By Cristal Cody
Prospect News, Oct. 31 - RBC Capital Markets LLC continued to rank as Canada's top dealer in the provincial, domestic, foreign and maple bond markets for the year to date thorough October, according to data compiled by Prospect News.
RBC ranked as the top provincial dealer with C$8.9 billion, or 19.77%, of deals through the first 10 months of the year, according to data compiled by Prospect News.
National Bank Financial also maintained its No. 2 ranking with C$8.24 billion, or 18.31%, of provincial bond sales year to date.
Provincial bond deals totaled C$45 billion through October, higher than the C$40.14 billion brought through September and lower than C$50.64 billion of provincials sold in the same period a year ago, according to the data.
The Province of Ontario (Aa2/AA-/DBRS: AA) priced C$1 billion on Oct. 25 in a reopening of its 1.9% five-year bonds at 99.672 to yield 1.971%, or a spread of 52.5 basis points over the Government of Canada benchmark.
RBC also maintained its lead ranking as the top dealer in Canadian dollar-denominated debt offerings in the domestic market year to date. RBC led C$28.35 billion, or 22.35%, of Canadian dollar deals through October.
CIBC continued to rank as the second top dealer of Canadian dollar-denominated deals year to date with C$23.34 billion, or 18.39%, of deals.
Canadian dollar-denominated deals sold domestically totaled C$126.88 billion year to date, up from C$114.56 billion sold through September and higher than the C$123.3 billion brought in the same period a year ago, according to the data.
Quebec-based convenience store operator Alimentation Couche-Tard Ltd. priced C$1.05 billion in three tranches of senior notes (Baa3/BBB-/) on Oct. 25.
October also saw several bank deals, including a C$1.25 billion offering of 2.35% five-year deposit notes on Oct. 15 from CIBC and a C$1.75 billion 12-year subordinated debt deal from Bank of Nova Scotia on Oct. 12.
In the foreign bond markets, RBC also ranked as the lead dealer with C$10.88 billion, or 13.97%, of deals sold by Canadian issuers through October.
JPMorgan pushed up into the No. 2 spot with C$7.19 billion, or 9.23%, of bonds sold abroad in the first 10 months.
Canadian issuers sold C$77.9 billion of paper in foreign markets, up from C$69.51 billion priced through September and higher than the C$71.92 billion sold in the same period a year ago.
In the previous week, Royal Bank of Canada sold $1 billion of 0.8% three-year global notes (Aa3/AA-/AA) in the U.S. dollar market to yield a spread of Treasuries plus 37.5 bps.
RBC also maintained its status as the top dealer of maple bonds in Canada and underwrote C$1.66 billion, or 25.38%, of the deals through October.
TD Securities Inc. continued to rank second with C$1.42 billon of maple bond deals, or a 21.71% share.
Maple bond offerings totaled C$6.55 billion through October, up from C$5.48 billion through September and nearly double the C$3.4 billion of Canadian dollar deals priced by foreign issuers in the same period last year.
