global fixed income€¦ · jennifer passos +1 609 279 3691 +44 20 3525 8149 +65 6231 3677...

GLOBAL FIXED INCOME LEAGUE TABLES First 3Q 2018Preliminary as of 20 September 2018

CONTENTS

1. Global market review2. US market review3. Canada market review4. Latin America market review5. EMEA market review6. Asia market review7. Table criteria

DATA SUBMISSIONS AND QUERIES

Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies.

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EMEA

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FIRST 3Q 2018 PRELIMINARY AS OF 20 SEPTEMBER 2018

MANAGER RANKINGS

© 2018 Bloomberg Finance L.P. All rights reserved.

[email protected]

[email protected]

Rober Dienst

Dimitris Gogos

Jennifer Passos

+1 609 279 3691

+44 20 3525 8149

+65 6231 3677 [email protected]

GLOBAL FIXED INCOME

Bloomberg PreliminaryGlobalFixedIncome|1st3Q2018

BloombergLeagueTableReports Page1

GlobalFixedIncomeReview1st3Q2018creditedCorporate&FinancialBondsvolumedecreased6.13%toUSD3.2Trlnwhiledealcountdecreased7.11%to11,949offeringsyear-on-year.CorporateBondsvolumedecreased10.89%year-on-yeartoUSD1.5Trlnwhilethedealcountdecreased8.62%to4,842.FinancialBondsvolumedecreased1.48%year-on-yeartoUSD1.7Trlnover7,000deals.JPMorganrankedasthetopCorporate&FinancialBondsunderwriterfor1st3Q2018with5.28%marketshare.Thebankunderwrote1,087dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith5.06%and4.77%marketshare,respectively.

Corporate&FinancialBonds:Highlightsof1st3Q2018

Corporate&FinancialBonds:QuarterlyVolume

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InvestmentGrade

TopUnderwriterJPMorgan

Numberofdeals 1,087

Volume(USDMln) 170,198

AvgDealsize(USDMln) 156.6

MarketSummaryNumberofdeals 11,949

Volume(USDMln) 3,223,669


Issuer Industry Volume(USDMln) Date

CVSHealthCorp HealthCare 9,000 03/06/2018


AgriculturalBankofChinaLtd Financials 6,312 04/27/2018


BankofChinaLtd Financials 5,851 09/05/2018



ChinaMerchantsBankCoLtd Financials 4,377 08/21/2018

ChinaCITICBankCorpLtd Financials 4,373 09/13/2018

HalfmoonParentInc HealthCare 3,800 09/06/2018

Financials54%

Industrials9%

ConsumerDiscretionary8%

Utilities6%

HealthCare5%

Others18%

GlobalCorporateLeveragedFinance:QuarterlyVolume

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Corporate&FinancialBonds:IndustryBreakdown

Corporate&FinancialBonds:SpreadtoBenchmark

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CorporateBonds1st3Q2018 1st3Q2017

