Skip navigation





TD tops list of equity deal makers

00:00 EDT Wednesday, October 05, 2011

TD Securities Inc. finished the third quarter with a big lead in the race for the title of the busiest bank for underwriting sales of new Canadian corporate stock.

TD acted as a lead underwriter on stock sales worth $4.59-billion in the first nine months of the year, well ahead of second-place RBC Dominion Securities with a total of $2.95-billion. Unless RBC or third-place CIBC World Markets can manage some big deals in the fourth quarter, TD has a good shot at taking the crown for 2011.

The odds of anybody finalizing large equity transactions in the final months of the year are long, with the volatility in markets making it tough to get a transaction done. Investors don't want to buy stock only to find out that it has dropped a lot by the time the market opens the next day, and executives looking at selling shares can't get a clear picture of the price they will get.

Of course, that could all change if things get so bad in financial markets and the economy that big companies need to sell securities to raise capital in a hurry, and damn the prices. That led to some big securities sales in the last financial crisis.

But for now, most bankers say deals are on hold. Initial public offerings that had been expected later in 2011, including one from retailer Hudson's Bay Co., are likely on ice, bankers say.

Similarly, mergers and acquisitions are tough to get done in current markets. For the moment, CIBC holds the 2011 lead in advising on announced deals involving Canadian companies.

On the debt side of the business, RBC is the busiest so far this year, underwriting $29.8-billion of bonds for other Canadian companies and governments. TD ranks second with a total of $23.6-billion.

*****

TOP 15 UNDERWRITERS, JAN-SEPT, 2011

In millions of dollars

EQUITY

ADVISER.......................................................TOTAL SOLD............DEALS

TD Securities Inc..............................................$4,588.90..................44

RBC Dominion Securities.................................2,945.50..................46

CIBC World Markets Inc....................................2,591.80..................32

Scotia Capital Inc...............................................2,218.30..................37

BMO Nesbitt Burns............................................1,769.90..................29

Canaccord Genuity............................................1,539.60..................59

National Bank Financial....................................1,537.10..................54

GMP Capital ......................................................1,068.60.................39

FirstEnergy Capital Corp.....................................773.10..................12

Cormark Securities Inc.........................................763.10..................29

Peters & Co. Ltd....................................................654.60..................10

Raymond James Financial Inc.............................588.90..................22

Macquarie Group..................................................531.70..................16

JP Morgan.............................................................523.10....................3

Dundee Securities Corp......................................419.60..................25

DEBT

ADVISER..................................AMOUNT UNDERWRITTEN........DEALS

RBC Dominion Securities.............................$29,829.70.................93

TD Securities Inc..............................................23,590.20..................73

National Bank Financial..................................20,866.20..................52

CIBC World Markets Inc..................................20,095.80..................87

BMO Nesbitt Burns..........................................14,608.50..................35

Scotia Capital Inc.............................................10,060.40..................41

Bank of America Merrill Lynch..........................1,807.90....................9

Desjardins Securities Inc.....................................500.00.....................1

Laurentian Bank of Canada.................................458.30.....................5

HSBC Holdings PLC............................................415.80....................3

Credit Suisse........................................................328.30.....................3

Casgrain & Companie Ltée................................250.00.....................4

Goldman Sachs & Co..........................................124.80.....................1

UBS........................................................................115.00....................1

Cornerstone Cap Partners LP.............................100.00....................2

THE GLOBE AND MAIL / SOURCE: THOMSON REUTERS










Elsewhere on this site









Back to top