CCDJ

◆ Canadian bank returns to senior sterling market 13 years after first attempt ◆ Similar strategy taken as in euro, Australian dollar and Swiss franc markets ◆ Treasurer eyes subordinated issuance in future

◆ Both issuers lift more than they typically issue in senior debt ◆ Larger sizes warrant higher concessions ◆ NordLB adds call, CCDJ extends duration

◆ Deal lands flat to fair value without tightening ◆ Canadian spreads 'super tight' to UK names ◆ Sterling spreads have widened less than euro peers

◆ CCDJ aimed to print close to recent Canadian issuers ◆ Westpac goes longer and bigger ◆ Low beta, vanilla 'can work' despite competition

Canadian lender could return to Australia with a senior bond next year

Upcoming deal will be the Quebec bank's debut in the currency