GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS. REUTERS / Shamil Zhumatov

Transcription

1 GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS REUTERS / Shamil Zhumatov First Quarter 018

2 GLOBAL CAPITAL MARKETS REVIEW Table of Contents Global Capital Markets Canada Capital Markets Global Deals Intelligence 1 Canada All Debt (CAL1) Issuer 6 Australia International Bonds (BW1) Issuer 10 Global Debt, Equity & Equityrelated Excluding FCA (G01) Issuer 1 Canada All Debt (CAL1) Manager 6 Australia International Bonds (BW) Manager 10 Global Debt, Equity & Equityrelated Excluding FCA (G01) Manager 1 Canada Equity & Equityrelated (CAL4) Issuer 6 Japan Capital Markets Quarterly Global Legal Advisor Debt, Equity and Equityrelated Chart 1 Canada Equity & Equityrelated (CAL4) Manager 6 Japan Equity & Equityrelated (JL1a) Issuer 11 Global Straight Debt Including ABS & MBS (G0) Issuer EMEA Capital Markets Japan Equity & Equityrelated (JLa) Manager 11 Global Straight Debt Including ABS & MBS (G0) Manager All International Bonds (AV1) Issuer 7 Samurai Bonds (JL5) Issuer 11 Global Straight Debt Excluding ABS & MBS (G03) Issuer All International a Bonds (AV) Manager age 7 Samurai a Bonds (JL6) Manager age 11 Global Straight Debt Excluding ABS & MBS (G03) Manager EMEA Equity & Equityrelated (AX1) Issuer 7 Global Equity & Equityrelated (G08) Issuer 3 EMEA Equity & Equityrelated (AX) Manager 7 Criteria Summary Global Equity & Equityrelated (G08) Manager 3 Ranking Criteria Summary 1 US Capital Markets Asia Pacific (Ex Japan) Capital Markets Asia Equity & Equityrelated (BX1) Issuer 8 Thomson Reuters Contact 1 US Debt, Equity & Equity Related (AB1) Issuer US Debt, Equity & Equity Related (AB1) Manager 4 4 Asia Equity & Equityrelated (BX) Manager Asia Pacific G3 Bonds (BV1) Issuer 8 8 Thomson Reuters Solutions For the Deal Making Community 13 US Equity & Equity Related (AB) Issuer 4 Asia Pacific G3 Bonds (BV) Manager 8 US Equity & Equity Related (AB) Manager US Straight Debt Including ABS & MBS (AB6) Issuer 4 5 Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) Issuer Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) Manager 9 9 US Straight Debt Including ABS & MBS (AB6) Manager 5 Australia Equity & Equityrelated (BY1) Issuer 10 US Straight Debt Excluding ABS & MBS (AB7) Issuer 5 Australia Equity & Equityrelated (BY) Manager 10 US Straight Debt Excluding ABS & MBS (AB7) Manager 5

