Analysis of Canadian bond issuance for 13 months through January 2012

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

Country

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Canadian abroad	12.209	1.378	5.753	5.070	8.119	5.076	10.443	2.399	11.033	10.443	8.120	2.598	10.199
Canadian domestic	12.798	16.008	21.878	6.672	12.439	12.811	6.532	9.400	12.122	8.519	16.713	11.274	10.297
Maple bond	0.899	1.900	0.950	2.248	0.675	0.225	0	0	0.625	0	0	0.120	1.075
Total	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.570
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	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	10.199	8	10.199	8	92.839	104	80.631	94	47.28%
Canadian domestic	50.684	87	31.921	59	28.054	45	36.505	83	10.297	25	10.297	25	157.462	299	144.664	272	47.74%
Maple bond	3.748	12	3.148	11	0.625	2	0.120	1	1.075	3	1.075	3	8.717	29	7.818	26	4.98%
Total	73.773	121	53.334	96	52.554	70	57.786	109	21.570	36	21.570	36	259.017	432	233.112	392	100.00%
Use of Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Acquisition	0	0.644	0.999	1.046	3.899	0	0	0.390	0	0	0.075	0	0
Capex	0.072	0	0.212	0	0.339	0.500	0	0	0	0	0	0	0
Dividend/recap	0	0	0.350	0	0	0	0	0	0	0	0	0	0
GCP	1.555	0	3.909	4.113	1.598	5.389	5.717	2.649	1.899	2.993	4.483	1.119	6.256
LBO	0	0	0	0	0	0.570	0.273	0	0	0	0	0	0
Redeem notes	0.404	0.250	0.204	0.300	1.298	0	0	0	0	0	0.400	0	0
Refinance	0	0.225	0.525	0.495	0.708	0	0.265	0	0.200	0	0	0.052	0.400
Repay bank debt	0.325	0.349	0.400	0.096	0.949	0	0.200	0	0	0.600	4.506	0.125	0.175
Multiple/Other/NA	23.551	17.818	21.983	7.940	12.441	11.653	10.520	8.760	21.681	15.369	15.370	12.696	14.740
Total	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.570
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.643	2	4.945	6	0.390	2	0.075	1	0	0	0	0	7.052	11	7.052	11	0.00%
Capex	0.284	2	0.839	2	0	0	0	0	0	0	0	0	1.123	4	1.051	3	0.00%
Dividend/recap	0.350	1	0	0	0	0	0	0	0	0	0	0	0.350	1	0.350	1	0.00%
GCP	5.463	9	11.099	22	10.265	14	8.594	18	6.256	9	6.256	9	41.678	72	40.124	68	29.00%
LBO	0	0	0.570	1	0.273	1	0	0	0	0	0	0	0.843	2	0.843	2	0.00%
Redeem notes	0.857	5	1.598	4	0	0	0.400	1	0	0	0	0	2.855	10	2.452	7	0.00%
Refinance	0.750	3	1.203	5	0.465	3	0.052	1	0.400	1	0.400	1	2.869	13	2.869	13	1.85%
Repay bank debt	1.074	5	1.045	6	0.200	1	5.231	11	0.175	1	0.175	1	7.725	24	7.400	23	0.81%
Multiple/Other/NA	63.352	94	32.035	50	40.961	49	43.435	77	14.740	25	14.740	25	194.521	295	170.971	264	68.34%
Total	73.773	121	53.334	96	52.554	70	57.786	109	21.570	36	21.570	36	259.017	432	233.112	392	100.00%
Upsized?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	10.328	3.213	9.899	4.622	2.910	1.553	7.257	0.350	4.945	0.900	1.549	0.355	1.625
No	15.578	16.072	18.621	9.368	18.149	16.559	9.718	11.449	18.835	18.061	23.285	13.636	19.945
Downsized	0	0	0.062	0	0.173	0	0	0	0	0	0	0	0
Total	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.570
