GLOBAL FIXED INCOME...2 Corporate Bonds FY 2015 FY 2014 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 7.78 147,129 1,021

GLOBALFIXED INCOMELEAGUE TABLES

FY 2015

CONTENTS

1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Dean Psomaras +1 609 279 3449 [email protected]

EMEA Benjamin Biset +44 20 3525 7238 [email protected]

Asia Pacific Carissa Chua +65 6231 3665 [email protected]

Bloomberg’s 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 retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.

LEAG<GO> for a full range of league tables

NIM<GO> for Bloomberg’s new issue monitor

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

FY 2015

MANAGER RANKINGS

GLOBAL FIXED INCOME

© 2015 Bloomberg Finance L.P. All rights reserved.

1

GlobalFixedIncomeReviewFY2015creditedCorporate&FinancialBondsvolumedecreased3.29%toUSD4.0Trlnwhiledealcountdecreased6.38%to15,331offeringsyear-on-year.CorporateBondsvolumedecreased1.43%year-on-yeartoUSD1.9Trlnwhilethedealcountdecreased4.17%to6,176.FinancialBondsvolumedecreased4.89%year-on-yeartoUSD2.1Trlnover9,155deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterforFY2015with6.42%marketshare.Thebankunderwrote1,564dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith5.52%and5.30%marketshare,respectively.

Corporate&FinancialBonds:Highlightsof2015

Corporate&FinancialBonds:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

200200

400400

600600

800800

1,0001,000

1,2001,200

USDBln

USDBln

00

1,4001,400

1,0001,000

2,0002,000

3,0003,000

4,0004,000

5,0005,000

DealC

ountDealC

ount

00

6,0006,000

DealCount Other HighYield

InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 1,564

Volume(USDMln) 258,700

AvgDealsize(USDMln) 165.4

MarketSummaryNumberofdeals 15,331

Volume(USDMln) 4,028,609


Issuer IndustryVolume(USD

Mln) Date

Industrial&CommercialBankofChinaLtd

Financials 7,049 11/18/2015

AgriculturalBankofChinaLtd Financials 6,386 03/11/2015

AT&TInc Communications 5,000 04/23/2015

IndustrialBankCoLtd Financials 4,836 01/13/2015

ShanghaiPudongDevelopmentBankCoLtd

Financials 4,711 09/01/2015

XiamenC&DCorpLtd Financials 4,710 09/07/2015

BankofCommunicationsCoLtd Financials 4,645 12/15/2015

CCOSafariIILLC Communications 4,500 07/09/2015

BankofChinaLtd Financials 4,472 03/13/2015

VisaInc Financials 4,000 12/09/2015

Financials54%

ConsumerDiscretionary7%

Industrials7%

Energy7%

Others25%

GlobalCorporateLeveragedFinance:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

200200

USDBln

USDBln

00

400400

GlobalSponsor-LedLoans

CorporateHighYieldBonds

Corporate&FinancialBonds:IndustryBreakdown

Corporate&FinancialBonds:SpreadtoBenchmark

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

200200

400400

600600

Bas

ispoints

Bas

ispoints

00

700700

HighYield

InvestmentGrade

54%

7%

7%

7%

25%

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CorporateBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 7.78 147,129 1,021 1 7.54 0.24

BankofAmericaMerrillLynch 2 7.42 140,330 917 2 6.23 1.19

Citi 3 5.64 106,656 804 4 5.29 0.35

DeutscheBank 4 5.54 104,777 696 3 5.46 0.08

MorganStanley 5 5.17 97,810 737 5 4.64 0.53

GoldmanSachs 6 5.16 97,533 636 7 4.52 0.64

Barclays 7 5.10 96,490 666 6 4.60 0.50

HSBC 8 3.96 74,841 608 8 3.99 -0.03

WellsFargo 9 3.31 62,521 449 12 2.58 0.73

CreditSuisse 10 3.07 57,985 422 9 3.50 -0.43

BNPParibas 11 2.95 55,808 438 10 3.21 -0.26

MizuhoFinancial 12 2.24 42,420 420 14 1.69 0.55

RBCCapitalMarkets 13 2.00 37,839 352 13 2.05 -0.05

SocieteGenerale 14 1.71 32,290 266 15 1.66 0.05

MitsubishiUFJFinancial 15 1.67 31,602 274 17 1.52 0.15

UBS 16 1.47 27,870 216 16 1.56 -0.09

BankofChina 17 1.31 24,865 148 19 1.33 -0.02

CreditAgricoleCIB 18 1.31 24,853 248 18 1.40 -0.09

Industrial&CommBankofChina

19 1.24 23,362 153 25 0.84 0.40

RBS 20 1.11 20,949 182 11 2.75 -1.64

TOTAL 100% 1,891,310 6,176 100%

FinancialBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 5.22 111,571 543 1 5.15 0.07

Citi 2 5.00 106,914 549 2 4.72 0.28

GoldmanSachs 3 4.21 90,070 404 7 4.10 0.11

BankofAmericaMerrillLynch

4 3.84 82,088 431 3 4.58 -0.74

HSBC 5 3.82 81,745 555 8 3.91 -0.09

MorganStanley 6 3.66 78,316 452 5 4.33 -0.67

UBS 7 3.46 73,873 352 11 2.72 0.74

CreditSuisse 8 3.38 72,136 334 9 3.77 -0.39

DeutscheBank 9 3.29 70,336 466 4 4.46 -1.17

Barclays 10 3.04 64,999 419 6 4.26 -1.22

BNPParibas 11 2.21 47,273 265 10 2.87 -0.66

WellsFargo 12 2.19 46,772 194 13 1.84 0.35

CITICSecuritiesCoLtd 13 2.00 42,770 140 18 1.39 0.61

RBCCapitalMarkets 14 1.83 39,085 230 15 1.55 0.28



Natixis 17 1.37 29,253 174 14 1.73 -0.36

ChinaSecuritiesCoLtd 18 1.30 27,703 92 57 0.34 0.96

UniCredit 19 1.27 27,048 174 19 1.31 -0.04

Commerzbank 20 1.02 21,739 162 21 1.03 -0.01

TOTAL 100% 2,137,298 9,155 100%

InternationalBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

Count PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 7.80 281,291 1,556 1 7.31 0.49

Barclays 2 7.01 252,890 1,141 3 6.74 0.27

Citi 3 6.47 233,238 1,312 5 5.97 0.50


4 6.36 229,355 1,273 6 5.38 0.98

HSBC 5 6.18 222,687 1,263 4 6.03 0.15

DeutscheBank 6 5.89 212,565 1,169 2 6.94 -1.05

GoldmanSachs 7 5.58 201,293 1,010 7 5.22 0.36

MorganStanley 8 4.46 160,654 857 9 4.31 0.15

BNPParibas 9 3.91 140,842 834 8 4.33 -0.42

CreditSuisse 10 3.59 129,612 712 10 3.63 -0.04

CreditAgricoleCIB 11 2.52 90,751 601 13 2.48 0.04

SocieteGenerale 12 2.42 87,435 524 12 2.55 -0.13

WellsFargo 13 2.40 86,481 470 19 1.39 1.01

UBS 14 2.18 78,566 408 16 1.68 0.50


UniCredit 16 1.90 68,398 385 14 2.38 -0.48

RBS 17 1.51 54,625 325 11 2.68 -1.17

Nomura 18 1.37 49,393 378 18 1.41 -0.04

Natixis 19 1.37 49,284 329 17 1.68 -0.31

TDSecurities 20 1.29 46,370 251 24 0.96 0.33

TOTAL 100% 3,605,897 9,340 100%

GlobalBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD


JPMorgan 1 11.42 121,359 533 1 12.23 -0.81

Barclays 2 10.00 106,244 316 2 10.80 -0.80


3 9.96 105,810 504 3 8.60 1.36

Citi 4 9.36 99,489 429 4 8.57 0.79

GoldmanSachs 5 8.07 85,710 350 5 7.93 0.14

MorganStanley 6 7.32 77,775 308 7 7.55 -0.23

WellsFargo 7 6.08 64,569 291 10 3.62 2.46

DeutscheBank 8 5.70 60,588 239 6 7.61 -1.91

HSBC 9 5.36 56,894 178 8 6.28 -0.92

CreditSuisse 10 2.99 31,744 163 11 2.91 0.08

TDSecurities 11 2.95 31,338 100 12 2.67 0.28


BNPParibas 13 2.37 25,210 117 13 2.67 -0.30



UBS 16 1.39 14,789 72 20 0.73 0.66

Nomura 17 1.36 14,468 34 15 1.62 -0.26

Scotiabank 18 0.88 9,353 42 16 1.29 -0.41

USBancorp 19 0.86 9,170 79 22 0.56 0.30

BMOCapitalMarkets 20 0.83 8,861 29 17 0.96 -0.13

TOTAL 100% 1,062,383 1,204 100%

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CorporateHighYieldBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 8.68 35,250 289 2 8.62 0.06


