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GLOBAL EQUITY CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS
First Nine Months 2013
First Nine Months 2013 | Equity Capital Markets | Managing Underwriters
Equity Capital Markets ReviewTable of Contents
14
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
Equity Capital Markets Criteria Summary
Regional Contacts10
Japan Secondary Offerings (C8d)
Japan Equity
8
Criteria Summary
EMEA Equity
EMEA Equity & Equity-related (C1d)
EMEA Common Stock (C4c)
EMEA Deals Intelligence
EMEA IPOs (C7c)
Global Equity
Global Common Stock (C2)
Global Convertibles (C9)
15
13
Asia Equity
9
Japan Convertible Offerings (C9e)
Global IPOs (C5)
Global Deals Intelligence
Global Scorecard
Global Debt, Equity & Equity Related (A1)
1
2
2
Global Equity & Equity-Related (C1)
14
3
3
EMEA Rights Offerings (C8fr)
Japan Equity & Equity-Related (C1e) 13
9
15
8
9
Japan Common Stock (C4d)
9 Japan IPOs (C7d)
Leading Underwriters for First Nine Months 2013
14
3
EMEA Convertibles (C9d)
2
2
11
Australian Common Stock (AK2) 12
6US Convertibles (C9a)
US Block Trades
US Equity & Equity-Related (C1a)
Global Equity Rankings - Last Ten Years
Asia Secondary Offerings, inc Chinese A-shares (C8c)
10
11
Australian Equity & Equity-related (AK1)
Australia & New Zealand Equity
Banking Composite of Top US Equity Bookrunners
Thomson Reuters Solutions for the Deal Making Community
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
US IPOs (C6)
5
US Common Stock (C3)
US Secondary Offerings (C8a)
US Equity
US Deals Intelligence
12
5
11
11
Asia Convertibles, inc Chinese A-shares (C9b)
Asia IPOs, inc Chinese A-shares (C7a)
6
6
6
5
16Asia Common Stock, inc Chinese A-shares (C4a)
7
New Zealand Common Stock (Custom) 12
4
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Global Deals Intelligence
Global Equity & Equity-Related Volume
Global Equity Capital Markets Up 17% Over 2012 I Follow-On Activity Up 15% I Emerging Markets IPOs Account for 35% I Goldman Sachs Tops ECM Ranking
EQUITY CAPITAL MARKETS REVIEWFirst Nine Months 2013
Global IPOs and Emerging MarketsGLOBAL ECM ACTIVITY UP 17% - Equity capital markets activity totaled US$532.4 billion during the first ninemonths of 2013, a 17% increase from the comparable period in 2012 and the strongest annual start for globalequity capital markets issuance since 2009. Third quarter equity capital markets issuance totaled US$144.6 billion,a 27% decrease compared to the second quarter of this year.
FOLLOW-ONS UP 15% FROM 2012 - Global follow-on offerings totaled US$379.3 billion during the first ninemonths of 2013, an increase of 15% compared to the first nine months of 2012. Follow-on common stock salesfrom the financial sector raised $71.5 billion during the first nine months of 2013, accounting for 19% of overallactivity. Offerings from the United States accounted for 34% of global follow-on issuance, while China and Japancomprised 9% and 7%, respectively.
IPOs UP 11% FROM 2012; EMERGING MARKETS ACCOUNT FOR 35% - Initial public offering activity during thefirst nine months of 2013 totaled US$91.6 billion, an increase of 11% from last year at this time. IPO activity duringthe third quarter of 2013 decreased 45% compared to the second quarter of this year. Issuers from the emergingmarkets raised US$32.3 billion during the first nine months of 2013, accounting for 35% of IPO volume during theperiod, including the largest global IPO so far this year - the US$5.1 billion issue by Brazil-based BB SeguridadeParticipacoes SA in April.
UNITED STATES ISSUERS ACCOUNT FOR 35% - Issuers from the United States raised US$186.1 billion in theglobal equity capital markets during the first nine months of 2013, up 0.5% compared to last year at this time.
1,600$400P d (US$b) # f I
0
10
20
30
40
50
60
70
80
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
2007 2008 2009 2010 2011 2012 2013
% o
f Pro
ceed
s fro
m E
mer
ging
Mar
kets
Pro
ceed
s (U
S$b
)
Global IPOs (US$bil) % of Emerging Markets IPOs
Global Equity & Equity-Related Volume by Domicile Region
global equity capital markets during the first nine months of 2013, up 0.5% compared to last year at this time.Issuers from China and Japan accounted for 9% and 7%, respectively, of overall equity capital markets activityduring the first nine months of 2013.
FOUR SECTORS ACCOUNT FOR 60% OF ACTIVITY - Led by financial issuers (19%), the overall volume ofequity capital markets activity remained highly concentrated among four main sectors including real estate (15%),energy and power (13%) and industrials (12%).
GOLDMAN SACHS TOPS OVERALL ECM RANKING - Goldman Sachs led all equity capital marketsunderwriters during the first nine months of 2013 with US$59.1 billion in proceeds from 273 issues, an increase of2.1 market share points compared to the first nine months of 2012. Goldman Sachs registered strong marketshare gains to take the top spot for global IPOs and global common stock offerings. JP Morgan topped the list ofglobal convertible underwriters, with 12.3% market share.
ECM FEES UP 21% - According to estimates from Freeman Consulting, fees from equity capital marketstransactions during the first nine months of 2013 totaled US$11.9 billion, a 21% increase from this time last year.
0
200
400
600
800
1,000
1,200
1,400
$0
$50
$100
$150
$200
$250
$300
$350
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
Proceeds (US$b) # of Issues
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 9M2013Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas
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Leading Underwriters for the Third Quarter 2013 Jul 1 - Sep 30
▼
Global Scorecard
14,423.2
16.8%186,546.0
-16.0%925
37
1695
470,892.8164,362.1
89,280.9United States (C3)
Latin America (C4e)35,103.0
1.8Australia (C1c)
Global Common Stock (C2)
Global Debt, Equity & Equity-Related (A1) 189,236.2
11.33.73.6 39,196.8
Global Equity & Equity-Related (C1)
Asia Pacific ex Australia (C1b)United States (C1a)
10Global Equity & Equity-related (C1) 12.3
10.0
Market Sector
Global Disclosed Fees (A2)
Global
JP MorganJP Morgan
▲▲
JP Morgan8.5
JP Morgan▲
112.6
11 109 771,371.0
310
▲
▲
12
692-5.4%438
▼6 0%
▼▲
1,876
Australia (C8b)
Global Secondary Offerings (C8)United States (C8a) ▼
8,271.5
386
▲
18,748.0
35
68,992.4
329,921.9
Asia Pacific ex Australia (C7a)Australia (C7b)
545
3010,405.4
491 3.4%
0.2%
6,916.8 74
176.5%3,943.315.0% ▲
433
-20.5%
▲
▲325 ▼
10.9%
171.1%
-36.7%93
▲
429.5%9
Latin America (C1f)
80,073.619,053.515,350.348 65.0%
73
531 ▼
32611,646.6 2.7%
171,797.2▼
673
11,336.2884
25,331.0
▲▲
412,479.0
-8.2%81697,269.6
84.2%64.6%
-4.3%
395
14.2%
Japan (C1e)EMEA - Europe, Middle East & Africa (C1d)
172596150,654.5
2,734
59.7%
Asia Pacific ex Australia (C4a)US
Global Convertibles (C9) ▲Global IPOs (C5)
US Common Stock (C3) JP Morgan
25.0
US Equity & Equity-Related (C1a) JP Morgan
Bank of America Merrill Lynch 13.4
EMEA Convertibles (C9d) ▼
9.0
9.9
12.3JP Morgan
Morgan StanleyUS Convertibles (C9a)
7.1
15.1US IPOs (C6)
9.2
14.9
2.5
▲
▲5.9
14
498
28,277.332,188.6
226.5
5342,236
82,557.1
139,608.6
139192
▲
▲1.4%
▲
33599,895.1
754105,478.1
455,917.9532,367.0
12,113.8
2,965
406
2,671
47290
▲▲
% Changein Proceeds
▲
90.3%
-5.3%
1/1/2013 - 9/30/2013
Deals
1/1/2012 - 9/30/2012
US$mNo. No.
US$mProceeds
DealsProceeds
▼918
▲65.0%35
▼
583
20,598.115,350.3
▲48
2,421
94,340.9
Global Common Stock (C2)
-0.41
▼Australia (C4b)-0.1
1▼
131,829.9 546149Japan (C4d)
191,554.125,331.0
32,259.1Global IPOs (C5)
EMEA - Europe, Middle East & Africa (C4c)
17,910.0United States (C6)
1379,338.7132,103.0
1,199.42 EMEA - Europe, Middle East & Africa (C7c)
1Asia-Pacific ex. Japan ex. Australia 10,904.5
Japan (C7d)Latin America (C7e)
Goldman Sachs & Co 12.88.6
Asia-Pacific Common Stock (C4a)23.1
15.1 11
Europe, Middle East & Africa (EMEA)
Credit Suisse
JP MorganJP Morgan
EMEA IPOs (C7c)
EMEA Equity & Equity-Related (C1d)EMEA Common Stock (C4c)
10 447 1Asia Pacific ex Australia (C8c)
13.6
1
13.9
10.8Morgan Stanley
Current Qtr Market Share (%)
Bank of America Merrill Lynch11.7
No. 1 Manager
▲
▲▲ 1
1
Consecutive Quarters No. 1
10-0.27.8
Mkt. Share Chg. from Last Qtr (%)
Credit Suisse
Japan
Asia-Pacific Convertibles (C9b)
-21.8
▲▲
Global Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
▼
Latin America (C8e)
2,965
0.8% ▲ -20.6%-27.3% ▼
+294
▲
532,367.0
16.8%
100.0
11.0%▲
Industry Total
2013 Rank
2012 Rank Proceeds
7.8
Change in Market
1,529 # of DealsBookrunner
+0.1+0.1
0.9
+0.2
2,510.9Share (%) Share Ch.
Proceeds per Bookrunner (US$m)
169.1
110.8
▲ 102.3▲
48.8
-▲
0.0▲
+23
▼
0.9
▲
77.075.1
+170.0 1.2- 35
23
+71.2
▲+5
1.33937
0.00.7-▲+0.1
0.0-
▲1.1 3.0▲
89
101+0.5 1.5
▼
+36 ▲
▲-0.1
▼ 1,322.0
1,105 ▼
1,904.5
324,419.7 6.8JP Morgan 1 1 373,392.1Deutsche Bank 2 2
3 -291,236.8 -0.3293,333.74 0.06.2
6.1
Bank of America Merrill LynchGoldman Sachs & Co 5
1,273
▲Barclays 4 3
6
Citi
5 267,318.6+0.1
7 286,927.9 6.0+0.2
5.4▲5.6
+1.4
8.5▲ 1,234 +44 ▲
Morgan Stanley 7 +1026 257,137.1HSBC Holdings PLC 9 4.0 -0.1 ▼188,728.88 640.8Credit Suisse 8 6.3 ▲-0.5
3.23.9183,979.4
BNP Paribas SA 10 11 150,850.39 +1
-0.3 4.5▼ -20913 646
RBS 11 -5912 120,453.6 2.5 554 -0.4 3.8▼RBC Capital Markets 12 13 114,633.3 +0.2 ▲2.4
17 78,029.815 94,396.5 0.0
1.6 +0.12.0
43,438.9
8,648.1
Fees
902.3
7.3
2.2
6.5
6.6
1,343.3
1,515.1 -0.3▲
Manager
3.6-1.5
- 519
7.6984 6.8
+0.1650 4.5
+42
+0.4
▼
▲
+77
+20
-319
508.1
-314.4
MarketDeals
+232 ▲
▼
▼632 4.4
▲
Share (%)
22
▼ 476
641 ▼
▲309
2.1297 -
1.5 ▲+35256 1.8+0.2 ▲
4.7
5.3▼
8
Market
5
24
12
79 9
1211 10
73,156.8112
Asia Pacific ex Australia (C9b)
18,824.6
61,474.2
8.7
2013 Rank
+0.4Share Ch.
▲▲
+21
+211.1+15
7.4
+46▲
▲44
113,081.911,109.7
▼1.1
34
451
14,748.8
9.2
310 ▼-6.0%Australia (C8b) 386
11,407.1
MarketShare (%)Share Ch.
+378
Global Convertible Offerings (C9) 231
▼
United States (C9a)
43
4.1
6.1
-0.1
+0.7
4.2
▲ 4.2502.4
▲
293.4
486.6
396.3
Change in
9.4▲▲
+57
▲
926.4+97
33,987.2
+0.1
-0.1
807.7▲
+0.2 ▲
5.0+0.9+1.0
1.6
494.4598.9 ▲
▲▲
1.3
0.770.4
▲▲
+0.5
▼-0.7
▼
+1.0
-0.3
0.8
2.5
▲
▼-0.1
▼
0.41.4
1.9
100.0
▲
▲
▲
121.5 -0.2
11,896.0
21.4%
+49
+14
3.3▲ ▲
184.4157.7222.0
8.1
6.4 +57▲
▲
359
▲
5.4
7.8▲
Jan 1 - Sep 30
6.7
1,544.731.9%
210.3%23
Imputed Fees (US$m)
▲
▲
54.6%
▲
26.5%▲▲
10.6
49.1
8.8
49.1
-44
+0.1
Nomura
Market
29.9
-581,421
-2+25
▼
# of
-13.4
▲
Jan 1 - Sep 30
1,741.5
28.5
+105
330.6
0.8
-0.0
▼
2,106.1
▲
1.8
▼-0.3
-0.6
▲
-
▲
1.6
0.8
3.1
0.0▲
-0.2
HSBC Holdings PLC
RBC Capital Markets468.8
3.1
216.0
887.8
-0.3
229.1642.3
1716
656.6
-
▼ Jefferies LLC
2.313
+0.514
+26 ▲
▼
16
▼
0.0Macquarie Group
18-0.1
▲
0.6
0.8
▲-21.4%
1.1
▼
100.0 14,46973.3 70.3
56,899.6 -0.2 +23354 ▲
▼ -0.4% 9.5%
20,200.7
-0.8%
-58 28,805.3
▼
Nomura
Industry Total
Industry % Change from Last Quarter*tie
Top Twenty Total
▲3.3
2.2
397,534.5
Mizuho Financial GroupTD Securities Inc 52,076.1 ▲
1.2
15
▼2.4
1.2
1.7▲
Societe GeneraleMizuho Financial Group
Daiwa Securities Group Inc▲
0.0 0.83,989.2
80▼ 189-0.1
6,017.1
▼4.6
11,855.2
5.0
+0.5
-0.526,549.4
▼
34
1.8
6,159.6
▲49
-0.9
▼
3,450.3
9,639.4
24,303.1
5,832.90.84,028.2
0.83,488.0
+1.1
▼ +79
241
▼
Nomura
Deutsche Bank
Barclays11
7
▲▲
1.2-0.3
2.2 +0.5
6
1.317
▼▼
6,674.9
29,530.8
Wells Fargo & Co10
+0.2
0.719
13
4,010.2
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
18BNP Paribas SA2015Sumitomo Mitsui Finl Grp Inc-
20Top Twenty Total
100.0
+23
Share (%)
52 68.7%
# of Deals per Bookrunner
▼
8.2
+0.3+0.5
1.0
▲
▲41.5%
Fees
6.8
29.3%
+1.3+2.0
17
Share Ch.
