GLOBAL FIXED INCOME - bbhub.io · Global Fixed Income | H1 2016. ... Firm Rank Mkt Share(%) Volume ... Bank of America Merrill Lynch 6 3.575 41,250 243 4 4.137 -0.562

GLOBALFIXED INCOMELEAGUE TABLES

H1 2016

CONTENTS

1. Global market review2. US market review3. Canada market review4. Latin America market review5. EMEA market review6. Asia market review7. Table criteria

DATA SUBMISSIONS AND QUERIES

Contact Phone Email

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

EMEA Benjamin Biset +44 20 3525 7238 [email protected]

Asia Pacific Carissa Chua +65 6231 3665 [email protected]

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

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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.

H1 2016

MANAGER RANKINGS

GLOBAL FIXED INCOME

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

Bloomberg GlobalFixedIncome|H12016

BloombergLeagueTableReports Page1

GlobalFixedIncomeReviewH12016creditedCorporate&FinancialBondsvolumedecreased1.65%toUSD2.2Trlnwhiledealcountdecreased5.66%to7,923offeringsyear-on-year.CorporateBondsvolumedecreased5.37%year-on-yeartoUSD1.1Trlnwhilethedealcountdecreased11.45%to2,992.FinancialBondsvolumeincreased2.05%year-on-yeartoUSD1.2Trlnover4,931deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforH12016with5.89%marketshare.Thebankunderwrote710dealsovertheperiod.CitiandBankofAmericaMerrillLynchrankedsecondandthirdwith5.33%and5.24%marketshare,respectively.

Corporate&FinancialBonds:HighlightsofH12016

Corporate&FinancialBonds:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

200200

400400

600600

800800

1,0001,000

1,2001,200

USDBln

USDBln

00

1,4001,400

1,0001,000

2,0002,000

3,0003,000

4,0004,000

5,0005,000

DealC

ountDealC

ount

00

6,0006,000

DealCount Other HighYield

InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 710

Volume(USDMln) 130,603

AvgDealsize(USDMln) 183.9

MarketSummaryNumberofdeals 7,923

Volume(USDMln) 2,216,139


Issuer IndustryVolume(USD

Mln) Date

Anheuser-BuschInBevFinanceInc ConsumerStaples

11,000 01/13/2016


11,000 01/13/2016


7,500 01/13/2016


6,000 01/13/2016


6,000 01/13/2016

Numericable-SFRSA Communications 5,190 04/06/2016

PetrobrasGlobalFinanceBV Energy 5,000 05/17/2016

IndustrialBankCoLtd Financials 4,631 04/06/2016

Diamond1FinanceCorp/Diamond2FinanceCorp

Technology 4,500 05/17/2016


Technology 4,500 05/17/2016

Financials53%

ConsumerDiscretionary8%

Industrials7%

ConsumerStaples6%

Energy5%

Others20%

GlobalCorporateLeveragedFinance:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

