Rising Stars

Capital markets in Canada

Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP’s premier finance and corporate practices marks the firm as a first port of call for both debt and equity capital markets. Additionally, its full-service national offering ensures that it is a popular choice for large-scale, event-driven transactions. In a recent example, Michael Hickey advised OpenText Corporation on a $1bn notes offering used to support its acquisition of Micro Focus International. Among its equity highlights, Calgary partners Ross Bentley and Jeff Bakker advised TC Energy Corporation on its C$1.8bn bought deal offering of common shares. The deep bench also includes go-to capital markets expert Tim Andison; London managing partner Jeffrey Lloyd, who splits his time between the UK and Toronto; Chris Hewat, who specializes in M&A, capital markets and private equity; corporate finance partner Eric Moncik; national practice head Catherine Youdan; and Montreal-based Pascal de Guise. Named lawyers are based in Toronto unless otherwise stated.

Responsables de la pratique:

Catherine Youdan

Autres avocats clés:

Tim Andison; Ross Bentley; Jeff Bakker; Jeffrey Lloyd; Chris Hewat; Eric Moncik; Pascal de Guise; Michael Hickey

Principaux clients

TransCanada PipeLines

Ero Copper Corp

Canaccord Genuity Corp

BMO Capital Markets

CIBC World Markets

CPP Investments / Canada Pension Plan Investment Board (CPPIB)

MAG Silver Corp

BMO Nesbitt Burns

Skeena Resources

Investissement Quebec

Canagold Resources


Lower Mattagami Energy Limited Partnership

Morgan Stanley

Principaux dossiers

  • Advised TC Energy Corporation on its C$1.8bn bought deal offering of common shares.
  • Advised Nutrien on the cross-border public offering of $1bn of senior notes.
  • Advised OpenText Corporation on a $1bn notes offering, used to support its acquisition of Micro Focus International.

McCarthy Tétrault

McCarthy Tétrault’s first-class financial institutions offering is reflected in its capital markets practice, where the firm is widely recognized for its record in representing underwriters on debt and equity offerings. Among its recent highlights in this sphere, Montreal-based capital markets co-head Patrick Boucher advised a syndicate of dealers, led by National Bank Financial, on a C$750m offering of medium-term notes. The team is also a regular fixture on the issuer side, as evidenced by its its work for Cameco Corporation on its $747.6m bought deal offering; high-profile capital markets co-head Andrew Parker led the group’s involvement in that deal from Toronto. Other key contacts include Toronto-based national financial services chair Marc MacMullin, who is a go-to name for structured finance; Toronto’s Jo-Anna Brimmer, who specializes in securitization, covered bonds and debt capital markets; structured finance co-lead Dean Masse, who is also in Toronto; and Calgary-based Alyson Goldman.

Responsables de la pratique:

Patrick Boucher; Andrew Parker; Marc MacMullin; Jo-Anna Brimmer

Autres avocats clés:

Dean Masse; Alyson Goldman

Principaux clients

Canadian Western Bank

Empire Life Insurance Company

Caisse de dépôt et placement du Québec

Bruce Power

Li-cycle Corp


Stelco Holdings

Summit Industrial Income REIT

Canadian Tire Bank

Deutsche Bank

Osler, Hoskin & Harcourt LLP

Equally adept at representing underwriters and issuers, Osler, Hoskin & Harcourt LLP enjoys close relationships with major Canadian and bulge-bracket banks and is also a popular choice to advise corporations on flagship offerings. Among its recent highlights, the group represented Bank of Montreal on its C$2.6bn equity offering, consisting of a C$1.6bn public offering and C$1bn private placement — department co-heads Desmond Lee and Rosalind Hunter teamed up with James Brown to lead the capital markets aspects of this large cross-practice transaction. On the debt side, corporate chair Michael Innes advised Hydro One on its C$1bn offering of medium-term notes. Next-generation partner Amelia Miao is also noted for debt and equity work. On the structured finance front, Rick Fullerton is highly regarded for securitizations; Arlene Mack is also noted for securitizations; and Lisa Mantello is a key contact for derivatives.

