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Asia Pacific (ex Japan) IB Review |First Half 2014
Asia Pacific (ex Japan) IB Revenue Increased 11% Year-on-Year to $5.1bn

Goldman Sachs Reached Top Place in the Asia Pacific (ex Japan) IB Revenue Ranking
M&A, ECM, DCM and Loan climbed 49%, 15%, 9%, and 17% year-on-year, respectively
IB Revenue
Asia Pacific (ex Japan) IB revenue reached
$5.1bn in 1H 2014, up 11% compared to
the same period in 2013 ($4.6bn)

Industrials revenue was up 5% year-on-
year to $1.1bn in 1H 2014. Followed by
Financial Institutions (FIG) and Energy &
Natural Resources with $824m and
$745m, respectively

Asia Pacific (ex Japan) M&A
Asia Pacific (ex Japan) targeted M&A
volume increased 49% year-on-year to
$332.0bn in 1H 2014 from $222.9bn in 1H
2013, setting a record first half volume

Asia Pacific (ex Japan) ECM
Asia Pacific (ex Japan) ECM volume
totaled $106.5bn via 1,039 deals in 1H
2014, up 15% on the $92.6bn raised in the
comparable 2013 period, and the highest
1H volume since 2011 ($112.2bn). Deal
activity in 1H 2014 was at its highest first
half level since 1,167 deals priced in 1H
2011
Asia Pacific (ex Japan) DCM
Asia Pacific (ex Japan) DCM stood at $576.2bn
in 1H 2014, up 9% on the $528.1bn issued in 1H
2013 and the highest 1H on record. 2Q 2014
volume increased 32% to $330.1bn from
$249.9bn in 2Q 2013, and the highest quarterly
total on record.

Asia Pacific (ex Japan) International G3
currency volume totaled $160.8bn in 1H 2014,
up 25% on 1H 2013 ($129.1bn) and the highest
half year volume on record

Asia Pacific (ex Japan) Loan
Asia Pacific (ex Japan) loan volume totaled
$242.7bn in 1H 2014, up 16% on 1H2013
($208.7bn) and the highest first half year
volume on record

0
1,000
2,000
3,000
4,000
5,000
6,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1H 2011 2H 2011 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014
# $m Asia Pacific (ex Japan) IB Revenue
2011 - 1H 2014
ECM DCM M&A LOANS DEALS
0 200 400 600 800 1,000 1,200
TMT
Health
Business Serv.
Tranport
Consumer & Ret.
Real Estate
Tech
Energy & Nat. Res.
FIG
Industrials
$m
Asia Pacific (ex Japan) Top 10 Industries IB Revenue
1H Comparison
1H 2014 1H 2013

Dealogic Asia Pacific (ex Japan) Review
Dealogic Asia Pacific (ex Japan) Review | First Half 2014 Final Results | July 2014 Page | 2
Dealogic Asia Pacific (ex Japan) IB Review | First Half 2014
Press Release | Final Results For immediate release
July 2
nd
, 2014
Contents
Australia Focus 3
China Focus 4
India Focus 5
Southeast Asia Focus 6
Asia Pacific (ex Japan) M&A 7
Asia Pacific (ex Japan) ECM 8

Asia Pacific (ex Japan) DCM 9
Asia Pacific (ex Japan) Loans 10
Asia Pacific Revenue Rankings 11
Asia Pacific Announced M&A Rankings 12
Asia Pacific Completed M&A Rankings 13
Asia Pacific Attorney M&A Rankings 14

Asia Pacific ECM Rankings 15
Asia Pacific ECM (ex A-shares) Rankings 16
Asia Pacific DCM Rankings 17
Asia Pacific Loans Rankings 18
Coverage & Criteria 22
Notes to Editors

Media Contacts
New York London Hong Kong

Edward Jones Felicita Gimenez Shireen Farhana

+1 212 577 4511 +44 20 7440 6389 +852 3698 4707

Edward.Jones@dealogic.com Felicita.Gimenez@dealogic.com Shireen.Farhana@dealogic.com

Asia Pacific (ex Japan) Contacts
Fixed Income M&A ECM IB Strategy
Alastair Kelly Phoebe Au Andrew McLeod Natasha Furneaux
+852 3698 4820 +852 3698 4836 +852 3698 4755 +852 3698 4732
Alastair.Kelly@dealogic.com Phoebe.Au@dealogic.com Andrew.McLeod@dealogic.com Natasha.Furneaux@dealogic.com

Australia Focus
M&A
Australia was the second most targeted nation in Asia Pacific (ex Japan) in 1H 2014
with $61.0bn, up 11% year-on-year and the highest 1H level since 2011. Deal
activity fell 22% to 612 deals compared with 1H 2013
There were 19 $1bn+ deals announced in 1H 2014 for a combined total $42.1bn,
the highest semi annual volume since 1H 2010, driven by a 6 Oil & Gas deals
valued at $11.3bn
The pending $6.2bn acquisition of Queensland Motorways by a consortium led by
Transurban Group announced in April 2014 was the largest deal in 1H 2014 and
the second largest Construction sector M&A in Australia on record behind Cemex
SABs $15.6bn acquisition of Rinker Group in October 2006
ECM
Australia Accelerated Offerings* reached $6.8bn via 43 deals in 1H 2014, up 41%
on 1H 2013 ($4.9bn) and the highest 1H level since 2011 ($7.3bn). Volume was
boosted by a $3.0bn selldown by Shell Energy Holdings in Woodside Petroleum in
June in what was the largest ECM transaction by an Australian issuer since QR
Nationals $4.0bn IPO in November 2010
Australia ECM volume reached $16.2bn in 1H 2014, more than double the 1H 2013
volume of $7.8bn and the highest level since $25.3bn was raised in 1H 2009
DCM
Australia Domestic DCM totaled $70.1bn in 1H 2014, up 2% on 1H 2013 ($68.8bn)
and the second highest half year on record after 1H 2010 ($78.8bn)
Kangaroo bond volume reached $19.8bn in 1H 2014, up 37% year-on-year
($14.5bn) and the highest half year volume since 1H 2011 ($22.8bn)
International DCM reached $49.3bn in 1H 2014, the highest 1H volume since
2012 ($57.1bn) and up 22% year-on-year
Syndicated Loans
Australia syndicated loans saw a 15% climb to $48.7bn in 1H 2014 from $42.4bn
in 1H 2013 and was the highest 1H level since 2008 ($105.0bn)
o 2Q 2014 totaled $29.2bn, down 9% year-on-year ($32.1bn) although up
slightly compared to 2Q 2012 ($24.8bn)

*Includes accelerated bookbuilds and bought deals

0
300
600
900
1,200
1,500
1,800
2,100
0
20
40
60
80
100
120
140
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Deals $bn
T
h
o
u
s
a
n
d
s
Australia M&A Volume
2005 - 1H 2014
First Half Second Half Total Deals
0
50
100
150
200
250
300
0
10
20
30
40
50
60
70
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H
2009 2010 2011 2012 2013 2014
Deals $bn
Australia International DCM
Half Year Comparison
Volume Deals

