Professional Documents
Culture Documents
MANAGING UNDERWRITERS
Full Year 2011
Global Debt
Asia Debt
13
13
13
Global Scorecard
13
13
10
10
14
10
14
10
14
14
11
14
11
11
15
US Debt
Australian Debt
Japan Debt
US Debt (F1)
11
15
11
15
15
12
16
12
16
12
12
Criteria Summary
Debt Capital Markets Criteria Summary
17
18
https://www.thomsonone.com
Proceeds ($bil)
$100
GLOBAL HIGH YIELD DEBT TUMBLES 70% IN SECOND HALF - The volume of global corporate high yield debt
reached US$278.1 billion during full year 2011, a decrease of 14% compared to full year 2010. Energy & power
companies led issuance during 2011, with 17% of overall activity, for an increase of 1% compared to 2010. Issuers in
North America accounted for 70% of overall volume, down from 74% during 2010. European issuers, led by the United
Kingdom, Germany and Italy, comprised 22% of new issuance, up from 20% last year at this time. With US$64.9 billion
raised, the second half of 2011 marked the lowest six-month period for global high yield new issues since the first half of
2009, and a decline of 70% from the first half of 2011, which saw US$213.2 billion in activity.
9.9%
3.1%
17,851
50
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$2.4
$2.2
$2.0
Proceeds (US$t)
$1.8
$1.6
$1.4
$1.2
$1.0
$0.8
$0.6
$0.4
$0.2
2003
2004
2005
2006
2007
2008
2009
MBS
Federal Credit Agency
Bookrunner
JP Morgan
Deutsche Bank AG
Barclays Capital
Citi
Bank of America Merrill Lynch
Morgan Stanley
BNP Paribas SA
UBS
Goldman Sachs & Co
Credit Suisse
Top Ten Total
Industry Total
-19.5%
5.0%
43.5%
-5.2%
4Q
3Q
2Q
1Q
4Q
3Q
2010
2011
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
$0.0
Jan 1 - Dec 30
-16.8%
0.1%
100
$40
16% DECREASE FOR DEBT UNDERWRITING FEES - According to Thomson Reuters/Freeman Consulting, estimated
fees from debt capital markets transactions totaled US$16 billion during full year 2011, down 16% from 2010. Fees from
investment grade debt underwriting totaled US$6.8 billion, or 43% of the overall total, while fees from high yield debt
underwriting totaled $4.4 billion, or 28% of overall DCM fees.
150
$60
2001
BARCLAYS CAPITAL TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in agency and sovereign debt
underwriting, Barclays Capital retained the top spot for full year 2011 with total proceeds of $344.4 billion, despite a loss
of 1.4 market share points. Deutsche Bank led all bookrunners, by number of deals, with nearly 1,300 underwriting
assignments during full year 2011. By proceeds, the top three underwriters each account for 7% of global debt capital
markets activity. Based on full year 2011 underwriting fees, JP Morgan topped all other underwriters with an estimated
$1.4 billion.
200
$80
$0
EMERGING MARKETS CORPORATE DEBT DOWN 6% - New issuance of corporate debt from emerging markets
issuers, including both international and domestic issuance, totaled US$314 billion during full year 2011, down 6% over
2010 levels. Issuance was led by issuers from India, Brazil, Mexico and Russia, which account for nearly 50% of all
emerging markets corporate debt this year.
Bookrunner
JP Morgan
Deutsche Bank AG
Barclays Capital
Bank of America Merrill Lynch
Citi
Morgan Stanley
Goldman Sachs & Co
Credit Suisse
UBS
BNP Paribas SA
Top Ten Total
Industry Total
Number of Offerings
$20
FINANCIALS ACCOUNT FOR 53% OF 2011 DCM ACTIVITY Debt capital markets activity in the financials sector
totaled $2.6 trillion during full year 2011, accounting for 53% of all new issues this year. High technology and healthcare
debt capital markets activity saw the strongest year-over-year growth, with each sector registering a 15% increase over
full year 2010, while new issues in the consumer products and media & entertainment sectors saw year-over-year
declines of 28% and 19%, respectively. Average deal size in the healthcare sector led all industries during full year 2011,
with the average deal totaling $820 million.
250
Global High Yield Debt ($bil)
Number of Offerings
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
1406
5.3 +181
5.7 +136
1506
4.3 +70
1142
1082
4.1 +143
1207
4.6 +103
1147
4.3 +195
958
3.6 +362
1304
4.9 +86
-8
663
2.5
1083
4.1 +209
26,370
+4,681
21.6%
-17.4%
https://www.thomsonone.com
Global Debt
Global Debt (B1)
Global Scorecard
Jan 1 2011 - Dec 30 2011
Proceeds
No.
