CANADA CAPITAL MARKETS REVIEW DCM & ECM MANAGING UNDERWRITERS

Transcription

1 CANADA CAPITAL MARKETS REVIEW DCM & ECM MANAGING UNDERWRITERS First Quarter 0 REUTERS / Mark Blinch

2 First Quarter 0 Canadian Capital s Managing Underwriters Canadian Capital s Review Table of Contents Canadian Debt Capital s Canadian Equity Capital s Canadian DCM Deals Intelligence Canadian ECM Deals Intelligence Leading Underwriters Leading Underwriters All Canadian Debt - Industry Breakdown Canada Equity & Equity-Related Proceeds by Industry All Canadian Debt - Monthly Volume Canada Equity & Equity-Related Issuance by Quarter Canadian All Debt - Ex Self Funded CC Canada Equity & Equity-Related (CAa) Canadian All Debt - Incl Self Funded CCa Canada Common Stock & Trusts (CAa) Top Underwriters by Bond Type Canada Initial Public Offerings, All Sizes Top Ten Deals Canada Secondary Offerings (CAa) Canadian Government Debt - Monthly Volume Canada Secondaries: Proceeds by Industry Canadian Government Debt - Full Credit (CC) Canada Retail Structured Products (CA) Canadian Government Debt - True Economics (CCa) Canada Preferred Securities (CA) Canadian Domestic Corp Debt Ex Self Funded (CC) Quarterly Canadian Dollar by Issue Type Canadian Domestic Corp Debt Incl Self Funded (CCa) Canadian Preferred Share Volume by Quarter Canadian Cross Border (CC) Criteria Summary Corporate Maple Debt (CC) Capital s Criteria Summary Regional Contacts Thomson Reuters Solutions for the Deal Making Community

3 First Quarter 0 CANADA DEBT CAPITAL MARKETS REVIEW Q 0 DCM Issuance Up % From Last Year l Government Debt at % of Canada Deals Intelligence Overall DCM Issuance (excluding self-funded deals) totaled C$.9 billion in the first quarter of 0, a.% increase from the first quarter of 0. Issuance in the first months of 0 saw a.% quarterly decrease from the fourth quarter of 0. Government and Agency debt continued to lead the market, with a % share of overall issuance in the first quarter of 0. Financials and Energy & Power followed, with % and % market shares, respectively. For the first quarter, placed first in the excluding self-funded Canadian all debt table, the Canadian Domestic Corporate Debt tables, and Corporate Maple Debt. TD Securities came in first in the including self-funded Canadian all debt table and Canadian Government debt rankings, with JP Morgan coming in first in the Canadian Cross Border rankings, excluding self-funded activity. The overall top deals list for the first months of 0 was led by Canada Housing Trust, which issued the three largest deals of the quarter, totaling C$9.0 billion. Among corporate issuers, Canadian banks collectively raised nearly C$.9 billion in the quarter. Outside of self-funded financial issuance, the two largest corporate issues of the year were Wells Fargo Canada's C$. billion deal in January and Rogers' C$9 million deal in March. Top Underwriters - Canadian Debt Capital s Jan - Mar 0 Change Share from Last League Table (%) Year (%) Canadian All Debt - Ex Self Funded (CC). 0 - Canadian All Debt - Incl. Self Funded (CCa).0 +. Canadian Government Debt - Full Credit (CC). +.0 Canadian Government Debt -True Economics (CCa). +. Canadian Domestic Corporate Debt Ex Self Funded (CC) Canadian Domestic Corporate Debt Incl. Self Funded (CCa). +. Canadian Cross Border (CC) JP Morgan. -. Corporate Maple Debt (CC). +. All Canadian Debt - Industry Proceeds (C$M) Jan - Mar All Canadian Debt - Monthly Volume 0 % % % % % % % % Government and Agencies Financials Energy and Power Real Estate Industrials Retail Telecommunications All Others 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M Canadian All Debt (CC) Excluding Self-Funded Canadian All Debt (CCa) Jan - Mar Jan - Mar Including Self-Funded Proceeds per (C$m) # of Deals per Proceeds per (C$m) # of Deals per , , , , , , , , , , National Bank of Canada Fin'l, National Bank of Canada Fin'l, HSBC Holdings PLC HSBC Holdings PLC Canaccord Genuity Goldman Sachs & Co Desjardins Securities Inc Canaccord Genuity Credit Suisse Bank of America Merrill Lynch Top Ten Total,. 99. Top Ten Total,. 9.9, , %.% -.9% -.% -.9% -9.% -.% -.%