2 8.16 33,149 260 3 7.89 0.27

Citi 3 8.16 33,138 218 4 7.86 0.30

GoldmanSachs 4 7.96 32,320 238 5 7.28 0.68

DeutscheBank 5 7.26 29,505 242 1 9.04 -1.78

Barclays 6 6.48 26,325 207 8 6.31 0.17

MorganStanley 7 6.01 24,422 186 6 6.93 -0.92

CreditSuisse 8 5.65 22,964 183 7 6.74 -1.09

UBS 9 3.65 14,816 87 9 3.33 0.32

WellsFargo 10 3.45 14,027 130 10 3.16 0.29


HSBC 12 2.78 11,303 117 11 2.99 -0.21

BNPParibas 13 2.09 8,500 100 14 2.52 -0.43


UniCredit 15 1.75 7,097 45 18 0.98 0.77

SunTrustRobinsonHumphrey

16 1.65 6,701 64 19 0.95 0.70

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


TOTAL 100% 406,163 811 100%

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USFixedIncomeReviewFY2015creditedUSCorporateBondsvolumeincreased3.21%toUSD1.6Trlnwhiledealcountdecreased8.99%to2,633offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumeincreased12.51%year-on-yeartoUSD1.3Trlnwhilethedealcountincreased0.05%to1,952.USHighYieldCorporateBondsvolumedecreased21.21%year-on-yeartoUSD274.6Blnover476deals.JPMorganrankedasthetopUSCorporateBondsunderwriterforFY2015with12.41%marketshare.Thebankunderwrote1,112dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith11.44%and9.93%marketshare,respectively.

USCorporateBonds:Highlightsof2015

USDomesticBonds:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

200200

400400

600600

USDBln

USDBln

00

700700

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

1,8001,800


InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 1,112

Volume(USDMln) 197,214



Volume(USDMln) 1,588,600


Issuer Industry Volume(USDMln) Date

AT&TInc Communications 5,000 04/23/2015


ActavisFundingSCS HealthCare 4,000 03/03/2015

VisaInc Financials 4,000 12/09/2015

AbbVieInc HealthCare 3,750 05/05/2015

AbbVieInc HealthCare 3,750 05/05/2015

FrontierCommunicationsCorp Communications 3,600 09/11/2015


CVSHealthCorp ConsumerStaples 3,500 07/13/2015

ActavisFundingSCS HealthCare 3,500 03/03/2015

Financials38%

Energy11%

HealthCare11%


Technology8%

Communications6%

Industrials6%

ConsumerStaples6%

Others7%

USLeveragedFinance:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

200200

400400

USDBln

USDBln

00

500500

USLeveragedLoans

USHighYieldCorporateBonds

USCorporateBonds:IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

200200

400400

600600

Bas

ispoints

Bas

ispoints

00

700700

HighYield

InvestmentGrade

38%

11%11%

8%

8%

6%

6%

6%

7%

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USDomesticBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 11.11 230,304 1,207 1 11.65 -0.54


2 10.78 223,441 1,300 2 10.05 0.73

Citi 3 9.39 194,727 977 3 8.92 0.47

Barclays 4 8.07 167,330 720 4 8.41 -0.34

GoldmanSachs 5 7.45 154,441 771 5 7.65 -0.20

MorganStanley 6 6.70 138,896 917 6 7.19 -0.49

WellsFargo 7 6.29 130,309 1,021 9 4.79 1.50

DeutscheBank 8 6.06 125,643 628 7 6.99 -0.93

HSBC 9 4.54 94,072 453 8 4.81 -0.27

CreditSuisse 10 3.82 79,240 418 10 4.44 -0.62


BNPParibas 12 2.40 49,786 288 12 2.52 -0.12

UBS 13 2.05 42,540 234 14 1.49 0.56

TDSecurities 14 1.93 40,082 192 15 1.32 0.61



Nomura 17 1.29 26,713 108 16 1.25 0.04



USBancorp 20 0.83 17,228 164 20 0.73 0.10

TOTAL 100% 2,073,245 4,796 100%

USAgencyBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


Barclays 1 14.29 65,994 211 1 14.78 -0.49

WellsFargo 2 9.06 41,840 947 5 5.41 3.65

Nomura 3 6.39 29,541 194 3 6.08 0.31

JPMorgan 4 6.09 28,129 245 2 7.20 -1.11

DeutscheBank 5 5.75 26,557 197 4 5.59 0.16

MorganStanley 6 5.08 23,446 807 6 5.30 -0.22

TDSecurities 7 5.04 23,268 225 7 4.59 0.45

FTNFinancial 8 4.70 21,724 865 9 3.51 1.19

Citi 9 3.50 16,156 200 10 3.41 0.09

Incapital 10 2.93 13,544 920 13 2.78 0.15

BankofAmericaMerrillLynch 11 2.92 13,500 399 11 3.08 -0.16

Jefferies 12 2.49 11,483 401 14 2.63 -0.14

HSBC 13 2.42 11,192 127 8 4.35 -1.93

Stifel 14 2.36 10,900 679 17 2.07 0.29

ViningSparks 15 2.34 10,819 883 16 2.29 0.05

RaymondJames&Associates

16 1.93 8,919 579 19 1.93 0.00

DaiwaSecurities 17 1.77 8,184 249 21 1.54 0.23

BankofNewYorkMellon 18 1.77 8,164 391 18 2.04 -0.27

SunTrustRobinsonHumphrey 19 1.72 7,934 658 20 1.80 -0.08

CantorFitzgerald 20 1.54 7,128 191 23 1.47 0.07

TOTAL 100% 461,955 6,660 100%

USCorporateBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 12.41 197,214 1,112 1 12.49 -0.08


2 11.44 181,751 1,043 2 11.00 0.44

Citi 3 9.93 157,673 868 3 9.29 0.64

GoldmanSachs 4 8.18 130,006 699 4 7.96 0.22

MorganStanley 5 7.34 116,614 691 5 7.79 -0.45

WellsFargo 6 6.58 104,533 605 8 5.65 0.93

Barclays 7 5.96 94,636 598 6 6.68 -0.72

DeutscheBank 8 5.63 89,388 530 7 6.51 -0.88

CreditSuisse 9 4.47 70,994 375 9 4.79 -0.32

HSBC 10 3.79 60,222 278 10 3.76 0.03


UBS 12 2.61 41,457 215 14 1.89 0.72


BNPParibas 14 1.93 30,643 214 13 2.01 -0.08


USBancorp 16 1.08 17,128 163 17 0.96 0.12




19 0.80 12,734 131 21 0.66 0.14

RBS 20 0.73 11,599 89 12 2.41 -1.68

TOTAL 100% 1,588,599 2,633 100%

USDollarForeignIssuerBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD


Citi 1 9.37 89,150 461 1 9.20 0.17


2 8.92 84,854 425 3 7.96 0.96

JPMorgan 3 8.16 77,631 393 2 9.07 -0.91

HSBC 4 7.75 73,713 356 5 7.32 0.43

DeutscheBank 5 6.39 60,759 289 4 7.84 -1.45

GoldmanSachs 6 6.24 59,317 278 6 7.10 -0.86

Barclays 7 6.00 57,019 260 7 7.09 -1.09

MorganStanley 8 5.31 50,477 256 9 4.98 0.33

CreditSuisse 9 4.52 42,971 185 8 5.22 -0.70

BNPParibas 10 3.60 34,236 161 10 3.62 -0.02

UBS 11 3.49 33,151 128 13 1.68 1.81


TDSecurities 13 2.49 23,649 84 14 1.62 0.87

StandardCharteredBank 14 1.72 16,320 126 12 2.08 -0.36


Nomura 16 1.42 13,495 84 16 1.25 0.17



WellsFargo 19 1.05 9,990 77 22 0.81 0.24

BMOCapitalMarkets 20 0.79 7,553 42 46 0.16 0.63

TOTAL 100% 950,940 2,107 100%

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USInvestmentGradeCorporateBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 13.11 169,212 900 1 13.41 -0.30


2 11.59 149,678 812 2 11.41 0.18

Citi 3 9.97 128,757 694 3 9.26 0.71

GoldmanSachs 4 8.04 103,753 532 4 7.88 0.16

MorganStanley 5 7.46 96,305 526 5 7.66 -0.20

WellsFargo 6 7.04 90,885 479 8 5.98 1.06

Barclays 7 5.84 75,345 445 6 6.74 -0.90

DeutscheBank 8 5.30 68,388 373 7 6.27 -0.97

HSBC 9 4.31 55,591 237 9 4.39 -0.08

CreditSuisse 10 4.16 53,761 249 10 4.06 0.10

UBS 11 2.79 36,074 154 15 1.69 1.10




BNPParibas 15 2.08 26,861 178 13 2.15 -0.07

USBancorp 16 1.14 14,675 135 17 1.10 0.04



RBS 19 0.70 9,053 70 11 2.87 -2.17

TDSecurities 20 0.66 8,468 57 21 0.49 0.17

TOTAL 100% 1,291,010 1,952 100%

USHighYieldCorporateBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD



1 10.49 28,806 212 1 10.21 0.28

Citi 2 10.20 28,023 166 3 9.37 0.83

JPMorgan 3 9.63 26,446 199 2 9.98 -0.35

GoldmanSachs 4 8.65 23,741 158 6 7.89 0.76

DeutscheBank 5 7.50 20,604 152 5 8.12 -0.62

MorganStanley 6 6.95 19,075 135 4 8.40 -1.45

Barclays 7 6.86 18,834 147 8 6.33 0.53

CreditSuisse 8 6.14 16,854 125 7 7.62 -1.48

WellsFargo 9 4.98 13,687 126 9 4.76 0.22



11 2.38 6,526 63 15 1.47 0.91

Jefferies 12 1.96 5,373 36 14 1.83 0.13

UBS 13 1.73 4,764 44 11 2.70 -0.97


HSBC 15 1.34 3,687 33 12 1.92 -0.58

BNPParibas 16 1.32 3,622 35 16 1.29 0.03



RBS 19 0.94 2,594 21 17 1.17 -0.23

Scotiabank 20 0.84 2,294 22 19 0.77 0.07

TOTAL 100% 274,614 476 100%

USDollarPreferredsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 29.32 4,100 9 4 12.36 16.96


