Canada

◆ Canadian province tests post-Starmer sterling ◆ Five year choice keeps the buyers ◆ New issue concession estimated

◆ Canadian issuer's first benchmark in dollars, euros or sterling this year ◆ Dollar supply lull aids return ◆ Clean book and harsh allocations

◆ 4NC3 structure helped differentiate from previous deals ◆ Premium paid ◆ Softer market tone after heavy week

◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says

◆ Province lands £600m 2030 debut inside British Columbia ◆ Book tops £1.8bn as investors back high-grade Canadian name ◆ Cross-currency basis and Gilt spreads keep sterling window open for Canadians

◆ Province's Greg Horan and Jason Lewis on new £1bn six year line ◆ Captured first-mover advantage ◆ Last minute pivot from US dollars to sterling paid off

◆ Books reach more than £2.5bn for £1bn print ◆ Safe-haven Canadian credit in demand ◆ Light supply leaves cash waiting

◆ Quebec's Guillaume Pichard on recent $3bn 10 year ◆ New issue concession estimated ◆ Sterling and niche markets on radar

◆ Close to recent Ontario ◆ Fair value estimated ◆ More in pipeline

◆ Province lands tight $3bn 10 year ◆ Demand stretches down curve ◆ Sitting alongside sovereign

◆ 'The trade everyone was waiting for' ◆ Big book and high-quality ◆ Fair value challenging as SSAs trade tight in secondary

◆ First such trade from EIB for nearly 5.5 years ◆ Record size and book prove ESTR's appeal ◆ Pioneer deal could kickstart more issuance, bankers hope