Canada
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◆ Canadian lender sells first Friday bank print in euros since April ◆ Euro market offers something different to dollars ◆ Concession of 15bp needed to seal the deal -
◆ Scotia unearths arbitrage and a greenium in Swissies ◆ Label fuels demand among asset managers for inaugural note ◆ Aktia eyes Swiss franc debut of its own
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Issuer has sold more international bonds than any of its provincial peers in 2023
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Provinces take a step back from borrowing but pension sector issuers lean forward
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The Canada Pension Plan Investment Board took immediate advantage of the issuance window following encouraging US inflation data on Thursday to price a new dollar deal.
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◆ TD unearths demand for popular FRN ◆ Canadian banks the largest floating rate funders in euros this year ◆ FRN volumes hit five year high
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◆ Arb on offer for Canadian funder ◆ Swiss rates curve inverted, but five year demand still strong
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Canadian issuer prints the largest SSA sterling bond since January
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Issuers target both the short and the long ends of the dollar curve
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◆ Santander Consumer Bank seals 35bp move ◆ 10bp-20bp concessions needed for senior prints ◆ Pipeline slows as issuers enter 'monitoring mode'
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Dollars and Aussie dollars offered more competitive funding
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◆ Lower investor interest despite only 30% of Monday's volume issued ◆ Not all able to land at tight end ◆ 'Recalibration' for FRNs
