managing underwriters - thomsonreuters.co.jp · managing underwriters first nine months 2012. ......

GLOBAL EQUITY CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

First Nine Months 2012

Criteria SummaryEMEA Convertibles (C9d)

Japan Equity & Equity-Related (C1e)

Regional Contacts

13

9

14

8

9

13

3

3

3

Japan IPOs (C7d)

13

1

2

2

2

2

EMEA Rights Offerings (C8fr)

Global Deals Intelligence

Leading Underwriters for Third Quarter 2010

Global Scorecard

Global Debt, Equity & Equity Related (A1)

14

13

Asia Equity

9

Japan Common Stock (C4d)

9

EMEA Equity

EMEA Equity & Equity-related (C1d)

EMEA Common Stock (C4c)

EMEA Deals Intelligence

EMEA IPOs (C7c)

Global Equity & Equity-Related (C1)

Global Equity Japan Equity

Equity Capital Markets Criteria Summary

10

Japan Convertible Offerings (C9e)

8

Global Common Stock (C2)

Global Convertibles (C9)

Global IPOs (C5)

First Nine Months 2012 | Equity Capital Markets | Managing Underwriters

Equity Capital Markets ReviewTable of Contents

13

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

Japan Secondary Offerings (C8d)

4

7

6

6

6

5

US Convertibles (C9a)

US Common Stock (C3)

US Equity

US Deals Intelligence

12

5

11

11

Asia Convertibles, inc Chinese A-shares (C9b)

Asia IPOs, inc Chinese A-shares (C7a)

US IPOs (C6)

5

Banking Composite of Top US Equity Bookrunners

Thomson Reuters Solutions for the Deal Making Community

15Asia Common Stock, inc Chinese A-shares (C4a) 11

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

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

10

11

Australian Equity & Equity-related (AK1)

Australia Equity

Australian Common Stock (AK2) 12

US Block Trades and Accelerated Bookbuilds (C3a)

US Equity & Equity-Related (C1a)

Global Equity Rankings - Last Ten Years

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First Nine Months 2012

EQUITY CAPITAL MARKETS REVIEW

GLOBAL ECM ACTIVITY DOWN 14% - Equity capital markets activity totaled US$451.6 billion during the first ninemonths of 2012, a 14% decline from the comparable period in 2011. Bolstered by increased follow-on activity,global ECM issuance totaled US$167.6 billion during the third quarter of 2012, an increase of 29% compared tothe second quarter of 2012.

FOLLOW-ONS FALL ON PAR WITH 2011 - Global follow-on offerings totaled US$326.2 billion during the first ninemonths of 2012, on par with the first nine months of 2011. With AIGs record-breaking US$20.7 billion follow-onoffering, issuers from the United States accounted for 41% of all follow-on activity during the first nine months of2012, compared to 36% last year. Offerings from China accounted for 8.6%, while Hong Kong and Canadacomprised 5.7% and 5.2%, respectively. IPOs DOWN 41% FROM 2011; EMERGING MARKETS ACCOUNT FOR 38% - Initial public offering activity duringthe third quarter of 2012 totaled US$22.2 billion, a decline of 48% from the second quarter of this year. IPO activityduring the first nine months of 2012 totaled US$82.4 billion, down 41% compared to the same period last year.Issuers from the emerging markets raised US$31.1 billion during the first nine months of 2012, accounting for 38%of IPO volume during the period. High technology, industrials and financials accounted for 60% of IPO activity sofar this year.

UNITED STATES ISSUERS ACCOUNT FOR 40%; CHINA ECM DOWN 68% - Issuers from the United Statesraised US$182.5 billion in the global equity capital markets during the first nine months of 2012, up 18% comparedto the same period last year. Issuers from China and Japan accounted for 10% and 5%, respectively, of overallequity capital markets activity during the first nine months of 2012

Global Equity Capital Markets Down 14% I Q3 IPO Activity Falls 48% from Q2'12 I Emerging Markets Account for 38% of Global IPOs I Goldman Sachs Tops ECM Ranking

Global IPOs and Emerging Markets

Global Equity & Equity-Related Volume

1 600$400

0

10

20

30

40

50

60

70

80

$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

2006 2007 2008 2009 2010 2011 2012

% o

f Pro

ceed

s fro

m E

mer

ging

Mar

kets

Pro

ceed

s (U

S$b

)

Global IPOs (US$bil) % of Emerging Markets IPOs

Global Equity & Equity-Related Volume by Domicile Region

equity capital markets activity during the first nine months of 2012. FOUR SECTORS ACCOUNT FOR TWO-THIRDS OF ACTIVITY - Led by financial issuers (30%), the overallvolume of equity capital markets activity remained highly concentrated among four main sectors including energy& power (14%), industrials (11%) and real estate (11%). GOLDMAN SACHS TOPS OVERALL ECM RANKING; JP MORGAN LEADS FEES - Despite a decrease of 0.1market share points, Goldman Sachs led all equity capital markets underwriters during the first nine months of2012 with US$40.7 billion in proceeds from 184 issues, on par from last year. JP Morgan, which ranked fourth byproceeds for the first nine months of the year, led all underwriters by fees with US$732.1 million or 7.5% of theequity capital markets fee pool this year.

ECM FEES DOWN 29% - According to estimates from Freeman Consulting, fees from equity capital marketstransactions during the first nine months of 2012 totaled US$9.8 billion, a 29% decrease from the same period lastyear, and the slowest period for global equity capital markets fees since 2003.

0

200

400

600

800

1,000

1,200

1,400

1,600

$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

2006 2007 2008 2009 2010 2011 2012

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 9M2012Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas


1

No.

Leading Underwriters for the Third Quarter 2012


Global Scorecard

Goldman Sachs & CoGoldman Sachs & Co

20,312.2

-14.2%154,054.8

-29.0%908

30

579

320

BNP Paribas SA

401

1

408,562.3167,391.9

99,039.4

1

527

18.7

107,244.0

19,053.5

182,475.0

9.71.73.7

6

1

Latin America (C4e)

Japan (C7d)

2

20,599.0

Global

1.310.6 1.1JP Morgan

Global Equity & Equity-related (C1)

Market Sector

12.3Global IPOs (C5)


Asia Pacific ex Australia (C1b)United States (C1a)

Global Disclosed Fees (A2)Australia (C1c)


Global Debt, Equity & Equity-Related (A1)

455.3

326,156.9

11

96

806

Global Secondary Offerings (C8)United States (C8a)

486

247.6

138,557.8

-38.9%

10,405.4

328,750.9

Asia Pacific ex Australia (C7a)Australia (C7b)

127,495.0 1,042

-1.4

569

2,033

36,541.0

105,883.7

128

-48.4%7,646.2-0.8%

373

19

12 6%

20

27.4%

25.7%-22.3%

-57.0%

745

18-81.6%

5218.4%

408

473

-40.5%

-56.5%85

Latin America (C1f)

130,099.916,091.023,067.5

38911,214.0 -39.8%

133,128.7

144,868.5

458

-26.0%

-37.1%

18,640.7

81540

467,308.6

Japan (C1e)EMEA - Europe, Middle East & Africa (C1d)

9144192,843.9

2,378

122

US Equity & Equity-Related (C1a) Bank of America Merrill Lynch

10.2

-2.7

US

Global Convertibles (C9)

12.1

US IPOs (C6) Deutsche BankUS Convertibles (C9a)

US Common Stock (C3) Bank of America Merrill Lynch

19.92.5

17.6

31.421.0

1.1

-3.8

31.4

71 048 1

35541

64,387.327,245.1

575.5

4311,837

63 107 7134,885.8

18.4%

-41.4%53

19.3%

57387

Proceeds

451,554.1

14,424.3

2,627

419

-12.6%

143,044.5

in ProceedsUS$mDealsProceeds % Change

1/1/2012 - 9/28/2012

Deals

1/1/2011 - 9/30/2011

US$mNo.

16.1%

2,778

-35.1%

1,147

526,181.5 3,037

14,500.8

525

17,745.024,735.0

35

12.7

Global Common Stock (C2)United States (C3)Asia Pacific ex Australia (C4a)-0.1

1

Australia (C4b)79,504.4 406

73Japan (C4d)

182,405.314,500.8

32,506.1Global IPOs (C5)

EMEA - Europe, Middle East & Africa (C4c)

Latin America (C7e)

27,991.2United States (C6)

1

EMEA Convertibles (C9d)2185.4%

70

12

6,712.6

Asia-Pacific ex. Japan ex. Australia 3,943.3

1 EMEA - Europe, Middle East & Africa (C7c)

Asia-Pacific Common Stock (C4a)21.7

Goldman Sachs & Co 9.921.7


Europe, Middle East & Africa (EMEA)

Riyadh Bank Ltd

Goldman Sachs & CoGoldman Sachs & Co

EMEA IPOs (C7c)

EMEA Equity & Equity-Related (C1d)

Asia Pacific ex Australia (C8c)

17.0

11.2JP Morgan

Current Qtr Market Share (%)

Morgan Stanley

2

11

Consecutive Quarters No. 1

61.27.8

Mkt. Share Chg. from Last Qtr (%)No. 1 Manager

JP Morgan

12.5JP Morgan

18.7

20.4

Asia-Pacific Convertibles (C9b) JP Morgan

Global Equity Capital Markets

Latin America (C8e)

0.3% 8.8%29.1%-14.2%

100.0100.0100.0 Industry Total

451,554.1

-

2012 Rank

2011 Rank Proceeds

7.8

Change in

-29.0%

+0.10.0

0.9

0.0

2,102.7Share (%) Share Ch.

Proceeds per Bookrunner (US$m)

99.8

9,798.6

-0.156.8

+0.1

0.9

+285.9

83.7

1.3

-13.5%

1.3

0.40.9

1.0

+5 42.3

0.7

-3

-4102,627

182,990.6

74.8-8

14 0.5

0.9

3324

0.617

3,542.6+0.7

-4

0.70.7

-0.10.7

1.0

0.90.8

+11

235.5

+7

Deals Share (%)Market

1546# of Deals

Market

JP Morgan 1 1 364,840.2Deutsche Bank 2 2

Bookrunner

+0.9

308,538.9 6.6Barclays 3

-0.3293,281.2

53

280,889.8 +0.5 1217-0.16.3

7 248,161.0 5.36.0

Bank of America Merrill LynchMorgan Stanley Citi 4

9

1105 8.0-0.76 4 246,771.7

55.3

+0.4

Goldman Sachs & Co 7 +866 212,441.5 4.6 5.3 730

4.3 +0.1

1,365.31,117.5

-0.5

649.9+110

947UBS 10 8 167,733.0

9202,665.48Credit Suisse

HSBC Holdings PLC 113.64.1188,850.3 6.8 +0.4 +249

-0.6 6.7BNP Paribas SA 11 +1710 159,859.4 3.4 643-0.5 4.6

2.3 RBS 12 12 137,544.3 -0.3 3.0

4.6

623613

3.0 +71

4.5 +5

+179+1054.4

+601.916 70,971.514 93,224.9 +0.1

1.5 +0.1 2690.0 - 237 1.7

635

+0.8 411

58,872.8

15,635.8

669.0

-0.2

+1.0

6.8

13 +0.3

Manager Market

+194

64,361.5

+34

2161.4

2.0

925 +140

4.4

6.0

5.4

Fees

1,397.911.1

1.4+0.2

+88460 3.3+30

+0.4

Market

8,648.193,558.9

0.7

8

38

5

Asia Pacific ex Australia (C9b)

486378

72,791.9

2012 Rank

23

10

33618,065.2

6.0

+4

-31.5%

Market

514,358.8

27,870.5

21,164.8

5,577.1

24,030.8

24923

-

Share Ch.

