Gfi

Q4 2011 League Tables Q4 2011 League Tables Q4 2011 League Tables
GLOBAL FIXED INCOME

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Bloomberg
Table of Contents
1 . Introduction 2 . Corporate Bonds (All) 3 . International Bonds 4 . Global Bonds 5 . High Yield (All) 6 . Euro Bonds 7 . Yen Bonds 8 . U.S. Bonds 9 . U.S. Agencies 10 . Euromarket Bonds 11 . Asia ex-Japan G3 Currency Bonds 12 . Japanese Corporates 13 . Asian Local Currency Bonds
12/31/2011
Bloomberg 2011 Global Fixed Income League Tables

From Government bonds to High Yield Corporate debt, Bloomberg's Fixed Income league tables are your one-stop shop for constant and timely access to the most comprehensive information available on capital markets representation. Just type LEAG <GO> for underwriter rankings or LALT <GO> for legal adviser rankings and then click on the red 'Select a Market' button in the top left of your screen to view a complete range of rankings available for fixed income, equity, equity-linked and syndicated loans. Alternatively, press the green <Help> key on your BLOOMBERG PROFESSIONAL(R) for further instructions.
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LEAG <GO>
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1
2011Bloomberg Finance L.P. All rights reserved.
Bloomberg
International Bonds - 2011 Year End Review
MARKET ACTIVITY - International bond issuance for 2011 has decreased slightly compared to issuance 2010. In 2011, US$3.369 trillion was issued compared to US$ 3.387 trillion in 2010, a .53% decrease. This drop in issuance is coupled with a 3.4% decrease in securities issued in 2011, 10,094 compared to 10,450 in 2010. TOP MARKET OF ISSUE - The Euro MTN was the largest market of issue for the year of 2011 with 5,495 securities totaling US$ 1.3 trillion. The top deal for the Euro MTN market was issued by the European Union in issue size of EUR 5 billion with a coupon rate of 2.75%, maturing in September of 2021. The Global and Euro-Zone markets follow as the second and third largest markets of issuance with US$ 700 billion and US$ 614 billion issued, respectively. TOP COUNTRY OF ISSUANCE - German companies issued the largest volume of debt with 2,616 securities totaling US$ 524 billion. The United States followed with the highest dollar amount issued with US$ 478 billion through 550 securities. France rounded out the top three countries by issuing US$ 330 billion through 678 securities. TOP UNDERWRITER - Barclays claimed the top underwriting position for International debt issuance for the fourth year in a row. Barclays underwrote US$ 246 billion through 825 securities capturing 7.3% of the total market share. Deutsche Bank was a close second for the second year in a row, underwriting US$ 238 billion and capturing 7.1% of total market share. JP Morgan holds its position in third for the second year in a row by underwriting US$ 208 billion, almost US$ 20 billion more than the fourth place underwriter, HSBC Bank PLC. INDUSTRY ANALYSIS - Auto Manufacturers, Sovereign, and Telecommunications sectors increased in both volume and securities issued in 2011 in comparison with the same period in 2010. The Auto Manufacturers sector showed the largest growth in both security issuance and the largest dollar amount increased by 92.6% and 54.1%, respectively in comparison to the other sectors.
Global Fixed Income Markets Review
2011 Bloomberg Finance L.P. All rights reserved.
Bloomberg
Underwriter League Tables
Corporate Bonds (All)

