Capital markets in Canada

Blake, Cassels & Graydon LLP

Equally skilled in debt and equity work, the team at Blake, Cassels & Graydon LLP handles the full range of public and private offerings, including IPOs, rights issues, investment grade debt matters and high-yield bond offerings. The firm has first-class financial services and corporate practices, ensuring a steady stream of headline transactions for both issuers and underwriters. It is also recognized for its expertise in regulatory matters. In Toronto, Tim Andison recently advised the underwriters on Air Canada’s public offering of C$500m of voting shares and private placement of $650m of convertible senior notes. Other key names in Toronto include M&A and corporate finance specialist Jeffrey Lloyd, national group lead Eric Moncik, and Chris Hewat, who has a strong record in biotech and technology-related issuances. Associate Joseph Zed is also an emerging talent in Toronto. Formerly based in Calgary, Ross Bentley now manages the London office and splits his time between London and Calgary; he is recognized for his experience of the energy, infrastructure and transport sectors. Calgary-based up-and-coming partner Jeff Bakker is another name to note for energy-related work.

Practice head(s):

Eric Moncik

Key clients

BMO Capital Markets

CIBC World Markets

Fortuna Silver Mines


Granite Real Estate Investment Trust

Pembina Pipeline Corporation

Power Corporation of Canada

Suncor Energy

TC Energy Corporation

WPT Industrial Real Estate Investment Trust

Work highlights

  • Advised a syndicate of underwriters, led by TD Securities, JPMorgan and Citi, on Air Canada’s C$500m public offering of voting shares and $650m private placement of convertible senior notes.
  • Advised Suncor Energy on its C$1.2bn medium-term note offering and $1bn senior note offering.
  • Acted for Granite Real Estate Investment Trust and Granite REIT Inc in a C$289m public offering of stapled units of Granite.

McCarthy Tétrault

McCarthy Tétrault’s capital markets team is complemented by the firm's top-tier banking and finance practice and strong institutional bank relationships. As such, the group has been called 'the strongest practice on the street' when it comes to underwriter-side work; though the team also routinely advises corporate and financial services clients as issuers on public and private offerings. The team is well versed in both debt and equity deals, but is differentiated in part by the strength of its structured finance practice, where is is routinely involved in high-profile debt transactions, including covered bonds and maple bonds. Contacts in Toronto include national capital markets co-head Andrew Parker, who has an impressive record in debt and equity offerings, and Marc MacMullin, who heads the financial services group and is a favourite with banks to assist with their structured finance, asset-backed securities and covered bond transactions. A recent highlight for MacMullin involved advising HSBC Bank Canada on its $1bn covered bond issuance. Other recommended names in Toronto are structured finance co-head Dean MasseJo-Anna Brimmer, who focuses on securitization, covered bonds and debt capital markets; and ‘stand-out associate’ Christopher Bamford. In Montréal, capital markets co-head Patrick Boucher is highly regarded for his combination of securities and corporate expertise, and recently advised the National Bank of Canada, as issuer, on the renewal of its $10bn euro note programme.


‘McCarthy Tetrault LLP has the strongest capital markets practice on the street. They have a very deep bench of talented lawyers, both Partners and Associates, including many of the top lawyers in their areas of specialization. They are involved in many of the transactions in Canada, which is reflective of the quality of service they provide, but this also puts them in a position to give us the best advise and service on the transactions we engage them on as they have the most knowledge of what is happening in the marketplace. They are our trusted advisors, strong advocates for us on any matters on which they represent us as counsel, and are able to deliver top quality service that is second to none.’

‘I primarily deal with their securitization lawyers, many of whom are the top securitization lawyers in Canada. Marc MacMullin, senior partner there and head of their financial services group and Dean Masse, partner in their securitization practice are two partners that stand out in particular. They are both incredibly intelligent and thorough. They are very strong negotiators who tirelessly advocate for my best interests as their client. They do a great job identifying and addressesing any legal or business points and explaining it to us in a way that is easy to understand so that we fully appreciate the risks and can get comfortable that they are appropriately mitigated. In addition to Marc and Dean, Chris Bamford is a stand-out associate. He is by far the strongest securitization associate that we have worked with in Canada. He displays maturity and legal accumen that is well beyond his year. He acts like and view him to be equivalent to a partner in the quality of service he provides to us.’

