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DEBT CAPITAL MARKETS REVIEW

MANAGING UNDERWRITERS
Full Year 2011

Full Year 2011 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets Review


Table of Contents
International Debt

Global Debt

Asia Debt

Global Deals Intelligence

EMEA Deals Intelligence

Asia Deals Intelligence

13

Global Debt, Equity & Equity Related (A1)

All International Bonds (J1)

All Asian Securitized Bonds (ex-Japan, ex-Australia) (AZ2)

13

Global Debt and Syndicated Loans

All International Securitizations (J10c)

Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

13

Global Scorecard

All Bonds in Euros (N1)

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

13

Leading Underwriters for Fourth Quarter 2011

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

13

Global Debt (B1)

Global High Yield Deals Intelligence

10

Global Investment Grade Corporate Debt (B7)

Global High Yield Debt (B4)

10

Australia Deals Intelligence

14

Global Debt and Syndicated Loans Islamic Finance

Global High Yield Debt - US Dollar Denominated (B5)

10

All Australian International Bonds (AJ7)

14

Global Mortgage-Backed Securities (B10)

Global High Yield Debt - Non-US Dollar Denominated (B6)

10

All Australian Debt (ex self-funded) (AJ3a)

14

Global Asset-Backed Securities (B11) & (B13)

All Australian Securitizations (ex CDOs) (AJ4)

14

Banking Composite of Top Global Debt Bookrunners

All International Emerging Market Bonds (L1)

11

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

14

Global Debt Rankings - Last Ten Years

EMEA Emerging Market Bonds (L2)

11

Latin America Emerging Market Bonds (L3)

11

Japan Deals Intelligence

15

US Debt

High Yield Debt

Emerging Market Debt

Australian Debt

Japan Debt

US Debt (F1)

Asia-Pacific Emerging Market Bonds (L4)

11

All Bonds in Yen (AP5)

15

US High Yield Corporate Debt (F8)

Middle East Emerging Market Bonds (L5)

11

Samurai Bonds (AP1)

15

US Investment Grade Corporate Debt (F9)

Japanese Securitizations (AP2)

15

All Federal Credit Agency Debt (H1)

All Brazilian Debt (BR1)

12

Japanese Corporate Debt (AP3)

16

US Asset-Backed Securities (F14)

Global Debt by Mexican Issuers (MX1)

12

Bonds Targeted in Japan (AP4)

16

US Mortgage-Backed Securities (F11)

Global Debt in Mexican Pesos (MX2)

12

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

Domestic Mexican Debt (MX3)

12

Banking Composite of Top US Debt Bookrunners

Emerging Market Debt - Latin America

Criteria Summary
Debt Capital Markets Criteria Summary

Thomson Reuters Solutions for the Deal Making


Community

17

18

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Full Year 2011

DEBT CAPITAL MARKETS REVIEW


Global Debt Underwriting Down 7% l High Yield Debt Activity Falls 70% in Second Half l Barclays Capital Tops Underwriting Rankings; JP Morgan Tops Fees
Global High Yield Corporate Debt- Quarterly
$120

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.

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

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

Investment Grade Corporate


ABS
Emerging Market Corporate

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%

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
1
1
380,824.6
4.3
+1.6
2
371,859.9
3
4.2
+1.4
3
2
359,154.3
4.1
+1.7
4
306,256.9
3.5
+0.5
5
5
+1.8
4
295,757.0
3.3
6
260,739.9
7
2.9
+0.8
7
12
242,607.6
2.7
-0.4
8
6
224,895.9
+1.3
2.5
222,875.1
2.5
+0.9
9
9
8
208,158.6
2.4
+1.2
10
2,873,129.8
32.4 +10.8
8,867,502.1
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

43.5%
-5.2%

4Q

3Q

2Q

1Q

4Q

3Q

2010

2011

Agency, Supranational, Sovereign


High Yield Corporate

Global Debt and Syndicated Loans (DL1)

Imputed Fees (US$m)


Market
Manager Market
Fees Sh (%) Share Ch.
2,441.0
-0.4
7.5
1,785.7
5.5
+0.5
1,463.4
4.5
+0.4
2,256.5
7.0
+0.3
0 1,700.3
5.3
6.1
0 1,980.4
-0.1
5.5
1,772.6
5.0
0 1,625.4
-0.6
3.4
1,094.4
554.0
1.7
0 +0.1
16,673.7
51.5
32,394.6
100.0

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

Global Debt Capital Markets by Asset Class

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.

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
1444
8.1 -259
1474
8.3 -118
1151
6.4 -213
1291
7.2 -213
1119
6.3 -117
1178
6.6 -160
807
4.5 -175
965
5.4 -186
5.6 -103
992
795
4.5 +57

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.

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
1
2
384,840.8
6.9
-0.7
2
4
371,311.1
6.7
0.0 6.6
-1.0
3
1
365,898.2
4
3
325,608.0
5.9
-0.9
5
7
305,613.1
5.5
+0.4
275,088.9
6
5
4.9
-0.4
267,676.4
7
4.8
-0.3
6
8
8
-0.7
227,030.0
4.1
9
9
222,609.9
4.0
-0.4
10
3.8
212,691.9
+1.0
12
2,958,368.3
-3.0
53.2
5,569,722.0
100.0

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.

Global Debt, Equity & Equity-related (A1)

250
Global High Yield Debt ($bil)

Number of Offerings

Global Deals Intelligence


GLOBAL DEBT CAPITAL MARKETS DOWN 7% FROM 2010 - Overall global debt capital markets activity totaled US$5
trillion during full year 2011, a 7% decrease from the comparable period in 2010. Fourth quarter global debt activity
totaled US$948.5 billion, a slight decline from the third quarter of this year and the slowest quarter for debt capital
markets activity since the fourth quarter of 2008.

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%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
2,752.3
9.0
+0.7
-0.7
1,556.9
5.1
1,450.8
4.7
-0.4
1,777.6
-0.1
5.8
2,644.5
8.6
-0.2
1,248.1
4.1
-0.3
930.3
+0.3
3.0
707.5
2.3
-0.6
1,151.8
3.8
+0.1
1,414.6
4.6
-0.3
51.0
-1.5
15,634.4
30,643.0
100.0
43.7%
2.0%

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

Global Debt
Global Debt (B1)

Global Scorecard
Jan 1 2011 - Dec 30 2011
Proceeds
No.
Deals
$USm

Jan 1 2010 - Dec 31 2010


No.
Proceeds
Deals
$USm

% Change
in Proceeds

All US Debt (F1)


US Long-term Debt (F2)
US Long-term Straight ex MBS, ABS & Munis (F3)
US Federal Credit Agency Debt (F7)
US High Yield Corporate Debt (F8)
US Investment Grade (F9)
Agency, Sovereign & Supranational Debt (F10)
US Mortgage-backed Securities (F11)
US Asset-backed Securities (F14)
US Taxable Municipal Debt (F15)
US Short-term Debt - including MBS, ABS (F16)

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%

All Global Debt (B1)


Global Long-term Debt (B2)
Global Long-term Debt ex MBS, ABS & Munis (B3)
Global High Yield Corporate Debt (B4)
Global Investment Grade Corporate Debt (B7)
US Federal Credit Agency Debt (B8)
Global Agency, Sovereign & Supranational Debt (B9)
Global Mortgage-backed Securities (B10)
Global Asset-backed Securities (B11)
Global Short-term Debt (B14)

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

Leading Underwriters for Fourth Quarter 2011


Current Qtr
Market Share
(%)

Mkt. Share Chg.


from Last Qtr (%)

Consecutive
Quarters No. 1

Market Sector
Stocks and Bonds
Global Debt, Equity & Equity-related (A1)

No. 1 Manager
Barclays Capital

7.3

+1.3

Global Disclosed Fees (A2)


