JAPAN CAPITAL MARKETS...Nomura 2 20.766 507,756 81 2 21.079 -0.313 Daiwa Securities 3 19.443 475,395...

13
JAPAN CAPITAL MARKETS LEAGUE TABLES FY 2018 Preliminary As of 22 March 2019

Transcript of JAPAN CAPITAL MARKETS...Nomura 2 20.766 507,756 81 2 21.079 -0.313 Daiwa Securities 3 19.443 475,395...

JAPANCAPITALMARKETSLEAGUE TABLES

FY 2018 PreliminaryAs of 22 March 2019

The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.

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Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

MANAGER RANKINGS

JAPAN CAPITAL MARKETS

DATA SUBMISSIONS AND QUERIES

Equities

Fixed Income

Loans

Contact EmailPhone

FY 2018 PRELIMINARY AS OF 22 MARCH 2019

© 2019 Bloomberg Finance L.P. All rights reserved.

[email protected]

[email protected]

[email protected]

+81 3 3201 8236

+81 3 3201 7880

+852 2974 3196

Yukako Ito

Adam Wahid

Dave Lin

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page1

JapanDomesticCorporateBonds(FiscalYear)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(JPY

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MizuhoFinancial 1 25.600 2,742,959 377 1 21.791 3.809

Nomura 2 19.955 2,138,142 354 3 19.643 0.312

DaiwaSecurities 3 17.379 1,862,120 331 5 16.121 1.258

MorganStanley 4 17.063 1,828,269 290 2 21.586 -4.523

SumitomoMitsuiFinancial 5 16.835 1,803,794 322 4 17.121 -0.286

ShinkinCentralBank 6 0.929 99,500 37 6 0.982 -0.053

SBIHoldingsInc/Japan 7 0.552 59,099 5 10 0.236 0.316

TokaiTokyoSecuritiesCoLtd

8 0.449 48,059 27 8 0.634 -0.185

GoldmanSachs 9 0.336 36,004 11 7 0.794 -0.458

BankofAmericaMerrillLynch

10 0.216 23,122 6 9 0.336 -0.120

OkasanSecuritiesGroupInc 11 0.186 19,965 19 12 0.219 -0.033

AozoraBankLtd 12 0.163 17,459 5 11 0.233 -0.070

Citi 13 0.153 16,431 6 13 0.214 -0.061

ShinseiBankLtd 14 0.107 11,500 4 - - 0.107

CreditSuisse 15 0.045 4,778 2 15 0.030 0.015

BNPParibas 16 0.032 3,400 4 14 0.034 -0.002

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 10,714,600 579 100%

Thistableconsistsofdebt&preferredsecuritiesthataredenominatedinJapaneseYen,withamarkettypeof"Domestic".Thisexcludesasset-backedsecurities,bondswithwarrants,governmentissuers,structurednotes,Zaitobondsandconvertiblesecurities.Thereisaminimumthresholdof12monthsformaturities,callorputperiodsandJPY6MMMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials31%

ConsumerDiscretionary17%

Utilities16%

Industrials14%

Materials7%

Communications6%

Others9%

JapanDomesticCorporateBonds(FiscalYear):ManagerRankingsHistory

JapanDomesticCorporateBonds(FiscalYear):IndustryBreakdown

31%

17%16%

14%

7%

6%

9%

MizuhoFinancial

Nomura

DaiwaSecurities

MorganStanley

SumitomoMitsuiFinancial

ShinkinCentralBank

10

20

MarketShare(%)

0

30

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page2

JapaneseZaitoAgencyBonds(FiscalYear)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(JPY

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MizuhoFinancial 1 21.750 531,800 85 3 19.142 2.608