9.7▼
250
▲
# of
288
3,087.0
Manager
1,051.2280
220
8,371.9
+638.1
Share (%)
240
3.4
2.7
319 +86
4.5
10.8
134
270 647.4+0.3
▲-84.9%
+1.0
102
▲
-14.2
UBS 14 10 102,737.8 2.2Wells Fargo & Co 13 107,793.514 2.3
# of Deals per Bookrunner
+0.1
Imputed Fees (US$m)
9.8
Share (%)
+0.71,028
1,876.8
7.1▲
Credit Agricole CIB
9.2 ▲5.6
Societe Generale 16
6.4▲
4.6
+0.1
6.93
5-0.9
3 -1.6-0.64
7.42
-15.5%
236.7161.4
165.0%23
Market
+88Deals
▲
Market
▲# of Deals
Bank of America Merrill Lynch
8.8
9.1
973.6
MarketBookrunner
81
50
41
39
8,208.4
14,267.39 11
+2.11 59,059.5 273Goldman Sachs & Co4
11.18.92 47,157.3
39,199.2+1.1 ▲
1
10,447.1
MarketProceeds
EMEA - Europe, Middle East & Africa (C9d)
2012 Rank
24,874.110,614.1
4,093.8
467.3Australia (C9c)
14,426.526,831.52
2
EMEA - Europe, Middle East & Africa (C8f)Japan (C8d)
2▼▲
36,754.4
Proceeds per Bookrunner (US$m)
Japan (C9e)
JP MorganMorgan Stanley
Global Equity & Equity-Related (C1)
1
1.5
Daiwa Securities Group IncDaiwa Securities Group Inc 33.5
1,328
16 71,555.9
▼
0.0 2.1
Japan Convertibles (C9e)
Japan
NomuraJapan Common Stock (C4d)Japan Equity & Equity-Related (C1e)
15
Market
▼
Japan IPOs (C7d)
Global Debt, Equity & Equity-Related (A1)
-14.5%
3,485,692.4
1769,791.9
2019 18
Industry % Change from Same Period Last Year
UniCredit 18 19
22
4,764,293.9
35,848.6
+0.3 +85
6
Credit Suisse
+0.5 UBSCiti
▲+1.3
-0.4
▼
▲
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231Industry Total 1,150.452,937.5 86.261,474.2 100.0 100.0-19
Share# of
FeesDealsMarket
Share Ch.Share
▼-1.34,713.6
Market
12.3
7.8
+1.67,551.4
4,799.3
Haitong Securities Co Ltd
2Morgan Stanley
1
▼
▲
▲
▲
▲
+1.2
+1.1
▼
▲
▲
50
+3.0
Proceeds per Bookrunner (US$m)
7.7
9.88.0
Market Change in # of Deals per Bookrunner
Share Ch.Market
+4.0
# of Deals per Bookrunner
-0.2
Deals ShareMarket
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)Change in
39
57.529
Market
▲
▲
UBSDeutsche Bank
4.5
▲
2.6
▼
▼
NomuraBNP Paribas SA
10
2113
+13 ▲ 75.8▲+6
2.411
ShareMarket
+0.4
3.45.9
+25+43 +0.8
-0.6
+0.8
Fees▲
-
3.9
# of# of Deals
Jan 1 - Sep 30
+0.3▲
Market
9.0
Global Common Stock (C2)
6,018.62
Proceeds
6
Goldman Sachs & Co
Bookrunner2012 Rank
2013 Rank
JP Morgan
Global Convertibles (C9)
Share Ch.1
3
Jan 1 - Sep 30
▲4
▲
Share
16.9-0.4
21.6 ▲
Credit Suisse
75
9
4
Citi
Bank of America Merrill Lynch3
8
967
3,130.3
+0.9 ▲▼
5
▲
▲
▲5.06.6
▲
▲4.7-2.2
▼
▲
▼
-0.7
+0.7 112.5▲
-0.236
9.893.815.2
+15
+20
MarketManager
+1.4
+2.2
+1.4
5.47.7
▲
3.742.0▲ ▼-1.0
+1.1
▼89.0
12.2
▲
Imputed Fees (US$m)
140.6# of Deals
8.2+23+1735 ▲
19
14
18
15-
43
16
171615
▲- 0.6Societe Generale
-
▲
▼-
2.6
▼
35▲- +14
8.6 +65
+51
▲
+66
▲▲+22
+44
1.3
▲
▲+327.4
8.0
201
▲
▲
1.438
42
+1317
123
Sumitomo Mitsui Finl Grp Inc 16
Itau Unibanco 19
15
Mizuho Financial Group 18 17
12Jefferies LLC 13
10RBC Capital Markets
14HSBC Holdings PLC
1223
160Nomura 10
+0.111Wells Fargo & Co
Barclays 99 -0.2
Daiwa Securities Group Inc1.1
94
▲▲
▲
1.9+0.7
3.4276.4
▲ 206.72.9
-0.11.5 ▲
+18▲ Credit Agricole CIB
32
1.91.6
▲
80
0.6
5.2
4,062.3
14.312.6Barclays
0.0 19▲ +5440.0
418.6367.3
170.0
556.9
+0.1-
▲1.01.2
0.91.5
108.4+131.2
+15
+29
130.3
+9▲
+37,454.5
161.6
Manager
3 3 34,263.22
32,718.3
UBS 6
Market
2
Goldman Sachs & Co
CitiMorgan Stanley
7.0 -1.47.3
6.84
Deutsche Bank
Bank of America Merrill Lynch
1
2012 Rank
5
87
JP Morgan
5 4
53,040.939,605.8
Share Share Ch.
8.4
Bookrunner1 +2.3
2013 Rank Proceeds
234
▼-1.0
▲11.3▲ 269▼ 245
72206
24,817.2
▼31,955.1+0.9-0.8 252
▲
+80 ▲▲
589.9
910.6
▲
832.68.79.2 718.7 6.7
211 7.74.04.1
237
432.9
8.0+1.3+1.1+0.75.5
7.8
+1.8861.08.5
70
-0.5
▲+64
+56+46
+0.9 9.8
23,508.9▼
6.4
5.05.3
29,924.9
▼▼
20,351.0 4.3
+0.5
3,702.1 0.8Daiwa Securities Group Inc 15
-1.0
-0.31.3
Credit Suisse 8
2.3
6,061.75,388.1
8,710.910,748.211
+0.4-0.1
0.0
0.0
1.11914
Macquarie Group 20 3,429.71728
1.15,275.45,077.9
0.00.7
20 1873
1.03,162.6 +0.6
173,157.4
0.73,278.10.099.6
▲+0.2
+0.335.342.9
0.9 -0.1
-0.10.40.3
94.8
▲69.4
▲
74.2
0.7
+313100.0
0.00.7Top Twenty TotalIndustry Total
348,177.4▼
470,892.8
▲-2.2
20▲
Wells Fargo & Co
Mizuho Financial Group
Top Twenty Total
Societe Generale▲
Jefferies LLC
4,936.0
62.46.6
29 12.6 +38.2
15.6
53.7▲
1,484.7
8
+0.23,952.0 6.45.1
1,608.811
33
2.6 +2.6 1▲ 21+0.1▼
-0.2
9.10.4 +1-
5.03,040.5 +7▲
▲
0.3▲▼
2.5▲
-0.1 ▼3.96.1▼ 2.3 -1.114 26.2+7
12 ▼
▲
103.0▲
6
3112
4.8▲ 2.4+8
+1.329.1-0.4
5.212
4.3+1.11.3
-27 +5
27.4
▼ +0.214.8▲
+3 1.5
15.9
▲▲
+6
17.1
2.62.6 +2
-1.3 ▼15.3
▲ ▲3.9
▲+1.3
+0.61.3
▲13.5 1.2 +0.4
14.3
-0.1 ▼
+1.1
▲+0.3
+0.44.9 0.4-4
1.46
1.0
852.8
+1.07
+0.2
▼
▲▲+0.7
-0.5
+1.2
1.8
1.5
1,107.0
1.2629.0 1.0750.1
1.8928.5
1,081.7
+7
+4
1,090.6
587.1
1.411
+1.0 ▲
1.74▲
9RBC Capital Markets
▲3.01.0613.2
1.8
909.7
▲▼ 1.3
79.2
▲
2,734 10,745.6
Mediobanca -14
Global Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
100.0
▲Industry % Change from Last Quarter ▼-21.9%
41.5%38.1% ▲ -15.8%
45.4%▼-7.6%▼
4.0
▲
Share Ch.8.7 ▲
*tie
-0.2▲▼
Credit Suisse11.412.0
Share (%)
+3.0▼
Change in
65
Industry % Change from Same Period Last Year
Morgan Stanley
5Deutsche BankCiti +27
JP Morgan
601
▲
+3.5
-0.3
▲
+0.357
3 7,169.3Goldman Sachs & Co 1
▲2
Market
69+3.5
-21.1%
6
34
MarketShare Ch.
2013 Rank
12.9%
Bookrunner2012 Rank
▲
▲
MarketManagerFees
+21
+34
9.1
# of Deals per Bookrunner
# of Deals▲
2.9
+2.8
147.0
13.9 294.713.1 9.3
4.3
4.4 ▲+2.3
+2.4+1.9
7.0
6.1
▲
60
134.8
▲
308.0315.0
▲
+23
▲234.5220.1
98.8
▲+18 ▲
▲+14+31 6.5
▲+0.8
12.0
146.2206.3
19.2%
5 8,138.6
-1.7%
Share (%)Market # ofMarket
Deals
7.8+3.6
14.2% ▲
Proceeds
Jan 1 - Sep 30
Share (%)
7,023.87 6,255.2
7.7+2.06.8
+1.5
6 5,730.6
-27.9%▲
▼
▲6.3
Proceeds per Bookrunner (US$m)
Industry % Change from Last Quarter
Global IPOs (C5)
2 6.5 ▼
8.9
5,988.0
-1.6
+1.0
26 5.2▲
13.711.2
685.5 -0.5 ▼ 56
Nomura 8 20 4,024.27 4 5,049.1
+144.4 +3.4Bank of America Merrill Lynch
▲▲3.6 8.4 +22
3.4 ▲ 38 7.6 +14▲ 42
UBS 10 12 3,087.9+0.1Barclays 9 8 3,283.3+0.8
1,519.1 1.72.0 +1.0HSBC Holdings PLC 11 1.1 +0.521 1,843.5 ▲ 14 ▲ 38.52.8 +7
20 4.0 +7 ▲ 49.5 1.5
Rabee Securities Co 14 - 1,277.2Wells Fargo & Co
+1.0
1.4
Jefferies LLC 12 27 ▲66.013 3.2 +629 1,492.1 1.6 +1.0 ▲
▲ 12.0 +1.0
+0.116 ▲
0.10.2 +1 ▲ 4.27 +0.21.4 +1 0.6
+1.4▲
Itau Unibanco 16 157* 1,056.5 1.2▲ 20.3DBS Group Holdings 15
+1.2 ▲23 1,114.4 1.2 +0.4 ▲
+51.2 +0.46 ▲ 16.4 0.5+0.8 ▲ 0.6 +0.1
+4 28.2▲ 19.7
+1.0+0.6 0.4+30.8 13.2
1.1▲
4▲
+4Banco BTG Pactual SA 17 46 1,034.6 1.2Macquarie Group 18
61.278 1,031.1 1.1
Banco Bradesco SA 19* 41 925.5 1.0Banco do Brasil SA 19* 38 925.5 ▲1.0
74.2+0.14 0.8 +2 ▲ 0.311.3+0.6
-47
▼
91,554.1
Industry % Change from Last Quarter -44.5% ▼
100.0
-0.6%▼
498 3,370.3
0.8▲▲
+0.56
15.5% ▲
100.02,372.7
▲
▲▲
▲
▲▲
Global Equity & Equity-Related Fees
▲▲▲
▲
▲
Imputed Fees (US$m)
+0.5
▼▲▲ Industry % Change from Same Period Last Year
+0.1
▼
▼-28.2%Industry % Change from Same Period Last Year 10.9% ▲ -8.6%
Industry Total70.267,969.5Top Twenty Total
0
200
400
600
800
1,000
1,200
1,400
1,600
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
US
$Bil
Fees (US$bn) # of Issues
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First Nine Months 2013 | Equity Capital Markets | Managing Underwriters
Global Equity Capital Markets: Ten Years of Rankings
1
2
3
4
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Bank of America Merrill Lynch
Rankings shown are as of the current quarter-end in each calendar year.
5
6
7
8
9
10
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ran
k
Citi
UBS
Deutsche Bank
Credit Suisse
Barclays
Nomura
Note: League Table positions reflect consolidation within the banking sector.
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nc
US Deals Intelligence
Most US IPOs since 2008 | US ECM Volume Up Slightly l Q3 Sees Highest Number of High Tech Issues in Six Years
1 2 ▲+0 40 7 27
1.8 -0.2 ▼ 58
+0 5
7.732
▲ 73 7+13
▲▼0.8 +0.2▼
4.214 22 1 318 3 3 6 +15Robert W Baird & Co Inc
▲ ▲ 80.1
2.9139.9124.8 2.1
2.3
Raymond James Financial Inc 13 17 1,527.3 1.3
4,478.0RBC Capital Markets 12 11 3,426.6
12Jefferies LLC175.2
11 ▲ 64 8.5 +20▼ 76 10.1UBS 10 10 5,094.4 2.7 -1.5
▲
▲5.0 +0.8 ▲ 129 17.1
2.4 +1.1-0.6
▼-1
-0.5+17 ▲
17.5283.49 9 9,408.3 +43
10,666.0 5.6 -1.9▼ 373.4▲
283.3▼ 132 +19Deutsche Bank7.0
▲
-1.18 8 ▲
Wells Fargo & Co
Credit Suisse 7 7 13,157.0▼ 157
146Morgan Stanley 6 3 17,119.0 9.1 -1.9
6 17,951.8 ▼ 1479.5 -0.18.8+42
19.520.819.4 +38
6.5
-0.4 ▼
▲
4.76.2
4.7
Bank of America Merrill Lynch 4 2 18,835.8 10.0 0.026.7 +52 ▲ 598.8
▲ 528.3
-1.3
+38
+0.1
▼-
+0.5▲ 391.4
726.224.5 +31
10.0 -1.4 ▼ 201459.5▼ ▲
▲-1.4
20.814.612.3 +1.7
+4.627.7▲
1854 23,190.85
Share (%)157 +51209 +60
▲Fees Share (%) Share Ch.
Manager Market
▲
+0.7
▲
637.9 10.7▲+0.6
+1.5
▲
▲
7.7
Market# of DealsShare (%)
-0.7
▼
-2.3 ▼
12.1
+1.0
Market# of Market Change in Deals
MarketShare Ch.