U.S. Debt, Equity & Equity-related (E1)
U.S. Disclosed Fees (E2)

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

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-6.9%
-2.3%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
7.1 -230
1000
1184
8.4 -169
1271
9.1 -129
1049
7.5 -169
908
6.5 -97

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

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
901.2
5.6
-0.4
-0.5
1,367.2
8.5
1,068.5
6.7
+0.2
1,257.5
7.9
-0.3
6.5
-0.4
1,037.3
863.2
5.4
+0.1
820.3
5.1
+0.1
2.9
+0.2
456.3
480.7
3.0
+0.4
494.6
3.1
-0.4
835.1
5.2
-0.5
522.2
-0.7
3.3
380.4
2.4
+0.2
198.1
1.2
0 1.0
165.6
-0.1
-0.1
1.1
173.8
2.5
+0.1
393.0
1.6
256.8
+0.7
104.8
0.7
+0.1
-0.1
0.7
106.1
123 6
08
-0 1
123.6
0.8
-0.1
185.3
1.2
+0.1
106.7
0.7
+0.1
44.0
0.3
0 0.6
+0.1
89.5
8,746.8
54.7
-1.0
16,012.0
100.0

-17.2%
-1.8%

-16.0%
3.6%

Global Debt Capital Markets % Change by Asset Class

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)

Standard Chartered PLC


China International Capital Co

15.7
8.2

+9.3
+5.5

1
1

Australia Bonds
Australian Dollar Bonds (AJ3)
Australian Domestic Securitization (AJ5)

ANZ Banking Group


Westpac Banking

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%

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

Global Debt

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

0.6%
10.6%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
447
8.1 -10

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

Global Investment Grade Estimated Fees

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
535.6
7.9
+0.8
438.5
+0.4
6.5
-0.4
322.3
4.8
322.1
-0.1
4.8
5.2
351.6
-0.7
371.8
-0.1
5.5
247.1
3.7
-0.2
227.3
-0.3
3.4
278.5
4.1
+0.2
222.9
3.3
-0.9
3,317.7
49.2
-1.3
6,777.4
100.0

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
5,214.8
18.7
-1.3
2
2
3,355.7
12.0
+0.5
3
4
3,192.7
11.4
-5.6
12
7.2
2,018.0
4
-5.6
6.5
-1.7
5
5
1,821.0
6
5.9
-4.6
13
1,633.3
7
9
979.2
3.5
-1.7
8
24
3.3
-3.0
922.0
9
15*
760.8
2.7
-1.7
10
687.5
2.5
- 20,585.0
73.7
-24.7
27,935.6
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

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%

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
11.7
1
1
60,908.7
-2.0
2
2
52,508.8
10.1
-1.4
3
3
44,590.2
8.6
-0.4
4
5
43,143.5
8.3
+0.2
5
4
7.7
-1.2
40,083.5
6
7
39,731.1
7.6
+1.1
7
10
35,512.9
6.8
+2.1
8
9
32,185.2
6.2
+1.5
9
6
27,872.5
5.3
-2.8
-0.2
10
8
23,215.6
4.5
399,752.0
76.8
-3.1
100.0
521,543.3

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-20.6%
-14.2%

Number of Offerings

Jan 1 - Dec 30

Global Mortgage-Backed Securities (B10)

Imputed Fees (US$m)


Market
Manager Market
Fees Sh (%) Share Ch.
12.3
-1.2
12.3
12.6
+0.3
12.6
9.9
+4.2
9.8
+4.1
6.7
6.7
+1.8
5.4
5.4
9.7
9.7
+9.0
+0.1
2.6
2.6
+2.9
3.3
3.3
1.7
-3.6
1.7
+0.3
.7
0.7
64.8 +17.9
64.9
100.3
100.0

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

Global Investment Grade Fees (US$m)

Global Debt and Syndicated Loans Islamic Finance

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
148,713.1
6.6
+0.2
2
4
121,354.4
5.4
+0.3
3
2
115,249.0
5.1
-1.1
-0.6
4
3
113,886.4
5.0
110,754.9
5
8
4.9
+0.4
109,016.8
4.8
6
6
+0.1
5
102,056.4
4.5
-0.4
7
-0.2
8
7
95,976.9
4.3
11
9
87,612.5
3.9
+0.4
3.4
10
10
77,322.1
-0.4
1,081,942.5
47.9
-1.3
100.0
2,258,744.3

Jan 1 - Dec 30

Fees (US$m)

Global Investment Grade Corporate Debt (B7)

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
80
12.0
-2

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

Imputed Fees (US$m)


Market
Manager Market
Fees Sh (%) Share Ch.
148.9
11.5
-0.9
113.7
8.8
-1.2
95.3
7.3
-1.9
99.1
7.6
0 96.5
7.4
-0.9
+3.1
124.3
9.6
86.3
6.6
+1.9
75.0
5.8
+1.2
60.7
4.7
-3.2
43.8
3.4
-0.8
-2.7
943.6
72.7
100.0
1,299.2
-22.2%
-9.6%

-10.0%
-18.2%

*tie

Global Asset-Backed Securities (B11)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
-3.4
20,630.1
8.5
1
1
8.3
-1.9
2
2
20,049.4
6.9
-1.3
3
5
16,753.1
6
6.8
4
-1.2
16,458.3
5
6.7
16,212.8
-1.8
3
6.0
-2.4
6
4
14,569.1
7
20
10,338.4
+3.1
4.3
8
7
3.7
-1.5
9,065.6
3.2
+1.9
7,810.2
9
18
3.1
+2.6
10
7,557.2
29
139,444.2
57.5
-5.9
242,988.4
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

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

Global Asset-Backed Securities ex-CDOs (B13)

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
10.6
-0.6
64.6
-3.2
38.0
6.2
6.6
-0.3
40.4
30.8
5.0
-0.5
29.6
4.9
-5.3
5.4
-2.9
32.9
18.2
3.0
+1.9
3.6
-2.1
22.1
+2.9
28.5
4.7
.0
0.0
-0.2
305.1
50.0
-10.3
609.9
100.0

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%

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
-1.5
8.7
20,049.4
1
2
1
17,774.2
2
-4.1
7.7
3
4
16,458.3
7.1
-1.3
4
6
16,212.8
7.0
-0.9
5
5
16,038.6
6.9
-1.3
6
3
14,156.1
6.1
-2.3
7
18
+3.3
10,338.4
4.5
8
7
8,943.7
3.9
-1.5
9
3.4
+2.1
17
7,795.9
10
3.3
29
7,557.2
+2.8
135,324.6
58.6
-4.7
231,437.2
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

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%

Imputed Fees (US$m)


Market
Manager Market
Fees Sh (%) Share Ch.
7.8
38.0
-0.8
7.2
35.1
-3.7
30.8
-0.8
6.4
29.6
6.1
-1.4
32.4
6.7
-0.7
29.8
6.2
-1.2
18.2
3.8
+2.4
20.7
4.3
-2.4
28.2
5.8
+3.6
.0
0.0
-0.3
-5.3
262.8
54.3
484.4
100.0
33.3%
-12.2%

https://www.thomsonone.com

Full Year 2011 | Debt Capital Markets | Managing Underwriters

Banking Composite: Global Debt


Issue Type Composition of the Top Global Debt Bookrunners

Jan 1 - Dec 2011

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

Goldman Sachs & Co

10%

4.2%

3.6%

7.2%
3.5%

0%

Barclays Capital
ABS

JP Morgan

Deutsche Bank AG

Agency, Supranational, Sovereign

Bank of America Merrill


Lynch
Emerging Market Corporate

Citi

Federal Credit Agency

High Yield Corporate

3.8%

1.5%

Morgan Stanley

UBS

Investment Grade Corporate

RBS
MBS

https://www.thomsonone.com

Full Year 2011 | Debt Capital Markets | Managing Underwriters

Global Debt Rankings* - Last Ten Years

Barclays Capital

JP Morgan

Deutsche Bank AG

Bank of America Merrill Lynch

Citi

Morgan Stanley

Goldman Sachs & Co

BNP Paribas SA

HSBC Holdings PLC

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

Full Year 2011 | Debt Capital Markets | Managing Underwriters

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

US Investment Grade Corporate Debt (F9)

