Stock subscription jumped, debt crashed in 2021: Refinitiv


Transaction volume also reached its highest level since 2010, with 616 deals during the year.

Secondary and initial public offering (IPO) activity soared last year, led by the technology sector, which accounted for 19% of new issue activity. The energy and electricity sector, as well as the materials sector, followed closely with 14% market share each.

Last year, BMO Capital Markets topped the rankings for equity underwriters, ranking first for secondary offerings and IPOs, as well as preferred securities.

Canaccord Genuity Group Inc. ranked second overall, followed by Scotiabank, RBC Capital Markets and TD Securities Inc. in the top five.

The big banks, however, dominated the IPO rankings, with Scotia, RBC, TD and CIBC World Markets trailing BMO.

In retail structured products, Investec was the top underwriter of the year, followed by CIBC, RBC, National Bank Financial (NBF) and Eight Capital.

On the debt side, total issuance fell about 12% in 2021 to $236.1 billion, Refinitiv reported.

While corporate debt issuance was up 13% year-on-year, government offering activity was down about 30%, following the surge in debt collection. funds caused by the start of the pandemic in 2020.

The number of debt transactions also fell by 8% to 502 transactions in 2021.

Governments led the way, accounting for 52% of debt market activity, followed by the financial sector at 27% and energy and power at 8%.

RBC topped the overall rankings for debt underwriters and topped the corporate debt rankings. NBF was the top underwriter for government offerings, and Bank of America Securities was first in cross-border offerings, Refinitiv said.


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