Canada

BBVA was marketing an additional tier one bond on Wednesday, making use of the favourable conditions that other issuers have found for similar instruments in the dollar market, while BNP Paribas, Bank of Nova Scotia and Bawag kept euro investors busy.

US toymaker Hasbro is to take up on $3.6bn new debt to buy media company Entertainment One, acquiring porcine superstar Peppa Pig, among other brands, if rival bidders don’t scupper the deal. Hasbro may choose to pay a make-whole price to Entertainment One’s bondholders, who bought the company's issue less than three months ago, a research company predicts.

The UK Debt Management Office has announced that it is planning to reopen its 2054 Gilt through syndication in the week beginning September 9.

Canada's Equitable Bank has announced plans to issue its first covered bond, possibly as early as next year. Its decision follows an increase in Canada’s regulatory issuance limit and paves the way for several other smaller Canadian banks to follow suit.

HSBC Bank Canada is set to meet investors with a view to issuing the first dollar covered bond since the summer break and its second covered bond ever. The plans comes amid a growing euro pipeline and follows the first deeply negative yielding euro trade.

There are only eleven votes between the top three contenders for GlobalCapital’s 2019 Covered Bond Issuer of the Year award: Lloyds, Toronto Dominion and Royal Bank of Canada. These banks have issued a number notable covered bonds in euros, dollars and sterling, which are summarised in the following article.

Canadian Imperial Bank of Commerce reopened the Australian dollar covered bond market on Thursday with one of the largest deals from an overseas issuer at a cost that matched that of its dollar funding.

Bank of Montreal offered dollar investors a very rare chance to buy Canadian additional tier one paper this week, having spied an opening for a tightly priced deal.

The World Bank is targeting $50bn-$60bn of funding for its 2019/20 funding year, which began on July 1, and will keep busy during the summer.

Investors jumped at the chance to buy Canadian Imperial Bank of Commerce’s Australian dollar covered bond on Wednesday.

Royal Bank of Canada and Credit Suisse turned to the euro market this week to launch bail-inable senior bonds, testing market conditions amid European earnings blackouts and before an expected break for the summer.

Toronto-Dominion Bank (TD) returned to the covered bond market for the second time this week following its dollar benchmark and, thanks to a late rise in yields, the eight year deal offered more than twice the return of CIBC's eight year issued a week ago.