canada capital markets · firm rank mkt share(%) volume (cad mln) deal count prev rank prev mkt...

CANADA CAPITAL MARKETS LEAGUE TABLES H1 2018 PreliminaryAs of 25 June 2018

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 http://www.bloomberg.com/ 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.

MANAGER RANKINGS

CANADA CAPITAL MARKETS

DATA SUBMISSIONS AND QUERIES

Equities

Fixed Income

Loans

Contact Email

© 2018 Bloomberg Finance L.P. All rights reserved.

H1 2018 PRELIMINARY AS OF 25 JUNE 2018

Irina Arefyeva

Robert Dienst

Paul Bandong

Phone +1 646 324 4663

+1 609 279 3691

+1 609 279 5187

[email protected]

[email protected]

[email protected]

http://www.bloomberg.com/

Bloomberg PreliminaryCanadaCapitalMarkets|H12018

BloombergLeagueTableReports Page1

CanadianCorporateBonds

H12018 H12017

Firm RankMkt

Share(%)Volume(CAD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

TDSecurities 1 21.103 12,880 56 1 23.813 -2.710

BMOCapitalMarkets 2 18.005 10,990 43 4 14.028 3.977

RBCCapitalMarkets 3 17.267 10,539 66 2 20.344 -3.077

CIBC 4 15.922 9,718 48 3 15.544 0.378

Scotiabank 5 15.528 9,478 38 5 12.477 3.051

HSBC 6 4.049 2,472 14 9 1.341 2.708

NationalBankFinancialInc 7 3.496 2,134 11 6 4.324 -0.828

LaurentianBankofCanada 8 2.048 1,250 3 10 1.204 0.844

BankofAmericaMerrillLynch

9 1.161 708 5 7 3.642 -2.481

MorganStanley 10 0.819 500 1 8 1.853 -1.034

GoldmanSachs 11 0.246 150 1 13 0.293 -0.047

DesjardinsCapitalMarkets 12 0.232 142 2 11 0.650 -0.418

GMPSecurities 13 0.123 75 1 - - 0.123

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 61,035 122 100%

Thistableconsistsofdebtsecuritiesissuedbycorporateissuers,inCADwithmarketofissue"Canadian","Domestic,"DomesticMTN","Global","Maple"or"PrivatePlacement".Thisexcludesmortgages,bondswithwarrants,credit-linkedsecurities,governmentissuers,andstructurednotes.Thereisaminimumthresholdof18monthsformaturities,callorputperiods,andCAD50MMminimumamountforself-ledsecurities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials66%

ConsumerDiscretionary11%

Industrials7%

Utilities5%

Others10%

CanadianCorporateBonds:ManagerRankingsHistory

CanadianCorporateBonds:IndustryBreakdown

66%

11%

7%

5%

10%

TDSecurities

BMOCapitalMarkets

RBCCapitalMarkets

CIBC

Scotiabank

HSBC

10

20

MarketShare(%)

0

30

2018 2017 2016



CanadianCorporateBonds-BonusH12018 H12017

Firm Rank MktShare(%) Volume(CADMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