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.440	37	9.085	21	12.552	15	2.804	8	1.625	5	1.625	5	49.506	86	39.178	72	7.53%
No	50.271	83	44.076	74	40.002	55	54.982	101	19.945	31	19.945	31	209.276	344	193.698	318	92.47%
Downsized	0.062	1	0.173	1	0	0	0	0	0	0	0	0	0.235	2	0.235	2	0.00%
Total	73.773	121	53.334	96	52.554	70	57.786	109	21.570	36	21.570	36	259.017	432	233.112	392	100.00%
Versus Talk
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Lower	0	0	0	0.500	0	0	0	0	0.149	0	0	0	0
Low end	2.017	3.881	17.189	2.774	6.772	2.296	3.857	0	1.157	0.475	4.588	2.134	2.891
Middle	10.250	1.094	2.088	1.615	6.299	9.434	5.394	2.850	0	0.400	0.950	0	2.439
High end	1.418	2.490	0.551	0.175	1.073	0.500	0	2.500	0	1.016	0	0	0
Higher	0	0	1.449	0	0	0	0	0	0	0	0	0	0
NA	12.221	11.821	7.304	8.925	7.088	5.882	7.724	6.449	22.474	17.070	19.295	11.858	16.240
Total	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.570
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0.500	1	0.149	1	0	0	0	0	0	0	0.649	2	0.649	2	0.00%
Low end	23.086	31	11.841	25	5.015	8	7.197	11	2.891	5	2.891	5	50.031	80	48.014	76	13.40%
Middle	13.432	17	17.349	14	8.244	9	1.350	5	2.439	2	2.439	2	42.814	47	32.564	36	11.31%
High end	4.459	7	1.748	5	2.500	1	1.016	1	0	0	0	0	9.724	14	8.306	10	0.00%
Higher	1.449	2	0	0	0	0	0	0	0	0	0	0	1.449	2	1.449	2	0.00%
NA	31.346	64	21.895	51	36.647	51	48.223	92	16.240	29	16.240	29	154.351	287	142.130	266	75.29%
Total	73.773	121	53.334	96	52.554	70	57.786	109	21.570	36	21.570	36	259.017	432	233.112	392	100.00%
Seniority
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Corporate mortgage	0.003	0	0	0	0	6.056	0	0	4.993	0	3.746	5.968	0
Corporate senior secured	0	0	0.635	0.205	1.505	0	0.273	0	0	0	0	0	0.125
Corporate senior subordinated	0	0	0	0	0	0	0	0	0	0	0	0	0.506
Corporate subordinated	0	0	3.000	0	0	0	0	0	0.036	0	0.550	0.250	0
Asset-backed	0	1.257	0.200	2.000	0.600	0.541	0	0	0.498	0	0.451	0.120	1.000
Corporate covered bonds	4.496	0	0.984	0	0	0	1.887	0	6.915	5.418	0	2.034	4.549
Corporate municipal	0	0	0.552	0	0	0.250	0	0	0.199	0	0.310	0	0
Corporate senior	13.449	12.654	19.941	7.881	13.186	7.706	11.278	7.058	3.751	8.529	15.233	3.530	10.949
Mortgage-backed	0.768	0.494	0	0	0	0	0.944	0	0	0	0	0	0
Provincial	7.189	4.881	3.269	3.903	5.941	3.560	2.593	4.741	7.388	5.015	4.544	2.090	4.441
Total	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.570
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	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	0	0	0	0	20.766	7	20.763	6	0.00%
Corporate senior secured	0.635	3	1.710	7	0.273	1	0	0	0.125	1	0.125	1	2.743	12	2.743	12	0.58%
Corporate senior subordinated	0	0	0	0	0	0	0	0	0.506	3	0.506	3	0.506	3	0.506	3	2.35%
Corporate subordinated	3.000	2	0	0	0.036	1	0.800	3	0	0	0	0	3.836	6	3.836	6	0.00%
Asset-backed	1.457	7	3.141	8	0.498	3	0.571	4	1.000	1	1.000	1	6.667	23	6.667	23	4.64%
