GLOBAL
CAPITAL
MARKETS
LEAGUE TABLES
2014
2014
MANAGER RANKINGS
GLOBAL CAPITAL MARKETS
The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a
broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg
standards.
LEAG<GO> for a full range of league tables
MA<GO> for a full range of merger & acquisition tables
NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league
table publications
Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release
and data found on the Bloomberg Professional Service.
DATA SUBMISSIONS AND QUERIES
Contact
Phone
Email
Americas
Paul Bandong
+1 609 279 5187
[email protected]
EMEA
Sami Arafeh
+971 4 4492349
[email protected]
Asia-Pacific
Janoearto Alamsyah
+60 3 2302 7887
[email protected]
© 2014 Bloomberg Finance L.P. All rights reserved.
GLOBAL CAP MARKETS: 2014 VOLUME
GLOBAL CAP MARKETS: 2014 MARKET SHARES
VOLUME
(USD MLN)
INDUSTRY
International Bonds
Global Loans
10%
12%
2014
2013
2012
2014
10%
2013
2012
5%
6%
% CHNG
YOY
International Bonds
3,759,392
44.1%
3.3%
Global Loans
3,946,756
46.3%
2.3%
817,387
9.6%
8.5%
8,523,535
100%
3.3%
3,290,880.0
N/A
38.2%
Global Equity, EQL & Rights
Global Total Raised
8%
% OF
TOTAL
Global M&A
4%
2%
0%
GLOBAL CAP MARKETS: INDUSTRY BREAKDOWN
0%
JP Morgan
Deutsche
Bank AG
Barclays
HSBC Bank
PLC
(Includes fixed income, loans and equity volumes)
JP Morgan
Citi
Bank of
America
Merrill Lynch
Citi
Wells Fargo &
Co
Barclays
Basic Materials
10%
Global M&A
Global Equity, EQL & Rights
15%
30%
2014
2013
2012
10%
Other
15%
Industrial
4%
2014
25%
2013
2012
Financial
23%
Energy
13%
20%
Consumer, Government
Cyclical
19%
16%
15%
5%
10%
5%
0%
0%
Goldman
Sachs & Co
Morgan
Stanley
JP Morgan
Bank of
America
Merrill Lynch
Citi
Goldman
Sachs & Co
Bank of
America
Merrill Lynch
Morgan
Stanley
JPMorgan Citigroup Inc
Chase & Co
Basic Materials
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
5,303
9.92%
70.8%
Financial
12,158
22.73%
39.8%
$3,000
Government
10,009
18.71%
11.0%
$2,500
Consumer, Cyclical
8,760
16.38%
210.5%
$2,000
Energy
7,333
13.71%
-15.1%
Industrial
2,035
3.80%
-70.8%
Communications
3,299
6.17%
36.6%
Consumer, Non-cyclical
GLOBAL CAP MARKETS: QUARTERLY VOLUMES
USD Bln
INDUSTRY
$1,500
$1,000
$500
$0
Q4
2009
Q4
2010
Bonds
Q4
2011
Loans
Q4
2012
Equity
Q4
2013
M&A
Q4
2014
3,318
6.20%
-22.2%
Utilities
943
1.76%
-51.5%
Diversified
212
0.40%
0.0%
0
0.00%
0.0%
113
0.21%
0.0%
Technology
Funds
Global Capital Markets Review | FY 2014
Global Capital Markets Review
High Yield (All)
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
JP Morgan
1
6.5
267,373
1611
1
6.7
-0.2
Deutsche Bank AG
1
8.8
48,385
318
4
7.7
1.1
Bank of America Merrill Lynch
2
5.6
231,306
3397
2
5.7
-0.1
JP Morgan
2
8.7
47,881
377
1
10.4
-1.7
Deutsche Bank AG
3
5.3
219,173
1327
4
5.1
0.2
Bank of America Merrill Lynch
3
8
43,955
302
2
8.1
-0.1
Citi
4
5.2
212,144
1433
3
5.4
-0.2
Citi
4
7.9
43,486
298
3
7.9
-
Morgan Stanley
5
4.8
197,795
3494
5
5
-0.2
Goldman Sachs & Co
5
7.7
42,448
267
5
7
0.7
Goldman Sachs & Co
6
4.7
191,764
1018
6
4.9
-0.2
Morgan Stanley
6
6.6
36,274
240
7
6
0.6
Barclays
7
4.6
187,493
1238
7
4.3
0.3
Credit Suisse
7
6.4
35,300
261
6
6.8
-0.4
HSBC Bank PLC
8
4.1
169,971
1297
8
4
0.1
Barclays
8
6.1
33,408
247
8
6
0.1
Credit Suisse
9
3.6
147,943
843
9
3
0.6
UBS
9
3.4
18,677
137
11
2.5
0.9
BNP Paribas SA
10
2.9
118,490
804
10
2.9
-
Wells Fargo & Co
10
3.2
17,810
168
9
4.3
-1.1
Wells Fargo & Co
11
2.3
95,847
2503
11
2.5
-0.2
HSBC Bank PLC
11
2.9
16,165
152
13
2.3
0.6
UBS
12
2.3
94,952
1275
14
1.9
0.4
RBC Capital Markets
12
2.7
14,677
142
10
2.7
-
RBC Capital Markets
13
2
82,671
639
13
2.3
-0.3
BNP Paribas SA
13
2.6
14,372
118
14
2.1
0.5
RBS
14
2
82,352
623
12
2.4
-0.4
Credit Agricole CIB
14
2.5
14,006
104
16
1.4
1.1
Credit Agricole CIB
15
1.6
64,887
412
16
1.5
0.1
RBS
15
1.8
9,908
93
12
2.5
-0.7
Societe Generale
16
1.6
63,638
404
15
1.6
-
Societe Generale
16
1.4
7,778
58
17
1.2
0.2
Mizuho Financial Group Inc
17
1.2
49,437
559
18
1.2
-
Jefferies LLC
17
1.3
7,124
50
15
1.9
-0.6
Nomura Holdings Inc
18
1
42,216
482
19
1.2
-0.2
SunTrust Robinson Humphrey
18
1
5,287
52
19
0.9
0.1
UniCredit
19
1
41,514
258
17
1.3
-0.3
UniCredit
19
0.9
4,894
41
18
1
-0.1
CITIC Securities Co Ltd
20
0.3
ING Groep NV
20
0.2
TOTAL
0.9
38,822
146
30
0.6
100%
4,098,100
23,071
3,761,710
100%
TOTAL
International Bonds
4,749
38
22
0.7
550,661
1,093
487,540
100%
Global Bonds
2014
FIRM
0.9
100%
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
-0.2
JP Morgan
1
6.7
252,622
1362
2
7.1
-0.4
JP Morgan
1
12.1
99,131
421
1
12.3
Deutsche Bank AG
2
6.6
247,529
1221
1
7.1
-0.5
Barclays
2
10.8
88,684
268
2
10.6
0.2
Barclays
3
6.5
244,862
1023
3
6.8
-0.3
Bank of America Merrill Lynch
3
8.7
71,263
359
7
7.3
1.4
HSBC Bank PLC
4
6.2
234,278
1391
4
5.7
0.5
Citi
4
8.7
71,239
324
3
9.1
-0.4
Citi
5
5.7
214,384
1181
5
5.7
-
Goldman Sachs & Co
5
8
65,338
243
4
8.8
-0.8
Goldman Sachs & Co
6
5
187,204
805
6
5.4
-0.4
Deutsche Bank AG
6
7.8
63,880
231
5
8.4
-0.6
Bank of America Merrill Lynch
7
4.9
183,923
935
8
4.4
0.5
Morgan Stanley
7
7
57,478
242
6
8.1
-1.1
BNP Paribas SA
8
4.4
166,612
930
7
5
-0.6
HSBC Bank PLC
8
6.2
50,893
177
8
4.5
1.7
Credit Suisse
9
3.9
145,476
766
10
3.3
0.6
RBC Capital Markets
9
3.7
30,470
122
10
3.7
-
Morgan Stanley
10
3.8
143,326
712
9
4.2
-0.4
Wells Fargo & Co
10
3.7
29,968
183
9
3.8
-0.1
Societe Generale
11
2.6
97,890
494
13
2.6
-
Credit Suisse
11
2.8
23,300
118
12
3.2
-0.4
RBS
12
2.6
96,292
550
11
2.8
-0.2
TD Securities
12
2.7
22,122
64
14
2.2
0.5
Credit Agricole CIB
13
2.5
94,364
498
14
2.3
0.2
BNP Paribas SA
13
2.7
22,056
114
11
3.5
-0.8
UniCredit
14
2.5
93,402
448
12
2.8
-0.3
UBS
15
2
75,936
547
16
1.7
0.3
RBS
14
2.2
18,260
139
13
2.2
-
Nomura Holdings Inc
15
1.7
13,838
25
15
1.4
0.3
0.3
RBC Capital Markets
16
1.9
70,663
435
15
2
-0.1
Scotiabank
16
1.3
10,805
44
18
1
Natixis
17
1.7
62,813
320
18
1.4
0.3
BMO Capital Markets
17
1
7,859
22
20
0.8
0.2
Nomura Holdings Inc
18
1.5
58,013
382
17
1.4
0.1
Mitsubishi UFJ Financial
18
0.9
7,369
74
16
1
-0.1
Commerzbank AG
19
1.4
50,776
396
20
1.1
0.3
CIBC
19
0.8
6,539
12
19
0.9
-0.1
Banco Santander SA
20
1.2
44,309
241
25
0.9
0.3
UBS
20
0.7
5,700
45
21
0.8
-0.1
100%
3,759,390
11,496
3,639,670
100%
100%
817,654
989
953,784
100%
TOTAL
TOTAL
Global Capital Markets Review | FY 2014
Corporate Bonds (All)
Global Equity & Equity Linked
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Goldman Sachs & Co
1
9.2
74,861
385
1
11.7
-2.5
Morgan Stanley
2
8.8
71,757
434
3
8.2
0.6
JP Morgan
3
8.3
67,807
470
2
8.8
-0.5
Bank of America Merrill Lynch
4
7.5
61,443
413
4
7.5
-
Citi
5
7.4
60,586
375
5
6.6
0.8
Deutsche Bank AG
6
6.4
52,397
326
7
5.9
0.5
UBS
7
5.5
44,831
303
6
6.3
-0.8
Credit Suisse
8
5.3
43,707
354
8
5.2
0.1
Barclays
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
-2.3
Goldman Sachs & Co
1
9.4
70,703
373
1
11.7
Morgan Stanley
2
8.9
66,878
419
3
8.6
0.3
JP Morgan
3
8.1
60,342
437
2
8.9
-0.8
Bank of America Merrill Lynch
4
7.8
58,108
404
4
7.8
-
Citi
5
7.7
57,357
359
5
6.7
1
Deutsche Bank AG
6
6.6
49,249
313
7
5.8
0.8
Credit Suisse
7
5.6
41,984
344
8
5.4
0.2
UBS
8
5.5
40,920
289
6
6.4
-0.9
9
4.4
35,641
295
9
4.9
-0.5
9
4.4
32,840
285
9
5.1
-0.7
RBC Capital Markets
10
2.1
17,145
199
12
1.6
0.5
RBC Capital Markets
10
2.2
16,748
198
12
1.6
0.6
HSBC Bank PLC
11
2.1
16,956
73
13
1.2
0.9
Nomura Holdings Inc
11
2
15,207
123
11
1.9
0.1
Nomura Holdings Inc
12
2
15,979
128
11
1.8
0.2
Wells Fargo & Co
12
1.8
13,139
173
10
2
-0.2
Wells Fargo & Co
13
1.6
13,139
173
10
1.9
-0.3
HSBC Bank PLC
13
1.7
13,069
56
15
1
0.7
Jefferies LLC
14
1
8,474
139
14
1.1
-0.1
Jefferies LLC
14
1.1
7,887
136
13
1.2
-0.1
Macquarie Group Ltd
15
0.9
7,762
69
18
0.8
0.1
Macquarie Group Ltd
15
0.9
7,028
63
17
0.9
-
BNP Paribas SA
16
0.9
7,331
63
17
0.9
-
BMO Capital Markets
16
0.9
6,563
90
18
0.8
0.1
Societe Generale
17
0.9
7,017
47
21
0.7
0.2
Sumitomo Mitsui Financial Group Inc
17
0.8
6,089
59
16
0.9
-0.1
BMO Capital Markets
18
0.8
6,563
90
19
0.8
-
BNP Paribas SA
18
0.7
5,462
45
21
0.7
-
Sumitomo Mitsui Financial Group Inc
19
0.7
6,089
59
16
0.9
-0.2
Daiwa Securities Group Inc
19
0.7
5,378
72
14
1.1
-0.4
20
0.7
0.4
20
0.7
0.3
Mediobanca
TOTAL
100%
5,534
24
37
0.3
817,387
4,155
753,647
100%
