Analysis of Canadian bond issuance for 13 months through February 2012

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

Country

	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Canadian abroad	1.378	5.753	5.070	8.119	5.076	10.443	2.399	11.033	10.443	8.120	2.598	10.199	8.849
Canadian domestic	17.807	22.828	7.422	12.439	12.811	6.532	9.400	12.747	8.519	16.713	11.274	11.441	16.972
Maple bond	0.101	0	1.499	0.675	0.225	0	0	0	0	0	0.120	0	1.300
Total	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.121
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian abroad	18.265	26	23.875	23	21.161	25	19.048	23	19.048	23	89.480	109	88.102	105	39.06%
Canadian domestic	32.671	61	28.679	47	36.505	83	28.413	54	28.413	54	166.904	313	149.097	281	58.27%
Maple bond	2.398	9	0	0	0.120	1	1.300	3	1.300	3	3.919	14	3.818	13	2.67%
Total	53.334	96	52.554	70	57.786	109	48.761	80	48.761	80	260.302	436	241.017	399	100.00%
Use of Proceeds
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Acquisition	0.644	0.999	1.046	3.899	0	0	0.390	0	0	0.075	0	0	0
Capex	0	0.212	0	0.339	0.500	0	0	0	0	0	0	0	0
Dividend/recap	0	0.350	0	0	0	0	0	0	0	0	0	0	0
GCP	0	3.909	4.113	1.598	5.389	5.717	2.649	1.899	2.993	4.483	1.119	6.256	11.570
LBO	0	0	0	0	0.570	0.273	0	0	0	0	0	0	0
Redeem notes	0.250	0.204	0.300	1.298	0	0	0	0	0	0.400	0	0	0.994
Refinance	0.225	0.525	0.495	0.708	0	0.265	0	0.200	0	0	0.052	0.400	0
Repay bank debt	0.349	0.400	0.096	0.949	0	0.200	0	0	0.600	4.506	0.125	0.175	0.397
Multiple/Other/NA	17.818	21.983	7.940	12.441	11.653	10.520	8.760	21.681	15.369	15.370	12.696	14.810	14.160
Total	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.121
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	4.945	6	0.390	2	0.075	1	0	0	0	0	7.052	11	6.409	10	0.00%
Capex	0.839	2	0	0	0	0	0	0	0	0	1.051	3	1.051	3	0.00%
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.350	1	0.350	1	0.00%
GCP	11.099	22	10.265	14	8.594	18	17.826	20	17.826	20	51.694	79	51.694	79	36.56%
LBO	0.570	1	0.273	1	0	0	0	0	0	0	0.843	2	0.843	2	0.00%
Redeem notes	1.598	4	0	0	0.400	1	0.994	2	0.994	2	3.445	9	3.195	8	2.04%
Refinance	1.203	5	0.465	3	0.052	1	0.400	1	0.400	1	2.869	13	2.644	12	0.82%
Repay bank debt	1.045	6	0.200	1	5.231	11	0.572	3	0.572	3	7.797	25	7.448	23	1.17%
Multiple/Other/NA	32.035	50	40.961	49	43.435	77	28.969	54	28.969	54	185.200	293	167.382	261	59.41%
Total	53.334	96	52.554	70	57.786	109	48.761	80	48.761	80	260.302	436	241.017	399	100.00%
Upsized?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	3.213	9.899	4.622	2.910	1.553	7.257	0.350	4.945	0.900	1.549	0.355	1.625	10.634
No	16.072	18.621	9.368	18.149	16.559	9.718	11.449	18.835	18.061	23.285	13.636	20.015	16.486
Downsized	0	0.062	0	0.173	0	0	0	0	0	0	0	0	0
Total	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.121
