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Q4 2011 League Tables – Q4 2011 League Tables – Q4 2011 League Tables

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Table of Contents

. Introduction1

Corporate Bonds (All). 2

International Bonds. 3

Global Bonds. 4

High Yield (All). 5

Euro Bonds. 6

Yen Bonds. 7

U.S. Bonds. 8

U.S. Agencies. 9

Euromarket Bonds. 10

Asia ex-Japan G3 Currency Bonds. 11

Japanese Corporates. 12

Asian Local Currency Bonds. 13

Bloomberg 2011

12/31/2011

EmailFaxPhoneContact

+1-212-617-7715 [email protected]+1-917-369-7306Daniel CovelloAmericas

[email protected]+44-20-77392-6161+44-20-3216-4032Robbie WollersheimEMEA

[email protected]+852-2977-2175+852-2977-2125Vivian LeeAsia-Pac (HK)

Asia-Pac (SG) [email protected]+65-6499-2729+65-6499-2629Piyanut Ruangrailak

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.

Bloomberg

©2011 Bloomberg Finance L.P. All rights reserved.

Global Fixed Income Markets Review

International Bonds - 2011 Year End Review• MARKET ACTIVITY - International bond issuance for 2011 has decreased slightlycompared to issuance 2010. In 2011, US$3.369 trillion was issued compared to US$3.387 trillion in 2010, a .53% decrease. This drop in issuance is coupled with a 3.4%decrease in securities issued in 2011, 10,094 compared to 10,450 in 2010.

• TOP MARKET OF ISSUE - The Euro MTN was the largest market of issue for the yearof 2011 with 5,495 securities totaling US$ 1.3 trillion. The top deal for the Euro MTNmarket was issued by the European Union in issue size of EUR 5 billion with acoupon rate of 2.75%, maturing in September of 2021. The Global and Euro-Zonemarkets follow as the second and third largest markets of issuance with US$ 700billion and US$ 614 billion issued, respectively.

• TOP COUNTRY OF ISSUANCE - German companies issued the largest volume ofdebt with 2,616 securities totaling US$ 524 billion. The United States followed withthe highest dollar amount issued with US$ 478 billion through 550 securities. Francerounded out the top three countries by issuing US$ 330 billion through 678securities.

• TOP UNDERWRITER - Barclays claimed the top underwriting position forInternational debt issuance for the fourth year in a row. Barclays underwrote US$246 billion through 825 securities capturing 7.3% of the total market share.Deutsche Bank was a close second for the second year in a row, underwriting US$238 billion and capturing 7.1% of total market share. JP Morgan holds its position inthird for the second year in a row by underwriting US$ 208 billion, almost US$ 20billion more than the fourth place underwriter, HSBC Bank PLC.

• INDUSTRY ANALYSIS - Auto Manufacturers, Sovereign, and Telecommunicationssectors increased in both volume and securities issued in 2011 in comparison withthe same period in 2010. The Auto Manufacturers sector showed the largest growthin both security issuance and the largest dollar amount increased by 92.6% and54.1%, respectively in comparison to the other sectors.

Bloomberg

Corporate Bonds (All)

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011

Underwriter League Tables

6.7 1JP Morgan 193,810 0.50 997 1 6.1 (0.6)

5.6 2Deutsche Bank AG 172,121 0.45 1037 2 5.4 (0.2)

5.5 3Bank of America Merrill Lynch 164,780 0.59 2513 3 5.2 (0.3)

4.7 5Citi 153,663 0.52 1086 4 4.8 0.1

4.1 7Morgan Stanley 143,837 0.49 2323 5 4.5 0.4

4.8 4Barclays Capital 143,758 0.51 950 6 4.5 (0.3)

3.7 9Goldman Sachs & Co 134,178 0.49 608 7 4.2 0.5

3.9 8HSBC Bank PLC 117,288 0.31 823 8 3.7 (0.2)

3.3 10UBS 99,675 0.47 1142 9 3.1 (0.2)

3.3 12BNP Paribas Group 94,937 0.36 508 10 3.0 (0.3)

4.1 6Credit Suisse 94,174 0.46 536 11 3.0 (1.1)

