Leading by example

IFR First Half League Tables 2009

42 min read

The European corporate bond market has undoubtedly been the success story of the year so far. with record issuance volumes and encouraging after-market performances, it has set the tone for returning confidence across the sector. This at a time when many corporates were following a defensive liquidity strategy amid recessionary fears, rising defaults, increasing downgrades and heightened market volatility. Andrew Perrin reports.

For many, the bond market was the last chance saloon to term out existing debt. Banks were either unwilling or unable to throw them a short-term lifeline. Previous short-term facilities had already been exhausted in many cases, while the cost of renewing facilities increased sharply – or had been withdrawn completely.

This surge of supply was mirrored by a substantial increase in demand from cash-rich investors. Shrinking deposit rates, low government bond yields and volatility in global equities, particularly in the earlier part of the year, triggered a sharp increase in asset allocations into corporate bonds.

In a six-month period that surpassed even the most optimistic of expectations, 203 transactions emerged, totalling €195.2bn in the first half of this year, dwarfing the 112 deals totalling €70.76bn launched in the same period in 2008. Last year’s total had already been surpassed by the start of July 09, with six months of this year still to go. It was just €200m short of the annual record of €195.4bn posted in 2001 – and broke that record on July 1 when a further €2.4bn supply edged it past that watershed.

In the early part of the year there was a clear preference for more frequent, less cyclical issuers, with solid ratings and stable cashflows. The euro market also offered issuers more strength in depth this year, putting paid to the old mantra of "dollars for size and Europe for price".

Roche Holdings, for example, blew the market out of the water with the largest corporate Eurobond ever at around €12.66bn equivalent, through active bookrunners BNP Paribas, Barclays Capital, Deutsche Bank and Santander. This dual-currency multi-tranche exercise also produced the largest single-tranche issue to date: the €5.25bn 4.75% March 2013.

This dominance of the lower beta names gradually began to wane in line with diminishing new issue premiums. By the second quarter it was the cyclical Triple B-type issuers that were commanding the most interest, as investors chased yield. This trend altered again in the final weeks of H1, as more first-time or rarer issuers began to materialise.

Meanwhile, investors were richly rewarded for their enthusiasm, as credit markets boasted the best performing asset class in the first six months of the year. According to SG CIB, 177 investment-grade corporate euro benchmarks were issued in the first half of 2009 and all but two were trading in positive territory at the end of June. The iBoxx Corporate cash index was quoted at 289bp, compared with 466bp at the beginning of this year.

The Thomson SDC league tables make interesting reading during this period. In euro denominated corporate bonds, the top four banks in the first half of 2008 reinforced their positions in H1 2009, clearly benefiting from their ability to maintain shorter-term lending throughout the crises. Deutsche Bank sits at the top of the table after the first six months of this year, having been involved in 65 transactions to the tune of 19.596bn. This compares to the 17 transactions worth €8.992bn that handed the bank top spot in H1 2008.

The second to forth positions see the three banks swaps places compared to last year – though there is little to choose between the top three. BNP Paribas edged up to second spot with 70 deals worth €19.165bn. RBS, number two in H1 2008 with 33 deals and €7.955bn of business, slipped down to fourth place this year with 58 deals worth €17.015bn. SG CIB takes the number three spot this year with 65 deals worth €19.01bn. It is snapping at the heels of Deutsche Bank and BNP Paribas and up a place from 2008 when the bank boasted 23 deals worth €6.116bn. SG CIB was actually top of the league table for much of Q2 2008, but got pipped at the post in the couple of weeks.

Other league table highlights this year include the impressive market share that Calyon took from its peers in the first half of the year. The bank has climbed to number five in the league table with 44 deals under its belt, to the tune of €12.826bn, having not even been in the top 10 in H1 2008. Citigroup is also worth a mention: it bounced back from a year in the wilderness to resume its place the top 10, coming in at number nine with 35 deals worth 9.546bn.

These two joined the top 10 at the expense of UBS and Goldman Sachs that dropped out, while JP Morgan, Barclays Capital, HSBC and BoA Merrill Lynch make up the top 10 in sixth, seventh, eighth and tenth place respectively.

All intl bonds (all currencies) Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	Barclays Capital	359	212,011.89	9.4
2	JP Morgan	386	211,180.72	9.4
3	Citigroup	297	155,328.78	6.9
4	HSBC	329	149,518.56	6.7
5	Deutsche Bank	329	148,530.51	6.6
6	BofA Merrill Lynch	306	141,961.34	6.3
7	BNP Paribas	329	135,718.22	6.0
8	Morgan Stanley	229	132,818.61	5.9
9	RBS	300	115,245.51	5.1
10	Goldman Sachs	194	110,336.71	4.9
11	Credit Suisse	259	97,054.13	4.3
12	SG CIB	145	71,256.59	3.2
13	UBS	178	69,176.91	3.1
14	Calyon	111	57,553.02	2.6
15	UniCredit Group	95	41,064.82	1.8
16	Natixis	72	28,311.63	1.3
17	RBC CM	90	23,629.36	1.1
18	ING	43	23,454.95	1.0
19	Commerzbank	54	23,419.98	1.0
20	DZ Bank	58	22,814.40	1.0
21	Baden-Wurttemberg	57	21,685.28	1.0
22	Santander	52	21,318.80	0.9
23	BBVA	38	13,761.77	0.6
24	Nomura	31	12,244.65	0.5
25	TD Securities	74	11,900.67	0.5
26	Daiwa Secs SMBC	64	11,062.89	0.5
27	Wells Fargo & Co	59	9,656.94	0.4
28	Nordea	19	7,552.16	0.3
29	Lloyds Banking Group	19	7,347.58	0.3
30	MUFG	20	7,330.55	0.3
31	Caja Madrid	22	7,144.47	0.3
32	BayernLB	15	6,889.83	0.3
33	Rabobank	16	6,681.69	0.3
34	CIBC	11	6,420.19	0.3
35	Danske	13	6,208.74	0.3
36	Intesa SanPaolo	11	5,829.44	0.3
37	National Bank of Greece SA	3	5,672.32	0.3
38	Nord/LB	18	4,981.16	0.2
39	Caixa d%27Estalvis y Pensions	20	4,948.64	0.2
40	Dexia SA	8	4,855.54	0.2
41	EFG Group	3	4,308.83	0.2
42	WestLB	16	4,268.38	0.2
43	Davy Corp plc	3	4,059.33	0.2
44	Mizuho FG	24	4,027.25	0.2
45	Piraeus Bank SA	2	3,699.89	0.2
45*	Alpha Bank	2	3,699.89	0.2
47	Erste Bank Der Oest. (NY)	11	3,511.02	0.2
48	Standard Chartered	37	3,285.45	0.1
49	Banco Espirito Santo	7	3,186.90	0.1
50	Raiffeisen Switzerland	12	3,006.32	0.1
	Total	2127	2,247,575.61
Including Euro, foreign, global issues.Excluding equity-related debt, US Global ABS/MBS.
Source: Thomson Financial SDC code: J1

