The Globe and Mail reports in its Thursday edition that global investment banks played a major role in Canada's biggest merger and acquisition deals in the first quarter this year. The Globe's Jaren Kerr writes that the total value of takeover deals announced in the quarter hit $114.9-billion, the most since the third quarter of 2016 (all figures U.S.). That figure is up 44.3 per cent from the fourth quarter of 2020, and stands tall over the $29.3-billion (U.S.) of deals done in the first quarter of 2020, when the COVID-19 pandemic took hold in North America and shut down much of the economy and the capital markets. Deal data compiled by Refinitiv show that six of the top-10 takeover advisers were global brokers, with BofA Securities leading the quarter. Domestic dealers BMO Capital Markets and TD Securities placed second and third, respectively, with British-based Barclays and Morgan Stanley rounding out the top five. In the world of initial public offerings, CIBC World Markets led the quarter with $348.7-million raised, followed by four global investment banks: JPMorgan, Barclays, Morgan Stanley and BofA Securities. Participants say that investment banks do not limit their businesses by borders any longer.
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