Country name Brazil
Investments 3339.96
Credit 5372.92
Total
8,712.88
Country name United Kingdom
Investments 146.47
Credit 6389.13
Total
6,535.60
Country name United States
Investments 2292.47
Credit 3464.42
Total
5,756.89
Country name Singapore
Investments 3049.11
Credit 2010.75
Total
5,059.85
Country name Australia
Investments 8.18
Credit 3305.25
Total
3,313.44
Country name Japan
Investments 5.61
Credit 2902.05
Total
2,907.67
Country name Spain
Investments 8.78
Credit 2146.82
Total
2,155.60
Country name France
Investments 167.33
Credit 1970.34
Total
2,137.67
Country name Netherlands
Investments 65.65
Credit 1888.39
Total
1,954.04
Country name Switzerland
Investments 29.04
Credit 1583.71
Total
1,612.76
Country name Germany
Investments 47.99
Credit 1289.30
Total
1,337.29
Country name Global
Investments 0.00
Credit 440.51
Total
440.51
Country name Bermuda
Investments 414.68
Credit 0.00
Total
414.68
Country name Italy
Investments 11.25
Credit 384.44
Total
395.70
Country name South Korea
Investments 0.62
Credit 342.38
Total
343.00
Country name India
Investments 0.00
Credit 317.78
Total
317.78
Country name China
Investments 79.23
Credit 209.44
Total
288.67
Country name United Arab Emirates
Investments 0.00
Credit 217.78
Total
217.78
Country name Cyprus
Investments 0.00
Credit 182.38
Total
182.38
Country name Malaysia
Investments 10.28
Credit 135.04
Total
145.32
Country name Investments Credit Total
Brazil3339.965372.92
8,712.88
United Kingdom146.476389.13
6,535.60
United States2292.473464.42
5,756.89
Singapore3049.112010.75
5,059.85
Australia8.183305.25
3,313.44
Japan5.612902.05
2,907.67
Spain8.782146.82
2,155.60
France167.331970.34
2,137.67
Netherlands65.651888.39
1,954.04
Switzerland29.041583.71
1,612.76
Germany47.991289.30
1,337.29
Global0.00440.51
440.51
Bermuda414.680.00
414.68
Italy11.25384.44
395.70
South Korea0.62342.38
343.00
India0.00317.78
317.78
China79.23209.44
288.67
United Arab Emirates0.00217.78
217.78
Cyprus0.00182.38
182.38
Malaysia10.28135.04
145.32
Financial institution financing contributions
The financial databases do not always include details on the levels of individual financial institutions’ contribution to a deal. Individual bank’s contributions to syndicated loans and underwriting were recorded to the largest extent possible where these details were included in the financial databases. In many cases, the total value of a loan or issuance is known, as well as the number of banks that participate in this loan or issuance. However, the amount that each individual bank commits to the loan or issuance has to be estimated. This research uses a two-step method to calculate this amount. The first uses the ratio of an individual institution’s management fee to the management fees received by all institutions. This is calculated as follows:
Participant’s contribution: ((individual participant attributed fee/sum of all participants attributed fee) * principal amount).
When the fee is unknown for one or more participants in a deal, the second method is used, called the ‘bookratio’. The bookratio (see formula below) is used to determine the commitment distribution of bookrunners and other managers. Bookratio: ((number of participants – number of bookrunners)/number of bookrunners).
Table 1 shows the commitment assigned to book runner groups with this estimation method. When the number of total participants in relation to the number of bookrunners increases, the share that is attributed to bookrunners decreases. This prevents very large differences in amounts attributed to bookrunners and other participants.
Table 1      Commitment assigned to bookrunner groups
Bookratio  Loans  Issuances
>1/3             75%      75%
>2/3             60%      75%
>1.5              40%      75%
>3.0            <40%     <75%*
* In case of deals with a bookratio of more than 3.0, we use a formula which gradually lowers the commitment assigned to the bookrunners as the bookratio increases. The formula used for this:
((1/√bookratio)/1.443375673)
The number in the denominator is used to let the formula start at 40% in case of a bookratio of 3.0. As the bookratio increases the formula will go down from 40%. In case of issuances the number in the denominator is 0.769800358.