1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
JP Morgan Deutsche Bank AG Bank of America Merrill Lynch Citi Morgan Stanley Barclays Capital Goldman Sachs & Co HSBC Bank PLC UBS BNP Paribas Group Credit Suisse RBS UniCredit RBC Capital Markets Wells Fargo & Co Intesa Sanpaolo SpA Credit Agricole CIB Societe Generale Mizuho Financial Group Inc WestLB AG
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
6.1 5.4 5.2 4.8 4.5 4.5 4.2 3.7 3.1 3.0 3.0 2.7 1.8 1.8 1.6 1.4 1.4 1.2 1.1 1.0 100%
193,810 172,121 164,780 153,663 143,837 143,758 134,178 117,288 99,675 94,937 94,174 86,600 58,665 56,224 49,653 45,780 45,096 39,475 34,748 33,271 3,181,920
0.50 0.45 0.59 0.52 0.49 0.51 0.49 0.31 0.47 0.36 0.46 0.47 0.13 0.55 0.73 1.00 0.31 0.33 0.57 0.35 0.45
997 1037 2513 1086 2323 950 608 823 1142 508 536 574 195 369 1723 129 221 187 270
1 2 3 5 7 4 9 8 10 12 6 11 14 15 20 16 13 17 21 18
6.7 5.6 5.5 4.7 4.1 4.8 3.7 3.9 3.3 3.3 4.1 3.3 1.5 1.5 1.2 1.4 1.7 1.4 1.0 1.4
100%
(0.6) (0.2) (0.3) 0.1 0.4 (0.3) 0.5 (0.2) (0.2) (0.3) (1.1) (0.6) 0.3 0.3 0.4 (0.3) (0.2) 0.1 (0.4)
1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000
8 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 20 Q4 11 20 Q1 11 20 Q2 11 20 Q3 11 Q 4 20 0
Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:
3.76% 11.44% 58.73% 1.52% 6.44% 11.06% 7.05% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
6000
5600
5200
281 19,448 3,201,240
4800
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
4400
Includes all eligible international corporate bonds; bonds that can be sold outside their domestic market. Volume in USD millions.
4000
3600
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2
Bloomberg
International Bonds
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
Barclays Capital Deutsche Bank AG JP Morgan HSBC Bank PLC BNP Paribas Group Citi UBS Goldman Sachs & Co Bank of America Merrill Lynch RBS Morgan Stanley Credit Suisse UniCredit Credit Agricole CIB Societe Generale RBC Capital Markets Natixis Intesa Sanpaolo SpA DZ Bank AG Banco Santander SA
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
7.3 7.1 6.2 5.6 5.3 4.6 4.5 4.2 3.8 3.2 2.9 2.8 2.7 2.7 2.2 1.9 1.7 1.6 1.4 1.3 100%
246,437 238,162 208,065 189,381 178,105 155,722 150,652 140,405 129,684 108,063 98,979 94,962 92,141 89,966 72,466 64,025 57,482 55,376 47,481 45,229 3,369,020
0.21 0.25 0.32 0.22 0.18 0.27 0.14 0.29 0.36 0.34 0.31 0.23 0.13 0.17 0.22 0.27 0.20 1.00 0.16 0.19 0.26
825 1104 944 875 650 653 563 472 585 554 480 446 310 309 265 342 243 137 372
1 2 3 4 6 10 5 11 8 9 12 7 13 14 15 16 19 17 20
8.0 7.3 6.4 5.5 4.1 3.6 4.3 3.4 3.9 3.8 3.1 4.0 2.8 2.4 2.3 1.7 1.6 1.6 1.4 0.9
100%
(0.7) (0.2) (0.2) 0.1 1.2 1.0 0.2 0.8 (0.1) (0.6) (0.2) (1.2) (0.1) 0.3 (0.1) 0.2 0.1 0.4
1,000,000 1,400,000 1,200,000
1.77% 5.00% 52.40% 30.52% 2.06% 4.26% 3.99% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
3400 3200 3000 2800 2600 2400 2200 600,000 2000 1800 400,000
26 199 10,094 3,387,870
800,000
Includes all eligible international bonds; bonds that can be sold outside their domestic market. Volume in USD millions.
1600
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3
Bloomberg
Global Bonds
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
Barclays Capital JP Morgan UBS Goldman Sachs & Co Citi Bank of America Merrill Lynch Deutsche Bank AG Morgan Stanley BNP Paribas Group HSBC Bank PLC RBC Capital Markets Credit Suisse RBS Wells Fargo & Co TD Securities CIBC BMO Capital Markets National Bank Financial Inc Daiwa Securities Group Inc Societe Generale
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
13.9 12.2 8.7 8.2 7.7 7.4 6.9 5.5 4.8 4.3 3.9 3.1 2.5 1.9 1.8 1.4 1.0 0.7 0.7 0.6
100%
105,986 92,984 66,352 62,510 59,160 56,383 52,580 42,180 36,674 32,538 29,622 23,693 19,142 14,843 13,429 10,545 7,605 5,399 5,315 4,788
765,001
0.17 0.32 0.13 0.32 0.30 0.37 0.23 0.32 0.18 0.26 0.18 0.25 0.43 0.51 0.30 0.06 0.02 0.05 0.17 0.41 0.27
164 271 109 156 189 217 142 171 95 92 67 93 99 65 48 15 10 9 16 19
1 2 4 6 8 5 3 7 13 11 12 9 10 18 14 15 17 19 23 22
18.4 12.7 8.5 7.2 5.8 7.2 9.3 6.6 1.7 3.9 3.3 4.2 4.1 0.7 1.5 1.1 0.8 0.5 0.2 0.2
100%
(4.5) (0.5) 0.2 1.0 1.9 0.2 (2.4) (1.1) 3.1 0.4 0.6 (1.1) (1.6) 1.2 0.3 0.3 0.2 0.2 0.5 0.4
440,000 400,000 360,000 320,000 280,000 240,000 200,000 160,000 120,000 80,000
2.88% 8.82% 23.21% 49.57% 1.63% 4.21% 9.69% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
220 200 180 160 140 120 100 80
756 704,541
Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.
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4
Bloomberg
High Yield (All)

