ECM Cover 1H2014.pptshare.thomsonreuters.com/general/PR/ECM-2Q14-(E).pdfMerrill Lynch and JP Morgan...
19
Reuters / Bobby Yip GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Half 2014
Transcript of ECM Cover 1H2014.pptshare.thomsonreuters.com/general/PR/ECM-2Q14-(E).pdfMerrill Lynch and JP Morgan...
Reuters / Bobby Yip
GLOBAL EQUITY CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS
First Half 2014
1
Equity Capital Markets Review
9
Australia Equity
Global Scorecard
2
First Half 2014 | Equity Capital Markets | Managing Underwriters
Table of Contents
Global Equity
Leading Underwriters for Second Quarter 2014
3
Japan Equity & Equity-Related (C1e)
Japan Common Stock (C4d)
Japan IPOs (C7d)
Japan Equity
Global Deals Intelligence
142
Japan Secondary Offerings (C8d)Global IPOs (C5)
Australian Common Stock (AK2)
Global Debt, Equity & Equity Related (A1)
2 New Zealand Common Stock
2
Global Common Stock (C2)
Global Convertibles (C9)
Global Equity & Equity-Related (C1)
EMEA Equity
EMEA Equity & Equity-related (C1d)
EMEA Common Stock (C4c)
10EMEA Rights Offerings (C8fr)
9
10
14
15
153
3
EMEA IPOs (C7c)
10
EMEA Deals Intelligence
13
Latin America Equity
Latin America Equity & Equity Related (C1f) 8
Latin America Proceeds by Country & Sector 8 13
Australian Equity & Equity-related (AK1) 13
US Equity
US Block Trades
Criteria Summary
Thomson Reuters Solutions for the Deal Making Community
Japan Convertible Offerings (C9e)
6US Convertibles (C9a)
US Equity & Equity-Related (C1a)
Global Equity Rankings - Last Ten Years
Banking Composite of Top US Equity Bookrunners
6US Common Stock (C3)
US Secondary Offerings (C8a)
US Deals Intelligence
US IPOs (C6)
5
6
5
Asia Convertibles, inc Chinese A-shares (C9b)
Asia IPOs, inc Chinese A-shares (C7a)
12
11
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
10
12
12
Equity Capital Markets Criteria Summary
Regional Contacts
15
7
6
5
EMEA Convertibles (C9d)4
Asia Equity
Asia Secondary Offerings, inc Chinese A-shares (C8c)
11
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
17
Asia Common Stock, inc Chinese A-shares (C4a)
16
12
16
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Global Deals Intelligence
Global Equity & Equity-Related Volume
Global Initial Public Offerings
Global Equity Capital Markets Up 20% Over 2013 l IPO Activity Up 70% l Best First Half for Follow-Ons on Record I Goldman Sachs Tops Global ECM l ECM Fees Climb 42%
EQUITY CAPITAL MARKETS REVIEWFirst Half 2014
GLOBAL ECM ACTIVITY UP 20% - Equity capital markets activity totaled US$471.0 billion during the firsthalf of 2014, a 20% increase compared to the first half of 2013 and the strongest six-month start for globalequity capital markets issuance since 2007. Second quarter equity capital markets issuance increased 40%compared to the first quarter of the year.
IPOs UP 70% FROM 2013; EUROPEAN ISSUERS ACCOUNT FOR 41% - Initial public offering activityduring the first half of 2014 totaled US$115.8 billion, an increase of 70% from last year at this time and thestrongest annual start for global IPOs since 2007. Issuers in the United States, United Kingdom and Chinaaccounted for 52% of all activity during the first half of 2014, while European countries accounted for acombined 41% of IPO volume this year, up from 28% during the first half of 2013. European IPOs totaled$47.9 billion during the first half of 2014, the strongest annual start since 2007.
FOLLOW-ONS UP 9% FROM 2013, STRONGEST FIRST HALF ON RECORD - Global follow-on offeringstotaled US$299.4 billion during the first half of 2014, an increase of 9% compared to a year ago and thestrongest first six months for follow-on offerings since records began in 1980. Offerings from Europeancompanies accounted for 39% of global follow-on issuance, up from 29% during the first half of 2013. Strongyear-over-year gains in Italy, Germany and the United Kingdom bolstered European volumes, while issuancefrom companies in China and the United States fell 10% and 8%, respectively.
UNITED STATES ISSUERS ACCOUNT FOR 29% - Issuers from the United States raised US$137.7 billionin the global equity capital markets during the first half of 2014, up 2% compared to last year at this time.Issuers from China and United Kingdom accounted for 10% and 9%, respectively, of overall equity capital 1,600
1,800
$350
$400 Proceeds (US$b) # of Issues
-10
0
10
20
30
40
50
$0
$20
$40
$60
$80
$100
$120
$140
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
2008 2009 2010 2011 2012 2013 14
% o
f Pro
ceed
s fro
m E
mer
ging
Mar
kets
Pro
ceed
s (U
S$b
)
Global IPOs (US$bil) Europe as % of Global IPOs
Global Equity & Equity-Related Volume by Domicile Region
ssue s o C a a d U ted gdo accou ted o 0% a d 9%, espect e y, o o e a equ ty cap tamarkets activity during the first half of 2014.
FIVE SECTORS ACCOUNT FOR 70% OF ACTIVITY - Led by financial issuers (22%), the overall volume ofequity capital markets activity remained highly concentrated among five main sectors including energy andpower (14%), industrials (12%) and technology and real estate (10%).
GOLDMAN SACHS TOPS GLOBAL ECM RANKINGS - Goldman Sachs led all equity capital marketsunderwriters during the first half of 2014 with US$44.0 billion in proceeds from 231 issues. Bank of AmericaMerrill Lynch and JP Morgan rounded out the top three global ECM underwriters, with market share gains of0.9 and 0.1 percentage points, respectively.
ECM FEES UP 42% - According to estimates from Freeman Consulting, fees from equity capital marketstransactions during the first half of 2014 totaled US$11.6 billion, a 42% increase from this time last year.
0
200
400
600
800
1,000
1,200
1,400
$0
$50
$100
$150
$200
$250
$300
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
2008 2009 2010 2011 2012 2013 14
# of
Issu
es
Pro
ceed
s (U
S$b
)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
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Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas
1
Leading Underwriters for the Second Quarter of 2014 Apr 01 - Jun 30 Global Scorecard
136,789.5
108.3%721
30
19
United States (C3)
Latin America (C4e)
Australia (C1c)Global Common Stock (C2)
Global Debt, Equity & Equity-Related (A1) 139,070.7
8.63.3 EMEA - Europe, Middle East & Africa (C1d)1
▲
▲
Global Equity & Equity-Related (C1)
Asia Pacific ex Australia (C1b)United States (C1a)
13Global Equity & Equity-related (C1) 3-1.8
9.5 1.2
Market Sector
Global Disclosed Fees (A2)
Global
JP MorganJP Morgan
▲▼
Citi111.1
1.5
14,061.4 70
124
394 81 323 5
-8.2%358485
26.5%
2
160
1,530
21,778.6
8.8%
13
47,414.5213
55,023.0454
617.2
11,595.9Asia Pacific ex Australia (C8c)
118 400 9Australia (C8b)
Global Secondary Offerings (C8)United States (C8a)
EMEA Europe Middle East & Africa (C8f)
3831,643
95,171.187,409.4299,369.6 275,240.6
6,408.9
6,638.7
9,913.6 11
▲315205
▼
-13.8%
45 6%
▲502.2%
▼-16.0%
▼▲74.7%
-93.8%
▼▲
▲
68,153.0
▲118 ▲
26
69.9%
258.6%
94.0%86
94 -30.2%77.0%
▲327
95,384.926,057.820,738.5
▼▼
507
7,394.1Asia Pacific ex Australia (C4a)
▲
12 -47.7%90
385
41
554
603-1.7%
▲118.3% ▲
116,949.7
218
444US
Global Convertibles (C9) ▲Goldman Sachs & CoGlobal IPOs (C5)
US Common Stock (C3) Citi
17.2
US Equity & Equity-Related (C1a) Goldman Sachs & Co
Goldman Sachs & CoUS IPOs (C6)
11.1Bank of America Merrill Lynch ▲
4.1
US Convertibles (C9a)
-0.1
5.9
EMEA Convertibles (C9d)
Europe, Middle East & Africa (EMEA)
JP Morgan0.0
35 1
9.8
9.5
1 1
5.0
▼
▼-1.29.6 208
555
7,631.1
12,521.2755.44,548.8
▲
▼▼-46.2%41
▼6.2%
471,009.3 2,397
1/1/2014 - 6/30/2014
Deals
1/1/2013 - 6/30/2013
US$mNo.Proceeds
DealsProceeds
56878,853.9
US$m392,024.7
98113419
232
7,752.8
22,974.2
16,144.6662 67,544.2
234
415,142.2114,954.1
71,707.6
1,857
109,388.7
11,167.2
70.2%
343,393.6
628
597186,199.6
80,028.1
20.9%
▲-17.7%
1.5%16,152.5 224
▲
% Changein Proceeds
▲
▲
50320.1%
No.
2,006▲1.7%
1
27,910.620,738.5
▲13
Japan (C1e)
2,198Global Common Stock (C2)Latin America (C1f)
10,837.2
27,544.7Global IPOs (C5)
18,199.7
Australia (C4b)
EMEA - Europe, Middle East & Africa (C7c)
▲168,826.4
Asia Pacific ex Australia (C7a)Australia (C7b)
50,425.5
1 Japan (C4d)
1115,772.6
Japan (C7d)Latin America (C7e)
EMEA - Europe, Middle East & Africa (C4c)
24,293.1United States (C6)
1
1Asia-Pacific ex. Japan ex. Australia
1Asia-Pacific Common Stock (C4a)
14.5 ▲▲
12
Credit SuisseBank of America Merrill Lynch 6.8
9.9
3.3
JP MorganJP Morgan
EMEA IPOs (C7c)
EMEA Equity & Equity-Related (C1d)EMEA Common Stock (C4c)
JapanNomura 5▲
12.7
10.6
11.6
-
▲▲
Current Qtr Market Sh. (%)
JP Morgan8.4
No. 1 Manager
8.1
Goldman Sachs & Co
0.7 ▲
Goldman Sachs & Co12
13.00.2
Consecutive Quarters No. 1
130.37.5
Mkt. Share Chg. from Last Qtr (%)
Japan Equity & Equity Related (C1e)
Asia-Pacific Convertibles (C9b)
Global Equity Capital MarketsFirst Half 2014 | Equity Capital Markets | Managing Underwriters
2,397
▲
Latin America (C8e)
100.0 +391
▲
471,009.3
40.1% ▲ ▲20.1%
9.6%19.5%▲
2014 Rank
2013 Rank Proceeds
7.5
Market
1,120 # of DealsBookrunner
Proceeds per Bookrunner (US$m)
▲Deals
11.6
Market
+23JP Morgan
-0.3
1,749.9Sh. (%) Share Ch.
134.239
1.2▲▲
▼
▼▲
-0.1
+0.1
117.2
1.2
74.2
▲ 60.3
0.6
▲101.7 0.9
73.1+7-0.3 1.3▼ 310.8
0.71628
1.6▲
▲
+7+12+0.50.8
▲▲+0.4
+0.3▲
0.9
671
1,104.6
76
104-0.4 3.994
4.3
843 ▼
▲
1,570.2▼
+20▲
1 1 271,188.9
6.36.2
Deutsche Bank 2 23 ▲
222,996.0 +0.1226,769.65 +0.2
Goldman Sachs & CoBank of America Merrill Lynch 5
905
▼Barclays 4 3
6
Citi
6 201,603.3 5.6-0.6
5.1
-0.1
7 186,328.64 199,800.6
-0.2+26707
176,737.3
5.59.4▼ 904
+0.8Morgan Stanley 7
7.0+0.38.4
143,221.9HSBC Holdings PLC 8 4.98
10 10 111,424.5 ▲535 0.0
3.14.0
RBC Capital Markets 11
9Credit Suisse 9
2.412 86,499.4BNP Paribas SA
RBS 12 11 83,638.1 -0.2 ▼2.3
17 67,158.616 75,352.3 +0.4
1.9 +0.42.1
1,265.8
1,463.6
48,631.1
18,426.6
▼
ManagerFees
7.3
2014 Rank
-1.2
Market
-0.1▲ 279
8.7849 8.8
-0.1364 3.8
+0.1
▼
+63
-34
+2
5.6483
-
2.9
▲
+36
1.8
279.6280.7
▲
441.8
-21
+33▲
6.1
6.6
5.0+73
▼-1+38
▲
▲
17452 4.7
▼▼
5.01314
601.1-0.3
▲ 173
479 ▼
▲347 ▼
1.8 ▲+29210 2.2+0.4 ▲
4.6
5.3
Market
5
-0.1▼
-119+19
89 9
1511 10
Sh. (%) Share Ch.Goldman Sachs & Co
▲▼
Share Ch.
▼▲
+0.1
6.3
8.3171
1.9
+14
▼
-2
7.7
+8+45
+107.0
▲
▼
▲1.1
▲
+15+22 ▲▲
394
19,839.9
9.6
81,323.564
61
10,824.9199
59
10
24,116.78,320.5
118,400.9EMEA - Europe, Middle East & Africa (C8f)
30
+0.3
59
518.7
11.0▲
4.5
5.8
+0.4
-0.4
3.9
▲ 3.9
▲
-5
▲
447.97
+46
+15
791.2
4.7-0.8
▼
1.6
64.1
▲
▲
-0.728,629.0
-0.1
+0.1
842.3▼
-0.1 ▼
4.6
314.4172.7454.0535.4 ▼
▼▲
1.7
▼-0.1
▲
-0.9
+0.5
1.5▼
-0.2+0.4
2.2193.5258.8
+0.3
▲
+0.3
▲
0.5
38.0%
1.0
100.0
▲
▲+100.7
3.2
+14
189.975.6 +0.3
11,638.6
41.5%
7,454.7
▼
5.2
2.7
Imputed Fees (US$m)
6.8▼
7.2
-0.7-1.2
▼
Sh. (%)
+33▲
▲
▼ +33
Sh. (%)Market
8
7.3▲
# of# of Deals+41
-5.6%▼▲
-36.0%
1,852.8
64315
358.711,309.7
Fees
149 ▲
▲34
▼
45.6%
-0.2
30.5
Market
238,657.6 6.6
Change in
9.4
-3.2NomuraNomura 57.1
▼-0.2 ▼
28.7
▼1,006
-26-36
1,385.4
35.1
1,499.7
▲
# of
14.61.1
Jan 1 - Jun 30
▲
2.6626.1
713.8
▲▲
1,066.8
▼-1.2
+0.1
-+0.3 ▲
0.0
▼
1.2 +0.3
1.42.5
+0.4
▲
▼
2.5
3.0
▼
0.0
Societe Generale
RBC Capital Markets
-0.3▲
+16 ▲Sumitomo Mitsui Finl Grp Inc
1.9
-0.2
▲
25
▲
+0.2China Securities Co Ltd
18+0.2156.9+35
260.8
0.80.7
183.6
2.7257
▲2.1%
1.1
▼
66.915,949.6264 ▲
▲ -8.7%
9,63573.8
17.3%5.5%
-915 23,949.7
▼Industry % Change from Last Quarter*tie
Top Twenty Total100.0
▲1.2
15
▲2.7
Societe Generale
▲1.844,081.9 +0.4
+0.7
-0.7
1.2
343,226.7
1716
▼
▼ +0.35,592.5
17▲34
▼
1.4▲Mediobanca
Wells Fargo & Co▼327.3
▼-0.1
9,181.2
20,252.2▲
+0.91.9 ▲8,888.2
4.39,479.8
3,973.8
1.4
2.02.0
6,494.01.2
1.0
0.8
UBS
Barclays13
7 6
5,325.4Jefferies LLC
11
8
12
Citi
-0.5 ▼26,667.6
Nomura10
22,152.9▼
+0.9HSBC Holdings PLC
16
▲
3,615.8
4,238.9
3,702.4
BNP Paribas SA
43
4,692.0▲
37
1220Daiwa Securities Group Inc19
Industry TotalTop Twenty Total
100.0
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
21.6%
# of Deals per Bookrunner
▼
9.5
+15
-0.8+0.1
0.7
▼
▼
▲157.7%
14.9%
Market
24.1%
-26.4%
Share Ch.
