Analysis of Canadian bond issuance for 13 months through April 2012

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

Market

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Canadian abroad	5.070	8.119	5.076	10.443	2.399	11.033	10.443	8.120	2.598	10.199	8.849	13.019	2.881
Canadian domestic	7.422	12.439	12.811	6.532	9.400	12.747	8.519	16.713	11.274	11.441	17.022	8.917	8.634
Maple bond	1.499	0.675	0.225	0	0	0	0	0	0.120	0	1.300	0.250	0.750
Total	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian abroad	18.265	26	23.875	23	21.161	25	32.067	36	2.881	8	34.948	44	98.248	118	93.179	108	41.97%
Canadian domestic	32.671	61	28.679	47	36.505	83	37.380	65	8.634	19	46.014	84	143.869	275	136.448	256	55.26%
Maple bond	2.398	9	0	0	0.120	1	1.550	4	0.750	2	2.300	6	4.818	16	3.319	11	2.76%
Total	53.334	96	52.554	70	57.786	109	70.997	105	12.265	29	83.261	134	246.935	409	232.946	375	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	1.046	3.899	0	0	0.390	0	0	0.075	0	0	0	0	0
Capex	0	0.339	0.500	0	0	0	0	0	0	0	0	0	0
GCP	4.113	1.598	5.389	5.717	2.649	1.899	2.993	4.483	1.119	6.256	11.570	1.343	1.643
LBO	0	0	0.570	0.273	0	0	0	0	0	0	0	0	0
Redeem notes	0.300	1.298	0	0	0	0	0	0.400	0	0	0.994	0.988	1.812
Refinance	0.495	0.708	0	0.265	0	0.200	0	0	0.052	0.400	0	0	0
Repay bank debt	0.096	0.949	0	0.200	0	0	0.600	4.506	0.125	0.175	0.397	0.850	0
Multiple/Other/NA	7.940	12.441	11.653	10.520	8.760	21.681	15.369	15.370	12.696	14.810	14.210	19.005	8.809
Total	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0	5.410	9	4.364	7	0.00%
Capex	0.839	2	0	0	0	0	0	0	0	0	0	0	0.839	2	0.839	2	0.00%
GCP	11.099	22	10.265	14	8.594	18	19.169	24	1.643	3	20.812	27	50.771	81	46.658	73	25.00%
LBO	0.570	1	0.273	1	0	0	0	0	0	0	0	0	0.843	2	0.843	2	0.00%
Redeem notes	1.598	4	0	0	0.400	1	1.982	5	1.812	4	3.793	9	5.791	14	5.491	13	4.56%
Refinance	1.203	5	0.465	3	0.052	1	0.400	1	0	0	0.400	1	2.120	10	1.625	7	0.48%
Repay bank debt	1.045	6	0.200	1	5.231	11	1.422	6	0	0	1.422	6	7.898	24	7.802	22	1.71%
Multiple/Other/NA	32.035	50	40.961	49	43.435	77	48.024	69	8.809	22	56.833	91	173.263	267	165.323	249	68.26%
Total	53.334	96	52.554	70	57.786	109	70.997	105	12.265	29	83.261	134	246.935	409	232.946	375	100.00%
Upsized?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	4.622	2.910	1.553	7.257	0.350	4.945	0.900	1.549	0.355	1.625	10.634	1.003	1.025
No	9.368	18.149	16.559	9.718	11.449	18.835	18.061	23.285	13.636	20.015	16.536	21.183	11.240
Downsized	0	0.173	0	0	0	0	0	0	0	0	0	0	0
Total	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	9.085	21	12.552	15	2.804	8	13.262	23	1.025	4	14.287	27	38.728	71	34.106	61	17.16%
