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Bloomberg
Table of Contents
1 . Introduction 2 . U.S. Loans 3 . U.S. Leveraged Loans 4 . Canada Loans 5 . EMEA Loans Mandated Arranger 6 . EMEA High Yield Loans Mandated Arranger 7 . EMEA Sponsor-led Lev Loans Mandated
Arranger
01/03/2011
Just type LEAG <GO> for underwriter rankings or LALT <GO> for legal adviser rankings and then click on the red 'Select a Market' button in the top left of your screen to view a complete range of rankings available for fixed income, equity, equity-linked and syndicated loans. Alternatively, press the green <Help> key on your BLOOMBERG PROFESSIONAL(R) for further instructions.
9 . EMEA Loans Book Runner 10 . EMEA High Yield Loans Book Runner 11 . EMEA Sponsor-led Leveraged Loans Book
Runner
VISIT {NI LEAG CRL <GO>} TO DOWNLOAD COPIES OF THE FULL RELEASE AND A FULL RANGE OF MARKET SPECIFIC LEAGUE TABLE RESULTS.
13 . Asia ex-Japan Loans Mandated Arranger 14 . Asia ex-Japan Loans Book Runner 15 . Asia-Pac ex-Japan Loans Mandated
Arranger
16 . Asia-Pac ex-Japan Loans Book Runner 17 . Australia/NZ Loans Mandated Arranger 18 . Australia/NZ Loans Book Runner 19 . EMEA Islamic Loans Mandated Arranger 20 . EMEA Islamic Loans Book Runner
For data submissions or queries, please contact: Contact Americas EMEA Asia-Pac (HK) Asia-Pac (SG) Paul Bandong Charlotte Howell Frances Liu Steven Poernomo Phone +1-609-279-5187 +44-20-7330-7326 +852-2977-6117 +65-6212-1557 Fax +1-646-268-5455 +44-20-7073-5305 +852-2977-6167 +65-6212-1657 Email pbandong1@bloomberg.net chowell10@bloomberg.net fliu20@bloomberg.net spoernomo@bloomberg.net
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1
Bloomberg
U.S. Syndicated and Leveraged Loan Full Year 2010 Review
The overall U.S. syndicated and leveraged loan market was at its highest level of both issuance and volume since 2007. Total volume for 2010 was $986.8 billion, more than double the volume for 2009. Issuance followed a similar trend and increased 92.5% to 2,066 deals compared to 1,073 deals in 2009. This is still down 43.7% from the high of $1.8 trillion of volume in 2007 when the market was at its peak. Leveraged loan volume was also at its highest level since 2007 with $377.5 billion in volume over 1,003 deals. Volume more than doubled over 2009 volume, but was still down 57.1% from the $879.5 billion of issuance in 2007. JP Morgan captured 20.1% market share by volume to earn the number one position for U.S. syndicated lead arranger for 2010, retaining the number one spot for the fifth year in a row. Bank of America Merrill Lynch and Citi followed, capturing 20.0% and 9.1% market share, respectively. The top three arrangers captured nearly half the market with 49.2% market share. Bank of America Merrill Lynch ranked number one in the U.S. leveraged lead arranger table with 18.7% market share by volume, and captured the position for the second year in a row. JP Morgan and Wells Fargo with 14.1% and 7.7% market share, respectively, round out the top three leveraged lead arranger positions. The largest new issue syndicated loan for 2010 was the $10.0 billion revolver for Johnson & Johnson, led by Citi and JP Morgan. The largest deal for 2010 overall was the amendment for the $21.5 billion General Electric revolver. Bank of America, Citi and JP Morgan led the deal that extended the maturity until 2013. The largest new issue leveraged loan for the year was the $5.0 billion revolver for General Motors. Ten banks including Bank of America, Barclays, Citi, Credit Suisse, Deutche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, RBC and UBS arranged the transaction in October. LEAG <GO>
2010 Bloomberg Finance L.P. All rights reserved.
Yea r 2008 1 3 11 9
2007 1 3 17 12
2006 1 3 17 8
2 13 12 8
1 17 5 16
1 18 4 19
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Bloomberg
Underwriter League Tables
U.S. Loans
1/1/10
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
JP Morgan Bank of America Merrill Lynch Citi Wells Fargo & Co Barclays Capital Deutsche Bank AG Credit Suisse BNP Paribas Group RBS Goldman Sachs & Co Morgan Stanley Mitsubishi UFJ Financial SunTrust Robinson Humphrey General Electric Capital Corp PNC Bank UBS RBC Capital Markets HSBC Bank PLC KeyBanc Capital Markets US Bancorp
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
20.1 20.0 9.1 8.4 4.2 3.5 3.4 3.3 2.7 2.6 2.2 1.7 1.6 1.5 1.5 1.4 1.1 1.0 0.9 0.7 100%
198,666 197,424 90,092 83,243 41,034 34,655 33,337 32,072 26,789 25,851 21,673 16,832 15,399 15,266 15,017 14,218 10,481 9,835 9,065 7,306 986,791
555 788 206 451 159 129 140 113 113 87 72 81 119 155 130 82 66 35 73
1 2 3 4 5 6 12 8 10 9 13 15 19 14 16 7 17 11 23 25
22.3 18.1 14.2 6.7 4.0 3.8 1.5 2.8 2.3 2.3 1.1 1.0 0.9 1.1 1.0 3.4 0.9 1.6 0.6 0.5
100%
(2.2) 1.9 (5.1) 1.7 0.2 (0.3) 1.9 0.5 0.4 0.3 1.1 0.7 0.7 0.4 0.5 (2.0) 0.2 (0.6) 0.3 0.2
550,000 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
1200
1000
800
52 2,066 471,709
600
400
200
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Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
Bank of America Merrill Lynch JP Morgan Wells Fargo & Co Credit Suisse Barclays Capital Deutsche Bank AG Goldman Sachs & Co Citi General Electric Capital Corp Morgan Stanley UBS BNP Paribas Group RBS SunTrust Robinson Humphrey RBC Capital Markets BMO Capital Markets KeyBanc Capital Markets Jefferies Group Inc PNC Bank US Bancorp
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
18.7 14.1 7.7 6.8 6.8 6.1 4.7 4.7 3.6 3.6 2.9 2.4 2.2 2.2 2.1 1.1 1.1 1.1 0.9 0.7 100%
70,710 53,213 29,045 25,773 25,556 22,836 17,778 17,629 13,533 13,503 11,048 8,972 8,480 8,370 7,855 4,189 4,114 4,103 3,535 2,460 377,446
1 2 4 8 7 6 12 3 10 11 5 9 15 16 14 19 17 34 28 20
16.5 14.6 9.7 3.1 4.0 5.0 2.0 11.9 2.2 2.1 8.9 2.9 1.6 1.3 1.7 0.8 1.0 0.2 0.4 0.7
100%
2.2 (0.5) (2.0) 3.7 2.8 1.1 2.7 (7.2) 1.4 1.5 (6.0) (0.5) 0.6 0.9 0.4 0.3 0.1 0.9 0.5 280,000 240,000 200,000 160,000 300 120,000 80,000 40,000 0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
600
500
400
17 1,003 169,967
Includes all eligible U.S. leveraged loans (spread of 300bp or more). Loans must be rated less than investment grade by at least one rating agency or not rated at all. Volume in USD millions.
