Analysis of Canadian bond issuance for 13 months through May 2012

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

Country

	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Canadian abroad	8.119	5.076	10.443	2.399	11.033	10.443	8.120	2.598	10.199	8.849	13.019	2.881	8.125
Canadian domestic	12.439	12.811	6.532	9.400	12.747	8.519	16.713	11.274	11.441	17.022	8.917	8.634	18.802
Maple bond	0.675	0.225	0	0	0	0	0	0.120	0	1.300	0.250	0.750	0.799
Total	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	27.726
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian abroad	23.875	23	21.161	25	32.067	36	11.006	16	43.073	52	101.304	116	93.185	108	38.81%
Canadian domestic	28.679	47	36.505	83	37.380	65	27.435	55	64.815	120	155.249	292	142.810	270	58.40%
Maple bond	0	0	0.120	1	1.550	4	1.549	4	3.099	8	4.119	13	3.444	10	2.79%
Total	52.554	70	57.786	109	70.997	105	39.990	75	110.987	180	260.671	421	239.439	388	100.00%
Use of Proceeds
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Acquisition	3.899	0	0	0.390	0	0	0.075	0	0	0	0	0	0
Capex	0.339	0.500	0	0	0	0	0	0	0	0	0	0	2.035
GCP	1.598	5.389	5.717	2.649	1.899	2.993	4.483	1.119	6.256	11.570	1.343	1.643	2.907
LBO	0	0.570	0.273	0	0	0	0	0	0	0	0	0	0
Redeem notes	1.298	0	0	0	0	0	0.400	0	0	0.994	0.988	1.812	0
Refinance	0.708	0	0.265	0	0.200	0	0	0.052	0.400	0	0	0	0
Repay bank debt	0.949	0	0.200	0	0	0.600	4.506	0.125	0.175	0.397	0.850	0	0.650
Multiple/Other/NA	12.441	11.653	10.520	8.760	21.681	15.369	15.370	12.696	14.810	14.210	19.005	8.809	22.135
Total	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	27.726
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.390	2	0.075	1	0	0	0	0	0	0	4.364	7	0.465	3	0.00%
Capex	0	0	0	0	0	0	2.035	3	2.035	3	2.874	5	2.535	4	1.83%
GCP	10.265	14	8.594	18	19.169	24	4.550	11	23.719	35	49.565	81	47.967	78	21.37%
LBO	0.273	1	0	0	0	0	0	0	0	0	0.843	2	0.843	2	0.00%
Redeem notes	0	0	0.400	1	1.982	5	1.812	4	3.794	9	5.492	13	4.193	10	3.42%
Refinance	0.465	3	0.052	1	0.400	1	0	0	0.400	1	1.625	7	0.917	5	0.36%
Repay bank debt	0.200	1	5.231	11	1.422	6	0.650	2	2.072	8	8.452	24	7.502	20	1.87%
Multiple/Other/NA	40.961	49	43.435	77	48.024	69	30.944	55	78.968	124	187.458	282	175.017	266	71.15%
Total	52.554	70	57.786	109	70.997	105	39.990	75	110.987	180	260.671	421	239.439	388	100.00%
Upsized?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	2.910	1.553	7.257	0.350	4.945	0.900	1.549	0.355	1.625	10.634	1.003	1.025	11.358
No	18.149	16.559	9.718	11.449	18.835	18.061	23.285	13.636	20.015	16.536	21.183	11.240	16.368
Downsized	0.173	0	0	0	0	0	0	0	0	0	0	0	0
Total	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	27.726
