Analysis of Canadian bond issuance for 13 months through August 2012

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

Country

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Canadian abroad	2.399	11.033	10.443	8.120	2.598	10.199	8.849	13.019	2.881	8.403	4.871	4.491	2.074
Canadian domestic	9.400	12.747	8.519	16.713	11.274	11.441	17.022	8.917	8.634	18.802	13.873	7.747	8.850
Maple bond	0	0	0	0	0.120	0	1.300	0.250	0.750	0.799	0.300	1.726	0.099
Total	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian abroad	21.161	25	32.067	36	16.155	23	6.565	11	54.786	70	89.379	106	86.981	101	35.28%
Canadian domestic	36.505	83	37.380	65	41.308	79	16.597	32	95.285	176	153.937	292	144.537	280	61.36%
Maple bond	0.120	1	1.550	4	1.849	5	1.825	4	5.224	13	5.344	14	5.344	14	3.36%
Total	57.786	109	70.997	105	59.312	107	24.987	47	155.295	259	248.661	412	236.861	395	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0.390	0	0	0.075	0	0	0	0	0	0	0.650	0	0
Capex	0	0	0	0	0	0	0	0	0	2.590	0	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0	0.125	0
GCP	2.649	1.899	2.993	4.483	1.119	6.256	11.570	1.343	1.643	3.406	6.139	2.441	2.074
Redeem notes	0	0	0	0.400	0	0	0.994	0.988	1.812	0	0.169	0	0
Refinance	0	0.200	0	0	0.052	0.400	0	0	0	0	0	0.450	0
Repay bank debt	0	0	0.600	4.506	0.125	0.175	0.397	0.850	0	0.650	0.625	0.400	0.375
Multiple/Other/NA	8.760	21.681	15.369	15.370	12.696	14.810	14.210	19.005	8.809	21.358	11.460	10.548	8.574
Total	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.075	1	0	0	0.650	1	0	0	0.650	1	1.115	4	0.725	2	0.42%
Capex	0	0	0	0	2.590	4	0	0	2.590	4	2.590	4	2.590	4	1.67%
Dividend/recap	0	0	0	0	0	0	0.125	1	0.125	1	0.125	1	0.125	1	0.08%
GCP	8.594	18	19.169	24	11.189	20	4.514	10	34.872	54	48.014	81	45.365	76	22.46%
Redeem notes	0.400	1	1.982	5	1.981	5	0	0	3.963	10	4.362	11	4.362	11	2.55%
Refinance	0.052	1	0.400	1	0	0	0.450	1	0.850	2	1.102	4	1.102	4	0.55%
Repay bank debt	5.231	11	1.422	6	1.274	4	0.775	4	3.471	14	8.702	25	8.702	25	2.24%
Multiple/Other/NA	43.435	77	48.024	69	41.628	73	19.123	31	108.775	173	182.650	282	173.890	272	70.04%
Total	57.786	109	70.997	105	59.312	107	24.987	47	155.295	259	248.661	412	236.861	395	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0.350	4.945	0.900	1.549	0.355	1.625	10.634	1.003	1.025	11.378	2.860	5.196	5.793
No	11.449	18.835	18.061	23.285	13.636	20.015	16.536	21.183	11.240	16.626	16.184	8.643	5.230
Downsized	0	0	0	0	0	0	0	0	0	0	0	0.125	0
Total	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.804	8	13.262	23	15.263	23	10.989	10	39.514	56	47.613	67	47.263	66	25.44%
