IFR Top 250 league tables

IFR Top 250 Borrowers Report 2011

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Top 50 bond issuers
	Borrower	Number of deals	Amount (US$m)
1	Fannie Mae	36	110,050.40
2	KfW Bankengruppe	157	94,584.60
3	European Investment Bank	222	83,942.90
4	Federal Home Loan Mortgage	30	79,320.20
5	Banco Santander	51	63,443.10
6	Lloyds Banking Group	53	57,681.20
7	Rabobank	111	34,020.40
8	Royal Bank of Scotland	30	33,767.40
9	Groupe BPCE	59	33,094.70
10	Federal Home Loan Banks	38	31,997.10
11	General Electric	37	31,697.00
12	Canada Mortgage and Housing	8	29,730.60
13	Credit Agricole	46	28,607.70
14	World Bank	102	27,769.50
15	BNP Paribas	37	26,760.90
16	HSBC	18	24,716.90
17	ABN AMRO Bank	26	24,336.00
18	Italian Republic	9	22,878.70
19	ING	25	22,862.80
20	Intesa SanPaolo	19	22,497.60
21	Societe Generale	24	22,350.30
22	Nordea Bank	26	21,942.90
23	European Union	4	14,730.60
24	Morgan Stanley	17	18,668.50
25	UniCredit	24	17,757.70
26	Barclays	18	17,483.20
27	National Australia Bank	46	16,825.40
28	JPMorgan Chase	13	16,815.30
29	Kingdom of Belgium	5	15,606.30
30	BBVA	10	16,232.70
31	Republic of Finland	8	15,970.70
32	Bank of America	13	15,745.50
33	DnB NOR	18	14,119.70
34	Wal-Mart Stores	6	14,046.90
35	Caisse de Refinancement de l'Habitat	17	13,857.30
36	Goldman Sachs	8	13,156.70
37	Porsche Automobil	23	12,747.10
38	Landwirtschaftliche Rentenbank	41	12,701.00
39	ANZ Banking	44	12,129.10
40	Asian Development Bank	24	11,518.70
41	Bank of Nova Scotia	8	11,281.50
42	BP	4	11,134.30
43	Credit Mutuel	17	10,653.50
44	Swedbank	19	9,845.30
45	Credit Suisse	11	9,537.00
46	Toyota Motor	34	9,517.60
47	Unione di Banche Italiane	8	9,408.40
48	Landesbank Baden-Wuerttemberg	13	9,320.50
49	Banque Federative du Credit Mutuel	8	9,295.20
50	Commerzbank	14	8,966.60
	Market total	1,639	1,297,125.20
Source: Thomson Reuters

Top 50 loan borrowers
	Borrower	Number of issues	Amount (US$m)
1	BHP Billiton	2	49,000.00
2	AT&T	2	28,000.00
3	Sanofi-Aventis	2	23,838.40
4	Texas Competitive Electric	1	22,296.00
5	General Electric	1	20,917.50
6	CADES	1	16,570.00
7	Caterpillar Tractor	2	14,205.00
8	Toyota Motor Credit	1	13,000.00
9	PPL	2	12,273.00
10	Glencore International	3	11,710.00
11	GDF Suez	2	11,273.60
12	Wal-Mart Stores	1	11,225.00
13	ArcelorMittal	3	10,500.00
14	Telefonica de Espana	1	10,392.30
15	Johnson & Johnson	1	10,000.00
16	Daimler	1	9,767.00
17	Rank	3	9,685.00
18	DuPont	2	9,500.00
19	Vodafone	2	9,041.40
20	Air Products & Chemicals	2	8,724.00
21	Continental	1	8,449.50
22	E ON	1	8,371.70
23	France Telecom	1	8,238.40
24	Vitol	3	7,143.00
25	JOGMEC	3	7,125.90
26	Sumitomo	5	7,085.90
27	Mitsubishi	7	6,947.70
28	Nestle	1	6,888.00
29	Universal Health Services	2	6,777.50
30	AP Moller	1	6,750.00
31	Univision Communications	2	6,749.00
32	INEOS	1	6,718.00
33	Depository Trust	1	6,537.00
34	Petrohawk Energy	3	6,500.00
35	First Data	1	6,497.80
36	Verizon Communications	1	6,200.00
37	FH Tomkins	3	6,173.30
38	American Honda Finance	1	6,000.00
39	Rio Tinto	1	6,000.00
40	Sony	1	5,908.50
41	Reyal Urbis	1	5,882.40
42	Jubail Petrochemical Plant	1	5,775.00
43	Tata Steel	1	5,729.50
44	CCMSA	1	5,609.00
45	Wind Telecomunicazioni	1	5,554.80
46	Veolia Environnement	3	5,542.50
47	UNEDIC	2	5,529.20
48	Fiat Industrial	1	5,508.20
49	EDF	1	5,449.60
50	SAP	2	5,441.90
	Market total	7,677	3,210,967.10
Source: Thomson Reuters

Top 50 most frequent borrowers
	Borrower	Number of issues	Amount (US$m)
1	European Investment Bank	222	83,943.10
2	KfW Bankengruppe	157	94,584.60
3	Rabobank	111	34,020.40
4	World Bank	102	27,769.50
5	Bank Nederlandse Gemeenten	69	18,954.90
6	Kommunalbanken	66	6,107.90
7	Groupe BPCE	60	33,258.40
8	Banco Santander	55	64,042.60
9	Lloyds Banking Group	53	57,681.20
10	Nordrhein-Westfalen	49	21,202.40
11	Credit Agricole	47	28,621.80
12	National Australia Bank	46	16,825.40
13	General Electric	44	53,734.30
13	ANZ Banking	44	12,129.10
15	Landwirtschaftliche Rentenbank	41	12,701.00
16	BNP Paribas	40	27,841.30
17	Instituto de Credito Oficial	38	28,099.40
18	Federal Home Loan Banks	37	30,997.10
18	Toyota Motor	37	22,927.90
20	Fannie Mae	36	110,050.40
21	ERBD	33	4,887.00
22	CADES	32	53,120.20
22	Royal Bank of Scotland	32	35,571.80
22	Commonwealth Bank of Australia	32	6,090.70
25	Freddie Mac	30	79,320.20
25	Export-Import Bank of Korea	30	5,534.30
27	UniCredit	27	20,618.60
28	ING	26	25,362.70
28	ABN AMRO Bank	26	24,336.00
28	Nordea Bank	26	21,942.90
31	NRW.Bank	25	16,312.90
31	Nederlandse Waterschapsbank	25	8,137.30
33	Societe Generale	24	22,350.30
33	Porsche Automobil	24	14,946.90
33	Asian Development Bank	24	11,518.70
36	Westpac Banking	23	7,529.70
37	Carlyle	22	12,411.80
37	Berlin	22	7,258.20
39	HSBC	21	33,045.90
39	Kommuninvest I Sverige	21	8,231.70
41	Morgan Stanley	19	19,068.50
41	JP Morgan Chase	19	17,883.30
41	Province of Ontario	19	14,762.20
41	Swedbank	19	9,845.80
45	Intesa SanPaolo	18	20,889.10
45	DnB NOR	18	14,119.70
=45	Staatskanzlei Rheinland-Pfalz	18	10,920.20
=45	Inter American Development Bank	18	6,456.40
49	Barclays	17	15,700.00
49	Caisse de Refinancement de l'Habitat	17	13,857.30
49	Credit Mutuel	17	10,653.50
49	Nordic Investment Bank	17	4,625.00
Source: Thomson Reuters

