National Bank Financial top underwriter of provincial Canadian bonds year to date

• RBC top underwriter of Canadian market corporate bonds year to date

• Provincial sales total C$12.07 billion in year through February

• Corporate bond deals near C$30 billion year to date

By Cristal Cody

Prospect News, Feb. 28 - National Bank Financial Inc. placed as the top underwriter in all new Canadian market provincial deals through February, according to data compiled by Prospect News.

National Bank Financial handled a reported 21.02% share of the C$12.07 billion in bond sales from provinces such as Quebec. TD Securities Inc. came in second with 17.03% of the market.

In the Canadian corporate bond market, RBC Capital Markets Corp. ranked a second month as the top underwriter, handling 25.11% of the C$28.81 billion in new high-grade and high-yield sales year to date. Nearly C$16 billion in corporate bond deals came to market in February.

Coming in behind RBC this year are BMO Capital Markets Corp., TD Securities Inc. and Scotia Capital Inc.

RBC Capital Markets also hung onto the top ranking in bond sales outside Canada year to date. The underwriter handled a 26.56% share of the C$13.32 billion in new deals. J.P. Morgan Securities LLC ranked second with a 13.09% share.

Canada's Maple bond market picked up but remained small through February with C$2.8 billion of reported deals. Bank of America Merrill Lynch had the largest stake of the sales from foreign issuers, handling 36.9% of the offerings, according to the data.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	2.538	5	21.02%
2	TD	2.056	5	17.03%
3	RBC	1.660	5	13.75%
4	Scotia	1.235	2	10.23%
5	Deutsche Bank	1.052	4	8.72%
6	CIBC	0.998	1	8.26%
7	HSBC	0.870	1	7.21%
8	JPMorgan	0.870	1	7.21%
9	BMO	0.610	1	5.05%
10	RBS	0.182	3	1.51%
	Total	12.069	19
	Average size:	0.635
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	7.233	25	25.11%
2	BMO	6.538	6	22.70%
3	TD	4.637	16	16.10%
4	Scotia	3.467	11	12.04%
5	National Bank Financial	3.407	8	11.83%
6	CIBC	2.458	7	8.53%
7	Desjardins	0.536	2	1.86%
8	Bank of America	0.258	4	0.90%
9	Laurentian Bank	0.136	2	0.47%
10	HSBC	0.133	3	0.46%
	Total	28.806	54
	Average size:	0.533
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	3.537	7	26.56%
2	JPMorgan	1.743	3	13.09%
3	HSBC	1.369	2	10.28%
4	Deutsche Bank	1.221	5	9.17%
5	Barclays	0.939	4	7.05%
6	Bank of America	0.688	3	5.16%
7	RBS	0.680	4	5.11%
8	Goldman Sachs	0.644	1	4.83%
9	Morgan Stanley	0.565	3	4.24%
10	CIBC	0.499	1	3.74%
	Total	13.317	13
	Average size:	1.024
Maple bonds, year to date
	Lead	Amount	No.	Share
1	Bank of America	1.033	5	36.90%
2	TD	0.633	7	22.62%
3	RBC	0.583	6	20.82%
4	CIBC	0.200	2	7.13%
5	Scotia	0.100	1	3.57%
5	Morgan Stanley	0.100	1	3.57%
5	BMO	0.100	1	3.57%
8	ANZ	0.050	1	1.80%
	Total	2.799	9
	Average size:	0.311
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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