Accessing the Global Markets Through London London Stock Exchange - - PowerPoint PPT Presentation

Accessing the Global Markets Through London

London Stock Exchange Dim Sum Bonds December 2016

Primary Markets Cash Equities Derivatives Fixed Income IDEM RNS MOT X2M Technology Monte Titoli CC&G ORB ExtraMOT London Stock Exchange Derivatives IDEX GlobeSettle SEDOL Unavista Real Time Data Information Services Post Trade Listing and Trading Business Services Academy Events &Studios OFIS Hosting and Connectivity  LSEG is a leading international open access financial market infrastructure group  LSE plc sits within LSEG as the UK Recognised Investment Exchange business.

LSE Group – Depth and Breadth

2

Equities

2,300

Listed companies with aggregate market value of $7 trillion

500+

International companies with a combined market value of $3.7 trillion

$914bn

Raised in last 10 years from 2005 – 2015

Debt

15,000+

Debt securities listed

• n LSE Main Market.

Overall money raised exceeds $4.8 trillion

375+

International government bonds from 34 different countries in 11 different currencies

$338bn+

Raised by sovereign, regional and local governments

£257bn

Total on-exchange turnover in 2015

ETFs

1,300

ETFs and ETPs listed in London from 24 issuers

43%

Market share of European ETF trading

10

RQFII ETFs listed

• n LSE since 2014

giving investors exposure to Chinese A-shares directly.

300%

Growth in European ETF trading volumes in the past 5 years

Heart of the World’s Capital Markets

3

11

IPOs raising over $1bn in London in the last 3 years.

The London Proposition

4

2,074 2,010 2,536 590 1,672 638 364 318 146 29 500 1000 1500 2000 2500 3000 LSEG NYSE NASDAQ SGX HKSE # of Companies* Domestic International

Global Financial Centres Index 20

Source : Factset, GFCI 20

Broad Capabilities Across Many Debt Markets and Currencies

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 % of ETF trading Green Bonds Islamic Finance Dim Sum Bonds High Yield Convertible and Structured Debt ORB Masala Bonds Euro US Dollar British Pound Swedish Krona Australian Dollar Norwegian Krone China Renminbi Japanese Yen Hong Kong Dollar Canadian Dollar Mexican Peso Other ‘Other’ includes 32 different international currencies across 225 bonds, raising a combined £25.2bn

More International Equity Listings Than Any Other Exchange Close to 50% trading of ETF in Europe is done in London

LSE DB ENXT B.Italiana SIX

The London Proposition – Snapshot

795 794 752 748 734 720 719 718 716 713

Top 10 Financial Centres by GFCI 20 rating

5

Access to the deepest pool of international capital in the world Robust regulatory standards and efficient listing process Competitive costs Global hub for innovative products (Green Bonds, RMB, Sukuk) Access to a stable and loyal investor base Quality of advisory community and sell-side research coverage Currency to fund business acquisitions & expand into new markets Broaden the shareholder base Enhance profile & visibility - with customers & suppliers Long term employee incentives

Why consider a Listing on the LSE

Benefits of Listing in London

6

• UK assets under management totalled a record £6.8

trillion in 2014, the second largest in the world. The UK is also the leading European centre for management of hedge funds, sovereign wealth funds and private equity funds.

• The UK accounts for 37% of global foreign exchange
• trading. More US dollars are traded in the UK than in

the US.

• The UK is the leading derivative centre worldwide,

accounting for 39% of trading in OTC interest-rate derivatives

• The UK has the leading share of trading in many

international financial markets such as cross border bank lending (16%), international insurance premium income (29%) and foreign exchange trading (37%).

Equity AUM held in International Portfolios, by Metro Area (Q4 2015)*

Key Facts:

• London, more than any other financial centre, offers a

long-standing globally oriented investor base

• UK investors have diversified portfolios and are used

to supporting companies’ international development

• Institutional investors in the other major listing venues

tend to be more domestically focused

• Global investment portfolios ensure that investors

appropriately value businesses with a global profile and aspirations

The Largest Investor Pool in the World

$2 trillion invested in international equity out of London

7 1,987 1,002 575 375 304 287 275 263 251 194 188 89

London New York Oslo Toronto Paris Zurich Frankfurt Tokyo Amersterdam Stockholm HongKong Sydney

Source: Facset and LSE calculation, 2016 *international portfolios defined as investment in companies with a domicile different to the country of domicile of the portfolio manager

Domestic

Domestic Domestic Domestic Domestic Domestic

ROW ROW ROW ROW ROW ROW

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

• London remains the world’s largest equity market, with more international assets under management than any other global financial centre.
• Companies listing in London are able to access overseas investors through widely used and well understood capital raising routes.

Domicile of Investors in LSE-Listed Securities by Region

6%

13%

30%

Domicile of Investors in Selected Exchange’s Listed Securities

51%

A Truly Global Investor Base

Global Investors Buy London-Listed Stocks

8

Asia Pacific

• State Administration of Foreign

Exchange (China)

• GIC
• BNY Mellon Hong Kong
• Blackrock Japan
• Mitsubishi UFJ Trust
• Sumitomo Mitsui
• Aberdeen Asset Management

Asia

• Hang Seng Investment

Europe

• Blackrock
• Legal & General
• Scottish Widows
• Invesco
• M&G
• Standard Life
• AXA
• Societe Generale
• Alecta Pension
• DWS Investment
• Swedbank Robur
• Allianz Global Investors
• BNP Paribas
• Union Investment

Privatfonds GMBH

• Norges Bank

Americas

• Capital Research
• Vanguard
• SSgA Funds
• Fidelity
• Blackrock
• Thornburg Investment
• Artisan Partners
• Alliance Bernstein
• T. Rowe Price
• Caisse de dépôt et

placement du Québec

• Itau Unibanco Brazil

Africa and Middle East

• QIA
• P.I.C South Africa
• Kuwait Investment Authority
• Investec
• CCB Islamic Bank
• Abu Dhabi Investment Authority
• 11
• 10
• 9
• 8
• 7
• 6
• 5
• 4
• 3
• 2
• 1

1 2 3 4 5 6 7 8 9 10 11

London trading hours

Selected Major Institutional Investors in London Listed Bonds

GMT

• Listing in a global market such as London raises a company’s international

profile.

• High international regulatory standards ensure access to a globally oriented

investor base

• LSE is home to the deepest global foreign exchange centre.
• LSE markets are supported by a network of 350 member firms from over 20

countries*,

Raise Your International Profile

London – Global Hub for Investors

9

• London Stock Exchange’s Capital

Markets Days facilitate face-to-face, scheduled dialogue between companies and institutional

• investors. This is usually done to

highlight a specific region or sector focus.

• Our central position within the

London financial markets offers an unbiased arena in which to bring together select groups of companies with the most extensive possible network of appropriate potential investors.

