League Tables Q1 2018

GLOBAL CAPITAL MARKETS LEAGUE TABLES Q1 2018

Q1 2018

MANAGER RANKINGS GLOBAL 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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DATA SUBMISSIONS AND QUERIES

Contact Phone Email Americas Paul Bandong +1 609 279 5187 [email protected]

EMEA Katy Johnson +44 20 352 50920 [email protected]

Asia-Pacific Xin Yu Chen +65 6212 1123 [email protected]

Corporate & Financial Bonds: Industry Breakdown Global Fixed Income Review 18%

6% Corporate & Financial Bonds 56%

7% Q1 2018 Q1 2017 8% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Bank of America Merrill Lynch 1 5.420 62,721 356 5 5.024 0.396 JP Morgan 2 5.328 61,656 395 1 5.837 -0.509 Financials 56% Citi 3 4.694 54,327 400 2 5.559 -0.865 Industrials 8% Goldman Sachs 4 4.643 53,731 262 3 5.135 -0.492 Consumer Discretionary 7% Barclays 5 4.398 50,899 307 6 4.378 0.020 Health Care 6% Deutsche Bank 6 3.807 44,051 274 8 4.179 -0.372 Energy 5% Morgan Stanley 7 3.779 43,733 318 4 5.031 -1.252 Others 18% HSBC 8 3.736 43,236 330 7 4.239 -0.503 BNP Paribas 9 3.191 36,928 247 9 3.332 -0.141 Credit Suisse 10 2.749 31,818 254 10 3.030 -0.281 Corporate & Financial Bonds: Manager Rankings History Wells Fargo 11 2.622 30,343 173 11 2.584 0.038 UBS 12 2.241 25,936 154 12 2.209 0.032 2018 2017 2016 10 Societe Generale 13 1.920 22,218 147 16 1.645 0.275 Credit Agricole CIB 14 1.802 20,852 143 14 2.076 -0.274 8 ) % (

RBC Capital Markets 15 1.723 19,941 169 13 2.169 -0.446 e

r 6 a h S

Mizuho Financial 16 1.675 19,381 246 15 2.048 -0.373 t e

k 4 r UniCredit 17 1.376 15,929 116 19 0.941 0.435 a M

Mitsubishi UFJ Financial Group 18 1.313 15,190 149 17 1.298 0.015 2 Inc 0 h n ti s s k c a i h y n Natixis 19 1.304 15,094 92 29 0.662 0.642 n g C c a a y r a l L o rc B l M S a e il n h rr P a B c Banco Santander 20 1.167 13,508 100 25 0.841 0.326 e J m ts M ld u a o e c G D ri e TOTAL 100% 1,157,263 3,982 100% m A f o k n a B

Bloomberg League Table Reports Page 1 Bloomberg Global Capital Markets | Q1 2018

Corporate Bonds Financial Bonds Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 7.151 36,561 249 1 7.283 -0.132 Bank of America Merrill Lynch 1 4.857 31,094 131 6 4.227 0.630 Bank of America Merrill Lynch 2 6.186 31,627 225 3 5.976 0.210 Citi 2 4.391 28,111 179 5 4.333 0.058 Barclays 3 5.338 27,292 176 5 5.432 -0.094 HSBC 3 4.300 27,531 187 3 5.136 -0.836 Goldman Sachs 4 5.262 26,903 145 6 4.807 0.455 Goldman Sachs 4 4.191 26,828 117 2 5.447 -1.256 Citi 5 4.985 25,487 220 2 7.009 -2.024 Morgan Stanley 5 4.028 25,788 159 1 5.778 -1.750 Wells Fargo 6 3.864 19,755 119 12 2.964 0.900 Deutsche Bank 6 3.974 25,440 135 10 2.770 1.204 Deutsche Bank 7 3.626 18,537 138 4 5.800 -2.174 JP Morgan 7 3.920 25,095 146 4 4.617 -0.697 Morgan Stanley 8 3.510 17,945 159 8 4.201 -0.691 Barclays 8 3.687 23,607 131 7 3.489 0.198 BNP Paribas 9 3.409 17,431 139 7 4.270 -0.861 UBS 9 3.410 21,829 107 8 3.108 0.302 HSBC 10 3.003 15,355 141 11 3.110 -0.107 BNP Paribas 10 2.973 19,031 105 12 2.520 0.453 Mizuho Financial 11 2.860 14,624 157 10 3.276 -0.416 Credit Suisse 11 2.881 18,443 124 9 2.800 0.081 Credit Suisse 12 2.616 13,375 130 9 3.313 -0.697 Credit Agricole CIB 12 2.057 13,167 80 11 2.572 -0.515 RBC Capital Markets 13 2.428 12,415 111 13 2.404 0.024 Natixis 13 1.881 12,044 57 30 0.707 1.174 Mitsubishi UFJ Financial Group Inc 14 2.348 12,003 119 14 2.347 0.001 Societe Generale 14 1.757 11,250 62 16 1.374 0.383 Societe Generale 15 2.127 10,876 84 15 1.944 0.183 Wells Fargo 15 1.654 10,587 54 13 2.268 -0.614 Sumitomo Mitsui Financial 16 1.762 9,007 100 17 1.247 0.515 NatWest Markets 16 1.317 8,433 44 32 0.695 0.622 Credit Agricole CIB 17 1.503 7,685 63 16 1.516 -0.013 UniCredit 17 1.291 8,265 60 28 0.754 0.537 UniCredit 18 1.397 7,142 52 19 1.140 0.257 Landesbank Hessen-Thuringen Girozentrale 18 1.246 7,980 64 15 1.476 -0.230 Banco Santander 19 1.240 6,341 61 21 1.088 0.152 CITIC Securities Co Ltd 19 1.189 7,610 40 42 0.594 0.595 Toronto Dominion Bank 20 1.152 5,889 65 20 1.125 0.027 RBC Capital Markets 20 1.176 7,526 58 14 1.977 -0.801 TOTAL 100% 511,292 1,522 100% TOTAL 100% 640,213 2,434 100%

