GLOBAL

FIXED
INCOME
LEAGUE TABLES
FY 2015
 FY 2015
MANAGER RANKINGS

GLOBAL FIXED INCOME

CONTENTS Bloombergs corporate bond database consists of more than 1.9 million active securities--including
convertible bonds and preferred securities--along with more than 4.1 million matured, called or
1. Global market review retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100
different currencies.
2. US market review
3. Canada market review LEAG<GO> for a full range of league tables
4. Latin America market review NIM<GO> for Bloombergs new issue monitor
5. EMEA market review
6. Asia market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release
7. Table criteria and data found on the Bloomberg Professional Service.

DATA SUBMISSIONS AND QUERIES

Contact Phone Email
North America Dean Psomaras +1 609 279 3449 newissues@bloomberg.net
EMEA Benjamin Biset +44 20 3525 7238 emeacapmkts@bloomberg.net
Asia Pacific Carissa Chua +65 6231 3665 nimap@bloomberg.net

2015 Bloomberg Finance L.P. All rights reserved.

 Global Corporate Leveraged Finance: Quarterly Volume

Global Fixed Income Review Global Sponsor-Led Loans

Corporate High Yield Bonds

400
FY 2015 credited Corporate & Financial Bonds volume decreased 3.29% to USD 4.0 Trln while deal count
decreased 6.38% to 15,331 offerings year-on-year. Corporate Bonds volume decreased 1.43% year-on-year to
USD 1.9 Trln while the deal count decreased 4.17% to 6,176. Financial Bonds volume decreased 4.89% year-on-

USD Bln
year to USD 2.1 Trln over 9,155 deals. 200

JP Morgan ranked as the top Corporate & Financial Bonds underwriter for FY 2015 with 6.42% market share.
The bank underwrote 1,564 deals over the period. Bank of America Merrill Lynch and Citi ranked second and
third with 5.52% and 5.30% market share, respectively. 0

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Bloomberg Global Fixed Income | FY 2015

Corporate & Financial Bonds: Highlights of 2015 Quarters

Top Underwriter Issuer Industry

Volume (USD
Mln) Date
Corporate & Financial Bonds: Industry Breakdown
JP Morgan Industrial & Commercial Bank of Financials 7,049 11/18/2015 Financials 54%
Number of deals 1,564 China Ltd
Volume (USD Mln) 258,700 Agricultural Bank of China Ltd Financials 6,386 03/11/2015 Consumer Discretionary 7%
Avg Deal size (USD Mln) 165.4 AT&T Inc Communications 5,000 04/23/2015 25% Industrials 7%
Industrial Bank Co Ltd Financials 4,836 01/13/2015
Market Summary Energy 7%
Shanghai Pudong Development Bank Financials 4,711 09/01/2015
Number of deals 15,331
Co Ltd Others 25%
7% 54%
Xiamen C&D Corp Ltd Financials 4,710 09/07/2015
Volume (USD Mln) 4,028,609
Bank of Communications Co Ltd Financials 4,645 12/15/2015 7%
Avg Deal size (USD Mln) 262.8
CCO Safari II LLC Communications 4,500 07/09/2015 7%
Bank of China Ltd Financials 4,472 03/13/2015
Visa Inc Financials 4,000 12/09/2015

Corporate & Financial Bonds: Quarterly Volume

Deal Count Other High Yield

Investment Grade Corporate & Financial Bonds: Spread to Benchmark

1,400 6,000

High Yield
1,200
5,000
Investment Grade

1,000 700
4,000
600
Deal Count

800
USD Bln

Basis points
3,000
400
600

2,000
400 200

1,000
200
0

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1
 Corporate Bonds Financial Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
JP Morgan 1 7.78 147,129 1,021 1 7.54 0.24 JP Morgan 1 5.22 111,571 543 1 5.15 0.07
Bank of America Merrill Lynch 2 7.42 140,330 917 2 6.23 1.19 Citi 2 5.00 106,914 549 2 4.72 0.28
Citi 3 5.64 106,656 804 4 5.29 0.35 Goldman Sachs 3 4.21 90,070 404 7 4.10 0.11
Deutsche Bank 4 5.54 104,777 696 3 5.46 0.08 Bank of America Merrill 4 3.84 82,088 431 3 4.58 -0.74
Morgan Stanley 5 5.17 97,810 737 5 4.64 0.53 Lynch
Goldman Sachs 6 5.16 97,533 636 7 4.52 0.64 HSBC 5 3.82 81,745 555 8 3.91 -0.09
Barclays 7 5.10 96,490 666 6 4.60 0.50 Morgan Stanley 6 3.66 78,316 452 5 4.33 -0.67
HSBC 8 3.96 74,841 608 8 3.99 -0.03 UBS 7 3.46 73,873 352 11 2.72 0.74

Bloomberg Global Fixed Income | FY 2015

Wells Fargo 9 3.31 62,521 449 12 2.58 0.73 Credit Suisse 8 3.38 72,136 334 9 3.77 -0.39
Credit Suisse 10 3.07 57,985 422 9 3.50 -0.43 Deutsche Bank 9 3.29 70,336 466 4 4.46 -1.17
BNP Paribas 11 2.95 55,808 438 10 3.21 -0.26 Barclays 10 3.04 64,999 419 6 4.26 -1.22
Mizuho Financial 12 2.24 42,420 420 14 1.69 0.55 BNP Paribas 11 2.21 47,273 265 10 2.87 -0.66
RBC Capital Markets 13 2.00 37,839 352 13 2.05 -0.05 Wells Fargo 12 2.19 46,772 194 13 1.84 0.35
Societe Generale 14 1.71 32,290 266 15 1.66 0.05 CITIC Securities Co Ltd 13 2.00 42,770 140 18 1.39 0.61
Mitsubishi UFJ Financial 15 1.67 31,602 274 17 1.52 0.15 RBC Capital Markets 14 1.83 39,085 230 15 1.55 0.28
UBS 16 1.47 27,870 216 16 1.56 -0.09 Credit Agricole CIB 15 1.76 37,560 195 12 1.88 -0.12
Bank of China 17 1.31 24,865 148 19 1.33 -0.02 Societe Generale 16 1.65 35,205 176 16 1.49 0.16
Credit Agricole CIB 18 1.31 24,853 248 18 1.40 -0.09 Natixis 17 1.37 29,253 174 14 1.73 -0.36
Industrial & Comm Bank of 19 1.24 23,362 153 25 0.84 0.40 China Securities Co Ltd 18 1.30 27,703 92 57 0.34 0.96
China UniCredit 19 1.27 27,048 174 19 1.31 -0.04
RBS 20 1.11 20,949 182 11 2.75 -1.64 Commerzbank 20 1.02 21,739 162 21 1.03 -0.01
TOTAL 100% 1,891,310 6,176 100% TOTAL 100% 2,137,298 9,155 100%

International Bonds Global Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Mkt Volume (USD

Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
JP Morgan 1 7.80 281,291 1,556 1 7.31 0.49 JP Morgan 1 11.42 121,359 533 1 12.23 -0.81
Barclays 2 7.01 252,890 1,141 3 6.74 0.27 Barclays 2 10.00 106,244 316 2 10.80 -0.80
Citi 3 6.47 233,238 1,312 5 5.97 0.50 Bank of America Merrill 3 9.96 105,810 504 3 8.60 1.36
Bank of America Merrill 4 6.36 229,355 1,273 6 5.38 0.98 Lynch
Lynch Citi 4 9.36 99,489 429 4 8.57 0.79
HSBC 5 6.18 222,687 1,263 4 6.03 0.15 Goldman Sachs 5 8.07 85,710 350 5 7.93 0.14
Deutsche Bank 6 5.89 212,565 1,169 2 6.94 -1.05 Morgan Stanley 6 7.32 77,775 308 7 7.55 -0.23
Goldman Sachs 7 5.58 201,293 1,010 7 5.22 0.36 Wells Fargo 7 6.08 64,569 291 10 3.62 2.46
Morgan Stanley 8 4.46 160,654 857 9 4.31 0.15 Deutsche Bank 8 5.70 60,588 239 6 7.61 -1.91
BNP Paribas 9 3.91 140,842 834 8 4.33 -0.42 HSBC 9 5.36 56,894 178 8 6.28 -0.92
Credit Suisse 10 3.59 129,612 712 10 3.63 -0.04 Credit Suisse 10 2.99 31,744 163 11 2.91 0.08
Credit Agricole CIB 11 2.52 90,751 601 13 2.48 0.04 TD Securities 11 2.95 31,338 100 12 2.67 0.28
Societe Generale 12 2.42 87,435 524 12 2.55 -0.13 RBC Capital Markets 12 2.80 29,732 136 9 3.75 -0.95
Wells Fargo 13 2.40 86,481 470 19 1.39 1.01 BNP Paribas 13 2.37 25,210 117 13 2.67 -0.30
UBS 14 2.18 78,566 408 16 1.68 0.50 Mizuho Financial 14 1.70 18,113 122 21 0.62 1.08
RBC Capital Markets 15 1.91 68,708 444 15 1.94 -0.03 Mitsubishi UFJ Financial 15 1.59 16,892 105 18 0.86 0.73
UniCredit 16 1.90 68,398 385 14 2.38 -0.48 UBS 16 1.39 14,789 72 20 0.73 0.66
RBS 17 1.51 54,625 325 11 2.68 -1.17 Nomura 17 1.36 14,468 34 15 1.62 -0.26
Nomura 18 1.37 49,393 378 18 1.41 -0.04 Scotiabank 18 0.88 9,353 42 16 1.29 -0.41
Natixis 19 1.37 49,284 329 17 1.68 -0.31 US Bancorp 19 0.86 9,170 79 22 0.56 0.30
TD Securities 20 1.29 46,370 251 24 0.96 0.33 BMO Capital Markets 20 0.83 8,861 29 17 0.96 -0.13
TOTAL 100% 3,605,897 9,340 100% TOTAL 100% 1,062,383 1,204 100%

2
 Corporate High Yield Bonds
FY 2015 FY 2014

Mkt Volume (USD Deal

Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
JP Morgan 1 8.68 35,250 289 2 8.62 0.06
Bank of America Merrill 2 8.16 33,149 260 3 7.89 0.27
Lynch
Citi 3 8.16 33,138 218 4 7.86 0.30
Goldman Sachs 4 7.96 32,320 238 5 7.28 0.68
Deutsche Bank 5 7.26 29,505 242 1 9.04 -1.78
Barclays 6 6.48 26,325 207 8 6.31 0.17
Morgan Stanley 7 6.01 24,422 186 6 6.93 -0.92