No	54.982	101	57.735	82	44.049	84	13.873	36	115.656	202	200.923	344	189.474	328	74.48%
Downsized	0	0	0	0	0	0	0.125	1	0.125	1	0.125	1	0.125	1	0.08%
Total	57.786	109	70.997	105	59.312	107	24.987	47	155.295	259	248.661	412	236.861	395	100.00%
Versus Talk
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Lower	0	0.149	0	0	0	0	0	0	0	0	1.016	2.696	0.125
Low end	0	1.157	0.475	4.588	2.134	2.891	9.661	5.076	0.872	2.719	2.445	4.300	0
Middle	2.850	0	0.400	0.950	0	2.439	1.121	3.234	0.690	0	0.494	0.996	2.491
High end	2.500	0	1.016	0	0	0	0	0	0	0	0	0.125	0
NA	6.449	22.474	17.070	19.295	11.858	16.310	16.389	13.876	10.702	25.285	15.089	5.847	8.407
Total	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	0	0	1.016	1	2.821	5	3.837	6	3.985	7	3.985	7	2.47%
Low end	7.197	11	17.628	24	6.036	12	4.300	4	27.964	40	36.318	54	36.318	54	18.01%
Middle	1.350	5	6.794	8	1.184	4	3.487	5	11.466	17	15.666	24	12.816	22	7.38%
High end	1.016	1	0	0	0	0	0.125	1	0.125	1	3.641	3	1.141	2	0.08%
NA	48.223	92	46.574	73	51.076	90	14.254	32	111.904	195	189.051	324	182.602	310	72.06%
Total	57.786	109	70.997	105	59.312	107	24.987	47	155.295	259	248.661	412	236.861	395	100.00%
Seniority
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Corporate mortgage	0	4.993	0	3.746	5.968	0	5.520	4.996	0	5.033	5.731	0	4.643
Corporate senior secured	0	0	0	0	0	0.125	0.428	0	0.624	0.250	0.567	0.125	0.250
Corporate senior subordinated	0	0	0	0	0	0.506	0	0	0	0	0	0	0
Corporate subordinated	0	0.036	0	0.550	0.250	0	1.800	0	1.000	0	0	1.500	0
Asset-backed	0	0.498	0	0.451	0.120	1.000	0	0	0.330	0.715	0	0.515	0
Corporate covered bonds	0	6.915	5.418	0	2.034	4.549	2.093	2.723	0	0.249	0	0	0
Corporate municipal	0	0.199	0	0.310	0	0	0	0	0	0	0	0	0
Corporate senior	7.058	3.751	8.529	15.233	3.530	10.949	11.302	11.996	4.911	12.029	9.757	10.840	3.089
Mortgage-backed	0	0	0	0	0	0	0	0	0	0	0	0	0.351
Provincial	4.741	7.388	5.015	4.544	2.090	4.511	6.027	2.471	5.399	9.728	2.989	0.984	2.690
Total	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Corporate mortgage	9.713	4	10.516	3	10.764	6	4.643	2	25.924	11	40.631	16	40.631	16	16.69%
Corporate senior secured	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900
Corporate senior subordinated	0	0	0.506	3	0	0	0	0	0.506	3	0.506	3	0.506	3	0.33%
Corporate subordinated	0.800	3	1.800	3	1.000	1	1.500	1	4.300	5	5.136	9	5.136	9	2.77%
Asset-backed	0.571	4	1.000	1	1.045	6	0.515	3	2.559	10	3.628	17	3.628	17	1.65%
Corporate covered bonds	7.452	4	9.365	6	0.249	1	0	0	9.614	7	23.982	14	23.982	14	6.19%
Corporate municipal	0.310	2	0	0	0	0	0	0	0	0	0.509	3	0.509	3	0.00%