Format

Market Opening: Unique opportunity for all companies, dignitaries and sponsors are invited to

• pen London’s market at 08:00 on the day of the event. This is filmed and can be accessed by

international TV stations broadcasted in their relevant regions. A photographer is also present. Presentations: Welcome by a senior executive of the London Stock Exchange, giving an

• verview of the market/sector. Summary of the IPO process by top City advisors and investors.

Each company will have an opportunity to explain its investment story. 1-2-1 meetings: Highly targeted individual meetings pre arranged by the Exchange. Each company has its own private meeting room the entire day which is fully equipped with all AV capabilities. Maximising exposure: Through the Exchange’s press team from organisations such as the BBC, The Wall Street Journal, the Financial Times, CNBC & Sky News.

London Stock Exchange Capital Markets Days

10

As a result of the recent EU Referendum and subsequent Brexit vote, uncertainty about London’s status as a financial centre has arisen. The international community has responded and shown their commitment to London via a number of high profile transaction announcements, thus proving London is open and ready for business India’s HDFC Lists the First Masala Bond in London Japan’s SoftBank Announces £24bn Takeover of UK’s ARM Holdings GlaxoSmithKline invests £275m for Three New UK Manufacturing Sites

• On 21st July, Housing Development Finance Corporation

(HDFC) issued the world’s first Masala bond issued by an Indian corporate

• The issue was 4.3 times oversubscribed and paves the

way for the opening of the Masala bond market globally to support Indian company and infrastructure financing

• Distribution: 86% taken by Asian investors and 14% by

European investors; Institutional investors made up 82% and private banks 18%

• “This is a milestone transaction for HDFC. We have

achieved our objective of attracting a global pool of capital to diversify our borrowing profile, The positive investor response towards this issuance reinforces the blue-chip positioning of HDFC, and establishes a significant benchmark for Indian companies” said HDFC chairman Deepak Parekh.

• UK technology firm ARM Holdings is to be bought by

Japan's Softbank for £24bn

• ARM Holdings designs microchips used in most

smartphones, including Apple and Samsung models, and employs more than 3,000 people

• Softbank has previously acquired Vodafone's Japanese
• perations and the US telecoms company Sprint. The

$20bn deal was the biggest foreign acquisition by a Japanese firm at the time

• The new deal will be funded by Softbank's own cash

reserves and a long term loan from Japan's Mizuho Bank

• Masayoshi Son, chairman and chief executive of

Softbank, said: "This is one of the most important acquisitions we have ever made, and I expect ARM to be a key pillar of SoftBank's growth strategy going forward

• Despite arguing against Brexit before the referendum,

GSK believes the UK remains an attractive place for making medicines – London currently accounts for nearly 50% of GSK’s worldwide R&D and a third of it’s manufacturing.

• The company recently announced plans to invest a further

£275m into three drug manufacturing sites in Britain, signalling its confidence in the country despite last month's vote to leave the European Union

• "It is testament to our skilled UK workforce and the

country’s leading position in life sciences that we are making these investments in advanced manufacturing here," said Chief Executive Andrew Witty

• Business minister Greg Clark said GSK's move was a

clear vote of confidence in Britain and demonstrated that "there really is no place better in Europe to grow a business"

After Referendum Business As Usual

International Deals Continue

11

London Stock Exchange’s Fixed Income Offering

12

…via 15,000+ Listed debt instruments … raising

£3.5 trillion

…from 59

countries

…in 39

currencies 2570

Int’l issuers..

3% 97% Issuance 70% 30% Trading 13% 87% Amount Outstanding

UK Rest of World

2011

The London Stock Exchange is the global financing hub for fixed income issuers

Bond Primary and Secondary Market Statistics by Region

70% Of global secondary market bond trading takes place in London

Global Home for Raising Fixed Income Capital

13

Centre of Global Fixed Income Trading

5,500 7,000 13,000 22,000 32,500 2001 2002 2005 2008 2011 2015

Bonds Value Traded on Exchanges (USDm)

+18% CAGR (2001-2011) *

LSEG has developed highly liquid and transparent electronic fixed income order books that allow for both primary and secondary access and trading to international investors With changes to regulation including MiFID II and the associated pre- and post- trade transparency requirements, we anticipate that demand for credible secondary market platform trading for bonds will increase

14

Apart from standard issuance we are leading the way in new fixed income products

Green Bonds

• Retail and wholesale markets, offering the

choice of trade reporting, end-of-day pricing and continuous quoting

• Unique and comprehensive specialist
• ffering for green bonds
• Dedicated green segments
• Industry Affiliations:
• ICMA GBP Observer, Social Stock

Exchange, Climate Bonds Initiative, City of London Green Finance Initiative Islamic Finance

• LSE is a key global venue for the issuance
• f Sukuk
• There are over 20 banks in London

providing Islamic financial services, more than any other European country

• Unique and comprehensive specialist
• ffering for sukuk
• Dedicated sukuk fixed income segments

Dim Sum Bonds High Yield

• LSE’s PSM accommodates all types of debt

securities including high yield bonds in any denomination under a wholesale regime

• The PSM is a global listing venue attracting

investment from many other locations in Europe, Asia, Latin America and Australia Convertible and Structured Debt

• LSE’s PSM accommodates all types of debt

securities including convertible bonds in any denomination under a wholesale regime

• Many investors can only buy debt

instruments listed on a Recognised Investment Exchange. LSE is well positioned to provide efficient and well- regulated markets for both bond issuers and investors ORB

• LSE’s flagship retail

market - both primary issuance and secondary trading of retail denominated bonds

• Retail bonds can also

be held in an ISA, which is a tax-free savings account Masala Bonds

• LSE is a key global venue for the issuance
• f Masala bonds
• Listing venue for the world’s first Masala

bond from an Indian corporate

• Unique and comprehensive dedicated
• ffering for Masala bonds
• LSE is a key global venue for the issuance
• f Dim Sum bonds
• Unique and comprehensive dedicated
• ffering for Dim Sum bonds

Cutting Edge Financial Products

15

Main Market Professional Securities Market Applicable UK Listing Rules

• Chapters 2 and 17 of UK Listing Rules
• Chapter 4 of UK Listing Rules

Financial Records

• At least two years trading records and independently

audited accounts consistent with the International Financial Reporting Standards (IFRS)

• Local GAAP can be used

Listing Documents

• Full prospectus
• No full prospectus required
• Listing Particulars adequate

Transferability

• The debt securities subject to the listing must be freely transferable

Issue Size

• The market capitalisation of the class of the debt securities to be listed must be at least £200,000

Listing of the Whole Debt Class

• All debt securities of the same class should be listed

Designation

• Wholesale & Retail Bonds
• Wholesale Bonds only, although retail denominated

bonds can be issued under the wholesale regime

A Choice of Debt Markets

16

Listing & Admissions Process

17

Smooth Listing Process

UK debt markets’ high standards ensure credibility amongst the global investor base. The UK Listings Authority (UKLA) has a reputation for its a robust and balanced approach to implementing the listing rules whilst maintaining efficiency of the listing process.

