RBC Capital Markets top underwriter of Canadian dollar deals for year

• Scotia Capital emerges as top maple bond dealer year to date

By Cristal Cody

Prospect News, June 29 - Scotia Capital Inc. emerged as the top maple bond dealer so far this year, according to data compiled through June by Prospect News.

Scotia handled a 24.52% market share in four trades out of the C$3.4 billion total sold in nine maple bond offerings year to date.

RBC Capital Markets Corp., TD Securities Inc., HSBC Capital (Canada) Inc. and Bank of America Merrill Lynch round out the top five maple bond dealers so far this year.

In Canadian dollar-denominated bond deals year to date, RBC Capital Markets resumed its ranking as the top dealer, according to the data.

RBC underwrote C$18.79 billion, or 23.88%, of the 72 deals brought so far this year. CIBC World Markets Inc. moved down to the second spot for the Canadian dollar market with C$18.17 billion, or 23.09%, raised in 52 deals.

BMO Capital Markets Corp., National Bank Financial Inc. and TD Securities were the remainder of the top dealers in the Canadian dollar domestic market, which has seen a total of C$78.69 billion in 144 offerings this year.

RBC also maintained its ranking as the top underwriter for issues sold outside Canada with C$7.17 billion raised in 24 deals so far this year. RBC has an 14.86% share of the C$48.22 billion priced in 59 foreign offerings through June, according to data.

Bank of America, J.P. Morgan Securities LLC and Citigroup Global Markets Canada Inc. held the remainder of the top foreign priced rankings, respectively.

RBC also continued to rank as the lead dealer of provincial bonds with C$6.12 billion, or 20.04%, in 23 offerings through June, according to the data.

CIBC, BMO, National Bank Financial and TD Securities rank as the remainder of the top five dealers for the provincial markets, which have seen a total of C$30.51 billion in 57 offerings so far this year.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	6.115	23	20.04%	3	4.668	12	15.61%
2	CIBC	5.752	26	18.85%	2	4.810	12	16.09%
3	BMO	4.299	14	14.09%	6	1.597	3	5.34%
4	National Bank Financial	4.870	18	15.96%	1	6.237	13	20.86%
5	TD	3.539	14	11.60%	4	3.879	10	12.98%
6	Scotia	1.518	10	4.98%	5	2.500	6	8.36%
7	HSBC	0.675	4	2.21%	8	1.049	2	3.51%
8	Deutsche Bank	0.649	2	2.13%	7	1.052	4	3.52%
9	Bank of America	0.570	4	1.87%	9	0.956	2	3.20%
10	Goldman Sachs	0.405	3	1.33%	11	0.713	1	2.39%
	Total	30.511	57	29.893	52
	Average size:	0.535	0.575
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	18.789	72	23.88%	1	24.479	68	28.43%
2	CIBC	18.168	52	23.09%	2	15.514	34	18.02%
3	BMO	10.815	39	13.74%	4	13.631	32	15.83%
4	National Bank Financial	9.752	32	12.39%	6	7.317	20	8.50%
5	TD	8.236	45	10.47%	3	13.817	44	16.05%
6	Scotia	7.340	32	9.33%	5	7.700	35	8.94%
7	Bank of America	1.941	8	2.47%	7	1.524	9	1.77%
8	HSBC	1.387	5	1.76%	12	0.133	3	0.15%
9	GMP	0.547	3	0.70%	14	0.102	2	0.12%
10	Desjardins	0.502	5	0.64%	8	0.652	3	0.76%
	Total	78.688	144	86.104	156
	Average size:	0.546	0.552
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	7.166	24	14.86%	1	6.785	17	18.04%
2	Bank of America	4.623	22	9.59%	4	3.293	12	8.76%
3	JPMorgan	3.988	18	8.27%	3	3.711	13	9.87%
4	Citigroup	3.594	16	7.45%	7	2.412	9	6.41%
5	Barclays	3.442	11	7.14%	9	2.017	10	5.36%
6	Deutsche Bank	3.291	13	6.82%	10	1.694	8	4.51%
7	Morgan Stanley	3.255	11	6.75%	6	2.489	10	6.62%
8	Scotia	3.065	14	6.36%	14	0.813	4	2.16%
9	BMO	3.033	7	6.29%	13	0.818	4	2.17%
10	HSBC	2.855	11	5.92%	5	2.504	7	6.66%
	Total	48.222	59	37.605	48
	Average size:	0.817	0.783
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Scotia	0.833	4	24.52%	3	0.384	4	11.29%
2	RBC	0.650	2	19.12%	1	0.917	8	26.99%
3	TD	0.633	4	18.62%	2	0.729	7	21.46%
4	HSBC	0.516	3	15.19%	8	0.100	1	2.94%
5	Bank of America	0.350	2	10.29%	4	0.312	3	9.19%
6	BMO	0.300	1	8.83%	5	0.271	3	7.98%
7	CIBC	0.117	1	3.43%	6	0.254	3	7.48%
	Total	3.399	9	3.398	13
	Average size:	0.378	0.261
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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