Professional Documents
Culture Documents
Syndication
Syndication
//
GLOBAL
SYNDICATED
LOANS
09/29/2012
Bloomberg
Bloomberg 2012 Q3
Table of Contents
1 . Introduction
2 . U.S. Loans
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Runner
Arranger
Runner
Phone
Fax
Americas
Paul Bandong
+1-609-279-5187
+1-646-268-5455
pbandong1@bloomberg.net
EMEA
Charlotte Howell
+44-20-7330-7326
+44-20-7073-5305
chowell10@bloomberg.net
Asia-Pac
Isabella Kwan
+852-2977-4638
+852-2977-4688
ikwan1@bloomberg.net
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
LREP <GO>
1
Bloomberg
RegionalSyndicatedLoanActivity
TotalVolumebyIndustry(1st3Q2012)
In the first three quarters of 2012 total volume for US loans was $994.9 billion, 74.9% of the
volume for the same period in 2011 including refinanced debt. Issuance was 88.9% of the same
period in 2011 with 2,122 deals closing in the first three quarters of 2012.
US leveraged loan volume for the first three quarters of 2012 was $406.9 billion, a decrease of
18.8% from the first three quarters of 2012 including refinanced debt. 1,139 deals were issued in the
leveraged loan market during the first three quarters of 2012, 94.8% of the same period in 2011.
Volume for the first three quarters of 2012 in EMEA was $515.6 billion, a decrease of 40.1% from
the first three quarters of 2011. Issuance was 59.9% of the same period in 2011 with 781 deals.
843 syndicated deals were completed in the Asia Pacific exJapan region in the first three quarters
of 2012, totaling $232.8 billion. In comparison to the same period in 2011, the total volume dropped
by 32.6% from $345.3 billion.
IndustrySectorSyndicatedLoanActivity
The top three industries globally were Consumer, Noncyclical, Financial, and Consumer Cyclical
which collectively accounted for 45.6% of total deal activity year to date in 2012.
For the first three quarters of 2012, Consumer, Noncyclical was the leading industry in the US,
followed closely by Financial.
The top three industries within the EMEA region were Consumer NonCyclical, Industrial and
Financial. These sectors accounted for 46.3% of total syndicated loan activity during the first three
quarters of 2012.
The Financial Industry was the largest contributor accounting for 22.8% of syndicated loans in the
Asia Pacific exJapan market for this period.
Other
Government
2%
Technology 3%
3%
BasicMaterials
7%
Consumer,Non
Cyclical
18%
Utilities
7%
Communication
8%
Financial
15%
Energy
11%
Industrial
14%
Consumer,
Cyclical
12%
HeatMap:1st 3Q2012VolumebyRegion
NorthAmerica(56.8%)
WesternEurope(22.4%)
AsiaPacific(15.5%)
LatinAmerica&Caribbean(2.1%)
EasternEurope(1.5%)
MiddleEast&Africa(1.7%)
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
LEAG <GO>
UNDW<GO>
NI LEAG CRL<GO>
Bloomberg
GlobalSyndicatedLoansQuarterlyVolume
$1400
AmericasSyndicatedLoansQuarterlyVolume
2,500
$700
1,200
Volume
$1200
2,000
1,000
DealCount
$1000
$800
$600
1,000
$400
800
$400
Issuance
1,500
VolumeinUSD(Billions)
$500
Issuance
VolumeinUSD(Billions)
Volume
$600
DealCount
600
$300
400
$200
500
$200
200
$100
$0
Q3
2007
Q3
2008
Q3
2009
Q3
2010
Q3
2011
0
Q3
2012
$0
Q3
2007
EMEASyndicatedLoansQuarterlyVolume
Q3
2009
Q3
2011
$250
0
Q3
2012
800
Volume
Volume
$500
Q3
2010
APACSyndicatedLoansQuarterlyVolume
600
$600
Q3
2008
700
DealCount
DealCount
500
$200
600
$200
200
$100
100
500
$150
400
$100
300
200
$50
100
$0
Q3
2007
Q3
2008
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
Q3
2009
Q3
2010
LEAG <GO>
Q3
2011
0
Q3
2012
$0
Q3
2007
UNDW<GO>
Q3
2008
Q3
2009
Q3
2010
Q3
2011
NI LEAG CRL<GO>
0
Q3
2012
Issuance
300
VolumeinUSD(Billions)
VolumeinUSD(Billions)
$300
Issuance
400
$400
Bloomberg
USLoans1st 3Q2012NotableHighlights
Summary
NumberofLoans
2,122
Volume(Bln)
$994.9
AvgLoanSize(Mln)
$463.3
TopArranger
Arranger
SigningDate
6/6/2012
2/10/2012
9/20/2012
5/15/2012
3/15/2012
Issuer
WALMARTSTORESINC
KINDERMORGAN
JOHNSON&JOHNSON
DEPOSITORYTRUSTCOMPANY
FORDMOTORCOMPANY
7/18/2012
8/3/2012
5/21/2012
6/6/2012
ABBVIEINC
PROCTER&GAMBLECO/THE
EATONCORP
COMCASTCORP
JPMorgan
NumberofLoans
642
Volume(Bln)
$173.2
Underwriter
BAML,BARCS,CITI,JPM,RBS,WFC
BAML,BARCS,CITI,CS,DB,JPM,MUFG,RBCCM,RBS,UBS,WFC
CITI,JPM
BAML,BARCS,BOC,JPM
BAML,BARCS,BNPPAR,CITI,DB,GS,HSBCL,JPM,MS,MUFG,RBCCM,
RBS,SMFGRP
BAML,BARCS,JPM,MS
CITI,JPM
CITI,MS
CITI,JPM,MS,MUFG,WFC
INDUSTRY
DealType
RCF,LOC
Bridge,TL
RCF
RCF
RCF
Value(mln)
$11,841
$11,800
$10,000
$9,330
$9,000
Maturity
2013
2015
2013
2013
2015
Bridge
RCF
Bridge
RCF
$7,500
$7,000
$6,750
$6,250
2013
2017
2013
2017
MARKETSHARE
Consumer,Noncyclical
Other
22%
Financial
JPMorgan
17%
Consumer,Cyclical
Industrial
RBCCapital
2%
Energy
Communications
Utilities
1st3Q2012
1st3Q2011
Technology
BasicMaterials
Deutsche
3%
RBS
3%
Diversified
Funds
CreditSuisse
3%
Government
$0
$50
$100
$150
$200
$250
Bankof
America
16%
Mitsubishi
3%
Goldman
3%
Morgan
Stanley Barclays
3%
5%
Citi
10%
WellsFargo
10%
$300
TotalVolume(USDBillion)
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
LEAG <GO>
UNDW<GO>
NI LEAG CRL<GO>
Bloomberg