• Listing process is a two pronged approach between

LSE and UKLA

• UKLA committed to efficient turn around times:
• Up to 4 clear working days after first

submission

• 2 clear working days** for subsequent

submissions

• UKLA checklist can be used by issuers prior to

submission

• One-off £2,000 UKLA Vetting fee is applied (no extra

annual or application fees)

Typical transaction timeline

UKLA

Documentation Approved and Listing Granted Listing Effective Listing Application

LSE London Listing

Application for Admission to Trading Admission Granted Trading can Begin

Initial review completed

18

Passporting a Prospectus

Easy process to dual list in London via passporting (when the bond prospectus is already approved in another EEA jurisdiction)

For existing notes to be admitted to trading on the regulated market of the London Stock Exchange, the issuer would have to undertake the following steps Action Comment Step 1 Obtain a passport from the existing EEA Competent Authority by submitting a Notification Request Form. The existing EEA Competent Authority has three working days to notify the UKLA that it has approved the base

• prospectus. Once this has occurred, the

issuer can contact the UKLA to apply for the notes to be listed in the UK. Step 2 Submit the security to the UKLA Official List alongside the passport and make some small additions to the document, for example confirm the planned listing on London Stock Exchange in the prospectus. Step 3 Apply to the London Stock Exchange for admission to trading. This involves submitting a completed Form 11 and an electronic copy of the relevant prospectus.

For new notes to be issued under the existing programme to be admitted to trading

• n the regulated market of the London Stock Exchange, the issuer would have to

undertake the following steps: Action Comment Step 1 Send a notification request form in relation to the base prospectus to the existing EEA Competent Authority, who will inform the UKLA If this has already been done for previous admission, there is no need to do it a second time. Step 2 Send an application for admission

• f securities form and a listing rules

checklist to the UKLA2. Note that the application for admission

• f securities form has to be sent for

each new series of notes, the listing rules checklist only needs to be sent the first time an issuer is applying to the

• fficial list of the UKLA.

Step 3 Apply to the London Stock Exchange for admission to trading. This involves submitting a completed Form 11 and an electronic copy of the relevant prospectus. Ensure that the relevant final term specifies, that the notes will be admitted to trading in London. That is the only drafting difference.

• Passporting involves a prospectus approved by the issuer's Home Competent authority in the EEA being accepted by another EEA member state as the basis of a

public offer or admission of securities to a regulated market.

• In this way, issuers with bonds listed elsewhere can gain a London listing quickly and efficiently.

19

Admission Process

For admission, the documents that we need are1:

• Signed Form 1 with EU sanctions complete
• Signed Board Minutes
• Prospectus
• UKLA approved letter
• Confirmation of the note being issued (usually the day before)

Also as soon as possible in the admission process, it is necessary to arrange for the creation of the relevant trading codes:

ISIN/SEDOL ISINs are normally allocated by the country of domicile of the issuer. London Stock Exchange is then responsible for allocating a SEDOL code, which is a unique instrument identifier. Email the Pricing Supplement(s) to smfnewissues@lseg.com and allow 48 hours for these to be assigned. TIDM A Tradable Instrument Display Mnemonic (TIDM) is the three or four character identifier specific to London Stock Exchange. Issuers may request a specific TIDM, which will be issued, provided it is not already in use or reserved. Once reserved, these are held for a period of six months. Requests should be made to the Admissions Team by emailing the issuer name and the instrument name, making it clear that it is a TIDM request, to admissions@lseg.com

information included)). All final documentation needs to be with LSE Admissions by 4pm the day before admission.

20

International Cost Competitiveness

Competitive Fee Structure:

• LSE fees are calculated on a sliding scale, based on issue size and type of issue.
• No fee is payable for setting up an MTN program.
• No annual fee is payable in respect of debt securities on the London Stock Exchange’s markets

Face Value (£m) Fee (£) Greater than

• r equal to

Less than 50 2,500 50 100 4,000 100 and above 4,200 Face Value (£m) Fee (£) Greater than

• r equal to

Less than 25 300 25 50 1,750 50 100 2,700 100 500 3,600 500 above 3,650

Eurobonds & International Issuers Issuers under debt issuance programs

21

Dim Sum Bonds

22

2015-2016: Highlights from a Golden Era

23

⦁ 42 Chinese companies on LSE, with a market capitalisation of over $116 billion ⦁ 10 RQFII ETFs giving exposure to China’s equity and fixed income markets ⦁ 100 RMB bond listings, of which 65 came to LSE only this year, including the landmark listing of RMB 3 billion Chinese sovereign bond, the first to be issued outside of China

Global Centre for Capital Formation Deep Pool

• f Liquidity

Track Record of Green Finance Leading Global Index Provider

⦁ Every day, around £4.8 billion equities and £1.34 billion ETFs are transacted on LSE ⦁ 8 member firms from Greater China –

latest addition last September is CCB London

⦁ 40 green bonds raising over $10.5 billion ⦁ October 2015, Agriculture Bank of China issued 1st RMB green bond for Chinese entity

at LSE ⦁ In June, FTSE Russell launched a ground breaking Green Revenues model covering

• ver 13,000 globally listed companies

⦁ More than $10.8 trillion is currently benchmarked to FTSE Russell indexes ⦁ By May 2016, the three Hong Kong- listed ETFs on FTSE China A50 Index accounted for 73.4% of all A-Share ETFs AUM, and 82.5% of average daily turnover of all HK listed ETFs

LSE & Chinese Financial Market

24

 An increased primary market activity has characterized 2016 with 65 dim sum bonds listing in London (RMB 16.06 billion ($2.4 billion equiv.)) by non Chinese entities from across the world.  Key transactions include:  first RMB bond by Hungary  first Chinese sovereign RMB bond issued

• utside of China

Dim Sum Bonds on London Stock Exchange

“Choosing London as the destination to issue the first Chinese sovereign RMB bond outside of China reinforces the UK’s strong economic and financial relationship with China” Chancellor of the Exchequer, George Osborne

…across 20+ international issuers

100

Dim Sum bonds… …raising

RMB 38.4bn

25

2010 2012 2014 2015 2016

Development of the Dim Sum bond market has made dramatic progress in recent years with a number of landmark issuances coming to London

Dim Sum Bonds Key Milestones

June 2010

LSE’s First RMB denominated bond

October 2015

Short-term central bank notes

April 2016

First sovereign RMB bond in Continental Europe

June 2016

First Chinese sovereign offshore RMB bond

May 2012

ORB’s First RMB retail denominated bond

October 2014

First non-Chinese sovereign offshore RMB bond

January 2014

Largest RMB bond Issue

June 2014

First Green Dim Sum bond

October 2015

First Green RMB bond for ABC

“London’s success in building its position as the leading western hub for RMB reflects the UK’s continued ability to innovate and lead in new financial markets”1

