GLOBAL EQUITY CAPITAL MARKET LEAGUE TABLES
Q1 2016 Q1 2016
MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS
CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors 1. Global market review and 500 legal advisors. 2. US market review LEAG
DATA SUBMISSIONS AND QUERIES
Contact Phone Email North America Elizabeth Entrup +1 646 324 4666 [email protected] Irina Arefyeva +1 646 324 4663 [email protected] EMEA Karan Aswani +44 20 3525 4331 [email protected] Asia Pacific Billy Sun +886 2 7719 1571 [email protected]
© 2015 Bloomberg Finance L.P. All rights reserved.
Global Equity, Equity Linked & Rights: Industry Breakdown
Global Equity Review Technology 27% 11% Financials 18% Q1 2016 credited Global Equity, Equity Linked & Rights volume decreased 56.27% to USD 102.5 Bln while deal 5% 27% count decreased 42.90% to 627 offerings year-on-year. Global Equity IPO volume decreased 65.23% year-on- 6% Energy 16% year to USD 14.1 Bln while the deal count decreased 36.23% to 176. Global Equity Linked volume decreased Health Care 9% 41.99% year-on-year to USD 15.8 Bln over 61 deals. 7% JP Morgan ranked as the top Global Equity, Equity Linked & Rights underwriter for Q1 2016 with 9.57% market Materials 7% 9% share. The bank underwrote 55 deals over the period. Goldman Sachs and Bank of America Merrill Lynch 18% Consumer Discretionary 6% ranked second and third with 9.18% and 7.06% market share, respectively. 16% Industrials 5% Others 11% Global Equity, Equity Linked & Rights: Highlights of Q1 2016
Top Underwriter Issuer Industry Volume (USD Mln) Date Saipem SpA Energy 3,965 02/11/2016 JP Morgan
TransCanada Corp Energy 3,399 03/17/2016 2016
Number of deals 55 Molson Coors Brewing Co Consumer Staples 2,585 01/28/2016 Volume (USD Mln) 9,809 Baxalta Inc Health Care 2,409 03/16/2016 Global Equity, Equity Linked & Rights: Industry Breakdown
Avg Deal size (USD Mln) 178.3 Q1
Vodafone Group PLC Communications 2,067 02/19/2016 | Market Summary Vodafone Group PLC Communications 2,067 02/19/2016 Industry Volume (USD Mln) % Of Total % YOY Change Industrial Securities Co Ltd Financials 1,864 01/18/2016 Technology 41,215 27.1% 188.3% Number of deals 627 China Zheshang Bank Co Ltd Financials 1,685 03/21/2016 Financials 27,776 18.3% -67.1% Volume (USD Mln) 102,459 Enbridge Inc Energy 1,673 02/24/2016 Energy 25,027 16.5% -20.4% Avg Deal size (USD Mln) 163.4 Pioneer Natural Resources Co Energy 1,615 01/05/2016 Health Care 13,043 8.6% -61.4% Equity
Materials 10,346 6.8% 13.7% Consumer Discretionary 9,688 6.4% -65.4% Industrials 7,654 5.0% -62.8% Global Equity, Equity Linked & Rights: Quarterly Volume Communications 7,297 4.8% -61.3% Consumer Staples 6,194 4.1% -6.8%
Deal Count Rights Equity-Linked IPO Utilities 3,722 2.4% -60.4%
Add'l Global 400 1,500
300 dea Global Equity, Equity Linked & Rights: Offering Breakdown Deal Count 1,000 Offering Type Volume (USD Mln) % Of Total % YOY Change Bln Bln
200 Additional Offerings 65,823 43.3% -58.2% USD USD Equity-Linked 57,251 37.7% 33.4% Rights Offerings 14,630 9.6% 91.7% Bloomberg 500 100 IPO 14,331 9.4% -66.9%
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1 Global Equity, Equity Linked & Rights Global Equity & Equity Linked Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Mkt Volume (USD Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 9.57 9,809 55 2 8.82 0.75 JP Morgan 1 9.85 9,358 52 2 8.55 1.30 Goldman Sachs 2 9.18 9,407 47 1 10.61 -1.43 Goldman Sachs 2 9.57 9,093 46 1 10.43 -0.86 Bank of America Merrill 3 7.06 7,234 43 4 7.59 -0.53 Bank of America Merrill 3 7.62 7,234 43 4 7.76 -0.14 Lynch Lynch Morgan Stanley 4 6.99 7,161 39 3 8.33 -1.34 Morgan Stanley 4 7.54 7,161 39 3 8.46 -0.92 Citi 5 4.89 5,013 32 7 5.29 -0.40 UBS 5 5.01 4,762 24 5 7.45 -2.44 UBS 6 4.69 4,804 25 5 7.38 -2.69 Citi 6 4.95 4,699 31 7 5.41 -0.46 RBC Capital Markets 7 4.40 4,508 29 11 2.17 2.23 RBC Capital Markets 7 4.75 4,508 29 11 2.22 2.53 Credit Suisse 8 4.23 4,334 27 8 5.24 -1.01 Credit Suisse 8 4.50 4,277 26 8 5.27 -0.77 Deutsche Bank 9 3.25 3,330 27 6 5.50 -2.25 Nomura 9 3.33 3,164 24 12 2.11 1.22 Nomura 10 3.09 3,164 24 12 2.06 1.03 Deutsche Bank 10 2.97 2,821 24 6 5.55 -2.58 Barclays 11 2.41 2,471 18 9 4.94 -2.53 Barclays 11 2.49 2,364 17 9 5.04 -2.55 TD Securities 12 2.27 2,323 6 25 0.53 1.74 TD Securities 12 2.45 2,323 6 25 0.53 1.92 2016
Sinolink Securities Co Ltd 13 1.88 1,928 2 87 0.09 1.79 BMO Capital Markets 13 1.91 1,818 15 18 0.85 1.06 BMO Capital Markets 14 1.77 1,818 15 18 0.83 0.94 Scotiabank 14 1.73 1,639 11 20 0.72 1.01
Scotiabank 15 1.60 1,639 11 20 0.71 0.89 CIBC 15 1.69 1,605 10 26 0.49 1.20 Q1
CIBC 16 1.57 1,605 10 26 0.48 1.09 Mizuho Financial 16 1.36 1,295 16 15 1.07 0.29 | Mizuho Financial 17 1.26 1,295 16 16 1.05 0.21 Wells Fargo 17 1.28 1,216 12 10 2.51 -1.23 Jefferies 18 1.22 1,251 15 14 1.07 0.15 Jefferies 18 1.22 1,156 14 14 1.10 0.12 Wells Fargo 19 1.19 1,216 12 10 2.46 -1.27 BNP Paribas 19 1.02 971 7 16 1.06 -0.04 Haitong Securities Co Ltd 20 1.00 1,029 11 68 0.14 0.86 CITIC Securities Co Ltd 20 1.01 960 9 41 0.32 0.69 Equity
TOTAL 100% 102,459 627 100% TOTAL 100% 94,993 600 100%
Global Equity Offerings Global Equity IPO Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Mkt Volume (USD Deal Global Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs 1 9.86 7,804 39 1 11.41 -1.55 Goldman Sachs 1 5.81 818 8 6 4.60 1.21
JP Morgan 2 8.88 7,029 41 4 8.08 0.80 Morgan Stanley 2 5.14 724 7 1 10.11 -4.97 Bank of America Merrill 3 8.13 6,436 39 5 7.53 0.60 Haitong Securities Co Ltd 3 4.17 587 8 36 0.69 3.48 Lynch JP Morgan 4 4.03 568 6 2 6.80 -2.77 Morgan Stanley 4 6.60 5,223 34 2 8.79 -2.19 Bank of America Merrill Lynch 5 3.80 536 6 3 5.92 -2.12 RBC Capital Markets 5 5.51 4,365 27 10 2.30 3.21 Deutsche Bank 6 3.73 525 5 5 4.90 -1.17 UBS 6 5.49 4,344 21 3 8.25 -2.76 Samba Capital 7 3.35 471 1 - - - Credit Suisse 7 5.24 4,151 25 8 5.27 -0.03 Guotai Junan Securities Co 8 3.25 458 7 75 0.20 3.05 Citi 8 5.10 4,041 27 7 5.28 -0.18 Ltd Deutsche Bank 9 3.13 2,478 21 6 5.81 -2.68 CITIC Securities Co Ltd 9 3.05 430 4 20 1.03 2.02
Barclays 10 2.99 2,364 17 9 4.73 -1.74 Nomura 10 2.79 393 6 22 0.98 1.81 Bloomberg TD Securities 11 2.93 2,323 6 31 0.45 2.48 China Construction Bank 11 2.76 388 3 - - - BMO Capital Markets 12 2.26 1,789 14 18 0.77 1.49 Mizuho Financial 12 2.71 381 6 96 0.10 2.61 Scotiabank 13 1.55 1,226 10 16 0.82 0.73 Bank of China 13 2.17 306 2 33 0.72 1.45 Wells Fargo 14 1.54 1,216 12 11 1.61 -0.07 China Merchants Bank 13 2.17 306 2 - - - CIBC 15 1.47 1,164 8 29 0.47 1.00 Agricultural Bank of China Ltd 13 2.17 306 2 - - - Jefferies 16 1.46 1,156 14 14 1.04 0.42 Citi 16 2.08 292 4 9 2.93 -0.85 Nomura 17 1.33 1,050 20 12 1.56 -0.23 RBC Capital Markets 17 1.93 272 3 15 1.53 0.40 GF Securities 18 1.01 801 5 74 0.13 0.88 GF Securities 18 1.73 244 4 39 0.58 1.15 Mizuho Financial 19 0.92 730 12 22 0.62 0.30 Carnegie 19 1.67 236 4 28 0.80 0.87 Numis 20 0.81 642 8 43 0.32 0.49 Great Wall Securities 20 1.61 227 2 - - - TOTAL 100% 79,174 539 100% TOTAL 100% 14,083 176 100%
2 Global Equity Linked Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) JP Morgan 1 14.72 2,329 11 1 12.01 2.71 Nomura 2 13.37 2,114 4 6 6.21 7.16 Morgan Stanley 3 12.25 1,938 5 7 5.98 6.27 Goldman Sachs 4 8.15 1,289 7 12 3.23 4.92 BNP Paribas 5 5.59 884 6 10 4.23 1.36 Bank of America Merrill Lynch 6 5.04 798 4 2 9.50 -4.46 Citi 7 4.16 659 4 5 6.40 -2.24 Mizuho Financial 8 3.57 565 4 9 4.44 -0.87 CIBC 9 2.79 441 2 25 0.63 2.16 UBS 10 2.64 418 3 16 1.53 1.11 Scotiabank 11 2.61 412 1 - - - CITIC Securities Co Ltd 12 2.49 394 2 - - - China International Capital 13 2.39 378 3 - - - 2016
Corp Credit Agricole CIB 14 2.29 363 3 22 1.04 1.25
Deutsche Bank 15 2.16 342 3 11 3.66 -1.50 Q1
China Investment Corp 16 1.69 268 1 - - - | HSBC 17 1.49 236 2 13 2.33 -0.84 Sumitomo Mitsui Financial 18 1.12 177 1 42 0.12 1.00 Dongbu Securities 19 1.09 173 1 - - - Berenberg 20 1.05 165 1 35 0.20 0.85 Equity
TOTAL 100% 15,818 61 100% Global
Bloomberg
3 US Equity & Equity Linked: Industry Breakdown
US Equity Review Energy 32% 11% Q1 2016 credited US Equity & Equity Linked volume decreased 59.35% to USD 36.5 Bln while deal count Health Care 26% 32% decreased 58.82% to 119 offerings year-on-year. US Equity IPO volume decreased 82.42% year-on-year to 10% Financials 21% USD 1.1 Bln while the deal count decreased 70.59% to 10. US Equity Linked volume decreased 84.14% year-on- Consumer Staples 10% year to USD 2.4 Bln over 9 deals. Others 11% JP Morgan ranked as the top US Equity & Equity Linked underwriter for Q1 2016 with 18.50% market share. The 21% bank underwrote 32 deals over the period. Goldman Sachs and Bank of America Merrill Lynch ranked second
