IFR Top 250 league tables

IFR Top 250 Borrowers 2010

55 min read

Top 50 bond issuers
		Number of	Amount
	Borrower	deals	(US$m)
1	Kreditanstalt fur Wiederaufbau	183	87,861.90
2	European Investment Bank	182	83,331.30
3	Federal Home Loan Banks	62	80,321.60
4	Freddie Mac	24	61,313.40
5	Dexia	45	54,119.20
6	Fannie Mae	26	53,584.80
7	UK	6	49,654.10
8	Hellenic Republic	5	46,692.70
9	Rabobank	149	42,997.20
10	Canada Mortgage and Housing Corp	11	39,126.50
11	Kingdom of Spain	7	39,067.20
12	Lloyds TSB	31	38,950.60
13	Barclays Bank	20	35,773.10
14	Groupe BPCE	51	35,392.40
15	SFEF	8	34,360.50
16	Commonwealth Bank of Australia	74	33,750.00
17	Santander	35	33,310.20
18	Kingdom of Belgium	12	31,354.10
19	Republic of Italy	7	30,752.60
20	Westpac Banking	62	29,886.80
21	Citigroup	17	27,317.60
22	Bank of America	14	26,901.60
23	Ireland	3	25,858.00
24	World Bank/IFC	112	25,479.60
25	CADES	19	24,757.60
26	Bank Nederlandse Gemeenten	82	22,703.60
27	Province of Ontario	13	21,237.40
28	Fortis Bank	13	21,217.60
29	Intesa SanPaolo	22	19,518.30
30	BNP Paribas	44	19,369.80
31	Royal Dutch Shell	6	19,165.80
32	Credit Agricole	24	17,962.10
33	National Australia Bank	35	17,693.60
34	Morgan Stanley	11	17,533.20
35	Nordea Bank	23	17,438.70
36	RBS	23	17,040.80
37	Svenska Handelsbanken	19	16,944.60
38	Danske Bank	14	16,503.90
39	EDF	10	16,184.30
40	ANZ Banking Group	46	15,749.30
41	Societe Generale	25	15,714.80
42	Deutsche Bank	21	15,665.20
43	GE Capital	40	15,591.20
44	NRW.Bank	35	15,379.70
45	HSBC	14	15,241.90
46	French Republic	2	14,989.20
47	Landwirtschaftliche Rentenbank	46	14,179.20
48	BBVA	18	14,171.30
49	ING	11	13,838.20
50	Volkswagen Intl Finance/Leaseplan	18	13,194.50

Top 50 loan borrowers
		Number of	Amount
	Borrower	issues	(US$m)
1	GE Capital	1	22,435.50
2	HeidelbergCement	2	16,045.00
3	Cemex Espana	1	14,900.00
4	Anheuser-Busch Inbev	2	13,975.00
5	Kraft Foods	2	13,716.40
6	Enel	1	13,491.60
7	Porsche Automobil	1	12,675.20
8	Taiwan High Speed Rail	1	12,005.10
9	Alstom	1	11,173.40
10	NBC Universal	3	10,267.00
11	Johnson & Johnson	1	10,000.00
12	IPIC	3	9,815.40
13	Nestle	1	9,692.80
14	Wal-Mart Stores	1	9,350.00
15	Teck	2	8,527.00
16	CIT Group	3	8,250.00
17	Berkshire Hathaway	1	8,000.00
18	Ford Motor	1	7,937.40
19	Mitsubishi	6	7,508.40
20	Fidelity Group of Mutual Funds	2	7,250.00
21	Merck & Co	1	7,000.00
21	Ally Bank	1	7,000.00
23	Sony	2	6,971.40
24	Saint-Gobain	2	6,854.60
25	Air Products & Chemicals	1	6,724.00
26	Yell	1	6,547.70
27	Sumitomo	5	6,478.20
28	Federative Republic Of Brazil	1	6,472.00
29	Verizon Communications	1	6,200.00
30	Deutsche Boerse	2	6,000.00
31	Sanofi-Aventis	1	5,990.70
32	E.ON	1	5,985.30
33	International Lease Finance	2	5,800.00
34	Nord Stream	1	5,371.20
35	Gas Natural	1	5,326.20
36	Schneider Electric	2	5,054.40
37	Depository Trust & Clearing	1	5,000.00
37	HSBC	2	5,000.00
37	Pfizer	1	5,000.00
37	Toyota Motor	1	5,000.00
41	Vitol	2	4,915.00
42	ITOCHU	3	4,670.00
43	Banque PSA Finance	2	4,656.20
44	Grupo Ferrovial	1	4,624.30
45	Caisse Centrale de la MSA	1	4,613.60
46	PNG LNG Global	1	4,600.00
47	Marubeni	4	4,599.10
48	Cablevision Systems	2	4,561.80
49	Japan Oil, Gas and Metals Nat Corp	2	4,518.10
50	UPC Broadband Holding	2	4,511.20

Top 50 most frequent borrowers
		Number of	Amount
	Borrower	issues	(US$m)
1	Kreditanstalt fur Wiederaufbau	183	87,861.90
2	European Investment Bank	182	83,331.30
3	Rabobank	149	42,997.20
4	World Bank/IFC	112	25,479.60
5	Bank Nederlandse Gemeenten	82	22,703.60
6	Commonwealth Bank of Australia	74	33,750.00
7	Federal Home Loan Banks	62	80,321.60
=7	Westpac Banking	62	29,886.80
9	Groupe BPCE	51	35,392.40
10	North Rhine Westphalia	47	9,019.10
11	ANZ Banking Group	46	15,749.30
11	Landwirtschaftliche Rentenbank	46	14,179.20
13	Dexia	45	54,119.20
14	GE Capital	44	62,865.00
14	BNP Paribas	44	19,369.80
16	Kommunalbanken	38	8,107.40
16	EBRD	38	5,241.10
18	Nederlandse Waterschapsbank	37	9,379.30
19	Santander	35	33,310.20
19	National Australia Bank	35	17,693.60
19	NRW.Bank	35	15,379.70
19	Export-Import Bank of Korea	35	4,321.60
23	Lloyds TSB	31	38,950.60
24	Asian Development Bank	29	12,749.60
24	Inter-American Development Bank	29	12,259.10
24	Svensk Exportkredit	29	5,825.30
27	Fannie Mae	26	53,584.80
27	Instituto de Credito Oficial	26	12,584.60
29	Societe Generale	25	15,714.80
30	Freddie Mac	24	61,313.40
30	Credit Agricole	24	17,962.10
32	Nordea Bank	23	17,438.70
32	RBS	23	17,040.80
34	Intesa SanPaolo	22	19,518.30
35	Deutsche Bank	21	15,665.20
35	BMW Finance	21	9,752.00
37	Barclays Bank	20	35,773.10
38	CADES	19	24,757.60
38	Svenska Handelsbanken	19	16,944.60
38	Berlin	19	6,004.80
41	BBVA	18	14,171.30
41	Volkswagen Intl Finance/Leaseplan	18	13,194.50
41	Swedbank	18	13,072.60
44	Citigroup	17	27,317.60
44	Caisse de Refinancement de l'Habitat	17	9,903.30
44	Toyota Motor Credit/Finance	17	7,641.90
47	HSBC	16	20,241.90
47	Reseau Ferre de France	16	4,005.80
49	Commerzbank	15	12,865.10
49	Landesbank Baden-Wuerttemberg	15	3,989.10
49	Council of Europe Development	15	3,932.80

