12M 2019

Dealmakers
Brokers
 
Deal Count Amount
All deals
1,010 402.2B
-5.3% 12.0%

Government Debt 270 161.0B

2.7% 9.6%

Corporate Debt 276 208.3B

6.6% 17.8%

Ownership Equity 437 29.5B

-13.8% -0.5%

Preferred Equity 10 2.6B

-33.3% -40.0%

Structured Product Equity 17 711.8M

-26.1% -42.6%
 12M 2019

All Deals*

Amount Deal Count

Financials
provincial 125B 300
federal guaranteed
Energy 100B
Real Estate
32% 200
Utilities 75B
Industrials
4.7% Communication S…
50B
Health Care 100
Consumer Discret…
Materials 25B
15.4%
21% municipal
federal 0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount …
Share Dealer Mandate Amount …
Share
1. RBC Capital Markets 248 $61.59B 15.32% 1. RBC Capital Markets 463 51.86B 12.90%

2. TD Securities Inc. 180 $46.90B 11.66% 2. TD Securities Inc. 457 44.81B 11.14%

3. BMO Capital Markets 180 $41.66B 10.36% 3. BMO Capital Markets 451 37.60B 9.35%

4. CIBC World Markets Inc. 182 $40.51B 10.07% 4. CIBC World Markets Inc. 432 34.11B 8.48%

5. National Bank Financia… 150 $38.33B 9.53% 5. Scotia Capital Inc. 422 31.45B 7.82%

6. Scotia Capital Inc. 132 $30.99B 7.71% 6. National Bank Financia… 407 26.18B 6.51%

7. Bank of America Merrill … 45 $12.79B 3.18% 7. Bank of America Merrill … 167 17.82B 4.43%

8. HSBC Securities (Canad… 40 $12.40B 3.08% 8. HSBC Securities (Canad… 194 16.42B 4.08%

9. Citigroup Global Market… 36 $11.71B 2.91% 9. Desjardins Securities Inc. 277 11.59B 2.88%

10. J.P. Morgan Securities L… 43 $11.51B 2.86% 10. J.P. Morgan Securities L… 77 11.20B 2.78%

11. Goldman, Sachs & Co. 34 $10.87B 2.70% 11. Citigroup Global Market… 63 10.60B 2.64%

12. Morgan Stanley & Co. L… 19 $9.46B 2.35% 12. Goldman, Sachs & Co. 49 9.97B 2.48%

13. Barclays Bank PLC 29 $8.05B 2.00% 13. Morgan Stanley & Co. L… 30 8.93B 2.22%

14. Deutsche Bank AG 18 $6.46B 1.61% 14. Barclays Bank PLC 48 8.00B 1.99%

15. BNP Paribas 21 $5.91B 1.47% 15. BNP Paribas 47 6.77B 1.68%

16. Wells Fargo Securities, … 24 $5.87B 1.46% 16. Deutsche Bank AG 28 6.55B 1.63%

17. UBS AG 19 $4.93B 1.23% 17. Wells Fargo Securities, … 59 5.42B 1.35%

18. Credit Suisse Group AG 16 $4.68B 1.16% 18. Laurentian Bank Securit… 186 5.04B 1.25%

19. Canaccord Genuity Corp. 79 $3.22B 0.80% 19. Casgrain & Company Li… 151 5.04B 1.25%

20. NatWest Capital Market… 13 $2.72B 0.68% 20. UBS AG 27 4.52B 1.12%
Grand total 1,973 $402.15B 100.00% Grand total 5,812 402.15B 100.0…
Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

1,010 1,973 402.15B 22.52%

-5.3% 4.2% 12.0%

* Includes Government and Corporate

 12M 2019

Government Debt

Amount Deal Count

60B 80

provincial 60
federal guaranteed 40B
municipal
federal 40
52.5%
38.4% provincial
guaranteed 20B
municipal 20
guaranteed

0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount ▼
Share
1. National Bank Financia… 86 $33.78B 20.98% 1. RBC Capital Markets 167 $22.09B 13.72%

