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DEBT CAPITAL MARKETS REVIEWREUTERS / Carlo Allegri

DEBT CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

Fi t Q t 2015First Quarter 2015

14

14Dim Sum Bonds (AS24a)

14Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

Australian Debt

14

14All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

2

First Quarter 2015 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets ReviewTable of Contents

Global High Yield Debt US Dollar Denominated (B5) 15

Leading Underwriters for First Quarter 2015

Global Debt (B1)

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

15

Global Debt and Syndicated Loans Islamic Finance (DL2)

Global Investment Grade Corporate Debt (B7)

3

Global Debt

Global Deals Intelligence

Global Debt, Equity & Equity Related (A1)

Global Debt and Syndicated Loans (DL1)

Global Scorecard

Asia Debt

Asia Deals Intelligence

International Debt

All International Bonds (J1)

All International Securitizations (J10c)

EMEA Deals Intelligence 101

1

1

2

10

10

3

All Bonds in Euros (N1)

High Yield Debt

Global High Yield Deals Intelligence

10

Global High Yield Debt (B4)

11

11

11

2

Australia Deals Intelligence

All Australian Debt (ex self funded) (AJ3a)

IFR Markets Supplement 9

US Securitizations ex.CMBS, Agency CMO, CDO & Self-Funded(F20a)

Criteria Summary

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

Emerging Market Debt - Latin America

15

16

Middle East Emerging Market Bonds (L5) Japanese Securitizations (AP2)

16

12

Global Mortgage-Backed Securities (B10)

Global High Yield Debt - US Dollar Denominated (B5) 15

US Mortgage-Backed Securities (F11)

Global Debt Rankings - Last Ten Years

US Asset-Backed Securities (F14)

15

5

17

16

12


US Investment Grade Corporate Debt (F9)

3

6 12

6

16

US Debt

19

18

All Federal Credit Agency Debt (H1)

US Debt (F1) 6

Debt Capital Markets Criteria Summary

US High Yield Corporate Debt (F8)

Japanese Corporate Debt (AP3)

13

Asia-Pacific Emerging Market Bonds (L4)

All Bonds in Yen (AP5)

3

Global Asset-Backed Securities (B11) & (B13) 3

Global High Yield Debt - Non-US Dollar Denominated (B6)

Japan Deals Intelligence

Banking Composite of Top Global Debt Bookrunners

17

Bonds Targeted in Japan (AP4)

Banking Composite of Top US Debt Bookrunners

Samurai Bonds (AP1)

13

11

Latin America Emerging Market Bonds (L3)

12

8

7

7

7

4

6

Emerging Market Debt

All International Emerging Market Bonds (L1)

EMEA Emerging Market Bonds (L2)

Global Debt in Mexican Pesos (MX2) 13

12

11

All Brazilian Debt (BR1)

Brazilian Domestic Debt (BR2)

Thomson Reuters Solutions for the Deal Making Community

All Australian International Bonds (AJ7)

All Australian Debt (ex self-funded) (AJ3a)

Japan Debt

Domestic Mexican Debt (MX3) 13

Global Debt by Mexican Issuers (MX1)

13

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US INVESTMENT GRADE CORPORATE DEBT BREAKS ALL-TIME QUARTERLY RECORD - High Grade corporatedebt offerings targeted to the US marketplace totaled US$341.9 billion during the first quarter of 2015, an increase of 8%compared to a year ago and the strongest three-month period for the asset class since records began in 1980.Companies based in the United States accounted for 68% of issuance, up from 60% during the first quarter of 2014.Issuers based in the United Kingdom, Japan and Germany accounted for 14% of US marketplace issuance during thefirst quarter of 2015.

GLOBAL HIGH YIELD VOLUME UP 8% - The volume of global high yield corporate debt reached US$120.2 billionduring the first quarter of 2015, an 8% increase compared to the first quarter of 2014 and the strongest first quarter forglobal high yield issuance in two years. First quarter 2015 high yield issuance increased 65% compared to the fourthquarter of last year (US$72.6 billion).

GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 5% - Overall global debt capital markets activity totaled US$1.6trillion during the first quarter of 2015, a 5% downtick compared to the first quarter of 2014 and the slowest openingperiod for global debt capital markets activity since 2008. First quarter global debt activity increased 34% compared tothe fourth quarter of 2014, which marked the slowest quarter for global debt offerings in three years.

Global Debt Activity Down 5% l High Yield Corporate Volume Up 8% l Record Quarter for US Investment Grade Debt l JP Morgan Tops Underwriting, Fee Rankings

First Quarter 2015

DEBT CAPITAL MARKETS REVIEW

Global Deals Intelligence Global High Yield Corporate Debt- Quarterly

Global Debt Capital Markets by Asset ClassHEALTHCARE DEBT OFFERINGS DOUBLE – Debt capital markets activity in the Healthcare sector totaled US$68.6billion during the first quarter of 2015, more than doubling year ago levels. Technology and Retail activity saw strongyear-over-year growth each registering an increase of nearly 55% over a year ago Average deal size in the Healthcare $2.2

$2.4

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2007 2008 2009 2010 2011 2012 2013 2014 15

Pro

ceed

s ($

bil)

Global High Yield Debt ($bil)

Number of Offerings

▼

‐1.8% 0.2%

54,739.5

▼

54.31,822,086.3Industry Total 100.0

▲▲10.0% 16.7%Industry % Change from Same Period Last Year

4,920

Industry % Change from Same Period Last Year31.9%

2,302,064.4

-6.6% ▼▼

8,589.8

2.0

▼

1,140,493.1Top Ten Total100.0

-40

-40 ▼▼-25

▼▼

▲▼

2.5%▲▲Industry % Change from Last Quarter

▲

▲-0.61050.4

100.0

▼

49.8Industry Total

-9.0%

10,974.3

Credit Suisse 9 - 302BNP Paribas SA 23110 3.0

9▼

71,567.0 04.3HSBC Holdings PLC 78

988,111.1 -1.5

▼

▼

3.978,603.2 84,281.7

▲▼

93.7

5,520.2

6.1

+0.3

-0.4%

82,025.6104.7

117

Top Ten Total

7.4+0.44.2

70,300.76

7 95,537.0Morgan Stanley

3 92,871.26 87

93,901.8 5.2-1.1

419

▼

-3

-0.4458.0+0.1

▼-33 2.6

4.2BNP Paribas SA

699.7Deutsche Bank▼

566.9279.4

+0.2222.3

56.4 -

Goldman Sachs & Co

0

-1.2 ▼8Wells Fargo & Co

-401-0.4 -8 6.3

-1.1314 6.4363

8.2

5.2

4 2 111,130.7

Goldman Sachs & Co

693.4+0.5 ▲ 8.5

5.1

▼-0.2 ▼ 454 9.2

Bank of America Merrill Lynch 5 6 103,750.4 5.7Deutsche Bank 6.1 5.2 +0.3

HSBC Holdings PLC0

570.1

▲

Citi▲▲

+0.75.8641.14.7

9.48.5

▲419

▼

▲▲

-35

Barclays 2 4 120,328.57.8

+0.1Citi 3 5 119,538.0

# ofMarket MarketShare Ch.

JP Morgan 1 1 141,680.8Bookrunner Proceeds

MarketSh (%)

Change in 2014 Rank

2013 Rank Sh (%) # of DealsDeals

6.6 +0.4 ▲+10

509.9+23+0.46.6

▲463

2+0.5+0.6 ▲ 879.411.2 +26 ▲553 ▲

Proceeds per Bookrunner (US$m)Market Market Market

Global Debt, Equity & Equity-related (A1) Jan 1 - Mar 31

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

8.0 JP Morgan

Industry % Change from Last Quarter

Morgan Stanley

Barclays

Bank of America Merrill Lynch1 1

10

96,209.2

4

6

3 32

9116,984.8

54

Manager 2013 RankShare Ch.

MarketSh (%)Fees Bookrunner

2014 Rank

▲5,567

3.2%-9.3%

+647

▲

▲ 5.3

+5.3

+0.4

▲

4,353.5

354

▲448

+6.5▼ 558.5 6.5▲-8 +5.3

456.46.4

5.3▼▼

-928.0

478.7▲

+5.6

+1.33.1

+1.0

3.6

▼

▲

MarketShare Ch.Sh (%)

Manager MarketFees

# of

+55

Sh (%)

9.0

Share Ch.658.3

Global Debt and Syndicated Loans (DL1)

Sh (%)Market

# of Deals per Bookrunner

Jan 1 - Mar 31

Change in Proceeds

Imputed Fees (US$m)

# of Deals632 11.4 -76 ▼

Deals▲7.7 +0.2

▲6.710.0▲7.7 +7.7

574.7 +6.7

+0.5

177,531.4

499141,966.7 ▼6.2 -0.46.4 +0.3 ▲147,911.2

▲5.65.6

▼ -37

-8.2▲

-0.7

3.9

4.2+3.2

127,744.8

▼-57-22

454.40

556

444337.2428

5.1 459

▲-35 ▲

+3.93.2

-571

5.3

-1.0

-48

275.8▼

264

8.0

+4.0▼

-99 ▼ 4.0220.1339.44.7

7.7▲▲

50.8 +50.8294

-13.7%

100.0▲

+2.62.6

EMERGING MARKETS CORPORATE DEBT DOWN 29% - New corporate debt from emerging markets issuers totaledUS$59.5 billion during the first quarter of 2015, a 29% decrease from last year. Just over 52% of all emerging marketscorporate debt during the quarter was raised by issuers in India, Mexico and Malaysia. Issuance from corporations inBrazil and Russia fell 95% and 66%, respectively, compared to the first quarter of 2014.

JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - JP Morgan maintained the top spot for global debt underwritingduring the first quarter of 2015, with total proceeds of US$120.9 billion and an increase of 0.5 market share points.Barclays maintained the second position, while Citi moved to third place from fourth.

OVERALL DEBT UNDERWRITING FEES UP 5% - According to Thomson Reuters/Freeman Consulting, estimated feesfrom DCM activity totaled US$6.1 billion during the first quarter of 2015, an increase of 5% year-on-year. Fees from highgrade debt totaled US$3.0 billion (a 49% share), while fees from high yield debt totaled $1.6 billion (a 26% share). Highyield fees increased 22% compared to a year ago, while global investment grade fees increased 2%.

year-over-year growth, each registering an increase of nearly 55% over a year ago. Average deal size in the Healthcaresector led all industries this year, with the average deal totaling US$2.0 billion. Real Estate and Telecom offeringsregistered the steepest first quarter declines, down nearly 37%.

$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0$2.2

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15

Pro

ceed

s (U

S$t

)Investment Grade Corporate MBS Federal Credit Agency Agency, Supranational, Sovereign ABS High Yield Corporate Emerging Market Corporate

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US Federal Credit Agency Debt (B8)

All Global Debt (B1)-0.4Global Long-term Debt (B2)

Global Mortgage-backed Securities (B10)

0

US Long-term Straight ex MBS, ABS & Munis (F3)US Federal Credit Agency Debt (F7)

Agency, Sovereign & Supranational Debt (F10)US Investment Grade (F9)


US Short-term Debt - including MBS, ABS (F16)US Taxable Municipal Debt (F15)US Asset-backed Securities (F14)

US High Yield Corporate Debt (F8)

Global High Yield Corporate Debt (B4)

61.2

▲

Global Long-term Debt ex MBS, ABS & Munis (B3)

▼

+0.2

+0.4

Global Agency, Sovereign & Supranational Debt (B9) ▲

▼-0.8

225

-0 3

+0.2

2.2

1.0

115.71.4

▲

-

-3879.3

1.0

▲

-0.3 ▼

▼-

59.4110.2

+0.6

1.8

1.7

0

60 1▲

-8

3.3

-7100.7

132.4

1 0

86.4

2.9

▲▼

▼

177.5-▲▼

1.9

1.3

-11.8%104 701 3

-18.1%685 418,139.0209194

242

758

-0 9%232Global Asset-backed Securities (B11)

3,236

226

198

▼

-5.5%-5.4%

-1.8%+4.5%

+7.7%

39,316.4

1,516,361.3 1,605,322.9

111,670.8

41,067.5

1,388,846.1

798,411.7

+7.9%-2.8%

-16.2%183

+21.0%

347

252

+7.5%89

80,721.5

70,029.8

140 75,076.2

36,979.3

104,766.495,226.2 79,779.3

341,907.1101,842.8

342,473.5

1,497164

2,7223,158

1,314,100.3

784,060.1120,237.5

111,775.698,536.2103 724 9

▲+18+18156

3.392

▲

4.2▼

146124

2 4

▼

-+0.2-0.2

-1.1

20,140.6+0.2

30,486.322,041.3 ▲

-42

38,473.3

31,101.8

20

+0.2

1.91.4

-0.312 ▼

6.5+1.3 ▲

▲0

+25.8

▲

3.4

-0▼ 171.7 2.83.7 +1.0 ▲

6.0

129

145

5.7

3.93.0

244214

218

113

-30227.5

2.5

122

+84

+13

-18▼▼

3.9

-16 ▼ 284.7-33 ▼ 283.7 ▼

▲6.5

4.6

▼-0.9+0.96.3

-4.7 0

▲6.3-0.13.7-1.0

▼+0.8

227.3347312

9.3

▼-12 ▼

396.1385.4

-37

▼

▼▼8.3▲

-10307 8.2

+0.9+1.27.4▲

▲4

5.7347.8+2010.4

▲ 363

387.1-225

▼ 10.43893 6.2

JP Morgan 435▲ +0.3

▲120,901.8 ▲1 1+30109,152.7

6.8107,671.73

2.0

22

4 98,286.4

# of Deals per Bookrunner2013 Rank

Jan 1 2014 - Mar 31 2014 Proceeds per Bookrunner (US$m)

in ProceedsMarket

Share Ch.Change in Proceeds

DealsDeals2014 Rank Sh (%)

Proceeds No.Proceeds

Barclays7.76.9

Mizuho Financial GroupNatixis

Credit Suisse▼

131 ▲BNP Paribas SA

RBC Capital Markets

6Morgan StanleyHSBC Holdings PLC

▼

Credit Agricole CIB

Goldman Sachs & Co

17

5

▲

8

30,712.3

34,706.4

21

1819

17

11

19,799.019 679 419

RBSUBS

18UniCredit

▼▼

15

21

1516

1.3TD Securities Inc

337

705,988.4

Societe Generale

▲

▼

163

14

+9.3%+5.7%

Nomura

20

▼

▲

▲

13

1110

30,138.6

212

8

Bank of America Merrill Lynch▲

+36.1%

▲▼

585,547.3

$USm

+8.7%535,686.0

1,104▲

2,795

163

-6.6%

131

153278

875 790

316,991.7

1,584

98

▼

3,996.63,733.441,020.9 398

Deals

US Mortgage-backed Securities (F11)

10940,186.3

US Long-term Debt (F2)

Global Scorecard

$USm

Jan 1 2015 - Mar 31 2015

1,178

No.

746,048.0

Market# of

Jan 1 - Mar 31

Deutsche Bank

3.89

14131216

MarketManager

+0.5506.8

▲

9

Citi

Bookrunner

67

Global Debt

84,729.1

Global Debt (B1)

Wells Fargo & Co

% Change

▲

2.6

▼4.8

-4.4

6.3

390 452.2

5.5

8.311.6 +25

Market


Imputed Fees (US$m)

2.4

-0.6

7

86,227.1

▼

+0.3

▲+0.4

2.2

1.9

▲

+0.59.7

-1.3

3.0

0

▲40,884.8

69,360.1

47,747.552,137.5

Market

4.8

10

75,880.0 -1.0

59,429.2

76,129.4

1 3 0▲

+0.5

3.3

225

1.3

+0.2

+0.5-0.1

▼

Fees Sh (%) Share Ch.