Key clients

National Bank of Canada

Canadian Dealers including: National Bank Financial, Scotia Capital, BMO Nesbitt Burns, RBC Dominion Securities, CIBC World Markets, Merrill Lynch Canada, TD Securities, Desjardins Securities, Wells Fargo Securities Canada, BNP Paribas (Canada) Securities and Rabo Securities Canada

JP Morgan Securities LLC

JP Morgan Securities Canada

RBC Capital Markets, LLC

Wells Fargo and Company

Desjardins Securities

BMO Nesbitt Burns

RBC Dominion Securities

Canadian Market Infrastructure Committee

HSBC Bank Canada

OMERS Finance Trust

AbCellera Biologics Inc.


The Walt Disney Company

The Toronto-Dominion Bank

Work highlights

  • Advised AbCellera Biologics on its series A2 round of preferred equity financing and senior term debt facility, totalling $100m.
  • Advised Toronto-Dominion Bank on its $1.2bn covered bond offering.
  • Acted for Wells Fargo in its C$1bn issuance of notes through Canada’s Maple Bond programme, and also on its C$1bn offering of fixed-to-floating rate notes.

Osler, Hoskin & Harcourt LLP

Osler, Hoskin & Harcourt LLP is a fixture at the top of the DCM deal tables, frequently ranking among the top two firms nationally, both by deal value and deal count. The team also maintains a steady flow of high-profile equity transactions, with its New York platform a useful asset in cross-border offerings. In a highlight example, its New York, Calgary and Toronto offices teamed up to advise the underwriters on both the US and Canadian law aspects of Sundial Growers’ $143m IPO in the US and Canada. The group is also distinguished by its ability to strike a balance between issuer and underwriter-side mandates, demonstrating strong long-term relationships with leading bank-owned underwriters as well as with major corporate issuers. Desmond Lee is highly regarded for his robust ECM practice and recently paired up with mining and corporate finance partner James Brown to advise the underwriters on Osisko Gold Royalties’ C$127m cross-border secondary offering by its major shareholder, Orion Resource Partners. Michael Innes jointly heads the capital markets department alongside Lee; he recently advised the underwriters on a string of debt offerings by TELUS Corporation. Securitization expert Peter Milligan and up-and-coming debt and equity partner Rosalind Hunter are also names to note. Named lawyers are based in Toronto.

Practice head(s):

Desmond Lee; Michael Innes

Key clients

Hydro One Limited and Hydro One Inc.

Bank of Montreal

The Bank of Nova Scotia

BMO Capital Markets

CIBC Capital Markets

RBC Capital Markets

Scotia Capital

TD Securities

Corus Entertainment

Dream Industrial REIT

Work highlights

  • Advised the underwriters, as co-counsel, on a series of debt offerings through 2019 by Canada Housing Trust, worth a combined C$35bn.  
  • Represented the underwriters in a string of debt offerings by TELUS Corporation, including a C$995m offering.
  • Advised the underwriters on a C$217m secondary offering by certain of Lightspeed POS’s shareholders.

Stikeman Elliott LLP

Among the most balanced practices in the market, Stikeman Elliott LLP has noted expertise in a wide variety of capital markets deals, from private placements for early-stage issuers, through to major cross-border IPOs. The team’s impressive issuer client list parallels the firm’s top-tier corporate practice. Cross-border work is another strong suit; the team has a regular presence in offerings involving the US. Additionally, the department houses a robust regulatory practice, which benefits from the senior expertise of Toronto-based Edward Waitzer, former chair of the Ontario Securities Commission. D’Arcy Nordick co-leads the capital markets and public M&A groups in the Toronto office and is regarded by many as a leader in securities transactions. Sean Vanderpol also co-leads the capital markets department in Toronto. Robert Carelli heads up the corporate group in Montréal and advises on a mix of equity and debt matters for both issuers and underwriters. Also recommended in Montréal is Sterling Dietze, who has strengths in structured finance and securitization.