Scotiabank
TOTAL
Global Equity Linked
100%
5,203
32
28
0.4
748,984
3,936
712,809
100%
Global Equity Offerings
2014
FIRM
Barclays
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Goldman Sachs & Co
1
11
11,014
56
1
13
-2
Goldman Sachs & Co
1
9.2
59,689
317
1
11.5
-2.3
JP Morgan
2
10.7
10,767
75
2
11.7
-1
Morgan Stanley
2
8.7
56,641
361
2
8.6
0.1
Morgan Stanley
3
10.2
10,238
58
3
8.6
1.6
Citi
3
8.1
52,217
323
5
6.9
1.2
Bank of America Merrill Lynch
4
7.8
7,791
52
4
7.7
0.1
Bank of America Merrill Lynch
4
7.8
50,317
352
4
7.8
-
Citi
5
5.1
5,140
36
6
5.8
-0.7
JP Morgan
5
7.6
49,575
362
3
8.4
-0.8
Credit Suisse
6
4.8
4,853
39
7
5.3
-0.5
Deutsche Bank AG
6
6.9
44,490
272
7
5.7
1.2
Deutsche Bank AG
7
4.7
4,759
41
5
6.5
-1.8
Credit Suisse
7
5.7
37,131
305
8
5.4
0.3
Nomura Holdings Inc
8
4.6
4,570
29
12
1.5
3.1
UBS
8
5.7
37,043
269
6
6.7
-1
Barclays
9
4.3
4,263
34
9
4.7
-0.4
Barclays
9
4.4
28,577
251
9
5.2
-0.8
UBS
10
3.9
3,877
20
8
5.1
-1.2
RBC Capital Markets
10
2
13,265
175
12
1.7
0.3
RBC Capital Markets
11
3.5
3,483
23
15
1.4
2.1
Wells Fargo & Co
11
1.7
11,089
159
10
2
-0.3
BNP Paribas SA
12
2.7
2,658
22
10
2.7
-
Nomura Holdings Inc
12
1.6
10,637
94
11
2
-0.4
HSBC Bank PLC
13
2.5
2,556
15
22
0.9
1.6
HSBC Bank PLC
13
1.6
10,513
41
15
1
0.6
Societe Generale
14
2.1
2,075
14
19
0.9
1.2
Jefferies LLC
14
1.1
7,139
131
13
1.2
-0.1
Wells Fargo & Co
15
2
2,050
14
11
1.9
0.1
Macquarie Group Ltd
15
1
6,782
60
16
1
-
Daiwa Securities Group Inc
16
1.7
1,729
14
14
1.5
0.2
BMO Capital Markets
16
0.9
6,074
83
18
0.9
-
CITIC Securities Co Ltd
17
1.1
1,125
4
39
0.3
0.8
Sumitomo Mitsui Financial Group Inc
17
0.8
5,284
50
17
0.9
-0.1
Credit Agricole CIB
18
1
963
11
16
1.2
-0.2
Scotiabank
18
0.8
5,093
29
25
0.4
0.4
KGI Securities Co Ltd
19
0.9
871
24
23
0.8
0.1
TD Securities
19
0.6
3,706
31
27
0.4
0.2
China International Capital Corp
20
0.8
810
3
25
0.8
-
CIBC
20
0.6
3,687
34
39
0.3
0.3
100,272
476
108,552
100%
648,610
3,456
604,095
100%
TOTAL
100%
TOTAL
100%
Global Capital Markets Review | FY 2014
Global Equity, Equity Linked & Rights
U.S. CAP MARKETS: 2014 VOLUME
U.S. CAP MARKETS: 2014 MARKET SHARES
VOLUME
(USD MLN)
INDUSTRY
U.S. Bonds
U.S. Loans
15%
20%
2014
2013
2014
2012
2013
2012
15%
10%
10%
% OF
TOTAL
% CHNG
YOY
U.S. Bonds
2,040,240
48.5%
1.7%
U.S. Loans
1,908,210
45.4%
-11.5%
U.S. Equity & EQL
258,217
6.1%
-8.5%
U.S. Total Raised
4,206,667
100%
-5.4%
1,552,888.3
N/A
55.7%
U.S. M&A
5%
5%
U.S. CAP MARKETS: INDUSTRY BREAKDOWN
0%
0%
JP Morgan
Bank of
America
Merrill Lynch
Citi
Barclays
Goldman
Sachs & Co
(Includes fixed income, loans and equity volumes)
JP Morgan
Bank of
Wells Fargo
America
& Co
Merrill Lynch
Citi
Barclays
U.S. M&A
U.S. Equity & EQL
15%
Communications
8%
Other
14%
40%
2014
2013
2012
2014
2013
Financial
28%
2012
Industrial
8%
30%
10%
Energy
13%
20%
5%
10%
0%
0%
Citi
JP Morgan
Goldman
Sachs
Bank of
America
Merrill Lynch
Morgan
Stanley
Goldman
Sachs & Co
Bank of
JPMorgan Citigroup Inc Barclays PLC
America
Chase & Co
Merrill Lynch
U.S. CAP MARKETS: QUARTERLY VOLUMES
INDUSTRY
Financial
Consumer, Non-cyclical
Consumer, Noncyclical
17%
Consumer,
Cyclical
12%
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
1,088,762
28.59%
3.6%
644,760
16.93%
3.0%
Consumer, Cyclical
445,521
11.70%
-11.8%
$1,200
Energy
483,357
12.69%
8.3%
$1,000
USD Bln
$1,400
Industrial
323,144
8.49%
-3.4%
$800
Communications
304,884
8.01%
-32.8%
$600
Technology
156,958
4.12%
-18.0%
$400
Government
$200
$0
Q4
2009
Q4
2010
Bonds
Q4
2011
Loans
Q4
2012
Equity
Q4
2013
M&A
Q4
2014
9,532
0.25%
-31.3%
Utilities
165,996
4.36%
-14.2%
Basic Materials
153,125
4.02%
-6.2%
Diversified
21,965
0.58%
3.6%
Funds
10,129
0.27%
17.4%
Global Capital Markets Review | FY 2014
U.S. Capital Markets Review
U.S. Corporates
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
JP Morgan
1
11.4
232,978
1219
1
11.8
-0.4
Bank of America Merrill Lynch
2
10
204,717
3276
3
9.1
0.9
Citi
3
8.8
178,825
996
2
9.5
-0.7
Barclays
4
8.3
169,334
815
5
8.1
0.2
Goldman Sachs & Co
5
7.4
150,742
737
4
8.2
-0.8
Morgan Stanley
6
7.3
149,677
3098
6
7.8
Deutsche Bank AG
7
6.9
139,874
724
7
Wells Fargo & Co
8
5
101,558
2646
HSBC Bank PLC
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
-0.3
JP Morgan
1
11.9
195,278
1110
1
12.2
Bank of America Merrill Lynch
2
10.8
177,247
3066
2
10.4
0.4
Citi
3
9
147,940
910
3
9.7
-0.7
Morgan Stanley
4
7.9
129,815
2946
4
8.5
-0.6
Goldman Sachs & Co
5
7.6
125,267
667
5
8
-0.4
-0.5
Barclays
6
6.7
109,730
698
6
6.3
0.4
7.5
-0.6
Deutsche Bank AG
7
6.5
106,482
620
7
6.2
0.3
8
4.8
0.2
Wells Fargo & Co
8
5.6
92,362
2479
8
5.8
-0.2
0.3
9
4.7
96,164
489
10
3.6
1.1
Credit Suisse
9
4.8
79,109
442
9
4.5
Credit Suisse
10
4.4
89,356
463
9
4
0.4
HSBC Bank PLC
10
3.7
61,187
333
11
2.9
0.8
RBC Capital Markets
11
2.7
54,938
386
12
2.9
-0.2
RBC Capital Markets
11
2.9
47,181
363
10
3.4
-0.5
BNP Paribas SA
12
2.5
50,362
300
11
3.2
-0.7
UBS
12
2.6
43,376
929
14
2.1
0.5
UBS
13
2.2
44,067
944
14
1.6
0.6
RBS
13
2.3
38,044
334
12
2.8
-0.5
RBS
14
2
41,319
394
13
2.4
-0.4
BNP Paribas SA
14
2.2
35,793
240
13
2.5
-0.3
TD Securities
15
1.3
26,241
190
17
1
0.3
Mitsubishi UFJ Financial
15
1.5
24,227
224
15
1.3
0.2
Nomura Holdings Inc
16
1.2
25,109
88
15
1.1
0.1
Mizuho Financial Group Inc
16
1
16,993
147
16
1.1
-0.1
Mitsubishi UFJ Financial
17
1.2
24,915
227
16
1
0.2
US Bancorp
17
1
15,939
148
19
0.6
0.4
Mizuho Financial Group Inc
18
0.9
18,738
174
18
1
-0.1
Credit Agricole CIB
18
0.8
13,724
120
18
0.7
0.1
US Bancorp
19
0.8
15,939
148
22
0.5
0.3
Scotiabank
19
0.8
12,609
128
20
0.6
0.2
Credit Agricole CIB
20
0.7
14,950
127
20
0.6
0.1
Jefferies LLC
20
0.7
11,219
82
17
0.8
-0.1
100%
2,040,240
11,723
2,009,710
100%
100%
1,643,430
10,109
1,576,110
100%
TOTAL
TOTAL
U.S. Equity & Equity Linked
U.S. Equity Linked
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Citi
1
11.5
29,601
218
3
11
0.5
Goldman Sachs & Co
1
16.2
6,975
36
1
21.3
-5.1
JP Morgan
2
11.1
28,761
265
2
11.9
-0.8
JP Morgan
2
15.8
6,826
45
2
13.6
2.2
Goldman Sachs & Co
3
10.8
27,814
215
1
15
-4.2
Morgan Stanley
3
14.6
6,300
33
4
12.2
2.4
Bank of America Merrill Lynch
4
10.7
27,745
269
4
10.7
-
Bank of America Merrill Lynch
4
10.1
4,366
34
3
12.7
-2.6
Morgan Stanley
5
10.4
26,980
237
6
9.6
0.8
RBC Capital Markets
5
7.7
3,308
18
11
1.4
6.3
Barclays
6
8.9
22,961
209
5
9.8
-0.9
Citi
6
6.3
2,703
21
6
8.2
-1.9
Credit Suisse
7
7
18,070
177
7
6.4
0.6
Wells Fargo & Co
7
4.8
2,050
14
8
4.7
0.1
Deutsche Bank AG
8
6.1
15,628
172
8
5.8
0.3
Deutsche Bank AG
8
4.8
2,046
20
7
5.2
-0.4
9
5
12,804
164
9
5
-
9
4.7
2,016
16
5
8.3
-3.6
RBC Capital Markets
10
4.3
11,048
144
12
2
2.3
Credit Suisse
10
4.5
1,931
18
9
4.7
-0.2
UBS
11
2.9
7,480
96
10
2.5
0.4
Jefferies LLC
11
1.7
749
5
10
1.9
-0.2
Jefferies LLC
12
1.6
4,242
86
11
2.1
-0.5
HSBC Bank PLC
12
1
434
3
-
-
-
Stifel
13
1
2,577
65
14
0.6
0.4
Piper Jaffray & Co
13
1
431
2
23
0.1
0.9
BMO Capital Markets
14
0.9
2,377
41
16
0.5
0.4
RRJ Capital II Ltd
14
0.8
333
1
-
-
-
Raymond James & Associates Inc
15
0.8
2,186
58
13
0.7
0.1
SeaTown Lionfish Pte Ltd
14
0.8
333
1
-
-
-
Cowen & Co
16
0.6
1,541
44
19
0.3
0.3
Temasek Holdings Pte Ltd
14
0.8
333
1
-
-
-
Piper Jaffray & Co
17
0.5
1,364
29
18
0.4
0.1
BMO Capital Markets
17
0.6
272
3
19
0.3
0.3
Leerink Partners LLC
18
0.5
1,354
28
17
0.4
0.1
Nomura Holdings Inc
18
0.6
242
4
28
-
0.6
Robert W Baird & Co
19
0.5
1,219
36
15
0.5
-
Stifel
19
0.5
224
2
24
0.1
0.4
KeyBanc Capital Markets
20
0.3
902
15
21
0.3
-
BNP Paribas SA
20
0.4
167
1
14
0.7
-0.3
258,217
1,016
282,240
100%
43,067
117
42,903
100%
Wells Fargo & Co
TOTAL
100%
Barclays
TOTAL
100%
Global Capital Markets Review | FY 2014
U.S. Bonds
U.S. Loans - New Money
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
JP Morgan
1
16.4
312,560
1043
1
16.8
-0.4
Bank of America Merrill Lynch
2
15.2
290,589
1157
2
15.2
-
Wells Fargo & Co
3
10.4
197,771
805
3
8.9
Citi
4
8.4
160,411
465
4
Barclays
5
4.4
84,157
340
Deutsche Bank AG
6
4.3
82,358
Credit Suisse
7
3.6
Morgan Stanley
8
Mitsubishi UFJ Financial
9
RBC Capital Markets
10
Goldman Sachs & Co
11
RBS
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
JP Morgan
1
15
103,085
670
1
18.1
-3.1
Bank of America Merrill Lynch
2
13.7
94,670
742
2
15
-1.3
1.5
Wells Fargo & Co