USLeveragedLoans1st 3Q2012NotableHighlights
Summary
SigningDate Issuer
1,139 2/10/2012 KINDERMORGAN
$406.9 3/15/2012 FORDMOTORCOMPANY
NumberofLoans
Volume(Bln)
AvgLoanSize(Mln)
$357.2
5/11/2012
4/5/2012
ArrangerBankofAmerica 7/31/2012
2/29/2012
NumberofLoans
337 3/30/2012
3/30/2012
Volume(Bln)
$56.9
3/13/2012
TopArranger
Underwriter
BAML,BARCS,CITI,CS,DB,JPM,MUFG,RBCCM,RBS,UBS,WFC
BAML,BARCS,BNPPAR,CITI,DB,GS,HSBCL,JPM,MS,MUFG,RBCCM,
RBS,SMFGRP
CHESAPEAKEENERGYCORP
GS,JEFGRP
LAWSONSOFTWARE
BAML,BARCS,CS,DB,JPM,KKRCAP,MS,RBCCM
SABINEPASSLIQUEFACTION
CACIB,CS,HSBCL,JPM,MS,MUFG,RBCCM,SG
LINNENERGYLLC
BNPPAR,RBCCM,WFC
FIDELITYNATIONALINFORMATI BAML,JPM,WFC
DOLLARGENERALCORP
CITI,GS,KKRCAP
FIRSTDATACORPORATION
BAML,CITI,CS,DB,HSBCL,KKRCAP
INDUSTRY
DealType
Bridge,TL
RCF
Value(mln) Maturity
$11,800
2015
$9,000
2015
Bridge
RCF,TL
TL
RCF
RCF,TL
TL
RCF,TL
$4,000
$3,647
$3,600
$3,500
$3,250
$3,180
$3,155
2017
2018
2019
2017
2017
2017
2018
MARKETSHARE
Bankof
America
14%
Other
19%
Consumer,Noncyclical
Consumer,Cyclical
Energy
Keybanc
2%
UBS
2%
Suntrust
3%
Industrial
Communications
Financial
1st3Q2012
Technology
JPMorgan
12%
GECapital
3%
1st3Q2011
BasicMaterials
WellsFargo
9%
RBC
4%
Utilities
Deutsche
4%
MorganStanley
5%
GoldmanSachs
5%
Diversified
Funds
Government
$0
$50
$100
$150
CreditSuisse
7%
Barclays
6%
Citi
6%
TotalVolume(USDBillion)
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
LEAG <GO>
UNDW<GO>
NI LEAG CRL<GO>
Bloomberg
CanadaLoans1st 3Q2012NotableHighlights
Summary
SigningDate
NumberofLoans
340 1/4/2012
6/29/2012
Volume(Bln)
$140.4 4/16/2012
AvgLoanSize(Mln)
$413.0 6/15/2012
6/15/2012
TopArranger
7/13/2012
Arranger
TDSecurities 1/10/2012
NumberofLoans
75 8/1/2012
8/1/2012
Volume(Bln)
$26.9 7/20/2012
Issuer
BARRICKGOLDCORP
PROVINCEOFQUEBEC
ALIMENTATIONCOUCHETARD
NEXENINC
PENNWESTPETROLEUMLTD
BELLCANADA
ENBRIDGEINC
ENBRIDGEINC
ENBRIDGEINC
ROGERSCOMMUNICATIONS
Underwriter
CITI,JPM,MS,RBCCM
CIBC,RBCCM,TDSECS
HSBCL,MUFG,NBF,RABO,SCOTIA,UBS
TDSECS
BMO,CIBC
BMO,CIBC
BMO,CITI,MS,RBCCM,TDSECS
CIBC,SCOTIA,TDSECS
CIBC,SCOTIA,TDSECS
SCOTIA,TDSECS
DealType
RCF
RCF
TL
RCF
RCF
RCF,TL
RCF
RCF
RCF
RCF
INDUSTRY
Value(mln)
$4,000
$3,500
$3,200
$2,936
$2,936
$2,465
$2,250
$2,238
$1,989
$1,975
MARKETSHARE
BankofAmerica
2%
Energy
BasicMaterials
Other
11%
TDSecurities
19%
Citi
3%
JPMorgan
3%
Utilities
Industrial
NationalBank
Financial
7%
Financial
Consumer,Noncyclical
1st3Q2012
Consumer,Cyclical
1st3Q2011
Communications
CIBC
18%
BMOCapital
Markets
9%
Government
Technology
Diversified
$0
$10
$20
$30
$40
$50
RBCCapital
Markets
13%
Scotiabank
15%
TotalVolume(USDBillion)
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
LEAG <GO>
UNDW<GO>
NI LEAG CRL<GO>
Maturity
2017
2015
2015
2017
2016
2015
2015
2017
2014
2017
Bloomberg
LatinAmericaLoans1st 3Q2012NotableHighlights
Summary
NumberofLoans
Volume(Bln)
AvgLoanSize(Mln)
TopArranger
Arranger
SigningDate
9/19/2012
54
5/17/2012
$30.4 2/7/2012
$563.0 6/15/2012
8/1/2012
BBVA
NumberofLoans
Issuer
CEMEXSABDECV
BRASKEMIDESASAPI
GRUPOBIMBOSABDECV
MandatedLeadArranger
BAML,BBVA,BNPPAR,BSSA,CITI,HSBCL,JPM,RBS
BNCE,BNDES,IADB,IFC,NAFIN,SERVIZ
BAML,BANAMEX,BBVA,BSSA,HSBCL,JPM,MUFG
DealType
TL
TL
RCF
Value(mln)
$7,127
$2,300
$1,500
Maturity
2017
N/A
2017
OSXCONSTRUCAONAVALSA
GUARANORTESARL
BNDES,CXECON
ABN,CACIV,CBA,CMCIC,DBJ,DBNK,ICBKC,ING,MIZUHO,MUFG,
NORDEA,RABO,SMFGRP
BANBOG,BANCOL,BANDAV,BANOCC,BBVA,BANCAGR,BNCAVV,
CORFIT,POPULA,SUDCOL
MUFG,SMFGRP
MIZUHO,MUFG,SMFGRP
TL
TL
$1,316
$1,200
2033
2025
TL
$1,189
2024
TL
TL
$1,125
$1,000
2031
2021
5/8/2012
OLEODUCTOBICENTENARIO
3/28/2012
3/8/2012
CERNAMBISULMV24BV
SIERRAGORDASCM
14
Volume(Bln)
$2.4
INDUSTRY
MARKETSHARE
Industrial
14%
Energy
1st3Q2012
12%
BasicMaterials
1st3Q2011
Consumer,NonCyclical
Utilities
20121st3Q
Consumer,Cyclical
20111st3Q
Financial
MarketShare
10%
8%
6%
4%
Communications
2%
Diversified
$0
$5
$10
$15
TotalVolume(USDBillion)
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
LEAG <GO>
0%
BBVA
UNDW<GO>
Citi
NI LEAG CRL<GO>
Bloomberg
EMEASyndicatedLoans1st 3Q2012NotableHighlights
Summary
NumberofLoans
Volume(Bln)
AvgLoanSize(Mln)
TopArranger
Arranger
NumberofLoans
Volume(Bln)
SigningDate Issuer
MandatedLeadArranger
5/16/2012
FONDOPARALAFINANCIACION
BANKIA,BBVA,BCOPOP,BSSA,CAIXA,INSTCR
781
6/20/2012 ANHEUSERBUSCHINBEVSANV ANZ,BAML,BARCS,BNPPAR,BSSA,COBA,DB,ING,JPM,MIZUHO,
$515.6
MUFG,RABO,RBS,SG,SMFGRP,TDSECS
$660.1 1/27/2012 SCHAEFFLERAG
BNPPAR,COBA,DB,HSBCL,JPM,LBBW,RBS,UNICRD
7/24/2012 SNAMSPA
BAML,BARCS,BNPPAR,CITI,HSBCL,INTES,JPM,MEDBCA,MIZUHO,
RBS
MS,MUFG,SG,SMFGRP,UBS,UNICRD
NESTLESA
BAML,BARCS,BNPPAR,BSSA,CITI,CS,DB,GS,HSBCL,JPM,MUFG,
170 7/4/2012
RBS,SG,UBS
$26.3
4/25/2012 GLENCOREINTERNATIONALAG ABN,BAML,BARCS,BNPPAR,CACIB,CITI,ING,RBS,SCB,SG
INDUSTRY
DealType
TL
TL
Value(mln) Maturity
$38,149 2017
$14,000 2016
TL,RCF
$12,447
Bridge,TL, $10,855
RCF
Bridge
$8,500
2017
2017
Bridge,RCF $8,030
2015
2013
MARKETSHARE
Consumer,Noncyclical
7%
1st3Q2010
Industrial
6%
Financial
BasicMaterials
1st3Q2011
1st3Q2012
5%
MarketShare
Consumer,Cyclical
Government
