RBC remains Canada's lead corporate bond underwriter, moves up as No. 2 provincial dealer

By Cristal Cody

Prospect News, Oct. 31 - RBC Capital Markets Corp. remains the top dealer of corporate bond offerings in Canada year-to-date, according to data compiled by Prospect News.

For the year through October, RBC brought C$30.13 billion, or 25.28%, of Canadian dollar-denominated deals in the domestic market.

BMO Capital Markets Corp. continued a two-month stretch in second ranking with C$22.12 billion of deals.

CIBC World Markets moved into third place with C$20.42 billion, or 17.13%, of Canadian corporate bond sales through October. TD Securities Inc. fell into the fourth spot from third in September with C$19.65 billion or 16.49%, of deals.

Domestic corporate deals total C$119.18 billion year-to-date.

Canadian issuers stayed busy with bond deals in other countries, and the market grew to a volume of C$71.92 billion through October from C$61.50 billion through September.

RBC also is the lead underwriter of deals sold outside Canada. The dealer brought C$10.13 billion or 14.08%, of foreign offerings through October.

Goldman Sachs remains the No. 2 foreign dealer with C$7.51 billion, or a 10.45% share, of sales through October.

Canada's maple bond market, where foreign issuers sell bonds domestically, stayed quiet in October and no changes were registered from the previous month.

RBC continued as the lead maple bond underwriter with C$2.36 billion of the C$7.52 billion in offerings year-to-date.

The provincial market was more active with deal totals increasing to C$50.64 billion through October from C$45.64 billion through September.

National Bank Financial Inc. maintained its stretch as the top provincial dealer with C$12.15 billion, or 24%, of bond offerings through October.

RBC moved past TD Securities and pushed up into the second ranking with C$8.18 billion, or 16.15%, of deals year-to-date.

TD Securities fell to the fourth ranking with C$7.19 billion of provincial bond sales through October.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	12.149	24	23.99%
2	RBC	8.179	21	16.15%
3	CIBC	7.708	28	15.22%
4	TD	7.193	15	14.20%
5	Scotia	2.846	7	5.62%
6	BMO	2.753	5	5.44%
7	Bank of America	1.980	5	3.91%
8	Deutsche Bank	1.637	6	3.23%
9	HSBC	1.473	4	2.91%
10	JPMorgan	1.215	2	2.40%
	Total	50.637	94
	Average size:	0.539
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	30.125	84	25.28%
2	BMO	22.123	47	18.56%
3	CIBC	20.419	62	17.13%
4	TD	19.650	57	16.49%
5	National Bank Financial	14.861	38	12.47%
6	Scotia	8.801	43	7.38%
7	Bank of America	0.741	7	0.62%
8	Desjardins	0.652	3	0.55%
9	Credit Suisse	0.395	4	0.33%
10	GMP	0.302	3	0.25%
	Total	119.178	224
	Average size:	0.532
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	10.130	28	14.08%
2	Goldman Sachs	7.514	16	10.45%
3	Barclays	5.839	18	8.12%
4	JPMorgan	5.685	18	7.90%
8	Bank of America	5.415	20	7.53%
5	TD	5.158	10	7.17%
6	Citigroup	4.645	17	6.46%
7	RBS	4.457	13	6.20%
9	Morgan Stanley	4.317	19	6.00%
10	HSBC	3.674	11	5.11%
	Total	71.922	79
	Average size:	0.910
Maple bonds, year to date
	Lead	Amount	No.	Share
1	RBC	2.358	19	31.35%
2	TD	1.983	17	26.36%
3	Bank of America	1.145	6	15.23%
4	Scotia	0.779	7	10.36%
5	CIBC	0.354	4	4.71%
6	BMO	0.271	3	3.61%
7	National Bank Financial	0.209	2	2.78%
8	HSBC	0.100	1	1.33%
9	Merrill Lynch	0.100	1	1.33%
10	Morgan Stanley	0.100	1	1.33%
	Total	7.522	25
	Average size:	0.301
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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