Bank and Capital Markets - EY · PDF fileBank and Capital Markets New Issue Review 15 Dec 2014...

ContentsSection 1 Market backdrop 2

Section 2 Bank loan market 3

Section 3 USD public bond market 15

Section 4 GBP public bond market 17

Section 5 EUR public bond market 19

Section 6 US Private Placement market 21

ContactsUnited KingdomLuke ReeveTel: +44 20 7951 6548Email: [email protected]

Chris LoweTel: +44 20 7951 0826Email: [email protected]

Gary DavisonTel: +44 161 333 2767Email: [email protected]

EuropeOlivier CatonnetTel: +33 1 5561 0535Email: [email protected]

Jonathan H.M. HarfieldTel: +420 731 627 155Email: [email protected]

Britta BeckerTel: +49 40 36132 20781Email: [email protected]

AsiaGaurav AhujaTel: +65 6309 8276Email: [email protected]

US & CanadaK.C. BrechnitzTel: +1 704 335 4211Email: [email protected]

Tony IanniTel: +1 416 943 3476Email: [email protected]

AustraliaSebastian PaphitisTel: +61 2 9248 4773Email: [email protected]

Jason LoweTel: +61 3 8650 7600Email: [email protected]

Section 7 Ratings Update 23

Section 8 Glossary 24

@EY_UKI

EY Capital and Debt Advisory - New Issue Review 2

Market backdropOil prices continue to fall reaching 5 year lows during the week

► Brent crude oil prices fell to a 5 year low during the week reaching US$48.90 on Wednesday beforeclosing the week at around US$50.11. The fall is largely due to oversupply in the market which has notyet been altered as production continues to outstrip demand. Both Russia and Iraq announced record oilproduction recently. The stock markets reacted with heavy falls early in the week, including a 2% fall inthe FTSE 100 on Monday before recovering to end the week 3% higher. Oil prices have more than halvedsince June 2014 when WTI and Brent prices were up around US$115 a barrel.

► Data released during the week pointed to further slowdown in the UK economy. Construction andindustrial output both fell in November of last year however manufacturing demonstrated strong growth.Analysis now shows fourth quarter growth of 0.5% compared to 0.7% in Q3. A sharp fall in mining andquarrying were the predominant reasons, offset by a stronger performance in the manufacturing sectorafter a weak October.

► The yield differentiated between US and UK 10 year government bonds has widened to levels not seensince 2006. Until the middle of 2014, Gilts and Treasuries were closely aligned however these have nowdecoupled due to the falling outlook for the UK economy and increased Eurozone concerns that analystsexpect to have a greater impact on the UK than previously envisaged. Interest rates in the UK are nowexpected to stay lower for longer following comments made by Bank of England governor, Mark Carney.On Thursday, the BoE voted to keep interest rates at 0.5% with market analysts now forecasting a raterise in the first quarter of 2016 rather than previous estimates of early 2015.

► Payroll data released in the US for December showed the economy created an additional 252,000 jobs,and reduced the unemployment rate from 5.8% to 5.6%. Both of these results were higher than analystpredictions of 240,000 new jobs and an unemployment rate of 5.7%. This improvement in the job markethas put further pressure on the Federal Reserve to increase interest rates, though low inflation rates arethe biggest restricting factor to a rate rise anytime soon.

Section 1: Market backdrop

Tenor 3yr 5yr 7yr 10yr 30yr

UK swap rate 1.03 1.30 1.48 1.76 2.06

Gilt rate 0.61 1.04 1.26 1.60 2.34

Tenor 3yr 5yr 7yr 10yr 30yr

US swap rate 1.13 1.57 1.83 2.07 2.47

UST rate 0.92 1.42 1.73 1.95 2.53

Source: Bloomberg

Source: Bloomberg Source: Bloomberg

Source: Bloomberg

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Yie

ld(%

)

10-year Benchmark yields

10yr UST 10yr Gilt 10yr Bund

2yr

3yr

4yr5yr 7yr

(14)

(12)

(10)

(8)

(6)

(4)

(2)

0

Rat

e(b

ps)

Weekly change in UK SWAP

0.0

1.0

2.0

3.0

4.0

2014 2016 2018 2020 2022 2024

Rat

e(%

)

3 month UK LIBOR forward rates

Current forward 3m UK LIBOR (-1 wk) fwd 3m UK LIBOR

Bank loan market


► The year’s first European leveraged transaction was announced last Thursday. CVC Capital Partner’sacquisition of online betting group Sky Betting & Gaming. The £390 million financing package wasannounced to the market which will comprise a £340 million term loan and £50 million RCF. Thetransaction values the company at £800 million with total leverage running at 5.25x. The seven yearcovenant-lite deal was launched at L+500bps with a 1.00% LIBOR floor.

► Daisy Group completed their take-private transaction at the end of December, led by the current CEOand backed by Toscafund and Penta Capital, in a £500 million deal. The deal to take the UK listedtelecommunications firm private was backed by a three-part financing package, advised by EY, whichincluded a £225 million y-year term loan B priced at L+600bps, a six-year RCF paying L+450bps and a£135 million PIK note provided by Ares.

► In the US, Oasis Outsourcing (B, B2, NR) completed a three-part deal to back their acquisition by StonePoint Capital. The business, who provides outsourced HR services to small and medium sized business,completed their three part deal comprising a $160 million seven-year first lien loan at L+475bps, $60million eight-year second lien loan at L+875bps and a $50 million five-year revolving credit facility. Thedeal priced in line with talk and is subject to a total leverage covenant.

► Looking back to 2014, the year closed strongly in Europe with total volumes of $201 billion for the year,up from $191 billion in 2013. Refinancing activity continued to dominate activity accounting for 62% ofthe total deal flow. Issuance fell in the US from $1.1 trillion to $940 million for 2014, however this wasstill the second highest year on record.

