TAIWAN CAPITAL MARKETS LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS OF 25 MARCH 2020
MANAGER RANKINGS TAIWAN CAPITAL MARKETS
The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.
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Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.
DATA SUBMISSIONS AND QUERIES
Contact Phone Email Equities Siying He +86 21 6055 3524 [email protected]
Fixed Income Sheng Chiu +886 2 7719 1467 [email protected]
Loans Jewel Ho +852 2293 1498 [email protected]
© 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan Bonds: Industry Breakdown
Taiwan Bonds 20% Q1 2020 Q1 2019 Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 58% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 21% Yuanta Securities 1 25.973 30,100 12 2 16.612 9.361 KGI Securities 2 21.745 25,200 9 4 7.309 14.436 Masterlink Securities 3 11.735 13,600 7 3 8.107 3.628 SinoPac Financial Holdings 4 8.888 10,300 8 8 4.588 4.300 Hua Nan Securities 5 6.903 8,000 6 17 2.358 4.545 Financials 58% HSBC 6 3.797 4,400 2 - - 3.797 Communications 21% KGI Bank 7 3.710 4,300 1 - - 3.710 Technology 20% Mega Financial Holding 8 3.624 4,200 5 13 2.884 0.740 Others 2% Taishin Financial Holding Co Ltd 9 3.452 4,000 3 6 5.114 -1.662 Fubon Securities 10 2.157 2,500 2 7 5.042 -2.885 Jih Sun Securities Co Ltd 11 1.898 2,200 2 12 2.920 -1.022 Taiwan Bonds: Manager Rankings History Capital Securities Corp 12 1.294 1,500 4 5 6.075 -4.781 Taiwan Cooperative Securities Co 13 0.949 1,100 4 9 4.189 -3.240 2020 2019 2018 55 Ltd Hua Nan Financial Holdings Co Ltd 14 0.863 1,000 1 15 2.720 -1.857 40 ) % ( E.Sun Commercial Bank 15 0.604 700 1 16 2.376 -1.772 e r a h S
Sunny Bank 16 0.518 600 3 23 0.290 0.228 t e k r
President Securities 17 0.431 500 3 18 1.360 -0.929 a 20 M First Securities Inc 18 0.421 488 3 21 0.363 0.058 Horizon Securities Co Ltd 19 0.345 400 2 22 0.326 0.019 0 s s s s s e e e g e C Shanghai Commercial & Savings 19 0.345 400 2 19 0.562 -0.217 ti ti ti n ti B ri ri ri i ri S u u u ld u H c c c o c e e e H e Bank Ltd S S S l S a I k ia n t G n c a n K li n a r a N u te n a Y s i u TOTAL 100% 115,888 29 100% a F H c M a P o in S This table consists of debt securities denominated in Taiwanese Dollars, with market type "Domestic" or "Domestic MTN". This excludes asset- backed securities, bonds with warrants, convertible securities, and credit-linked notes. There is a minimum threshold of 12 months for maturities, call or put periods and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 1 Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan International Bonds: Industry Breakdown
Taiwan International Bonds 5%
Q1 2020 Q1 2019 27% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 69% KGI Securities 1 14.021 2,744 15 4 5.837 8.184 Morgan Stanley 2 12.056 2,360 7 - - 12.056 BNP Paribas 3 11.003 2,154 4 6 4.459 6.544 Deutsche Bank 4 10.084 1,974 4 1 25.456 -15.372 E.Sun Commercial Bank 5 8.812 1,725 25 8 2.550 6.262 Financials 69% Cathay United Bank 6 6.590 1,290 11 9 1.829 4.761 Communications 27% Standard Chartered Bank 7 5.581 1,092 3 2 23.706 -18.125 Others 5% Citi 8 5.064 991 2 - - 5.064 Yuanta Securities 9 5.063 991 12 7 3.443 1.620 CTBC Financial Holding 10 4.500 881 5 - - 4.500 Taiwan International Bonds: Manager Rankings History HSBC 11 4.330 848 3 5 5.193 -0.863 Credit Agricole CIB 12 3.065 600 2 2 23.706 -20.641 2020 2019 2018 25 Societe Generale 13 2.406 471 5 18 0.086 2.320 Masterlink Securities 14 1.701 333 5 12 0.395 1.306 20 ) % (
ANZ Banking Group 15 1.533 300 1 - - 1.533 e
r 15 a h S
Taishin Financial Holding Co 16 1.448 283 5 14 0.226 1.222 t e
k 10 r Ltd a M
SinoPac Financial Holdings 17 1.030 202 8 14 0.226 0.804 5 Capital Securities Corp 18 0.788 154 2 - - 0.788 0 s y s k k k Fubon Financial Holding 19 0.413 81 2 10 1.613 -1.200 ie le a n n n it n ib a a a r a r B B B u t a e l d c S P h ia e e n c c it S a P s r n Bank of Taiwan 20 0.264 52 3 18 0.086 0.178 I g N t e G r B u m U K o e y M D m a o th C a TOTAL 100% 19,574 74 100% n u C .S E