Syndicated Government Bonds International Bonds Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi 1 8.418 42,812 163 1 7.923 0.495 JP Morgan 1 7.214 88,403 497 1 7.770 -0.556 Barclays 2 7.319 37,223 111 3 7.462 -0.143 Citi 2 6.843 83,857 469 2 6.603 0.240 JP Morgan 3 7.172 36,476 174 2 7.876 -0.704 Barclays 3 6.354 77,870 355 3 6.449 -0.095 HSBC 4 6.865 34,915 154 4 5.847 1.018 HSBC 4 5.868 71,915 407 4 6.045 -0.177 Bank of America Merrill Lynch 5 4.806 24,444 107 6 4.901 -0.095 Bank of America Merrill Lynch 5 5.686 69,685 365 6 5.518 0.168 Deutsche Bank 6 4.581 23,301 112 5 5.377 -0.796 Goldman Sachs 6 5.457 66,878 263 5 5.743 -0.286 Toronto Dominion Bank 7 4.100 20,851 147 8 4.168 -0.068 Deutsche Bank 7 4.596 56,320 309 7 5.424 -0.828 Goldman Sachs 8 3.722 18,931 41 7 4.363 -0.641 BNP Paribas 8 4.179 51,208 294 8 4.455 -0.276 Nomura 9 3.207 16,311 140 12 2.564 0.643 Morgan Stanley 9 3.400 41,671 245 9 4.011 -0.611 BNP Paribas 10 3.057 15,546 60 9 3.593 -0.536 Societe Generale 10 2.781 34,082 181 12 2.316 0.465 NatWest Markets 11 2.758 14,026 27 19 1.214 1.544 Credit Agricole CIB 11 2.659 32,586 198 10 2.973 -0.314 RBC Capital Markets 12 2.633 13,393 70 14 1.913 0.720 Credit Suisse 12 2.384 29,213 218 11 2.714 -0.330 Societe Generale 13 2.468 12,555 37 13 1.991 0.477 UniCredit 13 2.153 26,386 139 17 1.534 0.619 Credit Agricole CIB 14 2.396 12,186 54 11 2.878 -0.482 NatWest Markets 14 2.055 25,186 91 20 1.295 0.760 UniCredit 15 2.190 11,137 32 16 1.755 0.435 RBC Capital Markets 15 2.038 24,971 146 13 1.965 0.073 Morgan Stanley 16 2.031 10,329 161 10 2.991 -0.960 Wells Fargo 16 1.970 24,145 137 15 1.806 0.164 BMO Capital Markets 17 1.850 9,409 28 15 1.863 -0.013 UBS 17 1.853 22,712 112 14 1.841 0.012 Commerzbank 18 1.594 8,109 19 17 1.462 0.132 Toronto Dominion Bank 18 1.687 20,674 140 16 1.692 -0.005 Wells Fargo 19 1.560 7,936 108 29 0.941 0.619 Natixis 19 1.550 18,996 113 26 1.040 0.510 Banco Bilbao Vizcaya Argentaria 20 1.258 6,400 12 21 1.174 0.084 Banco Santander 20 1.455 17,827 86 22 1.174 0.281 TOTAL 100% 508,601 1,793 100% TOTAL 100% 1,225,515 2,852 100%