December 2015

First bond on LSE under $10bn MTN

October 2015

First offshore RMB bond

July 2015

First Euro denominated bond

July 2015

Europe’s first China sovereign bond ETF

April 2015

iShares MSCI China A UCITS ETF

March 2015

First Chinese Money Market ETF

26

Dim Sum Bond Case Studies

27

Hungarian Government Agricultural Bank of China China Construction Bank China Development Bank UK Government IFC Transaction Details Issue Date 25 April 2016 20 Oct 2015 20 Oct 2015 12 Oct 2015 21 Oct 2014 17 Jun 2014 Issue Size RMB 1bn USD400mn / USD500mn / RMB 600mn RMB 1bn USD1.0bn / EUR 500mn RMB 3 bn RMB 500mn Coupon 6.25% 2.125% / 2.75% / 4.15% 4.3% 2.6% / 0.875% 2.7% 2.00% Maturity 3 year 3 year / 5 year / 2 year 2 year 5 year / 3 year 3 year 3 year Issuer Profile Rating BB+ / Ba1 / BB+ A1 / A A1/A Aa3 / AA- AAA / AA+ / Aa1 AAA / Aaa

Recent Dim Sum Issuance

28

Country Summary

Country Hungary Rating BB+ / Ba1 / BB+ GDP USD 265 billion Market Main Market

Transaction Details

Issue Date 25 Apr 2016 Issue Size RMB 1 billion Coupon 6.25% Maturity 3 years

Country profile

• In April 2016, the Hungarian Government issued

a 6.25%, three year bond that raised RMB 1 billion.

• “We believe RMB is going to be an international

currency, and play a key role in the global capital market in the coming years. Our strategy is to get into the RMB market now and establish a long term relationship with the Chinese regulators and investors. From a public debt management perspective, we would like to have more diversification in our portfolio, both in currencies and products.”

Debt issuance story

• Hungary became the first country in Continental

Europe to issue a renminbi-denominated sovereign bond.

• The issuance proceeds will be used for general

purposes.

• The bond was at least 2.5 times oversubscribed.
• Sole Lead: Bank of China.

Hungary becomes the first country from Continental Europe to issue an RMB denominated sovereign bond

Geographical Distribution

Asia 72% Europe 28% Other Europe 8% Middle East & Africa 1% Others 2%

Distribution by Investor

Banks 45% Asset Managers 39% Private Banks 11% Insurers 5%

29

Company Details

Company Agricultural Bank of China Rating A1/A Sector Financials Market PSM

Transaction Details

Issue Date 20 Oct 2015 Issue Size $400 million / $500 million / RMB 600 million Yield at issue 2.125% / 2.75% / 4.15% Maturity 3 years / 5 years / 2 years

Company profile

• Agricultural Bank of China is one of the top four

commercial banks in China. ABC is one of the first standing members of the green finance committee

• f China Society for Finance and Banking. In 2013,

ABC signed the green credit commitment along with

• ther financial institutions, and formulated green

credit standards and protocols.

• “The successful issuance and listing of ABC’s green

bonds on the London Stock Exchange not only fulfils

• ur ambition that was announced as part of the

policy outcomes of the latest UK-China Economic and Financial Dialogue, but also manifests the close and fruitful cooperation between Chinese and UK financial institutions on green finance, climate change and adaption initiatives.”

Debt issuance story

• Based on the green bond management framework,

the proceeds from the offering will support renewable energy, energy efficiency, sustainable waste management, sustainable use of land, clean transportation and sustainable water management.

• The listing is the first international Green Bond

issue by a Chinese bank, as well as the first listed Green RMB bond for ABC on the London Stock Exchange.

• Joint Leads: ABC, BAML, Barclays, GS HSBC,

JPM, MS, SCB, Wells Fargo.

Using Green offshore dual currency bond issuance to finance green projects

30

Company Details

Company China Construction Bank Rating A1/A Sector Financials Market Main Market

Transaction Details

Issue Date 20 Oct 2015 Issue Size RMB 1 billion Yield at issue 4.3% Maturity 2 years

Company profile

• CCBC is a leading commercial bank in China

providing a comprehensive range of commercial banking products and services. We are among the market leaders in China in a number of products and services, including infrastructure loans, residential mortgage and bank cards.

• "We are delighted to witness the listing of CCB's
• ff-shore RMB bond on the London Stock

Exchange and to confirm that CCB London Branch has become a member of the Exchange. We look forward to ongoing collaboration with the LSE to make further contributions to the internationalisation of the RMB."

Debt issuance story

• Proceeds from the offering will support general

corporate purposes and ahead of a state visit by Chinese President Xi Jinping to Britain.

• China Construction Bank RMB 1 billion bond is

the first CCBC off-shore RMB Bond in the London market. in a move to provide more investment products to European investors and speed the internationalisation of the currency.

• Joint Leads: CCB International Capital, Hong

Kong & Shanghai Banking Corp, Standard Chartered Bank (Hong Kong), UBS Hong Kong.

China Construction Bank becomes the first bank from mainland China to issue a dim-sum bond

31

Company Details

Company China Development Bank Rating Aa3/AA- Sector Financials Market PSM

Transaction Details

Issue Date 12 Oct 2015 Issue Size USD 1billion / EUR 500 million Yield at issue 2.6% / 0.875% Maturity 5 years / 3 years

Company profile

• China Development Bank (CDB) is one of the

largest development financial institutions in the world and the major bank that provides medium and long term financing and investment services in China and in promoting development elsewhere in the world. As at the end of the 3rd Quarter of 2015, CDB’s total assets reached RMB11.4 trillion and ranked No. 87 among Global Fortune 500.

• Mr. Hu Huaibang , Chairman of CDB said that CDB

recognised London as a key global financial centre. He believes that London's depth of financial activities, vigour and comprehensive infrastructure will create a conductive environment for deeper corporation between China and the UK.

Debt issuance story

• The proceeds for this transaction are primarily to

be used to support project investments in Europe. This transaction extends from the UK-China Financial Dialogues, and marks the latest achievement of deeper cooperation between the two countries.

• In February 2016, CDB was the first Chinese

issuer to execute a euro-denominated deal by tapping it is existing € 500m and € 1bn tranches and pushing the total amount raised to € 2.1 bn.

• Joint Leads: Bank of China, BOCOM Hong Kong,

BNP Paribas, HSBC, JPMorgan Securities, Standard Chartered.

China Development Bank issues 1.56bn dual-currency bond to finance project investments in Europe

32

Country Summary

Company United Kingdom Rating AA / Aa1 GDP USD 2.6 Trillion Market Main Market

Transaction Details

Issue Date 21 Oct 2014 Issue Size RMB 3 billion Yield at issue 2.7% Maturity 3 years

Country profile

• In October 2014, the UK Government issued a

2.7%, three year bond that raised RMB 3 billion. The bond has been used to add to Britain’s foreign currency reserves and is a sign of the two countries’ deepening ties.

• “The UK government’s sovereign renminbi bond

issue, the first by a Western country, has been a great success and will deliver value for money to tax payers. Our long term economic plan is working, but the job isn’t done. We need to export to fast growing economies like China, and attract more investment to our shores.”

Debt issuance story

• The proceeds will be used to finance the UK’s

reserves which are held in the government’s Exchange Equalisation Account, which include financial assets denominated in foreign currencies, gold and International Monetary Fund Special Drawing Rights.

