Tài liệu GLOBAL FIXED INCOME doc

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1st 4UWV 2012 League – 1st 4UWV 2012 League Tables – 1st 4UWV2012 League
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Global Fixed Income League Tables
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Table of Contents
.
Introduction
1
Corporate Bonds (All)
.
2
International Bonds
.
3
Global Bonds
.
4
High Yield (All)
.
5
Euro Bonds
.
6
Yen Bonds
.
7
U.S. Bonds
.
8
U.S. Agencies
.
9
Euromarket Bonds
.

10
Asia ex-Japan G3 Currency Bonds
.
11
Japanese Corporates
.
12
Asian Local Currency Bonds
.
13
Bloomberg 2012 Q3
09/29/2012
Email
Fax
Phone
Contact
+1-212-617-7715

+1-917-369-7306Daniel Covello
Americas

+44-20-77392-6161
+44-20-3216-4345
Jorge Fernandez
EMEA

+852-2977-2175
+852-2977-2125
Vivian Lee
Asia-Pac (HK)

Asia-Pac (SG)

+65-6212-1635+65-6212-1535
Phuong Anh Nguyen
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.
Bloomberg
©2012 Bloomberg Finance L.P. All rights reserved.

LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO>
Global Fixed Income Review
Basic Materials, 4%
Communications, 5%
Consumer, Cyclical, 6%
Consumer, Non-
cyclical, 7%
Diversified, 2%
Energy, 8%
Financial, 50%
Government, 2%
Industrial, 8%
Technology, 1%
Utilities, 6%


 Corporate Bond issuance volume increased 13.6% for the first three quarters of 2012
compared to 2011’s first three quarters, with an aggregate of USD 2,934 billion issued.
 JP Morgan retains their top spot among underwriters, capturing a 6.7% market share for the
first half of 2012. Citigroup finished second with 5.5% and Bank of America (4.8%), Deutsche
Bank (4.8%), and Barclays (4.4%) rounded out the rest of the top five.


Euro-MTN was the largest market of issue accounting for 26.4% of total issuance volume and
21.2% of all deals closed. U.S. Corporate issuance totaling USD 1,128 billion to date for 2012 is
the most ever for the first three quarters and is on pace for a record year.


 Financials have dominated in terms of issuance numbers and amount raised, accounting for
50% of total issuance volume amassing USD 1,457 billion raised. Consumer, non-cyclical and
industrial sectors each accounted for 8% of total issuance, a 2% increase over the same time
period in 2011.
 The largest deal to date for 2012 also came from the Financial sector with KFW’s EUR 5 billion
dollar offering orchestrated by Barclays, Commerzbank, and RBC. This note priced in mid-
February at -8 basis points vs Mid Swaps yielding 1.486%, and pays a 1.375% coupon.


Heat Map: 2012 1
st
3Q Volume by Region
Global Fixed Income Review
Western Europe (39%)
North Ameri ca ( 29%)
Asia Pacific (26%)
Latin America & Caribbean (3%)
Eas tern Europe (2%)
Middle East & Africa (1%)
Regional Deal Activity
Industry Sector Deal Activity
Total Volume by Industry (1st 3Q 2012)
Bloomberg
©2012 Bloomberg Finance L.P. All rights reserved.

LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO>
Global Fixed Income Review
Global Bond Quarterly Volume US Corporate Bond Quarterly Volume
EMEA Corporate Bond Quarterly Volume APAC Corporate Bond Quarterly Volume
Global Fixed Income Review
Notable Highlights
 Corporate bond issuance volume increased over 65% during the third quarter of 2012 compared to the third quarter of 2011, with all regions experiencing individual increases.
US Corporate bonds saw the largest increase with a 87% increase year over year for the third quarter. Asia-Pac and EMEA regions saw 72% and 39% increases respectively.
 The total number of deals closed increased 5.4% for the same time period. US Corporate bond deals decreased 13.4%, a stark contrast to the increase seen in issuance volume.
Global Bond deals continued its upward trend rising 54%, as well as Asia-Pac deals increasing 35%.

0
50
100
150
200
250
300
350
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450

2007
Q3
2008
Q3
2009
Q3
2010
Q3
2011
Q3
2012
Q3
Issuance
Volu me U SD (Billions)
Vol ume
Deal Count
0
500
1,000
1,500
2,000
2,500
3,000
$0
$50
$100
$150
$200
$250
$300

$350
$400
$450
$500
2007
Q3
2008
Q3
2009
Q3
2010
Q3
2011
Q3
2012
Q3
Issuance
Volume in USD (Billions)
Vol ume
Deal Count
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900

2007
Q3
2008
Q3
2009
Q3
2010
Q3
2011
Q3
2012
Q3
0
500
1000
1500
2000
2500
3000
3500
Volume in USD (Billions)
Issuance
Vol ume
Deal Count
0
200
400
600
800
1000

1200
1400
1600
1800
2007
Q3
2008
Q3
2009
Q3
2010
Q3
2011
Q3
2012
Q3
$0
$50
$100
$150
$200
$250
$300
$350
Issuance
Volume U SD (Billions)
Vol ume
Deal Count
Bloomberg
©2012 Bloomberg Finance L.P. All rights reserved.

LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO>
Global Fixed Income Review
0 100,000 200,000 300,000 400,000 500,000
Diversified
Technology
Untilities
Basic Materials
Industrial
Consmer, Cyclical
Communications
Energy
Consumer, Non-cyclical
Financial
2012 1st 3Q
2011 1st 3Q
Total Volume (USD Million)
US Corporates 2012 1
st
3Q Notable Highlights
INDUSTRY MARKET SHARE
Global Fixed Income Review
Announcement Date Issuer Underwriter Amount (Mln) Coupon Maturity
2/8/2012 KFW
CS,HSBC,MS
$5,000 1.250% 2/15/2017
1/5/2012 KFW BARCS,GS,JPM $4,500 1.000% 1/12/2015
1/19/2012 GOLDMAN SACHS GROUP INC GS $4,250 5.750% 1/24/2022
4/17/2012 KFW BARCS,MS,UBS $4,000 0.625% 4/24/2015
5/24/2012 UNITED TECHNOLOGIES CORP BAML,BNPPAR,CITI,DB,GS,HSBC,JPM,RBS $3,500 4.500% 6/1/2042

9/14/2012 REYNOLDS GROUP ISSUER CS $3,250 5.750% 10/15/2020
9/26/2012 KFW BARCS,BNPPAR,UBS $3,000 2.000% 10/4/2022
9/19/2012 JPMORGAN CHASE & CO JPM $3,000 3.250% 9/23/2022
8/28/2012 KFW BNPPAR,DB,JPM $3,000 0.875% 9/5/2017
7/11/2012 ANHEUSER-BUSCH INBEV WORLDWIDE INC BAML,BARCS,BNPPAR,DB,JPM,MIZUHO,MUFG,RBS,SG $3,000 2.500% 7/15/2022
0
2
4
6
8
10
12
14
16
JP Morgan
BoAML
Citi
Goldman Sachs
Morgan Stanley
2012 1st 3Q
2011 1st 3Q
2010 1st 3Q
% Market Share
Number of Deals 5,866
Volume (Mln) $1,127,532.00
Avg Deal Size (Mln) $192.21
Unde rwri ter JP Morga n
Number of Deals 830
Volume (Mln) $40,299.95
Summary

Top Underwriter
Bloomberg
LEAG <GO> LREP <GO> NI LEAG CRL <GO> LALT <GO> LMX <GO> NI DEALSPACE <GO>
© 2012 Bloomberg Finance L.P. All rights reserved.

INDUSTRY
Euromarkets Bonds 1
st
3Q 2012 Notable Highlights
MARKET SHARE
0%
1%
2%
3%
4%
5%
6%
7%
8%
Deutsche Bank
AG
HSBC Bank PLC Barclays BNP Paribas
Group
JP Morgan
Market Share
1st 3Q 2010
1st 3Q 2011
1st 3Q 2012
$0 $500 $1,000 $1,500
Diversified

Energy
Basic Materials
Communications
Industrial
Consumer, Non-cyclical
Consumer, Cyclical
Utilities
Government
Financial
Total Volume (USD Bln)
1st 3Q 2012
1st 3Q 2011
Number of Deals 8,598
Volume USD (Mln) 1,825,016
Average Deal Size USD (Mln) 212.26

Unde rwrite r Deutsche Bank AG
Number of Deals 678
Volume USD (Mln) 118,797.47
Average Deal Size USD (Mln) 175.22
Summary
Top Underwriter
Announcement Date Issuer Underwriter
Amount
(Mln)
Coupon Maturity
03/19/2012 BUONI POLIENNALI DEL TES INTES,UNICRD $9,653 2.450% 26/03/2016
04/24/2012 UK TSY 3 3/4% 2052 BSSA,DB,NOMURA,RBS $7,669 3.750% 22/07/2052
01/24/2012 UK TSY 3 3/4% 2052 BARCS,CS,HSBCL,MS $7,422 3.750% 22/07/2052
07/10/2012 EFSF CACIB,MS,UNICRD $7,350 1.625% 15/09/2017

02/14/2012 KFW BARCS,COBA,RBCCM $6,567 1.375% 21/02/2017
09/19/2012 KFW CITI,COBA,GS $6,524 0.875% 13/10/2017
09/20/2012 TSY 0 1/4% 2052 I/L GILT MS,RBS,SG,UBS $6,486 0.250% 22/03/2052
01/11/2012 EUROPEAN INVESTMENT BANK BNPPAR,DB,HSBCL,JPM $6,353 1.625% 15/01/2015
Bloomberg
LEAG <GO> LREP <GO> NI LEAG CRL <GO> LALT <GO> LMX <GO> NI DEALSPACE <GO>
© 2012 Bloomberg Finance L.P. All rights reserved.
0 10,000 20,000 30,000 40,000 50,000 60,000
Consumer, Cyclical
Technology
Industrial
Communications
Basic Materials
Consumer, Non-cyclical
Government
Utilities
Diversified
Energy
Financial
1st 3Q 2012
1st 3Q 2011

INDUSTRY
Asia ex-Japan G3 Currency Bonds 1
st
3Q 2012 Notable Highlights
Total Volume (USD Million)
MARKET SHARE
Announcement Date Issuer Underwriter Amount (Mln) Coupon Maturity
4/17/2012 REPUBLIC OF INDONESIA SCB,JPM