1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
JP Morgan Bank of America Merrill Lynch Deutsche Bank AG Citi Credit Suisse Goldman Sachs & Co Barclays Capital Morgan Stanley RBS Wells Fargo & Co UBS BNP Paribas Group RBC Capital Markets HSBC Bank PLC Jefferies Group Inc Credit Agricole CIB ING Groep NV Societe Generale Banco Itau BBA SA BMO Capital Markets
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
11.1 10.0 9.0 8.3 8.3 7.4 6.8 6.0 3.6 3.4 3.3 2.5 2.3 2.2 1.8 1.5 0.9 0.7 0.6 0.6 100%
34,726 31,259 28,091 25,904 25,885 23,012 21,243 18,652 11,125 10,593 10,408 7,651 7,085 6,991 5,760 4,531 2,766 2,070 1,918 1,874 312,269
1.45 1.62 1.34 1.33 1.60 1.24 1.35 1.57 1.07 1.69 1.44 0.99 1.14 1.07 0.79 0.41 2.00 0.65 n/a 1.73 1.40
206 236 174 164 163 143 146 125 87 97 75 65 58 41 40 38 25 19 13
1 2 4 5 3 6 7 8 10 11 9 12 15 13 14 16 24 23 20
12.3 11.4 8.0 7.7 8.9 6.7 6.3 5.6 3.6 3.4 4.2 2.0 1.6 1.9 1.8 1.2 0.5 0.5 0.5 0.4
100%
(1.2) (1.4) 1.0 0.6 (0.6) 0.7 0.5 0.4 (0.9) 0.5 0.7 0.3 0.3 0.4 0.2 0.1 0.2
140,000 120,000 100,000 80,000 160 60,000 120 40,000 20,000 0
Basic Materials Consumer Prod/Svcs Financial Industrial Oil/Gas/Elect Tech/Comm Total:
5.85% 28.72% 18.51% 10.22% 18.58% 18.12% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
320 280 240 200
25 15 729 369,268
80 40 0
LEAG <GO>
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5
Bloomberg
Euro Bonds
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
VOLUME EUR (Mln) DISCL FEES (%)* DEAL COUNT
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
Deutsche Bank AG BNP Paribas Group UniCredit HSBC Bank PLC Credit Agricole CIB Barclays Capital Societe Generale Natixis Intesa Sanpaolo SpA UBS Citi JP Morgan Landesbank Baden-Wuerttemberg Commerzbank AG DZ Bank AG RBS WestLB AG Goldman Sachs & Co Norddeutsche Landesbank GZ BayernLB
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
6.7 6.3 5.3 5.0 4.8 4.7 3.8 3.2 3.2 2.8 2.8 2.7 2.6 2.4 2.4 2.3 2.2 2.1 2.0 1.9 100%
83,112 78,538 65,829 62,242 59,765 57,700 46,776 39,568 39,212 34,497 34,459 33,435 31,880 29,709 29,666 28,298 27,651 25,578 25,176 23,815 1,238,450
0.20 0.17 0.13 0.15 0.15 0.35 0.16 0.19 1.01 0.17 0.14 0.16 0.15 0.13 0.17 0.15 0.35 0.14 0.17 0.15 0.17
433 334 307 283 239 263 203 227 133 173 152 145 308 215 332 151 339 122 181
1 2 3 5 7 4 6 11 10 14 22 12 17 15 16 13 8 23 21 18
6.0 5.8 5.2 4.7 3.9 4.7 3.9 2.9 2.9 2.4 1.6 2.8 2.2 2.3 2.3 2.8 3.1 1.5 1.6 2.0
100%
0.7 0.5 0.1 0.3 0.9 (0.1) 0.3 0.3 0.4 1.2 (0.1) 0.4 0.1 0.1 (0.5) (0.9) 0.6 0.4 (0.1)
600,000 550,000 1800 500,000 450,000 400,000 1400 350,000 300,000 250,000 1000 200,000 150,000
Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:
2.46% 65.96% 25.31% 1.65% 2.50% 2.10% 100.00%
QUARTERLY VOLUME
EUR (Mln) / #Deals
2000
1600
186 5,201 1,346,090
1200
Includes all eligible bonds denominated in euros. Volume in EUR millions.
800
LEAG <GO>
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6
Bloomberg
Yen Bonds
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
VOLUME JPY (Bln) DISCL FEES (%)* DEAL COUNT
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
Morgan Stanley Mizuho Financial Group Inc Nomura Holdings Inc Sumitomo Mitsui Financial Group Inc Daiwa Securities Group Inc Goldman Sachs & Co Citi Bank of America Merrill Lynch Barclays Capital JP Morgan RBS HSBC Bank PLC BNP Paribas Group Credit Agricole CIB Tokai Tokyo Securities Co Ltd Shinkin Securities Deutsche Bank AG UBS Societe Generale Credit Suisse
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
21.0 19.9 16.4 14.0 13.7 3.0 2.2 2.2 1.3 1.2 0.9 0.8 0.7 0.5 0.4 0.4 0.3 0.3 0.2 0.1 100%
3,044 2,891 2,381 2,029 1,982 439 325 315 184 173 134 122 102 72 63 56 48 44 35 22 14,508
0.36 0.50 0.34 0.34 0.34 0.29 0.38 0.31 0.34 0.35 n/a 0.32 0.30 n/a 0.35 0.34 0.36 0.35 n/a 0.38 0.38
277 276 261 202 242 47 40 40 31 18 14 12 17 10 14 13 12 11 4
5 2 1 4 3 10 8 7 9 21 17 14 11 13 18 20 12 15 23
13.1 18.2 18.8 13.5 15.5 1.5 1.7 2.1 1.7 0.2 0.5 0.8 1.4 1.0 0.5 0.4 1.0 0.6 0.1 0.6
100%
7.9 1.7 (2.4) 0.5 (1.8) 1.5 0.5 0.1 (0.4) 1.0 0.4 (0.7) (0.5) (0.1) (0.7) (0.3) 0.1 (0.5)
6,000 5,600 5,200 4,800 4,400 200 4,000 3,600 3,200 2,800
3.96% 15.27% 42.54% 22.53% 9.38% 1.87% 4.44% 100.00%
QUARTERLY VOLUME
JPY (Bln) / #Deals
300 280 260 240 220
16 4 776 16,078
180 160 140 120
Includes all eligible bonds denominated in JPY.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
7
Bloomberg
U.S. Bonds
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
