Rising Stars

Isabelle Nazon–McCarthy Tétrault
Brett Saulnier- Torys LLP

Capital markets in Canada

Blake, Cassels & Graydon LLP

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.

Practice head(s):

Eric Moncik

Key clients

AbCellera Biologics Inc.

ABC Technologies Holdings Inc.

BMO Nesbitt Burns

Cenovus Energy Inc.

dentalcorp Holdings Ltd.

Intact Financial Corporation

Magnet Forensics Inc.

Morgan Stanley

Power Sustainable Capital Inc.

Savaria Corporation

Starlight Investments

Suncor Energy Inc.

TC Energy Corporation

Xenon Pharmaceuticals Inc

Work highlights

  • Served as counsel to Intact Financial Corporation on its offering of C$4.45bn of subscription receipts in connection with its acquisition of RSA Insurance Group.
  • Served as counsel to a syndicate of underwriters on the US$1.5bn public offering of subordinate voting shares of Shopify.
  • Advised Cenovus Energy on its public offering of $1bn in 5.375% senior unsecured notes via the Canada – US multi-jurisdictional disclosure system.

McCarthy Tétrault

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.


‘As a primarily US-based company with a small Canadian operation, the McCarthy Tétrault team has been instrumental to provide us with sound opinion on Canadian law and typical market practices, about which, we would otherwise have very little visibility.’

‘Over the course of our engagement with McT, Jo-Anna Brimmer has become a key advisor to all aspects of our operation in Canada. She has evolved into our company’s relationship partner, handling not only deal work but providing useful guidance on corporate governance and tax issues.’

Key clients

OMERS Administration Corporation

OMERS Finance Trust

HSBC Bank Canada

The Toronto-Dominion Bank

TD Securities Inc.

National Bank of Canada

National Bank Financial Inc.

Caisse de dépôt et placement du Québec (CDPQ)

RBC Dominion Securities Inc.

RBC Capital Markets

Enercare Inc.

Canadian Market Infrastructure Committee

Canadian Imperial Bank of Commerce

CIBC World Markets Inc.

Fédération des caisses Desjardins du Québec

BMO Nesbitt Burns Inc.

BMO Capital Markets

Desjardins Securities Inc.

MUFG Union Bank, Ltd.

Canadian Tire Bank

Stelco Holdings Inc.

Summit Industrial Income REIT

Enbridge Inc.

Empire Life Insurance Company

Farmers Edge

Scotia Capital Inc.

Credit Suisse

Laurentian Bank of Canada

Work highlights

  • Advised a syndicate of agents co-led by RBC Capital Markets and J.P. Morgan Securities in the issuance by Royal Bank of Canada of C$1.75bn of Limited Recourse Capital Notes, Series 1.
  • Advised Caisse de dépôt et placement du Québec in its agreement with Alstom to convert its current investment in Bombardier Transportation into shares of Alstom.
  • Advised a syndicate of underwriters, led by Goldman Sachs Canada, in the $805m IPO and secondary offering of Nuvei Corporation.

Osler, Hoskin & Harcourt LLP

Known for its work with emerging and high-growth companies, Osler, Hoskin & Harcourt LLP is involved in many of Canada’s highest-value capital markets transactions, frequently ranking at the top of the equity and debt offering league tables. The team has been heavily involved in the IPO market, with Desmond Lee and James Brown advising on both the $1bn cross border TELUS offering and the $400m DRI Healthcare Trust IPO. The team benefits from its established New York office, which ensures it has strong connections to both US and Canadian capital markets and investors. It also has an impressive derivatives offering, led by Lisa Mantello in Toronto, advising domestic and foreign financial institutions, pension funds, asset managers and regulatory agencies. Lee co-heads the practice from Toronto, alongside cross-border corporate law expert Michael Innes. Rosalind Hunter and Peter Milligan are also noted for their respective debt and equity, and securitization expertise.

Practice head(s):

Desmond Lee; Michael Innes

Key clients

Hydro One Limited

Hydro One Inc.

TELUS International (Cda) Inc.

Dream Industrial REIT

Bank of Montreal

The Bank of Nova Scotia

BMO Capital Markets

CIBC Capital Markets

RBC Capital Markets

Scotia Capital

TD Securities

Work highlights

  • Advised TELUS on its cross-border initial public offering, which is valued at around $1bn.
  • Advised Royal Bank of Canada on its inaugural Additional Tier 1  offering of Limited Recourse Capital Notes.
  • Advised DRI Healthcare Trust on its $400m IPO.