Section 2: EUR/GBP bank loan market

Source: Loan Connector Source: Loan Connector

0

20

40

60

80

100

120

Mar

gin

(bps

)

European pricing grid - multiyear drawn

AA A BBB

0

50

100

150

200

250

0

50

100

150

200

250

300

350

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Num

ber

ofde

als

Vol

ume

(US$

bn)

Western Europe Loan Volumes

Lev - Vol. ($Bils.) IG - Vol. ($Bils.)Lev - No. of Deals IG - No. of Deals

Bank loan market


Section 2: Bank loan market

EUR / GBP completed transactions greater than US$250m

Issuedate Issuer Tranche

rating Form Ccy Amount Maturity Margin(+bps) Sector Ctry Leads

31-Dec Bright Food Singapore NR, NR TL EUR 600 2017 - Consumer Products CN Various

24-Dec Perfume Holding NR, NR RCF EUR 10 2015 - Chemicals IT IMI

24-Dec Perfume Holding NR, NR RCF EUR 10 2019 - Chemicals IT IMI

24-Dec Perfume Holding NR, NR TL EUR 40 2019 - Chemicals IT IMI

24-Dec Perfume Holding NR, NR TL EUR 30 2019 - Chemicals IT IMI

23-Dec ADIF NR, NR TL EUR 773 2022 - Transport IE Various



22-Dec Roullier NR, NR RCF EUR 265 2019 - Consumer Products FR Various

22-Dec Semperit NR, NR RCF EUR 250 2019 - Chemicals AT Erste Bank, HSBC,UniCredit

19-Dec Daisy Group NR, NR RCF GBP 40 2020 L+450 Telecommunications UK HSBC, ING, LTSB

19-Dec Daisy Group NR, NR TL GBP 135 2022 +132 Telecommunications UK -

19-Dec Daisy Group NR, NR TL GBP 225 2021 L+600 Telecommunications UK HSBC, ING, LTSB

19-Dec Host Europe NR, NR TL GBP 250 - - Technology UK Various

19-Dec Host Europe NR, NR TL GBP 250 - - Technology UK Various

19-Dec Spie (P)B2, NR RCF EUR 100 2018 E+400 Construction FR Various

19-Dec Spie (P)B2, NR TL EUR 625 2019 E+425 Construction FR Various

19-Dec Spie NR, NR TL EUR 186 2021 E+775 Construction FR Various

19-Dec Stabilus NR, NR RCF EUR 50 2019 - Transport DE Commerzbank, Helaba,UniCredit

19-Dec Stabilus NR, NR TL EUR 270 2019 - Transport DE Commerzbank, Helaba,UniCredit

19-Dec Thales NR, NR RCF EUR 1,500 2019 - Transport FR Various

18-Dec ADIF NR, NR TL EUR 1,000 2016 - Transport IE Various

18-Dec BC Partners NR, NR RCF EUR 100 2016 - Private Equity IE BAR, LTSB, RBS

18-Dec BC Partners NR, NR RCF EUR 600 2016 - Private Equity IE Various

18-Dec Citycon NR, NR RCF EUR 500 2019 E+100 Consumer Products IE Various

18-Dec Constantia Flexibles NR, NR OTH EUR 1,500 - - Chemicals IE JPM

18-Dec Danone NR, NR RCF EUR 2,000 2019 - Consumer Products FR Various

Bank loan market



EUR / GBP completed transactions greater than US$250m (cont.)



18-Dec KraussMaffei NR, NR RCF EUR 250 2017 - Chemicals DE Various

18-Dec Laboratorios LesviSLU and Inke SAU NR, NR RCF EUR 9 2018 - Life Sciences ES Banco Sabadell, BBVA

18-Dec Laboratorios LesviSLU and Inke SAU NR, NR TL EUR 32 2020 - Life Sciences ES Banco Sabadell, BBVA

18-Dec Laboratorios LesviSLU and Inke SAU NR, NR TL EUR 8 2024 - Life Sciences ES Banco Sabadell, BBVA

18-Dec Novalis NR, NR RCF EUR 200 2019 - Business Services FR Various

18-Dec Novalis NR, NR TL EUR 650 2019 - Business Services FR Various

18-Dec Sonepar NR, NR RCF EUR 650 2019 - Construction FR Various

17-Dec De Persgroep NR, NR RCF EUR 100 2019 - Media & Entertainment BE Various

17-Dec De Persgroep NR, NR TL EUR 150 2019 - Media & Entertainment BE Various

17-Dec Draexlmaier NR, NR RCF EUR 400 2019 - Transport DE Various

17-Dec Sartorius NR, NR RCF EUR 400 2019 - Life Sciences DE Various

16-Dec Enagas NR, BBB RCF EUR 1,500 2019 E+100 Utilities ES Various

16-DecFS DeutscheGastransportZwischenholding

NR, NR TL EUR 270 2019 - Utilities DE Various

16-Dec TomTom NR, NR RCF EUR 250 2017 - Transport NL Various

15-Dec CRH NR, NR RCF GBP 40 2019 - Construction IE BOI, Lloyds Bank

15-Dec CRH NR, NR OTH GBP 250 - - Construction IE -

15-Dec Faurecia NR, NR RCF EUR 1,200 2019 - Transport FR Various

Bank loan market



USD completed transactions greater than US$250m



9-Jan Haier NR, NR TL USD 250 2018 L+150 Consumer Products CN Various

6-Jan Pitney Bowes NR, NR RCF USD 1,000 2020 L+175 Technology US Various

5-Jan Petroleos Mexicanos NR, NR RCF USD 3,250 - L+115 Oil & Gas MX Various

4-Jan Gasoducto Sur Peruano NR, NR OTH USD 4,100 - - Oil & Gas PE Various

1-Jan Casetek Holdings NR, NR TL USD 300 2018 L+130 Technology TW ANZ, DBS

31-Dec A&E Television NR, NR RCF USD 400 2019 L+100 Media & Entertainment US Various

31-Dec A&E Television NR, NR TL USD 600 2019 L+100 Media & Entertainment US Various

31-Dec Chief Power Ba3, NR RCF USD 40 2019 L+475 Power & Utilities IE BAR, MS

31-Dec Chief Power Ba3, BB TL USD 351 2020 L+475 Power & Utilities IE BAR, MS

31-Dec China CommunicationsConstruction NR, NR OTH USD 1,100 2015 - Construction IE Various

31-Dec Formosa Group NR, NR OTH USD 510 2015 +170 Mining & Metals TW Bank of Taiwan, DBS,MICB

31-Dec Havi NR, NR RCF USD 150 2019 L+175 Business Services US BML

31-Dec Havi NR, NR TL USD 100 2019 L+175 Business Services US BML

31-Dec Hilco Trading NR, NR RCF USD 250 2017 L+250 Business Services US BML

31-Dec Methanex NR, NR RCF USD 400 2017 L+170 Chemicals CA RBC

31-Dec Montreal Gateway NR, NR RCF USD 15 2019 - Transport CA BOM

31-Dec Montreal Gateway NR, NR TL USD 255 2019 - Transport CA BOM

31-Dec Oasis Outsourcing NR, NR RCF USD 50 2019 - Business Services US RBC, SunTrust

31-Dec Oasis Outsourcing NR, NR TL USD 60 2022 L+875 Business Services US RBC, SunTrust

31-Dec Oasis Outsourcing NR, NR TL USD 160 2021 L+475 Business Services US RBC, SunTrust

31-Dec Petroleos Mexicanos NR, NR RCF USD 3,250 2019 L+85 Oil & Gas MX Various

31-Dec Petroleos Mexicanos NR, NR TL USD 2,000 2019 L+85 Oil & Gas MX Various

31-Dec Survey Sampling NR, NR RCF USD 23 2019 L+500 Business Services US GECC

31-Dec Survey Sampling NR, NR TL USD 212 2020 L+500 Business Services US GECC

31-Dec Survey Sampling NR, NR TL USD 95 - L+900 Business Services US GECC

31-Dec UEP Penonome NR, NR OTH USD 34 2029 - Power & Utilities PA -

31-Dec UEP Penonome NR, NR OTH USD 16 2031 - Power & Utilities PA IFC

Bank loan market



USD completed transactions greater than US$250m (cont.)





