CANADA CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS. REUTERS / Mark Blinch

Transcription

1 CANADA CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS / Mark Blinch First Nine Months 0

2 First Nine Months 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 Nine Months 0 CANADA DEBT CAPITAL MARKETS REVIEW First Three Quarters 0 DCM Issuance Down % l Government Debt at % of l Canadian Domestic Corporate Debt Down % Canada Deals Intelligence Overall Canadian DCM Issuance (excluding self-funded deals) totaled C$.9 billion in the first three quarters of 0, a.% decrease from the first nine months of 0. Third quarter proceeds decreased.% from the previous quarter. Government and Agency debt led the market, with a % share of overall issuance in the first three quarters of the year. Financials and Energy & Power followed, with % and % market shares, respectively. For the first nine months, placed first in both Canadian All Debt rankings, both Canadian Domestic Corporate Debt rankings, and the Canadian Cross Border ranking. TD placed first in Corporate Maple Debt, while National Bank placed first in both Canadian Government Debt rankings (Equal Credit and True Economics). Overall, the top deals list for the first three quarters was led by Canada Housing Trust, which issued over C$ billion from 9 transactions in the period. Exclusive of self-funded issues, the largest corporate issues of the first nine months were TELUS Corp's C$. billion deal, followed by Kraft Canada's C$.0 billion. Top Underwriters - Canadian Debt Capital s 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 - Equal Credit (CC) National Bank of Canada Fin'l. +. Canadian Government Debt -True Economics (CCa) National Bank of Canada Fin'l. +0. Canadian Domestic Corporate Debt Ex Self Funded (CC) Canadian Domestic Corporate Debt Incl. Self Funded (CCa). +. Canadian Cross Border (CC). +0. Corporate Maple Debt (CC). -. Rankings are based on proceeds of the first nine months of 0. Change in market share is determined by the first nine months total increase / decrease over the first nine months of 0. All Canadian Debt - Industry Proceeds (C$M) All Canadian Debt - Monthly Volume % % % % % Government and Agencies Financials Energy and Power Industrials Real Estate Telecommunications All Others % % 0 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 A M J J A S Canadian All Debt (CC) Excluding Self-Funded Canadian All Debt (CCa) Including Self-Funded , , , , , , National Bank of Canada Fin'l 0, National Bank of Canada Fin'l, Bank of America Merrill Lynch,9.,., HSBC Holdings PLC,0.,., HSBC Holdings PLC, Bank of America Merrill Lynch 9, Desjardins Securities Inc Desjardins Securities Inc. 9, JP Morgan Laurentian Bank of Canada Top Ten Total, Top Ten Total, , , % -0.9%.9%.% -.% -.% -.% -.9%

4 First Nine Months 0 Debt Capital s Managing Underwriters Canadian Debt Top Underwriters by Bond Type 0% 90% 0% 0% 0% 0% 0% 0% 0% % 0% RBC TD CIBC NBF BMO Scotia BAML Government (True Economics) Corporate Maple Supranational & Soverign Maple Domestic Corporate Top Ten Deals: Canadian Domestic Corporate Debt Excluding Self-Funded 0 00,000,00,000 TELUS Corp,. Kraft Canada Inc NorthWest Redwater Partnership Enbridge Pipelines Inc Bell Canada Inc Molson Coors International LP VW Credit Canada Inc BCIMC Realty Corp Canadian National Railway Co NorthWest Redwater Partnership, Canadian Domestic Government Debt (CC) Full Credit Canadian Domestic Government Debt (CCa) True Economics Manager National Bank of Canada Fin'l, National Bank of Canada Fin'l, , , , , , , , , , , Laurentian Bank of Canada Bank of America Merrill Lynch, Top Seven Total,. 0.0 Desjardins Securities Inc., , Casgrain & Companie Ltee 9 9, Laurentian Bank of Canada, %.% Top Ten Total,. 9..% 0.0% -, %.%.% 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 Proceeds: Government Issues

5 First Nine Months 0 Debt Capital s Managing Underwriters Canadian Debt Canadian Domestic Corporate Debt (CC) Excluding Self-Funded Canadian Domestic Corporate Debt (CCa) Including Self-Funded 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, , , , , , , , , , National Bank of Canada Fin'l, National Bank of Canada Fin'l, Bank of America Merrill Lynch 9, HSBC Holdings PLC, HSBC Holdings PLC, Desjardins Securities Inc., Desjardins Securities Inc Bank of America Merrill Lynch 9, JP Morgan Laurentian Bank of Canada Top Ten Total 0,. 0.0 Top Ten Total, , , % -.9%.% -.%.% -.% -.% -.% Canadian Cross Border (CC) Excluding Self-Funded Corporate Maple Debt (CC) Rank Rank Proceeds Sh. Share Ch. Deals Sh. # of Deals, Bank of America Merrill Lynch, Citi, Credit Suisse, Goldman Sachs & Co, HSBC Holdings PLC, Bank of America Merrill Lynch , National Bank of Canada Fin'l BNP Paribas SA, Top Seven Total, Deutsche Bank 9 9, , Wells Fargo & Co, JP Morgan, % -.% Morgan Stanley, , * tie, Barclays, E Sun Financial Holding Co Ltd Canadian Corporate Proceeds by Province of Issuer Commerzbank AG National Bank of Canada Fin'l % Ontario Natixis Top Twenty Total 9,. 90., % Alberta -.%.% -.% -.% % Québec % British Columbia Other Provinces

