Americas

In terms of size, the trade came in second after its $8bn record from March this year, and bigger than the $6.5bn in November 2024

Canadian issuers and investors like the idea of cheaper access to Europe's covered bond market but their European peers are less enthused about Canada

Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps

The country regained Eurobond market access earlier this year, but may not need to print for a while

Issuance from smaller domestic borrowers dominated the week's new issuance in the dollar market

Uruguay did not pay much new issue premium, if any

◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years

A normalisation of Argentinian borrower access to markets has helped spur issuance

◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment

◆ Telco takes size in euros and duration in sterling ◆ Elevated premiums paid at the long end ◆ Sterling tranche AT&T's first since 2018

Issuance in euros by LatAm & Caribbean sovereigns is at record levels

Large and small US banks add perpetual capital to their funding mix amid tight spreads