200200

USDBln

USDBln

00

400400

CorporateHighYieldBonds

GlobalSponsor-LedLoans

Corporate&FinancialBonds:IndustryBreakdown

Corporate&FinancialBonds:SpreadtoBenchmark

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

200200

400400

600600

Basispoints

Basispoints

00

700700

HighYield

InvestmentGrade

53%

8%

7%

6%

5%

20%



CorporateBondsH12016 H12015

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

JPMorgan 1 7.072 75,120 437 1 8.305 -1.233

BankofAmericaMerrillLynch 2 7.043 74,812 444 2 7.167 -0.124

Citi 3 6.354 67,497 426 3 5.912 0.442

DeutscheBank 4 5.366 56,996 307 5 5.658 -0.292

Barclays 5 5.091 54,074 344 6 5.543 -0.452

GoldmanSachs 6 4.386 46,584 284 7 4.943 -0.557

HSBC 7 3.306 35,119 235 8 4.121 -0.815

MorganStanley 8 3.279 34,834 301 4 5.734 -2.455

BNPParibas 9 3.157 33,530 235 11 3.028 0.129

WellsFargo 10 2.914 30,949 221 10 3.340 -0.426

MizuhoFinancial 11 2.703 28,711 279 13 2.329 0.374

CreditSuisse 12 2.367 25,145 159 9 3.530 -1.163

RBCCapitalMarkets 13 2.365 25,124 173 12 2.421 -0.056

SocieteGenerale 14 1.940 20,610 147 15 1.894 0.046

MitsubishiUFJFinancial 15 1.782 18,934 152 14 1.924 -0.142

BancoSantander 16 1.529 16,246 102 26 0.732 0.797

UBS 17 1.405 14,927 123 17 1.341 0.064

CreditAgricoleCIB 18 1.344 14,277 112 18 1.285 0.059

UniCredit 19 1.338 14,212 80 25 0.825 0.513

INGGroep 20 1.335 14,180 88 29 0.617 0.718

TOTAL 100% 1,062,211 2,992 100%

FinancialBondsH12016 H12015


HSBC 1 4.923 56,812 307 8 3.682 1.241

JPMorgan 2 4.808 55,483 273 1 5.638 -0.830

Citi 3 4.390 50,662 269 2 4.940 -0.550

GoldmanSachs 4 4.079 47,068 209 3 4.320 -0.241

MorganStanley 5 3.927 45,319 235 6 4.011 -0.084


DeutscheBank 7 3.154 36,393 192 9 3.661 -0.507

Barclays 8 3.075 35,479 196 10 3.333 -0.258

CreditSuisse 9 2.954 34,089 161 5 4.081 -1.127

WellsFargo 10 2.839 32,758 122 14 1.780 1.059

UBS 11 2.677 30,885 183 7 3.732 -1.055


BNPParibas 13 2.202 25,411 139 12 1.995 0.207



Natixis 16 1.459 16,831 84 15 1.605 -0.146

GuotaiJunanSecuritiesCoLtd 17 1.449 16,723 52 38 0.653 0.796

ChinaSecuritiesCoLtd 18 1.393 16,077 72 30 0.778 0.615

CITICSecuritiesCoLtd 19 1.187 13,697 55 17 1.411 -0.224

LandesbankBaden-Wuerttemberg 20 1.118 12,906 81 29 0.786 0.332

TOTAL 100% 1,153,927 4,931 100%

SyndicatedGovernmentBondsH12016 H12015


Barclays 1 9.073 76,328 225 1 8.689 0.384

HSBC 2 7.727 65,001 297 2 7.504 0.223

JPMorgan 3 7.210 60,653 299 4 5.394 1.816

Citi 4 6.458 54,328 209 3 6.066 0.392

GoldmanSachs 5 4.958 41,713 141 8 4.317 0.641

BankofAmericaMerrillLynch 6 4.893 41,161 188 7 4.332 0.561

DeutscheBank 7 4.780 40,213 175 5 5.268 -0.488

BNPParibas 8 4.509 37,930 118 9 3.926 0.583

TDSecurities 9 4.092 34,422 198 6 4.377 -0.285

Nomura 10 3.258 27,410 176 10 3.568 -0.310

MorganStanley 11 3.056 25,709 129 11 3.134 -0.078

CreditAgricoleCIB 12 2.492 20,966 102 14 2.563 -0.071


UniCredit 14 2.175 18,297 81 13 2.710 -0.535


WellsFargo 16 1.651 13,887 188 15 2.061 -0.410

Scotiabank 17 1.618 13,612 40 24 1.020 0.598

RBS 18 1.563 13,150 47 18 1.706 -0.143

BMOCapitalMarkets 19 1.377 11,585 54 21 1.382 -0.005

NationalBankFinancialInc 20 1.294 10,883 75 20 1.393 -0.099

TOTAL 100% 841,246 2,794 100%

InternationalBondsH12016 H12015


JPMorgan 1 7.969 174,894 883 1 7.954 0.015

Barclays 2 6.926 152,003 657 2 6.819 0.107

HSBC 3 6.706 147,171 743 4 6.080 0.626

Citi 4 6.699 147,013 744 3 6.747 -0.048


GoldmanSachs 6 5.549 121,774 521 7 5.375 0.174

DeutscheBank 7 5.343 117,246 560 5 6.040 -0.697

BNPParibas 8 4.328 94,987 468 10 3.740 0.588

MorganStanley 9 3.658 80,282 373 8 4.949 -1.291



CreditSuisse 12 2.580 56,625 294 9 3.931 -1.351

WellsFargo 13 2.189 48,040 254 14 2.176 0.013

UniCredit 14 1.977 43,389 244 16 1.846 0.131

UBS 15 1.937 42,508 235 13 2.234 -0.297


TDSecurities 17 1.656 36,334 166 20 1.246 0.410

BancoSantander 18 1.487 32,630 165 22 1.126 0.361


RBS 20 1.370 30,074 140 17 1.771 -0.401

TOTAL 100% 2,194,579 5,103 100%



GlobalBondsH12016 H12015


JPMorgan 1 11.372 85,368 346 1 11.990 -0.618


Citi 3 8.704 65,339 260 3 8.697 0.007

Barclays 4 8.509 63,879 210 4 8.584 -0.075

GoldmanSachs 5 6.461 48,505 169 5 8.287 -1.826

HSBC 6 6.432 48,284 123 8 5.435 0.997

MorganStanley 7 6.013 45,143 152 6 8.106 -2.093

DeutscheBank 8 4.916 36,903 138 7 6.269 -1.353

WellsFargo 9 4.808 36,092 161 9 5.033 -0.225

BNPParibas 10 3.622 27,193 108 13 2.630 0.992

TDSecurities 11 3.592 26,962 84 12 2.942 0.650

RBCCapitalMarkets 12 3.175 23,836 104 11 3.018 0.157


MitsubishiUFJFinancial 14 1.655 12,427 78 16 1.627 0.028

Nomura 15 1.602 12,028 21 17 1.391 0.211

CreditSuisse 16 1.476 11,081 56 10 3.463 -1.987

Scotiabank 17 1.135 8,520 33 19 0.922 0.213

BMOCapitalMarkets 18 1.121 8,413 29 18 0.972 0.149

UBS 19 1.115 8,368 54 14 2.217 -1.102


TOTAL 100% 750,705 803 100%

CorporateHighYieldBondsH12016 H12015



Citi 2 6.898 14,811 98 2 7.134 -0.236

GoldmanSachs 3 6.656 14,292 98 4 7.020 -0.364

JPMorgan 4 6.406 13,754 123 1 7.714 -1.308

DeutscheBank 5 6.350 13,635 86 3 7.072 -0.722

Barclays 6 5.780 12,411 94 8 5.396 0.384

CreditSuisse 7 4.637 9,957 68 7 5.644 -1.007


MorganStanley 9 3.286 7,055 68 6 6.261 -2.975

WellsFargo 10 2.992 6,424 60 10 3.326 -0.334

UBS 11 2.633 5,654 32 11 3.197 -0.564

CITICSecuritiesCoLtd 12 2.504 5,376 10 33 0.528 1.976


HSBC 14 2.366 5,080 40 12 2.352 0.014



BNPParibas 17 1.774 3,808 38 13 2.142 -0.368

Industrial&CommBankofChina 18 1.471 3,158 5 21 1.013 0.458

HaitongSecuritiesCoLtd 19 1.395 2,996 11 92 0.068 1.327

INGGroep 20 1.240 2,662 24 23 0.879 0.361

TOTAL 100% 214,722 453 100%



USFixedIncomeReviewH12016creditedUSCorporateBondsvolumedecreased6.84%toUSD876.5Blnwhiledealcountdecreased28.72%to1,189offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumedecreased1.20%year-on-yeartoUSD734.7Blnwhilethedealcountdecreased24.72%to926.USHighYieldCorporateBondsvolumedecreased34.38%year-on-yeartoUSD126.1Blnover205deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforH12016with11.76%marketshare.Thebankunderwrote512dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith10.57%and9.65%marketshare,respectively.