Year to date, provinces, all currencies
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | RBC | 8.896 | 28 | 19.77% | 2 | 8.179 | 21 | 16.15%
|
| 2 | National Bank Financial | 8.241 | 26 | 18.31% | 1 | 12.149 | 24 | 23.99%
|
| 3 | CIBC | 7.376 | 33 | 16.39% | 3 | 7.708 | 28 | 15.22%
|
| 4 | TD | 5.707 | 20 | 12.68% | 4 | 7.193 | 15 | 14.20%
|
| 5 | BMO | 5.383 | 16 | 11.96% | 6 | 2.753 | 5 | 5.44%
|
| 6 | Scotia | 3.825 | 15 | 8.50% | 5 | 2.846 | 7 | 5.62%
|
| 7 | HSBC | 1.435 | 7 | 3.19% | 9 | 1.473 | 4 | 2.91%
|
| 8 | Bank of America | 0.875 | 5 | 1.94% | 7 | 1.980 | 5 | 3.91%
|
| 9 | Deutsche Bank | 0.649 | 2 | 1.44% | 8 | 1.637 | 6 | 3.23%
|
| 10 | Citigroup | 0.547 | 2 | 1.21% |
|
| 10 | Morgan Stanley | 0.547 | 2 | 1.21% |
|
| Total | 45.002 | 79 | 50.637 | 94 |
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| Average size: | 0.570 | 0.539 |
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| Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | RBC | 28.353 | 109 | 22.32% | 1 | 31.566 | 95 | 25.60%
|
| 2 | CIBC | 23.337 | 72 | 18.37% | 4 | 20.519 | 63 | 16.64%
|
| 3 | BMO | 22.152 | 64 | 17.44% | 2 | 22.123 | 47 | 17.94%
|
| 4 | Scotia | 16.106 | 58 | 12.68% | 6 | 9.197 | 46 | 7.46%
|
| 5 | National Bank Financial | 15.594 | 51 | 12.27% | 5 | 14.761 | 37 | 11.97%
|
| 6 | TD | 14.361 | 69 | 11.30% | 3 | 20.904 | 67 | 16.95%
|
| 7 | Bank of America | 2.714 | 15 | 2.14% | 7 | 1.675 | 11 | 1.36%
|
| 8 | HSBC | 1.667 | 10 | 1.31% | 12 | 0.233 | 6 | 0.19%
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| 9 | Desjardins | 0.877 | 9 | 0.69% | 8 | 0.652 | 3 | 0.53%
|
| 10 | GMP | 0.547 | 3 | 0.43% | 11 | 0.302 | 3 | 0.25%
|
| Total | 127.050 | 228 | 123.302 | 236 |
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| Average size: | 0.557 | 0.522 |
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| Year to date, Canadian issuers abroad, all currencies |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | RBC | 10.881 | 37 | 13.97% | 1 | 10.130 | 28 | 14.08%
|
| 2 | JPMorgan | 7.190 | 33 | 9.23% | 4 | 5.685 | 18 | 7.90%
|
| 3 | Bank of America | 7.078 | 35 | 9.09% | 5 | 5.414 | 20 | 7.53%
|
| 4 | Citigroup | 6.092 | 29 | 7.82% | 7 | 4.645 | 17 | 6.46%
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| 5 | Barclays | 5.635 | 22 | 7.23% | 3 | 5.839 | 18 | 8.12%
|
| 6 | Morgan Stanley | 4.866 | 21 | 6.25% | 9 | 4.317 | 19 | 6.00%
|
| 7 | Scotia | 4.569 | 20 | 5.87% | 12 | 1.932 | 7 | 2.69%
|
| 8 | HSBC | 4.145 | 18 | 5.32% | 10 | 3.674 | 11 | 5.11%
|
| 9 | Deutsche Bank | 3.609 | 16 | 4.63% | 11 | 3.515 | 12 | 4.89%
|
| 10 | BMO | 3.452 | 10 | 4.43% | 16 | 1.320 | 5 | 1.84%
|
| Total | 77.903 | 97 | 71.922 | 79 |
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| Average size: | 0.803 | 0.910 |
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| Year to date, Maple bonds |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | RBC | 1.663 | 7 | 25.38% | 1 | 0.917 | 8 | 26.99%
|
| 2 | TD | 1.422 | 9 | 21.71% | 2 | 0.729 | 7 | 21.46%
|
| 3 | Scotia | 0.896 | 5 | 13.67% | 3 | 0.384 | 4 | 11.29%
|
| 4 | CIBC | 0.829 | 4 | 12.65% | 6 | 0.254 | 3 | 7.48%
|
| 5 | HSBC | 0.766 | 5 | 11.70% | 8 | 0.100 | 1 | 2.94%
|
| 6 | Bank of America | 0.350 | 2 | 5.34% | 4 | 0.312 | 3 | 9.19%
|
| 7 | BMO | 0.300 | 1 | 4.58% | 5 | 0.271 | 3 | 7.98%
|
| 8 | Rabobank | 0.126 | 2 | 1.92% |
|
| 9 | Citigroup | 0.100 | 1 | 1.53% |
|
| 9 | Credit Suisse | 0.100 | 1 | 1.53% |
|
| Total | 6.552 | 18 | 3.398 | 13 |
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| Average size: | 0.364 | 0.261 |
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| Prospect News Canadian Bonds Underwriter Rankings
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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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