Communications
Utilities
1st3Q2012
Energy
4%
3%
2%
1st3Q2011
1%
Diversified
Technology
0%
$0
$50
$100
TotalVolume(USDBillion)
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
LEAG <GO>
$150
RBS
Deutsche
BankAG
UNDW<GO>
BNP
Paribas
Group
HSBCBank Societe
PLC
Generale
NI LEAG CRL<GO>
Bloomberg
APACLoans1st 3Q2012exJapanNotableHighlights
Summary
SigningDate
4/30/2012
843 6/25/2012
3/26/2012
$232.8
6/13/2012
NumberofLoans
Volume(Bln)
AvgLoanSize(Mln)
Issuer
AIRINDIA
MARINABAYSANDSPTELTD
MSCOMMERCIALPTELTD
ALIBABAGROUPHOLDINGLTD
$276.2
5/23/2012
TopArranger
AUSTRALIAPACIFICLNGLTD
47
Volume(Bln)
$15.6
5/2/2012
NOBLEGROUPLTD
7/31/2012
WYNNMACAULTD
MandatedLeadArranger
SBI
CIMB,DBS,MAYBAN,OVCHBC,SCB,SMFGRP,UOB
ANZ,DBS,MAYBAN,MUFG,OVCHBC,SMFGRP,UOB
ANZ,BARCS,BKEA,CATHAY,CDIB,CHINAT,CITI,CS,DB,DBS,HSBCL,
ING,INTES,MEGA,MIZUHO,MS,NATIX,TFCB,TFH
ANZ,BBVA,BOC,CBA,DBS,DNBK,EXDEVC,HSBCL,LLOYDS,MIZUHO,
MUFG,NAB,SG,SMFGRP,WESTPC
AMINVB,CIMB,MAYBAN,RHB
ABN,ANZ,BAML,CACIB,CBA,CITI,COBK,DBS,GS,HSBCL,ICBKC,ING,
JPM,KfW,LLOYDS,MUFG,NEDCAP,RABO,RBS,SCB,SG,UOB
BAML,BMACAU,BNPPAR,BOC,CXGD,DB,DBS,ICBKC,JPM,MS,RBS,
SCB,SCOTIA,UBS,UOB
INDUSTRY
DealType
TL,RCF
TL,RCF
TL,RCF
TL,RCF
Value(mln)
$4,463
$3,980
$3,977
$3,000
Maturity
2026
2018
2017
2015
TL
$2,875
2029
RCF
RCF
$2,525
$2,360
2014
2015
TL,RCF
$2,310
2018
COUNTRYBREAKDOWN
Other
5%
Financial
Malaysia
6%
Industrial
Consumer,Cyclical
Australia&
NewZealand
25%
Taiwan
9%
Utilities
Energy
Consumer,Noncyclical
BasicMaterials
1st3Q2012
Diversified
1st3Q2011
HongKong
10%
Communications
India
14%
Korea
10%
Technology
Government
$0
$20
$40
$60
$80
Singapore
10%
$100
China
11%
TotalVolume(USDBillion)
LMX <GO>
2012BloombergFinanceL.P.Allrightsreserved.
LEAG <GO>
UNDW<GO>
NI LEAG CRL<GO>
Bloomberg
Underwriter League Tables
U.S. Loans
-
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
JP Morgan
17.4
173,203
642
20.3
(2.9)
15.7
156,258
648
18.1
(2.4)
Citi
10.3
102,603
291
9.8
0.5
9.6
95,336
499
9.3
0.3
Barclays
5.6
55,219
206
4.3
1.3
Morgan Stanley
3.4
34,281
116
10
2.6
0.8
Credit Suisse
3.2
31,900
158
4.0
(0.8)
RBS
2.9
29,034
154
3.0
(0.1)
Deutsche Bank AG
2.8
27,807
137
2.9
(0.1)
10
2.7
26,376
119
11
2.4
0.3
11
2.6
26,083
132
12
2.1
0.5
12
2.4
23,863
129
17
1.2
1.2
US Bancorp
13
1.9
18,958
169
15
1.3
0.6
14
1.8
18,247
73
2.7
(0.9)
PNC Bank
15
1.8
17,892
165
13
1.4
0.4
16
1.6
16,267
134
14
1.4
0.2
17
1.4
14,010
105
19
1.0
0.4
18
1.2
12,208
140
16
1.2
UBS
19
1.2
12,140
67
20
0.9
0.3
20
1.0
100%
10,271
994,933
0.8
0.2
TOTAL
21
99
2,122 1,328,490
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
3.62%
36.56%
16.36%
11.90%
17.96%
13.60%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
600,000
1000
900
500,000
800
400,000
700
600
300,000
100%
500
200,000
400
300
100,000
200
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
100
Q
1
LREP <GO>
2
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
14.0
56,919
337
17.2
(3.2)
JP Morgan
12.1
49,110
245
14.3
(2.2)
9.3
37,743
232
8.5
0.8
Credit Suisse
6.9
27,925
137
6.9
Citi
5.8
23,498
118
5.6
0.2
Barclays
5.7
23,372
119
5.2
0.5
5.0
20,217
101
4.7
0.3
Morgan Stanley
4.6
18,538
84
4.6
Deutsche Bank AG
4.3
17,638
100
4.8
(0.5)
10
4.2
17,172
95
13
2.2
2.0
11
2.7
10,970
128
10
2.7
12
2.6
10,529
92
11
2.3
0.3
UBS
13
2.2
8,793
55
15
1.8
0.4
14
2.1
8,465
66
18
1.3
0.8
RBS
15
2.0
8,031
56
14
2.0
16
2.0
8,010
71
17
1.3
0.7
17
1.8
7,194
40
21
1.0
0.8
18
1.4
5,816
37
12
2.3
(0.9)
19
1.3
5,391
27
26
0.4
0.9
PNC Bank
20
1.2
100%
4,943
406,901
20
57
1,139 500,951
1.1
0.1
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
3.75%
42.20%
10.17%
11.07%
15.54%
17.27%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
240,000
500
450
200,000
400
160,000
350
300
120,000
100%
250
Includes all eligible U.S. leveraged loans (spread of 225bp or more). Loans must be rated less than investment grade by at least one rating agency or not
80,000
200
150
40,000
100
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
50
Q
1
LREP <GO>
3
Bloomberg
Underwriter League Tables
Canada Loans
2012
9/30/12
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
MKT
SHARE
SHARE
CHG (%)
TD Securities
19.2
26,931
75
18.4
0.8
CIBC
18.3
25,728
91
14.5
3.8
Scotiabank
15.4
21,589
75
14.8
0.6
13.0
18,237
62
20.2
(7.2)
9.0
12,631
54
8.6
0.4
6.7
9,476
50
6.1
0.6
JP Morgan
3.3
4,569
22
2.8
0.5
Citi
2.6
3,636
12
10
1.4
1.2
1.6
2,284
17
2.3
(0.7)
10
1.2
1,747
17
0.7
0.5
11
1.2
1,687
14
12
0.8
0.4
Morgan Stanley
12
1.1
1,611
2.5
(1.4)
UBS
13
1.1
1,475
11
0.9
0.2
Barclays
14
0.8
1,073
15
0.7
0.1
15
0.6
831
16
0.6
815
19
0.5
0.1
Deutsche Bank AG
17
0.6
792
20
0.3
0.3
ATB Financial
18
0.6
782
18
0.6
Credit Suisse
19
0.5
734
13
0.8
(0.3)
50,000
Rabobank Nederland
20
0.5
100%
633
140,420
36
3
340 128,324
0.5
40,000
QUARTERLY VOLUME
USD (Mln) / #Deals
70,000
180
60,000
160
140
120
30,000
80
20,000
60
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
LMX <GO>
Q
3
20
Q
2
40
0
Q
1
10,000
20
LREP <GO>
100.00%
100
100%
Includes all eligible Canadian loans. Table based on Loan Arranger. Volume in USD millions.