All Euromarket issues Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	Barclays Capital	254	115,423.86	8.5
2	HSBC	268	114,879.09	8.4
3	BNP Paribas	249	112,446.58	8.2
4	JP Morgan	213	96,633.71	7.1
5	RBS	209	84,889.31	6.2
6	Deutsche Bank	219	81,734.59	6.0
7	SG CIB	135	67,517.42	4.9
8	Citigroup	157	65,593.74	4.8
9	Calyon	104	55,752.68	4.1
10	BofA Merrill Lynch	144	48,868.45	3.6
11	Credit Suisse	104	45,905.09	3.4
12	Morgan Stanley	109	42,542.85	3.1
13	Goldman Sachs	84	39,779.74	2.9
14	UniCredit Group	76	37,539.73	2.7
15	UBS	76	32,381.25	2.4
16	Natixis	67	26,784.68	2.0
17	ING	41	22,604.81	1.7
18	DZ Bank	48	20,068.04	1.5
19	Commerzbank	39	19,009.62	1.4
20	Santander	46	18,574.91	1.4
21	Baden-Wurttemberg	44	17,369.47	1.3
22	BBVA	36	13,516.37	1.0
23	RBC CM	67	13,279.66	1.0
24	Nomura	22	10,265.59	0.8
25	Daiwa Secs SMBC	49	7,890.52	0.6
26	Lloyds Banking Group	18	7,302.15	0.5
27	Caja Madrid	22	7,144.47	0.5
28	Nordea	18	6,886.32	0.5
29	Rabobank	16	6,681.69	0.5
30	BayernLB	10	6,002.88	0.4
31	Intesa SanPaolo	11	5,829.44	0.4
32	National Bank of Greece SA	3	5,672.32	0.4
33	Nord/LB	18	4,981.16	0.4
34	Caixa d%27Estalvis y Pensions	20	4,948.64	0.4
35	Danske	10	4,846.81	0.4
36	Dexia SA	7	4,655.46	0.3
37	MUFG	8	4,643.84	0.3
38	EFG Group	3	4,308.83	0.3
39	TD Securities	58	4,196.51	0.3
40	Davy Corp plc	3	4,059.33	0.3
41	WestLB	12	3,897.90	0.3
42	Alpha Bank	2	3,699.89	0.3
42*	Piraeus Bank SA	2	3,699.89	0.3
44	Standard Chartered	36	3,257.92	0.2
45	Wells Fargo & Co	23	3,231.49	0.2
46	Banco Espirito Santo	7	3,186.90	0.2
47	Erste Bank Der Oest. (NY)	10	3,055.21	0.2
48	Caixa Geral de Depositos	9	2,952.52	0.2
49	Raiffeisen Switzerland	9	2,704.57	0.2
50	SEB Enskilda	9	2,636.36	0.2
	Total	1439	1,365,859.81
Including Euro-preferreds. Excluding equity-related debt.
Source: Thomson Financial SDC code: J9

