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With both debt and equity issuance up significantly so far this year, Canadian underwriters are on track for a strong 2020, according to new data from Refinitiv.

The firm reported that through the first nine months of the year, Canadian debt issuance totalled $211.7 billion, up 53% from the same period last year. Even though there’s a full quarter to go, this is already an annual issuance record. The previous record of $185.4 billion was set in 2017.

Deal activity did cool in the third quarter, dropping 52% from the previous quarter, Refinitiv noted.

Government and agency issuance accounted for 63% of overall issuance so far this year, followed by financials at 19% and energy and power issuers at 8%.

RBC Capital Markets led the debt underwriting league tables through the first nine months.

National Bank Financial ranked first in the domestic government debt rankings and JP Morgan led the way in Canadian cross-border transactions.

While not nearly as frothy as the debt markets, Canadian equity issuance is also up by 20% so far this year, with $26.5 billion raised from 264 deals in the first nine months.

In the third quarter, equity issuance rose by 18% quarter-over-quarter, Refinitiv reported.

The tech sector has been the leading equity issuer so far this year, accounting for 29% of total proceeds. The energy and power sector ranked second at 18%, followed by the materials sector at 14%.

The top underwriter through the first nine months was Citi, which led equity offerings overall and in secondary offerings; while Goldman Sachs led in initial public offerings (IPOs).

Despite these leading positions for U.S. firms, Refinitiv also reported that BMO Capital Markets ranked first in common stock underwriting, RBC was first in preferred securities and Canaccord Genuity led in retail structured products.