Province of Manitoba

  • 02 Apr 2009
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Rating: Aa1/AA

Amount: Sfr300m

Maturity: 5 May 2014

Issue price:100.453

Fixed re-offer price:99.953

Coupon: 2.25%

Spread at re-offer: 50bp over mid-swaps

Launched:Thursday 2 April

Payment date:5 May

Joint books:Credit Suisse, Deutsche Bank

Bookrunners’ comment:

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.

Market appraisal:

"...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."

  • 02 Apr 2009

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%