Top 50 global corporate borrowers – loans and bonds
		No of	Amount
	Borrower	issues	(US$m)
1	Enel	10	33,386.20
2	Anheuser-Busch Inbev	11	30,642.30
3	Kraft Foods	3	23,147.90
4	HeidelbergCement	4	21,690.90
5	Cemex	8	20,047.20
6	Royal Dutch Shell	6	19,165.80
7	EDF	10	16,184.30
8	Porsche Automobil	2	16,053.60
9	Pfizer	2	15,428.20
10	Gas Natural	4	15,312.10
11	NBC Universal	4	14,261.40
12	Alstom	4	13,638.40
13	Wal-Mart Stores	6	13,380.70
14	Sanofi-Aventis	4	12,851.00
15	Telefonica	7	12,600.50
16	Teck	3	12,538.70
17	Taiwan High Speed Rail	1	12,005.10
18	Merck KGaA	4	11,540.40
19	Nestle	9	11,458.50
20	Merck & Co Inc	2	11,236.30
21	Daimler	10	11,027.00
22	Vodafone	6	10,419.40
23	Johnson & Johnson	1	10,000.00
24	Novartis	3	9,870.90
25	Dow Chemical	3	9,030.70
26	Mitsubishi	8	8,658.90
27	Iberdrola	11	8,274.00
28	Saint-Gobain	5	8,168.80
29	Ford Motor	1	7,937.40
30	RWE	5	7,810.40
31	E.ON	7	7,725.90
32	Air Products & Chemicals	2	7,123.70
33	Cablevision Systems	5	7,074.20
34	Sony	2	6,971.40
35	Simon Property Group	4	6,924.90
36	Hutchison Whampoa (group level)	4	6,740.00
37	Ferrovial	4	6,724.30
38	Arcelor Mittal	3	6,637.50
39	LyondellBasell	4	6,619.30
40	Telecom Italia	4	6,575.50
41	Yell Group	1	6,547.70
42	Boeing	5	6,501.80
43	MGM Grand	4	6,321.50
44	PepsiCo	2	6,209.90
45	Verizon Communications	1	6,200.00
46	BP	9	6,138.70
47	Microsoft	2	5,995.90
48	Charter Communications	2	5,800.00
49	Xerox Corp	3	5,744.70
50	Rallye	8	5,671.20
Source: Thomson Reuters

Top 50 global corporate debt bookrunners – loans and bonds
		No of	Amount
	Bookrunners	deals	(US$m)
1	JP Morgan	717	226,811.20
2	Bank of America Merrill Lynch	985	209,343.80
3	Citigroup	434	143,350.60
4	BNP Paribas	457	111,946.10
5	Deutsche Bank	407	110,286.90
6	RBS	361	90,636.20
7	Barclays Capital	335	83,567.80
8	Mitsubishi UFJ Financial Group	571	73,506.70
9	Mizuho Financial Group	419	64,094.70
10	Credit Suisse	231	63,154.00
11	Credit Agricole CIB	236	59,953.80
12	HSBC	217	56,196.10
13	Morgan Stanley	216	55,890.20
14	Wells Fargo & Co	380	55,594.20
15	Sumitomo Mitsui Finl Grp	382	55,578.40
16	Societe Generale	200	54,436.80
17	Goldman Sachs	194	50,020.10
18	UBS	146	32,710.90
19	Commerzbank	85	28,126.20
20	ING	101	24,827.10
21	RBC Capital Markets	114	23,993.50
22	Santander	87	22,923.80
23	UniCredit Group	75	22,487.60
24	State Bank of India	55	19,901.10
25	Natixis	80	17,397.00
26	TD Securities	79	16,787.70
27	BBVA	82	16,593.70
28	Scotiabank-Bank of Nova Scotia	85	15,587.70
29	Intesa SanPaolo	47	14,080.10
30	Bank of Taiwan	42	13,499.30
31	BMO Capital Markets	86	13,039.30
32	General Electric	102	12,308.90
33	Lloyds Banking Group	53	11,388.60
34	PNC Financial Services Group	130	9,719.90
35	IDBI Bank	23	9,369.30
36	Rabobank	44	8,669.20
37	SunTrust Banks	72	8,514.80
38	Nordea	28	8,228.90
39	Standard Chartered	63	7,780.80
40	Axis Bank	25	6,545.40
41	Landesbank Baden-Wurttemberg	16	6,290.60
42	US Bancorp	64	6,026.40
43	Bank of China	22	5,545.80
44	CIBC World Markets Inc	34	5,248.60
45	Bayerische Landesbank Giro	15	5,020.40
46	Jefferies & Co	44	4,824.50
47	Caja Madrid	21	4,679.60
48	WestLB	40	4,441.90
49	ANZ Banking Group	29	4,430.90
50	National Australia Bank	14	4,427.50
	Total	5,578	2,313,018.30
Source: Thomson Reuters

Top 50 European corporate debt bookrunners – loans and bonds
		No of	Amount
	Bookrunners	deals	(US$m)
1	BNP Paribas	71,823.30	285
2	Deutsche Bank	61,869.10	185
3	RBS	54,560.90	199
4	Credit Agricole CIB	49,334.70	166
5	Societe Generale	48,373.60	159
6	JP Morgan	42,365.00	109
7	Barclays Capital	41,558.30	141
8	HSBC	29,513.30	121
9	BofA Merrill Lynch	29,244.40	85
10	Citigroup	27,881.30	107
11	Credit Suisse	23,617.20	58
12	Commerzbank	21,758.00	70
13	ING	20,863.60	75
14	UniCredit Group	20,611.80	65
15	Santander	16,742.60	62
16	Natixis	16,553.10	71
17	Morgan Stanley	15,599.20	58
18	Intesa SanPaolo	12,130.10	41
19	UBS	12,022.90	40
20	Goldman Sachs	12,017.90	40
21	BBVA	11,904.60	59
22	Lloyds Banking Group	10,363.60	46
23	Mitsubishi UFJ Financial Group	8,899.80	28
24	Nordea	7,710.00	25
25	LBBW	6,290.60	16
26	Bayerische Landesbank Giro	4,892.60	14
27	Caja Madrid	4,679.60	21
28	Rabobank	4,653.70	26
29	Caixa d'Estalvis y Pensions	3,956.90	15
30	DZ Bank	3,840.80	15
31	WestLB	3,315.10	23
32	DnB NOR Bank	3,068.50	16
33	Mediobanca	2,866.70	9
34	Mizuho Financial Group	2,657.20	7
35	Fortis Bank Nederland	2,574.60	15
36	Sumitomo Mitsui Finl Grp	2,363.90	12
37	TD Securities Inc	2,348.20	8
38	KBC Group NV	2,138.10	13
39	RBC Capital Markets	1,997.60	14
40	Caixa Geral de Depositos	1,740.70	6
41	State Bank of India	1,668.30	5
42	National Australia Bank	1,610.10	3
43	Westpac Banking	1,603.60	2
44	Standard Chartered	1,552.80	12
45	Credit Mutuel	1,552.50	12
46	SEB Enskilda	1,401.00	9
47	Danske Markets	1,227.80	6
48	Banco Espirito Santo	1,115.00	5
49	BMPS	1,086.30	3
50	HSH Nordbank	1,079.30	4
	Total	871,667.00	1,243
Source: Thomson Reuters

Top 50 global corporate investment-grade borrowers – loans and bonds
		No of	Amount
	Issuer/borrower	deals	(US$m)
1	Enel	10	33,386.20
2	Anheuser-Busch Inbev	11	30,642.30
3	Kraft Foods	3	23,147.90
4	Royal Dutch Shell	6	19,165.80
5	EDF	10	16,184.30
6	Porsche Automobil	2	16,053.60
7	Pfizer	2	15,428.20
8	Gas Natural	4	15,312.10
9	NBC Universal	4	14,261.40
10	Wal-Mart Stores	6	13,380.70
11	Sanofi-Aventis	4	12,851.00
12	Telefonica	7	12,600.50
13	Taiwan High Speed Rail	1	12,005.10
14	Merck KGaA	4	11,540.40
15	Nestle	9	11,458.50
16	Merck & Co Inc	2	11,236.30
17	Daimler	10	11,027.00
18	Vodafone	6	10,419.40
19	Johnson & Johnson	1	10,000.00
20	Novartis	3	9,870.90
21	Dow Chemical	3	9,030.70
22	Mitsubishi	8	8,658.90
23	Iberdrola	11	8,274.00
24	Saint-Gobain	5	8,168.80
25	RWE	5	7,810.40
26	E.ON	7	7,725.90
27	Air Products & Chemicals	2	7,123.70
28	Sony	2	6,971.40
29	Simon Property Group	4	6,924.90
30	Hutchison Whampoa (group level)	4	6,740.00
31	Arcelor Mittal	3	6,637.50
32	Telecom Italia	4	6,575.50
33	Boeing	5	6,501.80
34	PepsiCo	2	6,209.90
35	Verizon Communications	1	6,200.00
36	BP	9	6,138.70
37	Microsoft	2	5,995.90
38	Xerox Corp	3	5,744.70
39	Lafarge	8	5,594.80
40	Petrobras	3	5,506.60
41	Hewlett-Packard	2	5,499.60
42	Nord Stream	1	5,371.20
43	Westfield Group	4	5,289.30
44	Hitachi	12	5,265.30
45	Williams Partners	2	5,241.30
46	Marubeni	6	5,151.80
47	Schneider Electric	2	5,054.40
48	Express Scripts	2	4,991.60
49	Cisco Systems	1	4,943.80
50	America Movil	3	4,929.20
Source: Thomson Reuters