WellsFargo 3 16.71 2,336 15 3 16.66 0.05

MorganStanley 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

RBCCapitalMarkets 7 2.23 312 7 15 0.88 1.35

Citi 8 0.86 120 3 7 3.95 -3.09

JanneyMontgomeryScottLLC 9 0.84 117 6 18 0.52 0.32

Incapital 10 0.67 94 3 13 1.17 -0.50

BankofNewYorkMellon 11 0.46 65 1 - - -

BNPParibas 11 0.46 65 1 - - -

USBancorp 13 0.45 63 1 - - -

DeutscheBank 14 0.45 62 4 9 1.66 -1.21

SandlerO'Neill&Partners 15 0.40 56 2 24 0.12 0.28

Barclays 16 0.34 48 1 19 0.47 -0.13

CreditSuisse 17 0.28 39 2 16 0.72 -0.44

WunderlichSecuritiesInc 18 0.25 36 3 27 0.07 0.18

BB&T 19 0.23 33 2 27 0.07 0.16

CompassPointResearch&TradingLLC

20 0.18 25 2 - - -

TOTAL 100% 13,983 60 100%

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CanadianFixedIncomeReviewFY2015creditedCanadianCorporateBondsvolumeincreased9.26%toCAD94.5Blnwhiledealcountdecreased6.41%to219offeringsyear-on-year.CanadianCorporateBonds-Bonusvolumeincreased9.26%year-on-yeartoCAD94.5Blnwhilethedealcountdecreased6.41%to219.CanadianGovernmentBondsvolumedecreased2.61%year-on-yeartoCAD104.9Blnover338deals.RBCCapitalMarketsrankedasthetopCanadianCorporateBondsunderwriterforFY2015with22.41%marketshare.Thebankunderwrote103dealsovertheperiod.ScotiabankandCIBCrankedsecondandthirdwith18.26%and17.22%marketshare,respectively.

CanadianCorporateDomesticBonds

FY2015 FY2014

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)


Scotiabank 2 18.26 17,257 62 4 13.75 4.51

CIBC 3 17.22 16,273 74 3 14.82 2.40

TDSecurities 4 15.03 14,209 61 2 21.03 -6.00


NationalBankFinancialInc 6 5.40 5,107 22 6 7.74 -2.34

HSBC 7 4.53 4,278 10 7 3.49 1.04

DesjardinsCapitalMarkets 8 2.09 1,972 4 8 0.87 1.22


LaurentianBankofCanada 10 0.75 705 4 11 0.52 0.23

TOTAL 100% 94,506 219 100%

CanadianGovernmentBonds

FY2015 FY2014

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

NationalBankFinancialInc 1 24.51 25,711 140 1 20.44 4.07

CIBC 2 18.16 19,048 84 4 14.43 3.73


TDSecurities 4 17.25 18,099 35 2 17.41 -0.16


Scotiabank 6 9.87 10,351 27 6 13.79 -3.92

DesjardinsCapitalMarkets 7 0.35 364 36 7 1.99 -1.64

LaurentianBankofCanada 8 0.27 288 7 9 0.30 -0.03

- - - - - - - -

- - - - - - - -

TOTAL 100% 104,903 338 100%

Financials64%

Industrials7%

Energy7%

Utilities7%


Others8%

CanadianCorporateDomesticBonds:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

1010

2020

3030

USDBln

USDBln

00

4040

2020

4040

6060

8080

DealC

ountDealC

ount

00

9090

DealCount Amount

CanadianCorporateDomesticBonds:IndustryBreakdown

64%7%

7%

7%

7%8%

CanadianCorporateDomesticBonds:ManagerRankingsHistory

RBCCapitalMarkets

Scotiabank

CIBC

TDSecurities

BMOCapitalMarkets

NationalBankFinancialInc

10

20

Marke

tSha

re(%

)

0

25

2015 2014 2013

Blo

ombe

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lobalFixedIn

come|F

Y2015

8

LatinAmericaFixedIncomeReviewFY2015creditedLatinAmericanBondsvolumedecreased40.83%toUSD103.4Blnwhiledealcountdecreased21.12%to575offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumedecreased32.27%year-on-yeartoUSD40.6Blnwhilethedealcountdecreased18.62%to673.BrazilianDomesticBondsvolumedecreased29.46%year-on-yeartoBRL50.7Blnover205deals.BankofAmericaMerrillLynchrankedasthetopLatinAmericanBondsunderwriterforFY2015with11.84%marketshare.Thebankunderwrote54dealsovertheperiod.HSBCandCitirankedsecondandthirdwith9.89%and9.86%marketshare,respectively.

LatinAmericanBonds

FY2015 FY2014

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)


HSBC 2 9.89 10,224 69 1 9.52 0.37

Citi 3 9.86 10,193 78 2 9.42 0.44

JPMorgan 4 7.14 7,382 32 3 8.26 -1.12

BancoSantander 5 6.61 6,832 96 9 4.66 1.95

MorganStanley 6 6.45 6,668 24 13 2.81 3.64

BancoBilbaoVizcayaArgentaria 7 6.03 6,237 76 11 4.45 1.58

DeutscheBank 8 5.88 6,083 30 6 5.81 0.07

BancoItauBBA 9 5.45 5,637 73 8 5.24 0.21

CreditSuisse 10 4.77 4,932 15 10 4.56 0.21

TOTAL 100% 103,393 575 100%

LatinAmericanLocalCurrencyBonds

FY2015 FY2014

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

BancoSantander 1 10.47 4,251 112 8 4.14 6.33

BancoBilbaoVizcayaArgentaria 2 9.03 3,666 85 4 8.01 1.02

BancodoBrasilSA 3 8.88 3,604 21 1 9.62 -0.74

BancoItauBBA 4 8.82 3,583 64 3 9.09 -0.27

HSBC 5 7.06 2,868 71 2 9.32 -2.26

BradescoBBISA 6 6.99 2,839 38 5 5.65 1.34

Citi 7 6.78 2,752 63 7 5.41 1.37

JPMorgan 8 4.48 1,820 60 6 5.54 -1.06

ActinverCasadeBolsaSAdeCV 9 3.69 1,497 24 11 2.97 0.72

Scotiabank 10 3.40 1,379 31 15 2.16 1.24

TOTAL 100% 40,610 673 100%

Government36%

Financials19%

Energy16%

Materials7%

Others22%

LatinAmericanBonds:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

2020

4040

6060

USDBln

USDBln

00

8080

100100

200200

300300DealC

ountDealC

ount

00

400400

DealCount Amount

LatinAmericanBonds:IndustryBreakdown

36%

19%

16%

7%

22%

LatinAmericanBonds:ManagerRankingsHistory

BankofAmericaM

errillLynch

HSBC Ci

ti

JPMorgan

BancoSantander

MorganStanley

5

10

Marke

tSha

re(%

)

0

15

2015 2014 2013

Blo

ombe

rgG

lobalFixedIn

come|F

Y2015

9

EMEAFixedIncomeReviewFY2015creditedEuropeanCorporate&FinancialBondsvolumedecreased0.19%toEUR1.2Trlnwhiledealcountdecreased16.11%to5,082offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumedecreased12.95%year-on-yeartoEUR261.5Blnwhilethedealcountdecreased18.21%to557.WesternEuropeanCorporateHighYieldBondsvolumedecreased21.85%year-on-yeartoEUR71.2Blnover175deals.DeutscheBankrankedasthetopEuropeanCorporate&FinancialBondsunderwriterforFY2015with5.38%marketshare.Thebankunderwrote428dealsovertheperiod.HSBCandCreditSuisserankedsecondandthirdwith5.11%and5.06%marketshare,respectively.

