global fixed income - bloomberg professional services · firm rank mkt share(%) volume (usd mln)...

GLOBALFIXED INCOMELEAGUE TABLES

FY 2016

CONTENTS

1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Dean Psomaras +1 609 279 3449 [email protected]

EMEA Dimitris Gogos +44 20 3525 8149 [email protected]

Asia Pacific Shaili Mehta +91 22 61203770 [email protected]

Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.

LEAG<GO> for a full range of league tables

NIM<GO> for Bloomberg’s new issue monitor

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

FY 2016

MANAGER RANKINGS

GLOBAL FIXED INCOME

© 2016 Bloomberg Finance L.P. All rights reserved.

Bloomberg GlobalFixedIncome|FY2016

BloombergLeagueTableReports Page1

GlobalFixedIncomeReviewFY2016creditedCorporate&FinancialBondsvolumeincreased2.08%toUSD4.1Trlnwhiledealcountdecreased0.35%to15,732offeringsyear-on-year.CorporateBondsvolumeincreased6.11%year-on-yeartoUSD2.1Trlnwhilethedealcountdecreased4.38%to6,270.FinancialBondsvolumedecreased1.61%year-on-yeartoUSD2.1Trlnover9,462deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforFY2016with5.73%marketshare.Thebankunderwrote1,364dealsovertheperiod.CitiandBankofAmericaMerrillLynchrankedsecondandthirdwith5.27%and5.17%marketshare,respectively.

Corporate&FinancialBonds:HighlightsofFY2016

Corporate&FinancialBonds:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

400400

600600

800800

1,0001,000

1,2001,200

USDBln

USDBln

00

1,4001,400

1,0001,000

2,0002,000

3,0003,000

4,0004,000

5,0005,000

DealC

ountDealC

ount

00

6,0006,000

DealCount Other HighYield

InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 1,364

Volume(USDMln) 237,182

AvgDealsize(USDMln) 173.9

MarketSummaryNumberofdeals 15,732

Volume(USDMln) 4,139,956


Issuer Industry Volume(USDMln) Date

Anheuser-BuschInBevFinanceInc ConsumerStaples 11,000 01/13/2016


RosneftOilCoPJSC Energy 9,417 12/07/2016


BankofCommunicationsCoLtd Financials 6,737 09/02/2016



UniCreditBankAustriaAG Financials 5,582 09/16/2016

SFRGroupSA Communications 5,190 04/06/2016

PetrobrasGlobalFinanceBV Energy 5,000 05/17/2016

Financials52%

Industrials9%

ConsumerDiscretionary7%

Energy6%

Utilities5%

Others21%

GlobalCorporateLeveragedFinance:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

USDBln

USDBln

00

400400

CorporateHighYieldBonds

GlobalSponsor-LedLoans

Corporate&FinancialBonds:IndustryBreakdown

Corporate&FinancialBonds:SpreadtoBenchmark

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

400400

600600

Basispoints

Basispoints

00

700700

HighYield

InvestmentGrade

52%

9%

7%

6%

5%

21%



CorporateBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

BankofAmericaMerrillLynch 1 6.569 135,229 860 2 7.261 -0.692

JPMorgan 2 6.373 131,195 825 1 7.644 -1.271

Citi 3 5.975 122,998 804 3 5.596 0.379

Barclays 4 4.730 97,361 639 7 4.990 -0.260

DeutscheBank 5 4.689 96,531 586 4 5.409 -0.720

GoldmanSachs 6 4.352 89,590 555 6 5.050 -0.698

MorganStanley 7 4.174 85,916 677 5 5.127 -0.953

HSBC 8 3.375 69,472 499 8 3.870 -0.495

BNPParibas 9 3.110 64,021 474 11 2.866 0.244

MizuhoFinancial 10 3.028 62,332 596 12 2.188 0.840

WellsFargo 11 2.640 54,339 399 9 3.243 -0.603

CreditSuisse 12 2.406 49,523 357 10 2.997 -0.591

RBCCapitalMarkets 13 2.146 44,175 333 13 1.964 0.182

MitsubishiUFJFinancialGroupInc 14 1.913 39,382 331 15 1.629 0.284

SocieteGenerale 15 1.549 31,892 248 14 1.672 -0.123

SumitomoMitsuiFinancial 16 1.490 30,670 324 23 0.766 0.724

ChinaSecuritiesCoLtd 17 1.373 28,264 195 45 0.422 0.951

UBS 18 1.259 25,919 213 16 1.457 -0.198

BancoSantander 19 1.254 25,821 181 28 0.666 0.588

BankofChina 20 1.211 24,921 165 17 1.390 -0.179

TOTAL 100% 2,058,519 6,270 100%

FinancialBondsFY2016 FY2015


JPMorgan 1 5.092 105,987 539 1 5.495 -0.403

HSBC 2 4.601 95,767 555 4 3.796 0.805

Citi 3 4.580 95,331 537 2 4.961 -0.381

MorganStanley 4 4.315 89,806 470 6 3.704 0.611

GoldmanSachs 5 3.962 82,457 437 3 4.216 -0.254

BankofAmericaMerrillLynch 6 3.796 79,008 450 5 3.794 0.002

WellsFargo 7 2.955 61,500 240 12 2.200 0.755

DeutscheBank 8 2.892 60,200 332 9 3.297 -0.405

UBS 9 2.841 59,139 347 7 3.469 -0.628

Barclays 10 2.730 56,828 346 10 3.036 -0.306

CreditSuisse 11 2.544 52,942 312 8 3.425 -0.881

CreditAgricoleCIB 12 2.087 43,433 243 15 1.777 0.310

BNPParibas 13 1.830 38,091 244 11 2.216 -0.386


GuotaiJunanSecuritiesCoLtd 15 1.647 34,286 168 21 1.007 0.640

RBCCapitalMarkets 16 1.452 30,230 201 14 1.822 -0.370

CITICSecuritiesCoLtd 17 1.345 27,996 108 13 2.079 -0.734


UniCredit 19 1.140 23,730 136 19 1.314 -0.174

Natixis 20 1.103 22,964 124 18 1.357 -0.254

TOTAL 100% 2,081,436 9,462 100%

SyndicatedGovernmentBondsFY2016 FY2015


Barclays 1 9.040 134,320 400 1 9.583 -0.543

HSBC 2 7.151 106,250 517 2 7.343 -0.192

Citi 3 6.748 100,270 391 5 5.345 1.403

JPMorgan 4 6.401 95,112 584 3 5.569 0.832

DeutscheBank 5 5.102 75,802 311 4 5.561 -0.459


TDSecurities 7 4.830 71,772 402 7 4.406 0.424

GoldmanSachs 8 4.689 69,676 237 8 4.083 0.606

Nomura 9 4.155 61,735 375 10 3.386 0.769

BNPParibas 10 3.610 53,640 213 9 3.760 -0.150

MorganStanley 11 2.596 38,578 304 11 3.108 -0.512


CreditAgricoleCIB 13 2.164 32,153 185 14 2.364 -0.200

UniCredit 14 1.922 28,552 128 12 2.546 -0.624

SocieteGenerale 15 1.846 27,431 126 16 1.741 0.105

WellsFargo 16 1.808 26,864 362 15 2.079 -0.271

DaiwaSecurities 17 1.589 23,606 317 20 1.363 0.226

NationalBankFinancialInc 18 1.475 21,915 149 18 1.665 -0.190

Scotiabank 19 1.437 21,351 66 23 1.153 0.284

BMOCapitalMarkets 20 1.420 21,095 88 21 1.357 0.063

TOTAL 100% 1,485,848 5,630 100%

InternationalBondsFY2016 FY2015


JPMorgan 1 7.838 299,552 1,688 1 8.013 -0.175

Citi 2 7.215 275,744 1,452 3 6.511 0.704

Barclays 3 6.797 259,772 1,160 2 7.015 -0.218

HSBC 4 6.584 251,631 1,371 5 6.197 0.387

BankofAmericaMerrillLynch 5 6.358 242,996 1,308 4 6.377 -0.019

GoldmanSachs 6 5.659 216,281 1,005 7 5.588 0.071

DeutscheBank 7 5.089 194,505 985 6 5.889 -0.800

BNPParibas 8 3.982 152,193 886 9 3.915 0.067

MorganStanley 9 3.887 148,567 774 8 4.535 -0.648


CreditSuisse 11 2.519 96,268 605 10 3.626 -1.107

WellsFargo 12 2.348 89,750 480 12 2.410 -0.062



UniCredit 15 1.862 71,145 388 15 1.926 -0.064

UBS 16 1.801 68,846 407 14 2.280 -0.479

TDSecurities 17 1.709 65,301 319 20 1.279 0.430


Nomura 19 1.594 60,903 387 19 1.359 0.235


TOTAL 100% 3,821,790 9,548 100%



GlobalBondsFY2016 FY2015


JPMorgan 1 10.944 146,181 641 1 11.426 -0.482


Citi 3 9.237 123,378 491 4 9.202 0.035

Barclays 4 8.784 117,328 361 2 9.976 -1.192

GoldmanSachs 5 7.112 94,992 338 5 8.091 -0.979

HSBC 6 6.225 83,149 243 9 5.237 0.988

MorganStanley 7 5.878 78,512 312 6 7.490 -1.612

WellsFargo 8 5.073 67,752 290 7 5.958 -0.885

DeutscheBank 9 4.688 62,613 248 8 5.864 -1.176

TDSecurities 10 3.637 48,573 150 11 2.973 0.664

BNPParibas 11 3.177 42,429 209 13 2.389 0.788



Nomura 14 2.329 31,111 61 17 1.330 0.999

CreditSuisse 15 1.726 23,047 120 10 2.993 -1.267



USBancorp 18 0.995 13,287 103 20 0.843 0.152

Scotiabank 19 0.983 13,127 60 19 0.860 0.123


TOTAL 100% 1,335,671 1,596 100%

CorporateHighYieldBondsFY2016 FY2015


JPMorgan 1 6.588 29,363 274 1 7.431 -0.843BankofAmericaMerrillLynch 2 6.539 29,145 247 4 6.929 -0.390GoldmanSachs 3 6.534 29,123 216 3 6.954 -0.420DeutscheBank 4 6.366 28,373 214 5 6.236 0.130Citi 5 6.169 27,496 210 2 7.171 -1.002Barclays 6 5.673 25,285 206 7 5.496 0.177CreditSuisse 7 4.750 21,173 181 8 5.002 -0.252MorganStanley 8 3.663 16,326 144 6 5.657 -1.994GuotaiJunanSecuritiesCoLtd 9 3.198 14,256 51 39 0.391 2.807WellsFargo 10 2.951 13,152 128 10 2.944 0.007VTBCapital 11 2.713 12,092 46 53 0.270 2.443UBS 12 2.682 11,954 80 9 3.167 -0.485ChinaSecuritiesCoLtd 13 2.424 10,805 41 19 1.215 1.209HSBC 14 2.383 10,621 105 12 2.484 -0.101RBCCapitalMarkets 15 2.281 10,168 105 11 2.832 -0.551CITICSecuritiesCoLtd 16 1.784 7,952 18 16 1.409 0.375BNPParibas 17 1.617 7,207 86 13 1.811 -0.194CreditAgricoleCIB 18 1.303 5,810 51 15 1.480 -0.175