China Focus
M&A
China was the region's most targeted nation with a record $126.8bn in 1H 2014 and up
35% from $93.8bn in 1H 2013
China Outbound M&A increased to $41.0bn in 1H 2014, up 18% on 1H 2013 ($34.7bn)
and the highest first half volume on record
o The US remains the most targeted nation for Chinese acquisitions and
accounted for 16% of China outbound M&A with $6.5bn in 1H 2014, compared
with $11.7bn via a 34% share in 1H 2013. Peru follows with $5.9bn in 1H 2014,
volume was primarily driven by a $5.9bn bid for Xstrata Las Bambas by a
consortium led by China Minmetal Corp
ECM
China ECM volume stood at $56.7bn via 291 deals in 1H 2014, up 33% on the $42.5bn
raised via 168 deals in 1H 2013. IPOs accounted for 30% of the 1H2014 volume, with
Technology deals dominating the first half IPO industry ranking with $5.1bn raised via
29 deals
Chinese A-share ECM volume totaled $32.8bn via 157 deals in 1H 2014, an increase of
33% on the $24.7bn raised in 1H 2013 via 90 deals. Technology was the leading sector
with $8.9bn raised via 35 deals, nearly four times the 1H 2013 volume of $2.4bn (13
deals).
o June 2014 saw the second restart of the A-share IPO market for the year after its
initial re-launch in January, following five quarters of inactivity. Subsequent to
June's restart, nine A-share IPOs priced to raise $899m
DCM
China International DCM reached a record $66.5bn in 1H 2014, up 73% on 1H 2013
($38.5bn). Deal activty stood at a record 143 deals in 1H 2014, up from 75 deals in 1H
2013. Pushed by a record USD-denominated bond issuance of $47.9bn and accounting
for 72% of total market, volume was up 44% year-on-year ($33.3bn)
o Corporate and FIG DCM both reached record half year levels in 1H with $50.0bn
and $14.7bn, compared to $35.8bn and $2.7bn, respectively
Domestic DCM totaled $247.4bn in 1H 2014, the highest semi annual level since 2H
2012 ($264.0bn) and up 23% on 1H 2013 ($200.8bn)
Syndicated Loans
China loan volume totaled $37.7bn in 1H 2014, down 14% on 1H 2013 ($43.8bn) and
was the lowest 1H volume since 2012 ($28.9bn)

0
20
40
60
80
100
120
140
0
10
20
30
40
50
60
70
1H 2H 1H 2H 1H 2H 1H 2H 1H
2010 2011 2012 2013 2014
$bn Deals
China International DCM
Volume Deals
0
15
30
45
0
5
10
15
20
25
30
35
40
45
2009 2010 2011 2012 2013 2014
%
$bn
China Outbound M&A Volume
2005 - 1H 2014
1H Volume US as a % of Total


India Focus
M&A
India targeted M&A reached $34.4bn in 1H 2014, up 94% on 1H 2013 and the
highest half year level since 1H 2011 ($35.2bn)
Volume was boosted by an increase in domestic volume with $20.2bn, more than
triple the $6.6bn announced in 1H 2013 and the highest 1H level since 2012
($20.8bn)
Inbound M&A volume stood at $14.2bn up 28% on 1H 2013 ($11.1bn). In
constrast, Outbound India M&A volume dropped to $905m, down 74% on the
$3.5bn raised in 1H 2013
Telecoms was the most targeted sector with $12.8bn, up sixfold on 1H 2013
($2.1bn via 17 deals) and the highest 1H volume since 2010 ($20.1bn), driven by
the sale of Mobile Telecoms licences by the Indian governent with the largest
acquisition made by Vodafone in February for $3.2bn
ECM
India ECM volume fell 29% to $5.7bn in 1H 2014 and was the lowest 1H volume
since 2009 ($5.6bn)
Reliance Communications completed a $799m follow-on in 2Q 2013, the third
largest ECM transaction in India in 1H 2014
DCM
India DCM volume dropped 46% to $19.6bn in 1H 2014, down from $36.0bn in 1H
2013 and the lowest 1H level since 2009 ($12.9bn)
International DCM totaled $9.5bn in 1H 2014 , the second highest semi-annual
level volume on record behind 1H 2013 ($11.3bn). Volume was boosted by Bharti
Airtel International (Netherlands) NVs dual-currency $2.0bn corporate-IG bond
priced on May 12, 2014. The deal was split into USD1.0 and EUR750m tranches
Syndicated Loans
India syndicated loan volume increased 30% to $41.6bn in 1H 2014 from $32.0bn
in 1H 2013 and was the highest half-year level since 1H 2011 ($49.9bn)
India G3 syndicated loans totaled $14.4bn in 1H 2014, up 26% on 1H 2013
($11.4bn) and the second consecutive year-on-year climb since 1H 2012 ($9.2bn)

0
5
10
15
20
25
30
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H
2,009.00 2010 2011 2012 2013 2014
$bn
India Inbound vs Outbound M&A Volume
2009 - 2014
Outbound Inbound
0
20
40
60
80
100
120
140
160
0
10
20
30
40
50
60
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H
2009 2010 2011 2012 2013 2014
Deals $bn
India Loan Volume
Volume Deals


Southeast Asia Focus
M&A
Southeast Asia M&A volume reached $35.8bn in 1H 2014 , down 9% on 1H 2013
($39.2bn). Deal activity reached 890 deals in 1H 2014, a drop of 29 deals from 1H
2013. Singapore was the most targeted nation in the region with a record $18.7bn
in 1H 2014, nearly treble the $5.8bn in 1H 2013 and the highest half year volume
since 2H 2012
Real Estate was the leading sector in SE Asia in for the third consecutive 1H period,
with $12.8bn via 98 deals, down 2% from 1H 2013 volume and accounting for 36%
of volume. Transportation followed with $2.6bn and 43 deals
ECM
Southeast Asia ECM stood at $9.3bn via 130 deals in 1H 2014, less than half the 1H
2013 volume of $19.1bn via 151 deals. This marked the slowest start of the year
since 1H 2009 when 75 deals priced to raise $8.0bn
Follow-on volume led the decline in Southeast Asia with $5.6bn raised in 1H 2014,
down 54% from the same 2013 period ($12.2bn), while IPO and Equity-linked
volume dropped 47% and 33% to $3.1bn and $590m, respectively in 1H 2014
Malaysia led the regional ECM ranking with a 40% share ($3.7bn via 56 deals) in
1H 2014, with volume up 66% on 1H 2013 ($2.2bn via 37 deals)
DCM
Southeast Asia DCM totaled $57.3bn in 1H 2014, up slightly on 1H 2013 ($55.8bn)
and reversing the year-on-year drop from 2012 ($71.8bn). SSA issuance totaled
$14.9bn in 1H 2014, down 12% year-on-year ($16.9bn) and the lowest 1H volume
since 2008 ($10.8bn)
Malaysia led the regional DCM issuance with $12.7bn in 1H 2014, despite a 6%
drop on 1H 2013 ($13.5bn). In contrast, Singapore saw a 31% year-on-year climb
to $11.6bn in 1H 2014 ($8.8bn)
Syndicated Loans
Southeast Asia syndicated loan volume reached a record $54.5bn in 1H 2014, up
16% on the 1H 2013 ($46.9bn). Deal activity dropped to 104 deals from 139 deals
in 1H 2013. SapuraKencanan Petroleum Bhd signed a $5.7bn leveraged loan on
June 25
th
, 2014, in what was the largest Southeast Asian deal from the Oil & Gas
industry on record, and the third largest USD-denominated loan from Southeast
Asia on record

