Canada
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This week Royal Bank of Canada became the first bank to issue a senior bond complying with the country’s new bail-in regime. It paid a 10bp-12bp premium over the legacy senior curve. -
Canada should have thought twice before stripping banks of their ability to use senior debt as an ordinary funding tool.
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Emerging markets-focused mining firm Trevali Mining has amended and extending an existing loan facility, bringing its revolving credit facility up to $275m.
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Fédération des Caisses Desjardins du Quebec (CCDJ) was able to take €1bn of funding out of the euro market on Thursday. Meanwhile, Royal Bank of Canada is expected to bring the first senior bond under Canada’s next bail-in regime next week.
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The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
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Dexia Crédit Local and CPPIB Capital released initial price thoughts on Monday for their new five year dollar benchmarks amid what bankers called a "good backdrop" for the maturity. Both deals are due to be priced on Tuesday.
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CPPIB Capital hit screens for a new five year dollar benchmark on Friday, following trades in the same currency and maturity by Bank Nederlandse Gemeenten and the African Development Bank on Thursday.
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Banks that deal in Yankees, including Nordea, HSBC and BPCE, raised $16bn in new funding as the market reopened with a bang after the Labor Day holiday.
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Canadian Imperial Bank of Commerce paid up to tap a euro-denominated senior bond on Wednesday, getting ahead of regulations next month that will make all senior debt subject to bail in. Bank of Nova Scotia also took out over $1bn equivalent of funding in Australian dollars this week.
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Royal Bank of Canada boosted sentiment in the covered bond market on Thursday with a tightly priced €1.5bn seven year. At the same time Société Générale issued a defensively priced and well subscribed €750m five year.
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After a plethora of small deals, the covered bond market look set for a proper test of appetite as Royal Bank of Canada prepares to issue a seven year euro denominated covered bond.
