TAIWAN CAPITAL MARKETS LEAGUE TABLES Q1 2020 Q1 2020
MANAGER RANKINGS TAIWAN CAPITAL MARKETS
The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.
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Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.
DATA SUBMISSIONS AND QUERIES
Contact Phone Email Equities Siying He +86 21 6055 3524 [email protected]
Fixed Income Sheng Chiu +886 2 7719 1467 [email protected]
Loans Jewel Ho +852 2293 1498 [email protected]
© 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan Bonds: Industry Breakdown
Taiwan Bonds 20% Q1 2020 Q1 2019 Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 58% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 21% Yuanta Securities 1 22.781 26,400 13 2 15.295 7.486 KGI Securities 2 21.745 25,200 9 4 6.729 15.016 Masterlink Securities 3 11.735 13,600 7 3 7.464 4.271 SinoPac Financial Holdings 4 8.888 10,300 8 10 4.224 4.664 Hua Nan Securities 5 6.903 8,000 6 18 2.171 4.732 Financials 58% HSBC 6 3.797 4,400 2 - - 3.797 Communications 21% KGI Bank 7 3.710 4,300 1 - - 3.710 Technology 20% Mega Financial Holding 8 3.624 4,200 5 5 5.660 -2.036 Others 2% Taishin Financial Holding Co Ltd 9 3.452 4,000 3 7 4.709 -1.257 Fubon Securities 10 3.193 3,700 3 9 4.642 -1.449 Fubon Financial Holding 11 2.157 2,500 1 12 2.738 -0.581 Taiwan Bonds: Manager Rankings History Jih Sun Securities Co Ltd 12 1.898 2,200 2 13 2.688 -0.790 Capital Securities Corp 13 1.294 1,500 4 6 5.594 -4.300 2020 2019 2018 55 Taiwan Cooperative Securities Co 14 0.949 1,100 4 8 4.692 -3.743 Ltd 40 ) % ( Hua Nan Financial Holdings Co 15 0.863 1,000 1 16 2.505 -1.642 e r a h
Ltd S
t e k r
E.Sun Commercial Bank 16 0.604 700 1 17 2.187 -1.583 a 20 M Sunny Bank 17 0.518 600 3 26 0.267 0.251 President Securities 18 0.431 500 3 19 1.252 -0.821 0 s s s s s First Securities Inc 19 0.421 488 3 24 0.334 0.087 e e e g e C ti ti ti n ti B ri ri ri i ri S u u u ld u H c c c o c e e e H e Horizon Securities Co Ltd 20 0.345 400 2 25 0.301 0.044 S S S l S a I k ia n t G n c a n K li n a r a N u te n a Y s i u TOTAL 100% 115,888 29 100% a F H c M a P o in S This table consists of debt securities denominated in Taiwanese Dollars, with market type "Domestic" or "Domestic MTN". This excludes asset- backed securities, bonds with warrants, convertible securities, and credit-linked notes. There is a minimum threshold of 12 months for maturities, call or put periods and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 1 Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan International Bonds: Industry Breakdown
Taiwan International Bonds 5%
Q1 2020 Q1 2019 26% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 69% KGI Securities 1 14.405 2,894 16 4 5.715 8.690 Morgan Stanley 2 11.877 2,386 8 - - 11.877 BNP Paribas 3 10.719 2,154 4 6 4.365 6.354 Deutsche Bank 4 9.823 1,974 4 1 24.921 -15.098 E.Sun Commercial Bank 5 9.179 1,844 27 7 3.989 5.190 Financials 69% Cathay United Bank 6 7.216 1,450 13 9 1.790 5.426 Communications 26% Standard Chartered Bank 7 5.437 1,092 3 2 23.208 -17.771 Others 5% Yuanta Securities 8 5.163 1,037 14 8 3.979 1.184 Citi 9 4.933 991 2 - - 4.933 CTBC Financial Holding 10 4.881 981 6 - - 4.881 Taiwan International Bonds: Manager Rankings History HSBC 11 4.218 848 3 5 5.084 -0.866 Masterlink Securities 12 2.736 550 9 12 0.387 2.349 2020 2019 2018 25 Societe Generale 13 2.344 471 5 18 0.084 2.260 ANZ Banking Group 14 1.493 300 1 - - 1.493 20 ) % (
Credit Agricole CIB 14 1.493 300 1 2 23.208 -21.715 e
r 15 a h S
Taishin Financial Holding Co 16 1.410 283 5 14 0.221 1.189 t e
k 10 r Ltd a M
SinoPac Financial Holdings 17 1.004 202 8 14 0.221 0.783 5 Capital Securities Corp 18 0.767 154 2 - - 0.767 0 s y s k k k Fubon Financial Holding 19 0.402 81 2 10 1.580 -1.178 ie le a n n n it n ib a a a r a r B B B u t a e l d c S P h ia e e n c c it S a P s r n Bank of Taiwan 20 0.257 52 3 18 0.084 0.173 I g N t e G r B u m U K o e y M D m a o th C a TOTAL 100% 20,093 78 100% n u C .S E
