3Q10 Debt Capital Markets Review

DEBT CAPITAL MARKETS REVIEW
MANAGING UNDERWRITERS
First Nine Months 2010

First Nine Months 2010 | Debt Capital Markets | Managing Underwriters
Debt Capital Markets Review

Table of Contents
Global Debt International Debt Australia Debt
Global Deals Intelligence 1 EMEA Deals Intelligence 10 Australia Deals Intelligence 14
Global Debt, Equity & Equity Related (A1) 1 All International Bonds (J1) 10 All Australian International Bonds (AJ7) 14
Global Debt and Syndicated Loans 1 All International Securitizations (J10c) 10 All Australian Debt (ex self-funded) (AJ3a) 14
Global Scorecard 2 All Bonds in Euros (N1) 10 All Australian Securitizations (ex CDOs) (AJ4) 14
Leading Underwriters for Third Quarter 2010 2 High Yield Debt Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6) 14
Global Debt (B1) 2 Global High Yield Deals Intelligence 11 Japan Debt
Global Investment Grade Corporate Debt (B7) 3 Global High Yield Debt (B4) 11 Japan Deals Intelligence 15
Global Debt and Syndicated Loans Islamic Finance 3 Global High Yield Debt - US Dollar Denominated (B5) 11 Samurai Bonds (AP1) 15
Global Mortgage-Backed Securities (B10) 3 Global High Yield Debt - Non-US Dollar Denominated (B6) 11 Japanese Corporate Debt (AP3) 15
Global Asset-Backed Securities (B11) & (B13) 3 Emerging Market Debt All Bonds in Yen (AP5) 15
Banking Composite of Top Global Debt Bookrunners 4 All International Emerging Market Bonds (L1) 12 Japanese Securitizations (AP2) 15
Global Debt Rankings - Last Ten Years 5 EMEA Emerging Market Bonds (L2) 12 Bonds Targeted in Japan (AP4) 15
US Debt Latin America Emerging Market Bonds (L3) 12 Criteria Summary
All Federal Credit Agency Debt (H1) 6 Asia-Pacific Emerging Market Bonds (L4) 12 Debt Capital Markets Criteria Summary 16
US Debt (F1) 6 Middle East Emerging Market Bonds (L5) 12 Regional Contacts 16
US Investment Grade Corporate Debt (F9) 6 Asia Debt Thomson ONE for Investment Banking
US High Yield Corporate Debt (F8) 6 Asia Deals Intelligence 13 Product Offerings 17
US Corporate Investment Grade Coupon Spreads 7 All Asian Securitized Bonds (ex-Japan, ex-Australia) (AZ2) 13
US Asset-Backed Securities (F14) 8 Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2) 13
US Mortgage-Backed Securities (F11) & (F13a) 8 All Asian Currencies (ex-Japan, ex-Australia) (AS1) 13
Banking Composite of Top US Debt Bookrunners 9 All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a) 13
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First Nine Months 2010
DEBT CAPITAL MARKETS REVIEW

Global Debt Underwriting Declines 14% l Record Quarter for Global High Yield Debt, Breaks All-time Annual Record l Barclays Capital Tops Underwriting Rankings
Global Deals Intelligence Global High Yield Corporate Debt- Quarterly

