{"id":48959,"date":"2024-01-12T16:49:01","date_gmt":"2024-01-12T16:49:01","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/01\/12\/interest-rate-peak-fuels-bay-street-optimism-fp-dealmakers\/"},"modified":"2024-01-12T16:49:01","modified_gmt":"2024-01-12T16:49:01","slug":"interest-rate-peak-fuels-bay-street-optimism-fp-dealmakers","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/01\/12\/interest-rate-peak-fuels-bay-street-optimism-fp-dealmakers\/","title":{"rendered":"Interest rate peak fuels Bay Street optimism: FP Dealmakers"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Finance<\/li>\n<li class=\"breadcrumbs__item\">Banking<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">After two tough years, activity is expected to pick up \u2014 but even rebounds have risks<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Barbara Shecter straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/bshecter\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Jan 12, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 6\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">9 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"d7958291-8fc8-47cf-af59-00e8a167f937\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=i9erOVGQ0ML5oxABoxW-7w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=9nncJIn6vxYQJooDhpoVJA 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=ksBUeT1H5_tkxVF5QJPRjw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=o9a9bL_IT822bXj-UbDL4A 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=AzAoXSZfIOxcbTEax82HIw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=noU9a2VhmqJP0_AjzCX43Q 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=WaMTsbIa6FLjgAMdXy70RQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=uT2COKL7o3NM-NGBTu2xDA 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=UAFVnAGJ9n1gfEWn0k7PmQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/bay-street-0112-ph.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=L2X2lF7-5iW2-4reSrPJoQ 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">There&#8217;s a new optimism blowing through Toronto&#8217;s financial district. <\/span> <span class=\"credit\">Photo by Peter J. Thompson\/National Post<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Peter Miller doesn\u2019t mince words when describing the dealmaking doldrums that Bay Street has slipped into over the past couple of years. But the head of global equity capital markets at BMO Capital Markets and other investment bankers are cautiously optimistic that the action is about to pick up, and anxious to talk about the reasons why.<\/p>\n<p>\u201cYou know, 2023 was a tough year,\u201d Miller said in a recent interview, pointing out that new issue activity barely matched levels reached in a \u201cweak\u201d 2022.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment7289835836691760130600181891596288\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" id=\"article-block\">\n<section class=\"row\">\n<header class=\"identity-intro col-xs-12 col-md-6 flex-justify-center\">\n<div class=\"col-xs-12 col-sm-10 col-md-10\"><img decoding=\"async\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.4.5\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__register hidden\">\n<p>SUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The primary culprit, he and other investment bankers said, was uncertainty, as questions about how high interest rates would go \u2014 and how quickly they might come down once they peaked \u2014 kept a lid on activity.<\/p>\n<p>There were fewer deals overall last year \u2014 864 compared to 937 in 2022 \u2014 according to figures from Financial Post Data. The total value of all deals also declined, to $460.3 billion from $475.7 billion a year earlier.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=relD23b3w32G-h02YYsX3g,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=Nx-mwo-gV56KGTSIYR_q1A 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=aCHiZI9MbwnmepfAI7b2lQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=_M94RE3vqxUuLT-GPXN35w 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=N9MwOb7GMe1mer2KOeO_jQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=qW8v5IR8isudd5XLeoUB2Q 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=NsC2ylY_nS_sxKVemgdmng,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=Ak_Om3J7vvhjoVSkgs01yw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=MimAtsBkpB0jYGNqIBir4Q,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=KZEdTPIty1oBmvtW6DCOzg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Uncertainty about where interest rates would go kept the lid on dealmaking in 2023, said Peter Miller, head of global equity capital markets at BMO Capital Markets.\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=nNVzDyVFtHb_r4tseFODMw\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=nNVzDyVFtHb_r4tseFODMw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=90&amp;strip=all&amp;w=576&amp;sig=pMfiYQHv37hh9Ns58px4vw 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/peter-miller-0111.jpg?quality=5&amp;strip=all&amp;w=100&amp;sig=0LLDQmGeV_yelo0mPVOyGA\" height=\"644\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Uncertainty about where interest rates would go kept the lid on dealmaking in 2023, said Peter Miller, head of global equity capital markets at BMO Capital Markets.