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

JPMorgan 1 6.127 91,546 663 1 7.479 -1.352

BankofAmericaMerrillLynch 2 6.113 91,349 644 2 6.695 -0.582

Citi 3 5.253 78,487 617 3 6.050 -0.797

Barclays 4 4.672 69,813 487 5 4.722 -0.050

GoldmanSachs 5 4.112 61,450 407 4 4.950 -0.838

MorganStanley 6 3.710 55,437 506 6 4.666 -0.956

HSBC 7 3.404 50,863 411 8 3.480 -0.076

DeutscheBank 8 3.350 50,053 372 7 4.566 -1.216

WellsFargo 9 3.180 47,513 319 11 2.877 0.303

BNPParibas 10 3.131 46,788 375 9 3.077 0.054

MizuhoFinancial 11 2.779 41,528 473 10 2.963 -0.184

RBCCapitalMarkets 12 2.613 39,051 316 13 2.298 0.315

CreditSuisse 13 2.422 36,185 343 12 2.835 -0.413

MitsubishiUFJFinancialGroupInc 14 2.348 35,087 313 14 2.277 0.071

SocieteGenerale 15 1.905 28,469 221 15 1.747 0.158

SumitomoMitsuiFinancial 16 1.797 26,845 332 17 1.421 0.376

CreditAgricoleCIB 17 1.591 23,780 212 18 1.268 0.323

TDSecurities 18 1.198 17,897 179 19 1.107 0.091

BankofChina 19 1.174 17,541 144 26 0.762 0.412

BancoSantander 20 1.171 17,499 154 16 1.429 -0.258

TOTAL 100% 1,494,260 4,842 100%

FinancialBonds1st3Q2018 1st3Q2017


HSBC 1 4.981 85,184 527 6 4.132 0.849

JPMorgan 2 4.599 78,651 424 3 4.699 -0.100

Citi 3 4.360 74,558 464 2 5.030 -0.670


GoldmanSachs 5 4.097 70,066 351 5 4.423 -0.326

MorganStanley 6 3.946 67,493 454 1 5.491 -1.545

Barclays 7 2.890 49,430 289 7 3.137 -0.247

DeutscheBank 8 2.661 45,510 300 9 2.536 0.125

UBS 9 2.637 45,101 296 8 3.086 -0.449

BNPParibas 10 2.486 42,521 258 12 2.063 0.423

CreditSuisse 11 2.381 40,726 270 10 2.482 -0.101

CreditAgricoleCIB 12 1.848 31,610 249 13 1.854 -0.006

WellsFargo 13 1.792 30,649 169 11 2.248 -0.456



Natixis 16 1.486 25,411 151 24 0.838 0.648

BankofChina 17 1.365 23,348 182 19 0.901 0.464

LandesbankHessen-ThuringenGirozentrale 18 1.359 23,235 196 15 1.392 -0.033

NatWestMarkets 19 1.310 22,404 118 23 0.840 0.470

CITICSecurities 20 1.243 21,263 128 16 1.317 -0.074

TOTAL 100% 1,710,204 7,000 100%

SyndicatedGovernmentBonds1st3Q2018 1st3Q2017


Citi 1 6.945 75,635 348 1 7.870 -0.925

JPMorgan 2 6.807 74,126 454 2 6.808 -0.001

Barclays 3 6.631 72,213 267 4 6.026 0.605

HSBC 4 6.378 69,458 353 3 6.579 -0.201

DeutscheBank 5 4.821 52,500 268 6 4.741 0.080

TDSecurities 6 4.504 49,044 354 9 4.064 0.440


GoldmanSachs 8 3.823 41,629 148 7 4.510 -0.687

Nomura 9 3.441 37,476 362 10 3.679 -0.238


BNPParibas 11 2.948 32,101 149 8 4.165 -1.217

MorganStanley 12 2.709 29,500 454 13 2.418 0.291


NatWestMarkets 14 2.293 24,967 107 17 1.516 0.777

SocieteGenerale 15 2.220 24,178 92 11 2.565 -0.345

UniCredit 16 2.100 22,869 80 12 2.506 -0.406

BMOCapitalMarkets 17 1.863 20,283 80 16 1.628 0.235

WellsFargo 18 1.674 18,233 319 22 1.231 0.443

Commerzbank 19 1.667 18,153 63 18 1.497 0.170

NationalBankFinancialInc 20 1.497 16,301 110 21 1.246 0.251

TOTAL 100% 1,088,982 4,815 100%

InternationalBonds1st3Q2018 1st3Q2017


JPMorgan 1 7.364 215,837 1,320 1 8.005 -0.641

HSBC 2 6.408 187,820 1,100 4 5.906 0.502

Citi 3 6.376 186,903 1,170 2 7.126 -0.750


Barclays 5 5.818 170,537 898 5 5.782 0.036

GoldmanSachs 6 5.001 146,601 720 6 5.685 -0.684

DeutscheBank 7 4.343 127,297 749 7 4.912 -0.569

BNPParibas 8 4.025 117,968 749 9 4.105 -0.080

MorganStanley 9 3.769 110,474 678 8 4.368 -0.599




CreditSuisse 13 2.295 67,256 523 10 2.454 -0.159

WellsFargo 14 2.065 60,526 383 13 1.914 0.151

NatWestMarkets 15 1.871 54,834 249 19 1.419 0.452

UniCredit 16 1.866 54,693 321 16 1.802 0.064

TDSecurities 17 1.776 52,046 342 18 1.501 0.275

UBS 18 1.642 48,118 307 15 1.808 -0.166

MizuhoFinancial 19 1.606 47,083 536 17 1.548 0.058


TOTAL 100% 2,931,150 7,708 100%



GlobalBonds1st3Q2018 1st3Q2017


BankofAmericaMerrillLynch 1 10.837 86,514 415 2 10.573 0.264

JPMorgan 2 10.655 85,058 382 1 11.506 -0.851

Citi 3 9.235 73,721 364 3 9.817 -0.582

Barclays 4 8.480 67,695 277 6 6.684 1.796

GoldmanSachs 5 7.621 60,836 248 4 8.222 -0.601

HSBC 6 6.930 55,322 153 8 4.369 2.561

MorganStanley 7 6.446 51,456 240 5 7.250 -0.804

WellsFargo 8 4.800 38,318 219 9 4.192 0.608


DeutscheBank 10 4.045 32,288 152 7 4.675 -0.630

TDSecurities 11 3.569 28,489 119 10 3.452 0.117


BNPParibas 13 1.928 15,388 103 13 2.313 -0.385

CreditSuisse 14 1.709 13,640 122 16 1.963 -0.254

MitsubishiUFJFinancialGroupInc 15 1.688 13,475 131 12 2.430 -0.742

Nomura 16 1.476 11,784 27 15 2.046 -0.570


Scotiabank 18 1.245 9,937 59 19 1.026 0.219

USBancorp 19 1.092 8,718 91 18 1.262 -0.170


TOTAL 100% 798,306 925 100%

CorporateHighYieldBonds1st3Q2018 1st3Q2017


CreditSuisse 1 6.783 21,357 179 6 5.713 1.070

JPMorgan 2 6.657 20,960 198 1 8.106 -1.449

Barclays 3 5.806 18,281 145 5 6.003 -0.197

GoldmanSachs 4 5.353 16,853 148 4 6.212 -0.859

DeutscheBank 5 5.157 16,238 172 8 4.822 0.335


Citi 7 4.980 15,681 148 7 5.579 -0.599

MorganStanley 8 4.892 15,402 150 2 6.671 -1.779

WellsFargo 9 4.035 12,705 102 9 3.267 0.768


HSBC 11 2.867 9,028 118 10 2.657 0.210

BNPParibas 12 2.760 8,690 106 13 1.853 0.907

UBS 13 1.634 5,146 74 12 2.009 -0.375




Jefferies 17 1.231 3,876 32 15 1.474 -0.243

GuotaiJunanSecurities 18 1.176 3,703 56 25 0.750 0.426



TOTAL 100% 314,854 858 100%

GlobalGreenBonds-Corporate&Government1st3Q2018 1st3Q2017


BNPParibas 1 6.416 5,130 33 6 4.718 1.698



HSBC 4 5.144 4,113 35 1 6.597 -1.453

Citi 5 4.183 3,344 22 5 4.838 -0.655

SEB 6 4.044 3,233 29 11 3.259 0.785

JPMorgan 7 3.999 3,197 17 3 5.963 -1.964

INGGroep 8 3.180 2,543 11 41 0.624 2.556

Barclays 9 3.035 2,427 15 8 3.908 -0.873

Natixis 10 2.884 2,306 13 9 3.820 -0.936



UniCredit 13 2.171 1,736 11 27 1.132 1.039


TDSecurities 15 1.949 1,558 11 21 1.403 0.546

DanskeBank 16 1.795 1,435 18 32 0.837 0.958

CITICSecurities 17 1.779 1,422 9 12 2.914 -1.135

Commerzbank 18 1.728 1,382 12 31 0.908 0.820

Swedbank 19 1.488 1,190 25 60 0.241 1.247

CIBC 20 1.447 1,157 7 - - 1.447

TOTAL 100% 79,950 314 100%

GlobalSukuk1st3Q2018 1st3Q2017


CIMB 1 11.165 3,602 73 2 10.405 0.760

Maybank 2 9.228 2,977 82 3 9.034 0.194

HSBC 3 8.908 2,874 22 1 10.651 -1.743

RHB 4 7.185 2,318 89 12 3.795 3.390

AmInvestmentBankBhd 5 6.826 2,202 86 8 4.476 2.350

Citi 6 6.693 2,159 13 5 5.270 1.423

StandardCharteredBank 7 6.627 2,138 20 4 5.817 0.810

DubaiIslamicBank 8 5.036 1,625 12 13 3.421 1.615

JPMorgan 9 2.932 946 7 7 4.981 -2.049

BNPParibas 10 2.803 904 4 11 3.934 -1.131

FirstAbuDhabiBankPJSC 11 2.801 904 9 10 4.013 -1.212

EmiratesNBDPJSC 12 2.412 778 10 14 2.876 -0.464

AbuDhabiIslamicBank 13 2.336 754 4 - - 2.336

SharjahIslamicBank 14 1.824 588 5 31 0.411 1.413

MizuhoFinancial 15 1.808 583 3 50 0.128 1.680

Natixis 16 1.763 569 4 22 0.888 0.875

NationalCommercialBank 17 1.367 441 2 9 4.459 -3.092

AffinHwangCapital 18 1.265 408 32 17 1.224 0.041

SumitomoMitsuiFinancial 19 1.259 406 3 50 0.128 1.131

KenangaInvestmentBankBhd 20 1.228 396 18 44 0.242 0.986

TOTAL 100% 32,263 263 100%



InternationalSukuk1st3Q2018 1st3Q2017


HSBC 1 12.125 2,333 15 1 15.142 -3.017

Citi 2 11.223 2,159 13 3 8.541 2.682


DubaiIslamicBank 4 8.444 1,625 12 9 5.543 2.901

CIMB 5 5.609 1,079 5 19 0.937 4.672

JPMorgan 6 4.917 946 7 5 8.072 -3.155

FirstAbuDhabiBankPJSC 7 4.697 904 9 6 6.503 -1.806

EmiratesNBDPJSC 8 4.044 778 10 10 4.660 -0.616

AbuDhabiIslamicBank 9 3.917 754 4 - - 3.917

BNPParibas 10 3.084 593 3 7 6.258 -3.174

SharjahIslamicBank 11 3.058 588 5 23 0.666 2.392


Natixis 13 2.956 569 4 14 1.439 1.517


GulfInternationalBankBSC 15 1.852 356 2 11 2.879 -1.027

SambaCapital 16 1.732 333 1 - - 1.732

BedfordRowCapitalAdvisersLtd 17 1.640 316 2 - - 1.640

NoorBank 18 1.546 297 5 15 1.356 0.190

LandesbankBaden-Wuerttemberg 19 1.364 263 2 - - 1.364

KuwaitFinanceHouse 20 1.325 255 2 18 0.995 0.330

TOTAL 100% 19,240 29 100%



USFixedIncomeReview1st3Q2018creditedUSCorporateBondsvolumedecreased15.20%toUSD1.2Trlnwhiledealcountdecreased14.25%to1,985offeringsyear-on-year.USInvestmentGradeCorporateBondsvolumedecreased11.20%year-on-yeartoUSD1.0Trlnwhilethedealcountdecreased12.35%to1,519.USHighYieldCorporateBondsvolumedecreased30.59%year-on-yeartoUSD162.6Blnover325deals.JPMorganrankedasthetopUSCorporateBondsunderwriterfor1st3Q2018with11.09%marketshare.Thebankunderwrote782dealsovertheperiod.BankofAmericaMerrillLynchandCitirankedsecondandthirdwith11.08%and9.60%marketshare,respectively.

USCorporateBonds:Highlightsof1st3Q2018

USDomesticBonds:QuarterlyVolume

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TopUnderwriterJPMorgan

Numberofdeals 782

Volume(USDMln) 131,940



Volume(USDMln) 1,189,439









AT&TInc Communications 3,750 08/16/2018

BayerUSFinanceIILLC HealthCare 3,500 06/18/2018

GoldmanSachsGroupInc/The Financials 3,500 04/18/2018


Financials41%

HealthCare11%

Energy8%


ConsumerStaples7%

Utilities7%

Industrials7%

Communications6%

Others6%

USLeveragedFinance:QuarterlyVolume

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USHighYieldCorporateBonds

USCorporateBonds:IndustryBreakdown

USDomesticBonds:SpreadtoBenchmark

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USDomesticBonds1st3Q2018 1st3Q2017