LEAG <GO>
9.87%
16.10%
9.25%
2.84%
9.29%
42.76%
9.87%
Total:
09
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
20
RANK
INDUSTRY BREAKDOWN
MKT
09
FIRM
2011
20
1/1/12
LREP <GO>
4
Bloomberg
Underwriter League Tables
RANK
MKT
SHARE
SHARE
CHG (%)
7.8
2,360
14
4.6
3.2
7.5
2,292
15
6.6
0.9
6.4
1,947
11
13
3.9
2.5
Banco Santander SA
6.2
1,881
10
4.6
1.6
Citi
5.3
1,608
12.4
(7.1)
4.9
1,504
5.3
(0.4)
JP Morgan
4.8
1,447
15
3.0
1.8
4.5
1,358
4.0
1,205
17
1.9
2.1
10
3.6
1,105
10
4.4
(0.8)
ING Groep NV
11
3.0
923
10
12
4.1
(1.1)
RBS
12
2.9
891
20
1.2
1.7
13
2.7
831
6.2
(3.5)
14
2.5
761
4.7
(2.2)
15
2.2
658
16
2.0
600
Scotiabank
17
1.5
468
18
1.7
(0.2)
18
1.5
453
11
4.3
(2.8)
19
1.3
390
Bradesco BBI SA
20
1.2
100%
365
30,401
22
2
54 25,742
1.1
0.1
100%
Total:
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
16.96%
18.06%
3.24%
37.65%
22.67%
1.41%
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
13,000
26
12,000
24
11,000
22
10,000
20
9,000
18
8,000
16
7,000
14
6,000
12
5,000
10
4,000
8
20
1
Q 1
1
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
20
1
Q 2
3
VOLUME
USD (Mln)
20
1
Q 2
2
MKT
SHARE
20
1
Q 2
1
RANK
INDUSTRY BREAKDOWN
MKT
20
1
Q 1
4
FIRM
2011
20
1
Q 1
3
2012
9/30/12
20
1
Q 1
2
1/1/12
LREP <GO>
5
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
10.2
1,810
8.7
1,550
8.5
1,516
10
8.5
8.3
1,473
6.9
1.4
6.2
1,111
7.1
(0.9)
Citi
5.5
987
11
6.1
(0.6)
Banco Santander SA
5.2
928
7.6
(2.4)
4.7
831
10
5.2
(0.5)
4.4
783
15
2.8
1.6
ING Groep NV
10
3.8
684
12
4.5
(0.7)
11
3.6
643
5.4
(1.8)
12
3.1
553
6.6
(3.5)
13
2.6
459
17
1.8
0.8
14
2.2
400
11
4.9
(2.7)
Morgan Stanley
15
2.0
354
16
1.9
336
16
2.7
Bradesco BBI SA
17
1.9
331
JP Morgan
18
1.8
324
WestLB AG
19
1.8
317
Rabobank Nederland
20
1.7
100%
300
17,791
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
Total:
100.00%
QUARTERLY VOLUME
(0.8)
11,000
35
0.1
1.8
6.8
(5.0)
21
0.8
1.0
8,000
28
1
46 23,204
0.2
1.5
7,000
100%
34.33%
20.65%
7.17%
15.66%
19.78%
2.41%
20
10,000
18
9,000
16
6,000
14
5,000
4,000
12
3,000
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
20
1
Q 2
3
20
1
Q 2
2
20
1
Q 2
1
20
1
Q 1
4
20
1
Q 1
3
20
1
Q 1
2
10
20
1
Q 1
1
2,000
LREP <GO>
6
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
RBS
5.1
26,277
170
4.6
Deutsche Bank AG
4.8
24,639
142
4.5
0.3
4.7
24,320
184
6.2
(1.5)
4.7
24,181
196
4.4
0.3
Societe Generale
3.8
19,666
137
3.9
(0.1)
JP Morgan
3.4
17,677
100
12
3.1
0.3
3.4
17,646
115
4.7
(1.3)
Barclays
3.3
17,272
136
3.5
(0.2)
Citi
3.1
15,870
118
3.4
(0.3)
UniCredit
10
3.1
15,819
129
10
3.2
(0.1)
Commerzbank AG
11
2.8
14,469
130
11
3.2
(0.4)
Banco Santander SA
12
2.7
14,096
72
19
2.0
0.7
ING Groep NV
13
2.6
13,637
127
3.5
(0.9)
14
2.5
12,834
80
20
1.6
0.9
15
2.3
11,856
115
18
2.0
0.3
16
2.3
11,747
77
15
2.1
0.2
17
2.0
10,563
69
13
2.6
(0.6)
La Caixa
18
1.8
9,507
50
41
0.5
1.3
Natixis
19
1.7
8,642
79
14
2.4
(0.7)
20
1.6
100%
8,393
515,610
26
59
781 860,234
1.3
0.3
TOTAL
0.5
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
9.42%
27.98%
16.08%
7.94%
14.83%
13.89%
9.86%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
320,000
480
440
280,000
400
240,000
360
200,000
100%
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
320
280
160,000
240
120,000
200
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
160
Q
1
80,000
LREP <GO>
7
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Deutsche Bank AG
6.5
27,885
106
5.0
1.5
5.6
24,149
129
7.9
(2.3)
RBS
4.8
20,888
91
4.8
JP Morgan
4.7
20,084
69
14
3.0
1.7
Citi
4.2
18,043
83
4.4
(0.2)
4.1
17,780
76
6.1
(2.0)
Societe Generale
4.1
17,639
77
5.5
(1.4)
3.8
16,324
96
5.1
(1.3)
UniCredit
3.6
15,383
83
11
3.5
0.1
Banco Santander SA
10
3.5
15,199
44
20
1.6
1.9
Barclays
11
3.4
14,618
73
4.0
(0.6)
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
Commerzbank AG
12
3.2
13,893
95
3.7
(0.5)
Total:
13
3.2
13,790
48
21
1.5
1.7
ING Groep NV
14
2.8
12,052
75
10
3.7
(0.9)
15
2.6
11,352
46
13
3.1
(0.5)
La Caixa
16
2.3
10,081
27
40
0.4
1.9
Bankia SA
17
2.2
9,325
18
50
0.2
2.0
18
2.0
8,702
54
15
2.1
(0.1)
19
2.0
8,523
45
16
2.1
(0.1)
20
67
0.1
1.8
TOTAL
1.9
100%
8,120
430,809
6
536 724,969
11.22%
30.41%
14.36%
9.10%
12.59%
11.73%
10.59%
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
280,000
360
320
240,000
280
200,000
240
100%
160,000
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
200
120,000
160
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
120
Q
1
80,000
LREP <GO>
8
Bloomberg
Underwriter League Tables
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Deutsche Bank AG
9.4
7,371
30
7.4
2.0
RBS
8.2
6,438
29
12
2.7
5.5
JP Morgan
5.4
4,213
25
3.6
1.8
4.9
3,860
28
6.3
(1.4)
4.9
3,836
20
3.2
1.7
4.6
3,648
30
3.4
1.2
4.4
3,471
10
32
0.8
3.6
UniCredit
4.2
3,273
18
5.0
(0.8)
Commerzbank AG
3.2
2,547
14
15
2.3
0.9
Barclays
10
2.7
2,128
24
13
2.6
0.1
11
2.4
1,914
25
20
1.5
0.9
12
2.4
1,905
14
4.1
(1.7)
Landesbank Baden-Wuerttemberg
13
2.4
1,868
51
0.4
2.0
Credit Suisse
14
2.3
1,789
15
18
2.0
0.3
Morgan Stanley
15
2.2
1,739
13
5.4
(3.2)
Citi
16
2.2
1,710
19
16
2.3
(0.1)
ING Groep NV
17
2.2
1,690
24
3.4
(1.2)
Natixis
18
2.0
1,533
13
17
2.2
(0.2)
Societe Generale
19
1.9
1,523
18
10
3.0
(1.1)
20
1.9
100%
1,471
78,514
14
13
138 160,679
2.5
(0.6)
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
7.38%
52.49%
5.30%
17.69%
3.27%
13.86%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
60,000
120
50,000
100
40,000
80
30,000
100%
60
Includes all eligible European, Middle Eastern and African High Yield loans (spread of 300bp or more). Loans must be rated less than investment grade
20,000
by at least one rating agency or not rated at all. Volume in USD millions.