3.3 11RBS 86,600 0.47 574 12 2.7 (0.6)

1.5 14UniCredit 58,665 0.13 195 13 1.8 0.3

1.5 15RBC Capital Markets 56,224 0.55 369 14 1.8 0.3

1.2 20Wells Fargo & Co 49,653 0.73 1723 15 1.6 0.4

1.4 16Intesa Sanpaolo SpA 45,780 1.00 129 16 1.4 -

1.7 13Credit Agricole CIB 45,096 0.31 221 17 1.4 (0.3)

1.4 17Societe Generale 39,475 0.33 187 18 1.2 (0.2)

1.0 21Mizuho Financial Group Inc 34,748 0.57 270 19 1.1 0.1

1.4 18WestLB AG 33,271 0.35 281 20 1.0 (0.4)

TOTAL 100% 100% 3,181,920 19,4480.45 3,201,240

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value*

Includes all eligible international corporate bonds; bonds that can be sold outside their domestic market. Volume in USD millions.

Basic Materials 3.76%

Consumer Prod/Svcs 11.44%

Financial 58.73%

Government 1.52%

Industrial 6.44%

Oil/Gas/Elect 11.06%

Tech/Comm 7.05%

Total: 100.00%

INDUSTRY BREAKDOWN

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

1,200,000

3600

4000

4400

4800

5200

5600

6000

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

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2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

QUARTERLY VOLUME

USD (Mln) / #Deals


LEAG <GO> LREP <GO>LEAG <GO>LALT <GO>LMX <GO>LREP <GO>

Bloomberg

International Bonds

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011



7.3 2Deutsche Bank AG 238,162 0.25 1104 2 7.1 (0.2)

6.4 3JP Morgan 208,065 0.32 944 3 6.2 (0.2)

5.5 4HSBC Bank PLC 189,381 0.22 875 4 5.6 0.1

4.1 6BNP Paribas Group 178,105 0.18 650 5 5.3 1.2

3.6 10Citi 155,722 0.27 653 6 4.6 1.0

4.3 5UBS 150,652 0.14 563 7 4.5 0.2

3.4 11Goldman Sachs & Co 140,405 0.29 472 8 4.2 0.8


3.8 9RBS 108,063 0.34 554 10 3.2 (0.6)

3.1 12Morgan Stanley 98,979 0.31 480 11 2.9 (0.2)

4.0 7Credit Suisse 94,962 0.23 446 12 2.8 (1.2)

2.8 13UniCredit 92,141 0.13 310 13 2.7 (0.1)

2.4 14Credit Agricole CIB 89,966 0.17 309 14 2.7 0.3



1.6 19Natixis 57,482 0.20 243 17 1.7 0.1

1.6 17Intesa Sanpaolo SpA 55,376 1.00 137 18 1.6 -

1.4 20DZ Bank AG 47,481 0.16 372 19 1.4 -

0.9 26Banco Santander SA 45,229 0.19 199 20 1.3 0.4

TOTAL 100% 100% 3,369,020 10,0940.26 3,387,870


Includes all eligible international bonds; bonds that can be sold outside their domestic market. Volume in USD millions.



Financial 52.40%

Government 30.52%

Industrial 2.06%

Oil/Gas/Elect 4.26%

Tech/Comm 3.99%

Total: 100.00%

INDUSTRY BREAKDOWN

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1600

1800

2000

2200

2400

2600

2800

3000

3200

3400

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

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2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg

Global Bonds

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011



12.7 2JP Morgan 92,984 0.32 271 2 12.2 (0.5)

8.5 4UBS 66,352 0.13 109 3 8.7 0.2

7.2 6Goldman Sachs & Co 62,510 0.32 156 4 8.2 1.0

5.8 8Citi 59,160 0.30 189 5 7.7 1.9

7.2 5Bank of America Merrill Lynch 56,383 0.37 217 6 7.4 0.2

9.3 3Deutsche Bank AG 52,580 0.23 142 7 6.9 (2.4)

6.6 7Morgan Stanley 42,180 0.32 171 8 5.5 (1.1)


3.9 11HSBC Bank PLC 32,538 0.26 92 10 4.3 0.4


4.2 9Credit Suisse 23,693 0.25 93 12 3.1 (1.1)