<\/span> <span class=\"credit\">Photo by Peter J Thompson\/National Post<\/span><\/figcaption><\/figure>\n<p data-async=\"\">RBC Capital Markets topped 2023\u2019s all-deals category, which includes corporate debt and equity as well as government debt issues, with a 14.78 per cent share. RBC had 238 mandates and $68.03 billion in deals, according to Financial Post Data. TD Securities, the investment banking division of Toronto-Dominion Bank, came second in the all-deals ranking with an 11.22 per cent share on 170 mandates and a dollar figure of $51.63 billion. National Bank Financial rounded out the top three for all deals with a 9.97 per cent market share 151 mandates and $45.91 billion in deals.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>It was a far cry from the dealmaking frenzy of 2020 and 2021, when interest rates remained at historic lows, making capital accessible and cheap, and pent-up demand helped drive a post-shutdown boom in activity. More than a thousand deals were done in each of those years, with combined values topping $500 billion each year.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment9596823401151438743248055927046144\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Now, with a widespread consensus that rates have likely peaked and will start coming down later this year, a view that propelled markets higher as 2024 approached, there is hope on Bay Street that the year ahead will see some of that momentum return.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=HR50Z3wK1sv5-3rbmKCrYA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=5F3SNeGFup4WKrWN_alVkw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=R2-JuDGvi20Be51p9v522A,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=b3q3PTWizLSxsOIu3QXwxA 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=5WC_Z4bwdQprgEqP87auWg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=dEflN-jTZ5mb8PEVgCneeQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=Q0kwRmEFEAC3dkBlsDhyBw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=NTDW7-2IBv9sekJ_SfKt4w 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=RyRD8nTE2TNjPBM-YqJmfA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=2drLSwlYvxNRKy26ucXVXg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Dealmakers Canadian securities issuance chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=288&amp;sig=O_dYN9CNqOuyFLonjP7bjQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=288&amp;sig=O_dYN9CNqOuyFLonjP7bjQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=90&amp;strip=all&amp;w=576&amp;sig=eh7-0ZKn2RKrm0FNsV_GGw 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/dealmakers-10-year-trend-2024.png?quality=5&amp;strip=all&amp;w=100&amp;sig=uwe5inBH3MUkNh066bJmeQ\" height=\"798\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>\u201cIssuers are now convinced that peak rates are behind us, and you\u2019ve seen this massive rally in the equity market since late October,\u201d Miller said. \u201cNow, instead of saying, \u2018Well, how high is it going to go?\u2019 They\u2019re saying, \u2018How low is it going to go and how quick?\u2019\u201d<\/p>\n<p data-async=\"\">He cautioned that a return to better times may take a little time if the market has overreacted. Hopes of an early-year interest rate cut were dampened with the release of minutes from the Federal Reserve\u2019s most recent rate setting session, for example.<\/p>\n<p>\u201cBut the important point is that inflection has taken place,\u201d Miller said. \u201cWe need to see the peak rates behind us and then we\u2019re going to see action.\u201d<\/p>\n<p>An uptick in activity will be welcome across the board, but particularly in the equity markets, which last year saw just 333 deals, down from 432 in 2022 and fewer than half the 861 done in 2021. The overall tally of $19.8 billion was flat compared with the previous year and well off the $58.2 billion reached in 2021.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot29\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste9485839364179981949351953445158912\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Posthaste\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.4.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment2718893236883681301000102604701696\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=-jUc7q7dCOvctu4QJPNoWw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=85duvf7PfweHLG5Zx01Y1g 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=axJU7KK9PWFnUeW3HRDUGQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=f4AJQ20aSkgFhfh9R7CXcQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=1EmUwHy0c9E2-Uk8p-UkgQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=OAPHP0Zhf1tNSlZjTImhEg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=P63iHgtwdRkXArquuoHoHg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=dj02NaqRJ6M-GBdJaW3DaQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=PTGvYNKgMNtvK9DzxOmQcg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=cPkvCA2s5OCdg8L01l0cjg 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Dealmakers canadian corporate finance summary chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=288&amp;sig=9EbGoJ1XklMakWm9HPaHyQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=288&amp;sig=9EbGoJ1XklMakWm9HPaHyQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=90&amp;strip=all&amp;w=576&amp;sig=qCTZUz_TuDUwPA0qV1bzOw 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/canadian-corporate-finance-summary-2023-1.png?quality=5&amp;strip=all&amp;w=100&amp;sig=H1kAoUmvLLl8BYWhjJHFNw\" height=\"614\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p data-async=\"\">BMO led the league table for full-credit bookrunner on all equity issues with 32 mandates and a deal tally of $3.3 billion, giving it a 16.72 per cent share of the business, according to Financial Post Data. The runner-up was RBC Capital Markets, the investment dealer arm of the country\u2019s largest bank, Royal Bank of Canada, with a $2.4 billion deal tally on 28 mandates and a 12.13 per cent share.<span class=\"Apple-converted-space\">\u00a0<\/span><span\/><\/p>\n<p>\u201cOverall, through the year, we managed to grind out very, very positive returns on equity markets,\u201d said Nitin Babbar, global co-head of equity capital markets at RBC Capital Markets. \u201cThere were moments of fear based on rates moving. But the good news is that the markets, as they always do, look through the rate cycle to what the future holds\u2026. From an activity perspective, it really was a year punctuated by windows of opportunity for new issues.\u201d<\/p>\n<p>He added that the ability to do billion-dollar transactions even in tougher times spoke to the health of the overall market.<\/p>\n<p>Many of the big deals took place in energy and mining, partly driven by commodity prices, with equity issuance supporting merger and acquisition activity in the energy sector, investment bankers say.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment167650006946801187627991358767104\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Gibson Energy Inc., Enbridge Inc. and Pembina Pipeline Corp. were among the firms that announced billion-dollar M&amp;A deals and large equity financings.<\/p>\n<p>\u201cIn an environment where rates were rising, the M&amp;A-driven opportunities for both Enbridge and Pembina really drove them \u2026 to market,\u201d said Babbar, adding that the past year also showed investors believe there is a future that includes both fossil fuel and renewables.<\/p>\n<p>\u201cIn previous years, it was only about renewables and moving away from fossil fuels,\u201d he said.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=ZANFpWib6POevioBAcEHeg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=IyVZ8Hq1wmn1D26RU8Hz2w 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=QPrEHW6dDDLOJxZUxqzD-w,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=d2ASksVPv0Iqml-jzY-VVg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=Mkd9KGXYEfWe3IYsbrHr8w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=MyaLkCaPPdbSX3JJ2p2pUg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=rq7I5G_3l93pnRXdS7HXzg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=jIy3EWFlLLOiaccZ7bFAhg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=1zAguceClE1LXorrfdlO6A,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=RFl1AQMlF1_7JXcZiCO3-w 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Dealmakers total debt and equity chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=288&amp;sig=6RNTExPLHZ5728EUKy_5Yw\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=288&amp;sig=6RNTExPLHZ5728EUKy_5Yw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=90&amp;strip=all&amp;w=576&amp;sig=Y4_1wuTIbWRTweb8LuHNeA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/debt-equity-corporations-2023.png?quality=5&amp;strip=all&amp;w=100&amp;sig=wsazv6GgvX5MSe9MH6acyQ\" height=\"774\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>The top of the rankings for corporate debt and equity deals was similar to the all-deal category, with RBC and TD on top. But BMO Capital Markets took third spot thanks to its top performance on all equity deals.<\/p>\n<p>Chris John, co-head of Canadian equity capital markets at TD Securities, said uncertainty about the macroeconomic environment \u2014 how long it would take to tame inflation and where interest rates would go \u2014 tempered corporate growth plans.<\/p>\n<p>\u201cWith all that was playing out through 2022 and most of 2023, companies had to be pretty conservative in how they thought about growth because you didn\u2019t know what your access to capital was, you didn\u2019t know what your cost of capital was,\u201d he said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment3907376697683186492396562483773440\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>BMO\u2019s Miller said he expects both equity issuance and mergers and acquisitions activity to pick up later this year as the cost of capital and \u201churdle\u201d rates to generate returns come down with lower interest rates.<\/p>\n<p>\u201cThat\u2019s a big game changer for our issuing clients. And we expect that in 2024, we\u2019re going to see issuers focus more on growth through capital projects. And through acquisitions,\u201d Miller said.<\/p>\n<p>Moreover, he added, the gap between valuations of public and private assets has also begun to close, which should help drive deal activity. Changes to private valuations traditionally lag public ones and a recovery in public markets should narrow that gap, he said, adding that he expects a pick-up in activity across sectors.