Tài liệu GLOBAL FIXED INCOME doc

// 1st 4UWV 2012 League – 1st 4UWV 2012 League Tables – 1st 4UWV2012 League */2%$/ ),;(' ,1&20(  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. Bloomberg LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO> 1 ©2012Bloomberg Finance L.P. All rights reserved. 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 09/29/2012 Email Fax Phone Contact +1-212-617-7715 dcovello@bloomberg.net +1-917-369-7306Daniel 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) Asia-Pac (SG) pnguyen32@bloomberg.net +65-6212-1635+65-6212-1535 Phuong Anh Nguyen 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. Bloomberg ©2012 Bloomberg Finance L.P. All rights reserved. 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 1 st 3Q Volume by Region Global Fixed Income Review Western Europe (39%) North Ameri ca ( 29%) Asia Pacific (26%) Latin America & Caribbean (3%) Eas tern Europe (2%) Middle East & Africa (1%) Regional Deal Activity Industry Sector Deal Activity Total Volume by Industry (1st 3Q 2012) Bloomberg ©2012 Bloomberg Finance L.P. All rights reserved. LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO> Global Fixed Income Review Global Bond Quarterly Volume US Corporate Bond Quarterly Volume EMEA Corporate Bond Quarterly Volume APAC Corporate Bond Quarterly Volume Global Fixed Income Review 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 Issuance Volu me U SD (Billions) Vol ume 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 Issuance Volume in USD (Billions) Vol ume 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 in USD (Billions) Issuance Vol ume 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 Issuance Volume U SD (Billions) Vol ume Deal Count Bloomberg ©2012 Bloomberg Finance L.P. All rights reserved. LEAG <GO> LREP <GO> LMX <GO> LALT <GO> LEAG <GO> LREP <GO> Global Fixed Income Review 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 1 st 3Q Notable Highlights INDUSTRY MARKET SHARE Global Fixed Income Review Announcement Date Issuer Underwriter Amount (Mln) Coupon Maturity 2/8/2012 KFW CS,HSBC,MS $5,000 1.250% 2/15/2017 1/5/2012 KFW BARCS,GS,JPM $4,500 1.000% 1/12/2015 1/19/2012 GOLDMAN SACHS GROUP INC GS $4,250 5.750% 1/24/2022 4/17/2012 KFW BARCS,MS,UBS $4,000 0.625% 4/24/2015 5/24/2012 UNITED TECHNOLOGIES CORP BAML,BNPPAR,CITI,DB,GS,HSBC,JPM,RBS $3,500 4.500% 6/1/2042 9/14/2012 REYNOLDS GROUP ISSUER CS $3,250 5.750% 10/15/2020 9/26/2012 KFW BARCS,BNPPAR,UBS $3,000 2.000% 10/4/2022 9/19/2012 JPMORGAN CHASE & CO JPM $3,000 3.250% 9/23/2022 8/28/2012 KFW BNPPAR,DB,JPM $3,000 0.875% 9/5/2017 7/11/2012 ANHEUSER-BUSCH INBEV WORLDWIDE INC BAML,BARCS,BNPPAR,DB,JPM,MIZUHO,MUFG,RBS,SG $3,000 2.500% 7/15/2022 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 % Market Share Number of Deals 5,866 Volume (Mln) $1,127,532.00 Avg Deal Size (Mln) $192.21 Unde rwri ter JP Morga n Number of Deals 830 Volume (Mln) $40,299.95 