2. RBC Capital Markets 61 $26.22B 16.29% 2. TD Securities Inc. 168 $20.49B 12.72%

3. TD Securities Inc. 52 $22.25B 13.82% 3. National Bank Financia… 166 $17.35B 10.77%

4. BMO Capital Markets 39 $18.32B 11.38% 4. CIBC World Markets Inc. 163 $16.89B 10.49%

5. CIBC World Markets Inc. 46 $17.98B 11.17% 5. BMO Capital Markets 152 $16.63B 10.33%

6. Scotia Capital Inc. 27 $13.70B 8.51% 6. Scotia Capital Inc. 151 $13.86B 8.61%

7. Bank of America Merrill … 11 $5.35B 3.32% 7. Bank of America Merrill … 89 $10.07B 6.25%

8. HSBC Securities (Canad… 12 $3.79B 2.35% 8. Desjardins Securities Inc. 117 $8.26B 5.13%

9. Barclays Bank PLC 7 $3.02B 1.88% 9. HSBC Securities (Canad… 99 $6.64B 4.12%

10. Citigroup Global Market… 6 $3.02B 1.87% 10. Casgrain & Company Li… 131 $4.77B 2.96%

11. Deutsche Bank AG 5 $2.12B 1.31% 11. Laurentian Bank Securit… 119 $4.46B 2.77%

12. J.P. Morgan Securities L… 4 $1.80B 1.12% 12. Citigroup Global Market… 8 $3.03B 1.88%

13. BNP Paribas 5 $1.51B 0.94% 13. Barclays Bank PLC 9 $3.02B 1.88%

14. Goldman, Sachs & Co. 3 $1.46B 0.91% 14. J.P. Morgan Securities L… 11 $2.36B 1.47%

15. Credit Suisse Group AG 3 $964.79M 0.60% 15. BNP Paribas 12 $1.97B 1.22%

16. Desjardins Securities Inc. 8 $964.10M 0.60% 16. Deutsche Bank AG 8 $1.76B 1.09%

17. Morgan Stanley & Co. L… 1 $827.91M 0.51% 17. Goldman, Sachs & Co. 5 $1.27B 0.79%

18. Credit Agricole Corpora… 1 $660.28M 0.41% 18. Credit Suisse Group AG 3 $964.79M 0.60%

19. Nomura International plc 2 $650.76M 0.40% 19. Morgan Stanley & Co. L… 2 $831.47M 0.52%

20. Natixis 1 $366.43M 0.23% 20. Credit Agricole Corpora… 6 $821.94M 0.51%
Grand total 402 $161.01B 100.00% Grand total 1,696 $161.01B 100.00%

Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

270 402 161.01B 13.00%

2.7% 7.5% 9.6%
 12M 2019

Government Debt Domestic*

Amount Deal Count

40B 80

6.2%
30B 60
provincial
federal guaranteed
municipal 20B 40
51.2% provincial
39.3% guaranteed
municipal 10B 20
guaranteed

0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount …
Share
1. National Bank Financia… 82 $31.58B 28.37% 1. RBC Capital Markets 142 $15.59B 14.01%

