RBC ends 2011 as number one corporate bond dealer in Canada

• Domestic corporate deals totaled C$147.17 billion in 2011

By Cristal Cody

Prospect News, Dec. 30 - RBC Capital Markets Corp. ended 2011 as Canada's top corporate bond underwriter, according to data compiled by Prospect News.

The dealer held a 24.85% stake in the market, bringing C$36.58 billion in domestic Canadian dollar-denominated corporate bond sales over the year.

CIBC World Markets ranks as the No. 2 dealer with C$25.54 billion, or 17.36%, of domestic bond sales for the year.

BMO ends the year with C$25.36 billion, or 17.23%, of domestic deals.

Canadian-dollar corporate bond transactions total C$147.17 billion through December, according to data.

RBC also ranks as the lead dealer in bond deals sold abroad by Canadian issuers with C$10.47 billion, or 12.67%, of the market.

J.P. Morgan Securities Inc., which moved up as the No. 2 underwriter for Canadian deals abroad in November, ends 2011 as the second top dealer with C$8.6 billion, or 10.4% of deals.

Goldman Sachs & Co. brought C$7.51 billion, or 9.09%, of deals sold abroad, giving it a No. 3 ranking in the market.

The foreign issuer market saw C$82.64 billion of bond deals in 2011, according to the data.

RBC also ended the year as Canada's lead underwriter in the maple bond market, with C$2.36 billion, or 31.35%, of pricings.

The maple market, where foreign issuers sell bonds in Canada's domestic market, made a comeback over the year with transactions that total C$7.52 billion.

TD Securities Inc. ranks as the No. 2 bond dealer in 2011 for the maple bond market with C$1.98 billion, or 26.36%, of issuance.

Third-ranked maple bond dealer Bank of America brought C$1.25 billion, or 16.56%, of pricings.

In Canada's provincial bond market, No. 1-ranked National Bank Financial Inc. brought C$14.15 billion, or 24.43%, of deals over the year, according to the data.

RBC brought C$9.37 billion, or 16.89%, of provincial sales, making the dealer the second-top provincial underwriter for the year.

TD Securities ranks as the No. 3 provincial bond dealer. TD brought C$9.16 billion, or 15.81%, of bond deals over the year.

Provincial bond issuance totals C$57.92 billion year to date, according to the data.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	14.151	29	24.43%
2	RBC	9.554	28	16.50%
3	TD	9.155	23	15.81%
4	CIBC	8.375	35	14.46%
5	Scotia	3.191	11	5.51%
6	BMO	2.890	7	4.99%
7	Bank of America	1.980	5	3.42%
8	Deutsche Bank	1.637	6	2.83%
9	HSBC	1.473	4	2.54%
10	JPMorgan	1.215	2	2.10%
	Total	57.921	110
	Average size:	0.527
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	36.576	105	24.85%
2	CIBC	25.541	80	17.36%
3	BMO	25.361	57	17.23%
4	TD	25.129	76	17.08%
5	National Bank Financial	18.592	48	12.64%
6	Scotia	11.022	52	7.49%
7	Desjardins	1.152	4	0.78%
8	Bank of America	0.741	7	0.50%
9	Credit Suisse	0.395	4	0.27%
10	GMP	0.302	3	0.21%
	Total	147.165	274
	Average size:	0.537
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	10.470	30	12.67%
2	JPMorgan	8.597	31	10.40%
3	Goldman Sachs	7.514	16	9.09%
4	Barclays	7.045	24	8.52%
5	TD	7.030	12	8.51%
6	Citigroup	6.001	23	7.26%
7	Bank of America	5.921	23	7.16%
8	RBS	5.425	17	6.57%
9	Morgan Stanley	4.317	19	5.22%
10	HSBC	4.183	12	5.06%
	Total	82.640	96
	Average size:	0.861
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	1.245	7	16.56%
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	Morgan Stanley	0.100	1	1.33%
10	Goldman Sachs	0.071	1	0.95%
	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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