Deals
$USm
% Change
in Proceeds
2,073,482.2
1,500,692.0
239,522.3
221,374.2
748,033.4
211,825.4
415,750.4
134,732.7
22,307.2
217,715.0
4,192
2,637
1,144
441
779
164
566
259
730
2,072
2,492,534.7
1,690,371.4
390,860.0
263,079.7
752,340.2
218,277.2
556,520.1
116,838.2
128,805.0
234,939.5
6,637
2,937
1,229
541
911
156
631
259
2,810
1,917
-16.8%
-11.2%
-38.7%
-15.9%
-0.6%
-3.0%
-25.3%
+15.3%
-82.7%
-7.3%
4,686,590.8
3,899,751.9
278,110.5
2,258,744.3
246,484.9
1,069,960.7
521,543.3
242 988 4
242,988.4
282,016.2
11,371
9,363
537
5,547
1,162
2,012
664
614
2,656
5,041,697.7
4,077,108.7
321,913.2
2,245,001.0
391,298.9
1,071,642.2
656,988.9
178 795 1
178,795.1
296,783.2
14,399
10,318
640
6,197
1,231
2,132
738
535
2,485
-7.0%
-4.4%
-13.6%
+0.6%
-37.0%
-0.2%
-20.6%
+35 9%
+35.9%
-5.0%
Bookrunner
Barclays Capital
JP Morgan
Deutsche Bank AG
Bank of America Merrill Lynch
Citi
Morgan Stanley
Goldman Sachs & Co
BNP Paribas SA
HSBC Holdings PLC
UBS
Credit Suisse
RBS
RBC Capital Markets
Nomura
Societe Generale
Credit Agricole CIB
Wells Fargo & Co
Mizuho Financial Group
Natixis
UniCredit
Daiwa Securities Group Inc
TD Securities Inc
Santander
DZ Bank
CIBC World Markets Inc
Top Twenty Five Total
Industry Total
Consecutive
Quarters No. 1
Market Sector
Stocks and Bonds
Global Debt, Equity & Equity-related (A1)
No. 1 Manager
Barclays Capital
7.3
+1.3
Morgan Stanley
Barclays Capital
Bank of America Merrill Lynch
8.5
11.7
12.9
+1.8
+2.7
-1.4
1
1
2
Global Bonds
Global Debt inc MBS, ABS & US Tax Munis (B1)
Global High Yield Corporate Debt (B4)
Global Investment Grade (B7)
Global ABS (B11)
Barclays Capital
Bank of America Merrill Lynch
JP Morgan
Intesa SanPaolo
7.4
12.1
7.2
11.9
+1.0
+4.0
+1.4
+11.9
1
1
1
1
US Bonds
U.S. Debt inc MBS, ABS, & Tax Munis (F1)
U.S. LT Debt inc MBS,ABS &Tax Munis(F2)
U.S. Investment Grade Corporate Debt (F9)
U.S. High Yield Corporate Debt (F8)
U.S. Federal Credit Agency (H1)
U.S. LT Federal Credit Agency Debt (H3)
U.S. Mortgage-backed Securities (F11)
U.S. Asset-backed Securities (F14)
Barclays Capital
Barclays Capital
JP Morgan
JP Morgan
Barclays Capital
Barclays Capital
Deutsche Bank AG
JP Morgan
11.9
12.9
16.8
12.5
13.6
35.6
13.7
15.6
+2.8
+2.9
+3.8
-1.4
+6.1
+13.2
+3.7
+3.1
1
1
6
2
1
3
1
1
Jan 1 - Dec 30
Proceeds per Bookrunner (US$m)
Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
344,404.9
-1.4
7.0
-0.7
6.9
2
343,379.7
2
3
3
335,393.0
6.8
-0.2
4
4
284,019.6
5.7
-1.2
5
5
273,345.1
5.5
+0.4
228,340.2
8
0.0 6
4.6
212,451.0
-0.4
7
4.3
7
12
+1.0
207,270.8
8
4.2
11
196,745.0
+0.3
4.0
9
3.9
10
9
191,429.7
-0.3
11
190,340.7
3.8
6
-0.9
12
10
173,993.2
-0.7
3.5
13
13
107,306.3
+0.2
2.2
14
14
97,333.0
+0.1
2.0
15
15
84,259.1
1.7
+0.2
78,998.3
1.6
+0.2
16
16
17
18
67,550.6
1.4
+0.3
20
62,020.8
1.3
+0.3
18
19
21
1.2
58,496.5
+0.2
20
17
57,191.9
1.2
-0.2
49 101 1
10
00 21
19
49,101.1
1.0
0.0
43,198.6
22
22
0.9
0.0 23
23
38,565.5
0.8
+0.2
24
34,244.1
24
0.7
+0.1
25
25
32,592.4
0.7
+0.2
2,616,779.0
-2.5
52.9
100.0
4,952,217.7
-6.9%
-2.3%
918
6.5 -100
4.3 -137
604
765
5.5 +67
844
6.0 +55
5.7 -26
806
778
5.5 -110
695
5.0 -24
533
3.8 -225
2.8
389
0
223
1.6
-3
256
1.8 -34
3.5 -46
488
3.6 +115
512
213
1.5 +27
181
1.3 -47
2 2 -22
315
2.2
237
1.7 -148
130
0.9 +4
158
1.1 +4
171
1.2 +22
14,031
-2,907
-17.2%
-1.8%
-16.0%
3.6%
Jan 1 - Dec 30
58.8%
60%
40%
International Bonds
All International Bonds (J1)
All Bonds in Euro (N1)
All International Securitizations (J10c)
Barclays Capital
Societe Generale
Societe Generale
11.0
9.7
15.4
+3.4
+5.6
+15.4
1
1
1
Asia-Pacific Bonds
Asian G3 Currency Bonds ex JP & Aus (AR2)
All Asian Currencies ex CDs (AS1)
15.7
8.2
+9.3
+5.5
1
1
Australia Bonds
Australian Dollar Bonds (AJ3)
Australian Domestic Securitization (AJ5)
19.7
34.3
+1.2
+13.4
1
1
26.0%
20%
0%
15.6%
-0.6%
2.9%
0.2%
Investment Grade
Agency,
Corporate
Supranational,
Sovereign
-26.4%
MBS
High Yield
Corporate
Federal Credit
Agency
ABS
Emerging Market
Corporate
-20%
-40%
https://www.thomsonone.com
Global Debt
0.6%
10.6%
7.6
-6
421
7.8 -113
435
493
8.9 -20
407
7.3 +8
408
7.4
-4
9.0 +26
497
361
6.5 -43
236
4.3 -17
316
5.7
-4
5,547
-650
8,000
6,917
$8,000
$7,000
6,370
6,349
6,506
6,403
5,675
Bookrunner
CIMB Group Sdn Bhd
HSBC Holdings PLC
Malayan Banking Bhd
Standard Chartered PLC
AMMB Holdings Bhd
Citi
RHB
Bank Islam Malaysia
Deutsche Bank AG
BNP Paribas SA
Top Ten Total
Industry Total
79.1%
88.8%
74
+25
51.0%
-5.3%
5,385
4,903
5,000
4,000
$4,000
3,000
2,000
1,000
$1,000
$0
5,347.7
6,778.8
5,656.0
5,635.1
7,710.8
8,440.5
7,522.4
8,282.5
7,247.3
6,777.4
