ECM Cover 3Q2013 - Thomson Reutersshare.thomsonreuters.com/pr_us/3q2013_global_equity_capital_markets... · JP Morgan JP Morgan EMEA IPOs (C7c) EMEA Equity & Equity-Related (C1d)

GLOBAL EQUITY CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

First Nine Months 2013

First Nine Months 2013 | Equity Capital Markets | Managing Underwriters

Equity Capital Markets ReviewTable of Contents

14

Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

Equity Capital Markets Criteria Summary

Regional Contacts10

Japan Secondary Offerings (C8d)

Japan Equity

8

Criteria Summary

EMEA Equity

EMEA Equity & Equity-related (C1d)

EMEA Common Stock (C4c)

EMEA Deals Intelligence

EMEA IPOs (C7c)

Global Equity

Global Common Stock (C2)

Global Convertibles (C9)

15

13

Asia Equity

9

Japan Convertible Offerings (C9e)

Global IPOs (C5)

Global Deals Intelligence

Global Scorecard

Global Debt, Equity & Equity Related (A1)

1

2

2

Global Equity & Equity-Related (C1)

14

3

3

EMEA Rights Offerings (C8fr)

Japan Equity & Equity-Related (C1e) 13

9

15

8

9

Japan Common Stock (C4d)

9 Japan IPOs (C7d)

Leading Underwriters for First Nine Months 2013

14

3

EMEA Convertibles (C9d)

2

2

11

Australian Common Stock (AK2) 12

6US Convertibles (C9a)

US Block Trades

US Equity & Equity-Related (C1a)

Global Equity Rankings - Last Ten Years

Asia Secondary Offerings, inc Chinese A-shares (C8c)

10

11

Australian Equity & Equity-related (AK1)

Australia & New Zealand Equity

Banking Composite of Top US Equity Bookrunners

Thomson Reuters Solutions for the Deal Making Community

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)

US IPOs (C6)

5

US Common Stock (C3)

US Secondary Offerings (C8a)

US Equity

US Deals Intelligence

12

5

11

11

Asia Convertibles, inc Chinese A-shares (C9b)

Asia IPOs, inc Chinese A-shares (C7a)

6

6

6

5

16Asia Common Stock, inc Chinese A-shares (C4a)

7

New Zealand Common Stock (Custom) 12

4

https://www.thomsonone.com

Global Deals Intelligence

Global Equity & Equity-Related Volume

Global Equity Capital Markets Up 17% Over 2012 I Follow-On Activity Up 15% I Emerging Markets IPOs Account for 35% I Goldman Sachs Tops ECM Ranking

EQUITY CAPITAL MARKETS REVIEWFirst Nine Months 2013

Global IPOs and Emerging MarketsGLOBAL ECM ACTIVITY UP 17% - Equity capital markets activity totaled US$532.4 billion during the first ninemonths of 2013, a 17% increase from the comparable period in 2012 and the strongest annual start for globalequity capital markets issuance since 2009. Third quarter equity capital markets issuance totaled US$144.6 billion,a 27% decrease compared to the second quarter of this year.

FOLLOW-ONS UP 15% FROM 2012 - Global follow-on offerings totaled US$379.3 billion during the first ninemonths of 2013, an increase of 15% compared to the first nine months of 2012. Follow-on common stock salesfrom the financial sector raised $71.5 billion during the first nine months of 2013, accounting for 19% of overallactivity. Offerings from the United States accounted for 34% of global follow-on issuance, while China and Japancomprised 9% and 7%, respectively.

IPOs UP 11% FROM 2012; EMERGING MARKETS ACCOUNT FOR 35% - Initial public offering activity during thefirst nine months of 2013 totaled US$91.6 billion, an increase of 11% from last year at this time. IPO activity duringthe third quarter of 2013 decreased 45% compared to the second quarter of this year. Issuers from the emergingmarkets raised US$32.3 billion during the first nine months of 2013, accounting for 35% of IPO volume during theperiod, including the largest global IPO so far this year - the US$5.1 billion issue by Brazil-based BB SeguridadeParticipacoes SA in April.

UNITED STATES ISSUERS ACCOUNT FOR 35% - Issuers from the United States raised US$186.1 billion in theglobal equity capital markets during the first nine months of 2013, up 0.5% compared to last year at this time.

1,600$400P d (US$b) # f I

0

10

20

30

40

50

60

70

80

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

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

2007 2008 2009 2010 2011 2012 2013

% o

f Pro

ceed

s fro

m E

mer

ging

Mar

kets

Pro

ceed

s (U

S$b

)

Global IPOs (US$bil) % of Emerging Markets IPOs

Global Equity & Equity-Related Volume by Domicile Region

global equity capital markets during the first nine months of 2013, up 0.5% compared to last year at this time.Issuers from China and Japan accounted for 9% and 7%, respectively, of overall equity capital markets activityduring the first nine months of 2013.

FOUR SECTORS ACCOUNT FOR 60% OF ACTIVITY - Led by financial issuers (19%), the overall volume ofequity capital markets activity remained highly concentrated among four main sectors including real estate (15%),energy and power (13%) and industrials (12%).

GOLDMAN SACHS TOPS OVERALL ECM RANKING - Goldman Sachs led all equity capital marketsunderwriters during the first nine months of 2013 with US$59.1 billion in proceeds from 273 issues, an increase of2.1 market share points compared to the first nine months of 2012. Goldman Sachs registered strong marketshare gains to take the top spot for global IPOs and global common stock offerings. JP Morgan topped the list ofglobal convertible underwriters, with 12.3% market share.

ECM FEES UP 21% - According to estimates from Freeman Consulting, fees from equity capital marketstransactions during the first nine months of 2013 totaled US$11.9 billion, a 21% increase from this time last year.

0

200

400

600

800

1,000

1,200

1,400

$0

$50

$100

$150

$200

$250

$300

$350

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

2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 9M2013Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas

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Leading Underwriters for the Third Quarter 2013 Jul 1 - Sep 30

▼

Global Scorecard

14,423.2

16.8%186,546.0

-16.0%925

37

1695

470,892.8164,362.1

89,280.9United States (C3)

Latin America (C4e)35,103.0

1.8Australia (C1c)


Global Debt, Equity & Equity-Related (A1) 189,236.2

11.33.73.6 39,196.8


Asia Pacific ex Australia (C1b)United States (C1a)

10Global Equity & Equity-related (C1) 12.3

10.0

Market Sector

Global Disclosed Fees (A2)

Global

JP MorganJP Morgan

▲▲

JP Morgan8.5

JP Morgan▲

112.6

11 109 771,371.0

310

▲

▲

12

692-5.4%438

▼6 0%

▼▲

1,876

Australia (C8b)

Global Secondary Offerings (C8)United States (C8a) ▼

8,271.5

386

▲

18,748.0

35

68,992.4

329,921.9

Asia Pacific ex Australia (C7a)Australia (C7b)

545

3010,405.4

491 3.4%

0.2%

6,916.8 74

176.5%3,943.315.0% ▲

433

-20.5%

▲

▲325 ▼

10.9%

171.1%

-36.7%93

▲

429.5%9

Latin America (C1f)

80,073.619,053.515,350.348 65.0%

73

531 ▼

32611,646.6 2.7%

171,797.2▼

673

11,336.2884

25,331.0

▲▲

412,479.0

-8.2%81697,269.6

84.2%64.6%

-4.3%

395

14.2%

Japan (C1e)EMEA - Europe, Middle East & Africa (C1d)

172596150,654.5

2,734

59.7%

Asia Pacific ex Australia (C4a)US

Global Convertibles (C9) ▲Global IPOs (C5)

US Common Stock (C3) JP Morgan

25.0

US Equity & Equity-Related (C1a) JP Morgan

Bank of America Merrill Lynch 13.4

EMEA Convertibles (C9d) ▼

9.0

9.9

12.3JP Morgan

Morgan StanleyUS Convertibles (C9a)

7.1

15.1US IPOs (C6)

9.2

14.9

2.5

▲

▲5.9

14

498

28,277.332,188.6

226.5

5342,236

82,557.1

139,608.6

139192

▲

▲1.4%

▲

33599,895.1

754105,478.1

455,917.9532,367.0

12,113.8

2,965

406

2,671

47290

▲▲

% Changein Proceeds

▲

90.3%

-5.3%

1/1/2013 - 9/30/2013

Deals

1/1/2012 - 9/30/2012

US$mNo. No.

US$mProceeds

DealsProceeds

▼918

▲65.0%35

▼

583

20,598.115,350.3

▲48

2,421

94,340.9


-0.41

▼Australia (C4b)-0.1

1▼

131,829.9 546149Japan (C4d)

191,554.125,331.0

32,259.1Global IPOs (C5)

EMEA - Europe, Middle East & Africa (C4c)

17,910.0United States (C6)

1379,338.7132,103.0

1,199.42 EMEA - Europe, Middle East & Africa (C7c)

1Asia-Pacific ex. Japan ex. Australia 10,904.5

Japan (C7d)Latin America (C7e)

Goldman Sachs & Co 12.88.6

Asia-Pacific Common Stock (C4a)23.1

15.1 11

Europe, Middle East & Africa (EMEA)

Credit Suisse

JP MorganJP Morgan

EMEA IPOs (C7c)

EMEA Equity & Equity-Related (C1d)EMEA Common Stock (C4c)

10 447 1Asia Pacific ex Australia (C8c)

13.6

1

13.9

10.8Morgan Stanley

Current Qtr Market Share (%)

Bank of America Merrill Lynch11.7

No. 1 Manager

▲

▲▲ 1

1

Consecutive Quarters No. 1

10-0.27.8

Mkt. Share Chg. from Last Qtr (%)

Credit Suisse

Japan

Asia-Pacific Convertibles (C9b)

-21.8

▲▲

Global Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

▼

Latin America (C8e)

2,965

0.8% ▲ -20.6%-27.3% ▼

+294

▲

532,367.0

16.8%

100.0

11.0%▲

Industry Total

2013 Rank

2012 Rank Proceeds

7.8

Change in Market

1,529 # of DealsBookrunner

+0.1+0.1

0.9

+0.2

2,510.9Share (%) Share Ch.

Proceeds per Bookrunner (US$m)

169.1

110.8

▲ 102.3▲

48.8

-▲

0.0▲

+23

▼

0.9

▲

77.075.1

+170.0 1.2- 35

23

+71.2

▲+5

1.33937

0.00.7-▲+0.1

0.0-

▲1.1 3.0▲

89

101+0.5 1.5

▼

+36 ▲

▲-0.1

▼ 1,322.0

1,105 ▼

1,904.5

324,419.7 6.8JP Morgan 1 1 373,392.1Deutsche Bank 2 2

3 -291,236.8 -0.3293,333.74 0.06.2

6.1

Bank of America Merrill LynchGoldman Sachs & Co 5

1,273

▲Barclays 4 3

6

Citi

5 267,318.6+0.1

7 286,927.9 6.0+0.2

5.4▲5.6

+1.4

8.5▲ 1,234 +44 ▲

Morgan Stanley 7 +1026 257,137.1HSBC Holdings PLC 9 4.0 -0.1 ▼188,728.88 640.8Credit Suisse 8 6.3 ▲-0.5

3.23.9183,979.4

BNP Paribas SA 10 11 150,850.39 +1

-0.3 4.5▼ -20913 646

RBS 11 -5912 120,453.6 2.5 554 -0.4 3.8▼RBC Capital Markets 12 13 114,633.3 +0.2 ▲2.4

17 78,029.815 94,396.5 0.0

1.6 +0.12.0

43,438.9

8,648.1

Fees

902.3

7.3

2.2

6.5

6.6

1,343.3

1,515.1 -0.3▲

Manager

3.6-1.5

- 519

7.6984 6.8

+0.1650 4.5

+42

+0.4

▼

▲

+77

+20

-319

508.1

-314.4

MarketDeals

+232 ▲

▼

▼632 4.4

▲

Share (%)

22

▼ 476

641 ▼

▲309

2.1297 -

1.5 ▲+35256 1.8+0.2 ▲

4.7

5.3▼

8

Market

5

24

12

79 9

1211 10

73,156.8112

Asia Pacific ex Australia (C9b)

18,824.6

61,474.2

8.7

2013 Rank

+0.4Share Ch.

▲▲

+21

+211.1+15

7.4

+46▲

▲44

113,081.911,109.7

▼1.1

34

451

14,748.8

9.2

310 ▼-6.0%Australia (C8b) 386

11,407.1

MarketShare (%)Share Ch.

+378

Global Convertible Offerings (C9) 231

▼

United States (C9a)

43

4.1

6.1

-0.1

+0.7

4.2

▲ 4.2502.4

▲

293.4

486.6

396.3

Change in

9.4▲▲

+57

▲

926.4+97

33,987.2

+0.1

-0.1

807.7▲

+0.2 ▲

5.0+0.9+1.0

1.6

494.4598.9 ▲

▲▲

1.3

0.770.4

▲▲

+0.5

▼-0.7

▼

+1.0

-0.3

0.8

2.5

▲

▼-0.1

▼

0.41.4

1.9

100.0

▲

▲

▲

121.5 -0.2

11,896.0

21.4%

+49

+14

3.3▲ ▲

184.4157.7222.0

8.1

6.4 +57▲

▲

359

▲

5.4

7.8▲

Jan 1 - Sep 30

6.7

1,544.731.9%

210.3%23

Imputed Fees (US$m)

▲

▲

54.6%

▲

26.5%▲▲

10.6

49.1

8.8

49.1

-44

+0.1

Nomura

Market

29.9

-581,421

-2+25

▼

# of

-13.4

▲

Jan 1 - Sep 30

1,741.5

28.5

+105

330.6

0.8

-0.0

▼

2,106.1

▲

1.8

▼-0.3

-0.6

▲

-

▲

1.6

0.8

3.1

0.0▲

-0.2

HSBC Holdings PLC

RBC Capital Markets468.8

3.1

216.0

887.8

-0.3

229.1642.3

1716

656.6

-

▼ Jefferies LLC

2.313

+0.514

+26 ▲

▼

16

▼

0.0Macquarie Group

18-0.1

▲

0.6

0.8

▲-21.4%

1.1

▼

100.0 14,46973.3 70.3

56,899.6 -0.2 +23354 ▲

▼ -0.4% 9.5%

20,200.7

-0.8%

-58 28,805.3

▼

Nomura

Industry Total

Industry % Change from Last Quarter*tie

Top Twenty Total

▲3.3

2.2

397,534.5

Mizuho Financial GroupTD Securities Inc 52,076.1 ▲

1.2

15

▼2.4

1.2

1.7▲

Societe GeneraleMizuho Financial Group

Daiwa Securities Group Inc▲

0.0 0.83,989.2

80▼ 189-0.1

6,017.1

▼4.6

11,855.2

5.0

+0.5

-0.526,549.4

▼

34

1.8

6,159.6

▲49

-0.9

▼

3,450.3

9,639.4

24,303.1

5,832.90.84,028.2

0.83,488.0

+1.1

▼ +79

241

▼

Nomura

Deutsche Bank

Barclays11

7

▲▲

1.2-0.3

2.2 +0.5

6

1.317

▼▼

6,674.9

29,530.8

Wells Fargo & Co10

+0.2

0.719

13

4,010.2

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

18BNP Paribas SA2015Sumitomo Mitsui Finl Grp Inc-

20Top Twenty Total

100.0

+23

Share (%)

52 68.7%

# of Deals per Bookrunner

▼

8.2

+0.3+0.5

1.0

▲

▲41.5%

Fees

6.8

29.3%

+1.3+2.0

17

Share Ch.

