BMO Capital Markets
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Goldman Sachs made its second visit to the Maple market this year on Thursday. The Canadian dollar market is enjoying its busiest year in four years for offshore issuance. -
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The State of North Rhine-Westphalia and the International Finance Facility for Immunisation attracted impressive demand in the dollar market on Wednesday, allowing them to print big deals in the currency.
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African Development Bank hit the market with a five year benchmark on Tuesday — the first sizable deal at the tenor since early February. The deal set records for an AfDB five year, the largest ever size, the largest order book and pricing with its tightest spread to mid-swaps.
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Inter-American Development Bank was the only issuer to hit screens in US dollars this week, raising $500m with a seven year bond linked to the secured overnight financing rate — its longest ever in the format.
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The Bank of Montreal marked International Women’s Day with a Canadian dollar women in business bond this week — its first domestic issue off its sustainability framework.
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KfW became the latest in a series of top SSA names to launch an ESG transaction in Canadian dollars, tapping into a growing base of investors in the country.
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KfW is set to make a return to the Canadian dollar bond market on Tuesday, marking its first appearance in Maples since February 2019, when it sold a C$1bn three year.
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World Bank has been aggressively pushing out its curve linked to the Secured Overnight Financing Rate: the new risk free rate in dollars. Other supranationals are eager to follow the Bretton Woods institution into longer dated floating rate paper.