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Bookrunner
Bank of America Merrill Lynch
Barclays Capital
JP Morgan
Deutsche Bank AG
Goldman Sachs & Co
Credit Suisse
Citi
Morgan Stanley
RBS
Nomura
Top Ten Total
Industry Total
70.6%
131.9%
-20.6%
-14.2%
Number of Offerings
Jan 1 - Dec 30
6,000
$5,000
$2,000
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
28
37.8 +5
14
18.9 +6
27.0 +12
20
12
16.2 +8
15
20.3 +7
6
8.1 +4
5
6.8 +2
4.1 +2
3
4.1 +2
3
4.1
-
5,547
$6,000
7,000
6,198
$3,000
-6.5%
7.9%
-10.5%
-9.1%
Jan 1 - Dec 30
$9,000
Number of Offerings
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Barclays Capital
Deutsche Bank AG
Citi
Morgan Stanley
HSBC Holdings PLC
BNP Paribas SA
Goldman Sachs & Co
RBS
Top Ten Total
Industry Total
Jan 1 - Dec 30
Fees (US$m)
62
9.3 -16
67
10.1
-2
58
8.7 -10
42
6.3 -15
57
8.6 +1
47
7.1 +2
44
6.6 +3
51
7.7 -10
28
4.2 -14
664
-74
-10.0%
-18.2%
*tie
Bookrunner
Bank of America Merrill Lynch
JP Morgan
Citi
Barclays Capital
RBS
Deutsche Bank AG
Societe Generale
Credit Suisse
Mizuho Financial Group
Intesa SanPaolo
Top Ten Total
Industry Total
35.9%
12.4%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
-5
73
11.9
-1
67
10.9
8.0
49
-7
55
9.0
-6
11.9 +13
73
10.1 -14
62
7
1.1 +1
38
6.2 -11
166
27.0 +89
1
0.2
-1
614
14.8%
7.6%
+79
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Barclays Capital
RBS
Citi
Deutsche Bank AG
Societe Generale
Credit Suisse
Mizuho Financial Group
Intesa SanPaolo
Top Ten Total
Industry Total
28.3%
-5.6%
35.7%
10.9%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
67
11.4 +5
68
11.6
-5
-6
55
9.4
12.5 +14
73
47
8.0
-7
61
10.4 +4
7
1.2 +1
6.3
-9
37
164
28.0 +89
0.2
1
-1
586
+106
22.1%
10.5%
https://www.thomsonone.com
100%
0.3%
4.8%
7.6%
8.0%
6.4%
9.4%
10.7%
6.8%
8.5%
9.2%
90%
80%
50.8%
41.7%
70%
44.9%
48.8%
43.7%
42.8%
45.9%
51.3%
47.9%
52.1%
% Total Proceeds
60%
50%
3.0%
0.8%
10.7%
9.3%
40%
12.7%
13.5%
11.9%
14.1%
13.6%
3.8%
15.9%
10.0%
5.8%
30%
3.9%
6.4%
6.0%
4.0%
2.6%
2.7%
7.8%
16.5%
5.4%
2.1%
5.8%
3.2%
2.6%
3.4%
2.9%
1.6%
2.7%
20%
35.7%
28.5%
20.4%
15.9%
21.1%
21.3%
15.1%
16.2%
5.1%
4.4%
21.0%
22.3%
1.5%
1.2%
Credit Suisse
10%
4.2%
3.6%
7.2%
3.5%
0%
Barclays Capital
ABS
JP Morgan
Deutsche Bank AG
Citi
3.8%
1.5%
Morgan Stanley
UBS
RBS
MBS
https://www.thomsonone.com
Barclays Capital
JP Morgan
Deutsche Bank AG
Citi
Morgan Stanley
BNP Paribas SA
10
UBS
Rank
10
2002
2003
2004
2005
*Global Debt League Table (B1) positions reflect consolidation within the banking sector
Rankings shown are as of the current quarter end in each calendar year.
2006
2007
2008
2009
2010
2011
https://www.thomsonone.com
US Debt
US Debt Down 16.8% l JP Morgan Top Bank for US Debt l US Investment Grade Debt Down 0.6% l Autos Top Sector For US Asset-Backed Debt
US Deals Intelligence
The US$164.2 billion of high-yield debt raised in the first half of 2011 ranked as the largest semi-annual volume on
record, a 5.4% increase over the prior record set in the second half of 2010. However, after three consecutive recordsetting semi-annual periods of issuance, second half issuance fell to the lowest volume since the second half of 2008,
taking total 2011 issuance to US$221.4 billion, a 15.9% decline.
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Citi
Morgan Stanley
Goldman Sachs & Co
Barclays Capital
Deutsche Bank AG
RBS
HSBC Holdings PLC
Wells Fargo & Co
Credit Suisse
BNP Paribas SA
UBS
RBC Capital Markets
Mitsubishi UFJ Financial Group
SunTrust Banks
US Bancorp
Societe Generale
Santander
Scotiabank Bank of Nova Scotia
Scotiabank-Bank
Mizuho Financial Group
Credit Agricole CIB
BBVA
Bank of New York Mellon Corp
Standard Chartered PLC
ING
Jefferies & Co Inc
Itau Unibanco
National Australia Bank
Nomura
Top Thirty Total
Industry Total
US Investment Grade volume decreased 0.6% compared to a year ago. Despite favorable interest rates in the US
market, cost of capital concerns in Europe created substantial market volatility, which partly contributed to a 55.9%
sequential decline in the second half volume - to the lowest semi-annual level since the second half of 2008.
According to Thomson Reuters/Freeman Consulting, total estimated fees for US Debt declined 20.8% compared to a
year ago, driven largely by the decreases in fees paid by issuers in the US MBS and US Investment grade markets,
which were down 24.2% and 11%, respectively.
Driven by the decreased issuance from the Federal Credit Agency CMO market, the US Mortgage-Backed market
declined 24.2% compared to proceeds raised a year ago.
