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Canadian equity issuance dropped in 2017, but the number of deals increased, according data released Thursday from Thomson Reuters.

Total equity issuance declined by 21.9% in 2017 to $39.9 billion, as the value of secondary offerings dropped by about a third. Despite the drop in value, the number of transactions rose 6.9% from 2016.

By sector, energy and power companies generated almost half (46%) of the new equity. Materials ranked a distant second place, with a 13% market share, and real estate ccounted for 10%.

Conversely, Canadian debt issuance grew 10.5% year over year in 2017 to $185.8 billion. However, the volume of deals dropped by 25.9% from 2016.

RBC Capital Markets topped the equity league tables for 2017, Thomson Reuters reports, as the dealer led the underwriter rankings for equity and equity-related deals, common stock transactions, initial public offerings , and secondary offerings. CIBC placed first in retail structured products and preferred securities.

RBC also placed first in the overall Canadian debt rankings for 2017, and led the way in Canadian corporate debt, government debt (true economics), and cross border transactions. National Bank Financial ranked first in Canadian government debt (full credit); TD Securities led the way in underwriting corporate Maple debt.