National Bank Financial
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◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers -
◆ Issuer takes advantage of robust short end demand ◆ Size is ’best outcome’ for investors ◆ Tricky balance of swap and US Treasury spreads
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Issuer has sold more international bonds than any of its provincial peers in 2023
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Volatility in dollars and dour market mood pushes German agency to postpone trade
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Canadian province follows on from Swiss franc trade to rebuild international curves
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The Province of Alberta was set to price its joint biggest ever dollar benchmark on Thursday, with a $2.25bn November 2023.
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Japan Bank for International Cooperation took advantage of the lack of competing supply and good demand in dollars to suck $3bn out from the primary market on Wednesday. Meanwhile, the Province of Alberta has mandated banks for its third benchmark of the year.
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A pair of public sector borrowers hit screens this week for dollar syndications, providing an unexpectedly strong climax to 2016.
