Analysis of Canadian bond issuance for 13 months through October 2012

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

Country

	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Canadian domestic	8.519	16.713	11.274	11.441	17.022	8.917	8.634	18.802	13.873	7.747	8.850	19.274	12.492
Maple bond	0	0	0.120	0	1.300	0.250	0.750	0.799	0.300	1.726	0.099	0.252	1.076
Total	8.519	16.713	11.394	11.441	18.321	9.167	9.384	19.601	14.173	9.473	8.949	19.525	13.568
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian domestic	36.505	83	37.380	65	41.308	79	35.870	60	12.492	24	127.050	228	163.555	311	155.037	278	95.10%
Maple bond	0.120	1	1.550	4	1.849	5	2.077	5	1.076	4	6.552	18	6.672	19	6.672	19	4.90%
Total	36.625	84	38.930	69	43.157	84	37.947	65	13.568	28	133.602	246	170.227	330	161.709	297	100.00%
Use of Proceeds
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Acquisition	0	0.075	0	0	0	0	0	0	0.650	0	0	0.126	0.500
Capex	0	0	0	0	0	0	0	1.106	0	0	0	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0.125	0	0	0
GCP	0	0.901	0.555	1.506	7.320	0.250	0.150	2.200	2.052	0.640	0	1.900	0.400
Redeem notes	0	0.400	0	0	0	0	0.824	0	0	0	0	0.925	0.423
Refinance	0	0	0.052	0.400	0	0	0	0	0	0.450	0	0	0
Repay bank debt	0.600	0.474	0.125	0.175	0.201	0.850	0	0.650	0.625	0.400	0.375	0.172	1.750
Multiple/Other/NA	7.919	14.864	10.662	9.360	10.801	8.067	8.409	15.645	10.846	7.858	8.574	16.403	10.495
Total	8.519	16.713	11.394	11.441	18.321	9.167	9.384	19.601	14.173	9.473	8.949	19.525	13.568
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.075	1	0	0	0.650	1	0.126	1	0.500	1	1.276	3	1.352	4	1.352	4	0.96%
Capex	0	0	0	0	1.106	3	0	0	0	0	1.106	3	1.106	3	1.106	3	0.83%
Dividend/recap	0	0	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.09%
GCP	1.455	7	9.076	10	4.401	12	2.539	8	0.400	1	16.416	31	17.872	38	17.872	38	12.29%
Redeem notes	0.400	1	0	0	0.824	2	0.925	2	0.423	2	2.172	6	2.572	7	2.572	7	1.63%
Refinance	0.052	1	0.400	1	0	0	0.450	1	0	0	0.850	2	0.902	3	0.902	3	0.64%
Repay bank debt	1.199	5	1.225	5	1.274	4	0.947	5	1.750	5	5.197	19	6.396	24	5.796	22	3.89%
Multiple/Other/NA	33.444	69	28.228	53	34.901	62	32.835	47	10.495	19	106.458	181	139.902	250	131.984	219	79.68%
Total	36.625	84	38.930	69	43.157	84	37.947	65	13.568	28	133.602	246	170.227	330	161.709	297	100.00%
Upsized?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0.900	1.549	0.050	0.725	9.668	0.600	1.025	9.279	2.246	3.450	5.793	0.500	1.975
No	7.619	15.165	11.344	10.716	8.653	8.566	8.359	10.322	11.927	5.898	3.156	19.025	11.593
Downsized	0	0	0	0	0	0	0	0	0	0.125	0	0	0
Total	8.519	16.713	11.394	11.441	18.321	9.167	9.384	19.601	14.173	9.473	8.949	19.525	13.568