Top 50 global corporate borrowers – loans and bonds
	Borrower	No of issues	Amount (US$m)
1	General Electric	42	53,367.20
2	BHP Billiton	2	49,000.00
3	AT&T	4	33,239.00
4	Sanofi-Aventis	3	29,809.20
5	Wal-Mart Stores	7	25,271.90
6	Energy Future Holdings	4	24,855.20
7	Toyota Motor	35	22,517.60
8	PPL	7	18,591.70
9	ArcelorMittal	8	18,208.70
10	BP	7	17,884.30
11	Caterpillar Tractor	8	16,287.60
12	GDF Suez	6	15,899.80
13	Peugeot	12	15,112.60
14	Vodafone	6	14,626.90
15	Telefonica de Espana	6	14,379.40
16	E ON	11	13,834.70
17	DuPont	4	13,484.80
18	Glencore	7	13,407.60
19	EDF	8	13,195.40
20	Carlyle	23	13,176.80
21	France Telecom	8	12,430.00
22	Continental	4	12,335.10
23	Fiat	5	12,185.70
24	Porsche Automobil	16	12,126.20
25	Marathon Oil	3	11,988.90
26	Johnson & Johnson	2	11,079.00
27	Weather Investments II	3	10,967.40
28	BC Partners	9	10,592.70
29	Daimler	4	10,288.40
30	Honda Motor	6	10,050.40
31	Time Warner	3	9,972.20
32	Verizon Communications	2	9,914.00
33	Rank	3	9,685.00
34	Hewlett-Packard	3	9,495.00
35	Mitsubishi	10	9,027.90
36	Umbrella Holdings	6	8,919.50
37	OAO Gazprom	9	8,745.40
38	Air Products & Chemicals	2	8,724.00
39	Calpine	7	8,390.60
40	Rio Tinto	4	8,211.60
41	Anadarko Petroleum	5	8,100.00
42	Rheinisch-Westfaelisches	3	8,085.00
43	Sumitomo	10	8,062.70
44	Dow Chemical	5	7,974.10
45	Petrohawk Energy	5	7,732.50
46	INEOS	2	7,672.50
47	Nestle	5	7,540.90
48	Blackstone	9	7,507.30
49	DirecTv	3	7,478.80
50	Hidroelectrica Iberica	8	7,425.40
	Market total	7,511	3,499,230.80
Source: Thomson Reuters

Top 50 global corporate debt bookrunners – loans and bonds
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	1,082	357,885.00
2	BofA Merrill Lynch	1,389	329,121.30
3	Citigroup	656	211,201.60
4	Barclays Capital	557	140,602.40
5	BNP Paribas	581	138,479.70
6	Deutsche Bank	568	135,363.70
7	Wells Fargo	680	123,094.20
8	RBS	500	107,415.00
9	Credit Suisse	396	106,067.10
10	Mitsubishi UFJ	660	103,812.70
11	Goldman Sachs	302	85,037.50
12	Mizuho	468	82,943.70
13	HSBC	326	78,136.40
14	Morgan Stanley	310	74,799.30
15	Societe Generale	276	62,486.60
16	Credit Agricole	309	60,746.80
17	Sumitomo Mitsui	425	59,955.30
18	UBS	240	46,811.30
19	RBC	209	44,072.10
20	State Bank of India	78	35,772.00
21	ING	186	31,632.90
22	UniCredit	133	29,712.40
23	Santander	119	26,307.10
24	TD Securities	92	26,097.60
25	Natixis	137	26,008.00
26	Commerzbank	118	23,438.80
27	SunTrust Banks	175	22,710.60
28	Scotia Capital	116	21,561.40
29	General Electric	203	20,802.30
30	PNC Financial Services	204	20,426.80
31	Rabobank	99	18,698.70
32	BMO Capital Markets	140	18,212.60
33	BBVA	98	18,174.60
34	US Bancorp	135	17,193.10
35	CIBC World Markets	77	15,429.10
36	Intesa SanPaolo	62	14,877.90
37	Bank of China	29	14,729.30
38	Standard Chartered	94	13,951.60
39	Lloyds Banking Group	67	12,668.30
40	Nordea	49	11,930.50
41	IDBI Bank	23	10,248.20
42	Axis Bank	38	9,559.10
43	KeyBanc Capital Markets	68	9,382.90
44	Jefferies	70	9,177.40
45	SEB Enskilda	39	9,171.30
46	DnB NOR Bank	54	8,928.40
47	ANZ Banking	44	8,663.50
48	WestLB	46	6,865.80
49	DBS	54	6,457.70
50	Danske Markets	29	6,160.90
	Market total	6,705	3,094,726.50
Source: Thomson Reuters

Top 50 European corporate debt bookrunners – loans and bonds
	Bookrunners	No of deals	Amount (US$m)
1	BNP Paribas	339	72,482.70
2	Deutsche Bank	210	52,149.00
3	RBS	216	50,569.20
4	JP Morgan	141	49,973.70
5	Societe Generale	205	49,142.00
6	Credit Agricole	189	44,148.30
7	Citigroup	155	40,733.40
8	HSBC	163	37,719.80
9	Barclays Capital	148	37,455.70
10	BofA Merrill Lynch	120	33,105.40
11	UniCredit	115	27,369.80
12	ING	134	25,313.10
13	Credit Suisse	80	24,347.00
14	Natixis	112	22,076.30
15	Commerzbank	108	20,918.30
16	Santander	87	19,047.70
17	Goldman Sachs	60	16,593.20
18	Morgan Stanley	63	16,499.30
19	Mitsubishi UFJ	60	16,105.20
20	BBVA	69	14,360.20
21	Intesa SanPaolo	50	12,549.20
22	Lloyds Banking Group	57	11,487.50
23	Nordea	43	11,058.50
24	UBS	47	10,074.30
25	SEB Enskilda	34	8,424.30
26	Rabobank	48	8,249.30
27	Mizuho	33	8,007.00
28	Sumitomo Mitsui	28	6,105.30
29	Danske Markets	26	5,604.20
30	Bayerische Landesbank Giro	26	5,210.70
31	WestLB	29	4,863.20
32	DnB NOR Bank	31	4,780.50
33	Standard Chartered	20	4,465.10
34	Credit Mutuel	25	4,440.90
35	LBW	22	4,422.30
36	Mediobanca	19	3,850.70
37	Wells Fargo	15	3,847.50
38	KBC	23	3,675.70
39	Nomura	12	3,243.60
40	RBC	16	3,171.70
41	Handelsbanken	16	3,007.10
42	La Caixa	12	2,853.80
43	DZ Bank	14	2,705.90
44	Caja Madrid	15	2,217.60
45	Infrastructure Dev Finance	3	2,051.80
46	Raiffeisen Zentralbank	10	1,687.30
47	TD Securities	10	1,596.20
48	IDBI Bank	3	1,578.40
49	DBS	9	1,499.00
50	ABN AMRO Bank	11	1,480.70
	Market total	1,017	850,625.80
Source: Thomson Reuters

Top 50 global corporate investment-grade borrowers – loans and bonds
	Issuer/borrower	No of deals	Amount (US$m)
1	General Electric	37	52,347.40
2	BHP Billiton	2	49,000.00
3	AT&T	4	33,239.00
4	Sanofi-Aventis	3	29,809.20
5	Wal-Mart Stores	7	25,271.90
6	Toyota Motor	35	22,517.60
7	PPL	7	18,591.70
8	BP	7	17,884.30
9	ArcelorMittal	6	17,358.70
10	Caterpillar Tractor	7	16,217.60
11	GDF Suez	6	15,899.80
12	Telefonica de Espana	6	14,379.40
13	E ON	11	13,834.70
14	DuPont	4	13,484.80
15	Glencore	7	13,407.60
16	Peugeot	11	12,957.40
17	Vodafone	4	12,755.40
18	France Telecom	8	12,430.00
19	Marathon Oil	3	11,988.90
20	EDF	7	11,361.00
21	Johnson & Johnson	2	11,079.00
22	Porsche Automobil	15	10,802.00
23	Honda Motor	6	10,050.40
24	Daimler	3	10,047.00
25	Time Warner	3	9,972.20
26	Verizon Communications	2	9,914.00
27	Hewlett-Packard	3	9,495.00
28	Air Products & Chemicals	2	8,724.00
29	Rio Tinto	2	7,991.60
30	Mitsubishi	9	7,940.70
31	Anadarko Petroleum	3	7,750.00
32	Nestle	5	7,540.90
33	Rheinisch-Westfaelisches	2	7,528.00
34	DirecTv	3	7,478.80
35	The Dow Chemical	4	7,174.10
36	Sumitomo	5	7,085.90
37	Hidroelectrica Iberica	7	7,016.70
38	SAP	3	7,009.00
39	Microsoft	2	6,959.60
40	AP Moller	1	6,750.00
41	Abbott Laboratories	2	6,744.10
42	Renault	9	6,524.20
43	Cargill	3	6,272.00
44	Veolia Environnement	4	6,259.10
45	StatoilHydro	3	6,107.20
46	Petrobras	1	5,979.50
47	Sony	1	5,908.50
48	Time Warner Cable	2	5,871.60
49	Exelon	2	5,800.00
50	Jubail Petrochemical Plant	1	5,775.00
	Market total	2,484	1,816,632.20
Source: Thomson Reuters

