A go-to practice for both equity and debt deals, Blake, Cassels & Graydon LLP ranks among Canada’s most active capital markets groups. The firm’s top-tier banking practice combines with its formidable corporate offering to ensure that it is a popular choice to advise the full range of underwriters, issuers and selling shareholders, while its transactional firepower gives it a prominent platform for large-scale, event-driven offerings. In a highlight example of the latter, Toronto-based Catherine Youdan advised Definity Financial Corporation on its C$1.6bn IPO and C$800m concurrent private placements related to the demutualization of Economical Mutual Insurance Company. On the debt side, Calgary-based Jeff Bakker acted for TC Energy Corporation on its $2.2bn debt offering. Toronto-based group head Eric Moncik steers a national team that also includes corporate finance heavyweight Tim Andison, securities, M&A and corporate governance specialist Jeffrey Lloyd and Chris Hewat, who focuses on securities, M&A and private equity, all of whom are based in Toronto. Ross Bentley, who splits his time between Calgary and London, and Montreal-based Pascal de Guise are also noted.

Leveraging its top-tier financial services practice, McCarthy Tétrault‘s close banking relationships yield a steady flow of underwriter-side mandates. The group also represents seasoned financial issuers on bond offerings, with its finance strength translating into a premier DCM practice; indeed, one banking client highlights it as ‘the best law firm in Canada for structured finance‘. Among its recent flagship equity deals, Toronto-based capital markets co-head Andrew Parker advised BMO Capital Markets and BMO Nesbitt Burns on the Bank of Montreal’s C$3.1bn public offering. On the debt front, Calgary’s Alyson Goldman represented a syndicate of underwriters, led by CIBC World Markets, in Suncor Energy $750m notes offering. Other senior specialists in Toronto include structured finance expert Marc MacMullin, who leads the national financial services group, and structured finance co-head Dean Masse, while high-profile capital markets co-head Patrick Boucher is recommended in Montreal. Up-and-coming names include Toronto-based Jo-Anna Brimmer, who focuses on securitization, covered bonds and debt capital markets, and talented associate Isabelle Nazon in Montreal.

Torys‘ capital markets team is distinguished by its marked financial services focus. The group routinely represents banks, asset managers and other financial services clients as issuers and underwriters on an array of debt and equity offerings, with notable experience in IPOs, limited recourse capital notes (LRCNs) and labelled bonds, among other matters. In a highlight example of its practice sweet spot, Toronto-based Rima Ramchandani represented Sun Life Financial on its C$2bn public offering of subordinated unsecured debentures. Ramchandani co-heads the department together with Toronto-based David Seville, who led the firm’s advice to multiple banks on the issuance of additional Tier 1 capital limited recourse capital notes, and Calgary-based Scott Cochlan, who blends corporate finance and energy expertise. Other senior names include high-profile securities expert Glen Johnson and securitization specialists Jim Hong and Michael Feldman, all of whom are based in Toronto. The group also includes increasingly prominent Calgary partner Michael Pedlow, who acted alongside Cochlan to advise the underwriters on Topaz Energy Corp’s C$201.3m equity offering, and promising associate Brett Saulnier.

‘A multi-talented team that delivers personalized service‘, Fasken‘s capital markets group is particularly active in the mining, energy and technology sectors. Possessing a deal sheet that is well-weighted between debt and equity work, the practice routinely advises managers and issuers on IPOs, PIPE transactions, cross-border issuances and other public and private offerings. Recent highlights included Montreal-based partners Jean-Pierre Chamberlain and Jean Michel Lapierre advising CGI on a $1.6bn debt offering. The department is led jointly by Sarah Gingrich and Sean Stevens from Calgary and Toronto respectively. Other key names include Toronto-based global mining head John Turner and Montreal-based private equity specialist Caitlin Rose.

Lawyers at Norton Rose Fulbright ‘distil complicated issues down and provide pragmatic advice‘, according to clients. The group is also frequently highlighted for its ability to plug into its global network for support on cross-border offerings, such as its recent advice to Parkland Corporation on its $800m offering of senior unsecured notes. Led from Calgary by corporate finance specialist Marcus Archer, the Parkland deal also involved teams in Montreal, Dallas, Houston, New York and London. Calgary is also the seat of Kirsty Sklar; she co-chairs the national securities practice together with Montreal-based Elliot Shapiro, Toronto-based Andrea Brewer and Kristopher Miks, who splits his time between Vancouver and Toronto.

Bennett Jones LLP’s robust issuer-focused practice continues to shine in energy and natural resources-related matters, while also building its profile in the infrastructure, technology and cannabis spheres. In a key example of its industry sweet spot, Calgary-based department co-head John Piasta advised Gibson Energy on filing a final short form base shelf prospectus with the securities regulators in each province of Canada to renew its C$3bn base shelf prospectus. Toronto-based Kristopher Hanc co-heads a group that also includes trading and derivatives lead Mark Powell, corporate co-head Brent Kraus and Harinder Basra, who has a focus on the upstream oil and gas segment; all three partners are in Calgary.

In addition to its far-reaching international platform, Dentons stands out for its broad national coverage, which takes in six offices across Alberta, British Columbia, Ontario and Quebec. Cannabis remains a core industry for the group, with Toronto-based sector specialist Eric Foster noted for his expertise in this area. Other key contacts include capital markets and private equity-focused Dan Shea; Toronto-based Ora Wexler, who specializes in cross-border offerings; and Calgary-based Bennett Wong, who spearheads the securities and corporate finance group nationally.