▲
714.7264
-97.8%
-1.8+20227
14,003.82 6
▲Sh. (%)
19
Proceeds per Bookrunner (US$m)
43
2.5
9.5
59
197
199
185
45167
7.1
228606.1
-0.8
▼
13 78,428.4
Japan Convertibles (C9e)
2.2Wells Fargo & Co 13
NomuraSumitomo Mitsui Finl Grp Inc
1.8
14 2.2
# of Deals per Bookrunner
-0.2
Imputed Fees (US$m)
10.4
Sh. (%)
+0.1805
▲5.7
Credit Agricole CIB 16
6.1▲
4.5
586.5
UBS 14
4 -0.7-0.34
7.533,697.731,623.7 6.7
231
Change in
25.1%
464.1182.1
7.23
2+0.1
Morgan Stanley
6.1
8.2
851.9
MarketBookrunner
-2.017.62
25
9.4
Market
7.9
Deals▼
Proceeds
EMEA - Europe, Middle East & Africa (C9d)
2013 Rank
35,765.235,206.13
44,048.315
Jan 1 - Jun 30Global Equity & Equity-Related (C1)
4,774.5
Market Manager
Australia (C9c)
10,220.011,790.8
17,373.3
55,867.1United States (C9a)Asia Pacific ex Australia (C9b)
Japan (C8d)5
▲▼
Bank of America Merrill Lynch
Japan (C9e)
Global Convertible Offerings (C9)31
▲
JP Morgan+0.9 ▲
3.6
78,492.7
Japan Common Stock (C4d)Japan Equity & Equity-Related (C1e)
15
15 66,751.0Nomura
Japan IPOs (C7d)
Global Debt, Equity & Equity-Related (A1)
-1.4%
2,662,285.8
1764,915.3
2019 21
UniCredit 18 18NatixisTD Securities Inc 20
3,628,746.2
Industry % Change from Same Period Last Year
38,239.8
Industry Total
+0.1 +20
6
Credit Suisse
-0.4 Deutsche Bank7.3
▲
-0.2
-
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▲
1,126.2 100.0+50199
38 9%▲33 6%
-0.8
4,783.3
-0.54,842.8
FeesDealsMarket
Share Ch.
13
11
Market
10.2
8.6
Sh. (%)
47,121.9 84.5
14 9%
55,867.1 100.0
+0.4
▲
▲
▼
HSBC Holdings PLC-0.1 Credit Suisse-0.9+0.3
# of Deals per BookrunnerProceeds per Bookrunner (US$m)
▲
Market
-0.9
2.2
8.7
Market
▲
▼
▼
6.0
9.4
Proceeds per Bookrunner (US$m)
Share Ch.Market
-2.7
-0.9
Deals Sh. (%)
Imputed Fees (US$m)
4.7
4.4
UBS
39
46.313
▼
Barclays
30
# of Deals per Bookrunner
Deutsche Bank
1.5
▼
1.4
▲
-
8.5
10
▼▲ 69.7▼-7
3.0
10.16.0 +9
+4
Change in
4.0 +6
▼-3.03,355.92,968.2
6.50.0
▼
# of# of Deals
Jan 1 - Jun 30
-0.9
Sh. (%)Market
▼
Market Market
10.2
▼621.3687.1
2014 Rank
Bank of America Merrill Lynch
15,262.02
2013 Rank
5,669.5Bookrunner Proceeds
3-0.6
6
JP MorganGoldman Sachs & Co
Global Convertibles (C9)
Share Ch.Manager
17.0▼
4▲
Sh. (%)
19.6-0.3
15.1 ▼3
304
Citi
Morgan Stanley5
8
8
9Nomura
67
2,503.3
+1.9 ▲▼
5 60.4
▲
▲
▲▼4.8
-1.4
▼
▲
-1.7
5.4
+4.0
104.1+1
28
9.393.415.1
+8+1
91.0▲
# of Change in
8.1▲
4.044.6▲ ▼
-1.7
-0.5
▼-1.9
-0.8 ▼
Sh. (%)9.9 ▼
8.3▼
Market
4.16.2
+0.9
Jan 1 - Jun 30
▲
Imputed Fees (US$m)
111.3# of Deals
-1
14
18
151223
17
171615
13
20 34
Industry % Change from Same Period Last Year
193,061.2
+0.5▲
Industry Total
19
16+0.94,646.360
+0.50.83,587.8
36 3,168.5
73
▲
▼
2.2▲▲
+3048
▲ 0.7
6.64.3
▲
▲
+13▲
▲
+19
8.1
▲▲
▲+137.2
9.1
14695▲
▲
+42
+2
+33+40+1
Societe Generale 16
BMO Capital MarketsSumitomo Mitsui Finl Grp Inc 18
Canaccord Genuity
17
BNP Paribas SA
▼
23
Top Twenty TotalIndustry Total
Wells Fargo & Co 13
Mediobanca 15
China Securities Co Ltd
33
Societe Generale1.4
463.9
0.03.3▼
▼RBC Capital Markets
+0.3
▼▲ +23
-2
1.8
-0.61.61.8
2.11.7
▲
▲
▲86
0.5
244.7+2
55.9
1.6
-1.2-14
5.3
399.7230.7
4.32,423.293.8
178.5
490.9
171.9
▲
▲+0.2
▲142.2
+0.5
2.3
▲
41 7%
Manager
740.6Fees
70.7
126.5▲ 125.7
458.3
+12▲
+0.360.3
3 4Bank of America Merrill Lynch
Bookrunner38,378.730,922.5
Global Common Stock (C2)
2
Goldman Sachs & Co
CitiJP Morgan
7.0
1
29,120.4
2013 Rank
529,944.2
UBS
Morgan StanleyDeutsche Bank 6 7
7
5 34
Share Ch.
7.51 -2.3
2014 Rank Proceeds
Market
2225
201Sh. (%)
7.2
▼9.2▲
7.0-0.7+0.1 -1.7
825,174.5
▼28,914.4+0.7
4.86.16
25,273.1
6.5
751.3 7.2559.8
9.1180 ▲
-1.25.9
+11+20
+1.1 9.0
+0.3 422.4
-0.6
197
5.3
-
6.1
0.0▼▲
▲
161 7.3179
200
+45▼
-0.5
▲
8.2
159-0.6 +25
▲
4.2
7,492.77,578.114
Credit Suisse 8 19,729.6Barclays 99
Nomura
17,283.9
101211HSBC Holdings PLC 13 +0.6
+0.7
1.1+0.31.2
RBC Capital Markets 10
6,429.1
14Jefferies LLC-0.5
15
4,038.7 1.039
11 5,584.2
3,702.4
4,911.3
0.90.9
16
+0.316
1.1▲
0.7
0.61.2
+0.6+10
0.7▲
+0.1
+0.1 25
127.2
63+0.4 2.9
25 1.1 +5
+30▲ +0.51.21.2 ▲
+3416,665.7
▲
298,941.6 72.3
18 4%
63.40.7
415,142.2
▲
100.0
20 9%
▲-1.0
20▲
Daiwa Securities Group Inc
Credit Agricole CIB
Top Twenty Total
Wells Fargo & Co▲
Jefferies LLC
26 13.1 +110.6
14.1
021 54.3-
1,657.5
10
+3.42,752.1 4.94.5
1,987.11811
17
3.6 +2.9 12▼ 20-0.1▼
+0.5▲
▼
2.7▲▲
2.3▲
+1.9 ▲30.67.0▲ 2.6 +0.514 28.9+3
▲
104.5▲
8
242
3.51,286.8
1,493.1
▲ 1.8+5+1.9
25.5-8.2
4.59
5.0▼+1.92.5
-59 +5
19.7
▼ -4.128.1▲
-1
+3 2.2
11.3
▲-
+5
24.2 +1.1
4.04.0 0
+0.2 ▲11.5
▲ ▼1.5
8
▲+0.7
+0.91.6
▼14.9 1.3 -0.4
18.0+0.7
▲
-0.2
▲+1.2
+0.711.4 1.0+4
1.01.5681.3 1.2842.2
2.31,064.1
909.8
2.55▲
-0.1
2.7
1.9
1.2 +1.18
+0.2
1,310.1
656.0
1.67
+0.8 ▲
▲
▼▲+0.7 ▲3
RBS▲
4.01.2673.6
2.4
+4899.2
▼▲ 1.0
80.1
12
▲▲ Industry % Change from Same Period Last Year
2,198 10,512.4
UniCredit 51*22
Global Equity Capital MarketsFirst Half 2014 | Equity Capital Markets | Managing Underwriters
100.0
▲Industry % Change from Last Quarter ▲ ▲31.0% ▲ 42.7%
38.9%▲33.6%45.7%14.9%
*tie
-3.4▲▼
Credit Suisse
4.4
Morgan Stanley
5Deutsche BankUBS
Bookrunner2013 Rank
+15
6.9
1▼
Sh. (%)
65
Deals
+23
52
▼
62JP Morgan
232
489.48.6
-2.5
37.6%
8,652.2 73Goldman Sachs & Co 1
Industry % Change from Same Period Last Year
2014 Rank
▼
1.146.8
▲+13+13
Fees▲
Manager
▼
▼
297.6
▲
152.2
7.1
3.9203.3 +1.5 ▲
3.7
41.7%
11.2 296.513.2
7.1
MarketShare Ch.
+30
-0.6-0.8
181.6240.4
▼-0.7
-1.5-2.0
4.4▼
▲4.9
288.8
▲185.3
5.8
▲
▲
▼-0.2
11.7
162.1+19
+11
# of DealsMarketChange in
9,304.1
7.9%
Sh. (%)Market # ofMarket
7.5
▲▲
▲
▼-1.1
Jan 1 - Jun 30
Share Ch. Sh. (%)
# of Deals per Bookrunner
-1.7
18.4%
Market
6 6,946.2
39.4%
8,573.410
Industry % Change from Last Quarter
Global IPOs (C5)
▲20.9%
6.0 +0.1
7,236.17.4
Proceeds per Bookrunner (US$m)
Proceeds
6
34
5 6.1 ▼
8.0
7,010.0
-1.0
-0.7+2.86.3
-0.2
47 8.5▼
11.47.9
63▲4.7 +0.3 ▲ 44
Citi 8 4 4,672.97 8 5,428.9
+64.0 -3.2Bank of America Merrill Lynch
▲▲3.5 7.4 +11
2.5 ▲ 12 2.2 +1▼ 41
HSBC Holdings PLC 10 11 2,874.1-0.4Barclays 9 9 4,008.7+0.3
2,159.4 1.92.0 -3.7Nomura 11 1.8 -3.67 2,277.4 ▼ 15 ▼ 75.22.7 -4
28 5.0 +18 ▲ 79.7 1.9
Macquarie Group 14 19 1,814.8Wells Fargo & Co
+0.7
1.6
Jefferies LLC 12 20 ▲60.013 4.1 +1418 1,820.4 1.6 +0.4 ▲
▲ 141.4 +0.2
+0.123 ▲
0.92.5 +11 ▲ 39.123 +0.84.1 +21 1.4
+0.4▲
CITIC Group Corp 16 34 1,512.2 1.3▲ 59.5RBC Capital Markets 15
+0.9 ▲57 1,709.5 1.5 +1.3 ▲
+11.1 +0.86 ▲ 43.5 1.0+1.0 ▲ 0.9 +0.7
+8 35.1▲ 36.2
+0.4+0.9 0.9+112.0 37.6
1.0▲
11▲
+8Numis 17 - 1,181.2 1.4BNP Paribas SA 18
82.330 1,067.4 0.9
China Merchants Securities Co 19 - 1,036.5 0.9Zeus Capital Ltd 20 183 1,025.0 ▲0.9
69.6+0.95 0.9 +4 ▲ 0.937.3+0.9
+228
▲
115,772.6
Industry % Change from Last Quarter 41.6% ▲
100.0
20.2%▲
555 4,169.6
0.8▲▲
+0.413
78.8% ▲
100.02,557.8
▲
▲▲
▲
▼▲
Global Equity & Equity-Related Imputed Fees
▲▲▲
▼
▼
Imputed Fees (US$m)
+0.9
+0.9
▲▲▲ Industry % Change from Same Period Last Year
Industry Total
▲
▲28.7%Industry % Change from Same Period Last Year 69.9% ▲ 69.7%
80,310.4Top Twenty Total 61.2
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
US
$Bil
Fees (US$bn) # of Issues
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First Half 2014 | Equity Capital Markets | Managing Underwriters
Global Equity Capital Markets: Ten Years of Rankings
1
2
3
4
Goldman Sachs & Co
Bank of America Merrill Lynch
JP Morgan
Morgan Stanley
Rankings shown are as of the current quarter-end in each calendar year.
5
6
7
8
9
10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Ran
k
Citi
Deutsche Bank
UBS
Credit Suisse
Barclays
HSBC Holdings PLC
Note: League Table positions reflect consolidation within the banking sector.
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nc
2% increase in Volume; 12% increase in Fees | Highest Volume of PE-Backed IPO on Record | The William Companies FO - Largest Deal in 1H
US Deals Intelligence
1 9 ▲+0 41 0 31
2.0 0.0 - 47
+0 5
8.325
▲ 90 0+14
▲▲1.1 +0.8▲
4.414 15 1 424 8 5 5 +7Stifel/KBW
▲ ▲ 58.9
3.4100.3112.6 2.4
2.1
BMO Capital Markets 13 18 1,524.1 1.3
3,942.0Jefferies LLC 12 11 2,753.8
10UBS158.5
11 ▼ 46 8.1 -13▲ 73 12.9RBC Capital Markets 10 12 5,419.2 3.9 +2.3
▼
▼4.5 -0.6 ▼ 88 15.5
2.8 -0.2+0.1
▲+36
+0.6+5 ▲
16.9180.69 9 6,289.4 -5
8,336.2 6.0 +0.5▼ 256.2▼
242.4▲ 96 +9Deutsche Bank6.8
▼
-0.38 8 ▲
Wells Fargo & Co
Credit Suisse 7 7 9,492.2▼ 116
95Barclays 6 6 12,171.4 8.8 -0.3
5 13,099.3 ▼ 1259.4 -0.46.8+10
22.020.416.7 -15
9.9
+1.5 ▲
▲
5.25.5
3.9
JP Morgan 4 3 14,270.2 9.4 -2.525.2 -1 ▼ 440.3
▲ 317.7
+0.4
+12
-1.3
▼▼
+0.3▲ 464.4
370.325.5 +4
10.3 -1.5 ▼ 143403.7▲ ▲
▼+0.9
22.911.311.3 -0.9
-4.421.1▼
1452 15,675.41
Sh. (%)130 +23120 -15
▼Fees Sh. (%) Share Ch.
Manager Market
▲
-0.8
▼
449.9 9.6-0.0
-1.2
▼
▼
8.6
Market# of DealsSh. (%)
-1.2
▲
+0.2 ▲
7.9
-1.3
Market# of Market Change in Deals
MarketShare Ch.
2014 Rank
2013 RankBookrunner Proceeds
3 4
15,690.8
Bank of America Merrill Lynch2
5
1Goldman Sachs & Co
14,932.3Citi
Morgan Stanley
10.7
US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil)US Equity & Equity-Related (C1a) Jan 1 - Jun 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Jan 1 - Jun 30 2014
US Equity Capital Markets
US Equity & Equity-Related proceeds totaled US$139.1 billion from 568 deals inthe first half of 2014, a 1.7% increase in volume from the same period last year.Fees totaled $4.7 billion, an 11.9% increase from the first half of 2013, asestimated by Thomson Reuters/Freeman Consulting.