Nomura 2 20.766 507,756 81 2 21.079 -0.313

DaiwaSecurities 3 19.443 475,395 79 5 15.607 3.836

SumitomoMitsuiFinancial 4 18.814 460,020 77 4 17.719 1.095

MorganStanley 5 17.396 425,350 72 1 24.150 -6.754

ShinkinCentralBank 6 1.116 27,280 7 6 0.995 0.121

TokaiTokyoSecuritiesCoLtd

7 0.368 9,000 3 8 0.422 -0.054

GoldmanSachs 8 0.348 8,500 3 9 0.169 0.179

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 2,445,100 135 100%

ThistableconsistsofZaitoagencydebt&preferredsecuritiesissuedbyJapaneseissuersanddenominatedinJapaneseYen.Thisexcludesbondswithwarrants,convertiblesecurities,credit-linkednotesandstructurednotes.Thereisaminimumthresholdof12monthsformaturities,callorputperiodsandJPY6MMMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Government97%

Others3%

JapaneseZaitoAgencyBonds(FiscalYear):ManagerRankingsHistory

JapaneseZaitoAgencyBonds(FiscalYear):IndustryBreakdown

97%

3%

MizuhoFinancial

Nomura

DaiwaSecurities

SumitomoMitsuiFinancial

MorganStanley

ShinkinCentralBank

5

10

15

20

MarketShare(%)

0

25

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page3

JapanSamuraiBonds(FiscalYear)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(JPY

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MizuhoFinancial 1 21.471 564,053 48 1 25.432 -3.961

SumitomoMitsuiFinancial 2 18.998 499,087 44 2 19.689 -0.691

DaiwaSecurities 3 17.902 470,300 41 4 14.995 2.907

MorganStanley 4 14.968 393,237 36 5 10.310 4.658

Nomura 5 12.045 316,437 33 3 19.295 -7.250

HSBC 6 4.060 106,667 4 - - 4.060

Natixis 7 2.467 64,800 10 6 3.264 -0.797

Citi 8 1.897 49,833 7 10 0.821 1.076

BankofAmericaMerrillLynch

9 1.776 46,667 3 - - 1.776

SocieteGenerale 10 1.218 32,000 3 9 1.499 -0.281

Barclays 11 1.124 29,520 2 - - 1.124

Gazprombank 12 0.619 16,250 1 - - 0.619

JPMorgan 12 0.619 16,250 1 - - 0.619

CreditAgricoleCIB 14 0.552 14,500 4 7 3.184 -2.632

BNPParibas 15 0.285 7,500 1 8 1.511 -1.226

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 2,627,100 61 100%

Thistableconsistsofgloballysyndicated,samuraidebtsecurities.Thisexcludesasset-backedsecurities,bondswithwarrantsandstructurednotes.Thereisaminimumthresholdof12monthsformaturities,callorputperiodsandJPY6MMMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials60%

Government32%

Others9%

JapanSamuraiBonds(FiscalYear):ManagerRankingsHistory

JapanSamuraiBonds(FiscalYear):IndustryBreakdown

60%

32%

9%

MizuhoFinancial

SumitomoMitsuiFinancial

DaiwaSecurities

MorganStanley

Nomura

HSBC

10

20

MarketShare(%)

0

30

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page4

UridashiBonds(FiscalYear)(Manager)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

SumitomoMitsuiFinancial 1 21.808 2,903 41 3 16.608 5.200

Nomura 2 17.986 2,394 61 1 22.685 -4.699

MizuhoFinancial 3 17.797 2,369 54 2 16.692 1.105

MitsubishiUFJFinancialGroupInc

4 16.326 2,173 29 4 13.930 2.396

BNPParibas 5 6.629 882 99 7 4.763 1.866

DaiwaSecurities 6 4.227 563 26 6 4.813 -0.586

HSBC 7 3.361 447 74 5 5.743 -2.382

CreditSuisse 8 2.640 351 62 8 3.268 -0.628

SBIHoldingsInc/Japan 9 2.135 284 24 12 0.862 1.273

TokaiTokyoSecuritiesCoLtd 10 1.910 254 32 9 3.178 -1.268

MorganStanley 11 1.587 211 20 11 1.923 -0.336

CreditAgricoleCIB 12 1.217 162 26 10 2.800 -1.583

Barclays 13 0.746 99 25 16 0.433 0.313

Natixis 14 0.607 81 7 13 0.778 -0.171

JPMorgan 15 0.462 62 4 19 0.106 0.356

ShinseiBankLtd 16 0.211 28 3 20 0.049 0.162

SocieteGenerale 17 0.209 28 6 17 0.178 0.031

DeutscheBank 18 0.119 16 6 15 0.493 -0.374

GoldmanSachs 19 0.023 3 2 14 0.517 -0.494

- - - - - - - -

TOTAL 100% 13,311 584 100%

ThistableconsistsofUridashidebtsecuritiesissuedinJapaneseFiscalYear.Thisexcludesbondswithwarrants.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials43%

