GLOBAL FIXED INCOME LEAGUE TABLES Q1 2016
Q1 2016
kath
MANAGER RANKINGS
GLOBAL FIXED INCOME 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 retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.
CONTENTS 1. 2. 3. 4. 5. 6. 7.
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Global Corporate Leveraged Finance: Quarterly Volume
Global Fixed Income Review
Corporate High Yield Bonds Global Sponsor-Led Loans 400
USD Bln
200
Top Underwriter
Issuer
JP Morgan Number of deals
326
Volume (USD Mln)
60,536
Avg Deal size (USD Mln)
185.7
Market Summary Number of deals
3,686
Volume (USD Mln)
1,083,998
Avg Deal size (USD Mln)
294.1
Industry
Volume (USD Mln)
Date
Anheuser-Busch InBev Finance Inc Consumer Staples
11,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
11,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
7,500
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
6,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
6,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
4,000
01/13/2016
Huaxia Bank Co Ltd
Financials
3,814
02/29/2016
Cooperatieve Rabobank UA
Financials
3,539
01/08/2016
Western Digital Corp
Technology
3,350
03/18/2016
Consumer Staples
3,325
03/16/2016
Anheuser-Busch InBev SA/NV
QQ 1 1 2 200 1166
QQ 1 1 2 200 1155
Quarters
Corporate & Financial Bonds: Industry Breakdown Financials 57% 17%
Consumer Staples 7% Consumer Discretionary 7%
5%
Industrials 6%
6% 57%
7%
Energy 5% Others 17%
7%
Corporate & Financial Bonds: Quarterly Volume Deal Count
Other
High Yield
Investment Grade 6,000
1,400 1,200
5,000
0 QQ1 1 2200 1166
QQ11 220 011 66
QQ11 220 011 55
QQ11 220 011 44
QQ11 220 011 22
QQ11 220 011 33
Quarters
200
QQ1 1 2200 1155
0
0
400
QQ1 1 2200 1144
1,000
200
600
QQ1 1 2200 1133
2,000
400
Investment Grade 700
QQ1 1 2200 1122
600
High Yield
QQ1 1 2200 1111
3,000
Basis points
800
QQ11 220 011 11
Corporate & Financial Bonds: Spread to Benchmark
4,000
Deal Count
USD Bln
1,000
Bloomberg Global Fixed Income | Q1 2016
Corporate & Financial Bonds: Highlights of Q1 2016
QQ 1 1 2 200 1144
QQ 1 1 2 200 1133
QQ 1 1 2 200 1122
0 QQ 1 1 2 200 1111
Q1 2016 credited Corporate & Financial Bonds volume decreased 7.59% to USD 1.1 Trln while deal count decreased 8.67% to 3,686 offerings year-on-year. Corporate Bonds volume decreased 14.85% year-on-year to USD 471.0 Bln while the deal count decreased 17.12% to 1,307. Financial Bonds volume decreased 1.12% yearon-year to USD 613.0 Bln over 2,379 deals. JP Morgan ranked as the top Corporate & Financial Bonds underwriter for Q1 2016 with 5.58% market share. The bank underwrote 326 deals over the period. Citi and Bank of America Merrill Lynch ranked second and third with 5.34% and 5.20% market share, respectively.
Quarters
1
Financial Bonds Q1 2015
Q1 2016
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Bank of America Merrill Lynch
1
7.22
33,984
194
JP Morgan
2
7.02
33,053
184
1
8.29
Citi
3
6.01
28,305
188
3
6.34
Deutsche Bank
4
5.31
25,001
131
6
Barclays
5
4.75
22,350
128
4
Goldman Sachs
6
4.47
21,062
117
BNP Paribas
7
3.53
16,623
Wells Fargo
8
3.05
14,387
HSBC
9
2.94
Mizuho Financial
10
Morgan Stanley
11
Societe Generale Banco Santander
Q1 2015
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Goldman Sachs
1
4.84
29,663
112
7
3.80
1.04
Citi
2
4.82
29,567
143
2
4.86
-0.04
-1.27
HSBC
3
4.62
28,348
139
6
4.02
0.60
-0.33
JP Morgan
4
4.48
27,483
142
1
5.78
-1.30
5.06
0.25
Morgan Stanley
5
4.42
27,095
97
5
4.09
0.33
5.97
-1.22
Barclays
6
3.65
22,389
105
9
3.63
0.02
8
4.21
0.26
Bank of America Merrill Lynch
7
3.65
22,386
121
8
3.71
-0.06
100
11
3.05
0.48
Deutsche Bank
8
3.15
19,341
102
3
4.76
-1.61
93
9
3.64
-0.59
Wells Fargo
9
2.82
17,315
61
15
1.92
0.90
13,864
86
7
4.53
-1.59
UBS
10
2.77
16,958
92
10
3.59
-0.82
2.90
13,647
122
14
2.27
0.63
BNP Paribas
11
2.41
14,783
70
13
2.03
0.38
2.70
12,723
107
5
5.13
-2.43
Credit Agricole CIB
12
2.21
13,572
77
11
2.71
-0.50
12
2.42
11,382
70
15
1.99
0.43
Societe Generale
13
1.90
11,625
58
16
1.55
0.35
13
2.00
9,433
46
30
0.71
1.29
Guotai Junan Securities Co Ltd
14
1.85
11,326
30
38
0.56
1.29
RBC Capital Markets
14
1.91
9,015
65
13
2.37
-0.46
Credit Suisse
15
1.72
10,556
73
4
4.15
-2.43
Mitsubishi UFJ Financial
15
1.78
8,378
59
16
1.89
-0.11
RBC Capital Markets
16
1.70
10,439
51
12
2.57
-0.87
ING Groep
16
1.72
8,087
39
27
0.76
0.96
Natixis
17
1.55
9,491
42
14
2.02
-0.47
Credit Suisse
17
1.71
8,043
59
10
3.58
-1.87
18
1.43
8,796
48
20
1.05
0.38
Sumitomo Mitsui Financial
18
1.64
7,739
66
21
0.93
0.71
Landesbank BadenWuerttemberg
UniCredit
19
1.58
7,447
35
19
1.08
0.50
TD Securities
19
1.30
7,995
34
27
0.87
0.43
RBS
20
1.42
6,706
41
12
2.40
-0.98
CITIC Securities Co Ltd
20
1.29
7,917
33
21
0.93
0.36
100%
470,968
1,307
100%
613,029
2,379
Firm
TOTAL
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 2
7.14
0.08
100%
Firm
TOTAL
Syndicated Government Bonds Q1 2016
Mkt Share Chg(%)
100%
International Bonds Q1 2015
Q1 2016
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Barclays
1
10.44
42,921
112
1
9.95
0.49
JP Morgan
2
7.64
31,397
134
5
5.36
2.28
HSBC
3
7.19
29,545
143
2
6.51
Citi
4
5.78
23,770
100
3
Goldman Sachs
5
5.47
22,489
60
6
TD Securities
6
5.01
20,574
104
BNP Paribas
7
4.93
20,265
Bank of America Merrill Lynch
8
4.92
Deutsche Bank
9
4.29
Morgan Stanley
10
Societe Generale
11
Nomura UniCredit
Q1 2015
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
JP Morgan
1
7.56
81,246
394
1
7.66
-0.10
Barclays
2
7.48
80,317
303
2
7.39
0.09
0.68
Citi
3
6.43
69,119
354
3
6.59
-0.16
6.11
-0.33
HSBC
4
6.39
68,609
322
5
6.02
0.37
4.31
1.16
Bank of America Merrill Lynch
5
6.33
68,012
323
6
5.18
1.15
9
3.96
1.05
Goldman Sachs
6
6.32
67,880
242
7
4.83
1.49
56
7
4.01
0.92
Deutsche Bank
7
5.11
54,892
254
4
6.23
-1.12
20,235
96
8
3.98
0.94
BNP Paribas
8
4.74
50,924
215
10
3.65
1.09
17,651
74
4
5.68
-1.39
Morgan Stanley
9
3.41
36,637
131
8
4.62
-1.21
2.85
11,706
55
12
3.14
-0.29
Societe Generale
10
3.13
33,658
165
12
2.49
0.64
2.59
10,635
33
16
2.07
0.52
Credit Agricole CIB
11
2.53
27,225
155
11
3.28
-0.75
12
2.57
10,569
79
13
2.96
-0.39
TD Securities
12
2.29
24,565
94
19
1.31
0.98
13
2.24
9,215
46
10
3.88
-1.64
Wells Fargo
13
2.26
24,267
111
15
2.13
0.13
Credit Agricole CIB
14
2.16
8,890
52
11
3.31
-1.15
UniCredit
14
2.14
22,938
130
13
2.37
-0.23
Landesbank BadenWuerttemberg
15
1.93
7,949
32
30
0.72
1.21
UBS
15
1.82
19,568
102
17
1.96
-0.14
Credit Suisse
16
1.77
18,998
119
9
3.79
-2.02
RBC Capital Markets
16
1.61
6,616
42
14
2.72
-1.11
Banco Santander
17
1.77
18,993
78
20
1.30
0.47
Scotiabank
17
1.50
6,175
22
25
1.03
0.47
18
1.66
17,838
86
27
0.82
0.84
BMO Capital Markets
18
1.47
6,028
23
22
1.21
0.26
Landesbank BadenWuerttemberg
RBS
19
1.37
5,623
22
15
2.32
-0.95
RBS
19
1.54
16,581
77
14
2.29
-0.75
Wells Fargo
20
1.32
5,439
75
19
1.57
-0.25
RBC Capital Markets
20
1.49
16,049
100
16
2.02
-0.53
100%
411,010
1,276
100%
1,074,341
2,410
Firm
TOTAL
100%
Firm
TOTAL
Bloomberg Global Fixed Income | Q1 2016
Corporate Bonds Q1 2016
100%
2
Corporate High Yield Bonds Q1 2015
Rank
JP Morgan
1
12.07
49,434
183
1
12.75
-0.68
Rank 1
9.39
7,601
8
-
-
-
-0.07
Guotai Junan Securities Co Ltd
Barclays
2
9.29
38,040
107
2
9.36
Bank of America Merrill Lynch
3
9.22
37,739
160
6
7.96
1.26
Bank of America Merrill Lynch
2
7.60
6,153
32
3
6.99
0.61
Goldman Sachs
3
6.89
5,576
28
8
5.18
Citi
4
8.29
33,941
143
3
8.15
1.71
0.14
JP Morgan
4
5.20
4,209
33
1
7.37
-2.17
Goldman Sachs
5
7.32
29,962
101
4
Morgan Stanley