Responsables de la pratique:

Desmond Lee; Rosalind Hunter

Autres avocats clés:

Michael Innes; James Brown; Amelia Miao; Rick Fullerton; Arlene Mack; Lisa Mantello

Principaux clients

Hydro One Limited and Hydro One

TELUS International (Cda)

Dream Industrial REIT

Dream Residential REIT

Bank of Montreal

The Bank of Nova Scotia

BMO Capital Markets

CIBC Capital Markets

RBC Capital Markets


TD Securities

Bausch + Lomb Corporation


General Motors Financial of Canada

Chemtrade Logistics Income Fund

Magna International

Stikeman Elliott LLP

Stikeman Elliott LLP’s capital markets practice stands out for its impressive national firepower. The full-service group brings to bear particularly dominant offerings in Toronto, Montreal, and Calgary, while it also has a well-staffed platform in Vancouver. In Toronto, seasoned specialist D’Arcy Nordick is highly regarded for his record in complex transactions; he recently represented Broadcom on its C$2.5bn notes offering. Additionally, Ramandeep Grewal advised the Bank of Nova Scotia on its multibillion-dollar shelf prospectus program. The Toronto team also draws on John Laffin and Jeff Hershenfield  — who co-lead the capital markets and public M&A group in Toronto — and corporate partner Sean Vanderpol. In Montreal, Robert Carelli and David Massé head the local corporate group and securities team respectively. The national department also draws on Keith Chatwin, who spearheads the corporate group in Calgary, and Michael Urbani, who fronts the corporate and securities team in Vancouver.

Responsables de la pratique:

Robert Carelli; John Laffin; Jeff Hershenfield; David Massé; Keith Chatwin; Michael Urbani

Autres avocats clés:

D’Arcy Nordick; Ramandeep Grewal; Sean Vanderpol; Vanessa Coiteux; David Tardif; Sony Gill

Davies Ward Phillips & Vineberg LLP

Davies Ward Phillips & Vineberg LLP’s team stands out both for its impressive record in flagship offerings, particularly IPOs, and also for its activity in US-Canadian cross-border capital markets transactions, where it can utilize a robust New York platform. In a recent example, its international prowess, go-to Toronto-based specialist David Wilson acted as Canadian counsel to Enerflex on its US and Canadian private placement of $625m of high-yield notes. Also based in Toronto, Robert Murphy advised Metropolitan Life Insurance Company, CIBC World Markets, TD Securities, BMO Nesbitt Burns, and Scotia Capital on Metropolitan Life Global Funding’s C$1bn Canadian private placement of notes. Wilson and Murphy co-head the national group alongside Olivier Désilets, who is the coordinator of the Montreal capital markets practice. Other key names in Montreal include Franziska Ruf and Sébastien Roy, while Patricia Olasker and Steven Cutler are also recommended in Toronto.

Responsables de la pratique:

David Wilson; Robert Murphy; Olivier Désilets

Autres avocats clés:

Franziska Ruf; Sébastien Roy; Patricia Olasker; Steven Cutler; Nicolas Morin

Les références

‘A very strong team that has in-depth knowledge of the market. Always available and willing to go the extra steps. Focuses on the main issues and finds workable solutions. We had very particular issues and the Davies people led the whole process to align all the parties, and their respective counsel.’

‘Lawyers are very down to earth and willing to support the business. I have found them very practical and innovative in their approach. Billing is always well-documented, and I feel I receive value for the money.’

‘David Wilson is knowledgeable, responsive, and accessible.’

Principaux clients

Rogers Communications


Barrick Gold Corporation

Royal Bank of Canada

The Public Sector Pension Investment Board (PSP Investments)

Agnico Eagle Mines

TD Securities

Toromont Industries

Caisse de dépôt et placement du Québec

Lithium Royalty Corp


Russel Metals

The New York Life Insurance Company


Blackstone Real Estate Income Trust


Pacific Life Insurance Company



Principaux dossiers

  • Acted for Rogers Communications on its Canadian private placement of C$4.2bn of senior notes and also acted as Canadian counsel for Rogers on its US private placement of $7bn of senior notes.
  • Acted as Canadian counsel to the underwriters, led by Morgan Stanley and Goldman Sachs, on the $700m cross-border IPO of Bausch + Lomb Corporation.
  • Advised Lithium Royalty Corp on its C$150m IPO on the Toronto Stock Exchange.

Norton Rose Fulbright

Norton Rose Fulbright’s broad capital markets group is distinguished both by its extensive national coverage and also by its ability to lean on its international network to provide robust cross-border firepower. In a recent example of the latter, Montreal-based corporate finance partner Peter Wiazowski advised Bausch Health Companies on the high-profile IPO of its subsidiary Bausch + Lomb Corporation on the NYSE and TSX. In another multi-jurisdictional highlight, Calgary-based Marcus Archer acted as Canadian counsel to a syndicate of underwriters, led by RBC Capital Markets and Scotiabank, on TC Energy Corporation’s C$1.8bn bought deal offering of common shares in Canada and the US. The sizeable national department is led jointly by Andrea Brewer, Kristopher Miks and Elliot Shapiro out of Toronto, Vancouver and Montreal respectively.