USCorporateBonds:HighlightsofH12016

USDomesticBonds:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

200200

400400

600600

USDBln

USDBln

00

700700

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

1,8001,800


InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 512






Issuer IndustryVolume(USD

Mln) Date


11,000 01/13/2016


11,000 01/13/2016


7,500 01/13/2016


6,000 01/13/2016


6,000 01/13/2016


PetrobrasGlobalFinanceBV Energy 5,000 05/17/2016


Technology 4,500 05/17/2016


Technology 4,500 05/17/2016

OracleCorp Technology 4,250 06/29/2016

Financials38%

ConsumerStaples10%

Technology10%


Energy8%

HealthCare8%

Communications5%

Utilities5%

Others6%

USLeveragedFinance:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

200200

400400

USDBln

USDBln

00

500500

USLeveragedLoans

USHighYieldCorporateBonds

USCorporateBonds:IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

200200

400400

600600

Basispoints

Basispoints

00

700700

HighYield

InvestmentGrade

38%

10%10%

10%

8%

8%

5%5%

6%



USDomesticBondsH12016 H12015


JPMorgan 1 11.039 135,813 603 1 11.600 -0.561


Citi 3 9.547 117,466 542 3 9.009 0.538

Barclays 4 7.620 93,747 406 4 7.560 0.060

GoldmanSachs 5 6.972 85,782 415 5 7.364 -0.392

WellsFargo 6 5.962 73,348 504 8 5.601 0.361

HSBC 7 5.868 72,196 274 9 4.534 1.334

DeutscheBank 8 5.590 68,774 301 7 5.998 -0.408

MorganStanley 9 5.460 67,178 367 6 7.216 -1.756

BNPParibas 10 2.969 36,526 167 12 2.440 0.529


CreditSuisse 12 2.747 33,792 154 10 4.396 -1.649

TDSecurities 13 2.432 29,918 125 14 1.842 0.590


Nomura 15 1.661 20,438 74 17 1.303 0.358

UBS 16 1.641 20,192 120 13 1.889 -0.248


BancoSantander 18 1.020 12,553 54 32 0.252 0.768

USBancorp 19 0.901 11,091 92 22 0.690 0.211


TOTAL 100% 1,230,354 2,288 100%

USAgencyBondsH12016 H12015


Barclays 1 11.049 31,915 129 1 12.145 -1.096

WellsFargo 2 7.752 22,392 485 2 9.381 -1.629

Citi 3 7.555 21,821 206 9 4.136 3.419

Nomura 4 6.538 18,885 108 4 6.698 -0.160

FTNFinancial 5 5.809 16,778 559 7 4.705 1.104

TDSecurities 6 5.355 15,468 114 6 4.964 0.391

DeutscheBank 7 5.090 14,703 106 8 4.203 0.887

JPMorgan 8 4.690 13,546 148 3 6.702 -2.012

MorganStanley 9 4.070 11,756 320 5 5.101 -1.031

GoldmanSachs 10 3.796 10,964 113 22 1.411 2.385

HSBC 11 3.305 9,547 63 10 2.708 0.597

Incapital 12 3.271 9,449 562 12 2.632 0.639


Jefferies 14 2.523 7,287 208 11 2.635 -0.112

DaiwaSecurities 15 2.503 7,230 191 18 2.010 0.493

Stifel 16 2.289 6,613 461 14 2.417 -0.128

ViningSparks 17 2.136 6,171 509 13 2.483 -0.347

SunTrustRobinsonHumphrey 18 1.912 5,523 429 20 1.735 0.177

CantorFitzgerald 19 1.631 4,712 116 17 2.097 -0.466

INTLFCStoneInc 20 1.617 4,670 226 26 0.992 0.625

TOTAL 100% 288,839 3,713 100%

USCorporateBondsH12016 H12015


JPMorgan 1 11.758 103,055 512 1 12.708 -0.950


Citi 3 9.652 84,600 432 3 9.231 0.421

GoldmanSachs 4 7.184 62,964 334 4 7.838 -0.654

WellsFargo 5 6.795 59,561 317 8 5.748 1.047

Barclays 6 6.165 54,035 319 6 6.383 -0.218

MorganStanley 7 6.119 53,635 300 5 7.827 -1.708

DeutscheBank 8 5.597 49,055 239 7 5.806 -0.209

HSBC 9 4.958 43,459 159 10 3.595 1.363

CreditSuisse 10 3.592 31,479 145 9 5.163 -1.571



BNPParibas 13 2.376 20,827 128 14 1.878 0.498

UBS 14 1.994 17,480 108 12 2.384 -0.390


USBancorp 16 1.265 11,091 92 19 0.896 0.369

BancoSantander 17 1.087 9,525 44 28 0.285 0.802

TDSecurities 18 1.080 9,465 56 22 0.645 0.435



TOTAL 100% 876,489 1,189 100%

USDollarForeignIssuerBondsH12016 H12015


HSBC 1 9.676 62,792 240 3 7.926 1.750

JPMorgan 2 9.512 61,728 248 2 8.217 1.295

Citi 3 7.972 51,733 248 1 9.247 -1.275


Barclays 5 5.802 37,651 142 6 6.607 -0.805

GoldmanSachs 6 5.617 36,453 136 7 5.833 -0.216

DeutscheBank 7 5.461 35,442 125 5 6.970 -1.509

BNPParibas 8 4.258 27,636 95 11 3.364 0.894

MorganStanley 9 4.066 26,385 110 8 5.323 -1.257

CreditSuisse 10 3.037 19,712 84 9 5.081 -2.044

TDSecurities 11 3.006 19,510 58 13 2.333 0.673


UBS 13 2.257 14,648 62 10 3.415 -1.158


Nomura 15 1.692 10,978 61 15 1.670 0.022

BancoSantander 16 1.688 10,951 40 34 0.344 1.344

StandardCharteredBank 17 1.598 10,373 67 14 1.846 -0.248



Scotiabank 20 1.067 6,927 26 23 0.696 0.371

TOTAL 100% 648,963 1,236 100%



USInvestmentGradeCorporateBondsH12016 H12015


JPMorgan 1 11.990 88,085 404 1 13.633 -1.643


Citi 3 9.678 71,100 349 3 9.236 0.442

WellsFargo 4 7.206 52,943 252 7 5.925 1.281

GoldmanSachs 5 6.929 50,903 252 5 7.643 -0.714

MorganStanley 6 6.384 46,902 236 4 7.916 -1.532

Barclays 7 5.821 42,762 230 6 6.284 -0.463

HSBC 8 5.389 39,589 132 10 4.140 1.249

DeutscheBank 9 5.344 39,261 178 8 5.215 0.129


CreditSuisse 11 3.177 23,343 91 9 4.842 -1.665


BNPParibas 13 2.532 18,604 110 14 2.007 0.525


UBS 15 1.945 14,290 82 12 2.533 -0.588

USBancorp 16 1.448 10,637 83 18 0.897 0.551

TDSecurities 17 1.264 9,286 52 21 0.755 0.509


SumitomoMitsuiFinancial 19 0.980 7,200 50 22 0.634 0.346

BancoSantander 20 0.915 6,725 34 25 0.309 0.606

TOTAL 100% 734,664 926 100%

USHighYieldCorporateBondsH12016 H12015



Citi 2 10.470 13,206 86 3 9.120 1.350

GoldmanSachs 3 9.272 11,695 83 4 8.770 0.502

JPMorgan 4 9.176 11,573 103 2 9.241 -0.065

Barclays 5 8.620 10,872 79 7 6.861 1.759

DeutscheBank 6 8.100 10,216 63 5 8.075 0.025

CreditSuisse 7 6.576 8,294 53 8 6.349 0.227

MorganStanley 8 5.112 6,447 61 6 7.521 -2.409

WellsFargo 9 4.839 6,103 57 9 5.204 -0.365



UBS 12 2.390 3,014 22 13 1.694 0.696

HSBC 13 2.295 2,895 21 15 1.409 0.886

SunTrustRobinsonHumphrey 14 1.968 2,483 22 12 2.326 -0.358

BNPParibas 15 1.773 2,236 19 14 1.427 0.346

Jefferies 16 1.264 1,594 12 11 2.637 -1.373


INGGroep 18 1.081 1,363 11 24 0.611 0.470


