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GLOBAL SYNDICATED LOANS REVIEW REUTERS / Stefan Wemuth GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS Fi t H lf 2017 First Half 2017

Transcript of Syndicated Loans Cover 1H2017.ppt - Thomson...

GLOBAL SYNDICATED LOANS REVIEW

REUTERS / Stefan Wemuth

GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS

Fi t H lf 2017First Half 2017

Global Syndicated Loans

Global Loans - Bookrunners (R1) 1

2

2

Leading Underwriters for 2017

Asia Loans - Asian Currency (S3i)

Table of Contents

Global Loans - Mandated Arrangers (R3)

Global Deals Intelligence

Top 10 Global Syndicated Loans

1

1

Global Scorecard 2

Global Loans Rankings - Last Ten Years 3

EMEA Mandated Lead Arrangers (R19) 7

Asia Loans - Bookrunners (S5c)

EMEA Sponsored Loans (P13)

Asia Pacific (Excl. Japan) Syndicated Loans

Asia & Australia Deals Intelligence

Global Debt & Syndicated Loans (DL1) 2

European Leveraged Loans (P10) 8

Top Asia Syndicated Loans

First Half 2017

MANAGING UNDERWRITERS

SYNDICATED LOANS REVIEW

9

8

9

9

9

10

11

11

Japan Loans - Mandated Arrangers (S12a)

Thomson Reuters Solutions for the Deal Making Community

10

Syndicated Loans Criteria Summary 13

Regional Contacts

10

14

12

Americas Syndicated Loans

EMEA Syndicated Loans

Japan Syndicated Loans

5

EMEA Deals Intelligence 7

Americas Deals Intelligence 4

US Leveraged Loans - Bookrunners (R11a)

Top Australia Syndicated LoansTop Americas Syndicated Loans 4

6

Australia Loans - Bookrunners (S7)

Australia Loans - Mandated Arrangers (S6a)

Japan Deals Intelligence

Top Japan Syndicated Loans

Japan Loans - Bookrunners (S12b)

Latin America Loans - Mandated Lead Arrangers (R16)

Top EMEA Syndicated Loans 7

US Investment Grade Loans - Bookrunners (R11b)

North America Loans - Bookrunners (R9) 5

5

EMEA Bookrunners (R17) 7

6

Americas Loans - Mandated Arrangers (R8c)

US Loans - Bookrunners (R11) 5

Americas Loans - Bookrunners (R7)

13

Ranking Criteria Summary

11

4

Asia Loans - Mandated Arrangers (S5b) 9

AMERICAS LENDING UP 24% FROM 2016American loans totaled US$1.4 trillion, representing 65% of global loan volume in the first half of 2017.European lending activity increased 5% year-over-year, with US$399.2 billion from 586 loans. Asia-Pacificloan activity decreased 23% compared to last year, with US$204.7 billion in transactions. Japanesesyndicated loan volume decreased 3% compared to the first half of 2016, with US$116.4 billion in loans.

GLOBAL SYNDICATED LENDING HITS US$2.1 TRILLIONGlobal Syndicated lending activity increased 8.6% compared to the first half of 2016, totaling US$2.1 trillionfrom 4,605 transactions. The United States contributed the largest share of the global market, with US$1.3trillion in loan volume, representing 60% of overall proceeds. Lending in the United Kingdom increased 48%compared to the same period last year, totaling US$111.6 billion.

ACQUISITION FINANCING TRIPLES IN CONSUMER STAPLES, INDUSTRIALS, AND TELECOM Acquisition financing in the Consumer Staples, Industrials, and Telecommunications industries tripledcompared to the same period in 2016, with notable M&A borrowing by British American Tobacco and ReckittBenckiser. Despite the significant uptick in loan volume, the number of loans in these sectors remained flat.United Kingdom acquisition financing increased eightfold compared to last year, with US$64.6 billion incompleted loans.

First Half 2017

MANAGING UNDERWRITERS

SYNDICATED LOANS REVIEWGlobal Syndicated Lending Totals US$2.1 trillion, up 9% I Americas Lending Up 24% | Syndicated Lending Fees Up 23% I Bank of America Merrill Lynch Tops Rankings

Global Syndicated Loans VolumeGlobal Deals Intelligence

ENERGY, FINANCIALS AND INDUSTRIALS LENDING ACCOUNT FOR 42% OF TOTAL VOLUME

9,533

10,518 10,183

9,639

4,620

0

2,000

4,000

6,000

8,000

10,000

12,000

$0 0

$1.0

$2.0

$3.0

$4.0

$5.0

# of

Issu

es

Proc

eeds

(US$

t)

Q4 Volume (US$t) Q3 Volume (US$t) Q2 Volume (US$t) Q1 Volume (US$t) # of Deals

8.8

11.0 ▲11.9

0.1▲ Societe Generale1.2

-30.7%

3.94.74.75.3 ▲ TD Securities Inc

▲▲

-2.4

13.7

▲▲

-1.2

5.314.27.1

9.0

-6.1

45.1

11.1

4.2

US Bancorp 20

18,778.3

23,845.5

25

26SunTrust Banks1.31.3

78.4

2722

5923,023.924

21

9.1

12.4%

Jefferies LLC2423

Bookrunner Total▲Top Twenty Five Total

PNC Financial Services Group▲

1,955,757.9

Industry % Change from Last Quarter -6.7%Industry % Change from Same Period Last Year ▲

71

4,139

▼▼

4.4

-2.2% 22.5%

-92

▲0.8

100.08,592.4

1.4▲

1.71.0

100.0

▲ ▲

4.0 ▲

122.6

4.5187

481.2 2.8115

▼▲▲

0.00.1

2.90.0

166

20

1180.3 ▲

186

6,089.6

▲▲

▲ 158

-

-3.8

200

3.2134

4.54.8

149

313.6

23-6

31

109.96

-12

82.7

90.6

21

-10.3%

▲0.2 ▲

1,531,454.7

▲311.4131.0

--▲

-0.4

1.5

117.4▼▲

-0.1

0.7

▼▲

▼0.9

2.1

0.5

0.31.8

1.6

3.6

1.0

2.0

0.0

-0.3

1.11.4

0.9

152.2

256.1 3.0

90

0.11.2

1.30.7

71.2

101.0

0.1

4.3

2.92.7229.0

250.6

2.3

173.2

-0.4

84 ▲▲

▼▼

▲▲

▼▼

▲▲

0.5

Market Manager# of MarketShare Ch.Fees# of Deals

Global Loans - Bookrunners (R1)

MarketImputed Fees (US$m)

Jan 1 - Jun 30

Proceeds per Bookrunner (US$m)MarketMarket

# of Deals per Bookrunner2017 Rank Share Ch.Bookrunner Proceeds

2016 Rank Share%

Change in

2 2

5 7

8 5

Bank of America Merrill Lynch 1

Mitsubishi UFJ Financial GroupMizuho Financial Group

RBC Capital Markets

JP Morgan

Current Qtr Market Share

(%)

Share %Deals

607 ▲67

Share%700

158,884.21 184,602.5 85 ▲9.4 -0.5 ▼ 16.9 -1.5543.3

-0.39.4477.0 -0.4

6.3

-0.812.5 49 ▲ 3.6304.87.0 0.5 ▲

5.6387 60 ▲

14.7418.9 4.9

▼Citi 3 3 136,471.7

5.0 -0.4

8.1 -0.6

83,065.180,293.4

Wells Fargo & Co 4 4 98,140.6BarclaysDeutsche Bank

320 ▲ 331.17.74.3 0.9 ▲ 110517

▲3.8 0.5

-0.6 ▼▼

3.9-0.26.54.1 1.06 8 93 3.4271 ▲ 289.5▲

67,401.07 6 67,449.7

3.53.5 ▼ 539 ▲-1.0

-1.410

332.2 3.9 0.90.7▲ 294.7

326.8

6.3 137▼

13.0▲380 9.2 -56 ▼

11 12

Goldman Sachs & Co 9 13 66,995.2Credit Suisse

238

5.0

5.810 15 60,076.7 3.157,668.0 ▲3.0

8.6- 4.8197

186

238

355▼ 208

45

22-4

4.55.8

▼193.4

0139.2

-▲

1122

BMO Capital Markets 19Bank of China Ltd

18

BNP Paribas SA16

18Credit Agricole CIB

12HSBC Holdings PLC 10Morgan Stanley

Scotiabank

Sumitomo Mitsui Finl Grp Inc13

1514

29,363.9

1732,230.7

24,463.2

27,336.719

31,963.617

25,904.021

16

1.5

2.4

20 31,986.1

46,851.9

57,475.051,451.6

45,732.29

1.2

0.71.22.9

-0.1

0.0-0.6

1.4

1.7 0.50.30.0

2.6

1.6

2.3▼

1.6▲

0.4311.03.43.4

1.2 3.6126 ▲▲ 259

▲▲▼▼

35.6

Mkt. Share Chg. from Last Qtr (%)

15.6

Market SectorGlobal Loans (R1)Americas Loans (R7)North American Loans (R9)US Loans (R11)US Leveraged Loans (R11a)

Latin America Loans (R15)

Asia-Pacific ex. Japan ex. Australia (S5c)

Latin America Loans (R16)EMEA Loans (R17)EMEA Leveraged Loans (P10)

Citi

Bank of China LtdBank of China Ltd

Asia-Pacific ex. Japan ex. Australia (S5b)

Mizuho Financial GroupCommonwealth Bank of Australia

CitiCiti

4.1

21.8

11.5 5.2

18.7 9.2

Leading Underwriters During the Second Quarter of 2017

CitiCitiCredit Agricole CIBCredit Agricole CIB

No. 1 ManagerCiti

US Investment Grade Loans (R11b)

Japan Loans (S12b)Australian Loans (S7)

Sumitomo Mitsui Finl Grp IncJapan Loans (S12a)

21.0 ▲

Citi

Borrowing in the Energy sector totaled US$323.5 billion during the first half of 2017, down 5% compared tolast year. Financials loan activity increased 5%, totaling US$310.6 billion during the opening six months of2017. Industrials lending activity reached US$259.8 billion, down 4% compared to same period last year.Borrowing activity in the Telecommunications industry increased 82% compared to a year ago, with US$94.1in deal volume.

RELATIVE STABILITY AT THE TOP OF THE BOOKRUNNER RANKINGSBank of American Merrill Lynch maintained the top ranking for global bookrunners during the first half of 2017,capturing 9% of the global syndicated loans market share with US$184.6 billion from 700 transactions. JPMorgan retained the second spot with US$158.9 billion in loans, representing an 8% market share. Citi andWells Fargo retained their third and fourth ranks, respectively, and Barclays climbed two spots to fifth.

SYNDICATED LENDING FEES UP 23%Estimated bookrunner fees increased 23% compared to the previous year, with US$8.6 billion in total feesearned. Total fees for the top five banks during the first half of 2017 increased 6% compared to last year,totaling US$2.1 billion, despite a collective loss of 3.6 market share points.

Bank of America Merrill Lynch 9.1

16.2

0$0.02013 2014 2015 2016 2017

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1

30,103.48940

17

Italy

30,588.6

12,381.714

Eastern Europe

11

41,977.1

United Kingdom

Germany

1,187.1

Spain

Luxembourg

Denmark

37,645.8

42

Global

Switzerland

4,022.4

20,418.9

21,767.6

Netherlands

Market

100.0Western Europe

Sweden

20,449.7

mputed Bookrunning Fees (US$mMarket

Norway9,153.8

2

-5.6% ▼

6.5

Deals

6932148,877.0

2-1.20.3 65

17.2

-1641

# of Deals

1,381,669.4

98,521.7

33

61,462.2

377,385.238,280.7

39

1,630.2300.0

110

1,110,803.5

242

7,297.4

7,456.713

2,0512,291

Fees58

Share%

Market

-10.4%

JP Morgan

# of

Industry % Change from Last Quarter

1

-10.2%

Market

Industry % Change from Same Period Last Year

Mandated ArrangersMarket

Share Ch.

Global Loans - Mandated Arrangers (R3)

-4.2%

Industry Total

2017 Rank

Bank of America Merrill Lynch

Proceeds per Mandated Arranger US$m)

1

14,076

Proceeds

2,380,330.54,980,169.4

139,581.6

6.8

3.5

1,190.3

670.3

9.6

15.0

8,616.0

7.2%

Share % Share Ch.

