Canada

Canada's strong dollar deal suggests investors are looking beyond Trump threats

◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal

◆ Bank of America and National Bank of Canada opt for Monday issuance in shortened week ◆ Somewhat weaker backdrop results in lower price tightening versus recent senior deals ◆ BofA boosts euro funding this year to €6.25bn

◆ 'Cheeky' issuers reference low coupon Gilts ◆ RBC prints £300m senior deal off £375m final book ◆ Speculation 'less sophisticated investors' not aware of Gilt anomaly

◆ Record book, diversification achieved ◆ ‘Interesting spread’ as name recognition continues to grow ◆ Inaugural Aussie benchmark on the cards

Manitoba, TCV join foreign SSA contingent, Chile's BCI prints five-year, but corporate supply lags

◆ First euro covered since 2023 ◆ Double digit saving versus dollars ◆ Recent non-eurozone supply a better comp than Canadian curve

◆ Size was upsized after feedback ◆ Minimal premium paid ◆ Some bank treasuries excluded by callable SNP format

◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come

◆ Canadian province smashes size record ◆ It becomes large, benchmark issuer ◆ Record book with ‘a fantastic mix’

Mandates flood in for dollar and euro deals as EU prepares to offer dual-tranche deal

Investors on the hunt for spread and yield, as market adjusts to lower interest rates