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GLOBAL SYNDICATED LOANS REVIEW
REUTERS / Steve Marcus
GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS
F ll Y 2017Full Year 2017
9
8
9
9
9
Full Year 2017
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEW
Global Debt & Syndicated Loans (DL1) 2
European Leveraged Loans (P10) 8
Top Asia Syndicated Loans
EMEA Sponsored Loans (P13)
Asia Pacific (Excl. Japan) Syndicated Loans
Asia & Australia Deals Intelligence
EMEA Mandated Lead Arrangers (R19) 7
Asia Loans - Bookrunners (S5c)3
Global Scorecard 2
Global Loans Rankings - Last Ten Years
Table of Contents
Global Loans - Mandated Arrangers (R3)
Global Deals Intelligence
Top 10 Global Syndicated Loans
1
1Leading Underwriters for 2017
Asia Loans - Asian Currency (S3i)
Global Syndicated Loans
Global Loans - Bookrunners (R1) 1
2
2
9
13
Ranking Criteria Summary
11
4
Asia Loans - Mandated Arrangers (S5b)
EMEA Bookrunners (R17) 7
6
Americas Loans - Mandated Arrangers (R8c)
US Loans - Bookrunners (R11) 5
Americas Loans - Bookrunners (R7)
Latin America Loans - Mandated Lead Arrangers (R16)
Top EMEA Syndicated Loans 7
US Investment Grade Loans - Bookrunners (R11b)
North America Loans - Bookrunners (R9) 5
5
Top Australia Syndicated LoansTop Americas Syndicated Loans 4
6
Australia Loans - Bookrunners (S7)
Australia Loans - Mandated Arrangers (S6a)
Japan Deals Intelligence
Top Japan Syndicated Loans
Japan Loans - Bookrunners (S12b)
EMEA Deals Intelligence 7
Americas Deals Intelligence 4
US Leveraged Loans - Bookrunners (R11a)
Americas Syndicated Loans
EMEA Syndicated Loans
Japan Syndicated Loans
5
Thomson Reuters Solutions for the Deal Making Community
10
Syndicated Loans Criteria Summary 13
Regional Contacts
10
14
12
10
11
11
Japan Loans - Mandated Arrangers (S12a)
Full Year 2017
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEWGlobal Syndicated Lending Totals US$4.6 Trillion, Up 12% | Acquisition Financing Down 6% | Americas Lending Up 25% | Bank of America Merrill Lynch Tops Rankings
Global Syndicated Loans VolumeGlobal Deals Intelligence
AMERICAS LENDING UP 25% COMPARED TO FULL YEAR 2016Syndicated lending in the Americas accounted for 65% of total proceeds during full year 2017, reachingUS$2.9 trillion from nearly 5,000 transactions. European syndicated lending totaled US$816.3 billion, or 18%of global proceeds, down 1% compared to a year ago. Asia-Pacific lending totaled US$493.3 billion, down 3%compared to last year. The number of completed loan transactions in Europe and Asia-Pacific declined by14% and 2%, respectively.
SYNDICATED LENDING EXCEEDS US$4.0 TRILLION FOR THE FIFTH CONSECUTIVE YEARGlobal syndicated lending totaled US$4.6 trillion from 9,887 transactions during full year 2017, a 12% increasein proceeds and a 3% increase in number of completed loans compared to last year. Borrowing in UnitedStates captured 58% of global lending, reaching US$2.7 trillion, a 25% uptick compared to a year ago.Canada finished the year as the second largest loans market for the first time since our records began,totaling US$235.2 billion.
ACQUISITION FINANCING ACTIVITY DOWN 6% COMPARED TO FULL YEAR 2016Total acquisition financing activity reached US$812.4 billion from 1,249 deals during full year 2017, a 6%decline in proceeds and a 5% increase in number of transactions. Retail companies raised US$109.2 billion inM&A financing, a five-fold percentage uptick compared to the previous year, and an all-time annual highbolstered by CVS’s US$49.0 billion bridge loan to acquire Aetna.
BORROWING IN THE FINANCIALS SECTOR REACHES PRE-FINANCIAL CRISIS LEVELS
9,533
10,513 10,192
9,656
9,972
0
2,000
4,000
6,000
8,000
10,000
12,000
$0 0
$1.0
$2.0
$3.0
$4.0
$5.0
# of
Issu
es
Proc
eeds
(US$
t)
Q4 Volume (US$t) Q3 Volume (US$t) Q2 Volume (US$t) Q1 Volume (US$t) # of Deals
-1.9
-6.1
-
▲▲
1.1-1.2-1.3-0.9 ▼ Scotiabank
▲▼▼
0.0- Societe Generale1.2
-14.2% ▼
7.6
13.014.4
9.8
1.3-9.7
12.4
29.2
10.9
TD Securities Inc 20
43,891.5
49,395.4
25
24SunTrust Banks
14.6
▲Top Twenty Five Total
PNC Financial Services Group▲
16.3
14.3%
Jefferies LLC
1.51.4
77.9
2622
4045,110.725
22
▼0.7
100.018,143.2
1.7▲
2.0
▲
2.4
▼
4,128,248.2
Industry % Change from Last Quarter 20.5%Industry % Change from Same Period Last Year ▲
▲
Bookrunner Total
1.1
100.0
▲
0.2 ▲
5.0
403
▲▲
▲10.1%
-
132
2700.3 ▲
259
12,834.8
2.6231
▲▲▲
0.2
384
5.3%
95
353
280.5
61
▲2.94.5
329
▲
483.7
7349
1.1
0.1
3.00.2
300.6▲▲
▲
▲
1.9
4.0 ▲4.3 -0.4
0.21.2
4.0
1.4
1.0
0.8
14.5%▲
180
8,873
0.1
▲255.8348.8
3,201,476.6
55
▲
175.343
58
-0.2
406.4
34717.4
▲▼
▼▲
▲
▼2.7
▼
▲
-0.1
0.9-0.2
1.8
450
208.7
1.9
265.2▼▲
▲
0.5
0.6▲▲
188.5
# of Deals per Bookrunner
▲▼
-0.8
Market Manager# of MarketShare Ch.Fees
192 ▲▲
1,236.8
3.9
4.4▼
▼
1.3
▲751
▼▲
▼▼
3.22.4
Change in
2 1
5 7
8 5
2 398,220.2 204
2017 Rank Share Ch.Proceeds
2016 Rank Share%
9.7 0.2 ▲ 15.8
137 ▲14.5
6.2 -0.1 ▼
2.811 12
-1.1
0.6144
Current Qtr Market Share
(%)
Share %Deals
1,285 ▲181
Share%1,404
355,756.2Bank of America Merrill Lynch 1
Mitsubishi UFJ Financial GroupMizuho Financial Group
Credit Suisse
6.8▲
Citi 3 3 254,959.65.2 -0.1
8.6
428.2575.0
794.3
Bookrunner
523.8 2.9
▲ 442
172,220.8162,142.7
Wells Fargo & Co 4 4 216,090.6BarclaysGoldman Sachs & Co
# of Deals
Global Loans - Bookrunners (R1)
MarketImputed Fees (US$m)
Jan 1 - Dec 31
Proceeds per Bookrunner (US$m)MarketMarket
3.9
115,060.0
▼▼
2.2
330.6
1.2
1.0
▲
-0.48.71,129.4 -1.0
-0.512.1 142 ▲ 3.7
-1.1
-0.5
1.61.5
0.770.9
218.4
JP Morgan
1,071
▲3.8 0.7
-0.7 ▼▲
3.70.25.6
597 ▲ 669.76.74.2 0.5 ▲ 167
6.2770
675.6
1.1-1.4▲ 525.3
▼ 1,100 ▲-0.9-1.2
45
10 13 123,482.3 3.0
6 11 191 3.7493 ▲ 661.5▲
Deutsche Bank 9 8 136,167.6RBC Capital Markets
693.4
5.9 132▼
12.4143,965.4
7 6 151,666.03.53.7
487 5.5▼ 527
8.5 -46 ▼ 713.1
782▼ 449
▲
-3
7817
3.95.4
▲
8.8▲ 4.7421
348482
5.13.1274
▲
▲
HSBC Holdings PLC 14Morgan Stanley
Bank of China Ltd
Sumitomo Mitsui Finl Grp Inc13
1514
1017
US Bancorp 19Credit Agricole CIB
20
BNP Paribas SA16
18BMO Capital Markets
2423
0.2-0.4
16
1.5
2.3
21 69,629.9
93,108.4
106,818.1101,949.7
91,007.59
61,689.0
1770,201.6
55,897.6
60,673.418
62,141.819
60,230.621
12
1.7▲
0.1512.52.93.3
0.6 2.8148 ▲
1.5
1.7 0.30.40.1
▲
2.5
1.5
2.2▼
-0.1
0.41.12.6
-0.5
▼
Mkt. Share Chg. from Last Qtr (%)
12.1 ▼
27.9 ▲▲
US Investment Grade Loans (R11b)
Mizuho Financial GroupCommonwealth Bank of Australia
Bank of America Merrill LynchBank of America Merrill Lynch
Bank of America Merrill Lynch 13.0
0.0Latin America Loans (R15)
Asia-Pacific ex. Japan ex. Australia (S5c)
Latin America Loans (R16)EMEA Loans (R17)EMEA Leveraged Loans (P10)
Bank of America Merrill Lynch
Bank of China LtdBank of Taiwan
Asia-Pacific ex. Japan ex. Australia (S5b)
Market SectorGlobal Loans (R1)Americas Loans (R7)North American Loans (R9)US Loans (R11)US Leveraged Loans (R11a)
The Energy and Power industry accounted for the largest share of the global lending market, capturing 16% ofglobal deal volume with US$733.9 billion in completed loans. Borrowing in the Financials industry totaledUS$668.1 billion from 1,502 transactions, the sector’s strongest full year performance since 2007. Syndicatedlending for Retail companies registered a 53% uptick in proceeds compared to a year ago with US$277.2billion in completed loans, the strongest growth of any sector.
BANK OF AMERICA MERRILL LYNCH TAKES TOP SPOT IN 2017 BOOKRUNNER RANKINGS Bank of America Merrill Lynch took the top ranking for global bookrunners, displacing JP Morgan as the topbookrunner for full year 2017, capturing 10% of the global syndicated loan market with US$398.2 billion from1,404 transactions. Citi and Wells Fargo retained their third and fourth rankings, respectively, from a year ago.Barclays rounded out the fifth spot, climbing two spots from last year. Goldman Sachs climbed to the 6th rank,up five spots from a year ago.
SYNDICATED LENDING FEES UP 15% COMPARED TO LAST YEAREstimated bookrunner fees increased 15% compared to full year 2016, totaling US$18.1 billion in fees. Thetop ten global bookrunners, by proceeds, earned a combined US$7.6 billion, representing a 42% of the totalloan fee pool. Compared to full year 2016, the top five banks by proceeds lost a collective 3.7 points in walletshare.
Bank of America Merrill Lynch 10.2
15.5
Japan Loans (S12b)Australian Loans (S7)
Mitsubishi UFJ Financial GroupJapan Loans (S12a)
25.8 ▲
Leading Underwriters During the Fourth Quarter of 2017
Standard Chartered PLCCitiJP MorganJP Morgan
No. 1 ManagerJP Morgan
3.0
19.4
14.5 3.1
20
0$0.02013 2014 2015 2016 2017
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1
38
Eastern Europe
23
Switzerland
15,555.6
66,060.1212
48,003.6
121
33
United Kingdom
Germany
5,888.0
Spain
Luxembourg
Denmark95
44,594.6
541
14,766.7
26
4,3454,881
Global
2,313,330.2
201111
303,644.6
Proceeds # of Deals
31,552
16.2
796
Fees1
-0.1%
Market
Industry % Change from Same Period Last Year
Mandated ArrangersMarket
Share Ch.
Global Loans - Mandated Arrangers (R3)
-0.26.7 14.82
59
Share%
▲
Market
1468
▼
0.12
345,478.0
4,643,963.4
-8.3% ▼
Deals
2.6%
Industry Total
2017 Rank
Bank of America Merrill Lynch
Proceeds per Mandated Arranger US$m)
Industry % Change from Last Quarter -18.6%
JP Morgan
# of
▲
0.1▲
5.40.7
-0.3
163
1,157.0▲
15.3%
Manager
-7.7%
Share %Change in
128
1,331.8
176
Europe
France
▼
Share Ch.
