Maturity: 3 June 2013
Issue/re-offer price: 97.045
Spread at re-offer: 23.5bp over the 5.25% June 2013 Canadian Government Bond
Launch date: Tuesday 11 April
Payment date: 21 April
Joint books: RBC CM, TD Securities
RBC — The book was oversubscribed and the bond is fully sold, but the borrower's funding requirement was limited to C$200m, so we did not increase it. The deal was priced in line with expectations and comparables. We achieved a wide distribution among Canadian investors: no big single tickets stood out.
TD Securities — We would have liked to bring a bigger trade but Kommunalbanken had capped this one. Most of the deal went into Canada and there was one Asian ticket as well.
You would not bring a trade like this if you could not sell it into Canada but we do see flows into international accounts.