Oreninc Index Blasts Off Over Thanksgiving
The Oreninc Index rocketed forward in the Thanksgiving-shortened week ending October 16, 2014. Total dollars announced launched to $249m, the most since March. The main driver of this week’s surprising turnaround was two offerings for over $50m. Including a $100m offering by Elkwater Resources and a $75m rights offering by ShaMaran Petroleum. This week is most likely a flash in the pan; if the large deals were excluded, it would have been merely a two-week high. However, given that holiday weeks don’t usually include such significant raises, it is a positive sign that offerings are being announced. Expect a comedown next week, but that’s the nature of a volatile Index.