BMOCapitalMarkets 20 0.827 1,043 15 20 0.842 -0.015

TOTAL 100% 126,129 205 100%

USDollarPreferredsH12016 H12015


WellsFargo 1 29.088 4,954 40 6 4.622 24.466


MorganStanley 3 13.649 2,324 35 3 8.636 5.013

UBS 4 8.366 1,425 21 4 7.012 1.354

Citi 5 6.787 1,156 4 15 0.469 6.318

GoldmanSachs 6 4.259 725 2 11 0.722 3.537

JPMorgan 7 3.633 619 7 1 42.188 -38.555

Stifel 8 1.777 303 8 5 5.540 -3.763

RaymondJames&Associates 9 1.605 273 7 16 0.311 1.294

RBCCapitalMarkets 10 1.279 218 6 7 1.754 -0.475

HSBC 11 0.587 100 1 - - -

FBRCapitalMarketsCorp 12 0.499 85 3 - - -

CreditSuisse 13 0.390 66 1 17 0.289 0.101

BB&T 13 0.390 66 1 14 0.470 -0.080

DeutscheBank 13 0.390 66 1 19 0.255 0.135

RobertWBaird&Co 16 0.281 48 2 - - -

BOKFinancialCorp 17 0.220 38 1 - - -

Incapital 18 0.188 32 2 9 0.998 -0.810

WunderlichSecuritiesInc 19 0.166 28 2 19 0.255 -0.089

CSCACapitalAdvisorsLLC 20 0.153 26 1 - - -

TOTAL 100% 17,029 62 100%



CanadianFixedIncomeReviewH12016creditedCanadianCorporateBondsvolumedecreased22.40%toCAD44.1Blnwhiledealcountdecreased38.52%to83offeringsyear-on-year.CanadianCorporateBonds-Bonusvolumedecreased22.40%year-on-yeartoCAD44.1Blnwhilethedealcountdecreased38.52%to83.CanadianGovernmentBondsvolumeincreased6.86%year-on-yeartoCAD57.1Blnover173deals.RBCCapitalMarketsrankedasthetopCanadianCorporateBondsunderwriterforH12016with26.47%marketshare.Thebankunderwrote39dealsovertheperiod.TDSecuritiesandBMOCapitalMarketsrankedsecondandthirdwith20.41%and19.53%marketshare,respectively.

CanadianCorporateDomesticBonds

H12016 H12015

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


TDSecurities 2 20.408 9,003 32 3 15.467 4.941


CIBC 4 16.833 7,426 22 4 11.776 5.057

Scotiabank 5 8.529 3,763 20 2 21.178 -12.649

NationalBankFinancialInc 6 4.010 1,769 6 6 6.289 -2.279

BankofAmericaMerrillLynch 7 1.398 617 4 9 0.920 0.478

WellsFargo 8 1.133 500 2 11 0.440 0.693

LaurentianBankofCanada 9 0.680 300 1 10 0.528 0.152

JPMorgan 10 0.567 250 1 13 0.110 0.457

TOTAL 100% 44,114 83 100%

CanadianGovernmentBonds

H12016 H12015

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

NationalBankFinancialInc 1 24.843 14,184 73 1 22.188 2.655

Scotiabank 2 17.423 9,948 17 6 9.937 7.486

TDSecurities 3 16.682 9,525 26 4 15.458 1.224


CIBC 5 12.434 7,099 40 3 18.837 -6.403


DesjardinsCapitalMarkets 7 0.876 500 1 8 0.288 0.588

BankofAmericaMerrillLynch 8 0.263 150 1 - - -

HSBC 8 0.263 150 1 - - -

LaurentianBankofCanada 10 0.132 75 5 7 0.485 -0.353

TOTAL 100% 57,094 173 100%

Financials60%

Energy12%

Utilities10%


Others10%

CanadianCorporateDomesticBonds:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

1010

2020

3030

USDBln

USDBln

00

4040

2020

4040

6060

8080

DealC

ountDealC

ount

00

9090

DealCount Amount

CanadianCorporateDomesticBonds:IndustryBreakdown

60%12%

10%

9%

10%

CanadianCorporateDomesticBonds:ManagerRankingsHistory

RBCCapitalMarkets

TDSecurities

BMOCapitalMarkets

CIBC

Scotiabank

NationalBankFinancialInc

10

20

MarketShare(%

)

0

30

2016 2015 2014



LatinAmericaFixedIncomeReviewH12016creditedLatinAmericanBondsvolumeincreased9.46%toUSD77.5Blnwhiledealcountdecreased38.43%to173offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumedecreased50.20%year-on-yeartoUSD9.7Blnwhilethedealcountdecreased33.77%to200.BrazilianDomesticBondsvolumedecreased51.50%year-on-yeartoBRL10.9Blnover52deals.JPMorganrankedasthetopLatinAmericanBondsunderwriterforH12016with13.79%marketshare.Thebankunderwrote29dealsovertheperiod.BankofAmericaMerrillLynchandBancoSantanderrankedsecondandthirdwith10.90%and10.74%marketshare,respectively.

LatinAmericanBonds

H12016 H12015


JPMorgan 1 13.786 10,683 29 6 7.624 6.162


BancoSantander 3 10.743 8,324 42 7 7.082 3.661

HSBC 4 9.762 7,564 38 2 10.172 -0.410

Citi 5 8.991 6,967 32 3 9.792 -0.801

BancoBilbaoVizcayaArgentaria 6 8.192 6,348 37 8 5.505 2.687

DeutscheBank 7 6.961 5,394 19 5 8.273 -1.312

CreditSuisse 8 4.290 3,324 15 9 5.061 -0.771

MorganStanley 9 3.996 3,097 14 4 8.485 -4.489

UBS 10 3.813 2,954 10 19 0.907 2.906

TOTAL 100% 77,488 173 100%

LatinAmericanLocalCurrencyBonds

H12016 H12015


BradescoBBISA 1 17.966 1,735 13 5 6.920 11.046

BancoBilbaoVizcayaArgentaria 2 9.659 933 21 4 8.392 1.267

BancoSantander 3 7.636 738 20 1 11.898 -4.262

MizuhoFinancial 4 6.736 651 10 24 0.624 6.112

JPMorgan 5 5.106 493 23 10 3.783 1.323

ActinverCasadeBolsaSAdeCV 6 4.550 439 12 8 4.634 -0.084

BancoSafraSA 7 4.101 396 6 30 0.431 3.670

DaiwaSecurities 8 3.808 368 7 21 0.926 2.882

HSBC 9 3.793 366 13 2 9.066 -5.273


TOTAL 100% 9,658 200 100%

Government60%

Energy18%

Financials6%

Others16%

LatinAmericanBonds:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

2020

4040

6060

USDBln

USDBln

00

8080

100100

200200

300300

DealC

ountDealC

ount

00

400400

DealCount Amount

LatinAmericanBonds:IndustryBreakdown

60%18%

6%

16%

LatinAmericanBonds:ManagerRankingsHistory

JPMorgan

BankofAmericaMerrillLynch

BancoSantander

HSBC Ci

ti

BancoBilbaoVizcayaArgentaria

5

10

MarketShare(%

)

0

15

2016 2015 2014



EMEAFixedIncomeReviewH12016creditedEuropeanCorporate&FinancialBondsvolumedecreased1.07%toEUR664.7Blnwhiledealcountdecreased11.39%to2,535offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumeincreased6.05%year-on-yeartoEUR183.1Blnwhilethedealcountdecreased2.13%to368.WesternEuropeanCorporateHighYieldBondsvolumedecreased29.13%year-on-yeartoEUR35.2Blnover70deals.HSBCrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforH12016with6.77%marketshare.Thebankunderwrote209dealsovertheperiod.DeutscheBankandBarclaysrankedsecondandthirdwith6.00%and5.77%marketshare,respectively.

EuropeanCorporate&FinancialBonds:HighlightsofH12016

EuropeanCorporate&FinancialBonds:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

100100

200200

300300

400400

500500

EURBln

EURBln

00

600600

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

DealC

ountDealC

ount

00

3,0003,000


InvestmentGrade

TopUnderwriterHSBC

Numberofdeals 209

Volume(EURMln) 45,008

AvgDealsize(EURMln) 215.4


Volume(EURMln) 664,749

AvgDealsize(EURMln) 262.2

Issuer Industry Volume(EURMln) Date

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







CooperatieveRabobankUA Financials 3,539 01/08/2016

Anheuser-BuschInBevSA/NV ConsumerStaples 3,325 03/16/2016

Anheuser-BuschInBevSA/NV ConsumerStaples 3,048 03/16/2016

Financials66%

ConsumerStaples10%


Communications6%

Others13%

EMEALeveragedFinance:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

5050

EURBln

EURBln

00

100100

EMEACorporateHighYieldBonds(incEM)

EMEASponsor-ledLeveragedLoans

EuropeanCorporate&FinancialBonds:IndustryBreakdown

EuropeanCorporate&FinancialBonds:SpreadtoBenchmark

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

200200

400400

600600

Basispoints

Basispoints

00

800800

HighYield

InvestmentGrade

66%10%

6%

6%

13%



EuropeanBondsH12016 H12015

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

HSBC 1 7.409 72,369 318 2 5.776 1.633

Barclays 2 6.985 68,234 293 1 6.211 0.774

DeutscheBank 3 5.605 54,749 279 3 5.177 0.428

BNPParibas 4 5.441 53,151 268 5 4.345 1.096

Citi 5 4.210 41,126 221 6 4.265 -0.055


JPMorgan 7 3.967 38,751 213 7 4.037 -0.070


GoldmanSachs 9 3.926 38,352 157 12 3.333 0.593

UniCredit 10 3.468 33,880 228 10 3.597 -0.129

CreditSuisse 11 2.906 28,390 156 4 4.638 -1.732


RBS 13 2.451 23,944 126 16 2.332 0.119

Natixis 14 2.313 22,597 138 15 2.563 -0.250

UBS 15 2.295 22,416 140 11 3.544 -1.249

MorganStanley 16 2.199 21,481 104 14 2.719 -0.520

BancoSantander 17 2.115 20,660 118 18 1.770 0.345

Commerzbank 18 2.069 20,206 144 17 1.803 0.266

INGGroep 19 2.014 19,670 107 26 1.273 0.741


TOTAL 100% 976,806 3,389 100%

WesternEuropeanBondsH12016 H12015


HSBC 1 7.427 71,213 310 2 5.816 1.611

Barclays 2 6.967 66,803 286 1 6.287 0.680

DeutscheBank 3 5.597 53,669 273 3 5.281 0.316

BNPParibas 4 5.553 53,243 265 5 4.377 1.176

UniCredit 5 4.137 39,665 217 11 3.455 0.682

Citi 6 4.021 38,551 205 6 4.218 -0.197


GoldmanSachs 8 3.933 37,714 153 12 3.400 0.533


JPMorgan 10 3.802 36,455 200 8 4.102 -0.300

CreditSuisse 11 2.961 28,390 156 4 4.749 -1.788


RBS 13 2.497 23,944 126 16 2.394 0.103

UBS 14 2.426 23,264 140 9 3.701 -1.275

Natixis 15 2.305 22,101 136 15 2.631 -0.326

MorganStanley 16 2.240 21,481 104 14 2.773 -0.533

BancoSantander 17 2.144 20,553 117 19 1.775 0.369

Commerzbank 18 2.088 20,023 140 17 1.801 0.287

INGGroep 19 1.945 18,644 98 26 1.285 0.660


TOTAL 100% 958,802 3,249 100%

EasternEuropeanBondsH12016 H12015


VTBCapital 1 11.655 3,877 29 3 9.438 2.217

Citi 2 8.595 2,859 16 4 6.768 1.827

JPMorgan 3 7.762 2,582 13 15 1.732 6.030

SocieteGenerale 4 7.516 2,500 25 1 11.441 -3.925

UniCredit 5 7.411 2,465 19 2 10.015 -2.604

Gazprombank 6 5.668 1,885 25 6 6.596 -0.928

SberbankCIBCJSC 7 5.322 1,770 25 7 6.297 -0.975

Barclays 8 4.805 1,598 7 10 3.743 1.062

BNPParibas 9 4.239 1,410 6 11 3.587 0.652

HSBC 10 3.864 1,285 8 8 4.704 -0.840

DeutscheBank 11 3.669 1,221 6 19 1.338 2.331

INGGroep 12 3.439 1,144 9 21 0.991 2.448

RaiffeisenBankInternationalGroup 13 3.222 1,072 17 9 4.380 -1.158

ErsteGroupBank 14 2.486 827 8 5 6.599 -4.113

GoldmanSachs 15 2.152 716 4 24 0.884 1.268

OtkritieFinancialCorpJSC 16 1.664 554 7 23 0.892 0.772

Natixis 17 1.643 547 2 - - -

REGIONInvestmentCo 18 1.350 449 10 16 1.667 -0.317

PKOBankPolskiSA 19 1.167 388 4 18 1.547 -0.380

CreditAgricoleCIB 20 1.078 359 2 - - -

TOTAL 100% 33,262 154 100%

WesternEuropeanCorporateHighYieldBondsH12016 H12015


DeutscheBank 1 11.282 3,977 24 1 8.459 2.823

GoldmanSachs 2 9.613 3,388 17 2 8.105 1.508

Citi 3 8.557 3,016 12 8 4.989 3.568

Barclays 4 7.324 2,581 17 7 4.998 2.326

JPMorgan 5 6.191 2,182 17 3 7.729 -1.538

BNPParibas 6 6.040 2,129 20 5 6.869 -0.829


HSBC 8 4.938 1,740 18 6 6.157 -1.219

CreditSuisse 9 4.047 1,426 12 4 6.906 -2.859


INGGroep 11 3.427 1,208 12 16 2.310 1.117

MorganStanley 12 3.029 1,067 6 11 3.755 -0.726

SocieteGenerale 13 2.608 919 11 10 3.787 -1.179

Commerzbank 14 2.211 779 10 17 2.083 0.128

UniCredit 15 2.081 733 7 12 3.720 -1.639

IntesaSanpaolo 16 1.938 683 8 20 1.529 0.409

RBS 17 1.747 616 8 13 3.159 -1.412

Nordea 18 1.600 564 8 53 0.073 1.527

Mediobanca 19 1.338 471 6 35 0.281 1.057

BancoSantander 20 1.178 415 5 21 1.467 -0.289

TOTAL 100% 35,246 70 100%



EMEACorporateInvestmentGradeBonds(incEM)H12016 H12015


BNPParibas 1 7.299 13,364 102 4 7.259 0.040

DeutscheBank 2 7.237 13,250 92 2 7.743 -0.506

Citi 3 6.420 11,755 91 7 4.972 1.448


Barclays 5 6.053 11,082 82 1 9.458 -3.405

HSBC 6 5.556 10,173 84 3 7.408 -1.852


UniCredit 8 4.611 8,443 53 11 3.117 1.494

INGGroep 9 3.791 6,941 47 18 2.127 1.664

JPMorgan 10 3.790 6,939 50 8 4.685 -0.895

BancoSantander 11 3.483 6,377 50 16 2.352 1.131

GoldmanSachs 12 3.461 6,337 40 15 2.393 1.068


RBS 14 2.896 5,302 46 10 3.426 -0.530

Commerzbank 15 2.417 4,426 29 20 1.874 0.543



UBS 18 1.914 3,505 24 21 1.869 0.045

IntesaSanpaolo 19 1.848 3,383 31 26 0.956 0.892

CreditSuisse 20 1.809 3,313 24 13 2.664 -0.855

TOTAL 100% 183,093 368 100%

EMEACorporateHighYieldBonds(incEM)H12016 H12015


DeutscheBank 1 9.384 3,977 24 2 7.945 1.439

GoldmanSachs 2 8.261 3,500 18 3 7.148 1.113

Citi 3 7.534 3,192 14 7 4.832 2.702

JPMorgan 4 6.650 2,818 24 1 8.160 -1.510

Barclays 5 6.628 2,809 21 8 4.494 2.134

BNPParibas 6 5.614 2,379 23 4 6.311 -0.697


HSBC 8 4.402 1,865 19 6 5.695 -1.293

INGGroep 9 3.772 1,598 17 15 2.123 1.649

CreditSuisse 10 3.366 1,426 12 5 6.096 -2.730



MorganStanley 13 2.814 1,192 7 10 4.006 -1.192

UniCredit 14 2.117 897 11 11 3.720 -1.603

Commerzbank 15 1.839 779 10 18 1.789 0.050

RBS 16 1.792 759 10 13 2.811 -1.019

Gazprombank 17 1.744 739 14 26 0.798 0.946

IntesaSanpaolo 18 1.671 708 9 21 1.452 0.219

VTBCapital 19 1.671 708 17 36 0.364 1.307

SberbankCIBCJSC 20 1.526 647 14 24 1.062 0.464

TOTAL 100% 42,373 119 100%

EuroCurrencyBondsH12016 H12015


Barclays 1 6.525 50,804 219 1 6.231 0.294

BNPParibas 2 6.290 48,977 253 4 5.609 0.681

HSBC 3 6.184 48,148 260 2 5.921 0.263



DeutscheBank 6 5.224 40,681 226 3 5.680 -0.456

GoldmanSachs 7 4.735 36,872 150 10 3.931 0.804

JPMorgan 8 4.574 35,616 171 8 4.384 0.190

UniCredit 9 4.435 34,530 222 6 5.069 -0.634

Citi 10 4.043 31,484 175 9 4.111 -0.068


Natixis 12 2.935 22,852 135 11 3.408 -0.473

Commerzbank 13 2.819 21,947 143 15 2.288 0.531


INGGroep 15 2.185 17,011 96 22 1.595 0.590

BancoSantander 16 2.182 16,990 98 18 2.143 0.039

CreditSuisse 17 2.046 15,928 73 12 3.166 -1.120

RBS 18 2.031 15,818 80 16 2.218 -0.187

MorganStanley 19 2.011 15,661 71 14 2.647 -0.636

UBS 20 1.806 14,065 87 17 2.175 -0.369

TOTAL 100% 778,655 1,974 100%

Euro&SterlingCorporate&FinancialBondsH12016 H12015


BNPParibas 1 5.965 32,515 203 3 5.454 0.511

DeutscheBank 2 5.716 31,154 189 1 6.258 -0.542

HSBC 3 5.483 29,887 204 2 5.614 -0.131

Barclays 4 5.371 29,274 173 4 5.440 -0.069

UniCredit 5 4.839 26,373 152 9 3.584 1.255



GoldmanSachs 8 4.144 22,589 105 11 3.413 0.731

Citi 9 3.857 21,023 142 10 3.578 0.279

JPMorgan 10 3.336 18,184 121 5 4.841 -1.505


Natixis 12 2.837 15,463 86 12 3.159 -0.322

CreditSuisse 13 2.761 15,049 68 8 3.708 -0.947

INGGroep 14 2.742 14,948 88 21 1.832 0.910

Commerzbank 15 2.725 14,855 105 18 2.280 0.445

UBS 16 2.667 14,537 85 13 3.108 -0.441

BancoSantander 17 2.533 13,808 100 17 2.422 0.111

RBS 18 2.316 12,622 95 16 2.615 -0.299


IntesaSanpaolo 20 2.242 12,219 64 23 1.500 0.742

TOTAL 100% 545,062 1,547 100%



SterlingBondsH12016 H12015

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

HSBC 1 16.058 7,473 59 1 14.064 1.994

Barclays 2 14.743 6,861 54 2 10.434 4.309

RBS 3 9.285 4,321 41 3 7.837 1.448

Citi 4 7.473 3,478 18 11 3.549 3.924

DeutscheBank 5 6.067 2,823 23 8 5.551 0.516

Nomura 6 5.650 2,629 17 5 6.327 -0.677


JPMorgan 8 4.948 2,303 14 7 5.798 -0.850

TDSecurities 9 4.683 2,179 18 16 2.498 2.185


LloydsBank 11 3.939 1,833 19 6 6.119 -2.180

MorganStanley 12 3.006 1,399 12 15 2.606 0.400

UBS 13 2.407 1,120 4 14 2.821 -0.414

GoldmanSachs 14 2.353 1,095 5 20 1.020 1.333

FMSWertmanagement 15 2.256 1,050 1 19 1.139 1.117

BancoSantander 16 1.411 657 10 9 4.096 -2.685

Scotiabank 17 1.161 540 6 17 1.607 -0.446

Commerzbank 18 0.709 330 1 18 1.259 -0.550

BNPParibas 19 0.686 319 4 10 3.894 -3.208

CommonwealthBankAustralia 20 0.498 232 3 34 0.190 0.308

TOTAL 100% 46,537 153 100%

SwissFrancBondsH12016 H12015

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

CreditSuisse 1 31.567 8,071 81 1 28.037 3.530

UBS 2 20.910 5,346 64 2 19.543 1.367

SchweizerischeKantonalbanken 3 10.263 2,624 8 3 11.123 -0.860

ZuercherKantonalbank 4 10.184 2,604 26 4 10.258 -0.074

RaiffeisenSwitzerland 5 7.778 1,989 26 5 7.199 0.579

DeutscheBank 6 4.563 1,167 10 6 2.985 1.578

BNPParibas 7 2.412 617 4 15 0.965 1.447

GoldmanSachs 8 1.923 492 4 7 2.171 -0.248

AargauischeKantonalbank 9 1.760 450 3 9 1.621 0.139

Commerzbank 10 1.356 347 5 25 0.290 1.066

ThurgauerKantonalbank 11 0.978 250 1 16 0.926 0.052

BaslerKantonalbank 12 0.844 216 5 13 0.984 -0.140

BasellandchaflicheKantonalbank 13 0.782 200 1 14 0.970 -0.188

HSBC 14 0.733 188 1 11 1.346 -0.613

BanqueCantonaledeFribourg 15 0.665 170 1 10 1.448 -0.783

Gazprombank 16 0.652 167 1 - - -

VontobelHoldingAG 17 0.626 160 2 33 0.116 0.510

BanqueCantonaleVaudoise 18 0.587 150 1 - - -

KantonalbankSchwyz 18 0.587 150 1 17 0.869 -0.282

JPMorgan 20 0.391 100 1 19 0.724 -0.333

TOTAL 100% 25,568 152 100%

SwedishKronaBondsH12016 H12015

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

Nordea 1 21.174 29,334 58 2 18.398 2.776

Swedbank 2 19.798 27,427 65 1 25.397 -5.599

SEB 3 19.675 27,257 53 3 18.250 1.425

DanskeBank 4 15.354 21,271 71 4 17.760 -2.406

SvenskaHandelsbanken 5 13.203 18,292 48 5 11.401 1.802

DNBASA 6 5.023 6,958 15 6 4.524 0.499

ParetoSecurities 7 1.507 2,088 9 9 0.471 1.036

NykreditBankA/S 8 1.047 1,450 2 - - -

ABGSundalCollierAsa 9 0.803 1,113 5 7 0.693 0.110

RBS 10 0.722 1,000 1 - - -

Carnegie 10 0.722 1,000 4 18 0.065 0.657

CreditAgricoleCIB 12 0.541 750 1 14 0.262 0.279

ArcticSecurities 13 0.318 440 2 - - -

DeutscheBank 14 0.060 83 1 - - -

AGLTransactionServicesAB 15 0.054 75 1 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 138,538 259 100%

