Rising Stars

Capital markets in Canada

Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP’s premier finance and corporate practices marks the firm as a first port of call for both debt and equity capital markets. Additionally, its full-service national offering ensures that it is a popular choice for large-scale, event-driven transactions. In a recent example, Michael Hickey advised OpenText Corporation on a $1bn notes offering used to support its acquisition of Micro Focus International. Among its equity highlights, Calgary partners Ross Bentley and Jeff Bakker advised TC Energy Corporation on its C$1.8bn bought deal offering of common shares. The deep bench also includes go-to capital markets expert Tim Andison; London managing partner Jeffrey Lloyd, who splits his time between the UK and Toronto; Chris Hewat, who specializes in M&A, capital markets and private equity; corporate finance partner Eric Moncik; national practice head Catherine Youdan; and Montreal-based Pascal de Guise. Named lawyers are based in Toronto unless otherwise stated.

Practice head(s):

Catherine Youdan


Other key lawyers:

Tim Andison; Ross Bentley; Jeff Bakker; Jeffrey Lloyd; Chris Hewat; Eric Moncik; Pascal de Guise; Michael Hickey


Key clients

TransCanada PipeLines


Ero Copper Corp


Canaccord Genuity Corp


BMO Capital Markets


CIBC World Markets


CPP Investments / Canada Pension Plan Investment Board (CPPIB)


MAG Silver Corp


BMO Nesbitt Burns


Skeena Resources


Investissement Quebec


Canagold Resources


Barclays


Lower Mattagami Energy Limited Partnership


Morgan Stanley


Work highlights


  • Advised TC Energy Corporation on its C$1.8bn bought deal offering of common shares.
  • Advised Nutrien on the cross-border public offering of $1bn of senior notes.
  • Advised OpenText Corporation on a $1bn notes offering, used to support its acquisition of Micro Focus International.

McCarthy Tétrault

McCarthy Tétrault’s first-class financial institutions offering is reflected in its capital markets practice, where the firm is widely recognized for its record in representing underwriters on debt and equity offerings. Among its recent highlights in this sphere, Montreal-based capital markets co-head Patrick Boucher advised a syndicate of dealers, led by National Bank Financial, on a C$750m offering of medium-term notes. The team is also a regular fixture on the issuer side, as evidenced by its its work for Cameco Corporation on its $747.6m bought deal offering; high-profile capital markets co-head Andrew Parker led the group’s involvement in that deal from Toronto. Other key contacts include Toronto-based national financial services chair Marc MacMullin, who is a go-to name for structured finance; Toronto’s Jo-Anna Brimmer, who specializes in securitization, covered bonds and debt capital markets; structured finance co-lead Dean Masse, who is also in Toronto; and Calgary-based Alyson Goldman.

Practice head(s):

Patrick Boucher; Andrew Parker; Marc MacMullin; Jo-Anna Brimmer


Other key lawyers:

Dean Masse; Alyson Goldman


Key clients

Canadian Western Bank


Empire Life Insurance Company


Caisse de dépôt et placement du Québec


Bruce Power


Li-cycle Corp


HSBC


Stelco Holdings


Summit Industrial Income REIT


Canadian Tire Bank


Deutsche Bank


Osler, Hoskin & Harcourt LLP

Equally adept at representing underwriters and issuers, Osler, Hoskin & Harcourt LLP enjoys close relationships with major Canadian and bulge-bracket banks and is also a popular choice to advise corporations on flagship offerings. Among its recent highlights, the group represented Bank of Montreal on its C$2.6bn equity offering, consisting of a C$1.6bn public offering and C$1bn private placement — department co-heads Desmond Lee and Rosalind Hunter teamed up with James Brown to lead the capital markets aspects of this large cross-practice transaction. On the debt side, corporate chair Michael Innes advised Hydro One on its C$1bn offering of medium-term notes. Next-generation partner Amelia Miao is also noted for debt and equity work. On the structured finance front, Rick Fullerton is highly regarded for securitizations; Arlene Mack is also noted for securitizations; and Lisa Mantello is a key contact for derivatives.