This table consists of debt & preferred securities denominated in non-Taiwanese Dollar and listed on the Taipei exchange. This excludes asset- backed securities, bonds with warrants, convertible securities, and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods, and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 2 Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan International Bonds (TSA): Industry Breakdown
Taiwan International Bonds (TSA Disclosed Amounts) 5%
Q1 2020 Q1 2019 27%
Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 69% KGI Securities 1 14.017 2,744 22 2 5.216 8.801 BNP Paribas 2 13.587 2,660 4 6 2.991 10.596 Deutsche Bank 3 11.089 2,170 4 1 68.545 -57.456 E.Sun Commercial Bank 4 8.456 1,655 32 4 3.986 4.470 Cathay United Bank 5 7.286 1,426 17 10 1.468 5.818 Financials 69% Yuanta Securities 6 6.521 1,276 21 3 4.933 1.588 Communications 27% Citi 7 5.313 1,040 2 - - 5.313 Others 5% CTBC Financial Holding 8 5.222 1,022 9 - - 5.222 Standard Chartered Bank 9 5.042 987 3 7 2.534 2.508 Morgan Stanley 10 4.748 929 7 - - 4.748 Taiwan International Bonds (TSA): Manager Rankings Masterlink Securities 11 3.729 730 7 12 0.621 3.108 History Taishin Financial Holding Co 12 2.846 557 12 8 1.840 1.006 Ltd 2020 2019 2018 70 HSBC 13 2.616 512 3 5 3.296 -0.680 60 SinoPac Financial Holdings 14 1.991 390 16 14 0.508 1.483 ) % ( Capital Securities Corp 15 1.650 323 4 - - 1.650 e r
a 40 h S
Fubon Financial Holding 16 1.294 253 7 9 1.662 -0.368 t e k r
KGI Bank 17 1.137 222 5 - - 1.137 a M 20 ANZ Banking Group 18 1.022 200 1 - - 1.022 Societe Generale 19 0.935 183 5 20 0.024 0.911 0 s s k k k s e a n n n e President Securities 20 0.468 92 5 16 0.226 0.242 ti b a a a ti ri ri B B B ri u a l u c P e a d c e h i te e S P c rc i S TOTAL 100% 19,574 74 100% I N ts e n G B u U ta e m y n K D m a a o th u C a Y n u C .S This table consists of debt & preferred securities denominated in non-Taiwanese Dollar and listed on the Taipei exchange. This excludes asset- E backed securities, bonds with warrants, convertible securities, and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods, and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 3 Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan Equity & Equity Linked: Industry Breakdown
Taiwan Equity & Equity Linked 7% 9% Q1 2020 Q1 2019 40% 12% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) KGI Securities 1 39.737 4,524 6 2 16.531 23.206 32% Horizon Securities Co Ltd 2 10.540 1,200 1 - - 10.540 Waterland Securities Co Ltd 2 10.540 1,200 3 10 2.139 8.401 Fubon Securities 4 9.790 1,115 3 4 5.716 4.074 Capital Securities Corp 5 4.508 513 2 7 2.277 2.231 Industrials 40% Taishin Financial Holding Co Ltd 6 3.188 363 5 9 2.204 0.984 Technology 32% Grand Fortune Securities Co 7 3.016 343 2 5 4.547 -1.531 Financials 12% Cathay Securities Corp 8 2.635 300 1 - - 2.635 Consumer Discretionary 9% CTBC Financial Holding 8 2.635 300 1 3 6.831 -4.196 Health Care 7% First Securities Inc 8 2.635 300 1 - - 2.635 Others 0% Yuanta Securities 8 2.635 300 1 1 53.893 -51.258 SinoPac Financial Holdings 12 2.582 294 3 8 2.247 0.335 E.Sun Financial Holding Co Ltd 13 2.196 250 1 - - 2.196 Taiwan Equity & Equity Linked: Manager Rankings History Jih Sun Securities Co Ltd 14 1.074 122 1 11 0.652 0.422 Mega Financial Holding 15 0.660 75 1 13 0.289 0.371 2020 2019 2018 40 Hua Nan Securities 16 0.526 60 1 - - 0.526
Taiwan Cooperative Securities Co 17 0.514 58 1 6 2.290 -1.776 30 ) % (
Ltd e r a h
President Securities 18 0.338 38 1 - - 0.338 S 20
t e k r
