National Bank Capital Markets

Étienne DubucPromotion

Executive Vice-President, Capital Markets (expanded to include National Bank Independent Network and Capital Markets/Wealth technology and operations strategy)

National Bank of Canada → National Bank of Canada

In a senior leadership reshuffle announced in October 2025, Dubuc's mandate was widened to take over the Independent Network from Wealth Management and the technology and operations strategy for both Capital Markets and Wealth Management.

Dividend 15 Split Corp.

Agent (at-the-market program) · Financial Services

Dividend 15 Split Corp. renewed its at-the-market equity program for Class A and preferred shares under an equity distribution agreement dated October 7, 2026, with a $600 million cap on gross proceeds; actual proceeds depend on sales.

SmartCentres Real Estate Investment Trust

Co-manager · Real Estate

SmartCentres priced $300 million of new 4.795% Series AE senior unsecured debentures due 2032 and a $150 million re-opening of its 3.599% Series AC debentures due 2029.

Athabasca Oil Corporation

Financial advisor to the special committee; fairness opinion · Energy (Oil Sands)

Buyer Cenovus Energy Inc.

Cenovus agreed to buy Athabasca Oil through a plan of arrangement at $12.00 per share in cash and Cenovus shares, an implied enterprise value of about $5.7 billion, adding thermal oil sands production near its Christina Lake assets.

Ontario Teachers' Cadillac Fairview Properties Trust C$900 million senior unsecured notes

Co-manager · Real Estate

The Cadillac Fairview property trust made its inaugural Canadian-dollar bond issue under a new program: a C$900 million private placement split evenly between 4.394% notes due 2030 and 4.727% notes due 2033. Date is the completion date reported by counsel.

Apotex Health Corp. C$1.25 billion inaugural senior unsecured notes

Co-manager · Healthcare / Pharmaceuticals

Apotex priced its first bond deal, C$1.25 billion of senior unsecured notes in three series due 2029, 2031 and 2033, to refinance existing debt.

Topaz Energy Corp. (bought deal secondary offering of common shares)

Underwriter · Oil & Gas / Royalties and Infrastructure

Seller Tourmaline Oil Corp.

Tourmaline agreed to sell 10 million Topaz common shares at C$28.75 to underwriters on a bought deal basis for about C$287.5 million, cutting its stake from about 12.9% to 6.4%, and said it would redeploy proceeds into share repurchases.

Premium Global Income Split Fund (at-the-market equity program)

Agent under the at-the-market equity distribution agreement · Asset Management / Split-Share Fund

Premium Global Income Split Fund set up an at-the-market program to issue preferred and Class A shares from time to time, under an equity distribution agreement dated September 21, 2026.

Streaming and royalty portfolio of Orion Mine Finance funds

Financial advisor to Orion · Mining

Buyer Elemental Royalty Corporation · Seller Orion Mine Finance

Elemental Royalty agreed to buy a streaming and royalty portfolio from Orion Mine Finance for US$290 million (US$200 million cash and US$90 million in Elemental shares), and separately to divest its generation business to Carlin East.

Brookfield Finance Inc. US$600 million 5.650% senior notes due 2031 (guaranteed by Brookfield Corporation)

Co-manager · Asset Management

Brookfield priced US$600 million of 5-year senior notes through its finance subsidiary for general corporate purposes.

Cozamin Mine

Financial advisor to Luca; lead underwriter and sole bookrunner on C$155M subscription receipt financing · Mining

Buyer Luca Mining Corp. · Seller Capstone Copper Corp.

Luca Mining agreed to acquire Capstone Copper's Cozamin mine in Mexico for US$290 million upfront and up to US$95 million deferred and contingent, funded partly by a C$155 million bought-deal subscription receipt financing.

First Mining Gold Corp.

Co-lead underwriter and joint bookrunner · Mining (gold)

Bought-deal offering of about 59.5 million common shares at C$0.84 to fund the Springpole and Duparquet gold projects.

National Bank of Canada (Series 52 NVCC preferred shares)

Lead agent, on behalf of a group of agents · Banking

National Bank issued C$750 million of non-cumulative 5-year fixed rate reset first preferred shares, Series 52 (NVCC), to institutional investors at C$1,000 per share with a 6.570% initial dividend.

