GLOBAL FIXED INCOME LEAGUE TABLES First 3Q 2017 2 October 2017 FIRST 3Q 2017 MANAGER RANKINGS GLOBAL FIXED INCOME CONTENTS Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or 1. Global market review retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies. 2. US market review 3. Canada market review LEAG<GO> for a full range of league tables 4. Latin America market review NIM<GO> for Bloomberg’s new issue monitor 5. EMEA market review 6. Asia market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release 7. Table criteria and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Dean Psomaras +1 609 279 3449 [email protected] EMEA Dimitris Gogos +44 20 35258149 [email protected] Asia Pacific Shaili Mehta +91 22 61203770 [email protected] © 2017 Bloomberg Finance L.P. All rights reserved. Bloomberg Global Fixed Income | 1st 3Q 2017 Global Corporate Leveraged Finance: Quarterly Volume Corporate High Yield Bonds Global Fixed Income Review Global Sponsor-Led Loans 500 1st 3Q 2017 credited Corporate & Financial Bonds volume increased 0.46% to USD 3.4 Trln while deal count decreased 2.75% to 12,129 offerings year-on-year. Corporate Bonds volume decreased 0.26% year-on-year to USD 1.7 Trln while the 400 n n deal count increased 2.85% to 5,019. Financial Bonds volume increased 1.16% year-on-year to USD 1.7 Trln over 7,110 l l B B deals. D D S S U U 200 JP Morgan ranked as the top Corporate & Financial Bonds underwriter for 1st 3Q 2017 with 6.09% market share. The bank underwrote 1,340 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with 5.65% and 5.49% market share, respectively. 0 122 133 144 155 166 177 001 001 001 001 001 001 22 22 22 22 22 22 33 33 33 33 33 33 QQ QQ QQ QQ QQ QQ Corporate & Financial Bonds: Highlights of 1st 3Q 2017 Quarters Top Underwriter Volume (USD Corporate & Financial Bonds: Industry Breakdown Issuer Industry Mln) Date JP Morgan Postal Savings Bank of China Co Ltd Financials 7,250 09/21/2017 Number of deals 1,340 China CITIC Bank Corp Ltd Financials 7,240 04/10/2017 Financials 53% Volume (USD Mln) 205,925 AT&T Inc Communications 5,000 07/27/2017 Avg Deal size (USD Mln) 153.7 AT&T Inc Communications 5,000 07/27/2017 20% Consumer Discretionary 9% Broadcom Corp / Broadcom Cayman Finance Technology 4,800 01/11/2017 Market Summary Ltd Industrials 7% China Evergrande Group Financials 4,680 06/21/2017 5% Number of deals 12,129 Utilities 5% Bank of China Ltd Financials 4,569 09/21/2017 53% 5% Volume (USD Mln) 3,379,523 AT&T Inc Communications 4,500 07/27/2017 Communications 5% Avg Deal size (USD Mln) 278.6 Huaxia Bank Co Ltd Financials 4,370 05/19/2017 7% Others 20% China Minsheng Banking Corp Ltd Financials 4,355 03/02/2017 9% Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield Investment Grade 1,400 6,000 1,200 Corporate & Financial Bonds: Spread to Benchmark 5,000 1,000 High Yield 4,000 D D Investment Grade e e n n a a l l 800 l l B B 700 C C 