$2,000 3.750% 4/25/2022
1/9/2012 REPUBLIC OF INDONESIA HSBCL,JPM,SCB $1,750 5.250% 1/17/2042
5/21/2012 1MDB ENERGY LTD GS $1,750 5.990% 5/11/2022
5/30/2012 HUTCHISON WHAMPOA BARCS,DB,JPM $1,546 2.500% 6/6/2017
4/25/2012 CNOOC FINANCE 2012 LTD BARCS,BOC,CI TI $1,500 3.875% 5/2/2022
1/4/2012 REPUBLIC OF PHILIPPINES CITI,CS,DB,GS,HSBCL,JPM,SCB,UBS $1,500 5.000% 1/13/1937
7/25/2012 STATE BANK INDIA/LONDON BAML,BARCS,CITI,DB,JPM,UBS $1,250 4.125% 8/1/2017
4/26/2012 PERTAMI NA PT BARCS,CI TI ,HSBCL $1,250 6.000% 5/3/1942
4/26/2012 PERTAMI NA PT BARCS,CI TI ,HSBCL $1,250 4.875% 5/3/2022
1/4/2012 EXPORT-IMPORT BK KOREA BAML,BNPPAR,CITI,DB,HSBCL,RBS $1,250 4.000% 1/11/2017
Number of Deals 188
Volume (Mln) $101,071
Avg Deal Size (Mln) $537.61
Unde rwri ter HSBC
Number of Deals 85
Volume (Mln) $14,238.36
Summary
Top Underwriter
0%
2%
4%
6%
8%
10%
12%
14%
16%
HSBC Citi JP Morgan Goldman Sachs Standard
Chartered Bank
Market Share

1st 3Q 2012
1st 3Q 2011
1st 3Q 2010
Bloomberg
Corporate Bonds (All)
1/1/12
-
9/30/12
FIRM
USD (Mln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
6.1 1
JP Morgan
195,599 0.60 1159

1
6.7 0.6
5.0 4
Citi
162,182 0.57 1035
2
5.5 0.5
5.3 3
Bank of America Merrill Lynch
141,758 0.71 2038
3
4.8 (0.5)
5.5 2
Deutsche Bank AG
140,475 0.49 915
4
4.8 (0.7)
4.5 5
Barclays
128,559 0.53 996
5
4.4 (0.1)
4.3 7
Goldman Sachs & Co
126,489 0.53 600
6
4.3 -
3.8 8
HSBC Bank PLC
125,582 0.34 903

7
4.3 0.5
4.5 6
Morgan Stanley
124,547 0.53 1761
8
4.2 (0.3)
3.2 9
UBS
94,124 0.68 941
9
3.2 -
3.0 11
Credit Suisse
87,905 0.57 541
10
3.0 -
3.1 10
BNP Paribas Group
85,790 0.36 508
11
2.9 (0.2)
3.0 12
RBS
75,025 0.49 522
12
2.6 (0.4)
1.5 16
Wells Fargo & Co
66,721 0.91 1543

13
2.3 0.8
1.7 14
RBC Capital Markets
57,095 0.72 423
14
1.9 0.2
1.4 17
Credit Agricole CIB
46,888 0.37 227
15
1.6 0.2
2.1 13
UniCredit
45,522 0.50 210
16
1.6 (0.5)
1.4 18
Societe Generale
41,732 0.24 216
17
1.4 -
0.9 22
Mizuho Financial Group Inc
35,747 0.36 299
18
1.2 0.3
0.9 23
Nomura Holdings Inc
29,932 0.32 325

19
1.0 0.1
0.7 29
DZ Bank AG
28,711 0.08 322
20
1.0 0.3
TOTAL
100%
100%
2,934,000 15,6350.52 2,581,890
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible corporate bonds worldwide. Volume in USD millions.
Basic Materials 4.75%
Consumer Prod/Svcs 13.98%
Financial 51.79%
Government 2.46%
Industrial 7.52%
Oil/Gas/Elect 13.49%
Tech/Comm 6.00%
Total: 100.00%
INDUSTRY BREAKDOWN
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000

1,200,000
4200
4400
4600
4800
5000
5200
5400
5600
5800
6000
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4

2011
Q
1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
2
©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO>
LREP <GO>
LEAG <GO>
LALT <GO>
LMX <GO>
LREP <GO>
Bloomberg

International Bonds
1/1/12
-
9/30/12
FIRM
USD (Mln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
5.8 3
JP Morgan
212,771 0.41 1011
1
7.2 1.4
6.9 2
Barclays

203,287 0.25 899
2
6.9 -
7.0 1
Deutsche Bank AG
191,153 0.29 948
3
6.5 (0.5)
4.5 7
Citi
165,785 0.38 795
4
5.6 1.1
5.5 4
HSBC Bank PLC
165,583 0.28 879
5
5.6 0.1
5.0 5
BNP Paribas Group
139,193 0.21 637
6
4.7 (0.3)
4.2 8
Goldman Sachs & Co
120,890 0.36 466
7
4.1 (0.1)
3.7 9
Bank of America Merrill Lynch

119,560 0.48 627
8
4.1 0.4
4.7 6
UBS
119,458 0.23 598
9
4.1 (0.6)
2.8 13
Morgan Stanley
104,923 0.40 464
10
3.6 0.8
3.0 11
Credit Suisse
102,640 0.29 491
11
3.5 0.5
3.2 10
RBS
87,269 0.37 479
12
3.0 (0.2)
3.0 12
UniCredit
79,432 0.35 354
13
2.7 (0.3)
2.4 14
Credit Agricole CIB

77,591 0.21 295
14
2.6 0.2
2.2 15
Societe Generale
65,375 0.19 273
15
2.2 -
1.7 18
RBC Capital Markets
49,105 0.36 296
16
1.7 -
1.4 20
DZ Bank AG
46,210 0.11 459
17
1.6 0.2
1.8 16
Natixis
45,155 0.23 200
18
1.5 (0.3)
1.3 21
Commerzbank AG
36,131 0.20 197
19
1.2 (0.1)
1.6 19
Landesbank Baden-Wuerttemberg

