asia pacific (ex-japan) league table reportloans - summary 1q17 asia pacific syndicated loan volume...

ASIA PACIFIC (EX-JAPAN) LEAGUE TABLE REPORT

TABLE OF CONTENTS

2

Page 3-6 SUMMARY

Page 7 LARGEST 1Q17 DEALS

Page 8 VOLUME BY COUNTRY

Page 9 VOLUME BY USE OF PROCEEDS

Page 10 VOLUME BY INDUSTRY

Page 11 QUARTERLY VOLUME

Page 12-27 LEAGUE TABLES

8 CRITERIA

Page 29 DISCLAIMER

LOANS - SUMMARY

1Q17 Asia Pacific syndicated loan volume falls 30.5% YoY, but bankers optimistic on Aussie, emerging markets pipeline deals

First-quarter 2016 Asia Pacific loan volume fell 30.5% year-on-year, to USD 49bn from 122 deals*, in the absence of large financings which had boosted 1Q16 volumes.

Despite plummeting volumes – 1Q16 Asia Pacific loan volume was USD 70.5bn from 155 deals – senior loans syndicators at international banks overall remain optimistic on the year ahead, and emphasized solid deal pipelines, rather than a fall in the volume of outbound China M&A deals, which has been a focus of media reports.

“I think the numbers are not a true reflection of the current market,” said Phil Lipton, HSBC’s head of loan syndications, Asia Pacific.

“Obviously volumes are down, but there’s been an absence of jumbo deals in the first quarter, which can make a big difference in a relatively small market, and I think we’re seeing the effects of a slowdown in activity from around six months ago, which shows up in low volume numbers now”.

Big ticket loans that closed in 1Q16 included the USD 5bn term loan for China Cinda Asset Management’s acquisition of Nanyang Commercial Bank, the AUD 5.9bn term loan backing the acquisition of TransGrid’s assets in Australia, and a USD 3.59bn-equivalent one-year bridge loan to fund Thai conglomerate TCC Group’s acquisition of a 58.6% stake in Big C Supercenter from French retailer Casino Guichard Perrachon, as reported.

By comparison, the largest completed deal in 1Q17 is Tencent Holding’s USD 4.65bn five-year club loan, as reported. But an aggregate of USD 8bn in deals for Alibaba Group Holding and its online financial services subsidiary Ant Financial, combined with a potential USD 3.85bn loan to back Cheung Kong Infrastructure’s proposed USD 5.5bn-equivalent acquisition of Australia’s DUET Group, would make a substantial difference to overall volume.

* Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD), offshore CNY denominated club and syndicated transactions based on country of risk.

3

https://www.debtwire.com/intelligence/view/2397846


LOANS - SUMMARY

“The pipeline is active and we are likely to see deals being closed in April and May, and when they do you’ll see the gap on 2016 volumes closing up,” said John Corrin, Global Head of Loan Syndications at ANZ.

“It’s likely that over the next three quarters we’ll eliminate that gap, and I’m confident we’ll end the year ahead of 2016 volume numbers”.

According to Debtwire data*, there is as much as USD 35bn in pipeline deals around the region.

Loans banking sources were generally dismissive of the suggestion that a slowdown in outbound China M&A deals was a huge factor in lower volumes, despite a precipitous decline in announced deals in 1Q17. Beijing signaled increased scrutiny on outbound M&A towards the end of 2016, including on deals over USD 10bn, and above USD 1bn in enterprise value if the target is outside the buyer’s “core” area of businesses.

Announced outbound China M&A deal volume for 1Q17 plunged 84.5% from the year earlier period, according to Mergermarket data. Volume reached USD 12.7bn from 83 deals, compared to USD 82bn from 96 announced deals in 1Q16, although the 1Q16 total includes ChemChina’s announced USD 43bn acquisition of Syngenta.

“I think this may be more a factor of the vagaries of M&A than a result of new regulations,” said a senior loans syndicator at a Chinese bank.

“There is obviously a slowdown caused by the new regulations, but buyers you’re seeing going out into the market from China, they’re substantially supported by the Chinese government so a lot of the negative talk is overstated.”

