Scotiabank

Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis.

Bank of Nova Scotia ended a six year absence from the senior segment of the Swiss market to print a 10 year bond on Monday.

The Bank of Nova Scotia’s Chilean subsidiary turned to the Swiss franc for its debut international bond sale on Tuesday, achieving a cost of funding well inside what it could have achieved in the domestic market.

Glarner Kantonalbank dipped into the tier two market this week to raise an index eligible bond that may fund the redemption of the additional tier one (AT1) the bank rolled over in December due to coronavirus volatility. GLKB was joined on screens by a flurry of financial activity out of Chile.

Canadian telecommunications company Telus is set to print the nation’s first sustainability-linked bond, after launching its framework earlier this week. Fellow Canadian Enbridge could join Telus: the oil pipeline operator published its SLB framework on Thursday.

A pair of globally systematically important banks (G-SIBs) made rare visits to niche bond markets to raise senior debt at a group level this week, including a Canadian dollar market that is enjoying its busiest year for offshore financials since 2007.

Goldman Sachs made its second visit to the Maple market this year on Thursday. The Canadian dollar market is enjoying its busiest year in four years for offshore issuance.

Corporate bond issues came at a healthy clip in the US market this week, despite earnings blackouts, as investors showed a preference for highly rated paper.

The Asian Development Bank this week sold its first gender bonds in Canadian and Australian dollars as part of what the borrower describes as its commitment to supporting projects that promote gender equality and women’s leadership.

The State of North Rhine-Westphalia and the International Finance Facility for Immunisation attracted impressive demand in the dollar market on Wednesday, allowing them to print big deals in the currency.

Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.

Anglo Pacific Group, the London-listed mining royalty company, has doubled its revolving credit facility as it takes on more debt to part-fund its $205m acquisition of a new cobalt stream in Canada.