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30
40
50
60
70
80
90
100
0
2
4
6
8
10
12
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2011 2012 2013 2014
South-East Asia ECM Volume by Issuer Nationality
2012- 1H 2014
Malaysia Singapore Thailand Indonesia
Philippines Other Deals
$bn Deals
0
10
20
30
40
50
60
70
80
90
100
0
2
4
6
8
10
12
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2011 2012 2013 2014
South-East Asia ECM Volume by Issuer Nationality
2012- 1H 2014
Malaysia Singapore Thailand Indonesia
Philippines Other Deals
$bn Deals
0 2 4 6 8 10 12 14 16
Indonesia
Philippines
Singapore
Thailand
Malaysia
$bn
Southeast Asia DCM - Top 5 Countries
1H Comparison
2014 2013


Asia Pacific (ex Japan) M&A
Asia Pacific (ex Japan) targeted M&A volume increased 49% year-on-year to
$332.0bn in 1H 2014 from $222.9bn in 1H 2013, setting a record first half volume
58 $1bn+ deals were announced in 1H 2014 for a combined value of $155.4bn,
the highest first half activity and volume on record and up from $67.6bn via 26
$1bn+ deals in 1H 2013
o China was the most targeted nation for the third consecutive first half with
15 $1bn+ deals announced for a total of $49.0bn
Real Estate led the sector ranking for the second consecutive 1H period, as
volume increased 38% to $56.9bn in 1H 2014 from $41.2bn in 1H 2013
o Technology was the second most targeted sector as volume reached
$33.3bn, double the $15.8bn announced in 1H 2013. Of note was Daum
Communications's $3.3bn reverse takeover bid for Kakao on May 26
th
, the
fourth largest South Korea Technology M&A deal on record
China was the region's most targeted nation with $126.8bn in 1H 2014 up 35%
from $93.8bn in 1H 2013 and the highest 1H total on record
o China outbound volume increased to $41.0bn in 1H 2014, up 18% on 1H
2013 ($34.7bn) and the highest first half volume on record
Asia Pacific (ex Japan) financial sponsor(FS) M&A buyout* volume reached
$24.4bn in 1H 2014 , up more than double the $9.4bn announced in 1H 2013
o China led the regions FS buyout volume with a record $7.6bn in 1H 2014,
and up from just $2.9bn in 1H 2013. The largest deal was Bank of China's &
Hopu Investment Management's 34% stake acquisition of Iowa China
Offshore Holdings (Hong Kong) in 1H 2014
Asia Pacific (ex Japan) intra-region cross-border* M&A volume reached a record
$48.7bn in 1H 2014 , the highest half year volume on record and up 56% on the
same 2013 period
o Temaseks $5.7bn acquisition of a 25% stake in Hong Kongs AS Watson
Holdings was the largest Asia Pacific (ex Japan) intra-region cross border
deal announced in 1H 2014
*excludes add-ons

0 10 20 30 40 50 60
Transportation
Holding Companies
Construction/Building
Utility & Energy
Telecommunications
Food & Beverage
Oil & Gas
Finance
Technology
Real Estate/Property
$bn
Asia Pacific (ex Japan) Targeted M&A Sectors
1H 2014 vs 1H 2013
1H 2014 1H 2013
0
10
20
30
40
50
60
70
80
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H
2009 2010 2011 2012 2013 2014
$bn
Asia Pacific (ex Japan) Inbound vs Outbound M&A Volume
2009 - 2014
Outbound Inbound

Asia Pacific (ex Japan) ECM
Asia Pacific (ex Japan) ECM volume totaled $106.5bn via 1,039 deals in 1H 2014,
up 15% on the $92.6bn raised in the comparable 2013 period, and the highest 1H
volume since 2011 ($112.2bn). Deal activity in 1H 2014 was at its highest first half
level since 1,167 deals priced in 1H 2011
o 1H 2014 IPO volume reached $29.6bn via 225 deals, up 96% on 1H 2013
($15.1bn) and the highest 1H volume since 2011 ($48.1bn)
Technology led all ECM sectors in 1H 2014 with $20.0bn via 181 deals, almost
three times the $7.2bn raised in 1H 2013 via 114 deals, and a 1H record high for
the sector for both volume and activity
o On April 4th, BOE Technology Group, a Chinese computer parts
manufacturer, priced the second largest ECM deal of the year globally
raising $7.4bn via a fully marketed follow on. The deal was the largest
Technology ECM offering since Facebooks $16.0bn IPO in May 2012
Chinese issuers ($56.7bn) accounted for 53% of total ECM capital raised in the
region in 1H 2014, the highest 1H share for the country on record. Australia
ranked second with 15% ($16.2bn), followed by Hong Kong with 7% ($7.5bn)
SouthEast Asia ECM stood at $9.3bn via 130 deals in 1H 2014, less than half the
1H 2013 volume of $19.1bn via 151 deals. This marked the slowest start of the
year since 1H 2009 when 75 deals priced to raise $8.0bn
There were eight ECM deals that were withdrawn/postponed in 1H 2014 that were
expected to raise $3.1bn, the highest semi-annual level since 1H 2011 ($4.1bn).
WH Groups $1.6bn IPO was the global largest withdrawn/postponed deal in 1H
2014
Australasia ECM volume reached $17.3bn in 1H 2014, a 63% increase on 1H 2013
($10.6bn), and the highest first half volume since 2009 ($26.1bn)
o On June 17
th
, Shell Energy Holdings Australia raised $3.0bn via selling shares
in Woodside Petroleum, the largest ECM transaction by an Australian issuer
since QR Nationals $4.0bn IPO in November 2010

0
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500
600
700
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20
30
40
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70
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2011 2012 2013 2014
Asia Pacific (ex Japan) ECM Volume by Deal Type
2011 - 1H 2014
CONV IPO FO Deals
$bn Deals
0 5 10 15 20
Chemicals
Consumer Products
Retail
Healthcare
Construction/Building
Transportation
Real Estate/Property
Utility & Energy
Finance
Technology
$bn
Asia Pacific (ex Japan) ECM Top 10 Sectors
1H 2014 1H 2013
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100
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400
500
600
700
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10
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30
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1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2011 2012 2013 2014
Asia Pacific (ex Japan) ECM Volume by Deal Type
2011 - 1H 2014
CONV IPO FO Deals

