Canadian equity issuance was flat year over year, with GMP Capital Corp. leading the underwriting league tables in the first quarter, according to data from Thomson Reuters.

Thomson Reuters reports that Canadian equity and equity-related issuance totaled $8.7 billion in the first quarter, from 143 deals. The total proceeds issued was more or less unchanged, but the number of deals jumped 90.7%.

GMP was the top bookrunner in the quarter, Thomson Reuters said, accounting for $1.3 billion from 10 deals; up from 15th spot in the same period last year. It jumped up the rankings largely due a common share issue for Athabasca Oil Sands Corp. on March 30, valued at $1.35 billion, which was jointly run by GMP and Morgan Stanley.

ABG Sundal Collier placed second, with $773 million from a single deal, a convertible debt issue for PetroBakken Energy Ltd., that it led solo. BMO Capital Markets Inc. ranked third, with $718 million from 10 deals.

Along with its overall lead in equity issuance, GMP also led the common stock rankings, and the initial public offering rankings. BMO led the secondary offering category for the quarter. CIBC World Markets Inc. was tops in retail structured products, underwriting $436 million in proceeds and capturing a 30.6% market share. Scotia Capital Inc. dominated the preferred share market, underwriting $963 million of deals, which was good for a 42.4% market share.

The materials sector was most active in the Canadian market for the fifth straight quarter, with $20.1 billion of activity, representing 36.2% of the market. The energy & power and financials sectors rounded out the top three most active sectors, with $15.7 billion and $9 billion in issuance, capturing 28.3% and 16.2% of market share, respectively, Thomson Reuters said.

IE