• It is the first ever non-Chinese issuance of

sovereign RMB debt and the largest ever non- Chinese RMB bond issued on the London Stock Exchange.

• Joint Leads: Bank of China, HSBC Bank,

Standard Shattered.

The UK Government becomes the non-Chinese western country to issue a bond in RMB

33

Company Details

Company International Finance Corporation (part of World Bank Group) Rating AAA/Aaa Sector Supranational Market Main Market

Transaction Details

Issue Date 17 Jun 2014 Issue Size RMB 500 million Yield at issue 2.00% Maturity 3 years

Company profile

• IFC is one of the world’s largest financiers of

climate-smart projects for developing countries, investing about $11 billion in long-term financing

• ver the last decade for renewable power, energy

efficiency, sustainable agriculture, green buildings and private sector adaptation to climate change.

• “IFC is committed to supporting the development of

China’s capital markets, which are key to creating access to finance for the private sector and especially small and medium businesses. We will continue to seek opportunities to help deepen liquidity and extend the yield curve for offshore renminbi assets. The addition of the renminbi as a new green bond currency also supports our goals to strengthen this important asset class.”

Debt issuance story

• Proceeds from the offering to support projects to

reduce greenhouse gas emissions—for example, by rehabilitating power plants and transmission facilities, installing solar and wind power, and providing financing for technology that helps generate and use energy more efficiently.

• In March 2014, IFC became the first multilateral

institution to list renminbi-denominated bonds on LSE, raising 2 billion renminbi from international

• investors. IFC was also the first to set up a

program to regularly issue offshore renminbi- denominated discount notes.

• Sole arranger: HSBC.

Using Green offshore renminbi bond issuance to finance Chinese climate-friendly investments

34

Appendix (general slides)

35

Criteria Main Market

Security type Fixed Income Official list status Listed Regulated EU Regulated Sponsor / Nomad Not Required Corporate governance A Code Regulatory supervision UKLA Legislation LR/PD/TD/MAR/A&Ds Types of companies Large multinationals Premise Debt issuers seeking high profile listing Eligible investors Professional and retail

Main Market

Description  Flagship Market: The London Stock Exchange’s Main Market is the world’s most international market for the admission and trading of equity, debt and

• ther securities, providing access to Europe’s deepest capital pool

 Located at the heart of the world’s leading financial centre: The ideal home to over 2,600 debt issuers from 60 countries, including many of the world’s largest, most successful and most dynamic companies  High Profile Listing: Exposes debt securities to a wide audience of financial market participants, boosting the profile of the listing  High regulatory standards: Underpinned by London’s balanced and globally-respected standards of regulation and corporate governance, the Main Market represents a badge of quality for every company admitted to and traded on it and an aspiration for many companies worldwide  Broad range of eligible investors: The Main Market’s status as a listed and regulated market offers flexibility both to issuers and holders of debt finance. Its focus, therefore, is on the broadest range of institutional and retail investors  Liquidity: Offers a number of secondary market order-book solutions while providing access to London’s deep pool of international eurobond liquidity  Cost saving: Offers cost savings as London is the only major European listing venue with no annual fees to debt issuers

36

Criteria PSM

Security type Fixed Income Official list status Listed Regulated MTF Sponsor / Nomad Not Required Corporate governance Domestic Regulatory supervision UKLA Legislation LR/LP/MAR/A&Ds Types of companies Emerging Markets Premise Debt issuers using local GAAP Eligible investors Professional only

Description  Lighter Regulation: Outside scope of EU Prospectus and Transparency Directives  No EU Passport: Designed to meet financing needs of issuers who do not require EU passport  Alternative Accounting Standards: Offers alternative for issuers not wishing to prepare financial information to IFRS, and ability to report under national GAAP  Lower Denomination requirements: Distinction between wholesale and retail does not apply, which allows securities to be issued in denominations lower than €100K but under the wholesale regime  Lower disclosure requirements: Offers full listed status but with lower levels

• f disclosure and continuing obligations than what would be required on EU-

Regulated Main Market  Liquidity: Offers a number of secondary market order-book solutions while providing access to London’s deep pool of international eurobond liquidity  Cost saving: Offers cost savings as London is the only major European listing venue with no annual fees to debt issuers

Professional Securities Market

37

UKLA Listing Requirements Checklist

LR 2 Required by LR17.2.1 Rule Description 2.2.1 (1) Applicant Duly incorporated The applicant must be validly established according to the relevant laws of its place 2.2.1 (2) Conformity with constitution The applicant must be operating in conformity with its constitution 2.2.2 (1) Conforms with law of place of constitution Securities must conform with the law of the applicant’s place 2.2.2 (2) Duly authorised Securities must be authorised according to the applicant’s constitution 2.2.2 (3) Statutory and other consents Securities must have necessary statutory or other consent 2.2.3 Admitted on Recognised Investment Exchange (RIE) Securities must be admitted to trading on a RIE market for listed securities 2.2.4 (1) Freely transferable The listed securities must be freely transferable 2.2.7 (1) Minimum market capitalisation The expected aggregate amount value of the securities must be at least £ 200,000 2.2.9 (1) Whole class to be listed If no securities of that class are already listed, the new securities class must relate to all securities of that class issued or proposed to be issued 2.2.10 (2)(a) Prospectus approved by FCA and published A prospectus must be approved by the FCA 2.2.10 (2)(b) Other EEA is Home Member State for the securities The relevant competent authority must supply the FCA with a certificate of approval, a copy of the prospectus as approved and a translation of the summary of the prospectus. 2.2.11 (2) Listing Particulars approved Listing particulars for the securities must have been approved by the FCA 2.2.12 (1) Convertible into listed securities Convertible securities may be admitted to listing only if the securities into which they are convertible are listed securities 2.2.12 (2) Convertible into recognised market securities Convertible securities may be admitted to listing only if the securities into which they are convertible are securities listed on a regulated, regularly operating, recognised open market 38

Ongoing Obligations of Debt Issuers

London Stock Exchange’s Regulated Market (Main Market) – EEA Regulated The Professional Securities (PSM) (Unregulated Market) – Exchange Regulated Relevant legislation and rules Disclosure and Transparency Rules (DTR) Listing Rules (LR) Disclosure and Transparency Rules (DTR) Listing Rules (LR) Accounts Wholesale  Issuers with debt securities in denominations of EUR100,000 (or equivalent) and above do not have to comply with the periodic financial requirements set

• ut in the Transparency Directive (implemented by DTR 4).