BancaMonteDeiPaschidiSienaSpA 19 1.267 5,647 9 - - -

Industrial&CommBankofChina 20 1.128 5,030 13 24 0.799 0.329TOTAL 100% 445,714 1,101 100%

GlobalGreenBonds-Corporate&GovernmentFY2016 FY2015




JPMorgan 3 5.113 3,963 27 7 5.123 -0.010

SEB 4 4.562 3,536 39 4 7.584 -3.022

HSBC 5 4.391 3,404 28 2 9.735 -5.344

BankofChina 6 4.165 3,228 15 45 0.280 3.885

GuotaiJunanSecuritiesCoLtd 7 3.965 3,074 11 - - -

Industrial&CommBankofChina 8 3.027 2,347 7 - - -

ChinaInternationalCapitalCorp 9 2.933 2,274 7 - - -

ChinaConstructionBank 10 2.746 2,129 11 - - -

HaitongSecuritiesCoLtd 11 2.706 2,098 6 - - -

Barclays 12 2.576 1,997 15 6 5.296 -2.720

ChinaMerchantsBank 13 2.558 1,983 2 - - -

HuataiSecuritiesCoLtd 14 2.544 1,972 5 - - -

CITICSecuritiesCoLtd 15 2.449 1,899 8 - - -

AgriculturalBankofChinaLtd 16 2.400 1,860 3 42 0.310 2.090

BNPParibas 17 2.128 1,649 19 15 1.815 0.313

Citi 18 2.014 1,561 14 8 4.874 -2.860

GoldmanSachs 19 1.956 1,516 6 11 2.083 -0.127

TDSecurities 20 1.846 1,431 10 36 0.401 1.445

TOTAL 100% 77,514 202 100%

InternationalSukukFY2016 FY2015


StandardCharteredBank 1 15.622 3,791 22 2 11.495 4.127

DubaiIslamicBank 2 10.862 2,636 18 4 8.314 2.548

HSBC 3 8.142 1,976 16 1 14.148 -6.006

CIMB 4 8.073 1,959 11 3 11.362 -3.289

NationalBankofAbuDhabi 5 6.031 1,464 10 5 7.544 -1.513

JPMorgan 6 5.761 1,398 8 6 6.402 -0.641

EmiratesNBDPJSC 7 5.727 1,390 15 8 4.244 1.483

Citi 8 4.720 1,146 7 7 4.407 0.313

DeutscheBank 9 4.613 1,120 6 12 2.748 1.865

BankABC 10 2.732 663 8 - - -

NoorBank 11 2.655 644 8 10 3.020 -0.365

FirstGulfBankPJSC 12 2.265 550 5 15 1.596 0.669

Maybank 13 2.160 524 4 13 2.206 -0.046

NationalBankofKuwait 14 1.853 450 4 - - -

BNPParibas 15 1.597 388 2 32 0.128 1.469

AbuDhabiIslamicBank 16 1.554 377 3 14 1.766 -0.212

GulfInternationalBankBSC 17 1.455 353 2 26 0.709 0.746

Natixis 17 1.455 353 2 11 2.851 -1.396

CreditSuisse 19 1.099 267 2 - - -

RHB 20 1.086 264 4 21 1.284 -0.198

TOTAL 100% 24,269 49 100%



USFixedIncomeReviewFY2016creditedUSCorporateBondsvolumeincreased0.56%toUSD1.6Trlnwhiledealcountdecreased16.21%to2,357offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumeincreased1.94%year-on-yeartoUSD1.3Trlnwhilethedealcountdecreased14.00%to1,806.USHighYieldCorporateBondsvolumedecreased13.14%year-on-yeartoUSD241.1Blnover458deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforFY2016with11.56%marketshare.Thebankunderwrote974dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith10.44%and9.74%marketshare,respectively.

USCorporateBonds:HighlightsofFY2016

USDomesticBonds:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

400400

600600

USDBln

USDBln

00

700700

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

1,8001,800


InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 974

Volume(USDMln) 185,129



Volume(USDMln) 1,601,780


Issuer IndustryVolume(USD

Mln) Date

Anheuser-BuschInBevFinanceInc ConsumerStaples

11,000 01/13/2016


11,000 01/13/2016


7,500 01/13/2016


6,000 01/13/2016


6,000 01/13/2016


PetrobrasGlobalFinanceBV Energy 5,000 05/17/2016

MicrosoftCorp Technology 4,500 08/01/2016

Diamond1FinanceCorp/Diamond2FinanceCorp

Technology 4,500 05/17/2016

Diamond1FinanceCorp/Diamond2FinanceCorp

Technology 4,500 05/17/2016

Financials38%

HealthCare9%

Energy9%


Technology9%

ConsumerStaples8%

Communications6%

Utilities6%

Others8%

USLeveragedFinance:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

400400

USDBln

USDBln

00

500500

USLeveragedLoans

USHighYieldCorporateBonds

USCorporateBonds:IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

400400

600600

Basispoints

Basispoints

00

700700

HighYield

InvestmentGrade

38%

9%9%

9%9%

8%

6%

6%

8%



USDomesticBondsFY2016 FY2015


JPMorgan 1 10.510 239,640 1,161 1 11.373 -0.863

Citi 2 9.583 218,510 1,036 3 9.382 0.201

BankofAmericaMerrillLynch 3 9.547 217,670 1,191 2 10.702 -1.155

Barclays 4 7.757 176,858 743 4 8.062 -0.305

GoldmanSachs 5 7.296 166,367 818 5 7.446 -0.150

WellsFargo 6 5.973 136,194 955 7 6.284 -0.311

MorganStanley 7 5.717 130,351 778 6 6.769 -1.052

DeutscheBank 8 5.633 128,433 562 8 6.049 -0.416

HSBC 9 5.551 126,565 536 9 4.518 1.033

CreditSuisse 10 2.645 60,310 337 10 3.820 -1.175

TDSecurities 11 2.638 60,144 264 14 1.925 0.713

BNPParibas 12 2.624 59,837 316 12 2.392 0.232



Nomura 15 2.101 47,908 192 17 1.283 0.818


UBS 17 1.509 34,411 215 13 2.048 -0.539

USBancorp 18 0.859 19,594 177 20 0.825 0.034

BancoSantander 19 0.766 17,468 86 31 0.240 0.526


TOTAL 100% 2,280,091 4,613 100%

USAgencyBondsFY2016 FY2015


Barclays 1 12.279 71,276 246 1 14.349 -2.070

Nomura 2 7.591 44,064 242 3 6.423 1.168

WellsFargo 3 7.493 43,496 932 2 9.118 -1.625

TDSecurities 4 6.843 39,721 244 6 5.066 1.777

Citi 5 6.519 37,841 326 9 3.280 3.239

DeutscheBank 6 5.549 32,212 151 5 5.774 -0.225

FTNFinancial 7 4.925 28,586 1,020 8 4.723 0.202

JPMorgan 8 4.757 27,613 272 4 5.881 -1.124


GoldmanSachs 10 3.768 21,873 173 22 1.194 2.574

MorganStanley 11 3.232 18,758 610 7 5.032 -1.800

Incapital 12 3.143 18,245 1,093 10 2.951 0.192

HSBC 13 3.139 18,223 124 13 2.433 0.706

DaiwaSecurities 14 2.874 16,684 345 17 1.861 1.013

Jefferies 15 2.478 14,386 428 12 2.501 -0.023

Stifel 16 2.090 12,133 842 14 2.372 -0.282

ViningSparks 17 1.893 10,989 943 15 2.352 -0.459

INTLFCStoneInc 18 1.883 10,927 473 26 0.925 0.958

SunTrustRobinsonHumphrey 19 1.609 9,338 766 19 1.725 -0.116

RaymondJames&Associates 20 1.461 8,480 528 16 1.943 -0.482

TOTAL 100% 580,462 7,201 100%

USCorporateBondsFY2016 FY2015


JPMorgan 1 11.558 185,129 974 1 12.784 -1.226


Citi 3 9.736 155,953 832 3 9.883 -0.147

GoldmanSachs 4 7.956 127,433 690 4 8.167 -0.211

MorganStanley 5 6.926 110,943 610 5 7.408 -0.482

WellsFargo 6 6.832 109,430 594 6 6.569 0.263

Barclays 7 5.980 95,787 573 7 5.948 0.032

DeutscheBank 8 5.310 85,051 453 8 5.611 -0.301

HSBC 9 4.551 72,894 323 10 3.772 0.779

CreditSuisse 10 3.517 56,328 323 9 4.463 -0.946



BNPParibas 13 2.308 36,963 252 14 1.917 0.391


UBS 15 1.885 30,199 189 12 2.602 -0.717

USBancorp 16 1.216 19,474 176 16 1.075 0.141


BancoSantander 18 0.892 14,290 76 28 0.288 0.604

TDSecurities 19 0.879 14,076 99 22 0.625 0.254


TOTAL 100% 1,601,780 2,357 100%

USDollarForeignIssuerBondsFY2016 FY2015


HSBC 1 9.157 113,963 494 4 7.804 1.353

Citi 2 9.033 112,416 564 1 9.390 -0.357

JPMorgan 3 8.911 110,895 523 3 8.168 0.743


GoldmanSachs 5 5.682 70,707 312 5 6.321 -0.639

Barclays 6 5.476 68,151 302 7 5.927 -0.451

DeutscheBank 7 4.917 61,190 233 6 6.267 -1.350

MorganStanley 8 4.152 51,674 269 8 5.331 -1.179

BNPParibas 9 3.904 48,586 218 10 3.591 0.313

CreditSuisse 10 2.642 32,881 184 9 4.555 -1.913

TDSecurities 11 2.577 32,064 106 13 2.474 0.103


UBS 13 2.313 28,787 153 11 3.522 -1.209


Nomura 15 1.835 22,841 134 16 1.434 0.401



BankofChina 18 1.254 15,612 131 25 0.685 0.569

BancoSantander 19 1.183 14,728 63 33 0.342 0.841


TOTAL 100% 1,244,480 2,653 100%



USInvestmentGradeCorporateBondsFY2016 FY2015


JPMorgan 1 156,465 753 1 13.474 -1.730BankofAmericaMerrillLynch 2 140,016 762 2 11.501 -0.992Citi 3 133,041 670 3 9.847 0.139GoldmanSachs 4 104,136 528 4 8.141 -0.325MorganStanley 5 97,748 488 5 7.529 -0.192WellsFargo 6 96,428 465 6 6.967 0.271Barclays 7 74,432 417 7 5.796 -0.209HSBC 8 66,737 270 9 4.288 0.721DeutscheBank 9 65,533 317 8 5.232 -0.313MizuhoFinancial 10 42,546 302 13 2.328 0.865CreditSuisse 11 40,273 202 10 4.119 -1.096RBCCapitalMarkets 12 36,346 235 12 2.470 0.258BNPParibas 13 33,323 215 14 2.046 0.455MitsubishiUFJFinancialGroupInc 14 32,792 237 15 1.972 0.489UBS 15 23,801 134 11 2.766 -0.980