Top 50 global corporate investment-grade debt bookrunners – loans and bonds
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	547	219,318.60
2	BofA Merrill Lynch	635	187,615.70
3	Citigroup	357	149,864.70
4	BNP Paribas	285	82,526.20
5	Barclays Capital	246	72,141.90
6	Wells Fargo	321	69,127.70
7	RBS	275	68,837.40
8	Deutsche Bank	231	60,639.30
9	Mitsubishi UFJ	172	54,427.80
10	HSBC	197	50,627.50
11	Societe Generale	146	38,237.20
12	Mizuho	112	36,302.40
13	Morgan Stanley	138	36,221.50
14	Goldman Sachs	103	34,209.80
15	Credit Suisse	106	32,073.50
16	Sumitomo Mitsui	62	27,625.60
17	Credit Agricole	135	25,473.20
18	RBC	64	22,653.10
19	UBS	87	20,861.30
20	Santander	76	18,693.70
21	UniCredit	69	15,486.50
22	ING	77	15,091.20
23	Natixis	66	14,445.80
24	TD Securities	41	13,840.70
25	BBVA	63	13,157.30
26	Commerzbank	50	12,139.90
27	Intesa SanPaolo	43	10,779.20
28	US Bancorp	62	10,621.90
29	Rabobank	49	10,567.60
30	SunTrust Banks	64	9,942.80
31	Scotia Capital	42	9,173.60
32	Standard Chartered	56	8,442.30
33	Lloyds Banking Group	27	6,179.10
34	BMO Capital Markets	36	5,910.40
35	ANZ Banking	27	5,833.40
36	KeyBanc Capital Markets	26	4,539.90
37	DBS	39	4,406.70
38	CIBC World Markets	18	4,373.60
39	Taiwan Cooperative Bank	78	3,785.90
40	PNC Financial Services	27	3,722.50
41	Nordea	16	3,705.00
42	Bayerische Landesbank Giro	17	3,672.00
43	National Australia Bank	11	3,455.90
44	DnB NOR Bank	16	3,290.60
45	Daiwa Securities	19	3,200.40
46	SEB Enskilda	18	3,100.00
47	Mega Financial	78	3,085.90
48	Land Bank of Taiwan	78	2,914.00
49	WestLB	17	2,787.20
50	Danske Markets	15	2,667.00
	Market total	2,256	1,607,025.30
Source: Thomson Reuters

Top 50 international corporate bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	451	103,700.70
2	BofA Merrill Lynch	461	87,909.20
3	Citigroup	315	75,786.40
4	Deutsche Bank	362	73,124.60
5	Barclays Capital	311	60,645.10
6	Goldman Sachs	222	54,427.40
7	Credit Suisse	256	53,311.40
8	Morgan Stanley	236	48,805.40
9	RBS	227	43,129.70
10	BNP Paribas	213	42,192.10
11	HSBC	149	35,000.00
12	UBS	169	32,161.10
13	Wells Fargo	153	24,847.50
14	Credit Agricole	88	14,549.80
15	Societe Generale	77	14,445.00
16	Santander	45	9,904.40
17	RBC	80	9,588.30
18	UniCredit	44	8,499.90
19	ING	46	8,148.20
20	Natixis	35	7,134.00
21	Jefferies	46	5,847.00
22	Standard Chartered	40	5,766.00
23	Mitsubishi UFJ	25	5,164.00
24	BBVA	25	4,903.10
25	Mizuho	27	4,478.50
26	Intesa SanPaolo	18	4,188.80
27	Scotia Capital	35	4,124.60
28	TD Securities	30	3,714.60
29	Daiwa Securities	20	3,322.70
30	BMO Capital Markets	32	3,064.90
31	Nomura	17	3,034.50
32	Commerzbank	18	2,946.60
33	Itau Unibanco	14	2,916.70
34	Lloyds Banking Group	14	2,600.90
35	SEB Enskilda	14	2,570.90
36	SunTrust Banks	21	1,982.40
37	Mediobanca	10	1,832.50
38	Bank of China	11	1,630.10
39	Nordea	9	1,472.70
40	Banco BTG Pactual	4	1,371.80
41	CIBC World Markets	12	1,370.80
42	Danske Markets	10	1,327.30
43	Rabobank	5	1,254.00
44	Daewoo Securities	13	1,164.20
45	US Bancorp	8	1,069.40
46	BayernLB	6	1,065.00
47	Swedbank	14	1,042.90
48	KB Financial	11	973.3
49	VTB Capital	5	973.1
50	Erste	8	970.1
	Market total	1,628	910,417.60
Source: Thomson Reuters

Top 50 US corporate debt bookrunners – loans and bonds
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	839	280,755.70
2	BofA Merrill Lynch	1,173	273,528.90
3	Citigroup	376	138,094.30
4	Wells Fargo	652	117,981.60
5	Barclays Capital	348	92,900.00
6	Deutsche Bank	306	72,008.50
7	Credit Suisse	262	65,258.80
8	Goldman Sachs	207	58,191.10
9	BNP Paribas	177	52,072.00
10	Morgan Stanley	198	49,726.50
11	RBS	224	45,916.10
12	UBS	147	27,834.10
13	SunTrust Banks	172	22,168.90
14	Mitsubishi UFJ	106	21,545.70
15	PNC Financial Services	201	19,904.30
16	General Electric	191	19,291.90
17	US Bancorp	129	16,791.70
18	RBC	102	16,526.60
19	HSBC	49	14,780.70
20	BMO Capital Markets	92	11,253.60
21	Societe Generale	52	10,616.00
22	KeyBanc Capital Markets	65	9,094.60
23	Credit Agricole	54	8,503.30
24	Jefferies	62	7,504.00
25	Rabobank	36	7,022.00
26	Scotia Capital	34	5,899.50
27	Mizuho	31	5,091.10
28	Regions Bank	32	3,775.50
29	DnB NOR Bank	17	3,440.80
30	ING	27	3,068.80
31	CoBank	12	2,582.20
32	Santander	7	2,446.00
33	BBVA	17	2,212.00
34	Commerzbank	7	2,174.40
35	Natixis	13	2,065.80
36	Madison Capital Funding	41	1,993.70
37	Sumitomo Mitsui	12	1,871.80
38	UniCredit	12	1,792.70
39	Macquarie	14	1,685.60
40	Fifth Third Bancorp	24	1,596.70
41	Intesa SanPaolo	4	1,538.40
42	Standard Chartered	8	1,473.50
43	TD Securities	11	1,197.60
44	WestLB	7	1,137.50
45	Comerica	10	1,119.30
46	Capital One Financial	8	1,011.30
47	Branch Banking and Trust	6	953.7
48	Private Bank & Trust	21	870.9
49	CIBC World Markets	8	820.2
50	Bank of Ireland	15	817.9
	Market total	3,019	1,533,338.70
Source: Thomson Reuters

Top 10 corporate bond issuers
	Borrower	No of deals	Amount (US$m)
1	General Electric	37	31,697.00
2	Wal-Mart Stores	6	14,046.90
3	Porsche Automobil	23	12,747.10
4	BP	4	11,134.30
5	Toyota Motor	34	9,517.60
6	Peugeot	9	8,667.00
7	ArcelorMittal	5	7,708.70
8	Total	11	7,590.30
9	Renault	11	7,348.10
10	Microsoft	2	6,959.60
Source: Thomson Reuters

