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Canada Capital Markets Review FIRST HALF 2019 | MANAGING UNDERWRITERS Canada Capital Markets Review First Half 2019 | Managing Underwriters Global Deals Intelligence Canada Debt Capital Markets Issuance (C$bil) $200 350 Canadian Debt Capital Markets $180 Overall Canadian DCM issuance (excluding self-funded deals) totaled C$91.5 billion in the first half of 300 2019, a 4% decrease from the year prior. On a quarter-over-quarter basis, proceeds fell by 3% and the $160 number of issues fell by 7% and 10% on a year-over-year and quarter-over-quarter basis respectively. $140 250 Government and Agency debt led the market, with a 59% share of overall issuance at the end of the first six months. Financials and Energy & Power followed, with 21% and 10% market shares, $120 respectively. 200 $100 RBC placed first in nearly all Canadian rankings in the first half, including Canadian All Debt (including 150 & excluding self-funded), Canadian Domestic Corporate Debt (including and excluding self-funded), $80 Canadian Domestic Government Debt (True Economics), and Canadian Cross Border transactions. National Bank placed first in Canadian Domestic Government Debt (Full Credit). $60 100 Overall, the top corporate deals list for the first six months, exclusive of self-funded issues, was led by $40 Hydro One with C$1.5 billion of issuance, followed by Enbride Pipelines with $1.2 billion, and 50 Northwestern Hydro with C$1.1 billion. $20 Canadian Equity Capital Markets $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Canadian Equity & Equity-Related issuance (excluding self-led issuance) totaled C$11.6 billion from Q1 Q2 Q3 Q4 H1 # of Deals 137 issues in the first half, representing a 33% decrease in total proceeds from the previous year, but a 46% climb from the previous quarter. It was the worst first half for Canadian equity issuance in dollar Canada Equity & Equity-Related Issuance (C$bil) terms since 2003. $70 400 The Real Estate sector posted overall equity proceeds of C$3.4 billion, representing a 35% market 350 share. Energy & Power and Healthcare followed, with 20% and 12% shares of the market respectively. $60 The top underwriter of the first half was RBC, which placed first in Canada Equity & Equity-related, 300 Canada Common Stock & Trusts, and Canada Secondary Offerings. The first place ranking for $50 Canada Preferred Securities was split between RBC and TD Securities, While Canaccord Genuity 250 placed first in Canada Retail Structured Products and Canada Intitial Public Offerings. $40 Canadian Secondary Offerings in the first half totaled C$9.1 billion from 107 deals. This represented a 200 32% decrease in issuance proceeds from the prior year, but an increase of 80% over the previous $30 quarter. Preferred Securities totaled C$550 million, a 65% decrease from the year prior. 150 Northland Power had the largest issuance of the first six months with C$863 million in a deal led by $20 100 CIBC, followed by Corus Entertainment with C$548 million, and ranking third was Aphira with C$467 million. $10 50 $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 Q3 Q4 H1 # of Deals www.refinitiv.com/dealsintelligence 1 Canadian Debt Capital Markets Review First Half 2019 | Managing Underwriters Canadian All Debt Canadian Domestic Corporate Canadian Domestic Excluding Self-Funded (CC1) YoY Change ($) -4% QoQ Change ($) -3% Debt Excluding Self-Funded (CC3) YoY Change ($) -16% QoQ Change ($) -12% Government Debt Full Credit (CC4) YoY Change ($) 10% QoQ Change ($) 3% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals RBC Capital Markets 1 1 18,829 20.6 0.5 96 RBC Capital Markets 1 1 9,750 32.9 3.2 54 National Bank of Canada Fin'l 1 1 16,290 26.6 3.2 104 National Bank of Canada Fin'l 2 4 16,765 18.3 3.7 112 CIBC World Markets Inc 2 3 6,650 22.5 3.1 39 BMO Capital Markets 2 5 10,604 17.3 3.4 34 BMO Capital Markets 3 5 15,560 17.0 4.0 58 BMO Capital Markets 3 4 4,956 16.7 3.5 24 TD Securities Inc 3 2 8,981 14.7 -3.9 32 TD Securities Inc 4 2 13,164 14.4 -4.7 57 TD Securities Inc 4 2 4,183 14.1 -5.8 25 RBC Capital Markets 4 4 8,703 14.2 0.3 39 CIBC World Markets Inc 5 3 13,088 14.3 -3.3 86 Scotiabank 5 5 3,343 11.3 -0.1 24 Scotiabank 5 6 7,858 12.8 1.6 23 Scotiabank 6 6 11,200 12.2 1.3 47 National Bank of Canada Fin'l 6 6 476 1.6 -1.0 8 CIBC World Markets Inc 6 3 6,189 10.1 -6.5 46 Desjardins Securities Inc. 7 8 1,645 1.8 1.1 11 Bank of America Merrill Lynch 7 11 150 0.5 0.1 1 Desjardins Securities Inc. 7 7 1,645 2.7 1.7 11 HSBC Holdings PLC 8 7 393 0.4 -2.2 2 Citi 8 - 108 0.4 0.4 1 HSBC Holdings PLC 8 8 393 0.6 -0.2 2 Bank of America Merrill Lynch 9 9 342 0.4 -0.3 2 Bank of Canada 9 - 261 0.4 0.4 1 Bank of Canada 10 - 261 0.3 0.3 1 Bank of America Merrill Lynch 10 9 193 0.3 -0.1 1 Industry Total 91,510 100.0 226 Industry Total 29,614 100.0 70 Industry Total 61,270 100.0 153 Canadian All Debt Canadian Domestic Corporate Debt Canadian Domestic Government Including Self-Funded (CC1a) YoY Change ($) -16% QoQ Change ($) -5% Including Self-Funded (CC3a) YoY Change ($) -37% QoQ Change ($) -28% Debt True Economics (CC4a) YoY Change ($) 10% QoQ Change ($) 3% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Manager 2019 2018 C$mil Share Sh. Chg # of Deals RBC Capital Markets 1 2 22,496 22.2 4.2 100 RBC Capital Markets 1 2 11,250 31.0 9.3 56 RBC Capital Markets 1 2 8,468 13.8 0.4 79 National Bank of Canada Fin'l 2 5 17,265 17.1 4.8 113 CIBC World Markets Inc 2 4 7,029 19.4 1.6 49 TD Securities Inc 2 3 8,165 13.3 -0.1 76 BMO Capital Markets 3 4 15,726 15.6 -0.1 59 TD Securities Inc 3 1 6,183 17.1 -5.6 26 CIBC World Markets Inc 3 4 8,151 13.3 0.7 93 TD Securities Inc 4 1 15,331 15.2 -5.4 59 Scotiabank 4 5 5,343 14.7 3.8 26 National Bank of Canada Fin'l 4 1 8,067 13.2 -1.0 131 CIBC World Markets Inc 5 3 13,634 13.5 -3.5 97 BMO Capital Markets 5 3 4,956 13.7 -4.7 24 BMO Capital Markets 5 6 7,458 12.2 0.9 74 Scotiabank 6 6 13,367 13.2 2.3 50 National Bank of Canada Fin'l 6 7 976 2.7 -0.3 9 Scotiabank 6 5 6,388 10.4 -1.3 72 Desjardins Securities Inc. 7 9 1,645 1.6 1.0 11 Wells Fargo & Co 7 - 250 0.7 0.7 1 Desjardins Securities Inc. 7 7 4,474 7.3 0.2 61 Bank of America Merrill Lynch 8 8 509 0.5 -0.3 3 Bank of America Merrill Lynch 8 12 150 0.4 0.2 1 Bank of America Merrill Lynch 8 8 2,659 4.3 -0.2 40 HSBC Holdings PLC 9 7 393 0.4 -2.7 2 Citi 9 - 108 0.3 0.3 1 Casgrain & Companie Ltee 9 9 2,489 4.1 0.2 67 Bank of Canada 10 - 261 0.3 0.3 1 Laurentian Bank of Canada 10 10 2,354 3.8 0.2 63 Industry Total 101,139 100.0 242 Industry Total 36,243 100.0 84 Industry Total 61,270 100.0 153 Canadian Cross Border Excluding Self-Funded (CC5) YoY Change ($) -2% QoQ Change ($) -46% Debt Issuance - Macro Industry Composition Top Canadian Corporate Debt Deals Rank Rank Proceeds Market Mkt. Issue Proceeds Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals $2.6 $2.3 Date Issuer C$mil Issue Type Macro Sector RBC Capital Markets 1 1 7,162 9.6 -1.2 26 Investment Grade $4.6 02/04/19 Hydro One $1,499.5 Energy and Power Bank of America Merrill Lynch 2 5 6,707 9.0 0.9 21 Corporate TD Securities Inc 3 9 6,529 8.8 3.6 22 3 11 Investment Grade 11 20/02/19 Enbridge Pipelines $1,199.6 Energy and Power Citi 4 2 5,735 7.7 -2.5 18 $10.6 Corporate HSBC Holdings PLC 5 10 5,589 7.5 2.6 17 Investment Grade 06/03/19 Northwestern Hydro $1,084.0 Energy and Power Barclays 6 7 4,365 5.9 0.7 17 17 Corporate BMO Capital Markets 7 12 3,966 5.3 1.4 12 Investment Grade 29/03/19 TELUS Corp $1,000.0 Telecommunications JP Morgan 8 3 3,846 5.2 -4.8 15 Government and Agencies Corporate Goldman Sachs & Co 9 6 3,358 4.5 -0.9 12 Financials Investment Grade 08/04/19 TransCanada Pipelines $999.7 Energy and Power Scotiabank 10 17 3,180 4.3 2.6 11 Energy and Power Corporate Deutsche Bank 11 4 2,710 3.6 -4.6 9 Investment Grade Industrials 23/04/19 Rogers Comnnunications $997.5 Telecommunications CIBC World Markets Inc 12 16 2,650 3.6 1.8 9 52 Corporate National Bank of Canada Fin'l 13 22 2,558 3.4 2.8 8 Telecommunications Investment Grade 148 $59.8 01/04/19 Pembina Pipeline Corp $800.0 Energy and Power BNP Paribas SA 14 11 2,354 3.2 -1.0 8 $21.2 Others Corporate Credit Suisse 15 15 1,643 2.2 0.3 5 Investment Grade 04/03/19 407 Etr Intl Inc $799.2 Industrials Morgan Stanley 16 8 1,566 2.1 -3.1 6 Corporate Credit Agricole CIB 17 14 1,141 1.5 -0.5 3 Canadian National Investment Grade 05/02/19 $794.7 Industrials Wells Fargo & Co 18 13 1,067 1.4 -1.3 6 Railway Co Corporate Natixis Securities NA 19 - 850 1.1 1.1 2 06/03/19 Fortified Trust $780.4 Mortgage-backed Financials Commerzbank AG 20 23* 605 0.8 0.3 3 Industry Total 74,559 100.0 72 Outer Ring: Proceeds (C$bil) *Indicates a Tie Inner Ring: # Deals www.refinitiv.com/dealsintelligence 2 Canadian Equity Capital Markets Review First Half 2019 | Managing Underwriters Canada Equity & Equity-Related Canada Common Stock & Trusts Canada Secondary Offerings Ex.
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