Bloomberg League Table Reports Page 2 Bloomberg Global Capital Markets | Q1 2018

Corporate High Yield Bonds Global Bonds Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 6.837 8,560 81 1 8.917 -2.080 Bank of America Merrill Lynch 1 10.347 35,195 153 5 7.491 2.856 Credit Suisse 2 6.665 8,343 84 6 6.334 0.331 Citi 2 9.763 33,210 154 4 7.876 1.887 Bank of America Merrill Lynch 3 5.685 7,117 78 2 8.045 -2.360 JP Morgan 3 9.668 32,885 139 1 11.182 -1.514 Morgan Stanley 4 5.679 7,109 63 8 5.332 0.347 Goldman Sachs 4 9.329 31,733 96 2 9.769 -0.440 Deutsche Bank 5 5.573 6,976 68 7 5.511 0.062 Barclays 5 8.142 27,696 106 3 8.723 -0.581 Barclays 6 5.213 6,525 61 5 6.596 -1.383 Morgan Stanley 6 6.797 23,119 89 6 7.265 -0.468 Citi 7 4.838 6,057 64 3 6.796 -1.958 HSBC 7 5.826 19,818 57 7 5.810 0.016 Goldman Sachs 8 4.827 6,043 63 4 6.654 -1.827 Wells Fargo 8 4.901 16,672 72 9 4.265 0.636 Wells Fargo 9 3.956 4,952 42 9 3.372 0.584 Deutsche Bank 9 4.806 16,349 74 8 5.305 -0.499 BNP Paribas 10 3.408 4,267 49 13 1.555 1.853 Toronto Dominion Bank 10 3.596 12,233 51 10 3.602 -0.006 HSBC 11 3.123 3,910 50 10 3.124 -0.001 RBC Capital Markets 11 2.807 9,548 45 11 3.287 -0.480 RBC Capital Markets 12 2.757 3,451 38 11 2.849 -0.092 BNP Paribas 12 2.393 8,138 44 12 2.724 -0.331 UBS 13 2.016 2,523 29 14 1.518 0.498 Credit Suisse 13 2.222 7,557 58 14 2.110 0.112 Societe Generale 14 1.626 2,036 24 21 0.990 0.636 Mizuho Financial 14 2.154 7,327 64 16 1.737 0.417 Mizuho Financial 15 1.573 1,969 24 22 0.943 0.630 BMO Capital Markets 15 1.750 5,952 15 15 1.750 0.000 ING Groep 16 1.457 1,824 25 24 0.694 0.763 Nomura 16 1.576 5,362 12 17 1.373 0.203 Credit Agricole CIB 17 1.398 1,750 23 15 1.518 -0.120 Mitsubishi UFJ Financial Group Inc 17 1.453 4,943 52 13 2.187 -0.734 Mitsubishi UFJ Financial Group Inc 18 1.275 1,596 23 35 0.502 0.773 Sumitomo Mitsui Financial 18 1.352 4,598 37 29 0.432 0.920 UniCredit 19 1.093 1,368 17 26 0.606 0.487 Societe Generale 19 1.072 3,648 18 25 0.570 0.502 Natixis 20 1.004 1,257 19 29 0.565 0.439 US Bancorp 20 1.013 3,445 41 18 1.119 -0.106 TOTAL 100% 125,188 320 100% TOTAL 100% 340,152 371 100%

Bloomberg League Table Reports Page 3 Bloomberg Global Capital Markets | Q1 2018

Municipal Industry Distribution US Municipals Review

22%

US Municipal Long Term 60% 18% Q1 2018 Q1 2017 Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Bank of America Merrill Lynch 1 20.975 12,802 74 2 12.294 8.681 Morgan Stanley 2 10.833 6,612 44 5 7.161 3.672 General Obligation 22% Citi 3 8.571 5,231 62 1 15.911 -7.340 SCD 18% RBC Capital Markets 4 8.373 5,111 81 4 8.353 0.020 Others 60% Goldman Sachs 5 7.482 4,567 15 6 6.221 1.261 JP Morgan 6 5.608 3,423 39 3 8.706 -3.098 Jefferies 7 4.977 3,038 9 9 4.044 0.933 Market Share Change Wells Fargo 8 4.056 2,476 30 8 4.910 -0.854 2018 2017 2016 Stifel 9 3.357 2,049 110 7 4.989 -1.632 25 Raymond James & Associates 10 2.965 1,810 104 11 3.558 -0.593 20 Robert W Baird & Co 11 2.916 1,780 141 13 2.498 0.418 ) % (

Piper Jaffray & Co 12 2.727 1,665 55 10 4.040 -1.313 r 15 a h S

Barclays 13 1.569 958 9 12 2.984 -1.415 t e

k 10 r a

Loop Capital Markets LLC 14 1.309 799 6 18 0.674 0.635 M UBS 15 1.005 614 18 47 0.130 0.875 5

Janney Montgomery Scott LLC 16 0.987 602 31 20 0.630 0.357 0 i h y it ts s n c le e h a n n C k c rg DA Davidson 17 0.835 509 46 16 0.783 0.052 y a r a o L t a S ll S M n M ri n l a P r a a J e g it m Siebert Cisneros Shank & Co 18 0.831 507 5 15 0.911 -0.080 M r p ld a o a o c M C G ri e C LLC m B A R f o k n Samuel A Ramirez & Co Inc 19 0.747 456 7 19 0.635 0.112 a B KeyBanc Capital Markets 20 0.677 413 7 26 0.366 0.311 TOTAL 100% 61,037 1,447 100%

This table consists of all long-term issuance (fixed rate & adjustable rate) for the US Municipal Market in US Dollars. Remarketed deals and private placements are not included.

