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Global Equity Capital Markets Review

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Global Equity Capital Markets Review FIRST NINE MONTHS 2019 | MANAGING UNDERWRITERS Global Equity Capital Markets Review First Nine Months | Managing Underwriters Global Deals Intelligence Global Initial Public Offerings GLOBAL EQUITY CAPITAL MARKETS ACTIVITY HITS SEVEN-YEAR LOW $200 1,400 Equity capital markets activity totaled US$466.0 billion during the first nine months of 2019, an 18% $180 decline compared to a year ago and the slowest first nine months for global equity capital markets 1,200 activity since 2012. By number of issues, 3,199 ECM offerings were brought to market during the first $160 nine months of the year, an 18% decrease compared to a year ago. Compared to the second quarter of this year, third quarter 2019 ECM volume decreased 17%, marking the slowest third quarter for global $140 1,000 equity capital markets activity since 2015. $120 GLOBAL IPOs FALL 27% TO THREE-YEAR LOW; THIRD QUARTER IPO PROCEEDS FALL 39% 800 Global initial public offering activity during the first nine months of 2019 totaled US$105.7 billion, a 27% $100 decrease compared to last year and the slowest opening period for global IPOs since 2016. IPOs on US 600 exchanges fell 61% during the third quarter of 2019, pulling first nine months 2019 proceeds to US$42.2 $80 billion, a 2% decrease compared to a year ago. IPO activity in EMEA decreased 43% compared to a year ago, while Asia Pacific IPO activity fell 34%. During the third quarter of 2019, global IPO activity declined $60 400 39%, by proceeds, and 21%, by number of deals, compared to the second quarter of this year. $40 CONVERTIBLE OFFERINGS INCREASE 11% AND ACCOUNT FOR 19% OF GLOBAL ECM 200 Global convertible offerings totaled US$89.2 billion during the first nine months of 2019, accounting for $20 19% of global equity capital markets activity, the highest percentage for the asset class since 2008. $0 0 Convertible offerings from companies in the Technology, Financials and Industrials sectors accounted for 9M 2010 9M 2011 9M 2012 9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018 9M 2019 61% of overall issuance during the first nine months of 2019, up from 53% a year ago. Proceeds (US$bil) # of Issues UNITED STATES ISSUERS ACCOUNT FOR 35% OF GLOBAL ECM Global Equity & Equity-Related Volume Issuers from the United States raised US$163.6 billion in the global equity capital markets during the first nine months of 2019, a decrease of 10% compared with levels seen a year ago. As a percentage of $300 2,000 global ECM, the United States accounted for 35% of overall issuance, an uptick from the 32% recorded 1,800 during the first nine months of 2018, and the highest annual percentage since 2013. $250 1,600 FIVE SECTORS ACCOUNT FOR 68% OF ACTIVITY 1,400 Led by Technology issuance (18%), the overall volume of equity capital markets activity remained highly $200 concentrated among five main sectors including Financials (16%), Real Estate (13%), Healthcare (11%) 1,200 and Energy and Power (10%). $150 1,000 ASIA PACIFIC EQUITY CAPITAL MARKETS FALLS 18% 800 