2013 Rank
2012 RankBookrunner Proceeds
3 1
27,706.1
Citi2
5
1Goldman Sachs & Co
22,118.3JP Morgan
Barclays
11.7
Imputed Fees (US$m)
US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil)US Equity & Equity-Related (C1a) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
Jan 1 - Sep 30 2013
US Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
US Equity & Equity-Related proceeds totaled US$189.2 billion from 754 deals in thefirst nine months of 2013, a 1.4% increase in volume and a 29.3% increase in thenumber of deals compared to the same period in 2012. Deals on average wereabout US$70 million smaller in size this year compared to last year.
The first nine months of 2013 saw the highest number of US IPO deals since2008, with 139 deals totaling US$32.3 billion in proceeds. JP Morgan led boththe US IPO rankings and the US-Listed IPO rankings, followed by BAML andGoldman Sachs.
Facebook's share price surpassed its IPO price of US$38 in August, contributing tofavorable conditions for a resurgence in the Tech space. Linked-In's US$1.4 billionfollow-on was the largest deal in the third quarter, which also saw the highestnumber of High Tech deals since 2007 with 39 issues totaling US$8.2 billion.
$32.3 17%
$24.9 13%
$37.6 20%
$33.6 18%
$20.5 11%
$18.9 10%
$15.7 8%
$15.6 8%
Real Estate
Energy and Power
Healthcare
High Technology
Industrials
*tie
Share (%)+0.7
BMO Capital Markets 16
Guggenheim Securities LLC
Deutsche Bank
Citi
6 1
69.2
43
17 18 807.3
+2+13
390.40.5
2124
958.4Piper Jaffray Cos
Industry Total
19 2.5+0.2▲
▼18
0.4
5.0
Fees
20.9
▲
+0.2
Piper Jaffray Cos
Jefferies LLC
7.6
2.4
32,259.1
Barclays 7 332,445.5
Market
7.9 -3.6
+0.8
Market
100.0
45.5▲
-0.1
▲
0.87 +0.3
Deals
+0.4+0.4 ▲ 2.8-0.1
▲+3
2126 3.4
-1.1
47.5
38.1+0.3 0.9
▼
+19 ▲
JP Morgan
BMO Capital Markets
Stifel/KBW
18
2,557.2 29
-25.0%
16
RBC Capital Markets
▲-0.4
Imputed Fees (US$m)
96.8 1.6
87.05,222.1
+0.2 ▲▲
1.2
49.1 -
▼
0.0
▲+0.4
0.8▼
0.6
Stifel/KBW 15 16 1,221.8 ▲0.7 +0.1 39 5.2 +8▲0.7 27+0.5 ▲ 73.7▲14 22 1,318.3 3.6 +15Robert W Baird & Co Inc
▲
1.2+3 ▲
87.3
FBR Capital Markets Corp768.5Leerink Swann & Co 0.4
1,596.8
30.9 +14 ▲ 210.2 11.5
▲
Top Twenty Total139
3,652.9
2013 Rank
2012 Rank
▼
Industry Total
Morgan Stanley
3 3
▲
▲8.97.5
▲
▼
▲11.4 +1.1
7.9▲
10.7
40
▼
6.6▼
+1.8
Share Ch.MarketMarket
▲+2.9
▼
# of DealsChange in
Jan 1 - Sep 30
Manager
+0.3
-0.8%29.3%
18
# ofMarket
754
# of Deals per Bookrunner
US IPOs (C6)
+171
19
Proceeds per Bookrunner (US$m)
96.0
0.4702.5▲
Industry % Change from Last Quarter
2 5
Industry % Change from Same Period Last Year
1Bookrunner
2Proceeds Share (%)Share (%)
30.943▲
Share Ch.3,685.6 11.4
11.3 +1.2 ▲▲▲
+0.5
41-1.48.99.9
11.1
2,853.93,178.3
29.5
42 30.2
▼
+16
+15+16
28.8
▲
Credit Suisse 4
Goldman Sachs & Co
57
137.3162.5
▲
+13-7.9 ▼+0.4
145.4
+1 ▲
8 6 2,399.1 7.4 -2.6 ▼8
3023.7 +15 +1.9▲ 120.6
4.3 -1.821.6 +14.6 +3.0
-0.311.5 +6 ▲ 64.3 3.512.9
+1.0▲
▲UBS 10 10 1,135.6 3.5 +1.2Wells Fargo & Co ▲
30,681.4 95.2
-0.1
239.1-
1318
100.0
-0.40.9
▲
0.7
0.9
1.6
+0.614
20
519.9
282.4
224.5
15
409.6
319.8320.7
5
7
7
▲▼
+0.4
+0.7▼
1,830.8 100.0
217.1 0.7
-14.6% ▼ 5.9% -8.3% ▼▲
+46
Industry % Change from Same Period Last Year 0.2% ▲ 49.5%Industry % Change from Last Quarter
9 11
2.8▲+5
▲892.3
1.3
13 9.4+0.7+0.8 5
▼ ▼
Robert W Baird & Co IncRaymond James Financial Inc
FBR Capital Markets CorpLeerink Swann & Co
19
▼
8
+1.2
1.0
5.0▲
+25.8 +3
▲
▲-0.4
▲
▲▲
21.0
2.91.4+1.0
▼ 4
▲+5+1 ▲
3.6▲▲
10.1 ▼31.9 ▼
1.1 +0.5
-0.3+0.41.221.8
▲
▼
-0.4+0.5-1.0
▲1.21.4 +0.1
-0.0-1.3
3.60.7
-0.6
1.2
1.7
0.4
38.214
21.3
▼
▲
+2
-2+6+2+3+1
4.3
278.818
111213 17
16
14
William Blair & Co 20 30
17
1216
15
4
Top Twenty Total189,236.2
-19
1,492.1
3,577.0Bank of America Merrill Lynch
▲
100.0
0.8672.7
37.6% ▲
5,982.3
1.4%
181,128.9
7.0
21.5
22.4▲6 15.9
24.9
54.1%
0.9▲
1.2
▲
▲▲
▲
-19.2%
▲
47.3
207.8196.7
▲
20.4
79.4
2.6
2.1
US IPO Issurance Jan 1 - Sep 30
$132.1 70%
IPO Follow-On Converts
$15.4 8%
$32.0 17%
Consumer Products and Services
Financials
Others
$26.6
$8.4
$12.1
$26.1
$32.2 $32.3
30 27
83 84 93
139
-
20
40
60
80
100
120
140
160
$0
$5
$10
$15
$20
$25
$30
$35
2008 2009 2010 2011 2012 2013
# of
Issu
es
Proceeds (US$bil) # of Issues
Pro
ceed
sU
S$
Billi
ons
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US Secondary Offerings (C8a) Jan 1 - Sep 30
Change in
2.7
23.0
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)# of Deals per Bookrunner
▲
5.9
430.7
Share Ch.Share (%)9.7 +0.97.7
5.0
-0.512.0
345.6
5.6 +0.9-1.2
▲
-0.1
▲
▼
275.6
▼
-1.8 ▼
▼
▲
▼
+1.2 ▲
# of MarketBookrunner
92 17.2
2012 Rank Share Ch.
5 15,860.8
FeesShare (%)Manager
# of Deals+21 ▲
MarketDeals
+17
+8 ▲
MarketMarketProceeds Share (%)
2012 Rank
2013 Rank
JP Morgan
Credit Suisse 7 7 9,232.38
2
Wells Fargo & Co
Goldman Sachs & Co 1 6
4
20,081.2Citi 1
3Barclays 4
1.9
95.8
11.96.0
+1.0
9.4
Market
532.3
-531157,111.5
100.0
12.9 -1.3 ▼ 12315.2 +6.0 ▲
9.8 -0.1
16,981.9▲135 25.3 +36 ▲+2.3 ▲
▼+27 ▲
12.093 17.4 +10 ▲12,906.3 215.9
133▼ 24.9 335.7-2.19.112,067.0Bank of America Merrill Lynch 5 28.3 -2.9Morgan Stanley 6 3 10,900.5 291.5▲
-0.88.1 -0.6▼
7.0 -1.0 ▼19.1 +34
102 19.1 +24
▲ 202.093 17.4 +19 ▲ 212.9
102Deutsche Bank 9 8 6,895.3 ▼
9 5.3 +0.4 ▲
UBS 10 10 3,623.9 2.7 -2.1 10.3 -4 ▼ 113.55.2 -2.1
▲ +0.4
179.0▼ 55 3.2
89 16.7 +12 ▲
Jefferies LLC 11 12 3,021.7 2.3 +1.1 43 8.1 +13 ▲ 94.7 2.6RBC Capital Markets 12 11 2,877.5 2.2 -0.1 ▼ 95.59.9
Top Twenty Total
18 19
BMO Capital Markets 16
Industry Total 164,362.1
1.425 4.7 +11 ▲
Piper Jaffray Cos
-0.4 ▼▼
+0.8 ▲
-0.9+0.4
Jefferies LLC
673 5,412.6 100.0
▲47.1 0.9 +0.14,694.2 86.7
US Common Stock (C3) Jan 1 - Sep 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Bookrunner Proceeds2013 Rank
MarketShare (%)
MarketDeals Share (%) # of Deals
Market # ofShare Ch.
Change in Market
+4.9 ▲ 134Share Ch.
Market
+3719.9Fees Share (%)
Manager
1 20,160.2 12.3Goldman Sachs & Co 1 6 23,658.2 14.4 +0.9 ▲
7.8 -0.7 ▼▲ 553.3 10.2▲-1.0 +2324.2▲
421.0▼ 163641.0178 26.419,546.4
26.23 15,719.9 9.6 -1.4▲▼
-3.0
+43 ▲+50
▼ 131
+2.0176
+0.9 ▲9.8 +0.3 ▲
11.8
9.3 -0.4 ▼ 336.5Barclays 5 5 15,351.9 6.2 +0.2 ▲126 18.7 +25 ▲13,457.7 8.2
19.919.5 ▼
12,086.3 ▼ 134-1.07.4454.0
+32 ▲ 350.2 6.5 +1.1+25 8.4 -2.7▲
▲Deutsche Bank 8 8 9,294.4 5.7 -2.1 ▼ 119 ▼17.7 +13
5.2 ▲ 118 +403.04.94.8 -1.4▲ 258.4
+0.9266.3▲
8.3
8,479.9 ▲UBS 10 9 4,759.4 -0.4
+0.9 17.5
+14 ▲+1 ▲ 160.8▼ 73
▲ 5610.8
4.0 +154.5
▲ 73.1
▼▲ 126.6 2.3 +0.1
1.4▲ 116.8
+13 ▲ 74.58.5 +18 -0.5 ▼2.2
+0.6 ▲-0.4 ▼
1.4
▼ 5730▲
Morgan Stanley 6 27
Bank of America Merrill Lynch 4
CitiJP Morgan 3 4
2
RBC Capital Markets 12 1111 12
Leerink Swann & Co 17
Wells Fargo & Co 9
2.4 +1.12.9
3,914.1
762.3
10
-0.13,159.9
Credit Suisse 7
-1.5
95.820.9 0.6
21 9% ▲
3.4 +5
3,046.5
▼
27 595.3 16+96
0.6+11+0.3 ▲ 2.4
+0.334.8+2+0.2 ▲+3- 250.5 0.0
▲▲7 1.0
0.4
▲▲
45.2
▲▼
FBR Capital Markets Corp 19 0.423 702.5
2.7▲ ▲
-0.2+0.2
3.7
+0.419 2.8 +3180.5 ▲▲37
21 768.5 0.5 +0.3824.1
- 390.0▲ 43.4 0.8
5.8 +8+0.4 +16
Industry % Change from Same Period Last Year -5 4%
0.8 +0.6Stifel/KBW 0.7
Industry Total20
13
▲ 26 7%
▲126,510.5
3,581.885.2
+0.3
132,103.0 100.0
▲ +0.31.1 +46 ▲Needham & Co LLC 19 32 513.1 0.4Top Twenty Total
0.045.1 1.3▼ 6.0
534
Piper Jaffray Cos 18 18 545.2 0.4 -18+0.1 ▲ ▲▼ 1
▲0.4 -0.5
+10 ▲ 27.5▼Kohlberg Kravis Roberts & Co 17 13 583.6 0.2
▲ 12 2.2BMO Capital Markets 16 35 599.6 0.5 +0.4
0.8+3
+0.6 ▲ 20 3.7-0.554.10.5 -0.1 ▼ 4.7 ▲ 1.515 15 702.0
6,987.8
▼52.1
0.2
1,330.4
William Blair & Co
Robert W Baird & Co Inc 271,221.8 -0.4
Raymond James Financial Inc 13 17 +0.41,091.3
Stifel/KBW
0.814 23 1,039.5
17
15 16▼48.2
1.5
-2
-0.2▲
25+12 ▲
53
0.8
100.0
Raymond James Financial Inc
▼Robert W Baird & Co Inc 14 22 1,318.3
92.3
0.8 +0.3
▲
0.81.266.6
▲1.7
First Nine Months 2013 | Equity Capital Markets | Managing Underwriters
US Equity Capital Markets
-8.6% ▼
Industry Total 41,566.4
.2
▲ 95.4% ▲▼ -10.7%
*ties
100.0
▼
1.01.0 0 -
14.4 ▲▼
Industry % Change from Last Quarter 54.6% ▲ 54.5%Industry % Change from Same Period Last Year 17.4%
41,566.4
▲
96357.3 99.2
▼
+0.8 ▲
2.2
▼
-9
1.13.6 ▲
100.0360.3
-▼
0.185.1
100.0
0.011-
-2.1 ▼ 12.9+0.1 ▲ 4.0
9 9.4 -30
10 10 772.1 8.01.9 0.0 - 0 - -2.16.0 1.7
6
7.9 -3.23
6.3
28.63.1783.9 1.9 +1.4
5 1,816.6Deutsche BankJefferies LLC ▲
▼-
-84.4 -4.2 ▼14 14.60 ▲
2,619.1 6.3 -3.5 ▼ 18 ▼30.3 8.4 -0.5-913.5 +4 ▲ 25.7 ▲+1.318.8
6.5 +2.3 ▲ 13 7.136.8 10.2-0.3 ▼ 16 16.7 0 -
-0▲
43.9 12.2 -2.1+2.37.2
▲4 3 3,759.7 9.0 -5.9
18.0 +1.8▼
+14.4
▼ 2414.4 +3.721.9 +2 ▲ 51.8
25.0
18.8 +7.1
Market
-1.5+5 ▲
Change in
15.951.7
Share (%)Manager
57.4▼ 29 30.2 -6 ▼
0.2
8,702.4
Deals
20.9
Proceeds FeesShare Ch.
