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The evidence presented thus far indicates that an increase in the number of co-managers in the underwriting syndicate is associated with an increase in information production and certification during the premarket period and with an increase in analyst coverage during the postmarket era.
The offering was made through an underwriting syndicate led by Credit Suisse First Boston LLC and Citigroup Global Markets Inc., acting as joint book-running managers.
Investments banks often team up in an underwriting syndicate to sell the bond, but there are different levels of participation.
The lead managers of the underwriting syndicate were UBS Investment Bank 9NYSE: UBS), Citigroup (NYSE: C), Morgan Stanley (NYSE: MS) and Wells Fargo Securities (NYSE: WFC).
Brookfield issued 8 million Class AAA Preference Shares, Series J, at a price of C$25 per share with a yield Of 5.0% per annum including 2 million shares issued on the exercise of an option granted to the underwriting syndicate.
The lead managers of the underwriting syndicate were UBS Investment Bank (NYSE: UBS), Citigroup (NYSE: C), Morgan Stanley (NYSE: MS) and Wells Fargo Securities (NYSE: WFC).
Brookfield issued 8 million Class AAA Preference Shares, Series F at a price of C$25.00 per share to yield 6% per annum, including 2 million shares issued on the exercise of an option granted to the underwriting syndicate. The net proceeds will be used to redeem C$200 million of Class AAA preference shares currently outstanding with an average coupon of 8.75% and held by Brascan Corporation.
American Realty Capital said its underwriting syndicate for this offering was led by Ladenburg Thalmann & Co.
The lead managers of the underwriting syndicate were UBS Investment Bank, Citigroup, Morgan Stanley and Wells Fargo Securities.