RBC Canada's top corporate, provincial bond underwriter year to date

• Canadian issuers sell C$46.01 billion domestic deals through April

By Cristal Cody

Prospect News, April 30 - RBC Capital Markets Corp. ranks as the top dealer in Canadian bond deals year to date, according to data compiled by Prospect News.

The dealer came in as the top provincial underwriter to date with C$3.68 billion, or 23.88%, of offerings.

CIBC World Markets Inc. moved up into second place with C$3.41 billion, or 22.08%, of provincial sales.

Provincial bond deals totaled C$15.43 billion through April, up from C$10.03 billion through March, according to the data.

RBC Capital Markets continues to rank as the No. 1 dealer in Canada's domestic corporate bond market, with C$10.93 billion, or 23.75%, of deals through April.

CIBC, which brought C$8.7 billion of deals through April, also remains the second top domestic corporate dealer.

More than C$46 billion of Canadian dollar-denominated bond deals have priced in the domestic market year to date, compared to C$37.38 billion of bond deals sold through March.

RBC maintained the lead spot as the No. 1 dealer for foreign bond offerings sold abroad to date. The underwriter has brought C$5.84 billion, or 16.7%, of foreign bond deals this year.

Bank of America Merrill Lynch ranks as the second lead dealer with C43.65 billion, or 10.45%, of foreign bonds priced by Canadian issuers abroad.

Canadian issuers sold C$34.95 billion of bonds abroad through April, up from C$32.07 billion of bonds sold abroad through March.

In the maple bond market, RBC emerged as the top maple bond dealer with a 28.25% share of offerings, according to data.

Scotia Capital Inc. ranks as the second lead maple bond dealer with a 23.19% cut of deals sold domestically by foreign issuers through April.

Maple bond deals totaled C$2.3 billion through April, up from C$1.55 billion through March.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	3.683	16	23.88%	4	2.445	7	12.35%
2	CIBC	3.406	17	22.08%	3	3.103	7	15.68%
3	National Bank Financial	3.285	13	21.29%	1	5.126	11	25.90%
4	TD	1.860	8	12.06%	2	3.169	8	16.01%
5	Scotia	0.925	8	6.00%	6	1.335	3	6.74%
6	BMO	0.877	6	5.68%	5	1.346	2	6.80%
7	HSBC	0.521	3	3.38%	8	1.049	2	5.30%
8	Bank of America	0.417	3	2.70%
9	Desjardins	0.216	3	1.40%	11	0.116	1	0.59%
10	Goldman Sachs	0.150	2	0.97%
	Total	15.427	34	19.794	35
	Average size:	0.454	0.566
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	10.927	39	23.75%	1	20.512	52	33.71%
2	CIBC	8.695	33	18.90%	4	6.317	21	10.38%
3	BMO	8.441	25	18.34%	2	11.817	16	19.42%
4	National Bank Financial	6.781	25	14.73%	6	6.106	17	10.03%
5	TD	5.601	28	12.17%	3	7.134	31	11.72%
6	Scotia	2.635	14	5.73%	5	6.150	25	10.11%
7	Bank of America	1.842	7	4.00%	7	1.524	9	2.50%
8	HSBC	0.287	3	0.62%	10	0.133	3	0.22%
9	Desjardins	0.216	3	0.47%	8	0.652	3	1.07%
10	Laurentian Bank	0.200	1	0.43%
	Total	46.014	84	60.854	114
	Average size:	0.548	0.534
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
.	RBC	5.837	18	16.70%	1	5.309	13	21.75%
2	Bank of America	3.651	17	10.45%	8	0.949	5	3.89%
3	Barclays	3.324	10	9.51%	5	2.017	10	8.26%
4	JPMorgan	2.857	13	8.18%	2	2.626	8	10.76%
5	Morgan Stanley	2.615	9	7.48%	7	1.190	6	4.87%
6	Citigroup	2.581	12	7.38%	14	0.447	2	1.83%
7	Scotia	2.546	12	7.29%	13	0.509	3	2.09%
8	Deutsche Bank	2.385	10	6.83%	6	1.525	7	6.25%
9	HSBC	2.070	7	5.92%	4	2.259	6	9.25%
10	UBS	1.217	4	3.48%	20	0.226	1	0.93%
	Total	34.948	44	24.410	32
	Average size:	0.794	0.763
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	0.650	2	28.25%	1	0.780	7	31.21%
2	Scotia	0.533	3	23.19%	4	0.171	2	6.85%
3	BMO	0.300	1	13.05%	5	0.171	2	6.85%
4	TD	0.283	2	12.32%	2	0.729	7	29.19%
5	Bank of America	0.250	1	10.87%	7	0.100	1	3.99%
6	HSBC	0.167	1	7.25%
7	CIBC	0.117	1	5.07%	3	0.254	3	10.17%
	Total	2.300	6	2.498	9
	Average size:	0.383	0.278
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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