Toronto-Dominion top maple bond underwriter for year to date

• RBC Capital Markets continues rank as No. 1 provincial, corporate dealer through July

By Cristal Cody

Prospect News, July 31 - TD Securities Inc. pushed forward as the top maple bond dealer through July, while RBC Capital Markets Corp. retained the top rankings in Canadian dollar, foreign and provincial deals year to date, according to data compiled by Prospect News.

TD brought C$1.3 billion of maple bond deals, which are Canadian dollar-denominated debt sold domestically by foreign issuers, year to date.

RBC Capital Markets moved up as the second top maple bond dealer with C$1.15 billion, or 22.43%, of deals.

Scotia Capital Inc. slipped from the lead ranking to the third spot through July with a 16.26% stake.

The maple bond market has seen C$5.13 billion of deals year to date, compared to C$3.4 billion of maple bond sales in the same period last year, data show.

In Canadian dollar-denominated debt offerings year to date, RBC Capital Markets brought C$7.46 billion, or 14.17%, to retain the lead dealer ranking.

CIBC World Markets Inc. continued to rank as the No. 2 underwriter with C$18.49 billion, or 21.38%, of Canadian dollar deals.

BMO Capital Markets Corp. maintained its ranking as the No. 3 dealer in Canadian dollar deals year to date with C$12.3 billion, or 14.23%, of the market.

Issuers have brought C$86.44 billion of Canadian dollar-denominated bonds through July, compared to C$92.64 billion of deals in the same period last year, according to the data.

RBC retained the top underwriter spot for bonds sold abroad by Canadian issuers with C$7.46 billion, or 14.15%, of the market through July, according to data.

Bank of America ranked as the No. 2 foreign bond dealer with C$4.91 billion, or 9.32%, of sales year to date.

J.P. Morgan Securities LLC came in as the No. 3 underwriter for issues sold abroad with C$4.78 billion, or 9.07%, of deals.

The foreign market totaled C$52.71 billion through July, compared to C$48.05 billion in the year-ago period.

In the provincial bond market, RBC maintained the lead ranking with C$6.12 billion of deals, or a 19.42% stake, through July, according to data.

CIBC stayed in the No. 2 spot with C$5.75 billion, or 18.26%, of provincial offerings year to date.

National Bank Financial ranked as the third most productive provincial bond dealer with C$4.87 billion, or 15.46%, of offerings so far this year.

Provincial deals totaled C$31.5 billion year to date, compared to C$32.49 billion in the same period last year.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	6.115	23	19.42%	2	5.662	15	17.43%
2	CIBC	5.752	26	18.26%	3	5.049	13	15.54%
3	National Bank Financial	4.870	18	15.46%	1	6.757	14	20.80%
4	BMO	4.299	14	13.65%	6	1.597	3	4.92%
5	TD	3.640	15	11.56%	4	3.999	11	12.31%
6	Scotia	2.301	11	7.31%	5	2.500	6	7.70%
7	HSBC	0.675	4	2.14%	8	1.289	3	3.97%
8	Deutsche Bank	0.649	2	2.06%	7	1.292	5	3.98%
9	Bank of America	0.570	4	1.81%	9	0.956	2	2.94%
10	Goldman Sachs	0.405	3	1.29%	11	0.713	1	2.20%
	Total	31.495	59	32.486	57
	Average size:	0.534	0.570
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	19.743	83	22.84%	1	25.703	71	27.75%
2	CIBC	18.483	55	21.38%	3	15.659	36	16.90%
3	BMO	12.298	45	14.23%	4	14.999	35	16.19%
4	Scotia	10.991	39	12.72%	5	8.464	38	9.14%
5	National Bank Financial	10.191	34	11.79%	6	7.804	21	8.42%
6	TD	8.462	49	9.79%	2	16.262	48	17.55%
7	Bank of America	2.199	11	2.54%	7	1.524	9	1.65%
8	HSBC	1.477	6	1.71%	12	0.133	3	0.14%
9	GMP	0.547	3	0.63%	14	0.102	2	0.11%
10	Desjardins	0.502	5	0.58%	8	0.652	3	0.70%
	Total	86.435	164	92.636	170
	Average size:	0.527	0.545
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	7.457	27	14.15%	1	7.825	22	16.29%
2	Bank of America	4.913	25	9.32%	5	3.670	13	7.64%
3	JPMorgan	4.780	22	9.07%	4	3.711	13	7.72%
4	Citigroup	4.633	21	8.79%	3	3.909	15	8.14%
5	Barclays	3.709	12	7.04%	8	2.395	11	4.98%
6	Morgan Stanley	3.546	14	6.73%	6	3.598	15	7.49%
7	BMO	3.300	8	6.26%	16	0.818	4	1.70%
8	Deutsche Bank	3.291	13	6.24%	11	1.934	9	4.03%
9	Scotia	3.065	14	5.81%	13	1.190	5	2.48%
10	HSBC	2.855	11	5.42%	7	2.743	8	5.71%
	Total	52.713	66	48.047	60
	Average size:	0.799	0.801
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	TD	1.297	7	25.30%	2	0.729	7	21.46%
2	RBC	1.150	3	22.43%	1	0.917	8	26.99%
3	Scotia	0.833	4	16.26%	3	0.384	4	11.29%
4	CIBC	0.617	2	12.03%	6	0.254	3	7.48%
5	HSBC	0.516	3	10.08%	8	0.100	1	2.94%
6	Bank of America	0.350	2	6.83%	4	0.312	3	9.19%
7	BMO	0.300	1	5.85%	5	0.271	3	7.98%
8	Rabobank	0.062	1	1.22%
	Total	5.125	12	3.398	13
	Average size:	0.427	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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