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	12.552	15	2.804	8	13.262	23	12.383	17	25.645	40	45.465	74	42.555	67	23.11%
No	40.002	55	54.982	101	57.735	82	27.607	58	85.342	140	215.034	346	196.885	321	76.89%
Downsized	0	0	0	0	0	0	0	0	0	0	0.173	1	0	0	0.00%
Total	52.554	70	57.786	109	70.997	105	39.990	75	110.987	180	260.671	421	239.439	388	100.00%
Versus Talk
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Lower	0	0	0	0	0.149	0	0	0	0	0	0	0	0
Low end	6.772	2.296	3.857	0	1.157	0.475	4.588	2.134	2.891	9.661	5.076	0.872	2.699
Middle	6.299	9.434	5.394	2.850	0	0.400	0.950	0	2.439	1.121	3.234	0.690	0
High end	1.073	0.500	0	2.500	0	1.016	0	0	0	0	0	0	0
NA	7.088	5.882	7.724	6.449	22.474	17.070	19.295	11.858	16.310	16.389	13.876	10.702	25.027
Total	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	27.726
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.149	1	0	0	0	0	0	0	0	0	0.149	1	0.149	1	0.00%
Low end	5.015	8	7.197	11	17.628	24	3.571	7	21.199	31	42.478	66	35.706	54	19.10%
Middle	8.244	9	1.350	5	6.794	8	0.690	1	7.485	9	32.811	33	26.512	28	6.74%
High end	2.500	1	1.016	1	0	0	0	0	0	0	5.090	6	4.016	3	0.00%
NA	36.647	51	48.223	92	46.574	73	35.729	67	82.303	140	180.143	315	173.056	302	74.16%
Total	52.554	70	57.786	109	70.997	105	39.990	75	110.987	180	260.671	421	239.439	388	100.00%
Seniority
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Corporate mortgage	0	6.056	0	0	4.993	0	3.746	5.968	0	5.520	4.996	0	5.033
Corporate senior secured	1.505	0	0.273	0	0	0	0	0	0.125	0.428	0	0.624	0.250
Corporate senior subordinated	0	0	0	0	0	0	0	0	0.506	0	0	0	0
Corporate subordinated	0	0	0	0	0.036	0	0.550	0.250	0	1.800	0	1.000	0
Asset-backed	0.600	0.541	0	0	0.498	0	0.451	0.120	1.000	0	0	0.330	0.715
Corporate covered bonds	0	0	1.887	0	6.915	5.418	0	2.034	4.549	2.093	2.723	0	0.249
Corporate municipal	0	0.250	0	0	0.199	0	0.310	0	0	0	0	0	0
Corporate senior	13.186	7.706	11.278	7.058	3.751	8.529	15.233	3.530	10.949	11.302	11.996	4.911	11.751
Mortgage-backed	0	0	0.944	0	0	0	0	0	0	0	0	0	0
Provincial	5.941	3.560	2.593	4.741	7.388	5.015	4.544	2.090	4.511	6.027	2.471	5.399	9.728
Total	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	27.726
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Corporate mortgage	4.993	1	9.713	4	10.516	3	5.033	4	15.549	7	36.312	13	36.312	13	14.01%
Corporate senior secured	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900
Corporate senior subordinated	0	0	0	0	0.506	3	0	0	0.506	3	0.506	3	0.506	3	0.46%
Corporate subordinated	0.036	1	0.800	3	1.800	3	1.000	1	2.800	4	3.636	8	3.636	8	2.52%
Asset-backed	0.498	3	0.571	4	1.000	1	1.045	6	2.045	7	4.254	20	3.654	19	1.84%