6.1

+0.88.3

20,926.1United States (C9a)

6 +207.2

# of

5.5

Australia (C8b)

Global Convertible Offerings (C9)

+333 1,525.0

Imputed Fees (US$m)

9.5

Share (%)

4.4

+0.1

+0.7-0.1

+0.6

2.2218.8

-5

732.1

+0.4

3.9-0.1+0.3

1.4

318.4378.0 -

1.2

0.661.9

3.3

112.9

3.9378.0

2.4

1.9 181.6

133.1+0.2+0.6

-0.2

663.2

0.0

126.7 +0.8

4.9482.3

488.3

14 2,983.5

1

13,339.4

+29

+0.5

1.7

-0.1

8

Change in

15,421.3

Market

1,667.5

6.1

6.8

390 -39.3%

-44.7%

569

32

-22.2%41262

12.6%

1,722.3

6.3

7.9

19.019.9

8.8

26.3

1090

18.1

+3761323

+178+93

18

20

Daiwa Securities Group Inc

15

+0.1

+0.1

0.4

0.0

869

+125

187.5

215.8

311.4+0.1

-0.1

0.00.7

+0.1

+0.1

764.2

68.0

3.7

2.1522.4

932.01.7

0.90.8

391.3

192.7

3.0

+0.2

12

Societe GeneraleScotiabank

HSBC Holdings PLC

3,189.019

Top Twenty TotalBNP Paribas SA

-1719

Macquarie Group

+0.1

13 CITIC

1.2

1.5

10

53

12

Sumitomo Mitsui Finl Grp Inc

RBC Capital Markets

17

16

-8.4% 20.4%

13,869

-7.3%2.1%

-437 25,493.8

UniCreditNatixis

Industry Total

Industry % Change from Last Quarter

Top Twenty Total45,567.6

100.073.6

1.2

179 1.31.6

+17

+12

6.6

5.09

1.615 7,215.1 89

7.0

7.0

+0.7

4.71.8

+0.6

16 3,348.7

7

+0.4+1.3

+18

14

7,571.9

9

3,266.1+0.3

0.7337,284.2

-0.3

11

7,927.4Wells Fargo & Co

Credit Suisse

Barclays11

Nomura

5 26,457.7

3

174

23

0.0

+1.0-25

8.08.9

+156.9

-0.1+0.3

+23

88

182

1.3

50 1.93.4

35

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

-

+0.1

-1.1

131

71,048.1

3,210.317,373.5

# of

-27.0%

Fees

7.5

12

43

63,107.7

-

Jan 1 - Sep 28

7.6

1,653.9

+12

12,944.6 33

259

Share (%)

3.3

233

190

1,671.5

Imputed Fees (US$m)

+47

596.3+0.9

6,027.3

Share Ch.

3.0%11

Daiwa Securities Group Inc 7.1

NomuraWells Fargo & Co 14 17 101,490.9 2.2RBC Capital Markets 13 105,709.0

Japan

Daiwa Securities Group IncJapan Common Stock (C4d)Japan Equity & Equity-Related (C1e)

Jan 1 - Sep 28

2.6

2.6

+0.6

437.7 -0.1

1,121.0

# of Deals per Bookrunner

+0.6

Societe Generale

8.4 5.9

Credit Agricole CIB 16

6.2

-0.3

15

+0.3JP Morgan

5.0 +0.8

210

1838.1

7.83

+0.7

+1.1

5.3

41,523.5

17,251.2

Deutsche BankBank of America Merrill Lynch

-27.9%105

N/A

-6.6%

92.1%-52.8%

6

15,083.18,204.7

1,545.5

6752

35

102

18

184Share Ch. Deals

Market

+21 +0.76.3 613.6Share (%)

Goldman Sachs & Co

2011 Rank

+3.0 213

Bookrunner-0.11 40,651.31

79.0

8.38.4

2

MarketProceeds

Manager# of Deals


EMEA - Europe, Middle East & Africa (C9d)

MarketShare (%)

--

Japan (C8d)1

Asia Pacific ex Australia (C8c)

11

2

EMEA - Europe, Middle East & Africa (C8f)10,966.5

10,557.5

4

2 37,990.0

35,405.5


42,991.9

37,649.6

Latin America (C9f)


Japan (C9e)

2068,041.3 1.5

Daiwa Securities Group IncDaiwa Securities Group Inc 47.7

1168

15

Market

Japan IPOs (C7d)

Global Debt, Equity & Equity-Related (A1)

Japan Convertibles (C9e)

6

UBS

+0.1

-0.9

-3.1%

CitiMorgan Stanley

1764,990.2

2019 18

-3

Mizuho Financial Group 18

19

4,664,752.1

11.4%

3,425,933.6

1.0 -0.2

Industry % Change from Same Period Last Year

Australia (C9c)

-

34,093.2

102.1

https://www.thomsonone.comy g Q

*tiey g Q

*tie

2

Share


# of Change in ManagerShare

2011 Rank Fees

11

RBS

-0.3

-

+0.8

+0.31.8

+1.3


Deals


Share Ch.Market

-2.0

MarketMarket# of Deals per Bookrunner

Market

Jan 1 - Sep 28

Credit Suisse

HSBC Holdings PLC

ABG Sundal Collier


45.66

1,264.1

62.3-1 0.03,219.4 7.5

Market

BNP Paribas SA

Bank of America Merrill Lynch

China International Capital Co

Citi

Barclays


# of Deals

Jan 1 - Sep 28 Global Convertibles (C9)

Bookrunner

Imputed Fees (US$m)# ofMarket


Share Share Ch.

Global Equity Capital Markets

2,974.8-

ProceedsManager Market

10.7

2012 Rank

Market

+5.21 9.2

9.0

13,959.52

7.7

-2.0

3,886.3

JP Morgan

3

4,593.32Goldman Sachs & Co

+1.0

+2.916 45.2

-1.1 26

10UBS

10

Morgan StanleyDeutsche Bank

44 35

8

67

2,118.6

7.2

6.412.4

# of Deals

+0.4

+1.1

+0.9

630.2

31

5.9

-0.3

+1.4

-8

6.9

5.240.1

53.0

8.1

5.9+6

34.0

4.4

-0.4

7.5+0.5

-8 10.8

Imputed Fees (US$m)

-2.4

-4

2.4

14 681.4

19

1416

+0.60.0

2,680.3

3.1

+5

ShareMarket

6.9

3.3

Deals

0.7

Change in

16

+7

-4

+12

+236.7

7.1

7.1 +29

+19

3.4 1.94.8

+9

0.814

0.5+0.3 13

23

278.3

218.2169.3

+12

14


Scotiabank 16

Societe Generale 19

Barclays 99

CITIC 15

12HSBC Holdings PLC 13

1017RBC Capital Markets

11115

Wells Fargo & Co 10-0.111

78

43

6,584.8

18,484.5

4,613.7

+0.5

284,358.83,497.1

17

13 11

22

15

18+0.8

13

2.21.0

1.2

1.4

0.6

1.0 1.5 199.5

+6+17

133.192.5

+0.24.0

344.0 -1.2

356.5

3.8+0.24.7

Fees Share Ch.Share

5Bank of America Merrill LynchMorgan Stanley

Goldman Sachs & Co +0.136,691.834,770.7

Deutsche Bank

2

Credit Suisse 67

JP Morgan

Bookrunner

3

1

34,346.6

2012 Rank

2011 Rank

28Citi

Market

1

4 3 31,118.5

Proceeds

8.59.0+0.8

Share Share Ch.

187

7.6 +0.5

160

8.4 165

7.5 +1.1 202

168

6 24,339.04

51687

23,984.2

30,812.2

610.1+40-21

533.9

442.6

189

+1.0

424.7

7.98.5 649.2 7.2

164 6.9

6.3+0.7+0.2-0.35.9

6.8

+0.9568.44.9

80

-0.3

+31

+33+14

+3.4 7.9

5.9

+0.31.8

-0.1

7,429.8+1.0

22,488.6

6.0

+0.3

+0.71.6

UBS 8 5.5

Nomura

4.5

6,711.6 1.6

-13+0.2

1.11.1

0.0

3,157.7 0.8Sumitomo Mitsui Finl Grp Inc 15

2,902.344

17

0.947

0.7 -0.60.7

+0.6

Guosen Securities Co Ltd 18 12 2,894.6Mizuho Financial Group 38

0.724

20 1983

1.02,866.5 +0.6

192,856.5

-8

+10.5

1.5 18

124.9 +0.916

-2 134.5

+0.175.51.0

+0.294.1

+0.1

0.8

+0.1

0.00.41.0-5

5,578.5 91.3

37.9

61.874.6100.0

-0.10.7Top Twenty TotalIndustry Total

304,909.5-

408,562.3

RBC Capital Markets

Societe Generale

Top Twenty Total

Nomura

Wells Fargo & Co

20

Industry Total

82.9 57.710.4

18

8.4216.4 +3

26 10.4 +7

16

75

6.28

1,542.2

-0.3

9

+3.2-6

+0.9 1 14-2.3

5.6-4

+0.113

4.9 14

2.92.821.55.6

0.4 -2-4

1.2

2.7

9.4

2.8 2.7 +1.27

20.8

0.0

2.02.812

72.8

8 3.2

1.6-7-0.6

20.5+0.8

- 111.6

-0.32.3+1

7 -112.3

+1.217.4

2.00

4.4 -5 2.5

4.4

-21.2

+0.6 8.4

-0.3

-0.10.2

+0.2

12.2 1.619.3

+0.4

1.3

+3-0.3

+0.43.9 0.5+2

0.630.8

2

1.1332.50.8

4

0.9 -0.1+0.5

-0.31.6

35,705.3+1

3,303.1

0.8

497.6

+0.85

3.6

46

26

2.512 1,086.6

860.3

328.8

1.2

2.2

1.5

963.4

6.9

0.8383.3 0.9399.6

+0.6+0.2

572.22

-

National Australia Bank 80*30

24942,991.983.0

100.0 100.0-10 771.32,378 9,027.3-400 100.0

74.5

Jan 1 2007 - Sep 28 2012Global Equity & Equity-Related Fees

2.6

-0.8

+0.75.8

3.6

9.2 +2.7

*tie

*tie

5

7

+0.135

+1.54.7

Market

-0.3


Share Ch.

Goldman Sachs & CoBank of America Merrill Lynch

-1.8Credit Suisse 6

JP Morgan 34

Market

*tie41.1%

Fees

ManagerProceeds Share (%)

Market # ofMarket

Deutsche Bank 2 3 5,658.6 7.9

Change in

Morgan Stanley 143

MarketShare Ch.