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.499	7	10.994	18	12.550	20	9.743	8	1.975	6	35.261	52	37.760	59	36.860	55	26.39%
No	34.127	77	27.936	51	30.607	64	28.079	56	11.593	22	98.215	193	132.342	270	124.723	241	73.51%
Downsized	0	0	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.09%
Total	36.625	84	38.930	69	43.157	84	37.947	65	13.568	28	133.602	246	170.227	330	161.709	297	100.00%
Versus Talk
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Lower	0	0	0	0	0	0	0	0	0	0.450	0.125	0.400	0
Low end	0.475	1.575	0.099	0.600	4.249	0	0.575	0.645	2.445	3.000	0	0	0.800
Middle	0.400	0.950	0	0	0.750	0.250	0	0	0.325	0.050	2.491	6.901	1.175
High end	0	0	0	0	0	0	0	0	0	0.125	0	0	0
NA	7.644	14.189	11.294	10.841	13.323	8.917	8.809	18.956	11.403	5.847	6.333	12.224	11.593
Total	8.519	16.713	11.394	11.441	18.321	9.167	9.384	19.601	14.173	9.473	8.949	19.525	13.568
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	0	0	0.975	3	0	0	0.975	3	0.975	3	0.975	3	0.73%
Low end	2.149	6	4.849	10	3.664	9	3.000	2	0.800	2	12.313	23	14.462	29	13.987	26	9.22%
Middle	1.350	5	1.000	3	0.325	2	9.443	9	1.175	4	11.943	18	13.292	23	12.892	22	8.94%
High end	0	0	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.09%
NA	33.127	73	33.081	56	39.168	73	24.404	50	11.593	22	108.246	201	141.373	274	133.729	245	81.02%
Total	36.625	84	38.930	69	43.157	84	37.947	65	13.568	28	133.602	246	170.227	330	161.709	297	100.00%
Seniority
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Corporate mortgage	0	3.746	5.968	0	5.520	4.996	0	5.033	5.731	0	4.643	4.989	0
Corporate senior secured	0	0	0	0.125	0.201	0	0.624	0.250	0.397	0.125	0.250	0.372	0.175
Corporate senior subordinated	0	0	0	0.506	0	0	0	0	0	0	0	0	0
Corporate subordinated	0	0.550	0.250	0	1.800	0	1.000	0	0	1.500	0	0.400	1.750
Asset-backed	0	0.451	0.120	1.000	0	0	0.330	0.715	0	0.515	0	0	0.423
Corporate municipal	0	0.310	0	0	0	0	0	0	0	0	0	0	0
Corporate senior	3.504	7.113	2.966	5.299	8.697	1.700	3.923	9.696	5.669	6.550	1.608	9.029	8.456
Mortgage-backed	0	0	0	0	0	0	0	0	0	0	0.351	0.590	0
Provincial	5.015	4.544	2.090	4.511	2.103	2.471	3.506	3.907	2.375	0.783	2.097	4.146	2.764
Total	8.519	16.713	11.394	11.441	18.321	9.167	9.384	19.601	14.173	9.473	8.949	19.525	13.568
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Corporate mortgage	9.713	4	10.516	3	10.764	6	9.632	3	0	0	30.913	12	40.626	16	40.626	16	23.14%
Corporate senior secured	0	0	0.326	2	1.272	4	0.747	4	0.175	1	2.519	11	2.519	11	2.519	11	1.89%
Corporate senior subordinated	0	0	0.506	3	0	0	0	0	0	0	0.506	3	0.506	3	0.506	3	0.38%
Corporate subordinated	0.800	3	1.800	3	1.000	1	1.900	2	1.750	1	6.450	7	7.250	10	7.250	10	4.83%
Asset-backed	0.571	4	1.000	1	1.045	6	0.515	3	0.423	2	2.983	12	3.553	16	3.553	16	2.23%
