KBN keeps up Maple flow with callable sub debt

Canadian investors’ increasing openness to foreign issuers has kept the Maple sector busy over the last two weeks. After deals from Lloyds and Korea Gas Corp this year, Kommunalbanken issued a C$275m 10 non-call five, the first subordinated note issued by a sovereign agency in this market. It also marked the return of SSAs to the Maple market after three years.