Speedy Money

Why, with a relatively tiny number of banks and investment dealers, are Canadian capital markets among the world's most efficient? Those whose business it is to design and sell made-in-Canada 'bought deals' think they know the answer. Until 1982, equity offerings were 'fully marketed', with management going on roadshows and telling their story to investors. That year, Gordon Capital sparked a sea change in Canadian capital raising by introducing the 'bought deal', which lets companies raise