6
6.33
25,931
71
5
8.14
-0.82
Citi
5
5.10
4,131
30
2
7.01
-1.91
8.08
-1.75
Credit Suisse
6
3.60
2,916
21
7
5.76
HSBC
7
5.66
23,161
69
-2.16
9
5.68
-0.02
Barclays
7
3.44
2,783
17
6
5.92
Deutsche Bank
8
5.19
21,228
-2.48
76
7
6.28
-1.09
CITIC Securities Co Ltd
8
3.38
2,737
5
48
0.20
Wells Fargo
9
4.59
3.18
18,771
79
8
5.90
-1.31
Deutsche Bank
9
3.32
2,687
26
5
6.01
-2.69
TD Securities
10
BNP Paribas
11
4.53
18,529
53
11
3.28
1.25
UBS
10
3.03
2,453
7
9
3.72
-0.69
3.55
14,520
61
13
2.54
1.01
Wells Fargo
11
2.97
2,405
16
12
2.94
RBC Capital Markets
0.03
12
2.54
10,409
47
12
3.10
-0.56
China Securities Co Ltd
12
2.89
2,343
6
-
-
-
Mizuho Financial
13
2.23
9,120
59
15
1.86
0.37
Huatai Securities Co Ltd
13
2.38
1,924
3
-
-
-
Mitsubishi UFJ Financial
14
1.62
6,620
31
18
1.14
0.48
Credit Agricole CIB
14
2.31
1,873
8
15
1.80
0.51
Credit Suisse
15
1.31
5,373
26
10
3.58
-2.27
HSBC
15
2.14
1,731
10
13
2.30
-0.16
Societe Generale
16
1.15
4,691
22
26
0.36
0.79
SunTrust Robinson Humphrey
16
2.00
1,616
11
16
1.63
0.37
BMO Capital Markets
17
1.13
4,610
15
19
0.79
0.34
Agricultural Bank of China Ltd
17
1.65
1,336
3
111
0.02
1.63
Banco Santander
18
1.10
4,519
17
21
0.61
0.49
Morgan Stanley
18
1.53
1,238
16
4
6.69
-5.16
Nomura
19
1.01
4,144
11
17
1.15
-0.14
Mizuho Financial
19
1.52
1,230
7
25
0.85
0.67
Sumitomo Mitsui Financial
20
1.01
4,128
18
20
0.72
0.29
Mitsubishi UFJ Financial
20
1.49
1,206
7
23
1.18
0.31
100%
409,396
411
100%
80,950
168
TOTAL
Deal Count
Q1 2015
Mkt Share(%)
Firm
Volume (USD Mln)
Q1 2016
Mkt Share(%)
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Firm
TOTAL
Volume (USD Mln)
Deal Count
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Bloomberg Global Fixed Income | Q1 2016
Global Bonds Q1 2016
3
US Leveraged Finance: Quarterly Volume
US Fixed Income Review
US Leveraged Loans US High Yield Corporate Bonds 500 400 USD Bln
200
Top Underwriter
Issuer
JP Morgan Number of deals
236
Volume (USD Mln)
49,685
Avg Deal size (USD Mln)
210.5
Market Summary Number of deals
521
Volume (USD Mln)
413,431
Avg Deal size (USD Mln)
793.5
Industry
Volume (USD Mln)
Date
Anheuser-Busch InBev Finance Inc Consumer Staples
11,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
11,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
7,500
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
6,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
6,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
4,000
01/13/2016
Western Digital Corp
Technology
3,350
03/18/2016
HSBC Holdings PLC
Financials
3,000
03/01/2016
Morgan Stanley
Financials
3,000
01/22/2016
Energy
3,000
01/28/2016
Petroleos Mexicanos
7%
Financials 42%
6%
Consumer Staples 14%
6%
Technology 10%
42%
8%
Consumer Discretionary 9% Energy 8%
9%
Health Care 6% Communications 6%
14%
Others 7%
US Domestic Bonds: Quarterly Volume Other
QQ 1 1 2 200 1166
US Corporate Bonds: Industry Breakdown
10%
Deal Count
QQ 1 1 2 200 1155
Quarters
High Yield
Investment Grade 700
1,800
1,500
400
1,000
US Domestic Bonds: Spread to Benchmark High Yield
Deal Count
Investment Grade 700 600
200
200
QQ1 1 2200 1166
QQ1 1 2200 1155
QQ1 1 2200 1144
QQ1 1 2200 1133
0 QQ1 1 2200 1122
QQ11 220 011 66
400
QQ1 1 2200 1111
Quarters
QQ11 220 011 55
QQ11 220 011 44
QQ11 220 011 33
QQ11 220 011 22
0
Basis points
500
0 QQ11 220 011 11
USD Bln
600
Bloomberg Global Fixed Income | Q1 2016
US Corporate Bonds: Highlights of Q1 2016
QQ 1 1 2 200 1144
QQ 1 1 2 200 1133
QQ 1 1 2 200 1122
0 QQ 1 1 2 200 1111
Q1 2016 credited US Corporate Bonds volume decreased 11.09% to USD 413.4 Bln while deal count decreased 36.15% to 521 offerings year-on-year. US Investment Grade Corporate Bonds volume increased 0.58% yearon-year to USD 367.4 Bln while the deal count decreased 32.11% to 425. US High Yield Corporate Bonds volume decreased 56.60% year-on-year to USD 41.3 Bln over 72 deals. JP Morgan ranked as the top US Corporate Bonds underwriter for Q1 2016 with 12.02% market share. The bank underwrote 236 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with 10.74% and 10.15% market share, respectively.
Quarters
4
US Agency Bonds Q1 2015
Rank
Rank
Mkt Share(%)
JP Morgan
1
11.77
67,063
274
1
11.63
0.14
Barclays
1
14.15
16,435
58
1
15.81
-1.66
Bank of America Merrill Lynch
2
9.57
54,538
285
2
9.52
0.05
Wells Fargo
2
7.76
9,020
212
2
7.92
-0.16
Citi
3
7.01
8,138
85
10
2.70
4.31
Citi
3
9.56
54,432
254
3
9.04
0.52
Deutsche Bank
4
6.43
7,466
41
7
4.34
2.09
Barclays
4
8.21
46,756
166
4
8.57
-0.36
JP Morgan
5
6.28
7,292
67
3
6.71
-0.43
Goldman Sachs
5
7.38
42,022
174
6
6.49
0.89
FTN Financial
6
6.19
7,193
241
6
4.56
1.63
Wells Fargo
6
6.21
35,380
219
7
5.99
0.22
Nomura
7
5.99
6,955
46
4
6.32
-0.33
Morgan Stanley
7
5.71
32,519
146
5
7.35
-1.64
TD Securities
8
5.16
5,999
46
8
4.14
1.02
Deutsche Bank
8
5.48
31,231
132
8
5.82
-0.34
Morgan Stanley
9
3.41
3,960
137
5
4.81
-1.40
HSBC
9
4.99
28,402
104
9
5.16
-0.17
Incapital
10
3.20
3,717
232
11
2.60
0.60
TD Securities
10
3.70
21,053
72
13
1.92
1.78
11
2.58
2,999
119
17
2.08
0.50
BNP Paribas
11
3.19
18,160
84
12
2.20
0.99
Bank of America Merrill Lynch
RBC Capital Markets
12
2.46
13,988
70
11
2.99
-0.53
Cantor Fitzgerald
12
2.45
2,846
62
20
1.80
0.65
Mizuho Financial
13
2.07
11,791
85
17
1.43
0.64
Jefferies
13
2.42
2,811
84
19
2.02
0.40
Credit Suisse
14
1.57
8,964
56
10
4.59
-3.02
Stifel
14
2.39
2,772
197
12
2.52
-0.13
Mitsubishi UFJ Financial
15
1.55
8,830
51
16
1.46
0.09
Vining Sparks
15
2.13
2,473
226
13
2.30
-0.17
Nomura
16
1.41
8,046
31
18
1.09
0.32
Goldman Sachs
16
2.08
2,420
37
16
2.08
0.00
UBS
17
1.07
6,077
34
14
1.79
-0.72
HSBC
17
1.87
2,169
26
9
3.72
-1.85
Banco Santander
18
1.04
5,935
21
37
0.17
0.87
1.72
1,996
180
21
1.79
-0.07
19
0.96
5,452
28
22
0.74
0.22
SunTrust Robinson Humphrey
18
Societe Generale Sumitomo Mitsui Financial
20
27
0.45
0.47
Daiwa Securities
19
1.68
1,949
86
18
2.05
-0.37
INTL FCStone Inc
20
1.67
1,936
86
26
1.02
0.65
100%
116,160
1,561
TOTAL
Deal Count
0.92
5,245
26
100%
569,626
978
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Firm
TOTAL
US Corporate Bonds Q1 2015
100%
Q1 2016
Rank
Rank
Mkt Share(%)
JP Morgan
1
12.02
49,685
236
1
12.85
-0.83
JP Morgan
1
8.90
27,968
106
2
7.87
1.03
Bank of America Merrill Lynch
2
10.74
44,405
232
2
9.96
0.78
HSBC
2
8.71
27,382
87
3
7.52
1.19
3
8.05
25,316
109
5
7.14
0.91
Citi
3
10.15
41,961
210
3
9.80
0.35
Bank of America Merrill Lynch
Goldman Sachs
4
7.68
31,766
147
7
6.51
1.17
Citi
4
7.92
24,888
108
1
9.41
-1.49
Wells Fargo
5
7.24
29,940
144
6
6.59
0.65
Barclays
5
6.53
20,536
67
6
6.58
-0.05
Barclays
6
6.03
24,942
126
5
6.70
-0.67
Goldman Sachs
6
5.60
17,593
51
7
5.93
-0.33
Morgan Stanley
7
5.95
24,583
118
4
7.54
-1.59
Deutsche Bank
7
5.29
16,614
52
4
7.48
-2.19
Deutsche Bank
8
5.22
21,579
108
9
5.28
-0.06
TD Securities
8
5.09
16,012
37
13
2.65
2.44
HSBC
9
4.52
18,697
61
10
4.37
0.15
Morgan Stanley
9
4.66
14,655
50
8
5.69
-1.03
BNP Paribas
10
2.84
11,748
66
16
1.39
1.45
BNP Paribas
10
4.06
12,758
43
12
3.02
1.04
RBC Capital Markets
11
2.66
11,009
66
11
3.52
-0.86
RBC Capital Markets
11
2.12
6,654
20
11
3.28
-1.16
Mizuho Financial
12
2.54
10,519
71
14
1.86
0.68
Wells Fargo
12
1.93
6,064
29
27
0.48
1.45
Mitsubishi UFJ Financial
13
2.12
8,747
50
13
1.93
0.19
Credit Suisse
13
1.92
6,035
34
9
5.44
-3.52
TD Securities
14
1.84
7,599
38
20
0.85
0.99
UBS
14
1.92
6,023
18
10
3.65
-1.73
Credit Suisse
15
1.84
7,589
50
8
5.49
-3.65
Nomura
15
1.70
5,333
21
15
1.51
0.19
UBS
16