Masterlink Securities 19 0.250 28 1 12 0.311 -0.061 a M ------10 TOTAL 100% 11,385 36 100% 0 s d d s p d e t t e r t ti L L ti o L ri o o ri C o u C C u s C c c e e s s e ti g This table consists of equity & equity-linked securities issuedby Taiwanese issuers. This excludes bonds with warrants, credit linked notes, S ie ie S ri in I it it u d r r n c l G u u o e o K c c b S H reverse convertibles, best efforts, and self-led offerings. There is a minimum threshold of 12 month minimum call, put & maturity periods. Note: e e u l l S S F a ia n d it c o n p n iz la a a Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details. r r C in o te F H a in W h is a T
Bloomberg League Table Reports Page 4 Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan Equity IPO: Industry Breakdown
Taiwan Equity IPO
Q1 2020 Q1 2019 45% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 55% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Jih Sun Securities Co Ltd 1 40.651 122 1 5 2.356 38.295 Mega Financial Holding 2 25.005 75 1 - - 25.005 Hua Nan Securities 3 19.917 60 1 - - 19.917 Grand Fortune Securities 4 14.427 43 1 2 16.427 -2.000 Co Consumer Discretionary 55% ------Industrials 45% ------Taiwan Equity IPO: Manager Rankings History ------2020 2019 2018 45
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e 20 k r ------a M ------0 td g s o L in ie C ------d it s o l r e C o u ti s H c ri e l e u ti ia S c ------ri c n e u n a S c a N e e in a n S F u u n a H rt ------u g o S e F d ih M n J ra TOTAL 100% 301 4 100% G
This table consists of initial public offerings issued by Taiwanese issuers. This excludes self-led offerings. Note: Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 5 Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan Equity Offerings: Industry Breakdown
Taiwan Equity Offerings 5% 18% Q1 2020 Q1 2019 33% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 21% KGI Securities 1 14.862 124 2 2 21.488 -6.626 Jih Sun Securities Co Ltd 2 14.637 122 1 7 1.405 13.232 24% Fubon Securities 3 13.725 115 2 5 3.548 10.177 SinoPac Financial Holdings 4 11.258 94 2 4 4.840 6.418 Mega Financial Holding 5 9.004 75 1 10 0.623 8.381 Consumer Discretionary 33% Taishin Financial Holding Co Ltd 6 7.538 63 4 8 0.852 6.686 Industrials 24% Hua Nan Securities 7 7.171 60 1 - - 7.171 Health Care 21% Taiwan Cooperative Securities Co 8 7.006 58 1 15 0.064 6.942 Technology 18% Ltd Others 5% Grand Fortune Securities Co 9 5.195 43 1 3 9.795 -4.600 President Securities 10 4.611 38 1 - - 4.611 Masterlink Securities 11 3.413 28 1 9 0.670 2.743 Taiwan Equity Offerings: Manager Rankings History Capital Securities Corp 12 1.580 13 1 6 1.497 0.083 ------2020 2019 2018 25 ------20 ) % (
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------5 ------0 s td s s g td TOTAL 100% 835 18 100% ie L ie g in L it it in d r o r d l o u C u l o C c s c o H g e e e H l n S ti S l ia i I ri n ia c ld G u o c n o K c b n a e u a n H F n i l This table consists of equity offerings issued by Taiwanese issuers. This excludes self-led offerings. Note: Issuer country is determined by S i F ia n F a c u c g n S a e a P in ih o M F country of risk. Please see League Table Standards and Guidelines for further details. J n i in S h is a T
Bloomberg League Table Reports Page 6 Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan Borrower Loans (Bookrunner): Industry Breakdown Taiwan Borrower Loans (Bookrunner)
Q1 2020 Q1 2019 15% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 7% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 9% CTBC Financial Holding 1 18.441 991 1 7 5.150 13.291 59% Mitsubishi UFJ Financial Group Inc 1 18.441 991 1 9 4.705 13.736 10% Sumitomo Mitsui Financial 1 18.441 991 1 - - 18.441 Mega Financial Holding 4 10.458 562 5 1 14.170 -3.712 Bank of Taiwan 5 6.892 370 3 2 14.116 -7.224 Energy 59% Taiwan Cooperative Financial Holding 6 5.981 321 5 4 10.913 -4.932 Consumer Discretionary 10% Co Ltd Industrials 9% First Commercial Bank 7 4.634 249 3 3 11.280 -6.646 Technology 7% Land Bank of Taiwan 8 3.190 171 2 12 3.041 0.149 Others 15% KGI Bank 9 2.594 139 2 19 0.349 2.245 SinoPac Financial Holdings 9 2.594 139 2 - - 2.594 Hua Nan Financial Holdings Co Ltd 11 1.873 101 2 15 1.968 -0.095 Taiwan Borrower Loans: Bookrunner Rankings History Fubon Financial Holding 12 1.828 98 2 13 2.211 -0.383 Taishin Financial Holding Co Ltd 13 1.444 78 1 10 4.687 -3.243 2020 2019 2018 25 Shin Kong Financial Holding Co Ltd 14 1.206 65 1 19 0.349 0.857 Taiwan Business Bank 15 0.891 48 1 11 3.819 -2.928 20 ) % (