Stikeman Elliott LLP

The capital markets team at Stikeman Elliott LLP offers broad experience across the range of debt and equity placements, including large-scale IPOs and take-private transactions, with notable expertise in cross-border matters. Jennifer Legge led work on the C$1.1bn GFL Environmental IPO, the largest IPO in Canadian history. Furthermore, thanks to its strong connections with the firm's corporate, banking and finance teams, it is able to provide a comprehensive service to its top-tier clients, with particular expertise in the healthcare and technology industries. The team is also known for its exceptional derivatives expertise, and is well versed in working with REITs. The team is jointly led by D’Arcy Nordick, a securities transactions leader, and Sean Vanderpol, both in Toronto. Ramandeep Grewal is known for her varied practice, covering domestic and international securities offerings as well as regulatory compliance. Other key lawyers include corporate group head Robert Carelli and Vanessa Coiteaux in Montreal, and Keith Chatwin in Calgary.

Key clients

Canaccord Genuity Corp.

TC Energy Corporation

GFL Environmental

Lightspeed POS Inc.

Shopify Inc.

Air Canada

Fédération des caisses Desjardins du Québec

Scotia Capital Inc.


WSP Global

Work highlights

  • Acted for Repare Therapeutics in connection with its upsized initial public offering of 12,650,000 of its common shares.
  • Acted for Lightspeed POS in connection with its initial public offering on the NYSE and concurrent MJDS offering in Canada of $397.7m worth of notes.
  • Acted for GFL and its principal shareholders in connection with its C$1.1bn IPO in Canada and the US.


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.


‘The team works collegially – always putting forward the best resource for the issue at hand without being concerned about whose client it is or who gets the internal credit for the work. ’

‘Rima Ramchandani is an excellent lawyer and client relationship partner. She is focused on knowing and understanding our business and providing advice that is relevant to our situation.’

‘Exceptional commercial knowledge of structured finance and securitisations. Exceptional partner availability and heavy engagement, which is appreciated in complex matters.’

‘Micahel Feldman and Jim Hong are exceptional sources of industry depth and knowledge that consistently provide excellent and practical advice, especially in negotiations and dealing with counterparties.’

Key clients

Brookfield Group of Companies

Canadian Western Bank

Intact Financial Corporation

Manulife Canada

Manulife Financial Corp.

National Bank Financial Inc.

Ontario Power Generation

President’s Choice Financial

Profound Medical Corp.

Royal Bank of Canada

Sun Life Financial Inc.

The Bank of Nova Scotia

The Green Organic Dutchman

The Toronto-Dominion Bank

Village Farms International, Inc.

BBTV Holdings

Choice Properties REIT

BCI QuadReal Realty

Work highlights

  • Representing multiple banks with regards to the issuance of the novel additional Tier 1 capital limited recourse capital notes.
  • Advised both BIPC and BEPC in their respective unit splits and special distributions of Class A shares to create Brookfield Infrastructure Corporation and Brookfield Renewable Corporation.
  • Advised BBTV Holdings in its C$172.4m IPO of subordinate voting shares.

Davies Ward Phillips & Vineberg LLP

Davies Ward Phillips & Vineberg LLP is known for its sophisticated capital markets offering, advising issuers, underwriters and investors on IPOs and complex debt and equity offerings. The team boasts particular strength in cross-border offerings utilising the US-Canada Multi-Jurisdictional Disclosure System (MJDS), having created the first MJDS shelf and US bond offering. Major recent work includes Robert Murphy leading advice for the underwriters on the $2.2bn cross-border GFL Environmental IPO. Murphy, an expert in cross-border deals, jointly leads the Toronto team with David Wilson, who has expertise in high-yield debt offerings. Also based there is the highly regarded Patricia Olasker, who offers both top-flight emerging markets expertise and a specialist practice in public market derivatives. In Montréal, Olivier Désilets leads the team, and Franziska Ruf has an active practice advising institutional investors. Steven Cutler is also noted.

Other key lawyers:

Franziska Ruf; Steven Cutler


‘Best in class advice on M&A and Capital Markets transactions. Very thorough and well thought out in everything they do. Work well with partners on issuer side.’

Patricia Olasker is a senior partner that is unmatched in Canada – there is no one’s opinion that I trust more than Patricia’s. She is well respected within our practice and the industry and for good reason!

