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Global Investment Banking Review

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Global Investment Banking Review FIRST HALF 2021 | BANKS, SPONSORS & CORPORATES Global Investment Banking Review First Half 2021 | Investment Banks, Sponsors & Corporates Global Deals Intelligence Global Investment Banking Fees (US$bil) GLOBAL INVESTMENT BANKING FEES SET FIRST HALF RECORD; Q2 FALLS 12% $140 Investment banking fees reached US$79.7 billion during the first half of 2021, posting a 26% increase compared to the first half of 2020 and the strongest opening six-month period for global IB fees since records began in 2000. Fees during the second quarter of 2021 totaled US$37.3 billion, a 12% decline $120 from the record-breaking first quarter of this year. The Americas contributed 55% of all fees generated globally with US$43.7 billion, a 33% uptick compared to 2020 levels and the highest percentage since 2013. Imputed fees in the EMEA region increased 20% to US$17.9 billion during first half of 2021, driven $100 by year-over-year gains in the United Kingdom and France. Powered by a 24% increase in North and Southeast Asia, total IB fees in Asia-Pacific and Japan hit US$18.2 billion with a 19% uptick compared to 2020. $80 RECORD CAPITAL MARKETS, M&A FEES; LOANS UP 17% Powered by record issuance across follow-ons, convertibles and IPOs, including SPACs, ECM $60 underwriting totaled a record US$25.3 billion during the first half of 2021, doubling first half 2020 levels. Despite a record level of high yield corporate bond offerings, DCM underwriting fees decreased 5% compared to the first half of 2020. Completed M&A advisory fees registered an 18% uptick compared to $40 a year ago with US$18.3 billion in fees globally, the strongest first half since records began in 2000. Syndicated lending activity reached US$13.1 billion, posting a 17% increase compared to a year ago. $20 TECH & FINANCIALS LEAD AS MOST SECTORS REGISTER GAINS; MEDIA FALLS 9% Fees from global Financials-related activity led all other sectors with US$27.1 billion, up 61% compared to $44.6 $36.6 $42.1 $50.1 $50.0 $45.1 $55.2 $57.2 $54.3 $63.1 $79.7 a year ago and accounting for 34% of all fees globally. Imputed fees from the Technology sector totaled $0 US$7.7 billion, an increase of 50% compared to a year ago while Industrials fees totaled US$7.4 billion, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 down 3%. The Tech and Financial sectors registered the strongest double-digit percentage increases compared to a year ago, while Media & Entertainment sector fees totaled US$2.1 billion, down 9% from Global Investment Banking Fees - Macro Industry Composition first half 2020. 100% BLACKSTONE GROUP AND GOLDMAN SACHS TOP FINANCIAL SPONSOR RANKINGS 90% Financial sponsors and their portfolio companies generated an estimated US$8.2 billion in fees during the first half of 2021, registering an increase of 59% compared to a year ago and the strongest first half on 80% record. Fees from exits and portfolio company activity contributed the largest portion of sponsor-related fees at US$5.9 billion, or 72% of the total fee pool. Buyout-related activities produced the next largest 70% portion of fees with US$1.4 billion during first half 2021. Blackstone Group took the top spot for financial sponsors with an estimated US$355.1 million in fees paid, a marked increase compared to a year ago. 60% Goldman Sachs was the top bank for sponsor-related fees, capturing 8.1% of the first half 2021 wallet, or US$716.9 million in fees. JP Morgan followed in second place, with a 7.5% share of the financial sponsor 50% wallet. 