Analysis of Canadian bond issuance for 13 months through December 2011

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Country

	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Canadian abroad	4.122	12.209	1.378	5.753	5.070	8.119	5.076	10.443	2.399	11.033	10.443	8.120	2.598
Canadian domestic	12.459	12.798	16.008	21.878	6.672	12.439	12.811	6.532	9.400	12.122	8.519	16.713	11.274
Maple bond	0.600	0.899	1.900	0.950	2.248	0.675	0.225	0	0	0.625	0	0	0.120
Total	17.181	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian abroad	19.340	22	18.265	26	23.875	23	21.161	25	82.640	96	86.763	103	82.640	96	34.80%
Canadian domestic	50.684	87	31.921	59	28.054	45	36.505	83	147.165	274	159.624	295	147.165	274	61.98%
Maple bond	3.748	12	3.148	11	0.625	2	0.120	1	7.642	26	8.242	27	7.642	26	3.22%
Total	73.773	121	53.334	96	52.554	70	57.786	109	237.447	396	254.628	425	237.447	396	100.00%
Use of Proceeds
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Acquisition	0.300	0	0.644	0.999	1.046	3.899	0	0	0.390	0	0	0.075	0
Capex	0	0.072	0	0.212	0	0.339	0.500	0	0	0	0	0	0
Dividend/recap	0	0	0	0.350	0	0	0	0	0	0	0	0	0
GCP	2.845	1.555	0	3.909	4.113	1.598	5.389	5.717	2.649	1.899	2.993	4.483	1.119
LBO	0	0	0	0	0	0	0.570	0.273	0	0	0	0	0
Redeem notes	0.338	0.404	0.250	0.204	0.300	1.298	0	0	0	0	0	0.400	0
Refinance	3.404	0	0.225	0.525	0.495	0.708	0	0.265	0	0.200	0	0	0.052
Repay bank debt	0	0.325	0.349	0.400	0.096	0.949	0	0.200	0	0	0.600	4.506	0.125
Multiple/Other/NA	10.294	23.551	17.818	21.983	7.940	12.441	11.653	10.520	8.760	21.681	15.369	15.370	12.696
Total	17.181	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.643	2	4.945	6	0.390	2	0.075	1	7.052	11	7.352	12	7.052	11	2.97%
Capex	0.284	2	0.839	2	0	0	0	0	1.123	4	1.123	4	1.123	4	0.47%
Dividend/recap	0.350	1	0	0	0	0	0	0	0.350	1	0.350	1	0.350	1	0.15%
GCP	5.463	9	11.099	22	10.265	14	8.594	18	35.422	63	38.267	66	35.422	63	14.92%
LBO	0	0	0.570	1	0.273	1	0	0	0.843	2	0.843	2	0.843	2	0.36%
Redeem notes	0.857	5	1.598	4	0	0	0.400	1	2.855	10	3.193	12	2.855	10	1.20%
Refinance	0	0	0	0	0	0	0.052	1	0.052	1	0.052	1	0.052	1	0.02%
Repay bank debt	1.074	5	1.045	6	0.200	1	5.231	11	7.550	23	7.550	23	7.550	23	3.18%
Multiple/Other/NA	63.352	94	32.035	50	40.961	49	43.435	77	179.782	270	190.076	285	179.782	270	75.71%
Total	73.773	121	53.334	96	52.554	70	57.786	109	237.447	396	254.628	425	237.447	396	100.00%
Upsized?
