BMO Capital Markets is Canada’s best investment bank this year, rewarding the momentum that has propelled it up the advisory and equity capital markets league tables while also gaining ground in debt capital markets.
BMO Financial Group – 'Boldly grow the good, in business and in life,' as its mission statement dramatically asserts – achieves a quarter of its net revenue from its capital markets division. Reported net income almost exactly doubled in 2021 year on year to C$2.14 billion ($1.66 billion) for the division, supported by a well-diversified platform and business mix by sector, geography, product and currency.
Key deals during the review period included a C$5 billion debut green bond from the Canadian sovereign, a host of covered bonds in a big year for that sector and a Maple bond issue for Morgan Stanley. A big equity capital markets role was the high-profile and upsized $1 billion equity financing of Algonquin Power, the proceeds of which will be used for investments in renewable energy.