2Q2013 Global Syndicated Loans Review

GLOBAL SYNDICATED LOANS REVIEW
MANAGING UNDERWRITERS
First Half 2013
First Half 2013

SYNDICATED LOANS REVIEW

Table of Contents
Global Syndicated Loans
Global Deals Intelligence
EMEA Mandated Lead Arrangers (R19)
Leading Underwriters for 2013
European Leveraged Loans (P10)
Global Loans - Bookrunners (R1)
EMEA Sponsored Loans (P13)
Global Debt & Syndicated Loans (DL1)
Global Loans - Mandated Arrangers (R3)
Top 10 Global Syndicated Loans
Global Scorecard
Global Loans Rankings - Last Ten Years
Americas Syndicated Loans
Asia Pacific (Excl. Japan) Syndicated Loans

Asia & Australia Deals Intelligence
Top Asia Syndicated Loans
Asia Loans - Asian Currency (S3i)
Asia Loans - Bookrunners (S5c)
Asia Loans - Mandated Arrangers (S5b)
Americas Deals Intelligence
Australia Loans - Bookrunners (S7)
10
Top Americas Syndicated Loans
Top Australia Syndicated Loans
10
Americas Loans - Bookrunners (R7)
Australia Loans - Mandated Arrangers (S6a)
10
Americas Loans - Mandated Arrangers (R8c)
US Loans - Bookrunners (R11)
North America Loans - Bookrunners (R9)
US Leveraged Loans - Bookrunners (R11a)
US Investment Grade Loans - Bookrunners (R11b)
Latin America Loans - Mandated Lead Arrangers (R16)
Japan Syndicated Loans

Japan Deals Intelligence
11
Top Japan Syndicated Loans
11
Japan Loans - Bookrunners (S12b)
11
Japan Loans - Mandated Arrangers (S12a)
12
Ranking Criteria Summary

EMEA Syndicated Loans
EMEA Deals Intelligence
Top EMEA Syndicated Loans
EMEA Bookrunners (R17)
Syndicated Loans Criteria Summary
13
Regional Contacts
13
Thomson Reuters Solutions for the Deal

Making Community
14
First Half 2013

SYNDICATED LOANS REVIEW

Global Syndicated Lending Totals US$1.9 Trillion, Up 15% From 2012 I US Loans Account For 58%; European Lending Down 3% I JP Morgan Tops Rankings
Global Deals Intelligence
Global Syndicated Loans Volume

$5.0
GLOBAL SYNDICATED LENDING UP 15% FROM 2012

Global syndicated lending for the first half of 2013 reached US$1.9 trillion, representing a 15% increase from
the first six months of 2012. Lending activity during the second quarter of 2013 saw a 3% decrease from the
first quarter of this year. Just over 4,000 transactions closed during the first half of 2013, a decrease of 3%
compared to the first half of 2012.
Q4 Volume (US$t)
Q3 Volume (US$t)
Q2 Volume (US$t)
Q1 Volume (US$t)
10,000
$4.0
8,000
Proceeds (US$t)
WAL-MART, GLENCORE TOP QUARTERLY LOANS

Wal-Mart's US$17.4 billion loan re-financing package and a US$17.3 billion loan financing package for
Switzerland's Glencore International AG topped the list of syndicated loans during the first half of 2013. Six of
the top 10 loans this year were closed during the second quarter of 2013.
US LENDING ACCOUNTS FOR 58% OF ACTIVITY
Americas loans accounted for 63% of global loan volume during the first half of 2013, as lending in the region
increased by 30% from the same period last year. Within the Americas, loan volume in the United States
totaled US$1.1 trillion, up 37% compared to the same period last year and representing 58% of global
volume. Europe accounted for 18% of global volumes as lending decreased by 3% over the first half of 2012.
Asia Pacific fundraising saw a year-over-year increase of 10%, while Japanese lending fell 18% compared to
the first half of 2012.
ENERGY & POWER, INDUSTRIALS & FINANCIALS LEAD LENDING
Borrowing in the Energy & Power sector totaled US$341.8 billion during the first half of 2013, accounting for
18% of global loan activity down from 21% of global lending during the first half of 2013. Financials and
Consumer Staples lending led the declining sectors during the first half, down 8% and 4%, respectively
compared to the same time last year. Energy & Power, Industrials, Financials and Materials together
accounted for 57% of first half syndicated loan volume.
$2.0
4,000
$1.0
2,000
0
2008
2009
2010
2011
2012
2013
Global Loans - Bookrunners (R1)
Bookrunner
JP Morgan
Bank of America Merrill Lynch
Wells Fargo & Co
Citi
Deutsche Bank
Barclays
Mizuho Financial Group
Mitsubishi UFJ Financial Group
Credit Suisse
RBC Capital Markets
Sumitomo Mitsui Finl Grp Inc
Goldman Sachs & Co
BNP Paribas SA
Morgan Stanley
RBS
HSBC Holdings PLC
BMO Capital Markets
Scotiabank
UBS
Credit Agricole CIB
US Bancorp
TD Securities Inc
State Bank of India
Societe Generale
General Electric Co
Top Twenty Five Total
Bookrunner Total
SYNDICATED LENDING FEES UP 24%

According to Thomson Reuters/Freeman Consulting, fees from global syndicated loans totaled US$7.8 billion
during the first half of 2013, an increase of 24% from this time last year. Fees from leveraged lending
increased 35% compared to the first half of 2012 and accounted for 80% of all lending fees during the first half
of 2013.
Leading Underwriters During the Second Quarter 2013
No. 1 Manager
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
BBVA
ING
ING
State Bank of India
State Bank of India
ANZ Banking Group
6,000
$0 0
$0.0
JP MORGAN TOPS BOOKRUNNER RANKINGS

JP Morgan maintained the top ranking for global bookrunners, by proceeds, with US$189.4 billion from 624
transactions during the first half of 2013, an decline of 0.2 market share points compared to the first half of
2012. Bank of America Merrill Lynch followed, with US$168.5 billion from 672 transactions, or 10.2% of
overall loan proceeds during the first half of 2013.
Market Sector
Global Loans (R1)
Americas Loans (R7)
North American Loans (R9)
US Loans (R11)
US Leveraged Loans (R11a)
US Investment Grade Loans (R11b)
Latin America Loans (R15)
Latin America Loans (R16)
EMEA Loans (R17)
EMEA Leveraged Loans (P10)
Asia-Pacific ex. Japan ex. Australia (S5b)
Asia-Pacific ex. Japan ex. Australia (S5c)
Japan Loans (S12a)
Japan Loans (S12b)
Australian Loans (S7)
$3.0
Current Qtr
Market Share Mkt. Share Chg.
(%)
from Last Qtr (%)
1.7
12.3
-0.5
15.3
-0.5
15.4
-0.5
16.4
-0.6
14.1
-9.2
20.1
13.8
18.3
6.3
13.3
1.5
5.5
8.0
12.3
-6.4
7.3
-9.0
12.0
39.7
2.4
10.4
47.9
-3.5
37.7
Jan 1 - Jun 28
Proceeds per Bookrunner (US$m)

Market
Market
2013 2012
Rank Rank
Proceeds Share % Share Ch.
1
1
189,410.7
11.5
-0.2
2
2
168,496.0
10.2
0.8
3
4
99,894.1
6.1
0.8
4
3
97,353.9
5.9
-1.4
5
9
69,420.7
4.2
1.1
6
8
68,854.9
4.2
1.0
7
5
66,496.5
4.0
-1.3
8
6
60,785.9
3.7
-0.8
3.3
1.3
9
13
53,634.7
10
12
46,417.5
2.8
0.7
11
7
45,795.3
2.8
-0.8
12
21
41,792.0
2.5
1.3
13
11
39,899.6
2.4
0.2
14
38,347.2
2.3
0.6
14
15
37,733.6
2.3
-0.1
10
16
17
28,078.5
1.7
0.4
17
20
23,415.5
1.4
0.1
18
1.4
0.1
19
23,202.6
19
28
20,910.9
1.3
0.5
20
18
20,590.9
1.3
0.0 0.1
19,534.2
21
23
1.2
22
15
1.0
-0.6
16,685.4
23
27
16,125.5
1.0
0.2
24
29
15,553.4
0.9
0.2
25
0.9
0.2
32
15,149.5
1,323,579.0
80.3
4.4
1,652,486.3 100.0
Industry % Change from Same Period Last Year

Industry % Change from Last Quarter
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# of Issues
# of Issues
18.9%
-1.4%
# of Deals per Bookrunner

# of Market Change in
Deals Share % # of Deals
624
17.1
41
672
18.4 131
459
12.6
44
306
8.4
9
255
7.0
83
241
6.6
88
312
8.6 -12
413
11.3
-8
213
5.8 105
178
4.9
62
326
8.9
6
173
4.7 105
157
4.3
16
163
4.5
85
178
4.9
8
24
126
3.5
130
3.6
22
82
2.2
11
97
2.7
45
67
1.8
-7
148
4.1
-5
68
1.9
-6
29
0.8
2
0
65
1.8
120
3.3
7
3,649
0.1%
-23.4%
Imputed Fees (US$m)

Manager Market
Market
Fees Share % Share Ch.
764.3
9.8
0.9
748.2
9.6
1.2
359.2
4.6
-0.1
349.9
4.5
-1.1
400.5
5.1
1.3
395.3
5.1
1.4
190.9
2.5
-1.3
223.7
2.9
-1.0
5.2
404.6
1.3
246.7
3.2
0.6
156.3
2.0
-0.8
311.6
4.0
1.3
136.2
1.8
0.0 246.8
3.2
0.9
118.7
1.5
-1.0
107.2
1.4
0.0 103.0
1.3
-0.1
73.3
0.9
0.1
156.3
2.0
0.2
71.6
0.9
-0.3
116.2
1.5
0.3
36.9
0.5
-0.4
93.0
1.2
0.6
-0.1
41.2
0.5
1.7
0.0 134.1
5,985.7
76.9
3.9
7,792.0 100.0
24.3%
-1.7%
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First Half 2013 | Syndicated Loans | Managing Underwriters
Global
Global Debt & Syndicated Loans (DL1)
Mandated Arrangers
JP Morgan
Deutsche Bank
Barclays
Citi
Morgan Stanley
Goldman Sachs & Co
HSBC Holdings PLC
Credit Suisse
BNP Paribas SA
Top Ten Total
Industry Total
Jan 1 - Jun 28
Proceeds per Mandated Arranger US$m)

Market
Market
2013 2012
Rank Rank
1
1
238,792.4
5.1
0.2
2
2
208,387.2
4.4
0.3
3
3
196,382.2
4.2
0.8
4
4
179,644.2
3.8
0.3
5
5
171,294.3
3.6
-0.3
6
6
162,600.6
3.4
0.0 7
7
155,118.9
3.3
-0.5
8
8
131,894.0
2.8
0.2
9
9
106,300.2
2.3
0.5
10
10
105,756.4
2.2
0.6
2.1
1,656,170.4
35.1
4,721,544.4 100.0

4.6%
-12.5%
# of Deals per MA
893
7.0 -60
879
6.9
-7
682
5.3 -61
725
5.7 -19
51
767
6.0
756
5.9
49
457
3.6
48
724
5.6
66
514
4.0 -46
463
3.6 -59
12,819
-602
-4.5%
-11.3%
Global Loans - Mandated Arrangers (R3)
Mandated Arrangers
JP Morgan
y
Citi
Wells Fargo & Co
Deutsche Bank
Barclays
Credit Suisse
RBC Capital Markets
RBS
Goldman Sachs & Co
BNP Paribas SA
HSBC Holdings PLC
Morgan Stanley
US Bancorp
BMO Capital Markets
Scotiabank
UBS
Credit Agricole CIB
ING
Societe Generale
TD Securities Inc
CIBC World Markets Inc
Industry Total
Imputed Fees (US$m)