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Yes	4.145	10.328	3.213	9.899	4.622	2.910	1.553	7.257	0.350	4.945	0.900	1.549	0.355
No	13.036	15.578	16.072	18.621	9.368	18.149	16.559	9.718	11.449	18.835	18.061	23.285	13.636
Downsized	0	0	0	0.062	0	0.173	0	0	0	0	0	0	0
Total	17.181	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.440	37	9.085	21	12.552	15	2.804	8	47.881	81	52.026	92	47.881	81	20.16%
No	50.271	83	44.076	74	40.002	55	54.982	101	189.331	313	202.367	331	189.331	313	79.74%
Downsized	0.062	1	0.173	1	0	0	0	0	0.235	2	0.235	2	0.235	2	0.10%
Total	73.773	121	53.334	96	52.554	70	57.786	109	237.447	396	254.628	425	237.447	396	100.00%
Versus Talk
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Lower	0	0	0	0	0.500	0	0	0	0	0.149	0	0	0
Low end	2.545	2.017	3.881	17.189	2.774	6.772	2.296	3.857	0	1.157	0.475	4.588	2.134
Middle	9.345	10.250	1.094	2.088	1.615	6.299	9.434	5.394	2.850	0	0.400	0.950	0
High end	1.250	1.418	2.490	0.551	0.175	1.073	0.500	0	2.500	0	1.016	0	0
Higher	0.233	0	0	1.449	0	0	0	0	0	0	0	0	0
NA	3.808	12.221	11.821	7.304	8.925	7.088	5.882	7.724	6.449	22.474	17.070	19.295	11.858
Total	17.181	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.500	1	0.149	1	0	0	0.649	2	0.649	2	0.649	2	0.27%
Low end	23.086	31	11.841	25	5.015	8	7.197	11	47.139	75	49.685	80	47.139	75	19.85%
Middle	13.432	17	17.349	14	8.244	9	1.350	5	40.374	45	49.719	54	40.374	45	17.00%
High end	4.459	7	1.748	5	2.500	1	1.016	1	9.724	14	10.974	17	9.724	14	4.10%
Higher	1.449	2	0	0	0	0	0	0	1.449	2	1.682	3	1.449	2	0.61%
NA	31.346	64	21.895	51	36.647	51	48.223	92	138.112	258	141.920	269	138.112	258	58.17%
Total	73.773	121	53.334	96	52.554	70	57.786	109	237.447	396	254.628	425	237.447	396	100.00%
Seniority
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Corporate mortgage	5.999	0.003	0	0	0	0	6.056	0	0	4.993	0	3.746	5.968
Corporate senior secured	1.575	0	0	0.635	0.205	1.505	0	0.273	0	0	0	0	0
Corporate subordinated	0	0	0	3.000	0	0	0	0	0	0.036	0	0.550	0.250
Asset-backed	0.558	0	1.257	0.200	2.000	0.600	0.541	0	0	0.498	0	0.451	0.120
Corporate covered bonds	0	4.496	0	0.984	0	0	0	1.887	0	6.915	5.418	0	2.034
Municipal	0	0	0	0.552	0	0	0.250	0	0	0.199	0	0.310	0
Corporate senior	5.497	13.449	12.654	19.941	7.881	13.186	7.706	11.278	7.058	3.751	8.529	15.233	3.530
Mortgage-backed	0	0.768	0.494	0	0	0	0	0.944	0	0	0	0	0
Provincial	3.552	7.189	4.881	3.269	3.903	5.941	3.560	2.593	4.741	7.388	5.015	4.544	2.090
Total	17.181	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Corporate mortgage	0.003	1	6.056	1	4.993	1	9.713	4	20.766	7	26.765	9	20.766	7	8.75%
Corporate senior secured	0.635	3	1.710	7	0.273	1	0	0	2.618	11	4.193	15	2.618	11	1.10%
Corporate subordinated	3.000	2	0	0	0.036	1	0.800	3	3.836	6	3.836	6	3.836	6	1.62%