 However, under LR 17.3.4, annual report and accounts must be approved and published within six months of the year end, and must be independently audited and prepared in accordance with the issuer’s national accounting standards or IAS.  No requirement to produce half-yearly reports. Retail  Annual reports must be prepared and published within four months of the year end and to be publicly available for at least five years (DTR 4.1.3 and 4.1.4).  Half-yearly reports must be prepared and published within two months of the period to which it relates and to be publicly available for at least five years (DTR 4.2.2).  The PSM does not distinguish between wholesale and retail issuers.  LR 17.3.4 requires Issuers to publish their annual report and accounts. These must be approved and published within six months of the year end, and must be independently audited and prepared in accordance with the issuer’s national accounting standards or IAS.  No requirement to produce half-yearly reports. Inside Information  If there is any inside information that directly concerns the issuer, the issuer must disclose such information as soon as possible through a Regulated Information Service (RIS) to the market (DTR 2.2).  The issuer, and those acting for it must prepare and keep up-to-date lists of individuals working for them with access to inside information. The insider list must name each insider, state the reasons for the insider’s inclusion on the list, and include the date of creation and update the list (DTR 2.8).  Issuers are required to comply with DTR 2, which details with disclosure and control of information by issuers, in the same way as an issuer with securities admitted to trading on a Regulated Market (LR 17.3.9).  If there is any inside information that directly concerns the issuer, the issuer must disclose such information as soon as possible through a RIS to the market (DTR 2.2)  The issuer, and those acting for it must prepare and keep up-to-date lists of individuals working for them with access to inside information. The insider list must name each insider, state the reasons for the insider’s inclusion on the list, and include the date of creation and update the list (DTR 2.8).

39

Ongoing Obligations of Debt Issuers (cont’d)

London Stock Exchange’s Regulated Market (Main Market) – EEA Regulated The Professional Securities (PSM) (Unregulated Market) – Exchange Regulated Dissemination

• f Information

 The issuer is required to comply with DTR 6.3, which dictates how information should be disseminated to the market.  Information required to be disclosed under the DTRs must fall within the definition of “regulated information”.  Regulated information must be disseminated to as wide a public as possible and simultaneously in the Home Member State and other EEA states.  In effect, this rule obliges an issuer to make use of a RIS and adhere to other minimum requirements when disclosing, for example, inside information.  An annual report is not required to be communicated to the media in full unedited text unless it is the type that would be required to be disseminated in half-yearly financial report.  Under LR 17.2.9B, the issuer is required to comply with DTR 6.3, which dictates how much information should be disseminated to the market.  Information required to be disclosured under the DTRs must fall within the definition of “regulated information”.  Regulated Information must be disseminated to as wide a public as possible and simultaneously in the Home Member State and other EEA states.  In effect, this rule obliges an issuer to make use of a RIS and adhere to other minimum requirements when disclosing, for example, inside information. Other relevant continuing

• bligations

 Ensure equal treatment for all holders of the debt securities ranking pari passu in respect of all rights attaching to the debt securities (DTR 6.1.3).  Make public without delay any change in the rights of holders of the debt securities including changes in the terms and conditions of the debt securities which could indirectly affect those rights, resulting in particular from a change in loan terms or in interest rates (DTR 6.1.10).  Publish notices/distribute circulars concerning bondholder meetings, payment

• f interest, exercise of conversion, exchange, subscription or cancellation

rights and repayment (DTR 6.1.14).  Make public without delay any new loan issues and in particular of any guarantee or security in respect thereof (DTR 6.1.11).  Ensure that all the necessary facilities and information are available publicly to enable holders of the debt securities to exercise their rights (DTR 6.1.4).  Where the issuer proposes to amend its instrument of incorporation or statutes, it shall provide the draft amendment to the FSA. Such submission shall be effected without delay and must, at the latest, be provided on the date

• f the general meeting called on to vote on, or be informed of, the amendment

(DTR 6.1.2).  All holders of debt securities must be given equal treatment in respect of rights.  Any changes to the rights must be disclosed to the public without delay.

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Appendix (data sets)

41

RMB Bond Issuance in London

ISIN Issuer Name Security Name Coupon (%) Amount Issued (CNY) Issue Date Maturity Segment XS1530783601 Commonwealth Bank of Australia CBAAU 4.65 12/07/21 4.65 120,000,000 07/12/2016 07/12/2021 Main Market XS1526069312 Commonwealth Bank of Australia CBAAU 4.41 11/29/19 4.41 70,000,000 29/11/2016 29/11/2019 Main Market XS1523903943 Australia & New Zealand Banking Group Ltd ANZ 4.35 11/23/21 4.35 130,000,000 23/11/2016 23/11/2021 Main Market XS1520733996 QNB Finance Ltd QNBK 4.4 11/18/19 4.4 130,000,000 18/11/2016 18/11/2019 Main Market XS1520323582 QNB Finance Ltd QNBK 4.3 11/17/19 4.3 160,000,000 17/11/2016 17/11/2019 Main Market XS1508822902 Commonwealth Bank of Australia CBAAU 4.06 11/02/21 4.06 90,000,000 02/11/2016 02/11/2021 Main Market XS1487578285 Commonwealth Bank of Australia CBAAU 3.3 12/10/18 3.3 25,000,000 09/09/2016 10/12/2018 Main Market XS1484811218 QNB Finance Ltd QNBK 3.45 09/06/17 3.45 130,000,000 06/09/2016 06/09/2017 Main Market XS1458461701 Commonwealth Bank of Australia CBAAU 3.85 07/27/20 3.85 100,000,000 27/07/2016 27/07/2020 Main Market XS1367230908 Credit Agricole SA ACAFP 4 07/22/19 4 60,000,000 22/07/2016 22/07/2019 Main Market XS1453488543 QNB Finance Ltd QNBK 4.35 07/21/19 4.35 130,000,000 21/07/2016 21/07/2019 Main Market XS1438262013 Australia & New Zealand Banking Group Ltd ANZ 3.62 06/28/18 3.62 206,000,000 28/06/2016 28/06/2018 Main Market XS1426981707 Australia & New Zealand Banking Group Ltd ANZ 4.1 06/08/18 4.1 225,000,000 08/06/2016 08/06/2018 Main Market XS1426982770 Australia & New Zealand Banking Group Ltd ANZ 4.35 06/08/19 4.35 280,000,000 08/06/2016 08/06/2019 Main Market XS1426782097 Australia & New Zealand Banking Group Ltd ANZ 4.31 06/07/19 4.31 140,000,000 07/06/2016 07/06/2019 Main Market XS1416561550 First Gulf Bank PJSC FGBUH 4.55 06/03/19 4.55 516,000,000 03/06/2016 03/06/2019 Main Market XS1425436729 China Government Bond CGB 3.28 06/02/19 3.28 3,000,000,000 02/06/2016 02/06/2019 PSM XS1420469899 Commonwealth Bank of Australia CBAAU 4.05 06/02/18 4.05 170,000,000 02/06/2016 02/06/2018 Main Market XS1425270656 Commonwealth Bank of Australia CBAAU 4.245 06/02/18 4.245 70,000,000 02/06/2016 02/06/2018 Main Market

