BMO tops RBC in debt underwriting, RBC still leads in equities.

Canadian capital markets activity came in a bit weaker in the first quarter, with both debt and equity issuance declining, according to new data from LSEG Data & Analytics.

In the equity markets, new issue activity came in at $3.95 billion in the first quarter, which was down 21% on a year-over-year basis.

Debt markets held up a bit better, with issuance declining just 6% in the first quarter to $66 billion.

Government issuers led the way in the debt markets, with $40.4 billion worth of new issue activity in the first quarter. While this was down from the same period last year, corporate issuance was up by 7% year-over-year to $23.9 billion.

The energy & power sector led in that category, with a 12.4% share of new issue activity, followed by the financial sector at 10%.

On the equity side, the materials sector dominated the market, accounting for 40.7% of first-quarter issuance. The energy sector was distant second at 12.4%, and financials represented 7.1%.

In the underwriter rankings, BMO Capital Markets led the debt league tables, knocking perennial leader RBC Capital Markets out of the top spot. CIBC World Markets held onto third place, with TD Securities and Scotiabank rounding out the top five.

RBC retained its crown in the overall equity league tables, with Scotia taking second, and HSBC Holdings in third. BMO placed fourth and TD was fifth.

Additionally, CIBC World Markets led in preferred securities issuance, and Scotia ranked first in retail structured products.