In the first half of 2014, convertibles saw the highest increase in fees amongequity dealtypes - a 25.5% increase; IPOs and Secondary Offerings sawincreases in fees of 19.9% and 5.9%, respectively, while Block Trades saw a2.2% decrease in fees from the first half of 2013.
First Half 2014 | Equity Capital Markets | Managing Underwriters
The first half of 2014 saw the highest volume of Private Equity Backed IPOson record, totaling 33 issues with US$17.4 billion in proceeds, representinga 65.2% increase from the first half of 2013; Ally Financial's $2.6 billion IPOwas the largest PE-Backed issue, by Cerberus Capital Management.
$31.8
$20.1
$16.6 $16.1
$15.3
$13.1
$7.1 $16.4
Energy and Power
High Technology
Healthcare
Financials
Real Estate
Industrials
$27.5
$87.4
$24.1
-1.3
19.4
1713
0.70.81,075.1
22 922.4
DealsMarketMarket
Raymond James Financial Inc
Wells Fargo & Co
34
100.0
Leerink Partners LLC
19 +2
Raymond James Financial Inc 16
23+0.3▲
▲18 20
93.8
0.5646.4▲0.4 +0.3
Santander
BMO Capital Markets
7.6
Barclays
6 3
8 10 1,786.6 6.5
27,544.7
Deutsche Bank 7
0.8
7.7 -2.5
-0.4Proceeds Sh. (%)
63.9▲
▲
# of Deals
+0.4
▲
1.410 -0.1
1.8
4.044.7
+5
+0.20.0 - 4.6+0.4
▲+9
2620 3.5
74.9
26.1+0.2 1.8
▼
+4 ▲
▼
27
Goldman Sachs & Co
Sandler O'Neill Partners
Stifel/KBW
17
2,108.4 24
41.1%
27
Piper Jaffray Cos
▲+0.6
Imputed Fees (US$m)
71.2 1.5
85.03,974.5
+0.8 ▲▼
1.9
47.9 ▲
▲
+0.5
▲+0.4
1.6▲
0.6
Piper Jaffray Cos 15 21 1,293.9 ▲0.9 +0.6 24 4.2 +10▲1.0 31+0.5 ▲ 90.0▲14 15 1,424.8 5.5 +7Stifel/KBW
▲
1.0+10 ▲
85.1
KeyBanc Capital Markets Inc832.2Cowen & Co 0.6
1,228.6
27.4 +6 ▲ 144.0 10.0
▲
Top Twenty Total124
3,019.9
2014 Rank
2013 Rank
▲
Industry Total
Bank of America Merrill Lynch
3 2
4.77.7
▼
▼
▼
▼11.3
▲
-0.4
Share Ch.MarketMarket
▼+1.3 ▲
9.9 -1.6
Change in
Jan 1 - Jun 30
Manager
+65
Sh. (%)
▲
Fees Sh. (%)
3.6%12.9%
10
# ofMarket
568
# of Deals per Bookrunner
US IPOs (C6)
Industry % Change from Last Quarter
Industry Total
25
139,070.7
▲
537.9
2 8
Industry % Change from Same Period Last Year
1Bookrunner
1Morgan Stanley
Proceeds per Bookrunner (US$m)
Share Ch.3,045.5 11.1
11.0 +2.7 ▲ 29.036▼
▼▼
22.6
35 28.2
▼7.98.0
-0.4
28-1.8-0.9
10.3+17
+4+9
21.8
▲
Citi 4
JP Morgan
56
68.4
▲
+4-4.9 ▼-0.3
99.9
-2 ▼
6.9
+2.7 ▲7
2221.0 +5-1.3 262,083.1 -0.2▲ 66.7
3.9 +1.617.7 +13 ▲ 56.74.6
6.0 -3.6+2.0
21.8 -3 ▼ 97.9 6.813.7
-1.4 ▼RBC Capital Markets 10 - 1,156.5 4.2 +4.2Credit Suisse ▼5
26,354.7 95.9
+0.8
277.9181622
100.0
+0.21.0
▲
0.6
1.2
2.4
-0.6
2.9
20
668.7
334.9
157.5
24
654.5
334.9625.6
7
1
7
-▲
+0.6
0.0▲
1,441.3 100.0
157.4 0.6 +0.5
55.6% ▲ 0.0% 32.8% ▲▲
+38
Industry % Change from Same Period Last Year 26.5% ▲ 44.2%Industry % Change from Last Quarter
▲797.1
2.4
11 8.9+0.6 ▲ 14
▲ ▲6.7
Cowen & CoLeerink Partners LLC
Jefferies LLC
19
▲
13
+2.5
1.2
5.6▲
▲+17
10.5 +5-1.6 11
▲▼
6
▼
▼+0.6
10
▼
▲
2.3
8.14.8+0.7
▲
2.414.9
- -0.1
+8 ▲
8.9▲▼
11.3-3
+3 ▲28.4 ▲
2.3 +0.9
+0.9-1.61.927.1
▲▲+0.8
+0.7
5.61.0 +0.2▲
1.01.4
▲
+1.4
1.5
2.0
2.1
43.0
+0.6
30.221.6
▲
▲
+4
+10
+2+5+7
280.918
111213 9
15*
-
Canaccord Genuity 20 28
17
21
15*
UBS
2011
1,649.5
2,842.9
12
4
14
9
2,183.82,189.1
▲
100.0
1.0
11.9% ▲
4,690.0
1.7%
130,329.0Top Twenty Total
3 11.1
19.8
19.9%
0.8▲
0.5
▲
▲
▲
35.0%
▲
40.9
143.3163.4
▲
33.6
111.0
2.8
3.0
US PE-Backed IPOs
$0.13
$7.04
$3.76 $3.93
$14.45
$2.31
$5.95
$4.40
$10.54
$16.72 $17.41
1
1716
2019
10
25
15
25
33 33
0
5
10
15
20
25
30
35
40
45
50
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
1H2009 2H2009 1H2010 2H2010 1H2011 2H2011 1H2012 2H2012 1H2013 2H2013 1H2014
Proceeds # of Issues
Pro
ceed
sU
S$
Billi
ons
# of
Issu
es
Consumer Products and ServicesOthers
IPO Follow-On Convertible
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▲506.9 0.6 +0.4 9 2.3 32.8
Change in
2.3
26.4
MarketMarketFees
7 6,832.5
▲
-0.7
▲
▲
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)# of Deals per Bookrunner
234.1278.0
4.0
1.2
5.5 +0.8
235.1
-2.1
+0.4
▼
▼
+0.8 ▲
▼
▲
-2.5▼
4▲
-1.3 ▼
-0.8 ▼
+1.1
▼
# of MarketBookrunner
82 21.4
2013 Rank Share Ch.
1 9,104.0
Market
US Secondary Offerings (C8a)
8.4
-
5.1
Sh. (%)Manager
# of Deals-13 ▼
227.3-1 ▼
▲
Deals
0
+5 ▲
Jan 1 - Jun 30
+4 ▲
Credit Suisse 7
Proceeds
Industry % Change from Same Period Last Year ▲
2013 Rank
2014 Rank Sh. (%)
Goldman Sachs & Co
8Wells Fargo & Co 9 8 3,593.0
2
Deutsche Bank
12,331.5Bank of America Merrill Lynch 5
3JP Morgan 3
10,016.0Citi 1 2
Industry Total 114,954.1
10.68.7
-1.1
6.8
MarketShare Ch.Sh. (%)
8.7
378.3
-444109,603.0
100.0
▲
11.5 +2.6 ▲ 10114.1
77 20.1 +18 ▲10.4
+0.99.7 78▲ 20.4
+0.6 ▲
9.7 -1.4-5.6 ▼
▼+11 ▲
90 23.5
Morgan Stanley 6 4 7,087.9
8,505.18,482.8
8.9 -0.3▼Barclays 5 6
8.1 -1.7184.0
▼7.8 +0.9 ▲
15.4 +3
73 19.1 -6
5.7 +0.9 149.958 15.1 -11 ▼ 137.159▲
UBS 10 10 3,215.7 3.7 +0.6 8.9 -8 ▼ 71.84.1 -1.6 ▼ 109.0
▲ 343,014.0 3.5 +1.2
2.758 15.1 -18 ▼
91.6 3.4▲Jefferies LLC 12 12 1,446.9 1.7 -0.3 ▼RBC Capital Markets 11
61.08.1
Top Twenty Total
18 19
Raymond James Financial Inc 16
▲
▼ 14 2%
Cowen & Co
95.6
-1 7%
-0.2
UBS
Wells Fargo & Co
▼+0.4
Jefferies LLC+0.6
▲+0.4+0.3
507 4,146.2 100.0
10 4%
▲47.4 1.1 +0.53,526.6 85.3
US Common Stock (C3) Jan 1 - Jun 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Bookrunner Proceeds2014 Rank
MarketSh. (%)
MarketDeals Sh. (%) # of Deals
Market # ofShare Ch.
Change in Market
-0.2 ▼ 110Share Ch.
Market
-921.7Fees Sh. (%)
Manager
1 12,149.4 10.6Citi 1 2 14,515.3 12.6
2+0.4 ▲
9.0 -1.1 ▼▼ 345.2 8.3▲-4.5 +2421.9▲
371.2▼ 111346.4125 24.712,124.4
24.73 11,347.9 9.9 -1.2▲▼
5+8 ▲+3
▼ 109
+1.4125
-1.1 ▼9.1 -2.2 ▼8.4
9.3 +0.5 ▲ 283.8Barclays 5 6 10,671.9 6.9 +0.7 ▲105 20.7 +15 ▲8.8
16.821.5 ▲
8,482.1 - 850.07.4-0.7 405.3
-14 ▼ 235.0 5.7 -1.2+11 9.8 +0.3▲
▼Deutsche Bank 8 8 7,086.9 6.2 +0.7 ▲ 85 ▲16.8 +8
4.7 ▼ 80 -53.24.05.2 +0.4▲ 216.6
-0.9165.7▼
8.9
5,379.6 ▼RBC Capital Markets 10 12 4,170.5 +1.1
-0.6 15.8
-11 ▼+28 ▲ 132.5▲ 65
▲ 4512.8
6.1 +74.7
▲ 89.6
▲▼ 98.9 2.4 -1.1
1.4▲ 94.6
+15 ▲ 57.98.7 +5 -0.2 ▼2.3
+0.6 ▲+0.7 ▲
2.2
▼ 4424▲
Morgan Stanley 6 4 10,107.7
12 11
7
JP Morgan 4
Goldman Sachs & CoBank of America Merrill Lynch 3
11 10
Piper Jaffray Cos 17
36.0 1.3
1.1
+0.13.6
3,870.1
832.2
9
131.8
0.7 +0.30.8
-0.42,072.5
Credit Suisse 7
+1.7
17 4.4 +4 ▲
48 12.5 +11 ▲
▼ ▲
2,263.7
241.9
+0.810.3
5 9%
+0.3 ▲ 2.0-0.124.8+2+0.3
▲
▲61.0
▲▲10 2.0
10▼0.6
▼+9 ▲
+0.8+0.5
4.5
+0.122 4.3 ▲
1324 862.4 +0.5
916.1▲
4.5▲
20▲
Industry Total
20
▲
3.9
-8 2%
82,923.5
▼
+0.5
646.4+10▲ 23
KeyBanc Capital Markets Inc 19 ▲0.527 537.9
▲19.8
+9-0.1 +1
0.623+0.33.1 +2+0.3
94.9Top Twenty TotalCanaccord Genuity
7 0%
2,704.987,409.4 100.0
Industry % Change from Same Period Last Year
0.7
38383.7
9
+25
▲
0.6
12 ▲Piper Jaffray Cos
Cowen & Co 17 18 551.3KeyBanc Capital Markets Inc
1918 17 544.1 0.6
0.621 527.520 24
+0.2 ▲ ▲▲ 16+0.2
2.3 +14.2 ▲
Raymond James Financial Inc 16 13 581.2 0.7 -0.3▲ 3.4 ▲▼ 17 4.4
+7+0.5+0.5644.6
5,003.99
11
1.3 +1.0▲▲
0.8
1.71.2 +0.6
Leerink Partners LLC 0.8
9
3.4
29.8
Canaccord Genuity
BMO Capital Markets15
Stifel/KBW 13 1931
922.4 +0.41.123
▲57.5
+0.6756.1
Leerink Partners LLC
0.914 20 685.4
230.80.7
21
15 201.1▲ 13 3.4 29.5
+5-3 ▼ 40.0
▲
46.6
41.2
▲
+0.81.5-0.3
▲
13+7 ▲
31
1.5
100.0
BMO Capital Markets
▲Stifel/KBW 14 15 1,424.8
44.7
1,482.5
1.71.41.5
70.2
+5
First Half 2014 | Equity Capital Markets | Managing Underwriters
US Equity Capital Markets
** Rankings exclude self-funded proceeds, per Standard Criteria*tie
Industry Total 22,698.4
1.3 +1
24.2% ▼▼ -2.5% ▼▲ -2.2%
100.0
1.0
013.0 +2 ▲
9.6
2.014.5
▲
1.3
-1.14.5
▲
▼▲
Industry % Change from Last Quarter 9.4% ▲ -16.7%Industry % Change from Same Period Last Year -15.4%
22,658.2
▼
77219.0
0.5
98.4
▼
- -
▲ 1.2-1.0 0.5
▼
+15
0.42.6 ▲
+0.5
100.0222.4
+1
0.3+0.2+0.2
▲0.20.2
1.3
1 1.3
82.1
99.6
-0.511▼1
▲
+0.9 ▲ 5.8+0.4 ▲ .8
2 2.6 +2+1
9 341.5 6.11.5 -0.4 ▼ -2 ▼4
+7.66
5.2
32.17.8
2.7389.5 1.7 0.0
8 1,319.0Deutsche BankWells Fargo & Co -
▲▲
+15.8 +2.5 ▲9 11.7+3
1,607.3 7.1 -3.1 ▼ 12 ▲37.1 16.7 +1.79.9 ▲+0.3
15.6 -7.7 +2.5 ▲ 10 4.4
+0.2 ▲ 14 18.2 -5 ▼ ▼17.2 7.7 -0.6
-9.814.0 6.3
▼4 6 2,755.0 12.1 +6.4
12.4 -2.9▼▼
7.9 -4.622.1 +3 ▲ 17.6-2 ▼
Change in
22.221.349.4
Sh. (%)
0.4
2,980.2
Deals
13.1
Proceeds FeesShare Ch.
▼ 1710
214.0
# of
1,740.2
0.9
▼+4.6 ▲
-11.1
▲ 105
Market
27.821 6,301.2
1
8.6
Market2013 Rank
2014 Rank
Goldman Sachs & Co
BookrunnerCiti
46.2
Barclays
Raymond James Financial Inc 15 -
5
48
JP Morgan
12
Top Fifteen Total
Credit Suisse
RBC Capital Markets -
Bank of America Merrill Lynch
-
9 10UBS 10
US Block Trades
76
3
2
▲Industry % Change from Last QuarterIndustry % Change from Same Period Last Year ▲
▲
Sh. (%)
Proceeds per Bookrunner (US$m)
# of Deals
Jan 1 - Jun 30
Morgan Stanley
14
11
1,960.2
7
3 2
Deutsche Bank
JP Morgan
Barclays
10Wells Fargo & Co
42.6%
Goldman Sachs & CoBookrunner
1
US Convertibles (C9a)
▲▼
▲
-0.1
▲
2014 Rank
▼ 14.2%
# ofSh. (%) Sh. (%)
1.2%
2013 Rank
Proceeds per Bookrunner (US$m)
Jan 1 - Jun 30
2
Bank of America Merrill Lynch
1
53
4Morgan Stanley3
54
Citi
Jefferies LLC 11
RBC Capital Markets67
Credit Suisse
MarketImputed Fees (US$m)
Proceeds Share Ch.
