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Bay Street in Toronto, Ontario is seen here Thursday Feb. 9, 2012.
Bay Street in Toronto, Ontario is seen here Thursday Feb. 9, 2012.
(Tim Fraser For The Globe and Mail)

Enbridge financing ruffles feathers on Bay Street

Enbridge Inc.’s big $500-million equity financing has ruffled feathers on Bay Street, prompting the smaller syndicate members who participated in the underwriting to back out of the deal.

Late Thursday, Enbridge launched a $500-million bought deal co-led by RBC Dominion Securities and Scotia Capital, who each agreed to underwrite 31 per cent of the offering, leaving the rest for the other syndicate members.