RBC, JPMorgan lead Canadian equity advisory in first quarter
By John Tilak
TORONTO (Reuters) - Royal Bank of Canada (RY.TO: Quote), JPMorgan (JPM.N: Quote) and Bank of Montreal (BMO.TO: Quote) took the top three positions advising on Canadian equity issues in the first quarter, according to Thomson Reuters data released on Thursday.
The volume slipped about 13 percent to C$12.9 billion ($9.6 billion) from year-earlier levels, the figures showed. Toronto Dominion (TD.TO: Quote) and Canadian Imperial Bank of Commerce (CM.TO: Quote) finished fourth and fifth, respectively.
The five biggest deals of the quarter were in the energy sector, led by Cenovus Energy Inc's (CVE.TO: Quote) C$3 billion offering to help fund its acquisition of oil sands and natural gas assets from ConocoPhillips (COP.N: Quote), followed by AltaGas Ltd's (ALA.TO: Quote) C$2.2 billion issue tied to its purchase of WGL Holdings (WGL.N: Quote).
RBC and JPMorgan were advisors on both those deals, and TD helped advise the AltaGas offering.
Initial public offerings rebounded after a lackluster 2016, with Freshii Inc FRII.TO and Canada Goose Holdings Inc (GOOS.TO: Quote) listing on the Toronto Stock Exchange.
"We're seeing a resurgence of the IPO market in Canada. There's a ton of interest in non-resource names," said Benoit Lauzé, head of equity capital markets at CIBC.
"We feel the environment is much more stable than it was a year ago," added Lauzé, who advised on both the Freshii and Canada Goose offerings.
CIBC and RBC were jointly ranked No. 1 for advising on initial public offerings in the quarter. Continued...