Equity capital markets offerings from issuers in Asia Pacific totaled US$137.3 billion during the first nine $100 months of 2019, an 18% decline compared to the first nine months of 2018. Offerings by China-domicile 600 issuers, which accounted for 19% of first nine month 2019 ECM activity, declined 22% compared to a year ago. ECM offerings from the Financials sector registered a 2% increase compared to a year ago 400 $50 and accounted for 24% of overall Asia Pacific activity during the first nine months of 2019. 200 JAPAN ECM HITS 11-YEAR LOW $0 0 Japanese ECM offerings totaled US$16.8 billion during the first nine months of 2019, a 38% decline 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q compared to a year ago and the slowest first nine months in Japan since 2008. IPO activity in Japan 2014 2015 2016 2017 2018 2019 declined 55% during the first nine months of 2019 and fell below US$3 billion for the first time since 2011. Proceeds (US$bil) # of Issues 1 www.refinitiv.com/dealsintelligence Global Insights First Nine Months 2019 | Equity Capital Markets | Managing Underwriters Global Equity Rankings by Proceeds - Last Ten Years Global Scorecard 1/1/2019 - 09/30/2019 1/1/2018 - 09/30/2018 YoY % 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Domicile Nation/Region Proceeds ($mil) # of Deals Proceeds ($mil) # of Deals Chg. ($) 1 Morgan Stanley Global Equity& Equity-Related (C1) 465,987 3,199 565,875 3,890 -18% ▼ United States (C1a) 164,983 608 183,080 732 -10% ▼ 2 Goldman Asia Pacific ex Australia (C1b) 137,262 984 168,053 1,238 -18% ▼ Sachs & Co Australia (C1c) 13,618 497 21,409 540 -36% ▼ EMEA - Europe, Middle East & Africa (C1d) 93,550 652 129,763 784 -28% ▼ 3 JP Morgan Japan (C1e) 16,765 114 27,224 189 -38% ▼ Latin America (C1f) 23,316 44 13,766 31 69% ▲ Global Common Stock (C2) 376,756 2,921 485,808 3,595 -22% ▼ 4 Bank of America United States (C3) 130,512 527 145,486 635 -10% ▼ Merrill Lynch Asia Pacific ex Australia (C4a) 100,602 869 145,573 1,140 -31% ▼ 5 Citi Australia (C4b) 13,266 491 20,787 532 -36% ▼ EMEA - Europe, Middle East & Africa (C4c) 78,472 618 118,209 749 -34% ▼ Japan (C4d) 16,370 110 23,131 169 -29% ▼ 6 Credit Global IPOs (C5) 105,723 749 145,474 1,065 -27% ▼ Suisse United States (C6) 38,495 95 30,126 128 28% ▲ Asia Pacific ex Australia (C7a) 42,783 434 64,441 571 -34% ▼ 7 UBS Australia (C7b) 454 21 4,212 51 -89% ▼ EMEA - Europe, Middle East & Africa (C7c) 18,484 84 32,333 149 -43% ▼ Japan (C7d) 2,141 59 4,765 67 -55% ▼ 8 Barclays Latin America (C7e) 2,581 5 8,364 14 -69% ▼ Global Convertible Offerings (C9) 89,231 278 80,066 295 11% ▲ 9 CITIC United States (C9a) 34,470 81 37,594 97 -8% ▼ Asia Pacific ex Australia (C9b) 36,659 115 22,480 98 63% ▲ Australia (C9c) 353 6 623 8 -43% ▼ 10 HSBC EMEA - Europe, Middle East & Africa (C9d) 15,079 34 11,554 35 31% ▲ Holdings *League Table positions reflect consolidation within the banking sector. Rankings are as of the current quarter end in each PLC Japan (C9e) 396 4 4,093 20 -90% ▼ calendar year. Global Block Trade Volumes Global Equity Capital Markets - Issue Type Composition $200 700 $180 600 $89.0 $160 277 $140 500 $120 400 749 Follow-On $100 300 IPO $80 $60 Convertible 