40
10,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
20
Q
1
LREP <GO>
9
Bloomberg
Underwriter League Tables
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Deutsche Bank AG
11.2
7,933
26
8.8
2.4
8.4
5,943
10
23
0.9
7.5
JP Morgan
7.2
5,114
21
10
3.6
3.6
RBS
6.1
4,327
12
18
2.0
4.1
5.6
4,005
20
6.9
(1.3)
5.4
3,799
16
3.9
1.5
4.7
3,348
17
3.9
0.8
UniCredit
4.3
3,081
12
6.0
(1.7)
Barclays
3.1
2,220
16
3.8
(0.7)
Commerzbank AG
10
3.0
2,127
19
1.5
1.5
Credit Suisse
11
2.7
1,912
13
15
3.2
(0.5)
Citi
12
2.5
1,749
15
16
2.8
(0.3)
Morgan Stanley
13
2.3
1,631
10
6.3
(4.0)
UBS
14
2.2
1,591
11
17
2.5
(0.3)
15
2.2
1,560
10
13
3.4
(1.2)
Landesbank Baden-Wuerttemberg
16
2.2
1,556
36
0.5
1.7
17
2.1
1,494
5.1
(3.0)
18
2.0
1,448
21
1.2
0.8
ING Groep NV
19
1.7
1,238
13
12
3.5
(1.8)
Societe Generale
20
11
4.5
(2.9)
101 140,989
100%
TOTAL
1.6
100%
1,144
70,966
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
9.49%
55.81%
4.27%
12.16%
2.93%
15.34%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
60,000
80
70
50,000
60
40,000
50
30,000
40
Includes all eligible European, Middle Eastern and African High Yield loans (spread of 300bp or more). Loans must be rated less than investment grade
20,000
30
by at least one rating agency or not rated at all. Volume in USD millions.
10,000
20
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
10
Q
1
LREP <GO>
10
Bloomberg
Underwriter League Tables
9/30/12
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
MKT
SHARE
SHARE
CHG (%)
RBS
10.4
3,791
15
14
2.7
7.7
9.2
3,377
22
1.2
8.0
6.1
2,246
4.0
2.1
4.9
1,801
22
18
1.7
3.2
Deutsche Bank AG
4.7
1,710
12
9.0
(4.3)
4.3
1,578
10
4.6
(0.3)
JP Morgan
3.8
1,375
11
4.3
(0.5)
3.6
1,306
17
11
3.4
0.2
Natixis
3.6
1,299
16
1.8
1.8
UniCredit
10
3.2
1,160
13
5.8
(2.6)
UBS
11
3.1
1,149
12
3.1
Barclays
12
2.9
1,063
17
1.8
1.1
Credit Suisse
13
2.9
1,060
26
1.0
1.9
Morgan Stanley
14
2.9
1,054
6.9
(4.0)
15
2.9
1,048
16
2.6
938
13
5.8
Citi
17
877
11
18
2.1
778
27
0.9
1.2
ING Groep NV
19
2.1
756
12
3.9
(1.8)
Commerzbank AG
20
1.8
100%
645
36,567
15
9
75 70,151
2.6
(0.8)
30
0.8
(3.2)
32,000
45
28,000
40
35
24,000
30
20,000
25
16,000
100%
20
12,000
Includes all eligible sponsor-led leveraged loans where the loan purpose is an acquisition, LBO, MBO or Recapitalization and the initial spread is 250
basis points or more above the applicable benchmark. Volume in USD millions.
15
8,000
10
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
LREP <GO>
Q
4
0
Q
3
0
Q
1
4,000
20
LEAG <GO>
100.00%
QUARTERLY VOLUME
1.6
62.61%
7.56%
10.09%
2.54%
17.20%
Total:
Q
2
TOTAL
2.4
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
09
RANK
INDUSTRY BREAKDOWN
MKT
20
FIRM
2011
09
20
1/1/12
LREP <GO>
11
Bloomberg
Underwriter League Tables
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
18.8
5,850
16
2.4
16.4
7.5
2,320
4.6
2.9
RBS
6.3
1,957
15
2.5
3.8
Deutsche Bank AG
5.4
1,680
11
11.0
(5.6)
4.6
1,418
18
2.2
2.4
4.3
1,348
5.6
(1.3)
JP Morgan
4.1
1,276
14
2.6
1.5
UBS
3.7
1,149
4.5
(0.8)
3.6
1,130
6.5
(2.9)
Morgan Stanley
10
3.5
1,098
7.3
(3.8)
Barclays
11
3.4
1,058
12
3.5
(0.1)
UniCredit
12
3.3
1,028
7.4
(4.1)
Credit Suisse
13
3.3
1,022
20
2.1
1.2
14
3.1
955
15
2.9
901
11
3.6
(0.7)
Citi
16
2.9
891
24
1.0
1.9
ING Groep NV
17
2.1
654
10
3.9
(1.8)
18
1.9
582
23
1.1
0.8
19
1.5
455
17
2.3
(0.8)
Commerzbank AG
20
19
2.1
(0.7)
TOTAL
1.4
100%
433
31,103
52 55,033
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
69.47%
3.75%
5.84%
1.67%
19.27%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
24,000
35
30
20,000
25
16,000
20
12,000
100%
15
Includes all eligible sponsor-led leveraged loans where the loan purpose is an acquisition, LBO, MBO or Recapitalization and the initial spread is 250
8,000
10
basis points or more above the applicable benchmark. Volume in USD millions.
