Latin America Investment Banking Review

First Quarter 2021

Refinitiv Deals Intelligence

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QUARTERLY HIGHLIGHTS
LATAM INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

M&A FEES DOWN -3% M&A TOP FINANCIAL ADVISOR YTD

ECM FEES UP 251% Banco BTG Pactual SA

DCM FEES DOWN -13% ECM TOP BOOK RUNNER YTD

Citi
LOAN FEES UP 22%
DCM TOP BOOK RUNNER YTD
ANY INV. M&A UP 197%
JP Morgan
TARGET M&A UP 317%
M&A TOP TARGETED NATION
ECM PROCEEDS UP 12% Brazil
DCM PROCEEDS DOWN -6% DCM TOP ISSUING ECM TOP ISSUING
Click on any of the above arrows to NATION NATION
go straight to the analysis.
Mexico Brazil

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REPORT
SUMMARY
INVESTMENT BANKING FEES
Investment banking fees in Latin America produced a combined total of US$804.9 million during the first quarter of 2021, up 47% and the strongest start to the first quarter in the region since 2007.
Merger & Acquisition fees totalled US$185.4 million, down 3% from the same period last year. Equity underwriting fees marked the best start to the year in the region since our records began in 2000
with a total of US$392 million recorded in fees, a 251% increase from the same period last year. Debt underwriting fees declined 13% to US$174.3 million from the same period last year, while
syndicated lending increased 22% to US$52.9 million. Citi earned the most investment banking fees in Latin America during the first quarter of 2021, a total of US$72.8 million, or a 9.0% share of the
total fee pool. JP Morgan and Deutsche Bank come in second and third place, with 8.3% and 6.0% market share, respectively.

MERGERS & ACQUISITIONS

Announced M&A with any Latin America involvement totals US$52.1 billion in the first quarter, a 197% increase and already at half of the full year total of 2020. Deals with a target in Latin America
increased 317% from US$10.4 billion to US$43.6 billion in Q1 2021, a 3-year high. Latin America inbound M&A increased 409% to US$22 billion, while outbound M&A increased 79% to US$4.8
billion in Q1 2021. The largest deal of the quarter was Brazil’s Hapvida Participacoes agreement to merge their business with Notre Dame Intermedica for an estimated US$9.5 billion. Deal making in
the Healthcare sector accounted for 25% of Latin America target M&A by value, followed by the real estate sector with a 21% market share. Brazil was the most targeted nation in Latin America with
US$26.1 billion M&A deals worth of deals, an increase of 404% from the same period last year. Banco BTG Pactual SA leads in the any involvement league table advising on US$17.9 billion worth of
deals, closely followed by JP Morgan and Itau Unibanco in second and third place, respectively.

EQUITY CAPITAL MARKETS

Latin America equity and equity-related issuance totalled US$9.7 billion, during the first quarter of 2021, a 12% increase and the best start to the year since 2013. 48% of this total came from Latin
America’s IPO Market with US$4.7 billion in proceeds raised, a 391% increase in IPO activity. The number of IPOs also experienced its best start to the quarter since 1980 with 18 IPOs in Latin
America’s first quarter. Brazil was the top issuing nation with US$6.0 billion raised in ECM proceeds, followed by Mexico and Cayman Islands. Telecommunications raised the most from ECM
issuance with US$2.8 billion in related proceeds, followed by Energy & Power and Financials. The largest issuance of the quarter was the US$2.6 billion convertible bond issuance from América
Móvil through its Dutch subsidiary América Móvil B.V. in February. Citi leads Latin America ECM underwriting during the first quarter of 2021 with 13% market share, closely followed by Bank of
America Securities with 12%.

DEBT CAPITAL MARKETS

Latin America debt issuance totalled US$54.9 billion during the first quarter of 2021, a 6% decrease compared to a year ago. Agency and sovereign bond issuance in Latin America totalled US$27.4
billion, a 52% increase compared to the same period last year and the highest total since 2017. Mexico led Latin America’s DCM issuance with a total of US$13.0 billion in issuance, followed by
Brazil with US$9.3 billion. Government and Agencies was the most active sector in Latin America with US$27.4 billion in issuance, or 50% of all DCM issuance in the first quarter. JP Morgan
maintained top spot for DCM underwriting in Latin America with 15% market share, followed by Citi and Santander with 10% and 9% market share, respectively.

