CIBC takes top spot among underwriters of Canadian provincial bonds

• RBC Capital Markets remains lead corporate dealer year to date

By Cristal Cody

Prospect News, Aug. 31 - CIBC World Markets Inc. pushed ahead as the top underwriter of Canadian provincial bonds for the year to date through August, up from the second spot in July, according to data compiled by Prospect News.

CIBC brought C$6.51 billion, or 19.06%, of all provincial deals year to date.

RBC slipped to the No. 2 ranking with C$6.12 billion, or 17.89%, of provincial offerings through August, according to data.

National Bank Financial retained its ranking as the third top provincial bond dealer with C$5.09 billion, or a 14.73% stake, of deals so far this year.

Provincial deals totaled C$34.19 billion through August, up from C$31.5 billion through July and down from C$37.23 billion in the same period last year.

In Canadian dollar-denominated debt offerings year to date, RBC Capital Markets continued to rank as the top dealer through August with C$20.11 billion, or 21.11%, of offerings.

Both CIBC and BMO continued to rank as the No. 2 and No. 3 dealers, respectively, in the market year to date, according to the data. CIBC brought C$19.23 billion, or 20.18% of deals, while BMO underwrote C$17.07 billion, or 17.91%, of the bond sales.

The Canadian dollar-denominated deals rose to C$95.29 billion through August, up from C$86.44 billion of bonds through July but lower than the C$102.04 billion in deals priced through the same period last year.

RBC continued its stretch through August as the lead underwriter for bonds sold by Canadian issuers abroad with C$7.54 billion, or a 13.76% stake, of the market, according to the data.

Bank of America also retained its ranking as the second most active foreign bond dealer with C$5.16 billion, or 9.42%, of deals so far this year.

In the No. 3 dealer spot, J.P. Morgan Securities LLC brought C$4.86 billion, or 8.87%, of foreign bonds through August.

The foreign market totaled C$54.79 billion through August, up from C$52.71 billion through July and higher than the C$50.45 billion of deals priced in the same year-ago period.

TD Securities Inc. remained the top underwriter in Canada's maple bond market with C$1.3 billion, or 24.82%, of deals through August, according to the data. RBC and Scotia Capital Inc. ranked second and third, respectively.

RBC brought C$1.25 billion, or 24.82%, of deals, while Scotia Capital brought C$833 million, or 15.95%, of the maple bond market year to date.

The maple bond market totaled C$5.22 billion through August, up from C$5.13 billion through July and higher than the C$3.4 billion of deals in the same period last year, according to the data.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CIBC	6.514	28	19.06%	4	5.049	13	13.56%
2	RBC	6.115	23	17.89%	3	5.662	15	15.21%
3	National Bank Financial	5.088	19	14.73%	1	8.325	17	22.36%
4	TD	4.358	16	12.75%	2	5.791	14	15.56%
5	BMO	4.299	14	12.58%	7	1.597	3	4.29%
6	Scotia	3.214	13	9.40%	5	2.846	7	7.64%
7	HSBC	0.824	5	2.41%	9	1.289	3	3.46%
8	Deutsche Bank	0.649	2	1.90%	6	1.637	6	4.40%
9	Bank of America	0.570	4	1.67%	8	1.301	3	3.50%
10	Goldman Sachs	0.405	3	1.19%	11	0.713	1	1.92%
	Total	34.185	63	37.227	64
	Average size:	0.543	0.582
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	20.110	85	21.11%	1	27.964	77	27.41%
2	CIBC	19.231	57	20.18%	3	17.471	40	17.12%
3	BMO	17.066	48	17.91%	4	14.999	35	14.70%
4	Scotia	12.014	42	12.61%	6	8.464	38	8.29%
5	National Bank Financial	11.274	36	11.83%	5	9.572	26	9.38%
6	TD	9.180	50	9.63%	2	19.921	55	19.52%
7	Bank of America	2.549	13	2.68%	7	1.524	9	1.49%
8	HSBC	1.477	6	1.55%	12	0.133	3	0.13%
9	GMP	0.547	3	0.57%	14	0.102	2	0.10%
10	Desjardins	0.502	5	0.53%	8	0.652	3	0.64%
	Total	95.285	176	102.036	182
	Average size:	0.541	0.561
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	7.539	28	13.76%	1	7.825	22	15.51%
2	Bank of America	5.160	27	9.42%	3	4.338	17	8.60%
3	JPMorgan	4.862	23	8.87%	4	4.056	14	8.04%
4	Citigroup	4.633	21	8.46%	6	3.909	15	7.75%
5	Barclays	3.956	14	7.22%	8	2.395	11	4.75%
6	Morgan Stanley	3.628	15	6.62%	5	3.921	18	7.77%
7	Deutsche Bank	3.538	15	6.46%	9	2.279	10	4.52%
8	BMO	3.300	8	6.02%	16	0.818	4	1.62%
9	Scotia	3.213	15	5.86%	13	1.535	6	3.04%
10	HSBC	3.004	12	5.48%	7	2.743	8	5.44%
	Total	54.786	70	50.446	65
	Average size:	0.783	0.776
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	TD	1.297	7	24.82%	2	0.729	7	21.46%
2	RBC	1.249	4	23.91%	1	0.917	8	26.99%
3	Scotia	0.833	4	15.95%	3	0.384	4	11.29%
4	CIBC	0.617	2	11.80%	6	0.254	3	7.48%
5	HSBC	0.516	3	9.88%	8	0.100	1	2.94%
6	Bank of America	0.350	2	6.70%	4	0.312	3	9.19%
7	BMO	0.300	1	5.74%	5	0.271	3	7.98%
8	Rabobank	0.062	1	1.19%
	Total	5.224	13	3.398	13
	Average size:	0.402	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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