Analysis of Canadian bond issuance for 13 months through June 2012

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

Country

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Canadian abroad	5.076	10.443	2.399	11.033	10.443	8.120	2.598	10.199	8.849	13.019	2.881	8.403	4.871
Canadian domestic	12.811	6.532	9.400	12.747	8.519	16.713	11.274	11.441	17.022	8.917	8.634	18.802	13.873
Maple bond	0.225	0	0	0	0	0	0.120	0	1.300	0.250	0.750	0.799	0.300
Total	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043
	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	16.155	23	48.222	59	98.334	115	93.257	107	37.01%
Canadian domestic	28.679	47	36.505	83	37.380	65	41.308	79	78.688	144	156.683	294	143.872	274	60.39%
Maple bond	0	0	0.120	1	1.550	4	1.849	5	3.399	9	3.744	11	3.519	10	2.61%
Total	52.554	70	57.786	109	70.997	105	59.312	107	130.308	212	258.761	420	240.649	391	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	0	0	0.390	0	0	0.075	0	0	0	0	0	0	0.650
Capex	0.500	0	0	0	0	0	0	0	0	0	0	2.590	0
GCP	5.389	5.717	2.649	1.899	2.993	4.483	1.119	6.256	11.570	1.343	1.643	3.406	6.139
LBO	0.570	0.273	0	0	0	0	0	0	0	0	0	0	0
Redeem notes	0	0	0	0	0	0.400	0	0	0.994	0.988	1.812	0	0.169
Refinance	0	0.265	0	0.200	0	0	0.052	0.400	0	0	0	0	0
Repay bank debt	0	0.200	0	0	0.600	4.506	0.125	0.175	0.397	0.850	0	0.650	0.625
Multiple/Other/NA	11.653	10.520	8.760	21.681	15.369	15.370	12.696	14.810	14.210	19.005	8.809	21.358	11.460
Total	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043
	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	0.650	1	0.650	1	1.115	4	1.115	4	0.50%
Capex	0	0	0	0	0	0	2.590	4	2.590	4	3.090	5	2.590	4	1.99%
GCP	10.265	14	8.594	18	19.169	24	11.189	20	30.357	44	54.606	87	49.217	76	23.30%
LBO	0.273	1	0	0	0	0	0	0	0	0	0.843	2	0.273	1	0.00%
Redeem notes	0	0	0.400	1	1.982	5	1.981	5	3.963	10	4.362	11	4.362	11	3.04%
Refinance	0.465	3	0.052	1	0.400	1	0	0	0.400	1	0.917	5	0.917	5	0.31%
Repay bank debt	0.200	1	5.231	11	1.422	6	1.274	4	2.696	10	8.127	22	8.127	22	2.07%
Multiple/Other/NA	40.961	49	43.435	77	48.024	69	41.628	73	89.652	142	185.701	284	174.048	268	68.80%
Total	52.554	70	57.786	109	70.997	105	59.312	107	130.308	212	258.761	420	240.649	391	100.00%
Upsized?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	1.553	7.257	0.350	4.945	0.900	1.549	0.355	1.625	10.634	1.003	1.025	11.378	2.860
No	16.559	9.718	11.449	18.835	18.061	23.285	13.636	20.015	16.536	21.183	11.240	16.626	16.184
Total	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043
	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	15.263	23	28.525	46	45.434	73	43.881	69	21.89%
No	40.002	55	54.982	101	57.735	82	44.049	84	101.783	166	213.326	347	196.768	322	78.11%
Total	52.554	70	57.786	109	70.997	105	59.312	107	130.308	212	258.761	420	240.649	391	100.00%
Versus Talk
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Lower	0	0	0	0.149	0	0	0	0	0	0	0	0	0
Low end	2.296	3.857	0	1.157	0.475	4.588	2.134	2.891	9.661	5.076	0.872	2.719	2.445
Middle	9.434	5.394	2.850	0	0.400	0.950	0	2.439	1.121	3.234	0.690	0	0.494
High end	0.500	0	2.500	0	1.016	0	0	0	0	0	0	0	0
Low	0	0	0	0	0	0	0	0	0	0	0	0	1.016
NA	5.882	7.724	6.449	22.474	17.070	19.295	11.858	16.310	16.389	13.876	10.702	25.285	15.089
Total	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043
	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	6.036	12	23.664	36	38.171	59	35.875	55	18.16%