No	44.076	74	40.002	55	54.982	101	57.735	82	11.240	25	68.974	107	208.034	337	198.666	313	82.84%
Downsized	0.173	1	0	0	0	0	0	0	0	0	0	0	0.173	1	0.173	1	0.00%
Total	53.334	96	52.554	70	57.786	109	70.997	105	12.265	29	83.261	134	246.935	409	232.946	375	100.00%
Versus Talk
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Lower	0.500	0	0	0	0	0.149	0	0	0	0	0	0	0
Low end	2.774	6.772	2.296	3.857	0	1.157	0.475	4.588	2.134	2.891	9.661	5.076	0.522
Middle	1.615	6.299	9.434	5.394	2.850	0	0.400	0.950	0	2.439	1.121	3.234	0.690
High end	0.175	1.073	0.500	0	2.500	0	1.016	0	0	0	0	0	0.350
NA	8.925	7.088	5.882	7.724	6.449	22.474	17.070	19.295	11.858	16.310	16.389	13.876	10.702
Total	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0.649	2	0.149	1	0.00%
Low end	11.841	25	5.015	8	7.197	11	17.628	24	0.522	2	18.150	26	42.203	70	39.429	61	21.80%
Middle	17.349	14	8.244	9	1.350	5	6.794	8	0.690	1	7.485	9	34.427	37	32.811	33	8.99%
High end	1.748	5	2.500	1	1.016	1	0	0	0.350	1	0.350	1	5.615	8	5.440	7	0.42%
NA	21.895	51	36.647	51	48.223	92	46.574	73	10.702	25	57.276	98	164.042	292	155.116	273	68.79%
Total	53.334	96	52.554	70	57.786	109	70.997	105	12.265	29	83.261	134	246.935	409	232.946	375	100.00%
Seniority
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Corporate mortgage	0	0	6.056	0	0	4.993	0	3.746	5.968	0	5.520	4.996	0
Corporate senior secured	0.205	1.505	0	0.273	0	0	0	0	0	0.125	0.428	0	0.624
Corporate senior subordinated	0	0	0	0	0	0	0	0	0	0.506	0	0	0
Corporate subordinated	0	0	0	0	0	0.036	0	0.550	0.250	0	1.800	0	1.000
Asset-backed	2.000	0.600	0.541	0	0	0.498	0	0.451	0.120	1.000	0	0	0.330
Corporate covered bonds	0	0	0	1.887	0	6.915	5.418	0	2.034	4.549	2.093	0	0
Corporate municipal	0	0	0.250	0	0	0.199	0	0.310	0	0	0	0	0
Corporate senior	7.881	13.186	7.706	11.278	7.058	3.751	8.529	15.233	3.530	10.949	11.302	14.719	4.911
Mortgage-backed	0	0	0	0.944	0	0	0	0	0	0	0	0	0
Provincial	3.903	5.941	3.560	2.593	4.741	7.388	5.015	4.544	2.090	4.511	6.027	2.471	5.399
Total	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Corporate mortgage	6.056	1	4.993	1	9.713	4	10.516	3	0	0	10.516	3	31.279	9	31.279	9	12.63%
Corporate senior secured	1.710	7	0.273	1	0	0	0.554	4	0.624	2	1.178	6	3.161	14	2.956	12	1.41%
Corporate senior subordinated	0	0	0	0	0	0	0.506	3	0	0	0.506	3	0.506	3	0.506	3	0.61%
Corporate subordinated	0	0	0.036	1	0.800	3	1.800	3	1.000	1	2.800	4	3.636	8	3.636	8	3.36%
Asset-backed	3.141	8	0.498	3	0.571	4	1.000	1	0.330	1	1.330	2	5.539	17	3.539	15	1.60%
Corporate covered bonds	0	0	8.803	4	7.452	4	6.642	4	0	0	6.642	4	22.897	12	22.897	12	7.98%
Corporate municipal	0.250	1	0.199	1	0.310	2	0	0	0	0	0	0	0.759	4	0.759	4	0.00%