40% TOP FIVE BANKS INCREASE COLLECTIVE WALLET SHARE BY 1.5 POINTS IN H1’2021 JP Morgan maintained the top spot for investment banking fees earned during the first half of 2021 with 30% US$6.6 billion, maintaining its first half 2020 ranking and earning an industry-leading 8.3% share. Goldman Sachs remained in second place with an estimated 7.6% of global wallet share, an increase of 20% 1.0 wallet share point compared to a year ago. Morgan Stanley took the third spot with US$4.6 billion in fees, while BofA Securities and Citi rounded out the top five. Total wallet share captured by the top five 10% banks totaled 32% during first half 2021, up 1.5 percentage points compared to a year ago. 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 M&A Equity Bonds Loans www.refinitiv.com/dealsintelligence/ 1 Global Insights First Half 2021 | Investment Banks, Sponsors & Corporates Worldwide Investment Banking Fees - Regional Composition (US$mil) Product and Industry Distribution (US$mil) Americas Europe, Middle East & Africa Asia-Pacific & Japan IB Fees Top 5 Banks by Fees & Share - First Half 2021 Region Fees ($mil) YoY ∆ Region Fees ($mil) YoY ∆ Region Fees ($mil) YoY ∆ Region Fees ($mil) YoY ∆ 2021 2020 YOY Δ Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 North America $ 42,187 32% ▲ UK & Ireland $ 5,366 41% ▲ Iberia 1,070 55% ▲ North Asia $ 12,508 24% ▲ South America 821 76% ▲ France & Benelux 3,958 8% ▲ Middle East 942 19% ▲ Japan 2,845 10% ▲ Global IB $79,691 $63,065 26% ▲ 32% JPM (8.3%) GS (7.6%) MS (5.7%) BOFA (5.6%) CITI (5.0%) Caribbean 485 58% ▲ Germania 2,863 -11% ▼ CIS 216 5% ▲ Australasia 1,300 1% ▲ Central America 178 2% ▲ Nordic 1,727 51% ▲ Africa 216 -32% ▼ Southeast Asia 1,027 24% ▲ Equity $25,256 $12,166 108% ▲ 39% GS (10.0%) MS (8.8%) JPM (7.6%) CITI (6.6%) BOFA (5.6%) Americas $ 43,671 33% ▲ Southern Europe 1,398 44% ▲ CEE 114 -26% ▼ South Asia 469 -6% ▼ IPO 14,430 3,462 317% ▲ 40% GS (10.8%) MS (8.6%) CITI (8.1%) JPM (7.6%) CS (5.1%) EMEA $ 17,870 20% ▲ APAC & Japan $ 18,150 19% ▲ Follow-On 8,870 6,827 30% ▲ 34% MS (8.8%) GS (8.2%) JPM (7.0%) BOFA (5.6%) CITI (3.8%) Convertible 1,956 1,877 4% ▲ 49% GS (11.8%) JPM (10.8%) MS (9.8%) BOFA (8.6%) CITI (8.0%) Global Bonds 23,034 24,223 -5% ▼ 25% JPM (7.2%) BOFA (5.6%) CITI (4.5%) GS (4.1%) MS (4.0%) $79,691 fees By Product M&A 18,290 15,502 18% ▲ 33% GS (10.9%) JPM (8.3%) MS (6.0%) CITI (4.2%) BOFA (3.7%) 26% ▲ Loans 13,111 11,176 17% ▲ 32% JPM (11.6%) BOFA (8.3%) GS (4.3%) CITI (3.9%) CS (3.7%) EMEA Financials $27,080 $16,787 61% ▲ 34% GS (8.6%) JPM (7.5%) CITI (6.4%) MS (5.8%) BOFA (5.7%) $17,870 fees High Tech 7,730 5,140 50% ▲ 42% GS (12.2%) JPM (10.4%) MS (9.3%) BOFA (6.3%) CITI (4.1%) 20% ▲ Industrials 7,387 7,602 -3% ▼ 27% JPM (7.4%) GS (6.1%) BOFA (5.0%) CITI (4.5%) MS (4.4%) Healthcare 6,595 5,575 18% ▲ 41% JPM (12.4%) GS (10.8%) MS (8.1%) BOFA (5.7%) JEFF (4.3%) Japan Energy & Power 6,085 5,498 11% ▲ 30% JPM (9.4%) GS (5.3%) BOFA (5.3%) MS (5.2%) CITI (5.2%) $2,845 fees Govt & Agencies 5,310 5,335 0% ▼ 18% BofCH (3.9%) ICBC (3.8%) CCB (3.7%) JPM (3.5%) AGBANK (3.2%) Americas 10% ▲ Materials 3,431 2,964 16% ▲ 24% JPM (5.5%) BOFA (5.4%) MS (5.4%) CITI (4.3%) GS (3.9%) $43,671 fees Consumer Products 3,338 2,625 27% ▲ 29% JPM (10.0%) GS (6.0%) BOFA (5.5%) MS (3.6%) BARC (3.5%) 33% ▲ Asia-Pacific By Sector $15,305 fees Real Estate 3,226 2,937 10% ▲ 25% BOFA (7.0%) JPM (6.8%) BofCH (4.1%) MS (4.0%) CITI (3.5%) 20% ▲ Retail 2,970 2,041 46% ▲ 38% JPM (10.6%) GS (9.5%) BOFA (8.0%) MS (4.9%) CITI (4.9%) Telecom 2,264 2,282 -1% ▼ 39% JPM (11.0%) BOFA (8.6%) GS (7.1%) CITI (6.4%) MS (6.0%) Consumer Staples 2,141 1,926 11% ▲ 25% CITI (6.4%) JPM (5.2%) MS (4.6%) GS (4.6%) BOFA (4.0%) Media & Ent 2,132 2,353 -9% ▼ 39% JPM (11.1%) GS (8.9%) MS (7.7%) BOFA (6.2%) DB (5.4%) Quarterly Time Series - Regional Composition (US$bil) Financial Sponsor-Related Fees and Composition $45 $16 50% $40 $14 45% $35 $12 $30 40% $10 $25 $8 35% $20 $15 $6 30% $10 $4 25% $5 $2 $0 $3.1 $5.7 $4.7 $6.1 $8.1 $6.3 $4.6 $6.5 $6.2 $5.9 $5.2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q $0 20% 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Americas EMEA Asia-Pacific Japan Sponsor Fees (US$bil) Buyouts Exits (M&A & ECM) Portfolio Co www.refinitiv.com/dealsintelligence/ 2 Global Rankings First Half 2021 | Investment Banks, Sponsors & Corporates Investment Banks Corporate Fee Payers Rank Rank Total IB Fees 2021 Wallet Total IB Fees 2020 - 2021 Wallet Share Investment Bank 2021 2020 (US$mil) YOY ∆ Share YOY ∆ Bonds Equity Loans M&A Corporate Name 2021 FY2020 Top 3 Banks Top Bank Bonds Equity Loans M&A JP Morgan 1 1 6,624.0 37% 8.3% 0.7 Verizon Communications Inc 224.6 182.4 43.0% GS (17.5%) Goldman Sachs & Co 2 2 6,027.2 46% 7.6% 1.0 Cellnex Telecom SA 198.6 229.9 50.5% JPM (22.4%) Morgan Stanley 3 4 4,572.4 36% 5.7% 0.4 American Airlines Group Inc 133.5 124.6 42.2% CITI (18.5%) Bofa Securities Inc 4 3 4,469.9 17% 5.6% -0.4 Siemens AG 114.4 155.7 71.7% MS (29.4%) Citi 5 5 3,976.9 21% 5.0% -0.2 Bumble Inc 111.1 0.0 55.1% JPM (21.9%) Credit Suisse 6 6 2,745.9 27% 3.4% 0.0 Shoals Technologies Group Inc 110.7 0.0 45.8% BOFA (24.2%) Barclays 7 7 2,486.4 29% 3.1% 0.1 SoftBank Group Corp 108.9 438.4 38.2% BARC (22.3%) Deutsche Bank 8 9 1,808.3 44% 2.3% 0.3 Coupang Inc 95.6 0.0 17.9% SANT (7.4%) Jefferies LLC 9 16 1,715.0 110% 2.2% 0.9 DuPont de Nemours Inc 94.1 71.4 60.8% CITI (37.3%) UBS 10 14 1,409.3 66% 1.8% 0.4 Kuaishou Technology Co Ltd 93.5 0.0 76.3% BOFA (65.0%) RBC Capital Markets 11 12 1,351.1 29% 1.7% 0.0 SAP SE 90.2 6.3 72.8% CITI (35.1%) Wells Fargo & Co 12 8 1,327.3 4% 1.7% -0.4 Tencent Holdings Ltd 85.2 70.3 39.4% CS (21.6%) BNP Paribas SA 13 10 1,258.1 2% 1.6% -0.4 International Flavors & Fragra 80.0 3.5 75.0% JPM (27.9%) HSBC Holdings PLC 14 11 1,122.5 6% 1.4% -0.3 China Post Group Corp 79.0 99.2 63.8% GS (23.9%) Mizuho Financial Group 15 13 1,046.8 3% 1.3% -0.3 Plug Power Inc 75.0 61.0 66.0% JPM (23.0%) CITIC 16 21 869.2 46% 1.1% 0.1 Tiffany & Co 75.0 0.0
