Canada
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Guarantor: CPP Investment Board (CPP Investments)
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CPPIB Capital came to market for a dollar benchmark on Wednesday, after mandating the deal last Friday. The trade had been postponed to avoid printing in the peak of the volatility sparked by the worsening Covid-19 outbreak. -
CPPIB Capital is moving forward with its five year dollar benchmark which was mandated last Friday but postponed following the hostile market conditions at the start of the week. Bankers away from the deal expect it to go well, given the limited size.
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CPPIB Capital, which mandated banks for a five year benchmark on Friday, has postponed the deal in the face of a hostile market rocked by volatility engendered by the Covid-19 coronavirus outbreak.
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Ontario Teachers’ Finance Trust has chosen four banks to organise a series of meetings with euro fixed income investors, ahead of what will be the issuer’s first bond in the currency.
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Ontario printed a first green bond off its domestic medium term note programme this week, and the deal was over six times covered. Demand for green provincial paper is high, with Ontario coming a week after neighbouring Quebec.
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Export Development Canada has mandated banks for its first dollar benchmark of the year in what has been a quiet week in the currency for public sector borrowers. SSA bankers expect activity in dollars to pick-up next week, despite a US public holiday on Monday.
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Canada’s DRI Capital is preparing to list a new fund on the London Stock Exchange focused on investing in pharmaceuticals royalties.
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Five SSA issuers brought dollar deals to market this week, hitting screens in a variety of formats and tenors. With investors undeterred by volatile government bond yields, issuers made the most of excellent conditions to pull off impressive deals.
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Demand for Quebec’s latest green bond was high with investors pouring into the C$500m ($376.2m) no-grow deal, leading to the books closing after only 20 minutes.
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The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.