35,871 0.04 298
20
1.2 (0.4)
TOTAL
100%
100%
2,940,880 9,7210.32 2,910,980
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible international bonds; bonds that can be sold outside their domestic market. Volume in USD millions.
Basic Materials 3.13%
Consumer Prod/Svcs 8.20%
Financial 46.39%
Government 28.49%
Industrial 3.39%
Oil/Gas/Elect 6.65%
Tech/Comm 3.75%
Total: 100.00%
INDUSTRY BREAKDOWN
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
1,500,000
2200

2400
2600
2800
3000
3200
3400
3600
3800
4000
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q

1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
3
©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO>
LREP <GO>
LEAG <GO>
LALT <GO>
LMX <GO>
LREP <GO>
Bloomberg
Global Bonds
1/1/12

-
9/30/12
FIRM
USD (Mln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
12.5 2
JP Morgan
94,115 0.43 358
1
13.1 0.6
13.7 1
Barclays
76,910 0.25 185
2

10.7 (3.0)
7.2 6
Citi
70,525 0.40 253
3
9.8 2.6
7.0 7
Deutsche Bank AG
57,103 0.30 182
4
7.9 0.9
7.5 5
Bank of America Merrill Lynch
52,481 0.53 245
5
7.3 (0.2)
5.8 8
Morgan Stanley
48,705 0.41 191
6
6.8 1.0
8.9 4
Goldman Sachs & Co
46,117 0.41 162
7
6.4 (2.5)
9.5 3
UBS
40,472 0.23 117
8

5.6 (3.9)
4.3 9
BNP Paribas Group
35,993 0.21 117
9
5.0 0.7
4.1 10
HSBC Bank PLC
34,804 0.27 119
10
4.8 0.7
3.1 12
Credit Suisse
30,804 0.32 105
11
4.3 1.2
1.9 14
Wells Fargo & Co
24,909 0.62 122
12
3.5 1.6
2.8 13
RBS
18,647 0.49 103
13
2.6 (0.2)
3.6 11
RBC Capital Markets
18,126 0.33 65
14

2.5 (1.1)
1.4 16
CIBC
8,105 0.09 15
15
1.1 (0.3)
1.6 15
TD Securities
7,356 0.10 19
16
1.0 (0.6)
0.9 17
BMO Capital Markets
5,229 0.24 10
17
0.7 (0.2)
0.1 28
Mitsubishi UFJ Financial
4,575 0.54 30
18
0.6 0.5
0.7 19
National Bank Financial Inc
4,401 0.06 9
19
0.6 (0.1)
0.2 23
US Bancorp
4,299 0.52 29
20

0.6 0.4
TOTAL
100%
100%
718,907 8090.36 599,087
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.
Basic Materials 4.86%
Consumer Prod/Svcs 13.38%
Financial 23.83%
Government 39.57%
Industrial 3.79%
Oil/Gas/Elect 7.66%
Tech/Comm 6.91%
Total: 100.00%
INDUSTRY BREAKDOWN
80,000
120,000
160,000
200,000
240,000
280,000
320,000
360,000
400,000
440,000
80
120
160

200
240
280
320
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3

2011
Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
4
©2012Bloomberg Finance L.P. All rights reserved.
LEAG <GO>
LREP <GO>
LEAG <GO>
LALT <GO>
LMX <GO>
LREP <GO>
Bloomberg
High Yield (All)
1/1/12
-
9/30/12
FIRM
USD (Mln)
RANK

MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
11.0 1
JP Morgan
32,522 1.43 264
1
11.1 0.1
9.6 2
Bank of America Merrill Lynch
29,148 1.45 241
2
9.9 0.3
9.3 3
Deutsche Bank AG
25,495 1.19 209
3

8.7 (0.6)
8.4 4
Credit Suisse
25,247 1.43 178
4
8.6 0.2
8.4 5
Citi
23,382 1.44 194
5
8.0 (0.4)
7.5 6
Goldman Sachs & Co
21,207 1.31 147
6
7.2 (0.3)
6.6 7
Barclays
17,708 1.41 147
7
6.0 (0.6)
3.0 11
Wells Fargo & Co
16,658 1.64 152
8
5.7 2.7
6.0 8
Morgan Stanley
16,047 1.38 134
9

5.5 (0.5)
3.3 10
UBS
10,158 1.41 96
10
3.5 0.2
2.0 14
RBC Capital Markets
9,638 1.50 86
11
3.3 1.3
3.4 9
RBS
8,413 1.40 77
12
2.9 (0.5)
2.3 13
HSBC Bank PLC
6,122 0.93 53
13
2.1 (0.2)
2.4 12
BNP Paribas Group
3,934 0.67 42
14
1.3 (1.1)
1.4 16
Credit Agricole CIB
3,866 1.11 40
15

1.3 (0.1)
1.8 15
Jefferies Group Inc
3,778 3.15 33
16
1.3 (0.5)
0.6 22
BMO Capital Markets
3,077 1.48 30
17
1.0 0.4
0.3 29
SunTrust Robinson Humphrey
2,913 1.46 29
18
1.0 0.7
0.3 32
Scotiabank
2,658 1.58 21
19
0.9 0.6
0.4 24
Natixis
1,738 0.98 22
20
0.6 0.2
TOTAL
100%
100%
293,892 6701.38 273,216

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Basic Materials 9.08%
Consumer Prod/Svcs 31.44%
Financial 15.83%
Industrial 8.94%
Oil/Gas/Elect 16.80%
Tech/Comm 17.91%
Total: 100.00%
INDUSTRY BREAKDOWN
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
0
40
80
120
160
200
240
280
320
2009
Q1
2009

Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q

2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
5
©2012Bloomberg Finance L.P. All rights reserved.
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Bloomberg
Euro Bonds
1/1/12
-
9/30/12
FIRM
EUR (Mln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE

RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
5.7 3
UniCredit
58,110 0.36 296
1
5.9 0.2
6.3 2
BNP Paribas Group
57,126 0.17 285
2
5.8 (0.5)
4.3 6
Credit Agricole CIB
51,637 0.20 227
3
5.2 0.9
6.8 1
Deutsche Bank AG
51,514 0.29 288
4
5.2 (1.6)
4.6 5

Barclays
50,406 0.23 263
5
5.1 0.5
5.1 4
HSBC Bank PLC
44,918 0.18 246
6
4.5 (0.6)
3.8 7
Societe Generale
42,812 0.17 201
7
4.3 0.5
2.4 14
JP Morgan
40,361 0.14 196
8
4.1 1.7
3.5 8
Natixis
34,547 0.23 192
9
3.5 -
2.5 13
DZ Bank AG
32,575 0.11 427
10
3.3 0.8
3.1 11

Citi
29,799 0.17 177
11
3.0 (0.1)
2.0 18
Goldman Sachs & Co
28,055 0.15 127
12
2.8 0.8
3.1 10
Landesbank Baden-Wuerttemberg
27,130 0.04 283
13
2.7 (0.4)
2.4 15
Commerzbank AG
26,160 0.19 156
14
2.6 0.2
2.2 16
RBS
24,430 0.21 134
15
2.5 0.3
2.8 12
UBS
24,063 0.21 138
16
2.4 (0.4)
3.3 9

Intesa Sanpaolo SpA
23,150 0.91 101
17
2.3 (1.0)
1.5 23
Credit Suisse
20,976 0.20 103
18
2.1 0.6
1.8 20
BayernLB
18,009 0.10 184
19
1.8 -
1.5 24
Bank of America Merrill Lynch
17,880 0.19 118
20
1.8 0.3
TOTAL
100%
100%
989,989 4,2780.21 1,075,390
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible bonds denominated in euros. Volume in EUR millions.
Basic Materials 1.90%
Consumer Prod/Svcs 5.59%
Financial 55.19%
Government 26.69%

Industrial 3.09%
Oil/Gas/Elect 5.16%
Tech/Comm 2.39%
Total: 100.00%
INDUSTRY BREAKDOWN
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
1000
1200
1400
1600
1800
2000
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4

2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
EUR (Mln)
/ #Deals

6
©2012Bloomberg Finance L.P. All rights reserved.
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Bloomberg
Yen Bonds
1/1/12
-
9/30/12
FIRM
JPY (Bln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011

2012
Underwriter League Tables
20.3 1
Morgan Stanley
2,396 0.35 225
1
21.5 1.2
19.4 2
Mizuho Financial Group Inc
2,241 0.32 254
2
20.1 0.7
16.2 3
Nomura Holdings Inc
1,671 0.34 238
3
15.0 (1.2)
14.4 4
Daiwa Securities Group Inc
1,551 0.33 182
4
13.9 (0.5)
13.7 5
Sumitomo Mitsui Financial Group Inc
1,133 0.33 134
5
10.2 (3.5)
3.2 6
Goldman Sachs & Co
404 0.30 47

6
3.6 0.4
1.4 9
JP Morgan
378 0.33 37
7
3.4 2.0
1.2 10
Barclays
242 0.37 22
8
2.2 1.0
2.2 8
Bank of America Merrill Lynch
238 0.27 53
9
2.1 (0.1)
2.6 7
Citi
164 0.32 31
10
1.5 (1.1)
0.6 14
Credit Agricole CIB
132 0.36 9
11
1.2 0.6
0.8 13
BNP Paribas Group
129 0.32 20

12
1.2 0.4
0.4 15
Shinkin Central Bank
112 0.32 26
13
1.0 0.6
0.2 18
Deutsche Bank AG
87 0.36 17
14
0.8 0.6
0.4 16
Tokai Tokyo Securities Co Ltd
86 0.36 19
15
0.8 0.4
0.2 21
Mitsubishi UFJ Financial
40 n/a 2
16
0.4 0.2
0.9 12
HSBC Bank PLC
28 0.40 7
17
0.3 (0.6)
1.0 11
RBS
24 0.32 9

18
0.2 (0.8)
- -
ANZ Banking Group
13 n/a 2
19
0.1 -
0.2 19
Societe Generale
10 n/a 1
20
0.1 (0.1)
TOTAL
100%
100%
11,140 7300.33 10,874
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible bonds denominated in JPY.
Basic Materials 3.69%
Consumer Prod/Svcs 14.88%
Financial 43.19%
Government 23.45%
Industrial 6.25%
Oil/Gas/Elect 6.09%
Tech/Comm 2.46%
Total: 100.00%
INDUSTRY BREAKDOWN
2,800
3,200

3,600
4,000
4,400
4,800
5,200
5,600
160
180
200
220
240
260
280
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3

2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
JPY (Bln)
/ #Deals
7
©2012Bloomberg Finance L.P. All rights reserved.
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LREP <GO>
Bloomberg
U.S. Bonds
1/1/12
-
9/30/12
FIRM
USD (Mln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
12.9 1
JP Morgan
190,627 0.49 975
1
12.5 (0.4)