Chang Hwa Commercial Bank 16 0.597 32 1 6 5.620 -5.023 e
r 15 a h
Yuanta Financial Holding Co Ltd 17 0.495 27 1 17 1.341 -0.846 S
t e
k 10 r
------a M
------5 ------0 g c l g n d TOTAL 100% 5,372 18 100% n n ia n a t i I c i L ld p n ld iw o o u a o a C H ro in H T l F l f g a G i a o in i l u i k d c ia s c n l n c it n a o a n a B H in a M in l F n o F ia This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC region. This i c C F m a n B J to g a T F i e n C U m M i excludes bilateral loans. Please see League Table Standards and Guidelines for further details. i u F h S e is iv b t u ra s e it p o M o C n a iw a T
Bloomberg League Table Reports Page 7 Bloomberg Preliminary Taiwan Capital Markets | Q1 2020
Taiwan Borrower Loans (Mandated Lead Arranger): Industry Breakdown Taiwan Borrower Loans (Mandated Lead Arranger)
Q1 2020 Q1 2019 15% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 7% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 9% Mega Financial Holding 1 7.691 418 8 3 8.233 -0.542 59% First Commercial Bank 2 5.462 297 5 1 9.696 -4.234 10% Fubon Financial Holding 3 5.084 276 4 20 1.699 3.385 Land Bank of Taiwan 4 4.295 233 5 2 9.005 -4.710 DBS Group 5 3.888 211 3 11 2.965 0.923 Energy 59% KGI Bank 6 3.794 206 3 25 0.831 2.963 Consumer Discretionary 10% Hua Nan Financial Holdings Co Ltd 7 3.761 204 6 7 5.958 -2.197 Industrials 9% Bank of Taiwan 8 3.323 180 5 5 7.016 -3.693 Technology 7% Taiwan Cooperative Financial Holding 9 3.306 180 5 4 8.208 -4.902 Others 15% Co Ltd CTBC Financial Holding 10 3.277 178 2 6 6.382 -3.105 E.Sun Commercial Bank 11 2.437 132 2 15 2.178 0.259 Taiwan Borrower Loans: Mandated Lead Arranger Aegon NV 12 2.280 124 1 - - 2.280 Rankings History Banco Santander 12 2.280 124 1 - - 2.280 Citi 12 2.280 124 1 - - 2.280 2020 2019 2018 15 Credit Agricole CIB 12 2.280 124 1 - - 2.280 Deutsche Bank 12 2.280 124 1 - - 2.280 )
% 10 (
Entie Commercial Bank 12 2.280 124 1 - - 2.280 e r a h
HSBC 12 2.280 124 1 16 1.882 0.398 S
t e k r
JP Morgan 12 2.280 124 1 - - 2.280 a 5 M Korea Development Bank 12 2.280 124 1 - - 2.280 TOTAL 100% 5,432 19 100% 0 g k g n p k n n n a u n i a i w o a ld B ld i r B o l o a G I H a H T l i l f S G This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC region. This a rc a o B K i e i k D c c n n m n a a m a excludes bilateral loans. Please see League Table Standards and Guidelines for further details. in o in B F C F d a t n n g s o a e ir b L F u M F
Bloomberg League Table Reports Page 8 Bloomberg – League Tables Criteria
General Guidelines
Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.
Fixed Income
All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self- led transactions are included. New money portions of exchange offers are eligible for credit.
Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.
Equities-Linked
Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.
Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.
Equities
Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.
Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service. Bloomberg – League Tables Criteria
Loans
Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.
Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities.
US Municipals
Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.
Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.
All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.
Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.
Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.
The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.