‘Steven Cutler is one of the best partners I have ever worked with at any legal firm. He is incredibly responsive, extremely knowledgeable, always on point with his advice and is very efficient and timely in his responses. All that while providing best in class advice.’

‘David Wilson and Rob Murphy: the quality of their work and attention to detail is amazing. They spend time and effort ensuring that our committee is advised of Canadian and US law.’

Key clients

Barrick Gold Corporation

Fortis Inc.

Rogers Communications Inc.

Caisse de dépôt et placement du Québec

Royal Bank of Canada

Alimentation Couche-Tard Inc.

Agnico Eagle Mines Limited

TD Securities Inc.

Toromont Industries Ltd.

Shaw Communications Inc.

Cominar REIT

TransAlta Corporation

Russel Metals Inc.

The New York Life Insurance Company

Waste Management Inc.

Blackstone Real Estate Income Trust, Inc.


Highgate Capital Investments, LP

MetLife, Inc.


Work highlights

  • Acted for a syndicate of underwriters on the $2.2bn cross-border initial public offering of subordinate voting shares and concurrent offering of tangible equity units of GFL Environmental.
  • Acted for Canada Enterprise Emergency Funding Corporation in structuring and negotiating the unique debt and equity financing arrangements providing approximately $6bn of liquidity to Air Canada.
  • Acted for a syndicate of underwriters led by TD Securities and Goldman Sachs Canada on the C$350m IPO of Softchoice Corporation.


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’.

Other key lawyers:

Daniel Fuke


‘The team is very organized, able to handle multiple projects simultaneously and distinguish between the important matters and deadlines of each as needed.’

‘Daniel Fuke, Partner, is responsive, knowledgeable, and dependable. He’s an excellent primary contact for our firm. Russell Lindzon is an outstanding associate, capable of staying on top of multiple projects and deadlines.’

‘We operate in a fairly technical industry, and our lawyers at Fasken have done a great job at learning and advising on complicated commercial and corporate matters. We also find they are uniquely good with clients in other areas such as networking events, introductions, and industry updates.’

‘Daniel Fuke is our primary lawyer at the firm. He is a very versatile lawyer and is able to learn complex and technical concepts quickly. He is always quick to respond and does great work on a wide variety of corporate and commercial mandates. He is very good at maintaining strong relationships with clients – often making useful introductions, passing along relevant articles and news, and meeting at industry events. It is clear that he cares about his work and his clients’ businesses. We can always trust that he will be able to manage difficult matters and when necessary coordinate with the appropriate specialists.’

Key clients

Alimentation Couche-Tard Inc.

Aphria Inc.

Beacon Securities Limited Inc.

Desjardins Securities

Eldorado Gold Corporation

First Quantum Minerals Ltd.

Gatos Silver, Inc.

Haywood Securities Inc.

Leagold Mining Corporation

Loop Energy Inc.

Middlefield Limited Inc.

National Bank of Canada

Nuvei Corporation

Parkland Corporation

PI Financial

The Fédération des caisses Desjardins du Québec

The Flowr Corporation

Toronto Dominion Bank (TD)

TMX Group Limited

Transat A.T. Inc.

Zijin Mining Group Company Limited

Work highlights

  • Advised Nuvei Corporation in its $833m initial public offering and concurrent private placement, the largest tech IPO in TSX’s history.
  • Advised First Quantum Minerals on its $1.5bn offering of senior notes.
  • Advised the Toronto-Dominion Bank in its C$3bn offering of subordinated bonds.

Goodmans LLP

A popular choice for corporate and financial services-sector clients, Goodmans LLP offers strong capital markets services across both debt and equity transactions. It is particularly regarded for its work in SPAC transactions, with Stephen Pincus advising Subversive on its $200m IPO listing, and then later acquisition of Intercure, with the combination of companies listed on the NYSE, TSX and TASE. The team has also been heavily involved with the growing Canadian tech industry, acting on both IPOs and numerous follow-on offerings. Pincus heads the team from Toronto, with expertise advising on SPAC transactions and deals involving REITs. Also in Toronto are William Gorman, who acts for underwriters and issuers in cross-border IPOs, Brad Ross who works with REITs, and David Coll-Black, who balances a broad corporate practice.

Practice head(s):

Stephen Pincus

Key clients

BMO Capital Markets

Canaccord Genuity

CIBC World Markets Inc.

Invesque Inc.

Ceridian HCM Holding Inc.