Bloomberg Global Fixed Income | FY 2015

Credit Suisse 8 5.65 22,964 183 7 6.74 -1.09
UBS 9 3.65 14,816 87 9 3.33 0.32
Wells Fargo 10 3.45 14,027 130 10 3.16 0.29
RBC Capital Markets 11 3.30 13,409 127 12 2.74 0.56
HSBC 12 2.78 11,303 117 11 2.99 -0.21
BNP Paribas 13 2.09 8,500 100 14 2.52 -0.43
Credit Agricole CIB 14 1.75 7,113 84 13 2.64 -0.89
UniCredit 15 1.75 7,097 45 18 0.98 0.77
SunTrust Robinson 16 1.65 6,701 64 19 0.95 0.70
Humphrey
Jefferies 17 1.41 5,721 40 17 1.32 0.09
Nomura 18 1.27 5,158 50 31 0.54 0.73
RBS 19 1.18 4,791 50 15 1.60 -0.42
Societe Generale 20 1.10 4,475 50 16 1.33 -0.23
TOTAL 100% 406,163 811 100%

3
 US Leveraged Finance: Quarterly Volume

US Fixed Income Review US Leveraged Loans

US High Yield Corporate Bonds

500
FY 2015 credited US Corporate Bonds volume increased 3.21% to USD 1.6 Trln while deal count decreased
8.99% to 2,633 offerings year-on-year. US Investment Grade Corporate Bonds volume increased 12.51% year- 400

on-year to USD 1.3 Trln while the deal count increased 0.05% to 1,952. US High Yield Corporate Bonds volume

USD Bln
decreased 21.21% year-on-year to USD 274.6 Bln over 476 deals.
200
JP Morgan ranked as the top US Corporate Bonds underwriter for FY 2015 with 12.41% market share. The bank
underwrote 1,112 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with
11.44% and 9.93% market share, respectively. 0

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Bloomberg Global Fixed Income | FY 2015

US Corporate Bonds: Highlights of 2015 Quarters

Top Underwriter Issuer Industry Volume (USD Mln) Date

US Corporate Bonds: Industry Breakdown
AT&T Inc Communications 5,000 04/23/2015
JP Morgan
CCO Safari II LLC Communications 4,500 07/09/2015 Financials 38%
Number of deals 1,112 7%
Actavis Funding SCS Health Care 4,000 03/03/2015
Volume (USD Mln) 197,214 Energy 11%
Visa Inc Financials 4,000 12/09/2015 6%
Avg Deal size (USD Mln) 177.4 Health Care 11%
AbbVie Inc Health Care 3,750 05/05/2015 6%

Market Summary AbbVie Inc Health Care 3,750 05/05/2015

6%
38% Consumer Discretionary 8%
Frontier Communications Corp Communications 3,600 09/11/2015
Number of deals 2,633 Technology 8%
CCO Safari II LLC Communications 3,500 07/09/2015 8%
Volume (USD Mln) 1,588,600
CVS Health Corp Consumer Staples 3,500 07/13/2015
Communications 6%
Avg Deal size (USD Mln) 603.3 8%
Actavis Funding SCS Health Care 3,500 03/03/2015 Industrials 6%
11% 11%
Consumer Staples 6%
Others 7%
US Domestic Bonds: Quarterly Volume

Deal Count Other High Yield

Investment Grade
700 1,800

600
1,500
US Domestic Bonds: Spread to Benchmark

High Yield

Investment Grade
Deal Count

400
USD Bln

1,000
700

600

Basis points
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400

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 US Domestic Bonds US Agency Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Mkt Volume (USD Deal

Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
JP Morgan 1 11.11 230,304 1,207 1 11.65 -0.54 Barclays 1 14.29 65,994 211 1 14.78 -0.49
Bank of America Merrill 2 10.78 223,441 1,300 2 10.05 0.73 Wells Fargo 2 9.06 41,840 947 5 5.41 3.65
Lynch Nomura 3 6.39 29,541 194 3 6.08 0.31
Citi 3 9.39 194,727 977 3 8.92 0.47 JP Morgan 4 6.09 28,129 245 2 7.20 -1.11
Barclays 4 8.07 167,330 720 4 8.41 -0.34 Deutsche Bank 5 5.75 26,557 197 4 5.59 0.16
Goldman Sachs 5 7.45 154,441 771 5 7.65 -0.20 Morgan Stanley 6 5.08 23,446 807 6 5.30 -0.22
Morgan Stanley 6 6.70 138,896 917 6 7.19 -0.49 TD Securities 7 5.04 23,268 225 7 4.59 0.45
Wells Fargo 7 6.29 130,309 1,021 9 4.79 1.50 FTN Financial 8 4.70 21,724 865 9 3.51 1.19

Bloomberg Global Fixed Income | FY 2015

Deutsche Bank 8 6.06 125,643 628 7 6.99 -0.93 Citi 9 3.50 16,156 200 10 3.41 0.09
HSBC 9 4.54 94,072 453 8 4.81 -0.27 Incapital 10 2.93 13,544 920 13 2.78 0.15
Credit Suisse 10 3.82 79,240 418 10 4.44 -0.62 Bank of America Merrill Lynch 11 2.92 13,500 399 11 3.08 -0.16
RBC Capital Markets 11 2.53 52,484 365 11 2.80 -0.27 Jefferies 12 2.49 11,483 401 14 2.63 -0.14
BNP Paribas 12 2.40 49,786 288 12 2.52 -0.12 HSBC 13 2.42 11,192 127 8 4.35 -1.93
UBS 13 2.05 42,540 234 14 1.49 0.56 Stifel 14 2.36 10,900 679 17 2.07 0.29
TD Securities 14 1.93 40,082 192 15 1.32 0.61 Vining Sparks 15 2.34 10,819 883 16 2.29 0.05
Mizuho Financial 15 1.71 35,535 282 18 0.93 0.78 Raymond James & 16 1.93 8,919 579 19 1.93 0.00
Mitsubishi UFJ Financial 16 1.46 30,317 244 17 1.24 0.22 Associates
Nomura 17 1.29 26,713 108 16 1.25 0.04 Daiwa Securities 17 1.77 8,184 249 21 1.54 0.23
Credit Agricole CIB 18 0.87 17,980 148 19 0.75 0.12 Bank of New York Mellon 18 1.77 8,164 391 18 2.04 -0.27
Societe Generale 19 0.84 17,324 106 25 0.45 0.39 SunTrust Robinson Humphrey 19 1.72 7,934 658 20 1.80 -0.08
US Bancorp 20 0.83 17,228 164 20 0.73 0.10 Cantor Fitzgerald 20 1.54 7,128 191 23 1.47 0.07
TOTAL 100% 2,073,245 4,796 100% TOTAL 100% 461,955 6,660 100%

US Corporate Bonds US Dollar Foreign Issuer Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Mkt Volume (USD

Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

JP Morgan 1 12.41 197,214 1,112 1 12.49 -0.08 Citi 1 9.37 89,150 461 1 9.20 0.17
Bank of America Merrill 2 11.44 181,751 1,043 2 11.00 0.44 Bank of America Merrill 2 8.92 84,854 425 3 7.96 0.96
Lynch Lynch
Citi 3 9.93 157,673 868 3 9.29 0.64 JP Morgan 3 8.16 77,631 393 2 9.07 -0.91
Goldman Sachs 4 8.18 130,006 699 4 7.96 0.22 HSBC 4 7.75 73,713 356 5 7.32 0.43
Morgan Stanley 5 7.34 116,614 691 5 7.79 -0.45 Deutsche Bank 5 6.39 60,759 289 4 7.84 -1.45
Wells Fargo 6 6.58 104,533 605 8 5.65 0.93 Goldman Sachs 6 6.24 59,317 278 6 7.10 -0.86
Barclays 7 5.96 94,636 598 6 6.68 -0.72 Barclays 7 6.00 57,019 260 7 7.09 -1.09
Deutsche Bank 8 5.63 89,388 530 7 6.51 -0.88 Morgan Stanley 8 5.31 50,477 256 9 4.98 0.33
Credit Suisse 9 4.47 70,994 375 9 4.79 -0.32 Credit Suisse 9 4.52 42,971 185 8 5.22 -0.70
HSBC 10 3.79 60,222 278 10 3.76 0.03 BNP Paribas 10 3.60 34,236 161 10 3.62 -0.02
RBC Capital Markets 11 2.79 44,365 344 11 2.80 -0.01 UBS 11 3.49 33,151 128 13 1.68 1.81
UBS 12 2.61 41,457 215 14 1.89 0.72 RBC Capital Markets 12 2.67 25,400 114 11 3.01 -0.34
Mizuho Financial 13 2.10 33,316 259 16 1.09 1.01 TD Securities 13 2.49 23,649 84 14 1.62 0.87
BNP Paribas 14 1.93 30,643 214 13 2.01 -0.08 Standard Chartered Bank 14 1.72 16,320 126 12 2.08 -0.36
Mitsubishi UFJ Financial 15 1.89 30,005 242 15 1.57 0.32 Societe Generale 15 1.50 14,264 90 18 1.04 0.46
US Bancorp 16 1.08 17,128 163 17 0.96 0.12 Nomura 16 1.42 13,495 84 16 1.25 0.17
Credit Agricole CIB 17 1.01 16,122 138 19 0.87 0.14 Credit Agricole CIB 17 1.36 12,898 95 17 1.22 0.14
Societe Generale 18 0.90 14,295 97 22 0.48 0.42 Mizuho Financial 18 1.09 10,403 106 20 0.90 0.19
SunTrust Robinson 19 0.80 12,734 131 21 0.66 0.14 Wells Fargo 19 1.05 9,990 77 22 0.81 0.24
Humphrey BMO Capital Markets 20 0.79 7,553 42 46 0.16 0.63
RBS 20 0.73 11,599 89 12 2.41 -1.68 TOTAL 100% 950,940 2,107 100%
TOTAL 100% 1,588,599 2,633 100%

5
 US Investment Grade Corporate Bonds US High Yield Corporate Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Mkt Volume (USD

Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

JP Morgan 1 13.11 169,212 900 1 13.41 -0.30 Bank of America Merrill 1 10.49 28,806 212 1 10.21 0.28
Bank of America Merrill 2 11.59 149,678 812 2 11.41 0.18 Lynch
Lynch Citi 2 10.20 28,023 166 3 9.37 0.83
Citi 3 9.97 128,757 694 3 9.26 0.71 JP Morgan 3 9.63 26,446 199 2 9.98 -0.35
Goldman Sachs 4 8.04 103,753 532 4 7.88 0.16 Goldman Sachs 4 8.65 23,741 158 6 7.89 0.76
Morgan Stanley 5 7.46 96,305 526 5 7.66 -0.20 Deutsche Bank 5 7.50 20,604 152 5 8.12 -0.62
Wells Fargo 6 7.04 90,885 479 8 5.98 1.06 Morgan Stanley 6 6.95 19,075 135 4 8.40 -1.45
Barclays 7 5.84 75,345 445 6 6.74 -0.90 Barclays 7 6.86 18,834 147 8 6.33 0.53

