Canada

Bank of Montreal and Rothesay Life made use of the quieter political situation in the UK this week to issue in sterling, in the same week issuance paced down in the euro market ahead of the European Central Bank’s meeting.

Bank of Montreal was marketing a senior preferred bond in sterling on Tuesday, one day after Rothesay Life gave FIG investors a chance to put their money in tier two in the same currency. The Canadian issuer started its trade with a 15bp-20bp concession, according to a banker off the deal.

The International Finance Corp (IFC) hit screens this week with its first Canadian dollar green bond. The C$750m ($567m) print was the issuer’s largest ever in the currency, as well as the tightest an international SSA issuer has printed against the Canadian Mortgage Bond (CMB) curve, a large and liquid Canadian dollar benchmark.

HSBC Canada this week issued a larger covered bond and with a higher subscription ratio than it managed on its inaugural deal, reflecting that its marketing efforts had “really resonated with investors”, according to the bank’s head of balance sheet management, Marty Halpin.

The International Finance Corp hit screens on Tuesday afternoon with its first Canadian dollar green bond. The C$750m ($567m) bond is the issuer's largest ever in the currency.

A transparent pricing approach was integral to the success on Tuesday of UniCredit AG’s (HVB) five year Pfandbrief, which was launched with a deeply negative yield.

BMO Capital Markets’ SSA banker Lindsay Wortzman is transferring to Toronto, and to replace her the London team have picked up Samantha Cook from Nomura.

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.