BNS hits dollar covereds as Canadians ramp up retained repo supply
Bank of Nova Scotia issued its first dollar covered bond benchmark since 2016 on Wednesday. The deal follows a series of retained Canadian dollar covered bonds that were pledged to the Bank of Canada after it recently broadened repo eligibility to include the asset class.
Bank of Nova Scotia opened books during the Asian trading session for a three year dollar benchmark with guidance of 100bp area over mid-swaps and, approaching 11am London time, it had amassed a $790m order book.A few hours later a $900m deal was announced at 100bp with demand ...
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