Corporate senior	27.291	59	34.247	64	26.696	55	13.929	31	74.872	150	112.973	229	105.914	219	48.21%
Mortgage-backed	0	0	0	0	0	0	0.351	2	0.351	2	0.351	2	0.351	2	0.23%
Provincial	11.649	33	13.009	21	18.117	33	3.674	6	34.799	60	58.577	108	53.836	101	22.41%
Total	57.786	109	70.997	105	59.312	107	24.987	47	155.295	259	248.661	412	236.861	395	100.00%
Moody's Rating
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Aaa	5.998	13.344	9.282	7.134	8.402	5.465	10.698	10.702	2.018	7.544	7.225	0.870	5.461
Aa1	0.844	5.836	4.299	3.213	2.521	6.003	4.028	2.648	3.074	2.921	0.055	2.808	0.593
Aa2	2.948	2.233	2.405	4.380	0.863	6.227	0.518	1.072	2.705	4.182	6.225	3.099	2.129
Aa3	0	0.300	0	0	0.100	0.300	0.900	0	1.451	0	0	0	0
A1	0	0	0	0.011	0	0	0.300	0.250	0	0	0.549	0.075	0.234
A2	0	0.201	0.200	0	0	0	2.000	0	0.225	0	0.250	1.500	0
A3	0.300	0.625	0	1.004	0	0.125	0.946	0	0	0.450	0	1.001	0
Baa1	0.350	0	0	1.018	0	0	0.750	3.983	0	0.300	1.698	0	0.400
Baa2	0	0	0	4.019	0	0	1.493	1.181	0.425	1.688	0.300	1.745	1.234
Baa3	0.969	0	0	0.506	0	0	0	0.474	0	0.100	0	0.050	0.246
Ba1	0	0	0	0.450	0	0	0.791	0	0.300	0	0	0	0
Ba2	0	0	0	0	0.305	0	0	0.497	0	0	0.169	0	0
Ba3	0	0	0	0	0	0	0	0	0	0	0	0	0.250
B1	0	0	0	0.125	0	0	0	0	0	1.483	0	1.550	0
B2	0	0	0	0	0	0.051	0	0	0.297	0	0	0	0
B3	0	0	0	0	0	0.300	0.053	0.104	0.690	0.795	0	0	0.125
Caa1	0	0	0	0	0	0.900	0	0	0	0	0	0	0
Caa2	0	0	0	0	0	0	0.196	0	0	0	0	0	0
NR	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900	1/1900
P-1	0	0	0.450	0	0	0	0	0	0	0	0	0	0
Total	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	24.818	34	26.864	16	16.787	17	6.330	6	49.982	39	94.142	86	88.144	82	32.19%
Aa1	10.033	10	12.678	17	6.049	12	3.401	5	22.129	34	38.841	51	37.997	49	14.25%
Aa2	7.647	16	7.817	13	13.112	21	5.228	8	26.157	42	38.986	66	36.037	62	16.84%
Aa3	0.100	1	1.199	3	1.451	3	0	0	2.651	6	3.050	8	3.050	8	1.71%
A1	0.011	1	0.550	2	0.549	2	0.309	2	1.409	6	1.419	7	1.419	7	0.91%
A2	0.200	1	2.000	2	0.475	2	1.500	1	3.975	5	4.376	7	4.376	7	2.56%
A3	1.004	3	1.071	4	0.450	2	1.001	1	2.522	7	4.451	13	4.151	12	1.62%
Baa1	1.018	2	4.733	5	1.998	4	0.400	1	7.131	10	8.499	13	8.149	12	4.59%
Baa2	4.019	6	2.674	7	2.413	5	2.979	5	8.066	17	12.085	23	12.085	23	5.19%
Baa3	0.506	2	0.474	2	0.100	1	0.297	2	0.871	5	2.346	10	1.377	7	0.56%
Ba1	0.450	1	0.791	1	0.300	1	0	0	1.091	2	1.541	3	1.541	3	0.70%
Ba2	0.305	1	0.497	1	0.169	1	0	0	0.666	2	0.972	3	0.972	3	0.43%
Ba3	0	0	0	0	0	0	0.250	1	0.250	1	0.250	1	0.250	1	0.16%
B1	0.125	1	0	0	1.483	1	1.550	3	3.033	4	3.158	5	3.158	5	1.95%
B2	0	0	0.051	1	0.297	1	0	0	0.348	2	0.348	2	0.348	2	0.22%
B3	0	0	0.457	4	1.485	3	0.125	1	2.067	8	2.067	8	2.067	8	1.33%
Caa1	0	0	0.900	1	0	0	0	0	0.900	1	0.900	1	0.900	1	0.58%