USBancorp 16 18,415 156 16 1.122 0.260

SumitomoMitsuiFinancial 17 15,312 109 23 0.510 0.639

TDSecurities 18 13,197 86 20 0.677 0.313

SocieteGenerale 19 12,394 80 17 0.947 -0.017

BancoSantander 20 10,141 58 26 0.322 0.439

TOTAL 100% 1,332,297 1,805 100%

USHighYieldCorporateBondsFY2016 FY2015


JPMorgan 1 9.775 23,612 209 3 9.632 0.143BankofAmericaMerrillLynch 2 9.673 23,365 196 1 10.415 -0.742GoldmanSachs 3 9.590 23,165 163 4 8.585 1.005Citi 4 9.004 21,749 160 2 10.092 -1.088Barclays 5 8.675 20,954 155 7 6.787 1.888DeutscheBank 6 8.083 19,525 136 5 7.419 0.664CreditSuisse 7 6.712 16,214 121 8 6.079 0.633WellsFargo 8 5.144 12,426 120 9 4.967 0.177MorganStanley 9 5.110 12,343 111 6 6.879 -1.769RBCCapitalMarkets 10 3.897 9,412 91 10 4.437 -0.540UBS 11 2.333 5,636 42 13 1.711 0.622HSBC 12 2.052 4,957 45 16 1.329 0.723SunTrustRobinsonHumphrey 13 1.894 4,574 48 11 2.351 -0.457CreditAgricoleCIB 14 1.830 4,419 34 14 1.391 0.439BNPParibas 15 1.513 3,654 38 15 1.363 0.150Jefferies 16 1.483 3,582 26 12 2.170 -0.687MitsubishiUFJFinancialGroupInc 17 1.145 2,766 32 18 0.978 0.167MizuhoFinancial 18 0.971 2,346 24 17 0.984 -0.013INGGroep 19 0.803 1,940 22 27 0.474 0.329Scotiabank 20 0.673 1,625 20 20 0.827 -0.154TOTAL 100% 241,558 459 100%

USDollarPreferredsFY2016 FY2015


WellsFargo 1 25.489 7,287 63 3 16.374 9.115


MorganStanley 3 16.432 4,697 60 4 13.014 3.418

UBS 4 10.426 2,981 39 5 9.919 0.507

Citi 5 4.969 1,420 9 8 0.841 4.128

JPMorgan 6 4.627 1,323 16 1 29.963 -25.336

GoldmanSachs 7 3.006 859 4 16 0.350 2.656

RBCCapitalMarkets 8 2.678 766 13 7 2.183 0.495

Stifel 9 2.098 600 15 6 3.931 -1.833

RaymondJames&Associates 10 1.063 304 8 22 0.151 0.912

JanneyMontgomeryScottLLC 11 0.578 165 7 9 0.820 -0.242

CreditSuisse 12 0.547 156 2 18 0.272 0.275

FBRCapitalMarketsCorp 13 0.483 138 8 - - -

Barclays 14 0.455 130 2 17 0.336 0.119

HSBC 15 0.350 100 1 - - -

BB&T 16 0.297 85 2 20 0.228 0.069

CompassPointResearch&TradingLLC 17 0.283 81 5 21 0.173 0.110

KeyBancCapitalMarkets 18 0.250 71 1 - - -

WunderlichSecuritiesInc 19 0.248 71 5 19 0.250 -0.002

Incapital 20 0.238 68 5 10 0.660 -0.422

TOTAL 100% 28,586 111 100%

11.74410.5099.9867.8167.3377.2385.5875.0094.9193.1933.0232.7282.5012.4611.7861.3821.1490.9910.9300.761



CanadianFixedIncomeReviewFY2016creditedCanadianCorporateBondsvolumedecreased5.68%toCAD89.1Blnwhiledealcountdecreased18.89%to176offeringsyear-on-year.CanadianCorporateBonds-Bonusvolumedecreased5.57%year-on-yeartoCAD89.1Blnwhilethedealcountdecreased18.22%to175.CanadianGovernmentBondsvolumeincreased7.90%year-on-yeartoCAD113.2Blnover341deals.RBCCapitalMarketsrankedasthetopCanadianCorporateBondsunderwriterforFY2016with25.45%marketshare.Thebankunderwrote81dealsovertheperiod.BMOCapitalMarketsandTDSecuritiesrankedsecondandthirdwith19.48%and19.08%marketshare,respectively.

CanadianCorporateDomesticBonds

FY2016 FY2015

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)



TDSecurities 3 19.083 17,009 69 4 15.036 4.047

CIBC 4 16.008 14,268 57 3 17.221 -1.213

Scotiabank 5 10.363 9,236 38 2 18.293 -7.930

NationalBankFinancialInc 6 4.107 3,661 14 6 5.428 -1.321

HSBC 7 1.496 1,333 3 7 4.527 -3.031


WellsFargo 9 0.841 750 3 11 0.265 0.576

LaurentianBankofCanada 10 0.561 500 2 10 0.746 -0.185

TOTAL 100% 89,132 176 100%

CanadianGovernmentBonds

FY2016 FY2015

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

NationalBankFinancialInc 1 25.342 28,692 147 1 24.502 0.840

TDSecurities 2 16.476 18,655 46 4 17.248 -0.772



CIBC 5 13.571 15,365 78 2 18.152 -4.581

Scotiabank 6 13.147 14,886 26 6 9.864 3.283

DesjardinsCapitalMarkets 7 0.634 718 10 7 0.347 0.287

Casgrain&Co 8 0.310 351 6 9 0.030 0.280

LaurentianBankofCanada 9 0.292 331 13 8 0.274 0.018

HSBC 10 0.177 200 2 - - -

TOTAL 100% 113,222 341 100%

Financials61%

Energy13%

Utilities9%


Others9%

CanadianCorporateDomesticBonds:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

1010

2020

3030

USDBln

USDBln

00

4040

2020

4040

6060

8080

DealC

ountDealC

ount

00

9090

DealCount Amount

CanadianCorporateDomesticBonds:IndustryBreakdown

61%13%

9%

8%

9%

CanadianCorporateDomesticBonds:ManagerRankingsHistory

RBCCapitalMarkets

BMOCapitalMarkets

TDSecurities

CIBC

Scotiabank

NationalBankFinancialInc

10

20

MarketShare(%

)

0

30

2016 2015 2014



LatinAmericaFixedIncomeReviewFY2016creditedLatinAmericanBondsvolumeincreased37.20%toUSD144.6Blnwhiledealcountdecreased35.75%to399offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumedecreased30.85%year-on-yeartoUSD29.7Blnwhilethedealcountdecreased31.35%to484.BrazilianDomesticBondsvolumedecreased15.38%year-on-yeartoBRL48.7Blnover153deals.JPMorganrankedasthetopLatinAmericanBondsunderwriterforFY2016with10.62%marketshare.Thebankunderwrote52dealsovertheperiod.CitiandBankofAmericaMerrillLynchrankedsecondandthirdwith10.56%and9.02%marketshare,respectively.

LatinAmericanBonds

FY2016 FY2015


JPMorgan 1 10.618 15,350 52 4 6.974 3.644

Citi 2 10.556 15,260 70 3 9.666 0.890


BancoSantander 4 8.858 12,805 84 5 6.824 2.034

HSBC 5 7.440 10,756 59 2 9.719 -2.279

BancoBilbaoVizcayaArgentaria 6 7.129 10,305 66 7 5.919 1.210

BradescoBBISA 7 5.647 8,164 34 12 3.461 2.186

DeutscheBank 8 4.799 6,938 29 8 5.778 -0.979

CreditSuisse 9 4.467 6,458 26 10 4.681 -0.214

MorganStanley 10 3.685 5,328 23 6 6.328 -2.643

TOTAL 100% 144,566 399 100%

LatinAmericanLocalCurrencyBonds

FY2016 FY2015


BradescoBBISA 1 24.683 7,320 31 2 8.917 15.766

BancoSantander 2 8.672 2,572 51 1 10.589 -1.917

BancoItauBBA 3 8.399 2,491 41 3 8.643 -0.244

BancoBilbaoVizcayaArgentaria 4 6.613 1,961 45 5 8.547 -1.934

JPMorgan 5 4.859 1,441 66 8 4.304 0.555

ActinverCasadeBolsaSAdeCV 6 3.698 1,097 28 9 3.552 0.146

Nomura 7 3.672 1,089 15 24 0.790 2.882

MizuhoFinancial 8 3.188 945 12 20 1.042 2.146

BancodoBrasilSA 9 3.114 924 10 4 8.642 -5.528

HSBC 10 2.663 790 28 6 6.677 -4.014

TOTAL 100% 29,657 484 100%

Government49%

Energy20%

Financials12%

Others18%

LatinAmericanBonds:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

2020

4040

6060

USDBln

USDBln

00

8080

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Amount

LatinAmericanBonds:IndustryBreakdown

49%

20%

12%

18%

LatinAmericanBonds:ManagerRankingsHistory

JPMorgan Ci

ti

BankofAmericaMerrillLynch

BancoSantander

HSBC

BancoBilbaoVizcayaArgentaria

5

10

MarketShare(%

)

0

15

2016 2015 2014



EMEAFixedIncomeReviewFY2016creditedEuropeanCorporate&FinancialBondsvolumedecreased2.80%toEUR1.1Trlnwhiledealcountdecreased9.12%to4,614offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumeincreased24.22%year-on-yeartoEUR333.1Blnwhilethedealcountincreased10.71%to682.WesternEuropeanCorporateHighYieldBondsvolumedecreased1.43%year-on-yeartoEUR69.9Blnover170deals.HSBCrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforFY2016with6.81%marketshare.Thebankunderwrote379dealsovertheperiod.DeutscheBankandBarclaysrankedsecondandthirdwith5.47%and5.28%marketshare,respectively.

