Global Equity Capital Markets Review Full Year 2018

REUTERS/Aaron Lynett
GLOBAL EQUITY CAPITAL MARKETS REVIEW

MANAGING UNDERWRITERS
Full Year 2018
Full Year 2018 | Equity Capital Markets | Managing Underwriters
Equity Capital Markets Review

Table of Contents
Global Equity Latin America Equity Australia & New Zealand Equity
Global Deals Intelligence 1 Latin America Equity & Equity Related (C1f) 8 Australian Equity & Equity-related (AK1) 14
Leading Underwriters for Full Year 2018 2 Latin America Proceeds by Domicile Nation & Sector 8 Australian Common Stock (AK2) 14
Global Scorecard 2 Latin America Year-on-Year % Change in ECM Volume 8 Australian ECM Proceeds by Industry 14
Global Debt, Equity & Equity Related (A1) 2 Canada Equity Japan Equity
Global Equity & Equity-Related (C1) 2 Canada Equity & Equity-Related - Ex. Self-Led (CA1a) 9 Japan Equity & Equity-Related (C1e) 15
Global Common Stock (C2) 3 Canada Common Stock & Trusts - Ex. Self-Led (CA2a) 9 Japan Common Stock (C4d) 15
Global Convertibles (C9) 3 Canada Secondary Offerings- Ex. Self-Led (CA4a) 9 Japan IPOs (C7d) 16
Global IPOs (C5) 3 EMEA Equity Japan Secondary Offerings (C8d) 16
Global Equity Rankings - Last Ten Years 4 EMEA Deals Intelligence 10 Japan Convertible Offerings (C9e) 16
US Equity EMEA Equity & Equity-related (C1d) 10 Criteria Summary
US Deals Intelligence 5 EMEA Common Stock (C4c) 11 Equity Capital Markets Criteria Summary 17
US Equity & Equity-Related (C1a) 5 EMEA IPOs (C7c) 11 Regional Contacts 17
US IPOs (C6) 5 EMEA Rights Offerings (C8fr) 11
US Secondary Offerings (C8a) 6 EMEA Convertibles (C9d) 11
US Common Stock (C3) 6 Asia Equity
US Block Trades 6 Asia Equity & Equity-Related, inc Chinese A-shares (C1b) 12
US Convertibles (C9a) 6 Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) 12
Top US Equity and Equity-Related Deals 7 Asia Common Stock, inc Chinese A-shares (C4a) 13
US Year-on-Year % Change in ECM Volume 7 Asia IPOs, inc Chinese A-shares (C7a) 13
Banking Composite of Top US Equity Bookrunners 7 Asia Secondary Offerings, inc Chinese A-shares (C8c) 13
Asia Convertibles, inc Chinese A-shares (C9b) 13

nc
Full Year 2018
EQUITY CAPITAL MARKETS REVIEW

Global Equity Capital Markets Activity Hits Two-Year Low | Convertible Offerings Account for 14% of ECM | Global IPOs Up 11%, a Four-Year High | ECM Fees Down 12%
Global Deals Intelligence Global Initial Public Offerings

GLOBAL ECM ACTIVITY HITS TWO-YEAR LOW - Equity capital markets activity totaled US$695 billion during full $120 Global IPOs (US$bil) US Listed IPOs as % of Global IPOs 70
year 2018, a 12.4% decline compared to a year ago and the slowest full year period for global equity capital
markets activity since 2016. By number of issues, 4,891 ECM offerings were brought to market during the year, a 60
$100
16% decrease compared to full year 2017, which was the largest twelve month period for global ECM offerings
% of Proceeds from US Listed IPOs

since records began in 1980. 50
Proceeds (US$b)
$80
CONVERTIBLE OFFERINGS ACCOUNT FOR 14% OF GLOBAL ECM - Global convertible offerings totaled 40
US$93.5 billion during full year 2018, accounting for 14% of global equity capital markets activity, the highest $60
percentage for the asset class since 2008. Convertible offerings from companies in the Technology sector 30
accounted for 24% of overall issuance during full year 2018, registering a 28% increase compared to 2017. $40
20
GLOBAL IPOs UP 11%, A FOUR-YEAR HIGH - Global initial public offering activity during full year 2018 totaled $20
US$200.2 billion, an 11% increase compared to last year and the strongest full year period for global IPOs since 10
2014. Proceeds from US IPO listings surpassed US$50 billion for the first time since full year 2014, while IPO
$0 0
activity in EMEA decreased 9% compared to a year ago. Asia Pacific (ex. Australia) IPO activity remained flat
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
compared to 2017 levels. Bolstered by Softbank Corp's US$23.3 billion initial public offering, which ranked as the
second largest offering on record, global IPO proceeds during the fourth quarter increased 20% compared to the 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
third quarter of this year.
Global Equity & Equity-Related Volume
UNITED STATES ISSUERS ACCOUNT FOR 30% OF GLOBAL ECM - Issuers from the United States raised
US$211.5 billion in the global equity capital markets during full year 2018, an increase of 6% compared with levels $400 1,800
seen a year ago. As a percentage of global ECM, the United States accounts for 30% of overall issuance, an Proceeds (US$b) # of Issues
uptick from the 25% recorded during full year 2017, and the highest annual percentage in five years. Offerings by 1,600
China-domicile issuers, which accounted for 19% of full year 2018 ECM activity, declined 5% compared to a year 1,400
ago. $300
1,200
Proceeds (US$b)
FIVE SECTORS ACCOUNT FOR OVER 60% OF ACTIVITY - Led by Technology issuance (15%), the overall 1,000
volume of equity capital markets activity remained highly concentrated among five main sectors including $200
# of Issues
Financials (15%), Healthcare (11%) and Industrials and Energy & Power (10%). 800
600
MORGAN STANLEY TOPS GLOBAL ECM RANKINGS – Morgan Stanley led all equity capital markets
$100
underwriters during full year 2018, with US$64.4 billion in proceeds and an increase of 0.8 market share points 400
compared to a year ago. Goldman Sachs maintained second place with a market share increase of 1.6 points, 200
while JP Morgan fell to third place with 8.0% share.
$0 0
ECM FEES DECREASE 12% - According to estimates, fees from equity capital markets transactions during full 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
year 2018 totaled US$17.7 billion, down 12% compared to full year 2017. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Global Equity & Equity-Related Volume by Domicile Region

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas
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1
Global Equity Capital Markets

