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GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS
Full Year 2010Full Year 2010
14
1-3
4-6
7-8
11-12
Ranking Criteria Summary
9-10
13
Asia Pacific (Excl. Japan) Syndicated Loans Rankings
Thomson ONE for Investment Banking
ttps://www.thomsonone.com
First Nine Months 2010 | Syndicated Loans | Managing Underwriters
Syndicated Loans ReviewTable of Contents
Global Syndicated Loans Rankings
Americas Syndicated Loans Rankings
EMEA Syndicated Loans Rankings
Japan Syndicated Loans Rankings
Standby/CP Support
Refin/Ret Bank Debt
Glencore International AG9,767.09,745.0
YEAR-OVER-YEAR GROWTH IN EVERY SECTORBorrowing in the energy & power sector totaled US$563.9 billion for full year 2010, accounting for 21% of globalloan activity - an increase of 42% over 2009 levels. Every industry sector saw positive year-over-year growth,with loans in the media and entertainment sector registering a 131% increase over 2009. Energy & power,industrials, financials and materials accounted for 60% of annual syndicated loan volume.
JP MORGAN TOPS GLOBAL RANKING; BANK OF AMERICA MERRILL LYNCH #1 FOR FEESJP Morgan topped the rankings for global bookrunners, by proceeds, with US$245.3 billion from 660transactions. Bank of America Merrill Lynch remained in second place for the year, with over 1,000 bookrunnerassignments, but topped the ranking by imputed fees with US$921.2 billion in fees for 10.6% of the fee pool.
SYNDICATED LENDING FEES UP 38%Fees from global syndicated loans totaled US$8.7 billion for full year 2010, an increase of 38% over full year2009.
Germany
Refin/Ret Bank Debt
20,917.5Acquisition Fin.Primary UOP
United States10,392.311,173.4
Global Deals Intelligence
-1.1220.62.83.1
-0.4 ▼ 2.5110 ▲-2.1
40 19,333.9 0.820,364.3 0.925
-0.2-0.42.2
1.9
2.7
0.00.0
2.2
1.7
17 1.6 0.3
-0.1
11
1.1Morgan Stanley 19Goldman Sachs & Co
3125,565.5 1.118
Societe Generale 13
Credit Suisse
HSBC Holdings PLC13
15 1614
26
TD Securities Inc 20
Commerzbank AGING 21
CIBC World Markets Inc 25
3.93.7
18
State Bank of India
Credit Agricole CIB
14
Barclays Capital 11 912
▲199201
1.8
3.3
▼ 87
61,069.4
50,311.0
24,727.9
36,383.4
43,839.238,281.7
50,367.12.1▲
67
8489
76.8▲
184.6
3.0▲2.27148
1.4 ▲
▼ 517
237228279
▼▼
3.3▲
4.610 8 65,201.8 2.9Sumitomo Mitsui Finl Grp Inc 9 7 71,746.8
305.4
8.5▲240 3.9 137 ▲ 372.3 4.3
-261.9
-1.6▼ 245.53.24.1 ▼ 381 ▲-1.2
0.9 ▲6.2 94
Deutsche Bank AG 8 12 72,611.67 6
0.4551▲4.3 1.56 1092,722.4
240 ▲43
4.4
716
▼3.5 -1.1
-0.5 ▼▲
3.7379.39.0
571 ▲ 318.79.44.6 -0.7 ▼5 5 104,192.697,447.8
Mitsubishi UFJ Financial Group 4 4 105,580.2 ▼
▲Citi 3 3 137,282.3
4.6 -1.1
10.6 2.56.0 -0.5 ▼
10.6358 147 ▲
16.5-1.95.9
921.2336.2
0.7
-0.711.7 25 ▲ 4.1357.5
▲ 10.8
3.9
8.7 -0.5JP Morgan 1 1 245,336.9 282 ▲ 751.410.7 0.92 2 242,629.7
Share %Deals
1006 ▲388
Share %660
Bank of America Merrill Lynch
Mizuho Financial GroupWells Fargo & Co
RBS
RBC Capital Markets
45,000.0
BNP Paribas SA
Global Syndicated Loans Volume
MarketMarket Manager# of MarketMarket Change in 2009 Rank Share %
Full Year 2010
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEWGlobal Syndicated Lending Volume Stands at US$2.7 Trillion , up 49% over 2009 I Largest Quarter for Global Loans since Q2 2008 I JP Morgan Tops Full Year Ranking
# of Deals per Bookrunner2010 Rank Share Ch.Bookrunner Proceeds
Jan 1 - Dec 31
Share Ch.Fees# of Deals
Global Loans - Bookrunners (R1)
MarketImputed Fees (US$m)Proceeds per Bookrunner (US$m)
Jan 1 2010 - Dec 31 2010
▼▲
▲▼
▼▼
▼▼
0.63.82.0170.5
325.8110 ▲▲57
▲
-0.2
166.2
164.3 1.90.1
-0.1▲
0.3
1.2
▲▲
▲
▼1.1
0.5 ▲
-0.2
0.8
30
0.5
-0.21.3
73.3 ▼
260.5
1.91.9
166.8165.3
0.9
11,225.0▲
▼▲
34
13616 20 37,179.0 1.6 0.3
▲▲
▲
▲▲
▲
▲ 143▲
500.3 80
▲▼
0.4 ▲
1.4
2.31.3
-0.5
0.6
1369
66.5109.4
53.9
▲ 50
82 1.3 ▲
▲
0.5▲
https://www.thomsonone.com
0.3
100.08,666.76,344.9
▼
0.20.4
-0.6▲0.1
1.191.4
40.7
▲
1.32.4
391.822
23,978.7 1.117 23,871.8 62
1381
111▼1441.0
0.0
0.9 -0.921 20,472.215 20,781.0
23-0.4
24
Jan 1 2010 - Dec 31 2010
10,000.0
Belgium 13,000.013,491.6
12,005.1
10/12/20104/19/2010
General Electric Capital Corp United States
ItalySanofi-Aventis SA France
5/19/2010
Enel SpA
9/17/2010
BMO Capital MarketsScotiabank-Bank of Nova Scotia ▼0.9 -0.3
0.0 ▲
Anheuser-Busch Inbev Refin/Ret Bank Debt
Acquisition Fin.
Refin/Ret Bank Debt
Refinancing
Standby/CP Support
Refin/Ret Bank Debt
General Corp. Purp.Refin/Ret Bank Debt
RefinancingRefin/Ret Bank Debt
8,500.0 Acquisition Fin.8,600.0 Acquisition Fin.
Refin/Ret Bank DebtRefinancing
Refin/Ret Bank DebtSanofi-Aventis SA 8,838.4Switzerland
FranceUnited States
India
100.0 6,102
11/11/2010
10/29/2010 Daimler AG
Caterpillar Inc7/6/2010
5/10/2010
12/3/2010Bharti Intl(Netherlands)
Germany
1/8/2010
Johnson & Johnson
United States4/16/20107/28/20109/22/2010
Taiwan
Spain
Taiwan High Speed Rail Corp
France
Package Amt (US$m)
3/24/2010
2,290,708.2
Wal-Mart Stores IncAlstom HoldingsTelefonica SA
6/9/2010
BHP Billiton PLC United KingdomBorrower Target Market
Acquisition Fin.15,000.0
Top 20 Global Syndicated Loans
Closing Date
1.9
23 10739
▼
▼49.5% 28.9%
85
▲
Bookrunner Total
Industry % Change from Same Period Last Year ▲
1,731,278.2 ▼75.8 -0.9
1.1
37.5%
94.11.9117
▲
Top Twenty Five Total
17.2% ▲Industry % Change from Last Quarter 33.3% ▲ -9.5%
10/18/2010 E ON AG 8,371.712/6/2010 AT&T Corp United States 8,000.0
11/10/2010 Nestle SA Switzerland 6,888.04/7/2010 Ally Bank United States 7,000.0
9/23/2010 AP Moller AS Denmark 6,750.0
GLOBAL SYNDICATED LENDING UP 50% OVER 2009 Global syndicated lending for full year 2010 reached US$2.7 trillion, representing a 48.6% increase from fullyear 2009. Just over 7,000 transactions closed during 2010, an increase of 29.5% compared to 2009.
BIGGEST QUARTER SINCE SECOND QUARTER 2008During the fourth quarter of 2010, syndicated lending activity totaled US$827.1 billion, the largest three-monthperiod for lending since the second quarter of 2008, when global loan volumes totaled US$833.2 billion.
US BORROWERS ACCOUNT FOR 40% OF ACTIVITYNorth America accounted for 43.7% of global loan volume during full year 2010 as lending in the regionincreased by 81% over the same period last year. Within North America, loan volume for United Statesborrowers totaled US$1.1 trillion, an increase of 88% over full year 2009.
Europe and Asia-Pacific accounted for 30% and 13% of global volumes as lending increased by 34.5% and60.7%, respectively. Japanese fundraising totaled US$252.1 billion during full year 2010, an increase of just1 2%
$0
$1
$2
$3
$4
$5
$6
2004 2005 2006 2007 2008 2009 2010
Pro
ceed
s (U
S$t
)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
# of
Issu
es
Q4 Volume (US$t)
Q3 Volume (US$t)
Q2 Volume (US$t)
Q1 Volume (US$t)
# of Issues
# of Market Change in
54.3
% Chge in Proceeds
▲
46
105,127.5
89,691.2104,172.7
119
189▼
▲▼
-57.6
174.3431.8
▼▼
-
▲
▲▲
26
915
2-
825
▲
▼
▲
48.6
-
-7.5
84.376.0
88.0
44.1
▲
▲
104.7
130.435.134.5
▼
▲
▼
▲
37,598.1
5,4461,935
579,192.0
694,403.9
1.41.4
2201925,488.1
71,322.5
14882,841.8
24,790.1 15
6733,620.9
28,155.0
201.219
16 18
Scotiabank-Bank of Nova Scotia 21
Proceeds (US$m) # of Issues
650,514.5
327.0
-60.1
1/1/2010 - 12/31/2010
-40.7
-608,474.9
▲
1.4
15,020.9
563,907.0
18,074.2
▲
-47.8
27.050.2
▲
▲
▲
▲-13.4
126.4
▲
▲▲
25.8
▼3.6
77.5
▲
▲-18.2
15.3
-10.1
5.5
123.1
-27.7
-25.8
60.7
129.368.1
24.1
▲
-
-
▼
▲
▲
37.7▲▲
104.6▲▲
▼
-29.0 ▼▲
▲151.9▲
-19.9
▲▲
553.1
▲-
66.7
1.8
1,662
9
-
114
1.246.1
205.9
124.1
80.2
34
139
11
94
842
11
4
9
144
4
1920
78
129
39
▲42.2
68.1
▲1.7
▲
190.4
68.8▲
30.8
2095863
7419
23,911.0
5435,180.333,998.9
15,312.1
21,033.114,680.0
21
9,828.3
1,648.82,046.3
44,567.8
10
34
13,594.05,253.4
19,017.69023
11
31
6
▲
8,170.6 40
5,891.1 ▲
150
1,704.3
▲
409
13,258.3
48
285
-
221,349.8391.1
3,365.1
16,526.2
49,372.650,371.210,614.9
34,542.2
79,384.7
187
39
28,197.3
22,068.018,421.7
2,941.3
46,414.057,051.7
1,332.6
3,825.5
581
240
8,608.4
194
8,306.7
65,998.1
133,460.0
Hong Kong
74,606.5
3314
▲▲
139
64
Japan 252,115.748
2.5
US BancorpGoldman Sachs & Co
Mexico
1,648
▲
1.82.0
21
2,9811,868
1/1/2009 - 12/31/2009
20.9%
2,718,695.0
Global
Scorecard: Global Syndicated Loans
5423
967
1
25
95
195140110
22
1,090
Share %
33.728.2
1,222,330.3
1.5
Turkey 14,417.9
12.818.8
9.3
-1.0
7
-11.112.3
Spain 94,535.3
Peru
34.3
18,388.6
70,143.01,480.0Hungary
Middle East
Poland
45,527.5Africa/Middle East/Central Asia
3,735.8
Share Ch.Region/Nation
124.2▼-0.3
Manager
▲
Southeast Asia
United Arab Emirates
Russian Federation
North Africa
United Kingdom
34,667.6Sweden
Brazil1,395.07,844.3
Caribbean
-0.5
▼
Central Asia
North Asia
New Zealand
South Korea
Australasia
Malaysia
IndonesiaPhilippines
Taiwan
1274 18.2 Proceeds (US$m)
29.5%
North America14.7
South America
▼
1,089,006.9
11.9
7,716.8Egypt
Angola
Sub-Saharan Africa
3,819.9
Asia-Pacific (ex Central Asia)
3,732.1
2,500.0
▲183.7
# of Deals939.2488 ▲Fees
385.9
▼3.8 0.4
110,052.8
1.1
8
39
508.6 3
3.4
0.1 ▲2.52.9
-0.2
115
0.0
9,891.1
584.8
▼
▲3.7
8.610.1
10.7
23
333
1711.6 374
▼
▲
▲3.9
10351,199,059.7
2,581
1.910,720.3
606
▲3.3
41312▼ 70990,407.2 ▲6
▼
1427.8
389.3
▲
783.4
12.4
161206
114
India
Australia
22,751.1
8,997.5
Vietnam
2,554.2
Leading Underwriters During the Fourth Quarter 2010
Current Qtr Market Share
(%)
▼3.4▼ 727 10.4
-0.7
89,429.8South Asia
Thailand
▲
▼
▲
Saudi Arabia
▲
South Africa
▲
-0.5 ▼
▲
20.920.7
3.2
-0.22.3
151.3 1.592 2.6
1.0
▲-0.4
7.7836
817754
7.4
10.6
