The Financial Post reports in its Monday edition that with oil below $60 (U.S.) a barrel, it is still too early for companies most closely tied to commodity prices to start spending again. A Bloomberg dispatch to the Post says that Bank of Montreal sees $5.5-billion in issuance from oil and gas pipeline companies like TransCanada in 2017, up from $3.8-billion last year. Exploration and production companies are expected to issue about $1-billion to $2-billion, largely to refinance existing maturities. According to BMO, infrastructure companies are expected to tap the debt markets this year whereas last year they may have issued more equity, relied on credit facilities, or delayed a project or investment. Enbridge's Line 3 pipeline replacement, TransCanada's NGTL gas pipeline system and North West Redwater's refinery construction are some of the projects. "It's obviously a sigh of relief when you're seeing some of the bigger guys with the balance sheets starting to spend again," said Chris Kresic, portfolio manager at Jarislowsky Fraser Ltd. "That's obviously a sign of confidence in the industry." Some high-grade producers did tap the bond markets in the second half of last year for maintenance and refinancing.