Canadian Export Credit Agency Enters Swap

  • 10 Sep 2001
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Export Development Corp., a state-owned company that provides insurance, financing and guarantees to Canadian exporters, recently entered into a CAD500 million (USD300 million) cross-currency interest-rate swap on the back of a bond issue of the same size. Chad Buffel, portfolio manager, said the maturity on the swap is 10 years, matching the maturity on the bond. In the swap EDC pays a sub six-month U.S. dollar-LIBOR rate and receives a rate equal to the 5.75% coupon on the bond. EDC opted to borrow in Canadian dollars because a Canadian investor wanted paper denominated in that currency. It entered a swap to hedge the foreign exchange risk because 90% of its assets are in U.S. dollars. The move also allowed EDC to fund the deal at a price that was more attractive than borrowing in U.S. dollars. EDC is paying a floating rate as a way to match the floating assets with liabilities. The counterparty in the swap was an undisclosed Canadian investment bank. Buffel noted, however, that EDC only deals with counterparties with a rating above double A.

EDC is Canada's official export credit agency. It has CAD21 billion in assets. Buffel said it has used foreign exchange or interest-rate derivatives to hedge approximately 80% of the firm's assets.

  • 10 Sep 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%