4.1 10RBS 19,142 0.43 99 13 2.5 (1.6)

0.7 18Wells Fargo & Co 14,843 0.51 65 14 1.9 1.2

1.5 14TD Securities 13,429 0.30 48 15 1.8 0.3

1.1 15CIBC 10,545 0.06 15 16 1.4 0.3

0.8 17BMO Capital Markets 7,605 0.02 10 17 1.0 0.2

0.5 19National Bank Financial Inc 5,399 0.05 9 18 0.7 0.2

0.2 23Daiwa Securities Group Inc 5,315 0.17 16 19 0.7 0.5

0.2 22Societe Generale 4,788 0.41 19 20 0.6 0.4

TOTAL 100% 100% 765,001 7560.27 704,541


Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.



Financial 23.21%

Government 49.57%

Industrial 1.63%

Oil/Gas/Elect 4.21%

Tech/Comm 9.69%

Total: 100.00%

INDUSTRY BREAKDOWN

80,000

120,000

160,000

200,000

240,000

280,000

320,000

360,000

400,000

440,000

80

100

120

140

160

180

200

220

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

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2010

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2011

Q1

2011

Q2

2011

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2011

Q4

QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg

High Yield (All)

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


12.3 1JP Morgan 34,726 1.45 206 1 11.1 (1.2)


8.0 4Deutsche Bank AG 28,091 1.34 174 3 9.0 1.0

7.7 5Citi 25,904 1.33 164 4 8.3 0.6

8.9 3Credit Suisse 25,885 1.60 163 5 8.3 (0.6)

6.7 6Goldman Sachs & Co 23,012 1.24 143 6 7.4 0.7

6.3 7Barclays Capital 21,243 1.35 146 7 6.8 0.5

5.6 8Morgan Stanley 18,652 1.57 125 8 6.0 0.4

3.6 10RBS 11,125 1.07 87 9 3.6 -

3.4 11Wells Fargo & Co 10,593 1.69 97 10 3.4 -

4.2 9UBS 10,408 1.44 75 11 3.3 (0.9)



1.9 13HSBC Bank PLC 6,991 1.07 41 14 2.2 0.3

1.8 14Jefferies Group Inc 5,760 0.79 40 15 1.8 -


0.5 24ING Groep NV 2,766 2.00 25 17 0.9 0.4

0.5 23Societe Generale 2,070 0.65 19 18 0.7 0.2

0.5 20Banco Itau BBA SA 1,918 n/a 13 19 0.6 0.1

0.4 25BMO Capital Markets 1,874 1.73 15 20 0.6 0.2

TOTAL 100% 100% 312,269 7291.40 369,268




Financial 18.51%

Industrial 10.22%


Tech/Comm 18.12%

Total: 100.00%

INDUSTRY BREAKDOWN

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

0

40

80

120

160

200

240

280

320

2008

Q1

2008

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2011

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QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg

Euro Bonds

1/1/11 - 12/31/11

FIRM

EUR (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


6.0 1Deutsche Bank AG 83,112 0.20 433 1 6.7 0.7


5.2 3UniCredit 65,829 0.13 307 3 5.3 0.1

4.7 5HSBC Bank PLC 62,242 0.15 283 4 5.0 0.3


4.7 4Barclays Capital 57,700 0.35 263 6 4.7 -


2.9 11Natixis 39,568 0.19 227 8 3.2 0.3

2.9 10Intesa Sanpaolo SpA 39,212 1.01 133 9 3.2 0.3

2.4 14UBS 34,497 0.17 173 10 2.8 0.4

1.6 22Citi 34,459 0.14 152 11 2.8 1.2

2.8 12JP Morgan 33,435 0.16 145 12 2.7 (0.1)

2.2 17Landesbank Baden-Wuerttemberg 31,880 0.15 308 13 2.6 0.4

2.3 15Commerzbank AG 29,709 0.13 215 14 2.4 0.1

2.3 16DZ Bank AG 29,666 0.17 332 15 2.4 0.1

2.8 13RBS 28,298 0.15 151 16 2.3 (0.5)

3.1 8WestLB AG 27,651 0.35 339 17 2.2 (0.9)

1.5 23Goldman Sachs & Co 25,578 0.14 122 18 2.1 0.6

1.6 21Norddeutsche Landesbank GZ 25,176 0.17 181 19 2.0 0.4

2.0 18BayernLB 23,815 0.15 186 20 1.9 (0.1)

TOTAL 100% 100% 1,238,450 5,2010.17 1,346,090


Includes all eligible bonds denominated in euros. Volume in EUR millions.


Financial 65.96%

Government 25.31%

Industrial 1.65%

Oil/Gas/Elect 2.50%

Tech/Comm 2.10%

Total: 100.00%

INDUSTRY BREAKDOWN

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

800

1000

1200

1400

1600

1800

2000

2008

Q1

2008

Q2

2008

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2008

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2009

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2009

Q2

2009

Q3

2009

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2010

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2010

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2010

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2011

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2011

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2011

Q3

2011

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QUARTERLY VOLUME

EUR (Mln) / #Deals



Bloomberg

Yen Bonds

1/1/11 - 12/31/11

FIRM

JPY (Bln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


13.1 5Morgan Stanley 3,044 0.36 277 1 21.0 7.9


18.8 1Nomura Holdings Inc 2,381 0.34 261 3 16.4 (2.4)

13.5 4Sumitomo Mitsui Financial Group Inc 2,029 0.34 202 4 14.0 0.5

15.5 3Daiwa Securities Group Inc 1,982 0.34 242 5 13.7 (1.8)

1.5 10Goldman Sachs & Co 439 0.29 47 6 3.0 1.5

1.7 8Citi 325 0.38 40 7 2.2 0.5

2.1 7Bank of America Merrill Lynch 315 0.31 40 8 2.2 0.1

1.7 9Barclays Capital 184 0.34 31 9 1.3 (0.4)

0.2 21JP Morgan 173 0.35 18 10 1.2 1.0

0.5 17RBS 134 n/a 14 11 0.9 0.4

0.8 14HSBC Bank PLC 122 0.32 12 12 0.8 -

1.4 11BNP Paribas Group 102 0.30 17 13 0.7 (0.7)

1.0 13Credit Agricole CIB 72 n/a 10 14 0.5 (0.5)

0.5 18Tokai Tokyo Securities Co Ltd 63 0.35 14 15 0.4 (0.1)

0.4 20Shinkin Securities 56 0.34 13 16 0.4 -

1.0 12Deutsche Bank AG 48 0.36 12 17 0.3 (0.7)

0.6 15UBS 44 0.35 11 18 0.3 (0.3)

0.1 23Societe Generale 35 n/a 4 19 0.2 0.1

0.6 16Credit Suisse 22 0.38 4 20 0.1 (0.5)

TOTAL 100% 100% 14,508 7760.38 16,078


Includes all eligible bonds denominated in JPY.



Financial 42.54%

Government 22.53%

Industrial 9.38%

Oil/Gas/Elect 1.87%

Tech/Comm 4.44%

Total: 100.00%

INDUSTRY BREAKDOWN

2,800

3,200

3,600

4,000

4,400

4,800

5,200

5,600

6,000

120

140

160

180

200

220

240

260

280

300

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

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2011

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QUARTERLY VOLUME

JPY (Bln) / #Deals



Bloomberg

U.S. Bonds

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


12.5 1JP Morgan 212,054 0.40 907 1 12.7 0.2



8.2 5Citi 144,410 0.41 892 4 8.7 0.5

7.1 7Goldman Sachs & Co 120,048 0.40 481 5 7.2 0.1

8.3 4Deutsche Bank AG 114,559 0.34 534 6 6.9 (1.4)

7.1 6UBS 112,026 0.21 960 7 6.7 (0.4)

6.8 8Morgan Stanley 112,010 0.47 2097 8 6.7 (0.1)

5.6 9Credit Suisse 72,763 0.36 449 9 4.4 (1.2)


3.4 11HSBC Bank PLC 62,283 0.29 271 11 3.7 0.3

4.1 10RBS 53,167 0.48 348 12 3.2 (0.9)

2.4 12Wells Fargo & Co 53,085 0.69 1821 13 3.2 0.8


0.7 15Jefferies Group Inc 9,944 0.30 114 15 0.6 (0.1)

0.3 19Mitsubishi UFJ Financial 8,282 0.52 61 16 0.5 0.2



0.3 21Banco Santander SA 7,634 0.29 31 19 0.5 0.2

0.2 24SunTrust Robinson Humphrey 7,440 0.65 88 20 0.4 0.2

TOTAL 100% 100% 1,666,410 10,4040.38 1,786,860


Includes U.S. Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD. Volume in USD millions.



Financial 32.56%

Government 28.59%

Industrial 4.02%


Tech/Comm 8.82%

Total: 100.00%

INDUSTRY BREAKDOWN

200,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

650,000

700,000

2000

2200

2400

2600

2800

3000

3200

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

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2010

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2011

Q1

2011

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QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg

U.S. Agencies

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


12.8 2UBS 106,019 0.08 911 1 12.4 (0.4)


9.0 3JP Morgan 68,908 0.08 453 3 8.0 (1.0)

6.8 5Citi 65,607 0.07 385 4 7.7 0.9


7.7 4Deutsche Bank AG 54,301 0.08 360 6 6.3 (1.4)

4.0 10FTN Financial 40,592 0.24 974 7 4.7 0.7

4.5 8Credit Suisse 39,641 0.08 605 8 4.6 0.1

5.4 6Goldman Sachs & Co 31,024 0.08 164 9 3.6 (1.8)


4.2 9Morgan Stanley 27,201 0.12 373 11 3.2 (1.0)

2.3 15Jefferies Group Inc 21,678 0.10 519 12 2.5 0.2

3.1 12RBS 19,708 0.05 190 13 2.3 (0.8)

2.5 14Incapital LLC 19,228 0.41 641 14 2.2 (0.3)

1.8 16Wells Fargo & Co 17,970 0.12 481 15 2.1 0.3

1.4 17Morgan Keegan & Co 15,761 0.20 684 16 1.8 0.4

1.3 18Vining Sparks 13,689 0.22 732 17 1.6 0.3

1.1 20Stifel Nicolaus Weisel 12,988 0.31 420 18 1.5 0.4

0.6 24SunTrust Robinson Humphrey 10,620 0.22 431 19 1.2 0.6

3.1 11RBC Capital Markets 9,034 0.12 147 20 1.1 (2.0)

TOTAL 100% 100% 856,187 7,7610.12 1,203,640


Includes Sovereign Agency issues. These issues are exempt from the 18-month call rule. Volume in USD millions.

Fannie Mae 30.18%

Federal Farm Credit Bank 10.76%

Federal Home Loan Banks 24.83%

Federal Home Loan Mortgage Corp 34.23%

Total: 100.00%

Agency Breakdown

40,000

80,000

120,000

160,000

200,000

240,000

280,000

320,000

360,000

400,000

400

800

1200

1600

2000

2400

2800

3200

2008

Q1

2008

Q2

2008

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2009

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2009

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2010

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2011

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QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg

Euromarket Bonds

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


6.8 1Deutsche Bank AG 165,096 0.28 857 1 7.2 0.4


5.4 2HSBC Bank PLC 129,762 0.18 679 3 5.6 0.2

5.1 4Barclays Capital 120,371 0.32 559 4 5.2 0.1

4.0 5UniCredit 91,692 0.13 307 5 4.0 -


3.9 6JP Morgan 79,938 0.27 522 7 3.5 (0.4)

3.2 10UBS 77,437 0.16 410 8 3.4 0.2

3.6 8RBS 75,967 0.22 394 9 3.3 (0.3)

2.2 16Citi 70,554 0.14 357 10 3.1 0.9


2.1 17Goldman Sachs & Co 62,405 0.14 243 12 2.7 0.6

3.7 7Credit Suisse 58,394 0.16 303 13 2.5 (1.2)

2.2 15Natixis 56,857 0.19 240 14 2.5 0.3

2.3 13Intesa Sanpaolo SpA 55,069 1.01 135 15 2.4 0.1


1.9 19DZ Bank AG 47,307 0.16 371 17 2.1 0.2

1.7 21Landesbank Baden-Wuerttemberg 44,225 0.15 311 18 1.9 0.2

1.9 18Morgan Stanley 43,751 0.21 280 19 1.9 -

1.8 20Commerzbank AG 41,944 0.13 237 20 1.8 -

TOTAL 100% 100% 2,306,040 8,9400.23 2,362,840


Includes all eligible Euromarket bonds. Volume in USD millions.


