Canada
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◆ Nearly $12bn of orders for long-dated dollar deal ◆ Official money places chunky bids ◆ Bond performs, pulls peers’ spreads tighter -
The Canadian borrower recently landed its tightest ever deal in US dollars
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Domestic names bring duration as earnings blackouts loom
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◆ Canadian lender sticks to the plan despite rates volatility ◆ Deal lands close to fair value ◆ Tenor chosen to avoid comparison with Aussies
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◆ New investors after European roadshows ◆ Issuer receives 'a lot of attention' from dealers ◆ Achieving liquidity and competitive pricing in swaps important
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◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium
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◆ 'Great result' for Dutch agency ◆ Capped size, social label helpful ◆ CDPQ brought 'very interesting' deal the day before
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◆ Priced over Austrian govvies ◆ Scarcity and business model help demand ◆ Saskatchewan targets 10 year
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◆ Choice of three or five year tenor considered ◆ 'Intensive schedule' of investor meetings pays off ◆ Other CAD issuers likely to be 'inspired' by deal
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Market participants hope more jurisdictions will follow as Canadian duo attract record demand
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◆ Possible record demand for first non-UK benchmark since PRA debacle in April ◆ Deal lands flat to fair value and euros ◆ Market hopes more names will follow
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◆ TD prints largest euro deal for a year ◆ Strong demand for rare three year notes ◆ Minimal premia needed