200
100
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Bloomberg
CanadaSyndicatedLoan FullYear2010Review
The Canada syndicated loan market issuance and volume for 2010 was up over 2009. Total volume for 2010 increased 86.0% to USD $108.8 billion and issuance increased 59.3% to 332 deals compared to the same period last year. This was the most active year since 2007 when volume peaked at USD $ $167.4 billion and 348 issues. The fourth quarter of 2010 was particularly strong, with both issuance and volume increasing over the same period last year. Total volume in the fourth quarter 2010 more than doubled to USD $30.3 billion. Issuance increased 59.3% to 93 deals compared to 59 deals in the same period last year. Overall, the second quarter of 2010 was the b h d f h busiest with USD $ h $30.3 billion of volume. TD Securities captured 21.3% market share by volume with 70 issues to earn the number one position for Canadian syndicated lead arranger for 2010. RBC Capital Markets, Canadian Imperial Bank of Commerce Scotia Capital Inc and Commerce, Inc. BMO Capital Markets round out the top five lead arranger positions. The top three arrangers together captured more than a majority of the market, with 58.2% market share among them. The largest syndicated loan for 2010 was arranged by RBC Capital Markets for Talisman Energy Inc. This transaction consisted of a USD $3.8 billion Revolver to be used for general corporate purposes. RBC also led the $2.4 billion Revolver for Cenovus Energy. All three of the top syndicated transactions for 2010 were for oil related companies.
CanadaSyndicatedLoanMarketReview
Rankings&MarketShare
Underwri ter LEADARRANGERFULLYEAR2010 TDSecuri ti es RBCCa pi ta l Ma rkets CIBC Scoti a Ca pi ta l BMOCa BMO Ca pi ta l Ma rkets Ma LEADARRANGERFOURTHQUARTER RBCCa pi ta l Ma rkets TDSecuri ti es CIBC BMOCa pi ta l Ma rkets Scoti a Ca pi ta l Ca Ra nk 1 2 3 4 5 1 2 3 4 5
Purpose GeneralCorp GeneralCorp GeneralCorp Date 11/26/10 6/21/10 9/30/10
MktSha re(%) AmtUSD(Ml n) 21.3 21.0 15.9 12.4 10.5 10 5 29.7 22.8 10.1 8.6 6.8 $23,197.02 $22,870.85 $17,354.67 $13,521.49 $11,445.24 $11 445 24 $8,991.50 $6,902.35 $3,051.01 $2,597.03 $2,047.65
Industry
Is s ues 70 70 76 63 48 29 21 21 14 13
Maturity 2014 2014 2014
TopSyndicatedTransactionsFullYear2010
Issuer,Underwriter Tranche Revolver Revolver Revolver AmtUSD(Mln) $3,770
SYNDICATEDLOANS
TalismanEnergyInc RBC NexenInc TD CenovusEnergyInc RBC Oil Expl&Production $3,000 Oil Expl&Production Expl & Production $2,429 Oil Integrated
LEAG <GO>
2010 Bloomberg Finance L.P. All rights reserved.
LREP <GO>
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Bloomberg
Underwriter League Tables
Canada Loans
1/1/10
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
TD Securities RBC Capital Markets CIBC Scotia Capital Inc BMO Capital Markets National Bank Financial Inc JP Morgan Bank of America Merrill Lynch Citi HSBC Bank PLC RBS Wells Fargo & Co GE Capital Markets Canada Ltd UBS Societe Generale BNP Paribas Group Rabobank Nederland General Electric Capital Corp Mitsubishi UFJ Financial Credit Suisse
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
21.3 21.0 15.9 12.4 10.5 3.8 2.3 1.8 1.1 1.0 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.4 0.4 100%
23,197 22,871 17,355 13,522 11,445 4,081 2,490 1,929 1,232 1,051 687 677 631 606 605 587 577 529 485 452 108,812
70 70 76 63 48 29 17 14 6 5 6 6 1 5 10 8 3 4 5 3 332 58,499
2 1 4 3 5 6 7 8 9 18 13 11 22 14 17 19 35 10 16
19.9 20.6 11.5 17.7 11.2 3.3 3.3 3.0 2.4 0.3 0.7 1.1 0.1 0.5 0.3 0.2 1.5 0.3
100%
1.4 0.4 4.4 (5.3) (0.7) 0.5 (1.0) (1.2) (1.3) 0.7 (0.1) (0.5) 0.5 0.1 0.3 0.3 0.5 (1.0) 0.1
70,000 60,000 50,000 40,000 80 30,000 20,000 10,000 0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
140
120
100
Includes all eligible Canadian loans. Table based on Loan Arranger. Volume in USD millions.