Financial 62.87%

Government 26.03%

Industrial 1.95%

Oil/Gas/Elect 3.18%

Tech/Comm 2.26%

Total: 100.00%

INDUSTRY BREAKDOWN

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1400

1600

1800

2000

2200

2400

2600

2800

3000

3200

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg

Asia ex-Japan G3 Currency Bonds

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


10.6 1HSBC Bank PLC 10,391 0.25 67 1 15.4 4.8

9.3 3Citi 6,985 0.46 46 2 10.3 1.0

10.1 2Deutsche Bank AG 5,214 0.10 32 3 7.7 (2.4)

6.9 6Barclays Capital 4,658 0.35 29 4 6.9 -

4.6 11Standard Chartered PLC 4,556 0.30 34 5 6.7 2.1

7.1 5UBS 4,537 0.25 28 6 6.7 (0.4)


5.6 9Goldman Sachs & Co 3,857 0.24 28 8 5.7 0.1

4.7 10RBS 3,718 0.30 30 9 5.5 0.8

9.1 4JP Morgan 3,658 0.17 25 10 5.4 (3.7)

5.9 8Morgan Stanley 2,308 0.28 21 11 3.4 (2.5)

4.2 12Credit Suisse 2,242 0.28 17 12 3.3 (0.9)

2.0 14Bank of China 2,207 n/a 14 13 3.3 1.3


2.6 13BNP Paribas Group 1,443 0.45 12 15 2.1 (0.5)

0.9 20Mizuho Financial Group Inc 919 0.32 10 16 1.4 0.5

- -Industrial & Comm Bank of China 739 n/a 6 17 1.1 -

0.7 23Korea Development Bank 733 0.27 5 18 1.1 0.4

1.7 15Nomura Holdings Inc 659 0.35 6 19 1.0 (0.7)

0.7 22CIMB 500 n/a 2 20 0.7 -

TOTAL 100% 100% 67,582 1550.40 76,164


Includes all eligible bonds from Asia Pacific issuers in JPY, EUR and USD excluding Japan, Australia and New Zealand. Excludes Supranational issues.

Minimum issue size is USD100 million. Volume in USD millions.



Financial 45.34%

Government 12.95%

Industrial 4.66%


Tech/Comm 3.18%

Total: 100.00%

INDUSTRY BREAKDOWN

0

4,000

8,000

12,000

16,000

20,000

24,000

28,000

0

10

20

30

40

50

60

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg

Japanese Corporates

1/1/11 - 12/31/11

FIRM

JPY (Bln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


12.8 5Mitsubishi UFJ Morgan Stanley Securities 1,873 0.39 157 1 22.7 9.9



17.3 4Sumitomo Mitsui Financial Group Inc 1,436 0.38 123 4 17.4 0.1

18.4 3Daiwa Securities Group Inc 1,118 0.36 135 5 13.5 (4.9)

0.9 7Goldman Sachs & Co 221 0.30 17 6 2.7 1.8

0.7 10Citi 119 0.50 15 7 1.4 0.7

0.8 8Bank of America Merrill Lynch 93 0.31 15 8 1.1 0.3

0.7 9Tokai Tokyo Securities Co Ltd 42 0.37 10 9 0.5 (0.2)

0.1 17JP Morgan 35 0.34 7 10 0.4 0.3

- -Credit Suisse 24 0.38 3 11 0.3 -

0.2 15Barclays Capital 20 0.34 5 12 0.2 -

0.2 16Shinkin Securities 20 0.37 5 13 0.2 -

0.3 13Deutsche Bank AG 10 0.33 3 14 0.1 (0.2)

- 18Okasan Securities Group Inc 9 0.38 3 15 0.1 0.1

0.4 11BNP Paribas Group 6 0.36 1 16 0.1 (0.3)

0.3 12UBS 2 0.32 1 17 0.0 (0.3)

TOTAL 100% 100% 8,269 3940.37 9,560


Includes all eligible domestic bonds issued from Japanese corporates and banks. Volume in JPY billions.