Corporate covered bonds	8.803	4	7.452	4	9.365	6	0.249	1	9.614	7	25.869	15	25.869	15	8.66%
Corporate municipal	0.199	1	0.310	2	0	0	0	0	0	0	0.759	4	0.759	4	0.00%
Corporate senior	22.087	36	27.291	59	34.247	64	16.661	33	50.909	97	121.178	226	107.992	207	45.87%
Mortgage-backed	0.944	3	0	0	0	0	0	0	0	0	0.944	3	0.944	3	0.00%
Provincial	14.722	20	11.649	33	13.009	21	15.128	27	28.137	48	64.009	116	58.067	108	25.35%
Total	52.554	70	57.786	109	70.997	105	39.990	75	110.987	180	260.671	421	239.439	388	100.00%
Moody's Rating
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Aaa	5.539	6.456	8.396	5.998	13.344	9.282	7.134	8.402	5.465	10.698	10.702	2.018	7.286
Aa1	4.578	0.766	4.002	0.844	5.836	4.299	3.213	2.521	6.003	4.028	2.648	3.074	2.921
Aa2	0.849	3.469	2.060	2.948	2.233	2.405	4.380	0.863	6.227	0.518	1.072	2.705	4.182
Aa3	0	0.325	0	0	0.300	0	0	0.100	0.300	0.900	0	1.451	0
A1	0.300	0	0	0	0	0	0.011	0	0	0.300	0.250	0	0
A2	0.475	0	0	0	0.201	0.200	0	0	0	2.000	0	0.225	0
A3	0	0	0	0.300	0.625	0	1.004	0	0.125	0.946	0	0	0.450
Baa1	5.494	0	0	0.350	0	0	1.018	0	0	0.750	3.983	0	0.300
Baa2	0	3.592	0	0	0	0	4.019	0	0	1.493	1.181	0.425	1.688
Baa3	0.876	0.067	0	0.969	0	0	0.506	0	0	0	0.474	0	0.100
Ba1	0	0.300	0.400	0	0	0	0.450	0	0	0.791	0	0.300	0
Ba2	0	0	0	0	0	0	0	0.305	0	0	0.497	0	0
B1	0	0.500	0	0	0	0	0.125	0	0	0	0	0	1.464
B2	0.227	0	0	0	0	0	0	0	0.051	0	0	0.297	0
B3	0.339	0	0.273	0	0	0	0	0	0.300	0.053	0.104	0.690	0.795
Caa1	0	0	0	0	0	0	0	0	0.900	0	0	0	0
Caa2	0.900	0	0	0	0	0	0	0	0	0.196	0	0	0
NR	1.655	2.638	1.843	0.390	1.242	2.325	2.972	1.801	2.270	4.499	1.275	1.079	8.540
P-1	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900
Total	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	27.726
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	27.738	19	24.818	34	26.864	16	9.304	12	36.168	28	100.720	88	95.180	84	32.59%
Aa1	10.682	13	10.033	10	12.678	17	5.995	11	18.673	28	44.732	57	40.153	52	16.82%
Aa2	7.242	12	7.647	16	7.817	13	6.887	12	14.704	25	33.911	61	33.062	59	13.25%
Aa3	0.300	1	0.100	1	1.199	3	1.451	3	2.651	6	3.375	9	3.375	9	2.39%
A1	0	0	0.011	1	0.550	2	0	0	0.550	2	0.861	4	0.561	3	0.50%
A2	0.201	1	0.200	1	2.000	2	0.225	1	2.225	3	3.101	7	2.626	5	2.00%
A3	0.925	3	1.004	3	1.071	4	0.450	2	1.521	6	3.450	12	3.450	12	1.37%
Baa1	0.350	1	1.018	2	4.733	5	0.300	1	5.033	6	11.896	16	6.402	9	4.53%
Baa2	0	0	4.019	6	2.674	7	2.113	4	4.787	11	12.398	22	12.398	22	4.31%
Baa3	0.969	3	0.506	2	0.474	2	0.100	1	0.574	3	2.993	11	2.116	9	0.52%
Ba1	0.400	1	0.450	1	0.791	1	0.300	1	1.091	2	2.241	5	2.241	5	0.98%
Ba2	0	0	0.305	1	0.497	1	0	0	0.497	1	0.802	2	0.802	2	0.45%
B1	0	0	0.125	1	0	0	1.464	1	1.464	1	2.089	3	2.089	3	1.32%
B2	0	0	0	0	0.051	1	0.297	1	0.348	2	0.575	4	0.348	2	0.31%