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

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

16.8%
0.7%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
772
18.4 -122
814
19.4 -155
515
12.3 -153
553
13.2 -129
481
11.5 -140
351
8.4 -135
442
10.5 -110
390
9.3 -54

276
6.6 -66

317
7.6 -13

4,192

-2,445

Jan 1 - Dec 30

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
28,569.4
12.9
-1.4
2
2
26,880.2
12.1
-1.9
3
6
20,645.7
9.3
+1.3
4
3
19,639.8
8.9
-1.2
5
4
19,132.6
8.6
+0.5
6
5
16,844.5
7.6
-0.4
7
8
16,659.8
7.5
+1.0
8
7
15,740.4
7.1
+0.1
9
10
10,497.4
4.7
+0.1
10
11
7,234.7
3.3
-0.2
181,844.5
82.0
-2.1
221,374.2 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
162
36.7 -54

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%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
319
40.9 -14

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

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
469.2
14.4
+2.5
381.0
11.7
+1.2
277.2
8.5
-1.0
241.8
7.4
-0.7
224.1
6.9
+0.4
210.1
6.4
-0.5
154.6
4.7
-1.0
138.9
4.3
-0.7
93.7
2.9
+0.1
158.2
4.9
+0.4
103.8
3.2
-1.6
88.7
2.7
+0.4
114.7
3.5
-0.8
44.8
1.4
+0.4
62.4
1.9
+0.4
32.4
1.0
+0.2
1.3
42.7
+0.5
0 19.1
0.6
+0.3
23.3
0.7
27 2
27.2
08
0.8
01
-0.1
32.2
1.0
+0.3
17.8
-0.2
0.6
13.7
0.4
0 0.5
17.3
+0.1
10.5
0.3
0 +0.1
8.0
0.3
-0.2
9.3
0.3
-0.1
5.4
0.2
2.4
0 0.1
-0.2
4.8
0.2
+0.6
2,999.4
92.0
3,263.6 100.0
11.0%
6.3%

14.5%
4.9%

20.8%
11.0%

36.8%
0.8%

US High Yield Corporate Debt (F8)

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

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
1,142.3
11.9
+0.5
1,125.7
11.7
+0.1
691.8
7.2
-0.2
838.8
8.7
-0.6
657.7
6.8
+0.1
643.1
6.7
+0.1
625.0
6.5
+0.2
652.7
6.8
-0.3
305.6
3.2
-0.6
3.7
352.7
-0.5
7,035.4
73.2
-1.2
9,630.5 100.0

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
115,096.3
15.4
+0.6
2
2
12.6
+1.0
94,525.0
3
3
73,758.1
9.9
+0.4
4
5
61,941.7
8.3
-0.2
8.2
+0.4
5
6
61,161.8
6
4
56,591.0
7.6
-0.9
7
7
5.5
-1.6
41,455.2
34,703.9
4.6
-0.2
9
8
9
11
30,134.9
4.0
+0.3
10
12
29,038.3
3.9
+1.1
11
8
3.5
25,784.7
-1.9
12
3.0
22,186.8
+0.8
13
2.8
20,565.9
-1.2
13
10
1.2
8,999.2
+0.8
14
20
14
0.9
6,402.2
+0.1
15
16
22
5,524.5
0.7
+0.3
19
0.7
5,009.3
+0.2
17
18
4,895.7
0.7
25
+0.3
4,820.7
0.6
26
+0.3
19
20
17
3 924 8
3,924.8
05
0.5
0 21
3,540.2
23
0.5
+0.1
22
3,150.0
16
-0.2
0.4
23
30
1,843.6
+0.1
0.3
24
1,773.5
0.2
+0.1
41
25
24
1,697.5
-0.2
0.2
-0.1
26
28
1,646.7
0.2
-0.3
27
18
1,630.5
0.2
28
27
1,492.1
0.2
-0.1
+0.1
39
1,448.4
0.2
29
0.2
1,402.6
-0.2
21
30
726,145.1
96.2
+0.5
748,033.4 100.0

Jan 1 - Dec 30

-100

All Federal Credit Agency Debt (H1)

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
442.0
12.2
-0.9
439.4
12.1
-1.1
303.2
8.3
+0.8
9.0
-1.0
328.4
272.3
7.5
-0.3
265.9
7.3
-0.1
262.2
7.2
+1.2
240.8
6.6
+0.1
154.8
4.3
0 108.8
3.0
-0.1
77.5
-1.4
2,817.8
3,633.8 100.0

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
2
87,662.4
10.5
-1.5
2
1
87,515.9
10.5
-1.7
3
12
71,929.7
8.6
+6.0
4
3
66,960.5
8.0
-2.1
5
4
66,318.7
7.9
-1.3
6
5
64,311.2
7.7
+0.2
7
6
47,615.1
5.7
+0.1
8
10
41,073.5
4.9
+1.2
30,395.6
3.6
-0.8
9
9
10
7
25,043.1
3.0
-2.2
588,825.7
70.4
-2.1
836,715.5 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

29.9%
29.8%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
755
10.1 -209
282
3.8 -43

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%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
74.7
7.7
-3.5
67.8
7.0
-0.1
48.6
5.1
+3.2
49.7
5.2
-2.3
60.3
6.3
-0.3
53.5
5.6
+0.3
40.6
4.2
-0.1
87.6
9.1
+0.8
28.1
2.9
-1.5
23.3
2.4
-1.0
534.2
55.5
-4.5
963.9 100.0
26.7%
29.9%

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US Securitizations
US ABS Collateral Volume Breakout (US$b)

Jan 1 - Dec 30

US Asset-Backed Securities (F14)

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%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
-2

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
60,046.8
14.4
-1.3
2
50,327.9
12.1
-0.8
2
3
39,189.8
9.4
+2.1
7
4
5
37,839.0
9.1
+0.8
5
+0.9
6
36,824.3
8.9
8.6
-1.6
6
3
35,541.4
8.1
33,472.2
+2.7
7
8
5.4
+0.4
8
9
22,306.5
5.2
-3.3
21,679.4
9
4
3.4
-1.2
10
10
13,969.6
84.6
-1.3
351,196.9
415,750.4 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

25.3%
13.5%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
64.0
17.3
-0.5
36.2
9.7
-2.4
37.3
10.1
-1.2
27.1
7.3
-1.5
24.4
6.6
-1.6
-3.4
23.4
6.3
22.1
5.9
-3.6
16.1
4.3
+2.8
15.3
4.1
+0.8
9.6
2.6
+1.5
275.5
74.2
-9.1
371.3 100.0
32.6%
24.3%

0.0% 31.5%

US Mortgage-Backed Securities (F11)

Quarterly Residential ABS, MBS & CDO Volume

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%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
142.6
13.5
-0.4
109.7
10.4
-0.7
121.6
11.5
+4.4
87.7
8.3
+0.5
82.3
7.8
-0.1
85.3
8.1
-1.5
82.4
7.8
+2.4
55.4
5.2
+0.3
4.8
-3.5
51.0
28.8
-1.6
2.7
846.8
-0.2
80.1
1,059.0 100.0
24.2%
11.5%

500
$300
400

# of Issues

Proceeds (US$b)

