Here are the rules Financial Post Data used in deciding which deals to include in the league tables presented in Dealmakers 2018.
Financings must have been completed by Dec. 31, 2017.
The gross proceeds of a deal, including exercise of the greenshoe or over allotment option, is included; discount notes are valued by gross proceeds.
Financings in foreign currencies have been converted to Canadian dollars using the exchange rate on the day of pricing.
Financings by all units of a firm 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 book-runners. For Canada Housing Trust deals, all lead underwriters are given exclusive and equal credit. For Maple Bond deals – bookrunners.
Tables are built on a full-credit-to-bookrunners basis where a bookrunner on a deal receives credit equal to the gross proceeds of the deal divided by the number of bookrunners.
Some data in these tables may be unaudited.
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. 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. It includes universities and school boards since the debt is not guaranteed by government. Bank-issued debt (primarily deposit notes and ABS/MBS deals) that is self-funded is 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 is not eligible. Debt issued pursuant to a government-sponsored program, such as the Canadian Secured Lending Facility, is 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 is included. Auction issues are excluded.
International financings include Yankee, Euro and global issues; deals using multijurisdictional disclosure are viewed as domestic, unless the vast majority of the capital was raised in the U.S. Global government debt issued in Canadian dollars is viewed as domestic.
IPOs include only the common equity portion of split-share deals; junior capital pools (JCPs) have not been included.
Bookrunners, whether senior or subordinated, are treated the same and all receive the title Bookrunner.
Additional ranking tables and details of the issues that make up the categories are available from Financial Post Data. The FP New Issues database, available through Infomart, is a complete record of Canadian IPOs/Secondary Issues/Private Placements and Government Issues. With daily updated data going back to 1993, FP New Issues contains sortable fields that can be exported to an Excel spreadsheet for further analysis. Professionals in the industry use FP New Issues as a competitive intelligence tool, as it allows for easy calculation of league tables and market share per underwriter, lawyer and auditor.
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