Canada
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◆ First euro deal since January 2024 ◆ Timing and tightening 'just right' ◆ Peer issuance provides confidence
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◆ RBC makes fourth visit to euro senior market in 2025 ◆ Fast money sensitive to tightening ◆ Bail-in value vs other jurisdictions evaluated
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Province ‘well within comfort zone’ with borrowing target despite enlarged deficit
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◆ First dollar benchmark of 2025 ◆ Tight spread to US Treasuries like peers ◆ Large book supports 4bp tightening
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◆ Scotia and Bank of Queensland tap the short end ◆ Single digit premium for Scotia ◆ BoQ offers spread to Aussie major peers
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◆ Issuers storm dollar market this week ◆ British Columbia follows Ontario to long end ◆ IDA taps two markets in two days
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The Canadian issuer may offer at least one more international benchmark this year
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◆ Canadian issuers return to dollars ◆ AfDB brings rare dual-trancher ◆ Kommuninvest offers diversification
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Four deals from a total of seven announced on Monday will price in dollars
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◆ Canadian issuer last appeared in euros in 2022 ◆ ‘They came back with a strong print’ ◆ Large book makes allocation a challenge
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◆ Single digit premium paid ◆ Slim pick up offered over Canadian peers ◆ Canadian covered paper lower in euros this year to date
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◆ British Columbia and Paris print 15 years ◆ Ico tests tight spread versus Spanish govvie ◆ IDA brings rare euro five year