3
8.3
57,280
485
4
7.5
0.8
8
0.4
Citi
4
6.1
42,173
279
6
5.2
0.9
5
6.3
-1.9
Credit Suisse
5
5
34,165
277
7
3.9
1.1
337
8
3.9
0.4
Deutsche Bank AG
6
4.8
32,953
245
8
3.2
1.6
68,885
365
6
4.3
-0.7
Barclays
7
4.7
32,513
222
3
7.9
-3.2
3
56,340
278
7
4.1
-1.1
Morgan Stanley
8
3.6
24,922
198
5
5.6
-2
2.8
53,224
185
12
2.2
0.6
Goldman Sachs & Co
9
3.4
23,491
199
9
3.2
0.2
2.6
50,300
279
10
2.7
-0.1
RBC Capital Markets
10
2.9
20,269
220
10
3.1
-0.2
2.6
49,086
262
9
3.4
-0.8
SunTrust Robinson Humphrey
11
2.3
15,882
176
16
1.5
0.8
12
2.4
45,849
248
11
2.5
-0.1
Jefferies LLC
12
2.1
14,392
125
21
1.3
0.8
BNP Paribas SA
13
2.1
39,956
140
13
2
0.1
US Bancorp
13
2
13,640
160
14
1.6
0.4
SunTrust Robinson Humphrey
14
2.1
39,251
265
16
1.5
0.6
UBS
14
1.9
12,856
119
15
1.6
0.3
US Bancorp
15
2
37,586
234
14
1.6
0.4
General Electric Capital Corp
15
1.8
12,539
192
11
2.1
-0.3
HSBC Bank PLC
16
1.7
32,758
114
15
1.6
0.1
Mitsubishi UFJ Financial
16
1.7
11,960
107
17
1.5
0.2
PNC Bank
17
1.5
29,334
256
19
1.3
0.2
PNC Bank
17
1.7
11,710
178
19
1.4
0.3
KeyBanc Capital Markets
18
1.4
27,284
196
21
1.1
0.3
RBS
18
1.7
11,636
143
12
1.8
-0.1
General Electric Capital Corp
19
1.2
22,770
229
18
1.4
-0.2
KeyBanc Capital Markets
19
1.6
10,991
144
22
1.2
0.4
BMO Capital Markets
20
1.1
21,889
195
20
1.1
-
BNP Paribas SA
20
1.6
10,918
83
20
1.3
0.3
100%
1,908,210
3,580
2,157,290
100%
100%
688,783
2,464
701,226
100%
TOTAL
TOTAL
Global Capital Markets Review | FY 2014
U.S. Loans
CANADA CAP MARKETS: 2014 VOLUME
CANADA CAP MARKETS: 2014 MARKET SHARES
INDUSTRY
Canada Corporate Bonds
Canada Loans
30%
Canada Corp Bonds
Canada Loans
25%
2014
25%
2013
2014
2012
2013
2012
20%
20%
% OF
TOTAL
% CHNG
YOY
89,034
25.2%
-18.2%
225,007
63.6%
2.4%
Canada Equity, EQL & Pref
39,950
11.3%
4.8%
Canadian Total Raised
353,991
100%
-4.7%
353,991.0
N/A
124.5%
15%
15%
Canada M&A
10%
10%
5%
5%
0%
CA CAP MARKETS: INDUSTRY BREAKDOWN
0%
RBC Capital TD Securities
Markets
CIBC
Scotiabank BMO Capital
Markets
(Includes fixed income, loans and equity volumes)
RBC Capital TD Securities
Markets
Canada Equity, EQL & Preferreds
Canada M&A
25%
35%
2014
2013
2012
20%
CIBC
Scotiabank BMO Capital
Markets
Other
16%
2014
30%
2013
2012
25%
15%
20%
10%
15%
Communications
5%
Utilities
8%
5%
0%
Energy
28%
Industrial
9%
0%
Scotiabank
RBC Capital TD Securities
Markets
CIBC
BMO Capital
Markets
Financial
25%
Basic Materials
9%
10%
5%
Goldman
Sachs & Co
JPMorgan
Chase & Co
RBC Capital Barclays PLC Citigroup Inc
Markets
INDUSTRY
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
Financial
84,178
24.83%
-6.8%
Energy
94,734
27.94%
7.6%
$120
Industrial
29,987
8.85%
2.7%
$100
Utilities
27,446
8.10%
-11.4%
Basic Materials
31,503
9.29%
-11.7%
Communications
18,019
5.32%
-9.1%
Consumer, Non-cyclical
20,115
5.93%
-37.1%
Consumer, Cyclical
CANADA CAP MARKETS: QUARTERLY VOLUMES
USD Bln
VOLUME
(USD MLN)
$80
$60
$40
$20
$0
Q4
2009
Q4
2010
Bonds
Q4
2011
Loans
Q4
2012
Equity
Q4
2013
M&A
Q4
2014
23,892
7.05%
-23.9%
Diversified
1,241
0.37%
-3.0%
Technology
3,825
1.13%
58.6%
Government
4,020
1.19%
0.0%
46
0.01%
0.0%
Funds
Global Capital Markets Review | FY 2014
Canada Capital Markets Review
Canadian Governments
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
RBC Capital Markets
1
22.7
20,206
116
1
23.4
-0.7
TD Securities
2
20.6
18,346
79
5
13.6
7
CIBC
3
14.8
13,187
83
3
16
Scotiabank
4
13.4
11,951
63
2
16.6
BMO Capital Markets
5
12.7
11,318
79
4
National Bank Financial Inc
6
7.8
6,985
34
6
HSBC Bank PLC
7
3.4
3,016
12
Bank of America Merrill Lynch
8
1
856
7
Desjardins Capital Markets
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
National Bank Financial Inc
1
20.4
22,006
119
3
17.7
2.7
TD Securities
2
17.4
18,754
46
1
19.9
-2.5
-1.2
RBC Capital Markets
3
16.7
17,957
114
4
16.7
-
-3.2
CIBC
4
14.4
15,548
125
2
17.8
-3.4
15.6
-2.9
BMO Capital Markets
5
14.1
15,158
32
6
11.9
2.2
4.4
3.4
Scotiabank
6
14
15,059
40
5
12.5
1.5
7
3.5
-0.1
Desjardins Capital Markets
7
2
2,139
8
8
1.1
0.9
8
3
-2
Casgrain & Co
8
0.4
468
5
7
1.2
-0.8
-0.7
9
0.8
750
2
9
1.5
-0.7
9
0.3
328
5
9
1
JP Morgan
10
0.8
746
6
16
0.1
0.7
HSBC Bank PLC
10
0.2
191
4
11
0.1
0.1
Laurentian Bank of Canada
11
0.5
450
2
11
0.4
0.1
Bank of America Merrill Lynch
11
0.1
125
1
10
0.2
-0.1
Morgan Stanley
12
0.5
428
2
10
0.6
-0.1
Canaccord Genuity Corp
12
0
52
3
11
0.1
-0.1
Citi
13
0.2
192
2
18
0.1
0.1
Mackie Research Capital Corp
13
0
15
5 -
Societe Generale
14
0.2
176
1 -
Goldman Sachs & Co
15
0.2
150
1
15
0.1
0.1
Credit Suisse
16
0.1
125
1
14
0.2
-0.1
GMP Securities
17
0.1
53
1
17
0.1
-
Canaccord Genuity Corp
18
0.1
51
1 -
-
-
Wells Fargo & Co
19
0
42
1 -
-
-
Mackie Research Capital Corp
20
0
9
1 -
-
100%
89,034
100%
107,799
TOTAL
241
-
108,813
-
100%
TOTAL
379
117,783
100%
Canadian Equity & Equity Linked
2014
2013
VOLUME
MKT SHARE USD (Mln)
RANK
-
-
Canadian Equity, Equity Linked & Preferred
FIRM
Laurentian Bank of Canada
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Scotiabank
1
17.8
7,127
54
3
11.7
6.1
RBC Capital Markets
2
16.1
6,450
64
1
17.9
-1.8
TD Securities
3
12.4
4,949
58
4
10.4
2
CIBC
4
12.4
4,935
60
5
8.8
3.6
BMO Capital Markets
5
11.6
4,622
57
2
13.5
-1.9
GMP Securities
6
6.2
2,478
43
6
6.2
National Bank Financial Inc
7
4.6
1,855
47
10
Canaccord Genuity Corp
8
4.3
1,705
57
Peters & Co Ltd
9
2.2
882
Cormark Securities Inc
10
1.8
Credit Suisse
11
1.4
Dundee Capital Markets
12
Raymond James & Associates Inc
Desjardins Capital Markets
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Scotiabank
1
15.1
5,099
33
4
9
6.1
RBC Capital Markets
2
14.4
4,859
44
1
15.8
-1.4
BMO Capital Markets
3
12.7
4,278
51
2
14
-1.3
CIBC
4
11.6
3,897
43
5
7.8
3.8
TD Securities
5
11.6
3,896
41
3
9.8
1.8
-
GMP Securities
6
7.3
2,444
42
6
7.1
0.2
2.6
2
Canaccord Genuity Corp
7
5.1
1,705
57
9
3.3
1.8
9
2.8
1.5
National Bank Financial Inc
8
5.1
1,700
44
10
2.9
2.2
8
11
2.5
-0.3
Peters & Co Ltd
9
2.6
882
8
11
2.9
-0.3
737
31
18
0.8
1
Cormark Securities Inc
10
2.2
737
31
20
0.8
1.4
578
4
19
0.7
0.7
Credit Suisse
11
1.7
578
4
18
0.9
0.8
1.2
492
27
13
1.3
-0.1
Dundee Capital Markets
12
1.5
492
27
13
1.6
-0.1
13
1.2
471
17
12
1.4
-0.2
Raymond James & Associates Inc
13
1.4
471
17
12
1.6
-0.2
14
0.9
355
6
24
0.3
0.6
Desjardins Capital Markets
14
1.1
355
6
24
0.4
0.7
Macquarie Group Ltd
15
0.8
325
13
14
1.3
-0.5
Macquarie Group Ltd
15
1
325
13
14
1.6
-0.6
Barclays
16
0.7
273
4
8
3.3
-2.6
Barclays
16
0.8
273
4
8
3.9
-3.1
FirstEnergy Capital Corp
17
0.4
170
5
21
0.7
-0.3
FirstEnergy Capital Corp
17
0.5
170
5
21
0.8
-0.3
Pareto Securities
18
0.4
160
3
22
0.4
-
Pareto Securities
18
0.5
160
3
22
0.5
-
Mackie Research Capital Corp
19
0.3
127
11
33
0.1
0.2
Mackie Research Capital Corp
19
0.4
127
11
33
0.1
0.3
20
0.2
-0.1
20
0.3
-0.1
JP Morgan
TOTAL
100%
88
2
23
0.3
39,950
437
38,134
100%
JP Morgan
TOTAL
100%
88
2
23
0.4
33,656
409
32,707
100%
Global Capital Markets Review | FY 2014
Canadian Corporates
Canada Loans
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
CIBC
1
29.5
728
37
1
32.7
-3.2
RBC Capital Markets
1
18.9
42,630
119
1
20.4
-1.5
RBC Capital Markets
2
27.5
677
32
2
29.8
-2.3
TD Securities
2
16.2
36,560
114
3
14.9
1.3
Scotiabank
3
16.5
406
24
3
11.9
4.6
CIBC
3
15.5
34,773
111
4
13.9
1.6
National Bank Financial Inc
4
10.2
252
15
5
5.8
4.4
Scotiabank
4
12
27,031
88
2
15.5
-3.5
TD Securities
5
8.6
212
8
6
4.7
3.9
BMO Capital Markets
5
11.1
25,053
87
5
10.5
0.6
BMO Capital Markets
6
7.5
184
13
4
11.2
-3.7
National Bank Financial Inc
6
8.7
19,596
90
6
7.1
1.6
Canaccord Genuity Corp
7
0.1
2
1
7
1.9
-1.8
Citi
7
2.5
5,736
11
8
2.2
0.3
GMP Securities
7
0.1
2
1
8
1
-0.9
JP Morgan
8
2.4
5,340
16
9
2
0.4
Raymond James & Associates Inc
7
0.1
2
1
11
0.1
-
HSBC Bank PLC
9
2
4,550
20
10
1.9
0.1
Desjardins Capital Markets
10
1.2
2,714
16
12
1.1
0.1
Mitsubishi UFJ Financial
11
1.1
2,534
6
15
0.7
0.4
Bank of America Merrill Lynch
12
1.1
2,370
16
7
2.8
-1.7
TOTAL
100%
2,465
52
3,229
100%
Barclays
13
1
2,199
10
11
1.3
-0.3
BNP Paribas SA
14
0.9
2,053
6
14
0.8
0.1
ATB Financial
15
0.4
1,007
7
23
0.2
0.2
General Electric Capital Corp
16
0.4
999
9
24
0.2
0.2
Deutsche Bank AG
17
0.4
968
5
16
0.5
-0.1
-
Credit Suisse
18
0.4
948
7
18
0.4
DNB Capital LLC
19
0.4
888
1
-
-
-
RBS