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=Y92uAdmwEwjM--ZDPIZUvQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=SLoiJY7Tg6hpawZJK9eTug 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=vf3AfKmdy06vH8qoqGjQtw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=Zl90e2CY1xMavGwKTte7bg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=5vYDJsPDh1q0Ut3eCCs9Wg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=LNuma7GkpDbiXjVMeamE4w 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=OjC9ZEaj3GDS0MkdDEXpdA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=dXYFp1mjgZj4JSPpHPlZjQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=lwfH88VbS2-1vU_yydWzww,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=FerKfpUlqnLVPz-tJzSAsw 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Dealmakers total debt and equity chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=288&amp;sig=oX_xLztmnQfnQQdb9sJyNQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=288&amp;sig=oX_xLztmnQfnQQdb9sJyNQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=90&amp;strip=all&amp;w=576&amp;sig=ODEodqOFwVQQzhndiYJPVg 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/total-financings-governments-and-corps.png?quality=5&amp;strip=all&amp;w=100&amp;sig=2KJPEXOXnG49u3g2vLQBMw\" height=\"1444\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p data-async=\"\">\u201cLower cost of capital or at least peak cost of capital should be impetus for many sectors to turn back into growth mode and be able to access the equity market,\u201d said Miller, suggesting an early indicator can be seen in Boardwalk Real Estate Investment Trust\u2019s successful tapping of the market in December through a bought deal of 2.2 million units at $68.50 apiece.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment4152507287885465100768442658586624\" class=\"ad\">\n<p>Advertisement 7<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cI mean, the REITs have been one of the most down-and-out sectors in the equity markets because they\u2019re long-dated assets and they\u2019re financed heavily with leverage\u2026. Boardwalk came and it was strongly supported by both institutions and retail,\u201d he said.<\/p>\n<p>Ben Mandell, head of Canadian M&amp;A at RBC Capital Markets, said he anticipates more dealmaking activity in the coming year that involves pension funds and private equity players, which were relatively quiet in 2023 as they dealt with higher capital costs and uncertainty about where interest rates were going.<\/p>\n<p>\u201cI think that there\u2019s greater stability in both of those, so I think for private equity firms, they\u2019re seeing a more accommodating environment,\u201d he said. \u201cWhat you\u2019ll see is a recycling of capital, so you\u2019ll see private equity companies selling assets and then that gives them more of an avenue to go and make new investments.\u201d<\/p>\n<p>Optimism for the coming year is evident in boardrooms across North America, said Sarfraz Visram, head of the Canadian and international mergers and acquisitions at BMO Capital Markets. Despite this widespread enthusiasm, he sees plenty of worrying factors that could slow the pace of dealmaking even if 2024 is a rebound year.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_8\">\n<section aria-describedby=\"advertisment2739396136113592063910721764720640\" class=\"ad\">\n<p>Advertisement 8<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-8\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=-S-3I0ZjItQkXyoD4_naSQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=3epqwFyw-gMJS39-cYvwnw 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=Hg9LB1cBlFPlcbV8IRY0hA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=OqSyIAF0z2kx2MXzta9CsQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=OTfmFIlWEhIju5fqIGiJoA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=366b_MuwJdDwOwaDoF3Vgw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=O3M9sX9Xhe90VZLdgpGsbA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=DMuyjY-LS43LaUTQ1dSBMg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=TVADPNpjeoi5TMjRKtn-qg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=LTgDReueSOM6lWSP6tacAw 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Dealmakers M&amp;A 10-year trend\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=288&amp;sig=xYKty-8iFJuDa3FIQcW20w\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=288&amp;sig=xYKty-8iFJuDa3FIQcW20w,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=90&amp;strip=all&amp;w=576&amp;sig=10pVJWF07_BZHKOoZbiYTA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/MA-10-year-trend-2023-1.png?quality=5&amp;strip=all&amp;w=100&amp;sig=SJPAImk-Qbi_H9ivp1FP3w\" height=\"835\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>Among them are potential political upheaval and ongoing geopolitical concerns that could disrupt government policy and supply chains, he said, noting the attacks by Houthi rebels on shipping vessels in Red Sea as a potential wildcard.<\/p>\n<p>\u201cWe\u2019ve got half the world\u2019s population, or 60 countries, seeing elections this year. That\u2019s a record,\u201d Visram said.