25.4
278.563
4.6
18.9
4.812.6
Bank of China Ltd
0.69
Credit Suisse
HSBC Holdings PLC
RBS
821.8
7.4
77,387.9 432
▲
Barclays Capital 11
Sumitomo Mitsui Finl Grp Inc
18
9
41,723.8
14 14
State Bank of India 15
▲
1,739.1
Deutsche Bank AG 10
▲64,111.7
▲JP Morgan 2
▼
0.5 ▲
ING
5.9
238▲ 380.2
3.9
9.6
Societe Generale
181.5128 ▲0.3
▲ 371.4
Australian Loans (S7)
Sumitomo Mitsui Finl Grp IncSumitomo Mitsui Finl Grp IncANZ Banking Group
Japan Loans (S12a)Japan Loans (S12b)
Santander
13 13
RBC Capital Markets 17
16
22
Bank of America Merrill Lynch 1
-1.1
1.5
123,846.0Mitsubishi UFJ Financial Group
1 208,110.0
81,018.2 3.0
4.6
3.5 0.9
4.2 -0.6
-1.5
356
24 36
82.8
1.2101.0
33.9 ▲3.6
23
0.426,592.4
-0.5 277
▲26,804.8 1.0
252
1.0
▲
Central America
▲
-0.2
0.3
▲
18,463.6
393.7
BBVA
1.0
28,336.422 25
17
15398
21 ▼1.0
▲1.0 0.1 ▲Natixis
Canada
1,829,917.8
Full Year 2010 | Syndicated Loans | Managing Underwriters
# of Issues7,021
▼
United States of America
Americas2,913
▼
▼
10,811.1
▲▲
87 90.8 0.999.2
33
▲
1.2
0.1
EMEA Leveraged Loans (P10)
25
▲
US Investment Grade Loans (R11b)Bank of America Merrill LynchJP Morgan
0.3156
Morgan Stanley
2,718,695.0
48.6%
27 28,017.8
39
Asia-Pacific ex. Japan ex. Australia (S5c)
1.7
17.3
State Bank of IndiaAsia-Pacific ex. Japan ex. Australia (S5b)
Latin America Loans (R16)EMEA Loans (R17)
12Bank of America Merrill Lynch
Industry % Change from Same Period Last Year
▲▲44.9
0.7▲4.6322Top Twenty Five Total
Industry % Change from Last Quarter -9.7%
Latin America Loans (R15) Citi
Bank of America Merrill LynchBank of America Merrill Lynch
North American Loans (R9)Americas Loans (R7) Bank of America Merrill Lynch
1.2 ▲
▼0.4
0.1 ▲
2.3 0.1
3.5
▲
-1.1
Global9.3 9.3
-1.6237 ▲
275.3
206 357.0▲
▲
Mkt. Share Chg. from Last
Qtr (%)
▲
168.4
1.0-0.9
72.9
2.72.8
▲ 167.7 0.5
▼-1.9
3.8
-1.1
18.7 1.9
0.3
▲6.9%
10.7
▲
4,525.28,666.7
Market SectorGlobal Loans (R1)
No. 1 ManagerJP Morgan
68.1 -0.87,021100.0
▲
4.2100.0
42.7%
1603
3
Industry Total▼1,842,973.2
73
5 113,439.3Citi 123,110.74 4.5
2
▼▲ 342.7
521▼
-0.1
178,293.9 6.6 0.6
RBS 8 8 92,867.4Wells Fargo & Co
-0.9110,149.2 4.194,485.9
BNP Paribas SA7 11
Mizuho Financial Group 56 4
55,981.2 ▼-0.10.02.4
2.10.3
5.7
▼ 494516 ▲
Credit Agricole CIB 12 10 67,142.9
-0.1
6.2
1.8▲
7.0 100
233.5
230.8230
▲
▲▲▲ 203
5.3▲ 374
▼
202.9
17643,025.4
37,535.2
31,211.9
1.5
3.4
-0.2
Proceeds per Mandated Arranger US$m)Market2010
Rank2009 Rank
MarketMandated Arrangers Share Ch.
JamaicaEurope
Italy
▲
▲2420.0 240
1.6
88▼ 95▲ 3.4
-0.3
761,721.9
France 129,225.396,335.6
Western Europe
241 3.423
▲▲
▼
181
20
Belgium
262.3
▲1.8 0.50.8
142129
2.0
56,586.5Eastern EuropeNorway
▲76▲1.7
Jan 1 2010 - Dec 31 2010
Deals
Global Loans - Mandated Arrangers (R3)
# of Deals per MA Imputed Fees (US$m)Market Market
Share %Proceeds Share %
818,308.3
190,884.6
Germany
Netherlands
Luxembourg 18,214.8
Uganda
48,954.9Switzerland
35,813.939,204.8
14,758.0
32,098.0
16,369.37,716.8
14,344.5
1
2.1
▲
29
42
48123
714
1237,961.2
9754
56,536.3
▲
▲▲
68.8
126.68.7
1
141421
25
16
6,066.4
4,589.92322,050.4
14
355,797.7
2,500.0 1,500.0
1,2024
81China 23,075.6 105
10,995.1
29055,581.841,103.4 103
11,108.4
88,960.558,301.4
Singapore
▲ 229
31
1,653 249,153.1
https://www.thomsonone.com
2,726.9 12
▲
▲
US Loans (R11)
BNP Paribas SA
US Leveraged Loans (R11a)
Full Year 2010 | Syndicated Loans | Managing Underwriters
Global Loans Ranking - A Decade in Review
https://www.thomsonone.com
0
1
2
3
4
5
6
7
8
9
10
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Ran
k
JP Morgan
Bank of America Merrill Lynch
Citi
Mitsubishi UFJ Financial Group
Mizuho Financial Group
Wells Fargo & Co
BNP Paribas SA
Deutsche Bank AG
Sumitomo Mitsui Finl Grp Inc
RBS
*League Table positions reflect consolidation within the banking sector
10/25/2010
Primary UOPStandby/CP Support
Package Amt (US$m)20,917.5
Lending in the Americas dwarfed 2009 totals, up 76% with total proceeds reaching US$1.22 trillion. Proceeds in thefourth quarter outpaced third quarter totals by 35.6% on 2,981 transactions.
High Yield lending in the Americas rebounded after a down year in 2009, reaching US$470.7 billion on 1,379 dealsin 2010. The 77.7% increase in proceeds was nearly identical to the rise in the overall market.
Refinancings powered the syndicated loans market in 2010, with proceeds totaling US$423.71 billion. Refinancingsaccounted for 34.7% of all 2010 proceeds.
Lending in Latin America lagged 2009 totals, down 48% with total proceeds of US$22.66 billion. Average deal sizedropped to US$354.05 million, which was the primary reason for the large difference compared to 2009 given onlyone fewer facility closed in 2010.
United StatesTarget Market
5/19/2010Closing Date
Caterpillar IncJohnson & JohnsonWal-Mart Stores Inc
General Corp. Purp.
United States
6/9/20109/22/2010
11,225.0
8,600.0
Refin/Ret Bank DebtAcquisition Fin.
5/17/2010
6,449.0
United States
Refin/Ret Bank Debt
6,724.0
United States
Ally Bank
Market
Refin/Ret Bank Debt
Acquisition Fin.
6,537.06,500.0
Imputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per BookrunnerManager
Goldman Sachs & Co 15 11 19,464.7
MarketBookrunner Proceeds Share%
Full Year 2010 | Syndicated Loans | Managing Underwriters
AmericasOverall Proceeds Reach US$1.22 Trillion | US High Yield Volume Rebounds | Refinancings Drive Market
Americas Loans - Bookrunners (R7) Jan 1 2010 - Dec 31 2010Americas Deals Intelligence
Share Ch.2010 Rank
2009 Rank
Market MarketDeals Share% # of Deals
# of Market Change in Fees Share% Share Ch.
Bank of America Merrill Lynch 1 2 227,960.3 18.7 0.7 ▲ -1.9 ▼941 31.8 340 ▲ 884.1 16.7JP Morgan 2 1 220,067.9 18.1 -2.0 20.2 258▼ 598 12.8 -2.9▲ 676.1 ▼Citi 3 3 106,443.2 8.8 -2.3 ▼ -3.7 ▼237 8.0 98 ▲Wells Fargo & Co 4 4 96,805.7 8.0 1.6
265.2 5.018.3 233 ▲ 377.0▲ 541 7.1 -0.5 ▼
Deutsche Bank AG 5 14 44,238.7 3.6 2.0 ▲ 2.9 ▲131 4.4 81 ▲ 271.7 5.1Barclays Capital 6 6 39,695.8 3.3 -0.3 4.7 81▼ 139 4.8 1.0▲ 256.2 ▲BNP Paribas SA 7 5 37,917.9 3.1 -1.3 ▼ -1.0 ▼128 4.3 45 ▲RBC Capital Markets 8 7 34,742.4 2.9 0.0
135.3 2.64.6 67 ▲ 155.9▲ 135 2.9 0.4 ▲
Credit Suisse 9 15 31,713.0 2.6 1.1 ▲ 2.0 ▲106 3.6 60 ▲ 236.1 4.5RBS 10 13 26,153.5 2.2 0.5 3.9 63▲ 116 2.1 -0.9▲ 112.4 ▼TD Securities Inc 11 9 23,978.7 2.0 -0.2 ▼ 0.0 -Mitsubishi UFJ Financial Group 12 23 22,870.2
81 2.7
-0.3 ▼1.9 1.0 ▲ 92
52.6 1.03.1 41 ▲ 93.2
16 ▲1.8
0.0 -115 3.90.6
Scotiabank-Bank of Nova Scotia 14 8 19,822.2 3.2 33 ▲ 85.01.6
▲BMO Capital Markets 13 10 20,241.8 1.7 39 ▲ 93.4 1.8
1.1 0.1-0.2▲
▲ 57.5
-1.1 ▼ 96▼126.8 2.4
1.6 0.3 ▲▼ 56 1.9 29
PNC Financial Services Group 16 12 19,292.01.6 -0.2
0.0 -1.6 -0.1 6.6 33▼ 195 ▲1.6
Morgan Stanley 18 19 18,974.0CIBC World Markets Inc 17 21 19,267.2 84 2.8
1.6 0.3 ▲ 590.5 ▲ 40.4 0.8
2.0 37 ▲ 144.1 2.749 ▲
1.7 ▲General Electric Co 19 17 16,001.0 1.3 0.0 ▲ -0.1 ▼168 5.7 89 ▲ 137.6 2.6SunTrust Banks 20 24 15,968.1 1.3 0.5 4.3 76▲ 126 1.1▲ 104.7 ▲2.0
0.2 ▲ 74.1US Bancorp 21 20 15,680.718 11,690.2
0.21.0 -0.3 ▼ 36 1.5 0.41.3 ▲143 4.8 72 ▲ 1.4
1.2 12 ▲ 80.0 ▲UBS 23 16 10,777.8 0.9 -0.6 ▼ -0.6 ▼65 2.2 49 ▲ 85.4 1.6
▲ 49.41.7 19 0.928 9,159.825 26 8,877.8
-0.1
0.8 0.2 ▲ 51▲
0.00.9
1,117,804.623 ▲0.7 0.1 ▲
92.2 0.0 ▼ 4,640.674 2.5 46.4
5,294.2-1.0 ▼
2,95987.7
100.0100.0
▲PPL Corp Acquisition Fin.United StatesUnited StatesUnited States
▲61.6%
1048
General Electric Capital Corp
80.3%
Top Twenty Five Total
HSBC Holdings PLC 22
24Standby/CP SupportRefin/Ret Bank Debt
KeyBanc Capital Markets Inc
3/31/20104/7/201012/6/2010
Credit Agricole CIB12/3/2010United StatesUnited States
8,000.07,000.0
AT&T Corp
https://www.thomsonone.com
▲Industry % Change over Same Period Last Year ▲ 54.8%
1,216,459.3Bookrunner Total
17.7%22.9% ▲Industry % Change over Last Quarter 36.1% ▲United States
US High Yield Volume Jan 1 - Dec 31
Top Americas Syndicated Loans Jan 1 2010 - Dec 31 2010
Americas Loans by Industry Jan 1 - Dec 31
10,000.0
Univision Communications Inc
Depository Trust CoAir Products & Chemicals Inc
6/9/2010
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$40
$80
$120
$160
$200
$240
$280
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(US$
b)
January 1, 2009 -December 31, 2009
January 1, 2010 - December 31, 2010
$0
$200
$400
$600
$800
$1,000
$1,200
2005 2006 2007 2008 2009 2010
Pro
ceed
s (U
S$b
)
0
500
1,000
1,500
2,000
2,500
# of
Issu
es
Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of Issues
7.2 ▲817.0 131
https://www.thomsonone.com
▲ 72.9BMO Capital Markets 14 10 24,981.8 2.0 -0.5 ▼ 214
10.8 157
2332.3 -0.4 ▼ 196
3220.6 ▲
29,300.26.6 83 ▲
2.4 0.4 112 ▲
--0.3 ▼
▲
Scotiabank-Bank of Nova Scotia 12 8 27,966.2US Bancorp 13 18 26,592.4 2.2
0.00.2
▲1.7
▲
Mitsubishi UFJ Financial Group
BNP Paribas SA 8 5
RBC Capital Markets 10 911 14
Credit Suisse2.7 ▲0.2
0.6 ▲
309
7.2
236142 4.8
113 ▲▲
▼
▲
-1.7▲
▲
2.00.6 ▲0.6
2167.8▲
376.3
3.7 -0.2 ▼ 220
265.2
▲▲
▲
▼Barclays Capital 7 7 44,617.8
Citi -1.3 ▼4 7.591,698.8▲
▼33,839.3 2.8
3.1
RBS11 46,510.0 ▲ 2093.8 1.5
3.7 -0.3 2.1
311 10.4 125 ▲2.9 ▲271.2
4.8-1.32.6
86.8
93.3 1.8
235.9
1.4
3.0156.6
1.6
▼
-
1177.4148
▲256.4
75
9.1
7.9 101
112.9
138.24.5
1.896.1
2.7
26.6 363 ▲Wells Fargo & Co 3 4 92,957.6 7.6 0.9
1.1 ▲
0.4
▲
794
7.0 130-3.8
12.3 -0.1 ▼ 719JP Morgan 2 2 150,549.0
6 6 45,665.7
3Deutsche Bank AG 5
33,074.3
37,820.09 12
24.1
3.2 50
▲Bank of America Merrill Lynch 1 1 187,232.4 15.3 0.4 -1.5 ▼16.71134 38.1 404 883.6▲▼
-0.3 ▼12.8 -2.5
▼
7.15.05.1
676.1
272
Share% 2009 Rank Share% Share Ch.
