Canada
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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.
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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.
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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.
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Turkiye Is Bankasi (Isbank) recently signaled its intention to issue, while HSBC Canada has registered a covered bond corporate entity.
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Canadian insurance holding company Fairfax Financial Holdings issued a eurobond for the first time on Thursday, taking advantage of more favourable market conditions.
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Bank of Nova Scotia (BNS) was this week obliged to pay a generous new issue premium for its second euro benchmark of the year, reflecting weaker credit conditions, investor indigestion and its desire to issue in large size.
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The sterling SSA market snapped back into life with a flurry of new deals after a quiet few weeks — although bankers lamented that the issuance door may have closed just as quickly as it opened.
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Royal Bank of Scotland and Bank of Montreal were offering investors sterling debt on Wednesday, as some analysts said that credit spread widening had made bonds in the currency appear cheap.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.