Bloomberg Global Fixed Income | FY 2015

Deutsche Bank 8 5.30 68,388 373 7 6.27 -0.97 Credit Suisse 8 6.14 16,854 125 7 7.62 -1.48
HSBC 9 4.31 55,591 237 9 4.39 -0.08 Wells Fargo 9 4.98 13,687 126 9 4.76 0.22
Credit Suisse 10 4.16 53,761 249 10 4.06 0.10 RBC Capital Markets 10 4.41 12,112 108 10 3.84 0.57
UBS 11 2.79 36,074 154 15 1.69 1.10 SunTrust Robinson 11 2.38 6,526 63 15 1.47 0.91
RBC Capital Markets 12 2.47 31,825 233 12 2.35 0.12 Humphrey
Mizuho Financial 13 2.33 30,109 222 16 1.39 0.94 Jefferies 12 1.96 5,373 36 14 1.83 0.13
Mitsubishi UFJ Financial 14 2.11 27,209 215 14 1.81 0.30 UBS 13 1.73 4,764 44 11 2.70 -0.97
BNP Paribas 15 2.08 26,861 178 13 2.15 -0.07 Credit Agricole CIB 14 1.41 3,861 43 13 1.90 -0.49
US Bancorp 16 1.14 14,675 135 17 1.10 0.04 HSBC 15 1.34 3,687 33 12 1.92 -0.58
Societe Generale 17 0.96 12,379 81 20 0.49 0.47 BNP Paribas 16 1.32 3,622 35 16 1.29 0.03
Credit Agricole CIB 18 0.91 11,766 91 19 0.58 0.33 Mizuho Financial 17 0.99 2,732 30 49 0.11 0.88
RBS 19 0.70 9,053 70 11 2.87 -2.17 Mitsubishi UFJ Financial 18 0.99 2,714 24 18 0.92 0.07
TD Securities 20 0.66 8,468 57 21 0.49 0.17 RBS 19 0.94 2,594 21 17 1.17 -0.23
TOTAL 100% 1,291,010 1,952 100% Scotiabank 20 0.84 2,294 22 19 0.77 0.07
TOTAL 100% 274,614 476 100%

US Dollar Preferreds
FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

JP Morgan 1 29.32 4,100 9 4 12.36 16.96

Bank of America Merrill Lynch 2 18.02 2,519 19 2 16.98 1.04
Wells Fargo 3 16.71 2,336 15 3 16.66 0.05
Morgan Stanley 4 12.85 1,797 28 1 20.96 -8.11
UBS 5 10.12 1,415 24 5 8.67 1.45
Stifel 6 4.01 561 18 10 1.53 2.48
RBC Capital Markets 7 2.23 312 7 15 0.88 1.35
Citi 8 0.86 120 3 7 3.95 -3.09
Janney Montgomery Scott LLC 9 0.84 117 6 18 0.52 0.32
Incapital 10 0.67 94 3 13 1.17 -0.50
Bank of New York Mellon 11 0.46 65 1 - - -
BNP Paribas 11 0.46 65 1 - - -
US Bancorp 13 0.45 63 1 - - -
Deutsche Bank 14 0.45 62 4 9 1.66 -1.21
Sandler O'Neill & Partners 15 0.40 56 2 24 0.12 0.28
Barclays 16 0.34 48 1 19 0.47 -0.13
Credit Suisse 17 0.28 39 2 16 0.72 -0.44
Wunderlich Securities Inc 18 0.25 36 3 27 0.07 0.18
BB&T 19 0.23 33 2 27 0.07 0.16
Compass Point Research & Trading 20 0.18 25 2 - - -
LLC
TOTAL 100% 13,983 60 100%

6
 Canadian Corporate Domestic Bonds: Quarterly Volume

Canadian Fixed Income Review 40

Deal Count Amount
90
80
FY 2015 credited Canadian Corporate Bonds volume increased 9.26% to CAD 94.5 Bln while deal count
30
decreased 6.41% to 219 offerings year-on-year. Canadian Corporate Bonds - Bonus volume increased 9.26% 60

Deal Count
USD Bln
year-on-year to CAD 94.5 Bln while the deal count decreased 6.41% to 219. Canadian Government Bonds 20
volume decreased 2.61% year-on-year to CAD 104.9 Bln over 338 deals. 40

RBC Capital Markets ranked as the top Canadian Corporate Bonds underwriter for FY 2015 with 22.41% market 10 20
share. The bank underwrote 103 deals over the period. Scotiabank and CIBC ranked second and third with
18.26% and 17.22% market share, respectively. 0 0

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Bloomberg Global Fixed Income | FY 2015

Quarters

Canadian Corporate Domestic Bonds

Canadian Corporate Domestic Bonds: Industry Breakdown
FY 2015 FY 2014
Financials 64%
Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
8%
Industrials 7%
RBC Capital Markets 1 22.41 21,175 103 1 22.07 0.34
7% Energy 7%
Scotiabank 2 18.26 17,257 62 4 13.75 4.51
CIBC 3 17.22 16,273 74 3 14.82 2.40 7%
Utilities 7%
TD Securities 4 15.03 14,209 61 2 21.03 -6.00
BMO Capital Markets 5 12.43 11,751 58 5 12.72 -0.29 7% Consumer Discretionary 7%
National Bank Financial Inc 6 5.40 5,107 22 6 7.74 -2.34
7% 64% Others 8%
HSBC 7 4.53 4,278 10 7 3.49 1.04
Desjardins Capital Markets 8 2.09 1,972 4 8 0.87 1.22
Bank of America Merrill Lynch 9 1.32 1,250 10 10 0.73 0.59
Laurentian Bank of Canada 10 0.75 705 4 11 0.52 0.23
TOTAL 100% 94,506 219 100%

Canadian Government Bonds

Canadian Corporate Domestic Bonds: Manager Rankings History
FY 2015 FY 2014
2015 2014 2013
Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
25
National Bank Financial Inc 1 24.51 25,711 140 1 20.44 4.07
CIBC 2 18.16 19,048 84 4 14.43 3.73 20

Market Share (%)

RBC Capital Markets 3 17.36 18,207 38 3 16.67 0.69
TD Securities 4 17.25 18,099 35 2 17.41 -0.16
BMO Capital Markets 5 12.24 12,836 26 5 14.13 -1.89 10

Scotiabank 6 9.87 10,351 27 6 13.79 -3.92

Desjardins Capital Markets 7 0.35 364 36 7 1.99 -1.64
0
Laurentian Bank of Canada 8 0.27 288 7 9 0.30 -0.03

C
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ts

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IB
- - - - - - - -

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ci
l M

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- - - - - - - -

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S

TD

Fi
ap

ap

k
TOTAL 100% 104,903 338 100%
C

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7
 Latin American Bonds: Quarterly Volume

Latin America Fixed Income Review 80

Deal Count Amount
400

FY 2015 credited Latin American Bonds volume decreased 40.83% to USD 103.4 Bln while deal count decreased
60 300
21.12% to 575 offerings year-on-year. Latin American Local Currency Bonds volume decreased 32.27% year-

Deal Count
USD Bln
on-year to USD 40.6 Bln while the deal count decreased 18.62% to 673. Brazilian Domestic Bonds volume 40 200
decreased 29.46% year-on-year to BRL 50.7 Bln over 205 deals.
Bank of America Merrill Lynch ranked as the top Latin American Bonds underwriter for FY 2015 with 11.84% 20 100
market share. The bank underwrote 54 deals over the period. HSBC and Citi ranked second and third with 9.89%
and 9.86% market share, respectively. 0 0

1100

1111

1122

1133

1144

1155
200

200

200

200

200

200
4 2

4 2

4 2

4 2

4 2

4 2
QQ 4

QQ 4

QQ 4

QQ 4

QQ 4

QQ 4

Bloomberg Global Fixed Income | FY 2015

Quarters

Latin American Bonds

Latin American Bonds: Industry Breakdown
FY 2015 FY 2014 Government 36%
Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
Financials 19%
Bank of America Merrill Lynch 1 11.84 12,243 54 4 7.73 4.11
22%
HSBC 2 9.89 10,224 69 1 9.52 0.37 Energy 16%
Citi 3 9.86 10,193 78 2 9.42 0.44 36%
Materials 7%
JP Morgan 4 7.14 7,382 32 3 8.26 -1.12
Banco Santander 5 6.61 6,832 96 9 4.66 1.95 7% Others 22%
Morgan Stanley 6 6.45 6,668 24 13 2.81 3.64
Banco Bilbao Vizcaya Argentaria 7 6.03 6,237 76 11 4.45 1.58
16%
Deutsche Bank 8 5.88 6,083 30 6 5.81 0.07
Banco Itau BBA 9 5.45 5,637 73 8 5.24 0.21 19%
Credit Suisse 10 4.77 4,932 15 10 4.56 0.21
TOTAL 100% 103,393 575 100%

Latin American Local Currency Bonds

Latin American Bonds: Manager Rankings History
FY 2015 FY 2014
2015 2014 2013
Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
15
Banco Santander 1 10.47 4,251 112 8 4.14 6.33
Banco Bilbao Vizcaya Argentaria 2 9.03 3,666 85 4 8.01 1.02

Market Share (%)

Banco do Brasil SA 3 8.88 3,604 21 1 9.62 -0.74 10

Banco Itau BBA 4 8.82 3,583 64 3 9.09 -0.27

HSBC 5 7.06 2,868 71 2 9.32 -2.26 5
Bradesco BBI SA 6 6.99 2,839 38 5 5.65 1.34
Citi 7 6.78 2,752 63 7 5.41 1.37
0
JP Morgan 8 4.48 1,820 60 6 5.54 -1.06

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Actinver Casa de Bolsa SA de CV 9 3.69 1,497 24 11 2.97 0.72

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Scotiabank 10 3.40 1,379 31 15 2.16 1.24
ri l

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JP

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TOTAL 100% 40,610 673 100%

an

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8
 EMEA Leveraged Finance: Quarterly Volume

EMEA Fixed Income Review EMEA Sponsor-led Leveraged Loans

EMEA Corporate High Yield Bonds (inc EM)

100
FY 2015 credited European Corporate & Financial Bonds volume decreased 0.19% to EUR 1.2 Trln while deal
count decreased 16.11% to 5,082 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM)
volume decreased 12.95% year-on-year to EUR 261.5 Bln while the deal count decreased 18.21% to 557.

EUR Bln
Western European Corporate High Yield Bonds volume decreased 21.85% year-on-year to EUR 71.2 Bln over 50

175 deals.
Deutsche Bank ranked as the top European Corporate & Financial Bonds underwriter for FY 2015 with 5.38%
market share. The bank underwrote 428 deals over the period. HSBC and Credit Suisse ranked second and third 0
with 5.11% and 5.06% market share, respectively.