3 GLOBAL CAPITAL MARKETS REVIEW Global Debt & Equity Proceeds Down 5% Equity Proceeds Up % Straight Debt Proceeds Down 9% Total combined debt and equity capital markets activity totaled US$ trillion for the first quarter 018, an decrease of 5% in comparison to the capital raised in the same period last year. Allen & Overy was the top overall advisor to issuers across debt and equity in the first quarter of 018; advising issuers on 74 deals totaling US$46. billion. Allen & Overy was also the top overall advisor to managers across debt and equity in the first three months of 018; advising managers on 65 transactions totaling US$177.4 billion. Global Straight Debt excluding securitizations totaled US$1.6 trillion in the first quarter of 018, representing a 8.5% decrease compared to the first quarter of 017. The total number of deals executed in the first quarter 018 (4,147) decreased by 1.7% relative to the same period in 017. Global equity capital markets activity totaled US$03.7 billion in the first quarter of 018, representing a.3% increase from the same period last year. The total number of deals executed in the first quarter of 018 (1,349) decreased by 3.9% relative to the first quarter of 017. Conyers Dill & Pearman took first place among issuer advisors in global equity capital markets during the first quarter of 018, with 31 issues totaling US$4.7 billion. Latham & Watkins was the leading global equity and equityrelated legal advisor to managers, having advised on a total of 44 transactions with a total value of US$10.7 billion in proceeds raised. Global followon offerings totaled US$14.1 billion during first quarter 018, a decrease of 8% compared to last year and the slowest first quarter for followon offerings since 016. Followon offerings from companies in the Technology sector accounted for 18% of capital raising during the first quarter of 018, up significantly from 8% of overall followon offerings a year ago. High grade corporate debt offerings targeted to the US marketplace totaled US$313.7 billion during the first quarter of 018, a % decrease compared to 017. Despite tripledigit percentage gains in the Retail, Materials and Consumer Staples sectors, the first quarter of 018 marks the first yearoveryear decline for the asset class since 013. Global Debt, Equity & Equityrelated Ex FCA (G01) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Allen & Overy , Latham & Watkins , * 3* , , Sidley Austin LLP 5 8* , King & Wood Mallesons , Anderson Mori & Tomotsune 7* 8* , Conyers Dill & Pearman 7* , Cleary Gottlieb Steen & Hamilton 9* , * , White & Case LLP 9* , Skadden 1 13* , Cooley LLP 13* 45* , Sullivan & Cromwell 13* , Morgan Lewis & Bockius 15 19* , Simpson Thacher & Bartlett 16 13* , Kirkland & Ellis 17 15* , McGuireWoods LLP 18* 41* , Shearman & Sterling LLP 18* , Appleby 0* 45* Grandall Law Firm 0* 15* , , ,038, % 11.0% 5.0% 19.7% Quarterly Global LegalAdvisor Debt, Equity and Equityrelated Global Debt, Equity & Equityrelated Ex FCA (G01) Proceeds (US$b),500,000 1,500 1, Proceeds (US$b) # of Issues 1Q1 Q 3Q 4Q 1Q13 Q 3Q 4Q 1Q14 Q 3Q 4Q 1Q15 Q 3Q 4Q 1Q16 Q 3Q 4Q 1Q17 Q 3Q 4Q 1Q18 8,000 7,000 6,000 5,000 4,000 3,000,000 1,000 0 # of Issues Manager Legal Advisor Rank Rank Deals hare # of Deals Proceeds Rank Sh (%) Share Ch. Allen & Overy , , , Latham & Watkins 4* , Sidley Austin LLP 4* , King & Wood Mallesons , Cahill Gordon & Reindel , Simpson Thacher & Bartlett , Sullivan & Cromwell , White & Case LLP , Cravath, Swaine & Moore , Morgan Lewis & Bockius 1 13* , Cleary Gottlieb Steen & Hamilton , * 19* , Shearman & Sterling LLP 14* 13* , Skadden 14* , Clifford Chance 17* , Hogan Lovells 17* , Cooley LLP 19 6* , Freshfields Bruckhaus Deringer , , ,038, % 5.0% 11.0% 19.7% Excludes Federal Credit Agency Issuance 1

4 GLOBAL DEBT CAPITAL MARKETS Global Straight Debt Including ABS & MBS (G0) Global Straight Debt Including ABS & MBS (G0) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Manager Legal Advisor Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Allen & Overy , Allen & Overy , * , , * , Sidley Austin LLP , Sidley Austin LLP * , , Latham & Watkins 5 4* , King & Wood Mallesons , * , Latham & Watkins , White & Case LLP 6* , Cahill Gordon & Reindel , Anderson Mori & Tomotsune , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton , Morgan Lewis & Bockius 9* , King & Wood Mallesons , White & Case LLP 9* , Sullivan & Cromwell 11 4* , Cravath, Swaine & Moore 11 13* , Kirkland & Ellis , Cleary Gottlieb Steen & Hamilton 1 15* , Skadden 13 15* , Sullivan & Cromwell , Morgan Lewis & Bockius 14 18* , * , McGuireWoods LLP 15* 1* , Skadden 14* 15* , Shearman & Sterling LLP 15* , Hogan Lovells 16 1* , Cravath, Swaine & Moore , Shearman & Sterling LLP 17 13* , Clifford Chance , Clifford Chance , McCarthy Tetrault 19 9* , Pinheiro Neto Advogados , Simpson Thacher & Bartlett 0 15* , Adnan Sundra and Low 0* 4* , , ,86,9.4 Nagashima Ohno & Tsunematsu 0* 3* , , ,86, % 5.% 6.4% 3.6% 11.0% 5.% 6.4% 3.6% Global Straight Debt Excluding ABS & MBS (G03) Global Straight Debt Excluding ABS & MBS (G03) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Manager Legal Advisor Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Allen & Overy , Allen & Overy , , , Latham & Watkins 3 3* , , * , King & Wood Mallesons , White & Case LLP 4* 9* , Latham & Watkins , Anderson Mori & Tomotsune 6* 7* , Cahill Gordon & Reindel , Sidley Austin LLP 6* , Simpson Thacher & Bartlett 7* , Cleary Gottlieb Steen & Hamilton 8 3* , Sidley Austin LLP 7* 10* , King & Wood Mallesons 9 9* , White & Case LLP 9 10* , Sullivan & Cromwell 10 3* , Cravath, Swaine & Moore , Skadden , Sullivan & Cromwell , McGuireWoods LLP 1* 0* , Skadden , Shearman & Sterling LLP 1* , Shearman & Sterling LLP , Cravath, Swaine & Moore 14* 18* , Cleary Gottlieb Steen & Hamilton 14* , Kirkland & Ellis 14* 14* , Hogan Lovells 14* 17* , Clifford Chance 16* 7* , Clifford Chance , * 18* , Pinheiro Neto Advogados , McCarthy Tetrault 18 34* , Nagashima Ohno & Tsunematsu 18 9* , Gibson Dunn & Crutcher 19 3* , Allen & Gledhill 19* 36* , Freshfields Bruckhaus Deringer 0* 14* , Freshfields Bruckhaus Deringer 19* 17* , Simpson Thacher & Bartlett 0* , Adnan Sundra and Low 19* * , , ,569,67.9 4, ,569, % 8.5% 5.0% 30.9% Excludes Federal Credit Agency Issuance 1.7% 5.0% 8.5% 30.9%

