There was high demand for dollar SSA paper as Kommunalbanken (KBN) printed at its tightest ever spread against the US Treasuries on Wednesday. Meanwhile the Province of Ontario has mandated for its own benchmark transaction.
Ontario has mandated Bank of America, HSBC, RBC Capital Markets and Scotiabank joint bookrunners on a new seven year dollar benchmark transaction. The fixed note will mature in June 2026.
The leads have set initial pricing thoughts at mid-swaps plus 40bp, with the intention of pricing on Thursday.