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    NSTAR Gas Company d/b/a Eversource Energy PROSPECTUS SUPPLEMENT D.P.U 19-120 (To Prospectus Dated May 2, 2016) Attachment AG-7-2 (e) Page 1 of 71 $650,000,000 28FEB201702543249 $200,000,000 Senior Notes, Series I, Due 2021 $450,000,000 Senior Notes, Series M, Due 2028 This is a public offering by Eversource Energy of $200,000,000 of Senior Notes, Series I, Due 2021 (the ‘‘2021 Notes’’), and $450,000,000 of Senior Notes, Series M, Due 2028 (the ‘‘2028 Notes’’). We refer to the 2021 Notes and the 2028 Notes collectively as the ‘‘Notes’’. On March 10, 2016, we issued $250,000,000 of Senior Notes, Series I, Due 2021 (the ‘‘Existing 2021 Notes’’). The 2021 Notes offered hereby will be part of the same series of notes issued under the Eversource Energy indenture as the Existing 2021 Notes. The 2021 Notes offered hereby will have the same CUSIP number as and will be fungible with the Existing 2021 Notes. Upon the issuance of the 2021 Notes offered hereby, the aggregate principal amount of outstanding 2021 Notes will be $450,000,000. The 2021 Notes will bear interest at the rate of 2.50% per year. We will pay interest on the 2021 Notes semi-annually in arrears on March 15 and September 15 of each year, beginning for the 2021 Notes offered hereby on March 15, 2018 and ending on the maturity date. Interest on the 2021 Notes offered hereby will accrue from, and including, September 15, 2017, the most recent date on which interest has been paid on the Existing 2021 Notes.
  • Form 5500, Schedule C Year Ended December 31, 2016 Brandywine

    Form 5500, Schedule C Year Ended December 31, 2016 Brandywine

    Form 5500, Schedule C Year Ended December 31, 2016 Brandywine Global Investment Management, LLC The following is a list of brokers used by Brandywine Global that provided Brandywine Global with proprietary research or soft dollar credits that were used to obtain research products and services generated by third parties during the calendar year ended December 31, 2016. Amherst Securities Group L.P. Australia & New Zealand Autonomous Research LLP Banca IMI Bank of America/Merrill Lynch Barclays Capital Bay Crest Partners BB&T Capital Markets Bloomberg Tradebook BMO Capital BNY Mellon Capital Markets LLC Bradesco Securities Brean Capital Brownstone Investment Group LLC Buckingham Research C L King & Associates Cabrera Capital Markets Canaccord Genuity Inc. Cantor Fitzgerald Capital Institutional Services CIBC Citigroup Commerzbank AG Commonwealth Bank of Australia Credit Agricole Credit Suisse First Boston CRT Capital Group Daiwa Securities Danske Bank Davidson & Co. Deutsche Bank Drexel Hamilton Evercore/ISI FTN Financial Capital Markets Gabelli and Co. GMP Securities LLC Goldman Sachs Guggenheim Capital Markets Howard Weil Trading HSBC Imperial Capital ING Financial Markets Instinet Itau BBA J P Morgan Securities Janney Montgomery Scott Jefferies Keefe Bruyette & Woods Keybanc KGS Liquidnet Lloyds Securities Loop Capital Markets Macquarie Equities Market Axess Mary Ramsey King Millennium Advisors Mitsubishi UFJ Securities USA Mizuho MKM Holdings/Partners Morgan Stanley National Australia Capital Nomura Securities Northcoast Research Partners