Canada

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.

CDP Financial, one of Canada's largest public pension asset managers, has mandated banks to arrange calls with investors for its first green bond.

PSP Capital, the debt issuance arm of Canada’s Public Sector Pension Investment Board, is planning a dollar benchmark — its first international bond ever.

Laurentian Bank has wasted little time getting its newly set up covered bond programme a top rating with DBRS and is now undertaking a roadshow with plans to sell its first deal in Canadian dollars. It is also looking at subordinated issuance in local currency.

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.

The Province of Ontario ended an absence of almost four years from the Swiss franc market this week to land a 12 year note at fair value. Elsewhere, Valiant Bank and Pfandbriefbank kept the domestic market ticking over with a handful of covered deals.

Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value this week. At the same time Laurentian Bank said that its programme had received regulatory approval.

Laurentian Bank has received approval from Canada Mortgage and Housing Corporation to establish a C$2bn legislative covered bond programme.

Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value on Thursday.