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HIGHLIGHTS

INVESTMENT BANKING FEES PAGE

INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES
YTD Fees Rest of Year Fees • Outer Rim: YTD
• Inner Rim: YTDLY
7,000

6,000 16%
27%
5,000 20%
27%
US$ Million

29%
4,000 7% 40%
48% 40%
5%
3,000
8% 8%
2,000 6% 13%
15%
8%
1,000 13% 5%
7% 17%
0 4% 18%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 8% 11%

INVESTMENT BANKING FEES BY ASSET CLASS

BONDS EQUITY LOANS MA Financials Materials Brazil Bermuda
1,200
Energy and Power Government and Agencies British Virgin
Mexico
1,000 Islands(United Kingdom)
Consumer Products and
Other
Services Cayman Islands Other
800
US$ Million

600

400

200

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

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HIGHLIGHTS

MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES TOP TARGETED COUNTRIES
YTD Volumes Rest of Year Volumes #Deals
• Outer Rim: YTD
350,000 700 • Inner Rim: YTDLY

300,000 600
2%3%
250,000 500 16% 3%
US$ Million

25% 6%
200,000 400 12%
17%
150,000 300 5%
9% 2%
100,000 200 6% 1%
3% 8% 50%
50,000 100
7% 26%
0 - 67% 60%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 16% 22%
17%

TARGET M&A VOLUMES & NUMBER OF DEALS

17%
YTD Volumes Rest of Year Volumes #Deals

300,000 600
Healthcare Retail
Brazil Colombia
250,000 500
Real Estate Materials
200,000 400 Bermuda Peru
US$ Million

150,000 300 Energy and Power Other

Chile Other
100,000 200

50,000 100

0 -
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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HIGHLIGHTS

MERGERS & ACQUISITIONS PAGE

INBOUND M&A DOMESTIC M&A OUTBOUND M&A

Inbound M&A up 409% from YTD last year, accounting Domestic M&A up 252% from YTD last year, Outbound M&A up 79% from YTD last year, accounting
for $22 Billion so far this year. accounting for $21.5 Billion so far this year. for $4.8 Billion so far this year.

YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals

120,000 300 200,000 300 40,000 100

250 80

US$ Million
100,000 250 30,000

US$ Million
150,000
US$ Million

80,000 200 200 60

100,000 150 20,000
60,000 150 40
100 10,000
40,000 100 50,000 20
50
20,000 50 0 -
0 -
0 - 10 11 12 13 14 15 16 17 18 19 20 21
10 11 12 13 14 15 16 17 18 19 20 21
10 11 12 13 14 15 16 17 18 19 20 21

INBOUND M&A VOLUMES DOMESTIC M&A VOLUMES OUTBOUND M&A VOLUMES

TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED/ TOP ACQUIRING NATIONS

US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million
0 10,000 20,000 0 5,000 10,000 0 10,000 20,000 30,000 0 10,000 20,000 30,000 0 1,000 2,000 3,000 0 1,000 2,000 3,000

United States Brazil Brazil India Bahamas

Bermuda 11,265 8,548 21,034 20,988 2,125 2,213
of America

Cayman
Brazil 5,137 Canada 6,922 Peru 186 Peru 328 South Korea 1,175 1,905
Islands

United Arab United

Chile 2,311 1,650 Colombia 166 Chile 119 424 Bermuda 595
Emirates Kingdom

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HIGHLIGHTS

MERGERS & ACQUISITIONS PAGE

TARGET M&A VOLUMES BY DEAL SIZE

X < US$500 US$500m to US$1Bn US$1Bn to US$5Bn US$5Bn to US$10Bn X > US$10Bn

90,000
80,000
70,000
60,000
US$ Million

50,000
40,000
30,000
20,000
10,000
0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

MID MARKET TARGET M&A VOLUMES YTD

X < US$500

16,000
14,000
12,000
US$ Million

10,000
8,000
6,000
4,000
2,000
0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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HIGHLIGHTS

