Global DCM Review | Full Year 2014

Global DCM Review | Full Year 2014 • Asia Pacific (ex Japan) DCM Reached a Full Year Record High of $1.23tr in 2014
• Global High Yield Volume of $476.4bn the Second Highest Full Year Total on Record
• JPMorgan Led the Global DCM Bookrunner Ranking in 2014
Global DCM Volume Global DCM volume totaled $6.29tr in 2014, up 3% on $6.13tr in 2013. Activity fell 2% to 20,351 deals, bringing the average deal size to $309m, the highest annual average on record. 4Q 2014 volume ($1.31tr) was down 6% on 4Q 2013 ($1.39tr) and the lowest 4Q since 2011 ($1.19tr) Global DCM Revenue Global DCM Revenue totaled $21.0bn in 2014, down 2% on the $21.5bn generated in 2013 High Yield Global High Yield (HY) volume of $476.4bn in 2014 reached the second highest full year volume on record, behind $479.2bn in 2013 EMEA HY volume increased for the sixth consecutive full year period to a record high of $161.4bn in 2014 Corporate Investment Grade Global Corporate IG volume totaled $1.79tr in 2014, up slightly on $1.70tr in 2013 and surpassing the trillion dollar mark for the sixth consecutive year CNY denominated Corporate IG issuance was at a full year record high total of $409.4bn in 2014, boosted by China CITIC Bank Corp’s CNY37.0bn deal, the largest CNY denominated Corporate IG bond on record Global FIG
Global FIG bond volume reached $1.46tr in 2014, up 28% on $1.14tr in 2013, and the highest full year volume since 2009 ($1.50tr). Activity dropped to 4,741 deals, the lowest level since 2001 (3,979 deals) US Marketed DCM US issuers accounted for 69% of total US marketed DCM in 2014, down from 71% in 2013 and the lowest share on record. Despite the decrease, US issuer Medtronic Inc priced a $17.0bn bond in 4Q 2014, the joint second largest corporate bond on record EMEA DCM EMEA acquisition related DCM reached $66.5bn in 2014, over double the $26.9bn issued in 2013 and the second highest total on record ($95.0bn in 2009). Numericable Group priced a $10.9bn deal in April 2014, the third largest EMEA acquisition related bond on record Asia Pacific (ex Japan) Asia Pacific (ex Japan) DCM totaled a record high $1.23tr in 2014, up 29% from $955.1bn last year and only the second time on record where volume has surpassed the $1.0tr mark Global DCM Rankings JPMorgan led the global DCM bookrunner ranking in 2014 with a 6.7% share, followed by Barclays (5.7%) Global DCM Volume by World Regions
$tr
Deals
7
30,000
6
25,000
5
20,000
4
15,000
3
10,000
2
5,000
1
0
0
2008
2009
2010
Americas
2011
2012
Asia Pacific
2013
2014
EMEA
Deals
Corporate IG Volume by Currency
$bn
800
700
600
500
400
300
200
100
0
2008
2009
2010
USD
2011
2012
CNY
2013
2014
EUR
Dealogic DCM Review
Dealogic DCM Review | Full Year 2014
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Dealogic DCM Review | Full Year 2014 Final Results | January 2015
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