Top 20 international investment-grade corporate bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	219	62,732.40
2	BofA Merrill Lynch	196	51,656.20
3	Citigroup	169	49,019.00
4	Deutsche Bank	175	43,448.80
5	Barclays Capital	159	38,080.90
6	BNP Paribas	148	33,695.70
7	RBS	136	30,739.20
8	Morgan Stanley	117	29,394.00
9	HSBC	110	28,416.80
10	Goldman Sachs	92	27,872.40
11	Credit Suisse	81	20,910.00
12	UBS	71	17,094.20
13	Wells Fargo	56	13,270.30
14	Societe Generale	55	11,312.40
15	Credit Agricole	46	8,690.10
16	Santander	33	8,258.00
17	Natixis	29	6,159.10
18	UniCredit	30	5,855.90
19	ING	25	5,077.90
20	BBVA	23	4,612.10
	Market total	861	564,942.90
Source: Thomson Reuters

Top 20 European corporate bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Deutsche Bank	121	28,550.80
2	BNP Paribas	130	26,073.10
3	JP Morgan	75	19,484.90
4	Credit Suisse	54	17,421.50
5	RBS	83	17,039.10
6	Citigroup	69	16,814.30
7	Barclays Capital	73	15,910.30
8	HSBC	65	15,066.40
9	BofA Merrill Lynch	56	14,468.90
10	Societe Generale	69	13,070.40
11	Goldman Sachs	44	12,361.00
12	Credit Agricole	60	11,008.10
13	Morgan Stanley	35	9,600.70
14	UniCredit	40	7,768.10
15	Natixis	33	6,795.50
16	Santander	31	6,505.20
17	ING	34	6,014.50
18	UBS	26	5,287.70
19	BBVA	20	4,274.30
20	Intesa SanPaolo	17	3,839.90
	Market total	450	294,032.20
Source: Thomson Reuters

Top 20 global investment-grade corporate loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	340	158,271.20
2	Bank of America Merrill Lynch	449	138,210.00
3	Citigroup	194	102,005.10
4	Wells Fargo	269	56,624.90
5	Mitsubishi UFJ	149	50,660.20
6	BNP Paribas	146	50,061.60
7	RBS	146	38,804.90
8	Barclays Capital	100	35,862.40
9	Mizuho	85	31,824.00
10	Societe Generale	96	27,684.10
11	Sumitomo Mitsui	59	26,987.60
12	HSBC	93	23,139.70
13	RBC	40	19,129.10
14	Deutsche Bank	67	18,849.70
15	Credit Agricole	92	17,176.50
16	Credit Suisse	30	11,760.50
17	TD Securities	23	11,254.10
18	ING	56	10,603.00
19	Santander	44	10,570.00
20	Commerzbank	38	9,834.70
	Market total	1,453	1,061,913.80
Source: Thomson Reuters

Top 20 US corporate international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	303	66,028.30
2	BofA Merrill Lynch	348	63,182.70
3	Citigroup	187	42,809.90
4	Barclays Capital	190	37,876.00
5	Deutsche Bank	191	33,344.00
6	Goldman Sachs	143	32,725.10
7	Morgan Stanley	152	31,805.40
8	Credit Suisse	151	25,486.50
9	Wells Fargo	151	23,877.70
10	RBS	104	19,911.10
11	UBS	98	18,696.40
12	BNP Paribas	59	11,813.30
13	HSBC	22	5,389.10
14	RBC	44	5,261.60
15	Jefferies	41	5,207.10
16	Credit Agricole	23	2,500.30
17	SunTrust Banks	21	1,982.40
18	Mizuho	12	1,981.10
19	Mitsubishi UFJ	13	1,847.30
20	Scotia Capital	10	1,472.80
	Market total	704	444,903.50
Source: Thomson Reuters

Top 20 corporate loan borrowers
	Borrower	No of deals	Amount (US$m)
1	BHP Billiton	2	49,000.00
2	Sanofi-Aventis	2	23,838.40
3	Texas Competitive Electric	1	22,296.00
4	General Electric	1	20,917.50
5	AT&T	1	20,000.00
6	Caterpillar Tractor	2	14,205.00
7	Toyota Motor	1	13,000.00
8	PPL	2	12,273.00
9	Glencore International	3	11,710.00
10	GDF Suez	2	11,273.60
11	Wal-Mart Stores	1	11,225.00
12	ArcelorMittal	3	10,500.00
13	Telefonica de Espana	1	10,392.30
14	Johnson & Johnson	1	10,000.00
15	Daimler	1	9,767.00
16	Reynolds Group Holdings	3	9,685.00
17	DuPont	2	9,500.00
18	Vodafone Group	2	9,041.40
19	Air Products & Chemicals	2	8,724.00
20	Continental	1	8,449.50
	Market total	6,004	2,636,276.10
Source: Thomson Reuters

Top 20 covered bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	BNP Paribas	85	24,592.10
2	Natixis	85	23,266.00
3	Barclays Capital	61	21,333.40
4	UniCredit	84	20,210.10
5	HSBC	63	16,775.40
6	Deutsche Bank	54	16,028.00
7	UBS	55	14,307.70
8	Credit Agricole	52	14,092.30
9	Societe Generale	45	12,975.50
10	LBW	54	12,096.90
11	RBS	39	11,886.80
12	DZ Bank	44	9,767.10
13	Commerzbank	43	9,135.50
14	Danske Markets	21	6,566.20
15	Citigroup	19	5,924.90
16	Credit Suisse	20	5,394.40
17	ING	15	5,066.60
18	Lloyds Banking Group	6	4,622.20
19	JP Morgan	19	4,378.50
20	BayernLB	24	4,185.60
	Market total	305	293,308.40
Source: Thomson Reuters

Top 10 covered bond issuers
	Issuer	No of deals	Amount (US$m)
1	Groupe BPCE	37	21,773.90
2	Lloyds Banking Group	16	19,562.70
3	Banco Santander	21	19,255.70
4	Caisse de Refinancement	17	13,857.30
5	BBVA	8	13,349.60
6	Credit Agricole	15	12,292.50
7	UniCredit	13	10,799.00
8	RBS	5	10,256.10
9	Swedbank	20	10,058.90
10	DnB NOR	9	9,600.80
	Market total	458	385,826.10

Source: Thomson Reuters

Top 20 Asia-Pacific international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	77	20,943.30
2	HSBC	112	16,636.30
3	Deutsche Bank	93	15,483.10
4	Citigroup	77	14,756.30
5	UBS	79	14,041.40
6	BofA Merrill Lynch	59	10,643.20
7	Barclays Capital	61	10,434.90
8	Morgan Stanley	66	10,235.10
9	Goldman Sachs	38	10,202.60
10	RBS	72	9,337.40
11	Credit Suisse	67	7,815.50
12	Standard Chartered	62	7,617.90
13	BNP Paribas	43	5,545.50
14	Bank of China	23	4,217.20
15	Daiwa Securities	23	3,727.50
16	RBC	19	3,656.60
17	Nomura	27	3,286.30
18	NAB	10	3,042.30
19	ANZ Banking	12	2,857.20
20	Mizuho	17	1,716.00
	Market total	620	200,228.10
Source: Thomson Reuters

Top 10 EEMEA loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	BNP Paribas	40	7,921.60
2	Societe Generale	23	6,428.00
3	Citigroup	36	6,346.00
4	UniCredit	30	6,113.20
5	Mitsubishi UFJ	22	5,288.80
6	RBS	22	4,797.60
7	Credit Agricole	39	4,525.40
8	Standard Chartered	25	3,852.60
9	WestLB	23	3,485.00
10	Samba Financial	3	3,390.90
	Market total	152	96,116.70
Source: Thomson Reuters

Top 10 EEMEA international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Barclays Capital	87	14,050.20
2	Deutsche Bank	50	13,306.60
3	JP Morgan	49	12,087.60
4	HSBC	39	11,305.80
5	Citigroup	43	10,090.20
6	RBS	43	8,870.40
7	BNP Paribas	30	7,760.40
8	Goldman Sachs	18	5,365.20
9	Standard Chartered	24	5,291.20
10	VTB Capital	19	4,706.60
	Market total	235	140,038.80
Source: Thomson Reuters