Leading Underwriters for the Full Year 2018 Global Scorecard
1/1/2018 - 12/31/2018 1/1/2017 - 12/31/2017
Current Qtr Mkt. Share Chg. Consecutive Proceeds No. Proceeds No. % Change
Market Sector No. 1 Manager Market Sh. (%) from Last Qtr (%) Quarters No. 1 US$m Deals US$m Deals in Proceeds
Global Global Equity & Equity-Related (C1) 695,004.1 4,891 794,483.4 5,822 -12.4% ▼
Global Debt, Equity & Equity-Related (A1) JP Morgan 5.6 -0.1 ▼ 3 United States (C1a) 213,279.5 898 206,178.2 914 3.7% ▲
Global Disclosed Fees (A2) Morgan Stanley 9.7 -0.5 ▼ 2 Asia Pacific ex Australia (C1b) 197,001.4 1,550 220,636.0 2,119 -10.7% ▼
Global Equity & Equity-related (C1) Morgan Stanley 9.0 -0.3 ▼ 2 Australia (C1c) 27,537.2 689 23,321.7 722 18.1% ▲
Global Common Stock (C2) Morgan Stanley 9.5 0.4 ▲ 2 EMEA - Europe, Middle East & Africa (C1d) 158,908.1 994 244,830.2 1,241 -35.1% ▼
Global IPOs (C5) Morgan Stanley 10.2 4.7 ▲ 1 Japan (C1e) 55,096.1 244 46,100.8 240 19.5% ▲
Global Convertibles (C9) JP Morgan 14.8 3.0 ▲ 3 Latin America (C1f) 16,855.4 35 21,462.8 62 -21.5% ▼
Global Common Stock (C2) 601,491.4 4,538 699,303.2 5,462 -14.0% ▼
US United States (C3) 171,599.8 786 173,004.0 812 -0.8% ▼
US Equity & Equity-Related (C1a) Goldman Sachs & Co 18.3 6.3 ▲ 1 Asia Pacific ex Australia (C4a) 168,058.1 1,426 192,919.4 1,993 -12.9% ▼
US Common Stock (C3) Goldman Sachs & Co 19.1 7.5 ▲ 1 Australia (C4b) 26,910.2 677 22,742.3 715 18.3% ▲
US IPOs (C6) Bank of America Merrill Lynch 15.9 7.3 ▲ 1 EMEA - Europe, Middle East & Africa (C4c) 146,195.1 955 220,959.3 1,180 -33.8% ▼
US Convertibles (C9a) Bank of America Merrill Lynch 21.0 4.7 ▲ 2 Japan (C4d) 49,262.8 219 39,559.0 222 24.5% ▲
Latin America (C4e) 16,053.4 34 21,462.8 62 -25.2% ▼
Europe, Middle East & Africa (EMEA) Global IPOs (C5) 200,242.6 1,382 180,329.3 1,616 11.0% ▲
EMEA Equity & Equity-Related (C1d) JP Morgan 10.0 -2.1 ▼ 3 United States (C6) 34,159.2 155 30,837.7 138 10.8% ▲
EMEA Common Stock (C4c) JP Morgan 9.5 -3.5 ▼ 3 Asia Pacific ex Australia (C7a) 75,737.4 741 75,972.7 985 -0.3% ▼
EMEA IPOs (C7c) JP Morgan 12.0 9.0 ▲ 1 Australia (C7b) 5,346.3 64 3,675.5 88 45.5% ▲
EMEA Convertibles (C9d) JP Morgan 24.2 24.2 ▲ 1 EMEA - Europe, Middle East & Africa (C7c) 44,834.1 191 49,055.7 218 -8.6% ▼
Japan (C7d) 28,791.0 97 6,019.1 94 378.3% ▲
Asia-Pacific ex. Japan ex. Australia Latin America (C7e) 9,764.3 15 10,552.2 22 -7.5% ▼
Asia-Pacific Common Stock (C4a) JP Morgan 5.2 2.0 ▲ 1 Global Secondary Offerings (C8) 401,003.4 3,149 518,973.9 3,846 -22.7% ▼
Asia-Pacific Convertibles (C9b) JP Morgan 14.4 -2.4 ▼ 1 United States (C8a) 137,410.9 630 142,166.2 674 -3.3% ▼
Asia Pacific ex Australia (C8c) 92,206.3 682 116,946.7 1,008 -21.2% ▼
Japan Australia (C8b) 21,563.9 613 19,066.8 627 13.1% ▲
Japan Equity & Equity-Related (C1e) Sumitomo Mitsui Finl Grp Inc 16.8 5.7 ▲ 1 EMEA - Europe, Middle East & Africa (C8f) 101,347.4 761 171,903.6 962 -41.0% ▼
Japan Common Stock (C4d) Sumitomo Mitsui Finl Grp Inc 17.3 4.5 ▲ 1 Japan (C8d) 20,471.7 122 33,539.9 128 -39.0% ▼
Japan IPOs (C7d) Mizuho Financial Group 16.4 0.1 ▲ 1 Latin America (C8e) 6,289.1 19 10,910.6 40 -42.4% ▼
Global Convertible Offerings (C9) 93,512.7 354 95,180.2 360 -1.8% ▼
United States (C9a) 41,679.7 113 33,174.3 102 27.4% ▲
Asia Pacific ex Australia (C9b) 28,943.3 124 27,716.6 126 4.4% ▲
Australia (C9c) 627.0 12 579.5 7 8.2% ▲
EMEA - Europe, Middle East & Africa (C9d) 12,713.0 39 23,870.8 61 -46.7% ▼
Japan (C9e) 5,833.4 25 6,541.8 18 -10.8% ▼
Global Debt, Equity & Equity-Related (A1) Jan 1 - Dec 31 Global Equity & Equity-Related (C1) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
2018 2017 Market Market # of Market Change in Manager Market Market 2018 2017 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch. Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch.
JP Morgan 1 1 421,587.7 5.8 -0.9 ▼ 1814 7.2 -465 ▼ 2,975.8 7.0 -0.2 ▼ Morgan Stanley 1 1 64,375.2 9.3 +0.8 ▲ 372 7.6 -34 ▼ 1,519.3 8.6 +1.3 ▲
Citi 2 2 409,718.9 5.6 -1.0 ▼ 1745 6.9 -493 ▼ 2,082.5 4.9 -0.7 ▼ Goldman Sachs & Co 2 2 64,264.2 9.3 +1.6 ▲ 355 7.3 +10 ▲ 1,509.2 8.5 +2.3 ▲
Bank of America Merrill Lynch 3 3 357,336.5 4.9 -0.6 ▼ 1388 5.5 -490 ▼ 2,238.0 5.2 -0.1 ▼ JP Morgan 3 3 55,322.7 8.0 +0.4 ▲ 366 7.5 -32 ▼ 1,548.2 8.7 +1.4 ▲
Barclays 4 6 310,752.3 4.3 -0.1 ▼ 1137 4.5 -352 ▼ 1,342.8 3.1 -0.4 ▼ Citi 4 4 41,879.6 6.0 +0.5 ▲ 301 6.2 -36 ▼ 812.6 4.6 -0.5 ▼
Goldman Sachs & Co 5 5 305,299.8 4.2 -0.5 ▼ 1189 4.7 -241 ▼ 2,534.7 5.9 +0.5 ▲ Bank of America Merrill Lynch 5 5 38,208.7 5.5 +0.1 ▲ 248 5.1 -58 ▼ 881.6 5.0 +0.4 ▲
Morgan Stanley 6 4 300,507.9 4.1 -0.6 ▼ 1627 6.4 -173 ▼ 2,474.0 5.8 +0.1 ▲ UBS 6 6 27,685.8 4.0 0.0 - 168 3.4 -31 ▼ 511.1 2.9 +0.1 ▲
HSBC Holdings PLC 7 7 257,438.9 3.5 0.0 - 1270 5.0 -89 ▼ 977.2 2.3 0.0 - Credit Suisse 7 7 27,295.9 3.9 +0.3 ▲ 210 4.3 -36 ▼ 645.7 3.7 0.0 -
Deutsche Bank 8 8 224,819.5 3.1 -0.4 ▼ 1093 4.3 -217 ▼ 1,230.6 2.9 -0.1 ▼ Deutsche Bank 8 9 19,808.7 2.9 -0.3 ▼ 152 3.1 -25 ▼ 438.4 2.5 -0.1 ▼
Credit Suisse 9 10 206,042.3 2.8 -0.1 ▼ 989 3.9 -155 ▼ 1,496.7 3.5 0.0 - Barclays 9 8 19,466.7 2.8 -0.5 ▼ 147 3.0 -44 ▼ 377.7 2.1 -0.3 ▼
Wells Fargo & Co 10 9 201,096.0 2.8 -0.3 ▼ 1048 4.1 -284 ▼ 898.2 2.1 -0.4 ▼ China International Capital Co 10 17 11,864.7 1.7 +0.6 ▲ 42 0.9 -4 ▼ 180.3 1.0 +0.3 ▲
BNP Paribas SA 11 11 167,180.1 2.3 -0.3 ▼ 754 3.0 -181 ▼ 696.4 1.6 -0.2 ▼ Nomura 11 11 10,651.9 1.5 0.0 - 105 2.1 -1 ▼ 332.4 1.9 +0.4 ▲
RBC Capital Markets 12 13 148,041.9 2.0 0.0 - 837 3.3 -172 ▼ 860.5 2.0 -0.2 ▼ Jefferies LLC 12 15 9,950.1 1.4 +0.1 ▲ 157 3.2 +25 ▲ 364.0 2.1 +0.6 ▲
Mizuho Financial Group 13 14 136,372.7 1.9 0.0 - 1060 4.2 +8 ▲ 814.6 1.9 +0.5 ▲ Wells Fargo & Co 13 14 9,837.0 1.4 +0.1 ▲ 97 2.0 -21 ▼ 218.7 1.2 -0.4 ▼
Nomura 14 12 135,293.1 1.9 -0.2 ▼ 837 3.3 -114 ▼ 595.8 1.4 +0.1 ▲ RBC Capital Markets 14 10 9,814.7 1.4 -0.4 ▼ 129 2.6 -18 ▼ 289.5 1.6 -0.3 ▼
Bank of China Ltd 15 18 116,198.9 1.6 +0.2 ▲ 847 3.4 -113 ▼ 471.0 1.1 +0.2 ▲ Sumitomo Mitsui Finl Grp Inc 15 24 9,572.5 1.4 +0.7 ▲ 80 1.6 +14 ▲ 256.0 1.5 +0.2 ▲
Societe Generale 16 16 112,095.9 1.5 0.0 - 485 1.9 -45 ▼ 393.5 0.9 -0.1 ▼ Mizuho Financial Group 16 22 9,471.6 1.4 +0.5 ▲ 83 1.7 +19 ▲ 301.0 1.7 +0.8 ▲
TD Securities Inc 17 17 108,727.7 1.5 +0.1 ▲ 641 2.5 -78 ▼ 459.3 1.1 +0.1 ▲ CITIC 17 13 8,558.9 1.2 -0.2 ▼ 56 1.1 -15 ▼ 177.6 1.0 -0.3 ▼
UBS 18 15 105,115.7 1.5 -0.2 ▼ 628 2.5 -116 ▼ 856.6 2.0 -0.1 ▼ Daiwa Securities Group Inc 18 21 8,178.8 1.2 +0.3 ▲ 49 1.0 -2 ▼ 197.1 1.1 +0.1 ▲
Credit Agricole CIB 19 19 102,234.7 1.4 0.0 - 534 2.1 -50 ▼ 344.5 0.8 0.0 - BNP Paribas SA 19 12 7,342.8 1.1 -0.4 ▼ 49 1.0 -43 ▼ 122.8 0.7 -0.3 ▼
CITIC 20 24 101,336.3 1.4 +0.4 ▲ 770 3.0 +238 ▲ 558.3 1.3 +0.2 ▲ HSBC Holdings PLC 20 16 6,831.2 1.0 -0.2 ▼ 49 1.0 -16 ▼ 173.5 1.0 +0.1 ▲
Top Twenty Total 4,227,196.8 58.2 24,301.0 56.9 Top Twenty Total 460,381.7 66.2 10,856.7 61.3
Industry Total 7,263,268.2 100.0 25,276 -3,652 42,727.2 100.0 Industry Total 695,004.1 100.0 4,891 -931 17,707.5 100.0
Industry % Change from Same Period Last Year -8.5% ▼ -12.6% ▼ -13.3% ▼ Industry % Change from Same Period Last Year -12.4% ▼ -16.0% ▼ -11.9% ▼
Industry % Change from Last Quarter -25.8% ▼ -12.2% ▼ -27.1% ▼ Industry % Change from Last Quarter -17.3% ▼ -10.6% ▼ -18.7% ▼
2
Global Equity Capital Markets
Global Common Stock (C2) Jan 1 - Dec 31 Global Convertibles (C9) Jan 1 - Dec 31
Morgan Stanley 1 1 55,217.1 9.2 +0.6 ▲ 319 7.0 -42 ▼ 1,314.8 8.3 +1.1 ▲ Goldman Sachs & Co 1 3 11,959.4 13.4 +6.8 ▲ 59 16.9 +27 ▲ 241.2 12.5 +6.3 ▲
Goldman Sachs & Co 2 2 52,304.9 8.7 +0.8 ▲ 297 6.5 -16 ▼ 1,268.0 8.0 +1.8 ▲ JP Morgan 2 1 10,896.0 11.6 -2.3 ▼ 64 18.0 +5 ▲ 231.0 12.0 -3.3 ▼
JP Morgan 3 3 44,426.7 7.4 +0.7 ▲ 303 6.7 -36 ▼ 1,317.2 8.4 +1.9 ▲ Morgan Stanley 3 2 9,158.1 9.7 +2.2 ▲ 54 15.2 +9 ▲ 204.5 10.6 +2.6 ▲
Citi 4 4 37,348.8 6.2 +0.4 ▲ 272 6.0 -36 ▼ 729.4 4.6 -0.5 ▼ Bank of America Merrill Lynch 4 5 7,594.4 8.1 +2.6 ▲ 42 11.8 -2 ▼ 146.6 7.6 +1.9 ▲
Bank of America Merrill Lynch 5 5 30,614.3 5.1 -0.3 ▼ 206 4.5 -56 ▼ 735.0 4.7 +0.3 ▲ Citi 5 8 4,530.9 4.8 +1.2 ▲ 30 8.5 +1 ▲ 83.2 4.3 -0.2 ▼
UBS 6 6 24,921.3 4.1 -0.2 ▼ 157 3.5 -29 ▼ 446.2 2.8 -0.2 ▼ Deutsche Bank 6 4 3,321.8 3.5 -2.9 ▼ 21 5.9 -8 ▼ 61.1 3.2 -3.2 ▼
Credit Suisse 7 7 24,640.6 4.1 +0.4 ▲ 188 4.1 -36 ▼ 588.2 3.7 0.0 - UBS 7 13 2,764.4 2.9 +0.8 ▲ 11 3.1 -2 ▼ 64.9 3.4 +2.2 ▲
Barclays 8 8 16,945.8 2.8 -0.5 ▼ 130 2.9 -35 ▼ 332.9 2.1 -0.2 ▼ Credit Suisse 8 12 2,655.3 2.8 -0.1 ▼ 23 6.5 +1 ▲ 57.4 3.0 +0.2 ▲
Deutsche Bank 9 9 16,487.0 2.7 -0.1 ▼ 132 2.9 -16 ▼ 377.3 2.4 +0.1 ▲ Barclays 9 6 2,520.9 2.7 -1.0 ▼ 18 5.1 -8 ▼ 44.8 2.3 -1.4 ▼
China International Capital Co 10 23 10,014.5 1.7 +0.9 ▲ 36 0.8 -2 ▼ 151.9 1.0 +0.3 ▲ Wells Fargo & Co 10 14 2,032.8 2.2 +0.2 ▲ 16 4.5 +1 ▲ 38.8 2.0 -0.2 ▼
Sumitomo Mitsui Finl Grp Inc 11 24 8,769.2 1.5 +0.8 ▲ 75 1.7 +12 ▲ 235.7 1.5 +0.1 ▲ Nomura 11 7 1,931.8 2.1 -1.6 ▼ 15 4.2 +4 ▲ 44.8 2.3 -1.5 ▼
Nomura 12 14 8,720.1 1.5 +0.3 ▲ 90 2.0 -5 ▼ 287.6 1.8 +0.5 ▲ China International Capital Co 12 10 1,850.3 2.0 -1.3 ▼ 6 1.7 -2 ▼ 28.4 1.5 +0.6 ▲
Jefferies LLC 13 11 8,679.7 1.4 +0.1 ▲ 143 3.2 +21 ▲ 328.5 2.1 +0.6 ▲ HSBC Holdings PLC 13 19 1,552.7 1.7 +0.2 ▲ 13 3.7 +2 ▲ 42.2 2.2 +0.8 ▲
Mizuho Financial Group 14 20 8,591.0 1.4 +0.5 ▲ 75 1.7 +17 ▲ 274.0 1.7 +0.8 ▲ BNP Paribas SA 14 11 1,510.8 1.6 -1.4 ▼ 12 3.4 -12 ▼ 31.2 1.6 -1.1 ▼
RBC Capital Markets 15 10 8,471.4 1.4 -0.4 ▼ 114 2.5 -20 ▼ 252.5 1.6 -0.3 ▼ CITIC 15 9 1,491.5 1.6 -1.9 ▼ 4 1.1 -2 ▼ 15.7 0.8 0.0 -
Wells Fargo & Co 16 13 7,804.2 1.3 0.0 - 82 1.8 -21 ▼ 179.8 1.1 -0.4 ▼ Daiwa Securities Group Inc 16 29 1,416.9 1.5 +0.8 ▲ 7 2.0 +3 ▲ 33.7 1.8 +1.0 ▲
CITIC 17 16 7,067.5 1.2 +0.1 ▲ 52 1.1 -13 ▼ 161.9 1.0 -0.3 ▼ RBC Capital Markets 17 16 1,343.2 1.4 -0.3 ▼ 15 4.2 +2 ▲ 37.1 1.9 -0.2 ▼
Daiwa Securities Group Inc 18 19 6,761.9 1.1 +0.1 ▲ 42 0.9 -5 ▼ 163.4 1.0 0.0 - China Securities Co Ltd 18 23 1,338.7 1.4 +0.2 ▲ 7 2.0 +1 ▲ 12.8 0.7 +0.1 ▲
BNP Paribas SA 19 12 5,832.0 1.0 -0.3 ▼ 37 0.8 -31 ▼ 91.5 0.6 -0.3 ▼ Jefferies LLC 19 21 1,270.5 1.4 +0.2 ▲ 14 3.9 +4 ▲ 35.6 1.9 +0.3 ▲
Macquarie Group 20 29 5,297.3 0.9 +0.3 ▲ 43 0.9 +1 ▲ 115.5 0.7 +0.1 ▲ Huatai Securities Co Ltd 20 74 1,125.5 1.2 +1.1 ▲ 4 1.1 +3 ▲ 11.0 0.6 +0.5 ▲
Top Twenty Total 388,915.3 64.7 9,351.3 59.2 Top Twenty Total 72,265.9 77.3 1,466.0 76.2
Industry Total 601,491.4 100.0 4,538 -924 15,782.9 100.0 Industry Total 93,512.7 100.0 354 -6 1,924.6 100.0
Industry % Change from Same Period Last Year -14.0% ▼ -16.9% ▼ -14.0% ▼ Industry % Change from Same Period Last Year -1.1% ▼ -1.4% ▼ 10.0% ▲
Global IPOs (C5) Jan 1 - Dec 31 Global Equity & Equity-Related Quarterly Imputed Fees (US$Bil)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) $9 1,800
2018 2017 Market Market # of Market Change in Manager Market Market
Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch. Fees (US$bn) # of Issues
Morgan Stanley 1 1 14,647.8 7.3 +1.5 ▲ 101 7.3 +10 ▲ 574.5 9.0 +2.2 ▲ $8 1,600
Goldman Sachs & Co 2 5 11,651.8 5.8 +1.7 ▲ 94 6.8 +32 ▲ 527.6 8.3 +3.6 ▲
Bank of America Merrill Lynch 3 7 10,942.1 5.5 +2.2 ▲ 84 6.1 +22 ▲ 322.2 5.0 +2.3 ▲
JP Morgan 4 2 10,449.3 5.2 -0.4 ▼ 92 6.7 +3 ▲ 503.6 7.9 +2.2 ▲ $7 1,400
Citi 5 3 8,371.7 4.2 -1.3 ▼ 87 6.3 -15 ▼ 265.5 4.2 -1.2 ▼
Credit Suisse 6 4 7,488.9 3.7 -1.1 ▼ 68 4.9 -4 ▼ 239.7 3.8 -0.1 ▼
$6 1,200
Deutsche Bank 7 8 7,085.4 3.5 +1.0 ▲ 48 3.5 +3 ▲ 198.6 3.1 +0.9 ▲
China International Capital Co 8 15 6,993.7 3.5 +2.2 ▲ 26 1.9 -1 ▼ 121.0 1.9 +0.7 ▲
UBS 9 6 6,103.9 3.1 -0.2 ▼ 39 2.8 -5 ▼ 108.6 1.7 -0.6 ▼ $5 1,000
Nomura 10 17 5,284.8 2.6 +1.3 ▲ 31 2.2 -10 ▼ 169.6 2.7 +1.3 ▲
# of Issues
+1.9 ▲ ▲ +1.0 ▲
US$Bil
Sumitomo Mitsui Finl Grp Inc 11 42 4,893.7 2.4 27 2.0 +12 107.1 1.7
Mizuho Financial Group 12 43 4,793.1 2.4 +1.9 ▲ 32 2.3 +11 ▲ 150.9 2.4 +1.6 ▲ $4 800
Daiwa Securities Group Inc 13 28 4,303.7 2.2 +1.5 ▲ 13 0.9 -6 ▼ 99.2 1.6 +0.8 ▲
SBI Holdings Inc 14 204 3,510.6 1.8 +1.7 ▲ 11 0.8 +2 ▲ 60.7 1.0 +0.9 ▲
BNP Paribas SA 15 22 2,917.2 1.5 +0.5 ▲ 17 1.2 -1 ▼ 35.4 0.6 +0.2 ▲ $3 600
Barclays 16 9 2,853.7 1.4 -0.5 ▼ 33 2.4 -2 ▼ 85.0 1.3 -0.1 ▼
CITIC 17 10 2,830.2 1.4 -0.5 ▼ 29 2.1 -13 ▼ 88.4 1.4 -1.0 ▼ $2 400
China Merchants Securities Co 18 19 2,609.7 1.3 +0.1 ▲ 22 1.6 -3 ▼ 58.7 0.9 -0.7 ▼
Huatai Securities Co Ltd 19 34 2,599.1 1.3 +0.7 ▲ 16 1.2 -3 ▼ 77.0 1.2 +0.2 ▲
RBC Capital Markets 20 11 2,247.4 1.1 -0.6 ▼ 32 2.3 -1 ▼ 79.4 1.2 -0.2 ▼ $1 200
Top Twenty Total 122,577.8 61.2 3,872.7 60.5
Industry Total 200,242.6 100.0 1,382 -234 6,397.8 100.0
$0 0
Industry % Change from Same Period Last Year 11.0% ▲ -14.5% ▼ -9.2% ▼ 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Industry % Change from Last Quarter 20.3% ▲ -8.4% ▲ 8.7% ▼
*tie
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
3
Global Equity Capital Markets: Ten Years of Rankings
1 Morgan Stanley
2 Goldman Sachs & Co
3 JP Morgan
4 Citi
5 Bank of America Merrill Lynch

Rank
6 UBS
7 Credit Suisse
8 Deutsche Bank
9 Barclays
10 China International Capital Co
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Note: League Table positions reflect consolidation within the banking sector.
Rankings shown are as of the current quarter-end in each calendar year.
4
nc
US Equity Capital Markets

US IPO Issuance Up 11% | US Convertibles Up 27%
US Deals Intelligence
US equity & equity-related proceeds during full year 2018 totaled US$213.3 billion, There were 155 US IPOs during full year 2018, with proceeds reaching US$34.2 The Technology sector led US ECM issuance during full year 2018, accounting for
a 3.7% increase compared to the same period last year, powered by double-digit billion, the highest full year volume since 2014. Despite a US$604 million offering 18% of the market, with US$39.2 billion in proceeds. The Healthcare and Energy &
gains for convertible bond offerings and IPOs. Fourth quarter US ECM issuance from Moderna Inc, the largest all-time biotech IPO, US IPO activity totaled $4.0 Power sectors followed with US$38.6 billion (an 18% share) and US$33 billion (a
totaled US$29.6 billion, a 46.9% decline compared to third quarter 2018. billion during the fourth quarter of 2018, the slowest closing quarter since 2008. 16% share), respectively.
US Equity & Equity-Related (C1a) Jan 1 - Dec 31 US Equity and Equity-related Volume (US$Bil) by Sector and Issue Type Full Year 2018
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch.
Morgan Stanley 1 2 30,601.0 14.3 +1.6 ▲ 193 21.5 -1 ▼ 810.3 12.1 +1.6 ▲
Goldman Sachs & Co 2 3 27,599.9 13.2 +0.6 ▲ 179 20.0 +13 ▲ 733.8 10.9 +0.4 ▲
$27.6 $39.2
JP Morgan 3 1 25,522.9 11.9 -1.1 ▼ 219 24.4 -8 ▼ 839.0 12.5 +0.6 ▲ $42.3 $34.2
13% 18%
Bank of America Merrill Lynch 4 4 19,792.2 9.3 -0.8 ▼ 169 18.8 -12 ▼ 573.0 8.5 +0.5 ▲ 20% 16%
Citi 5 5 18,587.9 8.7 +0.7 ▲ 144 16.0 -3 ▼ 397.6 5.9 -1.4 ▼
$13.5
Barclays 6 6 13,724.8 6.4 -1.5 ▼ 98 10.9 -27 ▼ 252.7 3.8 -1.2 ▼
6%
Wells Fargo & Co 7 8 9,586.0 4.5 -0.4 ▼ 91 10.1 -21 ▼ 206.8 3.1 -1.5 ▼ $17.1
Credit Suisse 8 7 9,249.6 4.3 -1.0 ▼ 96 10.7 -18 ▼ 258.4 3.9 -1.1 ▼ 8% $38.6
Jefferies LLC 9 11 7,096.6 3.3 +1.0 ▲ 115 12.8 +37 ▲ 283.8 4.2 +1.5 ▲ 18%
RBC Capital Markets 10 9 6,697.9 3.1 0.0 - 75 8.3 -5 ▼ 182.1 2.7 +0.3 ▲
$18.6 $137.4
Deutsche Bank 11 10 6,674.8 3.1 +0.3 ▲ 61 6.8 +4 ▲ 164.4 2.5 -0.1 ▼
9% 64%
UBS 12 12 4,531.1 2.1 +0.5 ▲ 47 5.2 -1 ▼ 124.1 1.9 +0.4 ▲
Cowen & Co 13 15 3,470.8 1.6 +0.5 ▲ 69 7.7 +17 ▲ 170.8 2.6 +0.7 ▲
$33.0
$26.1
Stifel/KBW 14 13 2,708.9 1.3 0.0 - 67 7.5 +1 ▲ 118.6 1.8 -0.2 ▼ 16%
12%
Leerink Partners LLC 15 16 2,606.1 1.2 +0.4 ▲ 47 5.2 +13 ▲ 125.4 1.9 +0.3 ▲
SunTrust Banks 16 17 2,079.7 1.0 +0.2 ▲ 20 2.2 -10 ▼ 76.9 1.2 +0.1 ▲
Piper Jaffray Cos 17 19 2,045.5 1.0 +0.3 ▲ 53 5.9 +15 ▲ 100.3 1.5 +0.2 ▲
BMO Capital Markets 18 14 1,770.8 0.8 -0.4 ▼ 33 3.7 -4 ▼ 53.0 0.8 -0.4 ▼
Evercore Partners 19 26 1,545.0 0.7 +0.3 ▲ 26 2.9 +13 ▲ 53.5 0.8 +0.1 ▲ High Technology Healthcare
Cantor Fitzgerald LP 20 21 1,494.2 0.7 +0.1 ▲ 42 4.7 +15 ▲ 73.3 1.1 +0.2 ▲ Energy and Power Financials IPO Follow-On Convertible
Top Twenty Total 197,385.7 92.5 5,597.8 83.4
Real Estate Consumer Products and Services
Industry Total 213,279.5 100.0 898 -16 6,710.6 100.0
Industrials Others
Industry % Change from Same Period Last Year 3.7% ▲ -1.6% ▼ 4.5% ▲
Industry % Change from Last Quarter -46.9% ▼ -29.4% ▼ -47.6% ▼
US IPOs (C6) Jan 1 - Dec 31 US IPOs (US$Bil) Jan 1 - Dec 31
$60.0 250
2018 2017 Market Market # of Market Change in Manager Market Market 232
Bank of America Merrill Lynch 1 7 3,902.5 11.4 +6.0 ▲ 50 32.3 +23 ▲ 187.5 9.7 +4.4 ▲
Goldman Sachs & Co 2 3 3,301.3 9.7 -0.3 ▼ 42 27.1 +10 ▲ 238.3 12.4 +1.6 ▲ 201
$50.0
JP Morgan 3 1 3,296.1 9.7 -2.7 ▼ 44 28.4 0 - 252.4 13.1 +0.4 ▲ 200
Morgan Stanley 4 2 3,219.7 9.4 -1.0 ▼ 41 26.5 +4 ▲ 241.8 12.5 +0.8 ▲
Citi 5 4 2,310.1 6.8 -1.3 ▼ 28 18.1 -8 ▼ 102.5 5.3 -2.9 ▼
Credit Suisse 6 5 1,992.9 5.8 -1.8 ▼ 23 14.8 -4 ▼ 83.9 4.4 -1.2 ▼ 155
$40.0
Proceeds US$ Billions
Barclays 7 6 1,835.7 5.4 -1.5 ▼ 24 15.5 +2 ▲ 64.1 3.3 -0.9 ▼