Sagen MI Canada Inc.

Agent · Insurance

Mortgage insurer Sagen MI Canada issued $300 million of 4.947% unsecured debentures due 2033 by private placement, largely to refinance its 2.955% debentures due 2027.

Dream Summit Industrial LP

Lead agent · Real Estate

Dream Summit Industrial LP priced a C$300 million private placement of 4.432% Series J senior unsecured debentures due March 2030, to repay debt and fund acquisitions.

Alaris Equity Partners Income Trust (bought deal offering of trust units)

Co-lead underwriter · Financial Services / Private Capital

Alaris announced a C$100 million bought deal of trust units at C$22.40 alongside a US$95 million investment in new partner Nexus; with the over-allotment option exercised in full the offering closed at about C$115 million, with proceeds used to repay credit facility debt.

Prime Dividend Corp. (renewed at-the-market equity program)

Agent under the at-the-market equity distribution agreement · Asset Management / Split-Share Fund

Prime Dividend Corp. renewed its at-the-market equity program, with sales made under an equity distribution agreement dated September 9, 2026.

CGI Inc.

Lead agent · Technology

CGI priced a C$500 million private placement of senior unsecured notes in two C$250 million series (3.25-year and 4.75-year) to repay debt and for general corporate purposes.

Rogers Communications Inc. US$1 billion and C$600 million fixed-to-fixed rate subordinated notes due 2057

Co-manager (US notes and Canadian private placement) · Telecommunications

Rogers priced US$1 billion of hybrid subordinated notes in two series (7.150% and 7.400%, due 2057) in the US and a concurrent C$600 million 6.000% Canadian private placement, using proceeds to redeem or repurchase its 2081 and 2082 subordinated notes.

Fortis Inc. US$1 billion fixed-to-fixed rate junior subordinated notes due 2057

Underwriter (co-manager) · Utilities

Fortis priced two US$500 million tranches of hybrid junior subordinated notes (6.625% and 6.875%, both due 2057) to repay maturing debt and for general corporate purposes.

Fairstone Bank of Canada

Co-manager · Financial Services

Fairstone Bank closed a $500 million offering of 4.310% three-year senior unsecured deposit notes, upsized from a $400 million minimum after about $1.7 billion of orders.

Headwater Exploration Inc.

Exclusive financial advisor to Tamarack; fairness opinion to the Tamarack board · Oil & Gas

Buyer Tamarack Valley Energy Ltd.

Tamarack Valley and Headwater agreed to merge in an all-stock transaction valued at $10 billion, creating a Clearwater-focused oil producer and spinning out a new exploration company.

Premium Income Corporation (at-the-market equity program)

Agent under the at-the-market equity distribution agreement · Asset Management / Split-Share Fund

Premium Income Corporation set up an at-the-market program to issue Class A and preferred shares on the TSX from time to time until October 2, 2028, under an equity distribution agreement dated September 3, 2026.

H&R Real Estate Investment Trust

Exclusive financial advisor to the independent trustees; independent fairness opinion and formal valuations · Real Estate

Buyer GO Residential REIT-led consortium (incl. Blackstone Real Estate funds, Crestpoint, PSP Investments and CRAL)

H&R REIT agreed to sell all of its assets to GO Residential REIT and a consortium of co-purchasers by plan of arrangement for $4.28 cash plus 0.5688 GO REIT units per unit, a transaction valued at about $6.7 billion.

Private oil and gas producer (undisclosed)

Exclusive financial advisor to the vendor; fairness opinion · Oil & Gas

Buyer InPlay Oil Corp.

InPlay Oil agreed to acquire a private light-oil producer for $54.25 million in cash, adding about 1,400 boe/d.

Żabka Group

Joint bookrunner on acquisition debt facilities · Retail

Buyer Alimentation Couche-Tard Inc.

Couche-Tard launched a voluntary tender offer at PLN 32.00 per share for Polish convenience retailer Żabka after agreeing to acquire a controlling stake, an equity value of about PLN 32.6 billion (US$8.6 billion).