Skip to main content
Canada’s most-awarded newsroom for a reason
Enjoy unlimited digital access
$1.99
per week
for 24 weeks
Canada’s most-awarded newsroom for a reason
$1.99
per week
for 24 weeks
// //

Goldman Sachs & Co. overtook BMO Nesbitt Burns Inc. as the top bank for equity financing in the first six months of the year.

RICHARD DREW/The Associated Press

U.S. investment banks blew away major Canadian players in two important deal-making categories in the first half of the year.

Goldman Sachs Group Inc. overtook BMO Nesbitt Burns Inc. as the top bank for equity financing in the first six months of the year, underwriting $2.3-billion for clients, according to figures from Thomson Reuters.

Just one mega-financing in the second quarter was enough to tip the scales for Goldman. That call to raise funds came from drug company Valeant Pharmaceuticals International to help pay for its $8.7-billion deal to buy eye-care business Bausch & Lomb Inc.

Story continues below advertisement

BMO managed 19 issues worth $2.3-billion in the six months to June 30, and RBC Dominion Securities followed with $2.1-billion. The table excluded self-funded, or self-led, deals, since banks typically lead their own deals.

On the mergers-and-acquisitions front, New York-based Morgan Stanley bested Canadian competitors, advising on eight deals worth $13.7-billion (U.S.) in the quarter.

The bank worked with acquirer Sobeys Inc. on the $5.8-billion (Canadian) deal for food business Safeway Inc.'s Canadian business. Sobeys, owned by Empire Co. Ltd., will become the country's second-largest grocery store chain through the purchase.

The Sobeys and Valeant deals helped shift the conversation away from the real estate industry, which dominated M&A in the first quarter of the year.

Initial public offerings in Canada have picked up this year, with a total of $2-billion (Canadian) raised in the first two quarters — more than double the $787-million that investment bankers had posted this time last year. RBC raised the most, at $561-million.

The investment-banking arm of Canada's largest lender also dominated two other categories. The bank raised $17.9-billion in the bond category and had a book-runner volume of $16.5-billion in syndicated lending.

(Jacqueline Nelson is a Globe and Mail Financial Services Reporter.)

Story continues below advertisement

Return to Streetwise home page.

The Globe has launched a Streetwise and ROB Insight newsletter, with content available exclusively to Globe Unlimited subscribers. Get the best of our exclusive insight and analysis delivered straight to your inbox in a daily e-mail. Sign up for it and other newsletters on our newsletters and alerts page.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies