Capital markets in Canada

Blake, Cassels & Graydon LLP

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.

Practice head(s):

Eric Moncik

Key clients

Aecon Group

Algonquin Power & Utilities Corp.

BMO Nesbitt Burns Inc.

Canadian Pacific Railway Company

CIBC World Markets Inc.

CI Financial

Cronos Group Inc.

GMP Securities L.P.

National Bank Financial Inc.

Pembina Pipeline Corporation

RBC Capital Markets

Scotia Capital Inc.

Suncor Energy Inc.

TD Securities Inc.

Tilray, Inc.

TransCanada PipeLines Limited

Vesta Energy Corp.

Zymeworks Inc.

Work highlights

  • Counsel to Cronos Group on its C$2.4bn private placement.
  • Advised TransCanada PipeLines on its $1.4bn offering of senior notes.
  • Acted as Canadian counsel to Tilray on its $475m offering of convertible senior notes.
  • Acted as Canadian counsel to the underwriters on Shopify’s $400m cross-border public equity offering.
  • Advised Canadian Pacific Railway Company on its C$400m of note offering.

McCarthy Tétrault

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.


McCarthy Tetrault is the top legal firm in Canada in this space. It is our first call for counsel on any transaction and we only use other law firms when we can’t use McCarthys because it is representing the other side or is conflicted.’

The group fields a deep bench of talented lawyers, whose breadth of expertise and experience gives us comfort that we are getting the best advice. We have full trust in the advice they provide and in their ability to negotiate and achieve the best possible outcome for us.’

Their partners are very knowledgeable, responsive and detailed-oriented. They are involved in most of the transactions in the market, so they are well informed as to recent developments and precedents and always factor those in.’

Key clients

Canadian Imperial Bank of Commerce & CIBC World Markets Inc.

Enbridge Inc.

The Toronto Dominion Bank & TD Securities Inc.

Royal Bank of Canada & RBC Dominion Securities Inc.

Pinnacle Renewable Holdings Inc.

National Bank of Canada and National Bank Financial Inc.

Stelco Holdings Inc.

Jamieson Wellness Inc.

HSBC Canada Bank and HSBC Canadian Covered Bond (Legislative) Guarantor Limited Partnership


Work highlights

  • Advised TD Securities, and a syndicate of agents, on Loblaw Companies C$800m private placement of senior notes.
  • Advised CIBC on updating its $20bn Euro Medium Term Note Programme to enable CIBC to issue ‘bail-inable’ senior debt under the programme.
  • Advised certain shareholders of The Stars Group on its $950m public equity offering.
  • Acted for the underwriters on IPL Plastics’ C$178.2m  IPO
  • Advised Summit Industrial Income REIT on two bought deal offerings totalling C$255m.

Osler, Hoskin & Harcourt LLP

Osler, Hoskin & Harcourt LLP’s impeccably balanced practice is equally adept in debt and equity offerings, for both issuers and managers. The group’s premier reputation is underpinned by its consistent involvement in headline pathfinder transactions, such as its recent advice to the underwriters on Tilray’s $176m IPO, which marked the first-ever IPO of a cannabis company in the US. The deal, which saw shares offered in both the US and Canada, was led by the firm’s New York team and also demonstrates its solid cross-border capability. Desmond Lee, widely acclaimed as a leading IPO lawyer in Canada, and debt capital markets specialist Michael Innes jointly lead the seamless national department that also draws upon the senior expertise of securitization expert Peter Milligan. Among its up-and-coming partners, James Brown is noted for his focus on mining-related matters. All named lawyers are based in Toronto.

Practice head(s):

Desmond Lee; Michael Innes

Other key lawyers:

Peter Milligan; James Brown

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

The Stars Group Inc.

Kinross Gold Corporation

Work highlights

  • Advised the underwriters on Tilray’s $176m IPO and also advised the initial purchasers on Tilray’s subsequent $475m convertible notes offering.
  • Advised the underwriters, led by RBC Capital Markets and BMO Capital Markets, on two offerings of medium term notes totalling C$650m.
  • Assisted the First Nations Finance Authority with its C$138m bond offering.
  • Acted for the dealers in seven bond offerings by the Province of British Columbia, worth a combined C$3.5bn.
  • Advised the underwriters on goeasy’s $150m high-yield debt offering and C$46m equity offering.