Middle	8.244	9	1.350	5	6.794	8	1.184	4	7.979	12	27.006	31	17.572	26	6.12%
High end	2.500	1	1.016	1	0	0	0	0	0	0	4.016	3	3.516	2	0.00%
Low	0	0	0	0	0	0	1.016	1	1.016	1	1.016	1	1.016	1	0.78%
NA	36.647	51	48.223	92	46.574	73	51.076	90	97.650	163	188.403	325	182.521	306	74.94%
Total	52.554	70	57.786	109	70.997	105	59.312	107	130.308	212	258.761	420	240.649	391	100.00%
Seniority
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Corporate mortgage	6.056	0	0	4.993	0	3.746	5.968	0	5.520	4.996	0	5.033	5.731
Corporate senior secured	0	0.273	0	0	0	0	0	0.125	0.428	0	0.624	0.250	0.567
Corporate senior subordinated	0	0	0	0	0	0	0	0.506	0	0	0	0	0
Corporate subordinated	0	0	0	0.036	0	0.550	0.250	0	1.800	0	1.000	0	0
Asset-backed	0.541	0	0	0.498	0	0.451	0.120	1.000	0	0	0.330	0.715	0
Corporate covered bonds	0	1.887	0	6.915	5.418	0	2.034	4.549	2.093	2.723	0	0.249	0
Corporate municipal	0.250	0	0	0.199	0	0.310	0	0	0	0	0	0	0
Corporate senior	7.706	11.278	7.058	3.751	8.529	15.233	3.530	10.949	11.302	11.996	4.911	12.029	9.757
Mortgage-backed	0	0.944	0	0	0	0	0	0	0	0	0	0	0
Provincial	3.560	2.593	4.741	7.388	5.015	4.544	2.090	4.511	6.027	2.471	5.399	9.728	2.989
Total	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043
	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	10.764	6	21.280	9	42.043	15	35.987	14	16.33%
Corporate senior secured	0.273	1	0	0	0.554	4	1.441	5	1.994	9	2.267	10	2.267	10	1.53%
Corporate senior subordinated	0	0	0	0	0.506	3	0	0	0.506	3	0.506	3	0.506	3	0.39%
Corporate subordinated	0.036	1	0.800	3	1.800	3	1.000	1	2.800	4	3.636	8	3.636	8	2.15%
Asset-backed	0.498	3	0.571	4	1.000	1	1.045	6	2.045	7	3.654	19	3.113	14	1.57%
Corporate covered bonds	8.803	4	7.452	4	9.365	6	0.249	1	9.614	7	25.869	15	25.869	15	7.38%
Corporate municipal	0.199	1	0.310	2	0	0	0	0	0	0	0.759	4	0.509	3	0.00%
Corporate senior	22.087	36	27.291	59	34.247	64	26.696	55	60.943	119	118.027	229	110.321	214	46.77%
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	18.117	33	31.126	54	61.056	114	57.496	107	23.89%
Total	52.554	70	57.786	109	70.997	105	59.312	107	130.308	212	258.761	420	240.649	391	100.00%
Moody's Rating
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Aaa	6.456	8.396	5.998	13.344	9.282	7.134	8.402	5.465	10.698	10.702	2.018	7.544	7.225
Aa1	0.766	4.002	0.844	5.836	4.299	3.213	2.521	6.003	4.028	2.648	3.074	2.921	0.055
Aa2	3.469	2.060	2.948	2.233	2.405	4.380	0.863	6.227	0.518	1.072	2.705	4.182	6.225
Aa3	0.325	0	0	0.300	0	0	0.100	0.300	0.900	0	1.451	0	0
A1	0	0	0	0	0	0.011	0	0	0.300	0.250	0	0	0.549
A2	0	0	0	0.201	0.200	0	0	0	2.000	0	0.225	0	0.250
A3	0	0	0.300	0.625	0	1.004	0	0.125	0.946	0	0	0.450	0
Baa1	0	0	0.350	0	0	1.018	0	0	0.750	3.983	0	0.300	1.698
Baa2	3.592	0	0	0	0	4.019	0	0	1.493	1.181	0.425	1.688	0.300
Baa3	0.067	0	0.969	0	0	0.506	0	0	0	0.474	0	0.100	0
Ba1	0.300	0.400	0	0	0	0.450	0	0	0.791	0	0.300	0	0
Ba2	0	0	0	0	0	0	0.305	0	0	0.497	0	0	0.169
B1	0.500	0	0	0	0	0.125	0	0	0	0	0	1.483	0
B2	0	0	0	0	0	0	0	0.051	0	0	0.297	0	0
B3	0	0.273	0	0	0	0	0	0.300	0.053	0.104	0.690	0.795	0
Caa1	0	0	0	0	0	0	0	0.900	0	0	0	0	0
Caa2	0	0	0	0	0	0	0	0	0.196	0	0	0	0
NR	2.638	1.843	0.390	1.242	2.325	2.972	1.801	2.270	4.499	1.275	1.079	8.540	2.573
P-1	0	0	0	0	0.450	0	0	0	0	0	0	0	0
Total	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043
	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	16.787	17	43.652	33	102.663	89	96.208	86	33.50%