Proceeds per Bookrunner (US$m) # of Deals per BookrunnerMarket
Mandated Arranger Proceeds2010 Rank
# of MarketShare% Fees
# of Deals per MA Imputed Fees (US$m)
Deals
Jan 1 2010 - Dec 31 2010Jan 1 2010 - Dec 31 2010
Imputed Fees (US$m)
North America Loans - Bookrunners (R9)
Americas
Americas Loans - Mandated Arrangers (R8c)
▲
Change in Manager Market Market# of DealsShare% Share Ch.
Full Year 2010 | Syndicated Loans | Managing Underwriters
2.0 1.1
Proceeds per Mandated Arranger (US$m)Market Market
SunTrust Banks 15 27 21,268.2Morgan Stanley 16 15 20,828.9
▲ 104.71.7 0.9 ▲ 210144.11.7 -0.1 ▼ 95 ▲
CIBC World Markets Inc 17 26 19,711.0 1.6 0.6 ▲ 0.041.6 0.84.1 68 ▲1.5 -0.5 ▼ 115 3.9 62 1.0
121▲ 53.8HSBC Holdings PLC 18 13 18,617.0
1.5 -0.1 ▼ 0.1266 8.9 71 ▲PNC Financial Services Group 19 19 18,273.5133TD Securities Inc 20 17 17,999.3
57.5 1.14.5 43 ▲ 52.5
1.4 0.0 -1.5 -0.1 ▼
Goldman Sachs & Co 21 20 17,562.7▲
1.0 0.0 -
3.7 52.4▼78 2.6 45 ▲ 126.8 2.4
41
1.0
0.1 ▲ 110General Electric Co 23 22 15,385.6UBS 24 21 12,610.9
Credit Agricole CIB 22 23 17,048.5 1.4 --
1.0 0.01.3 221 137.6 2.6▲1160.0
3.2 58-0.4 ▼ 967.4▲
▼ 941.6 -0.6▲ 85.4
Societe Generale 25 25 10,112.7Top Twenty Five Total 1,062,223.8 87.3
28 ▲86.8 0.2 ▲0.8 -0.3
Industry % Change over Same Period Last Year 76.0%
100.0
▲
Industry Total 1,222,330.3
54.4% ▲
1051 5,299.7 100.0
▲ 58.4%
2009 Rank
2,981
3.2 43.3 0.84,621.2
Market# ofFeesDeals Share Ch.
Market
0.0 -
0.0
JP Morgan
Wells Fargo & Co
Bookrunner Proceeds2010 Rank Share%
▲596219,878.9
▼-0.9
▼
-0.2
-1.1
2 1 20.5 25718.4 -2.5 ▼
4 4 96,725.0
Barclays Capital 6 5 39,445.8
▲
Change in ManagerShare%Market
# of DealsMarket
Share Ch.Bank of America Merrill Lynch 1 2 226,186.6 18.9 0.3 ▼-2.2931 881.4 16.9352.5 334 ▲
12.9 -3.3 ▼675.6Citi 3 3 104,060.5 8.7 -2.6 ▼ -3.9 ▼222 7.6 92 ▲ 257.2 4.9
▲ 538 7.2 -0.6376.879 ▲
18.5 230 ▲ ▼128Deutsche Bank AG 5 13 43,929.7 271.0 5.2
8.1 1.5
▼ 1383.7 2.1 ▲3.3 -0.5 4.9
4.41.0 ▲4.8 81 ▲ 255.92.9 ▲
3.1 -0.4 ▼ -1.0BNP Paribas SA 7 6 36,489.6 ▼117 4.0 47 ▲ 132.1 2.5RBC Capital Markets 8 7 34,700.8 2.9 -0.1 4.6 66▼ 134 0.4▲ 155.7 ▲3.0Credit Suisse 9 15 31,713.0 2.7 1.2 ▲ 1.9 ▲106 3.6 62 ▲RBS 10 14 25,722.9 2.2 0.6
236.0 4.53.9 62 ▲ 111.7▲ 112 2.1 -0.9 ▼
TD Securities Inc 11 9 23,978.7 2.0 -0.3 ▼ 0.0 -81 2.8 16 ▲ 52.6 1.0Mitsubishi UFJ Financial Group 12 23 21,663.8 1.8 0.9 3.1 44▲ 89 1.7 0.5▲ 91.0 ▲BMO Capital Markets 13 10 20,241.8 1.7 -0.3 ▼ 0.0 -115 4.0 39 ▲Scotiabank-Bank of Nova Scotia 14 8 19,772.2 1.7 -1.1
93.4 1.83.3 33 ▲ 84.3▼ 95 1.6 0.3 ▲
Goldman Sachs & Co 15 11 19,464.7 1.6 -0.2 ▼ -0.3 ▼56 1.9 29 ▲ 126.7 2.4PNC Financial Services Group 16 12 19,292.0 1.6 -0.2 6.7 33▼ 195 1.1 0.1▲ 57.5 ▲CIBC World Markets Inc 17 20 19,267.2 1.6 0.5 ▲ -0.1 ▼84 2.9 49 ▲Morgan Stanley 18 18 18,974.0 1.6 0.2
40.4 0.82.0 37 ▲ 144.1▲ 59 2.8 1.7 ▲
General Electric Co 19 17 16,001.0 1.3 -0.1 ▼ -0.1 ▼168 5.8 89 ▲ 137.6 2.6SunTrust Banks 20 24 15,968.1 1.3 0.5 4.3 76▲ 126 2.0 1.1▲ 104.7 ▲US Bancorp 21 19 15,680.7 1.3 0.2 ▲ 0.2 ▲143 4.9 72 ▲UBS 22 16 10,777.8 0.9 -0.6
74.1 1.42.2 49 ▲ 85.4▼ 65 1.6 -0.7 ▼
HSBC Holdings PLC 23 22 10,582.0 0.9 -0.1 ▼ 0.6 ▲26 0.9 11 ▲ 76.4 1.5KeyBanc Capital Markets Inc 24 25 8,877.8 0.7 0.0 2.5 23▲ 74 0.9 0.1▲ 46.4 ▲Credit Agricole CIB 25 27 7,895.0 0.7 0.2 ▲ 0.1 ▲42 1.4 21 ▲Top Twenty Five Total 1,107,289.6 92.7 -0.8
45.9 0.94,613.9▼ 88.2 -2.2 ▼
Bookrunner Total 1,196,527.6 100.0 2,905 1044 5,225.5 100.0
▲ 23.4% ▲ 17.2%Industry % Change over Same Period Last Year 84.4% ▲ 56.1% 64.5%
▲
Jan 1 2010 - Dec 31 2010
▲▲
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Industry % Change over Last Quarter 35.4%▲ 20.1% ▲
US Loans - Bookrunners (R11) Jan 1 2010 - Dec 31 2010
▲ 22.4%Industry % Change over Last Quarter 35.6%
Market Market2010 Rank
2009 RankBookrunner Proceeds
Market Market # of Market Change in Manager
17.9 -2.5▲ 878.6Share% Share Ch.# of Deals FeesShare% Share Ch. Deals Share%
Bank of America Merrill Lynch 1 2 225,349.1 20.7 0.1 36.0 337▲ 926 ▼JP Morgan 2 1 218,240.3 20.1 -3.1 ▼ -3.5 ▼588 22.8 252 ▲Citi 3 3 103,046.7 9.5 -2.8
669.2 13.68.4 92 ▲ 253.9▼ 217 5.2 -3.8 ▼
Wells Fargo & Co 4 4 95,872.9 8.8 1.4 ▲ -0.8 ▼534 20.7 229 ▲ 372.4 7.6Deutsche Bank AG 5 9 43,745.2 4.0 2.2 4.9 78▲ 125 5.5 3.0▲ 269.7 ▲Barclays Capital 6 5 39,245.8 3.6 -0.5 ▼ 1.1 ▲137 5.3 83 ▲BNP Paribas SA 7 6 36,113.6 3.3 -0.6
254.3 5.24.4 45 ▲ 129.6▼ 114 2.6 -1.2 ▼
Credit Suisse 8 13 31,233.0 2.9 1.3 ▲ 2.2 ▲103 4.0 63 ▲ 233.6 4.8RBS 9 10 25,438.7 2.3 0.6 4.3 61▲ 110 2.2 -1.0▲ 110.3 ▼Mitsubishi UFJ Financial Group 10 18 21,044.3 1.9 1.0 ▲ 0.5 ▲84 3.3 44 ▲Goldman Sachs & Co 11 7 19,280.5 1.8 -0.3
84.5 1.72.1 27 ▲ 126.1▼ 54 2.6 -0.4 ▼
PNC Financial Services Group 12 8 19,256.5 1.8 -0.2 ▼ 0.1 ▲194 7.5 32 ▲ 57.4 1.2Morgan Stanley 13 12 18,554.7 1.7 0.1 2.2 34▲ 56 2.9 1.7▲ 140.7 ▲SunTrust Banks 14 20 15,968.1 1.5 0.6 ▲ 1.1 ▲126 4.9 76 ▲General Electric Co 15 14 15,763.2 1.5 0.1
104.7 2.16.4 91 ▲ 135.6▲ 166 2.8 0.1 ▲
US Bancorp 16 15 15,680.7 1.4 0.1 ▲ 0.2 ▲143 5.6 72 ▲ 74.1 1.5UBS 17 11 10,535.3 1.0 -0.7 2.4 47▼ 62 1.7 -0.7▲ 84.5 ▼RBC Capital Markets 18 19 10,125.9 0.9 0.0 ▲ 0.9 ▲57 2.2 29 ▲BMO Capital Markets 19 23 9,496.3 0.9 0.2
96.5 2.02.6 33 ▲ 67.7▲ 67 1.4 0.5 ▲
HSBC Holdings PLC 20 17 9,471.8 0.9 -0.2 ▼ 0.5 ▲20 0.8 7 ▲ 66.1 1.4KeyBanc Capital Markets Inc 21 22 8,842.3 0.8 0.0 2.8 22▲ 73 0.9 0.0▲ 46.2 -Credit Agricole CIB 22 25 7,683.4 0.7 0.1 ▲ 0.1 ▲39 1.5 20 ▲Rabobank NV 23 26 6,461.4 0.6 0.1
43.4 0.91.2 22 ▲ 34.2▲ 32 0.7 0.1 ▲
Societe Generale 24 24 6,376.2 0.6 0.0 ▲▲ 46.2
-35 1.4 12 ▲ 36.3 0.71.2▼
93.7Scotiabank-Bank of Nova Scotia 25 21 5,522.8
▼0.9 0.4 ▲
-1.414
Top Twenty Five Total 1,018,348.731
-0.8 ▼0.5 -0.3
4,415.8 90.04,913.6Bookrunner Total 1,086,851.2 100.0 2,574 933
Industry % Change over Last Quarter 37.2% ▲ 23.8%Industry % Change over Same Period Last Year 88.2% ▲ 56.9% ▲ 69.5% ▲
▲
US Leveraged Loans - Bookrunners (R11a)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
493 35.8 80
100.0
0.0
2010 Rank
2009 Rank Proceeds
Market MarketShare% Share Ch.
