The Canadian initial public offering (IPO) market had yet another dismal first quarter, with just a single deal coming to market, according to a survey published Friday by PricewaterhouseCoopers LLP (PwC).

There were no deals on either the TSX senior market or the TSX Venture Exchange in the first three months of the year. The only IPO during the quarter was a $600,000 deal, which came to market on the Canadian Securities Exchange (CSE). PwC points to market volatility, weak commodity markets, and global geopolitical concerns as factors depressing first quarter activity.

Yet, while this was the worst quarter for IPOs in more than a decade, PwC also notes that the first quarter has recently been bleak for new issues. In fact, since the financial crisis, there have been three years (2009, 2012 and 2014) with no IPOs on the TSX, and one year where there was just one new issue on the TSX in the first quarter.

Notwithstanding these frequent poor starts, the market has typically recovered in subsequent quarters, PwC says. “In recent years, we’ve seen a pattern of very slow first quarters, but that’s not necessarily indicative of the year ahead,” says Dean Braunsteiner, national IPO leader at PwC in Canada, in a statement. “And in this case, it belies a vibrant market for secondary issues that has grown despite the turmoil in other areas of the market.”

PwC notes that there has been strong secondary market activity coming in the oil and gas sector, and a spate of preferred share offerings from Canada’s banks. Overall, secondary issues generated more than $8.1 billion of deal activity in the first quarter of 2016, PwC says.