2014 League Tables Global Equity Capital Market

GLOBAL
EQUITY
CAPITAL
MARKET
LEAGUE TABLES
2014
2014
MANAGER RANKINGS
GLOBAL EQUITY, EQUITY LINKED & RIGHTS

Bloombergs global equity offerings database consists of nearly 87,000 deals (with approximately
43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors
and 500 legal advisors.
CONTENTS
1.
2.
3.
4.
5.
6.
7.
Global market review

U.S. market review
Canada market review
Latin America market review
EMEA market review
Asia market review
Table criteria
LEAG<GO> for a full range of league tables

NI LEAG CRL<GO> or www.bloomberg.com for a full range of market-specific league
table publications
IPO<GO> for Bloombergs equity offerings product

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release
and data found on the Bloomberg Professional Service.
DATA SUBMISSIONS AND QUERIES

Contact
Phone
Email
Elizabeth Entrup
+1 212 617 3694
calendar@bloomberg.net
Irina Arefyeva
+1 212 617 7377
EMEA
Karan Aswani
+44 20 3525 4331
Asia Pacific
Felishya Yusa
+65 6499 2679
North America
2014 Bloomberg Finance L.P. All rights reserved.
CANADA
USD 40 billion (+48%)
1. Scotiabank
2. RBC
3. CIBC
ASIA-PAC
USD 245.4 billion (+19.8%)
EMEA
USD 266.6 billion (+31.2%)
17.8%
16.1%
12.4%
1. JP Morgan
2. Goldman Sachs
3. UBS
1. Morgan Stanley
2. Goldman Sachs
3. Deutsche Bank
9.9%
8.7%
8.6%
9.6%
9.2%
5.9%
U.S.
USD 258.2 billion (-8.5%)
1. Citi
2. JP Morgan
3. Goldman Sachs
11.5%
11.1%
10.8%
MENA
USD 12.8 billion (+301.7%)
1. HSBC
1. GIB
1. JP Morgan
LATIN AMERICA
USD 17.9 billion (-44.6%)
1. Banco Itau BBA
2. Credit Suisse
3. BAML
12.0%
10.5%
9.2%
SUB-SAHARAN AFRICA
USD 5.7 billion (+112.9%)
1. Citi
19.9%
2. Morgan Stanley 16.8%
3. Barclays
10.0%
34.6%
29.3%
4.8%
AUSTRALIA/N ZEALAND
USD 36.3 billion (+42.4%)
1. Goldman Sachs 17.4%
2. UBS
16.4%
3. Macquarie
16.4%
Global Equity Review | FY 2014
Global Equity, Equity Linked & Rights Snapshot
Global Equity Review

In 2014 global equity volume increased 8.5% to USD 817.4 billion, while issuance grew 11.2% to 4,155 offerings compared with
2013.
IPO issuance increased by 319 deals compared to 2013 and volume grew 51.5% to USD 249.6 billion.
Activity in the additional offerings segment decreased 9.2% year-on-year to USD 399.0 billion. At the same time, issuance remained
steady at 2,278 deals.
The rights market saw an increase in volume of 67.5% to USD 68.4 billion and a 48.4% growth in issuance to 227 offerings
compared with last year.
Goldman Sachs & Co ranks as the top global equity underwriter for the second year in a row. The bank underwrote five of the top
ten deals that priced in 2014 including Alibaba Group Holding Ltd, the largest IPO in history.
Industrial
8%
Other
13%
Financial
31%
Energy
10%
Consumer,
Non-cyclical
15%
Communications
11%
Consumer, Cyclical
12%
GLOBAL EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014

DATE
SUMMARY
Number of deals
4,155
Volume (USD Mln)
817,387
197
Avg Deal size (USD Mln)
18/09/2014 Alibaba Group Holding Ltd
Goldman Sachs & Co

Number of deals
DEAL TYPE
AMOUNT
(USD MLN)
INDUSTRY
IPO
Communications
Rights
Financial
25,032.3
Underwriters: CITI, CS, DB, GS, JPM, MS

06/06/2014 Deutsche Bank AG
Underwriters:
TOP UNDERWRITER
Volume (USD Mln)
ISSUER
8,784.2
ABN, BARCS, BBVA, BSSA, CITI, COBA, DB*, GS, ING, INTES, JPM, MEDBCA, SG, UBS,
UNICRD
26/03/2014 Lloyds Banking Group PLC
Addl
Financial
6,955.3
Rights
Financial
6,422.7
385 Underwriters: BAML, JPM, MS, UBS

74,861
194
09/06/2014 Monte dei Paschi di Siena
Underwriters: BAML, BARCS, CITI, COBA, GS, JPM, MEDBCA, MS, SG, UBS
INDUSTRY
AMOUNT
(USD MLN)
% OF TOTAL
% YOY
CHANGE
Financial
253,172
31.0%
2.8%
Consumer, Non-cyclical
120,543
14.8%
16.3%
Consumer, Cyclical
93,909
11.5%
21.6%
Communications
89,283
10.9%
22.8%
Energy
83,585
10.2%
20.5%
Industrial
68,926
8.4%
-10.5%
Utilities
39,531
4.8%
35.0%
Technology
34,953
4.3%
-0.1%
Basic Materials
24,934
3.1%
-32.3%
8,214
1.0%
33.8%
Diversified
*Self-led
GLOBAL EQUITY & EQUITY LINKED: QUARTERLY VOLUME

$300
GLOBAL EQUITY & EQL: OFFERING TYPE BREAKDOWN
1600
1400
$250
$200
1000
$150
800
600
$100
400
$50
200
$0
0
Q4
2009
Q4
2010
Q4
2011
Eqty Lkd (Bln)
Q4
2012
Add'l (Bln)
IPO (Bln)
Q4
2013
Total Deals
Q4
2014
Deal Count
USD Bln
1200
OFFERING TYPE
IPO
AMOUNT
(USD MLN)
% OF TOTAL
% YOY
CHANGE
249,620
33.1%
51.5%
Additional offering
398,990
52.9%
-11.7%
Equity linked
100,272
13.3%
-9.2%
748,883
100.0%
4.1%
Total
GLOBAL EQTY, EQL & RIGHTS: INDUSTRY BREAKDOWN
Global Equity & Equity Linked
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Goldman Sachs & Co
9.2
74,861
385
11.7
-2.5
Morgan Stanley
8.8
71,757
434
8.2
0.6
JP Morgan
8.3
67,807
470
8.8
-0.5
Bank of America Merrill Lynch
7.5
61,443
413
7.5
Citi
7.4
60,586
375
6.6
0.8
Deutsche Bank AG
6.4
52,397
326
5.9
0.5
UBS
5.5
44,831
303
6.3
-0.8
Credit Suisse
5.3
43,707
354
5.2
0.1
Barclays
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
-2.3
Goldman Sachs & Co
9.4
70,703
373
11.7
Morgan Stanley
8.9
66,878
419
8.6
0.3
JP Morgan
8.1
60,342
437
8.9
-0.8
7.8
58,108
404
7.8
Citi
7.7
57,357
359
6.7
Deutsche Bank AG
6.6
49,249
313
5.8
0.8
Credit Suisse
5.6
41,984
344
5.4
0.2
UBS
5.5
40,920
289
6.4
-0.9
4.4
35,641
295
4.9
-0.5
4.4
32,840
285
5.1
-0.7
RBC Capital Markets
10
2.1
17,145
199
12
1.6
0.5
RBC Capital Markets
10
2.2
16,748
198
12
1.6
0.6
HSBC Bank PLC
11
2.1
16,956
73
13
1.2
0.9
Nomura Holdings Inc
11
15,207
123
11
1.9
0.1
Nomura Holdings Inc
12
15,979
128
11
1.8
0.2
Wells Fargo & Co
12
1.8
13,139
173
10
-0.2
Wells Fargo & Co
13
1.6
13,139
173
10
1.9
-0.3
HSBC Bank PLC
13
1.7
13,069
56
15
0.7
Jefferies LLC
14
8,474
139
14
1.1
-0.1
Jefferies LLC
14
1.1
7,887
136
13
1.2
-0.1
Macquarie Group Ltd
15
0.9
7,762
69
18
0.8
0.1
Macquarie Group Ltd
15
0.9
7,028
63
17
0.9
BNP Paribas SA
16
0.9
7,331
63
17
0.9
BMO Capital Markets
16
0.9
6,563
90
18
0.8
0.1
Societe Generale
17
0.9
7,017
47
21
0.7
0.2
Sumitomo Mitsui Financial Group Inc
17
0.8
6,089
59
16
0.9
-0.1
BMO Capital Markets
18
0.8
6,563
90
19
0.8
BNP Paribas SA
18
0.7
5,462
45
21
0.7
19
0.7
6,089
59
16
0.9
-0.2
Daiwa Securities Group Inc
19
0.7
5,378
72
14
1.1
-0.4
20
0.7
0.4
20
0.7
0.3
Mediobanca
TOTAL
100%
5,534
24
37
0.3
817,387
4,155
753,647
100%
Scotiabank
TOTAL
Global Equity Offerings
100%
5,203
32
28
0.4
748,984
3,936
712,809
100%
Global Equity Offerings (IPO)

2014
FIRM
Barclays
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Goldman Sachs & Co
9.2
59,689
317
11.5
-2.3
Goldman Sachs & Co
8.7
21,632
111
8.2
0.5
Morgan Stanley
8.7
56,641
361
8.6
0.1
Morgan Stanley
8.6
21,404
128
7.4
1.2
Citi
8.1
52,217
323
6.9
1.2
Deutsche Bank AG
7.3
18,112
97
7.1
0.2
7.8
50,317
352
7.8
JP Morgan
7.2
17,974
125
7.2
JP Morgan
7.6
49,575
362
8.4
-0.8
Credit Suisse
6.6
16,460
114
5.9
0.7
Deutsche Bank AG
6.9
44,490
272
5.7
1.2
Citi
6.1
15,183
101
6.1
Credit Suisse
5.7
37,131
305
5.4
0.3
UBS
4.5
11,339
84
4.5
UBS
5.7
37,043
269
6.7
-1
4.2
10,583
88
6.9
-2.7
Barclays
4.4
28,577
251
5.2
-0.8
Barclays
2.9
7,227
75
4.2
-1.3
RBC Capital Markets
10
13,265
175
12
1.7
0.3
HSBC Bank PLC
10
2.9
7,227
22
14
1.7
1.2
Wells Fargo & Co
11
1.7
11,089
159
10
-0.3
Macquarie Group Ltd
11
1.8
4,375
23
12
1.9
-0.1
Nomura Holdings Inc
12
1.6
10,637
94
11
-0.4
Nomura Holdings Inc
12
1.7
4,243
33
10
2.4
-0.7
HSBC Bank PLC
13
1.6
10,513
41
15
0.6
Wells Fargo & Co
13
1.6
3,895
43
11
2.1
-0.5
Jefferies LLC
14
1.1
7,139
131
13
1.2
-0.1
Jefferies LLC
14
1.4
3,443
54
13
1.8
-0.4
Macquarie Group Ltd
15
6,782
60
16
Gulf International Bank BSC
15
1.2
3,011
BMO Capital Markets
16
0.9
6,074
83
18
0.9
RBC Capital Markets
16
1.1
2,819
42
15
1.3
-0.2
17
0.8
5,284
50
17
0.9
-0.1
China Merchants Securities Co Ltd
17
1.1
2,785
25
51
0.3
0.8
Scotiabank
18
0.8
5,093
29
25
0.4
0.4
CITIC Securities Co Ltd
18
1.1
2,668
16
30
0.5
0.6
TD Securities
19
0.6
3,706
31
27
0.4
0.2
Bank of China
19
2,553
16
20
0.8
0.2
CIBC
20
0.6
3,687
34
39
0.3
0.3
GF Securities
20
2,524
22
179
648,610
3,456
604,095
100%
249,620
1,178
164,721
100%
TOTAL
100%
TOTAL
100%
Global Equity, Equity Linked & Rights
Global Equity Linked

FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
-2
Goldman Sachs & Co
11
11,014
56
13
JP Morgan
10.7
10,767
75
11.7
-1
Morgan Stanley
10.2
10,238
58
8.6
1.6
7.8
7,791
52
7.7
0.1
Citi
5.1
5,140
36
5.8
-0.7
Credit Suisse
4.8
4,853
39
5.3
-0.5
Deutsche Bank AG
4.7
4,759
41
6.5
-1.8
Nomura Holdings Inc
4.6
4,570
29
12
1.5
3.1
Barclays
4.3
4,263
34
4.7
-0.4
UBS
10
3.9
3,877
20
5.1
-1.2
RBC Capital Markets
11
3.5
3,483
23
15
1.4
2.1
BNP Paribas SA
12
2.7
2,658
22
10
2.7
HSBC Bank PLC
13
2.5
2,556
15
22
0.9
1.6
Societe Generale
14
2.1
2,075
14
19
0.9
1.2
Wells Fargo & Co
15
2,050
14
11
1.9
0.1
16
1.7
1,729
14
14
1.5
0.2
17
1.1
1,125
39
0.3
0.8
Credit Agricole CIB
18
963
11
16
1.2
-0.2
KGI Securities Co Ltd
19
0.9
871
24
23
0.8
0.1
China International Capital Corp
20
0.8
810
25
0.8
100,272
476
108,552
100%
TOTAL
100%
2014
U.S. Equity Review

Total activity in 2014 for U.S. equity and equity linked deals fell compared to 2013. Deal count decreased 5.0% and the amount
raised decreased 8.5% to USD 258.2 billion from USD 282.2 billion.
In 2014 Citi was the top underwriter for U.S. equity and equity linked league tables, with USD 29.6 billion in league credit for a total
of 218 issues. Goldman Sachs held the top position last year.
The financial industry continued to lead all other sectors for 2014, raising USD 65.1 billion for 240 issues, although volume was
down 12.6% compared to 2013.
The top equity issuer in 2014 was pipelines and energy infrastructure company, The Williams Companies Inc, raising USD 3.5 billion
in an additional offering of stock to help finance the acquisition of Access Midstream Partners LP at a value of approximately USD 6
billion.
Citizens Financial Group had the largest IPO year-to-date, for a total of USD 3.5 billion making it the second largest bank IPO on a
US exchange on record, second to the 1999 IPO of The Goldman Sachs Group Inc for USD 3.7 billion.
Other
12%
Technology
6%
Financial
25%
Communications
8%
Consumer, Cyclical
11%
Energy
18%
Consumer,
Non-cyclical
20%
U.S. EQUITY & EQUITY LINKED: HIGHLIGHTS of 2014

DATE
SUMMARY
Number of deals
Volume (USD Mln)
1,016
DEAL TYPE
ISSUER
17/06/2014 Williams Cos Inc/The
INDUSTRY
AMOUNT
(USD MLN)
Addl
Energy
3,474.2
IPO
Financial
3,461.5
Financial
2,955.4
258,217 Underwriters: BARCS, CITI, UBS

254
23/09/2014 Citizens Financial Group Inc
Underwriters: BARCS, CITI, DB, GS, JPM, MS, RBS*, WFC

30/07/2014 Synchrony Financial
TOP UNDERWRITER
IPO
Citi Underwriters: BAML, BARCS, CITI, CS, DB, GS, JPM, MS

Number of deals
Volume (USD Mln)
218
18/11/2014 Paramount Group Inc
IPO
Financial
2,636.4
29,601 Underwriters: BAML, DB, MS, WFC

136
03/11/2014 Hilton Worldwide Holdings Inc
Addl
Cons, Cyclical
2,587.5
Underwriters: BAML, CITI, CS, DB, GS, JPM, MS, WFC
INDUSTRY
AMOUNT
(USD MLN)
% OF TOTAL
% YOY
CHANGE
Financial
65,139
25.3%
-12.6%
51,737
20.1%
7.1%
Energy
47,265
18.4%
7.5%
Consumer, Cyclical
26,984
10.5%
-12.4%
Communications
20,557
8.0%
-35.0%
Technology
14,960
5.8%
-21.3%
Industrial
13,646
5.3%
-10.2%
Utilities
10,064
3.9%
45.0%
Basic Materials
4,525
1.8%
-57.8%
Diversified
2,123
0.8%
131.0%
*Self-led
U.S. EQUITY & EQUITY LINKED: QUARTERLY VOLUME
U.S. EQUITY & EQL OFFERING TYPE: BREAKDOWN
$100
350
250
$60
200
$40
150
100
$20
50
$0
0
Q4
2009
Q4
2010
Q4
2011
Eqty Lkd (Bln)
Q4
2012
Add'l (Bln)
IPO (Bln)
Q4
2013
Total Deals
Q4
2014
Deal count
$80
USD Bln
OFFERING TYPE
300
IPO
Additional offering
Equity linked
Total
AMOUNT
(USD MLN)
% OF TOTAL
% YOY
CHANGE
56,808
22.0%
-1.7%
158,342
61.3%
-12.9%
43,067
16.7%
0.4%
258,217
100%
-8.9%
o
U.S. EQUITY & EQL INDUSTRY: BREAKDOWN
U.S. Equity Linked

2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Citi
11.5
29,601
218
11
0.5
Goldman Sachs & Co
16.2
6,975
36
21.3
-5.1
JP Morgan
11.1
28,761
265
11.9
-0.8
JP Morgan
15.8
6,826
45
13.6
2.2
Goldman Sachs & Co
10.8
27,814
215
15
-4.2
Morgan Stanley
14.6
6,300
33
12.2
2.4
10.7
27,745
269
10.7
10.1
4,366
34
12.7
-2.6
Morgan Stanley
10.4
26,980
237
9.6
0.8
RBC Capital Markets
7.7
3,308
18
11
1.4
6.3
Barclays
8.9
22,961
209
9.8
-0.9
Citi
6.3
2,703
21
8.2
-1.9
Credit Suisse
18,070
177
6.4
0.6
Wells Fargo & Co
4.8
2,050
14
4.7
0.1
Deutsche Bank AG
6.1
15,628
172
5.8
0.3
Deutsche Bank AG
4.8
2,046
20
5.2
-0.4
Wells Fargo & Co
12,804
164
4.7
2,016
16
8.3
-3.6
RBC Capital Markets
10
4.3
11,048
144
12
2.3
Credit Suisse
10
4.5
1,931
18
4.7
-0.2
UBS
11
2.9
7,480
96
10
2.5
0.4
Jefferies LLC
11
1.7
749
10
1.9
-0.2
Jefferies LLC
12
1.6
4,242
86
11
2.1
-0.5
HSBC Bank PLC
12
434
Stifel
13
2,577
65
14
0.6
0.4
Piper Jaffray & Co
13
431
23
0.1
0.9
BMO Capital Markets
14
0.9
2,377
41
16
0.5
0.4
RRJ Capital II Ltd
14
0.8
333
Raymond James & Associates Inc
15
0.8
2,186
58
13
0.7
0.1
SeaTown Lionfish Pte Ltd
14
0.8
333
Cowen & Co
16
0.6
1,541
44
19
0.3
0.3
Temasek Holdings Pte Ltd
14
0.8
333
Piper Jaffray & Co
17
0.5
1,364
29
18
0.4
0.1
BMO Capital Markets
17
0.6
272
19
0.3
0.3
Leerink Partners LLC
18
0.5
1,354
28
17
0.4
0.1
Nomura Holdings Inc
18
0.6
242
28
0.6
Robert W Baird & Co
19
0.5
1,219
36
15
0.5
Stifel
19
0.5
224
24
0.1
0.4
KeyBanc Capital Markets
20
0.3
902
15
21
0.3
BNP Paribas SA
20
0.4
167
14
0.7
-0.3
258,217
1,016
282,240
100%
43,067
117
42,903
100%
TOTAL
100%
TOTAL
U.S. Equity Offerings
100%
U.S. Equity Offerings (IPO)

2014
FIRM
Barclays
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Citi
12.5
26,897
197
11.5
10.9
23,379
235
10.3
0.6
JP Morgan
10.2
21,936
220
11.6
Barclays
9.7
20,945
193
10.1
Goldman Sachs & Co
9.7
20,840
179
Morgan Stanley
9.6
20,680
204
Credit Suisse
7.5
16,139
159
Deutsche Bank AG
6.3
13,582
Wells Fargo & Co
RBC Capital Markets
10
UBS
Jefferies LLC
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Morgan Stanley
11.8
6,720
69
8.5
3.3
Goldman Sachs & Co
10.1
5,721
62
11.2
-1.1
-1.4
Citi
9.3
5,306
56
9.5
-0.2
-0.4
Deutsche Bank AG
9.3
5,282
50
8.2
1.1
13.8
-4.1
JP Morgan
8.9
5,031
64
10.5
-1.6
9.1
0.5
Barclays
8.3
4,737
53
8.5
-0.2
6.7
0.8
7.7
4,378
48
12.1
-4.4
152
0.3
Wells Fargo & Co
6.5
3,691
38
5.9
0.6
10,753
150
Credit Suisse
6.2
3,507
49
7.2
-1
3.6
7,739
126
12
2.1
1.5
RBC Capital Markets
10
3.3
1,885
34
12
1.8
1.5
11
3.4
7,328
94
10
2.8
0.6
UBS
11
2.9
1,644
25
10
3.5
-0.6
12
1.6
3,493
81
11
2.1
-0.5
Jefferies LLC
12
2.1
1,210
28
11
2.6
-0.5
Stifel
13
1.1
2,352
63
13
0.7
0.4
Stifel
13
2.1
1,201
31
13
1.1
BMO Capital Markets
14
2,105
38
16
0.5
0.5
BMO Capital Markets
14
1.7
948
15
20
0.5
1.2
15
0.9
2,027
55
14
0.7
0.2
15
571
16
21
0.5
0.5
Cowen & Co
16
0.7
1,467
43
19
0.4
0.3
Piper Jaffray & Co
16
558
17
19
0.5
0.5
17
0.6
1,354
28
17
0.4
0.2
17
0.9
490
13
14
0.8
0.1
Robert W Baird & Co
18
0.6
1,219
36
15
0.6
Robert W Baird & Co
18
0.7
387
15
17
0.5
0.2
Piper Jaffray & Co
19
0.4
933
27
18
0.4
Cowen & Co
19
0.7
377
10
22
0.5
0.2
KeyBanc Capital Markets
20
0.4
902
15
22
0.3
0.1
William Blair & Co LLC
20
0.6
358
10
25
0.4
0.2
215,150
899
239,336
100%
56,808
241
57,786
100%
TOTAL
100%
TOTAL
100%
U.S. Equity & Equity Linked
Canada Equity Review
Canada Equity, Equity Linked & Pfd ex Self-led

2014
FIRM
RANK
2013
VOLUME USD
(Mln)
MKT SHARE
DEAL COUNT
RANK
17.8
7,127
54
11.7
6.1
RBC Capital Markets
16.1
6,450
64
17.9
-1.8
TD Securities
12.4
4,949
58
10.4
CIBC
12.4
4,935
60
8.8
3.6
BMO Capital Markets
11.6
4,622
57
13.5
-1.9
GMP Securities
6.2
2,478
43
6.2
National Bank Financial Inc
4.6
1,855
47
10
2.6
Canaccord Genuity Corp
4.3
1,705
57
2.8
1.5
Peters & Co Ltd
2.2
882
11
2.5
-0.3
Cormark Securities Inc
10
1.8
737
31
18
0.8
39,950
437
38,134
100%
100%
Q4
2010
Q4
2011
Q4
2012
Amount
Scotiabank
TOTAL
400
350
300
250
200
150
100
50
0
Q4
2009
MKT SHARE
CHG (%)
MKT SHARE
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0
CANADA EQUITY, EQL & PFD: INDUSTRY BREAKDOWN