Summary Top Underwriter Bloomberg LEAG <GO> LREP <GO> NI LEAG CRL <GO> LALT <GO> LMX <GO> NI DEALSPACE <GO> © 2012 Bloomberg Finance L.P. All rights reserved. INDUSTRY Euromarkets Bonds 1 st 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 Market Share 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 Unde rwrite r Deutsche Bank AG Number of Deals 678 Volume USD (Mln) 118,797.47 Average Deal Size USD (Mln) 175.22 Summary Top Underwriter Announcement Date Issuer Underwriter Amount (Mln) Coupon Maturity 03/19/2012 BUONI POLIENNALI DEL TES INTES,UNICRD $9,653 2.450% 26/03/2016 04/24/2012 UK TSY 3 3/4% 2052 BSSA,DB,NOMURA,RBS $7,669 3.750% 22/07/2052 01/24/2012 UK TSY 3 3/4% 2052 BARCS,CS,HSBCL,MS $7,422 3.750% 22/07/2052 07/10/2012 EFSF CACIB,MS,UNICRD $7,350 1.625% 15/09/2017 02/14/2012 KFW BARCS,COBA,RBCCM $6,567 1.375% 21/02/2017 09/19/2012 KFW CITI,COBA,GS $6,524 0.875% 13/10/2017 09/20/2012 TSY 0 1/4% 2052 I/L GILT MS,RBS,SG,UBS $6,486 0.250% 22/03/2052 01/11/2012 EUROPEAN INVESTMENT BANK BNPPAR,DB,HSBCL,JPM $6,353 1.625% 15/01/2015 Bloomberg LEAG <GO> LREP <GO> NI LEAG CRL <GO> LALT <GO> LMX <GO> NI DEALSPACE <GO> © 2012 Bloomberg Finance L.P. All rights reserved. 0 10,000 20,000 30,000 40,000 50,000 60,000 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 1 st 3Q 2012 Notable Highlights Total Volume (USD Million) MARKET SHARE Announcement Date Issuer Underwriter Amount (Mln) Coupon Maturity 4/17/2012 REPUBLIC OF INDONESIA SCB,JPM $2,000 3.750% 4/25/2022 1/9/2012 REPUBLIC OF INDONESIA HSBCL,JPM,SCB $1,750 5.250% 1/17/2042 5/21/2012 1MDB ENERGY LTD GS $1,750 5.990% 5/11/2022 5/30/2012 HUTCHISON WHAMPOA BARCS,DB,JPM $1,546 2.500% 6/6/2017 4/25/2012 CNOOC FINANCE 2012 LTD BARCS,BOC,CI TI $1,500 3.875% 5/2/2022 1/4/2012 REPUBLIC OF PHILIPPINES CITI,CS,DB,GS,HSBCL,JPM,SCB,UBS $1,500 5.000% 1/13/1937 7/25/2012 STATE BANK INDIA/LONDON BAML,BARCS,CITI,DB,JPM,UBS $1,250 4.125% 8/1/2017 4/26/2012 PERTAMI NA PT BARCS,CI TI ,HSBCL $1,250 6.000% 5/3/1942 4/26/2012 PERTAMI NA PT BARCS,CI TI ,HSBCL $1,250 4.875% 5/3/2022 1/4/2012 EXPORT-IMPORT BK KOREA BAML,BNPPAR,CITI,DB,HSBCL,RBS $1,250 4.000% 1/11/2017 Number of Deals 188 Volume (Mln) $101,071 Avg Deal Size (Mln) $537.61 Unde rwri ter HSBC Number of Deals 85 Volume (Mln) $14,238.36 Summary Top Underwriter 0% 2% 4% 6% 8% 10% 12% 14% 16% HSBC Citi JP Morgan Goldman Sachs Standard Chartered Bank Market Share 1st 3Q 2012 1st 3Q 2011 1st 3Q 2010 Bloomberg Corporate Bonds (All) 1/1/12 - 9/30/12 FIRM USD (Mln) RANK MKT SHARE DEAL COUNT VOLUME MKT SHARE RANK MKT SHARE CHG (%) DISCL FEES (%)* 2011 2012 Underwriter League Tables 6.1 1 JP Morgan 195,599 0.60 1159 1 6.7 0.6 5.0 4 Citi 162,182 0.57 1035 2 5.5 0.5 5.3 3 Bank of America Merrill Lynch 141,758 0.71 2038 3 4.8 (0.5) 5.5 2 Deutsche Bank AG 140,475 0.49 915 4 4.8 (0.7) 4.5 5 Barclays 128,559 0.53 996 5 4.4 (0.1) 4.3 7 Goldman Sachs & Co 126,489 0.53 600 6 4.3 - 3.8 8 HSBC