RBC maintains ranking as Canada's lead corporate bond underwriter

• National Bank Financial top provincial dealer

By Cristal Cody

Prospect News, Aug. 31 - RBC Capital Markets Corp. remained the top-ranked underwriter of corporate bond sales in Canada for the year to date through the end of August, according to data compiled by Prospect News.

The month was light on deals overall in volatile global markets.

For the year through August, RBC brought C$26.73 billion of Canadian dollar-denominated deals in the domestic market, for a share of 27.27% of the market. TD Securities Inc. moved into the second place, pushing CIBC World Markets Inc. into the third-ranked slot, with C$18.88 billion, or 19.26%, of deals through August.

The sector totaled C$98.02 billion in new offerings year to date, up from C$89.14 billion through July.

Deals sold outside Canada rose to C$50.45 billion through August from C$48.05 billion through the previous month.

RBC maintained the lead underwriting ranking in deals sold abroad with C$7.83 billion through July. Goldman Sachs also remained in the No. 2 ranking with C$5.62 billion, or 11.15%, of foreign bond sales. Bank of America Merrill Lynch stayed in third place with an improved C$4.34 billion, or 8.6% share, of the market.

The maple bond market has been flat for two months, with no new issuance seen in July or August. The offerings year to date through August total C$6.9 billion, according to the data. RBC continued as the top-ranked underwriter in maple bond offerings, with C$2.15 billion, or a 31.18% share of the deals.

In the provincial market, total issuance rose to C$36.71 billion through August from C$32.49 billion through July.

National Bank Financial Inc. brought C$7.81 billion, or 21.27%, of deals and stayed in the lead as the top underwriter in the provincial bond market through August.

TD Securities moved into the second ranking with C$5.79 billion, or 15.78%, of provincial bond deals through August, pushing RBC into third place.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	7.807	16	21.27%
2	TD	5.791	14	15.78%
3	RBC	5.662	15	15.42%
4	CIBC	5.049	13	13.75%
5	Scotia	2.846	7	7.75%
6	Deutsche Bank	1.637	6	4.46%
7	BMO	1.597	3	4.35%
8	Bank of America	1.301	3	3.54%
9	HSBC	1.289	3	3.51%
10	JPMorgan	1.215	2	3.31%
	Total	36.709	63
	Average size:	0.583
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	26.732	68	27.27%
2	TD	18.875	47	19.26%
3	CIBC	17.371	39	17.72%
4	BMO	14.999	35	15.30%
5	National Bank Financial	9.055	25	9.23%
6	Scotia	8.276	37	8.44%
7	Desjardins	0.652	3	0.66%
8	Bank of America	0.591	5	0.60%
9	Credit Suisse	0.395	4	0.40%
10	Laurentian	0.136	2	0.14%
	Total	98.020	171
	Average size:	0.573
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	7.825	22	15.51%
2	Goldman Sachs	5.623	12	11.15%
3	Bank of America	4.339	17	8.60%
4	JPMorgan	4.056	14	8.04%
5	Morgan Stanley	3.921	18	7.77%
6	Citigroup	3.909	15	7.75%
7	HSBC	2.743	8	5.44%
8	Barclays	2.395	11	4.75%
9	Deutsche Bank	2.279	10	4.52%
10	RBS	2.226	9	4.41%
	Total	50.446	65
	Average size:	0.776
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%
8	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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