Canadian oil industry financings hit 10-year high

The Canadian oil and natural gas industry's 2002 treasury financings totaled $9.98 billion (Can.)—the highest level in a decade—said Sayer Securities Ltd., an investment firm specializing in oil and gas mergers and acquisitions.The 2002 record narrowly broke the 1995 record of $9.58 billion. In 2001, financings totaled $8.14 billion.The debt category reached a record $7.02 billion. "Low and continually decreasing interest rates were the major factor," said Frank J.D. Sayer, founder and president of the Calgary-based company.For example, "A"-rated corporate bonds opened 2002 at 6.83% and closed in December at 6.57%.Equity marketsThe equity and royalty income trust (RIT) cat...

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