Sources noted a decent pipeline of M&A transactions round the region, in Hong Kong, Singapore and Australia.

“You also have to remember that M&A is not a huge factor in Asia loan volumes, typically it would be around 15% of total loan volume,” said Corrin.


4


LOANS - SUMMARY

Cause for optimism?

Loans sources also noted a substantial slowdown in onshore CNY financings, as the Chinese government has clamped down on lending to avoid overheating in the economy, in particular in the property sector.

That onshore tightening could result in a pickup in offshore loan volume through Chinese borrowers.

The China pipeline of loans in the market is currently at as much as USD 13bn, according to Debtwire data*.

Australia, currently third in the country league tables with USD 6.9bn from 21 deals, has a pipeline of around USD 9bn in loans, the same data shows.

Infrastructure M&A deals and sizeable corporate deals in Australia offer bigger tickets for banks, although strong competition means pricing can be tight, said the Chinese loans banker.

“The economy is mature, and legal protections are strong for foreign participants such as ourselves,” he said. “M&A opportunities are therefore attractive, but it’s competitive, we can easily have 20 banks circling a situation,” he added.

It’s not all about China

With high liquidity and a low deal volume, banks have been chasing yield, and see increasing opportunities in Asia’s emerging markets.

“It’s not all China, lots of people don’t care about China because they play in other spaces,” said a second senior loans banker from a Chinese bank.

“Where we’re seeing opportunity is in emerging markets, like Indonesia, Vietnam or even Malaysia. For the right deal, at the right price, demand can be almost overwhelming.”


5

LOANS - SUMMARY

Trans Retail Indonesia recently completed a USD 575m secured five-year amortizing loan, with 24 banks joining the seven MLABs, as reported, despite other CT Corp companies receiving covenants waivers and restructuring debt in 2016, as reported.

The loan pays a margin of Libor+ 350bps and offered a top-level all-in of L+ 380bps, as reported.

“The pricing was right, over 3%, and despite the geography and recent history of the credit, lenders were scaled back by around 50%,” said the second Chinese loans syndicator.

But pricing and structure have to be right for lenders to overcome perceptions of risk, the same source said.

Novelis recently successfully refinanced a USD 1.8bn due-2022 US Term Loan B in Asia through a secured commercial bank financing, but the 10 MLABs were left holding around 70% of the facility, as reported.

The USD 1.8bn loan for Novelis, owned by Indian conglomerate Aditya Bhirla Group's Hindalco Industries Ltd, features a 5.5-year bullet maturity, and a margin of L+ 185bps for an all-in of L+ 215bps, as reported.

by Stephen Aldred

6



LOANS - LARGEST 1Q17 DEALS

7

1.03

1.14

1.20

1.22

1.25

1.31

1.68

1.72

2.83

4.65

0 1 1 2 2 3 3 4 4 5 5

K.Wah International

Telstra

SPIC Pacific Hydro

A.S. Watson Group

Star Energy Geothermal

WestConnex Stage 1

Bhumi Jati Power

Reliance Industries

Sun Hung Kai Properties

Tencent Asset Management

Deal Size (USD-eqiv bn)*

* Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) club and syndicated loans based on country of risk.

Tencent Asset Management

Sun Hung Kai Properties

Reliance Industries

Bhumi Jati Power

WestConnex Stage 1

Star Energy Geothermal

A.S. Watson Group

SPIC Pacific Hydro

TelstraK.Wah

International

Country of Risk China Hong Kong India Indonesia Australia Indonesia Hong Kong China Australia Hong Kong

Primary UoP GCP Refinancing Refinancing Project Fin. Project Fin. Acquisition GCP Refinancing GCP Refinancing

Closing Date 24-Mar-17 17-Mar-17 30-Mar-17 24-Feb-17 29-Mar-17 23-Mar-17 15-Mar-17 13-Jan-17 1-Feb-17 5-Feb-17

Borrower

LOANS - VOLUME BY COUNTRY

8

Country of Risk Volume (USD bn) # of deals

Hong Kong 12.15 22

China 10.25 17

Australia 6.88 21

Indonesia 6.23 16

India 4.59 11

Singapore 3.13 12

Taiwan 1.59 8

New Zealand 1.46 4

South Korea 0.86 4

Papua New Guinea 0.78 2

Malaysia 0.59 2

Thailand 0.37 2

Vietnam 0.10 1

Total 48.99 122

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LOANS - VOLUME BY USE OF PROCEEDS