Manager Market
Market
FeesShare % Share Ch.
1,762.4
8.9
-0.3
1,108.3
5.6
-0.6
991.5
5.0
-0.3
1,092.3
5.5
0.4
902.5
4.6
-0.5
1,638.6
8.3
-1.0
962.7
4.9
-1.0
510.2
2.6
0.2
892.0
4.5
-0.1
438.3
0.1
2.2
10,298.8
52.1
-3.1
19,788.4 100.0
1/1/2013 - 6/28/2013
# of Issues
Region/Nation
Proceeds (US$m)
4,127
1,875,375.3
Global
Americas
2,117
1,173,793.1
1,165,067.6
2,090
North America
1,078,746.6
1,915
United States of America
86,321.0
177
Canada
1,471.5
Central America
6
Mexico
1,428.3
5
South America
6,129.1
19
3,574.6
9
Brazil
Colombia
978.4
1
344,585.7
Europe
505
294,808.5
Western Europe
462
61,751.0
118
United Kingdom
France
48,088.6
61
70
Germany
40,710.3
Italy
35
29,088.0
Switzerland
28,806.8
10
Netherlands
23,192.7
33
61
23,143.2
Spain
Sweden
9,422.5
14
Luxembourg
6,423.0
11
5,103.2
3
Denmark
Belgium
5,060.1
9
p
43
49,777.2
Eastern Europe
Russian Federation
24,711.7
15
Turkey
13
16,673.4
5
Poland
4,038.7
Czech Republic
2,375.0
2
Africa/Middle East/Central Asia
34,778.6
59
Middle East
22,362.3
32
15
United Arab Emirates
14,809.4
Saudi Arabia
4
2,183.6
Sub-Saharan Africa
10,879.1
20
Nigeria
8,828.0
11
South Africa
927.2
2
Gabon
300.0
1
Central Asia
5
852.6
187,196.9
Asia-Pacific (ex Central Asia)
571
North Asia
83,745.1
309
116
China
34,354.6
25,899.2
Hong Kong
58
14,066.3
93
Taiwan
7,445.7
South Korea
41
85
South Asia
25,652.5
83
India
25,482.5
Southeast Asia
45,058.0
96
35
Singapore
22,019.0
21
7,534.1
Thailand
Indonesia
5,836.8
20
8
Malaysia
4,178.7
Philippines
3,645.0
10
81
32,741.2
Australasia
Australia
61
27,319.6
New Zealand
5,421.7
20
888
Japan
135,020.9
15.2%
-12.5%
Jan 1 - Jun 28
Proceeds per Mandated Arranger US$m)

Market
Market
2013 2012
Rank Rank
1
1
154,047.9
8.2
0.3
1.6
2
2
151,237.7
8.1
3
3
-0.6
96,330.7
5.1
4
6
4.5
84,741.4
0.2
5
4.1
4
76,964.7
-0.9
6
10
75,816.1
1.3
4.0
7
8
0.8
70,870.7
3.8
8
5
70,585.5
3.8
-0.9
3.1
58,755.6
9
14
1.4
10
7
58,343.7
3.1
-0.6
11
11
2.5
46,425.1
0.2
12
9
44,538.8
-0.5
2.4
18
44,099.1
2.4
13
1.0
14
13
43,276.1
2.3
0.1
15
12
42,687.1
2.3
0.1
42,537.7
2.3
0.6
16
15
27,416.4
0.1
17
17
1.5
18
16
27,211.7
1.5
0.0 1.4
19
26,838.0
19
0.1
20
25
26,117.9
1.4
0.3
21
20
1.3
24,695.8
0.0 18,627.2
1.0
0.0 22
27
1.0
23
29
17,760.1
0.1
17,335.2
0.9
-0.2
24
23
0.9
25
24
16,547.2
-0.2
1,363,807.4
72.9
4.3
1,875,375.3 100.0

Scorecard: Global Syndicated Loans
# of Deals per MA
mputed Bookrunning Fees (US$m
Manager Market
Market
713
17.3
-7
779.8
8.9
8.9
821
19.9 126
773.6
8.9
1.2
405
368.4
9.8 -25
4.2
-1.1
570
13.8
-5
362.8
4.2
-0.1
592
14.3 -22
264.9
3.0
-1.0
95
359
8.7
416.7
4.8
1.3
335
8.1
70
420.9
4.8
1.4
407
9.9 -22
211.7
2.4
-1.3
252
6.1 102
411.3
4.7
1.3
10.6
2.3
439
16
200.3
-0.8
5.8
253.9
0.6
241
22
2.9
7.3 -57
303
144.8
1.7
-1.0
211
5.1
325.3
3.7
99
1.3
250
6.1
5
172.9
2.0
0.0 7.5
308
-8
150.0
1.7
0.0 199
4.8
65
258.3
3.0
0.9
1.3
256
6.2 -16
0.3
116.2
202
4.9
-1
104.1
1.2
-0.1
0.1
3.4
8
77.8
142
0.9
163.4
1.9
3.1
21
0.2
129
97.2
152
3.7 -14
1.1
-0.3
162
3.9
115.6
1.3
12
0.4
137
3.3
1
62.7
0.7
-0.1
2.7 -10
110
37.3
0.4
-0.4
79
-9
1.9
33.5
0.4
-0.3
6,323.4
72.4
11.4
4,127
-129
8,745.8 100.0
-3.0%
-20.7%
14.7%
-3.3%
Top 10 Global Syndicated Loans
19.4%
-4.3%
Jan 1 - Jun 28
1/1/2012 - 6/30/2012
# of Issues
Proceeds (US$m)
1,635,493.8
4,256
902,504.2
2,029
885,556.7
1,985
790,073.3
1,789
95,483.4
199
3,271.0
12
2,857.6
9
13,345.0
30
5,829.2
11
1,230.7
2
356,457.2
617
562
328,905.3
56,162.8
116
87
54,021.8
98
47,626.4
26
18,459.9
21,046.8
19
14,569.5
25
68,272.5
97
12,320.3
14
4,158.0
3
3
1,409.1
5,256.6
10
55
27,551.9
11,750.8
16
10,015.3
20
7
3,102.4
1
468.6
42,709.3
73
26,051.2
42
8,791.8
19
10,617.2
13
22
11,431.3
2,415.0
3
11
5,123.7
4
2,441.0
601
169,966.8
64,402.4
284
83
16,677.4
21,481.0
55
13,002.0
103
43
12,942.0
99
26,485.6
26,075.1
94
118
38,777.2
20,691.7
49
7
1,210.2
27
4,894.8
10,494.1
26
6
1,262.4
40,301.7
100
34,612.5
75
24
5,520.8
947
163,856.2
% Chge in
Proceeds
14.7
30.1
31.6
36.5
-9.6
-55.0
-50.0
-54.1
-38.7
-20.5
-3.3
-10.4
10.0
-11.0
-14.5
57.6
36.9
59.2
-66.1
-23.5
54.5
262.2
-3.7
80.7
110.3
66.5
30.2
406.8
-18.6
-14.2
68.4
-79.4
-4.8
265.5
-81.9
-65.1
10.1
30.0
106.0
20.6
8.2
-42.5
-3.1
-2.3
16.2
6.4
522.5
19.2
-60.2
188.7
-18.8
-21.1
-1.8
-17.6
* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.
Closing Date
6/5/2013
6/13/2013
5/14/2013
5/31/2013
2/13/2013
6/6/2013
2/8/2013
3/21/2013
2/26/2013
4/30/2013
Borrower
Wal-Mart Stores Inc
Glencore International AG
DTCC
Thermo Fisher Scientific Inc
NK Rosneft
HJ Heinz Co
Enel SpA
Alstom SA
Toyota Motor Credit Corp
Ford Motor Co
Target Market
United States
Switzerland
United States
United States
Russian Fed
United States
Italy
France
United States
United States
Package Amt (US$m)

17,353.0
17,340.0
14,621.0
14,350.0
14,212.0
13,100.0
12,618.6
11,611.4
11,500.0
10,720.0
Primary UOP
Refin/Ret Bank Debt
Refin/Ret Bank Debt
Refin/Ret Bank Debt
Future Acquisitions
Acquisition Fin.
Leveraged Buyout
Refin/Ret Bank Debt
Refin/Ret Bank Debt
Refin/Ret Bank Debt
Refin/Ret Bank Debt

2
Global Loans Ranking - Last Ten Years*

1
JP Morgan
Wells Fargo & Co
Citi
Deutsche Bank
Barclays
Credit Suisse
10
10
RBC Capital Markets
Rank
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

3
Americas
First Half 2013 Proceeds Reach US$1.2 Trillion | US Investment Grade Loans Flat | Energy & Power Industry Leads Market
Americas Deals Intelligence
Americas Loans - Bookrunners (R7)
Overall Syndicated lending in the Americas (bookrun and club deals) during the first half of 2013 increased 30.1%
from the same period in 2012, with proceeds reaching US$1.17 trillion from 2,117 transactions.
Refinancings continued to drive the market in the first half of 2013, with proceeds reaching over US$584.8 billion and
accounting for 51% of the market.
Lending in Latin America continued to plummet compared with the same period last year, down 55.2% with total
proceeds of US$7.6 billion.
Imputed fees for the Americas yielded a 35.7% higher total in the first half of 2013 compared to the same period last
year, with a total of US$5.87 billion in the overall market, according to estimates from Thomson Reuters/Freeman
Consulting. Fees from U.S. leveraged lending increased 51% compared to the same period last year, with a total of
nearly US$4.92 billion.
Top Americas Syndicated Loans

Closing Date
5/14/2013
5/31/2013
6/6/2013
2/26/2013
4/30/2013
2/14/2013
2/25/2013
5/8/2013
6/10/2013
5/31/2013
Jan 1 - Jun 28 2013
Borrower
Target Market
United States
United States
United States
United States
United States
United States
United States
United States
United States
United States
DTCC
Thermo Fisher Scientific Inc
HJ Heinz Co
Toyota Motor Credit Corp
Ford Motor Co
Freeport-McMoRan Copper & Gold
Deere & Co
FirstEnergy Corp
PepsiCo Inc
Clear Channel Commun Inc
Package Amt (US$m)

14,621.0
14,350.0
13,100.0
11,500.0
10,720.0
9,500.0
6,000.0
6,000.0
5,750.0
5,000.0
Americas Loans by Industry (Proceeds US$m)

$32,077.1
$3,035.0
3%
0%
Primary UOP
Refin/Ret Bank Debt
Future Acquisitions
Leveraged Buyout
Refin/Ret Bank Debt
Refin/Ret Bank Debt
Bridging Loan
Refin/Ret Bank Debt
Refin/Ret Bank Debt
General Corp. Purp.
Refin/Ret Bank Debt
Industry % Change over Same Period Last Year

Industry % Change over Last Quarter
Jan 1 - Jun 28 2013
$149,096.2
13%
$127,945.8
11%
$211,540.6
18%

