Tài liệu GLOBAL FIXED INCOME doc

From Government bonds to High Yield Corporate debt, Bloomberg's Fixed Income league tables are your one-stop shop for constant and timely access to the most comprehensive information ava

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1st 4UWV 2012 League – 1st 4UWV 2012 League Tables – 1st 4UWV2012 League

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For data submissions or queries, please contact:

For 24 hour global customer support call +1 212 318 2000 +44 20 7330 7500 +65 6212 1000 +81 3 3201 8900

or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.

From Government bonds to High Yield Corporate debt, Bloomberg's Fixed Income league tables are your one-stop shop for constant and timely access to the most comprehensive information available on capital markets

representation.

Just type LEAG <GO> for underwriter rankings or LALT <GO> for legal adviser rankings and then click on the red 'Select a Market' button in the top left of your screen to view a complete range of rankings available for fixed income, equity, equity-linked and syndicated loans Alternatively, press the green <Help> key on your BLOOMBERG PROFESSIONAL(R) for further instructions.

Global Fixed Income League Tables

VISIT {NI LEAG CRL <GO>} TO DOWNLOAD COPIES OF THE FULL RELEASE AND A FULL RANGE OF MARKET SPECIFIC LEAGUE TABLE RESULTS.

1

Table of Contents

. Introduction

1

Corporate Bonds (All)

.

2

International Bonds

.

3

Global Bonds

.

4

High Yield (All)

.

5

Euro Bonds

.

6

Yen Bonds

.

7

U.S Bonds

.

8

U.S Agencies

.

9

Euromarket Bonds

.

10

Asia ex-Japan G3 Currency Bonds

.

11

Japanese Corporates

.

12

Asian Local Currency Bonds

.

13

Bloomberg 2012 Q3

Email Fax

Phone Contact

Daniel Covello Americas

emeacapmkts@bloomberg.net +44-20-77392-6161

+44-20-3216-4345 Jorge Fernandez

EMEA

vlee81@bloomberg.net +852-2977-2175

+852-2977-2125 Vivian Lee

Asia-Pac (HK)

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

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LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO>

Global Fixed Income Review

Basic Materials, 4%

Communications, 5%

Consumer, Cyclical, 6%

Consumer, Non-cyclical, 7% Diversified, 2%

Energy, 8%

Financial, 50%

Government, 2%

Industrial, 8%

Technology, 1%

Utilities, 6%

 Corporate Bond issuance volume increased 13.6% for the first three quarters of 2012

compared to 2011’s first three quarters, with an aggregate of USD 2,934 billion issued

 JP Morgan retains their top spot among underwriters, capturing a 6.7% market share for the

first half of 2012 Citigroup finished second with 5.5% and Bank of America (4.8%), Deutsche

Bank (4.8%), and Barclays (4.4%) rounded out the rest of the top five

 Euro-MTN was the largest market of issue accounting for 26.4% of total issuance volume and

21.2% of all deals closed U.S Corporate issuance totaling USD 1,128 billion to date for 2012 is

the most ever for the first three quarters and is on pace for a record year

 Financials have dominated in terms of issuance numbers and amount raised, accounting for

50% of total issuance volume amassing USD 1,457 billion raised Consumer, non-cyclical and

industrial sectors each accounted for 8% of total issuance, a 2% increase over the same time

period in 2011

 The largest deal to date for 2012 also came from the Financial sector with KFW’s EUR 5 billion

dollar offering orchestrated by Barclays, Commerzbank, and RBC This note priced in

mid-February at -8 basis points vs Mid Swaps yielding 1.486%, and pays a 1.375% coupon

Heat Map: 2012 1st 3Q Volume by Region

Western Europe (39%) North America ( 29%) Asia Pacific (26%) Latin America & Caribbean (3%) Eastern Europe (2%)

Middle East & Africa (1%)

Regional Deal Activity

Industry Sector Deal Activity

Total Volume by Industry (1st 3Q 2012)

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Notable Highlights

 Corporate bond issuance volume increased over 65% during the third quarter of 2012 compared to the third quarter of 2011, with all regions experiencing individual increases

US Corporate bonds saw the largest increase with a 87% increase year over year for the third quarter Asia-Pac and EMEA regions saw 72% and 39% increases respectively

 The total number of deals closed increased 5.4% for the same time period US Corporate bond deals decreased 13.4%, a stark contrast to the increase seen in issuance volume Global Bond deals continued its upward trend rising 54%, as well as Asia-Pac deals increasing 35%

0 50 100 150 200 250 300 350

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2007

Q3

2008 Q3

2009 Q3

2010 Q3

2011 Q3

2012 Q3

Volume Deal Count

0 500 1,000 1,500 2,000 2,500 3,000

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2007 Q3

2008 Q3

2009 Q3

2010 Q3

2011 Q3

2012 Q3

Volume Deal Count

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2007

Q3

2008 Q3

2009 Q3

2010 Q3

2011 Q3

2012 Q3 0 500 1000 1500 2000 2500 3000 3500

Volume Deal Count

0 200 400 600 800 1000 1200 1400 1600 1800

2007 Q3

2008 Q3

2009 Q3

2010 Q3

2011 Q3

2012 Q3

$0

$50

$100

$150

$200

$250

$300

$350

Volume Deal Count

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0 100,000 200,000 300,000 400,000 500,000 Diversified

