+ Alberta got a credit-rating downgrade following its budget; Finance Minister Ceci explained it as something to be expected; DBRS dropped its AAA rating to AA (pronounced double-eh)
+ Alberta Investor Tax Credit (AITC) was announced to encourage small business investment
+ April land sale in Saskatchewan netted $3.1 million, pretty pale compared to same period last year ($22.8 million)
+ Bank of Canada maintained its overnight rate target of ½ of 1%
+ Calgary property taxes for 2016 expected to rise 6.1%; while City Council had planned on a 3.5% increase, the increased education tax portion required by the province will push rates up …
+ current energy prices – live link to Bloomberg energy prices; some decline in U.S. supply, Kuwait says Iran isn’t essential to production freeze strategy – WTI crude above US$40/barrel last week has dropped 5% but later recovered to finish 1.4% off in New York on news from Doha meetings that a production freeze agreement was not reached by OPEC members; all of this posturing with Iran looks bizarre from here, especially when a Deputy Saudi Prince threatened to boost production 1 million barrels/day, which seems rather an empty threat after Iran skipped the meeting – good news, crude prices rebounding this morning: Brent US$43/bbl, WTI US$40/bbl …
+ FACILITYCalgary – NEW e-mail NEWSLETTER format is HERE! … new format, a more mobile-device friendly format we hope you enjoy – feedback encouraged, let me know your thoughts please …
+ FACILITYCalgary’s OP-ED page, guest article: ‘Put away the crystal ball’, by Alan Tennant, CEO @ Calgary Real Estate Board – click VIEWPOINT TAB
+ Husky Energy Inc.’s asset sale has reported interest from Teine Energy Ltd. and Raging River Exploration Inc. with other firms interested in small portions of the $2.1 billion portfolio … tic toc …
+ Northern Frontier Corp formed a board committed to review strategic alternatives
+ Notley Government Budget; Finance Minister Ceci delivered his budget speech; Budget 2016 and a Jobs Plan with contemplates a $10 billion deficit this year – and which includes a 2016-2019/$34.8 billion Capital Plan ; no plan at all for paying down a deficit, or when
+ Notley Government is cutting small business tax rate; from three (3%) to two (2%); billed as part of theClimate Leadership Plan, which is supposed to offset increased carbon taxes born by small business while, apparently, big business will just to have to pay. Though the program promises $90 million in tax relief, for small businesses facing large losses, it will be of little comfort …
+ OPEC meeting in Doha, Qatar – ended without agreement after Saudi Arabia made it clear they would not agree to a freeze on output without Iran being part of an OPEC-wide freeze; next meeting is in June/16
+ Packers Plus Energy Services Inc. and Schlumberger formed a ‘global alliance’, whatever that means – but their press release sounds like they want to sell things to each other
+ Penn West Petroleum Ltd. closed $148 million sale of its Salve Point area assets
+ Penn West Petroleum Ltd. closed $50 million sale of non-core assets
+ Penn West Petroleum Ltd. reached agreement to sell $30 million sale of non-core assets
+ Prime Minister Justin Trudeau spoke positively about Energy East and Trans Mountain Expansion pipeline projects; just talk. No promises of actual action – hard to glean whether he is motivated to get out his approval pen or just making political hay after the NDP floated their ‘ostrich head in the sand LEAP proposal’ against any new pipelines anywhere in the country. Ironically, these new pipelines will be the safest ever built anywhere. Perhaps the NDP are in favour of the ‘car-less driver’ concept …
+ RioCan REIT broke ground on its East Village development (on the former Calgary Police Association property); RioCan will retain 100% ownership of 180,000 sq. ft. retail component (Loblaws will food-anchor with an 82,000 sq. ft. City Market), while Embasy Bosa will take on a $300 million high rise condo development (500 condos).
+ SilverBirch Hotels and Resorts broke group on their Beltline project (former Alberta Boot property); scheduled for completion by 2019, 34-storey extended stay hotel (300 rooms( and conference centre) will be flagged as ‘Residence Inn by Marriott
+ Stantec Inc. agreed to acquire MHW Global for US$793 million
+ UBS AG, the Swiss bank, closed its Calgary offices
+ U of C School of Public Policy published a paper on carbon taxation
+ U.S. regulatory change; requirements for onshore electronic monitoring of offshore wells and accompanying regulations in response to the Deepwater Horizon disaster have industry players reeling, protesting the costs would be prohibitive to new development, claiming increased costs to industry will be more than US$31.8 billion in the first decade
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THIS WEEK IN FINANCINGS
– proposed & closed
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+ Brookfield Asset Management Inc. closed it’s Brookfield Strategic Real Estate Partners II fund, a US$9.0 billion equity financing
+ Brookfield Office Properties Inc. is on the market to raise $150 million by a preferred share issue + Cara Operations Limited closed $230 million equity financing + GFL Environmental Inc. closed US$200 million senior unsecured debt financing + Innergex Renewable Energy Inc. closed $50 million equity financing + New West Energy Services Inc. closed $623,313 equity financing + Pembina Pipeline Corporation is on the market to raise $250 million by a preferred share issue + Sienna Senior Living Inc. is on the market to raise $138 million in equity + Stantec Inc. closed $604 million equity financing + Synergy Resources Corporation closed US$164.8 million equity financing + TransCanada Corporation is on the market to raise $500 million by a preferred share issue + US Oil Sands Inc. is on the market to raise $12.8 million by a rights offering |
Source: http://facilitycalgary.com/facilitycalgaryapr1916.html