Market
Market
2013 2012
Rank Rank
Proceeds Share% Share Ch.
1
1
180,605.5
15.5
-1.8
2
2
160,487.1
13.8
-0.2
3
4
98,240.0
8.5
0.0 4
3
83,967.9
7.2
-2.6
5
5
60,782.7
5.2
0.9
6
6
53,960.8
4.6
1.3
7
9
51,399.4
4.4
1.7
8
7
44,998.8
3.9
0.8
9
18
37,923.5
3.3
1.5
10
12
36,223.0
3.1
0.7
11
10
26,775.9
2.3
-0.4
12
8
23,347.5
2.0
-0.8
0.0 13
14
22,817.6
2.0
14
15
21,997.6
1.9
0.0 19,866.0
1.7
-0.1
15
17
16
19
19,492.3
1.7
-0.1
17
23
17,413.5
1.5
0.5
18
11
16,087.5
1.4
-1.1
19
24
15,422.9
1.3
0.4
20
22
15,149.5
1.3
0.2
21
13
14,251.4
1.2
-1.1
22
20
14,057.0
1.2
-0.2
13 049 7
11
08
23
16
13,049.7
1.1
-0.8
21
11,180.3
24
1.0
-0.1
25
8,976.3
0.8
0.1
25
1,068,473.7
-1.2
91.9
1,163,124.7
100.0
Bookrunner
JP Morgan
Wells Fargo & Co
Citi
Barclays
Deutsche Bank
Credit Suisse
RBC Capital Markets
Goldman Sachs & Co
Morgan Stanley
RBS
BMO Capital Markets
Scotiabank
BNP Paribas SA
US Bancorp
UBS
TD Securities Inc
HSBC Holdings PLC
General Electric Co
SunTrust Banks
PNC Financial Services Group
KeyBanc Capital Markets Inc
Jefferies LLC
Bookrunner Total
Leveraged lending in the United States increased markedly from the first half of 2012, totaling US$655.3 billion on
1,416 deals, representing a 86.8% increase in proceeds.
Jan 1 - Jun 28
33.5%
20.4%

Deals Share% # of Deals
28.4
49
592
637
30.5 118
42
452
21.6
261
12.5
28
205
9.8
84
200
9.6
99
206
9.9 114
8.3
66
173
160
7.7 100
155
7.4
89
126
6.0
13
95
4.5
-1
129
6.2
21
3.6
10
76
63
3.0
3
147
7.0
-6
84
4.0
46
67
3.2
-6
55
2.6
31
120
5.7
9
36
1.7 -21
99
4.7
5
6 2 -11
11
129
6.2
4.0
2
84
52
2.5
23
126
2,088
Imputed Fees (US$m)

Manager Market
Market
Fees Share% Share Ch.
715.1
12.3
0.2
697.9
12.1
0.2
354.2
6.1
-0.9
301.7
5.2
-2.0
357.9
6.2
1.4
305.6
5.3
1.0
1.1
381.7
6.6
240.8
4.2
0.7
270.9
4.7
1.0
233.7
4.0
0.8
-1.1
81.3
1.4
1.6
93.4
-0.7
-0.3
102.4
1.8
57.6
1.0
0.1
74.3
1.3
-0.1
116.1
2.0
0.3
135.5
2.3
-0.1
36.2
0.6
-0.7
56.7
1.0
0.3
133.5
2.3
-0.2
20.1
0.4
-0.4
85.9
1.5
-0.9
68 6
12
02
68.6
1.2
-0.2
56.9
1.0
-0.3
93.6
-0.1
1.6
5,071.6
87.7
-0.9
5,793.1
100.0
6.4%
14.0%
38.8%
10.9%
US Leveraged Volume
$1,200
2,500
2,250
$104,391.6
9%
2,136
$1,000
$90,523.9
8%
1,860
2,071
1,999
1,939
2,000
1,734
$77,952.8
7%
$81,764.2
7%
$800
$83,170.7
7%
1,466
$600
1,416
1,500
1,107
1,000
# of Issues
$85,518.8
7%
Proceeds (US$b)
$63,969.7
5%
$400
$62,806.8
5%
500
$200
Energy and Power
Industrials
Financials
Materials
High Technology
Retail
Media and Entertainment
Consumer Products and Services
Healthcare
Consumer Staples
Real Estate
Telecommunications
$0
0
2004
Government and Agencies
2005
Q1 Volume (US$b)
2006
2007
Q2 Volume (US$b)
2008
2009
Q3 Volume (US$b)
2010
2011
2012
Q4 Volume (US$b)
2013
# of Issues

4
Americas
Americas Loans - Mandated Arrangers (R8c)
Mandated Arranger
JP Morgan
Wells Fargo & Co
Citi
Barclays
Deutsche Bank
Credit Suisse
RBC Capital Markets
Goldman Sachs & Co
Morgan Stanley
RBS
US Bancorp
BMO Capital Markets
Scotiabank
UBS
HSBC Holdings PLC
BNP Paribas SA
TD Securities Inc
SunTrust Banks
General Electric Co
Industry Total
Proceeds per Mandated Arranger (US$m)

Market
Market
2013 2012
Rank Rank
1
143,348.7
12.2
1
-0.4
2
2
11.9
1.0
139,038.9
7.1
3
-0.6
4
82,702.8
4
3
79,143.4
6.7
-1.7
5
0.9
5
59,115.9
5.0
1.8
6
9
57,774.8
4.9
13
4.5
7
53,254.4
2.0
8
43,992.9
3.8
7
0.1
38,592.9
9
14
3.3
1.1
38,589.4
3.3
0.6
10
10
2.8
11
6
32,280.8
-1.1
2.5
8
28,879.2
-0.7
12
12
27,374.5
-0.3
2.3
13
14
26,269.3
11
2.2
-0.4
15
-0.2
15
22,993.1
2.0
20,769.3
0.3
21
16
1.8
0.2
1.6
17
22
19,135.3
18
1.6
17
19,121.3
-0.3
1.4
16,385.5
19
16
-0.6
19
15,043.3
-0.5
1.3
20
20
14,569.2
1.2
21
-0.5
22
18
13,688.3
1.2
-0.6
23
26
13,611.1
1.2
0.4
24
24
11,931.7
1.0
0.0 25
23
10,723.0
0.9
-0.2
0.3
1,028,329.0
87.7
1,173,793.1
100.0

30.1%
20.0%
Jan 1 - Jun 28
# of Deals per MA
649
30.7
15
35.1 106
744
26.3
-5
557
312
4
14.7
241
81
11.4
11.6 104
245
10.6 109
224
226
10.7
30
178
86
8.4
72
179
8.5
8.5 -19
181
8.7 -22
184
255
12.0 -17
199
9.4
0
115
5.4
1
27
4.9
104
20
4.7
99
3.6 -16
76
107
5.1 -10
-9
3.4
71
131
6.2 -20
164
7.7 -39
3
137
6.5
114
5.4
-4
56
3
2.6
2,117
88
4.3%
13.3%
Bookrunner
JP Morgan
Wells Fargo & Co
Citi
Barclays
Deutsche Bank
Credit Suisse
RBC Capital Markets
Goldman Sachs & Co
Morgan Stanley
RBS
BMO Capital Markets
Scotiabank
US Bancorp
BNP Paribas SA
UBS
TD Securities Inc
HSBC Holdings PLC
General Electric Co
SunTrust Banks
Jefferies LLC
Bookrunner Total
39.3%
17 2%
17.2%

585
30.7
51
633
33.2 115
451
23.7
42
258
13.6
40
203
10.7
82
198
10.4
97
205
10.8 115
159
8.4 100
154
8.1
89
129
6.8
53
124
6.5
13
88
4.6
2
147
7.7
-6
60
3.2
2
83
4.4
46
120
6.3
12
49
2.6
34
99
5.2
6
6.7 -13
127
83
4.4
1
43
2.3
21
52
2.7
23
4.6
14
88
30
1.6
10
27
1.4
19
1,904
9.4%
13 6%
13.6%
164
Jan 1 - Jun 28

Market
Market
2013 2012
Rank Rank
1
1
180,522.3
15.6
-1.9
160,487.1
2
13.9
2
-0.2
3
4
98,240.0
8.5
-0.1
4
3
83,341.4
7.2
-2.5
5
5
60,782.7
5.3
0.9
6
6
53,960.8
4.7
1.4
7
8
51,399.4
4.4
1.6
8
7
44,998.8
3.9
0.7
9
17
37,923.5
3.3
1.5
12
36,223.0
3.1
0.7
10
11
9
26,775.9
2.3
-0.4
12
14
22,817.6
2.0
0.0 13
10
22,622.5
2.0
-0.7
14
15
21,914.3
1.9
0.0 15
18
19,492.3
1.7
-0.1
16
19
19,486.0
1.7
-0.1
17
23
17,413.5
1.5
0.5
18
11
16,087.5
1.4
-1.2
19
25
15,197.9
1.3
0.6
20
22
15,149.5
1.3
0.2
21
13
14,251.4
1.2
-1.1
22
20
14,057.0
1.2
-0.2
23
16
13,049.7
1.1
-0.8
24
21
11,180.3
1.0
-0.1
25
24
8,976.3
0.8
0.1
1,066,350.7
92.3
-1.2
1,157,039.5
100.0

Jan 1 - Jun 28

Market
Market
2013 2012
Rank Rank
1
1
178,067.6
16.6
-2.6
2
2
158,944.8
14.8
-0.9
3
4
98,185.9
9.2
-0.4
4
3
83,341.4
7.8
-2.7
5
5
58,495.2
5.5
0.6
6
6
53,740.0
5.0
1.3
7
7
51,349.9
4.8
1.8
8
12
37,736.0
3.5
1.4
9
10
36,130.4
3.4
0.7
10
14
28,760.2
2.7
0.7
11
8
26,275.9
2.5
-0.5
12
9
21,755.0
2.0
-0.9
13
13
19,492.3
1.8
-0.3
14
15
18,320.2
1.7
-0.3
15
19
17,151.0
1.6
0.5
16
18
15,149.5
1.4
0.2
17
22
14,398.0
1.3
0.6
18
16
14,057.0
1.3
-0.3
19
11
12,972.8
1.2
-0.9
20
17
11,131.3
1.0
-0.2
21
24
10,352.1
1.0
0.5
22
21
8,976.3
0.8
0.0 23
20
8,946.0
0.8
-0.2
24
23
6,846.5
0.6
-0.1
25
31
5,572.4
0.5
0.3
92.8
-1.7
996,147.7
1,071,774.0
100.0

I d t % Ch
Industry
Change over Last
L t Quarter
Q
t
Imputed Fees (US$m)

Manager Market
Market
0.4
717.6
12.2
707.1
0.5
12.0
356.7
6.1
-0.8
-1.9
304.0
5.2
361.7
6.2
1.5
1.0
5.3
310.5
385.8
6.6
1.2
243.8
4.2
0.7
4.7
276.0
0.8
239.0
4.1
0.9
95.8
1.6
-0.9
81.4
1.4
-1.3
116.1
2.0
0.3
102.5
1.8
-0.3
58.2
1.0
0.1
137.4
2.3
0.0 58.7
1.0
0.2
74.3
0.0 1.3
36.3
-0.6
0.6
21.1
-0.4
0.4
86.1
1.5
-0.8
1.2
68.7
-0.2
-0.1
135.5
2.3
1.0
57.4
-0.3
0.0 38.8
0.7
5,070.5
86.7
0.0
5,870.5
100.0
35.7%
10.5%
US Loans - Bookrunners (R11)
Bookrunner
JP Morgan
Wells Fargo & Co
Citi
Barclays
Deutsche Bank
Credit Suisse
Goldman Sachs & Co
Morgan Stanley
RBC Capital Markets
RBS
US Bancorp
BNP Paribas SA
UBS
General Electric Co
HSBC Holdings PLC
SunTrust Banks
Scotiabank
Jefferies LLC
BMO Capital Markets
Credit Agricole CIB
Bookrunner Total
North America Loans - Bookrunners (R9)
34.2%
20.4%