2. RBC Capital Markets 40 $19.07B 17.13% 2. National Bank Financia… 157 $15.23B 13.68%

3. TD Securities Inc. 33 $17.03B 15.30% 3. TD Securities Inc. 143 $15.13B 13.59%

4. CIBC World Markets Inc. 41 $15.76B 14.16% 4. CIBC World Markets Inc. 150 $14.46B 12.99%

5. BMO Capital Markets 33 $13.72B 12.33% 5. BMO Capital Markets 141 $13.46B 12.09%

6. Scotia Capital Inc. 21 $12.37B 11.11% 6. Scotia Capital Inc. 135 $11.55B 10.37%

7. Desjardins Securities Inc. 8 $964.10M 0.87% 7. Desjardins Securities Inc. 115 $8.19B 7.35%

8. HSBC Securities (Canad… 2 $392.49M 0.35% 8. Casgrain & Company Li… 129 $4.70B 4.22%

9. Bank of America Merrill … 1 $192.52M 0.17% 9. Bank of America Merrill … 72 $4.62B 4.15%

10. Casgrain & Company Li… 4 $126.67M 0.11% 10. Laurentian Bank Securit… 118 $4.40B 3.96%

11. Laurentian Bank Securit… 4 $120.30M 0.11% 11. HSBC Securities (Canad… 83 $3.26B 2.93%

Grand total 269 $111.32B 100.00% 12. Canaccord Genuity Corp. 62 $478.40M 0.43%

13. Beacon Securities Limit… 18 $130.19M 0.12%

14. SEB Enskilda AS 1 $55.99M 0.05%

15. BNP Paribas 2 $36.99M 0.03%

16. Credit Agricole Corpora… 2 $12.99M 0.01%

17. J.P. Morgan Securities L… 1 $4.99M +0.00%

Grand total 1,471 $111.32B 100.00%

Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

212 269 111.32B 0.44%

1.9% 5.1% 3.1%

*Canadian Dollar issues

 12M 2019

Corporate Debt & Equity

Amount Deal Count

Financials
80B 250
Energy
Real Estate
Utilities 200
60B
Industrials
Communication 150
5.8% Services
40B
Health Care
53.4% 100
6% Consumer
Discretionary
20B
7.8% Materials 50
Consumer Staples
7.8%
Information 0 0
Technology Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Blind Pool Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount ▼
Share
1. RBC Capital Markets 187 $35.37B 14.67% 1. RBC Capital Markets 296 29.78B 12.35%

2. TD Securities Inc. 128 $24.66B 10.22% 2. TD Securities Inc. 289 24.32B 10.09%

3. BMO Capital Markets 141 $23.34B 9.68% 3. BMO Capital Markets 299 20.96B 8.69%

4. CIBC World Markets Inc. 136 $22.53B 9.34% 4. Scotia Capital Inc. 271 17.59B 7.29%

5. Scotia Capital Inc. 105 $17.29B 7.17% 5. CIBC World Markets Inc. 269 17.22B 7.14%

6. J.P. Morgan Securities L… 39 $9.71B 4.03% 6. HSBC Securities (Canad… 95 9.78B 4.06%

7. Goldman, Sachs & Co. 31 $9.41B 3.90% 7. National Bank Financia… 241 8.84B 3.67%

8. Citigroup Global Market… 30 $8.70B 3.61% 8. J.P. Morgan Securities L… 66 8.83B 3.66%

9. Morgan Stanley & Co. L… 18 $8.63B 3.58% 9. Goldman, Sachs & Co. 44 8.70B 3.61%

10. HSBC Securities (Canad… 28 $8.61B 3.57% 10. Morgan Stanley & Co. L… 28 8.10B 3.36%

11. Bank of America Merrill … 34 $7.45B 3.09% 11. Bank of America Merrill … 78 7.75B 3.21%

12. Wells Fargo Securities, … 24 $5.87B 2.43% 12. Citigroup Global Market… 55 7.57B 3.14%

13. Barclays Bank PLC 22 $5.02B 2.08% 13. Wells Fargo Securities, … 58 5.37B 2.22%

14. UBS AG 17 $4.66B 1.93% 14. Barclays Bank PLC 39 4.99B 2.07%

15. National Bank Financia… 64 $4.56B 1.89% 15. BNP Paribas 35 4.80B 1.99%

16. BNP Paribas 16 $4.41B 1.83% 16. Deutsche Bank AG 20 4.79B 1.99%

17. Deutsche Bank AG 13 $4.34B 1.80% 17. UBS AG 25 4.34B 1.80%

18. Credit Suisse Group AG 13 $3.72B 1.54% 18. Credit Suisse Group AG 26 3.50B 1.45%

19. Canaccord Genuity Corp. 79 $3.22B 1.33% 19. Canaccord Genuity Corp. 220 3.47B 1.44%

20. NatWest Capital Market… 11 $2.47B 1.02% 20. Desjardins Securities Inc. 160 3.33B 1.38%

Grand total 1,571 $241.15B 100.00% Grand total 4,116 241.15B 100.00%
Deal Count Book Mandate Amount
Syndicate amount estimated with bonus credit calculation.
740 1,571 241.15B 28.87%
-8.0% 3.4% 13.7%
 12M 2019

Corporate Debt 

Amount Deal Count

60B 80
Financials
Energy
Industrials 60
Communication 40B
Services
6.3%
Utilities 40
Real Estate
6.4%
59.9% Health Care 20B
Materials 20
8.8%
Consumer
Discretionary
Consumer Staples 0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount …
Share
1. RBC Capital Markets 132 $30.84B 14.80% 1. RBC Capital Markets 184 26.56B 12.75%