486.5▲

1,190.2

0.4▲

4.5-0.4-0.1

-32

Jan 1 - Jun 30

▲ 5.95.1

556.9

Europe

France▼

5.9▼-0.4

Colombia▲

Manager

-7.3%

42.2

111,611.6

0.1

▼-0.7

0.2 3,729.6Mexico▲

0.6Central America

3.4South America▼

2.43.6

Chile

▼▲0.2

▲▲

800.8

3.3

North America3.91,397,207.5▼

Change in Share %

0.7Region/Nation

First Half 2017 | Syndicated Loans | Managing Underwriters

Market

Global 2,148,589.0

1/1/2017 - 6/30/2017

Proceeds (US$m)

23

109

586

80

17

9

2,068.3

Canada

2,655.5

1,978,026.7

16,018.0

3,279.3

2,332

12 6,112.2

102

1,283,147.7United States of America

399,152.8544

16,440.4

1/1/2016 - 6/30/2016

Scorecard: Global Syndicated Loans

2,071

5 ▼▼

-55.3

▲-46.1

-48.1

342.6

91.0▼-49.0

-24.7

776

207

38,419.4

15

40,025.4

75,393.468

28

66

19,283.5

30,682.7

12441,757.0

# of Issues

710

8,274.6

2,129

118

4,820

381,038.9

10647.2

# of Issues4,605

Proceeds (US$m)

339,061.8

241

1,125,990.2

1,832

15

1,017,602.9

690.0

23

2,657.8

5,204.7

2

93,200.6

8

-2.0

5.7

▼-37.0

-39.0

26.1

▼-11.8

-56.5 ▼-38.7

24.124.4

▲24.811.34.8

56.148.0

▲▲

34

% Chge in Proceeds

8.6

Change in

19

758.7 3.7

Americas

3.1 -0.5 ▼

100.0

6.9

Top Ten Total 47.9

Share%2016 Rank

792▼▲

# of Deals per MA

Morgan Stanley 9 9 183,560.5 3.7

-4.9

-0.9BNP Paribas SA 151,652.2

684.9Deutsche Bank 8 8 183,736.0 3.7 ▲▼

10

6Goldman Sachs & Co 7 7 183,822.4 3.7 -0.5

764

Share Ch.▼

Wells Fargo & Co 6 6 191,516.6 3.9

-0.2HSBC Holdings PLC 5

-0.6

1544 4 219,281.7

# of Deals

▼Barclays

492.15.5 78 726.9

710.5

5.4

886 6.35.8 -0.2▲5.8

Market# of Deals per MA

4.4 -0.2▼ 835 5.93.9 -0.2▼

62710772

137▼7.1

3

-0.1

78▼ 1256 8.9

5 196,133.1

-14 ▼

698 5.0 ▲261006

134616 ▲ 1,391.3

# of Market ManagerMarketFeesMandated Arrangers

10.0Share%

371,129.7-0.4 ▼

Market2016 Rank

JP Morgan

3 349,462.8 7.0 -1.3Bank of America Merrill Lynch 2 2 350,035.5 7.0Citi

1 1 7.5 -0.6 ▼ 1408Share Ch.Proceeds

Jan 1 - Jun 30Global Debt & Syndicated Loans (DL1)

Imputed Fees (US$m)

Deals2017 Rank Share%

Proceeds per Mandated Arranger US$m)

27

p

Russian Federation

1.6

117.2

11,035.9TurkeyCzech Republic

0.7

208.8

45,140.6

-0.3

31,123.8

2,678.9

325.0

9,464.1

204,735.4110,945.8

1,207.6

100

19

8,900.4 15

1

27

200.0

4

1,328.3

19,908.1Middle East

North Asia2.1

0.5

88

0.7 Kuwait

5/31/2017

13,991.7Singapore10,248.6

Malaysia

6,535.8

6/5/2017 PepsiCo Inc

United States

16.4% ▲

General Corp. Purp.

7,500.0United States

Ford Motor CoUnited States

990

1

Industry % Change from Last Quarter

377

-215

120,490.8

975.3Australasia

14

5

5,871.9Australia

1,289.7Philippines36,867.7

1.4146.3

82.51.1

1.6163.2

1.6

General Corp. Purp.France

4/28/20175/22/2017

General Corp. Purp.

3/16/2017 8,000.0Semyrhamis SADuke Energy Corp

13,400.0

2

213

115

25

683

41,655.7

14,075.0

8,731.4 15,986.8

-

265,531.7

57,949.5

24

4,765.060,728.4

1,658.984,975.0 84

1220,775.4701

5,670.0

-0.27.5

340.64.1

3.7 344

592

5

129,585.54.24 6

33

3.43.1

2.9

1.3-0.2

-0.12.8

▼2.6▲

0.91.3

1.6

4.5261

42

372

5.7 -16-10

7▲

0.4

351-0.2-0.1 262

11.0

15.2

10.3

-31

5.2241

5.7

4.6

5.6260

8▲

6.4 13019508

294

275 130296 ▲

163

-9

7.6

4.3

6.4214

4.7

6.0

218

828.1

3.5

4.9 13

14

4,605

▲▲

26

1.7

27-26▼

▲265

0.2-0.1 5.8

0.10.0

15

2002.0

1.5 0.0

27

1.5

1.3

18

1.226,015.5

19

SunTrust Banks

Credit Agricole CIB

100.04.6

-0.2

0.21.2

2,148,589.0

26

72.9

23

24,217.7

8.6%

1,564,750.02225

▲▲ 224

88

356.3▼

438.4

320.1

-87

18

1.10.2

3.0

6.0

-1.3

-

206

60,018.412

2.4

1.5

1.619

31,697.8

56,630.5

16

63,883.6

7

61,938.41714

79,397.48

66,542.1

62,085.3

4

476

0.7

g

9

▲CitiWells Fargo & Co

6Barclays 8

Closing Date

PNC Financial Services Group

13Bank of China Ltd17

Industry Total

TD Securities Inc

Societe Generale 23

Top Twenty Five Total

24

Deutsche BankMizuho Financial Group

1310

7Goldman Sachs & Co 9

Wal-Mart Stores Inc

32,440.9

4/23/2017

3/10/20175/17/2017

27,434.0

1/16/2017

22

United StatesAtlantia SpA

10

BNP Paribas SA

72,434.3

Reckitt Benckiser Group PLC

Top 10 Global Syndicated Loans

42,041.6

Sumitomo Mitsui Finl Grp Inc

RBC Capital Markets

ING

Scotiabank 20

BMO Capital Markets 21

88,674.63.8

89,355.1

82,021.71.0

33,265.637,288.9

11

Morgan Stanley14

16

51,029.0

US Bancorp

HSBC Holdings PLC11

Target Market

25,481.3

Borrower

24

20

18

21

-6.1%Industry % Change from Same Period Last Year

32,812.2

358.0301.0

2.7

0.5▲3.43.2

▼▲

Hong Kong

152.1

-

299.7

3.8

▲2.5

4.6▲

3.9

306.93.6▲8.6

-16 ▼

12.9 ▼

88

73

305.5372.8

30

0.9

-0.3

▼Ghana

South Africa▲

Africa/Middle East/Central Asia

IndiaSouth Asia

Taiwan

Southeast Asia▼

500.0

China

Poland▲▼

53,449.9

▲10.6

100.0

149.7

0.1-0.4

90.50.9

-0.4

0.0

100.8

256.5

-0.1

2.2

234.2

0.1

2.7

134.4

1.0

1.7

256.9

0.5-0.6

69.1

0.9

-0.8

1.2

-0.4

3.8

0.3

0.9

▲3.2

0.4

3.2

3.2▼

1,652.6

5

12,338.6

Bahrain

Asia-Pacific (ex Central Asia)

Sub-Saharan Africa

Acquisition Fin.

9,697.216,724.3

62

852.0

45

890.0

25,711.9

312

2,520.1

32,794.83,162.9

118

4

84

36

Japan 116,369.6-11.1%

Becton Dickinson & Co

Primary UOPBritish American Tobacco PLC

United Kingdom

Italy

5/9/2017 Depository Trust Co

* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.

1,004▼▼-4.5%

United States

United Kingdom

Package Amt (US$m)

-30.6%

25,061.9

4,912.3

New Zealand

Vietnam

31,210.0

2,804.4

114

5

Indonesia

463.0

91

104

23,958.9

19,049.091

29,568.4

63

835

42

35,440.4

14

-46.1

86,398.5

185,641.4

23,253.1

-45.4

▲▲

-3.4

7.8

10.9

3

7024

123

8

55-95.8

-86.3

-26.5

-47.899

-46.8

93528

-7.8▼

-41.3-22.9

25

-32.5

-50.3

▼▼

32.292.2

4.0▲

7.3

108.6

-25.1

94

51.9▼

-63.4

-10.6

-80.3

-67.2▼▼

-72.7

General Corp. Purp.General Corp. Purp.

15,700.0

Other

14,250.0

10,073.1

Acquisition Fin.31,826.821,216.0

21

164,476.8

Jan 1 - Jun 30

Acquisition Fin.

-54.9

United States

2.9Credit Suisse

15

Mitsubishi UFJ Financial Group 5

467

-0.1

-0.6

▼0.5

398

10.1

16,413.6 Acquisition Fin.

▲▲

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Global Loans Bookrunner Ranking - Last Ten Years*First Half 2017 | Syndicated Loans | Managing Underwriters

1

2

3

4

1

2

3

4

Bank of America Merrill Lynch

JP Morgan

Citi

Wells Fargo & Co

5

6

7

8

9

10

5

6

7

8

9

10

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Ran

k

Barclays

Deutsche Bank

Mitsubishi UFJ Financial Group

Mizuho Financial Group

Goldman Sachs & Co

Credit Suisse

*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

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Primary UOP

Top Americas Syndicated LoansClosing Date Target Market

JP Morgan ▼

Package Amt (US$m)

2▲

US Bancorp 15 12

▲Barclays 5 5 73,732.6 5.3

Market2016 Rank

34

559▼

344 14.8 77

Share%482.1 ▼28.1 77 8.8Fees Share Ch.

▲ -2.6

Americas Deals Intelligence

# ofImputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

ManagerChange in

First Half 2017 | Syndicated Loans | Managing Underwriters

AmericasAmericas Proceeds Up 24% l US Leveraged Lending Up 76% | Latin American Lending Down 20%

Americas Loans - Bookrunners (R7) Jan 1 - Jun 30

MarketMarket2017 Rank

MarketMarket

2 145,324.7

DealsBank of America Merrill Lynch 1 655Bookrunner Proceeds

160,958.3 11.5 -3.3Share%Share%

1# of DealsShare Ch.

-0.7▲ 419.610.4 -1.9 24.0 54 7.6 ▼Citi 3 3 123,581.5 8.9 0.0 - -0.2 ▼370.9 6.7Wells Fargo & Co 4 4 97,052.8 7.0 -1.1 21.9 52 301.2▼ 509 5.5 -1.1 ▼

1.4 ▲ -0.5 ▼283 12.2 111 ▲ 289.0 5.3Goldman Sachs & Co 6 9 58,460.2 4.2 1.2 9.9 134▲ 230 4.6 1.0▲ 254.1 ▲Deutsche Bank 7 6 57,231.2 4.1 0.4 ▲ -0.7 ▼217 9.3 101 ▲RBC Capital Markets 8 8 55,809.9 4.0 0.5

209.6 3.89.9 79 ▲ 238.1▲ 231 4.3 0.7 ▲

Morgan Stanley 9 18 53,644.4 3.8 2.2 ▲ 1.7 ▲174 7.5 93 ▲ 208.2 3.8Credit Suisse 10 13 52,204.6 3.7 1.6 8.8 120▲ 204 4.9 0.9▲ 267.6 ▲Mitsubishi UFJ Financial Group 11 7 34,890.8 2.5 -1.1 ▼ -0.7 ▼BMO Capital Markets 12 14 29,036.6

162 7.0

0.3 ▲2.1 0.0 - 198

118.5 2.28.5 30 ▲ 151.2

10 ▲2.8

1.4 ▲125 5.40.5

BNP Paribas SA 14 11 27,356.9 4.5 15 ▲ 77.72.0

▲Scotiabank 13 16 28,720.2 2.1 42 ▲ 128.1 2.3

2.1 1.0-0.1▼

▲ 116.5

-0.3 ▼ 104▼90.5 1.7

1.4 -0.2 ▼▼ 186 8.0 -6

TD Securities Inc 16 15 25,400.22.0 -0.227,336.7

-0.7 ▼1.8 -0.2 4.9 21▼ 115 ▲1.8

PNC Financial Services Group 18 20 23,845.5SunTrust Banks 17 19 24,426.3 187 8.0

1.7 0.1 ▲ 1660.2 ▲ 100.8 1.8

7.1 21 ▲ 82.6 1.532 ▲

0.0 -HSBC Holdings PLC 19 17 22,781.0 1.6 0.0 - -0.5

1.6 -0.9▼90 3.9 28 ▲ 78.5 1.4

▲4.3 0▼ 100 -0.5- 72.6

Jefferies LLC 21 39 18,450.5Mizuho Financial Group 20 10 22,468.7

1.6 1.01.3 70 3.0

▼1.30.9 ▲ 120.4

47 ▲ 2.23.3 0 - 90.5

1.2▲

▲ 69 9 1 321 16,834.8

122 5 2 0 1Citizens Financial Group 23 24 12 891 9 0 9 0 0CIBC World Markets Inc 22 1.2 -0.2 ▼ 78Jan 1 - Jun 30

Borrower

Overall syndicated lending in the Americas during the first half of 2017 increased 24.1% compared to total proceedsraised in the same period a year ago, with total volume of US$1.4 trillion from 2,332 transactions.