591
313.6
52
637
30.7 118
452
21.8
42
12.4
35
258
205
84
9.9
200
9.6
99
206
9.9 115
173
8.3
66
160
7.7 101
155
7.5
90
126
6.1
13
129
6.2
21
92
4.4
4
75
3.6
11
147
7.1
-6
62
3.0
4
84
4.1
46
3.2
-6
67
53
2.6
35
120
5.8
10
36
1.7 -21
4.8
6
99
129
6.2 -11
84
4.1
2
52
2.5
23
2,073
142
7.4%
14.7%
40.4%
10.8%
US Leveraged Loans - Bookrunners (R11a)
Imputed Fees (US$m)

Manager Market
Market
12.7
0.0 712.6
692.1
12.4
-0.2
6.3
353.3
-1.2
298.8
5.3
-2.0
355.3
1.3
6.4
5.5
0.9
304.6
380.9
1.0
6.8
270.0
4.8
0.8
232.4
4.2
0.9
204.6
3.7
0.6
80.4
-1.3
1.4
84.6
1.5
-0.7
116.1
2.1
0.2
0.0 1.3
72.6
132.3
2.4
-0.1
133.5
2.4
-0.2
53.8
1.0
0.5
-1.0
85.9
1.5
68.3
1.2
-0.3
56.5
1.0
-0.4
39.8
0.7
0.2
-0.1
93.6
1.7
77.2
1.4
-0.3
31.3
0.6
0.0 34.9
0.6
0.1
4,965.4
-1.3
88.9
5,594.1
100.0
Bookrunner
JP Morgan
Wells Fargo & Co
Credit Suisse
Deutsche Bank
Citi
Barclays
Goldman Sachs & Co
Morgan Stanley
RBC Capital Markets
UBS
General Electric Co
SunTrust Banks
US Bancorp
RBS
Jefferies LLC
BMO Capital Markets
BNP Paribas SA
Credit Agricole CIB
Rabobank NV
HSBC Holdings PLC
Scotiabank
Bookrunner Total
42.3%
11 7%
11.7%

Market
Market
2013 2012
Rank Rank
14.4
0.2
1
2
94,460.7
2
1
82,510.5
12.6
-5.2
3
3
57,039.8
8.7
-0.4
4
5
45,712.6
7.0
1.2
5
6
42,996.2
6.6
1.0
6
4
39,960.3
6.1
-0.4
7
7
36,020.2
5.5
0.8
8
8
34,203.3
5.2
1.4
9
10
27,776.3
4.2
1.5
10
9
23,402.4
3.6
0.5
11
14
16,528.5
2.5
0.4
12
12
14,419.0
2.2
-0.2
13
13
11,500.5
1.8
-0.4
14
21
10,624.1
1.6
0.4
15
11
9,675.6
1.5
-0.9
16
15
8,972.3
1.4
-0.3
17
20
8,009.8
1.2
-0.2
18
19
7,506.9
1.2
-0.2
19
18
6,221.5
1.0
-0.5
20
17
6,121.1
0.9
-0.6
21
16
5,205.5
0.8
-0.8
22
26
4,252.7
0.7
0.3
23
29
4,113.4
0.6
0.3
24
24
3,973.7
0.6
0.1
25
23
3,636.1
0.6
0.1
604,843.0
92.5
-1.9
655,324.8
100.0

I d t % Ch
Industry
Change over Last
L t Quarter
Q
t
86.8%
-3.3%
3 3%
Imputed Fees (US$m)

Market
Manager Market
0.1
714.9
12.4
697.7
12.1
0.0 354.2
-1.0
6.2
299.3
5.2
-1.9
357.9
6.2
1.3
305.6
5.3
0.9
381.7
6.6
1.0
240.8
4.2
0.6
270.9
4.7
0.9
233.7
4.1
0.9
81.3
1.4
-1.2
102.4
1.8
-0.3
90.0
1.6
-0.5
56.9
1.0
0.1
0.2
116.1
2.0
73.8
1.3
0.0 0.0 135.5
2.4
36.2
0.6
-0.7
55.1
1.0
0.5
133.5
2.3
-0.2
-0.4
20.1
0.4
85.9
1.5
-0.9
68.6
1.2
-0.2
56.9
1.0
-0.3
93.6
1.6
-0.2
5,062.6
88.1
-1.3
5,761.9
100.0
Jan 1 - Jun 28
461
32.6 161
26.8 119
380
316
97
22.3
187
13.2 104
12.2
173
95
173
12.2
74
11.7
86
166
147
10.4
94
136
9.6
88
110
7.8
53
5.7
47
81
114
8.1
12
84
5.9
19
88
6.2
30
4.9
14
69
52
3.7
24
81
5.7
33
82
5.8
31
4.2
10
60
30
2.1
-3
33
2.3
6
23
1.6
17
1.2
8
17
25
1.8
19
16
1.1
7
1,416
35.9%
8 7%
8.7%
374
Imputed Fees (US$m)

Market
Manager Market
606.9
12.4
0.3
563.8
11.5
-0.5
291.6
5.9
-1.0
370.2
7.5
0.7
288.6
5.9
0.9
236.2
4.8
-1.1
302.5
6.2
1.0
262.1
5.3
0.8
217.3
4.4
1.5
0.6
195.3
4.0
127.6
2.6
-0.3
132.0
2.7
-0.4
82.2
1.7
-1.1
0.5
98.5
2.0
59.3
1.2
-1.4
-0.3
93.6
1.9
75.1
1.5
-0.3
0.0 59.1
1.2
48.8
1.0
-0.4
54.6
1.1
-0.1
53.9
1.1
-0.7
0.2
32.4
0.7
36.6
0.7
0.3
36.2
0.7
0.3
29.8
0.6
0.2
4,354.2
88.6
-0.3
4,915.5
100.0
51.0%
6 0%
6.0%

5
Americas
0.5%
62.0%
389
-217
-35.8%
34.3%
Mandated Arranger
BBVA
Citi
Grupo Aval Acciones y Valores
HSBC Holdings PLC
Santander
JP Morgan
Standard Chartered PLC
Itau Unibanco
National Bank of Abu Dhabi
Burgan Bank
Agricultural Bank of China
National Bank of Kuwait SAK
Oversea-Chinese Banking
Landesbank Baden-Wurttemberg
Industry Total

-55.2%
-6.2%
25
-43.2%
-43.8%
-19
$372,973.9
32%
$11,684.2
$14,378.1
$10,309.1
1%
$21,084.1
1%
1%
$22,371.2
2%
2%
$64,463.8
6%
$35,051.9
3%
Refinance Bank Debt
General Corporate Purposes
Future Acquisitions
Acquisition Financing
Leveraged Buyout
Bridging Loan
Property Acquisition
Recapitalization
Working Capital
Proceed to Sharehlds
Americas Yield Type

700
600
500
400
Jan 1 - Jun 28
# of Deals per MA
28.0
7
1
16.0
4
-8
1
4.0
0
20.0
5
-1
20.0
5
-3
4
16.0 -11
16.0
-6
4
4
16.0
-4
8.0
-5
2
8.0
2
2
-1
2
8.0
4
16.0
-8
4.0
1
1
1
4.0
1
1
4.0
1
1
4.0
1
4.0
1
1
1
1
4.0
Jan 1 - Jun 28 2013
$584,803.0
51%
$9,020.9
1%
2.3%
66.8%
Latin America Loans - Mandated Lead Arrangers (R16)

Market
Market
2013 2012
Rank Rank
11
7.1
1
763.3
10.0
9.1
2.9
692.0
5
2
3
22*
489.2
6.4
5.6
5.9
-1.3
4
3
444.8
5
5.8
-2.2
438.1
2
6
1
404.8
5.3
-7.8
-3.0
7
7
182.9
2.4
2.3
-3.3
8
6
171.8
9
14
137.6
-0.5
1.8
10
126.4
1.7
1.7
11
29
123.8
1.6
0.9
12
4
123.5
1.6
-5.6
1.4
13*
107.1
1.4
13*
107.1
1.4
1.4
13*
107.1
1.4
1.4
1.4
1.4
13*
107.1
13*
107.1
1.4
1.4
13*
107.1
1.4
1.4
4,740.8
62.3
2.9
7,600.5
100.0
Imputed Fees (US$m)

Market
Manager Market
22.6
6.0
148.8
-2.8
12.7
83.9
62.0
-5.1
9.4
61.4
9.3
-1.2
8.0
3.5
52.7
21.0
0.0 3.2
29.2
0.4
4.4
16.5
2.5
0.7
16.0
2.4
-0.1
17.4
1.7
2.6
16.4
2.5
-0.5
15.1
2.3
-3.5
1.5
10.0
0.8
1.6
1.0
10.3
9.0
-0.1
1.4
1.3
8.6
-0.2
8.1
-0.6
1.2
6.7
1.0
0.0 0.4
2.7
0.0 1.2
-0.1
7.8
3.5
0.0 0.5
3.5
0.5
-0.7
7.4
1.1
0.9
1.8
0.3
-0.4
0.2
2.5
0.4
622
3
94
3
01
-0.1
622.3
94.3
659.6
100.0
Proceeds (US$b)


204
52.4 -64
168
43.2 -57
83
21.3 -35
34.2 -61
133
37
9.5
-5
54
13.9
-2
11.8
-7
46
0
5.7
22
25
2
6.4
14
23
5.9
12.9 -25
50
18
4.6
1
26
6.7
13
4.6
10
18
19
4.9
0
20
5
5.1
28
7.2 -25
4.4 -12
17
0
1.3
5
6
3.1
12
2.6
3
10
3.1 -15
12
9
2.3
5
4
0
1.0
1
1.0
Top 10 Americas Loans Use of Proceeds (US$m)
Imputed Fees (US$m)

Manager Market
Market
4.1
9.3
4.6
5.5
2.4
-4.0
-0.9
1.7
.8
11.1
6.2
4.9
4.7
10.8
6.0
4.7
10.7
-1.7
1.6
3.7
-6.1
1.6
3.7
-0.5
.2
-1.6
0.4
.5
1.1
1.1
1.8
3.9
4.1
.7
1.5
-1.8
.3
0.6
0.6
0.6
.3
0.6
.3
0.6
0.6
.3
0.6
0.6
.3
0.6
0.6
.3
0.6
0.6
67.2
8.8
29.8
100.0
44.0
300
200
100
0
1Q
2Q
3Q
4Q
1Q
2009
Undisclosed (US$b)
2Q
3Q
4Q
1Q
2Q
2010
Highly Leveraged (US$b)
3Q
4Q
1Q
2011
Leveraged (US$b)
2Q
3Q
4Q
2012
Near Invst Grade (US$b)
-56.7%
-21.1%
1,965
2,065
2Q
Investment Grade (US$b)
First Half
Total Imputed Fees (US$b)
Number of Deals
2,133
7
6
1Q
2013
Americas Imputed Fees by Year
Total Imputed Fees (US$b)
Bookrunner
JP Morgan
Citi
Wells Fargo & Co
Barclays
RBS
BNP Paribas SA
Deutsche Bank
HSBC Holdings PLC
US Bancorp
Morgan Stanley
Scotiabank
Credit Suisse
RBC Capital Markets
Bank of China Ltd
Goldman Sachs & Co
DNB ASA
SunTrust Banks
Bank of New York Mellon Corp
Credit Agricole CIB
Bookrunner Total