31-Dec UEP Penonome NR, NR OTH USD 110 2031 - Power & Utilities PA -

31-Dec WGL Holdings NR, NR RCF USD 450 2019 L+90 Utilities US Various

30-Dec Astoria Energy Ba3, BB RCF USD 70 2019 - Utilities IE MS, NAT

30-Dec Astoria Energy Ba3, BB TL USD 700 2021 L+400 Utilities IE MS, NAT

30-Dec CRGT B2, B RCF USD 15 2019 - Technology IE CS

30-Dec CRGT B2, B TL USD 100 2020 L+650 Technology IE CS

30-Dec Petsmart NR, NR RCF USD 750 - - Consumer Products US -

30-Dec Petsmart NR, NR OTH USD 4,000 - - Consumer Products US -

30-Dec SunEdison NR, NR OTH USD 20 2031 - Technology US -




30-Dec Universal NR, NR RCF USD 450 2019 L+150 Consumer Products US AgFirst Farm CreditBank, JPM, SunTrust

30-Dec Universal NR, NR TL USD 150 2019 L+150 Consumer Products US AgFirst Farm CreditBank, JPM, SunTrust

30-Dec Universal NR, NR TL USD 200 2021 L+175 Consumer Products US AgFirst Farm CreditBank, JPM, SunTrust

30-Dec Williams NR, NR RCF USD 3,500 2019 L+175 Oil & Gas US Various

30-Dec Williams NR, NR RCF USD 1,500 2019 L+175 Oil & Gas US Various

29-Dec American Municipal PowerOhio NR, NR RCF USD 750 2019 - Utilities IE JPM, Key Bank , US

Bank

29-Dec Fair Isaac NR, NR RCF USD 400 2019 L+112 Business Services US US Bank, Wells

29-Dec HealthSouth NR, NR TL USD 300 2018 L+175 Life Sciences US Various

29-Dec KBS Anchor NR, NR OTH USD 53 - - Real Estate US US Bank

29-Dec Speedway Motorsports NR, NR RCF USD 100 2019 L+175 Media & Entertainment US Various

29-Dec Speedway Motorsports NR, NR TL USD 50 2019 L+175 Media & Entertainment US Various

29-Dec Speedway Motorsports NR, NR TL USD 150 2019 L+175 Media & Entertainment US Various

29-Dec Tapstone Energy NR, NR RCF USD 510 2019 L+225 Oil & Gas US BML

Bank loan market






26-Dec Downtown Capital NR, NR TL USD 106 2016 L+300 Real Estate US Wells

24-Dec CH Robinson NR, NR RCF USD 900 2019 L+112 Transport IE BMO, US Bank, Wells

23-Dec Exelis NR, NR RCF USD 500 2019 L+150 Transport US Various

23-Dec GISA Netherlands NR, NR RCF USD 175 2015 - Mining & Metals NL Various

23-Dec GISA Netherlands NR, NR RCF USD 175 2017 - Mining & Metals NL Various

23-Dec Graton EconomicDevelopment Authority NR, NR RCF USD 125 2019 L+325 Hospitality & Leisure US Various

23-Dec Graton EconomicDevelopment Authority NR, NR TL USD 325 2019 L+325 Hospitality & Leisure US Various

23-Dec McDonald's A2, NR RCF USD 2,500 2019 - Consumer Products US BOA, Citi, JPM

22-Dec Dealer Tire B2, NR RCF USD 100 2019 L+375 Automotive US Various

22-Dec Dealer Tire B2, B TL USD 615 2021 L+450 Autmotive US Various

22-Dec Flint Hills NR, NR RCF USD 800 2019 L+62 Oil & Gas US RBS, Wells

22-Dec Global Cash Access B1, B+ RCF USD 50 2019 L+350 Business Services US BML, DB

22-Dec Global Cash Access B1, B+ TL USD 500 2020 L+525 Business Services US BML, DB

22-Dec Global Cash Access NR, NR OTH USD 400 2015 - Business Services US BML, DB

22-Dec Merck & Co NR, NR OTH USD 8,000 2015 L+75 Life Sciences US DB, JPM

22-Dec Moffett Place NR, NR TL USD 610 2017 L+350 Real Estate US Wells

22-Dec Nanjing CEC NR, NR TL USD 1,000 2024 L+270 Technology CN ABC, Bank of China

22-Dec Pike B2, B+ RCF USD 100 2019 L+325 Construction US JPM, KeyBank, SunTrust

22-Dec Pike B2, B+ TL USD 310 2021 L+450 Construction US JPM, KeyBank, SunTrust

22-Dec Pike Caa2, CCC+ TL USD 130 2022 L+850 Construction US JPM, KeyBank, SunTrust

22-Dec Riverside Center NR, NR TL USD 500 2017 L+390 Real Estate US BML, Wells

22-Dec Sasol Chemicals NR, NR TL USD 3,995 2021 L+225 Chemicals US Various

20-Dec Agrium NR, NR RCF USD 2,300 2019 - Chemicals IE Various

20-Dec Agrium NR, NR RCF USD 200 2020 - Chemicals IE Various

19-Dec Autozone NR, NR RCF USD 500 2015 L+112 Transport IE US Bank, Wells

19-Dec Autozone NR, NR RCF USD 1,250 2019 L+100 Transport IE Various

19-Dec Beacon Health NR, NR RCF USD 65 - - Life Sciences IE Various

Bank loan market






19-Dec Beacon Health NR, NR TL USD 350 - - Life Sciences IE Various

19-Dec Biosev NR, NR TL USD 330 2018 L+500 Consumer Products IE CA, ING, NAT

19-Dec Brown Shoe NR, NR RCF USD 600 2019 L+150 Consumer Products IE BOA, Wells

19-Dec Church & Dwight NR, NR RCF USD 600 2019 L+112 Chemicals IE BOA, SunTrust, Wells

19-Dec Empire Petroleum NR, NR RCF USD 250 2019 L+275 Oil & Gas US Various

19-Dec Evraz North America NR, NR RCF USD 515 2019 L+175 Infrastructure UK BML, GECC

19-Dec First Advantage NR, NR TL USD 485 2021 L+475 Business Services US BML

19-Dec First Advantage NR, NR TL USD 170 2022 L+875 Business Services US BML

19-Dec Hillenbrand NR, NR RCF USD 700 2019 L+138 Construction US Citizens Financial, JPM,Wells