Leveraged lending in the United States totaled US$782.6 billion from 1,350 deals, representing a 75.8% increasefrom total proceeds raised in the first half a year ago.

Loans for General Corporate Purposes led the market in the first half of 2017, accounting for an 77% share, withproceeds totaling US$1 trillion. Financings for Acquisitions and Leveraged Buyouts followed, capturing 11% and 3%of the market, respectively.

Lending in Latin America in the first half of 2017 decreased 20% compared to the same period last year, with totalproceeds of US$11.5 billion from 38 deals.

Estimated bookrunning fees for the Americas yielded a 21.9% higher total in the first half of 2017 compared to thesame period a year ago, with a total of US$5.4 billion, according to estimates. Fees paid to bookrunners for U.S.leveraged loans increased 1.4% compared to the first half a year ago, totaling US$3.5 billion.

14,075.0

Primary UOP

5/31/20175/9/2017

American Honda Finance6/5/2017

Duke Energy Corp

3/3/2017

Depository Trust Co

6,835.0

General Corp. Purp.General Corp. Purp.

4/23/2017Closing Date

3/16/2017 8,000.013,400.0

7,000.0

United States

Jan 1 - Jun 30

United States

Target Market

United StatesWal-Mart Stores Inc

Ford Motor Co United States1.9

5,500.881.4

87.24/28/2017

United States

PepsiCo Inc 7,500.0

US Leveraged Volume

100.0 2151,396,594.0General Corp. Purp.

1.1 1.4▲ 1.2 ▲▲

Package Amt (US$m)15,700.0

3423 12,154.0

▲1.1

-0.9 - 107

▲ 69.9 1.3▲0.0

4,473.0

122 5.2

0.658.75

General Corp. Purp.United States

0.1-0.3

General Corp. Purp.

100.0

25

Citizens Financial Group 23

76.1

24 12,891.9 0.9 0.0

11,010.049 222524 4.6United States

Top Twenty Five Total

Acquisition Fin. KeyBanc Capital Markets Inc0.8General Corp. Purp.14,250.0 KKR & Co LP

Industry % Change over Last Quarter

1,215,604.3

3.1%Industry % Change over Same Period Last Year

0.2 ▲

9.1%

Bookrunner Total 2,329

▲10.2% ▲-1.0%

24.2% 21.2%▲

▲▼▲

5/11/2017 General Corp. Purp.United States

General Corp. Purp.Nissan Motor Co Ltd

United States6/27/2017

Pfizer Inc

Americas Loans by Industry (Proceeds US$b)

Change Healthcare Holdings LLC United States3/1/2017General Corp. Purp.

7,000.07,000.0

Becton Dickinson & CoBorrower

$213.215%

$195.314%

$143.910% $127.0

9%

$122.29%

$102.97%

$101.37%$93.4

7%$81.86%

$78.36%

$67.95%

$3.10%

Energy and Power Financials Industrials

High Technology Healthcare Materials

Consumer Products and Services Media and Entertainment Consumer Staples

Retail Telecommunications Real Estate

Government and Agencies

1,737

1,107 1,470

2,006

2,259

2,913

2,761

2,429 2,460

1,320

0

500

1,000

1,500

2,000

2,500

3,000

$0

$300

$600

$900

$1,200

$1,500

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Issu

es

Proc

eeds

(US$

b)

Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of deals

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4

-1.1-0.5

TD Securities Inc

Deutsche Bank

US Bancorp

RBC Capital Markets

0.5

▼ Mitsubishi UFJ Financial Group

Morgan Stanley

8.8

North America Loans - Bookrunners (R9)

Share% 1

BookrunnerBank of America Merrill Lynch

# of

77.81.0

ScotiabankBNP Paribas SA

Barclays

BMO Capital Markets

238.1

Credit Suisse

BMO Capital Markets31,488.0

932,336.7

7.6

80

75,878.5

91.4

84.1

▲10.8

57,538.1

20

56

Wells Fargo & Co1.1

2.8

4.3

12Mitsubishi UFJ Financial Group 11

11.7Goldman Sachs & Co

▲74.3

56,529.6

60,390.20.84.1

▲8

16.4578

0.4

▲-1.0 ▼

10.2

0.1

# of Deals

3.9

2.2251273

95237 ▲

13.4209.6

25

267.6

-2611.4

131

-7

-0.7

-218▼

129

1.4 -0.5224

-0.2

78.582.4

120.41.3

Scotiabank

US Bancorp2.7

0.2

215

16

11.016

13

9.422015

▼2.4

52,414.2

177

10

14

7

12

1319

33,265.6

1.8

37,080.33.8

25,406.7

23,702.2

0.1

-1.1 ▼

--0.5

▲0.02.3

-0.4

-0.51.7-0.4

-0.11.3

2.325,908.7

25,119.1

256

3.35.7

▼ 5.2

5.0

154

9.3 26

-106.9

6.6

4.5 0

12

21

134

5.5▲

▼122160

2.3

1.41.5

2.1

9.2

1.3

9.6

208.2▲

▲1442

1.8

118.5▼4.9

151.2▲90.5

72.6

0.1

-0.8

▲1.2

▼-0.4

▼-0.5

0.9

25,644.3SunTrust Banks

24 12,813.7

20

22

0.9

11

HSBC Holdings PLC

-▼

1.917

BNP Paribas SA 18

Citizens Financial Group

19 14

1.8

23,781.8

90.5▲ 2.2

1.7

69.9

36.7

▲ ▲43.3

Bank of America Merrill Lynch

0.70.8

1-0.7

9.6 ▼

Proceeds per Mandated Arranger (US$m)Change in

Share%705 30.2 47 -2.6 ▼1

8.1

Market Market

133,431.42

265

6.3

123,264.0

56

▼-0.8113,121.8

1.688

0.1

48

3.8

116.2

118

37

-0.72.20.9

0.0▲

100.6▲

1

12▲

PNC Financial Services Group 17

190

87,824.5

54,138.1Morgan Stanley

15

10

4

-0.2

4

2Citi 3

18

RBC Capital MarketsDeutsche BankBarclays

JP Morgan3

8.8

3.8

370.9

5.3312

382

613

5.433

-3.6

▼▼289.0▲

481.8

0.0▼

6.85.5

12

28.5 79145,064.1 ▼

11.610.5 54

-0.7

▲8.1

1.0

▲1.8

1.4

-0.11.7

76

104

160,759.92 -1.9

# of Deals per Bookrunner

556

# of Deals per MA Imputed Fees (US$m)

Americas

Market

Jan 1 - Jun 30

128.1

0.3

3.8 1.71.7

4.6▲▲ 8

Share Ch.

-7.6

2016 RankDealsProceeds

Jan 1 - Jun 30

First Half 2017 | Syndicated Loans | Managing Underwriters

Imputed Fees (US$m)

Share Ch.

Proceeds per Bookrunner (US$m)2017 Rank

2016 Rank

Manager

87▲

254.0

Market

JP MorganCiti

0.7

Market

26.3

Share%

24.8

Market

58 417.1

301.269

MarketMarketShare%Fees Share Ch.

Change in ManagerProceeds

2017 Rank

# of MarketMandated Arranger

Mizuho Financial Group 1161.7 -0.9

MarketShare%

TD Securities Inc

- 1.119,730.8 ▼1.4Jefferies LLC

21 2142

CIBC World Markets Inc

240.10.0

18,107.61.023

1.0

Sumitomo Mitsui Finl Grp Inc 25 22 12,510.2

3.025 13,483.8

71▲

Fifth Third Bancorp 1▲

10

4

▲▲

12

16

PNC Financial Services Group 18

Wells Fargo & Co

▲6Goldman Sachs & Co

96,936.5

Credit Suisse

9 58,460.2

13 52,204.6

3 3 121,705.5 8.8508

-0.1 ▼ 335▼4

Share Ch.▼ ▲

14.6 76 ▲24.3

Deals-3.3 653

▲▼-2.8481.3 8.8

Fees# of Deals

-0.1 ▼

Share%

363.8 6.7-0.77.7 ▼418.4

-1.2300.9111 ▲

22.2 54 ▲ ▼2835 5 73,732.6 289.0 5.3

7.0 -1.2 5.5

2305.3 1.3 ▲4.2 1.2 ▲ 4.7

12.31.0 ▲10.0 135 ▲ 254.1

-0.6 ▼

-0.87 6 57,231.2 4.1 ▼217 9.5 101 ▲ 209.3 3.88 55,309.9 4.0 0.5 10.0 78▲ 230 0.8▲ 237.0 ▲4.4

9 18 53,644.4 3.9 2.3 1.7 ▲174 7.6 93 ▲ 3.8▲

208.28.9 120 ▲ 267.3204

▲4.9 0.9 ▲

11 7 34,089.7 2.5 -1.1 ▼ -0.8

186

▼156 6.8 10 ▲ 115.4 2.1198 2.8 0.4▲ 150.814 29,036.6 2.1 0.0 8.6

114

▲13 12 27,336.7 2.0 -0.2 ▼

30--0.1 ▼

14 16 27,006.6 2.0 0.2 ▲ 5.0 35 ▲ 121.6 2.28.1 -6 ▼ 90.5 1.7

1.3 ▲15 11 26,888.8 1.9 -0.4 ▼ -0.2 ▼101 4.4 12 ▲ 76.0 1.4

15 25,400.2 1.8 -0.2 5.0 21▼ 115 2.1 1.0▲ 116.5 ▲SunTrust Banks 17 19 24,426.3 1.8 0.2 ▲ -0.6 ▼187 8.2 32 ▲ 1.9

20 23,845.5 1.7 0.1100.8

7.2 21 ▲ 82.6▲ 166 1.5 0.0 -HSBC Holdings PLC 19 17 22,240.5 1.6 -0.1 ▼ -0.4 ▼87 3.8 27 ▲ 76.5 1.4Mizuho Financial Group 20 10 21,990.0 1.6 -0.8 4.2 5▼ 96 1.3 -0.4▲ 70.0 ▼Jefferies LLC 21 39 18,450.5 1.3 0.9 ▲ 1.2 ▲70 3.1 47 ▲CIBC World Markets Inc 22 21 16,834.8 1.2 -0.2

120.4 2.23.4 1 ▲ 90.3▼ 78 1.7 1.1 ▲

Citizens Financial Group 23 24 12,891.9 0.9 0.0 - 0.1 ▲122 5.3 34 ▲ 69.9 1.3KeyBanc Capital Markets Inc 24 23 12,154.0 0.9 0.0 4.7 5- 107 1.1 -0.3▲ 58.7 ▼KKR & Co LP 25 49 11,010.0 0.8 0.6 ▲ 1.2 ▲25 1.1 22 ▲ 76.1 1.4

Americas Loans - Mandated Arrangers (R8c)

▼▲2.0▲▲▼

▼▲

254.1

7.2

Market

0.5

2.00.2

0.1

-0.6

22

0.7

-2.1 ▼

Market

-0.4

26.4% ▲

1,286,905.2

100.0

-1.3

0.01,130,142.2

11.1

0.8

▼16.1

Market

5.1

3.2

0.1

Market

-2.4Share Ch.