JP Morgan Barclays Capital Bank of America Merrill Lynch Citi Goldman Sachs & Co Deutsche Bank AG UBS Morgan Stanley Credit Suisse BNP Paribas Group HSBC Bank PLC RBS Wells Fargo & Co RBC Capital Markets Jefferies Group Inc Mitsubishi UFJ Financial Nomura Holdings Inc Daiwa Securities Group Inc Banco Santander SA SunTrust Robinson Humphrey
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
12.7 10.4 9.8 8.7 7.2 6.9 6.7 6.7 4.4 4.1 3.7 3.2 3.2 1.9 0.6 0.5 0.5 0.5 0.5 0.4 100%
212,054 173,666 163,548 144,410 120,048 114,559 112,026 112,010 72,763 68,914 62,283 53,167 53,085 31,897 9,944 8,282 8,088 7,667 7,634 7,440 1,666,410
0.40 0.26 0.52 0.41 0.40 0.34 0.21 0.47 0.36 0.22 0.29 0.48 0.69 0.26 0.30 0.52 0.26 0.10 0.29 0.65 0.38
907 606 2563 892 481 534 960 2097 449 346 271 348 1821 171 114 61 40 47 31
1 2 3 5 7 4 6 8 9 13 11 10 12 14 15 19 16 36 21 24
12.5 12.3 10.0 8.2 7.1 8.3 7.1 6.8 5.6 2.2 3.4 4.1 2.4 1.7 0.7 0.3 0.6 0.1 0.3 0.2
100%
0.2 (1.9) (0.2) 0.5 0.1 (1.4) (0.4) (0.1) (1.2) 1.9 0.3 (0.9) 0.8 0.2 (0.1) 0.2 (0.1) 0.4 0.2 0.2
700,000 650,000 600,000 550,000 500,000 450,000 400,000 350,000 300,000 250,000 200,000
3.43% 12.06% 32.56% 28.59% 4.02% 10.52% 8.82% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
3200
3000
2800
88 10,404 1,786,860
2600
2400
Includes U.S. Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD. Volume in USD millions.
2200
2000
LEAG <GO>
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LEAG <GO>
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8
Bloomberg
U.S. Agencies
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
Agency Breakdown
UBS Barclays Capital JP Morgan Citi BNP Paribas Group Deutsche Bank AG FTN Financial Credit Suisse Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Jefferies Group Inc RBS Incapital LLC Wells Fargo & Co Morgan Keegan & Co Vining Sparks Stifel Nicolaus Weisel SunTrust Robinson Humphrey RBC Capital Markets
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
12.4 10.9 8.0 7.7 7.5 6.3 4.7 4.6 3.6 3.3 3.2 2.5 2.3 2.2 2.1 1.8 1.6 1.5 1.2 1.1
100%
106,019 93,266 68,908 65,607 64,571 54,301 40,592 39,641 31,024 28,395 27,201 21,678 19,708 19,228 17,970 15,761 13,689 12,988 10,620 9,034
856,187
0.08 0.07 0.08 0.07 0.08 0.08 0.24 0.08 0.08 0.12 0.12 0.10 0.05 0.41 0.12 0.20 0.22 0.31 0.22 0.12 0.12
911 321 453 385 413 360 974 605 164 454 373 519 190 641 481 684 732 420 431 147
2 1 3 5 13 4 10 8 6 7 9 15 12 14 16 17 18 20 24 11
12.8 13.1 9.0 6.8 2.9 7.7 4.0 4.5 5.4 4.9 4.2 2.3 3.1 2.5 1.8 1.4 1.3 1.1 0.6 3.1
100%
(0.4) (2.2) (1.0) 0.9 4.6 (1.4) 0.7 0.1 (1.8) (1.6) (1.0) 0.2 (0.8) (0.3) 0.3 0.4 0.3 0.4 0.6 (2.0)
400,000 360,000 320,000 280,000 240,000 200,000 160,000 120,000 80,000 40,000
Fannie Mae Federal Farm Credit Bank Federal Home Loan Banks Federal Home Loan Mortgage Corp Total:
30.18% 10.76% 24.83% 34.23% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
3200 2800 2400 2000 1600 1200 800 400
7,761 1,203,640
Includes Sovereign Agency issues. These issues are exempt from the 18-month call rule. Volume in USD millions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
9
Bloomberg
Euromarket Bonds
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
Deutsche Bank AG BNP Paribas Group HSBC Bank PLC Barclays Capital UniCredit Credit Agricole CIB JP Morgan UBS RBS Citi Societe Generale Goldman Sachs & Co Credit Suisse Natixis Intesa Sanpaolo SpA Bank of America Merrill Lynch DZ Bank AG Landesbank Baden-Wuerttemberg Morgan Stanley Commerzbank AG
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
7.2 5.8 5.6 5.2 4.0 3.8 3.5 3.4 3.3 3.1 2.9 2.7 2.5 2.5 2.4 2.1 2.1 1.9 1.9 1.8 100%
165,096 134,798 129,762 120,371 91,692 87,958 79,938 77,437 75,967 70,554 67,317 62,405 58,394 56,857 55,069 47,703 47,307 44,225 43,751 41,944 2,306,040
0.28 0.19 0.18 0.32 0.13 0.16 0.27 0.16 0.22 0.14 0.16 0.14 0.16 0.19 1.01 0.27 0.16 0.15 0.21 0.13 0.23
857 514 679 559 307 293 522 410 394 357 243 243 303 240 135 295 371 311 280
1 3 2 4 5 9 6 10 8 16 11 17 7 15 13 14 19 21 18
6.8 5.3 5.4 5.1 4.0 3.2 3.9 3.2 3.6 2.2 3.2 2.1 3.7 2.2 2.3 2.2 1.9 1.7 1.9 1.8
100%
0.4 0.5 0.2 0.1 0.6 (0.4) 0.2 (0.3) 0.9 (0.3) 0.6 (1.2) 0.3 0.1 (0.1) 0.2 0.2 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000
Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:
3.71% 62.87% 26.03% 1.95% 3.18% 2.26% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
3200 3000 2800 2600 2400 2200 2000 1800 1600 1400
20 237 8,940 2,362,840
Includes all eligible Euromarket bonds. Volume in USD millions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
10
Bloomberg
Asia ex-Japan G3 Currency Bonds