-1.0
17,428.2
Jan 1 - Dec 31
Norway16,726.1
Netherlands
Market
100.0Western Europe
Sweden
43,495.3
mputed Bookrunning Fees (US$mMarket
Colombia▲
▼
▲
117,724.7
768,303.2122,984.0
Italy
49,142.8
6.3
2,537.8
71,760.7
24,053.4
▲▲0.5
▲▼
1,491.6
3.7
North America3.4
Central America▲
3.3
6.5
2,236.9
▲0.3
-0.4
▲
Change in Share %
0.8Region/Nation
Full Year 2017 | Syndicated Loans | Managing Underwriters
611
Global 4,550,872.1
1/1/2017 - 12/31/2017
Proceeds (US$m)
South AmericaChile
Americas 2,935,739.7
20,270.4Mexico
Canada
2,332.1
2,892,959.2
235,218.52,657,740.7United States of America
816,306.81,249
44,660.5
17,336.042 13,598.633
13,373.8
2.2
▲
0.3
40.1
5,590.8
3.51,628.3
52
264
1,344
184
8,151.5
12,298.5
▼
▲
▲
▲
▲
0.790
41,127.0
144,908.6
227107,420.1 ▲
▲▼
▲81
28,965.8
250
251
5.312
▼-39.8-17.0
▼▲
-23.2▲▼-26.3
25.1
# of Issues9,887
131,563
3521
71,279.010.0
57
126
3574,130.5
143,283.5129
65,113.5
20,254.3
201175,908.8
9,569
828,009.4
2149.6
762,895.9
# of Issues
1,437
21,040.6
4,313
21
4623,726
3344
▲
▲
4,182
▼41.049.1
▼-29.8
▲
▼-15.10.7
-1.4
60.622.8
23.4
Proceeds (US$m)▲
▲25.2
1/1/2016 - 12/31/2016
Scorecard: Global Syndicated Loans
4,058,423.64,990
% Chge in Proceeds
12.1▲
-51.3 ▼-71.4
24.825.1
190,649.0
2,352,235.2
2,122,681.2
5,206.3100.0
7.6
Share Ch.
9 9 317,442.0 3.1
-1.1
0.4
Top Ten Total ▼
▼
1605▲▼
# of Deals per MA
44.7
Share%2016 Rank
10,412,795.4
▲
2.6 0.3
-
Goldman Sachs & Co 6 6 390,200.4 3.8
▲
-0.4
10
151HSBC Holdings PLC 7 7 353,893.6 3.4 0.1
1557
Mizuho Financial Group
1,452.7Morgan Stanley 8 8 344,044.8 3.3 ▲
Market
▲2.82.9
▼
4.02181 6.9
5.1 0.2▲5.8
Market# of Deals per MA
▼Wells Fargo & Co
1,213.14.6 48 1,243.9
1,513.2
4.9
Barclays 5
0.0
4164 4 422,352.4
# of Deals
-0.3Deutsche Bank
101457
81▲ ▲
▲273,580.8
▼
▼
1706
4.3 1891344
▲
3.1
▲
6.31,262.45.8
273▼ 2478 7.9
5 420,164.8
1647 5.2
▲4.1 -0.3▲ 1678 5.30.2
8.6 2,512.92 710,098.2 6.8Citi
Mandated Arrangers
3
Proceeds9.2
Share%748,073.7
-0.3 ▼
Market2016 Rank
JP Morgan2706
211 ▲ 2,803.8
# of Market ManagerMarketFees
119 ▲1 1 7.2 -0.1 ▼ 2891
3 664,112.7 6.4 -0.7Bank of America Merrill Lynch 2
Deals2017 Rank Share%
Proceeds per Mandated Arranger US$m)
Jan 1 - Dec 31Global Debt & Syndicated Loans (DL1)
Imputed Fees (US$m)
Share Ch.
p26,022.2
1.4
188.2
245
47
26,229.5 51
4
60
5,145.0
10
10,985.0
Singapore20,668.6
Malaysia
13,699.5
46,707.0Middle East
North Asia2.7
5
217
-1.4 Kuwait
4,800.0
▲
Toyota Motor Credit Corp
76,974.1
5,807.6
426.0
20,084.3
493,330.9262,286.3
3,875.7Czech Republic
0.1
413.0
101,423.3
-0.5
5/31/2017 Wal-Mart Stores Inc
United States
10.5% ▲
Acquisition Fin.
14,250.0United States
Becton Dickinson & CoItaly
11/21/2017
▲
40,424.8
3
362
250
54
1,488
Acquisition Fin.United States
▼▼
4.0
3.5
767-0.50.1 495
▼1.1 413▲
-0.4
-0.3
Turkey
314.6
1.7348.8
15,700.0
▲
Hochtief AG
107,616.9
82,913.6
16,413.6
▼
36,986.6
10/20/2017 14,580.0Dell International LLC
240,928.1
4,543.9
8,354.92,005
4
Industry % Change from Last Quarter
785
318
4/23/201711/13/2017
5.4
Acquisition Fin.
1.4
159
2024,466.1773
9,956.9
5.9
788.4
27
4,765.081,405.0
3,768.2126,291.9
6.1 524.0
Poland▼▲
4,227.112
463
▼▲
7.8
9.8 ▲ 834.54 6
3
9,887
▲▲
374.44394.7
4.7 41
71469
37
378
521
▲
5.8807
▲
806.4
609.4
278.2
233.41.1
Australasia104,197.5Philippines
SunTrust Banks
Credit Agricole CIB
15
5801.9
▲
1.5 -0.1
23
▲28
▲
8035
▲
210
16
0.02.62.4
▲
0.2▲
▲
577
128▲
5.8 6
▲
246,333.8
▲569 ▲
20▲
5.3
25
100.0
▼1.2 ▲
1.80.1
0.11.2
4,550,872.1
25
71.7
-0.11.255,946.7
▲
-71
121
3.8 49
3
12.1%
3,269,142.426
172607676
1092 5511.0
8.2
4.0400578
7.8
5.9
4.2
5.0
5.8
15
▼
1.4 0.0-0.118
1.5
1.6
119,083.7 87
6.8 126
119,844.4
136
0.62.8
-1.0
67,814.2
141
4.4
▲8
1247
3.8
198,490.3 0.2
0.5-0.6
0.1
14.9
126,465.6
949
▲▼
▲-0.2
5
3/10/2017
1/16/201711/2/2017
62,140.8
12/6/2017
22
United Kingdom
Goldman Sachs & CoMizuho Financial Group
1324
13Deutsche Bank 9
10
Morgan Stanley
7
Bank of China Ltd17
Industry Total
PNC Financial Services Group
TD Securities Inc 20
Top Twenty Five Total
23
BMO Capital Markets
914
SoftBank Group Corp
Closing Date
Societe Generale
▲
54,085.5
Industry % Change from Same Period Last Year
68,713.7
CVS Health Corp
BNP Paribas SA
150,946.4
Top 10 Global Syndicated Loans
86,153.1
RBC Capital Markets
Credit Suisse11
ING
22
142,991.9
122,718.812
8
2.3
1.4
▲
1.619
63,950.117
0.10.1
▼
111,042.8
US Bancorp
20.9%
5
Scotiabank 21
Wells Fargo & Co
6Mitsubishi UFJ Financial Group 4
968
1.2
g
12
▲Citi
160,994.13.33.1
2.7
4.0
▼2.7
759.6557.8
3.0
0.1▲3.0
▲
▲
Target Market
54,305.3
Borrower
24
20
18
21
2.6
72,389.074,282.0
11
HSBC Holdings PLC14
19
106,355.010
Sumitomo Mitsui Finl Grp Inc2.6
539.62.2
197
57
683.5700.1
113▲
3.5
678.73.9▲
4.2
▲
12.6
115,766.3
▲8.2
▼
100.0
IndiaSouth Asia
▲
Taiwan
Southeast Asia▼
▲
South Africa▲
▲
Africa/Middle East/Central Asia
▼
▼
▲Ghana
▼
▲
▲
593.6
3.4
2.8
0.9
1.0
1.60.6
-0.2
0.8
▲
-0.2-0.4
0.5
-0.4
0.2
-0.1
-0.8
1.4
Russian Federation
Bahrain
Asia-Pacific (ex Central Asia)
Sub-Saharan Africa3,973.7
▼
▲▲3.3%
United States
United Kingdom
Package Amt (US$m)
-14.5% ▼
United States
Japan
5/17/2017 Atlantia SpA
* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.
2,047
Acquisition Fin.
Japan 228,520.610.9%
Reckitt Benckiser Group PLC
Primary UOP
7,354.2
40,168.1185
75,247.4
1,543.1
208
31
53,779.6
15,506.2
New Zealand
Vietnam
84,530.8
11,241.0
244
13
Indonesia
201
75
194
280.2218.2
▼
▲
186
1,512
75
83,602.3
2610
44,444.156,343.6
510
26
444.0
207.5
3,810.0
1,816.3
0.6 510,959.0
42Australia
90,170.3
173 9.2
-5.1
26.3
8.8
▲
▲
▼
▲
-7.617.7
▲
7.9▼
55
-12.6
▼-37.9
0.6
-27.3202
-17.5
177
205
China
2.1Hong Kong
25.1
▼930
7.6▼
26.0-3.5
▲▲
▼
14
15736
278.4
▼
▲
81,906.1
Acquisition Fin.
17,685.031,778.1
▲
▲
▲
▼
▲
▲
26.8
▲
33.3
2.0
193
▼
▲
-12.0
139,598.5
46
8.092
-39.1
8.2
▼
-89.3
-42.6▲▼
-59.3-33.3
▼
▲
12.2▼
15
▼
General Corp. Purp.General Corp. Purp.
21,216.0
General Corp. Purp.
17,562.1
15,000.0
49,000.0
44
299,999.1
Jan 1 - Dec 31
8,988.8
42,568.8
33,882.7
24,041.1
114
8
3.8 1.10.2
Germany
-
1473
5849.6
▲Barclays 7 174,897.5180,075.1
Capital Expenditures
▲▼
23,232.6
▲
-0.4
-0.70.7
3.4
68.4
1.2
-0.5
0.9
Acquisition Fin.31,826.8British American Tobacco PLC
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2
Global Loans Bookrunner Ranking - Last Ten Years*Full Year 2017 | Syndicated Loans | Managing Underwriters
1
2
3
4
1
2
3
4
Bank of America Merrill Lynch
JP Morgan
Citi
Wells Fargo & Co
5
6
7
8
9
10
5
6
7
8
9
10
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Ran
k
Barclays
Goldman Sachs & Co
Mitsubishi UFJ Financial Group
Mizuho Financial Group
Deutsche Bank
RBC Capital Markets
*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.
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3
Overall syndicated lending in the Americas during full year 2017 increased 25% compared to total proceeds raised ayear ago, with total volume of US$2.9 trillion from just under 5,000 transactions.
Leveraged lending in the United States totaled US$1.5 trillion from 2,746 deals, representing a 52.6% increase fromtotal proceeds raised a year ago.
Loans for General Corporate Purposes led the market in 2017, accounting for a 72% share, with proceeds totalingUS$2.1 trillion. Financings for Acquisitions and Property Acquisition followed, capturing 15% and 3% of the market,respectively.
Lending in Latin America in 2017 increased 2.5% compared to last year, with total proceeds of US$35.6 billion from98 deals.
Estimated bookrunning fees for the Americas yielded an 11.4% higher total in 2017 compared to the same period ayear ago, with a total of US$11.5 billion, according to estimates. Fees paid to bookrunners for U.S. leveraged loansdecreased 15.7% compared to a year ago, totaling US$6.8 billion.
Borrower
Jan 1 - Dec 31 CIBC World Markets Inc 22 1.3 -0.1 ▼ 17823 24 26 747 0 0 9 0 1 0 1Citizens Financial Group
21 37,906.7239 4 8▲ ▲ 143 6 1 3 ▲
99 ▲ 2.63.6 27 ▲ 190.3
1.2▲1.7 1.2
1.5 178 3.6▼1.3
0.9 ▲ 295.8Jefferies LLC 21 26 43,061.5Mizuho Financial Group 20 11 45,465.5
▲3.9 14▼ 192 -0.2▲ 151.21.6 -0.6
-202 4.1 27 ▲ 145.9 1.30.3 ▲
BNP Paribas SA 19 14 48,052.3 1.6 -0.4 ▼ 0.0
191.0 1.77.1 61 ▲ 188.4 1.6
77 ▲201 4.01.7 0.1 ▲ 353
0.3 ▲PNC Financial Services Group 18 19 49,395.4HSBC Holdings PLC 17 20 49,656.9 0.3 ▲
1.9 0.2 7.7 56▲ 384 ▼1.7
259 5.2 74SunTrust Banks 16 18 55,732.3
1.9 0.056,193.80.1 ▲ 256
▲249.9 2.22.4 1.3 ▲
-
48 ▲ 207.6 1.8
1.9 -0.61.1▲
▲ 217.8
47 ▲ 279.52.1
▲US Bancorp 13 12 61,596.9 2.1 0.3 ▲402 8.1
0.8
TD Securities Inc 14 13 60,169.5 5.1
250.4 2.28.8 127 ▲ 345.1
23 ▲3.0
0.0 -2.3 0.3 ▲ 436BMO Capital Markets 12 15 68,434.4
337 6.8▼
Mitsubishi UFJ Financial Group 11 6 78,298.1 2.7 -1.1 ▼ -0.5 ▼8.1 124▼ 401 3.3 -1.9▲ 376.1Deutsche Bank 10 7 97,029.4 3.3 -0.4
0.6 ▲ -0.8 ▼412 8.3 187 ▲ 487.5 4.2▲ 329 3.5 1.2 ▲
Credit Suisse 9 10 97,704.1 3.3
490.6 4.36.6 147 ▲ 400.2
472 9.5 145 ▲Morgan Stanley 8 17 101,478.5 3.5 1.8
▼RBC Capital Markets 7 8 119,595.6 4.1 0.6 ▲ 0.4 ▲
10.5 163▲ 523 4.8 -1.0▲ 558.7Barclays 6 5 139,639.2 4.8 0.31.7 ▲ 0.8 ▲447 9.0 194 ▲ 591.5 5.1
667.2▼ 1060 5.8 -0.5 ▼697.4 6.1
Wells Fargo & Co 4 4 214,779.3 7.3 -0.7 21.3 149
▼Citi 3 3 229,868.1 7.8 -0.7 ▼ -0.2 ▼
-0.6▲ 990.711.0 -2.0 24.0 173 8.6-1.2
Share%Share%1
# of DealsShare Ch.
2 322,174.4
DealsBank of America Merrill Lynch 1 1324Bookrunner Proceeds
365,054.2 12.5
Full Year 2017 | Syndicated Loans | Managing Underwriters
AmericasAmericas Proceeds Up 25% l US Leveraged Lending Up 53% | Latin American Lending Up 3%
Americas Loans - Bookrunners (R7) Jan 1 - Dec 31
MarketMarket2017 Rank
MarketMarket
Americas Deals Intelligence
# ofImputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
ManagerChange in Share%
1,132.6 ▼26.6 201 9.8Fees Share Ch.