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
20,295.9
15.1
-2.3
2
18,800.1
14.0
2
+0.3
3
14,741.2
10.9
-0.9
3
5
13,895.6
10.3
4
-1.1
5
9.3
+0.5
6
12,584.4
11,210.9
8.3
-3.4
6
4
9,065.6
6.7
-1.3
7
7
8
12
5,167.6
3.8
+2.5
8
4,965.2
3.7
+1.1
9
10
20
3,689.3
2.7
+2.2
114,415.8
84.8
-2.4
134,732.7 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Other

Jan 1 - Dec 30

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
56,062.1
16.2
-0.2
10.8
+3.1
2
6
37,497.5
3
36,004.3
10.4
+0.1
3
4
2
33,044.2
9.5
-1.2
5
5
32,903.0
9.5
+1.3
30,491.1
8.8
+3.0
6
8
7
7
24,336.9
7.0
-0.7
8
9
17,774.2
5.1
-0.5
9
4
16,010.9
4.6
-4.5
10
10
13,969.6
4.0
-1.2
298,093.8
85.9
-0.8
346,946.1 100.0

Jan 1 - Dec 30

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
62
12.6 +5

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

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
0 131.7
14.7
116.9
13.1
+5.6
83.9
9.4
-0.1
78.7
8.8
-1.5
77.1
8.6
+0.9
74.3
8.3
+2.7
58.1
6.5
-0.5
43.4
4.8
-0.6
38.2
4.3
-4.5
28.5
3.2
-1.7
730.8
81.7
+0.3
895.8 100.0

$0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

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

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

Banking Composite: US DCM


Jan 1 - Dec 30 2011

DCM Bookrunner Industry Composition (Ex Financials) (F1)

100%

100%

90%

90%

80%

80%

70%

70%

60%

60%

% of Industry Proceeds
P

% of Industry Proceeds
P

DCM Bookrunner Industry Composition (F1)

50%

Jan 1 - Dec 30 2011

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

Consumer Products and Services

Energy and Power

Government and Agencies

Consumer Products and Services

Energy and Power

Government and Agencies

Healthcare

High Technology

Industrials

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Materials

Media and Entertainment

Real Estate

Retail

Consumer Staples

Telecommunications

Retail

Consumer Staples

Telecommunications

Financials

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

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

All International Bonds (J1)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
1
1
248,980.8
8.2
-0.8
2
3
242,454.7
8.0
+0.2
3
2
232,628.7
-1.0
7.7
4
9
169,299.8
5.6
+1.0
5
6
169,164.7
5.6
+0.5
6
5
168,828.5
5.6
+0.2
5.4
-1.4
7
4
164,698.6
4.6
-0.4
8
7
139,694.2
9
11
135,988.6
4.5
+0.2
10
12
119,026.8
-0.4
3.9
1,790,765.4
59.1
-1.9
3,027,211.1 100.0
6.3%
15.7%

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%.

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

All International Bonds by Issue Type

All International Securitizations (J10c)

1,000
900

ABS & MBS

Bookrunner
JP Morgan
Barclays Capital
RBS
Lloyds Banking Group
Societe Generale
Deutsche Bank AG

Proceeds (b)

800
700

Emerging Market Corporate

600
500

Federal Credit Agency

400
300
200
100

Agency, Supranational, Sovereign

Q1

Q2

Q3

Q4

Q1

Q2

2008

Q3

Q4

Q1

Q2

2009

Q3

2010

Q4

Q1

Q2

Q3

Q4

Investment Grade Corporate

2011

All International Bonds Proceeds - Macro Industry Volume Analysis (US$b)

22
13
16
8

8,072.1
7,002.0
6,879.8
4,986.6
112,010.1
178,375.1

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

26.5%
40.5%

Jan 1 - Dec 30 2011

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

Government and Agencies


Energy and Power
Industrials

$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

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
35

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%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
10.9
32.7
-9.3
24.4
-0.9
8.1
24.3
8.1
-0.8
25.4
-1.7
8.5
18.0
6.0
+0.3
18.4
6.1
-0.5
2.6
12.3
13.7
10.3
182.1
299.5

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

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

High Technology

Imputed Fees (US$m)


Market
Manager Market
Fees Sh (%) Share Ch.
677.3
6.3
+0.2
822.8
7.6
+0.1
1,036.8
9.6
-0.5
379.6
3.5
0 742.9
6.9
-0.3
412.9
3.8
+0.4
878.9
8.1
-0.8
360.4
-0.8
3.3
605.1
5.6
+0.9
537.7
5.0
-0.2
6,454.4
59.7
-1.0
10,796.7 100.0
-17.9%
-3.9%

All Bonds in Euros (N1)

Financials

$1,282.6
45%

7
8
9
10

4,788
-9.7%
-10.6%

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
10.7
-6.4
1
19,067.7
1
2
3
8.3
-0.5
14,844.0
3
4
14,217.2
-0.7
8.0
4
2
13,896.7
-1.3
7.8
5
10
11,972.0
+3.6
6.7
6
6
11,072.0
6.2
-1.3

Intesa SanPaolo
Santander
BNP Paribas SA
Citi
Top Ten Total
Industry Total

High Yield Corporate

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
627
13.1 -154
903
18.9 -49

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

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
264
18.6 -70

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

Imputed Fees (m)


Manager Market
Market
Fees Sh (%) Share Ch.
128.9
7.7
-1.4
137.7
8.3
-1.1
-0.5
71.7
4.3
94.3
5.7
+0.1
85.4
5.1
0 81.7
4.9
+0.2
69.2
4.2
-0.2
62.1
3.7
+0.4
75.9
4.6
-0.7
71.4
4.3
+0.8
878.3
52.8
-2.4
1,667.4 100.0

-4.7%

-10.0%

-25.0%

-18.2%

2.8%

-12.4%

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

High Yield Debt


Global High Yield Volume Down 13.6% Over 2010 l Second Largest Annual Volume On Record l Average Spreads Begin to Tighten
Global High Yield Deals Intelligence

Global High Yield Debt (B4)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
31,305.0
11.3
-1.9
2
2
29,007.7
10.4
-1.7
3
4
26,528.4
9.5
+1.0
4
3
23,921.2
8.6
-0.7
5
5
23,568.8
8.5
+0.8
6
6
21,868.5
7.9
+0.3
7
7
18,500.1
6.7
-0.2
8
8
18,397.4
6.6
+0.6
11
3.8
0.0 10,497.4
9
-0.3
10
10
10,272.8
3.7
213,867.3
77.0
-2.1
278,110.5 100.0

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.

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Average Monthly Spread to Benchmark*

Global High Yield Debt - US Dollar Denominated (B5)

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

*Spreads based on fixed rate issues where spread information is available

Monthly High Yield Volume


100

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
10.9
1
5,882.7
1
0.0 2
8
4,736.5
8.7
+2.9
3
7
4,243.8
7.8
+1.8
7.4
+1.3
4
6
4,032.1
5
5
3,038.1
5.6
-0.8
5.2
-3.1
6
2
2,826.1
5.1
-1.3
7
4
2,759.7
8
3
2,735.6
5.1
-2.4
9
9
2,583.8
4.8
+0.5
3.9
0.0 10
11
2,127.5
34,965.9
64.5
-1.1
54,191.9 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

2011

-5.4%
-57.4%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
486.2
10.9
-1.2
475.4
10.6
-1.0
396.1
8.9
+0.8
402.6
9.0
-0.3
343.2
7.7
+0.2
330.1
7.4
+0.3
276.5
6.2
-0.2
291.6
6.5
+0.9
-0.1
154.8
3.5
-0.3
147.1
3.3
3,303.6
74.0
-0.9
4,476.9 100.0
-20.2%
27.8%

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%

Imputed Fees (US$m)