TDSecurities 1 17.758 10,839 82 1 18.476 -0.718


Scotiabank 3 15.295 9,335 69 4 12.650 2.645


CIBC 5 12.541 7,655 76 2 15.171 -2.630

HSBC 6 5.480 3,345 38 9 2.066 3.414



DesjardinsCapitalMarkets 9 2.425 1,480 32 8 3.024 -0.599

BankofAmericaMerrillLynch 10 1.910 1,166 17 7 4.254 -2.344

MorganStanley 11 0.933 569 3 10 1.836 -0.903

Casgrain&Co 12 0.892 545 14 11 1.492 -0.600

ManulifeFinancialCorp 13 0.736 449 6 21 0.240 0.496

WellsFargo 14 0.643 392 8 16 0.738 -0.095

GoldmanSachs 15 0.488 298 5 19 0.465 0.023

Citi 16 0.465 284 7 14 0.984 -0.519

IndustrialAllianceInsurance&Financial 17 0.455 278 4 25 0.118 0.337

MitsubishiUFJFinancialGroupInc 18 0.415 253 8 18 0.730 -0.315

AltaCorpCapital 19 0.346 211 6 13 1.025 -0.679

JPMorgan 20 0.304 186 6 15 0.746 -0.442

TOTAL 100% 61,035 122 100%

CanadianGovernmentBondsH12018 H12017


NationalBankFinancialInc 1 25.135 13,786 74 2 22.345 2.790

TDSecurities 2 17.047 9,350 15 1 24.208 -7.161


CIBC 4 15.376 8,433 54 4 13.147 2.229

Scotiabank 5 13.008 7,135 21 6 9.015 3.993


HSBC 7 0.593 325 2 7 0.735 -0.142

BankofAmericaMerrillLynch 8 0.365 200 1 9 0.362 0.003


Casgrain&Co 10 0.114 63 2 11 0.117 -0.003

LaurentianBankofCanada 11 0.003 2 1 10 0.271 -0.268

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 54,848 175 100%

CanadianGovernmentBonds-BonusH12018 H12017



TDSecurities 2 14.323 7,856 65 1 20.129 -5.806


Scotiabank 4 13.661 7,493 69 6 10.548 3.113

CIBC 5 13.572 7,444 122 4 12.860 0.712


DesjardinsCapitalMarkets 7 7.163 3,929 44 7 6.036 1.127

BankofAmericaMerrillLynch 8 2.913 1,598 9 8 2.984 -0.071


Casgrain&Co 10 2.560 1,404 27 11 1.824 0.736

HSBC 11 1.799 987 8 10 2.265 -0.466

MarchesMondoauxCIBCInc 12 0.091 50 1 - - 0.091

BNPParibas 13 0.083 45 1 12 0.100 -0.017

CreditAgricoleCIB 13 0.083 45 1 12 0.100 -0.017

SEB 13 0.083 45 1 12 0.100 -0.017

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 54,848 175 100%

CanadaGovernmentBonds-AllocationH12018 H12017




TDSecurities 3 13.138 7,206 75 1 19.137 -5.999

CIBC 4 12.575 6,897 123 4 11.232 1.343

Scotiabank 5 12.533 6,874 82 6 9.917 2.616


DesjardinsCapitalMarkets 7 7.364 4,039 63 7 6.502 0.862

BankofAmericaMerrillLynch 8 4.396 2,411 39 8 4.099 0.297