-1.7%
Change in Manager# of Deals
2,922.3▲ 16
29.5
14.712.4 10.9 0.0
-4.42,991.5
1,499.5
Imputed Fees (US$m)Market
Fees14.5
6.2 -4.4 ▼
MarketMarket
-4.2
# of Deals per Bookrunner
1820
35.5% ▲10.4%
Ladenburg Thalmann & CoJefferies LLC 13 11 63.2
▼ ▲
BMO Capital Markets
Sh. (%)
-
2,817.2
41.4
+0.1
Share Ch.
-0.6
▲
23 29.9 +213.0
13.0 -2
▲
0 -
-
5.9%
-2.3
Market
+6.8
Manager
▲▲-8.2%
Industry % Change from Last Quarter 38.8% ▲ 1.6% ▲ 37.0%7.0%Industry % Change from Same Period Last Year
-
▼-+1
# of Deals per Bookrunner
12.1
Market
0.4
26.278.7
▲ 59.1
Sh. (%)-2.431.119
+0.811.4
32.8 +1-9 ▼▼ -5.1
10.561.9
-1.7 ▼2,807.8 11.6 -2.2 ▲ 57.3-3.3
▼
+1▲ 13.1
▼11 18.0 -5 ▼ 33.8 6.21,249.3 5.2 -0.3
▲▼ 11 4.7 -0.2 ▼
▲-3.0
26.0 +4.6+825.8
▼4.8
7
6 1,160.1 4.8 -3.8
▲18.0
▼ 108
16.4 -6 ▼ 25.1 4.69 8 1,010.1 4.28
-1.2 ▼▼ 3.92.7
-1 ▼-0.5 ▼
16.49 909.8
21.23.8 +0.3
12 681.3 2.8 +1.9▲
+2.216 431.5 +1 ▲ 13.6 2.52
▲+1.9
▲3 4.9 0 -1.8 +1.6
18.0 3.33.3 ▲
HSBC Holdings PLC 13 - 425.8 1.8 +1.0Piper Jaffray Cos 12
3 +3▲3 4.9 +3 ▲ 6.8 1.3
Raymond James Financial Inc 14 - 159.0 0.7 +0.7 0.9 +0.9 ▲4.9
2.0▲ 2 +0.2 ▲
4.7
0.4RBS 15 11 108.0 0.5Nomura 16 - 106.7
-0.4 ▼2 3.3 -1 ▼ 3.5 0.6
-0.417 14 80.0 0.3 0.21-0.2 - ▼Credit Agricole CIB 1.6 0
0.2 -0.3
▲31.3%▲
▼-1 ▼
▼1.0
1.1
Industry % Change from Last Quarter21.6% ▲
89.320 15 41.7
▲
▼
0 -
▼
13.1
+2
1.6▲
▲
+5.2
61
Deals
▲
▼
▼
8
Share Ch.
+2
Market
3,541.4
+0.40.4
-1.0
100.0
1,248.8
0.3
5.2
Industry Total
+1.8 ▲
21,516.5
▲
-1
▼
BMO Capital Markets
25.5%
Market
84.4Top Twenty Total 458.9
14.9
-0.2
3.3
10
UBS 18 10 71.9
-0.5
0.2 1 ▼
▲▲Industry % Change from Same Period Last Year▲25.9%
24,116.7 100.0
34.3%3.4%
543.8
-1.4 ▼ 1 1.6 -2FBR Capital Markets Corp 19 - 70.0 0.3 +0.3 1.6 +1 ▲ 3.0 0.5 -0.2 ▼1
0.3 -2.0 ▼1.4
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Issue Date Issuer/Sector US$bil Issue Type Bookrunners6/17/2014 The Williams Cos Inc $3.5 FO Citi | Barclays | UBS
Energy and Power4/9/2014 Ally Financial Inc $2.6 IPO Citi | Goldman Sachs | Morgan Stanley | Barclays | Bank of America Merrill Lynch | Deutsche Bank | JP Morgan
Financials6/24/2014 Hilton Worldwide $2.3 FO Deutsche Bank | Bank of America Merrill Lynch | Morgan Stanley | JP Morgan | Citi | Credit Suisse | Wells Fargo
Media and Entertainment1/22/2014 Santander Consumer $2.0 IPO Citi | JP Morgan | Bank of America Merrill Lynch | Deutsche Bank | Santander Investment | Barclays
Financials Goldman Sachs | Morgan Stanley | RBC | BMO | Credit Suisse | UBS | Wells Fargo6/11/2014 Exelon Corp $2.0 FO Barclays | Goldman Sachs | Bank of America Merrill Lynch | Credit Suisse | JP Morgan
Energy and Power5/21/2014 American Rlty Capital $1.7 FO Bank of America Merrill Lynch | Citi | Barclays | JP Morgan | Capital One Financial
Real Estate Credit Suisse | Deutsche Bank | Wells Fargo4/3/2014 IMS Health Holdings Inc $1.5 IPO JP Morgan | Goldman Sachs | Morgan Stanley | Bank of America Merrill Lynch | Barclays | Deutsche Bank | Wells Fargo
High Technology4/24/2014 Citrix Systems Inc $1.4 CVT JP Morgan | Goldman Sachs | Bank of America Merrill Lynch | RBC
High Technology3/5/2014 Nielsen Holdings NV $1.4 FO Bank of America Merrill Lynch | Credit Suisse
High Technology2/27/2014 Tesla Motors Inc $1.4 CVT Goldman Sachs | Morgan Stanley | JP Morgan | Deutsche Bank
Industrials
US Equity & Equity-Related Industry Composition for Top Bookrunners
Top Ten US Equity & Equity-Related Deals (US$bil)
US Equity Capital Markets
Jan 1 - Jun 30 2014
First Half 2014 | Equity Capital Markets | Managing Underwriters
First Half 2014
2 0%2 0% 3 1% 3 2%100%
T l i ti
$3.5
$2.6
$2.3
$2.0
$2.0
$1.7
$1.5
$1.4
$1.4
$1.4
$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0
The Williams Cos Inc
Ally Financial Inc
Hilton Worldwide Holdings Inc
Santander Consumer USA Hldgs
Exelon Corp
American Rlty Capital Ppty Inc
IMS Health Holdings Inc
Citrix Systems Inc
Nielsen Holdings NV
Tesla Motors Inc
5.6% 3.9% 5.9% 5.2% 4.2% 5.7% 3.4% 3.5% 5.2%
17.7%
30.8%18.3% 19.1%
17.2%
33.0%
21.8% 18.0%
35.4%45.1%
9.9%
10.2%
11.3% 8.4%10.9%
7.3%
9.9%8.8%
5.6%
7.5%
7.9%
6.7%
7.0%7.1% 8.0%
7.0%
6.7%
5.3%
6.2%
20.0%7.1%
13.1% 17.5%20.3%
9.3%
13.0%16.1%
8.2%
8.2%7.8%9.8%
6.5%9.3%
7.1%7.2%
9.0% 11.9%
3.9% 5.4%
2.7%
2.7% 3.5%4.4%
2.1%4.8%
5.1% 6.0%
7.3%
6.6%6.6% 3.5%
6.0%
9.2%
10.3%
9.6%
17.9%
19.2%15.3% 12.3% 13.2%
15.2%
15.2%
21.7%18.9%
7.1%
2.0%
3.8% 3.0% 3.0% 3.4%6.7%
2.7% 3.7% 3.6%2.7% 1.3% 2.1%2.0% 3.9% 5.1% 3.9% 3.1% 3.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Goldman Sachs & Co
Citi Bank of America Merrill Lynch
JP Morgan Morgan Stanley Barclays Credit Suisse Deutsche Bank Wells Fargo & Co RBC Capital Markets
% T
otal
Pro
ceed
s
Telecommunications
Consumer Staples
Retail
Real Estate
Media and Entertainment
Materials
Industrials
High Technology
Healthcare
Government and Agencies
Financials
Energy and Power
Consumer Products and Services
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per Bookrunner
-0.6 ▼1 7.7 -2 ▼ 4.8 2.50.0 - -
Banco do Brasil SA 10* 9 424.3 3.8 -0.3 ▼▲ 1 7.7 +1 ▲ .0Caixa Geral de Depositos 10* - 424.3 3.8 +3.8
-7 ▼ 4.3 2.3 -2.9 ▼-
Banco Bradesco SA 10* 8 424.3 3.8 -1.7 ▼ 1 7.77.7 +1 ▲ 5.3 2.8 -
-5.7 ▼Barclays 10* - 424.3 3.8 +3.8 ▲ 1
2 15.4 -11 ▼ 5.3 2.89 1 455.8 4.1 -8.0 ▼
Latin America Equity & Equity Related (C1f)
▲Industry % Change from Same Period Last Year -8.2% ▼
Itau Unibanco
▲ 1.6% ▲ 37.0% ▲*tie
7.0% ▲ 5.9%Industry % Change from Last Quarter 38.8%
100.0Industry Total 11,167.2 13 -28 190.6100.073.5140.1Top Ten Total 8,988.3 80.3
2.3 -0.6 ▼▲ 1 7.7 -4 ▼ 4.3Morgan Stanley 10* 18 424.3 3.8 +2.1
6.1 +0.3 ▲▼ 2 15.4 -6 ▼ 11.7BBVA 8 7 503.6 4.5 -1.35.1 +1.3 ▲▲ 4 30.8 -3 ▼ 9.7Bank of America Merrill Lynch 7 12 641.1 5.7 +2.65.4 +2.1 ▲▲ 3 23.1 -4 ▼ 10.4Goldman Sachs & Co 6 14 673.0 6.0 +3.56.5 +0.4 ▲▲ 2 15.4 -6 ▼ 12.5Santander 5 6 728.8 6.5 +0.19.2 +0.6 ▲▼ 5 38.5 -1 ▼ 17.6Citi 4 4 895.8 8.0 -0.28.7 +7.2 ▲▲ 3 23.1 0 - 16.5HSBC Holdings PLC 3 16 927.8 8.3 +6.39.4 -0.5 ▼▼ 7 53.8 -10 ▼ 17.9Banco BTG Pactual SA 2 3 975.8 8.7 -1.8
10.4 -3.8 ▼▼ 5 38.5 -14 ▼ 19.8Credit Suisse 1 2 1,065.1 9.5 -1.7Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)
Market Market# of Market# of Deals Fees Sh. (%) Share Ch.
Proceeds per Bookrunner (US$m) Imputed Fees (US$m)2014 Rank
2013 Rank
Market Market Change in
First Half 2014 | Equity Capital Markets | Managing Underwriters
Latin America Equity Capital Markets
Latin America ECM Volume by Year First HalfJan 1 - Jun 30
Manager
$3.0
$9.0
$17.2
$11.7
$6.3
$18.4
$21.2
$9.5
$20.7
$11.2
14
34
53
18
7
27
45
27
41
13
0
15
30
45
60
75
$0
$5
$10
$15
$20
$25
1H2005 1H2006 1H2007 1H2008 1H2009 1H2010 1H2011 1H2012 1H2013 1H2014
Pro
ceed
sU
S$
Billi
ons
# of
Issu
es
Jan 1 2013 - Jun 30 2014Latin America Eq & Eq Related Proceeds (US$Bil) by Country Latin America Eq & Eq Related Proceeds (US$Bil) by Sector Jan 1 2013 - Jun 30 2014
Proceeds # of Issues
$19.6 44%
$15.1 34%
$7.4 17%
Brazil
Mexico
Chile
Colombia
Peru
Panama
Argentina
$11.5 26%
$7.2 17%
$5.9 14%
$4.2 9%
$3.9 9%
$3.7 8%
$2.5 6%
$2.2 5%
Financials
Real Estate
Telecommunications
Retail
Energy and Power
Industrials
Consumer Products and Services
Consumer Staples
Materials
High Technology
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EMEA Equity Capital MarketsFirst Half 2014 | Equity Capital Markets | Managing Underwriters
EMEA Fees Reach US$3.2 billion l IPO Issuance Volume up 259% Year-on-Year l Deutsche Bank AG - Largest EMEA Deal in 2014
EMEA Equity & Equity-Related (C1d) Jan 1 - Jun 30
Morgan Stanley
3.610
7▼
6,666.3
+0 2+6 ▲
+9
-0.7
▲
9▼
Credit Suisse 8 8
Societe GeneraleBarclays 9
▼-1.8
6
8.6
▼ 456,853.6
6.6 5112,211.1
-1.2
Bank of America Merrill Lynch
9,539.34
415.1
14,959.8 -0.48.06
JP Morgan
UBS 583 ▼5
4 +1.752
5
217.4 -3.2
Citi
2 7 17,685.92 15,940.1Deutsche Bank
13.7▼9.5
▼
6.7+188.7 +1.8281.9▲
▲▲
+10 6.1
137.1
-2.6▲
+16
▼4.8
▲▼
4.5
▲
▼
▲2.3▲
-0.5
-1.4
3.1
0.0
▲ 195.8
154.9
195.1
+8▼-0.2
2.7-▲
▼
▼
49 1
+5
+5
+5▲
2.385.874.2 +1.1
6.9
5.2 ▲-0.3
2.6
9.7 +2.2▲
+13
▲8.5
+158.7
+12
197.1
3734 5.717
3123 3.9
2.8
6.2
82.3UniCredit 14 12
14132 3
Mediobanca
+0.6
2.5
3,781.94,465.6
11HSBC Holdings PLCBNP Paribas SA 2.0
12+1.4
1317 4,692.0
2 505 3
10 5,325.4 2.9
0 4 ▼1 4
2.4
3.7-0.1
Market
Goldman Sachs & Co
+0.7
Proceeds per Bookrunner (US$m)
▼-1.017,741.3
15,568.1
9.5
▼
2014 Rank
2013 Rank Share Ch.
# of Deals per Bookrunner
# of DealsDealsMarket Change in
8.5
# ofMarket
8.482+4.4
Sh. (%)
▼
50
51
Bookrunner
▲
14
Sh. (%)1
3
1Proceeds
▼-0.5
-1.0
8.4
▲
▲
▲
▲
144.0
-0.175.099.8 -0.6
7.5-0
+12 ▲
6.1
Share Ch.MarketMarket
Sh. (%)
1 5
4.3
6.1
EMEA Deals Intelligence
EMEA ECM Proceeds Raised by Industry (US$Bil) Jan 1 - Jun 30 2014
Imputed Fees (US$m)
EMEA Equity & Equity-Related volume totaled US$186.2 billion for the first half of2014, a 70.2% year-on-year increase; straight equity issuance accounted for90.6% of total volume. Estimated fees totaled US$3.2 billion, more than double thefirst half of 2013, according to Thomson Reuters/Freeman Consulting.
EMEA IPO volume reached US$50.4 billion from 160 offerings, up 258.6%over first-half of 2013 proceeds, and the highest first-half volume since 2007.EMEA IPO fees totaled US$1.4 billion, up 310.6% from the same period in2013.
EMEA Equity-Related volume totaled US$17.4 billion - up 24.1% year-on-year,with the top 20 bookrunners capturing 97.9% of the market. Deutsche Bank'sUS$11.6 billion offering was the largest EMEA deal in the first half of 2014.