Market
Market
2013 2012
Rank Rank
95,523.8
23.6
2.7
1
1
-2.0
2
63,479.0
15.7
2
10.6
3
3
43,107.7
-3.6
4
40,959.8
-0.1
4
10.1
22,462.5
5
5
5.6
0.3
6
7
16,567.0
4.1
0.6
3.9
-0.1
6
15,611.2
7
8
11,244.3
9
2.8
0.4
0.6
2.7
10,733.8
11
9
2.6
1.6
16
10
10,339.3
2.1
8,359.2
-0.3
11
10
8
12
2.1
8,354.1
-0.8
6,682.7
1.7
13
23
1.2
0.6
19
5,437.3
1.3
14
0.1
15
1.3
13
5,315.3
1.1
0.0 4,486.6
16
14
-0.7
1.1
12
4,484.6
17
4,173.0
1.0
-0.1
15
18
1.0
0.2
19
18
3,920.0
0.2
20
3,510.2
0.9
21
21
22
2,608.3
0.6
0.0 -0.3
2,276.4
0.6
22
17
23
28
2,125.5
0.3
0.5
24
1,436.7
0.4
0.0 24
37
1,319.6
25
0.3
0.2
394
517 9
97
7
1
0
394,517.9
97.7
1.0
404,965.9
100.0
Jan 1 - Jun 28
2,121
2,500
2,029
2,117
1,873
1,837
2,000
5
1,402
1,500
4
938
1,000
# of Issues
US Investment Grade Loans - Bookrunners (R11b)
2
500
1
*tie
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

6
Europe, Middle East & Africa

EMEA Lending Reaches US$379.4 Billion | Energy Sector Accounts for US$72.5 Billion (20% of Lending) | US$17.3 Billion Glencore Refinancing Largest Deal of the Quarter
`
EMEA Deals Intelligence
EMEA Use of Proceeds (US$b)
Jan 1 - Jun 28 2013
$4.8
$7.8$6.7
$4.6
1%
2%2%
1%
EMEA syndicated loans in the second quarter of 2013 reached US$149.7 billion from 251 deals, which brought the
first half of the year to US$379.4 billion from 564 transactions, representing a 5% decline in deal value and an 18.3%
decline in the number of deals compared to the same period last year. The first half of the year saw fewer but
significantly larger deals, with the average loan size increasing to US$672.6 million, up from an average size of
US$577m during the same time last year. The ten largest deals of the first half accounted for US$87.2 billion or 23%
of total lending, while deals over US$1 billion accounted for 67.8% of lending in the region.
Refinance Bank Debt
$18.5
5%
Refinancing
$27.9
7%
According to Thomson Reuters/Freeman Consulting, arranging fees from EMEA syndicated loans totalled US$1.6
billion during the first half of the year, up 1.1% from the same period in 2012. The overall total earned by bookrunners
was up 6.3% at US$1 billion.
$146.4
39%
$30.1
8%
The US$17.3 billion Glencore refinancing coordinated by Royal Bank of Scotland was the biggest EMEA deal of the
second quarter and the first half.
Project Finance
Future Acquisitions
Top EMEA Syndicated Loans (US$m)
Jan 1 - Jun 28 2013
NK Rosneft
Enel SpA
Alstom SA
C ti
Continental
t l AG
Banque PSA Finance
Anglo American PLC
Ojer Telekomunikasyon A.S.
$17,340.0
Leveraged Buyout
$14,212.0
$12,618.6
$11,611.4
Export/Import Finance
$8,320.0
Finance Linked Trade
$5 996 8
$5,996.8
$5,469.0
$5,000.0
$4,752.2
Others
EMEA Bookrunners (R17)
Bookrunner
BNP Paribas SA
Credit Agricole CIB
Deutsche Bank
Societe Generale
ING
RBS
HSBC Holdings PLC
UniCredit
Citi
JP Morgan
Natixis
Barclays
Commerzbank AG
BBVA
Lloyds Bank
Santander
Goldman Sachs & Co
UBS
Nordea
DNB ASA
Rabobank NV
Bookrunner Total
$115.1
30%
Jan 1 - Jun 28

Market
Market
2013 2012
Rank Rank
2
18,229.9
7.4
2.0
1
5.7
0.2
2
1
14,184.9
13,785.6
5.6
0.4
3
3
4
11
13,493.6
5.5
2.2
5
16
11,322.9
4.6
1.8
6
8
10,416.5
4.2
0.2
7
15
10,371.4
4.2
1.3
8
17
9,794.3
4.0
1.5
9
7
9,649.6
3.9
-0.3
10
6
8,344.9
3.4
-0.8
11
20
8,098.9
3.3
1.4
1.0
12
18
7,871.8
3.2
13
10
7,784.3
3.2
-0.5
14
14
7,042.5
2.9
-0.1
15
4
6,807.3
2.8
-1.9
16
19
4,614.9
1.9
-0.3
17
36
4,057.7
1.6
1.0
18
24
3,728.4
1.5
0.0 19
27
3,722.4
1.5
0.4
20
5
3,457.5
1.4
-3.2
21
51
3,238.8
1.0
1.3
22
35
2,978.9
1.2
0.6
23
22
2,826.9
1.1
-0.6
24
23
2,529.6
1.0
-0.5
25
25
2,332.7
0.9
-0.4
190,686.2
77.3
6.4
247,112.6 100.0

-1.2%
-36.5%

83
27.1
8
33
10.8 -14
48
15.7 -16
50
16.3
-3
53
17.3
10
45
14.7
-8
53
17.3
2
50
16.3
8
35
11.4 -15
30
9.8
-7
29
9.5 -13
39
12.7
7
47
15.4 -16
32
10.5
13
22
7.2
-7
23
7.5
-6
22
7.2
10
18
5.9
-3
6.5
-6
20
16
5.2 -12
8
14
4.6
12
3.9
-2
13
4.2
-8
16
5.2 -10
15
4.9
-3
306
-12.8%
-18.9%
-45
EMEA Mandated Lead Arrangers (R19)
Imputed Fees (US$m)

Manager Market
Market
54.6
5.3
-0.1
32.2
3.1
-1.1
7.9
82.3
3.0
29.8
2.9
-0.3
6.2
4.0
64.0
-1.6
33.6
3.2
38.4
3.7
-0.4
54.1
5.2
3.0
39.5
3.8
0.1
47.1
4.5
-0.2
17.9
1.7
-0.9
36.5
3.5
0.5
21.2
2.1
-0.5
41.3
4.0
1.2
9.1
0.9
-1.1
16.6
1.6
-0.9
12.0
1.2
0.6
10.2
1.0
-0.2
8.4
0.8
-0.4
11.5
1.1
-2.0
34.2
3.3
2.3
17.1
1.7
0.6
14.9
1.4
-0.6
8.1
0.8
-0.7
9.6
0.9
-0.6
744.2
71.8
3.7
1,037.4 100.0
Mandated Arranger
BNP Paribas SA
HSBC Holdings PLC
Deutsche Bank
UniCredit
Credit Agricole CIB
Societe Generale
RBS
ING
Citi
Barclays
JP Morgan
Commerzbank AG
Natixis
Santander
Nordea
Lloyds Bank
Credit Suisse
BBVA
Credit Mutuel SA
Goldman Sachs & Co
Industry Total
6.3%
-25.8%
Proceeds per MLA (US$m)

Market
Market
2013 2012
Rank Rank
ProceedsShare % Share Ch.
1
1
22,662.0
6.0
1.4
2
3
17,576.2
4.6
0.3
3
4.2
0.4
5
15,819.3
4
12
15,223.9
4.0
1.4
5
7
14,380.2
3.8
0.3
6
11
14,147.0
3.7
0.8
7
2
14,097.3
3.7
-0.7
8
13
13,908.1
3.7
1.2
9
9
12,777.7
3.4
0.4
10
10
11,161.2
2.9
-0.1
2.7
1.0
11
21
10,292.5
12
8
9,846.5
2.6
-0.9
13
16
9,638.7
2.5
0.1
14
20
8,547.2
2.3
0.6
2.1
1.2
15
31
7,819.7
1.9
0.3
16
22
7,301.7
17
4
7,200.8
1.9
-2.1
1.9
0.4
18
23
7,152.0
19
15
6,916.3
1.8
-0.6
20
27
5,001.6
1.3
0.2
21
6
4,987.2
1.3
-2.2
22
19
4,936.3
1.3
-0.4
23
47
4,810.8
1.3
0.8
24
40
4,668.9
1.2
0.6
25
25
4,632.5
1.2
0.0 255,505.6
67.3
4.4
379,364.4 100.0

-5.0%
-34.8%
Jan 1 - Jun 28
# of Deals per MLA
DealsShare % # of Deals
153
27.1
15
142
25.2 -17
95
16.8 -17
102
18.1
1
83
14.7 -19
100
17.7
-6
102
18.1 -43
104
18.4
7
69
12.2 -24
92
16.3
-9
10.6
60
12
57
10.1 -20
82
14.5 -18
55
9.8 -15
49
8.7
15
50
8.9
-5
72
12.8 -38
40
7.1 -13
64
11.3 -25
30
5.3
-1
58
10.3 -20
46
8.2 -16
34
6.0
7
31
5.5
12
-6
32
5.7
564
-18.3%
-19.8%
126
Imputed Fees (US$m)

Manager Market
Market
89.7
5.5
0.7
62.1
3.8
0.6
91.3
5.6
1.8
74.2
4.5
2.0
51.1
0.3
3.1
49.7
3.0
0.0 55.5
3.4
-1.1
84.0
5.1
2.5
49.6
3.0
-0.1
55.6
3.4
0.5
3.3
53.7
1.2
57.8
3.5
-0.5
27.5
1.7
-0.5
0.2
33.1
2.0
34.6
2.1
1.1
35.2
2.2
0.8
-1.8
18.1
1.1
34.1
2.1
0.1
27.6
1.7
1.3
22.0
1.3
0.2
13.7
0.8
1.3
19.5
1.2
-0.4
11.7
0.7
0.2
41.9
2.6
1.7
15.3
0.9
0.2
1,108.6
67.6
4.9
1,641.1 100.0
1.1%
-33.7%
Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.

7
Europe, Middle East & Africa
5
34
4
26
9
28
7
6
3
15
1
2
8
24
13
10
11
33
12
22
18
21
14
-

5,281.1
3,621.2
3,213.3
3,043.8
2,666.7
2,665.2
2,635.3
2,399.7
2,249.0
2,228.5
1,724.0
1,602.8
1,525.3
1,497.2
1,337.2
1,256.7
1,055.1
952.4
931.4
914.7
834.3
824.5
582.1
524.2
449.5
45,041.5
51,509.6
10.3
7.0
6.2
5.9
5.2
5.2
5.1
4.7
4.4
4.3
3.4
3.1
3.0
2.9
2.6
2.4
2.1
1.9
1.8
1.8
1.6
1.6
1.1
1.0
0.9
87.6
100.0
4.1
6.5
-0.1
4.9
1.1
4.3
0.2
-1.1
-3.2
2.2
-7.4
-5.4
-1.8
1.7
0.1
-1.1
-0.6
1.4
-0.9
1.8
0.3
-0.2
-0.3
-1.2
0.9
6.5
24.1%
-48.3%
58
-4
-6.5%
-29.4%
419
379
400
276
249
36.3%
-52.2%

9
39.1
3
9
2
39.1
4
17.4
3
4
17.4
4
5
21.7
-1
7
30.4
7
21.7
1
5
13.0
0
3
4.3
-1
1
4
17.4
-1
4
17.4
3
4
17.4
0
3
13.0
1
-1
4
17.4
2
8.7
1
2
8.7
-1
8.7
-1
2
2
8.7
1
2
8.7
1
3
13.0
-1
2
8.7
1
1
4.3
1
1
4.3
1
1
4.3
1
2
8.7
-1
23
-23.3%
-56.3%
-7
400
352 313
315
$200,000
390
361
341
313
300
264 265
251
300
223
$150,000
200
$100,000
100
$50,000
$0
Q1
Q2
Q3
Q4
Q1
Q2
2009
Q3
Q4
Q1
2010
Q2
Q3
Q4
2011
Q1
Q2
Q3
Q4
$8.7, 0.0 $8.5,

$8.0,
0.00.0 $6.2, 0.0
$15 7 0
$15.7,
0.0
0
$16.1, 0.0
$19.1,
5%
Q2
2013
Jan 1 - Jun 28 2013