0.1

2.2 -0.7

▲100.080.6

US Loans - Bookrunners (R11)

Industry % Change over Same Period Last Year

JP Morgan

2016 Rank

-

142,288.2

4.2

Change in

100.8

Share%

-0.5 ▼

5,497.54,414.7

Jan 1 - Jun 30

▼-0.8%

203

▼9.6

Manager

p

Industry Total

21.0%

Top Twenty Five Total 1,174,909.9

9.5%

2,3321,397,207.5

▲24.1%

100.084.3

Top Twenty Five Total 1,208,651.0 87.3 -0.2 4,445.4▼ 81.7 1.7 ▲Bookrunner Total 1,385,426.9 100.0 2,292 223 5,445.3 100.0

▲ 3.0% ▲ -1.3%Industry % Change over Same Period Last Year ▲ 10.8% 21.9%

8.7%24.7%

Jan 1 - Jun 30

▲▲

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

Industry % Change over Last Quarter3.2%Industry % Change over Last Quarter 9.2%

Bookrunner Proceeds# of

Share% Share Ch.2017 Rank

Market

649Fees# of DealsDeals Share%

31.6 475.384Bank of America Merrill Lynch 1 1 159,468.3 12.4 -3.6552 26.9 57 ▲ 402.5 8.1

Citi 3 3 119,605.5 9.3 -0.2 76 ▲ 357.7▼ 330Wells Fargo & Co 4 4 96,659.0 7.5 -1.2 -0.9 ▼505 24.6 56 ▲ 298.3 6.0Barclays 5 5 73,240.8 5.7 1.4 13.8 112▲ 283 5.8 -0.3▲ 286.8 ▼Goldman Sachs & Co 6 8 58,460.2 4.5 1.2 ▲ 1.2 ▲230 11.2 135 ▲Deutsche Bank 7 6 57,200.9 4.4 0.3 10.5 102 ▲ 209.1▲ 216Morgan Stanley 8 15 53,144.4 4.1 2.3 173 8.4 92 ▲ 206.6 4.2Credit Suisse 9 12 52,204.6 4.1 1.8 9.9 120▲ 204 5.4 1.2▲ 267.3RBC Capital Markets 10 13 39,872.7 3.1 1.0 177 8.6 82 ▲ 160.1Mitsubishi UFJ Financial Group 11 7 33,065.6 2.6 7.5 11 ▲ 108.5▼ 153US Bancorp 12 11 27,336.7 2.1 -0.3 ▼ -0.1 ▼186 9.1 -6 ▼ 90.3 1.8BNP Paribas SA 13 10 26,461.8 2.1 -0.4 4.8 11▼ 99 1.5 -0.1▲ 73.4

22

▼SunTrust Banks 14 14 24,426.3 1.9 0.1 ▲ -0.6PNC Financial Services Group 15 16 23,845.5 1.9 0.2 ▲ 82.6▲ 166 1.7

187 9.1 ▲328.1

Mizuho Financial Group 16 9 21,990.0 1.7 -0.9 ▼ -0.3 ▼96 4.7 7 ▲ 70.0 1.4HSBC Holdings PLC 17 17 19,687.3 1.5 -0.1 3.8 24▼ 78 1.3 -0.6▲ 62.9 ▼Jefferies LLC 18 37 18,450.5 1.4 1.0 ▲ 1.4 ▲70 3.4 47 ▲BMO Capital Markets 19 19 15,359.1 1.2 0.0

120.4 2.47.0 25 ▲ 84.0144 1.7 -0.3 ▼

Citizens Financial Group 20 21 12,690.0 1.0 0.1 ▲120 5.8 32 ▲ 69.1 1.4KeyBanc Capital Markets Inc 21 20 12,154.0 0.9 -0.1 5.2 5▼ 107 1.2 -0.2▲ 58.5 ▼KKR & Co LP 22 47 11,010.0 0.9 0.7 ▲ 1.3 ▲25 1.2 22 ▲Macquarie Group 23 38 10,878.7 0.9 0.6

76.1 1.52.8 34 ▲ 71.157 1.4 0.5 ▲

Scotiabank 24 26 10,780.9 0.8 0.2▲ 49.1

▲63 3.1 28 ▲ 39.1 0.8 0.4UBS 25 22 9,861.2Top Twenty Five Total ▲

1.0 -0.7 ▼0.6

94,073.7

100.0221

2.5-87.9

5282.1

4,944.9

-0.5% ▼

Bookrunner Total

Industry % Change over Last Quarter 4.7%Industry % Change over Same Period Last Year 12.1% ▲ 15.4%

US Leveraged Loans - Bookrunners (R11a)

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

424 104

2017 Rank

2016 Rank Proceeds

Market MarketShare% Share Ch.

Manager Market# of Deals

Imputed Fees (US$m)Market

Fees Share% Share Ch.# of Market Change in

Bank of America Merrill Lynch 1 1 76,444.2Deals Share%Bookrunner

▼ ▼81

8.2 -2.8-1.1 ▼6.6▲

▲ 290.18.4 -1.39.8 -3.2

16.4▼ 333

31.4

245.11177.4 1.6235.4JP Morgan 2 2 65,862.5 24.7

▲Barclays 3 5 58,107.3 ▲ 6.9 0.1▲ 221Wells Fargo & Co 4 3 52,016.8 6.7 -2.7 ▼ ▼309 22.9 44 ▲ 157.2 4.4 -2.4Citi 5 4 50,608.7 6.5 0.3 15.0 94▲ 203 5.5 -0.6▲ 195.9 ▼Goldman Sachs & Co 6 8 49,119.1 6.3 2.7 ▲ 2.8 ▲204 15.1 130 ▲Credit Suisse 7 7 48,059.1 6.1 1.6

228.0 6.414.1 119 ▲ 252.5▲ 191 7.1 2.1 ▲

Deutsche Bank 8 6 47,587.6 6.1 1.4 ▲ 0.5 ▲196 14.5 113 ▲ 187.2 5.3Morgan Stanley 9 11 43,018.4 5.5 2.7 11.5 89▲ 155 4.8 2.4▲ 170.4 ▲RBC Capital Markets 10 10 31,682.1 4.1 1.2 ▲ 0.9 ▲148 11.0 82 ▲SunTrust Banks 11 9 19,712.2 2.5 -0.9

134.1 3.810.4 12 ▲ 85.0▼ 140 2.4 -0.7 ▼

Jefferies LLC 12 26 18,450.5 2.4 1.5 ▲ 2.1 ▲70 5.2 47 ▲ 120.4 3.4PNC Financial Services Group 13 14 12,373.5 1.6 -0.3 6.3 -5▼ 85 1.4 -0.1▼ 50.2 ▼BMO Capital Markets 14 13 12,322.2 1.6 -0.4 ▼ -0.2 ▼120 8.9 24 ▲KKR & Co LP 15 36 11,010.0 1.4 1.0

72.6 2.11.9 22 ▲ 76.1▲ 25 2.1 1.9 ▲

Macquarie Group 16 28 10,878.7 1.4 0.6 ▲ 0.9 ▲57 4.2 34 ▲ 71.1 2.0Citizens Financial Group 17 18 10,316.4 1.3 -0.2 7.4 30▼ 100 1.7 0.2▲ 60.2 ▲HSBC Holdings PLC 18 17 9,832.5 1.3 -0.3 ▼ -0.8 ▼52 3.9 20 ▲Mitsubishi UFJ Financial Group 19 12 9,795.1 1.3 -1.0

39.8 1.13.6 1 ▲ 47.7▼ 49 1.3 -1.1 ▼

US Bancorp 20 15 9,631.5 1.2 -0.7 ▼ -0.7 ▼74 5.5 -3 ▼ 35.5 1.0KeyBanc Capital Markets Inc 21 19 9,412.6 1.2 -0.2

-0.5 ▼5.7 10▼ 77 1.4 -0.1▲ 48.8

1.2 -0.5

▼BNP Paribas SA 22 20 9,409.8 1.2 -0.2 ▼ 1.0

3.7 10 ▲ 46.946 3.4 13 ▲

Antares Capital Corp 24 23 7,614.0 1.0

36.8UBS 23 16 9,055.2

1.7▼ 50 1.3 -0.8 ▼

▼0.0 - -0.1 ▼84 6.2 22 ▲ 61.4

Fifth Third Bancorp 25 22 7,268.4 0.9 -0.3 56 0.8 -0.7▼ 30.0 ▼4.1 -2Top Twenty Five Total 689,588.4 88.4 2.4 1.2 ▲

782,576.6 1,350100.02,978.4 83.7

215▲

3,548.4 100.02,052

-21.7%1.4%Industry % Change over Same Period Last Year ▲ 18.9% ▲

Bookrunner Total

-7.4% ▼ ▼▲▼Industry % Change over Last Quarter ▼ -6.0%

75.8%-15.2%

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5

13.9 -4.6

Market

▲ 2.8

1.013.8

Imputed Fees (US$m)

13.3

Market

0.4

2.8

-32

-

1

2016 Rank

1

33

5 5

2

Share%

Proceeds per Bookrunner (US$m)

Share Ch.

0.2

73,837.578,602.0

▲16.0

0.3

Proceeds

25

-2.5

62

3

16

▲▲

2.01.0

22,739.840,598.9

3.314,416.8

▲▲

1 076 2

1.0

3.1

4.9

65

-1

169

Deals206

Share%

205

Market

51.5

5.8

-1

5

-5

12-9

358

7

24

23

27▼

4.8 ▼▲6.0

19▲▲

4.0

1.8

10.5

1.0

2.0

2.827.7

12.5

3.6

45.4

4.9

3.4

19.7

-0.4

2.4

-0.1▼

Americas

0.4

0.4▲0.6

9.6

0.7▲

Share%

3.9

▲▲

# ofBookrunner

2017 Rank

0 1

16,233.9

3,666.3

15,133.4

Market

-0.7

17.1

▲-0.1

2.2

2.0

8.8

0.2

0.5

Market

-1.8

0.8

5,421.6

3,356.0

3,716.7

254,659.3

1727

2223

1121 21

25 2,647.6

3,733.3

▼2433

435 271 3

3,062.615

Goldman Sachs & Co 14

1813

Sumitomo Mitsui Finl Grp IncTD Securities IncRabobank NV

22

4.0

▼6.3 ▲

Deutsche Bank

158

13

19

7

▼0.7

94 4▲

80.316

2.811

Bank of China Ltd

2019Industrial & Comm Bank China

1718

Credit Suisse

RBC Capital Markets

SunTrust Banks

Scotiabank 16

Lloyds Bank

Credit Agricole CIB

11.10.6

0.692 3

12.30.1

0.80.3

1.1

10.89.3

-3.8

0.7

0.9

21.7

0.2

2.0

1.0

Share Ch.

155.8

2.0

1.1

0.4-3.6

31.7126

94112.2

12.2-7

611

82

-1

-2751.8

-11

33.141.7-4

23.6

-12

57.642.5

# of Deals per Bookrunner

0.2

▲▲

▲▲

0.1

0.7

11

7

US Investment Grade Loans - Bookrunners (R11b)

2

# of Deals

Barclays

9,961.7 16.320.6

10.6

16.3▼

15

▼9

652.2 ▲14

3.5 42

0.311▼

Bank of America Merrill Lynch

13,305.8

7,751.0

9,312.99,686.4

US Bancorp

16

9,300.8

CitiJP Morgan

PNC Financial Services Group33.2

23.2

8.8

▲▲

8,025.319

Morgan Stanley10

2.0

0.6

0.8

0.7

2.1

1.7

0.7

0.8

0.8

1.7

-0.4

0.1

0.3

0.1-1.6

1.1

0.2

▲▲

-0.0

15.6

▼-29 ▼

12

8

4

62.9

68,971.8 15.0

▲ Americas Yield Type0.6

3,853.4 0.8 0.31.50.80.2

Mitsubishi UFJ Financial Group6 10BNP Paribas SA

Wells Fargo & Co

9Mizuho Financial Group

4

HSBC Holdings PLC

Change in

Jan 1 - Jun 30

162.3

161.6

Manager

First Half 2017 | Syndicated Loans | Managing Underwriters

Jan 1 - Jun 30

3

2

22.9

22.2

39.7

11.1

-3

-3

1.7

1.0

1.9

3

-1

4

1.9

0

0.3

2.8

1.26.8

6.40 1

2.0

Top 10 Americas Loans Use of Proceeds (US$b)

0.2▲

23 -0.3

0.9

Top Twenty Five Total

3,276.5

Fees

0.1

$1,047.677%

$154.011%

$38.03%

$22.82%

$16.91%

$16.51%

General Corporate Purposes Acquisition Financing Working Capital Leveraged Buyout

Dividend Recapitalization Sponsored Buyout Project Finance Property Acquisition

Refinancing Capital Expenditures

600

700

800

*tie

Industry % Change over Same Period Last Year -20.0% ▼

Top Twenty Five Total

UniCredit 2.6 ▲

First Half

1

-1

2.6

5

11

-33.3% ▼

3.2

38

1

▲ 2.6

.3▲

1.2

-19

1.7 1.71.7 1.7

100.0

16.7%

Market

0.21.7

1.7

6.4

1 ▲

1,076.2

44.8

3.8

▼2.5

Jan 1 - Jun 30

4.4

3.5 6.0

Share%

Share%34.2

Market

-5824.1

0.1

22

-

1,009.9

Latin America Loans - Mandated Lead Arrangers (R16)

Industry % Change over Last Quarter 47.9% ▲

435,271.3

Industry % Change over Same Period Last Year

Scotiabank

94.4

2.7

1.1

2.0

-0.1

Share Ch.

1.0

▲0.4

78.0 2.7

.3 0.6

.3

-6.0

0.6 0.6

1.5

2.9

0.6 0.6

Americas Imputed Fees - Mandated Arrangers

FeesMarket

1.6

6.7

92.3

6.5101

2016 Rank

Proceeds per Mandated Arranger (US$m)

# ofDeals

11.3

Market# of Deals per MA

100.0

70.6%

8.8

1 ▲

8▲ 7

13

6 15.8

-5

-4.6▼

4.926.3 -1

18.44.5

2.85.5

2.6▼ -5

-0.1398

▼-12.4

▲ 54.8%▼

# of DealsChange in Manager

23.79

0.05.2

0.1

-0.6

23.7

5.2

603.3-3

Market

▼4.7

Proceeds

875.17.2 9

2017 Rank

7.6

Share% Share Ch.