4 First Quarter 0 Debt Capital s Managing Underwriters Canadian Debt Top Underwriters by Bond Type Jan - Mar 00% 90% 0% 0% 0% 0% 0% 0% 0% 0% 0% RBC TD CIBC BMO Scotia NBF HSBC Government (True Economics) Corporate Maple Domestic Corporate Top Ten Deals: Canadian Domestic Corporate Debt Excluding Self-Funded Jan - Mar 0 00,000,00 Wells Fargo Financial Canada,9. Rogers Communications Inc West Edmonton Mall Enbridge Inc Manulife Financial Corp Ford Credit Canada Ltd Shaw Communications Inc Brookfield Asset Management Enbridge Inc Tim Hortons Inc Canadian Domestic Government Debt (CC) Full Credit Jan - Mar Canadian Domestic Government Debt (CCa) True Economics Jan - Mar Proceeds per (C$m) # of Deals per Proceeds per (C$m) # of Deals per Manager, , , , , National Bank of Canada Fin'l, , , National Bank of Canada Fin'l, , , , Canaccord Genuity Bank of America Merrill Lynch, Desjardins Securities Inc Desjardins Securities Inc., Casgrain & Companie Ltee HSBC Holdings PLC Laurentian Bank of Canada Casgrain & Companie Ltee Top Ten Total,. 99. Top Ten Total,0. 9., , % -9.% -.0% 0.0% - -.9% -9.% -.0% 0.0% - Canadian Government Debt - Monthly Volume J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M Proceeds: Government Issues

5 First Quarter 0 Debt Capital s Managing Underwriters Canadian Debt Canadian Domestic Corporate Debt (CC) Excluding Self-Funded Jan - Mar Canadian Domestic Corporate Debt (CCa) Including Self-Funded Jan - Mar Proceeds per (C$m) # of Deals per Proceeds per (C$m) # of Deals per 0 Rank 0 Rank Proceeds Sh. (%) Share Ch. # of Deals Sh. (%) Change in # of Deals 0 Rank 0 Rank Proceeds Sh. (%) Share Ch. # of Deals Sh. (%) Change in # of Deals,., ,0.9, , , , , , , National Bank of Canada Fin'l National Bank of Canada Fin'l, HSBC Holdings PLC HSBC Holdings PLC Credit Suisse Credit Suisse Top Eight Total, Top Eight Total, , , %.% -9.% -.% -.% -.% -.0% -.% Canadian Cross Border (CC) Excluding Self-Funded Jan - Mar Corporate Maple Debt (CC) Excluding Self-Funded Jan - Mar Proceeds per (C$m) # of Deals per 0 0 Rank Rank Proceeds Sh. Share Ch. Deals Sh. # of Deals JP Morgan, HSBC Holdings PLC, Barclays 0, , Bank of America Merrill Lynch, BNP Paribas SA, Deutsche Bank Morgan Stanley 9,., , Citi Top Ten Total,.., Proceeds per (C$m) # of Deals per 0 0 * * * * * * Top Five Total * tie -.% 0.0% - -.% 0.0% - 09.%.%.%.% Canadian Corporate Proceeds by Province of Issuer Jan - Mar % Ontario Alberta % % Québec Manitoba British Columbia Nova Scotia

6 First Quarter 0 CANADA EQUITY CAPITAL MARKETS REVIEW First Quarter 0 ECM Issuance Up % Over Q 0 l Energy & Power at 0% of Canada Deals Intelligence Equity & Equity-Related Industry Proceeds (C$M) Jan - Mar Canadian Equity & Equity-Related issuance (excluding self-led issuance) totaled C$. billion from issues for the first quarter of 0, representing a.% increase in total proceeds from the same period in 0. First quarter proceeds were down.% from the fourth quarter of 0. The Energy & Power sector posted overall equity proceeds of C$. billion in the first quarter, holding a 0% market share. Materials captured a % share with C$. billion in proceeds, while Financials fell into third place, with an % share of the market. The top underwriter of the first quarter was, ranking number one in the Canadian Equity & Equity-Related, Canadian Common Stock & Trusts, Canadian Secondary Offerings, and Preferred Securities rankings. CIBC ranked first in Retail Structured Products, while Canaccord Genuity placed first in IPOs by underwriting the quarter's lone deal eligible for the standard IPO rankings, Transeastern Power Trust issue at C$. million.. %.0 %. %,. 0%. %. % Top Underwriters of the Year Canadian ECM. %,.9 % Energy and Power Materials Financials Industrials High Technology Healthcare Real Estate All Others Jan - Mar Canadian Secondary Offerings in the first quarter of 0 totaled C$. billion from 0 deals. This represented a.% increase in issuance volume from the same period last year. Retail Structured Products reached C$. billion for the quarter, a 0.% increase from the same period last year, while Preferred Securities totaled C$.9 billion, a.% increase from the first quarter of 0. Canadian-incorporated Baytex Energy Corp. issued common shares totaling C$. billion the largest deal of the quarter led by Scotia and RBC. The next-largest deal of the year to date, Whitecap Resources' C$00 million issue in February, was led by National Bank and TD. League Table Canada Equity & Equity-related, Ex-Self-Funded (CAa) Canada Common Stock & Trusts, Ex-Self-Funded (CAa) Canada Initial Public Offerings, Ex-Self-Funded (CAa) Canada Secondary Offerings, Ex-Self-Funded (CAa) Canada Retail Structured Products (CA) Canada Preferred Securities (CA) 0 Share (%).. Canaccord Genuity Change from Last Year (%) Rankings are based on proceeds of the first quarter of 0. Change in market share is determined by the current quarter's total increase / decrease over the first quarter of 0. Canadian Equity & Equity-Related Issuance (Excluding Self-Funded) Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Proceeds (C$m)

7 First Quarter 0 Equity Capital s Managing Underwriters Canadian Equity Canada Equity & Equity-Related - Ex. Self-Led (CAa) Jan - Mar Canada Common Stock & Trusts - Ex. Self-Led (CAa) Jan - Mar Proceeds per (C$m) # of Deals per Proceeds per (C$m) # of Deals per , , , , , , Canaccord Genuity Canaccord Genuity GMP Capital Corp GMP Capital Corp Peters & Co Ltd Peters & Co Ltd National Bank of Canada Fin'l National Bank of Canada Fin'l Credit Suisse Dundee Securities Corporation Dundee Securities Corporation Macquarie Group Macquarie Group Credit Suisse FirstEnergy Capital Corp FirstEnergy Capital Corp Raymond James Financial Inc Raymond James Financial Inc Cormark Securities Inc Cormark Securities Inc Mackie Research Capital Corp Pareto Securities Nomura * UBS * JP Morgan * Citi * Pareto Securities Leerink Swann & Co ISM Capital LLP Nomura 0* Top Twenty Total,0. 9. JP Morgan 0* , Top Twenty Total,0. 9., %.% -.% -.%.%.% * tie -.9%.0% Canada Initial Public Offerings, All Sizes * Jan - Mar Canada Secondary Offerings- Ex. Self-Led (CAa) Jan - Mar Proceeds per (C$m) # of Deals per 0 Rank Proceeds Sh. (%) Canaccord Genuity..0 Clarus Securities Inc.. 0. M Partners Inc Paradigm Capital Inc * 0.. Laurentian Bank of Canada * 0.. PI Financial Corp 0.. Raymond James Financial Inc 0.. Top Seven Total * Custom table; standard Thomson Reuters rankings exclude deals less than C$.0 million Secondary Proceeds by Industry Sector (C$M) % % % % % Energy and Power 0% Materials Financials Industrials High Technology Healthcare Real Estate All Others Jan - Mar Proceeds per (C$m) # of Deals per 0 0, , , Canaccord Genuity GMP Capital Corp Peters & Co Ltd National Bank of Canada Fin'l Dundee Securities Corporation Macquarie Group Credit Suisse FirstEnergy Capital Corp Raymond James Financial Inc Pareto Securities Cormark Securities Inc UBS * Citi * Leerink Swann & Co Nomura 0* JP Morgan 0* Top Twenty Total,9. 9.0, % -0.0% *tie 0.0%.%

8 First Quarter 0 Equity Capital s Managing Underwriters Canadian Equity Canada Retail Structured Products (CA) Jan - Mar Canada Preferred Securities (CA) Jan - Mar Proceeds per (C$m) # of Deals per Proceeds per (C$m) # of Deals per , National Bank of Canada Fin'l Cormark Securities Inc National Bank of Canada Fin'l Laurentian Bank of Canada Beacon Securities Limited GMP Capital Corp Top Eight Total, Top Eight Total,. 00.0, , %.% -.% 0.0% -.% 9.%.%.% Proceeds by Issue Type (C$) 0 0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Convertible Follow-On IPO Canadian Preferred Share Volume Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

9 First Quarter 0 Canada Capital Capital s Managing Underwriters Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact: Gavin Penny Tel: + gavin.penny@thomsonreuters.com Stephen Case Tel: + stephen.case@thomsonreuters.com - All current data and previous year's data is as of 0am EDT on April, 0. - For all transactions full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. - All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated. - All league tables will be shown in Canadian dollars. - Purely Private transactions will be eligible for league table credit only if Thomson Reuters receives an Offering Memorandum from an agent on the transaction. To replicate any of the graphs or figures displayed in this document, please contact our Capital s Consulting Team at: CTSROnCall@thomson.com DCM - Specific Criteria - Best-efforts offerings will be eligible for Canadian league table inclusion but excluded from the global league table rankings. - Self-Led transactions will not receive Canadian league table credit - When disclosed in a prospectus or offering memorandum, bookrunners identified as passive will not be eligible for league table credit. Only active bookrunners will receive standard league table credit. - For government bonds, Thomson Reuters offers two league tables: () Government bond league (CC) table will rank dealers based on full credit to lead manager (equal if joint). () Government bond league (CCa) table will rank dealers based on underwriting amount or on a true economic basis. - Maple bonds are defined as securities that meet all of the following criteria: () A security that clears through the Canadian Depository System (CDS). () A security that is offered by a non-canadian issuer into the Canadian market. - ECM - Specific Criteria Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, PIPES, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds. - Corporate structured products are included in the Canadian Equity & Equity-related league tables (CA, CA, CA, and CA). Retail structured products, while excluded from these tables, are included in the Retail Structured Products league table (CA). - Canadian equity, equity-related league tables are based on nation of incorporation. - All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. - Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. - Convertible Bonds with a minimum life of less than 0 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option. - Offerings of preferred shares are tracked and included in the CA (Canada Preferred Securities) league table. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 0. Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. relevant third party. Any third party name or mark herein belongs to the

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