Financial 37%
4%
6%
Energy 35%
5%
5%
Basic Materials 8%
37%
Consumer, Cyclical 5%
8%
Industrial 5%
35%
Utilities 4%
Other 6%
2014
FIRM
RANK
1
MKT SHARE
15.5
2013
VOLUME USD
(Mln)
4,981
DEAL COUNT
RANK
29
MKT SHARE
5
CANADA EQUITY, EQL & PFD: MARKET SHARE
MKT SHARE
CHG (%)
7.7
25%
14.6
4,684
39
15.1
-0.5
BMO Capital Markets
12.6
4,061
47
14.8
-2.2
CIBC
11.6
3,728
36
6.9
4.7
TD Securities
11.4
3,649
34
7.5
3.9
GMP Securities
7.3
2,357
39
-0.7
5.3
1,705
57
3.8
1.5
4.6
1,462
36
11
2.6
Peters & Co Ltd
2.7
882
10
3.2
-0.5
Cormark Securities Inc
10
2.2
711
30
19
1.2
32,117
385
28,234
100%
100%
2014
7.8
RBC Capital Markets
TOTAL
Q4
2014
Deal Count
Canada Equity Offerings
Scotiabank
Q4
2013
2013
2012
20%
15%
10%
5%
0%
Scotiabank
RBC Capital
Markets
TD Securities
CIBC
BMO Capital
Markets
USD Mlns
Scotiabank was the top underwriter on both the Canadian equity and Canadian equity, equity linked, & preferred tables in 2014, receiving
USD 7.1 billion in credit for 54 issues in the latter table.
The largest equity offering in 2014 was an follow-on secondary share offering by CI Financial Corp for USD 2.4 billion. This was the largest
equity offering on record on a Canadian exchange for the financial industry on record.
Deal Count
CANADA EQUITY, EQL & PFD: QUARTERLY VOLUME
Canadian Retail Structured Products

2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
CIBC
27.2
979
24.4
2.8
TD Securities
24.6
888
5.1
19.5
11.5
415
3.2
8.3
RBC Capital Markets
11
397
30.2
-19.2
Credit Suisse
7.7
278
Peters & Co Ltd
7.7
278
BMO Capital Markets
145
Scotiabank
3.3
119
1.5
52
Jefferies LLC
10
0.6
Wells Fargo & Co
10
Richardson GMP Ltd
12
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
CIBC
29.5
728
37
32.7
-3.2
RBC Capital Markets
27.5
677
32
29.8
-2.3
Scotiabank
16.5
406
24
11.9
4.6
10.2
252
15
5.8
4.4
TD Securities
8.6
212
4.7
3.9
BMO Capital Markets
7.5
184
13
11.2
-3.7
16.5
-12.5
0.1
1.9
-1.8
GMP Securities
0.1
-0.9
3.2
-1.7
0.1
11
0.1
21
0.6
21
0.1
13
13
0.7
-0.7
Salman Partners Inc
14
Euro Pacific Capital Inc
15
20
0.1
-0.1
Jacob & Co Securities Inc
15
M Partners Inc
17
15
0.4
-0.4
Jordan Capital Markets Inc
18
27
Pacific International Securities Inc
19
22
0.1
-0.1
20
2,465
52
3,229
100%
BBS Securities Inc

TOTAL
100%
3,601
30
3,062
100%
TOTAL
100%
Canadian Equity Offerings (IPO)
Latin America Equity Review
Latin America Equity Offerings

2014
FIRM
RANK
DEAL COUNT
RANK
Banco Itau BBA SA
12
2,136
13
Credit Suisse
10.5
1,875
9.2
1,640
Citi
7.8
Morgan Stanley
Goldman Sachs & Co
MKT SHARE
CHG (%)
MKT SHARE
20
$18
15
$12
10
$6
10.5 -
11
11
5.2
1,401
1.8
7.8
1,390
5.5
2.3
6.2
1,108
4.4
1.8
Banco BTG Pactual SA
5.9
1,052
11
13.6
-7.7
HSBC Bank PLC
5.2
921
13
2.5
2.7
Banco Santander SA
4.9
871
6.3
-1.4
10
4.5
-3.3
809
7.8
17,878
48
32,279
100%
0
Q4
2010
Q4
2011
Amount
17
100%
$24
Q4
2012
LATIN AMERICA EQUITY: INDUSTRY BREAKDOWN

3%
4%
Financial 41%
5%
Communications 31%
6%
Consumer, Non-cyclical 10%

10%
41%
Industrial 6%
Consumer, Cyclical 4%
31%
Basic Materials 3%
Other 4%
2014
RANK
MKT SHARE
2013
VOLUME USD
(Mln)
DEAL COUNT
RANK
LATIN AMERICA EQUITY: MARKET SHARE
MKT SHARE
CHG (%)
MKT SHARE
14%
Banco Itau BBA SA
18.8
1,565
21.6
-2.8
12%
Credit Suisse
15.1
1,253
13
9.3
5.8
10%
8.4
699
11
3.8
4.6
Banco BTG Pactual SA
5.9
490
15.3
-9.4
Bradesco BBI SA
5.4
447
9.5
-4.1
Banco do Brasil SA
5.3
441
6.9
-1.6
Banco Santander SA
4.9
404
12
2.6
2.3
Barclays
4.9
404
BES Investimento SA
4.9
404
17
0.3
4.6
Caixa Banco de Investimento SA
4.9
404
8,319
25
14,527
100%
TOTAL
Q4
2014
Deal Count
Brazil Equity
FIRM
Q4
2013
1.5
10.5
TOTAL
25
Q4
2009
JP Morgan
30
$30
$0
2013
VOLUME USD
(Mln)
MKT SHARE
$36
100%
2014
2013
2012
8%
6%
4%
2%
0%
Banco Itau BBA
SA
Credit Suisse
Bank of America
Merrill Lynch
Citi
Morgan Stanley
USD Mln
The Latam Equity market volume declined significantly year-on-year to USD 17.9 billion, down 44.6% from 2013.
Banco Itau ranked first with USD 2.1 billion in credit across 13 deals. This is four fewer deals than Credit Suisse, which ranked
second and received USD 1.9 billion in credit. Banco Itau and Credit Suisse similarly ranked first and second in the Brazilian equity
market, with 18.8% and 15.1% market share respectively.
Deal Count
LATIN AMERICA EQUITY: QUARTERLY VOLUME
EMEA Equity Review

The aggregate value of EMEA equity, equity linked and rights deals this year increased by 31.2% to USD 266.6 billion compared to
2013. Deal count rose by 22.6%, driven by major increases in IPOs & rights offerings.
The largest IPO was National Commercial Bank's USD 6 billion offering, also the largest on record in Middle East & Africa. Followed
by NN Group NV and AA PLC's offerings at USD 2.4 billion and USD 2.3 billion, respectively.
The financial industry remained the top industry representing 41.5% of the total amount raised, followed by the consumer cyclical
and non-cyclical industries. Offering volume in the basic material industry decreased significantly by 55.3% year-on-year to USD 6.4
billion.
JP Morgan moved to the top of the tables from fourth position last year, with 9.9% market share. This was the first time since 2009
that it held the top spot. Goldman Sachs ranked second with 8.7%, with UBS (8.6%), Deutsche Bank (8.4%) and Bank of America
Merrill Lynch (8.1%) rounding out the top five.
COUNTRY
DATE
SUMMARY
Number of deals
726
Volume (USD Mln)
ISSUER
06/06/2014 Deutsche Bank AG
266,589 Underwriters:
367
DEAL TYPE
INDUSTRY
Rights
Financial
Addl
55,129.7
20.1%
21.4%
Germany
35,143.1
12.8%
29.7%
Spain
29,348.3
10.7%
140.4%
Italy
21,182.5
7.7%
68.8%
France
20,993.5
7.6%
-27.9%
Greece
12,453.1
4.5%
313.5%
Netherlands
11,641.7
4.2%
-20.2%
8,079.5
2.9%
67.8%
AMOUNT
(USD MLN)
8,784.2
Financial
6,955.3
Underwriters: BAML, JPM, MS, UBS

09/06/2014 Monte dei Paschi di Siena
TOP UNDERWRITER
Rights
Financial
6,422.7
JP Morgan Underwriters: BAML, BARCS, CITI, COBA, GS, JPM, MEDBCA, MS, SG, UBS
131
Number of deals
Volume (USD Mln)
02/11/2014 National Commercial Bank
IPO
Financial
5,997.4
26,321 Underwriters: GIB, HSBCL

201
29/04/2014 Eurobank Ergasias SA
Addl
% YOY
CHANGE
EMEA EQUITY, EQL & RIGHTS: INDUSTRY BREAKDOWN
ABN, BARCS, BBVA, BSSA, CITI, COBA, DB*, GS, ING, INTES, JPM, MEDBCA, SG, UBS, UNICRD
26/03/2014 Lloyds Banking Group PLC
% OF
TOTAL
Britain
Denmark
EMEA EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014
AMOUNT
(USD MLN)
Financial
3,955.8
Underwriters: BAML, BARCS, BNPPAR, CITI, CS, DB, HSBCL, JPM, MEDBCA, UBS
INDUSTRY
Financial
AMOUNT
(USD MLN)
% OF TOTAL
% YOY
CHANGE
110,745.0
41.5%
49.9%
Consumer, Cyclical
35,693.0
13.4%
65.2%
30,346.0
11.4%
218.6%
Industrial
26,010.0
9.8%
-21.1%
Communications
22,403.0
8.4%
-16.0%
Utilities
13,027.0
4.9%
101.1%
Energy
8,833.0
3.3%
21.2%
Technology
8,537.0
3.2%
7.7%
Basic Materials
6,395.0
2.4%
-55.3%
Diversified
4,601.0
1.7%
89.7%
*Self-led
$120
300
$100
250
$80
200
$60
150
$40
100
$20
50
$0
0
Q4
2009
Q4
2010
Eqty Lkd (Bln)
Q4
2011
Add'l (Bln)
Q4
2012
IPO (Bln)
Q4
2013
Rights (Bln)
Q4
2014
Total Deals
EMEA EQUITY, EQL & RIGHTS: OFFERING TYPES

Deal Count
USD Bln
EMEA EQUITY, EQUITY LINKED & RIGHTS: QUARTERLY VOLUME
TYPE
IPO
Additional offering
AMOUNT
(USD MLN)
% CHNG DEAL
COUNT
% CHNG
VOLUME
72,626
82.4%
122.3%
117,732
6.4%
2.0%
Rights issue
47,863
79.5%
106.5%
Equity linked
28,461
-10.1%
-10.7%
266,589
25.5%
31.3%
Total
EMEA EQUITY, EQL & RIGHTS: COUNTRY BREAKDOWN
EMEA Equity & Equity Linked
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
JP Morgan
9.9
26,321
131
9.4
0.5
Goldman Sachs & Co
8.7
23,320
80
11
-2.3
UBS
8.6
22,820
83
8.4
0.2
Deutsche Bank AG
8.4
22,303
86
9.7
8.1
21,675
81
Morgan Stanley
7.5
19,891
83
Citi
5.8
15,416
79
Credit Suisse
10,691
70
Barclays
9.7
21,144
76
11.6
-1.9
9.3
20,230
77
9.4
-0.1
JP Morgan
9.2
20,136
105
9.2
-1.3
UBS
9.1
19,969
75
9.4
-0.3
9.6
-1.5
8.9
19,486
75
10.1
-1.2
9.2
-1.7
Morgan Stanley
7.8
16,979
73
9.9
-2.1
4.4
1.4
Citi
5.9
12,792
67
1.9
4.4
-0.4
Credit Suisse
4.2
9,148
62
4.3
-0.1
0.1
10,520
60
3.2
0.7
3.7
9,874
36
12
1.7
Societe Generale
11
2.6
7,017
47
10
2.5
0.1
BNP Paribas SA
12
2.3
6,022
49
11
2.4
-0.1
Mediobanca
13
2.1
5,534
24
15
1.1
14
1.4
3,757
98
Jefferies LLC
15
1.3
3,517
42
16
Commerzbank AG
16
1.1
2,923
15
22
UniCredit
17
2,790
23
14
Intesa Sanpaolo SpA
18
0.9
2,500
23
Cenkos Securities
19
0.9
2,416
20
0.9
3.5
7,719
50
3.4
HSBC Bank PLC
10
3.5
7,718
26
14
1.5
Societe Generale
11
2.3
5,063
38
10
2.7
-0.4
BNP Paribas SA
12
4,406
33
11
Mediobanca
13
1.4
3,089
13
18
0.9
0.5
1.4
14
1.4
3,011
0.3
Jefferies LLC
15
1.3
2,930
39
15
1.1
0.2
0.7
0.4
Cenkos Securities
16
1.1
2,416
44
0.2
0.9
1.7
-0.7
Nordea
17
0.9
2,013
12
25
0.4
0.5
35
0.3
0.6
Berenberg
18
0.8
1,673
20
20
0.8
47
0.2
0.7
Carnegie
19
0.8
1,655
29
16
1.1
-0.3
0.4
SEB
20
0.7
-0.2
2,311
13
26
0.5
266,589
726
203,216
100%
Barclays
TOTAL
EMEA Equity & Rights Offerings
100%
1,427
19
0.9
218,568
661
180,070
100%
EMEA Equity Linked

