Royalty income trusts dominate Canadian oil industry financings

Canadian oil industry treasury financings dropped 48% to $3.7 billion (Can.) during the first half of this year, compared with $7 billion during the first 6 months of 2002.Both the equity and debt categories decreased, while new issues of royalty income trust (RIT) units increased to a record, said Frank J.D. Sayer, founder and president of Sayer Securities Ltd., an investment firm specializing in oil and gas companies.The debt category experienced the biggest decline, Sayer said. Statistics show that $800 million was raised through debt issues during the first half, compared with $5.7 billion recorded for the same period in 2002.Equity financings fell slightly. In the first half of 2003,...

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