Top 10 EEMEA sovereign bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Deutsche Bank	17	6,042.40
2	Barclays Capital	11	4,849.00
3	JP Morgan	10	3,617.00
4	HSBC	9	3,174.30
5	Citigroup	7	2,970.70
6	BNP Paribas	8	2,659.40
7	RBS	9	1,988.40
8	UniCredit	4	1,864.00
8	Societe Generale	4	1,864.00
10	Morgan Stanley	3	1,742.90
	Market total	41	43,204.70
Source: Thomson Reuters

Top 50 EMEA international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Deutsche Bank	592	162,966.60
2	BNP Paribas	450	140,951.30
3	Barclays Capital	404	136,652.30
4	HSBC	370	132,532.90
5	JP Morgan	364	117,106.70
6	RBS	311	90,826.80
7	Credit Suisse	268	80,145.40
8	Societe Generale	216	75,409.50
9	UBS	260	72,351.40
10	Citigroup	215	71,580.10
11	Goldman Sachs	192	69,407.70
12	UniCredit	231	68,455.40
13	BofA Merrill Lynch	190	65,798.50
14	Credit Agricole	211	62,772.40
15	Natixis	207	58,104.20
16	Morgan Stanley	167	57,554.50
17	RBC	198	31,456.20
18	DZ Bank	147	30,569.90
19	Santander	87	30,333.10
20	Commerzbank	100	29,091.00
21	Lloyds Banking Group	48	28,565.00
22	Nomura	92	22,496.40
23	LBW	99	22,489.50
24	BBVA	65	21,382.70
25	ING	79	19,140.80
26	Intesa SanPaolo	56	16,774.50
27	Rabobank	33	14,479.60
28	BayernLB	50	13,166.10
29	Danske Markets	62	12,885.30
30	Nord/LB	51	12,354.90
31	WestLB	55	11,830.80
32	Nordea	40	10,770.50
33	SEB Enskilda	49	10,629.40
34	TD Securities	162	10,487.50
35	Daiwa Securities	69	8,489.60
36	Caja Madrid	36	8,166.90
37	Standard Chartered	42	7,060.80
38	Swedbank	63	6,160.30
39	WGZ-Bank	32	5,601.50
40	Erste	18	4,847.30
41	VTB Capital	19	4,706.60
42	BMPS	9	4,177.40
43	Dexia	17	3,914.40
44	ABN AMRO Bank	9	3,905.80
45	KBC	11	3,797.40
46	Landesbank Hessen-Thueringen	16	3,692.70
47	La Caixa	12	3,600.60
48	Mizuho	32	3,446.10
49	Mediobanca	18	3,232.50
50	Wells Fargo	12	3,149.20
	Market total	3,169	1,970,378.30
Source: Thomson Reuters

Top 50 EMEA loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	BNP Paribas	260	58,307.20
2	Societe Generale	162	45,280.60
3	Credit Agricole	171	42,616.40
4	RBS	172	40,520.10
5	Deutsche Bank	122	33,717.40
6	HSBC	132	33,191.90
7	JP Morgan	75	31,387.70
8	Citigroup	113	30,456.50
9	Barclays Capital	103	26,968.80
10	ING	130	23,453.20
11	UniCredit	99	22,973.30
12	Commerzbank	120	22,261.50
13	Natixis	96	21,707.80
14	Bank of America Merrill Lynch	69	18,137.80
15	Mitsubishi UFJ	71	17,004.90
16	Santander	64	14,820.10
17	BBVA	61	13,422.70
18	Lloyds Banking Group	66	13,145.80
19	Nordea	40	10,977.20
20	Intesa SanPaolo	50	10,420.70
21	Rabobank	50	8,358.50
22	Morgan Stanley	29	7,646.70
23	Credit Suisse	35	7,587.90
24	Mizuho	35	7,182.90
25	Standard Chartered	40	7,147.50
26	Sumitomo Mitsui	35	6,389.60
27	WestLB	43	6,071.80
28	SEB Enskilda	23	5,314.10
29	DnB NOR Bank	33	5,161.10
30	Goldman Sachs	24	5,090.70
31	Credit Mutuel	29	4,897.70
32	Bayerische Landesbank Giro	24	4,794.10
33	UBS	18	4,684.10
34	Caixa d'Estalvis y Pensions	14	4,155.60
35	Landesbank Baden-Wurttemberg	20	3,966.70
36	Danske Markets	18	3,607.40
37	Caja Madrid	19	3,571.90
38	Samba Financial	3	3,390.90
39	Nomura	11	3,308.30
40	RBC	11	3,265.20
41	KBC	19	3,153.60
42	Handelsbanken	15	2,721.60
43	Mediobanca	10	2,163.80
44	DZ Bank	11	1,951.50
45	Raiffeisen Zentralbank	21	1,779.60
46	ABN AMRO Bank	11	1,747.40
47	Wells Fargo	14	1,688.60
48	National Bank of Egypt	2	1,400.00
49	Standard Bank	10	1,368.50
50	Alinma Bank	2	1,239.10
	Market total	748	685,990.20
Source: Thomson Reuters

Top 50 Asia-Pacific loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	State Bank of India	84	36,526.90
2	Bank of China	35	17,749.90
3	HSBC	79	13,835.70
4	ANZ Banking	66	12,793.70
5	Axis Bank	42	11,030.00
6	IDBI Bank	23	10,248.20
7	Standard Chartered	76	9,291.20
8	Westpac Banking	28	6,769.80
9	National Australia Bank	29	6,733.80
10	Credit Suisse	7	6,368.20
11	Mitsubishi UFJ	41	6,267.80
12	DBS	55	6,225.70
13	Commonwealth Bank of Australia	24	5,549.10
14	Mega Financial	97	5,355.80
15	Mizuho	57	5,175.60
16	Citigroup	32	5,099.30
17	Taiwan Cooperative Bank	92	4,940.20
18	Infrastructure Dev Finance	11	4,352.80
19	ICICI Bank	12	4,112.10
20	Oversea-Chinese Banking	23	3,870.80
21	RBS	23	3,814.10
22	Sumitomo Mitsui	40	3,769.60
23	Land Bank of Taiwan	92	3,710.30
24	China Trust	74	3,525.80
25	Korea Development Bank	21	3,306.40
26	BNP Paribas	39	3,218.60
27	Siam Commercial Bank	12	3,170.60
28	Credit Agricole	39	3,039.30
29	Fubon Financial	71	2,896.30
30	Bank of Taiwan	58	2,893.90
31	Woori Financial	15	2,820.40
32	First Financial	78	2,779.40
33	Chang Hwa Commercial Bank	62	2,364.80
34	Cathay United Bank	35	2,283.10
35	Taishin International Bank	52	2,167.00
36	E Sun Financial	64	1,928.30
37	Hua Nan Financial	54	1,916.80
38	ING	18	1,678.10
39	United Overseas Bank	11	1,498.50
40	Yes Bank	13	1,305.30
41	Kasikornbank	13	1,230.50
42	CITIGROUPC	7	1,187.50
43	Industrial & Comm Bank China	5	1,143.20
44	Bank of India	6	1,107.80
45	Natixis	12	979.8
46	Taiwan Business Bank	23	903.1
47	JP Morgan	7	900.4
48	Agricultural Bank of China	3	899
49	Bank Negara Indonesia	6	892.9
50	Sinopac	16	851.7
	Market total	852	265,221.10
Source: Thomson Reuters

Top 20 Latin American loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Citigroup	15	1,945.70
2	Credit Agricole	8	1,758.10
3	Bank of America Merrill Lynch	9	1,732.10
4	BNP Paribas	10	1,668.00
5	HSBC	15	1,637.50
6	Mitsubishi UFJ	5	1,512.40
7	Santander	11	1,324.90
8	Mizuho	8	1,206.40
9	BBVA	7	1,111.50
10	JP Morgan	5	977.8
11	Natixis	3	973.9
12	Corporacion Fin Colombiana	1	800
13	Itau Unibanco	11	762.1
14	Standard Chartered	9	761.8
15	Rabobank	6	653.3
16	WestLB	6	591.4
17	Grupo Financiero Inbursa	3	476.9
18	Banco do Brasil	5	420.4
19	DZ Bank	1	420
20	ING	6	416.9
	Market total	72	26,729.40
Source: Thomson Reuters

