Canadians under pressure as BNS adds to exceptional covered and SSA volumes

By Bill Thornhill
09 Apr 2020

Bank of Nova Scotia was set to price a €1.25bn three year covered bond tap 25bp wider than indicative secondary levels on Thursday, its third foray in euros this year and the 19th Canadian covered bond to be issued globally in 2020. The deals are in keeping with an exceptional volume of cheaply priced Canadian public ssector bond issuance and highlight a unique set of challenges for the country's borrowers, related to sinking oil prices, an inflexible central bank and the impact of Covid-19.

The bank was set to price a €1.25bn tap of its March 2023 with orders of more than €1.7bn at 55bp over mid-swaps from 60bp area initially. Joint lead managers on the deal were BNP Paribas,Credit Suisse, NatWest Markets,Société Générale and

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