Top 50 global corporate investment-grade debt bookrunners – loans and bonds
		No of	Amount
	Bookrunners	deals	(US$m)
1	General Electric Capital	17	35,955.40
2	Anheuser-Busch Inbev	6	24,054.10
3	Kraft Foods Inc	3	23,147.90
4	Enel SpA	2	17,550.40
5	Shell International Finance	3	15,845.60
6	Pfizer	2	15,428.20
7	Enel Finance International	6	14,322.80
8	NBC Universal	4	14,261.40
9	Wal-Mart Stores	6	13,380.70
10	Sanofi-Aventis	4	12,851.00
11	Porsche Automobil	1	12,675.20
12	Telefonica Emisiones	7	12,600.50
13	Taiwan High Speed Rail Corp	1	12,005.10
14	Merck & Co	2	11,236.30
15	Alstom Holdings	1	11,173.40
16	Banque PSA Finance Holding	9	10,579.30
17	Daimler	4	10,115.60
18	Vodafone Group	5	10,079.40
19	Johnson & Johnson	1	10,000.00
20	Gas Natural Capital Markets	3	9,985.90
21	Nestle	1	9,692.80
22	Dow Chemical	2	8,730.70
23	GE Capital European Funding	5	8,477.80
24	Cie de Saint-Gobain	4	8,137.70
25	Mitsubishi Corp	6	7,508.40
26	Air Products & Chemicals	2	7,123.70
27	Merck	2	7,052.80
28	Sony Corp	2	6,971.40
29	BMW Finance	7	6,738.60
30	Arcelor Mittal	3	6,637.50
31	Sumitomo Corp	5	6,478.20
32	Toyota Motor Credit Corp	9	6,442.80
33	PepsiCo	2	6,209.90
34	Verizon Communications	1	6,200.00
35	RCI Banque	8	6,198.20
36	Microsoft Corp	2	5,995.90
37	E ON	1	5,985.30
38	Volkswagen Intl Finance	2	5,852.80
39	Xerox Corp	3	5,744.70
40	Boeing Co	4	5,503.20
41	Hewlett-Packard	2	5,499.60
42	Nord Stream Gas Pipeline	1	5,371.20
43	Gas Natural SDG	1	5,326.20
44	Petrobras	2	5,290.30
45	Williams Partners	2	5,241.30
46	Lafarge	7	5,234.80
47	BP Capital Markets	8	5,151.60
48	Schneider Electric	2	5,054.40
49	Express Scripts	2	4,991.60
50	Novartis Capital Corp	1	4,980.20
	Total	1,539	1,184,360.90
Source: Thomson Reuters

Top 50 international corporate bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	128	63,728.00
2	Bank of America Merrill Lynch	112	49,879.20
3	JP Morgan	121	47,367.90
4	Deutsche Bank	145	45,822.70
5	Morgan Stanley	73	39,596.50
6	Credit Suisse	98	38,727.20
7	Citigroup	94	38,080.20
8	Goldman Sachs	103	36,162.80
9	HSBC	136	35,250.80
10	BNP Paribas	115	28,138.00
11	UBS	79	22,381.10
12	RBS	83	21,596.50
13	Societe Generale	35	18,122.20
14	Credit Agricole CIB	64	16,945.80
15	Natixis	39	13,109.50
16	UniCredit Group	25	9,719.60
17	Intesa SanPaolo	23	8,807.80
18	Nomura	18	8,561.40
19	RBC Capital Markets	47	5,923.10
20	TD Securities	71	5,000.30
21	Wells Fargo	16	4,926.50
22	Daiwa Securities	26	4,789.40
23	Rabobank	20	4,715.30
24	Lloyds Banking Group	12	4,132.00
25	DZ Bank	22	3,984.10
26	Santander	14	3,972.50
27	National Australia Bank	10	2,923.10
28	ING	6	2,818.50
29	Commonwealth Bank of Australia	5	2,671.10
30	Standard Chartered	32	2,577.50
31	Nordea	5	2,470.60
32	Jefferies & Co	5	2,463.50
33	LBW	12	2,316.20
34	Commerzbank	10	2,139.90
35	ANZ Banking Group	15	1,966.80
36	Banco Espirito Santo	10	1,794.40
37	La Caixa	9	1,669.70
38	Mitsubishi UFJ FG	8	1,542.30
39	Handelsbanken Capital Markets	3	1,489.80
40	Mediobanca	2	1,391.00
41	Nikko Citigroup	1	1,256.00
42	Scotia Capital	6	1,242.50
43	SEB Enskilda	4	1,199.40
44	Fortis Bank Nederland	1	1,124.70
45	Danske Markets	4	1,069.90
46	Mizuho FG	8	1,040.60
47	Dexia	3	952.6
48	BBVA	2	935.6
49	Pohjola Bank	4	926
50	Banco Bradesco	5	877.5
	Total	1,122	643,416.10
Source: Thomson Reuters

Top 50 US corporate debt bookrunners – loans and bonds
		No of	Amount
	Bookrunners	deals	(US$m)
1	JP Morgan	549	167,162.20
2	Bank of America Merrill Lynch	831	165,435.60
3	Citigroup	240	90,226.40
4	Wells Fargo & Co	368	53,994.90
5	Deutsche Bank	189	40,228.50
6	Morgan Stanley	138	36,077.00
7	Barclays Capital	160	35,627.90
8	Goldman Sachs	136	32,843.30
9	BNP Paribas	120	32,421.00
10	Credit Suisse	132	32,040.40
11	RBS	125	28,967.70
12	UBS	93	18,240.00
13	HSBC	37	16,164.80
14	General Electric Co	91	10,496.60
15	PNC Financial Services Group	130	9,719.90
16	SunTrust Banks	71	8,398.80
17	Mitsubishi UFJ Financial Group	45	7,186.50
18	US Bancorp	63	6,010.80
19	RBC Capital Markets	42	5,685.70
20	Commerzbank	12	5,574.20
21	BMO Capital Markets	43	5,032.00
22	Jefferies & Co	42	4,610.30
23	Scotiabank-Bank of Nova Scotia	29	4,588.50
24	Societe Generale	27	4,553.90
25	Credit Agricole CIB	29	4,525.90
26	Rabobank NV	13	3,394.40
27	BBVA	11	3,197.30
28	Mizuho Financial Group	16	2,608.50
29	KeyBanc Capital Markets	29	2,605.60
30	Santander	5	2,239.10
31	ING	12	2,229.90
32	Sumitomo Mitsui Finl Grp	8	2,213.20
33	CoBank ACB	9	2,030.10
34	Intesa SanPaolo	5	1,815.30
35	Regions Bank	22	1,606.10
36	UniCredit Group	8	1,574.30
37	DnB NOR Bank	6	863
38	Standard Chartered	8	775
39	Bank of New York Mellon Corp	4	731.5
40	WestLB	9	712.9
41	Natixis	4	641.4
42	TD Securities Inc	7	617.6
43	Macquarie Group	2	564.2
44	Fifth Third Bancorp	8	505.2
45	Bank of the West	1	500
46	Citadel Investment Group LLC	3	469.8
47	SEB Enskilda	2	439.1
48	National Bank of Abu Dhabi	1	432.5
49	Comerica Inc	5	422.8
50	Bank of Ireland	8	391.3
	Total	1,930	876,815.00
Source: Thomson Reuters

Top 10 corporate bond issuers
		No of	Amount
	Borrower	deals	(US$m)
1	EDF	10	16,184.30
2	Royal Dutch Shell	3	15,845.60
3	Enel	6	14,322.80
4	Telefonica	7	12,600.50
5	Anheuser-Busch Inbev	5	11,054.10
6	Pfizer	1	10,428.20
7	Gas Natural	3	9,985.90
8	Kraft Foods	1	9,431.50
9	Dow Chemical	2	8,730.70
10	Sanofi-Aventis	3	6,860.30
Source: Thomson Reuters