All bonds in Euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	BNP Paribas	185	71,093.74	9.5
2	HSBC	135	58,254.94	7.8
3	SG CIB	141	52,422.42	7.0
4	Deutsche Bank	141	50,754.95	6.8
5	Barclays Capital	127	46,898.95	6.3
6	Calyon	97	41,710.07	5.6
7	JP Morgan	108	41,574.15	5.6
8	RBS	115	40,114.75	5.4
9	UniCredit Group	83	29,038.07	3.9
10	Citigroup	68	25,260.38	3.4
11	Credit Suisse	55	22,168.74	3.0
12	Natixis	72	21,207.30	2.8
13	BofA Merrill Lynch	49	17,271.46	2.3
14	DZ Bank	58	17,184.22	2.3
15	Commerzbank	51	17,125.88	2.3
16	UBS	42	16,899.62	2.3
17	Baden-Wurttemberg	57	16,288.50	2.2
18	Morgan Stanley	42	15,970.51	2.1
19	ING	39	15,834.30	2.1
20	Goldman Sachs	34	13,765.61	1.8
21	Santander	41	11,958.80	1.6
22	BBVA	35	10,115.23	1.4
23	Nomura	8	5,434.74	0.7
24	Caja Madrid	22	5,324.77	0.7
25	BayernLB	15	5,192.65	0.7
26	Rabobank	12	4,818.59	0.6
27	Intesa SanPaolo	11	4,424.83	0.6
28	Nordea	15	4,406.86	0.6
29	National Bank of Greece SA	3	4,233.62	0.6
30	Nord/LB	18	3,751.56	0.5
31	Caixa d%27Estalvis y Pensions	20	3,714.68	0.5
32	Dexia SA	8	3,654.01	0.5
33	WestLB	16	3,234.85	0.4
34	Danske	10	3,227.41	0.4
35	EFG Group	3	3,152.67	0.4
36	Davy Corp plc	3	2,991.81	0.4
37	Alpha Bank	2	2,827.82	0.4
37*	Piraeus Bank SA	2	2,827.82	0.4
39	Erste Bank Der Oest. (NY)	10	2,607.43	0.3
40	Banco Espirito Santo	7	2,407.89	0.3
41	Caixa Geral de Depositos	9	2,192.50	0.3
42	Raiffeisen Switzerland	8	1,982.87	0.3
43	KBC Group NV	3	1,656.97	0.2
44	HSH Nordbank	3	1,553.74	0.2
45	MUFG	3	1,427.07	0.2
46	SEB Enskilda	6	1,424.00	0.2
47	Banco Comercial Portugues SA	5	1,317.76	0.2
48	Hessen-Thueringnen	5	1,279.09	0.2
49	Westdeutsche Zentralbank EG	5	865.40	0.1
50	Handelsbanken Capital Markets	3	819.19	0.1
	Total	648	746,336.20
Including Euro-preferreds.Excluding equity-related debt, US Global ABS/MBS.
Source: Thomson Financial SDC code: N1

All international bonds (1/1/2009–30/6/2009) Country vs type of instrument
	All issues:No of issues	Amount US$(m)	Straights: No of issues	Amount US$(m)	FRNs: No of issues	Amount US$(m)	Convertibles: No of issues	Amount US$(m)
France	254	245,844	217	225,965	29	14,143	8	5,736
Germany	262	243,546	212	226,359	46	16,045	4	1,142
United Kingdom	140	147,497	112	122,606	23	20,902	5	3,988
Netherlands	146	111,225	126	103,558	19	7,421	1	246
Spain	90	110,221	81	108,601	8	1,341	1	280
Luxembourg	73	81,128	63	71,805	8	6,839	2	2,484
Greece	11	59,140	11	59,140	—	—	—	—
Sweden	76	56,144	59	52,866	17	3,278	—	—
Belgium	30	55,244	27	54,737	3	508	—	—
Switzerland	34	53,945	33	52,695	1	1,250	—	—
Austria	35	40,315	31	39,572	3	327	1	415
Portugal	25	32,450	22	29,761	3	2,689	—	—
Denmark	28	31,803	23	28,761	5	3,042	—	—
Ireland	12	26,583	9	26,210	3	373	—	—
Italy	32	26,266	21	24,504	10	1,579	1	183
Finland	37	24,437	28	23,200	9	1,237	—	—
Norway	19	13,518	19	13,518	—	—	—	—
Russian Federation	5	3,955	4	3,690	—	—	1	265
Slovenia	2	3,352	2	3,352	—	—	—	—
Poland	4	3,255	4	3,255	—	—	—	—
Czech Republic	3	2,933	2	2,783	1	150	—	—
Slovak Republic	1	2,710	1	2,710	—	—	—	—
Turkey	2	2,489	2	2,489	—	—	—	—
Cyprus	1	2,068	1	2,068	—	—	—	—
Croatia	1	1,034	1	1,034	—	—	—	—
Lithuania	2	815	1	686	1	129	—	—
Hungary	1	70	—	—	1	70	—	—
Europe	1,326	1,381,988	1,112	1,285,924	190	81,324	24	14,739
United States of America	489	692,405	386	497,772	102	194,404	1	229
Canada	68	58,040	53	49,406	7	6,830	8	1,804
North America	557	750,445	439	547,179	109	201,233	9	2,033
Australia	120	36,738	72	22,614	47	13,621	1	503
New Zealand	5	3,441	4	3,403	1	37	—	—
Australasia	125	40,179	76	26,017	48	13,659	1	503
Brazil	8	5,897	8	5,897	—	—	—	—
Mexico	4	4,194	4	4,194	—	—	—	—
Bermuda	3	2,370	3	2,370	—	—	—	—
Colombia	2	1,991	2	1,991	—	—	—	—
Cayman Islands	2	1,495	1	197	1	1,298	—	—
Venezuela	1	998	1	998	—	—	—	—
Peru	1	995	1	995	—	—	—	—
Chile	1	589	1	589	—	—	—	—
Panama	1	326	1	326	—	—	—	—
Jamaica	1	300	1	300	—	—	—	—
Bahamas	1	268	1	268	—	—	—	—
Honduras	3	114	3	114	—	—	—	—
Argentina	1	48	1	48	—	—	—	—
Latin America/Caribbean	29	19,586	28	18,288	1	1,298
United Arab Emirates	5	7,314	4	6,960	1	354
Qatar	2	4,482	2	4,482	—	—	—	—
Saudi Arabia	3	2,095	1	28	2	2,067	—
Israel	2	1,988	2	1,988	—	—	—	—
Bahrain	1	750	1	750	—	—	—	—
Lebanon	1	445	1	445	—	—	—	—
Middle East	14	17,073	11	14,652	3	2,421	—	—
Japan	22	15,985	17	15,309	5	676	—	—
South Korea	45	14,801	28	13,043	13	817	4	941
Phillippines	15	9,146	14	8,646	1	500	—	—
Indonesia	3	3,730	3	3,730	—	—	—	—
Hong Kong	11	2,694	8	2,590	2	39	1	65
China	3	1,008	1	366	—	—	2	642
Singapore	4	416	3	227	—	—	1	189
Asia Pacific	103	47,780	74	43,911	21	2,031	8	1,837
Ivory Coast	8	3,099	7	2,599	1	500	—	—
South Africa	3	2,338	1	1,488	1	117	1	733
Africa	11	5,437	8	4,087	2	617	1	733
Total	2,165	2,262,486	1,748	1,940,058	374	302,584	43	19,844
Source: Thomson Reuters