JPMorgan 1 10.163 160,514 897 1 10.846 -0.683

Citi 2 9.882 156,088 869 2 10.503 -0.621


Barclays 4 7.184 113,469 587 6 5.751 1.433

GoldmanSachs 5 7.147 112,889 615 4 7.536 -0.389

MorganStanley 6 6.497 102,619 886 5 6.842 -0.345

WellsFargo 7 5.947 93,933 778 7 5.150 0.797

HSBC 8 5.195 82,045 400 8 4.394 0.801

DeutscheBank 9 3.926 62,005 408 9 4.184 -0.258


CreditSuisse 11 2.754 43,495 306 11 2.730 0.024

TDSecurities 12 2.584 40,810 291 13 2.257 0.327

BNPParibas 13 2.367 37,379 228 12 2.365 0.002



Nomura 16 1.493 23,581 185 17 1.771 -0.278


USBancorp 18 1.035 16,351 157 18 1.106 -0.071

UBS 19 0.994 15,705 135 15 1.938 -0.944


TOTAL 100% 1,579,451 3,876 100%

USAgencyBonds1st3Q2018 1st3Q2017


WellsFargo 1 11.378 20,640 466 4 7.755 3.623

Barclays 2 11.034 20,017 67 1 10.822 0.212

Nomura 3 9.234 16,751 189 3 9.686 -0.452

Citi 4 7.590 13,769 130 2 10.146 -2.556

TDSecurities 5 7.054 12,797 135 5 6.970 0.084

JPMorgan 6 4.728 8,576 149 6 4.826 -0.098

HSBC 7 4.278 7,760 82 8 3.960 0.318

FTNFinancial 8 3.618 6,563 289 12 2.773 0.845

Jefferies 9 3.539 6,420 145 7 3.994 -0.455

DaiwaSecurities 10 3.347 6,072 148 11 3.032 0.315

MorganStanley 11 3.082 5,591 393 9 3.195 -0.113


DeutscheBank 13 2.762 5,010 102 20 1.505 1.257

INTLFCStoneInc 14 2.491 4,518 209 13 2.691 -0.200


Incapital 16 1.978 3,588 295 15 2.617 -0.639

LoopCapitalMarketsLLC 17 1.867 3,386 80 19 1.649 0.218

BankofNewYorkMellon 18 1.616 2,932 142 16 2.560 -0.944

Stifel 19 1.516 2,750 197 18 1.791 -0.275

RaymondJames&Associates 20 1.482 2,689 198 25 0.951 0.531

TOTAL 100% 181,407 2,911 100%

USCorporateBonds1st3Q2018 1st3Q2017


JPMorgan 1 11.093 131,940 782 1 11.480 -0.387


Citi 3 9.597 114,150 705 3 9.812 -0.215

GoldmanSachs 4 7.911 94,091 532 4 8.373 -0.462

MorganStanley 5 7.312 86,974 539 5 8.129 -0.817

Barclays 6 6.725 79,994 502 7 5.268 1.457

WellsFargo 7 6.366 75,725 460 6 5.757 0.609

HSBC 8 4.426 52,640 268 9 3.596 0.830

CreditSuisse 9 3.473 41,305 302 10 3.551 -0.078

DeutscheBank 10 3.255 38,720 287 8 3.911 -0.656

RBCCapitalMarkets 11 3.229 38,406 304 11 3.254 -0.025


BNPParibas 13 2.553 30,371 209 15 1.994 0.559


TDSecurities 15 1.387 16,499 156 17 1.176 0.211

USBancorp 16 1.375 16,351 157 16 1.470 -0.095


UBS 18 1.260 14,990 129 12 2.457 -1.197



TOTAL 100% 1,189,439 1,985 100%

USDollarForeignIssuerBonds1st3Q2018 1st3Q2017


Citi 1 9.387 86,626 487 1 9.188 0.199

HSBC 2 8.143 75,143 389 3 7.980 0.163

JPMorgan 3 7.708 71,135 382 2 8.930 -1.222


GoldmanSachs 5 5.994 55,310 278 5 5.548 0.446

Barclays 6 5.674 52,359 242 8 4.426 1.248

MorganStanley 7 4.862 44,872 281 7 4.810 0.052

DeutscheBank 8 4.362 40,256 189 6 4.821 -0.459

BNPParibas 9 3.405 31,427 189 9 3.578 -0.173


CreditSuisse 11 2.761 25,476 154 11 2.627 0.134


TDSecurities 13 2.401 22,153 90 13 2.285 0.116



UBS 16 1.612 14,872 126 10 2.845 -1.233


Nomura 18 1.440 13,289 68 15 1.647 -0.207

BMOCapitalMarkets 19 1.382 12,754 58 18 1.418 -0.036

BankofChina 20 1.289 11,899 156 20 1.179 0.110

TOTAL 100% 922,822 1,942 100%



USInvestmentGradeCorporateBonds1st3Q2018 1st3Q2017



JPMorgan 2 11.445 115,281 636 1 11.730 -0.285

Citi 3 10.035 101,078 591 3 10.208 -0.173

GoldmanSachs 4 8.233 82,922 439 4 8.725 -0.492

MorganStanley 5 7.589 76,438 431 5 8.193 -0.604

Barclays 6 6.583 66,311 406 7 5.010 1.573

WellsFargo 7 6.363 64,092 369 6 5.957 0.406

HSBC 8 4.878 49,135 229 9 3.886 0.992


DeutscheBank 10 2.915 29,360 205 8 3.962 -1.047


BNPParibas 12 2.679 26,979 177 15 2.164 0.515

CreditSuisse 13 2.599 26,175 200 10 3.130 -0.531


USBancorp 15 1.577 15,884 149 16 1.642 -0.065

TDSecurities 16 1.494 15,053 135 17 1.314 0.180


UBS 18 1.287 12,958 97 14 2.605 -1.318



TOTAL 100% 1,007,230 1,519 100%

USHighYieldCorporateBonds1st3Q2018 1st3Q2017


JPMorgan 1 9.384 15,255 132 1 10.585 -1.201

CreditSuisse 2 9.267 15,064 101 7 5.817 3.450

Barclays 3 8.550 13,900 100 6 7.343 1.207

WellsFargo 4 7.409 12,045 93 8 5.608 1.801

GoldmanSachs 5 6.962 11,318 94 4 7.663 -0.701


Citi 7 6.516 10,592 94 5 7.473 -0.957

MorganStanley 8 5.918 9,621 92 3 7.741 -1.823

DeutscheBank 9 5.615 9,128 83 10 4.156 1.459


Jefferies 11 2.003 3,256 24 11 2.524 -0.521


SunTrustRobinsonHumphrey 13 1.620 2,634 26 15 1.655 -0.035

HSBC 14 1.539 2,501 32 14 1.728 -0.189



BNPParibas 17 1.455 2,365 26 16 1.336 0.119



UBS 20 0.976 1,586 21 13 1.742 -0.766

TOTAL 100% 162,566 325 100%

USDollarPreferreds1st3Q2018 1st3Q2017



MorganStanley 2 15.688 2,559 40 1 23.494 -7.806

WellsFargo 3 14.665 2,392 30 2 14.838 -0.173

JPMorgan 4 13.087 2,135 12 7 6.903 6.184

UBS 5 10.439 1,703 28 4 11.053 -0.614


Stifel 7 2.414 394 14 5 7.960 -5.546

Citi 8 1.570 256 6 8 2.938 -1.368

LadenburgThalmann&Co 9 1.067 174 11 12 1.049 0.018

JanneyMontgomeryScottLLC 10 0.852 139 9 14 0.949 -0.097

BRiley&Co 11 0.779 127 8 29 0.095 0.684

USBancorp 12 0.705 115 1 - - 0.705

Barclays 13 0.490 80 1 - - 0.490

HSBC 13 0.490 80 1 - - 0.490

GoldmanSachs 15 0.372 61 1 17 0.743 -0.371

KeyBancCapitalMarkets 15 0.372 61 1 21 0.271 0.101

WilliamBlair&CoLLC 17 0.328 54 4 19 0.478 -0.150

AGP/AllianceGlobalPartnersCorp 18 0.307 50 1 - - 0.307

CreditSuisse 19 0.301 49 2 17 0.743 -0.442

BMOCapitalMarkets 20 0.286 47 2 9 1.602 -1.316

TOTAL 100% 16,310 68 100%



CanadaFixedIncomeReview1st3Q2018creditedCanadaCorporateBondsvolumeincreased0.54%toCAD83.4Blnwhiledealcountincreased1.19%to170offeringsyear-on-year.CanadaCorporateBonds-Bonusvolumeincreased0.54%year-on-yeartoCAD83.4Blnwhilethedealcountincreased1.19%to170.CanadaGovernmentBondsvolumeincreased0.63%year-on-yeartoCAD81.8Blnover246deals.TDSecuritiesrankedasthetopCanadaCorporateBondsunderwriterfor1st3Q2018with22.92%marketshare.Thebankunderwrote77dealsovertheperiod.BMOCapitalMarketsandCIBCrankedsecondandthirdwith18.23%and17.43%marketshare,respectively.

CanadaCorporateBonds

1st3Q2018 1st3Q2017

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

TDSecurities 1 22.921 19,123 77 1 19.941 2.980


CIBC 3 17.429 14,540 66 4 16.813 0.616


Scotiabank 5 12.600 10,512 47 5 12.222 0.378

HSBC 6 4.100 3,421 18 7 3.297 0.803


LaurentianBankofCanada 8 1.498 1,250 3 9 1.348 0.150


DesjardinsCapitalMarkets 10 0.819 683 5 11 1.049 -0.230

TOTAL 100% 83,427 170 100%

CanadaGovernmentBonds

1st3Q2018 1st3Q2017

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



TDSecurities 3 15.896 12,995 27 2 21.467 -5.571

CIBC 4 13.587 11,108 85 5 12.841 0.746

Scotiabank 5 13.055 10,673 28 6 9.034 4.021


HSBC 7 0.604 494 4 8 0.517 0.087

DesjardinsCapitalMarkets 8 0.380 311 9 7 0.532 -0.152

BankofAmericaMerrillLynch 9 0.306 250 2 9 0.467 -0.161

Casgrain&Co 10 0.291 238 4 11 0.083 0.208

TOTAL 100% 81,751 246 100%

Financials63%


Industrials7%

Utilities6%

Communications5%

Others9%

CanadaCorporateBonds:QuarterlyVolume

Q32013

Q32013

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

QuartersQuarters

Q32018

Q32018

1010

2020

3030

USDBln

USDBln

00

4040

2020

4040

6060

8080

DealC

ountDealC

ount

00

9090

DealCount Amount

CanadaCorporateBonds:IndustryBreakdown

63%10%

7%

6%

5%9%

CanadaCorporateBonds:ManagerRankingsHistory

TDSecurities

BMOCapitalMarkets

CIBC

RBCCapitalMarkets

Scotiabank

HSBC

10

20

MarketS

hare(%

)

0

30

2018 2017 2016



LatinAmericaFixedIncomeReview1st3Q2018creditedLatinAmericanBondsvolumedecreased20.49%toUSD108.4Blnwhiledealcountdecreased13.28%to470offeringsyear-on-year.LatinAmericanLocalCurrencyBondsvolumeincreased17.72%year-on-yeartoUSD54.6Blnwhilethedealcountdecreased1.08%to643.BrazilianDomesticBondsvolumeincreased93.81%year-on-yeartoBRL99.3Blnover258deals.CitirankedasthetopLatinAmericanBondsunderwriterfor1st3Q2018with12.86%marketshare.Thebankunderwrote62dealsovertheperiod.BancoItauBBAandHSBCrankedsecondandthirdwith9.55%and8.45%marketshare,respectively.

LatinAmericanBonds

1st3Q2018 1st3Q2017


Citi 1 12.861 13,937 62 1 12.365 0.496

BancoItauBBA 2 9.545 10,344 86 5 7.119 2.426

HSBC 3 8.447 9,154 43 3 10.821 -2.374

JPMorgan 4 7.554 8,186 35 2 10.948 -3.394

BancoSantander 5 7.416 8,037 79 4 8.385 -0.969

BradescoBBISA 6 7.071 7,663 68 9 4.321 2.750

DeutscheBank 7 5.372 5,822 11 10 3.999 1.373

BancoBilbaoVizcayaArgentaria 8 5.287 5,730 53 7 5.541 -0.254

BancodoBrasilSA 9 4.379 4,746 33 13 2.406 1.973


TOTAL 100% 108,366 470 100%

LatinAmericanLocalCurrencyBonds

1st3Q2018 1st3Q2017


BancoItauBBA 1 16.111 8,796 74 1 13.860 2.251

BradescoBBISA 2 12.484 6,816 60 3 8.313 4.171

JPMorgan 3 8.298 4,530 101 8 4.021 4.277

BancoSantander 4 7.562 4,129 58 2 12.011 -4.449

BancodoBrasilSA 5 6.522 3,561 24 20 1.220 5.302

Citi 6 6.465 3,530 46 7 5.394 1.071


HSBC 8 4.845 2,646 37 6 5.800 -0.955

BankABC 9 4.000 2,184 8 23 0.779 3.221

BancoBTGPactual 10 3.571 1,950 30 10 2.854 0.717

TOTAL 100% 54,598 643 100%

Government33%

Financials18%

Energy13%

Utilities12%


Others19%

LatinAmericanBonds:QuarterlyVolume

Q32013

Q32013

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

QuartersQuarters

Q32018

Q32018

2020

4040

6060

USDBln

USDBln

00

8080

200200

400400 DealC

ountDealC

ount

00

600600

DealCount Amount

LatinAmericanBonds:IndustryBreakdown

33%

18%13%

12%

6%

19%

LatinAmericanBonds:ManagerRankingsHistory

Citi

BancoItauBBA

HSBC

JPMorgan

BancoSantander

BradescoBBISA

5

10

MarketS

hare(%

)

0

15

2018 2017 2016



EMEAFixedIncomeReview1st3Q2018creditedEuropeanCorporate&FinancialBondsvolumedecreased3.26%toEUR932.6Blnwhiledealcountdecreased4.44%to4,045offeringsyear-on-year.EMEACorporateInvestmentGradeBonds(incEM)volumedecreased25.90%year-on-yeartoEUR204.0Blnwhilethedealcountdecreased21.96%to455.$TABLE3volume$VOLUME_CHANGE_DIR3$VOLUME_CHANGE_PERC3year-on-yearto$VOLUME_CURRENT3over$DEAL_COUNT_CURRENT3deals.HSBCrankedasthetopEuropeanCorporate&FinancialBondsunderwriterfor1st3Q2018with6.85%marketshare.Thebankunderwrote366dealsovertheperiod.BarclaysandBNPParibasrankedsecondandthirdwith5.12%and4.96%marketshare,respectively.