Top 25 US/Canada international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Barclays Capital	300	136,233.00
2	JP Morgan	450	129,727.00
3	BofA Merrill Lynch	474	115,820.90
4	Citigroup	251	77,104.70
5	UBS	169	75,188.20
6	Deutsche Bank	302	69,581.90
7	Morgan Stanley	238	68,895.60
8	Goldman Sachs	208	68,635.70
9	Credit Suisse	205	42,910.00
10	RBS	148	39,227.80
11	RBC	143	29,404.10
12	Wells Fargo	180	28,952.70
13	BNP Paribas	82	22,943.50
14	HSBC	61	16,783.20
15	TD Securities	82	14,770.70
16	Scotia Capital	64	9,215.60
17	Jefferies	56	9,048.80
18	CIBC World Markets	37	8,950.20
19	BMO Capital Markets	46	8,509.40
20	National Bank of Canada	18	3,773.10
21	Credit Agricole	29	3,625.00
22	Mitsubishi UFJ	14	2,333.00
23	Mizuho	16	2,302.60
24	US Bancorp	13	2,226.20
25	SunTrust Banks	21	1,982.40
	Market total	1,417	1,014,820.40
Source: Thomson Reuters

Top 20 Latin American international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Deutsche Bank	52	15,163.00
2	JP Morgan	46	10,942.20
3	BofA Merrill Lynch	49	10,122.40
4	Citigroup	26	9,199.80
5	HSBC	31	8,742.50
6	Credit Suisse	21	6,842.80
7	Santander	28	5,548.40
8	Itau Unibanco	22	4,053.70
9	Morgan Stanley	17	3,914.50
10	Barclays Capital	15	3,113.30
11	BNP Paribas	11	2,620.50
12	Goldman Sachs	4	1,890.20
13	Banco do Brasil	10	1,709.30
14	Banco BTG Pactual	7	1,621.10
15	Banco Bradesco	12	1,390.00
16	UBS	13	1,355.70
17	BBVA	6	1,223.40
18	RBS	7	900.6
19	Banco Votorantim	4	621.1
20	Mizuho	1	616.2
	Market total	162	94,769.40
Source: Thomson Reuters

Top 10 bookrunners of Latin American sovereign bonds
	Bookrunners	No of deals	Amount (US$m)
1	Deutsche Bank	9	4,702.10
2	BofA Merrill Lynch	5	2,503.10
3	Credit Suisse	1	1,500.00
4	Barclays Capital	4	1,425.50
5	Morgan Stanley	2	1,341.40
6	HSBC	4	1,309.00
7	Citigroup	3	728
8	JP Morgan	2	506.4
9	Goldman Sachs	1	471.4
10	BNP Paribas	1	359
	Market total	15	15,138.50
Source: Thomson Reuters

Top 25 US/Canada loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	BofA Merrill Lynch	1,048	274,404.40
2	JP Morgan	674	260,322.90
3	Citigroup	257	123,404.50
4	Wells Fargo	676	122,378.80
5	Barclays Capital	192	63,359.20
6	Credit Suisse	138	53,744.00
7	Deutsche Bank	142	48,053.10
8	BNP Paribas	135	46,084.30
9	RBC	153	37,396.40
10	RBS	135	31,226.80
11	Mitsubishi UFJ	107	29,813.00
12	Goldman Sachs	77	28,396.30
13	TD Securities	86	26,615.30
14	Morgan Stanley	74	25,921.80
15	PNC Financial Services	248	25,003.20
16	General Electric	215	22,274.60
17	SunTrust Banks	169	21,962.90
18	US Bancorp	174	21,132.20
19	Scotia Capital	100	20,885.80
20	CIBC World Markets	89	18,860.90
21	BMO Capital Markets	124	18,523.80
22	UBS	74	14,033.50
23	KeyBanc Capital Markets	100	13,262.80
24	HSBC	30	9,835.00
25	Societe Generale	51	9,164.30
	Market total	3,281	1,460,096.00
Source: Thomson Reuters

Top 20 European leveraged loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	22	12,995.40
2	Deutsche Bank	37	12,443.00
3	BNP Paribas	48	10,959.30
4	Barclays Capital	20	8,226.70
5	UniCredit	27	8,198.60
6	RBS	29	7,270.10
7	Citigroup	23	6,362.80
8	Credit Agricole	32	6,332.60
9	Societe Generale	31	6,126.70
10	ING	36	4,947.70
11	Bank of America Merrill Lynch	15	4,767.50
12	HSBC	21	4,687.30
13	Commerzbank	27	3,439.30
14	Morgan Stanley	11	3,304.80
15	Credit Suisse	13	3,168.30
16	Lloyds Banking Group	13	3,018.50
17	Natixis	17	2,899.90
18	Goldman Sachs	13	2,643.60
19	Nordea	5	2,571.70
20	Nomura	7	2,459.00
	Market total	243	180,851.50

Top 20 global leveraged finance bookrunners – leveraged loans and high-yield bonds
	Bookrunners	No of deals	Amount (US$m)
1	BofA Merrill Lynch	826	155,480.50
2	JP Morgan	551	142,021.30
3	Credit Suisse	297	82,055.60
4	Deutsche Bank	345	78,516.80
5	Barclays Capital	303	67,007.90
6	Wells Fargo	440	62,570.80
7	Citigroup	284	59,591.00
8	Goldman Sachs	223	54,047.70
9	Morgan Stanley	188	42,080.20
10	BNP Paribas	174	39,149.20
11	RBS	169	28,703.90
12	UBS	165	28,048.80
13	RBC	136	22,235.00
14	General Electric	205	20,733.70
15	HSBC	77	18,336.70
16	Credit Agricole	102	16,492.20
17	SunTrust Banks	113	12,966.80
18	Societe Generale	69	12,235.40
19	ING	73	11,744.60
20	UniCredit	42	10,734.20
	Market total	2,530	1,133,387.10
Source: Thomson Reuters

Top 20 international structured finance bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	41	26,520.50
2	RBS	36	16,440.00
3	Lloyds Banking Group	18	15,792.00
4	Deutsche Bank	35	11,807.10
5	Barclays Capital	30	9,512.50
6	BofA Merrill Lynch	20	8,392.00
7	Rabobank	13	7,073.40
8	Societe Generale	12	6,520.70
9	BNP Paribas	18	5,668.10
10	Santander	12	5,351.90
11	Goldman Sachs	16	4,957.90
12	HSBC	13	3,135.90
13	Citigroup	12	2,699.40
14	Credit Agricole	8	2,598.60
15	Credit Suisse	11	2,414.30
16	WestLB	6	2,244.20
17	Natixis	5	2,221.70
18	UBS	10	1,734.40
19	RBC	9	1,576.40
20	BBVA	5	1,494.90
	Market total	188	167,002.80
Source: Thomson Reuters

Top 10 high-yield corporate bond issuers
	Borrower	No of deals	Amount (US$m)
1	Fiat	3	5,975.00
2	BC Partners	5	5,671.80
3	Rank	2	5,000.00
4	Calpine	4	4,690.60
5	Valeant Pharm	4	4,325.20
6	Continental	3	3,885.60
7	Weather Investments II	1	3,662.60
8	Ford Motor	4	3,637.30
9	Ausquest	2	3,540.00
10	Chesapeake Energy	3	3,350.00
	Market total	587	292,831.00
Source: Thomson Reuters