International bonds (1/1/2009–30/6/2009) Currency versus type of instrument
	All issues:No of issues	Amount US$(m)	Straights: No of issues	Amount US$(m)	FRNs: No of issues	Amount US$(m)	Convertibles: No of issues	Amount US$(m)
US Dollar	781	1,030,713	584	790,262	183	232,832	14	7,620
Euro	659	1,000,676	559	959,702	83	31,288	17	9,685
British Pound	138	112,269	121	97,735	14	13,496	3	1,038
Swiss Franc	169	37,122	169	37,122	—	—	—	—
Canadian Dollar	20	20,887	16	20,785	—	—	4	101
Japanese Yen	64	20,140	34	9,395	30	10,744	—	—
Australian Dollar	66	8,908	66	8,908	—	—	—	—
Swedish Krona	1	4,743	1	4,743	—	—	—	—
Hong Kong Dollar	110	4,201	108	3,560	—	—	2	642
New Zealand Dollar	25	1,938	25	1,938	—	—	—	—
Norwegian Krone	18	1,526	18	1,526	—	—	—	—
Turkish Lira	16	1,359	16	1,359	—	—	—	—
South African Rand	8	785	8	785	—	—	—	—
Singapore Dollar	14	632	13	443	—	—	1	189
Utd. Arab Em. Dirham	1	503	—	—	—	—	1	503
Chinese Renminbi	2	432	1	366	—	—	1	65
Malaysian Ringgit	4	421	4	421	—	—	—	—
Korean Won	1	298	1	298	—	—	—	—
Thai Baht	3	293	3	293	—	—	—	—
Taiwenese Dollar	3	114	3	114	—	—	—	—
Romanian Lei	3	75	3	75	—	—	—	—
Brazilian Real	3	63	3	63	—	—	—	—
Danish Krone	1	63	1	63	—	—	—	—
Polish Zloty	1	41	1	41	—	—	—	—
Indonesian Rupiah	1	25	1	25	—	—	—	—
Hungarian Forint	1	19	1	19	—	—	—	—
Mexican Peso	1	16	1	16	—	—	—	—
Total	2,114	2,248,260	1,761	1,940,057	310	288,359	43	19,844
Source: Thomson Reuters

All US dollar fixed-rate globals Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	JP Morgan	150	88,448.14	16.0
2	Citigroup	113	71,437.78	12.9
3	BofA Merrill Lynch	142	64,922.05	11.7
4	Goldman Sachs	89	54,777.11	9.9
5	Morgan Stanley	97	54,076.39	9.8
6	Barclays Capital	77	53,733.79	9.7
7	Deutsche Bank	77	37,264.46	6.7
8	Credit Suisse	57	27,519.78	5.0
9	HSBC	44	24,630.23	4.5
10	UBS	53	23,836.46	4.3
	Total	345	553,101.25
Excluding equity-related debt, ABS/MBS.
Source: Thomson Financial SDC code: O5

All US investment grade bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	JP Morgan	163	51,603.04	13.4
2	BofA Merrill Lynch	150	46,799.63	12.2
3	Citigroup	121	43,284.07	11.3
4	Barclays Capital	96	36,070.46	9.4
5	Morgan Stanley	93	35,821.78	9.3
6	Goldman Sachs	89	32,587.85	8.5
7	Credit Suisse	56	23,002.27	6.0
8	Deutsche Bank	68	21,620.03	5.6
9	RBS	59	16,996.37	4.4
10	HSBC	38	16,703.25	4.3
	Total	367	384,240.60
Excluding equity-related debt, ABS/MBS.
Source: Thomson Financial SDC code: F9

All US dollar domestic bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	Citigroup	61	20,282.43	13.8
2	JP Morgan	108	19,871.37	13.5
3	BofA Merrill Lynch	63	17,140.21	11.6
4	Barclays Capital	47	15,916.99	10.8
5	Morgan Stanley	42	12,079.85	8.2
6	UBS	53	10,788.16	7.3
7	Goldman Sachs	41	8,749.31	5.9
8	Deutsche Bank	39	6,299.08	4.3
9	Credit Suisse	28	5,175.93	3.5
10	FIRST HORIZON NATIONAL CORP	152	5,148.59	3.5
	Total	728	147,505.08
Excluding equity-related debt, ABS/MBS, all foreign issues and global issues.
Source: Thomson Financial SDC code: F6

All inv-grade US corporate bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	JP Morgan	36	6,488.92	22.4
2	Citigroup	17	2,800.68	9.6
3	Barclays Capital	19	2,755.71	9.5
4	Wells Fargo & Co	13	1,864.97	6.4
5	Morgan Stanley	12	1,864.04	6.4
6	BofA Merrill Lynch	16	1,815.15	6.3
7	Deutsche Bank	10	1,802.23	6.2
8	Goldman Sachs	11	1,689.54	5.8
9	RBS	8	1,534.56	5.3
10	Credit Suisse	8	1,322.57	4.6
	Total	68	29,028.09
Excluding equity-related debt, ABS/MBS, all foreign issues, global issues and non corporates.
Source: Thomson Financial SDC code: F6a