89

237

-0.5

▲Sh (%) # of Deals

All US Debt (F1)

▼Global Emerging Markets Corporate Debt (B15) 59,549.3 261 83,576.2 279 -28.7%

▼▲▼

▼▲+0.5

-0.3

-0.10.7

93.7-0.2

0.70.846.8

41.1▲

60.1▲▲ 1.575

1.9

1.0104,701.3242 -0.9%

No. 1 Manager

JP Morgan-0.7JP Morgan

232535

+1.7

Global Short-term Debt (B14)Global Asset-backed Securities (B11)

Barclays

JP Morgan

JP Morgan

CitiJP Morgan

JP MorganJP Morgan

9.38.1

-1.2JP Morgan

7.7

11.8JP Morgan

14.431.6

15

8.4

Credit Suisse

13.3

-1.0-0.9

-2.1-3.8

+13.3

12.9

HSBC Holdings PLCHSBC Holdings PLC

Global Disclosed Fees (A2)

11.1

Global Debt inc MBS, ABS & US Tax Munis (B1)

U.S. Federal Credit Agency (H1)

Global High Yield Corporate Debt (B4)

-2.1

8.3

13.3

-0.3


Asia-Pacific Bonds

All Asian Currencies ex CDs (AS1)Asian G3 Currency Bonds ex JP & Aus (AR2)

Global Bonds

U.S. Disclosed Fees (E2)

Global ABS (B11)Global Investment Grade (B7)

US Bonds

U.S. Debt, Equity & Equity-related (E1)

All International Bonds (J1)

U.S. Mortgage-backed Securities (F11)U.S. Asset-backed Securities (F14)

BarclaysU.S. High Yield Corporate Debt (F8)

Citi

U.S. LT Federal Credit Agency Debt (H3)

U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP MorganU.S. Investment Grade Corporate Debt (F9)

+4.3+1.0

International Bonds

Barclays

9.9

▼

+10.1%

1

Current Qtr Market Share

(%)

▲

64,513.6

Leading Underwriters for First Quarter 2015

7.9

14.7

U.S. Debt inc MBS, ABS, & Tax Munis (F1)

2

▼▼

-0.8▼▼

2

▼1

1-0.4

22

+2.6

▲

▼

2

Australian Dollar Bonds (AJ3)

All Bonds in Euro (N1)

-1.1+1.4

2

12.114.5

11-1.2

-1.3

JP Morgan

Mkt. Share Chg. from Last Qtr (%)

JP Morgan

7.89.6

▲▼12.1

103,724.9

▼▼

611

13

71,034.8

Market SectorStocks and BondsGlobal Debt, Equity & Equity-related (A1)

1Q 2015 vs. 1Q 2014

29.8%▲16.9%0.1% ▲

79.9 +2.33,748 +3

▲3,442.8

+18

▼

▲

6,119.1 100.0

4.6% ▲

▲+446

+4▲

+23

+3

1,579,898.7

70

79.01.2+0.11.7-

2.0▲2.4-

-0.3 ▼

33.9% ▲

Global Debt Capital Markets % Change by Asset Class

+0.7 2

+8.0

▼ 6

+16.41

▲

Santander

NatixisMitsubishi UFJ Financial Group

1

12,092.3

2224

21

2322 28

19,679.419

2

▲

▲


▼1

▼

▲

Industry Total

22

+0.3

19

▲

1

▲

Industry % Change from Same Period Last Year

BBVA

▼-4.8%

Top Twenty Five Total26

1

Commerzbank AG

▲▼

100.0855,175.9

16,970.2 1.1

12,324.8 +0.10 620.80.824

-1.740.425

31.9▲

Deutsche Bank

Consecutive Quarters No. 1

17.6National Australia Bank▲National Australia Bank

Australia Bonds

1.3 0

0.8

Australian Domestic Securitization (AJ5)

2

12,713.2+0.5

89

-1.8%

-18.1%

7.7%

-0.9%

-11.8%

-28.7%

4.5%

-30%

-20%

-10%

0%

10%

Investment Grade Corporate

Agency, Supranational,

Sovereign

High Yield Corporate

ABS MBS Emerging Market Corporate

Federal Credit Agency

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Proceeds per Bookrunner (US$m)

248.8

# of Deals per Bookrunner Imputed Fees (US$m)

▲+12

160.0

Global Debt

-0.9+0.9

3.1▲

+1.06.05.3

Sh (%)

6.2

51.1

▲

▲▲

+0.2

-

▼

▲

Top Ten Total

8 ▼BNP Paribas SA 9

9.5%1.8%22.8%

1,497

8 30

35,447.3

5.65.1

40,290.75.7-18

▼Goldman Sachs & Co

52.6

Imputed Fees (US$m)

130.7

▼

▼-0.1

Credit Suisse

Jan 1 - Mar 31

-6

168

43,817.8 165

▲▲▲

+21

Fees8.2

Imputed Fees (US$m)

▲Deals

198

MarketBookrunner


MarketMarket# of Deals per BookrunnerProceeds per Bookrunner (US$m)

2013 Rank

MarketMarketChange in Share Ch.

+32 ▲+0.8

Jan 1 - Mar 31

Share Ch.


177▲

# of Deals

+211.8

179.4

▲

146.5

Sh (%)13.2

Manager

133.6▼ 170.6 +0.6

+1.5

-1.4

186.7▲ 4.9

▼▲

-87

▲

-24▼

+2.5


3,017.7 100.0

▲

Global Mortgage-Backed Securities (B10)

4.5

Sh (%)

+0.5

JP Morgan 1Proceeds

6.2

# of2014 Rank

Citi 2

44,102.145,222.3

5.6

11.2+1.2

55.8

1 63,814.7

Barclays 5 7

Deutsche Bank 348,855.1

8.1+0.8

HSBC Holdings PLC 7

6

Morgan Stanley 6 94

Bank of America Merrill Lynch 4 2

5.140,321.5 +0.8

174

11.0

▼9.0

▼

+0.3134▲

▲

-0.4-1.3

-1288 5.9-377.4

25,131.5 ▲3.2


+249.4

11.6

26,265.7

▼ 140

99 6.6

10


28.2%Industry % Change from Same Period Last Year -5.5%

▲

-1.4 111+0.3

3.4

100.0

10


Industry Total

-1.8%

784,060.1

▼

▼90.4

▲93.01,539.7▼413,268.7

-0.7▼3.0

4.4

-0.44.3

Imputed Fees: Global Investment Grade Corporate Debt First Quarter

Jan 1 - Mar 31

2,45

1.6

2,83

6.2

2,15

5.2

2,43

4.4

2,38

3.5

2,70

3.3

3,30

0.1

3,15

6.6

2,96

3.9

3,01

7.7

2,016 2,097

1,2691,058

1,607 1,7331,777 1,832

1,584 1,497

0

500

1,000

1,500

2,000

2,500

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber o

f Offe

rings

Fees

(US

$m)

Global Investment Grade Fees (US$m) Number of Offerings

* tie

Credit Suisse -3.4

+2.27.85.1

4,542.5

Sh (%)

100.0

▲

6 4 5,331.1

4,881.4

7

53,517.6192.279,908.1

▲5.8

100.0

▲

4.4%

190

62,590.73,421.1

▲ 53

11.6

5

-2.26,627.2

▲

18▼

19+1.3

▼

67.0128.8100.0+8

▲ -11.1%

+4.3+4 12.9 ▲67.0 +2.2 ▲ +17.2

+2.1 11 6.7▲

9.0▲+5

▲+0.610.6 5.5 +1.6 ▲▲

9.5 +24.7 +1.6

-1.04.3 4.727.9

▲8.9 +7 ▲ 10.8 ▲

10.05.6 +3.9

+1.0

9.5

▲ 17▲- 4.9

12.6

▲0

18▼-1.18.3

1

7.1▼

-16.1%

4.8

5.74,562.1

3,822.0

3.210▲

▲

5.7

11

23

3,717.09

Proceeds2013 Rank

Market

5,707.6

9,276.3

# of

-12.6%

Jan 1 - Mar 31

▼

Share Ch.

Proceeds per Bookrunner (US$m)2014 Rank

11.6

Fees

-1.2%

Manager

▼

▲

28# of DealsSh (%)

▼

▲

+2.5

Market

21.7

4.3%

Market

-0.1+4

30-0.9 ▼

▼

Share Ch.

Imputed Fees (US$m)MarketChange in

11.310.0

▲▲+0.5

65.1 -1.2242 100.0

+1.8 ▲

▲

19.3+4

+8

▼ 283.6+10 441.7

▲ 10.6+510.4

5.07.9 +8 ▲

-5

+0.7+2.9

2.464.3

2.44.4 +1.1 19+1.2 ▲ 533.6

▲12

11.2 ▼+1.8

21.9

4.99.6 +2.65.3 +1.3+6

▼23.520 8.342.5

▲4.3

▲2.9▲

+0.212.634.2▲

-12 ▼▼

+4

3▼ 10.7

11.1

-0.1 23 9.55,745.4

▼

3 2 7,638.3

7.4

+2.2▲+2.5

7.4 -3.8

▼

22.6

11.8% ▲

231.6

+0.1-5.9

33 13.6▼

▲

▼-▲

Morgan Stanley 4.7 0

-1026

-12.6% ▼

Sh (%)

8 710 5,064.3

27

▲14.6

▲

▼▲

Deutsche Bank

100.0192.4

-0.682.9 +10.0

1.6

-15194

3.7+314 7.2 ▲+1.4 ▲▲

98,536.276,473.5 77.5 +6.9

100.0

Nomura 10 3.7Citi 9 7 5,905.7

3,667.414-0.113.2+0.615.6 6.7

6.0 ▼-1.4 ▼ 16▼ 17▼ 14 7.2

5.78.2 -6

Goldman Sachs & Co 6.87 6 6,658.3Barclays 8 4 5,917.1

9.819 -1▲

--2.0 8.8-0.6 -3

0

10 7.2

6.0

-+1.1

07.38.8

▲+2.5▲8

5.87,128.4 10.4

13.5▼ 24.2

7,196.9+3.6

5Wells Fargo & Co

9.318

▼ -1.4

17.0▲7.36

+6.0▼21.3 9.2

▼

Bank of America Merrill Lynch 4 5 8,483.5 27

-2+123

13.9 +2

▲▲

32.4 14.0-1.59,397.3

▲▲ 20.5

11.98.6 +0.7 ▲

+1.1 +3

+3.7 31 16.0▲

JP Morgan 3 1 ▼9.5 -0.3

Proceeds per Bookrunner (US$m)2013 Rank Proceeds # of DealsShare Ch.

2014 Rank

Market # of

8147

4.7

Industry Total

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

9,251.1

-

4 433

2

5

1.2%-0.9%

103,724.9

▼▲

67,460.9Industry Total

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

▲

Bookrunner

▲

JP Morgan

--

Mizuho Financial GroupWells Fargo & Co

+4.7

+2.3▲ 23

Top Ten TotalMitsubishi UFJ Financial Group

2

6

31.0

Top Ten Total

# of Deals per BookrunnerManager

▲13.412.3 ▲+411.9

13,338.2 38Share Ch.

+0.7 ▲

Market

5.5▼Barclays

Deutsche BankBank of America Merrill Lynch

Market

5.5

Proceeds12.9

3,717.0

43.7

4,542.5

Market Change in Sh (%)

18

▲19.2-1 RBC Capital Markets

▲+6.8+7.5

0

Barclays

▲

+51.1

Credit Suisse

Morgan Stanley

Market

▼-7.2%-5.4% ▼


Sh (%)

▼ ▲

+3.9

Global Asset-Backed Securities ex-CDOs (B13)

Share Ch.

▼

+1.8


▲

Sh (%)

Jan 1 - Mar 31

Market

0

Fees

▲9.96.3▼

Deals

23 12.1Citi

▼

Imputed Fees (US$m)Change in ManagerMarket

Deals Sh (%) Sh (%)MarketMarket Market

2

▼

64.3

-0.710.4 5.4

9.4

Bank of America Merrill Lynch

1Deals # of Deals Fees

▲

Market

JP Morgan15.7

Industry % Change from Last Quarter -39.0%

▼

0

+9.7-4

100.0

Deutsche Bank

51.1

3.9

5.31.3

+5.3

2 3 9,988.6▲1 2 12,130.3Credit Suisse▲

10.1

BookrunnerShare Ch.Manager

+13.2

Market Change in # of Deals

Imputed Fees (US$m)

13.23.5

-1

9.76.87.528.0

Share Ch.▲

MarketSh (%)Fees


Sh (%)

Global Asset-Backed Securities (B11)

Bookrunner1

2013 Rank


Market # of

Citi

Top Ten Total139

4

9

7

5

10

▲

▲

-1.515.814.7

-6 ▼

▲

12.1-12

+0.3▼ +0.4

25 13.2 +26.6

+4.8

2.6▼▲

2.01.8

Proceeds per Bookrunner (US$m)# of2014

Rank2013 Rank Deals

1,172.6

MarketMarket

1 +11.9Bookrunner

19.19.3

Sh (%)

32.0

5.7

CIMB Group Sdn BhdRHB

+34

Proceeds10 40.0

9 -5.61,155.9Citi 3 22*

2-5.56.1775.4

0.0

16.0 ▲▼HSBC Holdings PLC 4 2 722.4 7+6.6

▼

-4.0

▼▲▼ 1 4.0

8 +5

-1

0.0- 1 - - .04.00.0666.5

Riyadh Bank Ltd 5* 5.3Natl Comml Bank Saudi Arabia

Alinma Bank

5* 10*

5*

666.5

22* 1.1

- 666.5- .00-2.65.3

5.0 -4.45.3 - - .0

+3

▼JP Morgan

-

-5.014*

-Al Hilal Islamic Bank 8 637.5

10614.1 4.9

▼▲4

▲

+3▲

16.0▼

26.925 -2

12.043

-7.4% -11.8%Industry % Change from Same Period Last Year-11.8%

12,658.0 100.013.7

Industry Total

▲▼

3.9%

Sh (%)

0.1%

1.6%

RBC Capital Markets

56

Mizuho Financial Group

Wells Fargo & Co

+6

5,707.65.1 -1.5

11,495.1 ▲+4

▲▲

▼


-8.2%

9.6%

Industry Total


▼

8.6%

Imputed Fees (US$m)

Share Ch.

-8.2% ▼

Top Ten Total

9

3.1%

7,677.6 60.7600.2

▲

1

National Bank of Abu Dhabi 4.7-2.2-3.2

+216.0 1.4

10*



Issue Type Composition for the Top Global Debt Bookrunners Jan 1 - Mar 31 2015

Banking Composite: Global Debt

57.7%51.0%

46.0% 47.9%

56.7%54.7% 54.7%

51.9% 51.8%

48.9%

3.6% 4.8%2.8% 2.6%

5.3% 4.0% 3.7%0.0%

0.2%7.5%

60%

70%

80%

90%

100%

5.3%3.5% 3.7%

6.0% 5.4%2.4% 2.5% 1.8% 1.9%

5.5%

14.9% 18.9%

26.6% 23.8%

12.9% 20.4%

13.0%

27.7%30.0%

13.5%

3.2%2.5%

2.5% 5.1%

3.6%

0.5%

5.5%

7.0% 3.4%

0.4%

0.8%2.2%

3.8% 0.1%

0.3%

0.5%1.2%

1.1%0.7%

0.0%

14.4%

17.2%

14.6%14.4%

15.7%

17.5% 19.4%

10.5% 12.0%

24.3%

0%

10%

20%

30%

40%

50%

JP Morgan Barclays Citi Deutsche Bank Bank of America Merrill Lynch

Morgan Stanley HSBC Holdings PLC Goldman Sachs & Co Credit Suisse BNP Paribas SA

% T

otal

Pro

ceed

s

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS



Global Debt Rankings* - Last Ten Years

1

2

3

4

JP Morgan

Barclays

Citi

Deutsche Bank

*Global Debt League Table (B1) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

5

6

7

8

9

10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Ran

k


Morgan Stanley

HSBC Holdings PLC

Goldman Sachs & Co

Credit Suisse

BNP Paribas SA

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tablesg ( ) p g g q y

5

US Investment Grade debt increased 7.9% compared to the first quarter of 2014 and ranked as the largest quarterlyvolume on record. The US$341.9 billion raised from 252 issues surpassed the US$322.3 billion raised during thesecond quarter of 2014, as issuers continued to take advantage of low interest rates. First quarter volume wasbolstered by March's Actavis Funding, which ranked as the second largest bond issue on record. The US$21 billiontransaction was used to fund its US$66 billion takeover of Botox maker Allergan.

