Canada

Euro covered bonds issued by ANZ New Zealand, Caffil and National Bank of Canada on Tuesday provided “the least worst option” in a spread widening environment, said bankers.

A funding official at a Canadian public sector borrower is switching to another SSA in the country.

China has rolled out trade concessions to the United States, signalling a willingness to negotiate before the trade war gets out of control. But it has also increased its rhetoric over the arrest of Huawei’s chief financial officer in Canada.

The depository arm of Canada’s TMX Group is testing a bond link with the Shanghai Clearing House, offering the latest way for foreign investors to access China’s onshore bond market. But while the new link will give Canadian and US investors more freedom to choose onshore dealers, it is unlikely to address some investors’ worries over privacy.

Huawei Investment & Holding Co's dollar bonds took a beating on Thursday morning following news of the arrest of its chief financial officer in Canada.

African Development Bank and Nederlandse Waterschapsbank hit screens on Monday for SRI bonds. Meanwhile, CPPIB Capital will aim to issue its first green bond in euros early next year, following the conclusion of a pan-European roadshow last month.

HSBC Canada opened books on Tuesday for its first covered bond and followed in the same three year maturity, and with the same starting spread, as DBS Bank's issue on Monday. But, after several hours, when the spread was fixed at the initial level, lead managers failed to update investors on the order book size, leading some to question how well the deal was going.

HSBC Canada has mandated joint leads for its first covered bond and held investor meetings on Tuesday. The moves comes after a succession of successful dollar benchmarks from European and Canadian borrowers.

Guarantor: Canada

Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.

Export Development Canada plans to sell its first Sonia-linked bond in 2019, as it adapts to a future without Libor.

Bank of Nova Scotia (BNS) offered Swiss investors a rare chance to buy its debt with a seven year covered bond from a rare name on Tuesday.