2014
2013
VOLUME
MKT SHARE USD (Mln)
RANK
MKT SHARE
CHG (%)
3.9
FIRM
MKT SHARE
100%
RANK
Deutsche Bank AG
10
TOTAL
RANK
DEAL
COUNT
Goldman Sachs & Co
HSBC Bank PLC
Banco Santander SA
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
JP Morgan
10
23,715
112
UBS
10.8
3,063
13
7.1
3.7
Goldman Sachs & Co
21,530
71
11.7
-2.7
10.2
2,892
12
7.4
2.8
Deutsche Bank AG
8.7
20,760
75
9.3
-0.6
Morgan Stanley
8.6
2,446
15
8.6
UBS
8.3
19,757
70
8.8
-0.5
BNP Paribas SA
8.5
2,424
20
8.1
0.4
7.9
18,783
69
10.1
-2.2
JP Morgan
8.4
2,390
17
11.5
-3.1
Morgan Stanley
7.3
17,444
68
9.3
-2
Societe Generale
7.3
2,075
14
12
3.2
4.1
Citi
14,349
72
4.4
1.6
Barclays
1,992
13
10
3.5
3.5
Credit Suisse
4.1
9,762
65
4.5
-0.4
Goldman Sachs & Co
6.3
1,790
7.5
-1.2
3.8
8,947
31
11
1.8
5.4
1,543
11
12.3
-6.9
Barclays
10
3.6
8,528
47
3.2
0.4
Citi
10
3.7
1,067
4.9
-1.2
Mediobanca
11
2.3
5,420
22
21
0.9
1.4
Credit Suisse
11
3.3
929
3.8
-0.5
Societe Generale
12
2.1
4,942
33
10
2.4
-0.3
HSBC Bank PLC
12
3.3
927
16
1.8
1.5
13
1.6
3,757
93
1.6
Credit Agricole CIB
13
3.1
883
10
11
3.2
-0.1
BNP Paribas SA
14
1.6
3,722
30
14
1.4
0.2
UniCredit
14
2.6
732
14
2.4
0.2
Jefferies LLC
15
1.4
3,306
41
15
1.2
0.2
RBS
15
2.4
673
17
1.8
0.6
Commerzbank AG
16
1.1
2,654
12
25
0.6
0.5
Natixis
16
1.7
497
15
2.2
-0.5
HSBC Bank PLC
Deutsche Bank AG
Cenkos Securities
17
2,416
42
0.2
0.8
Intesa Sanpaolo SpA
17
1.2
336
22
0.7
0.5
Intesa Sanpaolo SpA
18
0.9
2,165
18
41
0.2
0.7
Commerzbank AG
18
0.9
269
18
1.1
-0.2
Banco Santander SA
19
0.9
2,138
12
28
0.5
0.4
ABG Sundal Collier Asa
19
0.8
225
21
0.8
Nordea
20
0.9
2,134
14
29
0.5
0.4
ANOA Capital SA
20
0.8
221
237,942
644
169,841
100%
28,460
80
31,881
100%
TOTAL
100%
TOTAL
100%
EMEA Equity, Equity Linked & Rights Offerings
EMEA Equity Offerings (IPO)

2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Goldman Sachs & Co
10.2
19,354
67
12.4
-2.2
Deutsche Bank AG
9.8
18,687
66
8.8
JP Morgan
9.3
17,746
88
8.7
0.6
UBS
8.9
16,906
62
9.9
8.7
16,594
63
10.7
Morgan Stanley
7.6
14,532
58
10.2
-2.6
Citi
6.2
11,725
60
3.8
2.4
Credit Suisse
4.3
8,219
57
4.5
-0.2
HSBC Bank PLC
MKT SHARE
CHG (%)
0.2
9.1
6,597
37
8.9
7.5
5,423
33
4.2
3.3
Deutsche Bank AG
5,095
25
12.5
-5.5
-1
Morgan Stanley
6.9
5,028
27
7.3
-0.4
-2
Goldman Sachs & Co
6.7
4,895
24
7.2
-0.5
HSBC Bank PLC
6.6
4,824
13
13
2.5
4.1
UBS
6.3
4,570
21
4.6
1.7
4.9
3,587
20
7.5
-2.6
1.7
3.6
6,791
21
12
1.4
2.2
5,727
37
3.4
-0.4
11
1.6
3,011
Societe Generale
12
1.6
2,987
24
10
2.6
-1
Mediobanca
13
1.6
2,974
11
23
0.6
Jefferies LLC
14
1.5
2,930
39
15
1.3
0.2
Cenkos Securities
15
1.3
2,416
38
0.3
BNP Paribas SA
16
1.1
2,107
14
21
0.7
Nordea
17
1.1
2,013
12
25
Carnegie
18
0.9
1,655
29
Berenberg
19
0.8
1,488
17
20
0.7
4.5
3,290
24
12
2.8
10
4.1
3,011
Cenkos Securities
11
3.2
2,327
46
0.3
2.9
Barclays
12
2.3
1,657
15
5.6
-3.3
Jefferies LLC
13
2.2
1,632
18
10
3.4
-1.2
Carnegie
14
1.7
1,241
11
19
0.9
0.8
SEB
15
1.5
1,101
24
0.7
0.8
0.4
Numis Corp PLC
16
1.4
1,041
17
1.1
0.3
0.5
0.6
BNP Paribas SA
17
1.3
975
38
0.4
0.9
14
1.3
-0.4
Nordea
18
1.3
962
14
1.3
18
0.9
-0.1
Swedbank
19
713
65
0.1
0.9
-0.4
20
0.9
0.2
1,427
17
1.1
190,358
582
148,188
100%
Citi
TOTAL
EMEA Rights Offerings
100%
677
25
0.7
72,626
197
32,665
100%
Western Europe Equity, Equity Linked & Rights

2014
FIRM
MKT SHARE
100%
RANK
Credit Suisse
10
TOTAL
RANK
DEAL
COUNT
JP Morgan
Barclays
SEB
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
JP Morgan
12.9
6,185
27
10.7
2.2
JP Morgan
10.5
24,733
118
9.9
0.6
Morgan Stanley
6.1
2,912
10
11
3.4
2.7
Goldman Sachs & Co
9.3
22,097
70
11.6
-2.3
UBS
2,851
20
1.2
4.8
UBS
9.3
21,912
75
8.7
0.6
Barclays
5.9
2,801
10
17
2.1
3.8
8.9
21,007
74
9.7
-0.8
Citi
5.5
2,624
12
7.6
-2.1
Deutsche Bank AG
8.7
20,599
70
10.1
-1.4
Mediobanca
5.1
2,446
11
13
2.8
2.3
Morgan Stanley
7.8
18,537
73
9.7
-1.9
4.6
2,188
5.6
-1
Citi
5.5
13,049
56
3.9
1.6
Goldman Sachs & Co
4.5
2,176
6.5
-2
Credit Suisse
4.2
9,921
60
4.6
-0.4
0.6
4.5
2,157
10
10
0.5
Deutsche Bank AG
10
4.3
2,073
10
11.9
-7.6
Societe Generale
11
4.1
1,955
28
0.5
Commerzbank AG
12
3.3
1,592
21
Credit Suisse
13
3.2
1,543
BNP Paribas SA
14
3.1
1,490
15
UniCredit
15
2.9
1,383
Intesa Sanpaolo SpA
16
2.7
1,311
HSBC Bank PLC
Barclays
3.9
9,181
44
3.3
Societe Generale
10
2.7
6,450
42
11
2.7
3.6
Mediobanca
11
2.3
5,534
24
15
1.3
1.1
2.2
BNP Paribas SA
12
2.3
5,359
44
10
2.7
-0.4
4.8
-1.6
HSBC Bank PLC
13
2.1
4,989
26
13
1.8
0.3
5.8
-2.7
Jefferies LLC
14
1.4
3,218
34
16
1.2
0.2
30
0.3
2.6
Commerzbank AG
15
1.2
2,769
13
22
0.8
0.4
26
0.7
UniCredit
16
1.1
2,637
20
14
1.4
-0.3
Banco Santander SA
17
2.3
1,092
13
2.8
-0.5
Intesa Sanpaolo SpA
17
2,462
22
32
0.3
0.7
ING Groep NV
18
2.1
1,012
5.6
-3.5
Cenkos Securities
18
2,416
53
0.1
0.9
Nomura Holdings Inc
19
1.6
772
Banco Santander SA
19
0.9
2,219
10
25
0.6
0.3
ABN Amro Bank NV
20
1.6
764
4.7
-3.1
Nordea
20
0.9
2,134
14
30
0.4
0.5
47,863
70
23,179
100%
236,433
589
178,929
100%
TOTAL
100%
TOTAL
100%
EMEA Equity Offerings
MENA Equity, Equity Linked & Rights Offerings
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Deutsche Bank AG
14
839
7.1
6.9
HSBC Bank PLC
34.6
4,435
26.6
Societe Generale
9.5
567
20
1.3
8.2
29.3
3,757
14
1.7
27.6
Citi
8.5
512
8.7
-0.2
JP Morgan
4.8
617
3.9
0.9
VTB Capital
7.2
432
10
4.4
2.8
Emirates NBD PJSC
3.9
498
UBS
6.4
386
4.4
EFG-Hermes
3.5
452
Credit Suisse
5.9
354
12
3.7
2.2
Deutsche Bank AG
2.6
330
9.6
-7
Goldman Sachs & Co
5.8
349
5.4
0.4
2.5
325
3.9
-1.4
Gazprombank
5.1
304
15
2.1
Goldman Sachs & Co
253
3.7
-1.7
JP Morgan
4.5
273
5.8
-1.3
Citi
250
5.9
-3.9
Raiffeisen Bank International Group
10
4.2
249
21
1.2
UBS
250
HSBC Bank PLC
11
3.9
234
Morgan Stanley
11
1.8
226
ING Groep NV
12
2.9
175
24
0.8
2.1
National Bank of Abu Dhabi
11
1.8
226
Barclays
13
2.7
161
14
2.6
0.1
Banque Saudi Fransi
13
1.7
220
-5.3
UniCredit
14
2.5
153
-2.5
Credit Suisse
14
1.5
187
PKO Bank Polski SA
15
2.3
140
22
1.2
1.1
Bank Muscat
15
1.3
170
3 -
BES Investimento SA
16
1.9
113
16
-0.1
Samba Capital
16
1.3
168
-0.7
Banco Santander SA
17
1.5
92
40
0.1
1.4
Shuaa Capital PSC
17
0.8
101
1 -
Ipopema Securities SA
18
1.5
90
18
1.8
-0.3
Barclays
18
0.8
99
3.9
-3.1
Trigon Dom Maklerski SA
19
1.4
83
27
0.8
0.6
Riyad Bank
19
0.6
73
10
-1.4
Sberbank CIB CJSC
20
1.3
78
5.5
-4.2
Saudi Hollandi Bank
20
0.5
59
1 -
5,998
39
16,271
100%
TOTAL
100%
TOTAL
Sub-Sahara Equity, Equity Linked & Rights

