CIBC World Markets
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◆ Agency prints ahead of 'Liberation Day' ◆ Proactive approach to funding this year leaves issuer in good place ◆ Ten year euro social bond still in pipeline -
◆ Dollar basis working for euro issuers in five year ◆ Maturity working for issuers in 2025 ◆ Deals come a day before Trump tariff announcement
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Canadian banks cross the border and UOB makes rare return to the US before tariffs imposition
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◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal
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◆ First five year dollar from the issuer since 2021 ◆ L-Bank print provided building block ◆ Further dollar deals planned
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◆ Size was upsized after feedback ◆ Minimal premium paid ◆ Some bank treasuries excluded by callable SNP format
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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Canadian bank takes A$1.5bn with biggest covered deal in currency since September 2023
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◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand
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◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers
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◆ Canadian issuer returns after two years ◆ Deal grabs record demand ◆ Leads were 'careful to get pricing right'
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◆ CIBC seen 'dismissing own curve' to price tight deal ◆ More scope for Canadian issuance, say bankers ◆ KHFC draws less demand
