Analysis of Canadian bond issuance for 13 months through December 2012

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

Country

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Canadian abroad	2.598	10.199	8.849	13.019	2.881	8.403	4.871	4.491	2.074	12.279	10.837	8.161	3.123
Canadian domestic	11.274	11.441	17.022	8.917	8.634	18.802	13.873	7.747	8.850	19.274	12.492	21.904	17.235
Maple bond	0.120	0	1.300	0.250	0.750	0.799	0.300	1.726	0.099	0.252	1.076	0.500	0.400
Total	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023	31.805	24.405	30.565	20.758
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Canadian abroad	32.067	36	16.155	23	18.844	24	22.121	33	89.187	116	91.785	119	89.187	116	33.93%
Canadian domestic	37.380	65	41.308	79	35.870	60	51.631	86	166.189	290	177.463	306	166.189	290	63.23%
Maple bond	1.550	4	1.849	5	2.077	5	1.976	7	7.452	21	7.572	22	7.452	21	2.84%
Total	70.997	105	59.312	107	56.791	89	75.728	126	262.827	427	276.819	447	262.827	427	100.00%
Use of Proceeds
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Acquisition	0	0	0	0	0	0	0.650	0	0	0.126	1.350	0	0
Capex	0	0	0	0	0	2.590	0	0	0	0.488	0.175	0	0.834
Dividend/recap	0	0	0	0	0	0	0	0.125	0	0	0	0	0
GCP	1.119	6.256	11.570	1.343	1.643	3.406	6.139	2.441	2.074	11.251	2.688	5.032	3.785
Redeem notes	0	0	0.994	0.988	1.812	0	0.169	0	0	0.925	0.423	0.250	0
Refinance	0.052	0.400	0	0	0	0	0	0.450	0	0	0.206	1.825	0.592
Repay bank debt	0.125	0.175	0.397	0.850	0	0.650	0.625	0.400	0.375	0.172	1.952	0.650	0.500
Multiple/Other/NA	12.696	14.810	14.210	19.005	8.809	21.358	11.460	10.548	8.574	18.842	17.611	22.808	15.048
Total	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023	31.805	24.405	30.565	20.758
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.650	1	0.126	1	1.350	2	2.126	4	2.126	4	2.126	4	0.81%
Capex	0	0	2.590	4	0.488	1	1.009	3	4.087	8	4.087	8	4.087	8	1.56%
Dividend/recap	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.05%
GCP	19.169	24	11.189	20	15.765	25	11.505	17	57.628	86	58.746	91	57.628	86	21.93%
Redeem notes	1.982	5	1.981	5	0.925	2	0.673	3	5.561	15	5.561	15	5.561	15	2.12%
Refinance	0.400	1	0	0	0.450	1	2.623	8	3.473	10	3.525	11	3.473	10	1.32%
Repay bank debt	1.422	6	1.274	4	0.947	5	3.102	11	6.745	26	6.870	27	6.745	26	2.57%
Multiple/Other/NA	48.024	69	41.628	73	37.965	53	55.466	82	183.083	277	195.779	290	183.083	277	69.66%
Total	70.997	105	59.312	107	56.791	89	75.728	126	262.827	427	276.819	447	262.827	427	100.00%
Upsized?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	0.355	1.625	10.634	1.003	1.025	11.378	2.860	5.196	5.793	1.623	4.052	12.868	4.076
No	13.636	20.015	16.536	21.183	11.240	16.626	16.184	8.643	5.230	30.182	20.353	17.696	16.682
Downsized	0	0	0	0	0	0	0	0.125	0	0	0	0	0
Total	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023	31.805	24.405	30.565	20.758