ManagerFees
-0.5$67.8 36%
$24.0 13%
$16.9 9%
$16.9 9%
$10.1 5%$9 9
Financials
Industrials
Energy and Power
Real Estate
Consumer Products and Services
Retail
Media and Entertainment
High Technology
Banca IMI (Intesa Sanpaolo)
71
+0.6 ▲
+178
+0.8 2.0148,964.3
Industry % Change from Same Period Last Year
EMEA IPOs by Nation of Primary Listing (US$m)
597
70.2% ▲
12
1,664.1
▲
0.9▼ 11-0.1
0.90.9
-
+11
3.018
0.8
1,636.3 ▲
▲+0.2
1.30.8
+1.0▲▲ 24.4 ▲
▲
1.3
+42.7
2,371.6
1.8--3
165
+0.6
37.5
▼1,754.9
24+0.2+0.3
1.2
+666.7
▲
▲4.0
2,248.7-3 ▼
2.1▲▲
▲35.3%144.6%
Top 10 EMEA Equity and Equity-Related Deals (US$Mil)Jan 1 - Jun 30 2014
99.5%
Jan 1 - Jun 30 2014
▲
100.0
43.1
1.280.2
+0.649.5+1.0
▲
3,224.3 100.0
▲1.5
49.1▲
38.069.9
+3UniCredit 14 12
15 22Jefferies LLC2.3
Commerzbank AG0.9
2,010.4 1.1+0.7
2,505.3
17 32
20
1819Numis 36
42.5%▲
186,199.6
Liberum Capital
64.1% ▲▲
-0.4 ▼1.4
Nordea 19
+1.057
Top Twenty Total
*tie
Industry Total
Industry % Change from Last Quarter
▲16
1,591.3
14
+0.7
1.5
*tie
$9.9 5%$9.1
5%$9.0 5%
$9.0 5%
$6.5 4%
$3.8 2%
$3.1 2%
High Technology
Materials
Healthcare
Consumer Staples
Telecommunications
$11,579.5
$6,954.2
$6,825.5
$3,765.6
$3,440.7
$2,845.3
$2,720.7
$2,678.9
$2,587.0
$2,470.8
06/24/14
03/26/14
06/27/14
01/22/14
05/09/14
06/04/14
06/04/14
05/14/14
05/30/14
03/13/14
Deutsche Bank AG
Lloyds Banking Group PLC
Monte dei Paschi di Siena
RBI
National Bank of Greece SA
Repsol SA
Volkswagen AG
PSA Peugeot Citroen SA
OAO IL
Adecco Mgmt & Consulting SA
$17,259.1
$5,422.2$4,623.0
$3,803.3 $3,507.7 $2,972.8$2,328.9 $2,272.7
$1,593.0
0
10
20
30
40
50
60
70
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
United Kingdom
Spain France Netherlands United States of America
Italy Denmark Sweden Switzerland
# of
Issu
es
Pro
ceed
s (U
S$m
)
Proceeds (US$m) # of Issues
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▲
▲
+1.2
+8▲
▲
+1.61.9 ▲
EMEA Equity Capital MarketsFirst Half 2014 | Equity Capital Markets | Managing Underwriters
▲5.08
25
920
1311
JP Morgan8.7
+1.8Zeus Capital Ltd-
8
Mediobanca
Jefferies LLC 133,821.5
32.05 3.1+3
▲938.7
5▲
120.0
-0.1 ▼+0.31.8 +1.815
▲+1.2
▲927.5
11 6.9
66 1.8Cenkos Securities PLC
+9
4+4
0.6
959.6
+1.72.0
24.6 1.8 +0.5+6
1.4 +1.2+1.3
2.577.4
43 720.5
100.039,071.9
UniCredit 20 - 672.7Carnegie
1.319
Industry Total
▲258 6% 128 6%▲
Top Twenty Total
▲ 154 4% ▲
+90160
▲
3.1
310 6%Industry % Change from Same Period Last Year
▲
50,425.5
1.6 +1.5 ▲
▲
▲
1.3▲ 17.9
21.14
▲ ▲45
+4
1.6+1.5
+2 ▲ 26.4▲▲
+1.3 ▲
+1905.3
+0.2
100.070.9
1,357.4
2.0814.8
2.5 +4
▲+1.1
▲ ▲
▲14.9
▲
+2.41
33.4
3.1 +4 +1.7
2.5
27.2▲
+0.8 ▲2.7
36.2+1.136.2
2.42.5
18+1.0
+0.8
2.7
1.1
8 5.0
▲
1.319 1,636.3
100.0
1,591.3
▼+0.71.0
16
20 65Liberum Capital 0.9
Nordea
Industry Total79.6Top Twenty Total
8,881.7
1.0
1.0120* 1,681.6
16 711.017
2,944.8
1,664.1
63
4,038.7
9
+0.5
6,207.7
2.4
-2.1
▲
+2.1
66.7▲
9 +41.3
1.7
3.1▲
+10+13
-0.1
554
1.92.3
1.654.7
+0.8
+11
+0.724
+0.9 ▲1.1
1.4
-0.9 ▼
29
▼
3.1
▲ 18
▲
+26
17
43
▲
9.6▲ 53
+17
7.8
▲
4
▲
2.574.3
2.20.7
18 +5 ▲11
-0.1
+1.4
12+1
▲
12▲ +9▲
38
+40
+5
2.9
+0.3-0.8
1.9+9
4.33.2
+18
+10
6.942
128.3
▲ 71
177.6
+14
45
4.6
16 ▲ 70.7 2.4
▼7.9 4.7
4.444
133.92.8
▲ -0.5
-1.1
170.7 5.8
-0.4-0.1
82.0
+2.6
5.2
6.0
7.6
+18
▲137.9
▲
8.1
2 ▲
▼▼
12.8+4.48.3
+0.1
467 16,204.5
10.19.6
1
Proceeds per Bookrunner (US$m)
Sh. (%)Market
Deals# of
Sh. (%)Change in Market # of2013
Rank Sh. (%)▼▲
Sh. (%)9.21
Share Ch.# of Deals208.5Fees
5,143.5Goldman Sachs & Co +15Sh. (%)Proceeds DealsShare Ch.
1 16,984.0 -1.0 ▼ -1.326▲10.24
Market
JP Morgan 124.6
ManagerImputed Fees (US$m)
Market2014 Rank Proceeds Fees
# of Deals per Bookrunner
EMEA IPOs (C7c)
2013 Rank
Market MarketBookrunner
Imputed Fees (US$m)
Sh. (%)Share Ch.Market Market
# of Deals
Jan 1 - Jun 30Jan 1 - Jun 30
7.1
Market ManagerChange in
▲
16.3 ▲+1613.8+17▼ +2.0-3.3
89
3 4,149.4175.8 ▼
Share Ch.
2▲ 4,175.1▲ 256.0
10.6
+5.7
1711.9
▲
7.9▲+5.2
8.38.2
-5.8 ▼4
+1.61922Credit Suisse
UBS
454
14,627.5
▲
14,592.9
5.3
# of Deals per Bookrunner
▼-1.0
+2.18.6-0.7
3.7
6.5-0.8
UBS
2014 RankBookrunner
Proceeds per Bookrunner (US$m)Market
EMEA Common Stock (C4c)
Bank of America Merrill Lynch
Deutsche Bank
Citi6Morgan Stanley
3
7
2
5▲11,006.5
13,239.3 7.8▲
7.2
Bank of America Merrill Lynch▼
Goldman Sachs & Co2
▼
Deutsche Bank 3,971.6
-1.47
16Nordea-
14
Jefferies LLC-
Qatar National Bank
11HSBC Holdings PLC
1323
Citi
▼
7
▲-2.1
27
▼
▼
6.08.7
▲
+1.1
▲+0.6
100.068.6
23 2,371.6
168,826.4
77 0%
Commerzbank AGUniCreditBNP Paribas SA
11 1,849.31,723.9
1415
2,124.4
+169
3.22.2
134,175.7
12
Banca IMI (Intesa Sanpaolo)
Industry % Change from Same Period Last Year
HSBC Holdings PLC
2.0
2.3
1834
43 9%
Numis 49.5
2,013.938.0
▲
Liberum Capital42.5
▲ 1.3
1.41.1▲
37.621.7 0.732.1
▲
1,181.21,208.4
- 743.7 1.517
2.31,087.3
848.6 1.7
▲+3.7 ▲
▲▲
+2.36.9
92.894.0
6.8
5.6+8▲
53.6▲ 4.2
+12
-2.010
8.8
76.3
4.0▲88.1
+0.3
▲
+56.9
-7.414
▼ +7
+7
10.6
-
2.2+2.3
▲
1,325.11,497.1
2.6 -2.2 ▼2.4
▲
17▼
96.35.6
+7
+1.13.0+5▼
▼
6.0
35.3
-3.4 ▼▼-6.66.5
-2.4
2.6 -1.611▼
▲-0.42.08 ▲+55.0
4.1▲ 41.3▲▲
+2.0
27.1
3.0
0.0
▼-0.556.6
10
Credit Suisse 8
10Societe Generale
Barclays
55.4-0.7
+144,646.3
▲4.5
5,282.6 -0.42.8 +13
▼
+1112
100.0
6▼ Barclays 9▲ 10- Numis25
▼▲
3,644.7
8 22
Morgan Stanley 556 3,040.5
1
2,076.2
+0.7+1.1
▲
▲
▲
BNP Paribas SA 17
▲
▲258.6% 128.6%62.5%
▲
Market
108.6% ▲87.2%
# of Deals per BookrunnerChange in Market # ofMarket
▲▲ 133.3%▲▲
154.4% ▲
+3
101.9%
Manager2014 RankBookrunner
EMEA Convertibles (C9d)
3
Market
Industry % Change from Last Quarter
+1.1 +0.6
2.3 ▲
▲+4.06.4
+1▲
17.8
▲
Market
Jan 1 - Jun 30
Imputed Fees (US$m)# of Deals per Bookrunner
Sh. (%)# of DealsMarket Change in
Deals Fees
▲310.6%Industry % Change from Same Period Last Year
72.3
3.4
▲
▲▲
▼
+1.6
+0.2
▲
Market
+1.2
Share Ch.9.3
▲
3.8
Sh. (%)3 3,076.0
EMEA Rights Offerings (C8fr)
JP Morgan
# of
▲9.6 10Sh. (%)
MarketProceeds
77.0%34.0%
Market
Industry % Change from Same Period Last Year
4
▲
Share Ch.
Industry % Change from Last Quarter
Industry % Change from Last Quarter
Market2014 Rank
2013 Rank
Proceeds per Bookrunner (US$m)
Morgan Stanley
17
2 23
Top Twenty Total
UBSBank of America Merrill Lynch
1Societe Generale
-
▲
Mediobanca
43.9%
Deals
Jan 1 - Jun 30
1
Manager
Santander
Imputed Fees (US$m)
49.7
▼
▲
20.8
13.8
-7.8
+1.95.6
25.5
5.4+5.4
▲ 28.920.3
+27
▲▼
RBS
UniCredit
▲
4.8
▼
2.7 +2.7
3.0
91.7%
100.0
-0.3
+3.0
Fees
16.6
2.6
+0.9
14.1
86.2
2.0%
50
*tie
100.0
▲Industry % Change from Same Period Last Year
+1
1409.8%
Berenberg Bank
110.1% ▲
533.832,154.027,710.4
▲385.6
Goldman Sachs & Co
4.2
19.7
2,113.630.0
+4.714.06.8
Bookrunner
2,173.8Barclays 3 15
65 14
13
BNP Paribas SA
10
▲
24
8.0
2013 Rank
+2.11 1,312.5
4.4
-3.18
▲Proceeds
5
▼7
-10.3▲
7.6
▲+0.1
+2.1+2.49.54
1,383.7▲ Deutsche Bank 5
+3.38.5
7
18.3
13.4
-0.9
2.5
▲22.316.2
▼▲
▲+4
04.02
74.3%▲
▲+0.3
17,373.3 100.0
Industry % Change from Last Quarter
193.9 ▲-
0.8172.9
▲
- +0.81.01.1
2.311▲
+0.9 3
+9
4.0
Sh. (%)
4.0
+5
0
20.0
+3
14.0
+4# of Deals
+2.8
+5▲
3.9
▲10.05
▲+6
14.07
+6.12,003.7 6.2 ▲
+5.1
▲1,960.8 6.1
2,102.2+3.9
6.6 ▲▲
7+6.0 ▲
6.5
5+1
10.0
▲3.1
66 12.0
12.0 +6
5.18 285
▲ 3.7▲- 1.61,287.8Goldman Sachs & Co
+4.4▼7
-1.8
-11.01,639.3
6.0Citi 1,933.9
4.0
11
8.5
▲
-0.7 ▼ 2▲
9*+2Commerzbank AG 9* - 1,287.8 4.0 2+4.0
▲+235-1.7 ▼
3.2UniCredit
▲6.0
6.0+3.03.2
35 1,035.34
314.072.9
HSBC Holdings PLC 12 10.01,015.6
19 939.8
Jefferies LLC 556.2
BNP Paribas SA3.1 +3.1 ▲Banca IMI (Intesa Sanpaolo) 13 - 1,010.4
Industry Total
14Santander 15 42BBVA 16 -
+0.8-3.9
+1.8
20 20 -
▲+3
1.7
923.9
Sh. (%)Sh. (%) Share Ch.1
Morgan StanleySociete Generale
Bank of America Merrill Lynch
▲
91,204.7
25.62
8 18.6
3
+3 ▲
▲
▲
84 10
1,481.411 11+4.2
26.414 9.9+51,657.5 32.6
16.371,720.5 9.9
▼ 19.9
9.327.5
▲+4.2+2.4▲
▲ 25.9
-218.6+4
17.517.0
▲ 19.5+5
▲
▼
20.9▲1,286.8 7.47 16.36.9
▲-2
+516.311.6
+2 ▲
3.7
6.16.3
10.2-1.3
▼
-0.7
-0.8
▼
▼7.07.1 -6.2
+1.4 ▲
4.42 975.1
762.28 5.6 5
-19.3 ▼▼ -3.03.28.94
▼
-1.6 ▼-0.6
▲ 53
▼ 7
+0.2 ▲+3.6
11 13 657.612 28* 656.0
3.8757.4
3.8
6
▼11.4
7.0 -1.0011.6 +4
3.7
▼0+2.6 ▲
3.18.8- -1.37.0
+2.9
9 645.9
565.6
3.6+3.0 ▲21 3.7 11.6
2.38.0
4.1▲10.1-1.0 ▼ 3
▲ 11.5▲ 2.9
-
3.39.3
+414.0
4▲
▲▲+1.5+2.94.1
▲2.6
▲65
+5
7.0
▲6.3328.8 ▲17
16 - 443.6 +2.6
+0.85.4 1.9 +0.9▲
+2
+4+1.0
▲
▲▲3.0 1.1
+1.29.3 +1
1.5 +1.04.202.7▲+1
97.916,990.91.0 +1.0140.7
94.043
76.3% ▲
262.0
▲
100.0279.5
80.7%26.5%
▲▲▲24.1%
52.9%▲
18
▲
BBVA
Industry Total
▲
Top Twenty Total2019
18
20
184.6% 1161.7%
Banca IMI (Intesa Sanpaolo)28*
6.0 +1 ▲
HSBC Holdings PLC
UBS
Share Ch.▲9.4
JP Morgan
6
Citi
9
Proceeds per Bookrunner (US$m)
▲
▼
** Rankings exclude self-funded proceeds, per Standard Criteria
Credit Agricole CIB
15
Credit Suisse644.1
Natixis1.9 4
Barclays
14
Industry % Change from Same Period Last Year
2.9 +2.8 ▲ 3 6.0 +2 ▲ 18.8 3.5 +2.8 ▲735.9 2.3 +2.3 ▲ 2 4.0 +2 ▲ 14.7 2.8 +2.1 ▲
ING 17 6 679.4 2.1 -1.6 ▼ 3 ▲ 14.5 2.7 +1.1Bizim Securities 18 - 628.7 2.0 +2.0 ▲ 1 2.0 +1 ▲ 11.0 2.1 +2.1 ▲RBS 19 7* 606.3 1.9 -1.0 1.6 -0.4
+0.6▼▼ 1 2.0 0 - 8.5
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com10
First HalfAsia Equity & Equity-Related Imputed Fees by Domicile Nation (US$m)
First Half 2014 | Equity Capital Markets | Managing Underwriters
-0
46.8
Jan 1 - Jun 30
18
19
3.131 4.3
4.2
▲ 62.6
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
13
25
▲
1.8
1 8
+7-4
+152.5 ▲
-7
53.9+3
▼
▲
3.52.6
4.6 +11
-4
▲
▼
+3
-04.62.6
▼
5.2
55.2
91.0
4.6
3.4
-1.43.8 -0.22.7
60.3
80.770.4 4.0
3.2
3.4
66.9
59.1
3.255.3
3.6
2 13.0
36 752.7
1 3
+1.9
▼+2.1
+1.7▲+1.5
-3.1
▼
▲
▼-0.1▼▲
▼
▲
▼
-0.7▲
+0.7+1.8
-1.5
95.6 5.5 +1.8 ▲
▼
▲
33
▲
▼
3.4 ▲+0.130
3319
3.6
▼▲
▼
+1.6
+0.44.1-1.4
-7.7+1.6
4.3 ▼
▲
-0.8
3 0
▲
-1.1
13
2014 Rank
7.5Goldman Sachs & Co 2Bookrunner Proceeds
Market2013 Rank
▲
Proceeds per Bookrunner (US$m)Market
# of Deals per Bookrunner
-5
6,022.91Sh. (%)
16
4.9
▲
35
2.2+22+9
+12
▲
15
MarketSh. (%) # of Deals
45
2.1 ▼
▼
▲
2,190.6+2.4
▼▲
1 763 9
JP Morgan9 2,825.4
82,632.5
57 2.614
Citi
2,070.3
3.3
13GF Securities2.7
7
3
CITIC Group Corp6
8
2112Guosen Securities Co Ltd
4
Haitong Securities Co Ltd
Deutsche BankUBS
11
2 2
3,261.5
10
+3.2
6
4,028.4China Securities Co Ltd
Bank of America Merrill Lynch
Morgan Stanley
2
+2.04.510
Credit Suisse
HSBC Holdings PLC5
Fees
5.0 +2.1
ManagerChange in # of
6.2-0.5
Deals
▲
1
9
5
4.6
3.5
7
18124
3
Share Ch.