Bloomberg League Table Reports Page 4 Bloomberg Global Capital Markets | Q1 2018

US Municipal Long Term Negotiated US Municipal Long Term Competitive Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Bank of America Merrill Lynch 1 19.777 8,539 40 3 9.423 10.354 Bank of America Merrill Lynch 1 23.869 4,263 34 1 21.107 2.762 RBC Capital Markets 2 11.091 4,789 67 2 11.000 0.091 Citi 2 14.752 2,635 33 2 17.076 -2.324 Morgan Stanley 3 10.928 4,718 26 7 5.887 5.041 Morgan Stanley 3 10.603 1,894 18 4 11.075 -0.472 Goldman Sachs 4 9.568 4,131 13 4 8.247 1.321 Robert W Baird & Co 4 6.924 1,237 103 6 7.341 -0.417 Jefferies 5 6.184 2,670 6 8 4.746 1.438 JP Morgan 5 6.534 1,167 16 3 11.327 -4.793 Citi 6 6.013 2,596 29 1 15.532 -9.519 Wells Fargo 6 5.421 968 13 5 9.527 -4.106 JP Morgan 7 5.224 2,256 23 5 7.852 -2.628 UBS 7 3.435 614 18 19 0.527 2.908 Stifel 8 4.584 1,979 99 6 6.505 -1.921 Janney Montgomery Scott LLC 8 3.124 558 27 10 1.776 1.348 Wells Fargo 9 3.491 1,507 17 12 3.407 0.084 Raymond James & Associates 9 2.859 511 43 7 2.692 0.167 Raymond James & Associates 10 3.009 1,299 61 11 3.840 -0.831 Goldman Sachs 10 2.437 435 2 - - 2.437 Piper Jaffray & Co 11 2.939 1,269 31 9 4.572 -1.633 Piper Jaffray & Co 11 2.217 396 24 8 2.407 -0.190 Barclays 12 2.219 958 9 10 3.956 -1.737 Jefferies 12 2.060 368 4 9 1.887 0.173 Loop Capital Markets LLC 13 1.850 799 6 18 0.893 0.957 RBC Capital Markets 13 1.802 322 14 26 0.227 1.575 Robert W Baird & Co 14 1.258 543 38 17 0.921 0.337 FTN Financial 14 1.348 241 27 13 1.350 -0.002 Siebert Cisneros Shank & Co LLC 15 1.174 507 5 14 1.208 -0.034 Roosevelt & Cross Inc 15 1.130 202 31 12 1.415 -0.285 DA Davidson 16 1.136 491 42 15 0.977 0.159 BOK Financial Corp 16 1.125 201 37 22 0.374 0.751 Samuel A Ramirez & Co Inc 17 1.056 456 7 19 0.842 0.214 Toronto Dominion Bank 17 1.120 200 1 - - 1.120 KeyBanc Capital Markets 18 0.958 413 7 20 0.452 0.506 Fifth Third Bancorp 18 1.029 184 17 27 0.224 0.805 George K Baum & Co 19 0.591 255 24 13 1.343 -0.752 JJB Hilliard WL Lyons LLC 19 0.969 173 22 24 0.293 0.676 Fifth Third Bancorp 20 0.485 209 12 26 0.362 0.123 Hutchinson Shockey Erley & Co 20 0.910 163 16 16 1.119 -0.209 TOTAL 100% 43,176 783 100% TOTAL 100% 17,861 666 100%

US Municipal Long Term Fixed Rate US Municipal Long & Short Term Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Bank of America Merrill Lynch 1 21.623 12,283 72 2 12.163 9.460 Bank of America Merrill Lynch 1 20.143 13,220 76 2 12.455 7.688 Morgan Stanley 2 10.204 5,796 44 5 7.195 3.009 Morgan Stanley 2 10.993 7,215 52 5 7.301 3.692 Citi 3 9.078 5,157 60 1 15.877 -6.799 Citi 3 9.126 5,989 65 1 15.327 -6.201 Goldman Sachs 4 6.732 3,824 13 6 6.428 0.304 RBC Capital Markets 4 7.877 5,170 86 4 8.068 -0.191 RBC Capital Markets 5 6.445 3,661 74 4 7.937 -1.492 Goldman Sachs 5 7.109 4,665 16 6 5.951 1.158 JP Morgan 6 5.541 3,148 36 3 8.490 -2.949 JP Morgan 6 5.848 3,838 53 3 9.080 -3.232 Jefferies 7 5.348 3,038 9 10 3.879 1.469 Jefferies 7 5.786 3,797 77 9 4.597 1.189 Wells Fargo 8 4.306 2,446 29 7 5.074 -0.768 Wells Fargo 8 4.153 2,726 31 7 5.026 -0.873 Stifel 9 3.455 1,962 107 8 5.056 -1.601 Stifel 9 3.183 2,089 116 8 4.821 -1.638 Raymond James & Associates 10 3.165 1,798 103 11 3.671 -0.506 Raymond James & Associates 10 2.850 1,871 107 11 3.428 -0.578 Robert W Baird & Co 11 3.134 1,780 141 13 2.581 0.553 Robert W Baird & Co 11 2.712 1,780 141 13 2.395 0.317 Piper Jaffray & Co 12 2.931 1,665 55 9 4.175 -1.244 Piper Jaffray & Co 12 2.538 1,666 55 10 3.854 -1.316 Barclays 13 1.537 873 7 12 3.084 -1.547 Barclays 13 1.460 958 9 12 2.869 -1.409 Loop Capital Markets LLC 14 1.406 799 6 18 0.696 0.710 Toronto Dominion Bank 14 1.264 830 41 28 0.375 0.889 UBS 15 1.080 614 18 45 0.134 0.946 Loop Capital Markets LLC 15 1.217 799 6 19 0.642 0.575 Janney Montgomery Scott LLC 16 1.060 602 31 20 0.651 0.409 UBS 16 0.935 614 18 48 0.123 0.812 DA Davidson 17 0.897 509 46 16 0.803 0.094 Janney Montgomery Scott LLC 17 0.918 602 31 20 0.600 0.318 Siebert Cisneros Shank & Co LLC 18 0.893 507 5 15 0.942 -0.049 DA Davidson 18 0.777 510 47 16 0.746 0.031 Samuel A Ramirez & Co Inc 19 0.803 456 7 19 0.656 0.147 Siebert Cisneros Shank & Co LLC 19 0.773 507 5 15 0.868 -0.095 KeyBanc Capital Markets 20 0.728 413 7 26 0.366 0.362 Oppenheimer & Co 20 0.772 506 61 21 0.522 0.250 TOTAL 100% 56,803 1,418 100% TOTAL 100% 65,628 1,671 100%