1100

1111

1122

1133

1144

1155
200

200

200

200

200

200
4 2

4 2

4 2

4 2

4 2

4 2
QQ 4

QQ 4

QQ 4

QQ 4

QQ 4

QQ 4

Bloomberg Global Fixed Income | FY 2015

European Corporate & Financial Bonds: Highlights of 2015 Quarters

Top Underwriter Issuer Industry

Volume
(EUR Mln) Date
European Corporate & Financial Bonds: Industry Breakdown
Deutsche Bank Shell International Finance BV Energy 3,000 05/06/2015 Financials 70%
Number of deals 428 Cooperatieve Centrale Raiffeisen- Financials 2,958 01/07/2015
Volume (EUR Mln) 62,177 Boerenleenbank BA/Netherlands Consumer Discretionary 8%
Avg Deal size (EUR Mln) 145.3 TOTAL SA Energy 2,843 02/19/2015 22% Others 22%
TOTAL SA Energy 2,843 02/19/2015
Market Summary UBS AG/London Financials 2,817 05/07/2015
Number of deals 5,082 UniCredit SpA Financials 2,799 02/27/2015 8%
Volume (EUR Mln) 1,155,581 Shell International Finance BV Energy 2,750 05/06/2015

Avg Deal size (EUR Mln) 227.4 Credit Suisse AG/New York NY Financials 2,750 04/24/2015 70%

Credit Suisse AG/London Financials 2,742 03/25/2015

UBS AG/Stamford CT Financials 2,500 03/23/2015

European Corporate & Financial Bonds: Quarterly Volume

Deal Count Other High Yield

Investment Grade
600 3,000 European Corporate & Financial Bonds: Spread to Benchmark

500 2,500 High Yield

Investment Grade
400 2,000 800
Deal Count
EUR Bln

300 1,500 600

Basis points
200 1,000 400

100 500 200

0
0 0
1100

1111

1122

1133

1144

1155
00

11

22

33

44

55

2200

2200

2200

2200

2200

2200
011

011

011

011

011

011

4
220

220

220

220

220

220

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QQ4

QQ4

QQ4

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Quarters
Quarters

9
 European Bonds Western European Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (EUR Deal Prev Prev Mkt Mkt Share Mkt Volume (EUR Deal Prev Prev Mkt Mkt Share
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)
HSBC 1 6.10 99,350 585 3 5.29 0.81 HSBC 1 6.17 96,881 575 4 5.30 0.87
Barclays 2 5.74 93,440 490 2 5.98 -0.24 Barclays 2 5.77 90,595 478 2 6.02 -0.25
Deutsche Bank 3 5.05 82,330 551 1 6.47 -1.42 Deutsche Bank 3 5.13 80,615 539 1 6.52 -1.39
BNP Paribas 4 4.75 77,360 493 4 5.25 -0.50 BNP Paribas 4 4.82 75,727 484 3 5.30 -0.48
JP Morgan 5 4.36 71,064 457 6 3.94 0.42 Credit Suisse 5 4.30 67,613 371 5 4.46 -0.16
Credit Suisse 6 4.17 67,903 376 5 4.38 -0.21 JP Morgan 6 4.28 67,165 445 7 3.73 0.55
Citi 7 3.89 63,426 394 8 3.81 0.08 Credit Agricole CIB 7 3.92 61,643 344 11 3.32 0.60
Societe Generale 8 3.84 62,563 393 9 3.79 0.05 Citi 8 3.77 59,193 375 10 3.63 0.14

Bloomberg Global Fixed Income | FY 2015

Credit Agricole CIB 9 3.81 62,041 346 11 3.22 0.59 Societe Generale 9 3.73 58,540 349 9 3.67 0.06
UniCredit 10 3.66 59,661 378 7 3.83 -0.17 UBS 10 3.58 56,251 303 16 2.22 1.36
Goldman Sachs 11 3.48 56,623 314 10 3.62 -0.14 Goldman Sachs 11 3.55 55,734 308 8 3.67 -0.12
UBS 12 3.38 55,078 306 16 2.12 1.26 UniCredit 12 3.49 54,862 336 6 3.75 -0.26
Bank of America Merrill Lynch 13 3.25 52,907 309 12 2.84 0.41 Bank of America Merrill Lynch 13 3.36 52,837 308 12 2.90 0.46
Morgan Stanley 14 2.67 43,547 267 15 2.33 0.34 Morgan Stanley 14 2.75 43,271 261 15 2.42 0.33
Natixis 15 2.38 38,806 286 14 2.61 -0.23 Natixis 15 2.46 38,639 285 14 2.66 -0.20
RBS 16 2.18 35,505 218 13 2.70 -0.52 RBS 16 2.26 35,478 217 13 2.77 -0.51
Commerzbank 17 1.93 31,433 277 17 1.91 0.02 Commerzbank 17 1.93 30,380 251 17 1.88 0.05
Banco Santander 18 1.61 26,272 163 20 1.57 0.04 Nomura 18 1.64 25,814 228 22 1.43 0.21
Nomura 19 1.58 25,814 228 22 1.38 0.20 Banco Santander 19 1.61 25,358 156 20 1.61 0.00
Landesbank Baden- 20 1.51 24,598 246 19 1.59 -0.08 Landesbank Baden- 20 1.57 24,598 246 19 1.65 -0.08
Wuerttemberg Wuerttemberg
TOTAL 100% 1,629,040 6,628 100% TOTAL 100% 1,571,066 6,215 100%

Eastern European Bonds Western European Corporate High Yield Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (EUR
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
UniCredit 1 9.46 5,293 42 6 5.47 3.99 Goldman Sachs 1 9.96 7,090 77 2 8.23 1.73
Societe Generale 2 7.97 4,458 44 4 6.39 1.58 Deutsche Bank 2 8.60 6,120 79 1 10.36 -1.76
VTB Capital 3 7.25 4,056 65 1 12.22 -4.97 JP Morgan 3 7.76 5,527 69 3 7.74 0.02
Sberbank CIB CJSC 4 5.73 3,208 59 7 4.89 0.84 HSBC 4 6.41 4,562 66 10 4.26 2.15
Barclays 5 5.62 3,144 12 8 4.83 0.79 Barclays 5 6.18 4,395 54 5 7.26 -1.08
Gazprombank 6 5.51 3,081 43 14 2.42 3.09 Credit Suisse 6 6.15 4,377 52 4 7.50 -1.35
Raiffeisen Bank International 7 4.96 2,777 40 15 2.36 2.60 BNP Paribas 7 5.35 3,811 54 6 6.25 -0.90
Group Morgan Stanley 8 4.49 3,195 40 9 4.42 0.07
HSBC 8 4.89 2,735 10 11 3.50 1.39 Citi 9 4.42 3,147 41 7 5.33 -0.91
Citi 9 4.74 2,649 17 5 6.29 -1.55 Credit Agricole CIB 10 4.05 2,883 39 8 5.03 -0.98
JP Morgan 10 4.05 2,268 9 3 7.66 -3.61 Bank of America Merrill 11 3.68 2,622 34 18 1.64 2.04
Erste Group Bank 11 3.63 2,028 20 13 2.48 1.15 Lynch
Deutsche Bank 12 3.35 1,876 11 9 4.60 -1.25 Nomura 12 3.41 2,429 25 28 0.45 2.96
BNP Paribas 13 3.26 1,826 9 10 3.93 -0.67 UniCredit 13 3.05 2,169 29 15 2.34 0.71
Intesa Sanpaolo 14 2.55 1,426 10 20 1.47 1.08 Societe Generale 14 2.96 2,104 29 11 4.18 -1.22
Sovcombank ICB JSC 15 2.09 1,169 33 - - - RBS 15 2.49 1,772 25 13 2.59 -0.10
Commerzbank 16 2.08 1,164 26 12 2.58 -0.50 ING Groep 16 2.28 1,623 21 12 2.77 -0.49
REGION Investment Co 17 2.05 1,144 16 25 0.78 1.27 Commerzbank 17 1.68 1,194 17 17 1.95 -0.27
KBC Group 18 1.96 1,098 10 34 0.31 1.65 Mizuho Financial 18 1.59 1,130 14 - - -
Banco Santander 19 1.82 1,016 7 28 0.58 1.24 RBC Capital Markets 19 1.50 1,069 16 23 0.93 0.57
Otkritie Financial Corp JSC 20 1.75 981 20 2 8.36 -6.61 UBS 20 1.22 867 12 14 2.37 -1.15
TOTAL 100% 55,936 382 100% TOTAL 100% 71,175 175 100%

10
 EMEA Corporate Investment Grade Bonds (inc EM) EMEA Corporate High Yield Bonds (inc EM)
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (EUR Deal Mkt Volume (EUR

Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
Barclays 1 8.81 23,041 155 4 6.40 2.41 Goldman Sachs 1 9.10 7,490 81 3 7.37 1.73
HSBC 2 8.29 21,678 150 2 7.16 1.13 Deutsche Bank 2 7.99 6,575 83 1 9.71 -1.72
Deutsche Bank 3 8.28 21,651 138 3 6.69 1.59 JP Morgan 3 7.86 6,474 79 2 7.72 0.14
BNP Paribas 4 7.78 20,353 156 1 8.07 -0.29 HSBC 4 6.11 5,029 71 9 4.40 1.71
Societe Generale 5 5.38 14,075 106 8 5.04 0.34 Barclays 5 5.77 4,754 57 5 7.13 -1.36
JP Morgan 6 4.89 12,781 104 7 5.25 -0.36 Credit Suisse 6 5.74 4,730 56 4 7.18 -1.44
Citi 7 4.67 12,206 97 9 4.83 -0.16 BNP Paribas 7 5.20 4,281 60 7 6.19 -0.99
Bank of America Merrill 8 4.60 12,034 85 6 5.27 -0.67 Morgan Stanley 8 4.55 3,746 45 10 4.15 0.40

Bloomberg Global Fixed Income | FY 2015

Lynch Citi 9 4.26 3,504 47 6 6.54 -2.28
Goldman Sachs 9 3.48 9,090 66 11 4.00 -0.52 Credit Agricole CIB 10 4.01 3,302 44 8 4.63 -0.62
UniCredit 10 3.34 8,742 71 14 2.69 0.65 Bank of America Merrill 11 3.56 2,932 38 16 2.34 1.22
RBS 11 3.28 8,575 78 5 5.37 -2.09 Lynch
Credit Agricole CIB 12 3.26 8,515 77 13 3.23 0.03 UniCredit 12 3.19 2,627 35 15 2.36 0.83
Credit Suisse 13 3.01 7,862 61 10 4.46 -1.45 Nomura 13 2.95 2,429 25 29 0.39 2.56
Morgan Stanley 14 2.91 7,623 55 15 1.99 0.92 Societe Generale 14 2.74 2,260 32 11 3.87 -1.13
ING Groep 15 2.31 6,033 57 22 1.51 0.80 RBS 15 2.25 1,854 27 14 2.39 -0.14
Mitsubishi UFJ Financial 16 2.20 5,757 55 16 1.98 0.22 ING Groep 16 2.07 1,703 23 13 2.50 -0.43
Banco Santander 17 2.14 5,586 51 12 3.48 -1.34 UBS 17 1.78 1,463 17 12 2.52 -0.74
Lloyds Bank 18 2.02 5,293 44 23 1.39 0.63 Banco Santander 18 1.51 1,245 17 22 1.08 0.43
Commerzbank 19 1.94 5,064 45 18 1.88 0.06 Commerzbank 19 1.45 1,194 17 18 1.78 -0.33
UBS 20 1.76 4,590 40 20 1.63 0.13 Mizuho Financial 20 1.37 1,130 14 - - -
TOTAL 100% 261,520 557 100% TOTAL 100% 82,335 225 100%

