Maturity: 5 May 2014
Fixed re-offer price:99.953
Spread at re-offer: 50bp over mid-swaps
Launched:Thursday 2 April
Payment date:5 May
Joint books:Credit Suisse, Deutsche Bank
It is good that the Canadian provinces are active again in the Swiss market and this deal fitted in very well with British Columbia’s seven and long eight year deals.
We had some signs that Manitoba was looking at the market, though whether it would be the Swiss market was another question.
We started at Sfr200m and got to Sfr300m. We opened books at about 1:00 CET, which is a bit unusual because many people are at lunch, and closed them at 2:30 CET and had to cut allocation slightly.
Buying was mainly by institutional investors but the five year maturity meant there was quite a mixture — we had good bank demand.
I don’t know how long the window for Canadian provinces will be open. It was shut for years before the end of 2008.
"...the spread looks okay for an Aa1/AA stable name and it has no bonds outstanding so maybe people jumped on it for diversification."
"...this looks like a decent trade. It is fantastic that Canadian provinces are back."