Bloomberg League Table Reports Page 5 Bloomberg Global Capital Markets | Q1 2018

Global Equity, Equity Linked & Rights: Industry Breakdown Global Equity Review 9% 5% 29% 6%

7% Global Equity, Equity Linked & Rights 8% Q1 2018 Q1 2017 13% 10% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 12% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Morgan Stanley 1 10.716 20,800 106 5 6.179 4.537 Financials 29% Goldman Sachs 2 9.774 18,972 95 2 8.598 1.176 Citi 3 7.952 15,435 78 4 6.423 1.529 Technology 13% JP Morgan 4 6.461 12,541 95 1 9.038 -2.577 Health Care 12% Bank of America Merrill 5 6.291 12,210 69 3 6.695 -0.404 Consumer Discretionary 10% Lynch Industrials 8% Deutsche Bank 6 4.361 8,464 55 6 4.691 -0.330 Materials 7% UBS 7 4.039 7,840 47 7 4.567 -0.528 Energy 6% Credit Suisse 8 3.898 7,567 55 8 3.909 -0.011 Communications 5% Barclays 9 3.820 7,414 49 9 3.863 -0.043 Others 9% RBC Capital Markets 10 1.897 3,682 37 10 2.475 -0.578 BNP Paribas 11 1.411 2,738 18 12 1.425 -0.014 12 1.329 China Securities Co Ltd 2,580 8 29 0.557 0.772 Global Equity, Equity Linked & Rights: Manager Rankings CITIC Securities Co Ltd 13 1.309 2,541 11 21 0.911 0.398 History Societe Generale 14 1.109 2,152 13 17 1.275 -0.166

HSBC 15 1.067 2,071 15 18 1.230 -0.163 2018 2017 2016 15 Nomura 16 0.969 1,881 36 16 1.282 -0.313 Sumitomo Mitsui Financial 17 0.960 1,864 25 14 1.376 -0.416

Wells Fargo 18 0.913 1,773 23 11 2.143 -1.230 10 Cowen & Co 19 0.847 1,645 28 52 0.261 0.586 Jefferies 20 0.813 1,578 33 19 1.110 -0.297 5 Market Share (%) TOTAL 100% 194,101 1,157 100%

This table consists of equity, equity-linked & rights offerings issued globally. This excludes bonds with warrants, closed-end fund or investment 0 trust issuers, credit linked notes, qualified investor placements (QIP), reverse convertibles and self-led transactions. The thresholds include 12 Citi month minimum call, put & maturity periods. Please see League Table Standards and Guidelines for further details. JP Morgan Morgan Stanley Goldman Sachs

Bank of America Merrill Lynch

Bloomberg League Table Reports Page 6 Bloomberg Global Capital Markets | Q1 2018

Global Equity & Equity Linked Global Equity Offerings Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 10.829 19,650 104 5 6.432 4.397 Morgan Stanley 1 11.619 17,205 86 5 6.065 5.554 Goldman Sachs 2 10.455 18,972 95 2 8.992 1.463 Goldman Sachs 2 9.765 14,459 77 1 8.591 1.174 Citi 3 8.462 15,355 77 4 6.659 1.803 Citi 3 9.596 14,209 68 3 7.406 2.190 JP Morgan 4 6.803 12,344 94 1 9.539 -2.736 JP Morgan 4 7.083 10,489 76 2 7.756 -0.673 Bank of America Merrill Lynch 5 6.729 12,210 69 3 6.724 0.005 Bank of America Merrill Lynch 5 6.618 9,800 55 4 6.936 -0.318 Deutsche Bank 6 4.556 8,267 54 6 4.424 0.132 Deutsche Bank 6 4.314 6,388 46 7 4.265 0.049 Credit Suisse 7 4.126 7,488 54 9 3.742 0.384 Credit Suisse 7 4.265 6,315 46 9 3.931 0.334 UBS 8 3.718 6,747 44 7 4.396 -0.678 UBS 8 4.130 6,116 39 6 4.280 -0.150 Barclays 9 3.564 6,468 46 8 3.867 -0.303 Barclays 9 3.735 5,531 39 8 4.180 -0.445 RBC Capital Markets 10 2.029 3,682 37 10 2.801 -0.772 RBC Capital Markets 10 1.770 2,621 29 10 3.194 -1.424 BNP Paribas 11 1.473 2,673 17 18 0.973 0.500 CITIC Securities Co Ltd 11 1.072 1,588 9 23 0.708 0.364 CITIC Securities Co Ltd 12 1.400 2,541 11 17 1.031 0.369 Cowen & Co 12 1.020 1,511 27 46 0.361 0.659 Societe Generale 13 1.142 2,073 12 20 0.850 0.292 Sumitomo Mitsui Financial 13 1.006 1,490 23 12 1.884 -0.878 China Securities Co Ltd 14 1.072 1,945 7 24 0.631 0.441 Joh Berenberg Gossler & Co KG 14 1.001 1,482 13 26 0.699 0.302 Nomura 15 1.037 1,881 36 15 1.451 -0.414 Nomura 15 0.992 1,470 32 15 0.970 0.022 Sumitomo Mitsui Financial 16 1.027 1,864 25 13 1.558 -0.531 Societe Generale 16 0.990 1,466 7 27 0.644 0.346 Wells Fargo 17 0.977 1,773 23 11 2.425 -1.448 BNP Paribas 17 0.925 1,370 9 21 0.726 0.199 Cowen & Co 18 0.907 1,645 28 48 0.295 0.612 Jefferies 18 0.899 1,331 30 16 0.968 -0.069 Jefferies 19 0.870 1,578 33 16 1.052 -0.182 Mizuho Financial 19 0.862 1,277 19 14 1.143 -0.281 Mizuho Financial 20 0.856 1,554 21 14 1.456 -0.600 Daishin Securities 20 0.775 1,147 7 303 0.006 0.769 TOTAL 100% 181,463 1,104 100% TOTAL 100% 148,077 992 100%