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.

Other key lawyers:

Glen Johnson; Robbie Leibel

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 Scotiabank on its C$1.7bn public equity offering.
  • Acted for the Brookfield group of companies in five public offerings totalling C$2.3bn.
  • Advised TD Securities, National Bank Financial and the syndicate of underwriters on Morneau Shepell’s C$231m public offering.
  • Advised TD Securities, and the syndicate of underwriters, on Dream Global REIT’s C$201m public offering of trust units.
  • Assisted TMX Group with its C$200m private placement of senior unsecured debentures.

Davies Ward Phillips & Vineberg LLP

Davies Ward Phillips & Vineberg LLP is a leader in sophisticated event-driven transactions, particularly deals involving US components, where the firm’s well-staffed New York platform is a big draw. Among its cross-border highlights, David Wilson, who is dual-qualified in New York and Ontario, acted for Rogers Communications on both its $1.2bn public offering of senior notes issued in the US under the multi-jurisdictional disclosure system, and on its C$1bn public offering of senior notes issued in Canada; the domestic offering was supported by the largest single-tranche order book on record in Canada. The firm’s impressive recent run of issuer-side debt mandates also includes high-value engagements for Caisse de dépôt et placement du Québec and RBC. It also handles a steady stream of equity deals. Other key names in Toronto include senior partner Patricia Olasker and the increasingly prominent Robert Murphy. In Montreal, Franziska Ruf combines capital markets and private equity expertise.

Other key lawyers:

Patricia Olasker; Franziska Ruf


Davies provides exceptional client service, which is supported by very deep knowledge of the client’s business.’

The team has a problem-solving approach; they don’t just identify problems, they always have a plan for addressing them — this is Davies’ key differentiator.’

‘The partners we deal with at Davies are very smart, very experienced and able to size-up complex issues quickly. The group always provides creative solutions and exceptional advice.’

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

Toromont Industries Ltd.

Énergir Inc.

Xplornet Communications Inc.

Shaw Communications

TransAlta Corporation

Work highlights

  • Acted for Caisse de dépôt et placement du Québec and CDP Financial on CDP Financial’s  $20bn senior notes program guaranteed by Caisse, including an initial offering of $2bn worth of senior notes.
  • Advised Rogers Communications on both its $1.2bn public offering of senior notes, issued in the US under the multi-jurisdictional disclosure system, and also on its C$1bn public offering of senior notes issued in Canada.
  • Acted as Canadian counsel to a syndicate of underwriters, led by Morgan Stanley, J.P. Morgan and Deutsche Bank Securities, on The Stars Group’s $950m equity offering in Canada and the US.
  • Acted for Russel Metals on its private placement of C$150m of high yield notes due 2026.
  • Assisted Cominar Real Estate Investment Trust with its $200m public offering of senior unsecured debentures.


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.


The firm demonstrates a willingness to build strong relationships with clients, including through alternative fee arrangements, where appropriate, and secondments.’

Fasken houses a specialized unit within the team with deep expertise on investment funds, including a unique Montreal-based French-speaking group, which no other firm possesses.’

Key clients

TMX Group Limited


First Quantum Minerals Ltd.

Fiera Capital Corporation

Beacon Securities Limited Inc.

Middlefield Limited Inc.

Desjardins Securities

Just Energy Inc.

GMP Securities L.P.

TD Securities Inc.

Work highlights

  • Advised First Quantum Minerals on a dual-tranche offering of notes totalling C$1.8bn.
  • Advised Desjardins Securities, as dealer, on Fédération des Caisses Desjardins du Québec’s C$800m issuance of medium term notes.
  • Represented the underwriters on Green Thumb Industries’ C$80.3m bought deal financing.
  • Advised the underwriters, led by National Bank Financial, on Horizon North Logistic’s C$50m bought deal public offering of shares.
  • Advised E Split Corp, and its manager Middlefield, on its C$80m IPO.