Minto Apartments REIT



NorthWest Healthcare Properties REIT

Docebo Inc.

Dye & Durham Limited

Subversive Capital

Work highlights

  • Acted for Subversive in connection with two transformative transactions: the Subversive IPO, and the merger with Intercure for total gross proceeds of approximately $750m.
  • Acted for Northern Private Capital in the purchase of MacDonald Dettwiler and Associates, and the subsequent IPO for total gross proceeds of $1.32bn.
  • Acted for Canaccord Genuity Growth II Corp. in the merger with Taiga Motors, in a transaction that included a highly successful $100m private placement (PIPE) raised to fund Taiga’s growth from a large number of investors.

Norton Rose Fulbright

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.

Other key lawyers:

Marcus Archer; Heidi Reinhart


‘Very agile, are able to fulfil our needs very rapidly. Deep understanding of our operations. Offer decisive and workable advice.’

‘As a global firm, Norton Rose is also very efficient with cross-border deals, bringing in experts from other offices as needed. I find Norton Rose’s billing rates to be very reasonable.’

Key clients

Scotia Capital Inc.

CAE Inc.

Bank of America Merrill Lynch

SNC-Lavalin Group Inc.

Canaccord Genuity Corp.

Caisse de dépôt

Canada Pension Plan Investment Board

Ontario Teachers’ Pension Plan

PSP Capital Investments Inc.

RBC Dominion Securities Inc.

BMO Nesbitt Burns Inc.

CIBC World Markets Inc.

AltaCorp Capital Inc.

Desjardins Securities Inc.

Merrill Lynch Canada Inc.

National Bank Financial Inc.

Tudor, Pickering, Holt & Co. Securities

Peters & Co. Limited

Raymond James Ltd.

ATB Capital Markets Inc

Citigroup Global Markets Canada Inc.

Canadian Imperial Bank of Commerce

Société Générale

MUFG Bank, Ltd.

BNP Paribas



Banco Credito e Inversiones

Export Finance Australia

Finnvera plc

Bausch Health Companies Inc.

Bank of America

Royal Bank of Canada

Canadian Mortgage and Housing Corporation

Tervita Corporation


Merrill Lynch Canada Inc.

Work highlights

  • Advised Caisse de dépôt et placement du Quebec, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan as investors in the C$3.2bn private placement of subscription receipts by Intact Financial Corporation.
  • Advised Royal Bank of Canada on a C$1.25bn offering of non-viability contingent capital subordinated debentures through its Canadian medium-term notes program.
  • Acted for a syndicate of underwriters led by RBC Dominion Securities in connection with a bought deal equity financing by Enerplus Corporation.

Bennett Jones LLP

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.

Practice head(s):

John Piasta; Kristopher Hanc

Key clients

Canadian Natural Resources Limited

Canso Investment Counsel

Cresco Labs

CU Inc.

Encana Corporation

Katanga Mining Limited

Killam Apartment REIT

Osisko Mining

Osisko Gold Royalties

Parkland Fuel Corporation

Waste Connections, Inc.

Stantec In.

Wells Fargo Capital Finance Corporation Canada

CMG Partners Inc.

RBC Capital Markets

Royal Bank of Canada

True Wind Capital

Waterton Global Resource Management

Work highlights

  • Acted for OPTrust in the formation and financing of a partnership with six Alberta First Nations which participated in the equity syndication of the $1.5bn Cascade Power Project.
  • Advised on a C$30m investment in Dye & Durham by OMERS, a new C$510m debt financing facility and a C$225m equity private placement financing.
  • Acted for Bonavista Energy Corporation in its approximately $482.6m recapitalization, including the exchange of certain debt securities, and a consolidation of certain equity shares.


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.

Practice head(s):

Scott Rozansky

Key clients

BMO Capital Markets

Calian Group Ltd.

RBC Capital Markets

Bloom Burton Securities Inc.

TD Securities Inc.

Capital Power Corporation

Shaw Communications Inc.

Cormark Securities Inc.

CIBC World Markets Inc.

GetSwift Limited

Work highlights

  • Advising the syndicate of agents led by Stifel GMP on a C$34.5m brokered private placement of subscription receipts of GURU Beverage and its going public transaction.
  • Advising Capital Power Corporation in connection with the establishment of its C$2bn medium-term note program.
  • Acted for Calian Group in connection with a bought deal public offering of 1,318,000 common shares for gross proceeds of C$79.739m.