April 25, 2012
The hunt for yield remains an ongoing story in Canadian capital markets. Rather than looking for initial public offerings that might break out into strong capital gains, investors seem content to buy stable market performers that will preserve any initial capital outlay, then either pay dividends or interest down the road. Investors are skittish, and lawyers say this is narrowing the financing windows.
"Markets these days have shorter open windows so issuers and their advisors must be nimble," says Kevin Morris, co-head of the corporate and capital markets practice at Torys, which stood out in the first quarter for its work as counsel to underwriters.
Torys worked for the underwriters on that big Scotiabank equity financing. But that was just part of the firm’s workload. Torys was busiest in terms of deal flow (12 deals worth a combined $2.59-billion).
"Our strategy is to be seen as counsel of choice on finance transactions by being regularly in the market for both issuers and underwriters, and by sharing our experience in ways that add perspective and value," says Kevin.
Read the full article here.