RBC top underwriter of corporate, Maple bonds in Canadian market year to date

• Canadian corporate bond sales total C$50.68 billion through March

• Provincial deals rise to more than C$15 billion

By Cristal Cody

Prospect News, March 31 - In Canadian high-grade and high-yield domestic sales, RBC Capital Markets Corp. maintained its ranking as the top underwriter of bonds for a third month with C$17.68 billion, or a 35% share, year to date, according to data compiled by Prospect News.

Canada's corporate bond market picked back up in late March to a total of C$50.68 billion in deals reported through the first three months of the year, up from a total of C$28.81 billion in bond sales reported through February.

BMO Capital Markets Corp. ranked second with 20% share of the year's deals, and Scotia Capital Inc. moved up into the third-highest spot with an 11% market share.

RBC also ranked as the lead underwriter with a 22% share of the C$19.07 billion in deals that Canadian issuers sold in other countries through March, according to data.

Goldman Sachs & Co. claimed the second ranking spot with an 12% share of deals sold abroad.

In the Maple bond market, foreign issuers sold C$3.75 billion of debt through March, with RBC also moving up with the top share of 28% of deals, data show. Bank of America came in a close second with just under 28% of deals that foreign issuers sold in Canada this year.

The provincial bond market also stayed active with C$15.89 billion of provincial bond sales so far this year.

National Bank Financial Inc. held on to its ranking as lead underwriter for the second consecutive month, with a 23% share of the market, according to the data. TD Securities Inc. and CIBC ranked in the second and third spots, respectively.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	3.696	8	23.26%
2	TD	2.455	6	15.45%
3	CIBC	2.439	5	15.35%
4	RBC	2.266	6	14.26%
5	Scotia	1.335	3	8.40%
6	Deutsche Bank	1.052	4	6.62%
7	HSBC	0.870	1	5.48%
8	JPMorgan	0.870	1	5.48%
9	BMO	0.610	1	3.84%
10	RBS	0.182	3	1.14%
	Total	15.890	28
	Average size:	0.568
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	17.679	40	34.88%
2	BMO	10.280	14	20.28%
3	Scotia	5.653	21	11.15%
4	TD	5.374	21	10.60%
5	CIBC	5.298	15	10.45%
6	National Bank Financial	4.753	13	9.38%
7	Desjardins	0.652	3	1.29%
8	Bank of America	0.591	5	1.17%
9	Laurentian	0.136	2	0.27%
10	HSBC	0.133	3	0.26%
	Total	50.684	87
	Average size:	0.583
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	4.265	8	22.36%
2	Goldman Sachs	2.297	4	12.04%
3	HSBC	1.841	4	9.65%
4	JPMorgan	1.743	3	9.14%
5	Barclays	1.563	7	8.20%
6	Deutsche Bank	1.221	5	6.40%
7	Morgan Stanley	1.190	6	6.24%
8	RBS	0.927	5	4.86%
9	Bank of America	0.884	4	4.64%
10	BMO	0.556	2	2.92%
	Total	19.070	21
	Average size:	0.908
Maple bonds, year to date
	Lead	Amount	No.	Share
1	RBC	1.058	9	28.22%
2	Bank of America	1.033	5	27.55%
3	TD	0.921	9	24.56%
4	Scotia	0.287	2	7.67%
5	CIBC	0.200	2	5.33%
6	Morgan Stanley	0.100	1	2.67%
7	BMO	0.100	1	2.67%
8	ANZ	0.050	1	1.35%
	Total	3.748	12
	Average size:	0.312
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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