2 -1.1

Mandated Arranger

3BBVA

5

Citi 12

593.236

Mitsubishi UFJ Financial Group 9Mizuho Financial Group 4 4

Itau Unibanco 7 75.0 ▼ 21.1Santander

563.9574.6 -2.1

-01.0

Sumitomo Mitsui Finl Grp Inc 9 6 481.6ING 8 539.5 6 ▲ 2.9 5.0 3.03.5 23.79

13.2 -3 ▼ 1.4▼ 54.2

10▲

3

-1.14.74.9

Bank of America Merrill Lynch 11 13 322.9ABN AMRO Bank

-23.1 2.7 ▲

.810 37* 351.9 7.9 2 ▲ .9

31.32.6 ▼

1.5-0.3

41.510.5 ▼

-0.5▼ 42.8

BNP Paribas SA 13 27 268.1Credit Agricole CIB 12 12 293.7

2.3▼10.5 -2 ▼ 2.1 3.7

1.77.9

HSBC Holdings PLC 15 5 223.7Banco Nacional de Mexico SNC 14 25 237.1

1.6

2.1 1.1 1 ▲▲ 1.27.9 1.9

.9▼

3

3

7.9

2.61.7

7.9

10

Natixis -2.41.9Deutsche Bank 17*

200.0-200.0

200.0200.0

RBC Capital Markets 17*16*

BMO Capital Markets 17* -17*

76.3 4.88,781.811,513.0Industry Total

▼ 316 8 219.2 ▼

1.9 -3.4

85.4%

57.4

▼41.2%

100.0

▲-30.4%

2.1

-2.8-0.7

3.3

-68

▼-3.6

Imputed Fees (US$m)

7.1

-3.6-6-2

2.0

▲Top Twenty Five Total

▼▲▲

-

0.0

Industry % Change over Last Quarter

-14.6%

Bookrunner Total 1,169.4

12.2%-13.2%

460,562.8 100.0

0

100

200

300

400

500

600

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2010 2011 2012 2013 2014 2015 2016 2017

Proc

eeds

(US$

b)Highly Leveraged (US$b) Leveraged (US$b) Undisclosed (US$b) Investment Grade (US$b)

$1.9 $1.5 $2.4 $4.5 $4.1 $6.1 $7.1 $5.5 $4.5 $5.5

1,873

938

1,402

2,1332,030

2,2832,442

2,2532,129

2,332

0

500

1,000

1,500

2,000

2,500

3,000

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Issu

es

Tota

l Im

pute

d Fe

es (U

S$b)

Total Imputed Fees (US$b) Number of deals

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6

EMEA syndicated lending reached US$430.3 billion in the first half of 2017, a decrease of 7.7% from the same period ayear ago. Borrowers in the Consumer Staples sector were the most active, accounting for an 18% share of the market,bolstered by the top two deals of the first half of the year (British American Tobacco’s US$31.8 billion transaction and theUS$21.2 billion offering from Reckitt Benckiser).

Financings in Luxembourg (+343%), the Netherlands (+91%) and Poland (+52%) posted the largest year-on-year gains,while Finland (-74%), Russian (-73%), and United Arab Emirates (-68%) recorded the steepest year-on-year declines.

According to estimates, EMEA arranging fees in the first half decreased 15.8% from last year. The top arrangement feeearner in the EMEA region was BNP Paribas, with US$ 111.8 million in fees (a 6.4% wallet share).

Jan 1 - Jun 30 2017

Europe, Middle East & AfricaEMEA Borrowing Down 8% | Luxembourg and Netherlands Loans Up Significantly | BNP Paribas Top EMEA Fee Earner

EMEA Use of Proceeds (US$b) Jan 1 - Jun 30 2017

Top EMEA Syndicated Loans (US$m)

First Half 2017 | Syndicated Loans | Managing Underwriters

EMEA Deals Intelligence

$31,826.8

$21,216.0

$16,413.6

$10 073 1

British American Tobacco PLC

Reckitt Benckiser Group PLC

Atlantia SpA

Semyrhamis SA

$235.155%

$103.924%

$26.96%

$10.83%

General Corporate Purposes

Acquisition Financing

Project Finance

Other

Working Capital

Sponsored Buyout

Refinance Bank Debt

Capital Expenditures

Dividend Recapitalization

-26.2% -25.7%

314,205.6256,150.6Top Twenty Five Total

16.7

▼ 25981.2

▲-0.3

-4.5%

▼1.2

100.0

▼▼

100.0

0.61,289.0

1.424.773.5

-110

-7.7%-31.8%

▲75.825

▼Industry % Change from Last Quarter -41.1%

1.1

1,298.081.4

-826Banca IMI (Intesa Sanpaolo)

Industry % Change from Last Quarter

▼1.3

Industry % Change from Same Period Last Year 0.9% ▲ ▼-22.3%▼

Bookrunner Total

3,570.6 678.0

100.0

6.510.9 ▲

0.6

1.8 -6 ▼5.5▼ 21

724 21▼-0.80.9

1.5 -▼

19.3▼

7

0.0

384

-0.4

Industry Total

32

Industry % Change from Same Period Last Year

4,410.8 0.330 0.9▲▲ 18▲

11.1Rabobank NV 24-0.3Bank of China Ltd 23 22

Lloyds Bank 22 1.4 -0.24.7 11.64BBVA 21 34

13 3,811.3 -31.23,904.0

-1.5

▲Mizuho Financial Group 20 23 5,405.1 1.7Nomura 19 63.9

0.2 15.9▲0.81.518.9▲24▲ 6.3

-0.31.21.9▲ 25.0

Sumitomo Mitsui Finl Grp Inc 18 24 5,729.7Credit Suisse 17 1.8 -0.7 ▼

221.8 0.4 ▲33

44 5,722.9 ▲ 151.8 1.4

150.4

4,548.6

-1.5

1 ▲ 21.0

▼▲8.6 28.59

▲2.2 -0.71.6

▼5.7

5,768.7

27 7.0 1 ▲ 1.21.5

Goldman Sachs & Co

32 ▲RBS 15 17Barclays 14 3

25.87,324.3

2.4 ▲2.0 0.38.3 12.3

7,523.7▼ 32 8.3 23.1Citi 16 14 -0.3 1.8-13 ▼

13

▲0.6

2.339 10.2

0.2 ▲

34.312

7,945.0 ▼8,098.3 ▲

35▼2.62.5 -1 ▼

33.5

29 ▲-0.2 ▼54 14.1 -12

36.1▼ 29.8

1.3 ▲9.1-2.5 -1.1

2.8 1.22.6

Natixis6 56 14.610,317.9

51.610 12 10,238.1 503.3 -11 ▼▲

Commerzbank AG 12 16 8,288.5 2.62.8 1.2 ▲ 40Santander 11 19 8,778.1 2.6 1.310.4 5 ▲

UniCredit 8 2 11,818.13.3 -1.3 ▼

JP Morgan-2.0 ▼71 18.5 -23 ▼▼

0.047.4

▼ 47.9-31

-7 8 12,636.73.73.7 -1.3 ▼ING 9

Societe Generale 6 7 15,255.7 4.9▲4.0 1.014.1 214.0

▲ 72.2▲

20.624.55.3

1.4 ▲99

0.6 ▲0.5 ▲5

7985.8

3 ▲

Bank of America Merrill Lynch 1

Credit Agricole CIB 4 4 19,597.5 6.2Deutsche Bank 3 58

12 ▲ 81.7▲2.515.1

4.9BNP Paribas SA 5

HSBC Holdings PLC 2 1 22,701.83.1

1.494

6.325.89 22,455.4

16,747.7 ▼

# ofShare Ch.

6.1 ▲

ManagerImputed Fees (US$m)

MarketDeals

Change in Proceeds per Bookrunner (US$m)

# of Deals14.3

2017 Rank

2016 Rank

Markethare % Share %

59.0 4.6

EMEA Mandated Lead Arrangers (R19)

# of Deals per MLA

198

EMEA Bookrunners (R17)

MarketShare %Bookrunner Proceeds Proceeds Share % Share Ch. DealsShare %

2016 RankFees

1 23,085.3 5.4 0.2BNP Paribas SA 1▲

7.2 3.57.2 1.2 ▲

# of Deals per Bookrunner

5.63

Jan 1 - Jun 30

Proceeds per MLA (US$m)Change in

Jan 1 - Jun 30

68.6▲

MarketImputed Fees (US$m)

2017 Rank

Market

54 ▲ 52.5

4 ▲83 21.6▲

▲6.6 0.8

3.5

5.3

Manager Market MarketMandated Arranger

Market # of Market# of Deals FeesShare % Share Ch.

Market

63.9-11

-28

-25.7%

25

17.1

23,552.1 7.5 55 27 ▲0.4

▲154

0.8

24.4 -24

2.5 0.0 -2.5

231.3 ▲

Share Ch.

3.8 -2.1

1.3 ▲4.013.00.4 ▲

-11 ▼

-0.7

4.8▲▼

1.1

4.73.4

2.01.2

▲ 34.6

66.061.0

▲ 3.80.4

2.3▲ 85.2

-1.5▲

▲▲

2.2 ▲3.5▲

2.3▼

Societe Generale 6

4.4 -0.1

4.0Deutsche Bank 5 7 17,916.9

17,245.3

ING 3

10

▼-0.3

1084.2 0.9 ▲6

129 20.4UniCredit -39

▼-5 ▼

18 14,028.7 3.3

1.7

0.90.5 ▲

▲-0.1

6.079.1 4.5

▲31.4

HSBC Holdings PLC 2 2 21,714.4 5.1▼▼

86.1 4.9 0.40.5111.8 6.4 0.6▼ ▲

Credit Agricole CIB 104.7-44

145

▼24.2153

7 4 15,151.3 3.5▼ 82.7

59.723.0 -16

3 18,940.74 5 18,337.7 4.3 0.6 ▲ 159 25.2

▼15

1070.5Commerzbank AG 10

JP Morgan 8 8 14,890.5 83 13.2

12 13,917.4

0.5 ▲

17.083

3.2 -1713.2

▲Bank of America Merrill Lynch 9

0.6

11 10,942.913.8 -19Barclays 13 10 12,047.2

Natixis 12Santander 11

10216 13,033.0 10914 12,687.3 3.0

▼- 872.8 0.0

17.33.0 0.6 ▲

Citi 142.5

37.633.2

45.369.00.5

-26 ▼

-32▼ 43.7

28.6▲2.3111.2 ▲ ▲ 39.854 8.6

-0.8 56

-0.3

1.61.1

3.9 0.9

-0.8

▼Sumitomo Mitsui Finl Grp Inc 57 9.0

40.3

▼ 35.168

2.6

2.12.1

0.2

2.1 ▼

16.2 -12 ▼▲

2.010.82.1 0.21.9 -1.0

76 12.0 -33 ▼ ▲▼

-0.7 ▼

16

▼251.47.9

14.7

19

11.7 2Mizuho Financial Group 20 17 7,799.6 8.4

742.1 1.0BBVA 19 29 9,037.8Mitsubishi UFJ Financial Group 18 9 9,139.4Goldman Sachs & Co 17 33 9,183.9

8.9 -28

9,194.6

34.96.7 0.8 -0.3 ▼

2.0 0.96,324.4

430,276.6311,386.1

16

0.3 ▲-1653 ▼

1.6 -0.1 500.1 ▲

▼0.0 - ▲

1.3 -0.3

20.3

▼42-10

RBS 15 15 10,761.8

27.0 1.5

-7

-1.4

100.0

1.3 0.4 ▲5,736.3Top Twenty Five Total

▼-26.6% ▼ -15.8%

631

▲0.7

1.5

▼ -29.1%

1,759.9▲

10.6

Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.

7,688.7

CaixaBank SA

▼53

6,825.88.4

1.8 -0.4 ▼

Credit Suisse 21 24 1.8▼

-16

8.0

-22 ▼ 23.9 ▼

-229

4.0-0.222 20

255,755.2

72.4 6.9

Banca IMI (Intesa Sanpaolo)

Standard Chartered PLCBank of China Ltd 23 23

$10,073.1

$7,335.0

$6,674.5

Semyrhamis SA

Glencore PLC

Fiat SpA

Dividend Recapitalization

Others

*tie

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7

Scotiabank 24 37 1,143.6 1.0 0.5 ▲ 5 3.4 3 ▲ 4.5 0.7 0.4 ▲

Market2016 Rank

2017 Rank Deals

Europe, Middle East & AfricaFirst Half 2017 | Syndicated Loans | Managing Underwriters

Share Ch.