Asset-backed	1.457	7	3.141	8	0.498	3	0.571	4	5.667	22	6.225	24	5.667	22	2.39%
Corporate covered bonds	5.480	4	0	0	8.803	4	7.452	4	21.735	12	21.735	12	21.735	12	9.15%
Municipal	0.552	2	0.250	1	0.199	1	0.310	2	1.310	6	1.310	6	1.310	6	0.55%
Corporate senior	46.045	73	28.773	57	22.087	36	27.291	59	124.196	225	129.692	240	124.196	225	52.30%
Mortgage-backed	1.262	3	0	0	0.944	3	0	0	2.206	6	2.206	6	2.206	6	0.93%
Provincial	15.339	26	13.405	22	14.722	20	11.649	33	55.114	101	58.666	107	55.114	101	23.21%
Total	73.773	121	53.334	96	52.554	70	57.786	109	237.447	396	254.628	425	237.447	396	100.00%
Moody's Rating
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Aaa	0.650	5.534	7.205	9.209	3.540	5.539	6.456	8.396	5.998	13.344	9.282	7.134	8.402
Aa1	1.446	10.693	3.727	2.707	4.998	4.578	0.766	4.002	0.844	5.836	4.299	3.213	2.521
Aa2	1.079	3.176	3.363	2.886	1.552	0.849	3.469	2.060	2.948	2.233	2.405	4.380	0.863
Aa3	0	0.548	0	3.000	0.500	0	0.325	0	0	0.300	0	0	0.100
A1	0	0	0	0.500	0.499	0.300	0	0	0	0	0	0.011	0
A2	0	0.600	1.250	0.350	0.150	0.475	0	0	0	0.201	0.200	0	0
A3	0.100	0.499	0	0.575	0.750	0	0	0	0.300	0.625	0	1.004	0
Baa1	0	0	0	0.999	0	5.494	0	0	0.350	0	0	1.018	0
Baa2	0.495	0	0	2.224	0	0	3.592	0	0	0	0	4.019	0
Baa3	0	0.150	0.390	0.110	0	0.876	0.067	0	0.969	0	0	0.506	0
Ba1	0	0	0.200	0	0	0	0.300	0.400	0	0	0	0.450	0
Ba2	0	0	0	0.900	0	0	0	0	0	0	0	0	0.305
Ba3	0	0	0	1.449	0	0	0	0	0	0	0	0	0
B1	0.325	0	0.644	0	0	0	0.500	0	0	0	0	0.125	0
B2	0.447	0	0	0	0.061	0.227	0	0	0	0	0	0	0
B3	0	0	0.149	1.084	0.455	0.339	0	0.273	0	0	0	0	0
Caa2	0	0.072	0	0	0	0.900	0	0	0	0	0	0	0
NR	12.640	4.634	2.358	2.587	1.485	1.655	2.638	1.843	0.390	1.242	2.325	2.972	1.801
P-1	0	0	0	0	0	0	0	0	0	0	0.450	0	0
Total	17.181	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	21.949	19	15.535	12	27.738	19	24.818	34	90.040	84	90.690	85	90.040	84	37.92%
Aa1	17.128	20	10.342	15	10.682	13	10.033	10	48.184	58	49.631	60	48.184	58	20.29%
Aa2	9.425	21	5.870	11	7.242	12	7.647	16	30.184	60	31.263	62	30.184	60	12.71%
Aa3	3.548	4	0.825	2	0.300	1	0.100	1	4.773	8	4.773	8	4.773	8	2.01%
A1	0.500	1	0.799	2	0	0	0.011	1	1.310	4	1.310	4	1.310	4	0.55%
A2	2.199	5	0.625	3	0.201	1	0.200	1	3.225	10	3.225	10	3.225	10	1.36%
A3	1.073	4	0.750	2	0.925	3	1.004	3	3.753	12	3.852	13	3.753	12	1.58%
Baa1	0.999	1	5.494	7	0.350	1	1.018	2	7.862	11	7.862	11	7.862	11	3.31%
Baa2	2.224	3	3.592	5	0	0	4.019	6	9.835	14	10.330	15	9.835	14	4.14%
Baa3	0.650	3	0.943	3	0.969	3	0.506	2	3.068	11	3.068	11	3.068	11	1.29%
Ba1	0.200	1	0.300	1	0.400	1	0.450	1	1.350	4	1.350	4	1.350	4	0.57%
Ba2	0.900	3	0	0	0	0	0.305	1	1.205	4	1.205	4	1.205	4	0.51%
Ba3	1.449	2	0	0	0	0	0	0	1.449	2	1.449	2	1.449	2	0.61%
B1	0.644	1	0.500	1	0	0	0.125	1	1.269	3	1.594	4	1.269	3	0.53%
