Investor Country Investment Credit Total
77 Bank0.0024.80
24.80
AAC Capital0.0066.67
66.67
ABN Amro0.35397.11
397.46
AcomeA0.390.00
0.39
Aegon4.230.00
4.23
Affiliated Managers Group0.010.00
0.01
Affin0.0033.46
33.46
African Development Bank0.0080.00
80.00
African Export-Import Bank0.0030.09
30.09
AGF Management0.710.00
0.71
Alaska Asset Management0.230.00
0.23
Allianz2.560.00
2.56
AmBank Group0.0023.91
23.91
American Century Investments4.670.00
4.67
American International Group (AIG)34.550.00
34.55
Americo Life1.000.00
1.00
Ameriprise Financial0.000.00
0.00
Anbang Insurance Group0.290.00
0.29
Andbank0.030.00
0.03
ANZ0.001,134.71
1,134.71
Apex Capital1.600.00
1.60
APG Group36.220.00
36.22
AQR Capital Management0.320.00
0.32
Aquila Group0.020.00
0.02
Araújo Fontes0.030.00
0.03
Ashmore Group24.300.00
24.30
Asian Development Bank0.0083.00
83.00
Astamax0.170.00
0.17
Aviva0.970.00
0.97
AXA4.100.00
4.10
AXA Equitable80.000.00
80.00
Azimut9.550.00
9.55
Bailard0.930.00
0.93
Banca Zarattini & Co0.000.00
0.00
Banco Alfa de Investimento0.210.00
0.21
Banco Bilbao Vizcaya Argentaria (BBVA)0.00713.01
713.01
Banco de Desenvolvimento de Minas Gerais0.0023.27
23.27
Banco do Brasil23.781,651.12
1,674.90
Bank of America0.00551.37
551.37
Bank of Baroda0.00234.44
234.44
Bank of China0.0084.44
84.44
Bank of New York Mellon6.990.00
6.99
Banque Degroof Petercam0.340.00
0.34
Banrisul0.620.00
0.62
Barclays0.00614.68
614.68
Berner Kantonalbank0.010.00
0.01
Bessemer Group0.510.00
0.51
BGFIBank0.0030.09
30.09
BIMB Holdings0.700.00
0.70
BlackRock236.960.00
236.96
BMO Financial Group5.480.00
5.48
BNDES3,021.790.00
3,021.79
BNP Paribas22.43810.63
833.06
BNS International Group0.00182.38
182.38
BNY Mellon4.590.00
4.59
BPCE Group2.531,159.71
1,162.24
Bradesco39.431,699.07
1,738.50
Brandes Investment Partners94.800.00
94.80
Brasil Plural0.010.00
0.01
Bresser Asset Management6.690.00
6.69
BrightSphere Investment Group29.970.00
29.97
British Columbia Investment Management1.000.00
1.00
BTG Pactual6.501,440.12
1,446.62
Butiá Investimentos1.830.00
1.83
Caisse de dépôt et placement du Québec31.740.00
31.74
Caixa Econômica Federal30.370.00
30.37
Calamos Investments0.130.00
0.13
Cambiar Investors0.010.00
0.01
Cambria Investment Management1.780.00
1.78
Canvas Capital1.000.00
1.00
Capital Group806.050.00
806.05
Carlyle Group0.200.00
0.20
Causeway Capital Holdings26.170.00
26.17
Charles Schwab22.270.00
22.27
China Development Bank73.270.00
73.27
China Development Financial Holding0.220.00
0.22
China Southern Fund Management0.170.00
0.17
Chubb0.000.00
0.00
CI Financial0.390.00
0.39
CIBC0.510.00
0.51
Clarivest Asset Management6.090.00
6.09
Comerica0.120.00
0.12
Commerzbank0.00975.26
975.26
Commonwealth Bank of Australia0.00641.83
641.83
Compass Asset Management0.080.00
0.08
Connor, Clark & Lunn Financial Group0.010.00
0.01
Constância Investimentos0.260.00
0.26
Cornerstone Advisors NC0.250.00
0.25
Corporativo GBM0.480.00
0.48
Crédit Agricole137.570.00
137.57
Credit Suisse16.881,583.71
1,600.59
Crescera Investimentos0.390.00
0.39
Crossinvest0.600.00
0.60
CTM Investimentos0.030.00
0.03
Dahlia Capital1.240.00
1.24
Daiwa Securities1.530.00
1.53
DBS0.001,975.20
1,975.20
Deka Group1.730.00
1.73
Denver Investments0.440.00
0.44
Deutsche Bank11.79200.49
212.28
+ Show 230 more
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.