Financial 44.51%

Industrial 14.85%

Oil/Gas/Elect 2.22%

Tech/Comm 6.47%

Total: 100.00%

INDUSTRY BREAKDOWN

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

60

70

80

90

100

110

120

130

140

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

QUARTERLY VOLUME

JPY (Bln) / #Deals



Bloomberg

Asian Local Currency Bonds

1/1/11 - 12/31/11

FIRM

USD (Mln)

RANKMKT

SHARE

DEAL

COUNT

VOLUMEMKT

SHARE

RANK

MKT

SHARE

CHG (%)

DISCL

FEES (%)*

20102011


8.6 1HSBC Bank PLC 15,402 0.20 333 1 8.3 (0.3)

7.7 2Standard Chartered PLC 10,793 0.14 319 2 5.8 (1.9)

2.7 8KB Investment & Securities Co Ltd 7,430 0.30 121 3 4.0 1.3

3.6 6CIMB 7,313 0.13 143 4 4.0 0.4

2.0 11Woori Investment & Securities Co Ltd 5,915 0.30 104 5 3.2 1.2

1.9 12Maybank 5,836 0.20 131 6 3.2 1.3

3.8 4Axis Bank Ltd 5,759 n/a 232 7 3.1 (0.7)

5.0 3DBS Group Holdings Ltd 5,570 0.21 69 8 3.0 (2.0)

3.0 7ICICI 4,734 n/a 193 9 2.6 (0.4)

0.8 38Samsung Securities Co Ltd 4,486 0.26 71 10 2.4 1.6

3.6 5TongYang Securities Inc 4,352 0.27 105 11 2.4 (1.2)

1.7 18Korea Investment & Securities Co 3,888 0.30 97 12 2.1 0.4

1.4 20Korea Development Bank 3,515 0.30 127 13 1.9 0.5

2.6 9Barclays Capital 3,406 n/a 122 14 1.8 (0.8)

2.2 10ICICI Securities Primary Dealership Ltd 3,302 n/a 147 15 1.8 (0.4)

0.8 37Hana Daetoo Securities Co Ltd 3,273 0.28 51 16 1.8 1.0

1.8 14AmInvestment Bank Bhd 3,193 n/a 107 17 1.7 (0.1)

1.7 16Daewoo Securities Co Ltd 3,185 0.28 68 18 1.7 -

1.4 22Shinhan Investment Corp 2,974 0.26 64 19 1.6 0.2

1.2 25Yuanta Securities Co Ltd 2,905 n/a 92 20 1.6 0.4

TOTAL 100% 100% 184,666 2,6810.28 162,373


Includes all eligible bonds denominated in SGD, MYR, HKD, KRW, TWD, INR, THB, IDR, VND and PHP. Excludes issues that are callable or puttable

and mature in less than 12 months. Volume in USD millions.



Financial 53.19%

Government 3.25%

Industrial 10.43%


Tech/Comm 4.26%

Total: 100.00%

INDUSTRY BREAKDOWN

24,000

28,000

32,000

36,000

40,000

44,000

48,000

52,000

350

400

450

500

550

600

650

700

750

800

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

QUARTERLY VOLUME

USD (Mln) / #Deals



Bloomberg Fixed Income - League Criteria

Submission Bloomberg must be notified by book-running managers of all key information within 10 business day of deal issuance. Key information includes but is not limited to; issuer name, size (amount offered or number of shares), currency, coupon, maturity type, maturity date, initial settlement date and market of issue type. General Guidelines Credit is based on the total amount of the offering. Full credit is awarded to sole book-running manager or split equally among joint book-running managers.

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. Note: concessions are not deducted.

Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk. Country of risk is determined by four main factors: management location, country of primary listing, sales/revenue and reporting currency of the issuer. Where an issuer is specifically guaranteed, issuer nationality is the country of risk of the guarantor. To view criteria settings for a particular table - change View option on LEAG <GO> to 'Criteria'.

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.