and third with 18.34% and 12.66% market share, respectively. 26%
US Equity & Equity Linked: Highlights of Q1 2016
Top Underwriter Issuer Industry Volume (USD Mln) Date Molson Coors Brewing Co Consumer Staples 2,585 01/28/2016 JP Morgan
Baxalta Inc Health Care 2,409 03/16/2016 2016
Number of deals 32 Pioneer Natural Resources Co Energy 1,615 01/05/2016 Volume (USD Mln) 6,760 Devon Energy Corp Energy 1,488 02/17/2016 US Equity & Equity Linked: Industry Breakdown
Avg Deal size (USD Mln) 211.3 Q1
Baxalta Inc Health Care 1,484 01/27/2016 | Market Summary Marathon Oil Corp Energy 1,276 02/29/2016 Industry Volume (USD Mln) % Of Total % YOY Change Hess Corp Energy 1,121 02/05/2016 Energy 11,825 31.8% -37.6% Number of deals 119 Zimmer Biomet Holdings Inc Health Care 1,064 02/05/2016 Health Care 9,611 25.9% -66.3% Volume (USD Mln) 36,549 Cabot Oil & Gas Corp Energy 1,012 02/22/2016 Financials 7,708 20.7% -65.9% Avg Deal size (USD Mln) 307.1 TreeHouse Foods Inc Consumer Staples 863 01/20/2016 Consumer Staples 3,780 10.2% 157.8% Equity
Technology 1,706 4.6% -78.2% Utilities 1,018 2.7% 34.7% Consumer Discretionary 781 2.1% -89.3% US Equity & Equity Linked: Quarterly Volume Materials 667 1.8% 5.6%
Industrials 66 0.2% -91.3% Global
Deal Count Equity-Linked Add'l IPO
100 400
80 300 US Equity & Equity Linked: Offering Breakdown U Deal Count 60 Offering Type Volume (USD Mln) % Of Total % YOY Change Bln Bln
Additional Offerings 33,417 89.9% -51.5% 200 Equity-Linked 2,669 7.2% -83.6% USD USD 40 40 IPO 1,079 2.9% -82.6% Bloomberg
100 20
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4 US Equity & Equity Linked US Equity Offerings Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Mkt Volume (USD Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 18.50 6,760 32 1 13.99 4.51 JP Morgan 1 17.78 6,066 28 1 13.26 4.52 Goldman Sachs 2 18.34 6,704 26 7 7.37 10.97 Goldman Sachs 2 17.77 6,062 23 7 7.90 9.87 Bank of America Merrill 3 12.66 4,627 26 5 8.85 3.81 Bank of America Merrill 3 12.61 4,302 25 6 8.49 4.12 Lynch Lynch Credit Suisse 4 7.67 2,804 16 6 8.61 -0.94 Credit Suisse 4 8.22 2,804 16 3 10.23 -2.01 Citi 5 7.65 2,797 17 4 9.67 -2.02 Citi 5 7.35 2,509 15 5 9.88 -2.53 Morgan Stanley 6 5.06 1,850 13 3 9.96 -4.90 Barclays 6 5.28 1,803 10 2 10.52 -5.24 Barclays 7 4.93 1,803 10 2 9.96 -5.03 Morgan Stanley 7 4.86 1,659 12 4 10.02 -5.16 UBS 8 4.08 1,492 8 10 2.42 1.66 UBS 8 4.37 1,492 8 10 2.81 1.56 Wells Fargo 9 3.33 1,216 12 8 6.37 -3.04 Wells Fargo 9 3.56 1,216 12 9 4.33 -0.77 RBC Capital Markets 10 3.06 1,120 14 11 2.30 0.76 RBC Capital Markets 10 2.86 977 12 11 2.41 0.45 Deutsche Bank 11 1.97 721 7 9 5.27 -3.30 Deutsche Bank 11 2.11 721 7 8 6.30 -4.19 BMO Capital Markets 12 1.96 718 6 17 0.78 1.18 BMO Capital Markets 12 2.10 718 6 23 0.51 1.59 2016
Jefferies 13 1.90 696 9 13 1.68 0.22 Jefferies 13 2.04 696 9 12 1.61 0.43 KeyBanc Capital Markets 14 1.39 506 9 16 0.82 0.57 KeyBanc Capital Markets 14 1.48 506 9 15 0.99 0.49
SunTrust Robinson 15 1.13 414 5 24 0.43 0.70 SunTrust Robinson 15 1.21 414 5 22 0.52 0.69 Q1
Humphrey Humphrey | Mitsubishi UFJ Financial 16 1.01 369 1 - - - Mitsubishi UFJ Financial 16 1.08 369 1 - - - Stifel 17 0.76 277 6 20 0.70 0.06 Leerink Partners LLC 17 0.55 187 5 13 1.42 -0.87 Cowen & Co 18 0.61 222 5 15 1.13 -0.52 Scotiabank 18 0.54 186 1 - - - Leerink Partners LLC 19 0.51 187 5 14 1.18 -0.67 Cowen & Co 19 0.52 179 4 14 1.25 -0.73
Scotiabank 20 0.51 186 1 - - - Stifel 20 0.52 177 5 18 0.78 -0.26 Equity
TOTAL 100% 36,549 119 100% TOTAL 100% 34,115 110 100%
US Equity IPO US Equity Linked Q1 2016 Q1 2015 Q1 2016 Q1 2015 Global Mkt Volume (USD Mkt Volume (USD Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
Goldman Sachs 1 20.62 219 2 4 8.46 12.16 JP Morgan 1 28.52 694 4 1 17.51 11.01 Citi 2 18.37 196 2 1 11.20 7.17 Goldman Sachs 2 26.36 642 3 8 4.76 21.60 Deutsche Bank 3 15.66 167 1 6 7.20 8.46 Bank of America Merrill 3 13.35 325 1 3 10.64 2.71 Morgan Stanley 4 7.81 83 2 2 10.31 -2.50 Lynch EarlyBirdCapital Inc 5 7.69 82 1 19 0.71 6.98 Citi 4 11.81 288 2 5 8.61 3.20 JP Morgan 6 5.10 54 1 5 8.03 -2.93 Morgan Stanley 5 7.87 192 1 4 9.63 -1.76 Jefferies 7 4.96 53 1 15 1.92 3.04 RBC Capital Markets 6 5.88 143 2 14 1.79 4.09 Leerink Partners LLC 8 4.46 48 2 18 1.14 3.32 Stifel 7 4.11 100 1 22 0.33 3.78 Chardan Capital Markets 9 3.66 39 1 32 0.14 3.52 Cowen & Co 8 1.77 43 1 19 0.57 1.20
LLC Ladenburg Thalmann & Co 9 0.16 4 1 - - - Bloomberg Cowen & Co 10 3.31 35 1 14 2.01 1.30 Aegis Capital Corp 9 0.16 4 1 - - - Credit Suisse 10 3.31 35 1 13 2.64 0.67 ------RBC Capital Markets 12 2.35 25 1 8 6.02 -3.67 ------Canaccord Genuity 13 2.12 23 1 22 0.54 1.58 ------Joseph Gunnar & Co 14 0.28 3 1 ------Rodman & Renshaw Inc 14 0.28 3 1 ------TOTAL 100% 1,064 10 100% TOTAL 100% 2,434 9 100%
5 Canada Equity, Equity Linked & Preferred: Quarterly Volume
Deal Count Amount Canada Equity Review 20 400 Q1 2016 credited Canada Equity, Equity Linked & Preferred volume decreased 8.15% to CAD 15.8 Bln while deal 15 300 count decreased 31.96% to 66 offerings year-on-year. Canada Equity IPO volume decreased 99.19% year-on- Deal Count Bln Bln
year to CAD 6.1 Mln while the deal count decreased 44.44% to 5. Canada Equity Offerings volume decreased 10 200 CAD 12.15% year-on-year to CAD 13.6 Bln over 57 deals. CAD RBC Capital Markets ranked as the top Canada Equity, Equity Linked & Preferred underwriter for Q1 2016 with 5 100 27.70% market share. The bank underwrote 16 deals over the period. TD Securities and CIBC ranked second
and third with 20.15% and 14.13% market share, respectively. 0 0
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Canada Equity, Equity Linked & Preferred Canada Equity, Equity Linked & Preferred: Industry Breakdown
Q1 2016 Q1 2015 2016
Mkt Volume (CAD Deal Prev Prev Mkt Mkt Share Energy 53% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 10% Q1
Materials 19%
RBC Capital Markets 1 27.70 4,389 16 1 24.05 3.65 7% | TD Securities 2 20.15 3,193 9 6 7.64 12.51 Financials 11% CIBC 3 14.13 2,239 11 5 8.28 5.85 11% Utilities 7% Scotiabank 4 13.97 2,213 13 2 14.45 -0.48 53% Others 10% BMO Capital Markets 5 10.08 1,597 11 4 10.26 -0.18 Equity
Peters & Co Ltd 6 3.49 553 4 22 0.26 3.23 19% National Bank Financial Inc 7 2.69 425 5 7 5.45 -2.76 Credit Suisse 8 2.42 383 1 9 2.78 -0.36 FirstEnergy Capital Corp 9 1.79 283 3 17 0.83 0.96
Raymond James & 10 0.69 109 2 18 0.83 -0.14 Global Associates
TOTAL 100% 15,844 66 100%
Canada Equity, Equity Linked & Preferred: Manager Rankings History Canada Equity & Equity Linked
2016 2015 2014 Q1 2016 Q1 2015 30 Mkt Volume (CAD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) (%) Bloomberg 20 RBC Capital Markets 1 28.00 4,149 13 1 22.72 5.28 Share TD Securities 2 19.97 2,960 6 6 7.12 12.85 CIBC 3 14.77 2,189 10 5 8.79 5.98 10 Market Scotiabank 4 13.14 1,948 9 2 13.04 0.10 BMO Capital Markets 5 10.11 1,498 9 4 10.53 -0.42 0
Ltd Peters & Co Ltd 6 3.74 553 4 22 0.27 3.47 CIBC Co Markets Markets & Securities Credit Suisse 7 2.59 383 1 9 2.98 -0.39 Scotiabank TD National Bank Financial Inc 8 1.93 285 4 7 5.85 -3.92 Capital Capital Peters FirstEnergy Capital Corp 9 1.91 283 3 17 0.89 1.02 RBC BMO Raymond James & 10 0.74 109 2 18 0.89 -0.15 Associates TOTAL 100% 14,817 60 100%
6 Canada Equity Offerings Canada Equity IPO Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (CAD Deal Prev Prev Mkt Mkt Volume (CAD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) RBC Capital Markets 1 30.54 4,149 13 1 22.29 8.25 Richardson GMP Ltd 1 73.95 5 1 10 0.04 73.91 TD Securities 2 21.79 2,960 6 6 7.24 14.55 Mackie Research Capital Corp 2 9.36 1 1 - - - CIBC 3 11.60 1,576 8 5 7.75 3.85 Pacific International Securities 2 9.43 1 2 - - - BMO Capital Markets 4 10.76 1,461 8 4 10.38 0.38 Inc Scotiabank 5 10.10 1,373 8 2 13.55 -3.45 All Group Financial Services Inc 4 7.26 0 1 - - - Peters & Co Ltd 6 4.07 553 4 22 0.29 3.78 ------Credit Suisse 7 2.82 383 1 9 3.10 -0.28 ------National Bank Financial Inc 8 2.10 285 4 7 5.66 -3.56 ------FirstEnergy Capital Corp 9 2.08 283 3 17 0.93 1.15 ------Raymond James & 10 0.80 109 2 18 0.92 -0.12 ------Associates ------Barclays 11 0.74 101 1 ------Macquarie 12 0.54 73 3 15 1.07 -0.53 ------2016