Practice head(s):

D’Arcy Nordick; Sean Vanderpol


A popular choice for prolific issuers, Torys’ stellar institutional relationships supply a steady stream of debt and equity mandates, with Brookfield and Fairfax Financial among its most high-profile repeat clients. On the underwriter side, the group regularly acts for leading Canadian and US investment banks. International work is another significant differentiator. Indeed, the team is consistently involved in multi-jurisdictional offerings, particularly deals with a US dimension where it can utilize its well-staffed New York office. Glen Johnson provides comprehensive advice on securities regulation and corporate finance matters. David Seville handles a mix of debt and equity transactions, with complementary expertise in private equity and regulatory finance issues. Michael Feldman is noted for his experience in debt capital markets, with a focus on structured finance and securitizations. Rima Ramchandani is recommended for her growing profile in cross-border capital markets deals; she recently paired up with Calgary-based corporate finance partner Janan Paskaran to advise Sundial Growers on its $143m cross-border IPO and listing on the Nasdaq. Also in Calgary, Scott Cochlan co-leads the national practice together with Seville and Ramchandani and advises issuers and underwriters on a range of domestic and cross-border offerings. Named lawyers are based in Toronto, unless otherwise stated.

Other key lawyers:

Michael Feldman; Glen Johnson


‘The Torys Capital Markets team has an exceptionally strong customer service orientation. They are innovative and developed a completely new securitization product for us which enabled a cross-border transaction.’

‘Michael Feldman is thoughtful, innovative and customer-service oriented. Rima Ramchandani is a delight to work with, providing timely and practical advice.’

Key clients

Bank of Montreal


Choice Properties REIT

Fairfax Financial Holdings Limited


Scotia Capital

Sherritt International

Superior Plus

TD Bank

TMX Group

Work highlights

  • Advised Sundial Growers on its $143m cross-border IPO and listing on the Nasdaq.
  • Advised Brookfield Infrastructure Partners on a proposed unit split and creation of an exchange corporation; pursuant to the transaction, its board of directors intends to distribute class A shares of the new corporation to existing unitholders.
  • Represented Triple Flag Precious Metals in its planned $250m IPO.

Davies Ward Phillips & Vineberg LLP

A 'go-to Canadian firm' according to one international client, Davies Ward Phillips & Vineberg LLP has core strengths in cross-border transactions, particularly in offerings utilizing the US-Canada multi-jurisdictional disclosure system. The experienced team routinely advises issuers, private equity funds and underwriters on debt and equity offerings. In Toronto, corporate finance specialist Patricia Olasker ('an absolute pleasure to work with') is noted for her expertise in US-related offerings and also in the development of structured debt and equity products. David Wilson is recognized for his specialist focus on debt work, including high-yield offerings and cross-border transactions. Robert Murphy, who advises issuers and underwriters on securities offerings and regulatory issues, is also recommended in Toronto. Olivier Désilets is a key figure in the Montréal office, as is Franziska Ruf, who has experience of transactional and regulatory securities work.

Other key lawyers:

Franziska Ruf


‘Davies is our go to Canadian firm. They are expert, experienced, thoughtful and give excellent commercial advice.’

‘Patricia Olasker leads a strong team. Patricia is an absolute pleasure to work with, is thoughtful, accessible and expert. Steve Cutler and Anthony Spadaro are also stand out young partners I’ve worked with.’

Key clients

Barrick Gold Corporation

Fortis Inc.

Rogers Communications

Caisse de dépôt et placement du Québec

Royal Bank of Canada

Alimentation Couche-Tard Inc.

Agnico Eagle Mines

Toromont Industries

Xplornet Communications Inc.

Shaw Communications Inc.

TransAlta Corporation

Waste Management Inc.


Work highlights

  • Represented a syndicate of underwriters in the $2.2bn cross-border IPO of GFL Environmental.
  • Advised TransAlta Corporation on structuring Brookfield Renewable’s C$750m investment in TransAlta, through securities that are exchangeable into a minority equity ownership interest in hydro facility assets.
  • Advised Rogers Communications on several matters, including on its $1bn US public offering of senior notes.