1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
HSBC Bank PLC Citi Deutsche Bank AG Barclays Capital Standard Chartered PLC UBS Bank of America Merrill Lynch Goldman Sachs & Co RBS JP Morgan Morgan Stanley Credit Suisse Bank of China Daiwa Securities Group Inc BNP Paribas Group Mizuho Financial Group Inc Industrial & Comm Bank of China Korea Development Bank Nomura Holdings Inc CIMB
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
15.4 10.3 7.7 6.9 6.7 6.7 6.6 5.7 5.5 5.4 3.4 3.3 3.3 2.3 2.1 1.4 1.1 1.1 1.0 0.7 100%
10,391 6,985 5,214 4,658 4,556 4,537 4,450 3,857 3,718 3,658 2,308 2,242 2,207 1,573 1,443 919 739 733 659 500 67,582
0.25 0.46 0.10 0.35 0.30 0.25 1.04 0.24 0.30 0.17 0.28 0.28 n/a 0.33 0.45 0.32 n/a 0.27 0.35 n/a 0.40
67 46 32 29 34 28 36 28 30 25 21 17 14 13 12 10 6 5 6
1 3 2 6 11 5 7 9 10 4 8 12 14 17 13 20 23 15 22
10.6 9.3 10.1 6.9 4.6 7.1 6.9 5.6 4.7 9.1 5.9 4.2 2.0 1.2 2.6 0.9 0.7 1.7 0.7
100%
4.8 1.0 (2.4) 2.1 (0.4) (0.3) 0.1 0.8 (3.7) (2.5) (0.9) 1.3 1.1 (0.5) 0.5 0.4 (0.7) 28,000 24,000 20,000 16,000 30 12,000 8,000 4,000 0
8.74% 2.48% 45.34% 12.95% 4.66% 22.65% 3.18% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
60
50
40
2 155 76,164
20
Includes all eligible bonds from Asia Pacific issuers in JPY, EUR and USD excluding Japan, Australia and New Zealand. Excludes Supranational issues. Minimum issue size is USD100 million. Volume in USD millions.
10
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
11
Bloomberg
Japanese Corporates
1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
VOLUME JPY (Bln) DISCL FEES (%)* DEAL COUNT
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
Mitsubishi UFJ Morgan Stanley Securities Mizuho Financial Group Inc Nomura Holdings Inc Sumitomo Mitsui Financial Group Inc Daiwa Securities Group Inc Goldman Sachs & Co Citi Bank of America Merrill Lynch Tokai Tokyo Securities Co Ltd JP Morgan Credit Suisse Barclays Capital Shinkin Securities Deutsche Bank AG Okasan Securities Group Inc BNP Paribas Group UBS
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
TOTAL
22.7 20.1 19.1 17.4 13.5 2.7 1.4 1.1 0.5 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.0 100%
1,873 1,661 1,579 1,436 1,118 221 119 93 42 35 24 20 20 10 9 6 2 8,269
0.39 0.37 0.37 0.38 0.36 0.30 0.50 0.31 0.37 0.34 0.38 0.34 0.37 0.33 0.38 0.36 0.32 0.37
157 146 148 123 135 17 15 15 10 7 3 5 5 3 3 1
5 2 1 4 3 7 10 8 9 17 15 16 13 18 11
12.8 19.9 20.3 17.3 18.4 0.9 0.7 0.8 0.7 0.1 0.2 0.2 0.3 0.4 0.3
100%
9.9 0.2 (1.2) 0.1 (4.9) 1.8 0.7 0.3 (0.2) 0.3 (0.2) 0.1 (0.3) (0.3)
3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600
Basic Materials Consumer Prod/Svcs Financial Industrial Oil/Gas/Elect Tech/Comm Total:
6.04% 25.91% 44.51% 14.85% 2.22% 6.47% 100.00%
QUARTERLY VOLUME
JPY (Bln) / #Deals
140 130 120 110 100 90 80 70 60
12 1 394 9,560
Includes all eligible domestic bonds issued from Japanese corporates and banks. Volume in JPY billions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
12
Bloomberg
Asian Local Currency Bonds