US ABS totaled US$80.7 billion from 140 transactions, representing the largest opening quarter since 2007 andrepresenting a 7.5% increase over the proceeds raised in the first quarter of 2014. ABS strength was largelyattributed to the auto sector which totaled US$30.9 billion and accounted for 38% of ABS volume in the quarter.According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the US ABS markettotaled US$358.8 million, a decrease of 3.4% from the total fees paid in the first quarter a year ago.

US High Yield corporate debt volume in the first quarter of 2015 increased 21% from the proceeds raised in the firstquarter a year ago. The US$84.7 billion raised represented the sixth largest quarterly volume on record, bolstered bythe US$10.1 billion Valeant Pharmaceuticals issue in March (of which US$8.5 billion was denominated in USD) – thesecond largest High-Yield financing on record. 19.1

41.935.633.646.6

▼▼

▲

▼

▲▲▼▲

39.728.4

▲Credit Suisse 10 12 14,832.2 4.3 +1.7 ▲ ▲

4.0 +0.239 15.5

10.7 -4+6 +0.857.2 3.6

56 22.24.8 +0.3 ▲ 64.827 ▼

-0.5 ▼66.3 4.117,409.9 5.1 +5 ▲-1.1 ▼

▼6.1 +0.2 ▲6.3

▼101.898.86.4 -1.9 ▼ -5

-2.9 ▼ -974 29.461

-0.3115.6▲

-1.2

69 27.4 112.3

24.2 ▼

▼7.2 +2.3 ▲70 27.8 +25

-6 ▼ 7.0

Goldman Sachs & Co 6 3 22,677.96.8 +2.96.6

8.5 ▼Morgan Stanley 4 6 24,951.8 7.3

-4.6+1.1 ▲

106▲ 136.5-3.9 ▼ 38.5 +797

HSBC Holdings PLCDeutsche Bank

Mitsubishi UFJ Financial GroupRBC Capital Markets

▲Bank of America Merrill Lynch 3 1 33,616.7 9.8

Barclays

US Deals Intelligence

US Debt (F1) Jan 1 - Mar 31

Citi

Wells Fargo & Co

8

36,151.0

5 9 23,177.3

21,902.7

2 4

5

2015 Rank

2014 RankBookrunner

MarketSh (%)


US DebtHighest Quarterly Volume on Record for US Investment Grade l Overall US Debt Up 6% l US High Yield Debt Up 21%

US Investment Grade Corporate Debt (F9) Jan 1 - Mar 31

▲

Proceeds


▼

9.2 +2.5

Market # of Market Market MarketShare Ch. Deals Sh (%)

1.23,951.5

6,537.6

0 8

JP Morgan 1

9 8

12

16,420.1

11 14

7

8,819.68,746.88,528.67,963.9

14.5 +0.8 ▲2 49,459.0

7

10.6 +1.8 ▲

▲

119 47.2Share Ch.

+13 ▲ 198.8 12.3 0 -Sh (%)

Change in

▲

+0.7+0.3+0.4

Manager

42.1 +19 ▲ 148.8

Fees# of Deals

2 617 2

111517

131415

2019

17 4,020.4162726Sumitomo Mitsui Finl Grp Inc

UBSMizuho Financial GroupRBSBNP Paribas SA

US BancorpCredit Agricole CIB 1.2

BBVA

101321

4,561.7

2,654.8

16

180.8

2.62.62.52.31.91.3

+0.8-0.4+1.2+1.5-1.2-1.2

▲

▼▲▲▼

▲▲

+0 4

271912

▲ 31411822

▼4.89.925

510

12.316.37.18.7

10.77.5

2.04 0

+3+5-1

+7

+7+7-4

+12-8-7

▲

▲▲▼

24.411.319 7

1.2

1 2

1.50.7

+0.3-0.6-0.1+1.6

2.51.8

2.62.22.12.9

-0.6-0.1+0.6-0.1

+0 5+0.1

▲

▲▼▲

▼▼

▲

+0.15.1▼

+13+0.1 1.2-0

▲-▲▲

0.3

+0.20

+0.2

-0.1

0.20.20.50.3

▲

3.72.78.7

4.7

▲▲▲▲

1.6

+2+1+2

+1

0.80.82.4

226

719.8 4

▲-▲▲

0.2

+0.30

+0.10.30.30.2

992.8983.8869.6752.7

313842

262728Morgan Stanley 5 7 53,187.1 ▲

17.1

2930

CIMB Group Sdn BhdCommonwealth Bank of AustraliaDNB ASAINGBank of New York Mellon Corp 37

-

Industry % Change from Same Period Last Year 5.7% ▲9.8%Industry % Change from Last Quarter 29.0% ▲6.7%

100.0+580

▼Industry % Change from Same Period Last Year 33.0% ▲

1,643 42.6

▲ ‐11.1% ▼▼37.0%

100.0

54.6%

Industry Total 126,371.4

13.5% ▲

100.0

‐16.8%

1,152.9 100.0

▼▲22.6 +2.3

1.3 3.152.962.3 -2.2 ▼

-3.2-12▼

+16Top Ten Total 78,709.9

▲3.2 -2.3 ▼ 55 3.3▲

Citi 10 6 3,988.038HSBC Holdings PLC 2.39 4

13.5 2.3 ▲4.2 -2.8

+93 ▲4.5 +1.51.9

First Horizon National Corp 8 11 5,308.6 4.2 +1.2 ▲5,244.3

2.6 6.0 +2.32.9

▼5.5 +0.9

6.8TD Securities Inc 7 7 5,728.6

221

▲▲4.0 +7 ▲4.5 -0.6 ▼ 65

4.6 +1.0 ▲6.0

+3.72.6

146 8.9 +74 ▲▲

Morgan Stanley 6 10 5,828.6Nomura 5 5 6,334.3 +2.35.0 -0.8

-1 ▼3.0 +25 ▲49▼

-1.1 ▼ 58 3.5 2.1 ▼

+1.7 ▲▼

4.9 -2.8JP Morgan 4 3 7,638.0 6.010.6Wells Fargo & Co 3 8 8,935.4 +58 ▲ 1.3 3.1 -2.7

6.8 -1.4+20 ▲ 2.7

7.1 +2.6 ▲ 17466 4.0▲ 6.2

▲ 2.9 ▼Deutsche Bank 2 2 10,877.3 8.6 +1.2Barclays 1 1 18,826.8 14.9 -0.6

Fees Sh (%) Share Ch.4.3 +23▼ 70

Market Change in Manager Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals

All Federal Credit Agency Debt (H1)

2015 Rank

2014 RankBookrunner Proceeds

Market Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

US High Yield Corporate Debt (F8) Jan 1 - Mar 31


▲▲ ▲

▲24.5%

Jan 1 - Mar 31

70.3 -1.3 ▼100.0

2,557.1+74 3,633.91,178746,048.0 100.0

74.3 -2.4Industry Total

▼2.8

Top Ten Total 554,308.377 6.5 +9 ▲ 102.6

-0.8Credit Suisse 9 8 40,540.4HSBC Holdings PLC 10 9 28,364.7

▼5.4 -0.1 ▼3.8 -0.3 ▼

144+0.2 ▲

▲12.2 -2 5.4

6.2▼ 197.3

+1.2▲ 224.5▼

Wells Fargo & Co 8 10 44,736.9 6.0 +2.2 ▲ +67216.4141 ▼

210 17.812.0 -17

▼Deutsche Bank6.0 -1.2

175233.5 6.4

7.9

-2.1 ▼▲▲+0.3

Goldman Sachs & Co 7 5 45,723.7 6.16.4 -1.0 157 13.3 -3 ▼ +0.5

▲ 286.96 6 47,628.0

▲7.1 +1.3

+6 ▲14.9 +6

226.8Barclays 4 4 62,579.3 8.4 -0.9 ▼ +0.2

▲▼8.8 -2.79.1 -2.0 ▼ 228 19.4

9.7Bank of America Merrill Lynch 3 2 67,938.0

6.2-4 ▼ 320.8

202

10.9 -0.3234 19.9 +14 ▲

▲ 395.8+1.3352.5

▼Citi 2 3 73,522.0 9.9 +0.6 ▲JP Morgan 1

Sh (%) Share Ch.1 90,088.2 21.9 +6▼ 25812.1 -0.1

Sh (%) Share Ch. Deals Sh (%) # of Deals Fees# of Market Market MarketChange in Manager2015

Rank2014 RankBookrunner Proceeds

Market Market

Market MarketMarket Market # of Market Change in Manager2015 Rank

2014 RankBookrunner Proceeds Sh (%) Share Ch.Sh (%) Share Ch. Deals Sh (%) # of Deals Fees

+12 ▲JP Morgan 1 1 8,379.6 9.9 -0.4 ▼ 53 48.6 -3 9.2 -1.0▼ 106.3 ▼Barclays 2 8 7,576.1 8.9 +2.1 ▲ +1.1 ▲Citi 3 3 7,150.6

86.9 7.5▲ 93.4

45 41.343.1 +3 8.1 +0.68.4 -0.6 ▼ 47 ▲

Morgan Stanley 4 6 7,026.7 8.3 -0.1 ▼ -0.6 ▼88.0 7.6▼ 97.6

43 39.4 +5 ▲8.1 +0.8 ▲ 38Deutsche Bank 5 7 6,879.2

-0.8 ▼34.9 -3 8.5 +1.6

+5 ▲▲

9.1Bank of America Merrill Lynch 6 4 6,802.4 8.0 -1.0 ▼Credit Suisse 7 2 5,352.9

104.9▼ 81.6

55 50.535.8 -6 7.1 -1.86.3 -3.0 ▼ 39 ▼

Goldman Sachs & Co 8 5 5,296.7 6.3 -2.7 ▼ -1.7 ▼70.1 6.1- 68.7

39 35.8 0 -5.6 +1.4 ▲ 28RBC Capital Markets 9 11 4,708.6

-0.4 ▼25.7 0 6.0 +2.5

-2 ▼▲

30.3Wells Fargo & Co 10 9 4,562.9 5.4 +0.4 ▲ 55.5853.075.2 -3.1 ▼

33

109 -22

▲


4.863,735.7

341,907.1 100.0

Industry % Change from Last Quarter 29.0% ▲ ▲

Industry % Change from Last Quarter 35.1% ▲Industry % Change from Same Period Last Year 21.0% ▲

252

Top Ten Total

Industry % Change from Same Period Last Year 7.9% ▲

-26Industry Total

▼

90.9100.0

+2.4 ▲332,781.1 96.2

0.3


‐9.4%

2,475.00.80.7

▲

▼

▲Industry % Change from Last Quarter26.8% ▲45.5% ▲ ▲

▲▲

2.4%

74.0 -0.5

15.6%

27.2%

2,127.6

25

1,890.71,774.91,193.530

22

2,617.2

Top Thirty Total

2122

2423SunTrust Banks

Scotiabank

Societe GeneraleTD Securities Inc

20

34

261947

Sumitomo Mitsui Finl Grp Inc

0.60.60.5

+0.1▲

+0.3+0.1

▲▲▲

+0.5+0.1

+0.4

97

1096

15

4.0

6.03.6

3.62.4

+3

+70

+4+5

▲-▲

19.78.9

14.713.6

1.1

0.90.8

1.20.6

+0.50

+2.21,611.9

21.6%

▲-▲+0.5

13.8%

▲1,463.5

▲▲▲

‐4.7%

+0.2+0.2+0.30.58.1

17.0▲▲

0.4ANZ Banking Group ▲2.8 +3

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US Asset-Backed Securities excluding Self-Funded (F14a)† Jan 1 - Mar 31


US ABS Collateral Volume Breakout (US$b) Jan 1 - Mar 31 2015

▲

358.8

‐3.4%Industry % Change from Last Quarter 10.7% ▲

7.5%▼ ‐9.6%‐4.8%

140 +9-3.0 ▼

Industry Total 80,721.5 100.0 100.0252.5

1.4 0.4▼ 70.4

▲Top Ten Total 61,750.4 76.5 -4.7

+3.1 ▲+0.3

1 0.7 +1 ▲ +0.4▲

Guggenheim Securities LLC 10 - 2,500.0 3.1RBC Capital Markets ▲ 9.7 2.7

+1.6 ▲10 4,063.6 5.0 +0.8 ▲ 16 11.4 +7

38.9 10.97.2

10 7.1 -6 ▼-0.4 ▼▲5.8 +0.2 184,647.1

Morgan Stanley 8 6 4,535.4 5.6

▲ +1.1 ▲12.9 +2 ▲ 25.7 ▲+2.0

5,064.3 6.35 ▼ 11.2

+2.0 ▲ 20 14.3 +6

US Asset-Backed Securities (F14)† Jan 1 - Mar 31

# of Market Change in MarketSh (%)

Market

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

US Mortgage-Backed Securities (F11)†

3133 23.6

Manager2015 Rank

2014 Rank

Jan 1 - Mar 31


1 12,141.62

Bookrunner Proceeds

Proceeds per Bookrunner (US$m)Market Market

Credit Suisse8.8 -5.4 ▼

JP Morgan▼

3 7,074.0

Citi 1Share Ch.

15.0 -1.8▼

Imputed Fees (US$m)

-3.1 023.5 6.5

▲-0.6 ▼58.2+2.4

# of Deals

+7 43.3 12.1

Fees Sh (%)Deals Sh (%) Share Ch.- 16.20

22.1 ▲

4 5,254.1 6.5

14.02 11,321.9

▼ ▼▼23 16.4 -9 ▼ -6.921.8 6.1

-116 11.4 -9

6.9% ▲

18.66.4 -0.8 ▼


US Securitizations

-2.1

-0.3

18.8 5.2 -3.3 ▼26

▼▼

5 5,148.4


Barclays

Bank of America Merrill Lynch 3

Wells Fargo & Co 6 9Deutsche Bank 7 7

9

4

$22.1 28%

$8.8 11%

$3.5 4%

$30.9 38%

$15.1 19%

CDO Credit Card Student Loan Auto Other

†

Jan 1 - Mar 31US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F20a)†

Rankings reflect new securitizations criteria implemented September 2014 (See back page)

▲Industry % Change from Last Quarter 7.1% ▲ ‐7.1% ▼ ‐11.2% ▼Industry % Change from Same Period Last Year 15.4% ▲ 9.2% ▲ 0.1%

+11 344.0130 100.0▼

Industry Total 73,417.6 100.0240.6 70.1 -2.4

+0.4 ▲Top Ten Total 55,121.6 75.1 -2.4 ▼

1 0.8 +1 ▲ 1.4 0.42.3 +0.8 ▲

Guggenheim Securities LLC 10 - 2,500.0 3.4 +3.4 ▲▲ 15 11.5 +8 ▲ 7.9RBC Capital Markets 9 11 3,538.6 4.8 +1.5

-6 ▼ 38.9 11.3 +1.3 ▲▲

Morgan Stanley 8 6 4,535.4 6.2 -0.8 ▼ 10 7.713.8 +2 ▲ 25.3 7.4 +2.3

0 -Deutsche Bank 7 7 4,647.1 6.3 -0.3 ▼ 18

15 11.5 -9 ▼ 10.3 3.06.7 +1.0 ▲

Barclays 6 5 4,648.7 6.3 -1.1 ▼▲ 20 15.4 +6 ▲ 22.9Wells Fargo & Co 5 9 5,064.3 6.9 +1.8

-1 ▼ 18.8 5.5 -3.4 ▼▼

Credit Suisse 4 4 5,254.1 7.2 -2.9 ▼ 26 20.016.2 -10 ▼ 20.4 5.9 -7.1

+3.1 ▲Bank of America Merrill Lynch 3 1 5,849.0 8.0 -6.0 ▼ 21

27 20.8 +6 ▲ 39.1 11.416.2 -0.8 ▼

JP Morgan 2 3 8,759.5 11.9 +1.0 ▲▲ 29 22.3 +1 ▲ 55.6Citi 1 2 10,324.9 14.1 +1.0

Deals Sh (%) # of Deals Fees Sh (%) Share Ch.# of Market Change in Manager Market Market2015

Rank2014 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.


