2005 saw 60% more equity raised in the oil patch than in 2004, a good bit of the difference by an increased presence of Canadian independent securities dealers, according to Calgary-based investment-banker Sayer Energy Advisors. Of the C$7.7 billion in new energy equity raised in Canada in 2005 (up from C$4.9 billion in 2004), Canadian independent brokerage firms financed some C$4.7 billion, up from C$2.6 billion in 2004, reports Tom Pavic, a vice president with the firm. Canadian firms also secured all of the top five spots on the list of top dealers in equity financings, up from two in 2004. The top five for 2005 were GMP Securities LP, Canaccord Capital Corp., Tristone Capital Inc., FirstEnergy Capital Corp. and Sprott Securities Inc., Pavic reports. This group raised 58% of the total C$4.7 billion in equity financings done by independent dealers in 2005, Pavic says. The top three dealers remained unchanged from 2004-GMP Securities, Canaccord Capital and FirstEnergy. Market share was lost by bank-owned national dealers, which did C$1.4 billion in financings in 2004 and C$900 million in 2005, he adds. "The Canadian bank-owned dealers tend to take part in larger equity financings," Pavic says. "For instance, the largest equity financing done in 2005 was privately held Trident Exploration Inc. raising C$280 million. The largest financing in 2004 saw Opti Canada Inc. raise C$750 million through a private placement with TD Securities Inc., Scotia Capital Inc. and RBC Dominion Securities Inc. as its underwriters." Though bank-owned national firms did not participate in as many equity financings last year, they did maintain their dominance in financing the Canadian energy trusts, he says, completing C$2.3 billion of the total C$4.5 billion in trust-company financings in 2005. Debt financings continued to be led by large non-Canadian dealers, which raised 45% of the total debt capital in 2005, Pavic says. Deutsche Bank Securities Inc. and Citigroup Capital Markets Inc. raised more than C$680 million each last year. The combination of equity, debt and trust financings for 2005 was slightly up (C$16.9 billion, compared with C$15.9 billion in 2004). The number of investment dealers serving the sector dropped from 67 in 2004 to 65 in 2005, he adds.