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Sami Siva/sami siva/The Globe and Mail

It was only a matter of time before issuers took advantage of the hot equity markets by launching new issues. It just wasn't clear that so many would pounce on Wednesday.

Brookfield Renewable Power Fund launched a $153-million bought offering of units at $21.85 each, a tight 1.7 per cent discount to the closing price. The deal is a secondary offering being sold by Brookfield Renewable Power Inc. After the deal closes, the company is expected to reduce its ownership of the fund from 42 per cent to 35 per cent. CIBC World Markets and Scotia Capital are co-leads.

But that wasn't the first time Brookfield was in the market Wednesday. Earlier in the morning Brookfield Properties Corp. also launched a $200-million offering of rate reset preferred shares that yield 5.15 per cent. That offering was ultimately upsized to $300-million (hence why so many deals came later in the afternoon). RBC Dominion Securities, CIBC World Markets, Scotia Capital. and TD Securities were four-way co-leads on this one.

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That wasn't all for real estate. Chartwell Seniors Housing REIT came to market with a $130-million offering of trust units priced at $9.45, another 1.7 per cent discount. NorthWest Healthcare Properties REIT also came with $75-million at a 2 per cent discount. RBC was the sole lead on both deals.

Finally, Cormark Securities led a $35-million bought deal for Carpathian Gold Inc.

On top of the brand new issues, a sixth deal priced on Wednesday. Atlantic Power Corp.'s $70-million (U.S.) common share offering priced at $13.35. That deal is on top of Atlantic Power's $70-million (Canadian) offering of 7-year converts that pay 5.6 per cent annually. BMO was sole lead on the convert offering, and co-led the common share deal with UBS Securities.

The S&P/TSX is up 2.5 per cent in October alone as of market close on Wednesday.

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About the Author
Reporter and Streetwise columnist

Tim Kiladze is a business reporter with The Globe and Mail. Before crossing over to journalism, he worked in equity capital markets at National Bank Financial and in fixed-income sales and trading at RBC Dominion Securities. Tim graduated from Columbia University's Graduate School of Journalism and also earned a Bachelor in Commerce in finance from McGill University. More

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