CPPIB faces down volatility

By Lewis McLellan
26 Feb 2020

CPPIB Capital came to market for a dollar benchmark on Wednesday, after mandating the deal last Friday. The trade had been postponed to avoid printing in the peak of the volatility sparked by the worsening Covid-19 outbreak.

Barclays, Goldman Sachs, JP Morgan and RBC Capital Markets ran the books for the $1bn no-grow 144A/Reg S bond. The leads set price guidance of 16bp area over mid-swaps.

The order book was last heard of at $1.3bn and the deal was priced ...

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