ▲

Credit Suisse 3 9 2,510.0 8.9 +7.1 ▲ 1538 5.9 +4 ▲ 117.5 15.1

12.4 -3.2 ▼

Macquarie Group 2 2 4,932.3 17.5 +0.4 ▲

▼ 30 4.6 -8 ▼ 95.8UBS 1 1 5,290.2 18.7 -1.7

Market

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

Australia Equity Capital Markets

▼

▲

Market Market # of Market Change in Manager

▼


Market

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

$1,039.4

$918.8

$911.0

$888.0

$872.2

$826.7

$652.5

$633.9

$596.6

$503.5

12/15/16

04/26/16

07/29/16

06/29/16

09/07/16

10/27/16

06/30/16

11/24/16

11/04/16

08/03/16

Santos Ltd

Reliance Worldwide Corp

Viva Energy REIT Ltd

Mayne Pharma Group Ltd

Link Administration Hldg Ltd

Charter Hall Long WALE REIT

Vocus Communications Ltd

Boral Ltd

Ingham's Group Ltd

Propertylink Group Ltd

$5,575.8 21%

$3,863.6 14%

$3,440.9 13%

$2,816.2 10%

$2,778.7 10%

$1,735.9 7%

$1,720.6 6%

$1,464.2 6%

$1,407.2 5%

$1,160.2 4%

$1,097.0 4%

Materials Real Estate Financials Industrials

Energy and Power Healthcare Media and Entertainment Retail

Consumer Staples High Technology Telecommunications

13





nc


Japan Equity Capital MarketsJapanese ECM Down 43% | IPO Activity Down 29% | Follow-on Volume Lowest Since 2013

Japan Deals Intelligence

Japanese Equity and Equity-Related activity during 2016 totaled US$26.5 billionfrom 189 deals, a 43.1% decline from last year and the lowest annual total since2013. According to Thomson Reuters/Freeman Consulting, estimated fees totaledUS$901.5 million.

Japanese IPO proceeds totaled US$10.9 billion from 93 deals, a 28.6% decline in proceeds and a 5.1% decline in deal count compared to 2015 - the first decline inIPO deal count since 2009. Kyushu Railway’s October US$4 billion IPO was thelargest Japanese IPO and the fifth largest in the last ten years.

Japanese follow-on proceeds declined 43.5% compared to the proceeds raised ayear ago. The US$11 billion raised in 2016 represented the third lowest annualvolume in the last ten years (2008 saw the lowest volume at US$8.3 billion). Dealcount was down 37.8% - the lowest deal count since 2013.

Japan Equity & Equity-Related (C1e) Jan 1 - Dec 30 Japan Equity & Equity-Related Volume (US$Bil) by Issue Type Jan 1 - Dec 30


2016

Rank

2015

Rank

Market Market # of Market Change in Manager Market Market

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

Nomura 1 1 8,221.2 31.0 +3.1 ▲ 64 33.9 -17 ▼ 272.9 30.3 -3.3 ▼

Sumitomo Mitsui Finl Grp Inc 2 3 4,217.9 15.9 +1.4 ▲ 50 26.5 -28 ▼ 130.5 14.5 -0.5 ▼

Mitsubishi UFJ Morgan Stanley 3 2 4,153.3 15.7 +0.2 ▲ 21 11.1 -14 ▼ 114.5 12.7 -1.4 ▼

Mizuho Financial Group 4 4 3,997.0 15.1 +3.2 ▲ 56 29.6 +2 ▲ 158.1 17.5 +4.8 ▲

Daiwa Securities Group Inc 5 5 2,129.8 8.0 -3.0 ▼ 39 20.6 -18 ▼ 107.4 11.9 +1.2 ▲

