RBC stays on track as Canada's top corporate bond dealer

• Domestic corporate deals total C$135.59 billion year to date

By Cristal Cody

Prospect News, Nov. 30 - RBC Capital Markets Corp. continued its yearlong streak as Canada's top dealer of corporate bond offerings year to date, according to data compiled by Prospect News.

RBC brought C$33.08 billion, or 24.4%, of Canadian dollar-denominated deals in the domestic market through November.

BMO Capital Markets Corp. stayed in the second place for a third month straight with C$24.17 billion, or 17.83%, of corporate domestic bond deals.

CIBC World Markets Inc. kept a hold of the third ranking through November with C$23.37 billion, or 17.23%, of corporate sales.

Canadian-dollar corporate deals total C$135.59 billion through November, up from C$119.03 billion through October, according to data.

In the foreign market, RBC Capital Markets remains the top dealer of bonds issued abroad through November with C$10.47 billion, or a 13.08% stake.

J.P. Morgan Securities LLC moved up as the No. 2 underwriter for Canadian deals abroad through November. JPMorgan brought C$8.09 billion, or a 10.1% share of the market.

Goldman Sachs & Co. slipped into the third lead spot with C$7.51 billion, or 9.39%, of deals.

Deals sold outside Canada total C$80.04 billion through November, up from C$71.92 billion through October.

In the maple bond market, RBC stayed the top dealer with C$2.46 billion, or 31.43%, of deals through November.

TD Securities Inc. is the No. 2 maple bond dealer year to date with C$2.08 billion, or 26.63%, of pricings.

Total maple bond issuance edged up to C$7.82 billion through November from C$7.52 billion through the previous month.

In Canada's provincial bond market, National Bank Financial Inc. continues to be the top underwriter through November, according to data. The dealer brought C$12.79 billion, or 23.04%, of the provincial bond offerings year to date.

RBC stayed as the second top provincial dealer with C$9.37 billion, or 16.89%, of sales.

TD Securities brought C$8.97 billion of provincial bond deals through November for a 16.17% stake.

Provincial bond offerings total C$55.49 billion year to date, up from C$50.64 billion through October.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	12.789	27	23.04%
2	RBC	9.372	26	16.89%
3	TD	8.973	21	16.17%
4	CIBC	8.193	33	14.77%
5	Scotia	3.191	11	5.75%
6	BMO	2.890	7	5.21%
7	Deutsche Bank	1.637	6	2.95%
8	HSBC	1.473	4	2.66%
9	Bank of America	1.267	4	2.28%
10	JPMorgan	1.215	2	2.19%
	Total	55.491	105
	Average size:	0.528
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	33.079	97	24.40%
2	BMO	24.170	56	17.83%
3	CIBC	23.365	72	17.23%
4	TD	23.128	69	17.06%
5	National Bank Financial	17.130	45	12.63%
6	Scotia	10.797	50	7.96%
7	Bank of America	0.741	7	0.55%
8	Desjardins	0.652	3	0.48%
9	Credit Suisse	0.395	4	0.29%
10	GMP	0.302	3	0.22%
	Total	135.591	257
	Average size:	0.528
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	10.470	30	13.08%
2	JPMorgan	8.088	30	10.10%
3	Goldman Sachs	7.514	16	9.39%
4	Barclays	7.045	24	8.80%
5	TD	7.030	12	8.78%
6	Citigroup	6.001	23	7.50%
7	RBS	4.658	15	5.82%
8	Bank of America	4.641	19	5.80%
9	Morgan Stanley	4.317	19	5.39%
10	HSBC	3.674	11	4.59%
	Total	80.042	93
	Average size:	0.861
Maple bonds, year to date
	Lead	Amount	No.	Share
1	RBC	2.458	20	31.43%
2	TD	2.083	18	26.63%
3	Bank of America	1.145	6	14.64%
4	Scotia	0.879	8	11.24%
5	CIBC	0.354	4	4.53%
6	BMO	0.271	3	3.47%
7	National Bank Financial	0.209	2	2.67%
8	HSBC	0.100	1	1.28%
9	Merrill Lynch	0.100	1	1.28%
10	Morgan Stanley	0.100	1	1.28%
	Total	7.822	26
	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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