▲ -1.3
Market2016 Rank
51
1193▼
677 13.6 157 ▲
Scotiabank 15 16
▲Goldman Sachs & Co 5 9 147,551.7 5.0
JP Morgan ▼
Package Amt (US$m)
2
Target Market
Top Americas Syndicated LoansClosing Date Primary UOP
CVS Health CorpBorrower
12/21/2017Ford Motor Co
Americas Loans by Industry (Proceeds US$b)
Crown Castle International United States7/18/2017General Corp. Purp.
13,400.012,350.0
▲▲4/28/2017 General Corp. Purp.
United StatesAcquisition Fin.
Charter Communications IncUnited States
▲16.2% ▲14.1%
24.9% 11.4%▲
▲Industry % Change over Last Quarter
2,564,167.2
7.2%Industry % Change over Same Period Last Year
-0.1 ▼
21.5%
Bookrunner Total 4,973
United States
Top Twenty Five Total
Acquisition Fin. KeyBanc Capital Markets Inc0.8Acquisition Fin.15,700.0 UBS
24 4.923
100.9
24 26,747.0 0.9 0.1
22,878.125 24114
Acquisition Fin.United States
0.1-0.1
General Corp. Purp.
100.0
25
Citizens Financial Group
9,472.4
239 4.8
0.1122.538
▲1.1
▲0.9 - 243
▲ 143.6 1.3▲0.0
▲5123 25,704.3
Package Amt (US$m)49,000.0
General Corp. Purp.2.3 0.9▲ -0.7 ▼
▲
US Leveraged Volume
100.0 6942,930,738.8
▼
87.610/20/2017
United States
Depository Trust Co 14,075.0
0.611,535.4
82.5
Target Market
United StatesBecton Dickinson & Co
Dell International LLC United States
13,700.0
United States
Jan 1 - Dec 31
United States
11,281.7
General Corp. Purp.General Corp. Purp.
12/6/2017Closing Date
5/31/2017 14,250.014,580.0
Primary UOP
4/23/201711/13/2017
Amazon.com Inc5/9/2017
Wal-Mart Stores Inc
6/30/2017
Toyota Motor Credit Corp 15,000.0
$449.215%
$409.414%
$297.610% $288.7
10%
$240.28%
$222.48%
$204.17%$200.6
7%$199.2
7%
$155.25%
$142.95%
$11.00%
Energy and Power Financials Industrials
High Technology Healthcare Retail
Media and Entertainment Consumer Products and Services Materials
Consumer Staples Real Estate Telecommunications
Government and Agencies
1,737
1,107 1,470
2,006
2,259
2,913
2,754
2,427 2,460
2,746
0
500
1,000
1,500
2,000
2,500
3,000
$0
$300
$600
$900
$1,200
$1,500
$1,800
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Issu
es
Proc
eeds
(US$
b)
Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of deals
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4
Americas Loans - Mandated Arrangers (R8c)
100.9 0.9114 2.3 24 ▲▼
UBS 25 25 22,878.1 0.8 0.0 - -0.8 ▼5.0 38- 243 1.1 -0.1▲ 122.5KeyBanc Capital Markets Inc 24 22 25,704.3 0.9 0.0
0.1 ▲ 0.1 ▲239 4.9 51 ▲ 143.6 1.3▼ 177 1.7 1.2 ▲
Citizens Financial Group 23 24 26,747.0 0.9
295.8 2.63.6 27 ▲ 189.8
178 3.6 99 ▲CIBC World Markets Inc 22 21 37,856.7 1.3 -0.1
▼Jefferies LLC 21 26 43,061.5 1.5 0.9 ▲ 1.2 ▲
3.7 18▼ 180 1.2 -0.2▲ 140.7Mizuho Financial Group 20 12 43,554.0 1.5 -0.6▼ -0.1 ▼192 3.9 20 ▲ 139.6 1.2
191 1.6 0.2 ▲BNP Paribas SA 19 14 46,757.0 1.6 -0.4
20 47,859.6 1.7 0.3188.4
3.9 73 ▲ 182.2▲0.1 ▲ 0.4 ▲353 7.2 61 ▲ 1.7
2.1 1.0▲ 240.7 ▲PNC Financial Services Group 17 19 49,395.4 1.7
16 54,058.9 1.9 0.0 4.9 63- 240384 7.9 56 ▲ 217.8 1.9
1.3 ▲15 18 55,732.3 1.9 0.1 ▲ -0.6 ▼
▲ 279.5 2.58.2 48 ▲ 207.6 1.8 0.3 ▲
14 13 60,169.5 2.1 0.0 - 5.2 47256
▲13 11 61,596.9 2.1 -0.1 ▼
127▲ 0.8▲ 344.815 68,434.4 2.4 0.4 8.9402
▼328 6.7 24 ▲ 243.6 2.2436 3.0
3.3 -2.0 ▼11 7 76,828.8 2.7 -1.0 ▼ -0.5
▼482.1
8.2 123 ▲ 373.0399▲ -0.8 ▼410 8.4 186 ▲ 4.3
1.2▲ 400.2 ▲3.59 10 96,819.4 3.3 0.5
489.4 4.317 101,478.5 3.5 1.7 6.7 148▲ 329
0.47 8 119,095.6 4.1 ▲471 9.6 144 ▲4.9
9.2-1.0 ▼10.7 163 ▲ 558.70.8 ▲
5235.1 1.8 ▲4.8 0.2 ▲
▼4475 9 147,551.7 591.5 5.2
7.4 -0.7 5.9 -0.4666.2196 ▲
21.7 151 ▲-0.2 ▼
Share%
679.8 6.0-0.68.7 ▼982.5▲
▼-1.41,123.6 9.9Fees# of DealsShare Ch.
▼ ▲
13.4 152 ▲24.2
Deals-1.3 1313
3 3 226,102.5 7.81058
-0.7 ▼ 655▼4Wells Fargo & Co
▲6Barclays
214,503.1
Deutsche Bank
5 139,639.2
6 96,575.2
36▲
10
4
▼▲
12
16
HSBC Holdings PLC 18
Sumitomo Mitsui Finl Grp Inc 25 22 27,174.1
4.924 30,437.4
243▼
Fifth Third Bancorp 260.10.2
38,965.71.023
-0.1▲ 1.342,551.4 ▲1.5
CIBC World Markets Inc21 33
21Jefferies LLC
# of MarketMandated Arranger
BNP Paribas SA 2521.7 -0.4
MarketShare%
Mizuho Financial Group
MarketMarketShare%Fees Share Ch.
Change in ManagerProceeds
2017 Rank
Market
26.0
Share%
24.3
▲
Market
186 988.2
667.2135
Manager
194▲
376.1
Market
▲
JP MorganCiti
0.3
Full Year 2017 | Syndicated Loans | Managing Underwriters
Imputed Fees (US$m)
Share Ch.
▼
Proceeds per Bookrunner (US$m)2017 Rank
2016 Rank
Jan 1 - Dec 31
DealsProceeds Share Ch.
▼8.6
2016 Rank
279.3
0.5
3.3 -0.51.2
3.3▲▼ 8
▲
Market
Jan 1 - Dec 31
# of Deals per MA Imputed Fees (US$m)
Americas
▲
363,317.62 -2.0
# of Deals per Bookrunner
1182
1.8
1.3
0.83.0
173
▲
179
0.8
▲7.4
-1.9
▼
12
26.9 197320,645.7 ▼
12.511.1 170
-1.0
▲▼558.7▲
1,132.6
-0.2▼
6.05.8
9.0
5.1
697.4
4.8589
752
▲
1299
5.01384
2Citi 3
15
RBC Capital MarketsGoldman Sachs & CoBarclays
JP Morgan3
SunTrust Banks 17
367
194,825.3
101,369.7Morgan Stanley
15
6
4
0.2
71
29▲
▲
183
61
-0.52.2-0.8
-0.6▲
249.8▲
3.5
151.9
▲
139
0.0
46
2
569
6.6
264,894.8
56
▼-1.1212,747.7
0.6
1
7.3
Market Market
317,686.6Share%
1439 28.8 164 -1.3 ▼
Change in Proceeds per Mandated Arranger (US$m)
Bank of America Merrill Lynch
0.70.8
▼
1-0.6
10.8 ▼
▲ -94.6
295.8▲ 1.6
2.6
143.6
83.4
1.9
50,056.3
20
PNC Financial Services Group 18
Citizens Financial Group
19 12
▲▼
2.1
0.9
57,513.2Scotiabank
24 27,894.0
20
22
1.0
16
HSBC Holdings PLC
-0.1
-0.0
0.0
-0.4
▲1.1
▼
▲
150.6
252.0▲4.2
207.4▲345.1
9.4
1.3
7.2
400.2▲
▲8247
2.2
▲
2.4
1.61.9
1.3
▲
▼
81
277
5.9-
▼469235
▲
314
9.3 41
224.7
6.3
3.6 99
-2
5.6
- 9.4
5.1
3.5
577
-
2.160,919.2
54,011.0
2.5
-0.3
-0.71.70.0
0.91.3
0.0
-1.0 ▼
▼0.2
▼-0.1
3.4
55,646.6
49,225.9
10
14
7
11
▲
1918
72,730.7
2.0
82,432.3
11.613
13
8.944210
▲2.5
99,824.1
374TD Securities Inc
BMO Capital Markets2.8
-0.3
467
16
0.3
195.7217.6
190.11.2
1.1
▼462▲
▲
295
▲
1.7 0.3361
▲
11.8591.5
▲
37
487.5
12411.4
104
15
# of Deals
3.5
▲
▲
1.6443558
153494 ▲
15.11213
1.7
▼-0.4 ▼
9.9
-0.3
Deutsche Bank▲7
4.9
104,171.9
142,412.10.54.0
▼8
59
Wells Fargo & Co0.5
1.8
4.2
12Mitsubishi UFJ Financial Group 11
11.2 156
145,443.6
9-0.4
83.6
▲8.9
117,781.8
17Credit Suisse
US Bancorp61,646.7
1472,324.2
7.5
▲
▼188.1
-0.2
TD Securities IncSunTrust Banks
Goldman Sachs & Co
BMO Capital Markets
490.5
9.8
North America Loans - Bookrunners (R9)
Share% 1
BookrunnerBank of America Merrill Lynch
# of
-0.4-1.0
Scotiabank
RBC Capital Markets
US Bancorp
Morgan Stanley
0.3
▼ Mitsubishi UFJ Financial Group
Credit Suisse
52.6%17.5%
▲▲Industry % Change over Last Quarter ▲ 7.2%9.8% ▲ ▲▼
4,350
0.4%-15.7%Industry % Change over Same Period Last Year ▲ 14.3% ▲
Bookrunner Total5,792.0 84.6
344▲
6,847.8 100.00.6 ▲
1,500,676.7 2,746100.0Top Twenty Five Total 1,327,564.9 88.6 1.5
55 0.8 0.0▲ 51.1 -2.0 16Mizuho Financial Group 25 24 13,898.7 0.9 0.0 --0.2 ▼ -0.2 ▼90 3.3 14 ▲ 63.4 0.9
- 161 1.4 0.1 ▲BNP Paribas SA 24 22 15,463.6 1.0
117.8KeyBanc Capital Markets Inc 23 21 17,968.2
1.75.9 22 ▲ 95.7
48 1.7 42 ▲1.2 0.0
▼KKR & Co LP 22 39 18,153.0 1.2 0.9 ▲ 1.5 ▲
7.0 43- 193 2.0 -0.3▲ 139.2Antares Capital Corp 21 20 19,907.3 1.3 0.00.6 ▲ 0.9 ▲98 3.6 50 ▲ 123.0 1.8
▼ 149 1.1 -0.3 ▼Macquarie Group 20 26 20,248.2 1.4
116.5 1.75.4 6 ▲ 77.1
189 6.9 29 ▲US Bancorp 19 16 20,332.1 1.4 -0.2
▼Citizens Financial Group 18 17 20,796.7 1.4 -0.1 ▼ 0.2 ▲
4.1 51▲ 113 1.2 -0.2▲ 83.3HSBC Holdings PLC 17 19 21,254.8 1.4 0.1-0.3 ▼ -0.7 ▼108 3.9 24 ▲ 95.2 1.4
▼ 113 1.4 -0.6 ▼UBS 16 14 21,282.2 1.4
147.2 2.24.1 3 ▲ 93.5
252 9.2 77 ▲Mitsubishi UFJ Financial Group 15 12 25,756.8 1.7 -0.4
▲BMO Capital Markets 14 13 26,277.2 1.8 0.1 ▲ 0.1 ▲
6.8 23▲ 186 1.7 0.4▲ 115.4PNC Financial Services Group 13 15 27,222.9 1.8 0.2-0.3 ▼ -0.5 ▼271 9.9 25 ▲ 171.5 2.5
▲ 177 4.3 2.6 ▲SunTrust Banks 12 10 40,083.0 2.7
244.5 3.66.4 98 ▲ 295.7
266 9.7 114 ▲Jefferies LLC 11 18 43,053.1 2.9 1.5
▲RBC Capital Markets 10 9 58,647.2 3.9 0.6 ▲ 0.1 ▲
10.8 140▲ 296 4.5 1.8▲ 310.3Morgan Stanley 9 11 76,324.4 5.1 2.4-0.8 ▼ -1.2 ▼358 13.0 135 ▲ 326.6 4.8
▲ 381 5.4 -0.4 ▼Deutsche Bank 8 4 80,441.2 5.4
452.4 6.613.9 154 ▲ 368.4
383 13.9 185 ▲Citi 7 6 87,515.6 5.8 0.1
▼Credit Suisse 6 7 88,604.3 5.9 0.5 ▲ 0.5 ▲
14.6 167▲ 402 6.1 -0.4▲ 416.9Barclays 5 5 92,641.7 6.2 0.4▲ ▲396 14.4 191 ▲ 445.2 6.5 1.9Goldman Sachs & Co 4 8 93,221.2 6.2 1.9
▼Wells Fargo & Co 3 3 103,263.5 ▲ 4.6 -1.8▼ 600 526.9 -2.3549.5JP Morgan 2 2 140,371.0 26.0575.9
9.4 -0.610.3 -2.6
21.8▼ 715
29.8
316.7
▼ ▼181
8.4 -2.5-0.4 ▼8.0▲
▲
# of Market Change in
Bank of America Merrill Lynch 1 1 154,837.0Deals Share%Bookrunner
Manager Market# of Deals
Imputed Fees (US$m)Market
Fees Share% Share Ch.2017 Rank
2016 Rank Proceeds
Market MarketShare% Share Ch.