EuropeanCorporate&FinancialBonds:Highlightsof2015

EuropeanCorporate&FinancialBonds:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

100100

200200

300300

400400

500500

EURBln

EURBln

00

600600

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

DealC

ountDealC

ount

00

3,0003,000


InvestmentGrade

TopUnderwriterDeutscheBank

Numberofdeals 428

Volume(EURMln) 62,177

AvgDealsize(EURMln) 145.3


Volume(EURMln) 1,155,581

AvgDealsize(EURMln) 227.4

Issuer IndustryVolume

(EURMln) Date

ShellInternationalFinanceBV Energy 3,000 05/06/2015

CooperatieveCentraleRaiffeisen-BoerenleenbankBA/Netherlands

Financials 2,958 01/07/2015

TOTALSA Energy 2,843 02/19/2015

TOTALSA Energy 2,843 02/19/2015

UBSAG/London Financials 2,817 05/07/2015

UniCreditSpA Financials 2,799 02/27/2015

ShellInternationalFinanceBV Energy 2,750 05/06/2015

CreditSuisseAG/NewYorkNY Financials 2,750 04/24/2015

CreditSuisseAG/London Financials 2,742 03/25/2015

UBSAG/StamfordCT Financials 2,500 03/23/2015

Financials70%


Others22%

EMEALeveragedFinance:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

5050

EURBln

EURBln

00

100100

EMEASponsor-ledLeveragedLoans

EMEACorporateHighYieldBonds(incEM)

EuropeanCorporate&FinancialBonds:IndustryBreakdown

EuropeanCorporate&FinancialBonds:SpreadtoBenchmark

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

200200

400400

600600

Bas

ispoints

Bas

ispoints

00

800800

HighYield

InvestmentGrade

70%

8%

22%

Blo

ombe

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lobalFixedIn

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Y2015

10

EuropeanBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 6.10 99,350 585 3 5.29 0.81

Barclays 2 5.74 93,440 490 2 5.98 -0.24

DeutscheBank 3 5.05 82,330 551 1 6.47 -1.42

BNPParibas 4 4.75 77,360 493 4 5.25 -0.50

JPMorgan 5 4.36 71,064 457 6 3.94 0.42

CreditSuisse 6 4.17 67,903 376 5 4.38 -0.21

Citi 7 3.89 63,426 394 8 3.81 0.08



UniCredit 10 3.66 59,661 378 7 3.83 -0.17

GoldmanSachs 11 3.48 56,623 314 10 3.62 -0.14

UBS 12 3.38 55,078 306 16 2.12 1.26


MorganStanley 14 2.67 43,547 267 15 2.33 0.34

Natixis 15 2.38 38,806 286 14 2.61 -0.23

RBS 16 2.18 35,505 218 13 2.70 -0.52

Commerzbank 17 1.93 31,433 277 17 1.91 0.02

BancoSantander 18 1.61 26,272 163 20 1.57 0.04

Nomura 19 1.58 25,814 228 22 1.38 0.20

LandesbankBaden-Wuerttemberg

20 1.51 24,598 246 19 1.59 -0.08

TOTAL 100% 1,629,040 6,628 100%

WesternEuropeanBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 6.17 96,881 575 4 5.30 0.87

Barclays 2 5.77 90,595 478 2 6.02 -0.25

DeutscheBank 3 5.13 80,615 539 1 6.52 -1.39

BNPParibas 4 4.82 75,727 484 3 5.30 -0.48

CreditSuisse 5 4.30 67,613 371 5 4.46 -0.16

JPMorgan 6 4.28 67,165 445 7 3.73 0.55


Citi 8 3.77 59,193 375 10 3.63 0.14


UBS 10 3.58 56,251 303 16 2.22 1.36

GoldmanSachs 11 3.55 55,734 308 8 3.67 -0.12

UniCredit 12 3.49 54,862 336 6 3.75 -0.26


MorganStanley 14 2.75 43,271 261 15 2.42 0.33

Natixis 15 2.46 38,639 285 14 2.66 -0.20

RBS 16 2.26 35,478 217 13 2.77 -0.51

Commerzbank 17 1.93 30,380 251 17 1.88 0.05

Nomura 18 1.64 25,814 228 22 1.43 0.21

BancoSantander 19 1.61 25,358 156 20 1.61 0.00


20 1.57 24,598 246 19 1.65 -0.08

TOTAL 100% 1,571,066 6,215 100%

EasternEuropeanBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

UniCredit 1 9.46 5,293 42 6 5.47 3.99


VTBCapital 3 7.25 4,056 65 1 12.22 -4.97

SberbankCIBCJSC 4 5.73 3,208 59 7 4.89 0.84

Barclays 5 5.62 3,144 12 8 4.83 0.79

Gazprombank 6 5.51 3,081 43 14 2.42 3.09

RaiffeisenBankInternationalGroup

7 4.96 2,777 40 15 2.36 2.60

HSBC 8 4.89 2,735 10 11 3.50 1.39

Citi 9 4.74 2,649 17 5 6.29 -1.55

JPMorgan 10 4.05 2,268 9 3 7.66 -3.61

ErsteGroupBank 11 3.63 2,028 20 13 2.48 1.15

DeutscheBank 12 3.35 1,876 11 9 4.60 -1.25

BNPParibas 13 3.26 1,826 9 10 3.93 -0.67

IntesaSanpaolo 14 2.55 1,426 10 20 1.47 1.08

SovcombankICBJSC 15 2.09 1,169 33 - - -

Commerzbank 16 2.08 1,164 26 12 2.58 -0.50

REGIONInvestmentCo 17 2.05 1,144 16 25 0.78 1.27

KBCGroup 18 1.96 1,098 10 34 0.31 1.65

BancoSantander 19 1.82 1,016 7 28 0.58 1.24

OtkritieFinancialCorpJSC 20 1.75 981 20 2 8.36 -6.61

TOTAL 100% 55,936 382 100%

WesternEuropeanCorporateHighYieldBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(EUR


GoldmanSachs 1 9.96 7,090 77 2 8.23 1.73

DeutscheBank 2 8.60 6,120 79 1 10.36 -1.76

JPMorgan 3 7.76 5,527 69 3 7.74 0.02

HSBC 4 6.41 4,562 66 10 4.26 2.15

Barclays 5 6.18 4,395 54 5 7.26 -1.08

CreditSuisse 6 6.15 4,377 52 4 7.50 -1.35

BNPParibas 7 5.35 3,811 54 6 6.25 -0.90

MorganStanley 8 4.49 3,195 40 9 4.42 0.07

Citi 9 4.42 3,147 41 7 5.33 -0.91



11 3.68 2,622 34 18 1.64 2.04

Nomura 12 3.41 2,429 25 28 0.45 2.96

UniCredit 13 3.05 2,169 29 15 2.34 0.71


RBS 15 2.49 1,772 25 13 2.59 -0.10

INGGroep 16 2.28 1,623 21 12 2.77 -0.49

Commerzbank 17 1.68 1,194 17 17 1.95 -0.27

MizuhoFinancial 18 1.59 1,130 14 - - -


UBS 20 1.22 867 12 14 2.37 -1.15

TOTAL 100% 71,175 175 100%

Blo

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11

EMEACorporateInvestmentGradeBonds(incEM)FY2015 FY2014

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal


Barclays 1 8.81 23,041 155 4 6.40 2.41

HSBC 2 8.29 21,678 150 2 7.16 1.13

DeutscheBank 3 8.28 21,651 138 3 6.69 1.59

BNPParibas 4 7.78 20,353 156 1 8.07 -0.29


JPMorgan 6 4.89 12,781 104 7 5.25 -0.36

Citi 7 4.67 12,206 97 9 4.83 -0.16


8 4.60 12,034 85 6 5.27 -0.67

GoldmanSachs 9 3.48 9,090 66 11 4.00 -0.52

UniCredit 10 3.34 8,742 71 14 2.69 0.65

RBS 11 3.28 8,575 78 5 5.37 -2.09


CreditSuisse 13 3.01 7,862 61 10 4.46 -1.45

MorganStanley 14 2.91 7,623 55 15 1.99 0.92

INGGroep 15 2.31 6,033 57 22 1.51 0.80


BancoSantander 17 2.14 5,586 51 12 3.48 -1.34

LloydsBank 18 2.02 5,293 44 23 1.39 0.63

Commerzbank 19 1.94 5,064 45 18 1.88 0.06

UBS 20 1.76 4,590 40 20 1.63 0.13

TOTAL 100% 261,520 557 100%

EMEACorporateHighYieldBonds(incEM)FY2015 FY2014

Firm RankMkt

Share(%)Volume(EUR


GoldmanSachs 1 9.10 7,490 81 3 7.37 1.73

DeutscheBank 2 7.99 6,575 83 1 9.71 -1.72

JPMorgan 3 7.86 6,474 79 2 7.72 0.14

HSBC 4 6.11 5,029 71 9 4.40 1.71

Barclays 5 5.77 4,754 57 5 7.13 -1.36

CreditSuisse 6 5.74 4,730 56 4 7.18 -1.44

BNPParibas 7 5.20 4,281 60 7 6.19 -0.99

MorganStanley 8 4.55 3,746 45 10 4.15 0.40

Citi 9 4.26 3,504 47 6 6.54 -2.28



11 3.56 2,932 38 16 2.34 1.22

UniCredit 12 3.19 2,627 35 15 2.36 0.83

Nomura 13 2.95 2,429 25 29 0.39 2.56


RBS 15 2.25 1,854 27 14 2.39 -0.14

INGGroep 16 2.07 1,703 23 13 2.50 -0.43

UBS 17 1.78 1,463 17 12 2.52 -0.74

BancoSantander 18 1.51 1,245 17 22 1.08 0.43

Commerzbank 19 1.45 1,194 17 18 1.78 -0.33

MizuhoFinancial 20 1.37 1,130 14 - - -

TOTAL 100% 82,335 225 100%

EuroCurrencyBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(EUR

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 6.35 79,908 444 4 5.35 1.00