60
40
20
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Bloomberg
Year-end 2010 Review
The overall EMEA Mandated Arranger volume increased, year on year, from USD 575.5 Bln to USD 905.8 Bln for the year a 57.4% increase on 2009. BNP Paribas Group ranked number one in the EMEA Mandated Arranger tables, having captured 6.4% of the market with USD 58.0 Bln, followed by Credit Agricole (5.1%, USD 46.4 Bln) and RBS (5.0%, USD 44.9 Bln). The overall EMEA Book Runner volume increased, year on year, from USD 458.6 Bln to USD 734.8 Bln for the year a 60.2% increase on 2009. BNP Paribas Group ranked number one in the EMEA Book Runner tables, having captured 8.2% of the market with USD 59.9 Bln, followed by Societe Generale (6.5%, USD 47.5 Bln) and Credit Agricole (6.0%, USD 44.4 Bln). Barclays Capital ranked number one in the EMEA Loans Facility Agent tables with a market share of 11.8% (USD 91.0 Bln), followed by Deutsche Bank (8.4%, USD 65.0 Bln) and RBS (6.7%, USD 52.0 Bln). The largest syndicated loan of 2010 was the USD 45 Bln BHP Billiton PLC facility to finance the acquisition of Potash Corp, underwritten by Banco Santander, Barclays Capital, BNP Paribas Group, JP Morgan, Royal Bank of Scotland & TD Securities. The underwriters were joined by a further 18 banks in syndication. Issuers from the United Kingdom raised the largest amount, by volume, of loans during 2010 (USD 183.1 Bln), followed by France (USD 130.9 Bln) & Spain (USD 108.4 Bln). Industrial sector issuers comprised the largest share of issues during the year with a 17.1% market share, followed by Non-cyclical consumer industry issuers (15.2%) & Financial issuers (13.2%).
Largest EMEA Deals - 2010
Ma chi nery-Di vers i fi edBF613283 Tel ecommuni ca ti ons BF656702 Di s tri buti on/Whol es a BF597953 Auto Ma nufa cturers Pha rma ceuti ca l s Oi l &Ga s BF696138 BF655937 BF492523
Sa udi Ara mco Tota l Refi ni ng & Petrochemi ca l Co 6/24/2010 USD 8,500
ALINMA-APIC-ARABBK-ARABNB-BARCLY-CACIB-CITI-DB-EXDEVC-FRANSI-GIB-HSBCL-ISLDEV JAZIRA-JPM-KFW-MIZUHO-MUFG-NATLCB-RAJHI-RBS-RIYAD-SAMBA-SAUDIH-SG-SIBC
2009
2010
Oct
Nov
Dec
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2010 Bloomberg Finance L.P. All rights reserved.
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Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
BNP Paribas Group Credit Agricole CIB RBS Societe Generale HSBC Bank PLC Barclays Capital Banco Santander SA Deutsche Bank AG ING Groep NV Citi Commerzbank AG JP Morgan UniCredit Group Bank of America Merrill Lynch Mitsubishi UFJ Financial Natixis Banco Bilbao Vizcaya Argentaria Lloyds TSB Corporate Markets Intesa Sanpaolo SpA Sumitomo Mitsui Financial Group Inc
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
6.4 5.1 5.0 4.6 4.2 3.9 3.8 3.6 3.5 3.2 2.9 2.9 2.7 2.5 2.4 2.3 2.2 2.1 2.0 1.3 100%
57,975 46,356 44,910 41,473 38,054 34,942 34,452 32,250 31,878 28,840 26,448 26,167 24,407 22,644 21,749 20,992 19,791 18,992 18,254 12,153 905,842
401 280 287 265 243 212 241 187 240 168 197 107 183 113 117 165 200 137 118
1 3 2 6 4 7 5 8 11 9 10 12 14 25 17 15 13 16 18
8.2 5.9 6.9 4.3 4.7 3.9 4.5 3.4 2.8 3.1 2.9 2.5 2.3 1.1 2.1 2.3 2.4 2.2 1.5 0.6
100%
(1.8) (0.8) (1.9) 0.3 (0.5) (0.7) 0.2 0.7 0.1 0.4 0.4 1.4 0.3 (0.2) (0.1) 0.5 0.7
550,000 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:
QUARTERLY VOLUME
USD (Mln) / #Deals
550 500 450 400 350 300 250 200 150 100
31 74 1,260 575,459
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
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Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
BNP Paribas Group Barclays Capital Deutsche Bank AG JP Morgan ING Groep NV Societe Generale Credit Agricole CIB RBS HSBC Bank PLC UniCredit Group Commerzbank AG Goldman Sachs & Co Banco Santander SA Citi Lloyds TSB Corporate Markets Bank of America Merrill Lynch WestLB AG Natixis Mediobanca Morgan Stanley
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
7.3 5.8 4.9 4.3 4.2 4.2 4.2 4.0 3.8 3.8 3.6 2.9 2.8 2.3 2.1 1.8 1.8 1.6 1.5 1.5 100%
7,871 6,194 5,253 4,573 4,556 4,545 4,535 4,299 4,064 4,036 3,815 3,101 2,975 2,481 2,278 1,973 1,940 1,715 1,661 1,660 107,285
45 20 29 15 41 33 28 24 30 25 26 11 16 17 19 12 13 24 7
1 11 5 6 13 17 8 2 3 15 7 19 4 9 12 20 16 35 95
11.7 2.5 5.1 4.3 2.2 1.5 3.0 9.7 6.3 1.9 3.1 1.3 6.0 2.9 2.3 1.2 1.5 0.6 0.1 0.1
100%
(4.4) 3.3 (0.2) 2.0 2.7 1.2 (5.7) (2.5) 1.9 0.5 1.6 (3.2) (0.6) (0.2) 0.6 0.3 1.0 1.4 1.4
140,000 120,000 100,000 80,000 100 60,000 80 40,000 20,000 0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
180 160 140 120
70 9 169 98,042
Includes all eligible European, Middle Eastern and African High Yield loans (spread of 300bp or more). Loans must be rated less than investment grade by at least one rating agency or not rated at all. Volume in USD millions.