20
0.3
625
3
17
0.5
-0.2
225,007
483
217,736
100%
TOTAL
100%
Global Capital Markets Review | FY 2014
Canadian Retail Structured Products
LATAM CAP MARKETS: 2014 VOLUME
LATAM CAP MARKETS: 2014 MARKET SHARES
VOLUME
(USD MLN)
INDUSTRY
LATAM Bonds
LATAM Loans
15%
12%
2014
2013
2012
10%
2014
10%
2013
2012
% CHNG
YOY
LATAM Bonds
168,517
73.7%
-5.0%
LATAM Loans
42,209
18.5%
-11.9%
LATAM Equity
17,878
7.8%
-44.6%
228,604
100%
-11.2%
LATAM Total Raised
8%
% OF
TOTAL
6%
5%
4%
2%
0%
LATAM CAP MARKETS: INDUSTRY BREAKDOWN
0%
HSBC Bank
PLC
Citi
JP Morgan
Bank of
America
Merrill Lynch
Banco do
Brasil SA
(Includes fixed income, loans and equity volumes)
Mitsubishi
UFJ Financial
LATAM Equity Offerings
Brazil Equity
15%
25%
2014
2013
Mizuho
Financial
Group Inc
JP Morgan
BNP Paribas HSBC Bank
SA
PLC
Other
17%
2012
2014
2013
2012
Basic Materials
6%
Financial
18%
20%
10%
Consumer, Noncyclical
7%
15%
Energy
20%
Government
14%
10%
5%
Communications
18%
5%
0%
0%
Banco Itau Credit Suisse
BBA SA
Bank of
America
Merrill Lynch
Citi
Morgan
Stanley
Banco Itau Credit Suisse
BBA SA
Bank of
Banco BTG Bradesco BBI
America
Pactual SA
SA
Merrill Lynch
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
Financial
47,700
18.50%
-17.0%
Energy
51,232
19.87%
14.9%
$80
Communications
45,327
17.58%
102.9%
$70
Government
37,078
14.38%
20.1%
$60
Consumer, Non-cyclical
17,118
6.64%
-51.1%
Basic Materials
16,661
6.46%
-1.5%
$30
Industrial
18,309
7.10%
1.5%
$20
Utilities
14,273
5.54%
-23.7%
$10
Consumer, Cyclical
7,228
2.80%
-32.6%
Diversified
2,820
1.09%
6.1%
83
0.03%
-76.1%
0
0.00%
0.0%
LATAM CAP MARKETS: QUARTERLY VOLUMES
USD Bln
INDUSTRY
$50
$40
$0
Q4
2009
Q4
2010
Q4
2011
Bonds
Q4
2012
Loans
Q4
2013
Equity
Q4
2014
Technology
Funds
Global Capital Markets Review | FY 2014
Latin America Capital Markets Review
Latin America Domestic Bonds
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
HSBC Bank PLC
1
10.1
17,016
133
1
10.1
-
Banco do Brasil SA
1
12.8
5,468
44
1
13.9
-1.1
Citi
2
10
16,798
122
2
9.8
0.2
HSBC Bank PLC
2
11.3
4,832
83
3
10.4
0.9
JP Morgan
3
8.8
14,767
70
6
6.2
2.6
Banco Itau BBA SA
3
10.2
4,377
84
4
10.1
0.1
Bank of America Merrill Lynch
4
8.3
13,931
73
4
7.3
1
Banco Bilbao Vizcaya Argentaria
4
10.2
4,352
82
6
7.1
3.1
Banco do Brasil SA
5
6.8
11,452
71
5
6.8
-
Citi
5
7.1
3,019
50
7
6.9
0.2
Deutsche Bank AG
6
5.8
9,808
48
3
7.5
-1.7
Bradesco BBI SA
6
6.9
2,959
40
2
10.7
-3.8
Credit Suisse
7
4.7
7,974
34
12
3.2
1.5
Banco Santander SA
7
5
2,150
83
5
7.1
-2.1
Banco Santander SA
8
4.7
7,942
102
10
4.8
-0.1
Banco BTG Pactual SA
8
4.3
1,857
26
9
3.1
1.2
Banco Bilbao Vizcaya Argentaria
9
4.6
7,820
85
11
4.2
0.4
Actinver Casa de Bolsa SA
9
3.9
1,664
30
10
2.4
1.5
Banco Itau BBA SA
10
4.6
7,766
96
7
6
-1.4
Grupo Financiero Banorte
10
3.6
1,523
26
8
3.9
-0.3
Goldman Sachs & Co
11
4.4
7,352
23
15
2.4
2
Scotiabank
11
2.7
1,156
26
13
1.3
1.4
Bradesco BBI SA
12
4.1
6,903
65
9
5.1
-1
Bank of America Merrill Lynch
12
2.7
1,145
20
17
0.9
1.8
BNP Paribas SA
13
3.2
5,320
22
16
2.2
1
Inversora Bursatil
13
1.6
701
8
12
2.1
-0.5
Morgan Stanley
14
2.9
4,844
38
8
5.1
-2.2
Banco Votorantim SA
14
1.6
690
14
11
2.1
-0.5
Banco BTG Pactual SA
15
1.8
3,034
29
14
2.5
-0.7
Casa de Bolsa Finamex
15
1.3
552
13
19
0.8
0.5
Credit Agricole CIB
16
1.5
2,480
15
18
0.8
0.7
JP Morgan
16
1.2
524
8
16
0.9
0.3
Scotiabank
17
1.4
2,344
33
20
0.7
0.7
Banco Safra SA
17
1.2
510
8
20
0.7
0.5
Barclays
18
1.2
1,940
13
13
2.8
-1.6
Credit Suisse
18
1
440
3
27
0.5
0.5
Mizuho Financial Group Inc
19
0.9
1,560
15
27
0.3
0.6
CI Casa de Bolsa
19
0.9
372
8
29
0.5
0.4
Actinver Casa de Bolsa SA
20
0.9
1,502
26
19
0.8
0.1
Banco de Galicia y Buenos Aires
20
0.8
332
44
21
0.7
0.1
100%
168,517
605
177,304
100%
100%
42,731
451
60,099
100%
TOTAL
TOTAL
Latin America Loans Mandated Arranger
Latin America Loans Book Runner
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Mitsubishi UFJ Financial
1
8.5
3,585
26
1
10.5
-2
Mizuho Financial Group Inc
2
8
3,360
31
3
9.1
-1.1
JP Morgan
3
7.1
2,979
17
14
2.3
BNP Paribas SA
4
6.5
2,758
20
21
1.1
HSBC Bank PLC
5
6.5
2,734
22
4
8.5
-2
Citi
6
6
2,519
20
8
4.1
1.9
Sumitomo Mitsui Financial Group Inc
7
6
2,512
18
5
6.3
Banco Bilbao Vizcaya Argentaria
8
5.7
2,407
16
2
9.9
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Mitsubishi UFJ Financial
1
11.9
4,237
19
1
13
-1.1
BNP Paribas SA
2
9.7
3,464
15
18
1.4
8.3
4.8
Citi
3
9.2
3,298
19
4
6.2
3
5.4
HSBC Bank PLC
4
8.7
3,103
17
5
6
2.7
Mizuho Financial Group Inc
5
7.8
2,774
22
2
10.6
-2.8
JP Morgan
6
7.4
2,647
15
15
2.1
5.3
-0.3
Credit Agricole CIB
7
5.4
1,935
13
10
3.5
1.9
-4.2
Banco Bilbao Vizcaya Argentaria
8
5.2
1,845
6
3
10.1
-4.9
9
5.2
2,210
17
15
2.1
3.1
Natixis
9
4.7
1,683
9
16
2
2.7
Credit Agricole CIB
10
5.2
2,191
19
12
2.5
2.7
Sumitomo Mitsui Financial Group Inc
10
4.1
1,476
6
6
5.2
-1.1
Banco Santander SA
11
4.4
1,874
16
10
3
1.4
Banco Santander SA
11
3.9
1,381
8
12
2.9
1
Bank of America Merrill Lynch
12
3.8
1,616
13
9
3.1
0.7
Banco Itau BBA SA
12
2.8
997
16
11
3.4
-0.6
Societe Generale
13
3
1,253
12
22
0.9
2.1
ING Groep NV
13
2.6
939
7
21
1.1
1.5
ING Groep NV
14
2.6
1,102
12
18
1.3
1.3
Bank of America Merrill Lynch
14
2.6
925
9
13
2.7
-0.1
Intesa Sanpaolo SpA
15
2.5
1,059
8
6
4.6
-2.1
Standard Chartered Bank
15
2.4
863
6
9
3.9
-1.5
Banco Itau BBA SA
16
1.8
768
18
13
2.4
-0.6
Societe Generale
16
1.8
646
4
29
0.4
1.4
Scotiabank
17
1.6
689
8
17
1.7
-0.1
Morgan Stanley
17
1.5
524
5
27
0.5
1
Standard Chartered Bank
18
1.5
653
9
11
2.7
-1.2
Intesa Sanpaolo SpA
18
1.4
500
1
8
4.4
-3
Morgan Stanley
19
1.3
563
6
29
0.5
0.8
Bladex
19
1.3
462
6
-
-
-
ABN Amro Bank NV
20
1.2
509
3
50
0.2
1
Scotiabank
20
0.7
250
2
19
1.2
-0.5
42,209
90
47,924
100%
35,724
75
44,291
100%
Natixis
TOTAL
100%
TOTAL
100%
Global Capital Markets Review | FY 2014
Latin America Bonds
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
1.5
Banco Itau BBA SA
1
12
2,136
13
3
10.5
Credit Suisse
2
10.5
1,875
17
2
10.5
-
Bank of America Merrill Lynch
3
9.2
1,640
11
11
4
5.2
Citi
4
7.8
1,401
9
6
6
1.8
Morgan Stanley
5
7.8
1,390
7
7
5.5
2.3
Goldman Sachs & Co
6
6.2
1,108
6
9
4.4
1.8
Banco BTG Pactual SA
7
5.9
1,052
11
1
13.6
-7.7
HSBC Bank PLC
8
5.2
921
6
13
2.5
2.7
Banco Santander SA
9
4.9
871
6
5
6.3
-1.4
JP Morgan
10
4.5
809
6
4
7.8
-3.3
Banco Bilbao Vizcaya Argentaria
11
3.5
634
4
8
4.8
-1.3
Bradesco BBI SA
12
2.5
447
4
10
4.3
-1.8
Banco do Brasil SA
13
2.5
441
3
12
3.1
-0.6
Barclays
14
2.3
404
2
27
0.3
2
BES Investimento SA
14
2.3
404
2
29
0.1
2.2
Caixa Banco de Investimento SA
14
2.3
404
2
-
-
-
Actinver Casa de Bolsa SA
17
2.1
381
4
22
0.8
1.3
Grupo Financiero Banorte
18
1.6
287
3
18
1
0.6
Evercore Partners Inc
19
1.4
254
1
24
0.7
0.7
UBS
20
1.4
244
2
17
2
-0.6
17,878
48
32,279
100%
TOTAL
100%
Global Capital Markets Review | FY 2014
Latin America Equity Offerings
EMEA CAP MARKETS: 2014 VOLUME
EMEA CAP MARKETS: 2014 MARKET SHARES
INDUSTRY
Euromarket Bonds
EMEA Loans
10%
7%
2014
2013
2012
2014
6%
2013
2012
% OF
TOTAL
% CHNG
YOY
Euromarket Bonds
2,666,320
64.3%
10.0%
EMEA Loans
1,214,540
29.3%
32.4%
266,590
6.4%
31.3%
4,147,450
100%
17.0%
1,207,230.0
N/A
19.1%
EMEA Equity, EQL & Rights
EMEA Total Raised
5%
VOLUME
(USD MLN)
4%
5%
European M&A
3%
2%
EMEA CAP MARKETS: INDUSTRY BREAKDOWN
1%
0%
0%
Deutsche
Bank AG
HSBC Bank
PLC
Barclays
BNP Paribas
SA
JP Morgan
(Includes fixed income, loans and equity volumes)
HSBC Bank BNP Paribas
PLC
SA
Barclays
RBS
Credit
Agricole CIB
European M&A
EMEA Equity, EQL & Rights
15%
Communications
6%
40%
2014
2013
2012
2014
35%
2013
2012
30%
10%
Industrial
7%
Financial
38%
25%
Consumer,
Cyclical
11%
Consumer, Noncyclical
10%
20%
15%
5%
10%
5%
0%
0%
JP Morgan
Goldman
Sachs & Co
UBS
Deutsche
Bank AG
Bank of
America
Merrill Lynch
Goldman
Sachs & Co
Morgan
Stanley
Deutsche
Bank AG
Lazard Ltd
JPMorgan
Chase & Co
INDUSTRY
Financial
EMEA CAP MARKETS: QUARTERLY VOLUMES
USD Bln
Other
14%
Government
Government
17%
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
1,562,510
38.00%
18.0%
701,960
17.07%
-3.5%
$1,400
Consumer, Non-cyclical
413,614
10.06%
74.1%
$1,200
Consumer, Cyclical
337,821
8.22%
33.6%
$1,000
Industrial
300,205
7.30%
12.0%
$800
Communications
249,123
6.06%
36.9%
$600
Basic Materials
136,587
3.32%
-3.9%