Aa1	10.682	13	10.033	10	12.678	17	6.049	12	18.727	29	40.208	53	39.442	52	14.37%
Aa2	7.242	12	7.647	16	7.817	13	13.112	21	20.929	34	39.287	68	35.818	62	16.06%
Aa3	0.300	1	0.100	1	1.199	3	1.451	3	2.651	6	3.375	9	3.050	8	2.03%
A1	0	0	0.011	1	0.550	2	0.549	2	1.099	4	1.110	5	1.110	5	0.84%
A2	0.201	1	0.200	1	2.000	2	0.475	2	2.475	4	2.876	6	2.876	6	1.90%
A3	0.925	3	1.004	3	1.071	4	0.450	2	1.521	6	3.450	12	3.450	12	1.17%
Baa1	0.350	1	1.018	2	4.733	5	1.998	4	6.731	9	8.099	12	8.099	12	5.17%
Baa2	0	0	4.019	6	2.674	7	2.413	5	5.087	12	12.698	23	9.106	18	3.90%
Baa3	0.969	3	0.506	2	0.474	2	0.100	1	0.574	3	2.116	9	2.050	8	0.44%
Ba1	0.400	1	0.450	1	0.791	1	0.300	1	1.091	2	2.241	5	1.941	4	0.84%
Ba2	0	0	0.305	1	0.497	1	0.169	1	0.666	2	0.972	3	0.972	3	0.51%
B1	0	0	0.125	1	0	0	1.483	1	1.483	1	2.108	3	1.608	2	1.14%
B2	0	0	0	0	0.051	1	0.297	1	0.348	2	0.348	2	0.348	2	0.27%
B3	0.273	1	0	0	0.457	4	1.485	3	1.942	7	2.215	8	2.215	8	1.49%
Caa1	0	0	0	0	0.900	1	0	0	0.900	1	0.900	1	0.900	1	0.69%
Caa2	0	0	0	0	0.196	1	0	0	0.196	1	0.196	1	0.196	1	0.15%
NR	3.475	15	7.099	29	8.043	25	12.193	31	20.236	56	33.448	110	30.810	100	15.53%
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	59.312	107	130.308	212	258.761	420	240.649	391	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Mining (1xxx)	2.496	0	0.969	0	0.400	3.013	0	0	1.194	3.983	0.297	2.278	0.500
Oil and gas (13xx)	0	0.400	0	0	0.200	2.324	0.305	1.075	0.396	1.181	0.200	0.591	0
Manufacturing (2xxx, 3xxx)	0.570	0.448	0	1.159	0.350	0.750	0	0.125	2.702	0.900	0.101	0.750	0.968
Transportation (4xxx)	0	0	0	0	0	2.084	0	0	0	0	0.399	0	0.397
Communications (48xx)	0.300	0	0	0.200	0	0	0	0	0.992	0	0.690	1.097	0.998
Electric, gas, sanitary services (49xx)	1.278	0.335	0.350	0.910	1.125	1.793	0.501	0.300	1.045	0.850	0.225	0.400	1.925
Wholesale (5xxx)	0	0	0	0	0	0.075	0	0	0	0	0.300	0	0.150
Finance, insurance, real estate (6xxx)	7.939	13.199	5.739	12.110	11.872	9.666	10.755	15.579	14.714	12.801	4.652	11.803	8.749
Services (7xxx)	0	0	0	0	0	0.125	0	0.051	0	0	0	1.356	0
Health services (8xxx)	1.371	0	0	1.006	0	0.148	0	0	0.100	0	0	0	0
Sovereign (8888)	4.158	2.593	4.741	8.396	5.015	4.854	2.430	4.511	6.027	2.471	5.399	9.728	5.356
Total	18.112	16.975	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043
	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	3.075	5	8.252	12	15.131	24	12.635	20	6.33%
Oil and gas (13xx)	0.400	1	2.829	7	2.652	7	0.791	2	3.443	9	6.672	17	6.672	17	2.64%
Manufacturing (2xxx, 3xxx)	1.607	8	1.100	3	3.727	12	1.819	8	5.546	20	8.823	32	8.253	31	4.26%
Transportation (4xxx)	0	0	2.084	7	0	0	0.797	2	0.797	2	2.881	9	2.881	9	0.61%
Communications (48xx)	0.200	1	0	0	0.992	2	2.786	4	3.778	6	4.278	8	3.978	7	2.90%
Electric, gas, sanitary services (49xx)	1.594	5	3.419	14	2.194	8	2.550	6	4.744	14	11.036	35	9.757	33	3.64%
Wholesale (5xxx)	0	0	0.075	1	0	0	0.450	2	0.450	2	0.525	3	0.525	3	0.35%
Finance, insurance, real estate (6xxx)	31.048	27	32.293	34	43.095	46	25.204	37	68.298	83	139.578	155	131.640	144	52.41%
Services (7xxx)	0	0	0.125	1	0.051	1	1.356	4	1.407	5	1.532	6	1.532	6	1.08%
Health services (8xxx)	1.006	3	0.148	1	0.100	1	0	0	0.100	1	2.626	6	1.255	5	0.08%
Sovereign (8888)	15.729	22	12.299	36	13.009	21	20.484	37	33.493	58	65.679	125	61.521	116	25.70%
Total	52.554	70	57.786	109	70.997	105	59.312	107	130.308	212	258.761	420	240.649	391	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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