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Global Syndicated Loans Review Global Syndicated Loans Review FIRST HALF 2021 | MANAGING UNDERWRITERS An LSEG Business Global Syndicated Loans Review First Half 2021 | Managing Underwriters Global Deals Intelligence Global Scorecard: Global Syndicated Loans 01/01/2021 - 06/30/2021 01/01/2020 - 06/30/2020 YoY % YoY % GLOBAL SYNDICATED LENDING UP 22% TO THREE-YEAR HIGH Target Region / Nation Proceeds (US$mil) # of Deals Proceeds (US$mil) # of Deals Chg. ($) Chg. (#) Worldwide 2,547,205.9 4,638 2,085,991.1 4,644 22% ▲ 0% ▼ Global syndicated lending totaled US$2.5 trillion during the first half of 2021, a 22% increase in total Americas 1,719,479.8 2,379 1,146,897.4 1,998 50% ▲ 19% ▲ proceeds compared to first half of 2020, and the strongest opening six-month period for lending since 2018. Latin America 13,748.4 39 9,437.8 33 46% ▲ 18% ▲ By number of deals, 4,638 loans reached financial close during the first half of 2021, on par with a year ago. Brazil 2,975.0 4 3,346.4 6 -11% ▼ -33% ▼ Second quarter 2021 loan proceeds totaled US$1.3 trillion, flat compared to the first quarter of this year, Mexico 8,251.6 23 2,902.6 13 184% ▲ 77% ▲ North America 1,705,316.4 2,339 1,136,409.6 1,962 50% ▲ 19% ▲ while the number of loans fell 29% compared to the previous quarter. United States of America 1,561,389.3 2,063 1,056,007.3 1,723 48% ▲ 20% ▲ Canada 143,927.1 277 80,402.4 241 79% ▲ 15% ▲ ACQUISITION-RELATED FINANCING SURPASSES US$500 BILLION, UP 75% Africa/Middle East/Central Asia 58,654.9 59 54,522.8 70 8% ▲ -16% ▼ Acquisition-related financing totaled US$505.2 billion during the first half of 2021, a 75% increase compared Middle East 50,407.0 29 37,887.4 26 33% ▲ 12% ▲ to a year ago and the strongest opening six-month period for acquisition-related lending since 2018. Saudi Arabia 36,751.0 6 11,964.7 4 207% ▲ 50% ▲ United Arab Emirates 9,351.0 13 19,453.0 12 -52% ▼ 8% ▲ Lending in the Financials, Industrials and Technology sectors accounted for 49% of overall acquisition North Africa 2,132.9 4 2,339.3 6 -9% ▼ -33% ▼ lending during the first half of 2021, up from a combined 38% a year ago. Sub-Saharan Africa 5,365.1 25 13,296.1 37 -60% ▼ -32% ▼ Europe 419,815.8 520 506,718.5 743 -17% ▼ -30% ▼ TECH AND HEALTHCARE LEAD ADVANCING INDUSTRIES; INDUSTRIALS, MATERIALS FALL Eastern Europe 21,856.0 28 22,897.5 52 -5% ▼ -46% ▼ Poland 1,945.9 2 3,220.2 9 -40% ▼ -78% ▼ The Financials sector led all other sectors during the first half of 2021, with US$452.2 billion, a 32% increase Russian Federation 8,770.3 8 7,010.0 8 25% ▲ 0% - in proceeds compared to a year ago. Energy and Power and Industrials rounded out the top three sectors Turkey 9,137.4 14 8,713.2 21 5% ▲ -33% ▼ during the half. The Technology and Healthcare sectors posted the strongest gains compared to the first Western Europe 397,959.8 492 483,821.0 691 -18% ▼ -29% ▼ half of 2020, with increases of 99% and 61%, respectively. Leading the decliners, the Industrials and France 75,313.4 98 86,354.3 125 -13% ▼ -22% ▼ -29% ▼ -39% ▼ Materials sectors registered the largest percentage declines compared to a year ago. Germany 59,968.8 59 84,044.0 97 Spain 28,959.1 98 29,019.0 135 0% ▼ -27% ▼ United Kingdom 87,771.6 77 98,870.0 110 -11% ▼ -30% ▼ EUROPEAN BORROWING FALLS TO FIVE-YEAR LOW, DOWN 17% Asia-Pacific (ex Central Asia) 237,778.0 679 235,340.3 776 1% ▲ -13% ▼ Syndicated lending in Europe reached US$419.8 billion from 520 deals during the first half of 2021, a 17% Australia 34,790.6 81 50,322.2 106 -31% ▼ -24% ▼ decrease in proceeds compared to a year ago and the slowest opening period for syndicated loans in China 77,996.7 264 60,587.0 271 29% ▲ -3% ▼ Hong Kong 68,952.6 112 41,208.4 92 67% ▲ 22% ▲ Europe since 2016. Lending in the United Kingdom and France accounted for 39% of overall European loan India 12,925.7 41 23,564.1 88 -45% ▼ -53% ▼ activity during the first half of 2021. Singapore 15,522.1 44 17,968.1 33 -14% ▼ 33% ▲ SouthEastSouth East Asia Asia 24,377.7 79 29,539.7 77 -17% ▼ 3% ▲ AMERICAS LOANS ACCOUNT FOR 67% OF OVERALL MARKET Japan 111,477.5 1,024 142,512.1 1,076 -22% ▼ -5% ▼ Borrowing in the Americas totaled US$1.7 trillion from 2,379 loans during the first half of 2021, an increase of 50% compared to first half 2020, by proceeds, and an 19% increase by number of deals. Americas loans accounted for 67% of overall syndicated lending during the first half of 2021, up from 55% during first half Leading Underwriters During the Second Quarter of 2021 2020. Market Market Share Market Sector No. 1 Manager Share (%) Change QoQ (%) Global Loans (R1) BofA Securities Inc 11.4 2.2 ▲ ASIA PACIFIC LENDING UP 1%; JAPAN LOANS FALL 22% Americas Loans (R7) BofA Securities Inc 13.2 0.7 ▲ Syndicated lending in Asia Pacific totaled US$237.8 billion during the first half of 2021, a 1% increase North American Loans (R9) BofA Securities Inc 13.2 0.6 ▲ compared to a year ago and the strongest period for lending in the region since 2019. China and Hong US Loans (R11) JP Morgan 13.9 0.4 ▲ Kong loans accounted for a combined 69% of Asia Pacific proceeds during the first half of. Lending in India US Leveraged Loans (R11a) BofA Securities Inc 14.8 2.7 ▲ US Investment Grade Loans (R11b) JP Morgan 17.7 -1.9 ▼ decreased 45% compared to a year ago, while syndicated loans in Japan totaled US$111.5 billion during the Canada Loans BMO Capital Markets 15.5 0.5 ▲ first half of 2021, a 22% decrease compared to year ago levels and an 16-year low. Latin America Loans (R16) Santander Corp & Invest Bkg 21.6 15.2 ▲ EMEA Loans (R17) Societe Generale 8.1 4.4 ▲ EMEA Leveraged Loans (P10) BNP Paribas SA 11.7 3.9 ▲ Asia-Pacific ex. Japan ex. Australia (S5b) Bank of China Ltd 14.8 -17.6 ▼ Asia-Pacific ex. Japan ex. Australia (S5c) Bank of China Ltd 13.7 -19.3 ▼ Japan Loans (S12a) Mizuho Financial Group 43.2 9.6 ▲ Japan Loans (S12b) Mizuho Financial Group 50.6 16.9 ▲ Australian Loans (S7) Commonwealth Bank of Australia 25.6 -7.7 ▼ An LSEG Business 1 Global Insights First Half 2021 | Syndicated Loans | Managing Underwriters Global Syndicated Loans Volume (US$bil) Global Syndicated Loans M&A Volume (US$bil) $6,000 6,000 $1,200 900 800 $5,000 5,000 $1,000 700 $4,000 4,000 $800 600 500 $3,000 3,000 $600 400 $2,000 2,000 $400 300 200 $1,000 1,000 $200 100 $0 0 $0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 Q2 Q3 Q4 1H No. of Deals Q1 Q2 Q3 Q4 1H No. of Deals Global Loans