RBC Capital Markets 8 8 1,568.2 4.6 -0.7 ▼ 18 11.6 -4 ▼ 53.3 2.8 -0.4 ▼ 140 150
125 138
Deutsche Bank 9 9 1,404.4 4.1 -0.7 ▼ 14 9.0 -1 ▼ 49.2 2.6 -0.9 ▼
126
# of Issues
Jefferies LLC 10 13 1,198.6 3.5 +1.0 ▲ 27 17.4 +7 ▲ 63.5 3.3 +0.7 ▲
$30.0 113
Cowen & Co 11 15 1,015.2 3.0 +1.4 ▲ 23 14.8 +10 ▲ 58.6 3.0 +1.3 ▲
Wells Fargo & Co 12 10 788.6 2.3 -1.7 ▼ 16 10.3 -6 ▼ 29.3 1.5 -1.9 ▼ 96
UBS 13 12 663.2 1.9 -0.9 ▼ 11 7.1 +1 ▲ 34.7 1.8 -0.3 ▼ 100
BMO Capital Markets 14 17 552.0 1.6 +0.4 ▲ 13 8.4 +5 ▲ 20.4 1.1 0.0 -
$20.0
Evercore Partners 15 24 545.4 1.6 +1.2 ▲ 12 7.7 +8 ▲ 22.0 1.1 +0.1 ▲
Piper Jaffray Cos 16 20 535.6 1.6 +0.9 ▲ 12 7.7 +4 ▲ 29.6 1.5 -0.3 ▼ 53
Leerink Partners LLC 17 22 524.1 1.5 +1.0 ▲ 13 8.4 +8 ▲ 35.2 1.8 +1.2 ▲
Stifel/KBW 18 14 511.8 1.5 -0.4 ▼ 19 12.3 +4 ▲ 34.2 1.8 -0.9 ▼ 50
$10.0
Allen & Co Inc 19 11 432.8 1.3 -1.7 ▼ 7 4.5 -1 ▼ 19.5 1.0 -0.3 ▼
BNP Paribas SA 20 19 368.3 1.1 +0.3 ▲ 2 1.3 +1 ▲ 6.3 0.3 +0.1 ▲
Top Twenty Total 29,966.5 87.73 1,626.3 84.3
Industry Total 34,159.2 100.0 155 +17 1,928.4 100.0 $17.5 $37.9 $33.1 $40.6 $57.4 $56.4 $30.0 $15.9 $30.8 $34.2
$- 0
Industry % Change from Same Period Last Year 10.8% ▲ 12.3% ▲ 17.9% ▲ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Industry % Change from Last Quarter -37.3% ▼ -28.9% ▼ -36.1% ▼ Proceeds # of Issues
*tie
5
US Secondary Offerings (C8a) Jan 1 - Dec 31 US Common Stock (C3) Jan 1 - Dec 31
Morgan Stanley 1 2 20,065.5 14.6 +1.6 ▲ 112 17.8 -11 ▼ 406.9 10.6 +1.1 ▲ Morgan Stanley 1 3 23,285.2 13.6 +1.0 ▲ 153 19.5 -7 ▼ 648.7 11.3 +1.1 ▲
Goldman Sachs & Co 2 1 17,962.4 13.1 -0.7 ▼ 98 15.6 -16 ▼ 356.1 9.3 -1.2 ▼ Goldman Sachs & Co 2 1 21,263.7 12.4 -0.7 ▼ 140 17.8 -6 ▼ 594.4 10.3 -0.3 ▼
JP Morgan 3 3 15,914.3 11.6 -1.1 ▼ 132 21.0 -12 ▼ 448.1 11.7 +0.3 ▲ JP Morgan 3 2 19,210.4 11.2 -1.4 ▼ 176 22.4 -12 ▼ 700.5 12.2 +0.4 ▲
Citi 4 5 13,313.2 9.7 +1.1 ▲ 97 15.4 +3 ▲ 241.9 6.3 -0.7 ▼ Citi 4 5 15,623.3 9.1 +0.6 ▲ 125 15.9 -5 ▼ 344.4 6.0 -1.3 ▼
Barclays 5 6 9,865.6 7.2 -1.0 ▼ 62 9.8 -20 ▼ 153.6 4.0 -1.0 ▼ Bank of America Merrill Lynch 5 4 13,118.1 7.6 -1.7 ▼ 134 17.0 -7 ▼ 444.9 7.7 +0.1 ▲
Bank of America Merrill Lynch 6 4 9,215.5 6.7 -3.5 ▼ 84 13.3 -30 ▼ 257.4 6.7 -1.8 ▼ Barclays 6 6 11,701.3 6.8 -1.2 ▼ 86 10.9 -18 ▼ 217.8 3.8 -1.0 ▼
Wells Fargo & Co 7 8 6,764.6 4.9 0.0 - 60 9.5 -15 ▼ 138.6 3.6 -1.4 ▼ Credit Suisse 7 7 8,187.3 4.8 -0.8 ▼ 85 10.8 -16 ▼ 232.5 4.0 -1.3 ▼
Credit Suisse 8 7 6,194.3 4.5 -0.7 ▼ 62 9.8 -12 ▼ 148.6 3.9 -1.2 ▼ Wells Fargo & Co 8 8 7,553.3 4.4 -0.4 ▼ 76 9.7 -21 ▼ 168.0 2.9 -1.6 ▼
Jefferies LLC 9 10 4,806.6 3.5 +1.5 ▲ 77 12.2 +28 ▲ 188.3 4.9 +2.3 ▲ Jefferies LLC 9 11 6,005.2 3.5 +1.4 ▲ 104 13.2 +35 ▲ 251.8 4.4 +1.8 ▲
RBC Capital Markets 10 9 4,171.3 3.0 +0.3 ▲ 50 7.9 0 - 105.6 2.8 +0.7 ▲ RBC Capital Markets 10 9 5,739.4 3.3 +0.1 ▲ 68 8.7 -4 ▼ 158.9 2.8 +0.4 ▲
Deutsche Bank 11 11 4,019.6 2.9 +1.0 ▲ 38 6.0 +6 ▲ 89.1 2.3 +0.4 ▲ Deutsche Bank 11 10 5,424.0 3.2 +0.8 ▲ 52 6.6 +5 ▲ 138.3 2.4 0.0 -
UBS 12 12 3,432.5 2.5 +0.9 ▲ 32 5.1 -1 ▼ 70.5 1.8 +0.3 ▲ UBS 12 12 4,095.6 2.4 +0.6 ▲ 43 5.5 0 - 105.2 1.8 +0.2 ▲
Cowen & Co 13 14 2,163.1 1.6 +0.4 ▲ 44 7.0 +8 ▲ 106.3 2.8 +0.5 ▲ Cowen & Co 13 14 3,178.3 1.9 +0.7 ▲ 67 8.5 +18 ▲ 164.8 2.9 +0.8 ▲
Stifel/KBW 14 13 2,020.8 1.5 +0.1 ▲ 45 7.1 -5 ▼ 78.3 2.0 0.0 - Stifel/KBW 14 13 2,532.6 1.5 0.0 - 64 8.1 -1 ▼ 112.5 2.0 -0.2 ▼
Leerink Partners LLC 15 15 1,520.3 1.1 +0.1 ▲ 30 4.8 +2 ▲ 77.1 2.0 -0.1 ▼ Leerink Partners LLC 15 16 2,044.4 1.2 +0.3 ▲ 43 5.5 +10 ▲ 112.3 2.0 +0.3 ▲
SunTrust Banks 16 21 1,488.2 1.1 +0.3 ▲ 12 1.9 -9 ▼ 50.9 1.3 +0.1 ▲ Piper Jaffray Cos 16 17 1,882.2 1.1 +0.3 ▲ 50 6.4 +12 ▲ 95.6 1.7 +0.2 ▲
Piper Jaffray Cos 17 20 1,346.6 1.0 +0.2 ▲ 38 6.0 +8 ▲ 66.0 1.7 +0.3 ▲ SunTrust Banks 17 22 1,850.9 1.1 +0.4 ▲ 17 2.2 -6 ▼ 71.4 1.2 +0.2 ▲
Cantor Fitzgerald LP 18 19 1,265.8 0.9 +0.1 ▲ 36 5.7 +10 ▲ 63.8 1.7 +0.2 ▲ Evercore Partners 18 25 1,545.0 0.9 +0.5 ▲ 26 3.3 +13 ▲ 53.4 0.9 +0.2 ▲
Evercore Partners 19 25 999.6 0.7 +0.2 ▲ 14 2.2 +5 ▲ 31.4 0.8 +0.2 ▲ BMO Capital Markets 19 15 1,453.1 0.9 -0.1 ▼ 30 3.8 +1 ▲ 46.3 0.8 -0.3 ▼
BMO Capital Markets 20 16 901.1 0.7 -0.3 ▼ 17 2.7 -4 ▼ 26.0 0.7 -0.4 ▼ Cantor Fitzgerald LP 20 19 1,392.6 0.8 +0.1 ▲ 40 5.1 +13 ▲ 70.3 1.2 +0.1 ▲
Industry Total 137,410.9 100.0 630 -44 3,830.2 100.0 Industry Total 171,599.8 100.0 786 -26 5,758.5 100.0
Industry % Change from Same Period Last Year -3.3% ▼ -6.5% ▼ -4.5% ▼ Industry % Change from Same Period Last Year -0.8% ▼ -3.2% ▼ 2.0% ▲
US Block Trades Jan 1 - Dec 31 US Convertibles (C9a) Jan 1 - Dec 31
Goldman Sachs & Co 1 1 9,416.2 18.7 +0.6 ▲ 39 22.0 -1 ▼ 72.2 10.0 +0.1 ▲ Morgan Stanley 1 3 7,315.8 17.3 +4.2 ▲ 41 36.0 +7 ▲ 161.6 17.0 +3.8 ▲
Morgan Stanley 2 2 8,783.0 17.5 -0.5 ▼ 48 27.1 -9 ▼ 97.0 13.4 0.0 - Bank of America Merrill Lynch 2 2 6,674.1 15.8 +2.0 ▲ 35 30.7 -5 ▼ 128.1 13.5 +2.1 ▲
Citi 3 5 5,933.8 11.8 +2.6 ▲ 38 21.5 +1 ▲ 57.2 7.9 -0.1 ▼ Goldman Sachs & Co 3 4 6,339.2 15.8 +6.4 ▲ 40 36.0 +20 ▲ 139.4 14.6 +4.7 ▲
JP Morgan 4 3 5,578.3 11.1 +0.6 ▲ 41 23.2 -3 ▼ 73.7 10.2 +2.5 ▲ JP Morgan 4 1 6,312.5 14.9 +0.2 ▲ 44 38.6 +5 ▲ 138.5 14.6 +1.6 ▲
Bank of America Merrill Lynch 5 4 4,039.8 8.0 -2.3 ▼ 30 16.9 -9 ▼ 46.0 6.4 -3.8 ▼ Citi 5 7 2,964.5 7.0 +1.6 ▲ 20 17.5 +3 ▲ 53.2 5.6 -1.4 ▼
Barclays 6 6 3,807.9 7.6 -1.4 ▼ 25 14.1 -5 ▼ 37.3 5.2 -1.3 ▼ Wells Fargo & Co 6 6 2,032.8 4.8 -0.9 ▼ 16 14.0 +1 ▲ 38.8 4.1 -0.7 ▼
Credit Suisse 7 8 2,766.9 5.5 +1.0 ▲ 26 14.7 +5 ▲ 47.3 6.5 -0.1 ▼ Barclays 7 5 2,023.5 4.8 -3.0 ▼ 13 11.4 -8 ▼ 35.0 3.7 -3.0 ▼
UBS 8 11 1,803.0 3.6 +2.2 ▲ 17 9.6 +7 ▲ 27.8 3.9 +2.5 ▲ Deutsche Bank 8 8 1,250.8 3.0 -1.8 ▼ 10 8.8 0 - 26.0 2.7 -1.9 ▼
Wells Fargo & Co 9 7 1,775.1 3.5 -1.7 ▼ 21 11.9 -7 ▼ 24.6 3.4 -1.4 ▼ Jefferies LLC 9 10 1,091.4 2.6 -0.7 ▼ 11 9.6 +2 ▲ 32.0 3.4 -0.1 ▼
Jefferies LLC 10 12 1,646.9 3.3 +2.0 ▲ 19 10.7 +9 ▲ 45.7 6.3 +3.9 ▲ Credit Suisse 10 9 1,062.4 2.5 -1.1 ▼ 12 10.5 -1 ▼ 25.8 2.7 -0.4 ▼
RBC Capital Markets 11 10 800.5 1.6 +0.1 ▲ 9 5.1 -5 ▼ 12.3 1.7 +0.1 ▲ RBC Capital Markets 11 11 958.5 2.3 -0.7 ▼ 7 6.1 -1 ▼ 23.2 2.4 -0.1 ▼
Stifel/KBW 12 17 535.4 1.1 +0.4 ▲ 14 7.9 +2 ▲ 15.0 2.1 +0.5 ▲ Leerink Partners LLC 12 22 561.7 1.3 +0.9 ▲ 4 3.5 +3 ▲ 13.1 1.4 +0.8 ▲
Deutsche Bank 13 9 491.3 1.0 -1.0 ▼ 8 4.5 +1 ▲ 6.9 1.0 -1.5 ▼ UBS 13 18 435.5 1.0 +0.3 ▲ 4 3.5 -1 ▼ 18.9 2.0 +1.3 ▲
BMO Capital Markets 14 13 385.3 0.8 -0.3 ▼ 4 2.3 -3 ▼ 5.2 0.7 -1.3 ▼ Mizuho Financial Group 14 19 328.0 0.8 +0.2 ▲ 3 2.6 0 - 7.5 0.8 +0.2 ▲
BTIG LLC 15 - 286.8 0.6 +0.6 ▲ 5 2.8 +5 ▲ 7.0 1.0 +0.5 ▲ BMO Capital Markets 15 12 317.7 0.8 -1.6 ▼ 3 2.6 -5 ▼ 6.6 0.7 -1.2 ▼
Cantor Fitzgerald LP 16 16 286.0 0.6 -0.1 ▼ 8 4.5 +4 ▲ 12.1 1.7 -0.4 ▼ Cowen & Co 16 21 292.5 0.7 +0.3 ▲ 2 1.8 -1 ▼ 6.0 0.6 +0.2 ▲
Cowen & Co 17 22 203.8 0.4 +0.1 ▲ 4 2.3 0 - 11.3 1.6 +0.3 ▲ US Bancorp 17 16 268.8 0.6 -0.6 ▼ 2 1.8 0 - 5.4 0.6 -0.4 ▼
Leerink Partners LLC 18 24 197.2 0.4 +0.1 ▲ 5 2.8 +1 ▲ 9.6 1.3 +0.4 ▲ BNP Paribas SA 18 13 248.3 0.6 -1.3 ▼ 2 1.8 -4 ▼ 7.3 0.8 -1.0 ▼
Canaccord Genuity 19 29 172.9 0.3 +0.1 ▲ 2 1.1 0 - 7.3 1.0 +0.5 ▲ SunTrust Banks 19 15 228.8 0.5 -1.0 ▼ 3 2.6 -4 ▼ 5.5 0.6 -1.3 ▼
JMP Securities LLC 20 32 170.4 0.3 +0.2 ▲ 4 2.3 +2 ▲ 11.2 1.6 +1.2 ▲ Stifel/KBW 20 30 176.4 0.4 +0.2 ▲ 3 2.6 +2 ▲ 6.1 0.6 +0.3 ▲
Top Twenty Total 49,080.5 97.7 626.7 86.7 Top Nineteen Total 40,883.2 98.1 878.0 92.2
Industry Total 50,261.0 100.0 177 -20 723.1 100.0 Industry Total 41,679.7 100.0 113 +11 952.0 100.0
Industry % Change from Same Period Last Year -15.7% ▼ -10.2% ▼ -29.1% ▼ Industry % Change from Same Period Last Year 27.4% ▲ 11.8% ▲ 22.7% ▲
*tie
** Rankings exclude self-funded proceeds, per Standard Criteria
6
US Equity & Equity-Related Industry Composition for Top Bookrunners Full Year 2018 Top 10 US Equity & Equity-Related Deals (US$Bil) Full Year 2018
0.8%
0.0% 0.0% 0.0%
100% 0.8%
1.7% 2.2% 1.3% 1.6% 1.1% Hilton Worldwide Holdings Inc 04/10/18 4.82
2.6%
2.3% 4.5%
5.4% 4.2% 5.9% 9.8% 8.5%
2.9% Axa Equitable Holdings Inc 05/09/18 3.16
8.1% 1.5% 6.9% 5.0%
90%
5.5% Centene Corp 05/01/18 2.86
5.8% 4.5% 0.0%
8.2%
8.2% 6.9% Sempra Energy Inc 01/04/18 2.50
5.3% 12.7%
8.1% 6.1%
80% 7.4% First Data Corp 08/13/18 1.75
1.0% 9.5%
6.5%
6.4% PPL Corp 05/08/18 1.71
6.8%
8.4% 8.1%
70% Duke Energy Corp 03/06/18 1.60
10.4%
6.6%
9.6%
General Motors Co 02/27/18 1.59
5.8% 5.0%
14.8% 10.5% 15.7%
60% 11.5% Sempra Energy Inc 01/04/18 1.50
4.5% 9.9% Dominion Energy Inc 03/27/18 1.50

