CANADA CAPITAL MARKETS

Transcription

1 CANADA CAPITAL MARKETS LEAGUE TABLES Q Preliminary As of 22 March 2019

2 Q PRELIMINARY AS OF 22 MARCH 2019 MANAGER RANKINGS CANADA CAPITAL MARKETS The Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Equities Alexa Abraham calendar@bloomberg.net Fixed Income Andrea Niper newissues@bloomberg.net Loans Paul Bandong loansleag@bloomberg.net 2019 Finance L.P. All rights reserved.

3 Canadian Corporate Bonds: Industry Breakdown Canadian Corporate Bonds 12% 8% Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) BMO Capital Markets , RBC Capital Markets , TD Securities , CIBC , Scotiabank , National Bank Financial Inc Wells Fargo Laurentian Bank of Canada HSBC TOTAL 100% 22, % This table consists of debt securities issued by corporate issuers, in CAD with market of issue "Canadian", "Domestic, "Domestic MTN", "Global", "Maple" or "Private Placement". This excludes mortgages, bonds with warrants, credit-linked securities, government issuers, and structured notes. There is a minimum threshold of 18 months for maturities, call or put periods, and CAD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. 48% 12% 20% Financials 48% Utilities 20% Consumer Discretionary 12% Industrials 12% Energy 8% Others 1% Canadian Corporate Bonds: Manager ings History Market Share (%) BMO Capital Markets RBC Capital Markets TD Securities CIBC Scotiabank National Bank Financial Inc League Table Reports Page 1

4 Canadian Corporate Bonds - Bonus Canadian Government Bonds Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) BMO Capital Markets , TD Securities , RBC Capital Markets , CIBC , Scotiabank , National Bank Financial Inc , Desjardins Capital Markets Laurentian Bank of Canada Bank of America Merrill Lynch Wells Fargo HSBC Casgrain & Co Citi Manulife Financial Corp Mitsubishi UFJ Financial Group Inc BNP Paribas Raymond James & Associates Canaccord Genuity Goldman Sachs Brookfield Financial Corp TOTAL 100% 22, % Canada Corporate Bonds - Exclude Self-Led Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) RBC Capital Markets , CIBC , TD Securities , BMO Capital Markets , Scotiabank , National Bank Financial Inc HSBC TOTAL 100% 13, % Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) National Bank Financial Inc , TD Securities , RBC Capital Markets , Scotiabank , BMO Capital Markets , CIBC , Desjardins Capital Markets HSBC Bank of America Merrill Lynch Casgrain & Co Laurentian Bank of Canada TOTAL 100% 26, % Canada Government Bonds - Allocation Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) TD Securities , RBC Capital Markets , CIBC , BMO Capital Markets , National Bank Financial Inc , Scotiabank , Desjardins Capital Markets , Bank of America Merrill Lynch , Casgrain & Co , HSBC Laurentian Bank of Canada Canaccord Genuity SEB Beacon Securities BNP Paribas Credit Agricole CIB TOTAL 100% 26, % League Table Reports Page 2

5 Canada Equity, Equity Linked & Preferred: Industry Breakdown Firm Mkt Canada Equity, Equity Linked & Preferred Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC , RBC Capital Markets , BMO Capital Markets TD Securities Cowen & Co National Bank Financial Inc Scotiabank JP Morgan Goldman Sachs Eight Capital Desjardins Capital Markets Sprott Capital Partners GMP Securities Canaccord Genuity AltaCorp Capital Bloom Burton & Co Laurentian Bank of Canada Cormark Securities Inc Haywood Securities Cantor Fitzgerald TOTAL 100% 4, % Financials 41% Materials 16% Utilities 14% Health Care 14% Consumer Discretionary 8% Communications 6% Others 2% Canada Equity, Equity Linked & Preferred: Manager ings History Market Share (%) % 8% 14% 6% 2% 16% 41% This table consists of equity, equity-linked & preferred securities issued by Canadian issuers. This excludes AIM-listed securities, bonds with warrants, closed-end fund or investment trust issuers, credit linked notes, local market share sales, reverse convertibles, rights offerings, self-led transactions or synthetic convertibles. There is a minimum threshold of 12 month minimum call, put and maturity periods. Note: Issuer country is determined by country of incorporation. See {FIFW DOCS <GO>} for applicable generic criteria and market of syndication definition and waterfalls. 0 CIBC RBC Capital Markets BMO Capital Markets TD Securities Cowen & Co National Bank Financial Inc League Table Reports Page 3

