Blake, Cassels & Graydon LLP’s capital markets group is particularly dominant in equity work, where it acts for issuers and managers on a steady stream of high-value offerings. The department additionally houses a prominent debt practice, which saw Calgary partners Jeff Bakker and Kristopher Simard recently pair up to advise Coastal GasLink Pipeline on its C$7.1bn private placement of notes in Canada, the US and certain other international jurisdictions; this notably represented the largest Canadian dollar-denominated corporate bond offering to date. Ross Bentley is also a key contact in Calgary. Recommended names in Toronto include Tim Andison, Chris Hewat, Michael Hickey, Eric Moncik, London managing partner Jeffrey Lloyd (who splits his practice between Canada and the UK), and national practice head Catherine Youdan — all of whom maintain broad securities and M&A practices. Pascal de Guise is noted in Montreal.

Highly regarded for its record in the debt capital markets sphere, McCarthy Tétrault represents issuers and managers across the full range of related transactions and it is particularly recognized for its expertise in global covered bond offerings and innovative structured products. The group is additionally a key player in the equity markets. Toronto-based national department co-head Andrew Parker is considered by many as a market leader; he recently advised a syndicate of agents (co-led by RBC Dominion Securities and TD Securities) on British Columbia Investment Management Corporation’s inaugural C$1.2bn notes issuance. Rounding out the department co-heads are Montreal-based Patrick Boucher, who handles debt and equity work, and Toronto-based structured finance specialists Marc MacMullin and Jo-Anna Brimmer. Also noted are Alyson Goldman (Calgary), Dean Masse (Toronto) and up-and-coming partner Michael Eldridge (Toronto). In January 2024, John Piasta joined in Calgary from Bennett Jones LLP.

Stikeman Elliott LLP’s capital markets offering draws on specialists from its corporate, securities and financial products practices to cover the full range of equity and debt work — for both issuers and managers. In Toronto, D’Arcy Nordick contributes extensive experience in high-end capital markets transactions; he recently advised RBC Dominion Securities, CIBC World Markets and Scotia Capital, as joint lead managers and bookrunners, on a C$750m offering of notes of Volkswagen through VW Credit Canada. Toronto is also the seat of Ramandeep Grewal, who specializes in corporate finance and M&A; local corporate head Jonah Mann; as well as Jeff Hershenfield and John Laffin, who co-lead the capital markets and public M&A group. A deep bench in Montreal includes local corporate lead Robert Carelli; local securities head David Massé; financial products co-head Alix d’Anglejan-Chatillon; and talented associate Jules Dumas-Richard. Additionally, Keith Chatwin anchors the corporate group in Calgary, while Michael Urbani spearheads the corporate and securities group in Vancouver.

‘A highly responsive team with a very strong depth of knowledge’, Davies Ward Phillips & Vineberg LLP’s capital markets group excels in large-scale transactions. Highly regarded for its experience in marquee offerings, including IPOs, the group handles a mix of equity and debt work for issuers and managers. In a recent flagship mandate, Toronto-based securities specialist David Wilson advised Rogers Communications on its C$3bn Canadian private placement of notes, which was the second-largest Canadian-dollar issuance by a corporate issuer in Canada’s history. Other key capital markets practitioners in Toronto include Robert Murphy, Patricia Olasker and Steven Cutler. In Montreal, Franziska Ruf, Sébastien Roy and local group coordinator, Olivier Désilets are recommended.

The capital markets group at Torys is composed of ‘practical business advisers with a great view of precedents and trends’. Striking a balance between transactional and regulatory expertise, the team leverages the wider firm’s preeminent financial institutions offering to excel in representing financial services clients as both issuers and underwriters — it also routinely represents corporate issuers. The national department is co-led by Toronto-based David Seville (‘one of the best in Canada’), Toronto-based Rima Ramchandani and Calgary’s Scott Cochlan — all of whom contribute broad corporate finance experience. Also highly regarded in Toronto are capital markets specialists Glen Johnson and Kevin Morris, as well as securitization partner Jim Hong and senior associate Michael Murphy. In Calgary, Michael Pedlow is noted.

During 2023/24, Bennett Jones LLP handled a significant volume of debt and equity offerings in the energy and natural resources, life sciences and financial services spheres, among other areas. Active for both issuers and underwriters, the team is also noted for its experience in cross-border — particularly US-related — transactions. Toronto-based Kristopher Hanc spearheads the national group and specializes in M&A and capital markets. Also in Toronto, Aaron Sonshine stands out for his record in cannabis-related matters. In Calgary, Brent Kraus, Harinder Basra and John Lawless are recommended. John Piasta left the firm in January 2024.

The capital markets practice at Dentons’ is distinguished by its ability to lean on its generous international network for support on cross-border transactions. The team additionally stands out for its focus on debt capital markets as well as for its activity in the cannabis, tech, and energy and natural resources sectors. Calgary-based Bennett Wong fronts a national group that also includes Calgary-based corporate and securities partner William Gilliland and Ora Wexler, who leads the securities area in Toronto. In February 2024, Dan Shea moved to Osler, Hoskin & Harcourt LLP.

Fasken is active in debt and equity capital markets work across Canada, with specialists in Montreal, Toronto, Ottawa, Vancouver and Calgary. The firm’s formidable mining strength is reflected in its securities work, while it also handles a steady stream of offerings — on behalf of both issuers and managers — in the financial services, tech and food and beverage spheres. Calgary’s Sarah Gingrich co-leads the team alongside Toronto-based Sean Stevens. Additional key contacts include global mining head John Turner (Toronto) and Jean-Pierre Chamberland, who leads the securities and M&A group in Montreal.

Goodmans LLP houses a full-service capital markets practice that acts for issuers and managers on a broad mix of debt and equity matters, including regulatory issues. Among its core strong suits, the group is arguably best known for its strength in SPACs, REITs and IPOs, but it is equipped to act across the full range of securities-related work. Stephen Pincus is distinguished by his ‘deep transactional experience’ and anchors a team that additionally includes ‘seasoned lawyer’ William Gorman; the ‘pragmatic’ Brad Ross; and up-and-coming corporate and securities partner David Coll-Black.

Valued by clients for its ‘business-first mindset’, Norton Rose Fulbright’s sizeable capital markets team brings to bear extensive national and international firepower in domestic and cross-border securities transactions. Kristopher Miks (Vancouver/Toronto) delivers ‘complex solutions to unique issues’ and co-heads the practice together with Bruce Sheiner (Toronto) and Elliot Shapiro (Montreal). The group also draws on finance partner Peter Wiazowski (Montreal), who is noted for debt capital markets; Heidi Reinhart KC (Toronto), who handles securities and special situations work; and corporate and finance practitioner Marcus Archer.

Noted for its focus on mid-market deals, Borden Ladner Gervais LLP’s capital markets practice interacts with the firm’s M&A and investment management teams to handle a diverse spread of debt, equity and event-driven transactions. It also frequently handles regulatory work. The national group is led jointly by Kent Kufeldt in Vancouver and Timothy McCormick in Toronto. Mining head Fred Pletcher (Vancouver) and sports and gaming law co-head Cameron MacDonald (Toronto) are also recommended.

The capital markets group at Calgary-based Burnet Duckworth & Palmer LLP punches above its weight in energy-related matters, where it utilizes the wider firm’s close relationships with oil and gas clients to advise on the full range of start-up financings through to complex, cross-border transactions. Edward Brown and Lindsay Cox co-head a department that routinely acts for issuers and underwriters on debt and equity offerings. Other names to note for securities work include William Maslechko, Jay Reid and Syd Abougoush.