-14.4%

2012 Rank


Bookrunner2011 Rank

39

6.57.2

-4

Deals

Imputed Fees (US$m)

-12


# of Deals

3943

+2.2

3.2

4.2

2.1

5.1

-1.462.4-1.0

132.2 4.5 +1.4

76.2

94.4106.6

137.4149.1

-7

Share (%)

+3

-8

+3

7.2

+27.9

Share (%)

170.9122.3270.1

Jan 1 - Sep 28

2 7,744.16.9

+3.2

-12.6%

5,266.36 5,002.5

6.4+1.36.1

+1.0

5 4,262.9

28.0%

-5.2



Global IPOs (C5)

1 5.4

9.4

4,413.4

+2.8

0.0

19 3.5

6.36.3

345.0 -0.4 34

Barclays 8 8 2,838.57 4 4,080.2

-43.4 -0.2Citi

3.4 4.3 -2

3.0 10 1.8 +4 23

Daiwa Securities Group Inc 10 80 2,499.1+1.0Guosen Securities Co Ltd 9 10 2,797.5+2.8

2,130.4 2.62.8 +0.8CITIC 11 3.4 +1.713 2,329.8 14 99.32.6 +5

+0.2 23 4.3 -1 66.8 2.3

Allen & Co Inc 14 - 1,778.5Mizuho Financial Group

+0.3

2.2

UBS 12 11 32.513 0.9 099 1,932.4 2.3 +2.2

11.1 +0.6

+0.15 -

0.30.2 +1 7.33 +0.70.6 +2 0.8

+2.2

CIMB Group Sdn Bhd 16 29 1,521.2 1.9 23.2Sumitomo Mitsui Finl Grp Inc 15

+1.3 314* 1,684.9 2.0 +2.0

+11.5 +0.48 23.0 0.8

+0.48+0.5 2.2 +1.1

+4 19.9- 63.21.4

14

0111.5

-1.6 2.3-162.6 68.60.7+0.8

GF Securities 17 22 1,134.6 2.0Malayan Banking Bhd 18 50 975.6 1.2Pingan Securities Co Ltd 19 9 971.1 1.2

+0.8Nomura 20 89 828.1 1.0 +1.812 2.2 +2 2.160.572.859,849.7Top Twenty Total

-204

Industry Total 82,405.3

Industry % Change from Last Quarter -48.1%

100.0

-29.6%Industry % Change from Same Period Last Year -40.5% -27.4%

541 2,928.6

-37.0% 43.0%

100.01,785.9 61.0


-1.9

-3.9% 18.4%

-23.2% 13.6%

-29.5%

8.0%

-27.0%-1.0%

0

200

400

600

800

1,000

1,200

1,400

1,600

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

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

2007 2008 2009 2010 2011 2012

# of

Issu

es

US

$Bil

Fees (US$bn) # of Issues


3

Global Equity Capital Markets: Ten Years of RankingsFirst Nine Months 2012 | Equity Capital Markets | Managing Underwriters

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Citi

Morgan Stanley

JP Morgan

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

5

6

7

8

9

10

5

6

7

8

9

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ran

k


Deutsche Bank

Credit Suisse

UBS

Barclays

Wells Fargo & Co

Rankings shown are as of the current quarter-end in each calendar year.https://www.thomsonone.com

4

nc

US Deals Intelligence

US Equity & Equity Related Up 18.4% l High Block Trade Volume of US$69 billion l AIG Treasury Selldown Largest Equity Deal in US History

44 7.61 10 8 0 3 0 0

+5 1 0 +1 0

0 2Allen & Co Inc 13 1 778 5 +1

145.1 3.4115.6

90.9 2.12.7

12 3,799.0

Jefferies & Co Inc 12 11 2,338.8 1.3 -0.2 42 7.3 +13 76 13.1 +27

2.1 +1.1UBS 10 9 7,799.1 4.3 -1.3RBC Capital Markets 11

7,884.3 +12 4.3 -0.3 86 14.9 4.2

-0.1

177.2258.5 113 +3319.5223.4

+18

13,673.5 7.5 +1.0 106

Deutsche Bank8.2

-0.58 8

Wells Fargo & Co 9 10

5.2 -2.0 8.9

Credit Suisse 7 6 14,964.9 103Goldman Sachs & Co 6 2 17,387.6 9.5 -2.4

7 17,731.6 1089.7 +1.2 18.717.818.3 +42

+25 261.6 6.1

-0.6

6.1

378.3

+0.4

JP Morgan 4 1 18,894.9 11.2 -0.825.7 +27 477.619.3 +7 112Morgan Stanley

434.1

10.4 -2.0 149452.3+0.5

27.113.411.7 +0.8

10.610.225.9 +27

# of Deals24,446.7 +3.3

3 21,380.15

Share (%)+55

150157

Bank of America Merrill Lynch 2

MarketFees Share (%) Share Ch.

Manager Market

377.9 8.9-0.2

+1.8

Market

-0.3

+0.5

-0.6

+1.4

+0.7


US Equity Capital Markets

# of Market Change in Deals

Market2012 Rank

2011 RankBookrunner Proceeds

3 4

Barclays 5

Share Ch.1Citi

19,364.9 10.6

Share (%)

US Equity & Equity-Related (C1a) Jan 1 - Sep 28

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

US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil) Jan 1 - Sep 28 2012

There were four AIG follow-on offerings through September this year as theTreasury Department exited its position in the stock. The most recent AIG sale of$20.7bn (Sep.10) marked the largest U.S common stock offering on record. TheU.S government's stake in AIG fell to about 15.9% after the sale.

US IPO proceeds totalled $32.5 billion in the first nine months of 2012, a19.3% increase from the same period last year. Top performing IPOs YTDwere Annies (BNNY), Guidewire (GWRE), Nationstar (NSM), and Five Below(FIVE), all with an over 130% return YTD since pricing.

In the first nine months of 2012, US Equity & Equity-Related proceeds totaledUS$182.5 billion from 579 deals, an 18.4% increase compared to the first ninemonths of 2011. Total estimated fees were $4.3 billion, an 11.5% decrease from thesame period in 2011, according to Thomson Reuters/Freeman Consulting.

$32.5 18%

$15.1 8%

$0.8 0%

$56.9 31%

$30.1 16%

$29.9 16%

$28 8

+5.1

Market

12

3,246.7


6 7

Leerink Swann & Co

-Raymond James Financial Inc 16

Raymond James Financial Inc

Barclays

1,006.5 -0.1

Bookrunner

17 16 925.7

US IPOs (C6)

Stifel Financial Corp

Industry Total

23 4.026 4.5

130.50.6

Change in

+717

68.7

28

+0.60.5 +21.82.9 77.1

1.331.6

Share (%)

1520

+6

-0.2

0.755.9

+0.4

-1

+1 0.0

1.4

-0.1

29

0.2

0.5

Macquarie Group

2.6

Credit Suisse 7 3,206.8

Market

Jefferies & Co Inc

JP Morgan

1

Stifel Financial Corp

Market

+0.1 -0.1

+0.4

35.3 0.8Kohlberg Kravis Roberts & Co 15 32 1,203.8 0.7 +0.6 3

1

0.7 7 0.6 10.8 0.3 0.0 -1.0 +1.0 0.2

14 14 1,296.4 1.2 +3Allen & Co Inc 13 - 1,778.5

+0.1 23.3+1

Macquarie Group

1.6+7

KeyBanc Capital Markets Inc847.6Piper Jaffray Cos

100.0

18

29.2 +1 196.9 16.4

Top Twenty Total

Imputed Fees (US$m)

1,077.2 89.832,506.1

Wells Fargo & Co

Industry Total

# of Deals Fees

10.2 -0.27.9

9.9 +2.9

10.0Deutsche Bank

Morgan Stanley 3

182,475.0


3,786.1

30.2

3,309.2

+1.2

Market

28

+2.4

+0.6

10.7

100.0

19.4%10.3%

11.7


Deals-0.8

32.7

Share Ch.Share Ch.

579

8

# of

19


97.7

0.5

Market

Jan 1 - Sep 28

Manager

2 5

4


1Proceeds

3,488.9

2012 Rank

2011 Rank

3

Share (%)

27.110.110.210.7

3,287.8

Share (%)

1

+1.4

-4.5

Citi 6

Goldman Sachs & Co

54 -1.4 94.8

3,466.5 10.9

29.226 +6

+1.026 27.1

-1.4

31.330122.1130.6

+3

+11

+7

+576.3

6.071.66.4

-0.3

8 2 2,777.1 8.5 -4.9 06.98

1726.0 +11 +0.8 83.2

4.9 -3.117.725

- 58.7

3.1 +1.61.0 +1 6.4 0.5

12.5 +6

Allen & Co Inc 9 - 1,778.5 5.5 +5.5 -0.3 UBS 10 13 740.1 2.3 +1.1 37.1

31,956.7 98.6

0.917

96 +126

1.0

1,202.2 100.0

13 15

1.71.6

349.5141516

20

+0.5

1.0-0.9

FBR Capital Markets CorpRobert W Baird & Co Inc

Piper Jaffray CosRBC Capital Markets

19

3

-3.8 10511.3

275.0

564.6

1.1

309.6314.9

1.0-1.0+0.4+0.8

4

2

129

3

10

+0.20.3100.10.40.5

11

+0.2+0.1-0.7

2.1

0.5

251612

8

3.19.4

12.5

+5

-4

8.3

7.316.5

9.324.8

10.4

-3

+4+8-1

32.8

2.5 -0.5

+0.9+0.41.619.4

-1.2+1.0

+0.5+0.3+0.3

0.61.40.8 +0.1

15137.4

150.5

0+4+2+1

-

-2.5

2.1

2.7

2.1

27.0

0.6

25.629.5

26 390.5

18.4%

156.11718

1112

914

843.8

*tie17.4%

34

Cowen & Co 20 0.8177,958.2

+0.387.5

3,727.9

+54

+0.315

Top Twenty Total-0.0

-11.5%

4,268.5 100.0

5.2

2.2

4.23.1

7.3

-3.3%

US IPO Returns - Second Day Close After Pricing Jan 1 - Sep 28

$134.9 74%

IPO Follow-On Converts Withdrawn

$28.8 16%

$12.1 7%

$9.0 5%

$8.8 5%$6.8

4%

Financials Energy and Power Real EstateHigh Technology Retail HealthcareIndustrials Others

13.9%

9.5% 9.9%

8.6%

10.8%

3.5%

9.3%

6.4%

12.1%

16.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Average US IPO Returns on Deals Priced in the First Nine Months

Sec

ond

Day

Ret

urn

(%)

-61.5% -16.9%

-84.6% -24.2%Industry % Change from Same Period Last Year 19.3% 12.9%Industry % Change from Last Quarter


g

5

211100.0Industry Total 93,612.81,271.5 91.5

+0.3

31.2

23.2 +40 6.0

+160

0.3

5.2 +10 2.215.3

100.01,390.6

0.9

+0.2

0.8+0.1+0.3

5

0.1 0.092,667.2 98.9

+0.1

+0.2

0.1 120.7

+0.82

14

2.9+2.2 40.3+1.1 4.3

Wells Fargo & Co 10 9 5,653.4 83.76.0 +1.0

Goldman Sachs & Co

+0.578.6 5.7

49

6.1 +0.746 21.8 +41UBS 9 10 6,245.2 6.7 +1.9

8 4 6,527.1 15.6+1.2

96.1 6.9 -3.6

7.0 -2.8

+37 33 84.7

Deutsche Bank 7 3 6,654.1 7.1 -4.5 46

+5.478.6 5.7 -9.5

22.7 +43 134.87,407.8 7.9 +1.5 48 9.7

22.3 +35

+55

157.0 11.3 +0.9-1.4 4710.3

4 5 9,757.9 10.4 +1.2 66

8.7 +1.423.2 +39 120.5

Manager

165.9108.9

4958

Market

-6.8

2012 Rank

14,897.3 +8.41

15.9

Market

+39

Change in

11.9

Imputed Fees (US$m)

Share (%)

7.827.5 -8.3

Market

+4.710,181.4

Deals FeesShare Ch. Share Ch.

Share (%)

Proceeds # of Deals

2.71.1

0.4262.9 0.3

1,045.5

10.7 +2.3

0.1

10.9

Market

2,525.3

# of

21

*tie

BookrunnerCiti

2011 Rank

Credit Suisse

7Barclays

2

179.6

JP Morgan

US Equity Capital MarketsFirst Nine Months 2012 | Equity Capital Markets | Managing Underwriters

78 37.0 +68


Top Twenty Total

Bank of America Merrill LynchMorgan Stanley

Stifel Financial Corp 15 -16

-

-

3

12 -

10,050.4

9,683.88

20

6

6

5

Raymond James Financial Inc 14 13 369.7

16* 114.3

Jan 1 - Sep 28


US Block Trades and Accelerated Bookbuilds (C3a)

Share (%)

US Block Trade Issuance Jan 1 - Sep 28

-

Macquarie Group

Robert W Baird & Co Inc

RBC Capital Markets 11 12+2

+0.5 20 9.5 +18

6.6 +14 26.8 1.9 +1.3Jefferies & Co Inc 13 - 727.0

8 3.8 +8 11 +0.6

+0.3

11.2 +0.21.051.1

+0.8 Leerink Swann & Co 17 - 140.4 0.2Piper Jaffray Cos 0.2

18 - 123.4 +0.1 2 0.5

1.9 +3 7.1

0.9 +2 6.3

+0.2

+0.3KeyBanc Capital Markets IncRoth Capital Partners Inc 19

2.4 +5 2.4 +5

Market

31.3

21.8+26

13.5

0.5

0.8

6.7 +0.5 4 0.53 1.4 +3

$8.8 $13.1 $11.3 $11.4 $11.1

$4.3 $2.4 $3.3

$18.7

$69.0

50

97

82

6155

3016 18

40

101

0

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

$80

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Pro

ceed

sU

S$

Billi

ons

US Common Stock (C3) Jan 1 - Sep 28

Proceeds per Bookrunner (US$m) Imputed Fees (US$m)

38.4% 361.4%

*tie

+27

-0.910.6

25.4

Market# of Deals+53

Change in

+5

8.9 +1.1

5.5Deutsche Bank

Barclays214.9

2.2

Goldman Sachs & Co6.1

+1.4

Market

8.8381.3 9.7 -0.5

+1.9347.8

Share Ch.Share (%)

*tie

Share (%)Bookrunner141 26.8

DealsManager

Industry % Change from Last Quarter 124.2% 18.3%

# of# of Deals per Bookrunner

MarketMarketMarket

313.7%Industry % Change from Same Period Last Year 354.1%

3 4 18,138.1

2012 Rank

2011 Rank Proceeds Share Ch. Fees

22

16,025.7

Credit Suisse 7 5 14,380.7

Morgan Stanley

Share (%)Citi 1 7

4

22,497.0Bank of America Merrill Lynch 11.3 +0.2 134

13.4 +4.4

9.9 +0.6

18,873.4103 19.5 +11 417.610.8

100 19.0 +22 -1.8

241.6127 24.1 416.6

+0.8

Goldman Sachs & Co 6 3 14,973.4

Barclays 6 16,582.19.6 +32

JP Morgan 5 1

9.0 -1.7 9410.6

17.8 +25 351.1-0.8

8.6 -1.1 -2.0 100 19.0 +41 Deutsche Bank 8 8 13,140.9 7.9 +0.9 106 6.2 +0.520.1 +38 245.5UBS 9 9 7,472.1 -0.23.5Wells Fargo & Co 10 10 7,386.7 4.4 -0.6 14.8 +9 164.9

4.5 -1.1

+0.4

139.1 78 4.2

71 13.5 +30

RBC Capital Markets 11 12 3,585.7 2.1 +1.1 86.08.0

40 7.6 +14 106.2 2.7Jefferies & Co Inc 12 11 2,232.2 1.3 -0.4


8

2012 Rank

1Proceeds

JP MorganBookrunner

6

-0.1

UBS-0.5

10

RBC Capital Markets 12

Bank of America Merrill Lynch 2

2011 Rank

3 1

42

+3 0.61 0.2 +1 10.8

1.3

15.1%

Industry % Change from Same Period Last Year 25.7%

3,435.8

Industry % Change from Last Quarter 21.6% 18.4% -1.6%

Top Twenty Total

-9.9%

527 100.0-362

0.797.7

Industry Total 167,391.9 100.0163,358.3 87.2

3,933.6

Cowen & Co 20 25 390.5 0.2 0.0 - +672.6 1.8 -0.3

15 2.83.0 +1

+0.2 29.1

Raymond James Financial Inc 19 13 806.5 0.5 -0.3 16

0.022 4.2 +7 +0.253.2 1.4

0.8-1 31.2 -Piper Jaffray Cos 18 15 825.1 0.5 -0.1

8

0.5 +0.2+10 68.3 1.7 +0.5

KeyBanc Capital Markets Inc 17 20 843.8 1.5 26 4.9Stifel Financial Corp 16 16 925.7 0.6 +0.1

+0.735.10.7 +0.5 0.6+0.3

+2 0.9 22.9

15 31 1,203.8 3

714 14 1,296.4 0.8

-0.00.3


Share Ch. Deals

Allen & Co Inc 13 - +1.1

Kohlberg Kravis Roberts & Co

1,778.5 1.1

Share (%)

Macquarie Group +0.1

61.0

US Convertibles (C9a) Jan 1 - Sep 28

- 52.8

Change in Manager# of Deals

Market MarketFees

16 15.8 +3.7-7 -4.2

30.8 02,414.1 16.0 -3.4

16.6 +6.55 2,506.7

Citi 4 3 1,949.7 12.9 -4.1 30.1 1627.2 8.1

30.8 +29 17.3

9.0 +0.1 Morgan Stanley 5 4 1,226.8 8.1 -3.0 +2.0 9 17.3 -4

8 1,149.534.7 10.4

15.4 20.07.6 +4.3

8 6.0 +1.6

+3 Credit Suisse 7 9 584.2 3.9 +1.6

7 532.5 3.5 -0.56 11.5

7 3.9 -1.18.5 2.5

13.5 -5 13.0-1.1+1

Wells Fargo & Co 9 10 497.6 3.3 +1.3 +1.1

6 327.012.2

2.2 -3.8 58 15.4 3.7

9.6 -3 6.1 1.8+3

-4.4 HSBC Holdings PLC 11 - 220.0 1.5 +1.5 +1.7

11 213.31 1.9 +1

1.4 +0.37.7 2.3

3.8 -1 9.4 2 2.8 +1.3 Raymond James Financial Inc 13 23 200.0 1.3 +1.2 +1.1 1 1.9 0 - 4.5 1.4

2.1TD Securities Inc 14 - 130.0 0.9 +0.9 1 1.9 +1 0.6urities Inc Jefferies & Co Inc 15 15 106.7 0.7 +0.2 RBS 16 - 83.3 0.6 +0.6

+0.7 2 3.8 0 - 4.8 1.41.9 +1 3.2 1 1.0 +0.5

Lazard 17 16 50.0 0.3 -0.2 -1.2 1 1.9 0 - 1.4 0.42.7Piper Jaffray Cos 18 22 22.5 0.2 0.0 - 0.8- 1 0 +0.1

301.4 90.1Top Twenty Total 15,083.1 100.0

*tie


-27.9% 27.8%

Industry Total

-26.1%-17.9%


18.2

MarketMarket

2,869.3

Imputed Fees (US$m)

+0.219.0 -0.2Share Ch.Share (%)

Market# of

2 -5Share (%)

22

1.9

100.0

42.3

-18.9%-22.4%

100.052 -67 334.915,083.1

Proceeds, First Nine Months # of Issues


6

Issuer Issue Date Proceeds US$Bil Issue Type BookrunnersAIG 9/10/2012 20.7 Follow-On Citi | Deutsche Bank | Goldman Sachs | JP Morgan | BofA Merill | Barclays | Morgan Stanley | RBC | UBS | Wells Fargo |

Visa Inc 3/18/2008 19.7 IPO JP Morgan | Goldman Sachs | Banc of America | Citi | HSBC | Merrill Lynch | UBS | Wachovia

Bank of America Corp 12/3/2009 19.3 Follow-On BofA Merrill

General Motors Co 11/17/2010 18.1 IPO Morgan Stanley | JP Morgan | BofA Merrill | Citi | Barclays | Credit Suisse | Deutsche Bank | Goldman Sachs | RBC

Citigroup Inc 12/16/2009 17.6 Follow-On Citi

Facebook Inc 5/17/2012 16.0 IPO Morgan Stanley | JP Morgan | Goldman Sachs | BofA-Merrill Lynch | Barclays | Allen & Co | Citi | Credit Suisse | Deutsche Bank

Wells Fargo Co 11/6/2008 12.6 Follow-On JP Morgan | Goldman Sachs | Morgan Stanley | UBS | Wachovia

Wells Fargo Co 12/15/2009 12.2 Follow-On Wells Fargo | Goldman Sachs

GE 10/2/2008 12.2 Follow-On Banc of America | Citi | Deutsche Bank | Goldman Sachs | JP Morgan | Morgan Stanley | Barclays | Credit Suisse | UBS

12/6/2010 10.5 Follow-On Morgan Stanley

US Equity Capital Markets

US Equity & Equity-Related Industry Composition for Top Bookrunners Jan 1 - Sep 28 2012

Top Ten US Equity Deals on Record (US$Bil)


Citigroup (Treasury Sell-Down)

$10.5

$12.2

$12.2

$12.6

$16.0

$17.6

$18.1

$19.3

$19.7

$20.7

$0.0 $5.0 $10.0 $15.0 $20.0 $25.0

Citigroup

GE

Wells Fargo

Wells Fargo

Facebook

Citigroup

General Motors

Bank of America

Visa

AIG

Total Proceeds US$Billions

15.4% 14.2% 12.0% 12.0%

22.3%

8.7% 9.0% 8.6%

19.7% 22.5%

41.7% 41.7%50.4%

35.9%

41.3%

42.6%50.2%

44.2%

61.5% 59.5%

17.6% 18.1%

22.7%

22.8%

20.2%

25.3%

24.0%

25.6%

1.5%4.0% 4.2%

3.8%

2.0%

4.3%

3.3%

2.7%

13.3% 17.1%8.1%

14.7%

7.2%7.6%

9.9%15.7% 13.6% 14.9%

5.0% 2.0% 2.4% 6.0% 4.9% 8.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Citi Bank of America Merrill Lynch

Morgan Stanley JP Morgan Barclays Goldman Sachs & Co Credit Suisse Deutsche Bank Wells Fargo & Co UBS

% T

otal

Pro

ceed

s

Telecommunications

Consumer Staples

Retail

Real Estate

Materials

Industrials

High Technology

Healthcare

Financials

Energy and Power


7

IPO volume reached US$6.7 billion, an 81.6% contraction compared to thefirst nine months of 2011 and a 63.3% sequential quarterly decline. Feesearned on EMEA IPOs during the first nine months of 2012 totalled $202.7million, with the top twenty bookrunners claiming 69.3%.