1.41
5,817
32
12
2.31
-0.90
Mitsubishi UFJ Financial
16
1.69
5,304
20
22
0.79
0.90
Banco Santander
17
1.35
5,598
20
37
0.15
1.20
Banco Santander
17
1.56
4,910
15
35
0.28
1.28
Societe Generale
18
1.27
5,265
26
21
0.67
0.60
Standard Chartered Bank
18
1.39
4,383
24
14
1.63
-0.24
Sumitomo Mitsui Financial
19
1.27
5,245
26
23
0.57
0.70
Mizuho Financial
19
1.38
4,325
33
20
0.91
0.47
US Bancorp
20
1.23
5,072
43
18
1.13
0.10
Sumitomo Mitsui Financial
20
1.23
3,876
18
32
0.36
0.87
100%
413,430
521
100%
314,349
523
TOTAL
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Firm
TOTAL
Volume (USD Mln)
Q1 2015
Mkt Share(%)
Firm
Deal Count
Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
US Dollar Foreign Issuer Bonds
Q1 2016 Volume (USD Mln)
Volume (USD Mln)
Q1 2015
Mkt Share(%)
Firm
Volume (USD Mln)
Q1 2016
Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
Bloomberg Global Fixed Income | Q1 2016
US Domestic Bonds Q1 2016
100%
5
Q1 2016
US High Yield Corporate Bonds
Q1 2015
Rank
JP Morgan
1
12.26
45,049
205
1
13.94
-1.68
Rank
Bank of America Merrill Lynch
1
13.85
5,720
Bank of America Merrill Lynch
2
10.45
38,388
199
3
9.81
0.64
28
1
10.84
3.01
Citi
3
10.20
37,473
183
2
9.91
0.29
Goldman Sachs
2
12.13
5,008
25
8
6.03
6.10
Citi
3
9.25
3,819
26
2
9.21
Wells Fargo
4
7.47
27,430
126
5
6.96
0.04
0.51
JP Morgan
4
8.72
3,600
29
4
8.75
-0.03
Goldman Sachs
5
7.31
26,849
121
6
Morgan Stanley
6
6.25
22,953
102
4
6.66
0.65
Barclays
5
6.74
2,783
17
5
7.66
-0.92
7.21
-0.96
Wells Fargo
6
5.82
2,405
16
10
4.93
Barclays
7
5.99
22,000
107
0.89
7
6.46
-0.47
Credit Suisse
7
4.79
1,979
14
7
6.33
-1.54
Deutsche Bank
8
5.36
19,703
HSBC
9
4.64
17,047
90
10
4.73
0.63
Deutsche Bank
8
4.54
1,876
18
6
7.13
-2.59
53
9
4.91
-0.27
9
3.91
1,616
11
11
2.68
1.23
11,515
63
16
1.48
1.65
SunTrust Robinson Humphrey
BNP Paribas
10
3.13
RBC Capital Markets
11
Mizuho Financial
12
2.72
9,979
57
11
3.13
-0.41
Credit Agricole CIB
10
3.58
1,477
4
14
1.86
1.72
2.53
9,289
64
13
2.23
0.30
Mizuho Financial
11
2.98
1,230
7
25
0.56
Mitsubishi UFJ Financial
2.42
13
2.15
7,881
46
15
1.97
0.18
Morgan Stanley
12
2.82
1,163
15
3
8.94
-6.12
TD Securities
14
2.07
7,599
38
19
1.04
1.03
HSBC
13
2.74
1,132
6
13
2.12
0.62
Banco Santander
15
1.48
5,431
19
36
0.15
1.33
RBC Capital Markets
14
2.49
1,027
9
9
5.13
-2.64
Societe Generale
16
1.40
5,140
25
22
0.61
0.79
Mitsubishi UFJ Financial
15
2.10
866
4
15
1.86
0.24
Credit Suisse
17
1.39
5,118
33
8
5.40
-4.01
Jefferies
16
1.84
759
5
12
2.26
-0.42
US Bancorp
18
1.32
4,857
39
18
1.10
0.22
UBS
17
1.70
702
4
21
1.01
0.69
UBS
19
1.32
4,854
23
12
2.62
-1.30
Sumitomo Mitsui Financial
18
1.58
653
2
31
0.25
1.33
Sumitomo Mitsui Financial
20
1.25
4,592
24
21
0.66
0.59
Guggenheim Capital
19
1.51
625
1
-
-
-
100%
367,375
425
Nomura
20
1.44
595
4
20
1.01
0.43
100%
41,301
72
TOTAL
Deal Count
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Firm
TOTAL
US Dollar Preferreds Q1 2016
Q1 2015
Rank
Mkt Share(%)
Wells Fargo
1
24.50
2,231
19
4
7.19
17.31
Bank of America Merrill Lynch
2
24.26
2,210
17
2
35.74
-11.48
Morgan Stanley
3
12.59
1,146
17
3
7.63
4.96
Citi
4
12.37
1,127
3
-
-
-
Goldman Sachs
5
8.14
742
2
-
-
-
UBS
6
7.18
654
11
6
4.83
2.35
JP Morgan
7
5.38
490
5
1
35.86
-30.48
RBC Capital Markets
8
1.32
120
3
8
0.89
0.43
Huntington Investment Co/The
9
0.73
67
1
-
-
-
BB&T
10
0.73
66
1
9
0.54
0.19
Credit Suisse
10
0.73
66
1
-
-
-
Deutsche Bank
10
0.73
66
1
-
-
-
Stifel
13
0.62
57
2
5
5.71
-5.09
Raymond James & Associates
14
0.21
19
1
9
0.54
-0.33
FBR Capital Markets Corp
15
0.20
18
2
-
-
-
Davidson & Co
16
0.16
15
1
-
-
-
Oppenheimer & Co
17
0.04
3
1
-
-
-
Janney Montgomery Scott LLC
17
0.04
3
1
7
0.89
-0.85
Wunderlich Securities Inc
17
0.04
3
1
-
-
-
Incapital
17
0.04
3
1
-
-
-
100%
9,108
26
Firm
TOTAL
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%) Mkt Share Chg(%)
Volume (USD Mln)
Q1 2015
Mkt Share(%)
Firm
Volume (USD Mln)
Q1 2016
Mkt Share(%)
Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Bloomberg Global Fixed Income | Q1 2016
US Investment Grade Corporate Bonds
100%
6
Canadian Corporate Domestic Bonds: Quarterly Volume Deal Count
Amount
40
90 80
Q1 2016 credited Canadian Corporate Bonds volume decreased 35.45% to CAD 21.1 Bln while deal count decreased 47.76% to 35 offerings year-on-year. Canadian Corporate Bonds - Bonus volume decreased 35.45% year-on-year to CAD 21.1 Bln while the deal count decreased 47.76% to 35. Canadian Government Bonds volume decreased 4.12% year-on-year to CAD 28.3 Bln over 73 deals. RBC Capital Markets ranked as the top Canadian Corporate Bonds underwriter for Q1 2016 with 32.75% market share. The bank underwrote 21 deals over the period. TD Securities and BMO Capital Markets ranked second and third with 25.41% and 20.17% market share, respectively.
30
USD Bln
40
QQ 1 1 2 200 1166
QQ 1 1 2 200 1155
QQ 1 1 2 200 1144
0 QQ 1 1 2 200 1133
0 QQ 1 1 2 200 1122
20
QQ 1 1 2 200 1111
10
Deal Count
60 20
Quarters
Canadian Corporate Domestic Bonds Q1 2016
Canadian Corporate Domestic Bonds: Industry Breakdown Q1 2015
Rank
Mkt Share(%)
Volume (CAD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
RBC Capital Markets
1
32.75
6,917
21
1
25.78
6.97
TD Securities
2
25.41
5,368
15
4
11.79
13.62
BMO Capital Markets
3
20.17
4,260
16
5
9.36
10.81
CIBC
4
11.84
2,501
10
3
14.26
-2.42
Scotiabank
5
5.50
1,162
8
2
24.45
-18.95
Bank of America Merrill Lynch
6
1.34
283
2
10
0.70
0.64
Wells Fargo
7
1.18
250
1
-
-
-
National Bank Financial Inc
7
1.18
250
1
6
6.27
-5.09
Casgrain & Co
9
0.62
132
1
-
-
-
-
-
-
-
-
-
-
-
100%
21,122
35
Firm
TOTAL
Financials 69%
9%
Consumer Discretionary 10%
6%
Utilities 6%
6%
Industrials 6%
10%
Others 9% 69%
100%
Canadian Corporate Domestic Bonds: Manager Rankings History Canadian Government Bonds
2016
2015
2014
35
Q1 2015
30
23.13
-12.72
7
0.29
1.47
Bank of America Merrill Lynch
8
0.53
150
1
-
-
-
HSBC
8
0.53
150
1
-
-
-
Laurentian Bank of Canada
10
0.18
50
1
-
-
-
100%
28,349
73
TOTAL
ch
1
1
yn
10
500
L
2,950
1.76
er ri l l
10.41
7
M
6
Desjardins Capital Markets
a
RBC Capital Markets
0
er ic
-0.83
nk
0.36
11.25
ba
15.64
6
ti a
4
7
co
19
2,955
m
4,537
10.42
S
16.00
5
A
4
Scotiabank
of
TD Securities
10
k
-1.40
B
an
18.90
C
2
C IB
23
ts
4,961
ar ke
17.50
l M
3
i ta
2.89
CIBC
es
8.99
14.97
O C ap
15.82
5
M
3
10
B
22
5,063
ur i ti
7,034
17.86
ec
24.81
2
ts
1
BMO Capital Markets
20
TD S
National Bank Financial Inc
Firm
ar ke
Mkt Share Chg(%)
l M
Prev Mkt Share(%)
i ta
Prev Rank
C C ap
Deal Count
R B
Rank
Volume (CAD Mln)
Market Share (%)
Q1 2016 Mkt Share(%)
Bloomberg Global Fixed Income | Q1 2016
Canadian Fixed Income Review
100%
7
Latin American Bonds: Quarterly Volume Deal Count
USD Bln
400
60
300
40
200
20
100
QQ 1 1 2 200 1166
QQ 1 1 2 200 1155
QQ 1 1 2 200 1144
QQ 1 1 2 200 1133
QQ 1 1 2 200 1122
0
QQ 1 1 2 200 1111
0
Deal Count
Q1 2016 credited Latin American Bonds volume decreased 13.86% to USD 30.4 Bln while deal count decreased 48.36% to 63 offerings year-on-year. Latin American Local Currency Bonds volume decreased 56.95% year-onyear to USD 4.3 Bln while the deal count decreased 28.48% to 108. Brazilian Domestic Bonds volume decreased 63.67% year-on-year to BRL 3.7 Bln over 19 deals. JP Morgan ranked as the top Latin American Bonds underwriter for Q1 2016 with 15.41% market share. The bank underwrote 10 deals over the period. Bank of America Merrill Lynch and HSBC ranked second and third with 11.02% and 10.78% market share, respectively.
