BMO Capital Markets
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Issuers are keeping SSA deal flow going as year-end approaches -
Bank of Nova Scotia garnered €2bn jumbo size with the shortest Canadian deal but spread widening pressure forces it and SP Mortgage Bank to pay up
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The pair braved volatility to squeeze through a narrow dollar issuance window
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This week's new issue tightened in secondary market by 1bp-1.5bp despite underlying volatility
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Both issuers built books that were less than 1.5 times covered
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Deal was launched before US August inflation rattled markets
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Volatility drove foreign bank issuers into the arms of the world’s most liquid capital market
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Borrowers keen to take money off the table ahead of US CPI release
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Issuance resumes despite unsettling US jobs data
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More benchmark trades and a euro social bond are on the table for the Finnish agency
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Issuers moved swiftly to print deals as the SSA market for benchmark bonds reopened this week
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Sought after deals from ADB and KfW the issuers encourage more SSAs to market
