RBC top underwriter in Canadian bond markets in January

• Domestic bond deals total C$12.82 billion in January

By Cristal Cody

Prospect News, Jan. 31 - RBC Capital Markets Corp. took the top underwriter spot for the first month of the year in the Canadian provincial, domestic, global and Maple bond markets, according to data compiled by Prospect News.

The provincial bond market heated up early in January from issuers such as Ontario and Quebec and continued through the month, with a total of C$7.19 billion of deals.

RBC staked a 22.71% share of the provincial offerings.

The Canadian domestic high-grade and high-yield markets saw C$12.82 billion of deals in January.

RBC handled C$5.93 billion, or 46.24%, of the domestic sales.

Canadian issuers also sold C$11.94 billion of global bond offerings in the United States, Australia and elsewhere. RBC underwrote C$3.27 billion, or 27.36%, of the sales.

In January, foreign issuers sold C$899 million of Maple bonds. RBC was in a close tie with TD Securities Inc., but edged TD out by 22.23% to TD's 22.22% share of the market.

National Bank Financial Inc., TD Securities Inc. and JP Morgan Securities LLC round out the top two spots in each bond market.

Provinces, all currencies

Year to date

	Lead	Amount	No.	Share
1	RBC	1.633	4	22.71%
2	NatBank Financial	1.044	2	14.52%
3	Deutsche Bank	1.025	3	14.26%
4	HSBC	0.870	1	12.11%
4	JPMorgan	0.870	1	12.11%
6	TD	0.843	2	11.73%
7	Scotia	0.748	1	10.40%
8	RBS	0.155	2	2.16%
	Total	7.189	9
	Average size:	0.799
Domestic market, Canadian dollar-denominated deals, Canadian issuers
Year to date
	Lead	Amount	No.	Share
1	RBC	5.930	16	46.24%
2	TD	2.405	9	18.75%
3	NatBank Financial	1.878	4	14.65%
4	CIBC	1.312	4	10.23%
5	Scotia	0.872	2	6.80%
6	BMO	0.298	1	2.33%
7	Bank of America	0.124	1	0.97%
	Total	12.823	27
	Average size:	0.475
Canadian issuers abroad, all currencies
Year to date
	Lead	Amount	No.	Share
1	RBC	3.267	4	27.36%
2	JPMorgan	1.743	3	14.60%
3	HSBC	1.369	2	11.47%
4	Deutsche Bank	1.025	3	8.59%
5	Barclays	0.939	4	7.87%
6	Bank of America	0.688	3	5.76%
7	RBS	0.654	3	5.48%
8	Morgan Stanley	0.565	3	4.73%
9	CIBC	0.499	1	4.18%
10	BMO	0.374	1	3.13%
	Total	11.938	9
	Average size:	1.326
Maple bonds
Year to date
	Lead	Amount	No.	Share
1	RBC	0.200	2	22.23%
1	TD	0.200	2	22.22%
3	Scotia	0.100	1	11.12%
3	Morgan Stanley	0.100	1	11.12%
3	BMO	0.100	1	11.12%
3	Bank of America	0.100	1	11.10%
3	CIBC	0.100	1	11.10%
	Total	0.899	3
	Average size:	0.300
Prospect News Canadian Bonds Underwriter Rankings

Criteria

• The tables include all underwritten offerings reported to Prospect News.

• All amounts are in Canadian dollars.

• Offerings are included in the time period in which they price.

• 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.

• The provinces table includes all bonds sold by Canadian provinces in the Canadian market or abroad; the Canadian domestic market is Canadian dollar deals sold by issuers based in Canada; Maple bonds is non-Canadian issuers selling in Canadian dollars.

• Government of Canada bonds are excluded.

• Convertibles, trust preferreds and preferred stock are excluded.

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