Canada
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Export Development Canada mandated banks on Tuesday for its inaugural euro benchmark, despite the euro/dollar basis swap having moved against euro issuance since the start of year, according to bankers. -
Canada’s Barrick Gold has launched an almost $18bn hostile swoop on rival Newmont on Monday, as the wave of consolidation in the gold sector reaches new heights.
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Sparebanken 1 Boligkreditt’s (Spabol) 10 year has the highest covered bond mark of all deals issued by any bank outside the eurozone this year on GC BondMarker. SEB issued the highest scoring Swedish deal and Royal Bank of Canada (RBC) issued the best ranking Canadian covered bond this year.
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One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.
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The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.
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KfW and Québec will bring Canadian dollar bonds to the market on Thursday, with the former looking to issue in the currency for the first time since 2015.
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A pair of triple-A SSA borrowers built heavily oversubscribed books — and one printed its largest ever deal — on Wednesday in a dollar market that is still attracting heavy demand and performing in secondary despite already tight levels.
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A strong start to the year for public sector dollar issuance is keeping up the pace so far this week, with last week’s slowdown during the Chinese New Year holidays only appearing to make investors hungrier. Both of Tuesday’s dollar deals were well oversubscribed — one spectacularly so — and there is a full card of issuers waiting to come on Wednesday.
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Analysts at the research house CreditSights expect that Canadian banks could soon start issuing more senior bonds for their total loss-absorbing capacity requirements (TLAC), having held back from the market after taking care of their funding needs with older forms of senior debt.
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