EuropeanCorporate&FinancialBonds:Highlightsof1st3Q2018

EuropeanCorporate&FinancialBonds:QuarterlyVolume

Q32013

Q32013

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

QuartersQuarters

Q32018

Q32018

100100

200200

300300

400400

EURBln

EURBln

00

500500

500500

1,0001,000

1,5001,500

DealC

ountDealC

ount

00

2,0002,000


InvestmentGrade

TopUnderwriterHSBC

Numberofdeals 366

Volume(EURMln) 63,914

AvgDealsize(EURMln) 174.6


Volume(EURMln) 932,591

AvgDealsize(EURMln) 230.6

Issuer Industry Volume(EURMln) Date


VodafoneGroupPLC Communications 3,000 05/23/2018

VodafoneGroupPLC Communications 3,000 05/23/2018

HSBCHoldingsPLC Financials 3,000 06/12/2018


HSBCHoldingsPLC Financials 2,500 09/05/2018

BarclaysPLC Financials 2,500 08/07/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,500 03/20/2018

Anheuser-BuschInBevWorldwideInc ConsumerStaples 2,500 03/20/2018

Sanofi HealthCare 2,475 03/14/2018

Financials62%


Others29%

EuropeanCorporate&FinancialBonds:IndustryBreakdown

EuropeanCorporate&FinancialBonds:SpreadtoBenchmark

Q32013

Q32013

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

QuartersQuarters

Q32018

Q32018

200200

400400

600600

Basispoints

Basispoints

00

700700

HighYield

InvestmentGrade

62%10%

29%



EuropeanBonds1st3Q2018 1st3Q2017

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

HSBC 1 6.765 85,926 472 1 6.338 0.427

Barclays 2 5.900 74,938 386 2 6.031 -0.131

JPMorgan 3 5.069 64,382 412 6 4.532 0.537

BNPParibas 4 4.756 60,405 376 3 5.141 -0.385

DeutscheBank 5 4.480 56,897 395 4 5.032 -0.552

Citi 6 4.013 50,967 368 5 4.603 -0.590


GoldmanSachs 8 3.680 46,748 261 7 4.020 -0.340



UniCredit 11 3.032 38,510 300 11 3.178 -0.146

NatWestMarkets 12 2.984 37,898 195 13 2.613 0.371

CreditSuisse 13 2.542 32,293 259 12 2.679 -0.137

UBS 14 2.405 30,552 215 14 2.584 -0.179

MorganStanley 15 2.368 30,074 207 15 2.439 -0.071

Natixis 16 2.223 28,235 223 18 1.752 0.471

BancoSantander 17 2.071 26,300 174 16 1.955 0.116

Commerzbank 18 1.977 25,113 200 17 1.904 0.073


INGGroep 20 1.656 21,038 165 23 1.376 0.280

TOTAL 100% 1,270,157 5,134 100%

WesternEuropeanBonds1st3Q2018 1st3Q2017


HSBC 1 6.771 84,798 463 1 6.397 0.374

Barclays 2 5.890 73,763 378 2 6.076 -0.186

BNPParibas 3 5.090 63,746 372 3 5.607 -0.517

JPMorgan 4 4.894 61,296 381 6 4.263 0.631

DeutscheBank 5 4.363 54,642 379 4 4.953 -0.590

Citi 6 3.801 47,606 342 5 4.447 -0.646

GoldmanSachs 7 3.693 46,248 257 7 3.959 -0.266



UniCredit 10 3.388 42,433 268 11 3.473 -0.085


NatWestMarkets 12 3.026 37,898 195 13 2.690 0.336

UBS 13 2.729 34,173 205 14 2.570 0.159

CreditSuisse 14 2.558 32,035 253 12 2.716 -0.158

MorganStanley 15 2.377 29,772 202 15 2.483 -0.106

Natixis 16 2.207 27,641 217 19 1.804 0.403

BancoSantander 17 2.038 25,529 169 16 2.047 -0.009

Commerzbank 18 2.018 25,272 191 17 1.900 0.118



TOTAL 100% 1,252,385 4,926 100%

EasternEuropeanBonds1st3Q2018 1st3Q2017


VTBCapital 1 12.665 6,936 42 1 12.740 -0.075

Citi 2 5.871 3,215 19 8 3.965 1.906

SberbankCIBCJSC 3 5.849 3,203 43 4 6.455 -0.606

JPMorgan 4 5.535 3,031 26 3 7.965 -2.430

UniCredit 5 5.482 3,002 40 10 3.521 1.961

Gazprombank 6 5.399 2,957 34 2 8.110 -2.711

ErsteGroupBank 7 4.977 2,725 24 17 1.946 3.031

DeutscheBank 8 4.793 2,625 15 11 3.413 1.380


RaiffeisenBankInternationalGroup 10 3.615 1,980 24 5 5.338 -1.723

REGIONInvestmentCo 11 2.819 1,544 17 26 0.948 1.871

RosselkhozbankOJSC 12 2.798 1,532 14 21 1.156 1.642

INGGroep 13 2.665 1,459 10 12 2.707 -0.042

Barclays 14 2.613 1,431 8 14 2.579 0.034

HSBC 15 2.469 1,352 9 15 2.473 -0.004

SovcombankICBJSC 16 2.308 1,264 16 13 2.594 -0.286

PKOBankPolskiSA 17 2.122 1,162 9 18 1.521 0.601

UBS 18 2.015 1,103 8 23 1.141 0.874

AlfaBank 19 1.759 963 13 24 1.131 0.628

Commerzbank 20 1.745 955 10 20 1.179 0.566

TOTAL 100% 54,762 227 100%

WesternEuropeanCorporateHighYieldBonds-Risk1st3Q2018 1st3Q2017


CreditSuisse 1 8.591 4,166 46 6 6.293 2.298

GoldmanSachs 2 7.860 3,811 37 3 6.634 1.226

JPMorgan 3 7.610 3,690 43 1 9.374 -1.764

DeutscheBank 4 6.765 3,280 45 4 6.553 0.212

BNPParibas 5 6.288 3,049 48 8 5.055 1.233

Barclays 6 5.585 2,708 35 2 6.801 -1.216

Citi 7 4.157 2,016 25 7 5.372 -1.215

HSBC 8 4.142 2,009 33 9 4.877 -0.735

MorganStanley 9 3.811 1,848 19 5 6.526 -2.715




INGGroep 13 2.640 1,280 21 14 2.566 0.074

UniCredit 14 2.120 1,028 18 15 2.510 -0.390

Natixis 15 1.893 918 15 20 1.140 0.753

DanskeBank 16 1.891 917 14 27 0.698 1.193

Nordea 17 1.827 886 16 19 1.363 0.464

UBS 18 1.524 739 11 16 2.410 -0.886

LloydsBank 19 1.419 688 12 21 1.082 0.337

NatWestMarkets 20 1.317 638 11 13 3.153 -1.836

TOTAL 100% 48,489 148 100%



EMEACorporateInvestmentGradeBonds(incEM)1st3Q2018 1st3Q2017


BNPParibas 1 7.417 15,132 123 1 7.908 -0.491


DeutscheBank 3 5.999 12,239 73 4 6.529 -0.530

HSBC 4 5.504 11,230 99 3 6.864 -1.360

UniCredit 5 5.060 10,324 76 10 3.669 1.391


Barclays 7 4.486 9,152 76 2 7.791 -3.305

INGGroep 8 4.356 8,886 69 20 1.757 2.599

GoldmanSachs 9 3.989 8,138 37 9 4.356 -0.367

BancoSantander 10 3.840 7,835 61 12 2.834 1.006

JPMorgan 11 3.798 7,749 67 7 4.594 -0.796


Citi 13 3.338 6,810 69 5 5.232 -1.894

Commerzbank 14 2.969 6,058 54 15 2.512 0.457

NatWestMarkets 15 2.843 5,801 55 14 2.630 0.213


CreditSuisse 17 2.294 4,679 46 18 2.272 0.022




TOTAL 100% 204,014 455 100%

EMEACorporateHighYieldBonds(incEM)-Risk1st3Q2018 1st3Q2017


CreditSuisse 1 7.130 4,777 54 7 4.890 2.240

JPMorgan 2 6.954 4,659 55 1 8.663 -1.709

DeutscheBank 3 6.151 4,121 51 3 6.893 -0.742

BNPParibas 4 5.960 3,993 59 9 3.827 2.133

GoldmanSachs 5 5.886 3,944 39 4 5.644 0.242

Citi 6 5.312 3,559 39 6 5.015 0.297

Barclays 7 5.131 3,437 42 5 5.108 0.023

HSBC 8 4.761 3,190 46 8 4.095 0.666

MorganStanley 9 3.547 2,377 24 2 7.514 -3.967



INGGroep 12 2.712 1,817 25 12 2.840 -0.128

UniCredit 13 2.640 1,769 27 13 2.774 -0.134


Natixis 15 2.187 1,465 19 24 0.840 1.347

DanskeBank 16 1.652 1,107 16 35 0.515 1.137


UBS 18 1.417 949 13 15 2.534 -1.117

Nordea 19 1.380 924 18 21 1.112 0.268

NatWestMarkets 20 1.322 886 13 16 2.323 -1.001

TOTAL 100% 66,996 219 100%

EuroCurrencyBonds1st3Q2018 1st3Q2017


BNPParibas 1 6.162 58,936 354 1 6.536 -0.374

HSBC 2 5.701 54,527 345 2 5.876 -0.175

DeutscheBank 3 5.382 51,473 324 4 5.329 0.053


JPMorgan 5 5.121 48,974 271 7 4.717 0.404


Barclays 7 4.776 45,677 223 3 5.819 -1.043

UniCredit 8 4.490 42,940 283 8 4.700 -0.210

GoldmanSachs 9 3.919 37,481 174 6 4.912 -0.993

Citi 10 3.649 34,897 236 11 4.266 -0.617