2. TD Securities Inc. 95 $21.25B 10.20% 2. TD Securities Inc. 171 21.85B 10.49%

3. BMO Capital Markets 86 $19.50B 9.36% 3. BMO Capital Markets 155 17.73B 8.51%

4. CIBC World Markets Inc. 86 $18.66B 8.96% 4. Scotia Capital Inc. 151 15.00B 7.20%

5. Scotia Capital Inc. 75 $16.11B 7.73% 5. CIBC World Markets Inc. 147 14.30B 6.87%

6. Goldman, Sachs & Co. 28 $9.11B 4.37% 6. HSBC Securities (Canad… 84 9.72B 4.67%

7. J.P. Morgan Securities L… 34 $9.00B 4.32% 7. Goldman, Sachs & Co. 35 8.54B 4.10%

8. HSBC Securities (Canad… 28 $8.61B 4.13% 8. J.P. Morgan Securities L… 55 8.27B 3.97%

9. Citigroup Global Market… 27 $8.30B 3.99% 9. Bank of America Merrill L… 72 7.43B 3.57%

10. Bank of America Merrill L… 32 $7.28B 3.49% 10. Citigroup Global Market… 49 7.22B 3.46%

11. Wells Fargo Securities, L… 21 $5.53B 2.66% 11. National Bank Financial … 118 6.93B 3.32%

12. Barclays Bank PLC 21 $4.86B 2.33% 12. Wells Fargo Securities, L… 53 5.07B 2.43%

13. UBS AG 17 $4.66B 2.24% 13. Barclays Bank PLC 35 4.80B 2.30%

14. BNP Paribas 16 $4.41B 2.12% 14. BNP Paribas 34 4.79B 2.30%

15. Deutsche Bank AG 13 $4.34B 2.09% 15. Deutsche Bank AG 20 4.79B 2.30%

16. Morgan Stanley & Co. LLC 14 $3.97B 1.90% 16. UBS AG 24 4.33B 2.08%

17. National Bank Financial … 25 $3.38B 1.62% 17. Morgan Stanley & Co. LLC 22 3.49B 1.68%

18. Credit Suisse Group AG 11 $3.21B 1.54% 18. Credit Suisse Group AG 22 2.97B 1.43%

19. NatWest Capital Market… 11 $2.47B 1.19% 19. Desjardins Securities Inc. 68 2.64B 1.27%

20. Lloyds Bank PLC 8 $2.27B 1.09% 20. Lloyds Bank PLC 12 2.43B 1.17%
Grand total 867 $208.33B 100.00% Grand total 1,914 208.33B 100.00%
Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

276 867 208.33B 33.27%

6.6% 27.9% 17.8%
 12M 2019

Corporate Debt Domestic*

Amount Deal Count

25B 50
Financials

8.5% Energy
20B 40
Utilities
8.7% Real Estate
39.1% 15B 30
Industrials
Communication
9.9% Services 10B 20
Consumer
Discretionary
5B 10
14.6% Health Care
Consumer Staples
15.3%
Materials 0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount ▼
Share
1. RBC Capital Markets 90 $19.48B 25.51% 1. RBC Capital Markets 133 16.50B 21.61%