9.7▼

250

▲

# of

288

3,087.0

Manager

1,051.2280

220

8,371.9

+638.1

Share (%)

240

3.4

2.7

319 +86

4.5

10.8

134

270 647.4+0.3

▲-84.9%

+1.0

102

▲

-14.2

UBS 14 10 102,737.8 2.2Wells Fargo & Co 13 107,793.514 2.3


+0.1

Imputed Fees (US$m)

9.8

Share (%)

+0.71,028

1,876.8

7.1▲

Credit Agricole CIB

9.2 ▲5.6

Societe Generale 16

6.4▲

4.6

+0.1

6.93

5-0.9

3 -1.6-0.64

7.42

-15.5%

236.7161.4

165.0%23

Market

+88Deals

▲

Market

▲# of Deals

Bank of America Merrill Lynch

8.8

9.1

973.6

MarketBookrunner

81

50

41

39

8,208.4

14,267.39 11

+2.11 59,059.5 273Goldman Sachs & Co4

11.18.92 47,157.3

39,199.2+1.1 ▲

1

10,447.1

MarketProceeds

EMEA - Europe, Middle East & Africa (C9d)

2012 Rank

24,874.110,614.1

4,093.8

467.3Australia (C9c)

14,426.526,831.52

2

EMEA - Europe, Middle East & Africa (C8f)Japan (C8d)

2▼▲

36,754.4


Japan (C9e)

JP MorganMorgan Stanley


1

1.5

Daiwa Securities Group IncDaiwa Securities Group Inc 33.5

1,328

16 71,555.9

▼

0.0 2.1

Japan Convertibles (C9e)

Japan

NomuraJapan Common Stock (C4d)Japan Equity & Equity-Related (C1e)

15

Market

▼

Japan IPOs (C7d)

Global Debt, Equity & Equity-Related (A1)

-14.5%

3,485,692.4

1769,791.9

2019 18

Industry % Change from Same Period Last Year

UniCredit 18 19

22

4,764,293.9

35,848.6

+0.3 +85

6

Credit Suisse

+0.5 UBSCiti

▲+1.3

-0.4

▼

▲


231Industry Total 1,150.452,937.5 86.261,474.2 100.0 100.0-19

Share# of

FeesDealsMarket

Share Ch.Share

▼-1.34,713.6

Market

12.3

7.8

+1.67,551.4

4,799.3

Haitong Securities Co Ltd

2Morgan Stanley

1

▼

▲

▲

▲

▲

+1.2

+1.1

▼

▲

▲

50

+3.0


7.7

9.88.0

Market Change in # of Deals per Bookrunner

Share Ch.Market

+4.0


-0.2

Deals ShareMarket

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

39

57.529

Market

▲

▲

UBSDeutsche Bank

4.5

▲

2.6

▼

▼

NomuraBNP Paribas SA

10

2113

+13 ▲ 75.8▲+6

2.411

ShareMarket

+0.4

3.45.9

+25+43 +0.8

-0.6

+0.8

Fees▲

-

3.9

# of# of Deals

Jan 1 - Sep 30

+0.3▲

Market

9.0


6,018.62

Proceeds

6

Goldman Sachs & Co

Bookrunner2012 Rank

2013 Rank

JP Morgan

Global Convertibles (C9)

Share Ch.1

3

Jan 1 - Sep 30

▲4

▲

Share

16.9-0.4

21.6 ▲

Credit Suisse

75

9

4

Citi

Bank of America Merrill Lynch3

8

967

3,130.3

+0.9 ▲▼

5

▲

▲

▲5.06.6

▲

▲4.7-2.2

▼

▲

▼

-0.7

+0.7 112.5▲

-0.236

9.893.815.2

+15

+20

MarketManager

+1.4

+2.2

+1.4

5.47.7

▲

3.742.0▲ ▼-1.0

+1.1

▼89.0

12.2

▲

Imputed Fees (US$m)

140.6# of Deals

8.2+23+1735 ▲

19

14

18

15-

43

16

171615

▲- 0.6Societe Generale

-

▲

▼-

2.6

▼

35▲- +14

8.6 +65

+51

▲

+66

▲▲+22

+44

1.3

▲

▲+327.4

8.0

201

▲

▲

1.438

42

+1317

123

Sumitomo Mitsui Finl Grp Inc 16

Itau Unibanco 19

15

Mizuho Financial Group 18 17

12Jefferies LLC 13

10RBC Capital Markets

14HSBC Holdings PLC

1223

160Nomura 10

+0.111Wells Fargo & Co

Barclays 99 -0.2

Daiwa Securities Group Inc1.1

94

▲▲

▲

1.9+0.7

3.4276.4

▲ 206.72.9

-0.11.5 ▲

+18▲ Credit Agricole CIB

32

1.91.6

▲

80

0.6

5.2

4,062.3

14.312.6Barclays

0.0 19▲ +5440.0

418.6367.3

170.0

556.9

+0.1-

▲1.01.2

0.91.5

108.4+131.2

+15

+29

130.3

+9▲

+37,454.5

161.6

Manager

3 3 34,263.22

32,718.3

UBS 6

Market

2

Goldman Sachs & Co

CitiMorgan Stanley

7.0 -1.47.3

6.84

Deutsche Bank


1

2012 Rank

5

87

JP Morgan

5 4

53,040.939,605.8

Share Share Ch.

8.4

Bookrunner1 +2.3

2013 Rank Proceeds

234

▼-1.0

▲11.3▲ 269▼ 245

72206

24,817.2

▼31,955.1+0.9-0.8 252

▲

+80 ▲▲

589.9

910.6

▲

832.68.79.2 718.7 6.7

211 7.74.04.1

237

432.9

8.0+1.3+1.1+0.75.5

7.8

+1.8861.08.5

70

-0.5

▲+64

+56+46

+0.9 9.8

23,508.9▼

6.4

5.05.3

29,924.9

▼▼

20,351.0 4.3

+0.5

3,702.1 0.8Daiwa Securities Group Inc 15

-1.0

-0.31.3

Credit Suisse 8

2.3

6,061.75,388.1

8,710.910,748.211

+0.4-0.1

0.0

0.0

1.11914

Macquarie Group 20 3,429.71728

1.15,275.45,077.9

0.00.7

20 1873

1.03,162.6 +0.6

173,157.4

0.73,278.10.099.6

▲+0.2

+0.335.342.9

0.9 -0.1

-0.10.40.3

94.8

▲69.4

▲

74.2

0.7

+313100.0

0.00.7Top Twenty TotalIndustry Total

348,177.4▼

470,892.8

▲-2.2

20▲

Wells Fargo & Co

Mizuho Financial Group

Top Twenty Total

Societe Generale▲

Jefferies LLC

4,936.0

62.46.6

29 12.6 +38.2

15.6

53.7▲

1,484.7

8

+0.23,952.0 6.45.1

1,608.811

33

2.6 +2.6 1▲ 21+0.1▼

-0.2

9.10.4 +1-

5.03,040.5 +7▲

▲

0.3▲▼

2.5▲

-0.1 ▼3.96.1▼ 2.3 -1.114 26.2+7

12 ▼

▲

103.0▲

6

3112

4.8▲ 2.4+8

+1.329.1-0.4

5.212

4.3+1.11.3

-27 +5

27.4

▼ +0.214.8▲

+3 1.5

15.9

▲▲

+6

17.1

2.62.6 +2

-1.3 ▼15.3

▲ ▲3.9

▲+1.3

+0.61.3

▲13.5 1.2 +0.4

14.3

-0.1 ▼

+1.1

▲+0.3

+0.44.9 0.4-4

1.46

1.0

852.8

+1.07

+0.2

▼

▲▲+0.7

-0.5

+1.2

1.8

1.5

1,107.0

1.2629.0 1.0750.1

1.8928.5

1,081.7

+7

+4

1,090.6

587.1

1.411

+1.0 ▲

1.74▲

9RBC Capital Markets

▲3.01.0613.2

1.8

909.7

▲▼ 1.3

79.2

▲

2,734 10,745.6

Mediobanca -14

Global Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

100.0

▲Industry % Change from Last Quarter ▼-21.9%

41.5%38.1% ▲ -15.8%

45.4%▼-7.6%▼

4.0

▲

Share Ch.8.7 ▲

*tie

-0.2▲▼

Credit Suisse11.412.0

Share (%)

+3.0▼

Change in

65


Morgan Stanley

5Deutsche BankCiti +27

JP Morgan

601

▲

+3.5

-0.3

▲

+0.357

3 7,169.3Goldman Sachs & Co 1

▲2

Market

69+3.5

-21.1%

6

34

MarketShare Ch.

2013 Rank

12.9%

Bookrunner2012 Rank

▲

▲

MarketManagerFees

+21

+34

9.1


# of Deals▲

2.9

+2.8

147.0

13.9 294.713.1 9.3

4.3

4.4 ▲+2.3

+2.4+1.9

7.0

6.1

▲

60

134.8

▲

308.0315.0

▲

+23

▲234.5220.1

98.8

▲+18 ▲

▲+14+31 6.5

▲+0.8

12.0

146.2206.3

19.2%

5 8,138.6

-1.7%

Share (%)Market # ofMarket

Deals

7.8+3.6

14.2% ▲

Proceeds

Jan 1 - Sep 30

Share (%)

7,023.87 6,255.2

7.7+2.06.8

+1.5

6 5,730.6

-27.9%▲

▼

▲6.3


Industry % Change from Last Quarter

Global IPOs (C5)

2 6.5 ▼

8.9

5,988.0

-1.6

+1.0

26 5.2▲

13.711.2

685.5 -0.5 ▼ 56

Nomura 8 20 4,024.27 4 5,049.1

+144.4 +3.4Bank of America Merrill Lynch

▲▲3.6 8.4 +22

3.4 ▲ 38 7.6 +14▲ 42

UBS 10 12 3,087.9+0.1Barclays 9 8 3,283.3+0.8

1,519.1 1.72.0 +1.0HSBC Holdings PLC 11 1.1 +0.521 1,843.5 ▲ 14 ▲ 38.52.8 +7

20 4.0 +7 ▲ 49.5 1.5

Rabee Securities Co 14 - 1,277.2Wells Fargo & Co

+1.0

1.4

Jefferies LLC 12 27 ▲66.013 3.2 +629 1,492.1 1.6 +1.0 ▲

▲ 12.0 +1.0

+0.116 ▲

0.10.2 +1 ▲ 4.27 +0.21.4 +1 0.6

+1.4▲

Itau Unibanco 16 157* 1,056.5 1.2▲ 20.3DBS Group Holdings 15

+1.2 ▲23 1,114.4 1.2 +0.4 ▲

+51.2 +0.46 ▲ 16.4 0.5+0.8 ▲ 0.6 +0.1

+4 28.2▲ 19.7

+1.0+0.6 0.4+30.8 13.2

1.1▲

4▲

+4Banco BTG Pactual SA 17 46 1,034.6 1.2Macquarie Group 18

61.278 1,031.1 1.1

Banco Bradesco SA 19* 41 925.5 1.0Banco do Brasil SA 19* 38 925.5 ▲1.0

74.2+0.14 0.8 +2 ▲ 0.311.3+0.6

-47

▼

91,554.1

Industry % Change from Last Quarter -44.5% ▼

100.0

-0.6%▼

498 3,370.3

0.8▲▲

+0.56

15.5% ▲

100.02,372.7

▲

▲▲

▲

▲▲

Global Equity & Equity-Related Fees

▲▲▲

▲

▲

Imputed Fees (US$m)

+0.5

▼▲▲ Industry % Change from Same Period Last Year

+0.1

▼

▼-28.2%Industry % Change from Same Period Last Year 10.9% ▲ -8.6%

Industry Total70.267,969.5Top Twenty Total

0

200

400

600

800

1,000

1,200

1,400

1,600

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

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

2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

US

$Bil

Fees (US$bn) # of Issues



Global Equity Capital Markets: Ten Years of Rankings

1

2

3

4

Goldman Sachs & Co

JP Morgan

Morgan Stanley


Rankings shown are as of the current quarter-end in each calendar year.

5

6

7

8

9

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Ran

k

Citi

UBS

Deutsche Bank

Credit Suisse

Barclays

Nomura

Note: League Table positions reflect consolidation within the banking sector.


nc

US Deals Intelligence

Most US IPOs since 2008 | US ECM Volume Up Slightly l Q3 Sees Highest Number of High Tech Issues in Six Years

1 2 ▲+0 40 7 27

1.8 -0.2 ▼ 58

+0 5

7.732

▲ 73 7+13

▲▼0.8 +0.2▼

4.214 22 1 318 3 3 6 +15Robert W Baird & Co Inc

▲ ▲ 80.1

2.9139.9124.8 2.1

2.3

Raymond James Financial Inc 13 17 1,527.3 1.3

4,478.0RBC Capital Markets 12 11 3,426.6

12Jefferies LLC175.2

11 ▲ 64 8.5 +20▼ 76 10.1UBS 10 10 5,094.4 2.7 -1.5

▲

▲5.0 +0.8 ▲ 129 17.1

2.4 +1.1-0.6

▼-1

-0.5+17 ▲

17.5283.49 9 9,408.3 +43

10,666.0 5.6 -1.9▼ 373.4▲

283.3▼ 132 +19Deutsche Bank7.0

▲

-1.18 8 ▲

Wells Fargo & Co

Credit Suisse 7 7 13,157.0▼ 157

146Morgan Stanley 6 3 17,119.0 9.1 -1.9

6 17,951.8 ▼ 1479.5 -0.18.8+42

19.520.819.4 +38

6.5

-0.4 ▼

▲

4.76.2

4.7

Bank of America Merrill Lynch 4 2 18,835.8 10.0 0.026.7 +52 ▲ 598.8

▲ 528.3

-1.3

+38

+0.1

▼-

+0.5▲ 391.4

726.224.5 +31

10.0 -1.4 ▼ 201459.5▼ ▲

▲-1.4

20.814.612.3 +1.7

+4.627.7▲

1854 23,190.85

Share (%)157 +51209 +60

▲Fees Share (%) Share Ch.