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Use of Proceeds Volume (USD bn) # of deals

Refinancing 17.59 40

General Corporate Purposes (GCP) 17.35 43

Project Finance / Infrastructure 5.01 13

M&A 3.87 8

Real Estate 2.45 5

Capital Expenditure 1.96 7

LBO 0.41 4

Dividend Recap 0.22 1

Aircraft / Ship Finance 0.13 1

LOANS - VOLUME BY INDUSTRY

10

Industry Volume (USD bn) # of deals

Industrial Goods &Services

9.25 22

Energy 8.52 23

Technology 7.76 9

Financial Services 6.87 18

Real Estate 6.61 20

Consumers Goods & Services

2.51 9

Transportation 1.94 5

Healthcare 1.87 4

Basic Materials 1.21 3

Services (other) 1.12 4

Telecommunications 0.89 3

Government 0.31 1

Utilities 0.13 1

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LOANS - QUARTERLY VOLUME

11

Month Volume (USD bn) # of deals

1Q16 70.49 155

2Q16 73.44 134

3Q16 54.29 130

4Q16 86.68 142

1Q17 48.99 122

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1Q17 LOANS LEAGUE TABLEASIA PACIFIC (EX-JAPAN) BOOKRUNNER

12

RankYoY

ChangeBank Volume (USD m)* # of Deals Market Share

1Q16 Prev. Market Share

1 ▲32 China Construction Bank 2,408 4 8.94% 0.70%

2 ▲15 Bank of China 2,330 11 8.65% 1.95%

3 ▼2 ANZ 2,294 10 8.51% 11.15%

4 ▼2 HSBC 1,999 12 7.42% 8.98%

5 ▼2 Mitsubishi UFJ Financial Group 1,566 9 5.81% 6.35%

6 ▲9 Citi 1,377 6 5.11% 2.11%

7 ▲3 Standard Chartered Bank 1,316 14 4.88% 3.20%

8 ▲57 Maybank 1,034 3 3.84% 0.09%

9 ▼5 Commonwealth Bank of Australia 877 4 3.26% 6.11%

10 ▲2 Credit Suisse 864 4 3.21% 2.51%

11 – Mizuho Bank 789 10 2.93% 3.09%

12 ▲7 Credit Agricole CIB 726 3 2.70% 1.72%

13 ▼7 Sumitomo Mitsui Banking Corp 715 6 2.65% 4.11%

14 ▼5 National Australia Bank 626 5 2.32% 3.78%

15 ▼10 Westpac Banking Corp 569 4 2.11% 4.24%

16 ▼3 ING Bank 474 4 1.76% 2.43%

17 ▲6 BNP Paribas 470 5 1.74% 1.13%

18 ▼10 DBS Bank 463 5 1.72% 3.89%

19 – UBS 400 1 1.48% –

20 ▼6 Wing Lung Bank 386 2 1.43% 2.22%

* Includes all major currencies (USD, EUR, JPY, AUD, HKD, SGD, NZD, GBP, CAD, offshore CNY) syndicated loans based on country of risk.