Sub-SaharanAfricanCurrencyBondsH12016 H12015


NedbankLtd 1 17.270 769 23 1 18.725 -1.455

FirstRandLtd 2 12.301 548 14 3 13.372 -1.071

EskomHoldingsLtd 3 11.453 510 2 4 12.258 -0.805

JPMorgan 4 10.600 472 23 6 5.198 5.402

StandardBankofSouthAfrica 5 10.209 455 13 2 18.253 -8.044


Barclays 7 6.987 311 9 5 9.531 -2.544

RBCCapitalMarkets 8 3.891 173 17 8 2.657 1.234

Investec 9 3.480 155 5 7 2.834 0.646

HSBC 10 1.560 69 5 12 1.274 0.286

BNPParibas 11 1.453 65 2 37 0.054 1.399

GeneralElectricCapitalCorp 12 1.449 65 1 - - -

TDSecurities 13 1.337 60 4 13 1.264 0.073

Citi 14 1.326 59 3 22 0.563 0.763

MizuhoFinancial 15 1.172 52 4 - - -

DeutscheBank 16 1.052 47 4 21 0.563 0.489


JavaCapital 18 0.823 37 2 19 0.622 0.201

DanskeBank 19 0.740 33 2 10 1.633 -0.893

Nordea 20 0.729 32 2 26 0.276 0.453

TOTAL 100% 4,454 152 100%



CEEMEABondsH12016 H12015


Citi 1 9.168 8,387 44 2 6.537 2.631

JPMorgan 2 8.232 7,530 36 3 4.304 3.928

HSBC 3 5.557 5,083 43 1 7.042 -1.485

Barclays 4 4.285 3,920 26 4 4.153 0.132

VTBCapital 5 4.190 3,833 28 9 2.840 1.350


DeutscheBank 7 3.603 3,296 16 6 3.727 -0.124

UniCredit 8 3.510 3,211 25 8 3.106 0.404


BNPParibas 10 3.027 2,769 17 7 3.593 -0.566

StandardCharteredBank 11 2.947 2,696 18 13 2.151 0.796

NationalBankofAbuDhabi 12 2.693 2,463 17 10 2.511 0.182

GoldmanSachs 13 2.234 2,044 11 20 1.827 0.407


Gazprombank 15 2.061 1,885 25 15 1.985 0.076

SberbankCIBCJSC 16 1.935 1,770 25 18 1.909 0.026

EmiratesNBDPJSC 17 1.903 1,741 20 29 0.995 0.908

INGGroep 18 1.586 1,451 14 26 1.186 0.400


PoalimIBIUnderwritingLtd 20 1.333 1,219 36 34 0.877 0.456

TOTAL 100% 91,474 443 100%

MENABonds&SukukH12016 H12015


JPMorgan 1 9.902 3,604 17 4 7.234 2.668

Citi 2 8.468 3,082 14 2 11.129 -2.661


HSBC 4 7.778 2,831 27 1 14.047 -6.269

NationalBankofAbuDhabi 5 6.767 2,463 17 3 8.340 -1.573



DeutscheBank 8 3.915 1,425 8 17 1.923 1.992

Barclays 9 3.632 1,322 9 8 3.681 -0.049

EmiratesNBDPJSC 10 3.518 1,281 17 9 3.448 0.070


QatarNationalBank 12 3.102 1,129 5 - - -

DubaiIslamicBank 13 2.870 1,045 7 18 1.631 1.239

AlKhaliji 14 2.473 900 3 - - -

SumitomoMitsuiFinancial 14 2.473 900 3 - - -

GulfInternationalBankBSC 16 2.015 733 3 - - -

FirstGulfBankPJSC 17 1.625 591 6 18 1.631 -0.006


BNPParibas 19 1.417 516 7 13 2.524 -1.107

Natixis 20 1.374 500 2 12 2.844 -1.470

TOTAL 100% 36,397 127 100%

AfricanBondsH12016 H12015


StandardBankofSouthAfrica 1 20.282 860 13 1 10.924 9.358

FirstRandLtd 2 19.562 829 13 2 9.983 9.579

NedbankLtd 3 17.620 747 22 5 7.909 9.711

EskomHoldingsLtd 4 12.034 510 2 7 5.881 6.153

Citi 5 10.975 465 2 6 6.345 4.630

Barclays 6 4.784 203 7 4 8.282 -3.498

Investec 7 3.656 155 5 13 2.302 1.354



KBCGroup 9 1.147 49 1 23 0.369 0.778

JPMorgan 9 1.147 49 1 10 5.314 -4.167

ErsteGroupBank 9 1.147 49 1 23 0.369 0.778

StandardCharteredBank 9 1.147 49 1 14 2.172 -1.025

UniCredit 9 1.147 49 1 23 0.369 0.778

RBS 9 1.147 49 1 23 0.369 0.778

JavaCapital 16 0.865 37 2 31 0.298 0.567

OneCapital 17 0.672 28 2 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 4,239 65 100%

Sub-SaharanAfricanBondsH12016 H12015


StandardBankofSouthAfrica 1 20.282 860 13 1 14.255 6.027

FirstRandLtd 2 19.562 829 13 2 13.027 6.535

NedbankLtd 3 17.620 747 22 4 10.321 7.299

EskomHoldingsLtd 4 12.034 510 2 5 7.674 4.360

Citi 5 10.975 465 2 9 3.170 7.805

Barclays 6 4.784 203 7 7 6.774 -1.990

Investec 7 3.656 155 5 10 3.004 0.652



KBCGroup 9 1.147 49 1 20 0.481 0.666

JPMorgan 9 1.147 49 1 13 1.826 -0.679

ErsteGroupBank 9 1.147 49 1 20 0.481 0.666


UniCredit 9 1.147 49 1 20 0.481 0.666

RBS 9 1.147 49 1 20 0.481 0.666

JavaCapital 16 0.865 37 2 28 0.389 0.476

OneCapital 17 0.672 28 2 - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 4,239 65 100%



Asiaex-JapanFixedIncomeReviewH12016creditedAsiaex-JapanG3CurrencyBondsvolumedecreased18.49%toUSD89.6Blnwhiledealcountdecreased11.88%to178offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased17.35%year-on-yeartoUSD78.4Blnwhilethedealcountdecreased10.76%to141.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased47.49%year-on-yeartoUSD4.5Blnover14deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforH12016with12.29%marketshare.Thebankunderwrote89dealsovertheperiod.CitiandJPMorganrankedsecondandthirdwith7.37%and5.88%marketshare,respectively.

Asiaex-JapanG3CurrencyBonds:HighlightsofH12016

Issuer Industry Volume(USDMln) Date

ProvenHonourCapitalLtd Technology 2,000 04/28/2016

PhilippineGovernmentInternationalBond Government 2,000 02/17/2016

PerusahaanPenerbitSBSNIndonesiaIII Government 1,750 03/21/2016

IndonesiaGovernmentInternationalBond Government 1,702 06/07/2016

IndonesiaGovernmentInternationalBond Government 1,702 06/07/2016

CKHutchisonFinance16Ltd ConsumerStaples 1,538 04/05/2016

Export-ImportBankofChina/The Government 1,250 04/19/2016

OVPHLtd Utilities 1,200 02/22/2016

ChinaDevelopmentBankCorp Government 1,116 05/25/2016

ChinaDevelopmentBankCorp Government 1,108 03/14/2016

Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry

Issuer Volume(USDMln) Date Country

ProvenHonourCapitalLtd 2,000 04/28/2016 China

CKHutchisonFinance16Ltd 1,538 04/05/2016 HongKong

ICICIBankLtd/Dubai 700 03/14/2016 India

PerusahaanPenerbitSBSNIndonesiaIII 1,750 03/21/2016 Indonesia

MalaysiaSukukGlobalBhd 1,000 04/20/2016 Malaysia

PhilippineGovernmentInternationalBond 2,000 02/17/2016 Philippines

BOCAviationLtd 750 04/14/2016 Singapore

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

E.SUNCommercialBankLtd 240 01/19/2016 Taiwan

TMBBankPCL/CaymanIslands 300 03/23/2016 Thailand

Financials38%

Government32%

Utilities8%

Others22%

Asiaex-JapanG3CurrencyBonds:QuarterlyVolume

Q22011

Q22011

Q22012

Q22012

Q22013

Q22013

Q22014

Q22014

Q22015

Q22015

QuartersQuarters

Q22016

Q22016

5050

USDBln

USDBln

00

7070

100100

DealC

ountDealC

ount

00

140140

DealCount

Other

HighYield

InvestmentGrade

Asiaex-JapanG3CurrencyBonds:IndustryBreakdown

38%

32%

8%

22%

Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory

HSBC Ci

ti

JPMorgan

StandardCharteredBank

BankofAmericaMerrillLynch

BankofChina

5

10

MarketShare(%

)