$400
Utilities
154,847
3.77%
-16.4%
Energy
163,375
3.97%
13.0%
Diversified
40,187
0.98%
-3.4%
Technology
50,121
1.22%
34.3%
1,839
0.04%
0.0%
$200
$0
Q4
2009
Q4
2010
Bonds
Q4
2011
Loans
Q4
2012
Equity
Q4
2013
M&A
Q4
2014
Funds
Global Capital Markets Review | FY 2014
EMEA Capital Markets Review
Euromarket Corporates
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Deutsche Bank AG
1
6.3
167,721
873
1
6.4
-0.1
Deutsche Bank AG
1
6.2
124,169
701
1
6.2
-
HSBC Bank PLC
2
6.1
161,771
1077
2
6.2
-0.1
HSBC Bank PLC
2
5.5
109,539
830
2
5.6
-0.1
Barclays
3
5.6
148,369
675
4
5.4
0.2
BNP Paribas SA
3
5.4
107,425
660
3
5.2
0.2
BNP Paribas SA
4
5.2
139,387
774
3
5.8
-0.6
Barclays
4
5.3
104,994
552
4
4.7
0.6
JP Morgan
5
4.6
122,878
767
5
4.5
0.1
Credit Suisse
5
5.1
101,907
509
10
3.4
1.7
Credit Suisse
6
4.4
118,538
598
10
3.5
0.9
JP Morgan
6
4.3
85,945
573
6
4.1
0.2
Goldman Sachs & Co
7
4
107,948
480
6
4.4
-0.4
Goldman Sachs & Co
7
3.8
76,319
401
5
4.1
-0.3
Citi
8
4
106,375
647
9
3.6
0.4
Citi
8
3.8
76,186
530
9
3.4
0.4
Societe Generale
9
3.6
95,105
467
8
3.7
-0.1
Bank of America Merrill Lynch
9
3.5
69,102
450
8
3.6
-0.1
UniCredit
10
3.5
93,067
445
7
4.2
-0.7
Societe Generale
10
3.2
64,386
392
11
3.4
-0.2
Bank of America Merrill Lynch
11
3.4
90,269
515
13
2.9
0.5
Credit Agricole CIB
11
3.2
63,403
356
13
3
0.2
Credit Agricole CIB
12
3.3
88,924
450
11
3.2
0.1
UBS
12
3.1
62,093
423
14
2.5
0.6
RBS
13
2.9
76,054
392
12
3.2
-0.3
UniCredit
13
2.7
53,613
347
7
3.6
-0.9
Morgan Stanley
14
2.6
70,118
432
14
2.6
-
Morgan Stanley
14
2.6
52,775
387
15
2.5
0.1
UBS
15
2.5
65,756
477
16
2.1
0.4
RBS
15
2.6
52,520
338
12
3.3
-0.7
Natixis
16
2.3
62,343
314
15
2.1
0.2
Natixis
16
2.5
50,310
249
16
2.2
0.3
Commerzbank AG
17
1.9
50,309
391
20
1.4
0.5
Commerzbank AG
17
1.9
38,637
319
17
1.8
0.1
Nomura Holdings Inc
18
1.5
40,243
318
19
1.5
-
BayernLB
18
1.6
31,971
231
20
1.6
-
Banco Santander SA
19
1.5
39,271
205
23
1.2
0.3
Banco Santander SA
19
1.5
30,597
185
22
1.2
0.3
Landesbank Baden-Wuerttemberg
20
-0.2
Nomura Holdings Inc
20
0.1
TOTAL
1.4
37,282
285
18
1.6
100%
2,666,320
10,077
2,424,580
100%
TOTAL
EMEA Equity, Equity Linked & Rights Offerings
FIRM
RANK
2013
DEAL
COUNT
RANK
1
9.9
26,321
131
4
9.4
0.5
Goldman Sachs & Co
2
8.7
23,320
80
1
11
-2.3
UBS
3
8.6
22,820
83
6
8.4
0.2
Deutsche Bank AG
4
8.4
22,303
86
2
9.7
Bank of America Merrill Lynch
5
8.1
21,675
81
3
Morgan Stanley
6
7.5
19,891
83
5
Citi
7
5.8
15,416
79
Credit Suisse
8
4
10,691
70
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
1
9.7
21,144
76
1
11.6
-1.9
2
9.3
20,230
77
4
9.4
-0.1
JP Morgan
3
9.2
20,136
105
6
9.2
-
-1.3
UBS
4
9.1
19,969
75
5
9.4
-0.3
9.6
-1.5
Bank of America Merrill Lynch
5
8.9
19,486
75
2
10.1
-1.2
9.2
-1.7
Morgan Stanley
6
7.8
16,979
73
3
9.9
-2.1
7
4.4
1.4
Citi
7
5.9
12,792
67
8
4
1.9
8
4.4
-0.4
Credit Suisse
8
4.2
9,148
62
7
4.3
-0.1
0.1
9
3.9
10,520
60
9
3.2
0.7
3.7
9,874
36
12
1.7
2
Societe Generale
11
2.6
7,017
47
10
2.5
0.1
BNP Paribas SA
12
2.3
6,022
49
11
2.4
-0.1
Mediobanca
13
2.1
5,534
24
15
1.1
1
Gulf International Bank BSC
14
1.4
3,757
3
98
-
Jefferies LLC
15
1.3
3,517
42
16
1
Commerzbank AG
16
1.1
2,923
15
22
0.7
0.4
UniCredit
17
1
2,790
23
14
1.7
-0.7
Intesa Sanpaolo SpA
18
0.9
2,500
23
35
0.3
Cenkos Securities
19
0.9
2,416
5
47
20
0.9
100%
1.1
100%
Deutsche Bank AG
10
TOTAL
23
1,714,050
Goldman Sachs & Co
HSBC Bank PLC
Banco Santander SA
229
8,094
2014
MKT SHARE
MKT SHARE CHG (%)
JP Morgan
Barclays
24,160
1,995,360
EMEA Equity & Equity Linked
2014
VOLUME
MKT SHARE USD (Mln)
1.2
100%
9
3.5
7,719
50
9
3.4
HSBC Bank PLC
10
3.5
7,718
26
14
1.5
2
Societe Generale
11
2.3
5,063
38
10
2.7
-0.4
BNP Paribas SA
12
2
4,406
33
11
2
-
Mediobanca
13
1.4
3,089
13
18
0.9
0.5
1.4
Gulf International Bank BSC
14
1.4
3,011
2
-
-
-
0.3
Jefferies LLC
15
1.3
2,930
39
15
1.1
0.2
Cenkos Securities
16
1.1
2,416
5
44
0.2
0.9
Nordea
17
0.9
2,013
12
25
0.4
0.5
0.6
Berenberg
18
0.8
1,673
20
20
0.8
-
0.2
0.7
Carnegie
19
0.8
1,655
29
16
1.1
-0.3
0.4
SEB
20
0.7
-0.2
2,311
13
26
0.5
266,589
726
203,216
100%
Barclays
TOTAL
100%
1,427
9
19
0.9
218,568
661
180,070
100%
Global Capital Markets Review | FY 2014
Euromarket Bonds
EMEA Loans Book Runner
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
HSBC Bank PLC
1
5.7
68,712
544
2
5.1
0.6
BNP Paribas SA
2
5.5
66,862
528
1
6
-0.5
Barclays
3
4.5
54,478
385
8
3.3
RBS
4
4.2
50,471
353
5
Credit Agricole CIB
5
4
48,581
328
Societe Generale
6
3.8
46,592
360
Deutsche Bank AG
7
3.6
44,043
ING Groep NV
8
3.5
42,665
Citi
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
BNP Paribas SA
1
6.8
67,039
353
1
7.2
-0.4
Deutsche Bank AG
2
6
59,774
200
2
5.5
0.5
1.2
HSBC Bank PLC
3
5.1
50,993
321
3
5
0.1
3.9
0.3
Citi
4
4.9
48,655
172
8
3.8
1.1
7
3.5
0.5
Credit Agricole CIB
5
4.6
45,902
209
4
4.6
-
6
3.8
-
Barclays
6
4.4
43,464
220
12
3.2
1.2
300
3
4.5
-0.9
Societe Generale
7
4.4
43,175
227
6
4.4
-
344
12
3
0.5
JP Morgan
8
4.2
42,006
139
9
3.8
0.4
-0.3
9
3.5
42,499
244
11
3.1
0.4
RBS
9
4.2
41,278
202
5
4.5
JP Morgan
10
3.5
42,156
211
9
3.3
0.2
ING Groep NV
10
3.9
39,188
218
10
3.5
0.4
UniCredit
11
3.4
41,438
320
4
4
-0.6
UniCredit
11
3.7
36,837
205
7
4.4
-0.7
Commerzbank AG
12
3.3
40,197
348
10
3.2
0.1
Commerzbank AG
12
3.5
34,782
237
11
3.4
0.1
Bank of America Merrill Lynch
13
3
36,358
192
13
2.6
0.4
Bank of America Merrill Lynch
13
3.4
33,965
123
13
3
0.4
Banco Santander SA
14
2.5
30,074
265
14
2.2
0.3
Banco Santander SA
14
2.6
26,058
145
18
1.9
0.7
Mitsubishi UFJ Financial
15
2.5
29,822
199
17
1.8
0.7
Natixis
15
2.3
22,794
157
14
2.5
-0.2
Lloyds Bank PLC
16
2.1
25,155
210
15
2
0.1
Mitsubishi UFJ Financial
16
1.9
19,267
106
15
2.2
-0.3
Natixis
17
1.9
23,411
214
16
2
-0.1
Nordea
17
1.8
18,040
96
20
1.5
0.3
Sumitomo Mitsui Financial Group Inc
18
1.7
21,123
133
20
1.5
0.2
Lloyds Bank PLC
18
1.7
17,297
102
16
2
-0.3
Nordea
19
1.6
19,411
139
19
1.5
0.1
Mizuho Financial Group Inc
19
1.6
15,860
69
32
0.9
0.7
Banco Bilbao Vizcaya Argentaria
20
1.5
18,598
154
25
1.2
0.3
Morgan Stanley
20
1.5
15,221
44
22
1.4
0.1
100%
1,214,540
1700
917,553
100%
100%
992,196
1248
726,806
100%
TOTAL
TOTAL
EMEA Loans Facility Agent
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
RBS
1
7.6
92,768
82
7
4.8
2.8
Deutsche Bank AG
2
6.9
84,252
66
1
9.6
-2.7
BNP Paribas SA
3
6.2
75,864
109
3
5.9
0.3
HSBC Bank PLC
4
5.3
65,013
90
9
4.4
0.9
Commerzbank AG
5
5.3
64,813
102
2
6.8
-1.5
Barclays
6
5.2
63,437
69
4
5.7
-0.5
Citi
7
5
60,960
41
5
5.3
-0.3
Societe Generale
8
4.6
55,603
56
10
3.8
0.8
UniCredit
9
4.5
54,677
98
8
4.7
-0.2
ING Groep NV
10
4.4
54,135
74
13
2.5
1.9
Credit Agricole CIB
11
4.1
49,754
65
6
5.3
-1.2
JP Morgan
12
3.5
42,216
21
14
2.3
1.2
Nordea
13
2.6
32,061
59
12
2.8
-0.2
Lloyds Bank PLC
14
2.6
31,707
63
11
2.8
-0.2
Bank of America Merrill Lynch
15
2.5
29,943
32
22
1.3
1.2
Natixis
16
2.1
25,738
38
29
0.8
1.3
DnB ASA
17
1.9
22,617
41
18
1.6
0.3
Rabobank Nederland
18
1.8
21,939
30
17
1.7
0.1
BayernLB
19
1.4
17,138
23
37
0.5
0.9
Danske Markets
20
1.4
16,909
13
30
0.7
0.7
100%
1,218,640
1,718
891,709
100%
TOTAL
Global Capital Markets Review | FY 2014
EMEA Loans Mandated Arranger
MENA CAP MARKETS: 2014 VOLUME
MENA CAP MARKETS: 2014 MARKET SHARES
VOLUME
(USD MLN)
INDUSTRY
MENA Bonds
Middle East Issuer Bonds
30%
30%
2014
25%
2013
2012
25%
20%
20%
15%
15%
10%
10%
5%
5%
0%
2014
2013
2012
JP Morgan
Standard
Chartered
Bank
39,272
33.6%
MENA Loans
64,931
55.5%
23.1%
MENA Equity & EQL
12,819
11.0%
301.7%
MENA Total Raised
117,022
100%
11.6%
(Includes fixed income, loans and equity volumes)
Standard
Chartered
Bank
Deutsche
Bank AG
MENA Loans
MENA Equity, EQL & Rights
10%
40%
2014
2013
2012
National Bank
of Abu Dhabi
Other
22%
2014
35%
JP Morgan
2013
2012
30%
Financial
37%
Energy
11%
25%
20%
5%
Consumer, Cyclical
8%
15%
10%
Government
5%
5%
0%
0%
HSBC Bank
PLC
HSBC Bank
PLC
First Gulf National BankSamba CapitalEmirates NBD
Bank PJSC of Abu Dhabi
PJSC
GIB
JP Morgan Emirates NBD EFG-Hermes
PJSC
MENA CAP MARKETS: QUARTERLY VOLUMES
USD Bln
-19.7%
MENA CAP MARKETS: INDUSTRY BREAKDOWN
HSBC Bank
PLC
Deutsche National Bank
Bank AG of Abu Dhabi
% CHNG
YOY
MENA Bonds
0%
HSBC Bank
PLC
% OF
TOTAL
INDUSTRY
Utilities
6%
Communications
11%
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