Government40%

ConsumerDiscretionary16%

UridashiBonds(FiscalYear):ManagerRankingsHistory

UridashiBonds(FiscalYear)(Manager):IndustryBreakdown

43%

40%

16%

SumitomoMitsuiFinancial

Nomura

MizuhoFinancial

MitsubishiUFJFinancialGroupInc

BNPParibas

DaiwaSecurities

5

10

15

20

MarketShare(%)

0

25

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page5

UridashiBonds(FiscalYear)(UridashiAgent)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

ChugokuBankLtd 1 25.391 6,854 46 16 1.804 23.587

SumitomoMitsuiFinancial 2 9.585 2,587 35 4 9.952 -0.367

Nomura 3 9.006 2,431 45 2 10.312 -1.306

MizuhoFinancial 4 7.119 1,922 51 1 10.710 -3.591

TokaiTokyoSecuritiesCoLtd

5 6.629 1,789 179 3 10.097 -3.468

MorganStanley 6 4.664 1,259 105 5 9.801 -5.137

OkasanSecuritiesGroupInc 7 4.308 1,163 128 8 4.241 0.067

HyakugoSecurities 8 3.991 1,077 89 6 5.055 -1.064

DaiwaSecurities 9 3.465 935 47 9 4.132 -0.667

HachijuniBankLtd 10 2.842 767 51 7 4.321 -1.479

SBIHoldingsInc/Japan 11 2.778 750 105 15 1.854 0.924

77BankLtd 12 1.947 526 63 10 3.528 -1.581

AozoraBankLtd 13 1.858 501 39 14 1.870 -0.012

HiroginSecuritiesCoLtd 14 1.632 441 59 18 1.628 0.004

ShizuginTMSecuritiesCo 15 1.610 435 40 11 3.343 -1.733

IyoBank 16 1.570 424 60 12 2.662 -1.092

JoyoBankLtd 17 1.499 405 41 20 1.324 0.175

DaishiSecuritiesCoLtd 18 1.473 398 54 13 2.647 -1.174

KyoginSecuritiesCoLtd 19 1.229 332 40 17 1.688 -0.459

OkiginSecuritiesLtd 20 0.899 243 31 39 0.098 0.801

TOTAL 100% 26,994 1,050 100%

ThistableconsistsofUridashidebtsecuritiesissuedinJapaneseFiscalYear.Thisexcludesbondswithwarrants.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials43%

Government40%

ConsumerDiscretionary16%

UridashiBonds(FiscalYear):UridashiAgentRankingsHistory

UridashiBonds(FiscalYear)(UridashiAgent):IndustryBreakdown

43%

40%

16%

ChugokuBankLtd

SumitomoMitsuiFinancial

Nomura

MizuhoFinancial

TokaiTokyoSecuritiesCoLtd

MorganStanley

10

20

MarketShare(%)

0

30

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page6

JapanEquity&EquityLinked(FiscalYear)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(JPY