$90 180
Global High Yield Debt ($bil)
GLOBAL DEBT CAPITAL MARKETS UP 22% FROM SECOND QUARTER- Overall global debt capital markets $80 160
Number of Offerings
activity totaled US$1.3 trillion during the third quarter of 2010, a 22% increase from the second quarter when volume $70 140
Number of Offerings
reached US$1.0 trillion. Year-to-date activity fell 14% from the the same time last year, despite a 15% increase in the
Proceeds ($bil)
$60 120
number of global offerings with 11,578 so far this year compared to 10,151 over the first three quarters of 2009.
$50 100
RECORD QUARTER FOR HIGH YIELD DEBT; BREAKS ALL-TIME ANNUAL RECORD - The volume of global $40 80
corporate high yield debt reached US$79.3 billion during the third quarter of 2010, the highest volume for quarterly
$30 60
issuance since records began in 1980. Issuance was up 49% from the second quarter which saw total proceeds of
$53.2 billion. Year-to-date issuance for global high yield debt has reached the highest levels for any full year on $20 40
record, with total issuance of $209 billion so far in 2010, up from $111.3 billion for the same period in 2009. Bank of $10 20
America Merrill Lynch and JP Morgan control a combined 25% of overall high yield underwriting, which generated
$0
US$3.7 billion in fees - a 70% increase from the first nine months of 2009.
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QUARTERLY INCREASE IN VOLUME ACROSS ALL REGIONS - Debt capital markets activity saw a quarterly
increase in all regions during the third quarter of 2010, with Asia Pacific issuers registering the largest increase over Global Debt Capital Markets by Asset Class
second quarter activity (+37%), followed by Americas, Europe and Japan with increases of 21%, 15% and 9%,
respectively. Year-to-date issuance has declined across all regions except for Japan which has seen a 3% increase in $2.4
total volume with $213.2 billion in total proceeds so far this year compared to $206 billion for the same time last year. $2.2
$2.0
SECURITIZATIONS UP 39% FROM SAME PERIOD 2009 - New issuance of asset-backed and mortgage-backed
$1.8
securitizations totaled $132.0 billion and $400.7 billion, respectively, during the first nine months of 2010, with
Proceeds (US$t)
$1.6
combined issuance up 39% from the same time last year. Global mortgage backed securities are up 66% from the first
$1.4
three quarters of 2009, while total asset backed securities have seen a year-over-year decline of 3%.
$1.2
BARCLAYS CAPITAL TOPS DEBT LEAGUE TABLES - Bolstered by strength in investment grade debt and $1.0
international bonds, Barclays Capital took the top spot for the first three quarters of 2010 with total procceds of $305.3 $0.8
billion and total imputed fees of $801 million. JP Morgan ranked second by total proceeds with $301.4 billion, however $0.6
total fees for JP Morgan for the first three quarters of 2010 are estimated at $1.15 billion. $0.4
$0.2
2% INCREASE FOR UNDERWRITING FEES - According to Thomson Reuters/Freeman Consulting, estimated fees $0.0
from debt capital markets transactions totaled US$14.4 billion during the first three quarters of 2010, up 2% from the
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same period last year. Fees from investment grade debt underwriting totaled US$6.3 billion, or 44% of the overall total,
Investment Grade Corporate MBS Agency, Supranational, Sovereign Federal Credit Agency
ABS High Yield Corporate Emerging Market Corporate
Global Debt, Equity & Equity-related (A1) Jan 1 2010 - Sep 30 2010 Global Debt and Syndicated Loans Jan 1 2010 - Sep 30 2010
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market 2010 2009 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
JP Morgan 1 1 342,035.9 7.8 -2.1 ▼ 1160 8.0 -177 ▼ 2,104.5 7.7 -2.6 ▼ JP Morgan 1 1 342,553.1 5.8 +1.7 ▲ 1140 5.7 -66 ▼ 1,652.4 8.0 -0.8 ▼
Barclays Capital 2 2 316,859.2 7.2 -0.4 ▼ 897 6.2 +4 ▲ 1,129.8 4.1 -0.1 ▼ Barclays Capital 2 2 332,774.7 5.7 +0.9 ▲ 960 4.8 +41 ▲ 1,041.4 5.0 -0.5 ▼
Bank of America Merrill Lynch 3 3 314,967.1 7.1 +0.1 ▲ 1026 7.1 -9 ▼ 1,857.5 6.8 -0.1 ▼ Deutsche Bank AG 3 5 327,841.4 5.6 -0.7 ▼ 1292 6.5 +381 ▲ 1,175.2 5.7 +0.6 ▲
Deutsche Bank AG 4 5 296,755.6 6.7 +0.8 ▲ 1115 7.7 +238 ▲ 1,328.7 4.9 -0.5 ▼ Bank of America Merrill Lynch 4 3 304,651.1 5.2 +0.5 ▲ 1032 5.2 +112 ▲ 1,807.0 8.8 +0.8 ▲
Morgan Stanley 5 7 219,879.8 5.0 -0.3 ▼ 888 6.1 +137 ▲ 1,590.6 5.8 -0.4 ▼ Citi 5 4 225,835.3 3.9 +1.6 ▲ 875 4.4 +5 ▲ 1,126.5 5.5 -1.4 ▼
Citi 6 4 210,100.1 4.8 -1.8 ▼ 818 5.6 -137 ▼ 1,354.5 4.9 -0.8 ▼ Morgan Stanley 6 7 215,037.4 3.7 +0.3 ▲ 893 4.5 +258 ▲ 862.1 4.2 +0.2 ▲
Credit Suisse 7 8 207,527.9 4.7 0 ▲ 796 5.5 +61 ▲ 1,334.2 4.9 0 - UBS 7 12 213,237.2 3.6 -0.6 ▼ 1137 5.7 +250 ▲ 574.3 2.8 +0.1 ▲
Goldman Sachs & Co 8 6 203,575.5 4.6 -0.8 ▼ 650 4.5 -67 ▼ 1,493.3 5.5 -0.4 ▼ Credit Suisse 8 9 208,294.2 3.6 +0.1 ▲ 805 4.0 +123 ▲ 987.9 4.8 +1.0 ▲
UBS 9 11 189,795.5 4.3 +0.5 ▲ 779 5.4 +29 ▲ 1,033.8 3.8 -0.4 ▼ Goldman Sachs & Co 9 6 189,295.8 3.2 +0.9 ▲ 616 3.1 +18 ▲ 772.6 3.7 -0.2 ▼
RBS 10 10 166,601.8 3.8 -0.3 ▼ 572 3.9 -97 ▼ 710.5 2.6 -0.9 ▼ RBS 10 10 173,722.6 3.0 +0.6 ▲ 603 3.0 -89 ▼ 720.3 3.5 -0.5 ▼
Top Ten Total 2,468,098.4 56.0 -4.3 ▼ 13,937.4 51.0 -6.2 ▼ Top Ten Total 2,533,242.8 43.3 +5.3 ▲ 10,719.7 52.0 -0.7 ▼
Industry Total 4,410,527.9 100.0 14,487 +1,584 27,421.8 100.0 Industry Total 5,865,479.7 100.0 19,932 +3,682 20,654.2 100.0
Industry % Change from Same Period Last Year -13.8% ▼ 12.3% ▲ -6.6% ▼ Industry % Change from Same Period Last Year -0.2% ▼ 22.7% ▲ 9.2% ▲
Industry % Change from Last Quarter 21.5% ▲ -7.3% ▼ 13.0% ▲ Industry % Change from Last Quarter 0.0% ▲ -7.1% ▼ 12.8% ▲
1
Global Debt
Global Scorecard Global Debt (B1) Jan 1 2010 - Sep 30 2010
Jan 1 2010 - Sep 30 2010 Jan 1 2009 - Sep 30 2009 Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Proceeds No. Proceeds No. % Change 2010 2009 Market Market # of Market Change in Manager Market Market
$USm Deals $USm Deals in Proceeds Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
All US Debt (F1) Barclays Capital 1 2 305,264.4 7.8 -0.5 ▼ 814 7.0 -7 ▼ 801.0 5.6 -0.7 ▼
US Long-term Debt (F2) 1,748,643.5 4,131 1,835,269.7 3,041 -4.7% ▼ JP Morgan 2 1 301,446.5 7.7 -1.7 ▼ 926 8.0 -113 ▼ 1,146.5 8.0 -0.8 ▼
US Long-term Straight ex MBS, ABS & Munis (F3) 1,259,948.0 2,058 1,472,465.1 1,952 -14.4% ▼ Bank of America Merrill Lynch 3 3 281,835.2 7.2 +0.2 ▲ 841 7.3 +30 ▲ 1,110.1 7.7 +0.2 ▲
US Federal Credit Agency Debt (F7) 277,587.5 868 354,008.2 891 -21.6% ▼ Deutsche Bank AG 4 5 276,669.3 7.1 +1.2 ▲ 998 8.6 +262 ▲ 882.8 6.1 0 -
US High Yield Corporate Debt (F8) 172,278.0 361 100,027.7 218 +72.2% ▲ Credit Suisse 5 9 187,640.3 4.8 +0.2 ▲ 635 5.5 +45 ▲ 817.1 5.7 +1.1 ▲
US Investment Grade (F9) 561,711.5 623 567,294.7 593 -1.0% ▼ Citi 6 4 187,449.4 4.8 -2.1 ▼ 669 5.8 -94 ▼ 863.0 6.0 -1.0 ▼
Agency, Sovereign & Supranational Debt (F10) 203,408.7 135 444,317.4 234 -54.2% ▼ Morgan Stanley 7 7 181,786.6 4.7 -0.2 ▼ 691 6.0 +148 ▲ 734.3 5.1 -0.2 ▼
US Mortgage-backed Securities (F11) 328,234.6 405 207,244.6 273 +58.4% ▲ UBS 8 12 163,700.3 4.2 +0.8 ▲ 602 5.2 +51 ▲ 477.3 3.3 +0.5 ▲
US Asset-backed Securities (F14) 90,410.6 176 117,731.8 122 -23.2% ▼ Goldman Sachs & Co 9 6 163,519.6 4.2 -0.8 ▼ 492 4.2 -40 ▼ 650.7 4.5 -0.3 ▼
US Taxable Municipal Debt (F15) 70,050.3 1,492 37,828.2 695 +85.2% ▲ RBS 10 10 161,681.4 4.1 -0.2 ▼ 515 4.4 -69 ▼ 585.3 4.1 0 -
US Short-term Debt - including MBS, ABS (F16) 163,102.0 1,409 363,759.2 1,694 -55.2% ▼ HSBC Holdings PLC 11 8 153,184.1 3.9 -0.9 ▼ 581 5.0 -126 ▼ 397.8 2.8 -0.8 ▼
BNP Paribas SA 12 11 125,377.9 3.2 -0.9 ▼ 499 4.3 -6 ▼ 401.7 2.8 -0.8 ▼
All Global Debt (B1) RBC Capital Markets 13 16 78,651.9 2.0 +0.6 ▲ 556 4.8 +158 ▲ 295.9 2.1 +0.5 ▲
Global Long-term Debt (B2) 3,710,722.3 9,776 4,146,538.9 7,977 -10.5% ▼ Nomura 14 17 68,871.8 1.8 +0.5 ▲ 269 2.3 +55 ▲ 156.7 1.1 +0.2 ▲
Global Long-term Debt ex MBS, ABS & Munis (B3) 3,107,959.6 7,465 3,731,629.5 6,692 -16.7% ▼ Societe Generale 15 13 63,579.4 1.6 -0.7 ▼ 159 1.4 -66 ▼ 173.0 1.2 -0.7 ▼
Global High Yield Corporate Debt (B4) 209,049.6 420 111,314.3 234 +87.8% ▲ Credit Agricole CIB 16 14 59,817.4 1.5 -0.3 ▼ 218 1.9 +44 ▲ 198.6 1.4 -0.5 ▼
Global Investment Grade Corporate Debt (B7) 1,687,100.0 4,409 1,824,476.9 3,845 -7.5% ▼ UniCredit Group 17 15 59,160.7 1.5 0 ▲ 179 1.5 +25 ▲ 134.7 0.9 -0.2 ▼
US Federal Credit Agency Debt (B8) 278,678.3 877 356,827.8 908 -21.9% ▼ Natixis 18 20 40,004.4 1.0 +0.1 ▲ 135 1.2 +20 ▲ 120.9 0.8 0 -
Global Agency, Sovereign & Supranational Debt (B9) 904,247.8 1,684 1,432,475.5 1,688 -36.9% ▼ Daiwa Securities Group Inc 19 18 38,389.5 1.0 0 ▲ 243 2.1 +5 ▲ 129.8 0.9 -0.1 ▼
Global Mortgage-backed Securities (B10) 400,668.7 477 240,985.9 353 +66.3% ▲ TD Securities Inc 20 24 37,397.9 1.0 +0.3 ▲ 317 2.7 +123 ▲ 166.2 1.2 +0.3 ▲
Global Asset-backed Securities (B11) 132,043.8 344 136,095.3 238 -3.0% ▼ Wells Fargo & Co 21 28 36,844.8 0.9 +0.3 ▲ 355 3.1 +74 ▲ 297.2 2.1 +0.4 ▲
Global Short-term Debt (B14) 207,629.8 1,796 431,093.5 2,197 -51.8% ▼ Mizuho Financial Group 22 21 35,840.8 0.9 +0.1 ▲ 243 2.1 +3 ▲ 138.7 1.0 -0.1 ▼
DZ Bank 23 23 27,791.0 0.7 0 ▲ 121 1.0 +23 ▲ 61.0 0.4 -0.2 ▼
Santander 24 26 23,742.5 0.6 -0.1 ▼ 86 0.7 -5 ▼ 116.2 0.8 0 -
Commerzbank AG 25 22 22,558.8 0.6 -0.2 ▼ 82 0.7 -6 ▼ 71.5 0.5 -0.5 ▼
Leading Underwriters for Third Quarter 2010 Top Twenty Five Total 2,210,993.0 56.6 -3.1 ▼ 8,068.1 56.1 -1.2 ▼
Current Qtr Industry Total 3,903,892.3 100.0 11,578 +1,427 14,404.4 100.0
Market Share Mkt. Share Chg. Consecutive
Market Sector No. 1 Manager (%) from Last Qtr (%) Quarters No. 1 Industry % Change from Same Period Last Year -14.3% ▼ 14.1% ▲ 2.4% ▲
Stocks and Bonds Industry % Change from Last Quarter 21.8% ▲ -4.6% ▼ 28.0% ▲
Global Debt, Equity & Equity-related (A1) JP Morgan 8.2 +0.8 ▲ 1
Global Disclosed Fees (A2) JP Morgan 10.8 +0.3 ▲ 1
U.S. Debt, Equity & Equity-related (E1) JP Morgan 12.5 +1.1 ▲ 1
U.S. Disclosed Fees (E2) JP Morgan 14.0 +0.8 ▲ 1 Global Debt Capital Markets % Change by Asset Class Jan 1 - Sep 30
Global Bonds
Global Debt inc MBS, ABS & US Tax Munis (B1) JP Morgan 8.3 +1.0 ▲ 1
Global High Yield Corporate Debt (B4) Bank of America Merrill Lynch 13.3 +1.2 ▲ 1
Global Investment Grade (B7) JP Morgan 7.9 +3.2 ▲ 1 100% 91.0%
Global ABS (B11) RBS 12.2 +4.2 ▲ 1
US Bonds 66.3%
U.S. Debt inc MBS, ABS, & Tax Munis (F1) JP Morgan 12.3 +0.9 ▲ 1
U.S. LT Debt inc MBS,ABS &Tax Munis(F2) JP Morgan 13 +1.8 ▲ 1
50% 44.8%
U.S. Investment Grade Corporate Debt (F9) JP Morgan 16.6 +4.5 ▲ 1
U.S. High Yield Corporate Debt (F8) Bank of America Merrill Lynch 15.1 +0.7 ▲ 1
U.S. Federal Credit Agency (H1) Barclays Capital 13.7 +2.1 ▲ 2
U.S. LT Federal Credit Agency Debt (H3) Barclays Capital 28.5 -3.6 ▼ 10
U.S. Mortgage-backed Securities (F11) RBS 16.1 +9.1 ▲ 1
-7.5% -36.9% -21.9% -3.0%
U.S. Asset-backed Securities (F14) Deutsche Bank AG 17.1 +11.0 ▲ 1
0%
International Bonds
All International Bonds (J1) JP Morgan 9.9 +2.4 ▲ 1
All Bonds in Euro (N1) BNP Paribas SA 9.3 +1.2 ▲ 2
Investment Agency, Federal Credit MBS ABS High Yield Emerging Market
All International Securitizations (J10c) JP Morgan 35.3 +35.3 ▲ 1 Grade Corporate Supranational, Agency Corporate Corporate
Sovereign
Asia-Pacific Bonds -50%
Asian G3 Currency Bonds ex JP & Aus (AR2) JP Morgan 13.9 +9.8 ▲ 1
All Asian Currencies ex CDs (AS1) Agricultural Bank of China 6.7 +2.2 ▲ 1
Australia Bonds
Australian Dollar Bonds (AJ3) National Australia Bank 19.8 +9.2 ▲ 1
Australian Domestic Securitization (AJ5) National Australia Bank 45.6 +37.5 ▲ 1 -100%
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Global Debt
Global Investment Grade Corporate Debt (B7) Jan 1 2010 - Sep 30 2010 Global Asset-Backed Securities (B11) Jan 1 2010 - Sep 30 2010
JP Morgan 1 1 113,285.8 6.7 +0.2 ▲ 341 7.7 -34 ▼ 435.2 6.9 +0.3 ▲ Bank of America Merrill Lynch 1 3 16,799.7 12.7 -3.3 ▼ 53 15.4 +11 ▲ 25.3 7.5 -6.6 ▼
Barclays Capital 2 2 98,978.7 5.9 -0.5 ▼ 357 8.1 +19 ▲ 314.3 5.0 -0.8 ▼ Barclays Capital 2 4 13,069.4 9.9 +0.3 ▲ 48 14.0 +20 ▲ 22.2 6.6 -3.2 ▼
Deutsche Bank AG 3 3 95,479.6 5.7 0 - 364 8.3 +28 ▲ 306.7 4.9 -0.5 ▼ RBS 3 6 12,273.0 9.3 +1.8 ▲ 41 11.9 +12 ▲ 39.6 11.8 +3.9 ▲
Bank of America Merrill Lynch 4 4 90,433.9 5.4 +0.1 ▲ 309 7.0 -7 ▼ 349.2 5.5 -0.2 ▼ JP Morgan 4 1 12,241.1 9.3 -10.4 ▼ 39 11.3 -3 ▼ 16.9 5.0 -7.4 ▼
Credit Suisse 5 9 80,901.0 4.8 +0.9 ▲ 265 6.0 +49 ▲ 238.9 3.8 +0.4 ▲ Citi 5 2 11,309.4 8.6 -7.6 ▼ 40 11.6 +6 ▲ 24.2 7.2 -1.3 ▼
HSBC Holdings PLC 6 6 80,769.4 4.8 -0.4 ▼ 346 7.8 -38 ▼ 222.1 3.5 -0.6 ▼ Deutsche Bank AG 6 5 9,766.5 7.4 -1.7 ▼ 35 10.2 +10 ▲ 17.6 5.2 -8.0 ▼
Morgan Stanley 7 10 79,753.2 4.7 +0.8 ▲ 291 6.6 +94 ▲ 301.6 4.8 +0.1 ▲ Credit Suisse 7 7 5,050.0 3.8 -1.0 ▼ 22 6.4 -1 ▼ 14.2 4.2 -2.5 ▼
BNP Paribas SA 8 7 74,840.2 4.4 -0.6 ▼ 301 6.8 +5 ▲ 227.3 3.6 -0.7 ▼ Lloyds Banking Group 8 - 4,006.9 3.0 +3.0 ▲ 6 1.7 +6 ▲ 6.3 1.9 +1.8 ▲
Citi 9 5 73,572.8 4.4 -0.8 ▼ 280 6.4 -29 ▼ 327.7 5.2 -0.6 ▼ Wells Fargo & Co 9 23 2,678.2 2.0 +1.7 ▲ 13 3.8 +10 ▲ 6.8 2.0 +0.6 ▲
RBS 10 8 64,712.4 3.8 -0.8 ▼ 243 5.5 -53 ▼ 252.9 4.0 -0.3 ▼ RBC Capital Markets 10 - 2,528.6 1.9 +1.9 ▲ 8 2.3 +8 ▲ 8.8 2.6 +1.4 ▲
Top Ten Total 852,727.0 50.6 -1.1 ▼ 2,975.9 47.2 -2.9 ▼ Top Ten Total 89,722.8 67.9 -15.3 ▼ 181.9 54.0 -21.3 ▼
Industry Total 1,687,100.0 100.0 4,409 +564 6,316.4 100.0 Industry Total 132,043.8 100.0 344 +106 336.8 100.0
Industry % Change from Same Period Last Year -7.5% ▼ 14.7% ▲ -10.5% ▼ Industry % Change from Same Period Last Year -3.0% ▼ 44.5% ▲ -5.7% ▼
Industry % Change from Last Quarter 50.5% ▲ 10.3% ▲ 49.7% ▲ Industry % Change from Last Quarter -29.4% ▼ -36.6% ▼ -21.7% ▼
Global Debt and Syndicated Loans Islamic Finance Jan 1 2010 - Sep 30 2010 Global Asset-Backed Securities ex-CDOs (B13) Jan 1 2010 - Sep 30 2010
CIMB Group Sdn Bhd 1 1 2,607.1 27.9 -15.0 ▼ 21 48.8 +2 ▲ 10.0 22.5 +11.4 ▲ Bank of America Merrill Lynch 1 3 16,700.0 13.3 -2.9 ▼ 51 17.3 +11 ▲ 23.5 9.6 -5.8 ▼
Malayan Banking Bhd 2 7 857.0 9.2 -5.8 ▼ 7 16.3 -1 ▼ 4.5 10.1 +6.8 ▲ Barclays Capital 2 4 13,069.4 10.4 +0.6 ▲ 48 16.3 +20 ▲ 22.2 9.1 -2.4 ▼
HSBC Holdings PLC 3 2 773.3 8.3 - - 6 14.0 - - 2.3 5.1 -14.1 ▼ JP Morgan 3 1 12,241.1 9.7 -10.5 ▼ 39 13.2 -2 ▼ 16.9 6.9 -7.5 ▼
AMMB Holdings Bhd 4 - 694.3 7.4 - - 7 16.3 - - 1.3 3.0 +2.9 ▲ Citi 4 2 10,668.0 8.5 -8.0 ▼ 38 12.9 +4 ▲ 18.3 7.5 -2.5 ▼
Oversea-Chinese Banking 5 - 493.1 5.3 - - 2 4.7 - - 1.5 3.3 +3.3 ▲ RBS 5 6 10,454.4 8.3 +0.7 ▲ 40 13.6 +12 ▲ 18.3 7.5 -1.7 ▼
Barclays Capital 6 12 416.7 4.5 -3.4 ▼ 1 2.3 0 - 1.3 3.0 -1.2 ▼ Deutsche Bank AG 6 5 9,766.5 7.8 -0.5 ▼ 35 11.9 +11 ▲ 17.6 7.2 -0.6 ▼
DBS Group Holdings 7 - 370.3 4.0 - - 1 2.3 - - 1.6 3.5 +3.5 ▲ Credit Suisse 7 7 4,875.0 3.9 -1.0 ▼ 20 6.8 -3 ▼ 11.8 4.8 -3.1 ▼
Standard Chartered PLC 8 6 245.0 2.6 - - 4 9.3 - - 1.6 3.6 -3.1 ▼ Lloyds Banking Group 8 - 4,006.9 3.2 +3.2 ▲ 6 2.0 +6 ▲ 6.3 2.6 +2.5 ▲
RHB 9 13 227.9 2.4 - - 2 4.7 - - 1.2 2.8 +2.1 ▲ RBC Capital Markets 9 - 2,528.6 2.0 +2.0 ▲ 8 2.7 +8 ▲ 8.8 3.6 +2.2 ▲
Citi 10 4 209.2 2.2 - - 2 4.7 - - 1.0 2.1 -3.0 ▼ BNP Paribas SA 10 9 2,502.2 2.0 +0.1 ▲ 9 3.1 -1 ▼ 5.4 2.2 -0.1 ▼
Top Ten Total 6,893.9 73.8 -24.2 ▼ 26.3 59.0 +8.6 ▲ Top Ten Total 86,812.1 69.1 -16.3 ▼ 149.1 61.0 -19.0 ▼
Industry Total 9,338.7 100.0 43 -13 44.5 100.0 Industry Total 125,643.4 100.0 295 +73 245.0 100.0
Industry % Change from Same Period Last Year -54.9% ▼ -23.2% ▼ -49.1% ▼ Industry % Change from Same Period Last Year -5.4% ▼ 32.9% ▲ -19.4% ▼
Industry % Change from Last Quarter 18.9% ▲ -27.8% ▼ 17.9% ▲ Industry % Change from Last Quarter -30.7% ▼ -27.7% ▼ -21.5% ▼
*tie
Global Mortgage-Backed Securities (B10) Jan 1 2010 - Sep 30 2010 Global Asset-Backed Securities and CDOs
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2010 2009 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 450
Bank of America Merrill Lynch 1 1 69,269.9 17.3 +1.4 ▲ 57 11.9 +21 ▲ 155.6 15.8 +1.2 ▲ Non-CDO ABS ($bil)
400
JP Morgan 2 5 38,735.0 9.7 +0.3 ▲ 46 9.6 +15 ▲ 83.1 8.4 -1.1 ▼
Global CDO ($bil)
RBS 3 7 37,297.7 9.3 +2.5 ▲ 42 8.8 +14 ▲ 86.0 8.7 +2.4 ▲ 350
Barclays Capital 4 2 33,481.4 8.4 -5.9 ▼ 43 9.0 +11 ▲ 81.7 8.3 -5.0 ▼
Proceeds ($b)
Goldman Sachs & Co 5 3 30,453.7 7.6 -6.3 ▼ 34 7.1 +7 ▲ 70.1 7.1 -6.1 ▼ 300
Deutsche Bank AG 6 8 27,880.3 7.0 +2.1 ▲ 45 9.4 +8 ▲ 67.8 6.9 +2.1 ▲ 250
Credit Suisse 7 4 23,416.7 5.8 -3.7 ▼ 37 7.8 +6 ▲ 60.0 6.1 -2.7 ▼
Morgan Stanley 8 14 19,975.9 5.0 +3.7 ▲ 30 6.3 +20 ▲ 45.7 4.6 +3.2 ▲ 200
Citi 9 6 19,772.7 4.9 -2.1 ▼ 31 6.5 +6 ▲ 47.5 4.8 -1.2 ▼
150
Nomura 10 13 19,216.8 4.8 +3.4 ▲ 27 5.7 +22 ▲ 42.7 4.3 +3.2 ▲
Top Ten Total 319,500.1 79.8 -4.6 ▼ 740.2 75.0 -4.0 ▼ 100
Industry Total 400,668.7 100.0 477 +124 984.4 100.0
50
Industry % Change from Same Period Last Year 66.3% ▲ 35.1% ▲ 57.4% ▲
0
Industry % Change from Last Quarter -3.4% ▼ -14.0% ▼ -4.9% ▼
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
3
Banking Composite: Global Debt

