BMO Capital Markets
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The Bank of Montreal followed Toronto Dominion’s lead on Wednesday to join the Canadian bail-inable Kangaroo frenzy, placing A$750m of five year debt. -
Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, while a tight Export Development Canada trade followed the next day.
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The Inter-American Development Bank ducked into the market with a $250m tap of its March 2022 floating rate notes on Thursday, printing the deal in line with guidance.
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Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.
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Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.
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Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.
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The Inter-American Development Bank hit screens on Monday afternoon for a new June 2029 dollar benchmark. The note is the IADB's first 10 year benchmark of the year and other SSA issuers are circling, ready to enter the market if this deal goes well.
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CDP Financial and Swedish Export Credit Corp (SEK) were the only SSA names to brave a volatile dollar market this week, and both deals got across the line.
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Guarantor: Caisse de dépôt et placement du Québec
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CDP Financial has set the price in line with initial price thoughts for its two year dollar benchmark, giving investors a new issue premium of around 4bp.
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CDP Financial is out with initial price thoughts on a two year fixed rate dollar benchmark trade, with syndicate bankers tipping this week to be busy for SSA issuers.
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