EuropeanCorporate&FinancialBonds:HighlightsofFY2016

EuropeanCorporate&FinancialBonds:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

100100

200200

300300

400400

500500

EURBln

EURBln

00

600600

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

DealC

ountDealC

ount

00

3,0003,000


InvestmentGrade

TopUnderwriterHSBC

Numberofdeals 379

Volume(EURMln) 75,349

AvgDealsize(EURMln) 198.8


Volume(EURMln) 1,106,776

AvgDealsize(EURMln) 239.9

Issuer Industry Volume(EURMln) Date



RosneftOilCoPJSC Energy 9,417 12/07/2016




UniCreditBankAustriaAG Financials 5,582 09/16/2016



CooperatieveRabobankUA Financials 3,539 01/08/2016

Financials63%

ConsumerStaples7%


Communications5%

Others18%

EMEALeveragedFinance:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

5050

EURBln

EURBln

00

9090

EMEACorporateHighYieldBonds(incEM)

EMEASponsor-ledLeveragedLoans

EuropeanCorporate&FinancialBonds:IndustryBreakdown

EuropeanCorporate&FinancialBonds:SpreadtoBenchmark

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

200200

400400

600600

Basispoints

Basispoints

00

800800

HighYield

InvestmentGrade

63%7%

7%

5%

18%



EuropeanBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

HSBC 1 7.257 116,174 560 1 6.173 1.084

Barclays 2 6.426 102,860 493 2 5.777 0.649

DeutscheBank 3 5.164 82,662 463 3 5.070 0.094

BNPParibas 4 5.000 80,036 474 4 4.780 0.220

Citi 5 4.398 70,397 409 7 3.962 0.436

JPMorgan 6 4.217 67,511 409 5 4.403 -0.186

GoldmanSachs 7 3.997 63,991 311 11 3.518 0.479


UniCredit 9 3.501 56,036 371 9 3.737 -0.236



CreditSuisse 12 2.643 42,305 289 6 4.218 -1.575

RBS 13 2.472 39,563 238 16 2.208 0.264

UBS 14 2.462 39,414 246 12 3.410 -0.948

MorganStanley 15 2.396 38,360 215 14 2.702 -0.306

Natixis 16 2.167 34,683 242 15 2.408 -0.241

BancoSantander 17 2.053 32,868 201 18 1.638 0.415

Commerzbank 18 1.897 30,373 242 17 1.965 -0.068

LandesbankBaden-Wuerttemberg 19 1.674 26,796 222 20 1.516 0.158

INGGroep 20 1.611 25,786 190 23 1.312 0.299

TOTAL 100% 1,600,775 6,187 100%

WesternEuropeanBondsFY2016 FY2015


HSBC 1 7.202 114,001 543 1 6.219 0.983

Barclays 2 6.442 101,963 482 2 5.786 0.656

DeutscheBank 3 5.662 89,619 452 3 5.127 0.535

BNPParibas 4 5.284 83,633 468 4 4.835 0.449

Citi 5 4.190 66,318 382 8 3.824 0.366


GoldmanSachs 7 3.934 62,274 301 12 3.578 0.356

JPMorgan 8 3.908 61,859 376 6 4.300 -0.392

UniCredit 9 3.827 60,569 336 11 3.583 0.244



CreditSuisse 12 2.661 42,117 287 5 4.340 -1.679

BancoSantander 13 2.622 41,510 201 18 1.634 0.988

UBS 14 2.502 39,600 241 10 3.588 -1.086

RBS 15 2.499 39,563 238 16 2.279 0.220

MorganStanley 16 2.423 38,360 215 14 2.773 -0.350

Natixis 17 2.160 34,187 240 15 2.477 -0.317

Commerzbank 18 1.876 29,693 228 17 1.974 -0.098

IntesaSanpaolo 19 1.875 29,675 127 26 1.281 0.594


TOTAL 100% 1,582,886 5,846 100%

EasternEuropeanBondsFY2016 FY2015


VTBCapital 1 23.565 18,462 84 3 6.915 16.650

JPMorgan 2 7.917 6,203 32 10 4.111 3.806

Gazprombank 3 6.917 5,419 61 6 5.274 1.643


Citi 5 5.653 4,429 26 9 4.757 0.896

UniCredit 6 4.805 3,765 42 1 9.163 -4.358

SberbankCIBCJSC 7 4.621 3,620 52 5 5.427 -0.806

Barclays 8 3.753 2,940 13 4 5.707 -1.954

RaiffeisenBankInternationalGroup 9 2.957 2,316 38 8 4.947 -1.990

HSBC 10 2.954 2,314 16 7 4.981 -2.027

DeutscheBank 11 2.800 2,194 12 12 3.417 -0.617

BNPParibas 12 2.489 1,950 11 13 3.276 -0.787

GoldmanSachs 13 2.447 1,917 10 19 1.729 0.718

INGGroep 14 2.121 1,662 16 22 1.102 1.019

ErsteGroupBank 15 2.070 1,622 23 11 3.734 -1.664

SovcombankICBJSC 16 2.058 1,612 37 15 2.085 -0.027

IntesaSanpaolo 17 1.362 1,067 7 14 2.549 -1.187

AlfaBank 18 1.317 1,032 17 24 1.021 0.296

REGIONInvestmentCo 19 1.211 949 21 20 1.582 -0.371

UBS 20 1.127 883 6 29 0.763 0.364

TOTAL 100% 78,344 376 100%

WesternEuropeanCorporateHighYieldBondsFY2016 FY2015


DeutscheBank 1 10.256 7,172 63 2 8.502 1.754

Citi 2 9.713 6,793 36 8 4.561 5.152

GoldmanSachs 3 7.668 5,362 47 1 9.993 -2.325

Barclays 4 7.093 4,961 47 5 6.195 0.898


JPMorgan 6 6.074 4,248 48 3 7.739 -1.665

HSBC 7 5.432 3,799 43 4 6.520 -1.088

BNPParibas 8 4.966 3,473 46 7 5.407 -0.441

CreditSuisse 9 4.798 3,355 43 6 6.108 -1.310

MorganStanley 10 3.373 2,359 24 9 4.407 -1.034


INGGroep 12 2.789 1,951 24 16 2.227 0.562

UniCredit 13 2.709 1,894 25 12 3.092 -0.383


RBS 15 2.019 1,412 21 15 2.497 -0.478

IntesaSanpaolo 16 1.874 1,311 17 24 1.107 0.767

Nordea 17 1.810 1,266 17 32 0.352 1.458

Commerzbank 18 1.466 1,026 13 17 1.706 -0.240

LloydsBank 19 1.303 912 16 21 1.194 0.109

RBCCapitalMarkets 20 1.173 820 10 19 1.455 -0.282

TOTAL 100% 69,934 170 100%



EMEACorporateInvestmentGradeBonds(incEM)FY2016 FY2015


BNPParibas 1 8.184 27,263 206 4 7.618 0.566

DeutscheBank 2 6.428 21,415 146 3 7.905 -1.477

Barclays 3 6.402 21,326 157 1 8.744 -2.342

HSBC 4 6.143 20,463 162 2 8.093 -1.950

Citi 5 6.107 20,346 166 7 4.705 1.402


JPMorgan 7 4.791 15,959 120 6 4.839 -0.048


UniCredit 9 3.637 12,116 94 9 3.332 0.305


INGGroep 11 3.133 10,437 86 15 2.308 0.825

BancoSantander 12 3.007 10,017 86 16 2.269 0.738

RBS 13 2.991 9,964 92 10 3.273 -0.282

MorganStanley 14 2.975 9,911 78 14 2.945 0.030

GoldmanSachs 15 2.942 9,800 63 11 3.246 -0.304


Commerzbank 17 1.919 6,392 52 18 1.987 -0.068

CreditSuisse 18 1.863 6,207 47 13 3.018 -1.155

UBS 19 1.700 5,664 36 20 1.699 0.001


TOTAL 100% 333,133 682 100%

EMEACorporateHighYieldBonds(incEM)FY2016 FY2015


VTBCapital 1 11.109 11,013 43 25 1.031 10.078

Citi 2 7.662 7,595 44 9 4.073 3.589

DeutscheBank 3 7.605 7,539 68 2 7.598 0.007

GoldmanSachs 4 6.094 6,042 52 1 8.688 -2.594

JPMorgan 5 5.704 5,654 63 3 7.480 -1.776

Barclays 6 5.223 5,177 50 6 5.236 -0.013


HSBC 8 4.141 4,106 46 4 5.813 -1.672

CreditSuisse 9 4.074 4,038 50 5 5.322 -1.248

BNPParibas 10 3.900 3,866 50 7 4.886 -0.986

MorganStanley 11 2.924 2,899 29 8 4.198 -1.274

UniCredit 12 2.629 2,606 41 13 2.988 -0.359

INGGroep 13 2.593 2,570 33 16 1.867 0.726


Gazprombank 15 2.348 2,328 36 19 1.473 0.875


IntesaSanpaolo 17 1.721 1,706 19 27 0.959 0.762

RBS 18 1.713 1,699 24 15 2.117 -0.404

Nordea 19 1.277 1,266 17 34 0.407 0.870

UBS 20 1.246 1,235 17 18 1.569 -0.323

TOTAL 100% 99,133 300 100%

EuroCurrencyBondsFY2016 FY2015


HSBC 1 6.121 73,402 425 1 6.444 -0.323

BNPParibas 2 6.039 72,426 435 2 6.141 -0.102

Barclays 3 5.924 71,047 356 3 5.849 0.075


DeutscheBank 5 5.154 61,803 371 4 5.509 -0.355

UniCredit 6 4.920 59,001 356 5 5.158 -0.238


JPMorgan 8 4.682 56,142 308 7 4.680 0.002

Citi 9 4.378 52,499 300 10 3.473 0.905

GoldmanSachs 10 4.259 51,071 255 9 4.315 -0.056


Natixis 12 2.904 34,821 239 11 3.186 -0.282

Commerzbank 13 2.765 33,164 238 14 2.760 0.005


MorganStanley 15 2.432 29,168 145 15 2.354 0.078

BancoSantander 16 2.192 26,287 167 19 1.830 0.362

RBS 17 2.008 24,076 143 18 1.891 0.117

INGGroep 18 1.971 23,635 172 20 1.655 0.316

UBS 19 1.905 22,851 128 17 2.049 -0.144

CreditSuisse 20 1.806 21,656 120 12 2.838 -1.032

TOTAL 100% 1,199,212 3,380 100%

Euro&SterlingCorporate&FinancialBondsFY2016 FY2015


DeutscheBank 1 6.119 56,219 313 3 5.914 0.205

BNPParibas 2 6.104 56,072 370 1 6.052 0.052

HSBC 3 5.594 51,395 353 2 6.022 -0.428

Barclays 4 5.226 48,009 301 4 5.528 -0.302


UniCredit 6 4.576 42,036 245 9 3.794 0.782

Citi 7 3.906 35,879 250 11 3.089 0.817


JPMorgan 9 3.616 33,220 245 6 4.520 -0.904

BancoSantander 10 3.445 31,652 170 18 2.171 1.274


GoldmanSachs 12 3.146 28,901 182 8 3.896 -0.750

IntesaSanpaolo 13 2.809 25,806 118 24 1.447 1.362

Natixis 14 2.583 23,725 157 12 3.079 -0.496

UBS 15 2.532 23,266 124 13 2.962 -0.430

CreditSuisse 16 2.491 22,883 136 10 3.302 -0.811

MorganStanley 17 2.438 22,402 144 16 2.492 -0.054

Commerzbank 18 2.329 21,396 166 15 2.635 -0.306

RBS 19 2.306 21,184 179 17 2.236 0.070

INGGroep 20 2.236 20,540 152 20 1.981 0.255

TOTAL 100% 918,682 2,681 100%



SterlingBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(GBPMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Barclays 1 14.807 13,887 89 2 12.174 2.633

HSBC 2 14.232 13,347 101 1 13.872 0.360

RBS 3 9.824 9,213 81 3 9.215 0.609


Citi 5 5.264 4,937 33 11 3.569 1.695

LloydsBank 6 4.919 4,614 40 7 5.618 -0.699


Nomura 8 4.449 4,172 24 8 5.181 -0.732

DeutscheBank 9 4.447 4,171 34 5 5.909 -1.462

MorganStanley 10 4.306 4,039 25 14 2.565 1.741

JPMorgan 11 3.263 3,060 26 6 5.663 -2.400

BancoSantander 12 3.116 2,922 19 10 3.955 -0.839

CreditSuisse 13 3.053 2,863 26 15 2.481 0.572

TDSecurities 14 2.826 2,650 23 18 1.519 1.307

BNPParibas 15 2.531 2,374 17 13 2.572 -0.041

FMSWertmanagement 16 2.399 2,250 2 21 0.636 1.763

GoldmanSachs 17 2.134 2,001 11 17 2.013 0.121

UBS 18 1.483 1,391 7 12 2.924 -1.441

Scotiabank 19 1.416 1,328 9 16 2.178 -0.762

CommonwealthBankAustralia 20 0.511 479 7 30 0.247 0.264

TOTAL 100% 93,784 294 100%

SwissFrancBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(CHFMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

CreditSuisse 1 26.978 13,636 135 1 29.702 -2.724

UBS 2 19.966 10,092 119 2 18.985 0.981

SchweizerischeKantonalbanken 3 14.512 7,335 24 3 13.141 1.371

ZuercherKantonalbank 4 9.669 4,887 51 4 9.301 0.368

RaiffeisenSwitzerland 5 8.277 4,183 52 5 7.895 0.382

BNPParibas 6 3.147 1,591 15 7 2.328 0.819

DeutscheBank 7 3.001 1,517 15 6 3.801 -0.800

Commerzbank 8 1.972 997 11 21 0.452 1.520

AargauischeKantonalbank 9 1.286 650 4 9 1.308 -0.022

GoldmanSachs 10 1.171 592 5 10 1.291 -0.120

HSBC 11 1.152 583 7 12 0.887 0.265

BaslerKantonalbank 12 1.070 541 8 8 1.618 -0.548

LuzernerKantonalbank 13 0.871 440 2 14 0.689 0.182

BanqueCantonaleVaudoise 14 0.594 300 2 - - -

KantonalbankSchwyz 14 0.594 300 2 19 0.516 0.078

Gazprombank 16 0.577 292 2 - - -

CreditAgricoleCIB 17 0.495 250 1 27 0.232 0.263

ThurgauerKantonalbank 17 0.495 250 1 17 0.551 -0.056

VontobelHoldingAG 19 0.415 210 3 36 0.069 0.346

JPMorgan 20 0.396 200 2 15 0.631 -0.235

TOTAL 100% 50,544 290 100%

SwedishKronaBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(SEKMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Nordea 1 22.927 60,487 121 2 19.565 3.362