Manager Market

▲

+0.7

▲

637.9 10.7▲+0.6

+1.5

▲

▲

7.7

Market# of DealsShare (%)

-0.7

▼

-2.3 ▼

12.1

+1.0

Market# of Market Change in Deals

MarketShare Ch.

2013 Rank

2012 RankBookrunner Proceeds

3 1

27,706.1

Citi2

5

1Goldman Sachs & Co

22,118.3JP Morgan

Barclays

11.7

Imputed Fees (US$m)

US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil)US Equity & Equity-Related (C1a) Jan 1 - Sep 30

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

Jan 1 - Sep 30 2013

US Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

US Equity & Equity-Related proceeds totaled US$189.2 billion from 754 deals in thefirst nine months of 2013, a 1.4% increase in volume and a 29.3% increase in thenumber of deals compared to the same period in 2012. Deals on average wereabout US$70 million smaller in size this year compared to last year.

The first nine months of 2013 saw the highest number of US IPO deals since2008, with 139 deals totaling US$32.3 billion in proceeds. JP Morgan led boththe US IPO rankings and the US-Listed IPO rankings, followed by BAML andGoldman Sachs.

Facebook's share price surpassed its IPO price of US$38 in August, contributing tofavorable conditions for a resurgence in the Tech space. Linked-In's US$1.4 billionfollow-on was the largest deal in the third quarter, which also saw the highestnumber of High Tech deals since 2007 with 39 issues totaling US$8.2 billion.

$32.3 17%

$24.9 13%

$37.6 20%

$33.6 18%

$20.5 11%

$18.9 10%

$15.7 8%

$15.6 8%

Real Estate

Energy and Power

Healthcare

High Technology

Industrials

*tie

Share (%)+0.7

BMO Capital Markets 16

Guggenheim Securities LLC

Deutsche Bank

Citi

6 1

69.2

43

17 18 807.3

+2+13

390.40.5

2124

958.4Piper Jaffray Cos

Industry Total

19 2.5+0.2▲

▼18

0.4

5.0

Fees

20.9

▲

+0.2

Piper Jaffray Cos

Jefferies LLC

7.6

2.4

32,259.1

Barclays 7 332,445.5

Market

7.9 -3.6

+0.8

Market

100.0

45.5▲

-0.1

▲

0.87 +0.3

Deals

+0.4+0.4 ▲ 2.8-0.1

▲+3

2126 3.4

-1.1

47.5

38.1+0.3 0.9

▼

+19 ▲

JP Morgan

BMO Capital Markets

Stifel/KBW

18

2,557.2 29

-25.0%

16

RBC Capital Markets

▲-0.4

Imputed Fees (US$m)

96.8 1.6

87.05,222.1

+0.2 ▲▲

1.2

49.1 -

▼

0.0

▲+0.4

0.8▼

0.6

Stifel/KBW 15 16 1,221.8 ▲0.7 +0.1 39 5.2 +8▲0.7 27+0.5 ▲ 73.7▲14 22 1,318.3 3.6 +15Robert W Baird & Co Inc

▲

1.2+3 ▲

87.3

FBR Capital Markets Corp768.5Leerink Swann & Co 0.4

1,596.8

30.9 +14 ▲ 210.2 11.5

▲

Top Twenty Total139

3,652.9

2013 Rank

2012 Rank

▼

Industry Total

Morgan Stanley

3 3

▲

▲8.97.5

▲

▼

▲11.4 +1.1

7.9▲

10.7

40

▼

6.6▼

+1.8

Share Ch.MarketMarket

▲+2.9

▼

# of DealsChange in

Jan 1 - Sep 30

Manager

+0.3

-0.8%29.3%

18

# ofMarket

754


US IPOs (C6)

+171

19


96.0

0.4702.5▲


2 5


1Bookrunner

2Proceeds Share (%)Share (%)

30.943▲

Share Ch.3,685.6 11.4

11.3 +1.2 ▲▲▲

+0.5

41-1.48.99.9

11.1

2,853.93,178.3

29.5

42 30.2

▼

+16

+15+16

28.8

▲

Credit Suisse 4

Goldman Sachs & Co

57

137.3162.5

▲

+13-7.9 ▼+0.4

145.4

+1 ▲

8 6 2,399.1 7.4 -2.6 ▼8

3023.7 +15 +1.9▲ 120.6

4.3 -1.821.6 +14.6 +3.0

-0.311.5 +6 ▲ 64.3 3.512.9

+1.0▲

▲UBS 10 10 1,135.6 3.5 +1.2Wells Fargo & Co ▲

30,681.4 95.2

-0.1

239.1-

1318

100.0

-0.40.9

▲

0.7

0.9

1.6

+0.614

20

519.9

282.4

224.5

15

409.6

319.8320.7

5

7

7

▲▼

+0.4

+0.7▼

1,830.8 100.0

217.1 0.7

-14.6% ▼ 5.9% -8.3% ▼▲

+46

Industry % Change from Same Period Last Year 0.2% ▲ 49.5%Industry % Change from Last Quarter

9 11

2.8▲+5

▲892.3

1.3

13 9.4+0.7+0.8 5

▼ ▼

Robert W Baird & Co IncRaymond James Financial Inc

FBR Capital Markets CorpLeerink Swann & Co

19

▼

8

+1.2

1.0

5.0▲

+25.8 +3

▲

▲-0.4

▲

▲▲

21.0

2.91.4+1.0

▼ 4

▲+5+1 ▲

3.6▲▲

10.1 ▼31.9 ▼

1.1 +0.5

-0.3+0.41.221.8

▲

▼

-0.4+0.5-1.0

▲1.21.4 +0.1

-0.0-1.3

3.60.7

-0.6

1.2

1.7

0.4

38.214

21.3

▼

▲

+2

-2+6+2+3+1

4.3

278.818

111213 17

16

14

William Blair & Co 20 30

17

1216

15

4

Top Twenty Total189,236.2

-19

1,492.1

3,577.0Bank of America Merrill Lynch

▲

100.0

0.8672.7

37.6% ▲

5,982.3

1.4%

181,128.9

7.0

21.5

22.4▲6 15.9

24.9

54.1%

0.9▲

1.2

▲

▲▲

▲

-19.2%

▲

47.3

207.8196.7

▲

20.4

79.4

2.6

2.1

US IPO Issurance Jan 1 - Sep 30

$132.1 70%

IPO Follow-On Converts

$15.4 8%

$32.0 17%

Consumer Products and Services

Financials

Others

$26.6

$8.4

$12.1

$26.1

$32.2 $32.3

30 27

83 84 93

139

-

20

40

60

80

100

120

140

160

$0

$5

$10

$15

$20

$25

$30

$35

2008 2009 2010 2011 2012 2013

# of

Issu

es

Proceeds (US$bil) # of Issues

Pro

ceed

sU

S$

Billi

ons


US Secondary Offerings (C8a) Jan 1 - Sep 30

Change in

2.7

23.0

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

▲

5.9

430.7

Share Ch.Share (%)9.7 +0.97.7

5.0

-0.512.0

345.6

5.6 +0.9-1.2

▲

-0.1

▲

▼

275.6

▼

-1.8 ▼

▼

▲

▼

+1.2 ▲

# of MarketBookrunner

92 17.2

2012 Rank Share Ch.

5 15,860.8

FeesShare (%)Manager

# of Deals+21 ▲

MarketDeals

+17

+8 ▲

MarketMarketProceeds Share (%)

2012 Rank

2013 Rank

JP Morgan

Credit Suisse 7 7 9,232.38

2

Wells Fargo & Co

Goldman Sachs & Co 1 6

4

20,081.2Citi 1

3Barclays 4

1.9

95.8

11.96.0

+1.0

9.4

Market

532.3

-531157,111.5

100.0

12.9 -1.3 ▼ 12315.2 +6.0 ▲

9.8 -0.1

16,981.9▲135 25.3 +36 ▲+2.3 ▲

▼+27 ▲

12.093 17.4 +10 ▲12,906.3 215.9

133▼ 24.9 335.7-2.19.112,067.0Bank of America Merrill Lynch 5 28.3 -2.9Morgan Stanley 6 3 10,900.5 291.5▲

-0.88.1 -0.6▼

7.0 -1.0 ▼19.1 +34

102 19.1 +24

▲ 202.093 17.4 +19 ▲ 212.9

102Deutsche Bank 9 8 6,895.3 ▼

9 5.3 +0.4 ▲

UBS 10 10 3,623.9 2.7 -2.1 10.3 -4 ▼ 113.55.2 -2.1

▲ +0.4

179.0▼ 55 3.2

89 16.7 +12 ▲

Jefferies LLC 11 12 3,021.7 2.3 +1.1 43 8.1 +13 ▲ 94.7 2.6RBC Capital Markets 12 11 2,877.5 2.2 -0.1 ▼ 95.59.9

Top Twenty Total

18 19

BMO Capital Markets 16

Industry Total 164,362.1

1.425 4.7 +11 ▲

Piper Jaffray Cos

-0.4 ▼▼

+0.8 ▲

-0.9+0.4

Jefferies LLC

673 5,412.6 100.0

▲47.1 0.9 +0.14,694.2 86.7

US Common Stock (C3) Jan 1 - Sep 30

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

Bookrunner Proceeds2013 Rank

MarketShare (%)

MarketDeals Share (%) # of Deals

Market # ofShare Ch.

Change in Market

+4.9 ▲ 134Share Ch.

Market

+3719.9Fees Share (%)

Manager

1 20,160.2 12.3Goldman Sachs & Co 1 6 23,658.2 14.4 +0.9 ▲

7.8 -0.7 ▼▲ 553.3 10.2▲-1.0 +2324.2▲

421.0▼ 163641.0178 26.419,546.4

26.23 15,719.9 9.6 -1.4▲▼

-3.0

+43 ▲+50

▼ 131

+2.0176

+0.9 ▲9.8 +0.3 ▲

11.8

9.3 -0.4 ▼ 336.5Barclays 5 5 15,351.9 6.2 +0.2 ▲126 18.7 +25 ▲13,457.7 8.2

19.919.5 ▼

12,086.3 ▼ 134-1.07.4454.0

+32 ▲ 350.2 6.5 +1.1+25 8.4 -2.7▲

▲Deutsche Bank 8 8 9,294.4 5.7 -2.1 ▼ 119 ▼17.7 +13

5.2 ▲ 118 +403.04.94.8 -1.4▲ 258.4

+0.9266.3▲

8.3

8,479.9 ▲UBS 10 9 4,759.4 -0.4

+0.9 17.5

+14 ▲+1 ▲ 160.8▼ 73

▲ 5610.8

4.0 +154.5

▲ 73.1

▼▲ 126.6 2.3 +0.1

1.4▲ 116.8

+13 ▲ 74.58.5 +18 -0.5 ▼2.2

+0.6 ▲-0.4 ▼

1.4

▼ 5730▲

Morgan Stanley 6 27

Bank of America Merrill Lynch 4

CitiJP Morgan 3 4

2

RBC Capital Markets 12 1111 12

Leerink Swann & Co 17

Wells Fargo & Co 9

2.4 +1.12.9

3,914.1

762.3

10

-0.13,159.9

Credit Suisse 7

-1.5

95.820.9 0.6

21 9% ▲

3.4 +5

3,046.5

▼

27 595.3 16+96

0.6+11+0.3 ▲ 2.4

+0.334.8+2+0.2 ▲+3- 250.5 0.0

▲▲7 1.0

0.4

▲▲

45.2

▲▼

FBR Capital Markets Corp 19 0.423 702.5

2.7▲ ▲

-0.2+0.2

3.7

+0.419 2.8 +3180.5 ▲▲37

21 768.5 0.5 +0.3824.1

- 390.0▲ 43.4 0.8

5.8 +8+0.4 +16

Industry % Change from Same Period Last Year -5 4%

0.8 +0.6Stifel/KBW 0.7

Industry Total20

13

▲ 26 7%

▲126,510.5

3,581.885.2

+0.3

132,103.0 100.0

▲ +0.31.1 +46 ▲Needham & Co LLC 19 32 513.1 0.4Top Twenty Total

0.045.1 1.3▼ 6.0

534

Piper Jaffray Cos 18 18 545.2 0.4 -18+0.1 ▲ ▲▼ 1

▲0.4 -0.5

+10 ▲ 27.5▼Kohlberg Kravis Roberts & Co 17 13 583.6 0.2

▲ 12 2.2BMO Capital Markets 16 35 599.6 0.5 +0.4

0.8+3

+0.6 ▲ 20 3.7-0.554.10.5 -0.1 ▼ 4.7 ▲ 1.515 15 702.0

6,987.8

▼52.1

0.2

1,330.4

William Blair & Co

Robert W Baird & Co Inc 271,221.8 -0.4

Raymond James Financial Inc 13 17 +0.41,091.3

Stifel/KBW

0.814 23 1,039.5

17

15 16▼48.2

1.5

-2

-0.2▲

25+12 ▲

53

0.8

100.0

Raymond James Financial Inc

▼Robert W Baird & Co Inc 14 22 1,318.3

92.3

0.8 +0.3

▲

0.81.266.6

▲1.7


US Equity Capital Markets

-8.6% ▼


.2

▲ 95.4% ▲▼ -10.7%

*ties

100.0

▼

1.01.0 0 -

14.4 ▲▼

Industry % Change from Last Quarter 54.6% ▲ 54.5%Industry % Change from Same Period Last Year 17.4%

41,566.4

▲

96357.3 99.2

▼

+0.8 ▲

2.2

▼

-9

1.13.6 ▲

100.0360.3

-▼

0.185.1

100.0

0.011-

-2.1 ▼ 12.9+0.1 ▲ 4.0

9 9.4 -30

10 10 772.1 8.01.9 0.0 - 0 - -2.16.0 1.7

6

7.9 -3.23

6.3

28.63.1783.9 1.9 +1.4

5 1,816.6Deutsche BankJefferies LLC ▲

▼-

-84.4 -4.2 ▼14 14.60 ▲

2,619.1 6.3 -3.5 ▼ 18 ▼30.3 8.4 -0.5-913.5 +4 ▲ 25.7 ▲+1.318.8

6.5 +2.3 ▲ 13 7.136.8 10.2-0.3 ▼ 16 16.7 0 -

-0▲

43.9 12.2 -2.1+2.37.2

▲4 3 3,759.7 9.0 -5.9

18.0 +1.8▼

+14.4

▼ 2414.4 +3.721.9 +2 ▲ 51.8

25.0

18.8 +7.1

Market

-1.5+5 ▲

Change in

15.951.7

Share (%)Manager

57.4▼ 29 30.2 -6 ▼

0.2

8,702.4

Deals

20.9

Proceeds FeesShare Ch.

