africa capital markets - bloomberg finance l.p

AFRICACAPITALMARKETSLEAGUE TABLESQ1 2020

MANAGER RANKINGS

AFRICA 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

Equities

Fixed Income

Loans

Contact EmailPhone

Q1 2020

© 2020 Bloomberg Finance L.P. All rights reserved.

Dimitri Quemard

Pietro Stimamiglio

Nadine Ali

+44 20 3525 4343

+44 20 3525 2785

+44 20 3525 8782

[email protected]

[email protected]

[email protected]

http://www.bloomberg.com/

Bloomberg AfricaCapitalMarkets|Q12020

BloombergLeagueTableReports Page1

AfricaBonds

AfricaBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

StandardBankofSouthAfrica 1 19.243 1,582 22 2 11.760 7.483

StandardCharteredBank 2 12.392 1,019 7 6 5.948 6.444

JPMorgan 3 11.350 933 4 1 13.656 -2.306

BofASecurities 4 7.297 600 3 7 4.946 2.351

MorganStanley 4 7.297 600 3 7 4.946 2.351

AbsaGroupLtd 6 5.019 413 9 10 3.216 1.803

GemcorpCapitalLLP 7 4.864 400 1 - - 4.864

Citi 8 4.560 375 2 3 10.805 -6.245

MizuhoFinancial 8 4.560 375 2 - - 4.560

RBCCapitalMarkets 8 4.560 375 2 - - 4.560

DeutscheBank 11 4.054 333 1 - - 4.054

NedbankLtd 12 3.702 304 9 12 2.804 0.898

FirstRandLtd 13 2.071 170 5 9 4.896 -2.825

FidelityBankLtd 14 1.783 147 4 20 0.509 1.274

Investec 15 1.507 124 5 17 1.335 0.172

DatabankFinancialServicesLtd

16 1.322 109 3 20 0.509 0.813

ICSecuritiesGhanaLtd 16 1.322 109 3 20 0.509 0.813

BostonAdvisoryLtd 18 0.335 28 1 - - 0.335

ChapelHillAdvisoryPartnersLtd

18 0.335 28 1 - - 0.335

FutureviewFinancialServicesLtd

18 0.335 28 1 - - 0.335

TOTAL 100% 8,223 53 100%

Thistableconsistsofdebt&preferredsecuritiesissuedbyAfricanissuers.Thisexcludesbondswithwarrants.Thereisaminimumthresholdof18monthsformaturitiesandUSD20MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government66%

Materials18%

Financials13%

Others2%

AfricaBonds:ManagerRankingsHistory

AfricaBonds:IndustryBreakdown

66%

18%

13%

2%

StandardBankofSouthAfrica

StandardCharteredBank

JPMorgan

BofASecurities

MorganStanley

AbsaGroupLtd

5

10

15

Marke

tSha

re(%

)

0

20

2020 2019 2018



AfricaEquity,EquityLinked&Rights

AfricaEquity,EquityLinked&Rights

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BofASecurities 1 18.080 77 1 - - 18.080

Citi 1 18.080 77 1 - - 18.080

Investec 3 13.891 59 1 1 49.531 -35.640

GoldmanSachs 4 12.738 54 1 - - 12.738

StandardBankofSouthAfrica 4 12.738 54 1 2 26.117 -13.379

JavaCapital 6 12.454 53 1 4 8.339 4.115

Industrial&CommBankofChina

7 8.962 38 1 - - 8.962

ODINInvestments 8 3.059 13 1 - - 3.059

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 425 6 100%

Thistableconsistsofequity,equity-linked&rightsofferingsthatareissuedbyAfricanissuers.Thistableexcludesbondswithwarrants,closed-endfund&investmenttrustissuers,creditlinkednotes,reverseconvertiblesandself-ledofferings.Thethresholdsinclude12monthminimumcall,put&maturityperiods.Note:Issuercountryisdeterminedbycountryofrisk.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials57%