3,633.2
2,749.7
3,413.03,550.6
3,702.4
4.4
2,876.4
Sh. (%) Share Ch.
China Financial Sponsor IPO First Half Volume - Highest Since 2011 l Asian ECM Proceeds from the High Technology Sector - A Record
Asian follow-on proceeds in the first half of 2014 reached US$47.4 billion, a13.8% drop from total proceeds in the same period last year. Asian IPOvolume to date totaled US$24.3 billion from 208 deals, a 94% increase fromtotals raised in the first six months of 2013.
MarketMarketImputed Fees (US$m)
Asia Deal Intelligence
Asian ECM proceeds to date marginally increased - to US$80 billion from theUS$78.9 billion proceeds raised in the first half of 2013 - with a 14.1% decline insecond quarter issuance from the first three months. Issuers from Chinacaptured 56.6% of the market, with US$45.3 billion proceeds from 246 deals.
Asia (ex-Japan, ex-Australia) Equity Capital Markets
According to Thomson Reuters/Freeman Consulting, estimated fees earnedon Asian Equity & Equity-Related deals in the first six months of 2014totaled US$1.8 billion from 721 transactions, a 64.6% increase from thetotal fees earned in the first half of 2013.
$900
$1,200
$1,500
$1,800
$2,100
$2,400
$2,700
5 0.7
64.6%
13 ▲1.8
▲
1,752.2
90.092.1
53.9
▼
# of Deals per Bookrunner# of
▲
Change in
▼
▲
Jan 1 - Jun 30 2014
39.3
-1.521.6
16.7
1.9
15
46.3%
1.9
▲▲
1.20.3
727.51,073.6
51.3%
▼
+10
14.4
38.8
2.6
▲▲
+7+3
▲+2
2.136.7
+0.5
59.617.224.4 1.4
+1.8+0.8
1,040.0
-0.6
1.231.4
Sh. (%)
▲▼
40.11.118.3
1.0
8.6
+1.5
-1.3▲
2.3
-0.9
▲
▼
▲
▲
▼
MarketImputed Fees (US$m)
21.41.8
▲
▼
▲
-0.53.7
1.5
-2.3
2.0
-1.5
+1.5
+0.1
-0.7
+3.4
-1.3
5.1
5.2
+0.8
8.4
▼
6.6-3.0-0.3 ▼
63.5
55.2
5.0
-17.1%
Fees
▼
3.6
▲
+3.3Share Ch.
5.9 ▼
+3.8▲
+1.0
▲
Jan 1 - Jun 30
2.6
1.3
Top 10 Asia Equity & Equity-Related Deals (US$m)
70.4
-1.4
Market
6
-2.0%
Top Twenty Total
Industry % Change from Same Period Last Year
20Woori Invest & Sec Co Ltd
100.0
12 ▼
578
▲
0.9 -1.5
Industry % Change from Last Quarter
491.7
Industry Total
▼
0
14.1%
▼
72.0
Guotai Junan Securities612.4
4319
740.218 21
▼
China International Capital Co
1.5
-1.4
Malayan Banking Bhd821.3
DBS Group Holdings
1,031.2
1.3740.6
1.6
Bank of China Ltd
14908.5
3,550.6 19
4.6
10
1.9-1.6
10
▼5.2
▼
6.4
33
5.945
6.5 153.3
32
2.6
5.5
+23
0▼-
-5
5.1
7.3
5.9
5.2+125.7▼
-5.2
0
▼
-1.3
▼▲
-7
24
-1.4
▼ -530 -
27▲4.2
3,633.2
MarketSh. (%)
Market Market
+3.0+3.5
14.8%
▲▲
-4.6%▲
+93
-13
▼
1.5 ▼
14
+6
▲+51.8 ▲
1.9
1.01319-1.3
10.6Sh. (%)
1,112.465.3
▲
5,864.2
52,408.9
1,158.4-0.3
▲
▼
2.0
▼
▲▲+1.2
11
+1.4
-3.0
Guotai Junan Securities20
Top Twenty Total
11
Industry Total
Changjiang Securities Co Ltd 1,231.81,172.9
16Standard Chartered PLC
China International Capital Co
China Merchants Securities Co
Southwest Securities Co Ltd 1,376.317
1.51.5
18
▼+1.2
▲15 1,636.3
1.716 +1.4
1,763.9
21
Industry % Change from Last Quarter
100.0 721
-14.1%
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
1.5%
Bookrunner1
2013 Rank # of Deals
▲34
DealsProceeds
4,028.48+8
CIMB Group Sdn Bhd
HSBC Holdings PLC
3
Bank of America Merrill Lynch9
87
UBSJP Morgan
27
2,536.6
2,876.4
Citi
3,257
2,825.46
4
10 13
16Barclays
11
29
12 18Standard Chartered PLC
Macquarie Group
14
13
▼▲
+0.8
-0.116 +0.3
1,112.4
▼
11
17
15
13
▲9▲
+0.8
▲
+5
1.0
+43
▲
3.467.9
100.0
▼
-▲▼
2.2112.0
2.1 ▼17.2 -1.120.6
15 +4
2.2
10
742.3+0.8 ▲
-410
13.3
1.6
+0.2
▼
▲1.2
19.815.6
CITIC Group CorpDeutsche Bank +0.3
13.8
0.0
13▼
55.3
5
9
-2.1
▼6
▲
2014 Rank
Morgan Stanley
Credit Suisse
4
Industry % Change from Same Period Last Year
Goldman Sachs & Co
80,028.1
Proceeds per Bookrunner (US$m)
7.8
5
19
3
14 3Haitong Securities Co Ltd
1.1
1.3
2.227
7646
556.2
+2.5
1.5
-0.3
2,463.9-0.2
53
39,946.7
11
1.0+0.1
1.31.6
55,547.5
25.0%8.0%
Manager
▲1.7
+319
▲
Share Ch.
7
▲
▼
-0.6
▲
+5
1.7
1.7
-2
-1.1
-8
1.4
1,154.34.4 +3
▲
▼
4.7
-▲
▼1.3
100.0
1.6▼
▲
▼
+1+8 12.6
3.3
-131.9
1.9
$5,995.8
$3,109.9
$2,047.0
$1,788.2
$1,717.3
$1,401.6
$1,377.8
$1,293.6
$1,283.9
$1,130.5
BOE Technology Group Co Ltd
HK Electric Investments Ltd
JD.com Inc
China Merchants Securities Co
New World Development Co Ltd
China Shipbuilding Ind Co Ltd
Sands China Ltd
China CNR Corp Ltd
State Bank of India
Harbin Bank Co Ltd
3/25/2014
1/22/2014
5/21/2014
5/22/2014
4/17/2014
1/21/2014
5/28/2014
5/16/2014
1/30/2014
3/25/2014
$0
$300
$600
$900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
China Hong Kong Singapore Malaysia Taiwan India South Korea Rest of Asia
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables
*tie
11
▼ 11 5.3 +1.110.2 ▲412.8▲+1.2
Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Half 2014 | Equity Capital Markets | Managing Underwriters
100.063.2
1.1550.2940.0
▲
443.2
-
-855.9
▲
100.0
+7 1.21.7 -1.6
+1.1
+0.6
1.9-4.9
1.8
1.8
▼
▼
-3.8 -+2
104
▲
▲
7
208
71.8
+1.5
1.8 -2.2
▼-2.3
▲
3.03.1
+1.1-0.3
466.1
523.6
+1.91.9
2.4
+2.02.01.9
793.1
▲
+0.9
2.2
-3.3
+0.7
1,036.5
+3.3
6.2-0.1
8.86.7
▲
MarketImputed Fees (US$m)
BookrunnerGoldman Sachs & Co
58.7
243 1%
+90
▲76 3%
9
▲
10 ▲+6
4.32.3
▲▼
+1.0
▼▼
1.3
▲
+4▲ +2.7 ▲
+2.5▲
10.2 1.1
+7
China International Capital Co14 18
Top Twenty TotalStandard Chartered PLC
Industry % Change from Same Period Last Year
Citi
UBS
CITIC Group Corp
11GF Securities
Guosen Securities Co Ltd
1213
Credit Suisse
Goldman Sachs & Co
11China Securities Co Ltd 2
4
1Bookrunner
9
10
3.1
1,638.3+2.1
Sh. (%)7.0
1,512.2
2,145.1
▲
Asia IPOs, inc Chinese A-shares (C7a)
2013 Rank
+1.4 ▲
Change in
4
8
▼
▲
▲
▲
▲
12
68
4.3 +9
▲+6 ▲
▲
+4
+4
1.8
38.73.82.93.8
5.8
▲
4.8
+9▲
2.321.3
17.2▲+3
+428.7
2.523.5
1.9
1.9
3.4 +1 ▲
4.8
21.4▲
0+5 21.2
1.6
26.8
2.311.3
14.512.3
3.1
▼
-2.9
+3.1
+2.0
+0.8
+3.6
Jan 1 - Jun 30
+4.0
MarketSh. (%)
4.8
3.4
43.5
7
-0.4
Sh. (%)
4.6
5.2▼
49.1
▲
▲
4.9
Change in MarketDeals
+3.7
37.6▲
▼1
Proceeds
53
16
45
Proceeds
+4.1
31HSBC Holdings PLC
6
74Changjiang Securities Co LtdChina Merchants Securities Co
Bank of America Merrill Lynch
Deutsche Bank
93 3,302.2
4.63,261.2
57
# ofProceeds per Bookrunner (US$m)
3,702.4+2.1
5.2 +3.6
Market
4,988.62
4.6
Share Ch.
JP Morgan10
HSBC Holdings PLC
2014 Rank
Morgan Stanley
20
9
4
Haitong Securities Co Ltd
▲
Market
+4Share Ch.
# of
2-
3
Sh. (%) Fees
China Merchants Securities Co3
3.8Deals
2.4
# of Deals per Bookrunner
▼▲
3.54.3 +4.3
163.7 35.0
Sh. (%)2014 Rank
ManagerProceeds per Bookrunner (US$m)
+1.6▲ 2+9
Fees
1.48
Share Ch.
▲▲
CITIC Group Corp
4.6 UBS
62.438
25
-729 4.4
▲
2.3
4▲
100.0
42*GF Securities
3.0
▼+1.9-0.8
China Securities Co Ltd
Industry Total
Haitong Securities Co Ltd12
-0.4-2.2
20
+2.9
61.0
46.048.7 9
11
Bank of America Merrill Lynch10China International Capital Co
Bank of China Ltd2.9
Morgan Stanley 17
-
▼
Market# of Deals
1.8
▲19
589.711
473.1
50.0▲ 5.3
▲
-0.1 ▼
▼
DBS Group Holdings
CIMB Group Sdn Bhd
458.8
751.8
14
8
Guosen Securities Co Ltd
15,346.3
458.3
747.31715
+1
13
5
7Credit Suisse
49.9+1111 5.3
ManagerImputed Fees (US$m)
-4+1.6
Share Ch.▲
+1 ▲
# of Deals per Bookrunner
-3.8▲
16.5
Market
6 2.9
Market
-1.9
-
▲ 1.7
+2
80.3
-8
+1217
4.760.3
74.1
Market
▼ 43.2
▲3.8
▲+0.8
▼-5.0
4.1
-3.1
-2.5
2.9 ▲▲
3.4
▲
4.0
5.3▼
▲
▲-2.3+5.3
46.3
▼
7 3.43.3
▼
▲
442.7
429.3
24,293.1
13
▼ 726.4
7+1.0
19
5
+0.2 6
3.9
▼
▼
2.7
▲
-1.64
4.1
+1.5
▼
2013 Rank Sh. (%)
▲
Market
▼
578.4
16
# of Deals
▲2.6▲
+16
-3
4.10.0
+2.6
3.5
▼-4.9
2.7
4.1
18
15.7
▲
+4
+15
+6
+7
+5
+640.118.3
▼
24.4
1,611.3
94 0%
937.4 58.4
-0.7
31.4
1.0
Industry % Change from Same Period Last Year
10
▲
442.1301.5
71 4%
-1.0▼
JP Morgan 18 9
▼Guotai Junan Securities
Top Twenty Total
+0.816
▲
▲+1.9
China Renaissance Sec(HK)Ltd
▲
-1.1
15Deutsche Bank
1.12.5
2.0+0.51.3
+0.22.3
+10
▲
▲
2.1
2.9
1.1+2
2.0
▲
▲21.4
▲▲
2.73.3
▲
13
2.0
3.3
18
39.8▲
▲37.3
▲+1
▼
-312
3.8 11
36.7
2.552.4
▼ 65.5
▲24
27
6
2,533.37 ▲
+1.2
8+0.1
10 2,716.0
1.8
3.8-4
1.9
▼
2.9 ▲
+1.2 13
3.6-1.5 ▼
15
1,158.4
▲1716
18
1,636.3
1.6
1.71.6
Southwest Securities Co Ltd
6 2%
19 8
1,376.3
Guotai Junan Securities1,012.4
71,707.6 100.0
27
+1.3
1.4
▲+1.4
1564.5
▲ 9 8%
Industry Total
-0.3
3.77
5
2,650.1
2,070.32,084.1
3.5
2.9
19
22-1.5
1,231.8
2.5
-1.6
2.3
6
2,110.63
2.8
-1.9
2.9
+1.72,515.4
21
2,013.0
10
▼
+1.5▲
5
▼
▲7
14+1.6
1.5
+59
+5
▲
662
2,966.95.7
1
1,172.9
1,763.9
46,266.1▼-13
▲
4.9 +1.2▲
0.8
▲
Jan 1 - Jun 30Asia Common Stock, inc Chinese A-shares (C4a)
+34
1.2- 1.0
+2▼
89.7▲
126.1
1.7 0
100.0
+9.011.0
2.4
1.4
9.5
-0.2
26.9% ▲
▼
136.0%
1.4
140.9
1▼
13.5%-18.9%
▲1.6 +1.2
▲
100.0
▼
▲+1
0 ▲-1.5 ▼-
- 1.5
1.5+0.4+0.9
0.4
1.1 +0.12.0
▲▲
01 1.41.1
-
1.76.8
▲▲
2.7
▲1.73.4
4
4
+6
6.8
12.4
+5.1 ▲
+3.9
3.45.4
10.2
Share Ch.
# of Deals per Bookrunner
4▲
+4.6
Deals▲
3
▲9.2 +6.9
Market
Asia Convertibles, inc Chinese A-shares (C9b)
+9.4
# of
-
9
161.7
▲
+1.7 +4▲
+2
▲+2.4
▲
1.7
5.1425.6
3.0
+2.4 1187.5
-
-11
▼
▲
-
7+2
+2.3
+1.3
+1.8
+1
+3.7
2 +1
▲
2▲
▼
5.1 +3
▲5.1
+1+2 ▲
▲
2.4
619.6
3.7-1.9
310.0
201.2
446.17.5
3.4
9
2
67
1
4
3
MarketSh. (%)
15.3-6.8
15.3
0
▲6.8 +2
▲10.1
12.6
Market
243.1%-29.2%
Change in
▲Share Ch.