Top 20 European corporate bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	85	50,514.00
2	Deutsche Bank	99	32,317.60
3	Credit Suisse	64	30,096.30
4	HSBC	73	27,955.00
5	BNP Paribas	82	24,553.60
6	JP Morgan	62	19,708.60
7	Societe Generale	33	17,714.30
8	RBS	57	16,282.00
9	Credit Agricole CIB	58	15,886.30
10	BofA Merrill Lynch	37	14,595.50
11	Citigroup	43	13,320.20
12	UBS	43	13,161.40
13	Natixis	38	12,652.90
14	Goldman Sachs	39	12,137.30
15	Morgan Stanley	31	10,155.50
16	UniCredit Group	25	9,719.60
17	Intesa SanPaolo	23	8,807.80
18	Rabobank	20	4,715.30
19	TD Securities	61	3,882.20
20	Lloyds Banking Group	10	3,630.80
	Total	696	394,878.90
Source: Thomson Reuters

Top 20 international investment-grade corporate bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	124	62,684.30
2	BofA Merrill Lynch	102	47,911.70
3	Deutsche Bank	142	45,507.20
4	JP Morgan	113	45,434.30
5	Morgan Stanley	67	38,575.10
6	Credit Suisse	93	37,943.60
7	Citigroup	88	37,094.90
8	Goldman Sachs	100	35,633.50
9	HSBC	131	34,821.00
10	BNP Paribas	114	28,071.60
11	UBS	74	21,643.00
12	RBS	83	21,596.50
13	Societe Generale	35	18,122.20
14	Credit Agricole CIB	64	16,945.80
15	Natixis	39	13,109.50
16	UniCredit Group	25	9,719.60
17	Intesa SanPaolo	23	8,807.80
18	Nomura	18	8,561.40
19	RBC Capital Markets	47	5,923.10
20	TD Securities	71	5,000.30
	Total	1,082	627,608.60
Source: Thomson Reuters

Top 20 global investment-grade corporate loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	JP Morgan	114	71,140.60
2	Bank of America Merrill Lynch	152	45,577.30
3	Citigroup	74	45,436.20
4	Mitsubishi UFJ Financial Group	70	32,307.90
5	Mizuho Financial Group	50	27,943.10
6	BNP Paribas	69	25,828.50
7	Sumitomo Mitsui Finl	32	21,784.60
8	Societe Generale	33	15,663.50
9	Bank of Taiwan	39	13,348.10
10	RBS	48	13,238.80
11	Barclays Capital	27	11,664.90
12	Deutsche Bank	28	10,759.90
13	Wells Fargo & Co	52	10,464.40
14	Commerzbank	18	10,291.90
15	Credit Agricole CIB	27	9,870.60
16	RBC Capital Markets	12	8,115.60
17	HSBC	18	7,763.90
18	UniCredit Group	13	6,343.10
19	ING	20	5,995.90
20	Santander	13	5,332.80
	Total	776	545,261.10
Source: Thomson Reuters

Top 20 US corporate international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Bank of America Merrill Lynch	42	24,855.70
2	Morgan Stanley	26	23,446.00
3	JP Morgan	36	19,074.30
4	Citigroup	22	18,026.60
5	Goldman Sachs	27	11,258.60
6	Barclays Capital	21	7,240.20
7	Deutsche Bank	17	4,441.80
8	Credit Suisse	16	4,417.20
9	UBS	14	4,216.90
10	Wells Fargo & Co	13	4,177.60
11	Jefferies & Co	4	2,414.00
12	RBS	9	2,162.10
13	Lloyds Banking Group	2	501.2
14	Piper Jaffray Cos	2	415.2
15	Societe Generale	2	407.9
16	US Bancorp	2	332.7
17	TD Securities	2	185.3
18	Scotiabank-Bank of Nova Scotia	2	180.1
19	Regions Financial Corp	1	173.2
20	SunTrust Banks	1	150
	Total	123	129,259.50
Source: Thomson Reuters

Top 20 corporate loan borrowers
		No of	Amount
	Borrower	deals	(US$m)
1	HeidelbergCement	2	16,045.00
2	Cemex	1	14,900.00
3	Anheuser-Busch Inbev	2	13,975.00
4	Kraft Foods	2	13,716.40
5	Enel	1	13,491.60
6	Porsche Automobil Holding	1	12,675.20
7	Taiwan High Speed Rail Corp	1	12,005.10
8	NBC Universal	3	10,267.00
9	Johnson & Johnson	1	10,000.00
10	Nestle	1	9,692.80
11	Wal-Mart Stores	1	9,350.00
12	Teck	2	8,527.00
13	Ford Motor	1	7,937.40
14	Mitsubishi	6	7,508.40
15	Merck & Co	1	7,000.00
16	Sony	2	6,971.40
17	Saint-Gobain	2	6,854.60
18	Air Products & Chemicals	1	6,724.00
19	Yell	1	6,547.70
20	Sumitomo	5	6,478.20
Source: Thomson Reuters

Top 20 covered bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Deutsche Bank	69	25,449.00
2	HSBC	65	23,601.50
3	Barclays Capital	61	23,207.70
4	BNP Paribas	61	21,208.50
5	UniCredit Group	57	20,522.00
6	Natixis	55	19,650.60
7	Societe Generale	53	19,011.10
8	LBW	51	17,207.50
9	Commerzbank	45	14,236.90
10	RBS	44	12,345.00
11	Credit Suisse	53	11,508.20
12	Credit Agricole CIB	30	11,100.90
13	UBS	35	10,446.10
14	DZ Bank	32	9,026.90
15	Caja Madrid	10	7,900.90
16	Soc Espanola Banca Negocios	4	6,026.10
17	JP Morgan	19	5,953.20
18	Danske Markets	13	5,303.00
19	Santander	14	4,688.30
20	Citigroup	14	4,564.80
	Total	319	315,742.40
Source: Thomson Reuters

Top 10 covered bond issuers
		No of	Amount
	Issuer	deals	(US$m)
1	Groupe BPCE	38	24,545.90
2	Dexia	21	19,692.50
3	Banco Santander	12	15,494.70
4	BNP Paribas	11	12,387.60
5	Commerzbank	12	12,192.60
6	Caisse de Refinancement de l'Habitat	17	9,903.30
7	ING	4	8,492.30
8	UBS	4	8,266.40
9	BBVA	5	7,921.60
10	Danske Bank	8	7,806.40
Source: Thomson Reuters

Top 20 Asia-Pacific international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Deutsche Bank	74	20,634.80
2	HSBC	110	17,379.90
3	JP Morgan	50	16,920.70
4	Goldman Sachs	38	16,544.10
5	BofA Merrill Lynch	44	14,968.00
6	Citigroup	52	14,015.50
7	Barclays Capital	52	13,954.30
8	Morgan Stanley	40	13,043.20
9	UBS	43	10,845.00
10	Credit Suisse	30	6,315.10
11	RBS	38	5,615.90
12	CBA	13	5,516.20
13	BNP Paribas	44	4,642.90
14	RBC CM	19	4,243.60
15	Daiwa Securities	28	3,468.80
16	National Australia Bank	9	2,753.30
17	Standard Chartered	40	2,345.80
18	ANZ Banking Group	16	2,188.30
19	Mizuho Financial Group	9	1,678.00
20	CIMB Group Sdn Bhd	2	1,593.80
	Total	494	193,046.50
Source: Thomson Reuters

Top 10 EEMEA loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Credit Agricole CIB	35	8,979.30
2	RBS	14	3,844.00
3	BNP Paribas	16	2,798.40
4	Standard Chartered	20	2,572.50
5	Societe Generale	11	2,539.50
6	Citigroup	19	2,459.90
7	ING	17	2,403.60
8	Mitsubishi UFJ Financial Group	12	2,186.80
9	Commerzbank	11	1,974.30
10	UniCredit Group	13	1,619.60
	Total	186	111,418.60
Source: Thomson Reuters

