Canada

National Australia Bank returned to the Canadian dollar market for the first time in over nine years this week to place the largest ever Maple callable tier two, and the first since global financial crisis.

Moody's downgraded the Province of Alberta a notch on Tuesday with the rating agency blaming a “structural weakness” in the region’s economy through its dependence on non-renewable energy such as oil.

Bank of Nova Scotia returned to the sterling market for the first time in more than a year on Wednesday, when it sold its first total loss-absorbing capacity (TLAC) compliant senior bonds in the currency a day after reporting its full year results.

Economies like Canada and Australia that rely upon carbon dioxide-heavy industries are well placed for establishing transition bonds in the SSA market. Having already blazed the trail for green bonds and new risk-free rate linked paper, it is time for SSA issuers to establish transition bonds as a public sector instrument.

The Province of Ontario is keeping a close eye on foreign markets as it considers whether to follow Wednesday’s Canadian dollar green bond with a foreign currency issue.

The Province of Ontario hit screens on Tuesday afternoon with initial price thoughts for a C$750m no-grow tap of the February 2025 bonds.

The Fédération des Caisses Desjardins du Québec (FDCQ) issued its longest covered bond at its tightest-ever spread to Canadian peers on Tuesday.

The Province of Ontario is readying for a tap its 2025 Canadian dollar denominated green bond for the second time this year.

The Fédération des caisses Desjardins du Québec (FCDQ) on Monday mandated leads for a euro covered bond, its second appearance in euros since January and its third overall in covered bonds.

A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.

The Province of Alberta has announced a five year dollar benchmark, hitting screens with initial price thoughts for the borrower's second dollar benchmark of 2019.

The Province of Alberta has announced its financing requirements for the next few years, which will be met with benchmarks in a range of currencies, medium term notes and structured issues.