▲ 2118

9,161.27

670.9

# of

2,713.2

1.6

▲-2.61

Goldman Sachs & Co

6

Market

22.021

BookrunnerCiti

Market2012 Rank

2013 Rank

2Barclays

5

48

JP Morgan

12

6

Top Twenty Total


UBS 9

Morgan Stanley

9 11Wells Fargo & Co

18

7,484.2

Jan 1 - Sep 30US Block Trades

8

▲Industry % Change from Last QuarterIndustry % Change from Same Period Last Year ▲

▼

Share (%) Share (%)


# of Deals

Credit Suisse

11

2,975.9

7

3

-20.4%

Citi

1Morgan Stanley

-4.3%

Credit Suisse

US Convertibles (C9a)

2013 Rank

▼

+1.2

▲26.7%

▼

1

ProceedsGoldman Sachs & CoBookrunner

RBC Capital Markets 12

8

UBS 11

2.7%

-0.116.3

JP Morgan

Barclays

2

Deutsche Bank


7

5

10

3

3

2012 Rank

Proceeds per Bookrunner (US$m)Market

Imputed Fees (US$m)

Jefferies LLC

2

14.7

▼

Jan 1 - Sep 30

Change in Manager# of Deals

3,644.45 3,661.3

2,599.9

Imputed Fees (US$m)Market

Fees14.9

Market

-15.7% ▼34.8%

Canaccord Genuity

64

-0.4

21.9% ▲

+0.2

Share Ch.

RBC Capital Markets 13 13 22.2

▼▼

Industry % Change from Same Period Last Year -5.4%Industry % Change from Last Quarter -21.9% ▼ 1.7% ▲ -19.7%

▲ 26.7%

Share Ch.

10.5 +2.6 ▲

8

▼▲+17

-4.7

# of Deals per BookrunnerMarket

14.7

0.1

Market# of Deals per Bookrunner

▲ 26 13.0 +2.532.184.6

▲ 74.3+6.8

+5.915.0

30.9 +9+10 ▲▼ 31

2538.3 -3.2

11.785.2

-4.2 ▼3,116.0 12.5 -4.5 ▲ 66.5+3.4 ▲21 25.9 +13 ▲ 54.9 9.6

27.2 38.57.9 -1.9▲

▼ 22 6.8 -0.4131,371.6 5.5 +1.8

6 4

7 1,070.8 4.3 +0.3

1,958.1 ▼+8 ▲

▲ 12▲

4.1▲

+1.524.9 4.4

14.8 +6 ▲ 23.2+0.5+616.0

▲Wells Fargo & Co 9 9 928.5 3.7 -0.8 ▼3.0

15 563.917.1

2.3 +1.5 ▲13.6

9.9 +6 ▲ 13.3 2.3+3 ▲

+0.7 ▲10 335.0 1.4 -0.8 +0.713 266.7 -1 ▼ 8.0

▲3 3.7 -2 ▼1.1 -0.4

14.4 2.51.2 1.41

▼-1.6 ▼

BNP Paribas SA 13 - 221.7 0.9 +1.0▲ 3 +2

▲2 2.5 +2 ▲ 9.1 1.6RBS 14 16 201.4 0.8 +0.1 0.8 -0.1 ▼3.7

3.0▲ 2 +0.5 ▲

4.3

0.5Raymond James Financial Inc 15 11 196.9 0.8Credit Agricole CIB 16 - 180.0

-0.6 ▼2 2.5 0 - 5.6 1.0

17 - 134.3 0.5 ▲+0.70.7

JMP Securities LLC 19*

+0.4 ▲3 3.7 +3 ▲

▲

4.1 0.7William Blair & Co 18 - 77.4 0.3 +0.3

+0.50.4

BMO Capital Markets▲▲ 2 +2

0 -1▲0.4

▲+0.25.9 ▲

2.0

+0.22.1

+0.2

▲Industry % Change from Last Quarter

68.7% ▲

99.4SunTrust Banks

# of

▲

▼Industry % Change from Same Period Last Year

▼

Market

4,047.9

+0.219* - 71.9

19*

▼-25.8%

Industry Total

+0.9 ▲

24,719.3

▲

▼

-50.3%71.2%

Market

95.1Top Twenty Total

Share Ch.Share (%)▲

Share (%)23 +14 ▲

Share (%)Deals

811+0.3 ▲

+2

2.5

2.5 ▲

541.0

1.01.2 +11 ▲1.2

▼-48.9%55.8%

100.081100.0

-0.8

569.7

0.3 +0.371.9 0.3

+29

▲

24,874.1

▲ 28.4

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com6

Issue Date Issuer Proceeds Issue Type9/4/2013 LinkedIn Corp $1.4 FO JP Morgan | Morgan Stanley | Goldman Sachs | Bank of America Merrill Lynch

High Technology7/16/2013 Realogy Holdings Corp $1.2 FO Goldman Sachs | JP Morgan

Real Estate8/2/2013 Williams Partners LP $1.2 FO Barclays

Energy and Power8/1/2013 LyondellBasell Industries $1.1 FO Barclays

Materials9/4/2013 LyondellBasell Industries $1.1 FO Citi

Materials8/13/2013 Envision Healthcare $1.1 IPO Goldman Sachs | Barclays | Bank of America Merrill Lynch | Citi | Credit Suisse | Deutsche Bank | Morgan Stanley

Healthcare RBC | UBS9/25/2013 Premier Inc $0.9 IPO JP Morgan | Bank of America Merrill Lynch | Wells Fargo

Consumer Products8/1/2013 Liberty Property Trust $0.9 FO Citi | Goldman Sachs | Bank of America Merrill Lynch | JP Morgan

Real Estate7/31/2013 American Homes 4 Rent $0.8 IPO Goldman Sachs | Bank of America Merrill Lynch | FBR Capital Markets | JP Morgan | Wells Fargo | Citi | Credit Suisse

Real Estate Jefferies | Morgan Stanley | Raymond James9/26/2013 JC Penney Co Inc $0.8 FO Goldman Sachs

Retail

Top Ten US Equity & Equity-Related Deals (US$bil)

US Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

US Equity & Equity-Related Industry Composition for Top Bookrunners Jan 1 - Sep 30 2013

July 1 - Sep 30 2013

$1.4

$1.2

$1.2

$1.1

$1.1

$1.1

$0.9

$0.9

$0.8

$0.8

$0.0 $0.3 $0.6 $0.9 $1.2 $1.5

LinkedIn Corp

Realogy Holdings Corp

Williams Partners LP

LyondellBasell Industries NV

LyondellBasell Industries NV

Envision Healthcare Holdings

Premier Inc

Liberty Property Trust

American Homes 4 Rent

JC Penney Co Inc

11.8% 10.6% 8.2% 7.7% 9.9% 9.1% 8.4% 10.5% 13.6%

11.2% 17.0% 24.6%21.1%

27.7%

19.4%17.2%

21.3%

29.9%

38.8%

8.5%6.3%

7.8%9.0%

3.7%

10.7%10.3%

7.1%

5.1%

6.1%

10.4%9.3%

8.2%8.1%

12.9%9.9%

9.2%8.0%

4.3%13.5% 12.1%5.3% 9.5%

6.0% 14.9%

11.5%12.8% 8.0% 10.3%

6.8%11.2%

9.3% 6.6%

9.9%5.9%

5.2%

8.6%

2.7%4.5%

5.2%4.1% 7.7%

5.0%

6.0% 5.0%

3.3%

7.8%

2.6%2.7%

3.6% 2.7%4.0%

3.5% 2.7%

2.9%4.9%

18.2%

20.3% 23.1%24.9%

16.4% 17.1%

22.3%

19.2%

30.4% 28.2%

8.2%2.4%

3.2% 2.2%5.9%

2.9%2.2%

3.3% 3.1% 3.8% 3.6% 2.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Goldman Sachs & Co JP Morgan Citi Bank of America Merrill Lynch

Barclays Morgan Stanley Credit Suisse Deutsche Bank Wells Fargo & Co UBS

% T

otal

Pro

ceed

s

Telecommunications

Consumer Staples

Retail

Real Estate

Media and Entertainment

Materials

Industrials

High Technology

Healthcare

Government and Agencies

Financials

Energy and Power



EMEA IPO volume reached US$18.7 billion from 95 offerings – withdeal count up 28.4% year-on-year and proceeds up 171.1%. Feesearned on EMEA IPO issuance totalled $514.9 million, with the top 20bookrunners claiming 71.4% of the total wallet share.

EMEA Equity & Equity-Related volume totalled US$150.7 billion for the first nine months –a 59.7% year-on-year increase, with straight equity issuance accounting for 87.5% of totalvolume. Estimated regional fees totalled US$2 billion – up 36% from the comparableperiod of 2012, according to estimates by Thomson Reuters/Freeman Consulting.

EMEA Equity-Related volume totalled US$18.8 billion - up 31.9% year-on-year,with the top 20 bookrunners capturing 93.1% of the market. The UKGovernment’s US$5.1 billion secondary stock selldown in Lloyds BankingGroup was the largest deal during the first nine months of 2013.

EMEA Deals Intelligence

EMEA ECM Proceeds Raised by Industry (US$Bil) Jan 1 - Sep 30 2013

Imputed Fees (US$m)

Share Ch.MarketMarket

Share (%)Manager

FeesShare Ch.1 15,870.8

12,849.6+0.8

Proceeds

8.5

1.4

1

34

53

▲

Market

▲+9

Change in

4.53.7

Share (%)

90.23.8

DealsBookrunner

▼

Share (%)


▼-1.5

# ofMarket2013 Rank

2012 Rank


# of Deals

▼-1.0

▲

▲

▲

4.0+1.3

Market

Goldman Sachs & Co

2722

-1.112+1.2

1028 2,716.7Credit Agricole CIB

0 3

1.8

2 391 42,501.6

11BNP Paribas SAHSBC Holdings PLC 1313

1.7▼

-0.610

45 9▲▲

-1.22 41 6

45.8

47.928.2

77.4

1422 3.7

1.7

2 3

+1.3-0.9

+5

7.7

4.0

+78.9

+55.9

▲

▼6.490.1 -0.2

+3.55.9

7.2

+1

+5 ▲

+1

+11

+13

▲+1.7

2.5▼▼

2.3

▲ 157.4

129.7

125.4

0

▲

+0.7

▲

4.6 ▼

4.6

-

▼

▲▲

-+5 8.1

74.5

+0.6▲

+4

▲6.6

-0.5

8.9 ▲10.5

▲

8.7+137.2 0.0141.1▲

▲ 170.7 +2.5

Citi

2 2 13,657.23 13,516.7JP Morgan

UBS

Deutsche Bank


9.7589.1 +0.210.29.0 61

5 12,678.4 +2.9+2.3 ▲

538.46

9 6,902.24

354.6

437 ▲

▲+1.7

-2.5 ▼

12,302.5 ▲+1.5

356,053.7

8.2 46

8 3,983.5 2.6Barclays 9 4,992.0 3.3

10

76Morgan Stanley

▲

12▼

Credit Suisse 8 5

Societe Generale

0 8

EMEA Equity & Equity-Related (C1d) Jan 1 - Sep 30

EMEA Equity Capital MarketsEMEA Fees Reach US$2 billion l IPO Issuance Volume up 171% Year-on-Year l Lloyds Banking Group - Largest EMEA Deal of the First Nine Months of 2013


$50.0 33%

$23.5 16%

$13.8 9%

$10.8 7%

$9.8 6%

Financials

Industrials

Energy and Power

Real Estate

Telecommunications

Materials


*tie

1.1

16

1,251.8

91,469.1 ▲

80.2

Rabee Securities Co -

+0.30.9

+0.9

20

▼

59.7%

▲25

Top Twenty TotalMediobanca

-36.8% ▼

Jefferies LLC 50

26.3%▼

150,654.5

17 45

20

1819

ING0.9

1,457.5 1.0+0.7

2,223.1 1.548

-0.32,391.4

SEB

HSBC Holdings PLCUniCredit 14 16

13

15

13 ▼ 45.9▲ 2.41.6 14 2.3

12.62.0

+11

+51.5 21.3

▲

17.969.6

▲

▼

4.2

0.9

▲+1.339.0 2.0-1.6

▲

▲

1,956.2 100.0

▼36.0%

Top 10 EMEA Equity and Equity-Related Deals (US$Mil)Jan 1 - Sep 30 2013

-37.1%▲

-13.1%

Jan 1 - Sep 30 2013

*tie

Industry Total

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

EMEA IPOs by Nation of Primary Listing (US$m)

▲

0.6

▼▼▲

1,363.70 -

▼

+0.2 ▲-0.8

1,351.8

12

24.0

1.0

+3

-1.2+0.1

▲+0.6

0.21.2

+0.4▲▲

+0.2

20.4

-

1.0

+1 ▲

100.0 596

+2

3.51.2

21

3.41.7

+124

▲ 1 0.2-3-

1,255.1 ▲7

1,277.2

120,701.9

+0.50.80.8 -0.5

Carnegie

17

+0.6 ▲ 10

6%$9.3 6%$9.0

6%$8.6 6%

$5.4 3%

$4.0 3%

$3.9 3%

$2.5 2%

High Technology

Retail


Consumer Staples

Healthcare

$5,108.9

$3,957.3

$3,898.6

$3,364.4

$3,272.1

$3,213.8

$3,020.1

$2,986.9

$2,946.9

$2,250.0

09/17/13

05/14/13

04/30/13

09/25/13

05/24/13

05/28/13

06/19/13

04/09/13

04/17/13

01/09/13

Lloyds Banking Group PLC

Koninklijke KPN NV

Deutsche Bank AG

Nordea Bank AB

Bank VTB

Commerzbank AG

Nordea Bank AB

EADS

EADS

ArcelorMittal SA

$6,746.3

$3,327.3

$2,578.7

$1,277.2 $1,103.5$614.4 $514.0 $473.8 $427.2

0

5

10

15

20

25

30

35

40

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

United Kingdom

Germany United States of America

Iraq Belgium Norway Russian Federation

Turkey Denmark

# of

Issu

es

Pro

ceed

s (U

S$m

)

Proceeds (US$m) # of Issues


15

+44.211.710.2

Numis

▲+2.6

2.9 -6.3UBS 9▼ 10 -

757.6 +0.5▼

1,277.2

8 10

Credit Suisse

4.0789.2848.6

▼ RBC Capital Markets11 -+216 1.9

11HSBC Holdings PLC

+711 14 2,189.5HSBC Holdings PLC

23

41.7

▲-1.2+0.1

+10

Morgan StanleyDeutsche Bank

UBS

Citi 76JP Morgan

3

▲6.69

▲ +1▲

4.2▲

4.2▲ 21.6▲▲

4.214.1

+2+69.5

-0.8▲ 4.6 +2.823.4

▼2.7 -1.59▲

▲+1.02.04 ▲

+5.0 ▲▲+0.80.8

+3.4

+2.4

2 536.7▼

1▼

57.45.3

+6-0.27

9.5

▼

+3.3

302.4

440.5

▲

2.4

45.839.8▲

+5

1.17.7+9

▲33.8

+7

Jefferies LLC13

▼+2.5 ▲

▲▲

-1.18.9

34.4

384.7

2.6

18

451.4478.7

12

20Canaccord Genuity

1.81.4

69.1

▲+1.1

▲▲

31.1

4.223.3

▲ 1.2

0.3

12.620.4

Nomura

+0.3+0.7

▲

Citi

Davy

ANB Invest Co

+0.2

▲▼

1,172.031.6

-Jefferies LLC

+0.9

▲+1.3

131,829.9

1.6

2.0

12

ING

UniCredit

Rabee Securities Co37.9

0.2

+113

1846

35 1,806.1

BNP Paribas SACarnegieSEB

24 1,457.51,311.9

14

16.8

+4

▲0.9

▲

3.7

16.4+6

▲

▲

2.2

77

56

24

- +6.8▲▲

4.5


6.8

Barclays▲

Rabee Securities Co6

▼

Morgan Stanley-0.6

▲5

7

10,913.4▲

▲

+630▲▼

30

EMEA Common Stock (C4c)

2

3,130.74,016.2 +2.3Barclays 3.1

4.0

10,847.76,301.3

2

4 6

5,285.3

11,346.9

▲

11,298.6

4.89

3

1212

+2.7 ▲44.36.4

11.6

-1.7

1112.6

▼

7.7▲+1.0

11.78.3

Deutsche BankJP Morgan

Share Ch.