8.5 4
Citi
147,760 0.46 794
2
9.7 1.2
10.2 2
Bank of America Merrill Lynch
133,355 0.65 2023
3
8.7 (1.5)
10.2 3
Barclays
132,928 0.33 646
4
8.7 (1.5)
7.0 7
Deutsche Bank AG
110,708 0.35 551
5
7.3 0.3
6.9 8
Morgan Stanley
100,073 0.52 1580
6
6.6 (0.3)
7.8 5
Goldman Sachs & Co
99,785 0.47 470
7
6.5 (1.3)

7.1 6
UBS
76,553 0.39 725
8
5.0 (2.1)
4.4 9
Credit Suisse
74,372 0.37 410
9
4.9 0.5
3.1 13
Wells Fargo & Co
68,594 0.84 1625
10
4.5 1.4
3.7 11
HSBC Bank PLC
66,694 0.26 317
11
4.4 0.7
4.0 10
BNP Paribas Group
55,840 0.22 271
12
3.7 (0.3)
3.4 12
RBS
41,204 0.54 289
13
2.7 (0.7)

1.8 14
RBC Capital Markets
31,909 0.58 235
14
2.1 0.3
0.3 21
Mitsubishi UFJ Financial
11,077 0.57 81
15
0.7 0.4
0.3 24
US Bancorp
9,275 0.58 64
16
0.6 0.3
0.3 20
Nomura Holdings Inc
9,182 0.11 48
17
0.6 0.3
0.2 34
Mizuho Financial Group Inc
9,169 0.41 70
18
0.6 0.4
0.6 15
Jefferies Group Inc
8,395 0.16 123
19
0.5 (0.1)

0.3 25
Credit Agricole CIB
8,250 0.55 66
20
0.5 0.2
TOTAL
100%
100%
1,526,740 7,5020.46 1,322,550
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes U.S. Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD. Volume in USD millions.
Basic Materials 4.52%
Consumer Prod/Svcs 14.67%
Financial 31.72%
Government 26.07%
Industrial 4.53%
Oil/Gas/Elect 11.30%
Tech/Comm 7.20%
Total: 100.00%
INDUSTRY BREAKDOWN
300,000
350,000
400,000
450,000
500,000
550,000
600,000
650,000
700,000

2000
2200
2400
2600
2800
3000
3200
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011

Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
8
©2012Bloomberg Finance L.P. All rights reserved.
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Bloomberg
U.S. Agencies
1/1/12
-
9/30/12

FIRM
USD (Mln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
10.4 2
Barclays
79,692 0.07 216
1
12.6 2.2
13.1 1
UBS
58,849 0.08 580
2
9.3 (3.8)
8.5 4

Citi
53,014 0.10 339
3
8.4 (0.1)
8.5 3
JP Morgan
46,393 0.09 355
4
7.3 (1.2)
7.3 5
BNP Paribas Group
43,438 0.09 263
5
6.9 (0.4)
6.1 6
Deutsche Bank AG
38,934 0.09 252
6
6.2 0.1
4.7 8
Credit Suisse
34,095 0.08 381
7
5.4 0.7
4.8 7
FTN Financial
25,499 0.23 706
8
4.0 (0.8)
2.9 11

Morgan Stanley
24,069 0.16 357
9
3.8 0.9
3.3 10
Bank of America Merrill Lynch
23,781 0.14 357
10
3.8 0.5
4.1 9
Goldman Sachs & Co
16,557 0.09 142
11
2.6 (1.5)
2.2 14
Incapital LLC
14,215 0.29 448
12
2.2 -
2.7 12
Jefferies Group Inc
14,144 0.11 373
13
2.2 (0.5)
0.6 25
HSBC Bank PLC
12,803 0.08 118
14
2.0 1.4
2.2 15

Wells Fargo & Co
12,611 0.11 344
15
2.0 (0.2)
0.2 38
Nomura Holdings Inc
11,545 0.11 114
16
1.8 1.6
- -
Raymond James Morgan Keegan
11,124 0.20 433
17
1.8 -
1.5 17
Vining Sparks
10,604 0.26 433
18
1.7 0.2
1.4 18
Stifel Nicolaus Weisel
10,259 0.28 393
19
1.6 0.2
1.1 19
SunTrust Robinson Humphrey
9,625 0.22 363
20
1.5 0.4
TOTAL

100%
100%
632,033 5,4070.13 653,810
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes Sovereign Agency issues. These issues are exempt from the 18-month call rule. Volume in USD millions.
Fannie Mae 31.30%
Federal Farm Credit Banks 13.44%
Federal Home Loan Banks 34.80%
Federal Home Loan Mortgage Corp 20.46%
Total: 100.00%
Agency Breakdown
180,000
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
360,000
1200
1400
1600
1800
2000
2200
2400
2600

2800
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011
Q
4

2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
9
©2012Bloomberg Finance L.P. All rights reserved.
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Bloomberg
Euromarket Bonds
1/1/12
-
9/30/12
FIRM
USD (Mln)
RANK
MKT
SHARE
DEAL

COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
7.1 1
Deutsche Bank AG
118,797 0.28 678
1
6.0 (1.1)
5.9 2
HSBC Bank PLC
115,458 0.28 680
2
5.8 (0.1)
5.0 4
Barclays
113,854 0.25 654
3
5.7 0.7
5.5 3
BNP Paribas Group

96,702 0.22 488
4
4.8 (0.7)
3.4 7
JP Morgan
89,612 0.30 532
5
4.5 1.1
4.1 5
UniCredit
78,373 0.35 347
6
3.9 (0.2)
3.2 10
Credit Agricole CIB
73,129 0.17 265
7
3.7 0.5
3.5 6
UBS
72,934 0.22 453
8
3.7 0.2
3.3 8
Citi
72,112 0.23 424
9
3.6 0.3
3.1 11
Credit Suisse

