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BMO Nesbitt Burns comes out on top in underwriting

A Bank of Montreal location in Toronto.

Deborah Baic/The Globe and Mail

BMO Nesbitt Burns Inc. raised $3.9-billion in equity for its clients in the first three quarters of 2013, placing the investment bank first for underwriting new Canadian stock sales.

BMO widened its lead in the third quarter thanks to a few significant deals, including $1.8-billion raised for grocery giant Empire Co. Ltd, as part of the merger between its subsidiary Sobeys Inc. and Safeway Canada Ltd., according to data from Thomson Reuters.

RBC Dominion Securities Inc. placed second with $3.1-billion worth of underwriting business, but managed to come out ahead in several other categories, including debt underwriting where the bank helped to raise $25.7-billion for clients. RBC also claimed the top ranking for new public offerings as well as mergers and acquisitions through to the end of the third quarter.

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In the first nine months of this year, total Canadian debt underwriting rose to $127.2-billion, compared to $113.8-billion in the same period last year. Total equity sales, meanwhile, declined slightly to $22-billion this year, compared to $24.1-billion last year.

At $2.4-billion for the first three quarters, Canada's initial public offerings showed significant recovery, nearly doubling against the year-earlier period. RBC lead this category with nine issues worth $701.3-million.

Canadian banks pulled in $111.3-billion in M&A proceeds in the first nine months of the year. RBC advised more Canadian M&A deals than any other bank, with $30.2-billion worth of transactions, a 27 per cent share of the market.

Merrill Lynch, lead adviser to Loblaw Cos. Ltd. on its $12.4-billion deal for Shoppers Drug Mart Corp., took the number two spot. TD was the only other Canadian bank in the top-five M&A ranking, coming in fifth with nearly $13-billion worth of deals announced.

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About the Author
Financial Services Reporter

Jacqueline Nelson is a financial services reporter at the Report on Business. Prior to that she was a staff writer at Canadian Business magazine, covering news and writing features on a wide variety of subjects. More

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