US Debt (F1)
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Barclays Capital
Citi
Deutsche Bank AG
Goldman Sachs & Co
Morgan Stanley
Credit Suisse
UBS
RBS
Top Ten Total
Industry Total
Jan 1 - Dec 30
Proceeds per Bookrunner (US$m)
Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
3
255,908.3
12.3
+0.9
2
2
236,229.4
11.4
-0.5
3
1
227,197.8
11.0
-1.6
4
4
183,852.2
8.9
+0.7
5
5
155,265.8
7.5
-0.7
6.8
-0.7
6
6
141,899.0
7
7
133,642.7
6.5
+0.2
8
8
113,151.8
5.5
-0.4
9
10
93,041.6
4.5
-0.4
10
9
85,970.6
4.2
-1.1
1,626,159.2
78.6
-3.6
2,073,482.2 100.0
16.8%
0.7%
276
6.6 -66
317
7.6 -13
4,192
-2,445
Jan 1 - Dec 30
178
40.4 -80
110
24.9 -36
114
25.9 -23
100
22.7 -31
94
21.3 -28
91
20.6 -11
99
22.4 -31
90
20.4 -11
49
11.1
-7
441
15.9%
18.5%
47.5%
31.7%
0.6%
0.9%
38.8 -18
302
241
30.9 +5
181
23.2 -13
146
18.7 -23
175
22.5 -23
146
18.7 -48
124
15.9 +14
71
9.1 +6
145
18.6 +28
91
11.7 -30
73
9.4 +16
87
11.2 -17
33
4.2 +14
4.4 +6
34
4.0 +16
31
4.0 +12
31
14
1.8 +9
11
1.4 +1
27
3 5 +3
3.5
19
2.4 +5
13
1.7 -10
7
0.9 +3
11
1.4 +3
7
0.9
-3
-4
4
0.5
-4
5
0.6
0.5
-6
4
3
0.4 +1
0.4
0
3
-132
779
14.5%
4.9%
20.8%
11.0%
36.8%
0.8%
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Deutsche Bank AG
Credit Suisse
Citi
Goldman Sachs & Co
Morgan Stanley
Barclays Capital
Wells Fargo & Co
RBS
Top Ten Total
Industry Total
Jan 1 - Dec 30
-100
Bookrunner
UBS
Barclays Capital
BNP Paribas SA
Deutsche Bank AG
JP Morgan
Citi
Morgan Stanley
First Horizon National Corp
Credit Suisse
Goldman Sachs & Co
Top Ten Total
Industry Total
21.2%
47.4%
Jan 1 - Dec 30
29.9%
29.8%
5.0 +165
375
383
5.1 -216
385
5.2 -96
294
4.0 -79
4.9 -53
368
1000
13.4
-2
452
6.1 +64
132
1.8 -138
7,440
-1,000
11.8%
25.2%
https://www.thomsonone.com
US Securitizations
US ABS Collateral Volume Breakout (US$b)
Jan 1 - Dec 30
Bookrunner
Bank of America Merrill Lynch
JP Morgan
Citi
Barclays Capital
RBS
Deutsche Bank AG
Credit Suisse
Morgan Stanley
Wells Fargo & Co
RBC Capital Markets
Top Ten Total
Industry Total
$65.9
51%
$13.9
11%
CDO
$14.3
11%
Credit Card
$30.5
23%
$5.3
4%
Student Loan
Auto
15.3%
7.1%
71
27.4
23.9 +6
62
40
15.4
-8
18.9
-6
49
56
21.6 +11
51
19.7
-3
38
14.7 -10
16
6.2 +7
30
11.6 +15
16
6.2 +13
259
900
$600
Proceeds (US$b)
Bookrunner
Bank of America Merrill Lynch
Barclays Capital
Credit Suisse
Deutsche Bank AG
JP Morgan
Goldman Sachs & Co
Citi
Morgan Stanley
RBS
Nomura
Top Ten Total
Industry Total
800
# of Issues
$500
700
600
$400
25.3%
13.5%
0.0% 31.5%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
79
14.0 +1
59
10.4
-9
55
9.7 +5
45
8.0
-5
55
9.7
-1
6.9 -17
39
43
7.6 +2
-1
36
6.4
7.4 -10
42
25
4.4 -11
566
-65
10.3%
17.1%
500
$300
400
# of Issues
Proceeds (US$b)
Other
Jan 1 - Dec 30
Bookrunner
Bank of America Merrill Lynch
Credit Suisse
Barclays Capital
Goldman Sachs & Co
Deutsche Bank AG
Citi
JP Morgan
Morgan Stanley
RBS
Nomura
Top Ten Total
Industry Total
300
$200
200
$100
100
Jan 1 - Dec 30
48
9.8 +6
45
9.1 -10
34
6.9 -15
36
7.3
-3
35
7.1 +1
35
7.1
-2
29
5.9
-7
32
6.5 -10
5.1 -11
25
492
-53
$0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2003
2004
2005
2006
2007
2008
2009
2010
29.4%
18.9%
9.7%
16.7%
26.7%
19.2%
2011
https://www.thomsonone.com
100%
100%
90%
90%
80%
80%
70%
70%
60%
60%
% of Industry Proceeds
P
% of Industry Proceeds
P
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
JPM
BoA
Barc
Citi
MS
GS
DB
CS
RBS
JPM
UBS
BoA
Barc
Citi
MS
GS
DB
CS
RBS
UBS
Healthcare
High Technology
Industrials
Healthcare
High Technology
Industrials
Materials
Real Estate
Materials
Real Estate
Retail
Consumer Staples
Telecommunications
Retail
Consumer Staples
Telecommunications
Financials
https://www.thomsonone.com
International Debt
Eurozone Crisis Impacts Bank Borrowing l Euro Sovereign Market Down 48% l BNP Paribas and Deutsche Bank Dominate Strong Euro Performers
EMEA Deals Intelligence
The fourth quarter represented the lowest on record for issuance by Financial Institutions in Euros. In particular, the
annual banking volume was the lowest since 1999. Total proceeds were down by 18.5% compared with 2010. Of this
reduced borrowing Italian and French banks constituted 48.8% of the market.
Bookrunner
Barclays Capital
Deutsche Bank AG
JP Morgan
BNP Paribas SA
Citi
HSBC Holdings PLC
Bank of America Merrill Lynch
UBS
Goldman Sachs & Co
Morgan Stanley
Top Ten Total
Industry Total
The well publicised sentiment of uncertainty surrounding Eurozone Sovereigns led to international proceeds declining
by 47.9% year on year. 2011 represented the lowest volume for Euro denominated International Sovereign debt since
2003.
BNP Paribas finished top of the rankings in International Euro denominated issuance. They were especially strong in
Financials and Covered Bonds. Deutsche Bank claimed second place in the league table driven by their presence in
International Corporate bonds in Euros. They had a leading 18.9% market share in the Media and Entertainment
sector, plus 17.1% and 11.7% in Telecoms and Industrials, respectively.
Jan 1 - Dec 30
The leading international non core currencies in 2011 were Australian Dollars, which made up 24.2% of the market,
Canadian Dollars which constituted 18.5%, and Swedish Krona, at 11.3%.