1Q17 LOANS LEAGUE TABLEASIA PACIFIC (EX-JAPAN) MANDATED LEAD ARRANGER

13


RankYoY



1 ▲2 Bank of China 3,577 36 7.30% 5.72%

2 ▼1 ANZ 3,386 26 6.91% 6.15%

3 ▲3 HSBC 2,895 38 5.91% 5.01%


5 – Mitsubishi UFJ Financial Group 2,547 32 5.20% 5.58%

6 ▲1 Sumitomo Mitsui Banking Corp 2,496 34 5.10% 4.85%


8 ▲1 Mizuho Bank 1,975 20 4.03% 3.22%

9 ▲10 Oversea-Chinese Banking Corp 1,498 18 3.06% 1.80%

10 ▲11 Citi 1,491 13 3.04% 1.41%

11 ▼7 DBS Bank 1,481 23 3.02% 5.60%

12 ▲6 United Overseas Bank 1,305 17 2.66% 2.01%

13 ▼11 Industrial and Commercial Bank of China 1,299 13 2.65% 5.72%

14 ▲9 Wing Lung Bank 849 9 1.73% 1.29%


16 ▼8 Commonwealth Bank of Australia 683 9 1.39% 3.25%

17 ▼2 BNP Paribas 681 11 1.39% 2.19%


19 ▲22 Bank of East Asia 664 10 1.36% 0.57%

20 – Nanyang Commercial Bank 655 9 1.34% –

1Q17 LOANS LEAGUE TABLEASIA PACIFIC (EX-JAPAN) M&A BOOKRUNNER

14


RankYoY



1 – China Construction Bank 700 1 27.02% –

2 ▲23 ING Bank 255 3 9.84% 0.41%

3 ▲18 Standard Chartered Bank 230 4 8.88% 0.41%

4 ▲10 Credit Suisse 193 1 7.43% 3.28%

5 – CIMB Bank 149 1 5.75% –


7 – National Australia Bank 68 1 2.63% –

8= ▲12 Axis Bank 62 2 2.41% 0.45%

8= – Citi 62 2 2.41% –

8= – First Gulf Bank 62 2 2.41% –

8= – HDFC Bank 62 2 2.41% –

8= ▲5 HSBC 62 2 2.41% 5.22%

8= – ICICI Bank 62 2 2.41% –

8= – Kotak Mahindra Bank 62 2 2.41% –

8= ▼7 Mitsubishi UFJ Financial Group 62 2 2.41% 15.11%

8= – Mizuho Bank 62 2 2.41% –

8= – State Bank of India 62 2 2.41% –

18 ▼6 United Overseas Bank 42 1 1.60% 5.22%

19= – Bank of Taiwan 40 1 1.54% –

19= – Hua Nan Commercial Bank 40 1 1.54% –

1Q17 LOANS LEAGUE TABLEASIA PACIFIC (EX-JAPAN) M&A MANDATED LEAD ARRANGER

15


RankYoY



1 ▲4 China Construction Bank 756 2 17.70% 5.56%

2 ▲38 ING Bank 248 3 5.79% 0.08%

3 ▲1 DBS Bank 213 2 4.98% 6.60%

4 ▼1 Mitsubishi UFJ Financial Group 211 3 4.95% 8.20%

5 ▲25 Credit Suisse 193 1 4.50% 0.71%

6= ▲14 Bangkok Bank 156 1 3.66% 1.76%

6= ▼4 Bank of China 156 1 3.66% 8.25%

6= – Bank of the Philippine Islands 156 1 3.66% –

6= – BDO Unibank 156 1 3.66% –

6= – Rizal Commercial Banking Corp 156 1 3.66% –

6= ▲12 Sumitomo Mitsui Banking Corp 156 1 3.66% 1.84%


13 ▼4 HSBC 78 3 1.82% 3.46%

14= – Bank of Taiwan 70 1 1.64% –

14= – Hua Nan Commercial Bank 70 1 1.64% –

14= ▲31 Mega International Commercial Bank 70 1 1.64% 0.06%

14= ▲18 Taipei Fubon Commercial Bank 70 1 1.64% 0.45%

14= – Taishin International Bank 70 1 1.64% –

19 ▲24 CTBC Bank 61 2 1.43% 0.06%

20 ▼12 Agricultural Bank of China 56 1 1.32% 3.51%

1Q17 LOANS LEAGUE TABLEASIA PACIFIC (EX-JAPAN) LEVERAGED BOOKRUNNER

16

* Includes all currencies syndicated loans based on country of risk.

RankYoY



1 – Citi 220 1 17.38% –


3 – Westpac Banking Corp 130 1 10.29% –

4= ▲9 ANZ 128 1 10.09% 3.58%

4= ▲12 Barclays 128 1 10.09% 1.11%

4= ▼3 Credit Suisse 128 1 10.09% 8.86%

4= – Goldman Sachs 128 1 10.09% –

4= – JPMorgan 128 1 10.09% –

9 – National Australia Bank 68 1 5.37% –

10 – United Overseas Bank 42 1 3.28% –

1Q17 LOANS LEAGUE TABLEASIA PACIFIC (EX-JAPAN) LEVERAGED MANDATED LEAD ARRANGER

17

* Includes all currencies club and syndicated loans based on country of risk.

