Canada
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◆ Possible record demand for first non-UK benchmark since PRA debacle in April ◆ Deal lands flat to fair value and euros ◆ Market hopes more names will follow -
◆ TD prints largest euro deal for a year ◆ Strong demand for rare three year notes ◆ Minimal premia needed
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◆ Five year 'would have been simple option' ◆ Building on success of World Bank ◆ Swap spreads steady despite heavy issuance
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◆ Issuer's first euro 10 year for a while ◆ 'Exceptional investor base' built over the years ◆ Pricing tighter than OMERS and provinces in secondary
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Issuer reaps ‘pleasant and unexpected reward’ from new NZ dollar deal
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◆ First offshore deal in sterling since PRA debacle in April ◆ Canadian undersupply driving demand ◆ Euro still better despite the UK Treasury's equivalence plans
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◆ Huge demand for second euro bond ◆ 'Remarkable' result a reflection of strong market ◆ Bond immediately performed, dragging peers tighter
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◆ Canadian lender completes biggest euro funding since 2020 ◆ Third deal in Canadian bank series ◆ Euro proves 'attractive' for these issuers
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◆ First euro deal since January 2024 ◆ Timing and tightening 'just right' ◆ Peer issuance provides confidence
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◆ RBC makes fourth visit to euro senior market in 2025 ◆ Fast money sensitive to tightening ◆ Bail-in value vs other jurisdictions evaluated
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Province ‘well within comfort zone’ with borrowing target despite enlarged deficit
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◆ First dollar benchmark of 2025 ◆ Tight spread to US Treasuries like peers ◆ Large book supports 4bp tightening