▲ 2118
9,161.27
670.9
# of
2,713.2
1.6
▲-2.61
Goldman Sachs & Co
6
Market
22.021
BookrunnerCiti
Market2012 Rank
2013 Rank
2Barclays
5
48
JP Morgan
12
6
Top Twenty Total
Bank of America Merrill Lynch
UBS 9
Morgan Stanley
9 11Wells Fargo & Co
18
7,484.2
Jan 1 - Sep 30US Block Trades
8
▲Industry % Change from Last QuarterIndustry % Change from Same Period Last Year ▲
▼
Share (%) Share (%)
Proceeds per Bookrunner (US$m)
# of Deals
Credit Suisse
11
2,975.9
7
3
-20.4%
Citi
1Morgan Stanley
-4.3%
Credit Suisse
US Convertibles (C9a)
2013 Rank
▼
+1.2
▲26.7%
▼
1
ProceedsGoldman Sachs & CoBookrunner
RBC Capital Markets 12
8
UBS 11
2.7%
-0.116.3
JP Morgan
Barclays
2
Deutsche Bank
Bank of America Merrill Lynch
7
5
10
3
3
2012 Rank
Proceeds per Bookrunner (US$m)Market
Imputed Fees (US$m)
Jefferies LLC
2
14.7
▼
Jan 1 - Sep 30
Change in Manager# of Deals
3,644.45 3,661.3
2,599.9
Imputed Fees (US$m)Market
Fees14.9
Market
-15.7% ▼34.8%
Canaccord Genuity
64
-0.4
21.9% ▲
+0.2
Share Ch.
RBC Capital Markets 13 13 22.2
▼▼
Industry % Change from Same Period Last Year -5.4%Industry % Change from Last Quarter -21.9% ▼ 1.7% ▲ -19.7%
▲ 26.7%
Share Ch.
10.5 +2.6 ▲
8
▼▲+17
-4.7
# of Deals per BookrunnerMarket
14.7
0.1
Market# of Deals per Bookrunner
▲ 26 13.0 +2.532.184.6
▲ 74.3+6.8
+5.915.0
30.9 +9+10 ▲▼ 31
2538.3 -3.2
11.785.2
-4.2 ▼3,116.0 12.5 -4.5 ▲ 66.5+3.4 ▲21 25.9 +13 ▲ 54.9 9.6
27.2 38.57.9 -1.9▲
▼ 22 6.8 -0.4131,371.6 5.5 +1.8
6 4
7 1,070.8 4.3 +0.3
1,958.1 ▼+8 ▲
▲ 12▲
4.1▲
+1.524.9 4.4
14.8 +6 ▲ 23.2+0.5+616.0
▲Wells Fargo & Co 9 9 928.5 3.7 -0.8 ▼3.0
15 563.917.1
2.3 +1.5 ▲13.6
9.9 +6 ▲ 13.3 2.3+3 ▲
+0.7 ▲10 335.0 1.4 -0.8 +0.713 266.7 -1 ▼ 8.0
▲3 3.7 -2 ▼1.1 -0.4
14.4 2.51.2 1.41
▼-1.6 ▼
BNP Paribas SA 13 - 221.7 0.9 +1.0▲ 3 +2
▲2 2.5 +2 ▲ 9.1 1.6RBS 14 16 201.4 0.8 +0.1 0.8 -0.1 ▼3.7
3.0▲ 2 +0.5 ▲
4.3
0.5Raymond James Financial Inc 15 11 196.9 0.8Credit Agricole CIB 16 - 180.0
-0.6 ▼2 2.5 0 - 5.6 1.0
17 - 134.3 0.5 ▲+0.70.7
JMP Securities LLC 19*
+0.4 ▲3 3.7 +3 ▲
▲
4.1 0.7William Blair & Co 18 - 77.4 0.3 +0.3
+0.50.4
BMO Capital Markets▲▲ 2 +2
0 -1▲0.4
▲+0.25.9 ▲
2.0
+0.22.1
+0.2
▲Industry % Change from Last Quarter
68.7% ▲
99.4SunTrust Banks
# of
▲
▼Industry % Change from Same Period Last Year
▼
Market
4,047.9
+0.219* - 71.9
19*
▼-25.8%
Industry Total
+0.9 ▲
24,719.3
▲
▼
-50.3%71.2%
Market
95.1Top Twenty Total
Share Ch.Share (%)▲
Share (%)23 +14 ▲
Share (%)Deals
811+0.3 ▲
+2
2.5
2.5 ▲
541.0
1.01.2 +11 ▲1.2
▼-48.9%55.8%
100.081100.0
-0.8
569.7
0.3 +0.371.9 0.3
+29
▲
24,874.1
▲ 28.4
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Issue Date Issuer Proceeds Issue Type9/4/2013 LinkedIn Corp $1.4 FO JP Morgan | Morgan Stanley | Goldman Sachs | Bank of America Merrill Lynch
High Technology7/16/2013 Realogy Holdings Corp $1.2 FO Goldman Sachs | JP Morgan
Real Estate8/2/2013 Williams Partners LP $1.2 FO Barclays
Energy and Power8/1/2013 LyondellBasell Industries $1.1 FO Barclays
Materials9/4/2013 LyondellBasell Industries $1.1 FO Citi
Materials8/13/2013 Envision Healthcare $1.1 IPO Goldman Sachs | Barclays | Bank of America Merrill Lynch | Citi | Credit Suisse | Deutsche Bank | Morgan Stanley
Healthcare RBC | UBS9/25/2013 Premier Inc $0.9 IPO JP Morgan | Bank of America Merrill Lynch | Wells Fargo
Consumer Products8/1/2013 Liberty Property Trust $0.9 FO Citi | Goldman Sachs | Bank of America Merrill Lynch | JP Morgan
Real Estate7/31/2013 American Homes 4 Rent $0.8 IPO Goldman Sachs | Bank of America Merrill Lynch | FBR Capital Markets | JP Morgan | Wells Fargo | Citi | Credit Suisse
Real Estate Jefferies | Morgan Stanley | Raymond James9/26/2013 JC Penney Co Inc $0.8 FO Goldman Sachs
Retail
Top Ten US Equity & Equity-Related Deals (US$bil)
US Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
US Equity & Equity-Related Industry Composition for Top Bookrunners Jan 1 - Sep 30 2013
July 1 - Sep 30 2013
$1.4
$1.2
$1.2
$1.1
$1.1
$1.1
$0.9
$0.9
$0.8
$0.8
$0.0 $0.3 $0.6 $0.9 $1.2 $1.5
LinkedIn Corp
Realogy Holdings Corp
Williams Partners LP
LyondellBasell Industries NV
LyondellBasell Industries NV
Envision Healthcare Holdings
Premier Inc
Liberty Property Trust
American Homes 4 Rent
JC Penney Co Inc
11.8% 10.6% 8.2% 7.7% 9.9% 9.1% 8.4% 10.5% 13.6%
11.2% 17.0% 24.6%21.1%
27.7%
19.4%17.2%
21.3%
29.9%
38.8%
8.5%6.3%
7.8%9.0%
3.7%
10.7%10.3%
7.1%
5.1%
6.1%
10.4%9.3%
8.2%8.1%
12.9%9.9%
9.2%8.0%
4.3%13.5% 12.1%5.3% 9.5%
6.0% 14.9%
11.5%12.8% 8.0% 10.3%
6.8%11.2%
9.3% 6.6%
9.9%5.9%
5.2%
8.6%
2.7%4.5%
5.2%4.1% 7.7%
5.0%
6.0% 5.0%
3.3%
7.8%
2.6%2.7%
3.6% 2.7%4.0%
3.5% 2.7%
2.9%4.9%
18.2%
20.3% 23.1%24.9%
16.4% 17.1%
22.3%
19.2%
30.4% 28.2%
8.2%2.4%
3.2% 2.2%5.9%
2.9%2.2%
3.3% 3.1% 3.8% 3.6% 2.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Goldman Sachs & Co JP Morgan Citi Bank of America Merrill Lynch
Barclays Morgan Stanley Credit Suisse Deutsche Bank Wells Fargo & Co UBS
% T
otal
Pro
ceed
s
Telecommunications
Consumer Staples
Retail
Real Estate
Media and Entertainment
Materials
Industrials
High Technology
Healthcare
Government and Agencies
Financials
Energy and Power
Consumer Products and Services
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EMEA IPO volume reached US$18.7 billion from 95 offerings – withdeal count up 28.4% year-on-year and proceeds up 171.1%. Feesearned on EMEA IPO issuance totalled $514.9 million, with the top 20bookrunners claiming 71.4% of the total wallet share.
EMEA Equity & Equity-Related volume totalled US$150.7 billion for the first nine months –a 59.7% year-on-year increase, with straight equity issuance accounting for 87.5% of totalvolume. Estimated regional fees totalled US$2 billion – up 36% from the comparableperiod of 2012, according to estimates by Thomson Reuters/Freeman Consulting.
EMEA Equity-Related volume totalled US$18.8 billion - up 31.9% year-on-year,with the top 20 bookrunners capturing 93.1% of the market. The UKGovernment’s US$5.1 billion secondary stock selldown in Lloyds BankingGroup was the largest deal during the first nine months of 2013.
EMEA Deals Intelligence
EMEA ECM Proceeds Raised by Industry (US$Bil) Jan 1 - Sep 30 2013
Imputed Fees (US$m)
Share Ch.MarketMarket
Share (%)Manager
FeesShare Ch.1 15,870.8
12,849.6+0.8
Proceeds
8.5
1.4
1
34
53
▲
Market
▲+9
Change in
4.53.7
Share (%)
90.23.8
DealsBookrunner
▼
Share (%)
Proceeds per Bookrunner (US$m)
▼-1.5
# ofMarket2013 Rank
2012 Rank
# of Deals per Bookrunner
# of Deals
▼-1.0
▲
▲
▲
4.0+1.3
Market
Goldman Sachs & Co
2722
-1.112+1.2
1028 2,716.7Credit Agricole CIB
0 3
1.8
2 391 42,501.6
11BNP Paribas SAHSBC Holdings PLC 1313
1.7▼
-0.610
45 9▲▲
-1.22 41 6
45.8
47.928.2
77.4
1422 3.7
1.7
2 3
+1.3-0.9
+5
7.7
4.0
+78.9
+55.9
▲
▼6.490.1 -0.2
+3.55.9
7.2
+1
+5 ▲
+1
+11
+13
▲+1.7
2.5▼▼
2.3
▲ 157.4
129.7
125.4
0
▲
+0.7
▲
4.6 ▼
4.6
-
▼
▲▲
-+5 8.1
74.5
+0.6▲
+4
▲6.6
-0.5
8.9 ▲10.5
▲
8.7+137.2 0.0141.1▲
▲ 170.7 +2.5
Citi
2 2 13,657.23 13,516.7JP Morgan
UBS
Deutsche Bank
Bank of America Merrill Lynch
9.7589.1 +0.210.29.0 61
5 12,678.4 +2.9+2.3 ▲
538.46
9 6,902.24
354.6
437 ▲
▲+1.7
-2.5 ▼
12,302.5 ▲+1.5
356,053.7
8.2 46
8 3,983.5 2.6Barclays 9 4,992.0 3.3
10
76Morgan Stanley
▲
12▼
Credit Suisse 8 5
Societe Generale
0 8
EMEA Equity & Equity-Related (C1d) Jan 1 - Sep 30
EMEA Equity Capital MarketsEMEA Fees Reach US$2 billion l IPO Issuance Volume up 171% Year-on-Year l Lloyds Banking Group - Largest EMEA Deal of the First Nine Months of 2013
First Nine Months 2013 | Equity Capital Markets | Managing Underwriters
$50.0 33%
$23.5 16%
$13.8 9%
$10.8 7%
$9.8 6%
Financials
Industrials
Energy and Power
Real Estate
Telecommunications
Materials
Media and Entertainment
*tie
1.1
16
1,251.8
91,469.1 ▲
80.2
Rabee Securities Co -
+0.30.9
+0.9
20
▼
59.7%
▲25
Top Twenty TotalMediobanca
-36.8% ▼
Jefferies LLC 50
26.3%▼
150,654.5
17 45
20
1819
ING0.9
1,457.5 1.0+0.7
2,223.1 1.548
-0.32,391.4
SEB
HSBC Holdings PLCUniCredit 14 16
13
15
13 ▼ 45.9▲ 2.41.6 14 2.3
12.62.0
+11
+51.5 21.3
▲
17.969.6
▲
▼
4.2
0.9
▲+1.339.0 2.0-1.6
▲
▲
1,956.2 100.0
▼36.0%
Top 10 EMEA Equity and Equity-Related Deals (US$Mil)Jan 1 - Sep 30 2013
-37.1%▲
-13.1%
Jan 1 - Sep 30 2013
*tie
Industry Total
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
EMEA IPOs by Nation of Primary Listing (US$m)
▲
0.6
▼▼▲
1,363.70 -
▼
+0.2 ▲-0.8
1,351.8
12
24.0
1.0
+3
-1.2+0.1
▲+0.6
0.21.2
+0.4▲▲
+0.2
20.4
-
1.0
+1 ▲
100.0 596
+2
3.51.2
21
3.41.7
+124
▲ 1 0.2-3-
1,255.1 ▲7
1,277.2
120,701.9
+0.50.80.8 -0.5
Carnegie
17
+0.6 ▲ 10
6%$9.3 6%$9.0
6%$8.6 6%
$5.4 3%
$4.0 3%
$3.9 3%
$2.5 2%
High Technology
Retail
Consumer Products and Services
Consumer Staples
Healthcare
$5,108.9
$3,957.3
$3,898.6
$3,364.4
$3,272.1
$3,213.8
$3,020.1
$2,986.9
$2,946.9
$2,250.0
09/17/13
05/14/13
04/30/13
09/25/13
05/24/13
05/28/13
06/19/13
04/09/13
04/17/13
01/09/13
Lloyds Banking Group PLC
Koninklijke KPN NV
Deutsche Bank AG
Nordea Bank AB
Bank VTB
Commerzbank AG
Nordea Bank AB
EADS
EADS
ArcelorMittal SA
$6,746.3
$3,327.3
$2,578.7
$1,277.2 $1,103.5$614.4 $514.0 $473.8 $427.2
0
5
10
15
20
25
30
35
40
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
United Kingdom
Germany United States of America
Iraq Belgium Norway Russian Federation
Turkey Denmark
# of
Issu
es
Pro
ceed
s (U
S$m
)
Proceeds (US$m) # of Issues
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15
+44.211.710.2
Numis
▲+2.6
2.9 -6.3UBS 9▼ 10 -
757.6 +0.5▼
1,277.2
8 10
Credit Suisse
4.0789.2848.6
▼ RBC Capital Markets11 -+216 1.9
11HSBC Holdings PLC
+711 14 2,189.5HSBC Holdings PLC
23
41.7
▲-1.2+0.1
+10
Morgan StanleyDeutsche Bank
UBS
Citi 76JP Morgan
3
▲6.69
▲ +1▲
4.2▲
4.2▲ 21.6▲▲
4.214.1
+2+69.5
-0.8▲ 4.6 +2.823.4
▼2.7 -1.59▲
▲+1.02.04 ▲
+5.0 ▲▲+0.80.8
+3.4
+2.4
2 536.7▼
1▼
57.45.3
+6-0.27
9.5
▼
+3.3
302.4
440.5
▲
2.4
45.839.8▲
+5
1.17.7+9
▲33.8
+7
Jefferies LLC13
▼+2.5 ▲
▲▲
-1.18.9
34.4
384.7
2.6
18
451.4478.7
12
20Canaccord Genuity
1.81.4
69.1
▲+1.1
▲▲
31.1
4.223.3
▲ 1.2
0.3
12.620.4
Nomura
+0.3+0.7
▲
Citi
Davy
ANB Invest Co
+0.2
▲▼
1,172.031.6
-Jefferies LLC
+0.9
▲+1.3
131,829.9
1.6
2.0
12
ING
UniCredit
Rabee Securities Co37.9
0.2
+113
1846
35 1,806.1
BNP Paribas SACarnegieSEB
24 1,457.51,311.9
14
16.8
+4
▲0.9
▲
3.7
16.4+6
▲
▲
2.2
77
56
24
- +6.8▲▲
4.5
Bank of America Merrill Lynch
6.8
Barclays▲
Rabee Securities Co6
▼
Morgan Stanley-0.6
▲5
7
10,913.4▲
▲
+630▲▼
30
EMEA Common Stock (C4c)
2
3,130.74,016.2 +2.3Barclays 3.1
4.0
10,847.76,301.3
2
4 6
5,285.3
11,346.9
▲
11,298.6
4.89
3
1212
+2.7 ▲44.36.4
11.6
-1.7
1112.6
▼
7.7▲+1.0
11.78.3
Deutsche BankJP Morgan
Share Ch.