SEB 2 20.302 53,561 104 4 17.901 2.401

Swedbank 3 17.704 46,706 114 1 22.218 -4.514

DanskeBank 4 15.018 39,620 123 3 18.411 -3.393

SvenskaHandelsbanken 5 13.147 34,684 92 5 12.144 1.003

DNBASA 6 4.861 12,825 26 6 4.222 0.639

ParetoSecurities 7 1.694 4,469 19 9 0.640 1.054

ABGSundalCollierAsa 8 0.987 2,604 10 8 0.868 0.119

NykreditBankA/S 9 0.644 1,700 3 - - -

Carnegie 10 0.625 1,650 8 21 0.074 0.551

JPMorgan 11 0.575 1,517 5 10 0.386 0.189

RBS 12 0.379 1,000 1 - - -


NykreditRealkreditA/S 13 0.284 750 1 - - -

ArcticSecurities 15 0.224 590 3 - - -

Citi 16 0.190 500 2 16 0.166 0.024

DaiwaSecurities 17 0.095 250 1 - - -

DeutscheBank 18 0.032 83 1 12 0.331 -0.299

AGLTransactionServicesAB 19 0.028 75 1 - - -

- - - - - - - -

TOTAL 100% 263,821 479 100%

Sub-SaharanAfricanCurrencyBondsFY2016 FY2015


NedbankLtd 1 16.288 1,569 48 2 15.356 0.932

FirstRandLtd 2 13.387 1,290 43 4 12.083 1.304

StandardBankofSouthAfrica 3 11.123 1,072 36 1 17.089 -5.966

JPMorgan 4 10.077 971 53 6 6.187 3.890

DaiwaSecurities 5 7.651 737 24 9 2.168 5.483

Barclays 6 6.354 612 22 5 11.439 -5.085

EskomHoldingsLtd 7 5.294 510 2 3 15.321 -10.027

Investec 8 4.968 479 21 7 3.935 1.033

CentralBankofKenya 9 3.073 296 1 - - -

IslamicDevelopmentBank 10 2.592 250 1 10 1.846 0.746

RBCCapitalMarkets 11 2.374 229 22 8 2.714 -0.340

HSBC 12 2.062 199 14 12 1.017 1.045

Industrial&CommBankofChina 13 1.249 120 6 - - -

TDSecurities 14 1.203 116 8 14 0.850 0.353

ChapelHillAdvisoryPartnersLtd 15 1.043 100 3 - - -

StandardCharteredBank 15 1.043 100 2 - - -

Citi 17 1.012 97 5 28 0.326 0.686


BNPParibas 19 0.821 79 5 42 0.031 0.790

JavaCapital 20 0.749 72 3 24 0.360 0.389

TOTAL 100% 9,636 346 100%



CEEMEABondsFY2016 FY2015


VTBCapital 1 8.431 18,371 82 10 2.621 5.810

Citi 2 7.663 16,697 87 1 7.228 0.435

JPMorgan 3 7.648 16,664 80 3 6.257 1.391

HSBC 4 6.293 13,711 89 2 6.314 -0.021

Barclays 5 4.224 9,203 66 4 5.106 -0.882

BNPParibas 6 3.603 7,850 44 8 3.395 0.208


DeutscheBank 8 2.863 6,238 28 5 4.222 -1.359



Gazprombank 11 2.487 5,419 61 13 1.999 0.488

GoldmanSachs 12 2.471 5,383 24 11 2.117 0.354


UniCredit 14 2.161 4,708 50 7 3.523 -1.362

NationalBankofAbuDhabi 15 2.131 4,643 31 16 1.524 0.607


MorganStanley 17 1.895 4,129 20 15 1.636 0.259

SberbankCIBCJSC 18 1.661 3,620 52 12 2.065 -0.404


CreditSuisse 20 1.247 2,718 17 74 0.220 1.027

TOTAL 100% 217,891 983 100%

MENABonds&SukukFY2016 FY2015


JPMorgan 1 10.059 7,444 35 3 8.626 1.433

HSBC 2 9.267 6,858 47 1 13.862 -4.595

Citi 3 8.442 6,248 27 2 12.032 -3.590

StandardCharteredBank 4 6.226 4,608 37 4 6.501 -0.275

NationalBankofAbuDhabi 5 6.015 4,451 29 5 5.900 0.115


DeutscheBank 7 4.320 3,197 12 15 1.598 2.722

BNPParibas 8 3.921 2,902 16 7 3.417 0.504


MorganStanley 10 2.821 2,088 8 6 4.644 -1.823


GoldmanSachs 12 2.628 1,945 7 22 1.157 1.471

NationalCommercialBank 13 2.545 1,883 4 48 0.247 2.298

DubaiIslamicBank 14 2.427 1,796 12 20 1.319 1.108

BankofChina 15 2.365 1,750 3 - - -

EmiratesNBDPJSC 16 2.337 1,730 24 12 2.479 -0.142

Barclays 17 2.154 1,594 13 11 2.628 -0.474


QatarNationalBank 19 1.826 1,351 7 37 0.463 1.363

SumitomoMitsuiFinancial 20 1.596 1,181 5 - - -

TOTAL 100% 74,004 220 100%

AfricanBondsFY2016 FY2015


NedbankLtd 1 15.096 2,136 46 6 6.503 8.593

StandardBankofSouthAfrica 2 12.082 1,709 39 2 9.407 2.675

Barclays 3 11.784 1,667 25 1 12.158 -0.374

FirstRandLtd 4 10.746 1,520 41 5 6.999 3.747

Citi 5 9.415 1,332 7 7 5.641 3.774

JPMorgan 6 6.352 899 4 9 4.867 1.485

HSBC 7 6.106 864 3 22 0.526 5.580

StandardCharteredBank 8 4.706 666 5 12 3.659 1.047


BankofAmericaMerrillLynch 10 3.534 500 3 17 1.467 2.067

Investec 11 3.023 428 20 14 2.346 0.677


GoldmanSachs 13 1.885 267 1 15 2.208 -0.323


UniCredit 15 1.148 162 2 34 0.206 0.942

BNPParibas 16 0.804 114 1 10 4.690 -3.886

Commerzbank 16 0.804 114 1 - - -

DeutscheBank 16 0.804 114 1 3 8.200 -7.396


JavaCapital 20 0.510 72 3 42 0.167 0.343

TOTAL 100% 14,147 182 100%

Sub-SaharanAfricanBondsFY2016 FY2015


NedbankLtd 1 15.096 2,136 46 6 7.953 7.143

StandardBankofSouthAfrica 2 12.082 1,709 39 2 11.504 0.578

Barclays 3 11.784 1,667 25 1 12.758 -0.974

FirstRandLtd 4 10.746 1,520 41 5 8.559 2.187

Citi 5 9.415 1,332 7 10 2.958 6.457

JPMorgan 6 6.352 899 4 14 2.011 4.341

HSBC 7 6.106 864 3 20 0.644 5.462

StandardCharteredBank 8 4.706 666 5 8 4.474 0.232



Investec 11 3.023 428 20 11 2.869 0.154


GoldmanSachs 13 1.885 267 1 12 2.700 -0.815


UniCredit 15 1.148 162 2 31 0.252 0.896

BNPParibas 16 0.804 114 1 9 3.202 -2.398

Commerzbank 16 0.804 114 1 - - -

DeutscheBank 16 0.804 114 1 3 10.028 -9.224


JavaCapital 20 0.510 72 3 39 0.204 0.306

TOTAL 100% 14,147 182 100%



SpainBondsFY2016 FY2015


BancoSantander 1 10.421 9,106 60 1 9.541 0.880


Barclays 3 7.776 6,795 34 5 7.087 0.689

LaCaixa 4 7.095 6,200 34 3 8.451 -1.356

Citi 5 5.767 5,040 20 7 6.384 -0.617


BNPParibas 7 4.586 4,008 23 10 3.748 0.838


BancoSabadell 9 3.860 3,373 15 12 3.539 0.321

GoldmanSachs 10 3.589 3,136 18 8 4.308 -0.719

JPMorgan 11 3.571 3,121 18 15 2.402 1.169

HSBC 12 3.569 3,118 22 6 6.391 -2.822

DeutscheBank 13 3.524 3,080 22 11 3.555 -0.031

