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RBC Capital Markets' Strength in the Muni Bond Market

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RBC Capital Markets' Strength in the Muni Bond Market HNW_NRG_C_Inset_Mask RBC Capital Markets’ strength in the muni bond market A leader in U.S. with public finance bankers with focused, allowing us to deliver a wide municipal finance municipal finance expertise and range of municipal products. Headquartered in New York, RBC knowledge of their specific market’s Capital Markets (RBC CM) employs economy, demographics and public Research and Strategies Group finance laws. 338 banking, sales, trading, RBC provides quality research. The underwriting and research municipal credit strategists in our professionals in 27 cities. We have one Trading and underwriting Fixed Income Strategies Group of the largest municipal finance RBC CM’s regional underwriting and provide in-depth access to credit practices in the U.S. For 80 years, the trading expertise coupled with a information, market conditions Municipal Finance Group has national focus gives us an advantage and product information for expanded in size, breadth and in gathering information on bonds investors. We publish commentaries expertise, providing municipal issued in the areas we serve. Through on the economy, fixed income financing assistance to thousands our five regional trading desks and markets and investment strategies. of clients, and underwriting tens of numerous underwriting groups, Plus, the Strategies Group thousands of bond issues. we have in-depth knowledge and professionals provide portfolio access to local markets. We maintain review services for our financial Royal Bank of Canada — extensive inventory positions and consistently high credit ratings1 advisors and their clients. participate in both the primary Moody's Standard Fitch and secondary markets, offering Municipal underwriting & Poor's our clients a wide range of investment RBC CM is the most active underwriter Aa22 AA-2 AA+2 opportunities. Tradeweb, a live and of municipal bonds by total number of executable trading platform, gives A23 A3 AA3 senior managed issues, underwriting our traders and financial advisors 4 4 4 hundreds of issues annually. Stable Stable Negative access to more than 150 commingled retail inventories, from primary We maintain two fundamental Investment banking and regional dealers across the advantages: enduring client country. This allows us to provide relationships, and significant capital RBC CM’s banking offices provide competitive offerings and the largest to underwrite unsold balances in local clients with public finance selection of fixed income products the primary market and maintain professionals with first-hand in the marketplace. We can an active secondary market for knowledge of the communities provide our customers with more client issues. they serve. The bankers can sustain opportunities, achieving better In 2020, RBC Capital Markets’ Public a level of active involvement with pricing for their trades. Finance Department ranked as the the issuer by attending local meetings #4 lead manager on negotiated issues and establishing a direct relationship Market distribution with 625 issues for a 7.8% market free from geographic barriers. The Through RBC Wealth Management, share. Total par amount on these growth of RBC CM’s public finance we have a network of retail branch issues was $27,975,600,000. practice is built upon maintaining offices throughout the nation significant banking offices in select Please see the following tables serving individual investors. Our cities across the country. These core for RBC CM’s lead manager rankings. underwriting and trading capabilities market offices are staffed are broadly dispersed and client Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested. Page 2 of 5 RBC Capital Markets’ strength in the muni bond market, continued Lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 46,564.4 1 13.0 327 Citi 37,653.7 2 10.5 274 J P Morgan Securities LLC 31,458.3 3 8.8 263 RBC Capital Markets 27,975.6 4 7.8 625 Morgan Stanley 25,046.8 5 7.0 204 Wells Fargo & Co 