4,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
0
Q
1
LREP <GO>
12
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Banco Santander SA
5.3
9,730
16
13
2.9
Barclays
4.8
8,873
37
4.2
0.6
4.6
8,551
34
6.2
(1.6)
4.5
8,282
12
21
1.8
2.7
Citi
4.5
8,241
42
5.3
(0.8)
4.4
8,147
43
4.8
(0.4)
RBS
4.4
8,141
39
5.6
(1.2)
Societe Generale
3.9
7,239
33
4.8
(0.9)
Deutsche Bank AG
3.9
7,201
29
5.1
(1.2)
La Caixa
10
3.7
6,890
49
0.2
3.5
11
3.6
6,727
80
3.6
Bankia SA
12
3.5
6,561
12
3.5
6,561
JP Morgan
14
3.4
6,323
32
4.5
(1.1)
15
3.4
6,223
26
11
3.3
0.1
16
3.3
6,062
35
10
3.4
(0.1)
17
2.3
4,345
22
3.8
18
2.3
4,201
24
16
2.3
19
2.3
4,168
20
19
2.2
0.1
100,000
UniCredit
20
2.1
100%
3,808
184,911
17
22
84 283,223
2.3
(0.2)
80,000
45
60,000
40
TOTAL
2.4
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
12.53%
20.14%
14.72%
21.25%
6.56%
14.66%
10.13%
Total:
100.00%
(1.5)
100%
Includes all eligible EMEA Investment Grade loans where the initial spread is less than 350 basis points above the applicable benchmark. Volume in USD
QUARTERLY VOLUME
USD (Mln) / #Deals
140,000
65
60
120,000
55
50
35
40,000
millions.
30
20,000
25
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
20
Q
1
LREP <GO>
13
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
Citi
6.3
11,151
30
6.6
(0.3)
Banco Santander SA
6.3
11,135
13
14
3.0
3.3
Deutsche Bank AG
5.5
9,692
21
4.6
0.9
5.4
9,443
27
7.8
(2.4)
5.3
9,248
17
1.9
3.4
La Caixa
4.6
8,097
43
0.2
4.4
Barclays
4.5
7,992
26
4.6
(0.1)
4.5
7,879
RBS
4.4
7,792
29
5.9
Bankia SA
10
4.3
7,630
11
4.2
7,412
19
10
3.9
0.3
Societe Generale
12
4.1
7,255
23
6.7
(2.6)
JP Morgan
13
3.9
6,840
22
4.1
(0.2)
14
3.7
6,534
26
6.3
(2.6)
Morgan Stanley
15
3.3
5,762
20
1.6
1.7
16
2.9
5,106
23
11
3.9
(1.0)
UniCredit
17
2.3
4,073
18
19
1.7
0.6
ING Groep NV
18
2.2
3,802
13
15
3.0
(0.8)
19
2.1
3,749
16
5.4
(3.3)
Commerzbank AG
20
1.9
100%
3,344
175,871
13
13
65 267,813
3.5
(1.6)
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
(1.5)
13.00%
20.59%
13.59%
21.85%
6.51%
13.80%
10.65%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
120,000
55
50
100,000
45
80,000
40
60,000
100%
Includes all eligible EMEA Investment Grade loans where the initial spread is less than 350 basis points above the applicable benchmark. Volume in USD
35
30
40,000
millions.
25
20,000
20
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
15
Q
1
LREP <GO>
14
Bloomberg
Underwriter League Tables
SHARE
SHARE
CHG (%)
18.3
2,089
10.5
7.8
10.3
1,167
3.9
6.4
10.1
1,150
39
0.4
9.7
8.5
972
17
2.2
6.3
Riyad Bank
8.1
927
13
3.0
5.1
Samba Capital
7.3
833
9.7
(2.4)
6.9
784
4.5
512
4.7
(0.2)
3.4
393
4.5
(1.1)
10
3.4
387
7.5
(4.1)
Alinma Bank
11
3.0
339
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
Bank Al-Jazira
11
3.0
339
Total:
13
2.0
229
11
3.3
(1.3)
13
2.0
229
5.0
(3.0)
Bank Albilad
15
1.7
190
16
1.5
171
14
2.7
Citi
17
1.5
166
10
3.8
(2.3)
18
0.9
103
12
3.2
(2.3)
Deutsche Bank AG
19
0.8
91
24
1.1
(0.3)
Al Hilal Bank
20
12
5,000
10
4,000
3,000
2,000
1,000
LEAG <GO>
LREP <GO>
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
Q
2
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
11
20
10
20
10
20
10
20
10
20
09
20
20
09
Q
1
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
09
100%
Q
2
20
1
17 6,037
100.00%
(1.2)
09
76
11,386
11.76%
1.41%
29.87%
8.26%
10.34%
14.95%
23.42%
QUARTERLY VOLUME
20
TOTAL
0.7
100%
20
RANK
Q
3
DEAL
COUNT
11
VOLUME
USD (Mln)
20
MKT
SHARE
RANK
INDUSTRY BREAKDOWN
MKT
11
FIRM
2011
20
2012
9/30/12
20
1/1/12
LREP <GO>
15
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
24.8
512
4.2
20.6
18.7
387
19.4
(0.7)
11.1
229
5.6
5.5
11.1
229
8.9
2.2
8.3
171
12
1.8
6.5
6.8
140
11
2.0
4.8
4.2
87
7.8
(3.6)
Al Hilal Bank
3.7
76
3.7
76
Citi
10
3.6
75
16.3
11
2.4
50
1.8
37
2,068
12
Barwa Bank
TOTAL
100%
1
8 3,907
Financial 100.00%
Total:
100.00%
(12.7)
100%
Includes all eligible European, Middle Eastern and African loans. Volume in USD millions.
