HSBC tops among underwriters of emerging markets debt in 2012

• Emerging markets issuance now $375.65 billion for year

New York, Dec. 31 - HSBC was the top underwriter of emerging markets bonds for 2012, jumping up from its number-four finish in 2011 and displacing the previous year's winner, Deutsche Bank.

Citigroup moved up one position to second from third in 2011 while JPMorgan slipped one notch to third from second. Deutsche Bank fell to fourth.

The top four banks had been closely tied for the final months of the year but HSBC finished with a lead of more than $2.6 billion. The bank accounted for 11.5% of the market compared with Citi's 10.8%.

Total issuance for the year was $375.65 billion, 59% more than the $236.67 billion recorded the previous year.

Volume for December was $16.38 billion, sharply down from $42.78 billion in November.

For deals offered in the U.S. market, Citigroup took first place for the year, narrowly ahead of JPMorgan in second. The two banks swapped places in the final month. HSBC and Deutsche Bank continued in third and fourth positions, respectively.

Issuance for the year on this basis was $228.26 billion, far ahead of 2011's $157.25 billion.

All major currencies, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	43.231	209	11.51%	4	20.547	114	8.68%
2	Citigroup	40.586	203	10.80%	3	22.257	102	9.40%
3	JPMorgan	39.114	183	10.41%	2	22.353	95	9.45%
4	Deutsche Bank	33.774	154	8.99%	1	22.924	102	9.69%
5	Barclays	20.568	87	5.48%	6	14.669	79	6.20%
6	Goldman Sachs	19.291	93	5.14%	7	13.238	67	5.59%
7	Bank of America	17.603	106	4.69%	5	15.006	73	6.34%
8	Morgan Stanley	16.384	77	4.36%	13	6.151	40	2.60%
9	Standard Chartered	15.305	95	4.07%	9	8.944	64	3.78%
10	BNP	13.487	69	3.59%	8	10.261	50	4.34%
	Total	375.654	578	236.666	406
	Average size:	0.650	0.583
U.S. market, dollar-denominated deals, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	29.452	130	12.90%	2	16.111	74	10.25%
2	JPMorgan	28.918	118	12.67%	1	20.405	79	12.98%
3	HSBC	23.184	101	10.16%	5	13.045	68	8.30%
4	Deutsche Bank	18.922	84	8.29%	3	14.134	59	8.99%
5	Goldman Sachs	15.144	63	6.63%	7	9.863	48	6.27%
6	Barclays	13.881	55	6.08%	6	10.884	51	6.92%
7	Bank of America	13.731	72	6.02%	4	13.834	64	8.80%
8	Morgan Stanley	11.665	46	5.11%	12	4.354	29	2.77%
9	BNP	6.918	34	3.03%	9	5.530	27	3.52%
10	Standard Chartered	6.180	30	2.71%	11	4.781	34	3.04%
	Total	228.255	302	157.249	234
	Average size:	0.756	0.672
All major currencies, fourth quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	11.972	62	11.70%	2	5.256	25	9.63%
2	JPMorgan	11.178	56	10.92%	6	3.594	17	6.59%
3	Citigroup	9.034	56	8.83%	1	8.085	28	14.82%
4	Deutsche Bank	8.838	43	8.64%	5	3.775	15	6.92%
5	Bank of America	6.068	37	5.93%	8	2.716	13	4.98%
6	Goldman Sachs	5.647	34	5.52%	10	2.319	13	4.25%
7	Barclays	5.127	26	5.01%	4	3.819	19	7.00%
8	Standard Chartered	3.802	28	3.72%	7	3.097	17	5.68%
9	BNP	3.734	19	3.65%	13	1.464	7	2.68%
10	Morgan Stanley	3.198	19	3.13%	14	1.461	8	2.68%
	Total	102.336	160	54.550	79
	Average size:	0.640	0.691
U.S. market, dollar-denominated deals, fourth quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.446	38	13.44%	4	3.369	15	9.34%
2	HSBC	6.948	34	11.06%	2	3.627	15	10.06%
3	Citigroup	6.461	36	10.29%	1	5.129	21	14.22%
4	Deutsche Bank	5.818	26	9.26%	8	1.616	6	4.48%
5	Bank of America	5.203	28	8.28%	5	2.399	11	6.65%
6	Goldman Sachs	4.114	20	6.55%	6	2.196	12	6.09%
7	Barclays	3.267	17	5.20%	3	3.456	15	9.58%
8	BNP	2.695	11	4.29%	14	0.900	3	2.49%
9	Morgan Stanley	1.984	10	3.16%	10	1.461	8	4.05%
10	Standard Chartered	1.495	9	2.38%	9	1.543	7	4.28%
	Total	62.820	85	36.061	44
	Average size:	0.739	0.820
All major currencies, December
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	1.801	10	11.00%	17	0.137	1	1.67%
2	HSBC	1.755	10	10.72%	1	1.297	8	15.83%
3	Deutsche Bank	1.461	6	8.92%	3	0.740	4	9.03%
4	Citigroup	1.356	8	8.28%	12	0.335	2	4.08%
5	BNP	1.304	7	7.96%	13	0.224	2	2.74%
6	Goldman Sachs	1.085	8	6.63%	15	0.150	1	1.83%
7	Standard Chartered	0.891	7	5.44%	11	0.373	2	4.55%
8	JPMorgan	0.871	5	5.32%	8	0.420	3	5.13%
9	Morgan Stanley	0.784	6	4.79%	20	0.100	1	1.22%
10	RBS	0.672	2	4.10%	10	0.373	2	4.55%
	Total	16.377	28	8.193	13
	Average size:	0.585	0.630
U.S. market, dollar-denominated deals, December
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	1.617	8	14.86%	1	0.707	5	16.74%
2	Barclays	1.117	7	10.27%	11	0.137	1	3.24%
3	BNP	1.117	6	10.27%	14	0.100	1	2.36%
4	Citigroup	1.117	6	10.27%	7	0.335	2	7.93%
5	Goldman Sachs	0.999	7	9.19%	8	0.150	1	3.54%
6	Morgan Stanley	0.698	5	6.41%	13	0.100	1	2.36%
7	Standard Chartered	0.580	3	5.33%	6	0.373	2	8.84%
8	Bank of America	0.555	2	5.10%	2	0.609	4	14.44%
9	RBS	0.422	1	3.88%	5	0.373	2	8.84%
10	Natixis	0.370	2	3.40%
	Total	10.878	14	4.221	7
	Average size:	0.777	0.603
Prospect News Emerging Markets Underwriter Rankings

Criteria

• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.

• Offerings are included in the time period in which they price (or settle if pricing date not available).

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Units made up of a bond and a warrant are included; other units are excluded.

• Best efforts and non-underwritten deals are excluded.

• Non-dollar deals are converted to dollars at the rate on the day of pricing.

• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Austria, Belgium, Finland, Iceland and Greece.

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