2013
VOLUME
MKT SHARE USD (Mln)
RANK
12,819
23
10
3,191
100%
AIM Equity Offerings
2014
FIRM
100%
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
RANK
2013
MKT SHARE
VOLUME
EUR (Mln)
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Citi
19.9
1,129
13
6.9
Zeus Capital
22.6
1,215
17
17
1.8
20.8
Morgan Stanley
16.8
952
Cenkos Securities
9.3
501
19
14.4
-5.1
Barclays
10
566
485
12
5.8
3.2
Standard Bank of South Africa
8.6
486
15.6
-7
Liberum Capital Ltd
8.6
460
4.5
4.1
Java Capital
8.3
471
10
11
1.6
6.7
Numis Corp PLC
5.2
280
11
0.2
BNP Paribas SA
8.2
466
Shore Capital Group Ltd
4.9
264
10
20
1.6
3.3
JP Morgan
7.1
402
Panmure Gordon
4.5
241
11
4.1
0.4
Firstrand Bank Ltd
341
12
0.5
5.5
Investec PLC
3.2
171
3.7
-0.5
Deutsche Bank AG
3.1
175
4.9
-1.8
2.4
129
20
14
0.4
Commerzbank AG
10
2.6
145
Peel Hunt LLP
10
2.4
126
10
28
1.4
HSBC Bank PLC
10
2.6
145
Oriel Securities Ltd
11
2.1
115
23
1.3
0.8
Investec PLC
12
2.5
145
4.9
-2.4
N+1
12
1.9
104
27
1.1
0.8
Renaissance Capital Holdings Ltd
13
2.5
142
10.8
-8.3
Mirabaud Securities
13
1.9
102
11
7.3
-5.4
RBC Capital Markets
14
1.9
108
1 -
JP Morgan
14
1.9
100
15
-0.1
Dyer & Blair Investment Bank
15
0.1
1 -
Charles Stanley & Co Ltd
15
1.7
93
4.7
-3
Standard Investment Bank
15
0.1
1 -
Jefferies LLC
16
1.5
81
12
2.6
-1.1
Barclays
17
1.2
65
42
0.3
0.9
WH Ireland Ltd
18
1.1
57
16
16
-0.9
Stifel
19
0.9
47
Hume Capital Securities PLC
20
0.8
45
13
48
0.2
0.6
5,379
324
2,731
100%
TOTAL
100%
5,681
27
2,668
100%
FinnCap
TOTAL
100%
Eastern Europe Equity, Equity Linked & Rights
Asia Equity Review
$100
400
$50
200
$0
0
Q4
2009
Q4
2010
Q4
2011
Amount
Q4
2012
Q4
2013
Deal Count
Q4
2014
AUSTRALIA/NZ EQUITY, EQUITY LINKED & RIGHTS

$20
300
USD Bln
ASIA-PACIFIC EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014
Volume (USD Mln)
18/09/2014 Alibaba Group Holding Ltd
DEAL TYPE
INDUSTRY
IPO
Communications
117
25/11/2014 Medibank Pvt Ltd
IPO
Financial
25,032.3
08/12/2014 Ping An Insurance Group Co of
Addl
Financial
23,472
Volume (USD Mln)

226
Q4
2012
Q4
2013
Deal Count
Q4
2014
150
$200
16/12/2014 Dalian Wanda Commercial ProperIPO

Underwriters:
Q4
2011
Amount
$250
4,751.7
Financial
3,714.1
AGRIBK, BAML, BARCS, BOC, CCB, CICC, CINDA, CITI, CMS, CS, DB, DBS, GS, HAITON,
HSBCL, ICBKC, MS, NOMURA, ORIENT, UBS
CNY Mln
104
Q4
2010
CHINA DOMESTIC EQUITY, EQUITY LINKED & RIGHTS
Morgan Stanley Underwriters: MS

Number of deals
0
Q4
2009
4,839.4
Underwriters: DB, GS, MQB
TOP UNDERWRITER
50
$0
245,425 Underwriters: CITI, CS, DB, GS, JPM, MS
100
$5
100
$150
$100
50
$50
$0
0
Q4
2009
Q4
2010
ASIA-PACIFIC EQUITY, EQUITY LINKED & RIGHTS: INDUSTRY BREAKDOWN

INDUSTRY
Financial
26%
Industrial
11%
Consumer,
Cyclical 12%
Consumer,
Non-cyclical
14%
Communications
17%
Q4
2011
Amount
Q4
Q4
2012
2013
Deal Count
Q4
2014
JAPAN EQUITY & EQUITY LINKED

% TOTAL
% YOY
$3
100
$2
80
$2
60
$1
40
$1
20
Financial
63,707.0
26.0%
-17.0%
Communications
41,581.0
16.9%
213.0%
34,916.0
14.2%
1.9%
Consumer, Cyclical
29,762.0
12.1%
57.1%
Industrial
26,204.0
10.7%
3.6%
$0
Utilities
15,045.0
6.1%
49.8%
Energy
12,223.0
5.0%
8.8%
Technology
10,756.0
4.4%
44.2%
USD Bln
Other
14%
Utilities 6%
RAISED
(USD MLN)
Deal Count
2,093
Number of deals
ISSUER
AMOUNT
(USD MLN)
150
0
Q4
2009
Q4
2010
Q4
2011
Amount
Q4
2012
Q4
2013
Deal Count
Q4
2014
Deal Count
DATE
SUMMARY
200
$10
Deal Count
250
$15
600
USD Bln
Activity for APAC equity, equity linked and rights grew by 20% and 24%, respectively, to USD 245.4 billion and 2,093 deals in 2014
compared to the same period last year.
The top issuer for the year was Alibaba Group Holdings Ltd with its USD 25 billion IPO, underwritten by Citi, Credit Suisse, Deutsche
Bank, Goldman Sachs, JP Morgan and Morgan Stanley.
Consequently, activity in the communications sector grew the most by 213% to USD 41.6 billion this year, followed by consumer,
cyclical with a 57% increase.
Asia ex-Japan IPO offerings grew by 119% to USD 84.9 billion with a deal count of 540, compared to the same period last year.
Conversely, additional offerings volume fell by 10% to USD 49.3 billion. The China equity domestic market had a substantial 68%
increase in volume during the period with a total amount of USD 82.5 billion.
Morgan Stanley ranked as the top underwriter with 9.6% market share by participating in three of the top deals for the period as a
joint underwriter.
Deal Count
ASIA EX-JAPAN EQUITY, EQUITY LINKED & RIGHTS

$150
Asia ex-JP Eqty, Eqty-Lnk, Rights ex-CH A Shares
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Morgan Stanley
9.5
16,186
61
5.5
Goldman Sachs & Co
8.1
13,829
56
10.6
-2.5
JP Morgan
6.8
11,645
59
6.2
Credit Suisse
6.7
11,491
78
5.1
Citi
6.4
10,932
59
4.4
Deutsche Bank AG
5.7
9,798
47
3.3
2.4
UBS
4.5
7,661
67
9.6
-5.1
6,862
36
10
3.1
0.9
HSBC Bank PLC
3.5
6,000
29
3.5
10
3.2
5,487
44
13
2.1
1.1
11
2.1
3,573
27
3.7
-1.6
12
1.9
3,331
29
32
0.6
1.3
GF Securities
13
1.9
3,322
27
78
0.1
Bank of China
14
1.8
3,125
23
16
1.6
DBS Group Holdings Ltd
15
1.5
2,650
30
14
Standard Chartered Bank
16
1.2
2,096
27
12
Guotai Junan Securities Co Ltd
17
1.2
2,094
28
17
CIMB
18
1.2
1,977
31
Maybank
19
1.1
1,804
28
Haitong Securities Co Ltd
20
1,787
171,217
TOTAL
100%
RANK
MKT SHARE
MKT SHARE
CHG (%)
10.4
15,642
60
6.2
4.2
Goldman Sachs & Co
8.8
13,158
54
9.4
-0.6
0.6
JP Morgan
7.6
11,430
58
6.2
1.4
1.6
Credit Suisse
7.4
11,060
76
5.1
2.3
Citi
7.2
10,836
58
2.2
Deutsche Bank AG
6.5
9,669
45
3.8
2.7
UBS
4.7
6,997
64
9.6
-4.9
4.6
6,862
36
3.6
HSBC Bank PLC
6,000
29
10
2.2
3,332
36
13
2.1
0.1
Bank of China
11
1.8
2,768
20
14
1.8
12
1.8
2,650
30
12
2.3
-0.5
1.8
13
1.6
2,414
22
16
1.5
0.1
0.2
14
1.4
2,096
27
11
2.4
-1
-0.5
CIMB
15
1.3
1,977
31
10
2.9
-1.6
2.1
-0.9
16
1.2
1,837
17
34
0.6
0.6
1.5
-0.3
Maybank
17
1.2
1,804
28
17
1.4
-0.2
11
2.5
-1.3
Woori Investment & Securities Co Ltd
18
1,515
16
15
1.6
-0.6
19
1.2
-0.1
China Construction Bank
19
1,438
26
38
0.5
0.5
25
15
1.9
-0.9
Barclays
20
0.9
1,327
19
43
0.5
0.4
1,528
132,556
100%
149,730
1,372
114,941
100%
TOTAL
100%
Asia ex-Japan Equity Linked

2014
RANK MKT SHARE
RANK
DEAL
COUNT
Morgan Stanley
Asia ex-Japan Equity ex-China A Shrs

FIRM
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
VOLUME
USD (Mln)
DEAL
COUNT
2013
2014
MKT SHARE
RANK MKT SHARE
CHG (%)
Morgan Stanley
12.1
15,162
56
5.1
Goldman Sachs & Co
9.3
11,653
46
9.9
-0.6
Credit Suisse
7.5
9,426
61
4.9
Citi
7.4
9,311
48
5.2
JP Morgan
7.2
9,047
42
5.2
Deutsche Bank AG
6.8
8,540
35
UBS
6,321
58
4.6
5,749
2.6
HSBC Bank PLC
10
Bank of China
11
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Credit Suisse
10.3
1,943
15
9.8
0.5
Goldman Sachs & Co
9.1
1,706
9.5
-0.4
2.6
JP Morgan
7.6
1,435
11
14.2
-6.6
2.2
Citi
6.9
1,304
10
3.4
3.5
HSBC Bank PLC
6.3
1,195
14
1.6
4.7
3.8
1,125
18
1.4
4.6
10.3
-5.3
Deutsche Bank AG
933
3.4
1.6
30
3.7
0.9
4.6
871
24
0.6
3,204
34
11
2.3
0.3
Morgan Stanley
4.5
854
11
3.1
1.4
2.4
3,075
15
3.6
-1.2
10
4.3
810
3.9
0.4
1.9
2,389
17
12
2.2
-0.3
UBS
11
3.5
662
11.7
-8.2
12
1.9
2,364
27
14
2.2
-0.3
12
2.5
467
12
2.5
13
1.8
2,242
20
17
1.6
0.2
13
375
17
1.5
0.5
14
1.4
1,731
16
34
0.6
0.8
China Securities Co Ltd
14
1.7
326
13
-0.3
CIMB
15
1.3
1,580
28
10
2.8
-1.5
15
1.5
274
7.4
-5.9
Maybank
16
1.2
1,566
25
15
1.7
-0.5
16
1.4
266
17
1.2
1,474
15
16
1.7
-0.5
Barclays
17
1.4
255
32
0.3
1.1
18
1.1
1,438
26
31
0.6
0.5
Industrial Securities Co Ltd
18
1.3
249
Daewoo Securities Co Ltd
19
0.9
1,155
14
29
0.7
0.2
Phatra Securities PCL
19
1.2
223
Barclays
20
0.9
1,071
14
38
0.5
0.4
Taishin Financial Holding Co Ltd
20
1.1
205
24
0.6
0.5
125,551
1,064
94,880
100%
18,820
213
21,746
100%
TOTAL
100%
TOTAL
100%
Asia ex-Japan Equity, Equity Linked & Rights
Asia ex-Japan Equity Offerings
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Credit Suisse
11.4
1,512
13
9.7
1.7
Morgan Stanley
10.9
15,162
56
6.9
Citi
9.8
1,304
5.6
4.2
Goldman Sachs & Co
8.4
11,653
46
9.9
-1.5
JP Morgan
9.2
1,220
10
15.5
-6.3
Credit Suisse
6.8
9,426
61
4.8
HSBC Bank PLC
1,195
11
2.7
6.3
Citi
6.8
9,407
49
5.1
1.7
Goldman Sachs & Co
7.8
1,034
8.7
-0.9
JP Morgan
6.5
9,047
42
5.2
1.3
Deutsche Bank AG
933
5.7
1.3
Deutsche Bank AG
6.2
8,669
37
3.7
2.5
6.6
871
24
6.7
-0.1
UBS
4.9
6,769
60
10.2
-5.3
3.5
467
4.2
-0.7
4.1
5,749
30
3.7
0.4
UBS
3.4
446
7.1
-3.7
4,235
38
11
2.3
0.7
10
2.8
375
14
2.5
0.3
HSBC Bank PLC
10
2.2
3,075
15
3.6
-1.4
Morgan Stanley
11
2.3
310
3.7
-1.4
11
2.1
2,959
27
31
0.7
1.4
Barclays
12
1.9
255
25
0.6
1.3
Bank of China
12
2,746
20
12
2.2
-0.2
13
1.7
223
13
1.9
2,641
23
17
1.6
0.3
14
1.5
205
20
0.5
GF Securities
14
1.8
2,558
24
111
0.1
1.7
BNP Paribas SA
15
1.4
192
26
0.6
0.8
15
1.7
2,364
27
14
2.1
-0.4
Macquarie Group Ltd
16
1.4
188
30
0.4
CIMB
16
1.1
1,580
28
10
2.8
-1.7
Grand Fortune Securities Co
17
1.4
185
11
37
0.2
1.2
Maybank
17
1.1
1,566
25
15
1.7
-0.6
CIMB
18
1.3
167
12
2.7
-1.4
18
1.1
1,510
24
44
0.3
0.8
19
1.2
163
21
0.2
19
1.1
1,474
15
16
1.7
-0.6
20
1.2
0.8
20
0.4
Horizon Securities Co Ltd

