Canada

Canadian covered bonds are set to become even more attractive under the country’s newly published bail-in regulations, delegates heard at the European Covered Bond Council’s 27th plenary session held in Vancouver on Wednesday. If immigration policy remains unchanged, there will be limited scope for a correction in Canadian house prices.

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SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.

Issuers from across the SSA galaxy enjoyed smoothly executed deals all along the euro curve, including one touching down in the currency for the first time.

The Province of Alberta printed its first ever euro bond on Wednesday, opting to follow its compatriot Ontario in attacking the sweet spot for investors at seven years.

A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.

The Ontario Teachers’ Finance Trust (OTFT) on Tuesday outdid its dollar debut last year for size, as its second ever international trade clocked in at $2bn.

The euro market is back in gear after a few weeks of slow issuance. Three borrowers have mandated deals for Tuesday’s session but one opted for a one day execution, coming on Monday to get ahead of the rush.

A rare name will grace the dollar market on Tuesday, coming ahead the minutes of the Federal Open Markets Committee meeting, expected to be released on Wednesday.

Bank of Montreal raised £400m ($569m) of five year funding in covered bonds on Monday following £1bn deals from Santander UK and Nationwide last week. But with fewer sterling covered bonds redeeming after this month, primary activity is expected to slow down.

Turkiye Is Bankasi (Isbank) recently signaled its intention to issue, while HSBC Canada has registered a covered bond corporate entity.