1,000
900
Bookrunner
JP Morgan
Barclays Capital
RBS
Lloyds Banking Group
Societe Generale
Deutsche Bank AG
Proceeds (b)
800
700
600
500
400
300
200
100
Q1
Q2
Q3
Q4
Q1
Q2
2008
Q3
Q4
Q1
Q2
2009
Q3
2010
Q4
Q1
Q2
Q3
Q4
2011
22
13
16
8
8,072.1
7,002.0
6,879.8
4,986.6
112,010.1
178,375.1
26.5%
40.5%
Bookrunner
BNP Paribas SA
Deutsche Bank AG
HSBC Holdings PLC
Societe Generale
Barclays Capital
Credit Agricole CIB
UniCredit
Natixis
JP Morgan
Citi
Top Ten Total
Industry Total
$878.4
31%
$72.5
3%
41.3595
42.1844
1%
1%
$178.8
6%
$207.5
7%
Materials
Telecommunications
Healthcare
Media and Entertainment
55.3999
47.1782
66.9558
2%
2%
2%
-517
Consumer Staples
Jan 1 - Dec 30
4.5
3.9
3.9
2.8
62.8
100.0
+3.9
+1.6
+2.0
-1.1
-0.2
17.9
-1
30
15.3
-4
39
19.9 +10
25
12.8 +14
10
5.1 +3
34
17.3 +6
2
16
20
18
1.0
8.2
10.2
9.2
0
+9
+10
-2
+36
196
22.5%
54.5%
0.9
4.1
4.6
3.5
60.8
100.0
+0.5
+2.4
+3.2
+0.5
-6.3
-3.6%
44.3%
Jan 1 - Dec 30
Proceeds per Bookrunner (m)
Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
72,876.4
8.1
-0.3
2
2
71,900.2
8.0
+0.2
3
4
55,746.1
6.2
-0.1
4
5
+0.1
53,763.9
6.0
5
3
6.0
-0.4
53,650.2
6
7
5.5
+0.5
49,662.4
7
6
40,255.8
4.5
-1.0
8
9
39,374.1
4.4
+0.4
9
8
34,162.7
3.8
-0.6
10
15
33,998.7
3.8
+1.6
505,390.5
56.3
+0.4
898,084.4 100.0
High Technology
Financials
$1,282.6
45%
7
8
9
10
4,788
-9.7%
-10.6%
Intesa SanPaolo
Santander
BNP Paribas SA
Citi
Top Ten Total
Industry Total
737
15.4 -151
515
10.8 -42
511
10.7 -30
-1
568
11.9
12.3 -179
589
424
8.9 -60
388
8.1 -10
413
8.6 -43
270
19.0 -33
181
12.8 -37
181
12.8 -25
190
13.4
-9
13.2 -35
187
178
12.6 -33
205
14.5 +26
121
8.5 -39
116
8.2 +16
1,418
-158
-4.7%
-10.0%
-25.0%
-18.2%
2.8%
-12.4%
https://www.thomsonone.com
The US$278.1 billion raised in 2011 ranked as the second largest annual volume on record, trailing only the record
setting US$321.9 billion raised a year ago. The proceeds raised in the first half of 2011 were the largest semi-annual
volume on record, but global uncertainty and market volitility contributed to low second half volume. Semi-annual
volume declined 69.6%, with 313 fewer issues priced compared to the first half.
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Deutsche Bank AG
Credit Suisse
Citi
Goldman Sachs & Co
Barclays Capital
Morgan Stanley
Wells Fargo & Co
RBS
Top Ten Total
Industry Total
Despite second half market volitility, two of the largest high yield transactions on record priced. HCA Inc's US$5 billion
July offering and Sprint Nextel Corp's US$4 billion November offering ranked as the sixth and eight largest deals on
record, respectively.
According to Thomson Reuters/Freeman Consulting, estimated fees for Global High Yield Debt fell 20.2% compared
to a year ago, to US$4.5 billion, with 103 fewer transactions priced compared to 2010.
Jan 1 - Dec 30
Full Year 2011 average spread to benchmark tightened by 142.0 basis points compared to the levels in 2010, to
476.2 points. Average spreads widened considerably in the in the third quarter, peaking at 630.8 points in August the widest levels since August of 2010 - before tightening again for four sequential months.
700
600
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Deutsche Bank AG
Credit Suisse
Citi
Goldman Sachs & Co
Morgan Stanley
Barclays Capital
Wells Fargo & Co
UBS
Top Ten Total
Industry Total
Basis Points
500
400
300
200
100
0
2010
2011
Proceeds (US$)
80
# of Issues
70
60
$30
50
40
$20
Bookrunner
Deutsche Bank AG
Goldman Sachs & Co
Credit Suisse
Citi
RBS
BNP Paribas SA
Barclays Capital
JP Morgan
Credit Agricole CIB
Bank of America Merrill Lynch
Top Ten Total
Industry Total
# of Issues
Proceeds (US$b)
90
30
$10
20
$0
10
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
2009
-15.4%
45.9%
537
-103
-16.1%
19.6%
2010
2011
-5.4%
-57.4%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
162
36.1 -56
178
39.6 -80
110
24.5 -37
115
25.6 -22
103
22.9 -28
96
21.4 -27
20.9
-9
94
99
22.0 -31
90
20.0 -11
11.1 -36
50
449
-96
-17.6%
28.6%
$50
$40
Spread to Benchmark
2-Month Moving Average (Spread to Benchmark)
-13.6%
27.1%
189
35.2 -81
144
26.8 -36
134
25.0 -17
120
22.3 -30
115
21.4 -20
20.7 -41
111
104
19.4 -10
16.8 -12
90
69
12.8 -12
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
38
37.6
-4
21
20.8 +2
25
24.8 +5
23
22.8
-4
21
20.8
-7
22
21.8
-8
14
13.9 -13
16
15.8 -15
19
18.8
-1
13
12.9
-5
101
-8
-7.3%
-30.0%
10
https://www.thomsonone.com
Emerging Markets
All International Emerging Market Debt Down 10.6% l EMEA Emerging Market Debt Down 23.7% l Latin America Emerging Market Debt Down 1.1%
All International Emerging Market Bonds (L1)
Bookrunner
Deutsche Bank AG
JP Morgan
Citi
HSBC Holdings PLC
Bank of America Merrill Lynch
Barclays Capital
Goldman Sachs & Co
Credit Suisse
Santander
BNP Paribas SA
Top Ten Total
Industry Total
10.6%
55.4%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
26.9 -11
83
23.9
74
-7
70
-1
22.7
83
26.9 +3
50
16.2
-5
43
13.9 -70
30
9.7 +10
29
9.4 -33
21
6.8
-7
29
9.4
-2
309
90
-22.6%
15.2%
Bookrunner