BNPParibas 2 6.08 76,422 456 2 6.42 -0.34

Barclays 3 5.77 72,580 375 3 5.51 0.26

DeutscheBank 4 5.47 68,791 415 1 6.43 -0.96

UniCredit 5 5.02 63,147 364 5 5.07 -0.05



JPMorgan 8 4.59 57,694 330 8 4.18 0.41

GoldmanSachs 9 4.30 54,039 276 9 3.88 0.42

Citi 10 3.37 42,382 266 10 3.75 -0.38

Natixis 11 3.14 39,482 268 11 3.41 -0.27

CreditSuisse 12 2.79 35,140 169 12 3.01 -0.22


Commerzbank 14 2.69 33,818 262 15 2.51 0.18

MorganStanley 15 2.29 28,806 172 16 2.48 -0.19

UBS 16 2.02 25,421 136 21 1.45 0.57


17 2.01 25,325 244 17 2.15 -0.14

RBS 18 1.87 23,478 162 14 2.74 -0.87

IntesaSanpaolo 19 1.84 23,111 93 18 1.96 -0.12

BancoSantander 20 1.80 22,638 139 19 1.86 -0.06

TOTAL 100% 1,257,756 3,787 100%

Euro&SterlingCorporate&FinancialBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(EUR


BNPParibas 1 6.00 57,979 395 1 6.76 -0.76

HSBC 2 5.93 57,333 399 4 4.96 0.97

DeutscheBank 3 5.89 56,875 388 2 6.40 -0.51

Barclays 4 5.48 52,992 358 3 5.79 -0.31


JPMorgan 6 4.43 42,784 308 6 4.08 0.35


GoldmanSachs 8 3.89 37,629 225 9 3.65 0.24

UniCredit 9 3.63 35,072 265 12 3.37 0.26

CreditSuisse 10 3.25 31,376 158 8 3.88 -0.63

Natixis 11 3.05 29,431 207 10 3.60 -0.55

Citi 12 3.02 29,194 232 11 3.50 -0.48

UBS 13 2.95 28,518 142 16 2.38 0.57


14 2.88 27,874 193 14 3.18 -0.30

Commerzbank 15 2.55 24,675 198 17 2.36 0.19

MorganStanley 16 2.42 23,341 176 15 2.42 0.00

RBS 17 2.21 21,330 185 13 3.26 -1.05

BancoSantander 18 2.17 20,947 142 18 2.27 -0.10

LloydsBank 19 1.98 19,144 119 22 1.40 0.58

INGGroep 20 1.95 18,875 158 23 1.36 0.59

TOTAL 100% 966,214 3,115 100%

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12

SwedishKronaBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(SEK

Mln)Deal


Swedbank 1 22.25 65,753 142 2 20.07 2.18

Nordea 2 19.57 57,809 130 3 19.47 0.10

DanskeBank 3 18.25 53,911 119 4 16.74 1.51

SEB 4 17.91 52,926 97 1 20.36 -2.45

SvenskaHandelsbanken 5 11.98 35,397 89 5 14.60 -2.62

DNBASA 6 4.30 12,713 27 6 3.62 0.68

GoldmanSachs 7 1.21 3,566 2 12 0.20 1.01

ABGSundalCollierAsa 8 0.89 2,625 7 8 0.99 -0.10

ParetoSecurities 9 0.65 1,935 9 7 2.39 -1.74

PohjolaBankPLC 10 0.39 1,167 1 - - -

JPMorgan 10 0.39 1,167 1 9 0.45 -0.06

NordicFixedIncome 12 0.37 1,100 4 11 0.24 0.13

DeutscheBank 13 0.34 1,000 1 10 0.26 0.08

CreditSuisse 14 0.31 913 3 13 0.18 0.13


15 0.25 750 1 - - -

Citi 16 0.17 502 3 - - -

CreditAgricoleCIB 17 0.17 500 1 - - -

INGGroep 17 0.17 500 1 - - -

BNPParibas 17 0.17 500 1 - - -

Barclays 17 0.17 500 1 - - -

TOTAL 100% 295,458 502 100%

Sub-SaharanAfricanCurrencyBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

StandardBankofSouthAfrica 1 17.24 2,223 44 2 19.70 -2.46

EskomHoldingsLtd 2 15.91 2,053 21 6 5.43 10.48

NedbankLtd 3 15.76 2,033 38 4 9.23 6.53

FirstRandLtd 4 12.24 1,579 43 1 21.57 -9.33

Barclays 5 11.07 1,427 38 3 11.75 -0.68

JPMorgan 6 6.43 829 19 8 4.38 2.05

Investec 7 4.09 527 17 7 5.20 -1.11

RBCCapitalMarkets 8 3.01 388 17 5 6.01 -3.00

DaiwaSecurities 9 2.12 274 6 35 0.16 1.96

DanskeBank 10 1.27 164 7 25 0.37 0.90

HSBC 11 1.06 136 8 15 0.60 0.46

SocieteGenerale 12 0.93 120 3 - - -

TDSecurities 13 0.88 114 6 10 1.27 -0.39

TokaiTokyoSecuritiesCoLtd 14 0.84 108 9 - - -

FirstSecuritiesDiscountHouseLtd 15 0.68 87 3 17 0.57 0.11

DunnLorenMerrifieldLtd 16 0.60 78 2 26 0.37 0.23

UnitedCapitalPLC 17 0.54 69 4 17 0.57 -0.03

SouthAfricanNationalRoadsAgencyLtd

18 0.50 64 2 31 0.31 0.19

OneCapital 19 0.50 64 1 - - -

Macquarie 20 0.38 49 2 - - -

TOTAL 100% 12,898 289 100%

SterlingBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(GBP

Mln)Deal


HSBC 1 13.98 13,173 111 1 11.97 2.01

Barclays 2 12.31 11,593 99 3 10.96 1.35

RBS 3 9.24 8,704 69 2 11.78 -2.54


DeutscheBank 5 5.95 5,601 50 4 7.62 -1.67

JPMorgan 6 5.67 5,344 32 7 4.01 1.66

LloydsBank 7 5.67 5,339 51 5 6.35 -0.68

Nomura 8 5.53 5,206 32 11 3.76 1.77


9 4.11 3,868 20 10 3.85 0.26

BancoSantander 10 3.96 3,732 20 14 2.43 1.53

Citi 11 3.58 3,368 19 12 2.68 0.90

UBS 12 2.93 2,760 14 18 1.71 1.22

BNPParibas 13 2.58 2,427 28 16 2.08 0.50

MorganStanley 14 2.57 2,420 22 13 2.45 0.12

CreditSuisse 15 2.49 2,342 28 9 3.85 -1.36

Scotiabank 16 2.18 2,055 13 15 2.20 -0.02

GoldmanSachs 17 2.02 1,899 18 8 3.87 -1.85

TDSecurities 18 1.52 1,433 11 27 0.30 1.22

Commerzbank 19 0.76 720 7 35 0.20 0.56

FMSWertmanagement 20 0.64 600 1 21 1.01 -0.37

TOTAL 100% 94,196 308 100%

SwissFrancBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(CHF

Mln)Deal

CountPrevRank

PrevMktShare(%) MktShareChg(%)

CreditSuisse 1 29.80 17,292 149 1 30.69 -0.89

UBS 2 19.20 11,141 126 2 27.17 -7.97

SchweizerischeKantonalbanken

3 13.16 7,634 24 3 12.13 1.03

ZuercherKantonalbank 4 9.25 5,366 59 4 7.09 2.16

RaiffeisenSwitzerland 5 7.91 4,586 47 6 3.80 4.11

DeutscheBank 6 3.81 2,208 19 5 5.37 -1.56

BNPParibas 7 2.33 1,353 9 7 3.69 -1.36

BaslerKantonalbank 8 1.62 940 11 24 0.26 1.36

AargauischeKantonalbank 9 1.31 760 4 20 0.29 1.02

GoldmanSachs 10 1.29 750 4 18 0.33 0.96

StGallerKantonalbank 11 1.10 640 2 11 0.66 0.44

HSBC 12 0.89 515 4 8 1.21 -0.32

BanqueCantonaledeFribourg 13 0.86 500 3 13 0.52 0.34

LuzernerKantonalbank 14 0.69 400 1 14 0.44 0.25

JPMorgan 15 0.63 367 3 31 0.15 0.48

BasellandchaflicheKantonalbank

16 0.58 335 2 - - -

ThurgauerKantonalbank 17 0.55 320 3 12 0.59 -0.04

CieFinanciereTraditionSA 18 0.52 304 38 28 0.19 0.33

KantonalbankSchwyz 19 0.52 300 2 20 0.29 0.23

PKOBankPolskiSA 20 0.50 290 1 - - -

TOTAL 100% 58,017 333 100%

Blo

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13

CEEMEABondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Citi 1 7.11 10,209 58 1 8.43 -1.32