Materials34%

Communications8%

Others1%

AfricaEquity,EquityLinked&Rights:ManagerRankingsHistory

AfricaEquity,EquityLinked&Rights:IndustryBreakdown

57%34%

8%

BofASecurities

Citi

Investec

Goldm

anSachs


JavaCapital

10

20

30

40

Marke

tSha

re(%

)

0

50

2020 2019 2018



AfricaBorrowerLoans:Bookrunner

AfricaBorrowerLoans(Bookrunner)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

StandardCharteredBank 1 19.177 831 1 1 14.354 4.823

KreditanstaltfuerWiederaufbau 2 13.529 586 1 - - 13.529

FirstAbuDhabiBankPJSC 3 11.340 492 2 13 2.319 9.021

NationalBankofEgypt 4 7.851 340 5 10 3.127 4.724

AfricanExport-ImportBank 5 5.336 231 2 2 11.753 -6.417

MashreqbankPSC 6 3.460 150 1 13 2.319 1.141

BurganBankSAK 7 3.260 141 1 - - 3.260

CreditSuisse 7 3.260 141 1 - - 3.260

FederatedInvestorsInc 7 3.260 141 1 - - 3.260

FirstRandLtd 7 3.260 141 1 17 1.095 2.165

SanlamLifeInsuranceLtd 7 3.260 141 1 - - 3.260

StateBankofMauritiusLtd 7 3.260 141 1 - - 3.260

SumitomoMitsuiFinancial 7 3.260 141 1 15 2.196 1.064

BanqueMisrSAE 14 1.944 84 2 11 2.580 -0.636

DevelopmentBankofSouthernAfricaLtd

15 1.538 67 1 17 1.095 0.443

EasternandSouthernAfricanTradeandDevel

15 1.538 67 1 8 5.145 -3.607

AhliUnitedBank 17 1.467 64 1 - - 1.467

ArabAfricanInternationalBank 17 1.467 64 1 - - 1.467

BankAudiSAL 17 1.467 64 1 - - 1.467

CommercialInternationalBankofEgypt 17 1.467 64 1 16 1.510 -0.043

TOTAL 100% 4,335 10 100%

ThistableconsistsofloanswithborrowersthathaveacountryofriskintheAfricanregion.Thisexcludesbilateralloans.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government40%

Financials30%

Utilities14%

Communications10%

Others7%

AfricaBorrowerLoans:BookrunnerRankingsHistory

AfricaBorrowerLoans:IndustryBreakdown

40%

30%

14%

10%7%


KreditanstaltfuerWiederaufbau

FirstAbuDhabiBankPJSC

NationalBankofEgypt

AfricanExport-ImportBank

MashreqbankPSC

5

10

15

Marke

tSha

re(%

)

0

20

2020 2019 2018



AfricaBorrowerLoans:MandatedLeadArranger

AfricaBorrowerLoans(MandatedLeadArranger)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

FirstAbuDhabiBankPJSC 1 10.928 492 2 11 1.961 8.967




CreditAgricoleCIB 5 3.395 153 2 15 1.696 1.699

BurganBankSAK 6 3.141 141 1 - - 3.141

CreditSuisse 6 3.141 141 1 - - 3.141


FirstRandLtd 6 3.141 141 1 16 1.693 1.448





13 3.077 138 1 - - 3.077

QatarNationalBank 14 2.686 121 2 59 0.139 2.547

BanqueMisrSAE 15 1.874 84 2 21 1.425 0.449

INGGroep 16 1.819 82 1 5 6.853 -5.034


17 1.667 75 1 25 1.118 0.549

MashreqbankPSC 17 1.667 75 1 23 1.303 0.364

AKAAusfuhrkreditGmbH 19 1.577 71 1 - - 1.577

AvivaPLC 19 1.577 71 1 - - 1.577

TOTAL 100% 4,499 11 100%


Government40%

Financials30%

Utilities14%

Communications10%

Others7%

AfricaBorrowerLoans:MandatedLeadArrangerRankingsHistory


40%

30%

14%

10%7%



NationalBankofEgypt


CreditAgricoleCIB

BurganBankSAK

CreditSuisse

FederatedInvestorsInc

FirstRandLtd

SanlamLifeInsuranceLtd

StateBankofMauritiusLtd

Sumitom

oMitsuiFinancial

5

10

Marke

tSha

re(%

)