2▼

1,439.1

2,194.6-1.1▲ 109.541

3 1,552.872.9

9.91Goldman Sachs & Co6.7

13.7 ▲+612.6

Market

▲-1.5 ▼ 9.3Share (%)

Imputed Fees (US$m)

Jan 1 - Sep 30Jan 1 - Sep 30

Share Ch.▲

Imputed Fees (US$m)

Share (%)# of Deals+10

Change in

+5.813▲12.414

Market Change in

▲

MarketBookrunner

+10.1Share Ch.

51.2

Manager2013 Rank Proceeds Fees

+3.0 2,319.7157.3Fees

11Goldman Sachs & Co +22

MarketShare (%)

8.2DealsShare Ch. # of DealsShare (%)Proceeds

2013 RankBookrunner

2012 Rank

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

ManagerMarket Market# of Deals per Bookrunner

EMEA IPOs (C7c)

2012 Rank Share (%)

MarketDeals

# ofShare (%)

8.1 +176.64 11,717.1

11.28.9

4514,806.9

8.2+2.3

▲8.8

▲

8.4

20

7▲ 2.0

0.91.3

▼

46▼

5.5

6.7

-0.6

6.9

5.5

+17

▲120.3

+4.1

81.0

-0.63.865.4

-0.93.94.8

+1.2

▼

+2.3

+1.9 ▲ 36+2.9 44

+18

116.8

7.1

+0.3-1.5

▲ 2.5▼

0.7

▲

▲1.0

+2.1

114.6

3.7

+21

65.9

3.7

▲-0.6

32.32.9

▲ 1.6

+2

20

1.0

▲

3.7

12-

▲12.0

11

▲

+1

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

7.3▲ 40▲▲

+238.6

+18

48

1.11,469.1 +1.0

17

+51.1

-2.5

1.7

5▼-1+0.3 ▲

2.2

9

Bank of America Merrill Lynch8.6

▲

+2.2

-0.5

Credit Suisse 8

10

2,058.0+1.0

16 1215

5

Societe Generale

Credit Agricole CIB 1359

98

+0.98.3

2.4

1.4

+0.3

19 1,190.1

171.0

1.042 1,309.4

+1.020 +1220▲

1▲+4

-1.0

1,277.2

Numis 0.8

Industry Total79.7Top Twenty Total 104,816.4

100.0

+12

1.0

1,083.5

+0.6

+0.3+0.6

546

1.9

100.0

16

Nordea

M&A International

20 32

▼

▲2.8 +1.5 ▲2.3

14.5+2.0

+5 ▲▲ ▲3.2▲

3 +36 6.3

+0.6 ▲

2.3 +0.21.1

14.62 2.1▲+2

1 1.1 ▲

0.0

3.2 +3 +1.9

2.1

1.910.0▲

▲

5.6▲

+1.3▲▲

0.2 ▲1.1

- 213.6 1.1- 240.0

19

1.3257.2

1.1 +1+1

+0.2

100.071.4

0

514.9

-▲

15.6▲

▲ 1.0+1 ▲ 5.1

+1.1

201.6 -2.3 ▼1.1

1.8+1.01.0- 202.6 1.1 1

1.1 3▲

1181.1

▼-3.4

+219518,748.01,699.6 Industry Total

1718

100.0Top Twenty Total 15,174.2

+1.1199.2

367.83.2

+51.4

▲36+0.3 6.3285.4 1.5

-2.8 ▼▲

-+0.5

+1.4 ▲

▲303.0

-0.6

+1.614▲

+1.7

▲ 20 -0.52.1

- 1.6

EMEA Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

▲

+2.9

Commerzbank AG

Barclays

Standard Bank Group LtdABG Sundal Collier

Citi

14

1.3 2

UBS ▲

Credit Agricole CIB

BNP Paribas SA

359.6

-29.9%

68


-29

15

12

▼

18

▼28.2%

▼▲▲31.9%

41.7% ▲-43.9%

89.418,824.6 100.0 +115017,523.8

1.8 +0.41.6 -2.34.20

4.6

6.0+0.5 3

-1-1.7

▼

▼▲4.0 1.6

+0.31.74.0 0

+0.93.5 1.4 -2.4-

+2

▲4.3235.0 ▼17

16 15 253.1 -0.3 ▼-0.3+0.61.7

▼1.3

▲33

+1 ▲-1.1 1.7

▲

1.42.0

+16.0

1▼

▼

357.34.9+3.1 ▲ 4

▲ 4.31.9 6.03.1

4.5

3.6▲- 587.1

266.0

1.9+0.6 ▲18

▼+3-2.0 ▼

3.69.2▲852.8

3.2

10

▲9.1

8.0 +1.9+410.0 +1

11 7 768.512 6 600.9

+212.0+0.8 ▲+3.3

▼ 55 10.0

▲+3+310.0

▲▲ 5

14.0▼ 7

▲4.1 -2.5

▲ +2.05.3-2.3

13.5▼

6

8-1.9-3.1

9 16 4.83 975.8

910.6 11.7

▲

▲5.26.2 +3.3

-1.0 ▼

-3.8▲

+0.2

+3.7▼

4.6

5.04.5

6 16.0▼1,063.9 5.7▼ 6 12.01,003.9 5.3

11.512.8

▲ 13.4+56.0

80 -

5.2

▲ 16.0

6.737.1

11 22.07 +514.0

+5

Fees10.3

+8.0▲26.5

13 14.5+112,669.0

Market # of

24.012Proceeds

MarketShare (%)Share (%) Share Ch.

▲

18.0▲▼

2▲ 9

2,743.8 14.6

94

Bank of America Merrill Lynch 5

7

1

4

5

1

Morgan StanleyGoldman Sachs & Co

1.7

4.5 +0.3-1.8

+0.7 2+1.3

2.9-1

▲

▼

14,482.0

Lazard-Natixis

RBS

1.51.328 244.0

100.073.2

19,721.0

2 2.91

2.9

284.8 ▼-+0.4

▲260.91.4 +1.0

+1▲

298.3Barclays 18 33

17 22

19 -

Morgan Stanley

Masraf Al Rayan

National Bank of Abu Dhabi 16 - 320.6 1.6 +1.6 ▲1.5 +1▲0

▲

2

11 ▲

1.5

1.5 +1+11.5

1.8 +1.8 ▲

1

Sberbank CIB 14* - 363.1VTB Capital 14* - 363.1

Handelsbanken Capital Markets 13 31 379.0 ▲ 1▼-4

▲1.8 +1.8

1.9 +1.5 ▼1.53

-1

7 410.23 403.8

5 7.4-2.32.1 -3.7

Nordea

▼▲ 16.2+2

Credit Suisse 12 4.42.1BNP Paribas SA

RBS 10 36 438.4 2.2 1+1.911

4.0

▼

+0.5 ▲ 3 -2.10 - 5.5 1.5 +1.4

-0 1.1

3.6

▲9 17 466.1 2.4

3.48 12 0.0 -▲

4Bank of America Merrill Lynch

▲- 732.6 3.7+3.3

674.038*Goldman Sachs & Co 7

10

-5.82.6

15.4

12.6▲+2.1+3.5

▲ 9.5

9-1.7

715.2

11.2

855.248.7

Rabobank NV +3.7748.2 3.8 ▼

65

+3.913.2

-0.1▲

2.93+4.2

0

▲6.3 +1.78.5

4.4 +2 +3.74.6 ▲

▼▲▲

2

1,706.84.3

19

-+22

2

# of Deals

2.92.9

+15.9

1.5

Share

4.4▲+2

16.5-3 22.7

30.5▲+2

▲-36.8% ▼

100.0256.6

1.16.0

22 215.4 ▲-

0.9201.9

▲

17 -0.61.1 -2.4 311

2▼165.1▼

93.1 229.2

7.4

▲

0.5

Societe GeneraleCredit Suisse

Mediobanca6.49.9

+1.82.7

▲13.2

3

Deutsche Bank

-3.6


▼

-3.0+8.414.28

▲2

+4.3▼

JP Morgan

10

1,331.5

14 1,132.51,189.7

13

6.3 -1.07.1 +2.9

2012 Rank

-2.6

4.5

Top Twenty Total

13

▲

Bookrunner

2,210.8Deutsche Bank 3 5

HSBC Holdings PLC

2013 RankBookrunner

EMEA Convertibles (C9d)

ING5.9

0.72.7UniCredit

Industry Total

▼

▼

10.5

-70.0%

250.7Berenberg Bank 20

*tie-21.4% -69.6% Industry % Change from Last Quarter

-1Top Twenty TotalIndustry Total

1.2 ▲

Industry % Change from Same Period Last Year -21.9% -34.8%

100.0

+2.52.9

▼

20▲

13.2 5+11.0Share Share Ch.

+0.7

8.5

11.6

0.8

▲

# of

▲

6.0

▲

▲▼

1.7 +0.8

Change in

+0.5

▼▲

22.7

Fees+1

▼

HSBC Holdings PLC

Imputed Fees (US$m)

30.4

2.7▲▲

+6.6 ▲

Manager

3.7

Deals

Jan 1 - Sep 30

-16.3%

Proceeds

2 1

64.6%Industry % Change from Last Quarter

15 2,606.9

EMEA Rights Offerings (C8fr)

Share Ch.Market

▼Citi

▼

JP Morgan

52


Market2013 Rank

2012 Rank

Market


4

▼


Share1


+2.7

-1.7

6.3

Market

4.3

Market

▲+0.8

3.2 +1.4

+0.1

3.5

▲▲

▲▼

69.7

1.8

▲

Share Ch.Market

Jan 1 - Sep 30

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

Share (%)# of DealsMarket Change in

Deals▼-7.1

4.0 ▲

▼-5.16.5

0▲

16.8

-

28.0%

▲+1

26.0

▲▲ 17.3+5

-37.1%

Manager Market

-20.0% ▼-30.4%149.7%26.1%

▼Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

▼ -33.3%▲171.1% 28.4%

-36.1%▲ ▲ 37.3% ▲

▼


Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

▲+9

30.3

Jan 1 - Sep 30

9

23

3.633 3.6

3.2

▲ 31.7

Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

11

14

▲

1.8

1.2

+10

-1

52.8+10

-

+11.0

▲

1.52.5

2.9 -7

-3

▼

▼

+2▲

-03.73.6

▼

6.3

56.3

91.3

3.3

5.0

+1.32.0 +0.12.1

73.1

47.658.3 4.0

3.9

3.1

26.9

29.2

44.6

3.246.4

2.2

1.93.347.7

0.0

+1.0

-

-0.4▲

+1.6

+2.5▲+2.3

+1.4

▼

▲

▼-0.4

▲

▲▲

▼

▲

+2.0+1.3

70.3 4.8 +1.2 ▲

▲

27

▼

▼

2.8 ▼-1.630

3433

3.1

▲▲

▲

+1.5

-0.23.3-1.7

-3.8-0.4

3.8 ▼

▼

+1.2

+0.3

▼

+0.2

17

2013 Rank

9.2Goldman Sachs & Co 1Bookrunner Proceeds

Market2012 Rank

▲



+13

9,218.31Share (%)

28

3.8 -▲▼

35

3.0+40

-539

MarketShare (%) # of Deals

49

4.2 ▲

▲

▲

2,638.6+1.7

▲▲

CITIC Group Corp9

3,049.12,926.3

72,686.9

2,430.9China International Capital Co26 2.6

14

Haitong Securities Co Ltd

2,572.2

9

14China Securities Co Ltd

Bank of America Merrill Lynch15

8

2312Guotai Junan Securities

6

10

544Morgan Stanley

5

Deutsche BankCiti

11

2.4

3,313.5

9,069.23 +0.7

3,856.0

5,830.9

3.9-1.34.1

8

UBS

Deals

76

12

5.8JP Morgan

Credit Suisse

HSBC Holdings PLC

2

Fees

9.1 +2.0

ManagerChange in # of

5.3+0.6

2.7

-3.3

Share Ch.

4,070.9

2,832.5

3,763.42

3

▲

132.6

2.9

Share (%) Share Ch.

Asian Equity & Equity-related Volume - Lowest Since 2008 l China Merchants Bank's US$5.5 billion Rights Offer - Second Largest Deal Globally

Asian IPO volume to date reached US$17.9 billion from 192 deals, a 36.7%decline from total proceeds raised in the first three quarters of 2012. Convertibleissuance totaled US$10.6 billion from 41 deals, a 29.3% increase from volume inthe same period a year ago.