5 GLOBAL EQUITY CAPITAL MARKETS Global Equity & Equityrelated (G08) Global Equity & Equityrelated (G08) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Manager Legal Advisor Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Conyers Dill & Pearman 1 3* , Latham & Watkins , Cooley LLP 15* , , Latham & Watkins , Cooley LLP , King & Wood Mallesons 4 8* , * , Goodwin Procter LLP 5* 7* , Sidley Austin LLP 4* 6* , Handsome Attorneys at Law 5* 10* Goodwin Procter LLP 6 10* , Appleby 7 15* Blake Cassels & Graydon 7* 1* , Grandall Law Firm 8* , Sullivan & Cromwell 7* 8* , M.V. Kini & Co 8* 43* Freshfields Bruckhaus Deringer 9* 6* , Troutman Sanders LLP 10 35* Mintz Levin Cohn Ferris Glovsky & Popeo 9* 18* Cassels Brock & Blackwell LLP 11* 4* Simpson Thacher & Bartlett 9* , Grandway Law Offices 11* 3* , Clifford Chance 1* 6* , Maples & Calder 11* 59* Cahill Gordon & Reindel 1* 0* , Mori Hamada & Matsumoto 11* 43* , Ellenoff Grossman Schole & Cyruli 14* 8* Norton Rose Fulbright 11* 43* , Miller Thomson 14* 38* Simpson Thacher & Bartlett 11* 4* , Shearman & Sterling LLP 14* 3* , Skadden 11* 4* , Stikeman Elliott 14* 6* Wilson Sonsini Goodrich & Rosati 11* 0* , Cassels Brock & Blackwell LLP 18* 0* Anderson Mori & Tomotsune 19 35* , Covington & Burling 18* 15* Baker & McKenzie 0* 15* , Commerce & Finance Law Offices 18* 38* Cleary Gottlieb Steen & Hamilton 0* 49* , Kirkland & Ellis 18* 86* Hogan Lovells 0* 35* , Ropes & Gray 18* 53* , , ,658.9 Squire Patton Boggs LLP 18* 53* Norton Rose Fulbright 18* 1* %.3% 1, , % 3.9% 3.9%.3%.5% 3.9% 3