Technology

Untilities

Basic Materials

Industrial

Consmer, Cyclical

Communications

Energy Consumer, Non-cyclical

Financial

2012 1st 3Q

2011 1st 3Q

Total Volume (USD Million)

US Corporates 2012 1st 3Q Notable Highlights

0 2 4 6 8 10 12 14 16

JP Morgan BoAML Citi Goldman Sachs Morgan Stanley

2012 1st 3Q

2011 1st 3Q

2010 1st 3Q

Volume (Mln) $1,127,532.00

Avg Deal Size (Mln) $192.21

Summary

Top Underwriter

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LEAG <GO> LREP <GO> NI LEAG CRL <GO> LALT <GO> LMX <GO> NI DEALSPACE <GO>

INDUSTRY

Euromarkets Bonds 1st 3Q 2012 Notable Highlights

MARKET SHARE

0%

1%

2%

3%

4%

5%

6%

7%

8%

Deutsche Bank

AG

HSBC Bank PLC Barclays BNP Paribas

Group

JP Morgan

1st 3Q 2010 1st 3Q 2011 1st 3Q 2012

$0 $500 $1,000 $1,500 Diversified

Energy Basic Materials

Communications

Industrial Consumer, Non-cyclical

Consumer, Cyclical

Utilities Government Financial

Total Volume (USD Bln)

1st 3Q 2012 1st 3Q 2011

Number of Deals 8,598

Volume USD (Mln) 1,825,016

Average Deal Size USD (Mln) 212.26

Underwriter Deutsche Bank AG

Number of Deals 678

Volume USD (Mln) 118,797.47

Average Deal Size USD (Mln) 175.22

Summary

Top Underwriter

(Mln) Coupon Maturity

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LEAG <GO> LREP <GO> NI LEAG CRL <GO> LALT <GO> LMX <GO> NI DEALSPACE <GO>

Consumer, Cyclical

Technology Industrial Communications

Basic Materials

Consumer, Non-cyclical

Government

Utilities Diversified Energy Financial

1st 3Q 2012 1st 3Q 2011

INDUSTRY

Asia ex-Japan G3 Currency Bonds 1st 3Q 2012 Notable Highlights

Total Volume (USD Million)

MARKET SHARE

Avg Deal Size (Mln) $537.61

Summary

Top Underwriter

0%

2%

4%

6%

8%

10%

12%

14%

16%

HSBC Citi JP Morgan Goldman Sachs Standard

Chartered Bank

1st 3Q 2012 1st 3Q 2011 1st 3Q 2010

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Corporate Bonds (All)

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

Underwriter League Tables

6.1 1

5.0 4

5.3 3

5.5 2

4.5 5

4.3 7

3.8 8

4.5 6

3.2 9

3.0 11

3.1 10

3.0 12

1.5 16

1.7 14

1.4 17

2.1 13

1.4 18

0.9 22

0.9 23

0.7 29

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

*

Includes all eligible corporate bonds worldwide Volume in USD millions.

Basic Materials 4.75%

Consumer Prod/Svcs 13.98%

Financial 51.79%

Government 2.46%

Industrial 7.52%

Oil/Gas/Elect 13.49%

Tech/Comm 6.00%

Total: 100.00%

INDUSTRY BREAKDOWN

500,000 600,000 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000

4200 4400 4600 4800 5000 5200 5400 5600 5800 6000

QUARTERLY VOLUME

2

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International Bonds

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

5.8 3

6.9 2

7.0 1

4.5 7

5.5 4

5.0 5

4.2 8

3.7 9

4.7 6

2.8 13

3.0 11

3.2 10

3.0 12

2.4 14

2.2 15

1.7 18

1.4 20

1.8 16

1.3 21

1.6 19

*

Includes all eligible international bonds; bonds that can be sold outside their domestic market Volume in USD millions.

Financial 46.39%

Government 28.49%

Industrial 3.39%

Oil/Gas/Elect 6.65%

Tech/Comm 3.75%

Total: 100.00%

INDUSTRY BREAKDOWN

600,000 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000 1,300,000 1,400,000 1,500,000

2200 2400 2600 2800 3000 3200 3400 3600 3800 4000

QUARTERLY VOLUME

3

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Global Bonds

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

12.5 2

13.7 1

7.2 6

7.0 7

7.5 5

5.8 8

8.9 4

9.5 3

4.3 9

4.1 10

3.1 12

1.9 14

2.8 13

3.6 11

1.4 16

1.6 15

0.9 17

0.1 28

0.7 19

0.2 23

*

Includes all eligible bonds where Market of Issue is Global Volume in USD millions.