Top 50 EMEA loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	BNP Paribas	159	38,608.40
2	Credit Agricole CIB	101	31,343.30
3	RBS	89	27,534.60
4	Deutsche Bank	63	27,007.20
5	Societe Generale	74	23,105.20
6	Commerzbank	61	21,790.50
7	ING	68	18,199.30
8	JP Morgan	42	17,915.10
9	Citigroup	51	13,613.50
10	Barclays Capital	44	12,507.00
11	UniCredit Group	40	10,895.20
12	HSBC	47	10,127.30
13	Lloyds Banking Group	40	9,423.10
14	Natixis	39	9,380.30
15	Santander	30	9,295.50
16	Bank of America Merrill Lynch	27	8,996.70
17	Mitsubishi UFJ Financial Group	30	8,596.20
18	BBVA	47	6,871.20
19	Nordea	21	6,705.60
20	Intesa SanPaolo	36	6,266.90
21	Credit Suisse	15	4,949.20
22	Rabobank	31	4,890.80
23	UBS	10	4,725.50
24	Standard Chartered	32	4,067.40
25	WestLB	35	3,900.30
26	Caja Madrid	17	3,608.60
27	Landesbank Baden-Wurttemberg	12	3,445.80
28	DnB NOR Bank	16	3,068.50
29	Goldman Sachs	11	2,936.60
30	Bayerische Landesbank Giro	9	2,846.70
31	Fortis Bank Nederland	17	2,299.00
32	Mediobanca	7	2,226.00
33	Mizuho Financial Group	4	2,174.00
34	Sumitomo Mitsui Finl Grp	14	2,102.70
35	Caixa d'Estalvis y Pensions	8	1,685.50
36	Standard Bank Group	9	1,556.80
37	Credit Mutuel	12	1,552.50
38	TD Securities	2	1,503.70
39	HSH Nordbank	9	1,430.00
40	KBC Group	10	1,232.20
41	Nedcor Bank	4	1,152.50
42	DZ Bank	5	1,050.10
43	State Bank of India	4	1,041.50
44	Caixa Geral de Depositos	3	1,015.70
45	SEB Enskilda	8	1,010.80
46	National Bank of Abu Dhabi	1	895.9
47	Al-Rajhi Al-Sedais Co	1	833.3
47	Banque Saudi Fransi	1	833.3
49	Morgan Stanley	4	816.1
50	BMPS	2	754.3
	Total	957	603,191.00
Source: Thomson Reuters

Top 10 EEMEA international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	HSBC	34	13,823.50
2	Barclays Capital	26	12,215.30
3	Deutsche Bank	27	11,154.00
4	Citigroup	23	8,981.60
5	JP Morgan	19	7,699.10
6	Credit Suisse	16	6,990.70
7	RBS	20	6,183.30
8	BNP Paribas	23	5,673.50
9	Societe Generale	12	5,477.90
10	Goldman Sachs	12	5,118.60
	Total	136	127,213.90
Source: Thomson Reuters

Top 10 EEMEA sovereign bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	HSBC	6	3,028.50
2	Societe Generale	5	2,610.90
3	ING	4	1,866.70
4	Deutsche Bank	5	1,700.70
5	UniCredit Group	3	1,364.40
6	Citigroup	4	1,332.30
7	Barclays Capital	3	1,285.20
8	RBS	3	788.7
9	Commerzbank	2	621.3
10	Credit Suisse	2	538.6
	Total	15	18,831.20
Source: Thomson Reuters

Top 50 EMEA international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	391	189,050.60
2	Deutsche Bank	496	174,397.60
3	HSBC	419	166,908.90
4	BNP Paribas	410	141,138.50
5	JP Morgan	327	135,724.20
6	RBS	383	127,109.50
7	Societe Generale	248	115,277.90
8	Credit Suisse	293	113,422.20
9	Credit Agricole CIB	233	87,632.60
10	Citigroup	223	84,356.80
11	UniCredit Group	190	81,095.00
12	Goldman Sachs	151	72,312.70
13	BofA Merrill Lynch	172	69,929.60
14	UBS	194	64,206.60
15	Morgan Stanley	159	58,424.00
16	Natixis	159	56,809.90
17	DZ Bank	122	35,433.70
18	RBC CM	201	33,761.10
19	Commerzbank	99	31,658.90
20	LBW	94	30,745.60
21	ING	57	27,203.00
22	Santander	68	24,035.60
23	BBVA	66	22,704.50
24	Intesa SanPaolo	54	19,853.60
25	TD Securities	211	15,433.40
26	Caja Madrid	31	15,105.70
27	Lloyds Banking Group	40	14,709.90
28	Nord/LB	68	14,678.80
29	Nomura	50	12,682.90
30	Danske Markets	45	12,424.00
31	Daiwa Securities	64	11,319.00
32	Fortis Bank Nederland	8	9,989.70
33	Rabobank	29	8,967.10
34	La Caixa	40	8,836.30
35	BayernLB	27	8,397.50
36	National Bank of Greece	4	7,625.80
37	WestLB	32	7,133.70
38	Nordea	18	6,226.60
39	Dexia	18	6,201.60
40	Soc Espanola Banca Negocios	4	6,026.10
41	Mitsubishi UFJ FG	26	5,937.60
42	EFG Group	5	4,963.20
43	Standard Chartered	30	4,665.30
44	Davy Corp plc	3	4,309.70
45	Erste Bank	17	4,164.70
46	VTB Capital	8	3,750.30
47	ANZ Banking Group	25	3,616.20
48	SEB Enskilda	18	3,531.40
49	Banca Popolare di Milano	8	3,249.40
50	Raiffeisen Zentralbank	15	3,078.20
	Total	3,085	2,257,266.50
Source: Thomson Reuters

Top 50 Asia-Pacific loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	State Bank of India	66	27,292.10
2	Bank of Taiwan	49	13,974.30
3	IDBI Bank	26	10,858.40
4	Bank of China Ltd	29	8,752.20
5	ANZ Banking Group	42	6,822.80
6	Axis Bank	27	6,731.00
7	Westpac Banking	24	5,499.00
8	Standard Chartered	40	5,096.70
9	National Australia Bank	16	4,952.00
10	HSBC	38	4,558.10
11	DBS Group	37	4,292.00
12	Commonwealth Bank of Australia	19	3,967.50
13	RBS	20	3,302.50
14	Bank Negara Indonesia	16	2,700.70
15	Infrastructure Dev Finance	14	2,630.50
16	Land Bank of Taiwan	75	2,537.80
17	Taiwan Cooperative Bank	73	2,367.10
18	Mitsubishi UFJ Financial Group	19	2,342.90
19	Citigroup	16	2,234.20
20	Sumitomo Mitsui Finl Grp	22	2,128.20
21	Mega Financial Holding Co	66	2,115.30
22	CITIC	8	2,102.00
23	Oversea-Chinese Banking	14	2,017.50
24	Mizuho Financial Group	21	1,954.00
25	Credit Agricole CIB	21	1,940.70
26	BNP Paribas	18	1,863.20
27	ICICI Bank	6	1,734.20
28	China Trust Co	53	1,609.00
29	First Financial Holding Co	52	1,452.60
30	Hana Financial Group	18	1,237.40
31	Fubon Financial Holding Co	43	1,218.40
32	JP Morgan	6	1,147.50
33	Chang Hwa Commercial Bank	42	1,134.80
34	Hua Nan Financial Holdings	44	1,126.60
35	ING	8	1,095.10
36	Cathay United Bank	27	1,036.30
37	Taishin International Bank	45	1,011.30
38	E Sun Financial Holding Co	37	1,002.00
39	Taiwan Business Bank	32	924.7
40	CIMB Group	2	870.7
41	Industrial & Comm Bank China	9	778.1
42	KB Financial Group	7	753.2
43	Korea Development Bank	14	740.3
44	Kasikornbank	9	705.7
45	Woori Financial Group	6	690.3
46	Natixis	7	679
47	Bank Communications (Shanghai)	3	598
48	Bank Mandiri	4	587.2
49	Sinopac Holdings	13	576.9
50	Rabobank	3	547.7
	Total	886	228,207.30
Source: Thomson Reuters