▲
10.9 +6.8
Imputed Fees (US$m)
Fees
76.3% ▲
201.2
23
-
145.2
Industry % Change from Last Quarter -10.8% ▼
▲
▲
▼
+0.9
728.1
-25.0
792.3
8.8767.2
2China Securities Co LtdBookrunner
Goldman Sachs & CoBank of America Merrill Lynch 3
Industry % Change from Same Period Last Year
14.2
9.5
# of DealsSh. (%)
11.913.0 9.2
Manager
▲
8.5
+3.99.0
▼▲
▼
+6.7
Market2014 Rank
-3.71
▲4.7 HSBC Holdings PLC
Market
67
20
5
1.31.6
Credit Suisse
747.9
2.2China Cinda Asset Mgmt Corp 18
2.3
UBS
Citi
2.4 1.1 +4
▲
▲
▲6.8
▲
▲▲
▲
3.3
+6.0
▼
12.0▲
+3.7
+1 2.7
6.6
+6
▼8Partners Capital International7UBS6
Industry % Change from Last Quarter
45Deutsche Bank
Bookrunner
3
▲
-3
▼Citi
-26.4% ▲
7,665.7598,320.5
2.7
60.9671.3
0.8%
92.2Industry Total100.0
▼▲ Industry % Change from Same Period Last Year
▲Daiwa Securities Group Inc+1.6
▼
▲
Industrial Securities Co Ltd
-2.0▲
Phatra Securities Co Ltd
Huatai Securities Co Ltd
Macquarie Group▼
KGI Financial Services Group▲
-1.1 11*▼11*
2.0
Morgan Stanley▲
▲+0.1
Hongyuan Securities Co Ltd
+0.2
▼ 1.7-5 248.4▲ Bank of America Merrill Lynch
-1.1+3.1
910
▲
-13
103.2
1.8
14
1514
3.8+2.4
▲2.3
+0.4-
0.42.4
.6
.6
100.0
▲
0.0Standard Chartered PLC 18 12
1.217
13.4
▼-2
2
141.4112.4
-0.24.1+5.7
5.73.88.0
4.75.7
+4.76.7
-14.44.78.1
+2.7+2.7
▲▲
-4.3
▲
+0.5
-1.4
▲
Jan 1 - Jun 30
Proceeds per Bookrunner (US$m)
111,034.4
-11.9%
2014 Rank
2
-23.7%▼
2013 Rank
▲
Sh. (%)ProceedsMarket
94.0%
917.2
Industry % Change from Same Period Last Year
1
+0.4
+2.5
-16.9% ▼
Imputed Fees (US$m)
71.4%
5.9
31.2
▲
3.5
+2.127.3
1.6
+0.2
China International Capital Co 17
-2
5.033.8
▲▼
+1024.2 3.6 -2.139.7
▲
6
+2.1▼
JP Morgan
Goldman Sachs & Co
4Credit Suisse▲ 32.4
6.2%
4
Market
-14.5%
9
Asia Secondary Offerings, inc Chinese A-shares (C8c)
# of Deals per BookrunnerMarket
1.8
▼
0
8
▼
+36
-3
-
-5
3.3
22 4.8
20-0.1
▼ 153.5
-1.0
▼18
3 ▼
▲
12
0.70.7
8▲
4.4
2,509.4
5
729.1
HSBC Holdings PLC
93
1,240.31,317.5
2.6 3+1.3
▼ 16
▼
785.3 1.7
2013 Rank
10
15
2,075.0
13
5.3
8
6.0
ProceedsMarket
Sh. (%)
5.4
3,229.4
Industry % Change from Last Quarter▲
6.8
2,575.8
9.8%
Share Ch.
▲
ManagerChange in Proceeds per Bookrunner (US$m)
1123
+2.8
+4.8 12▼▲
5.1
# of
5.5▲2.6
Jan 1 - Jun 30
Fees Share Ch.
+1.1
26▼
▲-12.4
+8+5
▲
5.7 ▲
3 2,072.7
▼4.5+1.0-5.02,111.0
4.4Deutsche BankMorgan Stanley
2,843.5
▲
JP Morgan
-1.0
+2.12
1
4.4
GF Securities 10 57 3.49 4 1,642.1 3.58 3.67 1,705.9
1,604.211 18Guosen Securities Co Ltd
21
+3.1 ▲
Haitong Securities Co Ltd▲2.8▲+1.312
Southwest Securities Co Ltd 13 41 1,176.8 0.7
16 16
2.63
2.4CITIC Group Corp 14Changjiang Securities Co Ltd 15 63
1,137.91,113.5
Standard Chartered PLC CITIC Group Corp1.2
36 1,046.6+1.6 ▲ +56
1.3
-0.21.21.020
192.0▼
6 1.3-0.9 3.4Barclays
Top Twenty Total▲+1.085.0 2-
1.1
▼ 13.1
1.8
+2.6
+0.6+2.826.7-3
18.4
Deals
99.7-1.11.7
19▼ 113
Market
▼▲
▼-7.0%
Sh. (%) Sh. (%)
4.0 0
16.1▲
-
36.8# of Deals
-9
-3
▼-20
+6
2.718.6
10.9
2.8
9.91.2
23.7
1.5
17.9
▲
-
+2.2
▼
▲
+1.7
+2.1
-0.3
▲-1.6
▲+0.65
2.5
▲
-2.3
7.9
1.28.2
14.2 2.1
22.1▼
4.0
32,741.6
7.13.3
▼
407.8
1,077.7
6
45469.3
1.5
-6.4%1.8%
▼-14
-31
9
*tie
47,414.5Top Twenty Total
▲Industry % Change from Last Quarter▼-13.8%
-15.9% ▼Industry % Change from Same Period Last Year
Industry Total
3.5%▲▼
100.0
Guotai Junan Securities
https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables12
6.3- 1.9
30.3 100.0
38.4%
Australia Equity Capital MarketsFirst Half 2014 | Equity Capital Markets | Managing Underwriters
100.0
▼ 12.5 0 -0.51 ▼-10.3▼ 1 -7.112.5
Macquarie Group 5 3* 76.1 7.0Deutsche Craig 4 1 97.7 9.0 -16.8 -2 ▼
19.3
+19.9
+11.7+20.0
0 -3.5 11.6
Credit Suisse/First NZ Capital 3 3* 219.2 20.2First NZ Capital 2 - 282.4 26.0 ▲ 4+26.0
12.5+2.9 ▲ 1
4▲ 8.1 26.8+4 ▲
-150.0
UBS 1 5 409.5 37.7 +20.9 ▲ 50.0
Manager Market Market# of Deals
▼ 10.9 36.1Fees
# of Market Change in Proceeds Sh. (%) Share Ch. Deals Sh. (%)
2014 Rank
2013 Rank
Market Market
Total fees earned in Australian ECM to date reached AU$392.1 million, a 131%increase from the first six months of 2013, according to estimates by ThomsonReuters/Freeman Consulting. The top bookrunner of Australian offerings,Goldman Sachs, captured 16.1% of total fees in the period.
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
▲
Sh. (%)▲
Imputed Fees (US$m)
▼
+0.30.80 8
▲
11 5
0.9 2.66
6-2.1
1.8 +0.81.7
▲▼
11.5
2,765.6
6+1.4
▼-3.5
-6.89
▼
10
2
-21.32,064.4
15.8-0.811.8
1,999.3-0.2
3.0+7.8 7▲2
Morgan Stanley 7
2014 Rank
2.5
2.07 2.0
1.6288.6274.74
347.3
11Petra Capital Pty Ltd
20
+16.8 1.7
Australian Equity & Equity-Related proceeds for the first half of 2014 reachedAU$17.5 billion, a 127.7% increase from total proceeds in the same periodlast year. Issuance from Energy & Power companies totaled AU$3.6 billion,capturing 20.9% of the market.
Australian Equity & Equity-Related (AK1)
▼▼
20.7 +16.0Bookrunner
1
MarketMarket
1+3
9.8
# of Deals per Bookrunner
▲
▲
17+3
▲+2
+1
▼▲
5.3
1,085.0
Industry % Change from Last Quarter -68.5% ▼5.4
▲-60.3%1.4
▼-16.7% ▼ -72.2%
8 30.3
▼
-3 100.0
▲
1,085.0
15.4 -1.5
2.3
+7.1
▲
+2
0.95.65.6 -3
+7
▲
2.6
2.6
▲
▼
12.2
-27.3%
▼▲
▼
▼
100.0
Share Ch.
5.8
▲
▲
1.4
Industry Total
▼-6.03.9
▲3.1
Industry % Change from Same Period Last Year
+0.5
+1.3-3.6+1.3
3 4
+7.8
3.11.5
Imputed Fees (AU$m)Manager Market
Sh. (%)
-1.6-2.1 ▼
8.5 ▲
Bookrunner
Jan 1 - Jun 30
Australian IPO volume totaled AU$4.9 billion from 19 transactions this year -the highest first half proceeds since 2007. Follow-on offerings this yearreached AU$12.6 billion from 213 deals, registering a 91.6% increase involume from the first six months of 2013.
New Zealand Common Stock
Top Five Total
6 3 1 61
▼
+0.2
135 7
6.76
1 2 27▼
▼
▲ +0.71.7
Commonwealth Bank of Australia
12.2
-2▲▼
9.1
6.0
▲
12.3
+13
2
+12.1
11.846.4
16.1
48.0
-0.40.95
11.5
Bank of America Merrill Lynch
3.8
7.3
33.263.0▲
+8
-2
52
Proceeds
3,014.7
Sh. (%)Sh. (%)
15
2013 Rank
19
Share Ch.
Citi
Jan 1 - Jun 30
Market# of Deals Fees
Change in
17.3
▼
+3▼
+5
Australian Common Stock First Half 2014 Proceeds - Highest Since 2009 l Goldman Sachs - Top Bookrunner l Energy and Power - Top Sector
# ofDeals
Proceeds per Bookrunner (AU$m)
3,605.3▲
Patersons Securities Ltd 12
Macquarie Group
Euroz Securities Ltd
4
1313
23
Canaccord GenuityMorgans Financial LtdCredit Suisse
Goldman Sachs & Co
8
UBS
3
34
Deutsche Bank17
14146.9
429.1
13 ▲
9
6
45.2
315.7343.6
157.8
5
12
8
Australia Deal Intelligence
▼14
Market
2.1
Share Ch.▲
▲
Bell Financial Group Ltd 19- 1
+1
90.6▲+0.60.6
93.8▼
94.7
94.4109 0.5
0.5-1.9
+0.7 1.3
103.5▲
-1.9 4.7
117.90.8 11.5
0.60.7 ▲
Industry % Change from Last Quarter 200.9% ▲ 15.7%
+14
Industry % Change from Same Period Last Year 138.3% ▲
Industry Total 100.094.8Top Twenty Total
94.4
6.4%
232
▼ 30.5
17,452.4
20-2.00.5
18Bell Financial Group Ltd 19Baillieu Holst Ltd 93.8
▼0.6 ▲+0.6103.5
16,509.8
0.99
▲▼0.6
0.7
+0.22
3.9
3
17 2516
▲106.1
0.6105.4
6274.7 -1.1
-0.1
0.9
-135.7146.9157.8
0.80.8
Patersons Securities Ltd+0.7
▼
1.6
20
15
+0.3
117.9-1.3
▲▲ 6+0.2
2.611 812 15
6
1.74315.7 1.8
▼
+0.8 ▲-2.3
13
+1.4
9 14
2,064.4 11.8+7.6-1.4
-7.3
-0.3173
Macquarie Group
343.6
1,999.34
56
Morgan Stanley
+17.4 ▲
-23.03 2,765.6
6
15.9+16.8
1
-2
2
7.317▼11.5
▼▲
27
▲▼
2.0 5 2.2
23
Industry % Change from Same Period Last Year ▲
2014 Rank
2.5Deutsche Bank
16.4%
Deals# of Manager
63.0
# of Deals per Bookrunner
115.2%
Imputed Fees (AU$m)
▲
Top Twenty Total
127.7%
100.0 +10234
-0.1 ▼ 2
131.0%
+0.2
▼
+1
11
+5+10.4
3.8
38.0
▲ 1.14.13.7
1.66.30.9
2.1
Petra Capital Pty Ltd
CIMB Group Sdn BhdRBC Capital Markets
Bank of America Merrill Lynch 8
12
2
1 3,605.3
UBS
5
77 429.1
Commonwealth Bank of Australia
10
10
Credit Suisse
-
9
Euroz Securities Ltd 13
Zeus Capital Ltd
16
Baillieu Holst Ltd16,509.8
200.8%
18
20
Zeus Capital Ltd
Industry Total
15
13 5.6
▼
+3
392.4
-4.61.3
-3.93.1
1.45.3▲
▲
-2
-3.66.3
▲
▼
392.1
3.7
▼
115.2%▲
+5
▲▲140.8%
100.0
▲ -4.32.12.5
111.3
▲+1
8.04.10.4
▼4.7
1 ▲
+2
+0.2
0.7
0.91.1+1
341.6
+1
2.6
0.6
6.71.41.7
1.6+1
11.6 -1▲
+8
1.62.5 +0.6
5.4 +0.5
+0.86.3▲▲1.3
Market
12.248.0+3
+13
11.5
Change in
+6Sh. (%)
▲
27
▼
▲
+3
-3
+3
+7-2
2.6
341.6
▼▲
▼ 2.5
▲
87.0
-4.0
▲
▼
▲
-3.4
+0.8+0.6
Jan 1 - Jun 30 2014
▼
▼
▲
-4.787.1
+1.1
+0.7
▲
9
MarketShare Ch.
3,014.72
Sh. (%)
4
ProceedsMarket
19
# of Deals
▲▲
6.3 1.6▲
-2
100.0
0.6
-1
▼
▼
-2.1
Share Ch.
Top 10 Australian Equity & Equity-Related Deals (AU$m)
15.4▼
▼ 0.9
9.9
3.9
+3
▲6.0
+12.9
▼
-2.546.4
+7.816.1
8.5
1.5 -0.5
Canaccord Genuity 5.6
▲
12.2
0.912.3
2.33.1
3.011.8
▲
0.9
▲33.2
▲+3
Fees
1.7
135.7
▲
2.0
-2.1
288.6
16
▲
14
Morgans Financial Ltd
Citi
3-1.2
Proceeds per Bookrunner (AU$m)
4.5% ▲▲
27▼-
Taylor Collison Ltd
347.3
Market
17.320.7Goldman Sachs & Co
Bookrunner Sh. (%)2013 Rank
▲
Australian Common Stock (AK2)
17,461.0
Industry % Change from Last Quarter
9.1
45.2
▼
+1.1
+6.9
Jan 1 - Jun 30
▲
▲
+1.2
3.9 -1.7-3.6
+1.2
▼
▼
▲▲
▼
▼▲
▼▲
▲
2.5 0.6
Market
+0.2▲
▲
▲RBC Capital MarketsCIMB Group Sdn BhdPatersons Securities Ltd 12
17 2616
105.4
14
Taylor Collison Ltd106.1
$3,236.5
$2,742.1
$994.6
$848.8
$656.7
$583.0
$505.0
$400.6
$379.6
$350.9
Woodside Petroleum Ltd
Transurban Group
Spotless Group Holdings Ltd
Australand Property Group
Asaleo Care Ltd
Genworth Mtg Ins Australia Ltd
GPT Group
Bank of Queensland Ltd
Bendigo & Adelaide Bank Ltd
Japara Healthcare Ltd
6/17/2014
4/29/2014
5/21/2014
3/19/2014
6/24/2014
5/16/2014
5/12/2014
4/14/2014
5/6/2014
4/15/2014
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*tie
13
▲+0 10 9 ▲▲ 1Yuanta Financial Hldg Co Ltd
Japanese Equity & Equity-related Proceeds Down 18% | IPO Deal Count Highest Since 2008 | Equity-Related Volume Highest in the last 10 Years
Overall Japanese Equity capital markets activity during the first half of 2014totaled US$23 billion, a 17.7% decline from the first half of 2013. Totalestimated fees were US$815.3 million, a 6% increase from the same periodin 2013, according to Thomson Reuters/Freeman Consulting.