Amount
80
Quarters
Latin American Bonds
Latin American Bonds: Industry Breakdown
Q1 2016
Q1 2015
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
JP Morgan
1
15.41
4,679
10
7
7.12
8.29
Bank of America Merrill Lynch
2
11.02
3,344
10
1
12.85
-1.83
HSBC
3
10.78
3,274
14
3
10.82
-0.04
Banco Bilbao Vizcaya Argentaria
4
10.21
3,101
14
6
7.56
2.65
Citi
5
9.60
2,913
13
4
10.25
-0.65
Banco Santander
6
8.01
2,433
12
8
5.81
2.20
Credit Suisse
7
5.34
1,620
4
9
4.78
0.56
Deutsche Bank
8
4.91
1,490
4
5
8.22
-3.31
Morgan Stanley
9
4.12
1,250
2
2
12.22
-8.10
Societe Generale
10
3.86
1,171
4
51
0.00
3.86
100%
30,359
63
Firm
TOTAL
Government 54% Energy 24%
21%
Others 21% 54% 24%
100%
Latin American Bonds: Manager Rankings History Latin American Local Currency Bonds
2016
2015
2014
20
Q1 2015
2.37
Actinver Casa de Bolsa SA de CV
5
7.13
309
7
11
3.38
3.75
Mizuho Financial
6
5.70
247
6
25
0.74
4.96
Citi
7
5.45
236
7
6
7.64
-2.19
Bank of America Merrill Lynch
8
5.23
226
3
9
4.71
0.52
Daiwa Securities
9
5.08
220
3
43
0.08
5.00
HSBC
10
3.84
166
7
5
7.64
-3.80
100%
4,330
108
TOTAL
0
iz V ao
m
ilb
A of
B
k
B
an
co
an B
er
-1.85
4.87
nd
10.15
8
ta
1
17
an
7
314
S
359
7.24
co
8.30
4
an
3
JP Morgan
B
Banco Santander
C i ti
1.11
ar ia
9.24
nt
3
rg e
7
A
448
ya
10.35
C
2
B
Banco Bilbao Vizcaya Argentaria
10
ca
1.56
H S
9.49
ch
2
yn
3
L
479
er ri l l
11.05
n
1
M
Bradesco BBI SA
a
Mkt Share Chg(%)
er ic
Prev Mkt Share(%)
Firm
or ga
Prev Rank
M
Deal Count
JP
Rank
Volume (USD Mln)
Market Share (%)
Q1 2016 Mkt Share(%)
Bloomberg Global Fixed Income | Q1 2016
Latin America Fixed Income Review
100%
8
EMEA Leveraged Finance: Quarterly Volume
EMEA Fixed Income Review
EMEA Corporate High Yield Bonds (inc EM) EMEA Sponsor-led Leveraged Loans 100
EUR Bln
50
Top Underwriter
Issuer
HSBC Number of deals
98
Volume (EUR Mln)
23,633
Avg Deal size (EUR Mln)
241.1
Market Summary Number of deals
1,194
Volume (EUR Mln)
354,393
Avg Deal size (EUR Mln)
296.8
Industry
Volume (EUR Mln)
Date
Anheuser-Busch InBev Finance Inc Consumer Staples
11,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
11,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
7,500
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
6,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
6,000
01/13/2016
Anheuser-Busch InBev Finance Inc Consumer Staples
4,000
01/13/2016
Cooperatieve Rabobank UA
3,539
01/08/2016
Financials
Anheuser-Busch InBev SA/NV
Consumer Staples
3,325
03/16/2016
Anheuser-Busch InBev SA/NV
Consumer Staples
3,048
03/16/2016
Financials
3,000
03/01/2016
HSBC Holdings PLC
QQ 1 1 2 200 1166
QQ 1 1 2 200 1155
Quarters
European Corporate & Financial Bonds: Industry Breakdown Financials 69% 11%
Consumer Staples 16%
5%
Consumer Discretionary 5% Others 11%
16%
69%
European Corporate & Financial Bonds: Quarterly Volume Deal Count
Other
High Yield
1,500
200
1,000
100
500
Quarters
QQ11 220 011 66
QQ11 220 011 55
QQ11 220 011 44
QQ11 220 011 33
0 QQ11 220 011 22
QQ11 220 011 11
0
High Yield Investment Grade 800 600 400 200
0 QQ1 1 2200 1166
300
European Corporate & Financial Bonds: Spread to Benchmark
QQ1 1 2200 1155
2,000
QQ1 1 2200 1144
400
QQ1 1 2200 1133
2,500
QQ1 1 2200 1122
500
QQ1 1 2200 1111
3,000
Basis points
600
Deal Count
EUR Bln
Investment Grade
Bloomberg Global Fixed Income | Q1 2016
European Corporate & Financial Bonds: Highlights of Q1 2016
QQ 1 1 2 200 1144
QQ 1 1 2 200 1133
QQ 1 1 2 200 1122
0 QQ 1 1 2 200 1111
Q1 2016 credited European Corporate & Financial Bonds volume decreased 6.19% to EUR 354.4 Bln while deal count decreased 17.26% to 1,194 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume decreased 20.78% year-on-year to EUR 84.9 Bln while the deal count decreased 25.62% to 151. Western European Corporate High Yield Bonds volume decreased 76.46% year-on-year to EUR 7.1 Bln over 18 deals. HSBC ranked as the top European Corporate & Financial Bonds underwriter for Q1 2016 with 6.67% market share. The bank underwrote 98 deals over the period. Barclays and Deutsche Bank ranked second and third with 6.31% and 6.01% market share, respectively.
Quarters
9
Western European Bonds Q1 2015
Q1 2016
Rank
Mkt Share(%)
Volume (EUR Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Barclays
1
7.73
40,868
147
1
6.62
1.11
HSBC
2
7.30
38,627
152
3
5.02
2.28
BNP Paribas
3
5.90
31,212
124
8
4.30
Deutsche Bank
4
5.36
28,358
139
2
Societe Generale
5
4.48
23,705
118
Goldman Sachs
6
4.31
22,789
77
Citi
7
3.99
21,098
JP Morgan
8
3.75
19,818
Bank of America Merrill Lynch
9
3.73
UniCredit
10
3.38
Credit Agricole CIB
11
Banco Santander
Q1 2015
Rank
Mkt Share(%)
Volume (EUR Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Barclays
1
7.68
39,823
143
1
6.64
1.04
HSBC
2
7.32
37,949
147
4
5.01
2.31
1.60
BNP Paribas
3
6.09
31,578
123
8
4.29
1.80
5.73
-0.37
Deutsche Bank
4
5.35
27,744
136
2
5.82
-0.47
10
4.02
0.46
Societe Generale
5
4.45
23,053
108
10
3.76
0.69
11
3.43
0.88
Goldman Sachs
6
4.33
22,464
75
11
3.48
0.85
111
5
4.53
-0.54
Bank of America Merrill Lynch
7
3.81
19,741
93
14
2.56
1.25
97
9
4.07
-0.32
Citi
8
3.76
19,501
101
6
4.38
-0.62
19,741
93
14
2.49
1.24
JP Morgan
9
3.59
18,608
92
9
4.10
-0.51
17,896
122
6
4.52
-1.14
Credit Agricole CIB
10
3.23
16,732
79
3
5.11
-1.88
3.23
17,057
81
4
4.98
-1.75
UniCredit
11
3.19
16,551
113
7
4.31
-1.12
12
2.73
14,441
66
17
2.14
0.59
Banco Santander
12
2.79
14,441
66
17
2.15
0.64
RBS
13
2.59
13,681
68
15
2.44
0.15
UBS
13
2.76
14,314
73
12
3.36
-0.60
UBS
14
2.55
13,466
73
12
3.19
-0.64
RBS
14
2.64
13,681
68
15
2.50
0.14
Landesbank BadenWuerttemberg
15
2.50
13,202
79
21
1.48
1.02
Landesbank BadenWuerttemberg
15
2.55
13,202
79
21
1.52
1.03
Natixis
16
2.45
12,975
66
13
2.87
-0.42
Natixis
16
2.44
12,641
65
13
2.94
-0.50
ING Groep
17
2.27
11,998
61
26
1.12
1.15
ING Groep
17
2.25
11,648
59
27
1.12
1.13
Credit Suisse
18
1.92
10,132
82
7
4.42
-2.50
Credit Suisse
18
1.95
10,132
82
5
4.52
-2.57
Commerzbank
19
1.82
9,609
65
18
2.00
-0.18
Commerzbank
19
1.83
9,490
63
18
2.00
-0.17
Morgan Stanley
20
1.76
9,299
37
16
2.21
-0.45
Morgan Stanley
20
1.79
9,299
37
16
2.24
-0.45
100%
528,849
1,609
100%
518,289
1,562
Firm
TOTAL
100%
Firm
TOTAL
Eastern European Bonds
100%
Western European Corporate High Yield Bonds
Q1 2016
Q1 2015
Q1 2016
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Citi
1
12.33
1,760
10
3
11.08
1.25
UniCredit
2
10.39
1,485
9
2
14.01
-3.62
JP Morgan
3
9.44
1,349
5
10
2.90
Barclays
4
8.11
1,158
4
5
BNP Paribas
5
7.70
1,099
4
Erste Group Bank
6
5.39
770
HSBC
7
5.21
Societe Generale
8
Deutsche Bank
9
Raiffeisen Bank International Group
Q1 2015
Rank
Mkt Share(%)
Volume (EUR Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Goldman Sachs
1
10.22
730
5
1
8.75
1.47
Credit Suisse
2
9.54
681
6
2
8.67
0.87
6.54
JP Morgan
3
8.29
592
4
3
6.96
1.33
6.27
1.84
ING Groep
4
8.24
589
5
18
2.10
6.14
7
5.43
2.27
Deutsche Bank
5
8.22
587
7
5
6.46
1.76
7
4
9.24
-3.85
Societe Generale
6
5.27
376
4
14
2.86
2.41
744
5
6
5.76
-0.55
BNP Paribas
7
4.94
353
6
6
6.45
-1.51
5.02
717
10
1
15.69
-10.67
Credit Agricole CIB
8
4.37
312
3
11
3.37
1.00
4.82
688
3
13
2.22
2.60
Mitsubishi UFJ Financial
9
4.34
310
3
28
0.55
3.79
10
3.63
518
5
18
1.41
2.22
HSBC
10
3.97
284
3
10
4.33
-0.36
Intesa Sanpaolo
11
3.82
273
3
19
1.94
1.88
Gazprombank
11
2.81
402
4
12
2.23
0.58
RBS
12
3.45
246
3
13
3.12
0.33
ING Groep
12
2.67
381
2
17
1.46
1.21
Mediobanca
13
3.31
237
3
31
0.46
2.85
Natixis
13
2.53
362
1
-
-
-
Commerzbank
14
3.12
223
2
16
2.38
0.74
Credit Agricole CIB
14
2.51
359
2
-
-
-
Citi
15
2.89
207
2
4
6.53
-3.64
Goldman Sachs
14
2.51
359
2
16
1.48
1.03
UniCredit
16
2.89
206
2
8
4.68
-1.79
VTB Capital
16
2.08
296
5
9
3.98
-1.90
Bank of America Merrill Lynch
17
2.61
187
3
12
3.22
-0.61
Vnesheconombank
17
1.93
276
2
29
0.27
1.66
18
1.91
136
1
-
-