Top 20 high-yield international corporate bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	201	36,712.20
2	BofA Merrill Lynch	242	33,558.50
3	Deutsche Bank	172	26,857.40
4	Credit Suisse	142	26,236.10
5	Goldman Sachs	120	25,130.60
6	Barclays Capital	139	20,093.90
7	Citigroup	127	19,565.80
8	Morgan Stanley	99	16,424.70
9	UBS	83	13,311.60
10	Wells Fargo	97	11,577.20
11	RBS	70	9,788.00
12	BNP Paribas	48	6,683.50
13	Jefferies	42	5,601.70
14	RBC	44	5,453.90
15	Credit Agricole	37	5,393.80
16	HSBC	28	5,006.50
17	Societe Generale	16	2,366.70
18	ING	15	2,174.40
19	UniCredit	10	1,957.50
20	Standard Chartered	11	1,916.80
	Market total	583	290,999.00
Source: Thomson Reuters

Top 20 US leveraged loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Bank of America Merrill Lynch	533	110,893.50
2	JP Morgan	291	85,561.00
3	Wells Fargo	327	49,001.40
4	Credit Suisse	112	42,369.80
5	Barclays Capital	123	34,154.80
6	Deutsche Bank	102	33,633.00
7	Citigroup	99	27,225.20
8	Goldman Sachs	67	21,634.80
9	General Electric	195	19,617.30
10	BNP Paribas	64	19,571.80
11	Morgan Stanley	53	17,590.80
12	SunTrust Banks	101	12,300.40
13	UBS	58	10,920.70
14	RBC	58	10,000.50
15	RBS	50	8,882.80
16	KeyBanc Capital Markets	67	7,451.70
17	PNC Financial Services	51	7,132.00
18	Mitsubishi UFJ	21	6,484.90
19	BMO Capital Markets	54	6,164.40
20	US Bancorp	71	5,248.10
	Market total	1,547	584,419.90
Source: Thomson Reuters

Top 20 global leveraged loan bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Bank of America Merrill Lynch	555	116,493.50
2	JP Morgan	321	99,607.50
3	Credit Suisse	133	52,567.10
4	Wells Fargo	336	49,997.20
5	Deutsche Bank	144	46,536.40
6	Barclays Capital	151	44,044.30
7	Citigroup	135	35,246.70
8	BNP Paribas	117	30,979.80
9	Goldman Sachs	83	25,440.00
10	Morgan Stanley	70	22,582.60
11	General Electric	205	20,733.70
12	RBS	90	17,045.60
13	RBC	87	16,091.90
14	UBS	70	13,088.80
15	HSBC	44	12,650.60
16	SunTrust Banks	102	12,358.70
17	Credit Agricole	64	11,032.70
18	Mitsubishi UFJ	32	9,983.40
19	Societe Generale	53	9,868.70
20	ING	57	9,483.30
	Market total	1,975	842,886.20
Source: Thomson Reuters

Top 20 leveraged loan borrowers
	Borrower	No of deals	Amount (US$m)
1	Texas Competitive Electric	1	22,296.00
2	Rank	3	9,345.00
3	Continental	1	8,449.50
4	Universal Health Services	2	6,777.50
5	Univision Communications	2	6,749.00
6	INEOS	1	6,718.00
7	Petrohawk Energy	3	6,500.00
8	First Data	1	6,497.80
9	FH Tomkins	3	6,173.30
10	Tata Steel	1	5,729.50
11	Wind Telecomunicazioni	1	5,554.80
12	Fiat Industrial	1	5,508.20
13	Tatneft	3	5,300.00
14	General Motors	1	5,000.00
15	Warner Chilcott	2	4,750.00
16	Nielsen	2	4,523.30
17	Pilot Travel Centers	2	4,519.80
18	Probitas Pharma	1	4,500.00
19	Grupo Corporativo Ono	1	4,452.10
20	Editions Oberthur	1	4,433.90
	Market total	2,047	873,199.60
Source: Thomson Reuters

Top 20 non-investment-grade borrowers
	Borrower	No of deals	Amount (US$m)
1	Energy Future Holdings	3	24,383.70
2	Carlyle	21	12,556.90
3	Continental	4	12,335.10
4	Fiat	4	11,483.10
5	Republic of Venezuela	5	11,296.50
6	Weather Investments II	3	10,967.40
7	BC Partners	9	10,592.70
8	Rank	3	9,345.00
9	Blackstone	10	9,105.30
10	Kohlberg Kravis Roberts	6	9,032.40
11	Umbrella Holdings	6	8,919.50
12	Calpine	7	8,390.60
13	Petrohawk Energy	5	7,732.50
14	INEOS	2	7,672.50
15	Chesapeake Energy	4	7,350.00
16	Valeant Pharmaceuticals	5	7,075.20
17	Universal Health Services	2	6,777.50
18	Quadrangle	4	6,472.60
19	Ally Financial	4	6,470.60
20	Pinafore	4	6,423.30
	Market total	3,110	1,426,676.50
Source: Thomson Reuters

Top 10 European high-yield international corporate bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Credit Suisse	27	10,625.50
2	Deutsche Bank	38	7,168.60
3	Goldman Sachs	23	6,677.50
4	JP Morgan	24	5,671.70
5	Citigroup	21	3,883.00
6	Morgan Stanley	13	3,542.50
7	BofA Merrill Lynch	17	3,529.20
8	BNP Paribas	21	3,324.00
9	Barclays Capital	17	3,315.00
10	Credit Agricole	17	2,764.90
	Market total	99	69,606.90
Source: Thomson Reuters

Top 10 European agency international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Deutsche Bank	108	31,387.20
2	JP Morgan	70	25,629.00
3	HSBC	69	23,901.80
4	Barclays Capital	51	22,064.60
5	BNP Paribas	51	21,273.80
6	Credit Suisse	57	18,783.90
7	Goldman Sachs	40	16,367.90
8	UBS	54	15,188.80
9	RBC	99	15,182.10
10	BofA Merrill Lynch	27	12,772.60
	Market total	661	328,698.90
Source: Thomson Reuters

Top 20 sovereign international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Deutsche Bank	48	27,139.00
2	HSBC	32	19,226.80
3	Barclays Capital	27	18,447.60
4	Citigroup	24	15,354.50
5	BNP Paribas	20	12,501.90
6	Morgan Stanley	15	12,351.60
7	JP Morgan	24	10,772.20
8	RBS	15	7,995.60
9	Societe Generale	10	7,387.60
10	Goldman Sachs	10	6,860.20
11	Nomura	7	6,579.00
12	BofA Merrill Lynch	12	6,442.20
13	UBS	10	6,025.20
14	Credit Suisse	12	5,621.60
15	UniCredit	10	5,445.20
16	Credit Agricole	5	4,545.40
17	Intesa SanPaolo	4	4,412.70
18	RBC	3	3,596.10
19	Santander	3	3,494.80
20	Nordea	4	3,281.40
	Market total	116	214,920.60
Source: Thomson Reuters

Top 10 US agency international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Barclays Capital	46	79,125.10
2	UBS	28	46,789.10
3	JP Morgan	15	19,752.00
4	Citigroup	14	18,189.20
5	Deutsche Bank	13	13,749.10
6	Goldman Sachs	8	10,995.40
7	RBS	4	9,600.00
8	BNP Paribas	10	6,512.50
9	BofA Merrill Lynch	8	6,351.00
10	Credit Suisse	4	5,830.30
	Market total	109	225,107.00
Source: Thomson Reuters

Top 10 agency borrowers
	Borrowers	No of issues	Amount (US$m)
1	Federal National Mortgage Association (Fannie Mae)	36	110,050.40
2	KfW Bankengruppe	157	94,584.60
3	Federal Home Loan Mortgage	30	79,320.20
4	Caisse d'Amortissement de la Dette Sociale	32	53,120.20
5	Federal Home Loan Banks	37	30,997.10
6	Canada Mortgage and Housing	8	29,730.60
7	Instituto de Credito Oficial	38	28,099.40
8	Bank Nederlandse Gemeenten	69	18,954.90
9	NRW.Bank	25	16,312.90
10	Caisse de Refinancement de l'Habitat	17	13,857.30
Source: Thomson Reuters