TOTAL
100%
155
31
0.4
13,255
200
13,077
100%
TOTAL
Asia ex-Japan Equity Offerings (IPO)

2013
VOLUME
MKT SHARE USD (Mln)
RANK
1,438
26
32
0.6
139,288
1,194
95,859
100%
Asia-Pacific Equity, Equity Linked & Rights

2014
FIRM
100%
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Goldman Sachs & Co
7,665
17
4.8
4.2
Morgan Stanley
9.6
23,472
104
6.8
2.8
Morgan Stanley
6,781
17
4.5
3.5
Goldman Sachs & Co
9.2
22,635
84
10.4
-1.2
Credit Suisse
7.2
6,113
24
5.1
2.1
Deutsche Bank AG
5.9
14,359
64
3.5
2.4
Citi
6.9
5,885
16
3.8
3.1
UBS
5.8
14,356
121
10.9
-5.1
JP Morgan
6.8
5,776
17
12
2.7
4.1
Citi
5.8
14,303
69
3.7
2.1
Deutsche Bank AG
6.3
5,332
15
4.4
1.9
Nomura Holdings Inc
5.7
13,916
111
5.6
0.1
3.3
2,818
25
27
1.1
2.2
Credit Suisse
5.1
12,517
88
4.2
0.9
3.2
2,702
16
17
2.3
0.9
JP Morgan
12,252
68
5.4
-0.4
1.7
Bank of China
2,553
16
11
3.2
-0.2
GF Securities
10
2,524
22
86
0.1
2.9
HSBC Bank PLC
11
2.8
2,410
4.4
-1.6
UBS
12
2.7
2,249
18
6.7
-4
13
2.4
2,039
20
10
3.6
-1.2
14
1.8
1,534
18
15
2.3
15
1.5
1,298
11
16
1.5
1,282
20
22
17
1.4
1,165
18
18
1.3
1,129
14
Guosen Securities Co Ltd
19
1.3
1,063
14
Industrial & Comm Bank of China
20
876
10
25
1.2
-0.2
84,857
540
38,963
100%
TOTAL
100%
4.3
10,536
50
13
2.6
Macquarie Group Ltd
10
2.9
7,059
52
12
2.6
0.3
11
2.5
6,056
58
10
-0.5
HSBC Bank PLC
12
2.4
6,000
29
15
2.2
0.2
13
2.2
5,400
43
18
1.3
0.9
-0.5
14
2.2
5,378
72
3.9
-1.7
3.9
-2.4
Mizuho Financial Group Inc
15
1.5
3,636
44
11
2.7
-1.2
1.5
16
1.5
3,573
27
14
2.4
-0.9
23
1.4
17
1.4
3,331
29
36
0.4
34
0.7
0.6
GF Securities
18
1.4
3,322
27
87
0.1
1.3
Bank of China
19
1.3
3,125
23
21
0.3
20
1.1
2,650
30
19
1.3
-0.2
245,425
2,093
204,898
100%
TOTAL
100%
Asia ex-Japan Equity Linked ex-China Exchanges
Asia-Pac ex-JP Eqty, Eqty-lnk, Rights ex-CH A Shr
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Goldman Sachs & Co
9.7
20,137
73
10.9
-1.2
Goldman Sachs & Co
10.5
19,466
71
9.9
0.6
Morgan Stanley
9.3
19,177
77
5.1
4.2
Morgan Stanley
10
18,633
76
5.6
4.4
Citi
6.8
14,159
66
4.1
2.7
Citi
7.6
14,063
65
4.6
UBS
6.6
13,619
112
13.3
-6.7
Deutsche Bank AG
7.2
13,354
58
4.5
2.7
Deutsche Bank AG
6.5
13,418
59
2.5
UBS
12,954
109
13.8
-6.8
Credit Suisse
6.1
12,552
89
5.4
0.7
Credit Suisse
6.5
12,121
87
5.5
JP Morgan
5.8
11,976
65
5.6
0.2
JP Morgan
6.3
11,761
64
5.5
0.8
4.2
8,587
41
10
1.2
4.6
8,587
41
3.4
1.2
Macquarie Group Ltd
3.4
7,059
52
3.4
Macquarie Group Ltd
3.8
7,059
52
3.8
HSBC Bank PLC
10
2.9
6,000
29
11
2.9
HSBC Bank PLC
10
3.2
6,000
29
10
3.3
-0.1
11
2.7
5,487
44
14
1.7
11
1.8
3,332
36
14
1.7
0.1
12
1.7
3,573
27
3.1
-1.4
Bank of China
12
1.5
2,768
20
15
1.5
13
1.6
3,331
29
32
0.5
1.1
13
1.4
2,650
30
13
1.9
-0.5
GF Securities
14
1.6
3,322
27
85
0.1
1.5
CIMB
14
1.4
2,544
39
11
2.7
-1.3
Bank of China
15
1.5
3,125
23
17
1.3
0.2
15
1.3
2,414
22
17
1.2
0.1
16
1.3
2,650
30
15
1.7
-0.4
16
1.1
2,096
27
12
-0.9
CIMB
17
1.2
2,544
39
12
2.4
-1.2
17
1,837
17
34
0.5
0.5
18
2,096
27
13
1.8
-0.8
Maybank
18
1,804
28
18
1.2
-0.2
19
2,094
28
18
1.3
-0.3
19
0.8
1,515
16
16
1.3
-0.5
Maybank
20
0.9
1,804
28
20
-0.1
20
0.8
1,438
26
38
0.4
0.4
206,732
1,848
157,732
100%
185,525
1,695
140,288
100%
TOTAL
100%
TOTAL
Asia-Pacific ex-Japan Equity & Equity-Linked
Asia-Pacific ex-Japan Equity Linked
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
100%
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Goldman Sachs & Co
9.7
18,154
65
10.1
-0.4
Credit Suisse
10.3
1,943
15
10.5
-0.2
Morgan Stanley
9.2
17,174
71
5.6
3.6
Goldman Sachs & Co
9.1
1,706
10
-0.9
Citi
7.3
13,555
62
4.5
2.8
JP Morgan
7.6
1,435
11
14
-6.4
UBS
6.7
12,559
106
13.9
-7.2
Citi
6.9
1,304
10
3.3
3.6
Deutsche Bank AG
6.6
12,342
55
4.5
2.1
HSBC Bank PLC
6.3
1,195
14
1.6
4.7
Credit Suisse
6.6
12,338
86
6.1
0.5
1,125
18
1.3
4.7
JP Morgan
5.7
10,696
58
6.1
-0.4
Deutsche Bank AG
933
3.4
1.6
7,440
38
3.3
0.7
4.6
871
24
0.6
Macquarie Group Ltd
3.4
6,324
46
3.8
-0.4
Morgan Stanley
4.5
854
11
3.1
1.4
10
2.8
5,272
41
12
1.8
10
4.3
810
3.9
0.4
HSBC Bank PLC
11
2.3
4,270
22
10
2.7
-0.4
UBS
11
3.5
662
11.5
-8
12
1.9
3,451
26
15
1.7
0.2
12
2.5
467
12
2.5
13
1.7
3,225
28
34
0.5
1.2
13
375
17
1.5
0.5
Bank of China
14
1.5
2,821
21
17
1.5
14
1.7
326
13
1.9
-0.2
GF Securities
15
1.4
2,558
24
131
1.4
15
1.5
274
7.3
-5.8
16
1.3
2,444
28
16
1.6
-0.3
16
1.4
266
CIMB
17
1.2
2,294
36
11
2.5
-1.3
Barclays
17
1.4
255
32
0.3
1.1
Maybank
18
0.8
1,566
25
19
1.2
-0.4
Industrial Securities Co Ltd
18
1.3
249
19
0.8
1,561
24
13
1.8
-1
19
1.2
223
20
0.8
1,515
16
18
1.3
-0.5
20
1.1
205
24
0.6
0.5
186,356
1,696
139,886
100%
18,841
215
22,071
100%
TOTAL
100%
TOTAL
100%
Asia-Pac ex-Japan Equity, Equity-Linked & Rights
Asia-Pacific ex-Japan Equity Offerings (IPO)
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Goldman Sachs & Co
9.8
16,449
59
10.1
-0.3
Goldman Sachs & Co
9.8
9,953
22
7.5
2.3
Morgan Stanley
9.7
16,321
67
6.1
3.6
Deutsche Bank AG
7.5
7,576
21
5.1
2.4
Citi
7.3
12,251
55
4.7
2.6
Morgan Stanley
7.5
7,573
23
4.8
2.7
UBS
7.1
11,897
101
14.4
-7.3
Credit Suisse
6.8
6,884
28
7.1
-0.3
Deutsche Bank AG
6.8
11,409
47
4.7
2.1
Citi
6.3
6,398
18
3.4
2.9
Credit Suisse
6.2
10,395
71
5.3
0.9
JP Morgan
5.9
5,912
19
12
2.9
JP Morgan
5.5
9,261
47
4.6
0.9
UBS
4.6
4,682
34
7.4
-2.8
4.2
6,973
33
3.5
0.7
Macquarie Group Ltd
4.2
4,253
21
6.3
-2.1
Macquarie Group Ltd
3.7
6,137
44
4.5
-0.8
2.8
2,818
25
27
0.9
1.9
10
2.5
4,147
37
12
1.9
0.6
10
2.7
2,702
16
18
1.8
0.9
HSBC Bank PLC
11
1.8
3,075
15
10
2.9
-1.1
Bank of China
11
2.5
2,553
16
13
2.6
-0.1
12
1.8
2,959
27
31
0.5
1.3
GF Securities
12
2.5
2,524
22
90
0.1
2.4
Bank of China
13
1.6
2,746
20
13
1.8
-0.2
HSBC Bank PLC
13
2.4
2,410
3.6
-1.2
14
1.6
2,641
23
18
1.3
0.3
14
2,039
20
11
2.9
-0.9
GF Securities
15
1.5
2,558
24
121
1.5
15
1.8
1,858
13
3.2
-1.4
16
1.4
2,364
27
15
1.7
-0.3
16
1.5
1,534
18
16
1.9
-0.4
CIMB
17
1.3
2,127
35
11
2.7
-1.4
17
1.3
1,282
20
22
1.2
0.1
Maybank
18
0.9
1,566
25
16
1.4
-0.5
CIMB
18
1.2
1,167
18
10
3.1
-1.9
19
0.9
1,510
24
46
0.3
0.6
19
1.2
1,165
18
23
1.1
0.1
20
0.9
1,474
15
17
1.3
-0.4
20
1.1
1,129
14
34
0.6
0.5
167,516
1,482
117,815
100%
101,068
607
48,017
100%
TOTAL
100%
TOTAL
Australia/NZ Equity, Equity Linked & Rights
Australia/New Zealand Equity, Equity-Linked & Pfd
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
100%
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Goldman Sachs & Co
17.4
6,308
17
12
5.4
Goldman Sachs & Co
15.8
7,060
20
9.7
6.1
UBS
16.4
5,958
45
32.4
-16
UBS
14.8
6,619
48
27.4
-12.6
Macquarie Group Ltd
16.4
5,940
36
14.9
1.5
Macquarie Group Ltd
13.4
5,989
37
12.9
0.5
Deutsche Bank AG
10.2
3,685
13
7.9
2.3
Morgan Stanley
10.5
4,695
20
6.5
Citi
8.9
3,227
2.7
6.2
Deutsche Bank AG
9.3
4,172
14
8.5
0.8
Morgan Stanley
8.4
3,032
17
3.2
5.2
Citi
7.3
3,276
2.9
4.4
4.8
1,725
2.6
2.2
Commonwealth Bank Australia
5.4
2,435
14
3.4
Credit Suisse
2.9
1,061
11
-4.1
3.9
1,725
13
2.1
1.8
1.6
579
21
27
0.1
1.5
CIMB
10
1.6
568
10
1.9
-0.3
11
1.4
512
26
16
0.8
0.6
12
1.4
500
11
12
1.6
JP Morgan
13
0.9
331
Moelis & Co
14
0.9
320
11
Evans & Partner Pty Ltd
15
0.9
316
21
0.4
0.5
Bell Potter Securities Limited
16
0.7
269
23
15
1.1
-0.4
Taylor Collison Ltd
17
0.7
252
14
43
0.7
First NZ Capital Ltd
18
0.4
152
14
1.2
Forsyth Barr Ltd
19
0.4
142
17
0.7
RBS
20
0.4
127
13
1.2
36,250
325
25,459
100%
Morgans
TOTAL
100%
Credit Suisse
2.4
1,061
11
5.7
-3.3
ANZ Banking Group
10
1.9
842
12
2.3
-0.4
Westpac Banking
11
1.7
780
21
0.7
-0.2
JP Morgan
12
1.5
671
3.5
-2
2.5
-1.6
Morgans
13
1.4
627
22
17
0.4
1.8
-0.9
National Australia Bank Ltd
14
1.4
620
10
2.6
-1.2
CIMB
15
1.3
568
15
1.6
-0.3
16
1.1
512
26
20
0.7
0.4
17
0.9
422
14
2.1
-1.2
-0.8
RBS
18
0.7
335
11
2.5
-1.8
-0.3
Moelis & Co
19
0.7
320
16
1.5
-0.8
-0.8
20
0.6
269
23
19
0.9
-0.3
44,750
332
31,667
100%
TOTAL
100%
Asia-Pacific ex-Japan Equity Offerings
China Domestic Equity (IPO)
2014
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Goldman Sachs & Co
17.4
6,308
17
11.7
5.7
UBS
16.4
5,958
45
32.8
-16.4
Macquarie Group Ltd
16.4
5,940
36
15.1
Deutsche Bank AG
10.2
3,685
13
Citi
8.9
3,227
Morgan Stanley
8.4
3,032
4.8
Credit Suisse
Morgans
FIRM
2013
VOLUME
MKT SHARE CNY (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
GF Securities
17.3
14,571
14
8.9
7,519
11
1.3
Guosen Securities Co Ltd
7.6
6,396
12
2.2
7.4
6,252
2.7
6.2
4,232
17
3.2
5.2
4.2
3,529
1,725
2.6
2.2
New Times Securities Co Ltd
3,354
2.9
1,061
11
6.3
-3.4
Huatai Securities Co Ltd
3.7
3,146
1.6
579
21
27
0.1
1.5
UBS Securities Co Ltd
3.3
2,759
CIMB
10
1.6
568
10
-0.4
10
2.9
2,433
11
1.4
512
26
16
0.8
0.6
Bank of China
11
2.6
2,165
12
1.4
500
11
12
1.6
-0.2
12
2.2
1,866
JP Morgan
13
0.9
331
2.5
-1.6
China Galaxy Securities Co Ltd
13
1.9
1,604
Moelis & Co
14
0.9
320
11
1.9
-1
Minsheng Securities Co Ltd
14
1.8
1,552
15
0.9
316
21
0.4
0.5
Donghai Securities Co Ltd
15
1.8
1,499
16
0.7
269
23
15
1.1
-0.4
Guoyuan Securities Co Ltd
16
1.8
1,485
Taylor Collison Ltd
17
0.7
252
14
43
0.7
Qilu Securities Co Ltd
17
1.6
1,382
First NZ Capital Ltd
18
0.4
152
14
1.2
-0.8
China Cinda Asset Management Co Ltd
18
1.5
1,240
Forsyth Barr Ltd
19
0.4
142
17
0.7
-0.3
Southwest Securities Co Ltd
19
1.4
1,207
RBS
20
0.4
127
13
1.2
-0.8
Sinolink Securities Co Ltd
20
1.4
1,204
36,229
323
25,134
100%
54,705
93
100%
TOTAL
100%
TOTAL
HKSE Equity Offerings
HKSE Equity & Rights Offerings

