RBC top underwriter of Canadian corporate bonds for year to date

• National Bank Financial in lead on provincial deals year to date

By Cristal Cody

Prospect News, June 30 - RBC Capital Markets Corp. remained the top-ranked underwriter of corporate bonds in Canada through the end of June, according to data compiled by Prospect News.

For the year through June, RBC brought to market C$23.25 billion of Canadian dollar-denominated deals for a share of 28.14%. CIBC World Markets Inc. moved into second place with C$15.41 billion of deals for an 18.66% share through June, pushing BMO Capital Markets Corp. into third place with C$13.63 billion of deals for a 16.5% share.

Issuance in the sector totaled C$82.61 billion year to date.

RBC also ranked first in bond sales sold abroad with C$6.79 billion of sales brought to market for an 18.04% share. Goldman Sachs retained the second place ranking for a second month with C$3.84 billion of deals brought for a 10.22% stake.

The deals in the sector year to date total C$37.61 billion.

In Canada's Maple bond market of foreign-based corporate issuers, RBC also retained the lead ranking with C$2.15 billion of deals for a 31.18% share.

TD Securities Inc. held second place with C$1.78 billion of deals for a 25.73% share of the market.

The total issuance in Maple bonds through June now is C$6.9 billion.

In the provincial bond market, National Bank Financial Inc. stayed in the top ranking with C$6.24 billion of deals for a 20.86% share.

CIBC World Markets pushed into second place with C$4.81 billon of provincial deals for a 16.09% share. RBC, which had been in second place in May, moved into the third spot with a 15.61% share.

The total issuance in the provincial market through June is C$29.89 billion.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	6.237	13	20.86%
2	CIBC	4.810	12	16.09%
3	RBC	4.668	12	15.61%
4	TD	3.879	10	12.98%
5	Scotia	2.500	6	8.36%
6	BMO	1.597	3	5.34%
7	Deutsche Bank	1.052	4	3.52%
8	HSBC	1.049	2	3.51%
9	Bank of America	0.956	2	3.20%
10	JPMorgan	0.870	1	2.91%
	Total	29.893	52
	Average size:	0.575
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	23.246	59	28.14%
2	CIBC	15.414	33	18.66%
3	BMO	13.631	32	16.50%
4	TD	12.772	36	15.46%
5	Scotia	7.512	34	9.09%
6	National Bank Financial	7.317	20	8.86%
7	Desjardins	0.652	3	0.79%
8	Bank of America	0.591	5	0.72%
9	Credit Suisse	0.395	4	0.48%
10	Laurentian	0.136	2	0.16%
	Total	82.605	146
	Average size:	0.566
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	6.785	17	18.04%
2	Goldman Sachs	3.841	8	10.22%
3	JPMorgan	3.711	13	9.87%
4	Bank of America	3.293	12	8.75%
5	HSBC	2.504	7	6.66%
6	Morgan Stanley	2.489	10	6.62%
7	Citigroup	2.412	9	6.41%
8	RBS	2.226	9	5.92%
9	Barclays	2.017	10	5.36%
10	Deutsche Bank	1.694	8	4.51%
	Total	37.605	48
	Average size:	0.783
Maple bonds, year to date
	Lead	Amount	No.	Share
1	RBC	2.150	17	31.18%
2	TD	1.775	15	25.73%
3	Bank of America	1.245	7	18.06%
4	Scotia	0.571	5	8.28%
5	CIBC	0.354	4	5.13%
6	BMO	0.271	3	3.93%
7	National Bank	0.209	2	3.03%
8	HSBC	0.100	1	1.45%
9	Morgan Stanley	0.100	1	1.45%
10	Goldman Sachs	0.071	1	1.03%
	Total	6.897	23
	Average size:	0.300
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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