Issue Type Composition of the Top Global Debt Bookrunners Jan 1 2010 - Sep 30 2010
100%
90%
80%
70%
60%
% Total Proceeds
50%
40%
30%
20%
10%
0%
Barclays Capital JP Morgan Bank of America Merrill Deutsche Bank AG Credit Suisse Citi Morgan Stanley UBS Goldman Sachs & Co RBS
Lynch
ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS
4
Global Debt Rankings* - Last Ten Years
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
0 0
Barclays Capital
1 1
JP Morgan
2 2
Bank of America Merrill Lynch

3 3
Deutsche Bank AG
4 4
Rank
Credit Suisse
5 5
Citi
6 6
Morgan Stanley
7 7
UBS
8 8
Goldman Sachs & Co

9 9
RBS
10 10
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
* League Table positions reflect consolidation within the banking sector

5
US Debt
Highest US High Yield Volume on Record l Bank of America Merrill Lynch Top Bank for US Debt l Record Low Investment Grade Coupons
US Deals Intelligence US Investment Grade Corporate Debt (F9) Jan 1 2010 - Sep 30 2010
Bolstered by the two largest US High-Yield quarterly volumes on record - the third and first quarters, respectively -
the first nine months of 2010 have already surpassed all previous annual volume records. Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
JP Morgan 1 2 85,592.7 15.2 +2.5 ▲ 241 38.7 -17 ▼ 353.2 12.2 +0.9 ▲
US Investment Grade volume declined 1% compared to the same period of 2009. Third quarter volume increased Bank of America Merrill Lynch 2 1 68,222.5 12.2 -0.5 ▼ 235 37.7 -10 ▼ 299.2 10.3 -0.8 ▼
110.6% compared to the second quarter of 2010, and ranked as the highest quarterly volume since the second Citi 3 3 53,074.6 9.5 -1.4 ▼ 166 26.6 -10 ▼ 259.6 9.0 -1.2 ▼
Morgan Stanley 4 4 48,930.0 8.7 -1.2 ▼ 135 21.7 -10 ▼ 213.2 7.4 -0.9 ▼
quarter of 2008. Barclays Capital 5 5 43,489.1 7.7 -1.8 ▼ 141 22.6 -4 ▼ 182.4 6.3 -1.7 ▼
Goldman Sachs & Co 6 6 41,150.1 7.3 +0.1 ▲ 114 18.3 -12 ▼ 176.7 6.1 +0.2 ▲
For the sixth consecutive quarter, Financials ranked as the top sector for US Investment Grade debt, accounting for Deutsche Bank AG 7 7 41,005.5 7.3 +1.1 ▲ 132 21.2 +13 ▲ 168.2 5.8 +0.1 ▲
47.5% of third quarter issuance, up from 41.8% of the market during the same period a year ago. Credit Suisse 8 8 35,638.0 6.3 +0.5 ▲ 93 14.9 +10 ▲ 155.6 5.4 +0.6 ▲
RBS 9 10 25,947.2 4.6 +0.2 ▲ 78 12.5 -15 ▼ 133.7 4.6 +0.6 ▲
UBS 10 11 23,951.9 4.3 +0.6 ▲ 76 12.2 -18 ▼ 103.5 3.6 -0.7 ▼
Driven by the increased issuance from the Federal Credit Agency CMO market, the US Mortgage-Backed market HSBC Holdings PLC 11 9 20,868.5 3.7 -0.9 ▼ 44 7.1 -17 ▼ 70.3 2.4 -1.2 ▼
rebounded. Year-to-date volume rose 58.4% compared to proceeds raised in the first nine months of 2009. Wells Fargo & Co 12 12 14,810.3 2.6 -0.1 ▼ 82 13.2 -6 ▼ 113.5 3.9 +0.4 ▲
BNP Paribas SA 13 13 10,758.0 1.9 -0.5 ▼ 39 6.3 -15 ▼ 64.3 2.2 -0.7 ▼
Mitsubishi UFJ Financial Group 14 15 3,799.5 0.7 -0.2 ▼ 15 2.4 -4 ▼ 47.6 1.6 -1.1 ▼
Nomura 15 45 3,251.2 0.6 +0.6 ▲ 3 0.5 +2 ▲ 10.7 0.4 +0.4 ▲
Scotiabank-Bank of Nova Scotia 16 17 2,753.0 0.5 0 ▲ 17 2.7 -1 ▼ 24.7 0.9 -0.2 ▼
Jefferies & Co Inc 17 41 2,401.4 0.4 +0.4 ▲ 4 0.6 +2 ▲ 12.5 0.4 +0.4 ▲
Mizuho Financial Group 18 19 2,071.6 0.4 0 ▲ 11 1.8 -2 ▼ 23.2 0.8 -0.2 ▼
US Debt (F1) Jan 1 2010 - Sep 30 2010 Credit Agricole CIB 19 20 2,071.1 0.4 0 ▲ 11 1.8 0 - 18.6 0.6 -0.2 ▼
Societe Generale 20 28 1,896.2 0.3 +0.2 ▲ 3 0.5 +1 ▲ 19.8 0.7 0 -
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) SunTrust Banks 21 18 1,895.5 0.3 -0.2 ▼ 10 1.6 -15 ▼ 22.8 0.8 -0.1 ▼
2010 2009 Market Market # of Market Change in Manager Market Market RBC Capital Markets 22 16 1,761.2 0.3 -0.2 ▼ 9 1.4 0 - 19.0 0.7 0 -
Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. Santander 23 14 1,734.0 0.3 -0.7 ▼ 6 1.0 -9 ▼ 12.8 0.4 -0.6 ▼
Bank of America Merrill Lynch 1 2 229,836.0 13.1 +0.2 ▲ 666 0.2 +104 ▲ 989.0 11.5 -0.4 ▼ Itau Unibanco 24 30 1,646.9 0.3 +0.2 ▲ 7 1.1 +4 ▲ 13.4 0.5 +0.4 ▲
JP Morgan 2 1 207,844.9 11.9 -1.9 ▼ 622 0.2 +21 ▲ 912.0 10.6 -1.8 ▼ US Bancorp 25 43 1,389.3 0.3 +0.3 ▲ 8 1.3 +7 ▲ 19.7 0.7 +0.4 ▲
Barclays Capital 3 4 200,168.4 11.5 -0.3 ▼ 437 0.1 +81 ▲ 581.5 6.8 -0.9 ▼ Top Twenty Five Total 540,109.3 96.1 -1.0 ▼ 2,538.2 87.7 -5.2 ▼
Citi 4 3 145,939.5 8.4 -3.7 ▼ 456 0.1 +10 ▲ 733.1 8.6 -2.0 ▼ Industry Total 561,711.5 100.0 623 +30 2,899.7 100.0
Deutsche Bank AG 5 7 144,072.7 8.2 +1.2 ▲ 419 0.1 +102 ▲ 543.8 6.4 -0.3 ▼
Goldman Sachs & Co 6 6 120,780.3 6.9 -1.5 ▼ 316 0.1 -3 ▼ 544.1 6.4 -0.6 ▼ Industry % Change from Same Period Last Year -1.0% ▼ 5.1% ▲ -4.0% ▼
Morgan Stanley 7 5 114,339.3 6.5 -2.2 ▼ 351 0.1 +23 ▲ 554.9 6.5 -1.4 ▼ Industry % Change from Last Quarter 110.6% ▲ 77.5% ▲ 73.8% ▲
Credit Suisse 8 8 103,779.6 5.9 +0.9 ▲ 288 0.1 +53 ▲ 631.3 7.4 +1.8 ▲
RBS 9 9 92,841.9 5.3 +1.6 ▲ 222 0.1 +30 ▲ 356.9 4.2 +0.6 ▲
UBS 10 11 88,974.7 5.1 +1.9 ▲ 247 0.1 +55 ▲ 327.0 3.8 +0.8 ▲
Top Ten Total 1,448,577.3 82.8 -3.8 ▼ 6,173.6 72.2 -4.2 ▼
Industry Total 1,748,643.5 100.0 4,131 +1,090 8,570.3 100.0
Industry % Change from Same Period Last Year -4.7% ▼ 35.8% ▲ 13.0% ▲
Industry % Change from Last Quarter 35.1% ▲ -13.7% ▼ 35.1% ▲
US High Yield Corporate Debt (F8) Jan 1 2010 - Sep 30 2010 All Federal Credit Agency Debt (H1) Jan 1 2010 - Sep 30 2010
Bank of America Merrill Lynch 1 1 25,261.7 14.7 -2.3 ▼ 174 48.2 +59 ▲ 374.3 12.0 -0.1 ▼ UBS 1 4 107,074.9 12.5 +3.1 ▲ 728 12.1 +182 ▲ 96.1 12.3 +2.0 ▲
JP Morgan 2 2 23,223.0 13.5 -3.5 ▼ 142 39.3 +38 ▲ 335.7 10.7 -3.4 ▼ Barclays Capital 2 2 106,148.0 12.4 -0.5 ▼ 232 3.9 -1 ▼ 64.9 8.3 -2.8 ▼
Credit Suisse 3 5 18,640.5 10.8 +2.4 ▲ 86 23.8 +37 ▲ 331.5 10.6 +2.4 ▲ Deutsche Bank AG 3 5 94,692.4 11.0 +2.7 ▲ 452 7.5 +178 ▲ 75.0 9.6 +0.8 ▲
Citi 4 3 15,278.6 8.9 -2.2 ▼ 89 24.7 +31 ▲ 248.0 7.9 -1.0 ▼ JP Morgan 4 1 78,910.5 9.2 -4.1 ▼ 324 5.4 -76 ▼ 61.1 7.8 -4.0 ▼
Goldman Sachs & Co 5 6 13,868.8 8.1 +0.3 ▲ 80 22.2 +33 ▲ 233.2 7.5 +0.8 ▲ Citi 5 9 60,234.2 7.0 +1.5 ▲ 266 4.4 +39 ▲ 47.0 6.0 +0.5 ▲
Deutsche Bank AG 6 4 13,071.0 7.6 -2.5 ▼ 89 24.7 +25 ▲ 208.8 6.7 -2.6 ▼ Bank of America Merrill Lynch 6 3 48,284.1 5.6 -4.7 ▼ 256 4.2 +7 ▲ 42.0 5.4 -6.4 ▼
Morgan Stanley 7 7 12,247.6 7.1 -0.5 ▼ 68 18.8 +31 ▲ 205.4 6.6 -0.9 ▼ Morgan Stanley 7 6 45,730.0 5.3 -1.8 ▼ 283 4.7 +81 ▲ 37.6 4.8 -1.4 ▼
Barclays Capital 8 9 10,607.9 6.2 +2.6 ▲ 78 21.6 +49 ▲ 175.5 5.6 +1.2 ▲ Goldman Sachs & Co 8 7 41,502.8 4.8 -2.0 ▼ 196 3.3 +40 ▲ 27.7 3.5 -2.9 ▼
UBS 9 11 8,716.2 5.1 +3.4 ▲ 61 16.9 +48 ▲ 142.2 4.6 +2.2 ▲ Credit Suisse 9 8 34,991.8 4.1 -1.4 ▼ 242 4.0 +61 ▲ 34.5 4.4 -2.0 ▼
Wells Fargo & Co 10 8 7,956.8 4.6 -1.8 ▼ 65 18.0 +9 ▲ 134.7 4.3 -0.9 ▼ First Horizon National Corp 10 11 31,873.1 3.7 +0.9 ▲ 728 12.1 +99 ▲ 46.1 5.9 +3.0 ▲
Top Ten Total 148,872.1 86.6 -4.1 ▼ 2,389.3 76.5 -2.3 ▼ Top Ten Total 649,441.8 75.6 -6.3 ▼ 532.0 68.0 -13.2 ▼
Industry Total 172,278.0 100.0 361 +143 3,126.5 100.0 Industry Total 859,721.8 100.0 6,024 +1,277 782.2 100.0
Industry % Change from Same Period Last Year 72.2% ▲ 65.6% ▲ 54.9% ▲ Industry % Change from Same Period Last Year -0.7% ▼ 26.9% ▲ 26.3% ▲
Industry % Change from Last Quarter 57.0% ▲ 23.8% ▲ 39.8% ▲ Industry % Change from Last Quarter -4.2% ▼ -12.8% ▼ -16.8% ▼
6
US Corporate Investment Grade Coupon Spreads

Record Breaking Low Coupon Rates Average Annual Basis Point Spread: All Ratings
3000 400.0
Benchmark Treasury yields tightened considerably over the course of the first nine months of 2010. Issuers have
taken advantage of such incredibly attractive levels, pricing bonds with the lowest coupons on record - all of which
have priced in the first three quarters of 2010, with a majority of the transactions pricing in the third quarter. 350.0
2500
300.0
Each maturity of September's four-part US$4.75 billion Microsoft transaction ranked in the top ten for record low
Average Basis Point Spread

corporate bond coupon rates. The US$1 billion three-year bond priced as the first sub-1% corporate coupon, at
2000
0.875%. The three, five and thirty year ranked as the lowest coupon rate on record for their respective maturities, 250.0
and the ten-year maturity ranked as second lowest behind Johnson & Johnson's August offering.
# of Issues
1500 200.0
Average basis point spreads have tightened considerably from the levels set a year ago. The average spread for all
US investment grade issuance tightened from 317.6bps in 2009 to 169.7bps through the first nine months of 2010. 150.0
Average basis point spread for five year maturities experienced the greatest amount of tightening, falling from 1000
372.2bps in 2009 to 166.4bps for the first three quarters of 2010.

