Analysis of Canadian bond issuance for 13 months through July 2012

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

Country

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Canadian abroad	10.203	2.399	9.632	10.443	8.120	2.598	10.199	8.849	13.019	2.881	8.403	4.871	3.546
Canadian domestic	6.532	9.400	12.747	8.519	16.713	11.274	11.441	17.022	8.917	8.634	18.802	13.873	7.747
Maple bond	0	0	0	0	0	0.120	0	1.300	0.250	0.750	0.799	0.300	1.726
Total	16.734	11.799	22.379	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.018
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian abroad	22.233	21	21.161	25	32.067	36	16.155	23	3.546	5	51.767	64	95.161	110	84.959	99	36.12%
Canadian domestic	28.679	47	36.505	83	37.380	65	41.308	79	7.747	20	86.435	164	151.619	294	145.087	280	60.31%
Maple bond	0	0	0.120	1	1.550	4	1.849	5	1.726	3	5.125	12	5.245	13	5.245	13	3.58%
Total	50.913	68	57.786	109	70.997	105	59.312	107	13.018	28	143.326	240	252.025	417	235.291	392	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	0	0.390	0	0	0.075	0	0	0	0	0	0	0.650	0
Capex	0	0	0	0	0	0	0	0	0	0	2.590	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0	0	0.125
GCP	5.717	2.649	0.498	2.993	4.483	1.119	6.256	11.570	1.343	1.643	3.406	6.139	2.441
LBO	0.273	0	0	0	0	0	0	0	0	0	0	0	0
Redeem notes	0	0	0	0	0.400	0	0	0.994	0.988	1.812	0	0.169	0
Refinance	0.265	0	0.200	0	0	0.052	0.400	0	0	0	0	0	0.450
Repay bank debt	0.200	0	0	0.600	4.506	0.125	0.175	0.397	0.850	0	0.650	0.625	0.400
Multiple/Other/NA	10.280	8.760	21.681	15.369	15.370	12.696	14.810	14.210	19.005	8.809	21.358	11.460	9.603
Total	16.734	11.799	22.379	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.018
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.390	2	0.075	1	0	0	0.650	1	0	0	0.650	1	1.115	4	1.115	4	0.45%
Capex	0	0	0	0	0	0	2.590	4	0	0	2.590	4	2.590	4	2.590	4	1.81%
Dividend/recap	0	0	0	0	0	0	0	0	0.125	1	0.125	1	0.125	1	0.125	1	0.09%
GCP	8.864	13	8.594	18	19.169	24	11.189	20	2.441	6	32.798	50	50.256	81	44.539	76	22.88%
LBO	0.273	1	0	0	0	0	0	0	0	0	0	0	0.273	1	0	0	0.00%
Redeem notes	0	0	0.400	1	1.982	5	1.981	5	0	0	3.963	10	4.362	11	4.362	11	2.77%
Refinance	0.465	3	0.052	1	0.400	1	0	0	0.450	1	0.850	2	1.367	6	1.102	4	0.59%
Repay bank debt	0.200	1	5.231	11	1.422	6	1.274	4	0.400	2	3.096	12	8.527	24	8.327	23	2.16%
Multiple/Other/NA	40.721	48	43.435	77	48.024	69	41.628	73	9.603	18	99.255	160	183.410	285	173.130	269	69.25%
Total	50.913	68	57.786	109	70.997	105	59.312	107	13.018	28	143.326	240	252.025	417	235.291	392	100.00%
Upsized?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	7.257	0.350	4.945	0.900	1.549	0.355	1.625	10.634	1.003	1.025	11.378	2.860	4.250
No	9.477	11.449	17.434	18.061	23.285	13.636	20.015	16.536	21.183	11.240	16.626	16.184	8.643
Downsized	0	0	0	0	0	0	0	0	0	0	0	0	0.125
Total	16.734	11.799	22.379	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.018