18,689.0 6 5.2 183 Goldman Sachs & Co LLC 18,006.5 7 5.0 112 Stifel Nicolaus & Co Inc 17,866.5 8 5.0 879 Piper Sandler & Co 17,482.1 9 4.9 645 Jefferies LLC 16,883.2 10 4.7 92 Barclays 16,203.8 11 4.5 120 Raymond James 15,325.5 12 4.3 515 Siebert Williams Shank & Co 10,903.0 13 3.0 74 Ramirez & Co Inc 6,181.1 14 1.7 45 Robert W Baird & Co Inc 5,343.8 15 1.5 384 Top 25 311,583.3 - 86.9 4,742 Lead and co-manager league table (01/01/2020–12/31/2020) Negotiated: Full credit to each manager | Source: Reuters Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 150,305.9 1 41.9 728 J P Morgan Securities LLC 135,681.9 2 37.9 657 Citi 130,009.6 3 36.3 636 Morgan Stanley 110,698.5 4 30.9 479 Wells Fargo & Co 110,334.6 5 30.8 587 RBC Capital Markets 101,046.2 6 28.2 1007 Goldman Sachs & Co LLC 98,672.0 7 27.5 290 Siebert Williams Shank & Co 96,320.4 8 26.9 362 Raymond James 94,866.4 9 26.5 934 Barclays 91,281.9 10 25.5 337 Ramirez & Co Inc 89,002.6 11 24.8 336 Loop Capital Markets 88,189.0 12 24.6 276 Stifel Nicolaus & Co Inc 86,982.3 13 24.3 1159 Jefferies LLC 81,171.9 14 22.7 280 UBS Financial Services Inc 62,506.8 15 17.4 235 Top 15 1,527,070.0 - 426.2 8,303 Page 3 of 5 RBC Capital Markets’ strength in the muni bond market, continued Healthcare lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 6,156.4 1 24.3 52 J P Morgan Securities LLC 5,894.4 2 23.2 62 Citi 3,209.8 3 12.7 35 Barclays 2,159.0 4 8.5 22 Morgan Stanley 1,593.6 5 6.3 16 RBC Capital Markets 1,299.5 6 5.1 20 Goldman Sachs & Co LLC 864.9 7 3.4 9 Piper Sandler & Co 847.8 8 3.3 24 Raymond James 531.1 9 2.1 6 Wells Fargo & Co 425.9 10 1.7 9 Top 10 22,982.4 - 90.6 255 Single family housing lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters Manager Par amount (US$ mil) Rank Market share (%) # of Issues RBC Capital Markets 3,894.2 1 28.5 62 Barclays 1,421.7 2 10.4 24 Citi 1,371.8 3 10.1 20 J P Morgan Securities LLC 1,180.3 4 8.7 17 Morgan Stanley 1,090.7 5 8.0 19 Wells Fargo & Co 1,021.6 6 7.5 12 BofA Securities Inc 1,001.1 7 7.3 19 Stifel Nicolaus & Co Inc 767.1 8 5.6 20 Raymond James 606.9 9 4.5 10 Jefferies LLC 401.4 10 2.9 4 Top 10 12,756.8 - 93.5 207.0 Airports lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters Manager Par amount (US$ mil) Rank Market share (%) # of Issues Morgan Stanley 3,057.2 1 23.0 17 Citi 2,758.5 2 20.7 9 J P Morgan Securities LLC 1,684.8 3 12.7 9 Barclays 1,344.3 4 10.1 11 Siebert Williams Shank & Co 1,031.0 5 7.7 11 Goldman Sachs & Co LLC 1,003.4 6 7.5 6 Loop Capital Markets 609.6 7* 4.6 2 Jefferies LLC 609.6 7* 4.6 2 BofA Securities Inc 499.1 9 3.8 9 Ramirez & Co Inc 470.4 10 3.5 5 Top 10 13,067.9 - 98.2 81 (*): tie Page 4 of 5 RBC Capital Markets’ strength in the muni bond market, continued Higher education lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 6,242 1 15.7 56 J P Morgan Securities LLC 4,241 2 10.6 31 Barclays 4,196 3 10.5 25 Morgan Stanley 4,025 4 10.1 47 Goldman Sachs & Co LLC 3,931 5 9.9 36 Citi 3,386 6 8.5 24 Wells Fargo & Co 3,207 7 8.0 34 RBC Capital Markets 2,769 8 6.9 31 Piper Sandler & Co 1,648 9 4.1 30 Raymond James 1,019 10 2.6 16 Top 10 34,663.8 - 86.9 330 Bank qualified lead manager league table(01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters Manager Par amount (US$ mil) Rank Market share (%) # of Issues Robert W Baird & Co Inc 2,199.7 1 13.7 487 Piper Sandler & Co 1,547.0 2 9.7 344 Raymond James 1,087.2 3 6.8 242 D A Davidson & Co 1,087.0 4 6.8 301 Stifel Nicolaus & Co Inc 946.2 5 5.9 201 RBC Capital Markets 814.5 6 5.1 139 Samco Capital Markets 789.5 7 4.9 185 FHNC Financial Capital Markets 660.5 8 4.1 120 Northland Securities 565.2 9 3.5 164 Roosevelt & Cross Inc 537.8 10 3.4 164 Hilltop Securities 447.9 11 2.8 106 LJ Hart & Company 444.9 12 2.8 116 PNC Financial Services Group Inc 351.5 13 2.2 57 BOK Financial Securities Inc 327.3 14 2.0 109 UMB Bank NA 281.8 15 1.8 78 Top 15 12,088.0 - 75.5 2,813 Page 5 of 5 RBC Capital Markets’ strength in the muni bond market, continued Investing in municipal bonds involves risks such as interest rate risk, credit risk and market risk, including the possible loss of principal.
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