MarketMarketImputed Fees (US$m)

Jan 1 - Sep 30Asia Equity & Equity-Related Imputed Fees by Domicile Nation

Asia Deal Intelligence

In the first nine months of 2013, total estimated fees for Asian Equity & Equity-Related deals totaled US$1.5 billion from 925 deals, a 26.9% decline fromtotal fees earned in the same period last year, according to ThomsonReuters/Freeman Consulting.

Asian follow-on offerings to date totaled US$71.4 billion from 692 deals - thehighest proceeds since first nine months of 2010. Rights issuance this quarterregistered the highest quarterly volume since the last quarter of 2010, due in partto China Merchant Bank's US$5.5 billion Rights offer in September.

30%

40%

50%

60%

70%

80%

90%

100%

% o

f Im

pute

d Fe

es

1.3

16 1.7

-26.9%

▲

1,451.2

87.555.4

55.0

▼

▲

▲

Jan 1 - Sep 30 2013

2.1

38.0

-1.414.9

13.3

3.6

17.5%

0.5

▲▼

1.21.1

▲

+13

26.4

29.2

38.1

1.0

-▼

+5 ▲-1 2.2

38.1

26.4

58.619.216.1 1.1

+1.0+0.7

851.7▼

0.913.332.1

2.6

▲

+0.3

Share (%)5.3

+0.8

▲

1.8

-0.1

▲+1.5

▲

▲

▼

Market

▼

▲

-3.23.6

1.3

+1.1

1.4

+0.7

+0.1

-0.9

+1.1

-1.4

6.5

4.4

▲8.3

Top 10 Asia Equity & Equity-Related Deals (US$m)

Imputed Fees (US$m)

+0.3

4.45.4

+0.2+0.3

46.7

67.8

5.2

2.5

-1.2

5.2

-29.5%

Fees

▼

2.8

▲

-2.2

▲

-1.0

▲

+1.5

Market

+1.9

Share Ch.

Jan 1 - Sep 30

56.3


100.0

17 727.4

▼

1.0 -0.2Top Twenty Total


+0.820

-2.3%

12

▼-1.8%

▼

+3

8

▲1425

▲

▼

1.2

753.2

833.3

4419

784.418

*tie

▼

73.4

United Overseas Bank Ltd23

18 +1.1

CITIC Group Corp

2.2

-0.4

China International Capital Co

Macquarie Group

141,653.8

4,070.9 39

3.8

28

2.4+1.6

24

▲5.0

▼

5.5

32

4.248

7.6 274.9

33

3.4

4.1

+8

+13▼

# of Deals per Bookrunner# of

-

▲-5

Change in

4.0

10.1

5.0

3.704.0▼

-5.6

+9

▼

+0.2

▼-

-2

23

-0.8

▼ -330 ▲

29▼2.9

5,652.2

MarketShare (%)

Market Market

+0.8+1.3

0.8%

▲▲

-6.5%▲

+7

+2

▼

1.4 ▲

22

0

▼-13.0 ▲

2.4

0.928

9+0.5

10.2Share (%)

1,036.167.8

▼

7,569.5

67,765.6

1,250.7-0.2

▲

▼

2.0

▲

▲▲+0.8

13

+1.2

Huatai Securities Co Ltd20

Top Twenty Total

29

Industry Total

Woori Invest & Sec Co Ltd 1,653.81,600.4

21Bank of China Ltd

DBS Group Holdings

Standard Chartered PLC

CIMB Group Sdn Bhd 1,926.917

1.61.7

18

+0.8▼

15 2,039.01.916 -0.9

21


100.0 925

-24.4%

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)

-5.3%

Bookrunner1

2012 Rank # of Deals

▲34

DealsProceeds

7,460.430

Woori Invest & Sec Co Ltd

JP Morgan

7

Morgan Stanley5

87

CitiCredit Suisse

24

2,832.5

3,707.3


3,727.6

2,926.36

10

10 12

16Kotak Mahindra Bank Ltd

11

26

12 11CIMB Group Sdn Bhd


1411

17

15

9

13

▲▲

+0.4

+0.61,600.4

Malayan Banking Bhd

3.11.7

-5+8

1.5

+87

2.2

▲▼

712.111.3

67.8100.01,052.1

-30.3%

▲

▲▲▼

3.63.6 +8

▲

+52.7162.6

2.8 ▲

1,745.81,926.9

25 +7

1.0

22

863.6+0.5

22.0

1.3

+0.7

▲

▲

3

13.6

DBS Group HoldingsDeutsche Bank -0.8

39.9

+0.3

22▼

46.4

5

9

+0.9

▼8

▲

2013 Rank

HSBC Holdings PLC

UBS

4


Goldman Sachs & Co

99,895.1


6.0

6

19

Bank of China Ltd

-2.3

1.0

1.1 ▲

-1.3

2,690.1+1.12,039.0

+0.41.1

18

54,311.3

15

1.0

3811

746.7

-2.0

▼

+0.8▲


12.1%-29.4%

Manager

▲3.5

+88

▼

Share Ch.▼

1.3

828

▼▼

▲

▼

-1.7

1.0

▲

0

▲

▼3.8

100.0

3.1▲

1.0

-1 32.12.0

1.41.7 ▲

-3.0

+13

+8+20 13.0

▲

$5,522

$3,218

$3,101

$2,137

$2,134

$2,062

$1,796

$1,484

$1,470

$1,304

China Merchants Bank Co Ltd

China Minsheng Banking Corp

Sinopec Corp

NTPC Ltd

BTS Rail Mass Transit Growth

Mapletree Greater China

Sinopec Engineering(Group)Co

Matahari Department Store

CCB Corp

China Huishan Dairy Hldgs Co L

9/3/2013

3/12/2013

2/4/2013

2/6/2013

4/4/2013

2/27/2013

5/16/2013

3/22/2013

9/3/2013

9/19/2013

0%

10%

20%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

China Hong Kong Singapore India Thailand South Korea Taiwan Indonesia Malaysia Philippines Rest of Asia


+1.4 ▲▲ 4 2.1 ▲ 5.6

Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

251.3

100.072.2

+1.7 ▲▲

100.0

+1 1.71.4

407.4

18

4

1.4 +1.1+1.3

+0.2

2.4+2.3

1.4

2.3

▲

▲

+2.2 ▲+4

75

▲

▲

5

192

42.3

+1.3

2.1 +1.1

▲+1.9

▲

3.44.1

+3.0-2.4

450.6

552.1

+0.72.5

3.4

976.3

-5.22.92.5

862.5

▲

+2.3

3.1

+3.8

+1.8

1,036.71,036.7

1,114.4▲

+0.2

5.8+4.1

6.26.0

▲2

MarketImputed Fees (US$m)

BookrunnerDBS Group Holdings

278.1412.4

67.5

42 ▲

+3

2.1

▲-6.1

2.4

▲▲

+0.8

▲▲

▲2.6

+3▲

2.2-7

9.02.4 ▼

+0.7

CIMB Group Sdn Bhd

Top Twenty TotalBank of China Ltd


HSBC Holdings PLC

2836Woori Invest & Sec Co Ltd

Huatai Securities Co Ltd

12 713

33

4

Credit Suisse

2013 RankBookrunner

1

China Securities Co Ltd

Citi

CITIC Group Corp

11

JP MorganMorgan Stanley

Goldman Sachs & Co

6UBS 2

Market

8,795.2

10

5

4.3▲

Asia IPOs, inc Chinese A-shares (C7a)

7

10

▼

▲

▼

▲

▲

9

27

5.21.03.6

5.2 +3

▲+5 ▲

▲

+64.7

▲5.723.5

13.2▼+1 1.3-2

3.9▼

+1▲

2.0

▼

7.5 1.8

-1

▲

2.6

3.6

4.2 +6 ▲

3.6

9.9▲

+4+2 5.2

-133

4.1

16.1

1.37.2

17.08.4 +1.1

3.2+2.6

+1.0+0.9

▲

+4.2

▲

Jan 1 - Sep 30

+3.5

MarketShare (%)

1.0

2.18

Share Ch.▲

24.715.7▲

Share (%)

6.0

4.9▲

1

Market

3.6

Change in MarketDeals

+3.9ProceedsProceeds

+3.4

30HSBC Holdings PLC

2012 Rank

+1.2 ▲1,070.1

+2.0

9.97,034.8

+0.67.9

43

34,722.3

4.43,929.2

Share Ch.# of


1

5.3

Deutsche Bank

Market

Guotai Junan Securities

20

9

24

DBS Group Holdings

China International Capital Co10

Share (%)3.4

▲▼

Change in

+1Share Ch.

# ofProceeds per Bookrunner (US$m)

16

Share (%) FeesDeals

5.1


▲▲

5.55.8 +5.4

11

12

Citi20

Share (%)2013 Rank

▲

MarketManagerFees

4.77

Share Ch.

3.677.0 5.8 9

4.8+1.8

63.6

+2

+23*

41.2▲

UBS

3.1 Goldman Sachs & Co

-3

▲ 39.2

23 57.237

30

+1129 3.3

-4

57.3


4.1

23

3

China International Capital Co

Macquarie Group

8

9

▲3.2

-▲

100.0

▼

2.439.9

53.731.7

JP Morgan12

+2.1+1.1

Morgan Stanley

Phatra Securities Co Ltd

▼

▼

-3.6 ▼

11

431.1

7

523.52

448.1

761.7

14

Bank of Communications Co Ltd 20

Siam Commercial Bank PLC

Top Twenty Total

17

Industry Total

▲

Market# of Deals

5.0

ManagerImputed Fees (US$m)

+320.3

18.7▲ 4.6

CITIC Group Corp

603.3

Credit Suisse 8

10CIMB Group Sdn Bhd

Deutsche Bank+3

▲

7 +4.8

18.9+38 4.2

+3.9

+1 ▲


+3.8▲

20.5

Market

+0.4+0.8

3.8

▲3.0

-1.4

▲

▲

▼

21.8

5.2▲+4.7

▲+2.2

5.3

+4.1

+0.7

9.7

740.3

2.6

▲

3.8

4.5▲

▲

▲+3.5+2.4

▲

7 3.64.8

▲

406.3

▲+1.1+0.5

49*

251.8

17,910.0

13

▲ 609.3

46

17

-0.5 6

4.3

▲

▲

3.010

5

▲

2012 Rank Share (%)

553.9

45

# of Deals

▲

+1.5▼

2.6▲+12 3*

1.9-0.9

-2.0

3.2

▼-3.9

2.9

3.7▼ 3.4

19

26▲

19.2

▲

+8

-4

+6

-1

+3

0

26.5

1,326.8

29.2

1.5 62

▲

382.189

8.114.3 -1.4

2.0+0.1

12,915.6

Oversea-Chinese Banking 18 24

▲756.8

40+0.4

19

92

-0.4 Kasikornbank PCL

+0.416

▲

▲

+1.4

15Bank of China Ltd

0.61.1

2.2+1.31.9

+1.82.7

-1

2.30

-3

▲

▼

1.6

1.5

0.8+16

-0.1

0.8

▼

▼24.9

▼-

2.10.9

1.726.9

▲

▼42.6

▲+2

-

+13.4

-8▼

+0.1+1.8

2630

35.1

2.022.7

▼ 49.9

▲11

172.9

6

2,854.77 ▼

-0.1

8-2.0

9 2,920.8 3.3

+1.2 20

1.2+1.7 ▲

65.6

-0.8

-0.5

2.01.7

-1.2Haitong Securities Co Ltd

1,036.1

15

1,078.1

▲1716

18

1,760.1

Industry Total


19 14

1,517.1

89,280.9 100.0

0.01.220

12

2,147.3 2.4

271,384.1

11

+0.5

14

5

2,570.7

+1.1▲

18

26

8

25

2,894.2

2,281.7▲

2.9 ▲3.0

2.7

+1.5

2,430.92.6

3.2

▲

71.61.3

▼2.1

7

14

13

8

13

884

▼

+1.1

▲+31.5

+6858,351.6

2 3,324.54.2

▼

1,158.9

▲

2,638.6

4.1 +2.1▲

3.1

1,872.3

Jan 1 - Sep 30Asia Common Stock, inc Chinese A-shares (C4a)

-61

▲

87.6▲

108.9

2.4+1.5

124.5

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter 79.5% ▲

10,614.1 100.0

+15.215.2

1.9

1.5

10.4

2 +1.0+0.5

100.0% ▲

▲

-59.8%

3.601.5

- 2.9+1

▲

2.0%58.9% ▲

▲1.9

▲

100.0

▼-3

+1 ▲+2.4 ▲▲ 2.4

3.5

▲ 2.5

4.3+0.1+2.7

2.4

2.0

2.8

▼2.44.9

2

2.9

-▲

+11

▼

2.4

24.9

▲

4.94.9

▼▲

4

-2

2.4

19.2

+1.3 ▲

+2.5

12.24.0

9.8

Share Ch.


1▲

-4.3

Deals▲

5

▲9.4 +2.6

Market

Asia Convertibles, inc Chinese A-shares (C9b)

+16.9

# of

-

11

3

4

20

-

16

5 166.8

200.0

1.6

-

-1.1 0▼

+2

▲+2.4

4.0423.1

3.46

-3-

▲

▼+1

+1.7

-0.1

-3.7

+1

-1.2

2 +1

▲

4▼

▼

7.3 -1

▲12.2

+1

▲

2.5

438.9

3.7+1.4

392.7

269.7

424.94.1

9.8

5

5

43

1

1

3

MarketShare (%)

14.3▲9.8

12.2

+2

▼2.4 +1

▼12.8

4.6

Market

-62.9%

▲Share Ch.