Best known for its prowess in the mining industry, Fasken’s capital markets group is also increasingly active in the areas of technology and private equity. The firm is hailed by clients for its 'integrated approach across offices and jurisdictions'. It routinely handles large-scale debt and equity deals, for both managers and issuers, from its network of offices across the country. Further, its London and Johannesburg platforms provide significant support in cross-border matters. In Toronto, global mining head John Turner is recognized for his expertise in resource-related transactions; he advised the special committee of independent directors of Katanga Mining on Katanga’s C$7.6bn rights offering, which represented the largest-ever rights offering in Canada. Calgary-based Sarah Gingrich is recommended for her experience in both debt and equity matters. In Montréal, Jean-Pierre Chamberlain advises companies and investment banks on capital market and private financing transactions. Vancouver’s Blair Horn is noted for his emphasis on the technology, agribusiness and food and beverage sectors.


‘The team is very efficient, offering great value for the money and offer an integrated approach across various offices and jurisdictions.’

‘The lawyers I have worked with are all commercially savvy with a realistic view of risk mitigation. They are results oriented and can be relied upon when ”the chips are down”.’

‘Fasken’s team is surgical and efficient. They have a great understanding of issues and implement mitigating efforts to limit those issues when transacting.’

‘Sarah and Bill are a great team. Their client service is impeccable, and their attention to detail while being efficient in commendable.’

Key clients

TMX Group

Stella-Jones Inc.

First Quantum Minerals

Fiera Capital Corporation

Beacon Securities


Desjardins Securities

Just Energy Group Inc.

GMP Securities LP

TD Securities Inc.

Katanga Mining

Eldorado Gold Corporation

RBC Capital Markets

CIBC World Markets

Scotia Capital

TD Securities

National Bank of Canada

The Flowr Corporation

Wells Fargo Securities, LLC

HSBC Securities (USA) Inc.

Work highlights

  • Advised the special committee of independent directors of Katanga Mining on its C$7.6bn rights offering.
  • Advised a syndicate of underwriters, led by TD Securities, on a C$3bn offering of subordinated bonds.
  • Advised the syndicate of placing agents, led by Wells Fargo Securities, RBC Capital Markets and HSBC, on two note offerings by Alimentation Couche-Tard totaling $1.5bn.

Goodmans LLP

Goodmans LLP’ expertise in SPAC-related matters continued to pay dividends over the past year; the group combined its premier SPAC offering with its market-leading REITs capability to advise Subversive Capital on the $200m IPO of Subversive Real Estate Acquisition REIT LP—the first cannabis REIT SPAC globally. Other industry strengths include health care, technology and cannabis. A particularly strong performer on behalf of issuers in equity offerings, the group also advises on debt and underwriter-side work. Department head Stephen Pincus brings to bear strong experience in REIT and SPAC-related transactions and led on the Subversive deal. William Gorman handles a range of corporate and finance work, with a focus on capital markets, M&A and regulatory compliance. Brad Ross co-heads the business law group and advises issuers and underwriters on public and private offerings. David Coll-Black is a talented younger partner.

Practice head(s):

Stephen Pincus


‘Very deep team. Practical and experienced. Good practice management.’

‘Experts in cross border transactions.’

‘Brad Ross and Tara Hunt are effective, efficient, responsive and professional throughout stressful capital market transactions.’

‘They are very bright, very fast, comprehensive and creative problem solvers. I trust them with my most complex work. The more sophisticated the engagement, the more it has to go to.’

‘Stephen Pincus is at the top of the game; superb intellect; creative problem solver; strategic and compassionate. Neill May is very bright, fast, reliable and fun to work with.’

Key clients

BMO Capital Markets

Canaccord Genuity

CIBC World Markets Inc.

Invesque Inc.

Ceridian HCM Holding Inc.

Minto Apartments REIT



Morneau Shepell Inc.

Docebo Inc.

Mercer Park Brand Acquisition Corp.