Bookrunner Ranking Top 10 Global Syndicated Loans 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Package Amt 1 BofA Securities Inc Closing Date Borrower Target Nation (US$mil) Primary UOP 5/17/2021 Magallanes Inc United States 41,500.0 Acquisition Fin. 2 JP Morgan 6/17/2021 Vonovia SE Germany 26,669.4 Acquisition Fin. 3 Citi 2/24/2021 Verizon Communications Inc United States 25,000.0 General Corp. Purp. 6/22/2021 Canadian National Railway Co United States 19,300.0 Acquisition Fin. 4 Wells Fargo & Co 3/30/2021 AerCap Holdings NV United States 19,000.0 Acquisition Fin. 5 Goldman Sachs & Co 4/7/2021 General Motors Co United States 17,500.0 General Corp. Purp. 6 Mizuho Financial Group 4/27/2021 Walmart Inc United States 17,060.0 General Corp. Purp. 7 Barclays 3/9/2021 Saudi United Invest Co Saudi Arabia 15,000.0 General Corp. Purp. 1/29/2021 AT&T Inc United States 14,700.0 General Corp. Purp. 8 Mitsubishi UFJ Financial Group 4/22/2021 Rogers Communications Inc Canada 13,000.0 Acquisition Fin. 9 RBC Capital Markets 10 BNP Paribas SA *League Table positions reflect consolidation within the banking sector. Rankings are as of the current quarter end in each calendar year. An LSEG Business 2 Global Rankings First Half 2021 | Syndicated Loans | Managing Underwriters Global Loans Bookrunner R1 YoY Change ($) 27% QoQ Change ($) 2% Global Loans Mandated Arrangers R3 YoY Change ($) 22% QoQ Change ($) 0% Rank Rank Proceeds # of Market Market Share Rank Rank Proceeds # of Market Market Share Bookrunner 2021 2020 US$mil Deals Share (%) Change (%) Mandated Arranger 2021 2020 US$mil Deals Share (%) Change (%) BofA Securities Inc 1 1 240,453.0 782 10.3 1.8 ▲ BofA Securities Inc 1 1 216,825.6 885 8.5 1.6 ▲ JP Morgan 2 2 231,791.2 709 9.9 1.4 ▲ JP Morgan 2 2 212,938.5 798 8.4 1.7 ▲ Citi 3 3 130,903.3 367 5.6 -0.7 ▼ Citi 3 3 119,303.3 466 4.7 -0.6 ▼ Wells Fargo & Co 4 5 124,007.1 497 5.3 0.6 ▲ Wells Fargo & Co 4 7 106,559.0 560 4.2 0.5 ▲ Goldman Sachs & Co 5 12 96,195.4 277 4.1 1.7 ▲ Mizuho Financial Group 5 4 98,075.9 526 3.9 -0.9 ▼ Mizuho Financial Group 6 6 86,442.1 415 3.7 -0.9 ▼ Mitsubishi UFJ Financial Group 6 5 97,049.8 788 3.8 -0.3 ▼ Barclays 7 10 80,361.9 295 3.5 1.0 ▲ Goldman Sachs & Co 7 13 89,328.2 345 3.5 1.2 ▲ Mitsubishi UFJ Financial Group 8 7 78,615.0 634 3.4 -0.8 ▼ Barclays 8 9 82,230.5 368 3.2 0.6 ▲ RBC Capital Markets 9 17 66,629.5 269 2.9 1.0 ▲ BNP Paribas SA 9 8 76,118.6 428 3.0 -0.6 ▼ BNP Paribas SA 10 4 66,062.2 262 2.8 -2.0 ▼ RBC Capital Markets 10 18 74,709.7 339 2.9 1.0 ▲ Morgan Stanley 11 15 61,471.8 153 2.6 0.6 ▲ Sumitomo Mitsui Finl Grp Inc 11 6 69,925.1 598 2.8 -1.2 ▼ Sumitomo Mitsui Finl Grp Inc 12 8 58,316.5 450 2.5 -1.2 ▼ Deutsche Bank 12 12 66,848.9 325 2.6 0.3 ▲ Credit Suisse 13 16 58,251.2 242 2.5 0.5 ▲ Bank of China Ltd 13 10 64,175.5 340 2.5 0.1 ▲ Deutsche Bank 14 13 57,740.1 248 2.5 0.1 ▲ Morgan Stanley 14 15 63,443.2 205 2.5 0.3 ▲ Bank of China Ltd 15 9 46,884.5 198 2.0 -0.6 ▼ Credit Suisse 15 16 59,427.2 289 2.3 0.3 ▲ HSBC Holdings PLC 16 14 46,834.5 197 2.0 -0.3 ▼ HSBC Holdings PLC 16 11 56,118.0 345 2.2 -0.2 ▼ BMO Capital Markets 17 23 43,057.5 253 1.9 0.5 ▲ TD Securities Inc 17 20 45,510.6
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