9Mizuho Financial Group 6▲10 16

-1,728.3 +2.3

+4.2

Quarterly Residential ABS, MBS & CDO Volume

▲

▲

100.081.7 +2.4

4.22.9

2,500.0

Industry TotalTop Ten Total 48,741.8

15.21514.1

6.1Guggenheim Securities LLC

▲

+4

9.7% ▲Industry % Change from Same Period Last Year 23.3%

59,567.3

▲


148.1 100.0112.1 75.6 +1.1 ▲

99

▲ ▲ 1.4 0.9+1.7▲ 3.6 2.4+5

▼-1.71 1.0 ▲

0+0.9+1

5.6 3.8▲

Deutsche Bank 8 6 2,704.6 4.5 -2.0 ▼ 14+0.8

-

-2.9 ▼5.9 +1.5 ▲ +87.8 15.2 -11 ▼

▲ 7.9 5.3RBC Capital Markets 7 8 3,538.6Barclays 4,648.7

▼▲▼

▲ 10.0 6.7 +3.3▼

7.310.7Wells Fargo & Co 5 9 4,723.3

-5.2

-2.515

9.414.07.9

▲Bank of America Merrill Lynch 4 2 6,319.6 10.6 -4.7 ▼Citi 10.9

12.2 +4.03 6,493.7

13.2 +2.2 ▲9.3 +0.6

25.3 ▲+0.9 ▲ 22 22.2 +1 ▲ 13.7

18.125


6,811.6

Bookrunner Proceeds2015 Rank

610 7,128.4

8,125.1

Sh (%)Credit Suisse 1 2

Share Ch.29

Morgan Stanley

JP Morgan 2


3

5Goldman Sachs & Co

Wells Fargo & Co 4

Market # of Market Change in Manager Market

17.8 +3.6+3 ▲ 30.6# of Deals

16.3FeesSh (%)

▲Sh (%)

8.9▲

+3.3 ▲8.5

Market

19-0.1 ▼14.7 +4.7 ▲

▼ 24.2 12.9

2014 Rank

11,756.7

19 11.717 10.4

10.228.1 15.0

Imputed Fees (US$m)

Share Ch.Market

▲-5 ▼-0.4 ▼20.4+5.9

10.90 -11.7

Deals

-2.6 ▼-1

▲

+4.8 ▲21 12.9 -1 ▼ 13.7 7.3

2223.2

+7

Top Ten TotalIndustry Total

85.5 +6.5

Barclays

10Mischler Financial Group Inc

3 5,144.0Citi 9 7

5 6,658.3

3,405.311

-8+9+3.7 ▲

2322.2

Market

6 4

5

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

8.6 -3

17 10.4

8.69.8

1416

14

14

▼ -0.9

▼

7.213.5+3 ▲ 13.5

11.5-1

▼7.2

-0.8 ▼▼

+1.4 ▲6.2 -1.05.2▼

-1-0.8 ▼▼-0.4 8.6 -5

-0.5 ▼+9.5

1.7▼166.8

‐3.6% ▼▼‐10.9%

163

▼

6.5 -2.9

8.4 -0.37.4

+0.1 ▲

+1.1

+1.8

8,125.0 10.2

2015 Rank

2014 RankBookrunner

65,924.2

Imputed Fees (US$m)

▲‐9.0% ▼7.6%

100.0187.0

0.989.1

9.6

18.3Sh (%)# of Deals Share Ch.

Market

▲-20

MarketMarketSh (%)

-3Fees

▼ 27.1

ManagerChange in Share Ch. Deals

# of

4.36.4

▲▼

1.7%

68,148.8


7

‐16.2% ▼

5,070.2

9

Deutsche Bank14

32 32.3 -0.8 ▼JP Morgan 2 3 7,876.3Credit Suisse 1

8

1 8,208.7 13.8

79,779.3 100.0

Sh (%)

▲

Proceeds-2.8 ▼

▲

▲‐9.2% ▼ ‐8.2% ▼4.2% 29.0%0

100

200

300

400

500

600

700

800

900

$0

$100

$200

$300

$400

$500

$600

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 4 1 2 3 4 1 2 3 4 1 2 3 4 1

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b)

# of Issues

† Rankings reflect new securitizations criteria implemented September 2014 (See back page)

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15

7

DCM Bookrunner Industry Composition (Ex Financials) (F1) Jan 1 - Mar 31 2015DCM Bookrunner Industry Composition (F1) Jan 1 - Mar 31 2015


Banking Composite: US DCM

15.6%

11.4% 20 0%

15.3%

16.9%

20.1%10.9%

10.7%15.0% 8.6%

4.9%

12.9%

13.9%

21.8%

12.7%

6.2%

10.8%

8.5% 9.3%10.4%

10.1% 8.6%8.7% 10.6%

4.5%

10.3%

2.2%1.2%

3.3%

1.4%

1.7% 1.1%2.4%

2.0%

2.6%

6.4%

5.8%6.7% 2.5% 10.5%

8.4%

4.6% 4.8%

8.0%

4.7%

13.0%

2.2%2.8%

3.2%

1.8%1.9%

1.9% 3.3%

0.5%

0.0%

0.8%2.4%2.3% 3.4%

2.2%0.5%

2.0%

5.9%2.3%

1.2%

2.3%4.0%1.0% 3.3%

0.5%1.0%2.0%

2.0%0.0%

0.7%

1.0%

2.7% 3.6%

1.5%

2.8%1.9%

4.6%

0.0%

3.9%

1.1%

4.2%

60%

70%

80%

90%

100%

Pro

ceed

s

9.9%

6.2%6.2%

3.5%

1.4%

2.2%0.9%

1 0%

1.7%

1 2%

2.1%

3.7%

4 0%

1.7% 7.1%

5.1%

3.4%

4.9%

3.6%

8.2%

1.2%

1.1%1.1%

2.3%

0.3%

0.0%

0.5%1.5%

1.4%

2.3%1.5%

0.3%1.1%

4.2%

1.4%

0.9%

1.4%

2.6%

0.6% 2.2%

0.3%

0.6%

1.2%

1.4% 0.0%

0.6%

0.6%

1.7%

2.1%

1.0%

1.9%

1.2%

2.7% 0.0%

2.4%

0.8%

2.7%

35.5%

40.7%

32.6% 33.0%

39.1%41.9%

29.6%

38.1%

21.8%

37.3%

60%

70%

80%

90%

100%

Pro

ceed

s

2.4% 3.7% 4.9%2.9% 4.2% 2.5%

5.2%2.9% 0.0%1.4%

18.7%

21.9%23.3%

14.3%

28.5%

21.8%

26.7%

19.6% 25.3%

16.9%

16.3%

21.9%18.8%

24.6%

21.6%

21.1%0.0%

20.7%

27.2%

12.6%

21.6%

20.0%

27.0%7.7%

24.8%

0%

10%

20%

30%

40%

50%

JPM Citi BoA DB MS Barc WF GS HSBC CS

% o

f Ind

ustry

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

1.6%

2.2%

3.3% 1.9%

2.6%

1.5%

3.7%

1.8%

0.0%

0.9%

12.0%13.0%

15.7%

9.6%

17.4%

12.7%

18.8%

12.1%19.8%

10.6%

10.5%

13.0%

12.6%

16.5%

13.2%

12.3%0.0%

12.8%

21.3%

7.9%

13.9%9.3%

7.7% 13.4%

9.3%

9.8% 19.0%

4.8%

15.7%

15.6%

7.0% 6.4%

10.1% 5.8% 3.0%

7.5%

9.8%

13.5%3.9%

7.0%5.0%

7.0%6.1%

5.0%6.5%

6.4%

0.7%

1.0%0.6%

1.2%

4.0%

4.0% 2.7%

1.4%

1.7%

2.2%

0%

10%

20%

30%

40%

50%

JPM Citi BoA DB MS Barc WF GS HSBC CS

% o

f Ind

ustry

P

Consumer Products and Services Energy and Power Government and Agencies

Healthcare High Technology Industrials

Materials Media and Entertainment Real Estate

Retail Consumer Staples Telecommunications

Financials


US HIGH-GRADE: Volumes soared to new heights in the first quarter of 2015, the biggest quarter of high-gradeissuance ever. Despite headline risk and oil price worries, borrowers flooded the market with deals to finance M&A,share buybacks and dividend payments. New issue concessions have been largely subdued.

HUGE DEALS: Deal sizes were exceptionally large, with the top 10 trades accounting for close to 25% of the year-to-date investment-grade tally. Among them were a US$21 billion bond from Actavis – the second-largest corporatebond ever - and chunky trades from Valeant (US$10.1 billion-equivalent), Microsoft (US$10.75 billion) and Apple(US$6.5 billion). US HIGH-YIELD: High-yield also saw a 23% increase over a year ago, as investors hunted for better returns in thelow-rates environment. Junk-rated issuers peppered the primary market with jumbo M&A trades and pushed volumesto a new quarter record. But issuance was less consistent than in high grade, as sentiment on the asset class toggledbetween risk-on and risk-off. US ABS: Issuance in the US asset-backed securities market was up over the first quarter of last year, to US$58.3billion from US$53.4 billion at this point in 2014. Prime and subprime auto, along with auto leases, have accounted for the bulk of new trades. There has been uptick in sub-sectors like consumer loans, which saw US$2.9 billion of newissuance in the quarter versus roughly double that for all of last year. Estimated ABS volume for 2015 is $205 billion -US$210 billion, up from US$200 billion in 2014.

www ifrmarkets com

N/A

25.6

3.8

7.5

N/A

2.7x

2.0x

2.9x

N/A

5.5

4.6

3.7

0.9

2

4.3

33,000

31,050

20,000

16,100

12,000

15,700

4.3x

3.1x

3.9x

2.5x

3.1x

3.0x

90,130

23,650

19,250

7,650

6,500

Zimmer Holdings

Apple Inc

PEMEX

Chevron Corp

Morgan Stanley

8,000

8,000

6,150

6,000

6,000

5,500

2/24/2015

Weighted Average New Issue Concession (bps)

Total Book Size (US$m)

Actavis Funding

Microsoft Corp

Merck & Co Inc

ExxonMobil Corp

21,000

10,750

JPMorgan Chase &Co

2/5/2015

3/3/2015

3/10/2015

2/2/2015

1/15/2015

1/15/2015

Issuer

1/22/2015

Book to Cover RatioIssue Date

IFR MarketsUS Debt Issuance Surges l New Record for High-Grade Debt

Top Deals US Investment Grade Debt Transactions Jan 1 - Mar 31 2015IFR Markets Intelligence

Deal Size (US$m)

3/3/2015

2/9/2015

US Monthly Investment Grade Debt vs Fund Flows www.ifrmarkets.com

Weekly US Investment Grade Debt vs New Issue Concession Level

US Monthly High Yield Debt vs Fund Flows US Auto ABS Collateral Type (US$m) Jan 1 - Mar 31 2015

$9,774.934%

$6,127.922%

$8,083.229%

$1,250.04%

$3,020.411%

0

5

10

15

20

25

30

35

40

45

50

-10

-8

-6

-4

-2

0

2

4

6

8

10

J F M A M J J A S O N D J F M

2014 2015

Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

HY

Pro

ceed

s (U

S$b

)

Lipper Fund Flow Change (US$b)

Proceeds Issued (US$b)

0

20

40

60

80

100

120

140

160

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

J F M A M J J A S O N D J F M

2014 2015

Lipp

er F

low

Cha

nge

(US

$b)

Mon

thly

IG P

roce

eds

(US

$b)

Lipper Fund Flow Change (US$b)

Proceeds Issued (US$b)

-6-4-2024681012141618

05

1015202530354045505560

10/3

/14

10/1

0/14

10/1

7/14

10/2

4/14

10/3

1/14

11/7

/14

11/1

4/14

11/2

1/14

11/2

8/14

12/5

/14

12/1

2/14

12/1

9/14

12/2

6/14

1/2/

15

1/9/

15

1/16

/15

1/23

/15

1/30

/15

2/6/

15

2/13

/15

2/20

/15

2/27

/15

3/6/

15

3/13

/15

3/20

/15

3/27

/15

Pro

ceed

s (U

S$m

)

Aver

age

New

Issu

e C

once

ssio

n Le

vel

Proceeds (US$m)

Average New Issue Concession

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables www.ifrmarkets.com

Prime Auto Sub-Prime Auto Auto Leases Near-Prime Auto Floorplan9

-9.5%▲ 18.9%44.5%Industry % Change from Last Quarter 38.6% ▲

▲

Jan 1 - Mar 31

▲

5,097.5 100.0-0.160.1

▼ 13.5%

1,525 -161

BNP Paribas SA 9

‐0.8%

8

1,207,360.4723,817.4

Industry Total

10 10

▼

59,055.546,966.6

6861,107.8

+2.7▲11.4 -3▲60.6

03.9

▼

▼ 182174

-4011.9▼ 257.9

▼▼ 166.7

3,081.2

3.34.9 250.3190 12.5 -6-1.4 ▼

▼▲

-0.2+0.3

▼

332.1

5.1

-1.3-0.5

▲2414.1

▲+1712.9 313.3-33

15.8 +32 6.5211.2

4.9

▼▼

+0.9▼-1.1

6.216.7

5.1 +0.9 ▲ 197254▼5.5

▲ 321

-1.4

7.2 7.3

HSBC Holdings PLC 6 3 66,183.268,906.1

+1.1 ▲

▼21.0

7.8+1.3 ▲ 299 19.6+0.4

▲+1.4

+9 ▲397.2

+1.1 ▲+35 ▲

370.4

6.4 +1.09.0+48 456.2

Market MarketSh (%) Share Ch.

▲276

▲ 346 22.718.1 325.9+21 ▲

▲Deals


International Debt International Bonds Down 1% l US Borrower Surge l Corporate Borrowing on the Rise

All International Bonds (J1) Jan 1 - Mar 31EMEA Deals Intelligence

# of MarketFeesProceeds

Change in ManagerImputed Fees (US$m)# of Deals per Bookrunner

Sh (%) # of Deals


2014 RankBookrunner

5.7 -0.5

3.7 -

100.0

-1.244,486.4Credit Suisse

Market Market

+1.18.08.4

+0.7

Sh (%) Share Ch.

▲101,827.2

4

95,936.67.7

7

92,743.986,604.1

Top Ten Total


JP Morgan 1 2

Citi 5Deutsche Bank 4

3Barclays 2 1

Bank of America Merrill Lynch 5

Goldman Sachs & CoMorgan Stanley 7 9


International bonds volume in the first quarter of 2015 was down narrowly - by 0.8% year on year. US issuance inparticular had a strong first quarter, rising 41.6%, while European nations saw an overall decline of 18.7% from lastyear. Notable falls were Germany (down 19.2 %) and France (down 29.6%) Particularly notable was the absence ofany first quarter Russian Federation issuance in the international bonds market - the first time since 2001.

Issuance from the international corporate sector was strong with a 22.8% increase over 1Q2015. Among the industrysectors, Healthcare was up 126.1%, including Actavis Funding’s raising of US$20.9 billion towards its acquisition ofAllergan and Merck’s US$7.9 billion six tranche offering towards its purchase of Cubist. Retail was up by 158.9%,featuring Family Tree's US$3.5 billion and Pet Smart's US$1.9 billion deals. Media and Entertainment was up by74.5%, including GA Worldwide's US$4.9 billion offering and Altice Financing at US$2.6 billion. These increases werecounterbalanced by falls in the Telecom and Government & Agency sectors, which fell by 50.5% and 21.2%,respectively.

According to Thomson Reuters and Freeman Consulting the top fee earners in the international bonds market in thefirst quarter were JP Morgan with US456.2 million from 346 transactions, with nearly a third of its clients drawn fromthe financials sector. Deutsche Bank led the All Bonds in Euros fees with €98.3 million raised from 109 deals.