▼

11.5 +10.5

Imputed Fees (US$m)

Fees

-40.9% ▼

▼

▲

▲

-0.3

550.8

+4.0

1,108.6

5.21,001.3

JP Morgan 3

2012 Rank

62

Goldman Sachs & CoBookrunner

2013 Rank

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

6.5

# of DealsShare (%)

-26.8%

6.5 5.2

Manager

15.9

▲

3.1

+2.23.7

▲▼

▼

-9.1

Market

-1.21

2▼5.7 Haitong Securities Co Ltd

Market

567

20

5 Bank of America Merrill Lynch

1.2

1

Morgan Stanley

861.0

1.6Sealand Securities Co Ltd 18

1.6

▲0.61.2

3.2 +13

8

▲

7.3

▼5.2

+0.3

▲

3.9▲

-1.5

▲

▲

▲

▲3.6

▲

-1

8Goldman Sachs & Co7China Securities Co Ltd6

▼Citi▼

Bookrunner


-5

▼

94.6

▲

4110,036.1

29.3%

55.3914.4

21.7%▼

+0.7

▲

1.517

+0.7▲+1.6

Industry Total

▲CITIC Group Corp▲

12▼

▲DBS Group Holdings

Nomura

13Nikko Citi▲

CIMB Group Sdn Bhd

+0.8

100.0

1.1

0.6

Deutsche Bank▼

▼-1.0

Woori Invest & Sec Co Ltd-3.2

China Renaissance Sec(HK)Ltd

14*+0.5

▼ HSBC Holdings PLC+0.6-1.4

011

-0.2

▲ 2.44816 355.6

+1.9 1183.3

910

▼

154.8

1.6

-

14*

3.5+2.9

▲1.7

-2.213

4.1

2.42.9

3.03.0

141.6

▲

+1.5Morgan Stanley

+3 ▲

18 27

▲+3

2

166.8163.9

-0.62.8+1.8

5.35.16.6

4.4

5.15.4

+0.75.4

+4.14.16.7

+4.0+2.8

▲▲

+4.0

▲

+4.5

+1.1

▲

Jan 1 - Sep 30


-2,034.4

-39.2%

2013 Rank

2

19.0%

Change in

▼

2012 Rank

▼

Share (%)ProceedsMarket

-36.7%

1,608.8


+0.7

-2.3

-34.1% ▼

Imputed Fees (US$m)

-28.8%

▲-2.6

4.53.5

52.3

3.3▲

2.2

-1.325.5

2.0

+3.8

0.6

1.0▲+1.6

2.0

1.01.4

+114.440.2

▲▲

+729.4 3.2 +2.332.0

12

1 15

+0.2▲

JP Morgan

UBS

4Credit Suisse3

Asia Secondary Offerings, inc Chinese A-shares (C8c)


-8.2%

4

Market

-30.3%

UBS

4Guotai Junan Securities

China Securities Co Ltd

2.9

▼

+3

20

▼

14 2.0

+9

19

4 -

▲+17

2.0

+3

▼ 3.0

+1.4 ▲

2.9

14+1.9

▲

3

21

3,167.5

36

833.3

Huatai Securities Co Ltd

3.0

1.8

2,370.72,548.7

53 974.1

-2.1

12

▲

▼

8.4

ProceedsMarket

Share (%)


4,170.1 5.8

8.3%▼

44.7# of DealsShare Ch.

▲

ManagerChange in

7,818.9

1838

+0.4

-1.2 23▼

▼

▼-9.5%

5.5

# of

4.9▼3.3

Jan 1 - Sep 30

11.0

28▼

▼-32.6

-6+1

▼

4.4

+2.5

▲

2 2,287.8

▲3.6-0.6+2.5-2.7

20

3

3.383.2

CITIC Group CorpCiti

5,998.2

▼

Credit Suisse

-7.3

Deutsche Bank 10 10 2.99 7 2,114.4

1,833.61,980.3

2.6

8 3.033 2,147.3

2,058.311 24China International Capital Co

5

0.0 -

Bank of America Merrill Lynch▲2.8▼-3.112

HSBC Holdings PLC 13 9 1,500.6 2.5

16 137*

0.417

1.8Woori Invest & Sec Co Ltd 14Standard Chartered PLC 15 26

1,316.81,284.8

19

CIMB Group Sdn Bhd 17

Haitong Securities Co Ltd Daiwa Securities Group Inc1.3

14 1,156.8+1.2 ▲

▲▲

15.2

25-

+0.51.32.4Daewoo Securities Co Ltd

Top Twenty Total▲+1.1117.6 11.120

19▲

4

227

1.2+0.3

132.5+0.94.9

▼

MarketShare Ch.Deals Fees

▼

Share (%) Share (%)

2.7 -1

41.1▲

▼

-41.2

4.0 ▲

-1

14.2+6

4.730.2

18.015.2

2.1

20.5▼

1.7

-2

0

▲ 42.6+5▼

820

+8 ▲

+1.1

▼

▲

0.0

-1.02.1

-

+0.6

19.4

2.623.6

16.0 1.8

6.6

10.1

1.9

-0.5

▼

1.6

47,582.1

17.30.7

▲

504.166.7

▲

▲+3

+201

14

1,158.9

31

Industry % Change from Last Quarter▲

692

▼▲

100.0

40.9%-16.6%

*tie-38.1%

71,371.0Top Twenty Total

3.4%-26.7% ▼


Kotak Mahindra Bank Ltd

▲

Industry Total


100.0

Australia & New Zealand Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

-39.9% ▼ 0.0% ▲ -45%1463% 1242%

32.297.331.4

.1 0.4RBC Capital Markets 8 - 7.4 0.2 +0.2 ▲ 1 +0.4 ▲+1+13.717.6▲

5.9 ▲+3 ▲3

29.4 ▼▲4.4 13.7

3.9First NZ Capital 7 - 283.0 7.6 +7.6

12.15.1▲ 1.7▲ 5.9 +1

+45 -10.3▲

Forsyth Barr 6 3 290.8 7.8 -2.8 ▼ ▲

+9.911.8Credit Suisse/First NZ Capital 5 - 472.5 12.6 +12.6 +5.11

▲▼

Macquarie Group 4 - 511.5 13.6 +13.6 ▲ 2 +2 ▲16.9

-4.4

-29.9+12.8

+4 ▲3.2 9.9

UBS 3 1 516.6 13.8Goldman Sachs & Co 2 2 792.4 21.1 ▲ 5+4.6

29.4-53.9 ▼ 5

4▲ 7.8 24.1+4 ▲

+229.4

Deutsche Bank/Craigs Invest. Partners 1 4 876.5 23.4 +18.1 ▲ 23.5

Manager Market Market# of Deals

▲ 4.9 15.1Fees

# of Market Change in Proceeds Share (%) Share Ch. Deals Share (%)

2013 Rank

2012 Rank

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

Total fees earned in Australia in the first three quarters of 2013 were AU$323.5million, a 6.6% decline from the same period last year, according to estimates byThomson Reuters/Freeman Consulting. UBS, the top bookrunner of Australianofferings, captured 23.4% of the total fees in the first nine months.

Imputed Fees (US$m)

Share (%)▼

Share Ch.

5.4

1.6

1.9 1.340-0.4

▲

6+1.1

▲+1.8 6+1.8

2.1 +0.32.1

▲

+2.9567.8

9 5.3

421.0

-0.74.5484.8 3.8

677.2

▲-9.4

0.8-0.6 3▼

56

▼6

1,725.3

2013 Rank Proceeds

-2.09

1

Market

Australian Equity & Equity-Related (AK1)

12

JP Morgan 8▼

1011

241.3

3.6

2.97 3.3

2.0262.4250.7

Deutsche Bank

+8.9+6.3 4.3+23.0

-

▲

5-4

Australian Equity & Equity-Related proceeds for the first nine months of 2013reached AU$12.8 billion from 372 deals, a 9.9% year-on-year decline.Issuance from the Industrials, Real Estate and Financials sectors captured20.2%, 19.9% and 17.1% of the market, respectively.

▲

39.5

+2

1.6

+21.1


▼-

-101.3

▼▲

+31.6

10.8-3.0

▲Industry % Change from Same Period Last Year

3.71.4

Industry % Change from Last Quarter▲ ▲▲

1.3+2.42.9

▲ 3,750.7▲

+12 100.017

▼

3,750.7 100.0

▲Share (%)

+2

▼

▲

Industry Total

23 4.0

+1

6.24.8

--23 12.0

▲▼

0

240%▼

▲

-2.1▼

6.4 2.0 +0.2

▼

-7

+2

3.610.813.1 4.1

4.614.9

0

4.2

Imputed Fees (AU$m)Manager Market

-1.3

+0.4

+0.7

3.2

+0.9▲

4.313.9

▲

Australian Common Stock Volume Up 10% l Real Estate ECM Proceeds - Highest Since 2009 l New Zealand Equity - Record High Totals

# ofShare (%) Bookrunner

Jan 1 - Sep 30

Australian IPO volume to date totaled AU$1.3 billion from 18 deals - the highestfirst nine months proceeds since 2008. Follow-on offerings this year reachedAU$11 billion from 344 deals, registering a 1% increase from the first threequarter volume of 2012.

New Zealand Common Stock

Top Ten Total

▲

-4.2

154.1

4.551.812

▼

6▲+0.21.2

▼

23.4

10.4▲

-2.1

-0.8

+2.03.3

12.9

9.2

6.2

1.3 ▼

51.475.8

+1.5 ▲15.9

+13.0

Bell Financial Group Ltd 263.1

11Credit Suisse371.2RBS Morgans Ltd

5,033.8▲

Share Ch.▲

4

Deals

Proceeds per Bookrunner (AU$m)

Bookrunner Share (%)

5

2012 Rank

4

Share Ch.

Macquarie Group

Jan 1 - Sep 30

Market# of Deals Fees

Change in

13.5 16

185

Market

1.3

▲

0▲

+3

231.4

4

Morgan Stanley 457.1

13Petra Capital Pty Ltd 17

Goldman Sachs & Co

Patersons Securities Ltd

38*43

14

Moelis & CoBaillieu Holst Ltd

UBS

8


7

3

11.6

Market

▼13

▼

23

5

12

2

Australia Deal Intelligence

RBC Capital Markets 1915 13

-1

20.9▼-0.50.9

16210 0.8

0.8-1.4

112.7▼

-0.297.2

▼

92.7

105.1

0.90.9 -

Industry % Change from Last Quarter 27.9% ▲ 36.6%

-77

Industry % Change from Same Period Last Year 9.9% ▲


▼

100.092.9

-17.5%

362

▲ 20.8RBC Capital Markets 19National Australia Bank 97.2Top Twenty Total

105.1112.7

11,439.720

+0.40.918

▼▲0.9

1.0

-11.1

▲0.9 ▼-0.8

0.617 226

▼114.9

0.9114.51.1

2

5241.3 -3.5

+0.2

1.9

17154.1229.5231.4

1.31.9

Petra Capital Pty Ltd-0.2

▲

2.0

12

15

-0.3

119.2+0.1

▼▼ 40-0.8

1.411 512 10

4

2.039262.4 2.1

▼

+1.7 ▲+1.7

5

-1.1

9 34*

484.8 3.9-3.8-1.1

-0.2

-1.9

▲

Goldman Sachs & Co811

JP Morgan

263.1

457.14

46

▼4

+23.2 ▲

+2.53 677.2

1

5.5+6.0

3.0 23 6.4-6

18

0.83▼3.7

▼

Industry % Change from Same Period Last Year ▼

Proceeds2012 Rank

-3

1.16 1.7

3.6

▲

37.4%▲

Australian Common Stock (AK2)

12,758.6


+1.54

+5+9.416

Share (%)

Top Twenty Total

-9.9%

100.0 -79372

+0.4 ▲ 4

-6.6%

-9.0

▼

+20.0

0.80

3

-5-53.5

0.5

1.9▲

▼ 3.3▼ 2.16.8

2.9

Bell Financial Group Ltd 8

Patersons Securities Ltd

Canaccord GenuityCommonwealth Bank of Australia

15

7

1 4,980.8


5

76 447.2

RBS Morgans Ltd

10

30

Deutsche Bank

14

-

Credit Suisse 13

Hartleys Ltd

16

119.2

National Australia Bank11,804.8

26.8%

18

20

Hartleys Ltd

Industry Total

15

3.8

4.2

▲

▲6

0

+2

323.5

0.00.5

+0.41.3

-

1.44.5

+2

0.0

21.6%

Imputed Fees (AU$m)

6.4

▲

▲

▼

1.7

314.8

2.9

270.7

2.2

▲1.1

0.913

22.4%

0.8 - +0.4

▲

30.6

▼+2

3.36.83.6

▲

4-4

+1.3▲

1.1

▼2.0

▲0.6%

100.0

-6.6

1.7

▼

3.5

-5

5.6

0

0

1.1

1.9

-2211.0

1.6

12.02.8

-2.3

1.85.1 +0.3

8.7 +0.8

▼+2

Market

3.310.4+4+2

3.4

-10

16.3

7

Change in

6

▲

▼

-7

+3

+3

Share (%)

▲

278.3

▲

- 3.5

▼

86.1-

0.9

1.0

▼▲1.7

5.1 1.65.6

-7 ▼

Jan 1 - Sep 30 2013

▲

-

▼

+1.185.8

-0.6

-1.1

▼

Morgan Stanley

Deals# of

9 1.1

6.1

2013 Rank

22

Market

▲

-

Top 10 Australian Equity & Equity-Related Deals (AU$m)

9.2▲

▼ 5.0

▼

Manager

74.1

-2.3

Share Ch.

▲12.4

+13.5

+0.9

-1.7

Moelis & Co

3.7

▲

1.1

1.4

4.4▲

+1.0

*tie

2.1

+0.8

250.7

16

▼

14

Baillieu Holst Ltd


7

Citi

371.2

Market

14.040.5UBS

Bookrunner

Macquarie Group

Share Ch.

1,725.32

Market

3

Share (%)

12.94.74.13.9

14.9

10.811.6

Fees

Proceeds per Bookrunner (AU$m)

-17.5% ▼

▲51.4

▲+1▼

# of Deals

▲

23.5

▼-1.4

2.9 +2.4

▲

-0.4

+0.5

Jan 1 - Sep 30

-

▲▲

▼

▲▼

▲▲

▼▲

▲

0.0

Market

-6.2▼

▼

100.0

1.1

+0.4Commonwealth Bank of Australia

19Canaccord Genuityp y

29114.5Citi114.9

17 3

$806

$664

$553

$477

$404

$400

$381

$351

$343

$339

Aurizon Holdings Ltd

Westfield Retail Trust

ASX Ltd

Transurban Group

Mirvac Group Ltd

Stockland Corp Ltd

Sydney Airport Holdings Ltd

Bank of Queensland Ltd

ALS Ltd

Virtus Health Pty Ltd

3/16/2013

2/28/2013

6/12/2013

7/30/2013

5/10/2013

5/22/2013

8/15/2013

4/30/2013

8/12/2013

5/16/2013


Japan follow-on proceeds tripled compared to the first nine months of 2012,recording US$26.8 billion from 112 deals, fueled by three US$1 billion+ dealsannounced during the third quarter, from Daiwa House Industry, Dentsu andOlympus.

Japanese Equity & Equity-Related proceeds totaled US$39.2 billion from 172 deals,representing the highest first nine months proceeds and deal count in the last threeyears. Total estimated fees were US$1.2 billion, an 84.6% increase from the sameperiod in 2012, according to Thomson Reuters/Freeman Consulting.