MERGERS & ACQUISITIONS PAGE

ANY INVOLVEMENT M&A TOP DEALS YTD

Ranking Rank Target Acquiror Acquiror
Status Target Name Target Industry Target Advisors Acquiror Name Acquiror Advisors
Value ($Mil) Date Nation Nation Industry
JP Morgan Securities LLC Banco BTG Pactual SA
9,577.3 Pending 02/27/2021 Notre Dame Intermedica Brazil Healthcare Hapvida Participacoes II Brazil Financials
Banco JP Morgan SA Itau Unibanco SA
Brookfield Property Brookfield Asset
6,497.6 Pending 01/04/2021 Bermuda Real Estate Lazard Canada Financials
Partners Management
BR Partners
JP Morgan
Banco Itau-BBA SA
5,363.5 Completed 03/01/2021 Sendas Distribuidora SA Brazil Retail Banco BTG Pactual SA Shareholders Brazil Financials
BofA Securities Inc
Banco Bradesco SA
Santander Corp & Invest Bkg
Hygo Energy Transition Energy and Goldman Sachs & Co Energy and
2,930.1 Pending 01/13/2021 Bermuda New Fortress Energy Inc United States Morgan Stanley
Ltd Power Citi Power
2,877.7 Completed 02/09/2021 Vale SA Brazil Materials - PREVI Brazil Financials
2,109.8 Intended 01/11/2021 Vedanta Ltd India Materials - Vedanta Resources Ltd Bahamas Materials JP Morgan India
Citi
Petroleo Brasileiro SA- Energy and Mubadala Investment Co
1,650.0 Pending 02/08/2021 Brazil Rothschild & Co Utd Arab Em Financials
RLAM Power PJSC
Santander Corp & Invest Bkg
Energy and
1,524.0 Pending 01/13/2021 Golar LNG Partners LP Bermuda Industrials Deutsche Bank Securities New Fortress Energy Inc United States Morgan Stanley
Power

1,358.6 Pending 03/24/2021 Grupo BIG Brasil SA Brazil Retail - Atacadao SA France Retail Goldman Sachs & Co

BTG Pactual Us Capital LLC

1,321.0 Pending 03/31/2021 Procaps SAS Colombia Healthcare Greenhill & Co, LLC Union Acquisition Corp II United States Financials
Cantor Fitzgerald Inc

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HIGHLIGHTS

EQUITY CAPITAL MARKETS PAGE

ECM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Rest of Year Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)

70,000 9,000 0% 0% 0%
8,000 -10%
60,000 7,000 -20%
-26% -30%

US$ Million
50,000 6,000
US$ Million

-40%
5,000
40,000 -50%
4,000
-60% -60%
30,000 3,000 -70%
20,000 2,000 -80%
1,000 -90% -90%
10,000 0 -100%
0 Brazil Mexico Cayman Islands Bermuda British Virgin
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Islands(United
Kingdom)

ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

IPO Follow-On Convertible YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)

9,000 6,000 400000%

367667% 350000%
8,000 5,000
300000%
7,000

US$ Million
4,000 250000%
6,000
US$ Million

200000%
5,000 3,000
150000%
4,000 2,000 100000%
3,000 50000%
1,000
2,000 0% -72% 341% 100% 0%

1,000 0 -50000%
Telecommunications Energy and Power Financials Materials High Technology
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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HIGHLIGHTS

DEBT CAPITAL MARKETS PAGE

DCM PROCEEDS TOP ISSUING COUNTRIES

YTD Proceeds Rest of Year Proceeds YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
500,000 20,000 2500%
450,000 18,000 2158%
16,000 2000%
400,000
350,000 14,000

US$ Million
1500%
US$ Million

300,000 12,000
250,000 10,000 1000%
8,000
200,000 500%
6,000
150,000
4,000 0% 0%
100,000 -24% -26% -16%
2,000
50,000 0 -500%
0 Mexico Brazil Peru Chile Venezuela
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

Agency, Supranational, Sovereign Investment Grade Corporate YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
MBS ABS 30,000 60%
Federal Credit Agency High Yield Corporate 52%
25,000 40%
80,000 34%

US$ Million
70,000 20,000 20%

60,000 15,000 0%
US$ Million

50,000 10,000 -20%

40,000 -30%
5,000 -40%
30,000 -45%
-52%
20,000 0 -60%
Government and Financials Energy and Materials Consumer
10,000 Agencies Power Staples
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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HIGHLIGHTS

EQUITY & DEBT CAPITAL MARKETS TOP DEALS PAGE

ECM TOP DEALS YTD

Proceeds Primary
Issue Date Issue Type Issuer Nation Industry Mid Industry
($ mil) Exchange

Telecommunications
02/23/2021 2,668.7 Convertible America Movil Bv Netherlands Telecommunications NONE
Services

02/12/2021 924.7 IPO CSN Mineracao SA Brazil Materials Metals & Mining PAOLO

01/21/2021 588.4 IPO Patria Investments Ltd Cayman Islands Financials Asset Management NASDQ

01/19/2021 512.3 Follow-On Light SA Brazil Energy and Power Power PAOLO

Computers &
02/09/2021 512.1 Follow-On Locaweb Servicos de Internet Brazil High Technology PAOLO
Peripherals