Caa2	0	0	0.196	1	0	0	0	0	0.196	1	0.196	1	0.196	1	0.13%
NR	7.099	29	8.043	25	12.193	31	1.616	11	21.852	67	30.583	103	30.193	101	14.07%
P-1	0.450	1	0	0	0	0	0	0	0	0	0.450	1	0.450	1	0.00%
Total	57.786	109	70.997	105	59.312	107	24.987	47	155.295	259	248.661	412	236.861	395	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Mining (1xxx)	0.969	0	0.400	3.013	0	0	1.194	3.983	0.297	2.278	0.500	1.745	0
Oil and gas (13xx)	0	0	0.200	2.324	0.305	1.075	0.396	1.181	0.200	0.591	0	2.101	1.634
Manufacturing (2xxx, 3xxx)	0	1.159	0.350	0.750	0	0.125	2.702	0.900	0.101	0.750	0.968	0.200	0.496
Transportation (4xxx)	0	0	0	2.084	0	0	0	0	0.399	0	0.397	0	0
Communications (48xx)	0	0.200	0	0	0	0	0.992	0	0.690	1.097	0.998	0	0
Electric, gas, sanitary services (49xx)	0.350	0.910	1.125	1.793	0.501	0.300	1.045	0.850	0.225	0.400	1.925	0.838	0.234
Wholesale (5xxx)	0	0	0	0.075	0	0	0	0	0.300	0	0.150	0	0
Finance, insurance, real estate (6xxx)	5.739	12.110	11.872	9.666	10.755	15.579	14.714	12.801	4.652	11.803	8.749	7.368	5.968
Services (7xxx)	0	0	0	0.125	0	0.051	0	0	0	1.356	0	0.575	0
Health services (8xxx)	0	1.006	0	0.148	0	0	0.100	0	0	0	0	0	0
Sovereign (8888)	4.741	8.396	5.015	4.854	2.430	4.511	6.027	2.471	5.399	9.728	5.356	0.984	2.690
Government (91xx)	0	0	0	0	0	0	0	0	0	0	0	0.153	0
Total	11.799	23.780	18.961	24.833	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	3.413	5	5.177	7	3.075	5	1.745	3	9.997	15	14.379	23	13.410	20	6.44%
Oil and gas (13xx)	2.829	7	2.652	7	0.791	2	3.735	6	7.178	15	10.007	22	10.007	22	4.62%
Manufacturing (2xxx, 3xxx)	1.100	3	3.727	12	1.819	8	0.696	3	6.242	23	8.501	32	8.501	32	4.02%
Transportation (4xxx)	2.084	7	0	0	0.797	2	0	0	0.797	2	2.881	9	2.881	9	0.51%
Communications (48xx)	0	0	0.992	2	2.786	4	0	0	3.778	6	3.978	7	3.978	7	2.43%
Electric, gas, sanitary services (49xx)	3.419	14	2.194	8	2.550	6	1.073	4	5.817	18	10.495	35	10.145	34	3.75%
Wholesale (5xxx)	0.075	1	0	0	0.450	2	0	0	0.450	2	0.525	3	0.525	3	0.29%
Finance, insurance, real estate (6xxx)	32.293	34	43.095	46	25.204	37	13.336	22	81.635	105	131.777	150	126.038	144	52.57%
Services (7xxx)	0.125	1	0.051	1	1.356	4	0.575	2	1.982	7	2.107	8	2.107	8	1.28%
Health services (8xxx)	0.148	1	0.100	1	0	0	0	0	0.100	1	1.255	5	1.255	5	0.06%
Sovereign (8888)	12.299	36	13.009	21	20.484	37	3.674	6	37.167	64	62.602	117	57.861	110	23.93%
Government (91xx)	0	0	0	0	0	0	0.153	1	0.153	1	0.153	1	0.153	1	0.10%
Total	57.786	109	70.997	105	59.312	107	24.987	47	155.295	259	248.661	412	236.861	395	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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