8.07,432.53 1

# of Deals per Bookrunner

EMEA Quarterly Syndicated Loan Volume

MarketBookrunner

European Leveraged Loans (P10)

Proceeds per Bookrunner (US$m)

Jan 1 - Jun 30

MarketFees Share %

Market# of Market Change in Imputed Fees (US$m)

hare % # of Deals

▲4.915

58.3 8.843 29.1 22 9,314.31.7 27.7 ▲2.31241 ▲ 8.053.0

Manager

1 3 9,855.9 ▲Share Ch.

4 5.5 0.620.918.2

2.56.0 2.8 ▲27Societe Generale

32.6

8.4Credit Agricole CIB

23.635-3.0 ▼-1.4

6.431

Proceeds Share %

▲5.4 1.0▲ 35.9

0.620JP Morgan

Goldman Sachs & Co▲5.2 1.1▲ 36,391.5

BNP Paribas SA 2

8▲ 273.0

6 6,325.87 17 6,095.3Bank of America Merrill Lynch

4 14 7,021.0

23.9

34.41.3

5 ▲Natixis 6

5.25.4

5.1 1.118.2

37 25.0 188

22.9

27.9

▲38.1

Nomura 9 19 5,722.9 ▲9

15 ▲31

10.14.9 3.2

17.6▲ ▲12

▲2.02.75.7

1.2

-1.1

-0.20.6

4.2

3.43.7

3.724.936.7

6 2.4

▲ 24 16.2▲ 3.6

7 ▲

Deutsche Bank

Credit Suisse 12 3.7 2612 4,309.8 0.4

▲8

7 5,507.124.814.9

4,470.1 ▲

5.5

▲▼HSBC Holdings PLC 10

Barclays 114.7

8▲20.90.6

0.5 ▲

ING 15 5 2,718.420 3,136.8 17

2.8 24 16.211.52.7

▼▲

UniCredit 13 10 3,231.3Morgan Stanley 14

2.3 -2.3 18 12.2▼1.0

-0.9

Citi 20 11 2,017.3

30CaixaBank SA 19

1.8

9.5

1.61.7

2,075.9UBS 1872,056.0 1.6 ▲ 4.7

81.31.1

1.8▲ 10

18 2,628.2 2.3

46

0.1▲

Rabobank NV 22 22

Commerzbank AG 25 16 1,102.2 0.9 -1.4 ▼ 5 3.4 -5

RBC Capital Markets 23 43 0.9▼

-1.11.5

-0.2

1.3 -0.3 5▲ 9 6.1

RBS28 2,545.5

16Santander 17 2.2 14.4

▲Bankia 21

Jan 1 - Jun 30 20171.06.60.9

0.8-0.55.8

1.5

▼▼

1.1

▲▲

▲-2.0

▲▼

1,474.11.2 EMEA Syndicated Loans by Industry (US$b)

- 1,815.8

4

53

5,988.9

3.8 22

1.7

41.6-1.7

▲▲

-2.03.5

8▲

9.5

19

▲5.413.9

-1.016.9

2 ▲0.82.5

22.7 3.4

1.22.7

6.8 5

2.1

0.51.01.4

-4 23.4

1,393.6

▼-54

10 6.8

142.2

13

▼▲

▼7.99.9

▲6.810

11.5

▼ 10.2

1.5

$18.54%

$17.04% $12.2 Consumer Staples

223

276

249

264265

341

315

362379

464

418400

300

390

315

355

355

387

389

406

356

513

479473

454 556

497556

389

473

447415

362

269

0

100

200

300

400

500

600

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q34QQ1Q2

2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Issu

es

EMEA Proceeds (US$m)Number of deals

Proc

eeds

(US$

m)

*tie

16 461.0 100.015.6 ▲

100.0 148 11 666.1 100.0

13

Santander 25

87 ▲

-1 ▼

2

6.7

6

4 ▲

-0.8

-0.43.9

2.0

17

407.7

▼▲8

4

3 2.9 2 ▲ 4.0 0.9 0.6 ▲66,501.8 91.1 11.5 ▲ 88.4

1.0

18.3-3.2

▲1.6

5.860.3

0.4-

0.8▲▲5.81.0

116,845.0

Credit Suisse 8 4 3,049.1Goldman Sachs & Co 9

Deutsche Bank 510.62.6 ▲

2 4,600.6

12.5

6.3

5.2 2.917 3,808.9

-0.4 ▼

24Nomura 6 14 4,106.1 115.6JP Morgan

27.9

7

29

23.115.919.2 3.59 ▲

3.53.9

▲ 58.79▼▼

16.27 ▲

4 ▲-3

19 ▲ 22.5▲

1.21.3

3.7

4 ▲11 10.6

4

-0.6

2.6

1.32.4

▲2.1

3.3 -0.119

98

11.1 -0.1

2.812.8

7.6

0.9▲

0.3

▲7

37.7

Barclays 16 15

1.2

12.1

1,098.0

▲1516.35 ▲

▲ 1716.3 3

18

-2.6

-0.3-3.2

▲ 44.9

1.7

6.5 1.4 1.4

12.3

5.8

2.7

6.77.7

Sumitomo Mitsui Finl Grp Inc 22▼

Top Twenty Five Total

8.7

Citi 17 11 1,227.5 1.7 -1.9

21 922.9 -0.3RBSRabobank NV 19

16 -0.9

32 718.721 805.1

RBC Capital Markets 20 -Bank of Ireland 19

903.4 1.21.1 -0.6

4KKR & Co LP 23 3.8Credit Mutuel SA 24

▲Industry % Change from Last Quarter 1.4% ▲ -40.0% ▼ -3.8% ▼

2.7%▲ ▲120.7%

38 547.9 0.8 0.5 ▲

Bookrunner Total 72,952.4 100.0 104

1,515.2

13 2,431.1ING 12

13

Bank of America Merrill LynchHSBC Holdings PLC 10

3.3 -1.2

3 2,404.0Morgan Stanley

-0.6

3.3

-0.8

2,558.811 18 2,526.1 3.5

-1.7

8 2,435.61.6

UBS

BNP Paribas SA 1 ▲1 9.8

Industry % Change from Last Quarter -31.8%-29.7%

# of Deals per Bookrunner

Bookrunner Total

Industry % Change from Same Period Last Year

7,106.4 29.8▲ 22

5.2 ▲21.24.9Natixis 3 12 6,150.6

Bookrunner

2.76.55.4

7 5,401.5

15 24 1,563.6UniCredit 14

34 549.5 0.8 ▲690.1

Societe Generale 4

hare %Market

Share %# of2017

Rank

Credit Agricole CIB 2 9

7.51.1

4.7

▲20.3 4.4

EMEA Sponsored Loans (P13)

8.0%

8.4

18.2%

1.0

2.1 0.7

3.5

-0.9

1.01.5

12

▼▼

16.3

▲13 ▲ 3.3

ManagerShare %

-28.9%

▲6.5 0.94.5

4.9

2.7

1.1

40.0

▼0.6

7.7

EMEA Imputed Fees Jan 1 - Jun 30

-0.9

0.917.7

0.2

3.0

-3.33.8

8.7

Jan 1 - Jun 30

ProceedsChange in Market Market

7,136.7

Proceeds per Bookrunner (US$m) Imputed Fees (US$m)

10 2,792.3

29.84 ▲ 20.713

3.8 17-1.2 ▼ 204.2

▲ 35.630.22.9 ▲ 23 22.1

12.3

34 32.7

▼▲ -0.6%

6

Market Market# of Deals

10.5

Top Twenty Five Total 570.6 85.7 14.4▲

20 19.26 17.7

7.4

105,773.8 90.7

Industry % Change from Same Period Last Year

75.7% ▲

9.7

2016 Rank Share Ch.

▲Deals

3.231

Share Ch.48.2▲

7 ▲

Fees

2,563.3 1,692.7 1,547.0 2,163.6 1,627.6 2,028.4 2,754.1 2,410.1 2,137.2 1,759.9

764

499

606

842

689 741

868

1,003

859

631

0

200

400

600

800

1000

1200

$0

$1,000

$2,000

$3,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

# of

Issu

es

Tota

l Im

pute

d Fe

es (U

S$m

)

Total Imputed Fees (US$m)Number of Deals

$75.218%

$65.715%

$55.013%

$53.412%

$39.49%

$47.2, 5%

$44.8, 5%

$20.75%

$19.95%

4% 4% 3% Industrials

Energy and Power

Financials

Materials

Healthcare

Telecommunications

Retail

High Technology

Consumer Products and Services

Media and Entertainment

Real Estate

Government and Agencies

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Agricultural Dev Bank of China

23 1,131.2Mizuho Financial Group 14

21Mega Financial Holding Co 22 18

-0.41.0 ▼ 1.2▼2.8-1.0

▼0.4 -0.74.0

▼11.8121.0 -0.3 ▼ ▼

▲ -4 -0.19.7 1.0-12

▼919.6

▼13

-8

▼1▲

20

311,159.4 3.1

0.22.1

Bank of Taiwan 1911.1

ING▲2.0

1,295.1 1.1 0.41.1

▲3.8 -13 ▼ 3.0 ▼2.8 -12 0.2

0.312

2.020 - 1,296.0-0.3

1.116

▼ 11.10.6

1.1 -0.1

1,600.90.4

1,306.91,580.6 ▲

▲Credit Suisse 17 28 1.418 24Fubon Financial Holding Co Ltd 1.4

▲▲

▲ 13.29▲ 6

4 0.51.4 0.212.3 1.2-6 ▼2.1 1.3

1.61.4 0.1

1.4Malayan Banking Bhd 15Citi 16 19 1,649.9

8 ▲ 11.6-3

▲ 11

▲▼

9 ▼

180.5

▼ 1.60.6

▲1.2 1.0-1.8China Merchants Bank

2.667 1,849.91.7 -1.714 7

▲ 316.21,968.9

3▼ 2.1

0.7

ANZ Banking Group 1.9 0.0

Bank of Shanghai 13 - 2,105.94.2 -0.517.9

1.81.81.8

▲-0.5 ▼

6.29 2,430.0 -15 ▼2.1DBS Group Holdings 12

▼ 19.1

▼3.737.0

170.01.6

0.915

11 13 2,608.2 -3.5 -4 16.0 -4.0 -9

2,647.7 2.3 0.1 ▲0.12.2

-5.71.9 -1.522.2

-4 ▼▼

-12.5 ▼China Development Bank 9 3

Mitsubishi UFJ Financial Group 10 11

▼2,906.5

8China Construction Bank 8 4 2,942.44-4.3

2.22.5 -2.9 ▼6Agricultural Bank of China 7 1.4

2.78 3,024.3 13.9

▼1222.6

▲1.4

Standard Chartered PLC 5 5 4,287.74.5 -9196 3,975.6Axis Bank Ltd

2431 7.3-

5,106.93.7 0.04.4 5.6

Industrial & Comm Bank China 2 1 9,926.57.1

6State Bank of India 3HSBC Holdings PLC 4

Bank of China Ltd

MarketShare%

273.530.4 -8Share%

1 2 22,725.4

3.5▲

8.5 -7.717.6

15▲42

4.76.4

▼39.7

-1.827.0

▲1.8 ▲

▼3.0-17

-5▲ 55.2 5.6

4.03

▲3.9▲

▲27.563.1 ▼

Syndicated lending in Asia (ex Australia) reached US$167.7 billion from 578 deals, down 27.1% compared to the US$230.1billion raised in the same period last year. Companies from the Financials sector borrowed US$36.4 billion, making it the mostactive industry in terms of volume in the region. Alibaba Group’s US$5.2 billion deal was the largest syndicated deal in Asia during the first six months of 2017. Proceeds fromthe loan were to used for general corporate purposes. Australian syndicated lending reached US$31.5 billion from 83 deals in the first half of 2017, marking an increase of 6.5%compared to the same period last year. Borrowing in the Financials sector dominated Australian syndicated loan activityduring the first half, accounting for 40% of all lending in the region. The AU$5.9 billion (US$4.5 billion) borrowed by NetworkFinance was the largest Australian syndicated lending transaction during the first half of the year. The proceeds were raised tofund the acquisition of a 50.4% interest in the Australian state-owned Endeavour Energy by an investor group led byMacquarie Group's Infrastructure arm. According to estimates, fees from Asian syndicated lending totaled US$1.3 billion in the first half of the year, increasing 16.7%compared to the same time last year. In Australia, estimated fees were US$208.4 million, an increase of US$99.1 million overthe same period in the previous year.

Market Change in

-6.3

Fees

-0.30.1

29.5

MarketShare% Share Ch.