Euro Currency Bonds Euro & Sterling Corporate & Financial Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (EUR Deal Prev Prev Mkt Mkt Share Mkt Volume (EUR
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
HSBC 1 6.35 79,908 444 4 5.35 1.00 BNP Paribas 1 6.00 57,979 395 1 6.76 -0.76
BNP Paribas 2 6.08 76,422 456 2 6.42 -0.34 HSBC 2 5.93 57,333 399 4 4.96 0.97
Barclays 3 5.77 72,580 375 3 5.51 0.26 Deutsche Bank 3 5.89 56,875 388 2 6.40 -0.51
Deutsche Bank 4 5.47 68,791 415 1 6.43 -0.96 Barclays 4 5.48 52,992 358 3 5.79 -0.31
UniCredit 5 5.02 63,147 364 5 5.07 -0.05 Societe Generale 5 4.49 43,358 278 5 4.27 0.22
Credit Agricole CIB 6 4.79 60,238 323 7 4.21 0.58 JP Morgan 6 4.43 42,784 308 6 4.08 0.35
Societe Generale 7 4.63 58,191 335 6 4.71 -0.08 Credit Agricole CIB 7 3.92 37,919 245 7 4.04 -0.12
JP Morgan 8 4.59 57,694 330 8 4.18 0.41 Goldman Sachs 8 3.89 37,629 225 9 3.65 0.24
Goldman Sachs 9 4.30 54,039 276 9 3.88 0.42 UniCredit 9 3.63 35,072 265 12 3.37 0.26
Citi 10 3.37 42,382 266 10 3.75 -0.38 Credit Suisse 10 3.25 31,376 158 8 3.88 -0.63
Natixis 11 3.14 39,482 268 11 3.41 -0.27 Natixis 11 3.05 29,431 207 10 3.60 -0.55
Credit Suisse 12 2.79 35,140 169 12 3.01 -0.22 Citi 12 3.02 29,194 232 11 3.50 -0.48
Bank of America Merrill Lynch 13 2.73 34,303 225 13 2.76 -0.03 UBS 13 2.95 28,518 142 16 2.38 0.57
Commerzbank 14 2.69 33,818 262 15 2.51 0.18 Bank of America Merrill 14 2.88 27,874 193 14 3.18 -0.30
Morgan Stanley 15 2.29 28,806 172 16 2.48 -0.19 Lynch
UBS 16 2.02 25,421 136 21 1.45 0.57 Commerzbank 15 2.55 24,675 198 17 2.36 0.19
Landesbank Baden- 17 2.01 25,325 244 17 2.15 -0.14 Morgan Stanley 16 2.42 23,341 176 15 2.42 0.00
Wuerttemberg RBS 17 2.21 21,330 185 13 3.26 -1.05
RBS 18 1.87 23,478 162 14 2.74 -0.87 Banco Santander 18 2.17 20,947 142 18 2.27 -0.10
Intesa Sanpaolo 19 1.84 23,111 93 18 1.96 -0.12 Lloyds Bank 19 1.98 19,144 119 22 1.40 0.58
Banco Santander 20 1.80 22,638 139 19 1.86 -0.06 ING Groep 20 1.95 18,875 158 23 1.36 0.59
TOTAL 100% 1,257,756 3,787 100% TOTAL 100% 966,214 3,115 100%

11
 Swedish Krona Bonds Sub-Saharan African Currency Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (SEK Deal Mkt Volume (USD Deal Prev Prev Mkt Mkt Share
Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

Swedbank 1 22.25 65,753 142 2 20.07 2.18 Standard Bank of South Africa 1 17.24 2,223 44 2 19.70 -2.46
Nordea 2 19.57 57,809 130 3 19.47 0.10 Eskom Holdings Ltd 2 15.91 2,053 21 6 5.43 10.48
Danske Bank 3 18.25 53,911 119 4 16.74 1.51 Nedbank Ltd 3 15.76 2,033 38 4 9.23 6.53
SEB 4 17.91 52,926 97 1 20.36 -2.45 FirstRand Ltd 4 12.24 1,579 43 1 21.57 -9.33
Svenska Handelsbanken 5 11.98 35,397 89 5 14.60 -2.62 Barclays 5 11.07 1,427 38 3 11.75 -0.68
DNB ASA 6 4.30 12,713 27 6 3.62 0.68 JP Morgan 6 6.43 829 19 8 4.38 2.05
Goldman Sachs 7 1.21 3,566 2 12 0.20 1.01 Investec 7 4.09 527 17 7 5.20 -1.11
ABG Sundal Collier Asa 8 0.89 2,625 7 8 0.99 -0.10 RBC Capital Markets 8 3.01 388 17 5 6.01 -3.00

Bloomberg Global Fixed Income | FY 2015

Pareto Securities 9 0.65 1,935 9 7 2.39 -1.74 Daiwa Securities 9 2.12 274 6 35 0.16 1.96
Pohjola Bank PLC 10 0.39 1,167 1 - - - Danske Bank 10 1.27 164 7 25 0.37 0.90
JP Morgan 10 0.39 1,167 1 9 0.45 -0.06 HSBC 11 1.06 136 8 15 0.60 0.46
Nordic Fixed Income 12 0.37 1,100 4 11 0.24 0.13 Societe Generale 12 0.93 120 3 - - -
Deutsche Bank 13 0.34 1,000 1 10 0.26 0.08 TD Securities 13 0.88 114 6 10 1.27 -0.39
Credit Suisse 14 0.31 913 3 13 0.18 0.13 Tokai Tokyo Securities Co Ltd 14 0.84 108 9 - - -
Bank of America Merrill 15 0.25 750 1 - - - First Securities Discount House Ltd 15 0.68 87 3 17 0.57 0.11
Lynch Dunn Loren Merrifield Ltd 16 0.60 78 2 26 0.37 0.23
Citi 16 0.17 502 3 - - - United Capital PLC 17 0.54 69 4 17 0.57 -0.03
Credit Agricole CIB 17 0.17 500 1 - - - South African National Roads Agency 18 0.50 64 2 31 0.31 0.19
ING Groep 17 0.17 500 1 - - - Ltd
BNP Paribas 17 0.17 500 1 - - - One Capital 19 0.50 64 1 - - -
Barclays 17 0.17 500 1 - - - Macquarie 20 0.38 49 2 - - -
TOTAL 100% 295,458 502 100% TOTAL 100% 12,898 289 100%

Sterling Bonds Swiss Franc Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (GBP Deal Mkt Volume (CHF Deal Prev Prev Mkt
Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%)
HSBC 1 13.98 13,173 111 1 11.97 2.01 Credit Suisse 1 29.80 17,292 149 1 30.69 -0.89
Barclays 2 12.31 11,593 99 3 10.96 1.35 UBS 2 19.20 11,141 126 2 27.17 -7.97
RBS 3 9.24 8,704 69 2 11.78 -2.54 Schweizerische 3 13.16 7,634 24 3 12.13 1.03
RBC Capital Markets 4 6.50 6,125 53 6 6.09 0.41 Kantonalbanken
Deutsche Bank 5 5.95 5,601 50 4 7.62 -1.67 Zuercher Kantonalbank 4 9.25 5,366 59 4 7.09 2.16
JP Morgan 6 5.67 5,344 32 7 4.01 1.66 Raiffeisen Switzerland 5 7.91 4,586 47 6 3.80 4.11
Lloyds Bank 7 5.67 5,339 51 5 6.35 -0.68 Deutsche Bank 6 3.81 2,208 19 5 5.37 -1.56
Nomura 8 5.53 5,206 32 11 3.76 1.77 BNP Paribas 7 2.33 1,353 9 7 3.69 -1.36
Bank of America Merrill 9 4.11 3,868 20 10 3.85 0.26 Basler Kantonalbank 8 1.62 940 11 24 0.26 1.36
Lynch Aargauische Kantonalbank 9 1.31 760 4 20 0.29 1.02
Banco Santander 10 3.96 3,732 20 14 2.43 1.53 Goldman Sachs 10 1.29 750 4 18 0.33 0.96
Citi 11 3.58 3,368 19 12 2.68 0.90 St Galler Kantonalbank 11 1.10 640 2 11 0.66 0.44
UBS 12 2.93 2,760 14 18 1.71 1.22 HSBC 12 0.89 515 4 8 1.21 -0.32
BNP Paribas 13 2.58 2,427 28 16 2.08 0.50 Banque Cantonale de Fribourg 13 0.86 500 3 13 0.52 0.34
Morgan Stanley 14 2.57 2,420 22 13 2.45 0.12 Luzerner Kantonalbank 14 0.69 400 1 14 0.44 0.25
Credit Suisse 15 2.49 2,342 28 9 3.85 -1.36 JP Morgan 15 0.63 367 3 31 0.15 0.48
Scotiabank 16 2.18 2,055 13 15 2.20 -0.02 Basellandchafliche 16 0.58 335 2 - - -
Goldman Sachs 17 2.02 1,899 18 8 3.87 -1.85 Kantonalbank
TD Securities 18 1.52 1,433 11 27 0.30 1.22 Thurgauer Kantonalbank 17 0.55 320 3 12 0.59 -0.04
Commerzbank 19 0.76 720 7 35 0.20 0.56 Cie Financiere Tradition SA 18 0.52 304 38 28 0.19 0.33
FMS Wertmanagement 20 0.64 600 1 21 1.01 -0.37 Kantonalbank Schwyz 19 0.52 300 2 20 0.29 0.23
TOTAL 100% 94,196 308 100% PKO Bank Polski SA 20 0.50 290 1 - - -
TOTAL 100% 58,017 333 100%

