Canada
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All the action in the SSA bond markets switched to euros on Wednesday morning with the US Federal Reserve's imminent decision on interest rates quieting the dollar market. -
A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.
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Bank Nederlandse Gemeenten slam-dunked a single day euro execution on Monday into a market buzzing from a pair of eurozone election results over the weekend. Another two issuers have lined up euro deals — including one debut.
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Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.
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Bank of Nova Scotia picked up £250m of senior funding at an attractive spread versus its euro levels on Thursday, but demand for the notes may have been stunted after Moody’s slashed the ratings on several Canadian banks in mid-May, including Scotia.
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With borrowers universally ahead of schedule in their funding programmes but investors hungry for more supply, attention is turning to the market for socially responsible investments. Three agencies hit screens to sell SRI bonds this week, while a fourth is on the road marketing another.
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Export Development Canada breezed through its first green bond issue of the year on Wednesday, building a book nearly twice subscribed and tightening 2bp from initial price thoughts.
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A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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