Equity-Related issuance volume in the third quarter increased by 415%compared to the last quarter, with the top twenty bookrunners capturing 93.5%of the market in the first nine months. Saudi Arabia was the leading exchangenation with listed IPO issuance volume totalling US$1.3 billion.

EMEA Deals Intelligence

EMEA ECM Proceeds Raised by Industry (US$Bil) Jan 1 - Sep 28 2012

EMEA Equity and Equity-Related issuance totalled US$92.8 billion for the first ninemonths of 2012, a 35.1% decline from the same period in 2011. Estimated regionalfees were US$1.4 billion, a 45.9% decrease from the first nine months of 2011,according to estimates by Thomson Reuters/Freeman Consulting.


EMEA Equity Capital Markets

Imputed Fees (US$m)

Share Ch.MarketMarket

Share (%)Manager

FeesDeals

+1

3 1

3.2

-1.9

-0.7+1.1

2.7

31

MarketMarketShare Ch.

27

4.5


+2.0

6.6

34 3

1


ProceedsBookrunner Share (%)

4

Market Change in Share (%)

# of# of Deals

-1.0

Goldman Sachs & Co

2012 Rank

2011 Rank

5.53.5

-8

-1.0

12

12HSBC Holdings PLC

+0.1Qatar National Bank

0 2

2.0

1 807 21,862.6

13Barclays

71412

13

+1.2+4

+0 1835.3

1.1+0.5

38.7

1

4.2

-5.0 3.473.1

4.9

2.02.7

2 0

0.2

28.8

43 3

3.9

11 - 1,885.6-0.1+2.0

112.0

43.716.0

2.9

1 62.5

+2

-1+2

3.1

100.8

60.0

48.5

+0.57.0

5.4

-11+1

-2

5.9

-+1 7.1

68.7

+2.3

-0.5-0.5

5.2

1 11,594.2 6.1 12.5

6.7-77.5 0.0106.2-3

94.4 -0.3

UBS

2 2 8,671.56 7,565.4

6,421.2JP Morgan

Credit Suisse

Deutsche Bank

Morgan Stanley

9.3419.3 -0.36.68.2 +2.5

6.92924

5 5 6,100.3 -0.1-1.5

266.3 20

7 5,145.5+2.6

5,821.2 +0.4

17

BNP Paribas SA 10 9 2,587.4 2.8Citi 9 2,988.7 3.2

76Bank of America Merrill Lynch

8

Societe Generale 8 18 3,266.1

EMEA Equity & Equity-Related (C1d) Jan 1 - Sep 28

Regional Fees Reach US$1.4 Billion l Quarterly IPO Volume Down 63% l Sberbank Rossii - Largest Third Quarter Offering

$30.0 32%

$10.7 12%

$9.4 10%

$8.6 9%

$6.1 7%

Financials

Energy and Power

Materials

Industrials

Telecommunications

High Technology

Consumer Staples

*tie22

1,089.7

-35.1%

3.1

16

6

Intesa SanPaolo

15

-Commerzbank AGSaudi Fransi Capital

20Nomura 14

Industry Total

17

Top Twenty Total

21 1.310

865.7

UniCredit

HSBC Holdings PLC -0.21,807.213

2.0+0.5

8

7

91,213.4

+0.1-82.0 43.3

1.4

11

-1.21,248.8

1.6

3.31.8 18.3

+1

16.2-5

-

-3

1.4

1.3

441

-45.9%

-23.0%

78.8% -20.8%Industry % Change from Last Quarter*tie

Top 10 EMEA Equity and Equity-Related Deals (US$Mil)

100.066.4

-132

16.0%

938.3

Jan 1 - Sep 28 2012

1,414.2 100.0

Jan 1 - Sep 28

-2+1.633.4

21.22.4

0.0-4

1.2

Investec 14 35 1,337.0 1.4 +1.1

+1.11.51.1

+1.42.1

-0.6

15.4

-2 46.030.3

-3

+0.9+0.7

+1.31,203.7

2.50.5

7 1.6 -11

0.9 +0.279.5

1,132.6 1.2-0.5

92,843.9

18

73,807.8

19 1.2

1.3 0.9 4


+0.4

EMEA IPOs by Nation of Primary Listing (US$m)

24

Mediobanca

$5.8 6%$5.0

5%$4.2 5%$3.9 4%

$3.8 4%

$3.8 4%

$1.3 2%

Healthcare

Consumer Products and Services

Media and Entertainment

Real Estate

Retail

$9,915.7

$5,154.9

$3,895.5

$3,000.0

$2,078.2

$1,945.3

$1,894.8

$1,885.6

$1,734.0

$1,715.1

01/27/12

09/18/12

07/18/12

02/09/12

09/25/12

05/10/12

07/31/12

05/24/12

01/11/12

07/10/12

UniCredit SpA

Sberbank Rossii

Credit Suisse Group(Guernsey)V

Siemens NV

Continental AG

Reckitt Benckiser Group PLC

Melrose PLC

Qtel

Repsol YPF SA

Linde AG

$1,276.4$1,223.2

$1,176.0

$991.1

$874.6

0

5

10

15

20

25

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Saudi Arabia Netherlands United Kingdom Switzerland United States of America

# of

Issu

es

Pro

ceed

s (U

S$m

)

Proceeds (US$m) # of Issues


8

790.611.4

33.4

18.5

1.4231.8

-

+1.14.9-21 0

4.33.5

3252.3

9.93.6 -3.73.8 +3.84.0 2+1.6 268.5 +3.6

-63.9

27+7

+0.4


BNP Paribas SA10 4

Morgan Stanley

UBS 76 5,188.2

11 10 1,600.7

Deutsche Bank 3

5Credit Suisse

2

5

4 43


14.8

364.8

32.9

322.5 2.0 +1.5

3.3 -3.56.74.0

26.8

23.416.0

3.5 +3.51

1.4 7.2

+5.7 +3.13.1

-7.7

5.7

2.7

9

11

+1

2 +11

+1

4.32.9

239.2

1514

78 37

5.4-7 -3.7

6.311.5

-6

1.4-4.2

+3.5

+0.56.4

9.1 4.513.0

Oman Arab Bank SAO

-

89

Riyadh Bank Ltd

3.5Oriel Securities Limited208.1

27*

159.0

43.5

16.2

+1.2

+1.7

0.0

Industry Total

Goldman Sachs & Co

-0.6Societe Generale

-0.1

+4

-72.72.01.2

34 1,337.0

79,504.4

1.7Investec

Mediobanca

1,089.71.0

12

UniCredit

HSBC Holdings PLC 13 9 1,314.4

NomuraSaudi Fransi Capital

20 944.4

718.3

+5

2.5 -8

2.73.5

Commerzbank AG 18 -

0.5 0-1

15.4

2.830.3

1.5

1.2

35.0

2.4

1.5

63.4

-

348.5

Proceeds

6,157.9

5

+7.2

+5.4

5.2

Berenberg Bank

5.4

1.9

2

-0.32.0

-1 2.1

-2.1

Credit Suisse2.8

Morgan Stanley

5,575.8

4,542.8714

4.9

-5.0

Deutsche Bank

-8

3.62,866.5

3.15.9

34.3

5,399.5

8 2.510 2.4

10- 1,885.6

2,534.0Citi 3.2Qatar National Bank 1

Societe Generale 268

+2.4

+3.19

-1.2Saudi Fransi Capital -54.3 4.3Sambacapital38.5

8107

3


+2

3

+6.4 505.5 -2+4.0JP Morgan

-0.2

+2.6 91.8 UBS76.0

-54.3635.8

2.927.1

5

429.8

2012 Rank

EMEA Equity Capital Markets

MarketMarketFees Share (%)

Jan 1 - Sep 28

6.44

Market# ofShare (%)

8.6Share Ch.

9.57.5

28.1

Imputed Fees (US$m)Change in Market

+2.7

Proceeds per Bookrunner (US$m)Change in Market

-1 16.41

Manager

-9

EMEA IPOs (C7c)

6Share (%) Share Ch.# of Deals

13.8926.882.0Share (%) # of Deals

2011 Rank

Market

5.9 +9.36.6Share (%)

-0.9

Market2012 Rank

MarketShare (%)

