Carrie Cook, co-head of Canadian investment banking at RBC, said the slowdown in equity issues can also be traced to a shortage of merger and acquisition deals in the first half of the year.
“We’re doing lots of add-ons, so there’s a lot of opportunity there to expand on the goals of … existing businesses by supplementing them through M&A,” said Kim Le, co-head of the mergers and acquisitions and private equity groups at Stikeman Elliott LLP in Toronto., the deal flow and dollar values were dwarfed by the performance in 2021 and into the first half of 2022, according to Financial Post Data.
This, in turn, is pushing the independent dealers to chase smaller deals than would be typical for them, he said. Cook said it is not usual for big banks to do some business traditionally handled by boutique broker-dealers in tough times, with fewer deals to chase.
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