CIBC top corporate, provincial dealer for Canadian bonds in February

• Bank of America Merrill Lynch moves up as top foreign bond dealer

By Cristal Cody

Prospect News, Feb. 29 - CIBC World Markets Inc. maintained its ranking as Canada's top provincial underwriter for the year through February, according to data compiled by Prospect News.

CIBC for a second month was the top dealer and brought C$1.72 billion, or 22.82%, of provincial deals.

RBC Capital Markets Corp. was the No. 2 dealer with C$1.71 billion, or 22.63%, of the offerings.

Provincial deals totaled C$7.56 billion for the first two months of the year.

Also for the second month, CIBC stayed in the lead as Canada's top corporate dealer. CIBC came with C$6.87 billion, or 24.18%, of Canadian-dollar deals sold domestically, according to data.

BMO Capital Markets Corp. bumped National Bank Financial from the No. 2 corporate dealer ranking for the year so far. BMO brought C$6.48 billion, or 22.81%, of corporate deals. National Bank Financial slipped into fifth with C$2.81 billion, or 9.90%, of sales.

Canada had C$28.43 billion of corporate bond offerings in the first two months combined, up from $10.30 billion in January, data show.

Bank of America Merrill Lynch moved up from second into the No. 1 ranking in deals sold abroad for the year through February. Bank of America brought C$2.56 billion, or 13.45%, of deals sold by Canadian issuers in foreign markets.

RBC pushed into the second spot with C$2.08 billion, or 10.91%, of foreign bond sales.

Barclays Capital Inc., in the lead ranking in January, moved into third with a C$1.87 billion, or 9.81%, stake of the foreign bond market.

Canadian issuers sold C$19.05 billion of bonds abroad in the first two months, compared to C$10.20 billion priced in January.

The maple bond market picked up steam with three new deals from foreign companies in February.

BMO ranks as the top maple bond dealer for the month with C$300 million, or 23.08%, of deals.

Bank of America Merrill Lynch and RBC tied for second place with a C$250 million, or 19.22%, stake each.

Maple bond deals totaled C$1.3 billion for the year through February.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CIBC	1.724	8	22.82%	6	0.998	1	8.26%
2	RBC	1.710	7	22.63%	3	1.660	5	13.75%
3	TD	1.521	5	20.13%	2	2.056	5	17.03%
4	National Bank Financial	1.242	5	16.44%	1	2.537	5	21.02%
5	BMO	0.577	3	7.63%	9	0.610	1	5.05%
6	Scotia	0.317	2	4.19%	4	1.235	2	10.23%
7	Bank of America	0.317	2	4.19%
8	HSBC	0.148	1	1.96%	7	0.870	1	7.21%
	Total	7.556	16	12.069	19
	Average size:	0.472	0.635
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CIBC	6.870	21	24.18%	6	2.558	8	8.36%
2	BMO	6.480	18	22.81%	2	6.538	6	21.36%
3	RBC	5.303	22	18.66%	1	7.616	29	24.88%
4	TD	3.409	18	12.00%	3	5.020	20	16.40%
5	National Bank Financial	2.812	13	9.90%	5	3.407	8	11.13%
6	Scotia	2.308	9	8.12%	4	3.467	11	11.33%
7	Bank of America	0.593	6	2.09%	7	1.191	8	3.89%
8	HSBC	0.287	3	1.01%	10	0.133	3	0.44%
9	Laurentian Bank	0.200	1	0.70%
10	Imperial	0.063	1	0.22%
10	Canaccord	0.063	1	0.22%
	Total	28.413	54	30.605	59
	Average size:	0.526	0.519
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.561	10	13.45%	6	0.688	3	5.06%
2	RBC	2.078	8	10.91%	1	3.537	7	26.03%
3	Barclays	1.869	6	9.81%	5	0.939	4	6.91%
4	Deutsche Bank	1.741	7	9.14%	4	1.221	5	8.98%
5	HSBC	1.697	5	8.91%	3	1.369	2	10.07%
6	Morgan Stanley	1.389	5	7.29%	9	0.565	3	4.16%
7	Scotia	1.330	6	6.98%	12	0.314	2	2.31%
8	Citigroup	1.255	7	6.59%	14	0.252	1	1.85%
9	JPMorgan	1.153	5	6.06%	2	1.743	3	12.83%
10	BMO	0.977	3	5.13%	11	0.374	1	2.75%
	Total	19.048	23	13.587	14
	Average size:	0.828	0.970
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	BMO	0.300	1	23.08%	5	0.100	1	10.00%
2	Bank of America	0.250	1	19.22%	6	0.100	1	9.98%
3	RBC	0.250	1	19.22%	2	0.200	2	19.99%
4	HSBC	0.167	1	12.82%
5	Scotia	0.167	1	12.82%	3	0.100	1	10.00%
6	TD	0.167	1	12.82%	1	0.250	3	25.02%
	Total	1.300	3	1.000	4
	Average size:	0.433	0.250	Year to date, provinces, all currencies
					2011 Comparables
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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.