Equity market issuance jumped in the first half of 2014, and debt activity ticked up too, with RBC Capital Markets leading the way on both sides of the market, according to the latest data from Thomson Reuters.
The firm reports that Canadian equity and equity-related issuance (excluding self-led issuance) rose by 43.3% in the first half of the year to $20.8 billion from 229 issues. In the second quarter, total deal proceeds were up 46.5% from the first quarter of 2014. The energy & power sector led the way with overall equity proceeds of $8.8 billion, representing a 43% market share. Financials ranked second with a 21% share, and materials were third with a 12% share.
RBC Capital Markets topped the league tables for Canadian equity & equity-related issuance, common stock & trusts, Canadian secondary offerings, and preferred securities for the first two quarters of 2014. CIBC World Markets ranked first in retail structured products and in initial public offerings.
Secondary offerings accounted for the lion’s share of new issuance in the first half, totalling $16.8 billion from 200 deals. Retail structured product issuance reached $2.4 billion for the first six months, and preferred securities totalled $6.6 billion, which is a 70.8% increase from the first half of 2013, Thomson Reuters reports.
On the debt side, overall issuance was up almost 7% in the first half to $90.9 billion, the firm says. Second quarter issuance was up 32% from the first three months of the year. Government and agency debt accounted for just over half of the market, with a 51% share of overall issuance. Financials represented a 29% share, and the energy & power sector contributed a 7% market share.
RBC Capital Markets was also the top debt underwriter in the first half, ranking first in the league tables for all debt, Canadian domestic corporate debt, corporate maple debt, and in Canadian cross border rankings. TD Securities ranked second overall, and CIBC was third. National Bank came in first in the Canadian government debt rankings.