Canada

◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades

◆ Rare five year tenor ◆ Competitive pricing versus dollars and euros ◆ Sixth sterling covered from Canada this year

◆ Deal printed one day after strong third quarter results ◆ Bond and equity investors seem to show no negative impact from North American tariff war ◆ Issuer focuses on cheaper shorter tranche

◆ Another French agency wraps up 2026 ◆ Attractive OAT yields support demand ◆ La Caisse shrugs off US-Canada trade woes

◆ Canadian outfit moves early ◆ Deal priced at a narrow spread to top peers ◆ Issuer hits funding target but open to opportunities

Canadian issuer has ticked most benchmark markets so far this year but the work is not done yet

◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room

Canadian issuers and investors like the idea of cheaper access to Europe's covered bond market but their European peers are less enthused about Canada

◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years

◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment

State-owned bank Spuerkeess has not indicated when it will issue its first bond

◆ Treasurer says EDC 'purposely waited' for benign US CPI print ◆ Central bank share of dollar order book swings 10% higher ◆ Hedge funds at the table and 'have a role to play'