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Macquarie fund sells converts Add to ...

Investors continue to be feed a steady diet of convertible debentures, with Macquarie Power & Infrastructure Income Fund raising $50-million on Tuesday in the third such financing of the week.

The Macquarie fund rolled out an offering that features 6.5 per cent interest. It was led by TD Securities and BMO Nesbitt Burns. The debentures flip into trust units at $7 each. Energy trusts have been active issuers of converts of late. This market shut down last year during the credit crunch, then opened in recent months in part on retail investor interest in income-generating products.

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