11.7% 0.8%
% Total Proceeds
11.8% 14.8%
50%
US Year-on-Year % Change in ECM Volume (US$Bil) Jan 1 - Dec 31
12.6% 6.4%
13.0% 17.9%
2010 2011 2012 2013 2014 2015 2016 2017 2018
14.2%
11.2% 1.1% $3.0
40% % Change YOY in Proceeds Proceeds (US$B)
20.4%
15.8% 5.0%
40%
14.6%
32.5% $2.5
30%
16.2%
21.7%
12.1%
16.6%
% Change YOY in Proceeds
14.3% 20% $2.0
20.6% 14.7%
8.1% 13.7%

20%
3.7% $1.5
23.7% 20.6%
16.7% 0%
10% 16.9%
12.3%
10.3% 10.8% 11.3% 12.0%
7.8% -8.1% $1.0
-9.9% -11.1%
-12.5%
0% -20%
JP Morgan Goldman Bank of Citi Credit Barclays Morgan Wells Fargo Deutsche RBC Capital -20.5%
Sachs & Co America Suisse Stanley Bank Markets $0.5
Merrill Lynch
Real Estate High Technology Financials Healthcare Consumer Products and Services Media and Entertainment Retail Industrials Consumer Staples
-40% $0.0
7
Latin America Equity Capital Markets

Latin America ECM Down 22%
Latin America Equity & Equity Related (C1f) Jan 1 - Dec 31 Latin America Equity and Equity-related Volume (US$Bil) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) $60 60
Goldman Sachs & Co 1 10 2,420.5 14.4 +10.5 ▲ 10 28.6 +2 ▲ 98.0 20.0 +16.6 ▲
Bank of America Merrill Lynch 2 2 1,973.8 11.7 +1.0 ▲ 10 28.6 -9 ▼ 39.3 8.0 -2.2 ▼ $50 48 50
Banco BTG Pactual SA 3 8 1,819.4 10.8 +4.9 ▲ 12 34.3 -6 ▼ 32.1 6.5 +2.0 ▲
Morgan Stanley 4 9 1,666.3 9.9 +4.4 ▲ 10 28.6 -2 ▼ 64.2 13.1 +5.1 ▲ 41
JP Morgan 5 5 1,640.0 9.7 +1.4 ▲ 10 28.6 -7 ▼ 47.6 9.7 +2.4 ▲
Citi 6 7 950.7 5.6 -0.4 ▼ 8 22.9 -5 ▼ 35.7 7.3 -2.0 ▼ $40 36 40

Credit Suisse 7 6 930.8 5.5 -2.3 ▼ 5 14.3 -8 ▼ 24.5 5.0 -4.5 ▼ 35 40
# of Issues
Itau Unibanco 8 1 850.9 5.1 -7.2 ▼ 9 25.7 -20 ▼ 25.6 5.2 -6.2 ▼
30
Banco Bradesco SA 9 3 775.9 4.6 -5.0 ▼ 8 22.9 -15 ▼ 19.8 4.0 -4.1 ▼
$30 30
Bancolombia SA 10 - 521.9 3.1 +3.1 ▲ 1 2.9 +1 ▲ 12.0 2.4 +2.4 ▲
Banchile Corredores de Bolsa 11 - 466.4 2.8 +2.8 ▲ 3 8.6 +3 ▲ 10.5 2.2 +2.2 ▲
21 22 22
BBVA 12 12 414.5 2.5 -1.0 ▼ 3 8.6 -4 ▼ 12.1 2.5 -0.3 ▼
20 19 19
Santander Corp & Invest Bkg 13 4 393.6 2.3 -6.2 ▼ 2 5.7 -20 ▼ 11.7 2.4 -6.3 ▼ $20 20 20
Deutsche Bank 14 18 345.8 2.1 +1.3 ▲ 2 5.7 -1 ▼ 5.1 1.0 +0.1 ▲
19
Grupo Financiero Banorte-Ixe 15 20 264.2 1.6 +1.0 ▲ 2 5.7 -2 ▼ 7.3 1.5 +0.8 ▲
Inversora Bursatil SA de CV 16 - 249.9 1.5 +1.5 ▲ 1 2.9 +1 ▲ 6.8 1.4 +1.4 ▲ 7 7 16
8
Link SA Corretora de Cambio 17 - 214.0 1.3 +1.3 ▲ 2 5.7 +2 ▲ 4.2 0.9 +0.9 ▲ $10 10
9 $21.5
LarrainVial SA 18 16 149.3 0.9 -0.1 ▼ 2 5.7 -1 ▼ 4.4 0.9 +0.1 ▲
Barclays 19* 34 143.8 0.9 +0.7 ▲ 1 2.9 0 - 4.1 0.8 +0.6 ▲ $7.3 $16.9
Evercore Casa de Bolsa SA 19* 39 143.8 0.9 +0.8 ▲ 1 2.9 0 - 7.7 1.6 +1.5 ▲ $31.0 $54.6 $28.3 $22.8 $33.0 $18.4 $12.8
Top Twenty Total 16,335.5 96.9 472.7 96.3 $0 0
Industry Total 16,855.4 100.0 35 -27 490.7 100.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Industry % Change from Same Period Last Year -21.5% ▼ -43.5% ▼ -23.4% ▼
Proceeds Non-IPOs IPOs
Industry % Change from Last Quarter 30.6% ▲ -55.6% ▼ 43.5% ▲
*tie
Latin America Year-on-Year % Change in ECM Volume (US$Bil) Jan 1 - Dec 31 Latin America ECM Volume (US$Bil) by Domicile Nation and Sector Full Year 2018
2010 2011 2012 2013 2014 2015 2016 2017 2018

200% $60
193.3%
$54
150%
$48
$1.2 $1.8
$1.7 15%
$42
% Change YOY in Proceeds
100% $4.8
41%
76.3% $36
$2.4 $2.6
$8.8 22%
50% 44.7% $30
$24
$2.7 $2.6
0%
$18 22%
-19.3% -21.5%
-30.1% $12
-50% -44.4% -43.0%
-48.2%
$6
Brazil Mexico Chile Argentina Colombia High Technology Healthcare Industrials Energy and Power
-100% $0
Proceeds (US$bil)
8
Canadian Equity
2018 ECM Issuance Down 26% l Secondary Offerings Down 23% | 17 Qualifying IPOs Down From 23 Last Year
Canada Equity & Equity-Related - Ex. Self-Led (CA1a) Jan 1 - Dec 28 Canada Common Stock & Trusts - Ex. Self-Led (CA2a) Jan 1 - Dec 28
Proceeds per Bookrunner (C$m) # of Deals per Bookrunner Proceeds per Bookrunner (C$m) # of Deals per Bookrunner
2018 2017 Market Market # of Market Change in 2018 2017 Market Market # of Market Change in
Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals
TD Securities Inc 1 2 3,761.4 12.9 -2.4 ▼ 43 13.2 -10 ▼ TD Securities Inc 1 2 3,312.1 12.8 -3.3 ▼ 33 11.4 -12 ▼
CIBC World Markets Inc 2 4 2,569.3 8.8 +0.8 ▲ 41 12.6 +3 ▲ CIBC World Markets Inc 2 5 2,337.5 9.0 +2.3 ▲ 33 11.4 +3 ▲
BMO Capital Markets 3 3 2,407.5 8.2 -5.3 ▼ 44 13.5 -10 ▼ Canaccord Genuity 3 8 1,807.5 7.0 +3.1 ▲ 67 23.2 +7 ▲
Canaccord Genuity 4 8 2,117.9 7.2 +3.2 ▲ 74 22.8 +6 ▲ Credit Suisse 4 10 1,804.8 7.0 +5.3 ▲ 9 3.1 +5 ▲
RBC Capital Markets 5 1 2,040.9 7.0 -14.7 ▼ 34 10.5 -16 ▼ BMO Capital Markets 5 3 1,768.0 6.8 -5.5 ▼ 34 11.8 -14 ▼
Credit Suisse 6 10 1,804.8 6.2 +4.7 ▲ 9 2.8 +5 ▲ Morgan Stanley 7 11 1,460.8 5.6 +4.0 ▲ 8 2.8 +4 ▲
Morgan Stanley 7 11 1,460.8 5.0 +3.5 ▲ 8 2.5 +4 ▲ RBC Capital Markets 6 1 1,679.0 6.5 -15.1 ▼ 27 9.3 -18 ▼
National Bank of Canada Fin'l 8 7 1,426.9 4.9 -0.2 ▼ 36 11.1 +2 ▲ GMP Capital Corp 8 9 1,346.6 5.2 +2.6 ▲ 31 10.7 +2 ▲
GMP Capital Corp 9 9 1,396.6 4.8 +2.4 ▲ 32 9.8 +2 ▲ National Bank of Canada Fin'l 9 7 1,196.0 4.6 -0.2 ▼ 28 9.7 +2 ▲
Scotiabank 10 5 1,017.5 3.5 -2.7 ▼ 22 6.8 -2 ▼ Scotiabank 10 4 860.8 3.3 -3.4 ▼ 17 5.9 -6 ▼
Eight Capital 11 22 970.2 3.3 +2.8 ▲ 19 5.8 +7 ▲ Eight Capital 11 22 705.2 2.7 +2.2 ▲ 17 5.9 +7 ▲
Cormark Securities Inc 12 14 565.9 1.9 +0.8 ▲ 23 7.1 0 - JP Morgan 12 6 553.8 2.1 -4.5 ▼ 3 1.0 +1 ▲
JP Morgan 13 6 553.8 1.9 -4.1 ▼ 3 0.9 +1 ▲ Cormark Securities Inc 13 14 539.6 2.1 +0.9 ▲ 21 7.3 -2 ▼
Deutsche Bank 14 36 483.2 1.7 +1.5 ▲ 1 0.3 0 - Deutsche Bank 14 35 483.2 1.9 +1.7 ▲ 1 0.3 0 -
Clarus Securities Inc. 15 13 458.9 1.6 +0.3 ▲ 15 4.6 0 - Clarus Securities Inc. 15 13 458.9 1.8 +0.4 ▲ 15 5.2 0 -
Cowen & Co 16 39 370.2 1.3 +1.1 ▲ 3 0.9 0 - Goldman Sachs & Co 16 16 344.1 1.3 +0.5 ▲ 5 1.7 +2 ▲
Raymond James Financial Inc 17 12 348.7 1.2 -0.2 ▼ 14 4.3 -2 ▼ Raymond James Financial Inc 17 12 340.1 1.3 -0.2 ▼ 13 4.5 -3 ▼
Goldman Sachs & Co 18 18 344.1 1.2 +0.4 ▲ 5 1.5 +2 ▲ Barclays 18 17 337.1 1.3 +0.5 ▲ 2 0.7 -1 ▼
Barclays 19 19 337.1 1.2 +0.5 ▲ 2 0.6 -1 ▼ Haywood Securities Ltd. 19 18 212.6 0.8 0 - 16 5.5 -2 ▼
PI Financial Corp 20 27 320.6 1.1 +0.8 ▲ 14 4.3 0 - UBS 20 28 204.0 0.8 +0.5 ▲ 2 0.7 0 -
Top Twenty Total 24,756.3 84.6 Top Twenty Total 21,751.7 83.9
Industry Total 29,276.1 100.0 325 -45 Industry Total 25,938.4 100.0 289 -44
% Change from Last Year -26.3% ▼ -12.2% ▼ % Change from Last Year -28.2% ▼ -13.2% ▼
% Change from Last Quarter 0.2% ▲ 11.3% ▲ % Change from Last Quarter 6.3% ▲ 16.7% ▲
Canada Initial Public Offerings - Ex. Self-Led (CA3) Jan 1 - Dec 28 Canada Secondary Offerings- Ex. Self-Led (CA4a) Jan 1 - Dec 28
Proceeds per Bookrunner (C$m) # of Deals per Bookrunner Proceeds per Bookrunner (C$m) # of Deals per Bookrunner
2018 2017 Market Market # of Market Change in 2018 2017 Market Market # of Market Change in
Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals
BMO Capital Markets 1 3 398.1 22.3 +11.7 ▲ 5 29.4 -2 ▼ TD Securities Inc 1 2 3,057.3 12.7 -2.7 ▼ 30 11.0 -11 ▼
RBC Capital Markets 2 1 362.4 20.3 -7.8 ▼ 6 35.3 -1 ▼ CIBC World Markets Inc 2 5 2,112.7 8.8 +1.7 ▲ 28 10.3 -11 ▼
TD Securities Inc 3 2 254.8 14.3 -6.5 ▼ 3 17.6 -1 ▼ Credit Suisse 3 12 1,804.8 7.5 +6.0 ▲ 9 3.3 +7 ▲
CIBC World Markets Inc 4 7 224.8 12.6 +8.5 ▲ 5 29.4 +1 ▲ Canaccord Genuity 4 8 1,607.3 6.7 +2.9 ▲ 62 22.8 +6 ▲
Canaccord Genuity 5 5 200.2 11.2 +6.4 ▲ 5 29.4 +1 ▲ Morgan Stanley 5 13 1,460.8 6.1 +4.7 ▲ 8 2.9 +6 ▲
PI Financial Corp 6 24* 86.1 4.8 +4.8 ▲ 5 29.4 -2 ▼ GMP Capital Corp 7 9 1,344.4 5.6 +3.1 ▲ 30 11.0 +3 ▲
Jefferies LLC 7 12 80.6 4.5 +3.0 ▲ 6 35.3 -1 ▼ BMO Capital Markets 6 3 1,369.9 5.7 -6.8 ▼ 29 10.7 -12 ▼
Scotiabank 8 4 45.3 2.5 -5.1 ▼ 3 17.6 -1 ▼ RBC Capital Markets 8 1 1,316.7 5.5 -15.1 ▼ 21 7.7 -17 ▼
Haywood Securities Ltd. 9 - 40.2 2.3 +2.3 ▲ 5 29.4 +1 ▲ National Bank of Canada Fin'l 9 7 1,193.8 4.9 -0.5 ▼ 27 9.9 +3 ▲
Eight Capital 10 - 38.8 2.2 +2.2 ▲ 1 5.9 +1 ▲ Scotiabank 10 6 815.5 3.4 -3.2 ▼ 15 5.5 -1 ▼
Top Ten Total 1,731.3 97.0 Eight Capital 11 20 666.4 2.8 +2.2 ▲ 16 5.9 +6 ▲
Industry Total 1,784.7 100.0 17 -6 JP Morgan 12 4 553.8 2.3 -5.3 ▼ 3 1.1 +1 ▲
Cormark Securities Inc 13 14 516.5 2.1 +0.7 ▲ 20 7.4 -2 ▼
% Change from Last Year -62.5% ▼ -26.1% ▼ Deutsche Bank 14 34 483.2 2.0 +1.8 ▲ 1 0.4 0 -
% Change from Last Quarter 1.1% ▲ 0.0% - Clarus Securities Inc. 15 11 458.9 1.9 +0.4 ▲ 15 5.5 +1 ▲
*tie Goldman Sachs & Co 16 30 344.1 1.4 +1.1 ▲ 5 1.8 +4 ▲
Raymond James Financial Inc 17 10 337.9 1.4 -0.2 ▼ 12 4.4 -3 ▼
Barclays 18 17 337.1 1.4 +0.6 ▲ 2 0.7 0 -
Secondary Proceeds by Industry Sector (C$M) Jan 1 - Dec 28
UBS 19 29 204.0 0.8 +0.5 ▲ 2 0.7 +1 ▲
Mackie Research Financial Corp 20 35 182.9 0.8 +0.6 ▲ 9 3.3 +4 ▲
29% 16% Healthcare
Top Twenty Total 20,168.0 83.5
Materials
Industry Total 24,153.7 100.0 272 -38
10% 12% Financials
11%
13% Industrials % Change from Last Year -23.0% ▼ -12.3% ▼
9% Real Estate % Change from Last Quarter 6.8% ▲ 18.4% ▲
Energy and Power
All Others
9
nc
EMEA Equity Capital Markets