0

15

2020 2019 2018



AfricaBorrowerLoans:AdministrativeAgent

AfricaBorrowerLoans(AdministrativeAgent)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank PrevMktShare(%) MktShareChg(%)


AfricanExport-ImportBank 2 25.131 1,131 1 15 0.446 24.685



4 9.514 428 1 7 5.550 3.964

INGGroep 5 3.638 164 1 - - 3.638

MashreqbankPSC 6 3.334 150 1 - - 3.334

HSBC 7 1.156 52 1 9 2.960 -1.804

BanqueMisrSAE 8 0.920 41 1 13 0.684 0.236

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 4,499 11 100%


Government40%

Financials30%

Utilities14%

Communications10%

Others7%

AfricaBorrowerLoans:AdministrativeAgentRankingsHistory


40%

30%

14%

10%7%



NationalBankofEgypt


INGGroep

MashreqbankPSC

10

20

30

Marke

tSha

re(%

)

0

40

2020 2019 2018



Sub-SaharaAfricaBonds

Sub-SaharaAfricaBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

StandardBankofSouthAfrica 1 19.243 1,582 22 1 17.546 1.697


JPMorgan 3 11.350 933 4 3 8.074 3.276

BofASecurities 4 7.297 600 3 4 7.380 -0.083

MorganStanley 4 7.297 600 3 4 7.380 -0.083

AbsaGroupLtd 6 5.019 413 9 7 4.799 0.220

GemcorpCapitalLLP 7 4.864 400 1 - - 4.864

Citi 8 4.560 375 2 10 3.821 0.739

MizuhoFinancial 8 4.560 375 2 - - 4.560

RBCCapitalMarkets 8 4.560 375 2 - - 4.560

DeutscheBank 11 4.054 333 1 - - 4.054

NedbankLtd 12 3.702 304 9 9 4.183 -0.481

FirstRandLtd 13 2.071 170 5 6 7.305 -5.234


Investec 15 1.507 124 5 16 1.991 -0.484


16 1.322 109 3 19 0.760 0.562




18 0.335 28 1 - - 0.335

FutureviewFinancialServicesLtd

18 0.335 28 1 - - 0.335

TOTAL 100% 8,223 53 100%

ThistableconsistsofdebtsecuritiesissuedbySub-SaharaAfricanissuers.Thisexcludesbondswithwarrants.Thereisaminimumthresholdof18monthsformaturities,callorputperiods,andUSD20MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government66%

Materials18%

Financials13%

Others2%

Sub-SaharaAfricaBonds:ManagerRankingsHistory

Sub-SaharaAfricaBonds:IndustryBreakdown

66%

18%

13%

2%



JPMorgan

BofASecurities

MorganStanley

AbsaGroupLtd

5

10

15

Marke

tSha

re(%

)