Casgrain&Co 9 3.958 2,171 64 11 3.275 0.683


HSBC 11 3.299 1,810 47 9 3.663 -0.364

CanaccordGenuity 12 0.551 302 32 12 0.449 0.102

BeaconSecurities 13 0.092 51 10 13 0.094 -0.002

MarchesMondoauxCIBCInc 14 0.064 35 1 - - 0.064

SEB 14 0.064 35 1 14 0.090 -0.026

BNPParibas 16 0.046 25 1 15 0.054 -0.008


- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 54,848 175 100%



CanadaEquity,EquityLinked&Preferred

H12018 H12017

Firm RankMkt

Share(%)Volume(CAD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

TDSecurities 1 11.688 1,964 29 2 16.145 -4.457

BMOCapitalMarkets 2 11.602 1,950 29 3 13.250 -1.648


CIBC 4 7.990 1,343 22 5 7.895 0.095

CreditSuisse 5 6.133 1,031 5 11 1.538 4.595


Scotiabank 7 6.008 1,010 19 6 6.694 -0.686


MorganStanley 9 5.416 910 4 9 1.747 3.669

GMPSecurities 10 4.824 811 19 10 1.600 3.224

Barclays 11 2.738 460 2 17 0.860 1.878

ClarusSecurities 12 2.420 407 10 16 0.922 1.498

GoldmanSachs 13 2.316 389 3 34 0.140 2.176

Cowen&Co 14 1.785 300 1 45 0.071 1.714

WellsFargo 15 1.517 255 2 29 0.243 1.274

CormarkSecuritiesInc 16 1.323 222 12 15 0.944 0.379

EightCapital 17 1.302 219 12 24 0.326 0.976

JPMorgan 18 1.260 212 2 4 8.482 -7.222

Macquarie 19 1.160 195 2 20 0.526 0.634

BankofAmericaMerrillLynch

20 1.140 192 1 19 0.744 0.396

TOTAL 100% 16,805 239 100%

Thistableconsistsofequity,equity-linked&preferredsecuritiesissuedbyCanadianissuers.ThisexcludesAIM-listedsecurities,bondswithwarrants,closed-endfundorinvestmenttrustissuers,creditlinkednotes,localmarketsharesales,qualifiedinvestorplacements(QIP),reverseconvertibles,rightsofferings,self-ledtransactionsorsyntheticconvertibles.Thereisaminimumthresholdof12monthminimumcall,putandmaturityperiods.Note:Issuercountryisdeterminedbycountryofincorporation.See{FIFWDOCS2073227<GO>}forapplicablegenericcriteriaandmarketofsyndicationdefinitionandwaterfalls.

Financials25%

HealthCare19%


Materials14%

Energy7%

Utilities6%

Communications6%

Others7%

CanadaEquity,EquityLinked&Preferred:ManagerRankingsHistory

CanadaEquity,EquityLinked&Preferred:IndustryBreakdown

25%

19%

17%

14%

7%

6%

6%

7%

TDSecurities

BMOCapitalMarkets

RBCCapitalMarkets

CIBC

CreditSuisse

NationalBankFinancialInc

5

10

15

20

MarketShare(%)