Practice head(s):

Desmond Lee; Rosalind Hunter


Other key lawyers:

Michael Innes; James Brown; Amelia Miao; Rick Fullerton; Arlene Mack; Lisa Mantello


Key clients

Hydro One Limited and Hydro One


TELUS International (Cda)


Dream Industrial REIT


Dream Residential REIT


Bank of Montreal


The Bank of Nova Scotia


BMO Capital Markets


CIBC Capital Markets


RBC Capital Markets


Scotiabank


TD Securities


Bausch + Lomb Corporation


Enbridge


General Motors Financial of Canada


Chemtrade Logistics Income Fund


Magna International


Stikeman Elliott LLP

Stikeman Elliott LLP’s capital markets practice stands out for its impressive national firepower. The full-service group brings to bear particularly dominant offerings in Toronto, Montreal, and Calgary, while it also has a well-staffed platform in Vancouver. In Toronto, seasoned specialist D’Arcy Nordick is highly regarded for his record in complex transactions; he recently represented Broadcom on its C$2.5bn notes offering. Additionally, Ramandeep Grewal advised the Bank of Nova Scotia on its multibillion-dollar shelf prospectus program. The Toronto team also draws on John Laffin and Jeff Hershenfield  — who co-lead the capital markets and public M&A group in Toronto — and corporate partner Sean Vanderpol. In Montreal, Robert Carelli and David Massé head the local corporate group and securities team respectively. The national department also draws on Keith Chatwin, who spearheads the corporate group in Calgary, and Michael Urbani, who fronts the corporate and securities team in Vancouver.

Practice head(s):

Robert Carelli; John Laffin; Jeff Hershenfield; David Massé; Keith Chatwin; Michael Urbani


Other key lawyers:

D’Arcy Nordick; Ramandeep Grewal; Sean Vanderpol; Vanessa Coiteux; David Tardif; Sony Gill


Davies Ward Phillips & Vineberg LLP

Davies Ward Phillips & Vineberg LLP’s team stands out both for its impressive record in flagship offerings, particularly IPOs, and also for its activity in US-Canadian cross-border capital markets transactions, where it can utilize a robust New York platform. In a recent example, its international prowess, go-to Toronto-based specialist David Wilson acted as Canadian counsel to Enerflex on its US and Canadian private placement of $625m of high-yield notes. Also based in Toronto, Robert Murphy advised Metropolitan Life Insurance Company, CIBC World Markets, TD Securities, BMO Nesbitt Burns, and Scotia Capital on Metropolitan Life Global Funding’s C$1bn Canadian private placement of notes. Wilson and Murphy co-head the national group alongside Olivier Désilets, who is the coordinator of the Montreal capital markets practice. Other key names in Montreal include Franziska Ruf and Sébastien Roy, while Patricia Olasker and Steven Cutler are also recommended in Toronto.

Practice head(s):

David Wilson; Robert Murphy; Olivier Désilets


Other key lawyers:

Franziska Ruf; Sébastien Roy; Patricia Olasker; Steven Cutler; Nicolas Morin


Testimonials

‘A very strong team that has in-depth knowledge of the market. Always available and willing to go the extra steps. Focuses on the main issues and finds workable solutions. We had very particular issues and the Davies people led the whole process to align all the parties, and their respective counsel.’

‘Lawyers are very down to earth and willing to support the business. I have found them very practical and innovative in their approach. Billing is always well-documented, and I feel I receive value for the money.’

‘David Wilson is knowledgeable, responsive, and accessible.’

Key clients

Rogers Communications


Fortis


Barrick Gold Corporation


Royal Bank of Canada


The Public Sector Pension Investment Board (PSP Investments)


Agnico Eagle Mines


TD Securities


Toromont Industries


Caisse de dépôt et placement du Québec


Lithium Royalty Corp


Enerflex


Russel Metals


The New York Life Insurance Company


BELLUS Health


Blackstone Real Estate Income Trust


BentallGreenOak


Pacific Life Insurance Company


MetLife


Novacap


Work highlights


  • Acted for Rogers Communications on its Canadian private placement of C$4.2bn of senior notes and also acted as Canadian counsel for Rogers on its US private placement of $7bn of senior notes.
  • Acted as Canadian counsel to the underwriters, led by Morgan Stanley and Goldman Sachs, on the $700m cross-border IPO of Bausch + Lomb Corporation.
  • Advised Lithium Royalty Corp on its C$150m IPO on the Toronto Stock Exchange.

Norton Rose Fulbright

Norton Rose Fulbright’s broad capital markets group is distinguished both by its extensive national coverage and also by its ability to lean on its international network to provide robust cross-border firepower. In a recent example of the latter, Montreal-based corporate finance partner Peter Wiazowski advised Bausch Health Companies on the high-profile IPO of its subsidiary Bausch + Lomb Corporation on the NYSE and TSX. In another multi-jurisdictional highlight, Calgary-based Marcus Archer acted as Canadian counsel to a syndicate of underwriters, led by RBC Capital Markets and Scotiabank, on TC Energy Corporation’s C$1.8bn bought deal offering of common shares in Canada and the US. The sizeable national department is led jointly by Andrea Brewer, Kristopher Miks and Elliot Shapiro out of Toronto, Vancouver and Montreal respectively.