Corporate municipal	0.310	2	0	0	0	0	0	0	0	0	0	0	0.310	2	0.310	2	0.00%
Corporate senior	13.583	38	15.697	40	19.288	46	17.187	40	8.456	19	60.628	145	74.211	183	70.707	170	45.38%
Mortgage-backed	0	0	0	0	0	0	0.940	3	0	0	0.940	3	0.940	3	0.940	3	0.70%
Provincial	11.649	33	9.085	17	9.788	21	7.026	10	2.764	5	28.663	53	40.312	86	35.297	66	21.45%
Total	36.625	84	38.930	69	43.157	84	37.947	65	13.568	28	133.602	246	170.227	330	161.709	297	100.00%
Moody's Rating
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Aaa	1.330	5.263	6.109	0.506	5.520	4.996	0.525	5.679	5.585	0.125	5.461	6.476	0.555
Aa1	2.267	3.213	2.521	3.202	3.086	1.399	2.674	2.000	0.055	2.608	0	0.733	2.550
Aa2	1.947	4.380	0.863	4.687	0.518	1.072	2.705	4.182	3.164	3.099	2.129	3.505	5.840
Aa3	0	0	0.100	0.300	0.900	0	1.451	0	0	0	0	1.750	0
A1	0	0.011	0	0	0.300	0.250	0	0	0.549	0.075	0.234	0.650	0
A2	0.200	0	0	0	2.000	0	0.225	0	0.250	1.500	0	1.250	0.150
A3	0	0.300	0	0.125	0.450	0	0	0.450	0	0	0	1.350	0.400
Baa1	0	0	0	0	0.750	0	0	0.300	1.698	0	0.400	0.050	0.125
Baa2	0	0	0	0	0.499	0	0.425	1.097	0.300	0	0	0.425	0.300
Baa3	0	0	0	0	0	0.175	0	0.100	0	0.050	0	0	1.250
Ba1	0	0.450	0	0	0	0	0.300	0	0	0	0	0	0
Ba3	0	0	0	0	0	0	0	0	0	0	0.250	0	0
B1	0	0.125	0	0	0	0	0	0	0	0.750	0	0	0
B2	0	0	0	0.051	0	0	0	0	0	0	0	0	0.500
B3	0	0	0	0.300	0	0	0	0.795	0	0	0.125	0	0
NR	2.325	2.972	1.801	2.270	4.299	1.275	1.079	4.997	2.573	1.265	0.351	3.337	1.898
P-1	0.450	0	0	0	0	0	0	0	0	0	0	0	0
Total	8.519	16.713	11.394	11.441	18.321	9.167	9.384	19.601	14.173	9.473	8.949	19.525	13.568
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	12.701	25	11.022	6	11.789	9	12.061	10	0.555	2	35.427	27	48.128	52	46.798	39	26.52%
Aa1	8.001	8	7.687	10	4.728	6	3.340	4	2.550	2	18.305	22	26.306	30	24.039	27	13.70%
Aa2	7.190	15	6.277	12	10.050	18	8.733	12	5.840	8	30.901	50	38.091	65	36.143	60	23.13%
Aa3	0.100	1	1.199	3	1.451	3	1.750	1	0	0	4.401	7	4.501	8	4.501	8	3.29%
A1	0.011	1	0.550	2	0.549	2	0.959	4	0	0	2.058	8	2.069	9	2.069	9	1.54%
A2	0.200	1	2.000	2	0.475	2	2.750	2	0.150	1	5.375	7	5.575	8	5.375	7	4.02%
A3	0.300	1	0.575	3	0.450	2	1.350	3	0.400	1	2.775	9	3.075	10	3.075	10	2.08%
Baa1	0	0	0.750	2	1.998	4	0.450	2	0.125	1	3.322	9	3.322	9	3.322	9	2.49%
Baa2	0	0	0.499	2	1.822	4	0.425	1	0.300	1	3.046	8	3.046	8	3.046	8	2.28%
Baa3	0	0	0.175	1	0.100	1	0.050	1	1.250	4	1.576	7	1.576	7	1.576	7	1.18%
Ba1	0.450	1	0	0	0.300	1	0	0	0	0	0.300	1	0.750	2	0.750	2	0.22%
Ba3	0	0	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.250	1	0.19%
B1	0.125	1	0	0	0	0	0.750	2	0	0	0.750	2	0.875	3	0.875	3	0.56%
B2	0	0	0.051	1	0	0	0	0	0.500	1	0.551	2	0.551	2	0.551	2	0.41%
B3	0	0	0.300	2	0.795	2	0.125	1	0	0	1.220	5	1.220	5	1.220	5	0.91%