This table consists of debt & preferred securities denominated in non-Taiwanese Dollar and listed on the Taipei exchange. This excludes asset- backed securities, bonds with warrants, convertible securities, and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods, and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 2 Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan International Bonds (TSA): Industry Breakdown
Taiwan International Bonds (TSA Disclosed Amounts) 5%
Q1 2020 Q1 2019 26%
Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 69% KGI Securities 1 14.665 2,947 23 3 5.107 9.558 BNP Paribas 2 13.236 2,660 4 6 2.929 10.307 Deutsche Bank 3 10.802 2,170 4 1 67.105 -56.303 E.Sun Commercial Bank 4 8.934 1,795 35 4 5.008 3.926 Cathay United Bank 5 7.634 1,534 20 10 1.437 6.197 Financials 69% Yuanta Securities 6 6.608 1,328 23 2 5.824 0.784 Communications 26% Citi 7 5.176 1,040 2 - - 5.176 Others 5% Standard Chartered Bank 8 4.912 987 3 7 2.481 2.431 Morgan Stanley 9 4.725 949 8 - - 4.725 Masterlink Securities 10 4.429 890 11 12 0.608 3.821 Taiwan International Bonds (TSA): Manager Rankings CTBC Financial Holding 11 3.843 772 9 - - 3.843 History Taishin Financial Holding Co 12 3.171 637 13 8 1.801 1.370 Ltd 2020 2019 2018 70 HSBC 13 2.548 512 3 5 3.227 -0.679 60 SinoPac Financial Holdings 14 1.865 375 16 14 0.497 1.368 ) % ( Capital Securities Corp 15 1.608 323 4 - - 1.608 e r
a 40 h S
Fubon Financial Holding 16 1.261 253 7 9 1.627 -0.366 t e k r
KGI Bank 17 1.107 222 5 - - 1.107 a M 20 ANZ Banking Group 18 0.995 200 1 - - 0.995 Societe Generale 19 0.923 185 5 20 0.024 0.899 0 s s k k k s e a n n n e President Securities 20 0.456 92 5 16 0.221 0.235 ti b a a a ti ri ri B B B ri u a l u c P e a d c e h i te e S P c rc i S TOTAL 100% 20,093 78 100% I N ts e n G B u U ta e m y n K D m a a o th u C a Y n u C .S This table consists of debt & preferred securities denominated in non-Taiwanese Dollar and listed on the Taipei exchange. This excludes asset- E backed securities, bonds with warrants, convertible securities, and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods, and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 3 Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan Equity & Equity Linked: Industry Breakdown
Taiwan Equity & Equity Linked 7% 10% Q1 2020 Q1 2019 40% 13% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) KGI Securities 1 38.810 4,524 6 2 16.515 22.295 31% Horizon Securities Co Ltd 2 10.294 1,200 1 - - 10.294 Waterland Securities Co Ltd 2 10.294 1,200 3 10 2.137 8.157 Fubon Securities 4 9.562 1,115 3 4 5.711 3.851 Capital Securities Corp 5 4.402 513 2 6 2.373 2.029 Industrials 40% Taishin Financial Holding Co Ltd 6 3.457 403 6 9 2.202 1.255 Technology 31% Grand Fortune Securities Co 7 2.946 343 2 5 4.543 -1.597 Financials 13% Cathay Securities Corp 8 2.574 300 1 - - 2.574 Consumer Discretionary 10% CTBC Financial Holding 8 2.574 300 1 3 6.825 -4.251 Health Care 7% First Securities Inc 8 2.574 300 1 - - 2.574 Others 0% Yuanta Securities 8 2.574 300 1 1 53.840 -51.266 SinoPac Financial Holdings 12 2.522 294 3 8 2.245 0.277 E.Sun Financial Holding Co Ltd 13 2.145 250 1 - - 2.145 Taiwan Equity & Equity Linked: Manager Rankings History Hua Nan Securities 14 1.517 177 2 - - 1.517 Mega Financial Holding 15 1.374 160 2 13 0.289 1.085 2020 2019 2018 40 Jih Sun Securities Co Ltd 16 1.048 122 1 11 0.652 0.396
Taiwan Cooperative Securities Co 17 0.502 58 1 7 2.288 -1.786 30 ) % (
Ltd e r a h
President Securities 18 0.330 38 1 - - 0.330 S 20
t e k r
Taichung Commercial Bank 19 0.257 30 1 15 0.035 0.222 a M Masterlink Securities 20 0.244 28 1 12 0.311 -0.067 10 TOTAL 100% 11,657 40 100% 0 s d d s p d e t t e r t ti L L ti o L ri o o ri C o u C C u s C c c e e s s e ti g This table consists of equity & equity-linked securities issuedby Taiwanese issuers. This excludes bonds with warrants, credit linked notes, S ie ie S ri in I it it u d r r n c l G u u o e o K c c b S H reverse convertibles, best efforts, and self-led offerings. There is a minimum threshold of 12 month minimum call, put & maturity periods. Note: e e u l l S S F a ia n d it c o n p n iz la a a Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details. r r C in o te F H a in W h is a T