60 40 20
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Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
Lloyds TSB Corporate Markets HSBC Bank PLC UniCredit Group Nomura Holdings Inc Societe Generale BNP Paribas Group Deutsche Bank AG ING Groep NV Credit Agricole CIB Goldman Sachs & Co Commerzbank AG UBS Morgan Stanley RBS Natixis Rabobank Nederland General Electric Capital Corp Barclays Capital Citi Credit Suisse
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
8.4 7.4 6.4 6.0 5.9 5.5 5.3 4.2 3.8 3.4 3.3 3.1 2.4 2.3 2.2 1.9 1.8 1.8 1.7 1.6 100%
1,383 1,220 1,066 995 971 903 875 687 635 562 546 511 404 379 363 315 295 294 287 271 16,525
12 12 8 5 17 14 4 10 13 3 9 2 2 3 8 3 3 1 3
3 2 4 22 7 1 8 5 11 25 33 28 28 13 -
10.6 12.9 2.8 0.7 2.1 40.5 1.9 2.3 1.4 0.6 0.4 0.5 0.5 1.0 100%
(2.2) (5.5) 3.6 5.3 3.8 (35.0) 2.3 1.5 1.9 1.7 1.8 1.4 1.3 0.8 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
80 70 60 50 40 30 20 10 0
2 50 7,043
Includes all eligible sponsor-led leveraged loans where the loan purpose is an acquisition, LBO, MBO or Recapitalization and the initial spread is 350 basis points or more above the applicable benchmark. Volume in USD millions.
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Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
BNP Paribas Group Societe Generale RBS Credit Agricole CIB HSBC Bank PLC Deutsche Bank AG Banco Santander SA Citi Barclays Capital Mitsubishi UFJ Financial ING Groep NV Bank of America Merrill Lynch JP Morgan Intesa Sanpaolo SpA Commerzbank AG Banco Bilbao Vizcaya Argentaria UniCredit Group Natixis Sumitomo Mitsui Financial Group Inc Mizuho Financial Group Inc
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
6.7 5.4 5.2 4.8 4.7 4.6 4.5 4.5 4.2 3.6 3.3 3.3 3.3 3.0 2.7 2.6 2.6 2.5 1.9 1.8 100%
26,208 21,131 20,247 18,733 18,311 18,120 17,446 17,396 16,235 13,974 13,073 13,027 12,705 11,769 10,614 10,232 10,157 9,918 7,422 7,104 390,601
99 84 93 71 72 75 69 73 70 53 54 52 46 50 53 45 42 32 29
1 3 2 4 5 8 7 9 6 11 16 20 10 17 15 12 14 13 43
8.7 6.9 7.3 6.8 4.8 4.0 4.1 3.9 4.4 3.2 2.7 1.6 3.8 1.9 2.8 3.1 3.0 3.0 0.3 0.1
100%
(2.0) (1.5) (2.1) (2.0) (0.1) 0.6 0.4 0.6 (0.2) 0.4 0.6 1.7 (0.5) 1.1 (0.1) (0.5) (0.4) (0.5) 1.6 1.7
120,000 80,000 240,000 200,000
Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:
QUARTERLY VOLUME
USD (Mln) / #Deals
100 90 80 160,000 70 60 50 40 40,000 30 20
57 22 161 200,287
Includes all eligible EMEA Investment Grade loans where the initial spread is less than 350 basis points above the applicable benchmark. Volume in USD millions.
0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
LEAG <GO>
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8
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
BNP Paribas Group Societe Generale Credit Agricole CIB RBS HSBC Bank PLC JP Morgan Deutsche Bank AG Citi Barclays Capital Banco Santander SA ING Groep NV Commerzbank AG Bank of America Merrill Lynch UniCredit Group Natixis Banco Bilbao Vizcaya Argentaria Mitsubishi UFJ Financial Lloyds TSB Corporate Markets Intesa Sanpaolo SpA Nordea
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
8.2 6.5 6.0 5.3 4.6 4.2 4.0 4.0 3.9 3.5 3.4 3.2 2.6 2.5 2.5 2.3 2.3 2.2 1.8 1.4 100%
59,924 47,457 44,399 39,122 33,565 30,613 29,429 29,423 28,489 25,711 25,193 23,785 18,983 18,594 18,569 17,224 17,059 16,227 13,323 10,184 734,750
268 170 180 171 132 70 114 102 123 121 128 111 64 87 90 104 60 82 53
1 4 3 2 6 13 8 9 7 5 11 10 28 14 15 12 17 18 22
10.1 6.0 7.2 7.7 4.3 2.5 4.1 3.8 4.3 4.6 3.4 3.7 0.8 2.5 2.4 2.6 2.1 2.0 1.1 1.4
100%
(1.9) 0.5 (1.2) (2.4) 0.3 1.7 (0.1) 0.2 (0.4) (1.1) (0.5) 1.8 0.1 (0.3) 0.2 0.2 0.7 500,000 450,000 400,000 350,000 300,000 250 250,000 200,000 150,000 100,000 50,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
450 400 350 300
19 57 853 458,561
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
9
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
BNP Paribas Group Goldman Sachs & Co Citi Deutsche Bank AG Barclays Capital JP Morgan Credit Agricole CIB HSBC Bank PLC Societe Generale RBS ING Groep NV UniCredit Group Banco Santander SA Morgan Stanley Nomura Holdings Inc Lloyds TSB Corporate Markets Bank of America Merrill Lynch Commerzbank AG Nordea Credit Suisse
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
7.6 7.4 6.5 6.4 5.7 5.3 4.4 4.3 4.3 4.0 3.7 3.5 2.5 2.4 2.3 2.2 1.8 1.8 1.6 1.5 100%
7,342 7,116 6,301 6,215 5,498 5,099 4,210 4,124 4,111 3,906 3,535 3,338 2,380 2,341 2,230 2,115 1,728 1,691 1,567 1,434 96,519
30 11 14 24 13 12 20 17 24 17 24 15 7 8 6 12 9 16 8
1 18 8 5 10 9 6 3 24 2 11 12 4 36 53 14 28 7 13
12.5 1.5 3.4 5.9 2.9 3.0 4.0 7.1 1.1 11.1 2.8 2.7 6.7 0.6 0.1 2.0 0.7 3.7 2.5 1.9
100%
(4.9) 5.9 3.1 0.5 2.8 2.3 0.4 (2.8) 3.2 (7.1) 0.9 0.8 (4.2) 1.8 2.2 0.2 1.1 (1.9) (0.9) (0.4)
60,000 40,000 120,000 100,000
QUARTERLY VOLUME
USD (Mln) / #Deals
160 140 120 80,000 100 80 60 40 20,000 20 0
16 8 134 84,054
Includes all eligible European, Middle Eastern and African High Yield loans (spread of 300bp or more). Loans must be rated less than investment grade by at least one rating agency or not rated at all. Volume in USD millions.
