Canada
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Export Development Canada has mandated banks for its first dollar benchmark of the year in what has been a quiet week in the currency for public sector borrowers. SSA bankers expect activity in dollars to pick-up next week, despite a US public holiday on Monday. -
Canada’s DRI Capital is preparing to list a new fund on the London Stock Exchange focused on investing in pharmaceuticals royalties.
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Five SSA issuers brought dollar deals to market this week, hitting screens in a variety of formats and tenors. With investors undeterred by volatile government bond yields, issuers made the most of excellent conditions to pull off impressive deals.
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Demand for Quebec’s latest green bond was high with investors pouring into the C$500m ($376.2m) no-grow deal, leading to the books closing after only 20 minutes.
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The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.
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The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.
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Royal Bank of Canada’s £1.25bn five year covered bond issued at 47bp over Sonia on Thursday was the tightest and largest transaction to reference the rate ever issued by a bank from outside the UK. The depth of demand illustrated that the bid for Sonia products has grown.
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CPPIB Capital achieved a strong reception from investors for its first sterling bond on Monday with the order book setting a new record as the largest in the currency from a non-UK public sector borrower.
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A pair of SSA borrowers hit the euro market on Thursday, raising a combined €2.5bn at impressive spreads. Export Development Canada raised €1bn with its second ever euro benchmark while Dexia Crédit Local was able to ratchet the spread in by 4bp on its seven year.
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KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.