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.085	21	12.552	15	2.804	8	12.259	18	12.259	18	49.813	85	46.599	77	25.14%
No	44.076	74	40.002	55	54.982	101	36.502	62	36.502	62	210.254	349	194.182	320	74.86%
Downsized	0.173	1	0	0	0	0	0	0	0	0	0.235	2	0.235	2	0.00%
Total	53.334	96	52.554	70	57.786	109	48.761	80	48.761	80	260.302	436	241.017	399	100.00%
Versus Talk
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Lower	0	0	0.500	0	0	0	0	0.149	0	0	0	0	0
Low end	3.881	17.189	2.774	6.772	2.296	3.857	0	1.157	0.475	4.588	2.134	2.891	9.661
Middle	1.094	2.088	1.615	6.299	9.434	5.394	2.850	0	0.400	0.950	0	2.439	1.121
High end	2.490	0.551	0.175	1.073	0.500	0	2.500	0	1.016	0	0	0	0
Higher	0	1.449	0	0	0	0	0	0	0	0	0	0	0
NA	11.821	7.304	8.925	7.088	5.882	7.724	6.449	22.474	17.070	19.295	11.858	16.310	16.339
Total	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.121
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.500	1	0.149	1	0	0	0	0	0	0	0.649	2	0.649	2	0.00%
Low end	11.841	25	5.015	8	7.197	11	12.552	18	12.552	18	57.674	89	53.794	78	25.74%
Middle	17.349	14	8.244	9	1.350	5	3.561	6	3.561	6	33.685	40	32.591	37	7.30%
High end	1.748	5	2.500	1	1.016	1	0	0	0	0	8.306	10	5.816	9	0.00%
Higher	0	0	0	0	0	0	0	0	0	0	1.449	2	1.449	2	0.00%
NA	21.895	51	36.647	51	48.223	92	32.649	56	32.649	56	158.539	293	146.718	271	66.96%
Total	53.334	96	52.554	70	57.786	109	48.761	80	48.761	80	260.302	436	241.017	399	100.00%
Seniority
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Corporate mortgage	0	0	0	0	6.056	0	0	4.993	0	3.746	5.968	0	5.520
Corporate senior secured	0	0.635	0.205	1.505	0	0.273	0	0	0	0	0	0.125	0.428
Corporate senior subordinated	0	0	0	0	0	0	0	0	0	0	0	0.506	0
Corporate subordinated	0	3.000	0	0	0	0	0	0.036	0	0.550	0.250	0	1.800
Asset-backed	1.257	0.200	2.000	0.600	0.541	0	0	0.498	0	0.451	0.120	1.000	0
Corporate covered bonds	0	0.984	0	0	0	1.887	0	6.915	5.418	0	2.034	4.549	0.600
Municipal	0	0.552	0	0	0.250	0	0	0.199	0	0.310	0	0	0
Corporate senior	12.654	19.941	7.881	13.186	7.706	11.278	7.058	3.751	8.529	15.233	3.530	10.949	12.745
Mortgage-backed	0.494	0	0	0	0	0.944	0	0	0	0	0	0	0
Provincial	4.881	3.269	3.903	5.941	3.560	2.593	4.741	7.388	5.015	4.544	2.090	4.511	6.027
Total	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.121
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Corporate mortgage	6.056	1	4.993	1	9.713	4	5.520	2	5.520	2	26.283	8	26.283	8	11.32%
Corporate senior secured	1.710	7	0.273	1	0	0	0.554	4	0.554	4	3.171	15	3.171	15	1.14%
Corporate senior subordinated	0	0	0	0	0	0	0.506	3	0.506	3	0.506	3	0.506	3	1.04%
Corporate subordinated	0	0	0.036	1	0.800	3	1.800	3	1.800	3	5.636	9	5.636	9	3.69%
Asset-backed	3.141	8	0.498	3	0.571	4	1.000	1	1.000	1	6.667	23	5.409	17	2.05%