Corporate senior	28.773	57	22.087	36	27.291	59	36.970	66	4.911	11	41.880	77	120.032	229	112.150	206	50.30%
Mortgage-backed	0	0	0.944	3	0	0	0	0	0	0	0	0	0.944	3	0.944	3	0.00%
Provincial	13.405	22	14.722	20	11.649	33	13.009	21	5.399	14	18.409	35	58.184	110	54.280	103	22.11%
Total	53.334	96	52.554	70	57.786	109	70.997	105	12.265	29	83.261	134	246.935	409	232.946	375	100.00%
Moody's Rating
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Aaa	3.540	5.539	6.456	8.396	5.998	13.344	9.282	7.134	8.402	5.465	10.698	10.702	2.018
Aa1	4.998	4.578	0.766	4.002	0.844	5.836	4.299	3.213	2.521	6.003	4.028	2.648	3.074
Aa2	1.552	0.849	3.469	2.060	2.948	2.233	2.405	4.380	0.863	6.227	0.518	1.072	2.705
Aa3	0.500	0	0.325	0	0	0.300	0	0	0.100	0.300	0.900	0	1.451
A1	0.499	0.300	0	0	0	0	0	0.011	0	0	0.300	0.250	0
A2	0.150	0.475	0	0	0	0.201	0.200	0	0	0	2.000	0	0.225
A3	0.750	0	0	0	0.300	0.625	0	1.004	0	0.125	0.946	0	0
Baa1	0	5.494	0	0	0.350	0	0	1.018	0	0	0.750	3.983	0
Baa2	0	0	3.592	0	0	0	0	4.019	0	0	1.493	1.181	0.425
Baa3	0	0.876	0.067	0	0.969	0	0	0.506	0	0	0	0.474	0
Ba1	0	0	0.300	0.400	0	0	0	0.450	0	0	0.791	0	0.300
Ba2	0	0	0	0	0	0	0	0	0.305	0	0	0.497	0
B1	0	0	0.500	0	0	0	0	0.125	0	0	0	0	0
B2	0.061	0.227	0	0	0	0	0	0	0	0.051	0	0	0.297
B3	0.455	0.339	0	0.273	0	0	0	0	0	0.300	0.053	0.104	0.690
Caa1	0	0	0	0	0	0	0	0	0	0.900	0	0	0
Caa2	0	0.900	0	0	0	0	0	0	0	0	0.196	0	0
NR	1.485	1.655	2.638	1.843	0.390	1.242	2.325	2.972	1.801	2.270	4.499	1.275	1.079
P-1	0	0	0	0	0	0	0.450	0	0	0	0	0	0
Total	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	15.535	12	27.738	19	24.818	34	26.864	16	2.018	4	28.882	20	96.974	85	93.433	80	34.69%
Aa1	10.342	15	10.682	13	10.033	10	12.678	17	3.074	7	15.752	24	46.809	62	41.811	53	18.92%
Aa2	5.870	11	7.242	12	7.647	16	7.817	13	2.705	6	10.522	19	31.280	58	29.729	55	12.64%
Aa3	0.825	2	0.300	1	0.100	1	1.199	3	1.451	3	2.651	6	3.875	10	3.375	9	3.18%
A1	0.799	2	0	0	0.011	1	0.550	2	0	0	0.550	2	1.360	5	0.861	4	0.66%
A2	0.625	3	0.201	1	0.200	1	2.000	2	0.225	1	2.225	3	3.251	8	3.101	7	2.67%
A3	0.750	2	0.925	3	1.004	3	1.071	4	0	0	1.071	4	3.750	12	3.000	10	1.29%
Baa1	5.494	7	0.350	1	1.018	2	4.733	5	0	0	4.733	5	11.596	15	11.596	15	5.68%
Baa2	3.592	5	0	0	4.019	6	2.674	7	0.425	1	3.099	8	10.710	19	10.710	19	3.72%
Baa3	0.943	3	0.969	3	0.506	2	0.474	2	0	0	0.474	2	2.892	10	2.892	10	0.57%
Ba1	0.300	1	0.400	1	0.450	1	0.791	1	0.300	1	1.091	2	2.241	5	2.241	5	1.31%
Ba2	0	0	0	0	0.305	1	0.497	1	0	0	0.497	1	0.802	2	0.802	2	0.60%
B1	0.500	1	0	0	0.125	1	0	0	0	0	0	0	0.625	2	0.625	2	0.00%
B2	0.288	3	0	0	0	0	0.051	1	0.297	1	0.348	2	0.636	5	0.575	4	0.42%
B3	0.794	3	0.273	1	0	0	0.457	4	0.690	1	1.147	5	2.214	9	1.759	7	1.38%
Caa1	0	0	0	0	0	0	0.900	1	0	0	0.900	1	0.900	1	0.900	1	1.08%
Caa2	0.900	2	0	0	0	0	0.196	1	0	0	0.196	1	1.096	3	1.096	3	0.24%
NR	5.777	24	3.475	15	7.099	29	8.043	25	1.079	4	9.123	29	25.474	97	23.989	88	10.96%
P-1	0	0	0	0	0.450	1	0	0	0	0	0	0	0.450	1	0.450	1	0.00%
Total	53.334	96	52.554	70	57.786	109	70.997	105	12.265	29	83.261	134	246.935	409	232.946	375	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Mining (1xxx)	0	4.238	2.496	0	0.969	0	0.400	3.013	0	0	1.194	3.983	0.297
Oil and gas (13xx)	0.368	0.298	0	0.400	0	0	0.200	2.324	0.305	1.075	0.396	1.181	0.200
Manufacturing (2xxx, 3xxx)	1.162	0.900	0.570	0.448	0	1.159	0.350	0.750	0	0.125	2.702	0.900	0.101
Transportation (4xxx)	0	0	0	0	0	0	0	2.084	0	0	0	0	0.399
Communications (48xx)	0.505	1.826	0.300	0	0	0.200	0	0	0	0	0.992	0	0.690
Electric, gas, sanitary services (49xx)	0.620	0.775	1.278	0.335	0.350	0.910	1.125	1.793	0.501	0.300	1.045	0.850	0.225
Wholesale (5xxx)	0	0	0	0	0	0	0	0.075	0	0	0	0	0.300
Finance, insurance, real estate (6xxx)	7.371	7.201	7.939	13.199	5.739	12.110	11.872	9.666	10.755	15.579	14.714	12.801	4.652
Services (7xxx)	0.061	0.053	0	0	0	0	0	0.125	0	0.051	0	0	0
Health services (8xxx)	0	0	1.371	0	0	1.006	0	0.148	0	0	0.100	0	0
Sovereign (8888)	3.903	5.941	4.158	2.593	4.741	8.396	5.015	4.854	2.430	4.511	6.027	2.471	5.399
Total	13.990	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	6.734	9	0.969	3	3.413	5	5.177	7	0.297	1	5.474	8	16.590	25	16.590	25	6.57%
Oil and gas (13xx)	0.666	4	0.400	1	2.829	7	2.652	7	0.200	1	2.852	8	6.747	20	6.379	18	3.43%
Manufacturing (2xxx, 3xxx)	2.632	7	1.607	8	1.100	3	3.727	12	0.101	1	3.828	13	9.167	31	8.005	27	4.60%
Transportation (4xxx)	0	0	0	0	2.084	7	0	0	0.399	1	0.399	1	2.484	8	2.484	8	0.48%
Communications (48xx)	2.631	8	0.200	1	0	0	0.992	2	0.690	1	1.682	3	4.513	12	4.008	9	2.02%
Electric, gas, sanitary services (49xx)	2.673	8	1.594	5	3.419	14	2.194	8	0.225	1	2.419	9	10.106	36	9.486	33	2.91%
Wholesale (5xxx)	0	0	0	0	0.075	1	0	0	0.300	1	0.300	1	0.375	2	0.375	2	0.36%
Finance, insurance, real estate (6xxx)	22.510	33	31.048	27	32.293	34	43.095	46	4.652	8	47.746	54	133.598	148	126.227	134	57.34%
Services (7xxx)	0.114	2	0	0	0.125	1	0.051	1	0	0	0.051	1	0.290	4	0.229	3	0.06%
Health services (8xxx)	1.371	1	1.006	3	0.148	1	0.100	1	0	0	0.100	1	2.626	6	2.626	6	0.12%
Sovereign (8888)	14.003	24	15.729	22	12.299	36	13.009	21	5.399	14	18.409	35	60.439	117	56.536	110	22.11%
Total	53.334	96	52.554	70	57.786	109	70.997	105	12.265	29	83.261	134	246.935	409	232.946	375	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.

© 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.