About $13.1-billion in financings were completed during the final six weeks of the fourth quarter, compared with $7.8-billion a year earlier, according to figures compiled by The Globe and Mail from prospectuses filed with Canadian securities regulators.

The year ended with a $2.24-billion secondary offering by Verizon Communications Inc., the second-largest phone company in the United States, of 48.5 million common shares and 24.9 million non-voting shares of Telus Corp. The final prospectus was filed Dec. 6.

Verizon's sale of its 21-per-cent stake in Vancouver-based Telus was the fourth-largest share sale ever in Canada. Telus, the second-largest telecommunications company in Canada, has a higher share of its business in wireless operations than most other North American telecommunications companies, Robert McFarlane, chief financial officer of the company, said in an interview last month.

The amount of money raised in 2004 in the Canadian term-structured finance market (asset-backed securities) totalled $10.16-billion, down slightly from the record issuance of $10.36-billion during 2003, according to Standard & Poor's. The market includes the repackaging for sale of car loans, mortgages, equipment leases and credit cards, said Maria Rabiasz, S&P's director of Canadian ratings.

The decline in the amount of business done in that market in 2004 was largely a result of a 23.2-per-cent drop in the volume of commercial mortgage-backed securities issuance to about $2.5-billion, according to the S&P report. The absence of Caisse de dépôt et placement du Québec from the market contributed to the decline, it said.

However, business remained brisk in other asset-backed securities, with credit card securitizations remaining the largest class, S&P said. During 2004, 15 deals resulted in $7.7-billion being raised, compared with $7.1-billion being raised in 14 issues a year earlier.

Two asset-backed securities deals completed recently were the issuance of $314.4-million in mortgage pass-through certificates by Canada Mortgage Acceptance Corp. and $625-million in two series of asset-backed senior notes of Glacier Credit Card Trust, an investment vehicle to package Canadian Tire Corp. credit card loans.

Billions in equity were raised last year by a range of income funds and energy companies, as well as telecommunication, finance, mining and technology firms.

Equity deals completed late last year included the sale of 34.9 million common shares of ING Canada Inc. for $906.9-million; 14.2 million subscription receipts by BFI Canada Income Fund for $340-million; and $372-million in units of Flaherty & Crumrine Investment Grade Fixed-Income Fund.

New Canadian corporate debt issuance in 2004, including fixed-rate notes, totalled $45.2-billion, down 11.4 per cent from $51-billion during 2003, according to CIBC World Markets Inc.

About 57 per cent of the new debt issuance was made by financial institutions, of which banks accounted for three-quarters of the total, according to CIBC World Markets. Banks issued 17 per cent more in bonds in 2004 than in 2003, whereas automotive companies, other financial institutions, energy utilities and pipelines borrowed less, it said.

The largest debt financings during the past six weeks included two $350-million (U.S.) 10-year and 30-year issues by Canadian Natural Resources Ltd.; a $270-million, 3.75-per-cent convertible note of Fairmont Hotels & Resorts Inc.; and $200-million in 4-per-cent notes of CP Ships Ltd.

Canadian dollar-denominated deals included a $350-million (Canadian) 4.9-per-cent medium-term note of National Bank Financial; a $265-million 6.05-per-cent senior debenture of MI Developments Inc.; and $200-million in 7.75-per-cent notes of Fairfax Financial Holdings Ltd.

Bonavista Energy Trust raised $281.8-million through the sale of receipts and $135-million through the issuance of a 6.75-per- cent convertible debenture..

HudBay Minerals Inc. recently completed an offering of 1.9 billion subscription receipts to raise $143.8-million and it finalized a debt issuance of $175-million (U.S.) in order to acquire Hudson Bay Mining and Smelting Co. Ltd.