B2	0	0	0.288	3	0	0	0	0	0.288	3	0.734	4	0.288	3	0.12%
B3	1.233	4	0.794	3	0.273	1	0	0	2.301	8	2.301	8	2.301	8	0.97%
Caa2	0.072	1	0.900	2	0	0	0	0	0.972	3	0.972	3	0.972	3	0.41%
NR	9.578	28	5.777	24	3.475	15	7.099	29	25.930	96	38.569	116	25.930	96	10.92%
P-1	0	0	0	0	0	0	0.450	1	0.450	1	0.450	1	0.450	1	0.19%
Total	73.773	121	53.334	96	52.554	70	57.786	109	237.447	396	254.628	425	237.447	396	100.00%
Industry Sector (by SIC code)
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Mining (1xxx)	0	0	0	0.200	0	4.238	2.496	0	0.969	0	0.400	3.013	0
Oil and gas (13xx)	0.447	0.072	0.374	1.530	0.368	0.298	0	0.400	0	0	0.200	2.324	0.305
Manufacturing (2xxx, 3xxx)	1.094	0.698	1.349	1.279	1.162	0.900	0.570	0.448	0	1.159	0.350	0.750	0
Pharmaceuticals (2834-6)	0	0	0.644	1.449	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0	0	0.850	0.110	0	0	0	0	0	0	0	2.084	0
Communications (48xx)	1.213	0	0.390	2.910	0.505	1.826	0.300	0	0	0.200	0	0	0
Electric, gas, sanitary services (49xx)	1.740	1.110	0	0.875	0.620	0.775	1.278	0.335	0.350	0.910	1.125	1.793	0.501
Wholesale (5xxx)	0	0	0	0.300	0	0	0	0	0	0	0	0.075	0
Finance, insurance, real estate (6xxx)	9.056	16.837	10.799	15.695	7.371	7.201	7.939	13.199	5.739	12.110	11.872	9.666	10.755
Services (7xxx)	0	0	0	0.200	0.061	0.053	0	0	0	0	0	0.125	0
Health services (8xxx)	0	0	0	0.212	0	0	1.371	0	0	1.006	0	0.148	0
Sovereign (8888)	3.632	7.189	4.881	3.821	3.903	5.941	4.158	2.593	4.741	8.396	5.015	4.854	2.430
Total	17.181	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.200	1	6.734	9	0.969	3	3.413	5	11.316	18	11.316	18	11.316	18	4.77%
Oil and gas (13xx)	1.977	8	0.666	4	0.400	1	2.829	7	5.872	20	6.318	21	5.872	20	2.47%
Manufacturing (2xxx, 3xxx)	3.326	12	2.632	7	1.607	8	1.100	3	8.665	30	9.759	32	8.665	30	3.65%
Pharmaceuticals (2834-6)	2.093	3	0	0	0	0	0	0	2.093	3	2.093	3	2.093	3	0.88%
Transportation (4xxx)	0.960	3	0	0	0	0	2.084	7	3.044	10	3.044	10	3.044	10	1.28%
Communications (48xx)	3.300	5	2.631	8	0.200	1	0	0	6.131	14	7.343	17	6.131	14	2.58%
Electric, gas, sanitary services (49xx)	1.985	6	2.673	8	1.594	5	3.419	14	9.671	33	11.411	39	9.671	33	4.07%
Wholesale (5xxx)	0.300	1	0	0	0	0	0.075	1	0.375	2	0.375	2	0.375	2	0.16%
Finance, insurance, real estate (6xxx)	43.331	52	22.510	33	31.048	27	32.293	34	129.183	146	138.238	156	129.183	146	54.40%
Services (7xxx)	0.200	1	0.114	2	0	0	0.125	1	0.439	4	0.439	4	0.439	4	0.18%
Health services (8xxx)	0.212	1	1.371	1	1.006	3	0.148	1	2.738	6	2.738	6	2.738	6	1.15%
Sovereign (8888)	15.890	28	14.003	24	15.729	22	12.299	36	57.921	110	61.553	117	57.921	110	24.39%
Total	73.773	121	53.334	96	52.554	70	57.786	109	237.447	396	254.628	425	237.447	396	100.00%

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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