0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
10
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
Lloyds TSB Corporate Markets Nomura Holdings Inc HSBC Bank PLC UniCredit Group Societe Generale BNP Paribas Group Deutsche Bank AG Credit Agricole CIB Goldman Sachs & Co UBS Morgan Stanley Commerzbank AG ING Groep NV Credit Suisse Natixis Citi Barclays Capital RBS Skandinaviska Enskilda Banken Bank of America Merrill Lynch
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 17 19 20
TOTAL
10.4 9.7 7.9 7.5 7.1 6.7 6.1 4.5 4.0 3.3 3.1 2.9 2.8 2.6 2.1 2.1 1.9 1.9 1.7 1.4 100%
1,593 1,480 1,212 1,143 1,082 1,025 929 688 604 511 469 442 435 391 324 322 294 294 252 210 15,293
9 5 7 7 14 12 4 11 3 2 2 6 6 2 6 2 1 1 2
3 8 2 16 11 1 5 9 6 13 -
14.5 1.9 15.1 0.5 1.0 51.5 2.8 1.1 2.3 0.6 2.9
100%
(4.1) 7.8 (7.2) 7.0 6.1 (44.8) 1.7 1.8 0.5 1.5 (1.5)
80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
80 70 60 50 40 30 20 10 0
4 1 42 5,166
Includes all eligible sponsor-led leveraged loans where the loan purpose is an acquisition, LBO, MBO or Recapitalization and the initial spread is 350 basis points or more above the applicable benchmark. Volume in USD millions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
11
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
BNP Paribas Group Societe Generale Credit Agricole CIB HSBC Bank PLC RBS JP Morgan Citi Deutsche Bank AG Banco Santander SA Mitsubishi UFJ Financial Barclays Capital Bank of America Merrill Lynch ING Groep NV Natixis Commerzbank AG Intesa Sanpaolo SpA UniCredit Group Banco Bilbao Vizcaya Argentaria Mizuho Financial Group Inc Lloyds TSB Corporate Markets
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
9.0 8.2 5.3 4.7 4.7 4.6 4.6 4.2 4.0 3.7 3.5 3.4 3.4 3.2 3.2 3.0 2.7 2.6 1.7 1.5
100%
31,830 28,925 18,641 16,696 16,653 16,353 16,126 14,717 14,082 13,217 12,268 12,147 12,000 11,345 11,280 10,509 9,653 9,089 5,952 5,268 353,426
70 70 53 47 59 32 48 47 43 36 42 34 37 26 31 34 30 27 13 16
1 2 4 6 3 9 7 12 5 15 8 20 14 13 16 18 11 10 19
11.5 11.2 6.9 4.9 8.8 3.9 4.2 3.2 5.0 2.6 4.1 1.3 2.8 2.9 2.1 1.9 3.3 3.4 1.4
100%
(2.5) (3.0) (1.6) (0.2) (4.1) 0.7 0.4 1.0 (1.0) 1.1 (0.6) 2.1 0.6 0.3 1.1 1.1 (0.6) (0.8) 0.1
200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:
QUARTERLY VOLUME
USD (Mln) / #Deals
80 70 60 50 40 30 20 10
128 159,284
Includes all eligible EMEA Investment Grade loans where the initial spread is less than 350 basis points above the applicable benchmark. Volume in USD millions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
12
Bloomberg
Asia ex-Japan Syndicated Loans Full Year 2010 Review
Asia syndicate lending for 2010 totaled USD 289 2 billion This was a 70% increase 289.2 billion. from USD 170.4 billion in 2009. The total number of loan issuance also increased by 48% to 1045 deals. Taiwan High Speed Rails TWD 377.5 billion (USD 11.8 billion equivalent), which was completed during the first quarter of 2010, remains the largest Asia ex-Japan deal signed during the year. The Taiwan High Speed deal was solely led by Bank of Taiwan helping the bank top the 2010 Tai an loans rankings with 27 9% market share Taiwan ith 27.9% share. Total issuance for Asia ex-Japan was led by India with a total of 219 deals and proceeds totaling USD 88.4 billion. Taiwan came in second with a total of 269 issues which amounted to USD 53.6 billion. Six out of the top 10 deals from Asia ex-Japan were syndicated in the Indian market, raising USD 21.5 billion which represented 7.4% of the total volume of the Asia ex-Japan ex Japan region. State Bank of India ranked first for a fourth consecutive year on the Asia ex-Japan syndicated loans table by arranging 89 deals in 2010. Bank of Taiwan and Bank of China ranked second and third respectively. Two of the top 10 deals were concluded in Hong Kong. The refinancing deal for Noble Group was co-led b S d d Ch G l d by Standard Chartered B k HSBC DBS and 19 other b k Th d Bank, HSBC, d h banks. The Sun Hung Kai Property Financial Services Ltd deal raised HKD 18.1 billion (USD 2.3 billion equivalent). The loan was guaranteed by Sun Hung Kai Properties Ltd and co-led by 20 banks in Hong Kong including Bank of China, HSBC, BTMU, OCBC, Bank of Communications, etc.