QUARTERLY VOLUME
USD (Mln) / #Deals
4,000
3,500
5
3,000
2,500
2,000
3
1,500
1,000
500
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
1
Q
1
LREP <GO>
16
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
RBS
5.6
25,092
160
4.8
Deutsche Bank AG
5.3
23,512
128
4.8
0.5
4.8
21,355
158
6.2
(1.4)
4.4
19,777
162
4.6
(0.2)
Societe Generale
3.9
17,630
113
4.1
(0.2)
3.7
16,673
107
5.0
(1.3)
JP Morgan
3.7
16,422
86
11
3.2
0.5
Barclays
3.4
15,275
116
3.7
(0.3)
UniCredit
3.2
14,448
109
12
3.0
0.2
Banco Santander SA
10
3.1
14,096
72
16
2.3
0.8
Commerzbank AG
11
3.0
13,318
112
3.2
(0.2)
12
2.9
12,770
79
20
1.8
1.1
Citi
13
2.8
12,657
84
10
3.2
(0.4)
14
2.6
11,713
113
15
2.4
0.2
ING Groep NV
15
2.5
11,183
94
3.3
(0.8)
16
2.2
9,978
56
19
1.9
0.3
17
2.2
9,780
59
13
2.8
(0.6)
La Caixa
18
2.1
9,507
50
41
0.6
1.5
Bankia SA
19
1.8
8,030
24
45
0.4
1.4
Natixis
20
14
2.4
(0.6)
TOTAL
1.8
100%
7,869
447,610
69
642 730,492
0.8
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
9.45%
30.77%
13.68%
8.56%
16.31%
11.61%
9.63%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
280,000
400
360
240,000
320
200,000
280
100%
160,000
240
120,000
200
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
160
Q
1
80,000
LREP <GO>
17
Bloomberg
Underwriter League Tables
SHARE
SHARE
CHG (%)
Deutsche Bank AG
6.8
27,258
101
5.1
1.7
5.4
21,578
114
7.9
(2.5)
RBS
5.0
20,001
86
4.9
0.1
JP Morgan
4.9
19,582
66
14
3.1
1.8
4.3
17,147
72
6.2
(1.9)
Societe Generale
4.0
15,851
69
5.7
(1.7)
Citi
4.0
15,841
65
4.0
Banco Santander SA
3.8
15,199
44
18
1.9
1.9
3.7
14,947
86
5.4
(1.7)
UniCredit
10
3.5
14,094
72
13
3.3
0.2
11
3.5
13,790
48
20
1.8
1.7
Commerzbank AG
12
3.4
13,583
88
4.0
(0.6)
Barclays
13
3.4
13,506
67
3.9
(0.5)
ING Groep NV
14
2.8
11,255
61
11
3.7
(0.9)
15
2.7
10,669
41
12
3.4
(0.7)
La Caixa
16
2.5
10,081
27
39
0.4
2.1
Bankia SA
17
2.3
9,325
18
45
0.2
2.1
18
2.2
8,702
54
15
2.4
(0.2)
19
2.0
8,120
59
0.1
Morgan Stanley
20
1.9
100%
7,749
398,853
16
20
460 627,450
2.1
100
LMX <GO>
LALT <GO>
LEAG <GO>
12
12
20
12
20
11
20
11
20
11
20
20
11
20
10
20
10
20
10
09
20
Q
3
120
60,000
Q
2
140
80,000
Q
1
160
100,000
Q
4
180
120,000
Q
3
200
140,000
100%
Q
2
160,000
Q
1
220
(0.2)
Q
4
180,000
Q
3
240
1.9
Q
2
260
200,000
Q
1
280
220,000
Q
4
240,000
09
LREP <GO>
100.00%
QUARTERLY VOLUME
20
LEAG <GO>
11.04%
32.28%
12.38%
9.61%
13.40%
11.06%
10.25%
Total:
Q
1
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
20
RANK
Q
3
DEAL
COUNT
10
VOLUME
USD (Mln)
20
MKT
SHARE
Q
2
RANK
INDUSTRY BREAKDOWN
MKT
09
FIRM
2011
20
2012
9/30/12
09
20
1/1/12
LREP <GO>
18
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
8.8
15,612
47
12.3
(3.5)
Bank of China
4.7
8,382
84
6.0
(1.3)
3.6
6,472
90
4.6
(1.0)
3.6
6,381
89
4.0
(0.4)
3.4
6,072
71
3.7
(0.3)
3.3
5,948
67
2.7
0.6
Maybank
3.3
5,884
36
18
1.3
2.0
3.2
5,714
44
16
1.6
1.6
KB Financial Group
3.2
5,622
30
37
0.8
2.4
10
3.2
5,616
48
10
2.4
0.8
11
2.6
4,580
56
2.6
12
2.5
4,465
48
12
2.1
0.4
13
2.1
3,683
19
3.2
(1.1)
14
2.0
3,487
58
11
2.2
(0.2)
Bank of Taiwan
15
1.9
3,404
54
39
0.8
1.1
16
1.8
3,228
43
15
1.8
17
1.8
3,147
13
2.6
(0.8)
18
1.7
3,060
10
42
0.7
1.0
CIMB
19
1.5
2,748
22
34
0.8
0.7
20
47
17
1.4
695 261,486
100%
TOTAL
1.4
100%
2,476
177,716
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
8.92%
17.36%
29.99%
19.13%
16.83%
7.76%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
90,000
360
320
80,000
280
70,000
240
60,000
200
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
50,000
160
40,000
120
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
80
Q
1
30,000
LREP <GO>
19
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
9.3
10,646
21
13.1
(3.8)
Bank of China
5.5
6,228
30
6.4
(0.9)
4.7
5,394
43
4.7
4.5
5,098
45
4.2
0.3
KB Financial Group
4.3
4,958
16
54
0.4
3.9
4.0
4,579
22
17
1.5
2.5
Bank of Taiwan
3.7
4,221
47
23
1.3
2.4
3.3
3,727
18
3.5
(0.2)
2.8
3,206
23
2.8
10
2.7
3,035
28
3.1
(0.4)
11
2.7
3,033
11
4.4
(1.7)
12
2.0
2,325
10
43
0.5
1.5
13
1.9
2,197
45
14
1.9
14
1.9
2,192
32
13
2.3
(0.4)
15
1.8
2,073
13
21
1.4
0.4
16
1.7
1,949
17
27
1.1
0.6
17
1.7
1,931
26
16
1.7
18
1.6
1,801
32
0.9
0.7
19
1.5
1,755
11
37
0.8
0.7
50,000
20
1.5
100%
1,736
114,123
12
20
421 178,116
2.3
(0.8)
45,000
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
9.63%
19.32%
31.78%
19.28%
10.61%
9.38%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
65,000
220
60,000
200
55,000
180
160
140
100%
40,000
Includes all eligible loans from Asia Pacific excluding Japan, Australia, and New Zealand. Volume in USD millions.
120
35,000
100
30,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
3
60
Q
2
80
20,000
Q
1
25,000
LREP <GO>
20
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
6.7
15,612
47
9.3
6.0
14,066
138
5.6
0.4
Bank of China
3.9
9,022
88
4.8
(0.9)
3.7
8,585
74
4.5
(0.8)
3.6
8,415
112
4.2
(0.6)
Westpac Banking
3.6
8,345
81
3.5
0.1
3.4
7,918
85
3.5
(0.1)
3.2
7,506
68
3.4
(0.2)
3.0
6,950
75
10
2.4
0.6
10
2.9
6,728
93
3.1
(0.2)
11
2.6
6,140
68
12
2.3
0.3
12
2.6
6,003
52
16
1.9
0.7
Maybank
13
2.5
5,884
36
25
1.0
1.5
14
2.5
5,714
44
20
1.3
1.2
KB Financial Group
15
2.4
5,622
30
44
0.6
1.8
16
2.3
5,451
75
15
1.9
0.4
17
1.9
4,535
49
17
1.7
0.2
18
1.6
3,683
19
11
2.4
(0.8)
Bank of Taiwan
19
1.5
3,456
55
45
0.6
0.9
100,000
20
1.4
100%
3,228
232,819
35
11
843 345,289
0.7
0.7
90,000
TOTAL
(2.6)
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
8.20%
19.02%
28.23%
18.96%
17.88%
7.70%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
130,000
440
120,000
400
110,000
360
320
280
100%
80,000
Includes all eligible loans from Asia Pacific excluding Japan. Volume in USD millions.
240
70,000
200
60,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
3
120
Q
2
160
40,000
Q
1
50,000
LREP <GO>
21
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
8.4
10,646
21
10.7
(2.3)
Bank of China
5.2
6,571
32
5.5
(0.3)
4.3
5,418
44
4.1
0.2
4.2
5,411
36
6.8
(2.6)
4.0
5,098
45
3.6
0.4
KB Financial Group
3.9
4,958
16
58
0.3
3.6
3.6
4,579
22
20
1.4
2.2
Bank of Taiwan
3.3
4,221
47
27
1.1
2.2
3.1
3,944
14
4.7
(1.6)
10
2.9
3,727
18
2.9
11
2.5
3,206
23
10
2.6
(0.1)
12
2.4
3,035
28
2.9
(0.5)
13
2.4
3,033
11
3.6
(1.2)
14
1.8
2,325
10
51
0.4
1.4
15
1.8
2,242
28
19
1.5
0.3
16
1.7
2,197
45
18
1.5
0.2
17
1.7
2,192
32
15
1.9
(0.2)
Westpac Banking
18
1.7
2,157
15
13
2.2
(0.5)
Citi
19
1.7
2,129
20
12
2.5
(0.8)
20
1.6
100%
2,073
127,336
24
13
456 218,061
1.1
0.5
TOTAL
Basic Materials
Consumer Prod/Svcs
Financial
Industrial
Oil/Gas/Elect
Tech/Comm
10.20%
19.01%
30.68%
20.05%
10.83%
9.22%
Total:
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
90,000
260
240
80,000
220
70,000
200
180
60,000
100%
160
Includes all eligible loans from Asia Pacific excluding Japan. Volume in USD millions.