All international FRNs Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	Barclays Capital	60	51,475.29	16.9
2	Morgan Stanley	49	39,545.35	12.9
3	JP Morgan	52	35,807.62	11.7
4	BofA Merrill Lynch	35	27,436.50	9.0
5	Deutsche Bank	33	25,063.51	8.2
6	Citigroup	37	20,403.94	6.7
7	RBS	42	18,656.08	6.1
8	Goldman Sachs	33	16,953.66	5.5
9	HSBC	31	12,543.03	4.1
10	UBS	11	6,532.36	2.1
	Total	379	305,485.73
Including Euro, foreign, global issues.Excluding equity-related debt, US Global ABS/MBS.
Source: Thomson Financial SDC code: J8

All international US$ bonds Bookrunners: 1/1/2009 to 30/06/2009%0A
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	JP Morgan	251	149,775.17	14.7
2	Barclays Capital	157	121,769.71	11.9
3	Citigroup	194	113,374.50	11.1
4	BofA Merrill Lynch	239	110,587.22	10.8
5	Morgan Stanley	174	109,225.24	10.7
6	Goldman Sachs	154	87,395.73	8.6
7	Deutsche Bank	137	72,872.26	7.1
8	HSBC	91	53,259.87	5.2
9	Credit Suisse	115	49,177.01	4.8
10	UBS	79	36,304.45	3.6
	Total	739	1,019,854.27
Including Euro, foreign, global issues.Excluding equity-related debt, US Global ABS/MBS.
Source: Thomson Financial SDC code: O1

All international US$ FRNs Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	Barclays Capital	35	42,853.41	18.3
2	Morgan Stanley	39	38,581.94	16.4
3	JP Morgan	39	32,362.40	13.8
4	BofA Merrill Lynch	28	24,930.78	10.6
5	Deutsche Bank	27	24,795.24	10.6
6	Citigroup	26	18,771.45	8.0
7	Goldman Sachs	32	16,883.28	7.2
8	HSBC	13	8,425.57	3.6
9	RBS	21	6,726.86	2.9
10	UBS	8	5,747.92	2.4
	Total	187	234,683.60
Including Euro, foreign, global issues.Excluding equity-related debt, US Global ABS/MBS.
Source: Thomson Financial SDC code: O2

All sovereign bonds in euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC (m)	Share (%)
1	Barclays Capital	16	14,571.42	11.3
2	BNP Paribas	15	12,293.79	9.5
3	HSBC	11	12,219.67	9.5
4	SG CIB	11	9,680.31	7.5
5	Calyon	6	7,104.73	5.5
6	ING	8	6,893.28	5.3
7	Citigroup	8	5,986.27	4.6
8	Morgan Stanley	7	5,426.90	4.2
9	JP Morgan	6	5,259.28	4.1
10	National Bank of Greece SA	3	4,233.62	3.3
	Total	37	129,019.02
Excluding ABS/MBS.
Source: Thomson Financial SDC code: N4

All agency bonds in euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	BNP Paribas	53	22,996.98	10.4
2	HSBC	43	17,488.99	7.9
3	Deutsche Bank	32	15,924.92	7.2
4	SG CIB	26	13,555.04	6.2
5	RBS	23	11,961.36	5.4
6	Natixis	23	11,224.89	5.1
7	JP Morgan	30	10,924.54	5.0
8	Calyon	18	10,724.64	4.9
9	Barclays Capital	34	10,265.23	4.7
10	Credit Suisse	21	9,259.94	4.2
	Total	156	220,252.83
Excluding ABS/MBS, equity-related debt.Including publicly owned institutions.
Source: Thomson Financial SDC code: N6

All supranational bonds in euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	Calyon	8	5,095.11	13.1
2	HSBC	9	4,824.43	12.4
3	JP Morgan	6	3,587.21	9.2
4	Deutsche Bank	3	3,228.43	8.3
5	BNP Paribas	5	2,980.38	7.6
6	RBS	5	2,662.68	6.8
7	UniCredit Group	5	1,932.53	5.0
8	Goldman Sachs	3	1,842.27	4.7
9	Nomura	2	1,836.04	4.7
10	SG CIB	3	1,676.17	4.3
	Total	23	38,974.63
Excluding ABS/MBS.
Source: Thomson Financial SDC code: N5

Municipal, city, state, province issues in euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	UniCredit Group	11	4,911.29	14.6
2	Nord/LB	14	2,578.75	7.7
3	Baden-Wurttemberg	8	2,567.63	7.6
4	DZ Bank	9	2,303.15	6.8
5	Deutsche Bank	7	2,166.38	6.4
6	HSBC	9	2,143.76	6.4
7	SG CIB	10	1,776.52	5.3
8	Commerzbank	7	1,482.78	4.4
9	JP Morgan	5	1,388.27	4.1
10	Hessen-Thueringnen	5	1,279.09	3.8
	Total	66	33,681.18
Excluding ABS/MBS.
Source: Thomson Financial SDC code: N7

All Financial institution bonds in euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	BNP Paribas	23	9,108.96	11.7
2	HSBC	17	8,498.03	11.0
3	JP Morgan	14	6,654.52	8.6
4	Barclays Capital	14	6,641.94	8.6
5	BofA Merrill Lynch	12	5,146.82	6.6
6	Deutsche Bank	15	3,588.46	4.6
7	Calyon	9	3,501.58	4.5
8	Credit Suisse	9	3,365.13	4.3
9	Rabobank	6	2,887.39	3.7
10	Citigroup	6	2,743.53	3.5
	Total	91	77,567.30
Including banks, insurance companies and finance companies. Excluding equity-related and covered bonds. Excluding publicly owned institutions.
Source: Thomson Financial SDC code: N11