100.0
500
50.0
0 0.0
2000 01 02 03 04 05 06 07 08 09 10
# of Issues Average BPS All Average BPS 3yr Average BPS 5yr Average BPS 10yr Average BPS 30yr
All-Time Lowest Coupon Rates 3 Year Maturities: All Ratings All-Time Lowest Coupon Rates 5 Year Maturities: All Ratings
Issue Date Issuer Name Proceeds Coupon Final Maturity BPS Moody's S&P Issue Date Issuer Name Proceeds Coupon Final Maturity BPS Moody's S&P
9/22/2010 Microsoft Corp 998.4 0.875% 9/27/2013 25 Aaa AAA 9/22/2010 Microsoft Corp 1742.3 1.625% 9/25/2015 40 Aaa AAA
8/2/2010 IBM 1493.9 1.000% 8/5/2013 30 A1 A+ 8/4/2010 Northern State Power Minnesota 249.5 1.950% 8/15/2015 38 A1 A
9/8/2010 Hewlett-Packard Co 1099.1 1.125% 9/13/2013 50 A2 A 9/20/2010 DuPont 495.2 1.950% 1/15/2016 72 A2 A
9/29/2010 Royal Bank of Canada 998.5 1.250% 1/15/2014 53 Aaa AA- 9/7/2010 France Telecom SA 746.0 2.125% 9/16/2015 82 A3 A-
9/20/2010 Georgia Power Co 499.4 1.300% 9/15/2013 60 A3 A 9/7/2010 International CCE Inc 473.3 2.125% 9/15/2015 80 A3 BBB
2/1/2010 Procter & Gamble Co 1249.1 1.375% 8/1/2012 55 Aa3 AA- 9/8/2010 Hewlett-Packard Co 1098.8 2.125% 9/13/2015 70 A2 A
8/9/2010 Toyota Motor Credit Corp 999.2 1.375% 8/12/2013 62 Aa2 AA 6/30/2010 Wal-Mart Stores Inc 747.7 2.250% 7/8/2015 53 Aa2 AA
9/8/2010 US Bancorp,Minneapolis,MN 998.7 1.375% 9/13/2013 65 Aa3 A+ 8/30/2010 Dominion Resources Inc 249.6 2.250% 9/1/2015 90 Baa2 A-
9/7/2010 Dell Inc 499.4 1.400% 9/10/2013 70 A2 A- 9/7/2010 Dell Inc 699.8 2.300% 9/10/2015 90 A2 A-
9/7/2010 Canadian Imperial Bk Commerce 1498.3 1.450% 9/13/2013 75 Aa2 A+ 9/8/2010 Total Capital SA 997.5 2.300% 3/15/2016 90 Aa1 AA
All-Time Lowest Coupon Rates 10 Year Maturities: All Ratings All-Time Lowest Coupon Rates 30 Year Maturities: All Ratings
Issue Date Issuer Name Proceeds Coupon Final Maturity BPS Moody's S&P Issue Date Issuer Name Proceeds Coupon Final Maturity BPS Moody's S&P
8/12/2010 Johnson & Johnson 540.6 2.950% 9/1/2020 43 Aaa AAA 9/22/2010 Microsoft Corp 989.1 4.500% 10/1/2040 83 Aaa AAA
9/22/2010 Microsoft Corp 991.4 3.000% 10/1/2020 55 Aaa AAA 8/23/2010 San Diego Gas & Electric Co 494.5 4.500% 8/15/2040 88 Aa3 A+
9/7/2010 Allergan Inc 648.0 3.375% 9/15/2020 80 A3 A+ 8/25/2010 So Cal Ed 496.8 4.500% 9/1/2040 100 A1 A
9/27/2010 Alabama Power 249.6 3.375% 10/1/2020 88 A2 A 8/12/2010 Johnson & Johnson 538.4 4.500% 9/1/2040 68 Aaa AAA
8/25/2010 Idaho Power Co 99.5 3.400% 11/1/2020 95 A2 A- 8/26/2010 Georgia Power Co 495.2 4.750% 9/1/2040 125 A3 A
8/12/2010 Detroit Edison Co(DTE Energy) 298.8 3.450% 10/1/2020 80 A2 A- 8/25/2010 SC Johnson & Son Inc 544.2 4.800% 9/1/2040 130 NR A-
7/28/2010 McDonald's Corp 448.2 3.500% 7/15/2020 55 A3 A 8/25/2010 Idaho Power Co 99.8 4.850% 8/15/2040 130 A2 A-
8/3/2010 Public Service Electric & Gas 249.4 3.500% 8/15/2020 62 A2 A- 8/4/2010 Northern State Power Minnesota 249.3 4.850% 8/15/2040 80 A1 A
9/7/2010 International CCE Inc 520.4 3.500% 9/15/2020 100 A3 BBB 6/30/2010 Wal-Mart Stores Inc 738.5 4.875% 7/8/2040 108 Aa2 AA
9/8/2010 Pacific Gas & Electric Co 547.3 3.500% 10/1/2020 90 A3 BBB+ 7/28/2010 McDonald's Corp 297.9 4.875% 7/15/2040 85 A3 A
*Excludes financial arms of sovereign states and floating rate issuance.

Bold: Third quarter issuance
7
US Securitizations
US ABS Collateral Breakout Jan 1 2010 - Sep 30 2010 US Asset-Backed Securities (F14) Jan 1 2010 - Sep 30 2010
Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
50% Bank of America Merrill Lynch 1 2 15,925.2 17.6 -0.9 ▼ 48 27.3 +6 ▲ 21.4 11.9 -5.1 ▼
Barclays Capital 2 4 12,297.0 13.6 +2.8 ▲ 43 24.4 +17 ▲ 21.0 11.7 +0.1 ▲
JP Morgan 3 1 11,566.2 12.8 -9.7 ▼ 36 20.5 -4 ▼ 15.8 8.8 -6.0 ▼
14% Citi 4 3 11,122.3 12.3 -6.1 ▼ 36 20.5 +8 ▲ 23.9 13.3 +3.3 ▲
Deutsche Bank AG 5 5 9,386.0 10.4 0 ▲ 33 18.8 +9 ▲ 16.8 9.4 -6.4 ▼
6% 20%
9% 1% RBS 6 6 8,591.7 9.5 +1.9 ▲ 33 18.8 +5 ▲ 15.8 8.8 -0.3 ▼
Credit Suisse 7 7 5,050.0 5.6 0 ▲ 22 12.5 -1 ▼ 14.1 7.8 -0.3 ▼
Wells Fargo & Co 8 13 2,678.2 3.0 +2.6 ▲ 13 7.4 +10 ▲ 6.8 3.8 +2.2 ▲
Morgan Stanley 9 9 2,063.4 2.3 +0.9 ▲ 9 5.1 +5 ▲ 4.9 2.7 +0.9 ▲
BNP Paribas SA 10 8 1,655.2 1.8 +0.1 ▲ 6 3.4 0 - 4.4 2.5 +0.5 ▲
Top Ten Total 80,335.2 88.9 -8.4 ▼ 144.9 80.7 -11.1 ▼
Industry Total 90,410.6 100.0 176 +54 179.2 100.0
Industry % Change from Same Period Last Year -23.2% ▼ 44.3% ▲ -39.5% ▼
CDO Real Estate Credit Card Student Loan Auto Other
Quarterly Residential ABS, MBS & CDO Volume US Mortgage-Backed Securities (F11) Jan 1 2010 - Sep 30 2010
$600 900
Bank of America Merrill Lynch 1 1 68,009.6 20.7 +2.3 ▲ 55 13.6 +21 ▲ 151.4 18.5 +1.4 ▲
RBS 2 7 32,576.3 9.9 +2.3 ▲ 35 8.6 +9 ▲ 78.1 9.6 +2.3 ▲
Proceeds (US$b) Barclays Capital 3 2 32,068.7 9.8 -6.1 ▼ 39 9.6 +10 ▲ 75.9 9.3 -5.4 ▼
800 Goldman Sachs & Co 4 3 28,821.0 8.8 -6.6 ▼ 33 8.1 +8 ▲ 66.9 8.2 -5.8 ▼
# of Issues JP Morgan 5 5 27,791.2 8.5 -1.8 ▼ 39 9.6 +9 ▲ 64.3 7.9 -1.8 ▼
$500 Deutsche Bank AG 6 8 22,647.9 6.9 +1.8 ▲ 31 7.7 +2 ▲ 53.6 6.6 +1.9 ▲
Credit Suisse 7 4 21,483.2 6.6 -4.1 ▼ 31 7.7 +3 ▲ 50.3 6.2 -3.7 ▼
700 Citi 8 6 18,805.6 5.7 -2.2 ▼ 27 6.7 +7 ▲ 45.9 5.6 -1.5 ▼
Morgan Stanley 9 11 16,556.7 5.0 +3.5 ▲ 26 6.4 +16 ▲ 40.3 4.9 +3.4 ▲
Nomura 10 16 15,644.7 4.8 +4.6 ▲ 24 5.9 +23 ▲ 36.6 4.5 +4.4 ▲
Top Ten Total 284,404.9 86.7 -6.3 ▼ 663.3 81.3 -4.8 ▼
$400 600 Industry Total 328,234.6 100.0 405 +132 816.8 100.0
Proceeds (US$b)
500
# of Issues
$300 US Mortgage-Backed Securities - Federal Credit Agencies (F13a) Jan 1 2010 - Sep 30 2010
400 Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
$200 300 RBS 2 7 30,888.3 10.0 +2.2 ▲ 30 8.2 +6 ▲ 75.1 9.7 +2.2 ▲
Barclays Capital 3 1 30,263.7 9.8 -6.7 ▼ 36 9.9 +10 ▲ 72.3 9.3 -5.9 ▼
Goldman Sachs & Co 4 2 27,423.5 8.8 -7.5 ▼ 30 8.2 +5 ▲ 64.1 8.3 -6.5 ▼
JP Morgan 5 5 23,044.0 7.4 -3.0 ▼ 26 7.1 0 - 55.2 7.1 -2.8 ▼
200 Deutsche Bank AG 6 8 21,786.0 7.0 +1.8 ▲ 27 7.4 0 - 51.5 6.6 +1.8 ▲
Credit Suisse 7 4 21,116.1 6.8 -3.9 ▼ 29 8.0 +2 ▲ 49.5 6.4 -3.5 ▼
$100 Citi 8 6 17,956.7 5.8 -2.4 ▼ 23 6.3 +6 ▲ 43.9 5.7 -1.6 ▼
Morgan Stanley 9 11 16,499.3 5.3 +3.7 ▲ 25 6.9 +15 ▲ 40.1 5.2 +3.7 ▲
100 Nomura 10 15 15,644.7 5.0 +4.8 ▲ 24 6.6 +23 ▲ 36.6 4.7 +4.5 ▲
Top Ten Total 269,363.0 86.8 -6.3 ▼ 632.0 81.5 -4.6 ▼
Industry Total 310,332.0 100.0 364 +117 775.8 100.0
$0 0
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
4Q
2Q
3Q
8
Banking Composite: US DCM

DCM Bookrunner Industry Composition Jan 1 2010 - Sep 30 2010 DCM Bookrunner Industry Composition (Excluding Financials) Jan 1 2010 - Sep 30 2010
100% 100%
90%
80% 80%
70%
60% 60%
% of Industry Proceeds
% of Industry Proceeds
50%
40% 40%
30%
20% 20%
10%
0% 0%
JPM BoA Barc Citi MS GS DB CS RBS UBS JPM BoA Barc Citi MS GS DB CS RBS UBS
Consumer Products and Services Energy and Power Government and Agencies
Consumer Products and Services Energy and Power Government and Agencies
Healthcare High Technology Industrials Healthcare High Technology Industrials
Materials Media and Entertainment Real Estate Materials Media and Entertainment Real Estate
Retail Consumer Staples Telecommunications Retail Consumer Staples Telecommunications

