RBC top dealer in Canadian corporate markets year to date

• National Bank top dealer for provincial debt offerings year to date

By Cristal Cody

Prospect News, Nov. 30 - RBC maintained its position as the top dealer in Canadian dollar-denominated debt offerings, deals sold abroad and maple issuance for the year to date though November, while National Bank Financial moved up as the lead provincial underwriter, according to data compiled by Prospect News.

RBC continued to rank as the top dealer in Canadian dollar-denominated bond sales in the domestic market year to date with C$30.75 billion, or 20.64%, of the market through November.

CIBC maintained its ranking as the No. 2 underwriter for Canadian dollar-denominated offerings through November with a 17.54% stake.

Canadian-dollar denominated deals priced in Canada totaled C$148.95 billion through November, up from C$126.88 through October, according to the data.

New bond offerings in the high-grade and high-yield markets priced over the month from issuers including Athabasca Oil Corp., Cameco Corp., CU Inc. and Enbridge Inc.

RBC held on to the top position in deals sold abroad by Canadian issuers year to date, according to the data. RBC underwrote C$11.94 billion, or 13.98%, of offerings through November.

JPMorgan remained the no. 2 dealer with C$8.02 billion, or 9.39%, of deals sold abroad through the first 11 months of the year.

Canadian issuers priced C$85.41 billion of bonds in the foreign markets year to date, up from C$77.9 billion of paper priced through October.

RBC tapped the U.S. markets with a $1.5 billion offering of three-year covered bonds due 2015 (Aaa//AAA) on Thursday.

In the maple bond market, where foreign issuers sell bonds in Canada, RBC Capital Markets continued to rank as the lead dealer with C$1.86 billion, or 26.42%, of the sales year to date, according to the data.

TD Securities Inc. brought C$1.67 billion, or 23.71%, of maple bond deals through November to hold on to the No. 2 dealer position.

Maple bond deals totaled C$7.05 billion through November, up from C$6.55 billion through October.

London-based National Grid plc tapped the Canadian markets on Nov. 15 with an offering of C$400 million of 2.9% maple bonds due Nov. 26, 2019 that priced at a spread of 142 basis points over the Canadian bond curve.

National Bank Financial moved up as the lead provincial underwriter with C$10.02 billion, or 19.89%, of sales year to date, according to the data.

RBC Capital Markets slipped into the No. 2 spot from the lead ranking for provincial deals through November with C$9.7 billion, or 19.26%, of the market.

Provincial bond deals totaled C$50.36 billion through November, up from C$45 billion through October, according to the Prospect News data.

Provinces including Saskatchewan, New Brunswick, Ontario and Alberta priced deals over the month.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	National Bank Financial	10.018	29	19.89%	1	12.789	27	23.05%
2	RBC	9.701	32	19.26%	2	9.372	26	16.89%
3	CIBC	9.292	39	18.45%	4	8.193	33	14.77%
4	TD	5.910	22	11.74%	3	8.973	21	16.17%
5	BMO	5.487	17	10.90%	6	2.890	7	5.21%
6	Scotia	3.825	15	7.60%	5	3.191	11	5.75%
7	HSBC	1.560	8	3.10%	9	1.473	4	2.66%
8	Bank of America	1.179	7	2.34%	7	1.980	5	3.57%
9	Morgan Stanley	0.672	3	1.33%
10	Deutsche Bank	0.649	2	1.29%	8	1.637	6	2.95%
	Total	50.361	91	55.491	105
	Average size:	0.553	0.528
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	30.747	128	20.64%	1	34.820	110	24.87%
2	CIBC	26.121	84	17.54%	4	23.465	73	16.76%
3	National Bank Financial	24.701	62	16.58%	5	17.030	44	12.16%
4	BMO	22.846	73	15.34%	3	23.971	56	17.12%
5	Scotia	17.788	65	11.94%	6	11.293	54	8.07%
6	TD	17.085	84	11.47%	2	24.482	80	17.49%
7	Bank of America	3.269	19	2.19%	7	1.675	11	1.20%
8	HSBC	1.667	10	1.12%	13	0.233	6	0.17%
9	BMO Nesbitt Burns	1.319	2	0.89%
10	Desjardins	0.877	9	0.59%	9	0.652	3	0.47%
	Total	148.954	268	140.015	270
	Average size:	0.556	0.519
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	11.941	42	13.98%	1	10.470	30	13.08%
2	JPMorgan	8.024	37	9.39%	2	8.088	30	10.10%
3	Bank of America	7.726	39	9.05%	7	5.615	22	7.02%
4	Citigroup	6.906	32	8.09%	6	6.001	23	7.50%
5	Barclays	6.033	24	7.06%	4	7.045	24	8.80%
6	Morgan Stanley	5.637	25	6.60%	9	4.317	19	5.39%
7	Scotia	4.819	21	5.64%	12	1.932	7	2.41%
8	HSBC	4.401	20	5.15%	10	3.674	11	4.59%
9	BMO	3.850	12	4.51%	17	1.320	5	1.65%
10	Deutsche Bank	3.609	16	4.23%	11	3.515	12	4.39%
	Total	85.414	109	80.042	93
	Average size:	0.784	0.861
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	1.863	8	26.42%	1	0.917	8	26.99%
2	TD	1.672	11	23.71%	2	0.729	7	21.46%
3	Scotia	0.896	5	12.70%	3	0.384	4	11.29%
4	CIBC	0.829	4	11.76%	6	0.254	3	7.48%
5	HSBC	0.766	5	10.87%	8	0.100	1	2.94%
6	Bank of America	0.350	2	4.96%	4	0.312	3	9.19%
7	BMO	0.300	1	4.25%	5	0.271	3	7.98%
8	Rabobank	0.126	2	1.78%
9	Citigroup	0.100	1	1.42%
9	Credit Suisse	0.100	1	1.42%
	Total	7.052	20	3.398	13
	Average size:	0.353	0.261
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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