6 US CAPITAL MARKETS REVIEW US Debt, Equity & Equity Related (AB1) US Debt, Equity & Equity Related (AB1) Manager Legal Advisor Latham & Watkins , , * , Latham & Watkins , * , Sidley Austin LLP , Skadden 3* , Cahill Gordon & Reindel , Cleary Gottlieb Steen & Hamilton , Simpson Thacher & Bartlett , Cooley LLP 6 3* , Allen & Overy 6* , Sidley Austin LLP , Cravath, Swaine & Moore 6* , Kirkland & Ellis , Cleary Gottlieb Steen & Hamilton , Simpson Thacher & Bartlett 9 7* , Sullivan & Cromwell , McGuireWoods LLP 10* 19* , , Sullivan & Cromwell 10* , Skadden 11 8* , Goodwin Procter LLP 1 9* , Cooley LLP 1* 19* , Gibson Dunn & Crutcher , Morgan Lewis & Bockius 1* , Cravath, Swaine & Moore 14* 13* , Shearman & Sterling LLP , Morgan Lewis & Bockius 14* 13* , Goodwin Procter LLP , Vinson & Elkins LLP 14* , * , Shearman & Sterling LLP , Kirkland & Ellis 17* 49* , Allen & Overy 18* , White & Case LLP 17* 16* , Paul, Weiss 18* , Dechert 19* 5* , Wilson Sonsini Goodrich & Rosati 18* 3* , Mintz Levin Cohn Ferris Glovsky & Popeo 19* 5* , , , , % 9.8% 8.3% 9.9% 8.7% 8.3% 9.8% 9.9% US Equity & Equity Related (AB) US Equity & Equity Related (AB) Manager Legal Advisor Cooley LLP 1 4* , * , Goodwin Procter LLP 10* , Latham & Watkins 1* , Latham & Watkins , Cooley LLP , Wilson Sonsini Goodrich & Rosati 4 4* , Goodwin Procter LLP , Simpson Thacher & Bartlett 5* 7* , Cahill Gordon & Reindel 5* 9* , Skadden 5* 1* , Mintz Levin Cohn Ferris Glovsky & Popeo 5* 9* Vinson & Elkins LLP , Sidley Austin LLP 5* 13* , Cleary Gottlieb Steen & Hamilton 8* 3* , Simpson Thacher & Bartlett , Gibson Dunn & Crutcher 8* 7* 6.4 1, Ropes & Gray 9* 3* , Fried Frank Harris Shriver & Jacobson 8* 17* , Ellenoff Grossman Schole & Cyruli 9* 13* * 10* 5.0 1, Covington & Burling 11 6* Conyers Dill & Pearman 11* 51* , Cravath, Swaine & Moore 1* 13* , Ellenoff Grossman Schole & Cyruli 11* 51* Schiff Hardin LLP 1* 35* K&L Gates 11* 51* Kirkland & Ellis 1* 35* Mintz Levin Cohn Ferris Glovsky & Popeo 11* Shearman & Sterling LLP 1* , Venable LLP 11* , Sullivan & Cromwell 1* 13* , Alston & Bird 17* 1* Skadden 1* 9* , Gunderson Dettmer Stough Villeneuve Fr 17* 51* Clifford Chance 18* 3* , Maples & Calder 17* 51* Faegre Baker Daniels LLP 18* 35* Morgan Lewis & Bockius 17* 14* Freshfields Bruckhaus Deringer 18* 6* , Paul, Weiss 17* 14* , Proskauer Rose LLP 18* 17* Walkers 17* , Vinson & Elkins LLP 18* 6* , , % 1.5% 4.% 1.5% 0.4% 4.5% 0.4% 4.5% Excludes U.S. Federal Credit Agency Issuance 4