GMP Securities 13 0.46 63 4 12 1.49 -1.03 ------Cormark Securities Inc 14 0.28 38 3 13 1.24 -0.96 ------
Dundee Corp 15 0.28 38 3 16 0.93 -0.65 ------Q1
Clarus Securities 16 0.23 32 2 24 0.18 0.05 ------| Bloom Burton & Co 17 0.20 27 2 ------Canaccord Genuity 18 0.13 18 2 8 4.66 -4.53 ------Paradigm Capital Inc 19 0.11 15 1 27 0.06 0.05 ------Cantor Fitzgerald 20 0.11 14 2 ------Equity
TOTAL 100% 13,584 57 100% TOTAL 100% 6 5 100%
Canadian Retail Structured Products Q1 2016 Q1 2015
Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Global Scotiabank 1 29.62 36 6 3 14.63 14.99
National Bank Financial Inc 2 24.79 30 6 6 0.92 23.87 CIBC 3 21.90 26 6 1 36.87 -14.97 RBC Capital Markets 4 19.24 23 4 2 33.70 -14.46 BMO Capital Markets 5 4.46 5 2 4 9.20 -4.74 ------Bloomberg ------TOTAL 100% 120 9 100%
7 Latin America Equity Offerings: Quarterly Volume
Deal Count Amount Latin America Equity Review 20 30 Q1 2016 credited Latin America Equity Offerings volume decreased 76.54% to USD 221.5 Mln while deal count 15 decreased 75.00% to 2 offerings year-on-year. Banco Santander ranked as the top Latin America Equity Offerings 20 Deal Count Bln underwriter for Q1 2016 with 69.76% market share. The bank underwrote 2 deals over the period. Banco BTG Bln
10 Pactual and Evercore Partners Inc ranked second and third with 15.12% and 15.12% market share, respectively. USD USD 10 5
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Latin America Equity Offerings Latin America Equity Offerings: Industry Breakdown
Q1 2016 Q1 2015 2016
Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Industrials 55%
Banco Santander 1 69.76 155 2 1 36.04 33.72 Q1
Consumer Discretionary 45% Banco BTG Pactual 2 15.12 34 1 3 19.77 -4.65 | Evercore Partners Inc 2 15.12 34 1 - - - 45% ------55%
------Equity
------TOTAL 100% 221 2 100% Global
Latin America Equity Offerings: Manager Rankings History
2016 2015 2014 70
(%) 50
Share Bloomberg
30 Market
0
Inc
Pactual Santander Partners BTG Banco Banco Evercore
8 EMEA Equity, Equity Linked & Rights - Risk: Largest Deals by EMEA Equity Review Country of Q1 2016 Issuer Volume (USD Mln) Date Country Q1 2016 credited EMEA Equity, Equity Linked & Rights volume decreased 65.21% to USD 27.8 Bln while deal Veolia Environnement SA 771 03/08/2016 France count decreased 41.42% to 140 offerings year-on-year. EMEA Equity IPO volume decreased 78.42% year-on- Grand City Properties SA 496 02/24/2016 Germany Saipem SpA 3,965 02/11/2016 Italy year to USD 4.4 Bln while the deal count decreased 63.16% to 21. EMEA Equity Linked volume increased 4.72% NN Group NV 1,099 01/05/2016 Netherlands year-on-year to USD 6.5 Bln over 12 deals. Middle East Healthcare Co 471 03/01/2016 Saudi Arabia Morgan Stanley ranked as the top EMEA Equity, Equity Linked & Rights underwriter for Q1 2016 with 11.78% Remgro Jersey GBP Ltd 495 03/15/2016 South Africa market share. The bank underwrote 12 deals over the period. UBS and JP Morgan ranked second and third with Telefonica Participaciones SAU 651 03/02/2016 Spain 10.33% and 9.12% market share, respectively. LafargeHolcim Ltd 1,354 02/04/2016 Switzerland Vodafone Group PLC 2,067 02/19/2016 United Kingdom
EMEA Equity, Equity Linked & Rights - Risk: Highlights of Q1 2016
Issuer Industry Volume (USD Mln) Date Saipem SpA Energy 3,965 02/11/2016 EMEA Equity, Equity Linked & Rights - Risk: Industry Breakdown Vodafone Group PLC Communications 2,067 02/19/2016 2016 Vodafone Group PLC Communications 2,067 02/19/2016 Industry Volume (USD Mln) % Of Total % YOY Change LafargeHolcim Ltd Materials 1,354 02/04/2016 Financials 8,748 23.3% -67.4%
Auto Trader Group PLC Communications 1,188 02/24/2016 Communications 6,653 17.7% -50.1% Q1
NN Group NV Financials 1,099 01/05/2016 Energy 6,471 17.2% 777.1% | Veolia Environnement SA Utilities 771 03/08/2016 Materials 5,758 15.3% 40.9% TOTAL SA Energy 725 02/16/2016 Consumer Discretionary 2,801 7.4% -78.1% Safran SA Industrials 698 01/05/2016 Industrials 2,121 5.6% -82.9% Telefonica Participaciones SAU Communications 651 03/02/2016 Consumer Staples 1,770 4.7% -54.4% Equity
Health Care 1,500 4.0% -47.7% Technology 984 2.6% -49.9% Utilities 802 2.1% -80.3% EMEA Equity, Equity Linked & Rights - Risk Global
Deal Count Rights Equity-Linked IPO
Add'l
140 400 EMEA Equity, Equity Linked & Rights - Risk: Offering Breakdown
Offering Type Volume (USD Mln) % Of Total % YOY Change 120 Additional Offerings 13,931 37.0% -72.6% 300 Equity-Linked 10,682 28.4% 42.5% 100 Rights Offerings 8,573 22.8% 118.8% IPO 4,429 11.8% -78.8% Deal Count 80 Bln Bln
200 Bloomberg EUR EUR 60
40 100
20
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Quarters
9 EMEA Equity, Equity Linked & Rights - Risk EMEA Equity, Equity Linked & Rights - Syndication Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Mkt Volume (USD Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 11.78 3,271 12 4 8.82 2.96 Morgan Stanley 1 10.39 3,130 11 4 8.48 1.91 UBS 2 10.33 2,869 10 1 13.30 -2.97 UBS 2 9.37 2,823 9 1 13.23 -3.86 JP Morgan 3 9.12 2,532 15 6 7.61 1.51 JP Morgan 3 8.41 2,532 15 6 7.69 0.72 Deutsche Bank 4 8.05 2,235 15 5 8.02 0.03 Deutsche Bank 4 7.42 2,235 15 5 8.44 -1.02 Bank of America Merrill 5 7.54 2,093 12 3 10.52 -2.98 Nomura 5 7.11 2,141 5 7 3.37 3.74 Lynch Bank of America Merrill 6 6.95 2,093 12 3 10.01 -3.06 Goldman Sachs 6 7.05 1,957 14 2 12.82 -5.77 Lynch Citi 7 4.78 1,328 8 7 3.12 1.66 Goldman Sachs 7 6.50 1,957 14 2 12.61 -6.11 BNP Paribas 8 3.70 1,028 8 10 2.42 1.28 Citi 8 4.41 1,328 8 8 2.84 1.57 Societe Generale 9 2.61 724 6 11 2.33 0.28 BNP Paribas 9 3.41 1,028 8 11 2.41 1.00 Numis 10 2.31 642 8 24 0.83 1.48 Societe Generale 10 2.40 724 6 12 2.32 0.08 Nordea 11 2.18 604 7 21 0.97 1.21 Numis 11 2.13 642 8 24 0.83 1.30 Barclays 12 2.13 593 7 9 2.76 -0.63 Nordea 12 2.01 604 7 20 0.96 1.05 2016
Jefferies 13 1.92 533 5 17 1.26 0.66 Mizuho Financial 13 1.88 565 4 - - - Berenberg 14 1.78 494 6 14 1.39 0.39 Barclays 14 1.82 547 6 10 2.67 -0.85
Samba Capital 15 1.70 471 1 - - - Jefferies 15 1.77 533 5 21 0.95 0.82 Q1
Credit Agricole CIB 16 1.51 420 4 27 0.68 0.83 Berenberg 16 1.64 494 6 15 1.38 0.26 | Credit Suisse 17 1.30 361 3 12 1.77 -0.47 Samba Capital 17 1.56 471 1 - - - Peel Hunt LLP 18 1.27 353 5 31 0.36 0.91 Credit Agricole CIB 18 1.39 420 4 27 0.68 0.71 Carnegie 19 1.26 349 9 22 0.90 0.36 Credit Suisse 19 1.20 361 3 13 1.74 -0.54 Intesa Sanpaolo 20 1.24 345 2 49 0.12 1.12 Peel Hunt LLP 20 1.17 353 5 31 0.36 0.81 Equity
TOTAL 100% 27,764 140 100% TOTAL 100% 30,116 144 100%
EMEA Equity & Equity Linked - Risk EMEA Equity & Equity Linked - Syndication Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Mkt Volume (USD Global Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 13.39 3,271 12 4 8.96 4.43 Morgan Stanley 1 11.69 3,130 11 4 8.61 3.08
UBS 2 11.75 2,869 10 1 13.82 -2.07 UBS 2 10.54 2,823 9 1 13.74 -3.20 Bank of America Merrill 3 8.57 2,093 12 3 10.93 -2.36 Nomura 3 8.00 2,141 5 7 3.50 4.50 Lynch Bank of America Merrill 4 7.82 2,093 12 3 10.40 -2.58 JP Morgan 4 8.52 2,081 12 6 6.77 1.75 Lynch Deutsche Bank 5 7.07 1,726 12 5 8.13 -1.06 JP Morgan 5 7.77 2,081 12 6 6.87 0.90 Goldman Sachs 6 6.73 1,643 13 2 12.19 -5.46 Deutsche Bank 6 6.45 1,726 12 5 8.57 -2.12 Citi 7 4.15 1,014 7 7 3.24 0.91 Goldman Sachs 7 6.14 1,643 13 2 11.98 -5.84 BNP Paribas 8 3.98 971 7 11 2.41 1.57 Citi 8 3.79 1,014 7 8 2.95 0.84 Societe Generale 9 2.73 667 5 10 2.42 0.31 BNP Paribas 9 3.63 971 7 12 2.40 1.23
Numis 10 2.63 642 8 24 0.84 1.79 Societe Generale 10 2.49 667 5 11 2.41 0.08 Bloomberg Nordea 11 2.47 603 6 21 1.00 1.47 Numis 11 2.40 642 8 24 0.84 1.56 Berenberg 12 2.02 494 6 14 1.44 0.58 Nordea 12 2.25 603 6 20 1.00 1.25 Barclays 13 1.99 486 6 9 2.82 -0.83 Mizuho Financial 13 2.11 565 4 - - - Samba Capital 14 1.93 471 1 - - - Berenberg 14 1.84 494 6 15 1.43 0.41 Jefferies 15 1.79 438 4 17 1.31 0.48 Samba Capital 15 1.76 471 1 - - - Credit Agricole CIB 16 1.49 363 3 27 0.69 0.80 Barclays 16 1.64 440 5 10 2.73 -1.09 Peel Hunt LLP 17 1.45 353 5 31 0.37 1.08 Jefferies 17 1.64 438 4 21 0.98 0.66 Carnegie 18 1.43 349 9 22 0.94 0.49 Credit Agricole CIB 18 1.35 363 3 27 0.69 0.66 Credit Suisse 19 1.25 304 2 13 1.68 -0.43 Peel Hunt LLP 19 1.32 353 5 31 0.37 0.95 RBC Capital Markets 20 1.20 293 3 40 0.20 1.00 Carnegie 20 1.30 349 9 22 0.93 0.37 TOTAL 100% 24,418 127 100% TOTAL 100% 26,775 137 100%