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	12.552	15	2.804	8	13.262	23	15.263	23	4.250	4	32.775	50	48.131	73	40.874	61	22.87%
No	38.360	53	54.982	101	57.735	82	44.049	84	8.643	23	110.427	189	203.769	343	194.292	330	77.05%
Downsized	0	0	0	0	0	0	0	0	0.125	1	0.125	1	0.125	1	0.125	1	0.09%
Total	50.913	68	57.786	109	70.997	105	59.312	107	13.018	28	143.326	240	252.025	417	235.291	392	100.00%
Versus Talk
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Lower	0	0	0.149	0	0	0	0	0	0	0	0	1.016	2.696
Low end	3.857	0	1.157	0.475	4.588	2.134	2.891	9.661	5.076	0.872	2.719	2.445	4.300
Middle	5.394	2.850	0	0.400	0.950	0	2.439	1.121	3.234	0.690	0	0.494	0.050
High end	0	2.500	0	1.016	0	0	0	0	0	0	0	0	0.125
NA	7.483	6.449	21.073	17.070	19.295	11.858	16.310	16.389	13.876	10.702	25.285	15.089	5.847
Total	16.734	11.799	22.379	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.018
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.149	1	0	0	0	0	1.016	1	2.696	4	3.712	5	3.860	6	3.860	6	2.59%
Low end	5.015	8	7.197	11	17.628	24	6.036	12	4.300	4	27.964	40	40.175	59	36.318	54	19.51%
Middle	8.244	9	1.350	5	6.794	8	1.184	4	0.050	1	8.029	13	17.622	27	12.229	20	5.60%
High end	2.500	1	1.016	1	0	0	0	0	0.125	1	0.125	1	3.641	3	3.641	3	0.09%
NA	35.005	49	48.223	92	46.574	73	51.076	90	5.847	18	103.497	181	186.726	322	179.243	309	72.21%
Total	50.913	68	57.786	109	70.997	105	59.312	107	13.018	28	143.326	240	252.025	417	235.291	392	100.00%
Seniority
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Corporate mortgage	0	0	4.993	0	3.746	5.968	0	5.520	4.996	0	5.033	5.731	0
Corporate senior secured	0.273	0	0	0	0	0	0.125	0.428	0	0.624	0.250	0.567	0.125
Corporate senior subordinated	0	0	0	0	0	0	0.506	0	0	0	0	0	0
Corporate subordinated	0	0	0.036	0	0.550	0.250	0	1.800	0	1.000	0	0	1.500
Asset-backed	0	0	0.498	0	0.451	0.120	1.000	0	0	0.330	0.715	0	0.515
Corporate covered bonds	1.887	0	6.915	5.418	0	2.034	4.549	2.093	2.723	0	0.249	0	0
Corporate municipal	0	0	0.199	0	0.310	0	0	0	0	0	0	0	0
Corporate senior	11.278	7.058	3.751	8.529	15.233	3.530	10.949	11.302	11.996	4.911	12.029	9.757	10.095
Mortgage-backed	0.944	0	0	0	0	0	0	0	0	0	0	0	0
Provincial	2.353	4.741	5.987	5.015	4.544	2.090	4.511	6.027	2.471	5.399	9.728	2.989	0.783
Total	16.734	11.799	22.379	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.018
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	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	0	0	21.280	9	35.987	14	35.987	14	14.85%
Corporate senior secured	0.273	1	0	0	0.554	4	1.441	5	0.125	1	2.119	10	2.392	11	2.119	10	1.48%
Corporate senior subordinated	0	0	0	0	0.506	3	0	0	0	0	0.506	3	0.506	3	0.506	3	0.35%
Corporate subordinated	0.036	1	0.800	3	1.800	3	1.000	1	1.500	1	4.300	5	5.136	9	5.136	9	3.00%
Asset-backed	0.498	3	0.571	4	1.000	1	1.045	6	0.515	3	2.559	10	3.628	17	3.628	17	1.79%