Deutsche Bank AG
Citi
JP Morgan
Bank of America Merrill Lynch
HSBC Holdings PLC
Santander
Credit Suisse
Barclays Capital
Itau Unibanco
Goldman Sachs & Co
Top Ten Total
Industry Total
-1.1%
10.6%
Bookrunner
HSBC Holdings PLC
Standard Chartered PLC
Citi
Deutsche Bank AG
Mitsubishi UFJ Financial Group
JP Morgan
BNP Paribas SA
Goldman Sachs & Co
Barclays Capital
Societe Generale
Top Ten Total
Industry Total
-18.4%
458.9%
29
19.9 +5
36
24.7
-7
38
26.0
-3
36
24.7 +3
20
13.7
-8
14
9.6 -18
12
8.2
-1
14
9.6 -10
7
4.8
-3
146
21
-12.6%
-3.7%
-18.8%
37.3%
-25.0%
160.0%
11
57
82
-41.0%
-9.1%
Jan 1 - Dec 30
Bookrunner
Citi
HSBC Holdings PLC
Deutsche Bank AG
Barclays Capital
UBS
JP Morgan
RBS
Goldman Sachs & Co
Standard Chartered PLC
Credit Suisse
Top Ten Total
Industry Total
Jan 1 - Dec 30
33
-23.7%
30.3%
-1
30.5
26.8 +8
22
24
29.3 +11
17
20.7 -62
9
11.0 +4
13
15.9 +10
14.6
-2
12
13
15.9
-8
11.0
-1
9
11.0 -12
-11.1%
57.6%
14
42.4
-3
8
24.2
-1
8
24.2
-2
3
9.1 +1
4
12.1
-5
6
18.2
0
3
9.1
-2
3
9.1
-8
2
6.1 +1
Jan 1 - Dec 30
Bookrunner
JP Morgan
Deutsche Bank AG
VTB Capital
Barclays Capital
Morgan Stanley
Goldman Sachs & Co
BNP Paribas SA
Citi
HSBC Holdings PLC
RBS
Top Ten Total
Industry Total
Jan 1 - Dec 30
40.8 +1
21
42.9 +3
15
30.6
-8
11
22.4
-2
11
22.4 +2
9
18.4 +4
14
28.6 +6
7
14.3 +5
13
26.5 +4
5
10.2
-3
49
5.2%
125.6%
-7.5%
-16.7%
-7.8%
-6.5%
$6.6
3%
Financials
$52.2
28%
$71.6
38%
-60.4%
177.6%
$9.8
5%
Materials
$40.6
22%
Telecommunications
Industrials
Consumer Staples
11
https://www.thomsonone.com
-27.1%
113.2%
13
18.1 -17
14
19.4 -23
10
13.9
-7
8
11.1 +1
17
23.6 -12
12
16.7 -13
12
16.7
-5
11
15.3
0
12
16.7
-5
72
69
-48.9%
-20.0%
$90
Securitized Debt
$80
# of Issues
$60
-17.7%
-28.9%
23
16.2 +15
16
11.3
-7
15
10.6
-2
23
16.2 -20
19
13.4 +6
2
1.4 +2
4
2.8
-1
2
1.4
-3
1
0.7
-3
142
10
-6.6%
-3.2%
Bookrunner
HSBC Holdings PLC
Santander
Citi
BBVA
Grupo Financiero Banorte-Ixe
Corporacion Actinver Sab de CV
Bank of America Merrill Lynch
ING
Inversora Bursatil SA de CV
Morgan Stanley
Top Ten Total
Industry Total
19.7%
6.7%
77
4.1%
-42.1%
+3
90
67
60
$40
60
$30
38
30
$0
2003
2004
2005
2006
2007
2008
2009
2010
Bookrunner
Citi
BBVA
HSBC Holdings PLC
Bank of America Merrill Lynch
Deutsche Bank AG
Santander
ING
JP Morgan
Goldman Sachs & Co
Credit Suisse
Top Ten Total
Industry Total
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
26
33.8 +14
19.5 +9
15
20
26.0 +2
22
28.6 +4
15.6
-1
12
7
9.1 +6
5
6.5 +2
2
2.6 +2
2.6
-1
2
1.3 +1
1
72
78
69
$10
-11.0%
-38.2%
92
79
$50
91
$20
Jan 1 - Dec 30
120
2002
Bookrunner
Itau Unibanco
HSBC Holdings PLC
Banco do Brasil SA
Santander
Banco Bradesco SA
Banco BTG Pactual SA
Rabobank NV
Banco Votorantim
Banco do Nordeste do Brasil SA
Banco Safra SA
Top Ten Total
Industry Total
150
-26.0%
61.0%
Jan 1 - Dec 30
141
# of Issues
Bookrunner
HSBC Holdings PLC
Santander
Itau Unibanco
JP Morgan
Citi
Banco Bradesco SA
Banco do Brasil SA
Bank of America Merrill Lynch
Banco BTG Pactual SA
Deutsche Bank AG
Top Ten Total
Industry Total
Jan 1 - Dec 30
Proceeds (US$b)
4.7%
-55.9%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
22
24.2
-3
23
25.3 +3
28
30.8 +8
15
16.5 +1
6
6.6
-2
17
18.7 +8
3
3.3 +3
7
7.7
-1
4
4.4
-3
4
4.4
-7
91
Bookrunner
Citi
BBVA
ING
HSBC Holdings PLC
Santander
Grupo Financiero Banorte-Ixe
Corporacion Actinver Sab de CV
Bank of America Merrill Lynch
Inversora Bursatil SA de CV
Scotiabank-Bank of Nova Scotia
Top Ten Total
Industry Total
-9.6%
63.9%
Jan 1 - Dec 30
-3.2%
-30.4%
2011
34.1%
-72.7%
23
35.4 +4
3
4.6 +3
22
33.8 +7
13
20.0 +6
12
18.5
-1
7
10.8 +6
5
7.7 +2
2
3.1
-1
5
7.7
-2
+6
65
10.2%
-38.9%
12
https://www.thomsonone.com
Asia Debt
Asian G3 Debt Proceeds Drop 9.9% l Asian Local Currency Bond Volume - Record High l Dimsum Bonds Account for 5.6% Asian Local Currency Market
Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2)
Asian G3 currency bonds (US$, Euro, Yen) volume for the full year 2011 totaled US$76.2 billion from 182 deals, a
9.9% drop from record-high proceeds of USS$84.6 billion in 2010. Combined proceeds from transactions issued by
firms from the Financials, Government & Agencies and Energy & Power sectors accounted for 43.2%, 17.5% and
14.1%, respectively.
Bookrunner
HSBC Holdings PLC
Citi
Deutsche Bank AG
Standard Chartered PLC
UBS
Goldman Sachs & Co
Bank of America Merrill Lynch
JP Morgan
Barclays Capital
RBS
Top Ten Total
Industry Total
Asian-currency-denominated debt this year reached a record volume of US$430.4 billion from 2,898 deals, a 15.2%
increase from US$373.5 billion raised in 2010. Chinese Yuan-denominated bond offerings continue to dominate the
Asian currency bond market, capturing 49.8% of the full year 2011 proceeds and bringing in 62.8% of the record high
quarterly volume of the last three months of this year. Chinese Yuan issued and settled bonds targeted offshore, or
Dimsum Bonds, reached proceeds of US$147.9 billion this year from 217 deals, a significant increase from total
raisings of US$40.9 billion last year.