Financial 23.83%

Government 39.57%

Industrial 3.79%

Oil/Gas/Elect 7.66%

Tech/Comm 6.91%

Total: 100.00%

INDUSTRY BREAKDOWN

80,000 120,000 160,000 200,000 240,000 280,000 320,000 360,000 400,000 440,000

80 120 160 200 240 280 320

QUARTERLY VOLUME

4

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High Yield (All)

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

11.0 1

9.6 2

9.3 3

8.4 4

8.4 5

7.5 6

6.6 7

3.0 11

6.0 8

3.3 10

2.0 14

3.4 9

2.3 13

2.4 12

1.4 16

1.8 15

0.6 22

0.3 29

0.3 32

0.4 24

*

Financial 15.83%

Industrial 8.94%

Tech/Comm 17.91%

Total: 100.00%

INDUSTRY BREAKDOWN

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000

0 40 80 120 160 200 240 280 320

QUARTERLY VOLUME

5

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Euro Bonds

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

5.7 3

6.3 2

4.3 6

6.8 1

4.6 5

5.1 4

3.8 7

2.4 14

3.5 8

2.5 13

3.1 11

2.0 18

3.1 10

2.4 15

2.2 16

2.8 12

3.3 9

1.5 23

1.8 20

1.5 24

*

Includes all eligible bonds denominated in euros Volume in EUR millions.

Financial 55.19%

Government 26.69%

Industrial 3.09%

Oil/Gas/Elect 5.16%

Tech/Comm 2.39%

Total: 100.00%

INDUSTRY BREAKDOWN

200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000

1000 1200 1400 1600 1800 2000

QUARTERLY VOLUME

6

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Yen Bonds

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

20.3 1

19.4 2

16.2 3

14.4 4

13.7 5

3.2 6

1.4 9

1.2 10

2.2 8

2.6 7

Citi 10 1.5 164 0.32 31 (1.1)

0.6 14

0.8 13

0.4 15

0.2 18

0.4 16

0.2 21

0.9 12

1.0 11

RBS 18 0.2 24 0.32 9 (0.8)

-

0.2 19

*

Includes all eligible bonds denominated in JPY.

Financial 43.19%

Government 23.45%

Industrial 6.25%

Oil/Gas/Elect 6.09%

Tech/Comm 2.46%

Total: 100.00%

INDUSTRY BREAKDOWN

2,800 3,200 3,600 4,000 4,400 4,800 5,200 5,600

160 180 200 220 240 260 280

QUARTERLY VOLUME

7

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U.S Bonds

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

12.9 1

8.5 4

10.2 2

10.2 3

7.0 7

6.9 8

7.8 5

7.1 6

4.4 9

3.1 13

3.7 11

4.0 10

3.4 12

1.8 14

0.3 21

0.3 24

0.3 20

0.2 34

0.6 15

0.3 25

*

Includes U.S Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD Volume in USD millions.

Financial 31.72%

Government 26.07%

Industrial 4.53%

Tech/Comm 7.20%

Total: 100.00%

INDUSTRY BREAKDOWN

300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000

2000 2200 2400 2600 2800 3000 3200

QUARTERLY VOLUME

8

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U.S Agencies

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

10.4 2

13.1 1

8.5 4

8.5 3

7.3 5

6.1 6

4.7 8

4.8 7

2.9 11

3.3 10

4.1 9

2.2 14

2.7 12

0.6 25

2.2 15

0.2 38

-

1.5 17

1.4 18

1.1 19

*

Includes Sovereign Agency issues These issues are exempt from the 18-month call rule Volume in USD millions.

Fannie Mae 31.30% Federal Farm Credit Banks 13.44% Federal Home Loan Banks 34.80% Federal Home Loan Mortgage Corp 20.46% Total: 100.00% Agency Breakdown

180,000 200,000 220,000 240,000 260,000 280,000 300,000 320,000 340,000 360,000

1200 1400 1600 1800 2000 2200 2400 2600 2800

QUARTERLY VOLUME

9

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Euromarket Bonds

FIRM

MKT SHARE

DEAL COUNT VOLUME

MKT SHARE RANK

MKT SHARE CHG (%)

DISCL FEES (%)*

2011 2012

7.1 1

5.9 2

5.0 4

5.5 3

3.4 7

4.1 5

3.2 10

3.5 6

3.3 8

3.1 11

3.2 9

2.7 13

2.8 12

2.3 16

1.9 18

1.7 19

2.5 14

2.2 17

1.7 20

2.4 15

*

Includes all eligible Euromarket bonds Volume in USD millions.

Financial 54.55%

Government 25.56%

Industrial 3.28%

Oil/Gas/Elect 5.16%

Tech/Comm 2.76%

Total: 100.00%

INDUSTRY BREAKDOWN

400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

2000 2200 2400 2600 2800 3000 3200 3400 3600

QUARTERLY VOLUME

10

Tiêu đề	Global fixed income review
Tác giả	Bloomberg Finance L.P.
Chuyên ngành	Finance
Thể loại	Release
Năm xuất bản	2012

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Số trang	20
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