50,000
140
120
40,000
100
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
80
Q
1
30,000
LREP <GO>
22
Bloomberg
Underwriter League Tables
1/1/12
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
19.8
10,839
95
17.6
2.2
15.2
8,340
70
17.8
(2.6)
Westpac Banking
14.6
7,988
75
13.4
1.2
12.6
6,884
58
13.5
(0.9)
4.3
2,370
19
1.8
2.5
3.6
1,963
17
15
1.2
2.4
3.5
1,943
22
3.0
0.5
3.4
1,846
14
2.8
0.6
1.7
940
10
10
1.7
Bank of China
10
1.2
640
20
0.9
0.3
JP Morgan
11
1.2
637
11
1.6
(0.4)
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
12
1.1
621
1.9
(0.8)
Total:
Citi
13
1.1
613
2.8
(1.7)
14
1.1
591
16
1.1
15
0.8
452
45
0.2
0.6
Barclays
16
0.7
406
40
0.2
0.5
17
0.7
394
49
0.1
0.6
18
0.7
387
36
0.3
0.4
19
0.7
368
20
29
0.4
0.2
TOTAL
0.6
100%
346
54,787
146 83,499
100%
Includes all eligible syndicated loans in Australia and New Zealand. Includes both domestic & foreign currencies. Volume in USD millions.
5.79%
24.21%
22.30%
1.48%
17.65%
21.12%
7.43%
100.00%
QUARTERLY VOLUME
USD (Mln) / #Deals
50,000
90
45,000
80
40,000
70
35,000
30,000
60
25,000
50
20,000
40
15,000
30
10,000
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
2
20
Q
1
5,000
LREP <GO>
23
Bloomberg
Underwriter League Tables
2012
9/30/12
FIRM
RANK
2011
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
INDUSTRY BREAKDOWN
MKT
MKT
SHARE
SHARE
CHG (%)
29.1
3,682
12
24.4
4.7
29.0
3,675
16
27.0
2.0
Westpac Banking
14.5
1,835
12
11.5
3.0
9.2
1,164
9.5
(0.3)
JP Morgan
4.0
503
10
1.4
2.6
Citi
3.9
491
21
0.7
3.2
Bank of China
2.7
343
11
1.3
1.4
2.4
310
29
0.4
2.0
2.0
247
13
1.1
0.9
10
1.3
168
15
0.9
0.4
11
0.6
82
Basic Materials
Consumer Prod/Svcs
Financial
Government
Industrial
Oil/Gas/Elect
Tech/Comm
12
0.3
40
Total:
Investec PLC
12
0.3
40
14
0.2
24
1.8
(1.6)
15
0.1
17
20
0.8
(0.7)
Barclays
15
0.1
17
27
0.4
(0.3)
15
17
TD Securities
18
TOTAL
0.1
0.1
100%
10
12,666
13
1
34 39,699
1.1
15.08%
15.87%
20.14%
6.42%
22.30%
12.60%
7.58%
100.00%
(1.0)
QUARTERLY VOLUME
USD (Mln) / #Deals
32,000
45
28,000
40
35
24,000
100%
30
20,000
Includes all eligible syndicated loans in Australia and New Zealand. Includes both domestic & foreign currencies. Volume in USD millions.
25
16,000
20
12,000
15
8,000
10
LMX <GO>
LALT <GO>
LEAG <GO>
Q
3
Q
1
Q
2
12
12
20
Q
4
12
20
Q
3
11
20
Q
2
11
20
Q
4
Q
3
Q
2
Q
1
Q
4
Q
1
11
20
20
11
20
10
20
10
20
10
20
10
20
09
20
09
09
20
09
LREP <GO>
20
20
LEAG <GO>
Q
3
0
Q
2
0
Q
1
4,000
LREP <GO>
24
General Guidelines
To be awarded credit within Bloombergs League tables, Bloomberg must be notified of the following information for all executed syndicated loan
transactions: borrower's name, parent company, agent, country of origin, industry, facility amount, tranche amount(s), tranche type(s), purpose, syndicate
list with titles, currency, capital structure rank, executed/funding date, maturity date and/or tenor. Credit is awarded as of the credit agreements execution
date, regardless of subsequent events related to the transaction, with the exception of Asia-Pacific transactions that are signed in senior syndication
(documentation required); credit is awarded ONLY on this date. NOTE: Any Asia-Pacific transactions signed in senior syndication and had already been
credited in or prior to 2011, would not be eligible for credit in 2012.
Regional and local tables are based upon the principal borrowers country of incorporation, with the exception of Bloombergs Asia-Pacific and Latin
American tables, which are based upon the principal borrowers country of risk.
Note: Any change to the final facility size or participant list will be retroactively credited on the execution date for the EMEA region.
U.S./Canada: Equal credit allocated among banks given the title(s); administrative agent, co-administrative agent, syndication agent, co-syndication
agent, document agent, co-document agent.
Japan Tables
A new loan deemed substantially similar to the refinanced loan having the same purpose will only be credited once per year.
Asia-Pacific ex-Japan FRNs, Club Transactions and Self Arranged
Transactions defined as FRNs, club and self-arranged are eligible for Mandated Lead Arranger credit only.
Table Types
Investment Grade: All eligible transactions with investment grade ratings from each of the rating agencies (i.e. a rating of Aaa to Baa3 by Moodys and AAA
to BBB- by S&P).
Leverage US: 1) The borrower's senior debt has a non-investment grade rating by one or more rating agency (i.e. rating of Ba1 and below by Moodys or
BB+ and below by S&P), and the spread at close on the deal is greater than or equal to 225 basis points above LIBOR, or 2) the loan is not rated and the
spread at close is greater than or equal to 225 basis points above LIBOR.
High Yield EMEA: 1) The borrower's senior debt has no rating or a non-investment grade rating by one or more rating agencies (i.e. rating of Ba1 or lower
by Moody's or BB+ or lower by S&P), or 2) the purpose of the loan is defined as a management buyout (MBO) or leveraged buyout (LBO), or 3) spread is
greater than or equal to 300 basis points.
Sponsor-led: Eligible deals with LBO financing are sponsor-led and are eligible for the Bloombergs EMEA Sponsor-Led Leveraged Loans tables.
Exclusions
Bilateral transactions.
Loan guarantees, including but not limited to Letter of Guarantee, Performance Bond, CP Guarantee or Bank Guarantee.
Transactions with a maturity of less than 90 days.
Cancelled or withdrawn transactions that are not executed prior to the deals cancellation or withdrawal.
Full versions of Bloombergs League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
{IDOC 2065648 <GO>}: Syndicated Loans
{IDOC 2016703 <GO>}: Fixed Income
{IDOC 2027097 <GO>}: Equity Linked
{IDOC 2021549 <GO>}: Legal Adviser Equity
Bloomberg L.P. Syndicated Loans League Tables represent transactions that are executed and for which Bloomberg has been notified. 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. Accuracy Claims & Inquiries: All League Table participants
have the right to examine the accuracy of League Table data as published on the Bloomberg Professional Service. All accuracy claims and inquiries must be
submitted in writing and with adequate explanation and documentation. Bloomberg will investigate all accuracy claims and inquiries in a timely manner, but cannot
assure completion of its investigation by the respective League Table deadline.