RBC remains lead underwriter of Canadian corporate bonds year to date

• National Bank Financial leads for provincial deals year to date

Prospect News, May 31 - RBC Capital Markets Corp. continued as the top-ranked underwriter of Canadian dollar-denominated corporate bonds for the year so far, according to data compiled by Prospect News.

For the year through May, RBC brought to market C$20.93 billion of deals for a share of 30.0%. The bank had also placed first for the year through April.

BMO Capital Markets Corp. stayed in second place with an 18.2% share but TD moved up to third place from fourth with a 17.56% share. National Bank Financial Inc., third for the year through April, slipped to sixth place.

Issuance in this sector of the market now totals C$69.71 billion for the year to date.

For bond deals sold abroad by Canadian issuers, RBC also ranked number one with a share of 19.36%, or C$6.30 billion.

Goldman Sachs came in second with a 10.06% share of the foreign market.

The year-to-date total of deals is C$32.53 billion.

RBC also staked the lead share of the Maple bond market, in which foreign companies sell bonds in Canada. RBC handled C$2.15 billion for a 32.23% piece of the market.

Issuance year-to-date is C$6.67 billion.

In Canada's provincial bond market, National Bank Financial Inc. held its lead ranking with a 19.92% share, or C$5.13 billion. Total provincial issuance is C$25.74 billion year to date.

RBC ranked second with a 16.22% share.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	5.126	11	19.92%
2	RBC	4.174	10	16.22%
3	TD	3.879	10	15.07%
4	CIBC	3.402	8	13.22%
5	Scotia	1.849	4	7.18%
6	BMO	1.346	2	5.23%
7	Deutsche Bank	1.052	4	4.09%
8	HSBC	1.049	2	4.08%
9	JPMorgan	0.870	1	3.38%
10	Goldman Sachs	0.713	1	2.77%
	Total	25.735	43
	Average size:	0.598
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	20.932	49	30.03%
2	BMO	12.688	23	18.20%
3	TD	12.244	31	17.56%
4	CIBC	8.084	28	11.60%
5	Scotia	6.875	27	9.86%
6	National Bank Financial	6.206	18	8.91%
7	Desjardins	0.652	3	0.93%
8	Bank of America	0.591	5	0.85%
9	Credit Suisse	0.395	4	0.57%
10	Laurentian	0.136	2	0.19%
	Total	69.706	124
	Average size:	0.562
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	6.298	15	19.36%
2	Goldman Sachs	3.271	7	10.06%
3	JPMorgan	2.796	9	8.60%
4	Morgan Stanley	2.489	10	7.65%
5	HSBC	2.259	6	6.94%
6	RBS	2.226	9	6.84%
7	Bank of America	2.140	7	6.58%
8	Barclays	2.017	10	6.20%
9	Citigroup	1.747	6	5.37%
10	Deutsche Bank	1.694	8	5.21%
	Total	32.528	40
	Average size:	0.813
Maple bonds, year to date
	Lead	Amount	No.	Share
1	RBC	2.150	17	32.23%
2	TD	1.775	15	26.60%
3	Bank of America	1.133	6	16.98%
4	Scotia	0.459	4	6.87%
5	CIBC	0.354	4	5.31%
6	BMO	0.271	3	4.07%
7	National Bank	0.209	2	3.13%
8	HSBC	0.100	1	1.50%
9	Morgan Stanley	0.100	1	1.50%
10	Goldman Sachs	0.071	1	1.07%
	Total	6.672	22
	Average size:	0.303
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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