0

25

2018 2017 2016



CanadaEquity&EquityLinkedH12018 H12017



TDSecurities 2 11.018 1,637 23 2 16.090 -5.072

CIBC 3 8.047 1,196 17 5 7.117 0.930

CreditSuisse 4 6.935 1,031 5 11 1.657 5.278

RBCCapitalMarkets 5 6.470 962 16 1 21.660 -15.190


NationalBankFinancialInc 7 5.877 873 20 7 4.802 1.075

GMPSecurities 8 5.444 809 18 10 1.723 3.721

MorganStanley 9 4.835 719 3 9 1.881 2.954

Scotiabank 10 4.829 718 12 6 5.649 -0.820

Barclays 11 3.097 460 2 17 0.926 2.171


GoldmanSachs 13 2.619 389 3 32 0.151 2.468

Cowen&Co 14 2.019 300 1 44 0.076 1.943


EightCapital 16 1.473 219 12 24 0.351 1.122

JPMorgan 17 1.425 212 2 4 9.136 -7.711

Macquarie 18 1.311 195 2 20 0.566 0.745

PacificInternationalSecuritiesInc 19 1.257 187 17 45 0.072 1.185

DeutscheBank 20 1.217 181 1 - - 1.217

TOTAL 100% 14,861 229 100%

CanadaEquityOfferingsH12018 H12017


TDSecurities 1 11.345 1,436 18 2 16.452 -5.107


CIBC 3 8.238 1,043 13 5 6.694 1.544

CreditSuisse 4 8.144 1,031 5 11 1.738 6.406

GMPSecurities 5 6.091 771 17 10 1.807 4.284

MorganStanley 6 5.678 719 3 9 1.973 3.705




Scotiabank 10 4.643 588 9 6 5.924 -1.281

Barclays 11 3.637 460 2 17 0.971 2.666


GoldmanSachs 13 3.076 389 3 32 0.158 2.918


EightCapital 15 1.730 219 12 24 0.368 1.362

JPMorgan 16 1.674 212 2 4 9.580 -7.906

Macquarie 17 1.540 195 2 20 0.594 0.946


DeutscheBank 19 1.429 181 1 - - 1.429

CantorFitzgerald 20 1.319 167 6 18 0.949 0.370

TOTAL 100% 12,654 212 100%

CanadaEquityIPOH12018 H12017


BMOCapitalMarkets 1 34.972 217 2 5 4.652 30.320



ParetoSecurities 4 9.577 59 1 - - 9.577

CIBC 5 6.948 43 1 6 3.952 2.996


Scotiabank 5 6.948 43 1 3 7.789 -0.841

HaywoodSecurities 8 4.397 27 16 23 0.229 4.168

MackieResearchCapitalCorp 9 2.117 13 5 27 0.036 2.081

EightCapital 10 1.562 10 1 - - 1.562

IndustrialAllianceInsurance&Financial 11 0.193 1 2 26 0.037 0.156

LeedeJonesGableInc 12 0.192 1 1 - - 0.192

ChippinghamFinancialGroupLtd 13 0.177 1 4 - - 0.177

GMPSecurities 14 0.129 0.80 1 7 3.822 -3.693

EuroPacificCapitalInc 15 0.087 0.54 1 - - 0.087

LeedeFinancialMarketsInc 16 0.084 0.52 2 - - 0.084

JonesGable&CoLtd 17 0.040 0.25 1 - - 0.040

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 620 50 100%

CanadianRetailStructuredProductsH12018 H12017


RBCCapitalMarkets 1 30.817 186 13 3 25.991 4.826

Scotiabank 2 28.414 172 12 2 28.688 -0.274

CIBC 3 24.418 147 14 1 33.264 -8.846


BMOCapitalMarkets 5 0.279 2 1 5 1.448 -1.169

CanaccordGenuity 5 0.279 2 1 - - 0.279

DesjardinsCapitalMarkets 5 0.279 2 1 - - 0.279

EchelonWealthManagementInc 5 0.279 2 1 - - 0.279

GMPSecurities 5 0.279 2 1 - - 0.279

IndustrialAllianceInsurance&Financial 5 0.279 2 1 - - 0.279

MackieResearchCapitalCorp 5 0.279 2 1 - - 0.279

RaymondJames&Associates 5 0.279 2 1 - - 0.279

TDSecurities 5 0.279 2 1 - - 0.279

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 603 17 100%



CanadaLoans(Bookrunner)

H12018 H12017

Firm RankMkt

Share(%)Volume(CAD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

CIBC 1 18.810 24,473 50 3 14.000 4.810

Scotiabank 2 17.206 22,386 51 4 13.530 3.676

TDSecurities 3 16.330 21,246 51 1 22.765 -6.435




HSBC 7 2.947 3,835 16 7 2.623 0.324

JPMorgan 8 2.566 3,339 6 8 1.965 0.601


Citi 10 1.364 1,774 5 9 1.419 -0.055

BNPParibas 11 1.136 1,478 4 10 1.096 0.040

MitsubishiUFJFinancialGroupInc

12 1.061 1,380 2 - - 1.061

WellsFargo 13 0.816 1,061 2 15 0.249 0.567

ExportDevelopmentCanada 14 0.645 839 2 - - 0.645

CreditAgricoleCIB 15 0.435 566 2 16 0.242 0.193

ATBFinancial 16 0.274 357 3 19 0.153 0.121

BankofIreland 17 0.238 310 1 - - 0.238

MorganStanley 18 0.237 308 3 26 0.016 0.221


INGGroep 20 0.199 258 3 - - 0.199

TOTAL 100% 130,102 204 100%

ThistableconsistsofloanswithamarketofsyndicationasCanada.Thisexcludesbilateralandinstitutionalloans.Thereisaminimumthresholdof3monthsformaturities.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Energy25%

Industrials17%


Financials11%

Materials11%

Utilities10%

Government5%

Others6%

CanadaLoans:BookrunnerRankingsHistory

CanadaLoans(Bookrunner):IndustryBreakdown

25%

17%

15%

11%

11%

10%

5%

6%

CIBC

Scotiabank

TDSecurities

BMOCapitalMarkets

RBCCapitalMarkets

NationalBankFinancialInc

5

10

15

20

MarketShare(%)