All International Bonds by Issue Type

First QuarterEuropean Financial and Corporate Inv Grade By Domicile Nation


Deutsche Bank 1

Market Market

JP Morgan10.0 +3.3

25Sh (%)


Sh (%)# of Deals2015 Rank

-0.3 ▼5.7▲ 72.4 +0.6

▼ 81.7▲

6.4

▲ 62.5 4.9

87▲

-12

+1.9

14.9 51.1 4.0 ▼-2.05.164.9 +1.3

All Bonds in Euros (N1)

▼ 114 21.5HSBC Holdings PLC

6.5▼

-1.426,251.626,333.2 6.5

Societe Generale 6 3

4 2BNP Paribas SA 5 1

109 +10

-18110 20.8 +1691

7.798.3 ▲+0.9▲-0.3

-0.66.6 +0.9 ▲ ▼+517.2Credit Agricole CIB 3 6 26,681.9

Deutsche Bank 2 4 28,742.9

Share Ch.+2.1

7.1 +1.0 20.6▲▲

Fees Sh (%)90.7▲

Change in

7.131,929.3Share Ch.Proceeds # of Deals

+30Sh (%)

19.4

2014 Rank

1Sh (%)

5

# of

7.9 103▲Deals

BarclaysBookrunner

MarketProceeds per Bookrunner (€m)

-1.8Barclays

Market

100.0

4.14.7

8.3

6,925.32 6

Proceeds9,240.9

Goldman Sachs & Co 87

3

4Citi

2014 RankBookrunner

Market# of Market Change in ManagerImputed Fees (US$m)

MarketShare Ch.


+10.5Deals

17.1 +8 ▲+11

+1.28.0

FeesShare Ch.13.3 +6.3

Sh (%)

26.2

▼19

MarketManager Market

36.0

Jan 1 - Mar 31

22.5

▲

▲

Market

10.6+1-0.6+3.8

14.9-0.8

11.7 -5 ▼

Imputed Fees (€m)

1911.1

17.1

▲▼13.5 -4

9.4

+4.8

▲+5.9

15.3

5,878.9 -3.5 ▼ 18.8 8.0

▲

158.5▲ 25.0▲

22.2

Credit Suisse 4 3 5,768.7

▲1

▲Bank of America Merrill Lynch 6 2 4,630.5

15Wells Fargo & Co 5 8 5,524.315.9 6.7

+2.0 13.5 +5 ▲▲6.7 ▼

7 4,309.5 6.2 0 13-▼ 15 13.5 -3

-3.74.4▼7

▲▲6.3 +2.0

4.5

+0.3

12 3,292.0 ▼+4 ▲ 10.5+1.7 8.19▲-1.3

+0.7Morgan Stanley 9 9 2,848.8Lloyds Bank 10 4.1

▼14

6.3 -3

Top Ten Total 51,055.42,636.5 +1.6 ▲ 1.7 ▲

▼11 9.9 +4 ▲

10.4

236.378.073.6

3.8+9.5 ▲

42.3%▼

▲+22.9+10 100.0

184.0111

▲Industry % Change from Last Quarter -8.2% ▼ -17.8%

▲-10.0% ▼

2015 Rank

9.9%

▼5.8 -0.8 ▼ 79

Industry Total


69,470.1

▲ 68▼

23,390.99 20,119.6

4.2 -0.35.0 +0.5

16.4 -7 ▼ +0.5▼12.8 -5

45.6JP Morgan 9 10 15,134.7

Citi 7UniCredit 8 8 16,944.6

3.8 -0.6▲

▲ 65.8 5.2 +0.3▼ 863.6

16.2 +172.733.8

▲Natixis 10 12 15,093.2 3.8

230,621.913.8

▲▲ 73

57.2 +0.9 ▲▼+12 ▲ -0.5+0.3

52.4 +2.6666.8100.01,270.5-24

Industry % Change from Same Period Last Year 5.2% ▲ -4.3% ▼ 27.8% ▲▲ 109.8%

Industry Total 402,994.6 100.0Top Ten Total

▲Industry % Change from Last Quarter 91.8% ▲ 40.6%

530

€ -

€ 200

€ 400

€ 600

€ 800

€ 1,000

€ 1,200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2008 2009 2010 2011 2012 2013 2014 15

Pro

ceed

s (€

b)

ABS & MBS

Emerging Market Corporate

Federal Credit Agency

High Yield Corporate

Agency, Supranational, Sovereign

Investment Grade Corporate

€0

€10

€20

€30

€40

€50

€60

Pro

ceed

s (€

b)

2014 2015


▲▲ 72.1% ▲

Industry % Change from Same Period Last Year 7.7%Industry % Change from Last Quarter 65.7% ▲ 36.7%

-34

▲ -17.2% ▼ 21.6%

100.0▲

Industry Total 120,237.5 100.068.23.6

+3.0164 1,580.2

-Top Ten Total 81,359.7 67.6 +4.0 ▲ 1,079.5

3056.33.8

4.7+1 ▲ 74.511 5,198.2Wells Fargo & Co 10 10 4,611.5

9RBC Capital Markets ▲+0.6 ▲

▲ +1.934 20.7 -1 ▼ 0

33.5 95.1 6.0 -1.2 ▼4.3 +1.3

+4 ▲18.3

6.2 -1.6 ▼ 55Goldman Sachs & Co 8 2 7,486.937.8 +1 ▲ 118.5 7.5 -0.2

+0.6 ▲▼Bank of America Merrill Lynch 7 5 7,643.0 6.4 -0.7 ▼ 62

-0.155 33.5 0 -52

124.5 7.96.6

6.9 -0.1 ▼▲

Credit Suisse 6 6 8,325.8Morgan Stanley 5 7 8,433.0

▲7.0 +0.6

-1 ▼31.7 +2 ▲ 104.7 ▼33.5 115.5 7.3 +0.37.5 +0.3 ▲ 55

56Citi 4 4 9,004.4

▲Barclays 3 8 9,503.0 7.9 +2.0 ▲ ▲ 112.9-13

34.1 +1333.5 +0.88.7

7.1 +1.2

-0.3 ▼▲Deutsche Bank 2 3 9,970.8 8.3 +0.6 ▼

JP Morgan 1 1 11,183.1 9.3 +1.0 ▲▲ 76 46.3 8.8137.9139.6+4

55▲

Market MarketSh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.Market Market # of Market Change in Manager

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2015 Rank



High Yield DebtGlobal Volumes up 8% l High Acquisition Finance Activity l JP Morgan Top Fee Earner

Global High Yield Debt (B4) Jan 1 - Mar 31Global High Yield Deals Intelligence

Global High Yield Debt - US Dollar Denominated (B5) Jan 1 - Mar 31

Global High Yield volumes in the first quarter rose by 7.7% compared to first quarter 2014. Borrowing from USissuers increased 23.4% - to US$68.5 billion, while international first quarter issuance from European borrowers wasdown 7.8%, in spite of issuance representing second strongest start on record for that region, at US$40.9 billion.

Key global deals in the quarter were focused on raising acquisition finance. United States pharmaceutical companyValeant’s US$10.1 billion equivalent four-tranche deal for its acquisition of Salix was the second largest High Yielddeal on record. Altice priced a US$5.3 billion equivalent transaction for its planned purchase of Portugal Telecom.Italian commercial lottery operator and gaming company GTECH priced a five tranche US$4.9 billion transactionbacking its acquisition of US gaming firm IGT.

The leading fee earner in the global High Yield market, according to Thomson Reuters and Freeman Consulting, wasJP Morgan with US$139.6 million from 76 deals. JP Morgan also led the way in the US Dollar market, with US$111.1million earned via 57 deals. Leading the non Dollar sector was Deutsche Bank with €33.6 million accrued from 23transactions.

Average Quarterly Spread to Benchmark*

▲ 444.8% ▲Industry % Change from Last Quarter 416.2% ▲ 200.0%Industry % Change from Same Period Last Year 8.8% ▲ 1.8% ▲ 54.8% ▲

+1+13.7 ▲

Industry Total 28,179.1 100.0 348.157 100.064.7▲ 225.2Top Ten Total 17,420.3 61.9 +18.9

MarketSh (%)

▲

Fees Sh (%) Share Ch.Market Manager# of Market Change in

▲Industry % Change from Last Quarter 35.1% ▲

Sh (%) # of DealsDeutsche Bank

Industry % Change from Same Period Last Year 16.8%

Top Ten Total 66,079.1

▲ -18.8% ▼ 20.4% ▲42.2% ▲12.5%

117 -27 1,192.3 100.0+0.4 ▲

Industry Total 88,807.4 100.0

▼74.4 -2.5 ▼ 874.3 73.3

-2 ▼ -0.128

55.5 4.75.868.7

33 28.25.1 +0.5 ▲▲

Wells Fargo & Co 10 10 4,562.9RBC Capital Markets 9 11 4,708.6

▼5.3 +0.9

+1 ▲23.9 -1 ▼ ▲35.9 73.6 6.2 -1.2

+2.16.4 -2.1 ▼ 42Goldman Sachs & Co 8 5 5,667.3

35.9 -4 ▼ 86.9 7.3 -1.0-0.4 ▼

▼Credit Suisse 7 3 5,967.9 6.7 -2.0 ▼ 42

-0.956 47.9 +4 ▲47

105.4 8.87.8

7.7 -0.8 ▼▼

Bank of America Merrill Lynch 6 4 6,837.2Citi 5 2 7,150.6

▲8.1 -2.0

-6 ▼40.2 -7 ▼

7,309.293.4 ▼

34.2 100.5 8.4 +1.6-0.2

8.2 +0.8 ▲ 40+5 ▲ 92.3 7.746

+1.4 ▲▼Morgan Stanley 3 6 7,340.7 8.3 +0.2 ▲

86.9 7.345 38.5 +12 ▲▼10.1 -0.2 48.757

39.38.5 +2.2 ▲

-0.9# of Deals Fees Sh (%) Share Ch.

111.1 9.3-2 ▼ ▼

Change in ManagerMarket Market # of Market

Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 - Mar 31


Bookrunner Proceeds Sh (%) Share Ch.

Bookrunner Proceeds

8,958.6Barclays 2 8 7,576.1

Deutsche Bank 4 7

2015 Rank

2015 Rank

Proceeds per Bookrunner (€m)

2014 Rank

JP Morgan 1 1

MarketMarket


# of Deals per Bookrunner Imputed Fees (€m)

Deals Sh (%)Market Market

1 1 2,380.9Share Ch. Deals

8.5

2014 Rank

200

+10+0.1 ▲ 23 40.4

Credit Suisse 2 13 2,077.2 ▲ 32.97.4 +3.9 35.1▲-2.0 ▼

9.5 +5.2 ▲- 33.6 9.6

JP Morgan 3 10 2,006.1 7.1 +3.1 ▲22 38.6 +8 ▲ 25.7 7.4▲ +1.86.7 +0.533.3 +3 ▲ 23.4

+0.9 ▲ +0.4 ▲BNP Paribas SA 4 2 1,824.2 ▼ 19

UniCredit 6 28 1,681.7

▲Barclays 5 7 1,713.6 6.1 6.6

▲24.6 +11 ▲ 19.9 5.7 +4.2

18 23.131.6 +6 ▲22.8 +10

Citi5.6 +4.7▲ 19.4

7 23 1,670.7▲ 13

Goldman Sachs & Co 8 3 1,630.1 5.8 19.3▲

-0.4 ▼ 17 29.8▲

5.5 -1.0▲ 14

-0.4▼+5 ▲

HSBC Holdings PLC 9 9 1,446.8 5.1 +0.83.2

▼Morgan Stanley 10 17 989.0 19.3 +2 ▲

28.1

-0.4

+0.3+4

▲ 114.916 ▲ 16.9

11.0

Monthly High Yield Volume

3.5 +0.8

5.9 +4.96.0 +5.2

6.5

0

100

200

300

400

500

600

700

800

900

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2009 2010 2011 2012 2013 2014 15

Bas

is P

oint

s

Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark)

*Spreads based on fixed rate issues where spread information is available

0

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFM

2009 2010 2011 2012 2013 2014 15

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$)

# of Issues


2650.4136.9Top Ten Total

100.019,630.5 270.8

% Change from Same Period Last Year

‐3

▼

Industry Total16,077.5

0.2+3.3

100.0▲

+2.1 ▲ +4.0+0.1

▼▲▲

-4.7

▲ 2.2

.6▲

7.7 +2 ▲

30.8▲ 8▲

5.314.4

2.2 0.8

0.8▲

-3.2 ▼6.0 -4.5 ▼

▲▲ 16.3

▲7.6

41.4+2.7 ▲

15.320.5

+4.2

-4.0 ▼7

-1 18.5

0-3

7.7+3 ▲▲2,237.4 11.4▼10.4 -3.6

# of

11.8Societe Generale 2 8JP Morgan 3 2 2,049.5

+6.9

Sh (%)Fees Share Ch.Manager

Citi 1 1 2,319.9 38.5

MarketBookrunner Proceeds Sh (%) Share Ch. Deals Sh (%)

▼▼


-27.2%

24

-1.0

Imputed Fees (US$m)2014 Rank

2013 Rank

Market MarketChange in Market Market

-23.1%

Jan 1 - Mar 31

▲

106,237.8 100.0

-4.5%38.1%

-

-

-0.3 ▲+12.982.1

-4.8 ▼

0-0.8

5.76.57.5

+3.3 513.1

19.2 +3HSBC Holdings PLC

4

3.310

644.3

51,266.0

19.2

▼

1,114.69 15.4 +1

+358.4

1,465.3

6.8

Erste Group 8 11

# of Deals10

30.826.9

-▼

-1.2

8▼ 5

▼▼2.8 -2.6

-4.6▼

▼5 19.2 +2

% Change from Same Period Last Year -21.8% ▼

19.2 0

+0.2+2.5

KBC Group NV 10

1,230.9

52.0 ▼51.3

▲

UniCredit▲

BNP Paribas SA

Barclays

Deutsche Bank

-0.8▼▲

▼

-1.9▼

-1.2

▲

3.3

4.2

‐186

Sh (%)

-68.6▼

6.440.7

▼4.2

34.3

100.0685.1 55.8

2.8

▼

Top Ten Total 70,484.7Industry Total

+2.6163

▼-32.9 -1.1

4.2 -1.1

14

Imputed Fees (US$m)Change in

DealsMarketMarketManager

Fees# of Deals


Share Ch.

Credit Suisse 1017.8Standard Chartered PLC 9 12 4,133.3

3,104.1

BNP Paribas SA 8 6 4,464.0

66.4

293.9 +1.3 ▲9

▲4.7 -0.2

23

6.7 +0.4-2▼

▼22 13.5 ▼

14.1 -18▼Barclays 7 8 5,003.7Bank of America Merrill Lynch 6 4 7,105.1 78.7

▼ 45.0Morgan Stanley 5 11 7,297.2-1326 16.0

105.2 8.66.9 +4.0 ▲ 24 14.7 -2

443.7

▲▼

27.0 -2 ▼9.9 -0.9

+1.3-16 122.2

+1.5JP Morgan 3 3 8,485.9Deutsche Bank 4 5 8,302.1

2 1 10,613.538▼8.0 -2.1

10.0 ▼38.7 -727.0

▼ 45.0 3.7 +0.2 ▼9.0


Emerging MarketsAll International Emerging Market Debt Down 22% l EMEA Emerging Market Debt Down 38% l Latin America Emerging Market Debt Down 40%

Jan 1 - Mar 31EMEA Emerging Market Bonds (L2)All International Emerging Market Bonds (L1) Jan 1 - Mar 31


▲-24.2% ▼

+1.0

76

% Change from Last Quarter

▼▼23.3

Asia-Pacific Emerging Market Bonds (L4)

▲ 63

Market

110.7

4 3 1,684.2

44 -14


2013 Rank

MarketShare Ch.Bookrunner Proceeds Sh (%)

Market

8.66 1,657.9

+3.7+3.0

7 1,638.48.5

-0.6

-0.1

# of

HSBC Holdings PLC 1 2 11,975.8 11.3Sh (%)

▼

-1.1

Latin America Emerging Market Bonds (L3)

▼


Citi

7.8

Jan 1 - Mar 31

-10.3% ▼ 45.5% ▲-31.6% ▼ 18.4% ▲

-37.8%18.4%

*ti

6 26.1 -11 -0.8▼3.1

3,707.7-1.8

0-11+1

▼

30.5▼

Sh (%)

▲ -49 8.2

MarketMarketShare Ch.