2. CIBC World Markets Inc. 73 $15.80B 20.70% 2. TD Securities Inc. 132 13.39B 17.54%

3. TD Securities Inc. 68 $13.51B 17.70% 3. CIBC World Markets Inc. 121 11.67B 15.29%

4. BMO Capital Markets 59 $12.01B 15.73% 4. Scotia Capital Inc. 121 10.76B 14.09%

5. Scotia Capital Inc. 57 $11.64B 15.24% 5. BMO Capital Markets 115 9.90B 12.97%

6. National Bank Financia… 17 $2.09B 2.74% 6. National Bank Financia… 95 5.40B 7.07%

7. Desjardins Securities Inc. 2 $1.14B 1.49% 7. Desjardins Securities Inc. 54 2.24B 2.93%

8. Bank of America Merrill … 3 $428.33M 0.56% 8. Bank of America Merrill … 34 1.21B 1.59%

9. HSBC Securities (Canad… 1 $249.99M 0.33% 9. HSBC Securities (Canad… 37 1.18B 1.55%

Grand total 370 $76.35B 100.00% 10. MUFG Bank, Ltd. 22 605.58M 0.79%

11. Wells Fargo Securities, … 21 545.67M 0.71%

12. Laurentian Bank Securit… 25 468.56M 0.61%

13. Citigroup Global Market… 13 385.01M 0.5%

14. J.P. Morgan Securities L… 11 328.38M 0.43%

15. Manulife Securities Inco… 12 291.02M 0.38%

16. Casgrain & Company Li… 19 257.35M 0.34%

17. AltaCorp Capital Inc. 11 210.75M 0.28%

18. Industrial Alliance Secu… 10 202.33M 0.27%

19. Goldman, Sachs & Co. 2 165.00M 0.22%

20. Barclays Bank PLC 4 145.07M 0.19%

Grand total 1,039 76.35B 100%

Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

152 370 76.35B 6.93%

31.0% 35.0% 45.5%

*Canadian Dollar issues

 12M 2019

All Equity*

Real Estate Amount Deal Count

Consumer 12.5B 150
Discretionary
Financials
24.7% 10B
Utilities
Health Care 100
7.2% 7.5B
Consumer Staples
Materials
7.2%
Information 5B
14.6% Technology 50
8% Blind Pool
2.5B
Industrials
9.9% 11.6%
Communication
Services 0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Energy
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount ▼
Share
1. Morgan Stanley & Co. L… 4 $4.67B 14.22% 1. Morgan Stanley & Co. L… 6 $4.60B 14.02%

2. RBC Capital Markets 55 $4.53B 13.81% 2. BMO Capital Markets 144 $3.24B 9.87%

3. CIBC World Markets Inc. 50 $3.87B 11.79% 3. RBC Capital Markets 112 $3.22B 9.81%

4. BMO Capital Markets 55 $3.85B 11.72% 4. Canaccord Genuity Corp. 209 $3.19B 9.73%

5. TD Securities Inc. 33 $3.41B 10.39% 5. CIBC World Markets Inc. 122 $2.92B 8.90%

6. Canaccord Genuity Corp. 76 $2.99B 9.11% 6. Scotia Capital Inc. 120 $2.59B 7.88%

7. Scotia Capital Inc. 30 $1.18B 3.59% 7. TD Securities Inc. 118 $2.47B 7.54%

8. National Bank Financia… 39 $1.17B 3.57% 8. National Bank Financia… 123 $1.91B 5.83%

9. J.P. Morgan Securities L… 5 $706.10M 2.15% 9. Desjardins Securities Inc. 92 $689.35M 2.10%

10. Credit Suisse Group AG 2 $510.72M 1.56% 10. Raymond James & Ass… 104 $574.93M 1.75%

11. Cowen and Company, L… 7 $437.36M 1.33% 11. J.P. Morgan Securities L… 11 $559.77M 1.71%

12. Eight Capital Corp. 12 $419.42M 1.28% 12. Credit Suisse Group AG 4 $533.16M 1.62%

13. Cormark Securities Inc. 23 $417.96M 1.27% 13. Stifel, Nicolaus & Comp… 91 $445.37M 1.36%

14. Jefferies & Company, Inc. 5 $405.67M 1.24% 14. Eight Capital Corp. 42 $425.36M 1.30%

15. Desjardins Securities Inc. 13 $392.04M 1.19% 15. Cormark Securities Inc. 72 $418.80M 1.28%

16. Citigroup Global Market… 3 $391.76M 1.19% 16. Jefferies & Company, Inc. 5 $402.67M 1.23%

17. Wells Fargo Securities, … 3 $338.71M 1.03% 17. Cowen and Company, L… 7 $363.70M 1.11%

18. Goldman, Sachs & Co. 3 $307.00M 0.94% 18. Citigroup Global Market… 6 $349.27M 1.06%

19. Sprott Capital Partners … 15 $268.05M 0.82% 19. Bank of America Merrill … 6 $320.16M 0.98%

20. Stifel, Nicolaus & Comp… 20 $262.01M 0.80% 20. Wells Fargo Securities, … 5 $297.43M 0.91%
Grand total 704 $32.82B 100.00% Grand total 2,202 $32.82B 100.00%
Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