HSBC 2 6.40 9,192 47 3 6.81 -0.41

JPMorgan 3 6.14 8,820 34 2 7.54 -1.40

Barclays 4 5.26 7,553 41 4 6.07 -0.81

DeutscheBank 5 4.52 6,495 30 6 5.52 -1.00

UniCredit 6 3.70 5,319 43 10 2.74 0.96


BNPParibas 8 3.23 4,645 25 9 3.16 0.07

StandardCharteredBank 9 2.85 4,094 33 13 2.13 0.72

VTBCapital 10 2.82 4,056 65 5 5.91 -3.09

SberbankCIBCJSC 11 2.23 3,208 59 11 2.39 -0.16

Gazprombank 12 2.14 3,081 43 24 1.16 0.98

GoldmanSachs 13 2.12 3,038 19 12 2.33 -0.21

RaiffeisenBankInternationalGroup

14 1.93 2,777 40 25 1.13 0.80

NationalBankofAbuDhabi 15 1.54 2,208 19 17 1.33 0.21

StandardBankofSouthAfrica 16 1.47 2,109 26 23 1.17 0.30

ErsteGroupBank 17 1.46 2,100 21 20 1.25 0.21

MorganStanley 18 1.44 2,071 17 16 1.47 -0.03

BankCenterCredit 19 1.28 1,838 10 42 0.36 0.92

FirstRandLtd 20 1.24 1,778 36 21 1.23 0.01

TOTAL 100% 143,655 893 100%

MENABondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 14.71 5,386 36 1 14.23 0.48

Citi 2 11.61 4,252 30 8 3.54 8.07

JPMorgan 3 7.78 2,851 15 3 6.57 1.21


NationalBankofAbuDhabi 5 5.80 2,125 18 5 6.22 -0.42

MorganStanley 6 3.85 1,410 13 6 3.88 -0.03

EmiratesNBDPJSC 7 3.26 1,193 15 7 3.68 -0.42

SocieteGeneraledeBanqueauLiban

8 3.09 1,133 5 - - -

RiyadBank 9 2.91 1,067 1 24 1.40 1.51

BNPParibas 10 2.90 1,064 8 13 2.78 0.12

Barclays 11 2.58 946 6 9 3.40 -0.82

BankMuscat 12 2.25 825 2 - - -

BLOMBankSAL 13 2.00 733 2 - - -

Natixis 14 1.94 711 4 14 2.71 -0.77

DeutscheBank 15 1.69 620 6 2 6.93 -5.24

INGGroep 16 1.64 602 10 29 1.02 0.62

CreditAgricoleCIB 17 1.63 596 17 15 2.40 -0.77

SambaCapital 18 1.53 560 2 32 0.67 0.86

AlHilalBank 19 1.37 500 4 31 0.77 0.60

DubaiIslamicBank 20 1.30 475 5 19 1.93 -0.63

TOTAL 100% 36,621 174 100%

AfricanBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Barclays 1 13.52 3,750 42 1 15.53 -2.01

DeutscheBank 2 9.77 2,708 7 5 7.85 1.92



FirstRandLtd 5 7.38 2,048 43 2 12.66 -5.28

NedbankLtd 6 6.70 1,859 37 7 4.10 2.60

CalBrokersLtd 7 5.50 1,525 1 - - -


Citi 9 4.81 1,334 6 6 7.21 -2.40

JPMorgan 10 4.00 1,110 5 4 8.42 -4.42

BNPParibas 11 3.82 1,058 4 8 3.11 0.71

MorganStanley 12 3.29 913 3 12 2.57 0.72

Investec 13 2.45 680 18 13 2.56 -0.11

Natixis 14 2.28 633 2 19 1.62 0.66

GoldmanSachs 15 2.17 601 3 14 2.18 -0.01


16 1.80 500 1 - - -

BankofAmericaMerrillLynch 17 1.53 425 2 15 1.79 -0.26

SocieteGenerale 18 1.35 375 1 24 0.60 0.75

Medinvest 19 0.97 268 1 - - -

HSBC 20 0.55 152 1 - - -

TOTAL 100% 27,731 224 100%

Sub-SaharanAfricanBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

Barclays 1 13.57 3,250 41 1 15.33 -1.76

DeutscheBank 2 11.31 2,708 7 4 9.04 2.27



FirstRandLtd 5 8.55 2,048 43 2 14.57 -6.02

NedbankLtd 6 7.76 1,859 37 7 4.72 3.04

CalBrokersLtd 7 6.37 1,525 1 - - -


BNPParibas 9 3.17 758 3 15 1.72 1.45

Citi 10 2.92 701 4 5 8.30 -5.38

Investec 11 2.84 680 18 11 2.95 -0.11

GoldmanSachs 12 2.51 601 3 12 2.51 0.00


13 2.09 500 1 - - -

JPMorgan 14 1.99 476 3 6 7.15 -5.16

BankofAmericaMerrillLynch 15 1.77 425 2 13 2.06 -0.29

SocieteGenerale 16 1.57 375 1 20 0.69 0.88

Medinvest 17 1.12 268 1 - - -

HSBC 18 0.64 152 1 - - -

LloydsBank 18 0.64 152 1 - - -

MorganStanley 20 0.47 113 1 24 0.41 0.06

TOTAL 100% 23,951 220 100%

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Asiaex-JapanFixedIncomeReviewFY2015creditedAsiaex-JapanG3CurrencyBondsvolumedecreased13.68%toUSD174.8Blnwhiledealcountdecreased17.96%to338offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased11.62%year-on-yeartoUSD134.2Blnwhilethedealcountdecreased18.22%to220.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased27.50%year-on-yeartoUSD18.2Blnover40deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterforFY2015with11.51%marketshare.Thebankunderwrote148dealsovertheperiod.CitiandDeutscheBankrankedsecondandthirdwith8.74%and6.71%marketshare,respectively.

Asiaex-JapanG3CurrencyBonds:Highlightsof2015

Issuer Industry Volume(USDMln) Date

ChinaConstructionBankCorp Financials 3,050 12/09/2015

SinopecGroupOverseasDevelopment2015Ltd Energy 2,500 04/21/2015

BankofCommunicationsCoLtd Financials 2,450 07/22/2015

IndonesiaGovernmentInternationalBond Government 2,250 12/01/2015

ChinaConstructionBankCorp Financials 2,000 05/06/2015

PerusahaanPenerbitSBSNIndonesiaIII Government 2,000 05/21/2015

CNOOCFinance2015USALLC Energy 2,000 04/28/2015

PhilippineGovernmentInternationalBond Government 2,000 01/06/2015



Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry

Issuer Volume(USDMln) Date Country

ChinaConstructionBankCorp 3,050 12/09/2015 China

HongKongSukuk2015Ltd 1,000 05/27/2015 HongKong

BhartiAirtelLtd 1,000 06/03/2015 India

IndonesiaGovernmentInternationalBond 2,250 12/01/2015 Indonesia

PetronasCapitalLtd 1,500 03/11/2015 Malaysia

PhilippineGovernmentInternationalBond 2,000 01/06/2015 Philippines

GlobalLogisticPropertiesLtd 1,000 05/28/2015 Singapore

Export-ImportBankofKorea 1,250 01/12/2015 SouthKorea

SriLankaGovernmentInternationalBond 1,500 10/27/2015 SriLanka

FormosaGroupCaymanLtd 1,000 04/14/2015 Taiwan

ExportImportBankofThailand 150 01/09/2015 Thailand

Financials43%

Government19%

Energy13%

Industrials9%

Others17%

Asiaex-JapanG3CurrencyBonds:QuarterlyVolume

Q42010

Q42010

Q42011

Q42011

Q42012

Q42012

Q42013

Q42013

Q42014

Q42014

QuartersQuarters

Q42015

Q42015

5050

USDBln

USDBln

00

7070

100100

DealC

ountDealC

ount

00

140140

DealCount

Other

HighYield

InvestmentGrade

Asiaex-JapanG3CurrencyBonds:IndustryBreakdown

43%

19%

13%

9%

17%

Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory

HSBC Ci

ti

DeutscheBank

StandardCharteredBank

JPMorgan

BankofAmericaM

errillLynch

5

10

Marke

tSha

re(%

)

0

15

2015 2014 2013

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Asiaex-JapanIssuerG3CurrencyBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 11.51 20,130 148 1 11.52 -0.01

