Equity issuance in Canada is up so far this year, but debt activity is down slightly, according to new data from Thomson Reuters.
In its report on underwriting activity through the first three quarters of 2015, the firm reports that overall Canadian debt issuance (excluding self-funded deals) totalled $124.9 billion, down 1.8% compared with the same period in 2014. In the third quarter alone, debt proceeds decreased 1.1% from the previous quarter, it also notes.
By contrast, equity issuance rose 8.4% in the first nine months of 2015 to $36.0 billion; although third quarter issuance was down 57.7% from the previous quarter, Thomson Reuters reports. Most of the deal activity came from secondary offerings, which accounts for $31.9 billion of the deal volume, up by 14.0% from the same period last year. Retail structured products totalled $3.0 billion for the first three quarters, up 3.0% from last year; whereas preferred securities generated just $5.0 billion, which is down 47% from the first nine months of 2014.
The energy and power sector is leading the way in equity issuance so far this year, generating overall equity proceeds of $11.1 billion in the first nine months. The financial sector ranks a distant second with $6.3 billion in proceeds, followed by materials.
RBC Capital Markets leads the equity underwriting league tables, Thomson Reuters reports, as it ranks first in Canadian equity & equity-related, common stock & trusts, secondary offerings, and preferred securities. CIBC ranks first in retail structured products, and BMO is leading the way in initial public offerings (IPOs).
On the debt side, RBC also places first in Canadian all debt league tables, leads the domestic corporate debt rankings, and the cross border ranking. TD ranks first in corporate Maple debt, and National Bank leads in government debt rankings.