Corporate covered bonds	0	0	8.803	4	7.452	4	5.149	3	5.149	3	22.389	12	22.389	12	10.56%
Municipal	0.250	1	0.199	1	0.310	2	0	0	0	0	1.310	6	1.310	6	0.00%
Corporate senior	28.773	57	22.087	36	27.291	59	23.694	47	23.694	47	134.440	247	121.786	227	48.59%
Mortgage-backed	0	0	0.944	3	0	0	0	0	0	0	1.438	4	0.944	3	0.00%
Provincial	13.405	22	14.722	20	11.649	33	10.538	17	10.538	17	58.463	109	53.582	99	21.61%
Total	53.334	96	52.554	70	57.786	109	48.761	80	48.761	80	260.302	436	241.017	399	100.00%
Moody's Rating
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Aaa	7.205	9.209	3.540	5.539	6.456	8.396	5.998	13.344	9.282	7.134	8.402	5.465	10.698
Aa1	3.727	2.707	4.998	4.578	0.766	4.002	0.844	5.836	4.299	3.213	2.521	6.003	4.028
Aa2	3.363	2.886	1.552	0.849	3.469	2.060	2.948	2.233	2.405	4.380	0.863	6.227	0.518
Aa3	0	3.000	0.500	0	0.325	0	0	0.300	0	0	0.100	0.300	0.900
A1	0	0.500	0.499	0.300	0	0	0	0	0	0.011	0	0	0.300
A2	1.250	0.350	0.150	0.475	0	0	0	0.201	0.200	0	0	0	2.000
A3	0	0.575	0.750	0	0	0	0.300	0.625	0	1.004	0	0.125	0.946
Baa1	0	0.999	0	5.494	0	0	0.350	0	0	1.018	0	0	0.750
Baa2	0	2.224	0	0	3.592	0	0	0	0	4.019	0	0	1.493
Baa3	0.390	0.110	0	0.876	0.067	0	0.969	0	0	0.506	0	0	0
Ba1	0.200	0	0	0	0.300	0.400	0	0	0	0.450	0	0	0.791
Ba2	0	0.900	0	0	0	0	0	0	0	0	0.305	0	0
Ba3	0	1.449	0	0	0	0	0	0	0	0	0	0	0
B1	0.644	0	0	0	0.500	0	0	0	0	0.125	0	0	0
B2	0	0	0.061	0.227	0	0	0	0	0	0	0	0.051	0
B3	0.149	1.084	0.455	0.339	0	0.273	0	0	0	0	0	0.300	0.053
Caa1	0	0	0	0	0	0	0	0	0	0	0	0.900	0
Caa2	0	0	0	0.900	0	0	0	0	0	0	0	0	0.196
NR	2.358	2.587	1.485	1.655	2.638	1.843	0.390	1.242	2.325	2.972	1.801	2.270	4.449
P-1	0	0	0	0	0	0	0	0	0.450	0	0	0	0
Total	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.121
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	15.535	12	27.738	19	24.818	34	16.163	12	16.163	12	100.668	90	93.463	82	33.15%
Aa1	10.342	15	10.682	13	10.033	10	10.031	14	10.031	14	47.522	63	43.795	56	20.57%
Aa2	5.870	11	7.242	12	7.647	16	6.745	11	6.745	11	33.753	66	30.390	56	13.83%
Aa3	0.825	2	0.300	1	0.100	1	1.199	3	1.199	3	5.424	9	5.424	9	2.46%
A1	0.799	2	0	0	0.011	1	0.300	1	0.300	1	1.610	5	1.610	5	0.62%
A2	0.625	3	0.201	1	0.200	1	2.000	2	2.000	2	4.626	10	3.376	8	4.10%
A3	0.750	2	0.925	3	1.004	3	1.071	4	1.071	4	4.325	14	4.325	14	2.20%
Baa1	5.494	7	0.350	1	1.018	2	0.750	2	0.750	2	8.612	13	8.612	13	1.54%
Baa2	3.592	5	0	0	4.019	6	1.493	4	1.493	4	11.328	18	11.328	18	3.06%
Baa3	0.943	3	0.969	3	0.506	2	0	0	0	0	2.918	10	2.529	9	0.00%
Ba1	0.300	1	0.400	1	0.450	1	0.791	1	0.791	1	2.141	5	1.941	4	1.62%
Ba2	0	0	0	0	0.305	1	0	0	0	0	1.205	4	1.205	4	0.00%
Ba3	0	0	0	0	0	0	0	0	0	0	1.449	2	1.449	2	0.00%
B1	0.500	1	0	0	0.125	1	0	0	0	0	1.269	3	0.625	2	0.00%
B2	0.288	3	0	0	0	0	0.051	1	0.051	1	0.339	4	0.339	4	0.10%
B3	0.794	3	0.273	1	0	0	0.353	3	0.353	3	2.654	11	2.504	10	0.72%