12
 CEEMEA Bonds MENA Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Mkt Share
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)
Citi 1 7.11 10,209 58 1 8.43 -1.32 HSBC 1 14.71 5,386 36 1 14.23 0.48
HSBC 2 6.40 9,192 47 3 6.81 -0.41 Citi 2 11.61 4,252 30 8 3.54 8.07
JP Morgan 3 6.14 8,820 34 2 7.54 -1.40 JP Morgan 3 7.78 2,851 15 3 6.57 1.21
Barclays 4 5.26 7,553 41 4 6.07 -0.81 Standard Chartered Bank 4 6.42 2,351 23 4 6.39 0.03
Deutsche Bank 5 4.52 6,495 30 6 5.52 -1.00 National Bank of Abu Dhabi 5 5.80 2,125 18 5 6.22 -0.42
UniCredit 6 3.70 5,319 43 10 2.74 0.96 Morgan Stanley 6 3.85 1,410 13 6 3.88 -0.03
Societe Generale 7 3.58 5,144 49 8 3.51 0.07 Emirates NBD PJSC 7 3.26 1,193 15 7 3.68 -0.42
BNP Paribas 8 3.23 4,645 25 9 3.16 0.07 Societe Generale de Banque au 8 3.09 1,133 5 - - -

Bloomberg Global Fixed Income | FY 2015

Standard Chartered Bank 9 2.85 4,094 33 13 2.13 0.72 Liban
VTB Capital 10 2.82 4,056 65 5 5.91 -3.09 Riyad Bank 9 2.91 1,067 1 24 1.40 1.51
Sberbank CIB CJSC 11 2.23 3,208 59 11 2.39 -0.16 BNP Paribas 10 2.90 1,064 8 13 2.78 0.12
Gazprombank 12 2.14 3,081 43 24 1.16 0.98 Barclays 11 2.58 946 6 9 3.40 -0.82
Goldman Sachs 13 2.12 3,038 19 12 2.33 -0.21 Bank Muscat 12 2.25 825 2 - - -
Raiffeisen Bank International 14 1.93 2,777 40 25 1.13 0.80 BLOM Bank SAL 13 2.00 733 2 - - -
Group Natixis 14 1.94 711 4 14 2.71 -0.77
National Bank of Abu Dhabi 15 1.54 2,208 19 17 1.33 0.21 Deutsche Bank 15 1.69 620 6 2 6.93 -5.24
Standard Bank of South Africa 16 1.47 2,109 26 23 1.17 0.30 ING Groep 16 1.64 602 10 29 1.02 0.62
Erste Group Bank 17 1.46 2,100 21 20 1.25 0.21 Credit Agricole CIB 17 1.63 596 17 15 2.40 -0.77
Morgan Stanley 18 1.44 2,071 17 16 1.47 -0.03 Samba Capital 18 1.53 560 2 32 0.67 0.86
Bank CenterCredit 19 1.28 1,838 10 42 0.36 0.92 Al Hilal Bank 19 1.37 500 4 31 0.77 0.60
FirstRand Ltd 20 1.24 1,778 36 21 1.23 0.01 Dubai Islamic Bank 20 1.30 475 5 19 1.93 -0.63
TOTAL 100% 143,655 893 100% TOTAL 100% 36,621 174 100%

African Bonds Sub-Saharan African Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Mkt Share
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

Barclays 1 13.52 3,750 42 1 15.53 -2.01 Barclays 1 13.57 3,250 41 1 15.33 -1.76
Deutsche Bank 2 9.77 2,708 7 5 7.85 1.92 Deutsche Bank 2 11.31 2,708 7 4 9.04 2.27
Standard Bank of South Africa 3 9.59 2,658 41 3 9.25 0.34 Standard Bank of South Africa 3 11.10 2,658 41 3 10.65 0.45
Eskom Holdings Ltd 4 7.40 2,053 21 10 2.69 4.71 Eskom Holdings Ltd 4 8.57 2,053 21 9 3.10 5.47
FirstRand Ltd 5 7.38 2,048 43 2 12.66 -5.28 FirstRand Ltd 5 8.55 2,048 43 2 14.57 -6.02
Nedbank Ltd 6 6.70 1,859 37 7 4.10 2.60 Nedbank Ltd 6 7.76 1,859 37 7 4.72 3.04
Cal Brokers Ltd 7 5.50 1,525 1 - - - Cal Brokers Ltd 7 6.37 1,525 1 - - -
Standard Chartered Bank 8 5.02 1,393 6 9 2.77 2.25 Standard Chartered Bank 8 5.82 1,393 6 8 3.19 2.63
Citi 9 4.81 1,334 6 6 7.21 -2.40 BNP Paribas 9 3.17 758 3 15 1.72 1.45
JP Morgan 10 4.00 1,110 5 4 8.42 -4.42 Citi 10 2.92 701 4 5 8.30 -5.38
BNP Paribas 11 3.82 1,058 4 8 3.11 0.71 Investec 11 2.84 680 18 11 2.95 -0.11
Morgan Stanley 12 3.29 913 3 12 2.57 0.72 Goldman Sachs 12 2.51 601 3 12 2.51 0.00
Investec 13 2.45 680 18 13 2.56 -0.11 Industrial & Comm Bank of 13 2.09 500 1 - - -
Natixis 14 2.28 633 2 19 1.62 0.66 China
Goldman Sachs 15 2.17 601 3 14 2.18 -0.01 JP Morgan 14 1.99 476 3 6 7.15 -5.16
Industrial & Comm Bank of 16 1.80 500 1 - - - Bank of America Merrill Lynch 15 1.77 425 2 13 2.06 -0.29
China Societe Generale 16 1.57 375 1 20 0.69 0.88
Bank of America Merrill Lynch 17 1.53 425 2 15 1.79 -0.26 Medinvest 17 1.12 268 1 - - -
Societe Generale 18 1.35 375 1 24 0.60 0.75 HSBC 18 0.64 152 1 - - -
Medinvest 19 0.97 268 1 - - - Lloyds Bank 18 0.64 152 1 - - -
HSBC 20 0.55 152 1 - - - Morgan Stanley 20 0.47 113 1 24 0.41 0.06
TOTAL 100% 27,731 224 100% TOTAL 100% 23,951 220 100%

13
 Asia ex-Japan G3 Currency Bonds: Quarterly Volume

Asia ex-Japan Fixed Income Review Deal Count

Other

High Yield
FY 2015 credited Asia ex-Japan G3 Currency Bonds volume decreased 13.68% to USD 174.8 Bln while deal
Investment Grade
count decreased 17.96% to 338 offerings year-on-year. Asia ex-Japan G3 Investment Grade Bonds volume
70 140
decreased 11.62% year-on-year to USD 134.2 Bln while the deal count decreased 18.22% to 220. Asia ex-Japan
G3 Corporate High Yield Bonds volume decreased 27.50% year-on-year to USD 18.2 Bln over 40 deals. 50 100

Deal Count
USD Bln
HSBC ranked as the top Asia ex-Japan G3 Currency Bonds underwriter for FY 2015 with 11.51% market share.
The bank underwrote 148 deals over the period. Citi and Deutsche Bank ranked second and third with 8.74%
and 6.71% market share, respectively. 0 0

1100

1111

1122

1133

1144

1155
200

200

200

200

200

200
4 2

4 2

4 2

4 2

4 2

4 2
QQ 4

QQ 4

QQ 4

QQ 4

QQ 4

QQ 4

Bloomberg Global Fixed Income | FY 2015

Quarters

Asia ex-Japan G3 Currency Bonds: Highlights of 2015

Asia ex-Japan G3 Currency Bonds: Industry Breakdown
Issuer Industry Volume (USD Mln) Date Financials 43%
China Construction Bank Corp Financials 3,050 12/09/2015
Government 19%
Sinopec Group Overseas Development 2015 Ltd Energy 2,500 04/21/2015 17%
Bank of Communications Co Ltd Financials 2,450 07/22/2015 Energy 13%
Indonesia Government International Bond Government 2,250 12/01/2015 Industrials 9%
9% 43%
China Construction Bank Corp Financials 2,000 05/06/2015
Others 17%
Perusahaan Penerbit SBSN Indonesia III Government 2,000 05/21/2015
CNOOC Finance 2015 USA LLC Energy 2,000 04/28/2015 13%
Philippine Government International Bond Government 2,000 01/06/2015
Indonesia Government International Bond Government 2,000 01/08/2015 19%
Indonesia Government International Bond Government 2,000 01/08/2015

Asia ex-Japan G3 Currency Bonds: Largest Deals by Country

Issuer Volume (USD Mln) Date Country
Asia ex-Japan G3 Currency Bonds: Manager Rankings History
China Construction Bank Corp 3,050 12/09/2015 China
2015 2014 2013
Hong Kong Sukuk 2015 Ltd 1,000 05/27/2015 Hong Kong
15
Bharti Airtel Ltd 1,000 06/03/2015 India

Market Share (%)

Indonesia Government International Bond 2,250 12/01/2015 Indonesia
10
Petronas Capital Ltd 1,500 03/11/2015 Malaysia
Philippine Government International Bond 2,000 01/06/2015 Philippines
5
Global Logistic Properties Ltd 1,000 05/28/2015 Singapore
Export-Import Bank of Korea 1,250 01/12/2015 South Korea
0
Sri Lanka Government International Bond 1,500 10/27/2015 Sri Lanka

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Formosa Group Cayman Ltd 1,000 04/14/2015 Taiwan

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L
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M
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JP
rte

er
Export Import Bank of Thailand 150 01/09/2015 Thailand

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14
 Asia ex-Japan Issuer G3 Currency Bonds APAC ex-Japan Issuer G3 Currency Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Mkt Share
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

HSBC 1 11.51 20,130 148 1 11.52 -0.01 HSBC 1 10.67 26,151 175 1 10.03 0.64
Citi 2 8.74 15,276 108 2 9.91 -1.17 Citi 2 10.08 24,708 149 2 9.69 0.39
Deutsche Bank 3 6.71 11,729 89 3 7.46 -0.75 JP Morgan 3 8.63 21,150 130 3 8.24 0.39
Standard Chartered Bank 4 6.19 10,824 83 4 7.26 -1.07 Deutsche Bank 4 6.00 14,712 103 5 6.57 -0.57
JP Morgan 5 5.56 9,728 89 5 7.12 -1.56 Bank of America Merrill Lynch 5 4.67 11,455 91 4 6.61 -1.94
Bank of America Merrill Lynch 6 4.89 8,556 75 6 6.46 -1.57 Goldman Sachs 6 4.55 11,164 73 6 5.41 -0.86
Bank of China 7 4.27 7,473 78 11 3.23 1.04 Standard Chartered Bank 7 4.42 10,824 83 7 5.30 -0.88
BNP Paribas 8 3.54 6,192 51 13 2.67 0.87 Morgan Stanley 8 3.67 8,988 74 10 3.96 -0.29