AsiaExJapanTop10SyndicatedLoans Borrower TAIWANHIGHSPEEDRAIL BHARTIAIRTELLTD ESSARSTEELLIMITED COASTALANDHRAPOWERLTD HONGSAPOWERCOLTD KSKMAHANADIPOWERCOLTD NOBLEGROUPLTD SUZLONENERGYLTD SUNHUNGKAIPROP(FIN) JINDALPOWERLTD Country TW IN IN IN LA IN HK IN HK IN SigningDate 1/8/2010 3/21/2010 8/14/2010 7/7/2010 8/5/2010 11/20/2010 12/1/2010 5/11/2010 3/30/2010 3/26/2010 AmtUSD(M) $11,844 $7,500 $3,705 $3,019 $2,894 $2,681 $2,542 $2,346 $2,334 $2,223
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
State Bank of India Bank of Taiwan Bank of China IDBI Bank Ltd HSBC Bank PLC Axis Bank Ltd Standard Chartered PLC DBS Group Holdings Ltd Sumitomo Mitsui Financial Group Inc Oversea-Chinese Banking Corp Mitsubishi UFJ Financial Korea Development Bank ICICI ANZ Banking Group Credit Agricole CIB Mizuho Financial Group Inc BNP Paribas Group Mega International Commercial Bank Land Bank of Taiwan Taipei Fubon Bank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
12.2 5.3 5.1 4.9 4.2 3.7 3.4 2.9 2.6 2.4 2.4 2.2 1.9 1.9 1.8 1.7 1.6 1.4 1.4 1.3 100%
35,307 15,191 14,731 14,238 12,145 10,605 9,874 8,375 7,459 6,944 6,876 6,387 5,576 5,365 5,210 4,995 4,662 4,139 4,018 3,886 289,152
1 29 4 3 7 12 6 5 11 10 9 8 95 21 13 25 22 20 15 24
16.4 1.0 3.9 4.8 2.5 1.7 2.6 2.9 1.7 1.8 1.8 2.4 0.1 1.3 1.7 1.2 1.3 1.3 1.5 1.2
100%
(4.2) 4.3 1.2 0.1 1.7 2.0 0.8 0.9 0.6 0.6 (0.2) 1.8 0.6 0.1 0.5 0.3 0.1 (0.1) 0.1
50,000 40,000 80,000 70,000
QUARTERLY VOLUME
USD (Mln) / #Deals
300 280 260 240 220 200 180 160 140 120 20,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
60,000
90 1,045 170,446
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
30,000
100
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
13
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
State Bank of India Bank of Taiwan IDBI Bank Ltd Axis Bank Ltd Bank of China Standard Chartered PLC HSBC Bank PLC ICICI Korea Development Bank Taiwan Cooperative Bank DBS Group Holdings Ltd Oversea-Chinese Banking Corp Credit Agricole CIB Mega International Commercial Bank Taipei Fubon Bank Mitsubishi UFJ Financial Land Bank of Taiwan China Citic Bank ANZ Banking Group Sumitomo Mitsui Financial Group Inc
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
13.7 7.2 6.4 5.6 5.2 4.5 4.1 2.5 2.4 2.3 2.1 2.0 1.8 1.8 1.7 1.7 1.7 1.6 1.6 1.5
100%
29,349 15,327 13,577 11,991 11,151 9,509 8,763 5,396 5,191 4,827 4,475 4,320 3,879 3,789 3,710 3,675 3,592 3,418 3,418 3,205 213,575
65 63 23 43 27 81 71 12 25 93 49 28 43 94 73 29 90 8 24 29
1 18 3 9 8 5 7 71 6 11 4 38 22 12 13 23 10 26 32 21
21.3 1.4 5.9 2.3 2.4 3.0 2.9 0.1 2.9 1.9 3.7 0.6 1.3 1.7 1.7 1.1 2.0 1.0 0.8 1.3
100%
(7.6) 5.8 0.5 3.3 2.8 1.5 1.2 2.4 (0.5) 0.4 (1.6) 1.4 0.5 0.1 0.6 (0.3) 0.6 0.8 0.2
60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
200 180 160 140 120 100 80 60
717 120,885
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
14
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
State Bank of India ANZ Banking Group Bank of China Bank of Taiwan HSBC Bank PLC IDBI Bank Ltd Westpac Banking Axis Bank Ltd National Australia Bank Ltd Commonwealth Bank Australia Standard Chartered PLC Sumitomo Mitsui Financial Group Inc Mitsubishi UFJ Financial DBS Group Holdings Ltd Oversea-Chinese Banking Corp Credit Agricole CIB BNP Paribas Group Korea Development Bank Mizuho Financial Group Inc ICICI
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
9.6 5.0 4.2 4.1 4.0 3.9 3.4 2.9 2.9 2.7 2.7 2.6 2.5 2.4 2.0 1.9 1.8 1.7 1.6 1.5 100%
35,307 18,340 15,298 15,191 14,701 14,238 12,360 10,780 10,554 10,101 9,949 9,668 9,081 8,856 7,358 6,965 6,518 6,387 5,881 5,576 367,580
1 3 8 35 10 5 4 18 6 7 11 13 12 9 17 15 16 14 19 107
12.6 4.9 3.4 0.8 2.3 3.7 4.0 1.3 3.5 3.5 2.2 1.9 2.1 2.3 1.4 1.8 1.6 1.9 1.3 0.1
100%
(3.0) 0.1 0.8 3.3 1.7 0.2 (0.6) 1.6 (0.6) (0.8) 0.5 0.7 0.4 0.1 0.6 0.1 0.2 (0.2) 0.3 1.4
120,000 110,000 320 100,000 90,000 80,000 240 70,000 60,000 50,000 160 40,000 30,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
360
280
15 1,221 221,496
Includes all eligible loans from Asia Pacific excluding Japan. Volume in USD millions.