Global Equity IPO Global Equity Linked Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Bank of America Merrill Lynch 1 8.519 4,225 28 10 2.195 6.324 Goldman Sachs 1 13.516 4,512 18 2 10.792 2.724 Goldman Sachs 2 8.422 4,177 24 2 5.905 2.517 Morgan Stanley 2 7.323 2,445 18 3 8.080 -0.757 Citi 3 6.829 3,387 23 6 4.524 2.305 Bank of America Merrill Lynch 3 7.217 2,409 14 4 5.774 1.443 Morgan Stanley 4 5.586 2,770 25 5 4.875 0.711 Deutsche Bank 4 5.628 1,879 8 5 5.139 0.489 Credit Suisse 5 5.241 2,600 17 4 5.393 -0.152 JP Morgan 5 5.558 1,856 18 1 17.554 -11.996 JP Morgan 6 5.117 2,538 18 1 6.668 -1.551 China Securities Co Ltd 6 4.345 1,451 4 - - 4.345 Deutsche Bank 7 5.063 2,511 16 3 5.754 -0.691 BNP Paribas 7 3.904 1,303 8 18 2.086 1.818 UBS 8 2.592 1,286 9 22 1.120 1.472 Credit Suisse 8 3.512 1,173 8 10 2.895 0.617 CITIC Securities Co Ltd 9 2.353 1,167 7 11 1.971 0.382 Citi 9 3.432 1,146 9 9 3.303 0.129 Barclays 10 2.004 994 11 7 3.235 -1.231 RBC Capital Markets 10 3.178 1,061 8 24 1.036 2.142 RBC Capital Markets 11 1.961 972 9 15 1.657 0.304 CITIC Securities Co Ltd 11 2.856 953 2 13 2.482 0.374 Huatai Securities Co Ltd 12 1.945 965 6 50 0.417 1.528 Barclays 12 2.808 937 7 16 2.460 0.348 BNP Paribas 13 1.940 962 5 38 0.594 1.346 Wells Fargo 13 1.938 647 7 8 3.513 -1.575 Guosen Securities Co Ltd 14 1.350 670 1 25 0.977 0.373 HSBC 14 1.935 646 6 17 2.318 -0.383 Joh Berenberg Gossler & Co KG 15 1.206 598 3 54 0.402 0.804 UBS 15 1.890 631 5 6 4.917 -3.027 China Merchants Securities 16 1.173 582 5 28 0.874 0.299 Societe Generale 16 1.820 608 5 19 1.777 0.043 Axis Bank Ltd 17 1.048 520 4 95 0.155 0.893 Haitong Securities Co Ltd 17 1.791 598 3 - - 1.791 State Bank of India 18 1.042 517 5 95 0.155 0.887 Daiwa Securities 18 1.512 505 3 33 0.298 1.214 China Securities Co Ltd 19 0.997 494 3 12 1.895 -0.898 China Galaxy Financial Holdings Co Ltd 19 1.358 453 1 - - 1.358 Haitong Securities Co Ltd 20 0.978 485 6 9 2.306 -1.328 Bank of China 19 1.358 453 1 - - 1.358 TOTAL 100% 49,595 363 100% TOTAL 100% 33,385 112 100%

Bloomberg League Table Reports Page 7 Bloomberg Global Capital Markets | Q1 2018

Global Loans: Industry Breakdown Global Loans Review 9% 6% 29% 6%

Global Loans 8%

8% Q1 2018 Q1 2017 14% 9% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 11% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Bank of America Merrill Lynch 1 10.003 82,208 279 1 10.505 -0.502 JP Morgan 2 8.838 72,640 253 2 8.299 0.539 Consumer Staples 29% Citi 3 5.146 42,292 147 5 4.688 0.458 Financials 14% Wells Fargo 4 4.859 39,937 162 4 4.874 -0.015 Consumer Discretionary 11% Goldman Sachs 5 4.163 34,216 124 7 4.110 0.053 Industrials 9% Deutsche Bank 6 3.821 31,400 116 3 5.444 -1.623 Communications 8% Barclays 7 3.497 28,742 132 6 4.664 -1.167 Energy 8% Credit Suisse 8 3.170 26,051 123 9 3.575 -0.405 Materials 6% RBC Capital Markets 9 3.160 25,971 99 11 2.980 0.180 Technology 6% HSBC 10 2.979 24,481 103 8 3.861 -0.882 Others 9% BNP Paribas 11 2.731 22,444 94 12 2.080 0.651 Mitsubishi UFJ Financial Group 12 2.577 21,177 80 13 2.064 0.513 Inc Global Loans: Bookrunner Rankings History Morgan Stanley 13 2.436 20,022 98 10 3.048 -0.612

Mizuho Financial 14 2.288 18,804 68 15 1.905 0.383 2018 2017 2016 Credit Agricole CIB 15 2.094 17,209 78 17 1.412 0.682 15 Scotiabank 16 1.822 14,976 48 24 1.180 0.642 )