1/1/11
- 12/31/11
FIRM RANK MKT SHARE
2011
2010
RANK MKT SHARE
MKT SHARE CHG (%)
INDUSTRY BREAKDOWN
HSBC Bank PLC Standard Chartered PLC KB Investment & Securities Co Ltd CIMB Woori Investment & Securities Co Ltd Maybank Axis Bank Ltd DBS Group Holdings Ltd ICICI Samsung Securities Co Ltd TongYang Securities Inc Korea Investment & Securities Co Korea Development Bank Barclays Capital ICICI Securities Primary Dealership Ltd Hana Daetoo Securities Co Ltd AmInvestment Bank Bhd Daewoo Securities Co Ltd Shinhan Investment Corp Yuanta Securities Co Ltd
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
8.3 5.8 4.0 4.0 3.2 3.2 3.1 3.0 2.6 2.4 2.4 2.1 1.9 1.8 1.8 1.8 1.7 1.7 1.6 1.6 100%
15,402 10,793 7,430 7,313 5,915 5,836 5,759 5,570 4,734 4,486 4,352 3,888 3,515 3,406 3,302 3,273 3,193 3,185 2,974 2,905 184,666
0.20 0.14 0.30 0.13 0.30 0.20 n/a 0.21 n/a 0.26 0.27 0.30 0.30 n/a n/a 0.28 n/a 0.28 0.26 n/a 0.28
333 319 121 143 104 131 232 69 193 71 105 97 127 122 147 51 107 68 64
1 2 8 6 11 12 4 3 7 38 5 18 20 9 10 37 14 16 22
8.6 7.7 2.7 3.6 2.0 1.9 3.8 5.0 3.0 0.8 3.6 1.7 1.4 2.6 2.2 0.8 1.8 1.7 1.4 1.2
100%
(0.3) (1.9) 1.3 0.4 1.2 1.3 (0.7) (2.0) (0.4) 1.6 (1.2) 0.4 0.5 (0.8) (0.4) 1.0 (0.1) 0.2 0.4
52,000 48,000 44,000 40,000 36,000 32,000 28,000 24,000
5.66% 10.35% 53.19% 3.25% 10.43% 12.86% 4.26% 100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
800 750 700 650 600 550 500 450 400 350
25 92 2,681 162,373
Includes all eligible bonds denominated in SGD, MYR, HKD, KRW, TWD, INR, THB, IDR, VND and PHP. Excludes issues that are callable or puttable and mature in less than 12 months. Volume in USD millions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
13
Bloomberg Fixed Income - League Criteria
Submission
Bloomberg must be notified by book-running managers of all key information within 10 business day of deal issuance. Key information includes but is not limited to; issuer name, size (amount offered or number of shares), currency, coupon, maturity type, maturity date, initial settlement date and market of issue type.
General Guidelines
Credit is based on the total amount of the offering. Full credit is awarded to sole book-running manager or split equally among joint book-running managers. 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. Note: concessions are not deducted. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk. Country of risk is determined by four main factors: management location, country of primary listing, sales/revenue and reporting currency of the issuer. Where an issuer is specifically guaranteed, issuer nationality is the country of risk of the guarantor. To view criteria settings for a particular table - change View option on LEAG <GO> to 'Criteria'. 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. U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar 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 will be eligible for credit. Investment grade and high yield transactions are based on official, expected, and provisional ratings. Investment grade includes deals rated Baa3 or above by Moodys and BBB- or above by S&P. High yield includes deals rated lower than Baa3 by Moodys and lower than BBB- by S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in investment grade table.
Exclusions
Self-led issues under US$50 million (or equivalent - conversion into USD is done by using the exchange rate on the announcement date of the issue). Note: due to local market conventions, criteria may vary. Self-led transaction are identifies as sole bookrunning deals in which issuer/selling shareholder and bookrunner is the same entity or share an ownership relationship of greater than 50%. 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.
Challenges
Challenges must be received in writing within 10 business day of issuance, with the exception of quarter end.
- Challenges are locked down 10 days prior to end of each quarter and only deals announced within this period will be eligible.
Challenge proposal must include identification of the transaction, rationale, and supporting evidence. Challenged party must provide evidence to Bloomberg disproving the challenge within 5 business days of challenge notification. Failure to respond will result in removal of league table credit. Credit will be restored once proper documentation has been provided.
Bloomberg Fixed Income - League Criteria
Country/Regional Specific Guidelines