0

20

2020 2019 2018



Sub-SaharaAfricaCurrencyBonds

Sub-SaharaAfricaCurrencyBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


JPMorgan 2 16.038 597 11 5 8.431 7.607

AbsaGroupLtd 3 11.078 413 9 3 14.107 -3.029

NedbankLtd 4 8.172 304 9 4 9.439 -1.267

FirstRandLtd 5 6.501 242 6 2 15.399 -8.898

GoldmanSachs 6 6.019 224 4 26 0.094 5.925

Investec 7 5.256 196 6 6 5.853 -0.597



9 2.919 109 3 11 1.688 1.231


WellsFargo 11 1.485 55 2 - - 1.485

RBCCapitalMarkets 12 1.378 51 2 9 2.954 -1.576

StandardCharteredBank 13 1.180 44 2 - - 1.180

Citi 14 1.047 39 1 - - 1.047

DeutscheBank 15 0.999 37 3 17 0.976 0.023

TDSecurities 16 0.933 35 1 7 3.709 -2.776

BofASecurities 17 0.931 35 1 10 1.966 -1.035

BNPParibas 18 0.908 34 1 - - 0.908



19 0.739 28 1 - - 0.739

TOTAL 100% 3,726 79 100%

ThistableconsistsofdebtsecuritiesdenominatedinSub-SaharaAfricancurrencies.Thisexcludesbondswithwarrants.Thereisaminimumthresholdof18monthsformaturities,call,orputperiods,andUSD20MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government58%

Financials32%

ConsumerDiscretionary6%

Others5%

Sub-SaharaAfricaCurrencyBonds:ManagerRankingsHistory

Sub-SaharaAfricaCurrencyBonds:IndustryBreakdown

58%32%

6%

5%


JPMorgan

AbsaGroupLtd

NedbankLtd

FirstRandLtd

Goldm

anSachs

5

10

15

20

Marke

tSha

re(%

)

0

25

2020 2019 2018



Sub-SaharaEquity,EquityLinked&Rights

Sub-SaharaEquity,EquityLinked&Rights

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BMOCapitalMarkets 1 18.923 126 1 - - 18.923

JPMorgan 1 18.923 126 1 - - 18.923

BofASecurities 3 11.556 77 1 - - 11.556

Citi 3 11.556 77 1 - - 11.556

Investec 5 8.879 59 1 1 58.734 -49.855

GoldmanSachs 6 8.335 55 2 - - 8.335


JavaCapital 8 7.960 53 1 3 9.889 -1.929


9 5.728 38 1 - - 5.728

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 665 7 100%

Thistableconsistsofequity,equity-linked&rightsofferings,issuedbySub-Saharanissuers.Thisexcludesbondswithwarrants,closed-endfund&investmenttrustissuers,creditlinkednotes,reverseconvertibles,andself-ledofferings.Thethresholdsinclude12monthminimumcall,put&maturityperiods.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Materials59%

Financials35%

Communications6%

Others1%

Sub-SaharaEquity,EquityLinked&Rights:ManagerRankingsHistory

Sub-SaharaEquity,EquityLinked&Rights:IndustryBreakdown

59%

35%

6%

BMOCapitalMarkets

JPMorgan

BofASecurities

Citi

Investec

Goldm

anSachs

20

40

Marke

tSha

re(%

)

0

60

2020 2019 2018



Sub-SaharaAfricaBorrowerLoans:Bookrunner

Sub-SaharaAfricaBorrowerLoans(Bookrunner)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


KreditanstaltfuerWiederaufbau 2 19.722 586 1 - - 19.722


MashreqbankPSC 4 5.044 150 1 19 0.314 4.730

BurganBankSAK 5 4.752 141 1 - - 4.752

CreditSuisse 5 4.752 141 1 - - 4.752


FirstRandLtd 5 4.752 141 1 11 1.321 3.431




DevelopmentBankofSouthernAfricaLtd

12 2.242 67 1 11 1.321 0.921

EasternandSouthernAfricanTradeandDevel

12 2.242 67 1 7 6.204 -3.962

HSBC 14 1.749 52 1 19 0.314 1.435

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 2,974 4 100%

ThistableconsistsofloanswithborrowersthathaveacountryofriskintheSub-SaharanAfricanregion.Thisexcludesbilateralloans.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government58%

Financials42%

Sub-SaharaAfricaBorrowerLoans:BookrunnerRankingsHistory

Sub-SaharaAfricaBorrowerLoans:IndustryBreakdown

58%

42%




MashreqbankPSC

BurganBankSAK

CreditSuisse


FirstRandLtd



Sumitom

oMitsuiFinancial

10

20

Marke

tSha

re(%

)