200
120
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
15
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
State Bank of India Bank of Taiwan IDBI Bank Ltd Axis Bank Ltd Bank of China ANZ Banking Group HSBC Bank PLC Standard Chartered PLC Westpac Banking ICICI Korea Development Bank Mitsubishi UFJ Financial National Australia Bank Ltd Taiwan Cooperative Bank RBS Commonwealth Bank Australia DBS Group Holdings Ltd Oversea-Chinese Banking Corp Credit Agricole CIB Citi
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
11.7 6.1 5.4 4.9 4.6 4.4 3.8 3.8 2.4 2.2 2.1 2.0 2.0 1.9 1.8 1.8 1.8 1.7 1.6 1.6 100%
29,349 15,327 13,577 12,166 11,540 10,933 9,594 9,584 6,034 5,396 5,191 5,088 5,046 4,827 4,563 4,523 4,508 4,320 4,038 3,962 250,718
65 63 23 44 28 54 77 82 28 12 25 33 24 93 24 18 50 28 45
1 26 3 13 11 4 8 9 5 78 12 21 7 16 14 10 6 43 27
17.6 1.1 4.9 2.0 2.5 3.8 2.5 2.5 3.4 0.1 2.4 1.4 3.0 1.6 1.7 2.5 3.2 0.5 1.1 0.5
100%
(5.9) 5.0 0.5 2.9 2.1 0.6 1.3 1.3 (1.0) 2.1 (0.3) 0.6 (1.0) 0.3 0.1 (0.7) (1.4) 1.2 0.5 1.1
80,000 70,000 60,000 50,000 140 40,000 120 30,000 20,000 10,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
220 200 180 160
44 26 775 146,209
Includes all eligible loans from Asia Pacific excluding Japan. Volume in USD millions.
100 80 60
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
16
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
ANZ Banking Group Westpac Banking National Australia Bank Ltd Commonwealth Bank Australia HSBC Bank PLC Sumitomo Mitsui Financial Group Inc Mitsubishi UFJ Financial BNP Paribas Group RBS Citi Credit Agricole CIB Credit Suisse JP Morgan Morgan Stanley Lloyds TSB Corporate Markets Bank of America Merrill Lynch Societe Generale Mizuho Financial Group Inc Banco Bilbao Vizcaya Argentaria Natixis
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
16.5 15.2 12.7 11.9 3.3 2.8 2.8 2.4 2.4 2.4 2.2 2.0 1.7 1.6 1.3 1.2 1.2 1.1 1.0 1.0 100%
12,974 11,892 9,952 9,337 2,556 2,208 2,205 1,856 1,852 1,847 1,755 1,594 1,370 1,233 995 943 906 886 792 769 78,428
116 101 97 80 34 22 22 21 13 9 21 4 11 1 10 9 11 12 8
1 2 3 4 14 8 6 7 10 26 11 5 17 20 32 15 12 23
16.8 16.7 14.0 13.8 1.5 2.4 2.8 2.7 2.0 0.5 2.0 3.4 1.0 0.7 0.4 1.1 1.9 0.7 0.7
100%
(0.3) (1.5) (1.3) (1.9) 1.8 0.4 (0.3) 0.4 1.9 0.2 (1.4) 0.7 0.6 0.8 0.1 (0.8) 0.3 0.3
45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
QUARTERLY VOLUME
USD (Mln) / #Deals
70
60
22 9 176 51,254
50
40
Includes all eligible syndicated loans from Australia and New Zealand borrowers. Includes both domestic & foreign currencies. Volume in USD millions. ABN Amro transactions for Australia and New Zealand were included under RBS.
30
20
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
17
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
ANZ Banking Group Westpac Banking National Australia Bank Ltd Commonwealth Bank Australia RBS JP Morgan Credit Suisse Mitsubishi UFJ Financial Citi Morgan Stanley HSBC Bank PLC BNP Paribas Group Bank of China Bank of America Merrill Lynch Mizuho Financial Group Inc Sumitomo Mitsui Financial Group Inc Natixis Societe Generale Axis Bank Ltd Credit Agricole CIB
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
TOTAL
19.9 15.2 12.8 11.7 6.5 5.9 4.6 4.0 3.8 3.3 2.8 1.6 1.0 0.8 0.7 0.7 0.6 0.5 0.5 0.4 100%
7,515 5,726 4,811 4,394 2,462 2,220 1,722 1,525 1,445 1,233 1,054 588 389 302 276 265 210 177 175 160 37,699
30 25 22 17 6 6 3 5 3 1 7 5 1 3 3 2 3 2 1 2 58 25,131
2 1 3 4 6 21 5 8 12 19 11 7 15 10 13 25 20
18.4 19.5 17.6 14.2 3.5 0.5 6.9 2.5 1.1 0.6 1.7 2.7 0.6 1.7 1.0 0.3 0.5
100%
1.5 (4.3) (4.8) (2.5) 3.0 5.4 (2.3) 1.5 2.7 2.2 (0.1) (1.7) 0.2 (1.0) (0.3) 0.2 (0.1)
28,000 24,000 20,000 16,000 16 12,000 8,000 4,000 0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 08 20 Q4 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:
QUARTERLY VOLUME
USD (Mln) / #Deals
28
24
20
Includes all eligible syndicated loans from Australia and New Zealand borrowers. Includes both domestic & foreign currencies. Volume in USD millions. ABN Amro transactions for Australia and New Zealand were included under RBS.