Deutsche Bank 2,624.2 ▼39.1 -4 ▼

6 26.110.99.55 7

3,015.0

12.5

Sh (%)

9.2 -2.6▲

7.23,617.74 7 +1.5 ▲7.4

21.8 0 - 45.7 8.3 ▼22 -3.6▼

7.4

+3.4 +2.517.5+2.9 ▲ -0.5

12.3

4.7

▼

▼-3 ▼ 9.535.6 52.428Deutsche Bank 3 4

▲9.5▲

JP Morgan+2.9 ▲+1.641.02

27.7+5.1 ▲ 6 26.1

7 30.4+0.6 ▲-6

--1.5

42.6+0.29.44,703.4 20.821

HSBC Holdings PLC

HSBC Holdings PLC 3 2 3,165.1 11.4Bank of America Merrill Lynch 2 5 3,463.2 +2.8 ▲ Citi 2

▲+1 17.5 4.746.0▼

Share Ch.13.5 26.1

Deals Sh (%)+11.3 ▲ 6 -10 ▼

Fees Sh (%) Share Ch.-2.3▼

# of Deals12.971.3▲ 6,162.9 12.3 -1.0

DealsSh (%) Share Ch.▼ 43

MarketMarketChange in ManagerBookrunner Sh (%)

Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

ProceedsBookrunner # of Deals FeesMarket Market # of Market

Morgan Stanley 1 16 3,744.3

ManagerImputed Fees (US$m)

2014 Rank

2013 Rank

4Citi 4

▼29.8 8.0JP Morgan 6 1 2,555.2

3.4+0.4 ▲

0.9 +0.9 ▲11.5+1 ▲

▼21.721.7 -3 ▼58 3 1,545.6 5.6

57 19 1,971.2 ▲

+1.9 ▲Barclays 9 15 1,187.1 4.3-3.2

7.1 +5.6▼Credit Suisse

BBVA

3 13.0 -1 ▼ 5.9 1.6

82.1Santander 10 10 1,157.0Top Ten Total 24,427.9

13.0 -44.2 +1.0 ▲ 3

33.7%

224.3+12.9 ▲Industry Total 27,703.5

▼% Change from Same Period Last Year -39.7%

100.0 23 ‐1760.17.1 -1.3

7 9Standard Chartered PLC 6Morgan Stanley

6

▼▼ 26.6 ▼

-0.7

▲100.0

+2.0374.4

Imputed Fees (US$m)

-0.6 ▼

2014 Rank

2013 Rank

1 1Proceeds

MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner

Bank of America Merrill Lynch 5 5

Market # of Market

3,296.7 6.6-0.23,246.8

15.8 -4▼ 206.5

+2.3 ▲8.0 -0.8 ▼

16-11

36.9 6.719.8

▲15 14.9 -4 ▼ 25.7 +1.0BNP Paribas SA 8 8 1,729.4

4.72,816.9 ▲5.6 +1.71.6

44.1▼

▼ 8.83.5 -1.8 ▼ -18 -0.7 ▼3.3 -0.4

12 11.9▼ -2.0 ▼12 0 -Barclays 9 10 1,660.3 17.4 3.2

3.3 +0.8 ▲ 13 12.9 0 3.011.9

▼Top Ten Total 32,599.5 65.1Bank of China Ltd 10 12 1,657.7 -2.2- 16.3

49,949.1-1.8 ▼ -3.8 ▼

101 100.065.3359.6

% Change from Same Period Last Year -1.3% ▼

‐30

-22.9%

Industry Total

▼ -25.7% ▼ -39.4% ▼▼ 38.4% ▲

551.2

Middle East Emerging Market Bonds (L5) Jan 1 - Mar 31

% Change from Last Quarter 55.9% ▲ % Change from Last Quarter

Market

100.0

Imputed Fees (US$m)2014 Rank


Proceeds per Bookrunner (US$m)Market Market # of Market


1 1,294.2

MarketSh (%) Share Ch.# of Deals Fees

Change in ManagerShare Ch. Deals Sh (%)

16.9 +2.1 ▲ 7Sh (%)

▼BNP Paribas SA 2 14 820.6 10.7 2.4

7.8 -0.9▲ 7.6+9.2 ▲

53.8 +2

Barclays 3 2 691.1

1HSBC Holdings PLC

2▼4 30.8 +3 ▲ 2.3 -3.9▼2.0 -8.0▼

-0.3National Bank of Abu Dhabi 4 21 595.22.0

+6.738.5 +5

▲15.4 -19.0 -2.9 ▼

7.8 ▼4 30.8 +3 ▲ 3.2 3.2▼5.0 5.1 -0.9▲

-0.70.8- 541.7ING 7 9* 395.4

546.4+7.1+7.2

1▲+1.4 ▲

▲ 57.7 +1 ▲

Standard Chartered PLC 5 -7.167.2

Morgan Stanley

▲ +2.123.1 +1

Emirates NBD PJSC 8 11* 370.335.24 30.8 +2 ▲4.8

0.6▲ .64.2+2.4

2 7.8▼ 7.7-0.2

15.4 -1 +3.03 ▲

Citi 9 4 336.1 -5.7 ▼4.4

7,643.1

4.3 +1.911*

100.0▲77.4

+123.1Top Ten Total 5,923.1Deutsche Bank 10 332.1 ▲

+29.4

% Change from Last Quarter 3.9% ▲% Change from Same Period Last Year -7.7% ▼

Industry Total

4.1▲

.8▲

8.3

▲+0.6

8.1

▼

0.0% - -8.2% ▼▲

97.8

▲

100.013

69.8%

+3

30.0%

42.2▼▼-9.241.4

▲-4.2% ▼ -32.5% ▼ -27.4%

-46.5% ▼

Jan 1 - Mar 31 2015All International Emerging Market Bond Volume by Industry (US$b)

$38.337%

$36.135%

$10.610%$4.7

4%$3.84%

$2.63%

$2.32%

$2.22%$1.51%

$1.31%

$1.11%

Financials Government and Agencies Energy and Power Real Estate

Industrials High Technology Materials Healthcare

C St l T l i ti R t il*tie

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables

Consumer Staples Telecommunications Retail12

Global Brazilian Debt Volume by Sector First Quarter


Jan 1 - Mar 31

1,031.4 100.0

▼

10

Global Debt by Mexican Issuers (MX1)

-90.4% ▼ -77.3%-88.6% ▼-32.6% ▼

% Change from Same Period Last Year -95.7% ▼ -81.5% ▼

Industry Total8.9 100.0

‐44 8.9 100.0Top Ten Total 1,031.4 100.0 +72.0 ▲ +68.2 ▲

17.6 +1.7 -1 10.0 +1 ▲ .1 0.5▲ 0▼10.0 0 - .01 0.0 -5.6+2.0 ▲

0.7

1.7Banco Votorantim 8 26 20.3 2.0Banco BTG Pactual SA 9 -

▲Banco Modal 7 - 23.4 2.3 +2.3 ▲ -8.3 ▼1 10.0

10.0 -7 ▼ .11+1 ▲ .1

Santander 6 8 48.8 1.2 +0.54.7 -0.4 ▼

1 37.5 -9.0+7.3 ▲ ▲3 30.0 -19 ▼ .1 0.6 +0.7

▼10.0 +1 ▲ 3.3+16.2 ▲14.9

Credit Suisse 2* - 166.7 16.2Itau Unibanco 5 5 153.2

+16.2 ▲ +26.2 ▲+1 ▲ 2.3 26.216.2 +16.2 ▲ 1 ▲

Rabobank NV 2* - 166.7 16.2▲ 2.3 26.2 +26.2

1 10.0

+10.5 ▲ +37.5Barclays 2* - 166.7

7.110.0 +1

Fees▲2 20.0 -13 ▼ .6

Sh (%)Manager Market

Share Ch.Banco Bradesco SA 1 1 268.0 26.0

Sh (%) # of DealsBookrunner Proceeds Sh (%) Share Ch. DealsMarket Market # of Market


Emerging Markets - Latin AmericaGlobal Brazilian Debt Volume Down 96% l Fees for Global Brazilian Debt Down 89% l Domestic Brazilian Debt Up 15% l Domestic Mexican Debt Up 133%

Change in 2014 Rank

2013 Rank

Market

All Global Debt by Brazilian Issuers (BR1) Jan 1 - Mar 31


Domestic Brazilian Debt in Reals (BR2) Jan 1 - Mar 31

2218

14

5

31

26

37

108

54

10

0

10

20

30

40

50

60

$0

$5

$10

$15

$20

$25

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# of

Issu

es

Pro

ceed

s (U

S$b

)

Securitized DebtJunk Rated DebtInvestment Grade CorporateAgency, Supranational, Sovereign# of Issues

▲▼ -79.1% ▼ -76.2% ▼ ▼

▼ 187.5%-78.3%

100.0

18.2% % Change from Same Period Last Year 133.4%29.0% ▲ -16.7%

‐1 100.0

▲% Change from Last Quarter

+22.3▲2.3

-68.3%

1,919.9

▲▲% Change from Same Period Last Year 86.8%▼ -55.2% ▼

5


Industry Total+38.3100.0

100.0 13

07.7

922.0100.04.0 Industry Total

1+26.6 ▲922.0 100.0+7.24.087.2 +20.6

Imputed Fees (US$m)

▲ 63.7

Market Market

-1.4- .1

-40.5%


▲ Top Ten Total▼▼

2.47* 2.0 -4.1

100.0

24.4 -8.1

+2.82.7 +2.7

Change in

Morgan Stanley 7*1,674.0Top Ten Total

38.2

-59.1%

▼HSBC Holdings PLC 7* 2.0 -11.4 7.7 -2

▼▼2.7 -8.4

▼

▲+2.8 ▲+1

2.4 -5.3▼2.0 ▼

2* 38.2

▲

▼ 1 .1- 38.2

32.3

-1+2.4▲ .1+2.0 ▲2.4 1 20.0 .14▲ 1 6*+17.7.1 2.824.4 2.7 +2.7

2.811 38.2 ▲-12.6▼ .1

▲+1-2 ▼2.4 1 20.0

.1 2.824.4Bank of America Merrill Lynch 6* -▼ 12.0 7.7

Manager

▲+5.3- .4 1▼-2

0 ▲40.08.3 ▲ .4

8.3 2 20.0

40.0

6 159.0 -0.2▲ 2 ▲

Corporacion Actinver Sab de CV15.4 +1

+17.7 ▲

15.45*

+1 ▲

Casa de Bolsa Inverlat

Grupo Financiero Banorte-Ixe

2Corporacion Actinver Sab de CV 6* -10.2

-1.3

+6.47* 159.0 .2 7.5

7*

Santander 5* 87.5 9.5 -25.51 ▼+13.6 ▲

▼ -33.6 ▼5.4159.0 17.3 17.7-

+2.2 10.26.3

Citi▲ 23*

3 .4 17.711.7 -7.8 6.7 -7.8 +10.9Citi 4 1 ▼ 5 0225.2 38.5 ▼

BBVA ▲ 2 40.015.7 +6.0 ▲ 5 17.3 +17.3+6.3

+5.8▲ .5+11.9 ▲+1 ▲

3* -.4 17.7

12.6▲ 3 60.0

+2 ▲159.0

+4 ▲+26.7 ▲ 4 80.07.7 +1

5 301.5196.6 21.3

38.5 +2 ▲ Santander

-2.1 ▼

- BBVA 2 5.6 25.1 +25.1 ▲

Deutsche BankCredit Suisse 7*

▼

1.8 +1.8

▲ 117.2 +17.2

Sh (%) Share Ch.

- 330.5SD Indeval SA de CV 2 0.0 0▲ .0

# of Deals Fees1 -▲ 6 246.6 26.7

Sh (%)▲ Casas de Bolsa Bital, S.A.- 346.0Casas de Bolsa Bital, S.A. 1 ▲ .6 14.4 +14.446.2 +6

% Change from Last Quarter% Change from Same Period Last Year

Market2014 Rank

11.1% ▲35.2% ▲

Domestic Mexican Debt (MX3)

-11.1%

2014 Rank

2013 Rank Bookrunner Proceeds Sh (%) Share Ch.

2013 Rank

16

Deals Sh (%)

-50.0%

Market# of Deals Fees

18.0 +18.0

# ofSh (%) Share Ch.

Jan 1 - Mar 31


Share Ch.Market

▼

BookrunnerMarket

▼

MarketDealsProceeds

Market MarketSh (%)

# of Market

Global Debt in Mexican Pesos (MX2) Jan 1 - Mar 31

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Change in Manager

-9.3%

▲ 29.4Industry TotalTop Ten Total 14,399.5 91.5 +19.7

▲ 6

15,751.9 ‐2

2.2 +2.2

100.0

+6 ▲90.9 +29.1 ▲

▲ .6Barclays 9 6 927.3 ▼

37.5Casas de Bolsa Bital, S.A. 10 - 346.0

▼ 1.912.5 -15.9 -0.8 1 6.3

▼ 25.5 -4.0 ▼-2 ▼ 1.85.8

▼ 2Deutsche Bank 8 4

-3965.5

12.56.1 -5.3

Credit Suisse 7 1 1,205.3 7.7 -10.9▲

7.4 -9.1 ▼▲ 2.6 8.1 +7.9▼ 2.4

+3Santander 6 16 1,222.9 7.8 +7.4 ▲ 4Bank of America Merrill Lynch 5 5 1,453.1 ▼

25.09.2 -1.9

3.418.8 -1-1 ▼ 3.4 10.6 -0.7 ▼4 25.0

3 10.6 +3.2 ▲▼7

HSBC Holdings PLC 4 3BBVA 3 9

▼3.8+3

1,668.443.8

10.6 -4.51,931.7 12.3 +9.9 ▲

+8.7 ▲11.8 +9.3 ▲

▲ 4.2 13.0 +10.9▲

▲▲ 5.3

+216.3 +11.9 ▲

50.0Citi 2 82,698.9 17.1 +14.9

81,980.4 12.6▲ 3 18.8 +1Morgan Stanley 1 10

Sh (%) Share Ch.Bookrunner Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees2013 Rank

Market Market # of Market2014 Rank

# of Deals per Bookrunner Imputed Fees (US$m)Change in Manager Market Market

Proceeds per Bookrunner (US$m)Proceeds per Bookrunner (R$m) # of Deals per Bookrunner Imputed Fees (US$m)2014 Rank

2013 Rank

Market MarketBookrunner Proceeds Sh (%) Share Ch.