19-Dec Hillenbrand NR, NR TL USD 180 2019 L+138 Construction US Citizens Financial, JPM,Wells

19-Dec Ingram Micro NR, NR RCF USD 1,250 2019 - Technology US Various

19-Dec Jarden NR, NR RCF USD 250 2019 L+175 Consumer Products US Various

19-Dec Jarden NR, NR TL USD 660 2019 L+175 Consumer Products US Various

19-Dec JSW Steel NR, NR TL USD 250 2020 L+306 Infrastructure IN Axis

19-Dec Laboratory Corp ofAmerica NR, NR RCF USD 1,000 2019 L+125 Life Sciences US BML, Wells

19-Dec Laboratory Corp ofAmerica NR, NR TL USD 1,000 2019 L+125 Life Sciences US BML, Wells

19-Dec Laboratory Corp ofAmerica NR, NR OTH USD 400 2015 L+125 Life Sciences US BML, Wells

19-Dec Laboratory Corp ofAmerica NR, NR OTH USD 2,850 2015 L+125 Life Sciences US BML, Wells

19-Dec MacAllister Machinery NR, NR RCF USD 750 2015 - Transport US JPM, Wells

19-Dec MacAllister Machinery NR, NR TL USD 100 2015 - Transport US JPM, Wells

19-Dec Maurel & Prom NR, NR RCF USD 400 2020 L+340 Oil & Gas FR -

19-Dec Metro National NR, NR TL USD 225 2018 L+195 Real Estate US BML, Wells

19-Dec Metro National NR, NR TL USD 200 2019 L+190 Real Estate US BML, Wells

19-Dec Mylan NR, NR RCF USD 1,500 2019 L+132 Life Sciences US Various

19-Dec Mylan NR, NR TL USD 800 2019 L+132 Life Sciences US Various

19-Dec Neuberger Berman NR, NR RCF USD 7,000 2015 L+100 Private Equity US Citi, JPM

19-Dec Nextel NR, NR OTH USD 750 - - Telecommunications US Various

Bank loan market






19-Dec PennTex Midstream NR, NR RCF USD 35 2017 L+325 Oil & Gas US RBC, Wells

19-Dec PennTex Midstream NR, NR RCF USD 275 2019 L+225 Oil & Gas US RBC, Wells

19-Dec PennTex Midstream NR, NR RCF USD 145 - L+275 Oil & Gas US RBC, Wells

19-Dec Southwestern Energy NR, NR TL USD 500 2016 L+150 Oil & Gas US BOA

19-Dec Southwestern Energy NR, NR OTH USD 4,500 2015 L+150 Oil & Gas US BOA

19-Dec Tata Steel NR, NR TL USD 700 2019 L+280 Mining & Metals SG Various

19-Dec Tata Steel NR, NR TL USD 800 2021 L+315 Mining & Metals SG Various

19-Dec Thai Union Frozen NR, NR OTH USD 1,510 2016 - Consumer Products TH Bangkok Bank, SiamCommercial

19-Dec Vista Outdoor NR, NR RCF USD 400 2019 L+175 Consumer Products US Various

19-Dec Vista Outdoor NR, NR TL USD 350 2019 L+175 Consumer Products US Various

19-Dec Washington Gas Light NR, NR RCF USD 350 2019 L+88 Utilities US BOA

19-Dec Wisconsin Electric NR, NR RCF USD 500 2019 L+100 Utilities US Various

19-Dec Wisconsin Energy NR, NR RCF USD 400 2019 L+112 Utilities US Various

19-Dec Wisconsin Energy NR, NR RCF USD 350 2019 L+88 Utilities US Various

18-Dec Adani International NR, NR TL USD 50 2023 - Transport IE Axis

18-Dec Delek Logistics NR, NR RCF USD 520 2019 - Transport US BBVA, FTB

18-Dec Eby-Brown NR, NR RCF USD 200 2019 L+175 Consumer Products US JPM, Wells

18-Dec Empresa de Transporte dePasajeros NR, NR OTH USD 250 2026 - Transport CL BNP, SUM



18-Dec Fidelity National NR, NR RCF USD 3,000 2019 L+125 Technology US Various

18-Dec Fidelity National NR, NR TL USD 1,300 2019 L+125 Technology US Various

18-Dec Love's Travel Stops &Country NR, NR RCF USD 600 2019 L+112 Consumer Products US JPM, Wells

18-Dec Nellson Nutraceutical NR, NR TL USD 378 - - Consumer Products US GECC

18-Dec Petroleos Mexicanos NR, NR OTH USD 700 2015 - Oil & Gas MX Various

18-Dec Praxair NR, NR RCF USD 2,500 2019 L+88 Chemicals US Various

18-Dec Reynolds American NR, NR RCF USD 2,000 2019 L+138 Consumer Products US Various

Bank loan market






18-Dec Royalty Pharma Baa2, BBB- TL USD 700 2020 L+275 Life Sciences CH BML, GS, JPM

18-Dec Royalty Pharma Baa2, NR TL USD 2,000 2019 L+250 Life Sciences CH BML, GS, JPM

18-Dec Royalty Pharma NR, NR TL USD 200 2020 L+275 Life Sciences CH BML, GS, JPM

18-Dec Sacramento DowntownArena NR, NR TL USD 265 2019 L+275 Real Estate US Various

18-Dec Saputo NR, NR RCF USD 500 2019 - Consumer Products CA BOM, NBC

18-Dec Saputo NR, NR TL USD 88 2019 - Consumer Products CA BOM, NBC

18-Dec Stag Industrial Operating NR, NR RCF USD 300 2019 L+115 Real Estate US BML, Wells

18-Dec Standex International NR, NR RCF USD 400 2019 L+100 Consumer Products US BML, Citizens Financial,SANT

18-Dec TerraForm Power NR, NR RCF USD 75 2017 L+375 Utilities US Various

18-Dec TerraForm Power NR, NR TL USD 275 2019 L+400 Utilities US Various

18-Dec Tier Operating Partnership NR, NR RCF USD 225 2018 L+210 Real Estate US Wells

18-Dec Tier Operating Partnership NR, NR TL USD 250 2019 L+205 Real Estate US Wells

18-Dec Time Warner NR, NR RCF USD 2,500 2019 L+125 Media & Entertainment US Various

18-Dec Time Warner NR, NR RCF USD 2,500 2019 L+125 Media & Entertainment US Various

