The Legal 500 > Canada > Canada > Capital markets

Blake, Cassels & Graydon LLP has top-tier capabilities in corporate and banking work, which complements its comprehensive ECM and DCM practice group. The prolific practice is routinely ranked among the top firms nationally by deal value and deal count for both issuer and manager-side work. In a recent example, Toronto-based Tim Andison advised Cronos Group on its headline private placement, which saw tobacco giant Altria Group invest C$2.4bn into Cronos Group and receive a 45% stake in the global cannabis company. Other contacts in Toronto include Chris Hewat, who has a strong record in the technology sector, heavyweight capital markets specialist Jeffrey Lloyd, and national group lead Eric Moncik. In Calgary, Ross Bentley is highly regarded for energy-related offerings and recently led on mandates for AltaGas Canada and TransCanada PipeLines. Up-and-coming partner Jeff Bakker is also recommended in Calgary. Also of note in 2019, Pascal de Guise joined the Montreal office from Borden Ladner Gervais LLP.

A leader in the financial services space, McCarthy Tétrault’s close relationships with major domestic and international banks marks the firm as a first port of call for manager-side mandates. The group is well known for its debt and equity expertise, but posted a particularly strong performance in equity transactions during the first half of 2019, where it ranked top (by deal value) for manager-side equity offerings in Canada and second (by deal value) for manager-side IPOs. The firm also acts for issuers, including Ford Auto Securitization Trust, Stelco Holdings, and Summit Industrial Income REIT. In Toronto, national capital markets co-head Andrew Parker is widely regarded as a leading light for his broad expertise covering both debt and equity offerings. Other key names in Toronto include structured finance heavyweight Marc MacMullin and Dirk Rueter. In Montreal, department co-lead Patrick Boucher is the key contact.

2019 was another strong year for Torys LLP, which handled over 66 offerings and private placements, totalling over $21.4bn, during just the first six months of the year. On the issuer side, the firm's strong institutional relationships continue to pay dividends; most notably, it handled five offerings worth a combined C$2.3bn for Brookfield over the past year. It is also a top choice for other seasoned issuers, such as Manulife and Fairfax Financial. In addition, the firm is a regular fixture on manager-side matters, with several recent engagements by major investment banks such as CIBC World Markets, BMO Capital Markets and RBC Dominion Securities. The group is jointly led by Calgary’s Scott Cochlan and Toronto-based partners Rima Ramchandani and David Seville. Other key figures in Toronto include Glen Johnson, who handles the full spread of securities regulation, compliance and corporate finance matters, and standout senior associate Robbie Leibel.

In line with the firm's global reputation, Fasken’s most high-profile deals are driven by the firm's mining industry expertise. The team also secures a significant, and increasing, flow of securities transactions involving the financial services, cannabis and TMT sectors. A solid performer in both debt and equity offerings for both issuers and underwriters, the group draws upon its extensive national and international network to handle complex, multi-faceted transactions. In a recent example, Calgary’s Sarah Gingrich led the firm’s advice to trophy client First Quantum Minerals on a dual-tranche offering of notes totalling C$1.8bn, which involved input from partners in Vancouver and London. Other key names include global mining heavyweight John Turner in Toronto, and Montreal-based Jean-Pierre Chamberland.

Supported by its extensive network of Canadian and international offices, Norton Rose Fulbright’s corporate, M&A and securities team, and provides coast-to-coast coverage of the full suite of debt, equity and structured finance matters. The firm attracts a relatively even balance of underwriter and issuer-side deals, with energy, financial institutions and transport standing out as notable sweet spots. In Calgary, department co-lead Marcus Archer has a strong record in energy-related offerings, for both corporate issuers and underwriters, and enjoys close links with repeat issuers such as Keyera and Paramount Resources. Andrea Brewer and Elliot Shapiro are key contacts in Toronto and Montreal respectively.

Bennett Jones LLP is a key player in both high-end and mid-market deals, with its top-notch reputation in the energy and natural resources sectors a significant driver of its most high-profile transactions. The firm is best known for its relationships with corporate issuers, both private and public, which it advises on the full spread of equity and debt matters. It also has significant underwriter-side experience, which included recent mandates for Bank of America Merrill Lynch, RBC Capital Markets and Acumen Capital Finance Partners. Calgary-based Brent Kraus, who ‘works to find business solutions’, enjoys a strong reputation for his experience advising junior to mid-size companies and investment dealers on public and private financings. John Piasta and Kristopher Hanc jointly lead the department from Calgary and Toronto respectively.

It was a storming start to 2019 for Borden Ladner Gervais LLP, which ranked at the top by deal value for issuer-side equity offerings in Canada for the first half of the year. The performance was marked by an impressive seven-deal run, which also earned the firm a second place rank for deal count in the leader tables. The practice also handles a significant volume of debt capital markets transactions and it also routinely acts for underwriters. The team is particularly standout in mining work, with recent strong showings in the lithium space, but the technology, retail and financial services sectors also represent a growing share of high-quality work. Kent Kufeldt, who splits his time between Vancouver and Calgary, and Vancouver-based mining chair Fred Pletcher are the names to note.

Dentons’ national practice is particularly active in Calgary, where it handles a steady stream of energy-related debt and equity transactions for both issuers and managers. The group, which benefits from robust platforms in Toronto and Vancouver, also continues to strengthen its capabilities in the cannabis, technology, and media and entertainment spheres. The team is regularly engaged by Canada’s largest investment banks, and also has strong issuer-side relationships with Enbridge and Shaw Communications. A name to note is Calgary-based Bill Gilliland, who counts Capital Power and National Oilwell Varco among his key clients.