2▼
1,439.1
2,194.6-1.1▲ 109.541
3 1,552.872.9
9.91Goldman Sachs & Co6.7
13.7 ▲+612.6
Market
▲-1.5 ▼ 9.3Share (%)
Imputed Fees (US$m)
Jan 1 - Sep 30Jan 1 - Sep 30
Share Ch.▲
Imputed Fees (US$m)
Share (%)# of Deals+10
Change in
+5.813▲12.414
Market Change in
▲
MarketBookrunner
+10.1Share Ch.
51.2
Manager2013 Rank Proceeds Fees
+3.0 2,319.7157.3Fees
11Goldman Sachs & Co +22
MarketShare (%)
8.2DealsShare Ch. # of DealsShare (%)Proceeds
2013 RankBookrunner
2012 Rank
Market Market# of MarketProceeds per Bookrunner (US$m)
ManagerMarket Market# of Deals per Bookrunner
EMEA IPOs (C7c)
2012 Rank Share (%)
MarketDeals
# ofShare (%)
8.1 +176.64 11,717.1
11.28.9
4514,806.9
8.2+2.3
▲8.8
▲
8.4
20
7▲ 2.0
0.91.3
▼
46▼
5.5
6.7
-0.6
6.9
5.5
+17
▲120.3
+4.1
81.0
-0.63.865.4
-0.93.94.8
+1.2
▼
+2.3
+1.9 ▲ 36+2.9 44
+18
116.8
7.1
+0.3-1.5
▲ 2.5▼
0.7
▲
▲1.0
+2.1
114.6
3.7
+21
65.9
3.7
▲-0.6
32.32.9
▲ 1.6
+2
20
1.0
▲
3.7
12-
▲12.0
11
▲
+1
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
7.3▲ 40▲▲
+238.6
+18
48
1.11,469.1 +1.0
17
+51.1
-2.5
1.7
5▼-1+0.3 ▲
2.2
9
Bank of America Merrill Lynch8.6
▲
+2.2
-0.5
Credit Suisse 8
10
2,058.0+1.0
16 1215
5
Societe Generale
Credit Agricole CIB 1359
98
+0.98.3
2.4
1.4
+0.3
19 1,190.1
171.0
1.042 1,309.4
+1.020 +1220▲
1▲+4
-1.0
1,277.2
Numis 0.8
Industry Total79.7Top Twenty Total 104,816.4
100.0
+12
1.0
1,083.5
+0.6
+0.3+0.6
546
1.9
100.0
16
Nordea
M&A International
20 32
▼
▲2.8 +1.5 ▲2.3
14.5+2.0
+5 ▲▲ ▲3.2▲
3 +36 6.3
+0.6 ▲
2.3 +0.21.1
14.62 2.1▲+2
1 1.1 ▲
0.0
3.2 +3 +1.9
2.1
1.910.0▲
▲
5.6▲
+1.3▲▲
0.2 ▲1.1
- 213.6 1.1- 240.0
19
1.3257.2
1.1 +1+1
+0.2
100.071.4
0
514.9
-▲
15.6▲
▲ 1.0+1 ▲ 5.1
+1.1
201.6 -2.3 ▼1.1
1.8+1.01.0- 202.6 1.1 1
1.1 3▲
1181.1
▼-3.4
+219518,748.01,699.6 Industry Total
1718
100.0Top Twenty Total 15,174.2
+1.1199.2
367.83.2
+51.4
▲36+0.3 6.3285.4 1.5
-2.8 ▼▲
-+0.5
+1.4 ▲
▲303.0
-0.6
+1.614▲
+1.7
▲ 20 -0.52.1
- 1.6
EMEA Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
▲
+2.9
Commerzbank AG
Barclays
Standard Bank Group LtdABG Sundal Collier
Citi
14
1.3 2
UBS ▲
Credit Agricole CIB
BNP Paribas SA
359.6
-29.9%
68
Industry % Change from Same Period Last Year
-29
15
12
▼
18
▼28.2%
▼▲▲31.9%
41.7% ▲-43.9%
89.418,824.6 100.0 +115017,523.8
1.8 +0.41.6 -2.34.20
4.6
6.0+0.5 3
-1-1.7
▼
▼▲4.0 1.6
+0.31.74.0 0
+0.93.5 1.4 -2.4-
+2
▲4.3235.0 ▼17
16 15 253.1 -0.3 ▼-0.3+0.61.7
▼1.3
▲33
+1 ▲-1.1 1.7
▲
1.42.0
+16.0
1▼
▼
357.34.9+3.1 ▲ 4
▲ 4.31.9 6.03.1
4.5
3.6▲- 587.1
266.0
1.9+0.6 ▲18
▼+3-2.0 ▼
3.69.2▲852.8
3.2
10
▲9.1
8.0 +1.9+410.0 +1
11 7 768.512 6 600.9
+212.0+0.8 ▲+3.3
▼ 55 10.0
▲+3+310.0
▲▲ 5
14.0▼ 7
▲4.1 -2.5
▲ +2.05.3-2.3
13.5▼
6
8-1.9-3.1
9 16 4.83 975.8
910.6 11.7
▲
▲5.26.2 +3.3
-1.0 ▼
-3.8▲
+0.2
+3.7▼
4.6
5.04.5
6 16.0▼1,063.9 5.7▼ 6 12.01,003.9 5.3
11.512.8
▲ 13.4+56.0
80 -
5.2
▲ 16.0
6.737.1
11 22.07 +514.0
+5
Fees10.3
+8.0▲26.5
13 14.5+112,669.0
Market # of
24.012Proceeds
MarketShare (%)Share (%) Share Ch.
▲
18.0▲▼
2▲ 9
2,743.8 14.6
94
Bank of America Merrill Lynch 5
7
1
4
5
1
Morgan StanleyGoldman Sachs & Co
1.7
4.5 +0.3-1.8
+0.7 2+1.3
2.9-1
▲
▼
14,482.0
Lazard-Natixis
RBS
1.51.328 244.0
100.073.2
19,721.0
2 2.91
2.9
284.8 ▼-+0.4
▲260.91.4 +1.0
+1▲
298.3Barclays 18 33
17 22
19 -
Morgan Stanley
Masraf Al Rayan
National Bank of Abu Dhabi 16 - 320.6 1.6 +1.6 ▲1.5 +1▲0
▲
2
11 ▲
1.5
1.5 +1+11.5
1.8 +1.8 ▲
1
Sberbank CIB 14* - 363.1VTB Capital 14* - 363.1
Handelsbanken Capital Markets 13 31 379.0 ▲ 1▼-4
▲1.8 +1.8
1.9 +1.5 ▼1.53
-1
7 410.23 403.8
5 7.4-2.32.1 -3.7
Nordea
▼▲ 16.2+2
Credit Suisse 12 4.42.1BNP Paribas SA
RBS 10 36 438.4 2.2 1+1.911
4.0
▼
+0.5 ▲ 3 -2.10 - 5.5 1.5 +1.4
-0 1.1
3.6
▲9 17 466.1 2.4
3.48 12 0.0 -▲
4Bank of America Merrill Lynch
▲- 732.6 3.7+3.3
674.038*Goldman Sachs & Co 7
10
-5.82.6
15.4
12.6▲+2.1+3.5
▲ 9.5
9-1.7
715.2
11.2
855.248.7
Rabobank NV +3.7748.2 3.8 ▼
65
+3.913.2
-0.1▲
2.93+4.2
0
▲6.3 +1.78.5
4.4 +2 +3.74.6 ▲
▼▲▲
2
1,706.84.3
19
-+22
2
# of Deals
2.92.9
+15.9
1.5
Share
4.4▲+2
16.5-3 22.7
30.5▲+2
▲-36.8% ▼
100.0256.6
1.16.0
22 215.4 ▲-
0.9201.9
▲
17 -0.61.1 -2.4 311
2▼165.1▼
93.1 229.2
7.4
▲
0.5
Societe GeneraleCredit Suisse
Mediobanca6.49.9
+1.82.7
▲13.2
3
Deutsche Bank
-3.6
Proceeds per Bookrunner (US$m)
▼
-3.0+8.414.28
▲2
+4.3▼
JP Morgan
10
1,331.5
14 1,132.51,189.7
13
6.3 -1.07.1 +2.9
2012 Rank
-2.6
4.5
Top Twenty Total
13
▲
Bookrunner
2,210.8Deutsche Bank 3 5
HSBC Holdings PLC
2013 RankBookrunner
EMEA Convertibles (C9d)
ING5.9
0.72.7UniCredit
Industry Total
▼
▼
10.5
-70.0%
250.7Berenberg Bank 20
*tie-21.4% -69.6% Industry % Change from Last Quarter
-1Top Twenty TotalIndustry Total
1.2 ▲
Industry % Change from Same Period Last Year -21.9% -34.8%
100.0
+2.52.9
▼
20▲
13.2 5+11.0Share Share Ch.
+0.7
8.5
11.6
0.8
▲
# of
▲
6.0
▲
▲▼
1.7 +0.8
Change in
+0.5
▼▲
22.7
Fees+1
▼
HSBC Holdings PLC
Imputed Fees (US$m)
30.4
2.7▲▲
+6.6 ▲
Manager
3.7
Deals
Jan 1 - Sep 30
-16.3%
Proceeds
2 1
64.6%Industry % Change from Last Quarter
15 2,606.9
EMEA Rights Offerings (C8fr)
Share Ch.Market
▼Citi
▼
JP Morgan
52
Industry % Change from Last Quarter
Market2013 Rank
2012 Rank
Market
Industry % Change from Same Period Last Year
4
▼
Proceeds per Bookrunner (US$m)
Share1
# of Deals per Bookrunner
+2.7
-1.7
6.3
Market
4.3
Market
▲+0.8
3.2 +1.4
+0.1
3.5
▲▲
▲▼
69.7
1.8
▲
Share Ch.Market
Jan 1 - Sep 30
Imputed Fees (US$m)# of Deals per Bookrunner
Share (%)# of DealsMarket Change in
Deals▼-7.1
4.0 ▲
▼-5.16.5
0▲
16.8
-
28.0%
▲+1
26.0
▲▲ 17.3+5
-37.1%
Manager Market
-20.0% ▼-30.4%149.7%26.1%
▼Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
▼ -33.3%▲171.1% 28.4%
-36.1%▲ ▲ 37.3% ▲
▼
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Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
▲+9
30.3
Jan 1 - Sep 30
9
23
3.633 3.6
3.2
▲ 31.7
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
11
14
▲
1.8
1.2
+10
-1
52.8+10
-
+11.0
▲
1.52.5
2.9 -7
-3
▼
▼
+2▲
-03.73.6
▼
6.3
56.3
91.3
3.3
5.0
+1.32.0 +0.12.1
73.1
47.658.3 4.0
3.9
3.1
26.9
29.2
44.6
3.246.4
2.2
1.93.347.7
0.0
+1.0
-
-0.4▲
+1.6
+2.5▲+2.3
+1.4
▼
▲
▼-0.4
▲
▲▲
▼
▲
+2.0+1.3
70.3 4.8 +1.2 ▲
▲
27
▼
▼
2.8 ▼-1.630
3433
3.1
▲▲
▲
+1.5
-0.23.3-1.7
-3.8-0.4
3.8 ▼
▼
+1.2
+0.3
▼
+0.2
17
2013 Rank
9.2Goldman Sachs & Co 1Bookrunner Proceeds
Market2012 Rank
▲
Proceeds per Bookrunner (US$m)Market
# of Deals per Bookrunner
+13
9,218.31Share (%)
28
3.8 -▲▼
35
3.0+40
-539
MarketShare (%) # of Deals
49
4.2 ▲
▲
▲
2,638.6+1.7
▲▲
CITIC Group Corp9
3,049.12,926.3
72,686.9
2,430.9China International Capital Co26 2.6
14
Haitong Securities Co Ltd
2,572.2
9
14China Securities Co Ltd
Bank of America Merrill Lynch15
8
2312Guotai Junan Securities
6
10
544Morgan Stanley
5
Deutsche BankCiti
11
2.4
3,313.5
9,069.23 +0.7
3,856.0
5,830.9
3.9-1.34.1
8
UBS
Deals
76
12
5.8JP Morgan
Credit Suisse
HSBC Holdings PLC
2
Fees
9.1 +2.0
ManagerChange in # of
5.3+0.6
2.7
-3.3
Share Ch.
4,070.9
2,832.5
3,763.42
3
▲
132.6
2.9
Share (%) Share Ch.
Asian Equity & Equity-related Volume - Lowest Since 2008 l China Merchants Bank's US$5.5 billion Rights Offer - Second Largest Deal Globally
Asian IPO volume to date reached US$17.9 billion from 192 deals, a 36.7%decline from total proceeds raised in the first three quarters of 2012. Convertibleissuance totaled US$10.6 billion from 41 deals, a 29.3% increase from volume inthe same period a year ago.
MarketMarketImputed Fees (US$m)
Jan 1 - Sep 30Asia Equity & Equity-Related Imputed Fees by Domicile Nation
Asia Deal Intelligence
In the first nine months of 2013, total estimated fees for Asian Equity & Equity-Related deals totaled US$1.5 billion from 925 deals, a 26.9% decline fromtotal fees earned in the same period last year, according to ThomsonReuters/Freeman Consulting.
Asian follow-on offerings to date totaled US$71.4 billion from 692 deals - thehighest proceeds since first nine months of 2010. Rights issuance this quarterregistered the highest quarterly volume since the last quarter of 2010, due in partto China Merchant Bank's US$5.5 billion Rights offer in September.