Corporate covered bonds	8.803	4	7.452	4	9.365	6	0.249	1	0	0	9.614	7	25.869	15	23.982	14	6.71%
Corporate municipal	0.199	1	0.310	2	0	0	0	0	0	0	0	0	0.509	3	0.509	3	0.00%
Corporate senior	22.087	36	27.291	59	34.247	64	26.696	55	10.095	22	71.039	141	120.417	236	109.139	220	49.56%
Mortgage-backed	0.944	3	0	0	0	0	0	0	0	0	0	0	0.944	3	0	0	0.00%
Provincial	13.080	18	11.649	33	13.009	21	18.117	33	0.783	1	31.909	55	56.638	106	54.285	102	22.26%
Total	50.913	68	57.786	109	70.997	105	59.312	107	13.018	28	143.326	240	252.025	417	235.291	392	100.00%
Moody's Rating
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Aaa	8.396	5.998	13.344	9.282	7.134	8.402	5.465	10.698	10.702	2.018	7.544	7.225	0.125
Aa1	4.002	0.844	4.434	4.299	3.213	2.521	6.003	4.028	2.648	3.074	2.921	0.055	2.608
Aa2	1.820	2.948	2.233	2.405	4.380	0.863	6.227	0.518	1.072	2.705	4.182	6.225	3.099
Aa3	0	0	0.300	0	0	0.100	0.300	0.900	0	1.451	0	0	0
A1	0	0	0	0	0.011	0	0	0.300	0.250	0	0	0.549	0.075
A2	0	0	0.201	0.200	0	0	0	2.000	0	0.225	0	0.250	1.500
A3	0	0.300	0.625	0	1.004	0	0.125	0.946	0	0	0.450	0	1.001
Baa1	0	0.350	0	0	1.018	0	0	0.750	3.983	0	0.300	1.698	0
Baa2	0	0	0	0	4.019	0	0	1.493	1.181	0.425	1.688	0.300	1.745
Baa3	0	0.969	0	0	0.506	0	0	0	0.474	0	0.100	0	0.050
Ba1	0.400	0	0	0	0.450	0	0	0.791	0	0.300	0	0	0
Ba2	0	0	0	0	0	0.305	0	0	0.497	0	0	0.169	0
B1	0	0	0	0	0.125	0	0	0	0	0	1.483	0	1.550
B2	0	0	0	0	0	0	0.051	0	0	0.297	0	0	0
B3	0.273	0	0	0	0	0	0.300	0.053	0.104	0.690	0.795	0	0
Caa1	0	0	0	0	0	0	0.900	0	0	0	0	0	0
Caa2	0	0	0	0	0	0	0	0.196	0	0	0	0	0
NR	1.843	0.390	1.242	2.325	2.972	1.801	2.270	4.499	1.275	1.079	8.540	2.573	1.265
P-1	0	0	0	0.450	0	0	0	0	0	0	0	0	0
Total	16.734	11.799	22.379	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.018
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	27.738	19	24.818	34	26.864	16	16.787	17	0.125	1	43.776	34	96.333	87	87.936	81	30.54%
Aa1	9.280	12	10.033	10	12.678	17	6.049	12	2.608	3	21.335	32	40.648	54	36.646	48	14.89%
Aa2	7.001	11	7.647	16	7.817	13	13.112	21	3.099	5	24.028	39	38.677	66	36.857	63	16.76%
Aa3	0.300	1	0.100	1	1.199	3	1.451	3	0	0	2.651	6	3.050	8	3.050	8	1.85%
A1	0	0	0.011	1	0.550	2	0.549	2	0.075	1	1.174	5	1.185	6	1.185	6	0.82%
A2	0.201	1	0.200	1	2.000	2	0.475	2	1.500	1	3.975	5	4.376	7	4.376	7	2.77%
A3	0.925	3	1.004	3	1.071	4	0.450	2	1.001	1	2.522	7	4.451	13	4.451	13	1.76%
Baa1	0.350	1	1.018	2	4.733	5	1.998	4	0	0	6.731	9	8.099	12	8.099	12	4.70%
Baa2	0	0	4.019	6	2.674	7	2.413	5	1.745	3	6.831	15	10.850	21	10.850	21	4.77%
Baa3	0.969	3	0.506	2	0.474	2	0.100	1	0.050	1	0.625	4	2.100	9	2.100	9	0.44%
Ba1	0.400	1	0.450	1	0.791	1	0.300	1	0	0	1.091	2	1.941	4	1.541	3	0.76%
Ba2	0	0	0.305	1	0.497	1	0.169	1	0	0	0.666	2	0.972	3	0.972	3	0.46%
B1	0	0	0.125	1	0	0	1.483	1	1.550	3	3.033	4	3.158	5	3.158	5	2.12%
B2	0	0	0	0	0.051	1	0.297	1	0	0	0.348	2	0.348	2	0.348	2	0.24%
B3	0.273	1	0	0	0.457	4	1.485	3	0	0	1.942	7	2.215	8	1.942	7	1.35%