700 D D 3,000 o o u u S S n n 600 U U 600 600 600 t t s s 2,000 t t n n 400 i i o o 400 p p s s i i 1,000 s s 200 a a B B 200 0 0 22 33 44 55 66 77 11 11 11 11 11 11 00 00 00 00 00 00 0 22 22 22 22 22 22 0 33 33 33 33 33 33 22 33 44 55 66 77 Q Q Q Q Q Q 11 11 11 11 11 11 00 00 00 00 00 00 22 22 22 22 22 22 33 33 33 33 33 33 Quarters Q Q Q Q Q Q Quarters Bloomberg League Table Reports Page 1 Bloomberg Global Fixed Income | 1st 3Q 2017 Corporate Bonds Financial Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016 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 7.511 124,444 842 2 6.443 1.068 Morgan Stanley 1 5.376 92,618 519 4 4.049 1.327 Bank of America Merrill Lynch 2 6.626 109,787 772 1 6.634 -0.008 Citi 2 4.913 84,641 520 3 4.625 0.288 Citi 3 6.093 100,957 765 3 5.954 0.139 JP Morgan 3 4.730 81,481 498 1 5.338 -0.608 Goldman Sachs 4 4.958 82,153 556 6 4.548 0.410 Bank of America Merrill Lynch 4 4.711 81,154 394 6 3.731 0.980 Barclays 5 4.926 81,608 599 4 4.898 0.028 Goldman Sachs 5 4.683 80,677 384 5 3.862 0.821 Morgan Stanley 6 4.650 77,051 620 7 4.044 0.606 HSBC 6 4.152 71,517 509 2 4.895 -0.743 Deutsche Bank 7 4.627 76,667 508 5 4.876 -0.249 Barclays 7 3.318 57,158 342 7 2.912 0.406 HSBC 8 3.404 56,406 416 8 3.439 -0.035 UBS 8 3.134 53,987 298 8 2.807 0.327 BNP Paribas 9 3.132 51,895 389 9 3.023 0.109 Deutsche Bank 9 2.598 44,756 302 9 2.802 -0.204 Wells Fargo 10 2.909 48,199 387 11 2.767 0.142 Credit Suisse 10 2.474 42,618 269 10 2.771 -0.297 Mizuho Financial 11 2.898 48,016 499 10 2.943 -0.045 Wells Fargo 11 2.207 38,011 210 11 2.648 -0.441 Credit Suisse 12 2.834 46,952 365 12 2.351 0.483 BNP Paribas 12 2.045 35,222 233 14 1.859 0.186 RBC Capital Markets 13 2.410 39,925 311 13 2.209 0.201 Credit Agricole CIB 13 1.866 32,138 212 12 2.098 -0.232 Mitsubishi UFJ Financial Group Inc 14 2.304 38,176 305 14 1.874 0.430 RBC Capital Markets 14 1.527 26,313 194 16 1.467 0.060 Societe Generale 15 1.744 28,888 242 15 1.581 0.163 CITIC Securities Co Ltd 15 1.366 23,527 106 17 1.433 -0.067 Banco Santander 16 1.501 24,876 198 18 1.343 0.158 Societe Generale 16 1.219 20,999 153 19 1.257 -0.038 Sumitomo Mitsui Financial 17 1.419 23,509 303 16 1.580 -0.161 Mizuho Financial 17 1.156 19,920 230 21 1.044 0.112 Credit Agricole CIB 18 1.311 21,728 192 20 1.258 0.053 Bank of China 18 0.959 16,529 147 36 0.661 0.298 TD Securities 19 1.187 19,675 148 29 0.693 0.494 China Securities Co Ltd 19 0.898 15,476 96 13 1.927 -1.029 UBS 20 0.960 15,907 153 19 1.293 -0.333 Intesa Sanpaolo 20 0.895 15,415 56 24 0.989 -0.094 TOTAL 100% 1,656,845 5,019 100% TOTAL 100% 1,722,677 7,110 100% Syndicated Government Bonds International Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016 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 7.924 98,031 410 2 7.014 0.910 JP Morgan 1 8.024 257,566 1,582 1 8.153 -0.129 JP Morgan 2 6.799 84,115 507 3 6.967 -0.168 Citi 2 7.109 228,206 1,329 2 7.220 -0.111 