Bloomberg League Table Reports Page 4 Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan Equity IPO: Industry Breakdown
Taiwan Equity IPO
Q1 2020 Q1 2019 45% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 55% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Jih Sun Securities Co Ltd 1 40.651 122 1 5 2.356 38.295 Mega Financial Holding 2 25.005 75 1 - - 25.005 Hua Nan Securities 3 19.917 60 1 - - 19.917 Grand Fortune Securities 4 14.427 43 1 2 16.427 -2.000 Co Consumer Discretionary 55% ------Industrials 45% ------Taiwan Equity IPO: Manager Rankings History ------2020 2019 2018 45
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e 20 k r ------a M ------0 td g s o L in ie C ------d it s o l r e C o u ti s H c ri e l e u ti ia S c ------ri c n e u n a S c a N e e in a n S F u u n a H rt ------u g o S e F d ih M n J ra TOTAL 100% 301 4 100% G
This table consists of initial public offerings issued by Taiwanese issuers. This excludes self-led offerings. Note: Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details.
Bloomberg League Table Reports Page 5 Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan Equity Offerings: Industry Breakdown
Taiwan Equity Offerings 13% 28% Q1 2020 Q1 2019 16% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)
Hua Nan Securities 1 15.976 177 2 - - 15.976 21% 22% Mega Financial Holding 2 14.467 160 2 10 0.622 13.845 KGI Securities 3 11.211 124 2 2 21.442 -10.231 Jih Sun Securities Co Ltd 4 11.042 122 1 7 1.402 9.640 Fubon Securities 5 10.353 115 2 5 3.540 6.813 Consumer Discretionary 28% Taishin Financial Holding Co Ltd 6 9.300 103 5 8 0.850 8.450 Industrials 22% SinoPac Financial Holdings 7 8.492 94 2 4 4.830 3.662 Financials 21% Taiwan Cooperative Securities Co 8 5.285 58 1 15 0.064 5.221 Health Care 16% Ltd Technology 13% Grand Fortune Securities Co 9 3.919 43 1 3 9.775 -5.856 Others 1% President Securities 10 3.478 38 1 - - 3.478 Taichung Commercial Bank 11 2.710 30 1 14 0.075 2.635 Masterlink Securities 12 2.575 28 1 9 0.669 1.906 Taiwan Equity Offerings: Manager Rankings History Capital Securities Corp 13 1.192 13 1 6 1.705 -0.513 ------2020 2019 2018 25 ------
------20 ) % (
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------5 TOTAL 100% 1,107 22 100% 0 s g s d s d e n e t e t ti i ti L ti L ri ld ri o ri o u o u C u C c H c s c g This table consists of equity offerings issued by Taiwanese issuers. This excludes self-led offerings. Note: Issuer country is determined by e l e e e n S ia S ti S i n c I ri n ld a n G u o o N a K c b H country of risk. Please see League Table Standards and Guidelines for further details. a in e u l u F S F ia n c H a u n g a e S n M ih i J F in h is a T
Bloomberg League Table Reports Page 6 Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan Borrower Loans (Bookrunner): Industry Breakdown Taiwan Borrower Loans (Bookrunner)
9% Q1 2020 Q1 2019 6%
7% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 40% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 10% CTBC Financial Holding 1 17.141 1,369 2 8 4.645 12.496 Mitsubishi UFJ Financial Group Inc 2 16.990 1,357 2 10 4.244 12.746 10% Sumitomo Mitsui Financial 3 12.400 991 1 - - 12.400 18% Taiwan Cooperative Financial Holding 4 9.609 768 9 4 9.843 -0.234 Co Ltd Energy 40% Mega Financial Holding 5 7.032 562 5 1 15.420 -8.388 Technology 18% Bank of Taiwan 6 5.735 458 4 2 14.745 -9.010 Financials 10% First Commercial Bank 7 5.124 409 4 3 10.174 -5.050 Consumer Discretionary 10% Citi 8 4.590 367 1 - - 4.590 Industrials 7% DBS Group 8 4.590 367 1 14 1.925 2.665 Materials 6% Land Bank of Taiwan 10 3.389 271 3 11 3.623 -0.234 Others 9% Hua Nan Financial Holdings Co Ltd 11 2.054 164 3 15 1.775 0.279 KGI Bank 12 1.744 139 2 19 0.315 1.429 SinoPac Financial Holdings 12 1.744 139 2 - - 1.744 Taiwan Borrower Loans: Bookrunner Rankings History Taishin Financial Holding Co Ltd 14 1.666 133 2 5 8.276 -6.610