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

Nomura 1 18.793 1,022,851 71 1 20.896 -2.103

SumitomoMitsuiFinancial 2 15.652 851,899 70 6 10.774 4.878

DaiwaSecurities 3 13.998 761,872 48 3 15.780 -1.782

MorganStanley 4 13.039 709,680 33 5 10.820 2.219

MizuhoFinancial 5 12.923 703,370 58 4 12.551 0.372

SBIHoldingsInc/Japan 6 7.039 383,115 12 11 0.536 6.503

JPMorgan 7 6.365 346,402 6 8 3.349 3.016

GoldmanSachs 8 5.193 282,639 5 2 18.029 -12.836

BankofAmericaMerrillLynch

9 2.323 126,447 4 7 4.515 -2.192

Citi 10 1.509 82,121 5 9 1.492 0.017

CreditSuisse 11 1.243 67,638 3 14 0.079 1.164

UBS 12 0.906 49,319 5 10 0.787 0.119

DeutscheBank 13 0.471 25,611 2 12 0.151 0.320

CreditAgricoleCIB 14 0.405 22,051 1 - - 0.405

TokaiTokyoSecuritiesCoLtd

15 0.058 3,158 3 15 0.071 -0.013

IchiyoshiSecuritiesCoLtd 16 0.036 1,971 1 13 0.084 -0.048

OkasanSecuritiesGroupInc 17 0.027 1,473 2 17 0.034 -0.007

Macquarie 18 0.018 1,006 1 16 0.053 -0.035

AizawaSecuritiesCoLtd 19 0.001 81 1 - - 0.001

- - - - - - - -

TOTAL 100% 5,442,704 217 100%

Thistableconsistsofequity&equity-linkedsecuritiesissuedinJapaneseFiscalYearbyJapaneseissuers.Thisexcludesbondswithwarrants,creditlinkednotes,localmarketsharesales,reverseconvertibles,rightsofferings,andself-ledtransactions.Thereisaminimumthresholdsof12monthminimumcall,put&maturityperiods.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Communications57%

Financials18%

Technology12%

ConsumerDiscretionary6%

Others7%

JapanEquity&EquityLinked(FiscalYear):ManagerRankingsHistory

JapanEquity&EquityLinked(FiscalYear):IndustryBreakdown

57%

18%

12%

6%

7%

Nomura

SumitomoMitsuiFinancial

DaiwaSecurities

MorganStanley

MizuhoFinancial

SBIHoldingsInc/Japan

5

10

15

20

MarketShare(%)

0

25

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page7

JapanEquityOfferings(FiscalYear)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(JPY

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

Nomura 1 17.500 867,219 61 2 16.884 0.616

SumitomoMitsuiFinancial 2 16.323 808,899 67 6 10.558 5.765

DaiwaSecurities 3 13.457 666,872 44 3 15.029 -1.572

MizuhoFinancial 4 13.091 648,738 54 4 13.412 -0.321

MorganStanley 5 12.714 630,048 27 5 12.035 0.679

SBIHoldingsInc/Japan 6 7.731 383,115 12 11 0.597 7.134

JPMorgan 7 6.695 331,770 4 8 3.725 2.970

GoldmanSachs 8 5.408 268,007 3 1 19.682 -14.274

BankofAmericaMerrillLynch

9 2.552 126,447 4 7 5.022 -2.470

CreditSuisse 10 1.365 67,638 3 14 0.088 1.277

Citi 11 1.052 52,121 4 9 1.659 -0.607

UBS 12 0.995 49,319 5 10 0.876 0.119

DeutscheBank 13 0.517 25,611 2 12 0.167 0.350

CreditAgricoleCIB 14 0.445 22,051 1 - - 0.445

TokaiTokyoSecuritiesCoLtd

15 0.064 3,158 3 15 0.079 -0.015

IchiyoshiSecuritiesCoLtd 16 0.040 1,971 1 13 0.093 -0.053

OkasanSecuritiesGroupInc 17 0.030 1,473 2 17 0.037 -0.007

Macquarie 18 0.020 1,006 1 16 0.059 -0.039

AizawaSecuritiesCoLtd 19 0.002 81 1 - - 0.002

- - - - - - - -

TOTAL 100% 4,955,544 198 100%

ThistableconsistsofequityofferingsissuedinJapaneseFiscalYearbyJapaneseissuers.Thisexcludeslocalmarketsharesales,rightsofferings,andself-ledofferings.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Communications60%

Financials19%

Technology13%

Others8%

JapanEquityOfferings(FiscalYear):ManagerRankingsHistory

JapanEquityOfferings(FiscalYear):IndustryBreakdown

60%19%

13%

8%

Nomura

SumitomoMitsuiFinancial

DaiwaSecurities

MizuhoFinancial

MorganStanley

SBIHoldingsInc/Japan

5

10

15

20

MarketShare(%)

0

25

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page8

JapanEquityIPO(FiscalYear)