Japanese ECM Market Highest in Three Years | Follow-on Offerings Fueled by Billion-Dollar Deals | Convertible Bonds Highest Since 2007

Jan 1 - Sep 30

-32+2

1.21.7 ▲ ▼

▼- 3 5.6

1.815.3 -2.6

-0.4

+3▲

▲▼ -0.80.7

▲

8.90.5

▲1.4 +1.3▲

1.3

16.221.0 ▲+1.8

▼

▲+5

8

▼

▲4.1

+1

+1.42.52.0

5 +52.8▲ 33.4

52.3▲

2.9

Share (%)

+8

7

33

▲ 4.4

19.237

▲

▲

▲30.8

8.8▲+3.5

-4.7

▲

▼

14.6-2.0

▼

+3.1369.5

▲ 106.14.7

12.8

56.6

▼+3.9

2.9-1.6

+2.0

▼

▲5-3.6

1.73

+2.4164.0 13.7 -4.9

▼

+23+5

9▲▼▼

9

-3.7

+3.9-7.0

52

7

5.52,161.8

462.8

2.89

10.64,022.8

10.2

971.1

3,989.2

▲

+9.910.3

+1.3+2.5

1.2

1,113.3

0.20.7

-

6- 785.0

253.6

Mizuho Financial Group 5

UBSJP Morgan

Barclays

7

9

6Sumitomo Mitsui Finl Grp Inc

8

Citi

5.2

15 65.5Deutsche BankBank of America Merrill Lynch

12

Goldman Sachs & Co

Daiwa Securities Group Inc10,369.6

Mitsubishi UFJ Morgan Stanley 34

2 4

10+1121

1011

4,168.24,187.7 ▲

23.8 +2012.23

5,959.1

Japan Equity & Equity-Related (C1e)

2012 Rank

Imputed Fees (US$m)Manager


Japan Deals Intelligence

Fees

Japan Equity & Equity-Related Volume by Issue Type

Proceeds per Bookrunner (US$m)2013 Rank Share(%) Share Ch. Share Ch.Share (%) # of Deals

Market MarketBookrunner

Change in

1 1 +30▲

Market

Nomura

21.5

5.2+21

Tokai Tokyo Financial Holdings 13

▲+1.0+0.4

10.7

0.0

# ofDeals

41

Proceeds26.515.2

MarketMarket

-5.4 175.4153.3

Japan Equity Capital Markets

▲62▲

36.0


Japanese convertible bonds recorded the highest proceeds since 2007, atUS$4.1 billion from 23 deals; a 165% increase compared to the same periodin 2012. The US$510.4 million Kawasaki Kisen Kaisha deal was the largestconvertible bond deal during the third quarter.

Jan 1 - Sep 30

437

296

320

215

90

172

150

200

250

300

350

400

450

20

30

40

50

60

# of

Issu

es

Pro

ceed

s (U

S$b

)

-0.7 +1 ▲ .4 0.0 0.00.1 +0.1 ▲

M&A International 19 - 5.1 0.0 0.0 -

0.1 +0.1 ▲

Maxim Group LLC 17* - 5.2 0.0 0.0 -

- 1 0.6 +1 ▲ .7Maxim Group LLC 17* - 5.2 0.0 0.0M&A International 19 - 0.0 -5.1 0.0

0.6

▼7

5.4

5▼

0.6

▼

+0.1

▲+1▼-1

▼1

0.0.9

0.0

-0.1

2.7

2.0

4

2

2.0

▲▲ .7

0.0

.1 0.0

1,200.7

0.3Toyo Securities Co Ltd 16Benchmark Co LLC 17* - 5.2 0.0 - 1

▲

10.5 0.0 0.0 - 0.7

1

23.5

1.3

48.1

+11

.1 0.0

91.1%

▲

▲ 84.6%

0.1

99.0

0.0 0.0 -

SBI Holdings Inc 15 16 15.6 0.0

▲

27

16 17 10.5 0.0 0.0Benchmark Co LLC 17* - 5.2 0.0

-

Industry Total

.9

39,196.8

Toyo Securities Co Ltd 0.1 0.0 -

0.7

149

1 0.71

35

462.8- ▲

-5.93,272.77

594.8 1.7+2.2

▲20

9.3-7.8

2.2

710.610.9 +10.1

▼4

5

2013 Rank

4,058.55,052.32

Proceeds9,445.61

3

70.5%

5531

Market

▲▼

Share Ch. Deals

Jan 1 - Sep 30

3.4

+82+8298.5

172

1 0.6 -1

21.7

- 1

+0.1 ▲-0.1

1.2▼▼

+1

▲▼ 3 -1

5.2+2-

0.40.3 0.0

+0.1 ▲0.10.0

3,809.511.6

38,577.5

26.9


Share (%)



Ichiyoshi Securities Co Ltd 14

6

17

Tokai Tokyo Financial Holdings 1211

89

UBS

Barclays 10Citi

35,103.0

65.515

957.2

▲

Deutsche Bank

Industry Total

8

13

3,702.1

2,161.8JP Morgan 74

5Sumitomo Mitsui Finl Grp Inc6Mizuho Financial Group

100.0

84.2%

▼

3▲0.1

34,483.7 98.2

9

3.4

+0.126.2

-0.1 -1.4

0.0

1.3

3

▲

785.02.7

▲

+22

-

▲

Top Twenty Total**100.0

1,088.3

▲79.5%

98.7

-1▼

104.1%

+2

+76 1,098.4

3.4

+1 ▲ .7

0.1

▲

▲▼

-2

▲+1

▼▲ 0.5

52.3+5▲

+4

3.4

+4+3

+2

21.0▲

8 2.72.03

▲ +1.2

1.40.6

-2.8▲

+3.3

Market

▲

+11 ▲▲

+5.450.4

156.54.6

+32Share (%)

Mitsubishi UFJ Morgan Stanley 3

Nomura20.8

2012 Rank

13.4

1 ▲Share Ch.

+13

Share (%)

▲-2.9

31.5Fees

▲

▲▲

6.8 +0.6+1.91.9

15.6

+1.7-3.9

Jan 1 - Sep 30 2013

Imputed Fees (US$m)

+4.8# of Deals

▲+6

29.6

-5.3

+2.7+15 8.2

14.390.4

▲

▲

# of

129.8

Japan Common Stock (C4d)

36.9

▲


4.7

Bookrunner


100.0


1614 26.2-15

Manager

1.9%1.9%

SBI Holdings Inc

Top Twenty Total**

3.3%

Change in

▲

1,188.6

Market

345.6

171.1

100.0

11.815.6

0.5

▼

4.8▼

-0.70.3

-5.7▼▲

4.718.1

5.20.7

5.5 ▼

▲

▲

15.2

-4.410

-0.2

+1.0

Daiwa Securities Group Inc

2

6.2

14.4

-

Goldman Sachs & Co

Ichiyoshi Securities Co Ltd

90.3%

▼

-0.1

-0.5▼

+0.2

-

-

+4.5

0.2

+3.5

▲

Market

Top 10 Japan Equity & Equity-Related Deals (US$m)

7240

87 8790

0

50

100

0

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

IPO Follow-On Convertible # of Issues

$7,753

$3,972

$1,761

$1,651

$1,450

$1,282

$1,177

$1,143

$929

$796

03/11/13

06/24/13

06/03/13

01/16/13

07/23/13

07/22/13

07/18/13

02/04/13

05/29/13

01/16/13

Japan Tabacco

Suntory Beverage & Food Ltd

Nomura Real Estate Master Fund

Aozora Bank Ltd

Daiwa House Industry Co Ltd

Dentsu Inc

Olympus Corp

Nippon Prologis REIT Inc

Sumitomo Mitsui Trust Holdings

Nippon Building Fund Inc

**Bank credit excludes self led deals per standard criteria

https://www.thomsonone.com

-9.1% ▼

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

Industry % Change from Last Quarter*tie

50.0% ▲ -6.0% ▼13

+1 ▲2.7+0.2

▲+0.9

96.8

24.9%

Market

▲23.3%

# of# of Deals per Bookrunner

MarketShare (%) Share (%)# of Deals

▲

Change in Share Ch.

0.1 +0.1

▲

Jan 1 - Sep 30

10.0%

+7

-13.02.9

+1

.4

▲

37

+8.6

▼

▲▲

29.1

-86.6%

100.0337.2

5.41

+1.92 +2 ▲ 7.10.92.1

2 5.4▲ ▲6

+2-4.2

▼-3 ▼+2 26.0

8.7▲

+2.1+17.737.2125.5

16.2

▲+3.6

16.27.7 ▼

16.2

FeesShare (%)

▲

51.464.1

▲8.1 0 -

▲15.6

-20.5%Industry % Change from Last Quarter

99.9Industry Total

▼

269.69

23,628.3

2012 Rank

Market Market

6 43.9# of Deals

19

Proceeds per Bookrunner (US$m)# of

378.5-

Japan IPOs (C7d)

1

Bookrunner

Mitsubishi UFJ Morgan Stanley3


3.3-

518.75.3

+4.6

-6.01,581.6 19.1-5.2

4.6+5.3

-12.23 6.3

4 907.9 11.0524.8

441.4

Share (%) DealsShare Ch.

Daiwa Securities Group Inc 4

2013 Rank

1Proceeds

2 6.3 -17.0

Nomura

Goldman Sachs & Co

Sumitomo Mitsui Finl Grp Inc

8Citi -

5

SBI Holdings Inc 0.0

8,271.5

▼

100.0

0.112


6

Top Ten TotalM&A International 10

0.2

67

Share (%)Market2013

Rank2012 Rank

MarketFees

ManagerDealsBookrunner Share Ch.

-89.0%


Proceeds

Japan Secondary Offerings (C8d)

▼

Imputed Fees (US$m)

29.3 -18.9

▲8.6

326.6

▲0.9

+37.9

▼▼

6

▲

▼▼

3

Change in

+0.1-▲

8.12.7+3.3

31

▲

19.0

Market

11.6+3

Share (%)+10

▲39.2

Share Ch.▲

ManagerImputed Fees (US$m)

Jan 1 - Sep 30

MarketMarket

JP Morgan

8,271.4-

Japan Equity & Equity-Related Proceeds by Industry (US$Mil)

5.1


Jan 1 - Sep 30 2013

Japan Equity Capital MarketsFirst Nine Months 2013 | Equity Capital Markets | Managing Underwriters

$12,35832%

$10,71127%

$4,92213%

$3,6499%$1,763

5%$1,740

4%$1,647

4%

$1,1933%$787

2%

$3321%

95.70%

Consumer Staples

Real Estate

Industrials

Financials

Healthcare

High Technology



Retail

Materials

Energy and Power

**Bank credit excludes self led deals per standard criteria

▼▲

*tie134.2% ▲165.0%

4,093.8

▲Industry % Change from Last Quarter

97.3

Daiwa Securities Group Inc

Deutsche Bank 4

▲165.3%

+699.6

102.4 100.0

▲▲

▲ 134.3%275.0%35.3%

100.0100.0

4,093.823

4.31 -0 4.2 -14.74.29 3 129.2 3.2 -13.2 ▼8 ▲ 4.3

-7.31 3.7

-1 ▼ 5.6 5.47.0

▼+4.0 7.5

1 4.32 8.7 +1 ▲ 7.3

+1 3.7▲▼

+4.4 ▲

+3.7-4.8

3.8 +3.8

6.0▲ 6.29.4

8.8 +8.89.2 ▲

▲▲

15.315.6 ▲

8.72 +2 ▲+6.0

▲

1 +1

10 43.5+8.7

9.2 +8.0

23.523.9 23.37 30.4

22.9

4.3

▲

▼Fees

6▲ ▲+626.1

-2 ▼

-

-19.2

Manager MarketShare (%) Share Ch.Deals

▲ +5.5+7

156.0-

Japan Convertible Offerings (C9e)

UBS

1

57

2


100.025,588.626,831.5



+69

UBS


63.3%Industry % Change from Last Quarter 98.8%

761.2729.4

100.096.0

▲

112

99.1%▲ ▲122.5%▲

18.0

▲+4

▲ 2.4

3.1

6.8+5

▲+2

▲+3

+0.928.5

0.9

14.1+11

5.0

5Goldman Sachs & Co

-

Nomura

-

205.5

4358.8

+18.3376.3

122.2

▲

-28.9▲▼

750.1-

287.2

+9.2

924.0

MarketChange in Imputed Fees (US$m)

▲

+5.6

+2.4

+1.623.2

# of Deals


100.5

21

22.3

107.1

2012 Rank

25.9

36

Jan 1 - Sep 30

+13 ▲

4.5

-3.5+22

+1943.4▲

▲

15.45.7

+16

-7.0▼▲ 117.3 -13.4

8.5

+3.5

64.515.217

▲

▼

10

359.2

3,431.02

4

▲

4.5

4

-0.9+4.1

8

▲18.8

+11.1+12.8

5

6

+0.7 ▲

95.4

▼-10.6

2,476.9

Share Ch.

▼

▲▼

+8.8▼

+425

32.1▲

29

Share (%)

Mitsubishi UFJ Morgan Stanley

+9.2▼

Mizuho Financial GroupBarclays

▲

906.82

6

Bookrunner

13.228.9220.1▲

+1.9

▲

▲

Proceeds

▲

▲

3.6

210.3%

515.4

86

2.2

Market# of

23.6

5

160.5%

7.18

-22.6

10.4

1.9594.8

12.816.921.7

10.3

5,817.3

▲

UBS-0.7

3.86.4 +2.6

Barclays1.8

▲

Industry Total

Industry TotalTop Ten Total


2013 Rank

▲

Share (%)Market

46

957.2

-Citi


1

2,754.02,794.2

4,527.53Goldman Sachs & Co

5Nomura


JP Morgan

Top Ten Total**

7

10

Mitsubishi UFJ Morgan Stanley

1Daiwa Securities Group Inc

3

9

1,720.3

- +2.2

▲

2

750.1 18.3

22.6

Japan IPO Quarterly Volume and Numbers (US$Mil)

179

170 198

121

49 20 22

36

54 37

-

50

100

150

200

250

-

2

4

6

8

10

12

14

16

18

20

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

1Q 2Q 3Q 4Q # of Issues


-

-

-

-

-

-

-

Mark Moss


Ranking Criteria Summary

Tel: +1 646.223.8416Ranie GuoAmericas

If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact:

E-mail: [email protected]

All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters databases as of 9:00am EDT on September 30, 2013. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.

Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year.

Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.

Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley.

Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.

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

Tel: +44.207.542.4631

EMEA

E-mail: [email protected]: +813.6441.1120


Aki Sato

Michelle Abuzo

Japan

Tel: +632.858.7201

Asia-Pacific


h // h

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

© 2013 Thomson Reuters. All rights reserved.

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

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ECM Cover 3Q2013 - Thomson Reutersshare.thomsonreuters.com/pr_us/3q2013_global_equity_capital_markets... · JP Morgan JP Morgan EMEA IPOs (C7c) EMEA Equity & Equity-Related (C1d)