The Globe and Mail reports in its Wednesday edition that underwriters behind BCE's surprising bought deal took a risk selling $750-million worth of new shares at such a tight 1.6-per-cent discount. The Globe's Tim Kiladze writes the last time BCE issued shares was 2002. BCE and its lead underwriters were willing to bet that non-resource, high-yield investments are in heavy demand, with retail investors particularly keen. Roughly one-third of the order book has been filled by institutional investors, and the rest is going to retail buyers. Retail investors make up about half of BCE's shareholder base. Mr. Kiladze says the smaller portion of institutional buyers could mean that the more sophisticated buyers were not keen on the high price; anything below 2 per cent is considered aggressive. Because the telco generates solid cash flow, there does not seem any obvious reason for it to tap the markets for fresh funds right now. By issuing new shares, it was rather clear the company was taking advantage of its hot stock price, which set a record high in October. The same tactic backfired for DHX Media this summer, when its stock was soaring. It cancelled a $76-million marketed offering on tepid demand.