MorganStanley 14 3.421 2,989 13 14 2.941 0.480

Natixis 15 2.189 1,913 15 13 3.130 -0.941

UniCredit 16 2.046 1,788 14 17 1.899 0.147

UBS 17 1.920 1,677 10 23 1.195 0.725


RBS 19 1.269 1,109 12 21 1.315 -0.046

Commerzbank 20 1.233 1,077 10 16 1.939 -0.706

TOTAL 100% 87,385 229 100%

SpainCorporatesFY2016 FY2015


LaCaixa 1 9.234 2,260 22 2 7.324 1.910


BancoSantander 3 7.649 1,872 20 4 6.900 0.749

Barclays 4 5.940 1,454 16 14 3.136 2.804

DeutscheBank 5 5.791 1,417 14 8 4.768 1.023

BNPParibas 6 5.752 1,408 18 6 5.406 0.346

MorganStanley 7 5.227 1,279 9 3 7.152 -1.925


IntesaSanpaolo 9 3.964 970 11 31 0.311 3.653

JPMorgan 10 3.696 905 12 7 4.848 -1.152

CreditAgricoleCIB 11 3.548 868 11 5 6.347 -2.799


Citi 13 3.062 749 9 18 2.662 0.400

UniCredit 14 2.781 681 7 9 4.081 -1.300

MitsubishiUFJFinancialGroupInc 15 2.765 677 7 33 0.259 2.506

INGGroep 16 2.558 626 9 19 2.427 0.131


RBS 18 2.108 516 7 10 3.749 -1.641

HSBC 19 1.792 438 4 13 3.318 -1.526

Mediobanca 20 1.752 429 7 17 2.800 -1.048

TOTAL 100% 24,471 72 100%

SpainFinancialsFY2016 FY2015


BancoSantander 1 11.780 3,702 28 1 9.942 1.838

BancoSabadell 2 9.281 2,917 9 4 6.529 2.752

Barclays 3 7.664 2,408 14 10 4.703 2.961


DeutscheBank 5 5.290 1,663 8 5 5.797 -0.507


UBS 7 5.059 1,590 9 21 1.521 3.538

GoldmanSachs 8 5.050 1,587 8 6 5.743 -0.693

Natixis 9 4.841 1,521 8 9 4.979 -0.138


Citi 11 4.107 1,291 8 15 2.754 1.353

HSBC 12 3.080 968 5 8 5.140 -2.060

Commerzbank 13 2.562 805 7 11 3.873 -1.311

Nomura 14 2.284 718 8 13 3.435 -1.151

CreditSuisse 15 2.195 690 5 20 1.604 0.591

BNPParibas 16 1.909 600 3 25 1.217 0.692

RBS 17 1.888 593 5 23 1.439 0.449

BancoPopularEspanolSA 18 1.750 550 2 16 2.600 -0.850

BankofAmericaMerrillLynch 19 1.621 510 4 14 3.038 -1.417

UniCredit 20 1.456 458 4 18 1.997 -0.541

TOTAL 100% 31,424 98 100%

SpainGovernment&AgenciesFY2016 FY2015

Firm RankMkt

Share(%)Volume(EUR

Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)


LaCaixa 2 11.401 3,590 10 6 9.629 1.772

BancoSantander 3 11.218 3,533 12 5 10.257 0.961

Citi 4 9.527 3,000 3 1 12.973 -3.446

Barclays 5 9.315 2,933 4 2 12.126 -2.811

BNPParibas 6 6.351 2,000 2 8 6.328 0.023

JPMorgan 7 6.293 1,982 3 11 2.452 3.841


HSBC 9 5.437 1,712 13 7 9.510 -4.073

MorganStanley 10 4.764 1,500 1 11 2.452 2.312


GoldmanSachs 12 3.658 1,152 4 10 3.041 0.617

UniCredit 13 2.064 650 3 13 0.736 1.328

Norbolsa 14 1.175 370 2 14 0.662 0.513

BancoSabadell 15 0.921 290 2 18 0.327 0.594

Bankia 16 0.910 287 7 15 0.491 0.419

BekaFinanceSVSA 17 0.238 75 1 17 0.334 -0.096

ConfederacionEspanoladeCajasdeAhorros

18 0.159 50 1 - - -

BancoCooperativo 19 0.062 20 1 - - -

Natixis 20 0.048 15 1 16 0.474 -0.426

TOTAL 100% 31,489 59 100%



Asiaex-JapanFixedIncomeReviewFY2016creditedAsiaex-JapanG3CurrencyBondsvolumeincreased16.75%toUSD201.3Blnwhiledealcountincreased33.43%to447offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumeincreased8.53%year-on-yeartoUSD154.4Blnwhilethedealcountincreased16.22%to301.Asiaex-JapanG3CorporateHighYieldBondsvolumeincreased69.45%year-on-yeartoUSD17.6Blnover63deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforFY2016with10.88%marketshare.Thebankunderwrote188dealsovertheperiod.CitiandStandardCharteredBankrankedsecondandthirdwith7.46%and6.44%marketshare,respectively.

Asiaex-JapanG3CurrencyBonds:HighlightsofFY2016

Issuer Industry Volume(USDMln) Date

ChinaCindaAssetManagementCoLtd Financials 3,200 09/23/2016

ProvenHonourCapitalLtd Technology 2,000 04/28/2016

PhilippineGovernmentInternationalBond Government 2,000 02/17/2016

PerusahaanPenerbitSBSNIndonesiaIII Government 1,750 03/21/2016

IndonesiaGovernmentInternationalBond Government 1,702 06/07/2016


CKHutchisonFinance16Ltd ConsumerStaples 1,538 04/05/2016


ChinaMinshengBankingCorpLtd Financials 1,439 12/07/2016

HuarongFinanceIICoLtd Financials 1,350 11/15/2016

Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry

Issuer Volume(USDMln) Date Country

ChinaCindaAssetManagementCoLtd 3,200 09/23/2016 China

CKHutchisonFinance16Ltd 1,538 04/05/2016 HongKong

Export-ImportBankofIndia 1,000 07/28/2016 India

PerusahaanPenerbitSBSNIndonesiaIII 1,750 03/21/2016 Indonesia

MalaysiaSukukGlobalBhd 1,000 04/20/2016 Malaysia

PhilippineGovernmentInternationalBond 2,000 02/17/2016 Philippines

BOCAviationLtd 750 04/14/2016 Singapore

Export-ImportBankofKorea 1,000 05/18/2016 SouthKorea

SriLankaGovernmentInternationalBond 1,000 07/11/2016 SriLanka

FoxconnFarEastLtd 600 09/14/2016 Taiwan

KasikornbankPCL/HongKong 400 09/29/2016 Thailand

Financials45%

Government24%

Industrials7%

Utilities6%

Others19%

Asiaex-JapanG3CurrencyBonds:QuarterlyVolume

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

Q42015

Q42015

QuartersQuarters

Q42016

Q42016

5050

USDBln

USDBln

00

7070

100100

DealC

ountDealC

ount

00

140140

DealCount

Other

HighYield

InvestmentGrade

Asiaex-JapanG3CurrencyBonds:IndustryBreakdown

45%

24%

7%

6%

19%

Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory

HSBC Ci

ti

StandardCharteredBank

BankofChina

BankofAmericaMerrillLynch

JPMorgan

5

10

MarketShare(%

)