Commerzbank 11 3.300 31,561 204 12 2.908 0.392

Natixis 12 3.154 30,160 211 14 2.447 0.707

NatWestMarkets 13 3.092 29,568 131 16 2.186 0.906


DZBank 15 2.342 22,400 219 25 1.181 1.161

INGGroep 16 2.272 21,725 169 20 1.875 0.397

BancoSantander 17 2.258 21,598 132 19 1.901 0.357

LandesbankBaden-Wuerttemberg 18 2.162 20,681 218 15 2.228 -0.066

LandesbankHessen-ThuringenGirozentrale

19 2.150 20,566 220 17 2.166 -0.016

MorganStanley 20 2.060 19,706 122 13 2.550 -0.490

TOTAL 100% 956,389 2,879 100%

Euro&SterlingCorporate&FinancialBonds1st3Q2018 1st3Q2017


BNPParibas 1 6.263 45,912 314 1 6.649 -0.386

HSBC 2 6.044 44,306 312 4 5.533 0.511

DeutscheBank 3 5.420 39,727 272 3 5.563 -0.143


UniCredit 5 4.324 31,697 220 7 3.791 0.533

Barclays 6 4.063 29,782 214 2 6.236 -2.173


JPMorgan 8 3.387 24,825 202 8 3.676 -0.289

GoldmanSachs 9 3.311 24,267 144 10 3.569 -0.258

UBS 10 3.306 24,232 103 21 1.832 1.474

Natixis 11 3.249 23,813 173 17 2.376 0.873

NatWestMarkets 12 3.231 23,680 162 14 2.692 0.539



BancoSantander 15 2.569 18,828 142 15 2.441 0.128

Commerzbank 16 2.533 18,568 153 19 2.100 0.433

Citi 17 2.526 18,519 181 11 3.103 -0.577

INGGroep 18 2.454 17,991 149 20 1.898 0.556

IntesaSanpaolo 19 2.190 16,053 62 18 2.311 -0.121

MorganStanley 20 2.076 15,218 111 13 2.773 -0.697

TOTAL 100% 733,018 2,292 100%



SterlingBonds1st3Q2018 1st3Q2017

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

HSBC 1 14.872 14,501 93 2 13.077 1.795

NatWestMarkets 2 11.568 11,280 78 3 9.737 1.831

Barclays 3 11.473 11,186 77 1 14.865 -3.392


LloydsBank 5 6.078 5,926 47 9 4.287 1.791

Nomura 6 4.570 4,456 37 13 2.656 1.914

TDSecurities 7 4.485 4,373 33 15 2.175 2.310

DeutscheBank 8 4.192 4,087 20 4 5.853 -1.661


BancoSantander 10 3.791 3,697 25 10 4.046 -0.255

JPMorgan 11 3.790 3,695 27 7 4.662 -0.872

CreditSuisse 12 3.160 3,081 29 11 4.043 -0.883

Citi 13 2.984 2,909 22 6 4.944 -1.960

GoldmanSachs 14 2.672 2,605 11 14 2.524 0.148

UBS 15 1.998 1,948 4 18 1.241 0.757

MorganStanley 16 1.882 1,835 10 12 3.331 -1.449

MonsasLtd 17 1.538 1,500 1 - - 1.538

FMSWertmanagement 18 1.231 1,200 1 - - 1.231

BNPParibas 19 1.042 1,016 14 16 2.095 -1.053

Scotiabank 20 0.530 517 5 17 1.398 -0.868

TOTAL 100% 97,504 303 100%

SwissFrancBonds1st3Q2018 1st3Q2017

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

UBS 1 24.781 11,201 102 2 20.659 4.122

CreditSuisse 2 23.111 10,447 101 1 26.817 -3.706

SchweizerischeKantonalbanken 3 11.973 5,412 27 3 12.207 -0.234

ZuercherKantonalbank 4 10.129 4,579 46 4 9.547 0.582

RaiffeisenSwitzerland 5 6.721 3,038 30 5 6.136 0.585

BNPParibas 6 3.690 1,668 15 6 4.961 -1.271

DeutscheBank 7 3.608 1,631 14 7 4.165 -0.557

Commerzbank 8 1.986 898 11 12 1.024 0.962

BaslerKantonalbank 9 1.750 791 6 8 1.962 -0.212

HSBC 10 1.621 733 6 9 1.852 -0.231

LuzernerKantonalbank 11 1.493 675 2 13 0.995 0.498

BasellandchaflicheKantonalbank 12 1.482 670 5 22 0.456 1.026

VontobelHoldingAG 13 1.235 558 6 14 0.912 0.323

GraubundnerKantonalbank 14 1.106 500 2 - - 1.106

ThurgauerKantonalbank 15 0.465 210 1 18 0.622 -0.157

AargauischeKantonalbank 16 0.442 200 1 10 1.343 -0.901

BanqueCantonaledeFribourg 16 0.442 200 1 20 0.497 -0.055

Gazprombank 18 0.415 188 1 24 0.311 0.104

RenaissanceCapitalPtyLtd 18 0.415 188 1 - - 0.415

VTBCapital 18 0.415 188 1 15 0.684 -0.269

TOTAL 100% 45,202 256 100%

SwedishKronaBonds1st3Q2018 1st3Q2017

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

DanskeBank 1 21.594 65,795 153 2 20.647 0.947

Nordea 2 21.423 65,272 137 1 21.142 0.281

Swedbank 3 17.914 54,583 112 4 13.596 4.318

SEB 4 16.912 51,530 93 3 16.897 0.015

SvenskaHandelsbanken 5 9.654 29,413 74 5 9.960 -0.306

DNBASA 6 4.477 13,642 36 6 4.853 -0.376

LansforsakringarBank 7 0.837 2,550 2 - - 0.837

JPMorgan 8 0.782 2,383 7 12 0.907 -0.125


TDSecurities 10 0.660 2,010 5 - - 0.660

ABGSundalCollierAsa 11 0.658 2,006 6 7 1.424 -0.766

Carnegie 12 0.604 1,841 4 9 1.207 -0.603

HSBC 13 0.571 1,740 6 8 1.310 -0.739

ParetoSecurities 14 0.560 1,705 5 10 0.941 -0.381

Citi 15 0.323 983 3 17 0.659 -0.336

GoldmanSachs 16 0.290 883 4 14 0.845 -0.555

Nomura 17 0.285 868 5 19 0.419 -0.134


DeutscheBank 19 0.208 633 3 21 0.274 -0.066

BNPParibas 20 0.191 583 2 18 0.535 -0.344

TOTAL 100% 304,689 531 100%

Sub-SaharaAfricaCurrencyBonds1st3Q2018 1st3Q2017


FirstRandLtd 1 18.782 1,396 45 2 16.633 2.149

NedbankLtd 2 18.592 1,382 26 3 8.227 10.365

StandardBankofSouthAfrica 3 16.798 1,248 28 1 35.793 -18.995

BarclaysAfricaGroupLtd 4 7.473 555 14 8 3.666 3.807

Investec 5 6.572 488 14 7 5.374 1.198

JPMorgan 6 6.467 481 6 10 1.841 4.626

FidelityBankLtd 7 3.894 289 6 27 0.054 3.840

Barclays 8 3.476 258 6 4 6.722 -3.246

DatabankFinancialServicesLtd 9 3.227 240 6 28 0.052 3.175

ICSecuritiesGhanaLtd 10 3.199 238 5 - - 3.199

EskomHoldingsLtd 11 1.781 132 3 - - 1.781

BNPParibas 12 1.103 82 4 14 0.702 0.401

GoldmanSachs 13 1.040 77 4 15 0.383 0.657

NatWestMarkets 14 0.830 62 5 - - 0.830

StandardCharteredBank 15 0.796 59 2 25 0.126 0.670

MizuhoFinancial 16 0.664 49 4 - - 0.664

RBCCapitalMarkets 17 0.595 44 2 12 1.352 -0.757

Macquarie 18 0.571 42 1 - - 0.571

TDSecurities 19 0.553 41 2 17 0.376 0.177

Land&AgriculturalBank 20 0.527 39 1 - - 0.527

TOTAL 100% 7,431 177 100%



CEEMEABonds1st3Q2018 1st3Q2017


Citi 1 8.769 16,498 82 1 9.129 -0.360


JPMorgan 3 6.977 13,126 76 2 8.649 -1.672

DeutscheBank 4 6.348 11,942 42 6 4.474 1.874

HSBC 5 6.196 11,658 69 3 6.121 0.075

VTBCapital 6 3.833 7,212 45 5 4.828 -0.995

Barclays 7 2.820 5,305 39 8 3.183 -0.363

BNPParibas 8 2.520 4,741 31 4 5.149 -2.629

GoldmanSachs 9 2.519 4,739 18 10 2.708 -0.189



UniCredit 12 1.724 3,244 43 14 1.986 -0.262


SberbankCIBCJSC 14 1.677 3,156 42 12 2.310 -0.633


Gazprombank 16 1.572 2,957 34 9 2.902 -1.330

MorganStanley 17 1.539 2,896 14 19 1.330 0.209

FirstAbuDhabiBankPJSC 18 1.470 2,765 24 20 1.008 0.462

Industrial&CommBankofChina 19 1.451 2,731 10 40 0.523 0.928

ErsteGroupBank 20 1.449 2,725 24 23 0.851 0.598

TOTAL 100% 188,141 666 100%

MENABonds&Sukuk1st3Q2018 1st3Q2017



HSBC 2 9.950 7,492 45 3 10.951 -1.001

Citi 3 8.314 6,260 31 2 11.396 -3.082

DeutscheBank 4 6.835 5,146 12 6 5.684 1.151

JPMorgan 5 6.696 5,042 25 1 13.285 -6.589


FirstAbuDhabiBankPJSC 7 3.528 2,656 23 9 3.063 0.465


MorganStanley 9 2.752 2,072 7 8 3.384 -0.632


Barclays 11 2.616 1,970 14 12 2.109 0.507

CreditSuisse 12 2.243 1,689 7 46 0.177 2.066

BNPParibas 13 2.242 1,688 8 5 6.336 -4.094


GulfInternationalBankBSC 15 1.889 1,422 4 15 2.039 -0.150


