• RBC top underwriter of provincial, global, Maple bonds year to date
By Rebecca Melvin
New York, May 31 - CIBC World Markets Corp. was the top underwriter of Canadian dollar-denominated deals to Canadian issuers for the year to date through May, bringing C$15.65 billion in 45 deals for 24% of the total, according to Prospect News data.
RBC Capital Markets Corp. held the No. 2 slot for deals in Canadian dollars to Canadian issuers, with C$14.62 billion in 58 deals for 22.6% of the total.
RBC Capital was also the No.1 underwriter for the year to date in other categories, including provincial debt, Canadian issuers abroad and Maple bonds.
RBC brought C$5.11 billion of provincial paper in 21 deals for 20% of the market total for the year to date through May. CIBC was No. 2 with C$4.77 billion in 22 deals for 19% of the total, and National Bank Financial Inc. was No. 3 with C$4.35 billion in 15 deals for 17% of the total.
RBC's and CIBC's 2012 totals of provincial debt were slightly lower compared to the same period of 2011, but National Bank's was a little higher.
For Canadian issuers abroad in all currencies, RBC Capital was the top underwriter with C$6.75 billion in 22 deals for 16% of the total. Bank of America Merrill Lynch was in second position with C$3.9 billion in 18 deals for 9% of the total, and Barclays Capital the No. 3 underwriter with C$3.44 billion in 11 deals for 8%.
RBC also brought C$650 million of Maple bonds in two deals for 21% of the total, followed by TD Securities Inc., which sold C$633 million in four deals for 20% of the total.
Year to date, provinces, all currencies
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | RBC | 5.112 | 21 | 20.32% | 2 | 4.174 | 10 | 16.22%
|
2 | CIBC | 4.769 | 22 | 18.96% | 4 | 3.402 | 8 | 13.22%
|
3 | National Bank Financial | 4.348 | 16 | 17.28% | 1 | 5.126 | 11 | 19.92%
|
4 | BMO | 3.777 | 12 | 15.01% | 6 | 1.346 | 2 | 5.23%
|
5 | TD | 2.333 | 10 | 9.27% | 3 | 3.879 | 10 | 15.07%
|
6 | Scotia | 1.319 | 9 | 5.24% | 5 | 1.849 | 4 | 7.18%
|
7 | HSBC | 0.675 | 4 | 2.68% | 8 | 1.049 | 2 | 4.08%
|
8 | Bank of America | 0.417 | 3 | 1.66% | 10 | 0.713 | 1 | 2.77%
|
9 | Deutsche Bank | 0.394 | 1 | 1.56% | 7 | 1.052 | 4 | 4.09%
|
10 | Citigroup | 0.394 | 1 | 1.56% |
|
| Total | 25.155 | 47 | 25.735 | 43 |
|
| Average size: | 0.535 | 0.598 |
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Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | CIBC | 15.652 | 45 | 24.15% | 4 | 8.184 | 29 | 11.17%
|
2 | RBC | 14.623 | 58 | 22.56% | 1 | 22.164 | 58 | 30.24%
|
3 | BMO | 9.929 | 34 | 15.32% | 3 | 12.688 | 23 | 17.31%
|
4 | National Bank Financial | 7.564 | 27 | 11.67% | 6 | 6.106 | 17 | 8.33%
|
5 | TD | 6.547 | 36 | 10.10% | 2 | 13.342 | 40 | 18.20%
|
6 | Scotia | 4.514 | 23 | 6.96% | 5 | 7.063 | 28 | 9.64%
|
7 | Bank of America | 1.842 | 7 | 2.84% | 7 | 1.524 | 9 | 2.08%
|
8 | HSBC | 1.287 | 4 | 1.99% | 12 | 0.133 | 3 | 0.18%
|
9 | GMP | 0.547 | 3 | 0.84% | 14 | 0.102 | 2 | 0.14%
|
10 | Desjardins | 0.502 | 5 | 0.77% | 8 | 0.652 | 3 | 0.89%
|
| Total | 64.815 | 120 | 73.293 | 136 |
|
| Average size: | 0.540 | 0.539 |
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|
Year to date, Canadian issuers abroad, all currencies |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | RBC | 6.753 | 22 | 15.68% | 1 | 6.298 | 15 | 19.36%
|
2 | Bank of America | 3.895 | 18 | 9.04% | 7 | 2.140 | 7 | 6.58%
|
3 | Barclays | 3.442 | 11 | 7.99% | 8 | 2.017 | 10 | 6.20%
|
4 | Citigroup | 3.337 | 15 | 7.75% | 9 | 1.747 | 6 | 5.37%
|
5 | Morgan Stanley | 3.252 | 11 | 7.55% | 4 | 2.489 | 10 | 7.65%
|
6 | JPMorgan | 3.219 | 15 | 7.47% | 3 | 2.796 | 9 | 8.60%
|
7 | Scotia | 3.065 | 14 | 7.12% | 15 | 0.509 | 3 | 1.57%
|
8 | BMO | 3.033 | 7 | 7.04% | 12 | 0.818 | 4 | 2.51%
|
9 | Deutsche Bank | 2.779 | 11 | 6.45% | 10 | 1.694 | 8 | 5.21%
|
10 | HSBC | 2.343 | 9 | 5.44% | 5 | 2.259 | 6 | 6.94%
|
| Total | 43.073 | 52 | 32.528 | 40 |
|
| Average size: | 0.828 | 0.813 |
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Year to date, Maple bonds |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | RBC | 0.650 | 2 | 20.97% | 1 | 0.917 | 8 | 28.91%
|
2 | TD | 0.633 | 4 | 20.43% | 2 | 0.729 | 7 | 22.98%
|
3 | Scotia | 0.533 | 3 | 17.21% | 4 | 0.271 | 3 | 8.55%
|
4 | HSBC | 0.516 | 3 | 16.66% | 8 | 0.100 | 1 | 3.15%
|
5 | Bank of America | 0.350 | 2 | 11.29% | 7 | 0.200 | 2 | 6.30%
|
6 | BMO | 0.300 | 1 | 9.68% | 3 | 0.271 | 3 | 8.55%
|
7 | CIBC | 0.117 | 1 | 3.76% | 5 | 0.254 | 3 | 8.01%
|
| Total | 3.099 | 8 | 3.173 | 12 |
|
| Average size: | 0.387 | 0.264 |
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Prospect News Canadian Bonds Underwriter Rankings
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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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