% 10 BMO Capital Markets 17 1.760 14,465 75 16 1.720 0.040 (

e r a Bank of China 18 1.737 14,275 55 14 1.941 -0.204 h S

t e k r

SunTrust Robinson Humphrey 19 1.567 12,882 82 21 1.279 0.288 a 5 M Societe Generale 20 1.435 11,797 54 19 1.334 0.101 TOTAL 100% 821,874 1,233 100% 0 i h n it o s k c a rg h n n rg C a c a y o F a B L S e ll M ls n h This table consists of loans syndicated globally. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see ri P l a c r J e s e W m t M ld u a o e League Table Standards and Guidelines for further details. c G D ri e m A f o k n a B

Bloomberg League Table Reports Page 8 Bloomberg Global Capital Markets | Q1 2018

Global Loans (Bookrunner) Global Loans (Mandated Lead Arranger) Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Bank of America Merrill Lynch 1 10.003 82,208 279 1 10.505 -0.502 Bank of America Merrill Lynch 1 8.051 73,721 294 1 8.253 -0.202 JP Morgan 2 8.838 72,640 253 2 8.299 0.539 JP Morgan 2 7.467 68,369 263 2 7.525 -0.058 Citi 3 5.146 42,292 147 5 4.688 0.458 Citi 3 5.042 46,163 164 3 4.756 0.286 Wells Fargo 4 4.859 39,937 162 4 4.874 -0.015 Wells Fargo 4 4.265 39,054 167 5 4.561 -0.296 Goldman Sachs 5 4.163 34,216 124 7 4.110 0.053 Goldman Sachs 5 3.848 35,232 134 7 3.787 0.061 Deutsche Bank 6 3.821 31,400 116 3 5.444 -1.623 Deutsche Bank 6 3.531 32,335 132 6 4.350 -0.819 Barclays 7 3.497 28,742 132 6 4.664 -1.167 Credit Suisse 7 3.435 31,453 132 8 3.306 0.129 Credit Suisse 8 3.170 26,051 123 9 3.575 -0.405 Barclays 8 3.365 30,809 145 4 4.609 -1.244 RBC Capital Markets 9 3.160 25,971 99 11 2.980 0.180 HSBC 9 3.081 28,211 142 10 3.081 0.000 HSBC 10 2.979 24,481 103 8 3.861 -0.882 BNP Paribas 10 3.050 27,925 132 12 2.388 0.662 BNP Paribas 11 2.731 22,444 94 12 2.080 0.651 RBC Capital Markets 11 2.967 27,163 112 9 3.122 -0.155 Mitsubishi UFJ Financial Group Inc 12 2.577 21,177 80 13 2.064 0.513 Mitsubishi UFJ Financial Group Inc 12 2.698 24,704 116 15 2.217 0.481 Morgan Stanley 13 2.436 20,022 98 10 3.048 -0.612 Morgan Stanley 13 2.260 20,689 105 11 2.862 -0.602 Mizuho Financial 14 2.288 18,804 68 15 1.905 0.383 Bank of China 14 2.098 19,207 88 14 2.240 -0.142 Credit Agricole CIB 15 2.094 17,209 78 17 1.412 0.682 Mizuho Financial 15 2.091 19,147 85 13 2.267 -0.176 Scotiabank 16 1.822 14,976 48 24 1.180 0.642 Credit Agricole CIB 16 1.798 16,462 95 18 1.326 0.472 BMO Capital Markets 17 1.760 14,465 75 16 1.720 0.040 Sumitomo Mitsui Financial 17 1.748 16,001 78 17 1.625 0.123 Bank of China 18 1.737 14,275 55 14 1.941 -0.204 BMO Capital Markets 18 1.674 15,324 87 16 1.662 0.012 SunTrust Robinson Humphrey 19 1.567 12,882 82 21 1.279 0.288 Scotiabank 19 1.610 14,741 52 21 1.265 0.345 Societe Generale 20 1.435 11,797 54 19 1.334 0.101 Societe Generale 20 1.567 14,347 77 23 1.239 0.328 TOTAL 100% 821,874 1,233 100% TOTAL 100% 915,627 1,354 100%