12
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
18
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
HSBC Bank PLC Standard Chartered PLC WestLB AG Abu Dhabi Islamic Bank Al-Salam Bank Arab Banking Corp Al Hilal Bank Noor Islamic Bank Al Khaliji RBS Masraf Al Rayan Arab Bank PLC Gulf International Bank BSC Al Rajhi Holdings WLL Alinma Bank Arab National Bank Arab Petroleum Investments Corp Bank Al-Jazira Banque Saudi Fransi Barclays Capital
1 2 3 4 5 6 7 8 9 10 11 12 12 14 14 14 14 14 14 14
TOTAL
19.1 17.5 6.6 6.5 4.6 4.5 3.5 3.1 3.0 2.9 1.9 1.9 1.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0
100%
1,001 914 345 339 240 234 184 164 155 153 100 98 98 53 53 53 53 53 53 53 5,233
4 3 4 2 1 3 1 2 1 2 1 2 2 1 1 1 1 1 1 1
13 8,038
6 2 14 34 9 11 18 37 21 5 -
5.7 7.2 1.7 0.5 4.8 3.0 1.4 0.3 0.9 6.0 100%
13.4 10.3 4.9 6.0 (1.3) 0.1 1.5 1.6 0.1 (5.0) 6,000 6 4,000 4 2 0 12,000 10,000
QUARTERLY VOLUME
USD (Mln) / #Deals
14 12 10 8
8,000
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
2,000
0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
19
Bloomberg
Underwriter League Tables
- 12/31/10
FIRM RANK MKT SHARE
2010
VOLUME USD (Mln) DEAL COUNT
2009
RANK MKT SHARE
INDUSTRY BREAKDOWN
Standard Chartered PLC HSBC Bank PLC WestLB AG Abu Dhabi Islamic Bank Arab Banking Corp Noor Islamic Bank Arab Bank PLC BNP Paribas Group Gulf International Bank BSC
1 2 3 4 5 5 7 7 7
TOTAL
32.3 28.1 12.2 11.0 5.8 5.8 1.6 1.6 1.6 100%
3 2 4 1 2 2 1 1 1 8 7,475
4 20 10 8 18 -
24.5 27.5 9.4 2.0 0.9 Financial Industrial Total: 88.50% 11.50% 100.00%
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
QUARTERLY VOLUME
USD (Mln) / #Deals
12,000 12
10,000
10
8,000
6,000
4,000
2,000
0
7 20 Q1 07 20 Q2 07 20 Q3 07 20 Q4 08 20 Q1 08 20 Q2 08 20 Q3 09 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 Q 4 20 0
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
20
Eligible Roles & Credit for Bloombergs Syndicated Americas Arranger Table
Hierarchy for awarding credit: 1. Book Runner 2. Joint Book Runner 3. Book Manager 4. Joint Book Manager 5. Lead Arranger 6. Co-Lead Arranger 7. Arranger 8. Co-Arranger Full credit will be awarded to the sole bank satisfying the highest of the above titles. Pro-rata credit will be given if multiple banks share the highest title.
Bloombergs Asia Pacific Syndicated League Tables are based on the principal borrowers country of risk. Bloomberg reserves the right to determine the credit awarded, if any, to a particular bank, and to request additional documentation if needed.
Eligible Roles & Credit for Bloombergs Syndicated Asia Pacific Mandated Lead Arranger Table
Mandated Arranger titles eligible for credit: 1. Mandated Lead Arranger 2. Mandated Arranger Pro-rata credit will be given if multiple banks share the highest title. Multiple Mandated Lead Arranger or Book Runner banks under the same parent are considered as one bank.
Eligible Roles & Credit for Bloombergs Syndicated Asia Pacific Book Runner Table
Hierarchy for awarding credit: 1. Book Runner
Bridge Finance
Bridge Financing supporting an acquisition, which is subsequently replaced by longer-term debt, will be considered for inclusion provided it meets all other criteria.
Eligible Roles & Credit for Bloombergs Syndicated Loans EMEA Book Runner Tables
Hierarchy for awarding credit: 1. Book Runner
Eligible Roles for Bloombergs Syndicated Loans EMEA Mandated Arranger Tables:
Hierarchy for awarding credit: 1. Mandated Lead Arranger 2. Lead Arranger 3. Co-Lead Arranger 4. Arranger 5. Co-Arranger Pro-rata credit will be given if multiple banks share the highest title.
For all League table questions, please contact: Esther Jang / Tiffany Chen Asia-Pacific Tel: +822-3702-1616 / +852-2977 2131 Fax: +822-3704-1816 / +852-2977 2181 aploans@bloomberg.net Paul Bandong Americas Tel: +1-609-279-5187 Fax: +1-609-279-2053 loansleag@bloomberg.net Michael Amato Canada Tel: +1-609-279-4182 Fax: +1-646-268-5569 loansleag@bloomberg.net Ines Berreta EMEA Tel: +44-20-7073-3216 Fax: +44-20-7073-5305 europeanloan@bloomberg.net
DISCLAIMER
Bloomberg Syndicated Loans League Tables represent transactions that are completed and for which Bloomberg has been notified. Bloomberg reserves the right of final decision concerning league table eligibility and requires adequate documentation for the same. Bloomberg LP 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.
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