464 704 32.82B 0.95%

-14.9% -16.3% -6.8%
* Includes Common Share, Trust Units, Shareholder Convertible Debt, Preferred &
Structured Products
 12M 2019

Ownership Equity*

Amount Deal Count

Real Estate
12.5B 150
Consumer
Discretionary
Utilities 10B
6.4% 27.4% Health Care
100
Consumer Staples 7.5B
6.5%
Materials
Information
8% 5B
Technology
50
Blind Pool
8% 16.3% Financials 2.5B
Industrials
8.9%
8.9% Communication 0 0
Services Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Energy Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount …
Share
1. Morgan Stanley & Co. L… 4 $4.67B 15.81% 1. Morgan Stanley & Co. L… 6 $4.60B 15.59%

2. RBC Capital Markets 40 $4.15B 14.07% 2. Canaccord Genuity Corp. 184 $3.14B 10.63%

3. BMO Capital Markets 51 $3.41B 11.55% 3. BMO Capital Markets 118 $2.88B 9.76%

4. CIBC World Markets Inc. 31 $3.05B 10.34% 4. RBC Capital Markets 85 $2.67B 9.05%

5. Canaccord Genuity Corp. 76 $2.99B 10.12% 5. CIBC World Markets Inc. 96 $2.47B 8.38%

6. TD Securities Inc. 28 $2.51B 8.50% 6. Scotia Capital Inc. 94 $2.12B 7.17%

7. Scotia Capital Inc. 17 $1.03B 3.48% 7. TD Securities Inc. 93 $2.08B 7.04%

8. National Bank Financia… 23 $936.66M 3.17% 8. National Bank Financia… 97 $1.58B 5.34%

9. J.P. Morgan Securities L… 4 $588.51M 1.99% 9. Desjardins Securities Inc. 69 $625.19M 2.12%

10. Credit Suisse Group AG 2 $510.72M 1.73% 10. Credit Suisse Group AG 4 $533.16M 1.81%

11. Cowen and Company, L… 6 $424.46M 1.44% 11. Raymond James & Ass… 78 $522.85M 1.77%

12. Eight Capital Corp. 12 $419.42M 1.42% 12. J.P. Morgan Securities L… 10 $442.18M 1.50%

13. Cormark Securities Inc. 23 $417.96M 1.42% 13. Eight Capital Corp. 41 $422.86M 1.43%

14. Jefferies & Company, Inc. 5 $405.67M 1.37% 14. Cormark Securities Inc. 72 $418.80M 1.42%

15. Desjardins Securities Inc. 13 $392.04M 1.33% 15. Stifel, Nicolaus & Comp… 68 $407.53M 1.38%

16. Citigroup Global Market… 3 $391.76M 1.33% 16. Jefferies & Company, Inc. 5 $402.67M 1.36%

17. Goldman, Sachs & Co. 3 $307.00M 1.04% 17. Cowen and Company, L… 6 $350.80M 1.19%

18. Sprott Capital Partners … 15 $268.05M 0.91% 18. Citigroup Global Market… 6 $349.27M 1.18%

19. Stifel, Nicolaus & Comp… 19 $255.83M 0.87% 19. Haywood Securities Inc. 95 $257.40M 0.87%

20. Wells Fargo Securities, … 2 $221.12M 0.75% 20. Industrial Alliance Secu… 72 $224.55M 0.76%
Grand total 627 $29.52B 100.00% Grand total 1,849 $29.52B 100.00%
Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

437 627 29.52B 0.66%

-13.8% -15.6% -0.5%
* Includes Common Share, Trust Units & Shareholder Convertible Debt
 12M 2019

Preferred Share Equity

Amount Deal Count

2B 6

24% 1.5B
4

Financials
1B
Utilities
Health Care
2
500M
75.5%

0 0
Q2, 2018 Q4, 2018 Q2, 2019
Q1, 2018 Q3, 2018 Q1, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount ▼
Share
1. TD Securities Inc. 4 $895.00M 34.65% 1. RBC Capital Markets 9 458.84M 17.76%