Financial
42,691
36.48%
24.6%
Communications
13,343
11.40%
33.0%
$60
Utilities
7,257
6.20%
-10.7%
$50
Government
5,875
5.02%
-55.1%
$40
Consumer, Cyclical
$30
$20
$10
$0
Q4
2009
Q4
2010
Q4
2011
Bonds
Q4
2012
Loans
Q4
2013
Equity
Q4
2014
9,543
8.15%
-10.2%
Energy
12,234
10.45%
141.0%
Industrial
10,561
9.02%
15.7%
Basic Materials
8,376
7.16%
-2.7%
Consumer, Non-cyclical
6,160
5.26%
145.1%
981
0.84%
-50.7%
Technology
0
0.00%
0.0%
Funds
0
0.00%
0.0%
Diversified
Global Capital Markets Review | FY 2014
MENA Capital Markets Review
Middle East Issuer Bonds
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
HSBC Bank PLC
1
14.5
5,687
40
1
19.1
-4.6
JP Morgan
2
6.7
2,625
12
7
4.3
2.4
Standard Chartered Bank
3
6.5
2,555
19
2
7.8
Deutsche Bank AG
4
6.5
2,537
20
3
National Bank of Abu Dhabi
5
6.3
2,487
17
Morgan Stanley
6
3.9
1,550
Emirates NBD PJSC
7
3.7
Citi
8
Barclays
9
Banque Saudi Fransi
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
HSBC Bank PLC
1
16
5,687
40
1
19.6
-3.6
Standard Chartered Bank
2
7.2
2,555
19
2
8
-0.8
-1.3
Deutsche Bank AG
3
7.1
2,537
20
3
7
0.1
6.8
-0.3
National Bank of Abu Dhabi
4
7
2,487
17
8
3.4
3.6
8
3.3
3
JP Morgan
5
5.6
2,009
9
7
4.4
1.2
10
27
0.9
3
Emirates NBD PJSC
6
4.1
1,470
15
10
3.3
0.8
1,470
15
11
3.2
0.5
Citi
7
4
1,416
13
5
5.2
-1.2
3.6
1,416
13
5
5.6
-2
Banque Saudi Fransi
8
3.6
1,267
3
25
1
2.6
3.5
1,358
9
13
2.2
1.3
Bank of America Merrill Lynch
9
3.4
1,197
8
15
1.7
1.7
10
3.2
1,267
3
26
0.9
2.3
Mitsubishi UFJ Financial
10
3.2
1,144
7
21
1.1
2.1
Bank of America Merrill Lynch
11
3
1,197
8
16
1.7
1.3
Credit Agricole CIB
11
2.7
960
12
19
1.1
1.6
Mitsubishi UFJ Financial
12
2.9
1,144
7
22
1
1.9
Gulf International Bank BSC
12
2.7
952
4
20
1.1
1.6
BNP Paribas SA
13
2.8
1,111
6
9
3.3
-0.5
Morgan Stanley
13
2.6
933
7
32
0.7
1.9
Natixis
14
2.8
1,083
6
19
1.1
1.7
Goldman Sachs & Co
14
2.3
801
9
17
1.6
0.7
Credit Agricole CIB
15
2.4
960
12
20
1.1
1.3
Dubai Islamic Bank
15
2.2
772
7
14
1.8
0.4
Gulf International Bank BSC
16
2.4
952
4
21
1
1.4
Barclays
16
2.1
742
6
16
1.7
0.4
Commerzbank AG
17
2.3
922
17
23
1
1.3
RBS
17
1.9
681
5
11
3.1
-1.2
Goldman Sachs & Co
18
2
801
9
17
1.6
0.4
BNP Paribas SA
18
1.9
659
5
12
2.8
-0.9
Dubai Islamic Bank
19
2
772
7
15
1.7
0.3
National Commercial Bank
19
1.8
644
3
6
5
-3.2
RBS
20
1.7
681
5
12
3
-1.3
Natixis
20
1.8
631
5
28
0.8
1
100%
39,272
138
48,896
100%
100%
35,609
133
47,618
100%
TOTAL
TOTAL
MENA Equity, Equity Linked & Rights Offerings
Middle East Equity, Equity Linked & Rights Offerings
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
HSBC Bank PLC
1
34.6
4,435
6
3
8
26.6
HSBC Bank PLC
1
35
4,435
6
2
14.3
20.3
Gulf International Bank BSC
2
29.3
3,757
3
14
1.7
27.6
Gulf International Bank BSC
2
29
3,757
3
13
3
26.3
JP Morgan
3
4.8
617
4
6
3.9
0.9
JP Morgan
3
4.8
617
4
5
7
-2.2
Emirates NBD PJSC
4
3.9
498
3
-
-
-
Emirates NBD PJSC
4
3.9
498
3
-
-
-
EFG-Hermes
5
3.5
452
3
-
-
-
EFG-Hermes
5
3.5
452
3
-
-
-
Deutsche Bank AG
6
2.6
330
2
2
9.6
-7
Deutsche Bank AG
6
2.6
330
2
1
17.2
-14.6
Bank of America Merrill Lynch
7
2.5
325
2
6
3.9
-1.4
Bank of America Merrill Lynch
7
2.5
325
2
5
7
-4.5
Goldman Sachs & Co
8
2
253
2
9
3.7
-1.7
Goldman Sachs & Co
8
2
253
2
8
6.6
-4.6
Citi
9
2
250
1
5
5.9
-3.9
Citi
9
2
250
1
4
10.6
-8.6
UBS
9
2
250
1
-
-
-
UBS
9
2
250
1
-
-
-
Morgan Stanley
11
1.8
226
1
-
-
-
Morgan Stanley
11
1.8
226
1
-
-
-
National Bank of Abu Dhabi
11
1.8
226
1
-
-
-
National Bank of Abu Dhabi
11
1.8
226
1
-
-
-
Banque Saudi Fransi
13
1.7
220
1
4
7
-5.3
Banque Saudi Fransi
13
1.7
220
1
3
12.4
-10.7
Credit Suisse
14
1.5
187
1
-
-
-
Credit Suisse
14
1.5
187
1
-
-
-
Bank Muscat
15
1.3
170
3 -
-
Bank Muscat
15
1.3
170
3 -
Samba Capital
16
1.3
168
1
Samba Capital
16
1.3
168
1
3.6
-2.3
1 -
7
-6.2
3.6
-3
10
Shuaa Capital PSC
17
0.8
101
Barclays
18
0.8
99
1
6
Riyad Bank
19
0.6
73
1
10
Saudi Hollandi Bank
20
0.5
59
1 -
TOTAL
100%
12,819
1 -
23
2
-0.7
Shuaa Capital PSC
17
0.8
101
3.9
-3.1
Barclays
18
0.8
99
1
5
2
-1.4
Riyad Bank
19
0.6
73
1
9
Saudi Hollandi Bank
20
0.5
59
1 -
-
-
3,191
-
100%
TOTAL
100%
12,813
22
9
-
-
-
1,791
100%
Global Capital Markets Review | FY 2014
MENA Region Bonds
MENA Loans Book Runner
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
HSBC Bank PLC
1
5.6
3,681
35
1
9.4
-3.8
Citi
1
7.3
3,090
9
7
3.6
3.7
First Gulf Bank PJSC
2
4.7
3,121
25
34
1
3.7
HSBC Bank PLC
2
7
2,980
18
1
8.8
-1.8
National Bank of Abu Dhabi
3
4.5
2,992
25
11
2.8
1.7
First Gulf Bank PJSC
3
5.8
2,474
14
25
1.5
4.3
Samba Capital
4
4.1
2,696
15
6
3.7
0.4
Samba Capital
4
4.8
2,042
3
26
1.3
3.5
Emirates NBD PJSC
5
3.5
2,337
18
3
4.2
-0.7
Mashreqbank PSC
5
4.5
1,915
10
9
3.4
1.1
Citi
6
3.2
2,104
13
7
3.2
-
Emirates NBD PJSC
6
4.3
1,848
12
2
7.3
-3
Abu Dhabi Commercial Bank
7
3.2
2,103
15
4
4.1
-0.9
Standard Chartered Bank
7
4.1
1,733
10
4
5.1
-1
Mashreqbank PSC
8
2.8
1,847
16
8
3.2
-0.4
Barwa Bank
8
3.6
1,525
3
-
-
-
Dubai Islamic Bank
9
2.8
1,822
11
24
1.2
1.6
Dubai Islamic Bank
9
3.2
1,363
8
15
2.8
0.4
Standard Chartered Bank
10
2.7
1,805
16
2
5.3
-2.6
National Bank of Abu Dhabi
10
3.1
1,330
9
24
1.6
1.5
Credit Agricole CIB
11
2.7
1,782
14
16
1.9
0.8
National Bank of Egypt
11
2.8
1,208
9
13
3.1
-0.3
Mitsubishi UFJ Financial
12
2.4
1,589
16
14
2.2
0.2
Arab African International Bank
12
2.5
1,079
8
41
0.5
2
Commercial International Bank of Egypt
13
2.4
1,586
15
76
0.2
2.2
Noor Bank
13
2.5
1,054
6
11
3.3
-0.8
BNP Paribas SA
14
2.3
1,498
15
10
2.8
-0.5
Banque Misr SAE
14
2.4
1,019
9
18
2.2
0.2
Banque Saudi Fransi
15
2.2
1,469
6
13
2.3
-0.1
Abu Dhabi Commercial Bank
15
2.3
959
6
5
4.8
-2.5
Qatar National Bank
16
2.2
1,460
15
19
1.6
0.6
Qatar National Bank
16
2.2
948
8
6
3.7
-1.5
Sumitomo Mitsui Financial Group Inc
17
2.2
1,454
14
30
1
1.2
Barclays
17
2.2
923
6
22
1.9
0.3
Deutsche Bank AG
18
1.9
1,260
11
9
3.1
-1.2
Bank Muscat
18
2
841
2
-
-
-
National Commercial Bank
19
1.8
1,196
6
25
1.1
0.7
Commercial International Bank of Egypt
19
1.8
777
6
-
-
-
Mizuho Financial Group Inc
20
1.8
1,158
12
48
0.5
1.3
Commercial Bank of Qatar
20
1.7
716
3
-
-
-
100%
65,930
120
52,749
100%
100%
42,532
85
27,798
100%
TOTAL
TOTAL
Global Capital Markets Review | FY 2014
MENA Loans Mandated Arranger
SUB-SAHARA CAP MARKETS: 2014 VOLUME
SUB-SAHARA CAP MARKETS: 2014 MARKET SHARES
VOLUME
(USD MLN)
INDUSTRY
Sub-Sahara Bonds
South African Corporate Bonds
25%
30%
2014
2013
2012
2014
20%
25%
15%
20%
2013
2012
% OF
TOTAL
% CHNG
YOY
Sub-Sahara Bonds
19,112
34.4%
Sub-Sahara Loans
30,813
55.4%
13.7%
Sub-Sahara Equity
5,680
10.2%
112.9%
55,605
100%
3.0%
Sub-Sahara Total Raised
-10.5%
15%
10%
10%
5%
SUB-SAHARA CAP MARKETS: INDUSTRY BREAKDOWN
5%
0%
Barclays
Standard
Bank of
South Africa
Firstrand
Bank Ltd
Citi
Deutsche
Bank AG
Sub-Sahara Loans
(Includes fixed income, loans and equity volumes)
0%
Standard Bank Firstrand Bank
of South Africa
Ltd
Barclays
Nedbank
Capital
Basic Materials
10%
Eskom
Holdings Ltd
20%
Other
15%
Industrial
4%
Sub-Sahara Equity, EQL & Rights
25%
2014
2013
2012
2014
2013
2012
Energy
13%
20%
15%
Financial
23%
15%
10%
10%
5%
Consumer, Cyclical
16%
5%
0%
0%
Standard
Chartered
Bank
Standard
Bank of
South Africa
Barclays
BNP Paribas
SA
Firstrand
Bank Ltd
Citi
Morgan
Stanley
Barclays
Standard Java Capital
Bank of South
Africa
SUB-SAHARA CAP MARKETS: QUARTERLY VOLUMES
$25
USD Bln
$20
INDUSTRY
Basic Materials
Government
19%
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
5,303
9.92%
70.8%
Financial
12,158
22.73%
39.8%
Government
10,009
18.71%
11.0%
Consumer, Cyclical
8,760
16.38%
210.5%
Energy
7,333
13.71%
-15.1%
$15
Industrial
2,035
3.80%
-70.8%
$10
Communications
3,299
6.17%
36.6%
Consumer, Non-cyclical
$5
$0
Q4
2009
Q4
2010
Q4
2011
Bonds
Q4
2012
Loans
Q4
2013
Equity
Q4
2014
3,318
6.20%
-22.2%
Utilities
943
1.76%
-51.5%
Diversified
212
0.40%
0.0%
0
0.00%
0.0%
113
0.21%
0.0%
Technology
Funds
Global Capital Markets Review | FY 2014
Sub-Sahara Capital Markets Review
Sub-Sahara Equity, Equity Linked & Rights
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Barclays
1
15.9
3,031
59
4
11
4.9
Citi
1
19.9
1,129
5
4
13
6.9
Standard Bank of South Africa
2
14.7
2,813
45
5
9.9
4.8
Morgan Stanley
2
16.8
952
6
-
-
-
Firstrand Bank Ltd
3
14.3
2,732
86
3
12.4
1.9