<\/p>\n<p>On top of those political concerns, global regulators are increasing scrutiny of M&amp;A deals, from cracking down on foreign investment to looking more closely at competition reviews. Visram said this, alongside long-term investors becoming increasingly vocal about objections to transactions, signals an end of days where announced deals are done deals.<\/p>\n<p>\u201cWhen you look at all those factors, combined, I think maybe we\u2019re underestimating how dampening that might be on M&amp;A activity for \u201924,\u201d he said.<\/p>\n<blockquote>\n<p>The idea that IPOs are dead, I don&#8217;t buy that for one minute<\/p>\n<p>Peter Miller, head of global equity capital markets at BMO Capital Markets<\/p>\n<\/blockquote>\n<p>In the United States, new guidelines put in place at the Federal Trade Commission (FTC) and antitrust division of the Department of Justice will \u201cdramatically change how the agencies consider the impact of mergers and acquisitions on competition by presuming that more transactions are anti-competitive,\u201d according to lawyers at Torys LLP.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_9\">\n<section aria-describedby=\"advertisment8774547046975476131297037373145088\" class=\"ad\">\n<p>Advertisement 9<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-9\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"9\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-9\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In a note published Jan. 3, they said the agencies will use lower benchmarks to assess whether a business combination may substantially lessen competition.\u00a0Moreover, authorities will now be compelled to evaluate the cumulative effects in light of a buyer\u2019s previous acquisitions and take into account consequences the merger may have on the parties\u2019 employees and suppliers.<\/p>\n<p>In addition to the new guidelines already in place, the lawyers noted that the FTC has called on the U.S. Congress to extend the timeline to determine whether a transaction warrants close investigation, calling the 30-day period under the Hart-Scott-Rodino Act outdated and inadequate.<\/p>\n<p>Another factor that could figure into Canadian dealmaking in 2024 is the run-up to the U.S. presidential election in November, given the prevalence of inbound and outbound cross-border deals between the two countries.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=gQCcKNFLQ5o2bPNQ7b8pwQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=o6BxdsG35nmRoi9e2Xg2RQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=rfcD3iE-RXQ0OjYWQ1OenA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=MZt4LESnUZsGdQ-cufFWqQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=-ETusgmPq1AnQ_riIA494w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=jUnxdzT-bTHhctIT3LI9vg 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=KgKd6duUq74tigP8BB0iJg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=KCzhLIkLIIPUeZPKVmFDYQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=fAwvnfDJRKZVwnctagFP-w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=hQVfpMnJ937yX1jf1KdM5Q 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Dealmakers IPO trend chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=288&amp;sig=jMZYY4bPLjW0SFJ3wXTJCw\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=288&amp;sig=jMZYY4bPLjW0SFJ3wXTJCw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=90&amp;strip=all&amp;w=576&amp;sig=_ZxXHhKdVvd6nxxHsQJm7w 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/IPOs-canadian-companies-2023.png?quality=5&amp;strip=all&amp;w=100&amp;sig=GEFWpkuQzSXaHAsUoeKeWw\" height=\"844\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>\u201cIn an election year, you see M&amp;A activity become more muted, so I do think that could have an influence in the second half of the year as relates to cross-border activity with the U.S.,\u201d said RBC\u2019s Mandell.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_10\">\n<section aria-describedby=\"advertisment6338957231416809878115178426400768\" class=\"ad\">\n<p>Advertisement 10<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-10\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"10\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-10\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>On the back of improving equity capital markets trends in Canada, prospects for a renewed IPO market will also depend to some extent on activity in the U.S., said TD Securities\u2019 John.<\/p>\n<p>Last year there were only\u00a023\u00a0operating company IPOs in Canada, fewer than half of the 48 registered in 2022. The total dollar value was even more undersized at just $194.6 million, a figure that is dwarfed by every other year in the past decade, including the previous low of $535.8 million in 2016, when there were only eight deals.<\/p>\n<p>But there have been recent reports activity is picking up south of the border, with companies such as social media platform Reddit and fashion retailer Shein reportedly considering initial public offerings.<\/p>\n<p>\u201cIf we see an increase in the U.S. market in the first couple of quarters, I think that could lead to more IPOs, maybe by the back half of 2024,\u201d John said.