17-Dec Actavis NR, NR RCF USD 2,750 2017 - Life Sciences IE JPM, MIZ, Wells

17-Dec Actavis NR, NR RCF USD 2,750 2019 - Life Sciences IE JPM, MIZ, Wells

17-Dec Actavis NR, NR OTH USD 30,900 2015 L+150 Life Sciences IE JPM, MIZ, Wells

17-Dec Apex Oil NR, NR RCF USD 1,050 2015 - Oil & Gas IE BNP

17-Dec Carter Validus NR, NR RCF USD 400 2017 L+175 Real Estate IE Capital One, Keybank,SunTrust

17-Dec Chumash Casino & Resort NR, NR RCF USD 300 2019 L+100 Hospitality & Leisure IE Wells

17-Dec Country Garden Holdings NR, NR TL USD 203 2018 - Real Estate IE Various

17-Dec Dealogic NR, NR RCF USD 50 2019 L+375 Technology UK Various

17-Dec Dealogic B1, B+ TL USD 335 2021 L+375 Technology UK Various

17-Dec Elizabeth Arden NR, NR RCF USD 275 2019 L+250 Chemicals US BOA, JPM

17-Dec Equinix NR, NR RCF USD 500 2019 L+150 Telecommunications US BML, JPM, TorontoDominion

17-Dec Equinix NR, NR TL USD 1,000 2019 L+150 Telecommunications US BML, JPM, TorontoDominion

17-Dec Frontfleet NR, NR TL USD 467 2019 - Transport BM Various

Bank loan market






17-Dec GMR Megawide NR, NR TL USD 521 2029 - Transport PH BDO

17-Dec GUARANI NR, NR TL USD 79 2019 L+230 Consumer Products BR Various

17-Dec GUARANI NR, NR TL USD 206 2019 L+230 Consumer Products BR Various

17-Dec Hudson's Bay NR, NR RCF USD 150 2018 L+125 Consumer Products CA BML, BNS

17-Dec Hudson's Bay NR, NR RCF USD 600 2019 L+125 Consumer Products CA BML, GECC

17-Dec Kansas City Power & Light NR, NR RCF USD 600 2019 L+125 Utilities US Various

17-Dec KCP&L Greater Missouri NR, NR RCF USD 450 2019 L+125 Utilities US Various

17-Dec Koch Resources NR, NR RCF USD 3,000 2019 L+62 Oil & Gas US Various

17-Dec MDC NR, NR RCF USD 550 2019 L+175 Construction US Citi, SunTrust, US Bank

17-Dec MGOC NR, NR RCF USD 90 2019 - Media & Entertainment US Various

17-Dec MGOC NR, NR TL USD 600 2019 - Media & Entertainment US Various

17-Dec MGOC NR, NR TL USD 910 2021 - Media & Entertainment US Various

17-Dec Pan American Silver NR, NR RCF USD 300 2018 - Mining & Metals CA BNS, CIBC

17-Dec Petroserv Marine NR, NR RCF USD 100 2020 - Oil & Gas BR Various

17-Dec Petroserv Marine NR, NR TL USD 1,420 2020 - Oil & Gas BR Various

17-Dec Petroserv Marine NR, NR TL USD 180 2020 - Oil & Gas BR Various

17-Dec PNM Resources NR, NR RCF USD 300 2019 L+150 Utilities US Various

17-Dec Public Service Co of NewMexico NR, NR RCF USD 400 2019 L+125 Utilities US Various

17-Dec Retail Services & Systems NR, NR RCF USD 350 2019 L+175 Business Services US PNC, Wells

17-Dec SBM Offshore NR, NR RCF USD 1,000 2020 - Oil & Gas NL Various

17-Dec Slate Retail Two NR, NR RCF USD 225 2019 L+250 Real Estate CA Keybank

17-Dec Slate Retail Two NR, NR TL USD 225 2019 L+250 Real Estate CA Keybank

17-Dec Wheelabrator Ba2, BB- RCF USD 145 2019 L+400 Power & Utilities US BAR, BNP, DB

17-Dec Wheelabrator B1, B TL USD 260 2022 L+725 Power & Utilities US BAR, BNP, DB

17-Dec Wheelabrator Ba2, BB- TL USD 1,250 2021 L+400 Power & Utilities US BAR, BNP, DB

17-Dec Wheelabrator Ba2, BB- TL USD 55 2021 L+400 Power & Utilities US BAR, BNP, DB

16-Dec AF Borrower NR, NR TL USD 125 - L+900 Technology IE GS, SG

Bank loan market






16-Dec AF Borrower NR, NR TL USD 300 - L+525 Technology IE GS, SG

16-Dec Albemarle NR, NR RCF USD 250 2019 L+100 Chemicals IE BML, JPM

16-Dec Aptar NR, NR RCF USD 300 2019 L+112 Chemicals IE BML, JPM, Wells

16-Dec BE Aerospace Ba2, BB+ RCF USD 600 2019 L+200 Transport IE Various

16-Dec BE Aerospace Ba2, BB+ TL USD 2,200 2021 L+325 Transport IE Various

16-Dec CGG Geo Vessels NR, NR RCF USD 100 2019 - Transport IE ABN, Nordea Bank

16-Dec CGG Geo Vessels NR, NR TL USD 150 2019 - Transport IE ABN, Nordea Bank

16-Dec Engility NR, NR RCF USD 60 2019 L+550 Telecommunications US BAR, JEF

16-Dec Engility NR, NR TL USD 435 2020 L+600 Telecommunications US BAR, JEF

16-Dec Engility NR, NR TL USD 150 2021 +1200 Telecommunications US BAR, JEF

16-Dec Eyemart Express B1, B RCF USD 30 2019 L+425 Consumer Products US Wells

16-Dec Eyemart Express B1, B TL USD 300 2021 L+400 Consumer Products US Wells

16-Dec Fibria Celulose NR, NR TL USD 130 2019 L+130 Consumer Products BR BNP, NAT



16-Dec Gartner NR, NR RCF USD 1,100 2019 L+125 Business Services US Citizens Financial, JPM,Wells

16-Dec Gartner NR, NR TL USD 400 2019 L+125 Business Services US Citizens Financial, JPM,Wells

16-Dec KLX NR, NR RCF USD 500 2019 L+175 Business Services US Various

16-Dec Nova Chemicals NR, NR RCF USD 550 2018 - Chemicals CA TD

16-Dec Sabine Oil & Gas NR, NR RCF USD 1,000 2019 L+250 Oil & Gas US Various

16-Dec Sinochem Petroleum NR, NR RCF USD 250 2019 L+250 Oil & Gas US Citi, CA

16-Dec Socar Trading NR, NR RCF USD 250 2015 - Business Services CH Various

16-Dec Unite Private Networks NR, NR RCF USD 30 2019 L+400 Telecommunications US RBC, SunTrust

16-Dec Unite Private Networks NR, NR TL USD 100 2019 L+400 Telecommunications US RBC, SunTrust