10 EMEA Equity Linked - Risk EMEA Equity Linked - Syndication Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Mkt Volume (USD Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 25.05 1,632 3 15 1.12 23.93 Nomura 1 22.99 2,114 4 1 20.21 2.78 JP Morgan 2 19.98 1,302 3 7 5.70 14.28 Morgan Stanley 2 17.75 1,632 3 15 0.84 16.91 BNP Paribas 3 13.57 884 6 1 12.98 0.59 JP Morgan 3 14.16 1,302 3 8 4.25 9.91 Goldman Sachs 4 8.00 521 3 - - - BNP Paribas 4 9.61 884 6 3 9.69 -0.08 Bank of America Merrill 5 5.94 387 2 3 12.68 -6.74 Mizuho Financial 5 6.14 565 4 - - - Lynch Goldman Sachs 6 5.67 521 3 - - - Citi 6 5.70 371 2 6 6.82 -1.12 Bank of America Merrill 7 4.21 387 2 5 9.46 -5.25 Credit Agricole CIB 7 5.57 363 3 11 4.56 1.01 Lynch Deutsche Bank 8 3.94 257 2 4 7.28 -3.34 Citi 8 4.04 371 2 7 5.09 -1.05 Berenberg 9 2.54 165 1 17 0.90 1.64 Credit Agricole CIB 9 3.94 363 3 12 3.40 0.54 UBS 9 2.54 165 1 10 5.43 -2.89 Deutsche Bank 10 2.79 257 2 2 11.51 -8.72 HSBC 11 2.30 150 1 12 4.25 -1.95 Berenberg 11 1.80 165 1 17 0.67 1.13 Natixis 11 2.30 150 1 - - - UBS 11 1.80 165 1 11 4.05 -2.25 2016
Societe Generale 13 1.99 130 2 5 7.02 -5.03 HSBC 13 1.63 150 1 13 3.18 -1.55 Daewoo Securities Co Ltd 14 0.38 25 1 - - - Natixis 13 1.63 150 1 - - -
Egoz Issuing and Finances 15 0.03 2 1 - - - Societe Generale 15 1.41 130 2 6 5.24 -3.83 Q1
Ltd Daewoo Securities Co Ltd 16 0.27 25 1 - - - | Israel Discount Bank Ltd 15 0.03 2 1 - - - Egoz Issuing and Finances Ltd 17 0.02 2 1 - - - Cybele Holdings 15 0.03 2 1 - - - Poalim IBI Underwriting Ltd 17 0.02 2 1 25 0.01 0.01 Inbar Issuing & Finance Ltd 15 0.03 2 1 25 0.01 0.02 Alpha Beta Issuances Ltd 17 0.02 2 1 - - - Poalim IBI Underwriting Ltd 15 0.03 2 1 25 0.01 0.02 Cybele Holdings 17 0.02 2 1 - - -
Alpha Beta Issuances Ltd 15 0.03 2 1 - - - Equity
TOTAL 100% 9,195 20 100% TOTAL 100% 6,516 12 100%
EMEA Equity IPO EMEA Equity Offerings Q1 2016 Q1 2015 Q1 2016 Q1 2015 Global Mkt Volume (USD Deal Mkt Volume (USD Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
JP Morgan 1 11.15 492 4 2 10.26 0.89 UBS 1 15.10 2,704 9 1 14.56 0.54 Samba Capital 2 10.68 471 1 - - - Bank of America Merrill 2 9.53 1,706 10 3 10.78 -1.25 Bank of America Merrill 3 9.40 414 4 3 8.48 0.92 Lynch Lynch Morgan Stanley 3 9.15 1,638 9 4 9.65 -0.50 Goldman Sachs 4 7.57 334 3 6 5.66 1.91 Deutsche Bank 4 8.21 1,469 10 5 8.20 0.01 Deutsche Bank 5 6.98 308 3 5 7.48 -0.50 Goldman Sachs 5 6.26 1,122 10 2 13.27 -7.01 Morgan Stanley 6 6.58 290 3 1 11.65 -5.07 JP Morgan 6 4.35 779 9 6 6.87 -2.52 RBC Capital Markets 7 5.60 247 2 25 0.74 4.86 Citi 7 3.59 643 5 7 2.92 0.67 Carnegie 8 5.35 236 4 18 1.59 3.76 Numis 8 3.59 642 8 24 0.91 2.68
Numis 9 4.84 213 2 19 1.58 3.26 Nordea 9 3.37 603 6 21 1.09 2.28 Bloomberg Nordea 10 4.08 180 1 29 0.48 3.60 Societe Generale 10 3.00 537 3 9 2.02 0.98 Barclays 11 3.80 168 2 11 3.02 0.78 Barclays 11 2.71 486 6 10 1.95 0.76 Macquarie 12 3.41 151 2 - - - Samba Capital 12 2.63 471 1 - - - Stifel 13 3.22 142 1 - - - Jefferies 13 2.45 438 4 18 1.28 1.17 Peel Hunt LLP 14 2.87 126 1 30 0.43 2.44 Peel Hunt LLP 14 1.97 353 5 30 0.40 1.57 EFG-Hermes 15 2.85 126 1 24 0.95 1.90 Carnegie 15 1.95 349 9 22 1.02 0.93 Riyad Bank 16 2.28 101 1 - - - Berenberg 16 1.83 328 5 11 1.49 0.34 BNP Paribas 17 1.97 87 1 14 1.91 0.06 Credit Suisse 17 1.70 304 2 17 1.33 0.37 SEB 18 1.80 79 2 22 1.25 0.55 RBC Capital Markets 18 1.64 293 3 39 0.21 1.43 Moelis & Co 19 1.01 44 1 - - - SEB 19 1.15 205 5 31 0.36 0.79 Berenberg 20 0.93 41 1 10 3.73 -2.80 KBC Group 20 1.02 183 3 - - - TOTAL 100% 4,410 21 100% TOTAL 100% 17,902 115 100%
11 EMEA Rights Offerings Western Europe Equity, Equity Linked & Rights Q1 2016 Q1 2015 Q1 2016 Q1 2015
Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Mkt Volume (EUR Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Deutsche Bank 1 15.23 510 3 3 5.13 10.10 JP Morgan 2 13.48 451 3 1 28.98 -15.50 UBS 1 10.43 2,382 9 1 13.65 -3.22 Mediobanca 3 9.38 314 1 - - - Morgan Stanley 2 10.39 2,373 10 4 8.92 1.47 Citi 3 9.38 314 1 - - - JP Morgan 3 9.97 2,277 15 6 8.04 1.93 Goldman Sachs 3 9.38 314 1 1 28.98 -19.60 Deutsche Bank 4 8.85 2,020 15 5 8.11 0.74 UniCredit 3 9.38 314 1 - - - Bank of America Merrill 5 7.73 1,766 11 3 10.83 -3.10 Lynch Intesa Sanpaolo 3 9.38 314 1 - - - HSBC 8 4.35 146 2 - - - Goldman Sachs 6 7.20 1,644 13 2 13.44 -6.24 Citi 7 4.79 1,095 7 8 2.74 2.05 Panmure Gordon 9 3.19 107 1 3 5.13 -1.94 Barclays 9 3.19 107 1 15 1.22 1.97 BNP Paribas 8 4.11 938 8 10 2.07 2.04 Jefferies 11 2.84 95 1 - - - Societe Generale 9 2.89 660 6 11 1.97 0.92 Numis 10 2.51 573 8 24 0.93 1.58 Credit Agricole CIB 12 1.70 57 1 18 0.47 1.23 Natixis 12 1.70 57 1 - - - Nordea 11 2.38 544 7 20 1.08 1.30 Barclays 12 2.34 535 7 9 2.36 -0.02 Credit Suisse 12 1.70 57 1 6 3.90 -2.20 2016
Jefferies 13 2.09 478 5 16 1.40 0.69 Societe Generale 12 1.70 57 1 - - - Berenberg 14 1.93 442 6 14 1.49 0.44 BNP Paribas 12 1.70 57 1 7 2.76 -1.06
Investec 17 1.61 54 1 14 1.53 0.08 Credit Agricole CIB 15 1.70 388 4 25 0.74 0.96 Q1
Credit Suisse 16 1.43 326 3 13 1.88 -0.45 | Zeus Capital 18 0.31 11 1 - - - Peel Hunt LLP 17 1.39 318 5 30 0.39 1.00 Oddo Pinatton 19 0.11 4 1 - - - Carnegie 18 1.36 311 9 22 0.98 0.38 DNB ASA 20 0.10 3 2 24 0.14 -0.04 TOTAL 100% 3,346 13 100% Intesa Sanpaolo 19 1.33 305 2 42 0.13 1.20 Mediobanca 20 1.21 277 1 23 0.98 0.23 Equity
TOTAL 100% 22,833 118 100%
Eastern Europe Equity, Equity Linked & Rights AIM Equity Offerings Q1 2016 Q1 2015 Q1 2016 Q1 2015
Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Mkt Volume (GBP Deal Prev Prev Mkt Mkt Share Global Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Unlu Menkul Degerler AS 1 45.76 135 2 2 16.86 28.90 Stifel 1 19.08 175 4 16 2.13 16.95
Goldman Sachs 2 41.62 123 1 8 2.52 39.10 Dom Inwestycyjny Investors 3 5.70 17 1 - - - Goldman Sachs 2 15.35 141 1 - - - Deniz Yatirim 4 3.86 11 1 - - - Peel Hunt LLP 3 10.20 94 3 15 2.19 8.01 FMI Finasta AB 5 3.06 9 1 - - - Liberum Capital Ltd 4 7.88 73 2 3 8.71 -0.83 ------Zeus Capital 5 7.63 70 4 5 5.90 1.73 ------Cenkos Securities 6 6.18 57 3 1 19.94 -13.76 ------Nplus1 Singer Ltd 7 5.45 50 3 19 1.29 4.16 ------JP Morgan 8 5.44 50 1 13 2.40 3.04 ------FinnCap 9 4.80 44 4 11 2.70 2.10 ------Investec 10 3.34 31 2 2 9.84 -6.50 Bloomberg ------Shore Capital Group Ltd 11 2.59 24 6 12 2.46 0.13 ------Numis 12 2.17 20 1 6 4.12 -1.95 ------Panmure Gordon 13 1.99 18 6 4 5.91 -3.92 ------Banca Popolare di Vicenza 14 1.97 18 1 25 1.14 0.83 ------N+1 15 1.38 13 2 ------RBC Capital Markets 16 1.05 10 1 28 0.74 0.31 ------Davy 17 0.34 3 1 ------Northland Capital Partners Ltd 18 0.31 3 5 27 0.77 -0.46 ------Cantor Fitzgerald 19 0.30 3 5 7 3.47 -3.17 TOTAL 100% 294 6 100% Cornhill Asset Management 20 0.29 3 2 34 0.30 -0.01 LTD TOTAL 100% 919 80 100%
12 Africa Equity, Equity Linked & Rights Sub-Sahara Equity , Equity Linked & Rights Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Mkt Volume (USD Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 59.09 643 2 2 18.69 40.40 Morgan Stanley 1 66.82 643 2 2 20.91 45.91 Bank of America Merrill 2 13.68 149 1 - - - Bank of America Merrill 2 15.48 149 1 - - - Lynch Lynch EFG-Hermes 3 11.58 126 1 6 5.29 6.29 Java Capital 3 9.27 89 3 1 25.30 -16.03 Java Capital 4 8.19 89 3 1 22.62 -14.43 Leaf Capital Pty Ltd 4 7.74 74 2 - - - Leaf Capital Pty Ltd 5 6.85 74 2 - - - Canaccord Genuity 5 0.34 3 1 - - - Canaccord Genuity 6 0.30 3 1 - - - GMP Securities 5 0.34 3 1 - - - GMP Securities 6 0.30 3 1 - - - DBF Capital Partners Ltd 7 0.01 0 1 - - - DBF Capital Partners Ltd 8 0.01 0 1 ------2016
------
------Q1
------| ------Equity
TOTAL 100% 1,087 11 100% TOTAL 100% 961 10 100%
MENA Equity, Equity Linked & Rights Q1 2016 Q1 2015
Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Global Samba Capital 1 67.52 471 1 - - -
EFG-Hermes 2 18.04 126 1 6 6.61 11.43 Riyad Bank 3 14.44 101 1 ------Bloomberg ------TOTAL 100% 697 3 100%
13 Asia ex-Japan Equity, Equity Linked & Rights
Deal Count Rights IPO Asia Pacific Equity Review Add'l 80 800 Q1 2016 credited APAC ex-Japan Equity, Equity Linked & Rights volume decreased 55.12% to USD 20.2 Bln Deal Count
while deal count decreased 39.95% to 260 offerings year-on-year. APAC ex-Japan Equity IPO volume 50 500 Bln Bln
decreased 59.95% year-on-year to USD 7.0 Bln while the deal count decreased 30.52% to 107. APAC ex-Japan USD USD Equity Linked volume increased 40.47% year-on-year to USD 3.1 Bln over 28 deals.
