Canada
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Three public sector borrowers shrugged off a rally in US Treasury yields to issue a combined $8.25bn in the primary market this week. -
The Province of Alberta was set to price its joint biggest ever dollar benchmark on Thursday, with a $2.25bn November 2023.
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Japan Bank for International Cooperation took advantage of the lack of competing supply and good demand in dollars to suck $3bn out from the primary market on Wednesday. Meanwhile, the Province of Alberta has mandated banks for its third benchmark of the year.
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Toronto Dominion (TD) attracted stronger demand on Tuesday than Royal Bank of Canada’s three year dollar benchmark did the day before, and accordingly was able to issue in a larger size.
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Bank of Nova Scotia took full advantage of a respite in hitherto volatile market conditions and an expected secondary market spread widening to issue the largest euro covered bond from a non-European issuer this year on Tuesday — and paid a slim new issue premium to boot.
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In less than 24 hours Royal Bank of Canada and Toronto Dominion have almost doubled the volume of Canadian dollar covered bonds issued this year. And with the cost of funding being cheaper than euro covered bonds and half senior unsecured, others may be tempted to follow.
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A global equity sell-off mid-week caused some jitters among bankers covering a live Kommunalbanken dollar deal on Wednesday, but the nervousness proved unfounded as the trade came through to acclaim. The deal was typical in a week where SSAs priced tight and with big books despite choppy wider markets.
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SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.
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KfW and the Province of Ontario will hit separate parts of the dollar curve on Wednesday, with the former circulating what one on-looking banker described as “punchy” price thoughts. The deals followed a well-received floating rate note from a German Land that doubled in size.
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CPPIB Capital will embark on a four city roadshow in October for its first green bond in euros, following its debut green deal in Canadian dollars earlier this year.