Manager Market# of Deals per Bookrunner

242 6 6,815.4 8.6

2011 RankBookrunner

MarketFees Share Ch.Deals

Jan 1 - Sep 28

# of


Goldman Sachs & CoBookrunner

13.1Deals

1Proceeds10,405.1

Share Ch.+1.6

-2.0 29

1

-9

1.5 +1

5.7

2.0

0.2

48

+1

6.8

-1.1

6.5+0.3

6.7

-1.0

3.4

-0.3

-0.1 24

6.9

-7-14

-10+2.6 28

-7+1.3

1.0

-4

7.14.4

4.4-0.4

7.4

18

18

-15.1

61.66

6.1

+11.7

+1.3 Canaccord Genuity 12

-0.2 -0.3

1.3

6

10

-134

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

4

+0.61.5

+1.1

+1.515 - 1,203.71.51,213.4

1.7 -0.6

JP Morgan7.8

17 11 1,031.6

14 19

7.0

811

2

16 13 -0.4

5

1.4

1.2 +0.41.3 -0.8

1.1Intesa SanPaolo 19 21 865.7

+0.3Pareto Securities 0.9+0.3

62,691.3100.0

20 23 719.9

Industry Total79.0Top Twenty Total

406

19* Mirabaud Securities LLP0.9

100.0

+2.8

16

Citi

Numis

13

Mediobanca +1.2-3.8

5.0 +4.9 1.7 +0.6

2.9 10.0+1 -

+1

4.7

1 1.423.1 +3.1

2.4 +2.4

1.9

2.9 -1 +3.3 33 114.4 1.41.7

0.9 +0.9

2.3 +1.94.1 -0.6

2

8.4-

3.46.93 4.3

-6.3

6

3 82.3 1.216 103.4

13.7-

4.3

158.3

1.4 -50+0.5

2.1 -3.7 1.8 -0.1

+0.2 1 1.4 -4 3.9 1.9-0.5 1.9 3.978.2 +1.2 1 1.4

Top Twenty Total 5,612.8 83.8 140.7202.7

+1.9

6,712.61,249.8 -5869.3

-

70

1.3 Renaissance Capital Group 19* 13 78.2 1.2

1.51718

100.0

1.2 +1

100.0

105.4

2.4 -40

1.6+2.0 63+1.2

+1.5

31

4.3

**Excludes self led deals per standard criteria

*tie

-31.4%

Morgan StanleyBarclays


-26.0%

15Credit Agricole CIBUniCredit

Standard Bank Group Ltd

2.2

UBSHSBC Holdings PLC

ABG Sundal Collier

540.8356.3

Industry % Change from Same Period Last Year 6.1%

3.0%9.1%

91.013,339.4 100.0 +235

1.1 -0.4+1

2.9 -41.6 -5.7 1 5.7+1.4 2 2.7 1.6 -0.6

2.6 1.6 +1.2-1 0.01.1

7 217.2 1716 17 217.5 +0.5

-1.6

22

+2 2 -1.85.7

-15.7 0.0

-0.23.5234.6

2.65.71.8 -5.5

+1.8 1.7

1.8

12 349.314 6 245.4

4.30.0 - 2

-2+0.1

2.74.4

5.7

2.8

0.82.9

9

1.3

5.7 -1.1-15.7 +1

1011 8 399.612 18 383.3

05.7-0.2 +2.2

+1.9 23 8.6

4

+2+28.6

3

23.4 3.0 +1.6

- -2.13.3-1.6

5.4

11.49 15 3.7

14 602.7 4.5492.8

16.9

7 11 750.0 5.68

+2.6+2.9

2.9

5.6

10.3 -0.3-0.4

+0.4

+2.6

-0.3

5.0

5.54.3

9.0 9.2-2

-3 6 4 912.2 6.8

1

8.27.1

BNP Paribas SA 5 3 986.6 7.4

JP Morgan-1.1 5.7

-0.9

-0.9 6 17.1

6 -217.1

13.7+2 +2

7.5

-5.06.1+3 10.08.3 -1.5

Bookrunner Proceeds Share (%)18.4 30.2Deutsche Bank

Market # of# of Deals per Bookrunner

Share (%)# of DealsShare Ch. Deals Fees2012 Rank

8.9

18.8

+7.03

+11.0+8.28.921

2011 Rank

2

-

4

Credit Suisse22.2

13.7

Goldman Sachs & Co13


24,427.0

CitiSociete Generale

RBS

Commerzbank AG1.6

- 351.8 +1.4 1+1.5

100.0Top Twenty TotalIndustry Total

19,755.7

Landesbank Baden-WurttembergDZ Bank 20

5 5.52

1.1+5

1.1

414.2 +1.9

381.11.7 +1.7

0Nomura 18 -

17 -

19 57

Al Rajhi CapitalNordea 16 34 471.3 1.9 +1.7

460.5 +1

1

45 -

-1.0

3 3.3 -11.9

4.4 +105.5

2.32.2 +0.9

Citi 14 8 549.1UniCredit 15 15 532.6

3.9+2Intesa SanPaolo 13 20 771.4 13.2 +2.6 -1.1

20

4 859.6- 773.9

2 2.2-3.33.2 +3.2

16.3-3Saudi Fransi Capital 12 2.2

3.5Bank of America Merrill Lynch 11 3.0 -1.4+0.70.7

28.7Mediobanca 10 11 863.8 3.5 4+0.8 4.4

-42.2 5.3 0.00 - 19.0 3.5 +1.6

8 43+0.6 2

4.2 7

+4.0Societe Generale 4.2

HSBC Holdings PLC 9 7 987.2 4.0Investec 2.2

21 1,109.5 4.5+3.8

1,018.8 2

3.6+13

17.7+13 3.3

3.35 1

+2.13.3

12.4

19.6+1.9+0.1

+1

Deutsche Bank

23 1,021.1BNP Paribas SA +4.0

1,208.8 5.0 6

-3.6

-10.4

7.78+2.8

-778.8 +4

1Qatar National Bank 5.1 -1.3

3.0Credit Suisse 3 3

1,470.5

+17.7

1,358.476.0

1,885.67.7

Share Fees-3

24.4

-3 27.81.1 16.0

4.2%

164.4

252.3%

12,488.3

1819

100.0

+21.42.9

- 188.2 1.81.1 +1.1 1

93.5 149.4

-

+181.0

1.4

91

-

54.2# of Deals

141.0

11.41,188.8

2

1,189.1

MarketShare (%)

1,021.7

13

2,513.6

7.7 -6.5

454.7

2

Top Twenty Total**

Bookrunner5 3,266.5 5


Imputed Fees (US$m)Manager


1+5.1

UBS

3.1

-32

-

Industry % Change from Last Quarter*tie *tie

0.31.5

-12.5%-3.0%

Industry Total

-35.5%-22.9%

100.0

+0.6 0.6

2.6

0.1 +0.1

415.0%

SEB Enskilda

# of

13.4 7+6.6DealsProceeds

2 -

Share


-38.9%

JP Morgan 17.7 +7.7

Share Ch.Market


Market2012 Rank

2011 Rank


4

Share Ch.Market

ShareChange in


5.6


10

+3.0

4.1

Market Market

.7

-

19.8

3.2

2.5

13.124.7

-0.94.6 +1.1

17.5

-0.1

10.0

4.5 +2.0-5.7

2.3

+2.3

3.7 +2.9

+0.3

65.8

2.4

34.3

4

123

Jan 1 - Sep 28

8.6

Imputed Fees (US$m)

+9 -1.2

Jan 1 - Sep 28 EMEA Convertibles (C9d)

MarketMarket Change in Manager MarketShare Ch.

12.3

-62.5%-63.3%-77.0%

Industry % Change from Last Quarter -54.8%

-23.1%

3.4%-24.8%

EMEA Rights Offerings (C8fr)

*tie

-81.6% -45.3%58.9%

-49.1%


9

In the first nine months of 2012, estimated Asian Equity and Equity-Relatedfees were US$2.1 billion from 908 deals, a 42.5% decline compared to thesame period last year, according to Thomson Reuters/Freeman Consulting.

Overall Asian Equity & Equity-Related Issuance Lowest Since 2009 l An Uptick in Follow-On Proceeds l Asian Stake Sell-Down Reached Record High Volume


Asia Deals Intelligence

Asian IPO volume to date reached US$28 billion from 320 deals, a 56.5% dropfrom the first nine months of 2011. 21.2% of this year's Asian IPOs listed on theKuala Lumpur stock exchange, followed by Shenzhen Chinext and Small &Medium Enterprise boards.

Asian stake sell downs through block trades this year reached an all time high ofUS$30.6 billion from 92 deals, a 95.3% increase from the same period 2011. Totalsell downs on HK American Intl Assurance Group stake reached US$8 billion,capturing 26.2% of the Asian block trade market in the first nine months this year.

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

Imputed Fees (US$m)

FeesShare Ch.MarketMarket

Share (%) Share Ch.

Citi

Deals

8

22

2 10UBS

Deutsche Bank

ManagerChange in # ofBookrunner Proceeds

Market2011 Rank # of Deals

5 11

910

3

8

4

Credit Suisse

JP Morgan4

6

Morgan Stanley

-0.9

Bank of America Merrill Lynch6

CITIC7

11Guosen Securities Co Ltd

13

4.0

7.6

5

9.3

+0 8

45

+1.5

-1.4

6,259.5

3,678.6

+1.1

8,108.1

4,617.8

7.0

2.7

+2.9

37 4,291.4

2

4,334.6

3.4

+1.0+0.54.0+0.7

2.7

2.712

2 5

+4.6

2,894.62,843.7HSBC Holdings PLC

GF Securities2,839.6

18

19CIMB Group Sdn Bhd

2 671 4


5.03.0

MarketShare (%)

37

27


Goldman Sachs & Co 9,945.61 1Share (%)

2012 Rank

Market

322.9

+93.9

+5+2

+826

4.3

+6

-1335

+3.0

-0.4

4.134 3.7

+1.1

6,445.45.8

7,450.6

6.0

22

0

24 -8

96.1 4.7 +1.2

-0.7

3.0

-0.9

-0.1+1.1

+0.1

+0.8

134.5

+1 7

3.5

+0.9

131.62.46.4 +3.7

1.934.3

3 7

+1.5+0.3

77 3

71.2

1.7

6.5

48.7

+6

1.9

62.6

39.7

1.9

4.0

+1.681.5 4.0

81.9

39.3

1.8

-8

-3

+103.5

2.6

-12.42.5

17

2.4

Jan 1 - Sep 28

23

Jan 1 - Sep 28 2012

22

39.116

Asia Equity & Equity-Related Proceeds by Industry (US$Bil)Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

1 9

$34.6 32%

$8.4 8%

$7.1 7%

$5.7 5%

$4.6 4%

$4.3 4%

$2.9 3%

$2.4 2%

$1.6 2%

Financials

Industrials

Energy and Power

Consumer Staples

Materials

High Technology

Real Estate

+0.7

+1.1-1.8

20

22

989.5

15

1.0781.8

+1.2

CITIC

49Top Twenty TotalBualuang Securities PCL

19

1.6

16 1398

17

26

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

817.0

917.2

687.216

1,158.014

+0.5

Standard Chartered PLC

Haitong Securities Co Ltd

0.8CLSA

Bank of China Ltd14

21

13


17.5

1.2

16

14

1.6 2.3

3.7

+5

+3.1

34 4.8 +2

6

+0.8

+0.32.1

1,410.7

15

Bank of China Ltd 20

13Hongyuan Securities Co Ltd

1.2

2.5

1,572.7

-26.0%

1,287.1

100.0

Share Ch.

18 91,287.7 1.2

UBS

1

2011 RankBookrunner

110.4

+4.9 5.6

-0.223.9

+1.9

+7

+1.1-2.0

-39.1%

696.9

-13.6%-11.8%

-0.3

710

Malayan Banking Bhd

9DBS Group Holdings 12

18

64,793.2

10CIMB Group Sdn Bhd 2,839.6

2,843.7

861.8

+1.8

1,215.4

151.5

Nomura

4,159.8

17131,215.7

20

Barclays

Deutsche Bank

1,287.7

3,329.9HSBC Holdings PLC

JP MorganBank of America Merrill Lynch 6Credit Suisse

10 11

8

5

93

Morgan Stanley

Nomura

48.5

Goldman Sachs & CoCiti

19

2

4

4.3

8

5.3

7.7

327

7 6

16China Merchants Securities Co


48

Top Twenty Total

17Pingan Securities Co Ltd

1731

-0.6

9,839.7Share (%)

5 8,108.1


Proceeds per Bookrunner (US$m)2012 Rank

*tie

1.3

77,084.5

1,622.32,216.8

1.5

1.2

14

Industry Total

GF SecuritiesChina International Capital Co

18 2,671.414

40

1.5


+0.5

1.7

-0.9

107,244.072.0

-0.2

1,306.3+0.5

# of

5.1

Market Market

36

-1.9%

12.6Deals

17

11

+0.9

09

Market

-0.3Fees

Manager# of Deals

Share (%)

Change in Proceeds

1.3

65.827

2634 4.8

2131

+6

6,635.1

6,031.5

3.72.3

+0.5

6,445.4

5.9

92.8+5.5

4,617.8

-2.38.3

3.8

0 --8

-42.5%

100.0

-239

1,237.7 60.2

1116

-0.5

1.1

1.2

+0.6

+0.4

9

1,000.8

1.1-0.3

-1.3

+1

4.4

415

-3

3.0

2.0

2.1

1.3

11.5

-112 100.0

+4

6.5

6.570.8

0.7

+1.4

19.8

1.8

2.0

9.3 +0.6

+0.5-0.1

+63.1

+83.778.7

39.3

-13

+4

-2

7 1.0

+59 1.3

1.1

-2

8

00.6

-

Industry Total

+2

83.40.9

-0.5


77,900.2 100.0

62.6

-2.8

-0.4

+0.6

-1.3

+1.8

+0.3

6.3

1.6

0.9

0.7

+0.4

-0.0

Top 10 Asia Equity & Equity-Related Deals (US$m)

Jan 1 - Sep 28

4.0

+2.4

0.0

+0.1

-0.3

Share Ch.