16.7% ▲ 3.3%
US Leveraged Loans - Bookrunners (R11a)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
819 156
8.6% ▲
Bookrunner Total
Industry % Change over Last Quarter 19.1%Industry % Change over Same Period Last Year
8,508.8100.0623
4.5▲88.6
19483.9
10,159.1▼
1.4 -0.5 ▼-0.5
43Antares Capital Corp 25 26 19,925.7Top Twenty Five Total
▲ 139.2▲99 2.3 51 ▲ 123.2 1.2 0.4
121 0.7 0.1 ▲Macquarie Group 24 34 20,338.2 0.8 0.4
100.0 1.02.8 43 ▲ 75.5
113 2.6 24 ▲Scotiabank 23 23 22,393.7 0.8 0.0
-UBS 22 22 22,718.1 0.9 0.1 ▲ -0.7 ▼
5.6 38- 242 1.2 0.0▲ 122.2KeyBanc Capital Markets Inc 21 19 25,666.8 1.0 0.0▲237 5.4 49 ▲ 142.8 1.4
310 1.8 -0.1 ▼Citizens Financial Group 20 21 26,544.9 1.0 0.1
147.8 1.57.1 98 ▲ 178.0
172 4.0 69 ▲BMO Capital Markets 19 18 36,275.3 1.4 0.3
▲HSBC Holdings PLC 18 17 41,231.1 1.6 0.2 ▲ 0.1 ▲
4.1 98▲ 177 2.9 1.5▲ 295.7Jefferies LLC 17 25 43,053.1 1.6 0.9▼ 0.0 -178 4.1 20 ▲ 137.9 1.4Mizuho Financial Group 16 11 43,410.4 1.6 -0.7
▲ 131.0▼ 186 1.3352 8.1 ▲61
4.3BNP Paribas SA 15 13 45,046.6 1.7 -0.5 18
▼PNC Financial Services Group 14 16 49,270.4 1.9 0.2 ▲ 0.5
8.8 55▲ 383 2.1 -0.5▲ 217.7SunTrust Banks 13 15 55,723.9 2.1 0.2- 0.4 ▲402 9.2 48 ▲ 207.3 2.0US Bancorp 12 10 61,596.9 2.3 0.0
7.3 26 ▲ 220.1▼ 318334 7.7 126 ▲ 306.7
Mitsubishi UFJ Financial Group 11 7 72,357.1 2.7RBC Capital Markets 10 12 78,538.0 3.0 0.7
9.1 124▼ 398 3.7 -1.8▲ 372.8Deutsche Bank 9 6 96,544.8 3.6 -0.5408 9.4 184 ▲ 481.4 4.7Credit Suisse 8 9 96,650.3 3.6 0.6
7.5 147 ▲ 398.5▲ 328523 12.0 164 ▲
Morgan Stanley 7 14 100,978.5 3.8 1.9
▲Barclays 6 5 139,137.7 5.2 0.2 ▲ -0.6 ▼
10.3 195▲ 446 5.8 1.3▲ 590.1Goldman Sachs & Co 5 8 147,430.2 5.5 1.9-0.7 0.0 -1048 24.1 146 ▲ 654.9 6.5
152 ▲ 661.1▼ 645Wells Fargo & Co 4 4 212,787.8 8.0Citi 3 3 221,740.7 8.3 -0.8
1173 27.0 171 ▲ 954.5 9.4Bank of America Merrill Lynch 1 1 360,878.4 13.6 -1.3
Market
1306Fees# of DealsDeals Share%
30.0 1,107.5202
7.1%Industry % Change over Last Quarter 21.5%
Bookrunner Proceeds# of
Share% Share Ch.2017 Rank
▲
Jan 1 - Dec 31
▲▲
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Industry % Change over Last Quarter ▲ 8.2% ▲ 16.6%Industry % Change over Same Period Last Year ▲ 16.7% 11.3%
23.1%25.1%
4,882 700 11,354.0 100.0▼ 82.8 0.2 ▲
Bookrunner Total 2,898,007.0 100.09,384.5Top Twenty Five Total 2,546,362.9 87.9 -0.8
4,9902,935,739.7
▲24.8%
100.084.9
▲
Industry Total
11.3%
Top Twenty Five Total 2,484,686.3
15.7%
p
▲
▼10.9
Manager
677
▲14.0%
187.7
Share%
-0.2 ▼
11,557.99,434.9
Jan 1 - Dec 31
3.9
Change in
▲314,723.4
▲
US Loans - Bookrunners (R11)
Industry % Change over Same Period Last Year
JP Morgan
2016 Rank
▲
▲100.081.6
2.2 -0.5
▲
-0.7Share Ch.
0.8
0.1
Market
5.5
3.0
▲
14.8
Market
▼
11.8
0.82,354,962.0
-1.3
0.2
25.3% ▲
2,663,016.2
▲
▲
▲
100.0
▲
▼
▲
0.4
-
▲
-0.2
-2.3 ▼
Market
▼2 2
-0.3
1.90.0
0.1
1.5
6.5
Market
555.2
▼-0.6▼▼▼
▲-
▲
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5
5,694.7
Fees
0.1
▼
23 -0.3
1.2
Top Twenty Five Total
Top 10 Americas Loans Use of Proceeds (US$b)
-0.31.9 15.50 7
0.1
1.4
1.13.9
2.1
▼
0.9
2.1
▲
6
-3
9
1.5
14
-6
6
40.3
58.7
105.1
25.0
34
▼
▲
-5
488.3
291.8
Manager
Full Year 2017 | Syndicated Loans | Managing Underwriters
Jan 1 - Dec 31
▲
Jan 1 - Dec 31
Change in
-0.4
Goldman Sachs & Co6 6Barclays
Wells Fargo & Co
5US Bancorp
4
RBC Capital Markets
▼ Americas Yield Type-0.7
8,958.0 0.8 -0.34.22.3
12.5134,048.1
14
8
4
102.7
▼25 ▲
-0.1
▲▲
▼-1.4
▼
19.7
0.1
▼
▼
▼
0.3
0.2
▲
-1.10.3
1.0
1.8
0.5
0.7
0.6
2.3
1.7
0.5
0.8
0.6
1.4
BNP Paribas SA84.7
52.2
7.3
▲▲
18,101.9132
Morgan Stanley10
Bank of America Merrill Lynch
28,948.6
15,356.7
19,318.024,155.6
Mizuho Financial Group
15
19,163.2
CitiJP Morgan
9642.5 ▼9
4.4 121
-1.17▲
Mitsubishi UFJ Financial Group
26,593.7 7.112.8
▲
13.4
21.3-
3
▲
▲
▲
11
7
US Investment Grade Loans - Bookrunners (R11b)
1
# of Deals
▲
▼
-0.1
▲▲
▼▲
0.1
0.3
# of Deals per Bookrunner
-2049.5
44
138.4119.523
5.3
5
142.343.128.8260
48271.7
16.52
3838
116
-1
▲
Share Ch.
▼
▼
379.0
1.9
1.2
0.00.3
0.7
25.117.8
0.5
0.4
0.9
42.8
0.5
1.4
0.823.40.4
0.592 5
18.8-0.5
0.60.2
Bank of China Ltd
Deutsche Bank
Sumitomo Mitsui Finl Grp Inc
Scotiabank 16
Credit Suisse
TD Securities IncSunTrust Banks
2019BMO Capital Markets
1718
▼0.5
94 5▲
▲
170.112
5.8521.3
▼2.4 ▼
PNC Financial Services Group
1513
13
19
12HSBC Holdings PLC 14
1811
KeyBanc Capital Markets IncIndustrial & Comm Bank ChinaCredit Agricole CIB
22
▲2425
1 011 532 3
5,626.627
21 23
25 5,617.7
8,443.7
11,879.5
2021
2216
13
Market
▲
0.1
-0.3
11,960.7
5,955.4
7,459.4
17
18.7
▼1.8
-0.1
1.8
9.4
▼
▲
-2.1
-0.1
0 7
46,496.0
6,208.9
44,583.4
Market
0.4
Bookrunner2017 Rank
# of
▲
9.6
0.1▼
Share%
2.9
▲▲
▲
Americas
-1.4
0.1▲0.2
▲
▲
▼
3.7
▲
59.0
1.1
2.1
-
-1.8
2.0
33.3
-1.7
1.8
3.058.6
32.8
4.2
83.7
5.0
14.6 ▲▲4.9
2▲▲
3.112
24
6661
▲
14
44
63
35▲
7.0
-2
-1
0
Deals447
Share%
428
Market
47.4
-12
389
3.2
5.0
192
▲
▲▼
2 624 3
0.6
▼
6.81.1
53,836.6100,403.1
4.234,337.3
Proceeds
22
1.1
178
21
28
▲▼
0.4
0.6
168,303.7200,081.8
▼15.7
Share%
Proceeds per Bookrunner (US$m)
Share Ch.
5 8
22
2016 Rank
1
33
4.2
3-2
▲
▼
▼
▼
10.3
Imputed Fees (US$m)
13.3
Market
-2.7
▼ 4.9
-0.3
▲
▼▲17.2 0.7
Market$2,068.0
72%
$428.315%
$91.93%
$42.42%
$40.71%
$33.71%
General Corporate Purposes Acquisition Financing Leveraged Buyout Working Capital
Dividend Recapitalization Sponsored Buyout Project Finance Property Acquisition
Capital Expenditures Refinance Bank Debt
700
800
900
15.8%0.7%
1,069,199.4 100.0Bookrunner Total 2,844.7
-▼
▲
▲
2.2
Industry % Change over Last Quarter
1.7%
2.4
▼Top Twenty Five Total
▲
15
▲
▼-0.7
Imputed Fees (US$m)
13.2
-2.42-6 ▼
3.5
0.00.4
2.7
-56.3%
199.7
▲-64.7%
100.0
▼3.5%
Industry Total
▼
▲ 316 10 784.6 ▼
2.6 2.4
78.3 7.927,852.235,623.0
717.8Societe Generale 18
34
Banca de Desarrollo 20 -19
Natixis -1.52.2Grupo Financiero Banorte-Ixe 17
766.818783.8
664.5
▼
19
8
19.4
7.12.2
8.2
73
2.1
3.0 -0.2 -5 ▼▼ 7.13.1 5.4
4.1
9.2
Credit Suisse 15 52 928.7Itau Unibanco 14 11 1,084.7
-7 1,105.0
3.1-14.3 -2 ▼ 6.4 3.2
6.9-1.2
▼ 113.7
Credit Agricole CIB 13 12 1,088.8ING 12
90.03.1 ▼
2.0-1.2
144.111.2 ▲ 8.3
10 20 1,354.9 12.2 6 ▲ 8.6JP Morgan 11 5 1,316.7BNP Paribas SA
13.8 2.3 ▲3.8
23▲
12
▲
-0.54.54.6
15.3 -1 ▼ 8.3▼ 15-3 ▼ 11.1 5.6 3.80.6 13.313
▼-40.3
Mitsubishi UFJ Financial Group 9 8 1,366.2HSBC Holdings PLC 8 1,592.1Scotiabank 7 13
4.6 ▲ 14.3Bank of America Merrill Lynch1,641.01,652.4 2.01,842.5
156Mizuho Financial Group 4Sumitomo Mitsui Finl Grp Inc 4 6
3Santander Global Corporate Bnk
5
BBVA 13
2017 Rank
6.7
Share% Share Ch.
