BMO Capital Markets
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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. -
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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The World Bank is due to return to the bond markets for around $5bn by the end of June, as the issuer seeks to complete its funding programme by the end of its fiscal year.
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World Bank mandated banks on Monday for its first three year dollar benchmark since 2017.
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Japan Bank of International Co-operation and the Municipal Finance Authority of British Columbia gave investors more ways to invest their stacks of dollars on Thursday, though syndicate bankers say the pent up demand for bonds in the currency is still far from satiated.
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Rare issuer British Columbia returned to the MTN market this week with its first euro paper since January 2017, in two installments. MTN dealers reckon conditions are favourable for Canadian issuers.
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