RankYoY



1 ▲13 ANZ 150 2 11.71% 2.01%

2= ▲22 Barclays 128 1 10.01% 0.39%

2= ▲13 Credit Suisse 128 1 10.01% 1.24%

2= – Goldman Sachs 128 1 10.01% –

2= – JPMorgan 128 1 10.01% –

6= – Citi 73 1 5.75% –

6= – Prudential Financial 73 1 5.75% –

6= – Shinsei Bank 73 1 5.75% –


10 ▲6 United Overseas Bank 34 1 2.65% 1.24%

11= ▼2 Cathay United Bank 32 1 2.47% 4.78%

11= ▼8 CTBC Bank 32 1 2.47% 4.78%

11= ▼1 E.Sun Commercial Bank 32 1 2.47% 4.78%

14 – Korea Development Bank 25 1 1.98% –

15= – HSBC 23 1 1.78% –

15= ▲6 Investec 23 1 1.78% 0.39%

15= – National Australia Bank 23 1 1.78% –

18= – Credit Industriel et Commercial 22 1 1.70% –

18= – Metrics Credit Partners 22 1 1.70% –

18= – Sumitomo Mitsui Trust Bank 22 1 1.70% –

1Q17 LOANS LEAGUE TABLEASIA (EX-JAPAN) BOOKRUNNER

18


RankYoY




2 ▲10 Bank of China 2,188 10 10.64% 3.36%

3 ▼1 HSBC 1,867 11 9.08% 7.14%

4 ▼3 Mitsubishi UFJ Financial Group 1,423 8 6.92% 8.84%

5 – Standard Chartered Bank 1,316 14 6.40% 5.52%

6 ▲5 Citi 1,153 5 5.61% 3.65%

7 ▲51 Maybank 1,034 3 5.03% 0.15%

8 ▼2 ANZ 905 6 4.40% 5.13%


10 ▼2 Mizuho Bank 647 9 3.15% 4.52%


12 ▼5 DBS Bank 463 5 2.25% 4.92%

13 – UBS 400 1 1.95% –

14 ▼4 Wing Lung Bank 386 2 1.88% 3.84%

15 ▲33 Taishin International Bank 360 3 1.75% 0.31%

16 ▼2 BNP Paribas 328 4 1.59% 1.95%

17 ▲25 CIMB Bank 279 2 1.36% 0.39%

18 ▼9 Credit Suisse 234 1 1.14% 4.34%

19 ▲30 Bank of Taiwan 224 3 1.09% 0.31%

20 ▲18 Barclays 212 3 1.03% 0.51%

1Q17 LOANS LEAGUE TABLEASIA (EX-JAPAN) MANDATED LEAD ARRANGER

19


RankYoY



1 ▲1 Bank of China 3,100 31 7.78% 6.85%

2 ▲4 HSBC 2,722 35 6.83% 4.32%


4 – Mitsubishi UFJ Financial Group 2,243 25 5.63% 6.27%

5 – Sumitomo Mitsui Banking Corp 2,148 28 5.39% 5.83%


7 ▲1 Mizuho Bank 1,904 19 4.78% 3.99%

8 ▲3 ANZ 1,606 16 4.03% 2.90%

9 ▲3 Oversea-Chinese Banking Corp 1,460 17 3.66% 2.42%

10 ▼7 DBS Bank 1,376 21 3.45% 6.81%

11 ▲6 Citi 1,345 11 3.37% 1.91%

12 ▲4 United Overseas Bank 1,226 16 3.07% 2.00%


14 ▲5 Wing Lung Bank 849 9 2.13% 1.74%

15 ▲17 Bank of East Asia 664 10 1.67% 0.77%


17 ▼4 BNP Paribas 576 9 1.45% 2.42%


19 ▲24 Chong Hing Bank 569 11 1.43% 0.44%

20 ▲16 Maybank 548 4 1.38% 0.53%

1Q17 LOANS LEAGUE TABLEGREATER CHINA BOOKRUNNER

20


RankYoY



1 ▲4 Bank of China 1,929 8 15.24% 6.35%


3 ▼1 HSBC 1,486 6 11.74% 12.63%

4 ▲4 Mitsubishi UFJ Financial Group 1,027 2 8.11% 3.79%

5 ▲21 Citi 930 1 7.35% 0.81%

6 – Standard Chartered Bank 642 6 5.07% 4.75%

7 ▲6 ANZ 540 2 4.26% 2.21%


9 – Credit Agricole CIB 430 1 3.40% –

10 – UBS 400 1 3.16% –

11 ▼8 Wing Lung Bank 386 2 3.05% 8.48%


13 – Credit Suisse 234 1 1.85% –

14 ▲15 Bank of Taiwan 224 3 1.77% 0.68%

15 ▼5 Mizuho Bank 218 3 1.72% 3.60%