Financials
9
International Debt
Sovereign Sector Issuance Solid | Deutsche Bank Top Third Quarter Euro Fee Earners | Continued Restriction of Corporate Activity
EMEA Deals Intelligence All International Bonds (J1) Jan 1 2010 - Sep 30 2010
International bond issuance during the first nine months of 2010 reached US$2.5 trillion, a 17.8% decline from the
same period last year. However, there was a 34.1% increase in third quarter issuance over activity during the Barclays Capital 1 1 214,846.5 8.5 -0.6 ▼ 513 13.0 -10 ▼ 601.7 5.9 -0.9 ▼
previous three months. JP Morgan 2 2 212,394.9 8.4 -0.4 ▼ 621 15.7 +44 ▲ 888.5 8.7 -0.2 ▼
Deutsche Bank AG 3 3 197,963.4 7.9 +0.8 ▲ 681 17.2 +170 ▲ 716.7 7.0 +0.1 ▲
According to Thomson Reuters/Freeman Consulting the top Corporate Euros fee paying issuer in the EMEA region Bank of America Merrill Lynch 4 6 173,632.5 6.9 +0.5 ▲ 574 14.5 +111 ▲ 835.0 8.2 +0.7 ▲
HSBC Holdings PLC 5 5 136,682.4 5.4 -1.1 ▼ 428 10.8 -54 ▼ 348.9 3.4 -1.2 ▼
during the third quarter was Continental with €49.9 million while the top SSA fee payer in Euros was KfW with €26.1 Credit Suisse 6 11 131,181.1 5.2 +1.2 ▲ 422 10.7 +66 ▲ 669.8 6.6 +2.3 ▲
million. Year-to-date, UK German and French issuers accounted for 44% of the total fees paid by the EMEA region. Citi 7 4 123,133.5 4.9 -1.8 ▼ 394 10.0 -20 ▼ 643.7 6.3 -0.7 ▼
The top fee earner on €-denominated deals during the third quarter was Deutsche Bank (€55.1 million). UBS 8 13 121,504.2 4.8 +1.8 ▲ 359 9.1 +105 ▲ 384.6 3.8 +1.0 ▲
BNP Paribas SA 9 8 112,314.7 4.5 -1.1 ▼ 411 10.4 -34 ▼ 365.8 3.6 -1.2 ▼
RBS 10 9 109,747.7 4.4 -0.6 ▼ 373 9.4 -52 ▼ 453.1 4.5 -0.3 ▼
The strong performance of the Sovereign sector during the first half of 2010 was further underlined by prominent
Top Ten Total 1,533,400.9 60.9 -1.3 ▼ 5,907.8 58.0 -0.4 ▼
deals in the third quarter, including the United Kingdom’s £6 billion 30-year deal and Spain’s €6 billion ten-year issue. Industry Total 2,516,739.4 100.0 3,957 +582 10,173.4 100.0
Barclays Capital was the lead underwriter of € and £-denominated Sovereign debt, with a 9.9% market share.
Industry % Change from Same Period Last Year -17.8% ▼ 17.2% ▲ 6.3% ▲
Industry % Change from Last Quarter 34.1% ▲ 13.1% ▲ 36.2% ▲
All International Bonds Monthly Volume All International Securitizations (J10c) Jan 1 2010 - Sep 30 2010
€ 350 Proceeds (€b)
# of Issues 600 Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
€ 300 JP Morgan 1 3 17,577.4 17.5 +6.3 ▲ 22 20.6 +14 ▲ 27.8 15.3 +1.6 ▲
500 Lloyds Banking Group 2 8 10,213.6 10.2 +6.5 ▲ 8 7.5 +7 ▲ 15.2 8.3 -1.5 ▼
€ 250 RBS 3 5 9,786.6 9.8 -0.1 ▼ 18 16.8 +12 ▲ 15.2 8.4 +0.2 ▲
Proceeds (€b)
400 Barclays Capital 4 4 8,222.6 8.2 -2.9 ▼ 21 19.6 +14 ▲ 15.9 8.8 -8.4 ▼
# of Issues
€ 200 Bank of America Merrill Lynch 5 1 7,734.7 7.7 -21.1 ▼ 17 15.9 +9 ▲ 11.3 6.2 -8.1 ▼
ABN AMRO Bank 6 - 7,347.1 7.3 +7.3 ▲ 2 1.9 +2 ▲ 11.0 6.1 +6.1 ▲
300
€ 150 Deutsche Bank AG 7 2 5,082.9 5.1 -7.2 ▼ 13 12.1 +6 ▲ 9.6 5.3 -1.1 ▼
Citi 8 10 5,029.9 5.0 +2.6 ▲ 14 13.1 +11 ▲ 7.1 3.9 +0.7 ▲
€ 100 200 Rabobank NV 9 - 3,031.1 3.0 +3.0 ▲ 5 4.7 +5 ▲ 7.3 4.0 +4.0 ▲
Societe Generale 10 - 2,858.9 2.9 +2.9 ▲ 5 4.7 +5 ▲ 4.5 2.5 +2.5 ▲
€ 50 100 Top Ten Total 76,884.8 76.7 -2.7 ▼ 124.9 68.8 -4.0 ▼
Industry Total 100,239.4 100.0 107 +76 181.7 100.0
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International Bonds by Issue Type Jan 1 2010-Sep 30 2010 All Bonds in Euros (N1) Jan 1 2010 - Sep 30 2010
Investment Grade Corporate Proceeds per Bookrunner (€m) # of Deals per Bookrunner Imputed Fees (€m)
31%
Agency, Supranational, BNP Paribas SA 1 1 61,872.4 8.0 -0.8 ▼ 246 20.2 +2 ▲ 162.8 8.3 +0.1 ▲
Sovereign Deutsche Bank AG 2 4 60,005.2 7.8 +0.6 ▲ 216 17.7 +3 ▲ 168.9 8.6 +0.6 ▲
47% High Yield Corporate Barclays Capital 3 5 51,615.4 6.7 +0.4 ▲ 163 13.4 -9 ▼ 106.9 5.4 +0.5 ▲
HSBC Holdings PLC 4 3 47,943.6 6.2 -1.2 ▼ 164 13.5 -21 ▼ 91.6 4.7 -1.0 ▼
Societe Generale 5 2 44,322.3 5.7 -1.7 ▼ 148 12.2 -61 ▼ 101.0 5.1 -1.9 ▼
8% Federal Credit Agency UniCredit Group 6 9 42,557.8 5.5 +1.2 ▲ 166 13.6 +34 ▲ 95.8 4.9 +0.8 ▲
2% 2% 3% 7% Credit Agricole CIB 7 6 39,123.8 5.1 -0.6 ▼ 174 14.3 +25 ▲ 99.9 5.1 -1.1 ▼
JP Morgan 8 7 34,454.8 4.5 -0.7 ▼ 117 9.6 -27 ▼ 93.2 4.7 -0.5 ▼
Emerging Market Corporate
Credit Suisse 9 12 31,181.4 4.0 +1.1 ▲ 96 7.9 +19 ▲ 74.2 3.8 +0.9 ▲
RBS 10 8 30,781.5 4.0 -1.1 ▼ 118 9.7 -37 ▼ 107.3 5.5 -0.1 ▼
MBS Top Ten Total 443,858.2 57.5 -2.8 ▼ 1,101.6 56.1 -1.7 ▼
Industry Total 773,554.5 100.0 1,218 +157 1,966.3 100.0
ABS Industry % Change from Same Period Last Year -22.5% ▼ 14.8% ▲ -15.5% ▼
10
High Yield Debt