Manager Market# of Deals
Imputed Fees (US$m)Market
Fees Share% Share Ch.# of Market Change in
Bank of America Merrill Lynch 1 1 98,335.8Deals Share%Bookrunner
▼75
17.9 -4.7-1.7 ▼12.0▲ 461.6
20.9 -0.7 ▲ 690.3▼15.0 -1.2
19.5▼ 276JP Morgan 2 2 70,357.1
▼Wells Fargo & Co 3 3 38,689.9 ▲ 275.8278.2 -3.3 7.2 -2.920.0
▼ 269Deutsche Bank AG 4 9 33,208.4 7.1 4.4 ▲ ▲95 6.9 58 ▲ 247.4 6.4 3.7Credit Suisse 5 10 25,709.2 5.5 3.3 6.4 54▲ 88 5.7 3.6▲ 219.6 ▲Barclays Capital 6 6 22,525.5 4.8 1.1 ▲ 2.1 ▲96 7.0 59 ▲Citi 7 4 21,364.7 4.5 -2.8
221.8 5.86.4 29 ▲ 156.5▼ 88 4.1 -3.0 ▼
General Electric Co 8 8 14,363.7 3.1 0.1 ▲ -0.2 ▼158 11.5 84 ▲ 132.8 3.4BNP Paribas SA 9 5 14,160.1 3.0 -2.2 3.8 5▼ 52 2.5 -1.3▲ 96.7 ▼Goldman Sachs & Co 10 12 12,239.9 2.6 0.6 ▲ -0.2 ▼44 3.2 22 ▲Morgan Stanley 11 15 11,588.1 2.5 1.2
101.6 2.63.2 26 ▲ 114.7▲ 44 3.0 1.8 ▲
RBC Capital Markets 12 13 9,189.7 2.0 0.6 ▲ 1.2 ▲50 3.6 28 ▲ 93.9 2.4UBS 13 7 9,128.6 1.9 -1.4 4.1 44▼ 56 2.1 -0.7▲ 81.0 ▼Mitsubishi UFJ Financial Group 14 28 8,916.1 1.9 1.3 ▲ 0.4 ▲20 1.5 2 ▲SunTrust Banks 15 16 8,733.9 1.9 0.7
49.2 1.35.3 42 ▲ 91.2▲ 73 2.4 1.2 ▲
RBS 16 11 6,997.0 1.5 -0.6 ▼ -1.5 ▼42 3.0 11 ▲ 66.6 1.7HSBC Holdings PLC 17 23 5,675.9 1.2 0.5 0.7 1▲ 10 1.5 1.0▲ 56.1 ▲BMO Capital Markets 18 18 5,604.9 1.2 0.2 ▲ 0.6 ▲44 3.2 18 ▲KeyBanc Capital Markets Inc 19 17 5,436.8 1.2 0.0
60.7 1.63.6 10 ▲ 40.8▲ 50 1.1 0.0 -
US Bancorp 20 14 4,267.2 0.9 -0.4 ▼ -0.1 ▼61 4.4 19 ▲ 49.6 1.3PNC Financial Services Group 21 20 3,818.0 0.8 -0.1 2.0 4▼ 27 0.8 0.0▲ 30.6 -Jefferies & Co Inc 22 34 3,077.7 0.7 0.5 ▲ 0.7 ▲26 1.9 17 ▲Societe Generale 23 25 2,836.5 0.6 0.0
35.7 0.91.4 4 ▲ 28.6- 19 0.7 -0.1 ▼
Credit Agricole CIB 24 26 2,330.7 0.5 -0.1 ▼ -0.1 ▼14 1.0 3 ▲ 29.6 0.8Scotiabank-Bank of Nova Scotia 25 30 2,023.8 0.4 0.0 0.8 5▲ 11 0.8 0.4▲ 31.8 ▲Top Twenty Five Total 440,579.2 93.9 1.7 ▲ 0.2 ▲Bookrunner Total 470,720.6 1,379
▲
100.03,464.2 90.0
326 3,856.5
19.4%
100.0
Industry % Change over Same Period Last Year 77.7% ▲ 31.0% ▲ 79.9%▲ 17.1% ▲Industry % Change over Last Quarter 32.4% ▲ 27.3%▲
*tie
*tie
▲1.83.6▲
0.2 ▲
Bancolombia SA0.7 ▲
1.21.2 0.5 12.11.3
▲
1.30.7
-2.1
▲▲
▲
0.7
1.413.2
6
14 1215 -
RBS0.2 2.2
2.6▼ Standard Chartered PLC13 8
Societe Generale
▼
Share Ch.
▲ 113
1.1
11 1.1▲
▲ 223,821.0 0.7 0.7 ▲ 7.25.6 2 ▲ 5.0 7.2
2.3455.0 2.3 2.3
17 430.616
17 ▲ 6.7▲
BMO Capital Markets 17 21 3,791.4 0.7 0.2Rabobank NV 16 -
▲3▲17 1.7 17 ▲ 38*7.2 0.7
2.43.2 19 ▲ 9.3 ▲ Grupo Financiero Inbursa SA ▲3 1.0 1.05.6 3 ▲ .7▼
PNC Financial Services Group 15 19 4,533.2 0.8 0.3 ▲ 31 1.07 1.1 -2.3▲ 6 11.1 0 - .7-2.6
2.06 11.1 2 ▲▼0.0Credit Suisse 14 16 5,200.6 0.9 0.2
8 ▼▲
-2.3 ▼Banco do Brasil SA▲ 23.0 1.4545.4 2.72.41.0 -1.3 ▼ 0.8Goldman Sachs & Co 13 6 5,922.2
▲
16
14.8 623 591.0 83.0 2.3 ▲ 2.412640.2 3.2
Itau Unibanco 9 7 706.6 3.6
▲11 1010 16 642.6
0.5WestLB AGING
Morgan Stanley 12 7 5,966.7 1.0 -1.0 ▲7 ▲ 24.7 2.5▼▲ -0.4 ▼7 13.0 3 ▲ 3.2 4.7
▼▲13.0 11.9 0.1 ▲ 3.2 1.9 ▲ ▲
SunTrust Banks 11 17 6,931.4Deutsche Bank AG 10 14 7,577.4
3 ▲▲
2.3
▲
0.9 61.9 10 ▲
49 5.0 291322
# of Deals per MA# of Market Change in
▲▲
975
919
Citi 1 5
1.866 6.8 53 ▲
0.6▲
2.6 -1.17 5.5 3.73.7
Top Twenty Five Total100.0
Proceeds per Mandated Arranger (US$m)2010 Rank
2,093.4 9.2 -1.0Bank of America Merrill Lynch
https://www.thomsonone.com
▲ 8 14.8 1 ▲
▲ .7 1.14
5.2 -4.4 ▼US Bancorp 9 20 9,075.7 1.6 1.1 ▲
3.64.3
▼ 18.5 1 ▲▲ 102.8Santander23
1.8 0.6
4.0
Jan 1 2010 - Dec 31 2010
27.7
18.8
3.295.2 9.7
184.2
▼-36.1 4.61.1
42
Bank of America Merrill Lynch
▲0
5315 1,206.4
1,264.8 6.4
-▲ 31.9 3.3
9Credit Agricole CIB
0.8Mitsubishi UFJ Financial Group 8 12 10,614.6 ▲ 53 5.4 37 ▲ -3.48HSBC Holdings PLC 3 1,108.3 5.6
Imputed Fees (US$m)Manager
0.518.5
516.0-1.4 -0.2
0.6 476.9 2.4
13.9
20.4▼ 117 5 1,173.7 5.9 -1.4
▼
6.3
20.7 2.1 1.5 ▲
▲
1-1.8 ▼
0.6 ▲3.22.2-3.4 ▼4 16,564.4
Wells Fargo & Co 4
2.9 -1.9
BNP Paribas SA 5 8 20,632.7 3.6 1.9
Barclays Capital 7 ▼ 39 4.0
▲ 429 44.0
US Investment Grade Loans - Bookrunners (R11b)
▲RBS 6 11 18,438.7 ▲ 43.3 4.4 1.0 ▲
1.53.2 1.9 ▲ 70 7.2 54 Mitsubishi UFJ Financial Group 6 5.6
3.5 5.13.5 ▲ 9 16.7 ▼-2▲ 60 6.2 41 ▲ 31.35.8 BNP Paribas SA -4.0
-4 ▼1,699.6 8.5 -0.8 ▼9.8 5.8 ▼1,428.3 7.2 -20.8 ▼ 11 20.4
18.5105 56,669.4 1▲ 264 27.1 202 ▲
▼-2 ▼ 3.2 4.6
4.5 -5.12
3.196.3 BBVA 39.9 -5.3 ▼▼ 126 12.9 64 ▲14.1 -3.6
Bookrunner Proceeds Share% Share Ch.
Citi 3 3 81,337.918.521.6 0.7 3.9▲ 10266 ▲ 0.7 ▲6.3
▲▼ 4 2,382.731.6 179 ▲ 205.5Bank of America Merrill Lynch 2 2 124,598.4
11.611 1,773.7 8.9 ▲6 2.7
6 ▲4.6 3.421.0 -8.0 Citi 1 8.0▲ 15 27.812.0JP Morgan 1 1 146,433.9 25.4 -6.1 ▼ 308Share Ch.
Market Change in Manager Market MarketShare% # of Deals Fees
MarketShare Ch.# of Deals Fees
Change in Manager# of MarketShare% Share%
2010 Rank
2009 Rank Proceeds
# of2010 Rank
2009 Rank DealsBookrunner Share%
Market Market MarketMarketDeals Share%
Market
Jan 1 2010 - Dec 31 2010
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Latin America Loans - Bookrunners (R15)
Americas
▼
Full Year 2010 | Syndicated Loans | Managing Underwriters
7.4 -2.5 ▼HSBC Holdings PLC 18 10 3,695.9 0.6 -1.0 2.11.0 2.118 - 420.0-1.0 ▲Scotiabank-Bank of Nova Scotia 19 13 3,397.2 0.6 -0.5 ▼
9.9 DZ Bank1.7
7.1 7.1▲ 1 1.9 1 ▲.8
4.9Natixis - 333.7 1.7
0.3 ▲ 21 2.21.4
11.9 1.2 24*0.6 ▲ Deutsche Bank AG 20190.5
309.0 1.6 1.00.4▲ 4 7.4 4 ▲
▲ 3 5.6 2▲
0.7▲ .71.1
Credit Agricole CIB 20 25 3,395.4 0.6 ▲Societe Generale 21 15 3,355.2 0.6 -0.1 ▼
0.9.41.3 8 ▲ 250.0 1.9 00.713 6.7 -
0.5 Banco Espirito Santo SA 220.9
0.2 ▲120.5 0.40.2 ▲ Barclays Capital 21 28 ▲ 11.33.4 2.023 2.4 5.1 3 5.6 0▲ -
▲KeyBanc Capital Markets Inc 22 22 3,255.4 0.6 0.1 2.4 ▲▲ 22 228.6 1.2 0.4 ▲Regions Bank 23 34 2,599.3 0.5 - 206.4 1.00.4 ▲ 22 2.3 6.016
1JP Morgan 240.5 ▲ Intesa SanPaolo 23 1.0
▲ 2 3.70.2 0.4▲
0.61.3 1.3
▲0.8▲DnB NOR BANK ASA 24 27 2,070.8 0.4 24* 189.0 1.00.2 ▲ 7 0.7 2.8 0.30.2 0.6
3.7 2 ▲ .9.5
▲ 2
0.4▲ -13.7 .4 ▲0.3 26 143.5 0.70.2 ▲ Rabobank NV 25 20.593.2
12 1.2 1024 1,904.2▼ 912.4
5.30.0 ▲95.8 -0.4Top Twenty Five Total 551,783.0
BBVA 2519,122.0 96.4 8.2 ▲-0.2 ▼ Top Twenty Five Total 60.8 ▲100.0 7.3
Bookrunner Total 575,655.6 Bookrunner Total 19,931.6 100.0 60.8977.6 100.0
▲
4
▲ Industry % Change over Same Period Last YearIndustry % Change over Last Quarter
40.8%37.3%
101.3% ▲ 154.6%
100.0 592
▲
100.0
-22.9%
54
▲▲ 61.6%76.5% 0.0%▲
Latin America Loans - Mandated Arrangers (R16) Jan 1 2010 - Dec 31 2010
47.9% ▲ 25.1% ▲Industry % Change over Same Period Last Year
Market
Industry % Change over Last Quarter
Share Ch.Mandated Arranger Proceeds Share% Share Ch. Deals Share% Fees# of Deals2009 Rank Share%
MarketMarket Market
128.1 6.517
▲▼ 0.0 -26.6 3 ▲ 8.0 10.0
2 11 1,830.3BBVA 3 2 1,513.7
▲18.8 7 ▲ 2.7 3.4 1.4-4.6
84.0
6.4 5.4▼ 14▲
6.7 ▼21.9 -6 ▼ 3.2 -7.0
Credit Agricole CIB 5 7 1,213.5Mitsubishi UFJ Financial Group 4 17 1,451.5 ▲12.5 0 - 3.4 4.2 2.1
2.916
4.54.8 -5.6
▲ 14▼
5.4 -21.9 -4 ▼ 3.6 0.0
BNP Paribas SA 7 1 827.6Santander 6 4 1,086.2 ▼25.0 -4 ▼ 4.5 5.6 -5.5
-18.914
4.03.6 1.4
▼ 11▲
3.7 ▼17.2 -9 ▼ 3.2 -7.2
HSBC Holdings PLC 9 3 795.1Itau Unibanco 8 8 814.1 ▲21.9 2 ▲ 2.5 3.1 0.8
-7.111
4.63.5 2.2
▼ 12▲
3.5 ▼18.8 -1 ▼ 3.7 -6.2
ING 11 10 668.1Societe Generale 10 14 783.7 ▲17.2 2 ▲ 2.4 3.0 1.2
1.45
4.92.4 -5.8
▲ 12▼
3.0 ▲18.8 7 ▲ 4.0 1.8
Banco do Brasil SA 13 12 491.1RBS 12 6 549.3 ▼7.8 0 - .7 0.9 -6.2
0.64
1.72.2 2.2
▲ 7▲
2.2 ▼10.9 3 ▲ 1.4 -0.9
DZ Bank 15 - 472.2Bancolombia SA 14 53* 490.6 ▲6.3 3 ▲ 5.0 6.2 6.2
2.15
6.12.1 1.8
▲ 2▲
2.1 ▲3.1 2 ▲ 4.9 6.1
WestLB AG 17 13 445.2Deutsche Bank AG 16 29* 467.3 ▲7.8 4 ▲ .7 0.8 0.7
0.57
5.11.9 1.6
▲ 10▲
2.0 ▲15.6 -2 ▼ 4.1 3.5
JP Morgan 19 29* 397.3Natixis 18 26 432.4 ▲10.9 4 ▲ .8 0.9 0.4
1.57
0.71.8 0.8
▲ 6▲
1.8 ▲9.4 5 ▲ .5 0.6
Sumitomo Mitsui Finl Grp Inc 21 21 336.1Mizuho Financial Group 20 16 396.7 ▼10.9 1 ▲ 1.3 1.7 -0.5
0.89
1.81.4 -0.3
▲ 5▼
1.5 ▼7.8 0 - 1.5 -0.2
Barclays Capital 23 47* 270.0Standard Chartered PLC 22 9 316.2 ▼14.1 2 ▲ 1.6 2.0 -0.1
1.13
0.71.2 1.2
▲ 2▲
1.2 ▲3.1 1 ▲ .6 0.6
Banco Espirito Santo SA 25 20 251.5Intesa SanPaolo 24 - 265.9 ▲4.7 3 ▲ .9 1.2 1.2
1.1 0.4-8.9 ▼
▲ 518,659.0 82.8 67.6 84.1
▲7.8 0 - 2.4 3.0 1.7-5.5
80.1 100.0▼
Industry % Change over Last Quarter 144.8% ▲ 42.3%
-1
▲▼
Industry Total 22,659.6
Industry % Change over Same Period Last Year -48.0% ▼ -50.2%
64
▲ 90.0%▼ -1.5%
Top 10 Americas Loans Use of Proceeds Jan 1 - Dec 31
▼▼ 8.0% ▲ -29.9%
0
50
100
150
200
250
300
350
400
450
Ref
inan
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ank
Deb
t
Gen
eral
Cor
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urpo
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Acq
uisi
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Fina
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Sta
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/CP
Sup
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Wor
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Cap
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Leve
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Rec
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lizat
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Pro
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Fin
ance
Pro
ceed
s (U
S$b
)
January 1, 2009 - December 31, 2009
January 1, 2010 - December 31, 2010
▲ 2.9%10.5%
95641
Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; total volumes include both bookrun and club transactions.
