CANADA CAPITAL MARKETS

Transcription

1 CANADA CAPITAL MARKETS LEAGUE TABLES Q1 2018

2 Q MANAGER RANKINGS CANADA CAPITAL MARKETS The Bloomberg 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 Bloomberg 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 Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Equities Irina Arefyeva calendar@bloomberg.net Fixed Income Dean Psomaras newissues@bloomberg.net Loans Paul Bandong loansleag@bloomberg.net 2018 Bloomberg Finance L.P. All rights reserved.

3 Canadian Corporate Bonds: Industry Breakdown Canadian Corporate Bonds 15% Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) BMO Capital Markets , Toronto Dominion Bank , Scotiabank , CIBC , RBC Capital Markets , National Bank Financial Inc , HSBC Laurentian Bank of Canada Morgan Stanley Bank of America Merrill Lynch Goldman Sachs GMP Securities TOTAL 100% 32, % 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. 6% 11% 68% Financials 68% Consumer Discretionary 11% Industrials 6% Others 15% Canadian Corporate Bonds: Manager ings History Market Share (%) BMO Capital Markets Toronto Dominion Bank Scotiabank CIBC RBC Capital Markets National Bank Financial Inc Bloomberg League Table Reports Page 1

4 Canadian Corporate Bonds - Bonus Canadian Government Bonds BMO Capital Markets , Toronto Dominion Bank , Scotiabank , CIBC , RBC Capital Markets , National Bank Financial Inc , HSBC Laurentian Bank of Canada Desjardins Capital Markets Bank of America Merrill Lynch Morgan Stanley Casgrain & Co Wells Fargo Goldman Sachs Manulife Financial Corp Citi JP Morgan AltaCorp Capital DNB ASA BNP Paribas TOTAL 100% 32, % Canadian Government Bonds - Bonus Toronto Dominion Bank , RBC Capital Markets , BMO Capital Markets , CIBC , National Bank Financial Inc , Scotiabank , Desjardins Capital Markets , Bank of America Merrill Lynch HSBC Laurentian Bank of Canada Casgrain & Co Credit Agricole CIB SEB BNP Paribas TOTAL 100% 20, % Toronto Dominion Bank , National Bank Financial Inc , BMO Capital Markets , RBC Capital Markets , Scotiabank , CIBC , HSBC Bank of America Merrill Lynch Desjardins Capital Markets Casgrain & Co TOTAL 100% 20, % Canada Government Bonds - Allocation Toronto Dominion Bank , RBC Capital Markets , BMO Capital Markets , National Bank Financial Inc , CIBC , Scotiabank , Desjardins Capital Markets , Bank of America Merrill Lynch , HSBC Casgrain & Co Laurentian Bank of Canada Canaccord Genuity SEB Beacon Securities Credit Agricole CIB BNP Paribas TOTAL 100% 20, % Bloomberg League Table Reports Page 2

5 Canada Equity, Equity Linked & Preferred Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) Toronto Dominion Bank , Canaccord Genuity BMO Capital Markets Credit Suisse RBC Capital Markets GMP Securities Morgan Stanley National Bank Financial Inc Scotiabank CIBC Eight Capital UBS Goldman Sachs Pacific International Securities Inc Haywood Securities Clarus Securities Mackie Research Capital Corp GMP FirstEnergy Paradigm Capital Inc Desjardins Capital Markets TOTAL 100% 7, % Canada Equity, Equity Linked & Preferred: Industry Breakdown Health Care 24% Financials 22% Materials 21% Communications 13% Industrials 9% Others 12% Canada Equity, Equity Linked & Preferred: Manager ings History Market Share (%) % 13% 12% 21% 24% 22% 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, qualified investor placements (QIP), 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 Toronto Dominion Bank Canaccord Genuity BMO Capital Markets Credit Suisse RBC Capital Markets GMP Securities Bloomberg League Table Reports Page 3