Caa1	0	0	0	0	0.900	1	0	0	0	0	0.900	1	0.900	1	0.900	1	0.63%
Caa2	0	0	0	0	0.196	1	0	0	0	0	0.196	1	0.196	1	0.196	1	0.14%
NR	3.475	15	7.099	29	8.043	25	12.193	31	1.265	9	21.501	65	32.075	109	30.232	101	15.00%
P-1	0	0	0.450	1	0	0	0	0	0	0	0	0	0.450	1	0.450	1	0.00%
Total	50.913	68	57.786	109	70.997	105	59.312	107	13.018	28	143.326	240	252.025	417	235.291	392	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Mining (1xxx)	0	0.969	0	0.400	3.013	0	0	1.194	3.983	0.297	2.278	0.500	1.745
Oil and gas (13xx)	0.400	0	0	0.200	2.324	0.305	1.075	0.396	1.181	0.200	0.591	0	2.101
Manufacturing (2xxx, 3xxx)	0.448	0	1.159	0.350	0.750	0	0.125	2.702	0.900	0.101	0.750	0.968	0.200
Transportation (4xxx)	0	0	0	0	2.084	0	0	0	0	0.399	0	0.397	0
Communications (48xx)	0	0	0.200	0	0	0	0	0.992	0	0.690	1.097	0.998	0
Electric, gas, sanitary services (49xx)	0.335	0.350	0.910	1.125	1.793	0.501	0.300	1.045	0.850	0.225	0.400	1.925	0.838
Wholesale (5xxx)	0	0	0	0	0.075	0	0	0	0	0.300	0	0.150	0
Finance, insurance, real estate (6xxx)	13.199	5.739	12.110	11.872	9.666	10.755	15.579	14.714	12.801	4.652	11.803	8.749	6.623
Services (7xxx)	0	0	0	0	0.125	0	0.051	0	0	0	1.356	0	0.575
Health services (8xxx)	0	0	1.006	0	0.148	0	0	0.100	0	0	0	0	0
Sovereign (8888)	2.353	4.741	6.994	5.015	4.854	2.430	4.511	6.027	2.471	5.399	9.728	5.356	0.783
Government (91xx)	0	0	0	0	0	0	0	0	0	0	0	0	0.153
Total	16.734	11.799	22.379	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.018
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	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	1.745	3	9.997	15	14.379	23	14.379	23	6.98%
Oil and gas (13xx)	0.400	1	2.829	7	2.652	7	0.791	2	2.101	3	5.544	12	8.773	20	8.373	19	3.87%
Manufacturing (2xxx, 3xxx)	1.607	8	1.100	3	3.727	12	1.819	8	0.200	1	5.746	21	8.453	32	8.005	30	4.01%
Transportation (4xxx)	0	0	2.084	7	0	0	0.797	2	0	0	0.797	2	2.881	9	2.881	9	0.56%
Communications (48xx)	0.200	1	0	0	0.992	2	2.786	4	0	0	3.778	6	3.978	7	3.978	7	2.64%
Electric, gas, sanitary services (49xx)	1.594	5	3.419	14	2.194	8	2.550	6	0.838	3	5.582	17	10.596	36	10.261	34	3.89%
Wholesale (5xxx)	0	0	0.075	1	0	0	0.450	2	0	0	0.450	2	0.525	3	0.525	3	0.31%
Finance, insurance, real estate (6xxx)	31.048	27	32.293	34	43.095	46	25.204	37	6.623	14	74.921	97	138.263	158	125.063	142	52.27%
Services (7xxx)	0	0	0.125	1	0.051	1	1.356	4	0.575	2	1.982	7	2.107	8	2.107	8	1.38%
Health services (8xxx)	1.006	3	0.148	1	0.100	1	0	0	0	0	0.100	1	1.255	5	1.255	5	0.07%
Sovereign (8888)	14.087	20	12.299	36	13.009	21	20.484	37	0.783	1	34.276	59	60.662	115	58.310	111	23.91%
Government (91xx)	0	0	0	0	0	0	0	0	0.153	1	0.153	1	0.153	1	0.153	1	0.11%
Total	50.913	68	57.786	109	70.997	105	59.312	107	13.018	28	143.326	240	252.025	417	235.291	392	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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