0

15

2016 2015 2014



Asiaex-JapanIssuerG3CurrencyBondsH12016 H12015


HSBC 1 12.293 11,019 89 1 12.238 0.055

Citi 2 7.370 6,606 60 2 9.506 -2.136

JPMorgan 3 5.885 5,275 42 5 6.166 -0.281



BankofChina 6 4.944 4,431 42 6 4.630 0.314

DeutscheBank 7 4.893 4,386 26 3 7.417 -2.524


Barclays 9 3.920 3,514 21 16 2.283 1.637

UBS 10 3.281 2,941 32 14 2.370 0.911

BNPParibas 11 2.872 2,575 23 10 2.990 -0.118

GoldmanSachs 12 2.795 2,506 25 9 3.899 -1.104

DBSGroup 13 2.703 2,423 23 12 2.748 -0.045

CreditSuisse 14 2.680 2,402 18 13 2.702 -0.022

BankofCommunications 15 2.238 2,006 20 26 0.787 1.451


ANZBankingGroup 17 1.992 1,785 19 15 2.313 -0.321

MorganStanley 18 1.977 1,772 20 8 4.255 -2.278


ChinaConstructionBank 20 1.562 1,400 32 18 1.456 0.106

TOTAL 100% 89,633 178 100%

APACex-JapanIssuerG3CurrencyBondsH12016 H12015


HSBC 1 11.048 14,370 103 1 10.963 0.085

Citi 2 9.157 11,910 85 2 10.176 -1.019

JPMorgan 3 6.712 8,730 60 3 8.680 -1.968


DeutscheBank 5 4.571 5,945 34 4 6.862 -2.291

CreditSuisse 6 4.056 5,275 25 12 2.750 1.306


UBS 8 3.894 5,065 42 10 3.001 0.893

GoldmanSachs 9 3.702 4,816 38 7 4.176 -0.474

BankofChina 10 3.407 4,431 42 9 3.476 -0.069

Barclays 11 3.021 3,929 24 14 2.575 0.446

ANZBankingGroup 12 3.003 3,907 29 13 2.698 0.305

MorganStanley 13 2.891 3,760 31 8 3.908 -1.017

BNPParibas 14 2.770 3,603 28 11 2.847 -0.077



DBSGroup 17 1.940 2,523 24 16 2.063 -0.123

NationalAustraliaBankLtd 18 1.735 2,257 11 23 1.025 0.710



TOTAL 100% 130,069 245 100%

Asiaex-JapanG3InvestmentGradeBondsH12016 H12015


HSBC 1 12.944 10,148 84 1 12.724 0.220

Citi 2 8.097 6,348 58 2 10.251 -2.154

JPMorgan 3 6.321 4,956 37 4 6.276 0.045


DeutscheBank 5 5.361 4,203 24 3 7.376 -2.015


BankofChina 7 5.047 3,956 39 6 4.923 0.124


Barclays 9 3.812 2,989 19 14 2.262 1.550

BNPParibas 10 3.207 2,515 22 11 2.701 0.506

UBS 11 2.863 2,245 25 17 1.763 1.100

GoldmanSachs 12 2.686 2,106 24 9 4.161 -1.475



MorganStanley 15 2.260 1,772 20 8 4.521 -2.261


CreditSuisse 17 1.864 1,461 9 12 2.306 -0.442



CIMB 20 1.648 1,292 6 16 1.903 -0.255

TOTAL 100% 78,400 141 100%

Asiaex-JapanG3CorporateHighYieldBondsH12016 H12015


HaitongSecuritiesCoLtd 1 15.644 706 4 14 2.460 13.184

UBS 2 12.491 563 4 6 6.800 5.691



GoldmanSachs 5 8.869 400 1 9 3.950 4.919

GuotaiJunanSecuritiesCoLtd 6 7.095 320 4 24 0.786 6.309

HSBC 7 6.837 308 2 2 10.076 -3.239

Citi 8 5.728 258 2 10 3.512 2.216

CreditSuisse 9 5.227 236 3 3 9.120 -3.893

ChinaSecuritiesCoLtd 10 3.326 150 1 - - -

CITICSecuritiesCoLtd 11 2.217 100 1 8 4.319 -2.102

Industrial&CommBankofChina 12 1.848 83 1 23 0.873 0.975

HuataiSecuritiesCoLtd 12 1.848 83 1 20 1.237 0.611

AMTDAssetManagementLtd 12 1.848 83 1 - - -

DBSGroup 15 1.478 67 1 13 2.715 -1.237

ChinaConstructionBank 15 1.478 67 1 - - -

DeutscheBank 17 1.275 58 1 5 7.355 -6.080

ChinaMerchantsSecurities 18 1.118 50 1 12 2.794 -1.676

AgriculturalBankofChinaLtd 19 0.443 20 1 22 0.990 -0.547

- - - - - - - -

TOTAL 100% 4,509 14 100%



APACUSD&EURCurrencyBondsH12016 H12015


HSBC 1 9.661 15,579 108 2 10.329 -0.668

Citi 2 9.347 15,073 103 1 10.378 -1.031

JPMorgan 3 8.760 14,127 80 3 9.161 -0.401


GoldmanSachs 5 4.628 7,462 49 6 4.745 -0.117

Barclays 6 4.383 7,068 40 9 3.877 0.506

MorganStanley 7 4.089 6,594 38 8 4.077 0.012

DeutscheBank 8 3.992 6,437 37 4 6.315 -2.323

CreditSuisse 9 3.271 5,275 25 13 2.421 0.850


UBS 11 3.141 5,065 42 12 2.642 0.499

BankofChina 12 2.748 4,431 42 10 3.059 -0.311


BNPParibas 14 2.539 4,095 31 11 2.781 -0.242





DBSGroup 19 1.565 2,523 24 16 1.816 -0.251


TOTAL 100% 161,260 283 100%

AsianBondsH12016 H12015




BankofChina 3 3.208 20,103 125 6 3.387 -0.179

MorganStanley 4 3.150 19,740 193 3 3.657 -0.507

Industrial&CommBankofChina 5 3.088 19,349 125 1 3.897 -0.809


HSBC 7 2.578 16,155 146 2 3.798 -1.220


AgriculturalBankofChinaLtd 9 2.443 15,307 79 8 2.376 0.067

ChinaConstructionBank 10 2.435 15,259 123 5 3.397 -0.962

JPMorgan 11 2.150 13,475 75 12 2.031 0.119


Citi 13 2.102 13,174 117 7 3.346 -1.244

IndustrialBankCoLtd 14 1.977 12,392 83 18 1.698 0.279

ChinaInternationalCapitalCorp 15 1.900 11,907 64 20 1.633 0.267

GFSecurities 16 1.707 10,696 56 41 0.687 1.020

ChinaDevelopmentBank 17 1.692 10,605 64 23 1.569 0.123

SumitomoMitsuiFinancial 18 1.499 9,391 149 22 1.579 -0.080

Nomura 19 1.433 8,977 169 14 1.885 -0.452


TOTAL 100% 626,656 3,602 100%

Asiaex-JapanBondsH12016 H12015




BankofChina 3 3.682 20,103 125 5 3.877 -0.195





ChinaConstructionBank 8 2.795 15,259 123 4 3.889 -1.094

HSBC 9 2.697 14,726 138 3 4.013 -1.316

IndustrialBankCoLtd 10 2.270 12,392 83 13 1.944 0.326

ChinaInternationalCapitalCorp 11 2.181 11,907 64 15 1.869 0.312

GFSecurities 12 1.959 10,696 56 36 0.786 1.173

ChinaDevelopmentBank 13 1.943 10,605 64 17 1.796 0.147

Citi 14 1.742 9,509 94 6 3.149 -1.407


PingAnInsuranceGroupCo 16 1.519 8,291 48 34 0.847 0.672

JPMorgan 17 1.438 7,850 52 18 1.774 -0.336

ChinaMerchantsSecurities 18 1.409 7,690 65 25 1.257 0.152

EverbrightSecuritiesCo 19 1.403 7,659 38 46 0.679 0.724

ShanghaiPudongDevelopmentBankCoLtd 20 1.326 7,241 87 16 1.830 -0.504

TOTAL 100% 545,955 3,237 100%

ASEANLocalCurrencyBondsH12016 H12015


CIMB 1 12.139 3,716 110 1 12.347 -0.208

DBSGroup 2 10.296 3,152 56 3 7.299 2.997

Maybank 3 7.704 2,358 63 6 5.437 2.267

KrungThaiBank 4 5.836 1,786 43 12 2.893 2.943

Oversea-ChineseBankingCorp 5 5.569 1,705 44 4 6.094 -0.525

RHB 6 5.141 1,574 72 2 8.510 -3.369

AmInvestmentBankBhd 7 4.890 1,497 28 7 5.362 -0.472

SiamCommercialBankPCL 8 4.836 1,481 34 13 2.686 2.150

BangkokBankPCL 9 4.698 1,438 25 15 2.372 2.326

UnitedOverseasBank 10 4.517 1,383 36 9 4.417 0.100

BankofAyudhyaPCL 11 3.426 1,049 19 11 3.598 -0.172

KasikornbankPCL 12 3.234 990 31 10 4.270 -1.036


IndoPremierSecurities 14 2.192 671 53 18 1.552 0.640

MandiriSekuritasPT 15 1.907 584 42 16 1.832 0.075

DanareksaSekuritasPT 16 1.853 567 33 19 1.535 0.318

BahanaSecurities 17 1.355 415 22 21 1.392 -0.037

TiscoBankPCL 18 1.298 397 3 - - -

AsiaPlusSecurities 19 1.122 344 25 17 1.556 -0.434

Industrial&CommBankofChina 20 1.121 343 2 - - -

TOTAL 100% 30,612 479 100%



Australian/NewZealandInternationalBondsH12016 H12015


Citi 1 11.886 5,496 27 2 10.600 1.286

HSBC 2 9.112 4,213 22 3 8.202 0.910

JPMorgan 3 7.835 3,622 20 1 14.280 -6.445

CreditSuisse 4 7.723 3,571 11 9 4.238 3.485


UBS 6 5.881 2,719 14 4 5.390 0.491


GoldmanSachs 8 5.217 2,412 14 8 4.294 0.923


MorganStanley 10 4.645 2,147 12 16 2.453 2.192

CommonwealthBankAustralia 11 3.981 1,841 11 15 2.523 1.458

DeutscheBank 12 3.469 1,604 9 5 4.681 -1.212


Nomura 14 2.570 1,189 8 18 1.808 0.762

BNPParibas 15 2.322 1,073 6 14 2.821 -0.499

TDSecurities 16 1.730 800 2 33 0.214 1.516

WellsFargo 17 1.352 625 5 24 1.068 0.284

CreditAgricoleCIB 18 1.308 605 4 19 1.501 -0.193

Macquarie 19 1.282 593 5 23 1.226 0.056

WestpacBanking 20 1.065 493 4 17 2.116 -1.051

TOTAL 100% 46,237 91 100%

AustralianKangarooBondsH12016 H12015

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

TDSecurities 1 18.018 2,977 45 1 15.768 2.250


DeutscheBank 3 12.471 2,061 23 4 11.770 0.701

Nomura 4 10.000 1,653 19 2 14.979 -4.979


JPMorgan 6 6.046 999 19 10 3.923 2.123

HSBC 7 4.655 769 10 9 4.904 -0.249