6 Canada Equity & Equity Linked Canada Equity Offerings Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC , RBC Capital Markets , BMO Capital Markets TD Securities Cowen & Co National Bank Financial Inc JP Morgan Scotiabank Goldman Sachs Eight Capital Desjardins Capital Markets Sprott Capital Partners GMP Securities Canaccord Genuity AltaCorp Capital Bloom Burton & Co Laurentian Bank of Canada Cormark Securities Inc Haywood Securities Cantor Fitzgerald TOTAL 100% 4, % Canada Equity IPO Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) BMO Capital Markets JP Morgan National Bank Financial Inc Haywood Securities CIBC RBC Capital Markets Industrial Alliance Insurance & Financial Canaccord Genuity Emerging Equities Pacific International Securities Inc AGP / Alliance Global Partners Corp Mackie Research Capital Corp TOTAL 100% % Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC , RBC Capital Markets BMO Capital Markets TD Securities National Bank Financial Inc JP Morgan Scotiabank Goldman Sachs Eight Capital Desjardins Capital Markets Sprott Capital Partners GMP Securities AltaCorp Capital Canaccord Genuity Bloom Burton & Co Cormark Securities Inc Haywood Securities Cantor Fitzgerald B Riley & Co Raymond James & Associates TOTAL 100% 3, % Canadian Retail Structured Products Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC National Bank Financial Inc RBC Capital Markets Scotiabank AGP / Alliance Global Partners Corp BMO Capital Markets Canaccord Genuity Desjardins Capital Markets GMP Securities Haywood Securities Industrial Alliance Insurance & Financial Mackie Research Capital Corp Manulife Financial Corp Raymond James & Associates TD Securities TOTAL 100% % League Table Reports Page 4

7 Canada Loans (Bookrunner): Industry Breakdown Firm Mkt Canada Loans (Bookrunner) Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) TD Securities , CIBC , BMO Capital Markets , Scotiabank , RBC Capital Markets , BNP Paribas , Societe Generale , National Bank Financial Inc , Citi , HSBC Kohlberg Kravis Roberts & Co ING Groep Comerica Inc Bank of America Merrill Lynch Antares Capital LP Barings LLC TOTAL 100% 40, % This table consists of loans with a market of syndication as Canada. This excludes bilateral and institutional loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. Market Share (%) 9% 6% 28% 9% 12% 19% 18% Energy 28% Materials 19% Government 18% Consumer Discretionary 12% Industrials 9% Financials 6% Others 9% Canada Loans: Bookrunner ings History TD Securities CIBC BMO Capital Markets Scotiabank RBC Capital Markets BNP Paribas Societe Generale League Table Reports Page 5

8 Canada Loans (Mandated Lead Arranger) Canada Loans (Administrative Agent) Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) TD Securities , CIBC , BMO Capital Markets , Scotiabank , RBC Capital Markets , HSBC , BNP Paribas , Societe Generale , National Bank Financial Inc , Citi , ING Groep Kohlberg Kravis Roberts & Co Wells Fargo Comerica Inc Bank of America Merrill Lynch Rabobank Antares Capital LP Barings LLC TOTAL 100% 40, % Canada Loans - New Money (Bookrunner) Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC , TD Securities , Scotiabank , BMO Capital Markets , BNP Paribas Societe Generale RBC Capital Markets National Bank Financial Inc Citi Kohlberg Kravis Roberts & Co ING Groep Comerica Inc Antares Capital LP Barings LLC TOTAL 100% 10, % Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) TD Securities , CIBC , Scotiabank , BNP Paribas , BMO Capital Markets , RBC Capital Markets National Bank Financial Inc HSBC Bank of America Merrill Lynch Antares Capital LP TOTAL 100% 41, % Canada Loans - New Money (Mandated Lead Arranger) Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC , Scotiabank , TD Securities , BMO Capital Markets , BNP Paribas Societe Generale RBC Capital Markets National Bank Financial Inc Citi ING Groep Kohlberg Kravis Roberts & Co Wells Fargo Comerica Inc Rabobank Antares Capital LP Barings LLC TOTAL 100% 10, % League Table Reports Page 6

9 League Tables Criteria General Guidelines Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation. Fixed Income All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Selfled transactions are included. New money portions of exchange offers are eligible for credit. Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables. Equities-Linked Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-ipo convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner. Equities Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables. L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Professional Service.

10 League Tables Criteria Loans Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security. Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities. US Municipals Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner. Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date. All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. Tax-exempt is defined as federally taxexempt and includes bonds subject to AMT and bonds designated as Bank Qualified. Each table has five potential display formats. Economic Credit displays rankings based on true economic credit allocations of applicable deals. Left Lead assigns 100% credit to the bookrunner and 0% to all other syndicate participants. Deal Count displays rankings based on deal quantity rather than aggregate economic credit amounts. "Participation (100%)" displays rankings based on allocating 100% to each syndicate participant. "Financial Advisor" assigns credit evenly divided between all participating financial advisors. "Bond Counsel" assigns credit evenly divided between all participating bond counsels. US Municipals tables included in the Global Capital Markets and Americas Capital Markets publications are ranked according to true economic credit. A deal refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one deal worth $30 million, and Bank 2 would have one deal worth $20 million. Exclusions: Derivatives, private placements, variable rate preferred securities, and remarketings are excluded from municipal league table eligibility. The full version of s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>. L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Professional Service.