Corporate covered bonds	5.480	4	0	0	8.803	4	7.452	4	4.549	2	4.549	2	26.285	14	21.789	11	21.09%
Corporate municipal	0.552	2	0.250	1	0.199	1	0.310	2	0	0	0	0	1.310	6	1.310	6	0.00%
Corporate senior	46.045	73	28.773	57	22.087	36	27.291	59	10.949	20	10.949	20	135.144	245	121.695	220	50.76%
Mortgage-backed	1.262	3	0	0	0.944	3	0	0	0	0	0	0	2.206	6	1.438	4	0.00%
Provincial	15.339	26	13.405	22	14.722	20	11.649	33	4.441	9	4.441	9	59.554	110	52.365	101	20.59%
Total	73.773	121	53.334	96	52.554	70	57.786	109	21.570	36	21.570	36	259.017	432	233.112	392	100.00%
Moody's Rating
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Aaa	5.534	7.205	9.209	3.540	5.539	6.456	8.396	5.998	13.344	9.282	7.134	8.402	5.465
Aa1	10.693	3.727	2.707	4.998	4.578	0.766	4.002	0.844	5.836	4.299	3.213	2.521	6.003
Aa2	3.176	3.363	2.886	1.552	0.849	3.469	2.060	2.948	2.233	2.405	4.380	0.863	6.227
Aa3	0.548	0	3.000	0.500	0	0.325	0	0	0.300	0	0	0.100	0.300
A1	0	0	0.500	0.499	0.300	0	0	0	0	0	0.011	0	0
A2	0.600	1.250	0.350	0.150	0.475	0	0	0	0.201	0.200	0	0	0
A3	0.499	0	0.575	0.750	0	0	0	0.300	0.625	0	1.004	0	0.125
Baa1	0	0	0.999	0	5.494	0	0	0.350	0	0	1.018	0	0
Baa2	0	0	2.224	0	0	3.592	0	0	0	0	4.019	0	0
Baa3	0.150	0.390	0.110	0	0.876	0.067	0	0.969	0	0	0.506	0	0
Ba1	0	0.200	0	0	0	0.300	0.400	0	0	0	0.450	0	0
Ba2	0	0	0.900	0	0	0	0	0	0	0	0	0.305	0
Ba3	0	0	1.449	0	0	0	0	0	0	0	0	0	0
B1	0	0.644	0	0	0	0.500	0	0	0	0	0.125	0	0
B2	0	0	0	0.061	0.227	0	0	0	0	0	0	0	0.051
B3	0	0.149	1.084	0.455	0.339	0	0.273	0	0	0	0	0	0.300
Caa1	0	0	0	0	0	0	0	0	0	0	0	0	0.900
Caa2	0.072	0	0	0	0.900	0	0	0	0	0	0	0	0
NR	4.634	2.358	2.587	1.485	1.655	2.638	1.843	0.390	1.242	2.325	2.972	1.801	2.200
P-1	0	0	0	0	0	0	0	0	0	0.450	0	0	0
Total	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.570
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	21.949	19	15.535	12	27.738	19	24.818	34	5.465	6	5.465	6	95.505	90	89.971	84	25.34%
Aa1	17.128	20	10.342	15	10.682	13	10.033	10	6.003	8	6.003	8	54.187	66	43.494	57	27.83%
Aa2	9.425	21	5.870	11	7.242	12	7.647	16	6.227	10	6.227	10	36.411	70	33.235	65	28.87%
Aa3	3.548	4	0.825	2	0.300	1	0.100	1	0.300	1	0.300	1	5.073	9	4.525	7	1.39%
A1	0.500	1	0.799	2	0	0	0.011	1	0	0	0	0	1.310	4	1.310	4	0.00%
A2	2.199	5	0.625	3	0.201	1	0.200	1	0	0	0	0	3.225	10	2.626	8	0.00%
A3	1.073	4	0.750	2	0.925	3	1.004	3	0.125	1	0.125	1	3.878	13	3.379	11	0.58%
Baa1	0.999	1	5.494	7	0.350	1	1.018	2	0	0	0	0	7.862	11	7.862	11	0.00%
Baa2	2.224	3	3.592	5	0	0	4.019	6	0	0	0	0	9.835	14	9.835	14	0.00%
Baa3	0.650	3	0.943	3	0.969	3	0.506	2	0	0	0	0	3.068	11	2.918	10	0.00%
Ba1	0.200	1	0.300	1	0.400	1	0.450	1	0	0	0	0	1.350	4	1.350	4	0.00%
Ba2	0.900	3	0	0	0	0	0.305	1	0	0	0	0	1.205	4	1.205	4	0.00%
Ba3	1.449	2	0	0	0	0	0	0	0	0	0	0	1.449	2	1.449	2	0.00%
B1	0.644	1	0.500	1	0	0	0.125	1	0	0	0	0	1.269	3	1.269	3	0.00%
B2	0	0	0.288	3	0	0	0	0	0.051	1	0.051	1	0.339	4	0.339	4	0.24%