Global High Yield Volume Breaks All-Time Record l Global High Yield Volume Up 87.8% l Spreads Continue To Tighten l Industrials Top Sector
Global High Yield Deals Intelligence Global High Yield Debt (B4) Jan 1 2010 - Sep 30 2010
Global high yield volume for first nine months of 2010 have surpassed all previous records -- including all previous
annual volume totals. The third quarter ranked as the top quarter, followed closely by the proceeds raised in the first Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
quarter of this year. The 72 transactions priced in March accounted for US$39.3 billion, the highest monthly total on Bank of America Merrill Lynch 1 2 26,946.6 12.9 -2.6 ▼ 182 43.3 +65 ▲ 398.1 10.6 -0.6 ▼
record. The US$15.2 billion raised on 28 transactions in the second week of August ranked as weekly records in both JP Morgan 2 1 25,932.9 12.4 -3.2 ▼ 156 37.1 +51 ▲ 378.3 10.1 -3.3 ▼
Credit Suisse 3 5 20,497.0 9.8 +1.8 ▲ 96 22.9 +43 ▲ 360.6 9.6 +1.8 ▲
the number of deals priced and proceeds raised.
Citi 4 3 17,168.6 8.2 -2.6 ▼ 101 24.0 +41 ▲ 280.7 7.5 -1.2 ▼
Deutsche Bank AG 5 4 17,132.7 8.2 -2.2 ▼ 109 26.0 +39 ▲ 274.7 7.3 -2.1 ▼
Average spreads tightened by 182.1 basis points over the first nine months of 2009, to 612.4 basis points. Goldman Sachs & Co 6 6 15,649.4 7.5 0 ▲ 87 20.7 +39 ▲ 257.7 6.9 +0.4 ▲
Morgan Stanley 7 7 13,819.3 6.6 -0.2 ▼ 75 17.9 +37 ▲ 232.5 6.2 -0.7 ▼
Global High Yield non-US-dollar-denominated debt climbed from US$11.3 billion in the first three quarters of 2009 to Barclays Capital 8 10 13,277.0 6.4 +2.7 ▲ 93 22.1 +62 ▲ 214.5 5.7 +1.3 ▲
UBS 9 12 8,871.9 4.2 +2.6 ▲ 61 14.5 +48 ▲ 145.7 3.9 +1.7 ▲
US$35.3 billion in the same period in 2010, an 212.8% increase. RBS 10 9 8,041.7 3.9 0 ▲ 52 12.4 +26 ▲ 131.5 3.5 -0.6 ▼
Top Ten Total 167,337.1 80.1 -3.7 ▼ 2,674.3 71.3 -3.3 ▼
With 65 transactions priced, Industrials ranked as the top sector for Global High Yield debt. Industry Total 209,049.6 100.0 420 +186 3,760.7 100.0
Average Monthly Spread to Benchmark* Global High Yield Debt - US Dollar Denominated (B5) Jan 1 2010 - Sep 30 2010
1,400
1,200
Bank of America Merrill Lynch 1 1 25,261.7 14.5 -2.5 ▼ 174 47.7 +59 ▲ 374.3 11.9 -0.2 ▼
1,000 JP Morgan 2 2 23,596.1 13.6 -3.4 ▼ 144 39.5 +40 ▲ 342.2 10.9 -3.2 ▼
Basis Points
Credit Suisse 3 5 18,640.5 10.7 +2.3 ▲ 86 23.6 +37 ▲ 331.5 10.5 +2.3 ▲
800 Citi 4 3 15,278.6 8.8 -2.3 ▼ 89 24.4 +31 ▲ 248.0 7.9 -1.0 ▼
Goldman Sachs & Co 5 6 14,066.9 8.1 +0.3 ▲ 81 22.2 +34 ▲ 236.7 7.5 +0.8 ▲
600 Deutsche Bank AG 6 4 13,321.1 7.7 -2.4 ▼ 91 24.9 +27 ▲ 213.2 6.8 -2.5 ▼
Morgan Stanley 7 7 12,414.3 7.1 -0.5 ▼ 69 18.9 +32 ▲ 208.3 6.6 -0.9 ▼
400 Barclays Capital 8 9 10,607.9 6.1 +2.5 ▲ 78 21.4 +49 ▲ 175.5 5.6 +1.2 ▲
UBS 9 11 8,716.2 5.0 +3.3 ▲ 61 16.7 +48 ▲ 142.2 4.5 +2.1 ▲
200 Wells Fargo & Co 10 8 7,956.8 4.6 -1.8 ▼ 65 17.8 +9 ▲ 134.7 4.3 -0.9 ▼
Top Ten Total 149,860.1 86.2 -4.5 ▼ 2,406.6 76.5 -2.3 ▼
0 Industry Total 173,749.4 100.0 365 +147 3,152.2 100.0
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*Spreads based on fixed rate issues where spread information is available Industry % Change from Last Quarter 59.9% ▲ 26.7% ▲ 42.4% ▲
Monthly High Yield Volume Global High Yield Debt - Non-US Dollar Denominated (B6) Jan 1 2010 - Sep 30 2010
$40 90 Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
$35 80 Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Proceeds (US$) Deutsche Bank AG 1 1 3,811.7 10.8 -2.5 ▼ 23 36.5 +14 ▲ 61.5 10.1 -1.3 ▼
70
$30 # of Issues BNP Paribas SA 2 3 2,897.7 8.2 -2.1 ▼ 18 28.6 +10 ▲ 47.3 7.8 -1.5 ▼
Proceeds (US$b)
# of Issues
60 Barclays Capital 3 11 2,669.1 7.6 +2.9 ▲ 19 30.2 +17 ▲ 39.0 6.4 +1.4 ▲
$25
RBS 4 2 2,586.2 7.3 -5.6 ▼ 18 28.6 +12 ▲ 46.2 7.6 -4.7 ▼
50
$20 JP Morgan 5 14 2,336.9 6.6 +3.6 ▲ 18 28.6 +13 ▲ 36.0 5.9 +0.8 ▲
40 Citi 6 6 1,890.1 5.4 -2.8 ▼ 15 23.8 +12 ▲ 32.7 5.4 -1.7 ▼
$15 Credit Suisse 7 9 1,856.5 5.3 +0.2 ▲ 12 19.0 +5 ▲ 29.1 4.8 +1.2 ▲
30
Credit Agricole CIB 8 4 1,685.1 4.8 -4.0 ▼ 15 23.8 +11 ▲ 31.4 5.2 -3.6 ▼
$10 Bank of America Merrill Lynch 9 15 1,684.9 4.8 +2.9 ▲ 12 19.0 +10 ▲ 23.8 3.9 +2.0 ▲
20
Goldman Sachs & Co 10 10 1,582.5 4.5 -0.5 ▼ 8 12.7 +5 ▲ 21.0 3.5 -1.0 ▼
$5 10 Top Ten Total 23,000.7 65.3 -7.9 ▼ 368.0 60.6 -8.4 ▼
$0 0 Industry Total 35,300.1 100.0 63 +43 608.5 100.0
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11
Emerging Markets
All International Emerging Market Debt Up 65.8% l Deutsche Bank Top Bank for All International Emerging Market Bonds l EMEA Emerging Market Debt Up 130.5%
All International Emerging Market Bonds (L1) Jan 1 2010 - Sep 30 2010 EMEA Emerging Market Bonds (L2) Jan 1 2010 - Sep 30 2010
Deutsche Bank AG 1 6 17,086.7 11.2 +4.6 ▲ 61 27.1 +45 ▲ 73.3 8.0 +2.3 ▲ Barclays Capital 1 2 5,565.7 12.5 +0.1 ▲ 16 30.8 +10 ▲ 25.2 9.1 +3.7 ▲
JP Morgan 2 1 15,194.9 9.9 -1.7 ▼ 54 24.0 +28 ▲ 84.3 9.2 -2.8 ▼ JP Morgan 2 1 4,802.5 10.8 -7.1 ▼ 15 28.8 +7 ▲ 27.0 9.8 -12.3 ▼
HSBC Holdings PLC 3 4 13,797.2 9.0 -1.9 ▼ 55 24.4 +28 ▲ 66.3 7.2 -2.5 ▼ Citi 3 4 4,796.3 10.8 +0.9 ▲ 15 28.8 +10 ▲ 28.7 10.4 -9.4 ▼
Credit Suisse 4 5 13,630.3 8.9 +1.8 ▲ 44 19.6 +30 ▲ 106.8 11.6 +4.3 ▲ VTB Capital 4 6 3,807.2 8.6 +0.1 ▲ 11 21.2 +8 ▲ 12.6 4.5 -1.1 ▼
Citi 5 3 13,374.8 8.7 -2.2 ▼ 51 22.7 +24 ▲ 79.0 8.6 -2.0 ▼ Credit Suisse 5 3 3,557.5 8.0 -3.7 ▼ 11 21.2 +10 ▲ 28.1 10.1 +1.3 ▲
Barclays Capital 6 2 11,654.5 7.6 -3.6 ▼ 37 16.4 +15 ▲ 51.0 5.5 -4.2 ▼ RBS 6 15 3,106.9 7.0 +5.3 ▲ 14 26.9 +12 ▲ 35.7 12.9 +10.1 ▲
Bank of America Merrill Lynch 7 12 8,790.1 5.7 +3.4 ▲ 43 19.1 +35 ▲ 62.6 6.8 +3.3 ▲ Deutsche Bank AG 7 8 2,725.2 6.1 +1.2 ▲ 7 13.5 +4 ▲ 11.4 4.1 +1.1 ▲
Goldman Sachs & Co 8 7 7,114.2 4.7 -1.0 ▼ 17 7.6 +7 ▲ 30.5 3.3 +0.2 ▲ HSBC Holdings PLC 8 7 2,592.4 5.8 -1.0 ▼ 7 13.5 +3 ▲ 14.6 5.3 -2.9 ▼
Morgan Stanley 9 9 6,464.3 4.2 -0.3 ▼ 23 10.2 +12 ▲ 39.5 4.3 -3.0 ▼ UBS 9 - 2,192.5 4.9 +4.9 ▲ 9 17.3 +9 ▲ 23.7 8.6 +8.6 ▲
RBS 10 14 5,333.5 3.5 +1.6 ▲ 24 10.7 +17 ▲ 53.9 5.9 +4.3 ▲ BNP Paribas SA 10 5 1,979.1 4.5 -4.5 ▼ 9 17.3 +4 ▲ 12.8 4.6 -0.5 ▼
Top Ten Total 112,440.5 73.4 +0.7 ▲ 647.2 70.4 -0.1 ▼ Top Ten Total 35,125.3 79.0 -3.8 ▼ 219.8 79.4 -1.4 ▼
Industry Total 153,105.6 100.0 225 +110 921.4 100.0 Industry Total 44,441.9 100.0 52 +30 276.7 100.0
% Change from Same Period Last Year 65.8% ▲ 95.7% ▲ 86.2% ▲ % Change from Same Period Last Year 130.5% ▲ 136.4% ▲ 201.4% ▲
% Change from Last Quarter 67.2% ▲ 72.7% ▲ 33.0% ▲ % Change from Last Quarter 23.6% ▲ 92.3% ▲ 9.1% ▲
Latin America Emerging Market Bonds (L3) Jan 1 2010 - Sep 30 2010 Asia-Pacific Emerging Market Bonds (L4) Jan 1 2010 - Sep 30 2010
Deutsche Bank AG 1 8 10,150.8 14.2 +8.4 ▲ 32 27.1 +27 ▲ 44.2 9.5 +3.9 ▲ Citi 1 2 2,613.8 13.7 -1.4 ▼ 15 41.7 +12 ▲ 10.1 10.2 -0.7 ▼
JP Morgan 2 1 8,932.5 12.5 -3.5 ▼ 32 27.1 +17 ▲ 51.6 11.1 -4.3 ▼ HSBC Holdings PLC 2 7 2,596.8 13.6 +5.7 ▲ 15 41.7 +12 ▲ 11.5 11.6 -2.2 ▼
Credit Suisse 3 5 7,705.5 10.8 +3.0 ▲ 24 20.3 +15 ▲ 59.7 12.8 +3.4 ▲ Deutsche Bank AG 3 6 2,461.4 12.9 +3.6 ▲ 16 44.4 +12 ▲ 11.4 11.5 +0.1 ▲
Bank of America Merrill Lynch 4 11 6,901.4 9.7 +5.9 ▲ 34 28.8 +27 ▲ 49.1 10.5 +3.7 ▲ Barclays Capital 4 1 2,146.3 11.3 -6.3 ▼ 10 27.8 +6 ▲ 11.6 11.7 -6.7 ▼
HSBC Holdings PLC 5 2 6,877.2 9.6 -4.3 ▼ 27 22.9 +15 ▲ 34.1 7.3 +1.0 ▲ Credit Suisse 5 8 1,534.7 8.1 +2.5 ▲ 7 19.4 +5 ▲ 16.6 16.7 +12.5 ▲
Citi 6 4 5,333.8 7.5 -0.7 ▼ 18 15.3 +5 ▲ 33.5 7.2 0 - UBS 6 3 1,324.8 7.0 -7.1 ▼ 7 19.4 +5 ▲ 3.6 3.7 -9.4 ▼
Goldman Sachs & Co 7 7 4,421.5 6.2 -0.4 ▼ 9 7.6 +4 ▲ 22.0 4.7 +0.8 ▲ RBS 7 - 1,048.2 5.5 +5.5 ▲ 6 16.7 +6 ▲ 6.2 6.2 +6.2 ▲
Santander 8 6 3,237.4 4.5 -3.2 ▼ 19 16.1 +7 ▲ 38.1 8.2 0 - Bank of America Merrill Lynch 8 - 749.5 3.9 +3.9 ▲ 4 11.1 +4 ▲ 4.3 4.4 +4.4 ▲
Itau Unibanco 9 12 3,144.3 4.4 +1.7 ▲ 18 15.3 +13 ▲ 28.8 6.2 +1.3 ▲ Standard Chartered PLC 9 9 628.0 3.3 +0.7 ▲ 6 16.7 +3 ▲ 4.0 4.1 0 -
Morgan Stanley 10 10 2,435.4 3.4 -0.7 ▼ 11 9.3 +4 ▲ 25.2 5.4 -2.4 ▼ Morgan Stanley 10 4 602.8 3.2 -10.6 ▼ 4 11.1 +2 ▲ 2.4 2.4 -12.9 ▼
Top Ten Total 59,139.8 82.8 +6.2 ▲ 386.3 82.9 +7.4 ▲ Top Ten Total 15,706.3 82.5 -3.5 ▼ 81.7 82.5 -8.7 ▼
Industry Total 71,304.3 100.0 118 +60 466.6 100.0 Industry Total 19,048.2 100.0 36 0 99.1 100.0
% Change from Same Period Last Year 101.2% ▲ 103.4% ▲ 100.5% ▲ % Change from Same Period Last Year 44.0% ▲ 200.0% ▲ 6.7% ▲
% Change from Last Quarter 68.2% ▲ 65.5% ▲ 43.4% ▲ % Change from Last Quarter 505.0% ▲ 114.3% ▲ 164.6% ▲
Middle East Emerging Market Bonds (L5) Jan 1 2010 - Sep 30 2010 All International Emerging Market Bonds by Industry Jan 1 2010 - Sep 30 2010
32%
Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch. 38%
Standard Chartered PLC 1 9 1,912.0 10.1 +5.2 ▲ 8 38.1 +2 ▲ 9.9 12.4 +7.3 ▲
HSBC Holdings PLC 3 2 1,870.5 9.8 -1.6 ▼ 8 38.1 0 - 6.2 7.8 -8.7 ▼ 8%
Deutsche Bank AG 4 6 1,819.0 9.6 +1.8 ▲ 7 33.3 +3 ▲ 6.4 8.0 +5.9 ▲ 1% 2% 2% 3% 7% 7%
Goldman Sachs & Co 5 4 1,661.9 8.7 -1.5 ▼ 4 19.0 0 - 5.4 6.7 +1.8 ▲
Morgan Stanley 6 14* 1,644.4 8.7 +7.5 ▲ 4 19.0 +3 ▲ 3.0 3.8 +2.6 ▲
JP Morgan 7 7 1,169.2 6.2 -0.1 ▼ 5 23.8 +2 ▲ 3.6 4.5 +0.4 ▲
BNP Paribas SA 8 3 1,042.9 5.5 -5.4 ▼ 4 19.0 -4 ▼ 3.2 4.1 -4.5 ▼
RBS 9 8 1,018.3 5.4 -0.3 ▼ 3 14.3 -1 ▼ 7.8 9.8 +2.8 ▲
Credit Suisse 10 12 832.6 4.4 +1.1 ▲ 2 9.5 0 - 2.4 3.1 +0.4 ▲
Top Ten Total 14,875.8 78.4 +8.6 ▲ 53.8 67.6 +9.8 ▲
Industry Total 19,009.5 100.0 21 0 79.7 100.0 Government and Agencies Financials Telecommunications
Energy and Power Materials Industrials
% Change from Same Period Last Year -22.1% ▼ -12.5% ▼ 2.7% ▲
Consumer Staples Healthcare Real Estate
% Change from Last Quarter 68.8% ▲ 33.3% ▲ -2.2% ▼
*tie
12
Asia Debt
Asian G3 Debt Proceeds - Record High l Chinese Yuan - Top Currency | Asian Currency Bond - Highest Quarterly Volume
Asia Deals Intelligence Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2) Jan 1 2010 - Sep 30 2010
Asian G3 currency bonds (US$, Euro, Yen) reached a record volume of US$60 billion from 152 deals for the first
three quarters of 2010, a 26.4% increase over the US$47.5 billion raised in the comparable period last year. The US
dollar remains the choice G3 currency in Asia, with total offerings of US$59 billion.
HSBC Holdings PLC 1 2 5,569.7 9.3 -3.8 ▼ 35 23.0 +16 ▲ 26.3 8.7 -6.8 ▼
Asian-currency-denominated debt volumes increased by 3.3% to US$273.6 billion this year, from US$264.8 billion Deutsche Bank AG 2 1 5,448.0 9.1 -5.6 ▼ 32 21.1 +5 ▲ 30.1 9.9 -5.0 ▼
raised in the first three quarters of 2009. Chinese yuan bonds captured 45.6% of the market, with US$124.6 billion UBS 3 8 5,427.0 9.1 +4.1 ▲ 28 18.4 +23 ▲ 17.4 5.7 -0.8 ▼
worth of issuance. Citi 4 4 4,871.4 8.1 -1.7 ▼ 35 23.0 +22 ▲ 19.4 6.4 -2.5 ▼
JP Morgan 5 6 4,665.4 7.8 +0.8 ▲ 21 13.8 +9 ▲ 27.8 9.1 +0.7 ▲
Morgan Stanley 6 3 4,624.3 7.7 -4.6 ▼ 26 17.1 +9 ▲ 18.7 6.2 -3.7 ▼
Asia G3 Bonds by Currency Proceeds† Jan 1 - Sep 30 Barclays Capital 7 5 4,170.8 7.0 -2.5 ▼ 22 14.5 +11 ▲ 18.4 6.1 -7.3 ▼
Proceeds (US$b)
$60
EURO US$ JpY Goldman Sachs & Co 9 10 2,980.9 5.0 +1.2 ▲ 13 8.6 +5 ▲ 19.7 6.5 +4.6 ▲
$50
Credit Suisse 10 9 2,706.4 4.5 +0.6 ▲ 14 9.2 +6 ▲ 25.3 8.3 +5.1 ▲
$40
Top Ten Total 44,324.3 74.0 -11.1 ▼ 224.1 73.8 -12.9 ▼
$30
Industry Total 59,983.8 100.0 152 +75 303.8 100.0
$20
$10
$0
t
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Includes ADB issuance
Asia (ex Japan, ex-Australia) Bonds by Currency Jan 1 - Sep 30 All Asian Currencies (ex-Japan ex-Australia) (AS1†) Jan 1 2010 - Sep 30 2010
Pakistani Rupee Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Philippine Peso Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Indonesian Rupiah Standard Chartered PLC 1 5 13,892.6 5.1 +0.4 ▲ 286 12.5 +11 ▲ 34.4 4.0 +0.3 ▲
January 1, 2009 - September 30, 2009
Agricultural Bank of China 2 15 12,659.7 4.6 +3.0 ▲ 28 1.2 +22 ▲ 39.8 4.6 +2.7 ▲
Thai Baht
January 1, 2010 - September 30, 2010 Bank Communications (Shanghai) 3 8 11,122.5 4.1 +0.6 ▲ 22 1.0 +1 ▲ 35.3 4.1 -0.1 ▼
Taiwanese Dollar Industrial & Comm Bank China 4 1 11,010.5 4.0 -4.3 ▼ 33 1.4 +6 ▲ 32.7 3.8 -4.7 ▼
Malaysian Ringgit HSBC Holdings PLC 5 4 10,932.8 4.0 -1.3 ▼ 202 8.8 -51 ▼ 24.5 2.8 -1.1 ▼
CITIC 6 3 9,455.5 3.5 -1.9 ▼ 27 1.2 -4 ▼ 32.9 3.8 -1.0 ▼
Hong Kong Dollar China International Capital Co 7 2 9,426.6 3.5 -2.0 ▼ 17 0.7 -6 ▼ 28.0 3.2 -0.3 ▼
Singapore Dollar Bank of China Ltd 8 6 7,408.7 2.7 -1.5 ▼ 17 0.7 -4 ▼ 27.2 3.1 -1.5 ▼
Hana Financial Group Inc 9 36 6,576.0 2.4 +1.7 ▲ 66 2.9 +40 ▲ 12.0 1.4 +0.9 ▲
Indian Rupee
Tong Yang Securities Inc 10 12 5,582.3 2.0 +0.2 ▲ 100 4.4 -3 ▼ 9.9 1.1 -0.2 ▼
Korean Won Top Ten Total 98,067.2 35.9 -5.1 ▼ 276.7 31.9 -5.0 ▼
Industry Total 273,579.3 100.0 2,287 +273 871.8 100.0
Chinese Yuan
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 $120 $130
Proceeds (US$b) Industry % Change from Last Quarter 24.9% ▲ -5.5% ▼ 43.5% ▲
t
Includes CDs and CPs
All Asian Securitized Bonds (ex-Japan ex-Australia) (AZ2) Jan 1 2010 - Sep 30 2010 All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1a†) Jan 1 2010 - Sep 30 2010
Korea Development Bank 1 2 782.4 12.2 -4.6 ▼ 11 23.9 +2 ▲ 1.1 8.9 -4.0 ▼ Standard Chartered PLC 1 2 13,390.6 9.0 -0.3 ▼ 280 14.0 +6 ▲ 32.0 8.3 0 -
KB Financial Group Inc 2 10 611.9 9.6 +6.7 ▲ 8 17.4 +2 ▲ 1.2 9.3 +6.4 ▲ HSBC Holdings PLC 2 1 10,545.8 7.1 -3.2 ▼ 197 9.8 -54 ▼ 23.9 6.2 -2.4 ▼
Hyundai Securities Co Ltd 3 18 535.2 8.4 +7.2 ▲ 5 10.9 +2 ▲ 1.4 10.6 +9.4 ▲ Hana Financial Group Inc 3 20 6,576.0 4.4 +3.1 ▲ 66 3.3 +40 ▲ 12.0 3.1 +1.9 ▲
Daewoo Securities Co Ltd 4 1 499.4 7.8 -12.7 ▼ 7 15.2 -6 ▼ .9 6.9 -13.6 ▼ Tong Yang Securities Inc 4 5 5,582.3 3.8 +0.1 ▲ 100 5.0 -3 ▼ 9.9 2.6 -0.3 ▼
Tong Yang Securities Inc 5 4 489.7 7.7 +0.3 ▲ 11 23.9 -4 ▼ .7 5.4 -2.0 ▼ KB Financial Group Inc 5 4 5,245.8 3.5 -0.5 ▼ 83 4.1 +11 ▲ 11.2 2.9 -0.5 ▼
Shinhan Financial Group Ltd 6 16 407.5 6.4 +5.1 ▲ 6 13.0 0 - .9 7.0 +5.4 ▲ DBS Group Holdings 6 23 4,983.4 3.4 +2.2 ▲ 44 2.2 +20 ▲ 21.7 5.6 +4.1 ▲
Woori Invest & Sec Co Ltd 7 7 369.7 5.8 +1.6 ▲ 4 8.7 -1 ▼ .8 6.1 +1.9 ▲ Axis Bank Ltd 7 13 4,848.3 3.3 +1.4 ▲ 99 4.9 +32 ▲ 10.8 2.8 +0.8 ▲
Standard Chartered PLC 8 3 334.6 5.2 -9.4 ▼ 3 6.5 -9 ▼ .6 5.0 -9.6 ▼ SK Securities Co Ltd 8 - 4,584.9 3.1 +3.1 ▲ 59 2.9 +59 ▲ 8.1 2.1 +2.1 ▲
E Trade Korea Co Ltd 9 21 287.4 4.5 +3.9 ▲ 4 8.7 +2 ▲ .7 5.7 +5.2 ▲ Woori Invest & Sec Co Ltd 9 3 4,483.0 3.0 -2.0 ▼ 64 3.2 -22 ▼ 13.7 3.6 -1.3 ▼
Barclays Capital 10 9 216.1 3.4 +0.5 ▲ 2 4.3 +1 ▲ .4 3.4 +0.5 ▲ Korea Investment Holdings Co 10 9 4,120.3 2.8 0 ▲ 86 4.3 +26 ▲ 10.3 2.7 +0.2 ▲
Top Ten Total 4,533.9 71.0 -1.4 ▼ 8.7 68.3 -0.4 ▼ Top Ten Total 64,360.4 43.4 +3.9 ▲ 153.6 39.9 +4.6 ▲
Industry Total 6,398.7 100.0 46 +1 12.7 100.0 Industry Total 148,944.4 100.0 2,002 +230 384.7 100.0
