Canada

Bank of Montreal is seeking investor consent to switch from referencing Libor to Sonia on its sterling covered bond, following similar moves from other borrowers. Different calculation methods are emerging for the transition.

CPPIB Capital sold its first public Sonia floating rate note on Monday, with Oesterreichische Kontrollbank set to be the next public sector borrower to hit the sterling market after mandating banks for a long four year fixed rate benchmark.

Bank of Montreal attracted good demand for a €1.25bn eight year covered bond on Tuesday and paid a modest new issue concession. The outcome was deemed a fine result given that market conditions are not at their best.

A favourable move in the basis swap allowed the Province of Quebec to return to the Swiss franc market after seven years away this week, landing its latest bond at a spread flat to its domestic curve.

GlobalCapital is delighted to announce the winners of its Americas Derivatives Awards for 2021.

CDP Financial, one of Canada's largest public pension asset managers, joined three other public sector borrowers in the dollar market on Tuesday to sell its debut green bond.

Guarantor: Ontario Teachers’ Pension Plan Board

GlobalCapital talked to Sarim Farooqi, senior vice-president and treasurer at Laurentian Bank, about the issuer’s recent C$250m five year debut covered bond, established under its new C$2bn covered bond programme, and what the bank’s next moves in the covered bond market could be.

Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad.

The dollar market filled up on Monday with mandates from a broad range of SSA borrowers. Canada, European Investment Bank, BNG and Tokyo Metropolitan Government were all set to hit the market on Tuesday.

CPPIB Capital made its debut in South African rand this week with an ‘old school MTN’ at the short end of the curve.

Alphawave, the Canadian company that develops technology for the semiconductor industry, is targeting a valuation of up to £3.2bn, according to the terms of its IPO on the London Stock Exchange.