Responsables de la pratique:

Andrea Brewer; Kristopher Miks; Elliot Shapiro

Autres avocats clés:

Peter Wiazowski; Marcus Archer; Heidi Reinhart

Les références

‘Demonstrates expertise in dealing with African jurisdictions. A global team.’

‘Andrea Brewer is knowledgeable, pragmatic, efficient, and builds a good client rapport.’

Principaux clients

Bausch Health Companies and Bausch + Lomb Corporation

Caisse de dépôt et placement du Québec, OMERS, Healthcare of Ontario Pension Plan, Public Sector Pension Investment Board and Canada Pension Plan Investment Board

DHL Network Operations (USA)

Syndicate of underwriters led by RBC Capital Markets and Scotiabank

Royal Bank of Canada

PSP Capital and Public Sector Pension Investment Board

Brookfield Corporation

TransAlta Corporation

Vermillion Energy

La Mancha Investments

Toronto Hydro Corporation

FG Acquisition Corp

Jefferies, Evercore and RBC Capital Markets and LifeSci Capital

Bird Canada

Taiga Motors Corporation

Cormark Securities

Syndicate of agents co-led by RBC Dominion Securities, CIBC World Markets, and National Bank Financial

Echelon Wealth Partners

TELUS Corporation

Principaux dossiers

  • Advised Bausch Health Companies on the IPO of its subsidiary Bausch + Lomb Corporation on the NYSE and TSX, and also on the debt financing and liability management initiatives relating to the IPO.
  • Advised the pension fund cornerstone investors (Caisse de dépôt et placement du Québec, OMERS, Healthcare of Ontario Pension Plan, Public Sector Pension Investment Board and Canada Pension Plan Investment Board) on BMO’s C$2.6bn offering of shares pursuant to a public offering and concurrent private placement to the cornerstone investors.
  • Acted for DHL Network Operations (USA) on a long-term strategic arrangement with Cargojet, which included an equity investment.


Split between Toronto and Calgary, Torys’ capital markets group leverages the wider firm’s robust financial services expertise to excel in complex debt offerings and structured finance matters. It is also well positioned to handle equity deals. In a highlight example of its practice sweet spot, Toronto-based David Seville recently advised Scotia Capital, and the syndicate of agents, on Scotiabank’s C$1.5bn public offering of limited recourse capital notes (LRCNS). On the equity side, Toronto’s Rima Ramchandani acted for Home Capital on its issuer bid for up to C$115m of its common shares. Calgary-based Scott Cochlan co-heads the department, together with Seville and Ramchandani, and handles a range of corporate and securities work. Other key contacts in Toronto include capital markets chair Kevin Morris; corporate finance partner Glen Johnson; securitization specialist Jim Hong; and talented senior associate Michael Murphy. Up-and-coming partner Michael Pedlow is noted in Calgary. Michael Feldman retired in December 2022, while associate Brett Saulnier left to join OPTrust.

Responsables de la pratique:

Rima Ramchandani; David Seville; Scott Cochlan

Autres avocats clés:

Kevin Morris; Glen Johnson; Jim Hong; Michael Pedlow; Michael Murphy

Les références

‘We value the team for its expertise and experience. A firm that has worked on the most deals, and is always ready to share its knowledge.’

‘We highlight David Seville for the quality of his work, his personality and his thoughtfulness.’

‘Deep experience specific to working with financial institutions in Canada providing capital markets and securities law advice.’

Principaux clients

Brookfield Corporation

Scotia Capital

Home Capital Group Inc. and Home Trust Company


Manulife Financial Corporation

407 International

Choice Properties Real Estate Investment Trust

Ontario Power Generation

iA Financial Corporation

Superior Plus


Eagle Credit Card Trust

National Bank Financial

TD Securities


Triple Flag Precious Metals Corp

RBC Capital Markets

Principaux dossiers

  • Advised Brookfield on the spin-off of a 25% interest in its asset management business, which resulted in the division of Brookfield into two publicly traded companies.
  • Advised Enbridge on the sale of an 11.5% non-operating interest in seven of its operating pipelines in the Athabasca region to Athabasca Indigenous Investments.
  • Advised Scotia Capital, and the syndicate of agents, on Scotiabank’s C$1.5bn public offering of limited recourse capital notes (LRCNs).