7 US CAPITAL MARKETS REVIEW US Straight Debt Including ABS & MBS (AB6) US Straight Debt Including ABS & MBS (AB6) Manager Legal Advisor , Sidley Austin LLP , Latham & Watkins , , * , Cahill Gordon & Reindel , Sidley Austin LLP 3* , Latham & Watkins , Kirkland & Ellis , Allen & Overy , Cleary Gottlieb Steen & Hamilton 6* , Simpson Thacher & Bartlett , Sullivan & Cromwell 6* , Cravath, Swaine & Moore , Skadden 8 9* , Cleary Gottlieb Steen & Hamilton 8 10* , McGuireWoods LLP , , Cravath, Swaine & Moore , Sullivan & Cromwell , Simpson Thacher & Bartlett 11* , Morgan Lewis & Bockius , Shearman & Sterling LLP 11* 9* , Skadden 1 10* , Morgan Lewis & Bockius 13 13* , , Allen & Overy 14* 13* , Shearman & Sterling LLP , Gibson Dunn & Crutcher 14* 16* , White & Case LLP , Dechert 16* 9* , Hunton & Williams , White & Case LLP 16* , Dechert 17* 0* , * 1* , Milbank Tweed Hadley & McCloy 17* , Vinson & Elkins LLP 18* 1* , Paul Hastings LLP 17* 36* , Paul, Weiss 0 16* , Arnold & Porter 0* 8* , ,135. Kirkland & Ellis 0* 44* , , % 9.0% 1.5% 8.9% 10.1% 9.0% 1.5% 8.9% US Straight Debt Excluding ABS & MBS (AB7) US Straight Debt Excluding ABS & MBS (AB7) Manager Legal Advisor Latham & Watkins 1 * , , , Cahill Gordon & Reindel 3* , Sullivan & Cromwell , Latham & Watkins , Cleary Gottlieb Steen & Hamilton 4 * , Simpson Thacher & Bartlett 4 3* , McGuireWoods LLP 5* , Cravath, Swaine & Moore , Skadden 5* 10* , Sidley Austin LLP 6* , Kirkland & Ellis , Allen & Overy 6* , Cravath, Swaine & Moore , Sullivan & Cromwell , Shearman & Sterling LLP 9 7* , Cleary Gottlieb Steen & Hamilton , Gibson Dunn & Crutcher 10* 15* , Skadden , Simpson Thacher & Bartlett 10* , * , Sidley Austin LLP 1* 7* , Shearman & Sterling LLP 11* , White & Case LLP 1* 10* , White & Case LLP , * 1* , Milbank Tweed Hadley & McCloy , * 3* , Hunton & Williams 15* 17* , Vinson & Elkins LLP 14* 18* , * 33* , Paul, Weiss 17 15* , Paul Hastings LLP 15* 33* , Willkie Farr & Gallagher , Gibson Dunn & Crutcher 18* , Allen & Overy 19* 1* , Freshfields Bruckhaus Deringer 18* 6* , Clifford Chance 19* 7* , Pinheiro Neto Advogados 18* , Jones Day 19* 7* , Vinson & Elkins LLP 18* 1* , , , % 6.1% 13.4% 43.5% Excludes Federal Credit Agency Issuance 19.1% 6.1% 13.4% 43.5% 5

8 CANADA CAPITAL MARKETS REVIEW Canada All Debt (CAL1) Canada All Debt (CAL1) Proceeds per Advisor (C$m) Proceeds per Advisor (C$m) Manager Legal Advisor McCarthy Tetrault 1 4* , McCarthy Tetrault , Blake Cassels & Graydon , Allen & Overy * 7* Norton Rose Fulbright 3 4* Blake Cassels & Graydon * 9* , Osler Hoskin & Harcourt LLP Sullivan & Cromwell * Davies Ward Phillips & Vineberg LLP 5* 8* Osler Hoskin & Harcourt LLP * Gibson Dunn & Crutcher 5* * * * 1.1 6* 9* Hunton & Williams 5* * 1.1 Stikeman Elliott 6* 3* Freshfields Bruckhaus Deringer 5* Simpson Thacher & Bartlett 6* Sullivan & Cromwell 5* Shearman & Sterling LLP 5* 8* , , % 4.7% 4.1% 0.8% 4.9% 4.7% 4.1% 0.8% Canada Equity & Equityrelated (CAL4) Canada Equity & Equityrelated (CAL4) Proceeds per Advisor (C$m) Proceeds per Advisor (C$m) Manager Legal Advisor Cassels Brock & Blackwell LLP Blake Cassels & Graydon , Troutman Sanders LLP 8* Cassels Brock & Blackwell LLP * Norton Rose Fulbright 3 13* Stikeman Elliott * Blake Cassels & Graydon 4* 1* McCarthy Tetrault 4 10* Fasken Martineau DuMoulin LLP 4* 8* Borden Ladner Gervais LLP 5* Stikeman Elliott 4* 4* Miller Thomson 5* 17* Goodmans 7* Osler Hoskin & Harcourt LLP 5* 6* McCarthy Tetrault 7* 4* Paul, Weiss 5* 6* Gowling WLG 7* 13* Wildeboer Dellelce LLP 5* 17* Bennett Jones 10* 13* Bennett Jones 10* Borden Ladner Gervais LLP 10* 13* Burnet Duckworth & Palmer 10* 10* * Osler Hoskin & Harcourt LLP 10* 8* Dentons Canada LLP 10* Torys 10* 4* * Baker & McKenzie 14* Latham & Watkins 10* 17* Bryan & Company 14* DLA Piper LLP 10* * 0.5 Dentons Canada LLP 14* 19* Norton Rose Fulbright 10* 10* Fogler Rubinoff 14* Torys 10* 10* Cleary Gottlieb Steen & Hamilton 14* Mintz Levin Cohn Ferris Glovsky & Popeo 10* 17* * ,000.5 LaBarge Weinstein 14* Morton Law LLP 14* % 40.0% McInnes Cooper & Robertson 14* % 4.8% Paul, Weiss 14* 4* * Skadden 14* 19* * Goodwin Procter LLP 14* 19* , % 6.% 40.0% 4.8% 6