BankofChina 17 1.729 1,302 4 - - 1.729

GoldmanSachs 18 1.718 1,294 5 33 0.504 1.214


AlKhaliji 20 1.249 940 3 - - 1.249

TOTAL 100% 75,294 183 100%

AfricaBonds1st3Q2018 1st3Q2017


Citi 1 11.813 4,407 18 1 12.613 -0.800


JPMorgan 3 9.347 3,487 18 3 8.678 0.669

DeutscheBank 4 8.991 3,354 13 10 3.799 5.192

StandardBankofSouthAfrica 5 6.673 2,489 35 2 10.252 -3.579

BNPParibas 6 5.177 1,931 10 4 7.838 -2.661

FirstRandLtd 7 5.109 1,906 48 8 4.140 0.969

NedbankLtd 8 4.053 1,512 24 9 3.943 0.110

HSBC 9 3.502 1,306 7 11 2.820 0.682

GoldmanSachs 10 3.476 1,297 4 21 1.224 2.252



BarclaysAfricaGroupLtd 13 3.160 1,179 18 26 0.808 2.352

Barclays 14 2.830 1,056 11 7 5.214 -2.384

MorganStanley 15 2.493 930 4 32 0.298 2.195

FirstAbuDhabiBankPJSC 16 2.145 800 3 - - 2.145

BankofAmericaMerrillLynch 17 2.094 781 4 14 1.735 0.359

IntesaSanpaolo 18 1.651 616 2 - - 1.651

Natixis 19 1.353 505 4 5 7.350 -5.997

CreditSuisse 20 0.968 361 3 18 1.485 -0.517

TOTAL 100% 37,302 158 100%



SpainBonds1st3Q2018 1st3Q2017



BancoSantander 2 10.912 7,989 36 2 9.041 1.871

HSBC 3 9.367 6,857 27 3 7.437 1.930

Barclays 4 8.395 6,146 22 4 7.363 1.032

Citi 5 6.969 5,102 22 5 6.889 0.080


JPMorgan 7 4.712 3,450 16 11 3.271 1.441

BNPParibas 8 4.548 3,329 17 7 4.860 -0.312

NatWestMarkets 9 3.873 2,835 12 14 2.305 1.568

GoldmanSachs 10 3.610 2,643 12 8 4.684 -1.074


LaCaixa 12 2.619 1,917 17 6 5.856 -3.237

MorganStanley 13 2.574 1,884 9 10 3.788 -1.214

UniCredit 14 2.555 1,871 13 17 2.044 0.511

DeutscheBank 15 2.311 1,692 16 19 1.338 0.973

UBS 16 2.043 1,495 13 21 1.104 0.939

Natixis 17 1.848 1,353 11 18 1.621 0.227


CreditSuisse 19 1.463 1,071 11 15 2.151 -0.688

INGGroep 20 1.175 860 6 26 0.675 0.500

TOTAL 100% 73,208 135 100%

SpainCorporates1st3Q2018 1st3Q2017


GoldmanSachs 1 6.581 1,126 6 13 2.968 3.613

BNPParibas 2 6.259 1,071 13 11 3.731 2.528

BancoBilbaoVizcayaArgentaria 3 5.761 986 12 2 7.420 -1.659

BancoSantander 4 5.401 924 13 5 6.244 -0.843

Citi 5 5.328 912 11 4 6.821 -1.493

Barclays 6 5.041 863 11 9 4.451 0.590

SocieteGenerale 7 4.661 797 8 3 7.028 -2.367

HSBC 8 4.542 777 10 7 5.153 -0.611

LaCaixa 9 4.338 742 10 6 5.895 -1.557

UniCredit 10 3.969 679 7 18 1.909 2.060

DeutscheBank 11 3.839 657 8 14 2.604 1.235

JPMorgan 12 3.769 645 8 8 4.774 -1.005

NatWestMarkets 13 3.382 579 7 10 3.980 -0.598

CreditAgricoleCIB 14 3.151 539 8 26 1.186 1.965

MitsubishiUFJFinancialGroupInc 15 2.918 499 6 20 1.821 1.097

CreditSuisse 16 2.648 453 5 15 2.304 0.344


MizuhoFinancial 18 2.396 410 4 12 3.460 -1.064

IntesaSanpaolo 19 2.318 397 4 17 1.960 0.358

MorganStanley 20 2.294 393 5 1 8.813 -6.519

TOTAL 100% 17,109 54 100%

SpainFinancials1st3Q2018 1st3Q2017



BancoSantander 2 9.759 2,406 16 2 5.774 3.985

HSBC 3 5.542 1,367 9 5 5.391 0.151

Barclays 4 5.069 1,250 7 3 5.711 -0.642

UBS 5 4.917 1,213 10 15 2.856 2.061

UniCredit 6 4.833 1,192 6 21 2.285 2.548

LaCaixa 7 4.765 1,175 7 8 4.667 0.098

Citi 8 4.659 1,149 8 11 3.845 0.814

DeutscheBank 9 4.197 1,035 8 22 1.997 2.200


Natixis 11 4.066 1,003 6 14 3.134 0.932

JPMorgan 12 3.939 971 6 20 2.345 1.594

CreditAgricoleCIB 13 3.839 947 7 9 4.332 -0.493


GoldmanSachs 15 3.447 850 5 4 5.698 -2.251

MorganStanley 16 3.346 825 3 18 2.612 0.734

Nomura 17 2.855 704 3 17 2.662 0.193

CreditSuisse 18 2.507 618 6 10 4.265 -1.758

NatWestMarkets 19 2.393 590 4 24 1.444 0.949

Commerzbank 20 2.197 542 4 25 1.161 1.036

TOTAL 100% 24,658 66 100%

SpainGovernment&Agencies1st3Q2018 1st3Q2017


BancoBilbaoVizcayaArgentaria 1 16.887 5,309 10 1 15.994 0.893

HSBC 2 14.991 4,713 8 3 10.633 4.358

BancoSantander 3 14.816 4,658 7 2 13.688 1.128

Barclays 4 12.828 4,033 4 4 10.513 2.315

Citi 5 9.674 3,042 3 5 9.867 -0.193

BNPParibas 6 5.831 1,833 2 7 6.683 -0.852

JPMorgan 6 5.831 1,833 2 10 3.364 2.467


NatWestMarkets 9 5.301 1,667 1 12 2.242 3.059


GoldmanSachs 11 2.120 667 1 8 4.619 -2.499

MorganStanley 11 2.120 667 1 12 2.242 -0.122

INGGroep 13 0.636 200 1 21 0.377 0.259

BancoCooperativo 14 0.320 101 1 23 0.179 0.141

NorbolsaSociedaddeValoresSA/Spain 15 0.318 100 1 17 0.605 -0.287

Natixis 16 0.109 34 2 21 0.377 -0.268

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 31,441 15 100%



Asiaex-JapanFixedIncomeReview1st3Q2018creditedAsiaex-JapanG3CurrencyBondsvolumedecreased15.00%toUSD200.7Blnwhiledealcountdecreased1.88%to469offeringsyear-on-year.Asiaex-JapanG3InvestmentGradeBondsvolumedecreased1.96%year-on-yeartoUSD155.9Blnwhilethedealcountincreased9.41%to314.Asiaex-JapanG3CorporateHighYieldBondsvolumedecreased34.22%year-on-yeartoUSD26.4Blnover97deals.HSBCrankedasthetopAsiaex-JapanG3CurrencyBondsunderwriterfor1st3Q2018with7.55%marketshare.Thebankunderwrote184dealsovertheperiod.CitiandBankofChinarankedsecondandthirdwith5.86%and5.59%marketshare,respectively.

Asiaex-JapanG3CurrencyBonds:Highlightsof1st3Q2018


BankofChinaHongKongLtd Financials 3,000 09/11/2018

TencentHoldingsLtd Technology 2,500 01/11/2018

PhilippineGovernmentInternationalBond Government 2,000 01/18/2018

SandsChinaLtd ConsumerDiscretionary 1,900 08/02/2018



CNACHKFinbridgeCoLtd Materials 1,750 03/07/2018

PerusahaanPenerbitSBSNIndonesiaIII Government 1,750 02/22/2018

CNACHKFinbridgeCoLtd Materials 1,488 03/07/2018

TemasekFinancialILtd Financials 1,350 07/25/2018

Asiaex-JapanG3CurrencyBonds:LargestDealsbyCountry

Issuer Volume(USDMln) Date Country

TencentHoldingsLtd 2,500 01/11/2018 China

BankofChinaHongKongLtd 3,000 09/11/2018 HongKong

Export-ImportBankofIndia 1,000 01/25/2018 India

PerusahaanPenerbitSBSNIndonesiaIII 1,750 02/22/2018 Indonesia

MalayanBankingBhd 280 07/20/2018 Malaysia

PhilippineGovernmentInternationalBond 2,000 01/18/2018 Philippines

TemasekFinancialILtd 1,350 07/25/2018 Singapore

HanwhaLifeInsuranceCoLtd 1,000 04/16/2018 SouthKorea

SriLankaGovernmentInternationalBond 1,250 04/11/2018 SriLanka

BankofTaiwan 470 02/06/2018 Taiwan

BangkokBankPCL/HongKong 600 09/12/2018 Thailand

Financials55%

Government13%


Utilities5%

Materials5%

Others17%

Asiaex-JapanG3CurrencyBonds:QuarterlyVolume

Q32013

Q32013

Q32014

Q32014

Q32015

Q32015

Q32016

Q32016

Q32017

Q32017

QuartersQuarters

Q32018

Q32018

5050

USDBln

USDBln

00

100100

200200

DealC

ountDealC

ount

00

400400

DealCount

Other

HighYield

InvestmentGrade

Asiaex-JapanG3CurrencyBonds:IndustryBreakdown

55%

13%

6%

5%

5%

17%

Asiaex-JapanG3CurrencyBonds:ManagerRankingsHistory

HSBC Ci

ti

BankofChina

StandardCharteredBank

BankofAmericaMerrillLynch

GoldmanSachs

5

10

MarketS

hare(%

)