42

RMB Bond Issuance in London

ISIN Issuer Name Security Name Coupon (%) Amount Issued (CNY) Issue Date Maturity Segment XS1422836038 Australia & New Zealand Banking Group Ltd ANZ 4.16 06/01/18 4.16 200,000,000 01/06/2016 01/06/2018 Main Market XS1422826153 Lloyds Bank PLC LLOYDS 4 ¼ 05/31/18 4.25 200,000,000 31/05/2016 31/05/2018 Main Market XS1419652802 Commonwealth Bank of Australia CBAAU 3.95 05/27/18 3.95 165,000,000 27/05/2016 27/05/2018 Main Market XS1419875775 Australia & New Zealand Banking Group Ltd ANZ 4.15 05/27/19 4.15 410,000,000 27/05/2016 27/05/2019 Main Market XS1420392653 Australia & New Zealand Banking Group Ltd ANZ 4.2925 05/27/19 4.293 330,000,000 27/05/2016 27/05/2019 Main Market XS1421914232 Australia & New Zealand Banking Group Ltd ANZ 4.15 05/27/18 4.15 140,000,000 27/05/2016 27/05/2018 Main Market XS1418851116 Australia & New Zealand Banking Group Ltd ANZ 4.07 05/24/19 4.07 215,000,000 24/05/2016 24/05/2019 Main Market XS1415312120 Standard Chartered Bank STANLN 4.1 05/23/18 4.1 867,000,000 23/05/2016 23/05/2018 Main Market XS1417862700 Commonwealth Bank of Australia CBAAU 4.05 05/23/18 4.05 90,000,000 23/05/2016 23/05/2018 Main Market XS1410245150 First Gulf Bank PJSC FGBUH 4.6 05/13/19 4.6 65,000,000 12/05/2016 13/05/2019 Main Market XS1410300948 Westpac Banking Corp WSTP 4.19 05/12/21 4.19 130,000,000 12/05/2016 12/05/2021 Main Market XS1406972064 Standard Chartered Bank STANLN 4 ¼ 05/09/18 4.25 925,000,000 09/05/2016 09/05/2018 Main Market XS1406952629 Royal Bank of Canada RY 4 05/06/19 4 150,000,000 06/05/2016 06/05/2019 Main Market XS1402945601 Commonwealth Bank of Australia CBAAU 4 05/03/18 4 170,000,000 03/05/2016 03/05/2018 Main Market XS1402211392 Royal Bank of Canada/Toronto RY 4.12 04/29/19 4.12 200,000,000 29/04/2016 29/04/2019 Main Market XS1401877474 Commonwealth Bank of Australia CBAAU 4.15 04/28/19 4.15 100,000,000 28/04/2016 28/04/2019 Main Market XS1398547130 Hungary Government International Bond REPHUN 6 ¼ 04/25/19 6.25 1,000,000,000 25/04/2016 25/04/2019 Main Market XS1398574886 Commonwealth Bank of Australia CBAAU 4 ¼ 04/21/19 4.25 100,000,000 21/04/2016 21/04/2019 Main Market XS1399203253 Royal Bank of Canada RY 4.23 04/21/19 4.23 130,000,000 21/04/2016 21/04/2019 Main Market

43

RMB Bond Issuance in London

ISIN Issuer Name Security Name Coupon (%) Amount Issued (CNY) Issue Date Maturity Segment XS1398275039 QNB Finance Ltd QNBK 4.87 04/20/18 4.87 120,000,000 20/04/2016 20/04/2018 Main Market XS1396745967 Westpac Banking Corp WSTP 4.39 04/20/20 4.39 190,000,000 20/04/2016 20/04/2020 Main Market XS1396749522 Commonwealth Bank of Australia CBAAU 4.23 04/19/19 4.23 90,000,000 19/04/2016 19/04/2019 Main Market XS1396816495 Standard Chartered Bank STANLN 4.52 04/15/19 4.52 432,000,000 15/04/2016 15/04/2019 Main Market XS1396376078 Standard Chartered Bank STANLN 4.56 04/15/19 4.56 470,000,000 15/04/2016 15/04/2019 Main Market XS1384857147 Westpac Banking Corp WSTP 4.8 03/29/19 4.8 135,000,000 29/03/2016 29/03/2019 Main Market XS1384857493 Westpac Banking Corp WSTP 4 ¾ 03/22/19 4.75 130,000,000 22/03/2016 22/03/2019 Main Market XS1382366927 Commonwealth Bank of Australia CBAAU 4.685 03/21/19 4.685 150,000,000 21/03/2016 21/03/2019 Main Market XS1381295945 Royal Bank of Canada RY 5 03/18/19 5 150,000,000 18/03/2016 18/03/2019 Main Market XS1380283991 Westpac Banking Corp WSTP 5.02 03/18/19 5.02 131,000,000 18/03/2016 18/03/2019 Main Market XS1379591784 National Bank of Abu Dhabi PJSC NBADUH 4 ¾ 03/15/19 4.75 130,000,000 15/03/2016 15/03/2019 Main Market XS1379136663 Commonwealth Bank of Australia CBAAU 4.85 03/14/19 4.85 131,000,000 14/03/2016 14/03/2019 Main Market XS1377970386 Royal Bank of Canada RY 4.85 03/11/19 4.85 230,000,000 11/03/2016 11/03/2019 Main Market XS1378969239 Commonwealth Bank of Australia CBAAU 4.85 03/11/19 4.85 100,000,000 11/03/2016 11/03/2019 Main Market XS1378895368 Commonwealth Bank of Australia CBAAU 4.95 03/10/19 4.95 135,000,000 10/03/2016 10/03/2019 Main Market XS1373906715 Commonwealth Bank of Australia CBAAU 5.07 03/07/21 5.07 180,000,000 07/03/2016 07/03/2021 Main Market XS1374572706 Royal Bank of Canada RY 5.08 03/04/19 5.08 200,000,000 04/03/2016 04/03/2019 Main Market XS1374833439 Commonwealth Bank of Australia CBAAU 5.08 03/04/19 5.08 65,000,000 04/03/2016 04/03/2019 Main Market XS1374577689 Australia & New Zealand Banking Group Ltd ANZ 4.8 03/05/18 4.8 131,000,000 03/03/2016 05/03/2018 Main Market

