RBC top dealer in provincial, Canadian dollar, abroad and maple bond markets year to date

By Cristal Cody

Prospect News, Sept. 28 - RBC Capital Markets LLC took a clean sweep as the top dealer across the Canadian provincial, domestic, foreign and maple bond markets thorough September, according to data compiled by Prospect News.

RBC moved up as the lead provincial dealer with C$8.49 billion, or 21.16%, of deals year to date, data show.

National Bank Financial rose to the second top spot after it brought C$6.89 billion of deals, or a 17.15% stake of the market through September, according to data.

Provincial deals totaled C$40.14 billion through September, up from C$34.185 billion of offerings brought through August and lower than the C$45.62 billion priced through the same period last year, data shows.

The Province of Quebec returned to the debt markets in September after an absence since July with a C$500 million reopening of its 4.25% medium-term notes due Dec. 1, 2043 on Tuesday and a C$500 million add-on to its 3.5% 10-year medium-term notes on Sept. 20.

. In Canadian dollar denominated debt offerings year to date, RBC Capital Markets maintained its lead spot as the top underwriter. RBC underwrote C$27.3 billion, or 23.83%, of deals.

CIBC continued to rank as the No. 2 top dealer in the Canadian dollar market year-to-date with C$21 billion, or 18.33% of deals.

New issuance in the Canadian-dollar denominated market totaled C$114.56 billion through September, up from C$95.285 billion through August and mostly unchanged from the same period a year ago, according to data.

Royal Bank of Canada (Aa3/AA-/DBRS: AA) priced one of the largest Canadian dollar deals over the month with a C$1.75 billion offering of 2.364% five-year deposit notes sold on Sept. 18.

In the bond market abroad, RBC also continued to rank as the top dealer with C$11.24 billion, or 16.17%, of new foreign deals by Canadian issuers year to date, according to data.

Bank of America remained as the No. 2 dealer with C$6.6 billion, or 9.49%, of offerings sold abroad through September.

Bonds sold abroad by Canadian issuers totaled C$69.51 billion through September, up from C$54.786 billion through August and higher than the C$61.48 billion of bonds priced in the same year-ago period.

In Canada's maple bond market, where foreign issuers sell bonds domestically, RBC climbed up as the lead dealer with C$1.5 billion, or 27.4%, of new issuance through September, data shows.

TD Securities Inc. fell to the No. 2 ranking in maple bond offerings year-to-date with a C$1.3 billion, or 23.68%, stake.

Maple bond issuance totaled C$5.48 billion through September, slightly up from C$5.224 billion through August and higher than the C$3.4 billion of deals priced in the same period a year ago, according to data.

New York City-based JPMorgan Chase & Co. brought one of the largest maple bond deals during the month with a C$1.25 billion offering of 2.92% five-year bonds priced on Sept. 12.

Year to date, provinces, all currencies

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	8.494	25	21.16%	3	6.341	17	13.90%
2	National Bank Financial	6.887	22	17.15%	1	10.756	21	23.58%
3	CIBC	6.514	28	16.23%	4	6.224	16	13.64%
4	TD	5.621	19	14.00%	2	7.193	15	15.77%
5	BMO	4.299	14	10.71%	6	2.454	4	5.38%
6	Scotia	3.519	14	8.77%	5	2.846	7	6.24%
7	HSBC	1.128	6	2.81%	9	1.473	4	3.23%
8	Bank of America	0.875	5	2.18%	7	1.980	5	4.34%
9	Deutsche Bank	0.649	2	1.62%	8	1.637	6	3.59%
10	Goldman Sachs	0.405	3	1.01%	11	1.208	2	2.65%
	Total	40.142	71	45.622	74
	Average size:	0.565	0.617
Year to date, domestic market, Canadian dollar-denominated deals, Canadian issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	27.296	100	23.83%	1	29.279	85	25.51%
2	CIBC	20.994	62	18.33%	4	18.660	46	16.26%
3	BMO	19.201	56	16.76%	2	21.048	41	18.34%
4	Scotia	13.826	50	12.07%	6	8.822	41	7.69%
5	TD	13.659	63	11.92%	3	20.479	62	17.84%
6	National Bank Financial	13.631	42	11.89%	5	12.514	30	10.90%
7	Bank of America	2.549	13	2.23%	7	1.625	10	1.42%
8	HSBC	1.477	6	1.29%	11	0.233	6	0.20%
9	GMP	0.547	3	0.48%	14	0.102	2	0.09%
10	Desjardins	0.502	5	0.44%	8	0.652	3	0.57%
	Total	114.558	204	114.783	203
	Average size:	0.562	0.565
Year to date, Canadian issuers abroad, all currencies
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	11.238	34	16.17%	1	8.504	24	13.83%
2	Bank of America	6.599	33	9.49%	3	5.017	19	8.16%
3	JPMorgan	5.747	26	8.27%	5	4.549	15	7.40%
4	Morgan Stanley	5.407	19	7.78%	8	3.921	18	6.38%
5	Citigroup	5.346	25	7.69%	9	3.909	15	6.36%
6	Barclays	4.108	16	5.91%	6	4.126	14	6.71%
7	Scotia	3.996	18	5.75%	14	1.535	6	2.50%
8	HSBC	3.788	16	5.45%	11	3.420	10	5.56%
9	Deutsche Bank	3.538	15	5.09%	10	3.515	12	5.72%
10	BMO	3.452	10	4.97%	16	0.818	4	1.33%
	Total	69.505	83	61.480	71
	Average size:	0.837	0.866
Year to date, Maple bonds
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBC	1.501	5	27.40%	1	0.917	8	26.99%
2	TD	1.297	7	23.68%	2	0.729	7	21.46%
3	Scotia	0.833	4	15.22%	3	0.384	4	11.29%
4	CIBC	0.617	2	11.26%	6	0.254	3	7.48%
5	HSBC	0.516	3	9.43%	8	0.100	1	2.94%
6	Bank of America	0.350	2	6.39%	4	0.312	3	9.19%
7	BMO	0.300	1	5.48%	5	0.271	3	7.98%
8	Rabobank	0.062	1	1.14%
	Total	5.476	14	3.398	13
	Average size:	0.391	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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.