Citi 2 8.74 15,276 108 2 9.91 -1.17

DeutscheBank 3 6.71 11,729 89 3 7.46 -0.75


JPMorgan 5 5.56 9,728 89 5 7.12 -1.56


BankofChina 7 4.27 7,473 78 11 3.23 1.04

BNPParibas 8 3.54 6,192 51 13 2.67 0.87

MorganStanley 9 3.47 6,067 61 9 4.19 -0.72

GoldmanSachs 10 3.43 5,991 51 7 5.07 -1.64


11 3.38 5,905 59 15 2.23 1.15

UBS 12 2.85 4,975 39 8 4.41 -1.56

DBSGroup 13 2.84 4,964 52 16 2.01 0.83

ANZBankingGroup 14 2.53 4,424 44 14 2.29 0.24

CreditSuisse 15 2.53 4,417 37 12 2.70 -0.17

Barclays 16 2.47 4,311 41 10 3.46 -0.99

ChinaConstructionBank 17 2.09 3,655 39 22 0.86 1.23

CIMB 18 1.72 3,007 13 30 0.41 1.31

AgriculturalBankofChinaLtd 19 1.69 2,949 36 23 0.85 0.84

BankofCommunications 20 1.67 2,923 31 24 0.79 0.88

TOTAL 100% 174,821 338 100%

APACex-JapanIssuerG3CurrencyBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 10.67 26,151 175 1 10.03 0.64

Citi 2 10.08 24,708 149 2 9.69 0.39

JPMorgan 3 8.63 21,150 130 3 8.24 0.39

DeutscheBank 4 6.00 14,712 103 5 6.57 -0.57


GoldmanSachs 6 4.55 11,164 73 6 5.41 -0.86


MorganStanley 8 3.67 8,988 74 10 3.96 -0.29

BNPParibas 9 3.46 8,489 64 11 3.04 0.42

UBS 10 3.24 7,935 53 9 4.50 -1.26

BankofChina 11 3.05 7,473 78 14 2.36 0.69

Barclays 12 3.02 7,398 56 8 4.59 -1.57



14 2.41 5,905 59 17 1.63 0.78

CreditSuisse 15 2.25 5,504 43 12 2.93 -0.68

DBSGroup 16 2.09 5,114 53 18 1.47 0.62



CIMB 19 1.23 3,007 13 38 0.30 0.93


TOTAL 100% 245,112 433 100%

Asiaex-JapanBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)


Industrial&CommBankofChina 2 4.53 44,060 268 5 3.60 0.93

BankofChina 3 4.19 40,730 256 3 4.00 0.19



HSBC 6 3.01 29,293 424 2 4.44 -1.43

GuotaiJunanSecuritiesCoLtd 7 2.99 29,050 150 21 1.61 1.38


Citi 9 2.39 23,214 177 7 2.83 -0.44

ChinaDevelopmentBank 10 2.24 21,766 174 4 3.92 -1.68

IndustrialBankCoLtd 11 2.20 21,375 187 13 1.83 0.37

ChinaInternationalCapitalCorp 12 2.17 21,069 71 17 1.71 0.46

ShanghaiPudongDevelopmentGroupFinancial

13 2.16 21,023 204 12 1.96 0.20

ChinaMerchantsBank 14 2.08 20,199 182 29 1.04 1.04


MorganStanley 16 1.80 17,493 119 14 1.83 -0.03

ChinaMerchantsSecurities 17 1.78 17,303 110 41 0.72 1.06

DeutscheBank 18 1.72 16,731 182 9 2.49 -0.77


ChinaCiticBank 20 1.67 16,215 165 22 1.57 0.10

TOTAL 100% 972,485 5,950 100%

APACex-JapanBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)


Industrial&CommBankofChina 2 3.97 44,140 269 6 3.05 0.92

BankofChina 3 3.66 40,761 257 4 3.39 0.27

HSBC 4 3.34 37,190 480 1 4.30 -0.96


Citi 6 3.17 35,289 244 3 3.65 -0.48


GuotaiJunanSecuritiesCoLtd 8 2.61 29,050 150 25 1.37 1.24


JPMorgan 10 2.26 25,177 174 11 2.37 -0.11

DeutscheBank 11 2.13 23,659 226 8 2.90 -0.77

UBS 12 2.10 23,407 132 7 2.92 -0.82

ChinaDevelopmentBank 13 1.96 21,766 174 5 3.33 -1.37

IndustrialBankCoLtd 14 1.92 21,375 187 19 1.55 0.37

ChinaInternationalCapitalCorp 15 1.89 21,069 71 23 1.45 0.44

ShanghaiPudongDevelopmentGroupFinancial

16 1.89 21,023 204 17 1.66 0.23

ANZBankingGroup 17 1.86 20,703 175 10 2.46 -0.60

MorganStanley 18 1.85 20,607 137 13 1.95 -0.10

ChinaMerchantsBank 19 1.81 20,199 182 34 0.88 0.93

GoldmanSachs 20 1.61 17,973 111 14 1.92 -0.31

TOTAL 100% 1,113,066 6,392 100%

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Asiaex-JapanIssuerG3InvestmentGradeBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 12.24 16,424 124 1 11.62 0.62

Citi 2 9.74 13,067 93 2 10.24 -0.50

DeutscheBank 3 6.87 9,220 72 4 7.58 -0.71

JPMorgan 4 6.06 8,132 74 3 8.14 -2.08



BankofChina 7 5.11 6,856 69 8 3.75 1.36

GoldmanSachs 8 4.01 5,380 47 7 5.35 -1.34

MorganStanley 9 3.99 5,350 53 9 3.73 0.26

BNPParibas 10 3.72 4,996 39 12 2.89 0.83


11 3.59 4,815 52 15 2.03 1.56

Barclays 12 2.84 3,805 35 10 3.71 -0.87


UBS 14 2.21 2,959 23 11 3.45 -1.24

CIMB 15 2.18 2,931 11 25 0.54 1.64

DBSGroup 16 2.18 2,920 38 16 1.88 0.30


CreditSuisse 18 1.79 2,400 25 13 2.62 -0.83



TOTAL 100% 134,166 220 100%

Asiaex-JapanIssuerG3CorporateHighYieldBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD



HSBC 2 10.13 1,847 14 3 8.62 1.51

UBS 3 9.48 1,729 14 1 10.45 -0.97

JPMorgan 4 7.52 1,371 14 11 4.51 3.01

DeutscheBank 5 7.27 1,326 10 4 8.10 -0.83

Citi 6 5.66 1,033 8 2 9.85 -4.19

CreditSuisse 7 5.61 1,024 8 10 4.65 0.96

ChinaConstructionBank 8 5.51 1,004 2 - - -

CITICSecuritiesCoLtd 9 4.26 777 6 12 2.73 1.53

BankofCommunications 10 3.65 666 2 - - -

GoldmanSachs 11 3.35 612 4 5 6.98 -3.63

MorganStanley 12 3.09 563 6 8 5.45 -2.36


13 2.62 478 8 6 6.81 -4.19

DBSGroup 14 2.06 375 4 - - -

INGGroep 15 2.02 368 3 23 0.50 1.52

BNPParibas 16 1.82 332 7 16 1.89 -0.07

Barclays 17 1.76 320 4 13 2.70 -0.94

BankofChina 18 1.60 292 5 15 2.00 -0.40

HaitongSecuritiesCoLtd 19 1.34 245 6 19 1.10 0.24

ChinaMerchantsSecurities 20 1.32 240 2 32 0.23 1.09

TOTAL 100% 18,240 40 100%

ASEANLocalCurrencyBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

CIMB 1 14.09 7,820 241 1 12.71 1.38

DBSGroup 2 8.68 4,821 79 4 7.49 1.19

Maybank 3 7.17 3,983 143 2 9.54 -2.37

RHB 4 7.14 3,965 155 7 4.78 2.36

AmInvestmentBankBhd 5 6.34 3,522 64 6 5.10 1.24

HSBC 6 5.98 3,319 105 3 8.46 -2.48

Oversea-ChineseBankingCorp 7 5.52 3,064 45 12 3.32 2.20

KasikornbankPCL 8 4.65 2,579 73 9 4.11 0.54

KrungThaiBank 9 3.95 2,195 77 10 3.69 0.26

BankofAyudhyaPCL 10 3.83 2,127 48 14 2.46 1.37

BangkokBankPCL 11 3.40 1,888 38 13 3.18 0.22

SiamCommercialBankPCL 12 3.31 1,835 48 8 4.53 -1.22


UnitedOverseasBank 14 2.81 1,561 57 11 3.38 -0.57

AsiaPlusSecurities 15 1.44 800 64 28 0.64 0.80

BankofPhilippineIslands 16 1.36 758 12 16 1.65 -0.29

ThanachartCapitalPCL 17 1.33 737 24 17 1.24 0.09

MandiriSekuritasPT 18 1.13 629 45 23 0.78 0.35

IndoPremierSecurities 19 1.01 562 65 22 1.02 -0.01

HongLeongInvestmentBankBhd

20 0.99 550 35 26 0.66 0.33

TOTAL 100% 55,517 885 100%

Australian/NewZealandInternationalBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD

Mln)Deal


JPMorgan 1 14.61 11,576 42 1 9.65 4.96

Citi 2 12.13 9,614 43 2 8.63 3.50

HSBC 3 9.33 7,395 40 4 6.23 3.10

GoldmanSachs 4 6.68 5,289 23 7 5.47 1.21

UBS 5 4.52 3,584 19 6 5.77 -1.25

Barclays 6 4.29 3,403 18 3 7.05 -2.76


DeutscheBank 8 3.89 3,082 15 11 4.22 -0.33

MorganStanley 9 3.69 2,920 13 16 2.80 0.89

NationalAustraliaBankLtd 10 3.61 2,860 14 10 4.35 -0.74

BNPParibas 11 3.45 2,733 16 13 3.85 -0.40



CommonwealthBankAustralia

14 2.81 2,228 12 9 4.47 -1.66

CreditSuisse 15 2.59 2,048 10 8 4.67 -2.08

WestpacBanking 16 2.55 2,022 10 17 2.35 0.20

RBS 17 2.40 1,899 10 14 3.74 -1.34

Nomura 18 1.61 1,275 6 19 1.79 -0.18

Macquarie 19 1.34 1,060 7 18 1.98 -0.64

WellsFargo 20 1.16 923 6 22 1.34 -0.18

TOTAL 100% 79,229 124 100%

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AustralianKangarooBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(AUD

Mln)Deal

CountPrevRank

PrevMktShare(%) MktShareChg(%)

TDSecurities 1 15.27 4,933 58 1 15.20 0.07

DeutscheBank 2 13.07 4,222 56 6 8.93 4.14

Nomura 3 12.85 4,149 46 3 10.49 2.36


CommonwealthBankAustralia

5 7.35 2,375 18 5 8.95 -1.60


JPMorgan 7 5.19 1,678 24 11 3.84 1.35

WestpacBanking 8 4.95 1,600 18 8 4.94 0.01

Citi 9 4.91 1,587 17 10 4.09 0.82

UBS 10 3.96 1,279 12 14 1.96 2.00

NationalAustraliaBankLtd 11 3.89 1,255 16 9 4.89 -1.00

HSBC 12 3.43 1,108 14 7 5.90 -2.47

GoldmanSachs 13 2.74 885 6 13 1.99 0.75

DaiwaSecurities 14 2.03 654 21 12 2.06 -0.03

Natixis 15 0.93 302 3 21 0.23 0.70

Scotiabank 16 0.65 211 3 - - -

EmiratesNBDPJSC 17 0.35 113 1 18 0.25 0.10

MizuhoFinancial 18 0.34 110 4 23 0.09 0.25

StandardCharteredBank 19 0.23 75 1 17 0.47 -0.24

SocieteGenerale 20 0.09 30 1 - - -

TOTAL 100% 32,301 187 100%

KoreanIssuerInternationalBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(USD


Citi 1 11.34 2,990 29 2 8.82 2.52

HSBC 2 9.56 2,519 26 3 8.54 1.02


3 8.39 2,210 26 1 10.07 -1.68

BNPParibas 4 7.02 1,850 16 5 7.94 -0.92

Barclays 5 6.08 1,602 17 6 7.12 -1.04

DeutscheBank 6 5.83 1,536 19 4 8.00 -2.17


JPMorgan 8 5.08 1,340 13 7 6.84 -1.76




GoldmanSachs 12 2.87 758 10 10 3.61 -0.74

Nomura 13 2.73 719 12 19 1.91 0.82

MorganStanley 14 2.70 710 10 18 2.19 0.51

MizuhoFinancial 15 2.19 577 9 15 2.58 -0.39

Commerzbank 16 2.11 556 5 17 2.34 -0.23

CreditSuisse 17 1.95 514 5 16 2.48 -0.53

RBS 18 1.67 441 4 20 1.56 0.11

UBS 19 1.64 433 5 8 4.99 -3.35

TDSecurities 20 1.45 382 5 25 0.36 1.09

TOTAL 100% 26,356 141 100%

SingaporeDollarBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(SGD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

DBSGroup 1 40.48 9,265 74 1 34.86 5.62

Oversea-ChineseBankingCorp 2 22.58 5,168 51 3 12.11 10.47


HSBC 4 5.62 1,285 18 4 10.05 -4.43

UnitedOverseasBank 5 5.10 1,166 18 5 8.64 -3.54

ANZBankingGroup 6 3.59 821 9 6 4.63 -1.04

RHB 7 2.13 488 3 8 2.60 -0.47

CIMB 8 1.80 411 6 7 2.84 -1.04

Maybank 9 1.67 382 6 9 1.92 -0.25

CreditSuisse 10 1.57 360 5 11 1.69 -0.12

Citi 11 1.27 291 4 - - -

UBS 12 1.10 252 4 13 1.19 -0.09

WestpacBanking 13 0.91 208 2 - - -

BNPParibas 14 0.75 172 3 20 0.25 0.50

BankofChina 15 0.75 171 2 - - -


16 0.66 150 2 22 0.14 0.52

DeutscheBank 17 0.50 115 2 15 0.78 -0.28

Barclays 18 0.48 109 2 - - -

BankofAmericaMerrillLynch 19 0.43 98 2 - - -

Natixis 20 0.38 88 2 - - -

TOTAL 100% 22,886 165 100%

JapaneseYenBondsFY2015 FY2014

Firm Rank MktShare(%) Volume(JPYMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MorganStanley 1 20.38 2,596,013 330 3 18.44 1.94

SumitomoMitsuiFinancial 2 17.14 2,183,473 319 2 18.49 -1.35

Nomura 3 15.96 2,033,627 311 4 15.92 0.04

MizuhoFinancial 4 15.64 1,991,969 333 1 19.99 -4.35

DaiwaSecurities 5 15.17 1,933,056 293 5 15.23 -0.06

GoldmanSachs 6 2.14 272,726 20 8 1.11 1.03


Citi 8 1.71 218,224 21 11 0.91 0.80


Natixis 10 1.12 143,260 12 20 0.23 0.89

JPMorgan 11 1.08 137,567 5 15 0.56 0.52

TokaiTokyoSecuritiesCoLtd 12 0.82 104,083 25 10 0.92 -0.10

Barclays 13 0.75 95,495 13 17 0.54 0.21


ShinkinCentralBank 15 0.70 89,125 24 9 1.04 -0.34

HSBC 16 0.68 87,033 6 16 0.55 0.13

CreditSuisse 17 0.59 75,000 26 13 0.71 -0.12

DeutscheBank 18 0.55 69,720 20 12 0.86 -0.31


BNPParibas 20 0.37 47,100 7 14 0.66 -0.29

TOTAL 100% 12,739,932 729 100%

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HongKongDollarBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(HKD

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 21.10 43,402 146 1 33.80 -12.70

BankofChina 2 9.09 18,703 16 3 7.80 1.29



Barclays 5 7.48 15,398 46 4 5.57 1.91

NationalAustraliaBankLtd 6 6.44 13,240 23 6 4.24 2.20

Citi 7 5.44 11,190 32 13 1.86 3.58


Oversea-ChineseBankingCorp

9 5.05 10,385 22 9 2.70 2.35


DBSGroup 11 3.39 6,977 12 12 1.96 1.43


GoldmanSachs 13 2.09 4,290 8 37 0.13 1.96

Scotiabank 14 1.32 2,708 14 15 1.77 -0.45

BNPParibas 15 1.22 2,515 9 5 4.47 -3.25

CommonwealthBankAustralia 16 1.06 2,180 15 25 0.44 0.62


Natixis 18 0.87 1,796 4 16 1.40 -0.53

UBS 19 0.79 1,631 8 30 0.38 0.41


TOTAL 100% 205,725 600 100%

OffshoreCNYBondsFY2015 FY2014

Firm RankMkt

Share(%)Volume(CNY

Mln)Deal

CountPrevRank

PrevMktShare(%)

MktShareChg(%)

HSBC 1 15.07 37,146 148 1 19.47 -4.40


BNPParibas 3 8.01 19,736 61 6 5.49 2.52


BankofChina 5 5.31 13,081 29 5 5.54 -0.23

Citi 6 4.94 12,170 35 18 1.28 3.66

DBSGroup 7 3.63 8,942 39 4 6.00 -2.37

DeutscheBank 8 3.05 7,518 21 9 3.40 -0.35

Barclays 9 2.74 6,747 15 10 3.02 -0.28

Scotiabank 10 2.46 6,074 25 27 0.55 1.91

UBS 11 2.46 6,053 47 12 2.65 -0.19


AgriculturalBankofChinaLtd 13 2.28 5,627 19 11 2.66 -0.38




16 1.92 4,722 13 8 3.70 -1.78


KGISecuritiesCoLtd 18 1.61 3,961 25 34 0.41 1.20

MegaFinancialHoldingCoLtd 19 1.58 3,888 25 40 0.23 1.35

JPMorgan 20 1.25 3,089 12 20 0.97 0.28

TOTAL 100% 246,428 681 100%

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Bloomberg Fixed Income - League Tables Criteria

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.

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, Moody’s 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 Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.

Documents

GLOBAL FIXED INCOME...2 Corporate Bonds FY 2015 FY 2014 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 7.78 147,129 1,021