44

RMB Bond Issuance in London

ISIN Issuer Name Security Name Coupon (%) Amount Issued (CNY) Issue Date Maturity Segment XS1373987962 Commonwealth Bank of Australia CBAAU 5.095 03/02/19 5.095 150,000,000 02/03/2016 02/03/2019 Main Market XS1369255804 Commonwealth Bank of Australia CBAAU 5.15 02/25/19 5.15 310,000,000 25/02/2016 25/02/2019 Main Market XS1349338795 Australia & New Zealand Banking Group Ltd ANZ 5.1 01/25/19 5.1 200,000,000 25/01/2016 25/01/2019 Main Market XS1350361371 Royal Bank of Canada RY 5.15 01/25/19 5.15 195,000,000 25/01/2016 25/01/2019 Main Market XS1350034416 Australia & New Zealand Banking Group Ltd ANZ 4.96 01/22/19 4.96 65,000,000 22/01/2016 22/01/2019 Main Market XS1346754622 European Bank for Reconstruction & Development EBRD 4.4 01/19/18 4.4 160,000,000 19/01/2016 19/01/2018 Main Market XS1345376047 National Bank of Abu Dhabi PJSC NBADUH 4.55 01/15/18 4.55 130,000,000 15/01/2016 15/01/2018 Main Market XS1342645519 Commonwealth Bank of Australia CBAAU 4 ½ 01/12/19 4.5 210,000,000 12/01/2016 12/01/2019 Main Market XS1338855528 Australia & New Zealand Banking Group Ltd ANZ 4.4 12/24/18 4.4 260,000,000 24/12/2015 24/12/2018 Main Market XS1334562284 Westpac Banking Corp WSTP 4.2 12/16/18 4.2 130,000,000 16/12/2015 16/12/2018 Main Market XS1325740063 Commonwealth Bank of Australia CBAAU 4 11/27/18 4 80,000,000 27/11/2015 27/11/2018 Main Market HK0000270386 Agricultural Bank of China Ltd AGRBK 4.15 10/20/17 4.15 600,000,000 20/10/2015 20/10/2017 PSM XS1294343840 China Construction Bank Corp CCB 4.3 10/19/17 4.3 1,000,000,000 19/10/2015 19/10/2017 Main Market XS1277339021 First Gulf Bank PJSC FGBUH 4 ½ 08/18/18 4.5 230,000,000 18/08/2015 18/08/2018 Main Market XS1265367984 Credit Agricole Corporate & Investment Bank SA ACAFP 4.2 08/05/20 4.2 50,000,000 05/08/2015 05/08/2020 Main Market XS1265191095 Australia & New Zealand Banking Group Ltd ANZ 4 07/28/20 4 405,000,000 28/07/2015 28/07/2020 Main Market XS1265972155 Lloyds Bank PLC LLOYDS 4.4 07/24/20 4.4 100,000,000 24/07/2015 24/07/2020 Main Market XS1264601714 Lloyds Bank PLC LLOYDS 4.53 07/24/25 4.53 54,000,000 24/07/2015 24/07/2025 Main Market XS1258441382 Credit Agricole Corporate & Investment Bank SA ACAFP 4.1 07/23/20 4.1 125,000,000 23/07/2015 23/07/2020 Main Market

45

RMB Bond Issuance in London

ISIN Issuer Name Security Name Coupon (%) Amount Issued (CNY) Issue Date Maturity Segment XS1212129511 First Gulf Bank PJSC FGBUH 5 04/09/18 5 400,000,000 09/04/2015 09/04/2018 Main Market XS1213438358 Commonwealth Bank of Australia CBAAU 4.7 04/09/18 4.7 150,000,000 09/04/2015 09/04/2018 Main Market XS1213722405 Commonwealth Bank of Australia CBAAU 4.7 04/09/18 4.7 150,000,000 09/04/2015 09/04/2018 Main Market XS1213794578 QNB Finance Ltd QNBK 5 04/02/18 5 200,000,000 02/04/2015 02/04/2018 Main Market XS1211173809 QNB Finance Ltd QNBK 5.1 04/01/18 5.1 190,000,000 01/04/2015 01/04/2018 Main Market XS1207403269 QNB Finance Ltd QNBK 5.38 03/26/18 5.38 160,000,000 26/03/2015 26/03/2018 Main Market XS1204115270 National Bank of Abu Dhabi PJSC NBADUH 4.79 03/17/20 4.79 200,000,000 17/03/2015 17/03/2020 Main Market XS1199445203 Commonwealth Bank of Australia CBAAU 4.54 03/09/18 4.54 187,000,000 09/03/2015 09/03/2018 Main Market XS1193810964 Commonwealth Bank of Australia CBAAU 4 ½ 02/26/18 4.5 260,000,000 26/02/2015 26/02/2018 Main Market XS1122061242 United Kingdom Government International Bond UKIN 2.7 10/21/17 2.7 3,000,000,000 21/10/2014 21/10/2017 Main Market XS1111687684 International Finance Corp IFC 3.1 09/24/19 3.1 1,150,000,000 24/09/2014 24/09/2019 Main Market HK0000215845 China Development Bank Corp SDBC 3.35 09/19/17 3.35 600,000,000 19/09/2014 19/09/2017 PSM HK0000215852 China Development Bank Corp SDBC 3.6 09/19/19 3.6 500,000,000 19/09/2014 19/09/2019 PSM HK0000215860 China Development Bank Corp SDBC 4.35 09/19/24 4.35 900,000,000 19/09/2014 19/09/2024 PSM XS1080036939 International Finance Corp IFC 2 06/26/17 2 500,000,000 26/06/2014 26/06/2017 Main Market XS1043504452 International Finance Corp IFC 2 01/18/17 2 4,920,000,000 11/03/2014 18/01/2017 Main Market XS1039685422 BP Capital Markets PLC BPLN 3.65 02/28/19 3.65 1,000,000,000 28/02/2014 28/02/2019 Main Market XS1015549451 Lloyds Bank PLC LLOYDS 4.62 01/17/24 4.62 200,000,000 17/01/2014 17/01/2024 Main Market XS1014678053 Bank of China Ltd/London BCHINA 3.45 01/16/17 3.45 2,500,000,000 16/01/2014 16/01/2017 PSM

46

RMB Bond Issuance in London

ISIN Issuer Name Security Name Coupon (%) Amount Issued (CNY) Issue Date Maturity Segment XS0978836020 BP Capital Markets PLC BPLN 3.95 10/08/18 3.95 1,200,000,000 08/10/2013 08/10/2018 Main Market XS0838983640 ADCB Finance Cayman Ltd ADCBUH 4 ⅛ 10/11/17 4.125 100,000,000 11/10/2012 11/10/2017 Main Market XS0829118123 Lloyds Bank PLC LLOYDS 4.61 09/24/22 4.61 100,000,000 24/09/2012 24/09/2022 Main Market XS0799409502 ADCB Finance Cayman Ltd ADCBUH 3.7 07/05/17 3.7 200,000,000 05/07/2012 05/07/2017 Main Market XS0750695883 Mitsui & Co Ltd MITSCO 4 ¼ 03/01/17 4.25 500,000,000 01/03/2012 01/03/2017 PSM

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London Stock Exchange’s Fixed Income Team

Primary Markets Global Head of Fixed Income Pietro Poletto +39 02 7242 6243 Pietro.Poletto@borsaitaliana.it UK Head of Fixed Income Darko Hajdukovic +44 20 7797 3306 dhajdukovic@lseg.com Fixed Income Product Specialist Lillian Georgopoulou +44 20 7797 3482 egeorgopoulou@lseg.com Fixed Income Product Specialist Elena Chimonides +44 20 7797 1509 echimonides@lseg.com Secondary Markets Global Co-Heads of Equity, Funds, Fixed Income Pietro Poletto Brian Schwieger +39 02 7242 6243 +44 20 7797 3860 Pietro.Poletto@borsaitaliana.it BSchwieger@lseg.com

For further information refer to www.lseg.com

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Disclaimer

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