Practice head(s):

Andrea Brewer; Kristopher Miks; Elliot Shapiro


Other key lawyers:

Peter Wiazowski; Marcus Archer; Heidi Reinhart


Testimonials

‘Demonstrates expertise in dealing with African jurisdictions. A global team.’

‘Andrea Brewer is knowledgeable, pragmatic, efficient, and builds a good client rapport.’

Key clients

Bausch Health Companies and Bausch + Lomb Corporation


Caisse de dépôt et placement du Québec, OMERS, Healthcare of Ontario Pension Plan, Public Sector Pension Investment Board and Canada Pension Plan Investment Board


DHL Network Operations (USA)


Syndicate of underwriters led by RBC Capital Markets and Scotiabank


Royal Bank of Canada


PSP Capital and Public Sector Pension Investment Board


Brookfield Corporation


TransAlta Corporation


Vermillion Energy


La Mancha Investments


Toronto Hydro Corporation


FG Acquisition Corp


Jefferies, Evercore and RBC Capital Markets and LifeSci Capital


Bird Canada


Taiga Motors Corporation


Cormark Securities


Syndicate of agents co-led by RBC Dominion Securities, CIBC World Markets, and National Bank Financial


Echelon Wealth Partners


TELUS Corporation


Work highlights


  • Advised Bausch Health Companies on the IPO of its subsidiary Bausch + Lomb Corporation on the NYSE and TSX, and also on the debt financing and liability management initiatives relating to the IPO.
  • Advised the pension fund cornerstone investors (Caisse de dépôt et placement du Québec, OMERS, Healthcare of Ontario Pension Plan, Public Sector Pension Investment Board and Canada Pension Plan Investment Board) on BMO’s C$2.6bn offering of shares pursuant to a public offering and concurrent private placement to the cornerstone investors.
  • Acted for DHL Network Operations (USA) on a long-term strategic arrangement with Cargojet, which included an equity investment.

Torys

Split between Toronto and Calgary, Torys’ capital markets group leverages the wider firm’s robust financial services expertise to excel in complex debt offerings and structured finance matters. It is also well positioned to handle equity deals. In a highlight example of its practice sweet spot, Toronto-based David Seville recently advised Scotia Capital, and the syndicate of agents, on Scotiabank’s C$1.5bn public offering of limited recourse capital notes (LRCNS). On the equity side, Toronto’s Rima Ramchandani acted for Home Capital on its issuer bid for up to C$115m of its common shares. Calgary-based Scott Cochlan co-heads the department, together with Seville and Ramchandani, and handles a range of corporate and securities work. Other key contacts in Toronto include capital markets chair Kevin Morris; corporate finance partner Glen Johnson; securitization specialist Jim Hong; and talented senior associate Michael Murphy. Up-and-coming partner Michael Pedlow is noted in Calgary. Michael Feldman retired in December 2022, while associate Brett Saulnier left to join OPTrust.

Other key lawyers:

Kevin Morris; Glen Johnson; Jim Hong; Michael Pedlow; Michael Murphy


Testimonials

‘We value the team for its expertise and experience. A firm that has worked on the most deals, and is always ready to share its knowledge.’

‘We highlight David Seville for the quality of his work, his personality and his thoughtfulness.’

‘Deep experience specific to working with financial institutions in Canada providing capital markets and securities law advice.’

‘Rima Ramchandani has been extremely responsive and works tirelessly to support us.’

Key clients

Brookfield Corporation


Scotia Capital


Home Capital Group Inc. and Home Trust Company


Enbridge


Manulife Financial Corporation


407 International


Choice Properties Real Estate Investment Trust


Ontario Power Generation


iA Financial Corporation


Superior Plus


AltaGas


Eagle Credit Card Trust


National Bank Financial


TD Securities


Anaergia


Triple Flag Precious Metals Corp


RBC Capital Markets


Work highlights


  • Advised Brookfield on the spin-off of a 25% interest in its asset management business, which resulted in the division of Brookfield into two publicly traded companies.
  • Advised Enbridge on the sale of an 11.5% non-operating interest in seven of its operating pipelines in the Athabasca region to Athabasca Indigenous Investments.
  • Advised Scotia Capital, and the syndicate of agents, on Scotiabank’s C$1.5bn public offering of limited recourse capital notes (LRCNs).