All subordinated financial institutions (all currencies) Bookrunners: 1/1/2009%0Ato 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	HSBC	2	2,670.30	23.2
2	BofA Merrill Lynch	4	1,612.04	14.0
3	Credit Suisse	2	875.00	7.6
4	Deutsche Bank	3	851.57	7.4
5	UBS	2	783.33	6.8
6	Calyon	2	673.53	5.8
6*	JP Morgan	2	673.53	5.8
8	Morgan Stanley	1	633.72	5.5
9	Goldman Sachs	2	587.50	5.1
10	Standard Chartered	2	475.00	4.1
	Total	11	11,530.06

Source: Thomson Financial SDC code: J3a

All corporate bonds in euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	Deutsche Bank	65	19,596.57	10.0
2	BNP Paribas	70	19,165.37	9.8
3	SG CIB	65	19,010.07	9.7
4	RBS	58	17,015.78	8.7
5	Calyon	44	12,826.57	6.6
6	JP Morgan	38	12,167.62	6.2
7	Barclays Capital	39	10,974.66	5.6
8	HSBC	35	10,925.50	5.6
9	Citigroup	35	9,546.43	4.9
10	BofA Merrill Lynch	21	6,782.73	3.5
	Total	203	195,199.89
Excluding equity-related debt. FIGs, ABS/MBS.
Source: Thomson Financial SDC code: N8

All investment-grade bonds in euros Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	BNP Paribas	170	68,093.47	9.8
2	HSBC	123	56,036.55	8.1
3	SG CIB	122	47,216.76	6.8
4	Deutsche Bank	123	47,189.56	6.8
5	Barclays Capital	114	44,605.17	6.4
6	JP Morgan	97	39,892.93	5.7
7	Calyon	88	39,656.83	5.7
8	RBS	100	37,695.75	5.4
9	UniCredit Group	71	26,567.71	3.8
10	Citigroup	62	24,155.12	3.5
	Total	572	695,056.61
Excluding ABS/MBS, equity-related debt.
Source: Thomson Financial SDC code: N9

All jumbo covered bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	Baden-Wurttemberg	21	5,361.69	12.1
2	SG CIB	18	5,006.01	11.3
3	Commerzbank	17	3,770.59	8.5
4	Deutsche Bank	12	2,891.72	6.5
5	Natixis	10	2,870.43	6.5
6	BNP Paribas	10	2,813.70	6.3
7	Barclays Capital	11	2,143.79	4.8
8	Calyon	8	2,028.66	4.6
9	DZ Bank	9	1,958.83	4.4
10	HSBC	9	1,929.89	4.3
	Total	48	44,460.24
Includes all fixed-rate covered bonds at or over eqv E1bn with at least three market-makers.
Source: Thomson Financial SDC code: N2

All covered bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	Baden-Wurttemberg	22	5,560.84	11.6
2	SG CIB	18	5,006.01	10.5
3	Commerzbank	17	3,770.59	7.9
4	Natixis	12	3,063.27	6.4
5	Deutsche Bank	13	3,016.72	6.3
6	BNP Paribas	11	2,863.70	6.0
7	DZ Bank	12	2,489.05	5.2
8	UniCredit Group	12	2,470.35	5.2
9	Barclays Capital	13	2,293.79	4.8
10	RBS	12	2,180.17	4.6
	Total	65	47,756.46

Source: Thomson Financial SDC code: N2a

All jumbo covered bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	Baden-Wurttemberg	21	7,236.47	11.9
2	SG CIB	18	6,808.87	11.2
3	Commerzbank	17	5,176.08	8.5
4	Deutsche Bank	12	3,990.04	6.6
5	Natixis	10	3,947.81	6.5
6	BNP Paribas	10	3,911.46	6.4
7	Barclays Capital	11	2,908.13	4.8
8	Calyon	8	2,757.56	4.5
9	DZ Bank	9	2,666.37	4.4
10	HSBC	9	2,606.82	4.3
	Total	48	60,811.04
Includes all fixed-rate covered bonds at or over eqv E1bn or US$1bln with at least three market-makers.
Source: Thomson Financial SDC code: J15

All currency covered bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	Baden-Wurttemberg	22	7,518.23	10.9
2	SG CIB	18	6,808.87	9.9
3	Commerzbank	17	5,176.08	7.5
4	BNP Paribas	12	4,231.86	6.2
5	Natixis	12	4,213.33	6.1
6	Deutsche Bank	13	4,151.73	6.0
7	UniCredit Group	13	3,471.77	5.0
8	DZ Bank	12	3,411.76	5.0
9	HSBC	11	3,229.20	4.7
10	JP Morgan	11	3,165.69	4.6
	Total	81	68,775.70

Source: Thomson Financial SDC code: J15a

All global and Euromarket yen bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %A5(m)	Share (%)
1	RBS	1	220,000.00	16.1
2	Citigroup	5	171,450.00	12.5
3	Daiwa Secs SMBC	14	160,866.67	11.8
4	BofA Merrill Lynch	6	145,677.14	10.7
5	BNP Paribas	8	114,566.67	8.4
6	Nomura	5	102,616.67	7.5
7	Mizuho	8	99,533.33	7.3
8	MUFG	2	59,336.67	4.3
9	UBS	1	50,000.00	3.7
10	Societe Generale	1	40,000.00	2.9
	Total	51	1,367,608.14
Excluding equity-related debt. Including preferreds.
Source: Thomson Financial SDC code: K10

