REUTERS / Mark Blinch CANADA CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS

Transcription

1 REUTERS / Mark Blinch CANADA CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year

2 Full Year Canadian Capital Markets Managing Underwriters Canadian Capital Markets Review Table of Contents Canadian Debt Capital Markets Canadian Equity Capital Markets 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 Markets Criteria Summary Regional Contacts Thomson Reuters Solutions for the Deal Making Community

3 Full Year CANADA DEBT CAPITAL MARKETS REVIEW Full Year DCM Down % From l Government Debt at % of Market Canada Deals Intelligence Overall DCM Issuance (excluding self-funded deals) totaled C$. billion in, a.% decrease from. Issuance in the fourth quarter of saw a.% decrease from the third quarter. Government and Agency debt led the market, with a % share of overall issuance in. Financials and Energy & Power followed, with 9% and % market shares, respectively. For the full year, placed first in both Canadian All Debt rankings and both Canadian Domestic Corporate Debt rankings, including and excluding self-led issuance. National Bank placed first in both Canadian Government Debt tables, full credit and true economics, while Bank of America Merrill Lynch and TD Securities placed first in Canadian Cross Border and Corporate Maple Debt respectively. Overall, the top deals list for was led by Canada Housing Trust, which issued the ten largest deals of the year, totaling C$ billion. Outside of self-funded financial issuance, the three largest corporate issues of the year were Wells Fargo Financial Canada's C$. billion deal, followed by CU Inc.'s C$ billion, and TELUS with C$9. million in proceeds. Top Underwriters - Canadian Debt Capital Markets Market Change Share from Last League Table (%) Year (%) Canadian All Debt - Ex Self Funded (CC). -.9 Canadian All Debt - Incl. Self Funded (CCa). -. Canadian Government Debt - Full Credit (CC).9 +. Canadian Government Debt -True Economics (CCa). +. Canadian Domestic Corporate Debt Ex Self Funded (CC). -. Canadian Domestic Corporate Debt Incl. Self Funded (CCa). +. Canadian Cross Border (CC) Bank of America Merrill Lynch. +. Corporate Maple Debt (CC). -. All Canadian Debt - Industry Proceeds (C$M) All Canadian Debt - Monthly Volume % 9% Government and Agencies Financials Energy and Power Telecommunications Real Estate Industrials Retail Retail All Others % % % JFMAMJJASONDJFMAMJJASONDJFMAMJJASOND Canadian All Debt (CC) Excluding Self-Funded Canadian All Debt (CCa) Including Self-Funded, , , , , , , , BMO Capital Markets, BMO Capital Markets, , , , HSBC Holdings PLC, HSBC Holdings PLC, , Bank of America Merrill Lynch 9, Bank of America Merrill Lynch 9, JP Morgan JP Morgan , ,. 99., , %.% -.% -.%.% -.%.% 9.%

4 Full Year Debt Capital Markets Managing Underwriters Canadian Debt Top Underwriters by Bond Type % 9% % % % % % % % % % RBC TD CIBC NBF BMO Scotia Desjardins Government (True Economics) Corporate Maple Domestic Corporate Top Ten Deals: Canadian Domestic Corporate Debt Excluding Self-Funded,, Wells Fargo Financial Canada,9. CU Inc,. TELUS Corp Suncor Energy Inc Bell Canada 9... Pembina Pipeline Corp Rogers Communications Inc Thomson Reuters Corp West Edmonton Mall Canadian Domestic Government Debt (CC) Full Credit Canadian Domestic Government Debt (CCa) True Economics Manager, , , , , , , , BMO Capital Markets, , , BMO Capital Markets, , , Laurentian Bank of Canada Bank of America Merrill Lynch, HSBC Holdings PLC Casgrain & Companie Ltee 9 9, Casgrain & Companie Ltee Laurentian Bank of Canada, ,9. 99.,. 9.9,9.. +, %.%.%.% -.%.%.%.% 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 Proceeds: Government Issues

5 Full Year Debt Capital Markets Managing Underwriters Canadian Debt Canadian Domestic Corporate Debt (CC) Excluding Self-Funded Canadian Domestic Corporate Debt (CCa) Including Self-Funded, , , , BMO Capital Markets 9, BMO Capital Markets, , , , , , , HSBC Holdings PLC, HSBC Holdings PLC, Bank of America Merrill Lynch JP Morgan Societe Generale 9 * Bank of America Merrill Lynch JP Morgan 9 * , ,. 99.,.. +, %.% -.% -.%.% -.% * tie * tie -.9%.% Canadian Cross Border (CC) Excluding Self-Funded Corporate Maple Debt (CC) Excluding Self-Funded Rank Rank Proceeds Sh. Share Ch. Deals Sh. # of Deals Bank of America Merrill Lynch 9, Morgan Stanley, , JP Morgan, Barclays, HSBC Holdings PLC 9, Citi Goldman Sachs & Co,., , Deutsche Bank, ,.. 9, BMO Capital Markets Top Five Total,. 9., %.%.%.% -.%.%.9% -.% Canadian Corporate Proceeds by Province of Issuer % 9% Ontario 9% % Alberta Québec British Columbia % Manitoba-Saskatchewan Atlantic Canada