2 -0.4
Mandated Arranger
▼
1,854.2-8
Market
▼0.9
Proceeds
2,386.56.6 21 21.4
200.3
5.2
1.5
0.5
20.4
5.2
6.6
▲ 39.5%▲
# of DealsChange in Manager
9.8▲ 0
▲
-0.7903
▼▲
3.2▲
-
4.523.5 7
16.34.9
9.05.6
-6 ▼
14▲ 16
23
19 19.4
2
▼ 8.8
Market# of Deals per MA
100.0
86.8%
7.321
2016 Rank
Proceeds per Mandated Arranger (US$m)
▲
# ofDeals
6.3
92.5
17.6
2.1 2.1
Americas Imputed Fees - Mandated Arrangers
▲
FeesMarket
▲
▲
▲
0.0
79.0 7.9
4.4 2.2
4.1
0.3
1.5 0.8
4.3
3.5
0.2
▲
▼
▼
-2.6
Share Ch.
▼
-2.0
▲1.4
▲
0.5
-0.2
94.5
Citi
Industry % Change over Last Quarter 23.5% ▲
1,011,532.3
Industry % Change over Same Period Last Year
2,586.5
▲
Latin America Loans - Mandated Lead Arrangers (R16)
9
23
2,334.5
-0.7
-10
▲
Share%23.5
Market
-0.3
9.2 4.6
Share%
2,624.3
157.9
▲
12.5
▲4.1
Jan 1 - Dec 31
▼
Market
1.60.5
2.2
2.1
3 ▲▲
-38.7%
2.0 0.71.9 1.9
100.0
▲
▲
3.0▲
4.8
-28
11.2
▼
▲
98
2
▲ 7.1
4
▲
-22.2% ▼
1
▲7
2.0
-3
2
Full Year
*tie
Industry % Change over Same Period Last Year 2.5% ▲
Top Twenty Five Total
Deutsche Bank 4.1 ▲▲
0
100
200
300
400
500
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010 2011 2012 2013 2014 2015 2016 2017
Proc
eeds
(US$
b)Highly Leveraged (US$b) Leveraged (US$b) Undisclosed (US$b) Investment Grade (US$b)
$3.9 $3.2 $6.0 $8.4 $9.4 $11.6 $13.3 $11.6 $10.4 $11.6
3,286
2,049
3,182
4,333 4,1964,641 4,752
4,389 4,313
4,990
0
1,000
2,000
3,000
4,000
5,000
6,000
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$b)
Total Imputed Fees (US$b) Number of deals
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6
EMEA syndicated lending reached US$893.3 billion for full year 2017, down 6.4% compared to a year ago. Borrowers inthe Energy & Power sector were the most active, accounting for a 21% share of the market. Industrials and Financialsranked second and third, respectively.
The United Kingdom led EMEA syndicated lending in 2017, with US$175.9 billion in proceeds, followed by Germany(US$123 billion) and France (US$117.7 billion). Cumulatively, these target markets posted a 5.3% gain in proceedscompared to a year ago.
The US$31.8 billion loan for British American Tobacco to fund its US$57.8 billion purchase of Reynolds American was thelargest deal of the year in EMEA and the second-largest loan by a UK borrower on record.
According to estimates, EMEA arranging fees for full year 2017 decreased 22.4% compared to last year, reachingUS$3.6 billion in proceeds. The top arrangement fee earner in the EMEA region was BNP Paribas, with US$219.2 millionin fees (a 6.2% wallet share).
Jan 1 - Dec 31 2017
Europe, Middle East & AfricaEMEA Borrowing Down 6% | United Kingdom Leads Lending Volumes | BNP Paribas Top EMEA Fee Earner
EMEA Use of Proceeds (US$b) Jan 1 - Dec 31 2017
Top EMEA Syndicated Loans (US$m)
Full Year 2017 | Syndicated Loans | Managing Underwriters
EMEA Deals Intelligence
$31,826.8
$17,562.1
$16,413.6
$14 154 3
British American Tobacco PLC
Hochtief AG
Atlantia SpA
Fortum Oyj
$505.657%
$172.619%
$55.46%
$32.64%
$38.34%
General Corporate Purposes
Acquisition Financing
Project Finance
Sponsored Buyout
Working Capital
Capital Expenditures
Refinance Bank Debt
Leveraged Buyout
Finance Linked Trade
-1.5% 14.0%
646,227.1526,071.1Top Twenty Five Total
21.0
▼
▲ 311,902.6
▼0.2
-17.0%
-1.2
100.0
▼▲
100.0
-0.62,560.2
1.345.572.0
-76
-6.4%17.7%
▲
▼
▲75.225
▲Industry % Change from Last Quarter 24.7%
1.2
2,537.481.8
628Lloyds Bank
Industry % Change from Last Quarter
▼0.8
Industry % Change from Same Period Last Year -2.8% ▼ ▼-7.7%▲
Bookrunner Total
7,405.9 743.8
100.0
3.43.6 ▲
-0.7
5.5 1 ▲5.4▼ 49
5024 31▼-0.51.0
1.5 -▼
38.2▲
8
0.0
909
-0.2
Industry Total
26
Industry % Change from Same Period Last Year
9,118.3 1.043 1.9▲▲ 25▼
24.0Cooperatieve Rabobank UA 240.0Banca IMI (Intesa Sanpaolo) 23 22
Nomura 22 1.4 1.02.8 47.89Mitsubishi UFJ Financial Group 21 16
18 7,571.6 -61.48,845.1
-0.9
-BBVA 20 25 10,400.7 1.6RBS 19 45.9
0.2 44.5▲-0.21.641.6▲56▼ 6.20.70.01.7▲ 42.6
▲
Sumitomo Mitsui Finl Grp Inc 18 24 11,617.6Credit Suisse 17 1.9 -0.8 ▼
471.8 0.4 ▲63
23 11,166.5 ▲ 541.7 0.3
121.0
10,016.4
-0.7
13 ▲ 50.2
▼▲6.9 52.69
▲2.1 -0.52.0
▼5.2
12,333.0
57 6.3 10 ▲ 1.81.6
Santander Global Corporate Bnk
60 ▲Mizuho Financial Group 15 21Citi 14 11
45.213,266.3
2.4 ▲1.8 0.36.6 122.1
15,177.9▼ 63 6.9 59.4Goldman Sachs & Co 16 14 -0.4 2.37 ▲
13
▲0.9
3.390 9.9
0.7 ▲
56.019
15,843.8 ▼16,284.6 ▲
68▼2.52.5 -18 ▼
62.1
17 ▲0.4 ▲111 12.2 -5
59.0▼ 83.9
0.3 ▲7.5-0.7 -1.0
2.3 0.22.2
ING4 180 19.829,193.0
100.410 7 26,549.3 1454.1 -12 ▼▲
Natixis 12 15 20,351.0 3.23.5 0.3 ▲ 122Commerzbank AG 11 10 22,318.6 2.5 0.313.4 -18 ▼
Barclays 8 9 30,523.24.5 -0.7 ▼
Societe Generale1.2 ▲72 7.9 2 ▲▲
0.598.4
▲ 109.39
▲7 8 31,294.83.94.3 -0.2 ▼UniCredit 9
Bank of America Merrill Lynch 6 13 32,338.1 5.0▲4.1 0.117.2 214.8
▼
▲ 123.9▲
10.311.85.1
0.9 ▲218
2.4 ▲-1.8 ▼1
94131.9
31 ▲
HSBC Holdings PLC 1
Credit Agricole CIB 4 6 35,382.1 5.5Deutsche Bank 3 118
52 ▲ 134.4▲0.913.0
3.6JP Morgan 5
BNP Paribas SA 2 2 38,628.8-0.2
0.8107
5.324.05 35,945.9
32,659.0 ▲
# ofShare Ch.
0.8 ▲
ManagerImputed Fees (US$m)
MarketDeals
Change in Proceeds per Bookrunner (US$m)
# of Deals18.3
2017 Rank
2016 Rank
Markethare % Share %
125.6 5.0
EMEA Mandated Lead Arrangers (R19)
# of Deals per MLA
443
EMEA Bookrunners (R17)
MarketShare %Bookrunner Proceeds Proceeds Share % Share Ch. DealsShare %
2016 RankFees
1 49,903.0 5.6 -0.6BNP Paribas SA 1▲
5.6 0.76.0 -0.3 ▼
# of Deals per Bookrunner
4.910
Jan 1 - Dec 31
Proceeds per MLA (US$m)Change in
Jan 1 - Dec 31
154.7▲
MarketImputed Fees (US$m)
2017 Rank
Market
156 ▲ 104.0
17 ▲223 24.5▲
▲5.2 -0.4
▲
3.8
6.1
Manager Market MarketMandated Arranger
Market # of Market# of Deals FeesShare % Share Ch.
Market
91.922
0
-13.7%
3
11.9
41,839.6 6.5 166 7 ▼0.1
▼321
0.9
22.0 -32
2.5 0.0 -2.5
-230.3 ▲
Share Ch.
4.7 0.8
-0.3 ▼4.016.0-0.4 ▼
▲
-41 ▼
0.0
4.4▲▲
-0.3
4.24.2
1.82.2
▲ 63.8
78.3135.2
▲
▼ 2.20.8
0.1▲ 156.2
0.4▼
-
▲▲
0.4 ▲3.8▼
3.5▼
Deutsche Bank 6
4.4 0.0
4.1JP Morgan 5 4 36,541.2
36,266.7
ING 3
28
▲0.1
1734.1 -0.1 ▼7
315 21.6Societe Generale 0
▼37 ▲
11 27,837.3 3.1
0.9
0.80.3 ▲
▲0.0
▲
4.9154.9 4.4
-30.4
HSBC Holdings PLC 2 2 42,860.5 4.8--
170.1 4.8 0.20.0219.2 6.2 -1.4- ▼
Credit Agricole CIB 173.8-40
218
▼23.0336
7 5 36,059.3 4.0▲ 150.2
149.815.0 20
3 38,830.84 6 37,345.7 4.2 0.4 ▲ 350 24.0
--34
1810.1Barclays 10
UniCredit 8 8 33,593.7 289 19.8
9 27,610.0
0.1 ▲
12.4225
3.1 -1215.4
▲Commerzbank AG 9
0.4
15 22,691.510.3 -27Citi 13 10 22,833.1
Bank of America Merrill Lynch 12Natixis 11
15112 25,514.1 21316 24,493.7 2.7
▲▼ 1502.6 -0.3
14.62.9 0.4 ▲
Mitsubishi UFJ Financial Group 142.2
▲
88.666.0
118.0108.00.3
-6 ▼
8▼ 79.2
58.5▼1.6-50.2 ▲ ▼ 57.7120 8.2
0.6 162
0.1
1.6-0.2
▼
3.0 0.5
-0.3
▲
▼RBS 144 9.9
125.3
▲ 70.0152
3.3
2.22.1
-0.3
2.0 ▲
10.4 29 ▲▲
2.010.42.5 0.21.9 0.0
233 16.0 -32 ▼ ▲▼
-0.5 ▼
16
▼1061.47.6
43.4
14
8.1 10Goldman Sachs & Co 20 18 16,826.2 7.5
1182.0 0.5Sumitomo Mitsui Finl Grp Inc 19 22 17,802.5BBVA 18 23 17,995.7Mizuho Financial Group 17 17 18,820.0
11.1 2
19,981.7
▲
49.89.9 1.2 0.1 ▲
1.4 0.212,195.6
893,280.9640,797.5
28
▲
0.0 -17109 -
1.7 0.1 111-0.1 ▼
▲-0.2 ▼ ▲
1.2 0.3
77.0
▼145-10
Santander Global Corporate Bnk 15 13 22,653.8
72.0 2.0
-38
0.5
100.0
1.1 -0.2 ▼9,916.0Top Twenty Five Total
▼-15.3% ▼ -22.4%
1,458
▲0.1
1.4
▼ 6.0%
3,560.7▲
5.1
Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.
16,383.9
Nordea
▲114
14,878.37.8
1.9 0.0 -
▲
Credit Suisse 21 19 1.8▲
-17
2.2
-15 ▼ 49.7 -
-264
7.30.022 20
2510,963.2
71.8 2.1
Banca IMI (Intesa Sanpaolo)
CaixaBank SAStandard Chartered PLC 23 21
$14,154.3
$11,781.0
$10,073.1
Fortum Oyj
Enel SpA
Semyrhamis SA
Finance Linked Trade
Others
*tie
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7
Banca IMI (Intesa Sanpaolo) 24 29 2,455.7 1.2 0.2 ▲ 10 3.3 -2 ▼ 12.9 1.2 -0.1 ▼
Market2016 Rank
2017 Rank Deals
Europe, Middle East & AfricaFull Year 2017 | Syndicated Loans | Managing Underwriters
Share Ch.