15-Dec Chesapeake NR, NR RCF USD 4,000 2019 L+162 Oil & Gas IE Various

Bank loan market






15-Dec Convergint NR, NR TL USD 265 - - Technology IE GECC

15-Dec Distribution InternationalNR, NR RCF USD 80 2019 L+175 Construction US BML, BMO, RBC

15-Dec Distribution InternationalB3, B TL USD 216 2021 L+500 Construction US BML, BMO, RBC

15-Dec FourPoint Energy NR, NR RCF USD 500 2019 L+225 Oil & Gas US Capital One , JPM, Wells

15-Dec Graton Resort & Casino NR, NR RCF USD 125 2019 L+325 Hospitality & Leisure US Various

15-Dec Graton Resort & Casino NR, NR TL USD 325 2019 L+325 Hospitality & Leisure US Various

15-Dec Hindustan Petroleum NR, NR TL USD 300 2019 L+155 Oil & Gas IN Various

15-Dec Holt Texas NR, NR RCF USD 600 2019 L+170 Construction US JPM, Wells

15-Dec Precision Castparts NR, NR RCF USD 1,000 2015 L+70 Construction US BML, Citi, Wells

15-Dec QEP Resources NR, NR RCF USD 1,800 2019 L+175 Oil & Gas US Various

15-Dec STG-Fairway NR, NR RCF USD 50 2019 L+475 Consumer Products US BML, GS, RBC

15-Dec STG-Fairway B2, B TL USD 485 2021 L+475 Consumer Products US BML, GS, RBC

15-Dec STG-Fairway Caa2, CCC+ TL USD 170 2022 - Consumer Products US BML, GS, RBC

15-Dec TrailStone NR, NR RCF USD 400 2015 - Oil & Gas UK BNP

15-Dec Vine Oil & Gas B3, B TL USD 500 2021 L+700 Oil & Gas US Various

15-Dec Vine Oil & Gas Caa2, CCC+ TL USD 350 2022 L+900 Oil & Gas US Various

15-Dec Wah Lee NR, NR RCF USD 50 2019 L+120 Technology TW Various

USD public bond market


► In the US dollar bond market, falling US Treasury yields in spite of the continuing strengthening of the USeconomy saw the corporate bond market start the year strongly with c. US$17 billion of issuance overthe week.

► FedEx (Baa3, BBB-, NR), the global courier delivery services company, came to the market with a US$2.5billion 5-tranche offering that achieved US$10 billion of investor orders. Strong demand allowed thecompany to price 15-20bps inside of initial price talk. In addition to the original 5-, 10-, 20- and 30-yeartranches, following a reported enquiry from investors, the 50-year tranche was also added.

► Other jumbo transactions came from two automotive manufacturers at different ends of the creditspectrum: Toyota Motor Corp (Aa3, AA-, NR) raised US$1.75 billion in a dual tranche offering andGeneral Motors (Ba1, BBB-, BB+) came to the market with a US$2.25billion three-tranche deal. Bothtransactions included floating rate notes.

► As sentiment continued to improve over the week, the new issue premium on transactions was said tohave tightened down to c. 5bps.

Domestic

Section 3: USD public bond market

Source: Reuters Source: Reuters

Issuedate Issuer Tranche rating

(M,S&P,F) Form Amount(US$m) Coupon Maturity Spread

(T+bps) Sector Ctry Leads

9-Jan Centene Ba2, BB, NR SN 200 4.750% 2022 - Life Sciences US Various

9-Jan NCI Building B3, B+, NR SN 250 8.250% 2023 +643 Construction US Various

8-Jan Exelon Generation Baa2, NR, BBB+ SN 750 2.950% 2020 +145 Power & Utilities US Various

7-Jan Ventas Realty NR, BBB+, BBB+ SN 600 3.500% 2025 +160 Real Estate US Various

7-Jan Ventas Realty NR, BBB+, BBB+ SN 300 4.375% 2045 +190 Real Estate US Various

7-Jan General Motors Ba1, BBB-, BB+ SN 250 Float 2020 - Automotive US Various

7-Jan General Motors Ba1, BBB-, BB+ SN 1,000 4.000% 2025 +210 Automotive US Various

7-Jan General Motors Ba1, BBB-, BB+ SN 1,000 3.150% 2020 +170 Automotive US Various

0

50

100

150

200

Spre

ad(b

ps)

USD secondary public bond spread 10-year

Avg. AA USD 10yr spreads Avg. A USD 10yr spreads

Avg. BBB USD 10yr spreads

0

20

40

60

80

100

0

10

20

30

40

50

60

Num

ber

issu

ed

Vol

ume

(US$

bn)

Monthy US$ bond volumes

Domestic volume (US$) Cross-border volume (US$)Cross-border number issued Domestic number issued

USD public bond market


Section 3: USD public bond market

Domestic (cont.)Issuedate Issuer Tranche rating



7-Jan CBS Baa2, BBB, BBB SN 600 4.600% 2045 +215 Media & Entertainment US Various

7-Jan CBS Baa2, BBB, BBB SN 600 3.500% 2025 +165 Media & Entertainment US Various

7-Jan Arizona PublicService A3, A-, A- SN 250 2.200% 2020 +72 Power & Utilities US Various

6-Jan Ford Motor Baa3, BBB-, BBB- SN 750 3.219% 2022 +145 Automotive US Various

6-Jan Ford Motor Baa3, BBB-, BBB- SN 750 2.145% 2018 +115 Automotive US Various

6-Jan Ford Motor Baa3, BBB-, BBB- SN 500 Float 2018 - Automotive US Various

6-Jan FEDEX Baa3, BBB-, NR SN 250 4.500% 2065 +200 Consumer Products US Various





Cross borderIssuedate Issuer Tranche rating



7-Jan TransCanada A3, NR, NR SN 250 Float 2018 - Power & Utilities CA DB, JPM

7-Jan TransCanada A3, NR, NR SN 500 1.875% 2018 +100 Power & Utilities CA DB, JPM

7-Jan Toyota Motor Aa3, AA-, NR MTN 500 Float 2018 - Automotive JP Various

7-Jan Toyota Motor Aa3, AA-, NR SN 1,250 1.450% 2018 +53 Automotive JP Various

GBP public bond market


Section 4: GBP public bond market


Domestic

Cross-border

► The first corporate issuer to the sterling market in 2015 was Daimler (A3, A-, A-), the Germanautomotive manufacturer, which issued a short-dated £300 million 3-year bond. The transaction pricedat the tighter end of the +85-90bps initial price talk, with market participants reporting an implied newissue premium of c. 10bps.


