RBC lead underwriter of Canadian corporate bonds year to date

• National Bank Financial lead on provincial deals year to date

By Cristal Cody

Prospect News, April 29 - In the domestic corporate market, RBC Capital Markets Corp. stayed in the top ranking among underwriters of Canadian dollar-denominated corporate bonds for the year through April, according to data compiled by Prospect News.

RBC participated in C$57.32 billion of deals reported through April for 33.63% of total issuance during the period.

BMO Capital Markets Corp. also continued its No. 2 ranking with a 20.61% share of high-grade and high-yield deals. National Bank Financial Inc. moved up into the No. 3 spot with a 10.83% share.

Looking at bond deals that Canadian issuers sold abroad year to date, RBC ranked with the lead share of 21.99% of the C$24.14 billion reported through April, according to data.

J.P. Morgan Securities LLC came in behind with a 10.88% share of the foreign market.

RBC also staked the lead share of the Maple bond market, in which foreign companies sell bonds in Canada. RBC was the lead with C$6 billion of deals for the year through April, data show.

In Canada's provincial bond market, National Bank Financial Inc. held onto its lead ranking with a 25.89% share of the C$19.79 billion in bond deals through April.

TD Securities Inc. ranked second with a 16.01% share, and CIBC World moved up behind TD with a 15.68% share.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	5.126	11	25.89%
2	TD	3.169	8	16.01%
3	CIBC	3.103	7	15.68%
4	RBC	2.445	7	12.35%
5	BMO	1.346	2	6.80%
6	Scotia	1.335	3	6.74%
7	Deutsche Bank	1.052	4	5.32%
8	HSBC	1.049	2	5.30%
9	JPMorgan	0.870	1	4.40%
10	RBS	0.182	3	0.92%
	Total	19.794	35
	Average size:	0.566
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	19.279	43	33.63%
2	BMO	11.817	16	20.61%
3	National Bank Financial	6.206	18	10.83%
4	TD	6.088	23	10.62%
5	CIBC	6.057	18	10.57%
6	Scotia	5.803	22	10.12%
7	Desjardins	0.652	3	1.14%
8	Merrill Lynch	0.591	5	1.03%
9	Laurentian	0.136	2	0.24%
10	HSBC	0.133	3	0.23%
	Total	57.321	103
	Average size:	0.557
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	5.309	13	21.99%
2	JPMorgan	2.626	8	10.88%
3	Goldman Sachs	2.558	6	10.60%
4	HSBC	2.259	6	9.36%
5	Barclays	2.017	10	8.36%
6	Deutsche Bank	1.525	7	6.32%
7	Morgan Stanley	1.190	6	4.93%
8	Merrill Lynch	0.949	5	3.93%
9	RBS	0.927	5	3.84%
10	BMO	0.818	4	3.39%
	Total	24.140	31
	Average size:	0.779
Maple bonds, year to date
	Lead	Amount	No.	Share
1	RBC	2.013	16	33.56%
2	TD	1.775	15	29.59%
3	Merrill Lynch	1.033	5	17.22%
4	Scotia	0.359	3	5.98%
5	CIBC	0.354	4	5.90%
6	BMO	0.171	2	2.86%
7	Morgan Stanley	0.100	1	1.67%
8	National Bank	0.071	1	1.19%
9	Goldman Sachs	0.071	1	1.19%
10	ANZ	0.050	1	0.84%
	Total	5.997	19
	Average size:	0.316
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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