0

15

2016 2015 2014



Asiaex-JapanIssuerG3CurrencyBondsFY2016 FY2015


HSBC 1 10.883 21,912 188 1 11.603 -0.720

Citi 2 7.463 15,027 133 2 8.642 -1.179


BankofChina 4 5.947 11,975 117 7 4.325 1.622


JPMorgan 6 4.664 9,391 84 5 5.481 -0.817

DeutscheBank 7 3.964 7,981 54 3 6.677 -2.713

Industrial&CommBankofChina 8 3.477 7,002 79 11 3.424 0.053

UBS 9 3.403 6,851 80 12 2.921 0.482

BNPParibas 10 3.195 6,432 59 10 3.431 -0.236

GoldmanSachs 11 2.908 5,856 58 9 3.501 -0.593

Barclays 12 2.895 5,828 45 16 2.403 0.492

CreditSuisse 13 2.854 5,747 54 15 2.561 0.293

DBSGroup 14 2.644 5,323 56 13 2.878 -0.234

MorganStanley 15 2.204 4,437 56 8 3.546 -1.342


BankofCommunications 17 2.090 4,207 52 20 1.695 0.395

ANZBankingGroup 18 1.987 4,001 49 14 2.565 -0.578

ChinaConstructionBank 19 1.788 3,599 67 17 2.120 -0.332

ChinaMerchantsBank 20 1.460 2,940 37 24 1.121 0.339

TOTAL 100% 201,342 447 100%

APACex-JapanIssuerG3CurrencyBondsFY2016 FY2015


HSBC 1 10.725 30,044 223 1 10.714 0.011

Citi 2 8.775 24,582 179 2 10.023 -1.248

JPMorgan 3 6.640 18,599 129 3 8.598 -1.958



BankofChina 6 4.275 11,975 117 11 3.072 1.203

GoldmanSachs 7 4.230 11,848 90 6 4.659 -0.429

UBS 8 3.708 10,386 97 10 3.294 0.414

DeutscheBank 9 3.613 10,120 65 4 5.972 -2.359

CreditSuisse 10 3.544 9,927 66 15 2.267 1.277

MorganStanley 11 3.320 9,300 80 8 3.722 -0.402

ANZBankingGroup 12 3.136 8,786 73 13 2.840 0.296

BNPParibas 13 3.025 8,474 70 9 3.396 -0.371


Barclays 15 2.352 6,587 49 12 2.979 -0.627

DBSGroup 16 1.936 5,423 57 16 2.106 -0.170



NationalAustraliaBankLtd 19 1.306 3,658 19 22 1.024 0.282


TOTAL 100% 280,118 581 100%

Asiaex-JapanG3InvestmentGradeBondsFY2016 FY2015


HSBC 1 11.559 17,844 151 1 11.743 -0.184

Citi 2 8.512 13,140 112 2 9.004 -0.492


BankofChina 4 6.212 9,589 94 7 4.860 1.352


JPMorgan 6 4.897 7,561 65 4 5.681 -0.784


BNPParibas 8 3.534 5,455 49 11 3.319 0.215

DeutscheBank 9 3.193 4,929 31 3 6.401 -3.208

UBS 10 3.059 4,722 52 16 2.112 0.947

Barclays 11 2.892 4,464 33 13 2.558 0.334

GoldmanSachs 12 2.883 4,451 50 10 3.814 -0.931



MorganStanley 15 2.383 3,678 47 9 3.903 -1.520

ChinaConstructionBank 16 2.069 3,194 60 19 1.864 0.205


DBSGroup 18 1.954 3,017 35 12 2.853 -0.899

CreditSuisse 19 1.922 2,967 26 15 2.250 -0.328


TOTAL 100% 154,376 301 100%

Asiaex-JapanG3CorporateHighYieldBondsFY2016 FY2015


DeutscheBank 1 11.732 2,069 16 6 7.029 4.703

HSBC 2 7.454 1,315 16 3 9.273 -1.819

UBS 3 7.225 1,274 16 5 7.243 -0.018

CreditSuisse 4 6.891 1,215 15 2 9.836 -2.945



GuotaiJunanSecuritiesCoLtd 7 5.541 977 14 20 1.769 3.772

GoldmanSachs 8 5.341 942 6 9 3.260 2.081

HaitongSecuritiesCoLtd 9 4.527 799 11 19 1.809 2.718

JPMorgan 10 4.356 768 9 4 8.853 -4.497

DBSGroup 11 3.809 672 7 10 3.061 0.748

Citi 12 3.651 644 8 11 2.898 0.753

BankofChina 13 3.615 638 10 12 2.806 0.809

Barclays 14 3.227 569 7 16 2.001 1.226

MorganStanley 15 3.052 538 5 8 4.236 -1.184

BNPParibas 16 2.601 459 4 13 2.660 -0.059

ChinaInternationalCapitalCorp 17 2.166 382 2 - - -

ChinaMerchantsBank 18 1.784 315 4 21 1.499 0.285

CITICSecuritiesCoLtd 19 1.372 242 3 7 5.005 -3.633

ChinaSecuritiesCoLtd 20 0.953 168 2 23 0.961 -0.008

TOTAL 100% 17,637 63 100%



APACUSD&EURCurrencyBondsFY2016 FY2015


HSBC 1 9.545 32,841 237 2 9.716 -0.171

Citi 2 9.414 32,391 219 1 9.981 -0.567

JPMorgan 3 8.038 27,658 167 3 9.059 -1.021


GoldmanSachs 5 5.084 17,495 118 6 5.339 -0.255

MorganStanley 6 4.118 14,169 91 7 4.296 -0.178


BankofChina 8 3.480 11,975 117 12 2.627 0.853

Barclays 9 3.345 11,510 76 9 3.809 -0.464

DeutscheBank 10 3.084 10,612 68 4 5.821 -2.737

UBS 11 3.018 10,386 97 11 2.817 0.201

CreditSuisse 12 2.885 9,927 66 15 1.939 0.946

BNPParibas 13 2.824 9,716 75 10 3.755 -0.931




Industrial&CommBankofChina 17 2.035 7,002 79 14 2.080 -0.045

Nomura 18 1.786 6,147 40 19 1.358 0.428

DBSGroup 19 1.576 5,423 57 16 1.801 -0.225


TOTAL 100% 344,082 657 100%

AsianBondsFY2016 FY2015




MorganStanley 3 3.446 46,240 462 4 3.471 -0.025


BankofChina 5 3.171 42,557 306 3 3.653 -0.482




Citi 9 2.371 31,819 251 9 2.469 -0.098

HSBC 10 2.358 31,641 330 7 2.742 -0.384

HaitongSecuritiesCoLtd 11 2.300 30,860 189 15 1.792 0.508

AgriculturalBankofChinaLtd 12 2.017 27,067 174 10 2.372 -0.355

Nomura 13 1.920 25,762 420 19 1.670 0.250



JPMorgan 16 1.738 23,330 146 23 1.511 0.227

ChinaInternationalCapitalCorp 17 1.691 22,698 134 14 1.838 -0.147

GFSecurities 18 1.689 22,662 117 42 0.719 0.970

ChinaDevelopmentBank 19 1.675 22,485 153 12 1.903 -0.228

IndustrialBankCoLtd 20 1.666 22,362 175 11 1.903 -0.237

TOTAL 100% 1,341,972 7,738 100%

Asiaex-JapanBondsFY2016 FY2015





BankofChina 4 3.708 42,557 306 3 4.117 -0.409



HaitongSecuritiesCoLtd 7 2.689 30,860 189 14 2.020 0.669

HSBC 8 2.491 28,595 312 7 2.882 -0.391



Citi 11 2.031 23,306 202 9 2.271 -0.240

ChinaInternationalCapitalCorp 12 1.978 22,698 134 13 2.072 -0.094

GFSecurities 13 1.975 22,662 117 36 0.810 1.165

ChinaDevelopmentBank 14 1.959 22,485 153 11 2.145 -0.186

IndustrialBankCoLtd 15 1.948 22,362 175 10 2.145 -0.197

ShanghaiPudongDevelopmentBankCoLtd 16 1.768 20,298 234 12 2.080 -0.312

ChinaMerchantsSecurities 17 1.579 18,128 140 16 1.779 -0.200


HuataiSecuritiesCoLtd 19 1.427 16,376 82 33 0.897 0.530

UBS 20 1.416 16,251 130 22 1.456 -0.040

TOTAL 100% 1,147,738 6,885 100%

ASEANLocalCurrencyBondsFY2016 FY2015


CIMB 1 13.253 8,747 268 1 13.974 -0.721

Maybank 2 7.621 5,030 136 4 7.129 0.492

DBSGroup 3 6.701 4,423 113 2 8.730 -2.029

SiamCommercialBankPCL 4 5.799 3,827 87 13 3.133 2.666

KrungThaiBank 5 5.736 3,786 95 10 3.675 2.061

KasikornbankPCL 6 5.472 3,612 108 8 4.611 0.861

BangkokBankPCL 7 5.250 3,465 69 11 3.375 1.875

RHB 8 5.152 3,400 156 3 7.553 -2.401

AmInvestmentBankBhd 9 5.119 3,378 86 5 6.297 -1.178

BankofAyudhyaPCL 10 3.926 2,591 50 9 3.803 0.123

Oversea-ChineseBankingCorp 11 3.289 2,171 56 7 5.644 -2.355

UnitedOverseasBank 12 2.897 1,912 62 14 2.834 0.063


IndoPremierSecurities 14 2.230 1,472 116 20 1.005 1.225

DanareksaSekuritasPT 15 1.999 1,319 99 24 0.776 1.223

MandiriSekuritasPT 16 1.886 1,245 94 18 1.138 0.748

HSBC 17 1.783 1,177 30 6 5.683 -3.900

BahanaSecurities 18 1.503 992 61 27 0.680 0.823

BCASekuritasPT 19 1.151 760 70 31 0.505 0.646

ChinaBankingCapitalCorp 20 1.120 739 14 23 0.829 0.291

TOTAL 100% 66,002 1,075 100%



Australian/NewZealandInternationalBondsFY2016 FY2015


Citi 1 11.457 9,928 49 2 12.129 -0.672

JPMorgan 2 10.819 9,375 47 1 14.603 -3.784

HSBC 3 10.709 9,280 46 3 9.369 1.340


GoldmanSachs 5 7.032 6,094 33 4 6.799 0.233

CreditSuisse 6 5.920 5,130 18 15 2.584 3.336

MorganStanley 7 5.796 5,022 25 9 3.684 2.112


UBS 9 4.973 4,309 22 5 4.521 0.452

NationalAustraliaBankLtd 10 4.935 4,277 24 10 3.609 1.326

CommonwealthBankAustralia 11 3.519 3,050 17 14 2.684 0.835


DeutscheBank 13 2.520 2,184 12 8 3.888 -1.368

BNPParibas 14 2.408 2,087 12 11 3.487 -1.079

Nomura 15 1.790 1,551 10 18 1.674 0.116

WellsFargo 16 1.587 1,375 9 20 1.164 0.423

TDSecurities 17 1.327 1,150 4 27 0.468 0.859

WestpacBanking 18 1.046 906 6 17 2.277 -1.231

Barclays 19 0.876 760 4 6 4.292 -3.416

SumitomoMitsuiFinancial 20 0.747 647 3 24 0.723 0.024

TOTAL 100% 86,657 168 100%

AustralianKangarooBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(AUDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

