Canada’s $3bn 2% November 2022 scored an average of nine out of 10 across the five categories available for scoring (pricing, structure/maturity, quality of the investor distribution, timing, performance).
Leads BMO Capital Markets, Citi, HSBC, Scotiabank and TD Securities priced the deal on November 7.
“It’s a rare name that everyone loves, which you can see from EDC deals,” said a banker away from the deal at the time of pricing. “There’s a lot of support for Canadian names, which are rare, high quality and offer a bit of a pickup versus US Treasuries. I’m not surprised it has gone well and it was good timing from the issuer’s perspective.”
In second and third place were prints from Japan Bank for International Cooperation: a $1.5bn 10 year tranche that took an average score of 8.9, with particularly impressive marks in the structure/maturity and timing categories; and a $1.5bn five year piece executed as part of the same deal. Barclays, Daiwa Capital Markets, Goldman Sachs and JP Morgan led the deal on November 7.