Bloomberg Global Fixed Income | FY 2015

Morgan Stanley 9 3.47 6,067 61 9 4.19 -0.72 BNP Paribas 9 3.46 8,489 64 11 3.04 0.42
Goldman Sachs 10 3.43 5,991 51 7 5.07 -1.64 UBS 10 3.24 7,935 53 9 4.50 -1.26
Industrial & Comm Bank of 11 3.38 5,905 59 15 2.23 1.15 Bank of China 11 3.05 7,473 78 14 2.36 0.69
China Barclays 12 3.02 7,398 56 8 4.59 -1.57
UBS 12 2.85 4,975 39 8 4.41 -1.56 ANZ Banking Group 13 2.81 6,895 57 13 2.69 0.12
DBS Group 13 2.84 4,964 52 16 2.01 0.83 Industrial & Comm Bank of 14 2.41 5,905 59 17 1.63 0.78
ANZ Banking Group 14 2.53 4,424 44 14 2.29 0.24 China
Credit Suisse 15 2.53 4,417 37 12 2.70 -0.17 Credit Suisse 15 2.25 5,504 43 12 2.93 -0.68
Barclays 16 2.47 4,311 41 10 3.46 -0.99 DBS Group 16 2.09 5,114 53 18 1.47 0.62
China Construction Bank 17 2.09 3,655 39 22 0.86 1.23 China Construction Bank 17 1.49 3,655 39 26 0.62 0.87
CIMB 18 1.72 3,007 13 30 0.41 1.31 Societe Generale 18 1.38 3,385 34 22 0.88 0.50
Agricultural Bank of China Ltd 19 1.69 2,949 36 23 0.85 0.84 CIMB 19 1.23 3,007 13 38 0.30 0.93
Bank of Communications 20 1.67 2,923 31 24 0.79 0.88 Agricultural Bank of China Ltd 20 1.20 2,949 36 28 0.62 0.58
TOTAL 100% 174,821 338 100% TOTAL 100% 245,112 433 100%

Asia ex-Japan Bonds APAC ex-Japan Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal Prev Prev Mkt Mkt Share
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

CITIC Securities Co Ltd 1 5.42 52,703 201 1 4.48 0.94 CITIC Securities Co Ltd 1 4.73 52,703 201 2 3.80 0.93
Industrial & Comm Bank of China 2 4.53 44,060 268 5 3.60 0.93 Industrial & Comm Bank of China 2 3.97 44,140 269 6 3.05 0.92
Bank of China 3 4.19 40,730 256 3 4.00 0.19 Bank of China 3 3.66 40,761 257 4 3.39 0.27
China Construction Bank 4 3.67 35,699 257 6 3.41 0.26 HSBC 4 3.34 37,190 480 1 4.30 -0.96
China Securities Co Ltd 5 3.57 34,727 137 18 1.67 1.90 China Construction Bank 5 3.22 35,811 259 9 2.89 0.33
HSBC 6 3.01 29,293 424 2 4.44 -1.43 Citi 6 3.17 35,289 244 3 3.65 -0.48
Guotai Junan Securities Co Ltd 7 2.99 29,050 150 21 1.61 1.38 China Securities Co Ltd 7 3.12 34,727 137 24 1.42 1.70
Agricultural Bank of China Ltd 8 2.79 27,122 180 10 2.06 0.73 Guotai Junan Securities Co Ltd 8 2.61 29,050 150 25 1.37 1.24
Citi 9 2.39 23,214 177 7 2.83 -0.44 Agricultural Bank of China Ltd 9 2.44 27,122 180 16 1.75 0.69
China Development Bank 10 2.24 21,766 174 4 3.92 -1.68 JP Morgan 10 2.26 25,177 174 11 2.37 -0.11
Industrial Bank Co Ltd 11 2.20 21,375 187 13 1.83 0.37 Deutsche Bank 11 2.13 23,659 226 8 2.90 -0.77
China International Capital Corp 12 2.17 21,069 71 17 1.71 0.46 UBS 12 2.10 23,407 132 7 2.92 -0.82
Shanghai Pudong Development Group 13 2.16 21,023 204 12 1.96 0.20 China Development Bank 13 1.96 21,766 174 5 3.33 -1.37
Financial Industrial Bank Co Ltd 14 1.92 21,375 187 19 1.55 0.37
China Merchants Bank 14 2.08 20,199 182 29 1.04 1.04 China International Capital Corp 15 1.89 21,069 71 23 1.45 0.44
Bank of Communications 15 1.84 17,906 142 24 1.30 0.54 Shanghai Pudong Development Group 16 1.89 21,023 204 17 1.66 0.23
Morgan Stanley 16 1.80 17,493 119 14 1.83 -0.03 Financial
China Merchants Securities 17 1.78 17,303 110 41 0.72 1.06 ANZ Banking Group 17 1.86 20,703 175 10 2.46 -0.60
Deutsche Bank 18 1.72 16,731 182 9 2.49 -0.77 Morgan Stanley 18 1.85 20,607 137 13 1.95 -0.10
Standard Chartered Bank 19 1.70 16,503 239 8 2.70 -1.00 China Merchants Bank 19 1.81 20,199 182 34 0.88 0.93
China Citic Bank 20 1.67 16,215 165 22 1.57 0.10 Goldman Sachs 20 1.61 17,973 111 14 1.92 -0.31
TOTAL 100% 972,485 5,950 100% TOTAL 100% 1,113,066 6,392 100%

15
 Asia ex-Japan Issuer G3 Investment Grade Bonds Asia ex-Japan Issuer G3 Corporate High Yield Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
HSBC 1 12.24 16,424 124 1 11.62 0.62 Standard Chartered Bank 1 10.73 1,957 13 7 6.52 4.21
Citi 2 9.74 13,067 93 2 10.24 -0.50 HSBC 2 10.13 1,847 14 3 8.62 1.51
Deutsche Bank 3 6.87 9,220 72 4 7.58 -0.71 UBS 3 9.48 1,729 14 1 10.45 -0.97
JP Morgan 4 6.06 8,132 74 3 8.14 -2.08 JP Morgan 4 7.52 1,371 14 11 4.51 3.01
Standard Chartered Bank 5 5.67 7,604 63 6 6.62 -0.95 Deutsche Bank 5 7.27 1,326 10 4 8.10 -0.83
Bank of America Merrill Lynch 6 5.41 7,265 61 5 6.62 -1.21 Citi 6 5.66 1,033 8 2 9.85 -4.19
Bank of China 7 5.11 6,856 69 8 3.75 1.36 Credit Suisse 7 5.61 1,024 8 10 4.65 0.96
Goldman Sachs 8 4.01 5,380 47 7 5.35 -1.34 China Construction Bank 8 5.51 1,004 2 - - -

Bloomberg Global Fixed Income | FY 2015

Morgan Stanley 9 3.99 5,350 53 9 3.73 0.26 CITIC Securities Co Ltd 9 4.26 777 6 12 2.73 1.53
BNP Paribas 10 3.72 4,996 39 12 2.89 0.83 Bank of Communications 10 3.65 666 2 - - -
Industrial & Comm Bank of 11 3.59 4,815 52 15 2.03 1.56 Goldman Sachs 11 3.35 612 4 5 6.98 -3.63
China Morgan Stanley 12 3.09 563 6 8 5.45 -2.36
Barclays 12 2.84 3,805 35 10 3.71 -0.87 Bank of America Merrill 13 2.62 478 8 6 6.81 -4.19
ANZ Banking Group 13 2.47 3,318 36 14 2.40 0.07 Lynch
UBS 14 2.21 2,959 23 11 3.45 -1.24 DBS Group 14 2.06 375 4 - - -
CIMB 15 2.18 2,931 11 25 0.54 1.64 ING Groep 15 2.02 368 3 23 0.50 1.52
DBS Group 16 2.18 2,920 38 16 1.88 0.30 BNP Paribas 16 1.82 332 7 16 1.89 -0.07
Societe Generale 17 2.11 2,835 29 20 1.13 0.98 Barclays 17 1.76 320 4 13 2.70 -0.94
Credit Suisse 18 1.79 2,400 25 13 2.62 -0.83 Bank of China 18 1.60 292 5 15 2.00 -0.40
China Construction Bank 19 1.72 2,314 35 19 1.14 0.58 Haitong Securities Co Ltd 19 1.34 245 6 19 1.10 0.24
Agricultural Bank of China Ltd 20 1.55 2,086 31 22 0.95 0.60 China Merchants Securities 20 1.32 240 2 32 0.23 1.09
TOTAL 100% 134,166 220 100% TOTAL 100% 18,240 40 100%

ASEAN Local Currency Bonds Australian/New Zealand International Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Mkt Volume (USD Deal
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

CIMB 1 14.09 7,820 241 1 12.71 1.38 JP Morgan 1 14.61 11,576 42 1 9.65 4.96
DBS Group 2 8.68 4,821 79 4 7.49 1.19 Citi 2 12.13 9,614 43 2 8.63 3.50
Maybank 3 7.17 3,983 143 2 9.54 -2.37 HSBC 3 9.33 7,395 40 4 6.23 3.10
RHB 4 7.14 3,965 155 7 4.78 2.36 Goldman Sachs 4 6.68 5,289 23 7 5.47 1.21
AmInvestment Bank Bhd 5 6.34 3,522 64 6 5.10 1.24 UBS 5 4.52 3,584 19 6 5.77 -1.25
HSBC 6 5.98 3,319 105 3 8.46 -2.48 Barclays 6 4.29 3,403 18 3 7.05 -2.76
Oversea-Chinese Banking Corp 7 5.52 3,064 45 12 3.32 2.20 Bank of America Merrill Lynch 7 3.97 3,147 18 5 6.09 -2.12
Kasikornbank PCL 8 4.65 2,579 73 9 4.11 0.54 Deutsche Bank 8 3.89 3,082 15 11 4.22 -0.33
Krung Thai Bank 9 3.95 2,195 77 10 3.69 0.26 Morgan Stanley 9 3.69 2,920 13 16 2.80 0.89
Bank of Ayudhya PCL 10 3.83 2,127 48 14 2.46 1.37 National Australia Bank Ltd 10 3.61 2,860 14 10 4.35 -0.74
Bangkok Bank PCL 11 3.40 1,888 38 13 3.18 0.22 BNP Paribas 11 3.45 2,733 16 13 3.85 -0.40
Siam Commercial Bank PCL 12 3.31 1,835 48 8 4.53 -1.22 RBC Capital Markets 12 3.45 2,730 13 12 4.10 -0.65
Standard Chartered Bank 13 3.28 1,819 67 5 6.83 -3.55 ANZ Banking Group 13 3.43 2,721 16 15 3.14 0.29
United Overseas Bank 14 2.81 1,561 57 11 3.38 -0.57 Commonwealth Bank 14 2.81 2,228 12 9 4.47 -1.66
Asia Plus Securities 15 1.44 800 64 28 0.64 0.80 Australia
Bank of Philippine Islands 16 1.36 758 12 16 1.65 -0.29 Credit Suisse 15 2.59 2,048 10 8 4.67 -2.08
Thanachart Capital PCL 17 1.33 737 24 17 1.24 0.09 Westpac Banking 16 2.55 2,022 10 17 2.35 0.20
Mandiri Sekuritas PT 18 1.13 629 45 23 0.78 0.35 RBS 17 2.40 1,899 10 14 3.74 -1.34
Indo Premier Securities 19 1.01 562 65 22 1.02 -0.01 Nomura 18 1.61 1,275 6 19 1.79 -0.18
Hong Leong Investment Bank 20 0.99 550 35 26 0.66 0.33 Macquarie 19 1.34 1,060 7 18 1.98 -0.64
Bhd Wells Fargo 20 1.16 923 6 22 1.34 -0.18
TOTAL 100% 55,517 885 100% TOTAL 100% 79,229 124 100%

16
 Australian Kangaroo Bonds Korean Issuer International Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (AUD Deal Prev Prev Mkt Mkt Volume (USD
Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

TD Securities 1 15.27 4,933 58 1 15.20 0.07 Citi 1 11.34 2,990 29 2 8.82 2.52
Deutsche Bank 2 13.07 4,222 56 6 8.93 4.14 HSBC 2 9.56 2,519 26 3 8.54 1.02
Nomura 3 12.85 4,149 46 3 10.49 2.36 Bank of America Merrill 3 8.39 2,210 26 1 10.07 -1.68
RBC Capital Markets 4 11.27 3,640 46 2 13.50 -2.23 Lynch
Commonwealth Bank 5 7.35 2,375 18 5 8.95 -1.60 BNP Paribas 4 7.02 1,850 16 5 7.94 -0.92
Australia Barclays 5 6.08 1,602 17 6 7.12 -1.04
ANZ Banking Group 6 6.46 2,088 26 4 9.77 -3.31 Deutsche Bank 6 5.83 1,536 19 4 8.00 -2.17
JP Morgan 7 5.19 1,678 24 11 3.84 1.35 Societe Generale 7 5.27 1,388 16 12 3.16 2.11

Bloomberg Global Fixed Income | FY 2015

Westpac Banking 8 4.95 1,600 18 8 4.94 0.01 JP Morgan 8 5.08 1,340 13 7 6.84 -1.76
Citi 9 4.91 1,587 17 10 4.09 0.82 Credit Agricole CIB 9 5.05 1,330 20 13 2.91 2.14
UBS 10 3.96 1,279 12 14 1.96 2.00 ANZ Banking Group 10 4.21 1,110 12 11 3.37 0.84
National Australia Bank Ltd 11 3.89 1,255 16 9 4.89 -1.00 Standard Chartered Bank 11 3.91 1,030 11 9 4.17 -0.26
HSBC 12 3.43 1,108 14 7 5.90 -2.47 Goldman Sachs 12 2.87 758 10 10 3.61 -0.74
Goldman Sachs 13 2.74 885 6 13 1.99 0.75 Nomura 13 2.73 719 12 19 1.91 0.82
Daiwa Securities 14 2.03 654 21 12 2.06 -0.03 Morgan Stanley 14 2.70 710 10 18 2.19 0.51
Natixis 15 0.93 302 3 21 0.23 0.70 Mizuho Financial 15 2.19 577 9 15 2.58 -0.39
Scotiabank 16 0.65 211 3 - - - Commerzbank 16 2.11 556 5 17 2.34 -0.23
Emirates NBD PJSC 17 0.35 113 1 18 0.25 0.10 Credit Suisse 17 1.95 514 5 16 2.48 -0.53
Mizuho Financial 18 0.34 110 4 23 0.09 0.25 RBS 18 1.67 441 4 20 1.56 0.11
Standard Chartered Bank 19 0.23 75 1 17 0.47 -0.24 UBS 19 1.64 433 5 8 4.99 -3.35
Societe Generale 20 0.09 30 1 - - - TD Securities 20 1.45 382 5 25 0.36 1.09
TOTAL 100% 32,301 187 100% TOTAL 100% 26,356 141 100%

Singapore Dollar Bonds Japanese Yen Bonds

FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (SGD Deal Prev Prev Mkt Mkt Share Firm Rank Mkt Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)
Morgan Stanley 1 20.38 2,596,013 330 3 18.44 1.94
DBS Group 1 40.48 9,265 74 1 34.86 5.62 Sumitomo Mitsui Financial 2 17.14 2,183,473 319 2 18.49 -1.35
Oversea-Chinese Banking Corp 2 22.58 5,168 51 3 12.11 10.47 Nomura 3 15.96 2,033,627 311 4 15.92 0.04
Standard Chartered Bank 3 6.30 1,441 20 2 12.55 -6.25 Mizuho Financial 4 15.64 1,991,969 333 1 19.99 -4.35
HSBC 4 5.62 1,285 18 4 10.05 -4.43 Daiwa Securities 5 15.17 1,933,056 293 5 15.23 -0.06
United Overseas Bank 5 5.10 1,166 18 5 8.64 -3.54 Goldman Sachs 6 2.14 272,726 20 8 1.11 1.03
ANZ Banking Group 6 3.59 821 9 6 4.63 -1.04 Bank of America Merrill Lynch 7 1.92 244,878 30 6 1.61 0.31
RHB 7 2.13 488 3 8 2.60 -0.47 Citi 8 1.71 218,224 21 11 0.91 0.80
CIMB 8 1.80 411 6 7 2.84 -1.04 Mitsubishi UFJ Financial 9 1.48 189,033 6 23 0.05 1.43
Maybank 9 1.67 382 6 9 1.92 -0.25 Natixis 10 1.12 143,260 12 20 0.23 0.89
Credit Suisse 10 1.57 360 5 11 1.69 -0.12 JP Morgan 11 1.08 137,567 5 15 0.56 0.52
Citi 11 1.27 291 4 - - - Tokai Tokyo Securities Co Ltd 12 0.82 104,083 25 10 0.92 -0.10
UBS 12 1.10 252 4 13 1.19 -0.09 Barclays 13 0.75 95,495 13 17 0.54 0.21
Westpac Banking 13 0.91 208 2 - - - Credit Agricole CIB 14 0.73 92,717 11 7 1.28 -0.55
BNP Paribas 14 0.75 172 3 20 0.25 0.50 Shinkin Central Bank 15 0.70 89,125 24 9 1.04 -0.34
Bank of China 15 0.75 171 2 - - - HSBC 16 0.68 87,033 6 16 0.55 0.13
Industrial & Comm Bank of 16 0.66 150 2 22 0.14 0.52 Credit Suisse 17 0.59 75,000 26 13 0.71 -0.12
China Deutsche Bank 18 0.55 69,720 20 12 0.86 -0.31
Deutsche Bank 17 0.50 115 2 15 0.78 -0.28
Societe Generale 19 0.42 53,033 7 18 0.36 0.06
Barclays 18 0.48 109 2 - - - BNP Paribas 20 0.37 47,100 7 14 0.66 -0.29
Bank of America Merrill Lynch 19 0.43 98 2 - - - TOTAL 100% 12,739,932 729 100%
Natixis 20 0.38 88 2 - - -
TOTAL 100% 22,886 165 100%

17
 Hong Kong Dollar Bonds Offshore CNY Bonds
FY 2015 FY 2014 FY 2015 FY 2014

Mkt Volume (HKD Deal Prev Prev Mkt Mkt Share Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share
Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)
HSBC 1 21.10 43,402 146 1 33.80 -12.70 HSBC 1 15.07 37,146 148 1 19.47 -4.40
Bank of China 2 9.09 18,703 16 3 7.80 1.29 Standard Chartered Bank 2 11.03 27,190 74 2 12.29 -1.26
Standard Chartered Bank 3 7.99 16,437 66 2 10.46 -2.47 BNP Paribas 3 8.01 19,736 61 6 5.49 2.52
Bank of Communications 4 7.69 15,815 28 18 1.18 6.51 Credit Agricole CIB 4 7.64 18,816 58 3 6.72 0.92
Barclays 5 7.48 15,398 46 4 5.57 1.91 Bank of China 5 5.31 13,081 29 5 5.54 -0.23
National Australia Bank Ltd 6 6.44 13,240 23 6 4.24 2.20 Citi 6 4.94 12,170 35 18 1.28 3.66
Citi 7 5.44 11,190 32 13 1.86 3.58 DBS Group 7 3.63 8,942 39 4 6.00 -2.37
Credit Agricole CIB 8 5.15 10,599 21 10 2.17 2.98 Deutsche Bank 8 3.05 7,518 21 9 3.40 -0.35

Bloomberg Global Fixed Income | FY 2015

Oversea-Chinese Banking 9 5.05 10,385 22 9 2.70 2.35 Barclays 9 2.74 6,747 15 10 3.02 -0.28
Corp Scotiabank 10 2.46 6,074 25 27 0.55 1.91
Societe Generale 10 4.22 8,673 29 8 3.14 1.08 UBS 11 2.46 6,053 47 12 2.65 -0.19
DBS Group 11 3.39 6,977 12 12 1.96 1.43 China Construction Bank 12 2.31 5,688 15 16 1.67 0.64
ANZ Banking Group 12 2.81 5,778 23 7 3.68 -0.87 Agricultural Bank of China Ltd 13 2.28 5,627 19 11 2.66 -0.38
Goldman Sachs 13 2.09 4,290 8 37 0.13 1.96 Bank of Communications 14 2.04 5,032 34 14 1.72 0.32
Scotiabank 14 1.32 2,708 14 15 1.77 -0.45 Societe Generale 15 1.95 4,803 18 39 0.31 1.64
BNP Paribas 15 1.22 2,515 9 5 4.47 -3.25 Industrial & Comm Bank of 16 1.92 4,722 13 8 3.70 -1.78
Commonwealth Bank Australia 16 1.06 2,180 15 25 0.44 0.62 China
China Construction Bank 17 0.92 1,900 3 28 0.39 0.53 ANZ Banking Group 17 1.81 4,454 21 13 1.92 -0.11
Natixis 18 0.87 1,796 4 16 1.40 -0.53 KGI Securities Co Ltd 18 1.61 3,961 25 34 0.41 1.20
UBS 19 0.79 1,631 8 30 0.38 0.41 Mega Financial Holding Co Ltd 19 1.58 3,888 25 40 0.23 1.35
Mizuho Financial 20 0.76 1,573 7 29 0.39 0.37 JP Morgan 20 1.25 3,089 12 20 0.97 0.28
TOTAL 100% 205,725 600 100% TOTAL 100% 246,428 681 100%

18
Bloomberg Fixed Income - League Tables Criteria

General Guidelines
Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers;
unless a full, explicit breakdown of bookrunning is provided by an involved party.
Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based
on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.
Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for
a particular table click on the information symbol to the right of the table heading.
All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and
fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables.
USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are
credited 100% to the REG S tranche and 0% to the 144A tranche.
New money portions of exchange offers are eligible for credit.
Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moodys and S&P. Note: Criteria may vary for
some local and/or regional table. When rating is split, transaction will appear in the relevant high yield table.

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

The full version of Bloombergs League table Standards & Guidelines can be accessed and subscribed to on the Reports
tab on LEAG<GO>.

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