Bennett Jones LLP

Bennett Jones LLP is predominantly active on behalf of issuers, with a focus on the energy, natural resources and cannabis spheres. The group routinely handles debt and equity matters and had a role in one of 2023’s rare IPOs, where it advised a portfolio company of Riverstone Holdings, as principal shareholder, on Lithium Royalty Corp’s C$150m IPO — Calgary-based John Lawless paired up with the New York office to lead that work. Calgary-based John Piasta and Toronto’s Kristopher Hanc co-head a group that also includes corporate co-head Brent Kraus (Calgary); and corporate and securities partner Harinder Basra (Calgary).

Practice head(s):

Kristopher Hanc; John Piasta


Other key lawyers:

Brent Kraus; Harinder Basra; John Lawless


Key clients

Canadian Pacific Railway Company


Killam Properties


Keyera


Canadian Utilities/CU


Argonaut Gold


ATB Corporate Financial Services


Waste Connections Inc.


Mountain Province Diamonds


Cresco Labs


Nova Cannabis


Obsidian Energy


Underwriters and agents, including: RBC Dominion Securities, BMO Capital Markets, Canaccord Genuity, Clarus Securities, Cantor Fitzgerald, Haywood Securities, National Bank Financial


Work highlights


  • Advised Keyera Corp on a $230m bought deal public offering of common shares.
  • Acted for Riverstone VI LRC BV, a portfolio company of Riverstone Holdings, as principal shareholder in the C$150m IPO of Lithium Royalty Corp.
  • Advised Mountain Province Diamonds on its $195m issuance of senior secured second lien notes.

Dentons

Led out of Calgary by national lead Bennett Wong, the capital markets practice at Dentons benefits from an additional five platforms across the country. The team is well-placed to represent all sides in debt and equity offerings, with a notable focus on debt issuances. Among its other attributes, the group is noted for its activity in the mining, technology and life sciences — including cannabis — spheres, as well as for its record in cross-border work. Additional key contacts include Calgary-based Dan Shea, who specializes in capital markets and private equity work; and Toronto’s Ora Wexler, whose securities focus spans transactional and regulatory matters.

Practice head(s):

Bennett Wong; Ora Wexler; Eric Lung; Julien Bourgeois; Francois Brabant; Danny Wakeling


Other key lawyers:

Andrea Johnson; Bill Gilliland; Dan Shea; Ben Iscoe


Key clients

RBC Capital Markets


National Bank Financial Markets


BMO Capital Markets


TD Securities


CIBC Capital Markets


Corus Entertainment


Capital Power Corporation


Silver Mountain Resources


ATB Capital Markets


Canaccord Genuity Corp.


VIQ Solutions


AbraSilver Resource Corp.


Echelon Wealth Partners


Aya Gold & Silver


Eight Capital


Aldebaran Resources


Saturn Oil & Gas


Work highlights


  • Advised BMO Capital Markets, as lead agent and structuring advisor, on a C$865.2m project-finance style offering by DBRS Morningstar.
  • Advised the underwriters (RBC Capital Markets and National Bank Financial Markets) on Tamarack Valley Energy’s debt and equity offerings during 2022, totalling approximately C$444m.
  • Advised RBC Capital Markets, as the underwriters, on Keyera Corp’s debt and equity offerings during 2022, totalling approximately C$630m.

Fasken

Fasken’s capital markets practice is well-balanced across its national network of offices. Equipped to handle both debt and equity offerings, the team is particularly recognized for its prominence in the former sphere, with a significant focus on mining, energy and technology-related transactions. Calgary-based Sarah Gingrich co-heads the practice together with Toronto’s Sean Stevens. The group also draws on Montreal partners Jean-Pierre Chamberland and Jean Michel Lapierre, as well Toronto-based mining specialist John Turner.

Practice head(s):

Sean Stevens; Sarah Gingrich


Other key lawyers:

Jean-Pierre Chamberland; Jean Michel Lapierre; John Turner; Gesta Abols; Guillaume Saliah; Alexandre Morin


Testimonials

‘We highlight the team’s depth of expertise and its ability to scale up the team quickly to adjust to the needs of a transaction.’

‘We recommend Jean Michel Lapierre and Jean-Pierre Chamberland for their technical expertise and business acumen; and Guillaume Saliah and Alexandre Morin (hard workers with good client service).’

Key clients

National Bank of Canada


Export Development Canada


Bank of Nova Scotia


Toronto Dominion Bank


Canadian Imperial Bank of Commerce


Royal Bank of Canada


HSBC Bank Canada


Bank of Montréal


Duo Bank of Canada


TMX Group


Fiera Capital Corporation


Beacon Securities


Middlefield


Desjardins Securities


TD Securities


Desjardins Financial Group


ATB Financial


Work highlights


  • Advised National Bank of Canada, as issuer, on a C$12bn debt program.
  • Advised First Quantum Minerals on its C$1bn notes offering.
  • Advised a syndicate of underwriters (CIBC World Markets, National Bank Financial, and RBC Dominion Securities) on a C$460m bought deal offering.