Sinolink Securities Co Ltd ranked as the top APAC ex-Japan Equity, Equity Linked & Rights underwriter for Q1 0 0
2011 2012 2013 2014 2015 2016 2016 with 9.54% market share. The bank underwrote 2 deals over the period. Morgan Stanley and Haitong 2011 2012 2013 2014 2015 2016 Q1 Q1 Q1 Q1 Q1 Q1 Securities Co Ltd ranked second and third with 5.79% and 4.91% market share, respectively. Q1 Q1 Q1 Q1 Q1 Q1 Quarters Australia/New Zealand Equity, EQL & Rights APAC Equity, Equity Linked & Rights: Highlights of Q1 2016 Deal Count Rights IPO
Issuer Industry Volume (USD Mln) Date Add'l Industrial Securities Co Ltd Financials 1,864 01/18/2016 20 400
China Zheshang Bank Co Ltd Financials 1,685 03/21/2016 Deal Count 2016 Bank of Tianjin Co Ltd Financials 949 03/21/2016 Bln Bln 10 200 LaSalle Logiport REIT Financials 940 02/04/2016 10 200 USD USD
Suzuki Motor Corp Consumer Discretionary 881 03/07/2016 Q1
Suzuki Motor Corp Consumer Discretionary 881 03/07/2016 | 0 0 NTPC Ltd Utilities 734 02/24/2016 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Pacific Securities Co Ltd/The/China Financials 654 02/02/2016 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Guangzhou Automobile Group Co Ltd Consumer Discretionary 629 01/05/2016 Quarters CRRC Corp Ltd Industrials 600 01/25/2016 Equity
China Equity, Equity Linked & Rights
Deal Count Rights IPO
APAC Equity, Equity Linked & Rights: Industry Breakdown Add'l
400 400 Global Deal Count Industry Volume (USD Mln) % Of Total % YOY Change
Bln Bln 200 200 10% Technology 38,452 58.7% 924.4% 200 200 USD USD 8% Financials 10,220 15.6% -66.9% Consumer Discretionary 5,615 8.6% -21.8% 0 0 9% Industrials 4,923 7.5% -21.0% 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Health Care 1,860 2.8% 6.0% Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Materials 1,763 2.7% -30.8% 59% Quarters 16% Utilities 1,050 1.6% -71.4% Energy 608 0.9% -92.7% Japan Equity & Equity Linked Communications 454 0.7% -85.0% Bloomberg Consumer Staples 433 0.7% -64.6% Deal Count Rights IPO
Add'l
1,800 100 Deal Count Bln Bln
1,000 50 USD USD
0 0
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1
Quarters
14 Asia ex-Japan Equity, Equity Linked & Rights Asia ex-Japan Equity, EQL & Rights ex-CH A Shares Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Sinolink Securities Co Ltd 1 9.83 1,928 2 40 0.57 9.26 Morgan Stanley 1 7.98 1,055 8 1 8.42 -0.44 Morgan Stanley 2 5.96 1,169 9 3 6.04 -0.08 Haitong Securities Co Ltd 2 7.50 992 10 45 0.32 7.18 Haitong Securities Co Ltd 3 5.06 992 10 28 0.87 4.19 China Merchants Bank 3 6.05 800 3 - - - Bank of China 4 4.89 959 3 21 1.18 3.71 Citi 4 5.80 767 5 10 3.41 2.39 CITIC Securities Co Ltd 5 4.27 838 8 13 2.17 2.10 GF Securities 5 4.66 616 2 69 0.12 4.54 Citi 6 4.20 823 6 10 2.65 1.55 Credit Suisse 6 4.38 580 5 5 4.78 -0.40 GF Securities 7 4.09 801 5 32 0.71 3.38 Goldman Sachs 7 4.33 572 5 3 7.85 -3.52 China Merchants Bank 8 4.08 800 3 - - - JP Morgan 8 3.56 471 6 4 6.37 -2.81 Credit Suisse 9 3.60 705 6 4 5.98 -2.38 China International Capital Corp 9 3.44 454 4 - - - Goldman Sachs 10 3.56 698 6 1 11.02 -7.46 Bank of America Merrill Lynch 10 3.20 423 3 6 4.25 -1.05 Guotai Junan Securities Co Ltd 11 3.06 601 11 55 0.30 2.76 China Construction Bank 11 2.94 388 3 21 0.93 2.01 China International Capital 12 2.96 580 5 25 0.96 2.00 Deutsche Bank 12 2.83 374 5 7 4.24 -1.41 Corp CITIC Securities Co Ltd 13 2.44 323 4 17 1.78 0.66 2016
JP Morgan 13 2.40 471 6 5 4.57 -2.17 Guotai Junan Securities Co Ltd 14 2.44 323 8 61 0.15 2.29 Bank of America Merrill Lynch 14 2.16 423 3 7 3.05 -0.89 ICICI 15 2.32 307 5 58 0.16 2.16
China Construction Bank 15 1.98 388 3 33 0.67 1.31 Bank of China 16 2.31 306 2 30 0.89 1.42 Q1
Deutsche Bank 16 1.91 374 5 8 3.04 -1.13 Agricultural Bank of China Ltd 16 2.31 306 2 22 0.90 1.41 | Guosen Securities Co Ltd 17 1.68 329 3 12 2.21 -0.53 UBS 18 1.91 252 2 2 7.92 -6.01 Industrial Securities Co Ltd 18 1.63 320 3 19 1.31 0.32 State Bank of India 19 1.72 227 3 15 2.10 -0.38 ICICI 19 1.56 307 5 79 0.11 1.45 Edelweiss Financial Services 20 1.69 224 3 40 0.49 1.20 Agricultural Bank of China Ltd 20 1.56 306 2 34 0.64 0.92 Ltd Equity
TOTAL 100% 19,602 230 100% TOTAL 100% 13,218 193 100%
Asia ex-Japan Equity & Equity Linked Asia ex-Japan Equity Linked Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Global Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) CITIC Securities Co Ltd 1 6.11 838 8 12 2.43 3.68 CITIC Securities Co Ltd 1 12.61 394 2 - - -
Citi 2 6.00 823 6 8 3.34 2.66 China International Capital Corp 2 12.11 378 3 - - - GF Securities 3 5.84 801 5 27 0.89 4.95 JP Morgan 3 10.64 332 4 4 4.40 6.24 Credit Suisse 4 5.14 705 6 3 6.92 -1.78 China Investment Corp 4 8.58 268 1 - - - Morgan Stanley 5 4.67 640 7 4 6.28 -1.61 UBS 5 8.08 252 2 - - - Goldman Sachs 6 4.65 637 5 1 12.04 -7.39 Dongbu Securities 6 5.54 173 1 - - - Haitong Securities Co Ltd 7 4.43 607 9 21 1.10 3.33 Guangzhou Securities 7 4.03 126 1 - - - Guotai Junan Securities Co Ltd 8 3.49 478 9 42 0.38 3.11 Goldman Sachs 7 4.03 126 1 - - - China Construction Bank 9 2.83 388 3 105 0.03 2.80 Credit Suisse 7 4.03 126 1 1 50.94 -46.91 Guosen Securities Co Ltd 10 2.40 329 3 13 1.98 0.42 Morgan Stanley 10 3.64 114 1 - - - China International Capital 11 2.39 328 3 19 1.22 1.17 Guosen Securities Co Ltd 10 3.64 114 1 - - - Bloomberg Corp HSBC 12 2.74 86 1 4 4.40 -1.66 ICICI 12 2.23 307 5 69 0.14 2.09 CMB International Securities Ltd 12 2.74 86 1 - - - Bank of China 13 2.23 306 2 25 0.97 1.26 Deutsche Bank 12 2.74 86 1 - - - China Merchants Bank 13 2.23 306 2 - - - Bank of America Merrill Lynch 12 2.74 86 1 - - - Agricultural Bank of China Ltd 13 2.23 306 2 - - - Industrial Securities Co Ltd 16 2.48 77 1 - - - Bank of America Merrill Lynch 16 2.09 287 1 11 2.50 -0.41 China Investment Securities Co 17 2.05 64 1 - - - China Investment Corp 17 1.95 268 1 93 0.07 1.88 Ltd Deutsche Bank 18 1.73 237 3 10 3.03 -1.30 Concord Securities 18 1.92 60 3 11 2.32 -0.40 State Bank of India 19 1.66 227 3 16 1.76 -0.10 Horizon Securities Co Ltd 19 1.92 60 1 18 0.68 1.24 Great Wall Securities 20 1.66 227 2 - - - CTBC Financial Holding Co Ltd 20 0.98 31 1 10 2.64 -1.66 TOTAL 100% 13,715 211 100% TOTAL 100% 3,124 28 100%
15 Asia ex-Japan Equity Linked ex-China Exchanges Asia ex-Japan Equity Offerings Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) JP Morgan 1 20.91 332 4 2 10.31 10.60 GF Securities 1 7.12 3,716 15 18 1.36 5.76 China International Capital 2 15.88 252 2 - - - Guotai Junan Securities Co Ltd 2 6.96 3,629 17 9 2.79 4.17 Corp CITIC Securities Co Ltd 3 6.45 3,362 18 1 7.95 -1.50 UBS 2 15.88 252 2 - - - Huatai Securities Co Ltd 4 5.73 2,988 12 20 1.34 4.39 Dongbu Securities 4 10.89 173 1 - - - China International Capital 5 5.09 2,658 8 38 0.68 4.41 HSBC 5 5.39 86 1 2 10.31 -4.92 Corp CMB International Securities 5 5.39 86 1 - - - Haitong Securities Co Ltd 6 4.84 2,527 15 21 1.25 3.59 Ltd Southwest Securities Co Ltd 7 4.82 2,513 6 25 1.22 3.60 Bank of America Merrill Lynch 5 5.39 86 1 - - - Sinolink Securities Co Ltd 8 4.51 2,351 5 23 1.24 3.27 Deutsche Bank 5 5.39 86 1 - - - Guosen Securities Co Ltd 9 4.39 2,290 11 10 2.64 1.75 Concord Securities 9 3.78 60 3 9 5.44 -1.66 China Securities Co Ltd 10 3.63 1,892 9 8 2.99 0.64 Horizon Securities Co Ltd 10 3.77 60 1 16 1.58 2.19 Morgan Stanley 11 2.78 1,452 10 4 4.79 -2.01 CTBC Financial Holding Co Ltd 11 1.93 31 1 8 6.20 -4.27 Citi 12 2.21 1,155 10 15 1.87 0.34
Sinopac Securities Corp 12 1.31 21 3 - - - 2016 Industrial Securities Co Ltd 13 2.21 1,152 6 17 1.37 0.84 KGI Securities Co Ltd 13 1.23 20 1 1 14.51 -13.28 Deutsche Bank 14 2.08 1,084 6 11 2.46 -0.38 Taishin Financial Holding Co 14 0.87 14 2 17 1.38 -0.51
Guangzhou Securities 15 1.90 990 2 - - - Q1
Ltd Bank of China 16 1.84 959 3 34 0.84 1.00 | Cathay Securities Co Ltd 15 0.56 9 1 6 8.09 -7.53 Minsheng Securities Co Ltd 17 1.69 880 4 26 1.20 0.49 Hua Nan Commercial Bank 16 0.39 6 3 19 0.98 -0.59 China Merchants Bank 18 1.53 800 3 - - - President Securities 17 0.38 6 1 11 2.72 -2.34 Goldman Sachs 19 1.43 747 6 2 7.80 -6.37 Yuanta Securities Co Ltd 18 0.38 6 1 14 1.96 -1.58 Avic Securities Co Ltd 20 1.26 656 4 - - -
Waterland Securities Co Ltd 19 0.29 5 1 - - - Equity
TOTAL 100% 52,166 328 100% ------TOTAL 100% 1,589 23 100%
Asia ex-Japan Equity IPO
Q1 2016 Q1 2015 Global