-
Intesa Sanpaolo
18
1.80
257
2
-
-
-
Banque Internationale A Luxembourg
Sberbank CIB CJSC
19
1.28
183
4
20
0.57
0.71
Banco BPI SA
19
1.05
75
1
-
-
-
UBS
20
1.18
169
1
23
0.54
0.64
SEB
20
0.93
67
1
-
-
-
100%
14,282
51
100%
7,142
18
Firm
TOTAL
100%
Mkt Share Chg(%)
Firm
TOTAL
Bloomberg Global Fixed Income | Q1 2016
European Bonds Q1 2016
100%
10
Q1 2016
EMEA Corporate High Yield Bonds (inc EM)
Q1 2015
Rank
Rank
Deutsche Bank
1
8.87
7,529
42
3
7.20
1.67
Goldman Sachs
1
8.67
730
5
2
7.76
BNP Paribas
2
7.75
6,582
41
4
7.19
0.56
Credit Suisse
2
8.10
681
6
3
7.59
0.51
Bank of America Merrill Lynch
3
7.28
6,184
39
6
5.92
1.36
JP Morgan
3
7.55
636
5
1
8.06
-0.51
ING Groep
4
7.00
589
5
19
1.94
5.06
Barclays
4
6.75
5,735
35
1
9.91
-3.16
Deutsche Bank
5
6.97
587
7
4
6.60
0.37
Societe Generale
5
6.07
5,156
36
5
6.32
-0.25
Societe Generale
6
5.63
474
7
14
2.44
3.19
ING Groep
6
5.06
4,300
24
17
2.29
2.77
Credit Agricole CIB
7
4.23
356
4
11
3.82
0.41
Citi
7
4.92
4,176
33
8
4.59
0.33
BNP Paribas
8
4.19
353
6
6
5.96
-1.77
HSBC
8
4.73
4,013
30
2
7.94
-3.21
Mitsubishi UFJ Financial
9
3.68
310
3
30
0.47
3.21
Banco Santander
9
4.53
3,850
25
18
2.16
2.37
RBS
10
3.45
290
4
13
2.82
0.63
UniCredit
10
4.46
3,786
22
11
2.97
1.49
HSBC
11
3.37
284
3
10
4.03
-0.66
Goldman Sachs
11
3.50
2,969
17
20
1.69
1.81
UniCredit
12
3.36
283
4
9
4.77
-1.41
RBS
12
3.37
2,858
24
9
3.73
-0.36
Intesa Sanpaolo
13
3.24
273
3
20
1.81
1.43
Commerzbank
13
3.30
2,802
12
16
2.33
0.97
Citi
14
2.98
250
3
5
6.06
-3.08
Sumitomo Mitsui Financial
14
2.60
2,207
17
29
0.62
1.98
Mediobanca
15
2.81
237
3
34
0.39
2.42
JP Morgan
15
2.58
2,190
15
7
4.62
-2.04
Commerzbank
16
2.65
223
2
16
2.03
0.62
Credit Suisse
16
2.37
2,012
13
14
2.65
-0.28
Gazprombank
17
2.51
212
3
43
0.20
2.31
Credit Agricole CIB
17
2.35
1,996
11
12
2.70
-0.35
Sberbank CIB CJSC
18
2.42
204
6
52
0.10
2.32
UBS
18
2.24
1,899
13
19
1.97
0.27
VTB Capital
19
2.23
187
6
46
0.13
2.10
Mitsubishi UFJ Financial
19
1.77
1,501
15
15
2.59
-0.82
20
2.22
187
3
12
3.52
-1.30
Mizuho Financial
20
21
1.68
0.03
Bank of America Merrill Lynch
100%
8,413
30
TOTAL
Deal Count
1.71
1,453
15
100%
84,920
151
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Firm
TOTAL
Euro Currency Bonds Q1 2015
0.91
100%
Q1 2016
Rank
Mkt Share(%)
Volume (EUR Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Barclays
1
6.90
28,769
106
1
6.81
0.09
BNP Paribas
2
6.79
28,310
117
6
5.54
1.25
HSBC
3
6.12
25,526
114
5
5.69
Societe Generale
4
6.04
25,201
117
8
Goldman Sachs
5
5.77
24,088
85
10
Deutsche Bank
6
5.03
21,002
108
Credit Agricole CIB
7
4.57
19,057
81
UniCredit
8
4.22
17,618
Landesbank BadenWuerttemberg
9
3.86
16,121
Citi
10
3.85
16,062
92
7
4.49
-0.64
Bank of America Merrill Lynch
11
3.65
15,208
74
12
3.08
JP Morgan
12
3.44
14,365
64
9
Natixis
13
3.05
12,733
65
11
Commerzbank
14
2.81
11,736
66
Banco Santander
15
2.75
11,487
ING Groep
16
2.27
9,466
UBS
17
2.12
RBS
18
Erste Group Bank
19
BayernLB
20
TOTAL
Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
Euro & Sterling Corporate & Financial Bonds
Q1 2016 Firm
Volume (EUR Mln)
Q1 2015
Mkt Share(%)
Firm
Volume (EUR Mln)
Q1 2016
Mkt Share(%)
Q1 2015
Rank
Mkt Share(%)
Volume (EUR Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
BNP Paribas
1
6.45
18,143
92
4
5.36
1.09
Barclays
2
6.01
16,927
86
2
5.75
0.26
0.43
Deutsche Bank
3
5.85
16,454
95
1
6.88
-1.03
4.38
1.66
Societe Generale
4
5.57
15,679
87
7
4.31
1.26
3.43
2.34
HSBC
5
5.31
14,954
88
3
5.49
-0.18
2
6.13
-1.10
Goldman Sachs
6
5.16
14,529
59
14
2.95
2.21
3
5.99
-1.42
Credit Agricole CIB
7
4.28
12,034
56
5
4.84
-0.56
116
4
5.81
-1.59
Citi
8
3.39
9,548
68
8
3.62
-0.23
84
19
1.71
2.15
UBS
9
3.36
9,450
51
18
2.31
1.05
UniCredit
10
3.35
9,438
72
9
3.62
-0.27
Landesbank BadenWuerttemberg
11
3.15
8,859
52
21
1.53
1.62
0.57
3.83
-0.39
Bank of America Merrill Lynch
12
3.15
8,855
56
10
3.49
-0.34
3.42
-0.37
Banco Santander
13
3.12
8,787
53
16
2.91
0.21
16
2.39
0.42
Natixis
14
2.90
8,176
37
11
3.37
-0.47
54
17
2.27
0.48
Commerzbank
15
2.90
8,151
47
15
2.94
-0.04
50
23
1.38
0.89
ING Groep
16
2.78
7,811
46
20
1.56
1.22
8,833
51
21
1.56
0.56
RBS
17
2.53
7,130
50
17
2.71
-0.18
1.83
7,629
43
15
2.53
-0.70
Credit Suisse
18
1.96
5,509
32
12
3.32
-1.36
1.64
6,834
47
36
0.47
1.17
BayernLB
19
1.94
5,462
45
23
1.29
0.65
1.58
6,586
54
24
1.20
0.38
Erste Group Bank
20
1.93
5,426
43
44
0.33
1.60
100%
417,136
1,004
100%
281,472
798
100%
Firm
TOTAL
Bloomberg Global Fixed Income | Q1 2016
EMEA Corporate Investment Grade Bonds (inc EM)
100%
11
Swiss Franc Bonds Q1 2015
Q1 2016
Rank
Mkt Share(%)
Volume (GBP Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Barclays
1
18.68
4,600
33
1
10.40
8.28
HSBC
2
16.92
4,167
35
2
9.93
RBS
3
11.18
2,754
21
3
Citi
4
7.37
1,815
12
TD Securities
5
6.46
1,592
Nomura
6
6.06
1,492
RBC Capital Markets
7
5.87
Lloyds Bank
8
JP Morgan
Q1 2015
Rank
Mkt Share(%)
Volume (CHF Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Credit Suisse
1
28.35
4,079
42
1
26.77
1.58
6.99
UBS
2
20.74
2,985
32
2
20.59
0.15
9.32
1.86
3
14.84
2,136
6
4
8.80
6.04
10
4.59
2.78
Schweizerische Kantonalbanken
13
11
3.05
3.41
Raiffeisen Switzerland
4
6.73
969
12
5
7.79
-1.06
14
6
6.87
-0.81
Zuercher Kantonalbank
5
6.22
895
10
3
12.16
-5.94
1,446
18
5
6.99
-1.12
Deutsche Bank
6
4.98
717
6
7
3.18
1.80
5.11
1,258
13
9
5.77
-0.66
BNP Paribas
7
4.29
617
4
19
0.43
3.86
9
4.02
990
10
4
8.16
-4.14
Commerzbank
8
2.41
347
5
-
-
-
Deutsche Bank
10
3.94
969
14
8
5.80
-1.86
Aargauische Kantonalbank
9
1.39
200
2
8
2.11
-0.72
Goldman Sachs
11
3.20
788
2
22
0.65
2.55
1.39
200
1
14
0.95
0.44
12
2.31
569
6
28
0.42
1.89
Basellandchafliche Kantonalbank
9
Bank of America Merrill Lynch Scotiabank
13
2.19
540
6
15
1.94
0.25
HSBC
11
1.30
188
1
-
-
-
Banco Santander
14
1.08
267
3
7
5.88
-4.80
Basler Kantonalbank
12
1.27
183
4
18
0.71
0.56
Commonwealth Bank Australia
15
0.94
232
3
-
-
-
Banque Cantonale de Fribourg
13
1.18
170
1
9
2.06
-0.88
Gazprombank
14
1.16
167
1
-
-
-
Morgan Stanley
16
0.81
200
2
20
0.94
-0.13
Banque Cantonale Vaudoise
15
1.04
150
1
-
-
-
ANZ Banking Group
17
0.64
157
2
-
-
-
Kantonalbank Schwyz
15
1.04
150
1
17
0.77
0.27
UBS
18
0.59
145
2
13
2.77
-2.18
Goldman Sachs
17
0.64
92
1
6
3.22
-2.58
Westpac Banking
19
0.47
115
2
-
-
-
Luzerner Kantonalbank
18
0.45
65
1
9
2.06
-1.61
National Australia Bank Ltd
19
0.47
115
2
19
1.04
-0.57
Vontobel Holding AG
19
0.42
60
1
25
0.21
0.21
100%
24,629
88
Graubundner Kantonalbank
20
0.14
20
1
13
1.05
-0.91
100%
14,389
81
Firm
TOTAL
100%
Firm
TOTAL
Swedish Krona Bonds
Sub-Saharan African Currency Bonds
Q1 2016 Firm
Rank Mkt Share(%)
Q1 2015
Volume (SEK Mln)
100%
Q1 2016
Deal Count Prev Rank Prev Mkt Share(%)
Mkt Share Chg(%) Firm
Q1 2015
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%) 18.10
Swedbank
1
28.29
14,960
29
1
23.48
4.81
Nordea
2
20.61
10,900
22
2
18.08
2.53
FirstRand Ltd
1
32.38
705
21
3
14.28
SEB
3
18.28
9,665
21
4
17.81
0.47
JP Morgan
2
13.67
298
9
6
4.56
9.11
Danske Bank
4
11.39
6,025
24
3
18.07
-6.68
Barclays
3
8.63
188
3
5
11.99
-3.36
Svenska Handelsbanken
5
11.25
5,950
17
5
13.40
-2.15
Nedbank Ltd
4
6.73
147
5
4
14.00
-7.27
DNB ASA
6
6.00
3,175
9
6
3.11
2.89
Standard Bank of South Africa
5
6.73
147
4
2
15.80
-9.07
RBS
7
1.89
1,000
1
-
-
-
Daiwa Securities
6
5.03
109
4
11
1.62
3.41
Pareto Securities
8
0.99
525
2
8
0.82
0.17
Investec
7
5.01
109
3
8
2.32
2.69
Pareto Bank ASA
9
0.52
275
1
-
-
-
RBC Capital Markets
8
4.06
88
8
7
2.87
1.19
ABG Sundal Collier Asa
10
0.47
250
1
7
1.26
-0.79
General Electric Capital Corp
9
2.96
65
1
-
-
-
Carnegie
11
0.28
150
1
15
0.14
0.14
Bank of America Merrill Lynch
10
1.98
43
2
27
0.04
1.94
-
-
-
-
-
-
-
-
HSBC
11
1.80
39
3
10
1.89
-0.09
-
-
-
-
-
-
-
-
Java Capital
12
1.68
37
2
-
-
-
-
-
-
-
-
-
-
-
Deutsche Bank
13
1.15
25
1
13
1.06
0.09
-
-
-
