RBC ranks as Canada's top corporate bond underwriter year to date

• National Bank Financial top provincial bond underwriter

• Canadian issuers sell C$32.07 billion of foreign deals year to date

By Cristal Cody

Prospect News, March 30 - National Bank Financial Inc. became the top provincial underwriter year to date, according to data compiled by Prospect News.

National Bank Financial moved into the lead ranking with C$2.44 billion, or 24.29%, of deals through March.

CIBC World Markets Inc. slipped to Canada's second lead provincial dealer ranking with C$2.36 billion, or 23.57%, of bond offerings so far this year.

RBC Capital Markets Corp. ranks as the third lead provincial underwriter and brought C$2.18 billion, or 21.7%, of deals through March.

Provincial bond deals totaled C$10.03 billion through March, up from C$6.96 billion in deals through February.

In Canada's domestic corporate bond market, RBC Capital Markets rose to the No. 1 dealer ranking with C$7.82 billion, or 20.91%, of sales through March, data shows.

CIBC moved into the No. 2 dealer spot through March and came with C$7.77 billion, or 20.79%, of deals.

BMO Capital Markets Corp. held on to the No. 3 corporate dealer ranking in Canada through March with C$7.73 billion, or 20.68%, of bond deals.

The domestic market had a total of C$37.38 billion of bond deals through March, up from C$27.36 billion of corporate bond offerings through February, according to data.

RBC also moved up as the top dealer for bond deals sold abroad with C$5.46 billion, or 17.04%, of offerings through March.

Bank of America Merrill Lynch slipped from the lead ranking through February to the second spot through March with C$3.55 billion, or 11.07%, of deals this year.

Barclays Capital Inc. rose to the third top ranking for deals sold abroad through March with a 10.37% share of the foreign market.

Canadian issuers sold C$32.07 billion of bonds abroad year to date, compared to C$16.17 billion of foreign bonds sold through February.

In the maple bond market, where foreign issuers sell bonds in Canada, Scotia Capital Inc. climbed to the top dealer ranking with a 26.89% stake of offerings through March.

Data shows BMO slipped to the second top maple dealer ranking with 19.36% of the market through March, while Bank of America Merrill Lynch fell to the No. 3 spot with a 16.12% stake of offerings year to date.

Maple bond deals totaled C$1.55 billion through March, compared to C$1.3 billion through February.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	National Bank Financial	2.435	9	24.29%	1	3.696	8	23.26%
2	CIBC	2.363	11	23.57%	3	2.439	5	15.35%
3	RBC	2.176	9	21.70%	4	2.266	6	14.26%
4	TD	1.521	5	15.17%	2	2.455	6	15.45%
5	BMO	0.577	3	5.75%	9	0.610	1	3.84%
6	Scotia	0.317	2	3.16%	5	1.335	3	8.40%
7	Bank of America	0.317	2	3.16%
8	Desjardins	0.173	1	1.72%	11	0.116	1	0.73%
9	HSBC	0.148	1	1.48%	7	0.870	1	5.48%
	Total	10.027	20	15.890	28
	Average size:	0.501	0.568
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	7.818	29	20.91%	1	18.537	47	34.69%
2	CIBC	7.772	27	20.79%	5	5.397	16	10.10%
3	BMO	7.729	19	20.68%	2	10.280	14	19.24%
4	TD	5.070	23	13.56%	3	6.045	27	11.31%
5	National Bank Financial	4.005	17	10.71%	6	4.753	13	8.89%
6	Scotia	2.333	9	6.24%	4	5.840	22	10.93%
7	Bank of America	1.842	7	4.93%	7	1.524	9	2.85%
8	HSBC	0.287	3	0.77%	10	0.133	3	0.25%
9	Laurentian Bank	0.200	1	0.53%
10	Desjardins	0.173	1	0.46%	8	0.652	3	1.22%
	Total	37.380	65	53.433	95
	Average size:	0.575	0.562
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	5.464	16	17.04%	1	4.265	8	22.05%
2	Bank of America	3.551	16	11.07%	9	0.883	4	4.57%
3	Barclays	3.324	10	10.37%	5	1.563	7	8.08%
4	Citigroup	2.581	12	8.05%	13	0.447	2	2.31%
5	JPMorgan	2.478	11	7.73%	4	1.743	3	9.01%
6	Deutsche Bank	2.385	10	7.44%	6	1.221	5	6.31%
7	Morgan Stanley	2.384	8	7.44%	7	1.190	6	6.15%
8	Scotia	1.874	8	5.85%	11	0.509	3	2.63%
9	HSBC	1.697	5	5.29%	3	1.841	4	9.52%
10	UBS	1.217	4	3.79%	18	0.226	1	1.17%
	Total	32.067	36	19.340	22
	Average size:	0.891	0.879
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Scotia	0.417	2	26.89%	3	0.100	1	10.00%
2	BMO	0.300	1	19.36%	5	0.100	1	10.00%
3	Bank of America	0.250	1	16.12%	6	0.100	1	9.98%
4	RBC	0.250	1	16.12%	2	0.200	2	19.99%
5	HSBC	0.167	1	10.75%
6	TD	0.167	1	10.75%	1	0.250	3	25.02%
	Total	1.550	4	1.000	4
	Average size:	0.387	0.250
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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