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Equity issuance reached near-record levels in Canada in the first quarter of 2021, according to new data from Refinitiv.

The first quarter saw $19.2 billion worth of new equity raised on Canadian markets, up 169% from the same quarter last year, and almost double the prior quarter (Q4 2020).

The total was the second best quarter on record, Refinitiv said, and a record for first quarters in terms of deal volume.

The tech sector led the way, with total equity proceeds of $4.6 billion in the quarter, followed by healthcare and the materials sector.

Canaccord Genuity jumped to the top of the overall equity underwriting league tables in the first quarter, Refinitiv reported. The company also led in common stock deals and secondary offerings.

Last year, Canaccord ranked 12th and tts jump up the tables pushed last year’s leader, BMO Capital Markets, to second place, followed by Scotia Capital.

CIBC led in Canadian initial public offerings (IPOs) and Investec led in retail structured products, Refinitiv reported.

On the debt side, issuance was up more modestly, rising 10% in Q1 to $64 billion.

Domestic corporate debt issuance rose by 26% compared with last year, while government issuance only rose by 2%.

RBC Capital Markets led the debt underwriter rankings in Q1. National Bank Financial placed first in the government debt rankings and Bank of America Securities led in Canadian cross border deals.