Capital markets in Canada

Highly experienced in both equity and debt capital markets, Blake Cassels & Graydon LLP is a leading firm to which a number of major public and private companies turn. The team has vast experience in public offerings, both in traditional and non-traditional IPO formats, including special purpose acquisition companies (SPACs) and private investment in public equity deals (PIPEs). Here it advises issuers, sponsors and underwriters, with notable work including Chris Hewat and Matthew Merkley's advice to the underwriters on the $1.5bn Shopify IPO. The firm also stands out for its work in key follow-on offerings and other corporate financing transactions. The regulatory team is further recognized for its broad range of expertise. Eric Moncik leads the team from Toronto, advising on a number of public and private acquisition financings. Jeffrey Lloyd and Tim Andison are other names to note in Toronto, respectively advising on corporate finance, and debt and equity offerings. Calgary-based partner Jeff Bakker focuses on energy-related transactions, while Ross Bentley splits his time between Calgary and London.

Covering the full range of capital markets transactions, including public and private offerings, bought deals, debt offerings and other forms of follow-on offerings, McCarthy Tétrault is known for its combination of capital markets expertise, industry understanding and cross-border experience. The team has been increasingly involved in the issuing of new limited recourse capital notes (LRCN) debt instruments alongside the broader banking and finance practice, with Andrew Parker and Jo-Anna Brimmer recently acting for RBC in the issuance of C$1.75bn worth of them. The department also has experience in cross-border public offerings made through the Canada-US Multi-Jurisdictional Disclosure System (MJDS). Parker co-leads the team from Toronto, while Patrick Boucher, who is known for his expertise with Quebecois financial institutions, leads the team in Montréal. Other key names include structured finance co-head Dean Masse, and banking and finance leader Marc MacMullin. The team was also bolstered by the hires of Alyson Goldman, Jessica Brown and Bradley Squibb from Burnet Duckworth & Palmer LLP.

Torys' capital markets team is a go-to practice for issuers across a number of industries, and stands out for its considerable experience in the financial services sector. The department's experience is not only limited to matters such as IPOs, follow-on and debt offerings, but to novel transactions including advising banks on the use of limited recourse capital notes (LRCNs). The team also offers significant securitization expertise, with highlights including Jim Hong and Michael Feldman leading TD Securities’ C$450m offering of residential mortgage-backed securities. Beyond that, it counts among its clients a number of major investors, including Brookfield and RBC. It also differentiates itself thanks to its active New York office, allowing it to coordinate transactional work on cross-border placements. Rima Ramchandani and David Seville lead the Toronto-based team, advising on cross-border work and securities transactions, respectively. Scott Cochlan leads the Calgary-based team, with significant experience in the oil and gas sector as well as emerging markets. Glen Johnson is known for his comprehensive securities regulation offering, and Brett Saulnier is a key contact at the associate level.

Fasken acts on the full range of equity and debt transactions, advising large corporations, national and international banks, and institutional investors. It stands out for its expertise in IPOs, SPACS, PIPEs and a number of follow-on debt and equity transactions, with highlights including Caitlin Rose's advice to Nuvei Corporation on its $833m IPO. The department is also known for its broad range of sector expertise, with a particular emphasis on the mining and energy industries. Sarah Gingrich leads the Calgary-based team, combining her securities experience with a broader focus on corporate law. Sean Stevens and John Turner lead the Toronto team, with Turner particularly known for his mining sector work. Other key lawyers include Montréal-based Jean-Pierre Chamberlain, who focuses on large capital markets transactions, and Daniel Fuke, known for his ability to ‘learn complex and technical concepts quickly’.

Norton Rose Fulbright offers a full range of capital markets and securities expertise, across debt and equity markets, acting for issuers and underwriters. Its specialist practices include a unique focus on covered bonds, and offering advice to clients raising capital through private placements. Initial listings are another core strength for the practice, with a particular focus on advising underwriting syndicates on IPOs. With a network of national offices in Calgary, Toronto, Montréal and Vancouver, and a broad international platform, the firm is well positioned to handle complex cross-border mandates. Calgary is the base for co-head Kirsty Sklar and Marcus Archer, both of whom have expertise in the energy sector. Elliot Shapiro leads the Montréal-based team meanwhile Andrea Brewer fronts the offering in Toronto.

With offices in Calgary and Toronto, Bennett Jones LLP advises a growing list of major companies on debt and equity markets matters. The team is particularly known for its energy and natural resources sector work, and is also increasingly active in the agribusiness and transport sectors. Key names based in the Calgary office include Mark Powell, who heads the trading and derivatives practice and has considerable expertise in securitization, and John Piasta, who jointly heads the capital markets team alongside Toronto-based partner Kristopher Hanc. Also noteworthy is Gordon Cameron in New York, who brings significant US/Canadian cross-border experience to the practice, and Brent Kraus , who offers additional energy sector expertise.

Dentons is known for its extensive experience in cross-border work, leveraging both its national network and its significant international platform. It offers broad industry expertise, covering the energy, cannabis, technology and life sciences sectors, among others, with a particular emphasis on issuer clients. Montréal-based Scott Rozansky leads the team and is particularly active in the emerging technologies market. In Calgary, Bill Gilliland offers transactional support to energy and natural resources companies, and corporate group co-head Dan Shea advises both issuers and underwriters. In Toronto, Eric Foster has developed a notable practice advising in the cannabis industry, and associate Ben Iscoe offers cross-border experience. Ora Wexler, also in Toronto, is another key name.