-
-
-
-
-
Citi
14
1.14
25
1
25
0.06
1.08
-
-
-
-
-
-
-
-
15
1.12
24
1
-
-
-
-
-
-
-
-
-
-
-
Raiffeisen Bank International Group
-
-
-
-
-
-
-
-
Sumitomo Mitsui Financial
16
1.05
23
1
-
-
-
-
-
-
-
-
-
-
-
Nomura
17
1.04
23
1
-
-
-
-
-
-
-
-
-
-
-
Nordea
18
1.00
22
1
17
0.52
0.48
100%
52,875
112
Mizuho Financial
18
1.00
22
1
-
-
-
Danske Bank
20
0.74
16
1
12
1.56
-0.82
100%
2,177
70
TOTAL
100%
TOTAL
Bloomberg Global Fixed Income | Q1 2016
Sterling Bonds Q1 2016
100%
12
MENA Bonds & Sukuk Q1 2015
Q1 2016
Rank
Rank
Mkt Share(%)
Citi
1
12.75
3,808
23
1
9.06
3.69
National Bank of Abu Dhabi
1
15.66
866
7
3
7.81
7.85
JP Morgan
2
8.01
2,392
16
4
5.01
3.00
Morgan Stanley
2
12.65
700
4
31
0.09
12.56
UniCredit
3
6.67
1,991
12
8
4.43
2.24
HSBC
3
10.05
556
8
2
13.41
-3.36
Barclays
4
6.20
1,850
10
3
5.08
1.12
JP Morgan
4
5.85
324
7
4
6.77
-0.92
HSBC
5
5.82
1,739
16
2
6.02
-0.20
Citi
5
4.91
272
4
1
15.60
-10.69
BNP Paribas
6
5.13
1,532
8
6
4.90
0.23
BNP Paribas
6
4.43
245
3
13
2.59
1.84
Deutsche Bank
7
4.65
1,388
6
7
4.78
-0.13
Emirates NBD PJSC
7
4.07
225
4
10
3.89
0.18
Societe Generale
8
2.95
880
13
5
5.00
-2.05
Societe Generale
8
3.79
210
10
29
0.35
3.44
Goldman Sachs
9
2.94
878
5
19
1.66
1.28
Bank ABC
9
3.46
191
3
-
-
-
Poalim IBI Underwriting Ltd
10
2.91
869
16
34
0.75
2.16
Sharjah Islamic Bank
10
2.80
155
2
21
1.15
1.65
National Bank of Abu Dhabi
11
2.90
866
7
14
1.99
0.91
Dubai Islamic Bank
10
2.80
155
2
14
1.73
1.07
Erste Group Bank
12
2.74
819
8
10
3.06
-0.32
Nomura
12
2.52
139
6
16
1.47
1.05
FirstRand Ltd
13
2.36
705
21
16
1.83
0.53
Kamco
13
2.01
111
2
-
-
-
Bank of America Merrill Lynch
14
2.29
683
4
35
0.74
1.55
RBS
13
2.01
111
2
-
-
-
ING Groep
15
2.06
614
4
18
1.71
0.35
Gulf Bank KSC
13
2.01
111
2
-
-
-
Raiffeisen Bank International Group
16
1.73
518
5
44
0.43
1.30
Barclays
16
1.86
103
2
17
1.38
0.48
AmInvestment Bank Bhd
17
1.53
85
1
-
-
-
Credit Agricole CIB
17
1.51
452
5
59
0.24
1.27
Bank of Sharjah
18
1.51
83
1
-
-
-
Gazprombank
18
1.35
402
4
36
0.69
0.66
Commerzbank
18
1.51
83
1
27
0.46
1.05
Natixis
19
1.21
362
1
31
0.89
0.32
1.39
77
3
22
0.90
0.49
20
1.06
317
4
-
-
-
Bank of America Merrill Lynch
20
Mitsubishi UFJ Financial
100%
29,860
177
100%
5,533
63
Firm
TOTAL
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
100%
Firm
TOTAL
African Bonds
Volume (USD Mln)
Q1 2015
Mkt Share(%)
Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Sub-Saharan African Bonds
Q1 2016
Q1 2015
Q1 2016
Rank
FirstRand Ltd
1
41.79
705
21
3
12.95
FirstRand Ltd
1
41.79
705
21
3
11.46
30.33
Nedbank Ltd
2
8.69
147
5
6
7.47
1.22
Nedbank Ltd
2
8.69
147
5
7
6.61
2.08
Standard Bank of South Africa
3
8.69
147
4
2
13.78
-5.09
Standard Bank of South Africa
3
8.69
147
4
2
12.20
-3.51
Investec
4
6.46
109
3
11
1.24
5.22
Investec
4
6.46
109
3
13
1.09
5.37
Barclays
5
5.31
90
2
7
6.40
-1.09
Barclays
5
5.31
90
2
8
5.67
-0.36
General Electric Capital Corp
6
3.83
65
1
-
-
-
General Electric Capital Corp
6
3.83
65
1
-
-
-
Credit Agricole CIB
7
2.88
49
1
12
0.77
2.11
KBC Group
7
2.88
49
1
12
0.77
2.11
Credit Agricole CIB
7
2.88
49
1
14
0.68
2.20
JP Morgan
7
2.88
49
1
12
0.77
2.11
KBC Group
7
2.88
49
1
14
0.68
2.20
Citi
7
2.88
49
1
8
5.08
-2.20
JP Morgan
7
2.88
49
1
9
4.50
-1.62
Erste Group Bank
7
2.88
49
1
12
0.77
2.11
Citi
7
2.88
49
1
6
8.31
-5.43
Standard Chartered Bank
7
2.88
49
1
12
0.77
2.11
Erste Group Bank
7
2.88
49
1
14
0.68
2.20
UniCredit
7
2.88
49
1
12
0.77
2.11
Standard Chartered Bank
7
2.88
49
1
14
0.68
2.20
RBS
7
2.88
49
1
12
0.77
2.11
UniCredit
7
2.88
49
1
14
0.68
2.20
Java Capital
15
2.17
37
2
-
-
-
RBS
7
2.88
49
1
14
0.68
2.20
-
-
-
-
-
-
-
-
Java Capital
15
2.17
37
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100%
1,686
37
-
-
-
-
-
Firm
TOTAL
Firm
Q1 2015
Mkt Share(%)
Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
-
-
-
100%
1,686
37
TOTAL
Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 28.84
Bloomberg Global Fixed Income | Q1 2016
CEEMEA Bonds Q1 2016
100%
100%
13
Asia ex-Japan G3 Currency Bonds: Quarterly Volume
Asia ex-Japan Fixed Income Review
Deal Count Other High Yield
Q1 2016 credited Asia ex-Japan G3 Currency Bonds volume decreased 29.95% to USD 34.4 Bln while deal count decreased 20.22% to 71 offerings year-on-year. Asia ex-Japan G3 Investment Grade Bonds volume decreased 27.40% year-on-year to USD 30.9 Bln while the deal count decreased 19.44% to 58. Asia ex-Japan G3 Corporate High Yield Bonds volume decreased 77.28% year-on-year to USD 1.4 Bln over 4 deals. HSBC ranked as the top Asia ex-Japan G3 Currency Bonds underwriter for Q1 2016 with 12.52% market share. The bank underwrote 32 deals over the period. Citi and Standard Chartered Bank ranked second and third with 9.01% and 8.70% market share, respectively.
140
50
100
Quarters
Asia ex-Japan G3 Currency Bonds: Highlights of Q1 2016 Issuer
Asia ex-Japan G3 Currency Bonds: Industry Breakdown
Industry
Volume (USD Mln)
Date
Philippine Government International Bond
Government
2,000
02/17/2016
Perusahaan Penerbit SBSN Indonesia III
Government
1,750
03/21/2016
Utilities
1,200
02/22/2016
China Development Bank Corp
Government
1,108
03/14/2016
Korea Development Bank/The
Government
1,000
01/06/2016
China Development Bank Corp
Government
1,000
01/27/2016
Bank of China Ltd/Hong Kong
Financials
900
02/23/2016
Export-Import Bank of Korea
Government
826
03/08/2016
Danga Capital Bhd
Government
750
02/23/2016
Perusahaan Penerbit SBSN Indonesia III
Government
750
03/21/2016
OVPH Ltd
Financials 42% 11%
Government 35%
5% 8%
Utilities 8%
42%
Consumer Discretionary 5% Others 11%
35%
Asia ex-Japan G3 Currency Bonds: Largest Deals by Country
na
0 n
C hi of k an B
Thailand
or ga
Taiwan
03/23/2016
M
01/19/2016
300
JP
240
TMB Bank PCL/Cayman Islands
k
E.SUN Commercial Bank Ltd
2014
5
an
South Korea
B
Singapore
01/06/2016
e
02/23/2016
1,000
ch
661
Korea Development Bank/The
k
Temasek Financial I Ltd
2015
10
ts
Philippines
an
02/17/2016
D eu
Malaysia
2,000
Philippine Government International Bond
B
Indonesia
02/23/2016
re d
03/21/2016
750
Danga Capital Bhd
rte
1,750
Perusahaan Penerbit SBSN Indonesia III
2016 15
C i ti
India
C ha
Hong Kong
03/14/2016
ar d
02/22/2016
700
nd
1,200
ICICI Bank Ltd/Dubai
ta
OVPH Ltd
Asia ex-Japan G3 Currency Bonds: Manager Rankings History
S
China
C
Country
03/14/2016
B
Date
1,108
H S
Issuer
Market Share (%)
Volume (USD Mln)
China Development Bank Corp
Bloomberg Global Fixed Income | Q1 2016
QQ 1 1 2 200 1166
QQ 1 1 2 200 1155
QQ 1 1 2 200 1144
QQ 1 1 2 200 1133
QQ 1 1 2 200 1122
0
QQ 1 1 2 200 1111
0
Deal Count
USD Bln
Investment Grade 70
14
Q1 2016
APAC ex-Japan Issuer G3 Currency Bonds
Q1 2015
Q1 2016
Rank
Rank
Mkt Share(%)
HSBC
1
12.52
4,309
32
1
13.18
-0.66
Citi
1
12.27
6,506
38
2
10.09
2.18
Citi
2
9.01
3,102
22
2
8.84
0.17
HSBC
2
10.30
5,458
37
1
11.78
-1.48
Standard Chartered Bank
3
8.70
2,996
16
4
7.00
1.70
Standard Chartered Bank
3
5.65
2,996
16
6
4.78
0.87
Deutsche Bank
4
6.47
2,226
12
3
8.40
-1.93
Deutsche Bank
4
5.59
2,963
16
4
7.20
-1.61
JP Morgan
5
5.91
2,034
15
5
6.44
-0.53
JP Morgan
5
5.34
2,829
21
3
7.25
-1.91
Bank of China
6
4.64
1,596
10
10
3.15
1.49
Bank of America Merrill Lynch
6
5.32
2,821
19
7
3.82
1.50
Credit Suisse
7
4.41
1,519
11
9
3.17
1.24
Morgan Stanley
7
3.82
2,023
14
5
5.10
-1.28
Bank of America Merrill Lynch
8
4.20
1,446
11
7
5.21
-1.01
Bank of China
8
3.01
1,596
10
16
2.15
0.86
Barclays
9
3.31
1,141
10
11
3.03
0.28
Credit Suisse
9
2.86
1,519
11
8
3.43
-0.57
Credit Agricole CIB
10
2.73
939
6
40
0.22
2.51
ANZ Banking Group
10
2.83
1,499
13
11
3.06
-0.23
CIMB
11
2.66
917
4
23
1.19
1.47
National Australia Bank Ltd
11
2.72
1,443
7
17
2.09
0.63
ANZ Banking Group
12
2.53
872
10
14
2.36
0.17
Credit Agricole CIB
12
2.71
1,439
9
37
0.55
2.16
Morgan Stanley
13
2.20
757
7
6
5.64
-3.44
UBS
13