9 INTERNATIONAL DCM AND EMEA ECM All International Bonds All International Bonds Manager Legal Advisor Allen & Overy , Allen & Overy , , , Latham & Watkins , , Sidley Austin LLP , King & Wood Mallesons , White & Case LLP , Sidley Austin LLP , , Latham & Watkins , , Simpson Thacher & Bartlett 7 7* , Cleary Gottlieb Steen & Hamilton 8* , Cahill Gordon & Reindel , King & Wood Mallesons 8* , White & Case LLP , Anderson Mori & Tomotsune 10* , Cleary Gottlieb Steen & Hamilton , Sullivan & Cromwell 10* , Hogan Lovells , Kirkland & Ellis , Cravath, Swaine & Moore , Clifford Chance 13* , Skadden 13* , Shearman & Sterling LLP 13* , Sullivan & Cromwell 13* 7* , Skadden , Shearman & Sterling LLP , Simpson Thacher & Bartlett 16 14* , Clifford Chance , Cravath, Swaine & Moore 17* 18* , , Freshfields Bruckhaus Deringer 17* 14* , Nagashima Ohno & Tsunematsu 18 6* , Gibson Dunn & Crutcher 17* 1* , Paul Hastings LLP 19 34* , McCarthy Tetrault 17* 7* , Morgan Lewis & Bockius , , ,17,44. 1, ,17, % 10.1% 1.0% 36.3% 14.7% 10.1% 1.0% 36.3% EMEA Equity & Equityrelated (AX1) EMEA Equity & Equityrelated (AX) Manager Legal Advisor 1 8* , * , Allen & Overy * Sullivan & Cromwell 1* 18* , Baker & McKenzie * 6* Simmons & Simmons 3 18* White & Case LLP * , Covington & Burling 4* 10* Freshfields Bruckhaus Deringer 5* 6* , Latham & Watkins 4* 4* , Goodwin Procter LLP 5* White & Case LLP 4* * 1* Allen & Overy 7* , Noerr LLP 5* 6* Freshfields Bruckhaus Deringer 7* 4* , Advokatfirmaet Thommessen AS 5* , Herbert Smith Freehills 7* 18* Latham & Watkins 5* 1* , Travers Smith 7* 6* Advokatfirman Vinge 11* 1* Bowman Gilfillan Africa Group 11* Bar & Karrer 11* 6* Baker & McKenzie 11* 18* Clifford Chance 11* 6* Cooley LLP 11* 18* CMS 11* 6* Hogan Lovells 11* 6* Eversheds Sutherland LLP 11* 6* Norton Rose Fulbright 11* 6* Hogan Lovells 11* 8* McDermott Will & Emery 11* 18* Haynes & Boone 11* Shearman & Sterling LLP 11* 18* , Mannheimer Swartling Advokatbyra 11* 6* ,94. Setterwalls 11* 1* Werksmans Attorneys 11* % 17.1% Vischer 11* % 0.0% ,94. Excludes Federal Credit Agency Issuance 13.9% 17.1% 5.9% 0.0% 7