DCM TOP DEALS YTD

Proceeds
Issue Date Issue Type Issuer Nation Industry Mid Industry Currency
($ mil)

Agency, Supranational,
03/03/2021 3,957.3 Peru Peru Government and Agencies National Government U.S. Dollar
Sovereign

Agency, Supranational,
01/14/2021 3,129.2 Mexico Mexico Government and Agencies National Government EURO
Sovereign

Agency, Supranational,
01/04/2021 3,000.0 Mexico Mexico Government and Agencies National Government U.S. Dollar
Sovereign
Agency, Supranational,
01/20/2021 2,581.5 Republica de Panama Panama Government and Agencies National Government U.S. Dollar
Sovereign
Agency, Supranational,
01/13/2021 2,547.2 Dominican Republic Dominican Rep Government and Agencies National Government U.S. Dollar
Sovereign

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HIGHLIGHTS

INVESTMENT BANKING FEE LEAGUE TABLES PAGE

INVESTMENT BANKING FEES LEAGUE TABLE

Citi JP Morgan Deutsche Bank Banco BTG Pactual SA Itau Unibanco Goldman Sachs & Co Santander Corp & Invest Bkg Bofa Securities Inc Jefferies LLC Banco Bradesco SA

90
80
70 9.0%
Fees US$ Million

8.3%
60
50 6.0% 5.7% 5.6% 5.4% 5.3%
40 5.0%
30 3.6% 3.4%
20
10
0
0 1 2 3 4 5 6 7 8 9 10 11
Rank

INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 3 Citi $ 72.8 88.1% 9.0% 2.0% 40 42.9%
2 4 JP Morgan $ 67.0 96.3% 8.3% 2.1% 44 29.4%
3 9 Deutsche Bank $ 48.4 116.7% 6.0% 1.9% 9 -50.0%
4 11 Banco BTG Pactual SA $ 46.2 156.4% 5.7% 2.4% 35 66.7%
5 6 Itau Unibanco $ 44.8 46.8% 5.6% 0.0% 35 25.0%
6 5 Goldman Sachs & Co $ 43.9 43.4% 5.4% -0.1% 23 -23.3%
7 8 Santander Corp & Invest Bkg $ 42.9 76.3% 5.3% 0.9% 48 92.0%
8 1 Bofa Securities Inc $ 39.9 -11.2% 5.0% -3.3% 23 -28.1%
9 52 Jefferies LLC $ 28.9 2441.6% 3.6% 3.4% 4 300.0%
10 10 Banco Bradesco SA $ 27.7 42.0% 3.4% -0.1% 16 0.0%
TOTAL $ 804.9 47.4% 285 10.9%

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HIGHLIGHTS

INVESTMENT BANKING FEE LEAGUE TABLES PAGE

M&A FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 18 Goldman Sachs & Co $ 21.6 543.2% 11.7% 9.9% 3 50.0%
2 32 Moelis & Co $ 18.4 1376.5% 9.9% 9.3% 2 0.0%
3 38 BR Partners $ 16.4 8911.1% 8.8% 8.7% 5 400.0%
4 20 Banco Bradesco SA $ 15.6 437.7% 8.4% 6.9% 6 200.0%
5 9 Banco BTG Pactual SA $ 15.0 106.8% 8.1% 4.3% 12 20.0%
6 16 Rothschild & Co $ 12.3 229.4% 6.7% 4.7% 2 -50.0%
7 14 JP Morgan $ 12.3 214.2% 6.6% 4.6% 2 0.0%
8 6 Deutsche Bank $ 11.3 11.7% 6.1% 0.8% 1 0.0%
9 2 Bofa Securities Inc $ 9.9 -45.4% 5.3% -4.1% 5 66.7%
10 10 Itau Unibanco $ 9.5 34.8% 5.1% 1.5% 8 33.3%
TOTAL $ 185.5 -3.3% 61 -19.7%

ECM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 16 Citi $ 58.4 4394.0% 14.9% 13.7% 11 1000.0%
2 2 Itau Unibanco $ 30.6 87.5% 7.8% -6.8% 12 71.4%
3 10 JP Morgan $ 29.4 429.8% 7.5% 2.5% 7 75.0%
4 4 Banco BTG Pactual SA $ 28.6 244.9% 7.3% -0.1% 16 220.0%
5 17 Jefferies LLC $ 27.9 2353.7% 7.1% 6.1% 2 100.0%
6 - Deutsche Bank $ 25.5 - 6.5% - 3 -
7 6 Bofa Securities Inc $ 22.5 209.7% 5.8% -0.8% 4 100.0%
8 14 Santander Corp & Invest Bkg $ 20.3 978.6% 5.2% 3.5% 11 1000.0%
9 12 UBS $ 20.1 774.5% 5.1% 3.1% 3 50.0%
10 - Barclays $ 16.5 - 4.2% - 2 -
TOTAL $ 392.0 251.2% 47 147.4%

