Canada
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Second Canadian lender to declare official support for embryonic SSA issuer as government takes lead on establishing new entity -
First Canadian province to visit euros in 2026
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◆ US dollar benchmark had been slated for later in Q1 ◆ 10 year tenor also considered ◆ Hedge funds allocated more than in some SSA peer deals
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◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds
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◆ Short-end offering a rare opportunity ◆ Issuer 'liquid' and 'well-liked' ◆ New issue concession estimated
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◆ AFD gets €8bn-plus book for new 10 year ◆ 'Very positive' start to 2026 for French issuers ◆ EDC back in euros with 'smooth' deal as usual
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◆ Issuer had contemplated 12-15 year euro deal ◆ Pushing through fair value was discussed ◆ Aussie dollar a 'win-win' while sterling 'on our minds'
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Record-breaking $4.5bn deal attracted a $16bn order book
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred
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◆ KBN and Quebec among SSA issuers paying no NIP in dollars ◆ Quebec faces 'difficult allocation' after mega demand ◆ CEB also in five year dollars
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◆ €500m deal NBC's second of 2025 ◆ NIP debated ◆ EBA says market backdrop 'uncertain and volatile'
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◆ Canadian bank taps Swissies for second time in 2025 ◆ Covered bond raises Sfr335m in line with order book ◆ Deal prices close to fair value