Industry % Change from Same Period Last Year -2.3% ▼ 2.2% ▲ -3.1% ▼ Industry % Change from Same Period Last Year 11.8% ▲ 13.0% ▲ 18.4% ▲
Industry % Change from Last Quarter -32.8% ▼ -25.0% ▼ -33.3% ▼ Industry % Change from Last Quarter -4.8% ▼ -9.8% ▼ 5.3% ▲
t
* tie Includes CDs and CPs
13 https://www.thomsonone.com
Australia Debt
Australian Domestic Debt Rises l Australian Securitization Volume Up 64.2% | Australian International Issuance Drops
Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a) Jan 1 2010 - Sep 30 2010
Australian dollar bond (excluding self-funded) offerings to date totaled AU$81.8 billion from 148 deals, a 27.5%
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m)
increase over the AU$64.2 billion raised in the first three quarters of 2009. Domestic proceeds of AU$67.7 billion
accounted for 82.7% of the Australian dollar bond market. Bookrunner Rank Rank Proceeds Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Westpac Banking 1 5 12,685.8 15.5 +6.4 ▲ 44 29.7 +18 ▲ 25.9 17.5 +7.8 ▲
Australian international debt in the first nine months of 2010 registered a 33.8% decrease, to US$45.7 billion. ANZ Banking Group 2 4 10,216.2 12.5 +1.4 ▲ 42 28.4 +19 ▲ 19.3 13.0 +1.4 ▲
Commonwealth Bank of Australia 3 2 8,053.4 9.9 -2.4 ▼ 34 23.0 +4 ▲ 14.7 10.0 -3.4 ▼
National Australia Bank 4 3 7,789.1 9.5 -2.4 ▼ 25 16.9 +9 ▲ 15.4 10.4 +0.6 ▲
All Australia Dollar Debt (ex Self-Funded) by Industry Jan 1 2010 - Sep 30 2010 UBS 5 1 7,515.7 9.2 -4.0 ▼ 32 21.6 +9 ▲ 12.6 8.6 -7.2 ▼
RBC Capital Markets 6 7 6,957.0 8.5 +1.2 ▲ 35 23.6 +18 ▲ 8.1 5.5 -1.8 ▼
Government and Agencies Deutsche Bank AG 7 8 6,793.6 8.3 +2.3 ▲ 21 14.2 +13 ▲ 12.9 8.8 +3.7 ▲
TD Securities Inc 8 9 5,614.9 6.9 +2.5 ▲ 30 20.3 +17 ▲ 6.5 4.4 +2.3 ▲
Financials
JP Morgan 9 6 3,819.0 4.7 -3.6 ▼ 11 7.4 -2 ▼ 6.3 4.2 -3.6 ▼
52.6% 0.2% 43.3%
Energy and Power RBS 10 12 2,934.3 3.6 -0.3 ▼ 13 8.8 +5 ▲ 8.9 6.0 +2.5 ▲
0.3% Top Ten Total 72,379.0 88.6 +1.1 ▲ 130.6 88.4 +2.3 ▲
Real Estate
Industry Total 81,801.3 100.0 148 +45 147.9 100.0
0.6%
Industrials
0.9% Industry % Change from Same Period Last Year 27.5% ▲ 43.7% ▲ 4.6% ▲
Consumer Products and Services
2.0%
Healthcare
Australian International Bonds by Currency Jan 1 - Sep 30 All Australian Securitization (ex-CDOs) (AJ4) Jan 1 2010 - Sep 30 2010
Singapore Dollar
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m)
Hong Kong Dollar 2010 2009 Market Market # of Market Change in Manager Market Market
British Pound Westpac Banking 1 3 3,423.4 23.5 +4.5 ▲ 10 43.5 +4 ▲ 6.6 22.9 +3.9 ▲
Canadian Dollar January 1, 2009 - September 30, 2009 National Australia Bank 2 2 2,869.6 19.7 0 ▲ 8 34.8 +1 ▲ 4.7 16.1 -0.8 ▼
Deutsche Bank AG 3 5 2,674.1 18.4 +8.1 ▲ 9 39.1 +5 ▲ 5.9 20.5 +5.4 ▲
Australian Dollar January 1, 2010 - September 30, 2010
Macquarie Group 4 1 2,315.8 15.9 -6.5 ▼ 5 21.7 +2 ▲ 4.6 15.9 -1.2 ▼
Commonwealth Bank of Australia 5 7 922.0 6.3 +3.7 ▲ 4 17.4 +3 ▲ 1.8 6.2 +0.2 ▲
Swiss Franc
ANZ Banking Group 6 6 803.3 5.5 -3.4 ▼ 4 17.4 +1 ▲ 1.6 5.6 -3.3 ▼
Japanese Yen RBS 7 4 583.7 4.0 -6.8 ▼ 2 8.7 0 - 1.8 6.3 -4.5 ▼
Credit Suisse 8 9 534.6 3.7 +1.6 ▲ 3 13.0 +2 ▲ 1.1 3.7 +1.6 ▲
EURO Lloyds Banking Group 9* - 166.7 1.2 +1.2 ▲ 1 4.3 +1 ▲ .3 1.2 +1.2 ▲
U.S. Dollar JP Morgan 9* - 166.7 1.2 +1.2 ▲ 1 4.3 +1 ▲ .3 1.2 +1.2 ▲
Top Ten Total 14,459.9 99.4 +3.6 ▲ 28.7 99.6 +3.7 ▲
Industry Total 14,541.1 100.0 23 +7 28.9 100.0
$0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 $55
Proceeds (US$b) Industry % Change from Same Period Last Year 65.1% ▲ 43.8% ▲ 64.2% ▲
*tie
All Australian International Bonds (AJ7) Jan 1 2010 - Sep 30 2010 Australian dollar Non-Securitized Bonds (ex-self-funded) (AJ6) Jan 1 2010 - Sep 30 2010
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m)
JP Morgan 1 2 5,504.6 12.0 +1.2 ▲ 13 9.2 -3 ▼ 14.1 12.0 +1.7 ▲ ANZ Banking Group 1 3 9,412.9 13.9 +2.4 ▲ 38 30.4 +18 ▲ 17.7 14.8 +2.8 ▲
HSBC Holdings PLC 2 5 4,741.9 10.4 +2.2 ▲ 23 16.3 -8 ▼ 7.9 6.7 +0.8 ▲ Westpac Banking 2 7 9,262.4 13.7 +6.1 ▲ 34 27.2 +14 ▲ 19.3 16.2 +7.8 ▲
Goldman Sachs & Co 3 1 3,498.0 7.7 -3.7 ▼ 7 5.0 -9 ▼ 2.3 2.0 -7.4 ▼ UBS 3 1 7,515.7 11.1 -4.2 ▼ 32 25.6 +9 ▲ 12.6 10.6 -7.4 ▼
Citi 4 4 3,310.8 7.2 -1.9 ▼ 15 10.6 -1 ▼ 7.5 6.4 -2.1 ▼ Commonwealth Bank of Australia 4 2 7,230.9 10.7 -3.1 ▼ 30 24.0 +1 ▲ 13.1 10.9 -3.6 ▼
Bank of America Merrill Lynch 5 3 2,976.2 6.5 -3.4 ▼ 13 9.2 -3 ▼ 5.7 4.9 -5.8 ▼ RBC Capital Markets 5 6 6,957.0 10.3 +1.8 ▲ 35 28.0 +18 ▲ 8.1 6.7 -1.6 ▼
BNP Paribas SA 6 18 2,862.2 6.3 +4.5 ▲ 21 14.9 +12 ▲ 9.1 7.8 +6.2 ▲ TD Securities Inc 6 9 5,614.9 8.3 +3.2 ▲ 30 24.0 +17 ▲ 6.5 5.4 +3.0 ▲
Deutsche Bank AG 7 7 2,524.4 5.5 +0.2 ▲ 10 7.1 -7 ▼ 14.0 11.9 +7.6 ▲ National Australia Bank 7 4 5,019.1 7.4 -3.2 ▼ 17 13.6 +8 ▲ 10.9 9.1 +0.3 ▲
Barclays Capital 8 6 2,414.9 5.3 -2.1 ▼ 14 9.9 -9 ▼ 3.9 3.3 -4.2 ▼ Deutsche Bank AG 8 8 4,119.6 6.1 +0.8 ▲ 12 9.6 +8 ▲ 7.0 5.9 +2.2 ▲
RBC Capital Markets 9 14 1,811.5 4.0 +1.2 ▲ 10 7.1 -2 ▼ 5.7 4.8 +1.9 ▲ JP Morgan 9 5 3,652.3 5.4 -4.3 ▼ 10 8.0 -3 ▼ 5.9 5.0 -3.9 ▼
RBS 10 11 1,748.0 3.8 +0.4 ▲ 12 8.5 -1 ▼ 4.1 3.5 +1.1 ▲ HSBC Holdings PLC 10 12 2,564.3 3.8 +1.1 ▲ 4 3.2 -3 ▼ 2.1 1.7 -1.1 ▼
Top Ten Total 31,392.5 68.7 -1.4 ▼ 74.3 63.3 -0.2 ▼ Top Ten Total 61,349.1 90.7 +0.6 ▲ 103.2 86.3 -1.5 ▼
Industry Total 45,735.8 100.0 141 -36 117.2 100.0 Industry Total 67,658.3 100.0 125 +109 119.6 100.0
Industry % Change from Same Period Last Year -33.8% ▼ -20.3% ▼ -39.2% ▼ Industry % Change from Same Period Last Year 22.2% ▲ 43.7% ▲ -3.4% ▼
Industry % Change from Last Quarter 234.6% ▲ 73.3% ▲ 470.5% ▲ Industry % Change from Last Quarter 62.8% ▲ 59.3% ▲ 49.5% ▲
14
Japan Debt
All Bonds in Yen Down 18.2% l Samurai Favored by European issuers l Mitsubishi UFJ Morgan Stanley #1 Bookrunner
Japan Deals Intelligence All Bonds in Yen (AP5) Jan 1 2010 - Sep 30 2010
The volume of Yen denominated bonds decreased to ￥13.7 trillion in the first nine months of 2010, down 18.2%
Proceeds per Bookrunner (¥m) # of Deals per Bookrunner Imputed Fees (¥m)
from the same period in 2009.
2010 2009 Proceeds Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank ¥mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees ¥mil Sh (%) Share Ch.
Despite the decline of activity in most of the Japanese tables, Samurai totaled ￥1.3 trillion, a 24.7% increase from Mitsubishi UFJ Morgan Stanley 1 - 2,742,574.7 20.0 - - 176 28.1 - - 7,800.6 17.9 - -
the same period last year. Most notable were European issuers, accounting for 62.3% of the total proceeds in the Mizuho Financial Group 2 4 2,714,749.2 19.8 +2.6 ▲ 202 32.3 +11 ▲ 9,035.9 20.8 +2.5 ▲
market. Nomura 3 1 2,547,828.9 18.6 -5.6 ▼ 165 26.4 -16 ▼ 6,863.0 15.8 -1.9 ▼
Daiwa Securities Group Inc 4 3 2,340,179.6 17.1 -3.4 ▼ 152 24.3 -15 ▼ 7,046.5 16.2 -2.9 ▼
Sumitomo Mitsui Finl Grp Inc 5 29 1,376,353.0 10.1 +10.0 ▲ 89 14.2 +88 ▲ 5,574.9 12.8 +12.4 ▲
Corporate Bond Issuance Top Five Industries Jan 1 - Sep 30 Goldman Sachs & Co 6 6 376,670.2 2.8 +1.0 ▲ 30 4.8 +6 ▲ 1,326.9 3.1 0 -
Citi 7 8 220,989.0 1.6 +0.2 ▲ 19 3.0 +10 ▲ 636.1 1.5 +0.6 ▲
JPY 3.5
JPY 3.0 Jan 1, 2009 - September 30, 2009
Credit Suisse 9 15 211,222.7 1.5 +1.2 ▲ 7 1.1 +2 ▲ 442.0 1.0 +0.3 ▲
Proceeds (¥ t)
JPY 2.5 Jan 1, 2010 - September 30, 2010 Bank of America Merrill Lynch 10 10 172,158.8 1.3 0 ▲ 19 3.0 +4 ▲ 899.1 2.1 +0.2 ▲
JPY 2.0 Top Ten Total 12,918,636.6 94.4 +6.8 ▲ 40,151.1 92.4 +11.9 ▲
JPY 1.5 Industry Total 13,683,875.1 100.0 626 +33 43,501.6 100.0
JPY 1.0
JPY 0.5 Industry % Change from Same Period Last Year -18.2% ▼ 5.6% ▲ -23.1% ▼
JPY 0.0 Industry % Change from Last Quarter -3.6% ▼ 5.1% ▲ 3.5% ▲
Financials Industrials Energy and Power High Technology Real Estate
Samurai Bonds (AP1) Jan 1 2010 - Sep 30 2010 Japanese Securitizations (AP2) Jan 1 2010 - Sep 30 2010
Proceeds per Bookrunner (¥mil) # of Deals per Bookrunner Imputed Fees (¥mil) Proceeds per Bookrunner (¥mil) # of Deals per Bookrunner Imputed Fees (¥mil)
2010 2009 Proceeds Market Market # of Market Change in Manager Market Market 2010 2009 Proceeds Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank ¥mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees ¥mil Sh (%) Share Ch. Bookrunner Rank Rank ¥mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees ¥mil Sh (%) Share Ch.
Mizuho Financial Group 1 2 227,575.0 17.1 -1.9 ▼ 26 55.3 +11 ▲ 664.2 20.1 +1.9 ▲ Nomura 1 3 422,400.0 26.4 +10.8 ▲ 5 9.1 0 - 740.6 14.1 +3.7 ▲
Mitsubishi UFJ Morgan Stanley 2 - 217,208.3 16.3 - - 17 36.2 - - 549.5 16.7 - - Mitsubishi UFJ Morgan Stanley 2 - 327,400.0 20.5 - - 6 10.9 - - 577.4 11.0 - -
Daiwa Securities Group Inc 3 3 192,433.3 14.5 -3.1 ▼ 20 42.6 +7 ▲ 460.4 14.0 -3.4 ▼ Mizuho Financial Group 3 4 224,991.0 14.1 +5.6 ▲ 21 38.2 -2 ▼ 1,084.3 20.6 +3.4 ▲
Nomura 4 4 155,233.3 11.7 -3.3 ▼ 16 34.0 +5 ▲ 447.5 13.6 -0.1 ▼ Daiwa Securities Group Inc 4 1 211,000.0 13.2 -16.8 ▼ 5 9.1 -8 ▼ 607.1 11.6 -6.8 ▼
Credit Suisse 5 - 153,700.0 11.6 +11.6 ▲ 4 8.5 +4 ▲ 185.6 5.6 +5.6 ▲ Goldman Sachs & Co 5 - 140,000.0 8.8 +8.8 ▲ 1 1.8 +1 ▲ 273.8 5.2 +3.1 ▲
Barclays Capital 6 6 152,075.0 11.4 +6.5 ▲ 6 12.8 +4 ▲ 224.0 6.8 +4.2 ▲ Sumitomo Trust & Banking 6 5 88,700.0 5.6 -0.6 ▼ 6 10.9 -2 ▼ 348.7 6.6 -0.1 ▼
Citi 7 - 122,200.0 9.2 +9.2 ▲ 10 21.3 +10 ▲ 307.4 9.3 +9.3 ▲ Sumitomo Mitsui Finl Grp Inc 7 13 78,345.6 4.9 +4.4 ▲ 4 7.3 +3 ▲ 540.7 10.3 +9.4 ▲
Bank of America Merrill Lynch 8 - 42,408.3 3.2 +3.2 ▲ 5 10.6 +5 ▲ 123.5 3.7 +3.7 ▲ Deutsche Bank AG 8 8 37,300.0 2.3 +0.3 ▲ 3 5.5 +1 ▲ 336.2 6.4 +1.6 ▲
BNP Paribas SA 9 8 29,766.7 2.2 -0.9 ▼ 4 8.5 +2 ▲ 86.3 2.6 -0.8 ▼ Shinsei Bank 9 - 24,260.0 1.5 +1.5 ▲ 2 3.6 +2 ▲ 101.2 1.9 +1.5 ▲
UBS 10 - 23,500.0 1.8 +1.8 ▲ 6 12.8 +6 ▲ 79.0 2.4 +2.4 ▲ UBS 10 - 8,900.0 0.6 +0.6 ▲ 1 1.8 +1 ▲ 123.7 2.4 +2.1 ▲
Top Ten Total 1,316,099.9 99.0 +23.1 ▲ 3,127.4 94.8 +22.8 ▲ Top Ten Total 1,563,296.6 97.9 +14.6 ▲ 4,733.7 90.1 +17.9 ▲
Industry Total 1,329,600.0 100.0 47 +19 3,299.0 100.0 Industry Total 1,598,244.7 100.0 55 -17 5,252.4 100.0
Industry % Change from Same Period Last Year 24.7% ▲ 67.9% ▲ 15.6% ▲ Industry % Change from Same Period Last Year -20.0% ▼ -23.6% ▼ -26.5% ▼
Industry % Change from Last Quarter 213.2% ▲ 140.0% ▲ 155.2% ▲ Industry % Change from Last Quarter 9.5% ▲ 7.1% ▲ 2.4% ▲
Japanese Corporate Debt (AP3) Jan 1 2010 - Sep 30 2010 Bonds Targeted in Japan (AP4) Jan 1 2010 - Sep 30 2010
Proceeds per Bookrunner (¥mil) # of Deals per Bookrunner Imputed Fees (¥mil) Proceeds per Bookrunner (¥mil) # of Deals per Bookrunner Imputed Fees (¥mil)
2010 2009 Proceeds Market Market # of Market Change in Manager Market Market 2010 2009 Proceeds Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank ¥mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees ¥mil Sh (%) Share Ch. Bookrunner Rank Rank ¥mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees ¥mil Sh (%) Share Ch.
Mizuho Financial Group 1 3 1,696,880.9 24.5 +3.2 ▲ 96 30.3 -2 ▼ 5,669.8 22.5 +1.1 ▲ Mizuho Financial Group 1 4 2,709,749.2 21.1 +2.9 ▲ 201 34.5 +20 ▲ 9,014.7 21.4 +1.5 ▲
Mitsubishi UFJ Morgan Stanley 2 - 1,493,404.9 21.6 - - 81 25.6 - - 4,666.7 18.5 - - Mitsubishi UFJ Morgan Stanley 2 - 2,709,241.4 21.1 - - 175 30.1 - - 7,758.4 18.4 - -
Daiwa Securities Group Inc 3 4 1,369,587.4 19.8 -1.1 ▼ 85 26.8 -3 ▼ 4,707.0 18.7 -1.6 ▼ Nomura 3 1 2,393,309.8 18.6 -7.3 ▼ 154 26.5 -19 ▼ 6,706.9 15.9 -1.5 ▼
Nomura 4 1 1,166,666.7 16.9 -13.6 ▼ 73 23.0 -39 ▼ 3,897.7 15.5 -3.8 ▼ Daiwa Securities Group Inc 4 3 2,251,146.3 17.5 -3.6 ▼ 149 25.6 +3 ▲ 6,832.3 16.2 -2.5 ▼
Sumitomo Mitsui Finl Grp Inc 5 - 1,080,220.6 15.6 +15.6 ▲ 60 18.9 +60 ▲ 4,224.0 16.8 +16.4 ▲ Sumitomo Mitsui Finl Grp Inc 5 21 1,376,353.0 10.7 +10.6 ▲ 89 15.3 +88 ▲ 5,565.2 13.2 +12.8 ▲
Tokai Tokyo Financial Holdings 6 10 28,750.0 0.4 +0.2 ▲ 3 0.9 +2 ▲ 231.2 0.9 +0.5 ▲ Goldman Sachs & Co 6 6 376,670.2 2.9 +0.9 ▲ 30 5.2 +8 ▲ 1,318.0 3.1 -0.4 ▼
Citi 7 - 20,000.0 0.3 +0.3 ▲ 1 0.3 +1 ▲ 197.0 0.8 +0.8 ▲ Barclays Capital 7 9 210,931.8 1.6 +1.0 ▲ 14 2.4 +8 ▲ 525.3 1.2 +0.7 ▲
Deutsche Bank AG 8 11 17,500.0 0.3 +0.2 ▲ 3 0.9 +2 ▲ 100.4 0.4 +0.1 ▲ Credit Suisse 8 13 167,022.7 1.3 +0.9 ▲ 6 1.0 +1 ▲ 419.9 1.0 +0.2 ▲
Bank of America Merrill Lynch 9 7 13,500.0 0.2 -0.3 ▼ 2 0.6 -2 ▼ 270.1 1.1 +0.1 ▲ Citi 9 23 143,916.7 1.1 +1.1 ▲ 13 2.2 +12 ▲ 510.3 1.2 +1.2 ▲
Barclays Capital 10 8 12,200.0 0.2 -0.1 ▼ 2 0.6 0 - 107.0 0.4 0 - Bank of America Merrill Lynch 10 11 117,958.8 0.9 +0.5 ▲ 17 2.9 +9 ▲ 858.1 2.0 +0.6 ▲
Top Ten Total 6,898,710.5 99.8 +4.4 ▲ 24,070.9 95.6 +13.6 ▲ Top Ten Total 12,456,299.9 96.8 +7.0 ▲ 39,509.1 93.6 +12.6 ▲
Industry Total 6,919,710.5 100.0 317 +22 25,214.4 100.0 Industry Total 12,852,343.6 100.0 582 +66 42,210.1 100.0
Industry % Change from Same Period Last Year -25.6% ▼ 7.5% ▲ -23.3% ▼ Industry % Change from Same Period Last Year -12.5% ▼ 12.8% ▲ -15.4% ▼
Industry % Change from Last Quarter -13.7% ▼ -1.7% ▼ -0.6% ▼ Industry % Change from Last Quarter 3.3% ▲ 8.2% ▲ 8.2% ▲
*tie
15
Ranking Criteria Summary
- Database coverage includes all US public, Euro public and Rule 144a fee eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bonds
If you would like to participate in the and preferred stock) as well as MBS, ABS & Taxable Munis.
submission process, receive quarterly
press releases, or have questions about our
- Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency
full league table criteria please contact:
transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not
included in league tables for the current calendar year.
United States
Salvatore Reres
Tel: +1 646 223 8455 - All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EST on September
E-mail: salvatore.reres@thomsonreuters.com 30, 2010.
Europe
Ian Willmott - Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to
Tel: +44 207 542 4376 the US dollar equivalent at the time of announcement.
E-mail: ian.willmott@thomsonreuters.com
Asia-Pacific - Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require a
Michelle Abuzo minimum life of more than 360 days. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.
Tel: +632 858 7201
E-mail: michelle.abuzo@thomsonreuters.com
- US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign,
Japan Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.
Catherina Guinto-Roldan
Tel: +813 5218 6591
E-mail: catherina.guinto@thomsonreuters.com - Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is
allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.
- League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1)
Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables
Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any
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3Q10 Debt Capital Markets Review