Mkt Volume (USD Deal Prev Prev Mkt
Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Haitong Securities Co Ltd 1 7.93 551 7 20 1.62 6.31 Guotai Junan Securities Co Ltd 2 6.59 458 7 40 0.48 6.11 China Construction Bank 3 5.59 388 3 23 1.41 4.18 CITIC Securities Co Ltd 4 4.44 308 3 11 2.42 2.02 Bank of China 5 4.40 306 2 9 2.60 1.80 China Merchants Bank 5 4.40 306 2 - - - Agricultural Bank of China Ltd 5 4.40 306 2 23 1.41 2.99 Goldman Sachs 8 3.81 264 3 6 3.31 0.50
GF Securities 9 3.52 244 4 28 1.37 2.15 Bloomberg Great Wall Securities 10 3.27 227 2 - - - Guosen Securities Co Ltd 11 3.10 216 2 5 4.85 -1.75 China International Capital 12 2.91 202 2 13 2.12 0.79 Corp China Merchants Securities 13 2.91 202 3 12 2.32 0.59 Essence Securities Co Ltd 14 2.70 187 1 51 0.27 2.43 Huarong Securities Co Ltd 15 2.70 187 1 - - - Daishin Securities 16 2.15 149 2 - - - CIMB 17 2.05 142 4 22 1.52 0.53 Daewoo Securities Co Ltd 18 1.92 133 2 - - - Northeast Securities Co 19 1.90 132 1 45 0.40 1.50 Crosby Ltd 20 1.71 119 1 - - - TOTAL 100% 6,945 102 100%
16 APAC Equity, Equity Linked & Rights APAC Equity & Equity Linked Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Volume (USD Deal Prev Prev Mkt Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Nomura 1 11.45 3,061 22 3 6.91 4.54 Nomura 1 13.51 3,061 22 3 7.20 6.31 Morgan Stanley 2 7.63 2,040 14 4 6.73 0.90 Morgan Stanley 2 9.00 2,040 14 4 7.01 1.99 Sinolink Securities Co Ltd 3 7.21 1,928 2 45 0.40 6.81 Mizuho Financial 3 5.71 1,295 16 14 1.79 3.92 Mizuho Financial 4 4.84 1,295 16 14 1.72 3.12 Credit Suisse 4 3.93 890 7 5 4.98 -1.05 Haitong Securities Co Ltd 5 3.71 992 10 33 0.62 3.09 Citi 5 3.92 889 7 12 1.97 1.95 Bank of China 6 3.59 959 3 25 0.84 2.75 CITIC Securities Co Ltd 6 3.70 838 8 17 1.43 2.27 Credit Suisse 7 3.33 890 7 5 4.95 -1.62 GF Securities 7 3.54 801 5 35 0.53 3.01 Citi 8 3.33 889 7 12 1.89 1.44 Goldman Sachs 8 3.30 747 7 1 15.60 -12.30 CITIC Securities Co Ltd 9 3.13 838 8 16 1.55 1.58 China International Capital 9 2.56 580 5 28 0.72 1.84 GF Securities 10 3.00 801 5 37 0.50 2.50 Corp China Merchants Bank 11 2.99 800 3 - - - Haitong Securities Co Ltd 10 2.52 571 8 30 0.65 1.87 Goldman Sachs 12 2.79 747 7 1 14.97 -12.18 Sumitomo Mitsui Financial 11 2.38 540 12 10 2.46 -0.08 Guotai Junan Securities Co Ltd 13 2.25 601 11 60 0.21 2.04 JP Morgan 12 2.28 516 8 6 3.61 -1.33 2016
China International Capital 14 2.17 580 5 29 0.69 1.48 Bank of America Merrill Lynch 13 2.27 514 5 9 2.88 -0.61 Corp Guotai Junan Securities Co Ltd 14 2.11 478 9 56 0.22 1.89
Sumitomo Mitsui Financial 15 2.02 540 12 10 2.36 -0.34 UBS 15 1.77 401 6 2 8.02 -6.25 Q1
JP Morgan 16 1.93 516 8 6 3.85 -1.92 China Construction Bank 16 1.71 388 3 37 0.50 1.21 | Bank of America Merrill Lynch 17 1.92 514 5 9 2.76 -0.84 Deutsche Bank 17 1.65 374 5 7 3.41 -1.76 UBS 18 1.50 401 6 2 8.13 -6.63 Guosen Securities Co Ltd 18 1.45 329 3 15 1.64 -0.19 China Construction Bank 19 1.45 388 3 38 0.48 0.97 Daiwa Securities 19 1.37 311 12 18 1.24 0.13 Deutsche Bank 20 1.40 374 5 7 3.30 -1.90 ICICI 20 1.35 307 5 82 0.09 1.26 Equity
TOTAL 100% 26,728 316 100% TOTAL 100% 22,653 298 100%
APAC Equity Offerings APAC Equity Linked Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Global Firm Rank Share(%) Mln) Count Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Morgan Stanley 1 11.55 1,926 13 3 7.63 3.92 Nomura 1 35.35 2,114 4 1 31.85 3.50
Nomura 2 5.68 947 18 4 4.40 1.28 Mizuho Financial 2 9.45 565 4 4 7.05 2.40 Citi 3 5.33 889 7 12 2.19 3.14 CITIC Securities Co Ltd 3 6.59 394 2 - - - GF Securities 4 4.81 801 5 35 0.59 4.22 China International Capital Corp 4 6.33 378 3 - - - Credit Suisse 5 4.58 764 6 7 3.44 1.14 JP Morgan 5 5.56 332 4 5 4.48 1.08 Mizuho Financial 6 4.38 730 12 19 1.20 3.18 China Investment Corp 6 4.48 268 1 - - - Goldman Sachs 7 3.72 621 6 1 17.04 -13.32 UBS 7 4.22 252 2 - - - Haitong Securities Co Ltd 8 3.42 571 8 30 0.72 2.70 Sumitomo Mitsui Financial 8 2.96 177 1 19 0.64 2.32 Guotai Junan Securities Co 9 2.87 478 9 54 0.25 2.62 Dongbu Securities 9 2.89 173 1 - - - Ltd Guangzhou Securities 10 2.11 126 1 - - - CITIC Securities Co Ltd 10 2.66 444 6 15 1.59 1.07 Goldman Sachs 10 2.11 126 1 8 2.88 -0.77 Bloomberg Bank of America Merrill 11 2.57 429 4 8 2.83 -0.26 Credit Suisse 10 2.11 126 1 2 18.56 -16.45 Lynch Morgan Stanley 13 1.90 114 1 13 1.58 0.32 China Construction Bank 12 2.33 388 3 37 0.55 1.78 Guosen Securities Co Ltd 13 1.90 114 1 - - - Sumitomo Mitsui Financial 13 2.17 363 11 10 2.67 -0.50 CMB International Securities Ltd 15 1.43 86 1 - - - Daiwa Securities 14 1.86 311 12 23 0.98 0.88 HSBC 15 1.43 86 1 11 1.60 -0.17 ICICI 15 1.84 307 5 76 0.09 1.75 Deutsche Bank 15 1.43 86 1 3 9.74 -8.31 Bank of China 16 1.83 306 2 24 0.98 0.85 Bank of America Merrill Lynch 15 1.43 86 1 7 3.27 -1.84 China Merchants Bank 16 1.83 306 2 - - - Industrial Securities Co Ltd 19 1.30 77 1 - - - Agricultural Bank of China Ltd 16 1.83 306 2 38 0.53 1.30 China Investment Securities Co 20 1.07 64 1 - - - Deutsche Bank 19 1.73 288 4 9 2.70 -0.97 Ltd State Bank of India 20 1.36 227 3 21 1.15 0.21 TOTAL 100% 5,980 37 100% TOTAL 100% 16,673 261 100%
17 APAC ex-Japan Equity, Equity Linked & Rights APAC ex-Japan Equity & Equity Linked Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Volume (USD Deal Prev Prev Mkt Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Sinolink Securities Co Ltd 1 9.54 1,928 2 41 0.48 9.06 Morgan Stanley 1 7.25 1,169 9 3 6.57 0.68 Morgan Stanley 2 5.79 1,169 9 3 6.26 -0.47 Credit Suisse 2 5.52 890 7 4 5.92 -0.40 Haitong Securities Co Ltd 3 4.91 992 10 29 0.74 4.17 CITIC Securities Co Ltd 3 5.20 838 8 14 1.70 3.50 Bank of China 4 4.75 959 3 21 1.00 3.75 Citi 4 5.10 823 6 10 2.34 2.76 Credit Suisse 5 4.40 890 7 4 5.85 -1.45 GF Securities 5 4.97 801 5 31 0.63 4.34 CITIC Securities Co Ltd 6 4.15 838 8 13 1.83 2.32 Goldman Sachs 6 4.33 698 6 1 18.21 -13.88 Citi 7 4.07 823 6 10 2.23 1.84 China International Capital 7 3.60 580 5 24 0.85 2.75 GF Securities 8 3.97 801 5 33 0.60 3.37 Corp China Merchants Bank 9 3.96 800 3 - - - Haitong Securities Co Ltd 8 3.54 571 8 26 0.77 2.77 Goldman Sachs 10 3.46 698 6 1 17.35 -13.89 Guotai Junan Securities Co Ltd 9 2.96 478 9 52 0.26 2.70 Guotai Junan Securities Co Ltd 11 2.97 601 11 56 0.25 2.72 JP Morgan 10 2.92 471 6 5 4.30 -1.38 China International Capital 12 2.87 580 5 25 0.81 2.06 Bank of America Merrill Lynch 11 2.62 423 3 7 3.09 -0.47 Corp China Construction Bank 12 2.41 388 3 33 0.59 1.82 2016
JP Morgan 13 2.33 471 6 5 4.55 -2.22 Deutsche Bank 13 2.32 374 5 8 2.88 -0.56 Bank of America Merrill Lynch 14 2.10 423 3 7 2.94 -0.84 Guosen Securities Co Ltd 14 2.04 329 3 12 1.95 0.09
China Construction Bank 15 1.92 388 3 34 0.56 1.36 UBS 15 1.94 313 4 2 9.13 -7.19 Q1
Deutsche Bank 16 1.85 374 5 8 2.77 -0.92 ICICI 16 1.90 307 5 78 0.10 1.80 | Guosen Securities Co Ltd 17 1.63 329 3 12 1.86 -0.23 Bank of China 17 1.90 306 2 21 1.05 0.85 Industrial Securities Co Ltd 18 1.59 320 3 19 1.11 0.48 China Merchants Bank 17 1.90 306 2 - - - UBS 19 1.55 313 4 2 9.20 -7.65 Agricultural Bank of China Ltd 17 1.90 306 2 34 0.57 1.33 ICICI 20 1.52 307 5 83 0.10 1.42 China Investment Corp 20 1.66 268 1 103 0.05 1.61 Equity
TOTAL 100% 20,202 260 100% TOTAL 100% 16,127 242 100%
APAC ex-Japan Equity Offerings APAC ex-Japan Equity IPO Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Global Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Morgan Stanley 1 8.12 1,055 8 3 6.93 1.19 Haitong Securities Co Ltd 1 7.91 551 7 20 1.61 6.30