Top 20 Latin American loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	BNP Paribas	18	7,420.10
2	BBVA	13	1,410.90
3	Credit Agricole CIB	16	1,330.90
4	HSBC	5	1,024.80
5	Mizuho Financial Group	8	982.9
6	Santander	10	982.1
7	Banco do Brasil	6	769.7
8	Standard Chartered	10	735.7
9	Mitsubishi UFJ Financial Group	11	727.7
10	Itau Unibanco	6	726.4
11	Citigroup	8	649.2
12	Sumitomo Mitsui Finl Grp	8	564.6
13	JP Morgan	3	531.9
14	Banco Bradesco	5	523.9
15	ING	5	422.9
16	Societe Generale	8	407.4
17	WestLB	7	376
18	RBS	2	362.5
19	Bancolombia	2	361.1
20	Banco do Nordeste do Brasil	1	330.9
20	Caixa Economica Federal	1	330.9
	Total	78	26,871.50
Source: Thomson Reuters

Top 25 US/Canada international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	BofA Merrill Lynch	447	155,520.00
2	JP Morgan	372	111,307.10
3	Citigroup	229	95,300.80
4	Barclays Capital	199	93,736.90
5	Morgan Stanley	192	81,908.00
6	Deutsche Bank	219	66,893.60
7	Goldman Sachs	168	51,482.90
8	UBS	132	45,800.60
9	Credit Suisse	137	35,868.60
10	RBS	128	31,449.50
11	RBC Capital Markets	91	25,932.60
12	Wells Fargo	149	22,986.50
13	HSBC	66	21,646.60
14	BNP Paribas	63	15,107.10
15	TD Securities	68	13,074.60
16	CIBC World Markets	31	12,287.90
17	BMO Capital Markets	26	7,773.80
18	Jefferies & Co	36	6,858.70
19	Scotia Capital	48	6,669.90
20	Credit Agricole CIB	25	4,046.00
21	Mitsubishi UFJ FG	13	2,842.10
22	Commonwealth Bank of Australia	10	2,318.60
23	SunTrust Banks	16	1,952.50
24	ANZ Banking Group	12	1,855.00
25	Societe Generale	7	1,826.90
	Total	1,172	939,892.80
Source: Thomson Reuters

Top 20 Latin American international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Citigroup	32	12,538.40
2	JP Morgan	40	12,419.70
3	Deutsche Bank	27	10,147.70
4	HSBC	27	7,406.10
5	Credit Suisse	29	7,279.30
6	Goldman Sachs	15	6,337.30
7	Santander	27	6,067.80
8	BofA Merrill Lynch	29	6,020.40
9	Barclays Capital	12	4,881.00
10	Morgan Stanley	15	3,637.40
11	Itau Unibanco	15	2,551.40
12	Banco do Brasil	10	1,779.90
13	Credit Agricole CIB	4	1,434.80
14	Banco Bradesco	9	1,378.00
15	Daiwa Securities	2	1,093.90
16	BNP Paribas	7	1,053.30
17	Nomura	1	842
18	UBS	4	841.3
19	BBVA	3	536.3
20	Inbursa	1	498.7
	Total	151	92,322.30
Source: Thomson Reuters

Top 10 bookrunners of Latin American sovereign bonds
		No of	Amount
	Bookrunners	deals	(US$m)
1	Citigroup	5	4,882.30
2	Deutsche Bank	3	4,165.90
3	JP Morgan	4	1,551.60
4	Barclays Capital	3	1,236.40
5	Goldman Sachs	2	768.5
6	HSBC	1	609.4
7	UBS	1	519.1
8	BofA Merrill Lynch	1	498
9	Credit Suisse	1	400
10	Morgan Stanley	1	270.5
	Total	11	14,901.70
Source: Thomson Reuters

Top 25 US/Canada loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	JP Morgan	418	167,348.10
2	Bank of America Merrill Lynch	709	146,716.10
3	Citigroup	145	71,828.40
4	Wells Fargo & Co	367	54,704.90
5	BNP Paribas	87	27,286.60
6	Barclays Capital	72	22,293.00
7	RBC Capital Markets	76	19,668.60
8	Scotiabank-Bank of Nova Scotia	71	18,640.50
9	Deutsche Bank	73	17,189.20
10	TD Securities	67	15,734.80
11	Credit Suisse	61	15,631.30
12	Goldman Sachs	37	14,876.70
13	RBS	54	14,861.20
14	BMO Capital Markets	84	14,526.40
15	General Electric	103	12,116.90
16	PNC Financial Services Group	166	11,905.40
17	Morgan Stanley	33	9,667.10
18	US Bancorp	92	8,522.30
19	SunTrust Banks	66	7,596.00
20	CIBC World Markets	33	7,282.90
21	HSBC	14	6,606.20
22	Mitsubishi UFJ Financial Group	42	6,485.10
23	Commerzbank	17	6,166.30
24	UBS	30	5,470.40
25	KeyBanc Capital Markets	51	5,457.80
	Total	2,123	762,168.90
Source: Thomson Reuters

Top 20 European leveraged loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Deutsche Bank	19	10,864.60
2	JP Morgan	20	10,699.40
3	RBS	30	8,849.40
4	BNP Paribas	37	7,654.90
5	Credit Agricole CIB	32	5,690.80
6	Commerzbank	13	5,634.00
7	ING	22	4,620.20
8	Lloyds Banking Group	15	4,219.00
9	HSBC	16	4,129.00
10	Nordea	8	3,979.70
11	Societe Generale	22	3,605.40
12	Citigroup	14	3,116.40
13	Barclays Capital	11	2,772.30
14	UniCredit Group	14	2,603.70
15	WestLB	17	2,113.40
16	Goldman Sachs	5	1,959.30
17	Bank of America Merrill Lynch	8	1,763.50
18	Credit Suisse	8	1,587.40
19	TD Securities	2	1,503.70
20	Natixis	10	1,465.60
	Total	199	150,307.80
Source: Thomson Reuters

Top 20 global high-yield bookrunners – leveraged loans and high-yield bonds
		No of	Amount
	Bookrunners	deals	(US$m)
1	BofA Merrill Lynch	747	121,122.60
2	JP Morgan	466	105,164.60
3	Citigroup	184	48,061.40
4	Wells Fargo & Co	364	47,458.30
5	Deutsche Bank	193	44,962.10
6	Credit Suisse	144	33,949.80
7	RBS	126	29,361.60
8	BNP Paribas	136	29,107.00
9	Barclays Capital	148	27,726.80
10	Goldman Sachs	119	26,226.80
11	Morgan Stanley	100	18,015.50
12	Credit Agricole CIB	79	14,624.70
13	General Electric Co	103	12,299.80
14	RBC Capital Markets	77	12,025.90
15	UBS	76	11,495.00
16	HSBC	57	10,078.90
17	Commerzbank	25	8,732.50
18	Societe Generale	47	7,175.00
19	BMO Capital Markets	48	6,640.00
20	ING	35	6,625.30
	Total	2,119	826,582.00
Source: Thomson Reuters

Top 20 international structured finance bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	BofA Merrill Lynch	22	16,956.50
2	JP Morgan	22	13,242.60
3	Barclays Capital	23	11,720.60
4	RBS	15	9,384.90
5	Fortis Bank Nederland	2	7,347.10
6	Citigroup	12	5,743.20
7	Deutsche Bank	13	5,383.60
8	HSBC	7	3,817.20
9	Lloyds Banking Group	5	3,799.50
10	BNP Paribas	7	2,717.90
11	Goldman Sachs	3	2,027.70
12	Rabobank	3	2,012.90
13	Credit Suisse	6	1,650.50
14	Morgan Stanley	2	1,359.60
15	Societe Generale	3	1,295.30
16	WestLB AG	4	1,185.60
17	Credit Agricole CIB	5	860
18	Santander	2	666.3
19	Natixis	2	565.4
20	Wells Fargo	3	560.6
	Total	135	102,729.90
Source: Thomson Reuters

Top 10 high-yield corporate bond issuers
		No of	Amount
	Borrower	deals	(US$m)
1	Fiat Finance	3	5,807.30
2	HeidelbergCement	2	5,645.90
3	PTV	4	5,100.30
4	Wind Telecomunicazioni	2	4,737.30
5	Teck	1	4,011.70
6	Unitymedia	1	3,871.60
7	GMAC	3	3,855.40
8	New Communications Holdings	1	3,200.00
9	Harrah's Operating Co	3	2,783.90
10	Reynolds Group	2	2,769.40