All international yen bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %A5(m)	Share (%)
1	Daiwa Secs SMBC	24	338,800.00	16.8
2	Citigroup	12	325,050.00	16.1
3	Nomura	13	252,883.33	12.5
4	RBS	1	220,000.00	10.9
5	Mizuho	16	218,633.33	10.8
6	BofA Merrill Lynch	6	145,677.14	7.2
7	BNP Paribas	8	114,566.67	5.7
8	MUFG	7	111,836.67	5.5
9	UBS	1	50,000.00	2.5
10	Societe Generale	1	40,000.00	2.0
	Total	66	2,021,008.14
Including all Euro, foreign, global issues.Excluding equity-related debt.
Source: Thomson Financial SDC code: K12

All Samurai bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %A5(m)	Share (%)
1	Daiwa Secs SMBC	10	177,933.33	27.2
2	Citigroup	7	153,600.00	23.5
3	Nomura	8	150,266.67	23.0
4	Mizuho	8	119,100.00	18.2
5	MUFG	5	52,500.00	8.0
	Total	15	653,400.00
Excluding equity-related debt.
Source: Thomson Financial SDC code: K11

All international Swiss franc bonds excluding securitisations
Bookrunners – 1/1/2009–30/6/2009
	Managing bank or group	No of issues	Total SFr(m)	Share (%)
1	Credit Suisse	86	18,570.6	42.4
2	UBS	41	7,717.8	17.6
3	BNP Paribas	35	7,640.7	17.4
4	RBS	27	3,684.7	8.4
5	Zuercher KB	20	2,177.9	5.0
6	Kantonalbank	10	1,133.8	2.6
7	Deutsche Bank	9	1,093.7	2.5
8	UniCredit Group	10	1,079.1	2.5
9	Raiffeisen Zentral	3	338.4	0.8
10	Verband Schweiz	3	225.8	0.5
	Total	177	43,809.4
Including preferreds. Excluding equity-related debt.
Source: Thomson Reuters
SDC code: K6a

All international sterling bonds excluding securitisations
Bookrunners – 1/1/2009–30/6/2009
	Managing bank or group	No of issues	Total £(m)	Share (%)
1	Barclays Capital	52	17,380.4	23.8
2	RBS	52	14,976.2	20.5
3	HSBC	47	8,585.3	11.8
4	RBC Capital Mkts	24	4,757.8	6.5
5	JP Morgan	24	4,370.1	6.0
6	Deutsche Bank	25	4,237.8	5.8
7	BNP Paribas	20	3,208.9	4.4
8	Citigroup	14	2,896.0	4.0
9	Lloyds Banking Grp	12	2,651.2	3.6
10	Goldman Sachs	3	2,185.0	3.0
	Total	137	73,041.4
Including preferreds. Excluding equity-related debt.
Source: Thomson Reuters
SDC code: K5a

All intl Australian dollar bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total A$(m)	Share (%)
1	TD Securities	29	2,816.93	18.4
2	RBC CM	15	2,420.78	15.8
3	Daiwa Secs SMBC	8	1,915.12	12.5
4	CBA	8	1,699.50	11.1
5	Westpac Banking	5	1,322.67	8.7
6	JP Morgan	4	1,196.81	7.8
7	ANZ Banking Group	3	953.52	6.2
8	RBS	7	849.00	5.6
9	UBS	1	372.53	2.4
10	Nomura	3	350.97	2.3
	Total	70	15,279.15
Including preferreds. Excluding equity-related debt.
Source: Thomson Financial SDC code: K1

All intl Canadian dollar bonds Bookrunners: 1/1/2009 to 31/03/2009
	Managing bank or group	No of issues	Total C$(m)	Share (%)
1	TD Securities	17	8,535.21	23.1
2	RBC CM	16	8,207.17	22.2
3	CIBC	11	7,720.56	20.9
4	BofA Merrill Lynch	7	6,357.42	17.2
5	BMO Capital Markets	7	3,440.94	9.3
6	Scotia Capital	7	1,327.45	3.6
7	Deutsche Bank	1	662.74	1.8
8	National Bank Financial Inc	4	423.30	1.1
9	Genuity Capital Markets	2	209.75	0.6
10	HSBC	1	125.00	0.3
	Total	43	37,009.54
Including preferreds. Excluding equity-related debt.
Source: Thomson Financial SDC code: K2

All intl New Zealand dollar bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total NZ$(m)	Share (%)
1	Daiwa Secs SMBC	6	1,830.13	44.7
2	TD Securities	9	566.66	13.9
3	RBC CM	5	468.64	11.5
4	ANZ Banking Group	3	357.73	8.7
5	RBS	4	207.00	5.1
6	Morgan Stanley	3	175.00	4.3
7	Barclays Capital	3	160.00	3.9
8	Nomura	2	80.49	2.0
9	Standard Chartered	1	77.00	1.9
10	CBA	3	67.06	1.6
	Total	34	4,089.72
Including preferreds. Excluding equity-related debt.
Source: Thomson Financial SDC code: K4

All international Rand bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total R(m)	Share (%)
1	Daiwa Secs SMBC	4	5,629.12	68.1
2	ABSA Bank Ltd	1	965.70	11.7
3	Nomura	1	824.75	10.0
4	HSBC	2	601.80	7.3
5	JP Morgan	1	242.70	2.9
	Total	9	8,264.07
Including preferreds. Excluding equity-related debt.
Source: Thomson Financial SDC code: K7

Australian domestic bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total A$(m)	Share (%)
1	NAB	11	7,893.97	17.1
2	Westpac Banking	9	6,793.47	14.7
3	CBA	14	6,272.87	13.6
4	ANZ Banking Group	10	5,918.47	12.8
5	UBS	12	5,167.59	11.2
6	Deutsche Bank	6	3,260.64	7.0
7	HSBC	5	2,299.30	5.0
8	JP Morgan	5	1,836.16	4.0
9	RBC CM	4	1,572.03	3.4
10	Citigroup	2	1,355.24	2.9
	Total	60	46,274.81
Source: Thomson Financial SDC code: AJ2