10 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Equity & Equityrelated (BX1) Asia Equity & Equityrelated (BX) Manager Legal Advisor Conyers Dill & Pearman , Sidley Austin LLP 1 13* , King & Wood Mallesons * , * , Handsome Attorneys at Law * * 4* , Appleby Commerce & Finance Law Offices * 8* Grandall Law Firm 5* , Khaitan & Co 5* 1* , M.V. Kini & Co 5* 15* Loeb & Loeb 5* 4* Grandway Law Offices 7* , Squire Patton Boggs LLP 5* 1* Maples & Calder 7* 7* Cyril Amarchand Mangaldas 8* , Cyril Amarchand Mangaldas 9* 7* , Latham & Watkins 8* , Far East United Law Firm 9* 11* Minter Ellison 8* Jingtian & Gongcheng 9* 40* , Tian Yuan Law Firm 8* Kanga & Company 9* 11* Clifford Chance 1* * , Deheng Law Offices 13* 4* , Duane Morris & Selvam LLP 1* Zhong Lun Law Firm 13* , Fangda Partners 1* 1* , Shu Jin Law Firm 13* Freshfields Bruckhaus Deringer 1* CFN Lawyers 16* 7* Kirkland & Ellis 1* Crawford Bayley & Co 16* 0* King & Wood Mallesons 1* 13* , C & T Partners 16* 60* , Jingtian & Gongcheng 1* Beijing Dentons Law Offices LLP 19* 7* * 1* JunHe LLP 19* 15* Wilson Sonsini Goodrich & Rosati 1* Tian Yuan Law Firm 19* 11* Norton Rose Fulbright 1* 4* T & C Law Firm 19* 7* , , % 48.5% 3.5% 48.5% 4.6% 8.7% 4.6% 8.7% Asia Pacific G3 Bonds (BV1) Asia Pacific G3 Bonds (BV) Manager Legal Advisor 1* , Allen & Overy , Sidley Austin LLP 1* , * , Allen & Overy , * , Commerce & Finance Law Offices 4* 13* , Latham & Watkins 4* 7* , * 15* , Sidley Austin LLP 4* , Conyers Dill & Pearman , Skadden 6 11* , Latham & Watkins 7 8* , Commerce & Finance Law Offices 7* , Clifford Chance 8* 6* , Simpson Thacher & Bartlett 7* 13* , Zhong Lun Law Firm 8* 19* , Clifford Chance 9* Sullivan & Cromwell 8* , Cleary Gottlieb Steen & Hamilton 9* 7* , Allen & Gledhill 11* , Jia Yuan Law Offices 9* 13* JunHe LLP 11* 15* Milbank Tweed Hadley & McCloy 9* 13* Harney Westwood & Riegels 11* 1.1 1, * 19* , Paul Hastings LLP 11* 19* AllBright Law Offices 14* Skadden 11* 1.1 1, Baker & McKenzie 14* 13* , ,48.8 Freshfields Bruckhaus Deringer 14* 13* King & Wood Mallesons 14* 19* % 8.5% Jingtian & Gongcheng 14* * % 0.1% Haiwen & Partners 14* 7* Shearman & Sterling LLP 14* Paul Hastings LLP 14* 19* * Zhong Lun Law Firm 14* , % 8.5% 5.7% 0.1% 8

11 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) Manager Legal Advisor Sidley Austin LLP , Allen & Overy , , * , Commerce & Finance Law Offices 3* 10* , * , * 1* , Latham & Watkins 4 6* , Allen & Overy 5* 4* , Skadden 5 10* , Conyers Dill & Pearman 5* , Commerce & Finance Law Offices 6* 3.0 1, Latham & Watkins 7 6* , Sidley Austin LLP 6* 3.0 1, Clifford Chance 8* 6* , Clifford Chance 8* Zhong Lun Law Firm 8* 3.0 1, Cleary Gottlieb Steen & Hamilton 8* 6* , Allen & Gledhill 10* , Jia Yuan Law Offices 8* 1* JunHe LLP 10* 1* Milbank Tweed Hadley & McCloy 8* 1* Harney Westwood & Riegels 10* 1.3 1, Simpson Thacher & Bartlett 8* 1* Paul Hastings LLP 10* 15* AllBright Law Offices 13* Skadden 10* 1.3 1, Baker & McKenzie 13* , AllBright Law Offices 15* 15* Freshfields Bruckhaus Deringer 13* 1* Assegaf Hamzah & Partners 15* , King & Wood Mallesons 13* 16* Appleby 15* Jingtian & Gongcheng 13* * Cleary Gottlieb Steen & Hamilton 15* 6* * Haiwen & Partners 13* 6* Freshfields Bruckhaus Deringer 15* 15* , * 16* J Sagar Associates 15* 15* Shearman & Sterling LLP 13* Li & Partners 15* * 0.4 Paul Hastings LLP 13* 16* * Guantao Law Firm 15* Zhong Lun Law Firm 13* Milbank Tweed Hadley & McCloy 15* 6* , Cahill Gordon & Reindel 13* Shearman & Sterling LLP 15* 4* * ,488.8 Ogier & Le Massurier 15* Tian Yuan Law Firm 15* % 5.% White & Case LLP 15* % 1.0% Slaughter and May 15* , % 5.% 5.6% 1.0% 9

