Canada
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Offshore firms will soon tap the Swiss franc market as three issuers ready deals -
8x covered book shows the ‘sweet spot’ is the covered curve’s short end
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End of ECB bond buying will 'level the playing field' for non-euro names
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¥33bn note is the first non-US or Canadian dollar tier two deal in five years
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Bank of Montreals £1bn deal was priced flat to recent deals from UK issuers
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Deal is intended to raise C$500m from retail investors in Canada
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Bankers were encouraged that even a less frequent issuer could visit the market
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Upcoming deals to test the curve from two years out to nine
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The four year sale landed with 3bp of premium after an aggressive start
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An IG grade supply drought is coming as bank issuance hits seasonal lull
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Further Canadian issuance could follow as banks consider 'competitive' dollar and euro markets
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Australian US dollar deals trade wider than Canadians and the curve is steep