JP Morgan 6 7 1,313.7 5.0 -1.0 ▼ 6 3.2 -2 ▼ 16.3 1.8 -1.2 ▼

Goldman Sachs & Co 7 6 867.2 3.3 -3.3 ▼ 7 3.7 -3 ▼ 17.5 1.9 -1.4 ▼

Bank of America Merrill Lynch 8 11 592.6 2.2 +1.4 ▲ 5 2.6 0 - 21.2 2.4 +1.3 ▲

Citi 9 10 438.3 1.7 +0.7 ▲ 4 2.1 -1 ▼ 13.2 1.5 +0.9 ▲

UBS 10 8 238.2 0.9 -1.9 ▼ 5 2.6 -9 ▼ 5.5 0.6 -1.2 ▼

SBI Holdings Inc 11 13 218.0 0.8 +0.5 ▲ 15 7.9 +5 ▲ 17.9 2.0 +1.1 ▲

Ichiyoshi Securities Co Ltd 12 12 56.0 0.2 -0.1 ▼ 2 1.1 -5 ▼ 5.0 0.6 +0.2 ▲

Tokai Tokyo Financial Holdings 13 16 48.5 0.2 +0.1 ▲ 7 3.7 +4 ▲ 5.3 0.6 +0.3 ▲

Manager Market Market

Fees

-70

Market Change in

# of Deals

32.0

Top Thirteen Total 26,491.6 100.0

Industry Total 26,491.6 100.0 901.5 100.0189

▼▼

885.3 98.2

▲


Full Year 2016


Industry % Change from Last Quarter -9.0% ▼ 2.2% -36.2% ▼

Market # of

Japan Common Stock (C4d) Jan 1 - Dec 30 Top 10 Japan Equity & Equity-Related Deals (US$Mil)


2016

Rank

2015

Rank

Market

Sh. (%) Share Ch.

Nomura 1 2 5,273.1 24.1 +5.5 ▲ 55 -13 ▼ 210.5 26.8 +3.8 ▲

Sumitomo Mitsui Finl Grp Inc 2 3 3,902.8 17.9 +2.1 ▲ 47 27.3 -23 ▼ 118.9 15.1 -2.3 ▼

Mitsubishi UFJ Morgan Stanley 3 1 3,834.8 17.5 -1.2 ▼ 19 11.0 -11 ▼ 110.7 14.1 -3.3 ▼

Mizuho Financial Group 4 5 3,268.6 15.0 +4.3 ▲ 51 29.7 +6 ▲ 132.6 16.9 +3.6 ▲

Daiwa Securities Group Inc 5 4 2,129.8 9.7 -2.9 ▼ 39 22.7 -11 ▼ 105.5 13.4 +1.0 ▲

JP Morgan 6 7 1,313.7 6.0 -2.1 ▼ 6 3.5 -2 ▼ 16.3 2.1 -1.9 ▼

Goldman Sachs & Co 7 6 867.2 4.0 -4.2 ▼ 7 4.1 -1 ▼ 17.5 2.2 -1.4 ▼

Bank of America Merrill Lynch 8 10 592.6 2.7 +1.7 ▲ 5 2.9 0 - 21.2 2.7 +1.3 ▲

UBS 9 8 238.2 1.1 -2.7 ▼ 5 2.9 -9 ▼ 5.5 0.7 -1.7 ▼

SBI Holdings Inc 10 12 218.0 1.0 +0.7 ▲ 15 8.7 +5 ▲ 17.9 2.3 +1.1 ▲

Citi 11 9 119.8 0.6 -0.7 ▼ 2 1.2 -3 ▼ 3.6 0.5 -0.2 ▼

Ichiyoshi Securities Co Ltd 12 11 56.0 0.3 -0.1 ▼ 2 1.2 -5 ▼ 5.0 0.6 0.0 -Tokai Tokyo Financial Holdings 13 15 48.5 0.2 +0.1 ▲ 7 4.1 +4 ▲ 5.1 0.6 +0.2 ▲

-37.0%

770.3 98.0

Industry % Change from Same Period Last Year -23.6% -29.8%▼

Industry Total 21,863.0 100.0 172

Top Thirteen Total 21,863.0 100.0

▼ ▼

-53 785.8 100.0

▲Industry % Change from Last Quarter -7.4% ▼ ▼2.3% -35.9%

*tie


262

92 90

107 117

139

134

248 259

189

0

30

60

90

120

150

180

210

240

270

300

0

10

20

30

40

50

60

70

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

Pro

ceed

s (U

S$b

illion

s)

IPO Follow-On Convertible # of Issues

$4,004.4

$2,259.6

$1,311.0

$1,093.4

$939.9

$908.7

$904.3

$579.0

$568.6

$564.5

10/17/16

09/12/16

07/11/16

12/14/16

02/04/16

03/07/16

03/07/16

06/20/16

07/25/16

06/01/16

Kyushu Railway Co

Recruit Holdings Co Ltd

LINE Corp

Keyence Corp

LaSalle Logiport Reit

Suzuki Motor Corp

Suzuki Motor Corp

KOMEDA Holdings Co Ltd

Mitsui Fudosan Logistics Park

Kansai Paint Co Ltd

14





*tie


▼

▲

▼

▼

Industry % Change from Same Period Last Year -61.1% ▼ -50.0% ▼ -68.8% ▼

Industry % Change from Last Quarter -51.2% ▼ 0.0% - -51.3% ▼

Japan Equity Capital Markets

Sh. (%)Proceeds Sh. (%) Share Ch. Deals

Japan IPOs (C7d)

Change in

Jan 1 - Dec 30


Nomura 2,946.5 27.2 24 25.8

2016

Rank

2015

Rank

Market

Bookrunner Share Ch.