WestpacBanking 8 3.565 589 6 11 3.699 -0.134

Citi 9 3.303 546 6 6 6.233 -2.930

UBS 10 3.152 521 5 8 5.007 -1.855

CommonwealthBankAustralia 11 3.127 517 7 7 5.211 -2.084

GoldmanSachs 12 2.874 475 3 17 0.490 2.384

NationalAustraliaBankLtd 13 2.683 443 4 12 2.636 0.047



BankofAmericaMerrillLynch 16 1.513 250 2 - - -

DBSGroup 17 0.908 150 1 - - -

Barclays 17 0.908 150 1 - - -

Scotiabank 19 0.151 25 1 15 0.736 -0.585

- - - - - - - -

TOTAL 100% 16,524 121 100%

KoreanInternationalBondsH12016 H12015


Citi 1 12.009 1,671 18 1 12.619 -0.610

HSBC 2 11.358 1,581 16 2 11.854 -0.496



BNPParibas 5 6.799 946 8 14 2.809 3.990

Nomura 6 5.797 807 7 11 3.158 2.639

SocieteGenerale 7 5.290 736 9 9 3.409 1.881

UBS 8 4.971 692 6 19 1.149 3.822

KoreaDevelopmentBank 9 4.940 687 6 23 0.578 4.362

ANZBankingGroup 10 4.416 614 6 17 2.363 2.053

GoldmanSachs 11 4.282 596 6 12 3.147 1.135

JPMorgan 12 3.802 529 7 5 7.148 -3.346


Barclays 14 3.015 420 5 6 6.267 -3.252

StandardCharteredBank 15 2.865 399 2 15 2.551 0.314

CreditSuisse 16 2.535 353 3 10 3.352 -0.817

Commerzbank 17 1.497 208 2 18 1.865 -0.368

WestpacBanking 18 1.489 207 3 - - -

MorganStanley 19 1.317 183 2 13 2.938 -1.621

DeutscheBank 20 1.188 165 1 4 9.384 -8.196

TOTAL 100% 13,916 50 100%

JapaneseYenBondsH12016 H12015

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

MorganStanley 1 25.937 1,634,975 172 1 20.276 5.661

MizuhoFinancial 2 18.118 1,142,101 194 5 14.238 3.880


Nomura 4 15.044 948,363 166 3 15.542 -0.498

DaiwaSecurities 5 13.639 859,796 148 4 15.372 -1.733

Citi 6 1.580 99,625 8 9 1.743 -0.163



ShinkinCentralBank 9 1.113 70,167 17 14 0.754 0.359

TokaiTokyoSecuritiesCoLtd 10 0.924 58,250 16 13 0.851 0.073

GoldmanSachs 11 0.870 54,833 9 6 3.078 -2.208

JPMorgan 12 0.587 37,000 5 23 0.045 0.542

HSBC 13 0.539 34,000 3 11 1.210 -0.671


BNPParibas 15 0.504 31,767 6 20 0.213 0.291

SBIHoldingsInc/Japan 16 0.484 30,500 5 - - -


Barclays 18 0.365 23,000 2 15 0.710 -0.345

CreditSuisse 19 0.304 19,133 3 16 0.421 -0.117

DeutscheBank 20 0.238 15,000 1 19 0.218 0.020

TOTAL 100% 6,303,724 367 100%



HongKongDollarBondsH12016 H12015

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

HSBC 1 18.708 30,150 88 1 23.294 -4.586



Citi 4 8.647 13,936 41 6 5.224 3.423


BankofChina 6 6.205 10,000 6 9 3.343 2.862




DBSGroup 10 2.572 4,145 7 7 5.022 -2.450


UBS 12 2.382 3,840 5 17 1.354 1.028

GoldmanSachs 13 1.792 2,888 6 12 2.605 -0.813

Barclays 14 1.667 2,686 13 4 8.203 -6.536

BNPParibas 15 1.508 2,431 9 13 1.968 -0.460

Scotiabank 16 1.428 2,302 11 21 0.803 0.625

NationalAustraliaBankLtd 17 1.387 2,235 9 5 7.788 -6.401



CommonwealthBankAustralia 20 0.819 1,320 7 16 1.373 -0.554

TOTAL 100% 161,157 385 100%

OffshoreCNYBondsH12016 H12015

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

HSBC 1 21.679 17,112 46 1 16.460 5.219


Nomura 3 7.950 6,275 13 28 0.745 7.205

Citi 4 7.191 5,676 19 5 5.296 1.895


GoldmanSachs 6 4.637 3,660 8 33 0.555 4.082

BNPParibas 7 4.577 3,613 16 3 8.576 -3.999

DBSGroup 8 3.698 2,919 12 7 3.466 0.232

BankofChina 9 3.421 2,700 3 6 4.137 -0.716


UBS 11 2.475 1,954 17 21 1.418 1.057

KGISecuritiesCoLtd 12 1.989 1,570 3 18 1.574 0.415

Barclays 13 1.954 1,542 10 8 2.870 -0.916

Oversea-ChineseBankingCorp 14 1.698 1,340 6 19 1.539 0.159


Scotiabank 16 1.492 1,178 8 10 2.354 -0.862

AgriculturalBankofChinaLtd 17 1.267 1,000 1 17 1.639 -0.372

BankofCommunications 17 1.267 1,000 1 11 2.243 -0.976

CommonwealthBankAustralia 19 1.121 885 3 49 0.116 1.005


TOTAL 100% 78,930 267 100%

SingaporeDollarBondsH12016 H12015

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

DBSGroup 1 47.159 6,508 42 1 38.916 8.243



UnitedOverseasBank 4 6.283 867 11 5 5.704 0.579

HSBC 5 4.167 575 7 4 5.947 -1.780

Industrial&CommBankofChina 6 3.804 525 3 13 0.872 2.932

DeutscheBank 7 3.080 425 2 13 0.872 2.208

CIMB 8 2.853 394 7 7 2.514 0.339

ANZBankingGroup 9 1.812 250 1 6 3.052 -1.240

CreditSuisse 10 1.359 188 1 8 1.671 -0.312

NationalAustraliaBankLtd 11 1.087 150 1 - - -

SocieteGenerale 12 1.027 142 1 23 0.087 0.940


JPMorgan 14 0.449 62 3 - - -

RHB 15 0.362 50 1 19 0.545 -0.183

MitsubishiUFJFinancial 16 0.310 43 1 20 0.363 -0.053

UBS 17 0.281 39 2 12 0.889 -0.608

Natixis 18 0.236 33 1 21 0.327 -0.091

Nomura 19 0.109 15 1 - - -

GoldmanSachs 19 0.109 15 1 17 0.610 -0.501

TOTAL 100% 13,799 77 100%

UridashiBonds(Manager)H12016 H12015



Nomura 2 16.325 1,675 20 6 6.897 9.428


MizuhoFinancial 4 14.141 1,451 21 1 17.503 -3.362

MorganStanley 5 9.858 1,012 14 4 12.503 -2.645

DaiwaSecurities 6 7.295 749 17 5 9.015 -1.720

BNPParibas 7 3.698 380 52 7 4.149 -0.451

HSBC 8 3.157 324 48 9 2.902 0.255

TokaiTokyoSecuritiesCoLtd 9 2.780 285 28 12 1.717 1.063


SBIHoldingsInc/Japan 11 1.824 187 4 - - -

JPMorgan 12 1.641 168 17 14 1.137 0.504

DeutscheBank 13 1.592 163 16 10 2.696 -1.104

CreditSuisse 14 1.518 156 26 8 3.842 -2.324

Barclays 15 1.008 103 12 13 1.258 -0.250

Citi 16 0.884 91 21 17 0.469 0.415

ShinseiBankLtd 17 0.032 3 2 20 0.066 -0.034

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 10,262 376 100%



UridashiBonds(UridashiAgent)H12016 H12015


MorganStanley 1 26.519 3,307 50 1 27.779 -1.260


Nomura 3 12.257 1,529 14 7 3.860 8.397

MizuhoFinancial 4 10.051 1,253 21 2 14.701 -4.650

DaiwaSecurities 5 9.138 1,140 27 4 11.994 -2.856

TokaiTokyoSecuritiesCoLtd 6 8.554 1,067 82 5 8.539 0.015

OkasanSecuritiesGroupInc 7 4.769 595 79 6 4.049 0.720

SBIHoldingsInc/Japan 8 3.469 433 36 8 3.732 -0.263

IwaiCosmoHoldingsInc 9 1.792 223 15 10 1.898 -0.106

ChugokuBankLtd 10 1.285 160 19 12 1.138 0.147

AozoraBankLtd 11 1.158 144 11 9 2.211 -1.053

HachijuniBankLtd 12 0.755 94 5 11 1.350 -0.595

ShinseiBankLtd 13 0.659 82 11 13 0.679 -0.020

MitoSecuritiesCoLtd 14 0.658 82 8 20 0.321 0.337

ANDOSecuritiesCoLtd 15 0.620 77 6 24 0.227 0.393

ImamuraSecuritiesCo 16 0.538 67 8 15 0.505 0.033

MusashiSecuritiesCo 17 0.488 61 5 28 0.167 0.321

MonexInc 18 0.365 46 9 18 0.348 0.017

GoldmanSachs 19 0.353 44 3 - - -

DaishiSecuritiesCoLtd 20 0.275 34 6 - - -

TOTAL 100% 12,470 530 100%

Bloomberg Fixed Income - League Tables Criteria

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

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

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

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

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

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

Only new money portions of exchange offers are eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. In instances where there is no issue-specific rating, transactions will be determined to be Investment Grade or High Yield based on collateral, issuer or issuer parent ratings based on the waterfall in Appendix 7 of the League Table Criteria published on LEAG<GO>. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant investment grade table.

Exclusions

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

GLOBAL FIXED INCOME - bbhub.io · Global Fixed Income | H1 2016. ... Firm Rank Mkt Share(%) Volume ... Bank of America Merrill Lynch 6 3.575 41,250 243 4 4.137 -0.562

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