TDSecurities 1 19.993 4,823 72 1 15.273 4.720


DeutscheBank 3 12.712 3,067 38 2 13.072 -0.360

Nomura 4 11.575 2,793 34 3 12.845 -1.270


JPMorgan 6 6.491 1,566 29 7 5.193 1.298

WestpacBanking 7 3.368 812 9 8 4.952 -1.584

HSBC 8 3.188 769 10 12 3.430 -0.242

DaiwaSecurities 9 2.971 717 28 14 2.025 0.946

Citi 10 2.843 686 9 9 4.915 -2.072

NationalAustraliaBankLtd 11 2.667 643 6 11 3.886 -1.219

UBS 12 2.435 587 6 10 3.959 -1.524

CommonwealthBankAustralia 13 2.418 583 8 5 7.353 -4.935

GoldmanSachs 14 1.969 475 3 13 2.740 -0.771


BankofAmericaMerrillLynch 16 1.036 250 2 - - -

Barclays 16 1.036 250 2 - - -

DBSGroup 18 0.622 150 1 - - -

Scotiabank 19 0.311 75 2 16 0.653 -0.342

- - - - - - - -

TOTAL 100% 24,124 207 100%

KoreanInternationalBondsFY2016 FY2015


HSBC 1 10.755 3,076 32 2 9.861 0.894


Citi 3 9.487 2,714 31 1 11.635 -2.148


UBS 5 6.787 1,942 22 19 1.813 4.974


Nomura 7 6.209 1,776 17 13 3.015 3.194

BNPParibas 8 5.886 1,684 16 4 6.856 -0.970



GoldmanSachs 11 3.802 1,087 11 12 3.175 0.627

KoreaDevelopmentBank 12 3.773 1,079 11 21 1.377 2.396

JPMorgan 13 3.557 1,017 14 9 4.718 -1.161


MorganStanley 15 2.930 838 11 16 2.279 0.651

CreditSuisse 16 2.195 628 6 17 2.156 0.039

Commerzbank 17 1.825 522 6 15 2.329 -0.504

Barclays 18 1.467 420 5 5 6.015 -4.548

TDSecurities 19 0.993 284 3 23 0.701 0.292

WestpacBanking 20 0.986 282 4 29 0.298 0.688

TOTAL 100% 28,605 129 100%

JapaneseYenBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MorganStanley 1 24.015 3,657,302 376 1 20.325 3.690

MizuhoFinancial 2 21.927 3,339,224 452 4 15.663 6.264

SumitomoMitsuiFinancial 3 15.701 2,391,171 349 2 17.123 -1.422

Nomura 4 15.245 2,321,726 387 3 15.957 -0.712

DaiwaSecurities 5 13.633 2,076,206 329 5 15.123 -1.490

GoldmanSachs 6 1.687 256,976 28 6 2.140 -0.453


ShinkinCentralBank 8 1.018 155,000 42 16 0.699 0.319

Citi 9 0.858 130,625 14 8 1.712 -0.854

TokaiTokyoSecuritiesCoLtd 10 0.802 122,083 34 12 0.817 -0.015

HSBC 11 0.555 84,450 7 13 0.786 -0.231

BNPParibas 12 0.517 78,767 9 20 0.370 0.147

MitsubishiUFJFinancialGroupInc 13 0.488 74,316 6 9 1.483 -0.995

SBIHoldingsInc/Japan 14 0.312 47,500 7 - - -


OkasanSecuritiesGroupInc 16 0.246 37,417 11 21 0.207 0.039

JPMorgan 17 0.243 37,000 5 11 1.079 -0.836

Barclays 18 0.227 34,500 6 14 0.749 -0.522

CreditSuisse 19 0.224 34,133 5 17 0.588 -0.364


TOTAL 100% 15,229,123 805 100%



HongKongDollarBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(HKDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

HSBC 1 20.016 47,848 145 1 21.097 -1.081



Citi 4 8.837 21,126 56 7 5.439 3.398


ChinaConstructionBank 6 4.686 11,203 11 17 0.924 3.762

BankofChina 7 4.567 10,917 11 2 9.091 -4.524

DBSGroup 8 4.285 10,243 14 11 3.392 0.893


NationalAustraliaBankLtd 10 2.433 5,817 19 6 6.436 -4.003


BNPParibas 12 1.983 4,740 15 15 1.223 0.760

AgriculturalBankofChinaLtd 13 1.893 4,525 4 21 0.620 1.273

GoldmanSachs 14 1.852 4,428 10 13 2.085 -0.233

Barclays 15 1.745 4,171 18 5 7.485 -5.740

UBS 16 1.606 3,840 5 19 0.793 0.813


CommonwealthBankAustralia 18 1.400 3,348 19 16 1.060 0.340

Scotiabank 19 1.224 2,927 13 14 1.316 -0.092


TOTAL 100% 239,047 644 100%

OffshoreCNYBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(CNYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

HSBC 1 18.732 30,812 86 1 14.981 3.751



Citi 4 7.167 11,789 33 6 4.908 2.259

Nomura 5 4.575 7,525 22 25 1.057 3.518

BNPParibas 6 4.152 6,830 29 3 8.201 -4.049

GoldmanSachs 7 4.110 6,760 13 27 0.910 3.200

BankofChina 8 3.871 6,368 19 5 5.276 -1.405

UBS 9 3.049 5,015 33 11 2.424 0.625

DBSGroup 10 2.936 4,829 18 7 3.639 -0.703

Scotiabank 11 2.827 4,651 21 10 2.450 0.377



BankofCommunications 14 1.706 2,806 9 14 2.029 -0.323



KGISecuritiesCoLtd 17 1.308 2,152 6 18 1.501 -0.193


Barclays 19 1.153 1,897 11 9 2.721 -1.568


TOTAL 100% 164,487 537 100%

SingaporeDollarBondsFY2016 FY2015

Firm Rank MktShare(%) Volume(SGDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

DBSGroup 1 43.242 8,348 54 1 40.481 2.761



UnitedOverseasBank 4 5.924 1,144 14 5 5.096 0.828

CIMB 5 4.086 789 10 8 1.795 2.291

DeutscheBank 6 3.971 767 4 17 0.502 3.469

HSBC 7 3.911 755 9 4 5.616 -1.705

ANZBankingGroup 8 3.436 663 3 6 3.587 -0.151

Industrial&CommBankofChina 9 2.720 525 3 16 0.655 2.065

Maybank 10 1.658 320 2 9 1.669 -0.011

RHB 11 1.381 267 3 7 2.130 -0.749

CreditSuisse 12 0.971 188 1 10 1.573 -0.602

BNPParibas 13 0.932 180 1 14 0.750 0.182

NationalAustraliaBankLtd 14 0.881 170 2 - - -

SocieteGenerale 15 0.734 142 1 22 0.319 0.415


Citi 17 0.561 108 1 11 1.273 -0.712

JPMorgan 18 0.321 62 3 25 0.267 0.054

UBS 19 0.305 59 3 12 1.101 -0.796

MitsubishiUFJFinancialGroupInc 20 0.299 58 2 21 0.326 -0.027

TOTAL 100% 19,304 100 100%

UridashiBonds(Manager)FY2016 FY2015


Nomura 1 22.633 4,373 46 6 8.910 13.723


MizuhoFinancial 3 14.371 2,777 36 1 17.531 -3.160


DaiwaSecurities 5 6.008 1,161 28 5 9.204 -3.196

MorganStanley 6 5.511 1,065 19 4 10.805 -5.294

HSBC 7 4.411 852 106 8 3.797 0.614

BNPParibas 8 4.286 828 102 7 4.683 -0.397

TokaiTokyoSecuritiesCoLtd 9 2.524 488 43 12 2.188 0.336

CreditSuisse 10 2.327 450 51 9 3.760 -1.433


SBIHoldingsInc/Japan 12 1.461 282 7 - - -

DeutscheBank 13 1.237 239 34 10 2.362 -1.125

JPMorgan 14 1.179 228 24 13 2.096 -0.917

Barclays 15 0.677 131 18 14 1.291 -0.614

Citi 16 0.477 92 22 15 0.981 -0.504

ShinseiBankLtd 17 0.036 7 6 18 0.135 -0.099

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 19,322 687 100%



UridashiBonds(UridashiAgent)FY2016 FY2015


MorganStanley 1 20.946 5,490 80 1 22.775 -1.829

Nomura 2 14.810 3,882 39 7 4.671 10.139


TokaiTokyoSecuritiesCoLtd 4 10.317 2,704 197 5 10.291 0.026

MizuhoFinancial 5 9.587 2,513 37 2 14.674 -5.087

DaiwaSecurities 6 7.192 1,885 50 4 11.104 -3.912

OkasanSecuritiesGroupInc 7 4.857 1,273 161 6 5.189 -0.332

GoldmanSachs 8 4.668 1,224 11 - - -

SBIHoldingsInc/Japan 9 2.847 746 99 8 3.247 -0.400

AozoraBankLtd 10 1.622 425 26 9 2.172 -0.550

IwaiCosmoHoldingsInc 11 1.554 407 28 10 2.151 -0.597

ChugokuBankLtd 12 1.321 346 43 11 1.263 0.058

HachijuniBankLtd 13 0.912 239 11 12 1.230 -0.318

MitoSecuritiesCoLtd 14 0.824 216 21 18 0.439 0.385

ShinseiBankLtd 15 0.798 209 19 14 0.778 0.020

ImamuraSecuritiesCo 16 0.610 160 19 16 0.614 -0.004

ANDOSecuritiesCoLtd 17 0.563 148 25 26 0.220 0.343

MusashiSecuritiesCo 18 0.377 99 10 24 0.308 0.069

AizawaSecuritiesCoLtd 19 0.351 92 18 37 0.064 0.287

ToyoSecuritiesCoLtd 20 0.301 79 5 28 0.186 0.115

TOTAL 100% 26,211 1,121 100%

Bloomberg Fixed Income - League Tables Criteria

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

General Guidelines Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party.

Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.

Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading.

All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables.

USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.

New money portions of exchange offers are eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant high yield table. Self-led transactions are included.

Exclusions Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: criteria may vary for some local and/or regional tables. The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.

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