Subversive Capital

Work highlights

  • Advised Subversive Capital on the IPO of Subversive Real Estate Acquisition REIT.
  • Acted for Brookfield Asset Management in its C$350m strategic investment in Superior Plus.  
  • Acted for NorthWest Healthcare Properties REIT in bought deal equity offerings worth a combined C$425m.

Norton Rose Fulbright

Norton Rose Fulbright’s full-service corporate finance and securities practice handles a variety of capital markets transactions from its bases in Alberta, British Columbia, Ontario and Quebec. The team advises both issuers and underwriters on debt and equity deals and is noted for being among the few Canadian firms with a dedicated covered bonds practice. Its extensive international network is another important differentiator, and, indeed, the team consistently works alongside other offices throughout its network to advise on cross-border mandates. In Calgary, department co-head Kirsty Sklar had a busy year in energy-related transactions. Calgary-based Marcus Archer is also recommended for energy offerings. Elliot Shapiro co-chairs the practice from Montréal and has a solid record in cross-border deals. Toronto-based co-lead Andrea Brewer advises on all aspects of securities law and related governance issues.

Key clients


TD Securities

Royal Bank of Canada

iA Financial Corporation Inc.

CIBC Capital Markets and RBC Capital Markets

Aimia Inc.

Scotia Capital

Gibson Energy


EPCOR Utilities

Bombardier Inc.

Canada Mortgage and Housing Corporation

FAX Capital Corp.

Keyera Corp.

Jefferies LLC

PSP Capital Inc.

Work highlights

  • Advised a syndicate of underwriters on notes offerings by Inter Pipeline, including on a $700m offering of fixed-to-floating rate hybrid notes.
  • Acted as Canadian counsel to Visa in its $4bn notes offering.
  • Represented Gibson Energy in the implementation of a medium-term notes (MTN) programme and two issuances of MTNs, totalling C$1.1bn.

Bennett Jones LLP

Among the market's leading energy firms, Bennett Jones LLP is a popular choice for oil and gas companies in corporate finance transactions. The issuer-focused group also had a strong recent run or highlights in the mining and cannabis sectors. In Calgary, corporate co-head Brent Kraus advises issuers and underwriters on capital markets transactions, with strong expertise in the energy sphere. Other key names in Calgary include trading and derivatives head Mark Powell and corporate finance co-head John Piasta, who handles private and public debt and equity offerings. Toronto-based Kristopher Hanc spearheads the group alongside Piasta.

Practice head(s):

John Piasta; Kristopher Hanc

Other key lawyers:

Brent Kraus; Mark Powell

Key clients

Canadian Natural Resources

Canso Investment Counsel

Cresco Labs

CU Inc. (Canadian Utilities)

Encana Corporation

Katanga Mining

Killam Apartment REIT

Osisko Mining / Osisko Gold Royalties

Parkland Fuel Corporation

Waste Connections, Inc.

Work highlights

  • Advised Katanga Mining on filing the short form prospectus for its C$7.6bn rights offering.
  • Acted for Parkland Fuel Corporation on its $500m cross-border offering of senior notes.
  • Advised Cresco Labs on several offerings in 2019, including on its C$73.5m equity offering.

Borden Ladner Gervais LLP

Borden Ladner Gervais LLP is active in a fairly even balance of debt and equity deals, with a focus on issuer-side work. The firm’s dynamic power practice supplies a steady stream of capital markets mandates. It has also recently undertaken work for REITs, life sciences and financial services-sector clients. Kent Kufeldt, who splits his time between Vancouver and Calgary, heads up the national securities and capital markets group and has experience of equity and debt financings. Vancouver-based mining chair Fred Pletcher is also recommended for corporate finance transactions in the mining space.

Practice head(s):

Kent Kufeldt

Other key lawyers:

Fred Pletcher

Key clients

Aritzia Inc.

Titan Medical Inc.

Northland Power Inc.

Sandstorm Gold

Allianz X

Northview Apartment Real Estate Investment Trust

Capital Power Corporation

Resverlogix Corp.

AltaCorp Capital Inc.

