CIBC ranks as leading corporate, provincial dealer in January

• Corporate deals total more than C$10 billion

By Cristal Cody

Prospect News, Jan. 31 - CIBC World Markets Inc. came in as the number one underwriter for Canadian provinces in January, according to data compiled by Prospect News.

CIBC ranked in the lead with C$1.51 billion of Canadian provincial deals, or a 33.92%, share in January.

RBC Capital Markets Corp. ranked in the second top spot with a 13.88% stake in the market.

The market totaled C$4.441 billion over the month.

CIBC also ranked as the top corporate bond underwriter in January with C$3.15 billion, or 30.58%, of Canadian dollar-denominated issues, data shows.

National Bank Financial placed number two, bringing C$2.08 billion, or 20.18%, of deals in the domestic market.

The corporate domestic market saw $10.30 billion of deals over the month, according to the data.

In foreign markets where Canadian issuers sold bonds, Barclays Capital Inc. took the lead spot with C$1.57 billion, or 15.4%, of offerings.

Bank of America Merrill Lynch in January brought C$1.37 billion of bond deals to rank second in the foreign market.

Canadian issuers sold C$10.20 billion of bonds in foreign markets in January.

Looking at the maple bond market, where foreign companies sell bonds in Canada, TD Securities Inc. was top of dealers with a 50% stake in January.

RBC brought 44.19% of the maple bond deals, according to data.

About C$1 billion of maple bonds priced over the month.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CIBC	1.506	6	33.92%
2	RBC	0.616	3	13.88%	1	1.633	4	22.71%
3	BMO	0.577	3	12.98%
3	National Bank Financial	0.577	3	12.98%	2	1.044	2	14.52%
5	TD	0.531	4	11.96%	6	0.843	2	11.73%
6	Scotia	0.317	2	7.13%	7	0.748	1	10.40%
6	Bank of America	0.317	2	7.13%
	Total	4.441	9	7.189	9
	Average size:	0.493	0.799
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CIBC	3.149	13	30.58%	4	1.312	4	10.25%
2	National Bank Financial	2.078	9	20.18%	3	1.878	4	14.67%
3	BMO	1.703	7	16.54%	6	0.298	1	2.33%
4	RBC	1.333	9	12.95%	1	5.905	16	46.14%
5	TD	0.856	8	8.32%	2	2.405	9	18.79%
6	Bank of America	0.593	6	5.76%	7	0.124	1	0.97%
7	Scotia	0.433	4	4.21%	5	0.872	2	6.82%
8	Imperial	0.063	1	0.61%
9	Canaccord	0.063	1	0.61%
10	UBS	0.025	1	0.25%
	Total	10.297	25	12.798	27
	Average size:	0.412	0.474
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	1.571	5	15.40%	5	0.939	4	7.69%
2	Bank of America	1.367	5	13.40%	6	0.688	3	5.63%
3	Scotia	1.067	4	10.46%	11	0.314	2	2.57%
4	Morgan Stanley	0.891	2	8.74%	8	0.565	3	4.63%
5	JPMorgan	0.889	2	8.72%	2	1.743	3	14.27%
5	BMO	0.889	2	8.72%	10	0.374	1	3.06%
7	Deutsche Bank	0.697	4	6.83%	4	1.025	3	8.40%
8	Citigroup	0.560	3	5.49%	13	0.252	1	2.06%
9	UBS	0.506	1	4.97%
10	HSBC	0.504	1	4.94%	3	1.369	2	11.21%
	Total	10.199	8	12.209	10
	Average size:	1.275	1.221
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	TD	0.537	3	50.00%	2	0.200	2	22.22%
2	RBC	0.475	2	44.19%	1	0.200	2	22.23%
3	HSBC	0.062	1	5.81%
	Total	1.075	3	0.899	3
	Average size:	0.358	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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