NR	7.099	29	7.844	23	8.650	30	4.953	21	1.898	7	23.345	81	30.443	110	28.118	100	17.47%
P-1	0.450	1	0	0	0	0	0	0	0	0	0	0	0.450	1	0	0	0.00%
Total	36.625	84	38.930	69	43.157	84	37.947	65	13.568	28	133.602	246	170.227	330	161.709	297	100.00%
Industry Sector (by SIC code)
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Mining (1xxx)	0.400	0	0	0	0	0	0	0.795	0.500	0	0	0.500	0
Oil and gas (13xx)	0.200	0.300	0	0.175	0.200	0	0.200	0	0	0.300	0.400	0.350	0.450
Manufacturing (2xxx, 3xxx)	0.350	0.750	0	0.125	2.650	0	0.101	0.750	0.799	0.200	0.250	0.600	0.849
Transportation (4xxx)	0	0.874	0	0	0	0	0.399	0	0.397	0	0	0.850	0
Communications (48xx)	0	0	0	0	0.201	0	0	1.097	0.998	0	0	0	0.500
Electric, gas, sanitary services (49xx)	1.125	1.793	0.501	0.300	0.549	0.850	0.225	0.400	0.900	0.838	0.234	1.450	0.300
Wholesale (5xxx)	0	0.075	0	0	0	0	0.300	0	0.150	0	0	0	1.050
Finance, insurance, real estate (6xxx)	1.429	7.794	8.462	6.280	12.519	5.846	4.652	11.296	6.707	6.623	5.968	10.864	7.398
Services (7xxx)	0	0.125	0	0.051	0	0	0	1.356	0	0.575	0	0.172	0
Health services (8xxx)	0	0.148	0	0	0.100	0	0	0	0	0	0	0	0
Sovereign (8888)	5.015	4.854	2.430	4.511	2.103	2.471	3.506	3.907	3.721	0.783	2.097	4.740	3.020
Government (91xx)	0	0	0	0	0	0	0	0	0	0.153	0	0	0
Total	8.519	16.713	11.394	11.441	18.321	9.167	9.384	19.601	14.173	9.473	8.949	19.525	13.568
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.400	1	0	0	1.295	3	0.500	1	0	0	1.795	4	2.195	5	1.795	4	1.34%
Oil and gas (13xx)	0.500	2	0.375	2	0.200	1	1.050	3	0.450	1	2.075	7	2.574	9	2.374	8	1.55%
Manufacturing (2xxx, 3xxx)	1.100	3	2.775	8	1.650	7	1.050	4	0.849	3	6.324	22	7.424	25	7.074	24	4.73%
Transportation (4xxx)	0.874	3	0	0	0.797	2	0.850	3	0	0	1.647	5	2.520	8	2.520	8	1.23%
Communications (48xx)	0	0	0.201	1	2.096	3	0	0	0.500	1	2.796	5	2.796	5	2.796	5	2.09%
Electric, gas, sanitary services (49xx)	3.419	14	1.699	7	1.525	5	2.523	7	0.300	2	6.046	21	9.465	35	8.340	30	4.53%
Wholesale (5xxx)	0.075	1	0	0	0.450	2	0	0	1.050	3	1.500	5	1.575	6	1.575	6	1.12%
Finance, insurance, real estate (6xxx)	17.686	22	24.645	32	22.654	33	23.455	32	7.398	12	78.152	109	95.838	131	94.409	126	58.50%
Services (7xxx)	0.125	1	0.051	1	1.356	4	0.747	3	0	0	2.154	8	2.279	9	2.279	9	1.61%
Health services (8xxx)	0.148	1	0.100	1	0	0	0	0	0	0	0.100	1	0.248	2	0.248	2	0.07%
Sovereign (8888)	12.299	36	9.085	17	11.135	24	7.620	11	3.020	6	30.860	58	43.159	94	38.144	74	23.10%
Government (91xx)	0	0	0	0	0	0	0.153	1	0	0	0.153	1	0.153	1	0.153	1	0.11%
Total	36.625	84	38.930	69	43.157	84	37.947	65	13.568	28	133.602	246	170.227	330	161.709	297	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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