2014
FIRM
100%
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Morgan Stanley
18.8
9,586
35
10.8
Morgan Stanley
17.2
9,756
36
7.4
9.8
Goldman Sachs & Co
9.2
4,662
21
17.3
-8.1
Goldman Sachs & Co
8.9
5,037
24
16.6
-7.7
7.1
3,604
15
13
2.6
4.5
6.4
3,604
15
13
2.4
UBS
6.3
3,209
29
9.3
-3
HSBC Bank PLC
6.3
3,589
15
6.8
-0.5
HSBC Bank PLC
5.1
2,571
10
5.6
-0.5
UBS
5.7
3,209
29
9.5
-3.8
Bank of China
4.7
2,389
17
5.3
-0.6
Bank of China
4.8
2,693
19
4.9
-0.1
4.4
2,242
20
3.7
0.7
4.2
2,364
21
0.2
3.9
1,962
17
3.3
0.6
3.7
2,068
18
3.1
0.6
3.3
1,677
15
20
1.3
Deutsche Bank AG
3.3
1,854
16
3.6
-0.3
Deutsche Bank AG
10
3.3
1,658
14
3.8
-0.5
10
3.2
1,783
16
18
1.6
1.6
11
2.8
1,438
26
18
1.5
1.3
11
2.5
1,438
26
20
1.4
1.1
Credit Suisse
12
2.3
1,191
11
3.5
-1.2
Citi
12
2.3
1,321
16
10
2.9
-0.6
Citi
13
2.2
1,126
14
11
2.8
-0.6
JP Morgan
13
2.3
1,273
13
12
2.7
-0.4
14
1,010
19
15
2.1
-0.1
Credit Suisse
14
2.1
1,191
11
3.2
-1.1
15
1.9
992
12
21
1.3
0.6
15
1.8
1,010
19
14
2.2
-0.4
16
1.8
915
19
28
0.8
16
1.8
992
12
21
1.2
0.6
JP Morgan
17
1.7
877
10
10
2.9
-1.2
Kingston Securities
17
1.7
979
71
25
0.7
Kingston Securities
18
1.4
689
51
30
0.7
0.7
18
1.7
966
11
2.9
-1.2
19
1.3
658
11
27
0.9
0.4
19
1.7
961
21
29
0.8
0.9
Agricultural Bank of China Ltd
20
1.2
635
16
2.1
-0.9
BNP Paribas SA
20
1.6
897
17
1.7
-0.1
50,881
370
39,978
100%
43,069
442
43,069
100%
TOTAL
100%
TOTAL
100%
Australia/New Zealand Equity & Rights Offerings
Indonesia Equity & Rights Offerings

2014
FIRM
RANK
MKT SHARE
2013
VOLUME
INR (Bln)
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
Deutsche Bank AG
19
112
6.5
12.5
JP Morgan
11.6
69
5.6
Citi
11.5
68
15.3
-3.8
6.9
41
17
1.1
5.8
Kotak Mahindra Bank Ltd
36
11
11
-5
Axis Bank Ltd
5.4
32
11
6.7
-1.3
JM Financial Ltd
4.9
29
16
1.3
4.7
28
13
2.2
UBS
4.2
25
10
5.4
Goldman Sachs & Co
10
3.9
23
HSBC Bank PLC
11
3.4
20
11
12
3.1
18
ICICI
13
2.9
17
Morgan Stanley
14
1.9
Credit Suisse
15
Edelweiss Financial Services Ltd
16
Ambit Corporate Finance Ltd
FIRM
RANK
MKT SHARE
2013
VOLUME
IDR (Bln)
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
15.5
Danareksa Sekuritas PT
20.1
6,995
4.6
JP Morgan
13.5
4,690
Goldman Sachs & Co
11.1
3,858
17
0.9
10.2
Credit Suisse
10.6
3,689
6.1
4.5
Ciptadana Sekuritas
7.5
2,607
4.7
2.8
CIMB
4.6
1,600
9.3
-4.7
3.6
Mandiri Sekuritas PT
4.5
1,581
11.5
-7
2.5
1,391
-1.2
Bahana Securities
3.9
1,363
14.5
-10.6
7.5
-3.6
UBS
10
3.6
1,265
13.9
-10.3
3.1
0.3
11
2.4
849
-1.6
14
1.1
Sucorinvest Central Gani
12
696
12
5.6
-2.7
Sinarmas Securities PT
13
1.9
654
11
7.9
-6
RHB
14
1.6
564
15
1.4
0.2
1.6
10
12
3.1
-1.5
Citi
15
1.1
399
11
2.4
-1.3
1.2
20
0.4
0.8
Deutsche Bank AG
15
1.1
399
14
1.7
-0.6
17
1.1
15
1.1
399
IDFC Capital Ltd
18
1.1
15
-0.9
Valbury Asia Securities/Indonesia
18
1.1
370
22
0.6
0.5
State Bank of India
19
0.9
8.7
-7.8
Indo Premier Securities
19
0.9
322
10
2.5
-1.6
Motilal Oswal Investment Advisors
20
0.8
Kresna Graha Sekurindo PT
20
0.8
289
16
0.9
-0.1
591
97
488
100%
34,782
34
52,251
100%
TOTAL
100%
TOTAL
Japanese Equity & Equity Linked
Japanese Equity Offerings