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3Q10 Debt Capital Markets Review

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DEBT CAPITAL MARKETS REVIEW

First Nine Months 2010

Debt Capital Markets Review

Global Debt International Debt Australia Debt

Global Deals Intelligence 1 EMEA Deals Intelligence 10 Australia Deals Intelligence 14

US Debt Latin America Emerging Market Bonds (L3) 12 Criteria Summary

US Asset-Backed Securities (F14) 8 Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2) 13

DEBT CAPITAL MARKETS REVIEW

Global Deals Intelligence Global High Yield Corporate Debt- Quarterly

Global Scorecard Global Debt (B1) Jan 1 2010 - Sep 30 2010

Banking Composite: Global Debt

Global Debt Rankings* - Last Ten Years

Bank of America Merrill Lynch

Goldman Sachs & Co

* League Table positions reflect consolidation within the banking sector

US Corporate Investment Grade Coupon Spreads

Average Basis Point Spread

372.2bps in 2009 to 166.4bps for the first three quarters of 2010.

*Excludes financial arms of sovereign states and floating rate issuance.

Banking Composite: US DCM

Healthcare High Technology Industrials Healthcare High Technology Industrials

Retail Consumer Staples Telecommunications Retail Consumer Staples Telecommunications

Industry % Change from Last Quarter -23.8% ▼ -35.7% ▼ -20.1% ▼

High Yield Debt

Financials Industrials Energy and Power High Technology Real Estate

Ranking Criteria Summary

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Thomson ONE for Investment Banking

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Thomson Reuters Deals Content is the most

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