Imputed Fees (US$m)

-82 ▼129

9.9

# of Deals▼

First Half 2017 | Syndicated Loans | Managing Underwriters

Asia (ex-Japan)Asian Syndicated Loans Down l Refinancing at 25% of the Market l Australian Volume Increases by 7%

Asia Loans - Bookrunners (All Currencies) (S5c) Jan 1 - Jun 30Asia & Australia Deals Intelligence

Share Ch.Bookrunner Proceeds

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2016 Rank

MarketManagerDeals

2017 Rank

Market # of

▼10 8,269.5

19.5 ▲7.8

0.7

3.4 1.3▼-0.6

Jan 1 - Jun 30 2017Top Asia Syndicated Loans (Ex Japan, Ex Australia)

$5,150.0

$4,650.0

Alibaba.com Ltd

Tencent Asset Mgmt Ltd

Bookrunner

Jan 1 - Jun 30Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)

13058,414.4

6.3% ▲ 46.6%-23.1%▼-20.5% ▼

24.9%

40,481.4 69.6 ▼

Industry % Change from Same Period Last Year

100.0

Industry % Change from Last Quarter ▲

100.0496.5

17.8% ▲

-39

▲▲ ▲3.1%

309.4

-10.5% ▼ -46.3% ▼

Industry Total

16.7%▼

167,674.6123,050.0

100.0

Industry % Change from Same Period Last Year -27.1% ▼ -22.0%

578

4.224

-16372.8

1,331.7 100.0965.5

0.0 - -23 -0.5 ▼4.1▼

0.31,534.7‐0.8

▼▼

▼-0.4▼ 8.3 ▼0.6

0.9 -1.2▼ 11.8-15-2

Korea Development Bank 24 20 1,569.1BNP Paribas SA 23

-0.31.1

▼ 15 2.60.9▲ 25 4.3

3.8 ▼ 1.1 0.314.30.2

-3▼-0.614 1,991.7

▲1.1 0.3 ▲ 22▼21 -1.83.6 0.8-7 ▼ 10.6

-1019 16 2,388.0

1.3 0.1 ▲ 2.91717

▼8.6 0.7▼ -1.3▲▼ 19.6 1.5 0.2▼ 2.9 -10

0.6 ▼7.4-3 ▼▲19.9 -1.6 ▼

-0.3-5

3.5▼-2.1

20

2,657.5 32▲1.6 0.5212,626.8

▲1.21 ▲3.6 1.55.5

▼0.115.6

▼5.5 -9 ▼ -0.2

-0.924.0 1.8

1.722.0Mizuho Financial Group 14 3,425.0China Merchants Bank 15 9 2,800.2 -2

19 3,529.645-0.3

4.512

-0.9

39

▼ 26

▲2.12.0 0.0 -

▼2.1

1.7

7.8▲

32▼ 18.5

▼1.4 ▼-4 -1.1

20.3 1.58 ▲6.7

2.22.33,598.4

▲4.5 -6 ▼ 30.1 ▼6.2

-1.1-10

-1.32.2362.2 0.226

0.7▼▲10 17

Axis Bank Ltd 1.3▼▲▼

20929.03,648.3

4,234.0 2.5 -16 ▼-0.62.3

9.0▼0.1

-0.42.53.0

- 33.6 ▲▼

0

2.0-14-0.139.9 3.0

▲▼

-47.1%

Proceeds per Mandated Arranger (US$m) # of Deals per Arranger

1.0

116,717.7

100.0

▼3.140.0

-3.4▼ 1.9 010.0

-

p

25Korea Development Bank

Imputed Fees (US$m)

425

1,117.390,032.0

Asia Loans - Mandated Arrangers (All Currencies) (S5b)

▲7.9 ▼

Bookrunner Total

-29.0%

24

Industry % Change from Same Period Last Year

Top Twenty Five Total

Sumitomo Mitsui Finl Grp Inc

▼-27.7%

▼1617

1,119.3

Industry % Change from Last Quarter -11.3%

Change in

-1630.6

7-0.4▼

▲▲▼

7.8%

100.0

25.3%

1.0

▲77.4

11▼-0.4 2.6

992.9

6.50.81.60.7

-0.5747.2

-1075.2 6.9

-7 -1.0

Jan 1 - Jun 30

184

1,856.7

25 25

21 2,090.5

22 2821

Industry % Change from Last Quarter

24

17

Bank of Communications Co Ltd

Citi

Top Twenty Five Total

Bank of East Asia Ltd

Mega Financial Holding Co

China CITIC Bank Corp Ltd

Agricultural Bank of China

20

# ofMarketMarketProceeds

2017 RankMandated Arranger

2016 Rank # of Deals

DBS Group Holdings10

China Development BankHSBC Holdings PLC

264.410,708.3

DealsShare Ch.

2

8

China Construction Bank

MarketShare%

28,373.9 200

Standard Chartered PLC

-0.9

3.5

5

United Overseas Bank Ltd

ANZ Banking Group

Sumitomo Mitsui Finl Grp Inc

8

15

Oversea-Chinese Banking

56

Mitsubishi UFJ Financial Group

18

16

11

2,586.8

7,695.1

5,387.1

3,887.2

22

1112

▲1.4

▲34.6

Share%▲

6.1

3 4.011.0

MarketShare Ch.Fees Share%

MarketManager

6.4▼

1,779.8

3,525.8

3.9 ▲

13

76 3.2

16.9

-7.4

0.0

7

Bank of China Ltd

3

1

3

2

113

Industrial & Comm Bank China4

State Bank of India10,384.1

4,896.4 45-

2.952

58

1.65,875.0

6.2▲

0.4

13.5

Shanghai Pudong Development Bk

4

14

4.5▲71

297.7 22.4▲ 5.2▲

69.4

7.8

7840.811

-15 ▼

27.0

1.5

0.8

1.2

0.973.4

1.4

1.6

0.1

-0.10.1

‐0.6

-94 5.4▼

0.7

▲ 80.6▼

4.63.5

12.3 -5.072.4

20.5

-3.11.70.5

5.6 ▲

Share Ch.Market

0.55.16.3 2.0

-0.2▲

7.8▼

2.1

Imputed Fees (US$m)

1.5

▲3.8 0.2

-0.2 ▼

2.7 1.2

-0.9

▲3.7

3.2

4.1

2.9

3.6 2.6

3.3

2.0 0.7

-0.6

HSBC Holdings PLC 1 1Standard Chartered PLC 2

43 2,717.1 4.7

Proceeds per Bookrunner (US$m) # of Deals per Arranger

4 3,664.5 6.3

Citi

State Bank of India 5

2017 Rank

-0.2 ▼ 25 19.20.4

Market2016 Rank

38.9Proceeds Share%

4,935.9# of Deals

8.5Fees

Market Change in Share%Share Ch.

MarketManagerShare%

Market # ofDeals

▲ 22 16.9 -6-13 ▼ 25.5

Bank of China Ltd 3 5 3,030.6 5.2 -1.2 ▼ 15 11.5 -10 ▼ 31.2China Construction Bank 4 2 2,826.7 4.8 -3.3 ▼ 7 5.4 0 -

4.2 ▲ 5 3.8 2 ▲ 17.6ANZ Banking Group 6 8 2,608.2 4.5 -0.1 ▼ 17 13.1 -9 ▼ 19.1Industrial & Comm Bank China 7 12 2,212.8 3.8 1.8 ▲ 9 6.9 -2 ▼ 18.6DBS Group Holdings 8 6 2,211.4 3.8 -1.5 ▼ 16 12.3 -13 ▼ 16.5Mitsubishi UFJ Financial Group 9 7 2,142.3 3.7 -1.3 ▼ 13 10.0 -6 ▼ 14.4China Merchants Bank 10 3 1,968.9 3.4 -4.1 ▼ 9 6.9 -3 ▼ 16.1Malayan Banking Bhd 11 48 1,616.0 2.8 2.4 ▲ 9 6.9 6 ▲ 10.3

12 10 1,610.2 2.8 -0.2 ▼ 6 4.6 -6 12.0 2.4Credit Suisse 13 14 1,600.9 2.7 1.0 ▲ 9ING 14 16 1,255.4 2.2 ▲

6.9 4 ▲▼

13.29 6.9 -4 1.9 -0.2

Fubon Financial Holding Co Ltd 15 22 1,148.5 2.0 0.9 70.7

-3 ▼ 10.25.4▼ 9.4

▲▼ 6.3Sumitomo Mitsui Finl Grp Inc 16 11 1,106.2 1.9 -0.7

Mizuho Financial Group 17 9 1,091.5 1.9 -2.218 58

1.3 -1.5 ▼

▼ 9 6.9 -5▼ 12 9.2▲

▼China Everbright Bank 1.48.4 1.7

▼952.3 1.6 1.3 3 2.3

51.4 ▲ 6 4.6 ▲ 6.7 1.4 1.4

2.311.3-5▲2

-0.7

▼ABN AMRO Bank 19 65 942.0 1.6

62.2-0.7Mega Financial Holding Co 20 19 840.0 1.4 0.1 4.6 -3▲ 6

Top Twenty Total -0.63.2 0.6

Bookrunner Total

$3,888.1

$3,500.0

$3,385.3

$3,374.0

$3,355.2

$2,834.7

$2,471.7

$2,390.2

Huadian Jinsha Hydropower

Ant Financial Services Group

CT Brilliant Invest Hldg Ltd

Shanghai Metro Line 15 Dvlp

PT Bhumi Jati Power

Sun Hung Kai Properties Ltd

Guangzhou Subway Co

BPRL

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9

------

23.1% ▲ 143.5%

100.0

51.3110.3 100.0

70.8%

-10.8

18,786.4 59.7100.0 2.4 56.5▲

-5.4▼21.9-8.5 -5-4.4 6.0

18.411.0

3▼

4 ▼ 10 11.012

2.2

10.42▼10.6 22.113

11.5-14.7

▲ 15.538.323.1 -5.0-

1610.0

-2.38 940.1 3.6 7.3

Market # ofDeals Share% Share Ch.

9▲3.0

Imputed Fees (US$m)

Share% Share Ch. Fees2017 Rank

MarketProceeds per Bookrunner (US$m) # of Deals per Bookrunner

Credit Agricole CIB 7

▲59.4% ▲

5.11,609.1

138

10

1.1

Mitsubishi UFJ Financial Group

Australia Loans - Bookrunners (All Currencies) (S7)

Market

Commonwealth Bank of Australia

Change in

Jan 1 - Jun 30

125.5

5.1

933.6

14

1,189.167

5.3 3.2

3.8 -2.6

▲-0.2 7

13

19

16

295▲

9

1,740.3 3.75

98.3%

-13.0208.4

3,013.2 -2.4▼

▲4 2 1,863.2 -8.2 ▼ -2.4

20.7

-4.4

29▼

10.8▼

7.5

3.55.0

MarketChange in

20.1

9.7▼▼ -1.49.9

▼31

4.5

-3-1 ▼

# of Deals per Arranger Imputed Fees (US$m)

▼-1.5-2.8

Share%

9.3

2.715.6

Market

▼ 12.1

66.7% ▲

MarketShare%

-5.5 ▼

2.6

National Australia Bank-1.73

1 3 3,115.61,882.4

Westpac Banking 4 1,806.4

Industry % Change from Last Quarter 68.7% ▲

Top Ten Total 16,972.0Bookrunner Total

Proceeds per Mandated Arranger (US$m)

Share%# of Deals Proceeds Share% # of DealsDeals

First Half 2017 | Syndicated Loans | Managing Underwriters

3.98.1

▲ 10.32

132.6 63.914 ▲

Fees13.0

6.1

7.1 -3

25.1-2

▲6.4

1

10.6

17.00

3

Commonwealth Bank of Australia 1

-1.75.9

9.69.3

4.6

2,425.7 7.7 -3.633 11.6

31,489.2

Industry % Change from Last Quarter 129.8%

0.4

10.0 ▼

Industry Total

5.4

ANZ Banking Group 243

Share Ch.Manager Market# of

Australia Loans - Mandated Arrangers (All Currencies) (S6a) Jan 1 - Jun 30

Market Market

3,396.5Mandated Arranger Share Ch.