Barclays
3
10
566
4
-
-
-
Citi
4
9.3
1,784
8
1
14.6
-5.3
Standard Bank of South Africa
4
8.6
486
3
3
15.6
-7
Deutsche Bank AG
5
8.9
1,692
7
2
12.7
-3.8
Java Capital
5
8.3
471
10
11
1.6
6.7
Nedbank Capital
6
5.3
1,008
24
6
7.1
-1.8
BNP Paribas SA
6
8.2
466
3
-
-
-
Standard Chartered Bank
7
3.8
725
4
12
2.3
1.5
JP Morgan
7
7.1
402
2
-
-
-
Eskom Holdings Ltd
8
3.8
720
25
7
4.4
-0.6
Firstrand Bank Ltd
8
6
341
5
12
0.5
5.5
Goldman Sachs & Co
9
3.2
608
3
9
3.2
-
Deutsche Bank AG
9
3.1
175
1
6
4.9
-1.8
Bank of America Merrill Lynch
10
2.6
500
2
17
0.8
1.8
Commerzbank AG
10
2.6
145
1
-
-
-
JP Morgan
10
2.6
500
2
10
3
-0.4
HSBC Bank PLC
10
2.6
145
1
-
-
-
Qatar National Bank
10
2.6
500
2
-
-
-
Investec PLC
12
2.5
145
1
6
4.9
-2.4
BNP Paribas SA
13
2.2
417
2
13
2.1
0.1
Renaissance Capital Holdings Ltd
13
2.5
142
2
5
10.8
-8.3
Investec PLC
14
2
379
14
8
3.8
-1.8
RBC Capital Markets
14
1.9
108
1 -
-
-
Transnet Ltd
15
1.4
276
19
11
2.5
-1.1
Dyer & Blair Investment Bank
15
0.1
4
1 -
-
-
Credit Suisse
16
1
189
3
16
1.4
-0.4
Standard Investment Bank
15
0.1
4
1 -
-
-
UBS
16
1
189
3
24
0.3
0.7
Kuwait Finance House
18
0.9
167
1
-
-
-
Societe Generale
19
0.9
167
1
-
-
-
NIC Bank Ltd
20
0.6
113
2 -
100%
19,112
TOTAL
253
21,361
100%
TOTAL
Sub-Sahara Loans Mandated Arranger
2013
VOLUME
MKT SHARE USD (Mln)
RANK
5,681
27
2,668
100%
Sub-Sahara Loans Book Runner
2014
FIRM
100%
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Standard Chartered Bank
1
8.5
2,624
25
1
7.6
0.9
Standard Chartered Bank
1
16.8
4,262
19
1
13.2
3.6
Standard Bank of South Africa
2
8
2,480
24
4
5.8
2.2
BNP Paribas SA
2
14
3,552
10
7
4.6
9.4
Barclays
3
7.7
2,381
17
5
5.6
2.1
Standard Bank of South Africa
3
7.1
1,808
12
2
11.1
-4
BNP Paribas SA
4
5.8
1,783
12
6
4.8
1
Barclays
4
6.6
1,676
8
10
3.5
3.1
Firstrand Bank Ltd
5
4.7
1,460
17
2
6.5
-1.8
Citi
5
5.6
1,427
11
17
1.9
3.7
Ecobank Transnational Inc
6
4.5
1,389
4
8
4.4
0.1
Ecobank Transnational Inc
6
5.3
1,360
3
5
6.4
-1.1
Citi
7
4.3
1,337
11
11
2.9
1.4
Firstrand Bank Ltd
7
4.7
1,198
11
4
7.5
-2.8
HSBC Bank PLC
8
3.9
1,201
11
9
3
0.9
JP Morgan
8
4.4
1,111
5
35
0.2
4.2
Mitsubishi UFJ Financial
9
3.5
1,087
13
25
1.3
2.2
Natixis
9
2.9
738
4
8
4.4
-1.5
Nedbank Capital
10
3.4
1,057
12
10
3
0.4
Nordea
10
2.7
696
4
-
-
-
Societe Generale
11
3.4
1,040
6
7
4.5
-1.1
Sumitomo Mitsui Financial Group Inc
11
2.4
612
7
25
0.6
1.8
ING Groep NV
12
3.2
975
8
15
2.1
1.1
Mitsubishi UFJ Financial
12
2.4
608
7
6
5.3
-2.9
Sumitomo Mitsui Financial Group Inc
13
2.8
878
9
12
2.5
0.3
SEB
13
2.3
590
3
31
0.3
2
Credit Agricole CIB
14
2.7
830
4
26
1.2
1.5
HSBC Bank PLC
14
2.2
562
7
15
2.2
-
JP Morgan
15
2.4
734
5
31
0.9
1.5
Commerzbank AG
15
2.2
559
9
12
3.2
-1
Natixis
16
2.3
721
6
13
2.4
-0.1
Credit Suisse
16
1.9
480
1
-
-
-
Commerzbank AG
17
2.2
684
13
17
2
0.2
Mizuho Financial Group Inc
17
1.8
463
5
-
-
-
Nordea
18
2
629
4
68
0.1
1.9
Kreditanstalt fuer Wiederaufbau
18
1.6
396
3
-
-
-
African Export-Import Bank
19
2
615
4
40
0.5
1.5
Deutsche Bank AG
19
1.5
384
3
11
3.4
-1.9
SEB
20
1.6
Mashreqbank PSC
20
0.4
TOTAL
1.8
566
4
58
0.2
100%
30,813
70
27,098
100%
TOTAL
1
252
5
26
0.6
100%
25,440
51
14,780
100%
Global Capital Markets Review | FY 2014
Sub-Sahara Bonds
ASIA CAP MARKETS: 2014 VOLUME
ASIA CAP MARKETS: 2014 MARKET SHARES
VOLUME
(USD MLN)
INDUSTRY
Asia ex-JP G3 Bonds
APAC ex-JP Loans
15%
10%
2014
2013
2014
2012
2013
2012
10%
5%
% OF
TOTAL
% CHNG
YOY
Asia ex-JP G3 Bonds
199,802
22.3%
46.6%
APAC ex-JP Loans
524,158
58.5%
22.1%
Asia ex-JP Equity
171,401
19.1%
29.6%
Asia ex-JP Total Raised
895,361
100%
28.3%
848,460.0
N/A
26.3%
Asia M&A
5%
ASIA CAP MARKETS: INDUSTRY BREAKDOWN
0%
0%
HSBC Bank
PLC
Citi
Deutsche
Bank AG
JP Morgan
Standard
Chartered
Bank
(Includes fixed income, loans and equity volumes)
State Bank
of India
Asia ex-JP Equity, EQL & Rights
Asia M&A
15%
30%
2014
2013
2012
10%
Bank of
China
ANZ Banking HSBC Bank
Group
PLC
CBA
Other
25%
2014
25%
2013
2012
20%
Consumer, Non-cyclical
8%
15%
5%
Utilities
8%
10%
0%
Morgan
Stanley
Goldman
Sachs & Co
JP Morgan Credit Suisse
Citi
Goldman
Sachs & Co
Morgan
Stanley
Citigroup Inc
JPMorgan Credit Suisse
Chase & Co Group AG
ASIA CAP MARKETS: QUARTERLY VOLUMES
USD Bln
Industrial
13%
Energy
9%
Consumer, Cyclical
8%
5%
0%
Financial
29%
INDUSTRY
RAISED
(USD MLN)
% OF
TOTAL
% CHNG
YOY
Financial
263,252
29.40%
27.4%
Industrial
115,813
12.93%
21.8%
$300
Energy
78,473
8.76%
-13.0%
$250
Consumer, Cyclical
68,900
7.69%
28.3%
$200
Utilities
75,031
8.38%
54.3%
Consumer, Non-cyclical
74,485
8.32%
21.1%
Basic Materials
62,898
7.02%
45.4%
$150
$100
$50
$0
Q4
2009
Q4
2010
Bonds
Q4
2011
Loans
Q4
2012
Equity
Q4
2013
M&A
Q4
2014
Communications
86,679
9.68%
124.3%
Government
28,922
3.23%
69.1%
Diversified
21,507
2.40%
-9.0%
Technology
18,540
2.07%
11.0%
986
0.11%
-67.7%
Funds
Global Capital Markets Review | FY 2014
Asia Capital Markets Review
Asia ex-Japan G3 Currency Bonds
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
0.2
HSBC Bank PLC
1
4.4
46,773
578
1
4.2
0.2
HSBC Bank PLC
1
11.6
23,239
194
1
11.4
CITIC Securities Co Ltd
2
3.7
39,476
147
7
2.9
0.8
Citi
2
10
20,044
153
4
8.4
1.6
Citi
3
3.6
38,587
291
2
3.3
0.3
Deutsche Bank AG
3
7.6
15,104
114
2
8.7
-1.1
Bank of China
4
3.3
35,627
211
10
2.6
0.7
JP Morgan
4
7.3
14,593
121
3
8.4
-1.1
Industrial & Comm Bank of China
5
3.1
32,797
200
8
2.8
0.3
Standard Chartered Bank
5
7
13,957
125
6
7.3
-0.3
UBS
6
3
31,951
195
4
3.2
-0.2
Bank of America Merrill Lynch
6
6.6
13,177
87
8
5.7
0.9
Deutsche Bank AG
7
3
31,796
296
3
3.3
-0.3
Goldman Sachs & Co
7
5.2
10,321
74
5
8.2
-3
China Construction Bank
8
2.6
28,074
224
6
2.9
-0.3
UBS
8
4.5
8,938
80
7
6.7
-2.2
ANZ Banking Group
9
2.6
27,276
222
5
3
-0.4
Morgan Stanley
9
4.2
8,452
76
11
3.5
0.7
JP Morgan
10
2.4
25,766
203
9
2.8
-0.4
Barclays
10
3.5
6,999
54
9
5.1
-1.6
Standard Chartered Bank
11
2.3
24,895
350
13
2.3
-
Bank of China
11
3.3
6,539
67
10
3.7
-0.4
Goldman Sachs & Co
12
2
21,414
122
11
2.3
-0.3
Credit Suisse
12
2.8
5,566
49
12
3
-0.2
China Development Bank
13
2
21,352
146
17
1.9
0.1
BNP Paribas SA
13
2.7
5,410
57
15
1.7
1
Bank of America Merrill Lynch
14
1.9
20,747
203
16
2
-0.1
ANZ Banking Group
14
2.3
4,630
44
25
0.6
1.7
Morgan Stanley
15
1.9
20,340
212
21
1.6
0.3
Industrial & Comm Bank of China
15
2.3
4,610
40
14
2.2
0.1
Agricultural Bank of China Ltd
16
1.7
18,170
126
19
1.9
-0.2
DBS Group Holdings Ltd
16
2
3,947
43
16
1.5
0.5
Westpac Banking
17
1.7
17,757
117
15
2
-0.3
Credit Agricole CIB
17
1.6
3,263
26
21
0.9
0.7
Industrial Bank Co Ltd
18
1.6
16,795
134
20
1.7
-0.1
RBS
18
1.5
3,078
33
13
2.2
-0.7
National Australia Bank Ltd
19
1.5
16,338
107
14
2
-0.5
Societe Generale
19
1
2,032
23
23
0.7
0.3
Barclays
20
1.5
16,127
189
12
2.3
-0.8
Mizuho Financial Group Inc
20
1
2,008
17
17
1.3
-0.3
100%
1,065,630
6,249
824,942
100%
100%
199,802
403
136,259
100%
TOTAL
TOTAL
Asia ex-Japan Equity, Equity Linked & Rights
Asia ex-Japan Equity Linked
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Morgan Stanley
1
9.5
16,186
61
4
5.5
4
Goldman Sachs & Co
2
8.1
13,829
56
1
10.6
-2.5
JP Morgan
3
6.8
11,645
59
3
6.2
Credit Suisse
4
6.7
11,491
78
5
5.1
Citi
5
6.4
10,932
59
6
4.4
2
Deutsche Bank AG
6
5.7
9,798
47
9
3.3
2.4
UBS
7
4.5
7,661
67
2
9.6
-5.1
Bank of America Merrill Lynch
8
4
6,862
36
10
3.1
0.9
HSBC Bank PLC
9
3.5
6,000
29
8
3.5
-
CITIC Securities Co Ltd
10
3.2
5,487
44
13
2.1
1.1
China International Capital Corp
11
2.1
3,573
27
7
3.7
-1.6
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Credit Suisse
1
10.3
1,943
15
3
9.8
0.5
Goldman Sachs & Co
2
9.1
1,706
6
4
9.5
-0.4
0.6
JP Morgan
3
7.6
1,435
11
1
14.2
-6.6
1.6
Citi
4
6.9
1,304
7
10
3.4
3.5
HSBC Bank PLC
5
6.3
1,195
7
14
1.6
4.7
CITIC Securities Co Ltd
6
6
1,125
4
18
1.4
4.6
Deutsche Bank AG
7
5
933
8
9
3.4
1.6
KGI Securities Co Ltd
8
4.6
871
24
6
4
0.6
Morgan Stanley
9
4.5
854
4
11
3.1
1.4
China International Capital Corp
10
4.3
810
3
8
3.9
0.4
UBS
11
3.5
662
5
2
11.7
-8.2
China Merchants Securities Co Ltd
12
1.9
3,331
29
32
0.6
1.3
Bank of America Merrill Lynch
12
2.5
467
5
12
2.5
-
GF Securities
13
1.9
3,322
27
78
0.1
1.8
Standard Chartered Bank
13
2
375
4
17
1.5
0.5
Bank of China
14
1.8
3,125
23
16
1.6
0.2
China Securities Co Ltd
14
1.7
326
2
13
2