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	13.262	23	15.263	23	12.612	13	20.996	26	62.132	85	62.487	87	62.132	85	23.64%
No	57.735	82	44.049	84	44.055	75	54.732	100	200.570	341	214.207	359	200.570	341	76.31%
Downsized	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.05%
Total	70.997	105	59.312	107	56.791	89	75.728	126	262.827	427	276.819	447	262.827	427	100.00%
Versus Talk
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Lower	0	0	0	0	0	0	1.016	2.696	0.125	0.400	1.333	6.150	2.000
Low end	2.134	2.891	9.661	5.076	0.872	2.719	2.445	4.300	0	0	6.134	1.251	3.003
Middle	0	2.439	1.121	3.234	0.690	0	0.494	0.996	2.491	9.099	2.894	3.387	5.301
High end	0	0	0	0	0	0	0	0.125	0	4.780	0.838	0	0
NA	11.858	16.310	16.389	13.876	10.702	25.285	15.089	5.847	8.407	17.525	13.206	19.777	10.454
Total	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023	31.805	24.405	30.565	20.758
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0	0	1.016	1	3.221	6	9.483	5	13.719	12	13.719	12	13.719	12	5.22%
Low end	17.628	24	6.036	12	4.300	4	10.388	17	38.351	57	40.485	59	38.351	57	14.59%
Middle	6.794	8	1.184	4	12.587	13	11.583	15	32.148	40	32.148	40	32.148	40	12.23%
High end	0	0	0	0	4.905	5	0.838	3	5.742	8	5.742	8	5.742	8	2.18%
NA	46.574	73	51.076	90	31.779	61	43.437	86	172.866	310	184.724	328	172.866	310	65.77%
Total	70.997	105	59.312	107	56.791	89	75.728	126	262.827	427	276.819	447	262.827	427	100.00%
Seniority
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Corporate mortgage	5.968	0	5.520	4.996	0	5.033	5.731	0	4.643	4.989	0	10.551	5.526
Corporate senior secured	0	0.125	0.428	0	0.624	0.250	0.567	0.125	0.250	0.372	0.377	1.801	0
Corporate senior subordinated	0	0.506	0	0	0	0	0	0	0	0	0	0	0
Corporate subordinated	0.250	0	1.800	0	1.000	0	0	1.500	0	0.400	1.750	0	2.250
Asset-backed	0.120	1.000	0	0	0.330	0.715	0	0.515	0	2.160	0.423	0	0.235
Corporate covered bonds	2.034	4.549	2.093	2.723	0	0.249	0	0	0	2.440	0	0	0
Corporate senior	3.530	10.949	11.302	11.996	4.911	12.029	9.757	10.840	3.089	15.491	17.252	14.353	8.075
Mortgage-backed	0	0	0	0	0	0	0	0	0.351	0.590	0	0	0
Provincial	2.090	4.511	6.027	2.471	5.399	9.728	2.989	0.984	2.690	5.364	4.603	3.860	4.672
Total	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023	31.805	24.405	30.565	20.758
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Corporate mortgage	10.516	3	10.764	6	9.632	3	16.077	6	46.990	18	52.958	20	46.990	18	17.88%
Corporate senior secured	0.554	4	1.441	5	0.747	4	2.178	7	4.919	20	4.919	20	4.919	20	1.87%
Corporate senior subordinated	0.506	3	0	0	0	0	0	0	0.506	3	0.506	3	0.506	3	0.19%
Corporate subordinated	1.800	3	1.000	1	1.900	2	4.000	3	8.700	9	8.950	11	8.700	9	3.31%
Asset-backed	1.000	1	1.045	6	2.675	6	0.658	3	5.378	16	5.498	17	5.378	16	2.05%
Corporate covered bonds	9.365	6	0.249	1	2.440	1	0	0	12.053	8	14.088	9	12.053	8	4.59%