2.63
1,395
12
15
2.49
0.14
UBS
14
2.19
754
9
19
1.36
0.83
Barclays
14
2.33
1,233
11
9
3.36
-1.03
Bank of Communications
15
2.04
700
6
18
1.44
0.60
BNP Paribas
15
2.26
1,196
10
12
2.97
-0.71
BNP Paribas
16
1.84
632
7
13
2.56
-0.72
16
2.03
1,078
5
28
0.78
1.25
Industrial & Comm Bank of China
17
1.78
614
5
8
3.94
-2.16
Commonwealth Bank Australia RBC Capital Markets
17
1.86
986
5
18
1.69
0.17
Societe Generale
18
1.75
603
6
33
0.48
1.27
CIMB
18
1.73
917
4
27
0.81
0.92
DBS Group
19
1.46
504
4
26
1.06
0.40
TD Securities
19
1.51
800
2
-
-
-
CITIC Securities Co Ltd
20
1.45
500
2
22
1.26
0.19
Bank of Communications
20
1.32
700
6
24
0.98
0.34
100%
34,420
71
100%
53,006
106
Firm
TOTAL
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Q1 2015
Mkt Share(%)
100%
Firm
TOTAL
Asia ex-Japan Bonds
Volume (USD Mln)
Deal Count
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
APAC ex-Japan Bonds
Q1 2016
Q1 2015
Q1 2016
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Guotai Junan Securities Co Ltd
1
5.34
14,707
55
12
2.27
3.07
China Securities Co Ltd
2
4.78
13,170
73
38
0.81
3.97
CITIC Securities Co Ltd
3
4.12
11,342
51
5
3.33
Bank of China
4
3.71
10,217
63
4
China Construction Bank
5
3.12
8,605
61
Agricultural Bank of China Ltd
6
3.09
8,507
Industrial & Comm Bank of China
7
2.89
7,952
Haitong Securities Co Ltd
8
2.82
China International Capital Corp
9
Industrial Bank Co Ltd
10
Bank of Communications
Q1 2015
Rank
Mkt Share(%)
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Guotai Junan Securities Co Ltd
1
4.61
14,707
55
18
1.84
2.77
China Securities Co Ltd
2
4.13
13,170
73
43
0.65
3.48
0.79
CITIC Securities Co Ltd
3
3.55
11,342
51
7
2.70
0.85
3.61
0.10
Bank of China
4
3.20
10,217
63
6
2.94
0.26
3
3.99
-0.87
Citi
5
3.07
9,802
67
3
3.78
-0.71
43
7
2.93
0.16
China Construction Bank
6
2.72
8,679
63
5
3.28
-0.56
51
1
5.29
-2.40
Agricultural Bank of China Ltd
7
2.67
8,507
43
10
2.37
0.30
7,768
39
21
1.35
1.47
Industrial & Comm Bank of China
8
2.49
7,952
51
2
4.32
-1.83
2.77
7,637
41
15
1.89
0.88
ANZ Banking Group
9
2.47
7,888
42
14
2.10
0.37
2.69
7,406
46
11
2.34
0.35
Haitong Securities Co Ltd
10
2.43
7,768
39
28
1.09
1.34
11
2.07
5,706
34
10
2.49
-0.42
China International Capital Corp
11
2.39
7,637
41
22
1.53
0.86
Citi
12
1.89
5,200
44
6
2.98
-1.09
Industrial Bank Co Ltd
12
2.32
7,406
46
17
1.90
0.42
HSBC
13
1.86
5,131
49
2
4.67
-2.81
HSBC
13
2.30
7,335
72
1
4.91
-2.61
Huatai Securities Co Ltd
14
1.81
4,992
19
29
1.03
0.78
Bank of Communications
14
1.79
5,706
34
16
2.02
-0.23
Shanghai Pudong Development Bank Co Ltd
15
1.66
4,566
54
25
1.14
0.52
JP Morgan
15
1.75
5,590
41
8
2.53
-0.78
UBS
16
1.73
5,514
37
13
2.16
-0.43
GF Securities
16
1.59
4,384
24
39
0.79
0.80
Huatai Securities Co Ltd
17
1.56
4,992
19
35
0.83
0.73
JP Morgan
17
1.54
4,231
22
16
1.81
-0.27
Westpac Banking
18
1.45
4,632
18
11
2.31
-0.86
China Development Bank
18
1.53
4,217
34
19
1.45
0.08
1.43
4,566
54
32
0.93
0.50
19
1.51
4,168
25
36
0.87
0.64
Shanghai Pudong Development Bank Co Ltd
19
Ping An Insurance Group Co China Merchants Securities
20
17
1.49
-0.01
GF Securities
20
44
0.64
0.73
Firm
TOTAL
1.48
4,082
32
100%
275,393
1,552
100%
Firm
TOTAL
1.37
4,384
24
100%
319,126
1,730
Bloomberg Global Fixed Income | Q1 2016
Asia ex-Japan Issuer G3 Currency Bonds
100%
15
Q1 2016
Asia ex-Japan Issuer G3 Corporate High Yield Bonds
Q1 2015
Q1 2016
Rank
Rank
Mkt Share(%)
HSBC
1
13.09
4,046
30
1
13.56
-0.47
Standard Chartered Bank
1
35.71
500
1
2
11.87
23.84
Citi
2
10.04
3,102
22
2
9.49
0.55
Credit Suisse
2
19.81
277
2
1
11.90
7.91
Standard Chartered Bank
3
8.08
2,496
15
4
6.36
1.72
HSBC
3
14.29
200
1
5
8.09
6.20
Deutsche Bank
4
6.80
2,101
11
3
8.24
-1.44
Haitong Securities Co Ltd
4
12.30
172
1
20
0.57
11.73
JP Morgan
5
5.93
1,834
12
6
5.79
0.14
4.76
67
1
-
-
-
6
4.92
1,521
8
10
3.17
1.75
Guotai Junan Securities Co Ltd
5
Bank of China Bank of America Merrill Lynch
7
3.87
1,196
10
5
5.87
-2.00
DBS Group
5
4.76
67
1
22
0.44
4.32
Barclays
8
3.29
1,016
9
9
3.34
-0.05
China Construction Bank
5
4.76
67
1
-
-
-
Credit Agricole CIB
9
3.04
939
6
44
0.20
2.84
China Merchants Securities
8
3.60
50
1
11
3.25
0.35
CIMB
10
2.97
917
4
21
1.31
1.66
-
-
-
-
-
-
-
-
ANZ Banking Group
11
2.82
872
10
12
2.42
0.40
-
-
-
-
-
-
-
-
Credit Suisse
12
2.71
836
6
14
1.93
0.78
-
-
-
-
-
-
-
-
Morgan Stanley
13
2.45
757
7
7
5.77
-3.32
-
-
-
-
-
-
-
-
UBS
14
2.30
712
7
28
0.75
1.55
-
-
-
-
-
-
-
-
Bank of Communications
15
2.17
670
5
17
1.66
0.51
-
-
-
-
-
-
-
-
BNP Paribas
16
2.05
632
7
11
2.67
-0.62
-
-
-
-
-
-
-
-
Societe Generale
17
1.95
603
6
32
0.56
1.39
-
-
-
-
-
-
-
-
Industrial & Comm Bank of China
18
1.95
602
4
8
4.55
-2.60
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
CITIC Securities Co Ltd
19
1.62
500
2
29
0.68
0.94
-
-
-
-
-
-
-
-
Dubai Islamic Bank
19
1.62
500
2
-
-
-
-
-
-
-
-
-
-
-
100%
30,900
58
100%
1,400
4
Firm
TOTAL
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Q1 2015
Mkt Share(%)
100%
Firm
TOTAL
ASEAN Local Currency Bonds Q1 2016
Volume (USD Mln)
Deal Count
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Australian/New Zealand International Bonds Q1 2015
Q1 2016
Rank
Rank
Mkt Share(%)
Maybank
1
13.68
1,620
32
6
6.71
6.97
Citi
1
15.30
3,449
17
1
10.97
4.33
DBS Group
2
11.26
1,334
21
9
4.00
7.26
HSBC
2
8.03
1,810
11
2
9.60
-1.57
Krung Thai Bank
3
10.22
1,210
25
12
2.53
7.69
National Australia Bank Ltd
3
7.12
1,606
9
4
6.89
0.23
CIMB
4
9.15
1,084
41
1
13.19
-4.04
Bank of America Merrill Lynch
4
6.30
1,420
9
21
1.17
5.13
United Overseas Bank
5
5.61
665
15
8
4.45
1.16
5
6.25
1,409
8
16
2.18
4.07
RHB
6
5.52
654
31
4
7.59
-2.07
Commonwealth Bank Australia
AmInvestment Bank Bhd
7
4.31
510
9
2
9.83
-5.52
Morgan Stanley
6
5.62
1,267
7
14
3.32
2.30
Bank of Ayudhya PCL
8
3.82
452
8
10
3.75
0.07
RBC Capital Markets
7
4.38
986
5
11
4.22
0.16
Siam Commercial Bank PCL
9
2.54
300
12
18
1.41
1.13
JP Morgan
8
4.27
962
8
3
8.10
-3.83
Indo Premier Securities
10
2.17
256
19
14
1.77
0.40
UBS
9
4.17
939
5
6
5.21
-1.04
Kasikornbank PCL
11
2.16
256
11
16
1.51
0.65
ANZ Banking Group
10
3.79
854
5
8
4.47
-0.68
Tisco Bank PCL
12
2.16
255
2
-
-
-
Nomura
11
3.73
842
5
27
0.56
3.17
Public Bank Berhad
13
2.15
255
12
38
0.25
1.90
TD Securities
12
3.55
800
2
31
0.33
3.22
Danareksa Sekuritas PT
14
1.69
200
14
41
0.17
1.52
Deutsche Bank
13
3.47
781
5
10
4.25
-0.78
Oversea-Chinese Banking Corp
15
1.65
196
5
5
7.30
-5.65
Wells Fargo
14
2.77
625
5
17
1.67
1.10
Bangkok Bank PCL
16
1.55
183
9
19
1.32
0.23
BNP Paribas
15
2.70
609
4
9
4.42
-1.72
Standard Chartered Bank
17
1.49
177
7
7
6.22
-4.73
Credit Suisse
16
2.70
608
3
7
5.12
-2.42
ANZ Banking Group
18
1.48
175
1
26
0.66
0.82
Macquarie
17
2.63
593
5
20
1.23
1.40
Deutsche Bank
18
1.48
175
1
26
0.66
0.82
Goldman Sachs
18
2.57
578
5
13
3.54
-0.97
Industrial & Comm Bank of China
18
1.48
175
1
-
-
-
Credit Agricole CIB
19
2.22
500
3
23
1.04
1.18
Daiwa Securities
20
1.96
443
2
22
1.11
0.85
100%
22,537
50
Firm
TOTAL
100%
Volume (USD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Q1 2015
Mkt Share(%)
11,845
195
100%
Firm
TOTAL
Volume (USD Mln)
Deal Count
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
Bloomberg Global Fixed Income | Q1 2016
Asia ex-Japan Issuer G3 Investment Grade Bonds
100%
16
Korean Issuer International Bonds
Q1 2016
Q1 2015
Q1 2016
Rank
Rank
Mkt Share(%)
TD Securities
1
23.39
1,693
22
2
16.51
6.88
HSBC
1
10.37
836
9
5
8.66
Nomura
2
15.11
1,093
13
3
13.88
1.23
Citi
2
10.25
827
10
4
9.07
1.18
Deutsche Bank
3
11.24
813
11
4
13.84
-2.60
3
9.14
738
7
3
9.75
-0.61
JP Morgan
4
9.04
654
10
8
4.87
4.17
Bank of America Merrill Lynch
ANZ Banking Group
5
8.96
648
9
6
5.74
3.22
Credit Agricole CIB
4
7.90
638
4
8
5.56
2.34
Commonwealth Bank Australia
6
6.59
477
6
7
4.93
1.66
Societe Generale
5
7.47
603
6