Energy and Power
Industrials
$72.5
20%
Materials
Financials
$26.2
7%
Imputed Fees (US$m)

Market
Manager Market
42.2
14.2
8.5
23.9
8.1
0.6
25.5
8.6
7.2
26.5
8.9
8.4
22.6
7.6
-5.0
19.9
6.7
6.7
14.7
0.9
5.0
1.9
10.2
3.5
7.5
2.5
-0.5
9.3
3.1
-0.6
8.8
3.0
1.4
-1.1
6.8
2.3
6.2
2.1
-0.8
6.8
2.3
-4.6
4.6
-0.8
1.6
4.6
1.6
-3.9
5.4
1.8
-2.7
3.2
1.1
-0.4
0.5
4.2
1.4
5.8
2.0
-0.7
4.1
1.4
0.9
3.1
1.0
1.0
1.0
1.0
3.1
3.1
1.0
1.0
2.2
0.7
-3.5
274.3
92.4
18.9
296.8 100.0
Q1
2012
EMEA Syndicated Loans by Industry (US$b)
Telecommunications
$64.3
18%
Jan 1 - Jun 28

Market
Market
2013 2012
Rank Rank
6.7
1
5
3,305.4
14.2
10.8
1.4
2
2
2,494.8
3
17
1,737.8
7.5
6.4
4
1,618.4
7.0
7.0
5
1
1,554.0
6.7
-19.0
6
1,360.6
5.9
5.9
7
11
1,115.1
4.8
1.9
8
18
1,104.9
4.8
3.8
9
10
919.2
4.0
1.0
10
3
3.4
793.8
-5.1
11
23*
740.4
3.2
2.6
12
2.1
-3.9
6
483.7
13
12
469.8
2.0
-0.2
14
4
455.6
2.0
-6.4
15
14
413.8
1.8
0.0 16*
8
401.6
1.7
-1.5
16*
9
401.6
1.7
-1.4
18
30*
390.3
1.7
1.6
19
28
389.8
1.7
1.3
20
19
386.3
0.9
1.7
21
27
350.8
1.5
1.1
22*
284.0
1.2
1.2
22*
284.0
1.2
1.2
22*
284.0
1.2
1.2
25
13
271.7
1.2
-0.9
22,011.4
94.8
23,215.0 100.0

$250,000
500
464
EMEA Proceeds (US$m)

Number of deals
$300,000
25.7%
-33.7%
EMEA Sponsored Loans (P13)
Bookrunner
Deutsche Bank
JP Morgan
Goldman Sachs & Co
UniCredit
Nomura
HSBC Holdings PLC
UBS
Nordea
Credit Agricole CIB
ING
Credit Suisse
Barclays
BNP Paribas SA
RBC Capital Markets
RBS
Lloyds Bank
Santander
Morgan Stanley
Societe Generale
Commerzbank AG
Scotiabank
National Australia Bank
Natixis
Bookrunner Total
Imputed Fees (US$m)

Manager Market
Market
59.7
10.8
5.3
39.2
7.1
6.1
30.8
5.6
-0.2
34.1
6.2
5.3
25.1
4.5
0.3
5.6
4.5
30.8
20.3
3.7
-1.9
21.5
3.9
-1.5
23.5
4.3
-2.4
30.9
5.6
3.4
24.9
4.5
-1.7
2.9
15.7
-1.7
18.0
3.3
0.0 13.8
2.5
1.0
17.8
3.2
1.5
10.9
2.0
-1.0
11.4
2.1
-0.8
9.4
1.7
0.9
8.7
1.6
-0.8
10.9
2.0
1.6
6.3
1.1
-1.6
9.5
1.7
-1.0
4.9
0.9
-0.7
4.8
0.9
-2.5
4.0
0.7
0.6
478.1
86.8
14.6
552.0 100.0
# of Issues
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

22
37.9
10
13
22.4
10
13
22.4
3
14
24.1
11
11
19.0
3
10
17.2
8
11
19.0
0
13
22.4
-3
0
15
25.9
15.5
9
5
12.1
0
7
9
15.5
-2
7
12.1
-2
6
10.3
1
9
15.5
5
3
5.2
-1
8
13.8
-1
7
12.1
4
7
12.1
1
2
3.4
2
7
12.1
1
6
10.3
2
4
6.9
0
3
5.2
-5
2
3.4
2
Retail
$57.5
16%

Real Estate
$63.7
18%
High Technology
Consumer Staples
Healthcare
EMEA Imputed Fees
First Half
$5,000
1,131
Total Imputed Fees (US$m)

Number of Deals
$4,500
956
1000
$4,000
812
$3,500
$3,000
1200
842
764
689
800
690
606
$2,500
564
499
600
$2,000
# of Issues

Market
Market
2013 2012
Rank Rank
EMEA Quarterly Syndicated Loan Volume
Total Imputed Fees (US$m)
Bookrunner
Deutsche Bank
ING
JP Morgan
Barclays
Goldman Sachs & Co
RBS
HSBC Holdings PLC
BNP Paribas SA
UniCredit
Nomura
Credit Agricole CIB
Citi
UBS
Credit Suisse
Nordea
Societe Generale
Morgan Stanley
Commerzbank AG
Scotiabank
Natixis
Lloyds Bank
DNB ASA
Santander
Mediobanca
Bookrunner Total
Jan 1 - Jun 28
Proceeds (US$m)
European Leveraged Loans (P10)
400
$1,500
$1,000
200
$500
$0
41.6%
-33.6%
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
*tie

8
Asia (ex-Japan)
Asian Loans Up 19.1% l China Volume Doubles l Australia Refinancing at US$5 billion
Asia & Australia Deals Intelligence
Asia Loans - Bookrunners (All Currencies) (S5c)
Asian syndicated loans in the first half of 2013 reached US$154.5 billion from 490 deals, an increase of 19.1% from the
same period last year. China was the most active market, with total deals closed amounting to US$34.4 billion,
doubling from the comparable period in 2012 and recording the largest China first half volume on record.
Bookrunner
State Bank of India
Bank of China Ltd
China Development Bank
Bank of Communications Co Ltd
China Construction Bank
Bank of Taiwan
DBS Group Holdings
Korea Development Bank
Industrial & Comm Bank China
ANZ Banking Group
HSBC Holdings PLC
Shanghai Pudong Development Bk
Deutsche Bank
Taishin International Bank
United Overseas Bank Ltd
BNP Paribas SA
Chinatrust Financial Holding
ICICI Bank Ltd
Mega Financial Holding Co
Bookrunner Total
Thailand's CP ALL Pcl US$6 billion loan in June tied for the top deal in Asia (ex Japan and Australia) for the half alongside the first quarter's CNOOC Canada Holding Ltd transaction. The CP ALL PCL transaction was a 7-bank club
deal to be used for future acquisitions.
Australian syndicated loans in the first two quarters of 2013 totaled US$27.3 billion, down 21.1% compared to the same
period in 2012. Despite falling 31%, Refinancing Bank Debt was still the major source of activity in Australia which
captured 18.3% of the market, with US$5 billion from 21 transactions.
According to Thomson Reuters/Freeman Consulting, estimated fees for Asian syndicated deals totaled US$702.2
million in the first half of 2013, up 7.7% from the same period in 2012. In Australia, estimated fees were US$168.2
million, 26.1% lower than in the same period the previous year.
Top Asia Syndicated Loans (Ex Japan, Ex Australia)
Jan 1 - Jun 28 2013
CNOOC Canada Holding Ltd
$6,000.0
CP ALL PCL
$6,000.0
Tata Steel Odisha Ltd
$4,096.9
Guangdong Chao-Hui Expressway
$3,662.2
Shaanxi Yanchang Petroleum

$2,785.9
Suzlon Energy Ltd
8.8%
-17.0%
-7
0.1%
3.8%
-1.9%
-25.4%
Asia Loans - Mandated Arrangers (All Currencies) (S5b)
$2,210.0
$2,081.2
Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)
Market
Market
2013 2012
Rank Rank
3,611.8
9.7
2.5
1
1
1.0
4
2,223.8
6.0
2
3
18
2,106.5
5.7
3.6
4
6
1,991.4
5.4
1.7
4.7
-1.8
5
2
1,741.9
6
16
1,616.3
4.4
1.9
7
11
1,549.2
4.2
1.1
8
5
1,527.3
4.1
-0.1
9
3
1,371.8
3.7
-2.4
10
39
1,301.2
3.5
2.9
11
15
1,176.4
3.2
0.6
12
8
1,072.1
2.9
-0.5
13
19
1,009.5
2.7
0.6
14
36
931.0
2.5
1.8
15
9
918.3
2.5
-0.9
16
40
860.7
2.3
1.7
17
24
844.9
2.3
0.9
18
10
723.6
2.0
-1.1
19
23
716.5
1.9
0.5
20
12
626.8
1.7
-1.4
27,921.0
75.4
12.6
37,195.6
100.0

I d t % Ch
Industry
Change ffrom L
Lastt Q
Quarter
t
357
Imputed Fees (US$m)

Manager Market
Market
93.0
19.5
11.1
16.7
3.5
-0.6
8.5
1.8
-2.6
7.9
1.7
1.4
6.5
1.4
1.0
4.0
19.2
0.4
10.3
2.2
1.6
15.2
3.2
0.6
12.0
2.5
-6.1
9.0
1.9
0.2
2.1
0.7
9.8
4.9
0.4
1.0
9.3
2.0
-1.4
3.1
0.6
0.4
2.0
0.5
9.5
10.7
2.2
0.1
7.8
1.6
-1.7
7.9
1.7
-0.2
6.9
1.5
0.7
7.2
1.5
-0.4
6.5
1.4
1.3
8.9
1.0
1.9
1.6
-1.5
7.6
4.9
1.0
-0.7
1.7
8.2
0.4
6.6
311.5
65.5
477.1
100.0
$2,487.2
Vitol Asia Pte Ltd
Bookrunner
DBS Group Holdings
State Bank of India
ANZ Banking Group
HSBC Holdings PLC
Deutsche Bank
BNP Paribas SA
Bank of China Ltd
Citi
Bank of Taiwan
Mega Financial Holding Co
ING
Top Twenty Total
Bookrunner Total

8.1
2
29
49
13.7
6
6
1.7
-6
8
2.2
5
6
1.7
4
30
8.4
-4
10.1
9
36
21
5.9
6
17
-6
4.8
9
2.5
4
16
4.5
3
2.5
8
17
4.8 -10
2.2
8
6
4.2
15
4
15
4.2
4
15
4.2
-4
12
3.4
-1
19
5.3
13
3.4
12
12
7
3.4
20
3
5.6
1.1
-4
4
11
3.1
3
6.7
24
3
$2,913.1
ONGC Petro-additions Ltd
Senoko Energy Pte Ltd

Market
Market
2013 2012
Rank Rank
1
1
16,125.5
16.9
3.6
2
3
6,848.5
7.2
0.7
3
2
4,951.0
5.2
-1.4
4
25
4,700.7
4.9
3.7
4.4
5
69
4,215.3
4.2
6
6
4,130.9
4.3
0.0 13
2,858.8
3.0
1.1
7
8
10
2,249.8
2.4
0.1
9
4
2,151.7
2.3
-3.8
10
20
2,062.0
2.2
0.6
11
18
2,047.1
2.1
0.5
12
62
1,971.0
2.1
1.9
13
8
1,903.1
2.0
-1.1
14
32
1,902.0
2.0
1.2
26
1,736.4
15
1.8
0.7
16
23
1,674.3
1.8
0.4
17
7
1,670.1
1.8
-1.4
1.7
18
11
1,573.2
-0.5
36
19
1,444.7
1.5
0.8
-0.3
20
16
1,400.0
1.5
1.4
1.0
21
46
1,326.9
1.2
0.2
22
28
1,174.0
23
9
1,147.9
1.2
-1.4
19
1,123.9
1.2
24
-0.4
1.2
-1.0
25
12
1,112.9
73,501.7
77.3
9.4
95,447.3
100.0
Jan 1 - Jun 28
-1.8%
41 4%
41.4%
# of Deals per Arranger