2016 Rank

Industry % Change from Same Period Last Year

1,675.6

National Australia Bank

Manager 2017 Rank

HSBC Holdings PLC

Westpac Banking

HSBC Holdings PLC 861.95 5

3.6

217

▲188.3%

100.0

18.6%

83

100.0

1.010.6

-0.6

1.17

6.6 5.5-3.0

Bank of China Ltd

Market

4.3 ▲▼

Jan 1 - Jun 30 2017

5

▲ 6Sumitomo Mitsui Finl Grp IncChina Construction Bank

6

ANZ Banking Group

0.83.0

Top Ten Total

6.5%

5.1▲

-1

3 6.7 3.5

5 ▼▼

11.1

2016 Rank Proceeds

Asia (ex-Japan) & Australia

Bookrunner

2 1

▼- 640.1

2 1,784.2

Barclays

10.5

9

2.1 1.9 1.9▲ 2 7.9 2 ▲3.8 3.8

Asian Loans by Maturity Date

48

3.0 ▲Citi 7 14 538.5 3.2 2.76.5 ▲

2 ▲ 3.8

2.8▲

▲3

▲Credit Agricole CIB 8 9 518.6 3.1 1.1 ▼

2.9Sumitomo Mitsui Finl Grp Inc 9 - 480.8 2.8 ▲2.83.1 -0.4

▼▲ 2 5.8 2 2.6 0.3

5.0

1

▼412.9 2.4 1 ▲ 1.6-1.3

Industry % Change from Same Period Last Year

Top Australia Syndicated Loans (US$m)

16,972.0

-9.1%

2 1.4ING 10 7

*tie

-0.4

1000

1200

1400

270

280

290 Proceeds (US$b) # of Issues

$4,472.5

$3,000.0

$1 382 4

Network Finance Co Pty Ltd

Ichthys LNG Pty Ltd

A t li R i t Fi Pt

Jan 1 - Jun 30 2017 Asian Loans by Currency (%) First HalfAustralian Loans Proceeds by Industry (US$m)

$11,164.840%

$6,788.524%

$4,183.715%

$2,268.68%

$1,868.17%

$1,842.46%

Financials

Energy and Power

Industrials

Telecommunications

Government and Agencies

Real Estate

60.5% 77.0% 75.2% 63.2% 63.4% 60.6% 62.3% 65.9% 63.2% 60.3%

39.5%

23.0% 24.8%

36.8% 36.6% 39.4% 37.7%34.1% 36.8% 39.7%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Local Currency G3

$247.5 $264.1 $283.9 $237.4 $245.90

200

400

600

800

1000

210

220

230

240

250

260

2017 2018 2019 2020 2021

# of

Issu

es

Proc

eeds

(US$

b)

$1,382.4

$1,322.1

$1,230.0

$1,199.8

$1,137.3

$1,131.3

$1,055.9

Australian Registry Fin Pty

WCX M4 Finco Pty Ltd

Macquarie Group Ltd

SPIC Pacific Hydro Pty Ltd

Telstra Corp Ltd

Optus Finance Pty Ltd

Sydney Airport Fin Co Pty Ltd

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10

Japanese syndicated lending for the first half of 2017 reached US$116.4 billion from 990 deals, representing a 3.4% decrease inproceeds and a 1.4% decrease in number of deals compared to the same period last year. USJ Co Ltd’ US$4 billion refinancing dealled the market, which was arranged by Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank Ltd, and Sumitomo Mitsui Banking Corp. No non-Japanese borrowers accessed the Japanese market in the second quarter. The last quarter of purely domestic Japanese loan activitywas the second quarter of 2004.

Borrowing in the Industrial sector secured 15.6% of the Japanese loan activity, with US$18.1 billion during the first six months of 2017,representing a 19.5% decrease compared to the same period in 2016. Mitsubishi Heavy Industries' US$2 billion facility in Junecontributed to this activity.

With a 47.1% market share during the first half of the year, working capital remained the primary driver for Japanese syndicated loansactivity, with proceeds worth US$53.8 billion - a 4.1% increase compared to the same period last year. Six out of the top ten dealsduring the first half of 2017 were attributed to working capital.

Top Twenty Total108,183.8Bookrunner Total

▲0.3108,162.5 100.0-20

0 -14.2 0.0 0.0 - 1 0.1

966100.0

6/30/20173/23/20172/24/2017

Leveraged BuyoutWorking Capital

Working CapitalCK Holdings

Marubeni CorpGeneral Corp. Purp.

Top Ten DealsClosing Date

2,693.42,658.3

Working Capital

USJ Co Ltd5/1/2017 4,023.9

Sumitomo Corp3,874.72,941.6 Daishi Bank Ltd 20 22

Japan Deals Intelligence

Package Amt (US$m)Borrower

Jan 1 - Jun 30 2017

RefinancingPrimary UOP 16

2/28/2017

JP Morgan

-

262.5

102.8

CTBC Financial Holding Co Ltd

18

130.4Nishi-Nippon Finl Hldg Inc

4,007.7

3/31/2017

JXTG Holdings Inc

Sony Corp

320.2-

13

624.9

201.2

1,249.8

38-0.50.6

0.1

669.9 0.1

11 584.711

0.3

15

7

14274.6

-0.10.1

First Half 2017 | Syndicated Loans | Managing Underwriters

JapanJapanese Syndicated Lending down 3% | USJ Refinancing – Largest Deal

7 0.8Sumitomo Mitsui Trust Holdings

26,038.93

Sh %Change in

Shinsei Bank 16

0.6

12BNP Paribas SA

10Resona Holdings Inc 10

Aozora Bank Ltd9

Sapporo Hokuyo Holdings Inc 1314

1Sumitomo Mitsui Finl Grp Inc

12

5 6

7

33,160.8-6.6

# of

28624.6 ▼

▲8▲ 29.62

Share %▼

671.5

30.7

870.1

Share Ch.Proceeds

3,377.5

35.0

2016 Rank

2017 Rank

Mitsubishi UFJ Financial Group 34

Bookrunner

Citi 4

Mizuho Financial Group 238

Jan 1 - Jun 30

-50

Market Market

Japan Loans - Bookrunners (S12b)

Deals37,890.7

Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket

3.1 0.3 -0

# of Deals

2.335.1

Development Bank of Japan Inc

9

58

Credit Agricole CIB8

Concordia Financial Group6

145

1,637.3 ▲1.5

339▲24.1

▲0.3

▲▲ 0.5

0.6

14

0.0

1.2

3.9

▼-0.1 1.4

521 2.2▼

0.1

▲1

443

4

4.5▲ -6-

▼▲

▲127 0.7 ▲

1.2

42

▲-1

0.7

-10▼0.43.9

0.20.50.3

2▲0.2

▲-0

20.30.1-0.2

0.1

▼10.0

0.1▼▲

-▲0.3 2▲0.4 1

00.9

1-

0.0

4

9

0.110.0

3-0.1

0.044.9- ▲0.1

▲-1 10.0

0.2

Shinkin Central Bank 35.619

2115

Shikoku Bank Ltd17

Fukuoka Financial Group Inc

,

Industry % Change from Same Period Last Year -7.9% ▼ -2.0% ▼Industry % Change from Last Quarter -59.1% ▼ -78.5% ▼

Working Capital

Takeda Pharmaceutical Co Ltd

1,912.9

p p

6/7/2017

3/31/2017

,TOSHIBA Corp

2,519.0Working Capital

6/29/2017 2,048.4NEC Corp

2,525.64/3/2017

Overall Japan Loans Volume

Working CapitalMitsubishi Heavy Industries

Acquisition Fin.

y p

Japan Loans Proceeds by Industry (US$b) Jan 1 - Jun 30 2017

1,661 1,686

1,826 1,8651,958

2,0261,992

990

0

500

1,000

1,500

2,000

2,500

$0

$50

$100

$150

$200

$250

$300

$350

2010 2011 2012 2013 2014 2015 2016 2017

# of

Dea

ls

Proc

eeds

(US$

b)

Q4 Proceeds (US$b) Q3 Proceeds (US$b) Q2 Proceeds (US$b) Q1 Proceeds (US$b) # of Issues

$18.115.6%

$15.613.4%

$15.413.2%

$14.312.3%

$13.411.5%

$7.96.8%

$6.15.3%

$6.05.2%

$5.95.1%

Industrials Energy and Power

Materials Financials

High Technology Consumer Staples

Retail Real Estate

Healthcare Consumer Products and Services

Media and Entertainment Government and Agencies

.

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-

1

5

47▲

0.0

▲0.2

696.5Resona Holdings Inc 10

0.311

320.2118

-

Concordia Financial Group

Nishi-Nippon Finl Hldg Inc 19 135.5

BNP Paribas SA

Aozora Bank Ltd

-30

Shinkin Central Bank

18

0.0

0.1

1316JP Morgan

165.8Fukuoka Financial Group Inc

Hokuhoku Financial Group Inc

15*12

Shinsei Bank 1712HSBC Holdings PLCCTBC Financial Holding Co Ltd

-

66.7

0.10.0

267.9

175.00.2

0.1-

25

300.0-

0.0

17 15*

14

0.114

213.2

13

▲▼

226.00.2 -0.1

Sapporo Hokuyo Holdings Inc 2215

▲1

▼89

0.5

210

20*

66.720

44.9

INGCommerzbank AGShikoku Bank Ltd

Taishin International Bank66.7

23238.9

0 0 1Daishi Bank Ltd 0.00.0

2524

0 10 035 6

1 0.1▲

1-

-

▲2

0

0.2

-▲

2-33

3

1-

0.50

-1

▼11

0.11 ▲

0.10.1

0

2

0.1 -▲

1.0

-4

0.8

2.2

2

44.7

-144.5

-4

4

-1

0.2

8

▲7

45

0.71

0.4 ▼

989.1 -0.30.9

451.4 0.4672.5

Change in

37.4827 ▲2.7

Deals10

-

0.7

1.9

0.6 13

5▼

259

22

26.2 ▼

0

1.3

0.5

▲ ▲17370

Sh %Market

31.5

# of Deals per MA

10

7

31.731.525.7

2

2,262.5

0.0

0.1

0.6

0.2

▲▼

-0.6

0.2-

Proceeds

36,600.4

2016 Rank

0.1

0.3

Share %

2.0

29,877.96

Japan

First Half 2017 | Syndicated Loans | Managing Underwriters

Japan Loan Volume - Non-Japanese Borrowers

Share Ch.

Japan Loans - Mandated Arrangers (S12a)

Market

36,902.4

Jan 1 - Jun 30

1 ▼▲

-49

Proceeds per Mandated Arranger (US$m)

312

# of# of Deals

Market

0.0

3

Mandated Arranger1

2,701.4

-8.0Sumitomo Mitsui Finl Grp Inc

2017 Rank

3.4

3Mizuho Financial Group 2

5

4.6

4 2,298.12.3

Sumitomo Mitsui Trust Holdings0.9

Credit Agricole CIBCiti

0.1

4

70.1

760.5

-0.25

9

0.11

Mitsubishi UFJ Financial GroupDevelopment Bank of Japan Inc

6

0.15

20*20*

0.20.30.3

0.1

0.0

3

-0.1

10

2

12

6

13

3

6

10

43

11

4

9

4

21

4

11

2

26

7

15

4

6

2

8

5

10

15

20

25

30

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

# of

Issu

es

Proc

eeds

(US$

m)

Proceeds (US$m) No. of Deals

-62.7% ▼ -78.1% ▼

116,369.6 100.0

Japan Loan Volume by Maturity Date

Shinkin Central Bank

Japan Loans - Top 10 Uses of Proceeds (US$b)

▲10.0 1-25106,322.3

Industry % Change from Same Period Last Year

0.1-0.035.6

-1.4%-3.4%

100.0

990▲Top Twenty Five Total

Industry Total0.6

Jan 1 - Jun 30 2017

-14

*tie

Industry % Change from Last Quarter

2 2 4 2

00$0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2011 2012 2013 2014 2015 2016 17

186.1 118.2 105.3 83.5 61.0 41.4 32.3 23.4 138.6

1627

1055 1000

842

647

473384

317

1,499

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2018 2019 2020 2021 2022 2023 2024 2025 2025 & Beyond

# of

Issu

es

Proc

eeds

(US$

b)

Proceeds(US$b) # of Issues

$53.8 47.1%

$16.4 14.4%

$11.0 9.6%

$9.4 8.3%

$7.0 6.1%

$6.0 5.3%

$5.0 4.4%

$3.0 2.6%

$2.5 2.2%

Working Capital

General Corporate Purposes

Capital Expenditures

Refinancing

Refinance Bank Debt

Acquisition Financing

Leveraged Buyout

Project Finance

Property Acquisition

.

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-

-

-

-

-

-

-

-

Asia-Pacific

Ewelina JareckaTel: +44 207 542 2246E-mail: [email protected]

Tel: +852 2912 6603Emily Au

E-mail: [email protected]

Imputed fees are generated using a proprietary Thomson Reuters algorithm when spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter

Japan

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm

Ai Hashimoto

First Half 2017 | Syndicated Loans | Managing Underwriters

Ranking Criteria Summary

Tel: +1 646 223-8455E-mail: [email protected]

Europe

E-mail: [email protected]: +813 6441 1155

Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.

If you would like to participate in the submission process, receive quarterly press releases, orhave questions about league table criteriaplease contact:

AmericasSalvatore Reres

Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be giviento the surviving/parent firm.

Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.

Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current andprevious year's data is as of 9:00am EDT on June 30, 2017.

All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.

Market Segments (i.e. leveraged, investment grade) in this report are based on SDC 'yield type' which is defined separately from Thomson Reuters LPC 'market segments'. Please speakto your contributor relations representative for more details.

-

-

-

-

-

or advisor is allocated its share of deal fees using the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to non-lead loan syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting inpartnership with Thomson Reuters.

Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most comprehensive and accurate view of the syndicated loans market available.

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".

Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process.

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liablefor any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express orimplied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carryout a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products,including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2017 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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