Industry % Change from Same Period Last Year 28.5% ▲ ▲17.4%
575,280.8473,051.7Top Twenty Five Total
25
▲Industry % Change from Last Quarter 61.7%
1.0
2,049.8
https://www.thomsonone.com
51
100.0
Goldman Sachs & Co
Bookrunner Total
5,721.982.5
16▲ 210.8 3.3-0.4 ▼
16.0%
37.8
35.4%
▲
▲
29.4
1,527.1 -0.3100.0
▲Industry % Change from Last Quarter
▲1.8 1.7▼74.6
Standard Chartered PLC 220.4
▼-0.81.41.3 ▲
▲26.06,275.7
-0.3Caja Madrid 240.0Rabobank NV 23 23 5.8 8 ▲
3.9▼ 2537
▲ 36▼
21 5,798.4 81.1 ▲1.0
-0.71.1▼
-56,350.8 0.326
Nordea 21 19 6,395.0▼42 6.6 10 ▲ 1.3 -0.4
0.72.3▲ 46.7
1.1 -0.45.6 14.713 0.7▲
0.4 25.6▲-1.01.121.8▼25▼ 3.9
▲WestLB AG 20 28 6,848.7 1.2Intesa SanPaolo 19 188.024 12,432.4 ▲ 512.2 1.2
1.6 ▲542.2 0.0 ▲53
8.429 13,288.5
BBVA 18 14 12,493.0Bank of America Merrill Lynch 17 2.3
-▲8.3 32.039
▲1.6 1.02.1
▲1.622 ▲
0.2
0.0
-1 ▼ 42.6
▲ 51 8.0 32.0Mitsubishi UFJ Financial Group 16 15 0.358.8
14,097.72.5 ▲2.9 0.710.5 192.5
14,564.1
18Natixis
67 ▲Lloyds Banking Group 15 17Santander 14 11 15,329.3 ▼
16,194.5 ▲54▼
2.82.7
13
▲0.4
3.573 11.4
0.5 ▲
46.73614 ▲
0.9 ▲8.4-0.7 -1.7
2.4 0.82.3
▲1.3 ▲75 11.7 39
48.2
Commerzbank AG 11 7 18,356.8 3.0 -0.215.4 48 ▲ 61.7▲ 72.3
▼UniCredit Group 12 13 16,754.1 2.9
3.2 -1.364.910 6 20,437.5 843.6
▼ 9925 ▲
ING 913.1-0.9 ▼Barclays Capital
8 104 16.220,525.8-0.8 ▼
3.4 -0.83.2
▼▲
1.050.0
▲ 69.7443.6 -0.3 ▼
JP Morgan-0.5 ▼84 13.1 37 ▲ 2.43.7 0.1Citi 8 10 21,381.4
▲3.5 0.28.1 204.17 12 23,648.1
27,301.7 ▲HSBC Holdings PLC 6 9 23,764.2 4.1
5Deutsche Bank AG97
5
▲
96.645 ▲ 67.553
15.116.24.8
-1.6 ▼147
0.4 ▲-0.5 ▼ 104
5.022.93 37,100.0 5.3
▲4.7 0.53.3
▲-1.7
17 ▲ 109.3▼ 14251 ▲ 102.8▼
▼RBS 4 2 36,056.6 6.3Credit Agricole CIB 3 -0.322.2Societe Generale 2 4 41,927.8
-1.06.8140.1
▲▲
6.5 -1.07.3 0.8 ▲ 59 ▲138 21.5
Share %158.0 7.7Fees Share Ch.Share %Bookrunner Proceeds
MarketDeals
Change in Proceeds per Bookrunner (US$m)
# of Deals33.5
2010 Rank
2009 Rank
MarketShare %
# ofShare Ch.
-1.7 ▼
EMEA Mandated Lead Arrangers (R19)
Refin/Ret Bank Debt
Europe, Middle East & AfricaTotal Volume Stands at US$888.5 Billion | Energy and Power Most Active | Investment Grade Lending Increased 50.1%
EMEA Syndicated Loan Volume by Yield Type Jan 1 - Dec 31EMEA Deals Intelligence
Refin/Ret Bank Debt
4/16/2010 France7/28/2010 Telefonica SA
RefinancingAcquisition Fin.
Top EMEA Syndicated Loans
9/17/201010/2/2010
Jan 1 2010 - Dec 31 2010
Acquisition Fin.15,000.0
Primary Use Of Proceeds
Refin/Ret Bank Debt
Borrower
9,745.0
10,392.3
13,491.6
Target Market
Spain
France
Package Amt (US$m)
13,000.011,173.4
France
10/29/2010
10/18/2010
Glencore International AGDaimler AG Germany
7/6/2010 Sanofi-Aventis SASwitzerland
Market
Closing Date
Anheuser-Busch InbevEnel SpASanofi-Aventis SABHP Billiton PLC
Italy
United Kingdom
2/25/2010
5/10/2010
Acquisition Fin.
BelgiumRefinancingAlstom Holdings
45,000.0
4/19/2010
Jan 1 2010 - Dec 31 2010
9,767.0
Manager
EMEA Bookrunners (R17)
Refin/Ret Bank Debt8,838.48,371.7Germany
760.2
52 ▲ 71.9
BNP Paribas SA 1 1
16.2
50,007.7 8.7 215 39 ▼1.5
Refin/Ret Bank Debt
MarketImputed Fees (US$m)
Market
88
E ON AG
# of Deals per Bookrunner
Full Year 2010 | Syndicated Loans | Managing Underwriters
▼
22.9 67 ▲-0.524.2
▲
4.6163.3
-0.2
0.3
35 ▲79 ▲ 150.8
▲-1.1
113.6
3.5
1.11.3
▲ 34.6
108.1105.6
▲
-0.6
▲
10 ▲
0.1
3.5-▼
-0.3
70.9 -0.7
▲ -3.3%
▼
Proceeds per MLA (US$m)
1 64,299.7 7.2 -1.1BNP Paribas SA 1 ▼
HSBC Holdings PLC 6
# of Deals per MLA
420 35.4Societe Generale 2 4 43,980.2 5.0
Imputed Fees (US$m)2010 Rank
2009 Rank
Market Market # of Market Change in Manager Market MarketMandated Arranger Proceeds Share % Share Ch. Deals Share % # of Deals Fees Share % Share Ch.
235.9 7.2 -0.7272
▲ ▼▼
4.8 -0.8 ▼▼ 287185.8 5.7 0.7-0.1
5.04.8 -1.4 ▼ 296 24.9
1923.7 -0.4
Credit Agricole CIB 3 3 42,884.4RBS 4 2 42,486.5
▼3.0 0.03.7 -0.2 ▼ 229
Deutsche Bank AG 5 6 33,061.9
3.63.5
▲ 98.5112.7
19.3 7232,576.2
ING 8 9 30,809.7Barclays Capital 7 5 31,674.8
7203 17.1 34 ▲
3.2▼
▼Santander 9 8 27,594.3 3.1
-0.7 -0.5234 19.7
10 24,991.7 ▼
0.5 ▲201
2.820-0.1 ▼92 ▲
8.4 39 ▼▲
16.9 -1.0 ▼3.0▲ 96.4
▲ 3.3100-0.2JP Morgan 10
0.72.1 -0.2Citi 123.02.8 0.7 ▲ 99.2
69.20.2UniCredit Group 11 15 24,433.8 177 14.9 78 ▲
163
12 22,545.5 2.5
▲▼ 197
0.6
150 12.6 61 ▲▲
2.213.72.4 0.5
▼Commerzbank AG 13 11 22,517.8 2.5 -0.4 74.8Natixis 14 17 21,208.4 ▲
16.6 -0.2 ▼2.3109▲ 70.360▲
Lloyds Banking Group 15 16 20,037.0 ▲Intesa SanPaolo 16 18 19,505.8 2.2
2.3 0.3 ▲ 95.20.3 ▲
2.9 0.82.0 0.4
147 12.4 31 ▲123 10.4 32 ▲ ▲
Mitsubishi UFJ Financial Group 17 13 19,268.3 2.2 -0.1 ▼ ▲ 48.0110 9.3BBVA 18 14 18,487.1
65.0
13.9 -18 ▼ 78.32.1 -0.1 165 2.4-0.1 ▼1.530
Bank of America Merrill Lynch 19 28 17,680.0▲
▲ 48.2 1.5 ▲0.9▼ 0.1
8.8 59Sumitomo Mitsui Finl Grp Inc 20 31 12,164.5 6.5
1042.0 1.01.4 0.7 ▲ 77 ▲
Standard Chartered PLC 21 29 11,995.6 1.4 0.6 ▲31 ▲
89Nordea 22 19 11,573.9
42.73113 ▲ 40.7 ▼
7.5 0.1 ▼1.3 -0.6 90 1.27.6▼
2610,225.8 37 ▲50
▲106 8.91.3WestLB AG 23 20 11,103.4 ▼1.0 0.7 ▲1.2 0.91.1 -0.6
32.64.2▲-0.2 ▼ 35.8
7868.6 -0.8
Mizuho Financial Group 24 48
627,143.1Rabobank NV 25 26
▼6.6 0.0 -
2,236.91.031.6
▲
Industry Total 888,451.4
Industry % Change from Same Period Last Year 33.6%▼
100.0
▼ -4.9%
3,267.6
▲17.6% ▲ 16.5%
1,187 +178
Total EMEA issuance including club deals reached US$888.5 billion, a 33.6% increase over the full year 2009 total.Fourth quarter lending totalled US$275.3 billion, a 16% increase from the previous quarter and 31% of the annualtotal. This registered as the most active since the second quarter of 2008. This year saw the highest recordedproportion of club deals to date with US$313.2 billion or 35.2% of EMEA Volume being structured as clubs, theremaining US$575.3 billion or 64.9% of total volume was bookrun.
