Canada
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◆ Deal came after recent Ontario 10 year ◆ Ontario underperformed but still a key comp ◆ Some price sensitivity? No bother -
◆ First unsecured euros FIG deal in 17 days ◆ Inaugural green tranche from BMO ◆ Concession left on both tranches
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Funding veteran bows out after four decades at the Canadian agency
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◆ Only second Canadian province in euros this year ◆ Premium paid debated ◆ Rarity value supports transaction
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Canada throwing full weight behind plan for new multilateral lender for defence funding
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◆ Canadian banks ramp up European senior and covered funding ◆ BMO restarts this year's unsecured sterling issuance from the sector ◆ Deal provides more favourable funding than euros
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Second Canadian lender to declare official support for embryonic SSA issuer as government takes lead on establishing new entity
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First Canadian province to visit euros in 2026
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◆ US dollar benchmark had been slated for later in Q1 ◆ 10 year tenor also considered ◆ Hedge funds allocated more than in some SSA peer deals
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◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds
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◆ Short-end offering a rare opportunity ◆ Issuer 'liquid' and 'well-liked' ◆ New issue concession estimated
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◆ AFD gets €8bn-plus book for new 10 year ◆ 'Very positive' start to 2026 for French issuers ◆ EDC back in euros with 'smooth' deal as usual