Top 10 agency international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Barclays Capital	107	104,079.70
2	UBS	87	62,612.00
3	Deutsche Bank	137	48,372.50
4	JP Morgan	96	47,851.80
5	BNP Paribas	73	29,468.90
6	HSBC	93	28,582.70
7	Goldman Sachs	52	28,270.20
8	Citigroup	40	27,041.10
9	BofA Merrill Lynch	48	25,963.90
10	Credit Suisse	73	25,819.80
	Market total	866	616,759.00
Source: Thomson Reuters

Top 20 sovereign borrowers
	Borrower	No of issues	Amount (US$m)
1	United Kingdom of Great Britain and Northern Ireland	6	45,659.00
2	Italian Republic	9	22,878.70
3	Kingdom of Spain	4	21,600.70
4	Republic of Finland	8	15,970.70
5	Kingdom of Belgium	5	15,606.30
6	Kingdom of Denmark	3	6,262.40
7	United Mexican States	5	5,902.10
8	Slovak Republic	3	5,851.60
9	Republic of Poland	7	5,763.90
10	Republic of Turkey	5	5,350.80
11	Republic of Austria	1	5,236.40
12	Portuguese Republic	1	4,742.20
13	Ukraine	4	4,576.20
14	Republic of Hungary	2	4,229.60
15	Republic of Slovenia	2	4,058.30
16	Republic of the Philippines	4	3,936.50
17	Indonesia Republic	3	3,254.60
18	Czech Republic	2	3,061.20
19	Republic of Venezuela	1	3,000.00
20	Republic of Croatia	2	2,712.50
Source: Thomson Reuters

Top 50 financial international bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	JP Morgan	140	52,354.40
2	BofA Merrill Lynch	160	49,114.90
3	Deutsche Bank	183	47,453.80
4	BNP Paribas	126	43,882.30
5	Barclays Capital	164	42,876.90
6	Morgan Stanley	128	41,144.60
7	HSBC	109	38,989.30
8	Goldman Sachs	102	38,673.80
9	Citigroup	111	33,242.50
10	Credit Suisse	114	30,195.60
11	UBS	118	25,164.20
12	Societe Generale	50	23,719.70
13	Credit Agricole	52	18,675.30
14	Natixis	57	18,152.70
15	RBS	83	15,216.30
16	Santander	22	9,177.40
17	RBC	55	8,549.30
18	UniCredit	27	8,257.20
19	DZ Bank	40	7,817.80
20	Nomura	41	6,950.20
21	Rabobank	14	5,910.90
22	ING	25	5,768.70
23	Intesa SanPaolo	23	5,243.70
24	Commerzbank	11	4,857.30
25	Standard Chartered	42	4,478.00
26	TD Securities	55	4,338.10
27	Lloyds Banking Group	9	3,674.70
28	National Australia Bank	9	3,607.40
29	ANZ Banking	13	3,375.30
30	Daiwa Securities	29	3,207.30
31	Nordea	11	2,903.80
32	Mizuho	40	2,884.80
33	Wells Fargo	14	2,848.30
34	Jefferies	10	2,694.10
35	Danske Markets	9	2,123.30
36	Commonwealth Bank of Australia	6	2,081.60
37	Scotia Capital	10	2,013.40
38	BBVA	7	1,870.80
39	LBW	7	1,696.20
40	Raiffeisen Zentralbank	9	1,692.90
41	ABN AMRO Bank	3	1,459.80
42	US Bancorp	8	1,440.20
43	Swedbank	27	1,357.20
44	VTB Capital	7	1,340.50
45	Bank of China	4	1,196.60
46	CIBC World Markets	6	1,124.10
47	Mitsubishi UFJ	3	1,038.50
48	BB&T	2	999.1
49	Banca Popolare di Milano	4	950.6
50	Westpac Banking	3	871.1
	Market total	1,312	664,839.50
Source: Thomson Reuters

Top 20 international convertible bond bookrunners
	Bookrunners	No of deals	Amount (US$m)
1	Morgan Stanley	16	3,291.60
2	JP Morgan	19	3,093.90
3	Credit Suisse	18	2,560.30
4	BNP Paribas	16	2,458.60
5	Citigroup	11	2,282.50
6	Barclays Capital	10	2,247.30
7	Standard Chartered	10	2,071.60
8	Deutsche Bank	9	2,043.40
9	Nomura	7	1,861.50
10	Goldman Sachs	9	1,637.70
11	UBS	11	1,561.70
12	BofA Merrill Lynch	9	1,242.20
13	Mitsubishi UFJ	1	1,216.50
14	RBS	11	1,087.40
15	Societe Generale	8	1,066.30
16	HSBC	7	977.7
17	Scotia Capital	14	907.9
18	BMO Capital Markets	13	904.2
19	Bank of China	3	700
20	UniCredit	4	689.8
	Market total	162	43,849.30
Source: Thomson Reuters

Top 10 convertible bond issuers
	Borrower	No of deals	Amount (US$m)
1	Banco Santander	1	2,719.00
2	China Unicom	1	1,838.80
3	Cemex SAB de CV	1	1,667.50
4	LUKoil	1	1,500.00
5	Nidec	1	1,216.50
6	Parpublica Participacoes	1	1,179.60
7	Steinhoff Intl	2	1,128.70
8	Hon Hai Precision Industry	1	1,000.00
9	Unicharm	2	986.7
10	Sino-Ocean Land	1	900
	Market total	158	42,992.70
Source: Thomson Reuters

Top 10 combined global financial bookrunners, bonds and loans
	Bookrunners	No of deals	Amount (US$m)
1	BofA Merrill Lynch	282	86,242.30
2	JP Morgan	237	85,965.00
3	Barclays Capital	276	82,321.30
4	Deutsche Bank	277	78,261.40
5	BNP Paribas	250	75,667.80
6	HSBC	223	65,572.50
7	Citigroup	194	62,121.20
8	Morgan Stanley	160	53,465.70
9	RBS	176	46,028.50
10	UBS	192	45,083.00
	Market total	2,428	1,273,277.60
Source: Thomson Reuters

Top 20 financial borrowers – loans and bonds
	Borrower	No of issues	Amount (US$m)
1	Banco Santander	55	64,042.60
2	Lloyds Banking Group	53	57,681.20
3	Royal Bank of Scotland	32	35,571.80
4	Rabobank	111	34,020.40
5	Groupe BPCE	60	33,258.40
6	HSBC	21	33,045.90
7	Credit Agricole	47	28,621.80
8	BNP Paribas	40	27,841.30
9	ING	26	25,362.70
10	ABN AMRO Bank	26	24,336.00
11	Societe Generale	24	22,350.30
12	Nordea Bank	26	21,942.90
13	Intesa SanPaolo	18	20,889.10
14	UniCredit	27	20,618.60
15	Morgan Stanley	19	19,068.50
16	JP Morgan Chase	19	17,883.30
17	National Australia Bank	46	16,825.40
18	Banco Bilbao Vizcaya Argentaria	11	16,332.70
19	Bank of America Merrill Lynch	14	16,320.70
20	Barclays	17	15,700.00
Source: Thomson Reuters

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IFR Top 250 Borrowers Report 2011

Propping up Europe

To view the digital version of this report, please click here. Following the Irish bailout in late 2010, many thought the increasing presence of the European Union, on behalf of the European Financial Stabilisation Mechanism and the European Financial Stability Facility, might be relatively short lived. But with Portugal joining the list of sovereign borrowers requiring assistance, the EU and the EFSF combined would make the top 35 issuers by volume and is set to rise fast. The final terms of the Irish bail-outamounted to €85bn, with €17.5bn...

4 min read

IFR Top 250 Borrowers Report 2011

Dial-a-loan

To view the digital version of this report, please click here. In March, the US investment grade loan market proved its depth and resilience when AT&T announced its plans to acquire rival T-Mobile from Deutsche Telekom for a hefty sum of US$39bn. The March 20 announcement took the market by surprise. Only a few days previously a massive earthquake in Japan had set market nerves on edge. Even more surprising was the proposed financing package: a US$20bn bridge loan. The 18-month pledge for a 364-day loan was fully underwritten by financial...

4 min read

IFR Top 250 Borrowers Report 2011

IFR Top 250 league tables

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