2. CIBC World Markets Inc. 3 $595.00M 23.03% 2. Scotia Capital Inc. 8 370.00M 14.32%

3. BMO Capital Markets 3 $432.50M 16.74% 3. TD Securities Inc. 8 333.50M 12.91%

4. RBC Capital Markets 3 $212.59M 8.23% 4. CIBC World Markets Inc. 8 332.50M 12.87%

5. Wells Fargo Securities, … 1 $117.59M 4.55% 5. BMO Capital Markets 8 297.75M 11.53%

6. J.P. Morgan Securities L… 1 $117.59M 4.55% 6. National Bank Financia… 8 238.25M 9.22%

7. Bank of America Merrill … 1 $117.59M 4.55% 7. Wells Fargo Securities, … 1 117.59M 4.55%

8. National Bank Financia… 1 $62.50M 2.42% 8. J.P. Morgan Securities L… 1 117.59M 4.55%

9. Scotia Capital Inc. 1 $20.00M 0.77% 9. Bank of America Merrill … 1 117.59M 4.55%

10. Cowen and Company, L… 1 $12.90M 0.50% 10. Desjardins Securities Inc. 7 55.88M 2.16%

Grand total 19 $2.58B 100.00% 11. Canaccord Genuity Corp. 7 21.75M 0.84%

12. Raymond James & Ass… 8 19.56M 0.76%

13. Laurentian Bank Securit… 5 18.19M 0.70%

14. Industrial Alliance Secu… 8 17.63M 0.68%

15. Brook eld Financial Cor… 5 15.50M 0.60%

16. Manulife Securities Inco… 6 13.63M 0.53%

17. Cowen and Company, L… 1 12.90M 0.50%

18. Stifel, Nicolaus & Comp… 6 11.13M 0.43%

19. HSBC Securities (Canad… 4 11.00M 0.43%

20. Eight Capital Corp. 1 2.50M 0.10%

Grand total 110 2.58B 100.00%
Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

10 19 2.58B 0.00%
-33.3% -36.7% -40.0%
 12M 2019

Structured Product Equity

Amount Deal Count

500M 10

400M 8

300M 6
100% Financials
200M 4

100M 2

0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount ▼
Share
1. CIBC World Markets Inc. 16 $222.94M 31.32% 1. CIBC World Markets Inc. 18 $112.84M 15.85%

2. National Bank Financia… 15 $173.58M 24.39% 2. National Bank Financia… 18 $99.52M 13.98%

3. RBC Capital Markets 12 $167.58M 23.54% 3. Scotia Capital Inc. 18 $97.60M 13.71%

4. Scotia Capital Inc. 12 $131.50M 18.47% 4. RBC Capital Markets 18 $86.42M 12.14%

5. Stifel, Nicolaus & Comp… 1 $6.19M 0.87% 5. TD Securities Inc. 17 $63.36M 8.90%

6. TD Securities Inc. 1 $5.01M 0.70% 6. BMO Capital Markets 18 $59.66M 8.38%

7. BMO Capital Markets 1 $5.01M 0.70% 7. Industrial Alliance Secu… 18 $33.74M 4.74%

Grand total 58 $711.80M 100.00% 8. Canaccord Genuity Corp. 18 $33.04M 4.64%

9. Raymond James & Ass… 18 $32.52M 4.57%

10. Stifel, Nicolaus & Comp… 17 $26.71M 3.75%

11. Echelon Wealth Partner… 15 $20.87M 2.93%

12. Manulife Securities Inco… 11 $11.42M 1.60%

13. Mackie Research Capita… 15 $11.24M 1.58%

14. Desjardins Securities Inc. 16 $8.29M 1.16%

15. Middle eld Capital Cor… 2 $8.08M 1.13%

16. Haywood Securities Inc. 4 $6.03M 0.85%

17. Hampton Securities Li… 1 $356.44K 0.05%

18. Laurentian Bank Securit… 1 $84.24K 0.01%

Grand total 243 $711.80M 100.00%

Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

17 58 711.80M 16.28%
-26.1% -14.7% -42.6%
 12M 2019

Operating Company IPO*

Amount Deal Count

800M 20

Information
13.3% Technology
600M 15
Consumer Staples
36.2%
Industrials
Health Care 400M 10
17.7% Energy
Materials
Real Estate 200M 5
Financials
26.2%
0 0
Q2, 2018 Q4, 2018 Q2, 2019 Q4, 2019
Q1, 2018 Q3, 2018 Q1, 2019 Q3, 2019

