Barry Critchley, Financial Post, 4 April 2007
The first quarter has come and gone and the bragging rights for the leading underwriter of equity securities in the first quarter is ....
The answer depends on how one measures equity. For instance:
• Common equity. On a full credit to book runner, TD Securities emerged in the No. 1 spot with five deals for $1.1477-billion. The amount raised by TD is 10% ahead of second-placed Canaccord Capital (45 deals for $1.03748-billion.) Rounding out the top 10 are Scotia Capital (third place, five deals for $930.75-million); BMO Capital Markets (fourth place, seven deals for $877.98-million); CIBC World Markets (five deals for $838.37 million) and RBC Capital Markets (four deals for $750.28-million). The rest of the top 10 include two foreign firms, Credit Suisse and Citigroup, and two independent firms, GMP Securities and Cormark Securities. In this list, we have also included issues of convertible debentures. For the quarter, TD's largest common share deals were a $1.724-billion offering by TransCanada Corp and a $1-billion deal by Fortis.
• Common equity and trust units. Again TD Securities emerged in top spot, with 11 deals for $1.70788-billion. CIBC World Markets ended up in second place with Scotia Capital, BMO Capital Markets and RBC Capital Markets filling third through fifth spots. CIBC's largest trust deal during the first quarter was a $143.8-million offering of units and a simultaneous $200-million offering of convertible debentures.
• Common shares, trust units, preferred shares and structured products. In what promises to be an all-year battle between the two heavyweights, RBC Capital Markets finished on top with 23 deals for $2.6911-billion, a touch ahead of CIBC World Markets (30 deals for $2.6504-billion). Those two firms were comfortably ahead of third-placed Scotia Capital. BMO Capital Markets and TD Securities are bunched in fourth and fifth place, respectively. RBC's largest preferred deal was a $300-million transaction for Yellow Pages Income Fund, while its largest structured product issue was a $195-million financing by Uranium Focused Energy Fund.
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The first quarter has come and gone and the bragging rights for the leading underwriter of equity securities in the first quarter is ....
The answer depends on how one measures equity. For instance:
• Common equity. On a full credit to book runner, TD Securities emerged in the No. 1 spot with five deals for $1.1477-billion. The amount raised by TD is 10% ahead of second-placed Canaccord Capital (45 deals for $1.03748-billion.) Rounding out the top 10 are Scotia Capital (third place, five deals for $930.75-million); BMO Capital Markets (fourth place, seven deals for $877.98-million); CIBC World Markets (five deals for $838.37 million) and RBC Capital Markets (four deals for $750.28-million). The rest of the top 10 include two foreign firms, Credit Suisse and Citigroup, and two independent firms, GMP Securities and Cormark Securities. In this list, we have also included issues of convertible debentures. For the quarter, TD's largest common share deals were a $1.724-billion offering by TransCanada Corp and a $1-billion deal by Fortis.
• Common equity and trust units. Again TD Securities emerged in top spot, with 11 deals for $1.70788-billion. CIBC World Markets ended up in second place with Scotia Capital, BMO Capital Markets and RBC Capital Markets filling third through fifth spots. CIBC's largest trust deal during the first quarter was a $143.8-million offering of units and a simultaneous $200-million offering of convertible debentures.
• Common shares, trust units, preferred shares and structured products. In what promises to be an all-year battle between the two heavyweights, RBC Capital Markets finished on top with 23 deals for $2.6911-billion, a touch ahead of CIBC World Markets (30 deals for $2.6504-billion). Those two firms were comfortably ahead of third-placed Scotia Capital. BMO Capital Markets and TD Securities are bunched in fourth and fifth place, respectively. RBC's largest preferred deal was a $300-million transaction for Yellow Pages Income Fund, while its largest structured product issue was a $195-million financing by Uranium Focused Energy Fund.