12 AUSTRALIA CAPITAL MARKETS REVIEW Australia Equity & Equityrelated (BY1) Australia Equity & Equityrelated (BY) Herbert Smith Freehills Gilbert + Tobin Nova Legal Dentons King & Wood Mallesons Thomson Geer 1 * * * 5* 5* 5* 017 # of Market Change in Rank Deals # of Deals * Rank Sh (%) Steinepreis Paganin 5.5% 145.1% 40.1% 44.5% Proceeds per Advisor (AU$m) Proceeds Rank Sh (%) Share Ch , , ,63.8 Proceeds per Advisor (AU$m) Manager Legal Advisor Gilbert + Tobin 1* * Baker & McKenzie 1* * Hogan Lovells 3* , % 145.1% 40.1% 44.5% Australia International Bonds (BW1) Australia International Bonds (BW) Manager Legal Advisor Anderson Mori & Tomotsune 1* Allen & Overy , Allen & Overy 1* 1* , Sidley Austin LLP , King & Wood Mallesons 3* 1* , * 1.3 1, Sullivan & Cromwell 3* , Simpson Thacher & Bartlett 3* * ,766.8 Debevoise & Plimpton 5* 5* 1.3 1, TMI Associates 5* 8* % 30.0% , % 0.0% 10.4% 19.4% 30.0% 0.0% 10

13 JAPAN CAPITAL MARKETS REVIEW Japan Equity & Equityrelated (JL1a) Japan Equity & Equityrelated (JLa) Manager Legal Advisor Mori Hamada & Matsumoto 1* , Anderson Mori & Tomotsune 1 1* , Anderson Mori & Tomotsune 1* * , Nagashima Ohno & Tsunematsu * Nagashima Ohno & Tsunematsu , Mori Hamada & Matsumoto * 7* , Nishimura & Asahi 4 * * 1* Sullivan & Cromwell 5 5* , Simpson Thacher & Bartlett 4* 4*.9 0 1, Morrison & Foerster 6* 5* * 4* Skadden 6* Nishimura & Asahi 6* Simpson Thacher & Bartlett 6* 7* Sullivan & Cromwell 6* Clifford Chance 6* 4* , , % 36.3% 1.7% 9.5% 6.8% 1.7% 36.3% 9.5% Samurai Bonds (JL5) Samurai Bonds (JL6) 018 Rank Anderson Mori & Tomotsune 1 Shimazaki Law Firm 017 # of Market Change in Rank Deals Sh (%) # of Deals Proceeds Rank Sh (%) Share Ch. Manager Legal Advisor , Nagashima Ohno & Tsunematsu , , , % 59.3% 3.1% 59.3% 9.1% 30.8% 9.1% 30.8% 11

14 Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact: United States Salvatore Reres Tel: salvatore.reres@thomsonreuters.com Europe Ian Willmott Tel: +44 (0) ian.willmott@thomsonreuters.com AsiaPacific Carina CausonIsrael Tel: carina.causon@thomsonreuters.com Japan Aki Sato Tel: aki.sato@thomsonreuters.com Canada Gavin Penny Tel: gavin.penny@thomsonreuters.com All current data and previous year's data is as of 9:00am EST on April 13, 018. Full credit is given to the issuer s legal counsel and manager s legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor. Rankings based on proceeds are available on product. Time periods for league tables will be based upon pricing/launch date. Where applicable, all league tables include Rule 144a transactions. All league tables exclude pure private placements. Medium Term Notes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programs are tracked but are not eligible for league table credit. Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market. Standard league table exclusions: best efforts offerings, nonunderwritten transactions and direct placements, rights offerings, transactions that mature or are callable/putable less than 360 days after settlement, CD's, Deposit Notes & Bank Notes, Federal Credit Agency transactions (US Only), exchange offers, and offerings by closedend funds/trusts. High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moody s rating equal to or less than Ba1. Securities not rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates of Deposit, General Term Notes, and Splitjunk rated securities (i.e., securities with an investment grade rating from one agency and a high yield rating from the other) are excluded. Nonconvertible preferred stock transactions are included. Mortgage and assetbacked securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts, home equity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and Assetbacked Securities letter dated January 1, 006. Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retail structured products, selffunded issuance. League Tables are denominated in Canadian dollars. Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, maples and selffunded issuance. League tables are denominated in Canadian dollars. Federal Credit Agency issuance is excluded in all regional and global league table rankings. 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. 018 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. 1

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