Market
Manager Market
Fees Sh (%) Share Ch.
442.0
12.0
-1.2
439.4
12.0
-1.1
303.2
8.2
+0.7
329.1
9.0
-0.9
278.9
7.6
-0.1
269.9
7.3
-0.2
267.2
7.3
+1.3
240.8
6.6
+0.1
4.2
-0.1
154.8
129.4
3.5
-0.6
2,854.7
77.7
-2.1
3,678.0 100.0
-20.7%
45.5%

Global High Yield Debt - Non-US Dollar Denominated (B6)

$50
$40

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
28,569.4
12.8
-1.6
2
2
26,880.2
12.0
-1.9
3
6
20,645.7
9.2
+1.2
4
3
19,677.3
8.8
-1.2
5
4
19,536.7
8.7
+0.6
6
5
17,132.0
7.7
-0.3
7
8
16,970.6
7.6
+1.1
8
7
15,740.4
7.0
0.0 9
10
10,497.4
4.7
+0.2
10
9
7,784.3
3.5
-1.1
183,434.0
82.0
-3.0
223,918.6 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Spread to Benchmark
2-Month Moving Average (Spread to Benchmark)

-13.6%
27.1%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
173
32.2 -65

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%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
92.9
11.6
+1.0
60.2
7.5
+2.2
73.5
9.2
+2.9
64.3
8.0
+1.6
38.3
4.8
-1.4
36.4
4.6
-3.3
35.7
4.5
-1.7
44.2
5.5
-1.5
30.1
3.8
-0.3
36.0
4.5
+0.3
511.6
64.0
-0.2
798.8 100.0
-17.9%
-49.5%

10

https://www.thomsonone.com

Full Year 2011 | Debt Capital Markets | Managing Underwriters

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
1
1
23,362.9
11.9
+1.1
+1.2
2
2
20,611.9
10.5
3
4
19,177.1
9.7
+0.6
4
3
18,321.1
9.3
+0.2
5
7
11,492.6
5.8
+0.6
6
6
10,896.5
5.5
-2.0
7
10
8,275.3
4.2
+0.6
8
5
7,345.4
-4.2
3.7
9
14
6,725.8
3.4
+1.2
10
11
6,587.2
3.4
+0.4
67.4
132,795.8
-0.3
196,844.8 100.0

% Change from Same Period Last Year


% Change from Last Quarter

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%

Latin America Emerging Market Bonds (L3)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
13,473.5
14.5
-0.1
2
3
10,541.4
11.3
+1.7
3
2
9,832.8
10.6
-0.5
4
5
9,056.2
9.7
+0.6
+0.5
5
6
8,513.0
9.2
6
9
6,004.4
6.5
+1.3
7
4
5,401.7
5.8
-3.5
8
11
3,074.3
3.3
-0.1
9
10
3,008.6
3.2
-0.8
10
8
2,698.4
2.9
-2.3
-3.2
71,604.3
77.0
93,057.1 100.0

% Change from Same Period Last Year


% Change from Last Quarter

-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

% Change from Same Period Last Year


% Change from Last Quarter
*tie
*ti

-18.4%
458.9%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
82.7
8.6
+0.8
-0.4
9.1
87.6
143.7
14.9
+2.9
71.9
7.4
+1.2
56.3
5.8
+0.5
58.2
+1.6
6.0
36.3
3.8
+1.5
59.6
6.2
-4.2
26.4
2.7
-0.6
24.5
0 2.5
647.2
67.0
+3.3
966.3 100.0

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
38
26.0 -11

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%

% Change from Same Period Last Year

37.3%

% Change from Last Quarter

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
50.8
9.9
-0.2
101.0
19.7
+5.1
54.1
10.5
-0.2
46.0
9.0
+1.0
38.8
+0.9
7.5
25.7
5.0
-1.7
42.2
8.2
-3.6
13.1
2.6
+0.5
24.1
4.7
-0.8
6.1
1.2
-2.3
401.9
78.3
-1.3
514.2 100.0

-25.0%
160.0%

11

57

82
-41.0%
-9.1%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
10.1
-0.2
26.8
7.8
+3.4
20.5
+2.1
19.1
7.2
30.6
11.6
+4.6
19.0
7.2
+4.1
+7.3
21.5
8.1
16.0
6.0
+1.6
13.7
5.2
-2.7
4.0
1.5
-1.5
14.4
5.4
-5.0
185.6
70.1 +13.7
264.5 100.0
-25.1%
-61.8%

Jan 1 - Dec 30

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
3,555.5
14.6
+2.1
1
2
2
3
3,411.6
14.0
+3.3
3
1
2,649.1
10.9
-2.6
4
4
2,347.2
9.6
-0.6
5
8
1,943.7
8.0
+2.6
6
13
1,772.1
7.3
+4.7
7
7
1,753.7
7.2
+1.4
8
18
1,341.0
5.5
+4.5
9
10
1,339.2
5.5
+1.9
10
6
844.0
3.5
-3.2
20,957.1
86.1 +14.1
24,389.4 100.0

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

% Change from Same Period Last Year


% Change from Last Quarter

Jan 1 - Dec 30

33

-23.7%
30.3%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
25

-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

Asia-Pacific Emerging Market Bonds (L4)

-11.1%
57.6%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
18
54.5
-3

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
+2.8
1
2
7,133.8
14.5
2
6
5,188.3
10.5
+3.8
3
5
4,455.2
9.0
+1.9
9.0
-3.5
4
1
4,429.9
11
2,939.7
6.0
+2.3
5
18
2,767.1
+4.3
5.6
6
2,710.8
5.5
+1.3
10
7
2,486.4
-4.9
8
3
5.1
-0.7
4.6
9
8
2,255.6
-3.0
10
7
1,787.7
3.6
36,154.5
73.4
+4.3
49,260.2 100.0

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

Middle East Emerging Market Bonds (L5)


Proceeds per Bookrunner (US$m)
Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
4,243.4
14.0
-1.6
2
2
3,342.2
11.1
+0.3
3
10
2,593.9
8.6
+4.2
4
5
2,052.1
6.8
+0.5
5
17
1,988.1
6.6
+5.4
6
6
1,873.3
6.2
+0.5
7
11
1,698.8
5.6
+1.6
8
7
1,468.8
4.9
-0.5
9
4
1,045.1
3.5
-4.6
10
20*
920.1
3.0
+2.0
21,225.8
70.3
+7.8
30,240.6 100.0

EMEA Emerging Market Bonds (L2)

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
20

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%

All International Emerging Market Bond Volume by Industry (US$b)

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
8.9
15.6
+5.9
5.1
8.9
-3.3
4.9
8.6
-3.8
4.2
7.4
+3.5
3.0
5.3
+5.0
3.7
-2.0
2.1
2.5
4.4
+1.0
+1.0
3.2
1.8
2.0
3.5
-0.7
+1.2
1.5
2.6
36.0
63.2
+7.8
57.3 100.0

$6.6
3%

Financials

Government and Agencies

Jan 1 - Dec 30 2011

$52.2
28%

$71.6
38%

-60.4%
177.6%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
24.1
18.4
+7.7
20.3
15.6
+6.7
7.2
5.5
-6.5
12.5
9.6
+0.3
6.5
5.0
+1.3
4.6
3.5
-2.2
5.1
3.9
-0.8
6.8
5.2
+4.2
6.7
5.2
+0.5
7.4
5.7
-9.7
101.2
77.6
+1.5
130.5 100.0

$9.8
5%

Energy and Power

Materials

$40.6
22%

Telecommunications

Industrials

Consumer Staples

11

https://www.thomsonone.com

Full Year 2011 | Debt Capital Markets | Managing Underwriters

Emerging Markets - Latin America


All Brazilian Debt Volume Down 27.1% l Fees for All Brazilian Debt Down 26% l Peso Denominated Debt Up 19.7% l Domestic Mexican Debt Up 34.1%