30%
40%
50%
60%
70%
80%
90%
100%
% o
f Im
pute
d Fe
es
1.3
16 1.7
-26.9%
▲
1,451.2
87.555.4
55.0
▼
▲
▲
Jan 1 - Sep 30 2013
2.1
38.0
-1.414.9
13.3
3.6
17.5%
0.5
▲▼
1.21.1
▲
+13
26.4
29.2
38.1
1.0
-▼
+5 ▲-1 2.2
38.1
26.4
58.619.216.1 1.1
+1.0+0.7
851.7▼
0.913.332.1
2.6
▲
+0.3
Share (%)5.3
+0.8
▲
1.8
-0.1
▲+1.5
▲
▲
▼
Market
▼
▲
-3.23.6
1.3
+1.1
1.4
+0.7
+0.1
-0.9
+1.1
-1.4
6.5
4.4
▲8.3
Top 10 Asia Equity & Equity-Related Deals (US$m)
Imputed Fees (US$m)
+0.3
4.45.4
+0.2+0.3
46.7
67.8
5.2
2.5
-1.2
5.2
-29.5%
Fees
▼
2.8
▲
-2.2
▲
-1.0
▲
+1.5
Market
+1.9
Share Ch.
Jan 1 - Sep 30
56.3
Industry % Change from Last Quarter
100.0
17 727.4
▼
1.0 -0.2Top Twenty Total
Industry % Change from Same Period Last Year
+0.820
-2.3%
12
▼-1.8%
▼
+3
8
▲1425
▲
▼
1.2
753.2
833.3
4419
784.418
*tie
▼
73.4
United Overseas Bank Ltd23
18 +1.1
CITIC Group Corp
2.2
-0.4
China International Capital Co
Macquarie Group
141,653.8
4,070.9 39
3.8
28
2.4+1.6
24
▲5.0
▼
5.5
32
4.248
7.6 274.9
33
3.4
4.1
+8
+13▼
# of Deals per Bookrunner# of
-
▲-5
Change in
4.0
10.1
5.0
3.704.0▼
-5.6
+9
▼
+0.2
▼-
-2
23
-0.8
▼ -330 ▲
29▼2.9
5,652.2
MarketShare (%)
Market Market
+0.8+1.3
0.8%
▲▲
-6.5%▲
+7
+2
▼
1.4 ▲
22
0
▼-13.0 ▲
2.4
0.928
9+0.5
10.2Share (%)
1,036.167.8
▼
7,569.5
67,765.6
1,250.7-0.2
▲
▼
2.0
▲
▲▲+0.8
13
+1.2
Huatai Securities Co Ltd20
Top Twenty Total
29
Industry Total
Woori Invest & Sec Co Ltd 1,653.81,600.4
21Bank of China Ltd
DBS Group Holdings
Standard Chartered PLC
CIMB Group Sdn Bhd 1,926.917
1.61.7
18
+0.8▼
15 2,039.01.916 -0.9
21
Industry % Change from Last Quarter
100.0 925
-24.4%
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
-5.3%
Bookrunner1
2012 Rank # of Deals
▲34
DealsProceeds
7,460.430
Woori Invest & Sec Co Ltd
JP Morgan
7
Morgan Stanley5
87
CitiCredit Suisse
24
2,832.5
3,707.3
Bank of America Merrill Lynch
3,727.6
2,926.36
10
10 12
16Kotak Mahindra Bank Ltd
11
26
12 11CIMB Group Sdn Bhd
Standard Chartered PLC
1411
17
15
9
13
▲▲
+0.4
+0.61,600.4
Malayan Banking Bhd
3.11.7
-5+8
1.5
+87
2.2
▲▼
712.111.3
67.8100.01,052.1
-30.3%
▲
▲▲▼
3.63.6 +8
▲
+52.7162.6
2.8 ▲
1,745.81,926.9
25 +7
1.0
22
863.6+0.5
22.0
1.3
+0.7
▲
▲
3
13.6
DBS Group HoldingsDeutsche Bank -0.8
39.9
+0.3
22▼
46.4
5
9
+0.9
▼8
▲
2013 Rank
HSBC Holdings PLC
UBS
4
Industry % Change from Same Period Last Year
Goldman Sachs & Co
99,895.1
Proceeds per Bookrunner (US$m)
6.0
6
19
Bank of China Ltd
-2.3
1.0
1.1 ▲
-1.3
2,690.1+1.12,039.0
+0.41.1
18
54,311.3
15
1.0
3811
746.7
-2.0
▼
+0.8▲
Industry Total 80474,157.9
12.1%-29.4%
Manager
▲3.5
+88
▼
Share Ch.▼
1.3
828
▼▼
▲
▼
-1.7
1.0
▲
0
▲
▼3.8
100.0
3.1▲
1.0
-1 32.12.0
1.41.7 ▲
-3.0
+13
+8+20 13.0
▲
$5,522
$3,218
$3,101
$2,137
$2,134
$2,062
$1,796
$1,484
$1,470
$1,304
China Merchants Bank Co Ltd
China Minsheng Banking Corp
Sinopec Corp
NTPC Ltd
BTS Rail Mass Transit Growth
Mapletree Greater China
Sinopec Engineering(Group)Co
Matahari Department Store
CCB Corp
China Huishan Dairy Hldgs Co L
9/3/2013
3/12/2013
2/4/2013
2/6/2013
4/4/2013
2/27/2013
5/16/2013
3/22/2013
9/3/2013
9/19/2013
0%
10%
20%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
China Hong Kong Singapore India Thailand South Korea Taiwan Indonesia Malaysia Philippines Rest of Asia
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+1.4 ▲▲ 4 2.1 ▲ 5.6
Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
251.3
100.072.2
+1.7 ▲▲
100.0
+1 1.71.4
407.4
18
4
1.4 +1.1+1.3
+0.2
2.4+2.3
1.4
2.3
▲
▲
+2.2 ▲+4
75
▲
▲
5
192
42.3
+1.3
2.1 +1.1
▲+1.9
▲
3.44.1
+3.0-2.4
450.6
552.1
+0.72.5
3.4
976.3
-5.22.92.5
862.5
▲
+2.3
3.1
+3.8
+1.8
1,036.71,036.7
1,114.4▲
+0.2
5.8+4.1
6.26.0
▲2
MarketImputed Fees (US$m)
BookrunnerDBS Group Holdings
278.1412.4
67.5
42 ▲
+3
2.1
▲-6.1
2.4
▲▲
+0.8
▲▲
▲2.6
+3▲
2.2-7
9.02.4 ▼
+0.7
CIMB Group Sdn Bhd
Top Twenty TotalBank of China Ltd
Bank of America Merrill Lynch
HSBC Holdings PLC
2836Woori Invest & Sec Co Ltd
Huatai Securities Co Ltd
12 713
33
4
Credit Suisse
2013 RankBookrunner
1
China Securities Co Ltd
Citi
CITIC Group Corp
11
JP MorganMorgan Stanley
Goldman Sachs & Co
6UBS 2
Market
8,795.2
10
5
4.3▲
Asia IPOs, inc Chinese A-shares (C7a)
7
10
▼
▲
▼
▲
▲
9
27
5.21.03.6
5.2 +3
▲+5 ▲
▲
+64.7
▲5.723.5
13.2▼+1 1.3-2
3.9▼
+1▲
2.0
▼
7.5 1.8
-1
▲
2.6
3.6
4.2 +6 ▲
3.6
9.9▲
+4+2 5.2
-133
4.1
16.1
1.37.2
17.08.4 +1.1
3.2+2.6
+1.0+0.9
▲
+4.2
▲
Jan 1 - Sep 30
+3.5
MarketShare (%)
1.0
2.18
Share Ch.▲
24.715.7▲
Share (%)
6.0
4.9▲
1
Market
3.6
Change in MarketDeals
+3.9ProceedsProceeds
+3.4
30HSBC Holdings PLC
2012 Rank
+1.2 ▲1,070.1
+2.0
9.97,034.8
+0.67.9
43
34,722.3
4.43,929.2
Share Ch.# of
Proceeds per Bookrunner (US$m)
1
5.3
Deutsche Bank
Market
Guotai Junan Securities
20
9
24
DBS Group Holdings
China International Capital Co10
Share (%)3.4
▲▼
Change in
+1Share Ch.
# ofProceeds per Bookrunner (US$m)
16
Share (%) FeesDeals
5.1
# of Deals per BookrunnerMarket
▲▲
5.55.8 +5.4
11
12
Citi20
Share (%)2013 Rank
▲
MarketManagerFees
4.77
Share Ch.
3.677.0 5.8 9
4.8+1.8
63.6
+2
+23*
41.2▲
UBS
3.1 Goldman Sachs & Co
-3
▲ 39.2
23 57.237
30
+1129 3.3
-4
57.3
Bank of America Merrill Lynch
4.1
23
3
China International Capital Co
Macquarie Group
8
9
▲3.2
-▲
100.0
▼
2.439.9
53.731.7
JP Morgan12
+2.1+1.1
Morgan Stanley
Phatra Securities Co Ltd
▼
▼
-3.6 ▼
11
431.1
7
523.52
448.1
761.7
14
Bank of Communications Co Ltd 20
Siam Commercial Bank PLC
Top Twenty Total
17
Industry Total
▲
Market# of Deals
5.0
ManagerImputed Fees (US$m)
+320.3
18.7▲ 4.6
CITIC Group Corp
603.3
Credit Suisse 8
10CIMB Group Sdn Bhd
Deutsche Bank+3
▲
7 +4.8
18.9+38 4.2
+3.9
+1 ▲
# of Deals per Bookrunner
+3.8▲
20.5
Market
+0.4+0.8
3.8
▲3.0
-1.4
▲
▲
▼
21.8
5.2▲+4.7
▲+2.2
5.3
+4.1
+0.7
9.7
740.3
2.6
▲
3.8
4.5▲
▲
▲+3.5+2.4
▲
7 3.64.8
▲
406.3
▲+1.1+0.5
49*
251.8
17,910.0
13
▲ 609.3
46
17
-0.5 6
4.3
▲
▲
3.010
5
▲
2012 Rank Share (%)
553.9
45
# of Deals
▲
+1.5▼
2.6▲+12 3*
1.9-0.9
-2.0
3.2
▼-3.9
2.9
3.7▼ 3.4
19
26▲
19.2
▲
+8
-4
+6
-1
+3
0
26.5
1,326.8
29.2
1.5 62
▲
382.189
8.114.3 -1.4
2.0+0.1
12,915.6
Oversea-Chinese Banking 18 24
▲756.8
40+0.4
19
92
-0.4 Kasikornbank PCL
+0.416
▲
▲
+1.4
15Bank of China Ltd
0.61.1
2.2+1.31.9
+1.82.7
-1
2.30
-3
▲
▼
1.6
1.5
0.8+16
-0.1
0.8
▼
▼24.9
▼-
2.10.9
1.726.9
▲
▼42.6
▲+2
-
+13.4
-8▼
+0.1+1.8
2630
35.1
2.022.7
▼ 49.9
▲11
172.9
6
2,854.77 ▼
-0.1
8-2.0
9 2,920.8 3.3
+1.2 20
1.2+1.7 ▲
65.6
-0.8
-0.5
2.01.7
-1.2Haitong Securities Co Ltd
1,036.1
15
1,078.1
▲1716
18
1,760.1
Industry Total
Standard Chartered PLC
19 14
1,517.1
89,280.9 100.0
0.01.220
12
2,147.3 2.4
271,384.1
11
+0.5
14
5
2,570.7
+1.1▲
18
26
8
25
2,894.2
2,281.7▲
2.9 ▲3.0
2.7
+1.5
2,430.92.6
3.2
▲
71.61.3
▼2.1
7
14
13
8
13
884
▼
+1.1
▲+31.5
+6858,351.6
2 3,324.54.2
▼
1,158.9
▲
2,638.6
4.1 +2.1▲
3.1
1,872.3
Jan 1 - Sep 30Asia Common Stock, inc Chinese A-shares (C4a)
-61
▲
87.6▲
108.9
2.4+1.5
124.5
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter 79.5% ▲
10,614.1 100.0
+15.215.2
1.9
1.5
10.4
2 +1.0+0.5
100.0% ▲
▲
-59.8%
3.601.5
- 2.9+1
▲
2.0%58.9% ▲
▲1.9
▲
100.0
▼-3
+1 ▲+2.4 ▲▲ 2.4
3.5
▲ 2.5
4.3+0.1+2.7
2.4
2.0
2.8
▼2.44.9
2
2.9
-▲
+11
▼
2.4
24.9
▲
4.94.9
▼▲
4
-2
2.4
19.2
+1.3 ▲
+2.5
12.24.0
9.8
Share Ch.
# of Deals per Bookrunner
1▲
-4.3
Deals▲
5
▲9.4 +2.6
Market
Asia Convertibles, inc Chinese A-shares (C9b)
+16.9
# of
-
11
3
4
20
-
16
5 166.8
200.0
1.6
-
-1.1 0▼
+2
▲+2.4
4.0423.1
3.46
-3-
▲
▼+1
+1.7
-0.1
-3.7
+1
-1.2
2 +1
▲
4▼
▼
7.3 -1
▲12.2
+1
▲
2.5
438.9
3.7+1.4
392.7
269.7
424.94.1
9.8
5
5
43
1
1
3
MarketShare (%)
14.3▲9.8
12.2
+2
▼2.4 +1
▼12.8
4.6
Market
-62.9%
▲Share Ch.