# of Market Change in Manager Market MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.

SD Indeval SA de CV 1 - 5,000.0 31.0 +31.0 ▲ 1 2.6 +1 ▲ .0 0.0 0 -Banco Bradesco SA 2 2 2,310.0 14.3 -8.0 ▼ 7 18.4 -2 ▼ 1.3 47.0 +21.7 ▲Itau Unibanco 3 1 2,079.0 12.9 -10.5 ▼ 11 28.9 -8 ▼ .6 22.0 -1.9 ▼Casas de Bolsa Bital, S.A. 4* - 1,500.0 9.3 +9.3 ▲ 2 5.3 +2 ▲ .0 0.0 0 -Citi 4* - 1,500.0 9.3 +9.3 ▲ 2 5.3 +2 ▲ .0 0.0 0 -Santander 6 7 1,496.2 9.3 +6.7 ▲ 4 10.5 0 - .5 17.0 +14.3 ▲BBVA 7 - 1,211.2 7.5 +7.5 ▲ 2 5.3 +2 ▲ .0 1.0 +1.0 ▲Banco Galicia y Buenos Aires 8* - 211.2 1.3 +1.3 ▲ 1 2.6 +1 ▲ .0 1.0 +1.0 ▲Macro Securities SA 8* - 211.2 1.3 +1.3 ▲ 1 2.6 +1 ▲ .0 1.0 +1.0 ▲Banco BTG Pactual SA 10 5 150.0 0.9 -2.5 ▼ 6 15.8 +2 ▲ .1 2.6 +1.3 ▲Top Ten Total 15,668.8 97.1 +45.4 ▲ 2.9 100.0 +38.4

100.0▲

Industry Total 16,120.9 100.0 ‐20 2.938

-80.1% ▼% Change from Same Period Last Year 14.8% ▲ -34.5% ▼ -75.6% ▼% Change from Last Quarter -45.7% ▼ -51.3% ▼


t Includes Asian Development Bank issuance

Asian Corporate Bonds Imputed Fees (US$m) First Quarter

+0.5Standard Chartered PLC 7 7 3,179.4

All Asian Currencies (ex-Japan ex-Australia) (AS1**)

4

Morgan Stanley

# of Deals

17.510.9

▼-1.2

3.7

100.0

▼-13.3%

3JP Morgan

Deals

-2.9

5

Sh (%)Bookrunner10.91

8

Bank of America Merrill Lynch 43 3,509.0

6.7

Proceeds

22.7%

52

3,703.04,315.5

2

6

Citi


Deutsche Bank 6.93,378.7

HSBC Holdings PLC


-3.2 ▼5,508.6

2014 Rank

▼10.5

-0.1

# of Deals per Bookrunner# of

▲+1.817

Share Ch. Sh (%)

Change in

▼

Fees Sh (%)

Market

▼

Imputed Fees (US$m)

5,290.4 -3.320.8 ▼

9.2


Asia DebtStrongest Start for Asian G3 Debt on Record l High Technology G3 Proceeds - Record High l Local Currency Bond Volume Drops 31%

Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)Asia Deals Intelligence Jan 1 - Mar 31Asian G3 (US$, Euro, Yen) bond offerings registered a record-high first quarter, with proceeds of US$50.6 billionfrom 73 deals, a 22.7% increase in proceeds from the first three months of 2014. China-domiciled issuers raisedUS$14.4 billion from 19 transactions to date, capturing 28.5% of the Asian G3 market. The Internet giant, TencentHoldings, issued the largest Chinese G3 bond offering in the first quarter, contributing meaningfully to the strongeststart for High Technology G3 bond volumes, on record. The Financials and Government & Agencies sectorsaccounted for 47.4% and 27.6% of total market share, respectively.

Asian currency bond offerings to date totaled US$83.3 billion from 887 deals, a 30.7% drop from the total proceeds ofUS$120.2 billion raised in the first three months of 2014. Transactions denominated in Chinese Yuan, Korean Wonand Indian Rupee captured 42.2%, 20.7% and 15.5% of the Asian local currency bond market, respectively. OffshoreChinese Yuan bond proceeds this year fell significantly to CNY63.3 billion from its record high quarterly proceeds inthe first three months of 2014 (CNY133.7 billion).

According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3currency bond market this year totaled US$190.6 million, a 9.4% increase from total fees paid in the first quarter of2014. Underwriting fees on Asian currency bonds (ex. Japan, Australia) to date dropped to US$151.6 million from the US$296.2 million earned in the same period last year.

MarketManager

1 35-9-4

Market

21

Market2015 Rank

Market

▲30.1 +3 ▲ 17.2 9.0

Share Ch.

7.38.5

47.928.8

+4.8

32.9 +4-0.76.0

22

14.9

▼+1-2.3 ▼ 24 +1.9

▼ ▲ 11.4

6.316+1.4 ▲ 21.9 ▲-2 ▼ +0.67.8

▲-0.7▲ 18 6.3

23.3▲▲ 17.3 9.1

3.4▲ 6.8+713

▼24.7 0 - 11.96.4

Bank of China Ltd 9 20 1,657.7 +2.4Goldman Sachs & Co 8 10 1,889.4

3.3 +2.0-0.3 ▼ +0.2-1 ▼

3.69 12.3

Credit Suisse 10 24 1,433.5 ▲ 9.52.8 +1.9 ▲8 11.0 +5 ▲▲

+7.773

17.85.0

▲

Top Ten Total 33,865.2+4.1

▼

Industry Total 50,562.3 -9▲▼

▼-17.0% ▼▲ -11.0%

66.9 -0.8

-16.9%▲

190.6 100.070.3133.7

9.4%

Jan 1 - Mar 31$800

**Includes CDs and CPs

55

Jan 1 - Mar 31Offshore Chinese Yuan Issued & Settled Bonds (ex self-funded) (AS24a)

7.7%

50,705.6

+1.0

Industry Total

▼

▲

17

-33.5%

▼

▼

15.2

▼

100.0

▼▼

-67.0%-19.1%

▲

▲▼


+2.9

14.4% ▲

▲

-52.7%

165


100.0

1.6+5

.3▲

3.6

73.5.4

1.4▼ -2.9+2

14

2.9+5.0 ▲

-10.8% ▼▲

65.9-1

▼Industry % Change from Same Period Last Year 0.6% ▲ -6.7% ▼ -14.5%

100.052.4

7.1 ▲+18.6

▼-3

▲ 1 1.4▲ 79.3

.9+1+20.4

5.4

▲6.5

3.6

▲▲▼-11.6

+1.435.75.1 -8.5

5.15.9 +4.1

42.9 -4

21.4-

+4.4361.0 ▲▲

60

▼-0.86.64.44.3▲ 3

9 370.6 6.1 +1.5 3 21.4▼

▼ 5 ▼3 21.4

▼

-4

+2▼

12.3

▲5.4▼-2.26.1▲

9.2+1.43.6

+3.8▲ 6+3

28.6▲

▼ 5.2 7.9 +2.0-2+1

▲8.1

▲ 4▲

7

MarketSh (%) Share Ch.MarketManager

Fees

▲▲12.1

8.3+10.9

12.5 +9.37.9

10.7

+11.7

Change in # of DealsShare Ch. Deals

4 28.6 +3 ▲Sh (%)

Credit Suisse

Deutsche Bank

Market # of MarketSh (%)

42.9▲ 50.0

Bookrunner

8JP Morgan

6Standard Chartered PLC 3 4

18

4

Top Ten Total▲

12.8

▲3.080.0

+1.2

11.3777.9

11.21.6 +1.6 5

+0.9

▲ 1.81.7 3

▲

-83

120.0%

Citi 19 1,066.79KGI Financial Services Group 10 - 1,021.3

Bank of China Ltd 8 5* 1,100.0 -2.7-7

1.7

-3.7.7▼ .3

+3.62.1

▼ 4.6

.5▲

-21Deutsche Bank 6 10 1,540.5

1,449.7Mega Financial Holding Co-4

+62.3.2

▲ 64 -4

+2.32.4▼

2.43.6

+0.5 ▲ 4 2.4DBS Group Holdings 5 3 2,802.6 16 9.74.4 -6.7 ▼

▼-6.5-60+4.31.2 ▲Barclays 4 24* 3,000.0 2 4.4+4.5 ▲

▼ 274.7

▼ 13.9.7+1

2.1▲

16.4Standard Chartered PLC 16.2 -7.93 2 10,263.4BNP Paribas SA 2 4 11,686.2 ▼ 2.4

Share Ch. Sh (%)Deals

+7.0+1.5

18.5 +12.0 15.5263.640.6 ▼

▲

Share Ch.# of Deals Sh (%)Fees

100.0


5,038.0

Imputed Fees (US$m)Market

15.8 -367 23.5


-3.9

Change in

82.5

314.09

4.1312.3

Market

▲

ProceedsManager

Top Ten Total

Sh (%)

CITICMorgan Stanley

Market

-31▼

10

155


+3.9

+7.0

1

BookrunnerHSBC Holdings PLC 6,865.7

Industry Total

+4.1UBSChina Merchants Bank

6

2015 Rank

6,111.7

Asian G3 Currency High Yield Bonds (ex-Japan ex-Australia)

2014 Rank

250.0

Goldman Sachs & Co

Proceeds

2

HSBC Holdings PLC 3

Standard Chartered PLC3 4

4.9

Market

654.9

+2.2 ▲4.2

Proceeds

1

1Sh (%)

22.4% ▲

Jan 1 - Mar 31


687.712.7

779.9

529.7


China International Capital Co 9 24

+1.7 ▲▼-3.5

▲

0.5+3.2+37

2.8 +17

2,072.4 2.5+0.92,030.6

8.7

2014 Rank

-

-3.0

30,258.5 36.2

-2.2

▲+0.20.6

-3.1

+2.7

▼

5

78

# of Deals per Bookrunner Imputed Fees (US$m)Market Change in

4.3-3

5.6 ▲3.3 ▲+2.3▲

5.4

1.8

100.035.3

-7

+0.353.4

2.9

887

3.1

▲ .93.6

▲

Share Ch.

▲▼-0.4

▼

6.43.8

7.2-8

3.0▼ 4.5

5.8

-114.7

Market MarketMarket Manager

8.2

Market # of# of DealsShare Ch.

163Deals

7.883

Sh (%)

▼-0.4

-1.0 ▼

▼ 18.4

12 1.4-54

+1.5 ▲-0.3

10.95.1▼

3.8-2.4 ▼ 9.4

FeesSh (%)

2.8

2

2,372.7 2.9+45▲

4,116.03,193.6

+1.1 6.2

61910

8 2,680.2

2,366.8

▲▲

Korea Investment Holdings Co2.8

3.2KB Financial Group IncWoori Invest & Sec Co Ltd 5 22

+18+1.5

+12

▲

+1.3 50

▼

▲+5.1

▲ 42 4.7

▲

+0.8

+2.1+1.2

29

4

-0.8%

▲

▼8 38

-43.4

83,349.4▲

-16.5%

151.6+7.2

▼▼

100.0

-48.8%

1

Top Ten Total

2,230.2

BNP Paribas SA

CITIC

Daewoo Securities Co Ltd

▲

2

2.7▼

26.5

# of Market

▲

▲4

2.7

10

61.0%

7Axis Bank Ltd 2,330.3

30

-30.7%

2.4

25

MarketProceeds per Bookrunner (CNYm)

▲

Industry % Change from Last Quarter 7.6% ▲

HSBC Holdings PLCBookrunner

2015 Rank

1 16,775.2

2014 Rank


1

$0

$100

$200

$300

$400

$500

$600

$700

$800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

U.S. Dollar Chinese Yuan All Other Currencies

* tie **Includes CDs and CPs


MarketMarket2015 Rank

Market2014 Rank

+7 28.5▲ +9.3

13.0

+8.2

Australian international debt offerings in the first quarter of 2015 totaled US$28.4 billion from 46 deals, a 4% declinefrom proceeds raised in the same period last year. US Dollar remained the top currency, with total proceeds ofUS$10.1 billion from 11 deals, while EURO and Australian Dollar denominated debt captured 33.4% and 15.3% of theAustralian international debt market, respectively.

Australian Dollar bond (excluding self-funded) proceeds to date reached AU$43.3 billion from 86 deals, registering theall-time largest quarterly proceeds. Issuance from the Financials sector totaled AU$23.4 billion from 38 deals, a61.9% increase from its total raisings in the first three months of 2014.

According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from AustralianDollar (excluding self-funded) bonds to date reached AU$154.2 million, a 31% increase from the total of AU$117.7million earned in the first quarter of 2014. Estimated fees from Australian international bond offerings this yearregistered a 14.5% decline to US$68.8 million from the US$80.5 million earned in the same period last year.


18.5 ▲▲Deals Sh (%) Share Ch.Share Ch. # of Deals

ManagerFees

Change in Sh (%)

Market# ofBookrunner

Proceeds per Bookrunner (AU$m) Imputed Fees (AU$m)

16.97,298.1Sh (%)Proceeds

Australian Dollar Bond Q1 2015 Volume - A Record High l Australian International Debt - A Slow Start

11.25,846.5 13.5

+0.6▼-3.44,611.5

+6.3▲

10.7Deutsche Bank 5

9

4 4,857.9ANZ Banking Group 34

5UBS4,023.1

7

26.99.3

6 2,970.65.8

▼▲18.6

9.3+0.2

▼

-6.112.0

+2.5 ▲22.1

14.0

24.4▲19

27.9

21

▲-2.2-1

4.9▲

8.4

+1.7

-2.5 ▼

▲▼

- 14.4+1

-0.212.2 7.9

+0.66.9▲ 10.6

-0.2+3

22.6%

14.0▲83.6▲

+16.1+4

129.0

38.7% ▲▼▲ -2.3%

86100.043,304.3

51.6% ▲

JP Morgan 109

Top Ten Total

Nomura

Industry Total

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)

12

Westpac Banking

National Australia Bank

1

RBC Capital MarketsTD Securities Inc 8

10

154.238,126.7 ▲

12

-2

▲

8

1,870.9 4.3

2,226.12,504.7

+1.9+0.4

+0.74.4

88.1 +11.7

5.1

11.9

Market

31.0%107.5%

▲▲

100.0

Jan 1 - Mar 31

▲

Jan 1 - Mar 31

17▲23


+7.918.3

Australia Debt

▲26.7

+4

20.915

25+6+11

▲ 5.9

29.1

0

3.8 +0.7-7

▲3.2 +1.4▼

▲▼1.72.6

19.8Commonwealth Bank of Australia

Australia Deals Intelligence

1 67

1,917.3

All Australian Debt (ex self-funded) (AJ3a)

▲18

12▼

17.4

2 ▲

All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Quarter

24

$45

17.0 99.841.5

03.1

▲57.1%

▲

3.63.7

▼

▲-

▼

▼

99.4%

+3.918,839.5

Industry % Change from Last Quarter 102.6%

▲66.3

1,517.1 +2.07

RBS

21 1,799.2 6.3

ANZ Banking Group 9

68.828,395.6 100.0

5.0+2.5

8▲4.4 +0.210 17

+18.6 ▲Top Ten Total


▲Credit Suisse 1,376.4

-12

-4.0%

46

5

130.0%

Industry Total

▲

10.9▲4.9

-20.7%

1,418.3-

+1 ▲▲

+0.5 17.410.95

+260.3 +14.8

+3.35.302.6

Westpac Banking 66 5.33.613.0 -1UBS 7 ▼1,622.5 ▲11 +1.8

+4.9

8 14

▲

5.3

3.65.7

8 ▲5.2 +0.2+5 ▲17.4-0.5

▲▲▼ 5.4 7.8 +3.4

4.9-1,933.5 6.8 -0.8 -2

+4.07.110.915.2 0

Deutsche Bank+2.8

3 6

▼ 5JP Morgan 5 478 17.4 4.0

▲2.7 -2.2

National Australia Bank 4 9 2,005.6 7.12,227.5 0


7.8 +0.8

Bookrunner

▲▲ -

8.6 +6.5▲

DealsChange in

All Australian International Bonds (AJ7) Jan 1 - Mar 31

-0.1Bookrunner

Market Market # of Market

23.9Sh (%)FeesProceeds Share Ch.Sh (%)

2014 Rank

1National Australia Bank

Manager Market Market

11 1 2,591.5 9.1 -0.1Sh (%) Share Ch.

2015 Rank

2014 Rank

8.3 +4.2 ▲ 11▼

5.96.111

# of Deals

23.9 +5

Commonwealth Bank of Australia

HSBC Holdings PLC 2 10 2,347.98.9

National Australia Bank

ANZ Banking GroupWestpac Banking

+2 ▼

Imputed Fees (US$m)

# of Market

MarketMarket Change in

All Australian Securitization (ex-CDOs) (AJ4)

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner2015 Rank

Imputed Fees (AU$m)

Share Ch. Deals Sh (%)Manager

Sh (%)Market Market

- 5.0 29.4# of Deals Fees

# ofProceeds

Market

2,713.0 +8.9Sh (%) +9.2 ▲ 5 50.027.5Share Ch.