Goodmans LLP

Goodmans continues to shine in SPAC-related matters, where it handles the lion’s share of IPOs. To date, the firm has handled approximately 60% of all SPAC IPOs initiated in Canada, including recently advising Canaccord Genuity Growth II Corporation on its C$100m IPO, and also advising Mercer Park Brand Acquisition Corporation on the Canadian aspects of its $402.5m IPO. Group head Stephen Pincus is the key contact for SPAC work and also spearheads the firm’s market-leading REITs offering, which often sees the team involved in headline securities matters for clients such as Minto Apartment REIT and Northwest Healthcare Properties REIT. The firm also enjoys strong relationships on the underwriter side and, during 2018, acted for the underwriters on C$3.9bn worth of equity and debt offerings by Brookfield entities. Corporate heavyweight William Gorman and business department co-lead Brad Ross are also highly regarded for capital markets work.

Practice head(s):

Stephen Pincus

Other key lawyers:

William Gorman; Brad Ross


The firm delivers an excellent work product on a timely basis, providing good, practical advice on matters of concern.’

Too many law firms seem to provide negative advice about not being able to do things, while Stephen Pincus and his team’s approach is to find a way to get things done safely from a business perspective and without crossing any legal lines.’

Key clients

BMO Capital Markets

Canaccord Genuity

CIBC World Markets Inc.

Invesque Inc.

Ceridian HCM Holding Inc.

Minto Apartments REIT



Morneau Shepell Inc.

Cura Cannabis Solutions, Inc.

Work highlights

  • Advised Mercer Park Brand Acquisition Corp. on its $402.5m IPO.
  • Acted for Minto Apartment Real Estate Investment Trust on its C$200m IPO.
  • Assisted Park Lawn Corporation with its C$143m common share offering.
  • Assisted Canaccord Genuity Growth II Corp with its C$100m IPO.
  • Acted for Invesque on its $50m bought deal debenture offering.

Norton Rose Fulbright

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.

Key clients

Bombardier Inc.

Bausch Health Companies Inc.

Canadian Tire Corporation Limited

TELUS Corporation

Tervita Corporation

CIBC World Markets

SNC-Lavalin Group Inc.

Royal Bank of Canada

Keyera Corp.

TransAlta Corporation

TD Securities Inc.

RBC Capital Markets

Beaudier Inc.

Waterfall Asset Management

PSP Capital Inc.

Canada Mortgage and Housing Corporation

Laurentian Bank of Canada

Industrial Alliance Insurance and Financial Services Inc.

Stornoway Diamond Corporation

Work highlights

  • Advised a syndicate of agents on Canadian National Railway Company’s C$800m notes offering.
  • Advised Canadian Tire Corporation on its C$650m unsecured medium term note offering.
  • Acted for the dealers on two medium term notes issuances by TransCanada Pipelines totalling C$1bn.
  • Acted the respective syndicates of agents on two offerings of senior unsecured notes by Dollarama worth a combined C$800m.
  • Advised Keyera, a public midstream company, on the establishment of a new MTN program and a concurrent initial financing of C$400m of notes.

Stikeman Elliott LLP

Not only a leader in the Canadian market, Stikeman Elliott LLP’s impressive capital markets team ranks among the leading players globally for both equity and debt matters. The wider firm’s mining-sector prowess is a significant source of corporate finance instructions, with its ability to plug into offices in the key mining hubs of London, New York and Sydney adding to its attractiveness among mining issuers. The energy, REIT and technology sectors are also notable sweet spots. Toronto partners D’Arcy Nordick and Sean Vanderpol jointly lead the national practice group. Robert Carelli, who heads the corporate group in Montreal, is also highly rated.

Practice head(s):

D’Arcy Nordick; Sean Vanderpol

Other key lawyers:

Robert Carelli

Bennett Jones LLP

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.

Practice head(s):

John Piasta; Kris Hanc

Other key lawyers:

Brent Kraus


The team combines a wealth of experience with specific understanding of the client’s business, which allows well-considered, relevant and usable advice on disclosure and transactions.’

Bennett Jones has great bench strength and draws upon a broad range of experience.’

Lawyers are responsive, practical and easy to work with.’

Key clients


Victoria Gold Corp.

Canadian Natural Resources Limited

First Majestic Silver Corp.

Cenovus Energy Inc.


Liquor Stores N.A. Ltd. (now Alcanna Ltd.)

Klondex Mines Ltd.

MEG Energy Corp.

North West Redwater Partnership

Osisko Gold Royalties Ltd

Parkland Fuel Corporation

Waste Connections Ltd.

Schlumberger Limited

Secure Energy Services Inc.