U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar 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 will be eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings. Investment grade includes deals rated Baa3 or above by Moody’s and BBB- or above by S&P. High yield includes deals rated lower than Baa3 by Moody’s and lower than BBB- by S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in investment grade table. Exclusions

• Self-led issues under US$50 million (or equivalent - conversion into USD is done by using the exchange rate on the announcement date of the issue). Note: due to local market conventions, criteria may vary. Self-led transaction are identifies as sole bookrunning deals in which issuer/selling shareholder and bookrunner is the same entity or share an ownership relationship of greater than 50%.

• 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.

Challenges

• Challenges must be received in writing within 10 business day of issuance, with the exception of quarter end.

- Challenges are locked down 10 days prior to end of each quarter and only deals announced within this period will be eligible.

• Challenge proposal must include identification of the transaction, rationale, and supporting evidence.

• Challenged party must provide evidence to Bloomberg disproving the challenge within 5 business days of challenge notification. Failure to respond will result in removal of league table credit. Credit will be restored once proper documentation has been provided.

Bloomberg Fixed Income - League Criteria

Country/Regional Specific Guidelines United States

• Credit is allocated based on exact proceeds as disclosed in documentation for U.S. MTNs, bank notes, deposit notes and certificate of deposits, and all non global U.S. Agencies.

Canada • For Canadian domestic bonus tables, credit is based on a bonus credit system where both lead

bookrunners and co-manager are allocated credit. The lead bookrunner receives credit equal to 2/n+1 multiplied by the face amount, where 'n' equals the number of involved parties. The co-managers receive credit of 1/n+1 multiplied by the face amount. In the case of joint bookrunners, the credit is divided equally among all involved bookrunners.

• Both syndicated and best efforts transactions are eligible. • Transactions executed from the CSCF Program are excluded. • Municipal bonds issued by Canadian entities which total at least C$25 million in issuance are

eligible. Serial bonds issuances (group of bonds from the same issue, where blocks of the issue have different maturity dates) which aggregate to a total of at least C$25 million are also eligible.

EMEA • Any non-USD REGS/144A issues that meet all other criteria will be eligible for the Euromarket

tables. Deals that are issued in USD currency must have a Eurozone country of risk (EU member countries that have adopted the EURO) in order to be eligible.

Brazil • Credit is allocated based on exact proceeds as disclosed in documentation for the Brazil

Domestic tables. • Privately placed securities issued under instruction 476 (Restricted Efforts) are eligible with

proper documentation submission. • Minimum 12 month period. See third paragraph under General Guidelines. • Self-funded issues under US$10 million (or equivalent - conversion into USD is done by using the

exchange rate on the announcement date of the issue) are excluded.

Mexico • Mexico domestic table is comprised of fully marketed Certificados Bursatiles, CPOs, Bonos

Bancarios, Pagares Financieros, Pagares a Mediano Plazo, and Obligaciones. • Issues fully guaranteed by the federal Government will be included. • Issues that result from IPAB debt restructuring will be excluded. • Minimum 12 month period. See third paragraph under General Guidelines. • Self-funded issues under US$10 million (or equivalent - conversion into USD is done by using the

exchange rate on the announcement date of the issue) are excluded. • Private placements are eligible for inclusion with submission of proper documentation.

For all League table questions, please contact:

Daniel Covello Phuong Anh Nguyen Robinson Wollersheim Ramon Escandon Americas Asia-Pacific EMEA Latin America Tel: +1-212-617-7715 Tel: +65-6212-1535 Tel: +44-20-3216-4032 Tel: +52-55-5242-9263 Fax:+1-917-369-7306 Fax:+65-6212-1635 Fax: +44-20-7392-6161 Fax:+52-55-5242-9725 [email protected] [email protected] [email protected] [email protected] Bloomberg L.P. reserves the right of final decision concerning league table eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herin 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.

Tel:+65-6212-1557�

Tel:+1-212-617-7715�

Tel:+49-69-92041-175�

mailto:[email protected]�

mailto:[email protected]�

Gfi

Documents

dollar denominated

mkt share

2010rank mkt

bloombergunderwriter

goldman sachs

daiwa securities

bloomberg

eligible bonds