Investment banking fees in the Asian G3 currency bond market reached US$442.2 million (a 1.9% year-on-year
increase), while total fees on Asian local currency bond issuance were up 19.1% at US$917.8 million, according to
estimates from Thomson Reuters and Freeman Consulting.
U.S. Dollar
Bookrunner
CITIC
Bank of China Ltd
HSBC Holdings PLC
China International Capital Co
Standard Chartered PLC
Industrial & Comm Bank China
Agricultural Bank of China
China Construction Bank
KB Financial Group Inc
UBS
Top Ten Total
Industry Total
Chinese Yuan
Japanese Yen
$15,552.9
15%
$5,231.2
5%
$2,762.1
3%
Singapore Dollar
Australian Dollar
Swiss Franc
Hong Kong Dollar
$2,765.2
3%
Philippine Peso
British Pound
1,048.4
1%
1,251.4
1%
Bookrunner
Standard Chartered PLC
HI Investment & Securities Co
BNP Paribas SA
Daewoo Securities Co Ltd
Hong Leong Financial Group Bhd
DBS Group Holdings
HSBC Holdings PLC
KB Financial Group Inc
Hana Financial Group Inc
SK Securities Co Ltd
Top Ten Total
Industry Total
-56.7%
1365.8%
27
-32
-54.2%
-58.1%
700.0%
1900.0%
43
23.6 +1
34
18.7 -11
42
23.1 +10
31
17.0
-8
27
14.8 +9
30
16.5
-5
25
13.7
-3
30
16.5
-1
32
17.6 +10
182
-29
15.2%
59.9%
Bookrunner
HSBC Holdings PLC
Standard Chartered PLC
KB Financial Group Inc
Hana Financial Group Inc
Woori Invest & Sec Co Ltd
ICICI Bank Ltd
CIMB Group Sdn Bhd
Dongbu Securities
Korea Investment Holdings Co
Axis Bank Ltd
Top Ten Total
Industry Total
9.0%
-11.4%
-13.7%
14.8%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
41
1.4
0
61
2.1 +20
307
10.6 +39
28
1.0 +6
331
11.4 -51
48
1.7 +9
35
1.2
-5
30
1.0 +4
73
2.5 -32
34
1.2 +19
2,898
-234
-7.5%
-18.9%
Jan 1 - Dec 30
# of Deals per Bookrunner
# of Market Change in
Deals Sh (%) # of Deals
13
48.1 +7
3
11.1 +3
2
7.4 +2
6
22.2
-6
1
3.7
0
1
3.7 +1
3.7 +1
1
3
11.1
-8
1
3.7
-1
1
3.7
0
-
-9.9%
32.7%
$3,684.2
3%
$2,163.2
2%
$70,809.7
65%
2011 2010
Rank Rank
1
1
2
4
3
2
4
10
5
3
6
7
7
6
8
8
9
9
10
12
Jan 1 - Dec 30
Jan 1 - Dec 30
11.9 -90
279
3.1 -32
73
66
2.8 -20
81
3.4
-3
145
6.2 +1
66
2.8 -19
84
3.6 +16
86
3.7 -30
5.8 +2
137
2,353
-322
-12.0%
-21.5%
13
https://www.thomsonone.com
Australia Debt
Australian Debt Proceeds Decline l Australian Securitizations Up 25.7% | Australian International Bonds Drop 9.4%
Australia Deals Intelligence
Australian dollar bond (excluding self-funded) offerings in the four quarters of 2011 reached AU$87.7 billion from 174
deals, an 11% decline from last year. Issuers from the Financials sector led the market to date, with total proceeds
of AU$46.3 billion from 86 deals. Australian securitizations registered a 25.7% increase, to U$25.5 billion from 39
deals this year, capturing 29.1% of the Australian debt market.
Bookrunner
Westpac Banking
ANZ Banking Group
Commonwealth Bank of Australia
National Australia Bank
UBS
Deutsche Bank AG
RBC Capital Markets
TD Securities Inc
JP Morgan
Macquarie Group
Top Ten Total
Industry Total
Domestic issuance accounted for 73.7% of the Australian dollar bond market in the full year 2011. According to
Thomson Reuters and Freeman Consulting, estimated investment banking fees earned from Australian domestic
offerings to date reached AU$99 million.
Australian international debt in the full year of 2011 registered a 9.4% decline in total proceeds compared to last year,
totaling US$56.8 billion from 144 deals. Issuance from firms in the Financial sector captured 81.8% of the market,
mainly denominated in G3 currencies - US Dollar, EURO and Japanese Yen.
$2,896.8 $2,988.7
5%
5%
Bookrunner
Bank of America Merrill Lynch
Citi
JP Morgan
Deutsche Bank AG
Nomura
Barclays Capital
National Australia Bank
RBS
Goldman Sachs & Co
Credit Suisse
Top Ten Total
Industry Total
20
13.9 +1
16
11.1
-5
15
10.4
-5
18
12.5 +8
13
9.0
-6
6
4.2
-2
9
6.3
-8
7
4.9 +1
18
12.5 +6
144
-9.4%
-22.2%
6.1%
-25.0%
-41
-12.5%
0.4%
12
30.8
-1
6
15.4
0
8
20.5
-1
9
23.1 +1
6
15.4
-5
5
12.8
0
4
10.3
0
3
7.7 +1
1
2.6 +1
Canadian Dollar
Jan 1 - Dec 30
Australian Dollar
$1,145.4
2%
Bookrunner
ANZ Banking Group
Westpac Banking
UBS
Commonwealth Bank of Australia
RBC Capital Markets
National Australia Bank
Deutsche Bank AG
TD Securities Inc
HSBC Holdings PLC
JP Morgan
Top Ten Total
Industry Total
-22.4%
119.9%
25.7%
21.7%
Jan 1 - Dec 30
Swiss Franc
Japanese Yen
British Pound
$7,063.6
12%
-14
174
-7.4%
-28.2%
Bookrunner
Westpac Banking
National Australia Bank
Commonwealth Bank of Australia
Macquarie Group
ANZ Banking Group
Deutsche Bank AG
RBS
JP Morgan
Lloyds Banking Group
Citi
Top Ten Total
Industry Total
EURO
$7,942.1
14%
55
31.6
-3
34.5 +1
60
37
21.3 -11
32
18.4
-1
16.1 -14
28
-6
21
12.1
-9
17.2
30
12.1 -12
21
-5
10
5.7
9
5.2
-5
U.S. Dollar
$33,454.7
60%
-11.0%
-37.7%
Jan 1 - Dec 30
39
+4
11.4%
0.0%
Jan 1 - Dec 30
28
20.4 -14
31
22.6 -11
30
21.9
-9
20
14.6
0
15
10.9
-1
21
15.3 -12
10
7.3 +6
8
5.8
-4
137
+102
-18.4%
-11.0%
-22.2%
-66.2%
-41.4%
-21.3%
14
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Japan Debt
All Bonds in Yen Slightly Up l Korean Issuers Drive Samurai Market l Energy and Power Sector Down
Japan Deals Intelligence
Yen-denominated bond issuance reached 19.1 trillion from 1,042 deals in 2011, a slight increase compared to 2010.