0

15

2018 2017 2016



Asiaex-JapanIssuerG3CurrencyBonds1st3Q2018 1st3Q2017


HSBC 1 7.546 15,143 184 1 8.918 -1.372

Citi 2 5.863 11,766 120 2 6.402 -0.539

BankofChina 3 5.593 11,223 161 4 5.263 0.330

StandardCharteredBank 4 4.006 8,038 108 3 5.945 -1.939


GoldmanSachs 6 3.354 6,731 58 11 2.988 0.366

MorganStanley 7 3.205 6,431 76 8 3.305 -0.100

BNPParibas 8 3.181 6,383 79 10 3.133 0.048

JPMorgan 9 3.031 6,082 62 6 4.107 -1.076


UBS 11 2.529 5,074 74 7 3.343 -0.814

CreditSuisse 12 2.496 5,008 56 12 2.972 -0.476

DeutscheBank 13 2.466 4,948 58 5 4.500 -2.034

DBSGroup 14 2.423 4,861 78 9 3.248 -0.825

Industrial&CommBankofChina 15 2.418 4,852 97 14 2.580 -0.162

Barclays 16 2.353 4,722 44 18 1.967 0.386


BankofCommunications 18 2.234 4,484 69 17 1.995 0.239


HaitongSecurities 20 1.871 3,754 76 15 2.469 -0.598

TOTAL 100% 200,663 469 100%

APACex-JapanIssuerG3CurrencyBonds1st3Q2018 1st3Q2017


HSBC 1 7.353 18,103 203 1 8.854 -1.501

Citi 2 6.788 16,712 149 2 7.040 -0.252

BankofChina 3 4.558 11,223 161 6 4.137 0.421


JPMorgan 5 4.170 10,266 88 3 5.940 -1.770

GoldmanSachs 6 4.097 10,087 71 9 3.302 0.795

BNPParibas 7 3.787 9,325 92 11 3.173 0.614

MorganStanley 8 3.496 8,606 89 5 4.155 -0.659


CreditSuisse 10 2.847 7,009 69 12 2.736 0.111

UBS 11 2.722 6,702 81 10 3.272 -0.550

DeutscheBank 12 2.640 6,501 66 7 4.113 -1.473


Barclays 14 2.198 5,412 48 17 1.910 0.288


DBSGroup 16 1.974 4,861 78 13 2.553 -0.579



ANZBankingGroup 19 1.763 4,341 54 14 2.237 -0.474


TOTAL 100% 246,206 550 100%

Asiaex-JapanG3InvestmentGradeBonds1st3Q2018 1st3Q2017


HSBC 1 8.355 13,028 148 1 9.664 -1.309

Citi 2 6.693 10,435 104 2 7.471 -0.778

BankofChina 3 5.517 8,603 119 4 5.113 0.404


BNPParibas 5 3.687 5,749 65 7 3.675 0.012



GoldmanSachs 8 3.541 5,521 46 8 3.550 -0.009

MorganStanley 9 3.240 5,052 53 11 3.314 -0.074

JPMorgan 10 2.946 4,593 48 6 3.981 -1.035




Barclays 14 2.334 3,640 33 19 1.735 0.599

DBSGroup 15 2.222 3,465 51 14 2.512 -0.290

UBS 16 2.184 3,406 41 10 3.344 -1.160

DeutscheBank 17 2.012 3,136 32 5 4.163 -2.151



CreditSuisse 20 1.534 2,391 26 21 1.377 0.157

TOTAL 100% 155,924 314 100%

Asiaex-JapanG3CorporateHighYieldBonds1st3Q2018 1st3Q2017




CreditSuisse 3 6.182 1,630 22 2 8.076 -1.894

MorganStanley 4 4.715 1,243 18 7 4.545 0.170

DeutscheBank 5 4.484 1,182 22 4 5.703 -1.219

HSBC 6 4.316 1,138 25 3 6.030 -1.714

ChinaCiticBank 7 4.184 1,103 20 5 5.266 -1.082

UBS 8 3.965 1,046 25 15 2.652 1.313

BankofChina 9 3.573 942 18 13 3.440 0.133

StandardCharteredBank 10 3.216 848 16 11 3.508 -0.292

IndustrialSecurities 11 3.101 818 22 54 0.204 2.897

GoldmanSachs 12 3.071 810 8 16 2.610 0.461

OrientSecurities 13 3.038 801 18 49 0.271 2.767

JPMorgan 14 2.897 764 10 6 4.829 -1.932

CITICSecurities 15 2.818 743 11 25 0.844 1.974

Barclays 16 2.749 725 5 10 3.580 -0.831


ChinaEverbrightBank 18 2.135 563 15 28 0.747 1.388

VTBCapital 19 2.058 543 10 31 0.678 1.380

DBSGroup 20 1.937 511 9 8 4.052 -2.115

TOTAL 100% 26,368 97 100%



APACUSD&EURCurrencyBonds1st3Q2018 1st3Q2017


Citi 1 8.168 24,031 186 1 8.005 0.163

HSBC 2 6.324 18,607 207 2 7.527 -1.203


JPMorgan 4 5.475 16,109 116 3 7.427 -1.952

GoldmanSachs 5 4.978 14,646 91 5 5.045 -0.067

MorganStanley 6 4.539 13,355 109 6 4.980 -0.441

BankofChina 7 3.793 11,161 159 9 3.347 0.446

BNPParibas 8 3.477 10,229 98 10 3.223 0.254




DeutscheBank 12 2.477 7,287 73 8 3.744 -1.267

CreditSuisse 13 2.382 7,009 69 12 2.399 -0.017

UBS 14 2.362 6,948 83 11 2.806 -0.444

Barclays 15 2.346 6,904 55 14 2.323 0.023



DBSGroup 18 1.739 5,117 80 15 2.066 -0.327



TOTAL 100% 294,218 620 100%

AsiaBonds1st3Q2018 1st3Q2017


BankofChina 1 4.160 40,290 324 5 2.831 1.329

CITICSecurities 2 3.852 37,304 250 4 3.001 0.851

ChinaSecurities 3 3.674 35,584 301 7 2.634 1.040



MorganStanley 6 2.969 28,756 395 1 4.166 -1.197

ChinaConstructionBank 7 2.807 27,184 264 9 2.598 0.209

Citi 8 2.653 25,694 222 3 3.149 -0.496

HSBC 9 2.546 24,654 296 6 2.682 -0.136

AgriculturalBankofChina 10 2.540 24,605 188 16 1.806 0.734

Nomura 11 2.378 23,029 368 8 2.618 -0.240


ChinaMerchantsBank 13 2.053 19,882 218 22 1.539 0.514

ChinaInternationalCapitalCorp 14 2.036 19,719 166 19 1.697 0.339

IndustrialBank 15 1.925 18,642 204 20 1.669 0.256


DaiwaSecurities 17 1.846 17,875 360 15 2.052 -0.206

ChinaDevelopmentBank 18 1.816 17,586 118 31 1.092 0.724

GuotaiJunanSecurities 19 1.769 17,130 194 11 2.195 -0.426

ShanghaiPudongDevelopmentBank 20 1.674 16,212 189 23 1.483 0.191

TOTAL 100% 968,528 5,232 100%

Asiaex-JapanBonds1st3Q2018 1st3Q2017


BankofChina 1 4.919 40,245 322 2 3.478 1.441

CITICSecurities 2 4.558 37,284 249 1 3.688 0.870

ChinaSecurities 3 4.350 35,584 301 3 3.237 1.113


ChinaConstructionBank 5 3.323 27,184 264 4 3.192 0.131

AgriculturalBankofChina 6 3.008 24,605 188 10 2.219 0.789

HSBC 7 2.898 23,707 287 5 3.100 -0.202

ChinaMerchantsBank 8 2.430 19,882 218 14 1.891 0.539

ChinaInternationalCapitalCorp 9 2.410 19,719 166 12 2.085 0.325

IndustrialBank 10 2.279 18,642 204 13 2.051 0.228


ChinaDevelopmentBank 12 2.150 17,586 118 25 1.341 0.809

Citi 13 2.145 17,551 175 7 2.753 -0.608

GuotaiJunanSecurities 14 2.094 17,130 194 8 2.697 -0.603



ChinaCiticBank 17 1.852 15,151 181 17 1.754 0.098

ChinaMinshengBankingCorp 18 1.775 14,521 176 28 1.199 0.576


ChinaMerchantsSecurities 20 1.487 12,162 80 16 1.773 -0.286

TOTAL 100% 818,071 4,474 100%

ASEANLocalCurrencyBonds1st3Q2018 1st3Q2017


CIMB 1 9.797 5,647 176 1 13.884 -4.087

DBSGroup 2 7.832 4,515 109 2 7.643 0.189

Maybank 3 6.455 3,721 122 3 7.011 -0.556

KasikornbankPCL 4 6.249 3,602 100 6 4.863 1.386

AmInvestmentBankBhd 5 5.960 3,436 110 7 4.745 1.215

BankofAyudhyaPCL 6 5.395 3,110 51 11 3.584 1.811

Oversea-ChineseBankingCorp 7 5.246 3,024 57 5 4.920 0.326

RHB 8 4.913 2,832 120 8 4.534 0.379

SiamCommercialBankPCL 9 4.555 2,625 58 9 4.488 0.067

BangkokBankPCL 10 4.105 2,366 79 10 4.353 -0.248

UnitedOverseasBank 11 4.067 2,344 64 12 3.190 0.877

KrungThaiBank 12 4.035 2,326 72 4 4.935 -0.900


HSBC 14 2.541 1,464 22 13 2.535 0.006

ThanachartCapitalPCL 15 2.089 1,204 25 37 0.327 1.762

PhatraSecuritiesPCL 16 2.050 1,181 29 21 1.271 0.779

IndoPremierSecurities 17 1.708 984 110 17 1.750 -0.042

ChinaBankingCorp 18 1.453 838 17 24 0.939 0.514

DanareksaSekuritasPT 19 1.429 824 84 15 1.990 -0.561

MandiriSekuritasPT 20 1.427 822 93 16 1.802 -0.375

TOTAL 100% 57,640 833 100%



Australia/NewZealandInternationalBonds1st3Q2018 1st3Q2017


Citi 1 9.729 4,946 29 3 9.110 0.619

JPMorgan 2 8.554 4,349 27 1 11.512 -2.958

HSBC 3 7.899 4,016 22 2 9.631 -1.732

GoldmanSachs 4 6.602 3,356 13 10 3.823 2.779

BNPParibas 5 6.412 3,260 16 13 3.174 3.238


WestpacBanking 7 5.343 2,717 15 14 2.804 2.539

CommonwealthBankAustralia 8 5.076 2,581 14 8 4.087 0.989

CreditSuisse 9 5.071 2,578 18 18 2.251 2.820

MorganStanley 10 4.480 2,278 14 5 6.382 -1.902

UBS 11 4.447 2,261 12 9 3.988 0.459

ANZBankingGroup 12 3.962 2,014 13 11 3.766 0.196

NationalAustraliaBank 13 3.849 1,957 12 7 5.723 -1.874

DeutscheBank 14 3.478 1,769 9 15 2.443 1.035

Nomura 15 2.822 1,435 7 16 2.390 0.432




TDSecurities 19 1.375 699 4 17 2.373 -0.998

Barclays 20 1.359 691 4 19 1.789 -0.430

TOTAL 100% 50,842 103 100%

AustraliaKangarooBonds1st3Q2018 1st3Q2017

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

TDSecurities 1 20.315 5,659 77 1 17.921 2.394

Nomura 2 10.181 2,836 41 3 12.566 -2.385


DeutscheBank 4 7.847 2,186 29 2 15.090 -7.243



CommonwealthBankAustralia 7 6.227 1,735 21 10 2.394 3.833