(M,S&P,F) Form Amount(GBPm) Coupon Maturity Spread

(G+bps) Sector Ctry Leads

8-Jan Daimler A3, NR, A- SN 250 1.250% 2017 +85 Automotive DE JPM




No significant issuance this week

0

1

2

3

4

5

6

0

1

1

2

2

3

3

4

Num

ber

issu

ed

Vol

ume

(GBP

m)

Monthy GBP bond volumes

Volume (GBP) Number issued

0

50

100

150

200

Spre

ad(b

ps)

GBP secondary public bond spread 10-year

Avg. AA GBP 10yr spreads Avg. A GBP 10yr spreads

Avg. BBB GBP 10yr spreads

ORB retail bond market


In the market

Recent Issues

Date Issuer Ratings (M,S&P,F) Form Amount(GBPm) Coupon Maturity Sector Country

16-Oct Eros International NR, NR, NR SN 50 6.50% 2021 Media &Entertainment UK

1-Oct A2D Funding NR, NR, NR SSN 150 4.50% 2026 Real Estate UK

20-Aug Burford Capital NR, NR, NR SN 90 6.50% 2022 Finance UK

15-Jul Golden Lane Charity NR, NR, NR SN 11 4.47% 2021 Real Estate UK

9-Jun Ladbrokes NR, BB, BB SN 100 5.13% 2022 Leisure UK

30-Jan Paragon NR, NR, NR SN 125 6.13% 2022 Finance UK

6-Dec Premier Oil NR, NR, NR SN 150 5.00% 2020 Oil & Gas UK

21-Oct A2Dominion NR, NR, AA- SN 150 4.75% 2022 Real Estate UK

25-Jul Bruntwood NR, NR, NR SSN 50 6.00% 2020 Real Estate UK

25-Jun Helical Bar NR, NR, NR SN 80 6.00% 2020 Real Estate UK

8-May International PersonalFinance NR, NR, BB+ SN 70 6.13% 2020 Finance UK

21-Mar Provident NR, NR, BBB SN 65 6.00% 2021 Finance UK

05-Mar Paragon NR, NR, NR SN 60 6.00% 2020 Finance UK

15-Feb EnQuest NR, NR, NR SN 145 5.50% 2022 Oil & Gas UK

19-Dec Alpha Plus NR, NR, NR SSN 49 5.75% 2019 Education UK

12-Dec UNITE NR, NR, NR SN 90 6.13% 2020 Real Estate UK

Date Issuer Ratings (M,S&P,F) Form Amount(GBPm) Coupon Maturity Sector Country

No significant issuances in the week

Section 4: ORB retail bond market

EUR public bond market


► Against a volatile economic and political backdrop, the Eurobond market kicked off the year with anumber of issuers accessing the market with strongly oversubscribed transactions. Danone (Baa1, A-,NR), the French food group, was the first corporate issuer of the year with a €1.3 billion 5- and 10-yeardeal. Despite being downgraded one notch to Baa1 by Moody’s in December, the transaction received astrong welcome, with €5.9 billion of orders, weighted towards the fixed rate longer-dated tranche. The 5-year floating rate tranche came with very little new issue premium, with market participants expectingfurther longer-dated floating rate issuance this year.

► Volkswagen (A3, NR, NR), the German automotive manufacturer, saw €9 billion worth of interest in its 3-tranche deal. Interestingly, the company chose to issue at non-standard benchmark maturities, with a3.5-year floating rate tranche, and 8- and 15-year fixed rate tranches.

► Away from investment grade deals, ArcelorMittal (Ba1, BB+, BB+) the multinational steel manufacturer,took advantage of positive sentiment in the market to raise €750 million of 7-year bonds. Appetite foryield saw an order book of over €2 billion build.

Section 5: EUR public bond market


Domestic


(M,S&P,F) Form Amount(EURm) Coupon Maturity Spread

(+bps) Sector Ctry Leads

9-Jan BMW A2, NR, NR SN 750 0.500% 2020 +15 Automotive DE Various

9-Jan BMW A2, NR, NR SN 750 1.000% 2025 +30 Automotive DE Various

8-Jan ArcelorMittal Ba1, BB+, BB+ MTN 750 3.125% 2022 MS+265 Materials LX Various

8-Jan Danone Baa1, A-, NR MTN 550 Float 2020 - Consumer Products FR Various

8-Jan Danone Baa1, A-, NR MTN 750 1.125% 2025 MS+48 Consumer Products FR Various

8-Jan Volkswagen A3, NR, NR MTN 1,000 0.875% 2023 MS+40 Automotive DE Various

8-Jan Volkswagen A3, NR, NR MTN 1,000 1.625% 2030 MS+65 Automotive DE Various

8-Jan Volkswagen A3, NR, NR MTN 1,000 Float 2018 E+30 Automotive DE Various

0

50

100

150

200

Spre

ad(b

ps)

EUR secondary public bond spread 10-year

Avg. AA EUR 10yr spreads Avg. A EUR 10yr spreads

Avg. BBB EUR 10yr spreads

0

10

20

30

40

50

60

70

02468

1012141618

Jan-

14

Feb-

14

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov-

14

Dec-

14

Num

beri

ssue

d

Volum

e(U

S$m

)

Monthy EUR bond volumes: domestic & cross-border

Volume (EUR) Number issued

EUR public bond market


Section 5: EUR public bond market

Cross border




No significant issuance in the week

Private Placement market


► IDEXX Laboratories (NAIC-1), the Maine based leading pet healthcare company tapped the market for amulti-currency private placement shelf deal with MetLife. The issuer launched two US$75 milliontranches of senior notes in four pieces: a 7-year tranche, with a 3.25% coupon and a 12-year bullet, witha 3.72% coupon. The terms of the transaction allows IDEXX to prepay the notes in either US Dollars,Sterling or Euros. The terms also allow for an uncommitted shelf facility for the next three years for theissuance of up to $50 million of additional fixed rate notes with a maturity of up to 15 years.

► Hillenbrand (Ba1, NR, NR) has entered into a $100 million direct private placement deal with PrudentialInvestment Management according to their recent SEC filing. The Batesville, Indiana based processequipment group priced a single-tranche shelf deal which comprises of 10-year unsecured Series A noteswith a 4.60% coupon. Proceeds from the notes will be used for general corporate purposes and to financethe group’s working capital needs.