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
1
3
4,656.2
12.3
+2.7
2
2
3,984.0
-1.1
10.5
3
1
3,468.8
9.2
-2.6
4
6
2,990.9
7.9
-0.3
5
13
2,527.7
6.7
+4.4
6
5
2,454.1
6.5
-2.2
7
4
2,321.3
6.1
-2.7
8
8
2,205.5
5.8
+0.1
9
10
2,171.5
5.7
+2.4
10
7
2,096.9
5.5
-1.7
28,876.9
76.2
-1.0
37,888.4 100.0

% Change from Same Period Last Year


% Change from Last Quarter

-27.1%
113.2%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
20
27.8
-8

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%

All Brazilian Debt Volume by Industry

Imputed Fees (US$m)


Market
Manager Market
Fees Sh (%) Share Ch.
25.5
12.7
+4.7
14.7
7.3
-2.2
23.6
11.7
+2.2
23.2
11.5
-5.7
10.1
5.0
+4.4
12.2
6.1
-0.2
10.6
5.3
-1.4
12.2
6.1
-1.0
13.2
6.6
-0.1
10.8
5.3
-1.9
156.1
77.6
-1.2
201.4 100.0

$90

Securitized Debt

$80

Junk Rated Debt

# of Issues

$60

% Change from Same Period Last Year


% Change from Last Quarter

-17.7%
-28.9%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
36
25.4 +8

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
1
3
3,008.0
18.9
+3.2
2
4
2,443.4
15.3
+6.7
3
1
2,206.8
13.9
-7.0
4
2
1,902.6
11.9
-7.8
6
1,355.6
5
8.5
+1.8
6
16
732.6
4.6
+4.0
7
9
381.2
2.4
-0.1
8
289.4
1.8
+1.8
9
1.7
+0.1
12
273.0
10
1.6
+1.6
248.5
12,841.1
80.6
+4.3
15,933.0 100.0

% Change from Same Period Last Year


% Change from Last Quarter

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

Global Debt by Mexican Issuers (MX1)

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
14.2
24.0 +11.0
7.9
13.5 +11.3
8.1
13.7
-2.2
11.1
18.9
+6.0
6.7
11.3
-12.9
6.7
11.3
+4.5
1.1
1.8
+1.8
.7
1.3
-2.0
.2
0.4
-1.6
.4
0.6
-0.2
57.1
96.8 +15.7
59.0 100.0

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
1
5,172.9
12.4
-2.4
+4.3
2
5
4,820.0
11.6
3
2
4,087.6
9.8
-3.2
4
8
3,641.4
8.8
+2.2
5
4
3,221.9
7.8
-1.4
6
9
2,946.4
7.1
+3.1
7
2,622.8
6.3
+6.3
8
6
2,562.2
6.2
-0.9
9
3
1,886.1
4.5
-5.1
10
7
1,517.5
3.7
-3.0
32,478.8
78.2
-0.1
41,590.9 100.0

% Change from Same Period Last Year


% Change from Last Quarter

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%

Global Debt in Mexican Pesos (MX2)

92

79

$50

91

$20

Jan 1 - Dec 30

Proceeds per Bookrunner (R$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
3
9,324.7
21.7
+8.3
2
8
6,772.5
15.8 +13.2
3
2
6,613.0
15.4
-2.1
4
4
6,278.9
14.6
+1.8
5
1
5,971.0
13.9
-10.4
6
6
4,945.0
11.5
+4.1
7
838.2
2.0
+2.0
8
7
493.6
1.2
-1.6
9
10
337.0
0.8
-1.1
10
16
300.0
0.7
+0.2
41,873.9
97.6 +14.4
43,011.9 100.0

120

Agency, Supranational, Sovereign

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

Investment Grade Corporate


$70

-26.0%
61.0%

Brazilian Domestic Debt (BR2)

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)

All Brazilian Debt (BR1)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
+0.7
1
1
4,506.8
23.1
2
2
4,188.3
21.5
+1.9
3
2,622.8
13.5 +13.5
4
3
2,548.7
13.1
-5.1
5
4
2,063.8
10.6
+1.2
6
6
1,355.6
7.0
+0.8
7
15
732.6
3.8
+3.2
381.2
2.0
-0.3
8
8
273.0
1.4
-0.1
9
11
10
7
218.9
1.1
-3.1
18,891.7
97.1 +12.7
19,493.0 100.0

% Change from Same Period Last Year


% Change from Last Quarter

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
18.8
13.4
-0.3
12.5
8.9
+3.7
13.7
9.7
-1.1
16.4
11.7
+2.5
9.6
6.8
-2.0
11.7
8.3
+3.5
5.8
4.1
+4.1
8.2
5.9
-3.7
4.5
3.2
-5.6
4.3
3.1
-8.9
105.5
75.1
-7.8
140.5 100.0
-15.0%
-46.4%

-3.2%
-30.4%

Domestic Mexican Debt (MX3)

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
6.9
20.4
+6.1
5.6
16.7
+7.7
3.5
10.3
-9.2
3.8
11.3
-4.9
2.3
6.7
+1.6
1.4
4.3
+2.1
1.0
2.9
+1.2
.6
1.7
+1.7
.5
1.4
+0.2
3.7
1.3
+3.7
26.9
79.4 +10.2
33.8 100.0

2011

34.1%
-72.7%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
20
30.8
-1

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%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
7.8
20.4
-2.9
8.0
20.9
+2.4
5.0
13.0 +13.0
5.6
14.8
-3.6
4.5
11.9
+0.8
2.3
5.9
+0.7
1.4
3.8
+1.3
+0.8
1.0
2.5
.5
1.2
0 -4.1
.3
0.9
36.4
95.3
+8.4
38.2 100.0
4.1%
-57.9%

12

https://www.thomsonone.com

Full Year 2011 | Debt Capital Markets | Managing Underwriters

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)

Asia Deals Intelligence

Proceeds per Bookrunner (US$m)


Market
Market

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.

Asian International Bond Proceeds by Currency (US$m)

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
t
Includes ADB issuance

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%

All Asian Securitized Bonds (ex-Japan ex-Australia) (AZ2)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
+17.8
1
1
1,221.5
28.0
2
782.8
17.9
+17.9
3
600.0
13.8
+13.8
4
3
225.8
5.2
-2.9
5
20
218.2
5.0
+3.7
6*
215.0
4.9
+4.9
6*
4.9
+4.9
215.0
2.2
-6.9
8
2
96.0
9*
22
85.9
2.0
+1.1
2.0
+1.3
9*
26
85.9
85.9 +55.6
3,746.1
4,363.6 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
* tie

-56.7%
1365.8%

27

-32

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
2.2
27.3
+20.5
1.6
19.7
+19.7
.9
11.3
+11.3
.4
5.5
-2.3
.4
5.5
+4.1
.3
4.1
+4.1
.3
4.1
+4.1
.1
1.6
-6.5
.2
2.2
+1.0
.2
2.2
+1.5
83.5 +57.5
6.6
8.0 100.0

-54.2%

-58.1%

700.0%

1900.0%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
31.3 +10
57

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
-0.4
2
1
14,466.8
6.7
1
14,412.4
6.7
-1.9
2
+0.5
8,831.8
4.1
3
5
3
8,393.7
3.9
4
-0.1
5
10
8,074.9
+0.9
3.7
8
7,794.8
3.6
+0.7
6
6,905.3
3.2
+0.6
13
7
24
6,891.4
3.2
8
+1.9
9
9
6,847.4
3.2
+0.4
7
5,815.5
2.7
-0.5
10
41.0
88,434.0
+2.1
216,243.9 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
Includes CDs and CPs