Corporate senior	34.247	64	26.696	55	29.420	57	39.680	82	130.044	258	133.573	268	130.044	258	49.48%
Mortgage-backed	0	0	0	0	0.940	3	0	0	0.940	3	0.940	3	0.940	3	0.36%
Provincial	13.009	21	18.117	33	9.038	13	13.134	25	53.297	92	55.387	96	53.297	92	20.28%
Total	70.997	105	59.312	107	56.791	89	75.728	126	262.827	427	276.819	447	262.827	427	100.00%
Moody's Rating
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Aaa	8.402	5.465	10.698	10.702	2.018	7.544	7.225	0.870	5.461	11.075	1.782	13.841	5.001
Aa1	2.521	6.003	4.028	2.648	3.074	2.921	0.055	2.808	0.593	0.733	3.883	0.312	1.284
Aa2	0.863	6.227	0.518	1.072	2.705	4.182	6.225	3.099	2.129	7.375	6.453	8.225	6.745
Aa3	0.100	0.300	0.900	0	1.451	0	0	0	0	1.750	1.001	0	0
A1	0	0	0.300	0.250	0	0	0.549	0.075	0.234	0.650	0	0.050	2.400
A2	0	0	2.000	0	0.225	0	0.250	1.500	0	1.250	0.150	0.500	0.525
A3	0	0.125	0.946	0	0	0.450	0	1.001	0	1.350	0.400	0.498	0
Baa1	0	0	0.750	3.983	0	0.300	1.698	0	0.400	0.050	0.125	0.750	0.499
Baa2	0	0	1.493	1.181	0.425	1.688	0.300	1.745	1.234	0.913	4.731	0.349	0.500
Baa3	0	0	0	0.474	0	0.100	0	0.050	0.246	0	1.250	0.393	0.750
Ba1	0	0	0.791	0	0.300	0	0	0	0	0	0	0	0.342
Ba2	0.305	0	0	0.497	0	0	0.169	0	0	0	0	0	0
Ba3	0	0	0	0	0	0	0	0	0.250	0	0	0	0.592
B1	0	0	0	0	0	1.483	0	1.550	0	2.829	0.343	0.499	0.492
B2	0	0.051	0	0	0.297	0	0	0	0	0	1.552	0.851	0.592
B3	0	0.300	0.053	0.104	0.690	0.795	0	0	0.125	0.491	0.551	0	0
Caa1	0	0.900	0	0	0	0	0	0	0	0	0	0.300	0
Caa2	0	0	0.196	0	0	0	0	0	0	0	0.286	0	0
NR	1.801	2.270	4.499	1.275	1.079	8.540	2.573	1.265	0.351	3.337	1.898	3.997	1.036
Total	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023	31.805	24.405	30.565	20.758
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	26.864	16	16.787	17	17.406	15	20.624	12	81.682	60	90.083	65	81.682	60	31.08%
Aa1	12.678	17	6.049	12	4.134	6	5.480	6	28.341	41	30.862	43	28.341	41	10.78%
Aa2	7.817	13	13.112	21	12.604	16	21.423	35	54.955	85	55.818	87	54.955	85	20.91%
Aa3	1.199	3	1.451	3	1.750	1	1.001	1	5.401	8	5.501	9	5.401	8	2.05%
A1	0.550	2	0.549	2	0.959	4	2.450	3	4.508	11	4.508	11	4.508	11	1.72%
A2	2.000	2	0.475	2	2.750	2	1.175	4	6.400	10	6.400	10	6.400	10	2.44%
A3	1.071	4	0.450	2	2.351	4	0.898	3	4.769	13	4.769	13	4.769	13	1.81%
Baa1	4.733	5	1.998	4	0.450	2	1.374	4	8.555	15	8.555	15	8.555	15	3.25%
Baa2	2.674	7	2.413	5	3.892	7	5.580	9	14.559	28	14.559	28	14.559	28	5.54%
Baa3	0.474	2	0.100	1	0.297	2	2.393	6	3.264	11	3.264	11	3.264	11	1.24%
Ba1	0.791	1	0.300	1	0	0	0.342	1	1.433	3	1.433	3	1.433	3	0.55%
Ba2	0.497	1	0.169	1	0	0	0	0	0.666	2	0.972	3	0.666	2	0.25%
Ba3	0	0	0	0	0.250	1	0.592	1	0.842	2	0.842	2	0.842	2	0.32%
B1	0	0	1.483	1	4.379	6	1.334	4	7.197	11	7.197	11	7.197	11	2.74%
B2	0.051	1	0.297	1	0	0	2.995	6	3.343	8	3.343	8	3.343	8	1.27%
B3	0.457	4	1.485	3	0.616	2	0.551	2	3.109	11	3.109	11	3.109	11	1.18%
Caa1	0.900	1	0	0	0	0	0.300	1	1.200	2	1.200	2	1.200	2	0.46%
Caa2	0.196	1	0	0	0	0	0.286	1	0.483	2	0.483	2	0.483	2	0.18%