The Energy and Power sector remained the most active for the third consecutive year with total proceeds of US$196.5billion and accounted for two of the years largest transactions, the US$13.5 billion Enel and US$8.4 billion E.ONtransactions.
Investment grade lending in EMEA (including near investment grade) during 2010 increased by 50.1% compared tolast year while total leveraged lending declined by 5%.
100.0
1.1 0.0 ▲10,036.8Top Twenty Five Total
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Proc
eeds
(US$
b)
2005 2006 2007 2008 2009 2010
Investment Grade Near Invst Grade Undisclosed Leveraged Highly Leveraged
2.1 ▲2.1▲ 6.9Bank of Ireland 24
5.425
Rabobank NV 25 - 204.3 1.1 1.18.13
▲ 20.5
1.3 ▲1.3
4.6
4.4
-0.7 ▼1.4214.3 1.11
▲4.3 1.3
1.9▲
1.3▲▲
2.1
1.6
▼
-0.8-2.1
▲4.915 ▲1.5▲ 0.1
▲12.7General Electric Co 22* - 221.7
6.0 1.8 1.8 ▲
15.7
5.3
4.7 -3.1-0.8
1.8 -0.9
-0.5
5▼
0.06.3
21 245.8Citi 20 - 316.3
-1.71.3 -1.6
2 ▲310.8
5.4
87.037
88.1
19.4% ▲
290.1
▲
▲022
1
2 ▲2
100.06▲
6.9
19.8
2
-
13.5 1
5.4
Industry % Change from Last Quarter -45.2% ▼
18,768.8 333.4
-73.7% -51.2%104.0%
▼ ▼
100.0
115.2% ▲Industry % Change from Same Period Last Year
Bookrunner TotalTop Twenty Five Total 16,543.0
2.7- 221.7 1.2 1.2 ▲ 1
41.9ING 18
Bank of America Merrill Lynch 22*
▲4▼
1.7
1.2 1.2
2Credit Mutuel SA
▼17 321.0 1.7
2.58.3347.6 10.81.1 ▲Natixis 19
24RBC Capital Markets 17
6.113 361.2 1.9 -1.2 ▼
1 ▲2 5.40.1 ▲▼5.4RBS 15 10 394.5 2.1 2-1.8 -2.6
6.6Commerzbank AG 13
5.42.6 ▲▼ 5
-1▼Morgan Stanley 14
Credit Suisse 16 18* 391.2 2.1
2.9 -0.6 13.522.6- 478.6
12 546.12.02.0
▲ 3.311.0 0.2▲
HSBC Holdings PLC 12 8 758.7-4.3
▲13.3 4.0▲6 ▼16.2 2
4
Nordea 2 ▲
4.0 -0.5 ▼11 2 830.4 4.4 ▼▼ 9 24.3 -1
24.6-3- 964.9
10 861.4 9.3Credit Agricole CIB
UBS 95.44.6 ▲
5.1 5.1 ▲2.8 ▲
4.7 4.72.8
▲8.1-1.0
▲ 15.6311.15.4 3.30 --0.1 ▼ 25.1
4.6 3.210.8 3 ▲ 15.236.3
▲ 4Barclays Capital 8 6 965.4Nomura 7Goldman Sachs & Co 6 - 1,187.1
5.2 3.621 983.3
BNP Paribas SA 58.16.3 ▲
1 1,241.8 6.6 -11.7 ▼ 23.93 ▲ 14.7-6
4.4 ▲7.2 -5.64.4
▼9 24.3 ▼4.3 ▲ 3 8.1 -1 ▼
2 ▲ 18.93.217.3 5.24.45.7
6.7Deutsche Bank AG 3 22 1,379.6UniCredit Group 4 16 1,253.8
7.4Societe Generale 2 7 1,450.7 29.7
▲ 32.5 ▲
8.15.911
Share Ch.27.7▲8 21.6 6
# of Deals8.3 ▲
Deals2.4 ▲5
Bookrunner1,509.4Lloyds Banking Group 1
MarketShare %
7.74.3
▲
5 ▲ 1.67.8
Change in
8.0
Market MarketProceeds per Bookrunner (US$m)
# of2010 Rank
2009 Rank Share Ch.
# of Deals per Bookrunner
Share %Proceeds
Share %Market2009
Rank2010 Rank DealsProceeds Share Ch.
Industry % Change from Last Quarter -12.0%121.6%
Proceeds per Bookrunner (US$m)Market
Bookrunner
European Leveraged Loans (P10) Jan 1 2010 - Dec 31 2010
Full Year 2010 | Syndicated Loans | Managing Underwriters
EMEA Syndicated Loan Volume by Primary Use of Proceeds
Market# of Market Change in Imputed Fees (US$m)
Share Ch.
Europe, Middle East & Africa
# of Deals per BookrunnerMarket
Fees Share %31.4
ManagerShare % # of Deals
BNP Paribas SA 21 12 6,212.9 ▲
8.114.6 ▲1.2413 ▲ 4.4
5,994.23 4 8.051.1 7.123 25.8 -132 6,110.3
5.6-1.6
7RBS
8.3Barclays Capital
28.125-0.6 ▼-1.4 ▼
▲▼
▼5.8 -1.7▲ 41.7
▼
▼-2.37.6 -3.6 ▼8JP Morgan
47.8 6.7105 3 6.5 -2.4
23.621
5.1 1.20.74.5
Deutsche Bank AG▼2.9 -4.6▼ -14,884.3
4 1 5,703.2
▲32.420.9
2.3 ▲ 20 22.5 -1 ▼9.0
Credit Agricole CIB 6 10 4,166.07 11 3,926.7Societe Generale
5.5
HSBC Holdings PLC25.2
4.9 0.521.3
19 21.3 9▲
4.3 4.0
36.5▲ 34.6▲ 192.1
9▲3
10 ▲8
11.2 3.927.8Goldman Sachs & Co 9 45* 3,201.9▲
24.2
27.5
0.1
2.9
3.01.2
3.8
3.44.9
8
-0.4 ▼
3.7▲
9
7 3,710.9
3.5 15▲UniCredit Group 10
Lloyds Banking Group 113.5
4▲9.02.4
▲
21 2,641.135.516.9
▲
2,601.8 ▲
4.8
▲Nomura 12 2.8 648 2,137.6 2.6 ▲5
▼▲
ING 13 8 1,981.0Citi 14 14 1,911.4 10
2.66.7
13 14.6▲
11.22.5 0.5-1.7 -1.7
13.71 ▲
0.41.916.6 2.3
▲40.76.7 -2 1.712.3
2.2 24.1
2.3 0.9 6 ▼▲BBVA 15 17 1,706.2Santander
5 1,649.112.20.416
▼ 13-4.1-2 -1.016 1,650.1 2.2 1.7▲ 4 4.5 ▼
1,490.51,283.5 1.71.81.7 ▲ 4.5 4 ▲ 13.1
24Morgan Stanley 19 -
Commerzbank AG 17Rabobank NV 18
42.0 1.11.7
▲ 8 ▲ 15.9-2.01.19.0
▲14.64
3.42.2
4
Intesa SanPaolo 21 33 1,138.5Nordea 20 6 1,199.0
1.0-3.5 ▼
1.51.6
▲▼-2
44 4.5
0.71.0
1.54.5 0
▼
10.6
13.6 1.90.224
Bank of America Merrill Lynch 22 40
-UBSNatixis 23 18
▲ 6-21,090.8
1.5 1.1 5▲ 7 7.9
Top Twenty Five Total
EMEA Sponsored Loans (P13)
1,067.8
1,111.4 6.71.5
1.4 4.5▲1.4
Industry % Change from Same Period Last Year 4.5% ▲
Bookrunner Total
Caixa d'Estalvis y Pensions 25 27* 819.8
718.5 100.0
18.8%▲
FeesMarket
▲25.8
-11.0%▼
89
▼
-11
40.6-
▲ 2.401.1 3 3.4
92.30.3 ▲
100.0
▼▲
▲
▲
75,209.310.4
4
▲▼
Market
▲
Imputed Fees (US$m)
69,390.0 ▲
▲-2.511.5
1.5
1.6
17.5
▲▼
▲
0.811.0
2.3
▲▼
▼
Jan 1 - Dec 31
▲
▲
▲
Jan 1 2010 - Dec 31 2010
▲-
▲
▲
https://www.thomsonone.com
0.24.1
ManagerShare %
▲
▼
Jan 1 - Dec 31
36.2%
▼
▲
▲
587.6 81.8 5.5
EMEA Syndicated Loans by Industry
▼
▼
$0
$50
$100
$150
$200
$250
Ene
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Pow
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ate
Pro
ceed
s (U
S$b
)
January 1, 2009 - December 31, 2009
January 1, 2010 - December 31, 2010
$0
$50
$100
$150
$200
$250
$300
GeneralCorporatePurposes
RefinanceBank Debt
Refinancing AcquisitionFinancing
ProjectFinance
LeveragedBuyout
WorkingCapital
Export/ImportFinance
Construction
Pro
ceed
s (U
S$b
)
January 1, 2009 - December 31, 2009
January 1, 2010 - December 31, 2010
Asian syndicated loan volume for 2010 reached US$281.2 billion, an increase of 71.1% from last year’s US$164.3billion. This represents the highest volume on record, surpassing 2008’s volume of US$214.8 billion.
Project Finance deals drove Asian syndicated lending, comprising 23% of total market activity and closing US$64.8billion worth of deals; a 125.1% increase from last year’s figures. The largest project finance deal for the year wasthe NT$382 billion Taiwan High Speed Rail Corp deal. The loan pushed Taiwan to second in the Asian countryranking with US$55.6 billion of completed deals, a 151.9% rise over last year.
Australian 2010 syndicated loans increased by 42.2% from last year, to reach US$66 billion. Refinancing bankdebt, totaling US$23.4 billion and up 50.6%, was the main driver of Australian loan activity. Six of the top deals inAustralia, including the largest deal in the nation, Asciano Ltd’s A$3.4 billion, were refinancing facilities. The othernotable refinancing deals were: the A$3 billion Vodafone Hutchison Australia loan; the A$2.5 billion Origin Energyloan; the US$2 billion Fortescue Metals Group Ltd loan; the A$1.8 billion Amcor Ltd loan; and the A$1.6 MirvacGroup Funding Ltd loan.
