BNS issues tightest and shortest Canadian covered

Bank of Nova Scotia (BNS) was set to price its third euro benchmark of the year, and its fourth covered bond benchmark across all currencies, on Tuesday. The €1.25bn tranche took advantage of space created by robust Eurosystem central bank demand at the short end. Responding to reverse enquiry, the issuer also priced a £250m three year floater on a book that was twice subscribed.