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National Bank Financial posted what would typically qualify as a heck of a month in a single day of recent underwriting activity.

NBF led four of the five equity sales that came to market last Thursday, raising a total of $249-million for companies across a range of industries. Total fees for this day's work would be $10-million. That sum would be shared by all the brokerage houses that worked on these transactions, with NBF claiming the lion's share of commissions. NBF is the investment dealer arm of National Bank .

The biggest deal of the day saw NBF and BMO Nesbitt Burns team up to sell $100-million of units for Cominar REIT, money that will be used to pay down debt and fund property acquisitions. Cominar is based in Quebec City, and Montreal-based NBF has typically enjoyed strong relationships with corporations in its home province.

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However, none of the other financings that played out last week came from Quebec-based companies.

Terrane Metals sold $70-million of stock to a syndicate of dealers led by NBF, and the Vancouver-based mining company raised an additional $30-million with a private placement of stock to Goldcorp. This cash is earmarked for developing a mine.

(As an aside, Terrane also won a one-year extension on a $40-million credit facility that is backed by Goldcorp. The relationship between this junior producer and Goldcorp, one of the big dogs in precious metals, is worth watching, as senior mining companies are always scouting for acquisitions that add to their reserves.)

In the oil patch, NBF worked with Cormark Securities to raise $24-million PanWestern Energy. The proceeds of this underwriting will pay for the Calgary-based company's drilling on properties in Alberta's Peace River region.

And Calgary-based Bellatrix Exploration sold $55-million of convertible debentures to a syndicate led by NBF. These debentures pay 4.75 per cent interest. Bellatrix will use the money to pay down existing debentures that sport a 7.5 per cent rate.

RBC Dominion led the only other stock offering seen last Thursday, a $17.5-million share sale from Petrolifera Petroleum .

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