25
18.9
4
21
15.9
8
10
7.6
4
15
11.4
2
16
12.1
-9
13
9.8
2
15
11.4
5
11
8.3
0
12
9.1
-5
12
9.1
6
4.5
1
10
7.6
3
9
6.8
1
17
12.9
9
10
7.6
3
9
6.8
6
9
6.8
6
13
9.8
3
8
6.1
3
6
4.5
3
132
-11.4%
1 5%
1.5%
Mandated Arranger
State Bank of India
Bank of China Ltd
DBS Group Holdings
China Development Bank
Bank of Communications Co Ltd
HSBC Holdings PLC
China Construction Bank
ANZ Banking Group
Korea Development Bank
CITIC
Shanghai Pudong Development Bk
Citi
Bank of Taiwan
Deutsche Bank
Chinatrust Financial Holding
UBS
Industry Total
Jan 1 - Jun 28
-17
Imputed Fees (US$m)

Manager Market
Market
16.9
6.3
0.9
5.1
0.7
13.6
2.2
0.5
6.0
9.7
3.6
1.2
3.4
-2.0
9.1
3.5
1.1
9.3
3.9
10.5
0.3
6.9
2.6
-0.5
7.4
2.8
-2.7
6.4
2.4
2.3
6.5
2.4
-1.0
5.2
2.0
-0.9
4.7
1.7
-0.1
7.2
2.7
2.4
3.1
1.2
-1.5
7.2
2.7
2.4
4.5
1.7
0.3
7.3
2.7
0.9
3.2
1.2
-1.1
5.8
2.2
-0.4
56.3
2.8
150.5
267.8
100.0
-3.1%
42 8%
42.8%

Market
Market
2013 2012
Rank Rank
1
1
0.2
16,498.9
10.7
2
9,681.0
0.3
6.3
2
3
8,491.9
5.5
10
2.5
1.4
4.2
4
13
6,546.6
3.9
-1.4
5
3
6,072.2
3.6
0.1
6
5
5,597.5
3.3
5,064.8
29
7
2.3
8
6
4,996.6
3.2
-0.2
2.6
9
3.1
42
4,797.7
4,348.2
10
8
2.8
-0.4
11
20
3,509.8
2.3
1.0
12
36
3,276.5
2.1
1.4
9
3,190.1
13
2.1
-0.9
2.0
-0.7
14
14
3,076.4
15
11
2,936.5
1.9
-1.0
16
17
2,857.3
1.9
0.2
17
4
2,807.8
1.8
-2.2
45
2,480.4
18
1.6
1.1
19
40
2,310.9
1.5
0.9
23
2,191.0
1.4
0.3
20
24
2,045.0
1.3
0.2
21
22
28
2,028.1
1.3
0.3
1,854.8
23
1.2
0.4
33
24
60
1,686.7
1.1
0.8
25
59
1,560.4
1.0
0.7
109,907.1
71.1
9.9
154,455.7
100.0

I d t % Ch
Industry
Change ffrom Last
L t Quarter
Q
t
19.1%
-10.9%
10 9%
Jan 1 - Jun 28
7.6
-1
37
83
16.9
12
12.2
19
60
32
6.5
-2
13
2.7
-5
63
12.9
1
2.7
7
13
57
11.6
-8
2.4
2
12
50
10.2
3
25
5.1
11
15
3.1
6
8.0
39
4
48
9.8
8
41
8.4
-6
43
8.8
14
-7
5.7
28
14
2.9
0
17
3.5
14
21
4.3
-2
43
8.8
11
24
4.9
8
40
8.2
12
22
4.5
14
7
1.4
3
490
-2.2%
-10.4%
10 4%
-11
Imputed Fees (US$m)

Manager Market
Market
95.5
13.6
5.5
23.9
3.4
-1.3
39.1
5.6
2.9
1.2
23.9
3.4
10.7
1.5
-2.6
32.6
4.6
0.3
8.2
1.2
0.9
23.9
3.4
-0.9
7.9
1.1
0.7
21.7
3.1
0.1
14.3
2.0
0.0 7.6
1.1
0.6
12.9
1.8
-0.3
19.1
2.7
0.5
16.8
2.4
-0.7
13.5
1.9
0.2
2.1
15.0
-4.5
6.1
0.9
0.4
4.0
0.6
0.4
10.9
1.6
0.4
10.4
1.5
1.1
14.9
2.1
0.1
10.2
1.5
0.7
11.2
1.6
1.4
8.1
1.2
0.8
7.9
462.4
65.9
702.2
100.0
7.7%
21.3%
21
3%

9
Asia (ex-Japan) & Australia
Bookrunner
ANZ Banking Group
Commonwealth Bank of Australia
Westpac Banking
Goldman Sachs & Co
Macquarie Group
HSBC Holdings PLC
JP Morgan
Top Ten Total
Bookrunner Total
Jan 1 - Jun 28

Market
Market
2013 2012
Rank Rank
1
1
4,352.2
39.3
12.5
2
2
15.2
1,681.4
-8.1
3
4
1,353.3
12.2
2.3
3
741.4
6.7
4
-8.4
5
11*
500.4
4.5
2.7
6
10
420.2
3.8
1.7
7
6*
411.0
3.7
1.4
8
6*
314.7
2.8
0.5
9
13
306.1
2.8
1.1
10
14
250.4
2.3
0.7
11,075.3
100.0
100.0
11,075.3

-20.6%
18.4%

14
178.6
0
-3
9
69.1
5
55.5
-2
3
30.5
-7
20.5
2
1
2
17.3
1
2
16.8
0
2
12.7
0
2
12.7
0
1
10.5
0
22
-3
-12.0%
44.4%
Imputed Fees (US$m)

Manager Market
Market
17.4
21.1
0.5
16.0
13.3
-3.2
7.8
9.5
1.3
5.8
-3.1
7.0
6.2
5.8
5.1
5.9
7.1
5.3
2.0
2.4
-1.1
2.6
3.1
-2.1
2.7
3.2
0.9
.4
0.5
-4.8
49.4
59.8
1.3
82.8
100.0
-15.6%
0.0% -
Top Australia Syndicated Loans
Jan 1 - Jun 28 2013
Australia Loans - Mandated Arrangers (All Currencies) (S6a)
Mandated Arranger
ANZ Banking Group
Commonwealth Bank of Australia
Westpac Banking
Scotiabank
DBS Group Holdings
HSBC Holdings PLC
Top Ten Total
Industry Total

Market
Market
2013 2012
Rank Rank
1
1
-1.6
4,822.0
17.7
12.4
2
-0.1
4
3,391.6
3
2,547.6
9.3
-7.0
2
4
3
2,459.2
-5.1
9.0
5
1,084.4
4.0
4.0
8
3.5
0.2
6
942.0
7
922.6
3.4
-0.7
6
736.4
2.7
2.1
8
23*
9
9
689.5
2.5
-0.8
5
612.6
-2.3
10
2.2
-11.3
66.7
18,207.9
27,319.6
100.0

-21.1%
55.4%
Jan 1 - Jun 28
29.0
42
-8
27
20.3
-6
15.2 -17
27
25
14.8 -16
4
6.6
4
11
5.7
1
5.6
1
11
5
4.4
4
-4
4.1
8
7
-3
3.6
61
-14
Imputed Fees (US$m)

Manager Market
Market
26.6
15.8
0.1
-2.7
13.4
8.0
-2.4
21.1
12.5
11.6
6.9
-3.7
1.1
1.8
1.1
3.0
5.1
-1.4
6.7
-1.1
4.0
5.9
3.5
2.6
3.1
5.2
0.2
4.7
2.8
-3.7
102.1
-11.0
60.7
168.2
100.0
-18.7%
65.2%
-26.1%
4.9%
Asian Loans by Maturity Date

250
Vodafone Hutchison Finance
900
$3,500.0
Proceeds (US$b)
NSW Ports Finance Co Pty Ltd
$1,933.3
St ll SICEEP Fi
Stella
Finance Pt
Pty Ltd
Ichthys LNG Pty Ltd
Proceeds (US$b)
$1 669 4
$1,669.4
$1,500.0
Whitehaven Coal Ltd
$1,257.7
Charter Hall Office Mgmt Ltd
$1,042.6
Bluewaters Power 1 Pty Ltd
700
600
150
500
400
100
300
200
50
$958.3
800
# of Issues
200
# of Issues
Australia Loans - Bookrunners (All Currencies) (S7)
100
Leighton Finance Ltd
$921.7
0
Qantas Airways Ltd
$801.5
Australian Loans Proceeds by Industry (US$m)
Jan 1 - Jun 28 2013
$167.1
$204.2
$180.1
$144.8
$106.7
$99.1
2013
2014
2015
2016
2017
2018
Asian Loans by Currency (%)
First Half
Financials
Energy and Power
$3,964.6
15%
23.0%
39.5%
Industrials
$9,714.6
36%
$2,011.1
8%
$1,179.9
4%
$1,622.7
6%
24.8%
Telecommunications
$3,900.7
14%
$2,412.4
9%
Materials
45.8%
44.5%
36.8%
36.4%
49.4%
51.4%
43.5%
50.6%
48.6%
54.2%
55.5%
60.5%
77.0%
75.2%
63.2%
63.6%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
56.5%
Real Estate
Healthcare
Consumer Staples
581.7
2%
$607.9
2%
Retail
Local Currency
G3

10
Japan
Japanese Syndicated Lending Down 18% | Industrials Account for 21% of Borrowing | Proceeds for Working Capital Drive Market
Japan Deals Intelligence
Japan Loans - Bookrunners (S12b)
Japanese syndicated lending (Club and Bookrunner) in the first half of 2013 declined 17.6% from the same period last year, with
overall proceeds of just US$135 billion from 888 deals, down from the US163.9 billion in the first half of 2012.
Borrowing in the Industrials sector totaled US$28 billion during the first half of 2013, accounting for 20.8% of the Japanese loan
activity. The sector was fueled by Mitsubishi Heavy Industries US$2.2 billion Revolving Credit Facility that was closed in June,
syndicated by Bank of Tokyo-Mitsubishi UFJ.
Despite falling 25.3% from the comparable period in 2012, working capital loans continued to propel the Japanese market. Total
proceeds amounted to US$61.6 billion from 384 deals during the first six months of 2013, representing 47.1% of the overall market.
Japanese bookrunners involvement on foreign syndicated loans totaled US$253 billion from 179 deals, a 23.1% increase compared
to the same period in 2012 and the highest first half total on record.
Top Japan Syndicated Loans

Closing Date
6/28/2013
6/24/2013
2/22/2013
1/31/2013
3/29/2013
6/27/2013
6/12/2013
3/21/2013
5/31/2013
1/29/2013
Jan 1 - Jun 28
Borrower
Package Amt (US$m)

4,370.5
3,581.6
3,534.0
3,270.0
3,185.1
,
2,337.7
2,190.9
2,105.4
1,990.8
1,872.8
JX Holdings Inc
Itochu Corp
Sumitomo Corp
JFE Holdings Inc
Marubeni Corp
p
NEC Corp
Mitsubishi Heavy Industries
Nissan Motor Co Ltd
Hitachi Ltd
Toyota Tsusho Corp
Primary UOP
Working Capital
Working Capital
General Corp. Purp.
Refin/Ret FxInc Debt
Working Capital
Working
g Capital
p
Working Capital
Working Capital
Oper Fund / Cash Res
Acquisition Fin.
Overall Japan Loans Volume

