The Canadian underwriting business finished 2012 more or less flat year over year, as equity issuance slipped a little, and debt rose a bit, according to the latest data from Thomson Reuters.

The firm reports that Canadian equity and equity-related issuance totaled $31.9 billion for the full year, from 394 issues. Total proceeds were essentially unchanged, down just 0.3% from 2011. And, in the fourth quarter, proceeds were up 3.3% over the third quarter to $7.7 billion, and up 17% over the fourth quarter of 2011.

The energy & power sector led the equity underwriting business during the year, accounting for overall proceeds of $12.1 billion, which represents a 38% share, the firm says. Real Estate contributed an 18% share, and materials and financials had 17% and 13% shares, respectively.

The top underwriter of the fourth quarter was RBC Capital Markets, which Thomson Reuters notes, took the number one ranking in Canadian equity & equity related, secondary offerings, retail structured products, and preferred securities. BMO Capital Markets ranked first in Canadian common stock & trusts and initial public offerings.

RBC was also the top ranked underwriter for the year followed by Scotia Capital, BMO Capital Markets, TD Securities, and CIBC World Markets.

On the debt side, overall debt issuance (including self-funded deals), rose 2% during the year to $189.2 billion, the firm says. Fourth quarter issuance was up 43.7% over the previous quarter.

Just over half of the debt issuance is government and agency debt. On the corporate side, financials and the energy & power sector led the way, with 31% and 7% market shares, respectively.

RBC Capital Markets was also the top debt underwriter in the fourth quarter, Thomson Reuters reports. It notes that the firm placed first in Canadian debt underwiting, Canadian domestic corporate debt, and in Canadian cross border deals. CIBC placed first in Canadian debt (including self-funded deals) and in Canadian government debt.

For the full year, RBC was the top debt underwriter, followed by National Bank Financial, CIBC, TD Securities, and BMO Capital Markets.