200 $105.7 $40 2,171 100 $270.4 $20 $0 0 Outer Ring: Proceeds (US$bil) 9M 2010 9M 2011 9M 2012 9M 2013 9M 2014 9M 2015 9M 2016 9M 2017 9M 2018 9M 2019 Inner Ring: # Deals Proceeds (US$bil) # of Issues 2 www.refinitiv.com/dealsintelligence Global Rankings First Nine Months 2019 | Equity Capital Markets | Managing Underwriters Global Equity & Equity-Related (C1) YoY Change ($) -18% QoQ Change ($) -17% Global Common Stock (C2) YoY Change ($) -22% QoQ Change ($) -21% Global IPOs (C5) YoY Change ($) -27% QoQ Change ($) -39% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Morgan Stanley 1 2 47,415 10.2 0.9 264 Morgan Stanley 1 1 40,807 10.8 1.7 227 JP Morgan 1 4 7,089 6.7 1.6 60 Goldman Sachs & Co 2 1 47,108 10.1 0.5 256 Goldman Sachs & Co 2 2 38,763 10.3 1.3 221 Morgan Stanley 2 3 7,054 6.7 0.5 55 JP Morgan 3 3 41,030 8.8 0.7 304 JP Morgan 3 3 32,794 8.7 1.1 255 Goldman Sachs & Co 3 1 6,725 6.4 -0.3 58 Bank of America Merrill Lynch 4 5 31,425 6.7 1.0 200 Bank of America Merrill Lynch 4 5 23,624 6.3 1.0 160 Bank of America Merrill Lynch 4 2 6,678 6.3 0.0 54 Citi 5 4 27,771 6.0 -0.5 213 Citi 5 4 22,676 6.0 -0.8 185 Citi 5 5 5,681 5.4 0.5 45 Credit Suisse 6 6 19,066 4.1 0.0 163 Credit Suisse 6 6 14,427 3.8 -0.5 139 Barclays 6 13 4,382 4.1 2.4 33 UBS 7 7 15,464 3.3 -0.7 112 UBS 7 7 13,048 3.5 -0.6 103 Credit Suisse 7 7 4,024 3.8 -0.6 42 Barclays 8 8 15,164 3.3 0.2 118 Barclays 8 8 12,446 3.3 0.2 97 CITIC 8 11 3,591 3.4 1.6 27 CITIC 9 14 10,118 2.2 0.9 52 RBC Capital Markets 9 11 7,076 1.9 0.3 79 China International Capital Co 9 6 3,323 3.1 -1.5 31 HSBC Holdings PLC 10 19 8,277 1.8 0.9 45 Jefferies LLC 10 12 6,562 1.7 0.2 87 UBS 10 9 3,184 3.0 -0.3 28 RBC Capital Markets 11 11 8,144 1.8 0.1 91 Deutsche Bank 11 9 5,949 1.6 -1.3 51 Deutsche Bank 11 8 2,826 2.7 -1.0 20 China International Capital Co 12 10 8,111 1.7 -0.2 46 China International Capital Co 12 10 5,891 1.6 -0.3 43 RBC Capital Markets 12 15 2,380 2.3 0.9 18 Jefferies LLC 13 13 7,439 1.6 0.1 99 CITIC 13 14 5,750 1.5 0.3 41 HSBC Holdings PLC 13 20 2,106 2.0 0.8 9 Deutsche Bank 14 9 7,033 1.5 -1.5 62 HSBC Holdings PLC 14 18 5,379 1.4 0.5 30 Jefferies LLC 14 19 2,053 1.9 0.7 27 BNP Paribas SA 15 16 6,808 1.5 0.4 45 Wells Fargo & Co 15 13 4,995 1.3 -0.1 55 BNP Paribas SA 15 10 1,616 1.5 -0.3 10 Wells Fargo & Co 16 12 6,387 1.4 -0.1 69 Nomura 16 19 4,517 1.2 0.3 49 China Merchants Securities Co 16 14 1,556 1.5 0.0 12 China Securities Co Ltd 17 15 5,751 1.2 0.0 38 BNP Paribas SA 17 16 4,168 1.1 0.1 28 China Securities Co Ltd 17 17 1,400 1.3 0.0 18 Nomura 18 17 4,806 1.0 0.0 54 China Securities Co Ltd 18 15 3,158 0.8 -0.3 29 Haitong Securities Co Ltd 18 23 1,382 1.3 0.2 37 Stifel/KBW 19 23 3,220 0.7 -0.1 59 Banco BTG Pactual SA 19 45 3,060 0.8 0.5 20 Allen & Co Inc 19 43 1,172 1.1 0.7 4 China Merchants Securities Co 20 28 3,201 0.7 0.0 18 Mizuho Financial Group 20 23 2,920 0.8 0.0 34 Cowen & Co 20 29 1,030 1.0 0.3 17 Banco BTG Pactual SA 21 48 3,127 0.7 0.4 23 Cowen & Co 21 25 2,825 0.8 0.1 62 Nomura 21 24 944 0.9 -0.1 21 Cowen & Co 22 27 3,089 0.7 0.0 68 Stifel/KBW 22 21 2,797 0.7 -0.2 54 Guotai Junan Securities 22 27 891 0.8 0.0 18 Mizuho
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