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The Canadian natural resources financing market saw the most weekly money announced in 2013 for the week ending March 14, 2013. The Index also reached a three-week high. The total number of deals announced was down; however, average offer size was up significantly along with a dramatic increase in brokered offerings announced.
The Index is back down after a one-week hiatus while the Oreninc Team was in Toronto at PDAC. During the conference, our Managing Director Benjamin Cox presented on the “Capital Markets Crisis of 2013” at PDAC’s Annual General Meeting, which can be downloaded below.
Following a rosier market during the week ending February 21st, the two most recent weeks, ending February 28th and March 7th, were considerably weaker. The two faltered in different ways. The week ending February 28th had an increase in total deals opened, however average deal size and total dollars announced fell significantly. In contrast, the week ending March 7 had the most brokered offerings announced since January, but total number of offerings was down. The tumultuous market seems to be heading with us into spring.
The markets started to display a heartbeat of life, and the Oreninc Index took a positive turn in the family day shortened week ending February 21, 2013. The week saw a marked increase in dollars opened for both brokered and non-brokered deals. Numbered of brokered deals was flat, while one bought deal was announced for the first time in three weeks. Although the financing markets remain very shaky, it’s nice to see jumps from time to time.
The Oreninc Index is down just slightly due to relatively stagnant markets for the week ending February 14, 2013. The week produced very few openings and for the fifth time in eight weeks there were zero bought deals. The one upside from the week is the average deal size for both brokered and non-brokered was up by a significant margin. With that said, don’t let the increased deal size fool you, the financing markets are as weak as ever.