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HIGHLIGHTS

INVESTMENT BANKING FEE LEAGUE TABLES PAGE

DCM FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 1 JP Morgan $ 24.4 9.8% 14.0% 2.8% 32 28.0%
2 14 Santander Corp & Invest Bkg $ 12.9 110.1% 7.4% 4.3% 31 93.8%
3 5 Citi $ 11.7 -9.4% 6.7% 0.2% 26 30.0%
4 7 Deutsche Bank $ 11.7 26.1% 6.7% 2.1% 5 -61.5%
5 13 Barclays $ 11.2 81.6% 6.4% 3.3% 9 28.6%
6 3 Goldman Sachs & Co $ 9.6 -43.4% 5.5% -3.0% 15 -31.8%
7 11 Credit Suisse $ 9.2 28.1% 5.3% 1.7% 9 0.0%
8 6 Morgan Stanley $ 7.4 -23.1% 4.2% -0.6% 13 18.2%
9 4 BNP Paribas SA $ 7.3 -47.3% 4.2% -2.8% 13 44.4%
10 2 Bofa Securities Inc $ 6.9 -64.3% 3.9% -5.7% 13 -50.0%
TOTAL $ 174.4 -12.5% 149 18.3%

LOANS FEES LEAGUE TABLE (US$MIL)

FEES FEES YOY SHARE YOY #DEALS YOY
2021 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 15 Standard Chartered PLC $ 5.4 506.5% 10.2% 8.2% 1 -50.0%
2 - ANZ Banking Group $ 5.2 - 9.8% - 2 -
3 37 United Overseas Bank Ltd $ 4.7 2634.6% 8.9% 8.5% 1 -
4 8 Santander Corp & Invest Bkg $ 4.2 128.9% 7.9% 3.7% 2 0.0%
5 26 Cooperatieve Rabobank UA $ 3.2 664.8% 6.1% 5.2% 3 200.0%
6 7 BNP Paribas SA $ 2.8 38.4% 5.3% 0.6% 5 -16.7%
7 5 Citi $ 2.6 -11.3% 5.0% -1.9% 3 50.0%
8 14 Scotiabank $ 1.9 67.9% 3.5% 1.0% 4 0.0%
9 - CIMB Group Holdings Bhd $ 1.8 - 3.4% - 1 -
10 36 Natixis $ 1.7 734.4% 3.2% 2.7% 3 200.0%
TOTAL $ 53.0 22.0% 28 -22.2%

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HIGHLIGHTS

INVESTMENT BANKING LEAGUE TABLES PAGE

ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)

RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 31 Banco BTG Pactual SA $ 17,999.1 13413% 35% 4213% 15 67%
2 5 JP Morgan $ 17,988.3 1083% 35% 297% 7 133%
3 9 Itau Unibanco $ 16,994.5 1484% 33% 434% 10 -29%
4 28 Citi $ 14,797.7 7229% 28% 2267% 5 150%
5 - XP Investimentos $ 10,012.6 - 19% - 4 -
6 18 Santander Corp & Invest Bkg $ 8,013.5 1788% 15% 542% 6 0%
7 15 Lazard $ 6,497.6 988% 13% 268% 2 -60%
8 8 Banco Bradesco SA $ 6,146.1 457% 12% 87% 6 0%
9 4 BofA Securities Inc $ 5,834.7 258% 11% 20% 5 67%
10 6 BR Partners $ 5,416.3 258% 10% 21% 3 -50%
TOTAL $ 52,150.5 197% 431 14%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 18 Banco BTG Pactual SA $ 17,999.1 13413% 41% 3077% 14 56%
2 3 Itau Unibanco $ 16,994.5 1484% 39% 279% 10 -29%
3 5 JP Morgan $ 16,813.7 1576% 39% 302% 6 200%
4 15 Citi $ 14,797.7 7229% 34% 1684% 5 150%
5 - XP Investimentos $ 10,012.6 - 23% - 4 -
6 9 Santander Corp & Invest Bkg $ 8,013.5 1788% 18% 349% 6 0%
7 20 Lazard $ 6,497.6 8022% 15% 1763% 2 -50%
8 2 Banco Bradesco SA $ 6,146.1 457% 14% 33% 6 0%
9 4 BofA Securities Inc $ 5,834.7 468% 13% 37% 5 150%
10 1 BR Partners $ 5,416.3 258% 12% -14% 3 -50%
TOTAL $ 43,618.5 317% 332 14%

