RBC leads equity deals, NBF tops in debt

From the record heights of 2021, equity capital raising in Canada cratered in 2022, according to data from Refinitiv.

Equity issuance dropped 73% year over year in 2022, with just $14.3 billion raised from over 237 deals.

“Year-over-year equity issuance was down across all corners of the Canadian market, and in some cases quarter over quarter as well,” the firm said in its report, noting that there wasn’t a single preferred stock offering in the second half.

Initial public offering activity was down 83% year over year, and secondary offerings declined by 69%.

Refinitiv reported that, in the fourth quarter, there were 53 equity deals, which represented a 6% increase from the previous quarter. However, the value of those new issues was still down 31% quarter over quarter.

On the debt side, deal making also declined. For the year, debt issuance totalled $198.2 billion, down 18% from 2021.

Corporate debt led the decline, down 29% year over year, while government offerings were more or less flat.

In terms of underwriter rankings, National Bank Financial took top spot for the debt markets, overtaking RBC Capital Markets.

CIBC World Markets held onto third place, and BMO Capital Markets climbed to fourth place, while TD Securities stayed in fifth spot.

The equity league tables were also dominated by the bank dealers, with RBC in first place, followed by Scotiabank, BMO and CIBC. Wall Street giant Goldman Sachs took fifth place in the rankings, up from 10th place a year earlier.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.