Dearth of Energy Stock Offerings Puts Calgary Bankers at Risk
- Just C$270 million raised by Canada oil, gas firms this year
- Problem is ‘nobody needs cash,’ Eight Capital’s Skolnick says
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Stock offerings are rebounding across Canada’s equity market, except for oil and gas companies, where issuance has dried up to the point that investment banks are scaling back their activities in Calgary.
Stifel Financial Corp. closed its office in the country’s energy capital last week, citing “current market conditions” as the St. Louis-based firm reduced staff in Canada. Raymond James closed its office in the city in 2023 and laid off staff elsewhere in Canada last week.