65,514 0.21 347
10
3.3 0.2
3.2 9
RBS
65,108 0.24 356
11
3.3 0.1
2.7 13
Goldman Sachs & Co
63,561 0.17 251
12
3.2 0.5
2.8 12
Societe Generale
62,393 0.18 251
13
3.1 0.3
2.3 16
Bank of America Merrill Lynch
49,758 0.23 309
14
2.5 0.2
1.9 18
DZ Bank AG
46,210 0.11 459
15
2.3 0.4
1.7 19
Morgan Stanley

45,448 0.36 259
16
2.3 0.6
2.5 14
Natixis
45,102 0.23 199
17
2.3 (0.2)
2.2 17
Landesbank Baden-Wuerttemberg
35,871 0.04 298
18
1.8 (0.4)
1.7 20
Commerzbank AG
35,460 0.19 192
19
1.8 0.1
2.4 15
Intesa Sanpaolo SpA
30,157 0.91 104
20
1.5 (0.9)
TOTAL
100%
100%
1,994,390 8,5980.26 2,126,810
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible Euromarket bonds. Volume in USD millions.

Basic Materials 1.94%
Consumer Prod/Svcs 6.76%
Financial 54.55%
Government 25.56%
Industrial 3.28%
Oil/Gas/Elect 5.16%
Tech/Comm 2.76%
Total: 100.00%
INDUSTRY BREAKDOWN
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
2000
2200
2400
2600
2800
3000
3200
3400
3600
2009
Q1
2009
Q
2

2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q
2
2012

Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
10
©2012Bloomberg Finance L.P. All rights reserved.
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Bloomberg
Asia ex-Japan G3 Currency Bonds
1/1/12
-
9/30/12
FIRM
USD (Mln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT

SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
14.7 1
HSBC Bank PLC
14,238 0.25 85
1
14.1 (0.6)
10.0 2
Citi
10,051 0.25 67
2
9.9 (0.1)
6.3 5
JP Morgan
9,517 0.26 56
3
9.4 3.1
5.9 9
Goldman Sachs & Co
8,196 0.05 33
4
8.1 2.2
6.0 8
Standard Chartered PLC
8,171 0.14 48

5
8.1 2.1
8.2 3
Deutsche Bank AG
8,113 0.26 56
6
8.0 (0.2)
5.8 10
Barclays
6,669 0.30 33
7
6.6 0.8
6.1 6
Bank of America Merrill Lynch
5,765 0.31 39
8
5.7 (0.4)
3.9 11
Morgan Stanley
5,367 0.32 34
9
5.3 1.4
7.3 4
UBS
5,129 0.17 36
10
5.1 (2.2)
3.2 13
Credit Suisse
2,460 0.16 18

11
2.4 (0.8)
0.6 23
DBS Group Holdings Ltd
2,172 0.30 15
12
2.1 1.5
6.0 7
RBS
1,987 0.31 16
13
2.0 (4.0)
3.5 12
Bank of China
1,883 n/a 13
14
1.9 (1.6)
2.2 15
BNP Paribas Group
1,808 0.32 15
15
1.8 (0.4)
1.3 16
Mizuho Financial Group Inc
1,514 0.36 14
16
1.5 0.2
1.0 18
Nomura Holdings Inc
901 0.36 9

17
0.9 (0.1)
0.5 24
ING Groep NV
870 n/a 7
18
0.9 0.4
0.9 19
Maybank
842 n/a 4
19
0.8 (0.1)
0.6 22
Korea Development Bank
765 0.27 6
20
0.8 0.2
TOTAL
100%
100%
101,071 1880.27 56,335
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible bonds from Asia Pacific issuers in JPY, EUR and USD excluding Japan, Australia and New Zealand. Excludes Supranational issues.
Minimum issue size is USD100 million. Volume in USD millions.
Basic Materials 2.37%
Consumer Prod/Svcs 3.93%
Financial 57.80%
Government 7.75%
Industrial 1.73%

Oil/Gas/Elect 23.50%
Tech/Comm 2.92%
Total: 100.00%
INDUSTRY BREAKDOWN
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
36,000
0
10
20
30
40
50
60
70
2009
Q1
2009
Q
2
2009
Q3
2009
Q

4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)

/ #Deals
11
©2012Bloomberg Finance L.P. All rights reserved.
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LREP <GO>
Bloomberg
Japanese Corporates
1/1/12
-
9/30/12
FIRM
JPY (Bln)
RANK
MKT
SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*

2011
2012
Underwriter League Tables
22.9 1
Mitsubishi UFJ Morgan Stanley Securities
1,609 0.38 136
1
26.3 3.4
20.0 2
Mizuho Financial Group Inc
1,433 0.35 130
2
23.4 3.4
18.0 3
Nomura Holdings Inc
1,171 0.35 118
3
19.1 1.1
14.4 5
Daiwa Securities Group Inc
929 0.37 112
4
15.2 0.8
16.7 4
Sumitomo Mitsui Financial Group Inc
589 0.38 70
5
9.6 (7.1)
3.1 6
Goldman Sachs & Co

100 0.29 14
6
1.6 (1.5)
1.7 7
Citi
83 0.35 11
7
1.4 (0.3)
1.1 8
Bank of America Merrill Lynch
57 0.29 11
8
0.9 (0.2)
0.3 11
Shinkin Central Bank
43 0.36 13
9
0.7 0.4
0.4 9
Tokai Tokyo Securities Co Ltd
34 0.40 8
10
0.5 0.1
0.4 10
JP Morgan
22 0.33 4
11
0.4 -
0.1 16
Deutsche Bank AG