United States Credit is allocated based on exact proceeds as disclosed in documentation for U.S. MTNs, bank notes, deposit notes and certificate of deposits, and all non global U.S. Agencies. Canada For Canadian domestic bonus tables, credit is based on a bonus credit system where both lead bookrunners and co-manager are allocated credit. The lead bookrunner receives credit equal to 2/n+1 multiplied by the face amount, where 'n' equals the number of involved parties. The comanagers receive credit of 1/n+1 multiplied by the face amount. In the case of joint bookrunners, the credit is divided equally among all involved bookrunners. Both syndicated and best efforts transactions are eligible. Transactions executed from the CSCF Program are excluded. Municipal bonds issued by Canadian entities which total at least C$25 million in issuance are eligible. Serial bonds issuances (group of bonds from the same issue, where blocks of the issue have different maturity dates) which aggregate to a total of at least C$25 million are also eligible. EMEA Any non-USD REGS/144A issues that meet all other criteria will be eligible for the Euromarket tables. Deals that are issued in USD currency must have a Eurozone country of risk (EU member countries that have adopted the EURO) in order to be eligible. Brazil Credit is allocated based on exact proceeds as disclosed in documentation for the Brazil Domestic tables. Privately placed securities issued under instruction 476 (Restricted Efforts) are eligible with proper documentation submission. Minimum 12 month period. See third paragraph under General Guidelines. Self-funded issues under US$10 million (or equivalent - conversion into USD is done by using the exchange rate on the announcement date of the issue) are excluded. Mexico Mexico domestic table is comprised of fully marketed Certificados Bursatiles, CPOs, Bonos Bancarios, Pagares Financieros, Pagares a Mediano Plazo, and Obligaciones. Issues fully guaranteed by the federal Government will be included. Issues that result from IPAB debt restructuring will be excluded. Minimum 12 month period. See third paragraph under General Guidelines. Self-funded issues under US$10 million (or equivalent - conversion into USD is done by using the exchange rate on the announcement date of the issue) are excluded. Private placements are eligible for inclusion with submission of proper documentation.
For all League table questions, please contact: Daniel Covello Americas Tel: +1-212-617-7715 Fax:+1-917-369-7306
newissues@bloomberg.net
Phuong Anh Nguyen Asia-Pacific Tel: +65-6212-1535 Fax:+65-6212-1635

