Canada
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Overwhelming demand has led to an unusual upsizing of a no-grow deal this week -
Another Nordic issuer also appeared in euros for the first time in 2024
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Canadian banks are expected to be one of the largest issuer groups in the asset class as they diversify across currencies
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Increase in dollar issuance follows growing fatigue towards euros
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The deal offered exceptional value and was increased then tapped
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US dollar market helped the province to raise an equivalent of five to six domestic bonds
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◆ Canadian lender sells first Friday bank print in euros since April ◆ Euro market offers something different to dollars ◆ Concession of 15bp needed to seal the deal
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◆ Scotia unearths arbitrage and a greenium in Swissies ◆ Label fuels demand among asset managers for inaugural note ◆ Aktia eyes Swiss franc debut of its own
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Issuer has sold more international bonds than any of its provincial peers in 2023
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Provinces take a step back from borrowing but pension sector issuers lean forward
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The Canada Pension Plan Investment Board took immediate advantage of the issuance window following encouraging US inflation data on Thursday to price a new dollar deal.
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◆ TD unearths demand for popular FRN ◆ Canadian banks the largest floating rate funders in euros this year ◆ FRN volumes hit five year high