Asia Pacific (ex Japan) DCM

Asia Pacific (ex Japan) DCM volume stood at $576.2bn in 1H 2014, up 9% on 1H
2013 ($528.1bn) and the highest half year issuance on record. 2Q 2014 volume
increased 32% to $330.1bn from $249.9bn in 2Q 2013, the highest quarterly
volume on record
o The region accounted for 17% of global DCM volume in 1H 2014, the highest
1H share of global DCM on record
CNY-denominated volume increased to $263.3bn in 1H 2014, up 28% from 1H
2013 volume of $206.4bn and the highest 1H volume on record
o Offshore RMB* volume reached $18.0bn via 81 deals in 1H 2014, the
highest half year volume and activity on record. On April 10
th
, China Unicom
Ltd priced a $649m offshore RMB deal, the largest such deal in 2Q 2014
Asia Pacific (ex Japan) International G3 currency volume totaled $160.8bn in 1H
2014, up 25% on 1H 2013 ($129.1bn) and the highest half year volume on record
o Volume was led by 2Q 2014 issuance with $90.5bn, up 55% on 2Q 2013
($58.2bn) and the highest quarterly volume on record
o G3 currency SSA bond volume stood at $24.3bn in 1H 2014, up 45% on 1H
2013 ($16.7bn). Sovereign bond issuance reached $11.3bn and is the highest
1H level on record.
o G3 corporate HY issuance dropped 34% in 1H 2014 ($15.6bn) from the
record half year volume of $23.4bn in 1H 2013. In contrast, corporate IG
volume has reached a half year record of $316.1bn in the region
South Korean G3 DCM volume has reached $20.4bn in 1H 2014, more than double
the $9.6bn seen in 1H 2013 and the highest half year issuance on record
Basel III issuance has increased significantly in 1H 2014 to $29.9bn via 40 deals
compared to the $4.0bn and 14 deals completed in 2H 2013
Perpetual bonds totaled $5.3bn in 2Q 2014, the highest 2Q volume on record and
up 13% from the same 2013 period. 1H volume has reached $8.1bn, compared to
$10.9bn in 1H 2013
Kangaroo bond volume totaled $19.8bn in 1H 2014, up 37% on 1H 2013 ($14.5bn)
and the highest half year volume since 1H 2011 ($22.8bn)
* excludes baodao bonds

0
2
4
6
8
10
12
0
1
2
3
4
5
6
7
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2011 2012 2013 2014
Deals
$bn
Asia Pacific (ex Japan) Perpetual Bond Volume
Perpetual Bond Volume Deal Activity
0
200
400
600
800
1,000
1,200
1,400
1,600
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50
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1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2010 2011 2012 2013 2014
Deals
$bn
Asia Pacific (ex Japan) DCM Volume by Region
North Asia Australasia SE Asia India Subc Deals

Asia Pacific (ex Japan) Loans
Asia Pacific (ex Japan) loan volume totaled $242.7bn in 1H 2014, up 16% on
1H2013 ($208.7bn) and the highest first half year volume on record
USD denominated loans totaled $93.3bn in 1H 2014, down from $94.2bn in
1H2013, although accounted for 38% of total Asia Pacific (ex Japan) loan volume,
up from 37% in 1H 2013. Hong Kong Dollar borrowing ($24.8bn) accounted for
10% of Asia Pacific (ex Japan) loan volume in 1H 2014, the highest half year share
since 1H 2010 (15%), with volume up 89% yearonyear
$1bn+ loans total $97.2bn via 51 issues in 2014 YTD, up 33% on the $72.9bn lent in
the same 2013 period and the highest 1H level since 2008 ($127.9bn)
Jiangxi Expressway Investment Group Co Ltd's $2.7bn RMB-denominated club
loan completed in May was the largest Asia Pacific (ex Japan) loan facility in 2Q
2014, while Roy Hill Holdings' $7.2bn project finance loan completed in March
remains the largest Asia Pacific (ex Japan) loan in 1H 2014
Australia led the Asia Pacific (ex Japan) loan volume with a 20% share, on par with
1H 2013 and was the highest 1H share since 2008 (45%). Australia loan volume
stood at $48.7bn, up 15% on 1H 2013 ($42.4bn)
o India followed second with a 17% share of the market, with volume up 30%
year-on-year to $41.6bn in 1H 2014
Oil & Gas sector volume stood at $28.6bn in 1H 2014, up 41% year-on-year and
surpassed the 1H record high volume record in 2013 ($20.3bn)
o Notable deals include SapuraKencana Petroleum Bhds $5.7bn loan signed in
June in what was the largest Oil & Gas facility completed in the Southeast Asia
on record
Club deals reached $101.3bn in 1H 2014, the highest half year volume on record
Average Tenor stands at 5 years in 1H 2014, down from 5 years 5 months in 1H
2013 and the second consecutive decrease from the 1H record high in 2012 (5
years 10 months)

0
50
100
150
200
250
300
2008 2009 2010 2011 2012 2013 2014
$bn
Asia Pacific (ex Japan) Loan Volume by Country
1H Comparison
Australia India China Hong Kong Singapore Others
0
50
100
150
200
250
300
2008 2009 2010 2011 2012 2013 2014
$bn
Asia Pacific (ex Japan) Loan Volume by Currency
1H Comparison
USD INR HKD AUD CNY Others

Asia Pacific IB Revenue Rankings First Half 2014
Asia Pacific IB Revenue Rankings
Pos Bank
Net Rev
($m)
% share
Rank
1H 2013
1 Morgan Stanley 405 6.0 2
2 Nomura 392 5.9 1
3 Goldman Sachs 317 4.7 7
4 UBS 284 4.2 3
5 Mizuho 261 3.9 4
6 Sumitomo Mitsui Financial Group 239 3.6 10
7 Deutsche Bank 221 3.3 8
8 Citi 216 3.2 6
9 HSBC 209 3.1 9
10 JPMorgan 204 3.1 5

Asia Pacific (ex Japan) IB Revenue Rankings
Pos Bank
Net Rev
($m)
% share
Rank
1H 2013
2 UBS 270 5.3 1
3 HSBC 207 4.1 4
4 Citi 195 3.8 3
7 JPMorgan 185 3.6 2
8 Credit Suisse 182 3.6 5
9 Bank of America Merrill Lynch 146 2.9 9
10 Macquarie Group 108 2.1 13

Asia (ex Japan) IB Revenue Rankings
Pos Bank
Net Rev
($m)
% share
Rank
1H 2013
1 HSBC 193 4.6 2
3 UBS 158 3.8 1
4 Citi 152 3.7 4
5 JPMorgan 148 3.6 3
10 China Securities Co Ltd 107 2.6 16

Asia Pacific (ex Japan) M&A Revenue Rankings
Pos Bank
Net Rev
($m)
% share
Rank
1H 2013
2 UBS 85 10.4 4
5 Macquarie Group 48 5.8 7
6 Citi 46 5.6 2
7 JPMorgan 43 5.3 3
10 Barclays 21 2.5 15
Asia Pacific (ex Japan) ECM Revenue Rankings
Pos Bank
Net Rev
($m)
% share
Rank
1H 2013
2 UBS 111 5.5 1
5 Guosen Securities Co 75 3.7 13
7 China Securities Co 71 3.5 19
8 HSBC 67 3.3 15
9 JPMorgan 63 3.1 4
10 Citi 62 3.1 11
Asia Pacific (ex Japan) DCM Revenue Rankings
Pos Bank
Net Rev
($m)
% share
Rank
1H 2013
1 HSBC 81 5.1 1
2 Citi 75 4.7 4
3 UBS 72 4.6 2
5 China Development Bank Corp 57 3.6 14
6 JPMorgan 57 3.6 5
8 Standard Chartered Bank 46 2.9 6
9 CITIC Securities 43 2.7 7
10 Bank of China 38 2.4 13

Dealogic Asia Pacific Announced M&A Rankings First Half 2014
Asia Pacific
Pos Advisor Value $m No. % Share
1 Morgan Stanley 83,289 51 18.7
2 Goldman Sachs 69,531 48 15.6
3 Citi 47,556 45 10.7
4 Credit Suisse 40,343 28 9.1
5 Bank of America Merrill Lynch 39,486 28 8.9
6 Deutsche Bank 29,693 23 6.7
7 JPMorgan 28,434 29 6.4
8 UBS 28,361 24 6.4
9 Somerley 23,642 14 5.3
10 Lazard 23,398 19 5.3

Asia Pacific (ex Japan)
3 Citi 45,161 41 11.8
6 UBS 28,066 22 7.3
8 Somerley 23,642 14 6.2
9 Lazard 23,369 17 6.1
10 JPMorgan 22,481 23 5.9

Asia (ex Japan)
3 Citi 38,107 34 11.8
6 Somerley 23,642 14 7.3
8 JPMorgan 19,662 17 6.1
9 China Securities Co 17,877 9 5.5
10 CITIC Securities 16,949 9 5.2

Australia
Pos Advisor (ex Fairness opinion) Value $m No. % Share
2 Macquarie Group 17,163 25 21.8
3 UBS 16,874 14 21.4
4 Citi 16,719 9 21.2
8 Lazard 10,360 6 13.1
9 Rothschild 6,619 11 8.4
China
2 Somerley Ltd 18,614 10 11.0
3 China Securities Co Ltd 17,877 9 10.6
7 Haitong Securities Ltd 13,216 14 7.8
8 Citi 11,685 15 6.9
India
1 Citi 8,347 6 21.8
4 ICICI Bank 4,138 5 10.8
5 Evercore Partners Inc 4,030 2 10.6
7 JM Financial Ltd 3,145 1 8.2
8 HSBC 3,145 1 8.2
9 Ernst & Young 1,641 4 4.3
10 Standard Chartered Bank 1,574 4 4.1

Japan*
3 Centerview Partners 16,008 1 22.4
5 Nomura 7,790 38 10.9
6 JPMorgan 7,304 9 10.2
7 Citi 6,385 5 8.9
8 Sumitomo Mitsui Financial
Group
6,009 62 8.4
9 Mizuho 5,518 38 7.7
10 Evercore Partners Inc 4,587 3 6.4

Singapore
1 DBS 13,268 11 28.5
5 UBS 8,199 3 17.6
7 JPMorgan 6,948 4 14.9
10 UOB 5,879 3 12.6

SE Asia
3 DBS 13,268 11 20.1
6 JPMorgan 8,657 7 13.1
7 UBS 8,199 3 12.4
10 HSBC 6,313 4 9.6

*League table credit for the joint venture, comprising Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd., is reflected in the ranking of Morgan Stanley

Dealogic Asia Pacific Completed M&A Rankings First Half 2014
Asia Pacific
5 Citi 45,659 37 12.7
6 UBS 43,662 31 12.1
7 JPMorgan 40,388 33 11.2
9 Rothschild 26,548 27 7.4

3 UBS 43,562 30 15.0
5 Citi 39,828 31 13.7
7 JPMorgan 35,949 28 12.4
9 Rothschild 25,746 24 8.9
10 Grant Samuel & Associates Pty 19,918 11 6.9

Asia (ex Japan)
4 Citi 22,337 26 9.3
6 UBS 16,448 12 6.8
7 JPMorgan 15,782 19 6.6
9 Lazard 15,250 10 6.3
10 HSBC 14,331 8 6.0

Australia
Pos Advisor (ex Fairness opinion) Value $m No. % Share
1 UBS 27,172 19 43.2
4 JPMorgan 20,358 10 32.4
6 Citi 19,916 6 31.7
9 Rothschild 15,988 9 25.4
China
3 Lazard 8,410 4 7.8
5 China International Capital Corp 7,808 5 7.3
6 Barclays 7,667 6 7.2
8 JPMorgan 5,747 8 5.4
9 UBS 5,176 7 4.8
10 HSBC 5,110 4 4.8
India
1 Citi 5,181 6 15.5
4 PwC 3,669 5 11.0
8 UBS 2,475 1 7.4
9 Kotak Mahindra Bank Ltd 1,893 7 5.7
10 Axis Bank 1,824 5 5.5

Japan*
4 Sumitomo Mitsui Financial Group 16,791 78 21.4
5 Centerview Partners 16,008 1 20.4
6 Nomura 15,413 42 19.7
8 Moelis & Co 7,180 5 9.2
9 Daiwa Securities 6,884 26 8.8
10 Citi 5,831 6 7.5
Singapore
3 DBS 11,024 5 25.7
7 Lazard 7,495 2 17.5
8 HSBC 6,796 3 15.8
9 UOB 5,879 3 13.7
10 Maybank 4,166 2 9.7
SE Asia
4 DBS 11,024 5 17.5
6 Lazard 8,360 3 13.2
8 HSBC 6,796 3 10.8
9 UOB 5,879 3 9.3
10 Maybank 4,716 7 7.5


Dealogic Asia Pacific Attorney M&A Rankings (including Attorney to Advsiors) First Half 2014
Asia Pacific
Pos Attorney Value $m No. % Share
1 King & Wood Mallesons 35,788 56 9.3
2 Herbert Smith Freehills 33,817 56 8.8
3 Clifford Chance LLP 24,807 15 6.5
4 Linklaters 19,387 11 5.1
5 Freshfields 17,948 13 4.7
6 Gilbert & Tobin 17,839 17 4.7
7 Jiayuan Law Offices 17,838 11 4.7
8 Kim & Chang 17,167 68 4.5
9 Allens 16,779 30 4.4
10 Davis Polk & Wardwell 16,608 17 4.3

Australia
1 Herbert Smith Freehills 29,084 45 36.9
3 Gilbert & Tobin 17,839 17 22.6
4 Allens 16,779 30 21.3
5 Minter Ellison 10,901 23 13.8
6 Ashurst 9,885 28 12.5
7 Clayton Utz 9,799 19 12.4
8 Baker & McKenzie 9,210 14 11.7
9 Linklaters 7,859 2 10.0

Japan
Pos Attorney
Value
$m
No. % Share
1 Nishimura & Asahi 23,718 37 33.2
2 Sidley Austin LLP 16,903 2 23.6
3 Kirkland & Ellis 16,458 5 23.0
4 White & Case LLP 16,008 1 22.4
5
Cleary Gottlieb Steen &
Hamilton
16,008 1 22.4
6 Mori Hamada & Matsumoto 10,785 60 15.1
7
Nagashima Ohno &
Tsunematsu
8,936 37 12.5
8 Shearman & Sterling 6,598 5 9.2
10 Willkie Farr & Gallagher 5,708 1 8.0