16 ▲1 Taipei Fubon Commercial Bank 149 3 1.18% 1.66%

17 ▼1 First Commercial Bank 120 1 0.95% 1.66%

18 – Bank of East Asia 114 1 0.90% –

19 ▼7 Mega International Commercial Bank 105 3 0.83% 2.47%

20 – Chong Hing Bank 97 1 0.76% –

1Q17 LOANS LEAGUE TABLEGREATER CHINA MANDATED LEAD ARRANGER

21


RankYoY



1 ▲1 Bank of China 2,142 21 8.93% 10.39%


3 ▲3 HSBC 2,019 21 8.42% 4.77%


5 ▲8 ANZ 1,199 7 5.00% 2.59%


7 ▲9 Mizuho Bank 1,037 7 4.32% 2.00%

8 ▲3 Mitsubishi UFJ Financial Group 1,024 7 4.27% 2.71%

9 ▲24 Citi 1,002 5 4.18% 0.57%

10 – Wing Lung Bank 849 9 3.54% 3.19%

11 ▲4 Sumitomo Mitsui Banking Corp 759 9 3.16% 2.23%

12 ▲11 Bank of East Asia 635 9 2.65% 1.25%


14 ▲14 Chong Hing Bank 569 11 2.37% 0.80%

15 ▼1 China Development Bank 517 1 2.15% 2.51%

16 ▼12 Bank of Communications 516 6 2.15% 6.71%

17 ▼12 DBS Bank 503 7 2.10% 5.79%

18 ▲6 Oversea-Chinese Banking Corp 498 6 2.07% 1.13%



22

1Q17 LOANS LEAGUE TABLEASEAN BOOKRUNNER


RankYoY



1 ▲25 Maybank 1,034 3 23.63% 0.57%



4 ▲4 DBS Bank 319 3 7.29% 4.08%

5 ▲5 Mizuho Bank 289 3 6.61% 2.82%

6 ▲16 CIMB Bank 279 2 6.38% 1.51%

7 ▼4 ANZ 213 2 4.88% 8.79%

8 ▲9 Deutsche Bank 167 2 3.81% 1.88%


10= ▲20 CTBC Bank 146 2 3.33% 0.47%

10= ▼1 Oversea-Chinese Banking Corp 146 2 3.33% 3.61%


13= ▼9 BNP Paribas 83 1 1.91% 7.53%

13= ▲15 Citi 83 1 1.91% 0.57%

13= – Commerzbank 83 1 1.91% –

13= – United Overseas Bank 83 1 1.91% –

17= ▲1 Bank of China 74 1 1.69% 1.88%

17= ▼11 HSBC 74 1 1.69% 5.50%

19= – China Minsheng Bank 67 1 1.52% –

19= – Qatar National Bank 67 1 1.52% –

1Q17 LOANS LEAGUE TABLEASEAN MANDATED LEAD ARRANGER

23


RankYoY



1 ▲3 Oversea-Chinese Banking Corp 963 11 9.23% 5.54%

2 – Sumitomo Mitsui Banking Corp 936 12 8.97% 10.59%


4 ▲5 Bank of China 710 7 6.80% 3.66%

5 ▲3 Mizuho Bank 704 8 6.75% 5.17%


7 ▲9 Maybank 548 4 5.26% 1.50%

8 ▼5 DBS Bank 533 10 5.11% 10.28%


10= – Norinchukin Bank 280 1 2.68% –

10= – Sumitomo Mitsui Trust Bank 280 1 2.68% –

12 ▼6 HSBC 278 7 2.66% 5.28%

13 – ANZ 268 7 2.57% 2.45%

14 ▲14 CIMB Bank 235 5 2.25% 0.68%

15 ▲14 Hong Leong Finance 207 1 1.99% 0.64%

16 ▲27 China Minsheng Bank 172 2 1.65% 0.29%

17 ▲14 CTBC Bank 170 5 1.63% 0.51%

18= ▼6 Bangkok Bank 156 1 1.50% 2.56%

18= ▲31 Bank of the Philippine Islands 156 1 1.50% 0.22%

18= – BDO Unibank 156 1 1.50% –

1Q17 LOANS LEAGUE TABLESOUTH ASIA BOOKRUNNER

24


RankYoY



1 – HSBC 307 5 8.69% –


3 – Mitsubishi UFJ Financial Group 247 4 6.99% 10.54%

4 – BNP Paribas 244 3 6.92% –

5 ▲10 Barclays 212 3 6.01% 1.78%

6 – National Bank of Abu Dhabi 184 2 5.22% –

7 – Bank of China 184 2 5.22% –

8 ▼1 Axis Bank 170 3 4.80% 6.47%

9 ▼3 ANZ 152 2 4.31% 6.48%

10= ▲4 DBS Bank 144 2 4.07% 2.15%

10= ▼8 Citi 140 3 3.96% 10.97%

