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Encana deal’s low fees serve as warning to Bay Street Add to ...

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Canada’s largest companies now have a proven lower-cost way to sell shares after Monday’s $1-billion (U.S.) equity sale by Encana Corp., and if this approach to financing catches on, investment banks will see their underwriting fees slashed.

Credit Suisse Securities Canada Inc. and JPMorgan shocked Bay Street by helping Encana, one of the country’s largest energy companies, raise money with a share sale that resembled a block trade of stock, done for a 1.8 per cent fee.

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