South Korea
1 Kim & Chang 15,930 67 34.6
2 Lee & Ko 11,350 48 24.7
3 Bae Kim & Lee 9,422 24 20.5
4 Simpson Thacher & Bartlett 7,735 2 16.8
5 Shin & Kim 6,431 25 14.0
6 Sullivan & Cromwell 5,800 1 12.6
7 Yulchon 4,001 15 8.7
8 Latham & Watkins 1,935 1 4.2
10 Kim Choi & Lim 336 5 0.7
China
1 Jiayuan Law Offices 17,838 11 10.6
3 Linklaters 11,529 6 6.8
4
Skadden Arps Slate Meagher
& Flom
9,396 14 5.6
6 Fangda Partners 8,562 27 5.1
9 White & Case LLP 6,620 2 3.9
10 Sullivan & Cromwell 6,453 4 3.8

India
Pos Attorney
Value
$m
No. % Share
1 Amarchand Mangaldas 8,241 30 21.6
3 AZB & Partners 6,625 35 17.3
4 Luthra & Luthra 4,858 7 12.7
5 Shearman & Sterling 4,250 2 11.1
5 Crawford Bayley & Co 4,159 4 10.9
7 Weil Gotshal & Manges 3,990 2 10.4
8 S H Bathiya & Associates 3,990 1 10.4
8 Slaughter & May 3,145 1 8.2
10 Khaitan & Co 2,664 19 7.0

Dealogic Asia Pacific ECM Rankings First Half 2014
Asia Pacific
Pos Bookrunner Value $m No. % Share
2 Nomura 7,745 51 6.0
4 UBS 6,825 67 5.3
5 Citi 5,875 34 4.6

2 UBS 6,394 63 6.0
3 Citi 5,850 33 5.5
9 HSBC 3,686 15 3.5
10 JPMorgan 3,592 36 3.4

Asia (ex Japan)
4 HSBC 3,686 15 4.1
6 JPMorgan 3,592 36 4.0
7 UBS 3,370 34 3.8
9 Citi 3,044 29 3.4

Australia
2 Citi 2,806 4 17.3
3 UBS 2,509 25 15.5
6 Deutsche Bank 418 3 2.6
7 Commonwealth Bank of Australia 326 8 2.0
8 Canaccord Genuity Corp 290 18 1.8
9 Morgans Financial 268 17 1.7
10 Credit Suisse 261 8 1.6
China
4 Guosen Securities Co 2,714 15 4.8
6 Haitong Securities 2,390 14 4.2
8 Southwest Securities Co 2,001 8 3.5
10 Guotai Junan Securities Co 1,964 13 3.5
India
1 JPMorgan 934 4 16.4
2 Citi 778 6 13.7
3 JM Financial 450 3 7.9
4 CITIC Securities 421 2 7.4
5 Goldman Sachs 389 5 6.9
6 HSBC 332 3 5.8
8 State Bank of India 304 4 5.4
9 UBS 289 3 5.1
10 Bank of America Merrill Lynch 285 2 5.0

Japan*
1 Nomura 7,467 45 33.0
5 Mizuho 1,407 21 6.2
9 UBS 432 4 1.9
10 Ichiyoshi Securities Co 103 2 0.5

Singapore
1 DBS 380 5 21.0
2 Standard Chartered Bank 235 4 13.0
3 OCBC 169 3 9.4
5 Citi 112 2 6.2
6 HSBC 92 1 5.1
7 CIMB Group 88 4 4.9
7 UOB 77 2 4.3
9 Morgan Stanley 74 1 4.1
10
PrimePartners Corporate
Finance Pte
52 3 2.9

SE Asia
1 CIMB Group 1,021 14 11.0
2 Maybank 802 9 8.6
6 DBS 380 5 4.1
7 RHB Capital Bhd 339 15 3.6
8 Affin Investment Bank Bhd 293 6 3.2
9 AmInvestment Bank Bhd 291 7 3.1
10 UBS 278 5 3.0


Dealogic Asia Pacific ECM (ex A-shares) Rankings First Half 2014
Asia Pacific (ex Japan, ex A-Share) ECM Bookrunner Ranking First Half 2014
Rank Bookrunner Value $m Deals % share
2 UBS 6,239 62 8.5
3 Citi 5,704 31 7.7
7 HSBC 3,686 15 5.0
9 JPMorgan 2,983 33 4.1

Asia Pacific (ex Japan, ex A-Share) IPO Bookrunner Ranking First Half 2014
2 UBS 1986 14 8.6
3 Macquarie Group 1789 13 7.8
4 HSBC 1639 3 7.1
8 Citi 727 7 3.2
10 CITIC Securities 664 4 2.9

Asia Pacific (ex Japan, ex A-Share) Stock Bookrunner Ranking First Half 2014
2 UBS 5,792 58 8.8
3 Citi 4,984 27 7.6
7 HSBC 2,769 11 4.2
10 JPMorgan 2,180 24 3.3

Asia Pacific (ex Japan, ex A-Share) Equity-Linked Bookrunner Ranking First Half 2014
2 HSBC 917 4 11.7
4 JPMorgan 803.54 9 10.2
5 Deutsche Bank 728.12 6 9.3
6 Citi 719.58 4 9.2
7 UBS 447.01 4 5.7
8
Partners Capital International
Ltd
404.65 2 5.2
9 Bank of America Merrill Lynch 348.36 3 4.4

Dealogic Asia Pacific DCM Rankings First Half 2014
Asia Pacific
1 Mizuho 33,587 225 4.7
3 Citi 26,879 133 3.8
4 China Development Bank Corp 25,461 142 3.6
5 HSBC 24,269 197 3.4
6 JPMorgan 22,799 108 3.2
7 Nomura 20,286 194 2.8

2 Citi 23,359 119 4.1
3 HSBC 23,008 193 4.0
5 JPMorgan 18,794 97 3.3
7
Bank of China 17,135 89 3.0
8 UBS 16,383 94 2.8
9 China Construction Bank Corp 14,631 112 2.5
10 ANZ 14,129 92 2.5

Asia (ex Japan)
2 HSBC 20,223 179 4.3
4 Bank of China 17,135 89 3.6
6 Citi 14,171 87 3.0
7
ICBC 13,925 83 3.0
10 JPMorgan 11,123 69 2.4

Australia
1 Westpac 11,954 30 12.4
2 National Australia Bank 10,117 51 10.5
3 ANZ 8,854 39 9.2
4 Commonwealth Bank of Australia 8,756 31 9.1
5 Citi 8,391 28 8.7
6 JPMorgan 7,209 26 7.5
7
Deutsche Bank 6,120 19 6.4
8 UBS 5,482 19 5.7
10
Barclays 3,352 14 3.5
China
3 Bank of China 16,999 87 5.4
5 ICBC 13,587 81 4.3
6
Shanghai Pudong Development
Bank
10,520 73 3.4
7
Agricultural Bank of China 8,265 57 2.6
8 Industrial Bank Co 8,152 70 2.6
9 China Everbright Bank Co 8,039 38 2.6
10 UBS 7,551 51 2.4
India
2 AXIS Bank 1,909 49 9.7
3 HSBC 1,376 12 7.0
5 JPMorgan 1,136 8 5.8
6 ICICI Bank 1,035 30 5.3
7 Barclays 1,029 11 5.3
8 AK Capital Services 998 43 5.1
9 BNP Paribas 893 7 4.6
10 Trust Investment Advisors 840 42 4.3

