BMO Capital Markets
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Canadian banks will be able to issue debt to meet their total loss-absorbing capacity (TLAC) requirements from September, with issuers focused on the costs of what they expect will be an otherwise straightforward process of rolling over their maturing debt. -
BMO Capital Markets has parted ways with one of its senior syndicate bankers.
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Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.
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SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.
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Canadian banks and pension funds led a rush of Yankee issuance this week, as they jumped at the chance to tap the dollar market while US banks remained on the sidelines in the run-up to first quarter earnings season.
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The dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supra changed that with a remarkable $4bn deal on Thursday.
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The investment grade corporate bond market has seen a “steady and sensible” start to April according to one investor as it attempts to stabilise following a volatile run through February and March.
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Bank of Montreal raised £400m ($569m) of five year funding in covered bonds on Monday following £1bn deals from Santander UK and Nationwide last week. But with fewer sterling covered bonds redeeming after this month, primary activity is expected to slow down.
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Investors have begun to push back against ever tighter levels in the public sector dollar market, with a deeply sub-Libor trade this week failing to find full subscription. But there was not much concern ahead of next week’s Easter holidays, with some strong funding already raised in the first quarter and the new Federal Reserve chair’s first Federal Open Market Committee meeting passing this week without any great surprises.