6 First Nine Months 0 CANADA EQUITY CAPITAL MARKETS REVIEW First Nine Months 0 ECM Issuance Up % l Energy & Power at % of l Secondary Offerings Up % Canada Deals Intelligence Equity & Equity-Related Industry Proceeds (C$M) Canadian Equity & Equity-Related issuance (excluding self-led issuance) totaled C$.0 billion from 9 issues in the first three quarters of 0, representing an.% increase in total proceeds from the same period in 0. Issuance in the third quarter however was down.% from the previous quarter. The Energy & Power sector posted overall equity proceeds of C$. billion in the first nine months of 0, representing a % market share. Financials captured an % share with C$. billion in proceeds, while Materials fell into third place, with a % share of the market. The top underwriter of the first three quarters was, which ranked first in Canadian Equity & Equity-Related, Canadian Common Stock & Trusts, Canadian Secondary Offerings, and Canadian Preferred Securities. CIBC ranked first in Retail Structured Products, while BMO ranked first in Initial Public Offerings. Canadian Secondary Offerings in the first nine months totaled C$.9 billion from deals. This represented a.0% increase in issuance volume from the same period last year. Retail Structured Products totaled C$.0 billion for the first three quarters, a.0% increase from last year, while Preferred Securities totaled C$.0 billion, a % decrease from the first nine months of 0. Emera had the largest issue of the year thus far, led by Scotia, RBC, and JP Morgan at C$. billion. Element Financial issued C$.0 billion of equity, which was led by BMO, Barclays, CIBC, National Bank, RBC, and TD. Valeant Pharmaceuticals had the third largest deal of the year at C$.9 billion, led by Deutsche Bank. % % % % % Top Underwriters of the Year Canadian ECM 0 Change from League Table Share (%) Last Year (%) Canada Equity & Equity-related, Ex-Self-Funded (CAa) Canada Common Stock & Trusts, Ex-Self-Funded (CAa) Canada Initial Public Offerings, Ex-Self-Funded (CAa). +.9 Canada Secondary Offerings, Ex-Self-Funded (CAa) Canada Retail Structured Products (CA). -. Canada Preferred Securities (CA).9 +. % % % Energy and Power Financials Materials Healthcare Real Estate High Technology Industrials All Others Rankings are based on proceeds of the first nine months of 0. Change in market share is determined by the first nine months total increase / decrease over the first nine months 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 Proceeds (C$m)

7 First Nine Months 0 Equity Capital s Managing Underwriters Canadian Equity Canada Equity & Equity-Related - Ex. Self-Led (CAa) Canada Common Stock & Trusts - Ex. Self-Led (CAa) , , , , , , , , , , Deutsche Bank -, Deutsche Bank -, National Bank of Canada Fin'l, National Bank of Canada Fin'l, JP Morgan *, JP Morgan 9*, GMP Capital Corp 9, GMP Capital Corp 9, Goldman Sachs & Co Goldman Sachs & Co Credit Suisse Canaccord Genuity Canaccord Genuity Credit Suisse Citi Citi Macquarie Group Cormark Securities Inc Cormark Securities Inc Peters & Co Ltd Peters & Co Ltd Barclays Raymond James Financial Inc Macquarie Group Barclays Dundee Securities Corporation Dundee Securities Corporation Raymond James Financial Inc UBS UBS Top Twenty Total,. 9. Top Twenty Total,0. 9., , % -.9%.% -.% -.% -0.% -.% -.% * tie * tie Canada Initial Public Offerings - Excl Self-Led (CAa) Canada Secondary Offerings- Ex. Self-Led (CAa) * * National Bank of Canada Fin'l Top Six Total,9.., * tie -.% -.% Secondary Proceeds by Industry Sector (C$M) % %.% -.9% % % % % Energy and Power % Materials Financials % Healthcare Real Estate Industrials High Technology All Others 0 0, , , , Deutsche Bank -, , National Bank of Canada Fin'l, JP Morgan 9*, GMP Capital Corp 9, Goldman Sachs & Co Canaccord Genuity Credit Suisse Citi Macquarie Group Cormark Securities Inc Barclays Peters & Co Ltd Dundee Securities Corporation Raymond James Financial Inc UBS Top Twenty Total 0,. 9., % -.% -9.% -.% * tie

8 First Nine Months 0 Equity Capital s Managing Underwriters Canadian Equity Canada Retail Structured Products (CA) Canada Preferred Securities (CA) , , Cantor Fitzgerald Inc National Bank of Canada Fin'l Canaccord Genuity Industrial Alliance Securities National Bank of Canada Fin'l Top Seven Total, Acumen Capital Finance , Cormark Securities Inc Top Ten Total, % -0.%, % 0.0% -.0% -.%.% -.% Proceeds by Issue Type (C$) 0 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

9 First Nine Months 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 Salvatore Reres Tel: + salvatore.reres@thomsonreuters.com - All current data and previous year's data is as of pm EDT on October st, 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. Any third party name or mark herein belongs to the relevant third party.

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