Bank PLC 125,582 0.34 903 7 4.3 0.5 4.5 6 Morgan Stanley 124,547 0.53 1761 8 4.2 (0.3) 3.2 9 UBS 94,124 0.68 941 9 3.2 - 3.0 11 Credit Suisse 87,905 0.57 541 10 3.0 - 3.1 10 BNP Paribas Group 85,790 0.36 508 11 2.9 (0.2) 3.0 12 RBS 75,025 0.49 522 12 2.6 (0.4) 1.5 16 Wells Fargo & Co 66,721 0.91 1543 13 2.3 0.8 1.7 14 RBC Capital Markets 57,095 0.72 423 14 1.9 0.2 1.4 17 Credit Agricole CIB 46,888 0.37 227 15 1.6 0.2 2.1 13 UniCredit 45,522 0.50 210 16 1.6 (0.5) 1.4 18 Societe Generale 41,732 0.24 216 17 1.4 - 0.9 22 Mizuho Financial Group Inc 35,747 0.36 299 18 1.2 0.3 0.9 23 Nomura Holdings Inc 29,932 0.32 325 19 1.0 0.1 0.7 29 DZ Bank AG 28,711 0.08 322 20 1.0 0.3 TOTAL 100% 100% 2,934,000 15,6350.52 2,581,890 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 2009 Q1 2009 Q 2 2009 Q3 2009 Q 4 2010 Q1 2010 Q2 2010 Q 3 2010 Q4 2011 Q 1 2011 Q2 2011 Q3 2011 Q 4 2012 Q1 2012 Q 2 2012 Q 3 QUARTERLY VOLUME USD (Mln) / #Deals 2 ©2012Bloomberg Finance L.P. All rights reserved. LEAG <GO> LREP <GO> LEAG <GO> LALT <GO> LMX <GO> LREP <GO> Bloomberg International Bonds 1/1/12 - 9/30/12 FIRM USD (Mln) RANK MKT SHARE DEAL COUNT VOLUME MKT SHARE RANK MKT SHARE CHG (%) DISCL FEES (%)* 2011 2012 Underwriter League Tables 5.8 3 JP Morgan 212,771 0.41 1011 1 7.2 1.4 6.9 2 Barclays 203,287 0.25 899 2 6.9 - 7.0 1 Deutsche Bank AG 191,153 0.29 948 3 6.5 (0.5) 4.5 7 Citi 165,785 0.38 795 4 5.6 1.1 5.5 4 HSBC Bank PLC 165,583 0.28 879 5 5.6 0.1 5.0 5 BNP Paribas Group 139,193 0.21 637 6 4.7 (0.3) 4.2 8 Goldman Sachs & Co 120,890 0.36 466 7 4.1 (0.1) 3.7 9 Bank of America Merrill Lynch 119,560 0.48 627 8 4.1 0.4 4.7 6 UBS 119,458 0.23 598 9 4.1 (0.6) 2.8 13 Morgan Stanley 104,923 0.40 464 10 3.6 0.8 3.0 11 Credit Suisse 102,640 0.29 491 11 3.5 0.5 3.2 10 RBS 87,269 0.37 479 12 3.0 (0.2) 3.0 12 UniCredit 79,432 0.35 354 13 2.7 (0.3) 2.4 14 Credit Agricole CIB 77,591 0.21 295 14 2.6 0.2 2.2 15 Societe Generale 65,375 0.19 273 15 2.2 - 1.7 18 RBC Capital Markets 49,105 0.36 296 16 1.7 - 1.4 20 DZ Bank AG 46,210 0.11 459 17 1.6 0.2 1.8 16 Natixis 45,155 0.23 200 18 1.5 (0.3) 1.3 21 Commerzbank AG 36,131 0.20 197 19 1.2 (0.1) 1.6 19 Landesbank Baden-Wuerttemberg 35,871 0.04 298 20 1.2 (0.4) TOTAL 100% 100% 2,940,880 9,7210.32 2,910,980 Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value * Includes all eligible international bonds; bonds that can be sold outside their domestic market. Volume in USD millions. Basic Materials 3.13% Consumer Prod/Svcs 8.20% 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 2009 Q1 2009 Q 2 2009 Q3 2009 Q 4 2010 Q1 2010 Q2 2010 Q 3 2010 Q4 2011 Q 1 2011 Q2 2011 Q3 2011 Q 4 2012 Q1 2012 Q 2 2012 Q 3 QUARTERLY VOLUME USD (Mln) / #Deals 3 ©2012Bloomberg Finance L.P. All rights reserved. LEAG <GO> LREP <GO> LEAG <GO> LALT <GO> LMX <GO> LREP <GO> Bloomberg Global Bonds 1/1/12 - 9/30/12 FIRM USD (Mln) RANK MKT SHARE DEAL COUNT VOLUME MKT SHARE RANK MKT SHARE CHG (%) DISCL