9.0%
-11.4%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
53.1
12.0
+5.0
+4.0
46.2
10.5
38.2
8.7
-1.6
38.2
8.6
+1.8
38.8
8.8
+3.1
29.6
6.7
-2.0
28.1
6.4
-1.8
19.2
4.3
-3.7
21.9
5.0
+0.2
15.5
3.5
-0.4
328.8
74.5
+4.6
442.2 100.0
1.9%
68.7%

-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

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
38.8
4.2
+1.2
51.0
5.6
+0.8
47.0
5.1
+1.5
30.3
3.3
+0.5
36.5
4.0
-0.4
3.4
31.2
+0.9
21.7
2.4
-0.3
18.1
2.0
+0.4
8.7
1.0
-0.3
13.3
1.5
-0.1
296.6
32.5
+4.2
917.8 100.0
19.1%
42.0%

-7.5%
-18.9%

All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1at)

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%

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
5
+2.1
1
23,925.3
5.6
4
21,637.6
+1.0
5.0
2
3
3
4.7
+0.7
19,998.1
8
4.6
+1.6
19,808.8
4
-0.8
5
1
17,669.3
4.1
7
15,322.7
3.6
+0.3
6
2
12,175.5
2.8
-1.4
7
+1.2
22
11,167.3
2.6
8
8,831.8
2.1
+0.2
11
9
26
+0.8
10
8,447.5
2.0
158,983.9
37.1
+5.7
430,358.2 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
t
Includes CDs and CPs

$3,684.2
3%

$2,163.2
2%

Proceeds Sh (%) Share Ch.


12.8
9,775.3
+3.6
6,795.7
8.9
+1.3
5,919.7
7.8
-1.2
5,486.3
+1.9
7.2
5,241.9
6.9
-1.2
5,198.6
6.8
0.0 4,446.0
5.8
-1.4
5.7
4,314.0
-1.1
4,239.1
5.6
-0.7
5.0
+1.4
3,792.1
55,208.7
72.5
+2.6
76,239.2 100.0

All Asian Currencies (ex-Japan ex-Australia) (AS1t)

Jan 1 - Dec 30 2011

$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

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
232
9.9 -26

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%

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
23.0
5.9
-0.5
23.8
6.1
-0.9
8.7
2.3
-0.2
+0.3
14.3
3.7
9.4
2.4
-0.5
17.0
4.4
+1.2
13.6
3.5
+0.2
10.8
2.8
+1.5
7.2
1.9
-0.4
2.6
-0.2
10.2
138.0
35.6
+0.5
388.0 100.0
0.3%
-12.9%

13

https://www.thomsonone.com

Full Year 2011 | Debt Capital Markets | Managing Underwriters

Australia Debt
Australian Debt Proceeds Decline l Australian Securitizations Up 25.7% | Australian International Bonds Drop 9.4%
Australia Deals Intelligence

All Australian Debt (ex self-funded) (AJ3a)

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.

Proceeds per Bookrunner (AU$m)


Market
Market
2011 2010
Proceeds Sh (%) Share Ch.
Rank Rank
1
1
+4.2
16,590.6
18.9
2
2
15.4
+2.7
13,545.0
3
3
10,313.6
11.8
+1.1
10.9
+0.6
4
4
9,520.3
5
-0.9
5
7,255.6
8.3
6
6.6
6
5,779.8
-1.9
7
7
6.4
5,638.4
-1.3
8
3,216.5
-2.3
3.7
8
-1.9
9
9
2,369.5
2.7
11
2,362.2
2.7
-1.2
10
76,591.5
87.4
-0.9
87,738.4 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Australian International Bond Proceeds by Currency (US$m)

Jan 1 - Dec 30 2011

$2,896.8 $2,988.7
5%
5%

All Australian International Bonds (AJ7)

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

Proceeds per Bookrunner (US$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
6
5,989.3
10.5
+5.0
2
4
5,546.3
9.8
+2.4
3
1
4,389.4
7.7
-7.7
4
2
3,314.6
5.8
-2.9
5
16
3,186.3
5.6
+3.5
6
7
2,902.2
5.1
-0.3
7
11
2,670.1
4.7
+0.6
8
5
2,474.7
4.4
-1.7
9
9
2,451.0
4.3
-0.5
10
15
2,242.0
4.0
+1.5
35,165.9
61.9
-0.1
56,826.8 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
20
13.9 +3

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%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
16
41.0 +2

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

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Jan 1 - Dec 30

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)

Australian Dollar

$1,145.4
2%

Proceeds per Bookrunner (AU$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
1
7,022.7
+6.6
1
27.5
2
2
4,460.3
17.5
+0.7
3
7
3,895.4
15.3
+8.7
4
4
2,246.0
8.8
-6.9
5
6
1,725.9
6.8
+0.1
6
3
1,628.2
6.4
-10.0
7
5
1,462.7
5.7
-1.7
8
8
920.2
3.6
-0.8
9
10
807.6
3.2
+1.7
10
691.0
2.7
+2.7
24,860.0
97.5
+1.1
25,539.6 100.0

Imputed Fees (US$m)


Manager Market
Market
Fees Sh (%) Share Ch.
14.6
9.2
+5.1
7.2
+3.4
11.4
24.7
15.6
-15.8
11.5
7.2
-4.2
5.5
3.4
+2.1
6.2
3.9
+1.5
2.9
1.8
-0.5
8.2
5.2
-4.2
3.2
2.0
+0.8
7.3
4.6
+3.7
95.5
60.1
-8.1
158.6 100.0

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%

Proceeds per Bookrunner (AU$m)


Market
Market
2011 2010
Rank Rank
Proceeds Sh (%) Share Ch.
11,862.9
1
1
18.4
+4.3
2
2
9,567.9
14.8
+1.9
3
4
7,255.6
11.2
-0.3
4
3
6,418.2
9.9
-1.8
5
5
5,638.4
8.7
-0.9
6
6
5,459.0
8.4
-0.2
7
8
4,387.4
6.8
+0.4
8
7
3,216.5
5.0
-2.5
9
11
2,233.2
3.5
+0.3
10
9
2,149.5
3.3
-1.7
58,188.6
90.0
-0.5
64,664.4 100.0

Imputed Fees (AU$m)


Market
Manager Market
Fees Sh (%) Share Ch.
+4.4
30.0
20.7
16.5
23.9
+3.9
12.5
18.2
+3.1
19.6
+2.9
13.5
10.9
7.5
-1.9
6.9
4.7
-3.8
6.1
4.2
-0.9
3.0
2.1
-1.1
2.2
3.1
-2.6
3.2
-2.6
4.7
126.4
87.1
+1.4
145.1 100.0

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%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals

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

All Australian Securitization (ex-CDOs) (AJ4)

U.S. Dollar
$33,454.7
60%

-11.0%
-37.7%

Jan 1 - Dec 30

39

+4

11.4%
0.0%

Imputed Fees (AU$m)


Manager Market
Market
Fees Sh (%) Share Ch.
+6.4
14.2
27.8
9.6
18.8
+3.2
7.9
15.5
+8.6
4.5
8.8
-7.7
4.0
7.9
+1.5
3.1
6.2
-11.7
2.3
4.6
-1.5
1.7
3.2
0 1.4
2.7
+1.2
.8
1.6
+1.6
49.5
97.1
+1.6
51.0 100.0
22.9%
19.1%

Jan 1 - Dec 30

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
51
37.2
0
39
28.5
-5

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

Imputed Fees (AU$m)


Market
Manager Market
Fees Sh (%) Share Ch.
20.3
20.5
+6.2
15.9
16.0
+1.8
10.9
11.1
-1.1
10.3
0 10.4
-0.6
6.1
6.1
10.8
10.9
+1.8
4.1
4.1
-1.1
3.0
3.1
-1.1
3.7
3.7
+2.1
2.4
2.5
-2.9
87.5
88.4
+5.1
99.0 100.0