Section 6: US Private Placement market

Source: Private Placement Monitor Source: Bloomberg

Source: Private Placement Monitor Source: Private Placement Monitor

0.00.51.01.52.02.53.03.54.04.5

Yie

ld(%

)

US Treasury benchmark yields

5yr UST 7yr UST 10yr UST 30yr UST

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Am

ount

(US$

b)

US Private Placement volumes

2011 2012 2013 2014

050

100150200250300350400450500

Spre

adto

US

Trea

sury

/bps

NAIC-1 US Private Placement spreads (bps)

10yr High 10yr Low

050

100150200250300350400450500

Spre

adto

US

Trea

sury

/bps

NAIC-2 US Private Placement spreads (bps)

10yr High 10yr Low

Date Issuer Ratings Form Amount (US$m) Coupon Maturity Spread(T+bps) Sector Ctry

Jan-15 Brandywine Fund NAIC-1(AA) MRPS 75 - 5yr, 7yr,

10yr - Financial US

Jan-15 Public Service Companyof Oklahoma

NAIC-2(A3/BBB) SN 175 - 10yr – 30yr - Power &

Utilities US

Jan-15 Duquensne Light NAIC-1(A1/A-) FMB 250 - 20yr, 30yr,

40yr - Power &Utilities US

Dec-14 The Andersons NAIC-2(BBB+) SN 50 - 15yr, 20yr,

30yr - ConsumerProducts US

Dec-14 Indianapolis Courthouse - SSN - - 20yr - Real Estate US

Dec-14 2014 ReplacementPower Statutory Trust NAIC-1 SSN 355 - 15f/8avg +150 Power &

Utilities US

Dec-14 Empire State RealtyTrust NAIC-2 - 200 - 10yr, 12yr,

15yr +100 Real Estate US


No significant new activity in the market


Jan-15 Lindsay Corp NAIC-2 SN 100 - 10yr, 12yr - Infrastructure US

Jan-15 Clearbridge Energy MLP NAIC-1(AA) MRPS 19

233.85%4.18% 6yr, 8yr - Financial US

Dec-14 Idexx Laboratories Inc NAIC-1 SN 7575

3.25%3.72% 7yr, 12yr - Life Sciences US

Dec-14 Northern Virginia Electric NAIC-1 SSN 377.5 3.85% 14.5f/8avg +150/10yr Power &Utilities US

Dec-14 Washington Gas Light NAIC-1 SN 50 4.24% 30yr - Power &Utilities US

Dec-14 Hillenbrand Inc NAIC-2 SN 100 4.60% 10yr - Infrastructure US

Private Placement market

Domestic: In the market


Domestic: Issued

Section 6: US Private Placement market

Cross Border: In the market

Cross Border: Issued


Dec-14 Integrale - SN EUR100.9 6.25% 10yr - Financial BE

Dec-14 Patrimoine & Commerce - SN EUR17.5EUR12.5

3.19%3.46%

5yr7yr - Real Estate FR

Ratings UpdateNew and Notable from Ratings Agencies


The above list highlights ratings developments that we believe are interesting or noteworthy. This list is not exhaustive.

Section 7: Ratings Update

Issuer Actions Agency

EEPK The entity for the Luxembourg-based international public-finance portfolio of Commerzbank AGassigned a Ba2 rating/ outlook stable Moody's

New ratings Paragon Community Housing Group English Housing association assigned A2 rating/ outlook stable Moody’s

Issuer Actions / Comment Agency

Rating actions

Tesco U.K. retailer rating downgraded from Baa3 to Ba1 following underperformance and competitivepressure/ outlook stable Moody’s

Tata Steel Indian integrated steel company rating upgraded to Ba1 from Ba2 on refinancing/ outlook stable Moody’s

Russia Russian sovereign rating downgraded to BBB- from BBB on economic outlook, plunging oil prices andruble depreciation/ outlook negative Fitch

Theme Comment Agency

Finance andmarket trends Corporates EMEA Corporates Face Deflation and Geopolitical Risks Fitch


Industry comment

Oil & Gas Global oil and gas players enter a challenging 2015 Moody’s

Energy U.S. Public Power 2015 Outlook: Despite several looming issues, credit quality should remain stable S&P

European Media Companies' revenue growth should modestly benefit from an improving European economy in 2015 and2016 S&P

Transportation Global toll road operators have turned a corner, with credit quality likely to improve in 2015 S&P

Automotive December U.S. auto sales end the year strong, but sales growth will likely stabilize in 2015 S&P


Methodologies Structured Finance Moody's requests comments on approach to rating reverse mortgage securitizations Moody's

Financial Institutions Moody's proposes global methodology for new bank counterparty risk rating Moody's

Asset-backed securitization ABS Not rated NR

Commercial mortgage-backed securitization CMBS Other loan OTH

Credit tenant lease CTL Project bond (non-recourse) PB

Deep discount bond DDB Revolving credit facility RCF

Energy savings performance contract ESPC Senior note SN

First mortgage bonds FMB Senior secured note SSN

London interbank offered rate LIBOR Subordinated note SUB

Medium-term note MTN Term loan TL

ABN Amro ABN JP Morgan JPM

Bank of America Merrill Lynch BAML KBC Capital Markets KBC

BBVA Securities BBVA Landesbank Baden-Wuerttemberg LBBW

Bank of Tokyo Mitsubishi UFJ BOTM Lloyds Capital Services Ltd LCS

Banco Santander SA SANT Lloyds Banking Group LBG

Bank of New York BNY Banca March MAR

Bank of Nova Scotia BNS Mega International Commercial Bank Co Ltd MICBC

Barclays Bank BAR Mitsubishi UFJ Financial MIS

BayernLB BLB Mizuho Financial Group Inc MIZ

BMO Capital Markets BMO Morgan Stanley MS

BNP Paribas Group BNP Natixis NAT

Capital One Bank COB Norddeutsche Landesbank GZ NLB

Calyon CAL Nomura NOM

CIBC World Markets CIBC PNC Capital Markets PNC

Citi Citi Rabobank RAB

Commonwealth Bank of Australia CBA RBC Capital Markets RBC

Commerzbank AG CZB Raiffeisen Bank International RBI

Crédit Agricole CA RBS RBS

Credit Suisse CS Société Générale SG

Deutsche Bank DB Scotia Capital Inc SCA

DnB NORD DnB Standard Bank Plc SB

European Investment Group EIG Standard Chartered Bank STA

Fortis Securities Inc FOR SRM Robinson Humphrey SRH

Goldman Sachs & Co GS Sumitomo SUM

HSBC HSBC UBS UBS

ING Groep NV ING UniCredit Group UNI

Intesa Sanpaolo SA ISP U.S. Bancorp USB

Incapital LLC INC Wells Fargo Wells

Banca IMI IMI WestLB WLB

Jefferies & Co. JEF

GlossaryTechnical abbreviations

Financial institution abbreviations

EY | Assurance | Tax | Transactions | Advisory

Ernst & Young LLP

© Ernst & Young LLP. Published in the UK.All Rights Reserved.

The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Waleswith registered number OC300001 and is a member firm of Ernst & Young Global Limited.

Ernst & Young LLP, 1 More London Place, London, SE1 2AF.

Information in this publication is intended to provide only a general outline of the subjects covered. Itshould neither be regarded as comprehensive nor sufficient for making decisions, nor should it beused in place of professional advice. Ernst & Young LLP accepts no responsibility for any loss arisingfrom any action taken or not taken by anyone using this material.

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