-0.3
DBS Group Holdings Ltd
15
1.5
2,650
30
14
2
-0.5
Haitong Securities Co Ltd
15
1.5
274
2
5
7.4
-5.9
Standard Chartered Bank
16
1.2
2,096
27
12
2.1
-0.9
China Merchants Securities Co Ltd
16
1.4
266
1
-
-
-
Guotai Junan Securities Co Ltd
17
1.2
2,094
28
17
1.5
-0.3
Barclays
17
1.4
255
5
32
0.3
1.1
CIMB
18
1.2
1,977
31
11
2.5
-1.3
Industrial Securities Co Ltd
18
1.3
249
2
-
-
-
Maybank
19
1.1
1,804
28
19
1.2
-0.1
Phatra Securities PCL
19
1.2
223
2
-
-
-
Haitong Securities Co Ltd
20
1
1,787
25
15
1.9
-0.9
Taishin Financial Holding Co Ltd
20
1.1
205
7
24
0.6
0.5
171,217
1,528
132,556
100%
18,820
213
21,746
100%
TOTAL
100%
TOTAL
100%
Global Capital Markets Review | FY 2014
Asia-Pacific ex-Japan Bonds
Asia-Pac ex-Japan Loans Book Runner
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
State Bank of India
1
8.4
43,857
103
2
5.4
3
Bank of China
2
7.3
38,271
223
7
3.4
3.9
ANZ Banking Group
3
5.8
30,302
301
1
6
-0.2
HSBC Bank PLC
4
4.4
23,263
245
6
3.8
0.6
Commonwealth Bank Australia
5
3.9
20,616
174
4
4.2
Westpac Banking
6
3.9
20,389
183
3
4.3
National Australia Bank Ltd
7
3.9
20,316
159
5
Sumitomo Mitsui Financial Group Inc
8
3
15,898
166
MKT SHARE
MKT SHARE
CHG (%)
1
12.5
40,259
85
1
8.8
3.7
2
10.7
34,483
162
9
3
7.7
ANZ Banking Group
3
6.3
20,512
115
2
5.6
0.7
Standard Chartered Bank
4
3.9
12,444
99
3
4.8
-0.9
-0.3
Westpac Banking
5
3.3
10,561
51
4
3.9
-0.6
-0.4
HSBC Bank PLC
6
3.2
10,502
80
6
3.3
-0.1
4
-0.1
National Australia Bank Ltd
7
3.2
10,394
39
8
3
0.2
9
3.3
-0.3
Commonwealth Bank Australia
8
3.2
10,374
42
5
3.5
-0.3
DBS Group Holdings Ltd
9
3
15,580
176
8
3.3
-0.3
10
2.9
15,240
156
10
2.9
-
Mitsubishi UFJ Financial
11
2.6
13,438
148
11
2.7
-0.1
China Development Bank
12
2.5
12,961
18
50
0.5
2
Mizuho Financial Group Inc
13
2.3
11,819
140
12
2.6
-0.3
Oversea-Chinese Banking Corp
14
2.1
11,204
92
14
2
United Overseas Bank
15
1.9
10,036
102
19
BNP Paribas SA
16
1.5
7,837
98
Deutsche Bank AG
17
1.4
7,435
Credit Agricole CIB
18
1.4
Korea Development Bank
19
Citi
20
9
2.6
8,478
62
10
2.8
-0.2
Sumitomo Mitsui Financial Group Inc
10
2.3
7,349
48
13
2.4
-0.1
Mizuho Financial Group Inc
11
2.2
7,216
60
12
2.4
-0.2
Deutsche Bank AG
12
2
6,470
39
16
2.1
-0.1
Mitsubishi UFJ Financial
13
1.9
6,082
49
11
2.6
-0.7
0.1
Bank of Taiwan
14
1.8
5,699
70
18
2
-0.2
1.4
0.5
Korea Development Bank
15
1.7
5,575
38
7
3.2
-1.5
25
1.1
0.4
Axis Bank Ltd
16
1.6
5,080
26
14
2.3
-0.7
69
17
1.5
-0.1
RBS
17
1.6
5,010
35
15
2.2
-0.6
7,192
73
23
1.2
0.2
BNP Paribas SA
18
1.5
4,726
42
21
1.4
0.1
1.4
7,100
58
13
2.2
-0.8
Maybank
19
1.4
4,406
19
42
0.7
0.7
1.2
6,374
66
15
1.8
-0.6
Oversea-Chinese Banking Corp
20
1.3
4,340
25
34
0.9
0.4
100%
524,158
1,493
429,409
100%
100%
323,205
1,053
251,636
100%
TOTAL
Asia ex-Japan Loans Mandated Arranger
Asia ex-Japan Loans Book Runner
2014
2013
VOLUME
MKT SHARE USD (Mln)
RANK
RANK
Bank of China
DBS Group Holdings Ltd
FIRM
RANK
DEAL
COUNT
State Bank of India
Standard Chartered Bank
TOTAL
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
4.5
State Bank of India
1
11
43,857
103
1
7.3
3.7
State Bank of India
1
15.4
40,259
85
1
10.9
Bank of China
2
9.3
37,010
214
3
4.1
5.2
Bank of China
2
12.8
33,527
159
4
3.5
9.3
HSBC Bank PLC
3
4.5
17,715
190
4
4
0.5
Standard Chartered Bank
3
4.6
12,114
97
2
6
-1.4
Standard Chartered Bank
4
3.7
14,879
165
2
4.5
-0.8
HSBC Bank PLC
4
3.2
8,499
70
5
3.4
-0.2
DBS Group Holdings Ltd
5
3.5
13,997
144
5
3.5
-
DBS Group Holdings Ltd
5
3
7,770
60
6
3.3
-0.3
China Development Bank
6
3.2
12,589
17
50
0.5
2.7
Deutsche Bank AG
6
2.5
6,470
39
8
2.6
-0.1
Sumitomo Mitsui Financial Group Inc
7
3
11,997
131
6
3.2
-0.2
Sumitomo Mitsui Financial Group Inc
7
2.3
6,135
43
15
2.1
0.2
Oversea-Chinese Banking Corp
8
2.4
9,367
81
10
2.4
-
Mizuho Financial Group Inc
8
2.2
5,878
54
12
2.5
-0.3
9
2.4
9,366
115
8
2.7
-0.3
ANZ Banking Group
9
2.2
5,772
54
10
2.5
-0.3
Mitsubishi UFJ Financial
10
2.3
9,223
107
9
2.6
-0.3
Bank of Taiwan
10
2.2
5,699
70
11
2.5
-0.3
United Overseas Bank
11
2.2
8,929
91
15
1.7
0.5
Korea Development Bank
11
2.1
5,575
38
3
4
-1.9
ANZ Banking Group
12
2.2
8,733
117
11
2.3
-0.1
Axis Bank Ltd
12
1.9
5,080
26
7
2.8
-0.9
Korea Development Bank
13
1.8
7,100
58
7
2.9
-1.1
BNP Paribas SA
13
1.8
4,726
42
19
1.5
0.3
Deutsche Bank AG
14
1.7
6,713
60
14
1.9
-0.2
Maybank
14
1.7
4,406
19
36
0.8
0.9
BNP Paribas SA
15
1.6
6,531
83
23
1.3
0.3
Mitsubishi UFJ Financial
15
1.6
4,161
41
9
2.6
-1
Maybank
16
1.4
5,621
50
21
1.4
-
China Development Bank
16
1.5
3,938
8
62
0.3
1.2
Mizuho Financial Group Inc
China Construction Bank
17
1.4
5,583
41
38
0.8
0.6
Oversea-Chinese Banking Corp
17
1.5
3,930
24
33
0.9
0.6
Shinhan Financial Group Co Ltd
18
1.3
5,313
32
25
1.1
0.2
Industrial & Comm Bank of China
18
1.4
3,780
20
30
1
0.4
Industrial & Comm Bank of China
19
1.3
5,270
61
16
1.7
-0.4
United Overseas Bank
19
1.4
3,743
28
24
1.2
0.2
KB Financial Group
20
1.2
4,724
24
32
1
0.2
Shinhan Financial Group Co Ltd
20
1.4
3,603
21
18
1.7
-0.3
100%
397,802
1,225
312,875
100%
100%
261,681
934
202,701
100%
TOTAL
TOTAL
Global Capital Markets Review | FY 2014
Asia-Pac ex-Japan Loans Mandated Arranger
Bloomberg – League Tables Criteria
Credit is based on the total amount of the offering sold to the public. Full credit is awarded to sole book-running manager or split equally among joint
book-running managers. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/inc.
Fixed Income
All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Note:
criteria may vary for some local and/or regional tables.
U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar denominated
144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.
New money portions of exchange offers will be eligible for credit.
Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations,
commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds,
variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants,
self-led under US$50 mln. Note: criteria may vary for some local and/or regional tables.
Equities- Linked
Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in
12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached
warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be
converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there
cannot be separate book building for the warrant and the bond.
Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in
an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarch titles, i.e. Jr Bookrunner.
Equities
Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights
offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain
lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.
Loans
Includes executed syndicated loans transactions. Full credit is awarded to the sole bank satisfying the highest of the titles. Credit will be awarded equally
among multiple banks that share the highest agent/manager title. Credit is allocated to amended or amended and restated transactions, where each modification
is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded to following structural changes
only: 90 day or more maturity extensions, incremental basis for increased in deal size, reduction in pricing, full release of security.
Exclusions: Bilateral transactions, guaranteed deals (including but not limited to Letter of Guarantee, Performance Bond, CP Guarantee or Bank Guarantee),
deals with a maturity of less than 90 days (limit of one amended maturity per loan ,per year), cancelled or withdrawn transactions that are not executed prior to
deal’s cancellation or withdrawal.
Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
{IDOC 2016701<GO>}: Equity
{IDOC 2027097<GO>}: Equity Linked
{IDOC 2061504<GO>}: Structured Notes
{IDOC 2016703<GO>}: Fixed Income
{IDOC 2065648<GO>}: Syndicated Loans
{IDOC 2027014<GO>}: Legal Adviser Fixed Income
{IDOC 2021549<GO>}: Legal Adviser Equity
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information
herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of
securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on
the Bloomberg Professional Service.

League Tables - Bloomberg: Capital Markets

Download complete ASA rankings here

Ahmad Saeed Al Badi Al Dhaheri *