Q4 Proceeds (US$b)
Q3 Proceeds (US$b)
Q2 Proceeds (US$b)
Q1 Proceeds (US$b)
2,128
2,028
1,658
Deals
252
273
286
3
17
27
26
44
13
3
1
2
1
2
1
6
2
2
3
1
1
1
1
1
1
Sh % # of Deals
28.4
-14
-5
30.8
32.3
-7
0.3
-2
1.9
-3
3.0
-6
2.9
-15
5.0
2
1.5
3
0.3
-4
0.1
-2
0.2
1
0.1
1
0.2
-2
0.1
1
0.7
3
0.2
-2
0.2
1
0.3
1
0.1
0 0.1
1
0.1
1
0.1
0 0.1
1
0.1
-2
886
-17.5%
-59.2%
-55
-5.8%
-76.1%
Jan 1 - Jun 28 2013
$28,040.7
20.8%
1,686
$250
1,661
$9,871.7
7.3%
1,500
1,474
# of Issues
Proceeds (US$b)
2,000
1,826
2,051


1.7
54,540.9
40.5
36,419.0
27.0
0.5
31,973.6
3.1
23.7
2,655.0
2.0
-0.5
2,407.5
1.8
-2.3
2,059.0
1.5
-1.2
0.9
1,197.7
-0.1
991.2
0.7
0.0 593.7
0.4
-0.2
472.7
0.4
0.0 362.5
0.3
-0.1
358.0
0.3
0.0 0.1
154.9
0.1
101.4
0.1
0.0 75.0
0.1
0.1
53.6
0.0
0.0 47.5
0.0
-0.2
42.3
0.0
0.0 41.6
0.0
-0.3
29.2
0.0
-0.1
26.1
0.0
0.0 22.2
0.0
0.0 13.4
0.0
0.0 11.9
0.0
0.0 6.9
0.0
0.0 134,547.1
99.8
0.6
134,755.6 100.0
$3,231.7
$2,702.5
$2,168.3 $1,047.7
2.0%
1.6%
0.8%
$6,374.7 2.4%
4.7%
$7,569.4
$9,080.5
5.6%
6.7%
# of Issues
$200
2013 2012
Rank Rank
1
1
2
2
3
3
4
6
5
4
6
5
7
7
8
8
9
9
11
10
11
12
12
14
13
14
17
15
16
24
17
15
18
28
19
13
20
18
21
22
23
27
24
25
22
Japan Loans Proceeds by Industry (US$m)
2,500
2,290
$300

Market
Market
Bookrunner
Citi
Development Bank of Japan Inc
Sumitomo Mitsui Trust Holdings
Resona Holdings Inc
Bank of Yokohama
Aozora Bank Ltd
Credit Agricole CIB
BNP Paribas SA
77 Bank Ltd
UBS
Shinsei Bank
HSBC Holdings PLC
Shoko Chukin Bank
Fukuoka Financial Group Inc
Gunma Bank
Nishi-Nippon City Bank Ltd
Tokyo Star Bank
Bank of Kyoto Ltd
Bank of Iwate Ltd
Daishi Bank Ltd
San-in Godo Bank Ltd
Hiroshima Bank Ltd
Bookrunner Total

$350
Jan 1 - Jun 28
$150
$19,154.9
14.2%
$13,755.7
10.2%
$15,909.0
11.8%
$16,114.2
11.9%
1,000
888
$100
500
$50
$0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

11
Industrials
Materials
High Technology
Energy and Power
Financials
Real Estate
Consumer Staples
Retail
Healthcare
Telecommunications
Japan
Japan Loan Volume - Non-Japanese Borrowers
Japan Loans - Mandated Arrangers (S12a)

16
$3,500
Proceeds (US$m)
14
No. of Deals
14
$3,000
13
12
12
$2,500
10
10
# of Issues
$2,000
Proceeds (US$ m)
10
9
8
8
7
$1,500
6
6
$1,000
4
4
$500
3
1
2
$0
0
Q1
Q2
Q3
Q4
Q1
Q2
2009
Q3
Q4
2010
Q1
Q2
Q3
Q4
Q1
2011
Q2
Q3
Q4
Q1
2012
Q2
Mandated Arranger
Development Bank of Japan Inc
Sumitomo Mitsui Trust Holdings
Citi
Resona Holdings Inc
Bank of Yokohama
Aozora Bank Ltd
Credit Agricole CIB
Hiroshima Bank Ltd
77 Bank Ltd
Tokyo Star Bank
Hokuhoku Financial Group Inc
ANZ Banking Group
Sapporo Hokuyo Holdings Inc
Shinsei Bank
RBS
BNP Paribas SA
ING
RHB
Westpac Banking
HSBC Holdings PLC
General Electric Co
UBS
Industry Total

Market
Market
2013 2012
Rank Rank
1
38.0
1
51,341.4
2.7
2
2
38,133.1
28.2
0.2
3
3
33,518.8
24.8
3.2
4
4
2,406.7
1.8
-2.9
5
5
2,202.9
1.6
-1.3
6
6
1.4
1,877.5
-0.3
7
0.9
-0.2
7
1,269.5
8
8
982.6
0.7
0.1
9
10
538.7
-0.2
0.4
10
9
478.3
0.4
-0.2
11
14
324.7
0.2
0.0 12
19
190.1
0.1
0.0 13
153.3
0.0 27
0.1
0.1
14
20
122.8
0.0 106.8
15
22*
0.1
0.0 0.1
16
21
105.0
0.0 17
26
101.4
0.1
0.0 90.6
0.1
18*
0.1
22*
90.6
0.1
18*
0.0 18*
15
90.6
0.1
-0.1
18*
16
90.6
0.1
-0.1
22*
0.0 18*
90.6
0.1
18*
22*
90.6
0.0 0.1
24
11
75.0
0.1
-0.3
25*
33*
62 0
62.0
01
0.1
01
0.1
25*
62.0
0.1
0.1
134,534.2
99.6
0.8
135,020.9 100.0

2013
Jan 1 - Jun 28
-17.6%
-59.2%
# of Deals per MA
Deals Sh % # of Deals
267
30.1
-14
32.4
288
-8
34.3
-4
305
18
2.0
-7
36
4.1
-5
-2
3
0.3
35
3.9
-13
48
5.4
3
13
1.5
3
4
0.5
-6
0.3
-1
3
0.2
2
1
3
0.3
1
3
0.3
0 2
0.2
1
1
0.1
0 2
0.2
-2
1
0.1
1
1
0.1
0 1
0.1
-2
1
0.1
-3
1
0.1
0 1
0.1
0 1
0.1
-1
1
01
0.1
0 1
0.1
1
888
-59
-6.2%
-75.8%
*tie
Japan Loan Volume by Maturity Date
First Half
$200
1,600
Proceeds(US$b)
$180
# of Issues
1338
1,400
Japan Loans - Top 10 Uses of Proceeds (US$m)
Jan 1 - Jun 28 2013
$1,934.3
$2,249.7
$3,558.9
$3,118.6
1.5%
1.7%
2.7%
2.4%
Working Capital
$5,742.3
4.4%
$3,735.8
2.9%
$160
Operating Fund/Cash
Reserve
1,200
$140
$120
901
833
775
$100
$7,478.9
5.7%
1,000
800
$80
600
# of Issues
Proceeds (US$b)
987
933
$61,568.3
47.1%
$15,310.1
11.7%
Refinancing
Capital Expenditures
$26,098.1
20.0%
Refinance Bank Debt
490
$60
400
300
$40
206
177
200
$20
$0
Refinance Fixed Income

Debt
144.2
188.7
127.1
114.7
90.9
51.6
36.9
16.9
18.5
79.9
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022 &
Beyond
Property Acquisition
0
Project Finance

12
Ranking Criteria Summary

- Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current and previous
If you would like to participate in the submission
process, receive quarterly press releases, or
have questions about league table criteria please
contact:
Americas
Salvatore Reres
Tel: +1 646 223-8455
E-mail: salvatore.reres@thomsonreuters.com
Europe
Stephen Sotere Angelides
Tel: +44 207 542 1991
E-mail: stephen.angelides@thomsonreuters.com
Asia-Pacific
Carina Causon
Tel: +632 858 7221
E-mail: carina.causon@thomsonreuters.com
Japan
Ai Hashimoto
Tel: +813 6441 1155
E-mail: ai.hashimoto@thomsonreuters.com
year's data is as of 9:00am EDT on June 28, 2013.
- Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.
- Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
- All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
- Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm
- Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be givien to
the surviving/parent firm.
- Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or
advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to
syndicated members.
- Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
- Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league
tables include all club syndicate transactions, regardless of sell-down process.
- Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is
extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan:
(1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement
league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".
Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the
most comprehensive and accurate view of the syndicated loans market available.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for
any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to
the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or
trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or
selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
2013 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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2Q2013 Global Syndicated Loans Review

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GLOBAL SYNDICATED LOANS REVIEW

First Half 2013

SYNDICATED LOANS REVIEW

EMEA Mandated Lead Arrangers (R19)

Leading Underwriters for 2013

European Leveraged Loans (P10)

Global Loans - Bookrunners (R1)

EMEA Sponsored Loans (P13)

Global Debt & Syndicated Loans (DL1)

Global Loans - Mandated Arrangers (R3)

Top 10 Global Syndicated Loans

Global Loans Rankings - Last Ten Years

Americas Syndicated Loans

Asia Pacific (Excl. Japan) Syndicated Loans

Top Asia Syndicated Loans

Asia Loans - Asian Currency (S3i)

Asia Loans - Bookrunners (S5c)

Asia Loans - Mandated Arrangers (S5b)

Americas Deals Intelligence

Australia Loans - Bookrunners (S7)

Top Americas Syndicated Loans

Top Australia Syndicated Loans

Americas Loans - Bookrunners (R7)

Australia Loans - Mandated Arrangers (S6a)

Americas Loans - Mandated Arrangers (R8c)

US Loans - Bookrunners (R11)

North America Loans - Bookrunners (R9)

US Leveraged Loans - Bookrunners (R11a)

US Investment Grade Loans - Bookrunners (R11b)

Latin America Loans - Mandated Lead Arrangers (R16)

Japan Syndicated Loans

Top Japan Syndicated Loans

Japan Loans - Bookrunners (S12b)

Japan Loans - Mandated Arrangers (S12a)

Ranking Criteria Summary

Top EMEA Syndicated Loans

EMEA Bookrunners (R17)

Syndicated Loans Criteria Summary

Thomson Reuters Solutions for the Deal

First Half 2013

SYNDICATED LOANS REVIEW

Global Syndicated Loans Volume

GLOBAL SYNDICATED LENDING UP 15% FROM 2012

WAL-MART, GLENCORE TOP QUARTERLY LOANS

Global Loans - Bookrunners (R1)

SYNDICATED LENDING FEES UP 24%

Leading Underwriters During the Second Quarter 2013

JP MORGAN TOPS BOOKRUNNER RANKINGS

Proceeds per Bookrunner (US$m)

Industry % Change from Same Period Last Year

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# of Deals per Bookrunner

Imputed Fees (US$m)

First Half 2013 | Syndicated Loans | Managing Underwriters

Proceeds per Mandated Arranger US$m)

Industry % Change from Same Period Last Year

Global Loans - Mandated Arrangers (R3)

Imputed Fees (US$m)

Proceeds per Mandated Arranger US$m)

Industry % Change from Same Period Last Year

Scorecard: Global Syndicated Loans

Top 10 Global Syndicated Loans

Package Amt (US$m)

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