US puts trust in Canadian finance

Canadian income trusts have been trading at all-time highs. Now that the Canadiangovernment is allowing bigger players onto the market, interest from US energyfirms in such vehicles is growing. By Catherine Lacoursiere

Originating with oil and gas trusts in the 1980s, income trusts have emergedas one of Canada’s most popular dividend-yielding securities. They comprised43% of all Canadian equity issuance in 2003, and 90% of initial public offerings(IPOs), reaching a market capitalisation of $90 billion. Analysts say the marketis poised for even stronger growth on both sides of the border. Traditionallyeschewed by US securities and tax regulators, the Canadian financial marketshave devised an income trust

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