Global Sponsor-Led Loans (Bookrunner) Global Sponsor-Led Loans (Mandated Lead Arranger) Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs 1 9.431 16,333 74 2 7.239 2.192 Goldman Sachs 1 9.824 17,280 77 1 7.013 2.811 Bank of America Merrill Lynch 2 8.416 14,576 61 1 7.622 0.794 Bank of America Merrill Lynch 2 7.894 13,886 62 3 6.566 1.328 Credit Suisse 3 7.615 13,189 78 4 6.787 0.828 Credit Suisse 3 7.666 13,483 81 5 5.844 1.822 Deutsche Bank 4 5.525 9,569 51 3 6.899 -1.374 Deutsche Bank 4 5.549 9,760 55 2 6.719 -1.170 JP Morgan 5 5.315 9,205 43 6 5.734 -0.419 Jefferies 5 5.193 9,134 55 10 4.792 0.401 Jefferies 6 5.274 9,134 55 10 4.443 0.831 Morgan Stanley 6 5.186 9,123 61 8 5.423 -0.237 Barclays 7 5.134 8,892 56 5 6.077 -0.943 Barclays 7 4.999 8,792 57 4 6.161 -1.162 Morgan Stanley 8 5.068 8,777 57 8 5.527 -0.459 JP Morgan 8 4.983 8,764 42 6 5.697 -0.714 RBC Capital Markets 9 3.978 6,889 45 9 4.784 -0.806 RBC Capital Markets 9 3.786 6,660 44 9 5.329 -1.543 Kohlberg Kravis Roberts & Co 10 3.123 5,409 26 7 5.645 -2.522 Kohlberg Kravis Roberts & Co 10 3.040 5,348 27 7 5.610 -2.570 UBS 11 2.797 4,844 31 14 2.559 0.238 Citi 11 2.806 4,935 34 12 3.556 -0.750 Citi 12 2.735 4,737 34 11 3.630 -0.895 UBS 12 2.728 4,798 30 14 2.460 0.268 Nomura 13 2.669 4,622 27 13 2.987 -0.318 Nomura 13 2.628 4,622 27 13 2.852 -0.224 Wells Fargo 14 2.273 3,937 20 12 3.496 -1.223 Wells Fargo 14 2.238 3,937 20 11 3.560 -1.322 Antares Capital LP 15 2.167 3,753 44 21 1.221 0.946 BMO Capital Markets 15 2.106 3,704 39 16 2.006 0.100 Macquarie 16 2.069 3,584 27 16 2.038 0.031 Antares Capital LP 16 2.082 3,663 44 19 1.347 0.735 BMO Capital Markets 17 1.878 3,253 32 18 1.650 0.228 Macquarie 17 2.049 3,604 28 17 1.888 0.161 BNP Paribas 18 1.729 2,994 15 19 1.586 0.143 BNP Paribas 18 1.593 2,801 19 18 1.801 -0.208 SunTrust Robinson Humphrey 19 1.542 2,671 26 15 2.122 -0.580 SunTrust Robinson Humphrey 19 1.506 2,650 25 15 2.077 -0.571 HSBC 20 1.329 2,302 15 17 1.887 -0.558 HSBC 20 1.413 2,486 17 20 1.329 0.084 TOTAL 100% 173,195 335 100% TOTAL 100% 175,896 344 100%

Bloomberg League Table Reports Page 9 Bloomberg Global Capital Markets | Q1 2018

Global Bridge Loans (Bookrunner) Global Bridge Loans (Mandated Lead Arranger) Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs 1 11.371 4,247 4 24 0.476 10.895 Mitsubishi UFJ Financial Group Inc 1 6.620 2,622 7 11 3.649 2.971 JP Morgan 2 10.831 4,046 3 4 3.980 6.851 Credit Suisse 2 6.436 2,550 4 18 2.675 3.761 Deutsche Bank 3 10.693 3,994 2 3 10.534 0.159 Citi 3 6.076 2,407 5 4 4.783 1.293 Standard Chartered Bank 4 8.360 3,123 5 30 0.272 8.088 Morgan Stanley 4 5.853 2,319 5 23 1.811 4.042 Citi 5 7.549 2,820 4 6 2.873 4.676 Standard Chartered Bank 5 5.359 2,123 5 20 2.347 3.012 HSBC 6 6.446 2,408 4 1 19.156 -12.710 BNP Paribas 6 4.951 1,961 9 22 1.895 3.056 Mizuho Financial 7 6.225 2,325 3 10 2.467 3.758 HSBC 7 4.162 1,649 6 1 13.667 -9.505 United Overseas Bank 8 5.354 2,000 2 - - 5.354 Sumitomo Mitsui Financial 8 3.944 1,562 4 9 3.682 0.262 Morgan Stanley 9 5.086 1,900 3 22 1.887 3.199 Mizuho Financial 8 3.944 1,562 4 12 3.546 0.398 Bank of America Merrill Lynch 10 4.711 1,760 4 2 18.481 -13.770 Deutsche Bank 10 3.903 1,546 5 8 3.774 0.129 Mitsubishi UFJ Financial Group Inc 11 3.708 1,385 4 21 1.956 1.752 Bank of America Merrill Lynch 11 3.313 1,312 5 2 6.774 -3.461 BNP Paribas 12 3.054 1,141 5 23 0.749 2.305 JP Morgan 12 3.286 1,302 4 3 5.110 -1.824 Nordea 13 1.191 445 1 33 0.139 1.052 Societe Generale 13 3.186 1,262 5 6 3.951 -0.765 SEB 13 1.191 445 1 - - 1.191 Barclays 14 3.022 1,197 4 15 3.145 -0.123 First Abu Dhabi Bank PJSC 15 0.998 373 2 - - 0.998 UniCredit 15 2.938 1,164 3 14 3.250 -0.312 Credit Suisse 16 0.936 350 2 8 2.788 -1.852 Oversea-Chinese Banking Corp 16 2.534 1,004 3 39 0.262 2.272 Banco Santander 17 0.933 348 3 13 2.338 -1.405 United Overseas Bank 17 2.524 1,000 2 41 0.236 2.288 Natixis 18 0.870 325 1 40 0.050 0.820 DBS Group 17 2.524 1,000 2 - - 2.524 Sumitomo Mitsui Financial 18 0.870 325 1 17 1.991 -1.121 Goldman Sachs 19 2.116 838 5 29 0.457 1.659 Credit Agricole CIB 20 0.832 311 4 12 2.389 -1.557 SEB 20 1.722 682 2 37 0.299 1.423 TOTAL 100% 37,352 26 100% TOTAL 100% 39,611 31 100%

Bloomberg League Table Reports Page 10 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.