6 Full Year CANADA EQUITY CAPITAL MARKETS REVIEW ECM Issuance Up % Over l Energy & Power at % of Market Canada Deals Intelligence Equity & Equity-Related Industry Proceeds (C$M) Canadian Equity & Equity-Related issuance (excluding self-led issuance) totaled C$. billion from issues in, representing a 9.% increase in total proceeds from. Fourth quarter proceeds were down.% from the third quarter of. The Energy & Power sector posted overall equity proceeds of C$. billion in, representing a.9% market share. Financials captured an.% share with C$. billion in proceeds, while Materials fell into third place, with a.% share of the market. The top underwriter of the year was, which ranked first in the Canadian Equity & Equity- Related, Canadian Common Stock & Trust, and Canadian Secondary Offerings rankings. CIBC ranked first in Retail Structured Products and in IPOs, bolstered by PrairieSky Royalty's initial public offering of C$. billion. TD Securities ranked first in Canadian Preferred Securities. Canadian Secondary Offerings in totaled C$. billion from deals. This represented a.% increase in issuance volume from last year. Retail Structured Products totalled C$. billion for the, a.% decrease from last year, while Preferred Securities totaled C$. billion, a.% increase from. PrairieSky Royalty, which went public earlier this year, had the largest issuance of with C$. billion in September, led by TD, CIBC, BMO, and RBC. Manulife Financial's equity offering of C$. billion, led by Scotia, was the second largest deal of the year..%.9%.%.%.% Top Underwriters of the Year Canadian ECM 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).%.%.% Energy and Power Financials Materials Real Estate Industrials High Technology Healthcare All Others Market Change from Share (%) Last Year (%) 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 Proceeds (C$m)

7 Full Year Equity Capital Markets Managing Underwriters Canadian Equity Canada Equity & Equity-Related - Ex. Self-Led (CAa) Canada Common Stock & Trusts - Ex. Self-Led (CAa), , , , BMO Capital Markets, BMO Capital Markets, , , , , GMP Capital Corp, GMP Capital Corp, Canaccord Genuity 9, Canaccord Genuity 9, , , Peters & Co Ltd Peters & Co Ltd Cormark Securities Inc Cormark Securities Inc Credit Suisse Credit Suisse Dundee Securities Corporation Dundee Securities Corporation Raymond James Financial Inc Raymond James Financial Inc Macquarie Group Macquarie Group FirstEnergy Capital Corp FirstEnergy Capital Corp Pareto Securities Pareto Securities Barclays Barclays Mackie Research Capital Corp Clarus Securities Inc Clarus Securities Inc Morgan Stanley Top Twenty Total, Top Twenty Total,. 9.,.. +, %.%.%.% -.% -.% -.% -.% Canada Initial Public Offerings - Excl Self-Led (CAa) Canada Secondary Offerings- Ex. Self-Led (CAa), Canaccord Genuity Credit Suisse * Peters & Co Ltd * Top Five Total,. 9.,9.. - * tie Secondary Proceeds by Industry Sector (C$M) % %.% 9.9% -.%.% % % Energy and Power 9% % Financials Materials Real Estate Industrials High Technology Healthcare All Others, , BMO Capital Markets, , , GMP Capital Corp, , Canaccord Genuity 9, Cormark Securities Inc Peters & Co Ltd Dundee Securities Corporation Raymond James Financial Inc Macquarie Group Credit Suisse FirstEnergy Capital Corp Pareto Securities Barclays Clarus Securities Inc Morgan Stanley Top Twenty Total,. 9.,.9. +.%.% -.% -.%

8 Full Year Equity Capital Markets Managing Underwriters Canadian Equity Canada Retail Structured Products (CA) Canada Preferred Securities (CA), , , , , BMO Capital Markets BMO Capital Markets, Acumen Capital Finance Canaccord Genuity Cormark Securities Inc GMP Capital Corp Beacon Securities Limited Laurentian Bank of Canada Dundee Securities Corporation Industrial Alliance Securities Top Nine Total,.. Top Nine Total,9..,.. 9 +, % -.%.%.%.% -9.%.% -.% Proceeds by Issue Type (C$) 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

9 Full Year Canada Capital Capital Markets 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 Salvatore Reres Tel: + salvatore.reres@thomsonreuters.com - All current data and previous year's data is as of am EST on January th,. - 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 Markets 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 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.. Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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