Caa1	0	0	0	0	0	0	0.900	1	0.900	1	0.900	1	0.900	1	1.85%
Caa2	0.900	2	0	0	0	0	0.196	1	0.196	1	1.096	3	1.096	3	0.40%
NR	5.777	24	3.475	15	7.099	29	6.719	20	6.719	20	28.015	104	25.657	98	13.78%
P-1	0	0	0	0	0.450	1	0	0	0	0	0.450	1	0.450	1	0.00%
Total	53.334	96	52.554	70	57.786	109	48.761	80	48.761	80	260.302	436	241.017	399	100.00%
Industry Sector (by SIC code)
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Mining (1xxx)	0	0.200	0	4.238	2.496	0	0.969	0	0.400	3.013	0	0	1.194
Oil and gas (13xx)	0.374	1.530	0.368	0.298	0	0.400	0	0	0.200	2.324	0.305	1.075	0.346
Manufacturing (2xxx, 3xxx)	1.349	1.279	1.162	0.900	0.570	0.448	0	1.159	0.350	0.750	0	0.125	2.702
Pharmaceuticals (2834-6)	0.644	1.449	0	0	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0.850	0.110	0	0	0	0	0	0	0	2.084	0	0	0
Communications (48xx)	0.390	2.910	0.505	1.826	0.300	0	0	0.200	0	0	0	0	0.992
Electric, gas, sanitary services (49xx)	0	0.875	0.620	0.775	1.278	0.335	0.350	0.910	1.125	1.793	0.501	0.300	1.045
Wholesale (5xxx)	0	0.300	0	0	0	0	0	0	0	0.075	0	0	0
Finance, insurance, real estate (6xxx)	10.799	15.695	7.371	7.201	7.939	13.199	5.739	12.110	11.872	9.666	10.755	15.579	14.714
Services (7xxx)	0	0.200	0.061	0.053	0	0	0	0	0	0.125	0	0.051	0
Health services (8xxx)	0	0.212	0	0	1.371	0	0	1.006	0	0.148	0	0	0.100
Sovereign (8888)	4.881	3.821	3.903	5.941	4.158	2.593	4.741	8.396	5.015	4.854	2.430	4.511	6.027
Total	19.286	28.581	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.121
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	6.734	9	0.969	3	3.413	5	1.194	4	1.194	4	12.510	22	12.510	22	2.45%
Oil and gas (13xx)	0.666	4	0.400	1	2.829	7	1.421	4	1.421	4	7.221	23	6.846	21	2.91%
Manufacturing (2xxx, 3xxx)	2.632	7	1.607	8	1.100	3	2.827	9	2.827	9	10.794	36	9.445	31	5.80%
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0	2.093	3	1.449	2	0.00%
Transportation (4xxx)	0	0	0	0	2.084	7	0	0	0	0	3.044	10	2.194	8	0.00%
Communications (48xx)	2.631	8	0.200	1	0	0	0.992	2	0.992	2	7.122	16	6.733	15	2.03%
Electric, gas, sanitary services (49xx)	2.673	8	1.594	5	3.419	14	1.345	4	1.345	4	9.906	34	9.906	34	2.76%
Wholesale (5xxx)	0	0	0	0	0.075	1	0	0	0	0	0.375	2	0.375	2	0.00%
Finance, insurance, real estate (6xxx)	22.510	33	31.048	27	32.293	34	30.294	38	30.294	38	142.640	160	131.841	144	62.13%
Services (7xxx)	0.114	2	0	0	0.125	1	0.051	1	0.051	1	0.490	5	0.490	5	0.10%
Health services (8xxx)	1.371	1	1.006	3	0.148	1	0.100	1	0.100	1	2.838	7	2.838	7	0.21%
Sovereign (8888)	14.003	24	15.729	22	12.299	36	10.538	17	10.538	17	61.270	118	56.390	108	21.61%
Total	53.334	96	52.554	70	57.786	109	48.761	80	48.761	80	260.302	436	241.017	399	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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