-2.4

+2.7

Imputed Fees (US$m)

8.0

Share (%)9.4

+0.6+1.7

2,064.1

2.4

2.4

1.8

42.9 2.1

19.83.5

48.937.0

3.7

50.4

77.3

1.072.3

-6-4

-12

- 1.0

17

1.2

1.51.0

7

1.90.8

9

+1

+3

+8

+3-18-1.8

9 1.0

1.813

-20.8%0.3%

6.4

23.9

63.0

7.4

3.539.134.3

Market

0.8

15.8

+1.939.7

39.5 4.0

Market

6.74.0

2.4

Jan 1 - Sep 28 2012

2.4

+1.1

-

-15.5%

-2

908

28.6 1.4

14

4.0

-0.5

-2.3

1.9

$6,016.0

$3,273.5

$2,531.5

$2,511.7

$2,112.5

$2,022.1

$1,949.1

$1,853.2

$1,442.9

$1,384.0

American Intl Assurance Co

Felda Global Ventures Hldgs

Oil & Natural Gas Corp Ltd

ICBC

IHH Healthcare Bhd

American Intl Assurance Co

HDFC


China Minsheng Banking Corp

CSR Corp Ltd

3/6/2012

6/14/2012

2/29/2012

4/16/2012

7/12/2012

9/6/2012

2/24/2012

4/19/2012

3/26/2012

3/12/2012

$16.3 15%$10.7

10%

$8.5 8%

Real Estate

Telecommunications

Healthcare


Retail


https://www.thomsonone.com9.5%5.9% 16.5%

*tie

y gIndustry % Change from Last Quarter

10


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

100.072.7

-0.6 1.2

-236

1,145.3 101.2

0.972.3

25.5

24.7

50.1

8 1.02.02.11.3 17

+1.1

806

2,655.6

1,204.4 1.2 16-2.1-0.2

+0.9

12 19+0.8

1,622.320 142,620.4 2.7

+0.214

5

7

HSBC Holdings PLCGF Securities 2,671.4

3 3,277.42,894.6

11 15

8CITIC

Guosen Securities Co Ltd9

4,395.1

Deutsche Bank

1,157.7 1.2

1,572.7426

-0.8 9

99,039.4

JP Morgan27

72,151.3

China Merchants Securities Co

18

5

Credit Suisse

10

6

3,774.8

2.9

4

+11

4.3

108 4,291.4

134.4

5,380.6

+93.2 -0.8

+1.72

2

Bookrunner

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

Citi

+3.9

+3.15.4

+11.6 1.1

-1.7

1.6

2.9

+1.2

1.4

12

20

1.722

-2

-2+5

13

21

1.7-5

+8

1,410.71,306.3

7

+1.4

2.7

-10

-4

Credit Suisse

77.3

3.71.3

2.2 -1.2

1.935.7

Guotai Junan Securities

Industry Total

Sinolink Securities Co Ltd

1.6

17.5Bank of America Merrill Lynch

477.830

Top Twenty Total

45.2 2.3

+0.7

18,739.9

10

15

563.8

14

496.2

525.4

474.43619

1516

100.0

2067.1

+0.9

27,991.259.9

1.3

100.0

1,933.01,156.0

-9

+0.7+0.2

0.9

2.6 +1.9-2.9-0.1

-18

42.9

78.66,445.4

7.3 43-0.2

3.3

Proceeds

69.4 +1.5

23

+1.9

-34 828.8

943.4

2,262.4

13 1,134.64

1330.9

7

7.0

3.4

1 2.28

4.437

3.5+2.6

24.1

4.1

3.4

6

1,292.2 4.6

1.6

1.9

2.54.1

-2.1

+1

-16

-6

68.6

22.726.0

4.0

62.6

+0.72.7

5.3

Share Ch.

97.8

2.1

132.2

+1.3

Imputed Fees (US$m)

8.8

Manager

+5.4+5.3

-1.32.3

Pingan Securities Co Ltd

Jan 1 - Sep 28

23

33.227

+1.83.02.43.3 1.7

134.5-8

+6

-9+5

-0

3.6

+0.1

6.8131.635.7

5

Huatai United Securities CoDBS Group Holdings

-0.6+0.6

China Merchants Securities Co

27

Malayan Banking Bhd+4.1

64.7

-0.5

24

-33.3

3.6

0.0

+4 13

Industry Total

+9

2.7

-1.4 19

4.3 22

2.117

29

3.3+1.03.8+1.0

20 2.5

Market# of Deals per Bookrunner

Share Ch.

Fees# of

Share Ch.2011 Rank

MarketShare (%)

11.97.2

Market

-2# of DealsDealsProceeds

Market Change in Share (%)

92.6Share (%)

+10 4.8

MarketShare (%)Fees

31.0

# of Deals

Market# ofDeals

9 7,345.4

2011 Rank

7

14

5

9

17

ManagerChange in

-1.1

Deutsche Bank

3

Guosen Securities Co Ltd

MarketBookrunner

+1.5CITIC

+2.2

+1.0 UBS

10

GF Securities

JP Morgan 8

11

5

11

HSBC Holdings PLC

100.0

1.3

26.82.2

+0.6

-

+1.847

-1

2.2 +3

1.3

-2.5 14

96

4

500.7506.8

28China Securities Co Ltd

Morgan Stanley12

Minsheng Securities Co Ltd

CIMB Group Sdn Bhd2

9.89,721.6 35

6.5

+4.2 1

MarketShare (%)

+2.2


Jan 1 - Sep 28


Market2012 Rank

7.4Goldman Sachs & Co 1

7,258.2UBSMorgan Stanley 4


3

CIMB Group Sdn Bhd

7

14


Guotai Junan Securities

Top Twenty TotalBank of China Ltd

Pingan Securities Co LtdHongyuan Securities Co Ltd

15

Nomura 19

1617

11016

11 3.4 0 - 5.7 +3.563.1

0 -

71.92.8 +3 1.9 +2 -0.1

644.7 4.0

1.2

6.21.7

-2.5

1.519.1

13.4

+1.0

1.1

16.6 +0.6

-1.4

+2.5

11.7

-3 6-8

-0.71.21.9 13.2

2.4 27.8 2.51.9

6

-0.9 -4

1.6

+11.0

-8

+2.0

3.5

-1.4

10.9

+4

39.0

12.6

+4 17.8

36.2 3.3-1

+0.41.1 +0.3

1.010.61.6

+0.7

-153 1,110.364.1

12

20 1,521.2

22

7

625

703.8

588.2

702.2

Share (%)

+3.710.0

+4.28.15.4


2,797.5 +4.8


Asia IPOs, inc Chinese A-shares (C7a)

2012 Rank

18

+2.1

Imputed Fees (US$m)

+1.9-0.9

2.5

2.9

+0.3

1

Market

-0.4

86

3.0

1.7

1.8

-0.7

2.5

2.3

2.0 -0.5

1.9

1.8 0.0

+0.9

1.8 -0.12.5

2.1

13

971.1

-

+0.7

1.9

800.3

4.10

710.8320

1.341.7

Share Ch.3

649.1

*tie

Industry Total71,048.1

*tie

12.6% -12.8%

100.0

CLSA

Industry Total

-14.6%25.1%

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

17Top Twenty Total

Industry % Change from Last Quarter13.8% 18.2%

6.911 10.2

-83

554.957,047.8822.8

80.4486

+7

0.8

35.8

15.7

12.2

1.5

1.8

4.5 +3

-0.4

-6

0

1.6

3.9 +652.8

65.4

Proceeds Share Ch.81.3

23.1

-

2.833.8

27.2

50.9

25.1

100.0

-0.220

+5.3

1.0 -0.3 +2

53.2

-21.4 4

3-0.8

+1.11.3 +1.3 1.0

Nomura 18 134 953.8

19

Barclays 17 59 964.7

726.6

China Merchants Securities Co8 1.63

15Guotai Junan Securities

16 12 984.5 1.4

161.4

CIMB Group Sdn Bhd 14Bank of China Ltd 15 23

61,008.9 +0.6

0.6-1.0

6+0.2

0.81,099.2

1.2

4

1,536.9

1.6 +0.21.6 +1.2Hongyuan Securities Co Ltd 13 46 1,152.0

19

1,985.211 14

1,185.0 1.7 5

+0.1

Haitong Securities Co Ltd2.2+0.712

GF Securities

14

12 Deutsche Bank 10 10 2.8 2.5CITIC

7+1.9

1.9+92.9

+0.69 13 2,029.0 92,159.4

22.3+1.0 4.7 +923 -1.2 193,920.73

5.5

184.63.0

6.4

3,268.0HSBC Holdings PLC 8

68

Bank of America Merrill LynchCredit Suisse

JP Morgan 5 +2.6 6.4 +1.2+923 4.76

UBS 3 7

+12-1-3.3 4.7

7.6 23

9,258.0

3722

+5.6

+2.8 317,220.0

# of

10.2 +5.5

Market

-22.3%

Share (%)Share (%)

-0.3%

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

4,551.9

6,609.2 9.38.14

2

1 5,743.3

2.9

691.5

13.0Citi

6.4Deals

-2.5%

# of Deals per BookrunnerChange in Market

+13

-22.6%

# of Deals

-56.5%

DBS Group Holdings3.9

4

10.7

15

Credit Suisse

97.5

JP Morgan 2

284.55

4

3

Proceeds

20-

762.7

2011 Rank

6.89.3

13

4.9

-0.5

-0.40.4

+3.8

6.2

4.7

4.4

+1.7

3.1

-0.2

4.1

-1.7

Share (%) Share Ch.

-2.2

Fees

2.7-2.6

9.9

+3.7

3.3

-1.0

-37.0%

8.0

2012 Rank

Asia Convertibles, inc Chinese A-shares (C9b)


1,264.1

MarketMarket


MarketImputed Fees (US$m)

Manager

-17.4%

Market

-43.2%

+1

401.2

878.9

4

2.8+2

+4-2

3.5

5.6

4.2 3.22.7

1.24.1

1.0

9.3

Share (%)

8.7

6.6 5.0

9.3Share Ch.

+2.1+6.2

+4.0

+2.4

+1.0

-2.5

-3.4

19

+2.1

--5.2

0.02.6

+2.7+0.5

3.63.5

2.4 2.1+3 2

-1.3

15UBS


+3.5+1.9

38.7

0.6

-3

1.01.2

+1.3+4

0.8

1.70

+28.1

2.3

1.0+3

15.1

18

CIMB Group Sdn Bhd

Top Twenty Total

Bank of China Ltd17

12

-0.6

Eugene Invest & Sec Co Ltd

-0.2

Fubon Securities Co Ltd

-

1.0+2

14.212.9

67.51.2

1.9 +1.1

Grand Cathay Securities CorpNomura-6

3.43.314

Manager

-2

Citi

250.7

12

111

13Yuanta Financial Hldg Co Ltd

Sinopac Holdings9

-9.934 222.7

-277.7

2.7

2.51.6

269.4

2.7224.0

10

3.1

10

Jan 1 - Sep 28

7

Barclays

2.8%


*tie

2

Market

1Goldman Sachs & Co

Deutsche Bank6

Goldman Sachs & Co

8Standard Chartered PLC

China International Capital CoBookrunner

*tie

+0.5

-7.9

12.1

+4.1

+1.66.7

15.5

+3.17.1

4.3

11.8

Share (%)

-4

3.54

19


Bookrunner2012 Rank

2011 Rank

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

20

Morgan Stanley

4

-54.8%

Jan 1 - Sep 28

Market Market

-34.7%

Share (%) Fees

Imputed Fees (US$m)


5.9 0 -

DealsChange in # of Deals

+0.2

3

1.0

# of Market

6

3.9

4.9+8.2

5

+0.3

7

4

6

+3.3

-2

41

4

2+1.6

+1.7

559.8

56.9

2

3.9

+4+1

+5

-4

+8.8+4.6

-2.2

-0.5

+3.5

3

192.9192.4

- 219.3

18 141.81.856

24

2.7

188.1159.1148.2

1.9

3.1

16HSBC Holdings PLC

-32.3%-22.4%

-7.6

+2

-0.7

3.9

15.4

3.43.3

+3.8

1

-6

+1.81.7

2.3

2.7

Share Ch.