19 0.34 4
12
0.3 0.2
0.1 15
BNP Paribas Group
13 0.28 4
13
0.2 0.1
0.3 12
Barclays
8 0.40 2
14
0.1 (0.2)
- -
Fukuoka Financial Group Inc
5 0.45 1
15
0.1 -
- -
Joyo Bank Ltd
5 0.50 1
15
0.1 -
- -
RBS
3 0.21 1
17
0.0 -
TOTAL
100%

100%
6,122 2950.36 6,150
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value
*
Includes all eligible domestic bonds issued from Japanese corporates and banks. Volume in JPY billions.
Basic Materials 6.05%
Consumer Prod/Svcs 24.95%
Financial 44.93%
Industrial 10.81%
Oil/Gas/Elect 9.02%
Tech/Comm 4.24%
Total: 100.00%
INDUSTRY BREAKDOWN
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
3,200
3,400
3,600
60
70
80
90
100
110

120
130
140
2009
Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011

Q
4
2012
Q1
2012
Q
2
2012
Q
3
QUARTERLY VOLUME
JPY (Bln)
/ #Deals
12
©2012Bloomberg Finance L.P. All rights reserved.
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Bloomberg
Asian Local Currency Bonds
1/1/12
-
9/30/12
FIRM
USD (Mln)
RANK
MKT

SHARE
DEAL
COUNT
VOLUME
MKT
SHARE
RANK
MKT
SHARE
CHG (%)
DISCL
FEES (%)*
2011
2012
Underwriter League Tables
8.8 1
HSBC Bank PLC
14,452 0.22 335
1
8.1 (0.7)
5.8 2
Standard Chartered PLC
12,219 0.25 242
2
6.9 1.1
3.0 7
DBS Group Holdings Ltd
8,242 0.16 72
3
4.6 1.6

3.6 4
CIMB
6,980 0.21 202
4
3.9 0.3
3.1 6
Maybank
6,168 0.25 133
5
3.5 0.4
3.3 5
Woori Investment & Securities Co Ltd
6,167 0.28 82
6
3.5 0.2
2.9 9
Axis Bank Ltd
6,092 n/a 179
7
3.4 0.5
4.6 3
KB Investment & Securities Co Ltd
4,573 0.28 93
8
2.6 (2.0)
2.2 11
Korea Investment & Securities Co
4,460 0.27 110
9
2.5 0.3

2.9 8
ICICI
3,849 n/a 149
10
2.2 (0.7)
1.8 16
Barclays
3,768 n/a 110
11
2.1 0.3
2.4 10
TongYang Securities Inc
3,721 0.30 91
12
2.1 (0.3)
1.1 28
Oversea-Chinese Banking Corp
3,284 n/a 63
13
1.8 0.7
1.6 19
Shinhan Investment Corp
3,059 0.27 44
14
1.7 0.1
1.0 31
Bangkok Bank PCL
3,025 0.09 55
15
1.7 0.7

1.1 30
Bank of China
3,021 n/a 21
16
1.7 0.6
0.8 38
Siam Commercial Bank PCL
2,905 n/a 39
17
1.6 0.8
0.8 37
Kasikornbank PCL
2,530 n/a 42
18
1.4 0.6
0.9 35
RHB
2,341 n/a 96
19
1.3 0.4
1.4 22
Hana Daetoo Securities Co Ltd
2,301 0.29 35
20
1.3 (0.1)
TOTAL
100%
100%
178,234 2,4150.28 141,275
Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

*
Includes all eligible bonds denominated in SGD, MYR, HKD, KRW, TWD, INR, THB, IDR, VND and PHP. Excludes issues that are callable or puttable
and mature in less than 12 months. Volume in USD millions.
Basic Materials 4.81%
Consumer Prod/Svcs 10.71%
Financial 52.69%
Government 2.99%
Industrial 9.87%
Oil/Gas/Elect 13.86%
Tech/Comm 5.06%
Total: 100.00%
INDUSTRY BREAKDOWN
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
500
550
600
650
700
750
800
850
900
2009

Q1
2009
Q
2
2009
Q3
2009
Q
4
2010
Q1
2010
Q2
2010
Q
3
2010
Q4
2011
Q
1
2011
Q2
2011
Q3
2011
Q
4
2012
Q1

2012
Q
2
2012
Q
3
QUARTERLY VOLUME
USD (Mln)
/ #Deals
13
©2012Bloomberg Finance L.P. All rights reserved.
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Bloomberg Fixed Income - League 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 sole book-running manager or split equally among joint book-running managers.

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 issuer and/or country of risk. To view criteria settings for a particular
table - change View option on LEAG <GO> to 'Criteria'.

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.

U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar 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 will be eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings. Investment grade includes deals rated Baa3 or above
by Moody’s and BBB- or above by S&P. High yield includes deals rated lower than Baa3 by Moody’s and lower than BBB- by S&P. Note: Criteria may vary
for some local and/or regional table. When rating is split, transaction will appear in investment grade 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 US$50
million. Note: criteria may vary for some local and/or regional tables.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

{IDOC 2016703<GO>}: Fixed Income {IDOC 2061504<GO>}: Structured Notes
{IDOC 2016701<GO>}: Equity {IDOC 2027097<GO>}: Equity Linked
{IDOC 2065648<GO>}: Syndicated Loans {IDOC 2027014<GO>}: Legal Adviser Fixed Income
{IDOC 2021549<GO>}: Legal Adviser Equity