B3	1.233	4	0.794	3	0.273	1	0	0	0.300	2	0.300	2	2.601	10	2.601	10	1.39%
Caa1	0	0	0	0	0	0	0	0	0.900	1	0.900	1	0.900	1	0.900	1	4.17%
Caa2	0.072	1	0.900	2	0	0	0	0	0	0	0	0	0.972	3	0.900	2	0.00%
NR	9.578	28	5.777	24	3.475	15	7.099	29	2.200	6	2.200	6	28.130	102	23.496	90	10.20%
P-1	0	0	0	0	0	0	0.450	1	0	0	0	0	0.450	1	0.450	1	0.00%
Total	73.773	121	53.334	96	52.554	70	57.786	109	21.570	36	21.570	36	259.017	432	233.112	392	100.00%
Industry Sector (by SIC code)
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Mining (1xxx)	0	0	0.200	0	4.238	2.496	0	0.969	0	0.400	3.013	0	0
Oil and gas (13xx)	0.072	0.374	1.530	0.368	0.298	0	0.400	0	0	0.200	2.324	0.305	1.075
Manufacturing (2xxx, 3xxx)	0.698	1.349	1.279	1.162	0.900	0.570	0.448	0	1.159	0.350	0.750	0	0.125
Pharmaceuticals (2834-6)	0	0.644	1.449	0	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0	0.850	0.110	0	0	0	0	0	0	0	2.084	0	0
Communications (48xx)	0	0.390	2.910	0.505	1.826	0.300	0	0	0.200	0	0	0	0
Electric, gas, sanitary services (49xx)	1.110	0	0.875	0.620	0.775	1.278	0.335	0.350	0.910	1.125	1.793	0.501	0.300
Wholesale (5xxx)	0	0	0.300	0	0	0	0	0	0	0	0.075	0	0
Finance, insurance, real estate (6xxx)	16.837	10.799	15.695	7.371	7.201	7.939	13.199	5.739	12.110	11.872	9.666	10.755	15.579
Services (7xxx)	0	0	0.200	0.061	0.053	0	0	0	0	0	0.125	0	0.051
Health services (8xxx)	0	0	0.212	0	0	1.371	0	0	1.006	0	0.148	0	0
Sovereign (8888)	7.189	4.881	3.821	3.903	5.941	4.158	2.593	4.741	8.396	5.015	4.854	2.430	4.441
Total	25.906	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.570
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	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	0	0	0	0	11.316	18	11.316	18	0.00%
Oil and gas (13xx)	1.977	8	0.666	4	0.400	1	2.829	7	1.075	2	1.075	2	6.946	22	6.874	21	4.98%
Manufacturing (2xxx, 3xxx)	3.326	12	2.632	7	1.607	8	1.100	3	0.125	1	0.125	1	8.790	31	8.091	28	0.58%
Pharmaceuticals (2834-6)	2.093	3	0	0	0	0	0	0	0	0	0	0	2.093	3	2.093	3	0.00%
Transportation (4xxx)	0.960	3	0	0	0	0	2.084	7	0	0	0	0	3.044	10	3.044	10	0.00%
Communications (48xx)	3.300	5	2.631	8	0.200	1	0	0	0	0	0	0	6.131	14	6.131	14	0.00%
Electric, gas, sanitary services (49xx)	1.985	6	2.673	8	1.594	5	3.419	14	0.300	1	0.300	1	9.971	34	8.861	31	1.39%
Wholesale (5xxx)	0.300	1	0	0	0	0	0.075	1	0	0	0	0	0.375	2	0.375	2	0.00%
Finance, insurance, real estate (6xxx)	43.331	52	22.510	33	31.048	27	32.293	34	15.579	22	15.579	22	144.762	168	127.925	144	72.23%
Services (7xxx)	0.200	1	0.114	2	0	0	0.125	1	0.051	1	0.051	1	0.490	5	0.490	5	0.24%
Health services (8xxx)	0.212	1	1.371	1	1.006	3	0.148	1	0	0	0	0	2.738	6	2.738	6	0.00%
Sovereign (8888)	15.890	28	14.003	24	15.729	22	12.299	36	4.441	9	4.441	9	62.362	119	55.173	110	20.59%
Total	73.773	121	53.334	96	52.554	70	57.786	109	21.570	36	21.570	36	259.017	432	233.112	392	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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