10
4.60
2.87
ANZ Banking Group
6
6.84
551
5
11
4.24
2.60
RBC Capital Markets
7
6.24
452
8
Barclays
7
5.20
420
5
2
9.83
-4.63
HSBC
8
5.30
383
Westpac Banking
9
4.86
352
National Australia Bank Ltd
10
2.21
Citi
11
2.07
Mizuho Financial
12
Daiwa Securities
Firm
Volume (AUD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
Firm
Volume (USD Mln)
Q1 2015
Mkt Share(%)
Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 1.71
1
17.48
-11.24
5
9
4.80
0.50
UBS
8
4.86
392
4
18
1.34
3.52
4
12
1.87
2.99
JP Morgan
9
4.82
389
5
7
6.08
-1.26
160
2
11
1.97
0.24
Credit Suisse
10
4.37
353
3
12
2.91
1.46
150
2
5
7.43
-5.36
Morgan Stanley
11
4.34
350
4
13
2.42
1.92
1.59
115
3
-
-
-
BNP Paribas
12
3.82
308
3
-
-
-
13
1.54
112
5
13
1.19
0.35
Standard Chartered Bank
13
3.56
287
2
16
2.24
1.32
UBS
14
1.50
108
1
10
2.75
-1.25
Mizuho Financial
14
3.36
271
3
-
-
-
Scotiabank
15
0.35
25
1
14
1.12
-0.77
Commerzbank
15
2.58
208
2
20
0.85
1.73
-
-
-
-
-
-
-
-
Korea Development Bank
16
2.32
188
2
-
-
-
-
-
-
-
-
-
-
-
Sumitomo Mitsui Financial
17
2.07
167
2
13
2.42
-0.35
-
-
-
-
-
-
-
-
Deutsche Bank
18
2.05
165
1
1
11.44
-9.39
-
-
-
-
-
-
-
-
DBS Group
19
1.55
125
1
-
-
-
-
-
-
-
-
-
-
-
Westpac Banking
20
0.95
76
1
-
-
-
100%
7,235
56
100%
8,064
27
TOTAL
100%
TOTAL
Singapore Dollar Bonds
100%
Japanese Yen Bonds
Q1 2016
Q1 2015
Q1 2016
Rank
Morgan Stanley
1
36.76
1,025,500
63
2
18.33
DBS Group
1
50.02
2,819
21
1
33.60
16.42
Mizuho Financial
2
14.79
412,585
84
5
14.02
0.77
Oversea-Chinese Banking Corp
2
10.82
610
6
2
32.37
-21.55
Nomura
3
12.88
359,383
64
4
14.12
-1.24
Deutsche Bank
3
7.54
425
2
7
2.07
5.47
Daiwa Securities
4
11.59
323,159
54
3
17.97
-6.38
HSBC
4
5.99
338
4
4
7.26
-1.27
Sumitomo Mitsui Financial
5
11.45
319,458
53
1
18.90
-7.45
United Overseas Bank
5
5.80
327
6
3
8.00
-2.20
Citi
6
2.45
68,375
5
7
2.67
-0.22
Industrial & Comm Bank of China
6
5.32
300
2
-
-
-
Bank of America Merrill Lynch
7
1.66
46,250
9
8
2.56
-0.90
ANZ Banking Group
7
4.44
250
1
5
6.21
-1.77
JP Morgan
8
1.33
37,000
5
20
0.11
1.22
CIMB
8
4.33
244
3
11
1.21
3.12
HSBC
9
1.22
34,000
3
11
0.88
0.34
Standard Chartered Bank
9
2.87
162
2
6
3.62
-0.75
Goldman Sachs
10
1.11
30,833
4
9
2.50
-1.39
Mizuho Financial
10
1.77
100
2
-
-
-
Mitsubishi UFJ Financial
11
0.79
22,016
3
-
-
-
JP Morgan
BNP Paribas
12
0.76
21,100
3
17
0.28
0.48
Barclays
13
0.72
20,000
1
13
0.71
0.01
Shinkin Central Bank
14
0.69
19,250
6
10
0.93
-0.24
Tokai Tokyo Securities Co Ltd
15
0.64
17,833
6
19
0.18
0.46
SBI Holdings Inc/Japan
16
0.36
10,000
2
-
-
-
Okasan Securities Group Inc
17
0.30
8,333
2
14
0.36
-0.06
Aozora Bank Ltd
18
0.13
3,750
1
-
-
-
Credit Suisse
19
0.12
3,333
1
12
0.76
-0.64
DBS Group
20
16
0.31
-0.19
Firm
Volume (SGD Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
Mkt Share Chg(%)
11
1.10
62
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL
-
-
-
100%
5,635
36
Firm
Q1 2015
Mkt Share(%)
TOTAL
Rank Mkt Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
0.12
3,300
1
100%
2,789,460
156
18.43
Bloomberg Global Fixed Income | Q1 2016
Australian Kangaroo Bonds
100%
100%
17
Offshore CNY Bonds
Q1 2016
Q1 2015
Q1 2016
Rank
Mkt Share(%)
Volume (HKD Mln)
Deal Count
Prev Rank
Bank of Communications
1
28.69
25,000
10
19
0.79
27.90
HSBC
2
15.47
13,481
47
1
24.84
Citi
3
8.84
7,705
22
6
Standard Chartered Bank
4
7.50
6,540
22
4
China Construction Bank
5
6.40
5,578
4
Credit Agricole CIB
6
5.83
5,080
ANZ Banking Group
7
3.54
3,088
Bank of China
8
3.44
Goldman Sachs
9
Barclays
10
Scotiabank
Q1 2015
Rank
Mkt Share(%)
Volume (CNY Mln)
Deal Count
Prev Rank
Prev Mkt Share(%)
HSBC
1
26.65
4,607
19
1
19.89
6.76
-9.37
Credit Agricole CIB
2
25.88
4,474
24
4
6.25
19.63
5.40
3.44
BNP Paribas
3
13.19
2,280
6
2
13.48
-0.29
7.56
-0.06
DBS Group
4
6.94
1,200
4
7
3.48
3.46
15
1.30
5.10
Barclays
5
3.78
653
5
5
4.60
-0.82
17
17
1.10
4.73
Scotiabank
6
3.49
604
3
23
1.21
2.28
11
7
4.45
-0.91
Nomura
7
3.36
580
3
17
1.48
1.88
3,000
2
10
2.87
0.57
Standard Chartered Bank
8
3.34
578
4
3
12.66
-9.32
2.63
2,288
5
11
2.60
0.03
Societe Generale
9
2.60
450
2
22
1.21
1.39
2.43
2,116
9
8
4.27
-1.84
ANZ Banking Group
10
2.20
380
2
11
1.84
0.36
11
2.39
2,086
9
20
0.47
1.92
UBS
11
2.07
357
3
21
1.24
0.83
Societe Generale
12
2.26
1,970
7
9
3.29
-1.03
Goldman Sachs
12
1.50
260
2
30
0.41
1.09
Bank of America Merrill Lynch
13
1.52
1,322
3
-
-
-
Haitong Securities Co Ltd
13
1.39
240
2
-
-
-
JP Morgan
14
1.24
215
2
20
1.30
-0.06
DBS Group
14
1.42
1,235
3
5
7.05
-5.63
0.87
150
1
-
-
-
15
1.16
1,011
2
12
1.80
-0.64
Oversea-Chinese Banking Corp
15
BNP Paribas Mizuho Financial
16
1.10
960
3
28
0.12
0.98
Commerzbank
16
0.78
135
1
42
0.12
0.66
National Australia Bank Ltd
17
1.08
940
4
3
10.31
-9.23
Mizuho Financial
17
0.52
90
1
-
-
-
JP Morgan
18
0.73
638
1
-
-
-
Natixis
18
0.20
34
1
33
0.36
-0.16
Mitsubishi UFJ Financial
19
0.71
620
2
-
-
-
-
-
-
-
-
-
-
-
Haitong Securities Co Ltd
20
0.57
500
1
-
-
-
-
-
-
-
-
-
-
-
100%
87,148
197
100%
17,287
83
Firm
TOTAL
Prev Mkt Share(%) Mkt Share Chg(%)
100%
Firm
TOTAL
Uridashi Bonds (Manager)
Mkt Share Chg(%)
100%
Uridashi Bonds (Uridashi Agent)
Q1 2016
Q1 2015
Rank
Rank
Nomura
1
22.96
1,316
10
6
6.59
16.37
Morgan Stanley
1
23.06
1,454
22
1
26.34
-3.28
Mitsubishi UFJ Financial
2
19.21
1,100
11
3
14.03
5.18
Nomura
2
19.73
1,244
7
8
3.47
16.26
Mizuho Financial
3
13.10
751
10
1
21.14
-8.04
Sumitomo Mitsui Financial
3
13.72
865
22
3
13.15
0.57
Sumitomo Mitsui Financial
4
11.53
661
12
2
18.00
-6.47
Daiwa Securities
4
10.50
662
15
4
10.68
-0.18
Daiwa Securities
5
7.84
449
10
5
10.48
-2.64
Mizuho Financial
5
7.22
455
7
2
15.39
-8.17
Morgan Stanley
6
5.53
317
8
4
13.65
-8.12
6
7.05
445
34
5
9.96
-2.91
HSBC
7
3.68
211
26
9
2.34
1.34
Tokai Tokyo Securities Co Ltd
BNP Paribas
8
3.64
209
27
11
1.81
1.83
Okasan Securities Group Inc
7
5.40
341
43
6
4.14
1.26
Tokai Tokyo Securities Co Ltd
9
2.33
134
12
10
1.91
0.42
SBI Holdings Inc/Japan
8
3.40
214
17
7
3.82
-0.42
Iwai Cosmo Holdings Inc
9
1.96
123
10
10
1.74
0.22
JP Morgan
10
2.16
123
13
14
1.01
1.15
Aozora Bank Ltd
10
1.13
71
9
9
2.30
-1.17
Credit Agricole CIB
11
1.68
96
21
12
1.47
0.21
Mito Securities Co Ltd
11
0.92
58
5
16
0.42
0.50
Deutsche Bank
12
1.62
93
5
7
3.01
-1.39
Chugoku Bank Ltd
12
0.72
45
7
11
1.37
-0.65
SBI Holdings Inc/Japan
13
1.54
89
2
-
-
-
Hachijuni Bank Ltd
13
0.71
45
2
12
0.97
-0.26
Credit Suisse
14
1.34
77
14
8
2.61
-1.27
ANDO Securities Co Ltd
14
0.60
38
3
28
0.19
0.41
Barclays
15
1.23
71
8
13
1.32
-0.09
Shinsei Bank Ltd
15
0.53
34
5
14
0.55
-0.02
Citi
16
0.56
32
8
15
0.30
0.26
Musashi Securities Co
16
0.41
26
2
23
0.28
0.13
Shinsei Bank Ltd
17
0.04
2
1
17
0.09
-0.05
Imamura Securities Co
17
0.32
20
2
15
0.44
-0.12
-
-
-
-
-
-
-
-
HS Securities Co Ltd
18
0.31
20
5
34
0.09
0.22
-
-
-
-
-
-
-
-
Chiba Bank Ltd
19
0.26
16
2
20
0.34
-0.08
-
-
-
-
-
Akatsuki Securities Inc
20
21
0.32
-0.11
TOTAL
Deal Count
Q1 2015
Mkt Share(%)
Firm
Volume (USD Mln)
Q1 2016
Mkt Share(%)
-
-
-
100%
5,729
193
Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
100%
Firm
TOTAL
Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
0.21
13
4
100%
6,304
256
Bloomberg Global Fixed Income | Q1 2016
Hong Kong Dollar Bonds
100%
18
Bloomberg Fixed Income - League Tables Criteria
General Guidelines Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party. Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price. Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading. All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. 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. New money portions of exchange offers are eligible for credit. Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant investment grade table.
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.
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.