Chang Hwa Commercial Bank 15 1.645 131 2 7 5.069 -3.424 2020 2019 2018 Taiwan Business Bank 16 1.394 111 2 12 3.445 -2.051 25
Fubon Financial Holding 17 1.229 98 2 13 2.214 -0.985 20 ) %
Shin Kong Financial Holding Co Ltd 18 0.811 65 1 19 0.315 0.496 (
e
r 15 a Bank of China 19 0.780 62 1 - - 0.780 h S
t e
k 10 r
Yuanta Financial Holding Co Ltd 20 0.333 27 1 17 1.210 -0.877 a M
TOTAL 100% 7,989 30 100% 5
0 This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC region. This g c l d g n n n ia t n a i I c L i ld p n o ld iw o u a C o a excludes bilateral loans. Please see League Table Standards and Guidelines for further details. H ro in H T l F g l f a G i in a o i l u d i k c ia s l c n n c it o n a a n H a B in a M l in F n o ia F i c C F m n a B J to a g T F i n e C U m i M i u F h S e is iv b t u ra s e it p o M o C n a iw a T
Bloomberg League Table Reports Page 7 Bloomberg Taiwan Capital Markets | Q1 2020
Taiwan Borrower Loans (Mandated Lead Arranger): Industry Breakdown Taiwan Borrower Loans (Mandated Lead Arranger)
9% Q1 2020 Q1 2019 6%
7% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 40% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 10% Taiwan Cooperative Financial Holding 1 6.691 539 11 3 8.309 -1.618 Co Ltd 10% Bank of Taiwan 2 6.355 512 9 6 7.036 -0.681 18% Land Bank of Taiwan 3 5.640 454 7 2 8.830 -3.190 DBS Group 4 5.357 431 4 11 2.675 2.682 Energy 40% Mega Financial Holding 5 5.190 418 8 4 8.064 -2.874 Technology 18% Citi 6 4.272 344 2 - - 4.272 Financials 10% Mitsubishi UFJ Financial Group Inc 6 4.272 344 2 16 1.697 2.575 Consumer Discretionary 10% Sumitomo Mitsui Financial 6 4.272 344 2 16 1.697 2.575 Industrials 7% First Commercial Bank 9 3.971 320 6 1 9.604 -5.633 Materials 6% Fubon Financial Holding 10 3.716 299 5 20 1.643 2.073 Others 9% Hua Nan Financial Holdings Co Ltd 11 3.611 291 8 10 5.704 -2.093 CTBC Financial Holding 12 3.152 254 3 9 5.757 -2.605 Chang Hwa Commercial Bank 13 2.625 211 7 8 5.765 -3.140 Taiwan Borrower Loans: Mandated Lead Arranger KGI Bank 14 2.560 206 3 25 0.750 1.810 Rankings History Taiwan Business Bank 15 1.854 149 3 7 5.975 -4.121
Mizuho Financial 16 1.823 147 2 13 2.348 -0.525 2020 2019 2018 Taishin Financial Holding Co Ltd 17 1.760 142 3 5 7.937 -6.177 15 E.Sun Commercial Bank 18 1.645 132 2 15 1.964 -0.319 )
% 10
Aegon NV 19 1.539 124 1 - - 1.539 (
e r a
Banco Santander 19 1.539 124 1 - - 1.539 h S
t e k TOTAL 100% 8,049 31 100% r a 5 M
This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC region. This excludes bilateral loans. Please see League Table Standards and Guidelines for further details. 0 d n n p g ti c l t a a u n i n ia L o i C I c o iw iw r ld p n C a a G o u a T T S H ro in g f f l F in o o B a G i d k k D i l u l n n c ia s o a a n c it H B B a n l in a M ia d F n o c n i n a a F m a L g J to n e F i i M U m F i u e h S iv is t b ra u e s p it o o M C n a iw a T
Bloomberg League Table Reports Page 8 Bloomberg – League Tables Criteria
General Guidelines
Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.
Fixed Income
All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self- led transactions are included. New money portions of exchange offers are eligible for credit.
Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.
Equities-Linked
Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.
Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.
Equities
Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.
Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service. Bloomberg – League Tables Criteria
Loans
Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.
Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities.
US Municipals
Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.
Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.
All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.
Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.
Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.
The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.