▼
11.5 +10.5
Imputed Fees (US$m)
Fees
-40.9% ▼
▼
▲
▲
-0.3
550.8
+4.0
1,108.6
5.21,001.3
JP Morgan 3
2012 Rank
62
Goldman Sachs & CoBookrunner
2013 Rank
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
6.5
# of DealsShare (%)
-26.8%
6.5 5.2
Manager
15.9
▲
3.1
+2.23.7
▲▼
▼
-9.1
Market
-1.21
2▼5.7 Haitong Securities Co Ltd
Market
567
20
5 Bank of America Merrill Lynch
1.2
1
Morgan Stanley
861.0
1.6Sealand Securities Co Ltd 18
1.6
▲0.61.2
3.2 +13
8
▲
7.3
▼5.2
+0.3
▲
3.9▲
-1.5
▲
▲
▲
▲3.6
▲
-1
8Goldman Sachs & Co7China Securities Co Ltd6
▼Citi▼
Bookrunner
Industry % Change from Last Quarter
-5
▼
94.6
▲
4110,036.1
29.3%
55.3914.4
21.7%▼
+0.7
▲
1.517
+0.7▲+1.6
Industry Total
▲CITIC Group Corp▲
12▼
▲DBS Group Holdings
Nomura
13Nikko Citi▲
CIMB Group Sdn Bhd
+0.8
100.0
1.1
0.6
Deutsche Bank▼
▼-1.0
Woori Invest & Sec Co Ltd-3.2
China Renaissance Sec(HK)Ltd
14*+0.5
▼ HSBC Holdings PLC+0.6-1.4
011
-0.2
▲ 2.44816 355.6
+1.9 1183.3
910
▼
154.8
1.6
-
14*
3.5+2.9
▲1.7
-2.213
4.1
2.42.9
3.03.0
141.6
▲
+1.5Morgan Stanley
+3 ▲
18 27
▲+3
2
166.8163.9
-0.62.8+1.8
5.35.16.6
4.4
5.15.4
+0.75.4
+4.14.16.7
+4.0+2.8
▲▲
+4.0
▲
+4.5
+1.1
▲
Jan 1 - Sep 30
Proceeds per Bookrunner (US$m)
-2,034.4
-39.2%
2013 Rank
2
19.0%
Change in
▼
2012 Rank
▼
Share (%)ProceedsMarket
-36.7%
1,608.8
Industry % Change from Same Period Last Year
+0.7
-2.3
-34.1% ▼
Imputed Fees (US$m)
-28.8%
▲-2.6
4.53.5
52.3
3.3▲
2.2
-1.325.5
2.0
+3.8
0.6
1.0▲+1.6
2.0
1.01.4
+114.440.2
▲▲
+729.4 3.2 +2.332.0
12
1 15
+0.2▲
JP Morgan
UBS
4Credit Suisse3
Asia Secondary Offerings, inc Chinese A-shares (C8c)
# of Deals per BookrunnerMarket
-8.2%
4
Market
-30.3%
UBS
4Guotai Junan Securities
China Securities Co Ltd
2.9
▼
+3
20
▼
14 2.0
+9
19
4 -
▲+17
2.0
+3
▼ 3.0
+1.4 ▲
2.9
14+1.9
▲
3
21
3,167.5
36
833.3
Huatai Securities Co Ltd
3.0
1.8
2,370.72,548.7
53 974.1
-2.1
12
▲
▼
8.4
ProceedsMarket
Share (%)
Proceeds per Bookrunner (US$m)
4,170.1 5.8
8.3%▼
44.7# of DealsShare Ch.
▲
ManagerChange in
7,818.9
1838
+0.4
-1.2 23▼
▼
▼-9.5%
5.5
# of
4.9▼3.3
Jan 1 - Sep 30
11.0
28▼
▼-32.6
-6+1
▼
4.4
+2.5
▲
2 2,287.8
▲3.6-0.6+2.5-2.7
20
3
3.383.2
CITIC Group CorpCiti
5,998.2
▼
Credit Suisse
-7.3
Deutsche Bank 10 10 2.99 7 2,114.4
1,833.61,980.3
2.6
8 3.033 2,147.3
2,058.311 24China International Capital Co
5
0.0 -
Bank of America Merrill Lynch▲2.8▼-3.112
HSBC Holdings PLC 13 9 1,500.6 2.5
16 137*
0.417
1.8Woori Invest & Sec Co Ltd 14Standard Chartered PLC 15 26
1,316.81,284.8
19
CIMB Group Sdn Bhd 17
Haitong Securities Co Ltd Daiwa Securities Group Inc1.3
14 1,156.8+1.2 ▲
▲▲
15.2
25-
+0.51.32.4Daewoo Securities Co Ltd
Top Twenty Total▲+1.1117.6 11.120
19▲
4
227
1.2+0.3
132.5+0.94.9
▼
MarketShare Ch.Deals Fees
▼
Share (%) Share (%)
2.7 -1
41.1▲
▼
-41.2
4.0 ▲
-1
14.2+6
4.730.2
18.015.2
2.1
20.5▼
1.7
-2
0
▲ 42.6+5▼
820
+8 ▲
+1.1
▼
▲
0.0
-1.02.1
-
+0.6
19.4
2.623.6
16.0 1.8
6.6
10.1
1.9
-0.5
▼
1.6
47,582.1
17.30.7
▲
504.166.7
▲
▲+3
+201
14
1,158.9
31
Industry % Change from Last Quarter▲
692
▼▲
100.0
40.9%-16.6%
*tie-38.1%
71,371.0Top Twenty Total
3.4%-26.7% ▼
Industry % Change from Same Period Last Year
Kotak Mahindra Bank Ltd
▲
Industry Total
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100.0
Australia & New Zealand Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
-39.9% ▼ 0.0% ▲ -45%1463% 1242%
32.297.331.4
.1 0.4RBC Capital Markets 8 - 7.4 0.2 +0.2 ▲ 1 +0.4 ▲+1+13.717.6▲
5.9 ▲+3 ▲3
29.4 ▼▲4.4 13.7
3.9First NZ Capital 7 - 283.0 7.6 +7.6
12.15.1▲ 1.7▲ 5.9 +1
+45 -10.3▲
Forsyth Barr 6 3 290.8 7.8 -2.8 ▼ ▲
+9.911.8Credit Suisse/First NZ Capital 5 - 472.5 12.6 +12.6 +5.11
▲▼
Macquarie Group 4 - 511.5 13.6 +13.6 ▲ 2 +2 ▲16.9
-4.4
-29.9+12.8
+4 ▲3.2 9.9
UBS 3 1 516.6 13.8Goldman Sachs & Co 2 2 792.4 21.1 ▲ 5+4.6
29.4-53.9 ▼ 5
4▲ 7.8 24.1+4 ▲
+229.4
Deutsche Bank/Craigs Invest. Partners 1 4 876.5 23.4 +18.1 ▲ 23.5
Manager Market Market# of Deals
▲ 4.9 15.1Fees
# of Market Change in Proceeds Share (%) Share Ch. Deals Share (%)
2013 Rank
2012 Rank
Market MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner
Total fees earned in Australia in the first three quarters of 2013 were AU$323.5million, a 6.6% decline from the same period last year, according to estimates byThomson Reuters/Freeman Consulting. UBS, the top bookrunner of Australianofferings, captured 23.4% of the total fees in the first nine months.
Imputed Fees (US$m)
Share (%)▼
Share Ch.
5.4
1.6
1.9 1.340-0.4
▲
6+1.1
▲+1.8 6+1.8
2.1 +0.32.1
▲
+2.9567.8
9 5.3
421.0
-0.74.5484.8 3.8
677.2
▲-9.4
0.8-0.6 3▼
56
▼6
1,725.3
2013 Rank Proceeds
-2.09
1
Market
Australian Equity & Equity-Related (AK1)
12
JP Morgan 8▼
1011
241.3
3.6
2.97 3.3
2.0262.4250.7
Deutsche Bank
+8.9+6.3 4.3+23.0
-
▲
5-4
Australian Equity & Equity-Related proceeds for the first nine months of 2013reached AU$12.8 billion from 372 deals, a 9.9% year-on-year decline.Issuance from the Industrials, Real Estate and Financials sectors captured20.2%, 19.9% and 17.1% of the market, respectively.
▲
39.5
+2
1.6
+21.1
# of Deals per Bookrunner
▼-
-101.3
▼▲
+31.6
10.8-3.0
▲Industry % Change from Same Period Last Year
3.71.4
Industry % Change from Last Quarter▲ ▲▲
1.3+2.42.9
▲ 3,750.7▲
+12 100.017
▼
3,750.7 100.0
▲Share (%)
+2
▼
▲
Industry Total
23 4.0
+1
6.24.8
--23 12.0
▲▼
0
240%▼
▲
-2.1▼
6.4 2.0 +0.2
▼
-7
+2
3.610.813.1 4.1
4.614.9
0
4.2
Imputed Fees (AU$m)Manager Market
-1.3
+0.4
+0.7
3.2
+0.9▲
4.313.9
▲
Australian Common Stock Volume Up 10% l Real Estate ECM Proceeds - Highest Since 2009 l New Zealand Equity - Record High Totals
# ofShare (%) Bookrunner
Jan 1 - Sep 30
Australian IPO volume to date totaled AU$1.3 billion from 18 deals - the highestfirst nine months proceeds since 2008. Follow-on offerings this year reachedAU$11 billion from 344 deals, registering a 1% increase from the first threequarter volume of 2012.
New Zealand Common Stock
Top Ten Total
▲
-4.2
154.1
4.551.812
▼
6▲+0.21.2
▼
23.4
10.4▲
-2.1
-0.8
+2.03.3
12.9
9.2
6.2
1.3 ▼
51.475.8
+1.5 ▲15.9
+13.0
Bell Financial Group Ltd 263.1
11Credit Suisse371.2RBS Morgans Ltd
5,033.8▲
Share Ch.▲
4
Deals
Proceeds per Bookrunner (AU$m)
Bookrunner Share (%)
5
2012 Rank
4
Share Ch.
Macquarie Group
Jan 1 - Sep 30
Market# of Deals Fees
Change in
13.5 16
185
Market
1.3
▲
0▲
+3
231.4
4
Morgan Stanley 457.1
13Petra Capital Pty Ltd 17
Goldman Sachs & Co
Patersons Securities Ltd
38*43
14
Moelis & CoBaillieu Holst Ltd
UBS
8
Bank of America Merrill Lynch
7
3
11.6
Market
▼13
▼
23
5
12
2
Australia Deal Intelligence
RBC Capital Markets 1915 13
-1
20.9▼-0.50.9
16210 0.8
0.8-1.4
112.7▼
-0.297.2
▼
92.7
105.1
0.90.9 -
Industry % Change from Last Quarter 27.9% ▲ 36.6%
-77
Industry % Change from Same Period Last Year 9.9% ▲
Industry Total 12,299.2
▼
100.092.9
-17.5%
362
▲ 20.8RBC Capital Markets 19National Australia Bank 97.2Top Twenty Total
105.1112.7
11,439.720
+0.40.918
▼▲0.9
1.0
-11.1
▲0.9 ▼-0.8
0.617 226
▼114.9
0.9114.51.1
2
5241.3 -3.5
+0.2
1.9
17154.1229.5231.4
1.31.9
Petra Capital Pty Ltd-0.2
▲
2.0
12
15
-0.3
119.2+0.1
▼▼ 40-0.8
1.411 512 10
4
2.039262.4 2.1
▼
+1.7 ▲+1.7
5
-1.1
9 34*
484.8 3.9-3.8-1.1
-0.2
-1.9
▲
Goldman Sachs & Co811
JP Morgan
263.1
457.14
46
▼4
+23.2 ▲
+2.53 677.2
1
5.5+6.0
3.0 23 6.4-6
18
0.83▼3.7
▼
Industry % Change from Same Period Last Year ▼
Proceeds2012 Rank
-3
1.16 1.7
3.6
▲
37.4%▲
Australian Common Stock (AK2)
12,758.6
Industry % Change from Last Quarter
+1.54
+5+9.416
Share (%)
Top Twenty Total
-9.9%
100.0 -79372
+0.4 ▲ 4
-6.6%
-9.0
▼
+20.0
0.80
3
-5-53.5
0.5
1.9▲
▼ 3.3▼ 2.16.8
2.9
Bell Financial Group Ltd 8
Patersons Securities Ltd
Canaccord GenuityCommonwealth Bank of Australia
15
7
1 4,980.8
Bank of America Merrill Lynch
5
76 447.2
RBS Morgans Ltd
10
30
Deutsche Bank
14
-
Credit Suisse 13
Hartleys Ltd
16
119.2
National Australia Bank11,804.8
26.8%
18
20
Hartleys Ltd
Industry Total
15
3.8
4.2
▲
▲6
0
+2
323.5
0.00.5
+0.41.3
-
1.44.5
+2
0.0
21.6%
Imputed Fees (AU$m)
6.4
▲
▲
▼
1.7
314.8
2.9
270.7
2.2
▲1.1
0.913
22.4%
0.8 - +0.4
▲
30.6
▼+2
3.36.83.6
▲
4-4
+1.3▲
1.1
▼2.0
▲0.6%
100.0
-6.6
1.7
▼
3.5
-5
5.6
0
0
1.1
1.9
-2211.0
1.6
12.02.8
-2.3
1.85.1 +0.3
8.7 +0.8
▼+2
Market
3.310.4+4+2
3.4
-10
16.3
7
Change in
6
▲
▼
-7
+3
+3
Share (%)
▲
278.3
▲
- 3.5
▼
86.1-
0.9
1.0
▼▲1.7
5.1 1.65.6
-7 ▼
Jan 1 - Sep 30 2013
▲
-
▼
+1.185.8
-0.6
-1.1
▼
Morgan Stanley
Deals# of
9 1.1
6.1
2013 Rank
22
Market
▲
-
Top 10 Australian Equity & Equity-Related Deals (AU$m)
9.2▲
▼ 5.0
▼
Manager
74.1
-2.3
Share Ch.
▲12.4
+13.5
+0.9
-1.7
Moelis & Co
3.7
▲
1.1
1.4
4.4▲
+1.0
*tie
2.1
+0.8
250.7
16
▼
14
Baillieu Holst Ltd
# of Deals per Bookrunner
7
Citi
371.2
Market
14.040.5UBS
Bookrunner
Macquarie Group
Share Ch.
1,725.32
Market
3
Share (%)
12.94.74.13.9
14.9
10.811.6
Fees
Proceeds per Bookrunner (AU$m)
-17.5% ▼
▲51.4
▲+1▼
# of Deals
▲
23.5
▼-1.4
2.9 +2.4
▲
-0.4
+0.5
Jan 1 - Sep 30
-
▲▲
▼
▲▼
▲▲
▼▲
▲
0.0
Market
-6.2▼
▼
100.0
1.1
+0.4Commonwealth Bank of Australia
19Canaccord Genuityp y
29114.5Citi114.9
17 3
$806
$664
$553
$477
$404
$400
$381
$351
$343
$339
Aurizon Holdings Ltd
Westfield Retail Trust
ASX Ltd
Transurban Group
Mirvac Group Ltd
Stockland Corp Ltd
Sydney Airport Holdings Ltd
Bank of Queensland Ltd
ALS Ltd
Virtus Health Pty Ltd
3/16/2013
2/28/2013
6/12/2013
7/30/2013
5/10/2013
5/22/2013
8/15/2013
4/30/2013
8/12/2013
5/16/2013
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Japan follow-on proceeds tripled compared to the first nine months of 2012,recording US$26.8 billion from 112 deals, fueled by three US$1 billion+ dealsannounced during the third quarter, from Daiwa House Industry, Dentsu andOlympus.
Japanese Equity & Equity-Related proceeds totaled US$39.2 billion from 172 deals,representing the highest first nine months proceeds and deal count in the last threeyears. Total estimated fees were US$1.2 billion, an 84.6% increase from the sameperiod in 2012, according to Thomson Reuters/Freeman Consulting.