Japan*
1 Mizuho 31,988 214 23.3
2 Nomura 18,736 167 13.6
7
Barclays 4,844 19 3.5
9 Mitsubishi UFJ Financial Group 4,507 34 3.3
10 JPMorgan 4,005 11 2.9
Singapore
1 DBS 2,498 31 21.6
2 HSBC 1,729 19 15.0
3 OCBC 1,170 12 10.1
4 UOB 1,072 11 9.3
5 ANZ 842 9 7.3
6 JPMorgan 539 3 4.7
9 RHB Capital Bhd 393 3 3.4
10 Citi 242 2 2.1
SE Asia
1 HSBC 6,098 53 10.6
2 CIMB Group 4,035 45 7.0
4 Citi 3,298 11 5.8
5 Maybank 3,238 24 5.7
6 DBS 2,784 37 4.9
9 AmInvestment Bank Bhd 2,121 19 3.7
10 Siam Commercial Bank 2,044 21 3.6


Dealogic Asia Pacific Loans Rankings First Half 2014
Asia Pacific (ex Japan) G3 Currency
1 State Bank of India 5,950 14 10.9
3 ANZ 3,036 27 5.6
5 DBS 2,709 27 5.0
7 BNP Paribas 2,005 17 3.7
9 Mizuho 1,917 19 3.5
10 HSBC 1,790 22 3.3

2 ANZ 9,090 52 6.7
3 Bank of China 7,677 73 5.7
6 Westpac 4,122 22 3.0
7 HSBC 3,874 32 2.9
8 Mizuho 3,576 31 2.6
9 DBS 3,453 31 2.5

Asia (ex Japan)
2 Bank of China 7,677 73 6.7
4 DBS 3,453 31 3.0
5 HSBC 3,251 29 2.8
6 Mizuho 3,008 28 2.6
8 ANZ 2,739 27 2.4
10 BNP Paribas 2,560 21 2.2

Australia
1 ANZ 5,388 23 26.1
3 Westpac 3,420 17 16.5
4
Commonwealth Bank of Australia 2,424 10 11.7
6 HSBC 623 3 3.0
7 RBS 584 1 2.8
8 Mizuho 568 3 2.8
9 Mitsubishi UFJ Financial Group 566 3 2.7
10 Sumitomo Mitsui Financial Group 466 2 2.3
China
1 Bank of China 6,521 64 28.5
5 ICBC 1,120 5 4.9
8 Mizuho 699 7 3.1
9 ANZ 675 6 3.0
10 HSBC 526 6 2.3
India
2 AXIS Bank 1,980 9 5.8
3 ICICI Bank 1,805 6 5.3
4 IDBI Bank 972 3 2.8
6 IDFC 941 2 2.7
7 Mitsubishi UFJ Financial Group 876 5 2.6
9 RBS 738 6 2.2
10 DBS 720 7 2.1

Japan*
1 Mizuho 59,185 244 47.5
4 DBJ 3,434 16 2.8
5 Citi 3,155 4 2.5
6 Credit Agricole CIB 755 5 0.6
7 Sumitomo Mitsui Trust Holdings
Inc
550 4 0.4
8 77 Bank 331 2 0.3
10 Bank of Yokohama 168 2 0.1
Singapore
2 OCBC 971 4 7.0
4 DBS 814 6 5.9
5 Maybank 769 3 5.6
6 Sumitomo Mitsui Financial Group 730 4 5.3
7 ANZ 627 6 4.5
8 UOB 575 3 4.2
9 ING 565 4 4.1
10 JPMorgan 558 2 4.0
SE Asia
2 Siam Commercial Bank 2,524 1 9.0
3 OCBC 1,765 9 6.3
4 Nordea Markets 1,683 2 6.0
5 DBS 1,644 14 5.8
6 ANZ 1,255 12 4.5
7 BNP Paribas 1,162 7 4.1
8 Mizuho 1,108 10 3.9
9 Sumitomo Mitsui Financial
Group
1,058 8 3.8
10 Maybank 1,044 6 3.7
Please note that bookrunner market share is a proportion of bookrunner-led loan volume only

Dealogic M&A Coverage & Criteria

The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive
document detailing Dealogics precise scope, policies and methodologies, please contact one of the analysts listed on the front page
of this release.

GENERAL
Figures based on announcement date unless otherwise stated. League tables based on
announcement date include all transactions announced during the specified period except
withdrawn or failed, and use announced or revised transaction values. In Japan, the
announcement date is considered the date on which full terms are disclosed.
Announced league tables are based on transaction value at announcement of most recent
terms.
Transactions not denominated in US dollars are converted to a US dollar equivalent at the
date of announcement.
Tables in this document are complete and current to the best of Dealogics knowledge.
While an official snapshot of the investment banking landscape as of the date of
publication, league tables are subject to retroactive change due to a variety of factors,
including, but not limited to, revaluation, withdrawal or termination, and changes in
advisor roles.
To be eligible for league table credit, a financial advisor must submit notification of
involvement in a transaction before the deadline, subject to certain restrictions and
amendments (refer to official documentation).
ELIGIBILITY
Both target and acquiror advisors are eligible for league table credit.
The group head (the investment banking division name of the parent entity) appears in
league tables.
Financial advisor league tables include the following roles: Financial Advisor, Fairness
Opinions.
Advisors to the acquiror are eligible for full league table credit when advising the acquiror
or its parent. Advisors to companies with a controlling stake, but less than 50%, of the
acquiror are eligible for proportionate credit, if criteria are met.
Advisors to the target are eligible for full league table credit when advising a shareholder
with an interest of at least 50% in the target. Advisors to shareholders with minority
interest in the target are also eligible for league table credit in proportion to the stake held.
In the case of pending competing offers, the target advisor to the largest offer only is
eligible for credit.
Rumors, preliminary discussions, buybacks, carve-outs and withdrawn deals are not
included in league tables, unless otherwise specified.
Region-specific league tables are based upon target, acquiror, acquiring subsidiary or
divestor nationality, primarily the nationality of headquarters of the parent, and if that is
unclear, the nationality of incorporation.

VALUATION
The Dealogic valuation methodology defines the value of a transaction as the cost to
acquiror. In all cases, only the percentage acquired is eligible for league table credit.
League tables appearing in this report are ordered by Deal Value, defined as amount paid
by the acquiror for the target, including net debt.