117.7 29.8▼ +4.3Fees Sh. (%)# of Deals

▲-6-1.8 ▼▲ 6 6.5 -3 ▼ 54.1

113.72,316.0 21.4 +7.0

▼ 51.0 12.9 -4.1 ▼▲ 18 19.4 -127 1,251.3 11.5 +0.3

Mitsubishi UFJ Morgan Stanley 2 21,597.8 14.7 +0.5Sumitomo Mitsui Finl Grp Inc 3 3

16.3 +5.6 ▲▲ 23 24.7 +6 ▲ 64.3JP Morgan 5 6 1,218.3 11.2 -0.1Mizuho Financial Group 4

3.7 +0.3 ▲▼ 2 2.2 -2 ▼ 14.7Daiwa Securities Group Inc 6 4 716.5 6.6 -6.0 11.9 +0.8 ▲▼ 16 17.2 0 - 46.8Goldman Sachs & Co 7 5 474.1 4.4 -7.1 2.1 -1.9 ▼▼ 2 2.2 -2 ▼ 8.4SBI Holdings Inc 8 10 195.9 1.8 +1.2 4.1 +1.4 ▲▲ 13 14.0 +5 ▲ 16.0Bank of America Merrill Lynch 9 - 60.6 0.6 +0.6 0.6 +0.1 ▲▲ 1 1.1 +1 ▲ 2.2Tokai Tokyo Financial Holdings 10 12 36.8 0.3 +0.1 0.9 -0.1 ▼▲ 5 5.4 +3 ▲ 3.5Ichiyoshi Securities Co Ltd 11 13 36.3 0.3 +0.2 0.8 +0.2 ▲▲ 1 1.1 -1 ▼ 3.2

381.9Top Eleven Total 10,850.1 100.0

Industry Total 10,850.1 100.0 100.093 -5 394.4

96.8

Industry % Change from Last Quarter 55.7% ▲

▼-5.1% -1.5%Industry % Change from Same Period Last Year -28.6% ▼

Market

-7 ▼

▼22.7% -16.5%

Imputed Fees (US$m)

Sh. (%)

39.2

Market

4.99.1 2.3

532.0 4.8 4▲ -1 19.1▼

Goldman Sachs & Co 393.1 3.6 5 6.35.1Bank of America Merrill Lynch 6 9 +2.9

UBS 8 8 238.2 2.2 -1.5 1.3 -1.2 ▼▼ 5 6.3 -4 ▼ 5.0Citi 9 11 119.8 1.1 +0.8 0.9 +0.3 ▲▲ 2 2.5 0 - 3.5JP Morgan 10 7 95.4 0.9 -4.6 0.4 -3.9 ▼▼ 4 5.1 0 - 1.6SBI Holdings Inc 11 13 22.0 0.2 +0.1 0.5 +0.2 ▲▲ 2 2.5 0 - 1.9Ichiyoshi Securities Co Ltd 12 10 19.7 0.2 -0.4 0.5 -0.1 ▼▼ 1 1.3 -4 ▼ 1.9Tokai Tokyo Financial Holdings 13 14 11.7 0.1 0.0 ▲- 2 2.5 +1 ▲ 1.5

387.8Top Thirteen Total 11,012.9 100.0


▼

100.079 -48 391.4

99.1

-18.2% -51.8%Industry % Change from Last Quarter -50.6% ▼

▼-37.8% -45.6%Industry % Change from Same Period Last Year -43.5%

Proceeds

Mizuho Financial Group

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

Fees# of DealsMarket ManagerMarket

Market

+3.9

Change in Market

Citi 3* - 318.5

Bookrunner# of

-4

Japan Secondary Offerings (C8d) Jan 1 - Dec 30

1

2016

Rank

2015

Rank

Nomura 2,948.0 963.7 +8.8Deals Sh. (%)

▼

Sh. (%) Share Ch.