6 Canada Equity & Equity Linked Canada Equity Offerings Toronto Dominion Bank Canaccord Genuity Credit Suisse BMO Capital Markets GMP Securities Morgan Stanley RBC Capital Markets National Bank Financial Inc CIBC Eight Capital UBS Scotiabank Goldman Sachs Pacific International Securities Inc Haywood Securities Clarus Securities Mackie Research Capital Corp GMP FirstEnergy Paradigm Capital Inc Desjardins Capital Markets TOTAL 100% 7, % Canada Equity IPO CIBC RBC Capital Markets Scotiabank BMO Capital Markets Haywood Securities Mackie Research Capital Corp Canaccord Genuity Eight Capital Pacific International Securities Inc GMP Securities Jones Gable & Co Ltd Industrial Alliance Insurance & Financial Chippingham Financial Group Ltd TOTAL 100% % Toronto Dominion Bank Credit Suisse GMP Securities Canaccord Genuity BMO Capital Markets Morgan Stanley National Bank Financial Inc RBC Capital Markets Eight Capital CIBC UBS Goldman Sachs Pacific International Securities Inc Haywood Securities Clarus Securities GMP FirstEnergy Paradigm Capital Inc Desjardins Capital Markets Cormark Securities Inc Scotiabank TOTAL 100% 5, % Canadian Retail Structured Products Scotiabank RBC Capital Markets CIBC National Bank Financial Inc Canaccord Genuity Raymond James & Associates Echelon Wealth Management Inc Industrial Alliance Insurance & Financial GMP Securities Mackie Research Capital Corp Desjardins Capital Markets BMO Capital Markets Toronto Dominion Bank TOTAL 100% % Bloomberg League Table Reports Page 4

7 Canada Loans (Bookrunner): Industry Breakdown Canada Loans (Bookrunner) Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC , BMO Capital Markets , Scotiabank , RBC Capital Markets , Toronto Dominion Bank , National Bank Financial Inc , HSBC , JP Morgan , Citi BNP Paribas Credit Agricole CIB Morgan Stanley US Bancorp UBS Bank of China Sumitomo Mitsui Financial ATB Financial SunTrust Robinson Humphrey Bank of America Merrill Lynch Wells Fargo TOTAL 100% 59, % 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 (%) 4% 9% 23% 11% 15% 22% 16% Industrials 23% Energy 22% Financials 16% Consumer Discretionary 15% Government 11% Materials 9% Others 4% Canada Loans: Bookrunner ings History CIBC BMO Capital Markets Scotiabank RBC Capital Markets Toronto Dominion Bank National Bank Financial Inc Bloomberg League Table Reports Page 5

8 Canada Loans (Mandated Lead Arranger) Canada Loans (Administrative Agent) CIBC , BMO Capital Markets , RBC Capital Markets , Scotiabank , Toronto Dominion Bank , HSBC , National Bank Financial Inc , JP Morgan , Citi BNP Paribas Bank of China Morgan Stanley Credit Agricole CIB US Bancorp Bank of America Merrill Lynch Sumitomo Mitsui Financial ATB Financial SunTrust Robinson Humphrey Wells Fargo Macquarie TOTAL 100% 59, % Canada Loans - New Money (Bookrunner) BMO Capital Markets , Scotiabank , CIBC , RBC Capital Markets , Toronto Dominion Bank , National Bank Financial Inc HSBC Credit Agricole CIB BNP Paribas US Bancorp Citi Sumitomo Mitsui Financial ATB Financial SunTrust Robinson Humphrey Bank of America Merrill Lynch Wells Fargo JP Morgan Desjardins Capital Markets Antares Holdings LP Barings LLC TOTAL 100% 15, % CIBC , RBC Capital Markets , BMO Capital Markets , Scotiabank , Toronto Dominion Bank , National Bank Financial Inc , HSBC , Sumitomo Mitsui Financial US Bancorp Wells Fargo Antares Holdings LP Bank of America Merrill Lynch TOTAL 100% 59, % Canada Loans - New Money (Mandated Lead Arranger) BMO Capital Markets , CIBC , RBC Capital Markets , Scotiabank , Toronto Dominion Bank , National Bank Financial Inc HSBC BNP Paribas US Bancorp Citi Sumitomo Mitsui Financial ATB Financial SunTrust Robinson Humphrey Bank of America Merrill Lynch Wells Fargo JP Morgan Desjardins Capital Markets Antares Holdings LP Barings LLC Morgan Stanley TOTAL 100% 15, % Bloomberg 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. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg 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 Bloomberg 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 tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified. Each table is provided in three 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. 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, municipal commercial paper, and remarketings are excluded from municipal league table eligibility. The full version of Bloomberg s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg 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 Bloomberg Professional Service.