According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds reached a total of 63.8
billion in 2011, representing an increase of 12.3%.
Bookrunner
Mitsubishi UFJ Morgan Stanley
Nomura
Mizuho Financial Group
Daiwa Securities Group Inc
Sumitomo Mitsui Finl Grp Inc
Goldman Sachs & Co
Shinsei Bank
Citi
Bank of America Merrill Lynch
JP Morgan
Top Ten Total
Industry Total
Samurai bonds proceeds totaled 2 trillion from 80 deals in 2011, a 4.2% increase in value and a 27% increase in
terms of number of deals, compared to full-year 2010. Offerings from European issuers decreased due to the
European debt crisis, while issuance from Asia Pacific reached 870.1 billion, the largest Samurai bonds proceeds on
record. South Korean issuers launched the most Samurai bond deals in 2011, with a total of 24 deals with proceeds
totaling 376.7 billion.
Japanese corporate debt decreased by 7.1% in 2011, with proceeds totaling 8.7 trillion compared to 9.4 trillion in
2010. The decline was due to the Energy and Power sectors decrease in offerings throughout the year, with the
proceeds and deal count down by 82.3% and 73.5%, respectively.
Jan 1 - Dec 30
Proceeds per Bookrunner (m)
Proceeds Market
Market
2011 2010
mil Sh (%) Share Ch.
Rank Rank
21.4
- 1
4,088,077.8
2
2
3,902,248.4
20.5
+3.1
3,796,399.4
3
1
19.9
-0.4
4
2,395,023.6
12.6
-4.9
4
5
2,132,893.8
11.2
-0.1
5
6
627,936.3
3.3
+0.8
6
7
19
373,100.0
2.0
+1.8
8
7
250,850.0
1.3
-0.1
9
10
164,998.0
0.9
-0.2
10
27*
135,266.7
0.7
+0.6
93.8
17,866,794.0
+0.6
19,073,327.4 100.0
Jan 1 - Dec 30
2,500
80
75
65
63
60
47
1,500
39
34
39
1,000
Bookrunner
Daiwa Securities Group Inc
Mizuho Financial Group
Mitsubishi UFJ Morgan Stanley
Nomura
Citi
JP Morgan
Sumitomo Mitsui Finl Grp Inc
HSBC Holdings PLC
UBS
Bank of America Merrill Lynch
Top Ten Total
Industry Total
45
29
23
# of Issues
Billion
58
30
21
500
15
0
2001
2002
Americas
Europe
2003
2004
2005
2006
2007
2008
2009
2010
2011
Bookrunner
Mizuho Financial Group
Nomura
Mitsubishi UFJ Morgan Stanley
Shinsei Bank
Goldman Sachs & Co
Sumitomo Mitsui Finl Grp Inc
Daiwa Securities Group Inc
Sumitomo Mitsui Trust Holdings
Standard Chartered PLC
ORIX Corp
Top Ten Total
Industry Total
High Technology
Telecommunications
0.23
3%
0.085,
1%
0.33
4%
0.43
5%
0.59
7%
0.62
7%
Materials
Consumer Products and Services
Real Estate
Consumer Staples
Energy and Power
Retail
0.305,3%
0.09,1%
0
09 1%
0.0995,1%
48
60.0 +18
36.3
29
46.3 +14
37
16
20.0 +4
6
7.5 +6
28.8 +21
23
6
7.5 +6
7
8.8
-2
3
3.8
-2
+17
80
27.0%
11.8%
Industrials
0.74
9%
12.3%
-29.1%
# of Issues
2.16
25%
+99
Jan 1 - Dec 30
Financials
3.01
34%
1,042
10.5%
-2.7%
90
2,000
1.0%
-9.5%
387
37.1 +58
196
18.8 -20
151
14.5 +5
3.5
-7
36
4
0.4
0
-1
26
2.5
21
2.0
-2
9
0.9 +8
Healthcare
Media and Entertainment
Jan 1 - Dec 30
76.6%
-27.3%
7
2.6
0
3.3
9
1.5
0
4
6
2.2 +4
2.2 +1
6
7
2.6 +1
5
1.9
-3
4
1.5 +4
5
1.9 +3
+131
269
94.9%
-25.0%
15
https://www.thomsonone.com
Japan Debt
Japanese Corporate Debt (AP3)
Bookrunner
Mitsubishi UFJ Morgan Stanley
Nomura
Mizuho Financial Group
Sumitomo Mitsui Finl Grp Inc
Daiwa Securities Group Inc
Goldman Sachs & Co
Citi
Bank of America Merrill Lynch
Credit Suisse
Tokai Tokyo Financial Holdings
Top Ten Total
Industry Total
Jan 1 - Dec 30
-7.1%
-17.5%
26.4
-7
109
28.8 -14
119
78
18.9 -14
91
22.0 -23
7
1.7 +5
6
1.5 +4
4
1.0 +2
3
0.7 +3
5
1.2 +1
413
-9.0%
-15.3%
-41
Bookrunner
Mitsubishi UFJ Morgan Stanley
Nomura
Mizuho Financial Group
Daiwa Securities Group Inc
Sumitomo Mitsui Finl Grp Inc
Goldman Sachs & Co
Shinsei Bank
Citi
JP Morgan
Sumitomo Mitsui Trust Holdings
Top Ten Total
Industry Total
7.6%
-43.8%
Jan 1 - Dec 30
2.2%
-12.5%
387
40.2 +60
193
20.1 -18
140
14.6
-5
33
3.4
-9
4
0.4
0
24
2.5 +8
0.9 +8
9
-3
5
0.5
962
+83
9.4%
-5.7%
16
https://www.thomsonone.com
Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank
ineligible and are not included in league tables for the current calendar year.
- All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EST on December 30,
2011.
- Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the
minimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option.
-
US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,
Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.
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."
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any
errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy
or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not
provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson
Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
2011 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.
17
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