52.9

Jan 1 - Dec 30


Manager Market Market# of MarketMarket


Japan Equity & Equity-Related Proceeds by Industry (US$Bil)

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

+10.3 ▲

2016

Rank

2015

Rank

Market

Fees

Manager# of Market Change in

# of Deals Share Ch.

Nomura 1 2 2,326.6 21.1 +1.1 ▲ 31Sh. (%)

67.892.8 23.7 +2.1 ▲

29 36.7 -11 ▼Sumitomo Mitsui Finl Grp Inc 2 3 2,305.0 20.9▲

▲

17.517.3 -0.3 ▼

Mizuho Financial Group 3 5 2,017.3 18.3 +8.0 28 35.4 0 - 68.316.5 -8 ▼ 56.6

+2.8 ▲

Mitsubishi UFJ Morgan Stanley 4 1 1,518.8 13.8 -8.2 ▼ 13 14.5-11 ▼ 58.7 15.0

▼-4.0Daiwa Securities Group Inc 5 4 1,413.3 12.8 +0.1 ▲ 23 29.1

7 6 -2.0 ▼ +1 ▲

▼

Sh. (%)

53.9 -11.862.4

Jan 1 - Dec 30Japan Convertibles (C9e)

▼

▲

-1.1 ▼

+3.0

Market Market

0.4 +0.3

▲ 5 29.41 1 ▲

2 2 728.4 15.7 +0.2 -42

▼ 22.0 +10.9-3 ▼ 3.33.8

▲25.4Mitsubishi UFJ Morgan Stanley 3* 5 318.5 6.9 +0.7 ▲ 11.8

6.9 +6.9 ▲ 11.823 17.6▼Sumitomo Mitsui Finl Grp Inc 5 3 315.1 6.8 -4.1 11.6 10.1

8.3 +8.0+2 ▲ 9.6-5 ▼

-1717

Top Five Total 4,628.5 100.0


+2.4 ▲

▲

-0.7 ▼

Share Ch.

+1.8 ▲

Japan IPO Quarterly Volume (US$Bil) and Deal Count

115.7 100.0

112.8 97.5

$7.8 29%

$7.3 28%

$3.1 12%

$3.0 11%

$1.7 6%

$1.2 5%

Real Estate

Industrials

Consumer Products and Services

High Technology

Materials

Retail

Financials

Healthcare

Consumer Staples

Energy and Power

Media and Entertainment

Telecommunications

121

49

20 22

36

54

62

83

98 93

-

20

40

60

80

100

120

140

160

-

2

4

6

8

10

12

14

16

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

Pro

ceed

s (U

S$b

illion

s)

1Q 2Q 3Q 4Q # of Issues

15





-

-

-

-

EMEA

-

-Asia-Pacific

-

Japan

Tel: +632.459.1647

Tel: +813.6441.1120

E-mail: [email protected]

Ewelina Jarecka

Tel: +1.646.223.8457E-mail: [email protected]

Tel: +44.207.542.2246


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 tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".

Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.

Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.

Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.

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

Evgeniya KolesovaAmericas


Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

https://www.thomsonone.com

Ranking Criteria Summary


Aki Sato

Antoinette Reyes

Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal 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 rank ineligible and are not included in league tables for the current calendar year.

All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters databases as of 9:00am EDT on December 30, 2016. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.

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

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. © 2016 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.

16

https://www.thomsonone.com/




Thomson Reuters Solutions for the Deal Making Community

FOR STRATEGY AND PLANNING TEAMSFOR INFORMATION PROFESSIONALSSDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.

Solution for:• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials, Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)

Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

Solution for:• Conducting market analysis and identifying trends• Benchmarking your performance and monitoring competitors• Targeting clients by wallet size and banking relationship• Allocating resources more effectively by evaluating and analyzing lost deals

FOR INVESTMENT BANKERS

©2016 Thomson Reuters

evaluating and analyzing lost deals

Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products

To purchase individual Thomson reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

Email: [email protected]

Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.

Go to: dmi.thomsonreuters.com/dealsintelligence

Thomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information,news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.

Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company

and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation

©2016 Thomson ReutersThomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.

17

http://dmi.thomsonreuters.com/dealsintelligence

http://financial.thomsonreuters.com/en/contact-sales.html

http://financial.thomsonreuters.com/en.html

global equity capital markets reviewshare.thomsonreuters.com/general/pr/ecm_4q_2016_e.pdf ·...

Documents