7.311,863.83 4
# of Deals per Bookrunner
EMEA Quarterly Syndicated Loan Volume
MarketBookrunner
European Leveraged Loans (P10)
Proceeds per Bookrunner (US$m)
Jan 1 - Dec 31
MarketFees Share %
Market# of Market Change in Imputed Fees (US$m)
hare % # of Deals
▲4.617
▼
▲
83.7 7.496 31.4 212 14,872.1-0.5 23.5 ▲2.42672 ▲ 8.393.2
Manager
1 1 18,628.7 ▼Share Ch.
6 5.4 1.117.019.3
1.15.7 2.3 ▲59Deutsche Bank
52.4
9.1JP Morgan
24.2741.2 ▲-0.2
5.852
Proceeds Share %
▲6.0 1.1▲ 67.2
▲
▲
0.526Credit Agricole CIB
Goldman Sachs & Co▲5.6 1.4▲ 1611,081.1
BNP Paribas SA 2
12▲ 481.5
3 10,480.87 10 10,451.0Bank of America Merrill Lynch
4 11 11,585.2
38.9
63.0-0.5
▲
5 ▲HSBC Holdings PLC 6
5.15.1
4.6 1.215.7
55 18.0 178
40.7
38.6
▼49.1
Nomura 9 22 9,118.3 ▲14
25 ▲46
8.24.5 2.9
18.0▼ ▲19
▲0.2
-1.44.3
0.9
0.1
0.21.4
3.4
3.63.8
4.247.552.9
9 2.6
▼ 60 19.6▲ 3.4
10 ▲
UniCredit
Societe Generale 12 3.5 558 7,244.6 -0.4
▼-1
▲
7 8,690.343.011.8
▲
7,681.9 ▲
4.7
▲▲Credit Suisse 10
Barclays 114.2
7▲15.00.1
1.0 ▲
Morgan Stanley 15 19 3,923.95 5,816.8 45
3.3 43 14.114.72.8
▲▼
Natixis 13 13 6,752.1ING 14
1.9 0.1 23 7.5▲-1.50.1
UBS 20 28 2,935.4
21BBVA 19
1.6
4.6
1.41.4
3,296.5RBS 18153,169.5 0.7 ▲ 4.9
20-1.1-0.1
1.6▼ 22
18 3,679.4 1.8
33
-0.3▼
CaixaBank SA 22 24
BFA Tenedora de Acciones SA 25 37 2,334.6 1.1 0.6 ▲ 5 1.6 3
RBC Capital Markets 23 26 0.1-
0.71.1
0.0
1.3 0.0 0▲ 17 5.6
Santander Global Corporate Bnk14 3,514.2
16Citi 17 1.7 19.3
▲Cooperatieve Rabobank UA 21
Jan 1 - Dec 31 20171.213.51.5
-0.10.117.1
▲
▼
▲
1.3
▲-
-0.4
▼▼
▼0.2
▲▲
2,701.81.2 EMEA Syndicated Loans by Industry (US$b)
23 2,851.5
2
0-8
9,344.2
3.8 36
▲
1.6
3-0.10.4
-
▲▲
▼
▲
0.31.8
6-
23.1
23
▼6.522.6
0.339.7
11 ▲-1.13.5
42.5 3.8
▲
1.15.9
7.2 5
2.0
-0.51.02.0
2 20.1
2,511.5
▲41816 5.2
141.7
15
▼
▲▼
▲12.415.2
▲3.310
18.3
▲ 12.1
▲
-1.1
$35.7$22.54%
$14.63%
Energy and Power
223276
249
264265
341315
362379
464418
400
300
390
315
355355
387
389
406
354
511479473
453
556
497
557
387
473446
422407
428
335
289
0
100
200
300
400
500
600
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q34QQ1Q2Q3Q4
2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Issu
es
EMEA Proceeds (US$m)Number of deals
Proc
eeds
(US$
m)
*tie
33 710.0 100.09.0 ▲
100.0 306 27 1,129.4 100.0
34
▲
Sumitomo Mitsui Finl Grp Inc 25
1210 ▼
7 ▲
7
6.7
6
1 ▲
-0.4
0.37.0
-1.3
▲
45
621.7
-
-▼3
-1
8 3.8 3 ▲ 4.3 0.6 -0.2 ▼109,394.6 89.6 5.5 ▲ 87.6
1.0
8.61.1
▼1.0
▲
4.8100.0
0.7-
1.1▲▲2.91.2
204,882.9
Goldman Sachs & Co 8 4 5,776.8Bank of America Merrill Lynch 9
Nomura 518.20.7 ▲
13 7,301.5
16.3
6.0
4.7 -0.57 5,806.9
2.9 ▲
42Natixis 6 11 6,174.6 385.0UniCredit
9.6
7
20
20.130.512.9 4.31 ▲
3.33.5
▼ -37.215▲▼
▼
▲
23.115 ▲
5 ▲4
8 ▲ 35.0▼
▲
-0.51.4
7.7
3 ▲14 6.7
6
-0.7
2.0
1.82.1
▼1.9
3.4 -0.918
1713
15.0 0.0
4.028.5
8.8
1.0▲
-0.7
-14
▲
05.7
UBS 16 16
-0.8
14.4
1,836.9
▲1019.67 ▲
▼ 4121.5 18
18
-0.8
-1.60.3
▲ 18.8
1.2
10.2 1.4 -0.9
28.6
12.8
4.0
▼
4.86.2
Banca IMI (Intesa Sanpaolo) 22▲
Top Twenty Five Total
8.1
RBC Capital Markets 17 21 1,839.0 1.5 0.2
19 1,718.9 -0.4CitiCooperatieve Rabobank UA 19
17 -0.6
33 1,427.421 1,446.0
RBS 20 18Bank of Ireland 28
1,680.1 1.41.2 0.2
6KKR & Co LP 23 2.9Mizuho Financial Group 24
▼Industry % Change from Last Quarter 7.7% ▲ -6.7% ▼ -1.8% ▼
-29.7%▲ ▲56.1%
31 913.7 0.8 0.2 ▲
Bookrunner Total 122,470.0 100.0 209
2,274.7
13 4,168.0Societe Generale 12
10
HSBC Holdings PLCCredit Suisse 10
4.1 -1.2
20 3,504.4ING
1.6
2.9
-0.5
5,508.311 8 5,503.0 4.5
-2.2
6 5,015.9-0.7
Morgan Stanley
JP Morgan 1 ▲5 9.8
Industry % Change from Last Quarter 1.6%15.6%
# of Deals per Bookrunner
Bookrunner Total
Industry % Change from Same Period Last Year
9,056.2 33.0▲ 45
-0.5 ▼21.50.5Deutsche Bank 3 2 8,999.9
Bookrunner
0.66.61.7
9 7,530.3
15 15 2,822.4Barclays 14
27 1,176.0 1.0 -1,226.7
▼
▲
▲
Credit Agricole CIB 4
hare %Market
Share %# of2017
Rank
BNP Paribas SA 2 1
6.81.2
7.7
▲
▼29.1 4.1
EMEA Sponsored Loans (P13)
9.7%
7.4
18.8%
1.0
2.3 -0.6
4.5
0.0
1.11.5
9
▼▼
13.9
▲
▲18 ▲ 0.9
ManagerShare %
▲
▼
13.4%
-
▲5.9 3.45.2
▲
4.9
▼
1.0
1.2
57.8
▼0.9
7.2
▼
EMEA Imputed Fees Jan 1 - Dec 31
▼
▲
-0.7
0.021.7
4.4
-0.5
▼
1.43.1
▲
▼
▲
▼
▲
8.1
Jan 1 - Dec 31
ProceedsChange in Market Market
11,942.1
▲
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)
▲
14 5,658.6
41.714 ▲ 36.86
4.6 29-1.0 ▼ 274.7
▲ 51.046.61.6 ▲ 55 26.3
8.8
46 22.0
▲▲ -29.3%
24
Market Market# of Deals
9.5
Top Twenty Five Total 939.0 83.1 9.8▲
▼
31 14.83 24.9
6.2
176,984.9 86.4
Industry % Change from Same Period Last Year
26.0% ▲
7.4
2016 Rank Share Ch.
▲Deals
5.769
Share Ch.67.2▲
22 ▲
Fees
4,484.7 2,987.8 3,691.0 3,950.7 3,233.7 4,170.3 5,650.5 5,111.7 4,697.9 3,560.7
1,368
1,012
1,283
1,659
1,3551,533
1,813
2,052
1,719
1,458
0
500
1000
1500
2000
2500
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$m
)
Total Imputed Fees (US$m)Number of Deals
$182.821%
$144.316%
$114.613%
$100.311%
$73.38%
$47.2 5%
$44.8 5%
$37.14%
$36.84%
$4%
4% 3% Industrials
Financials
Consumer Staples
Materials
Consumer Products and Services
Healthcare
Media and Entertainment
Retail
High Technology
Telecommunications
Real Estate
Government and Agencies
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8
Citi
23 3,146.9Fubon Financial Holding Co Ltd 25
21Deutsche Bank 22 26
-0.21.1 - 0.8▼3.90.0
▼1.1 -0.225.0
▼18.9371.1 0.1 ▲ ▼
- -3 -0.317.7 0.87
▼4121.6
▲22
▼
-13
▼-1▲
15
233,186.7 2.3
2.14.3
Sumitomo Mitsui Finl Grp Inc 19200.2
CTBC Financial Holding Co Ltd▲0.9
3,195.1 1.1 0.01.2
▲3.9 -2 ▼ 21.9 ▼3.0 -4 1.0
1.028
0.120 27 3,393.4-0.5
1.437
▼ 32.0-2.2
1.3 -0.2
3,866.70.6
3,755.73,858.7 ▲
▼Agricultural Bank of China 17 5 1.418 33ICICI Bank Ltd 1.4
▼▲
▼ 22.29▲ 20
-4 -3.82.1 0.423.9 1.08 ▲0.9 1.0
1.41.4 1.0
0.2Credit Suisse 15Malayan Banking Bhd 16 45 3,944.3
9 ▲ 28.22
▲ 22
-▲
19 ▼
340.0
▲ 1.51.4
▼1.2 -0.3-0.6China Merchants Bank
2.322 3,977.61.6 -0.714 10
- 3535.34,426.2
4▼ 2.0
3.7
ANZ Banking Group 1.7 0.4
Mitsubishi UFJ Financial Group 13 13 5,068.33.6 1.340.6
0.01.81.8
▲0.6 ▲
33.319 5,708.1 1 ▲2.0Axis Bank Ltd 12
▼ 38.4
▼2.763.0
36-0.11.9
5.550
11 12 6,166.7 ▲5.3 -9 42.9 ▼3.8 -3
6,644.3 2.3 -0.1 ▼0.22.2
-0.93.8 0.140.9
5 ▲▼
▼
-42.5 ▼HSBC Holdings PLC 9 8
DBS Group Holdings 10 9
▲7,169.6
36Mizuho Financial Group 8 11 7,668.952-0.6
1.82.7 0.6 ▲20China Construction Bank 7 2.1
4.64 8,800.4 72.4
▼323.1
▼3.1
Standard Chartered PLC 5 6 11,251.11.1 -7106 10,907.4China Development Bank
2885 9.0▲
13,129.44.0 0.74.6 3.0
Industrial & Comm Bank China 2 1 16,986.15.2
7Bank of Taiwan 3State Bank of India 4
Bank of China Ltd
MarketShare%
660.224.8 -7Share%
1 2 57,321.2
5.3▲
6.0 -7.719.7
50▲62
3.85.0
▲91.2
0.1106.1
▲-2.2 ▼
▲
▲3.4-2
5▼ 44.8 1.9
4.0-11
▼
▲1.2▲
▲28.6116.2 ▼
Syndicated lending in Asia (ex Australia) reached US$403.2 billion from 1,243 deals in 2017, down 5.7% compared to theUS$427.4 billion raised in 2016. Refinancing activities accounted for 30.6% of issuance in the region. Hong Kong and Chinawere the most active markets in Asia, claiming 28.7% and 25.2% of the market, respectively. Taiwan High Speed Rail Corp's TWD$308.3 billion loan was the largest Asia (ex-Australia) transaction priced in 2017, thedeal was the result of a repricing exercise in which the railroad operator secured a more favorable margin after animprovement to its credit profile.
Australian syndicated lending reached US$81.9 billion from 201 deals in 2017, an increase of 8.8% in volume compared to2016. Issuers in the Energy and Power sector led Australian syndicated loan activity, accounting for 29% of volume in theregion.
The largest Australian transaction of the fourth quarter was the AU$4.4 billion loan priced by Tabcorp Holdings, with theproceeds used to refinance bank debt and finance Tabcorp's merger with Tatts Group Ltd. According to estimates, fees from Asian syndicated lending reached US$3.1 billion in 2017, an increase of 37.7% over 2016totals. In Australia, estimated fees reached US$532.3 million in 2017, an increase of 10.6% compared to 2016.