Chaudière Financial LP

Hydro Ottawa

GMP Securities LP

Desjardins Capital Markets

McKinsey Consulting

Canada Housing Trust™ No. 1



TD Securities Inc.

Rubicon Organics

Work highlights

  • Advised Northland Power on its C$346.5m bought deal offering of subscription receipts.
  • Represented Northview Apartment REIT on its C$86.3m bought deal offering.
  • Advised Chaudière Financial LP and Hydro Ottawa on the former’s C$290.5m private placement of green bonds — backed by two hydroelectric generation facilities, each owned by a subsidiary of Hydro Ottawa Holding.  

Burnet Duckworth & Palmer LLP

A fixture in the Calgary market, Burnet Duckworth & Palmer LLP has an emphasis on advising its strong stable of oil and gas-sector clients as issuers in domestic and cross-border debt offerings. It also houses a capable equity-side practice. Alyson Goldman is highly regarded for her expertise in energy-related debt and equity offerings. The practice group is jointly led by Jeff Oke, who handles a mix of corporate, securities and M&A, and Shannon Gangl, who advises on transactional and regulatory securities matters.

Practice head(s):

Jeff Oke; Shannon Gangl

Other key lawyers:

Alyson Goldman

Key clients

ARC Resources

MEG Energy Corp.

PrairieSky Royalty

Freehold Royalties

Corex Resources

Perpetual Energy Inc.

Inter Pipeline


NuVista Energy

Whitecap Resources Inc.

Baytex Energy Corp.

Newalta Corporation


Alaris Royalty Corp.

Parex Resources Inc.

Tourmaline Oil Corp.

Cardinal Energy

Work highlights

  • Advised AltaGas on its C$500m offering of senior unsecured medium-term notes.
  • Represented Inter Pipeline in its C$700m public debt offering.
  • Advised the underwriter on Suncor Energy’s C$1.2bn offering of medium-term notes.

Cassels Brock & Blackwell LLP

Cassels Brock & Blackwell LLP specializes in securities work in the areas of mining and cannabis, in line with the wider firm's sector strengths. Active in public offerings and private placements of equity and debt securities, the group has experience acting for both issuers and underwriters. Toronto-based managing partner Mark Bennett is instructed by Canadian and international mining companies, among other clients.

Practice head(s):

Mark Bennett


Dentons is recognized by its strengths in the technology, cannabis and energy sectors, where it is most active for issuer-side clients. The wider firm’s extensive international network also sets the group apart, and, indeed, the capital markets group routinely teams up with colleagues internationally to advise on cross-border debt and equity offerings. Bill Gilliland in Calgary is recommended for natural resources-related transactions; Montreal-based corporate head Charles Spector has a broad practice that spans both debt and equity offerings; and Eric Foster in Toronto is noted for his focus on corporate finance matters in the cannabis space.

Practice head(s):

Scott Rozansky

Other key lawyers:

Bill Gilliland 


‘The level of support and insight, based on decades of practical experience has been invaluable to me as a CFO.’

‘The Denton’s team also shares our sense of urgency when appropriate and reacts appropriately.’

‘Charles Spector and his team are dedicated to delivering milestones on time, in compliance with all applicable legislation and regs.’

‘Their dedication to completing a task is unparalleled and their flexibility and ability to react quickly when opportunities arise, is appreciated.’

‘Chuck’s ability to understand the situation from the client perspective and his general strong business and people skills makes us feel like we have a partner in business rather than just a well educated supplier.’

Key clients

BMO Capital Markets

Lions Gate Entertainment Inc.

RBC Capital Markets

National Bank Financial Inc.

TD Securities

Capital Power Corporation

Shaw Communications Inc.

Root Data Center Inc.

CIBC World Markets Inc.

Canopy Growth Corporation

Sprott Capital Partners LP

Bloom Burton

Work highlights

  • Advised Shaw Communications on its C$800m two-tranche bond offering.
  • Advised Cascades on three notes offerings, worth $350m, $300m and C$175m respectively.
  • Represented Cannara Biotech in a C$37.4m subscription receipt funding round.