The number of Japanese IPOs in the first half of the year continued torise, with the 30 deals in the half representing the highest number ofdeals since 2008, despite a 16.0% decline in deal volume.
Japanese Equity-Related proceeds recorded the highest first half volume in the lastten years, totaling US$4.8 billion from 19 deals, up 157.7% from the same period ayear ago. Yamada Denki's US$1 billion deal was the largest equity-relatedtransaction in the quarter and ranked ninth in the top ten deals in the past ten years.
Jan 1 - June 30
0.9-4
+0.14.0 0.50.9
▲8 0 1+10 1 +0 1
▲ 1 +1
1.8 -2.4
▲▼
1.1 -0.2▼
0.2▼ -6.40.3
▲
2.2
0.7
2▼
-1311
▲+0.2+1▼
3.5
-1
-0.2 ▼
0.91.8
1.88.65.7
▼▼
▲
▲
4 -11.2▼ 10.1
17.6▼
3.5
35.2
9.8▲+1.0
+1.4
▲
▲
13.9+5.3
▲
+4.7287.3
▲ 80.215.0
16.0
121.9
▲+2.2
1-2.62
▼-7.3 1
18.6▲▼
+3
4
21
▼4
+314
412
2.5570.02.1
-4.723.1 2.8 +1.3
2.21,333.2
0.1
▲
-4.1
-12.0▲
1.9+0.5
▼
▲
+5.46.0
+0.6+0.3
0.1
474.9
25.5
14.41,369.0
5.8
25.5
425.4
11 114
Bank of America Merrill Lynch
8
Ichiyoshi Securities Co Ltd
JP Morgan 68
- 15.0
Deutsche Bank
7
5
3,973.814.8
Goldman Sachs & Co
UBS
Nomura
17
0.1
101011*
3,297.7
109.3
Daiwa Securities Group Inc23 3,404.84
2
67
9
11*
Imputed Fees (US$m)
Sh. (%)
▲24.8 +725.7 +7
Sumitomo Mitsui Finl Grp Inc
DealsManager Market
Proceeds per Bookrunner (US$m)
Japan Deals Intelligence
Market
Japan Equity & Equity-Related (C1e)
2013 Rank
7,926.9Sh. (%)
+9.0 ▲45FeesShare Ch. Sh. (%) # of DealsBookrunner
▲1 1
2014 Rank
Mizuho Financial Group
Proceeds34.5
Market
+5.0
Okasan Securities Group Inc 13
Mitsubishi UFJ Morgan Stanley
Citi
+0.1
5
▲+10.017.3
0.5
▲
29
+1-3
Market
First Half
Japan Equity Capital Markets
112.9
3.5
▼-0.5
Japan Equity & Equity-Related Volume by Issue Type
▲28 130.6
First Half 2014 | Equity Capital Markets | Managing Underwriters
# of Deals per Bookrunner
Share Ch.Market
▲39.8
# of
+9
Change in
12.4
189
228
168
98113
100
150
200
250
300
350
10
15
20
25
30
35
# of
Issu
es
Pro
ceed
s (U
S$b
illion
s)
▲▼
-0.1 ▼- 2 2.1 ▲ 2.5 0.4▲
299.5
1.1
+6.5
1
Tokai Tokyo Financial Holdings 15 14 6.9 0.0
12
2,443.9
+0.1-0.20.32
0.9 ▲+1 ▲14
▲-
1
0.1
15.3%
Share Ch.
2
▼
Yuanta Financial Hldg Co LtdTokai Tokyo Financial Holdings
2
75
+0.1
1.8
+2
Jan 1 - June 30
6.0%
▲ 1 1.1 +1
-32.1%
Deals# of
▲
23
-28.8%
24.512.8
.8
17
16.6
▼
+1+0.1
4-12.8
▼-3.7%
1
-2.4
Market
1226.6
▲
35
+15
▲
809.3
+5
4.3
4.3
Change in Proceeds per Bookrunner (US$m)
5 +1
100.0Industry Total
▲3,020.63,587.8
0.1
▼
100.0100.0
▲4
0.1
0.6
7.3
▲
4
9
4
8
▲
815.399.3
.82.5
0.1+10.10.0
+0.10.0
+15113
94
2
Proceeds5,331.51
+1.2
1
2.3
JP Morgan 11*86
13
Industry % Change from Last Quarter
Okasan Securities Group Inc
Industry Total
Industry % Change from Same Period Last Year
-Yuanta Financial Hldg Co Ltd 14 -
Top Fifteen Total
UBS
Ichiyoshi Securities Co Ltd
Deutsche Bank 7
Goldman Sachs & Co
Citi
91011*
0.1
18,194.7
▲1.7
15.0
109.3
0.111.10.0
+0.1
-36.9%*tie
18,199.7
▼▼
17
-30.2%
1.1▼ 1
▲
-7.8▲
▼-29.8%
98.9690.2100.0695.9
0
4.4%
▲
+4
2 2.1
+1
▼-4
10.9▼
▼-15.7
.5
+0.4
0.10.2
▲
0.8-2.6
▲
+1.3
▼
+1 ▲▲
Share Ch.
90.723.1
13.016.3
# of Deals
25
6.0
+3
▲
-4.2
Sh. (%)
+12.437.2 ▲
+0.6-2.8
-5.22- 8.6
+1-42.1
+1.7
▲
+1.710.1
1,084.6
13.4 ▼
+0.7474.9
+1.517.8 +6.8
-18.5%
MarketMarket
Jan 1 - June 30 2014
Imputed Fees (US$m)
+0.9Sh. (%)
Manager
29.3Sh. (%)
+3.6
Market
▲
100.0
-18.5%-20.1% ▼▼
22,974.2
NomuraBookrunner
Industry % Change from Last Quarter
2013 Rank
-
Industry % Change from Same Period Last Year
11.16.9
1415
Top Fifteen Total 22,974.2
▼
▼
1.4▲▲▲
31.7
1.2
▲
▲
▲ +0.10.5
-
+0.2
▲
▲
1.7 ▼
3.3
1.6
Sumitomo Mitsui Finl Grp Inc
11
2.6
19.7Mitsubishi UFJ Morgan Stanley
Bank of America Merrill Lynch6
124.03
Mizuho Financial Group1,333.2
3
Daiwa Securities Group Inc
-17.7%
Japan Common Stock (C4d)
2014 Rank
▼
100.0
25.5
425.4
1.1-6.925.5
3.8
Fees220.9
113.7
73.2
▼
10.5+1.8
*tie
+7.0
Market
Top 10 Japan Equity & Equity-Related Deals (US$m)
02.1
▲
▲18.1
# of Deals per Bookrunner
+1 ▲
54
20 61
63 57
0
50
100
0
5
10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
IPO Follow-On Convertible # of Issues
$3,389.3
$3,241.0
$2,582.3
$1,009.7
$853.1
$741.8
$687.4
$503.9
$503.9
$437.0
06/16/14
03/10/14
01/22/14
05/27/14
02/19/14
03/07/14
01/29/14
05/22/14
05/22/14
04/14/14
Mitsui Fudosan Co Ltd
Japan Display Inc
Mitsubishi Motors Corp
Yamada Denki Co Ltd
Kobe Steel Ltd
Hitachi Maxell Ltd
Hulic Reit Inc
Toray Industries Inc
Toray Industries Inc
Seibu Holdings Inc
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▼
+0.1 ▲1 3.3 +1 ▲ .9 0.4+1 ▲ .5
Tokai Tokyo Financial Holdings 15 - 2.8 0.0 0.0 -5.1 0.1 +0.1 ▲ 1 3.3
▲ 1 3.3 +1 ▲ .8▼ 1.5 0.7 ▼
Yuanta Financial Hldg Co Ltd 13 - 11.1 0.2 +0.2
- .15 25.5 0.4 -5.4 ▼ 1 3.3 -1
0.4 -3.1 ▼ 1 3.3 0 0.0-8.8
0.4 +0.4 ▲
▲+0.7+1
-1.0 ▼
97.3
-26.6%-
10.5 -1.1
Jan 1 - June 30
▲
+1 ▲ 2.5 1.1 +0.2 ▲
219.0
3.3
8.5
-56.0%
100.0225.2
▲▲
2 +2 ▲ 3.50.71.5
+116.7
1.6
▼2
-1▲ +26.7 ▲
1 3.3
+9.416.7
2.0 ▲▲-1
+1.6
19.4
4.512.9
▲40.5
▼
+1 ▲
29.1-
70.8
# of Deals per Bookrunner
0
+113
189.9
-16.0%
11*Citi 11* 7 25.5
Toyo Securities Co Ltd 14 -
Nomura
2014 Rank
2
Bookrunner Deals Sh. (%) # of DealsMarket
Share Ch.Change in
▼-12.51
▼
2
+3.4
2,109.9
3.9- +4.84.8
3.4-
218.36
192.8
3 1,007.6
UBS
2013 Rank
Sumitomo Mitsui Finl Grp Inc
5 306.9
25.41
Japan IPOs (C7d)
Market
32.9Mitsubishi UFJ Morgan Stanley
16.7
Market
43.313.3
Proceeds
1,625.7 ▲5
Sh. (%)# of
5
Top Fifteen Total
Ichiyoshi Securities Co Ltd
Mizuho Financial Group 4
248.3
+4.73 15.7
404.7
3.0
6.3
3.0
100.0
0.0%15.4%
Proceeds per Bookrunner (US$m)
▼
▲
-0.54
Japan Secondary Offerings (C8d)
100.0
0.6
6-
Industry Total
▼
8
7
109
+430
+0.6 1
6,408.9
Industry % Change from Last Quarter
▲
-69.6%
▲▲
35.0
▼
4.7
+1.5+1.1 ▲
▼
+0.1 ▲0.2
13.33.3+3.0
4+0.2
▲43.7+4.6
▲3.8
Fees
-1.1
+5.8
Sh. (%)
▲▼
4 18.0
MarketShare Ch.
▼-7.031.5-2.7 ▼
ManagerImputed Fees (US$m)
Market
Jan 1 - June 30
Deutsche BankBank of America Merrill Lynch
JP Morgan
Daiwa Securities Group Inc-
8
6,408.9
Goldman Sachs & Co
Jan 1 - June 30 2014
Japan Equity Capital Markets
Industry % Change from Same Period Last Year
*tie
First Half 2014 | Equity Capital Markets | Managing Underwriters
Japan Equity & Equity-Related Proceeds by Industry (US$Mil)
$7,13231%
$5,44624%
$4,09618%
$1,8118%$1,290
6%$1,018
4%
$6793%
$6133%
$4332%
Real Estate
High Technology
Industrials
Retail
Materials
Consumer Staples
Consumer Products and Services
Financials
Healthcare
Energy and Power
Media and Entertainment
Telecommunications
95.5% ▲
-2
Industry % Change from Last Quarter 95.7% ▲ -10.0% ▼
▲Ichiyoshi Securities Co Ltd
▼ 1 1.6 0 - 1.6
9.4+2
Tokai Tokyo Financial Holdings 12 13 4.1 0.0 -0.1 ▼1.6 +1 ▲ 2.4 0.5 0.0
-0.3-
0.3Okasan Securities Group Inc 11 - 15.0 0.1 +0.1 ▲
0.7
100.0
100.099.9
3.1
▲▲
▲+2
+0.15.9
+4
7.0▲+2
Share Ch.
▲
4,774.5
▲
19
▲
98.3
10.5
100.0+11
157.9%
117.3119.4
137.5%
4,774.5100.0
6.9▲ 8.2 +6.1▲ 6.7 5.6 -2.7
5.8 +5.8▼
18.6▲
21.1
+7.1
24
▲ 66.510 52.6
▲
31.6
+2.6
22.25.66.7
▲Fees
▲+0.9 +23▲
+31.0
15.8
+7+32.1▲▲
Sh. (%)Nomura
6
DealsProceeds Share Ch.
5
Manager MarketSh. (%)
55.7
▲6.0
2 20.1
5*Mitsubishi UFJ Morgan Stanley
8Daiwa Securities Group Inc
4-
Goldman Sachs & Co 6 3
100.011,790.811,790.8
Proceeds per Bookrunner (US$m)Market
-43.9%Industry % Change from Last Quarter -11.2%
Japan Convertible Offerings (C9e)
▼
Market
▲13.1%▼
470.7469.5
0
▼-13.5%-
4.1
11.6 -
12.4
▼0
▼ 0.5
1.844.1
-3
277.1284.4
1
-2.5
+11.6
# of Deals
2
1
386.15*
2,595.5
386.13
MarketChange in Imputed Fees (US$m)
Market
▼
-9.6
-0.38.5
80.1
# of Deals per Bookrunner
80.3
2
31.3
▲
+1# of Deals
04.2
2013 Rank
# of
12.5
22
# of Deals per Bookrunner
▼+8.3
2,253.96
64
19.7
Market
Jan 1 - June 30
Sh. (%)
-1
▲
+1.6
Sh. (%)
▲▲- 73.2 +5.1
Share Ch.
15.6
▲Fees
31.9+5.4
▲ 17.0
▲
5.8
▲-2.1
+9.7
Market
19▼+15.7
2014 Rank
p y g ( )
2013 Rank Proceeds
3
9.5
3,221.6 27.3
11.819.121.9
1
Sh. (%)
1
1,115.01,394.9
2,580.1
-5.9 ▼
▲+6.8 8
-36.0%
0.474.3
-18.0+0.6
3.118.812
-0.6▲
Manager
Sh. (%)
0.0%
3.1
▲
1.6
Market# of
▼
+220
34.4▲17.1
+0.9+5
29.7
+0.3▲
Sumitomo Mitsui Finl Grp IncMizuho Financial Group
▲
960.95*
▼
1.0 ▼
150.0▲Deals
Imputed Fees (US$m)Change in
+6.7
Market
46
118.5
11
Deutsche Bank 7
Bank of America Merrill LynchMizuho Financial Group
▼
100.0
▲
812
0.6
679.9
51.2
▲-1
Market
▼
UBS+0.5
0.92.4 +1.3 1.6
1 +0.42
Bookrunner Share Ch.
Proceeds per Bookrunner (US$m)
Industry % Change from Same Period Last Year 157.7%
Industry Total
9
2014 Rank
Industry % Change from Same Period Last Year
Bookrunner
Industry TotalTop Six Total
Goldman Sachs & Co9
2
Mitsubishi UFJ Morgan Stanley 4
1Sumitomo Mitsui Finl Grp Inc
Top Twelve Total
Nomura
5
3Daiwa Securities Group Inc
282.1
1610
8.1
54.4
+1
7
Japan IPO Quarterly Volume and Numbers (US$Bil)
10.5 ▼270.5 5.7 -8.1 ▼ 2
170
198
121
49
20 22 36
54 62
30
-
25
50
75
100
125
150
175
200
225
250
-
2
4
6
8
10
12
14
16
18
20
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Issu
es
Pro
ceed
s (U
S$b
illion
s)
1Q 2Q 3Q 4Q # of Issues
*tie
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-
-
-
-
-
-
-
Ranking Criteria SummaryFirst Half 2014 | Equity Capital Markets | Managing Underwriters
Rebecca Cox
Tel: +1 646.223.8416Ranie GuoAmericas
If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:
E-mail: [email protected]
All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters databases as of 9:00am EDT on June 30, 2014. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.
Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year.
Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.
Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley.
Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Tel: +44.207.542.7376
EMEA
E-mail: [email protected]: +813.6441.1120
E-mail: [email protected]
Aki Sato
Michelle Abuzo
Japan
Tel: +632.858.7201
Asia-Pacific
E-mail: [email protected]
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