Market Change in
-7.9
Fees
0.22.3
78.4
MarketShare% Share Ch.
Imputed Fees (US$m)
-126 ▼235
6.5
# of Deals▼
Full Year 2017 | Syndicated Loans | Managing Underwriters
Asia (ex-Japan)Asian Syndicated Loans Down 6% l Energy & Power Capture 29% of the Market in Asia l Australian Volume Up 9%
Asia Loans - Bookrunners (All Currencies) (S5c) Jan 1 - Dec 31Asia & Australia Deals Intelligence
Share Ch.Bookrunner Proceeds
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2016 Rank
MarketManagerDeals
2017 Rank
Market # of
▼20 14,851.5
20.2 ▲7.5
1.3
3.8 -2.7▼-0.5
▲
Jan 1 - Dec 31 2017Top Asia Syndicated Loans (Ex Japan, Ex Australia)
$10,240.2
$7,951.5
Taiwan High Speed Rail Corp
Eurocor Ii Sarl
Bookrunner
Jan 1 - Dec 31Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)
322137,266.1
-3.6% ▼ 35.2%-3.3%▼-5.3% ▼
67.6%
97,790.9 71.2 ▲
Industry % Change from Same Period Last Year
100.0
Industry % Change from Last Quarter ▲
100.01,083.9
18.5% ▲
-11
▲▲ ▲13.3%
687.7
38.1% ▲ -6.0% ▼
Industry Total
37.7%▼
403,160.6289,730.1
100.0
Industry % Change from Same Period Last Year -5.7% ▼ -5.8%
1,243
3.037
-7673.0
3,081.4 100.02,258.2
-3.0 ▼ -18 -3.5 ▼32.0▲
1.04,048.96.6
▼▲
▼0.7▼ 32.1 ▲1.0
0.7 -0.7▼ 21.5-2-15
ICICI Bank Ltd 24 37 4,162.8Shanghai Pudong Development Bk 23
0.31.1
▲ 36 2.91.0▼ 35 2.8
6.4 ▼ 0.5 -0.416.2-0.8
-10▲0.539 4,379.7
▼1.1 0.2 ▲ 79▲43 0.63.5 1.313 ▲ 39.6
919 21 5,506.8
1.2 0.0 - 4.86055
▼28.3 0.9▲ -1.3▲▲ 38.2 1.2 0.2▲ 4.4 8
1.3 ▲40.7-3 ▼▲44.5 -0.5 ▼
0.94
3.0▲0.3
37
7,101.8 73▲1.8 0.2486,721.9
-1.48 ▲3.9 1.45.9
▲0.044.3
▲4.1 -1 ▼ -0.3
0.456.3 1.8
1.854.8China Merchants Bank 14 8,068.6ANZ Banking Group 15 18 7,496.1 2
14 8,664.1770.3
6.013
0.4
88
▲ 74
▲2.12.0 0.0 -
▲2.2
1.9
6.2-
51▲ 62.1
▼2.0 ▲3 0.2
50.6 1.617 ▲7.1
2.21.79,369.5
▲8.8 12 ▲ 52.8 ▼7.8
-0.120
-0.42.3972.6 0.2
1090.3
▼▲10 11
Standard Chartered PLC 0.5▲▲▲
142967.810,298.9
13,527.8 3.4 -23 ▼2.53.0
4.9▲-0.20.2
3.23.1
▲ 99.9 ▼▲
1
3.4221.045.5 1.5
▲▲
-14.5%
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger
1.0
284,433.6
▼
100.0
-4.595.0
0.0▲ 13.0 416.1
▲
g
25Korea Development Bank
▼
Imputed Fees (US$m)
▼
949
2,920.1214,383.6
Asia Loans - Mandated Arrangers (All Currencies) (S5b)
▲26.5 ▼
Bookrunner Total
-8.4%
24
Industry % Change from Same Period Last Year
Top Twenty Five Total
Mega Financial Holding Co
▲-10.0%
▼2117
3,039.2
Industry % Change from Last Quarter 26.5%
Change in
-1051.5
16-0.5▼
▼▲▼
-5.0%
100.0
▼
47.6%
1.1
▲75.5
42▼-0.1 4.4
2,309.8
15.21.21.70.7
-0.11,716.8
-1674.5 9.2
-5 -0.5
Jan 1 - Dec 31
2319
4,319.2
25 4
22 4,808.1
22 2621
Industry % Change from Last Quarter
15
17
Malayan Banking Bhd
Citi
Top Twenty Five Total
Mega Financial Holding Co
Agricultural Bank of China
BNP Paribas SA
Bank of Communications Co Ltd
20
▲
# ofMarketMarketProceeds
2017 RankMandated Arranger
2016 Rank # of Deals
China Construction Bank5
HSBC Holdings PLCChina Development Bank
561.918,333.6
DealsShare Ch.
2
8
Sumitomo Mitsui Finl Grp Inc
MarketShare%
65,253.2 380
Bank of Taiwan
0.8
11.4
10
United Overseas Bank Ltd
Mitsubishi UFJ Financial Group
Mizuho Financial Group
3
9
Oversea-Chinese Banking
56
DBS Group Holdings
18
16
16
5,685.7
15,012.9
14,743.3
12,140.8
17
1112
▼-1.3
▲30.6
Share%▲
3.7
14 2.713.5
MarketShare Ch.Fees Share%
MarketManager
4.6▼
4,225.4
8,252.7
3.8 ▲
13
76 3.7
16.2
-7.4
0.4
25
Bank of China Ltd
3
1
7
1
28
Industrial & Comm Bank China4
State Bank of India18,258.7
14,472.1 145▲
3.661
76
-0.514,877.5
4.5▼
0.1
1.7
Axis Bank Ltd
28
-4
4.5▲124
721.5 23.4▲ 4.0▲
122.5
11.7
21139.2162
4 ▲
103.1
1.4
0.2
1.1
1.072.3
1.4
1.7
0.0
0.10.3
1.3
-138 4.4▼
▲
0.5
▼ 113.5▼
3.73.7
▲
10.0 -5.9136.2
47.9
▲
▼
-0.30.11.1
▲
▲
8.8 ▲
▲
Share Ch.Market
5.05.83.7 1.3
0.8▲
9.0▲
▲
▲
2.6
Imputed Fees (US$m)
0.4
▼3.6 1.4
0.7 ▲
2.3 1.5
1.3
▼
▲
▲3.5
3.2
4.4
2.9
▲
5.5 -0.5
3.8
1.8 0.4
-2.4
▼
Bank of China Ltd 1 3Standard Chartered PLC 2
1 6,625.8 4.8
Proceeds per Bookrunner (US$m) # of Deals per Arranger
2 8,964.2 6.5
Malayan Banking Bhd
HSBC Holdings PLC 5
2017 Rank
0.7 ▲ 61 18.93.7
Market2016 Rank
97.2Proceeds Share%12,411.9
# of Deals9.0
FeesMarket Change in
Share%Share Ch.MarketManager
Share%▼
Market # ofDeals
▲ 36 11.2 -2-8 ▼ 62.5
Mizuho Financial Group 3 9 7,182.7 5.2 1.2 ▲ 33 10.2 0 - 39.7China Construction Bank 4 6 6,997.2 5.1 0.6 ▲ 18 5.6 7 ▲
-1.3 ▼ 46 14.3 1 ▲ 60.0ANZ Banking Group 6 7 6,166.7 4.5 0.3 ▲ 36 11.2 -3 ▼ 38.4DBS Group Holdings 7 5 5,715.7 4.2 -0.7 ▼ 40 12.4 -14 ▼ 37.9Industrial & Comm Bank China 8 8 5,166.4 3.8 -0.4 ▼ 25 7.8 2 ▲ 41.6Mitsubishi UFJ Financial Group 9 10 4,473.4 3.3 -0.2 ▼ 31 9.6 0 - 31.2China Merchants Bank 10 4 4,426.2 3.2 -1.7 ▼ 19 5.9 2 ▲ 34.3Credit Suisse 11 13 3,967.7 2.9 0.4 ▲ 22 6.8 9 ▲ 28.1
12 32 3,680.9 2.7 1.9 ▲ 18 5.6 7 22.4 2.1State Bank of India 13 23 3,618.6 2.6 1.3 ▲ 12Deutsche Bank 14 14 3,176.9 2.3 ▲
3.7 6 ▲▲
24.622 6.8 7 2.3 0.1
Citi 15 15 3,104.7 2.3 0.1 170.1
-4 ▼ 19.55.3▲ 24.9
▲▼ 19.1Sumitomo Mitsui Finl Grp Inc 16 12 3,068.2 2.2 -0.7
BNP Paribas SA 17 11 2,779.8 2.0 -1.018 29
1.8 -0.4 ▼
▲
▼ 26 8.1 -2▼ 22 6.8▲
▼CTBC Financial Holding Co Ltd 0.114.7 1.4
▼2,154.0 1.6 0.5 27 8.4
-60.2 ▲ 12 3.7 ▼ 14.1 1.3 0.1
1.213.3-1▲5
-1.7
▼United Overseas Bank Ltd 19 24 2,092.7 1.5
63.7-0.2ING 20 19 2,017.2 1.5 -0.3 5.6 -7▼ 18
Top Twenty Total 4.716.3 1.5
Bookrunner Total
$5,150.0
$4,650.0
$4,650.0
$4,334.3
$3,888.1
$3,811.7
$3,585.3
$3,500.0
Alibaba.com Ltd
Tencent Asset Mgmt Ltd
Nesta Investment Holdings Ltd
Midea Group Co Ltd
Huadian Jinsha Hydropower
Hubei Hanshi Intercity
Muse Holdings-B Inc
Ant Financial Services Group
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9
------
▲
17.4% ▲ -0.4%
100.0
▼
54.9305.1 100.0
-48.9%
18.4
▲
53,093.1 64.9100.0 -1.4 167.3▼
3.7▼9.5-1.9 -60.7 26.2
15.336.2
4▼
4 ▼ 24 30.327
1.5
11.3-7▼13.4 12.424
34.4-2.2
▲ 13.214.213.4 4.3▼
3511.9
0.121 2,347.5 1.4 7.5
Market # ofDeals Share% Share Ch.
9-2.6
Imputed Fees (US$m)
Share% Share Ch. Fees2017 Rank
MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner
China Construction Bank 17
▼-5.9% ▼
4.13,611.7
378
10
-0.1
Citi
Australia Loans - Bookrunners (All Currencies) (S7)
Market
Commonwealth Bank of Australia
Change in
Jan 1 - Dec 31
85.0
4.4
2,128.5
7
3,396.267
4.9 1.1
4.2 -0.5
▲
▲0.7 9
▼
44
40
11
▼
6846▲
7
▲
4,108.4 0.75
10.6%
2.1532.3
8,989.9 -0.3▲
▼4 3 6,785.3 -1.8 ▼ 2.2
▲
62.5
0.1
87▲
11.1▼
9.6
1.46.2
MarketChange in
67.0
▲
12.6▲▲ 2.511.8
▲79
3.6
612 ▲
# of Deals per Arranger Imputed Fees (US$m)
▲3.32.1
Share%
19.2
4.751.2
Market
▲ 11.9
▲
-11.1% ▼
MarketShare%
10.7 ▲
0.2
▼
▲
National Australia Bank-1.33
1 3 6,857.06,515.1
ANZ Banking Group 2 5,998.6
Industry % Change from Last Quarter -48.5% ▼
Top Ten Total 44,799.0Bookrunner Total
▼
Proceeds per Mandated Arranger (US$m)
Share%# of Deals Proceeds Share% # of DealsDeals
Full Year 2017 | Syndicated Loans | Managing Underwriters
1.36.9
▲ 32.89
356.7 67.203 ▲
Fees5.5
2.2
4.1 -5
63.37
▲2.4
2
6.8
▲
▼
40.2-6
3
National Australia Bank 1
2.08.3
▲
11.05.2
2.1
8,635.8 10.5 0.881 5.5
81,906.1
Industry % Change from Last Quarter -9.3%
1.4
9.9 ▲
Industry Total
8.6
Commonwealth Bank of Australia 241
Share Ch.Manager Market# of
Australia Loans - Mandated Arrangers (All Currencies) (S6a) Jan 1 - Dec 31
Market Market
9,089.9Mandated Arranger Share Ch.