EMEA ECM Down 35% | Bayer AG Largest EMEA Deal YTD | 4Q EMEA IPO Volume Up 91% Over 3Q
EMEA Deals Intelligence
EMEA Equity & Equity-Related volume totaled US$158.9 billion from 994 deals, EMEA Rights Offering volume reached US$27.3 billion from 122 deals, a EMEA IPO issues in the fourth quarter increased 90.7% from 3Q but annual volume
representing a 35.1% decrease year-on-year. Financials accounted for 19% of decrease of 45.3% year-on-year. According to estimates, fees earned from still decreased 8.6% from 2017. EMEA IPO proceeds reached US$44.8 billion, from
EMEA ECM proceeds, followed by Materials (15%). According to estimates, ECM Rights Offerings were down 41.0% year-on-year. Cineworld's £1.7bn rights issue 191 deals. Adyen's €946.9m IPO had a spectacular rise in its share price making it
fees were down 28.7% during the period, reaching US$3.4 billion. was the largest in the UK since December 2015 and the second largest in EMEA the best-performing stock to go public in Europe this year. Germany and UK
in 2018 behind Bayer’s €6 billion issue. continued to lead the IPO Nation of Listing rankings.
EMEA Equity & Equity-Related (C1d) Jan 1 - Dec 31 EMEA ECM Proceeds Raised by Industry (US$B) Full Year 2018
2018 2017 Market Market # of Market Change in Manager Market Market Financials
JP Morgan 1 1 15,516.1 9.8 +0.6 ▲ 70 7.0 -38 ▼ 381.7 11.1 +2.5 ▲
Materials
Goldman Sachs & Co 2 4 13,444.7 8.5 +1.6 ▲ 69 6.9 -27 ▼ 279.0 8.1 +1.8 ▲
Citi 3 3 8,947.2 5.6 -1.4 ▼ 55 5.5 -51 ▼ 153.3 4.5 -1.8 ▼
Morgan Stanley 4 2 8,894.7 5.6 -2.1 ▼ 57 5.7 -41 ▼ 184.9 5.4 -1.2 ▼ $22.1 Industrials
UBS 5 5 8,452.2 5.3 -0.7 ▼ 38 3.8 -24 ▼ 123.0 3.6 -0.9 ▼ $24.3 14%
Deutsche Bank 6 6 7,513.6 4.7 -0.7 ▼ 47 4.7 -23 ▼ 124.4 3.6 -0.8 ▼ 15%
Healthcare
Credit Suisse 7 9 7,179.6 4.5 +0.7 ▲ 42 4.2 -16 ▼ 136.8 4.0 +0.5 ▲ $15.5
Bank of America Merrill Lynch 8 7 7,096.4 4.5 -0.7 ▼ 39 3.9 -22 ▼ 131.4 3.8 -0.8 ▼ 10%
Barclays 9 8 5,216.6 3.3 -0.6 ▼ 43 4.3 -15 ▼ 109.3 3.2 +0.2 ▲ Real Estate
Societe Generale 10 11 4,456.2 2.8 -0.4 ▼ 39 3.9 -21 ▼ 65.6 1.9 -0.5 ▼ $30.2
BNP Paribas SA 11 10 3,912.9 2.5 -1.2 ▼ 27 2.7 -36 ▼ 59.1 1.7 -1.1 ▼ 19% $15.4
10% High Technology
Berenberg Bank 12 14 3,837.4 2.4 +0.6 ▲ 44 4.4 -6 ▼ 71.6 2.1 +0.4 ▲
Investec 13 38 3,692.9 2.3 +1.9 ▲ 25 2.5 +3 ▲ 76.0 2.2 +1.5 ▲
N i
Numis 14 15 3 360 0
3,360.0 21
2.1 +0 5 ▲
+0.5 47 47
4.7 2
-2 ▼ 84 5
84.5 25
2.5 +0 8 ▲
+0.8 $15.2 E
Energy dP
and Power
HSBC Holdings PLC 15 12 3,349.1 2.1 -0.1 ▼ 22 2.2 -9 ▼ 100.7 2.9 +0.9 ▲
$4.4
$4.6 $5.3 $5.7 $7.1 10%
Jefferies LLC 16 13 2,585.5 1.6 -0.3 ▼ 35 3.5 -7 ▼ 67.3 2.0 -0.4 ▼
3% $2.7
3% 3% 3% 4%
Stifel/KBW 17 26 2,366.4 1.5 +0.7 ▲ 23 2.3 -5 ▼ 75.2 2.2 +0.9 ▲ 5% Consumer Products and Services
UniCredit 18 19 2,278.9 1.4 +0.2 ▲ 13 1.3 -9 ▼ 29.4 0.9 -0.1 ▼
Carnegie 19 17 1,946.5 1.2 0.0 - 35 3.5 -22 ▼ 47.7 1.4 -0.1 ▼ Media and Entertainment
Credit Agricole CIB 20 16 1,661.4 1.1 -0.2 ▼ 11 1.1 -10 ▼ 25.7 0.8 -0.4 ▼
Top Twenty Total 115,708.3 72.8 2,326.6 67.8
Industry Total 158,908.1 100.0 994 -247 3,433.8 100.0 Retail
Industry % Change from Same Period Last Year -35.1% ▼ -19.9% ▼ -28.7% ▼ Consumer Staples
Industry % Change from Last Quarter 6.6% ▲ -2.3% ▼ -6.6% ▼
EMEA IPOs by Nation of Primary Listing (US$B) Full Year 2018 Top 10 EMEA Equity & Equity-Related Deals (US$B) Full Year 2018
16.0 60 Bayer AG 06/19/18 $7.00

56
14.0 $13.36 52 Siemens Healthineers Ag $5.17
03/15/18
48
12.0 44 Royal Bank of Scotland Group 06/05/18 $3.36
$11.02
40
Proceeds (US$B)
10.0 Covestro AG 05/03/18 $2.61

36
# of Issues
32
8.0 Cineworld Group PLC 02/19/18
28 $2.45
24
6.0 Covestro AG 01/11/18 $2.18
20
4.0 $3.03 16
$3.43 Sika AG 05/15/18 $1.65
$1.50 12
$2.08
2.0 $1.00 8 Dws Group Gmbh & Co Kgaa 03/22/18
$1.24 $0.85 $1.64
4
0.0 0 Dubai Islamic Bank PSJC 06/06/18 $1.39
Germany U.K. Switzerland U.S.A. Netherlands Norway Turkey Finland France
Proceeds (US$b) # of Issues DS Smith PLC 07/24/18 $1.37
10
EMEA Equity Capital Markets
EMEA Common Stock (C4c) Jan 1 - Dec 31 EMEA IPOs (C7c) Jan 1 - Dec 31
JP Morgan 1 2 14,163.4 9.7 +2.4 ▲ 63 6.6 -31 ▼ 355.9 11.1 +4.3 ▲ JP Morgan 1 1 3,763.6 8.4 +0.6 ▲ 21 11.0 -3 ▼ 115.9 10.6 +2.3 ▲
Goldman Sachs & Co 2 3 12,514.8 8.6 +1.4 ▲ 62 6.5 -28 ▼ 262.1 8.2 +1.7 ▲ Citi 2 2 3,084.6 6.9 0.0 - 23 12.0 -6 ▼ 61.2 5.6 -1.6 ▼
Morgan Stanley 3 1 8,495.2 5.8 -2.0 ▼ 54 5.7 -36 ▼ 177.5 5.5 -1.2 ▼ Deutsche Bank 3 9 2,880.9 6.4 +3.3 ▲ 15 7.9 +3 ▲ 55.2 5.1 +2.6 ▲
Citi 4 4 8,033.7 5.5 -1.6 ▼ 49 5.1 -49 ▼ 139.6 4.4 -2.1 ▼ Morgan Stanley 4 3 2,800.1 6.3 +0.5 ▲ 18 9.4 0 - 78.0 7.2 +1.1 ▲
Credit Suisse 5 8 6,911.0 4.7 +0.7 ▲ 39 4.1 -14 ▼ 131.9 4.1 +0.5 ▲ Goldman Sachs & Co 5 5 2,568.7 5.7 +0.1 ▲ 17 8.9 -1 ▼ 81.9 7.5 +0.9 ▲
Bank of America Merrill Lynch 6 6 6,489.7 4.4 -1.2 ▼ 34 3.6 -24 ▼ 119.2 3.7 -1.1 ▼ UBS 6 6 2,367.5 5.3 -0.3 ▼ 9 4.7 -4 ▼ 31.7 2.9 -1.0 ▼
UBS 7 5 6,405.3 4.4 -1.9 ▼ 34 3.6 -23 ▼ 95.7 3.0 -1.7 ▼ Bank of America Merrill Lynch 7 7 2,125.1 4.7 +0.2 ▲ 12 6.3 -2 ▼ 29.5 2.7 -0.7 ▼
Deutsche Bank 8 7 6,026.9 4.1 -0.7 ▼ 39 4.1 -19 ▼ 101.0 3.2 -0.6 ▼ Berenberg Bank 8 16 1,980.2 4.4 +2.4 ▲ 12 6.3 0 - 39.2 3.6 +1.6 ▲
Barclays 9 9 4,719.1 3.2 -0.7 ▼ 38 4.0 -17 ▼ 99.5 3.1 0.0 - Credit Suisse 9 4 1,845.7 4.1 -1.6 ▼ 16 8.4 0 - 44.5 4.1 -0.2 ▼
Investec 10 38 3,692.9 2.5 +2.0 ▲ 25 2.6 +3 ▲ 75.6 2.4 +1.6 ▲ BNP Paribas SA 10 12 1,538.6 3.4 +1.0 ▲ 8 4.2 -1 ▼ 18.8 1.7 +0.3 ▲
Berenberg Bank 11 14 3,632.2 2.5 +0.6 ▲ 41 4.3 -6 ▼ 67.9 2.1 +0.3 ▲ Investec 11 35 1,310.9 2.9 +2.2 ▲ 4 2.1 +1 ▲ 27.7 2.5 +1.8 ▲
Numis 12 15 3,360.0 2.3 +0.6 ▲ 47 4.9 0 - 84.5 2.6 +0.7 ▲ UniCredit 12 15 1,277.6 2.9 +0.8 ▲ 6 3.1 -3 ▼ 17.9 1.6 +0.1 ▲
Societe Generale 13 11 3,348.6 2.3 -0.4 ▼ 31 3.2 -16 ▼ 47.1 1.5 -0.5 ▼ Numis 13 17 898.7 2.0 +0.1 ▲ 8 4.2 +2 ▲ 21.7 2.0 +0.6 ▲
BNP Paribas SA 14 10 3,168.9 2.2 -0.9 ▼ 20 2.1 -25 ▼ 45.6 1.4 -0.9 ▼ Jefferies LLC 14 11 859.3 1.9 -0.5 ▼ 8 4.2 -6 ▼ 22.1 2.0 -0.4 ▼
HSBC Holdings PLC 15 12 2,644.4 1.8 -0.4 ▼ 15 1.6 -11 ▼ 85.7 2.7 +0.7 ▲ Barclays 15 10 846.1 1.9 -0.6 ▼ 7 3.7 -3 ▼ 15.9 1.5 -0.4 ▼
Jefferies LLC 16 13 2,406.3 1.7 -0.4 ▼ 32 3.4 -9 ▼ 63.8 2.0 -0.6 ▼ Qatar National Bank 16 - 758.7 1.7 +1.7 ▲ 1 0.5 +1 ▲ 16.2 1.5 +2.0 ▲
Stifel/KBW 17 27 2,366.4 1.6 +0.8 ▲ 23 2.4 -4 ▼ 75.2 2.4 +1.0 ▲ Commerzbank AG 17 50 752.7 1.7 +1.4 ▲ 4 2.1 +1 ▲ 10.2 0.9 +0.4 ▲
UniCredit 18 21 2,157.9 1.5 +0.5 ▲ 12 1.3 -7 ▼ 28.6 0.9 -0.1 ▼ Carnegie 18 13 736.3 1.6 -0.7 ▼ 10 5.2 -8 ▼ 21.1 1.9 -1.0 ▼
Carnegie 19 16 1,946.5 1.3 -0.1 ▼ 35 3.7 -22 ▼ 47.7 1.5 -0.1 ▼ Liberum Capital 19 41 624.5 1.4 +0.9 ▲ 5 2.6 0 - 17.0 1.6 +1.0 ▲
SEB 20 31 1,612.3 1.1 +0.5 ▲ 19 2.0 -6 ▼ 37.2 1.2 +0.4 ▲ Societe Generale 20 22 598.1 1.3 +0.2 ▲ 10 5.2 +2 ▲ 14.7 1.4 +0.4 ▲
Top Twenty Total 104,095.5 71.2 2,141.3 66.8 Top Twenty Total 33,617.9 75.0 740.4 67.9
Industry Total 146,195.1 100.0 955 -225 3,207.0 100.0 Industry Total 44,834.1 100.0 191 -27 1,090.0 100.0
Industry % Change from Last Quarter 9.4% ▲ -1.4% ▼ -7.4% ▼ Industry % Change from Last Quarter 90.7% ▲ 19.4% ▲ 18.7% ▲
EMEA Rights Offerings (C8fr) Jan 1 - Dec 31 EMEA Convertibles (C9d) Jan 1 - Dec 31
JP Morgan 1 1 2,504.7 9.2 +3.5 ▲ 10 8.2 -4 ▼ 71.1 11.5 +6.0 ▲ UBS 1 9 2,046.9 16.1 +12.7 ▲ 4 10.3 -1 ▼ 27.4 12.1 +10.1 ▲
Barclays 2 7 1,914.9 7.0 +2.1 ▲ 8 6.6 0 - 52.6 8.5 +4.0 ▲ Deutsche Bank 2 2 1,486.7 11.7 +0.9 ▲ 8 20.5 -4 ▼ 23.3 10.3 -1.2 ▼
HSBC Holdings PLC 3 9 1,875.2 6.9 +2.3 ▲ 8 6.6 0 - 66.7 10.8 +6.4 ▲ JP Morgan 3 1 1,352.7 10.6 -16.1 ▼ 7 17.9 -7 ▼ 25.8 11.4 -18.0 ▼
Goldman Sachs & Co 4 3 1,508.6 5.5 +0.1 ▲ 5 4.1 -6 ▼ 47.8 7.7 +2.2 ▲ Societe Generale 4 4 1,107.6 8.7 +1.4 ▲ 8 20.5 -5 ▼ 18.5 8.2 +1.2 ▲
Citi 5 8 1,103.4 4.0 -0.7 ▼ 5 4.1 -4 ▼ 28.8 4.7 0.0 - Goldman Sachs & Co 5 8 929.9 7.3 +3.5 ▲ 7 17.9 +1 ▲ 16.9 7.5 +4.0 ▲
Investec 6 - 946.3 3.5 +3.5 ▲ 2 1.6 +2 ▲ 18.9 3.1 +3.6 ▲ Citi 6 6 913.5 7.2 +1.9 ▲ 6 15.4 -2 ▼ 13.7 6.1 +2.1 ▲
Bank of America Merrill Lynch 7 10 895.4 3.3 -1.3 ▼ 5 4.1 -2 ▼ 33.7 5.5 +0.3 ▲ BNP Paribas SA 7 3 744.0 5.9 -3.3 ▼ 7 17.9 -11 ▼ 13.5 5.9 -2.7 ▼
Santander Corp & Invest Bkg 8 18 890.1 3.3 +0.4 ▲ 7 5.7 +3 ▲ 17.2 2.8 +0.8 ▲ HSBC Holdings PLC 8 13 704.7 5.5 +3.3 ▲ 7 17.9 +2 ▲ 15.0 6.6 +4.3 ▲
EFG Hermes 9 53 865.6 3.2 +3.1 ▲ 1 0.8 0 - 8.8 1.4 +1.4 ▲ Bank of America Merrill Lynch 9 15 606.7 4.8 +2.7 ▲ 5 12.8 +2 ▲ 12.2 5.4 +3.6 ▲
Credit Agricole CIB 10 13 763.8 2.8 -1.0 ▼ 3 2.5 -4 ▼ 11.9 1.9 -0.8 ▼ Barclays 10 10 497.5 3.9 +0.7 ▲ 5 12.8 +2 ▲ 9.8 4.3 +2.5 ▲
SEB 11 46 744.8 2.7 +2.6 ▲ 3 2.5 +2 ▲ 16.8 2.7 +2.5 ▲ Morgan Stanley 11 5 399.5 3.1 -3.7 ▼ 3 7.7 -5 ▼ 7.5 3.3 -2.0 ▼
BNP Paribas SA 12 6 742.5 2.7 -2.4 ▼ 6 4.9 -11 ▼ 13.4 2.2 -2.2 ▼ Credit Suisse 12 14 268.6 2.1 0.0 - 3 7.7 -2 ▼ 4.9 2.2 -0.1 ▼
Credit Suisse 13 2 735.9 2.7 -2.9 ▼ 5 4.1 -4 ▼ 25.6 4.1 -1.0 ▼ Credit Agricole CIB 13 7 239.3 1.9 -2.7 ▼ 3 7.7 -8 ▼ 4.2 1.9 -3.4 ▼
Banca IMI (Intesa Sanpaolo) 14 14 598.6 2.2 -1.5 ▼ 3 2.5 -2 ▼ 9.6 1.5 -1.2 ▼ Berenberg Bank 14 16 205.2 1.6 +0.7 ▲ 3 7.7 0 - 3.7 1.6 +0.8 ▲
UBS 15 15 572.8 2.1 -1.5 ▼ 6 4.9 +2 ▲ 14.9 2.4 -2.3 ▼ Natixis 15 12 181.5 1.4 -1.5 ▼ 2 5.1 -7 ▼ 5.1 2.3 -1.3 ▼
Morgan Stanley 16 5 570.1 2.1 -3.1 ▼ 4 3.3 -6 ▼ 11.1 1.8 -3.0 ▼ Jefferies LLC 16 28* 179.1 1.4 +1.1 ▲ 3 7.7 +2 ▲ 3.6 1.6 +1.5 ▲
Societe Generale 17 11 478.0 1.8 -2.7 ▼ 7 5.7 -6 ▼ 5.8 0.9 -2.4 ▼ Nikko Citi 17 - 165.6 1.3 +1.3 ▲ 2 5.1 +2 ▲ 3.6 1.6 +0.9 ▲
Commerzbank AG 18 20 476.4 1.7 -0.6 ▼ 3 2.5 0 - 7.5 1.2 -0.7 ▼ Leerink Partners LLC 18 - 125.0 1.0 +1.0 ▲ 1 2.6 +1 ▲ 2.6 1.2 +1.2 ▲
Numis 19 35 469.6 1.7 +1.5 ▲ 4 3.3 +3 ▲ 16.1 2.6 +2.4 ▲ UniCredit 19 11 120.9 1.0 -2.0 ▼ 1 2.6 -2 ▼ .8 0.4 -1.5 ▼
ING 20 19 462.7 1.7 -0.8 ▼ 6 4.9 0 - 6.6 1.1 -1.5 ▼ Bank J Vontobel & Co AG 20 - 101.7 0.8 +0.8 ▲ 1 +1 ▲ 1.8 0.8 +1.1 ▲
Top Twenty Total 19,119.4 70.0 484.9 78.4 Top Twenty Total 12,376.6 97.4 213.9 94.3
Industry Total 27,309.0 100.0 122 +5 618.8 100.0 Industry Total 12,713.0 100.0 39 -22 226.8 100.0
Industry % Change from Same Period Last Year -45.3% ▼ 4.3% ▲ -41.0% ▼ Industry % Change from Same Period Last Year -46.7% ▼ -36.1% ▼ -41.2% ▼
Industry % Change from Last Quarter 13.3% ▲ 50.0% ▲ -7.4% ▼ Industry % Change from Last Quarter -33.6% ▼ -28.6% ▼ 19.7% ▲
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nc
Asia (ex-Japan, ex-Australia) Equity Capital Markets

