Canadian debt and equity issuance up over last year

Government and agency debt makes up about half of the new issuance (49%), followed by financials at 34%. The energy & power sector is a distant third with a 6% market share.

The top debt underwriter so far this year is RBC Capital Markets, which Thomson Reuters reports placed first in both the overall Canadian debt league tables, and for Canadian domestic corporate debt. National Bank Financial ranked first in the Canadian government debt rankings, on a full credit basis, while CIBC World Markets took the top spot measured on a true economics basis, it says.

On the equity side, issuance was also up year over year. Thomson Reuters reports that Canadian equity & equity-related issuance totalled $21.5 billion in the first nine months of 2013, representing a 3.9% increase in total proceeds from the same period last year. Again, proceeds were down in third quarter however, dropping 18.6% from the second quarter.

Canadian secondary offerings made up the bulk of new issuance, the firm says, with $16.3 billion worth so far this year; although, this is down by 4.7% from the same period last year. Issuance of retail structured products and preferred securities is down even more dramatically year over year, off by 28% and 30%, respectively.

The energy sector has been the biggest source of new equity so far this year, with a 22% market share; followed by real estate at 21%, and healthcare with 13%, it says.

The top equity underwriter of the first nine months of the year was BMO Capital Markets, Thomson Reuters says, as it ranked number one in the Canadian equity & equity-related, common stock and secondary offerings rankings. RBC ranked first in the initial public offering and preferred securities rankings, and CIBC led the way in retail structured products.