FEES (%)* 2011 2012 Underwriter League Tables 12.5 2 JP Morgan 94,115 0.43 358 1 13.1 0.6 13.7 1 Barclays 76,910 0.25 185 2 10.7 (3.0) 7.2 6 Citi 70,525 0.40 253 3 9.8 2.6 7.0 7 Deutsche Bank AG 57,103 0.30 182 4 7.9 0.9 7.5 5 Bank of America Merrill Lynch 52,481 0.53 245 5 7.3 (0.2) 5.8 8 Morgan Stanley 48,705 0.41 191 6 6.8 1.0 8.9 4 Goldman Sachs & Co 46,117 0.41 162 7 6.4 (2.5) 9.5 3 UBS 40,472 0.23 117 8 5.6 (3.9) 4.3 9 BNP Paribas Group 35,993 0.21 117 9 5.0 0.7 4.1 10 HSBC Bank PLC 34,804 0.27 119 10 4.8 0.7 3.1 12 Credit Suisse 30,804 0.32 105 11 4.3 1.2 1.9 14 Wells Fargo & Co 24,909 0.62 122 12 3.5 1.6 2.8 13 RBS 18,647 0.49 103 13 2.6 (0.2) 3.6 11 RBC Capital Markets 18,126 0.33 65 14 2.5 (1.1) 1.4 16 CIBC 8,105 0.09 15 15 1.1 (0.3) 1.6 15 TD Securities 7,356 0.10 19 16 1.0 (0.6) 0.9 17 BMO Capital Markets 5,229 0.24 10 17 0.7 (0.2) 0.1 28 Mitsubishi UFJ Financial 4,575 0.54 30 18 0.6 0.5 0.7 19 National Bank Financial Inc 4,401 0.06 9 19 0.6 (0.1) 0.2 23 US Bancorp 4,299 0.52 29 20 0.6 0.4 TOTAL 100% 100% 718,907 8090.36 599,087 Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value * Includes all eligible bonds where Market of Issue is Global. Volume in USD millions. Basic Materials 4.86% Consumer Prod/Svcs 13.38% 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 2009 Q1 2009 Q 2 2009 Q3 2009 Q 4 2010 Q1 2010 Q2 2010 Q 3 2010 Q4 2011 Q 1 2011 Q2 2011 Q3 2011 Q 4 2012 Q1 2012 Q 2 2012 Q 3 QUARTERLY VOLUME USD (Mln) / #Deals 4 ©2012Bloomberg Finance L.P. All rights reserved. LEAG <GO> LREP <GO> LEAG <GO> LALT <GO> LMX <GO> LREP <GO> [...]... Bloomberg Professional: {IDOC 2016703}: Fixed Income {IDOC 2016701}: Equity {IDOC 2065648}: Syndicated Loans {IDOC 2021549}: Legal Adviser Equity {IDOC 2061504}: Structured Notes {IDOC 2027097}: Equity Linked {IDOC 2027014}: Legal Adviser Fixed Income Bloomberg L.P reserves the right of final decision concerning league eligibility and requires adequate documentation for the... Q2 12 Q 3 550 30,000 and mature in less than 12 months Volume in USD millions LEAG LREP ©2012Bloomberg Finance L.P All rights reserved LMX LALT LEAG LREP 13 Bloomberg Fixed Income - League Criteria General Guidelines Credit is based on the total amount of the offering Full credit is awarded to sole book-running manager or split equally among joint book-running managers... 450,000 Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value 2400 400,000 Includes U.S Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD Volume in USD millions 2200 350,000 2000 20 0 9 20 Q1 09 20 Q2 09 20 Q3 09 20 Q4 10 20 Q1 10 20 Q2 10 20 Q3 10 20 Q4 11 20 Q1 11 20 Q2 11 20 Q3 11 20 Q4 12 20 Q1 12 20 Q2 . Professional: {IDOC 2016703<GO>}: Fixed Income {IDOC 2061504<GO>}: Structured Notes {IDOC 2016701<GO>}: Equity {IDOC 2027097<GO>}:. 2027097<GO>}: Equity Linked {IDOC 2065648<GO>}: Syndicated Loans {IDOC 2027014<GO>}: Legal Adviser Fixed Income {IDOC 2021549<GO>}: Legal