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INVESTMENT BANKING LEAGUE TABLES PAGE

ECM LEAGUE TABLE (US$MIL)

PROCEEDS
PROCEEDS SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$Mil) CHANGE (% ) CHANGE (% )
(% )
1 8 Citi $ 1,297.8 100% 13% 79% 8 700%
2 7 BofA Securities Inc $ 1,153.5 66% 12% 49% 4 100%
3 9 Itau Unibanco $ 1,018.8 118% 11% 94% 14 100%
4 - Barclays $ 889.6 - 9% - 1 -
5 10 Banco BTG Pactual SA $ 867.1 192% 9% 162% 16 220%
6 12 Santander Corp & Invest Bkg $ 809.3 860% 8% 730% 12 1100%
7 3 XP Investimentos $ 592.8 -31% 6% -38% 11 120%
8 5 Goldman Sachs & Co $ 523.2 -33% 5% -40% 5 25%
9 1 Morgan Stanley $ 513.1 -69% 5% -73% 8 33%
10 11 JP Morgan $ 506.9 102% 5% 79% 7 75%
TOTAL $ 9,720.4 12% 31 94%

DCM LEAGUE TABLE (US$MIL)

PROCEEDS
PROCEEDS SHARE YOY #DEALS YOY
2021 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$Mil) CHANGE (% ) CHANGE (% )
(% )
1 1 JP Morgan $ 8,351.3 10% 15% 18% 31 29%
2 6 Citi $ 5,277.9 72% 10% 85% 22 29%
3 13 Santander Corp & Invest Bkg $ 4,809.8 122% 9% 138% 28 115%
4 10 Morgan Stanley $ 4,360.3 75% 8% 84% 13 30%
5 3 Goldman Sachs & Co $ 3,755.9 -24% 7% -19% 15 -29%
6 2 BofA Securities Inc $ 3,059.6 -43% 6% -38% 13 -46%
7 4 BNP Paribas SA $ 2,793.2 -41% 5% -36% 12 33%
8 9 BBVA $ 2,582.1 1% 5% 7% 13 18%
9 8 HSBC Holdings PLC $ 2,547.3 -1% 5% 5% 9 29%
10 14 Barclays $ 2,377.6 39% 4% 48% 8 14%
TOTAL $ 54,973.5 -6% 99 -16%

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CONTACTS / GLOSSARY HIGHLIGHTS
PAGE

ABOUT REFINITIV MERGERS & ACQUISITIONS

Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers The Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going
of financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are
400,000 end users across 190 countries, Refinitiv is powering participants across the global financial tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,
marketplace. We provide information, insights, and technology that enable customers to execute minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are
critical investing, trading and risk decisions with confidence. By combining a unique open platform based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional
with best-in-class data and expertise, we connect people to choice and opportunity – driving transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
performance, innovation and growth for our customers and partners.
EQUITY CAPITAL MARKETS
Now, as part of LSEG we are underpinned by the strength and stability of a more than 300-year-old The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition
organisation, broadening our capacity to positively impact the financial community — be it in trading to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds
and banking, investment, wealth, customer and third-party risk, and enterprise data solutions. and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360
For more information, go to www.refinitiv.com. days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or
first call/put option.
ABOUT DEALS INTELLIGENCE
Refinitiv Deals Intelligence, a part of LSEG's Data & Analytics division, brings up to the minute market DEBT CAPITAL MARKETS
intelligence to the deal making community and the financial media through a variety of research The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that
reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all
Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US
For more insights, go to www.refinitiv.com/dealsintelligence and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN
takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal
proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book
CONTACT INFORMATION runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US
dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.
AMERICAS
Matt Toole | [email protected] | +1 646 223 7212
While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and
EMEA up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors,
Lucille Jones | [email protected] | +44 (0) 204 530 2000 inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or
Saiem Jalil | [email protected] | +44 (0) 204 530 2000 opinions of any third party content provider. Refinitiv 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
ASIA law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and
Elaine Tan | [email protected] | +63 (2) 8459 1567 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. Refinitiv 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.

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