Clint Davis, chief executive officer of Cedar Leaf Capital. joins BNN Bloomberg to discuss the company’s accomplishments and outlook for the future.

Indigenous communities are breaking new ground in Canada’s financial sector as the first majority Indigenous-owned investment dealer completes its inaugural year. Cedar Leaf Capital launched in October 2024 and has entered the bond market and established partnerships with major issuers across the country.

BNN Bloomberg spoke with Clint Davis, CEO of Cedar Leaf Capital, about the market’s response to the venture, the firm’s ownership structure and its work to train the next generation of Indigenous financial professionals.

Key TakeawaysIndigenous groups are financing large-scale projects such as Cedar LNG, set to be among the world’s lowest-carbon LNG facilities.The Stonlasec8 Indigenous Alliance secured a 12.5 per cent stake in Westcoast Energy assets through a landmark bond issuance.The First Nations Finance Authority has issued billions in bonds, supporting jobs and contributing billions to Canada’s economy.Federal loan guarantees are beginning to play a role in enabling Indigenous-led infrastructure transactions.Indigenous participation in major energy and infrastructure projects is becoming a consistent feature of Canada’s capital markets.Clint Davis, Chief Executive Officer of Cedar Leaf Capital Clint Davis, Chief Executive Officer of Cedar Leaf Capital

Read the full transcript below:

ANDREW: Cedar Leaf Capital is Canada’s first majority Indigenous-owned investment dealer. The firm received regulatory approval to start operations in October of last year. We were joined by Clint Davis, CEO of Cedar Leaf Capital. We began by asking him what businesses the company is in so far.

CLINT: We’re focused on debt capital markets. We’ve been operating for close to a year now, and it’s been great. It took us some time to get going because we were essentially a blank slate. We had to build business development, do client onboarding, KYC and so on. But I’m really happy with how the market has responded.

ANDREW: Ownership-wise, you’re backed by three Indigenous communities?

CLINT: Yes. Two development corporations are owned entirely by their respective communities. Nch’ḵay̓ is owned by the Squamish Nation, and Des Nedhe Group is owned by English River First Nation in Saskatchewan. Then Rama First Nation in Ontario owns 70 per cent of Cedar Leaf Capital.

ANDREW: And the remainder?

CLINT: The remainder is owned by Scotiabank.

ANDREW: Right, and Scotiabank helped you get started?

CLINT: They’ve been able to stand us up. We have an administrative agreement with them where they provide support around IT, legal and similar areas. But they’ve been clear their ultimate goal is to establish a 100 per cent Indigenous-owned and operated investment dealer. They plan to divest over time.

ANDREW: And you yourself are an Inuk from Labrador?

CLINT: That’s right. Labrador is a beautiful part of the world.

ANDREW: It must be exciting. We often hear lip service about Indigenous participation in the economy, but here we have an Indigenous-owned investment dealer active in bond markets.

CLINT: It’s pretty incredible. We’re seeing a lot of activity. You’ve covered some of it — for example, the Mi’kmaq purchase of Clearwater Seafoods, which is a major company. I was also part of Nasittuq, which operates in partnership with ATCO. That’s all the Inuit development corporations in Canada partnering with ATCO to run the North Warning System, Canada’s first line of defence. Now, entering financial services and capital markets is another step forward. It’s exciting to see how far we’ve come.

ANDREW: Tell us about one or two of the major bond deals you’ve worked on.

CLINT: We’ve had a number of interesting deals. We were invited into CPP Investments, one of the largest pension funds in the world, and into a Government of Alberta bond issuance, which was very exciting. One week in particular stood out — we participated in two Indigenous-led bond issuances. The first was through the First Nations Finance Authority, the only Indigenous entity that issues bonds regularly. They’ve issued roughly $3 billion over the years. The second was with Stonlasec8, a group of 38 First Nations in B.C. that purchased 12.5 per cent of Westcoast Energy’s pipeline assets, owned by Enbridge. That deal included Canada’s first federal loan guarantee of $400 million, with the remainder non-guaranteed. We were part of the syndicate for the non-guaranteed portion, and the market response was extremely positive.

ANDREW: At this stage, you’re not doing equity underwriting or retail advisory services?

CLINT: That’s right.

ANDREW: The company is still young.

CLINT: True, but I’d say we’re briskly walking. There’s still a lot of work to do, but the most exciting thing is that we’ve earned the trust of issuers. Nothing is handed to us; we have to demonstrate value. And we haven’t exhausted the debt capital markets in Canada yet — that’s our focus for the next couple of years. The future looks bright.

ANDREW: Your workforce is still relatively small. A year ago it was fewer than a dozen.

CLINT: Yes, we’re at about eight now. We’ll likely grow over the next year or two. What’s fantastic is that we have a three-person bond trading desk, and all three are Indigenous. Dean Begley, who’s been in the market for 30 years, has trained two young Indigenous professionals — one man and one woman — who are now ready to go.

ANDREW: Have you had contact with Indigenous entrepreneurs in the United States or other countries?

CLINT: Not yet, but that could happen. Communities in the U.S. and New Zealand, for example, have significant capital and are becoming more active in investing. They could one day be institutional investors in our deals.

ANDREW: And Indigenous participation in LNG is growing as well.

CLINT: Yes. The Haisla Nation, for instance, is leading Cedar LNG. When we participated with the First Nations Finance Authority, part of that financing also supported the project. Times are changing. With the prime minister’s office announcing major projects, most now include Indigenous participation. It’s very exciting.

ANDREW: Clint Davis, CEO of Cedar Leaf Capital, Canada’s first majority Indigenous-owned investment dealer. And today, of course, is the National Day for Truth and Reconciliation, honouring survivors of residential schools and the children who never came home.

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This BNN Bloomberg summary and transcript of the Sept. 23, 2025 interview with Clint Davis are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.