Canada
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Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis. -
Export Development Canada (EDC) sold the first offshore Chilean peso bond of the year as it dropped into the currency in search of short dated borrowing earlier this week.
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Canada’s Equitable Bank covered programme received legislative approval this week, paving the way for a debut deal in the coming months.
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The Province of Ontario received a strong reception in the Canadian dollar market on Tuesday, helping it to issue its biggest ever green bond in the currency.
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CPPIB Capital, the issuing entity for Canada Pension Plan Investment Board, launched its first ever syndicated bond linked to the secured overnight financing rate on Tuesday, impressing onlookers with its size.
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A pair of SSA borrowers are set to squeeze a pair of benchmarks in on Tuesday just before the summer holidays period commences in earnest.
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Four public sector borrowers received strong receptions in the primary US dollar market this week, with a lack of supply in the currency over the last few weeks overriding volatility in US Treasuries.
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The Inter-American Development Bank and the Province of British Columbia sold well subscribed dollar deals on Tuesday but volatility could be on the radar after US inflation data beat expectations.
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Two SSA borrowers announced on Monday that they were preparing to enter the dollar market on Tuesday, hoping for a calmer picture in the underlying rates market than was in evidence last week.
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Banks that have access to diverse pockets of demand will be far better equipped to deal with any contraction in central bank liquidity, which could occur if high inflation spooks policy makers and markets.
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Canadian Imperial Bank of Commerce achieved a roaring success with its $2bn five year 144A deal priced on Wednesday, the first from a Canadian bank in over a year. CIBC managed to achieve a size and spread that would not have been possible in euros and showed the importance of paying attention to key currency markets outside Europe.