Citi 2 6.33 823 6 10 2.47 3.86 Guotai Junan Securities Co Ltd 2 6.58 458 7 40 0.47 6.11 GF Securities 3 6.16 801 5 31 0.66 5.50 China Construction Bank 3 5.58 388 3 23 1.40 4.18 Credit Suisse 4 5.88 764 6 6 3.87 2.01 CITIC Securities Co Ltd 4 4.43 308 3 11 2.41 2.02 Goldman Sachs 5 4.40 572 5 1 19.21 -14.81 Bank of China 5 4.39 306 2 9 2.58 1.81 Haitong Securities Co Ltd 6 4.39 571 8 26 0.81 3.58 China Merchants Bank 5 4.39 306 2 - - - Guotai Junan Securities Co Ltd 7 3.68 478 9 50 0.28 3.40 Agricultural Bank of China Ltd 5 4.39 306 2 23 1.40 2.99 CITIC Securities Co Ltd 8 3.41 444 6 13 1.79 1.62 Goldman Sachs 8 3.80 264 3 6 3.41 0.39 China Construction Bank 9 2.99 388 3 33 0.62 2.37 GF Securities 9 3.51 244 4 28 1.36 2.15 Bank of America Merrill Lynch 10 2.60 338 2 8 2.84 -0.24 Great Wall Securities 10 3.27 227 2 - - - ICICI 11 2.36 307 5 72 0.11 2.25 Guosen Securities Co Ltd 11 3.10 216 2 5 4.81 -1.71 Bloomberg Bank of China 12 2.35 306 2 20 1.10 1.25 China International Capital 12 2.90 202 2 13 2.10 0.80 China Merchants Bank 12 2.35 306 2 - - - Corp Agricultural Bank of China Ltd 12 2.35 306 2 34 0.60 1.75 China Merchants Securities 13 2.90 202 3 12 2.30 0.60 Deutsche Bank 15 2.21 288 4 7 3.04 -0.83 Essence Securities Co Ltd 14 2.69 187 1 51 0.27 2.42 State Bank of India 16 1.75 227 3 18 1.30 0.45 Huarong Securities Co Ltd 15 2.69 187 1 - - - Great Wall Securities 17 1.75 227 2 - - - Daishin Securities 16 2.14 149 2 - - - Edelweiss Financial Services 18 1.72 224 3 67 0.12 1.60 CIMB 17 2.04 142 4 22 1.51 0.53 Ltd Daewoo Securities Co Ltd 18 1.91 133 2 - - - Guosen Securities Co Ltd 19 1.66 216 2 12 2.06 -0.40 Northeast Securities Co 19 1.90 132 1 45 0.40 1.50 China International Capital Corp 20 1.55 202 2 24 0.90 0.65 Crosby Ltd 20 1.70 119 1 - - - TOTAL 100% 13,003 214 100% TOTAL 100% 6,960 107 100%
18 APAC ex-Japan Equity Linked APAC ex-Japan Equity, EQL & Rights ex-CH A Shrs Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) CITIC Securities Co Ltd 1 12.61 394 2 - - - Morgan Stanley 1 7.64 1,055 8 3 8.21 -0.57 China International Capital Corp 2 12.11 378 3 - - - Haitong Securities Co Ltd 2 7.18 992 10 46 0.25 6.93 JP Morgan 3 10.64 332 4 2 10.49 0.15 China Merchants Bank 3 5.79 800 3 - - - China Investment Corp 4 8.58 268 1 - - - Citi 4 5.55 767 5 10 2.70 2.85 UBS 5 8.08 252 2 - - - Credit Suisse 5 5.53 764 6 5 4.86 0.67 Dongbu Securities 6 5.54 173 1 - - - GF Securities 6 4.46 616 2 74 0.09 4.37 Guangzhou Securities 7 4.03 126 1 - - - Goldman Sachs 7 4.14 572 5 1 16.81 -12.67 Goldman Sachs 7 4.03 126 1 - - - JP Morgan 8 3.41 471 6 4 5.97 -2.56 Credit Suisse 7 4.03 126 1 1 43.42 -39.39 China International Capital Corp 9 3.29 454 4 - - - Morgan Stanley 10 3.64 114 1 - - - Bank of America Merrill Lynch 10 3.06 423 3 6 3.86 -0.80 Guosen Securities Co Ltd 10 3.64 114 1 - - - China Construction Bank 11 2.81 388 3 22 0.74 2.07 HSBC 12 2.74 86 1 6 3.75 -1.01 Deutsche Bank 12 2.70 374 5 7 3.63 -0.93 CMB International Securities Ltd 12 2.74 86 1 - - - CITIC Securities Co Ltd 13 2.34 323 4 17 1.41 0.93 2016
Deutsche Bank 12 2.74 86 1 - - - Guotai Junan Securities Co Ltd 14 2.34 323 8 65 0.12 2.22 Bank of America Merrill Lynch 12 2.74 86 1 3 7.66 -4.92 UBS 15 2.27 313 4 2 9.92 -7.65
Industrial Securities Co Ltd 16 2.48 77 1 - - - ICICI 16 2.22 307 5 62 0.13 2.09 Q1
China Investment Securities Co 17 2.05 64 1 - - - Bank of China 17 2.21 306 2 31 0.70 1.51 | Ltd Agricultural Bank of China Ltd 17 2.21 306 2 23 0.71 1.50 Concord Securities 18 1.92 60 3 12 1.98 -0.06 State Bank of India 19 1.65 227 3 15 1.66 -0.01 Horizon Securities Co Ltd 19 1.92 60 1 19 0.58 1.34 Edelweiss Financial Services 20 1.62 224 3 41 0.39 1.23 CTBC Financial Holding Co Ltd 20 0.98 31 1 11 2.25 -1.27 Ltd Equity
TOTAL 100% 3,124 28 100% TOTAL 100% 13,818 223 100% Global
Bloomberg
19 Australia/New Zealand Equity, EQL & Rights Australia/New Zealand Equity & Rights Offerings Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Credit Suisse 1 30.87 184 1 4 5.17 25.70 Credit Suisse 1 30.87 184 1 4 5.42 25.45 Macquarie 2 22.46 134 3 5 4.48 17.98 Macquarie 2 22.46 134 3 5 4.70 17.76 Bell Potter Securities Limited 3 13.14 78 2 12 0.56 12.58 Bell Potter Securities Limited 3 13.14 78 2 11 0.58 12.56 Morgans 4 11.23 67 1 16 0.24 10.99 Morgans 4 11.23 67 1 15 0.25 10.98 UBS 5 10.21 61 2 2 17.57 -7.36 UBS 5 10.21 61 2 2 18.42 -8.21 Canaccord Genuity 6 2.43 15 2 9 0.91 1.52 Canaccord Genuity 6 2.43 15 2 8 0.96 1.47 Taylor Collison Ltd 7 1.43 9 1 22 0.09 1.34 Taylor Collison Ltd 7 1.43 9 1 21 0.09 1.34 BW Equities Pty Ltd 8 1.37 8 2 39 0.03 1.34 BW Equities Pty Ltd 8 1.37 8 2 36 0.03 1.34 GMP Securities 9 1.30 8 1 28 0.06 1.24 GMP Securities 9 1.30 8 1 27 0.06 1.24 Ord Minnett Ltd 10 1.16 7 1 15 0.30 0.86 Ord Minnett Ltd 10 1.16 7 1 14 0.31 0.85 Gleneagle Securities Aust Pty Ltd 11 0.62 4 1 37 0.04 0.58 Gleneagle Securities Aust Pty Ltd 11 0.62 4 1 34 0.05 0.57 Sanlam Private Wealth Pty Ltd 12 0.60 4 1 - - - Sanlam Private Wealth Pty Ltd 12 0.60 4 1 - - - State One Equities 13 0.57 3 1 - - - State One Equities 13 0.57 3 1 - - - 2016
Gulf Energy International Ltd 14 0.47 3 1 - - - Gulf Energy International Ltd 14 0.47 3 1 - - - Hartleys Ltd 15 0.43 3 3 20 0.13 0.30 Hartleys Ltd 15 0.43 3 3 19 0.14 0.29
Alto Capital 16 0.42 3 1 - - - Alto Capital 16 0.42 3 1 - - - Q1
Sanston Securities Australia Pty 17 0.42 3 1 - - - Sanston Securities Australia Pty 17 0.42 3 1 - - - | Ltd Ltd Merchant Group Pty Ltd 18 0.25 1 1 - - - Merchant Group Pty Ltd 18 0.25 1 1 - - - Beaumont Cornish 19 0.22 1 1 - - - Beaumont Cornish 19 0.22 1 1 - - - HK Securities Pty Ltd 20 0.19 1 1 - - - HK Securities Pty Ltd 20 0.19 1 1 - - - Equity
TOTAL 100% 597 27 100% TOTAL 100% 597 27 100%
China Equity, Equity Linked & Rights China Equity IPO Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share Mkt Volume (CNY Deal Global Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) CITIC Securities Co Ltd 1 8.16 22,461 15 1 13.39 -5.23 Great Wall Securities 1 12.13 1,494 2 - - -
Guotai Junan Securities Co Ltd 2 7.85 21,613 9 6 5.16 2.69 Guosen Securities Co Ltd 2 11.51 1,418 2 3 7.96 3.55 GF Securities 3 7.39 20,355 13 10 2.47 4.92 Essence Securities Co Ltd 3 9.93 1,223 1 29 0.63 9.30 Huatai Securities Co Ltd 4 7.08 19,491 11 19 1.68 5.40 Guotai Junan Securities Co 4 9.93 1,223 2 23 0.97 8.96 China International Capital Corp 5 6.16 16,966 7 22 1.29 4.87 Ltd Southwest Securities Co Ltd 6 5.93 16,312 6 14 2.23 3.70 GF Securities 5 9.84 1,212 3 10 3.16 6.68 Guosen Securities Co Ltd 7 5.73 15,770 12 8 4.13 1.60 China Merchants Securities 6 8.56 1,054 2 - - - Sinolink Securities Co Ltd 8 5.61 15,442 5 11 2.29 3.32 Northeast Securities Co 7 6.99 860 1 24 0.93 6.06 China Securities Co Ltd 9 4.51 12,410 9 7 4.81 -0.30 CITIC Securities Co Ltd 8 6.42 791 2 8 3.29 3.13 Haitong Securities Co Ltd 10 3.67 10,092 5 15 2.06 1.61 Tianfeng Securities Co Ltd 9 4.49 553 2 - - - Industrial Securities Co Ltd 11 2.77 7,635 6 18 1.72 1.05 Dongguan Securities Ltd 10 3.38 417 1 - - - Bloomberg Guangzhou Securities 12 2.64 7,265 3 - - - Sinolink Securities Co Ltd 11 3.37 415 1 13 2.65 0.72 Minsheng Securities Co Ltd 13 2.09 5,749 4 12 2.28 -0.19 Citi 12 2.96 365 1 22 1.03 1.93 Deutsche Bank 14 1.90 5,224 2 36 0.58 1.32 Everbright Securities Co 13 2.91 358 1 1 23.29 -20.38 Avic Securities Co Ltd 15 1.56 4,305 4 - - - Hengtai Securities Co Ltd 14 2.09 257 1 - - - Bank of China 16 1.56 4,298 1 32 0.73 0.83 Zhongtai Securities Co Ltd 15 1.98 244 1 - - - Everbright Securities Co 17 1.55 4,255 3 5 6.16 -4.61 Sunrise Capital Corp/Japan 16 1.94 239 1 - - - China Merchants Securities 18 1.40 3,862 5 45 0.28 1.12 Nanjing Securities Co Ltd 17 1.57 193 1 - - - Morgan Stanley 19 1.22 3,365 3 27 0.97 0.25 ------Shenwan Hongyuan Group Co 20 1.22 3,356 4 39 0.43 0.79 ------Ltd ------TOTAL 100% 275,284 160 100% TOTAL 100% 12,315 25 100%
20 Hong Kong Equity & Rights Offerings Hong Kong Equity Offerings Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Haitong Securities Co Ltd 1 16.71 1,029 11 24 0.85 15.86 GF Securities 1 12.32 616 2 33 0.32 12.00 China Merchants Bank 2 13.00 800 3 - - - Haitong Securities Co Ltd 2 12.14 607 9 24 0.87 11.27 GF Securities 3 10.01 616 2 34 0.31 9.70 China Construction Bank 3 7.77 388 3 10 2.54 5.23 China Construction Bank 4 6.31 388 3 10 2.48 3.83 Goldman Sachs 4 6.75 338 2 1 12.17 -5.42 Goldman Sachs 5 5.49 338 2 1 11.88 -6.39 Bank of China 5 6.12 306 2 21 2.41 3.71 Guotai Junan Securities Co Ltd 6 5.25 323 8 30 0.39 4.86 China Merchants Bank 5 6.12 306 2 - - - Bank of China 7 4.97 306 2 21 2.36 2.61 Agricultural Bank of China Ltd 5 6.12 306 2 11 2.43 3.69 Agricultural Bank of China Ltd 7 4.97 306 2 11 2.37 2.60 Guotai Junan Securities Co Ltd 8 5.80 290 7 28 0.40 5.40 CITIC Securities Co Ltd 9 4.66 287 2 9 3.46 1.20 CITIC Securities Co Ltd 9 5.73 287 2 8 3.54 2.19 Morgan Stanley 10 4.03 248 3 2 11.09 -7.06 Morgan Stanley 10 4.96 248 3 2 11.36 -6.40 China International Capital Corp 11 3.28 202 2 - - - China International Capital Corp 11 4.04 202 2 - - - Huarong Securities Co Ltd 12 3.04 187 1 - - - Huarong Securities Co Ltd 12 3.75 187 1 - - - Kingston Financial Group Ltd 13 2.97 183 13 7 3.93 -0.96 Kingston Financial Group Ltd 13 2.75 138 10 9 3.11 -0.36 2016
