Canada powers into euros

Canada is today selling its debut euro transaction, led by BNP Paribas, Credit Suisse, Deutsche Bank and HSBC, providing a powerful start to what promises to be a hectic January. The Eu2bn 10 year will be priced today at mid-swaps plus 2bp, which is some 6bp through France and at the tight end of the 2bp-5bp guidance — unsurprising since the book was in excess of Eu10bn. Circling to be next in line in sovereign space are Austria which has mandated BNP Paribas, Erste Bank, HSBC and Morgan Stanley, and Belgium and Spain. Meanwhile Cyprus has mandated Deutsche, SG and UBS to lead manage a euro transaction in the week of 18 January.