Canada
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Export Development Canada sold its second Sonia-linked floating rate note on Friday, which extends the issuer’s curve linked to the reference rate to 2024. -
European financial institutions have made very limited use of Canadian dollars in recent years, but the region’s issuers could soon start to embrace the Maple market as they look to diversify their funding bases for the minimum requirement for own funds and eligible liabilities (MREL).
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Canadian Imperial Bank of Commerce issued its second Australian dollar deal of the year on Thursday. The senior unsecured short-term debt is not subject to Canadian bail-in regulation.
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Canadian Imperial Bank of Commerce (CIBC) opened books on its first bail-inable senior bond in euros on Monday, with four out of Canada’s big six banks having targeted the currency at the end of April.
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Rare issuer British Columbia returned to the MTN market this week with its first euro paper since January 2017, in two installments. MTN dealers reckon conditions are favourable for Canadian issuers.
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Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.
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The Province of Ontario’s three year dollar benchmark this week sparked criticism from onlooking bankers after the spread was set a day before pricing. However, a head of SSA DCM at one of the leads replied that it was the “honourable” thing to do after the deal received more demand than expected.
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Toronto-Dominion Bank has become the first Canadian issuer to launch a bail-inable senior bond publicly in euros, impressing on-looking bankers by landing the deal with a very tight spread to mid-swaps.
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