All intl Norwegian krone bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total NKr(m)	Share (%)
1	RBC CM	9	4,197.12	42.1
2	DnB NOR BANK ASA	2	1,265.43	12.7
3	Nordea	1	1,000.00	10.0
4	TD Securities	2	978.77	9.8
5	SEB Enskilda	2	695.00	7.0
6	BofA Merrill Lynch	1	500.00	5.0
7	UBS	1	497.43	5.0
8	Rabobank	1	379.22	3.8
9	Barclays Capital	1	350.00	3.5
10	Deutsche Bank	1	109.20	1.1
	Total	18	9,972.17
Including preferreds. Excluding equity-related debt.
Source: Thomson Financial SDC code: K13

All intl Turkish Lira bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total TL(m)	Share (%)
1	Daiwa Secs SMBC	8	1,703.43	77.3
2	TD Securities	3	199.67	9.1
3	RBC CM	3	124.37	5.6
4	JP Morgan	2	116.83	5.3
5	Deutsche Bank	1	58.88	2.7
	Total	16	2,203.17
Including preferreds. Excluding equity-related debt.
Source: Thomson Financial SDC code: K17

All US$ denominated high-yield bonds Bookrunners - 1/1/2009 to 30/06/2008
	Managing bank or group	No of issues	Total US$ (m)	Share (%)
1	BofA Merrill Lynch	69	11,510.23	19.7
2	JP Morgan	60	10,002.38	17.2
3	Citigroup	35	6,749.62	11.6
4	Deutsche Bank	37	5,422.61	9.3
5	Morgan Stanley	24	5,135.99	8.8
6	Goldman Sachs	27	4,441.22	7.6
7	Credit Suisse	27	3,786.18	6.5
8	Wells Fargo & Co	33	3,711.81	6.4
9	Barclays Capital	13	1,645.81	2.8
10	RBS	12	1,580.54	2.7
	Total	121	58,288.48
Including US domestics, Euro, foreign, globals Excluding equity-related debt.
Source: Thomson Financial SDC code: B5

All non-dollar denominated high-yield bonds Bookrunners: 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC(m)	Share (%)
1	Deutsche Bank	5	548.67	24.1
2	Citigroup	1	294.35	12.9
3	Credit Suisse	5	246.77	10.8
4	RBS	3	238.83	10.5
5	Natixis	1	199.64	8.8
5*	SG CIB	1	199.64	8.8
7	HSBC	2	196.82	8.6
8	JP Morgan	4	136.57	6.0
8*	BNP Paribas	4	136.57	6.0
10	Morgan Stanley	1	33.43	1.5
	Total	10	2,280.46
Excluding equity-related debt.
Source: Thomson Financial SDC code: B6

All European HY Issuers 1/1/2009 to 30/06/2009
	Managing bank or group	No of issues	Total %u20AC (m)	Share (%)
1	Deutsche Bank	7	794.51	20.8
2	Credit Suisse	7	590.05	15.5
3	JP Morgan	6	448.93	11.8
4	BNP Paribas	4	385.69	10.1
5	Citigroup	2	351.21	9.2
6	Morgan Stanley	3	224.93	5.9
7	RBS	2	214.26	5.6
8	SG CIB	1	199.64	5.2
8*	Natixis	1	199.64	5.2
10	HSBC	1	172.24	4.5
	Total	13	3,818.32
Excluding equity related debt.
Source: Thomson Financial

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IFR First Half League Tables 2009

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Eastern European and African Eurobond issuance dried up dramatically in the first half of 2009. A mere ten deals printed in the region, raising a little over US$9bn. Only three of those deals came from outside the sovereign space. It is a quite dramatic decline since the same period in 2008, when 30 transactions worth more than US$20bn came to market. But that was a period dominated by hefty bank and corporate supply out of Russia. That supply has now almost completely disappeared. The Russian state has not shirked from using its vast financial...

7 min read

IFR First Half League Tables 2009

The comeback kid

The structured equity market divided down geographical lines in 2009. The start of the year saw more rearrangement in the ranking of banks in Europe. The once dominant forces of Deutsche Bank and JP Morgan have played bit part roles in 2009 – despite JPM's 25% market share in straight equity. It is Morgan Stanley that now sits pretty at the head of the top table. It did the most deals and won greatest bookrunning credit. In the months of inactivity some banks cut equity-linked staff; others persevered in pitching, but struggled to even secure...

8 min read

IFR First Half League Tables 2009

Same players, different games

Take a glance at the headline numbers for ECM in the first half of 2009 and you won't be surprised: the top names in the US, EMEA and Asia appear to be the same. Yet there has been a dramatic change in the make-up of the deal flow, while few firms are looking at a similar share of the fee pot as before. Europe has offered a particularly good opportunity for banks to make their mark as underwriting capacity was an important factor. JP Morgan finished 2008 with its reputation intact, turning its perceived financial strength into its unique...

19 min read

IFR First Half League Tables 2009

Changing of the guard

Global syndicated lending slumped in the first half of the year, with year-on-year volumes down by around 35%. With activity declining across all regions, the global syndicated loan market has not been this quiet since 1999. The first half figures show that even as market tone has improved as the year has progressed, volumes remain light at best. The depressed picture contrasts with a booming international bond market, where volumes have surged across the first half as corporates focused their efforts away from a difficult loan space. The...

20 min read

IFR First Half League Tables 2009

Leading by example

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