HSBC 3 6.694 82,819 391 4 6.907 -0.213 Bank of America Merrill Lynch 3 6.641 213,190 1,144 5 6.415 0.226 Barclays 4 5.883 72,782 330 1 9.312 -3.429 HSBC 4 5.934 190,485 1,125 4 6.606 -0.672 Bank of America Merrill Lynch 5 5.215 64,515 305 6 4.909 0.306 Barclays 5 5.882 188,806 1,053 3 7.021 -1.139 Deutsche Bank 6 4.807 59,467 285 5 5.501 -0.694 Goldman Sachs 6 5.813 186,604 900 6 5.597 0.216 Goldman Sachs 7 4.617 57,124 177 8 4.592 0.025 Deutsche Bank 7 4.979 159,822 904 7 5.203 -0.224 TD Securities 8 4.123 51,015 491 7 4.877 -0.754 Morgan Stanley 8 4.336 139,183 726 9 3.734 0.602 BNP Paribas 9 4.105 50,789 228 10 3.833 0.272 BNP Paribas 9 4.081 130,996 793 8 4.003 0.078 Nomura 10 3.563 44,076 340 9 3.970 -0.407 Credit Suisse 10 2.459 78,951 549 11 2.551 -0.092 Morgan Stanley 11 2.469 30,542 421 11 2.501 -0.032 Societe Generale 11 2.385 76,576 467 13 2.217 0.168 UniCredit 12 2.454 30,356 107 14 1.980 0.474 Credit Agricole CIB 12 2.332 74,852 514 10 2.640 -0.308 Societe Generale 13 2.443 30,225 99 15 1.956 0.487 RBC Capital Markets 13 1.946 62,464 407 14 1.983 -0.037 RBC Capital Markets 14 2.427 30,024 212 13 2.228 0.199 Wells Fargo 14 1.936 62,164 460 12 2.374 -0.438 Credit Agricole CIB 15 1.996 24,699 140 12 2.308 -0.312 UniCredit 15 1.813 58,196 319 15 1.968 -0.155 BMO Capital Markets 16 1.586 19,626 74 20 1.345 0.241 UBS 16 1.791 57,498 334 16 1.835 -0.044 Commerzbank 17 1.475 18,253 72 24 0.962 0.513 TD Securities 17 1.552 49,833 291 17 1.796 -0.244 NatWest Markets 18 1.440 17,821 74 - - 1.440 Mizuho Financial 18 1.526 48,998 453 18 1.562 -0.036 Mizuho Financial 19 1.427 17,654 249 26 0.874 0.553 Mitsubishi UFJ Financial Group Inc 19 1.431 45,932 345 22 1.239 0.192 Wells Fargo 20 1.324 16,385 310 16 1.737 -0.413 NatWest Markets 20 1.372 44,032 250 - - 1.372 TOTAL 100% 1,237,204 5,182 100% TOTAL 100% 3,210,129 7,747 100% Bloomberg League Table Reports Page 2 Bloomberg Global Fixed Income | 1st 3Q 2017 Global Bonds Corporate High Yield Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016 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 11.444 99,832 478 1 11.294 0.150 JP Morgan 1 8.136 35,398 312 5 6.344 1.792 Bank of America Merrill Lynch 2 10.590 92,376 431 2 9.275 1.315 Goldman Sachs 2 6.502 28,287 224 4 6.443 0.059 Citi 3 9.790 85,403 384 3 9.217 0.573 Morgan Stanley 3 6.490 28,235 205 9 3.566 2.924 Goldman Sachs 4 8.160 71,183 296 5 6.942 1.218 Bank of America Merrill Lynch 4 6.323 27,511 260 1 7.040 -0.717 Morgan Stanley 5 7.100 61,931 239 7 5.707 1.393 Barclays 5 6.172 26,852 216 6 5.649 0.523 Barclays 6 6.645 57,963 277 4 8.896 -2.251 Credit Suisse 6 5.563 24,203 201 7 4.824 0.739 Deutsche Bank 7 4.568 39,844 183 9 4.847 -0.279 Citi 7 5.443 23,683 249 3 6.626 -1.183 HSBC 8 4.477 39,052 130 6 6.330 -1.853 Deutsche Bank 8 4.854 21,119 208 2 6.654 -1.800 Wells Fargo 9 4.263 37,184 253 8 5.044 -0.781 Wells Fargo 9 3.277 14,257 141 11 2.654 0.623 TD Securities 10