Industry % Change from Same Period Last Year

-18.4%

-11.0%

-22.2%

Industry % Change from Last Quarter

-66.2%

-41.4%

-21.3%

14

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

Japan Debt
All Bonds in Yen Slightly Up l Korean Issuers Drive Samurai Market l Energy and Power Sector Down
Japan Deals Intelligence

All Bonds in Yen (AP5)

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

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
*tie

Samurai Bonds Issuer Domicile Analysis

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

Asia-Pacific (ex Central Asia)

2008

2009

2010

Africa/Middle East/Central Asia

Japanese Corporate Debt Volume by Industry ( Trillion)

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%

Proceeds per Bookrunner (mil)


Market
Proceeds Market
2011 2010
mil Sh (%) Share Ch.
Rank Rank
1
4
416,696.7
+6.9
20.8
+3.7
2
2
395,058.3
19.7
3
316,916.7
15.8
- 299,541.7
4
3
14.9
0.0 0.0 137,500.0
6.9
5
7
- 6
123,600.0
6.2
7
13
6.1
121,708.3
+5.6
- 8
4.5
90,113.3
1.4
28,280.0
-0.5
9
12
10
-1.2
1.0
11
20,000.0
1,949,415.0
97.3 +14.5
2,004,700.0 100.0
4.2%
-8.5%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
46
57.5 +22

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

Imputed Fees (mil)


Market
Manager Market
Fees mil Sh (%) Share Ch.
1,063.2
+7.6
20.7
-1.7
924.1
18.0
- 681.0
13.3
-1.0
719.9
14.0
-0.6
7.0
361.2
+7.9
406.8
7.9
322.8
+2.5
6.3
5.2
268.2
+5.2
2.0
104.5
-1.0
1.4
70.0
-1.4
4,921.7
0.0 +17.5
5,131.1 100.0
16.9%
-5.5%

27.0%
11.8%

Japanese Securitizations (AP2)

Industrials

0.74
9%

12.3%
-29.1%

# of Issues

Jan 1 - Dec 30 2011

2.16
25%

+99

Imputed Fees (m)


Manager Market
Market
Fees mil Sh (%) Share Ch.
- 17.4
11,126.8
8,918.3
14.0
-2.1
24.2
+3.9
15,423.9
-4.1
8,097.5
12.7
7,008.4
11.0
-1.8
2,396.9
3.8
+0.5
+1.8
1,331.7
2.1
768.3
-0.1
1.2
1.8
-0.4
1,146.2
+0.7
548.2
0.9
-1.6
56,766.2
89.1
63,806.6 100.0

Jan 1 - Dec 30

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Financials

3.01
34%

1,042
10.5%
-2.7%

Samurai Bonds (AP1)

90

2,000

1.0%
-9.5%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
245
23.5
218
20.9 -17

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

Proceeds per Bookrunner (mil)


Proceeds Market
Market
2011 2010
Rank Rank
mil Sh (%) Share Ch.
2
-0.8
1
917,701.4
21.8
1
826,166.7
19.6
-5.3
2
3
740,171.2
17.6
- 373,100.0
4
8
+7.0
8.9
357,200.0
5
5
8.5
+2.4
7
315,300.0
+3.7
6
7.5
5.9
250,400.0
3
7
-11.4
116,184.0
6
8
-1.3
2.8
9
+1.2
1.2
50,762.9
46,320.0
1.1
11
10
+0.4
3,993,306.2
94.9
-4.1
4,217,901.4 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Healthcare
Media and Entertainment

Jan 1 - Dec 30

76.6%
-27.3%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
169
62.8 +84

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%

Imputed Fees (mil)


Manager Market
Market
Fees mil Sh (%) Share Ch.
3,358.6
23.9
+1.9
10.1
1,411.9
-4.2
1,625.6
11.6
- 1,329.9
9.5
+6.9
867.2
6.2
+0.4
958.0
6.8
-1.2
1,089.9
7.8
-3.0
3.3
457.1
-1.7
913.7
6.5
+6.5
162.1
1.2
+0.3
12,174.0
86.9
+5.9
14,032.3 100.0
86.0%
-14.1%

15

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

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

Proceeds per Bookrunner (mil)


Proceeds Market
Market
2011 2010
Rank Rank
mil Sh (%) Share Ch.
- 1
2,030,474.8
23.2
2
1,979,313.3
4
22.7
+4.3
22.2
3
-1.3
1
1,937,010.3
1,300,318.7
14.9
-1.8
4
5
-5.1
5
3
1,182,698.0
13.5
+0.8
6
9
89,970.3
1.0
85,000.0
+0.7
7
7
1.0
8
10
36,664.7
0.4
+0.3
9
33,000.0
+0.4
0.4
6
31,000.0
0.4
-0.2
10
8,705,450.1
99.7
-1.9
8,740,283.5 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-7.1%
-17.5%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
116
28.1

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

Bonds Targeted in Japan (AP4)

Imputed Fees (mil)


Manager Market
Market
Fees mil Sh (%) Share Ch.
6,486.5
- 18.6
5,235.6
15.0
-1.4
9,656.0
27.7
+6.0
4,851.7
13.9
-2.5
4,562.7
-6.1
13.1
765.8
2.2
+0.8
1.0
+0.3
362.8
315.1
0.0 0.9
0.4
127.6
+0.3
0.8
-0.4
279.1
32,642.9
93.6
-3.0
34,856.2 100.0

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

Proceeds per Bookrunner (mil)


Market
Proceeds Market
2011 2010
mil Sh (%) Share Ch.
Rank Rank
- 1
4,088,077.8
22.4
20.9
+1.9
2
3
3,815,214.4
20.8
-0.5
1
3
3,796,399.4
-5.1
4
4
2,329,673.6
12.8
5
5
2,043,496.8
11.2
-0.7
6
612,936.3
3.4
+0.8
6
17
373,100.0
2.0
+1.7
7
8
10
230,500.0
1.3
+0.4
135,266.7
0.7
+0.6
9
22
116,184.0
0.6
+0.1
10
13
17,540,849.0
96.1
-0.8
18,266,821.4 100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

2.2%
-12.5%

# of Deals per Bookrunner


# of Market Change in
Deals Sh (%) # of Deals
245
25.5
209
21.7 -13

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%

Imputed Fees (mil)


Manager Market
Market
Fees mil Sh (%) Share Ch.
11,126.8
17.9
- 8,845.3
-2.0
14.2
15,423.9
+4.0
24.8
12.9
-3.9
8,027.1
6,898.0
11.1
-2.0
+0.5
2,374.4
3.8
2.1
+1.7
1,331.7
747.9
1.2
+0.2
+0.7
548.2
0.9
0.7
457.1
0 89.6
-0.8
55,780.4
62,161.8 100.0
12.6%
-30.6%

16

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Full Year 2011 | Debt Capital Markets | Managing Underwriters

Ranking Criteria Summary


- Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bonds

If you would like to participate in the


submission process, receive quarterly press
releases, or have questions about our full
league table criteria please contact:
United States
Salvatore Reres
Tel: +1 646 223 8455
E-mail: salvatore.reres@thomsonreuters.com
Europe
Ian Willmott
Tel: +44 207 542 4376
E-mail: ian.willmott@thomsonreuters.com
Asia-Pacific
Michelle Abuzo
Tel: +632 858 7201
E-mail: michelle.abuzo@thomsonreuters.com
Japan
Chisato Kawada
Tel: +813 5218 6554
E-mail: chisato
chisato.kawada@thomsonreuters.com
kawada@thomsonreuters com

and preferred stock) as well as MBS, ABS & Taxable Munis.


- Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all

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

US dollar equivalent at the time of announcement.


- Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require a

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.

Imputed fees are calculated using Freeman Consulting.


Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed.
disclosed Deal fees are on a gross basis before all expenses.
expenses Each
underwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
allocated to syndicate members.

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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