+2.7+2.3

2.3

2.92.02.93

2.0

24.9

1

2.0

1.05.9

2

4

2.0

2.80

74.6

2.3

- 2.20

1.2

-

1.4

-31.3%

2.4

-0

+3

0.9

1.01.7

100.0

+0.4

1.01-21 1.0

3.1 +1.3

131.0

19.0%

3.9

1.4 +0.6130.0 1.6 -3.6

6,885.5 83.9

7.4%

-38,204.7 102100.0

Industry % Change from Same Period Last Year -2.9%-52.8%

118.0623


11


Jan 1 - Sep 28 2012

In the first three quarters of 2012, Australian Equity and Equity-Relatedofferings reached AU$14.2 billion from 448 deals, a 29.7% decline from thesame period last year. Firms from the Financials, Energy & Power andMaterials sectors led the market, capturing a 71% market share.

Total fees earned in Australia saw a 33.6% decline from the first nine months of2011, according to estimates by Thomson Reuters/Freeman Consulting. UBS,the top bookrunner of Australian Equity and Equity-Related offerings, captured12.9% of the total fees this year.

National Australia BankCredit Suisse

12

587

1011

306.213Euroz Securities Ltd

309.310Patersons Securities Ltd27

89 4

313.4

Morgan StanleyCiti

Proceeds per Bookrunner (AU$m)

UBS5

Bookrunner-9.3

2011 Rank

Australian Equity & Equity-Related (AK1)

Macquarie Group -2.1857.2 15.50.9

JP Morgan

4

Goldman Sachs & Co 705.0

7.46.1

697.93

7 4.9

Bank of America Merrill Lynch 337.6

6RBS654.4

22.14.7-

5.8

Manager

24.7

12.9

4.3

10.0

2.2

18.82.5-9

+2.7

-4

46.7

Jan 1 - Sep 28

# ofShare (%)

MarketShare (%)# of Deals

Change in

2.8


MarketImputed Fees (AU$m)

Deals

Fees

5.2

19.6

6.8

26.5

6.1

7.3

-15.3

2 6

2.0

5.4

9 3

-0.1

Market

Australian ECM First Nine Months Volume Plunges l UBS - Top Bookrunner l Australian Convertible Proceeds Highest Since 2008

241 5+0.1

-4.9

+1.0

+0.8

-0.8

1.01.6

-2


Australian Follow-on and IPO proceeds in the first nine months of 2012 saw a39.7% and 56.6% decline, to AU$10.8 billion from 408 deals and AU$329 millionfrom 27 deals, respectively, compared to the same period last year.

4.2+1 2

Australia Equity Capital Markets

-6.5

Share Ch.

+1.6

Australian Equity & Equity-Related Proceeds by Industry (AU$Bil)

-0.6

-0.8+4.9

+4

3.77.1

+6

1.8-8

15

8

1,623.89.9

+4.51,394.9

MarketProceeds

16.72,363.5Share (%)

2

Share Ch.2012 Rank

20

1.6

Market

+37 1.6

4.5

7

-10

65

2 3

Deutsche Bank

13

91,047.0

8

11.51 1

+3.3

-1.5

+8.2

-3.6

+1.8

3.3 +14

1121

-3

+2.12.42.2

-4.7

5.0

4.622 +10.4

0.4

2.2 -1.2 50.0

1 762

0

2 0

0

1.1- 13.8

+1 2 9

Australia Deal Intelligence

$3.8 27%

$1.1 7%

$0.9 7%

$0.7 5%

$0.6 4%

$0.3 2%

$0.3 2%

$0.1 1%

$0.1 1% $0.1 0% Financials

Energy and Power

Materials


Industrials


Consumer Staples

21

Petra Capital Pty Ltd

1

15136.4142.3

14

16

13Euroz Securities Ltd230.4

20Hartleys LtdBell Financial Group Ltd

15

27

1.4

1.7

Fees

+0.6

-6.4

Market

18.8

1.8

1.6

-

8.6

Share Ch.

+1.4

-4.8

+1.4

+1

-1.4

+1.2

-0.2

-0.1

41.8

17

*tie

125.0


+4

12

0.7

299.7

Proceeds

3.65.2

28

-29.7%

+2.9

11,900.8

12.1

0.0

+10.3

+2.9

+0.4

2.8

5.4

Share Ch. Share (%)

1.0

Barclays

+3.3

12

2011 Rank

5.6619.3

17

-11.0%

Azure Capital

563.8

Bank of America Merrill Lynch 3.1

Deals# of

11.8

12.923.4

Manager# of Deals

Change in

-1-4

1.5 +0.5

+0.7+0.8

1.7

15.1

4.6

Share (%)

1.9

2.8 7.3

4.0

14.42.6

9.3-7

-0.3

11241.5

192.6

2.41.0

+0.9

+0.8

17.5

2.06.4

+0.9

4.7

6.1+1.0+0.7

0.0

251.3

1.4

9.3

1.7

0.9

4.4

1.96.3

+0.2

56

+1.01.2-2

2.977.6

2.7

4.6

325.0

1.4

-37.8%

28

100.0

2.9

0.5

+0.1

14.2-7

Top 10 Australian Equity & Equity-Related Deals (AU$m)

5.8

2.1

Jan 1 - Sep 28 2012

16.7

-40.2%

Imputed Fees (AU$m)

6.0

100.0

4.1 +5

-1

8.6

5.7

-1

+2

2.1 +8-3

+5.3

9.0

7.2 -0.8 +0.9

+1.2+4

14,168.4

Deutsche Bank

Petra Capital Pty Ltd 15

5

11,083.0

7

1,961.62

2

Bookrunner

11

Citi890.3

337.6

3

+0.5

1.7

6.15

+1-2

4

6.51.1

3.71.3

0.5 +0.575.1

-26

4.05.826

1

0.9

18

5.488.6

+0.2

271.5362.3

1.7

448

4

Share (%)

Macquarie Group

Jan 1 - Sep 28


-37.8%

Market

Industry Total

2012 Rank

-8.9

Proceeds per Bookrunner (AU$m)

Australian Common Stock (AK2)

17.7

100.0

Market

UBS 1

23.8

Market

6

-5.5% -33.6%Industry % Change from Last Quarter

8.01.1

4-1.1

7.6 -

1,344.9

842.5

Market

1.43.9

-11

+2

5

-33Goldman Sachs & Co 6 10 579.5 9

Morgan Stanley

4.2

5.23JP Morgan6

5.1460.0

-3.02.1 +5

20-1.56

-81.4

2.7 61 14.0 -4-4.5 -7+0.4

2

Credit Suisse 4250.0

RBS 8

Patersons Securities Ltd 10 89 5

9

11 7

0.9

262.1

2.3

9

-1.4 Euroz Securities Ltd 12 27

230.4Bell Financial Group Ltd+1.7

13241.5

1.720+0.7

-0.22.2

Ord Minnett Ltd136.4

1.21.2

16

192.6Hartleys Ltd 14

17 2131

125.0

+1.0

3.9

1.18 1.8

-2 5.4

84.9

0.7

1.1 +0.4

1.6126

-0.00.0

18

84.92317

9

133.8 +0.8

0.8 7Casimir Capital LP 18* 0.8 +0.8

Top Twenty Total 9,460.920

Argonaut Ltd 18*Mirabaud Securities LLP 82.2 0.7

-5.6%

435

- 3

100.085.4

-26

Industry % Change from Same Period Last Year -40.4%

Industry Total

2.0

+5

+1.2

9-0.6

+0.7

0.90.9

+0.6

133.8

0.6

+0.5Ord Minnett Ltd

--3

61.0-3RBC Capital Markets

1.8+1

18

Top Twenty Total20

831

84.2

Azure Capital 190.2

$1,500.0

$1,189.4

$943.9

$631.3

$600.0

$539.8

$473.6

$454.3

$454.2

$446.7

Commonwealth Bank of Australia

Westpac Banking Corp

AGL Energy Ltd

Transurban Group

QBE Insurance Group Ltd

APA Group

Echo Entertainment Group Ltd

Bank of Queensland Ltd

Brambles Ltd

Seven West Media Ltd

9/3/2012

3/23/2012

6/19/2012

3/20/2012

2/29/2012

5/2/2012

6/15/2012

4/24/2012

6/5/2012

7/17/2012

$3.6 25%

$2.7 19%

p

Real Estate

Retail

Telecommunications

High Technology

Healthcare


-43.5%*tie

Industry % Change from Last Quarter -51.8% -11.3%y g

12


Four of the top 10 Industrials IPOs worldwide on record originated from Japan.JALs US$8.5 billion IPO this year marked the third-largest Industrials IPO inhistory, trailing East Japan Railways US$9.9 billion IPO in 1993, and GeneralMotors US$18.1 billion in 2010.

69.5121.22

Bookrunner Share(%) Share Ch.Proceeds1 1 -1

+325.2

Market2011 Rank

Proceeds per Bookrunner (US$m)2012 Rank

Change in Market

63

29-7.2 31.93,542.6

Manager# of Deals per Bookrunner

Share (%) # of DealsDealsMarket# of

Daiwa Securities Group Inc16.1

3,041.8-3

11.023.1

10

Sumitomo Mitsui Finl Grp Inc5,185.4

Mitsubishi UFJ Morgan Stanley 14+10.1

3,307.65

Nomura

+8.9

Jan 1 - Sep 28

2.2

-3

MarketMarketImputed Fees (US$m)

100.0655.8

4.4

624.01

4

2

1.14

5.5

+1.8 13.2

5

12Bank of America Merrill Lynch

+1.6

-6.2

78

+1.2

Goldman Sachs & Co

1.61.5

10

Mizuho Financial Group 5

JP MorganDeutsche Bank

UBS

2.3466.56

-313.5

Top Ten TotalIndustry Total

95.2


Japan Equity Capital Markets

4

7 143.6

329.09

32

94

14.82,890.9

4.8992.014.0

15.4

-2.6

17.2

-6.2

8 -0.40.7

-2

0+2

4.4-1

21

14.7

18.5 +9.7 +1.710.6

-9.6

+0.2178.9Fees Share (%) Share Ch.

27.3

13.4 --2.196.4

0.087.8

14.6 +2 2 2.2 +1.1

managing underwriters - thomsonreuters.co.jp · managing underwriters first nine months 2012. ......

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