Equity underwriting up, debt down in 2021: Refinitiv

Canadian equity issuance has soared this year, while debt market activity pulled back, according to new data from Refinitiv.

The firm reported that total equity issuance through the first nine months of 2021 rose by 55% year over year to $40.8 billion.

Initial public offerings (IPOs) are up by 34% from last year, but secondary offering activity has been even stronger: up 75% year over year.

The tech sector led the way with $8.9 billion in equity fundraising, representing 22% of total issuance. The energy & power sector ranked second at 16%, followed by the materials sector at 13%.

BMO Capital Markets led the equity underwriting league tables, followed by Canaccord Genuity Group Inc., and TD Securities Inc.

CIBC World Markets Inc. ranked first in Canadian IPOs, and Investec was the leading underwriter for retail structured products, Refinitiv said.

On the debt side, issuance was down 18% in the first nine months of the year compared with the same period in 2020. Government issuance dropped by 32% year over year, whereas corporate issuance was down just 2%.

Overall, total issuance came in at $184.1 billion, Refinitiv reported.

RBC Capital Markets was the top debt underwriter, followed by National Bank Financial and Scotiabank. RBC led in corporate debt and NBF was first in government debt.

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