Bennett Jones LLP

Bennett Jones LLP is predominantly active on behalf of issuers, with a focus on the energy, natural resources and cannabis spheres. The group routinely handles debt and equity matters and had a role in one of 2023’s rare IPOs, where it advised a portfolio company of Riverstone Holdings, as principal shareholder, on Lithium Royalty Corp’s C$150m IPO — Calgary-based John Lawless paired up with the New York office to lead that work. Calgary-based John Piasta and Toronto’s Kristopher Hanc co-head a group that also includes corporate co-head Brent Kraus (Calgary); and corporate and securities partner Harinder Basra (Calgary).

Responsables de la pratique:

Kristopher Hanc; John Piasta

Autres avocats clés:

Brent Kraus; Harinder Basra; John Lawless

Principaux clients

Canadian Pacific Railway Company

Killam Properties


Canadian Utilities/CU

Argonaut Gold

ATB Corporate Financial Services

Waste Connections Inc.

Mountain Province Diamonds

Cresco Labs

Nova Cannabis

Obsidian Energy

Underwriters and agents, including: RBC Dominion Securities, BMO Capital Markets, Canaccord Genuity, Clarus Securities, Cantor Fitzgerald, Haywood Securities, National Bank Financial

Principaux dossiers

  • Advised Keyera Corp on a $230m bought deal public offering of common shares.
  • Acted for Riverstone VI LRC BV, a portfolio company of Riverstone Holdings, as principal shareholder in the C$150m IPO of Lithium Royalty Corp.
  • Advised Mountain Province Diamonds on its $195m issuance of senior secured second lien notes.


Led out of Calgary by national lead Bennett Wong, the capital markets practice at Dentons benefits from an additional five platforms across the country. The team is well-placed to represent all sides in debt and equity offerings, with a notable focus on debt issuances. Among its other attributes, the group is noted for its activity in the mining, technology and life sciences — including cannabis — spheres, as well as for its record in cross-border work. Additional key contacts include Calgary-based Dan Shea, who specializes in capital markets and private equity work; and Toronto’s Ora Wexler, whose securities focus spans transactional and regulatory matters.

Responsables de la pratique:

Bennett Wong; Ora Wexler; Eric Lung; Julien Bourgeois; Francois Brabant; Danny Wakeling

Autres avocats clés:

Andrea Johnson; Bill Gilliland; Dan Shea; Ben Iscoe

Principaux clients

RBC Capital Markets

National Bank Financial Markets

BMO Capital Markets

TD Securities

CIBC Capital Markets

Corus Entertainment

Capital Power Corporation

Silver Mountain Resources

ATB Capital Markets

Canaccord Genuity Corp.

VIQ Solutions

AbraSilver Resource Corp.

Echelon Wealth Partners

Aya Gold & Silver

Eight Capital

Aldebaran Resources

Saturn Oil & Gas

Principaux dossiers

  • Advised BMO Capital Markets, as lead agent and structuring advisor, on a C$865.2m project-finance style offering by DBRS Morningstar.
  • Advised the underwriters (RBC Capital Markets and National Bank Financial Markets) on Tamarack Valley Energy’s debt and equity offerings during 2022, totalling approximately C$444m.
  • Advised RBC Capital Markets, as the underwriters, on Keyera Corp’s debt and equity offerings during 2022, totalling approximately C$630m.


Fasken’s capital markets practice is well-balanced across its national network of offices. Equipped to handle both debt and equity offerings, the team is particularly recognized for its prominence in the former sphere, with a significant focus on mining, energy and technology-related transactions. Calgary-based Sarah Gingrich co-heads the practice together with Toronto’s Sean Stevens. The group also draws on Montreal partners Jean-Pierre Chamberland and Jean Michel Lapierre, as well Toronto-based mining specialist John Turner.

Responsables de la pratique:

Sean Stevens; Sarah Gingrich

Autres avocats clés:

Jean-Pierre Chamberland; Jean Michel Lapierre; John Turner; Gesta Abols; Guillaume Saliah; Alexandre Morin

Les références

‘We highlight the team’s depth of expertise and its ability to scale up the team quickly to adjust to the needs of a transaction.’

‘We recommend Jean Michel Lapierre and Jean-Pierre Chamberland for their technical expertise and business acumen; and Guillaume Saliah and Alexandre Morin (hard workers with good client service).’

Principaux clients

National Bank of Canada

Export Development Canada

Bank of Nova Scotia

Toronto Dominion Bank

Canadian Imperial Bank of Commerce

Royal Bank of Canada

HSBC Bank Canada

Bank of Montréal

Duo Bank of Canada

TMX Group

Fiera Capital Corporation

Beacon Securities


Desjardins Securities

TD Securities

Desjardins Financial Group

ATB Financial

Principaux dossiers

  • Advised National Bank of Canada, as issuer, on a C$12bn debt program.
  • Advised First Quantum Minerals on its C$1bn notes offering.
  • Advised a syndicate of underwriters (CIBC World Markets, National Bank Financial, and RBC Dominion Securities) on a C$460m bought deal offering.