Top 20 high-yield international corporate bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	BofA Merrill Lynch	163	23,789.00
2	JP Morgan	111	19,526.20
3	Credit Suisse	64	17,056.10
4	Deutsche Bank	89	15,332.80
5	Citigroup	61	10,905.60
6	Goldman Sachs	65	10,741.50
7	RBS	40	8,122.50
8	Morgan Stanley	52	7,973.80
9	Barclays Capital	61	7,886.30
10	Wells Fargo	55	6,637.40
11	UBS	35	5,430.30
12	BNP Paribas	28	4,619.20
13	Jefferies & Co	28	3,795.90
14	Credit Agricole CIB	20	3,406.10
15	HSBC	16	2,448.30
16	UniCredit Group	6	2,012.40
17	Intesa SanPaolo	5	1,627.30
18	RBC CM	15	1,518.60
19	Commerzbank	3	1,267.70
20	Natixis	6	1,253.40
	Total	322	164,980.60
Source: Thomson Reuters

Top 20 US leveraged loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Bank of America Merrill Lynch	504	83,587.90
2	JP Morgan	274	63,397.30
3	Wells Fargo & Co	280	38,448.40
4	Citigroup	76	23,493.00
5	BNP Paribas	54	14,757.00
6	Deutsche Bank	60	13,480.30
7	Barclays Capital	54	13,335.40
8	General Electric Co	97	11,048.90
9	Credit Suisse	49	10,659.20
10	Goldman Sachs	29	9,391.20
11	RBS	32	9,010.20
12	Morgan Stanley	27	4,889.90
13	SunTrust Banks	45	4,842.30
14	RBC Capital Markets	29	4,480.50
15	BMO Capital Markets	37	4,463.90
16	UBS	24	4,194.10
17	US Bancorp	54	4,064.20
18	KeyBanc Capital Markets Inc	38	3,407.70
19	Scotiabank-Bank of Nova Scotia	13	2,811.70
20	Rabobank	10	2,705.00
	Total	1,258	365,642.60
Source: Thomson Reuters

Top 20 global leveraged loan bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Bank of America Merrill Lynch	526	87,717.10
2	JP Morgan	303	76,596.70
3	Wells Fargo & Co	288	39,181.60
4	Citigroup	103	30,494.90
5	Deutsche Bank	80	24,669.90
6	BNP Paribas	99	23,359.10
7	RBS	69	18,737.10
8	Barclays Capital	70	17,257.50
9	Credit Suisse	64	13,475.40
10	General Electric Co	102	12,129.30
11	Goldman Sachs	35	11,430.40
12	Credit Agricole CIB	55	10,938.00
13	RBC Capital Markets	56	9,852.80
14	Commerzbank	22	7,464.80
15	HSBC Holdings	37	7,276.90
16	BMO Capital Markets	42	6,099.60
17	ING	32	6,052.20
18	Societe Generale	41	5,876.00
19	Morgan Stanley	31	5,646.00
20	Mitsubishi UFJ Financial Group	33	5,637.70
	Total	1,692	606,832.40
Source: Thomson Reuters

Top 20 leveraged loan borrowers
		No of	Amount
	Borrower	deals	(US$m)
1	HeidelbergCement	1	12,098.20
2	Teck	2	8,527.00
3	CIT Group	3	8,250.00
4	Ford Motor	1	7,937.40
5	Yell	1	6,547.70
6	Cablevision Systems	2	4,561.80
7	UPC Broadband Holding	2	4,511.20
8	Charter Communications	1	4,382.50
9	QVC Network	2	4,228.90
10	LyondellBasell	3	3,870.00
11	Continental	1	3,584.20
12	MGM Grand	1	3,554.80
13	Warner Chilcott	2	3,550.00
14	Telenet	1	3,382.20
15	Porsche Automobil	1	3,378.40
16	SunGard Data Systems	1	3,314.00
17	Cedar Fair	2	3,050.00
18	American General Finance	1	3,000.00
19	CSC Holdings	1	2,977.10
20	Virgin Media	1	2,936.40

Top 20 non-investment-grade borrowers
		No of	Amount
	Borrower	deals	(US$m)
1	HeidelbergCement	4	21,690.90
2	Cemex	8	20,047.20
3	Teck	3	12,538.70
4	CIT Group	3	8,250.00
5	Ford Motor	1	7,937.40
6	Cablevision Systems	5	7,074.20
7	Republic of Venezuela	1	6,988.70
8	State of Qatar	1	6,987.30
9	LyondellBasell	4	6,619.30
10	Yell Group	1	6,547.70
11	United Mexican States	5	6,473.10
12	Fiat Finance	4	6,390.60
13	MGM Grand	4	6,321.50
14	Republic of Turkey	4	6,307.90
15	Petrobras	3	5,506.60
16	Russian Federation	2	5,467.20
17	Pemex	7	5,248.10
18	UPC Broadband Holding	3	5,230.10
19	QVC Network	3	5,228.90
20	PTV Inc	4	5,100.30

Top 10 European high-yield internationalcorporate bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Credit Suisse	19	5,862.80
2	Deutsche Bank	27	5,161.50
3	RBS	22	3,765.20
4	BNP Paribas	23	3,030.60
5	JP Morgan	17	2,734.10
6	Goldman Sachs	12	2,492.10
7	Citigroup	14	2,371.40
8	Credit Agricole CIB	14	2,121.00
9	Barclays Capital	13	1,916.70
10	BofA Merrill Lynch	10	1,569.20
	Total	67	41,151.10
Source: Thomson Reuters

Top 10 European agency international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	JP Morgan	77	46,544.90
2	HSBC	84	31,448.30
3	Deutsche Bank	90	30,693.30
4	BNP Paribas	61	29,236.30
5	Credit Suisse	81	26,875.30
6	Barclays Capital	59	22,568.90
7	RBS	81	21,358.20
8	Goldman Sachs	41	19,957.20
9	Citigroup	43	18,936.10
10	UniCredit Group	28	18,340.00
	Total	750	436,800.00
Source: Thomson Reuters

Top 20 sovereign international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	51	49,798.40
2	HSBC	39	40,596.00
3	Deutsche Bank	38	32,397.70
4	Societe Generale	23	25,845.00
5	Citigroup	37	25,729.30
6	RBS	25	23,953.20
7	JP Morgan	27	21,375.20
8	BNP Paribas	20	18,880.20
9	Credit Suisse	20	16,910.80
10	Goldman Sachs	16	16,707.40
11	UBS	16	13,779.70
12	Credit Agricole CIB	12	12,706.00
13	ING	10	11,044.40
14	Morgan Stanley	13	10,619.10
15	Bank of America Merrill Lynch	8	8,033.00
16	National Bank of Greece	4	7,625.80
17	BBVA	4	5,512.20
17	Santander	4	5,512.20
19	RBC Capital Markets	4	5,232.20
20	Nomura	8	5,010.90
	Total	141	395,717.50
Source: Thomson Reuters

Top 10 US agency international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	32	51,677.40
2	BofA Merrill Lynch	36	40,395.70
3	Citigroup	29	30,924.20
4	JP Morgan	24	24,808.50
5	UBS	20	21,681.50
6	Deutsche Bank	20	21,388.00
7	Morgan Stanley	17	18,602.00
8	Goldman Sachs	15	14,435.30
9	RBS	6	4,571.60
10	HSBC	4	3,142.60
	Total	144	240,330.90
Source: Thomson Reuters

Top 10 agency borrowers
		No of	Amount
	Borrowers	issues	(US$m)
1	Kreditanstalt fur Wiederaufbau	183	87,861.90
2	Federal Home Loan Banks	62	80,321.60
3	Freddie Mac	24	61,313.40
4	Fannie Mae	26	53,584.80
5	Canada Mortgage and Housing Corp	11	39,126.50
6	SFEF	8	34,360.50
7	CADES	19	24,757.60
8	Bank Nederlandse Gemeenten	82	22,703.60
9	NRW.Bank	35	15,379.70
10	Landwirtschaftliche Rentenbank	46	14,179.20
Source: Thomson Reuters