2016 Rank
Industry % Change from Same Period Last Year
3,999.9
Westpac Banking
Manager 2017 Rank
HSBC Holdings PLC
ANZ Banking Group
HSBC Holdings PLC 3,283.65 5
1.3
▲
941
▲-14.8%
100.0
28.0%
▲
201
▼
100.0
▲
▼
-1.121.5
2.2
-0.18
2.5 24.83.9
Bank of China Ltd
▲
Market
4.5 ▲▲
Jan 1 - Dec 31 2017
5
▲ 6Sumitomo Mitsui Finl Grp IncMitsubishi UFJ Financial Group
6
Westpac Banking
-0.72.9
Top Ten Total
8.8%
7.3▼
-1
4 4.0 2.3
13 ▲▼
14.5
2016 Rank Proceeds
Asia (ex-Japan) & Australia
Bookrunner
2 1
▲6 2,603.9
4 4,607.0
Mitsubishi UFJ Financial Group
10.3
16
14.5 4.8 1.6▲ 14 5.4 4 ▲5.8 1.9
Asian Loans by Maturity Date
108
▼
1.2 ▲Citi 7 19 1,913.5 4.3 3.43.1 ▲
0 - 7.1
0.1▲
▲6
▲Bank of China Ltd 8 17 1,469.9 3.3 1.9 ▼
7.7Mizuho Financial Group 9 10 1,169.2 2.6 ▲3.711.2 -0.7
▲▲ 7 2.4 3 2.5 0.5
2.2
3
▲1,086.4 2.4 2 ▲ 7.30.8
Industry % Change from Same Period Last Year
Top Australia Syndicated Loans (US$m)
44,799.0
-11.5%
5 2.4Credit Agricole CIB 10 14
*tie
0.7
1150
1200
1250
250
300
350 Proceeds (US$b) # of Issues
$4,472.5
$3,334.3
$3 000 0
Network Finance Co Pty Ltd
Tabcorp Investments No.4 Pty
I hth LNG Pt Ltd
Jan 1 - Dec 31 2017 Asian Loans by Currency (%) Full YearAustralian Loans Proceeds by Industry (US$m)
$19,264.129%
$17,512.326%
$10,949.216%
$7,933.612%
$5,713.49%
$5,394.68%
Energy and Power
Financials
Industrials
Real Estate
Materials
Telecommunications
56.0% 71.8% 68.6% 59.8% 64.1% 55.9% 60.4% 65.3% 57.7% 59.2%
44.0%
28.2%31.4%
40.2%35.9%
44.1%39.6%
34.7%
42.3% 40.8%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Local Currency G3
$247.5 $265.2 $308.7 $249.2 $288.0900
950
1000
1050
1100
1150
-
50
100
150
200
250
2017 2018 2019 2020 2021
# of
Issu
es
Proc
eeds
(US$
b)
$3,000.0
$2,500.0
$2,070.1
$1,972.5
$1,800.0
$1,383.5
$1,375.0
Ichthys LNG Pty Ltd
Conyers Trust Co (Cayman) Ltd
Cimic Finance Ltd
TPG Telecom Ltd
Ichthys LNG Pty Ltd
Australian Registry Fin Pty
Aristocrat Leisure Ltd
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215,163.0Bookrunner Total
Japanese syndicated lending during full year 2017 reached US$228.5 billion from 2,005 deals, a decline of 5.1% compared to 2016.There were 29 deals with proceeds of US$1 billion or greater, totaling US$77.9 billion and accounting for 34.1% of the market. Softbank Group Corp’s US$23.2 billion transaction, priced in November and is the largest Japanese syndicated loan on record,surpassed the previous record holder - Softbank's US$19.9 billion transaction in 2013. Industrials remained the top sector in the Japanese syndicated loan market, accounting for a 20.2% market share, with proceedsreaching US$45.6 billion from 440 transactions. Financials followed, capturing 11.9% of the market, with Telecommunicationsfollowing closely in third with an 11.5% market share, an increase of 68.7% compared to 2016, largely due to the Softbank Group Corptransaction.
46.9▲0.3214,816.4 99.8
-59
-1 ▼0.0 -0.1 ▼ 6 0.3
1,951100.0
5/1/20176/30/20173/23/2017
Working CapitalLeveraged Buyout
RefinancingJXTG Holdings Inc
Top Ten DealsClosing Date
3,612.92,941.6
Mitsubishi Corp
4,005.5
Japan Deals Intelligence
Package Amt (US$m)Borrower
Jan 1 - Dec 31 2017
Capital Expenditures11/2/2017 23,232.6
CK Holdings
SoftBank Group Corp
2/24/2017
3,874.7Top Twenty TotalGunma Bank
Capital Expenditures
2820 19
Working Capital
Primary UOP
371.0
260.8
Sapporo Hokuyo Holdings Inc
18
262.5Nishi-Nippon Finl Hldg Inc
16
Fukuoka Financial Group Inc
4,023.9
12/8/2017
USJ Co Ltd
Sumitomo Corp
684.713
31
1,235.5
310.0
2,613.3
240.00.8
0.2
1,700.4 0.2
11 792.014
0.2
18
5
11512.1
0.00.1
Full Year 2017 | Syndicated Loans | Managing Underwriters
JapanJapanese Syndicated Lending Down 5% | Softbank US$ 23 billion Offering - Largest Japanese Transaction on Record
7 1.2Sumitomo Mitsui Trust Holdings
55,679.43
Sh %Change in
BNP Paribas SA 12
1.0
12Shinsei Bank
8Aozora Bank Ltd 10
Resona Holdings Inc9
CTBC Financial Holding Co Ltd 1314
1Sumitomo Mitsui Finl Grp Inc
12
5 4
9
60,555.2-7.9
# of
60223.4 ▼
-0▲ 30.92
Share %▼
2,096.4
28.1
2,465.2
Share Ch.Proceeds
7,011.6
34.6
2016 Rank
2017 Rank
Mitsubishi UFJ Financial Group 310
Bookrunner
Credit Agricole CIB 4
Mizuho Financial Group 457
Jan 1 - Dec 31
-71
Market Market
Japan Loans - Bookrunners (S12b)
Deals74,483.8
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
3.3 2.9 ▲7
# of Deals
2.333.8
Citi
7
56
Concordia Financial Group8
Development Bank of Japan Inc6
714
3,557.8 ▲1.7
659▲25.9
▼0.2
▲▲ 0.7
0.6
35
-0.2
1.2
2.8
▲-0.1 1.8
-16 0.3▼
-0.1
▼-10
-1031
-14
1.6▼ 1▼
▲▼
▼8182 4.2 ▼
-
4.2
13-4
▲
▲
-3
0.3
0-0.71.2
0.00.40.3
24-0.2
▲▲1
70.00.4▼1.2
0.1
▲8-0.1
0.0--
▲-0.1 0▲0.5 3
30.2
2▲
0.0
9
4
0.230.1
10.1
0.0110.2- ▲0.1
▲-2 20.1
0.1
Daishi Bank Ltd 67.619
1715
Shikoku Bank Ltd17
JP Morgan
,
-8.3% ▼ -2.9% ▼Industry % Change from Last Quarter 9.2% ▲ -56.2% ▼Industry % Change from Same Period Last Year
,
Acquisition Fin.
Sony Corp
3/31/2017
2/28/2017
,
2,519.0
2,658.32,525.6TOSHIBA Corp
2,693.4Marubeni Corp3/31/2017 Working Capitalg p
Overall Japan Loans Volume
Working CapitalTakeda Pharmaceutical Co Ltd
General Corp. Purp.
p
4/3/2017
Japan Loans Proceeds by Industry (US$b) Jan 1 - Dec 31 2017
1,661 1,686
1,826 1,8651,958
2,027 2,047 2,005
0
500
1,000
1,500
2,000
2,500
$0
$50
$100
$150
$200
$250
$300
$350
2010 2011 2012 2013 2014 2015 2016 2017
# of
Dea
ls
Proc
eeds
(US$
b)
Q4 Proceeds (US$b) Q3 Proceeds (US$b) Q2 Proceeds (US$b) Q1 Proceeds (US$b) # of Issues
$45.620.2%
$26.711.9%
$26.011.5%
$22.910.2%
$22.510.0%
$19.98.9%
$13.15.8%
$11.25.0%
$11.14.9%
Industrials Financials
Telecommunications Materials
High Technology Energy and Power
Consumer Staples Consumer Products and Services
Real Estate Retail
Media and Entertainment Healthcare
.
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-
▲
0
1
102▼
0.0
▲0.1
Aozora Bank Ltd 10
0.311
641.51410
-
Resona Holdings Inc
JP Morgan 19 175.0
Shinsei Bank
Concordia Financial Group
27*27*
Taishin International Bank
18
0.0
0.1
1616Sapporo Hokuyo Holdings Inc
245.8Hokuhoku Financial Group Inc
Nishi-Nippon Finl Hldg Inc
1312
BNP Paribas SA 1112CTBC Financial Holding Co LtdFukuoka Financial Group Inc
-
135.3
0.00.0
406.3
269.10.1
0.1-
17
609.6▲
0.0
17 24
14
0.118*
293.6
13
300.00.2 -0.1
HSBC Holdings PLC 18*15
1
▼89
0.0
▲
2810
-▼
20
91.241
90.2
Daishi Bank LtdBicecorp SABarclays
Iyo Bank Ltd114.5
23*190.2
0 0 1Bank of America Merrill Lynch 0.00.0
25*23*
0 00 066 7 ▲
1 0.0-
1-
-
-0
▲
3
0.0
▲▲
1410
-3
1-
0.23
▲3
-34
0.00 -
0.20.1
2
-4
0.3 ▲▼
▲
0.5
4
0.3
0.7
-1
-135.1
11.3
-117
▼6
26
0.3
88
▲
2,427.7 0.01.1
826.2 0.41,269.91,613.6
1.7
0.7
Deals-68
10
0.7 ▲15
▲
3
1.4
▲
39
0.1
Change in
35.5-1059 ▼
▲
650
15
32.4 ▼
▼
4
4.4
1.9 ▲
2.9▲ ▲7712
Sh %Market
24.8
# of Deals per MA
9
8
▲
31.428.126.5
1
3,980.1
▲
▲
0.1
0.6
0.1
▼-
0.1
0.0▲
▲
1.1
Proceeds
64,297.8
2016 Rank
0.1
0.3
Share %
2.7
60,456.14
Japan
▼
Full Year 2017 | Syndicated Loans | Managing Underwriters
Japan Loan Volume - Non-Japanese Borrowers
Share Ch.
Japan Loans - Mandated Arrangers (S12a)
Market
71,729.5
Jan 1 - Dec 31
2 ▲▼
-7
Proceeds per Mandated Arranger (US$m)
497
# of# of Deals
Market
0.2
3
Mandated Arranger1
9,313.6
0.6Mizuho Financial Group
2017 Rank
-5.5
3Sumitomo Mitsui Finl Grp Inc 2
5
1.5
5 6,078.94.1
Credit Agricole CIB2.1
CitiDevelopment Bank of Japan Inc
-0.2
4
70.3
2,401.1
1.06
7
0.06
Mitsubishi UFJ Financial GroupSumitomo Mitsui Trust Holdings
6
0.15
▲
2122
0.10.50.1
-
0.0
0.1
2
0.0
10
2
12
6
13
3
6
10
43
11
4
9
4
21
4
11
2
26
7
15
4
6
2
8 6
15
10
15
20
25
30
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
# of
Issu
es
Proc
eeds
(US$
m)
Proceeds (US$m) No. of Deals
-56.0% ▼
228,520.6 100.0
▼ -2.1%-5.1%12.5% ▲
Japan Loan Volume by Maturity Date
Taishin International Bank
Japan Loans - Top 10 Uses of Proceeds (US$b)
10.0 1-25*227,923.5
Industry % Change from Same Period Last Year
0.0-0.066.799.7
▼
2,005
▲▲Top Twenty Five Total
Industry Total0.5
Jan 1 - Dec 31 2017
-42
*tie
Industry % Change from Last Quarter
2 2 4 21
0$0Q1 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
2011 2012 2013 2014 2015 2016 17
199.9 124.4 122.3 90.2 82.0 43.3 51.7 24.7 152.5
1978
1157 1110
884802
521460
352
1,499
0
500
1,000
1,500
2,000
2,500
$0
$50
$100
$150
$200
$250
2018 2019 2020 2021 2022 2023 2024 2025 2025 & Beyond
# of
Issu
es
Proc
eeds
(US$
b)
Proceeds(US$b) # of Issues
$95.9 42.6%
$37.7 16.7%
$29.9 13.3%
$20.6 9.2%
$12.8 5.7%
$11.3 5.0%
$6.8 3.0%
$5.8 2.6%
$4.4 1.9% Working Capital
Capital Expenditures
General Corporate Purposes
Refinance Bank Debt
Refinancing
Acquisition Financing
Project Finance
Leveraged Buyout
Property Acquisition
.
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-
-
-
-
-
-
-
-
Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.
Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current andprevious year's data is as of 9:00am EST on December 29, 2017.
All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
Market Segments (i.e. leveraged, investment grade) in this report are based on SDC 'yield type' which is defined separately from Thomson Reuters LPC 'market segments'. Please speakto your contributor relations representative for more details.
E-mail: [email protected]: +813 6441 1155
Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
If you would like to participate in the submission process, receive quarterly press releases, orhave questions about league table criteriaplease contact:
AmericasSalvatore Reres
Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be giviento the surviving/parent firm.
Full Year 2017 | Syndicated Loans | Managing Underwriters
Ranking Criteria Summary
Tel: +1 646 223-8455E-mail: [email protected]
Europe
Emily Au
E-mail: [email protected]
Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
Japan
Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm
Ai Hashimoto
Asia-Pacific
Ewelina JareckaTel: +44 207 542 2246E-mail: [email protected]
Tel: +852 2912 6603
-
-
-
-
- Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most comprehensive and accurate view of the syndicated loans market available.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".
Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.
or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to non-lead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting inpartnership with Thomson Reuters.
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 liablefor 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 orimplied, 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 carryout 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.
© 2017 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.
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