Asian Equity & Equity-Related Proceeds Down 11% | Asian Convertibles Up 4% | Hong Kong Top Exchange
Asia Deals Intelligence
Asian equity and equity-related proceeds totaled US$197 billion during full year According to estimates, Asian ECM fees in the full year 2018 reached US$3.8 Asian IPO volume in 2018 totaled US$75.7 billion, a 0.3% decrease compared to
2018, a 10.7% decrease from last year. Issuers from Financials led all sectors, billion from 1,550 deals, down 25.6% compared to levels seen a year ago. last year. Listings in Hong Kong led all stock exchanges driven by IPOs by Chinese
capturing 20.2% of the market. Technology and Industrials followed, capturing Goldman Sachs, the top fee earner for Asia, captured 8.1% of the total wallet domiciled issuers, with US$52 billion in proceeds, capturing 80.4% of the market.
17% and 11% market shares, respectively. share this year. Asian convertibles totaled US$28.9 billion, a 4.4% increase compared to last year.
Asia Equity & Equity-Related, inc Chinese A-shares (C1b) Jan 1 - Dec 31 Asia Equity & Equity-Related Imputed Fees by Domicile Nation (US$Mil) Jan 1 - Dec 31
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) $7,000
Goldman Sachs & Co 1 1 15,744.7 8.0 +2.3 ▲ 72 4.6 +17 ▲ 310.8 8.1 +4.4 ▲ $6,000
Morgan Stanley 2 2 12,162.4 6.2 +0.9 ▲ 60 3.9 +4 ▲ 217.0 5.7 +1.7 ▲
China International Capital Co 3 5 11,672.6 5.9 +2.3 ▲ 40 2.6 -3 ▼ 171.6 4.5 +1.9 ▲
Citi 4 4 10,800.3 5.5 +1.7 ▲ 69 4.5 +9 ▲ 165.9 4.3 +1.1 ▲ $5,000
CITIC 5 3 8,528.7 4.3 -0.6 ▼ 55 3.5 -16 ▼ 175.7 4.6 -0.3 ▼
Credit Suisse 6 9 7,870.8 4.0 +1.4 ▲ 51 3.3 +6 ▲ 179.7 4.7 +1.9 ▲
JP Morgan 7 12 7,686.9 3.9 +1.7 ▲ 46 3.0 +18 ▲ 164.4 4.3 +2.1 ▲
Bank of America Merrill Lynch 8 15 7,598.5 3.9 +1.9 ▲ 23 1.5 -5 ▼ 96.5 2.5 +1.1 ▲ $4,000
UBS 9 8 6,579.9 3.3 0.0 - 42 2.7 +4 ▲ 112.4 2.9 +0.5 ▲
Huatai Securities Co Ltd 10 17 6,157.1 3.1 +1.3 ▲ 29 1.9 -6 ▼ 108.6 2.8 +0.3 ▲
China Securities Co Ltd 11 6 5,936.5 3.0 -0.6 ▼ 39 2.5 -11 ▼ 105.0 2.7 -2.0 ▼ $3,000
Guotai Junan Securities 12 7 4,836.1 2.5 -1.1 ▼ 37 2.4 -15 ▼ 97.2 2.5 -0.6 ▼
China Merchants Securities Co 13 16 4,562.2 2.3 +0.4 ▲ 35 2.3 -6 ▼ 81.2 2.1 -0.6 ▼
Deutsche Bank 14 10 3,208.8 1.6 -0.9 ▼ 28 1.8 -11 ▼ 98.2 2.6 +0.3 ▲ $2,000
Haitong Securities Co Ltd 15 14 3,149.7 1.6 -0.4 ▼ 53 3.4 -11 ▼ 67.3 1.8 -1.8 ▼
HSBC Holdings PLC 16 23 2,990.4 1.5 +0.1 ▲ 23 1.5 -3 ▼ 55.5 1.5 +0.7 ▲
BNP Paribas SA 17 57 2,813.3 1.4 +1.0 ▲ 18 1.2 +1 ▲ 32.6 0.9 +0.6 ▲
$1,000
China Merchants Bank 18 56 2,658.2 1.4 +1.0 ▲ 24 1.5 +10 ▲ 35.4 0.9 +0.6 ▲
Bank of China Ltd 19 24 2,295.4 1.2 +0.1 ▲ 14 0.9 -9 ▼ 29.9 0.8 -0.2 ▼
Guosen Securities Co Ltd 20 11 2,157.3 1.1 -1.3 ▼ 13 0.8 -29 ▼ 37.0 1.0 -2.6 ▼
Top Twenty Total 129,409.8 65.7 2,341.9 60.9 $0
Industry Total 197,001.4 100.0 1,550 -569 3,843.0 100.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
China India South Korea Hong Kong Singapore Rest of Asia
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) Jan 1 - Dec 31 Top 10 Asia Equity & Equity-Related Deals (US$Bil) Jan 1 - Dec 31
2018 2017 Market Market # of Market Change in Manager Market Market Tencent Holdings Ltd 03/22/18 $9.80
Goldman Sachs & Co 1 2 14,054.5 9.7 +2.9 ▲ 61 4.8 +16 ▲ 280.9 10.6 +3.1 ▲
Morgan Stanley 2 1 12,099.3 8.3 +0.5 ▲ 59 4.6 +8 ▲ 215.0 8.1 -0.9 ▼ China Tower Corp Ltd 08/01/18 $7.49
Citi 3 3 10,014.2 6.9 +1.9 ▲ 62 4.9 +18 ▲ 137.8 5.2 +0.2 ▲
Credit Suisse 4 4 7,759.5 5.3 +0.9 ▲ 50 3.9 +8 ▲ 177.9 6.7 +0.5 ▲
Xiaomi Corp 06/29/18 $5.43
JP Morgan 5 7 7,623.8 5.2 +1.3 ▲ 45 3.5 +19 ▲ 162.5 6.2 +1.2 ▲
Bank of America Merrill Lynch 6 8 7,598.5 5.2 +1.6 ▲ 23 1.8 -5 ▼ 96.5 3.7 +0.2 ▲
UBS 7 5 6,123.9 4.2 -0.1 ▼ 39 3.1 +8 ▲ 92.0 3.5 -0.9 ▼ Meituan Dianping 09/13/18 $4.86
China International Capital Co 8 16 5,439.0 3.7 +2.2 ▲ 28 2.2 +10 ▲ 63.1 2.4 +0.7 ▲
CITIC 9 11 3,546.8 2.4 -0.2 ▼ 31 2.4 +7 ▲ 60.6 2.3 +0.3 ▲
Deutsche Bank 10 6 2,986.0 2.1 -1.9 ▼ 25 2.0 -3 ▼ 89.4 3.4 -0.2 ▼ Foxconn Industrial Internet 05/22/18 $4.26
China Merchants Securities Co 11 24 2,974.6 2.0 +1.0 ▲ 22 1.7 +9 ▲ 36.7 1.4 +0.5 ▲
HSBC Holdings PLC 12 12 2,815.0 1.9 -0.6 ▼ 22 1.7 -4 ▼ 41.0 1.6 -0.4 ▼
CNPC 01/30/18 $3.16
BNP Paribas SA 13 37 2,813.3 1.9 +1.2 ▲ 18 1.4 +1 ▲ 32.6 1.2 +0.4 ▲
China Merchants Bank 14 36 2,658.2 1.8 +1.1 ▲ 24 1.9 +10 ▲ 35.4 1.3 +0.6 ▲
Haitong Securities Co Ltd 15 20 2,353.2 1.6 +0.4 ▲ 42 3.3 +16 ▲ 35.6 1.4 +0.1 ▲ iQIYI Inc 03/28/18 $2.42
China Construction Bank 16 27 2,016.8 1.4 +0.6 ▲ 26 2.0 +10 ▲ 30.0 1.1 +0.3 ▲
Agricultural Bank of China 17 43 2,005.5 1.4 +0.9 ▲ 30 2.4 +20 ▲ 34.0 1.3 +0.8 ▲
Bank of China Ltd 18 25 1,863.1 1.3 +0.4 ▲ 13 1.0 -2 ▼ 19.9 0.8 -0.1 ▼ China Tonghai Intl Finl Ltd 06/08/18 $2.33
Industrial & Comm Bank China 19 56 1,821.0 1.3 +1.0 ▲ 16 1.3 +8 ▲ 31.2 1.2 +0.9 ▲
Axis Bank Ltd 20 13 1,675.5 1.2 -0.5 ▼ 15 1.2 -11 ▼ 42.8 1.6 +0.8 ▲
Huatai Securities Co Ltd 07/31/18 $2.09
Top Twenty Total 100,241.7 68.8 1,714.9 64.9
Industry Total 145,712.9 100.0 1,274 -170 2,642.6 100.0
Smart Insight Intl Ltd 01/16/18 $1.99
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12
Asia (ex-Japan, ex-Australia) Equity Capital Markets
Asia Common stock, inc Chinese A-shares (C4a) Jan 1 - Dec 31 Asia IPOs, inc Chinese A-shares (C7a) Jan 1 - Dec 31
Goldman Sachs & Co 1 1 12,032.6 7.2 +1.5 ▲ 66 4.6 +15 ▲ 243.5 7.2 +3.5 ▲ China International Capital Co 1 7 6,801.6 9.0 +6.0 ▲ 24 3.2 -1 ▼ 112.3 5.8 +3.0 ▲
Morgan Stanley 2 2 11,601.8 6.9 +1.2 ▲ 57 4.0 +2 ▲ 203.7 6.0 +1.8 ▲ Goldman Sachs & Co 2 21 4,050.2 5.4 +4.0 ▲ 25 3.4 +17 ▲ 124.4 6.4 +4.7 ▲
Citi 3 3 10,421.5 6.2 +2.0 ▲ 66 4.6 +9 ▲ 157.8 4.7 +1.4 ▲ Morgan Stanley 3 10 3,215.9 4.3 +1.7 ▲ 27 3.6 +11 ▲ 112.6 5.8 +2.7 ▲
China International Capital Co 4 8 9,822.3 5.8 +3.3 ▲ 34 2.4 -1 ▼ 143.2 4.2 +1.8 ▲ Bank of America Merrill Lynch 4 23 2,959.6 3.9 +2.5 ▲ 13 1.8 +3 ▲ 64.5 3.3 +2.6 ▲
Bank of America Merrill Lynch 5 12 7,284.9 4.3 +2.1 ▲ 21 1.5 -6 ▼ 90.2 2.7 +1.3 ▲ CITIC 5 1 2,799.9 3.7 -0.8 ▼ 28 3.8 -14 ▼ 86.5 4.5 -0.9 ▼
CITIC 6 4 7,037.2 4.2 +0.3 ▲ 51 3.6 -14 ▼ 160.1 4.7 -0.2 ▼ Credit Suisse 6 4 2,637.6 3.5 +0.2 ▲ 24 3.2 +2 ▲ 86.7 4.5 +1.6 ▲
Credit Suisse 7 9 6,688.4 4.0 +1.6 ▲ 44 3.1 +3 ▲ 155.5 4.6 +1.9 ▲ China Merchants Securities Co 7 8 2,609.7 3.5 +0.7 ▲ 22 3.0 -3 ▼ 58.7 3.0 -0.6 ▼
UBS 8 7 6,297.9 3.8 +0.5 ▲ 39 2.7 +3 ▲ 94.8 2.8 +0.4 ▲ Huatai Securities Co Ltd 8 22 2,599.1 3.4 +2.0 ▲ 16 2.2 -2 ▼ 77.0 4.0 +1.6 ▲
Huatai Securities Co Ltd 9 14 5,031.6 3.0 +1.0 ▲ 25 1.8 -9 ▼ 97.6 2.9 +0.2 ▲ JP Morgan 9 14 2,430.2 3.2 +1.3 ▲ 20 2.7 +8 ▲ 62.1 3.2 +1.4 ▲
JP Morgan 10 19 4,991.6 3.0 +1.3 ▲ 36 2.5 +11 ▲ 108.2 3.2 +1.5 ▲ China Merchants Bank 10 39 2,124.4 2.8 +2.0 ▲ 21 2.8 +10 ▲ 25.6 1.3 +0.9 ▲
China Securities Co Ltd 11 6 4,597.8 2.7 -0.9 ▼ 32 2.2 -12 ▼ 92.2 2.7 -2.0 ▼ China Securities Co Ltd 11 6 2,089.9 2.8 -0.3 ▼ 19 2.6 -9 ▼ 50.7 2.6 -1.5 ▼
Guotai Junan Securities 12 5 4,151.0 2.5 -1.3 ▼ 33 2.3 -17 ▼ 91.3 2.7 -0.5 ▼ Citi 12 2 2,077.8 2.7 -1.4 ▼ 30 4.0 +3 ▲ 70.9 3.7 +0.6 ▲
China Merchants Securities Co 13 17 3,706.4 2.2 +0.3 ▲ 31 2.2 -7 ▼ 73.2 2.2 -0.6 ▼ Haitong Securities Co Ltd 13 5 1,900.9 2.5 -0.7 ▼ 39 5.3 -6 ▼ 43.2 2.2 -2.4 ▼
Deutsche Bank 14 16 2,896.3 1.7 -0.2 ▼ 26 1.8 -7 ▼ 91.3 2.7 +0.9 ▲ Agricultural Bank of China 14 46 1,879.9 2.5 +1.8 ▲ 28 3.8 +19 ▲ 32.8 1.7 +1.4 ▲
Haitong Securities Co Ltd 15 10 2,703.4 1.6 -0.7 ▼ 48 3.4 -15 ▼ 59.5 1.8 -1.9 ▼ UBS 15 11 1,838.1 2.4 -0.1 ▼ 14 1.9 +1 ▲ 26.4 1.4 -0.5 ▼
China Merchants Bank 16 53 2,658.2 1.6 +1.2 ▲ 24 1.7 +10 ▲ 35.4 1.1 +0.8 ▲ China Construction Bank 16 36 1,778.5 2.4 +1.6 ▲ 21 2.8 +8 ▲ 26.2 1.4 +1.1 ▲
BNP Paribas SA 17 54 2,294.9 1.4 +1.0 ▲ 15 1.1 -2 ▼ 22.1 0.7 +0.3 ▲ Industrial & Comm Bank China 17 70 1,695.4 2.2 +1.9 ▲ 14 1.9 +9 ▲ 29.7 1.5 +1.4 ▲
HSBC Holdings PLC 18 23 2,142.4 1.3 -0.1 ▼ 17 1.2 -7 ▼ 31.2 0.9 +0.2 ▲ Deutsche Bank 18 15 1,663.5 2.2 +0.3 ▲ 16 2.2 0 - 68.2 3.5 +1.5 ▲
Guosen Securities Co Ltd 19 15 2,039.3 1.2 -0.8 ▼ 11 0.8 -26 ▼ 32.5 1.0 -2.5 ▼ Bank of China Ltd 19 17 1,439.0 1.9 +0.1 ▲ 11 1.5 -3 ▼ 23.6 1.2 +0.1 ▲
China Construction Bank 20 44 2,016.8 1.2 +0.7 ▲ 26 1.8 +10 ▲ 30.0 0.9 +0.6 ▲ HSBC Holdings PLC 20 19 1,361.3 1.8 +0.3 ▲ 10 1.3 +3 ▲ 16.1 0.8 +0.4 ▲
Industry Total 168,058.1 100.0 1,426 -567 3,378.7 100.0 Industry Total 75,737.4 100.0 741 -244 1,929.9 100.0
Asia Secondary Offerings, inc Chinese A-shares (C8c) Jan 1 - Dec 31 Asia Convertibles, inc Chinese A-shares (C9b) Jan 1 - Dec 31
Morgan Stanley 1 2 8,385.9 9.1 +1.4 ▲ 30 4.4 -9 ▼ 91.1 6.3 +0.4 ▲ Goldman Sachs & Co 1 4 3,712.0 12.8 +7.1 ▲ 6 4.8 +2 ▲ 67.3 14.5 +9.9 ▲
Citi 2 4 8,343.8 9.1 +4.8 ▲ 36 5.3 +6 ▲ 86.9 6.0 +2.4 ▲ JP Morgan 2 6 2,695.3 9.3 +3.9 ▲ 10 8.1 +7 ▲ 56.2 12.1 +1.7 ▲
Goldman Sachs & Co 3 1 7,982.5 8.7 +0.2 ▲ 41 6.0 -2 ▼ 119.2 8.2 +1.0 ▲ China International Capital Co 3 2 1,850.3 6.4 -5.0 ▼ 6 4.8 -2 ▼ 28.4 6.1 +1.1 ▲
UBS 4 6 4,459.9 4.8 +0.9 ▲ 25 3.7 +2 ▲ 68.4 4.7 +1.4 ▲ CITIC 4 1 1,491.5 5.2 -6.8 ▼ 4 3.2 -2 ▼ 15.7 3.4 -1.0 ▼
Bank of America Merrill Lynch 5 9 4,325.4 4.7 +2.0 ▲ 8 1.2 -9 ▼ 25.7 1.8 -0.9 ▼ China Securities Co Ltd 5 7 1,338.7 4.6 +0.7 ▲ 7 5.6 +1 ▲ 12.8 2.8 -0.8 ▼
CITIC 6 7 4,237.3 4.6 +1.2 ▲ 23 3.4 0 - 73.5 5.1 +1.2 ▲ Credit Suisse 6 8 1,182.5 4.1 +0.3 ▲ 7 5.6 +3 ▲ 24.2 5.2 +0.3 ▲
Credit Suisse 7 15 4,050.8 4.4 +2.5 ▲ 20 2.9 +1 ▲ 68.8 4.8 +2.5 ▲ Huatai Securities Co Ltd 7 42 1,125.5 3.9 +3.5 ▲ 4 3.2 +3 ▲ 11.0 2.4 +2.0 ▲
China International Capital Co 8 12 3,020.8 3.3 +1.1 ▲ 10 1.5 0 - 30.9 2.1 +0.2 ▲ CSC Financial Co Ltd 8 39 941.0 3.3 +2.9 ▲ 2 1.6 +1 ▲ 13.6 2.9 +2.3 ▲
Guotai Junan Securities 9 3 2,827.5 3.1 -1.8 ▼ 16 2.3 -10 ▼ 46.2 3.2 -1.3 ▼ Minsheng Securities Co Ltd 9 31 935.2 3.2 +2.5 ▲ 7 5.6 +5 ▲ 16.7 3.6 +2.5 ▲
JP Morgan 10 17 2,561.4 2.8 +1.2 ▲ 16 2.3 +3 ▲ 46.1 3.2 +1.6 ▲ China Merchants Securities Co 10 17 855.7 3.0 +1.3 ▲ 4 3.2 +1 ▲ 8.0 1.7 +0.3 ▲
China Securities Co Ltd 11 5 2,507.9 2.7 -1.2 ▼ 13 1.9 -3 ▼ 41.5 2.9 -3.0 ▼ HSBC Holdings PLC 11 19 848.0 2.9 +1.5 ▲ 6 4.8 +4 ▲ 24.4 5.3 +2.9 ▲
Huatai Securities Co Ltd 12 10 2,432.4 2.6 +0.2 ▲ 9 1.3 -7 ▼ 20.6 1.4 -1.9 ▼ Bank of China Ltd 12 16 729.7 2.5 +0.8 ▲ 2 1.6 -1 ▼ 5.5 1.2 -1.0 ▼
Guosen Securities Co Ltd 13 18 1,866.8 2.0 +0.5 ▲ 9 1.3 -3 ▼ 22.4 1.6 -0.6 ▼ Zhongtai Securities Co Ltd 13 37 689.8 2.4 +1.8 ▲ 3 2.4 +2 ▲ 10.4 2.3 +1.5 ▲
Shenwan Hongyuan Securities Co 14 29 1,687.5 1.8 +0.9 ▲ 3 0.4 -2 ▼ 7.5 0.5 -0.7 ▼ Guotai Junan Securities 14 13 685.1 2.4 0.0 - 4 3.2 +2 ▲ 6.0 1.3 -1.0 ▼
BNP Paribas SA 15 43 1,284.6 1.4 +0.9 ▲ 8 1.2 -2 ▼ 12.0 0.8 +0.2 ▲ Morgan Stanley 15 10* 560.6 1.9 -0.7 ▼ 3 2.4 +2 ▲ 13.3 2.9 +2.0 ▲
Korea Investment Holdings Co 16 30 1,260.6 1.4 +0.6 ▲ 10 1.5 0 - 7.5 0.5 +0.1 ▲ Caitong Securities Co Ltd 16 - 547.7 1.9 +1.9 ▲ 1 0.8 +1 ▲ 4.3 0.9 +0.9 ▲
Deutsche Bank 17 14 1,232.8 1.3 -0.6 ▼ 10 1.5 -7 ▼ 23.2 1.6 0.0 - Ping An Securities Ltd 17 - 536.6 1.9 +1.9 ▲ 2 1.6 +2 ▲ 4.0 0.9 +0.9 ▲
NH Investment & Securities Co 18 8 1,186.3 1.3 -1.4 ▼ 11 1.6 0 - 10.5 0.7 -0.1 ▼ BNP Paribas SA 18 - 518.4 1.8 +1.8 ▲ 3 2.4 +3 ▲ 10.5 2.3 +2.3 ▲
Axis Bank Ltd 19 37 1,132.7 1.2 +0.5 ▲ 10 1.5 +1 ▲ 38.5 2.7 +2.4 ▲ China Galaxy Securities Co 19 - 498.6 1.7 +1.7 ▲ 2 1.6 +2 ▲ 4.1 0.9 +0.9 ▲
Daishin Securities Co Ltd 20 69 1,117.0 1.2 +1.0 ▲ 6 0.9 +1 ▲ 6.5 0.5 +0.3 ▲ GF Securities 20 23 485.2 1.7 +0.5 ▲ 6 4.8 +3 ▲ 9.2 2.0 +0.1 ▲
Top Twenty Total 65,903.9 71.5 847.0 58.5 Top Twenty Total 22,227.4 76.8 345.6 74.4
Industry Total 92,206.3 100.0 682 -326 1,448.8 100.0 Industry Total 28,943.3 100.0 124 -2 464.3 100.0
Industry % Change from Same Period Last Year -21.2% ▼ -32.3% ▼ -17.4% ▼ Industry % Change from Same Period Last Year 4.4% ▲ -1.6% ▼ 53.3% ▲
Industry % Change from Last Quarter -28.0% ▼ -15.6% ▼ -29.1% ▼ Industry % Change from Last Quarter 87.3% ▲ 30.8% ▲ 171.8% ▲
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Australia Equity Capital Markets