Top 10 agency international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	103	79,530.50
2	JP Morgan	111	75,788.80
3	BofA Merrill Lynch	99	71,270.30
4	Deutsche Bank	120	54,898.20
5	Citigroup	79	53,181.90
6	Goldman Sachs	70	40,903.50
7	HSBC	98	38,802.70
8	Morgan Stanley	64	37,784.00
9	UBS	71	34,961.90
10	BNP Paribas	68	31,475.80
	Total	993	765,196.10
Source: Thomson Reuters

Top 20 sovereign borrowers
		No of	Amount
	Borrower	issues	(US$m)
1	UK	6	49,654.10
2	Hellenic Republic	5	46,692.70
3	Kingdom of Spain	7	39,067.20
4	Kingdom of Belgium	12	31,354.10
5	Republic of Italy	7	30,752.60
6	Ireland	3	25,858.00
7	French Republic	2	14,989.20
8	Republic of Poland	9	12,143.10
9	Republic of Austria	5	11,734.00
10	Federative Republic of Brazil	7	11,050.80
11	Republic of Finland	5	10,865.90
12	Portuguese Republic	4	10,158.30
13	Kingdom of Sweden	4	8,245.10
14	Republic of Venezuela	1	6,988.70
15	State of Qatar	1	6,987.30
16	United Mexican States	5	6,473.10
17	Republic of Turkey	4	6,307.90
18	Canada	2	5,845.20
19	Republic of Slovenia	3	5,639.70
20	Russian Federation	2	5,467.20
Source: Thomson Reuters

Top 50 financial international bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	129	63,911.30
2	BofA Merrill Lynch	113	50,091.40
3	JP Morgan	123	47,617.70
4	Deutsche Bank	145	45,822.70
5	Morgan Stanley	73	39,636.40
6	Credit Suisse	98	38,727.20
7	Citigroup	94	38,080.20
8	Goldman Sachs	103	36,162.80
9	HSBC	136	34,972.80
10	RBS	85	29,599.50
11	BNP Paribas	115	28,138.00
12	UBS	80	22,481.10
13	Societe Generale	35	18,122.20
14	Credit Agricole CIB	64	16,945.80
15	UniCredit Group	26	10,489.20
16	Natixis	37	9,714.50
17	Intesa SanPaolo	23	8,807.80
18	Nomura	18	8,561.40
19	RBC Capital Markets	46	5,862.00
20	TD Securities	71	5,000.30
21	Wells Fargo	16	4,926.50
22	Daiwa Securities Group	26	4,789.40
23	Rabobank	20	4,715.30
24	Lloyds Banking Group	12	4,132.00
25	DZ Bank	22	3,984.10
26	Santander	13	3,621.90
27	National Australia Bank	10	2,923.10
28	ING	6	2,818.50
29	Commonwealth Bank of Australia	5	2,671.10
30	Jefferies & Co	6	2,646.80
31	Standard Chartered	32	2,577.50
32	Nordea	5	2,470.60
33	Landesbank Baden-Wurttemberg	12	2,316.20
34	Commerzbank	10	2,139.90
35	ANZ Banking Group	15	1,966.80
36	Banco Espirito Santo	9	1,732.10
37	La Caixa	9	1,669.70
38	Mitsubishi UFJ FG	8	1,542.30
39	Handelsbanken Capital Markets	3	1,489.80
40	Mediobanca	2	1,391.00
41	Nikko Citi	1	1,256.00
42	Scotia	6	1,242.50
43	SEB Enskilda	4	1,199.40
44	Fortis Bank Nederland	1	1,124.70
45	Danske Markets	4	1,069.90
46	Mizuho Financial Group	8	1,040.60
47	Dexia	3	952.6
48	BBVA	2	935.6
49	Pohjola Bank	4	926
50	Itau Unibanco	6	876.5
	Total	1,127	649,131.30
Source: Thomson Reuters

Top 20 international convertible bond bookrunners
		No of	Amount
	Bookrunners	deals	(US$m)
1	Morgan Stanley	26	6,700.20
2	Credit Suisse	28	5,183.20
3	JP Morgan	24	5,100.50
4	BNP Paribas	23	4,939.00
5	Deutsche Bank	26	4,187.90
6	Credit Agricole CIB	13	2,655.30
7	BofA Merrill Lynch	13	2,645.50
8	Citigroup	18	2,483.80
9	Nomura	8	2,413.60
10	Goldman Sachs	15	2,363.10
11	Mediobanca	5	2,358.40
12	UBS	16	2,334.80
13	Societe Generale	13	2,307.70
14	Barclays Capital	13	2,026.70
15	ABG Sundal Collier	5	1,489.00
16	RBS	12	1,309.10
17	UniCredit Group	6	1,092.30
18	HSBC	7	1,057.90
19	TD Securities	18	896.3
20	RBC CM	11	792.6
	Total	211	62,859.10
Source: Thomson Reuters

Top 10 convertible bond issuers
		No of	Amount
	Borrower	deals	(US$m)
1	Commonwealth Bank of Australia	1	1,830.60
2	Alcatel Alsthom	1	1,426.70
3	Vedanta Resources	1	1,250.00
4	MNV	1	1,213.60
5	TUI Travel	2	1,173.70
6	Asahi Glass	2	1,145.50
7	BES Finance	2	1,135.30
8	Kreditanstalt fur Wiederaufbau	1	1,061.90
9	Cemex	2	1,032.20
10	China Strategic Holdings	1	1,006.30
Source: Thomson Reuters

Top 10 combined global financial bookrunners, bonds and loans
		No of	Amount
	Bookrunners	deals	(US$m)
1	Barclays Capital	134	64,879.90
2	BofA Merrill Lynch	121	56,572.50
3	JP Morgan	128	50,815.70
4	Deutsche Bank	150	47,375.10
5	Morgan Stanley	83	41,969.70
6	Goldman Sachs	112	41,157.60
7	Credit Suisse	106	40,157.70
8	Citigroup	98	39,226.70
9	HSBC	139	35,102.60
10	RBS	93	30,726.40
	Total	1,215	683,424.90
Source: Thomson Reuters

Top 10 financial borrowers, loans and bonds
		No of	Amount
	Borrower	issues	(US$m)
1	GE Capital	44	62,865.00
2	Dexia	45	54,119.20
3	Rabobank	149	42,997.20
4	Lloyds TSB	31	38,950.60
5	Barclays Bank	20	35,773.10
6	Groupe BPCE	51	35,392.40
7	Commonwealth Bank of Australia	74	33,750.00
8	Santander	35	33,310.20
9	Westpac Banking	62	29,886.80
10	Citigroup	17	27,317.60
Source: Thomson Reuters

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IFR Top 250 Borrowers 2010

Establishing a blueprint

The World Bank recently completed its US$25bn-$30bn borrowing programme for the fiscal year which finishes at the end of June. The issuer always completes a relatively small but significant number of capital market deals. But the Triple A-rated name has seen a sharp rise in its profile recently, as well as the first increase in its capital structure for over 20 years in May 2010. The World Bank’s current financing requirement is much greater than in the years leading up to the financial crisis of 2007. The International Bank for...

5 min read

IFR Top 250 Borrowers 2010

Critical credit credentials

After pursuing British confectioner Cadbury very publicly for five months, Kraft Foods reached an agreement with its target in January 2010. The £11.9bn (US$17.14bn) deal comprised 40% stock and 60% debt. To see the deal to fruition Kraft used aggressive takeover tactics as well as the US debt markets to its advantage. Before the transaction was agreed, Kraft had put together a debt package of about £7bn (US$10bn). But most of the loan remained undrawn as Kraft braved the choppy debt markets in February and priced a four-part bond deal, which...

4 min read

IFR Top 250 Borrowers 2010

Cool in the face of danger

In the past two years Mexican cement giant Cemex has pulled itself back from the brink by renegotiating approximately US$15bn in bank debt and tapping multiple capital markets to reduce its leverage. Since September it has raised US$1.75bn with euro and US dollar denominated 2016 notes, US$750m with global convertible bonds and almost US$1.9bn through an equity follow-on. It also issued US$437m of new 10-year debt in exchange for a similar amount of its perpetual notes, and issued Ps4.1bn (US$315.3m) in local mandatorily convertible notes in...

4 min read

IFR Top 250 Borrowers 2010

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