JPMorgan 8 5.800 1,616 15 4 10.270 -4.470

NationalAustraliaBank 9 5.000 1,393 17 8 3.863 1.137

UBS 10 3.994 1,113 9 15 0.879 3.115

WestpacBanking 11 3.076 857 12 12 2.153 0.923

DaiwaSecurities 12 2.758 768 11 11 2.329 0.429

Citi 13 2.262 630 8 13 1.997 0.265

HSBC 14 2.244 625 7 9 2.462 -0.218

BMOCapitalMarkets 15 1.391 388 3 - - 1.391

BankofAmericaMerrillLynch 16 1.346 375 4 - - 1.346

BNPParibas 17 1.078 300 4 - - 1.078

DBSGroup 18 0.673 188 1 16 0.704 -0.031

Natixis 19 0.668 186 2 - - 0.668

GoldmanSachs 20 0.321 89 3 14 1.889 -1.568

TOTAL 100% 27,856 176 100%

SouthKoreaInternationalBonds1st3Q2018 1st3Q2017


HSBC 1 13.274 3,702 41 2 8.955 4.319

UBS 2 9.712 2,709 16 4 6.983 2.729

BNPParibas 3 9.472 2,642 24 8 5.422 4.050

Citi 4 8.383 2,338 25 1 11.306 -2.923




JPMorgan 8 6.590 1,838 23 7 5.894 0.696



KoreaDevelopmentBank 11 2.921 815 8 15 2.305 0.616

MorganStanley 12 2.605 727 7 17 1.632 0.973

ANZBankingGroup 13 2.590 722 5 14 2.427 0.163

CreditSuisse 14 2.313 645 6 21 1.153 1.160

Nomura 15 2.149 599 5 11 3.935 -1.786

INGGroep 16 2.122 592 5 18 1.432 0.690

Commerzbank 17 2.067 577 7 16 2.170 -0.103

DeutscheBank 18 2.020 563 3 13 2.676 -0.656


MitsubishiUFJFinancialGroupInc 20 0.945 263 4 12 3.390 -2.445

TOTAL 100% 27,890 134 100%

JapaneseYenBonds1st3Q2018 1st3Q2017

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

MizuhoFinancial 1 23.157 2,863,825 414 1 22.688 0.469

Nomura 2 18.968 2,345,707 361 3 17.293 1.675

SumitomoMitsuiFinancial 3 18.110 2,239,605 371 4 16.766 1.344

DaiwaSecurities 4 15.682 1,939,370 357 5 14.415 1.267

MorganStanley 5 14.494 1,792,491 297 2 19.448 -4.954

ShinkinCentralBank 6 1.227 151,733 27 7 1.229 -0.002

JPMorgan 7 1.145 141,567 11 18 0.186 0.959

GoldmanSachs 8 0.949 117,384 16 6 1.717 -0.768

SBIHoldingsInc/Japan 9 0.859 106,283 8 11 0.711 0.148


BNPParibas 11 0.717 88,633 12 22 0.114 0.603

TokaiTokyoSecuritiesCoLtd 12 0.586 72,500 21 10 0.742 -0.156

HSBC 13 0.445 55,000 5 16 0.264 0.181

Natixis 14 0.413 51,020 12 14 0.311 0.102

OkasanSecuritiesGroupInc 15 0.378 46,750 14 15 0.280 0.098


Citi 17 0.360 44,500 10 13 0.369 -0.009

Barclays 18 0.357 44,170 7 26 0.027 0.330

StandardCharteredBank 19 0.234 28,900 2 - - 0.234


TOTAL 100% 12,366,959 728 100%



HongKongDollarBonds1st3Q2018 1st3Q2017

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

HSBC 1 23.530 58,884 133 1 21.856 1.674





Citi 6 5.977 14,958 40 3 9.456 -3.479

Scotiabank 7 4.530 11,337 38 7 3.774 0.756


BankofChina 9 3.551 8,886 11 6 4.572 -1.021

UBS 10 2.613 6,540 11 26 0.556 2.057



CommonwealthBankAustralia 13 1.403 3,510 11 9 3.020 -1.617

DaiwaSecurities 14 1.185 2,965 8 24 0.742 0.443

BNPParibas 15 1.060 2,653 12 23 0.747 0.313

Nomura 16 1.007 2,521 13 10 2.878 -1.871

JPMorgan 17 0.941 2,354 5 22 0.838 0.103

Barclays 18 0.846 2,117 11 15 1.592 -0.746

HaitongSecurities 19 0.654 1,638 2 29 0.309 0.345

NationalAustraliaBank 20 0.579 1,450 7 8 3.620 -3.041

TOTAL 100% 250,254 524 100%

SingaporeBonds1st3Q2018 1st3Q2017

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

DBSGroup 1 38.088 5,330 31 1 36.051 2.037

Oversea-ChineseBankingCorp 2 25.013 3,501 23 2 24.731 0.282

UnitedOverseasBank 3 15.904 2,226 14 5 9.433 6.471


HSBC 5 6.312 883 8 3 10.450 -4.138

CreditSuisse 6 3.186 446 3 7 2.434 0.752

Maybank 7 2.001 280 2 - - 2.001

CIMB 8 1.920 269 2 8 1.775 0.145

HLBank/Singapore 9 0.500 70 1 - - 0.500

HaitongSecurities 10 0.119 17 1 - - 0.119

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 13,995 50 100%

OffshoreCNYBonds1st3Q2018 1st3Q2017

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

HSBC 1 23.724 26,127 78 1 28.927 -5.203



ANZBankingGroup 4 3.436 3,784 10 28 0.427 3.009


BNPParibas 6 3.068 3,379 12 14 1.749 1.319

DBSGroup 7 2.989 3,292 9 8 3.490 -0.501

Scotiabank 8 2.620 2,885 13 10 2.764 -0.144

BankofChina 9 2.350 2,588 10 13 1.754 0.596


KGISecurities 11 1.886 2,078 4 25 0.640 1.246

JPMorgan 12 1.805 1,988 10 7 3.954 -2.149

GoldmanSachs 13 1.521 1,675 3 22 0.747 0.774

Citi 14 1.443 1,589 6 16 1.708 -0.265

DeutscheBank 15 1.031 1,135 5 12 2.204 -1.173

NatWestMarkets 16 0.940 1,035 4 - - 0.940

INGGroep 17 0.889 979 4 17 1.472 -0.583

Barclays 18 0.863 950 3 5 5.103 -4.240

TDSecurities 18 0.863 950 5 18 1.281 -0.418

CommonwealthBankAustralia 20 0.780 859 5 27 0.542 0.238

TOTAL 100% 110,126 317 100%

OffshoreChinaBonds1st3Q2018 1st3Q2017


BankofChina 1 6.971 8,398 141 1 7.969 -0.998

HSBC 2 5.805 6,995 117 2 6.924 -1.119




GoldmanSachs 6 3.140 3,784 46 12 3.072 0.068


CreditSuisse 8 2.940 3,543 43 9 3.334 -0.394


Citi 10 2.705 3,259 58 8 3.496 -0.791

ChinaCiticBank 11 2.594 3,125 63 16 2.726 -0.132


BNPParibas 13 2.512 3,026 46 17 2.176 0.336

MorganStanley 14 2.511 3,025 51 5 3.898 -1.387


JPMorgan 16 2.451 2,953 36 13 3.037 -0.586


UBS 18 2.327 2,803 52 15 2.831 -0.504

DBSGroup 19 2.133 2,570 53 11 3.076 -0.943


TOTAL 100% 120,483 305 100%



UridashiBonds(Manager)1st3Q2018 1st3Q2017


Nomura 1 22.297 2,527 46 1 18.305 3.992


SumitomoMitsuiFinancial 3 16.856 1,910 33 2 17.512 -0.656


BNPParibas 5 6.489 735 76 7 4.560 1.929


HSBC 7 5.154 584 68 5 6.685 -1.531

CreditSuisse 8 3.182 361 42 6 4.903 -1.721

TokaiTokyoSecuritiesCoLtd 9 2.616 296 36 9 3.421 -0.805

SBIHoldingsInc/Japan 10 1.855 210 15 13 0.866 0.989


SocieteGenerale 12 0.501 57 6 20 0.076 0.425

MorganStanley 13 0.410 46 18 11 1.715 -1.305

Barclays 14 0.322 36 12 14 0.609 -0.287

DeutscheBank 15 0.232 26 11 12 1.042 -0.810

Natixis 16 0.193 22 2 17 0.211 -0.018

JPMorgan 17 0.128 15 2 16 0.270 -0.142

MunicipalityFinancePLC 18 0.040 4 1 - - 0.040

ShinseiBankLtd 19 0.033 4 4 19 0.103 -0.070

GoldmanSachs 20 0.027 3 2 15 0.604 -0.577

TOTAL 100% 11,331 474 100%

UridashiBonds(UridashiAgent)1st3Q2018 1st3Q2017


ShinseiBankLtd 1 34.302 12,946 18 20 0.885 33.417

ChugokuBankLtd 2 18.294 6,904 40 15 1.714 16.580

Nomura 3 6.238 2,354 38 4 9.746 -3.508

TokaiTokyoSecuritiesCoLtd 4 5.306 2,002 149 5 8.844 -3.538

SumitomoMitsuiFinancial 5 5.216 1,969 29 2 11.746 -6.530


MorganStanley 7 2.875 1,085 81 1 15.702 -12.827

HyakugoSecurities 8 2.796 1,055 67 11 2.307 0.489

OkasanSecuritiesGroupInc 9 2.475 934 108 7 4.381 -1.906

DaiwaSecurities 10 2.303 869 42 6 5.552 -3.249

HachijuniBankLtd 11 1.856 700 33 8 3.551 -1.695

SBIHoldingsInc/Japan 12 1.535 579 79 13 2.048 -0.513

77BankLtd 13 1.510 570 49 10 2.357 -0.847

IyoBank 14 1.211 457 44 31 0.302 0.909

ShizuginTMSecuritiesCo 15 1.175 444 34 12 2.138 -0.963

JoyoBankLtd 16 1.093 412 30 23 0.581 0.512

DaishiSecuritiesCoLtd 17 0.901 340 42 14 2.034 -1.133

KyoginSecuritiesCoLtd 18 0.858 324 30 17 1.313 -0.455

HiroginSecuritiesCoLtd 19 0.818 309 39 19 0.933 -0.115

AozoraBankLtd 20 0.674 254 24 9 2.883 -2.209

TOTAL 100% 37,741 848 100%

Bloomberg Fixed Income - League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party.

Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.

Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading.

All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables.

USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche.

New money portions of exchange offers are eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant high yield table. Self-led transactions are included.

Exclusions Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: criteria may vary for some local and/or regional tables. The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.

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