RBC continues streak as Canada's lead corporate bond underwriter

• National Bank Financial top-ranked in provincials year to date

By Cristal Cody

Prospect News, Sept. 30 - RBC Capital Markets Corp. maintained its run as the lead dealer of corporate bonds in Canada through the end of September, according to data compiled by Prospect News.

For the year through September, RBC brought C$27.84 billion of Canadian dollar-denominated deals in the domestic market, for a share of 25.16% of the market.

BMO Capital Markets Corp. moved into second place with C$21.05 billion, or a 19.02% stake. TD Securities Inc. slipped into the third spot from second in August, leading C$19.23 billion, or a 17.37% share, of the domestic corporate market.

Domestic corporate deals total C$110.66 billion through September.

In deals sold outside Canada, RBC continued its streak as the lead underwriter with C$8.51 billion of deals, for a 13.84% market share through September.

Goldman Sachs also stayed as the No. 2 underwriter in deals sold abroad with C$6.12 billion, or a 9.96% stake. Bank of America Merrill Lynch maintained the No. 3 ranking with C$5.02 billion, or an 8.16% share, of deals.

Foreign bond sales total C$61.5 billion year to date.

In Canada's maple bond market, where foreign issuers sell bonds domestically, RBC is the lead underwriter with C$2.36 billion, or 31.58%, of deals through September. TD Securities is the second top-ranked underwriter of maple bonds, with C$1.98 billion, or 26.36%, of the market.

Maple bond offerings total C$7.52 billion through September.

In Canada's provincial market, National Bank Financial Inc. remains the top-ranked underwriter with C$9.4 billion, or 20.59%, of deals sold through September.

TD Securities is the No. 2 ranked provincial underwriter to date. The underwriter has brought C$7.19 billion, or 15.76%, of offerings.

Provincial bond sales through September total C$45.64 billion.

Provinces, all currencies, year to date

	Lead	Amount	No.	Share
1	National Bank Financial	9.399	19	20.59%
2	TD	7.193	15	15.76%
3	RBC	6.346	17	13.90%
4	CIBC	6.224	16	13.64%
5	Scotia	2.846	7	6.23%
6	BMO	2.454	4	5.38%
7	Bank of America	1.985	5	4.35%
8	Deutsche Bank	1.637	6	3.59%
9	HSBC	1.473	4	3.23%
10	JPMorgan	1.215	2	2.66%
	Total	45.641	74
	Average size:	0.617
Domestic market, Canadian dollar-denominated deals, Canadian issuers, year to date
	Lead	Amount	No.	Share
1	RBC	27.838	74	25.16%
2	BMO	21.048	41	19.02%
3	TD	19.225	52	17.37%
4	CIBC	18.560	45	16.77%
5	National Bank Financial	12.613	31	11.40%
6	Scotia	8.426	38	7.61%
7	Bank of America	0.691	6	0.62%
8	Desjardins	0.652	3	0.59%
9	Credit Suisse	0.395	4	0.36%
10	HSBC	0.233	6	0.21%
	Total	110.659	191
	Average size:	0.579
Canadian issuers abroad, all currencies, year to date
	Lead	Amount	No.	Share
1	RBC	8.509	24	13.84%
2	Goldman Sachs	6.123	13	9.96%
3	Bank of America	5.022	19	8.16%
4	TD	4.778	9	7.77%
5	JPMorgan	4.549	15	7.40%
6	Barclays	4.131	14	6.72%
7	RBS	3.955	12	6.43%
8	Morgan Stanley	3.921	18	6.38%
9	Citigroup	3.909	15	6.36%
10	Deutsche Bank	3.515	12	5.72%
	Total	61.498	71
	Average size:	0.866
Maple bonds, year to date
	Lead	Amount	No.	Share
1	RBC	2.358	19	31.35%
2	TD	1.983	17	26.36%
3	Bank of America	1.245	7	16.56%
4	Scotia	0.779	7	10.36%
5	CIBC	0.354	4	4.71%
6	BMO	0.271	3	3.61%
7	National Bank Financial	0.209	2	2.78%
8	HSBC	0.100	1	1.33%
8	Morgan Stanley	0.100	1	1.33%
10	Goldman Sachs	0.071	1	0.95%
	Total	7.522	25
	Average size:	0.301
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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.