NR	8.043	25	12.193	31	4.953	21	6.931	27	32.120	104	33.921	113	32.120	104	12.22%
Total	70.997	105	59.312	107	56.791	89	75.728	126	262.827	427	276.819	447	262.827	427	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Mining (1xxx)	0	0	1.194	3.983	0.297	2.278	0.500	1.745	0	1.623	4.775	1.000	1.084
Oil and gas (13xx)	0.305	1.075	0.396	1.181	0.200	0.591	0	2.101	1.634	0.350	0.450	1.350	0.300
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0	1.199	0
Manufacturing (2xxx, 3xxx)	0	0.125	2.702	0.900	0.101	0.750	0.968	0.200	0.496	1.088	0.849	1.101	1.491
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	2.198	0	0	0
Transportation (4xxx)	0	0	0	0	0.399	0	0.397	0	0	0.850	0.202	0.498	0
Communications (48xx)	0	0	0.992	0	0.690	1.097	0.998	0	0	0	1.556	0	0.499
Electric, gas, sanitary services (49xx)	0.501	0.300	1.045	0.850	0.225	0.400	1.925	0.838	0.234	1.450	0.300	2.671	0
Wholesale (5xxx)	0	0	0	0	0.300	0	0.150	0	0	0	1.050	0	0
Finance, insurance, real estate (6xxx)	10.755	15.579	14.714	12.801	4.652	11.803	8.749	7.368	5.968	18.117	9.732	17.187	12.712
Services (7xxx)	0	0.051	0	0	0	1.356	0	0.575	0	0.172	0.632	0.200	0
Health services (8xxx)	0	0	0.100	0	0	0	0	0	0	0	0	0	0
Sovereign (8888)	2.430	4.511	6.027	2.471	5.399	9.728	5.356	0.984	2.690	5.958	4.859	5.359	4.672
Government (91xx)	0	0	0	0	0	0	0	0.153	0	0	0	0	0
Total	13.992	21.640	27.171	22.186	12.265	28.004	19.043	13.964	11.023	31.805	24.405	30.565	20.758
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	5.177	7	3.075	5	3.367	6	6.859	10	18.478	28	18.478	28	18.478	28	7.03%
Oil and gas (13xx)	2.652	7	0.791	2	4.085	7	2.100	6	9.627	22	9.932	23	9.627	22	3.66%
Construction (15xx)	0	0	0	0	0	0	1.199	4	1.199	4	1.199	4	1.199	4	0.46%
Manufacturing (2xxx, 3xxx)	3.727	12	1.819	8	1.784	6	3.442	10	10.772	36	10.772	36	10.772	36	4.10%
Pharmaceuticals (2834-6)	0	0	0	0	2.198	2	0	0	2.198	2	2.198	2	2.198	2	0.84%
Transportation (4xxx)	0	0	0.797	2	0.850	3	0.700	3	2.347	8	2.347	8	2.347	8	0.89%
Communications (48xx)	0.992	2	2.786	4	0	0	2.055	4	5.833	10	5.833	10	5.833	10	2.22%
Electric, gas, sanitary services (49xx)	2.194	8	2.550	6	2.523	7	2.971	12	10.238	33	10.739	37	10.238	33	3.90%
Wholesale (5xxx)	0	0	0.450	2	0	0	1.050	3	1.500	5	1.500	5	1.500	5	0.57%
Finance, insurance, real estate (6xxx)	43.095	46	25.204	37	31.453	40	39.631	42	139.382	165	150.137	175	139.382	165	53.03%
Services (7xxx)	0.051	1	1.356	4	0.747	3	0.831	3	2.985	11	2.985	11	2.985	11	1.14%
Health services (8xxx)	0.100	1	0	0	0	0	0	0	0.100	1	0.100	1	0.100	1	0.04%
Sovereign (8888)	13.009	21	20.484	37	9.631	14	14.890	29	58.014	101	60.445	106	58.014	101	22.07%
Government (91xx)	0	0	0	0	0.153	1	0	0	0.153	1	0.153	1	0.153	1	0.06%
Total	70.997	105	59.312	107	56.791	89	75.728	126	262.827	427	276.819	447	262.827	427	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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