▲0+2.3 ▲ 20.02 2* 2,026.0 20.5 24 40.0

Commonwealth Bank of AustraliaWestpac Banking 3 10 1,417.5 14.4 +12.3 ▲

+9.0 ▲+1 ▲ 3.4 20.0 +9.4 ▲+3 ▲ 2.1 12.2+1.2 ▲ 40.04 4 1,211.0 12.3 43 30.0

ANZ Banking GroupDeutsche Bank 5 7 841.5 8.5 +1.9 ▲

-1.9 ▼+1 ▲ 1.9 11.4-1.2 ▼+1 ▲ .9 5.0

-2.4 ▼ 30.06 5 821.8 8.3 32 20.0

Macquarie GroupJP Morgan 7 6 509.3 5.2 -2.8 ▼

-5.2 ▼0 - 2.0 11.9-5.1 ▼0 - 1.0 6.0

-2.4-15.4 ▼ 20.08 2* 280.8 2.8 2Citi

RBS 9 9 49.3 0.5-7.7 ▼+1 ▲ .6 3.3-3.6▼ ▼0 - .1 0.61 10.0

Top Ten Total 9,870.0 100.0 +2.6 ▲9,870.0 100.0 10 +3 16.9

Market

15.8%Industry % Change from Last Quarter56.1% ▲ 42.9%35.5% ▲

+6.3

MarketProceeds per Bookrunner (AU$m)

ManagerBookrunner Proceeds Sh (%)

2015 Rank

2014 Rank

MarketSh (%) # of Deals FeesShare Ch. Deals

# of Deals per BookrunnerChange in

Imputed Fees (AU$m)

Sh (%)23.718 17.2 ▲+8.723.6▲+6▲

▲ 151 62 9 11.4

4,585.1 13.710.9

▼9.1▼ 12.5▲▲ +7.614.9

-6.310.9 17 -1+6.7

▲ 22.4+319.7

+0.7▼-2 ▼ 16.5 12.0

27.619.7

8.9-2 12.29.6 15

5 2 3,181.6 9.5 21-6.7 ▼1

15.8Deutsche Bank -3.1 ▼UBS 6 3 ▼2,970.6 8.9

2,504.7 7.5-1.9

25+2.612

TD Securities Inc 8 732.97 8RBC Capital Markets ▲

18+1.7

4.1

6.7 +1.1 ▲15

-74.3

2.6 1.9▲▲

▼9 12 1,917.3 5.710

2,226.1+2.7

88.01,361.6

+9.3 ▲29,408.411 +0.9

58.3% ▲ 130.2%24.9%

-28.6% ▼▲

100.0

-8.4% ▼

Jan 1 - Mar 31

100.0

▲


Industry Total

▲

33,434.3

Market

76

10

+69

+3

▼

19.7 ▲13.2

+1123.7

+64.9

▲ 12.2

5.9

▲

▲

▲

3.68.9

▲

137.4 100.0

7.0

-0.4

Share Ch.

▲

▲

+1.0 ▲▲+0.8

+0.2+3.1

▼▲▲

+16.383.8

-0.1

+3 ▲


100.0


Industry Total

-14.5%▲

▼ ▼▲

43,646.93,820.5

114.99.6

Top Ten Total

NomuraJP Morgan

79.8%

Citi ▲

3 43,194.0

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS


Yen denominated bond issuance totaled JPY3.6 trillion from 200 deals during the first quarter of 2015, representing a6.7% decline compared to the same period last year and the second lowest first quarter volume in the past ten years.Japanese activity during the period was driven by the Government & Agency sector, with 28% market share, fromproceeds worth JPY983 billion. Financials was the second largest sector, registering a total of JPY865 billion inproceeds, a decline of nearly 50% compared to the same period last year, and the lowest quarterly proceeds in thepast ten years. According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned fromall bonds in Yen during the first quarter of 2015 recorded a 46% increase and totaled JPY18.2 billion.

Japanese corporate bond issuance posted a 24.5% increase, totaling JPY1.8 trillion and the only Japanese Bondsegment that registered an increase in proceeds during the first quarter of 2015. Softbank’s JPY450 billion retail bonddeal and the three series Panasonic deals worth an accumulated JPY400 billion led the sector and accounted fornearly half of Japanese corporate bond issuances during the period.

Samurai bond volume totaled JPY173.3 billion from 6 deals during the first quarter of 2015, the third lowest Samuraibond proceeds in the last ten years, with 2013 registering the lowest followed by 2007. Proceeds from European andAsia Pacific issuers decreased by 71% and 62% respectively. No bonds from American issuers were priced. -23.4%

3.5 -317,064.6

196.8▼95.3 +1.8

45.9%

18,186.1

-22.5%

200

▲▼

2015 Rank

2014 Rank

3,415,413.7Top Ten Total

Proceeds¥mil

Mitsubishi UFJ Morgan Stanley598,299.5

▼-18.6%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

100.0

▼▼

-6.7%-10.8%

Samurai Bonds (AP1)

+0.5

Industry Total -58

Goldman Sachs & Co 10▲

7

100.0+3.2

Bank of America Merrill LynchCiti 8

8 70,179.6

3,583,292.8

9 ▲9 4.5 +6 ▲ 229.9▲

+1.4 ▲17 71,768.2▼-0.3

2.02.0

52.59 72,050.0 2.0

-91,087.1 06+0.6

3,933.6▼

223.7

72.5 +14.08

347.3▲

-14

Share Ch.106▼

2,742.9▼-23

36.573▼ ▼-0.815.1▼ 3,703.8

Share Ch.Sh (%)762,710.3

Imputed Fees (¥m)Market Market

# of Deals Fees ¥milDeals Sh (%)Manager

# of Deals per Bookrunner# of

Mizuho Financial Group 1 1

Change in Market Market

53.0Sh (%)Market

Sumitomo Mitsui Trust Holdings

Sumitomo Mitsui Finl Grp Inc 5

7Mitsubishi UFJ Financial Group

Daiwa Securities Group Inc

6

4+3.6

2 603,278.0Nomura 3

2 -0.316.84 16.7


Japan DebtJapanese Debt Activity Down 7% l Financial Lowest in Ten Years l Corporate Debt Up 25%

All Bonds in Yen (AP5) Jan 1 - Mar 31Japan Deals Intelligence

111,329.8 3.1

+1.8532,177.0 14.9-0.8502,534.23

7

▲ -14▼▼

14.032.5

▼+0.8

57 28.5

▲6665

13.43.5 0

2,431.6

▲ 21.6 +9.3

2.2 ▼

-3.6

-33.0 -22

-11

-3.6

21.3

2,851.7

403.3

20.4

▲

+3.2

▼-4.9

▲

-1.0

15.7 ▲

-0.3

1.3▼-0.8▲

▼

▼

▼

1.2

1.193.9

1.9+0.2

Jan 1 - Mar 31

0 -

5

Proceeds per Bookrunner (¥m)

Lead Manager

First QuarterSamurai Bonds Issuer Domicile Analysis

*tie

Japanese Corporate Debt Volume by Industry (¥ Billion) Jan 1 - Mar 31

▲

-2

-10.7%

98.5100.0

0 -

2,801.02,755.5

44.0 1.6

8.5237.9▼

Japanese Securitizations (AP2)

▼▲

▼

Market

982.0

Imputed Fees (¥mil)Manager

# of Deals per BookrunnerChange in

▲

-73.0%▼

6 544.9544.9▲ 100.0

-0.9

Sh (%)Fees ¥mil

-7.1 11.9

2.9

# of Deals

4.11

Market

▼-76.0% ▼

-65.4%

-7 ▼

26.3+3+3

+1

-2Sh (%)

83.3Fees ¥mil

Change in

▼83.3

Market

5

7,500.0 ▲▲▲

1

-0.3▲

16.7

350.0350.0

Deals

Manager Market

# of

24.8

66.7

# of Market

Sh (%)

33.3 ▼-5

100.0

Jan 1 - Mar 31

-11

2015 Rank

2014 Rank

Proceeds MarketProceeds per Bookrunner (¥mil)

MarketBookrunner

# of Deals per Bookrunner Imputed Fees (¥mil)

Market

▲

+20.4

▲+8.0+8.0+4.8

▲+4.3-2.3

Share Ch.

▲

▼

▼70.0 0 - 35.1▲ 333.6+2

4.8

+1.012.4+1 ▲7.10

▲

+3.2-1.5

▲403.3 14.4 +4.5

▼4.3

347.3

-0.8

+1

1.4 ▲▼1.4

0 -

+1

114.5

▲

119.4

+2.4▲

3.62.6

▲

▲+0.4

▼▼-8.1%

+11.8

▲+0.6▼

74.099.5-2

1.41Norinchukin Bank 10 +0.3▲

70

1▲

+11.0

+0.5

7

2.9▲

-15

2 2.9▲ 2

24.816.8

135.1

8.0

12.891.769.7

8.043.543.5

¥mil

10.0

49

+3.7

293,323.41

2014 Rank

▼▲ 5▲13.1

86

7Daiwa Securities Group Inc

6

Top Ten Total

-

Sumitomo Mitsui Finl Grp Inc


-70.0%

34.613.3

3

Industry % Change from Last Quarter -76.3%

2Mitsubishi UFJ Morgan Stanley

▲

▼26.731

+4.3

▲9,660.0

4+4.43

2 -7.64

Sh (%)+9.7

36,666.79.9

21.2

Share Ch.▲

46,326.746,326.7

¥mil

+3.0

▼

Sh (%)

100.0

4.04.5

Market

-1.7

10.7-2.4

Mitsubishi UFJ Morgan Stanley

▼

Market

26.7Deals # of Deals

Proceeds per Bookrunner (¥mil)

+21.7

▼

Sh (%)

24

40,700.0

91,087.1

+4.4111,329.8

Share Ch.

▲

5

1

+5.6

2

9,660.0

4.3 ▲+5.6

+0.2

5.6

+3.9

3212

Proceeds

-71.0%

1*

-

▼76,800.0

112,750.0

5*7

Natixis5.6-

Citi

98.4 ▲

-2.8% ▼

135.1Sumitomo Mitsui Finl Grp IncDaiwa Securities Group Inc 1*

100.0

29.6%

9.1

113.0

5


835,090.31.3

38,300.04.8

-4.1% ▼▼

Industry Total

-9.1%

848,103.3

Top Ten Total


Mitsubishi UFJ Financial Group

Nomura

8

173,300.0173,300.0 100.0


Mizuho Financial Group

Industry Total

Lead Manager

Share Ch.+8.5 ▲

-5.2

▼+0.4

▼▲

-4.1

Nomura 17,160.0

-14

5

2015 Rank

11,000.0

Sumitomo Mitsui Trust Holdings 4

34,300.09

4

25,500.0Barclays

5* -Bank of America Merrill Lynch

64

21

9

14

20

14

5

20

6

0

5

10

15

20

25

30

35

0

100

200

300

400

500

600

700

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

# of

Issu

es

¥ B

illion

Europe Asia-Pacific (ex Central Asia) Americas # of Issues

¥450.025%

¥423.323%

¥400.022%

¥135.07%¥100.0

5%¥85.05%

¥78.04%

¥50.03%

¥47.03%

¥30.02%

¥15.01%

Telecommunications

Industrials

High Technology

Energy and Power

Financials

Consumer Products and Services

Real Estate

Media and Entertainment

Materials

Retail

Consumer Staples

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

1%

16


2.6


Japan Debt

2.12.64.7

+1111,329.87 +0.8

▲

▼▲

3.2

150 5

+2.6

-11.6%-25.6% ▼

96.0

-21.6% ▼ 52.8%

▲ ▲+1.3

-0.970.9

192

▲

94.2-53

16,928.7100.017,986.2

347.3

157.6

229.9196.8

▲

-9

5

▲1.3

▲1.1

+0.3

▲▲ ▼

+0.5+691,087.16

▲2.0 ▼

Sumitomo Mitsui Trust Holdings

-0.3+1.571,768.2

2.64 ▲

+13.6 -3

+0.4 ▲

60.2 8Goldman Sachs & Co

+3

2.62.6

+2+2

5.2▲1.2 +1.0▲

Citi

+0.3

▲40.067.6

0.6

95.712,356.212,914.7

-1.3100.0Industry Total

▲157.2%-21.4% ▼

77 -21

5.0%▲

3,487,592.8

0.3-0.2

▼

39,500.0

-20.4%

Top Ten Total

-26.0%Industry % Change from Same Period Last Year 24.5% ▲

▲

1,807,900.19,500.0-

99.90.5 +0.5 ▲

▼

10

1,813,300.0

Industry % Change from Last Quarter 4.9%

+1.9100.0

▲

+1 163.7 ▲+1.6+0.2

6.55.2

▲▲

Credit Suisse 92Okasan Securities Group Inc 0.5

- 10,000.0 +0.6 2 ▲

-6.2% ▼

8

3,348,313.7

70,179.61.1

100.0

▼

Industry Total

6

+0.2▼▼

128.30.5

+0.11.01.3

▲

+4.0

Sumitomo Mitsui Finl Grp Inc14.9

9Bank of America Merrill Lynch

1410

7

Top Ten Total

27Deals

+9.0 ▼Nomura

Mitsubishi UFJ Financial Group

Nomura2,260.0 17.5▼1,936.1

▼▼

▼ 515.0 4

-4.8Daiwa Securities Group Inc

46.8

1,917.9▲▼ 53.2

-9-9

-3▼

36

4 +1

53.2

541

▲

41▲

# of ManagerShare Ch. Fees ¥mil# of Deals

Market Market

▲▼

15.6

Imputed Fees (¥mil)

▼▼


▼

Market

-6.1Share Ch.Sh (%)

-23 3,700.0

Jan 1 - Mar 31

-0.4

+2.33,933.6

-1.6

2.2-0.6

15.3

13.42,802.72,414.6

▼▼-1.1

38.0

Change in

20.6▼

1.9

▲-11

5-10.61

4 312,799.1 17.3

21.0

3▲+4.6

380,405.4

Japanese Corporate Debt (AP3)

20.9

8

Sumitomo Mitsui Finl Grp Inc 4

1.83.4

Mitsubishi UFJ Morgan Stanley 16.65 2Goldman Sachs & Co

Bank of America Merrill Lynch 8 10 21,408.2

632,000.061,979.66

Citi 7 +0.6

1-11.3

3,298.919.2 ▼

+13.3 ▲2,483.5

-4.1

Deals

Bonds Targeted in Japan (AP4)

7321.8

Market

▼105

▼2,742.9

+8.9-14

29.7 21.9

Sh (%)54.7

2014 Rank

+1.317.2

603,278.0+3.7

Proceeds per Bookrunner (¥mil)Market

Sh (%)Proceeds2015

RankShare Ch.25.5 ▼760,710.3

17.3-3.8Mizuho Financial Group-0.3

¥milSh (%)2015 Rank

2014 Rank

Proceeds

▼

Lead Manager ¥mil1

378,714.5

Market

35.1Share Ch.

Change in

▼


Sh (%) Lead ManagerMarket

42

# of Deals Fees ¥milMarket

0-21

▲ 403.3-

▼

314.8516,677.0

598,299.5▼5

713.9485,484.2 ▼-0.7

3.6▼64300,094.7

33.333.3

54.5-4

64 -15-1.3300,998.63

16.6 -3.14 ▲ 57

▲

# of

Jan 1 - Mar 31

Proceeds per Bookrunner (¥mil)

Sh (%)MarketMarket Manager

Imputed Fees (¥mil)

▲2Mitsubishi UFJ Morgan Stanley

Daiwa Securities Group Inc 3Mizuho Financial Group -17 22

1


-

-

-

-

-

-

-


Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bondsand preferred stock) as well as MBS, ABS & Taxable Munis.

Salvatore ReresUnited States

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: Transactions must be received within 5 business days of pricing for league table accreditation. (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 rankineligible and are not included in league tables for the current calendar year.

All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EDT on March 31,2015.

Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to theUS dollar equivalent at the time of announcement.

Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require aminimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.

Imputed fees are calculated using Freeman Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed Deal fees are on a gross basis before all expenses Each

Ian WillmottTel: +44 207 542 4376

Europe

Asia-Pacific

E-mail: [email protected]

Tel: +813 6441 1120Aki Sato

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

Tel: +1 646 223 8455

Tel: +632 858 7201Michelle Abuzo



E-mail: aki sato@thomsonreuters com

Japan

-

-

-

-

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 tablesMorgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

As concluded following our 2014 DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with JapaneseFiscal Year 2014 - 2015 after April 1st, 2014. Please note that the Samurai Bonds ranking (AP1) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each"allocation basis.

Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Eachunderwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicate members.

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 or completeness 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 provide any 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 has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2015 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

Following our mid-year League Table Inquiry, all 2014 US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure.


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