12 ▼7 Mizuho Bank 140 3 3.96% 7.56%

13= ▼2 State Bank of India 122 3 3.47% 4.54%

13= ▼4 BofA Merrill Lynch 77 1 2.19% 4.77%

13= ▼1 Credit Agricole CIB 77 1 2.19% 3.91%

13= – Export Development Canada 77 1 2.19% –

17= – Korea Development Bank 77 1 2.19% –

17= ▼1 Scotiabank 77 1 2.19% 1.28%

19= ▼15 Sumitomo Mitsui Banking Corp 77 1 2.19% 9.71%

19= ▼2 United Overseas Bank 77 1 2.19% 1.28%

1Q17 LOANS LEAGUE TABLESOUTH ASIA MANDATED LEAD ARRANGER

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RankYoY



1 – HSBC 345 7 7.53% –


3 ▲2 Mitsubishi UFJ Financial Group 287 6 6.25% 9.01%

4 ▲14 BNP Paribas 249 4 5.43% 1.36%

5 ▲7 DBS Bank 210 3 4.58% 2.63%

6 – Bank of China 199 3 4.34% –

7 ▼3 Citi 198 4 4.32% 9.01%

8 – National Bank of Abu Dhabi 198 3 4.31% –


10 ▲9 Barclays 176 3 3.83% 1.29%

11 ▼9 Mizuho Bank 163 4 3.56% 9.56%

12 ▼6 Axis Bank 161 4 3.50% 7.18%

13 – Korea Development Bank 144 2 3.14% –

14= ▲3 Scotiabank 143 2 3.12% 2.01%

14= ▲6 United Overseas Bank 143 2 3.12% 0.99%

16 ▼9 ANZ 138 2 3.01% 5.33%


18 – UCO Bank 106 2 2.30% –

19 ▼11 State Bank of India 93 3 2.02% 5.29%

20 ▼11 BofA Merrill Lynch 88 1 1.92% 4.20%

1Q17 LOANS LEAGUE TABLEAUSTRALASIA BOOKRUNNER

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RankYoY



1 – ANZ 1,388 4 21.76% 19.44%

2 – Commonwealth Bank of Australia 877 4 13.75% 14.53%

3 – Credit Suisse 630 3 9.88% –

4 ▲1 National Australia Bank 626 5 9.81% 8.99%


6 – ING Bank 412 2 6.45% 4.67%

7 – Citi 224 1 3.51% –

8= ▲2 Credit Agricole CIB 219 1 3.43% 2.56%

8= ▲7 Natixis 219 1 3.43% 2.48%

10= – Bank of China 142 1 2.23% –

10= – BNP Paribas 142 1 2.23% –

10= ▼1 Mitsubishi UFJ Financial Group 142 1 2.23% 2.93%

10= ▲7 Mizuho Bank 142 1 2.23% 1.11%

14= ▼11 HSBC 132 1 2.07% 11.50%

14= ▼2 United Overseas Bank 132 1 2.07% 2.48%

16= – Barclays 128 1 2.00% –

16= – Goldman Sachs 128 1 2.00% –

16= ▼8 JPMorgan 128 1 2.00% 3.59%

19 – Societe Generale CIB 77 1 1.20% –

1Q17 LOANS LEAGUE TABLEAUSTRALASIA MANDATED LEAD ARRANGER

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RankYoY



1 – ANZ 1,781 10 19.52% –

2 ▲8 Commonwealth Bank of Australia 667 8 7.31% 3.48%

3 ▲2 National Australia Bank 605 9 6.63% 9.01%

4 ▲14 Westpac Banking Corp 551 9 6.04% 1.36%

5 ▲7 Bank of China 477 5 5.23% 2.63%

6 – Credit Suisse 475 3 5.21% –

7 ▼3 ING Bank 415 3 4.54% 9.01%

8 – Sumitomo Mitsui Banking Corp 348 6 3.82% –


10 ▲9 Intesa Sanpaolo 235 1 2.58% 1.29%

11 ▼9 Natixis 222 2 2.43% 9.56%

12 ▼6 Societe Generale CIB 217 4 2.38% 7.18%

13 – Industrial and Commercial Bank of China 189 2 2.07% –

14 ▲3 HSBC 173 3 1.90% 2.01%

15= ▲6 Credit Agricole CIB 164 1 1.80% 0.99%

15= ▼9 Korea Development Bank 164 1 1.80% 5.33%

17 ▼4 Clean Energy Finance Corp 159 3 1.74% 2.36%

18 – Citi 146 2 1.60% –

19= ▼11 Barclays 128 1 1.40% 5.29%

19= ▼11 JPMorgan 128 1 1.40% 4.20%

CRITERIA

Debtwire volume and league tables cover primary loan transactions for companies whose operating risk is in Asia-Pacificex-Japan. Only transactions denominated in G3 currencies, HKD, SGD, AUD, NZD, GBP, CAD, and CNH (offshore CNY) areincluded, unless otherwise specified.

Loans volume and league tables include syndicated and club transactions and exclude bilaterals.

Full league table credit will be awarded to a single Bookrunner/Mandated Lead Arranger, or pro rata (equal) league tablecredit to each Bookrunner/Mandated Lead Arranger if there is more than one in a syndicate.

Deals in which no Bookrunner title has been awarded will not be eligible for Bookrunner league table credit.

Deals where there are no second tier syndication (below Mandated Lead Arranger) will not be eligible for Bookrunner creditdespite titles awarded.

Self- arranged and clubbed deals will be excluded from Bookrunner league table credit.

No Bookrunner credit will be awarded to Coordinators of club deals. The Coordinators will be credited at the same level asthe other Mandated Lead Arrangers.

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For our full criteria and all other queries, please email us at [email protected].

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DISCLAIMER

We have obtained the information provided in this report in good faith from publicly available data as well as Debtwire data and intelligence, which we consider to be reliable. This information is not intended to provide tax, legal or investment advice.You should seek independent tax, legal and/or investment advice before acting on information obtained from this report. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report, and not for any delays in updating the information.

We make no representations or warranties in regard to the contents of and materials provided in this report and exclude all representations, conditions, and warranties, express or implied arising by operation of law or otherwise, to the fullest extent permitted by law. We shall not be liable under any circumstances for any trading, investment, or other losses which may be incurred as a result of use of or reliance on information provided by this report. All such liability is excluded to the fullest extent permitted by law.

Any opinions expressed herein are statements of our judgment at the date of publication and are subject to change without notice. Reproduction without written permission is prohibited.

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