7/7/2010
Asian Loans by Currency Jan 1 - Dec 31
Asian Loans by Volume Jan 1 - Dec 31
https://www.thomsonone.com▲
▲ 43.8%Industry % Change from Last Quarter 1.4% ▲ -10.1% ▼ 11.7%Industry % Change from Same Period Last Year 71.1% ▲ 46.7% ▲
3233.2373.8 68.2
549.2 100.0Industry Total70.7 1.1198,100.8
-0.1 ▼5.5▲
1.03,208.3
281,191.2
▲▲
100.0 1,015
▲ 25United Overseas Bank Ltd 25 27Top Twenty Five Total
1.1 461.1
▲-1.9▼ 5.2 ▼0.9
1.1 0.3▲ 5.99.3-1147
Industrial & Comm Bank China 24 2 3,217.5Fubon Financial Holding Co Ltd 23 25 3,245.5
0.1-6.4
4.5
1.2 0.1▼ 23 2.3▲ 94
▲1.2 -0.5 ▼ 22 2.2 ▼ 1.7 0.39.4China Trust Co Ltd 21 19 3,384.2CITIC
1.316 ▲ 7.022 14 3,375.2
1.2-3
▼-0.1 ▲94 0.29.3
Land Bank of Taiwan30
19 16 4,471.91.3 -0.1 ▼ 11.4116 ▲7.9 1.4▲ 0.4
▲Taiwan Cooperative Bank 20 17 3,717.0
1.6 0.21170.1 ▲▲10.833 ▲
11.5 34 ▲ 7.1 1.3
▲1.6
1166.60.4 ▲
▲0.42.067
0.51.5 0.98.9
0.61.7 33 ▲
▲1.610 ▲11.4 1.79.3
ANZ Banking Group 18 22 4,514.4Mega Financial Holding Co 17 18 4,667.6ICICI Bank Ltd 16 38 4,667.9 1.7 1.1 ▲ 15
▼7.0 36 ▲ 0.8
-0.410.4 1.9
1.87.1 9.6BNP Paribas SA 14 4,925.1Credit Agricole CIB 15 13 4,684.9 1.7 0.0 17 ▲▲ 72
12 26 5,351.7150.613 20 5,285.1
24
0.9 ▲1.91.8 0.7 ▲
▲1.9 ▲
71▲ 7.9
▲1.4 ▼21.5
11 76
-0.99.4 0.28.6 1.655 ▲95
10 5,397.3▲
7.5 30 ▲ 12.1 ▲8.3 22 0.28.2 2.135 ▲
0.0 ▲▲
▲83
-0.1 ▼ 2.2 0.41.984
Sumitomo Mitsui Finl Grp Inc 9 12 6,637.7Mitsubishi UFJ Financial Group
0.62.46,180.110 8
-0.111.0 -3.215.6 2.9
11.8 2.22.2▼▼
11.28 5 7,483.6 2.7 17 ▲-0.7 ▼ 112
▲3.2
▲ 25.8 0.40.6
4.762
5 7 10,675.5▲20
▲3.8 1.23.8
7 6 9,594.9Axis Bank Ltd 6 11Standard Chartered PLC 3.4 0.7 ▲ 148 14.6
▲14.1 75 ▲ 24.8 ▲1.9
20.54.53.7-0.1 ▼
9,740.0
29 2.94.8 0.6
17.73.5 1.7 ▲▲ 39
10 ▲143
Top Asia Syndicated Loans Jan 1 2010 - Dec 31 2010Closing Date
Citi
Korea Development BankCITIC
12,005.1Loan Package Amt (US$m)
8,500.0
Borrower
-3.8%
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger
1.1 0.2 ▲
Industry % Change from Last Quarter 15.3% ▲
24
Bookrunner Total
Mizuho Financial Group
1 1 35,643.8
BNP Paribas SA
25
31
26
23
Mandated Arranger
247100.0 799▲
433.6 100.0
▲▼
43.5%29.6%
5.0 0.05.8
▲▲
-Top Twenty Five Total 172,663.7 79.0 13.2 ▲
2,404.9-1.3 ▼25 3.1 12 ▲ 5.3
72.0
1.2
312.2215.040 1.1▲
▲-0.2 ▼ 1.2
3.60.4 1.3▲ 2916 2,648.1
0.7▲ 1.4 -0.36.1
12 ▲ 5.6
▼1.3 0.1 ▲ ▼
▲ 7 -0.35.0 1.221Sumitomo Mitsui Finl Grp Inc 22
1.11.43.1
26 6
0.1 ▲ ▲
2,774.2
2.12,894.5
3.31.3 0.5 ▲25
▲20
28
2,721.5 1.2
1.4
19
China Trust Co Ltd 1.5
11
▲9.8 40 ▲ 5.6 ▲
73
20 17 3,137.9
0.3
1.5 0.3
3,473.10.4
3,207.63,252.7
0.41.5
78▲ 6.79.1 17 0.5
1.3▲▲
Mitsubishi UFJ Financial Group 17 18 1.618 21
Fubon Financial Holding Co Ltd 19
▲▲
▲ 6.823▲ 37
2▲ 0.54.6 0.27.0 1.620 ▲2.9 1.6
1.6 0.61.2ANZ Banking Group 15
Credit Agricole CIB 16 23 3,504.8
1.7 0.9 1.519 ▲ 7.711
▲ 261.6 3.344 3,581.4
▲▼
22 ▲
470.2
▲2.8▲1.8 1.4
0.6Oversea-Chinese Banking7.0
14 33▲ 96
6.43,766.319
▲
ICICI Bank Ltd 2.0 1.1
Land Bank of Taiwan 13 11 3,838.85.9 -3.010.3DBS Group Holdings 12
12.0 1.60.01.82.4
▲-1.4 ▼
140.62.0
5 4,076.6 8 ▲1.9
▲1.8 10 ▲ 8.9
▲1.87.6
11 30 4,663.6 ▲12.0 29 8.7
4,868.2
▲4,806.2 2.2 0.7 ▲
1.32.1
▼
960.6
1.8 -1.07.818 ▲
▲11.9
Mega Financial Holding Co 10 14950.52.2 ▲Taiwan Cooperative Bank 9 12
1.83 ▲2.4 1.0 ▲ 14Infrastructure Dev Finance 8 15 5,228.3
4.17.8HSBC Holdings PLC 7 7 7,594.9 3.5 0.9 62
▲▲▲
10.0 40 ▲ 0.53.1 0.6
17.9▲ 13.5▲
80
0.8▲ 17.739 4.14.9 24
4.7 ▲
Standard Chartered PLC 6 6▲
9,225.3 4.2 1.20.9
3.5IDBI Bank Ltd 4 42.6Axis Bank Ltd 5 10 10,209.9
12,378.44.7
▲6.43.3 2.5
1.525 15,340.8 17
5.7 -0.3 96.0 7.8
▼ 28
6.17.0
State Bank of India 1 1Bank of China Ltd 2 3Bank of Taiwan 3
847.2 -0.9
62▼▲
49
MarketShare %
74.010.5 2815,720.537,345.2 17.1 ▼-3.2 ▼17.1 -3.0
Imputed Fees (US$m)
▲
Jan 1 2010 - Dec 31 2010
20.5▲ 14.4
▲
4
# of Deals Share %▲
27.824 ▲
▲
8.9
27
Share Ch.Bookrunner Proceeds2010 Rank
2009 Rank
MarketChange in ManagerDeals
Full Year 2010 | Syndicated Loans | Managing Underwriters
Asia (ex-Japan)Asian Loans at Record High l Project Finance Up 125.1% l Australian Refinancing Increase by 50.6%
Asia Loans - Bookrunners (S5c) Jan 1 2010 - Dec 31 2010Asia & Australian Deals Intelligence
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Share % Share Ch. FeesMarket Market # of Market
IndiaIndia
State Bank of India
Bank of TaiwanIDBI Bank LtdHSBC Holdings PLC
DBS Group Holdings
Oversea-Chinese Banking
Infrastructure Dev FinanceMizuho Financial Group
11/20/20108/5/2010
Jindal Power Ltd3/26/20103/30/20105/11/201012/1/2010
Hong Kong
2,105.72,229.4
Coastal Andhra Power Ltd
Asia Loans - Mandated Arrangers (S5b)
▲ 44.7%
IndiaHong Kong
India
1/8/2010
8/14/201011/11/2010
ThailandIndiaIndia
Taiwan
Sun Hung Kai Ppty(Finl Svcs)Suzlon Energy LtdNoble Group Ltd
Taiwan High Speed Rail Corp
KSK Mahanadi Power Co LtdHongsa Power Co LtdEssar Steel LtdBharti Intl(Netherlands)
2,333.72,357.3
Industry % Change from Same Period Last Year 62.4%
Target Market
218,794.8
3,718.4
2,543.12,683.32,895.1
Manager MarketProceeds
Market Change in # of2010 Rank
2009 Rank
Market MarketShare % Share Ch. Deals Share % # of Deals Share Ch.Fees Share %
Market
74.4409.2
-2.4
2.1
13.56.7 -0.2
4.8
▼Bank of China Ltd 2 3 18,712.4
12.7 -4.1 89 24 ▲▼ 8.8
15,762.113,557.14
3 304
▲1.65.8
5.6▼ 31.793 ▲ ▲▲ 83 8.2 30 ▲ 14.7 2.7
$0
$50
$100
$150
$200
$250
$300
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Pro
ceed
s (U
S$b
)
0
200
400
600
800
1,000
1,200
# of
Issu
es
Proceeds (US$b)
# of Issues
$0
$50
$100
$150
$200
$250
$300
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Pro
ceed
s (U
S$
b)
Other Currency
Local Currency
Industry % Change from Last Quarter▲
Top Australia Syndicated Loans Jan 1 2010 - Dec 31 2010
47,431.4
Industry % Change from Same Period Last Year 42.2%
Top Fifteen Total
Australian Loans Proceeds by Industry
65,998.1
▲
8.8
1.21.21.2
0.7
18.2
Fees22.8
78
172.0
# of DealsMarket Change in
Mandated Arranger
-5.5
Market Market
79 10.1
68.4117.5 ▼
▼
▼
Mizuho Financial Group
Market2010 Rank
71.9 -1.4 ▼
15.4 -1.6 ▼
-7.7
-1.7
-0.7Share Ch.
Imputed Fees (US$m)
▼100.0
▼
3.62.1
16 29.1
8.1
2
9.8 ▼▼
8.47.1▼-6
Bookrunner Proceeds
32.811.41
Asian Loan Volume by Target Market
Full Year 2010 | Syndicated Loans | Managing Underwriters
Asia (ex-Japan) & Australia
Share %Share Ch. Deals
10/11/2010
-2-6
MarketShare %
15.7▼
Imputed Fees (US$m)
▲33.0-8.3
Market
10/7/20108/9/20104/16/2010
RBS
Australia 2,040.0
Australia 1,573.11,480.7
6/23/2010
Westpac Banking 2
Manager# of2009 Rank Proceeds Share % Share %
Australia Loans - Mandated Arrangers (S6a)
13.2-2.8 ▲▼ 101 9,288.2 14.1
-2.510.610.0
8,230.4 12.513.9 8
▼▼ ▼
▼ 16.99.063 9.8▼Westpac Banking 2 3 9,188.4 -1.4 ▼
-3.3▲
-412.3 ▲
12 2.9 1 ▲2073
0.9 ▲▲
-0.73.0
19.7 -6.99.5
11.45.5
9 ▲▲
Mitsubishi UFJ Financial Group 6 9 2,198.2 3.3 1.2 ▲7 10 2,180.0
21 3.03.3 1.3 ▲ 21 2.4 12 ▲
5.12.4
▲2.282.7
4 ▲2.2 ▲1.0
8.5 5.0 4.14.9 2.9
150.0% ▲
100.0
21.9%30.6%
1.0 ▲1.8
Industry Total
HSBC Holdings PLC 10 12
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger
14
2,033.2 3.1JP Morgan 18
1,728.11.9
1.5
2.0
1.0 ▲2.3 ▲
3.5
128.5% ▲
-114
▲42.5%
100.0
43.56.0
5.9
▲
1.922▲5
92
-0.10.9
▲
10/7/2010
0.0
Market
123.03
4,209.1 -5.82.8
QR National Ltd Australia2,965.6
National Australia Bank
8
Top Twenty Five Total
2,944.5
Commonwealth Bank of AustraliaNational Australia Bank
▲
Jan 1 2010 - Dec 31 2010
▲
2.51.7
18
2,716.68,113.5
1,754.8
174.8
24,026.6
▲
https://www.thomsonone.com
74 4
23
5
13*
8Credit Agricole CIB
4.1 1.6
▲▲
1.61.6
9 0.52.6
BNP Paribas SA▲
▲
▼-2.1%
▲
Sumitomo Mitsui Finl Grp Inc
RBS
1
111213
Jan 1 2010 - Dec 31 2010
ANZ Banking Group
Borrower Target Market6/25/2010 Asciano Ltd Australia
Closing Date
Newcastle Coal Infr Grp
12/14/2010 CLP Australia Finance Pty Ltd Australia
Australia
1,597.4
Loan Package Amt (US$m)
Bookrunner Total
275.8%Industry % Change from Same Period Last Year
Bank of China LtdMitsubishi UFJ Financial Group 9
Jan 1 - Dec 31
87
JP Morgan
Citi
2.4 2.1
12/16/2010
Australia 2,055.8
Mirvac Group Funding No. 2 Ltd
Fortescue Metals Group Ltd
Vodafone Hutchison Australia
-1.9
Asia Pacific Healthcare Group
▲
Sumitomo Mitsui Finl Grp Inc
HSBC Holdings PLC 10 18 656.4
Origin Energy Ltd Australia 2,316.2
12/6/2010 Amcor Ltd Australia 1,850.0
China Development BankBNP Paribas SABank of America Merrill Lynch
Deals6,237.3 ▲ 21ANZ Banking Group
Share Ch.
▲
-16.7
Australia 2,620.5
▲
461.1
Industry % Change from Last Quarter 249.2%▲ 8.8%
-1 72.6
11.61.4
▲ 3.2
-0.41.71.4
-9.9
▼▼17▼
-
▲
3.54.4▲ 4 4.7 3
▲ 100.0%
57.6100.0100.0 47
44.9
▼9 7 893.1 3.3 3 5.1 0 - 2.5 ▲
3.0 ▲1.5
▲▲
3.47.4 0
1.40.5
1.6▲ 2
2.3
16*3.6 2.814 986.0
936.0 3.5
-1.23 7.7 2 ▲
1.610.1
2.2▼
- 1.0
1.2
▼ 17 7.3
7.0 0
9.41.0
-6.8
1.2▲
-52▲4 ▲
-
5 61,023.3 3.861,197.0 4.4
Commonwealth Bank of Australia4 2
Share %
15.5
3,712.1 13.73 4 4,176.3
Market Market# of Deals Share Ch.
