Aird & Berlis LLP continues to gain traction in the capital markets space and added seven new clients during 2024/25, including Powerfleet, Gold Flora Corporation and Goliath Resources.

A destination practice for both debt and equity offerings, Blake, Cassels & Graydon LLP is regularly engaged by seasoned and debut issuers, as well as underwriters, to advise on headline-grabbing transactions. In a high-profile debt mandate, Calgary-based Jeff Bakker recently advised South Bow Corporation on its C$7.9bn notes offering related to the spin-off of TC Energy Corporation’s liquids pipelines business — the largest debt capital markets transaction in Canadian history. In Toronto, the formidably deep bench draws on Tim Andison, who focuses on M&A and capital markets; Catherine Youdan, who leads the capital markets team in Toronto; London managing partner Jeffrey Lloyd, who divides his time between Canada and the UK; and Michael Hickey, whose practice spans securities transactions and regulatory matters. Other key contacts in Calgary include local practice head Chad Schneider, as well as Kristopher Simard. The national team is additionally co-led by Vancouver head Kathleen Keilty, who is highly regarded for mining-related offerings, and Howard Levine, who fronts the department in Montreal.

A dominant force in debt capital markets on behalf of both issuers and managers, McCarthy Tétrault also houses a prominent equity practice. From Toronto, go-to specialist Andrew Parker co-heads the capital markets group and advises on a broad mix of equity and debt transactions. Fellow capital markets co-head Patrick Boucher, based in Montreal, recently advised National Bank on multiple deals, including on an equity financing involving a public offering and concurrent private placement totalling C$1bn. Toronto-based Marc MacMullin co-heads the national financial services department and is widely recognized as a market leader for structured finance. Other key contacts in Toronto include Jo-Anna Brimmer, who specializes in capital markets and securitization; Simon Fitzpatrick and Dean Masse, who jointly lead the structured finance team; and next-generation partner Michael Eldridge. In Calgary, Alyson Goldman is highly regarded for corporate finance, with particularly strong experience in energy-related matters, while Pavan Jawanda (who splits his time between Canada and the US) is recommended in Vancouver.

A popular choice for large-scale and first-of-a-kind debt and equity offerings, Stikeman Elliott LLP’s capital markets practice benefits from strong platforms across the country. In Toronto, D’Arcy Nordick is highly regarded for his track record in complex corporate and securities transactions. The Toronto team also draws on sector specialist Ramandeep Grewal; capital markets and public M&A co-heads Jeff Hershenfield and John Laffin; and corporate lead Jonah Mann. A strong bench in Montreal includes Robert Carelli, who is widely acknowledged as a national leader in securities, and David Massé, who heads the local securities practice and recently advised Bell Canada on its $2.2bn public offering of hybrid debt securities. Other stand-out Montreal practitioners are Alix d’Anglejan-Chatillon, who co-leads the financial products and services area, local corporate head Pierre-Yves Leduc and rising associate Jules Dumas-Richard. Key names in Calgary include corporate and securities partner Keith Chatwin, as well as local corporate co-heads Benjamin Hudy and Janel Young. Michael Urbani, who leads the corporate and securities group in Vancouver, is also recommended.

Davies Ward Phillips & Vineberg LLP is distinguished by its ‘high level of sophistication around capital markets issues’, according to clients. Recognized for its pre-eminent record in marquee transactions, particularly IPOs, the team advises issuers and managers on the full range of debt and equity offerings. In a recent highlight, Montreal-based Sébastien Roy and Toronto’s Steven Cutler advised Groupe Dynamite on its C$314m IPO in November 2024 — the largest IPO in Canada since May 2022. The Toronto group also draws on David Wilson, who handled a string of major bond offerings during 2024/25; Robert Murphy, whose practice spans securities, corporate and M&A; and leading corporate expert Patricia Olasker. In Montreal, additional contacts include local group coordinator Olivier Désilets and Nicolas Morin.

‘Very capable, responsive and collaborative’,  Torys’ capital markets practice stands out for its experience in high-value private and public debt and equity offerings, including complex cross-border transactions. Among its recent matters, Toronto-based department co-head Rima Ramchandani advised British Columbia Investment Management Corporation on its C$1.5bn private placement of senior unsecured notes. The Toronto team also includes fellow co-head David Seville, whose focus spans capital markets, M&A and corporate governance; Glen Johnson, who is equipped to handle regulatory and transactional securities work; capital markets chair Kevin Morris; M&A and corporate finance partner Karrin Powys-Lybbe; securitization specialist Jim Hong; and senior associate Michael Murphy. In Calgary, practice co-head Scott Cochlan and partner Michael Pedlow are highlighted as ‘second to none’.

Fasken’s capital markets practice demonstrated a good balance between debt and equity offerings during 2024/25, with a particularly strong record in private placements. The firm’s signature mining practice remains a key driver of deals, while it also shines in financial services and TMT-related transactions. From Calgary, Sarah Gingrich co-heads the capital markets group and recently advised First Quantum Minerals on its $1.6bn offering of senior secured second lien notes. Also recommended are Jean-Pierre Chamberland, who leads the team in Quebec; Toronto-based department co-head Sean Stevens; and Toronto-based corporate and securities partner Alex Nikolic.

Goodmans LLP’s capital markets practice handled a steady stream of public and private offerings during 2024/25, with an emphasis on debt and equity transactions in the mining, financial services and real estate — including REITs — spheres. Stephen Pincus leads the Toronto-based team and recently paired up with corporate finance and M&A partner Brad Ross to advise Northwest Healthcare Properties REIT on a $500m private placement of senior unsecured debentures. Other key contacts include high-profile capital markets expert William Gorman, corporate and securities specialist Brenda Gosselin and next-generation partner David Coll-Black.

Historically known for its expertise in energy offerings, Bennett Jones LLP’s capital markets practice is increasingly recognized for its strength in the cannabis, life sciences and mining spheres. Toronto-based Kristopher Hanc co-heads the corporate and capital markets groups and represents both issuers and underwriters on public offerings and private placements of equity and debt securities. The Toronto team also draws on Aaron Sonshine, noted for cannabis-related work, and structured finance partner James Rumball. Key names in Calgary include Brent Kraus, Harinder Basra and John Lawless.

During 2024/25, Dentons handled a steady stream of cross-border — particularly US-related — securities matters, including large-scale spin-off transactions. The sizeable national practice is led from Calgary by Bennett Wong, who also heads the industrials sector group. Other names to note include Ora Wexler, who leads the securities and mining teams in Toronto; Calgary-based William Gilliland, who specializes in corporate, securities and M&A work; and Eric Lung, who is the key contact for securities and corporate finance in Vancouver.

Particularly weighted towards debt capital markets work, Norton Rose Fulbright’s Canadian practice stands out for its frequent cross-border collaboration with lawyers across its global platform. The national group is co-led by Kristopher Miks (Vancouver/Toronto), Bruce Sheiner (Toronto), Elliot Shapiro (Montreal) and Marcus Archer (Calgary), all of whom focus on corporate and securities matters. Also noted are Heidi Reinhart KC (Toronto), who specializes in corporate transactions and governance, and corporate finance partner Peter Wiazowski (Montreal).

From its five offices across Canada, Borden Ladner Gervais LLP advises on a broad range of debt and equity offerings, reverse take-over transactions and securities regulation, with a notable focus on the mid-market space. The national group is co-led by key partner trio Prema Thiele (Toronto), Kent Kufeldt (Vancouver/Calgary) and Timothy McCormick (Toronto). The team also draws on mining head Fred Pletcher (Vancouver) and corporate and securities partner Cameron MacDonald (Toronto).