Australian ECM Up 22% | Industrials Sector At a Record High | Australian IPO Volume Up 50%
Australia Deal Intelligence
Australian ECM issuance closed with an annual volume of AU$37 billion from 689 Australian IPO activity in full year 2018 totaled AU$7.2 billion, a 50.4% increase According to estimates, total fees earned in Australia for full year 2018 totaled
deals, a 22% increase from last year. Industrials captured a 30.6% market share, from a year ago. Viva Energy's AU$2.7 billion IPO was the largest Australian IPO AU$898.5 million, a 16.7% increase compared to last year. UBS, the top Australian
with total proceeds of AU$11.2 billion. Energy & Power and Materials followed, with of the year. Follow-On offerings totaled AU$29 billion, up 17% from last year. ECM fee earner, captured 18.8% of the total wallet share.
18.7% and 15.9% market shares, respectively.
Australian Equity & Equity-Related (AK1) Jan 1 - Dec 31 Australian ECM Proceeds by Industry (AU$Mil) Jan 1 - Dec 31
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m) $1,760.2
2018 2017 Market Market # of Market Change in Manager Market Market 4.8%
Bookrunner Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch. $1,870.2
UBS 1 1 9,801.6 26.5 +4.7 ▲ 30 4.4 -4 ▼ 168.9 18.8 +2.5 ▲ 5.1%
Macquarie Group 2 2 5,226.2 14.1 -0.5 ▼ 19 2.8 -2 ▼ 100.3 11.2 -0.9 ▼ $11,237.3
Morgan Stanley 3 3 3,754.4 10.2 -1.0 ▼ 9 1.3 +1 ▲ 63.8 7.1 -0.1 ▼ $1,986.0 30.6%
Citi 4 14 2,061.3 5.6 +3.8 ▲ 15 2.2 +11 ▲ 37.5 4.2 +3.0 ▲ 5.4%
JP Morgan 5 4 1,657.4 4.5 -2.1 ▼ 9 1.3 -1 ▼ 25.3 2.8 -2.4 ▼
Goldman Sachs & Co 6 7 1,656.5 4.5 +1.7 ▲ 10 1.5 +4 ▲ 31.9 3.6 +1.4 ▲ $4,397.9
Deutsche Bank 7 45 1,611.0 4.4 +4.3 ▲ 4 0.6 +3 ▲ 37.3 4.2 +4.0 ▲ 12.0%
Bell Financial Group Ltd 8 5 1,273.4 3.4 -0.8 ▼ 62 9.0 -11 ▼ 56.1 6.2 -0.1 ▼
Morgans Financial Ltd 9 9 973.0 2.6 -0.1 ▼ 38 5.5 -5 ▼ 44.2 4.9 +0.4 ▲
Bank of America Merrill Lynch 10 32 883.3 2.4 +2.1 ▲ 1 0.1 -1 ▼ 23.1 2.6 +2.3 ▲ $6,889.8
Taylor Collison Ltd 11 6 858.0 2.3 -0.6 ▼ 34 4.9 -6 ▼ 24.3 2.7 -0.4 ▼ $5,831.1 18.7%
Hartleys Ltd 12 17 590.9 1.6 +0.3 ▲ 39 5.7 +1 ▲ 19.3 2.2 +0.1 ▲ 15.9%
Ord Minnett Ltd 13 10 574.7 1.6 -0.8 ▼ 10 1.5 0 - 16.3 1.8 -0.2 ▼
Euroz Securities Ltd 14 16 554.8 1.5 +0.1 ▲ 20 2.9 +1 ▲ 19.9 2.2 +0.2 ▲
Credit Suisse 15 8 425.6 1.2 -1.6 ▼ 5 0.7 -7 ▼ 11.2 1.3 -1.4 ▼
Wilsons Corporate Finance Ltd 16 25 415.8 1.1 +0.5 ▲ 11 1.6 +4 ▲ 11.3 1.3 +0.6 ▲
Evans Dixon Pty Ltd 17 22 383.1 1.0 +0.3 ▲ 4 0.6 -1 ▼ 8.7 1.0 +0.2 ▲
Moelis & Co 18 18 358.7 1.0 -0.2 ▼ 7 1.0 -3 ▼ 9.0 1.0 -0.3 ▼
Canaccord Genuity 19 15 358.0 1.0 -0.7 ▼ 25 3.6 -4 ▼ 15.4 1.7 -0.8 ▼
National Australia Bank 20 11 340.3 0.9 -1.3 ▼ 2 0.3 -2 ▼ 17.6 2.0 -0.1 ▼
Top Twenty Total 33,758.0 91.3 741.4 82.5 Industrials Energy and Power Materials Financials
Industry Total 36,993.5 100.0 689 -33 898.5 100.0
Real Estate Consumer Products and Services Media and Entertainment High Technology
Industry % Change from Same Period Last Year 22.0% ▲ -4.6% ▼ 16.7% ▲ Healthcare Consumer Staples Retail
Australian Common Stock (AK2) Jan 1 - Dec 31 Top 10 Australian Equity & Equity-Related Deals (AU$Mil) Jan 1 - Dec 31
Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m)
2018 2017 Market Market # of Market Change in Manager Market Market Transurban Group 09/05/18 $4,817.9
UBS 1 1 9,801.6 27.1 +5.2 ▲ 30 4.4 -3 ▼ 168.9 19.1 +2.8 ▲
Macquarie Group 2 2 5,226.2 14.4 -0.6 ▼ 19 2.8 -2 ▼ 100.3 11.4 -0.9 ▼ WorleyParsons Ltd 10/23/18 $3,563.7
Morgan Stanley 3 3 3,754.4 10.4 -1.0 ▼ 9 1.3 +1 ▲ 63.8 7.2 -0.2 ▼
Citi 4 13 2,061.3 5.7 +3.8 ▲ 15 2.2 +11 ▲ 37.5 4.3 +3.0 ▲
Viva Energy Group Ltd 07/10/18 $2,650.0
JP Morgan 5 4 1,657.4 4.6 -1.8 ▼ 9 1.3 0 - 25.3 2.9 -2.1 ▼
Goldman Sachs & Co 6 7 1,473.8 4.1 +1.2 ▲ 9 1.3 +3 ▲ 28.6 3.2 +1.0 ▲
Bell Financial Group Ltd 7 5 1,273.4 3.5 -0.9 ▼ 62 9.2 -11 ▼ 56.1 6.4 0.0 - Woodside Petroleum Ltd 02/15/18 $2,530.1
Deutsche Bank 8 44 1,261.0 3.5 +3.4 ▲ 3 0.4 +2 ▲ 30.9 3.5 +3.3 ▲
Morgans Financial Ltd 9 9 973.0 2.7 -0.1 ▼ 38 5.6 -5 ▼ 44.2 5.0 +0.4 ▲
Bank of America Merrill Lynch 10 31 883.3 2.4 +2.1 ▲ 1 0.1 -1 ▼ 23.1 2.6 +2.3 ▲ L1 Long Short Fund Ltd 04/06/18 $1,329.7
Taylor Collison Ltd 11 6 855.0 2.4 -0.6 ▼ 33 4.9 -7 ▼ 24.2 2.7 -0.4 ▼
Hartleys Ltd 12 17 590.9 1.6 +0.2 ▲ 39 5.8 +1 ▲ 19.3 2.2 +0.1 ▲ Reliance Worldwide Corp
05/25/18 $1,100.1
Ord Minnett Ltd 13 10 574.7 1.6 -0.8 ▼ 10 1.5 0 - 16.3 1.9 -0.1 ▼ Ltd
Euroz Securities Ltd 14 16 554.8 1.5 +0.1 ▲ 20 3.0 +1 ▲ 19.9 2.3 +0.3 ▲
Wilsons Corporate Finance Ltd 15 24 415.8 1.2 +0.6 ▲ 11 1.6 +4 ▲ 11.3 1.3 +0.6 ▲ Aurizon Holdings Ltd 09/21/18 $813.9
Moelis & Co 16 18 358.7 1.0 -0.2 ▼ 7 1.0 -3 ▼ 9.0 1.0 -0.3 ▼
Canaccord Genuity 17 14 358.0 1.0 -0.8 ▼ 25 3.7 -4 ▼ 15.4 1.7 -0.9 ▼ Coronado Global
National Australia Bank 18 15 340.3 0.9 -0.6 ▼ 2 0.3 0 - 17.6 2.0 +0.5 ▲
10/15/18 $773.7
Resources Inc
Evans Dixon Pty Ltd 19 21 323.1 0.9 +0.2 ▲ 3 0.4 -2 ▼ 7.2 0.8 0.0 -
Patersons Securities Ltd 20 19 284.6 0.8 -0.2 ▼ 55 8.1 -18 ▼ 14.2 1.6 -0.6 ▼ Wam Global Ltd 06/08/18 $601.5
Top Twenty Total 33,021.3 91.3 733.1 83.0
Industry Total 36,181.3 100.0 676 -39 882.9 100.0
Reece Ltd 05/09/18 $600.1
*tie
14
nc
Japan Equity Capital Markets