FY2018 FY2017

Firm RankMkt

Share(%)Volume(JPY

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

Nomura 1 17.169 507,794 22 2 20.804 -3.635

SumitomoMitsuiFinancial 2 16.297 481,998 28 1 21.127 -4.830

MorganStanley 3 15.798 467,262 8 3 20.623 -4.825

DaiwaSecurities 4 15.748 465,772 19 4 19.536 -3.788

MizuhoFinancial 5 15.297 452,433 23 5 13.077 2.220

SBIHoldingsInc/Japan 6 12.513 370,084 11 7 0.887 11.626

BankofAmericaMerrillLynch

7 1.151 34,028 2 - - 1.151

JPMorgan 7 1.151 34,028 2 - - 1.151

UBS 9 1.011 29,889 2 6 1.441 -0.430

Citi 10 0.746 22,051 1 9 0.647 0.099

CreditAgricoleCIB 10 0.746 22,051 1 - - 0.746

CreditSuisse 10 0.746 22,051 1 - - 0.746

DeutscheBank 10 0.746 22,051 1 - - 0.746

GoldmanSachs 10 0.746 22,051 1 - - 0.746

IchiyoshiSecuritiesCoLtd 15 0.067 1,971 1 8 0.738 -0.671

TokaiTokyoSecuritiesCoLtd

16 0.047 1,385 1 11 0.386 -0.339

OkasanSecuritiesGroupInc 17 0.023 685 1 12 0.267 -0.244

AizawaSecuritiesCoLtd 18 0.003 81 1 - - 0.003

- - - - - - - -

- - - - - - - -

TOTAL 100% 2,957,665 98 100%

ThistableconsistsofinitialpublicofferingsissuedinJapaneseFiscalYearbyJapaneseissuers.Thisexcludeslocalmarketsharesales,rightsofferings,andself-ledofferings.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Communications83%

Technology6%

Others11%

JapanEquityIPO(FiscalYear):ManagerRankingsHistory

JapanEquityIPO(FiscalYear):IndustryBreakdown

83%

6%

11%

Nomura

SumitomoMitsuiFinancial

MorganStanley

DaiwaSecurities

MizuhoFinancial

SBIHoldingsInc/Japan

10

20

MarketShare(%)

0

30

2018 2017 2016

Bloomberg PreliminaryJapanCapitalMarkets|FY2018

BloombergLeagueTableReports Page9

JapanEquityLinked(FiscalYear)

FY2018 FY2017

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

Nomura 1 31.947 155,632 10 1 56.644 -24.697

DaiwaSecurities 2 19.501 95,000 4 2 22.471 -2.970

MorganStanley 3 16.346 79,632 6 - - 16.346

MizuhoFinancial 4 11.214 54,632 4 4 4.885 6.329

SumitomoMitsuiFinancial 5 8.827 43,000 3 3 12.701 -3.874

Citi 6 6.158 30,000 1 - - 6.158

GoldmanSachs 7 3.004 14,632 2 5 3.300 -0.296

JPMorgan 7 3.004 14,632 2 - - 3.004

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 487,160 19 100%

Thistableconsistsofequity-linkedsecuritiesissuedinJapaneseFiscalYearbyJapaneseissuers.Thisexcludesbondswithwarrants,creditlinkednotes,reverseconvertibles,self-ledtransactions,andsyntheticconvertibles.Thereisaminimumthresholdof12monthminimumcall,put&maturityperiods.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

ConsumerDiscretionary22%

Communications20%

Financials14%

Energy12%

ConsumerStaples11%

HealthCare11%

Technology8%

Others2%

JapanEquityLinked(FiscalYear):ManagerRankingsHistory

JapanEquityLinked(FiscalYear):IndustryBreakdown

22%

20%

14%

12%

11%

11%

8%

2%

Nomura

DaiwaSecurities

MorganStanley

MizuhoFinancial

SumitomoMitsuiFinancial

Citi

20

40

MarketShare(%)

0

60

2018 2017 2016

Bloomberg – League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self-led transactions are included. New money portions of exchange offers are eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.

Equities-Linked

Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.

Equities

Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.

Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg – League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on

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