Canadian dollar
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Four public sector borrowers hit the dollar market on Wednesday, including a rare seven year deal from new issuer International Development Association (IDA). -
The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.
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A pair of supranationals opened the Maple market with sustainability bonds this week. The Canadian green market is “going through a growth phase” as more and more domestic investors show interest in the product, according to bankers.
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The World Bank hit screens on Monday with a mandate for a new five year sustainable development Maple bond — its first public Canadian dollar issue since September.
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For public sector issuers, niche currency deals have offered attractive opportunities for arbitrage funding, with spreads into euros and dollars spurring on demand this year. Meanwhile, strong investor appetite for green paper has seen niche shoots blossom throughout 2019. Frank Jackman reports
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The World Bank is targeting $50bn-$60bn of funding for its 2019/20 funding year, which began on July 1, and will keep busy during the summer.
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The European Investment Bank (EIB) has been at the forefront of developing the methodology for issuing floating rate notes (FRNs) linked to Sonia and Sofr. As it prepares for issuance in the new risk-free rates in euros, Canadian and Australian dollars, the supranational said it wants to use the same structure for all.
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KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.
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KfW and Québec will bring Canadian dollar bonds to the market on Thursday, with the former looking to issue in the currency for the first time since 2015.
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Bank of China returned to the bond market with a multi-tranche, multi-currency bond this week, making clear that its funding needs and its role as a flag-bearer of Chinese policy overseas are inextricably linked. Morgan Davis reports.
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SSA issuance in Canadian dollars is enjoying a renaissance, with a pair of deals this week taking July to a record monthly volume and a tenor last seen several years ago returning.
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