Japanese ECM Up 20% | Follow-on Issuance Down 39% | Soft Bank Corp IPO Highest on Record
Japan Deals Intelligence
Japanese Equity and Equity related activity totaled US$55.1 billion from 244 deals Follow-on volume totaled US$20.5 billion during 2018, a 39% decline in volume Japanese IPO volume reached US$28.8 billion with 97 deals registering a 378.3%
during full year 2018, a 19.5% increase in volume compared to a year ago. IPO, compared to last year. Total deal count posted a 4.7% decline with 122 deals. increase in volume compared to last year and recording a historical high. Soft Bank
Follow-on and Equity-Related issuance captured 52.3%, 37.2% and 10.6% of the During the fourth quarter, US$2.1 billion in proceeds were raised from 20 deals, a Corp's US$23.3 billion IPO marked the largest Japanese IPO on record and the
market, respectively. 58.6% decrease in volume compared to the same period 2017. second largest globally after Alibaba Group's IPO listed in 2014.
Japan Equity & Equity-Related (C1e) Jan 1 - Dec 31 Japan Equity & Equity-Related Volume (US$Bil) by Issue Type Jan 1 - Dec 31
70 300
134
248
60 240 244
Nomura 1 1 9,682.5 17.6 -5.0 ▼ 89 36.5 +9 ▲ 300.8 19.4 -3.4 ▼ 250
Sumitomo Mitsui Finl Grp Inc 2 5 9,153.3 16.6 +5.0 ▲ 78 32.0 +13 ▲ 245.2 15.8 -5.7 ▼
Daiwa Securities Group Inc 3 2 8,115.1 14.7 -0.8 ▼ 48 19.7 -2 ▼ 196.1 12.6 -4.5 ▼
Mizuho Financial Group 4 4 7,788.2 14.1 +0.5 ▲ 65 26.6 +13 ▲ 259.1 16.7 +5.2 ▲ 50
Mitsubishi UFJ Morgan Stanley 5 3 6,936.2 12.6 -1.0 ▼ 33 13.5 -1 ▼ 156.9 10.1 -2.6 ▼ 188 200
Proceeds (US$billions)
SBI Holdings Inc 6 11 3,770.7 6.8 +6.5 ▲ 13 5.3 +3 ▲ 77.2 5.0 +3.7 ▲
JP Morgan 7 8 3,261.3 5.9 +3.1 ▲ 8 3.3 +2 ▲ 80.5 5.2 +1.9 ▲ 40
# of Issues
Goldman Sachs & Co 8 6 2,697.7 4.9 -3.7 ▼ 6 2.5 -3 ▼ 30.4 2.0 -0.6 ▼
139 150
Bank of America Merrill Lynch 9 7 1,064.7 1.9 -2.8 ▼ 5 2.0 -6 ▼ 20.5 1.3 -0.7 ▼
Citi 10 12 1,000.2 1.8 +1.5 ▲ 8 3.3 +5 ▲ 26.1 1.7 +1.4 ▲ 30 117
UBS 11 9 541.4 1.0 -1.0 ▼ 5 2.0 -3 ▼ 17.0 1.1 -0.4 ▼ 107
Credit Suisse 12 - 367.7 0.7 +0.7 ▲ 2 0.8 +2 ▲ 8.6 0.6 +0.6 ▲
90 100
Deutsche Bank 13 10 350.5 0.6 0.0 - 5 2.0 +3 ▲ 9.1 0.6 -0.4 ▼
20
Credit Agricole CIB 14 - 194.6 0.4 +0.4 ▲ 1 0.4 +1 ▲ 1.4 0.1 +0.1 ▲
Samsung Securities 15 - 82.7 0.2 +0.2 ▲ 1 0.4 +1 ▲ 2.4 0.2 +0.2 ▲
Top Fifteen Total 55,006.8 99.8 1,431.3 92.1
50
Industry Total 55,096.1 100.0 244 +4 1,554.9 100.0 10
Industry % Change from Same Period Last Year 19.5% ▲ 1.7% ▲ 34.3% ▲
Industry % Change from Last Quarter 177.9% ▲ -8.3% ▼ 171.6% ▲ 0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Convertible Follow-On IPO # of Issues
Japan Common Stock (C4d) Jan 1 - Dec 31 Top 10 Japan Equity & Equity-Related Deals (US$Mil) Full Year 2018
2018 2017 Market Market # of Market Change in Manager Market Market $23,349.1
Softbank Corp 12/10/18
Nomura 2 1 8,008.1 16.3 -1.5 ▼ 77 35.2 +7 ▲ 263.9 18.7 -1.4 ▼ Yahoo Japan Corp 09/11/18 $4,324.4
Mizuho Financial Group 3 4 7,278.6 14.8 +1.2 ▲ 61 27.9 +12 ▲ 240.5 17.1 +5.9 ▲
Mitsubishi UFJ Morgan Stanley 5 3 6,204.0 12.6 -2.1 ▼ 27 12.3 -5 ▼ 138.6 9.8 -3.4 ▼ Renesas Electronics Corp 04/18/18 $2,726.1
SBI Holdings Inc 6 11 3,770.7 7.7 +7.3 ▲ 13 5.9 +3 ▲ 75.4 5.4 +4.1 ▲
JP Morgan 7 9 3,126.7 6.4 +4.2 ▲ 6 2.7 +2 ▲ 77.1 5.5 +3.7 ▲
Yakult Honsha Co Ltd 03/05/18 $1,318.4
Goldman Sachs & Co 8 6 2,409.4 4.9 -4.0 ▼ 3 1.4 -4 ▼ 26.4 1.9 -0.6 ▼
Bank of America Merrill Lynch 9 7 1,064.7 2.2 -3.3 ▼ 5 2.3 -6 ▼ 20.5 1.5 -0.8 ▼
Citi 10 12 726.1 1.5 +1.2 ▲ 7 3.2 +4 ▲ 17.8 1.3 +1.0 ▲ Mercari Inc 06/11/18 $1,187.6
UBS 11 8 541.4 1.1 -1.2 ▼ 5 2.3 -3 ▼ 16.1 1.1 -0.7 ▼
Credit Suisse 12 - 367.7 0.8 +0.8 ▲ 2 0.9 +2 ▲ 8.6 0.6 +0.6 ▲
Deutsche Bank 13 10 350.5 0.7 0.0 - 5 2.3 +3 ▲ 9.1 0.6 -0.5 ▼ GLP J-REIT 02/14/18 $561.8
Credit Agricole CIB 14 - 194.6 0.4 +0.4 ▲ 1 0.5 +1 ▲ 1.4 0.1 +0.1 ▲
Samsung Securities 15 - 82.7 0.2 +0.2 ▲ 1 0.5 +1 ▲ 2.4 0.2 +0.2 ▲
Takashimaya Co Ltd 11/20/18 $548.1
Top Fifteen Total 49,173.4 99.8 1,286.9 91.3
Industry Total 49,262.8 100.0 219 -3 1,409.0 100.0
Cosmo Energy Holdings Co Ltd 11/19/18 $546.5
*tie Daiwa House REIT Invest Corp 03/12/18 $534.1
Tokyu Fudosan Holdings Corp 10/22/18 $515.8
15
Japan Equity Capital Markets

Japan IPOs (C7d) Jan 1 - Dec 31 Japan Equity & Equity-Related Proceeds by Industry (US$Bil) Jan 1 - Dec 31
2018 2017 Market Market # of Market Change in Manager Market Market Telecommunications
Nomura 1 1 5,123.6 17.8 -5.9 ▼ 25 25.8 -3 ▼ 163.2 19.3 -7.1 ▼ High Technology
Mizuho Financial Group 3 5 4,579.0 15.9 +1.8 ▲ 27 27.8 +8 ▲ 145.6 17.3 +3.0 ▲
Mitsubishi UFJ Morgan Stanley 4 2 4,394.4 15.3 -4.8 ▼ 7 7.2 0 - 89.5 10.6 -5.0 ▼ Real Estate
$23.6
43%
SBI Holdings Inc 6 8 3,510.6 12.2 +11.2 ▲ 11 11.3 +3 ▲ 60.7 7.2 +4.8 ▲ $9.3 Consumer Products and Services
Bank of America Merrill Lynch 7* 7 303.4 1.1 -0.4 ▼ 2 2.1 0 - 2.6 0.3 -1.1 ▼ 17%
JP Morgan 7* - 303.4 1.1 +1.1 ▲ 2 2.1 +2 ▲ 46.0 5.5 +5.5 ▲
UBS 9 6 268.6 0.9 -2.3 ▼ 2 2.1 0 - 3.0 0.4 -1.6 ▼ Retail
Credit Suisse 10* - 194.6 0.7 +0.7 ▲ 1 1.0 +1 ▲ 1.1 0.1 +0.1 ▲
Citi 10* 10 194.6 0.7 +0.1 ▲ 1 1.0 0 - 1.4 0.2 -0.1 ▼ Financials
Credit Agricole CIB 10* - 194.6 0.7 +0.7 ▲ 1 1.0 +1 ▲ 1.4 0.2 +0.2 ▲ $7.6
Goldman Sachs & Co 10* - 194.6 0.7 +0.7 ▲ 1 1.0 +1 ▲ 4.2 0.5 +0.5 ▲ 14% Consumer Staples
Deutsche Bank 10* - 194.6 0.7 +0.7 ▲ 1 1.0 +1 ▲ 4.2 0.5 +0.5 ▲
Samsung Securities 15 - 82.7 0.3 +0.3 ▲ 1 1.0 +1 ▲ 2.4 0.3 +0.3 ▲ $1.0
Top Fifteen Total 28,791.0 100.0 731.1 86.6 $1.1 $4.0 Industrials
2% $1.9
Industry Total 28,791.0 100.0 97 +3 844.2 100.0 2% $2.0 $2.8 7%
3%
4% 5%
Materials
Industry % Change from Same Period Last Year 378.3% ▲ 3.2% ▲ 163.4% ▲
Industry % Change from Last Quarter 1510.4% ▲ 20.0% ▲ 689.5% ▲
Media and Entertainment
Japan Secondary Offerings (C8d) Jan 1 - Dec 31 Energy and Power
Japan IPO Quarterly Volume (US$Bil) and Deal Count
Sumitomo Mitsui Finl Grp Inc 1 5 3,456.4 16.9 +4.4 ▲ 46 37.7 -2 ▼ 120.2 21.3 -5.5 ▼
Nomura 2 1 2,884.5 14.1 -2.6 ▼ 52 42.6 +10 ▲ 100.7 17.8 +0.7 ▲ 35 160
JP Morgan 3 8 2,823.3 13.8 +11.2 ▲ 4 3.3 0 - 31.1 5.5 +2.9 ▲
Mizuho Financial Group 4 4 2,699.6 13.2 -0.3 ▼ 34 27.9 +4 ▲ 94.9 16.8 +7.0 ▲
Daiwa Securities Group Inc 5 2 2,394.5 11.7 -4.2 ▼ 28 23.0 0 - 63.2 11.2 -7.4 ▼ 140
Goldman Sachs & Co 6 6 2,214.8 10.8 +0.3 ▲ 2 1.6 -5 ▼ 22.2 3.9 +0.2 ▲ 30
Mitsubishi UFJ Morgan Stanley 7 3 1,809.6 8.8 -5.0 ▼ 20 16.4 -5 ▼ 49.1 8.7 -3.4 ▼
Bank of America Merrill Lynch 8 7 761.3 3.7 -2.5 ▼ 3 2.5 -6 ▼ 17.9 3.2 +0.5 ▲
Citi 9 11 531.5 2.6 +2.3 ▲ 6 4.9 +4 ▲ 16.4 2.9 +2.6 ▲ 120
UBS 10 9 272.8 1.3 -0.9 ▼ 3 2.5 -3 ▼ 13.0 2.3 +0.7 ▲ 25
Proceeds (US$billions)
SBI Holdings Inc 11 12 260.1 1.3 +1.0 ▲ 2 1.6 0 - 14.8 2.6 +1.8 ▲
Credit Suisse 12 - 173.1 0.9 +0.9 ▲ 1 0.8 +1 ▲ 7.6 1.3 +1.3 ▲ 98 97
93 94 100
Deutsche Bank 13 10 156.0 0.8 0.0 - 4 3.3 +2 ▲ 4.9 0.9 -0.8 ▼
# of Issues
Tokai Tokyo Financial Holdings 14 13 17.3 0.1 0.0 - 2 1.6 0 - 4.2 0.7 +0.2 ▲ 20
83
Macquarie Group 15 - 9.0 0.0 0.0 - 1 0.8 +1 ▲ .5 0.1 +0.1 ▲
Top Fifteen Total 20,463.8 100.0 560.7 99.3 80
Industry Total 20,471.7 100.0 122 -6 564.9 100.0
15 62
54 60
10
36 40
Japan Convertibles (C9e) Jan 1 - Dec 31
20 22
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) 5
Market Market # of Market Change in Manager Market Market
20
2018 2017
Nomura 1 1 1,674.4 28.7 -23.1 ▼ 12 48.0 +2 ▲ 36.9 25.3 -15.5 ▼
Daiwa Securities Group Inc 2 3 1,416.9 24.3 +14.2 ▲ 7 28.0 +3 ▲ 33.7 23.1 +13.4 ▲ - -
Sumitomo Mitsui Finl Grp Inc 3 7 803.3 13.8 +9.9 ▲ 5 20.0 +3 ▲ 18.5 12.7 +3.2 ▲ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Mitsubishi UFJ Morgan Stanley 4 4* 732.2 12.6 +5.7 ▲ 6 24.0 +4 ▲ 18.3 12.6 +3.2 ▲
Mizuho Financial Group 5 2 509.7 8.7 -5.0 ▼ 4 16.0 +1 ▲ 18.6 12.7 -0.3 ▼
Goldman Sachs & Co 6 4* 288.3 4.9 -2.0 ▼ 3 12.0 +1 ▲ 4.0 2.7 -0.2 ▼ 1Q 2Q 3Q 4Q # of Issues
Citi 7 - 274.1 4.7 +4.7 ▲ 1 4.0 +1 ▲ 8.2 5.6 +5.2 ▲
JP Morgan 8 4* 134.6 2.3 -4.6 ▼ 2 8.0 0 - 3.4 2.3 -11.0 ▼
Top Eight Total 5,833.4 100.0 138.2 94.8
Industry Total 5,833.4 100.0 25 +7 145.8 100.0
Industry % Change from Same Period Last Year -10.8% ▼ 38.9% ▲ -4.3% ▼
*tie
16
Ranking Criteria Summary
- All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson
If you would like to participate in the submission Reuters databases as of 9:00am EST on December 31, 2018 (updated due to a technical database error). Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation,
process, receive quarterly press releases, or have credit is given to the surviving/parent firm.
questions about our full league table criteria
- Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions
please contact:
must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league
tables for the current calendar year.
Americas - Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated
Salvatore Reres bookbuilds and block trades (with certain restrictions) and convertible bonds.
Tel: +1.646.223.8455
E-mail: salvatore.reres@thomsonreuters.com - Imputed fees are generated using a proprietary Thomson Reuters algorithm when 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 the Thomson Reuters allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to non-lead loan
EMEA syndicate members. Fee estimates presented in the Quarterly Review for deals updated prior to February 1st, 2017 were generated by Freeman Consulting in partnership with Thomson Reuters.
Caroline Hamod
Tel: +44.207.542.1369 - Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.
E-mail: caroline.hamod@thomsonreuters.com
- Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Asia-Pacific
Antoinette Reyes - 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
Tel: +632.459.1647 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
E-mail: antoinette.reyes@thomsonreuters.com will be represented as "Mitsubishi UFJ Morgan Stanley".
Japan
Aki Sato
Tel: +813.6441.1120
E-mail: aki.sato@thomsonreuters.com
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.
© 2018 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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GLOBAL EQUITY CAPITAL MARKETS REVIEW

Equity Capital Markets Review

Global IPOs (C5) 3 EMEA Equity Japan Secondary Offerings (C8d) 16

US Equity EMEA Equity & Equity-related (C1d) 10 Criteria Summary

US Equity & Equity-Related (C1a) 5 EMEA IPOs (C7c) 11 Regional Contacts 17

US IPOs (C6) 5 EMEA Rights Offerings (C8fr) 11

US Secondary Offerings (C8a) 6 EMEA Convertibles (C9d) 11

US Common Stock (C3) 6 Asia Equity

US Convertibles (C9a) 6 Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) 12

Asia Convertibles, inc Chinese A-shares (C9b) 13

Full Year 2018

EQUITY CAPITAL MARKETS REVIEW

Global Deals Intelligence Global Initial Public Offerings

% of Proceeds from US Listed IPOs

Global Equity & Equity-Related Volume by Domicile Region

Global Equity Capital Markets

Global Equity Capital Markets

Global Equity Capital Markets: Ten Years of Rankings

2 Goldman Sachs & Co

5 Bank of America Merrill Lynch

10 China International Capital Co

Full Year 2018 | Equity Capital Markets | Managing Underwriters

US Equity Capital Markets

US IPOs (C6) Jan 1 - Dec 31 US IPOs (US$Bil) Jan 1 - Dec 31

Barclays 7 6 1,835.7 5.4 -1.5 ▼ 24 15.5 +2 ▲ 64.1 3.3 -0.9 ▼

US Equity Capital Markets

US Block Trades Jan 1 - Dec 31 US Convertibles (C9a) Jan 1 - Dec 31

US Equity Capital Markets

4.5% 9.9% Dominion Energy Inc 03/27/18 1.50

Proceeds US$ Billions

Latin America Equity Capital Markets

Proceeds US$ Billions

2010 2011 2012 2013 2014 2015 2016 2017 2018

Full Year 2018 | Equity Capital Markets | Managing Underwriters

EMEA Equity Capital Markets

EMEA Deals Intelligence

16.0 60 Bayer AG 06/19/18 $7.00

10.0 Covestro AG 05/03/18 $2.61

EMEA Equity Capital Markets

Full Year 2018 | Equity Capital Markets | Managing Underwriters

Asia (ex-Japan, ex-Australia) Equity Capital Markets

Asia Deals Intelligence

Asia (ex-Japan, ex-Australia) Equity Capital Markets

Australia Equity Capital Markets

Australia Deal Intelligence

Full Year 2018 | Equity Capital Markets | Managing Underwriters

Japan Equity Capital Markets

Japan Deals Intelligence

Convertible Follow-On IPO # of Issues

Tokyu Fudosan Holdings Corp 10/22/18 $515.8

Japan Equity Capital Markets

Japan Secondary Offerings (C8d) Jan 1 - Dec 31 Energy and Power

Ranking Criteria Summary

© 2018 Thomson Reuters. All rights reserved.

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