Crosby Ltd 14 1.93 119 1 - - - Crosby Ltd 14 2.37 119 1 - - - AMTD Asset Management Ltd 14 1.93 119 1 - - - AMTD Asset Management Ltd 14 2.37 119 1 - - -
Industrial Securities Co Ltd 16 1.05 65 1 11 2.37 -1.32 Industrial Securities Co Ltd 16 1.30 65 1 11 2.43 -1.13 Q1
Macquarie 16 1.05 65 1 - - - Macquarie 16 1.30 65 1 - - - | Black Marble Securities Ltd 18 0.96 59 2 - - - Industrial & Comm Bank of 18 1.17 59 1 11 2.43 -1.26 Industrial & Comm Bank of 19 0.95 59 1 11 2.37 -1.42 China China KCG Securities Asia Ltd 19 0.98 49 1 - - - KCG Securities Asia Ltd 20 0.80 49 1 - - - China Merchants Securities 20 0.82 41 1 7 4.00 -3.18 Equity
TOTAL 100% 6,154 63 100% TOTAL 100% 4,999 51 100%
India Equity & Rights Offering Indonesia Equity & Rights Offering Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (INR Deal Prev Prev Mkt Mkt Share Firm Rank Mkt Share(%) Volume (IDR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Global Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Trimegah Securities 1 55.45 78,790 1 - - - Citi 1 27.59 33,078 3 8 5.45 22.14
Lautandhana Securindo PT 2 22.13 31,450 1 - - - ICICI 2 17.43 20,901 5 15 0.71 16.72 Erdikha Elit Sekuritas PT 3 11.21 15,923 1 - - - State Bank of India 3 12.98 15,555 3 4 9.29 3.69 Binaartha Parama PT 3 11.21 15,923 1 - - - Edelweiss Financial Services Ltd 4 12.74 15,270 3 12 2.18 10.56 ------Deutsche Bank 5 11.83 14,187 2 7 8.76 3.07 ------Kotak Mahindra Bank Ltd 6 4.07 4,879 2 1 17.61 -13.54 ------IIFL Securities Pte Ltd 7 2.39 2,867 3 ------IDFC Capital Ltd 8 2.08 2,495 2 22 0.38 1.70 ------JP Morgan 9 1.25 1,504 1 17 0.58 0.67 ------Jefferies 9 1.25 1,504 1 ------Bloomberg JM Financial Ltd 11 1.25 1,500 1 3 10.80 -9.55 ------Credit Suisse 12 1.18 1,412 1 5 9.02 -7.84 ------HDFC Bank 13 1.14 1,367 1 ------Yes Bank 14 0.90 1,083 1 16 0.67 0.23 ------Goldman Sachs 14 0.90 1,083 1 5 9.02 -8.12 ------Fortune Financial Services India 16 0.35 417 1 ------Ltd ------Sarthi Capital Advisors Pvt Ltd 17 0.23 274 3 28 0.02 0.21 ------Aryaman Financial Services Ltd 18 0.13 160 3 26 0.04 0.09 ------Choice International Ltd 19 0.13 158 1 - - - TOTAL 100% 142,084 3 100% Quintessence Enterprises Pvt Ltd 20 0.06 70 1 - - - TOTAL 100% 119,881 24 100%
21 Japan Equity & Equity Linked (Fiscal Year) Japan Equity Offerings (Fiscal Year) Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Firm Rank Mkt Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Nomura 1 25.59 107,910 17 1 35.32 -9.73 Nomura 1 46.59 347,910 21 1 42.68 3.91 Morgan Stanley 2 23.63 99,661 5 3 13.08 10.55 Mizuho Financial 2 20.03 149,578 16 3 11.27 8.76 Mizuho Financial 3 20.06 84,578 12 4 10.61 9.45 Morgan Stanley 3 13.35 99,661 5 4 9.32 4.03 Sumitomo Mitsui Financial 4 9.91 41,809 11 2 23.71 -13.80 Sumitomo Mitsui Financial 4 8.28 61,809 12 2 15.44 -7.16 Daiwa Securities 5 8.45 35,646 12 5 8.72 -0.27 Daiwa Securities 5 4.77 35,646 12 5 7.81 -3.04 Bank of America Merrill Lynch 6 2.50 10,556 2 7 2.77 -0.27 Bank of America Merrill 6 1.41 10,556 2 9 1.75 -0.34 UBS 7 2.39 10,097 2 6 3.44 -1.05 Lynch Citi 8 1.77 7,464 1 - - - UBS 7 1.35 10,097 2 7 2.18 -0.83 SBI Holdings Inc/Japan 9 1.44 6,069 4 8 0.89 0.55 Citi 8 1.00 7,464 1 - - - Goldman Sachs 10 1.32 5,552 1 - - - SBI Holdings Inc/Japan 9 0.81 6,069 4 10 0.57 0.24 JP Morgan 11 1.27 5,368 2 - - - Goldman Sachs 10 0.74 5,552 1 8 1.87 -1.13 Ichiyoshi Securities Co Ltd 12 0.87 3,653 1 - - - JP Morgan 11 0.72 5,368 2 - - - Tokai Tokyo Securities Co Ltd 13 0.80 3,358 4 10 0.49 0.31 Ichiyoshi Securities Co Ltd 12 0.49 3,653 1 ------2016
Tokai Tokyo Securities Co Ltd 13 0.45 3,358 4 12 0.31 0.14 ------
------Q1
------| ------TOTAL 100% 421,721 47 100% ------Equity
TOTAL 100% 746,721 56 100%
Japan Equity IPO (Fiscal Year) Korea Equity Offerings Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share Global Firm Rank Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Nomura 1 30.08 45,446 6 1 35.48 -5.40 Credit Suisse 1 23.69 644,850 3 - - -
Mizuho Financial 2 29.29 44,252 6 7 3.79 25.50 Citi 2 12.61 343,168 2 2 31.83 -19.22 Morgan Stanley 3 22.42 33,870 1 - - - Bank of America Merrill Lynch 3 12.57 342,141 1 - - - Bank of America Merrill 4 5.45 8,239 1 - - - Morgan Stanley 4 9.13 248,500 2 - - - Lynch Goldman Sachs 5 7.01 190,928 1 6 2.41 4.60 Daiwa Securities 5 4.01 6,056 5 4 9.57 -5.56 Daishin Securities 6 6.61 180,000 2 - - - SBI Holdings Inc/Japan 6 3.20 4,836 3 5 4.37 -1.17 Daewoo Securities Co Ltd 7 5.72 155,686 2 - - - Ichiyoshi Securities Co Ltd 7 2.42 3,653 1 - - - Hanwha Investment & Securities Co 8 5.14 139,815 1 - - - Tokai Tokyo Securities Co Ltd 8 1.64 2,472 3 8 1.55 0.09 Ltd Sumitomo Mitsui Financial 9 1.50 2,273 3 2 27.23 -25.73 JP Morgan 8 5.14 139,815 1 - - -
------NH Investment & Securities Co Ltd 10 5.00 136,012 2 1 35.56 -30.56 Bloomberg ------Korea Investment & Securities Co 11 2.19 59,733 2 3 14.22 -12.03 ------KB Investment & Securities Co Ltd 12 1.21 32,850 2 4 10.12 -8.91 ------Hyundai Securities 13 1.16 31,603 1 ------Samsung Securities Co Ltd 14 0.85 23,014 1 ------Kiwoom Securities Co Ltd 15 0.62 16,800 1 ------HI Investment & Securities Co Ltd 16 0.34 9,200 1 ------EBEST Investment & Securities Co 17 0.23 6,350 1 ------Ltd ------Hanyang Securities 17 0.23 6,350 1 ------Shinhan Investment Bank 19 0.21 5,850 1 - - - TOTAL 100% 151,096 26 100% Yuanta Securities Co Ltd 20 0.21 5,754 1 - - - TOTAL 100% 2,721,919 22 100%
22 Malaysia Equity & Rights Offering Singapore Equity & Rights Offering Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (MYR Deal Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 48.41 73 1 - - - CIMB 1 45.02 410 5 1 39.59 5.43 DBS Group 2 25.39 38 1 1 44.85 -19.46 Maybank 2 36.83 335 2 3 13.77 23.06 CIMB 3 12.89 19 1 - - - M&A Securities Sdn Bhd 3 9.15 83 1 8 1.90 7.25 UOB Kay Hian 4 9.69 15 3 5 3.78 5.91 RHB 4 8.09 74 4 5 4.89 3.20 Religare Capital Markets 5 1.81 3 1 - - - Kenanga Investment Bank 5 0.49 5 3 11 0.55 -0.06 RHB 5 1.81 3 1 - - - Bhd ------Affin Hwang Capital 6 0.32 3 1 6 3.80 -3.48 ------TA Securities Holdings Bhd 7 0.10 1 1 12 0.47 -0.37 ------2016
------
------Q1
------| ------TOTAL 100% 151 7 100% ------Equity
TOTAL 100% 910 16 100%
Taiwan Equity & Equity Linked Thailand Equity & Rights Offering Q1 2016 Q1 2015 Q1 2016 Q1 2015
Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share Mkt Volume (THB Deal Global Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) CTBC Financial Holding Co 1 32.65 4,848 6 7 5.41 27.24 Tisco Securities Co Ltd 1 29.19 1,080 1 - - -
Ltd Deutsche Bank 2 28.95 1,071 1 - - - Concord Securities 2 13.47 2,000 3 9 4.31 9.16 CITIC Securities Co Ltd 2 28.95 1,071 1 - - - Horizon Securities Co Ltd 2 13.47 2,000 1 16 1.23 12.24 Finansia Syrus Securities 4 7.46 276 1 - - - Yuanta Securities Co Ltd 4 9.49 1,409 4 3 8.95 0.54 PCL Sinopac Securities Corp 5 8.06 1,197 6 11 3.75 4.31 Nomura 5 5.45 202 1 - - - Taishin Financial Holding Co 6 7.08 1,051 7 15 1.60 5.48 ------Ltd ------KGI Securities Co Ltd 7 6.72 997 5 1 20.47 -13.75 ------Capital Securities Corp 8 2.58 383 1 4 8.38 -5.80 ------
Cathay Securities Co Ltd 9 2.02 300 1 5 6.38 -4.36 ------Bloomberg Hua Nan Commercial Bank 10 1.49 221 4 17 0.98 0.51 ------President Securities 11 1.35 200 1 13 2.22 -0.87 ------Waterland Securities Co Ltd 12 1.01 150 1 ------Mega Securities Co Ltd 13 0.54 80 1 8 5.30 -4.76 ------Bank Taiwan Securities 14 0.08 12 1 14 1.85 -1.77 ------TOTAL 100% 3,700 4 100% TOTAL 100% 14,847 42 100%
23 Bloomberg Equity & Equity Linked - League Tables Criteria
General Guidelines
Credit is based on the total amount of the offering sold to the public, including exercised over-allotment. Full credit is awarded to sole book-running manager or split equally among joint book-running managers.
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 hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.
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 calls, provisional calls, and provisional puts are exempt 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, pre-placed offerings, certain lower hierarch titles, i.e. Jr Bookrunner.
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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.