0

30

2020 2019 2018



Sub-SaharaAfricaBorrowerLoans:MandatedLeadArranger

Sub-SaharaAfricaBorrowerLoans(MandatedLeadArranger)

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)



CreditAgricoleCIB 3 4.869 153 2 16 1.420 3.449

BurganBankSAK 4 4.504 141 1 - - 4.504

CreditSuisse 4 4.504 141 1 - - 4.504


FirstRandLtd 4 4.504 141 1 13 2.000 2.504





11 4.412 138 1 - - 4.412

INGGroep 12 2.608 82 1 5 8.095 -5.487


13 2.391 75 1 18 1.321 1.070

MashreqbankPSC 13 2.391 75 1 36 0.228 2.163

AKAAusfuhrkreditGmbH 15 2.261 71 1 - - 2.261

AvivaPLC 15 2.261 71 1 - - 2.261

BancoBilbaoVizcayaArgentaria

15 2.261 71 1 - - 2.261

BNPParibas 15 2.261 71 1 4 8.584 -6.323

Commerzbank 15 2.261 71 1 24 1.005 1.256

DekaBank 15 2.261 71 1 - - 2.261

TOTAL 100% 3,137 5 100%


Government58%

Financials42%

Sub-SaharaAfricaBorrowerLoans:MandatedLeadArrangerRankingsHistory


58%

42%



CreditAgricoleCIB

BurganBankSAK

CreditSuisse


FirstRandLtd



Sumitom

oMitsuiFinancial

5

10

Marke

tSha

re(%

)

0

15

2020 2019 2018



Sub-SaharaAfricaBorrowerLoans:AdministrativeAgent

Sub-SaharaAfricaBorrowerLoans(AdministrativeAgent)

Q12020 Q12019

Firm RankMkt

Share(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)



2 36.036 1,131 1 11 0.526 35.510

INGGroep 3 5.216 164 1 - - 5.216

MashreqbankPSC 4 4.781 150 1 - - 4.781

HSBC 5 1.658 52 1 - - 1.658

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 3,137 5 100%


Government58%

Financials42%

Sub-SaharaAfricaBorrowerLoans:AdministrativeAgentRankingsHistory


58%

42%



INGGroep

MashreqbankPSC

HSBC

20

40

Marke

tSha

re(%

)

0

55

2020 2019 2018



SouthAfricaBonds

SouthAfricaBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(ZAR

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


1 32.198 8,550 17 1 25.507 6.691

NedbankLtd 2 18.088 4,803 11 4 17.022 1.066

AbsaGroupLtd 3 17.660 4,689 6 3 20.044 -2.384

FirstRandLtd 4 15.383 4,085 8 2 24.840 -9.457

Investec 5 13.620 3,617 8 5 10.600 3.020

TransnetLtd 6 3.050 810 4 - - 3.050

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 26,553 52 100%

ThistableconsistsofdebtsecuritiesdenominatedinSouthAfricanRand,withmarkettype"Domestic"or"DomesticMTN".Thisexcludesbondswithwarrantsandcreditlinkednotes.Thereisaminimumthresholdof12monthsformaturities,callorputperiods,andZAR200MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials64%

Government13%

ConsumerDiscretionary13%

Industrials6%

Others4%

SouthAfricaBonds:ManagerRankingsHistory

SouthAfricaBonds:IndustryBreakdown

64%13%

13%

6%

4%


NedbankLtd

AbsaGroupLtd

FirstRandLtd

Investec

TransnetLtd

10

20

30

Marke

tSha

re(%

)

0

35

2020 2019 2018

Bloomberg – League Tables Criteria

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

General Guidelines

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identifiedbased on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self-led transactions are included. New money portions of exchange offers are 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 USD 50 million. 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 call, provisional call and provisional put are exempted from this rule. Convertible bondswith 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 hierarchy 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 hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg – League Tables Criteria

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

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. 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 for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended orrestated securitizations, receivable and guarantee facilities.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence ofreported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

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

LEAG<GO>.

africa capital markets - bloomberg finance l.p

Documents