Looking at third quarter league tables for equity issuance, you have to wonder how TD Securities is so far ahead of the pack.
Typically, the the first two or three banks are clawing at each others' heels, hoping to finish the year on a strong note and take the top spot by December. Not so in 2011.
With $4.59-billion underwritten in the first three quarters of the year, TD is beating the next best dealer by over $1.5-billion. How? REIT financings.
TD has been the REIT king this year, and its relationship with the Dundee family of companies has served it particularly well. Between Dundee REIT follow on offerings, and Dundee International REIT's initial public offering, TD has led more than $1-billion of new deals for Dundee companies.
TD has also benefitted from sole lead status on each of these deals. Rather than split the total value with another bank, which often happens with REIT issuance (and IPOS, for that matter), TD got the cake all to itself.