Goodmans LLP

The capital markets team at Goodmans LLP ‘comes with solutions’, according to satisfied clients. The Toronto-based firm’s leading REITs practice is reflected in a deal list that includes offerings for Northwest Healthcare Properties REIT, Plaza Retail REIT and RioCan REIT. Other practice strong suits include technology, financial services and SPAC-related work. Group head Stephen Pincus is ‘the best you’ll find’. The group also includes senior capital markets specialist William Gorman; corporate finance and private equity partner Brad Ross; and next-generation partner David Coll-Black.

Responsables de la pratique:

Stephen Pincus

Autres avocats clés:

William Gorman; Brad Ross; David Coll-Black; Hari Marcovici

Les références

‘A very diverse and deep team. Very responsive and practical in its recommendations. Comes with solutions.’

‘Stephen Pincus: the best you’ll find. Bill Gorman and Brad Ross: great client management and legal representation. Associate Tara Hunt is a very good support lawyer.’

‘The term is very professional, solves problems efficiently and is very hard-working. It is a great pleasure and privilege to work with the team on cross-border transactions and multi-jurisdictional projects.’

Principaux clients

BMO Capital Markets

Canaccord Genuity

CIBC World Markets


Ceridian HCM Holding

Minto Apartments REIT



Tricon Capital


Dye & Durham

Subversive Capital

Northwest Healthcare Properties REIT

E Automotive

Sienna Senior Living

TD Securities

Medicine Man Technologies (DBA Schwazze)

CRAFT 1861 Global Holdings

Playmaker Capital

Clip Money

Round 13 Capital

Principaux dossiers

  • Advised FG Acquisition Corp (FGAC), a SPAC, on its proposed business combination and financing transaction with Think Financial Group Holdings, which will include a prospectus filing and constitute FGAC’s qualifying acquisition.
  • Advised Northwest Healthcare Properties REIT on its short form base shelf prospectus, as well as on bought deal offerings of convertible unsecured subordinated debentures.
  • Advised Canaccord Genuity Group on its acquisition of the Canadian funds and private wealth business of Mercer Global Investments Canada.

Borden Ladner Gervais LLP

Borden Ladner Gervais LLP’s capital markets practice has a focus on the mid-market space, which ensures a steady stream of smaller offerings — both debt and equity. Led from Vancouver by Kent Kufeldt, who consistently represents both issuers and underwriters, the department also draws on Vancouver-based mining head Fred Pletcher. The Toronto team was recently boosted by the hires of Timothy McCormick and counsel Laura Levine, who both joined as partners from Stikeman Elliott LLP. Additionally, Frazer House joined as a partner from Torys, where he was an associate.

Responsables de la pratique:

Kent Kufeldt; Tim McCormick

Autres avocats clés:

Fred Pletcher; Laura Levine; Frazer House

Principaux clients

Barclays Capital

Loblaw Companies

CIBC Capital Markets

Caisse de dépot et placement du Québec

Capital Power Corporation

SNC-Lavalin Group

BDC Capital, GO Capital, Fonds de Solidarité FTQ, Desjardins Capital and UI Investissement (France)

Agrinam Acquisition Corporation

Cormark Securities

Cardiol Therapeutics

Inovia Capital

BMO Capital Markets

TD Securities

Stifel Nicolaus Canada

National Bank Financial

Clarus Securities

PI Financial Corp

Red Cloud Securities

UMB Bank

Burnet Duckworth & Palmer LLP

Calgary stalwart Burnet Duckworth & Palmer LLP houses a capable capital markets practice, which specializes in energy-related offerings — in line with its firm-wide strength. Active on behalf of both issuers and underwriters, the team strikes a balance between equity and debt transactions. Corporate and securities partner Edward Brown co-heads the department alongside Lindsay Cox, who recently advised Baytex Energy Corp on its $800m private notes offering. Other key contacts include Syd Abougoush and William Maslechko, who both handle a mix of corporate and securities work.

Responsables de la pratique:

Edward Brown; Lindsay Cox

Autres avocats clés:

Syd Abougoush; William Maslechko; Jeff Oke; James Kidd; Bronwyn Inkster

Principaux clients

Hammerhead Energy

Baytex Energy Corp

Blackline Safety Corp

Acumen Capital finance Partners and Peters & Co

CIBC Capital Markets

Petrus Resources

Ag Growth International


Advantage Energy

Stifel Nicolaus Canada