Change in FeesShare %
# of
Australian Loan by Syndicate Type Jan 1 - Dec 31
Australia Loans - Bookrunners (S7)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner2010 Rank
2009 Rank
Jan 1 2010 - Dec 31 2010
Market Manager
Credit Agricole CIB11*
13*
11
12.9%
5-
15
27,164.3
12
1516
600.0
157.0
2.2
13
1.01.0
261.9261.9
0.6
1.00.3
0.6
▼▲
1.7▲2.2
-3.3
▲-0.2 ▼
▼-0.2 2
132
-02
21
2.11.3
10.9
1.9
▲▼▲▲
-1.9
▼
1
0.01.9
0.1
1.2-0.62.3
2.70.53.7
1.22.82.5
2.01.8
2.6
-1.3
1.514
1.3
1,665.1
965.2
1.01.5
6Mizuho Financial GroupBank of China LtdBank of America Merrill Lynch 1,039.447
1,102.9
▲▼▲▲-▲
-2.6-1.2 13
▼▼
193
-0.85625 1,062.1
4.73.4
2.7
1.52.52.8▲
19▲ 90.924
▲10
BBVA 16
1.61.1 015 ▼
▲Lloyds Banking Group 1.0
▲ 0.1-1.2- 1.7
0.9
▼▼▲▲
Scotiabank-Bank of Nova ScotiaINGChina Development Bank
3521*
-
1718
1.31.21.2
815.3805.6
840.1 0.41.00.51.1
7Natixis 161920 1.0 0.1
1.1737.1654.9
8862
2▲
▲▲▲
3632
▲ 0.8
0.90.90.90.8
▲
1.5.8
1.21.5
0.50.40.9
▲▲▲
1.93.3
0.50.70.9
▲▲▲▲
2425
557.2540.3531.9479.2460.7
23
2122
Rabobank NV
132831*45*11
WestLB AGUnited Overseas Bank LtdIntesa SanPaoloDBS Group Holdings 0.7
0.7
-0.60.30.40.6
-1.2
0.80.80.8
▲▼
87465
▼▲▲
0.5
-1535-1
0.60.60.60.5
▼
1.62.6
.51.13.3
▼▲▲▲
1.9
-0.81.00.10.60.8
0.91.50.30.6
▲
▼▲▲▲
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
India Taiwan Hong Kong China Singapore Malaysia
Pro
ceed
s (U
S$b
)
January 1, 2009 - December 31, 2009January 1, 2010 - December 31, 2010
24%
17%16%
14%
14%9%6%
IndustrialsEnergy and PowerFinancialsMaterialsReal EstateTelecommunicationsConsumer Products and Services
0%
20%
40%
60%
80%
100%
2005 2006 2007 2008 2009 2010
Syndicated Club Deals
*tie
2010 Rank
Japan Loans Proceeds by Industry
0.8%Industry % Change from Last Quarter -28.0% ▼
Mizuho Financial Group 1
3
3/1/2010Dai-ichi Life Insurance Co LtdMarubeni CorpOsaka Prefecture
9/27/2010
4/1/2010
Closing Date10/29/2010
BorrowerSony Corp
3/31/2010
4/30/2010 JOGMEC2/23/20105/13/2010
Sumitomo Corp
2.6
ITOCHU Corp
Industry % Change from Same Period Last Year
Fujitsu Ltd 2,455.8
Hitachi Ltd
Daishi Bank Ltd
Japan Loans - Bookrunners (S12b)
21
Japan Deals Intelligence
Japanese syndicated lending for 2010 totaled US$252.1 billion on 1,653 deals, a 1.2% increase in proceeds compared to US$249.2billion in 2009.
Sony Corp's amended US$5.9 billion tenor extension deal, solely led by Sumitomo Mitsui Banking Corp in October, was the largestJapanese deal for the year. The borrower has extended the tenor annually since the original deal closed in 2009.
The Real Estate sector, which saw a significant decline after the financial crisis, has gradually picked-up in 2010. Real Estatetransactions accounted for 8.1% of the total market volume, a 43.2% increase from its market share of 4.6% in 2009. The top three syndicated Japanese real estate deals by proceeds were: two Nippon Commercial Investment’s deals each worth US$1.1billion, both solely led by Sumitomo Mitsui Banking Corp and Tokyo Tatemono Co Ltd’s US$1.1 billion facility, led by Mizuho CorporateBank.
Package Amt (US$m)
3,238.83,211.5
1 94,590.2Proceeds
2009 Rank
Sumitomo Mitsui Finl Grp Inc
Working Capital
Resona Holdings IncCiti
2,499.4
Japan Loans Volume
Market MarketShare % Share Ch.
Change in
Working Capital
Jan 1 2010 - Dec 31 2010
Bookrunner
Jan 1 2010 - Dec 31 2010
30.5 437.9 6.6 ▲ 500Share %
# ofDeals
Proceeds per Bookrunner (US$m)
# of Deals
Place Funds on Deps3,197.7Refin/Ret Bank Debt2,748.9Refin/Ret Bank Debt2,610.7
548
Oper Fund / Cash Res
Jan 1 2010 - Dec 31 2010
64,203.1Mitsubishi UFJ Financial Group 2
5
25.7 -2.63
6,167.362,853.0
2.3 1.44
▼
# of Deals per BookrunnerMarket
33.427.6
2.5 -0.1 ▼-1▼ 10 0.62
Oper Fund / Cash Res
▼▼
-48
▲
25.2 -4.3 ▼ 453▼▼
-40
4
1211
Development Bank of Japan Inc 7
7 5,810.5Sumitomo Trust & Banking 6 6 4,214.0
2,675.7
3.7▲ 60 26 ▲16 ▲
5,908.5 Refin/Ret Bank Debt
5
Working CapitalOper Fund / Cash Res
Bank of Yokohama 9
-20 22
Tokyo Star Bank
Primary UOP
Norinchukin Bank
1.7 0.81.1 -0.8
1,985.60.0
251.6
▲
43
-59.1%
Top Japan Syndicated Loans
3,658.4
Jan 1 2010 - Dec 31 2010
▲
Mitsubishi Corp
8▼ 25 1.5
Aozora Bank Ltd 0.4
https://www.thomsonone.com
122,080.543 2.6
5
0.1
12 17
77 Bank Ltd
Bank of Kyoto Ltd 19 -4,474.4
23
-
Credit Agricole CIB 445.5
0.1
0.2 0.1 ▲Chuo Mitsui Trust & Banking
0.2▲0.2
15Hiroshima Bank Ltd 13 18 430.8
384.0Nishi-Nippon City Bank Ltd
0.7
12/16/201010/14/2010
14
▲0.8 0.3 ▲0.8
2 ▲1.4▲ 23
2 ▲
Full Year 2010 | Syndicated Loans | Managing Underwriters
JapanProceeds up by 1.2% signals stable Japanese market | Sony Corp raised US$5.9 billion from SMBC | Mizuho Leads the Pack
BNP Paribas SA 10 10 1,614.3 ▼10
-16 0.40.6 5 ▲-
▲▲▲
11 14 690.4
0.1
0.3 0.0
-8
00.50.12
0.3 22
-
0.2 4
0.4 0
▲0.4 0 -
15 - 382.5▼ 6
0.2 0.2 ▲ 40.1 -0.8
Shinkin Central Bank 17 8 240.9Shinsei Bank 16 9
▼ 60.1 -0.8
-1.1%
96.6
50.0 0.0 - 3
2-
0.0
Fukuoka Financial Group Inc 18 16 139.8 0.1▲▲
4
0.0
0.11▼0.2 -2
1107.1 0.0 -0.00.0 -
70.510.0 5
- 10.3-
0.0 ▲Shoko Chukin Bank 22 27 45.0 0.0 0.0 -
1
23 44.4Hyakugo Bank Ltd 24 - 37.1
▲0.3 -5 ▼0.2 2
0.0 -29 36.0 0.0 0.0
249,596.4
0.0Hyakujushi Bank LtdTop Twenty Five Total
0.1 20
2 ▲
Bookrunner Total
0.199.90 0.6 ▲100.0 1,641
-
-18
25
249,924.5
$0
$50
$100
$150
$200
$250
$300
$350
4Q2001 4Q2002 4Q2003 4Q2004 4Q2005 4Q2006 4Q2007 4Q2008 4Q2009 4Q2010
Pro
ceed
s (U
S$b
)
0
500
1,000
1,500
2,000
2,500
# of
Issu
es
Proceeds (US$b)
# of Issues
20%
16%
13%10%
10%
8%
5%
5%
4%3%
3%2% 1%Industrials
Financials
High Technology
Materials
Energy and Power
Real Estate
Consumer Products andServicesRetail
Consumer Staples
Government and Agencies
Media and Entertainment
Healthcare
Telecommunications
252,115.7
0.2
17 143.1
388.0
9251.6
51
-9
▲
0.110.1
▲0.20.2
▼-0.80.2
BNP Paribas SA
Nishi-Nippon City Bank Ltd 15
13INGHiroshima Bank Ltd
Credit Agricole CIB11Chuo Mitsui Trust & Banking
48
50 130.8 0.2 ▲▲250,918.7
18 ▲
885.8
0.6 ▼0.1 ▲
0.40.4
▼
1,653
-0.5%
8Aozora Bank LtdBank of Yokohama 0.6
149
0.82,066.07Development Bank of Japan Inc6
Bank of Kyoto Ltd
Shinsei Bank
19
Fukuoka Financial Group Inc
22
Hokuhoku Financial Group Inc 20
-2
7
▲▼
3-
- 0.35▲
Jan 1 2010 - Dec 31 2010
100.0
00.3
0.0
0.1
0.10.1 -0.8
Industry % Change from Same Period Last Year
Industry Total
0.1
1.2% ▲
25
Industry % Change from Last Quarter
Japan Loans Maturity Analysis 2011-2020 Japan Loans Volume of Non-Japanese Borrowers
-28.1% ▼ -59.2% ▼
99.5
0.1 0.0
1.00.1
29 0.1
▼▲2
0.1144.5
0.2 -1
2
3 2
-0
- 4
▲0.1
147.12
0.1 0.1▲
1164.4
0.10.1-
176.5 0.0220.1
222.617Shinkin Central Bank
816
18Bank of America Merrill Lynch240.9
-0.0 0207.121
0
--
0.10.1 0.0
▼
▼0.4
5 3-1 ▼
2-
0.1
▲
ANZ Banking Group
0.9
1.8
77 Bank Ltd
914 399.425
0.0 -
-12 0.1
30.3
6
▲
▲
▼0.7
▼
2
38*
6 0.4▲
20
0.5
10 -0.1
Top Twenty Five Total
Japan Loans - Use of Proceeds
▲8 0.5
0.2508.1
15-1
5-▲
9 0.5▲2.9▲
Full Year 2010 | Syndicated Loans | Managing Underwriters
Japan
12
11 1,532.3
13 928.112
10 1,439.35
Societe Generale 2324
Barclays Capital21
-34▼
▼
Change in
▼
5 3,140.4▲1.6 0.6
1.37
0.4 1325 1.5▲
4.8-0.5 ▼ 30
0.7 ▲ 494 5,091.14 2.0 -0.2 ▼Citi
▲4,061.5 ▲
113.01.74,235.880
Sumitomo Trust & Banking
66,888.3
-312
Resona Holdings Inc5 6
31
49065,723.9 -3829.6
Japan Loans - Mandated Arrangers (S12a)
35.52 33 2 -3.4
31.96.0 ▲
Jan 1 2010 - Dec 31 2010
▼26.126.5 -1.9 ▼ 586
Sumitomo Mitsui Finl Grp Inc
Mizuho Financial Group
Market
36.4Share Ch. Deals Share %
1 1 91,802.1 -1# of Deals
527
# ofMarketProceeds per Mandated Arranger (US$m) # of Deals per MA
Market2010 RankMandated Arranger Proceeds Share %
2009 Rank
Mitsubishi UFJ Financial Group
https://www.thomsonone.com
$0
$2
$4
$6
$8
$10
$12
$141Q
2005 2Q 3Q 4Q
1Q20
06 2Q 3Q 4Q
1Q20
07 2Q 3Q 4Q
1Q20
08 2Q 3Q 4Q
1Q20
09 2Q 3Q 4Q
1Q20
10 2Q 3Q
4Q20
10
Pro
ceed
s (U
S$b
)
0
5
10
15
20
25
30
35
# of
Issu
es
Proceeds (US$b)
# of Issues
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$110
$120
Working Capital OperatingFund/Cash
Reserve
GeneralCorporatePurposes
Refinancing Refinance BankDebt
CapitalExpenditures
PropertyDevelopment
PropertyAcquisition
Pro
ceed
s (U
S$b
)
January 1, 2009 - December 31, 2009January 1, 2010 - December 31, 2010
$0
$50
$100
$150
$200
$250
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Pro
ceed
s (U
S$b
)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
# of
Issu
es
Proceeds(US$b)# of Issues
-
-
-
-
-
-
Stephen Sotere AngelidesTel: +44 207 542 1991E-mail: [email protected]
Asia-PacificCarina CausonTel: +632 858 7221E-mail: [email protected]
Europe
If you would like to participate in the submissionprocess, receive quarterly press releases, orhave questions about league table criteriaplease contact:
AmericasWilliam ColeTel: +1 646 223-8475
Full Year 2010 | Syndicated Loans | Managing Underwriters
Ranking Criteria Summary
JapanMai YokochiTel: +813 5218 6590
E-mail: [email protected]
Global, Americas, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date. EMEAbookrunner and mandated arranger league table volumes and rankings are based on financial close date.
Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current data andprevious year's data is as of 9:00am EST on December 31, 2010.
Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be givien tothe surviving/parent firm.
Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm
All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
T H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A L
-
-
-
- Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity isextended by a period of more than 90 days, change in deal size, change to bookrunner, mandated arranger and/ or tier 1 agent, guarantor or collateral release, change in borrowing basecriteria, and financial covenants change/release.
Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter oradvisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated tosyndicated members.
E-mail: [email protected]
Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the mostcomprehensive and accurate view of the syndicated loans market available.
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 involvementleague tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".
Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger leaguetables include all club syndicate transactions, regardless of sell-down process.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
T H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A L
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 forany 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 tothe accuracy or completeness 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 atransaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, includingthe buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2010 Thomson Reuters. All rights reserved.
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T H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A LT H O M S O N F I N A N C I A L
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 forany 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 tothe accuracy or completeness 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 atransaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, includingthe buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
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