nimap@bloomberg.net
Robinson Wollersheim EMEA Tel: +44-20-3216-4032 Fax: +44-20-7392-6161

emeacapmkts@bloomberg.net
Ramon Escandon Latin America Tel: +52-55-5242-9263 Fax:+52-55-5242-9725

lanim@bloomberg.net
Bloomberg L.P. reserves the right of final decision concerning league table eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herin 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.

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Q4 2011 League Tables Q4 2011 League Tables Q4 2011 League Tables

GLOBAL FIXED INCOME

Bloomberg 2011 Global Fixed Income League Tables

For 24 hour global customer support call

+1 212 318 2000

+44 20 7330 7500

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or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.

2011Bloomberg Finance L.P. All rights reserved.

Global Fixed Income Markets Review

2011 Bloomberg Finance L.P. All rights reserved.

Corporate Bonds (All)

MKT SHARE CHG (%)

3.76% 11.44% 58.73% 1.52% 6.44% 11.06% 7.05% 100.00%

281 19,448 3,201,240

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

1.77% 5.00% 52.40% 30.52% 2.06% 4.26% 3.99% 100.00%

26 199 10,094 3,387,870

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

164 271 109 156 189 217 142 171 95 92 67 93 99 65 48 15 10 9 16 19

2.88% 8.82% 23.21% 49.57% 1.63% 4.21% 9.69% 100.00%

2011Bloomberg Finance L.P. All rights reserved.

High Yield (All)

MKT SHARE CHG (%)

206 236 174 164 163 143 146 125 87 97 75 65 58 41 40 38 25 19 13

Basic Materials Consumer Prod/Svcs Financial Industrial Oil/Gas/Elect Tech/Comm Total:

5.85% 28.72% 18.51% 10.22% 18.58% 18.12% 100.00%

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

2.46% 65.96% 25.31% 1.65% 2.50% 2.10% 100.00%

186 5,201 1,346,090

Includes all eligible bonds denominated in euros. Volume in EUR millions.

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

277 276 261 202 242 47 40 40 31 18 14 12 17 10 14 13 12 11 4

3.96% 15.27% 42.54% 22.53% 9.38% 1.87% 4.44% 100.00%

180 160 140 120

Includes all eligible bonds denominated in JPY.

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

3.43% 12.06% 32.56% 28.59% 4.02% 10.52% 8.82% 100.00%

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

30.18% 10.76% 24.83% 34.23% 100.00%

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

3.71% 62.87% 26.03% 1.95% 3.18% 2.26% 100.00%

20 237 8,940 2,362,840

Includes all eligible Euromarket bonds. Volume in USD millions.

2011Bloomberg Finance L.P. All rights reserved.

Asia ex-Japan G3 Currency Bonds

MKT SHARE CHG (%)

8.74% 2.48% 45.34% 12.95% 4.66% 22.65% 3.18% 100.00%

2011Bloomberg Finance L.P. All rights reserved.

MKT SHARE CHG (%)

1,873 1,661 1,579 1,436 1,118 221 119 93 42 35 24 20 20 10 9 6 2 8,269

157 146 148 123 135 17 15 15 10 7 3 5 5 3 3 1

Basic Materials Consumer Prod/Svcs Financial Industrial Oil/Gas/Elect Tech/Comm Total:

6.04% 25.91% 44.51% 14.85% 2.22% 6.47% 100.00%