Work highlights

  • Acted for ATCO on its C$200m private placement of fixed-to-floating rate subordinated notes.
  • Advised Victoria Gold on its C$505m series of debt, royalty and equity financing transactions with Osisko Gold Royalties, Orion Mine Finance and Caterpillar Financial Services.
  • Advised Waste Connections on its $500m registered US offering of senior notes.
  • Acted for Canadian Utilities on its public offering of C$200m of preferred shares and debentures.
  • Acted for VAFFC on its C$115m private placement of amortizing bonds.

Borden Ladner Gervais LLP

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.

Practice head(s):

Kent Kufeldt

Key clients

Aritzia Inc.

The Supreme Cannabis Company

First Block Capital Inc.

Eight Capital Inc.

Titan Medical Inc.

Stone Canyon Industries LLC

Kelt Exploration Ltd.

Clear Sky Capital Inc.

ProMetic Life Sciences Inc.

Canada Mortgage and Housing Corporation

Husky Energy Inc.

AutoCanada Inc.

CanniMed Therapeutics Inc.

Work highlights

  • Acted for Ressources Québec, as mandatary of the government of Quebec, on the private placement of common shares of Nemaska Lithium as part of an overall C$1.1bn project financing package.
  • Acted for FMC Corporation on the separation of its lithium business into a new public company, Livent Corporation, and advised Livent on its $340m IPO.
  • Advised TD Securities, as lead underwriter, on a C$300m bought deal of common shares, senior secured callable bonds and subscription receipts of Cobalt 27 Capital.
  • Acted for Aritzia on its C$330m secondary share offering of subordinate voting shares and concurrent share repurchase of C$107m subordinate voting shares and multiple voting shares.
  • Acted for the underwriters, led by TD Securities, on Innergex Renewable Energy’s C$150m convertible debenture offering.

Burnet Duckworth & Palmer LLP

Calgary-based Burnet Duckworth & Palmer LLP specializes in advising energy-sector corporate issuers on capital markets transactions, both debt and equity. The securities practice sits within the firm’s wider corporate group, which is one of the largest in Alberta, and is complemented by strong skill sets in corporate governance, shareholder activism and securities litigation. Alyson Goldman stands out for her prominent record in advising major issuers such as PrairieSky Royalty on debt and equity matters. Managing partner Grant Zawalsky, who enjoys close links with NuVista Energy and Whitecap Resources, is another key contact.

Practice head(s):

Shannon Gangl; Jeff Oke

Other key lawyers:

Alyson Goldman


A good team with good support.’

A dominant player in the oil and gas sector, particularly for junior companies.’

Key clients

ARC Resources Ltd.

MEG Energy Corp.

Raging River Exploration Inc.

PrairieSky Royalty Ltd.

Freehold Royalties Ltd.

Inter Pipeline Ltd.

NuVista Energy Ltd.

Whitecap Resources Inc.

Baytex Energy Corp.

Newalta Corporation

Enerflex Ltd.

Alaris Royalty Corp.

Parex Resources Inc.

Tourmaline Oil Corp.

Cardinal Energy Ltd.

Perpetual Energy Inc.

Corex Resources Ltd.

Lithion Power Group

International Petroleum Corp.

Paramount Resources Ltd.

Bellatrix Exploration Ltd.

Spur Petroleum Ltd.

Work highlights

  • Counsel to NuVista in a public offering and private placement of subscription receipts and  a private placement of flow-through shares, totalling C$420m.
  • Advised Inter Pipeline on a C$200m equity offering.
  • Advised TransGlobe Energy on its $220m AIM listing.
  • Counsel to PetroShale on its C$58.5m offering of subscription receipts.
  • Assisted Blackline Safety with its C$31.6m bought deal deal private placement offering.

Cassels Brock & Blackwell LLP

Cassels Brock & Blackwell LLP’s securities practice is historically known for its specialist mining expertise. Indeed, the team remains a leading performer in the mining sector, but it has also risen to become one of the leading players in the cannabis space. Based in Toronto, managing partner Mark Bennett is widely regarded as a go-to contact for mining-related matters, and John Vettese is recommended for his diverse practice, which spans mining, income trusts and technology.

Practice head(s):

Mark Bennett


Cassels Brock has really leveraged its mining securities expertise to become a dominant force in the cannabis space. It excels in advising growth companies.’


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.