Goodmans LLP

The capital markets team at Goodmans LLP ‘comes with solutions’, according to satisfied clients. The Toronto-based firm’s leading REITs practice is reflected in a deal list that includes offerings for Northwest Healthcare Properties REIT, Plaza Retail REIT and RioCan REIT. Other practice strong suits include technology, financial services and SPAC-related work. Group head Stephen Pincus is ‘the best you’ll find’. The group also includes senior capital markets specialist William Gorman; corporate finance and private equity partner Brad Ross; and next-generation partner David Coll-Black.

Practice head(s):

Stephen Pincus


Other key lawyers:

William Gorman; Brad Ross; David Coll-Black; Hari Marcovici


Testimonials

‘A very diverse and deep team. Very responsive and practical in its recommendations. Comes with solutions.’

‘Stephen Pincus: the best you’ll find. Bill Gorman and Brad Ross: great client management and legal representation. Associate Tara Hunt is a very good support lawyer.’

‘The term is very professional, solves problems efficiently and is very hard-working. It is a great pleasure and privilege to work with the team on cross-border transactions and multi-jurisdictional projects.’

Key clients

BMO Capital Markets


Canaccord Genuity


CIBC World Markets


Invesque


Ceridian HCM Holding


Minto Apartments REIT


BSR REIT


RioCan REIT


Tricon Capital


Docebo


Dye & Durham


Subversive Capital


Northwest Healthcare Properties REIT


E Automotive


Sienna Senior Living


TD Securities


Medicine Man Technologies (DBA Schwazze)


CRAFT 1861 Global Holdings


Playmaker Capital


Clip Money


Round 13 Capital


Work highlights


  • Advised FG Acquisition Corp (FGAC), a SPAC, on its proposed business combination and financing transaction with Think Financial Group Holdings, which will include a prospectus filing and constitute FGAC’s qualifying acquisition.
  • Advised Northwest Healthcare Properties REIT on its short form base shelf prospectus, as well as on bought deal offerings of convertible unsecured subordinated debentures.
  • Advised Canaccord Genuity Group on its acquisition of the Canadian funds and private wealth business of Mercer Global Investments Canada.

Borden Ladner Gervais LLP

Borden Ladner Gervais LLP’s capital markets practice has a focus on the mid-market space, which ensures a steady stream of smaller offerings — both debt and equity. Led from Vancouver by Kent Kufeldt, who consistently represents both issuers and underwriters, the department also draws on Vancouver-based mining head Fred Pletcher. The Toronto team was recently boosted by the hires of Timothy McCormick and counsel Laura Levine, who both joined as partners from Stikeman Elliott LLP. Additionally, Frazer House joined as a partner from Torys, where he was an associate.

Practice head(s):

Kent Kufeldt; Tim McCormick


Other key lawyers:

Fred Pletcher; Laura Levine; Frazer House


Key clients

Barclays Capital


Loblaw Companies


CIBC Capital Markets


Caisse de dépot et placement du Québec


Capital Power Corporation


SNC-Lavalin Group


BDC Capital, GO Capital, Fonds de Solidarité FTQ, Desjardins Capital and UI Investissement (France)


Agrinam Acquisition Corporation


Cormark Securities


Cardiol Therapeutics


Inovia Capital


BMO Capital Markets


TD Securities


Stifel Nicolaus Canada


National Bank Financial


Clarus Securities


PI Financial Corp


Red Cloud Securities


UMB Bank


Burnet Duckworth & Palmer LLP

Calgary stalwart Burnet Duckworth & Palmer LLP houses a capable capital markets practice, which specializes in energy-related offerings — in line with its firm-wide strength. Active on behalf of both issuers and underwriters, the team strikes a balance between equity and debt transactions. Corporate and securities partner Edward Brown co-heads the department alongside Lindsay Cox, who recently advised Baytex Energy Corp on its $800m private notes offering. Other key contacts include Syd Abougoush and William Maslechko, who both handle a mix of corporate and securities work.

Practice head(s):

Edward Brown; Lindsay Cox


Other key lawyers:

Syd Abougoush; William Maslechko; Jeff Oke; James Kidd; Bronwyn Inkster


Key clients

Hammerhead Energy


Baytex Energy Corp


Blackline Safety Corp


Acumen Capital finance Partners and Peters & Co


CIBC Capital Markets


Petrus Resources


Ag Growth International


Entropy


Advantage Energy


Stifel Nicolaus Canada