COVERAGE
Acquisitions, acquisitions of assets (divestitures), and stake purchases.
Mergers, Joint Ventures, Spin-offs & Split-offs.
Privatizations, Government-awarded PCS/wireless licenses.
Pharmaceutical rights and brands.
Real estate property transactions defined as managed companies, portfolios or completed
buildings only, are tracked and eligible if valued $100m or above.
Buyback transactions structured as public tender offers, as divestments or as a defensive
technique in response to an unsolicited takeover approach.
Recapitalizations & restructurings.
Debt-for-equity recapitalizations
Restricted Preferred share issuance and Mandatory Convertible Debt

RANKING CRITERIA
Volume Rankings: Excludes withdrawn deals, buyback programs and carve-outs, includes
assumption of debt; Based on eligible credit amount. Due to credit being given to each
advisor on a deal, the sum of the Market shares will not equal 100%
(Financial Sponsor Rankings exclude add-on transactions)
Revenue Rankings: Dealogic Revenue Analytics employed where fees are not disclosed;
Amalgamation of realized fees from announced and completed deals

Dealogic ECM Coverage & Criteria

of this release.

GENERAL
Tables appearing in this document are based on completed ECM syndicate
transactions globally
Rankings are based on deal volumes
Transactions not denominated in US dollars are converted to a US dollar
equivalent at pricing date
Tables appearing in this document are complete and current to the best of
Dealogics knowledge. While an official snapshot of the investment banking
landscape as of the date of publication, rankings are subject to retroactive
change due to a variety of factors, including, but not limited to, revaluation,
withdrawal / termination, and changes in Bookrunner roles
The deadline for end of quarter submission is ten business days prior to the
last day of the quarter
To be eligible for rankings, a bookrunner must submit notification of
involvement in a transaction before the deadline, subject to certain
restrictions and amendments (refer to official documentation)

ELIGIBILITY
Only transactions with Bookrunners are eligible for rankings
The group head, which is the investment banking division name of the parent
entity, appears in rankings
Credit is allocated on a tranche by tranche basis
Traditional Closed End Funds, Non-underwritten Employee Offers, US Best
Efforts, Warrant Offerings and Bonds with Equity Warrants are not included in
rankings, unless otherwise specified
The consideration for nationality-specific rankings is based primarily on the
issuers headquarters nationality. In certain circumstances, nationality of
operations or expertise may be taken into account

COVERAGE
IPOs, Follow-ons, Convertibles
Bought Deals, Accelerated Bookbuilds
Institutional & Retail Sales
Rights Offerings

VALUATION
The Dealogic valuation methodology defines the value of a transaction as the
total shares including overallotment at offer price
Rankings appearing in this report are ordered by Global Amt Offered Including
Overallotment

Dealogic DCM Coverage & Criteria

of this release.

GENERAL
All amounts are based on global deal value in US dollars
equivalent at pricing date
To be eligible for rankings, a bookrunner must submit notification of
involvement in a transaction before the deadline, subject to certain
restrictions and amendments (refer to the official Global DCM Ranking
Criteria documentation)
Dealogics knowledge. While an official snapshot of the investment banking
change due to a variety of factors, including, but not limited to revaluation,
withdrawal / termination, and changes in Bookrunner roles
ELIGIBILITY
Only transactions with Bookrunners are eligible for rankings
Credit is allocated on a tranche by tranche basis
Deals maturing less than 18 months after the settlement date, bond exchange
offers, equity-linked units, agency auctioned reference bills and money
marketed transactions are not included in rankings, unless otherwise specified
The consideration for nation-specific tables is based on the headquarters
location of the parent company (issuer parent). In certain circumstances,
nationality of operations or expertise may be taken into account
Investment grade tables include Corporate investment grade bonds, as well as
Preferred Shares and all MTNs if investment grade rated

COVERAGE
Corporate bonds IG and Corporate bonds HY (issued by industrial, utility,
banks and insurance companies)
Non-convertible preferred stock
Pfandbrief offerings, MTNs, Money Marketed transactions
Securitized offerings (ABS, MBS)
Agency, Sovereign and Supranational offerings
VALUATION
The Dealogic valuation methodology defines the value of a transaction as the
sum of all rank eligible tranches
Rankings appearing in this report are ordered by deal value proceeds

Dealogic Loans Coverage & Criteria

of this release.

GENERAL
Tables appearing in this document are based on credit dates, unless otherwise
specified. Rankings are based on credit date and include all deals signed prior
to general syndication
equivalent at credit date
Dealogics knowledge. While an official snapshot of the syndicated lending
change due to a variety of factors

ELIGIBILITY
Loans made available by two or more providers under a common loan
agreement. Ranking credit is assigned on the date signing provided that
borrower fees were paid
Amendments and amended and restated loans are rank eligible if there is a
change to pricing, tenor or value. However, amendments and amended and
restated loans, which carry a tenor of less than 90 days, or are signed within
90 days of the signing date of the original loan agreement, are not eligible
Cancelled loans are eligible provided that the loan agreement has been signed,
and fees have been paid
For inclusion of sole-led transactions that are only syndicated with institutional
investors, a full list of institutional investors is required

RANKING
Global rankings are comprised of EMEA, North America, Latin America, and
Asia regions
Bookrunner credit is awarded if a proven sell-on has taken place, through
evidence of tiering or a mandate letter, the cover page of the loan agreement,
an invitation letter or a borrowers press release
All regional rankings are run according to market type
Mandated Arranger rankings comprise Bookrunners and all Administrative,
Syndication and Documentation agents
Tables are ranked by US dollar volume calculated on a proportional credit
basis

EXCLUSIONS
Components of loans arranged and provided by one bank (bilateral tranches)
are not eligible for ranking credit
Private placements are not eligible
Technical amendments and waivers.
Loans with a tenor of less than 360 days rolled over for a second time within
the same year and loans with an extension to maturity of less than 90 days are
excluded in the rankings
Two or more lines of credit simultaneously made available to the same
borrower (co-ordinated series of bilaterals) are not rank eligible

Notes to Editors

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Dealogic works in partnership with every major investment bank in the world to help them better understand their clients and the competitive
landscape so they can allocate resources and execute deals more effectively.

Dealogic has over 25 years experience and a particular focus in capital markets origination, syndication, investment banking coverage, and strategy
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The Dealogic Asia Pacific (ex Japan) IB Review is a quarterly compilation of Asia Pacific (ex Japan) debt and equity capital markets, mergers &
acquisitions and syndicate lending trends, activity and participant rankings

The Dealogic StatShot produced daily for debt capital markets, equity capital markets, mergers & acquisitions and syndicated lending, highlighting
insightful trends and banking relationships. Dealogics StatShot are available to clients and media partners upon request.

Data, research and rankings used within these reports are produced via Dealogics Investment Banking Management Platform.

Dealogic Revenue Analytics

Dealogic Revenue Analytics creates a single, objective set of standards that allows for direct comparison of trending across, products, regions and
industries for all investment banks. In instances where fees are not disclosed, Dealogic projects estimates based on historical disclosed precedent
across dozens of statistically tested variables and thousands of individual fee scenarios. Dealogic Revenue Analytics rules are applied to recognition,
booking, and classification of deal revenue to provide a standard metric for competitive analysis and benchmarking of investment banks.

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Asia Pacific (ex Japan) IB Review |First Half 2014

Asia Pacific (ex Japan) IB Revenue Increased 11% Year-on-Year to $5.1bn

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