Eighth time’s the charm: 2016 was the year of the mega-sized common share deal

In a typical year, there might be one or two common share offerings in Canada that exceed $1 billion. In 2016, there were eight, and five of them were in a single sector: oil and gas.

“There were a disproportionate number of large deals last year,” said Sandro Morassutti, managing director of equity capital markets at CIBC Capital Markets. “There didn’t seem to be a shortage of liquidity for companies in that category that were looking to grow or raise money to fix the balance...

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