B3	0.273	1	0	0	0.457	4	1.485	3	1.942	7	2.554	9	2.215	8	1.75%
Caa1	0	0	0	0	0.900	1	0	0	0.900	1	0.900	1	0.900	1	0.81%
Caa2	0	0	0	0	0.196	1	0	0	0.196	1	1.096	3	0.196	1	0.18%
NR	3.475	15	7.099	29	8.043	25	9.620	22	17.663	47	32.530	106	30.875	101	15.91%
P-1	0	0	0.450	1	0	0	0	0	0	0	0.450	1	0.450	1	0.00%
Total	52.554	70	57.786	109	70.997	105	39.990	75	110.987	180	260.671	421	239.439	388	100.00%
Industry Sector (by SIC code)
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Mining (1xxx)	4.238	2.496	0	0.969	0	0.400	3.013	0	0	1.194	3.983	0.297	2.258
Oil and gas (13xx)	0.298	0	0.400	0	0	0.200	2.324	0.305	1.075	0.396	1.181	0.200	0.591
Manufacturing (2xxx, 3xxx)	0.900	0.570	0.448	0	1.159	0.350	0.750	0	0.125	2.702	0.900	0.101	0.750
Transportation (4xxx)	0	0	0	0	0	0	2.084	0	0	0	0	0.399	0
Communications (48xx)	1.826	0.300	0	0	0.200	0	0	0	0	0.992	0	0.690	1.097
Electric, gas, sanitary services (49xx)	0.775	1.278	0.335	0.350	0.910	1.125	1.793	0.501	0.300	1.045	0.850	0.225	0.400
Wholesale (5xxx)	0	0	0	0	0	0	0.075	0	0	0	0	0.300	0
Finance, insurance, real estate (6xxx)	7.201	7.939	13.199	5.739	12.110	11.872	9.666	10.755	15.579	14.714	12.801	4.652	11.545
Services (7xxx)	0.053	0	0	0	0	0	0.125	0	0.051	0	0	0	1.356
Health services (8xxx)	0	1.371	0	0	1.006	0	0.148	0	0	0.100	0	0	0
Sovereign (8888)	5.941	4.158	2.593	4.741	8.396	5.015	4.854	2.430	4.511	6.027	2.471	5.399	9.728
Total	21.232	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	27.726
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.969	3	3.413	5	5.177	7	2.556	4	7.733	11	18.849	28	14.611	23	6.97%
Oil and gas (13xx)	0.400	1	2.829	7	2.652	7	0.791	2	3.443	9	6.970	19	6.672	17	3.10%
Manufacturing (2xxx, 3xxx)	1.607	8	1.100	3	3.727	12	0.851	4	4.578	16	8.755	30	7.855	28	4.12%
Transportation (4xxx)	0	0	2.084	7	0	0	0.399	1	0.399	1	2.484	8	2.484	8	0.36%
Communications (48xx)	0.200	1	0	0	0.992	2	1.788	3	2.779	5	5.105	11	3.279	7	2.50%
Electric, gas, sanitary services (49xx)	1.594	5	3.419	14	2.194	8	0.625	2	2.819	10	9.886	34	9.111	31	2.54%
Wholesale (5xxx)	0	0	0.075	1	0	0	0.300	1	0.300	1	0.375	2	0.375	2	0.27%
Finance, insurance, real estate (6xxx)	31.048	27	32.293	34	43.095	46	16.197	27	59.291	73	137.772	153	130.571	145	53.42%
Services (7xxx)	0	0	0.125	1	0.051	1	1.356	4	1.407	5	1.585	7	1.532	6	1.27%
Health services (8xxx)	1.006	3	0.148	1	0.100	1	0	0	0.100	1	2.626	6	2.626	6	0.09%
Sovereign (8888)	15.729	22	12.299	36	13.009	21	15.128	27	28.137	48	66.265	123	60.323	115	25.35%
Total	52.554	70	57.786	109	70.997	105	39.990	75	110.987	180	260.671	421	239.439	388	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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