0

25

2018 2017 2016



CanadaLoans(MandatedLeadArranger)H12018 H12017


CIBC 1 17.002 22,120 53 4 13.591 3.411

Scotiabank 2 16.930 22,026 52 3 14.673 2.257

TDSecurities 3 15.790 20,543 52 1 17.545 -1.755




HSBC 7 3.740 4,866 18 7 3.585 0.155

JPMorgan 8 2.331 3,033 6 8 2.583 -0.252


Citi 10 1.568 2,041 6 9 1.917 -0.349

MitsubishiUFJFinancialGroupInc 11 1.061 1,380 2 18 0.273 0.788

BNPParibas 12 1.031 1,342 3 13 0.925 0.106

WellsFargo 13 0.816 1,061 2 15 0.614 0.202

ExportDevelopmentCanada 14 0.598 778 2 - - 0.598


ATBFinancial 16 0.292 379 4 23 0.136 0.156

BankofChina 17 0.263 342 1 17 0.313 -0.050

BankofIreland 18 0.238 310 1 - - 0.238

MorganStanley 19 0.237 308 3 16 0.418 -0.181


TOTAL 100% 130,102 204 100%

CanadaLoans(AdministrativeAgent)H12018 H12017


Scotiabank 1 25.107 32,916 37 5 14.668 10.439

CIBC 2 18.827 24,682 30 3 16.584 2.243



TDSecurities 5 12.275 16,092 25 2 16.646 -4.371



HSBC 8 2.405 3,153 10 7 1.163 1.242

DNBASA 9 0.706 926 1 - - 0.706

BankofIreland 10 0.472 619 1 - - 0.472

SumitomoMitsuiFinancial 11 0.258 339 1 - - 0.258

ATBFinancial 12 0.246 323 1 15 0.195 0.051

USBancorp 13 0.165 217 1 - - 0.165

AntaresHoldingsLP 14 0.112 146 3 19 0.024 0.088

MorganStanley 15 0.099 130 1 - - 0.099

WellsFargo 16 0.095 125 1 11 0.461 -0.366

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 131,102 205 100%

CanadaLoans-NewMoney(Bookrunner)H12018 H12017


Scotiabank 1 19.058 5,749 26 5 10.287 8.771

CIBC 2 18.613 5,615 25 3 15.186 3.427

TDSecurities 3 18.317 5,526 24 1 29.303 -10.986




HSBC 7 2.759 832 9 8 2.244 0.515

BankofIreland 8 1.027 310 1 - - 1.027

BNPParibas 9 0.918 277 1 18 0.166 0.752

CreditAgricoleCIB 9 0.918 277 1 18 0.166 0.752

ATBFinancial 11 0.910 274 2 14 0.211 0.699

USBancorp 12 0.718 217 1 - - 0.718

BankofAmericaMerrillLynch 13 0.638 192 4 10 0.670 -0.032

Citi 14 0.611 184 2 20 0.108 0.503


SumitomoMitsuiFinancial 16 0.374 113 1 16 0.170 0.204

JPMorgan 17 0.230 69 2 7 3.914 -3.684

MitsubishiUFJFinancialGroupInc 18 0.098 30 1 - - 0.098

SunTrustRobinsonHumphrey 19 0.067 20 2 22 0.023 0.044

WellsFargo 20 0.058 18 1 13 0.249 -0.191

TOTAL 100% 30,166 108 100%

CanadaLoans-NewMoney(MandatedLeadArranger)H12018 H12017



CIBC 2 19.199 5,746 26 2 14.910 4.289

TDSecurities 3 16.803 5,029 23 4 12.956 3.847

Scotiabank 4 15.769 4,720 24 5 12.738 3.031



HSBC 7 2.476 741 8 8 4.627 -2.151

BNPParibas 8 1.157 346 1 19 0.162 0.995

BankofIreland 9 1.035 310 1 - - 1.035

ATBFinancial 10 0.917 274 2 17 0.207 0.710

Citi 11 0.885 265 3 22 0.106 0.779

USBancorp 12 0.724 217 1 - - 0.724


SumitomoMitsuiFinancial 14 0.377 113 1 14 0.478 -0.101

BankofAmericaMerrillLynch 15 0.373 111 4 13 0.518 -0.145


JPMorgan 17 0.232 69 2 6 6.495 -6.263

SunTrustRobinsonHumphrey 18 0.068 20 2 26 0.022 0.046

WellsFargo 19 0.059 18 1 12 0.611 -0.552

CreditSuisse 20 0.043 13 2 11 0.716 -0.673

TOTAL 100% 29,930 107 100%

Bloomberg – League Tables Criteria

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.

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. Self-led 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 – League Tables Criteria

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.

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>.

canada capital markets · firm rank mkt share(%) volume (cad mln) deal count prev rank prev mkt...

Documents