2014
FIRM
RANK
100%
MKT SHARE
2013
VOLUME
JPY (Bln)
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
RANK
MKT SHARE
2013
VOLUME
JPY (Bln)
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Nomura Holdings Inc
35.4
997
74
28
7.4
Nomura Holdings Inc
30.2
626
56
28.2
16.8
471
41
15.3
1.5
18.8
389
33
16.9
1.9
14.9
419
56
10.1
4.8
13.1
272
46
8.2
4.9
9.7
273
29
9.9
-0.2
11.9
247
26
8.7
3.2
Mitsubishi UFJ Morgan Stanley Securities
7.7
217
19
16.3
-8.6
8.4
174
15
17.1
-8.7
Goldman Sachs & Co
6.1
171
5.3
0.8
Goldman Sachs & Co
5.8
119
5.4
0.4
3.3
93
3.3
4.5
93
0.5
Deutsche Bank AG
1.8
51
2.6
-0.8
UBS
2.4
49
3.2
-0.8
UBS
1.8
49
3.2
-1.4
JP Morgan
1.9
39
-1.1
JP Morgan
10
1.4
39
10
2.5
-1.1
Deutsche Bank AG
10
1.5
31
10
2.6
-1.1
Citi
11
0.5
15
11
1.4
-0.9
Citi
11
0.7
15
12
0.8
-0.1
SBI Securities Co Ltd
12
0.3
16
0.1
0.2
12
0.5
15
0.1
0.4
Ichiyoshi Securities Co Ltd
13
0.2
14
0.3
-0.1
13
0.2
13
0.4
-0.2
Tokai Tokyo Securities Co Ltd
14
15
0.2
-0.2
14
0.1
14
0.3
-0.2
HS Securities Co Ltd
15
15
0.1
Toyo Securities Co Ltd
16
19
16
17
2,812
181
4,352
100%
2,072
150
3,596
100%
TOTAL
100%
TOTAL
100%
India Domestic Equity Offerings
Korea Domestic Equity Offerings

2014
FIRM
RANK
MKT SHARE
2013
VOLUME
JPY (Bln)
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE KRW (Bln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
Nomura Holdings Inc
36.5
261
23
31.8
4.7
Citi
14.5
1,627
10
8.4
6.1
16.3
117
18.9
-2.6
14.1
1,582
15
21.3
-7.2
14.4
103
16.8
-2.4
Daewoo Securities Co Ltd
11
1,241
14
8.6
2.4
13.2
95
8.7
4.5
JP Morgan
10.2
1,150
10
1.8
8.4
6.7
48
22
3.7
Credit Suisse
8.8
991
16
1.2
7.6
4.8
35
1.7
3.1
Samsung Securities Co Ltd
8.7
982
10
5.5
3.2
Goldman Sachs & Co
3.7
27
9.9
-6.2
Korea Investment & Securities Co
782
14
11
1.8
5.2
UBS
1.7
12
1.7
Hana Financial Group Inc
674
20
0.8
5.2
JP Morgan
0.9
2.8
-1.9
Goldman Sachs & Co
672
12.3
-6.3
10
0.5
12
0.3
0.2
UBS
10
3.7
418
16
1.2
2.5
11
0.5
13
0.3
0.2
11
1.5
169
16.6
-15.1
Citi
12
0.4
2.3
-1.9
Mirae Asset Securities
12
1.3
141
18
1.1
0.2
13
0.2
Macquarie Group Ltd
13
1.1
128
12
1.5
-0.4
14
0.1
KB Investment & Securities Co Ltd
14
0.8
94
26
0.2
0.6
15
0.1
Morgan Stanley
15
0.8
89
1.9
-1.1
Nomura Holdings Inc
16
0.7
75
13
1.5
-0.8
Hyundai Securities
17
0.6
68
22
0.8
-0.2
HI Investment & Securities Co Ltd
18
0.5
52
19
-0.5
KTB Investment & Securities Co Ltd
19
0.4
41
Kiwoom Securities Co Ltd
20
0.4
40
14
1.3
-0.9
11,245
94
8,321
100%
TOTAL
100%
716
68
1,143
100%
TOTAL
Malaysia Domestic Equity Offerings
SGX Equity & Rights Offerings

2014
FIRM
2013
VOLUME
MKT SHARE MYR (Mln)
RANK
100%
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE USD (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
CIMB
17.3
3,388
14
21.3
(4.0)
JP Morgan
16
1,069
16.5
-0.5
Maybank
17.3
3,385
11
20.7
(3.4)
12.2
811
15
17.7
-5.5
Credit Suisse
13.7
2,678
7.5
6.2
Citi
11.5
769
7.3
4.2
RHB
8.6
1,693
33
7.3
1.3
11.2
749
14
2.2
Hong Leong Investment Bank Bhd
7.1
1,389
12
11
2.0
5.1
HSBC Bank PLC
11.1
738
5.7
5.4
6.0
1,183
10
2.5
3.5
5.1
337
5.3
-0.2
AmInvestment Bank Bhd
5.6
1,089
10
3.8
1.8
Credit Suisse
4.6
307
11
3.6
UBS
5.2
1,015
4.6
306
26
0.2
4.4
Goldman Sachs & Co
Affin Hwang Capital
4.8
940
Kenanga Investment Bank Bhd
10
3.3
654
6.1
(2.8)
3.7
248
6.9
-3.2
Oversea-Chinese Banking Corp
10
2.6
176
5.2
JP Morgan
11
2.9
568
24
0.6
-2.6
2.3
PrimePartners Corporate Finance Pte Ltd
11
135
20
0.6
BNP Paribas SA
12
1.6
315
17
1.4
0.8
0.8
UOB Kay Hian
12
1.7
110
4.2
-2.5
M&A Securities Sdn Bhd
13
1.3
248
12
Bank Islam Malaysia Berhad
14
1.2
238
22
0.7
0.6
CIMB
13
1.4
97
5.5
-4.1
29
0.1
1.1
United Overseas Bank
14
1.4
94
13
2.4
Public Bank Berhad
15
0.8
158
-1
25
0.4
0.4
RHB
15
1.3
85
16
1.6
-0.3
KAF Investment Bank Bhd
16
0.7
130
14
30
0.1
0.6
17
0.6
122
14
1.4
(0.8)
Inter-Pacific Securities
17
0.6
122
28
0.2
0.4
TA Securities Holdings Bhd
19
0.6
122
28
21
0.8
(0.2)
Alliance Investment Bank Bhd
20
0.3
68
12
1.8
(1.5)
19,576
135
14,952
100%
TOTAL
100%
Morgan Stanley
16
1.2
80
18
1.2
Deutsche Bank AG
17
1.2
78
15
1.9
-0.7
UBS
18
1.1
73
10
3.7
-2.6
Jefferies LLC
19
64
Barclays
20
0.9
63
19
1.1
-0.2
6,671
60
11,150
100%
TOTAL
100%
Japanese Equity Offerings (IPO)
Thailand Domestic Equity Offerings

2014
FIRM
2013
VOLUME
MKT SHARE TWD (Mln)
RANK
DEAL
COUNT
2014
MKT SHARE
MKT SHARE CHG (%)
RANK
FIRM
2013
VOLUME
MKT SHARE THB (Mln)
RANK
DEAL
COUNT
RANK
MKT SHARE
MKT SHARE
CHG (%)
UBS
20.8
18,775
13.8
25.3
29,825
Morgan Stanley
12.6
11,358
7.5
5.1
Siam Commercial Bank PCL
14.4
16,967
11.2
3.2
Goldman Sachs & Co
12.3
11,123
4.9
7.4
Bangkok Bank PCL
14.3
16,776
11.3
8.7
7,855
22
17.1
-8.4
Maybank
8,266
18
0.7
6.3
Fubon Financial Holding Co Ltd
8.1
7,364
5.2
2.9
Kasikornbank PCL
6.5
7,620
5.8
0.7
Sinopac Securities Corp
6.3
5,668
7.3
-1
Finansia Syrus Securities PCL
4.2
4,924
15
0.9
3.3
5.8
5,258
CIMB
4.1
4,800
3.4
0.7
Yuanta Securities Co Ltd
4.2
3,838
-3.8
Citi
3.1
3,625
JP Morgan
3.9
3,563
Credit Suisse
3.1
3,625
10.7
-7.6
Cathay Securities Co Ltd
10
2.7
2,457
18
1.4
1.3
KT ZMICO Securities Co Ltd
10
2.3
2,665
19
0.3
Grand Fortune Securities Co
11
2.6
2,360
13
23
0.4
2.2
Capital Nomura Securities PCL
11
2.2
2,640
16
0.7
1.5
Capital Securities Corp
12
2.4
2,195
11
14
2.1
0.3
Macquarie Group Ltd
12
2,311
Citi
13
1.4
1,297
10.5
-9.1
Asia Plus Securities
13
1.8
2,163
10
2.4
-0.6
Barclays
14
1.3
1,202
5.1
-3.8
14
1.3
1,565
15
1.3
1,151
15
2.1
-0.8
AEC Securities PCL
15
1.3
1,560
Horizon Securities Co Ltd
16
1.1
965
19
0.1
RHB
16
1.2
1,376
CTBC Financial Holding Co Ltd
17
889
11
3.8
-2.8
Ayudhya Securities PCL
17
1.1
1,300
Mega Securities Co Ltd
18
0.8
749
20
-0.2
Trinity Securities Co Ltd
18
1,141
1 -
Concord Securities
19
0.7
647
17
1.5
-0.8
19
1,126
2 -
First Securities Inc
20
0.4
334
21
0.9
-0.5
Apple Wealth Securities Co Ltd
20
0.7
877
2 -
90,421
140
80,138
100%
TOTAL
100%
TOTAL
100%
117,704
52
256,267
100%
Taiwan Domestic Equity Offerings
Bloomberg Equity & Equity Linked - League Tables Criteria
Credit is based on the total amount of the offering sold to the public, including exercised over-allotment. Full credit is awarded to sole book-running
manager or split equally among joint book-running managers.
Equities
Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights
offerings.
Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower
hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.
Equities- Linked
Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable
in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with
attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can
be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there
cannot be separate book building for the warrant and the bond.
Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in
an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarch titles, i.e. Jr Bookrunner.
Full versions of Bloombergs League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
{IDOC 2016701 <GO>}: Equity
{IDOC 2061504 <GO>}: Structured Note
{IDOC 2065648 <GO>}: Syndicated Loans
{IDOC 2021549 <GO>}: Legal Adviser Equity
{IDOC 2027097 <GO>}: Equity Linked

{IDOC 2016703 <GO>}: Fixed Income
{IDOC 2027014 <GO>}: Legal Adviser Fixed Income
Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information
herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of
securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on
the Bloomberg Professional Service.

2014 League Tables Global Equity Capital Market

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2014 League Tables Global Equity Capital Market

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Global Equity Review | FY 2014

Global Equity, Equity Linked & Rights Snapshot

Global Equity Review

GLOBAL EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014

Volume (USD Mln)

Avg Deal size (USD Mln)

18/09/2014 Alibaba Group Holding Ltd

Goldman Sachs & Co

Underwriters: CITI, CS, DB, GS, JPM, MS

Volume (USD Mln)

26/03/2014 Lloyds Banking Group PLC

385 Underwriters: BAML, JPM, MS, UBS

Avg Deal size (USD Mln)

09/06/2014 Monte dei Paschi di Siena

GLOBAL EQUITY & EQUITY LINKED: QUARTERLY VOLUME

GLOBAL EQUITY & EQL: OFFERING TYPE BREAKDOWN

Eqty Lkd (Bln)

Global Equity Review | FY 2014

GLOBAL EQTY, EQL & RIGHTS: INDUSTRY BREAKDOWN

Global Equity & Equity Linked

Goldman Sachs & Co

Bank of America Merrill Lynch

Goldman Sachs & Co

Bank of America Merrill Lynch

RBC Capital Markets

RBC Capital Markets

HSBC Bank PLC

Nomura Holdings Inc

Nomura Holdings Inc

Wells Fargo & Co

Wells Fargo & Co

HSBC Bank PLC

Macquarie Group Ltd

Macquarie Group Ltd

BMO Capital Markets

Sumitomo Mitsui Financial Group Inc

BMO Capital Markets

Sumitomo Mitsui Financial Group Inc

Daiwa Securities Group Inc

Global Equity Offerings

Global Equity Offerings (IPO)

Goldman Sachs & Co

Goldman Sachs & Co

Bank of America Merrill Lynch

Bank of America Merrill Lynch

RBC Capital Markets

HSBC Bank PLC

Wells Fargo & Co

Macquarie Group Ltd

Nomura Holdings Inc

Nomura Holdings Inc

HSBC Bank PLC

Wells Fargo & Co