Japanese ECM Market Highest in Three Years | Follow-on Offerings Fueled by Billion-Dollar Deals | Convertible Bonds Highest Since 2007
Jan 1 - Sep 30
-32+2
1.21.7 ▲ ▼
▼- 3 5.6
1.815.3 -2.6
-0.4
+3▲
▲▼ -0.80.7
▲
8.90.5
▲1.4 +1.3▲
1.3
16.221.0 ▲+1.8
▼
▲+5
8
▼
▲4.1
+1
+1.42.52.0
5 +52.8▲ 33.4
52.3▲
2.9
Share (%)
+8
7
33
▲ 4.4
19.237
▲
▲
▲30.8
8.8▲+3.5
-4.7
▲
▼
14.6-2.0
▼
+3.1369.5
▲ 106.14.7
12.8
56.6
▼+3.9
2.9-1.6
+2.0
▼
▲5-3.6
1.73
+2.4164.0 13.7 -4.9
▼
+23+5
9▲▼▼
9
-3.7
+3.9-7.0
52
7
5.52,161.8
462.8
2.89
10.64,022.8
10.2
971.1
3,989.2
▲
+9.910.3
+1.3+2.5
1.2
1,113.3
0.20.7
-
6- 785.0
253.6
Mizuho Financial Group 5
UBSJP Morgan
Barclays
7
9
6Sumitomo Mitsui Finl Grp Inc
8
Citi
5.2
15 65.5Deutsche BankBank of America Merrill Lynch
12
Goldman Sachs & Co
Daiwa Securities Group Inc10,369.6
Mitsubishi UFJ Morgan Stanley 34
2 4
10+1121
1011
4,168.24,187.7 ▲
23.8 +2012.23
5,959.1
Japan Equity & Equity-Related (C1e)
2012 Rank
Imputed Fees (US$m)Manager
# of Deals per Bookrunner
Japan Deals Intelligence
Fees
Japan Equity & Equity-Related Volume by Issue Type
Proceeds per Bookrunner (US$m)2013 Rank Share(%) Share Ch. Share Ch.Share (%) # of Deals
Market MarketBookrunner
Change in
1 1 +30▲
Market
Nomura
21.5
5.2+21
Tokai Tokyo Financial Holdings 13
▲+1.0+0.4
10.7
0.0
# ofDeals
41
Proceeds26.515.2
MarketMarket
-5.4 175.4153.3
Japan Equity Capital Markets
▲62▲
36.0
First Nine Months 2013 | Equity Capital Markets | Managing Underwriters
Japanese convertible bonds recorded the highest proceeds since 2007, atUS$4.1 billion from 23 deals; a 165% increase compared to the same periodin 2012. The US$510.4 million Kawasaki Kisen Kaisha deal was the largestconvertible bond deal during the third quarter.
Jan 1 - Sep 30
437
296
320
215
90
172
150
200
250
300
350
400
450
20
30
40
50
60
# of
Issu
es
Pro
ceed
s (U
S$b
)
-0.7 +1 ▲ .4 0.0 0.00.1 +0.1 ▲
M&A International 19 - 5.1 0.0 0.0 -
0.1 +0.1 ▲
Maxim Group LLC 17* - 5.2 0.0 0.0 -
- 1 0.6 +1 ▲ .7Maxim Group LLC 17* - 5.2 0.0 0.0M&A International 19 - 0.0 -5.1 0.0
0.6
▼7
5.4
5▼
0.6
▼
+0.1
▲+1▼-1
▼1
0.0.9
0.0
-0.1
2.7
2.0
4
2
2.0
▲▲ .7
0.0
.1 0.0
1,200.7
0.3Toyo Securities Co Ltd 16Benchmark Co LLC 17* - 5.2 0.0 - 1
▲
10.5 0.0 0.0 - 0.7
1
23.5
1.3
48.1
+11
.1 0.0
91.1%
▲
▲ 84.6%
0.1
99.0
0.0 0.0 -
SBI Holdings Inc 15 16 15.6 0.0
▲
27
16 17 10.5 0.0 0.0Benchmark Co LLC 17* - 5.2 0.0
-
Industry Total
.9
39,196.8
Toyo Securities Co Ltd 0.1 0.0 -
0.7
149
1 0.71
35
462.8- ▲
-5.93,272.77
594.8 1.7+2.2
▲20
9.3-7.8
2.2
710.610.9 +10.1
▼4
5
2013 Rank
4,058.55,052.32
Proceeds9,445.61
3
70.5%
5531
Market
▲▼
Share Ch. Deals
Jan 1 - Sep 30
3.4
+82+8298.5
172
1 0.6 -1
21.7
- 1
+0.1 ▲-0.1
1.2▼▼
+1
▲▼ 3 -1
5.2+2-
0.40.3 0.0
+0.1 ▲0.10.0
3,809.511.6
38,577.5
26.9
Proceeds per Bookrunner (US$m)
Share (%)
Industry % Change from Same Period Last Year
Bank of America Merrill Lynch
Ichiyoshi Securities Co Ltd 14
6
17
Tokai Tokyo Financial Holdings 1211
89
UBS
Barclays 10Citi
35,103.0
65.515
957.2
▲
Deutsche Bank
Industry Total
8
13
3,702.1
2,161.8JP Morgan 74
5Sumitomo Mitsui Finl Grp Inc6Mizuho Financial Group
100.0
84.2%
▼
3▲0.1
34,483.7 98.2
9
3.4
+0.126.2
-0.1 -1.4
0.0
1.3
3
▲
785.02.7
▲
+22
-
▲
Top Twenty Total**100.0
1,088.3
▲79.5%
98.7
-1▼
104.1%
+2
+76 1,098.4
3.4
+1 ▲ .7
0.1
▲
▲▼
-2
▲+1
▼▲ 0.5
52.3+5▲
+4
3.4
+4+3
+2
21.0▲
8 2.72.03
▲ +1.2
1.40.6
-2.8▲
+3.3
Market
▲
+11 ▲▲
+5.450.4
156.54.6
+32Share (%)
Mitsubishi UFJ Morgan Stanley 3
Nomura20.8
2012 Rank
13.4
1 ▲Share Ch.
+13
Share (%)
▲-2.9
31.5Fees
▲
▲▲
6.8 +0.6+1.91.9
15.6
+1.7-3.9
Jan 1 - Sep 30 2013
Imputed Fees (US$m)
+4.8# of Deals
▲+6
29.6
-5.3
+2.7+15 8.2
14.390.4
▲
▲
# of
129.8
Japan Common Stock (C4d)
36.9
▲
# of Deals per BookrunnerMarket
4.7
Bookrunner
Industry % Change from Last Quarter
100.0
Industry % Change from Same Period Last Year
1614 26.2-15
Manager
1.9%1.9%
SBI Holdings Inc
Top Twenty Total**
3.3%
Change in
▲
1,188.6
Market
345.6
171.1
100.0
11.815.6
0.5
▼
4.8▼
-0.70.3
-5.7▼▲
4.718.1
5.20.7
5.5 ▼
▲
▲
15.2
-4.410
-0.2
+1.0
Daiwa Securities Group Inc
2
6.2
14.4
-
Goldman Sachs & Co
Ichiyoshi Securities Co Ltd
90.3%
▼
-0.1
-0.5▼
+0.2
-
-
+4.5
0.2
+3.5
▲
Market
Top 10 Japan Equity & Equity-Related Deals (US$m)
7240
87 8790
0
50
100
0
10
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
IPO Follow-On Convertible # of Issues
$7,753
$3,972
$1,761
$1,651
$1,450
$1,282
$1,177
$1,143
$929
$796
03/11/13
06/24/13
06/03/13
01/16/13
07/23/13
07/22/13
07/18/13
02/04/13
05/29/13
01/16/13
Japan Tabacco
Suntory Beverage & Food Ltd
Nomura Real Estate Master Fund
Aozora Bank Ltd
Daiwa House Industry Co Ltd
Dentsu Inc
Olympus Corp
Nippon Prologis REIT Inc
Sumitomo Mitsui Trust Holdings
Nippon Building Fund Inc
**Bank credit excludes self led deals per standard criteria
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-9.1% ▼
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Industry % Change from Last Quarter*tie
50.0% ▲ -6.0% ▼13
+1 ▲2.7+0.2
▲+0.9
96.8
24.9%
Market
▲23.3%
# of# of Deals per Bookrunner
MarketShare (%) Share (%)# of Deals
▲
Change in Share Ch.
0.1 +0.1
▲
Jan 1 - Sep 30
10.0%
+7
-13.02.9
+1
.4
▲
37
+8.6
▼
▲▲
29.1
-86.6%
100.0337.2
5.41
+1.92 +2 ▲ 7.10.92.1
2 5.4▲ ▲6
+2-4.2
▼-3 ▼+2 26.0
8.7▲
+2.1+17.737.2125.5
16.2
▲+3.6
16.27.7 ▼
16.2
FeesShare (%)
▲
51.464.1
▲8.1 0 -
▲15.6
-20.5%Industry % Change from Last Quarter
99.9Industry Total
▼
269.69
23,628.3
2012 Rank
Market Market
6 43.9# of Deals
19
Proceeds per Bookrunner (US$m)# of
378.5-
Japan IPOs (C7d)
1
Bookrunner
Mitsubishi UFJ Morgan Stanley3
Mizuho Financial Group
3.3-
518.75.3
+4.6
-6.01,581.6 19.1-5.2
4.6+5.3
-12.23 6.3
4 907.9 11.0524.8
441.4
Share (%) DealsShare Ch.
Daiwa Securities Group Inc 4
2013 Rank
1Proceeds
2 6.3 -17.0
Nomura
Goldman Sachs & Co
Sumitomo Mitsui Finl Grp Inc
8Citi -
5
SBI Holdings Inc 0.0
8,271.5
▼
100.0
0.112
# of Deals per Bookrunner
6
Top Ten TotalM&A International 10
0.2
67
Share (%)Market2013
Rank2012 Rank
MarketFees
ManagerDealsBookrunner Share Ch.
-89.0%
Proceeds per Bookrunner (US$m)Market
Proceeds
Japan Secondary Offerings (C8d)
▼
Imputed Fees (US$m)
29.3 -18.9
▲8.6
326.6
▲0.9
+37.9
▼▼
6
▲
▼▼
3
Change in
+0.1-▲
8.12.7+3.3
31
▲
19.0
Market
11.6+3
Share (%)+10
▲39.2
Share Ch.▲
ManagerImputed Fees (US$m)
Jan 1 - Sep 30
MarketMarket
JP Morgan
8,271.4-
Japan Equity & Equity-Related Proceeds by Industry (US$Mil)
5.1
Industry % Change from Same Period Last Year
Jan 1 - Sep 30 2013
Japan Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters
$12,35832%
$10,71127%
$4,92213%
$3,6499%$1,763
5%$1,740
4%$1,647
4%
$1,1933%$787
2%
$3321%
95.70%
Consumer Staples
Real Estate
Industrials
Financials
Healthcare
High Technology
Media and Entertainment
Consumer Products and Services
Retail
Materials
Energy and Power
**Bank credit excludes self led deals per standard criteria
▼▲
*tie134.2% ▲165.0%
4,093.8
▲Industry % Change from Last Quarter
97.3
Daiwa Securities Group Inc
Deutsche Bank 4
▲165.3%
+699.6
102.4 100.0
▲▲
▲ 134.3%275.0%35.3%
100.0100.0
4,093.823
4.31 -0 4.2 -14.74.29 3 129.2 3.2 -13.2 ▼8 ▲ 4.3
-7.31 3.7
-1 ▼ 5.6 5.47.0
▼+4.0 7.5
1 4.32 8.7 +1 ▲ 7.3
+1 3.7▲▼
+4.4 ▲
+3.7-4.8
3.8 +3.8
6.0▲ 6.29.4
8.8 +8.89.2 ▲
▲▲
15.315.6 ▲
8.72 +2 ▲+6.0
▲
1 +1
10 43.5+8.7
9.2 +8.0
23.523.9 23.37 30.4
22.9
4.3
▲
▼Fees
6▲ ▲+626.1
-2 ▼
-
-19.2
Manager MarketShare (%) Share Ch.Deals
▲ +5.5+7
156.0-
Japan Convertible Offerings (C9e)
UBS
1
57
2
Sumitomo Mitsui Finl Grp Inc
100.025,588.626,831.5
Industry % Change from Same Period Last Year
Industry % Change from Same Period Last Year
+69
UBS
Proceeds per Bookrunner (US$m)Market
63.3%Industry % Change from Last Quarter 98.8%
761.2729.4
100.096.0
▲
112
99.1%▲ ▲122.5%▲
18.0
▲+4
▲ 2.4
3.1
6.8+5
▲+2
▲+3
+0.928.5
0.9
14.1+11
5.0
5Goldman Sachs & Co
-
Nomura
-
205.5
4358.8
+18.3376.3
122.2
▲
-28.9▲▼
750.1-
287.2
+9.2
924.0
MarketChange in Imputed Fees (US$m)
▲
+5.6
+2.4
+1.623.2
# of Deals
# of Deals per Bookrunner
100.5
21
22.3
107.1
2012 Rank
25.9
36
Jan 1 - Sep 30
+13 ▲
4.5
-3.5+22
+1943.4▲
▲
15.45.7
+16
-7.0▼▲ 117.3 -13.4
8.5
+3.5
64.515.217
▲
▼
10
359.2
3,431.02
4
▲
4.5
4
-0.9+4.1
8
▲18.8
+11.1+12.8
5
6
+0.7 ▲
95.4
▼-10.6
2,476.9
Share Ch.
▼
▲▼
+8.8▼
+425
32.1▲
29
Share (%)
Mitsubishi UFJ Morgan Stanley
+9.2▼
Mizuho Financial GroupBarclays
▲
906.82
6
Bookrunner
13.228.9220.1▲
+1.9
▲
▲
Proceeds
▲
▲
3.6
210.3%
515.4
86
2.2
Market# of
23.6
5
160.5%
7.18
-22.6
10.4
1.9594.8
12.816.921.7
10.3
5,817.3
▲
UBS-0.7
3.86.4 +2.6
Barclays1.8
▲
Industry Total
Industry TotalTop Ten Total
Industry % Change from Last Quarter
2013 Rank
▲
Share (%)Market
46
957.2
-Citi
Sumitomo Mitsui Finl Grp Inc
1
2,754.02,794.2
4,527.53Goldman Sachs & Co
5Nomura
Mizuho Financial Group
JP Morgan
Top Ten Total**
7
10
Mitsubishi UFJ Morgan Stanley
1Daiwa Securities Group Inc
3
9
1,720.3
- +2.2
▲
2
750.1 18.3
22.6
Japan IPO Quarterly Volume and Numbers (US$Mil)
179
170 198
121
49 20 22
36
54 37
-
50
100
150
200
250
-
2
4
6
8
10
12
14
16
18
20
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
# of
Issu
es
Pro
ceed
s (U
S$b
)
1Q 2Q 3Q 4Q # of Issues
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-
-
-
-
-
-
-
Mark Moss
First Nine Months 2013 | Equity Capital Markets | Managing Underwriters
Ranking Criteria Summary
Tel: +1 646.223.8416Ranie GuoAmericas
If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:
E-mail: ranie.guo@thomsonreuters.com
All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters databases as of 9:00am EDT on September 30, 2013. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.
Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year.
Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.
Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley.
Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Tel: +44.207.542.4631
EMEA
E-mail: aki.sato@thomsonreuters.comTel: +813.6441.1120
E-mail: mark.p.moss@thomsonreuters.com
Aki Sato
Michelle Abuzo
Japan
Tel: +632.858.7201
Asia-Pacific
E-mail: michelle.abuzo@thomsonreuters.com
h // h
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors,inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy orcompleteness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provideany form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters hasnot undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
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