<\/p>\n<section aria-labelledby=\"moreTopicLabel7752341706033237155127154781978624\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" dealmakers:=\"\" m=\"\" flow=\"\" slows=\"\" in=\"\" first=\"\" half=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The financial district in Toronto. Dealmaking slowed 14.3 per cent  in the first half of 2023 from the year before, according to Finanical Post data.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/07\/dealmakers-bay-street-gs0706.png?h=96&amp;strip=all&amp;quality=80&amp;sig=NgGHhfHksBrbeg_voATXeQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/07\/dealmakers-bay-street-gs0706.png?h=96&amp;strip=all&amp;quality=5&amp;sig=gLGcneQoq5ikfVc24g28ew\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/07\/dealmakers-bay-street-gs0706.png?h=96&amp;strip=all&amp;quality=80&amp;sig=NgGHhfHksBrbeg_voATXeQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/07\/dealmakers-bay-street-gs0706.png?h=192&amp;strip=all&amp;quality=80&amp;sig=-V2R7jIcEIa0dyIN8GvUBQ 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/07\/dealmakers-bay-street-gs0706.png?h=288&amp;strip=all&amp;quality=80&amp;sig=sAgxnbTYuDpmyFXiIBqx4w 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">FP Dealmakers: M&amp;A flow slows in first half<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" dealmaking=\"\" slowing=\"\" as=\"\" rising=\"\" rates=\"\" take=\"\" toll=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The financial district in Toronto.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/no0719bay-st.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=rQdXsJFEiUe8_hN0Fbh_Fg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/no0719bay-st.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=83TzuspZ7KNKiEvIYtVDfQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/no0719bay-st.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=rQdXsJFEiUe8_hN0Fbh_Fg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/no0719bay-st.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=16MHtZNQkqEF18pDv-lOfA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/no0719bay-st.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=Wrk0y6dxafF63_aBpNBFaA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Corporate dealmaking slowing as rising rates take toll<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" dealmakers=\"\" equities=\"\" steal=\"\" the=\"\" show=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The appetite for deals in 2021 was spread across sectors, from materials and industrials to technology.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/01\/FP0129-front-dealmakers-copy.png?h=96&amp;strip=all&amp;quality=80&amp;sig=sGA4bATObhbzRaXwiiy94Q\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/01\/FP0129-front-dealmakers-copy.png?h=96&amp;strip=all&amp;quality=5&amp;sig=c54LiiR5nBgskSpXwG_wFA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/01\/FP0129-front-dealmakers-copy.png?h=96&amp;strip=all&amp;quality=80&amp;sig=sGA4bATObhbzRaXwiiy94Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/01\/FP0129-front-dealmakers-copy.png?h=192&amp;strip=all&amp;quality=80&amp;sig=q5wlzBUe7arQqPAGgEHYAg 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/01\/FP0129-front-dealmakers-copy.png?h=288&amp;strip=all&amp;quality=80&amp;sig=g1odv1SRKEayxjO3Sxzvkg 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">FP Dealmakers 2021: Equities steal the show<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>BMO\u2019s Miller agrees the IPO is likely to return once market activity picks up for companies and investors.<\/p>\n<p>\u201cThere are certainly some excellent companies out there who we are in dialogue with and monitoring and would make great public companies,\u201d he said.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cThe idea that IPOs are dead, I don\u2019t buy that for one minute.\u201d<\/p>\n<p><iframe loading=\"lazy\" style=\"--height: 800px;\" frameborder=\"0\" height=\"800\" id=\"492da3966ea2fab937237b660103d35d-37979189-63436796\" src=\"https:\/\/lookerstudio.google.com\/embed\/reporting\/27b33791-c2f7-4a21-967b-b30fa813b51e\/page\/0cJCB\" width=\"750\"><\/iframe><\/p>\n<p><iframe loading=\"lazy\" style=\"--height: 800px;\" frameborder=\"0\" height=\"800\" id=\"492da3966ea2fab937237b660103d35d-37979189-63436796\" src=\"https:\/\/lookerstudio.google.com\/embed\/reporting\/b3ac1106-ae58-4641-b13a-286bb20fac8d\/page\/59YWB\" width=\"750\"><\/iframe><\/p>\n<p data-async=\"\"><em>\u2022 Email: bshecter@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Interest rate peak fuels Bay Street optimism: FP Dealmakers<\/a><br \/>\n<br \/>2024-01-12 16:49:01<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Finance Banking After two tough years, activity is expected to pick up \u2014 but even rebounds have risks Get the latest from Barbara Shecter straight to&#8230;<\/p>\n","protected":false},"author":2,"featured_media":48960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-48959","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/48959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=48959"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/48959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/48960"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=48959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=48959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=48959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}