Full Credit Bookrunner Syndicate Percentage

Dealer Mandate Amount ▼
Share Dealer Mandate Amount ▼
Share
1. BMO Capital Markets 3 $165.10M 16.75% 1. BMO Capital Markets 5 $162.21M 16.45%

2. RBC Capital Markets 2 $148.92M 15.10% 2. National Bank Financia… 3 $96.11M 9.75%

3. Cowen and Company, L… 2 $99.70M 10.11% 3. CIBC World Markets Inc. 4 $93.54M 9.49%

4. J.P. Morgan Securities L… 1 $92.00M 9.33% 4. Cowen and Company, L… 2 $93.32M 9.47%

5. National Bank Financia… 1 $92.00M 9.33% 5. RBC Capital Markets 2 $86.15M 8.74%

6. CIBC World Markets Inc. 1 $86.25M 8.75% 6. Canaccord Genuity Corp. 8 $72.93M 7.40%

7. Canaccord Genuity Corp. 7 $82.93M 8.41% 7. TD Securities Inc. 4 $66.20M 6.71%

Grand total 60 $985.97M 100.00%
8. J.P. Morgan Securities L… 1 $48.30M 4.90%

9. Scotia Capital Inc. 4 $48.10M 4.88%

10. Jefferies & Company, Inc. 1 $43.33M 4.39%

11. Paradigm Capital Inc. 1 $35.28M 3.58%

12. Haywood Securities Inc. 13 $29.96M 3.04%

13. Piper Jaffray & Co. 1 $26.66M 2.70%

14. Raymond James & Ass… 2 $19.96M 2.02%

15. Barclays Bank PLC 1 $16.92M 1.72%

16. Leede Jones Gable Inc. 6 $12.46M 1.26%

17. Oppenheimer & Co. Inc. 1 $8.89M 0.90%

18. PI Financial Corporation 10 $4.39M 0.45%

19. Mackie Research Capita… 6 $3.61M 0.37%

20. Wellington West Capita… 1 $3.45M 0.35%

Grand total 83 $985.97M 100.00%
Deal Count Book Mandate Amount Syndicate amount estimated with bonus credit calculation.

48 60 985.97M 0.00%
-5.9% -6.3% -41.9%
* Includes Common Share, Trust Units & Shareholder Convertible Debt and excludes
Blind Pool Companies like SPACs and CPCs and Structured Products
12M 2019

How we crunched the numbers

Financings must have been completed by December 31, 2019.
The gross proceeds of a deal, including exercise of the greenshoe option, are included; discount notes are valued by gross
proceeds. Financings in foreign currencies have been converted to C$s using the exchange rate on the day of pricing.
Financings by all units of a rm are rolled into the parent’s numbers.
Equity or debt issued for which no underwriting fees have been paid are excluded.
Underwriters are included as follows: for domestic & U.S. corporate deals the underwriting syndicate (excludes banking
group); for government debt deals: the management group; for euro & global debt deals: the bookrunners.
Equity includes the following: private placements with a $1.5-million minimum; special warrants, irrespective of whether
the issuer has received the total proceeds; preferred shares, preferred hybrids (e.g. COPrS); and convertible debt and
debt to be settled by equity. Rights offerings and other derivatives are excluded.
Corporate debt includes the following: a minimum 1.5-year term, unless part of a tranche offering; medium-term notes;
asset and mortgage-backed securities, deposit notes and private placements, all with a $50-million minimum unless part
of a tranche offering. Includes universities and school boards since the debt is not guaranteed by government. Bank-
issued debt (primarily deposit notes and ABS/MBS deals) which are self-funded are excluded. (Deals are considered self-
funded and are not eligible for league table credit if: (i) the deal has a single dealer; and (ii) the issuer and the dealer share
the same ultimate parent.) Equity-linked debt and issues from “continuous issuance programs with posted rates” are
excluded.
Debt issued by wholly owned, foreign incorporated subsidiaries are not eligible.
Debt issued pursuant to a government sponsored program, such as the Canadian Secured Lending Facility, are excluded.
Government debt includes the following: a minimum 1.5-year term; and domestic and Euro medium term notes. Equity-
linked debt and issues from “continuous issuance programs” have not been included. Municipal debt with a $20-million
minimum are included.
Legal league tables include prospectus deals.

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